N-CSR 1 c34959_ncsr.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number File No. 811-4415

COLLEGE RETIREMENT EQUITIES FUND
(Exact name of registrant as specified in charter)

730 Third Avenue, New York, New York 10017
(Address of principal executive offices) (Zip code)

Lisa Snow, Esq.
c/o TIAA-CREF
730 Third Avenue,
New York, New York 10017-3206
(Name and address of agent for service)

Registrant's telephone number, including area code: 212-490-9000

Date of fiscal year end: December 31, 2004

Date of reporting period: December 31, 2004

Item 1. Reports to Stockholders.


	2004 ANNUAL REPORT



	COLLEGE RETIREMENT EQUITIES FUND DECEMBER 31, 2004 Audited financial statements including summary portfolios of investments


	Stock	Equity Index

	Growth	Bond Market

	Global Equities	Social Choice

	Money Market	Inflation-Linked Bond

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PERFORMANCE OVERVIEW AS OF 12/31/2004

			Average annual compound rates
			of total return
	Inception								Since
	date		1 year		5 years		10 years		inception

EQUITIES
CREF Stock	8/1/1952		13.03	%	–1.39	%	10.64	%	10.54	%
CREF Global Equities	5/1/1992		13.49		–4.35		8.02		9.03
CREF Equity Index	4/29/1994		11.55		–1.48		11.68		11.25
CREF Growth	4/29/1994		6.25		–10.27		8.35		8.26

EQUITIES & FIXED INCOME
CREF Social Choice	3/1/1990		9.02		2.49		10.72		10.39

FIXED INCOME
CREF Bond Market	3/1/1990		4.17		7.60		7.50		7.65
CREF Inflation-Linked Bond	5/1/1997		8.01		10.41		—		7.79

CREF Money Market*	4/1/1988		1.02		2.71		4.05		4.82



NET ANNUALIZED YIELD			NET ANNUALIZED YIELD
(30-day period ended 12/31/2004)			(7-day period ended 12/28/2004)
	Effective						Current		Effective
CREF Bond Market	3.90	%	CREF Money Market*				1.84	%	1.85	%

*	As with all the CREF variable annuity accounts, the funds you invest in the CREF Money Market Account are neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The current yield more closely reflects current earnings than does the total return.

The returns quoted represent past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your accumulation units. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org, or call 800 842-2252.

A better way to keep track of your investments

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If you did not receive this report electronically, you can sign up for e-delivery at www.tiaa-cref.org/howto/edelivery.html. It takes only a few minutes and will enable you to get future reports as soon as they are completed, rather than waiting for them to be printed, bound and delivered by mail.

We want to remind you that, beginning with the 2004 Semiannual Report, which was published at the end of August, our financial reports list each account’s 50 largest holdings or any holding that constitutes more than 1% of an account’s investment portfolio. A complete list of each account’s holdings is on file with the Securities and Exchange Commission. To obtain this information, please see details on page four. On page six, we have added a risk glossary to help you better understand the risks of each CREF account.

As always, you should carefully consider the investment objectives, risks, charges and expenses of any account before investing. Please visit the Web Center at www.tiaa-cref.org, or call 877 518-9161 for a prospectus that contains this and other important information. We urge you to read it carefully before investing.

Contents

Report to CREF participants	2	Report of management responsibility		41

More information for CREF participants	4	Report of the audit committee		42

Special terms	5	Summary portfolios of investments		43

Understanding investment risk	6	Financial statements
		Statements of assets and liabilities		80
Important information about expenses	8	Statements of operations		83
Account performance		Statements of cash flows		86
Stock Account	9	Statements of changes in net assets		87
Growth Account	13	Notes to financial statements		93
Global Equities Account	17	Report of independent registered
Money Market Account	21	public accounting firm		110
Equity Index Account	25
Bond Market Account	29	Additional information		111
Social Choice Account	33
Inflation-Linked Bond Account	37	Management		114

		How to reach us	Inside back cover

Report to CREF participants

Both U.S. and foreign stocks posted double-digit returns during 2004, with most of their advance occurring during a year-end rally. The Russell 3000^® Index, which tracks the broad U.S. market, was up 11.95% . The MSCI EAFE^® Index, which tracks stocks in 21 developed nations, excluding the United States, gained 20.25% in dollar terms.

During the first three quarters of 2004, lofty stock valuations were making investors cautious, while higher interest rates and the rising price of oil threatened the pace of economic growth in the United States and among its chief trading partners. Inflation fears during the second quarter caused the largest quarterly decline in the return of 10-year Treasury notes in a decade. As of September 30, 2004, the Russell 3000 had gained only 1.62% and the EAFE 4.27% .

In 2004, 85% of the Russell 3000’s return
occurred in the fourth quarter.

When oil prices backed off their late-October highs and earnings at U.S. companies soared, these encouraging signs set off a vigorous rally. Driven by strong performance in the financial, technology and health care sectors, the Russell 3000 Index returned 10.16% for the fourth quarter and 11.95% for the year, producing gains in consecutive years for the first time since 1999. Bonds rallied too, and 10-year Treasuries ended the year with a return of 5.1% .

The stocks of the Russell 3000 have now produced an average annual return of 12.00% over the last ten years, while the Lehman Brothers U.S. Aggregate Index, which tracks the broad investment-grade bond market, has posted an average return of 7.71% during the same period. But, as the most recent year demonstrated, underlying market movements are far from smooth. In 2004, 85% of the Russell 3000’s return occurred in the fourth quarter.

Such performance underscores the need for a long-term investor to remain fully invested at all times. Money managers who maintained sizable cash holdings during the fourth quarter risked missing the year’s largest gains.

CREF’s commitment to being fully invested and our consistent approach enabled three of our four accounts that invest solely in equities to post higher returns than the average peer account in their respective Morningstar categories. They also stacked up well against their benchmarks.

The CREF Stock Account returned 13.03%, ending the year slightly below the 13.67% return of its composite benchmark but well ahead of the broad domestic stock market.

2 | 2004 Annual Report College Retirement Equities Fund

Scott C. Evans
Executive Vice President and
Chief Investment Officer

The CREF Growth Account posted a return of 6.25%, closely tracking the 6.30% return of the Russell 1000^® Growth Index. The CREF Global Equities Account gained 13.49%, trailing the 14.72% return of the MSCI World Index^SM. The CREF Social Choice Account, whose portfolio includes both stocks and bonds, returned 9.02%, topping the 8.90% gain in its composite benchmark.

The CREF Bond Market Account returned 4.17%, versus 4.34% for the Lehman Brothers U.S. Aggregate Index, and the CREF Inflation-Linked Bond Account returned 8.01%, versus 8.46% for the Lehman Brothers TIPS Index. The Federal Reserve’s five increases in short-term interest rates lifted money market rates during the second half of the year, and the CREF Money Market Account posted a return of 1.02% .

While CREF benefited by remaining true to its investment objectives during the past year, we have enhanced the methods used to achieve them. In 2004 we conducted a comprehensive strategic review to evaluate the organizational structure of our investment operations. As a result, we made a number of changes to improve the collaboration among our investment managers and with other parts of TIAA-CREF.

We also made several key appointments within the investment area, including the choice of Susan Ulick as head of Equity Investments. She now oversees the management of all equity investments, including research, analysis and trading. Her depth of experience, as previous head of equity research at CREF, enabled us to make further improvements in our investment management process.

In our efforts to add value in each of our investment offerings, we will continue to ensure that our investment group has the structure and resources to help meet the demands of today’s complex marketplace.

/s/ Scott C. Evans

Scott C. Evans
Executive Vice President and
Chief Investment Officer

College Retirement Equities Fund 2004 Annual Report | 3

More information for CREF participants

Portfolio listings

SEC rules intended to provide investors with more meaningful information about account performance allow investment companies to list the top holdings of each account in their annual and semiannual reports instead of providing complete portfolio listings as they did previously. Companies will continue to file complete listings with the SEC, and these will remain available to investors.

You can obtain a complete list of CREF’s holdings (called “CREF Statement of Investments”) as of the most recently completed fiscal quarter (currently for the period ended December 31, 2004) in the following ways:

by visiting the TIAA-CREF Web Center at www.tiaa-cref.org; or
by calling TIAA-CREF at 800 842-2776 to request a copy, which will be provided free of charge.

For the period ended December 31, 2004, and for other reporting periods, you can also obtain a complete listing of CREF’s holdings on Form N-CSR (for periods ended either June 30 or December 31) or on Form N-Q (for the most recently completed fiscal quarter, either March 31 or September 30):

through the Electronic Data Gathering and Retrieval System (EDGAR) on the SEC’s Web site at www.sec.gov; or
at the SEC’s Public Reference Room (call 800 SEC-0330 for more information).

Proxy voting

CREF’s ownership of stock gives it the right to vote on proxy issues of companies in which it invests. A description of our proxy voting policies and procedures can be found at our Web Center at www.tiaa-cref.org, or on the SEC Web site at www.sec.gov. You can also call us at 800 842-2776 to request a free copy. A report of how the accounts voted during the twelve months ended June 30, 2004, can be found at our Web Center or at www.sec.gov.

Contacting TIAA-CREF

There are three easy ways to contact us: by e-mail, using the Contact/Help link at the top of our home page; by mail at TIAA-CREF, 730 Third Avenue, New York, NY 10017–3206; or by phone at 800 842-2776.

Account management

The CREF accounts are managed by the portfolio management teams of TIAA-CREF Investment Management, LLC, whose members are responsible for the day-to-day operations of the accounts.

4 | 2004 Annual Report College Retirement Equities Fund

Special terms

Agency securities are bonds issued by U.S. government entities such as the Federal National Mortgage Association (Fannie Mae).

Annuities are designed for retirement savings or for other long-term goals. They offer several payment options, including lifetime income. Payments from variable annuities are not guaranteed, and the payment amounts will rise or fall depending on investment returns.

Asset-backed securities are bonds backed by loans or by the outstanding amounts owed to a bank, credit card company or other lender.

Benchmarks (benchmark indexes) are groups of securities, such as the Russell 3000^® Index or S&P 500^® Index, used to compare the performance of an investment.*

Commercial paper refers to short-term debt obligations issued to investors by banks, corporations and other borrowers. Maturities range from 1 to 270 days.

Expense ratio is the amount that investors pay for the management of a variable annuity. The amount is expressed as a percentage of the account’s average net assets. Expense ratios do not include front-end or back-end sales charges, if any, or trading costs. See “Total return.”

Market capitalization is the total value of a company’s outstanding stock. It is calculated by multiplying the total number of a company’s outstanding shares by the current market price per share.

Maturity date is the date on which the principal amount of a note, bond or other debt instrument becomes due or payable.

Mortgage-backed securities are bonds that represent an interest in a pool of mortgages issued by the Government National Mortgage Association (Ginnie Mae), Fannie Mae or other federal entities.

Overweight holding refers to an account’s investment in a security that is larger, in percentage terms, than that security’s percentage of a benchmark, in terms of market capitalization. Account managers may overweight those securities they think will produce higher returns than the benchmark. See also “Underweight holding.”

Peer groups are groupings of variable annuities with a similar objective whose performance is compared with the performance of a single mutual fund or variable annuity.

Relative performance is the return of a variable annuity in relation to the return of its benchmark index.

Securities is a general name for stocks (also known as “equities”), bonds (also known as “fixed income”) or other investments.

Total return is the amount an investment provides to investors after expenses are deducted. Total return is expressed as a percentage. It includes any interest or dividends, as well as any change in the market value of the account’s holdings.

Underweight holding refers to an account’s investment in a security that is smaller, in percentage terms, than that security’s percentage of a benchmark, in terms of market capitalization. Account managers may underweight those securities they think will produce lower returns than the benchmark. See also “Overweight holding.”


*	Russell 3000 is a trademark and service mark of the Frank Russell Company. S&P 500 Index is a registered trademark and a service mark of the McGraw-Hill Companies, Inc.

College Retirement Equities Fund 2004 Annual Report | 5

Understanding investment risk

All investing involves an element of risk. For example, ordinary Treasury bonds, whose principal and interest are guaranteed by the U.S. government, are generally considered among the safest of investments. Even so, in periods of high inflation, owners of these bonds run the risk that the purchasing power of their principal and interest may erode over time.

Some kinds of risk apply to all investments; others affect only particular types of securities. For example, the price of any publicly traded security, such as a stock or bond, may decline in response to general market and economic conditions; this is referred to as “market risk.” On the other hand, the risk that a company may be unable to pay principal and interest on its bonds, which is termed “credit risk,” clearly applies to bonds but not to stocks.

In general, an account that invests in stocks is subject to market risk and company risk. The parts of the stock market in which an individual account operates may subject it to additional risks. An account that invests in bonds is subject to market risk, interest rate risk, credit risk and income risk, and, as with stocks, operating in certain parts of the market may involve special risks. For a full explanation of the accounts’ risks, please see the prospectus.

The glossary below describes the general investment risks mentioned above, as well as the special risks noted under the heading “Special investment risks” in the discussion of each account. We hope it will help you make the investment choices best suited to your financial situation and risk tolerance.

Company risk (often called financial risk) is the risk that the issuer’s earnings prospects and overall financial position will deteriorate, causing a decline in the security’s value over short or extended periods of time.

Credit risk (a type of company risk) is the risk that a decline in a company’s overall financial soundness may make it unable to pay principal and interest on bonds when due.

Foreign investment risks are the risks of investing in securities of foreign issuers, securities or contracts traded on foreign exchanges or in foreign markets, or securities or contracts payable in foreign currency. Foreign investing involves special risks, including erratic market conditions, economic and political instability, and fluctuations in currency exchange rates. These risks may be magnified when investing in emerging markets.

Growth investing risk is the risk that, due to their relatively high valuations, growth stocks will be more volatile than value stocks. Also, because the value of growth companies is generally a function of their expected earnings growth, there is a risk that such earnings growth may not occur or cannot be sustained.

Income risk is the risk that falling interest rates will cause an account’s income to decline.

6 | 2004 Annual Report College Retirement Equities Fund

Index risk is the risk that an account’s performance will not match its index for any period of time. Although an account may attempt to closely track the investment performance of its benchmark index, it may not duplicate the composition of this index. In addition, the account’s performance, unlike that of its index, is affected by investment and other expenses.

Interest rate risk is the risk that bond or stock prices overall may decline when interest rates rise.

Large-cap risk is the risk that an account may have fewer opportunities to identify securities that the market misprices and that these companies may grow more slowly than the economy as a whole or not at all.

Liquidity risk is the risk that a particular investment may be difficult to sell and therefore unable to be sold for its fair market value.

Market risk is the risk that the price of securities may decline in response to general market and economic conditions or events.

Prepayment and extension risk is the risk of loss arising from changes in duration for certain fixed-income securities that allow for prepayment or extension.

Small/mid-cap risk is the risk that the securities of smaller companies may experience steeper fluctuations in price than those of larger companies. These securities may also have to be sold at a discount from their current market prices or in small lots over an extended period, since they may be harder to sell than larger-cap securities.

Special risk of inflation-indexed bonds is the risk that the market values of these bonds may be affected by changes in investors’ inflation expectations or changes in “real” rates of interest (i.e., a security’s return, above the inflation rate).

Special risk of socially screened investing is the possibility that, because its social screens exclude some investments, an account may not be able to take advantage of the same opportunities or market trends as accounts that do not use such criteria.

College Retirement Equities Fund 2004 Annual Report | 7

Important information about expenses

DISCLOSURE

As a participant in any of the CREF accounts, you incur only one of two potential types of costs.

You incur no transaction costs, including sales charges (loads) on purchases, on reinvested dividends or on other distributions. There are also no redemption fees or exchange fees.
However, you do incur ongoing costs, including investment advisory fees, administrative expenses, distribution (12b-1) fees, and mortality and expense risk charges.

The examples that appear on the Performance pages are intended to help you understand your ongoing costs (in dollars) of investing in each account. The examples are also designed to help you compare these costs with the ongoing costs of investing in other variable annuity accounts and mutual funds.

The examples assume $1,000 was invested on July 1, 2004, and held for six months until December 31, 2004.

Actual expenses

The first line in each table uses the account’s actual expenses and its actual rate of return. You may use the information in this line, together with the amount you invested at the beginning of the period, to estimate the expenses that you paid over the six-month period.

Simply divide your beginning accumulation by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses paid” to estimate the expenses you paid during the six-month period.

Hypothetical example for comparison purposes

The second line in the table shows hypothetical account values and hypothetical expenses based on the account’s actual expense ratio for the six-month period and an assumed annual rate of return of 5% before expenses—which is not the account’s actual return.

Do not use the hypothetical account values and hypothetical expenses to estimate the actual expenses you paid for the period. Instead, you can use this information to compare the ongoing costs of investing in an individual account with the ongoing costs of other variable annuity accounts and mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other accounts or funds.

8 | 2004 Annual Report College Retirement Equities Fund

CREF Stock Account | U.S. and foreign stock

DISCUSSION

Performance in the twelve months
ended December 31, 2004

The CREF Stock Account returned 13.03% for the year, versus the 13.67% return of its composite benchmark, a weighted average of the Russell 3000^® and the MSCI EAFE^®+Canada indexes. The account’s return surpassed the 8.78% average return of similar variable annuities, as measured by the Morningstar Large Blend (VA) category, which tracked 2,896 variable annuities during 2004.

Rally revives stalled global markets

After generating hefty gains in 2003, both U.S. and foreign stocks produced mediocre returns during the first two quarters of 2004. In the third quarter, the Russell 3000 lost 1.90%, and the EAFE+Canada index rose a meager 0.19% as investors worried about rising oil prices.

In the fourth quarter, oil prices tumbled from their late-October peak of over $55 a barrel, and global stock markets rallied. The Russell 3000 gained 10.16% in the quarter, while the EAFE+Canada index rose 15.15% . Surging values of the euro, pound and yen versus the dollar magnified the gains of foreign stocks for U.S. investors.

U.S. segment performs in line
with the market

The U.S. component of the account closely tracked the Russell 3000. Overweight holdings that helped relative performance included insurers Aetna and Wellpoint (formerly Anthem) and agricultural-supply giant Monsanto. An underweight position in Intel also added value.

These contributions were more than offset by the negative effects of overweights in other stocks, including semiconductor manufacturer Novellus and data storage company Emulex. Slight underweights in Apple Computer and AT&T Wireless also hurt relative performance.

Foreign returns versus the benchmark

Returns in the foreign segment lagged the MSCI EAFE+Canada Index due to a number of overweight holdings that did not perform as anticipated, including Japanese car-maker Nissan, Dutch insurer Aegon and British Sky Broadcasting Group. Underweight holdings in British Petroleum and Swedish wireless phone maker Ericsson also detracted from performance.

Positive contributions came from overweights in French construction and engineering firm Vinci and German power company E.ON, as well as from an underweight in British pharmaceutical company AstraZeneca. Returns were also helped by positions in French chemical company Rhodia and Spanish energy company Enagás, two stocks not listed in the index.

College Retirement Equities Fund 2004 Annual Report | 9

CREF Stock Account | U.S. and foreign stocks

Investment objective

This variable annuity 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.

Special investment risks

In addition to the risks of any equity investment, the account is subject to special risks including foreign investment risks, large-cap risk and small/mid-cap risk. For a further discussion of risk, please see page six.

The account’s benchmark

The account’s benchmark is a composite index weighted daily to reflect the relative sizes of the domestic and foreign segments. As of December 31, 2004, 78.8% of the benchmark’s return came from the performance of the Russell 3000^® Index, an index of stocks of the 3,000 largest publicly traded U.S. companies, based on market capitalization. The remaining portion came from the performance of the MSCI Europe, Australasia and Far East (EAFE)^®+Canada Index, which represents foreign stock markets and tracks approximately 1,100 issues in 22 developed countries excluding the United States. You cannot invest directly in these indexes.

Performance as of 12/31/2004

	Average annual compound						Cumulative rates
	rates of total return*						of total return*
	1 year		5 years		10 years		5 years		10 years

CREF Stock Account	13.03	%	–1.39	%	10.64	%	–6.78	%	175.03	%

Benchmarks:
Russell 3000 Index¹	11.95		–1.16		12.00		–5.68		210.89
MSCI EAFE+Canada Index²	20.38		–0.70		5.97		–3.46		78.67
CREF Composite Benchmark	13.67		–1.00		11.22		–4.89		189.81

Peer groups:
Morningstar Large Blend (VA)	8.78		–3.43		9.15		–16.03		140.09
Morningstar Foreign Large Blend (VA)	15.47		–5.13		5.00		–23.15		62.83

¹	Russell 3000 is a trademark and service mark of the Frank Russell Company.
²	From May 31, 2001, through May 31, 2002, MSCI published two versions of this index, a “standard” and a “provisional,” in order to provide a transition to a new way of calculating the index. CREF adopted the “provisional” version on July 1, 2001, and the returns shown above include “provisional” data from July 1, 2001, through May 31, 2002. As of June 1, 2002, the index was once again available in only one version. EAFE is a trademark of Morgan Stanley Capital International, Inc.

10 | 2004 Annual Report College Retirement Equities Fund

PERFORMANCE

$10,000 over 10 years

An investment of $10,000 in this account on January 1, 1995, would have grown to $27,503 over the last 10 years. For the purpose of comparison, the graph also shows the change in the account’s benchmarks during the same period.

Calendar year total returns

Best quarter: 21.56%, for the quarter ended December 31, 1998
Worst quarter: –17.44%, for the quarter ended September 30, 2002

College Retirement Equities Fund 2004 Annual Report | 11

CREF Stock Account | U.S. and foreign stocks

PERFORMANCE

Account expenses—six months ended December 31, 2004

The examples that appear below are intended to help you understand your ongoing costs (in dollars) of investing in the account. They are also designed to help you compare these costs with the ongoing costs of investing in other variable annuity accounts and mutual funds.

The examples assume $1,000 was invested on July 1, 2004, and held for six months until December 31, 2004. Please see page eight for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

	CREF Stock Account expense example

	Starting account value	Ending account value	Expenses paid^†
	(7/1/04)	(12/31/04)	(7/1/04–12/31/04)

Actual return	$1,000.00	$1,092.60	$2.10
5% annual hypothetical return	$1,000.00	$1,022.95	$2.04

†

“Expenses paid” is based on the account’s actual expense ratio for the most recent fiscal half year. The account’s annualized six-month expense ratio for that period is 0.40%.

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

Portfolio breakdown by company size

	Percent of
Capitalization as of 12/31/2004	net assets

Large: over $5 billion	80.93
Middle: $1 billion–$5 billion	14.40
Small: under $1 billion	4.67

Total	100.00

Account facts

Inception date	8/1/1952
Net assets (12/31/2004)	$110.78 billion

Diversification among world markets

		Percent of
Country		invested assets

United States		78.7
United Kingdom		4.6
Japan		4.1
France		2.2
Switzerland		1.6
Germany		1.5
31 other nations		7.3

Total		100.0

12 | 2004 Annual Report College Retirement Equities Fund

CREF Growth Account | Large-cap growth stocks

DISCUSSION

Performance in the twelve months
ended December 31, 2004

The CREF Growth Account returned 6.25% for the year, performing in line with the 6.30% return of the account’s benchmark, the Russell 1000^® Growth Index, but trailing the 7.08% average return of similar variable annuities, as measured by the Morningstar Large Growth (VA) category. The Morningstar category tracked 3,918 variable annuities during 2004.

Growth underperforms value

During 2004, U.S. stock investors favored large-cap value stocks over their growth counterparts, marking the fifth consecutive year that value led growth in the large-cap category. The predominantly large-cap Russell 1000 Value Index posted a 16.49% return for the year. Its strong performance relative to that of the Russell 1000 Growth Index was a sharp contrast to last year, when the 29.75% return of large-cap growth stocks nearly matched the 30.03% return of large-cap value issues.

Most of the year’s gains occurred in the fourth quarter. In fact, the Russell 1000 Growth Index was in negative territory as of September 30. A year-end rally lifted large-cap stocks along with the rest of the market. During the fourth quarter, the Russell 1000 Growth Index jumped 9.17%, while the Russell 1000 Value Index climbed 10.38%.

Among growth stocks, the Russell 1000 Growth Index lagged both the 14.31% return of the small-cap Russell 2000^® Growth Index and the 15.48% return of the Russell Midcap^® Growth Index.

Account contributors and detractors

Performance relative to the benchmark’s was helped by overweight holdings in many stocks that outperformed the benchmark, including Starwood Hotels & Resorts, eBay, St. Jude Medical and Aetna. A position in agricultural-supply giant Monsanto, a stock not held in the benchmark, was the largest single contributor to account returns. The account also benefited from its below-benchmark weightings in stocks such as Merck, Intel and Coca-Cola.

These positive contributions to relative performance were more than offset by the effects of overweights in a number of stocks that failed to perform as anticipated. These included Novellus Systems, a semiconductor manufacturer; Forest Laboratories, a pharmaceuticals company; and Intuit, a financial software maker. Underweights in several stocks that performed well, such as UnitedHealth Group and American International Group, also detracted from performance.

The account invested 4.01% of its total invested assets in foreign securities as of December 31, 2004.

College Retirement Equities Fund 2004 Annual Report | 13

CREF Growth Account | Large-cap growth stocks

Investment objective

This variable annuity 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.

Special investment risks

In addition to the risks of any equity investment, the account is subject to special risks including growth investing risk, large-cap risk, foreign investment risks and small/mid-cap risk. For a further discussion of risk, please see page six.

The account’s benchmark

The Russell 1000^® Growth Index is a subset of the Russell 1000 Index, which tracks the stocks of large domestic companies, based on total market capitalization. The Russell 1000 Growth Index represents those stocks of the Russell 1000 with higher price-to-book ratios and higher relative forecasted growth rates. You cannot invest directly in these indexes.

Performance as of 12/31/2004

	Average Annual Compound						Cumulative Rates
	Rates of Total Return*						of Total Return*
	1 year		5 years		10 years		5 years		10 years

CREF Growth Account	6.25	%	–10.27	%	8.35	%	–41.85	%	123.11	%

Benchmark:
Russell 1000 Growth Index¹	6.30		–9.28		9.58		–38.60		149.94

Peer group:
Morningstar Large Growth (VA)	7.08		–8.44		8.05		–35.66		116.79

*		The returns quoted represent past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your accumulation units. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org, or call 800 842-2252.

¹		Russell 1000 is a trademark and service mark of the Frank Russell Company.

14 | 2004 Annual Report College Retirement Equities Fund

PERFORMANCE

$10,000 over 10 years

An investment of $10,000 in this account on January 1, 1995, would have grown to $22,311 over the last 10 years. For the purpose of comparison, the graph also shows the change in the account’s benchmark during the same period.

Calendar year total returns

Best quarter: 28.72%, for the quarter ended December 31, 1998
Worst quarter: –22.63%, for the quarter ended March 31, 2001

College Retirement Equities Fund 2004 Annual Report | 15

CREF Growth Account | Large-cap growth stocks

PERFORMANCE

Account expenses—six months ended December 31, 2004

	CREF Growth Account expense example

	Starting account value	Ending account value	Expenses paid^†
	(7/1/04)	(12/31/04)	(7/1/04–12/31/04)

Actual return	$1,000.00	$1,041.43	$2.21
5% annual hypothetical return	1,000.00	1,022.80	2.19

†

“Expenses paid” is based on the account’s actual expense ratio for the most recent fiscal half year. The account’s annualized six-month expense ratio for that period is 0.43%.

Portfolio breakdown by company size		Account facts

	Percent of	Inception date	4/29/1994
Capitalization as of 12/31/2004	net assets	Net assets (12/31/2004)	$11.65 billion

Large: over $5 billion	92.17
Middle: $1 billion–$5 billion	7.81
Small: under $1 billion	0.02

Total	100.00

16 | 2004 Annual Report College Retirement Equities Fund

CREF Global Equities Account | Foreign and U.S. stocks

DISCUSSION

Performance in the twelve months
ended December 31, 2004

The CREF Global Equities Account returned 13.49% for the year. The account’s benchmark, the MSCI World Index^SM, returned 14.72%, versus the 12.68% average return of similar variable annuities, as measured by the Morningstar World Stock (VA) category, which tracked 777 variable annuity accounts during 2004.

Global stock markets rally late in the year

After climbing 33.11% in 2003, the MSCI World Index generated modest returns in the first two quarters of 2004. In the third quarter, the index lost 1.00% and was up only 2.48% year-to-date as of September 30. The weak showing for the three quarters was largely due to mixed economic signals and rising oil prices.

In the fourth quarter, oil prices tumbled from their late-October peak of over $55 a barrel, and global stock markets rallied. The index rose 11.94%, led by a 15.92% surge in its European component and a 13.96% gain in the Pacific portion. Returns were bolstered by a sharp increase in the values of the euro, pound and yen versus the dollar. The North American stocks in the index posted a gain of 9.43% in the quarter.

Stock selections detract from performance

The account’s performance lagged the benchmark’s due to stock selections in the European, Asia-Pacific and North American segments of the portfolio. In Europe, detractors from relative performance included overweights in stocks that did not perform as anticipated, including British food service company Compass Group, Swiss semiconductor maker STMicroelectronics and Italian automobile manufacturer Fiat. However, the negative effects of these holdings were partly offset by overweights in French construction and engineering firm Vinci, Swedish dental implant manufacturer Nobel Biocare and German pharmaceutical wholesaler Celesio.

Performance in the Asia-Pacific region was reduced by overweights in Seiko Epson, Shinsei Bank and KDDI Corp., a telecommunications services company. Among the stocks that boosted relative performance were Access, a mobile Internet service company that is not listed in the index; an overweight in Daido Life Insurance; and an underweight in wireless company NTT DoCoMo. All six of these companies are based in Japan.

In North America, overweights in business software provider Siebel Systems and Clear Channel Communications hurt performance, as did an underweight in General Electric. The account benefited from overweights in agricultural-supply giant Monsanto, Lyondell Chemical and energy company Baker Hughes.

College Retirement Equities Fund 2004 Annual Report | 17

CREF Global Equities Account | Foreign and U.S. stocks

Investment objective

This variable annuity account seeks a favorable long-term rate of return through capital appreciation and income from a broadly diversified portfolio that consists primarily of foreign and domestic common stocks.

Special investment risks

The account’s benchmark

The Morgan Stanley Capital International (MSCI) World Index^SMis an aggregate of 23 country indexes in developed markets. You cannot invest directly in this index.

Performance as of 12/31/2004

	Average Annual Compound						Cumulative Rates
	Rates of Total Return*						of Total Return*
	1 year		5 years		10 years		5 years		10 years

CREF Global Equities Account	13.49	%	–4.35	%	8.02	%	–19.96	%	116.49	%

Benchmark:
MSCI World Index¹	14.72		–2.48		8.06		–11.80		117.29

Peer group:
Morningstar World Stock (VA)	12.68		–3.25		8.41		–15.22		124.27

From May 31, 2001, through May 31, 2002, MSCI published two versions of this index, a “standard” and a “provisional,” in order to provide a transition to a new way of calculating the index. CREF adopted the “provisional” version on July 1, 2001, and the returns shown above include “provisional” data from July 1, 2001, through May 31, 2002. As of June 1, 2002, the index was once again available in only one version. MSCI World Index is a service mark of Morgan Stanley Capital International, Inc.

18 | 2004 Annual Report College Retirement Equities Fund

PERFORMANCE

$10,000 over 10 years

An investment of $10,000 in this account on January 1, 1995, would have grown to $21,649 over the last 10 years. For the purpose of comparison, the graph also shows the change in the account’s benchmark during the same period.

Calendar year total returns

Best quarter: 25.91%, for the quarter ended December 31, 1999
Worst quarter: –18.49%, for the quarter ended September 30, 2002

College Retirement Equities Fund 2004 Annual Report | 19

CREF Global Equities Account | Foreign and U.S. stocks

PERFORMANCE

Account expenses—six months ended December 31, 2004

	CREF Global Equities Account expense example

	Starting account value	Ending account value	Expenses paid^†
	(7/1/04)	(12/31/04)	(7/1/04–12/31/04)

Actual return	$1,000.00	$1,091.90	$2.37
5% annual hypothetical return	1,000.00	1,022.70	2.29

†

“Expenses paid” is based on the account’s actual expense ratio for the most recent fiscal half year. The account’s annualized six-month expense ratio for that period is 0.45%.

Portfolio breakdown by company size

		Percent of
Capitalization as of 12/31/2004		net assets

Large: over $5 billion		90.04
Middle: $1 billion–$5 billion		6.99
Small: under $1 billion		2.97

Total		100.00

Account facts

Inception date		5/1/1992
Net assets (12/31/2004)		$10.31 billion

Diversification among world markets

		Percent of
Country		invested assets

United States		52.1
United Kingdom		10.3
Japan		9.3
Switzerland		4.9
Germany		4.8
France		3.8
Canada		2.9
Italy		2.3
Australia		2.2
16 other nations		6.4
Short-term investments		1.0

Total		100.0

20 | 2004 Annual Report College Retirement Equities Fund

CREF Money Market Account | Cash equivalents

DISCUSSION

Performance in the twelve months
ended December 31, 2004

The CREF Money Market Account returned 1.02% for the year, surpassing the 0.82% return of the iMoneyNet Money Fund Report Averages^TM—All Taxable, a simple average of over 1,000 taxable money market funds.

The year began with historically low short-term interest rates, including a federal funds rate of 1.00% . (The federal funds rate is the rate commercial U.S. banks charge one another for overnight loans.) Disappointing economic data forestalled higher rates in the first quarter, but improved jobs growth set the stage for a Federal Reserve rate increase of a quarter percent on June 30.

Although energy prices skyrocketed for much of the second half of the year, labor markets continued to improve, and productivity rates also rose. The Fed responded with four more quarter-percent hikes, leaving the federal funds rate at 2.25% at year-end.

LIBOR curve steepens

During the first quarter, the London Interbank Offered Rate (LIBOR) curve was relatively flat, and the supply of short-term credit instruments was scarce, placing a premium on security selection. Beginning in the second quarter and continuing through year-end, the LIBOR curve steepened. Expectations of higher interest rates also resulted in an increase in the supply of investments.

Asset allocations enhance returns

We adjusted the account’s asset allocation throughout 2004 to reflect our continuing reassessment of the short-term credit market. Holdings in commercial paper were boosted from 61% at the end of 2003 to 67% at the close of 2004. These holdings were nearly equally divided between corporate and asset-backed securities.

Due to the shortage of high-quality offerings in other markets early in the year, we had about 27% of the account’s holdings in government agency securities on June 30; they made up just 16% of the portfolio at the end of December. Floating-rate instruments represented about 2% of the portfolio at year’s end, and the remaining 14% of the portfolio’s holdings were in domestic and foreign bank notes and certificates of deposit.

During the period, the weighted average maturity of the account fluctuated between 38 and 69 days.

College Retirement Equities Fund 2004 Annual Report | 21

CREF Money Market Account | Cash equivalents

Investment objective

This variable annuity account seeks high current income consistent with maintaining liquidity and preserving capital.

Special investment risks

The account is subject to income risk. For a further discussion of risk, please see page six.

An investment in the CREF Money Market Account, as in the other CREF variable annuity accounts, is not a deposit of any bank and is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other U.S. government agency.

Net annualized yield for the 7 days ended 12/28/2004

							Current yield		Effective yield

CREF Money Market Account							1.84	%	1.85	%
iMoneyNet Money Fund Report Averages^TM—All Taxable							1.60		1.62

The current yield more closely reflects current earnings than does the total return.


Performance as of 12/31/2004

	Average annual compound						Cumulative rates
	rates of total return*						of total return*
	1 year		5 years		10 years		5 years		10 years

CREF Money Market Account	1.02	%	2.71	%	4.05	%	14.32	%	48.86	%

iMoneyNet Money Fund Report
Averages—All Taxable	0.82		2.45		3.75		12.78		44.21

22 | 2004 Annual Report College Retirement Equities Fund

PERFORMANCE

$10,000 over 10 years

An investment of $10,000 in this account on January 1, 1995, would have grown to $14,886 over the last 10 years. For the purpose of comparison, the graph also shows the change in the account’s benchmark during the same period.

Calendar year total returns

Best quarter: 1.65%, for the quarter ended September 30, 2000
Worst quarter: 0.14%, for the quarter ended June 30, 2004

College Retirement Equities Fund 2004 Annual Report | 23

CREF Money Market Account | Cash equivalents

PERFORMANCE

Account expenses—six months ended December 31, 2004

	CREF Money Market Account expense example

	Starting account value	Ending account value	Expenses paid^†
	(7/1/04)	(12/31/04)	(7/1/04–12/31/04)

Actual return	$1,000.00	$1,006.99	$1.77
5% annual hypothetical return	1,000.00	1,023.21	1.78

†

“Expenses paid” is based on the account’s actual expense ratio for the most recent fiscal half year. The account’s annualized six-month expense ratio for that period is 0.35%.

Portfolio composition by investment sector		Account facts

	Percent of	Inception date	4/1/1988
Sector	portfolio	Net assets (12/31/2004)	$6.78 billion

Commercial paper	67.2
U.S. government and
agency securities	16.2
Certificates of deposit	14.2
Floating-rate securities	2.2
Other	0.2

Total	100.0

24 | 2004 Annual Report College Retirement Equities Fund

CREF Equity Index Account | U.S. stocks

DISCUSSION

Performance in the twelve months
ended December 31, 2004

The CREF Equity Index Account returned 11.55% for the year. The account’s benchmark, the Russell 3000^® Index, returned 11.95% for the period, versus the 8.78% average return of similar variable annuities, as measured by the Morningstar Large Blend (VA) category, which tracked 2,896 variable annuities during 2004.

Late rally rescues stocks from disappointing year

After posting a 31.06% gain in 2003, the stocks of the Russell 3000 delivered lackluster returns for most of 2004. Mixed economic signals, along with concerns about terrorism and the war in Iraq, constrained equity performance during the first two quarters of the year, and the index was up just 3.59% at mid-year. During the third quarter, soaring oil prices eroded those gains. The Russell 3000 lost 1.90% in the quarter, and, by late October, the market was barely in positive territory year-to-date.

Upward movement returned with a strong rally in November and December that propelled the Russell 3000 to a 10.16% fourth-quarter return and a double-digit gain for the year as a whole. The late surge came as oil prices plunged after topping $55 a barrel in late October.

Small and mid-size value companies perform best

The market’s advance was driven by the 18.33% gain of the small-cap Russell 2000^® Index and the 20.22% rise in the Russell Midcap^® Index. The predominantly large-cap Russell 1000^® Index returned 11.40% for the year.

Value stocks as a group strongly outperformed growth issues during the twelve-month period. The Russell 3000 Value Index, which tracks value stocks of all sizes, climbed 16.94% —more than double the 6.93% return of the Russell 3000 Growth Index. All industry sectors in the benchmark Russell 3000 had positive returns, led by integrated oils (28.5%) and other energy (41.6%) . The strong fourth-quarter rebound enabled technology, the worst-performing sector, to eke out a 1.2% gain for the year.

For the period, the account’s returns were comparable to those of the benchmark, minus the effect of expenses and of some cash holdings for liquidity. The account also had a risk profile similar to that of the benchmark.

College Retirement Equities Fund 2004 Annual Report | 25

CREF Equity Index Account | U.S. stocks

Investment objective

This variable annuity account seeks a favorable long-term rate of return from a diversified portfolio selected to track the overall market for common stocks publicly traded in the United States, as represented by a broad stock market index.

Special investment risks

In addition to the risks of any equity investment, the account is subject to index risk. For a further discussion of risk, please see page six.

The account’s benchmark

The Russell 3000^® Index is an unmanaged index of stocks of the 3,000 largest publicly traded U.S. companies, based on total market capitalization, and represents about 98% of the total market capitalization of the publicly traded U.S. equity market. You cannot invest directly in this index.

Performance as of 12/31/2004

	Average annual compound						Cumulative rates
	rates of total return*						of total return*
	1 year		5 years		10 years		5 years		10 years

CREF Equity Index Account	11.55	%	–1.48	%	11.68	%	–7.21	%	202.21	%

Benchmark :
Russell 3000 Index¹	11.95		–1.16		12.00		–5.68		210.89

Peer group:
Morningstar Large Blend (VA)	8.78		–3.43		9.15		–16.03		140.09

*		The returns quoted represent past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your accumulation units. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org, or call 800 842-2252.

¹		Russell 3000 is a trademark and service mark of the Frank Russell Company.

26 | 2004 Annual Report College Retirement Equities Fund

PERFORMANCE

$10,000 over 10 years

An investment of $10,000 in this account on January 1, 1995, would have grown to $30,221 over the last 10 years. For the purpose of comparison, the graph also shows the change in the account’s benchmark during the same period.

Calendar year total returns

Best quarter: 21.38%, for the quarter ended December 31, 1998
Worst quarter: –17.24%, for the quarter ended September 30, 2002

College Retirement Equities Fund 2004 Annual Report | 27

CREF Equity Index Account | U.S. stocks

PERFORMANCE

Account expenses—six months ended December 31, 2004

	CREF Equity Index Account expense example

	Starting account value	Ending account value	Expenses paid^†
	(7/1/04)	(12/31/04)	(7/1/04–12/31/04)

Actual return	$1,000.00	$1,078.48	$1.88
5% annual hypothetical return	1,000.00	1,023.16	1.83

†

“Expenses paid” is based on the account’s actual expense ratio for the most recent fiscal half year. The account’s annualized six-month expense ratio for that period is 0.36%.

Portfolio breakdown by company size		Account facts

	Percent of	Inception date	4/29/1994
Capitalization as of 12/31/2004	net assets	Net assets (12/31/2004)	$9.02 billion

Large: over $5 billion	80.63
Middle: $1 billion–$5 billion	14.84
Small: under $1 billion	4.53

Total	100.00

28 | 2004 Annual Report College Retirement Equities Fund

CREF Bond Market Account | Intermediate-term bonds

DISCUSSION

Performance in the twelve months
ended December 31, 2004

The CREF Bond Market Account returned 4.17%, closely tracking the 4.34% return of its benchmark, the Lehman Brothers U.S. Aggregate Index, and topping the 3.10% average return of similar variable annuities, as measured by the Morningstar Intermediate-Term Bond (VA) category. The Morningstar category tracked 896 accounts during 2004.

Despite rate increases, bonds gain

Bonds performed well in 2004, even though the Federal Reserve raised short-term interest rates five times. (Bond prices normally fall when interest rates rise.) Slow jobs growth in the first quarter favored bonds over stocks, but by June, with rate increases looming, bond prices suffered one of their worst single-quarter declines in a decade.

As the economy stalled over the summer, bonds bounced back, and stocks tumbled. During the fourth quarter, with a better jobs outlook and other signs that the economy was recovering, stocks rallied, while bonds again retreated.

Lower-quality corporate issues (triple-B-rated) were the top performers during the year, as investors accepted more risk for higher yields. U.S. Treasury inflation-protected securities also performed well. The 10-year U.S. Treasury note returned a solid 5.1%, reflecting huge investments by Asia’s central banks seeking to keep their exports competitive with American products by shoring up the declining dollar.

Defensive strategies provide mixed results

The account benefited from its investments in corporate bonds, which generally do well when interest rates are rising. The account held a higher percentage of corporate bonds than their share of the benchmark, and they outperformed other fixed-income sectors in the second half of 2004. However, an overweight position in shorter-duration mortgage-backed securities early in the year reduced returns, as did a slight underweight later in the year, when these securities performed better than expected.

The account maintained a duration similar to that of the benchmark index for most of the year rather than shortening it in anticipation of rising interest rates. This strategy boosted returns in the first quarter when long-term interest rates fell. Keeping duration—a measure of the portfolio’s sensitivity to interest-rate changes—close to the benchmark’s helps mitigate the risk that the account will underperform the index.

As of December 31, 2004, the account’s overall option-adjusted duration was 4.30 years, versus 4.34 years for the benchmark.

College Retirement Equities Fund 2004 Annual Report | 29

CREF Bond Market Account | Intermediate-term bonds

Investment objective

This variable annuity account seeks a favorable long-term rate of return, primarily through high current income consistent with preserving capital.

Special investment risks

In addition to the risks of any fixed-income investment, the account is subject to special risks including liquidity risk and prepayment and extension risk. For a further discussion of risk, please see page six.

The account’s benchmark

The Lehman Brothers U.S. Aggregate Index tracks the performance of the U.S. investment-grade, fixed-rate bond market, including government and agency securities, corporate bonds, and mortgage-backed and asset-backed securities. You cannot invest directly in this index.

Performance as of 12/31/2004

	Average annual compound						Cumulative rates
	rates of total return*						of total return*
	1 year		5 years		10 years		5 years		10 years

CREF Bond Market Account	4.17	%	7.60	%	7.50	%	44.28	%	106.20	%

Benchmark:
Lehman Brothers
U.S. Aggregate Index	4.34		7.70		7.71		44.97		110.38

Peer group:
Morningstar Intermediate-Term
Bond (VA)	3.10		5.83		6.08		32.73		80.47

30 | 2004 Annual Report College Retirement Equities Fund

PERFORMANCE

$10,000 over 10 years

An investment of $10,000 in this account on January 1, 1995, would have grown to $20,620 over the last 10 years. For the purpose of comparison, the graph also shows the change in the account’s benchmark during the same period.

Calendar year total returns

Best quarter: 6.21%, for the quarter ended June 30, 1995
Worst quarter: –2.44%, for the quarter ended June 30, 2004

College Retirement Equities Fund 2004 Annual Report | 31

CREF Bond Market Account | Intermediate-term bonds

PERFORMANCE

Account expenses—six months ended December 31, 2004

	CREF Bond Market Account expense example

	Starting account value	Ending account value	Expenses paid^†
	(7/1/04)	(12/31/04)	(7/1/04–12/31/04)

Actual return	$1,000.00	$1,041.32	$2.05
5% annual hypothetical return	1,000.00	1,022.95	2.04

†

“Expenses paid” is based on the account’s actual expense ratio for the most recent fiscal half year. The account’s annualized six-month expense ratio for that period is 0.40%.

Bond ratings (as of 12/31/2004)

	Rating	Percent

U.S. Treasury and
agency securities
and money-market
instruments	(not rated)	36.5

Investment-grade
mortgage-backed and
asset-backed
securities		38.3

Other long-term debt	Aaa/AAA	1.8
	Aa/AA	4.8
	A/A	8.3
	Baa/BBB	8.5

Below investment-grade	Ba/BB	1.1
	B/B	0.6
	(not rated)	0.1

Total		100.0

Portfolio composition by sector (12/31/2004)

		Percent of
Sector		portfolio

Mortgage-backed and
asset-backed securities		38.3
U.S. Treasury and agency securities		35.6
Corporate bonds		23.8
Foreign government and
foreign corporate bonds
(denominated in U.S. dollars)		1.4
Investments maturing in
less than a year		0.9

Total		100.0

Account facts

Inception date	3/1/1990
Net assets (12/31/2004)	$5.42 billion

32 | 2004 Annual Report College Retirement Equities Fund

CREF Social Choice Account | Socially screened stocks and bonds

DISCUSSION

Performance in the twelve months
ended December 31, 2004

The CREF Social Choice Account returned 9.02%, topping the 8.90% return of its composite benchmark, a weighted average of the Russell 3000^® Index and the Lehman Brothers U.S. Aggregate Index. The account also outperformed the 7.43% average return of similar variable annuities, as measured by the Morningstar Moderate Allocation (VA) category, which tracked 1,356 accounts during 2004. Neither the benchmark nor the Morningstar category screens investments according to social criteria as the account does.

Social screens affect performance

Because of its social screens, the account did not invest in several stocks that are large components of the benchmark in terms of market capitalization. In 2004, the account’s exclusion of certain stocks that performed poorly generally boosted returns. For example, the account did not invest in Citigroup, Eli Lilly, Pfizer or Viacom.

Conversely, the screens also excluded such well-performing stocks as ChevronTexaco, ExxonMobil and General Electric, which reduced performance relative to the benchmark. General Electric, the largest holding in the Russell 3000 and the second-largest contributor to the index’s performance, returned 20.7% during the period.

Since the account cannot invest in some of the stocks within the Russell 3000, the account’s managers employ statistical techniques to ensure that the portfolio’s risk characteristics resemble those of the index. One method is to overweight or underweight certain stocks relative to each one’s percentage of capitalization within the benchmark. During the period, overweight holdings in such well-performing stocks as Johnson & Johnson, railroad company Norfolk Southern and energy company EOG Resources helped relative performance. Other adjusted holdings, including an underweight in Bank of America and an overweight in Merck, slightly detracted from returns.

Fixed-income strategies pay off

The account’s fixed-income portion had a return similar to that of the Lehman index portion of the account’s composite benchmark. Overweight holdings in corporate bonds, which outperformed all other fixed-income sectors during the last half of 2004, helped the account’s relative performance. Although the Federal Reserve raised short-term interest rates during the year, longer-term rates declined in the first quarter. Our decision not to shorten the account’s duration in anticipation of rate increases lifted returns, particularly early in the year.

College Retirement Equities Fund 2004 Annual Report | 33

CREF Social Choice Account | Socially screened stocks and bonds

Investment objective

This variable annuity account seeks a favorable long-term rate of return that reflects the investment performance of the financial markets while giving special consideration to certain social criteria.

Special investment risks

In addition to the risks of any equity or fixed-income investment, the account is subject to the special risk of socially screened investing and to small/mid-cap risk. For a further discussion of risk, please see page six.

The account’s benchmarks

We use two benchmarks for the CREF Social Choice Account. The Russell 3000^® Index is an unmanaged index of stocks of the 3,000 largest publicly traded U.S. companies, based on market capitalization, and represents about 98% of the total market capitalization of the publicly traded U.S. equity market. The Lehman Brothers U.S. Aggregate Index, which contains approximately 5,800 issues, is an unmanaged index that tracks the performance of the U.S. investment-grade, fixed-rate bond market, including government and agency securities, corporate bonds, and mortgage-backed and asset-backed securities. You cannot invest directly in these indexes.

Performance as of 12/31/2004

	Average annual compound						Cumulative rates
	rates of total return*						of total return*
	1 year		5 years		10 years		5 years		10 years

CREF Social Choice Account	9.02	%	2.49	%	10.72	%	13.13	%	177.21	%

Benchmarks:
Russell 3000 Index¹	11.95		–1.16		12.00		–5.68		210.89
Lehman Brothers
U.S. Aggregate Index	4.34		7.70		7.71		44.97		110.38
CREF Social Choice
Composite Benchmark	8.90		2.76		10.46		14.58		170.69

Peer group:
Morningstar Moderate Allocation (VA)	7.43		0.63		7.75		3.17		110.96

*		The returns quoted represent past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your accumulation units. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org, or call 800 842-2252.

¹		Russell 3000 is a trademark and a service mark of the Frank Russell Company.

34 | 2004 Annual Report College Retirement Equities Fund

PERFORMANCE

$10,000 over 10 years

An investment of $10,000 in this account on January 1, 1995, would have grown to $27,721 over the last 10 years. For the purpose of comparison, the graph also shows the change in the account’s benchmarks during the same period.

Calendar year total returns

Best quarter: 12.81%, for the quarter ended December 31, 1998
Worst quarter: –8.20%, for the quarter ended September 30, 2002

College Retirement Equities Fund 2004 Annual Report | 35

CREF Social Choice Account | Socially screened stocks and bonds

PERFORMANCE

Account expenses—six months ended December 31, 2004

	CREF Social Choice Account expense example

	Starting account value	Ending account value	Expenses paid^†
	(7/1/04)	(12/31/04)	(7/1/04–12/31/04)

Actual return	$1,000.00	$1,061.69	$1.92
5% annual hypothetical return	1,000.00	1,023.11	1.88

†

“Expenses paid” is based on the account’s actual expense ratio for the most recent fiscal half year. The account’s annualized six-month expense ratio for that period is 0.37%.

Portfolio composition (as of 12/31/2004)		Account facts

	Percent of	Inception date	3/1/1990
	portfolio	Net assets (12/31/2004)	$7.00 billion

U.S. stocks	60.7
Long-term bonds	37.6
Short-term investments	1.7

Total	100.0

36 | 2004 Annual Report College Retirement Equities Fund

CREF Inflation-Linked Bond Account | Inflation-linked bonds

DISCUSSION

Performance in the twelve months
ended December 31, 2004

The CREF Inflation-Linked Bond Account returned 8.01% for the year, trailing the 8.46% return of its benchmark, the Lehman Brothers U.S. Treasury Inflation-Protected Securities (TIPS) Index. The account’s slight lag behind the index was due primarily to the fact that the index return does not include expense charges.

TIPS continue to beat the overall bond market

This was the fourth consecutive year in which Treasury inflation-protected securities outpaced the broad U.S. bond market. At 8.46%, the return of the Lehman TIPS index was nearly double the 4.34% return of the Lehman Brothers U.S. Aggregate Index, which tracks a broad range of government, corporate and mortgage-backed bonds.

Year-over-year inflation as measured by the Consumer Price Index for All Urban Consumers (CPI-U) rose 3.3% in 2004, driven by oil prices that soared from about $28 a barrel in February to a peak of over $55 a barrel in late October.

After posting a 5.14% return for the first quarter, the Lehman TIPS index had a 3.10% loss in the second quarter and was up only 1.88% year-to-date at the end of June. During the second half of 2004, the index rose 3.84% in the third quarter and 2.51% in the fourth.

Account slightly lags the benchmark

During the first quarter of the year, the account lagged the benchmark because of an underweight position in the 2032 U.S. TIPS bond. As demand for this issue rose, we increased its weighting in the portfolio.

As of December 31, 2004, the account’s duration was 8.91 years, versus 8.97 years for the benchmark.

College Retirement Equities Fund 2004 Annual Report | 37

CREF Inflation-Linked Bond Account | Inflation-linked bonds

Investment objective

This variable annuity account seeks a long-term rate of return that outpaces inflation, primarily through investment in inflation-indexed bonds—fixed-income securities whose returns are designed to track a specified inflation index over the life of the bond.

Special investment risks

In addition to the risks of any fixed-income investment, the account is subject to the special risk of inflation-indexed bonds. For a further discussion of risk, please see page six.

The account’s benchmark

The Lehman Brothers U.S. TIPS (Treasury Inflation-Protected Securities) Index tracks the performance of inflation-protected securities issued by the U.S. Treasury with at least one year to maturity and $200 million in par amount outstanding. You cannot invest directly in this index.

Performance as of 12/31/2004

	Average annual compound						Cumulative rates
	rates of total return*						of total return*
					since				since
	1 year		5 years		inception¹		5 years		inception¹

CREF Inflation-Linked Bond Account	8.01	%	10.41	%	7.79	%	64.14	%	77.91	%

Benchmark:
Lehman Brothers U.S. Treasury
Inflation-Protected Securities Index	8.46		10.83		8.21		67.35		83.24

*		The returns quoted represent past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your accumulation units. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org, or call 800 842-2252.

¹		Inception date: 5/1/1997

38 | 2004 Annual Report College Retirement Equities Fund

PERFORMANCE

$10,000 since 5/1/1997 inception

An investment of $10,000 in this account at inception on May 1, 1997, would have grown to $17,791 on December 31, 2004. For the purpose of comparison, the graph also shows the change in the account’s benchmark during the same period.

Calendar year total returns

Best quarter: 7.94%, for the quarter ended September 30, 2002
Worst quarter: –3.19%, for the quarter ended June 30, 2004

* Partial year

College Retirement Equities Fund 2004 Annual Report | 39

CREF Inflation-Linked Bond Account | Inflation-linked bonds

PERFORMANCE

Account expenses—six months ended December 31, 2004

	CREF Inflation-Linked Bond Account expense example

	Starting account value	Ending account value	Expenses paid^†
	(7/1/04)	(12/31/04)	(7/1/04–12/31/04)

Actual return	$1,000.00	$1,062.59	$2.02
5% annual hypothetical return	1,000.00	1,023.00	1.99

†	“Expenses paid” is based on the account’s actual expense ratio for the most recent fiscal half year. The account’s annualized six-month expense ratio for that period is 0.39%.

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

Portfolio composition by maturity (12/31/04)			Account facts

2–9 year bonds	73.0	%	Inception date	5/1/1997
Over-20-year bonds	27.0		Net assets (12/31/2004)	$3.42 billion

Total	100.0	%

40 | 2004 Annual Report College Retirement Equities Fund

Report of management responsibility

To the Participants of College Retirement Equities Fund:

The accompanying financial statements of the Stock, Growth, Global Equities, Money Market, Equity Index, Bond Market, Social Choice and Inflation-Linked Bond Accounts of College Retirement Equities Fund (“CREF”) are the responsibility of management. They have been prepared in accordance with U.S. generally accepted accounting principles and have been presented fairly and objectively in accordance with such principles.

CREF has established and maintains a strong system of internal controls and disclosure controls designed to provide reasonable assurance that assets are properly safeguarded and transactions are properly executed in accordance with management’s authorization, and to carry out the ongoing responsibilities of management for reliable financial statements. In addition, CREF’s internal audit personnel provide a continuing review of the internal controls and operations of the CREF Accounts, and the chief audit executive regularly reports to the Audit Committee of the CREF Board of Trustees.

The accompanying financial statements have been audited by the independent registered public accounting firm of Ernst & Young LLP. To maintain auditor independence and avoid any conflict of interest, it continues to be CREF’s policy that any management advisory or consulting services be obtained from a firm other than the external financial audit firm. For the periods covered by these financial statements, CREF did not engage Ernst & Young LLP for any management advisory or consulting services. The report of the independent registered public accounting firm, which follows the notes to financial statements, expresses an independent opinion on the fairness of presentation of these financial statements.

The Audit Committee of the CREF Board of Trustees, consisting of trustees who are not officers of CREF, meets regularly with management, representatives of Ernst & Young LLP and internal audit personnel to review matters relating to financial reporting, internal controls and auditing. In addition to the annual audit of the financial statements of all the CREF Accounts by the independent registered public accounting firm, the New York State Insurance Department, other state insurance departments and the Securities and Exchange Commission perform periodic examinations of the CREF Accounts’ operations.

/s/ Herbert M. Allison Jr.

Herbert M. Allison Jr.
Chairman, President and
Chief Executive Officer

/s/ Elizabeth A. Monrad

Elizabeth A. Monrad
Executive Vice President and
Chief Financial Officer

College Retirement Equities Fund 2004 Annual Report | 41

Report of the audit committee

To the Participants of College Retirement Equities Fund:

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

Management has the primary responsibility for preparation of CREF’s financial statements, development and maintenance of a strong system of internal controls and disclosure controls, and compliance with applicable laws and regulations. In fulfilling its oversight responsibilities, the Committee reviewed and approved the audit plans of the internal auditing group and the independent auditing firm in advance of their respective audits of CREF. The Committee also meets regularly with the internal and independent auditors, both with and without management present, to discuss the results of their examinations, their evaluation of internal controls, and the overall quality of financial reporting. As required by its charter, the Committee will evaluate rotation of the external financial audit firm wherever circumstances warrant, but in no event will the formal evaluation be later than between their fifth and tenth years of service.

The Committee reviewed and discussed the accompanying audited financial statements with management, including a discussion of the quality and appropriateness of the accounting principles and financial reporting practices followed, the reasonableness of significant judgments, and the clarity and completeness of disclosures in the financial statements. The Committee has also discussed the audited financial statements with Ernst & Young LLP, the independent registered public accounting firm responsible for expressing an opinion on the conformity of these audited financial statements with U.S. 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, internal controls, management judgments and estimates, and the nature of any uncertainties or unusual transactions. In addition, the Committee discussed with Ernst & Young LLP the auditors’ independence from management and CREF, and has received a written disclosure regarding such independence, as required by the Independence Standards Board.

Based on the review and discussions referred to above, the Committee has approved the release of the accompanying audited financial statements for publication and filing with appropriate regulatory authorities.

Maceo K. Sloan, Audit Committee Chair
Willard T. Carleton, Audit Committee Member
Martin J. Gruber, Audit Committee Member
Bridget A. Macaskill, Audit Committee Member
February 14, 2005

42 | 2004 Annual Report College Retirement Equities Fund

CREF Stock Account \|	Summary portfolio of investments December 31, 2004


			VALUE	% OF NET
COMPANY	SHARES		(000)	ASSETS

BONDS
CORPORATE BONDS
COMMUNICATIONS		$	—	0.00	%

HEALTH SERVICES			1,442	0.00

INDUSTRIAL MACHINERY AND EQUIPMENT			1,395	0.00

TOTAL CORPORATE BONDS (Cost $12,214)			2,837	0.00

GOVERNMENT BONDS
U.S. TREASURY SECURITIES			346	0.00

TOTAL GOVERNMENT BONDS (Cost $318)			346	0.00

TOTAL BONDS (Cost $12,532)			3,183	0.00

PREFERRED STOCKS
CHEMICALS AND ALLIED PRODUCTS			22,374	0.02

HEALTH SERVICES			764	0.00

INSTRUMENTS AND RELATED PRODUCTS			7,094	0.01

INSURANCE CARRIERS			777	0.00

LUMBER AND WOOD PRODUCTS			71	0.00

MOTION PICTURES			462	0.00

PRIMARY METAL INDUSTRIES			0	0.00

TRANSPORTATION EQUIPMENT			4,007	0.00

TOTAL PREFERRED STOCKS (Cost $32,215)			35,549	0.03

COMMON STOCKS
AGRICULTURAL PRODUCTION—CROPS			8,318	0.01

AGRICULTURAL PRODUCTION—LIVESTOCK			2,326	0.00

AGRICULTURAL SERVICES			7,234	0.01

AMUSEMENT AND RECREATION SERVICES			211,704	0.19

APPAREL AND ACCESSORY STORES			542,224	0.49

APPAREL AND OTHER TEXTILE PRODUCTS			227,584	0.21

AUTO REPAIR, SERVICES AND PARKING			42,179	0.04

AUTOMOTIVE DEALERS AND SERVICE STATIONS			130,337	0.12

BUILDING MATERIALS AND GARDEN SUPPLIES
Home Depot, Inc	13,095,400		559,697	0.51
Lowe’s Cos	6,029,749		347,253	0.31
Other			249,559	0.22

			1,156,509	1.04

BUSINESS SERVICES
Microsoft Corp	60,443,954		1,614,458	1.46
Other			4,997,543	4.51

			6,612,001	5.97

College Retirement Equities Fund 2004 Annual Report | 43

CREF Stock Account \|	Summary portfolio of investments December 31, 2004	continued


				VALUE	% OF NET
	COMPANY	SHARES		(000)	ASSETS

	CHEMICALS AND ALLIED PRODUCTS
	Abbott Laboratories	9,464,337	$	441,511	0.40	%
*	Amgen, Inc	8,590,037		551,051	0.50
	Lilly (Eli) & Co	5,855,188		332,282	0.30
	Merck & Co, Inc	19,522,741		627,461	0.57
	Pfizer, Inc	49,234,057		1,323,904	1.20
	Procter & Gamble Co	16,075,997		885,466	0.80
	Wyeth	8,297,570		353,394	0.32
	Other			6,621,933	5.96

				11,137,002	10.05

	COAL MINING			74,800	0.07


	COMMUNICATIONS
	BellSouth Corp	14,204,142		394,733	0.36
	SBC Communications, Inc	19,851,812		511,581	0.46
e	Verizon Communications, Inc	17,945,736		726,982	0.66
	Viacom, Inc (Class B)	11,356,729		413,271	0.37
	Vodafone Group plc	150,253,956		407,468	0.37
	Other			3,708,446	3.34

				6,162,481	5.56


	DEPOSITORY INSTITUTIONS
	Bank of America Corp	27,843,237		1,308,354	1.18
e	Citigroup, Inc	35,846,198		1,727,070	1.56
	HSBC Holdings plc (United Kingdom)	21,631,643		365,054	0.33
e	JPMorgan Chase & Co	22,995,823		897,067	0.81
	U.S. Bancorp	14,973,874		468,982	0.42
	Wachovia Corp	9,824,565		516,772	0.47
	Wells Fargo & Co	10,337,426		642,471	0.58
	Other			6,870,719	6.20

				12,796,489	11.55

	EATING AND DRINKING PLACES			699,655	0.63

	EDUCATIONAL SERVICES			246,579	0.22


	ELECTRIC, GAS, AND SANITARY SERVICES
	E.ON AG.	3,631,183		330,987	0.30
	Other			4,082,963	3.68

				4,413,950	3.98


	ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
	General Electric Co	67,566,018		2,466,160	2.23
	Intel Corp	41,620,619		973,506	0.88
	Qualcomm, Inc	11,462,343		486,003	0.44
	Other			4,070,717	3.67

				7,996,386	7.22

	ENGINEERING AND MANAGEMENT SERVICES			895,996	0.81

	ENVIRONMENTAL QUALITY AND HOUSING			991	0.00

	FABRICATED METAL PRODUCTS			770,076	0.70

	FISHING, HUNTING, AND TRAPPING			233	0.00

44 | 2004 Annual Report College Retirement Equities Fund

SEE NOTES TO FINANCIAL STATEMENTS

CREF Stock Account \|	Summary portfolio of investments December 31, 2004	continued

				VALUE	% OF NET
	COMPANY	SHARES		(000)	ASSETS

	FOOD AND KINDRED PRODUCTS
	Coca-Cola Co	12,623,783	$	525,528	0.47	%
	PepsiCo, Inc	12,904,692		673,625	0.61
	Other			2,287,827	2.07

				3,486,980	3.15

	FOOD STORES			801,229	0.72

	FORESTRY			100,940	0.09

	FURNITURE AND FIXTURES			315,555	0.28

	FURNITURE AND HOMEFURNISHINGS STORES			465,018	0.42

	GENERAL BUILDING CONTRACTORS			511,999	0.46

	GENERAL MERCHANDISE STORES
	Wal-Mart Stores, Inc	17,797,931		940,087	0.85
	Other			1,179,256	1.06

				2,119,343	1.91

	HEALTH SERVICES			765,464	0.69

	HEAVY CONSTRUCTION, EXCEPT BUILDING			294,537	0.27

	HOLDING AND OTHER INVESTMENT OFFICES			2,439,235	2.20

	HOTELS AND OTHER LODGING PLACES			519,366	0.47

	INDUSTRIAL MACHINERY AND EQUIPMENT
	3M Co	5,586,482		458,483	0.41
e*	Cisco Systems, Inc	46,413,282		895,776	0.81
*	Dell, Inc	16,584,448		698,869	0.63
	Hewlett-Packard Co	22,287,537		467,370	0.42
d	International Business Machines Corp	10,447,091		1,029,874	0.93
	Other			2,804,583	2.54

				6,354,955	5.74

	INSTRUMENTS AND RELATED PRODUCTS
	Medtronic, Inc	7,727,375		383,819	0.35
	Other			2,614,582	2.36

				2,998,401	2.71

	INSURANCE AGENTS, BROKERS AND SERVICE			459,043	0.41

	INSURANCE CARRIERS
	American International Group, Inc	16,572,419		1,088,311	0.98
	UnitedHealth Group, Inc	4,218,690		371,371	0.34
	Other			3,972,788	3.58

				5,432,470	4.90

	JUSTICE, PUBLIC ORDER AND SAFETY			1,452	0.00

	LEATHER AND LEATHER PRODUCTS			84,069	0.08

	LEGAL SERVICES			4,085	0.00

	LOCAL AND INTERURBAN PASSENGER TRANSIT			44,823	0.04

	LUMBER AND WOOD PRODUCTS			136,829	0.13

SEE NOTES TO FINANCIAL STATEMENTS

College Retirement Equities Fund 2004 Annual Report | 45

CREF Stock Account \|	Summary portfolio of investments December 31, 2004	continued


				VALUE	% OF NET
	COMPANY	SHARES		(000)	ASSETS

	METAL MINING		$	586,384	0.53	%

	MISCELLANEOUS MANUFACTURING INDUSTRIES			267,242	0.24

	MISCELLANEOUS RETAIL
*	eBay, Inc	3,016,924		350,808	0.31
	Other			992,326	0.90

				1,343,134	1.21

	MOTION PICTURES
*	Time Warner, Inc	34,324,184		667,262	0.60
	Walt Disney Co	12,100,634		336,398	0.30
	Other			319,675	0.29

				1,323,335	1.19

	NONDEPOSITORY INSTITUTIONS
	American Express Co	7,789,132		439,073	0.40
	Fannie Mae	7,770,594		553,344	0.50
	Freddie Mac	4,707,316		346,929	0.31
	Other			1,272,750	1.15

				2,612,096	2.36

	NONMETALLIC MINERALS, EXCEPT FUELS			60,524	0.05

	OIL AND GAS EXTRACTION			2,306,775	2.08

	PAPER AND ALLIED PRODUCTS			897,230	0.81

	PERSONAL SERVICES			129,320	0.12

	PETROLEUM AND COAL PRODUCTS
	BP plc	54,508,749		531,629	0.48
	ChevronTexaco Corp	13,234,555		694,946	0.63
	ConocoPhillips	4,603,683		399,738	0.36
	ExxonMobil Corp	44,101,189		2,260,627	2.04
	Other			1,080,060	0.97

				4,967,000	4.48

	PIPELINES, EXCEPT NATURAL GAS			46,662	0.04

	PRIMARY METAL INDUSTRIES			827,048	0.75

	PRINTING AND PUBLISHING			772,756	0.70

	RAILROAD TRANSPORTATION			553,759	0.50

	REAL ESTATE			377,125	0.34

	RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS			391,111	0.35

	SECURITY AND COMMODITY BROKERS
	Morgan Stanley	8,539,702		474,124	0.43
	Other			1,575,823	1.42

				2,049,947	1.85

	SOCIAL SERVICES			8,244	0.01

	SPECIAL TRADE CONTRACTORS			117,042	0.11

	STONE, CLAY, AND GLASS PRODUCTS			455,159	0.41

46 | 2004 Annual Report College Retirement Equities Fund

SEE NOTES TO FINANCIAL STATEMENTS

CREF Stock Account \|	Summary portfolio of investments December 31, 2004	continued


COMPANY			SHARES				VALUE (000)		% OF NET ASSETS

TOBACCO PRODUCTS
Altria Group, Inc			16,102,135			$	983,840		0.89	%
Other							244,873		0.22

							1,228,713		1.11

TRANSPORTATION BY AIR							638,808		0.58

TRANSPORTATION EQUIPMENT
United Technologies Corp			4,002,352				413,643		0.37
Other							2,923,585		2.65

							3,337,228		3.02

TRANSPORTATION SERVICES							130,020		0.12

TRUCKING AND WAREHOUSING							454,048		0.41

WATER TRANSPORTATION							155,484		0.14

WHOLESALE TRADE-DURABLE GOODS
Johnson & Johnson			19,323,376				1,225,489		1.11
Other							448,593		0.40

							1,674,082		1.51

WHOLESALE TRADE-NONDURABLE GOODS							1,051,843		0.95

	TOTAL COMMON STOCKS		(Cost $87,132,516)		110,232,966				99.51


ISSUER			PRINCIPAL

SHORT-TERM INVESTMENTS
CERTIFICATES OF DEPOSIT							84,875		0.08

COMMERCIAL PAPER							1,811,034		1.63

U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES
Federal National Mortgage Association
(FNMA)	2.020%–2.370%, 02/01/05–04/04/05	$	1,608,000,000				1,602,447		1.45
Other							451,314		0.41

							2,053,761		1.86

VARIABLE NOTES							104,992		0.09

	TOTAL SHORT-TERM INVESTMENTS		(Cost $4,055,198)				4,054,662		3.66


	TOTAL PORTFOLIO (Cost $91,232,461)				114,326,360				103.20	%
	OTHER ASSETS AND LIABILITIES, NET						(3,544,534	)	(3.20	)


	NET ASSETS			$	110,781,826				100.00	%

*	Non-income producing
d	All or a portion of these securities have been segregated by the custodian to cover margin or other requirements on open futures contracts.
e	All or a portion of these securities are out on loan.

For ease of presentation, we have grouped a number of industry classification categories together in the Summary portfolio of investments. Note that the Accounts use more specific industry categories in following their investment limitations on industry concentration.

SEE NOTES TO FINANCIAL STATEMENTS

College Retirement Equities Fund 2004 Annual Report | 47

CREF Stock Account \|	Summary portfolio of investments December 31, 2004	concluded

Restricted securities held by the Account are as follows:

SECURITY	ACQUISITION DATE	ACQUISITION COST		VALUE

BB Bioventures L.P.	03/24/98	$	12,782,601	$	23,346,000
Belo (A.H.) Corp Series B	05/23/88		1,900,588		9,231,000
Claire's Stores, Inc (Class A)	12/07/92		411,235		4,616,000
Dow Jones & Co, Inc (Class B)	07/31/86		6,128,067		8,883,000
Genesoft Series C Financing	06/20/00		7,000,000		7,000,000
Genesoft Series D Financing	08/09/01		2,000,000		2,000,000
Imperial Credit Industry Wts 01/31/08	12/27/01		—		—
International Hydron Liquidating Trust	11/13/97		—		1,000
Lee Enterprises, Inc (Class B)	03/31/86		60,768		664,000
McLeod (Escrow)	05/14/02		—		—
MPM Bioventures II-Qp, LP	02/28/00		18,441,388		14,189,000
National Health Investors, Inc.	01/10/01		173,000		1,442,000
Priority Healthcare Corp (Class A)	01/04/99		840,339		2,012,000
Promet BHD	12/31/01		6,261		3,000
Skyline Ventures Partners Qualified II, LP	02/15/00		3,487,502		2,974,000
Skyline Ventures Partners Qualified III, LP	09/07/01		505,000		505,000
Theravance Series C	01/25/99		7,999,996		9,412,000
Theravance Series D	08/31/00		4,000,005		4,444,000
Wiltel Communications Group (Rts)	12/04/03		—		—
Wrigley (Wm.) Jr Co (Class B)	04/30/86		1,873,333		48,267,000

		$	67,610,083	$	138,989,000

48 | 2004 Annual Report College Retirement Equities Fund

SEE NOTES TO FINANCIAL STATEMENTS

CREF Growth Account \|	Summary portfolio of investments December 31, 2004


				VALUE	% OF NET
	COMPANY	SHARES		(000)	ASSETS

	PREFERRED STOCKS
	PRIMARY METAL INDUSTRIES		$	—	0.00	%

	TOTAL PREFERRED STOCKS (Cost $10)			—	0.00


	COMMON STOCKS
	APPAREL AND OTHER TEXTILE PRODUCTS			80,995	0.69

	BUILDING MATERIALS AND GARDEN SUPPLIES			77,994	0.67


	BUSINESS SERVICES
	Adobe Systems, Inc	1,631,101		102,335	0.88
e*	Google, Inc (Class A)	565,519		109,202	0.94
	Microsoft Corp	7,970,580		212,894	1.83
	SAP AG. (Spon ADR)	3,191,756		141,108	1.21
*	Symantec Corp	4,068,777		104,812	0.90
e*	Yahoo!, Inc	3,594,918		135,457	1.16
	Other			434,002	3.72

				1,239,810	10.64


	CHEMICALS AND ALLIED PRODUCTS
e*	Biogen Idec, Inc	2,339,676		155,846	1.34
e*	Forest Laboratories, Inc	2,489,861		111,695	0.96
*	Gilead Sciences, Inc	2,650,264		92,733	0.80
e	Gillette Co	5,896,673		264,053	2.27
	Lilly (Eli) & Co	2,300,701		130,565	1.12
e	Pfizer, Inc	10,371,485		278,889	2.39
	Procter & Gamble Co	6,693,085		368,655	3.16
e	Schering-Plough Corp	8,919,047		186,230	1.60
	Other			318,483	2.73

				1,907,149	16.37

	COMMUNICATIONS			117,364	1.01

	DEPOSITORY INSTITUTIONS			54,648	0.47

	EATING AND DRINKING PLACES			46,107	0.39


	EDUCATIONAL SERVICES
e*	Career Education Corp	3,428,698		137,148	1.18
	Other			53,413	0.46

				190,561	1.64

	ELECTRIC, GAS, AND SANITARY SERVICES			22,346	0.19

	ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
	Intel Corp	9,253,908		216,449	1.86
e	Maxim Integrated Products, Inc	2,293,087		97,204	0.84
e	Motorola, Inc	10,858,405		186,765	1.60
e	National Semiconductor Corp	6,646,768		119,309	1.02
	Qualcomm, Inc	7,141,418		302,796	2.60
e	Taiwan Semiconductor Manufacturing Co Ltd (Spon ADR)	20,628,833		175,139	1.50
	Xilinx, Inc	3,566,237		105,739	0.91
	Other			185,298	1.59

				1,388,699	11.92

SEE NOTES TO FINANCIAL STATEMENTS

College Retirement Equities Fund 2004 Annual Report | 49

CREF Growth Account \|	Summary portfolio of investments December 31, 2004	continued


				VALUE	% OF NET
	COMPANY	SHARES		(000)	ASSETS

	ENGINEERING AND MANAGEMENT SERVICES
*	Accenture Ltd (Class A)	4,878,914	$	131,731	1.13	%
	Monsanto Co	2,353,579		130,741	1.12
	Other			47,125	0.41

				309,597	2.66

	FABRICATED METAL PRODUCTS			13,162	0.11


	FOOD AND KINDRED PRODUCTS
	PepsiCo, Inc	4,658,181		243,157	2.09
	Other			180,368	1.54

				423,525	3.63

	FURNITURE AND FIXTURES			7,681	0.07


	FURNITURE AND HOMEFURNISHINGS STORES
e*	Bed Bath & Beyond, Inc	4,208,073		167,607	1.44

				167,607	1.44


	GENERAL MERCHANDISE STORES
e*	Kohl’s Corp	3,347,731		164,608	1.41
	Target Corp	3,934,498		204,318	1.76
	Wal-Mart Stores, Inc	2,501,493		132,129	1.13

				501,055	4.30

	HEALTH SERVICES			221,879	1.90

	HOLDING AND OTHER INVESTMENT OFFICES			0	0.00


	HOTELS AND OTHER LODGING PLACES
	Starwood Hotels & Resorts Worldwide, Inc	3,047,240		177,959	1.53
	Other			23,441	0.20

				201,400	1.73


	INDUSTRIAL MACHINERY AND EQUIPMENT
	3M Co	2,301,676		188,899	1.62
e*	Cisco Systems, Inc	20,018,501		386,357	3.32
e*	Dell, Inc	8,205,223		345,768	2.97
	Other			189,445	1.62

				1,110,469	9.53


	INSTRUMENTS AND RELATED PRODUCTS
	Guidant Corp	2,062,493		148,706	1.28
	Medtronic, Inc	4,165,783		206,914	1.77
*	St. Jude Medical, Inc	5,387,836		225,912	1.93
e*	Zimmer Holdings, Inc	1,509,166		120,914	1.04
	Other			81,045	0.70

				783,491	6.72

50 | 2004 Annual Report College Retirement Equities Fund

SEE NOTES TO FINANCIAL STATEMENTS

CREF Growth Account \|	Summary portfolio of investments December 31, 2004	continued


				VALUE	% OF NET
	COMPANY	SHARES		(000)	ASSETS

	INSURANCE AGENTS, BROKERS AND SERVICE		$	11,841	0.10	%

	INSURANCE CARRIERS
	American International Group, Inc	4,635,109		304,388	2.61
	Other			78,668	0.68

				383,056	3.29

	MISCELLANEOUS RETAIL
*	eBay, Inc	1,987,483		231,105	1.98
e	Staples, Inc	3,147,655		106,107	0.91

				337,212	2.89

	MOTION PICTURES
e	News Corp (Class A)	6,506,068		121,403	1.04
e*	Time Warner, Inc	7,296,247		141,839	1.22
	Other			61,147	0.52

				324,389	2.78

	NONDEPOSITORY INSTITUTIONS
e	American Express Co	5,474,251		308,584	2.64
e	Fannie Mae	1,663,312		118,444	1.02
	MBNA Corp	4,949,418		139,524	1.20
	Other			25,440	0.22

				591,992	5.08

	OIL AND GAS EXTRACTION			44,584	0.38

	RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS			0	0.00

	SECURITY AND COMMODITY BROKERS
e	Goldman Sachs Group, Inc	1,302,280		135,489	1.17
	Other			57,573	0.49

				193,062	1.66

	TRANSPORTATION BY AIR			55,170	0.47

	TRANSPORTATION EQUIPMENT			189,295	1.62

	TRUCKING AND WAREHOUSING
e	United Parcel Service, Inc (Class B)	1,127,628		96,367	0.83

				96,367	0.83

	WATER TRANSPORTATION
e	Royal Caribbean Cruises Ltd	1,833,874		99,836	0.86
	Other			30,878	0.26

				130,714	1.12

	WHOLESALE TRADE DURABLE GOODS
	Johnson & Johnson	5,619,197		356,369	3.06

				356,369	3.06

	WHOLESALE TRADE-NONDURABLE GOODS			14,808	0.13

	TOTAL COMMON STOCKS (Cost $10,446,324)			11,594,398	99.49

SEE NOTES TO FINANCIAL STATEMENTS

College Retirement Equities Fund 2004 Annual Report | 51

CREF Growth Account \|	Summary portfolio of investments December 31, 2004	concluded


		VALUE		% OF NET
COMPANY		(000)		ASSETS

SHORT-TERM INVESTMENTS
COMMERCIAL PAPER	$	171,352		1.47	%

U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES		303,775		2.61

TOTAL SHORT-TERM INVESTMENTS (Cost $475,188)		475,127		4.08


TOTAL PORTFOLIO (Cost $10,921,522)		12,069,525		103.57	%
OTHER ASSETS AND LIABILITIES, NET		(415,781	)	(3.57	)


NET ASSETS		11,653,744		100.00	%

*	Non-income producing
e	All or a portion of these securities are out on loan.

52 | 2004 Annual Report College Retirement Equities Fund

SEE NOTES TO FINANCIAL STATEMENTS

CREF Global Equities Account \|	Summary portfolio of investments December 31, 2004


			VALUE	% OF NET
COMPANY	SHARES		(000)	ASSETS

PREFERRED STOCKS
INSURANCE CARRIERS		$	229	0.00	%

TOTAL PREFERRED STOCKS (Cost $179)			229	0.00


COMMON STOCKS
AMUSEMENT AND RECREATION SERVICES			6,210	0.06

APPAREL AND ACCESSORY STORES			35,444	0.34

APPAREL AND OTHER TEXTILE PRODUCTS			6,010	0.06

AUTOMOTIVE DEALERS AND SERVICE STATIONS			3,975	0.04

BUILDING MATERIALS AND GARDEN SUPPLIES			130,219	1.26


BUSINESS SERVICES
Microsoft Corp	4,319,430		115,372	1.12
Other			316,825	3.07

			432,197	4.19


CHEMICALS AND ALLIED PRODUCTS
GlaxoSmithKline plc	2,883,383		67,648	0.66
Novartis AG. (Regd)	1,106,371		55,752	0.54
Pfizer, Inc	3,775,600		101,526	0.98
Procter & Gamble Co	1,676,600		92,347	0.90
Reckitt Benckiser plc	2,728,396		82,450	0.80
Sanofi-Aventis	802,773		64,161	0.62
Other			514,811	4.99

			978,695	9.49


COMMUNICATIONS
Verizon Communications, Inc	1,418,133		57,449	0.56
Vodafone Group plc (Spon ADR)	1,945,642		53,272	0.52
Other			437,625	4.24

			548,346	5.32


DEPOSITORY INSTITUTIONS
Bank of America Corp	2,137,686		100,450	0.97
Citigroup, Inc	2,826,133		136,163	1.32
Depfa Bank plc	4,490,676		75,384	0.73
HSBC Holdings plc (United Kingdom)	5,386,568		90,903	0.88
JPMorgan Chase & Co	1,801,308		70,269	0.68
Royal Bank of Scotland Group plc	3,304,912		111,166	1.08
U.S. Bancorp	1,791,734		56,117	0.54
UBS AG. (Regd)	1,553,598		130,275	1.27
Wells Fargo & Co	858,709		53,369	0.52
Other			612,997	5.95

			1,437,093	13.94

EATING AND DRINKING PLACES			45,495	0.44

SEE NOTES TO FINANCIAL STATEMENTS

College Retirement Equities Fund 2004 Annual Report | 53

CREF Global Equities Account \|	Summary portfolio of investments December 31, 2004	continued


				VALUE	% OF NET
	COMPANY	SHARES		(000)	ASSETS

	ELECTRIC, GAS, AND SANITARY SERVICES
	E.ON AG.	1,051,847	$	95,877	0.93	%
	Other			271,597	2.63

				367,474	3.56

	ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
	General Electric Co	5,583,000		203,780	1.98
	Intel Corp	3,697,600		86,487	0.84
	STMicroelectronics NV	5,204,424		101,514	0.98
	Other			473,598	4.59

				865,379	8.39

	ENGINEERING AND MANAGEMENT SERVICES			58,111	0.56

	FABRICATED METAL PRODUCTS			76,831	0.75

	FOOD AND KINDRED PRODUCTS
	PepsiCo, Inc	1,589,500		82,972	0.80
	Other			195,797	1.90

				278,769	2.70

	FOOD STORES
	Tesco plc	18,836,641		116,359	1.13
	Other			22,828	0.22

				139,187	1.35

	FORESTRY			13,021	0.13

	FURNITURE AND FIXTURES			3,302	0.03

	FURNITURE AND HOMEFURNISHINGS STORES			33,203	0.32

	GENERAL BUILDING CONTRACTORS			33,978	0.33

	GENERAL MERCHANDISE STORES
	Wal-Mart Stores, Inc	1,055,296		55,741	0.54
	Other			104,739	1.02

				160,480	1.56

	HEALTH SERVICES			28,772	0.28

	HEAVY CONSTRUCTION, EXCEPT BUILDING
e	Vinci S.A.	742,648		99,733	0.97

				99,733	0.97

	HOLDING AND OTHER INVESTMENT OFFICES			71,786	0.70

	HOTELS AND OTHER LODGING PLACES			31,335	0.30

	INDUSTRIAL MACHINERY AND EQUIPMENT
	3M Co	692,610		56,843	0.55
*	Cisco Systems, Inc	3,963,387		76,493	0.74
*	Dell, Inc	1,787,654		75,332	0.73
d	International Business Machines Corp	679,113		66,947	0.65
	Other			280,848	2.73

				556,463	5.40

54 | 2004 Annual Report College Retirement Equities Fund

SEE NOTES TO FINANCIAL STATEMENTS

CREF Global Equities Account \|	Summary portfolio of investments December 31, 2004	continued


				VALUE	% OF NET
	COMPANY	SHARES		(000)	ASSETS

	INSTRUMENTS AND RELATED PRODUCTS
*	St. Jude Medical, Inc	1,239,974	$	51,992	0.50	%
	Other			235,113	2.28

				287,105	2.78

	INSURANCE AGENTS, BROKERS AND SERVICE			30,343	0.29

	INSURANCE CARRIERS
	American International Group, Inc	1,404,076		92,206	0.89
	Zurich Financial Services AG.	322,052		53,699	0.52
	Other			328,610	3.19

				474,515	4.60

	LEATHER AND LEATHER PRODUCTS			11,320	0.11

	LOCAL AND INTERURBAN PASSENGER TRANSIT			10,790	0.10

	LUMBER AND WOOD PRODUCTS			801	0.01

	METAL MINING			92,724	0.90

	MISCELLANEOUS MANUFACTURING INDUSTRIES			17,316	0.17

	MISCELLANEOUS RETAIL			72,042	0.70

	MOTION PICTURES
*	Time Warner, Inc	3,450,318		67,074	0.65
	Other			39,440	0.38

				106,514	1.03

	NONDEPOSITORY INSTITUTIONS
	American Express Co	1,309,336		73,807	0.72
	Fannie Mae	962,992		68,575	0.67
	Hypo Real Estate Holding	1,784,637		73,986	0.72
	MBNA Corp	1,993,307		56,191	0.54
	Other			76,437	0.73

				348,996	3.38

	NONMETALLIC MINERALS, EXCEPT FUELS			4,078	0.04

	OIL AND GAS EXTRACTION			178,293	1.73

	PAPER AND ALLIED PRODUCTS			69,397	0.67

	PERSONAL SERVICES			1,345	0.01

	PETROLEUM AND COAL PRODUCTS
e	ENI S.p.A.	2,725,919		68,250	0.66
	ExxonMobil Corp	3,839,399		196,808	1.91
	Other			283,304	2.75

				548,362	5.32

	PIPELINES, EXCEPT NATURAL GAS			9,978	0.10

	PRIMARY METAL INDUSTRIES			42,656	0.41

	PRINTING AND PUBLISHING
	Reed Elsevier plc	6,471,623		59,702	0.58
	Other			54,609	0.53

				114,311	1.11

SEE NOTES TO FINANCIAL STATEMENTS

College Retirement Equities Fund 2004 Annual Report | 55

CREF Global Equities Account \|	Summary portfolio of investments December 31, 2004	continued


				VALUE	% OF NET
	COMPANY	SHARES		(000)	ASSETS

	RAILROAD TRANSPORTATION		$	28,755	0.28	%

	REAL ESTATE			16,208	0.16

	RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS			359	0.00

	SECURITY AND COMMODITY BROKERS
	Deutsche Boerse AG.	1,517,007		91,305	0.89
	Other			108,916	1.05

				200,221	1.94

	STONE, CLAY, AND GLASS PRODUCTS
	Holcim Ltd (Regd)	2,159,674		130,101	1.26
	Other			50,586	0.49

				180,687	1.75

	TOBACCO PRODUCTS
	Altria Group, Inc	1,260,100		76,992	0.75

				76,992	0.75

	TRANSPORTATION BY AIR			27,640	0.27

	TRANSPORTATION EQUIPMENT
e*	Fiat S.p.A.	15,520,950		124,471	1.21
	Other			217,338	2.11

				341,809	3.32

	TRANSPORTATION SERVICES			14	0.00

	TRUCKING AND WAREHOUSING
	United Parcel Service, Inc (Class B)	804,048		68,714	0.67
	Other			7,289	0.07

				76,003	0.74

	WATER TRANSPORTATION			47,022	0.46

	WHOLESALE TRADE-DURABLE GOODS
	Johnson & Johnson	1,667,907		105,779	1.03
	Other			15,701	0.15

				121,480	1.18

	WHOLESALE TRADE-NONDURABLE GOODS
e	Celesio AG.	1,000,852		81,407	0.79
	Other			43,295	0.42

				124,702	1.21

	TOTAL COMMON STOCKS (Cost $8,743,849)			10,104,286	97.99

56 | 2004 Annual Report College Retirement Equities Fund

SEE NOTES TO FINANCIAL STATEMENTS

CREF Global Equities Account \|	Summary portfolio of investments December 31, 2004	concluded


				VALUE		% OF NET
ISSUER		PRINCIPAL		(000)		ASSETS

SHORT-TERM INVESTMENTS
COMMERCIAL PAPER			$	244,003		2.37	%


U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES
Federal National Mortgage Association
(FNMA)	1.950%, 01/14/05	$225,936,000		225,295		2.19
Federal Home Loan Bank Discount
Notes	1.000%–2.260%, 01/03/05–01/19/05	225,868,000		225,722		2.19
Other				42,646		0.41

				493,663		4.79

TOTAL SHORT-TERM INVESTMENTS (Cost $737,739)				737,666		7.16


TOTAL PORTFOLIO (Cost $9,481,767)				10,842,181		105.15	%
OTHER ASSETS AND LIABILITIES, NET				(530,905	)	(5.15	)



NET ASSETS				10,311,276		100.00	%

*		Non-income producing
d		All or a portion of these securities have been segregated by the custodian to cover margin or other requirements on open futures contracts.
e		All or a portion of these securities are out on loan.

SEE NOTES TO FINANCIAL STATEMENTS

College Retirement Equities Fund 2004 Annual Report | 57

CREF Money Market Account \|	Summary portfolio of investments December 31, 2004


					VALUE	% OF NET
	ISSUER		PRINCIPAL		(000)	ASSETS

	SHORT-TERM INVESTMENTS
	CERTIFICATES OF DEPOSIT
	Abbey National plc	2.240%, 02/17/05	$50,000,000	$	49,986	0.74	%
	Abbey National plc	2.260%, 02/18/05	50,000,000		49,987	0.74
	American Express Centurion Bank	2.260%, 01/10/05	40,500,000		40,500	0.60
	Bank of Nova Scotia	2.340%, 02/25/05	50,000,000		49,984	0.73
	Barclays Bank plc/NY (Dep Note)	2.250%, 02/16/05	50,000,000		49,987	0.74
	Dexia Bank	2.050%, 01/25/05	50,000,000		49,991	0.73
	First Tennessee Bank NA (Dep Note)	2.270%, 02/07/05	47,000,000		46,995	0.69
	Rabobank	2.300%, 02/14/05	50,000,000		49,992	0.74
	Royal Bank of Canada	1.960%, 01/18/05	50,000,000		49,945	0.74
	Royal Bank of Canada	2.240%, 02/22/05	50,000,000		49,984	0.73
	Societe Generale	2.320%, 02/03/05	50,000,000		50,000	0.73
	Toronto Dominion Bank	2.015%–2.400%, 02/23/05–03/28/05	31,000,000		93,357	1.38
	Other				299,286	4.42

					929,994	13.71


	COMMERCIAL PAPER
c	Abbey National plc	2.270%, 02/02/05	50,000,000		49,996	0.74
	ABN Amro North America
	Finance, Inc	1.950%–2.300%, 01/11/05–02/10/05	82,060,000		81,913	1.21
	American Honda Finance
	Corp	2.170%–2.280%, 01/10/05–01/25/05	99,037,000		98,907	1.46
c	Barclays Bank plc/NY (Dep Note)	2.380%, 02/22/05	48,000,000		47,994	0.71
c	Beta Finance, Inc	1.890%–2.440%, 01/11/05–04/29/05	125,120,000		124,769	1.84
	Canadian Imperial Holdings, Inc	2.350%, 02/15/05	43,750,000		43,616	0.64
	Canadian Wheat Board (The)	2.250%, 01/31/05	45,000,000		44,913	0.66
c	CC (USA), Inc	1.940%–2.330%, 01/11/05–03/10/05	100,250,000		99,953	1.47
	Ciesco Lp	2.030%–2.350%, 01/04/05–02/16/05	99,900,000		99,831	1.47
	Ciesco Lp	2.180%, 01/14/05	50,000,000		49,958	0.74
	Citicorp	2.310%, 01/27/05	40,000,000		39,931	0.59
	Citicorp	2.190%, 02/08/05	50,000,000		49,874	0.74
	Coca-Cola Co/The	2.260%–2.270%, 01/20/05–01/31/05	106,781,000		106,619	1.57
c	Corporate Asset Funding Corp, Inc	2.100%, 01/20/05	39,000,000		38,951	0.57
c	Corporate Asset Funding Corp, Inc	2.250%, 01/25/05	50,000,000		49,922	0.74
c	Corporate Asset Funding Corp, Inc	2.400%, 03/02/05	41,000,000		40,832	0.60
c	Dorada Finance, Inc	1.960%–2.340%, 01/14/05–02/25/05	112,000,000		111,760	1.65
c	Dorada Finance, Inc	2.220%, 02/02/05	37,850,000		37,770	0.56
c	Edison Asset
	Securitization, LLC	1.920%–2.370%, 01/19/05–03/09/05	100,495,000		100,228	1.48
c	Edison Asset Securitization, LLC	2.220%, 02/18/05	50,000,000		49,832	0.73
	FCAR Owner Trust I	2.200%, 01/06/05	63,000,000		62,977	0.93
	FCAR Owner Trust I	1.980%–2.440%, 01/10/05–03/17/05	87,000,000		86,771	1.28
c	Fortune Brands	2.040%–2.310%, 01/18/05–02/15/05	116,975,000		116,754	1.72
	General Electric Capital Corp	2.320%, 02/03/05	53,615,000		53,497	0.79
c	Govco, Inc	1.990%–2.420%, 01/10/05–03/14/05	100,190,000		100,002	1.47
c	Govco, Inc	2.370%, 03/07/05	50,000,000		49,778	0.73
	Greenwich Capital
	Holdings, Inc	2.100%–2.450%, 01/27/05–03/22/05	113,000,000		112,745	1.66
c	Greyhawk Funding LLC	2.020%–2.540%, 01/07/05–05/17/05	72,425,000		72,307	1.07
c	Greyhawk Funding LLC	2.290%, 01/19/05	75,300,000		75,210	1.11
	Household Finance Corp	2.250%, 02/03/05	40,000,000		39.911	0.59

58 | 2004 Annual Report College Retirement Equities Fund

SEE NOTES TO FINANCIAL STATEMENTS

CREF Money Market Account \|	Summary portfolio of investments December 31, 2004	continued


					VALUE	% OF NET
	ISSUER		PRINCIPAL		(000)	ASSETS

	COMMERCIAL PAPER — (continued)
c	Kitty Hawk Funding Corp	.2.160%–2.455%, 01/06/05–03/21/05	$101,065,000	$	100,821	1.49	%
c	Kitty Hawk Funding Corp	2.060%, 01/27/05	49,130,000		49,045	0.72
c	Links Finance LLC	2.000%–2.440%, 01/07/05–03/10/05	103,595,000		103,303	1.52
c	Links Finance LLC	2.390%, 03/08/05	46,570,000		46,360	0.68
	Morgan Stanley
	Dean Witter	2.330%–2.340%, 01/06/05–01/28/05	85,200,000		85,085	1.25
	Paccar Financial Corp	2.350%, 03/01/05	36,450,000		36,303	0.54
c	Park Avenue Receivables
	Corp	2.190%–2.280%, 01/04/05–02/04/05	116,029,000		115,894	1.71
c	Preferred Receivables
	Funding Corp	2.210%–2.350%, 01/12/05–01/31/05	88,316,000		88,192	1.30
c	Preferred Receivables Funding Corp	2.370%, 02/17/05	45,417,000		45,270	0.67
	Private Export Funding
	Corp	1.800%–2.500%, 01/05/05–05/24/05	135,550,000		135,050	1.99
c	Proctor & Gamble	2.190%–2.340%, 01/14/05–02/22/05	81,845,000		81,690	1.20
	Rabobank USA Financial Corp	2.020%, 01/28/05	36,200,000		36,134	0.53
c	Ranger Funding Co LLC	2.200%–2.370%, 01/05/05–03/14/05	96,128,000		95,964	1.42
c	Ranger Funding Co LLC	2.330%, 01/18/05	50,000,000		49,942	0.74
c	Royal Bank of Scotland plc	2.180%, 01/11/05	35,970,000		35,946	0.53
c	Sigma Finance, Inc	2.030%, 01/13/05	41,200,000		41,167	0.61
c	Sigma Finance, Inc	2.370%, 02/25/05	44,000,000		43,828	0.65
	Societe Generale North
	America, Inc	2.175%–2.450%, 02/01/05–03/28/05	80,000,000		79,757	1.18
	UBS Finance,
	(Delaware), Inc	2.020%–2.350%, 01/20/05–02/28/05	101,270,000		101,052	1.48
	UBS Finance, (Delaware), Inc	2.360%, 02/24/05	49,000,000		48,815	0.73
c	Variable Funding Capital Corp	2.220%, 01/24/05	40,000,000		39,940	0.59
c	Yorktown Capital, LLC	2.190%–2.420%, 01/12/05–03/14/05	142,436,000		142,169	2.10
	Other				686,044	10.11

					4,425,292	65.26

	MEDIUM TERM NOTES				155,978	2.30


	U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES
	Federal Home Loan Bank (FHLB)	1.950%, 01/14/05	37,151,000		37,120	0.55
	FHLB	1.200%–2.290%, 01/12/05–04/15/05	182,148,000		181,597	2.67
	Federal Home Loan Mortgage Corp
	(FHLMC)	1.510%–2.720%, 01/05/05–10/18/05	211,815,000		210,648	3.10
	FHLMC	1.890%, 01/10/05	48,445,000		48,417	0.71
	FHLMC	1.875%, 01/15/05	36,675,000		36,669	0.54
	FHLMC	2.320%, 02/22/05	69,450,000		69,211	1.03
	FHLMC	1.870%, 02/28/05	38,538,000		38,389	0.57
	FHLMC	2.490%, 04/26/05	47,464,000		47,079	0.69
	Federal National Mortgage Association
	(FNMA)	1.240%–2.480%, 01/07/05–05/16/05	244,474,000		243,600	3.58
	FNMA	2.270%, 02/02/05	61,693,000		61,564	0.91

SEE NOTES TO FINANCIAL STATEMENTS

College Retirement Equities Fund 2004 Annual Report | 59

CREF Money Market Account \|	Summary portfolio of investments December 31, 2004	concluded


				VALUE	% OF NET
ISSUER		PRINCIPAL		(000)	ASSETS

U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES — (continued)
Federal National Mortgage Association
(FNMA)	2.240%, 02/09/05	$50,000,000	$	49,874	0.75	%
FNMA	2.270%, 02/14/05	36,670,000		36,561	0.54
FNMA	2.250%, 02/16/05	60,000,000		59,818	0.88
FNMA	2.540%, 05/04/05	41,800,000		41,426	0.61
Other				494	0.01

				1,162,467	17.14

VARIABLE NOTES				99,049	1.46

TOTAL SHORT-TERM INVESTMENTS (Cost $6,774,377)				6,772,780	99.87


TOTAL PORTFOLIO (Cost $6,774,377)				6,772,780	99.87	%
OTHER ASSETS AND LIABILITIES, NET				8,530	0.13


	NET ASSETS		$	6,781,310	100.00	%

c	Commercial paper issued under the private placement exemption under Section 4(2) of the Securities Act of 1933.

60 | 2004 Annual Report College Retirement Equities Fund

SEE NOTES TO FINANCIAL STATEMENTS

CREF Equity Index Account \|	Summary portfolio of investments December 31, 2004


				VALUE	% OF NET
	COMPANY	SHARES		(000)	ASSETS

	CORPORATE BONDS
	HEALTH SERVICES		$	125	0.00	%

	TOTAL CORPORATE BONDS (Cost $30)			125	0.00


	PREFERRED STOCKS
	HEALTH SERVICES			87	0.00

	TOTAL PREFERRED STOCKS (Cost $69)			87	0.00


	COMMON STOCKS
	AGRICULTURAL PRODUCTION-CROPS			914	0.01

	AGRICULTURAL PRODUCTION-LIVESTOCK			229	0.00

	AMUSEMENT AND RECREATION SERVICES			19,449	0.22

	APPAREL AND ACCESSORY STORES			54,672	0.61

	APPAREL AND OTHER TEXTILE PRODUCTS			15,370	0.17

	AUTO REPAIR, SERVICES AND PARKING			3,558	0.04

	AUTOMOTIVE DEALERS AND SERVICE STATIONS			15,935	0.18


	BUILDING MATERIALS AND GARDEN SUPPLIES
	Home Depot, Inc	1,527,402		65,281	0.73
	Other			38,103	0.42

				103,384	1.15


	BUSINESS SERVICES
	Microsoft Corp	6,262,061		167,260	1.85
*	Oracle Corp	2,573,426		35,307	0.39
	Other			418,071	4.64

				620,638	6.88


	CHEMICALS AND ALLIED PRODUCTS
	Abbott Laboratories	1,065,219		49,692	0.55
*	Amgen, Inc	882,790		56,631	0.63
	Bristol-Myers Squibb Co	1,328,706		34,041	0.38
	Lilly (Eli) & Co	665,116		37,745	0.42
	Merck & Co, Inc	1,519,766		48,845	0.54
	Pfizer, Inc	5,210,585		140,113	1.55
	Procter & Gamble Co	1,759,988		96,940	1.07
	Wyeth	909,685		38,743	0.43
	Other			399,054	4.43

				901,804	10.00

	COAL MINING			9,105	0.10


	COMMUNICATIONS
	BellSouth Corp	1,253,191		34,826	0.39
	SBC Communications, Inc	2,262,352		58,301	0.65
	Verizon Communications, Inc	1,893,660		76,712	0.85
	Viacom, Inc (Class B)	1,014,058		36,902	0.41
	Other			234,862	2.60

				441,603	4.90

SEE NOTES TO FINANCIAL STATEMENTS

College Retirement Equities Fund 2004 Annual Report | 61

CREF Equity Index Account \|	Summary portfolio of investments December 31, 2004	continued


			VALUE	% OF NET
COMPANY	SHARES		(000)	ASSETS

DEPOSITORY INSTITUTIONS
Bank of America Corp	2,778,154	$	130,545	1.45	%
Citigroup, Inc	3,530,759		170,112	1.89
JPMorgan Chase & Co	2,427,637		94,702	1.05
U.S. Bancorp	1,291,727		40,457	0.45
Wachovia Corp	1,095,705		57,634	0.64
Wells Fargo & Co	1,152,420		71,623	0.79
Other			347,785	3.85

			912,858	10.12

EATING AND DRINKING PLACES			65,242	0.72

EDUCATIONAL SERVICES			19,224	0.21

ELECTRIC, GAS, AND SANITARY SERVICES			337,283	3.74

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
General Electric Co	7,206,079		263,022	2.92
Intel Corp	4,406,277		103,063	1.14
Qualcomm, Inc	1,104,031		46,811	0.52
Other			293,375	3.25

			706,271	7.83

ENGINEERING AND MANAGEMENT SERVICES			82,514	0.91

FABRICATED METAL PRODUCTS			65,782	0.73

FISHING, HUNTING, AND TRAPPING			29	0.00

FOOD AND KINDRED PRODUCTS
Coca-Cola Co	1,439,033		59,907	0.67
PepsiCo, Inc	1,164,645		60,794	0.67
Other			149,766	1.66

			270,467	3.00

FOOD STORES			44,998	0.50

FORESTRY			11,090	0.12

FURNITURE AND FIXTURES			29,385	0.32

FURNITURE AND HOMEFURNISHINGS STORES			34,505	0.38

GENERAL BUILDING CONTRACTORS			39,795	0.44

GENERAL MERCHANDISE STORES
Wal-Mart Stores, Inc	1,753,750		92,633	1.02
Other			108,001	1.20

			200,634	2.22

HEALTH SERVICES			74,905	0.83

HEAVY CONSTRUCTION, EXCEPT BUILDING			954	0.01

HOLDING AND OTHER INVESTMENT OFFICES			252,982	2.80

HOTELS AND OTHER LODGING PLACES			34,360	0.38

62 | 2004 Annual Report College Retirement Equities Fund

SEE NOTES TO FINANCIAL STATEMENTS

CREF Equity Index Account \|	Summary portfolio of investments December 31, 2004	continued


				VALUE	% OF NET
	COMPANY	SHARES		(000)	ASSETS

	INDUSTRIAL MACHINERY AND EQUIPMENT
	3M Co	534,935	$	43,902	0.49	%
*	Cisco Systems, Inc	4,606,346		88,902	0.99
*	Dell, Inc	1,725,225		72,701	0.81
	Hewlett-Packard Co	2,088,083		43,787	0.49
d	International Business Machines Corp	1,149,999		113,367	1.25
	Other			271,177	3.00

				633,836	7.03


	INSTRUMENTS AND RELATED PRODUCTS
	Medtronic, Inc	827,055		41,080	0.46
	Other			232,051	2.57

				273,131	3.03

	INSURANCE AGENTS, BROKERS AND SERVICE			30,232	0.34


	INSURANCE CARRIERS
	American International Group, Inc	1,568,266		102,988	1.14
	UnitedHealth Group, Inc	456,225		40,161	0.45
	Other			303,170	3.36

				446,319	4.95

	JUSTICE, PUBLIC ORDER AND SAFETY			159	0.00

	LEATHER AND LEATHER PRODUCTS			9,908	0.11

	LEGAL SERVICES			361	0.00

	LOCAL AND INTERURBAN PASSENGER TRANSIT			1,720	0.02

	LUMBER AND WOOD PRODUCTS			11,585	0.13

	METAL MINING			25,086	0.28

	MISCELLANEOUS MANUFACTURING INDUSTRIES			14,144	0.16


	MISCELLANEOUS RETAIL
*	eBay, Inc	355,516		41,339	0.46
	Other			92,308	1.02

				133,647	1.48


	MOTION PICTURES
*	Time Warner, Inc	2,986,956		58,066	0.64
	Walt Disney Co	1,404,811		39,054	0.44
	Other			26,340	0.29

				123,460	1.37


	NONDEPOSITORY INSTITUTIONS
	American Express Co	771,903		43,512	0.48
	Fannie Mae	660,558		47,038	0.52
	Freddie Mac	469,628		34,612	0.38
	Other			91,005	1.02

				216,167	2.40

	NONMETALLIC MINERALS, EXCEPT FUELS			4,368	0.05

	OIL AND GAS EXTRACTION			162,179	1.80

	PAPER AND ALLIED PRODUCTS			63,579	0.70

SEE NOTES TO FINANCIAL STATEMENTS

College Retirement Equities Fund 2004 Annual Report | 63

CREF Euqity Index Account \|	Summary portfolio of investments December 31, 2004	continued


			VALUE	% OF NET
COMPANY	SHARES		(000)	ASSETS

PERSONAL SERVICES		$	15,824	0.18	%

PETROLEUM AND COAL PRODUCTS
ChevronTexaco Corp	1,463,206		76,833	0.85
ConocoPhillips	468,918		40,716	0.45
ExxonMobil Corp	4,465,934		228,924	2.54
Other			33,991	0.38

			380,464	4.22

PRIMARY METAL INDUSTRIES			52,874	0.59

PRINTING AND PUBLISHING			72,687	0.81

RAILROAD TRANSPORTATION			42,684	0.47

REAL ESTATE			9,088	0.10

RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS			22,827	0.25

SECURITY AND COMMODITY BROKERS
Merrill Lynch & Co, Inc	656,024		39,211	0.43
Morgan Stanley	748,832		41,575	0.47
Other			107,577	1.19

			188,363	2.09

SOCIAL SERVICES			726	0.01

SPECIAL TRADE CONTRACTORS			2,968	0.03

STONE, CLAY, AND GLASS PRODUCTS			15,371	0.17

TOBACCO PRODUCTS
Altria Group, Inc	1,398,612		85,455	0.95
Other			15,823	0.17

			101,278	1.12

TRANSPORTATION BY AIR			37,765	0.42

TRANSPORTATION EQUIPMENT
United Technologies Corp	351,090		36,285	0.40
Other			193,599	2.15

			229,884	2.55

TRANSPORTATION SERVICES			12,256	0.14

TRUCKING AND WAREHOUSING			45,540	0.50

WATER TRANSPORTATION			3,666	0.04

WHOLESALE TRADE-DURABLE GOODS
Johnson & Johnson	2,025,809		128,477	1.42
Other			39,642	0.44

			168,119	1.86

64 | 2004 Annual Report College Retirement Equities Fund

SEE NOTES TO FINANCIAL STATEMENTS

CREF Equity Index Account \|	Summary portfolio of investments December 31, 2004	concluded


				VALUE		% OF NET
COMPANY/ISSUER		PRINCIPAL		(000)		ASSETS

WHOLESALE TRADE-NONDURABLE GOODS			$	65,637		0.73	%

TOTAL COMMON STOCKS (Cost $7,389,607)				8,987,841		99.65


SHORT-TERM INVESTMENTS
COMMERCIAL PAPER				108,263		1.20

U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES
Federal National Mortgage Association
(FNMA)	1.140%–2.480%, 01/03/05–04/29/05	$129,850,000		129,621		1.44
Other				9,802		0.11

				139,423		1.55

TOTAL SHORT-TERM INVESTMENTS (Cost $247,715)				247,686		2.75


TOTAL PORTFOLIO (Cost $7,637,421)				9,235,739		102.40	%
				(216,750	)	(2.40	)



			$	9,018,989		100.00	%

*		Non-income producing
d		All or a portion of these securities have been segregated by the custodian to cover margin or other requirements on open futures contracts.

Restricted securities held by the Account are as follows:

SECURITY	ACQUISITION DATE	ACQUISITION COST		VALUE

McLeod (Escrow)	05/14/02	$	—	$	—
National Health Investors, Inc	01/10/01		30,000		125,000
Priority Healthcare Corp (Class A)	01/04/99		67,236		121,000
Wiltel Communications Group (Rts)	12/04/03		—		—

		$	97,236	$	246,000

SEE NOTES TO FINANCIAL STATEMENTS

College Retirement Equities Fund 2004 Annual Report | 65

CREF Bond Market Account \|	Summary portfolio of investments December 31, 2004


		VALUE	% OF NET
ISSUER		(000)	ASSETS

BONDS

CORPORATE BONDS
AGRICULTURAL SERVICES	$	5,535	0.10	%

AMUSEMENT AND RECREATION SERVICES		4,458	0.08

AUTO REPAIR, SERVICES AND PARKING		3,366	0.06

ASSET BACKED		112,999	2.09

BUSINESS SERVICES		10,433	0.19

CHEMICALS AND ALLIED PRODUCTS		39,558	0.73

COMMUNICATIONS		134,011	2.47

DEPOSITORY INSTITUTIONS		171,834	3.17

ELECTRIC, GAS, AND SANITARY SERVICES		98,827	1.82

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		7,592	0.14

FABRICATED METAL PRODUCTS		6,853	0.13

FOOD AND KINDRED PRODUCTS		45,184	0.83

FOOD STORES		9,051	0.17

FORESTRY		5,972	0.11

FURNITURE AND FIXTURES		3,655	0.07

GENERAL BUILDING CONTRACTORS		19,907	0.37

GENERAL MERCHANDISE STORES		17,414	0.32

HEALTH SERVICES		4,172	0.08

HOLDING AND OTHER INVESTMENT OFFICES		25,785	0.48

HOTELS AND OTHER LODGING PLACES		5,122	0.09

INDUSTRIAL MACHINERY AND EQUIPMENT		12,064	0.22

INSURANCE CARRIERS		37,784	0.70

METAL MINING		18,711	0.34

MISCELLANEOUS MANUFACTURING INDUSTRIES		3,626	0.07

MISCELLANEOUS RETAIL		10,337	0.19

MOTION PICTURES		37,023	0.68

NATIONAL SECURITY AND INTERNATIONAL AFFAIRS		3,528	0.07

NONDEPOSITORY INSTITUTIONS		176,509	3.26

OIL AND GAS EXTRACTION		49,823	0.92

OTHER MORTGAGE BACKED SECURITIES		144,699	2.67

PAPER AND ALLIED PRODUCTS		22,489	0.42

PERSONAL SERVICES		1,527	0.03

PETROLEUM AND COAL PRODUCTS		29,792	0.55

66 | 2004 Annual Report College Retirement Equities Fund

SEE NOTES TO FINANCIAL STATEMENTS

CREF Bond Market Account \|	Summary portfolio of investments December 31, 2004	continued


						VALUE	% OF NET
	ISSUER		RATING†	PRINCIPAL		(000)	ASSETS

	PIPELINES, EXCEPT NATURAL GAS				$	5,621	0.11	%

	PRIMARY METAL INDUSTRIES					6,618	0.12

	PRINTING AND PUBLISHING					14,129	0.26

	RAILROAD TRANSPORTATION					22,939	0.42

	RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS					1,818	0.03

	SECURITY AND COMMODITY BROKERS					71,029	1.32

	STONE, CLAY, AND GLASS PRODUCTS					4,521	0.08

	TOBACCO PRODUCTS					1,288	0.02

	TRANSPORTATION BY AIR					7,378	0.14

	TRANSPORTATION EQUIPMENT					65,134	1.21

	WHOLESALE TRADE-DURABLE GOODS					5,034	0.09

	WHOLESALE TRADE-NONDURABLE GOODS					17,292	0.32

		TOTAL CORPORATE BONDS	(Cost $1,357,374)			1,502,441	27.74


	GOVERNMENT BONDS
	AGENCY SECURITIES
	Federal Home Loan Bank (FHLB)	1.875%, 02/15/05	Aaa	80,140,000		80,083	1.48
	FHLB	2.500%, 04/11/06	Aaa	36,000,000		35,740	0.66
	FHLB	2.875%, 05/22/06	Aaa	33,050,000		32,944	0.61
	FHLB	2.250%, 09/01/06	Aaa	110,050,000		108,409	1.99
	Federal Home Loan Mortgage Corp
	(FHLMC)	1.875%, 02/15/06	Aaa	75,000,000		74,043	1.37
e	FHLMC	7.000%, 03/15/10	Aaa	88,000,000		100,432	1.85
	FHLMC	5.875%, 03/21/11	Aa2	36,399,000		39,298	0.73
	FHLMC	6.375%, 08/01/11	Aa2	30,000,000		31,098	0.57
e	FHLMC	5.000%, 07/15/14	Aaa	31,800,000		32,839	0.61
	Federal National Mortgage Association
	(FNMA)	5.000%, 01/15/07	Aaa	37,000,000		38,219	0.71
	FNMA	3.410%, 08/30/07	Aaa	45,500,000		45,346	0.84
	FNMA	3.375%, 12/15/08	Aaa	38,520,000		38,024	0.70
	FNMA	7.125%, 06/15/10	Aaa	29,000,000		33,333	0.62
e	FNMA	4.625%, 10/15/14	Aaa	44,000,000		44,033	0.81
	Other					149,924	2.77

						883,765	16.32

	FOREIGN GOVERNMENT BONDS					107,812	1.99

SEE NOTES TO FINANCIAL STATEMENTS

College Retirement Equities Fund 2004 Annual Report | 67

CREF Bond Market Account \|	Summary portfolio of investments December 31, 2004	continued


						VALUE	% OF NET
	ISSUER			PRINCIPAL		(000)	ASSETS

	MORTGAGE BACKED SECURITIES
	Federal Home Loan Mortgage Corp Gold
	(FGLMC)	4.500%–8.000%, 09/01/10–02/01/34		195,342,284	$	199,346	3.68	%
h	FGLMC	4.500%, 01/15/20		42,000,000		41,843	0.77
	FGLMC	6.000%, 01/15/34		71,000,000		73,330	1.35
h	Federal National Mortgage Association
	(FNMA)	5.500%, 01/25/34		177,000,000		179,655	3.32
	FNMA	4.500%–9.000%, 12/01/08–04/01/34		534,593,670		541,065	9.98
h	FNMA	5.000%, 02/25/35		72,000,000		71,235	1.31
d	FNMA	5.500%, 04/01/18		51,106,701		52,862	0.98
h	FNMA	5.000%, 01/25/19		35,000,000		35,547	0.66
h	FNMA	6.000%, 01/25/32		216,000,000		223,290	4.12
h	FNMA	6.500%, 01/25/32		102,000,000		106,941	1.98
d	FNMA	5.000%, 03/01/34		109,381,519		108,740	2.02
	FNMA	5.000%, 03/01/34		42,136,320		41,889	0.77
d	Government National Mortgage Association
	(GNMA)	5.500%, 09/20/33		34,905,972		35,652	0.66
	GNMA	6.000%, 01/20/34		45,210,465		46,833	0.86
	Other					47,518	0.88

						1,805,746	33.34


	U.S. TREASURY SECURITIES
	U.S. Treasury Bond	8.000%, 11/15/21		270,490,000		371,394	6.85
e	U.S. Treasury Bond	5.375%, 02/15/31		41,865,000		45,260	0.84
d	U.S. Treasury Note	10.000%, 05/15/10		227,000,000		233,202	4.31
e	U.S. Treasury Note	1.875%–6.500%, 08/31/05–11/15/14		103,987,975		104,691	1.94
d,e	U.S. Treasury Note	2.750%, 06/30/06		54,550,000		54,405	1.00
d	U.S. Treasury Note	3.875%, 01/15/09		59,588,096		66,826	1.23
e	U.S. Treasury Note	3.125%, 04/15/09		33,700,000		33,188	0.61
e	U.S. Treasury Note	3.500%, 11/15/09		50,430,000		50,196	0.93
e,k	U.S. Treasury Inflation Indexed Note	3.500%, 12/15/09		71,925,000		71,580	1.32

						1,030,742	19.03

		TOTAL GOVERNMENT BONDS	(Cost $3,929,972)			3,828,065	70.68

		TOTAL BONDS	(Cost $5,287,346)			5,330,506	98.42


		TIAA-CREF MUTUAL FUNDS	(Cost $3,294)			3,681	0.07


	SHORT-TERM INVESTMENTS

	COMMERCIAL PAPER
c,d	Abbott Laboratories	2.170%, 01/20/05		35,000,000		34,956	0.65
d	American Honda Finance Corp	2.250%, 01/18/05		35,000,000		34,960	0.65
c	BellSouth Corp	2.280%, 01/05/05		35,000,000		34,989	0.65
d	Campbell Soup Co	2.230%, 01/03/05		33,500,000		33,493	0.62
c,d	Gannett Co, Inc	2.200%, 01/19/05		31,100,000		31,063	0.57
c,d	Pfizer, Inc	2.260%, 01/13/05		35,000,000		34,972	0.65
	United Parcel Service, Inc	1.900%, 01/03/05		35,000,000		34,993	0.64
c,d	United Technologies Corp	2.270%, 01/10/05		35,000,000		34,979	0.65
	Other					144,886	2.67

						419,291	7.75

68 | 2004 Annual Report College Retirement Equities Fund

SEE NOTES TO FINANCIAL STATEMENTS

CREF Bond Market Account \|	Summary portfolio of investments December 31, 2004	continued


							VALUE	% OF NET
	ISSUER				PRINCIPAL		(000)	ASSETS

	U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES
	Federal Home Loan Bank (FHLB)	1.860%, 01/04/05			$50,000,000	$	49,988	0.92	%
	d FHLB	1.900%, 01/06/05			50,000,000		49,982	0.92
	FHLB	1.920%, 01/10/05			33,400,000		33,380	0.62
d	FHLB	2.200%, 01/28/05			40,000,000		39,932	0.74
d	Federal National Mortgage Association
	(FNMA)	1.140%, 01/03/05			96,628,000		96,611	1.79
	FNMA	2.180%, 01/04/05			51,147,000		51,135	0.94
d	FNMA	1.240%, 01/07/05			39,996,000		39,979	0.74
d	FNMA	2.250%, 01/21/05			50,000,000		49,937	0.92
	Other						49,964	0.92

							460,908	8.51


	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
	REPURCHASE AGREEMENTS
	Bear Stearns & Co. 2.250% Dated 12/31/2004,				52,191,000		52,194	0.97
	Due 01/03/2005 In The Amount Of $52,204,048
	Fully Collateralized as follows:
	Federal Home Loan Bank
	(FHLB)	2.250%–5.125% , 03/06/2006–08/13/2010	$	28,898,919
	Federal Home Loan Mortgage Corp
	(FHLMC)	4.000%–5.000%, 03/15/2007–07/15/2014		8,407,235
	Federal National Mortgage Association
	(FNMA)	0.000%–6.250%, 02/09/2007–05/15/2029		16,283,922

	Total Market Value			53,590,076
	Credit Suisse First Boston 2.260% Dated 12/31/2004,				90,000,000		90,028	1.66
	Due 01/03/2005 In The Amount Of $90,044,525
	Fully Collateralized as follows:
	Federal Home Loan Mortgage Corp
	(FHLMC)	0.000%–6.7500%, 03/15/2011–03/15/2031	$	77,900,568
	Federal National Mortgage Association
	FNMA)	7.125% , 06/15/2010–01/15/2030		13,126,614

Total Market Value				91,027,182
	Goldman Sachs & Co. 2.250% Dated 12/31/2004,				47,284,000		47,287	0.87
	Due 01/03/2005 In The Amount Of $47,295,821
	Fully Collateralized as follows:
	Federal Home Loan Mortgage Corp
	(FHLMC)	2.750%–4.500%, 10/15/2006–06/15/2010	$	23,730,658
	Federal National Mortgage Association
	(FNMA)	5.125%–5.250% , 06/15/2006–12/15/2007		24,625,249

	Total Market Value			48,355,907

SEE NOTES TO FINANCIAL STATEMENTS

College Retirement Equities Fund 2004 Annual Report | 69

CREF Bond Market Account \|	Summary portfolio of investments December 31, 2004	concluded


							VALUE		% OF NET
ISSUER					PRINCIPAL		(000)		ASSETS

Merrill Lynch & Co. Inc, 2.270% Dated 12/31/2004,					$84,624,000	$	84,629		1.56	%
Due 01/03/2005 In The Amount Of $84,645,344
Fully Collateralized as follows:
Federal Home Loan Mortgage Corp
(FHLMC)	5.750%, 01/15/2012		$	40,301,704
Federal National Mortgage Association
(FNMA)	5.500%, 03/15/2011			46,014,300

Total Market Value				86,316,004
Morgan Stanley & Co. Inc, 2.260% Dated 6/30/2004,					70,000,000		70,005		1.29

Due 01/03/2005 In The Amount Of $70,017,577
Fully Collateralized as follows:
Federal Farm Credit Bank (FFCB)	0.000%, 07/06/2006		$	4,713,186
Federal Home Loan Bank
(FHLB)	0.000%, 08/04/2005–08/21/2018			52,779,941
Federal Home Loan Mortgage Corp
(FHLMC)	0.000%, 07/14/2006–02/20/2014			3,040,546
Federal National Mortgage Association
(FNMA)	0.000%–3.375%, 01/07/2005–11/09/2007			10,868,386

Total Market Value				71,402,059
							344,143		6.35

	TOTAL SHORT-TERM INVESTMENTS	(Cost $1,224,402)					1,224,342		22.61


	TOTAL PORTFOLIO	(Cost $6,515,042)					6,558,529		121.10	%
	OTHER ASSETS AND LIABILITIES, NET						(1,142,591	)	(21.10	)


	NET ASSETS					$	5,415,938		100.00	%

c		Commercial paper issued under the Private Placement exemption under Section 4(2) of the Securities Act of 1933.
d		All or a portion of these securities have been segregated by the custodian to cover securities purchased on a delayed
		delivery basis.
e		All or a portion of these securities are out on loan.
h		These securities were purchased on a delayed delivery basis.
k		Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
†		As provided by Moody’s Investors Service (Unaudited)

70 | 2004 Annual Report College Retirement Equities Fund

SEE NOTES TO FINANCIAL STATEMENTS

CREF Social Choice Account \|	Summary portfolio of investments December 31, 2004


		VALUE	% OF NET
ISSUER		(000)	ASSETS

CORPORATE BONDS

AUTOMOTIVE DEALERS AND SERVICE STATIONS	$	1,837	0.03	%

ASSET BACKED		46,059	0.65

BUSINESS SERVICES		16,651	0.24

CHEMICALS AND ALLIED PRODUCTS		49,277	0.70

COMMUNICATIONS		68,283	0.98

DEPOSITORY INSTITUTIONS		110,259	1.57

EATING AND DRINKING PLACES		5,383	0.08

ELECTRIC, GAS, AND SANITARY SERVICES		23,010	0.33

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		4,302	0.06

FABRICATED METAL PRODUCTS		3,205	0.05

FOOD AND KINDRED PRODUCTS		25,431	0.36

FOOD STORES		10,520	0.15

FURNITURE AND FIXTURES		5,964	0.09

GENERAL BUILDING CONTRACTORS		20,643	0.29

GENERAL MERCHANDISE STORES		6,386	0.09

HEALTH SERVICES		3,096	0.04

HOLDING AND OTHER INVESTMENT OFFICES		11,835	0.17

INDUSTRIAL MACHINERY AND EQUIPMENT		24,301	0.35

INSTRUMENTS AND RELATED PRODUCTS		10,296	0.15

INSURANCE CARRIERS		41,502	0.59

MISCELLANEOUS MANUFACTURING INDUSTRIES		3,006	0.04

MISCELLANEOUS RETAIL		5,014	0.07

MOTION PICTURES		15,090	0.22

NONDEPOSITORY INSTITUTIONS		102,891	1.47

OIL AND GAS EXTRACTION		21,287	0.30

OTHER MORTGAGE BACKED SECURITIES		54,290	0.78

PAPER AND ALLIED PRODUCTS		9,076	0.13

PETROLEUM AND COAL PRODUCTS		4,933	0.07

PIPELINES, EXCEPT NATURAL GAS		2,886	0.04

PRIMARY METAL INDUSTRIES		5,449	0.08

RAILROAD TRANSPORTATION		6,233	0.09

SECURITY AND COMMODITY BROKERS		14,577	0.21

TRANSPORTATION BY AIR		5,020	0.07

TRANSPORTATION EQUIPMENT		8,519	0.12

SEE NOTES TO FINANCIAL STATEMENTS

College Retirement Equities Fund 2004 Annual Report | 71

CREF Social Choice Account \|	Summary portfolio of investments December 31, 2004	continued


							VALUE	% OF NET
	ISSUER			RATING†	PRINCIPAL		(000)	ASSETS

	WHOLESALE TRADE-DURABLE GOODS					$	6,749	0.10	%

	WHOLESALE TRADE-NONDURABLE GOODS						3,828	0.05

		TOTAL CORPORATE BONDS		(Cost $741,908)			757,088	10.81


	GOVERNMENT BONDS
	AGENCY SECURITIES
	Federal Home Loan Bank (FHLB)	2.500%, 04/11/06		Aaa	$50,000,000		49,639	0.71
	FHLB	2.625%–2.875%, 05/22/06–10/16/06		Aaa	34,000,000		33,864	0.48
	Federal Home Loan Mortgage Corp Gold
	(FGLMC)	7.000%, 07/15/05		Aaa	40,000,000		40,895	0.58
	Federal National Mortgage Association
	(FNMA)	3.375%–7.125%, 03/15/07–10/15/14			106,425,000		111,248	1.59
	Other						153,084	2.19

							388,730	5.55

	FOREIGN GOVERNMENT BONDS						20,716	0.30


	MORTGAGE BACKED SECURITIES
	Federal Home Loan Mortgage Corp Gold
	(FGLMC)	4.500%–6000%, 10/01/18–02/01/34			107,413,947		108,705	1.55
	Federal National Mortgage Association
	(FNMA)	5.000%–5.500%, 01/25/19–02/25/35			161,000,000		163,211	2.33
	FNMA	4.358%–6.000%, 06/01/11–03/01/34			152,128,029		152,208	2.17
h	FNMA	5.000%–5.500%, 11/01/18–01/01/34			100,379,481		102,183	1.46
h	FNMA	6.000%–6.500%, 01/25/32			103,000,000		106,844	1.53
	Other						278,328	3.98

							911,479	13.02


	U.S. TREASURY SECURITIES
	U.S. Treasury Note	10.000%, 05/15/10			83,283,000		85,558	1.22
e	U.S. Treasury Bond	5.375%–8.000%, 11/15/21–02/15/31			170,590,000		226,552	3.24
e	U.S. Treasury Note	2.375%–4.250%, 06/30/06–11/15/14			183,420,000		182,237	2.60
e,k	U.S. Treasury Inflation
	Indexed Note	1.875%–3.875%, 1/15/09–07/15/13			49,647,373		53,744	0.77

							548,091	7.83

		TOTAL GOVERNMENT BONDS	(Cost $1,863,729)				1,869,016	26.70

		TOTAL BONDS	(Cost $2,605,637)				2,626,104	37.51


	PREFERRED STOCKS
	HEALTH SERVICES						75	0.00

		TOTAL PREFERRED STOCKS	(Cost $59)				75	0.00


	COMMON STOCKS
	AMUSEMENT AND RECREATION SERVICES						2,103	0.03

	APPAREL AND ACCESSORY STORES						21,387	0.31

	APPAREL AND OTHER TEXTILE PRODUCTS						2,480	0.04

72 | 2004 Annual Report College Retirement Equities Fund

SEE NOTES TO FINANCIAL STATEMENTS

CREF Social Choice Account \|	Summary portfolio of investments December 31, 2004	continued


				VALUE	% OF NET
	COMPANY	SHARES		(000)	ASSETS

	AUTO REPAIR, SERVICES AND PARKING		$	578	0.01	%

	AUTOMOTIVE DEALERS AND SERVICE STATIONS			3,407	0.05


	BUILDING MATERIALS AND GARDEN SUPPLIES
	Home Depot, Inc	1,004,126		42,916	0.61
	Other			19,998	0.29

				62,914	0.90


	BUSINESS SERVICES
	Microsoft Corp	3,434,236		91,728	1.31
	Other			167,352	2.39

				259,080	3.70


	CHEMICALS AND ALLIED PRODUCTS
e*	Amgen, Inc	592,822		38,030	0.54
	Merck & Co, Inc	1,366,558		43,921	0.63
	Procter & Gamble Co	1,331,138		73,319	1.05
	Other			221,345	3.16

				376,615	5.38


	COMMUNICATIONS
	SBC Communications, Inc	1,721,495		44,363	0.63
	Verizon Communications, Inc	1,181,695		47,870	0.68
	Other			114,388	1.64

				206,621	2.95


	DEPOSITORY INSTITUTIONS
e	J.P. Morgan Chase & Co	2,016,984		78,683	1.12
	U.S. Bancorp	1,264,912		39,617	0.57
	Wachovia Corp	1,009,185		53,083	0.76
e	Wells Fargo & Co	1,011,988		62,895	0.90
	Other			166,582	2.38

				400,860	5.73


	EATING AND DRINKING PLACES
e	McDonald’s Corp	1,175,801		37,696	0.54
	Other			7,165	0.10

				44,861	0.64

	EDUCATIONAL SERVICES			6,685	0.10

	ELECTRIC, GAS, AND SANITARY SERVICES			217,199	3.10


	ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
	Emerson Electric Co	437,600		30,676	0.44
	Intel Corp	2,578,710		60,316	0.86
	Other			136,498	1.95

				227,490	3.25

	ENGINEERING AND MANAGEMENT SERVICES			21,795	0.31

	FABRICATED METAL PRODUCTS			47,179	0.67

SEE NOTES TO FINANCIAL STATEMENTS

College Retirement Equities Fund 2004 Annual Report | 73

CREF Social Choice Account \|	Summary portfolio of investments December 31, 2004	continued


				VALUE	% OF NET
	COMPANY	SHARES		(000)	ASSETS

	FOOD AND KINDRED PRODUCTS
	Coca-Cola Co	1,182,800	$	49,240	0.70	%
	PepsiCo, Inc	888,404		46,375	0.66
	Other			53,910	0.78

				149,525	2.14

	FOOD STORES			34,073	0.49

	FURNITURE AND FIXTURES			19,925	0.28

	FURNITURE AND HOMEFURNISHINGS STORES			12,618	0.18

	GENERAL BUILDING CONTRACTORS			24,583	0.35

	GENERAL MERCHANDISE STORES			64,105	0.92

	HEALTH SERVICES			23,617	0.33

	HOLDING AND OTHER INVESTMENT OFFICES
e	Washington Mutual, Inc	817,462		34,562	0.49
	Other			100,167	1.43

				134,729	1.92

	HOTELS AND OTHER LODGING PLACES			2,615	0.04

	INDUSTRIAL MACHINERY AND EQUIPMENT
	3M Co	531,744		43,640	0.62
*	Cisco Systems, Inc	2,560,427		49,416	0.71
*	Dell Inc	1,065,267		44,890	0.64
	International Business Machines Corp	780,057		76,898	1.10
	Other			131,663	1.88

				346,507	4.95

	INSTRUMENTS AND RELATED PRODUCTS
	Medtronic, Inc	628,262		31,206	0.45
	Other			113,693	1.62

				144,899	2.07

	INSURANCE AGENTS, BROKERS AND SERVICE			27,760	0.40

	INSURANCE CARRIERS
	American International Group, Inc	1,184,836		77,808	1.11
	UnitedHealth Group, Inc	355,804		31,321	0.45
	Other			140,919	2.01

				250,048	3.57

	LEATHER AND LEATHER PRODUCTS			3,474	0.05

	LOCAL AND INTERURBAN PASSENGER TRANSIT			250	0.00

	LUMBER AND WOOD PRODUCTS			484	0.01

	METAL MINING			8,442	0.12

	MISCELLANEOUS MANUFACTURING INDUSTRIES			12,527	0.18

	MISCELLANEOUS RETAIL			71,395	1.02

74 | 2004 Annual Report College Retirement Equities Fund

SEE NOTES TO FINANCIAL STATEMENTS

CREF Social Choice Account \|	Summary portfolio of investments December 31, 2004	continued


					VALUE	% OF NET
	COMPANY		SHARES		(000)	ASSETS

	MOTION PICTURES
*	Time Warner Inc		2,023,699	$	39,341	0.56	%
e	Walt Disney Co		1,120,995		31,164	0.45
	Other				21,253	0.30

					91,758	1.31

	NONDEPOSITORY INSTITUTIONS
e	American Express Co		782,671		44,119	0.63
	Fannie Mae		691,746		49,259	0.70
	Freddie Mac		454,702		33,512	0.48
	Other				72,473	1.03

					199,363	2.84

	NONMETALLIC MINERALS, EXCEPT FUELS				7,453	0.11

	OIL AND GAS EXTRACTION				164,741	2.35

	PAPER AND ALLIED PRODUCTS				31,847	0.45

	PERSONAL SERVICES				29	0.00

	PETROLEUM AND COAL PRODUCTS				28,933	0.41

	PRIMARY METAL INDUSTRIES				41,047	0.59

	PRINTING AND PUBLISHING				33,537	0.48

	RAILROAD TRANSPORTATION				20,892	0.30

	REAL ESTATE				73	0.00

	RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS				3,160	0.05

	SECURITY AND COMMODITY BROKERS
	Merrill Lynch & Co, Inc		547,929		32,750	0.47
	Other				55,687	0.79

					88,437	1.26

	SPECIAL TRADE CONTRACTORS				209	0.00

	STONE, CLAY, AND GLASS PRODUCTS				9,451	0.13

	TRANSPORTATION BY AIR				31,321	0.45

	TRANSPORTATION EQUIPMENT				54,354	0.78

	TRANSPORTATION SERVICES				3,573	0.05

	TRUCKING AND WAREHOUSING
e	United Parcel Service, Inc (Class B)		374,335		31,991	0.46

					31,991	0.46

	WATER TRANSPORTATION				287	0.00

	WHOLESALE TRADE-DURABLE GOODS
	Johnson & Johnson		1,651,142		104,715	1.50
	Other				20,206	0.28

					124,921	1.78

	WHOLESALE TRADE-NONDURABLE GOODS				43,092	0.62

	TOTAL COMMON STOCKS	(Cost $3,060,748)			4,243,299	60.61

SEE NOTES TO FINANCIAL STATEMENTS

College Retirement Equities Fund 2004 Annual Report | 75

CREF Social Choice Account \|	Summary portfolio of investments December 31, 2004	continued


								VALUE	% OF NET
	ISSUER					PRINCIPAL		(000)	ASSETS

	SHORT-TERM INVESTMENTS
	COMMERCIAL PAPER						$	191,440	2.73	%


	U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES
	Federal Home Loan Bank
	(FHLB)	1.000%–1.860%, 01/03/05–01/04/05			$	47,402,000		47,392	0.68
	FHLB	1.900%, 01/06/05				50,000,000		49,982	0.71
d	FHLB	2.200%, 01/28/05				40,000,000		39,932	0.57
	Federal National Mortgage Association
	(FNMA)	1.140%, 01/03/05				55,000,000		54,990	0.78
d	FNMA	2.180%, 01/04/05				41,700,000		41,690	0.60
d	FNMA	2.180%, 01/03/05				55,000,000		54,957	0.78
d	FNMA	2.170%, 01/20/05				25,000,000		24,970	0.36

								313,913	4.48

	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
	REPURCHASE AGREEMENTS
	Bear Stearns & Co. 2.250% Dated 12/31/2004,					5,236,000		5,236	0.08
	Due 01/03/2005 In The Amount Of $5,237,309
	Fully Collateralized as follows:
	Federal Home Loan Bank
	(FHLB)	2.250%–5.125%, 03/06/2006–08/13/2010	$	2,899,250
	Federal Home Loan Mortgage Corp
	(FHLMC)	4.000%–6.2500%, 03/15/2007–05/15/2029		1,037,763
	Federal National Mortgage Association
	(FNMA)	0.000%–5.050%, 02/09/2007–05/21/2018		1,439,348

	Total Market Value			5,376,361
	Credit Suisse First Boston 2.260% Dated 12/31/2004,					85,000,000		85,026	1.21
	Due 01/03/2005 In The Amount Of $85,042,051
	Fully Collateralized as follows:
	Federal Home Loan Mortgage Corp
	(FHLMC)	0.000%–6.7500%, 03/15/2011–03/15/2031	$	73,572,759
	Federal National Mortgage Association
	(FNMA)	7.125%, 06/15/2010–01/15/2030		12,397,357

	Total Market Value			85,970,116
	Goldman Sachs & Co. 2.250% Dated 12/31/2004,					23,261,000		23,263	0.33
	Due 01/03/2005 In The Amount Of $23,266,815
	Fully Collateralized as follows:
	Federal Home Loan Mortgage Corp
	(FHLMC)	2.750%–4.500%, 10/15/2006–06/15/2010	$	11,674,115
	Federal National Mortgage Association
	(FNMA)	5.125%–5.250%, 06/15/2006–12/15/2007		12,114,201

	Total Market Value			23,788,316
	Merrill Lynch & Co. Inc, 2.270% Dated 12/31/2004,					76,313,000		76,318	1.09
	Due 01/03/2005 In The Amount Of $76,332,248
	Fully Collateralized as follows:
	Federal Home Loan Mortgage Corp
	(FHLMC)	5.750%, 01/15/2012	$	36,343,637
	Federal National Mortgage Association
	(FNMA)	5.500%, 03/15/2011		41,495,194

	Total Market Value			77,838,831

76 | 2004 Annual Report College Retirement Equities Fund

SEE NOTES TO FINANCIAL STATEMENTS

CREF Social Choice Account \|	Summary portfolio of investments December 31, 2004	concluded

VALUE

% OF NET

ISSUER

PRINCIPAL

(000)

ASSETS

Morgan Stanley & Co. Inc, 2.260% Dated 6/30/2004,

$55,000,000

55,003

0.79

Due 01/03/2005 In The Amount Of $55,013,811

Fully Collateralized as follows:

Federal Farm Credit Bank (FFCB)

0.000%, 07/06/2006

$3,703,218

Federal Home Loan Bank

(FHLB)

0.000%, 08/04/2005–08/01/2017

41,469,954

Federal Home Loan Mortgage Corp

(FHLMC)

0.000%, 07/14/2006–02/20/2014

2,389,000

Federal National Mortgage Association

(FNMA)

0.000%–3.375%, 01/07/2005–03/15/2007

8,539,446

Total Market Value

56,101,618

244,846

3.50

TOTAL SHORT-TERM INVESTMENTS

(Cost $750,238)

750,199

10.71

TOTAL PORTFOLIO

(Cost $6,416,682)

7,619,677

108.83

OTHER ASSETS AND LIABILITIES, NET

(618,063

)

(8.83

)

NET ASSETS

7,001,614

100.00

*		Non-income producing
d		All or a portion of these securities have been segregated by the custodian to cover securities purchased on a delayed
		delivery basis.
e		All or a portion of these securities are out on loan.
h		These securities were purchased on a delayed delivery basis.
k		Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
†		As provided by Moody’s Investors Service (Unaudited)

SEE NOTES TO FINANCIAL STATEMENTS

College Retirement Equities Fund 2004 Annual Report | 77

CREF Inflation-Linked Bond Account \|	Summary portfolio of investments December 31, 2004


							VALUE	% OF NET
	ISSUER				PRINCIPAL		(000)	ASSETS

	GOVERNMENT BONDS

	U.S. TREASURY SECURITIES
e,k	U.S. Treasury Inflation Indexed Note		3.375%, 01/15/07		$242,175,471	$	256,553	7.49	%
k	U.S. Treasury Inflation Indexed Note		3.625%, 01/15/08		248,693,628		270,999	7.91
e,k	U.S. Treasury Inflation Indexed Note		3.875%, 01/15/09		227,115,223		254,703	7.44
e,k	U.S. Treasury Inflation Indexed Note		4.250%, 01/15/10		155,892,095		180,835	5.28
e,k	U.S. Treasury Inflation Indexed Note		0.875%, 04/15/10		146,466,925		145,026	4.23
e,k	U.S. Treasury Inflation Indexed Note		3.500%, 01/15/11		153,668,979		174,534	5.10
k	U.S. Treasury Inflation Indexed Note		3.375%, 01/15/12		81,667,084		92,998	2.72
k	U.S. Treasury Inflation Indexed Note		3.000%, 07/15/12		291,265,454		325,035	9.49
k	U.S. Treasury Inflation Indexed Note		1.875%, 07/15/13		252,114,637		259,282	7.57
k	U.S. Treasury Inflation Indexed Note		2.000%, 01/15/14		262,722,552		271,989	7.94
e,k	U.S. Treasury Inflation Indexed Note		2.000%, 07/15/14		236,639,550		244,184	7.13
k	U.S. Treasury Inflation Indexed Bond		2.375%, 01/15/25		135,457,664		144,707	4.23
k	U.S. Treasury Inflation Indexed Bond		3.625%, 04/15/28		236,088,784		309,656	9.04
e,k	U.S. Treasury Inflation Indexed Bond		3.875%, 04/15/29		271,573,783		372,287	10.87
e,k	U.S. Treasury Inflation Indexed Bond		3.375%, 04/15/32		65,658,503		86,828	2.54

							3,389,616	98.98

		TOTAL GOVERNMENT BONDS		(Cost $3,170,939)			3,389,616	98.98


	SHORT-TERM INVESTMENTS
	COMMERCIAL PAPER
c	UBS Finance, Inc (Delaware)		2.120%, 01/03/05		5,000,000		4,999	0.15

							4,999	0.15


	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
	REPURCHASE AGREEMENTS
	Bear Stearns & Co. 2.250% Dated 12/31/2004,				22,681,000		22,682	0.66
	Due 01/03/2005 In The Amount Of $22,686,671
	Fully Collateralized as follows:
	Federal Home Loan Bank
	(FHLB)	2.250%–5.125%, 03/06/2006–08/13/2010			12,558,801
	Federal Home Loan Mortgage Corp
	(FHLMC)	4.000%–5.000%, 03/15/2007–07/15/2014			3,653,589
	Federal National Mortgage Association
	(FNMA)	3.500%–6.250%, 12/15/2009–05/15/2029			7,076,615

	Total Market Value				23,289,005
	Credit Suisse First Boston 2.260% Dated 12/31/2004,				25,000,000		25,002	0.73
	Due 01/03/2005 In The Amount Of $25,006,277
	Fully Collateralized as follows:
	Federal National Mortgage Association
	(FNMA)	3.550%–3.650%, 11/16/2007–11/30/2007			25,500,000

	Total Market Value				25,500,000

78 | 2004 Annual Report College Retirement Equities Fund

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CREF Inflation-Linked Bond Account \|	Summary portfolio of investments December 31, 2004	concluded

								VALUE		% OF NET
ISSUER						PRINCIPAL		(000)		ASSETS

Goldman Sachs & Co. 2.250% Dated 12/31/2004,						$23,200,000	$	23,201		0.68	%
Due 01/03/2005 In The Amount Of $23,205,800
Fully Collateralized as follows:
Federal Home Loan Mortgage Corp
(FHLMC)	2.750%–4.500%, 10/15/2006–06/15/2010			$	11,643,500
Federal National Mortgage Association
(FNMA)	5.125%–5.250%, 06/15/2006–12/15/2007				12,082,433

Total Market Value					23,725,933
Merrill Lynch & Co. Inc, 2.270% Dated 12/31/2004,					24,824,000			24,826		0.72
Due 01/03/2005 In The Amount Of $24,830,261
Fully Collateralized as follows:
Federal Home Loan Mortgage Corp
(FHLMC)		5.750%, 01/15/2012		$	11,822,290
Federal National Mortgage Association
(FNMA)		5.500%, 03/15/2011			13,498,050

Total Market Value					25,320,340
Morgan Stanley & Co. Inc, 2.260% Dated 12/31/2004,					25,000,000			25,002		0.73

Due 01/03/2005 In The Amount Of $25,006,277
Fully Collateralized as follows:
Federal Farm Credit Bank (FFCB)		0.000%, 07/06/2006		$	1,683,281
Federal Home Loan Bank
(FHLB)	0.000%, 03/17/2006–07/16/2021				17,144,855
Federal Home Loan Mortgage Corp
(FHLMC)	0.000%, 07/06/2006–02/20/2014				1,085,909
Federal National Mortgage Association
(FNMA)	0.000%–3.375%, 01/07/2005–09/29/2008				5,586,691

Total Market Value					25,500,736
								120,713		3.52

		TOTAL SHORT-TERM INVESTMENTS	(Cost $125,712)					125,712		3.67


		TOTAL PORTFOLIO	(Cost $3,296,651)					3,515,328		102.65	%
	OTHER ASSETS AND LIABILITIES, NET							(90,685	)	(2.65	)


		NET ASSETS					$	3,424,643		100.00	%

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

For ease of presentation, we have grouped a number of industry classification categories together in the Portfolio of investments. Note that the Accounts use more specific industry categories in following their investment limitations on industry concentration.

SEE NOTES TO FINANCIAL STATEMENTS

College Retirement Equities Fund 2004 Annual Report | 79

Statements of assets and liabilities \|	College Retirement Equities Fund December 31, 2004

	Stock	Growth	Global Equities	Money Market	Equity Index	Bond Market
(amounts in thousands, except amounts per accumulation unit)	Account	Account	Account	Account	Account	Account


ASSETS
Portfolio investments, at cost:
Unaffiliated issuers	$ 91,198,706	$10,921,522	$ 9,481,767	$6,774,377	$7,637,421	$6,511,748
Affiliated issuers	33,755	—	—	—	—	3,294

Total portfolio investments, at cost	91,232,461	10,921,522	9,481,767	6,774,377	7,637,421	6,515,042

Portfolio investments, at value:
Unaffiliated issuers	114,277,005	12,069,525	10,842,181	6,772,780	9,235,739	6,554,848
Affiliated issuers	49,355	—	—	—	—	3,681

Total portfolio investments, at value (including securities
loaned of $3,595,560, $384,697, $533,719, $—,
$216,020 and $336,133, respectively)	114,326,360	12,069,525	10,842,181	6,772,780	9,235,739	6,558,529
Cash	26,840	13,116	7,244	258	13,651	1,128
Cash – foreign (cost of $930 and $2,882, respectively)	938	—	2,874	—	—	—
Dividends and interest receivable	148,860	7,306	12,800	4,639	11,249	41,169
Receivable from securities transactions	348,868	34,317	31,849	85	1,647	130,718
Amounts due from TIAA	8,638	4,810	5,109	3,548	4,106	1,869

Total assets	114,860,504	12,129,074	10,902,057	6,781,310	9,266,392	6,733,413


LIABILITIES
Deposits for securities loaned-Note 3	3,802,573	419,124	560,723	—	224,352	344,143
Amount due to banks	43,154	29	38	—	83	—
Payable for securities transactions	232,633	56,177	29,815	—	22,928	973,332
Payable for variation margin on open futures contracts	318	—	205	—	40	—

Total liabilities	4,078,678	475,330	590,781	—	247,403	1,317,475


NET ASSETS
Accumulation Fund	95,028,020	11,435,018	10,050,446	6,553,688	8,812,812	5,246,934
Annuity Fund	15,753,806	218,726	260,830	227,622	206,177	169,004

Total net assets	$110,781,826	$11,653,744	$10,311,276	$6,781,310	$9,018,989	$5,415,938

Accumulation units outstanding – Notes 4 and 5	494,584	196,256	129,787	297,573	112,708	70,239

Net asset value per accumulation unit – Note 4	$192.14	$58.27	$77.44	$22.02	$78.19	$74.70

80 | 2004 Annual Report College Retirement Equities Fund

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College Retirement Equities Fund 2004 Annual Report | 81

Statements of assets and liabilities \|	College Retirement Equities Fund December 31, 2004	concluded

	Social Choice	Inflation-Linked Bond
(amounts in thousands, except amounts per accumulation unit)	Account	Account


ASSETS
Portfolio investments, at cost:
Unaffiliated issuers	$6,416,682	$3,296,651
Affiliated issuers	—	—

Total portfolio investments, at cost	6,416,682	3,296,651

Portfolio investments, at value:
Unaffiliated issuers	7,619,677	3,515,328
Affiliated issuers	—	—

Total portfolio investments, at value (including securities
loaned of $320,622 & $118,314, respectively)	7,619,677	3,515,328
Cash	19,537	132
Dividends and interest receivable	24,910	35,901
Receivable from securities transactions	29,121	83
Amounts due from TIAA	2,266	1,695

Total assets	7,695,511	3,553,139


LIABILITIES
Deposits for securities loaned-Note 3	330,959	120,713
Amount due to banks	691	—
Payable for securities transactions	362,247	7,783

Total liabilities	693,897	128,496


NET ASSETS
Accumulation Fund	6,764,931	3,290,430
Annuity Fund	236,683	134,213

Total net assets	$7,001,614	$3,424,643

Accumulation units outstanding – Notes 4 and 5	62,316	72,643

Net asset value per accumulation unit – Note 4	$108.56	$45.30

82 | 2004 Annual Report College Retirement Equities Fund

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Statements of operations \|	College Retirement Equities Fund Year Ended December 31, 2004

		Stock			Growth
(amounts in thousands)		Account			Account


INVESTMENT INCOME
Income:
Interest	$	49,794		$	7,011
Dividends:
Unaffiliated issuers		2,052,491			128,535
Affiliated issuers		3,383			—
Foreign taxes withheld		(32,724	)		(87	)

Total income		2,072,944			135,459


EXPENSES – NOTE 2:
Investment		123,383			17,936
Operating		293,702			32,200

Total expenses		417,085			50,136

Investment income – net		1,655,859			85,323


REALIZED AND UNREALIZED GAIN ON
TOTAL INVESTMENTS – NOTE 3
Net realized gain on:
Portfolio investments		11,332,195			72,759
Futures transactions		20,696			—
Foreign currency transactions		4,009			—

Net realized gain on total investments		11,356,900			72,759

Net change in unrealized appreciation (depreciation) on:
Portfolio investments		(220,385	)		524,842
Futures transactions		(1,421	)		—
Translation of assets (other than portfolio investments) and
liabilities denominated in foreign currencies		412			—

Net change in unrealized appreciation (depreciation)
on total investments		(221,394	)		524,842

Net realized and unrealized gain on total investments		11,135,506			597,601

Net increase in net assets resulting from operations	$	12,791,365		$	682,924

SEE NOTES TO FINANCIAL STATEMENTS

College Retirement Equities Fund 2004 Annual Report | 83

Statements of operations \|	College Retirement Equities Fund Year Ended December 31, 2004	concluded

		Global Equities			Money Market			Equity Index			Bond Market			Social Choice			Inflation-Linked Bond
(amounts in thousands)		Account			Account			Account			Account			Account			Account


INVESTMENT INCOME
Income:
Interest	$	7,671		$	95,924		$	2,458		$	237,582		$	106,871		$	139,864
Dividends:
Unaffiliated issuers		184,163			—			154,605			—			72,583			—
Affiliated issuers		—			—			—			246			—			—
Foreign taxes withheld		(5,899	)		—			(7	)		—			(1	)		—

Total income		185,935			95,924			157,056			237,828			179,453			139,864


EXPENSES – NOTE 2:
Investment		15,582			4,481			5,777			5,675			5,298			3,055
Operating		25,463			19,951			22,887			15,582			18,155			8,415

Total expenses		41,045			24,432			28,664			21,257			23,453			11,470

Investment income – net		144,890			71,492			128,392			216,571			156,000			128,394


REALIZED AND UNREALIZED GAIN (LOSS) ON
TOTAL INVESTMENTS – NOTE 3
Net realized gain (loss) on:
Portfolio investments		834,573			(396	)		18,155			25,716			59,537			40,537
Futures transactions		4,127			—			6,538			—			—			—
Foreign currency transactions		1,207			—			—			—			—			—

Net realized gain (loss) on total investments		839,907			(396	)		24,693			25,716			59,537			40,537

Net change in unrealized appreciation (depreciation) on:
Portfolio investments		199,926			(1,484	)		762,533			(27,144	)		349,256			53,354
Futures transactions		(776	)		—			(289	)		—			—			—
Translation of assets (other than portfolio investments)
and liabilities denominated in foreign currencies		290			—			—			—			—			—

Net change in unrealized appreciation (depreciation)
on total investments		199,440			(1,484	)		762,244			(27,144	)		349,256			53,354

Net realized and unrealized gain (loss) on total investments		1,039,347			(1,880	)		786,937			(1,428	)		408,793			93,891

Net increase in net assets resulting from operations	$	1,184,237		$	69,612		$	915,329		$	215,143		$	564,793		$	222,285

84 | 2004 Annual Report College Retirement Equities Fund

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College Retirement Equities Fund 2004 Annual Report | 85

Statements of cash flows \|	College Retirement Equities Fund Year Ended December 31, 2004

		Bond Market			Social Choice
(amounts in thousands)		Account			Account


CASH FLOWS FROM OPERATING ACTIVITIES:
Net increase in net assets resulting from operations	$	215,143		$	564,793
Adjustments to reconcile net increase in net assets
resulting from operations to net cash
provided by (used in) operating activities:
Proceeds from sales of long-term securities		4,969,100			2,238,176
Purchases of long-term securities		(3,368,121	)		(2,019,999	)
Purchases of short-term investments-net		(525,077	)		(542,101	)
Increase (decrease) in receivables		11,896			(3,851	)
Increase in payables		113,895			18,032
Net realized gain on total investments		(25,716	)		(59,537	)
Net change in unrealized (gain) loss on total investments		27,144			(349,256	)

Net cash provided by (used in) operating activities		1,418,264			(153,743	)


CASH FLOWS FROM FINANCING ACTIVITIES:
Premiums		449,155			587,414
Net transfers to TIAA		(110,158	)		(35,596	)
Net transfers from (to) other CREF Accounts and affiliated
mutual funds		(320,543	)		159,243
Annuity payments		(33,015	)		(27,288	)
Withdrawals and death benefits		(193,449	)		(140,274	)
Payments for participation in dollar roll transactions-net		(1,213,588	)		(380,939	)

Net cash provided by (used in) financing activities		(1,421,598	)		162,560

Increase (decrease) in cash		(3,334	)		8,817

CASH
Beginning of year		4,462			10,720

End of year	$	1,128		$	19,537

86 | 2004 Annual Report College Retirement Equities Fund

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Statements of changes in net assets \|	College Retirement Equities Fund

		Stock Account

		Year Ended			Year Ended
		December 31,			December 31,
(amounts in thousands)		2004			2003


FROM OPERATIONS
Investment income-net	$	1,655,859		$	1,195,623
Net realized gain on total investments		11,356,900			1,602,251
Net change in unrealized appreciation
(depreciation) on total investments		(221,394	)		21,184,142

Net increase in net assets resulting from operations		12,791,365			23,982,016


FROM PARTICIPANT TRANSACTIONS
Premiums		3,443,219			3,019,405
Net transfers to TIAA		(508,186	)		(326,411	)
Net transfers from (to) other CREF Accounts and
affiliated mutual funds		(755,356	)		352,851
Annuity payments		(1,598,328	)		(1,385,945	)
Withdrawals and death benefits		(2,215,229	)		(1,568,666	)

Net increase (decrease) in net assets resulting from
participant transactions		(1,633,880	)		91,234

Net increase in net assets		11,157,485			24,073,250

NET ASSETS
Beginning of year		99,624,341			75,551,091

End of year	$	110,781,826		$	99,624,341

SEE NOTES TO FINANCIAL STATEMENTS

College Retirement Equities Fund 2004 Annual Report | 81

Statements of changes in net assets \|	College Retirement Equities Fund	continued

		Growth Account						Global Equities Account						Money Market Account

		Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
		December 31,			December 31,			December 31,			December 31,			December 31,			December 31,
(amounts in thousands)		2004			2003			2004			2003			2004			2003


FROM OPERATIONS
Investment income-net	$	85,323		$	64,689		$	144,890		$	102,747		$	71,492		$	56,349
Net realized gain (loss) on total investments		72,759			(322,758	)		839,907			(113,549	)		(396	)		93
Net change in unrealized appreciation
(depreciation) on total investments		524,842			2,556,755			199,440			1,971,742			(1,484	)		(1,578	)

Net increase in net assets resulting from operations		682,924			2,298,686			1,184,237			1,960,940			69,612			54,864


FROM PARTICIPANT TRANSACTIONS
Premiums		1,192,732			1,177,883			800,365			694,121			745,562			724,489
Net transfers from (to) TIAA		32,287			105,619			34,160			42,757			(1,210	)		(221,449	)
Net transfers from (to) other CREF Accounts and
affiliated mutual funds		(968,499	)		(51,495	)		340,736			164,809			(322,099	)		(542,853	)
Annuity payments		(30,417	)		(26,288	)		(32,705	)		(23,096	)		(52,315	)		(53,009	)
Withdrawals and death benefits		(297,015	)		(205,901	)		(219,928	)		(132,810	)		(566,000	)		(554,407	)

Net increase (decrease) in net assets resulting from
participant transactions		(70,912	)		999,818			922,628			745,781			(196,062	)		(647,229	)

Net increase (decrease) in net assets		612,012			3,298,504			2,106,865			2,706,721			(126,450	)		(592,365	)

NET ASSETS
Beginning of year		11,041,732			7,743,228			8,204,411			5,497,690			6,907,760			7,500,125

End of year	$	11,653,744		$	11,041,732		$	10,311,276		$	8,204,411		$	6,781,310		$	6,907,760

88 | 2004 Annual Report College Retirement Equities Fund

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College Retirement Equities Fund 2004 Annual Report | 89

Statements of changes in net assets \|	College Retirement Equities Fund	continued

		Equity Index Account						Bond Market Account						Social Choice Account

		Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
		December 31,			December 31,			December 31,			December 31,			December 31,			December 31,
(amounts in thousands)		2004			2003			2004			2003			2004			2003


FROM OPERATIONS
Investment income-net	$	128,392		$	77,027		$	216,571		$	213,349		$	156,000		$	111,594
Net realized gain (loss) on total investments		24,693			(37,056	)		25,716			131,247			59,537			13,948
Net change in unrealized appreciation
(depreciation) on total investments		762,244			(1,560,097	)		(27,144	)		(104,349	)		349,256			790,707

Net increase in net assets resulting from operations		915,329			1,600,068			215,143			240,247			564,793			916,249


FROM PARTICIPANT TRANSACTIONS
Premiums		794,664			677,897			449,155			486,904			587,414			517,472
Net transfers from (to) TIAA		26,172			46,038			(110,158	)		(65,052	)		(35,596	)		(5,405	)
Net transfers from (to) other CREF Accounts and
affiliated mutual funds		94,906			502,030			(320,543	)		(821,066	)		159,243			201,602
Annuity payments		(31,528	)		(22,780	)		(33,015	)		(32,614	)		(27,288	)		(21,151	)
Withdrawals and death benefits		(212,601	)		(122,986	)		(193,449	)		(185,828	)		(140,274	)		(97,695	)

Net increase (decrease) in net assets resulting from
participant transactions		671,613			1,080,199			(208,010	)		(617,656	)		543,499			594,823

Net increase (decrease) in net assets		1,586,942			2,680,267			7,133			(377,409	)		1,108,292			1,511,072

NET ASSETS
Beginning of year		7,432,047			4,751,780			5,408,805			5,786,214			5,893,322			4,382,250

End of year	$	9,018,989		$	7,432,047		$	5,415,938		$	5,408,805		$	7,001,614		$	5,893,322

90 | 2004 Annual Report College Retirement Equities Fund

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College Retirement Equities Fund 2004 Annual Report | 91

Statements of changes in net assets \|	College Retirement Equities Fund	concluded

		Inflation-Linked Bond Account

		Year Ended			Year Ended
		December 31,			December 31,
(amounts in thousands)		2004			2003


FROM OPERATIONS
Investment income-net	$	128,394		$	105,820
Net realized gain on total investments		40,537			104,049
Net change in unrealized appreciation
(depreciation) on total investments		53,354			(27,211	)

Net increase in net assets resulting from operations		222,285			182,658


FROM PARTICIPANT TRANSACTIONS
Premiums		295,190			285,521
Net transfers from (to) TIAA		8,802			(55,953	)
Net transfers from (to) other CREF Accounts and
affiliated mutual funds		495,327			(366,415	)
Annuity payments		(20,007	)		(15,746	)
Withdrawals and death benefits		(99,136	)		(77,917	)

Net increase (decrease) in net assets resulting from
participant transactions		680,176			(230,510	)

Net increase (decrease) in net assets		902,461			(47,852	)

NET ASSETS
Beginning of year		2,522,182			2,570,034

End of year	$	3,424,643		$	2,522,182

92 | 2004 Annual Report College Retirement Equities Fund

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Notes to financial statements \|	College Retirement Equities Fund

Note 1—significant accounting policies

The purpose of College Retirement Equities Fund (“CREF”), as stated in its charter, is to aid and strengthen non-profit educational and research organizations, governmental entities and other non-profit institutions by providing their employees with variable retirement benefits. CREF is registered with the Securities and Exchange Commission under the Investment Company Act of 1940 as an open-end management investment company. It consists of eight investment portfolios: the Stock, Growth, Global Equities, Money Market, Equity Index, Bond Market, Social Choice and Inflation-Linked Bond Accounts (“Accounts”). The financial statements were prepared in accordance with U.S. generally accepted accounting principles, which may require the use of estimates made by management. Actual results may vary from those estimates. The following is a summary of the significant accounting policies consistently followed by the Accounts.

Valuation of investments. Equity securities listed or traded on a national securities exchange are valued based on their sale price on such market or exchange at the close of business on the date of valuation, or at the mean of closing bid and asked prices if no sale is reported. Debt securities, other than money market instruments, are valued at the most recent bid price or the equivalent quoted yield for such securities (or those of comparable maturity, quality and type). Money market instruments (other than those in the Money Market Account), with maturities of one year or less, are valued in the same manner as debt securities or derived from a pricing matrix that has various types of money market instruments along one axis and various maturities along the other. Money market instruments in the Money Market Account with a remaining maturity of 60 days or less are valued on an amortized cost basis, or at market value if market value is materially different from amortized cost. Investments in registered investment companies are valued at their net asset value. Foreign investments are valued at the closing values of such securities as of the date of valuation under the generally accepted valuation method in the country where traded, converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. Futures contracts are valued at the last sale price as of the close of business on the board of trade or exchange on which they are traded. Portfolio securities for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Finance Committee of the Board of Trustees and in accordance with the responsibilities of the Board as a whole. Portfolio securities may also be valued at fair value as determined in good faith under the direction of the Board of Trustees if events materially affecting their value occur between the time their price is determined and the time the Account’s net asset value is calculated. The fair value of securities may be determined with the assistance of a pricing service, which attempts to calculate a fair value for securities based on numerous factors including correlations of a security’s price with securities indices and other appropriate indicators, such as ADR’s and futures contracts. Other factors may also be considered in determining fair value, such as fundamental analytical data, market and trading trends, and public trading of similar securities of the issuer or comparable issuers.

College Retirement Equities Fund 2004 Annual Report | 93

Notes to financial statements \|		continued

Accounting for investments. Securities transactions are accounted for as of the trade date. Interest income is recorded as earned and includes amortization of discounts and premiums. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, as soon thereafter as the Accounts are informed of the ex-dividend date. Realized gains and losses on security transactions are accounted for on the specific identification method.

Dollar roll transactions. The Accounts may enter into dollar rolls in which an Account sells securities for delivery in the current month and simultaneously contracts to repurchase substantially similar securities (same issuer and interest rate and substantially similar maturity) on a specified future date. During the roll period, an Account forgoes principal and interest paid on the securities. Dollar rolls are recorded as financing transactions. Dollar rolls can enhance an Account’s return by earning a spread between the yield on the underlying securities and short-term interest rates. The use of dollar roll transactions by the Bond Market and Social Choice Accounts results in borrowing requiring the presentation of a statement of cash flows.

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

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-

94 | 2004 Annual Report College Retirement Equities Fund

Notes to financial statements \|		continued

market” at the end of each day’s trading. The Accounts are also exposed to credit risk associated with counterparty nonperformance on these forward foreign currency contracts which is typically limited to the unrealized gain on each open contract.

Securities lending. The Accounts may lend portfolio securities to qualified institutions. Such loans are secured by collateral at least equal to 102% of the market value of the securities loaned for United States securities and 105% of the market value of securities loaned for foreign securities. The Accounts continue to receive income on the securities loaned and receive additional income from the lending transaction. Additionally, any change in the market value of the securities loaned is recognized by the Accounts. Although each transaction is collateralized, the Accounts would bear the risk of delay in recovery of, or loss of rights in, the securities loaned should a borrower fail to return the securities in a timely manner.

Futures contracts. The Accounts may use futures contracts to manage exposure to the equity markets or for cash management purposes to remain highly invested in the equity markets while minimizing transaction costs. Buying futures contracts tends to increase exposure to the underlying instrument/index, while selling futures contracts tends to decrease exposure to the underlying instrument/index or hedge other investments. Initial margin deposits are made upon entering into a futures contract and variation margin payments are made or received reflecting changes in the value of the futures contracts. Futures contracts are valued at the last sales price as of the close of 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.

College Retirement Equities Fund 2004 Annual Report | 95

Notes to financial statements \|		continued

Note 2—management agreements

Investment advisory services for the Accounts are provided by TIAA-CREF Investment Management, LLC (“Investment Management”) in accordance with an Investment Management Service Agreement with CREF. Investment Management is a registered investment adviser and a wholly-owned subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”), a companion organization of CREF.

Administrative services for the CREF Accounts and distribution functions for the Accounts’ certificates are provided by TIAA-CREF Individual & Institutional Services, LLC (“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 fee payments from the CREF Accounts on a daily basis according to formulas established each year with the objective of keeping the fees as close as possible to each Account’s actual expenses. Any differences between actual expenses and the 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, 2004, the market value of securities loaned and collateral received in connection therewith was comprised as follows:

	Stock	Growth	Global Equities
	Account	Account	Account

Market value of securities loaned	$3,595,560,258	$384,697,093	$533,719,439
Cash collateral	3,802,573,186	419,123,968	560,722,592

				Inflation-
	Equity Index	Bond Market	Social Choice	Linked Bond
	Account	Account	Account	Account

Market value of securities loaned	$216,020,065	$336,133,257	$320,622,202	$118,313,560
Cash collateral	224,352,394	344,142,523	330,958,688	120,712,572

96 | 2004 Annual Report College Retirement Equities Fund

Notes to financial statements \|		continued

At December 31, 2004, net unrealized appreciation (depreciation) of portfolio investments for each of the Accounts, consisting of gross unrealized appreciation and gross unrealized depreciation, were as follows:

			Net Unrealized
	Gross Unrealized	Gross Unrealized	Appreciation
	Appreciation	Depreciation	(Depreciation)

Stock Account	$24,959,952,566	$1,866,053,566	$23,093,899,000
Growth Account	1,627,791,651	479,788,164	1,148,003,487
Global Equities Account	1,502,390,593	141,976,593	1,360,414,000
Money Market Account	803	1,597,806	(1,597,003	)
Equity Index Account	2,189,264,230	590,946,230	1,598,318,000
Bond Market Account	79,047,611	35,560,611	43,487,000
Social Choice Account	1,417,748,998	214,753,998	1,202,995,000
Inflation-Linked Bond Account	219,891,592	1,214,592	218,677,000

At December 31, 2004, the Stock, Global Equities and Equity Index Accounts held open futures contracts as follows:

	Number of	Market	Expiration
	Contracts	Value	Date	Unrealized Gain

Stock Account
S&P 500 Index	2,765	$167,794,025	March 2005	$4,667,735


Global Equities Account
S&P 500 Index	1,610	$97,702,850	March 2005	$1,493,101


Equity Index Account
E-mini S&P 500 Index	344	$20,875,640	March 2005	$43,400
E-mini Russell 2000 Index	55	3,596,725	March 2005	28,692

				$72,092

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. Additionally, investments in other investment companies advised by Investment Management or affiliated entities are treated as affiliated. Information regarding transactions with affiliated companies is as follows:

	Stock	Bond Market
	Account	Account

Value of affiliated companies at
December 31, 2004:	$ 49,354,527	$ 3,681,484
For the year ended
December 31, 2004:
Dividend income	3,382,606	246,014
Realized gain	3,136,369	—

College Retirement Equities Fund 2004 Annual Report | 97

Notes to financial statements \|		continued

Purchases and sales of portfolio securities, other than short-term money market instruments, for the Accounts for the year ended December 31, 2004, were as follows:

	Stock	Growth	Global Equities	Equity Index	Bond Market	Social Choice	Inflation-Linked
	Account	Account	Account	Account	Account	Account	Bond Market

Purchases:
Unaffiliated companies	$58,775,037,018	$7,159,595,603	$7,501,874,774	$1,090,992,135	$13,374,864,874	$5,041,417,016	$4,060,535,682
Affiliated companies	2,179,925	—	—	—	246,014	—	—

Total Purchases	$58,777,216,943	$7,159,595,603	$7,501,874,774	$1,090,992,135	$13,375,110,888	$5,041,417,016	$4,060,535,682

Sales:
Unaffiliated companies	$58,771,246,510	$7,166,199,170	$6,528,267,101	$ 260,300,481	$13,191,607,997	$4,489,762,703	$3,231,761,068
Affiliated companies	15,163,384	—	—	—	—	—	—

Total Sales	$58,786,409,894	$7,166,199,170	$6,528,267,101	$ 260,300,481	$13,191,607,997	$4,489,762,703	$3,231,761,068

98 | 2004 Annual Report College Retirement Equities Fund

College Retirement Equities Fund 2004 Annual Report | 99

Notes to financial statements \|		continued

Note 4—condensed financial information

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

		Stock Account

		For the Years Ended December 31,

		2004			2003			2002			2001			2000

Per Accumulation Unit Data:
Investment income	$	3.564		$	2.796		$	2.476		$	2.432		$	2.472
Expenses		.717			.746			.638			.693			.626

Investment income-net		2.847			2.050			1.838			1.739	(a)		1.846
Net realized and unrealized
gain (loss) on total
investments		19.297			39.127			(35.535	)		(27.951	)(a)		(19.231	)

Net increase (decrease) in
Accumulation Unit Value		22.144			41.177			(33.697	)		(26.212	)		(17.385	)
Accumulation Unit Value:
Beginning of year		169.993			128.816			162.513			188.725			206.110

End of year	$	192.137		$	169.993		$	128.816		$	162.513		$	188.725

Total Return		13.03	%		31.97	%		(20.73	%)		(13.89	%)		(8.43	%)
Ratios to Average Net Assets:
Expenses		0.41	%		0.52	%		0.44	%		0.41	%		0.31	%
Investment income-net		1.63	%		1.43	%		1.28	%		1.03	%(a)		0.91	%
Portfolio Turnover Rate		57.85	%		47.46	%		31.19	%		29.41	%		32.65	%
Thousands of Accumulation Units
outstanding at end of year		494,584			499,306			493,295			508,889			525,111

(a)

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

100 | 2004 Annual Report College Retirement Equities Fund

Notes to financial statements \|		continued

		Growth Account

		For the Years Ended December 31,

		2004			2003			2002			2001			2000

Per Accumulation Unit Data:
Investment income	$	.672		$	.606		$	.488		$	.387		$	.509
Expenses		.249			.265			.231			.278			.320

Investment income-net		.423			.341			.257			.109	(a)		.189
Net realized and unrealized
gain (loss) on total
investments		3.005			11.572			(18.704	)		(18.345	)(a)		(20.788	)

Net increase (decrease) in
Accumulation Unit Value		3.428			11.913			(18.447	)		(18.236	)		(20.599	)
Accumulation Unit Value:
Beginning of year		54.838			42.925			61.372			79.608			100.207

End of year	$	58.266		$	54.838		$	42.925		$	61.372		$	79.608

Total Return		6.25	%		27.75	%		(30.06	%)		(22.91	%)		(20.56	%)
Ratios to Average Net Assets:
Expenses		0.45	%		0.54	%		0.46	%		0.43	%		0.31	%
Investment income-net		0.77	%		0.70	%		0.51	%		0.17	%(a)		0.18	%
Portfolio Turnover Rate		64.72	%		76.41	%		53.99	%		44.40	%		37.18	%
Thousands of Accumulation Units
outstanding at end of year		196,256			197,453			176,249			171,149			166,751

(a)

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

College Retirement Equities Fund 2004 Annual Report | 101

Notes to financial statements \|		continued

		Global Equities Account

		For the Years Ended December 31,

		2004			2003			2002			2001			2000

Per Accumulation Unit Data:
Investment income	$	1.462		$	1.249		$	.956		$	.985		$	.946
Expenses		.323			.325			.281			.320			.325

Investment income-net		1.139			.924			.675			.665	(a)		.621
Net realized and unrealized
gain (loss) on total
investments		8.064			16.227			(14.853	)		(16.493	)(a)		(16.281	)

Net increase (decrease) in
Accumulation Unit Value		9.203			17.151			(14.178	)		(15.828	)		(15.660	)
Accumulation Unit Value:
Beginning of year		68.235			51.084			65.262			81.090			96.750

End of year	$	77.438		$	68.235		$	51.084		$	65.262		$	81.090

Total Return		13.49	%		33.57	%		(21.72	%)		(19.52	%)		(16.19	%)
Ratios to Average Net Assets:
Expenses		0.46	%		0.57	%		0.49	%		0.46	%		0.35	%
Investment income-net		1.62	%		1.60	%		1.18	%		0.95	%(a)		0.68	%
Portfolio Turnover Rate		74.13	%		139.61	%		95.70	%		111.91	%		98.06	%
Thousands of Accumulation Units
outstanding at end of year		129,787			117,021			104,438			99,558			99,622

(a)

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

102 | 2004 Annual Report College Retirement Equities Fund

Notes to financial statements \|		continued

		Money Market Account

		For the Years Ended December 31,

		2004			2003			2002			2001			2000

Per Accumulation Unit Data:
Investment income	$	.307		$	.264		$	.407		$	.888		$	1.273
Expenses		.078			.097			.082			.069			.055

Investment income-net		.229			.167			.325			.819			1.218
Net realized and unrealized
gain (loss) on total
investments		(.006	)		(.004	)		(.005	)		.009			.007

Net increase in
Accumulation Unit Value		.223			.163			.320			.828			1.225
Accumulation Unit Value:
Beginning of year		21.801			21.638			21.318			20.490			19.265

End of year	$	22.024		$	21.801		$	21.638		$	21.318		$	20.490


Total Return		1.02	%		0.75	%		1.50	%		4.04	%		6.36	%
Ratios to Average Net Assets:
Expenses		0.36	%		0.45	%		0.38	%		0.33	%		0.28	%
Investment income-net		1.05	%		0.77	%		1.51	%		3.88	%		6.12	%
Thousands of Accumulation Units
outstanding at end of year		297,573			305,732			334,898			338,791			315,206

College Retirement Equities Fund 2004 Annual Report | 103

Notes to financial statements \|		continued

		Equity Index Account

		For the Years Ended December 31,

		2004			2003			2002			2001			2000

Per Accumulation Unit Data:
Investment income	$	1.400		$	1.073		$	1.003		$	.973		$	1.055
Expenses		.256			.278			.248			.258			.233

Investment income-net		1.144			.795			.755			.715	(a)		.822
Net realized and unrealized
gain (loss) on total
investments		6.954			15.521			(15.713	)		(9.849)	(a)		(7.216	)

Net increase (decrease) in
Accumulation Unit Value		8.098			16.316			(14.958	)		(9.134	)		(6.394	)
Accumulation Unit Value:
Beginning of year		70.093			53.777			68.735			77.869			84.263

End of year	$	78.191		$	70.093		$	53.777		$	68.735		$	77.869


Total Return		11.55	%		30.34	%		(21.76	%)		(11.73	%)		(7.59	%)
Ratios to Average Net Assets:
Expenses		0.36	%		0.46	%		0.41	%		0.37	%		0.28	%
Investment income-net		1.60	%		1.33	%		1.26	%		1.02	%(a)		0.98	%
Portfolio Turnover Rate		3.27	%		3.40	%		7.02	%		6.14	%		9.42	%
Thousands of Accumulation Units
outstanding at end of year		112,708			103,603			86,020			75,254			62,018

(a)

104 | 2004 Annual Report College Retirement Equities Fund

Notes to financial statements \|		continued

		Bond Market Account

		For the Years Ended December 31,

		2004			2003			2002			2001			2000

Per Accumulation Unit Data:
Investment income	$	3.265		$	2.946		$	3.317		$	3.258		$	3.636
Expenses		.292			.347			.261			.242			.174

Investment income-net		2.973			2.599			3.056			3.016	(a)		3.462
Net realized and unrealized
gain on total investments		.015			.377			3.236			1.571	(a)		2.621

Net increase in
Accumulation Unit Value		2.988			2.976			6.292			4.587			6.083
Accumulation Unit Value:
Beginning of year		71.713			68.737			62.445			57.858			51.775

End of year	$	74.701		$	71.713		$	68.737		$	62.445		$	57.858


Total Return		4.17	%		4.33	%		10.08	%		7.93	%		11.75	%
Ratios to Average Net Assets:
Expenses		0.40	%		0.49	%		0.41	%		0.43	%		0.33	%
Investment income-net		4.07	%		3.69	%		4.75	%		5.36	%(a)		6.50	%
Portfolio Turnover Rate		100.40	%		163.84	%		249.41	%		257.02	%		377.44	%(b)
Thousands of Accumulation Units
outstanding at end of year		70,239			73,111			81,952			71,368			54,745

(a)	As required, effective January 1, 2001, the Accounts adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premiums and discounts on all debt securities. For the Bond Market Account, the effect of this change for the year ended December 31, 2001 was to decrease investment income-net per Accumulation Unit by $.067, increase net realized and unrealized gain per Accumulation Unit by $.067 and de- crease the ratio of investment income-net to average net assets by .12%. Per Accumulation Unit amounts and ratios for the period prior to January 1, 2001 have not been restated to reflect this change in presentation.

(b)	During 2000, the Bond Market Account began structuring dollar rolls as financing transactions; had these transac- tions been treated for the entire year as purchases and sales, rather than as financing transactions, the portfolio turnover rate for the year ended December 31, 2000 would have been 552.94%.

College Retirement Equities Fund 2004 Annual Report | 105

Notes to financial statements \|		continued

		Social Choice Account

		For the Years Ended December 31,

		2004			2003			2002			2001			2000

Per Accumulation Unit Data:
Investment income	$	2.883		$	2.418		$	2.687		$	2.766		$	3.188
Expenses		.377			.422			.337			.352			.282

Investment income-net		2.506			1.996			2.350			2.414	(a)		2.906
Net realized and unrealized
gain (loss) on total
investments		6.473			14.293			(10.756	)		(7.003)	(a)		(2.582	)

Net increase (decrease) in
Accumulation Unit Value		8.979			16.289			(8.406	)		(4.589	)		0.324
Accumulation Unit Value:
Beginning of year		99.580			83.291			91.697			96.286			95.962

End of year	$	108.559		$	99.580		$	83.291		$	91.697		$	96.286


Total Return		9.02	%		19.56	%		(9.17	%)		(4.77	%)		0.34	%
Ratios to Average Net Assets:
Expenses		0.37	%		0.47	%		0.39	%		0.40	%		0.30	%
Investment income-net		2.46	%		2.22	%		2.75	%		2.77	%(a)		3.04	%
Portfolio Turnover Rate		36.51	%		40.91	%		92.82	%		68.64	%		117.10	%(b)
Thousands of Accumulation Units
outstanding at end of year		62,316			57,111			50,707			46,290			42,550

(a)	As required, effective January 1, 2001, the Accounts adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premiums and discounts on all debt securities. For the Social Choice Account, the effect of this change for the year ended December 31, 2001 was to decrease investment income-net per Accumulation Unit by $.019, increase net realized and unrealized loss per Accumulation Unit by $.019 and decrease the ratio of investment income-net to average net assets by .02%. Per Accumulation Unit amounts and ratios for the period prior to January 1, 2001 have not been restated to reflect this change in presentation.

(b)	During 2000, the Social Choice Account began structuring dollar rolls as financing transactions; had these transac- tions been treated for the entire year as purchases and sales, rather than as financing transactions, the portfolio turnover rate for the year ended December 31, 2000 would have been 196.05%

106 | 2004 Annual Report College Retirement Equities Fund

Notes to financial statements \|		continued

		Inflation-Linked Bond Account

		For the Years Ended December 31,

		2004			2003			2002			2001			2000

Per Accumulation Unit Data:
Investment income	$	2.028		$	1.764		$	1.797		$	1.816		$	2.113
Expenses		.166			.193			.147			.122			.083

Investment income-net		1.862			1.571			1.650			1.694	(a)		2.030
Net realized and unrealized
gain on total investments		1.497			1.395			3.817			.692	(a)		1.491

Net increase in
Accumulation Unit Value		3.359			2.966			5.467			2.386			3.521
Accumulation Unit Value:
Beginning of year		41.937			38.971			33.504			31.118			27.597

End of year	$	45.296		$	41.937		$	38.971		$	33.504		$	31.118


Total Return		8.01	%		7.61	%		16.32	%		7.67	%		12.76	%
Ratios to Average Net Assets:
Expenses		0.39	%		0.48	%		0.41	%		0.36	%		0.29	%
Investment income-net		4.34	%		3.93	%		4.56	%		4.93	%(a)		6.97	%
Portfolio Turnover Rate		110.22	%		239.72	%		31.33	%		42.16	%		17.17	%
Thousands of Accumulation Units
outstanding at end of year		72,643			57,499			63,825			35,274			15,188

(a)

As required, effective January 1, 2001, the Accounts adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premiums and discounts on all debt securities. For the Inflation- Linked Bond Account, the effect of this change for the year ended December 31, 2001 was to decrease investment income-net per Accumulation Unit by $.031, increase net realized and unrealized gain per Accumulation Unit by $.031 and decrease the ratio of investment income-net to average net assets by .11%. Per Accumulation Unit amounts and ratios for the period prior to January 1, 2001 have not been restated to reflect this change in presentation.

College Retirement Equities Fund 2004 Annual Report | 107

Notes to financial statements \|		continued

Note 5—accumulation units

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

	Stock Account				Growth Account

	Year Ended		Year Ended		Year Ended		Year Ended
	December 31,		December 31,		December 31,		December 31,
	2004		2003		2004		2003

Accumulation Units:
Credited for premiums	19,682,827		21,146,719		21,670,197		24,965,571
Cancelled for transfers,
disbursements and amounts
applied to the Annuity Fund	(24,404,881	)	(15,135,851	)	(22,867,520	)	(3,761,744	)
Outstanding:
Beginning of year	499,306,239		493,295,371		197,453,083		176,249,256

End of year	494,584,185		499,306,239		196,255,760		197,453,083


	Global Equities Account				Money Market Account

	Year Ended		Year Ended		Year Ended		Year Ended
	December 31,		December 31,		December 31,		December 31,
	2004		2003		2004		2003

Accumulation Units:
Credited for premiums	11,615,737		12,386,162		34,061,295		33,351,596
Credited (cancelled) for transfers,
disbursements and amounts
applied to the Annuity Fund	1,149,620		197,226		(42,220,296	)	(62,518,026	)
Outstanding:
Beginning of year	117,021,148		104,437,760		305,731,978		334,898,408

End of year	129,786,505		117,021,148		297,572,977		305,731,978


	Equity Index Account				Bond Market Account

	Year Ended		Year Ended		Year Ended		Year Ended
	December 31,		December 31,		December 31,		December 31,
	2004		2003		2004		2003

Accumulation Units:
Credited for premiums	11,058,206		11,367,099		6,209,468		6,951,319
Credited (cancelled) for transfers,
disbursements and amounts
applied to the Annuity Fund	(1,953,274	)	6,215,862		(9,081,346	)	(15,792,451	)
Outstanding:
Beginning of year	103,603,273		86,020,312		73,111,214		81,952,346

End of year	112,708,205		103,603,273		70,239,336		73,111,214

108 | 2004 Annual Report College Retirement Equities Fund

Notes to financial statements \|		concluded

	Social Choice Account			Inflation-Linked Bond Account

	Year Ended		Year Ended	Year Ended	Year Ended
	December 31,		December 31,	December 31,	December 31,
	2004		2003	2004	2003

Accumulation Units:
Credited for premiums	5,751,257		5,768,557	6,796,162	7,056,865
Credited (cancelled) for transfers,
disbursements and amounts
applied to the Annuity Fund	(545,998	)	634,823	8,347,847	(13,383,199	)
Outstanding:
Beginning of year	57,110,503		50,707,123	57,498,983	63,825,317

End of year	62,315,762		57,110,503	72,642,992	57,498,983

Note 6—line of credit

Each of the Accounts, except the Bond Market and Money Market 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. 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. The Accounts are not liable for borrowings under the facility by affiliated accounts or mutual funds. For the year ended December 31, 2004, there were no borrowings under this credit facility by the Accounts.

College Retirement Equities Fund 2004 Annual Report | 109

Report of independent registered public accounting firm

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

We have audited the accompanying statements of assets and liabilities, including the summary portfolios of investments, of College Retirement Equities Fund (“CREF”) (comprising, respectively, the Stock, Growth, Global Equities, Money Market, Equity Index, Bond Market, Social Choice and Inflation-Linked Bond Accounts) as of December 31, 2004, and the related statements of operations and cash flows (with respect to the Bond Market and Social Choice Accounts) 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 the standards of the Public Company Accounting Oversight Board (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, 2004 by correspondence with the custodian and others. 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 each of the respective Accounts constituting College Retirement Equities Fund at December 31, 2004, the results of their operations and cash flows (with respect to the Bond Market and Social Choice Accounts) 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 U.S. generally accepted accounting principles.

Ernst & Young LLP

New York, New York
February 25, 2005

110 | 2004 Annual Report College Retirement Equities Fund

Additional information

Mr. William H. Waltrip, a trustee of TIAA, and Professor Stephen A. Ross, a trustee of CREF and the other TIAA-CREF registered investment companies (the “TIAA-CREF Funds”), resigned from their respective boards on November 30, 2004.

On August 1, 2003, the valuation practice, a non-auditing practice of Ernst & Young, LLP (“E&Y”), the independent auditor to TIAA and the TIAA-CREF Funds, entered into an agreement with a company owned by the two trustees among others, a majority of which was owned by Professor Ross. The business relationship was created to develop intellectual property and related services to value corporate stock options. The aggregate amount paid by E&Y to the company under this agreement was approximately $1.33 million of which Professor Ross received, or will receive, approximately $335,000 (of which $60,000 represented reimbursement of expenses and $25,000 represented repayment of a loan he made to the company). Mr. Waltrip has not received any payment from the company. The agreement and business activity thereunder was terminated on August 20, 2004 and a dissolution agreement was signed as of November 17, 2004.

E&Y informed TIAA and the TIAA-CREF Funds that the business relationship between E&Y and the company owned by the trustees was not in accordance with the auditor independence standards of Regulation S-X and the Public Company Accounting Oversight Board. E&Y also notified the SEC and the Audit Committees of TIAA and the TIAA-CREF Funds of this business relationship. The Audit Committees consist entirely of independent trustees having no business relationships with TIAA, the TIAA-CREF Funds or E&Y.

The Audit Committees of TIAA and the TIAA-CREF Funds, and E&Y, each determined that the trustee’s business relationship with E&Y did not compromise E&Y’s independence from either TIAA or the TIAA-CREF Funds or the integrity or objectivity of the respective audits for 2003 and 2004. This determination was based on, among other things, the fact that the E&Y audit team was not aware of the business relationship when they issued the 2003 audit opinions on the financial statements of TIAA and the TIAA-CREF Funds and the business activity under the agreement was ceased in 2004 upon identification of the matter. Professor Ross and Mr. Waltrip had no other functions or responsibilities as Board members that would have caused them to have direct dealings with the E&Y audit team. Professor Ross and Mr. Waltrip were not members of the Audit Committees.

TIAA and/or the TIAA-CREF Funds have taken steps to ensure that their respective trustees will identify promptly any business relationships that may bring the independence of the outside auditors into question. These steps include revising their officers and trustees questionnaires, improving the questionnaire review process, receiving quarterly auditor independence certifications, and enhancing continuing education for all trustees regarding SEC matters.

In November 2004, TIAA and the TIAA-CREF Funds initiated a request for proposal process to seek accounting firms with the requisite capacity and expertise to perform their respective 2005 audits, which was recently completed. In con-

continued

College Retirement Equities Fund 2004 Annual Report | 111

Additional Information

concluded

nection with this process, Professor Martin J. Gruber, the Chairman of the TIAA-CREF Funds, informed the Boards of CREF and the TIAA-CREF Funds that in 1999, he entered into a one-year contract to participate in an academic advisory program sponsored by a non-auditing practice of E&Y. The purpose of the program was to organize conferences, develop publications, and consult on engagements as an expert in his field. Professor Gruber advised the Boards of CREF and the TIAA-CREF Funds that the program was ended before it was launched and the contract expired in 2000.

Based on the facts described above, the Audit Committees of TIAA, CREF and the TIAA-CREF Funds, and E&Y, determined that Professor Gruber’s contract did not impair the audit independence of E&Y’s audit work for TIAA-CREF or the integrity or objectivity of the respective audits. But in keeping with TIAA-CREF’s current standards of auditor independence, Professor Gruber resigned from the Boards of CREF and the TIAA-CREF Funds.

On February 28, 2005, TIAA, CREF and the TIAA-CREF Funds determined and E&Y agreed that the audit relationship between E&Y and TIAA, CREF and the TIAA-CREF Funds will cease. E&Y will complete its audit work for TIAA, CREF and the TIAA-CREF Funds for their respective 2004 audits.

At a meeting held on February 28, 2005, the Audit Committees of TIAA, CREF and the TIAA-CREF Funds, along with the respective Boards of Trustees, approved the appointment of PricewaterhouseCoopers LLP as the independent registered public accounting firm for these entities for their 2005 audits, effective upon completion of PricewaterhouseCoopers’ customary client acceptance procedures and execution of an engagement letter.

On December 6, 2004, the staff of the SEC informed TIAA and the TIAA-CREF Funds that it is conducting an informal inquiry into the E&Y auditor independence matter. TIAA and the TIAA-CREF Funds are fully cooperating with the SEC staff in connection with the informal inquiry.

112 | 2004 Annual Report College Retirement Equities Fund

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College Retirement Equities Fund 2004 Annual Report | 113

Management \|	Trustees and officers of the College Retirement Equities Fund

Current CREF board of trustees and executive officers

DISINTERESTED TRUSTEES

				Number of
				portfolios
				in fund
	Position(s)	Term of office		complex
	held with	and length of	Principal occupation(s)	overseen	Other directorships
Name, address and age	CREF	time served	during past 5 years	by trustee	held by trustee

Willard T. Carleton	Trustee	One year term.	Professor of Finance Emeritus, University	60	None
4911 E. Parade Ground Loop		Trustee since 2003.	of Arizona, College of Business and Public
Tucson, AZ 85712-6623			Administration, 2001–present. Formerly,
Age: 70			Donald R. Diamond Professor of Finance,
			University of Arizona, 1999–2001, and Karl L.
			Eller Professor of Finance, University of Arizona,
			1984–1999. Trustee of TIAA, 1984–2003.

Nancy L. Jacob	Trustee	One year term.	President and Managing Principal, Windermere	60	Director and Chairman of the
Windermere Investment Associates		Trustee since 1979.	Investment Associates, 1997–present. Formerly,		Investment Committee of the
121 S.W. Morrison Street			Chairman and Chief Executive Officer,		Okabena Company (financial
Suite 925			CTC Consulting, Inc., 1994–1997 and		services).
Portland, OR 97204			Executive Vice President, U.S. Trust of the
Age: 61			Pacific Northwest, 1993–1998.

Bevis Longstreth	Trustee	One year term.	Retired Partner, Debevoise & Plimpton.	60	Member of the Board of
Debevoise & Plimpton		Trustee since 1996.	Formerly, Partner (1970–1981, 1984–1997)		Directors of AMVESCAP, PLC
919 Third Avenue			and Of Counsel (1998–2001) of Debevoise &		and Chairman of the Finance
New York, NY 10022-6225			Plimpton, Adjunct Professor at Columbia		Committee of the Rockefeller
Age: 70			University School of Law, 1994–1999 and		Family Fund.
			Commissioner of the U.S. Securities and
			Exchange Commission, 1981–1984.

114 | 2004 Annual Report College Retirement Equities Fund

Name, address and age	CREF	time served	during past 5 years	by trustee	held by trustee
Bridget A. Macaskill	Trustee	One year term.	Independent Consultant for Merrill Lynch,	60	Director, J Sainsbury plc (food
160 East 81st Street		Trustee since 2003.	2003–present. Formerly, Chairman,		retailer) and Prudential plc.
New York, NY 10028			Oppenheimer Funds, Inc., 2000–2001.		International Advisory Board,
Age: 56			Chief Executive Officer, 1995–2001; President,		British-American Business
			1991–2000; and Chief Operating Officer,		Council.
			1989–1995 of that firm.

Maceo K. Sloan	Trustee	One year term.	Chairman, President and Chief Executive Officer,	60	Director, SCANA Corporation
NCM Capital Management		Trustee since 1991.	Sloan Financial Group, Inc., 1991–present;		(energy holding company) and
Group, Inc.			Chairman and Chief Executive Officer,		M&F Bancorp, Inc.
2634 Durham-Chapel Hill Boulevard			NCM Capital Management Group, Inc.,
Suite 206			since 1999; and Chairman, CEO and CIO,
Durham, NC 27707			NCM Capital Advisers Inc., 2003–present.
Age: 55

Ahmed H. Zewail	Trustee	One year term.	Linus Pauling Chair Professor of Chemistry and	60	None
California Institute Of Technology		Trustee since 2004.	Professor of Physics, Caltech, 1996-present;
Arthur Amos Noyes Laboratory			and Director, NSF Laboratory for Molecular
of Chemical Physics			Sciences (LMS), Caltech, 1995-present.
Mail Code 127-72
1200 East California Boulevard
Pasadena, CA 91125
Age: 58

College Retirement Equities Fund 2004 Annual Report | 115

Management \|	Trustees and officers of the College Retirement Equities Fund

EXECUTIVE OFFICERS

	Position(s) held	Term of office and
Name, address and age	with CREF	length of time served	Principal occupation(s) during past 5 years

Herbert M. Allison, Jr.	President and	Indefinite term.	Chairman, President and Chief Executive Officer of TIAA since 2002. President and Chief Executive
TIAA-CREF	Chief Executive	President and	Officer of CREF, TIAA-CREF Mutual Funds, TIAA-CREF Institutional Mutual Funds, TIAA-CREF Life Funds
730 Third Avenue	Officer	Chief Executive	and TIAA Separate Account VA-1 (these funds are collectively referred to as the “TIAA-CREF Funds”)
New York, NY 10017-3206		Officer since 2002.	since 2002. Formerly, President and Chief Executive Officer of Alliance for LifeLong Learning, Inc.,
Age: 61			2000–2002. President, Chief Operating Officer and Member of the Board of Directors of Merrill
			Lynch & Co., Inc., 1997–1999. Member of the Board of Directors, New York Stock Exchange.

Gary Chinery	Vice President	Indefinite term.	Vice President and Treasurer of TIAA and the TIAA-CREF Funds since 2004. Vice President and
TIAA-CREF	and Treasurer	Vice President	Treasurer of Advisors, TIAA-CREF Investment Management, LLC (“Investment Management”),
730 Third Avenue		and Treasurer	TIAA-CREF Individual and Institutional Services, LLC (“Services”), Teachers Personal Investors
New York, NY 10017-3206		since 2004.	Services, Inc. (“TPIS”), TIAA-CREF Tuition Financing, Inc. (“Tuition Financing”) and TIAA-CREF Life
Age: 55			Insurance Company (“TIAA-CREF Life”).

Scott C. Evans	Executive Vice	Indefinite term.	Executive Vice President since 1997 and Chief Investment Officer since 2004 of TIAA and the
TIAA-CREF	President and	Executive Vice	TIAA-CREF Funds since 2003. President and Chief Executive Officer of Investment Management
730 Third Avenue	Chief Investment	President since 1997.	and Advisors and Director of Advisors and TIAA-CREF Life. Formerly, Executive Vice President, CREF
New York, NY 10017-3206	Officer	Chief Investment	Investments.
Age: 45		Officer since 2004.

I. Steven Goldstein	Executive Vice	Indefinite term.	Executive Vice President, Public Affairs, of TIAA and the TIAA-CREF Funds since 2003. Formerly,
TIAA-CREF	President	Executive Vice	Advisor for McKinsey & Company, 2003; Vice President, Corporate Communications for Dow Jones &
730 Third Avenue		President since 2003.	Co. and The Wall Street Journal, 2001–2002; and Senior Vice President and Chief Communications
New York, NY 10017-3206			Officer for Insurance Information Institute, 1993–2001.
Age: 52

E. Laverne Jones	Vice President	Indefinite term.	Vice President and Corporate Secretary of TIAA and the TIAA-CREF Funds since 1998.
TIAA-CREF	and Corporate	Vice President and
730 Third Avenue	Secretary	Corporate Secretary
New York, NY 10017-3206		since 1998.
Age: 55

116 | 2004 Annual Report College Retirement Equities Fund

Susan S. Kozik	Executive Vice	Indefinite term.	Executive Vice President and Chief Technology Officer of TIAA and the TIAA-CREF Funds since 2003.
TIAA-CREF	President	Executive Vice	Formerly, Vice President of IT Operations and Services, Lucent Technologies, 2000–2003; and
730 Third Avenue		President since 2003.	Senior Vice President and Chief Technology Officer, Penn Mutual Life Insurance Company,
New York, NY 10017-3206			1997–2000	.
Age: 47

George W. Madison	Executive Vice	Indefinite term.	Executive Vice President and General Counsel of TIAA and the TIAA-CREF Funds since 2003.
TIAA-CREF	President	Executive Vice	Formerly Executive Vice President, Corporate Secretary, and General Counsel of Comerica
730 Third Avenue		President since 2003.	Incorporated, 1997–2002.
New York, NY 10017-3206
Age: 51

Erwin W. Martens	Executive Vice	Indefinite term.	Executive Vice President, Risk Management, of TIAA and the TIAA-CREF Funds since 2003. Director
TIAA-CREF	President	Executive Vice	of Advisors, Services, TPIS, Tuition Financing and TIAA-CREF Life and Manager of Investment
730 Third Avenue		President since 2003.	Management. Formerly, Managing Director and Chief Risk Officer, Putnam Investments, 1999–2003;
New York, NY 10017-3206			and Head and Deputy Head of Global Market Risk Management, 1997–1999.
Age: 48

Elizabeth A. Monrad	Executive Vice	Indefinite term.	Executive Vice President and Chief Financial Officer of TIAA and the TIAA-CREF Funds since 2003.
TIAA-CREF	President	Executive Vice	Executive Vice President of TPIS, Services, Advisors, Investment Management and Tuition Financing.
730 Third Avenue		President since 2003.	Director of Investment Management. Executive Vice President of TPIS, Services and Tuition Financing.
New York, NY 10017-3206			Director of Advisors, TPIS, Tuition Financing and TIAA-CREF Life. Manager of Investment Management
Age: 50			and Services. Executive Vice President, Finance, Actuarial and Facilities of TIAA-CREF Life. Formerly,
			Chief Financial Officer and Senior Vice President of General Re (2000–2003), Chief Financial Officer
			of its North American Reinsurance Operations (1997–2000) and Corporate Treasurer. Director,
			Colgate-Palmolive Company.

Frances Nolan	Executive Vice	Indefinite term.	Executive Vice President, Client Services, of TIAA and the TIAA-CREF Funds since 2000. President,
TIAA-CREF	President	Executive Vice	Chief Executive Officer and Manager of Services. Director of TPIS, Tuition Financing and TIAA-CREF
730 Third Avenue		President since 2000.	Life. Formerly, Executive Vice President, Retirement Services, CREF and TIAA, 2000–2003; Vice
New York, NY 10017-3206			President, Eastern Division, 1994–2000.
Age: 47

College Retirement Equities Fund 2004 Annual Report | 117

Management \|	Trustees and officers of the College Retirement Equities Fund

EXECUTIVE OFFICERS—continued

	Position(s) held	Term of office and
Name, address and age	with CREF	length of time served	Principal occupation(s) during past 5 years

Dermot J. O’Brien	Executive Vice	Indefinite term.	Executive Vice President, Human Resources, of TIAA and the TIAA-CREF Funds since 2003. Director,
TIAA-CREF	President	Executive Vice	TIAA-CREF Life. Formerly, First Vice President and Head of Human Resources, International Private
730 Third Avenue		President since 2003.	Client Division, Merrill Lynch & Co., 1999–Feb. 2003; and Vice President and Head of Human
NY 10017-3206			Resources—Japan Morgan Stanley, 1998–1999.
Age: 38

Bertram L. Scott	Executive Vice	Indefinite term.	Executive Vice President, Product Management, of TIAA and the TIAA-CREF Funds since 2000.
TIAA-CREF	President	Executive Vice	Chairman of the Board, President and Chief Executive Officer of TIAA-CREF Life. Director of TPIS;
730 Third Avenue		President since 2000.	Manager of Services; President and Director of Tuition Financing. Formerly, President and Chief
New York, NY 10017-3206			Executive Officer, Horizon Mercy, 1996–2000.
Age: 53

118 | 2004 Annual Report College Retirement Equities Fund

[This page intentionally left blank.]

HOW TO REACH US

TIAA-CREF WEB CENTER		PLANNING AND SERVICE CENTER
Account performance, personal account		TIAA-CREF Mutual Funds, after-tax annuities
information and transactions, product		and life insurance
descriptions, and information about
investment choices and income options		800 223-1200
		8 a.m. to 10 p.m. ET, Monday–Friday
www.tiaa-cref.org
24 hours a day, 7 days a week		FOR HEARING- OR SPEECH-IMPAIRED
		PARTICIPANTS
AUTOMATED TELEPHONE SERVICE
Check account performance and accumula-		800 842-2755
tion balances, change allocations, transfer		8 a.m. to 10 p.m. ET, Monday–Friday
funds and verify credited premiums.		9 a.m. to 6 p.m. ET, Saturday

800 842-2252		TIAA-CREF TRUST COMPANY, FSB
24 hours a day, 7 days a week		Asset management, trust administration,
		estate planning, planned giving and
TELEPHONE COUNSELING CENTER		endowment management
Retirement saving and planning, income
options and payments, and tax reporting		888 842-9001
		8 a.m. to 5 p.m. CT, Monday–Friday
800 842-2776
8 a.m. to 10 p.m. ET, Monday–Friday		TIAA-CREF TUITION FINANCING, INC.
9 a.m. to 6 p.m. ET, Saturday		Tuition financing programs


		888 381-8283
		8 a.m. to 11 p.m. ET, Monday–Friday

For historical and current performance information for CREF variable annuity accounts, for the TIAA Real Estate Account, or any of our products, visit the TIAA-CREF Web Center at www.tiaa-cref.org, or call 800 842-2776. A Form 10-K Annual Report and Form 10-Q Quarterly Reports for the TIAA Real Estate Account are available on request.

TIAA-CREF Individual & Institutional Services, LLC, and Teachers Personal Investors Services, Inc., distribute securities products. You should consider the investment objectives, risks, charges and expenses carefully before investing. Please call 877 518-9161 for a prospectus that contains this and other information. Please read the prospectus carefully before investing. TIAA-CREF Investment Management serves as investment manager to CREF. Teachers Insurance and Annuity Association (TIAA), New York, NY, and TIAA-CREF Life Insurance Co., New York, NY, issue insurance and annuities. TIAA-CREF Trust Company, FSB, provides trust services. Investment products are not FDIC insured, may lose value and are not bank guaranteed.

		PRST STD U.S. POSTAGE PAID TIAA-CREF
730 Third Avenue
New York, NY 10017-3206












	Printed on recycled paper	A10922
C32864		02/05


730 Third Avenue
New York, NY 10017-3206












	Printed on recycled paper	A10922
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Item 2. Code of Ethics.

The Board of Trustees of the College Retirement Equities Fund (the “Registrant”) has a code of ethics for senior financial officers, including its principal executive officer, principal financial officer, principal accounting officer, or controller, and persons performing similar functions, in conformity with rules promulgated under the Sarbanes-Oxley Act of 2002. The code of ethics is filed as an exhibit to this annual report.

During the reporting period, there were no implicit or explicit waivers granted by the Registrant from any provision of the code of ethics.

Item 3. Audit Committee Financial Expert.

The Board of Trustees of the Registrant has determined that Maceo K. Sloan is qualified and will continue to serve as the audit committee financial expert on the Registrant’s audit committee. Mr. Sloan is an independent trustee – i.e., he is not an interested person of the Registrant as defined in the Investment Company Act of 1940, nor has he accepted directly or indirectly any consulting, advisory or other compensatory fee from the Registrant, other than in his capacity as Trustee.

Item 4. Principal Accountant Fees and Services.

Ernst & Young performs independent audits of the Registrant’s financial statements. To maintain auditor independence and avoid even the appearance of conflicts of interest, the Registrant, as a policy, does not engage Ernst & Young for management advisory or consulting services.

Audit Fees. Ernst & Young’s fees for professional services rendered for the audit of the Registrant’s annual financial statements (including Sarbanes-Oxley-related activities) for the fiscal years ended December 31, 2004 and December 31, 2003 were $1,101,900 and $460,700, respectively.

Tax Fees. Ernst & Young fees for tax services rendered to the Registrant for the fiscal years ended December 31, 2004 and 2003, were $0.

Other than as set forth above, Ernst & Young had no additional fees with respect to Registrant.

Preapproval Policy. In June of 2003, the Registrant’s audit committee (“Audit Committee”) adopted a Preapproval Policy for External Audit Firm Services (the “Policy”). The Policy describes the types of services that may be provided by the independent auditor to the Registrant without impairing the auditor’s independence. Under the Policy, the Audit Committee is required to preapprove services to be performed by the Registrant’s independent auditor in order to ensure that such services do not impair the auditor’s independence.

The Policy requires the Audit Committee to: (i) appoint the independent auditor to perform the financial statement audit for the Registrant and certain of its affiliates, including approving the terms of the engagement and (ii) preapprove the audit, audit-related and tax services to be provided by the independent auditor and the fees to be charged for provision of such services from year to year.

Auditor Fees for Related Entities. The aggregate non-audit fees billed by Ernst & Young for services rendered to the Registrant and its adviser or affiliates of the adviser performing ongoing services to the Registrant, including TIAA, for the year ended December 31, 2004 are $204,800 and for the year ended December 31, 2003 were $171,000.

Ernst & Young’s aggregate fees for professional services rendered in connection with the audit of financial statements for Teachers Insurance and Annuity Association of America (“TIAA”) and the College Retirement Equities Fund (“CREF”) and their affiliated entities for the year ended December 31, 2004 are $7,703,700 and for the year ended December 31, 2003 were $3,955,300. Ernst & Young’s aggregate fees for audit related-services provided to TIAA and CREF and their affiliated entities for the year ended December 31, 2004 are $204,800 and for the year ended December 31, 2003 were $171,000. Ernst & Young’s aggregate fees for tax services provided to TIAA and CREF and their affiliated entities for the year ended December 31, 2004 are $250,600 and for the year ended December 31, 2003 were $229,900.

Report of Independent Registered Public Accounting Firm

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

We have audited the statements of assets and liabilities, including the summary portfolios of investments, of College Retirement Equities Fund (“CREF”) (comprising, respectively, the Stock, Growth, Global Equities, Money Market, Equity Index, Bond Market, Social Choice and Inflation-Linked Bond Accounts) as of December 31, 2004, and the related statements of operations and cash flows (with respect to the Bond Market and Social Choice Accounts) for the year then ended and the statements of changes in net assets for each of the two years in the period then ended, and have issued our report thereon dated February 25, 2005 (included in Item 1 of this Form N-CSR). Our audits also included the statements of investments filed under Item 6 of this Form N-CSR. These statements are the responsibility of CREF’s management. Our responsibility is to express an opinion based on our audits.

In our opinion, the statements of investments referred to above, when considered in relation to the financial statements taken as a whole, present fairly in all material respects the information set forth therein.

Ernst & Young LLP

New York, New York
February 25, 2005

Item 6. Statement of Investments.

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

COLLEGE RETIREMENT EQUITIES FUND
STATEMENT OF INVESTMENTS
STOCK ACCOUNT
December 31, 2004

MATURITY

PRINCIPAL/SHARES

RATE

DATE

VALUE (000)

BONDS - 0.00%

CORPORATE BONDS - 0.00%

COMMUNICATIONS - 0.00%

$ 9,949,900

Exodus Communicaitions, Inc

5.250

02/15/08

TOTAL COMMUNICATIONS

HEALTH SERVICES - 0.00%

346,000

National Health Investors, Inc

9.000

01/01/06

1,442

TOTAL HEALTH SERVICES

1,442

INDUSTRIAL MACHINERY AND EQUIPMENT - 0.00%

1,000,000

Silicon Graphics

6.500

06/01/09

1,395

TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT

1,395

TOTAL CORPORATE BONDS

(Cost $ 12,214)

2,837

GOVERNMENT BONDS - 0.00%

U.S. TREASURY SECURITIES - 0.00%

325,000

U.S. Treasury Note

5.000

02/15/11

346

TOTAL U.S. TREASURY SECURITIES

346

TOTAL GOVERNMENT BONDS

346

(Cost $ 318)

TOTAL BONDS

(Cost $12,532)

3,183

PREFERRED STOCKS - 0.03%

CHEMICALS AND ALLIED PRODUCTS - 0.02%

97,916

Kenkel KGAA

8,518

941,176

f,v*

Theravance Series C

9,412

444,445

f,v*

Theravance Series D

4,444

TOTAL CHEMICALS AND ALLIED PRODUCTS

22,374

HEALTH SERVICES - 0.00%

43,925

Bio-Reference Labs, Inc

764

TOTAL HEALTH SERVICES

764

INSTRUMENTS AND RELATED PRODUCTS - 0.01%

122,364

Frensenius Medical Care

7,094

TOTAL INSTRUMENTS AND RELATED PRODUCTS

7,094

INSURANCE CARRIERS - 0.00%

25,127

Great-West Lifeco, Inc (Series X)

587

8,192

Great-West Lifeco, Inc (Series F)

190

TOTAL INSURANCE CARRIERS

777

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			VALUE (000)

LUMBER AND WOOD PRODUCTS - 0.00%
44,775		Tenon Ltd	$	71

		TOTAL LUMBER AND WOOD PRODUCTS		71


MOTION PICTURES - 0.00%
25,173		Prosieben Sat . 1 Media		462

		TOTAL MOTION PICTURES		462


PRIMARY METAL INDUSTRIES - 0.00%
490,350		Superior Telecom		0

		TOTAL PRIMARY METAL INDUSTRIES		0


TRANSPORTATION EQUIPMENT - 0.00%
3,703	e	Porsche AG.		2,363
49,550		Volkswagen AG.		1,644

		TOTAL TRANSPORTATION EQUIPMENT		4,007


		TOTAL PREFERRED STOCKS
		(Cost $32,215)		35,549

COMMON STOCKS - 99.51%
AGRICULTURAL PRODUCTION-CROPS - 0.01%
21,578	*	Alico, Inc		1,263
226,414		Delta & Pine Land Co		6,177
34,061	*	John B. Sanfilippo & Son		878

		TOTAL AGRICULTURAL PRODUCTION-CROPS		8,318


AGRICULTURAL PRODUCTION-LIVESTOCK - 0.00%
2,331		Seaboard Corp		2,326

		TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK		2,326


AGRICULTURAL SERVICES - 0.01%
451,000	*	Asia Food & Properties Ltd		130
2,619	e*	Cadiz, Inc		37
330,000		Chaoda Modern Agriculture		122
65,370		Syngenta AG.		6,945

		TOTAL AGRICULTURAL SERVICES		7,234


AMUSEMENT AND RECREATION SERVICES - 0.19%
347,609	e*	Alliance Gaming Corp		4,800
161,853	*	Argosy Gaming Co		7,559
63,500		Aruze Corp		1,617
210,504	*	Aztar Corp		7,351
70,274	e*	Bally Total Fitness Holding Corp		298
2,167,775	*	Caesars Entertainment, Inc		43,659
4,500,000		China Travel International Inv HK		1,447
45,645		Churchill Downs, Inc		2,040
81,057		Dover Downs Gaming & Entertainment, Inc		1,062
105,291		Dover Motorsport, Inc		603
100,000		EMI Group plc		509
51,550	e	Gamesa Corp Tecnologica S.A.		722
173,364	*	Gaylord Entertainment Co		7,200
686,150		Harrah's Entertainment, Inc		45,897
163,329		International Speedway Corp (Class A)		8,624
85,721	*	Isle of Capri Casinos, Inc		2,199
93,265	e*	Lakes Entertainment, Inc		1,519

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			VALUE (000)

74,400	*	Life Time Fitness, Inc	$	1,925
230,671	*	Magna Entertainment (Class A)		1,389
140,297	*	MTR Gaming Group, Inc		1,482
136,954	e*	Multimedia Games, Inc		2,158
38,584	*	Nevada Gold & Casinos, Inc		471
203,141		OPAP S.A.		5,622
8,034		Oriental Land Co Ltd		558
223,590	e*	Penn National Gaming, Inc		13,538
200	*	Playmates Holdings Ltd Wts 05/23/05		0
20,030		Sankyo Co Ltd (Gunma)		1,013
104,077		Sega Sammy Holdings, Inc		5,718
670,289	*	Six Flags, Inc		3,599
90,306		Speedway Motorsports, Inc		3,538
249,065		Station Casinos, Inc		13,619
94,618	e*	Sunterra Corp		1,328
541,954	e*	TABCORP Holdings Ltd		7,345
89		Taito Corp		135
1,471		Trigano S.A.		122
4,751		Wembley plc		58
220,385		William Hill plc		2,386
229,142	e*	WMS Industries, Inc		7,685
74,953		World Wrestling Federation Entertainment, Inc		909

		TOTAL AMUSEMENT AND RECREATION SERVICES		211,704


APPAREL AND ACCESSORY STORES - 0.49%
1,168,505		Abercrombie & Fitch Co (Class A)		54,861
413,687	*	Aeropostale, Inc		12,175
256,075		American Eagle Outfitters, Inc		12,061
507,899	e*	AnnTaylor Stores Corp		10,935
60,886		Bebe Stores, Inc		1,643
44,849		Buckle, Inc		1,323
112,923		Burlington Coat Factory Warehouse Corp		2,563
55,323	*	Cache, Inc		997
38,685	*	Carter's, Inc		1,315
181,748	e*	Casual Male Retail Group, Inc		991
147,508		Cato Corp (Class A)		4,251
115,403	*	Charlotte Russe Holding, Inc		1,166
699,785	*	Charming Shoppes, Inc		6,557
434,280	*	Chico's FAS, Inc		19,773
105,195	*	Children's Place Retail Stores, Inc		3,895
249,345		Christopher & Banks Corp		4,600
466,528		Claire's Stores, Inc		9,914
217,236	f	Claire's Stores, Inc (Class A)		4,616
28,562		Deb Shops, Inc		715
136,754	*	Dress Barn, Inc		2,407
4,184	b*	Edison Brothers Stores, Inc Wts 12/10/05		0
2,425	b,e*	Factory 2-U Stores, Inc		0
84,470		Fast Retailing Co Ltd		6,430
227,798		Finish Line, Inc (Class A)		4,169
741,409		Foot Locker, Inc		19,966
28,000	b,e*	Footstar, Inc		132
4,094,910		Gap, Inc		86,484
137,125	*	Genesco, Inc		4,270
112,806		Goody's Family Clothing, Inc		1,031
184,770	*	Gymboree Corp		2,369
401,407		Hennes & Mauritz AB (B Shs)		13,983
296,395	*	Hot Topic, Inc		5,095
153,077	*	Jo-Ann Stores, Inc		4,216
62,014	e*	JOS A. Bank Clothiers, Inc		1,755
2,064,661		Limited Brands, Inc		47,528
11,002	*	Mothers Work, Inc		150
505,292		Nordstrom, Inc		23,612
48,800		Oshkosh B'gosh, Inc (Class A)		1,044
410,023	*	Pacific Sunwear of California, Inc		9,127
578,983	*	Payless Shoesource, Inc		7,121
742,598		Ross Stores, Inc		21,439
58		Shimamura Co Ltd		4
44,097	*	Shoe Carnival, Inc		573

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			VALUE (000)

185,963	*	Stage Stores, Inc	$	7,721
104,182		Talbots, Inc		2,837
3,973,704		TJX Cos, Inc		99,859
212,317	*	Too, Inc		5,193
210,691	*	Urban Outfitters, Inc		9,355
1,113	e*	Wet Seal, Inc (Class A)		3

		TOTAL APPAREL AND ACCESSORY STORES		542,224


APPAREL AND OTHER TEXTILE PRODUCTS - 0.21%
42,621		Ansell Ltd		298
46,794		Aoyama Trading Co Ltd		1,274
41,000		Asics Corp		134
89,000		Atsugi Co Ltd		115
372,536		Benetton Group S.p.A.		4,927
330,017	*	Collins & Aikman Corp		1,439
74,814	*	Columbia Sportswear Co		4,460
3,364	*	Culp, Inc		23
143,912	e*	DHB Industries, Inc		2,740
1,973,675		Esprit Holdings Ltd		11,934
138,286	*	Guess?, Inc		1,735
1,391,662		Gunze Ltd		6,465
4,194	*	Hampshire Group Ltd		132
126,983	*	Hartmarx Corp		987
1,712,187		Jones Apparel Group, Inc		62,615
169,896		Kellwood Co		5,861
1,182,000		Kuraray Co Ltd		10,601
556,398		Liz Claiborne, Inc		23,486
3,597	*	Mossimo, Inc		13
535,000		Nisshinbo Industries, Inc		4,005
63,081		Onward Kashiyama Co Ltd		918
80,527		Oxford Industries, Inc		3,326
13,193	v*	Paragon Trade (Escrow)		0
152,155		Phillips-Van Heusen Corp		4,108
215,818		Polo Ralph Lauren Corp		9,194
343,111	*	Quiksilver, Inc		10,221
4,000		Tokyo Style Co Ltd		47
2,398,000		Toyobo Co Ltd		5,780
657,826		VF Corp		36,430
60,000		Wacoal Corp		720
270,089	*	Warnaco Group, Inc		5,834
38,897	b,e*	Westpoint Stevens, Inc		1
220,900		World Co Ltd		7,761

		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		227,584


AUTO REPAIR, SERVICES AND PARKING - 0.04%
232,200		Aisin Seiki Co Ltd		5,880
56,014	*	Amerco, Inc		2,576
113,164		Central Parking Corp		1,714
1,868,000		ComfortDelgro Corp Ltd		1,774
153,037	*	Dollar Thrifty Automotive Group, Inc		4,622
162,656	*	Exide Technologies		2,241
5,824		First Technology plc		43
1,019		Haldex AB		18
50,000		Ichikoh Industries Ltd		122
37,000		Kayaba Industry Co Ltd		137
163,301	*	Midas, Inc		3,266
58,768	*	Monro Muffler Brake, Inc		1,487
4,446		Montupet		132
38,100		NOK Corp		1,194
32,240		Pacifica Group Ltd		80
303,162		Ryder System, Inc		14,482
500,000		Toyo Radiator Co Ltd		2,259
39,000		Yokohama Rubber Co Ltd		152

		TOTAL AUTO REPAIR, SERVICES AND PARKING		42,179

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			VALUE (000)

AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.12%
369,001	*	Advance Auto Parts	$	16,118
31,064	*	America's Car Mart, Inc		1,180
46,578	*	Asbury Automotive Group, Inc		642
145,000	e	Autobacs Seven Co Ltd		4,238
856,621	*	Autonation, Inc		16,456
320,140	*	Autozone, Inc		29,232
477,066	e*	Carmax, Inc		14,813
305,999	*	Copart, Inc		8,054
292,865	*	CSK Auto Corp		4,903
113,532	*	Group 1 Automotive, Inc		3,576
86,922		Lithia Motors, Inc (Class A)		2,331
68,797	*	MarineMax, Inc		2,047
52,000		Nippon Sharyo Ltd		129
29,000		Nissan Diesel Motor Co Ltd		164
232,571	*	O'Reilly Automotive, Inc		10,477
9,351	*	Rush Enterprises, Inc		162
171,442		Sonic Automotive, Inc		4,252
329,853		Suzuki Motor Corp		6,026
39,000		Toyo Tire & Rubber Co Ltd		126
116,916		United Auto Group, Inc		3,460
78,815	*	West Marine, Inc		1,951

		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		130,337


BUILDING MATERIALS AND GARDEN SUPPLIES - 1.04%
80,618		Building Materials Holding Corp		3,087
99,305	*	Central Garden & Pet Co		4,145
1,882,000		Cheung Kong Infrastructure Holdings Ltd		5,436
346,564		Fastenal Co		21,334
13,095,400		Home Depot, Inc		559,697
404,982		Lafarge North America, Inc		20,784
392,319	e	Lafarge S.A. (Br)		37,861
6,029,749		Lowe's Cos		347,253
755		Nibe Industrier AB (B Shs)		21
36,000		Nice Corp		121
802,235	*	Owens-Illinois, Inc		18,171
47,000		Sankyo-Tateyama Holdings, Inc		132
25,000		Takiron Co Ltd		115
637,229	b,e*	USG Corp		25,661
6,029,417		Wolseley plc		112,691

		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		1,156,509


BUSINESS SERVICES - 5.97%
204,834	*	@Road, Inc		1,415
128,593	*	24/7 Real Media, Inc		557
1,946,149	*	3Com Corp		8,115
5,054	*	3D Systems Corp		101
290,555		Aaron Rents, Inc		7,264
325,722		ABM Industries, Inc		6,423
1	*	Acacia Research - Acacia Technologies		0
296	e*	Access Co Ltd		8,319
239,319	e	Acciona S.A.		21,177
243,413	*	ActivCard Corp		2,166
716,589	*	Activision, Inc		14,461
360,980	*	Actuate Corp		920
562,190		Acxiom Corp		14,786
61,650	e	Adecco S.A. (Regd)		3,104
171,990	*	Administaff, Inc		2,169
1,538,538		Adobe Systems, Inc		96,528
178,783	*	Advent Software, Inc		3,661
187,812		Advo, Inc		6,695
70		Aeon Credit Service Co Ltd		5
93,368	*	Aether Systems, Inc		313
585,166	*	Affiliated Computer Services, Inc (Class A)		35,221
295,179	*	Agile Software Corp		2,412
745,054	*	Akamai Technologies, Inc		9,708
374,446	*	Alliance Data Systems Corp		17,779

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			VALUE (000)

135,003	*	Altiris, Inc	$	4,783
134,465	e*	AMN Healthcare Services, Inc		2,139
50,926	*	Ansoft Corp		1,029
225,736	*	Ansys, Inc		7,237
164,277	*	Anteon International Corp		6,877
92,268	*	APAC Customer Services, Inc		161
20	*	Aplix Corp		386
397,532	*	Aquantive, Inc		3,554
221,487	*	Arbitron, Inc		8,678
349,978	*	Ariba, Inc		5,810
182,842	*	Armor Holdings, Inc		8,597
10,600		Asatsu-DK, Inc		298
362,589	*	Ascential Software Corp		5,914
203,996	*	Asiainfo Holdings, Inc		1,216
325,078	*	Ask Jeeves, Inc		8,696
494,793	*	Aspect Communications Corp		5,512
329,463	*	Aspen Technology, Inc		2,046
59,328	*	Asset Acceptance Capital Corp		1,264
55,025	e*	Atari, Inc		161
20,200	e*	Atos Origin		1,372
250,369	*	Autobytel, Inc		1,512
1,357,603		Autodesk, Inc		51,521
4,351,752		Automatic Data Processing, Inc		193,000
31,776		Baycorp Advantage Ltd		77
2,217,020	*	BEA Systems, Inc		19,643
735,843	*	Bisys Group, Inc		12,105
11,625	*	Blackbaud, Inc		170
38,756	*	Blackboard, Inc		574
54,223	e*	Blue Coat Systems, Inc		1,009
1,596,305	*	BMC Software, Inc		29,691
493,569	*	Borland Software Corp		5,765
136,089		Brady Corp (Class A)		8,515
285,222		Brink's Co		11,272
22,883	e*	Broadvision, Inc		63
4,443,247	*	Brocade Communications Systems, Inc		33,946
30,838	e*	Business Objects		779
190,867	*	CACI International, Inc (Class A)		13,004
1,448,605	*	Cadence Design Systems, Inc		20,005
1,000	*	CallWave, Inc		15
111,208	*	Cap Gemini S.A.		3,561
228,000	e	Capcom Co Ltd		2,167
318,731		Capita Group plc		2,238
173,768	*	Captaris, Inc		897
117,333	*	Carreker Corp		1,009
514,876		Catalina Marketing Corp		15,256
90,876	*	CCC Information Services Group, Inc		2,018
73,583		CDI Corp		1,573
7,997,272		Cendant Corp		186,976
679,245	*	Ceridian Corp		12,417
174,222	e*	Cerner Corp		9,263
337,570		Certegy, Inc		11,994
896,686	*	CGI Group, Inc (Class A)		5,987
447,794	*	Checkfree Corp		17,052
536,441	*	ChoicePoint, Inc		24,671
380,563	*	Chordiant Software, Inc		868
323,231	*	Ciber, Inc		3,116
6,534,254	v*	Cintra Concesiones de Infraestructuras de Transporte S.A.		71,764
1,110,710	*	Citrix Systems, Inc		27,246
10,642	*	Clarus Corp		96
2,479,589	*	CMGI, Inc		6,323
783,996	*	CNET Networks, Inc		8,804
37,590		Coates Hire Ltd		129
49,526	*	Cogent, Inc		1,634
737,892	*	Cognizant Technology Solutions Corp		31,235
65,929	*	Cognos, Inc		2,905
177,211	*	Cognos, Inc		7,812
9,279		Comptel plc		23
2,778,458		Computer Associates International, Inc		86,299
64,225	*	Computer Horizons Corp		245
48,063		Computer Programs & Systems, Inc		1,113

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			VALUE (000)

1,209,781	e*	Computer Sciences Corp	$	68,195
533,866		Computershare Ltd		2,373
2,125,809	*	Compuware Corp		13,754
109,070	*	Concord Communications, Inc		1,208
155,938	*	Concur Technologies, Inc		1,389
9,646	*	Convera Corp		45
718,799	*	Convergys Corp		10,775
255,750	*	Corillian Corp		1,258
97,258	*	CoStar Group, Inc		4,491
146,492	*	Covansys Corp		2,241
16,366	b,v*	Cross Media Marketing Corp		0
496,774	*	CSG Systems International, Inc		9,290
119,039	e	CSK Corp		5,390
99,960	e*	Cyberguard Corp		630
165,078	*	Cybersource Corp		1,180
28,302		Dassault Systemes S.A.		1,427
105,000	*	Datacraft Asia Ltd		113
37,858	*	Datastream Systems, Inc		262
276,806		Deluxe Corp		10,333
240,203	*	Dendrite International, Inc		4,660
5,924	e	Dentsu, Inc		15,956
199,635		Deutsche Post AG. (Regd)		4,586
255,500		Diamond Lease Co Ltd		9,974
99,152	*	Digimarc Corp		924
238,960	*	Digital Insight Corp		4,397
209,577	*	Digital River, Inc		8,720
4,357	*	DocuCorp International, Inc		41
687,797	*	DoubleClick, Inc		5,351
598,943	*	DST Systems, Inc		31,217
412,446	*	Dun & Bradstreet Corp		24,602
2,450	*	Dynamics Research Corp		44
405,499	*	E.piphany, Inc		1,959
1,502,736	*	Earthlink, Inc		17,312
173,269	*	Echelon Corp		1,462
234,372	*	Eclipsys Corp		4,788
96,070	*	eCollege.com, Inc		1,091
74,670	e*	Education Lending Group, Inc		1,158
292,891	*	eFunds Corp		7,032
105,765		Electro Rent Corp		1,505
1,679,896	*	Electronic Arts, Inc		103,616
3,137,984	e	Electronic Data Systems Corp		72,487
128,400	*	Embarcadero Technologies, Inc		1,208
1,416,858	*	Enterasys Networks, Inc		2,550
375,394	*	Entrust, Inc		1,423
400	e,v*	Envision Development Corp		0
248,950	*	Epicor Software Corp		3,508
77,976	*	EPIQ Systems, Inc		1,142
793,278		Equifax, Inc		22,291
74,353	*	Equinix, Inc		3,178
232,389	*	eSpeed, Inc (Class A)		2,875
10,438		Europistas Concesionaria Espanola S.A.		73
656,872	*	Extreme Networks, Inc		4,303
234,588	*	F5 Networks, Inc		11,429
138,107		Factset Research Systems, Inc		8,071
440,019		Fair Isaac Corp		16,140
263,706	*	Filenet Corp		6,793
165,437	e*	FindWhat.com		2,933
1,715	*	First Advantage Corp		35
5,015,394		First Data Corp		213,355
1,057,545	*	Fiserv, Inc		42,503
100,600		Fuji Soft ABC, Inc		3,328
38,504	*	Gemplus International S.A.		89
22,280	*	Gerber Scientific, Inc		170
283,451	e*	Getronics NV		647
254,926	*	Getty Images, Inc		17,552
143,547		Gevity HR, Inc		2,951
150		Goodwill Group, Inc		370
110,710	e*	Google, Inc (Class A)		21,378
29,244	e*	Greg Manning Auctions, Inc		362
5,597	e	Grey Global Group, Inc		6,157

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			VALUE (000)

4,977,552	*	Group 4 Securicor plc	$	13,379
117,372	*	GSI Commerce, Inc		2,087
565,338		GTECH Holdings Corp		14,671
288,010	*	Harris Interactive, Inc		2,275
76,000		Haw Par Corp Ltd		240
868,079		Hays plc		2,071
107,156		Healthcare Services Group		2,233
104,174	*	Heidrick & Struggles International, Inc		3,570
332,091		Henry (Jack) & Associates, Inc		6,612
24,985		Hills Motorway Group		166
164,110		Hitachi Software Engineering Co Ltd		3,748
682,751	*	Homestore, Inc		2,069
58,380	*	Hudson Highland Group, Inc		1,681
253,872	*	Hyperion Solutions Corp		11,836
105,900	e*	i2 Technologies, Inc		68
17,584	*	IAC/InterActiveCorp Wts 02/04/09		526
21,511	*	ICT Group, Inc		209
125,720	*	IDX Systems Corp		4,332
131,962	*	iGate Corp		534
299,035		Imation Corp		9,518
1,537,235		IMS Health, Inc		35,679
67,989		Indra Sistemas S.A.		1,162
96,352	e*	Infocrossing, Inc		1,631
506,891	*	Informatica Corp		4,116
102,000		Information Development Co		551
2,657	*	Information Resources, Inc		3
3,127	*	Inforte Corp		25
216,563	e*	Infospace, Inc		10,298
192,079	*	infoUSA, Inc		2,149
42,503	*	Innovative Solutions & Support, Inc		1,418
31,195		Integral Systems, Inc		607
313,852	*	Intelidata Technologies Corp		210
99,341	e*	Intellisync Corp		203
223,429	*	Interactive Data Corp		4,857
24,877	*	Interchange Corp		451
264,567	*	Intergraph Corp		7,125
100	*	Intermix Media, Inc		1
204,321	*	Internet Capital Group, Inc		1,839
244,827	*	Internet Security Systems, Inc		5,692
12,238		Interpool, Inc		291
5,855,804	*	Interpublic Group of Cos, Inc		78,468
54,556	*	Intersections, Inc		941
26,985	*	Intervideo, Inc		357
247,460	*	Interwoven, Inc		2,692
40,008		Intracom S.A.		216
125,638	*	Intrado, Inc		1,520
1,128,086	*	Intuit, Inc		49,647
487,027	*	Ipass, Inc		3,604
93,299	*	iPayment, Inc		4,620
494,981	*	Iron Mountain, Inc		15,092
5,475		iSOFT Group plc		36
20,900		ISS a/s		1,167
11,800		Itochu Techno-Science Corp		472
11,100	*	IVAX Diagnostics, Inc		48
187,763	*	iVillage, Inc		1,160
168,863	*	JDA Software Group, Inc		2,300
3,082,678	*	Juniper Networks, Inc		83,818
114,571	*	Jupitermedia Corp		2,724
137,840	e*	Kana Software, Inc		261
277,994	*	Kanbay International, Inc		8,701
315,478	*	Keane, Inc		4,638
107,021		Kelly Services, Inc (Class A)		3,230
639,000		Keppel Land Ltd		881
99,147	*	Keynote Systems, Inc		1,380
150,524	*	Kforce, Inc		1,671
291,795	e*	KFX ,Inc		4,237
133,646	*	Kinetic Concepts, Inc		10,197
10,815	e*	Kintera, Inc		97
58	*	KK DaVinci Advisors		67
223,642	*	Korn/Ferry International		4,641

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			VALUE (000)

216,720	*	Kronos, Inc	$	11,081
301,815	*	Labor Ready, Inc		5,107
437,984	*	Lamar Advertising Co		18,737
458,871	*	Lawson Software, Inc		3,152
34,500	b*	Liberate Technologies		75
280,596	*	Lionbridge Technologies		1,886
347,390		LogicaCMG plc		1,286
539,713	*	Looksmart Ltd		1,182
357,921	*	Macromedia, Inc		11,139
334,807	*	Macrovision Corp		8,611
164,581	*	Magma Design Automation, Inc		2,067
183,361	*	Manhattan Associates, Inc		4,379
1,065,618		Manpower, Inc		51,469
97,046	*	Mantech International Corp (Class A)		2,304
2,595,149	*	Manugistics Group, Inc		7,448
148,888	*	MAPICS, Inc		1,571
83,558	*	Mapinfo Corp		1,001
23,205	e*	Marchex, Inc		487
76,892	*	MarketWatch, Inc		1,384
5,861	*	Marlin Business Services, Inc		111
281,088	*	Matrixone, Inc		1,841
1,893,211	*	McAfee, Inc		54,771
51,759		McGrath RentCorp		2,257
90,336	*	Medical Staffing Network Holdings, Inc		740
68,337	*	MedQuist, Inc		1,011
15,000		Meitec Corp		559
420,134	*	Mentor Graphics Corp		6,424
964,190	*	Mercury Interactive Corp		43,919
8,978	*	MetaSolv, Inc		24
463,144	*	Micromuse, Inc		2,570
60,443,954		Microsoft Corp		1,614,458
93,345	*	MicroStrategy, Inc		5,624
266,101	e*	Midway Games, Inc		2,794
769,505	e*	Mindspeed Technologies, Inc		2,139
246,600		Misys plc		991
170	*	Mobius Management Systems, Inc		1
403,557		MoneyGram International, Inc		8,531
600,799	*	Monster Worldwide, Inc		20,211
8,858	*	Motive, Inc		101
643,218	*	MPS Group, Inc		7,886
121,381	*	MRO Software, Inc		1,580
175,799	e*	MSC.Software Corp		1,841
117,008		Namco Ltd		1,536
31,073	e*	Napster, Inc		292
13,078	*	Nassda Corp		90
239,194		National Instruments Corp		6,518
329,800	*	NAVTEQ Corp		15,290
163,460	*	NCO Group, Inc		4,225
111,200	*	NCP Litigation Trust		0
432,698	*	NCR Corp		29,956
230,206		NDCHealth Corp		4,280
51,777	e*	Neoforma, Inc		398
39,847	e*	Neoware Systems, Inc		371
350	*	Ness Technologies, Inc		5
832		NET One Systems Co Ltd		3,467
466,106	*	NETIQ Corp		5,691
76,974	*	Netratings, Inc		1,476
136,701	*	Netscout Systems, Inc		954
156,360	*	Network Equipment Technologies, Inc		1,535
185,749	*	NIC, Inc		944
29		Nippon Kanzai Co Ltd		0
3,600		Nippon System Development Co Ltd		69
3,928,400	e	Nissin Co Ltd		9,891
47,800		Nomura Research Institute Ltd		4,478
2,204,562	*	Novell, Inc		14,881
915	e	NTT Data Corp		2,956
27,564	*	Nuance Communications, Inc		114
144,535	*	NYFIX, Inc		895
6,200		Obic Co Ltd		1,231
3,553		Observer AB		19

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			VALUE (000)

967,756		Omnicom Group, Inc	$	81,601
824,330	*	On Assignment, Inc		4,278
1,661	*	Onyx Software Corp		5
71,391	*	Open Solutions, Inc		1,853
17,004	*	Open Text Corp		342
68,370	*	Opnet Technologies, Inc		576
313,550	*	Opsware, Inc		2,301
23,757,517	*	Oracle Corp		325,953
241,200	e	Oracle Corp Japan		12,499
199,244	*	Packeteer, Inc		2,879
90,348	e*	PalmSource, Inc		1,151
1,769,405	*	Parametric Technology Corp		10,422
129,103	*	PC-Tel, Inc		1,024
94,700	*	PDF Solutions, Inc		1,526
72,161	*	PDI, Inc		1,608
101,834	*	PEC Solutions, Inc		1,443
147,384	*	Pegasus Solutions, Inc		1,857
61,334	*	Pegasystems, Inc		523
6,760	*	Penton Media, Inc		1
50,000	*	Peoplesoft, Inc		1,324
484,618	*	Perot Systems Corp (Class A)		7,768
16,512	*	Phase Forward, Inc		135
226,811	*	Pixar		19,417
700	*	PlanetOut, Inc		10
126,599	*	PLATO Learning, Inc		943
243,112	*	Portal Software, Inc		644
100,671	e*	Portfolio Recovery Associates, Inc		4,150
74,900	*	ProcureNet, Inc		11
223,107	*	Progress Software Corp		5,210
15,500	e*	Protection One, Inc		6
25,074	*	Proxymed, Inc		246
440,000		Public Power Corp		12,320
240		PubliGroupe S.A.		74
75,411		QAD, Inc		673
45,016	*	Quadramed Corp		113
20,137	*	Quality Systems, Inc		1,204
337,967	*	Quest Software, Inc		5,391
200,318	*	R.H. Donnelley Corp		11,829
13,154		RAC plc		160
23,618	*	Radiant Systems, Inc		154
140,527	*	Radisys Corp		2,747
243,105	*	Raindance Communications, Inc		564
377	e*	Rakuten, Inc		430
11,403	e*	Rakuten, Inc (When Issued)		10,238
23,411		Randstad Holdings NV		921
594,888	*	RealNetworks, Inc		3,938
1,021,871	*	Red Hat, Inc		13,642
186,634	*	Redback Networks, Inc		1,000
4,912	e*	Redback Networks, Inc Wts 01/02/11		12
4,668	e*	Redback Networks, Inc Wts 01/02/11		12
103,019	*	Register.com, Inc		654
3,163	*	Remedytemp, Inc (Class A)		32
46,950	e	Renaissance Learning, Inc		871
344,290	*	Rent-A-Center, Inc		9,124
855,611		Rentokil Initial plc		2,427
175,471	*	Rent-Way, Inc		1,406
340,504	*	Retek, Inc		2,094
4,167,194		Reuters Group plc		30,202
130,973	*	Rewards Network, Inc		917
370,043		Reynolds & Reynolds Co (Class A)		9,810
9,348	*	RightNow Technologies, Inc		151
722,362		Robert Half International, Inc		21,259
121,962		Rollins, Inc		3,210
420,694	*	RSA Security, Inc		8,439
496,541	*	S1 Corp		4,499
145,389	*	SafeNet, Inc		5,342
53,398	e*	SAFLINK Corp		148
2,247,697		Sage Group plc		8,728
74,800	e*	Salesforce.com, Inc		1,267
15,500		Sanix, Inc		122

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			VALUE (000)

586,426		SAP AG.	$	104,739
516,748	*	Sapient Corp		4,087
9,647		Savills plc		96
496,166	*	Scansoft, Inc		2,079
983,102		Secom Co Ltd		39,336
215,850	*	Secure Computing Corp		2,154
389,259		Securitas AB (B Shs)		6,678
298,832	*	Seebeyond Technology Corp		1,070
278,490		Seiko Epson Corp		12,393
204,750		Serco Group plc		943
154,707	*	Serena Software, Inc		3,348
2,050		SGS S.A.		1,436
1	*	Shopping.com Ltd		0
33,459	*	SI International, Inc		1,029
4,693,283	*	Siebel Systems, Inc		49,279
26,323	*	Sina Corp		844
294,174	*	Sitel Corp		724
39,789	*	SM&A		339
186,610	*	Societe Des Autoroutes Paris-Rhin-Rhone		11,275
46,238	e*	SoftBrands, Inc		102
2,803	*	Software AG. (Br)		91
170,553	e*	Sohu.com, Inc		3,020
359,772	*	SonicWALL, Inc		2,274
337,758	*	Sotheby's Holdings, Inc (Class A)		6,134
110,254	*	Source Interlink Cos, Inc		1,464
357,381	*	Spherion Corp		3,002
88,845	*	SPSS, Inc		1,390
204,000		Square Enix Co Ltd		6,032
79,002	*	SRA International, Inc (Class A)		5,072
94,207		SS&C Technologies, Inc		1,945
62,913		Startek, Inc		1,790
113,866	*	Stellent, Inc		1,004
55,367	e*	Stratasys, Inc		1,858
245,600		Sumisho Lease Co Ltd		10,019
20,840,761	e*	Sun Microsystems, Inc		112,123
1,519,140	*	SunGard Data Systems, Inc		43,037
278,108	*	SupportSoft, Inc		1,852
558,582	*	Sybase, Inc		11,144
151,871	*	Sykes Enterprises, Inc		1,056
4,135,577	*	Symantec Corp		106,532
37,006	*	SYNNEX Corp		890
1,179,591	*	Synopsys, Inc		23,144
64,462	*	Synplicity, Inc		382
44,279		Syntel, Inc		777
279,240	*	Take-Two Interactive Software, Inc		9,715
84,203		Talx Corp		2,172
147,700		Tata Consultancy Services Ltd		4,538
279,701	*	TeleTech Holdings, Inc		2,710
23,796	*	TheStreet.com, Inc		97
351,727	e	Thomson Corp		12,409
284,257	*	THQ, Inc		6,521
117,552	*	THUS Group plc		33
1,064,218	*	TIBCO Software, Inc		14,197
111,638	*	Tier Technologies, Inc (Class B)		1,033
218,088		Tietoenator Corp		6,937
19,152	e*	TippingPoint Technologies, Inc		894
80,057		TIS, Inc		3,508
1,163,406	e*	Tiscali S.p.A.		4,317
772,631	*	Titan Corp		12,517
22,088	*	TNS, Inc		483
550,327		Tokyu Corp		2,975
209,446		Total System Services, Inc		5,090
111,088	*	TradeStation Group, Inc		780
400		Trans Cosmos, Inc		14
282,223	*	Transaction Systems Architects, Inc (Class A)		5,602
15,998	e*	Travelzoo, Inc		1,527
1,052,287	*	Trend Micro, Inc		56,789
3,840	*	Tripos, Inc		20
191,688	*	Trizetto Group, Inc		1,821
266,910	*	Tumbleweed Communications Corp		891

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			VALUE (000)

237,016	*	Tyler Technologies, Inc	$	1,981
92,628	*	Ultimate Software Group, Inc		1,175
2,070,531	*	Unisys Corp		21,078
604,956	*	United Online, Inc		6,975
270,709	f*	United Rentals, Inc		5,116
107,234	*	Universal Compression Holdings, Inc		3,744
540,526	*	Valueclick, Inc		7,205
165,578	*	Vastera, Inc		435
84,148	*	Verint Systems, Inc		3,057
1,558,073	*	VeriSign, Inc		52,227
3,206,996	*	Veritas Software Corp		91,560
173,440	*	Verity, Inc		2,276
850	*	Versata, Inc		2
54,823	e*	Vertrue, Inc		2,071
131,790		Viad Corp		3,755
1,515,684	*	Vignette Corp		2,107
168,125	*	VitalWorks, Inc		748
99,355	*	Vitria Technology, Inc		418
49,261	*	Volt Information Sciences, Inc		1,448
205,596	*	WatchGuard Technologies, Inc		911
219,019	*	WebEx Communications, Inc		5,208
1,661,985	*	WebMD Corp		13,562
283,886	*	webMethods, Inc		2,047
169,417	*	Websense, Inc		8,593
400	*	WebSideStory, Inc		5
514,363	*	Westwood One, Inc		13,852
2,602,095		Wharf Holdings Ltd		9,106
480,111	*	Wind River Systems, Inc		6,506
12,000	e	Wipro Ltd (Spon ADR)		296
126,135	*	Witness Systems, Inc		2,202
436,174		WM-Data AB (B Shs)		945
3,749,804		WPP Group plc		41,252
1,157	e*	Yahoo! Japan Corp		5,555
6,974,597	*	Yahoo!, Inc		262,803
118,947	e*	Zix Corp		613

		TOTAL BUSINESS SERVICES		6,612,001


CHEMICALS AND ALLIED PRODUCTS - 10.05%
9,464,337		Abbott Laboratories		441,511
509,042	*	Abgenix, Inc		5,263
104,974	*	Able Laboratories, Inc		2,388
88,770		Aceto Corp		1,690
286,168	*	Adolor Corp		2,839
8,915	*	Advancis Pharmaceutical Corp		34
414,100	*	Agrium, Inc		6,999
1,541,834		Air Products & Chemicals, Inc		89,380
2,799,181	e	Akzo Nobel NV		119,394
522,954		Akzo Nobel NV (Spon ADR)		22,220
165,681	*	Albany Molecular Research, Inc		1,846
196,454		Albemarle Corp		7,605
417,614		Alberto-Culver Co		20,284
151,745	*	Alexion Pharmaceuticals, Inc		3,824
134,400	e	Alfresa Holdings Corp		4,932
541,251	*	Alkermes, Inc		7,626
859,300		Allergan, Inc		69,663
532,442		Alpharma, Inc (Class A)		9,025
222,887	e*	Alteon, Inc		292
222,285	e*	American Pharmaceutical Partners, Inc		8,316
27,608	e	American Vanguard Corp		1,015
8,590,037	*	Amgen, Inc		551,051
500,346	*	Amylin Pharmaceuticals, Inc		11,688
1,578,764	*	Andrx Corp		34,464
110,212	*	Angiotech Pharmaceuticals		2,044
101,654	e*	Aphton Corp		316
154,423		Arch Chemicals, Inc		4,444
50,449	e*	Arena Pharmaceuticals, Inc		338
169,052	*	Array Biopharma, Inc		1,609
55,000		Asahi Denka Co Ltd		567

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			VALUE (000)

1,268,358		Asahi Kasei Corp	$	6,350
75,000		AstraZeneca plc (Spon ADR)		2,729
2,590,434		AstraZeneca plc (United Kingdom)		93,947
233,478	e*	Atherogenics, Inc		5,501
7,003		Auriga Industries		147
455,283	*	Avant Immunotherapeutics, Inc		915
545,141		Avery Dennison Corp		32,692
58,684	e*	AVI BioPharma, Inc		138
200	*	Avigen, Inc		1
3,023,413		Avon Products, Inc		117,006
518,766	*	Barr Pharmaceuticals, Inc		23,625
33,849	*	Barrier Therapeutics, Inc		562
463,740	e	BASF AG.		33,408
1,046	*	Basilea Pharmaceutica		83
343,565		Bayer AG.		11,647
7,800		Beiersdorf AG.		908
83,003	*	Benthley Pharmaceuticals, Inc		892
90,523	*	BioCryst Pharmaceuticals, Inc		523
139,956	e*	Bioenvision, Inc		1,254
2,749,238	*	Biogen Idec, Inc		183,127
443,036	*	BioMarin Pharmaceutical, Inc		2,831
524,686	*	BioMerieux		23,107
36,710	e*	Biopure Corp		22
78,862	e*	Biosite, Inc		4,853
500,143	*	Biovail Corp (Canada)		8,261
240,903		BOC Group plc		4,595
100,749	*	Bone Care International, Inc		2,806
605,605		Boots Group plc		7,622
82,292	e*	Bradley Pharmaceuticals, Inc		1,596
12,704,207		Bristol-Myers Squibb Co		325,482
30,040		British Vita plc		156
430,148		Cabot Corp		16,638
209,041		Calgon Carbon Corp		1,898
147,168		Cambrex Corp		3,988
52,557	e*	CancerVax Corp		570
61,755	*	Caraco Pharmaceutical Laboratories Ltd		590
270,191	e*	Cell Genesys, Inc		2,189
352,146	e*	Cell Therapeutics, Inc		2,866
401,179	e*	Cephalon, Inc		20,412
476,266	*	Charles River Laboratories International, Inc		21,913
109,409	*	Chattem, Inc		3,621
592,885	*	Chiron Corp		19,761
677,500		Chugai Pharmaceutical Co Ltd		11,200
319,577		Church & Dwight Co, Inc		10,744
106,000	*	CK Life Sciences International Holdings, Inc		17
1,471,397		Clorox Co		86,709
3,481,808		Colgate-Palmolive Co		178,129
16,174	*	Collagenex Pharmaceuticals, Inc		119
83,736	*	Columbia Laboratories, Inc		222
312,904	*	Connetics Corp		7,600
19,495	*	Corcept Therapeutics, Inc		122
35,533	e*	Corgentech, Inc		294
396,840	e*	Corixa Corp		1,444
680,389		Crompton Corp		8,029
330,404		CSL Ltd		7,576
284,877	*	Cubist Pharmaceuticals, Inc		3,370
283,612	*	Curis, Inc		1,480
224,968	*	Cypress Bioscience, Inc		3,163
255,762		Cytec Industries, Inc		13,151
93,278	*	Cytogen Corp		1,075
42,770	*	Cytokinetics, Inc		438
230,315	*	Dade Behring Holdings, Inc		12,898
1,982,779		Daicel Chemical Industries Ltd		11,223
136,150		Daiichi Pharmaceutical Co Ltd		2,943
28,846	*	DEL Laboratories, Inc		1,002
439,329	e*	Dendreon Corp		4,736
135,892		Diagnostic Products Corp		7,481
84,055	*	Digene Corp		2,198
307,633	*	Discovery Laboratories, Inc		2,440
122,223	e*	Dov Pharmaceutical, Inc		2,206

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			VALUE (000)

5,240,238		Dow Chemical Co	$	259,444
341,619		DSM NV		22,112
6,577,292		Du Pont (E.I.) de Nemours & Co		322,616
252,631	e*	Durect Corp		829
85,377	*	Dusa Pharmaceuticals, Inc		1,221
7,679	*	Dynavax Technologies Corp		61
499,311		Eastman Chemical Co		28,825
1,067,407		Ecolab, Inc		37,498
831,083		Eisai Co Ltd		27,332
283,244	*	Elan Corp plc		7,546
245,752	e*	Elan Corp plc (Spon ADR)		6,697
125,455	*	Elizabeth Arden, Inc		2,978
4,412	*	Embrex, Inc		58
399,117	*	Encysive Pharmaceuticals, Inc		3,963
329,459	*	Enzon, Inc		4,520
172,708	*	Eon Labs, Inc		4,663
136,969	*	EPIX Pharmaceuticals, Inc		2,453
605,401		Estee Lauder Cos (Class A)		27,709
43,796	e*	Eyetech Pharmaceuticals, Inc		1,993
258,085		Ferro Corp		5,985
246,553	*	First Horizon Pharmaceutical		5,644
225,050	*	FMC Corp		10,870
2,336,229	*	Forest Laboratories, Inc		104,803
329,483	*	Genaera Corp		1,127
401,583	*	Genelabs Technologies		482
2,366,414	*	Genentech, Inc		128,828
1,400,000	f,v*	Genesoft Series C Financing		7,000
500,000	f,v*	Genesoft Series D Financing		2,000
329,126	e*	Genta, Inc		579
1,427,224	*	Genzyme Corp		82,879
349,076	e	Georgia Gulf Corp		17,384
271,753	e*	Geron Corp		2,166
3,760,712	*	Gilead Sciences, Inc		131,587
6,941,276		Gillette Co		310,830
5,050		Givaudan S.A. (Regd)		3,326
13,400,673		GlaxoSmithKline plc		314,396
9,375,000	*	Global Bio-Chem Technology Group Co Ltd Wts 05/31/07		446
302,492		Great Lakes Chemical Corp		8,618
56,056	e*	GTC Biotherapeutics, Inc		85
28,183	e*	GTx, Inc		380
195,367	e*	Guilford Pharmaceuticals, Inc		967
276,811		H.B. Fuller Co		7,892
222,200		Hitachi Chemical Co Ltd		3,977
1,178	*	Hi-Tech Pharmacal Co, Inc		22
76,253	e*	Hollis-Eden Pharmaceuticals		718
981,657	*	Hospira, Inc		32,886
796,174	*	Human Genome Sciences, Inc		9,570
287,360	*	ICOS Corp		8,127
24,561	*	Idenix Pharmaceuticals, Inc		421
160,909	*	Idexx Laboratories, Inc		8,784
446,909	*	ImClone Systems, Inc		20,594
307,374	*	Immucor, Inc		7,226
265,302	*	Immunogen, Inc		2,345
270,461	e*	Immunomedics, Inc		822
297,463	*	Impax Laboratories, Inc		4,724
807,818		Imperial Chemical Industries plc		3,738
431,404	e*	Indevus Pharmaceuticals, Inc		2,571
290,380	*	Inkine Pharmaceutical Co		1,577
1,760	*	Innogenetics NV		34
217,162	*	Inspire Pharmaceuticals, Inc		3,642
30,368		Inter Parfums, Inc		483
191,332	*	InterMune, Inc		2,537
415,617		International Flavors & Fragrances, Inc		17,805
77,313	*	Inverness Medical Innovations, Inc		1,941
354,105	*	Invitrogen Corp		23,771
171		Ishihara Sangyo Kaisha Ltd		0
386,866	e*	Isis Pharmaceuticals, Inc		2,283
164,048	e*	Isolagen, Inc		1,291
2,563,924	*	IVAX Corp		40,561
422,700		JSR Corp		9,261

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			VALUE (000)

789		K+S AG.	$	42
943,541		Kaneka Corp		10,681
336,000		Kansai Paint Co Ltd		2,040
588,029		Kao Corp		15,035
1,293,830	*	King Pharmaceuticals, Inc		16,043
872,500		Kingboard Chemical Holdings Ltd		1,847
101,000	*	Kingboard Chemical Holdings Ltd Wts 12/31/06		54
198,002	*	Kos Pharmaceuticals, Inc		7,453
299,966		Kose Corp		13,173
26,547		Kronos Worldwide, Inc		1,082
216,906	*	KV Pharmaceutical Co (Class A)		4,783
1,138,000		Kyowa Hakko Kogyo Co Ltd		8,551
157,368	e*	La Jolla Pharmaceutical Co		263
64,165	e	L'Air Liquide S.A.		11,861
37,159	*	Lannett Co, Inc		366
293,050	*	LG Chem Ltd		11,677
3,390	*	Lifecore Biomedical, Inc		38
450,960	*	Ligand Pharmaceuticals, Inc (Class B)		5,249
5,855,188		Lilly (Eli) & Co		332,282
21,013		Lonza Group AG. (Regd)		1,183
163,475		L'Oreal S.A.		12,410
189,409		MacDermid, Inc		6,838
124,651	e	Mannatech, Inc		2,373
47,068	*	MannKind Corp		741
33,910	e*	Marshall Edwards, Inc		303
159,016	*	Martek Biosciences Corp		8,142
480,941	e*	Medarex, Inc		5,185
463,400	e	MEDICEO Holdings Co Ltd		5,214
320,916	*	Medicines Co		9,242
309,616		Medicis Pharmaceutical Corp (Class A)		10,871
1,445,421	*	MedImmune, Inc		39,185
19,522,741		Merck & Co, Inc		627,461
1,066,688		Merck KGaA		73,394
28,174		Meridian Bioscience, Inc		490
34,464	*	Metabolic Pharmaceuticals Ltd		35
657,908		Methanex Corp		12,031
350,925	*	MGI Pharma, Inc		9,829
1,676,524	*	Millennium Pharmaceuticals, Inc		20,319
124,206		Minerals Technologies, Inc		8,285
746,818		Mitsubishi Chemical Corp		2,274
883,540		Mitsubishi Gas Chemical Co, Inc		4,165
242,000		Mitsui Chemicals, Inc		1,318
2,560	*	Momenta Pharmaceuticals, Inc		18
785,833	*	Mosaic Co		12,825
1,390,314	e	Mylan Laboratories, Inc		24,581
120,766	e*	Myogen, Inc		975
372,066	*	Nabi Biopharmaceuticals		5,451
46,200	*	Nalco Holding Co		902
76,942		Nature's Sunshine Products, Inc		1,567
353,401	*	NBTY, Inc		8,485
416,055	e*	Nektar Therapeutics		8,421
120,272	*	Neose Technologies, Inc		808
171,114	*	Neurocrine Biosciences, Inc		8,436
137,540	*	Neurogen Corp		1,287
117,069	*	NewMarket Corp		2,330
873,000		Nippon Paint Co Ltd		3,655
17,000		Nippon Shinyaku Co Ltd		139
567,562		Nippon Shokubai Co Ltd		4,918
90,365	e*	NitroMed, Inc		2,408
52,174	*	NL Industries, Inc		1,153
110,469	e*	Northfield Laboratories, Inc		2,491
324,086	e	Nova Chemicals Corp		15,337
5,910,141		Novartis AG. (Regd)		297,820
157,339	*	Noven Pharmaceuticals, Inc		2,684
131,043		Novo Nordisk a/s (B Shs)		7,160
257,071	e*	NPS Pharmaceuticals, Inc		4,699
68,308	*	Nutraceutical International Corp		1,053
179,689	*	Nuvelo, Inc		1,770
63,565		Octel Corp		1,323
436,175		Olin Corp		9,605

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			VALUE (000)

224,602	*	OM Group, Inc	$	7,282
293,816	*	Omnova Solutions, Inc		1,651
214,421	*	Onyx Pharmaceuticals, Inc		6,945
2,511		OPG Groep NV		147
241,304	*	OraSure Technologies, Inc		1,622
703,460		Orica Ltd		11,233
89,609		Orion Oyj		1,451
557,118	*	OSI Pharmaceuticals, Inc		41,700
203,271	*	Pain Therapeutics, Inc		1,466
399,927	*	Palatin Technologies, Inc		1,064
232,235	*	Par Pharmaceutical Cos, Inc		9,610
99,531	*	Penwest Pharmaceuticals Co		1,190
752,441	e*	Peregrine Pharmaceuticals, Inc		880
57,551	e*	PetMed Express, Inc		438
49,234,057		Pfizer, Inc		1,323,904
22,793	*	Pharmacopeia Drug Discovery, Inc		137
140,206	*	Pharmacyclics, Inc		1,468
97,445	*	Pharmion Corp		4,113
165,006		PolyMedica Corp		6,153
559,371	*	PolyOne Corp		5,068
143,248	*	Pozen, Inc		1,041
1,020,758		PPG Industries, Inc		69,575
381,173	*	Praecis Pharmaceuticals, Inc		724
1,766,266		Praxair, Inc		77,981
16,075,997		Procter & Gamble Co		885,466
68,461	*	Progenics Pharmaceuticals		1,175
487,905	*	Protein Design Labs, Inc		10,080
62,000	e*	Qiagen NV		678
241,533	*	QLT, Inc		3,877
35,380	*	QLT, Inc (Frankfurt)		569
46,574		Quaker Chemical Corp		1,157
235,324	*	Quidel Corp		1,195
137,302		Ranbaxy Laboratories Ltd		3,953
4,006,224		Reckitt Benckiser plc		121,065
33,729	*	Renovis, Inc		485
791,689	*	Revlon, Inc (Class A)		1,821
39,686,204	e*	Rhodia S.A.		94,401
865,150	e	Rhodia S.A. (Spon ADR)		2,336
9,570		Roche Holding AG.		1,262
1,372,125		Roche Holding AG. (Genusscheine)		157,955
1,080,963		Rohm & Haas Co		47,811
669,074		RPM International, Inc		13,154
28,000		Sakai Chemical Industry Co Ltd		128
219,072	*	Salix Pharmaceuticals Ltd		3,853
675,026		Sankyo Co Ltd		15,250
3,642,908	e	Sanofi-Aventis		291,155
42,082	*	Santarus, Inc		381
1,980,900		Sanyo Chemical Industries Ltd		14,054
41,700	e	Sawai Pharmaceutical Co Ltd		1,178
71,470		Schering AG.		5,344
10,615,740		Schering-Plough Corp		221,657
270,844	*	Sciclone Pharmaceuticals, Inc		1,002
113,669	*	SciGen Ltd		5
116,697	e*	Scotts Co (Class A)		8,580
5,700		Seikagaku Corp		77
1,224,699		Sekisui Chemical Co Ltd		8,952
1,096,085	e*	Sepracor, Inc		65,075
170,178	e*	Serologicals Corp		3,764
7,248	e	Serono S.A. (B Shs)		4,774
767,087		Sherwin-Williams Co		34,235
1,426,116		Shin-Etsu Chemical Co Ltd		58,453
1,764,264		Shionogi & Co Ltd		24,397
418,009		Shiseido Co Ltd		6,054
2,829,549		Showa Denko KK		7,290
17,959		Sigma Co Ltd		131
447,845	e	Sigma-Aldrich Corp		27,077
39,281	e*	Sirna Therapeutics, Inc		124
64,268	*	Skyepharma plc		80
220,206	b*	Solutia, Inc		258
41,421		Solvay S.A.		4,560

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			VALUE (000)

7,907	*	Sorin S.p.A.	$	25
31,569		Stepan Co		769
959,000		Sumitomo Bakelite Co Ltd		6,055
1,465,140	e	Sumitomo Chemical Co Ltd		7,178
328,708	e*	SuperGen, Inc		2,317
87,110	e*	SurModics, Inc		2,832
133,720		Suzuken Co Ltd		3,589
587,254	e	Taisho Pharmaceutical Co Ltd		12,780
2,291,794		Takeda Pharmaceutical Co Ltd		115,406
141,555	*	Tanox, Inc		2,152
4,948,925		Teijin Ltd		21,492
12,740	e*	Tercica, Inc		128
557,779	e*	Terra Industries, Inc		4,953
3,054		Teva Pharmaceutical Industries Ltd (Spon ADR)		91
264,427	*	Third Wave Technologies, Inc		2,274
4,601,134		Toray Industries, Inc		21,553
2,333,000		Tosoh Corp		10,496
16,200	*	UAP Holding Corp		280
14,000		UCB S.A.		712
26,623	*	Unifi, Inc		102
10,912		United Drug plc		52
131,751	e*	United Therapeutics Corp		5,949
74,564	e*	USANA Health Sciences, Inc		2,550
509,887		USEC, Inc		4,941
529,519		Valeant Pharmaceuticals International		13,953
340,725		Valspar Corp		17,040
24,671	e*	Vaxgen, Inc		419
458,088	*	VCA Antech, Inc		8,979
550,712	*	Vertex Pharmaceuticals, Inc		5,821
294,416	*	Vicuron Pharmaceuticals, Inc		5,126
310,865	e*	Vion Pharmaceuticals, Inc		1,458
17,594	*	Virbac Corp		59
191,788	*	ViroLogic, Inc (Rts)		46
557,441	*	Watson Pharmaceuticals, Inc		18,290
194,708		Wellman, Inc		2,081
617,328		Wesfarmers Ltd		19,260
158,532		West Pharmaceutical Services, Inc		3,968
42,150		Westlake Chemical Corp		1,408
52	b*	Women First Healthcare, Inc		0
495,201	b*	WR Grace & Co		6,740
8,297,570		Wyeth		353,394
1,224,799		Yamanouchi Pharmaceutical Co Ltd		47,692
70,900	e	Zeltia S.A.		496
266,937	*	Zila, Inc		1,142
141,853	*	Zymogenetics, Inc		3,263

		TOTAL CHEMICALS AND ALLIED PRODUCTS		11,137,002


COAL MINING - 0.07%
318,569		Arch Coal, Inc		11,322
522,037		Consol Energy, Inc		21,430
388,399		Massey Energy Co		13,575
345,003		Peabody Energy Corp		27,914
18,336	*	Westmoreland Coal Co		559

		TOTAL COAL MINING		74,800


COMMUNICATIONS - 5.56%
59,655	*	Acme Communication, Inc		418
84,727	*	AirGate PCS, Inc		3,016
264,200	*	Airspan Networks, Inc		1,435
476,598	e*	Alamosa Holdings, Inc		5,943
15,463		Alaska Communications Systems Group, Inc		133
248,101	b,e,v*	Allegiance Telecom, Inc		0
1,644,074		Alltel Corp		96,606
1,129,991	*	American Tower Corp (Class A)		20,792
248,458	e*	Antena 3 Television S.A.		17,950
5,263,798		AT&T Corp		100,328
2,543,359	*	Avaya, Inc		43,746

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			VALUE (000)

478,567	*	BCE, Inc	$	11,551
46,105	*	Beasley Broadcast Group, Inc (Class A)		808
14,204,142		BellSouth Corp		394,733
106,738	*	Boston Communications Group		986
12,527,346		British Sky Broadcasting Group plc		135,168
12,458,750		BT Group plc		48,557
6,653,101		Cable & Wireless plc		15,232
1,101,744	*	Cablevision Systems Corp (Class A)		27,433
84,648	*	Centennial Communications Corp		671
990,353		CenturyTel, Inc		35,128
159,000		Cesky Telecom AS		2,642
1,788,820	e*	Charter Communications, Inc (Class A)		4,007
1,000,000	*	China Netcom Group Corp Hong Kong Ltd		1,357
960,000		Chunghwa Telecom Co Ltd		1,893
1,641,551	*	Cincinnati Bell, Inc		6,812
339,292	*	Citadel Broadcasting Corp		5,490
4,659,615		Clear Channel Communications, Inc		156,051
9,143,067	*	Comcast Corp (Class A)		304,281
3,812,760	*	Comcast Corp (Special Class A)		125,211
218,264	*	Commonwealth Telephone Enterprises, Inc		10,839
678,000		COMSYS Holdings Corp		6,279
924,793		Cosmote Mobile Telecommunications S.A.		18,554
243,702	*	Cox Radio, Inc (Class A)		4,016
1,306,615	*	Crown Castle International Corp		21,742
113,611	*	Crown Media Holdings, Inc (Class A)		977
115,071		CT Communications, Inc		1,415
311,552	*	Cumulus Media, Inc (Class A)		4,698
75,614		D&E Communications, Inc		911
5,762,479	e	Deutsche Telekom AG. (Regd)		130,414
101,074	e*	Digital Generation Systems		126
3,199,857	*	DIRECTV Group, Inc		53,566
739,076	e*	Dobson Communications Corp (Class A)		1,271
1,290,541		EchoStar Communications Corp (Class A)		42,898
400,661		Eircom Group plc		942
3,463		Elcoteq Network Corp (A Shs)		84
95,882	*	Elisa Oyj		1,546
317,230	*	Emmis Communications Corp (Class A)		6,088
309,654	*	Entercom Communications Corp		11,113
269,423	*	Entravision Communications Corp (Class A)		2,250
18,018	*	Equant NV		93
37,330,665	e*	Ericsson (LM) (B Shs)		119,091
37,093	*	Fisher Communications, Inc		1,813
2,500	*	Focal Communications Corp		0
644,825	*	Foundry Networks, Inc		8,486
1,180,974	*	Fox Entertainment Group, Inc (Class A)		36,917
2,409,037		France Telecom S.A.		79,766
1,425		Fuji Television Network, Inc		3,087
1,025,000		Fujikura Ltd		4,721
278,495	*	General Communication, Inc (Class A)		3,075
3,047,157	*	Gestevision Telecinco S.A.		62,873
198,978		Global Payments, Inc		11,648
106,459		GN Store Nord		1,148
85,176	e	Golden Telecom, Inc		2,250
270,770		Gray Television, Inc		4,197
8,700		Gray Television, Inc (Class A)		123
186,779		Hearst-Argyle Television, Inc		4,927
1		Hellenic Telecommunications Organization S.A.		0
52,898		HickoryTech Corp		565
15,114	*	Hungarian Telephone & Cable		218
883,000	*	Hutchison Telecommunications International Ltd		795
1,720,295	*	IAC/InterActiveCorp		47,515
853		i-CABLE Communications Ltd		0
172,987	*	IDT Corp		2,539
135,966	*	IDT Corp (Class B)		2,105
1,200,000		Indosat Tbk PT		743
362,436	*	Infonet Services Corp (Class B)		732
59,216	*	InPhonic, Inc		1,627
325,250	*	Insight Communications Co, Inc		3,015
1,412,419	*	Internap Network Services Corp		1,314
27,900		Iowa Telecommunications Services, Inc		602

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			VALUE (000)

10,749	*	ITC Deltacom, Inc	$	18
78,067	*	ITV plc (Cv)		59
133,589	e*	j2 Global Communications, Inc		4,609
54,044	*	Jazztel plc		53
5,320		KDDI Corp		28,659
39,256		Kingston Communications plc		47
17,998,405		KPN NV		171,006
937,000	*	KT Freetel Co Ltd		22,357
3,758,454	e*	Level 3 Communications, Inc		12,741
103,012		Liberty Corp		4,528
858,784	*	Liberty Media International, Inc		39,702
4,470	*	Lightbridge, Inc		27
216,386	*	Lin TV Corp (Class A)		4,133
78,717	*	Lodgenet Entertainment Corp		1,393
803,859	*	Lucent Technologies Inc Wts 12/10/07		1,270
30,106,970	*	Lucent Technologies, Inc		113,202
147,224	*	Marconi Corp plc		1,590
144,221	*	Mastec, Inc		1,458
670,000		Maxis Communications Bhd		1,649
3,030,891	e,f,v*	McLeod (Escrow)		0
59,931	e*	McLeodUSA, Inc (Class A)		43
389,537	*	Mediacom Communications Corp		2,435
438,538		Mediaset S.p.A.		5,561
27,500	e*	Metro One Telecommunications, Inc		44
49,214		MobileOne Ltd		55
41,431	*	Modern Times Group AB (B Shs)		1,128
208,425	*	Net2Phone, Inc		709
102,004		News Corp		1,960
126,000		News Corp (CDI)		2,351
37,321	*	Nexstar Broadcasting Group, Inc		344
6,001,274	*	Nextel Communications, Inc (Class A)		180,038
1,356,822	*	Nextel Partners, Inc (Class A)		26,512
322,265	*	NII Holdings, Inc (Class B)		15,291
6,049		Nippon Telegraph & Telephone Corp		27,155
91,861		North Pittsburgh Systems, Inc		2,272
145,084	e*	Novatel Wireless, Inc		2,812
390,422	*	NTL, Inc		28,485
7,865	*	NTL, Inc (CW11)		31
29,249		NTT DoCoMo, Inc		53,948
293,809	*	Paxson Communications Corp		405
1,374	e*	Pegasus Communications Corp		13
116,035	e*	Philippine Long Distance Telephone (Spon ADR)		2,893
79,492		Portugal Telecom SGPS S.A. (Regd)		983
266,762	*	Price Communications Corp		4,959
628,088	*	Primus Telecommunications Group		1,997
5,735,672		PT Telekomunikasi Indonesia Tbk		2,981
581,189	*	PTEK Holdings, Inc		6,225
574,573	e	Publishing & Broadcasting Ltd		7,882
7,270,814	*	Qwest Communications International, Inc		32,282
338,843	*	Radio One, Inc (Class A)		5,455
121,208	e*	Radio One, Inc (Class D)		1,954
382,758	b,e*	RCN Corp		7
201,995	*	Regent Communications, Inc		1,071
640,445		Rogers Communications, Inc (Class B)		16,806
1,814		Roularta Media Group NV		125
87,335	*	Saga Communications, Inc (Class A)		1,472
56,614	*	Salem Communications Corp (Class A)		1,413
19,851,812		SBC Communications, Inc		511,581
2,805,899		Seat Pagine Gialle S.p.A.		1,293
4,144,386		SES GLOBAL		54,079
119,870		Shaw Communications, Inc		2,194
42,427		Shenandoah Telecom Co		1,271
252,688		Sinclair Broadcast Group, Inc (Class A)		2,327
9,386,660		Singapore Telecommunications Ltd		13,686
13,650		SK Telecom Co Ltd		2,598
132,464	*	Sky Network Television Ltd		588
2,910		SKY Perfect Communications, Inc		3,152
42,000		SmarTone Telecommunications Holding Ltd		47
10,857		SONAECOM - SGPS SA		56
207,739	*	Spanish Broadcasting System, Inc (Class A)		2,194

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			VALUE (000)

202,945	*	Spectrasite, Inc	$	11,751
730		Spir Communication		143
11,879,435	e	Sprint Corp		295,204
4,471	*	SR Telecom, Inc		14
89,454		SureWest Communications		2,536
16,290,000		Taiwan Cellular Corp		18,249
161,136	e*	Talk America Holdings, Inc		1,067
66,163		Tandberg ASA		822
240,739	e	Tele2 AB (B Shs)		9,455
7,430,775	e	Telecom Corp of New Zealand Ltd		33,009
6,809,070	e	Telecom Italia S.p.A.		27,858
4,696,166		Telecom Italia S.p.A.		15,256
8,108,947		Telefonica S.A.		152,766
7,408		Telefonica S.A. (Spon ADR)		419
89	*	Teleglobe International Holdings Ltd		0
530,500		Telekom Malaysia Bhd		1,619
1,970,836		Telenor ASA		17,897
295,570		Telephone & Data Systems, Inc		22,744
160,300		Television Broadcasts Ltd		745
8,093,618	e	TeliaSonera AB		48,474
1,983,411		Telstra Corp Ltd		7,634
160,500		TELUS Corp		4,852
569,782		TELUS Corp (Non-Vote)		16,521
1,378,067	e*	Terremark Worldwide, Inc		882
1,230,483	e	TIM S.p.A.		9,199
394,375	*	Time Warner Telecom, Inc (Class A)		1,719
351,996	e*	Tivo, Inc		2,066
257,800		Tokyo Broadcasting System, Inc		4,204
14,000		Toyo Communication Equipment Co Ltd		65
210,622	*	Triton PCS Holdings, Inc (Class A)		720
86,374	*	U.S. Cellular Corp		3,866
400	*	U.S. Unwired, Inc (Class A)		2
430,321	*	Ubiquitel, Inc		3,064
2,272,243	*	UnitedGlobalcom, Inc (Class A)		21,950
1,613,742	*	Univision Communications, Inc (Class A)		47,234
135,728	*	USA Mobility, Inc		4,793
17,945,736	e	Verizon Communications, Inc		726,982
863,974	e	Viacom, Inc (Class A)		32,036
11,356,729		Viacom, Inc (Class B)		413,271
150,253,956		Vodafone Group plc		407,468
162,062		Vodafone Group plc (Spon ADR)		4,437
6,935		Warwick Valley Telephone Co		156
103,234	*	West Corp		3,418
445,387	*	Western Wireless Corp (Class A)		13,050
123,231	f,v*	Wiltel Communications Group (Rts)		0
283,943	*	Wireless Facilities, Inc		2,680
828,654	e*	XM Satellite Radio Holdings, Inc		31,174
118,706	*	Young Broadcasting, Inc (Class A)		1,254

		TOTAL COMMUNICATIONS		6,162,481


DEPOSITORY INSTITUTIONS - 11.55%
89,416		1st Source Corp		2,281
280,000		77 Bank Ltd		1,970
62,545		ABC Bancorp		1,313
1,465,542		ABN Amro Holding NV		38,825
54,918	*	ACE Cash Express, Inc		1,629
11,632		Adelaide Bank Ltd		96
456,620		Allied Irish Banks plc		9,527
471,495		Allied Irish Banks plc (United Kingdom)		9,786
870,394		Alpha Bank S.A.		30,358
15,225	e	American National Bankshares, Inc		369
46,970	*	AmericanWest Bancorp		951
1,995,794		AmSouth Bancorp		51,691
133,262		Anchor Bancorp Wisconsin, Inc		3,885
1,319,536		Anglo Irish Bank Corp plc		31,980
53,609		Arrow Financial Corp		1,662
678,169		Associated Banc-Corp		22,522
499,655		Astoria Financial Corp		19,971
200	*	Atlantic Coast Federal		3

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			VALUE (000)

3,190,739		Australia & New Zealand Banking Group Ltd	$	51,500
12,624	*	Banc Corp		104
591,620	e*	Banca Antonveneta S.p.A.		15,601
880,376		Banca Fideuram S.p.A.		4,559
10,930,074		Banca Intesa S.p.A.		52,593
3,799,893		Banca Intesa S.p.A. (Rnc)		16,321
33,950	e*	Banca Nazionale del Lavoro S.p.A.		101
2,021		Banca Popolare dell'Etruria e del Lazio		49
25,299		Bancfirst Corp		1,998
4,026,531	e	Banco Bilbao Vizcaya Argentaria S.A.		71,423
743,883		Banco Comercial Portugues S.A. (Regd)		1,911
699,775		Banco Popolare di Verona e Novara Scrl		14,229
59,012	e	Banco Popular Espanol		3,890
11,385,789	e	Banco Santander Central Hispano S.A.		141,297
466,439		Bancorpsouth, Inc		11,367
33,358		BancTrust Financial Group, Inc		821
83,425		Bank Austria Creditanstalt AG.		7,541
438		Bank Coop AG. (Br)		20
526,930		Bank Mutual Corp		6,413
27,843,237		Bank of America Corp		1,308,354
1,399,575		Bank of East Asia Ltd		4,349
1,429,000	e	Bank of Fukuoka Ltd		9,413
88,293		Bank of Granite Corp		1,845
293,003		Bank of Hawaii Corp		14,867
423,446		Bank of Ireland (Dublin)		7,051
787,920		Bank of Ireland (London)		13,034
118,000	e	Bank of Kyoto Ltd		1,048
1,202,039	e	Bank of Montreal		57,947
4,406,536		Bank of New York Co, Inc		147,266
2,391,354	e	Bank of Nova Scotia		81,232
63,617		Bank of The Ozarks, Inc		2,165
3,647,527	e*	Bank of Yokohama Ltd		22,995
1,017	v*	Bank United Corp (Contingent Payment Rts)		0
442,237		BankAtlantic Bancorp, Inc (Class A)		8,801
897,906		Banknorth Group, Inc		32,863
166,951	*	BankUnited Financial Corp (Class A)		5,334
63,234		Banner Corp		1,972
443		Banque Cantonale Vaudoise		80
19		Banque Nationale de Belgique		91
14,269,574		Barclays plc		160,542
13,819		Bay View Capital Corp		212
390,871	*	Bayerische Hypo-und Vereinsbank AG.		8,873
3,090,293		BB&T Corp		129,947
35,425		Berkshire Hills Bancorp, Inc		1,316
32,097	*	BFC Financial Corp		406
1,785,521	e	BNP Paribas		129,357
5,127,500		BOC Hong Kong Holdings Ltd		9,796
92,971	*	BOK Financial Corp		4,533
158,637		Boston Private Financial Holdings, Inc		4,469
200		Bostonfed Bancorp, Inc		9
46,975		Bryn Mawr Bank Corp		1,033
8,082		C&F Financial Corp		324
19,564		Camco Financial Corp		301
55,674		Camden National Corp		2,194
793,677	e	Canadian Imperial Bank of Commerce		47,847
60,107		Capital City Bank Group, Inc		2,512
29,562		Capital Corp of the West		1,389
20,524	*	Capital Crossing Bank		630
3,995,411		Capitalia S.p.A.		18,302
119,985		Capitol Federal Financial		4,319
101,936		Cascade Bancorp		2,061
282,122		Cathay General Bancorp		10,580
8,680	e	Cavalry Bancorp, Inc		196
17,910	e	Center Bancorp, Inc		235
59,012		Center Financial Corp		1,181
56,425	*	Central Coast Bancorp		1,303
178,572		Central Pacific Financial Corp		6,459
21,736		Century Bancorp, Inc (Class A)		641
48,330	e	CFS Bancorp, Inc		690
24,530		Charter Financial Corp		1,076

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES				VALUE (000)

151,279		Chemical Financial Corp	$		6,493
1,078,540		Chiba Bank Ltd			7,210
345,310		Chittenden Corp			9,921
35,846,198	e	Citigroup, Inc			1,727,070
1,900	*	Citigroup, Inc (Litigation Wts)			3
260,976		Citizens Banking Corp			8,965
54,801		Citizens First Bancorp, Inc			1,325
26,553		Citizens South Banking Corp			379
50,366		City Bank			1,821
103,436		City Holding Co			3,749
200,750	e	City National Corp			14,183
25,789		Clifton Savings Bancorp, Inc			313
22,059	e	CNB Financial Corp			337
83,492		Coastal Financial Corp			1,600
77,138		CoBiz, Inc			1,566
721,452		Colonial Bancgroup, Inc			15,316
40,131		Columbia Bancorp			1,372
20,142		Columbia Bancorp (Oregon)			394
90,054		Columbia Banking System, Inc			2,250
1,050,820		Comerica, Inc			64,121
308,531		Commerce Bancorp, Inc			19,869
312,862		Commerce Bancshares, Inc			15,706
20,621		Commercial Bankshares, Inc			794
221,459		Commercial Capital Bancorp, Inc			5,133
347,377		Commercial Federal Corp			10,321
395,965	e*	Commerzbank AG.			8,159
1,649,643		Commonwealth Bank of Australia			41,510
21,527	e	Community Bank of North Virginia			387
148,238		Community Bank System, Inc			4,188
93,951		Community Trust Bancorp, Inc			3,040
644,479		Compass Bancshares, Inc			31,367
98,419		Corus Bankshares, Inc			4,725
3,507,215	e	Credit Agricole S.A.			105,831
1,391,480		Credit Suisse Group			58,493
282,271		Cullen/Frost Bankers, Inc			13,718
246,594		CVB Financial Corp			6,550
916,141		DAH Sing Financial			7,101
1,214,945		Danske Bank a/s			37,242
3,424,723		DBS Group Holdings Ltd			33,777
3,996,899		Depfa Bank plc			67,095
1,873,172	e	Deutsche Bank AG. (Regd)			166,312
871,324	e	Dexia			20,039
194,519		Dime Community Bancshares			3,484
1,619,922	e	DNB NOR Holding ASA			15,981
122,323		Downey Financial Corp			6,972
306,688		East West Bancorp, Inc			12,869
11,207		Eastern Virginia Bankshares, Inc			292
900,947		EFG Eurobank Ergasias S.A.			30,958
974,156	e	Erste Bank Der Oesterreichischen Sparkassen AG.			52,038
28,339		ESB Financial Corp			409
37,244	*	EuroBancshares, Inc			782
155,016	e*	Euronet Worldwide, Inc			4,034
10,924		Exchange National Bancshares, Inc			315
39,904		Farmers Capital Bank Corp			1,644
485		FFLC Bancorp, Inc			17
84,407		Fidelity Bankshares, Inc			3,609
3,975,072		Fifth Third Bancorp			187,941
52,553		Financial Institutions, Inc			1,222
4,098	*	FinecoGroup S.p.A.			32
69,308		First Bancorp (North Carolina)			1,883
229,335		First Bancorp (Puerto Rico)			14,565
84,869		First Busey Corp (Class A)			1,771
183,343		First Charter Corp			4,798
8,296	e	First Citizens Banc Corp			193
42,104		First Citizens Bancshares, Inc (Class A)			6,242
391,841		First Commonwealth Financial Corp			6,030
98,507		First Community Bancorp			4,206
63,960		First Community Bancshares, Inc			2,308
215,377		First Financial Bancorp			3,769
98,136		First Financial Bankshares, Inc			4,397

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			VALUE (000)

93,246		First Financial Corp (Indiana)	$	3,266
81,305		First Financial Holdings, Inc		2,662
5,651		First Financial Service Corp		146
686,722		First Horizon National Corp		29,605
18,977		First M & F Corp		642
125,163		First Merchants Corp		3,542
292,896		First Midwest Bancorp, Inc		10,629
319,219		First National Bankshares of Florida, Inc		7,629
40,514		First Oak Brook Bancshares, Inc		1,313
20,592		First of Long Island Corp		1,039
100,963		First Republic Bank		5,351
29,399	e	First South Bancorp, Inc		754
47,282		First State Bancorp		1,738
14,000		First United Corp		291
290		Firstbank Corp		8
109,882	*	FirstFed Financial Corp		5,700
423,644		FirstMerit Corp		12,070
17,914	e	Flag Financial Corp		271
280,395		Flagstar Bancorp, Inc		6,337
96,536		Flushing Financial Corp		1,937
18,327		FMS Financial Corp		387
350,058	e	FNB Corp		7,127
47,284		FNB Corp (Virginia)		1,341
8,806		FNB Corp, Inc (North Carolina)		171
22,853		Foothill Independent Bancorp		537
1,392,255	e	Fortis		38,511
462,027	*	Fortis (Strip Vvpr)		6
32,596	*	Franklin Bank Corp		595
107,012		Frontier Financial Corp		4,132
668,653		Fulton Financial Corp		15,586
41,991		GB&T Bancshares, Inc		1,013
167,785		Glacier Bancorp, Inc		5,711
274,327		Gold Banc Corp, Inc		4,011
1,420,030		Golden West Financial Corp		87,218
66,550		Great Southern Bancorp, Inc		2,329
15,121		Greater Community Bancorp		248
4,140		Greene County Bancshares, Inc		111
611,000		Gunma Bank Ltd		3,548
175,934		Hancock Holding Co		5,887
1,286,294		Hang Seng Bank Ltd		17,873
103,454		Hanmi Financial Corp		3,718
130,010		Harbor Florida Bancshares, Inc		4,500
166,467		Harleysville National Corp		4,428
60,027		Heartland Financial U.S.A., Inc		1,207
45,338	*	Heritage Commerce Corp		862
12,789		Heritage Financial Corp		283
1,196,957		Hibernia Corp (Class A)		35,322
54,868		Horizon Financial Corp		1,129
4,101,320		HSBC Holdings plc (Hong Kong)		70,178
21,631,643		HSBC Holdings plc (United Kingdom)		365,054
401,077		Hudson City Bancorp, Inc		14,768
222,808		Hudson River Bancorp, Inc		4,409
216,655		Hudson United Bancorp		8,532
1,273,836		Huntington Bancshares, Inc		31,566
40,948		IberiaBank Corp		2,717
13,436		IBT Bancorp, Inc		645
86,054		Independent Bank Corp (Massachusetts)		2,904
117,888		Independent Bank Corp (Michigan)		3,517
291,516		IndyMac Bancorp, Inc		10,043
93,752		Integra Bank Corp		2,167
73,386		Interchange Financial Services Corp		1,902
203,177		International Bancshares Corp		8,001
138,000		International Bank of Asia Ltd		55
155,714		Irwin Financial Corp		4,421
30,734	*	Itla Capital Corp		1,807
2,466,034		Joyo Bank Ltd		12,033
22,995,823	e	JPMorgan Chase & Co		897,067
686,280	e	KBC Bancassurance Holding NV		52,705
2,199,766		KeyCorp		74,572
137,972		KNBT Bancorp, Inc		2,332

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			VALUE (000)

87,162		Lakeland Bancorp, Inc	$	1,530
36,825		Lakeland Financial Corp		1,462
8,191,053		Lloyds TSB Group plc		74,384
14,400	e	LNB Bancorp, Inc		290
22,164		LSB Bancshares, Inc		371
403,276		M & T Bank Corp		43,489
60,119		Macatawa Bank Corp		1,941
295,536		Macquarie Bank Ltd		10,773
168,729		MAF Bancorp, Inc		7,562
82,380		Main Street Banks, Inc		2,878
64,076		MainSource Financial Group, Inc		1,530
1,377,610		Marshall & Ilsley Corp		60,890
129,064		MB Financial, Inc		5,440
67,216		MBT Financial Corp		1,564
3,504,476		Mellon Financial Corp		109,024
41,554		Mercantile Bank Corp		1,641
766,516		Mercantile Bankshares Corp		40,012
20,023		Merchants Bancshares, Inc		581
162,793		Mid-State Bancshares		4,664
62,799		Midwest Banc Holdings, Inc		1,373
15,556	e	Mitsubishi Tokyo Financial Group, Inc		157,883
332,300		Mitsui Trust Holdings, Inc		3,321
10,990		Mizuho Financial Group, Inc		55,341
11,166		MutualFirst Financial, Inc		272
142,863		Nara Bancorp, Inc		3,039
19,696		NASB Financial, Inc		787
2,434,877	e	National Australia Bank Ltd		55,009
467,866	e	National Bank of Canada		19,353
2,788,747		National Bank of Greece S.A.		92,036
8,241		National Bankshares, Inc		441
3,520,703		National City Corp		132,202
193,475		National Penn Bancshares, Inc		5,359
47,546		NBC Capital Corp		1,263
227,518		NBT Bancorp, Inc		5,852
392,574		NetBank, Inc		4,087
1,924,886	e	New York Community Bancorp, Inc		39,595
401,144		NewAlliance Bancshares, Inc		6,138
876,656		Nordea Bank AB		8,891
2,258,033		Nordea Bank AB (Sweden)		22,766
3,591,233		North Fork Bancorp, Inc		103,607
3,441		Northern States Financial Corp		107
4,323,755		Northern Trust Corp		210,048
111,662		Northwest Bancorp, Inc		2,802
22,212		Oak Hill Financial, Inc		862
64,445		OceanFirst Financial Corp		1,589
341,399	e*	Ocwen Financial Corp		3,264
394,777		Old National Bancorp		10,209
5,371		Old Point Financial Corp		187
85,006		Old Second Bancorp, Inc		2,710
60,854		Omega Financial Corp		2,086
3,268	e	Oneida Financial Corp		45
2,281,832		Oversea-Chinese Banking Corp Ltd		18,871
16,596		PAB Bankshares, Inc		218
281,410		Pacific Capital Bancorp		9,565
75,689		Park National Corp		10,256
23,967		Parkvale Financial Corp		690
155,248		Partners Trust Financial Group, Inc		1,809
45,411		Peapack Gladstone Financial Corp		1,433
60,796		Pennfed Financial Services, Inc		978
46,831		Pennrock Financial Services Corp		1,822
14,042		Penns Woods Bancorp, Inc		676
72,590		Peoples Bancorp, Inc		1,991
176,315		People's Bank		6,857
53,920		Peoples Holding Co		1,785
111,398		PFF Bancorp, Inc		5,161
250,981		Piraeus Bank S.A.		4,387
8,504		Placer Sierra Bancshares		242
1,927,200		PNC Financial Services Group, Inc		110,698
229,557		Provident Bancorp, Inc		3,028
196,724		Provident Bankshares Corp		7,155

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			VALUE (000)

31,036		Provident Financial Holdings	$	895
445,948		Provident Financial Services, Inc		8,638
5,778	*	QC Holdings, Inc		111
218,275		R & G Financial Corp (Class B)		8,487
2,607,541		Regions Financial Corp		92,802
53,428		Republic Bancorp, Inc (Class A) (Kentucky)		1,373
459,373		Republic Bancorp, Inc (Michigan)		7,019
5,953,818	*	Resona Holdings, Inc		12,085
99,879	*	Riggs National Corp		2,123
31,345		Royal Bancshares of Pennsylvania (Class A)		847
1,374,122	e	Royal Bank of Canada		73,686
67,800	*	Royal Bank of Canada (New York)		3,623
8,896,576		Royal Bank of Scotland Group plc		299,251
152,540		S & T Bancorp, Inc		5,749
73,378		S.Y. Bancorp, Inc		1,768
9,000		San-In Godo Bank Ltd		74
988,583	e	Sanpaolo IMI S.p.A.		14,244
57,725		Santander Bancorp		1,741
54,296		SCBT Financial Corp		1,823
73,078		Seacoast Banking Corp of Florida		1,626
21,009		Security Bank Corp		840
5,262,000	e	Shinsei Bank Ltd		35,843
1,501,168		Shizuoka Bank Ltd		14,225
23,367		Shore Bancshares, Inc		848
19,646	e	Sierra Bancorp		449
27,042	*	Signature Bank		875
206,829	e*	Silicon Valley Bancshares		9,270
95,132		Simmons First National Corp (Class A)		2,754
628,811		Skandinaviska Enskilda Banken (A Shs)		12,159
559,845		Sky Financial Group, Inc		16,051
21,204		Smithtown Bancorp, Inc		673
662,173	e	Societe Generale (A Shs)		67,009
38,523		Sound Federal Bancorp, Inc		626
335,114		South Financial Group, Inc		10,901
31,228		Southern Community Financial Corp		323
62,971		Southside Bancshares, Inc		1,439
477,170		Southwest Bancorp of Texas, Inc		11,113
67,100		Southwest Bancorp, Inc		1,643
1,983,097		Sovereign Bancorp, Inc		44,719
1,575		Sparebanken Midt-Norge		72
315		St Galler Kantonalbank		79
50,741		State Bancorp, Inc		1,395
36,296		State Financial Services Corp (Class A)		1,093
1,745,089		State Street Corp		85,719
99,357		Sterling Bancorp		2,807
310,060		Sterling Bancshares, Inc		4,425
137,884		Sterling Financial Corp (Pennsylvania)		3,953
139,587	*	Sterling Financial Corp (Spokane)		5,480
6,424	e	Sumitomo Mitsui Financial Group Inc		46,705
4,867,809		Sumitomo Trust & Banking Co Ltd		35,201
5,197		Summit Bancshares, Inc		195
47,037	*	Sun Bancorp, Inc (New Jersey)		1,175
1,110,237		Suncorp-Metway Ltd		15,126
1,947,125		SunTrust Banks, Inc		143,854
68,000	e	Suruga Bank Ltd		543
262,583	e	Svenska Handelsbanken		6,796
179,430		Svenska Handelsbanken AB (A Shs)		4,671
1,689,237		Synovus Financial Corp		48,278
20,981		Taylor Capital Group, Inc		703
789,722		TCF Financial Corp		25,382
144,543	*	Texas Capital Bancshares, Inc		3,125
242,702		Texas Regional Bancshares, Inc (Class A)		7,932
148,496		TierOne Corp		3,690
3,900		Tokyo Tomin Bank Ltd/The		81
75,696		Trico Bancshares		1,771
457,653		Trustco Bank Corp NY		6,311
283,881		Trustmark Corp		8,820
14,973,874		U.S. Bancorp		468,982
77,517		U.S.B. Holding Co, Inc		1,930
3,881,316		UBS AG. (Regd)		325,463

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			VALUE (000)

114,000		UBS AG. (Regd) (New York)	$	9,558
211,751		UCBH Holdings, Inc		9,702
7,807		UFJ Holdings, Inc		47,313
95,329		UMB Financial Corp		5,401
266,680		Umpqua Holdings Corp		6,723
4,324,731		UniCredito Italiano S.p.A.		24,866
51,636		Union Bankshares Corp		1,984
344,278		UnionBanCal Corp		22,199
224,401		United Bankshares, Inc		8,561
185,939		United Community Banks, Inc		5,007
165,311		United Community Financial Corp		1,851
3,897,661		United Overseas Bank Ltd		32,950
15,733	e	United Securities Bancshares		526
6,501		United Security Bancshares (California)		164
27,628		Univest Corp of Pennsylvania		1,271
135,380		Unizan Financial Corp		3,567
1,348		Valiant Holding		123
555,996		Valley National Bancorp		15,373
30,597	*	Virginia Commerce Bancorp		867
47,030		Virginia Financial Group, Inc		1,724
383,895		W Holding Co, Inc		8,807
9,824,565		Wachovia Corp		516,772
402,146		Washington Federal, Inc		10,673
84,866		Washington Trust Bancorp, Inc		2,487
260,580		Webster Financial Corp		13,196
10,337,426		Wells Fargo & Co		642,471
134,015		Wesbanco, Inc		4,284
67,910		West Bancorporation		1,196
109,444		West Coast Bancorp		2,781
220,703		Westamerica Bancorp		12,869
36,266	*	Western Sierra Bancorp		1,391
2,895,269		Westpac Banking Corp		44,235
215,999		Whitney Holding Corp		9,718
37,710		Willow Grove Bancorp, Inc		715
329,960		Wilmington Trust Corp		11,928
85,568	*	Wilshire Bancorp, Inc		1,415
2		Wing Lung Bank Ltd		0
156,812		Wintrust Financial Corp		8,932
40,394		WSFS Financial Corp		2,437
20,614		Yadkin Valley Bank and Trust Co		302
48,806		Yardville National Bancorp		1,672
532,196		Zions Bancorp		36,205

		TOTAL DEPOSITORY INSTITUTIONS		12,796,489


EATING AND DRINKING PLACES - 0.63%
416,369		Applebee's International, Inc		11,013
682,123		Aramark Corp (Class B)		18,083
53,939	*	Autogrill S.p.A.		901
8,521	*	Benihana, Inc (Class A)		138
65,787	*	BJ's Restaurants, Inc		921
214,456		Bob Evans Farms, Inc		5,606
2,400,380	*	Brinker International, Inc		84,181
3,200	*	Buca, Inc		22
32,059	*	Buffalo Wild Wings, Inc		1,116
167,840	*	California Pizza Kitchen, Inc		3,860
314,092		CBRL Group, Inc		13,145
282,531	*	CEC Entertainment, Inc		11,293
576,538	*	CKE Restaurants, Inc		8,366
4,583,650		Compass Group plc		21,670
145,502	*	Cosi, Inc		880
794,246		Darden Restaurants, Inc		22,032
67,868	*	Dave & Buster's, Inc		1,371
144,900		Domino's Pizza, Inc		2,579
261,263		Enterprise Inns plc		3,988
124,475		IHOP Corp		5,214
232,794	*	Jack In The Box, Inc		8,583
391,098	e*	Krispy Kreme Doughnuts, Inc		4,928
132,519		Landry's Restaurants, Inc		3,851

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			VALUE (000)

126,040		Lone Star Steakhouse & Saloon, Inc	$	3,529
5,596	*	Luby's, Inc		42
7,354,174		McDonald's Corp		235,775
1,458,670		Mitchells & Butlers plc		9,522
169,326	*	O'Charley's, Inc		3,310
305,586		Outback Steakhouse, Inc		13,990
156,946	*	P.F. Chang's China Bistro, Inc		8,844
120,938	*	Papa John's International, Inc		4,165
116,950		Punch Taverns plc		1,550
204,707	*	Rare Hospitality International, Inc		6,522
72,818	*	Red Robin Gourmet Burgers, Inc		3,894
315,582		Ruby Tuesday, Inc		8,230
262,718	*	Ryan's Restaurant Group, Inc		4,051
63		Skylark Co Ltd		1
44,950	e	Sodexho Alliance S.A.		1,360
362,789	*	Sonic Corp		11,065
742,848	*	The Cheesecake Factory, Inc		24,120
139,400	*	The Steak N Shake Co		2,799
83,322	e	Triarc Cos (Class A)		1,083
167,168		Triarc Cos (Class B)		2,049
528,271	e	Wendy's International, Inc		20,740
1,089,832		Whitbread plc		17,712
1,728,728		Yum! Brands, Inc		81,561

		TOTAL EATING AND DRINKING PLACES		699,655


EDUCATIONAL SERVICES - 0.22%
845,693	*	Apollo Group, Inc (Class A)		68,256
32		Benesse Corp		1
1,559,778	*	Career Education Corp		62,391
3,257,018	*	Corinthian Colleges, Inc		61,379
302,176	*	DeVry, Inc		5,246
423,417	*	Education Management Corp		13,977
262,418	*	ITT Educational Services, Inc		12,478
159,707	*	Laureate Education, Inc		7,041
57,569	*	Learning Tree International, Inc		771
96,213	*	Princeton Review, Inc		592
102,253		Strayer Education, Inc		11,226
84,498	*	Universal Technical Institute, Inc		3,221

		TOTAL EDUCATIONAL SERVICES		246,579


ELECTRIC, GAS, AND SANITARY SERVICES - 3.98%
3,287,298	*	AES Corp		44,937
324,924		AGL Resources, Inc		10,800
603,991		Aguas de Barcelona S.A. (A Shs)		12,627
15,761		Alinta Ltd		102
2,103,380	e*	Allegheny Energy, Inc		41,458
152,266		Allete, Inc		5,596
531,723		Alliant Energy Corp		15,207
1,825,901	*	Allied Waste Industries, Inc		16,944
938,180		Ameren Corp		47,040
2,103,747	e	American Electric Power Co, Inc		72,243
95,565		American States Water Co		2,485
38,986		Amga S.p.A.		77
448,834		Aqua America, Inc		11,037
1,362,066	*	Aquila, Inc		5,026
470,426		Atmos Energy Corp		12,866
1,525,659		Australian Gas Light Co Ltd		16,385
354,907		Avista Corp		6,271
386	*	Beacon Power Corp		0
9,414,021		BG Group plc		63,982
222,317		Black Hills Corp		6,821
99,620		California Water Service Group		3,751
13,630,373	e*	Calpine Corp		53,704
61,750		Caltex Australia Ltd		526
69,478		Cascade Natural Gas Corp		1,473
120,076	*	Casella Waste Systems, Inc (Class A)		1,758
1,327,613		Centerpoint Energy, Inc		15,002

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			VALUE (000)

72,925		Central Vermont Public Service Corp	$	1,696
95,679		CH Energy Group, Inc		4,597
9,359		Chesapeake Utilities Corp		250
812,529	e	Chubu Electric Power Co, Inc		19,506
1,261,172		Cinergy Corp		52,503
1,734,606		Citizens Communications Co		23,920
24,700	e*	Clean Harbors, Inc		372
278,246		Cleco Corp		5,637
2,501,645		CLP Holdings Ltd		14,387
2,375,929	*	CMS Energy Corp		24,828
50,377		Connecticut Water Service, Inc		1,334
1,297,983		Consolidated Edison, Inc		56,787
882,089		Constellation Energy Group, Inc		38,556
446,063		Contact Energy Ltd		2,062
9,173	e	Crosstex Energy, Inc		384
12		Daiseki Co Ltd		0
2,257,681		Dominion Resources, Inc		152,935
576,968	e	DPL, Inc		14,488
1,229,781		DTE Energy Co		53,040
5,542,167		Duke Energy Corp		140,383
465,443		Duquesne Light Holdings, Inc		8,774
81,226	*	Duratek, Inc		2,023
1,476,755	*	Dynegy, Inc (Class A)		6,823
3,631,183	e	E.ON AG.		330,987
2,196,242		Edison International		70,346
4,259,787	e*	Edison S.p.A.		9,062
3,023,411		El Paso Corp		31,443
297,675	*	El Paso Electric Co		5,638
687,100		Electric Power Development Co		19,244
145,983		Empire District Electric Co		3,311
4,319,069	e	Enagas		71,622
212,126	e	Endesa S.A.		4,985
3,471,590	e	Enel S.p.A.		34,117
283,259		Energen Corp		16,698
2,650,595		Energias de Portugal S.A.		8,034
826,517		Energy East Corp		22,051
42,528		EnergySouth, Inc		1,192
2,009,693		Entergy Corp		135,835
386,310		Equitable Resources, Inc		23,434
4,801,794		Exelon Corp		211,615
2,019,579		FirstEnergy Corp		79,794
1,157,328		FPL Group, Inc		86,510
369,610		Great Plains Energy, Inc		11,192
450,396		Hawaiian Electric Industries, Inc		13,129
541,100		Hokkaido Electric Power Co, Inc		10,640
6,178,199		Hong Kong & China Gas Co Ltd		12,757
1,072,511		Hong Kong Electric Holdings Ltd		4,898
400,000	e	Iberdrola S.A.		10,167
237,922		Idacorp, Inc		7,273
2,212,010	*	International Power plc		6,561
332,403		Kansai Electric Power Co, Inc		6,747
1,603,279		Kelda Group plc		19,469
808,275		KeySpan Corp		31,886
476,250		Kinder Morgan, Inc		34,828
450,993		Kurita Water Industries Ltd		6,487
768,504		Kyushu Electric Power Co, Inc		15,525
129,539		Laclede Group, Inc		4,035
620,403		MDU Resources Group, Inc		16,552
112,641		MGE Energy, Inc		4,058
67,390		Middlesex Water Co		1,276
70,723	b,e*	Mirant Corp		25
1,016		Munters AB		31
483,317		National Fuel Gas Co		13,697
1,223,197		National Grid Transco plc		11,648
223,352		New Jersey Resources Corp		9,680
139,149		NGC Holdings Ltd		312
292,078		Nicor, Inc		10,789
1,456,919		NiSource, Inc		33,189
656,895		Northeast Utilities		12,382
63,242		Northumbrian Water Group plc		214

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			VALUE (000)

163,249		Northwest Natural Gas Co	$	5,508
752,544	*	NRG Energy, Inc		27,129
265,165		NSTAR		14,393
31,343		Oest Elektrizitatswirts (A Shs)		6,983
470,829		OGE Energy Corp		12,482
700		Okinawa Electric Power Co, Inc		32
610,619		Oneok, Inc		17,354
800	*	Ormat Technologies, Inc		13
1,512,445		Osaka Gas Co Ltd		4,723
179,572		Otter Tail Corp		4,584
6,094		Pennon Group plc		117
306,754		Peoples Energy Corp		13,482
999,583		Pepco Holdings, Inc		21,311
6,083,925	*	PG&E Corp		202,473
476,326		Piedmont Natural Gas Co, Inc		11,070
643,177		Pinnacle West Capital Corp		28,563
406,204		PNM Resources, Inc		10,273
1,122,011		PPL Corp		59,781
1,346,341		Progress Energy, Inc		60,908
496,039	v*	Progress Energy, Inc (Cvo)		5
1,458,336		Public Service Enterprise Group, Inc		75,498
496,222		Puget Energy, Inc		12,257
22,074		Puma AG. Rudolf Dassler Sport		6,070
619,195		Questar Corp		31,554
1,622,691	*	Reliant Resources, Inc		22,150
859,170		Republic Services, Inc		28,817
104,658		Resource America, Inc (Class A)		3,401
604,566	e	RWE AG.		33,445
566,074	e	SCANA Corp		22,303
1,353,506		Scottish & Southern Energy plc		22,673
3,686,314		Scottish Power plc		28,539
33,536	*	SEMCO Energy, Inc		179
1,156,564		Sempra Energy		42,423
2,064,000		Shun TAK Holdings Ltd		2,270
774,852	e*	Sierra Pacific Resources		8,136
39,973		SJW Corp		1,455
42,800	e*	Sojitz Holdings Corp		185
77,297		South Jersey Industries, Inc		4,063
4,590,351		Southern Co		153,869
398,063	*	Southern Union Co		9,546
275,942		Southwest Gas Corp		7,009
105,169		Southwest Water Co		1,415
197,655	*	Stericycle, Inc		9,082
1,196,589	e	Suez S.A.(France)		31,911
410,000		Tata Power Co Ltd		3,684
910,237		TECO Energy, Inc		13,963
721,270		Tohoku Electric Power Co, Inc		12,951
1,796,641		Tokyo Electric Power Co, Inc		44,096
1,439,311	e	Tokyo Gas Co Ltd		5,899
84,050		Tomra Systems ASA		462
354,267	e	TransAlta Corp		5,337
1,591,180		TXU Corp		102,727
265,935		UGI Corp		10,879
105,495		UIL Holdings Corp		5,412
654,470	e	Union Fenosa S.A.		17,214
316,582		Unisource Energy Corp		7,633
262,929		United Utilities plc		3,180
410,972		United Utilities plc (A Shs)		3,531
9,700		Unitil Corp		275
378,452		Vectren Corp		10,143
4,575,834	e*	Vivendi Universal S.A.		146,101
302,412	*	Waste Connections, Inc		10,358
155,320		Waste Management NZ Ltd		634
5,907,008		Waste Management, Inc		176,856
7,831		West Japan Railway Co		31,639
461,275		Westar Energy, Inc		10,549
275,196		Western Gas Resources, Inc		8,049
365,346		WGL Holdings, Inc		11,267
2,954,996		Williams Cos, Inc		48,137
595,121		Wisconsin Energy Corp		20,062

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			VALUE (000)

191,391		WPS Resources Corp	$	9,562
2,096,740		Xcel Energy, Inc		38,161
47,138,000	*	Xinao Gas Holdings Ltd		26,987

		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		4,413,950


ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 7.22%
9,435,756	*	ABB Ltd		52,693
152,371	*	Actel Corp		2,673
204,185	e,v*	Acterna Corp		0
1,259,572		Adtran, Inc		24,108
127,527	*	Advanced Energy Industries, Inc		1,164
1,775,713	*	Advanced Micro Devices, Inc		39,101
379,865		Advantest Corp		32,585
403,787	*	Aeroflex, Inc		4,894
3,955,216	*	Agere Systems, Inc (Class A)		5,419
7,538,278	e*	Agere Systems, Inc (Class B)		10,177
6,547	e*	Aixtron AG.		27
1,743,163	e*	Alcatel S.A.		27,130
136,132	*	Alcatel S.A. (Spon ADR)		2,128
127,949	*	Alliance Semiconductor Corp		473
465,000	e	Alps Electric Co Ltd		6,929
90,993,900	*	Alstom		69,263
2,403,196	*	Altera Corp		49,746
817,231		American Power Conversion Corp		17,489
143,276	*	American Superconductor Corp		2,133
317,001		Ametek, Inc		11,307
226,894	*	AMIS Holdings, Inc		3,748
527,212	*	Amkor Technology, Inc		3,522
448,604	*	Amphenol Corp (Class A)		16,482
2,694,507		Analog Devices, Inc		99,481
128,052	*	Anaren Microwave, Inc		1,660
111,097	*	Applica, Inc		672
1,547,643	*	Applied Micro Circuits Corp		6,516
59,320		Applied Signal Technology, Inc		2,091
452,000		ARM Holdings plc		959
616,342	*	Arris Group, Inc		4,339
233,627	*	Artesyn Technologies, Inc		2,640
332,000		ASM Pacific Technology Ltd		1,196
363,224	*	ASML Holding NV		5,831
51,348	e*	Atheros Communications, Inc		526
637,377	*	ATI Technologies, Inc		12,374
2,635,033	*	Atmel Corp		10,329
190,239	*	ATMI, Inc		4,286
110,549		AU Optronics Corp (ADR)		1,583
500,330	e*	Avanex Corp		1,656
277,261		AVX Corp		3,493
60	*	AXT, Inc		0
197,941		Baldor Electric Co		5,449
6,816	*	Ballard Power Systems, Inc		46
7,028		Bang & Olufsen a/s		525
5,647		Barco NV		522
83,690		Bel Fuse, Inc (Class B)		2,828
251,790	*	Benchmark Electronics, Inc		8,586
27,867	e*	Bookham, Inc		135
1,451,757	*	Broadcom Corp (Class A)		46,863
297,799	e*	Broadwing Corp		2,713
335,000		Byd Co Ltd (H Shs)		888
205,543		C&D Technologies, Inc		3,502
125,784	*	California Micro Devices Corp		892
518,386	*	Capstone Turbine Corp		949
116,127	*	Carrier Access Corp		1,240
45,485	*	Catapult Communications Corp		1,099
386,577	*	C-COR, Inc		3,595
530,242	*	Celestica, Inc		7,479
43,858	*	Celestica, Inc (U.S.)		619
2,656	*	Centillium Communications, Inc		6
101,049	e*	Ceradyne, Inc		5,781
40,323	*	Ceva, Inc		367

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			VALUE (000)

1,078,000	*	Chartered Semiconductor Manufacturing Ltd	$	647
230,787	*	Checkpoint Systems, Inc		4,166
36,414	*	Cherokee International Corp		350
2,963,974	*	CIENA Corp		9,900
6,406	*	ClearOne Communications, Inc		26
5,300	*	Color Kinetics, Inc		93
16,727		Computacenter plc		93
114,056	*	Comtech Telecommunications		4,290
1,161,981	*	Comverse Technology, Inc		28,410
2,443,457	*	Conexant Systems, Inc		4,862
390,499	e*	Cree, Inc		15,651
218,548		CTS Corp		2,905
98,428		Cubic Corp		2,477
719,688	*	Cypress Semiconductor Corp		8,442
81,119	e*	DDi Corp		258
115,484	*	Digital Theater Systems, Inc		2,325
43,361	*	Diodes, Inc		981
242,172	*	Ditech Communications Corp		3,620
186,227	*	DSP Group, Inc		4,158
84,840	*	Dupont Photomasks, Inc		2,241
985,323	e*	Eagle Broadband, Inc		650
7,000		Elec & Eltek International Co Ltd		20
172,365	*	Electro Scientific Industries, Inc		3,406
205,000		Electrocomponents plc		1,121
374,949		Electrolux AB Series B		8,576
223	*	Emcore Corp		1
2,429,714		Emerson Electric Co		170,323
93,521	*	Emerson Radio Corp		351
64,298	*	EMS Technologies, Inc		1,069
501,436	*	Energizer Holdings, Inc		24,916
120,256	e*	Energy Conversion Devices, Inc		2,323
1		Energy Developments Ltd		0
16,100	*	EnerSys		246
280,907	*	Entegris, Inc		2,795
199,192	e*	Epcos AG.		2,978
201,597	*	ESS Technology, Inc		1,433
248,034	*	Exar Corp		3,520
645,794	*	Fairchild Semiconductor International, Inc		10,501
4,650		FG Europe S.A.		21
1,154,706	e*	Finisar Corp		2,633
370,195		Fisher & Paykel Appliances Holdings Ltd		1,150
2,238,544		Fisher & Paykel Healthcare Corp		5,239
113,497		Franklin Electric Co, Inc		4,796
746,461	*	Freescale Semiconductor, Inc		13,302
1,816,120	*	Freescale Semiconductor, Inc (Class B)		33,344
255,968	e*	FuelCell Energy, Inc		2,534
2,570,808		Fujitsu Ltd		16,734
222,660	*	Furukawa Electric Co Ltd		1,234
2,321,700	*	Gemstar-TV Guide International, Inc		13,744
67,566,018		General Electric Co		2,466,160
186,248	*	Genesis Microchip, Inc		3,021
74,877	*	Genlyte Group, Inc		6,415
626,420	*	GrafTech International Ltd		5,926
344,306		Harman International Industries, Inc		43,727
441,050	*	Harmonic, Inc		3,678
379,776		Harris Corp		23,466
162,915		Helix Technology Corp		2,833
182,817	*	Hexcel Corp		2,651
86,900		Hirose Electric Co Ltd		10,160
427,800		Hitachi Maxell Ltd		5,862
5,000		Horiba Ltd		71
301,637		Hubbell, Inc (Class B)		15,776
162,827	*	Hutchinson Technology, Inc		5,629
463,600	e*	Infineon Technologies AG.		5,029
5,500		Information Services International-Dentsu Ltd		60
2,459	*	Innovex, Inc		13
457,097	*	Integrated Circuit Systems, Inc		9,562
675,517	*	Integrated Device Technology, Inc		7,809
214,317	*	Integrated Silicon Solution, Inc		1,757
41,620,619		Intel Corp		973,506

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			VALUE (000)

364,891	*	Interdigital Communications Corp	$	8,064
355,597	*	International Rectifier Corp		15,849
871,330		Intersil Corp (Class A)		14,586
176,366		Inter-Tel, Inc		4,829
217,621	*	InterVoice, Inc		2,905
36,000		Iwasaki Electric Co Ltd		132
120,661	*	IXYS Corp		1,245
1,321,923	*	Jabil Circuit, Inc		33,815
10,508,896	*	JDS Uniphase Corp		33,313
971,909		Johnson Electric Holdings Ltd		944
526,587	*	Kemet Corp		4,713
2,151,773		Kidde plc		6,878
125,000		Koha Co Ltd		1,982
2,169,043	e	Koninklijke Philips Electronics NV		57,521
429,144	*	Kopin Corp		1,661
16,394	*	Kudelski S.A. (Br)		603
216,000		Kuroda Electric Co Ltd		5,038
463,198	e	Kyocera Corp		35,665
814,141		L-3 Communications Holdings, Inc		59,628
277		Laird Group plc		2
56,240	e*	LaserCard Corp		590
806,072	*	Lattice Semiconductor Corp		4,595
77,649	*	Leadis Technology, Inc		827
259,810	*	LG Electronics, Inc		16,088
65,676	*	Lifeline Systems, Inc		1,692
1,861,642		Linear Technology Corp		72,157
203,050	*	Littelfuse, Inc		6,936
111,774		LSI Industries, Inc		1,280
2,377,264	*	LSI Logic Corp		13,027
114,799	*	Magnetek, Inc		792
218,145	*	Marvell Technology Group Ltd		7,738
2,203,679		Matsushita Electric Industrial Co Ltd		34,968
603,350		Matsushita Electric Industrial Co Ltd (Spon ADR)		9,684
1,304,773		Matsushita Electric Works Ltd		11,371
242,217	*	Mattson Technology, Inc		2,727
2,141,273		Maxim Integrated Products, Inc		90,769
376,316		Maytag Corp		7,940
1,042,294	*	McData Corp (Class A)		6,212
78,921	e*	Medis Technologies Ltd		1,448
166,000		Melco Holdings, Inc		3,118
408,750	*	MEMC Electronic Materials, Inc		5,416
131,892	*	Mercury Computer Systems, Inc		3,915
103,502	*	Merix Corp		1,192
217,499		Methode Electronics, Inc		2,795
66,644	*	Metrologic Instruments, Inc		1,416
582,494	*	Micrel, Inc		6,419
1,432,878		Microchip Technology, Inc		38,201
4,852,276	*	Micron Technology, Inc		59,926
74,352	*	Micronas Semiconductor Holdings, Inc		3,645
1,591	*	Micronic Laser Systems AB		16
362,262	*	Microsemi Corp		6,289
302,677	*	Microtune, Inc		1,849
100,791	e*	Microvision, Inc		706
1,400		Mimasu Semiconductor Industry Co Ltd		21
297,816	*	MIPS Technologies, Inc		2,933
1,227,024		Mitsubishi Electric Corp		6,011
149,633	*	Mobility Electronics, Inc		1,284
14,173	*	Mobistar S.A.		1,328
510,243		Molex, Inc		15,307
200,465		Molex, Inc (Class A)		5,342
139,877	*	Monolithic System Technology, Inc		871
195,316	*	Moog, Inc (Class A)		8,858
16,965,906		Motorola, Inc		291,814
713,303	e*	MRV Communications, Inc		2,618
29,050	*	Multi-Fineline Electronix, Inc		530
267,256		Murata Manufacturing Co Ltd		14,945
293,635	*	Mykrolis Corp		4,161
28,547		National Presto Industries, Inc		1,299
3,407,423		National Semiconductor Corp		61,163
1,750,946		NEC Corp		10,885

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			VALUE (000)

329,600	e	NEC Electronics Corp	$	16,083
404,021	e	Nexans S.A.		15,887
555,581	e	NGK Spark Plug Co Ltd		5,753
2,200		Nihon Dempa Kogyo Co Ltd		47
8,600		Nihon Unisys Ltd		89
16,000		Nippon Chemi-Con Corp		88
55,000		Nippon Electric Glass Co Ltd		1,406
155,000		Nippon Signal Co Ltd		815
7,500		Nissho Electronics Corp		54
182,030		Nitto Denko Corp		9,983
277,453	*	NMS Communications Corp		1,751
11,474,569	e	Nokia Oyj		181,235
1,448,000		Nokia OYJ (Spon ADR)		22,690
9,661,604	*	Nortel Networks Corp		33,545
91	*	Nortel Networks Corp (U.S.)		0
2,601,233	e*	Novellus Systems, Inc		72,548
862,803	*	Nvidia Corp		20,328
1,119,000	e*	Oki Electric Industry Co Ltd		4,816
404,672	e*	Omnivision Technologies, Inc		7,426
1,085,196	*	ON Semiconductor Corp		4,927
304,377		Onex Corp		5,017
395,418	*	Openwave Systems, Inc		6,113
656,091	*	Oplink Communications, Inc		1,292
101,949	*	Optical Communication Products, Inc		255
81,273	e*	OSI Systems, Inc		1,846
173,387	*	Paradyne Networks, Inc		622
107,049		Park Electrochemical Corp		2,321
2,216	e*	Parkervision, Inc		20
5,723	*	Pemstar, Inc		10
130,617	*	Pericom Semiconductor Corp		1,232
331,339	*	Photronics, Inc		5,467
227,291	e	Pioneer Corp		4,436
247,769	*	Pixelworks, Inc		2,810
332,587		Plantronics, Inc		13,792
256,403	*	Plexus Corp		3,336
290,668	e*	Plug Power, Inc		1,776
126,055	*	PLX Technology, Inc		1,311
3,163,220	*	PMC-Sierra, Inc		35,586
553,019	*	Polycom, Inc		12,896
54,011	*	Portalplayer, Inc		1,333
44,873	*	Powell Industries, Inc		830
161,601	*	Power Integrations, Inc		3,196
396,194	*	Power-One, Inc		3,534
594,050	e*	Powerwave Technologies, Inc		5,038
25,063	e*	Proxim Corp (Class A)		103
64,991		Psion plc		67
442,366	*	QLogic Corp		16,248
11,462,343		Qualcomm, Inc		486,003
454,730	*	Rambus, Inc		10,459
90,534		Raven Industries, Inc		1,929
259,924	*	Rayovac Corp		7,943
50,607	b,e*	Read-Rite Corp		0
170,198		Regal-Beloit Corp		4,868
383,417	*	Remec, Inc		2,764
1,309,107	*	RF Micro Devices, Inc		8,954
14,840		Richardson Electronics Ltd		157
874,984		Rockwell Collins, Inc		34,509
101,746	*	Rogers Corp		4,385
262,457		Rohm Co Ltd		27,150
4,097		SAES Getters S.p.A.		65
7,530		Samsung Electronics Co Ltd		3,277
42,000		Sanken Electric Co Ltd		550
7,773,593	*	Sanmina-SCI Corp		65,842
608,099	e	Sanyo Electric Co Ltd		2,101
395,800		Satyam Computer Services Ltd		3,732
302,066	*	SBA Communications Corp		2,803
91,663	*	SBS Technologies, Inc		1,280
200,040		Schneider Electric S.A.		13,922
817,210		Scientific-Atlanta, Inc		26,976
200,792	e*	Seachange International, Inc		3,502

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			VALUE (000)

376,567	*	Semtech Corp	$	8,236
1,782	*	SGL Carbon AG.		23
541,550	e	Sharp Corp		8,842
19,000	*	Shindengen Electric Manufacturing Co Ltd		63
3,400		Shinkawa Ltd		67
188,037	*	Sigmatel, Inc		6,681
528,449	*	Silicon Image, Inc		8,698
378,762	*	Silicon Laboratories, Inc		13,374
497,022	*	Silicon Storage Technology, Inc		2,957
37,185	*	Siliconix, Inc		1,357
127,547	*	Sipex Corp		597
6,195,137	e*	Sirius Satellite Radio, Inc		47,393
1,000,773	*	Skyworks Solutions, Inc		9,437
114,259		Smith (A.O.) Corp		3,421
83,382	*	Sonus Networks, Inc		478
994,170	e	Sony Corp		38,420
151,142	e*	Spatialight, Inc		1,353
115,267		Spectralink Corp		1,634
54,960	*	Staktek Holdings, Inc		255
161,656	*	Standard Microsystems Corp		2,882
40,000		Stanley Electric Co Ltd		685
9,000		Star Micronics Co Ltd		75
87,518	*	STATS ChipPAC Ltd (Spon ADR)		536
5,441,563	e	STMicroelectronics NV		106,139
791,708	e	STMicroelectronics NV (New York)		15,296
82,100	*	Stoneridge, Inc		1,242
565,981	*	Stratex Networks, Inc		1,279
1,832,791		Sumitomo Electric Industries Ltd		19,943
3,545	*	Suntron Corp		11
281,919	*	Superconductor Technologies		392
59,187	*	Supertex, Inc		1,284
1,039,024	*	Sycamore Networks, Inc		4,218
281,947	*	Symmetricom, Inc		2,738
153,969	*	Synaptics, Inc		4,708
32,057,574		Taiwan Semiconductor Manufacturing Co Ltd		51,086
4,431,948		Taiwan Semiconductor Manufacturing Co Ltd (Spon ADR)		37,627
369,060		Taiyo Yuden Co Ltd		4,293
163,543		TDK Corp		12,114
1,033		Techem AG		38
283,653	*	Technitrol, Inc		5,162
305,883	*	Tekelec		6,252
3,345,507	*	Tellabs, Inc		28,738
404,652	*	Terayon Communication Systems, Inc		1,097
94,618		Terna S.p.A.		271
164,416	*	Tessera Technologies, Inc		6,118
10,466,988		Texas Instruments, Inc		257,697
361,948	*	Thomas & Betts Corp		11,130
112,350		Thomson		2,970
84,812	*	Three-Five Systems, Inc		205
20,000		Toko, Inc		60
215,069		Tokyo Electron Ltd		13,244
181,600	e	Tokyo Seimitsu Co Ltd		6,061
553	*	Tollgrade Communications, Inc		7
3,749,077	e	Toshiba Corp		16,098
7,422		Towa Corp		52
1,074,082	e*	Transmeta Corp		1,751
113,573	*	Trident Microsystems, Inc		1,899
189,912	e*	Tripath Technology, Inc		237
987,308	*	Triquint Semiconductor, Inc		4,394
19,633		TT Electronics plc		73
278,211	*	TTM Technologies, Inc		3,283
74,751		Turnstone Systems, Inc		1
67,558	*	Ulticom, Inc		1,083
83,786	*	Ultralife Batteries, Inc		1,630
7,006	e*	UMC Japan		3,487
39,600		Unaxis Holding AG. (Regd)		3,935
123,216	*	Universal Display Corp		1,109
105,792	*	Universal Electronics, Inc		1,862
469,999	e*	Utstarcom, Inc		10,410
357,855	e*	Valence Technology, Inc		1,113

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			VALUE (000)

232,674	*	Varian Semiconductor Equipment Associates, Inc	$	8,574
255,498		Venture Corp Ltd		2,489
1,061,988	e*	Verso Technologies, Inc		765
128,725	*	Viasat, Inc		3,124
121,048		Vicor Corp		1,587
32,152	*	Virage Logic Corp		597
873,944	*	Vishay Intertechnology, Inc		13,127
1,492,703	e*	Vitesse Semiconductor Corp		5,269
16,613	e*	Volterra Semiconductor Corp		368
287,619	*	Westell Technologies, Inc		1,956
363,161		Whirlpool Corp		25,134
69,134	*	White Electronic Designs Corp		438
127,577	*	Wilson Greatbatch Technologies, Inc		2,860
201,796		Wipro Ltd		3,472
68,002		Woodhead Industries, Inc		1,090
2,355,519		Xilinx, Inc		69,841
11,822		Yamaha Corp		180
2,200		Yamaichi Electronics Co Ltd		25
2,100,000		YTL Power International		995
272,194	e*	Zhone Technologies, Inc		705

		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		7,996,386


ENGINEERING AND MANAGEMENT SERVICES - 0.81%
5,388	e*	aaiPharma, Inc		18
148,759	*	Accelrys, Inc		1,160
1,814,850	*	Accenture Ltd (Class A)		49,001
123,432	*	Advisory Board Co		4,552
301,067	e*	Affymetrix, Inc		11,004
222,144	*	Answerthink, Inc		1,035
197,864	e*	Antigenics, Inc		2,002
434,211	*	Applera Corp (Celera Genomics Group)		5,970
361,566	*	Ariad Pharmaceuticals, Inc		2,686
335,264	e*	Axonyx, Inc		2,079
54,243		Babcock International Group		142
1,376,107	*	BearingPoint, Inc		11,050
936,029	*	Celgene Corp		24,833
403,476	*	Century Business Services, Inc		1,759
2,943	*	CGI Group, Inc		20
56,720	*	Charles River Associates, Inc		2,653
172,368	e*	Ciphergen Biosystems, Inc		741
78,471	*	Cornell Cos, Inc		1,191
333,533		Corporate Executive Board Co		22,327
232,173	*	Corrections Corp of America		9,391
342,085	*	Covance, Inc		13,256
270,512	e*	CuraGen Corp		1,937
374,741	e*	CV Therapeutics, Inc		8,619
374,304	*	Decode Genetics, Inc		2,923
54,541	b*	Deltagen, Inc		5
187,512	*	DiamondCluster International, Inc		2,687
400,993	*	Digitas, Inc		3,829
7,631	*	Discovery Partners International, Inc		36
179,880	*	Diversa Corp		1,572
158,108	*	Dyax Corp		1,142
351,434	*	eResearch Technology, Inc		5,570
4,244	*	Exact Sciences Corp		16
471,630	*	Exelixis, Inc		4,480
27,296	*	Exponent, Inc		750
98,442	*	First Consulting Group, Inc		601
378,773	e	Fluor Corp		20,647
84,854	*	Forrester Research, Inc		1,522
256,687	*	FTI Consulting, Inc		5,408
204,754	*	Gartner, Inc (Class A)		2,551
206,963	*	Gartner, Inc (Class B)		2,544
134,133	*	Gene Logic, Inc		494
52,039	*	Genencor International, Inc		853
297,269	*	Gen-Probe, Inc		13,440
6,100	*	Greenfield Online, Inc		134
2,823,527		Halliburton Co		110,795
319,468	*	Hewitt Associates, Inc		10,226

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			VALUE (000)

495,020	*	Incyte Corp	$	4,945
42,991	*	Infrasource Services, Inc		559
30,000	f*	International Hydron Liquidating Trust		1
879,404	*	Jacobs Engineering Group, Inc		42,027
2,158	*	Kendle International, Inc		19
138,734	*	Keryx Biopharmaceuticals, Inc		1,605
153,801	*	Kosan Biosciences, Inc		1,066
51,388		Landauer, Inc		2,348
46,687	*	LECG Corp		871
447,415	*	Lexicon Genetics, Inc		3,470
224,732	*	Lifecell Corp		2,297
158,262	*	Luminex Corp		1,405
153,220	e*	Maxim Pharmaceuticals, Inc		463
103,140	*	MAXIMUS, Inc		3,210
150,527	*	Maxygen, Inc		1,925
40,748		Michael Page International plc		146
2,779,804		Monsanto Co		154,418
807,819		Moody's Corp		70,159
41,590	*	MTC Technologies, Inc		1,396
177,018	e*	Myriad Genetics, Inc		3,985
303,589	*	Navigant Consulting, Inc		8,075
99,122	e*	Neopharm, Inc		1,240
61,205	e*	Newtek Business Services, Inc		268
366,507	e*	Oscient Pharmaceuticals Corp		1,338
191,492	*	Parexel International Corp		3,887
1,720,356		Paychex, Inc		58,630
189,390	*	Per-Se Technologies, Inc		2,998
237,601	*	Pharmaceutical Product Development, Inc		9,811
471,471	e*	Pharmos Corp		669
281,262	*	PRG-Schultz International, Inc		1,415
496,538		Quest Diagnostics, Inc		47,444
143,767	*	Regeneration Technologies, Inc		1,507
230,055	*	Regeneron Pharmaceuticals, Inc		2,119
48,482	*	Repligen Corp		139
11,026	e*	Research Frontiers, Inc		70
150,196	e*	Resources Connection, Inc		8,157
83,165	*	Rigel Pharmaceuticals, Inc		2,031
33,040	*	Savient Pharmaceuticals, Inc		90
229,211	*	Seattle Genetics, Inc		1,497
616,563		SembCorp Industries Ltd		612
1,688,891		Servicemaster Co		23,290
80,661	*	SFBC International, Inc		3,186
849,300		Singapore Technologies Engineering Ltd		1,212
95,096	*	Sourcecorp		1,817
172,571	*	Symyx Technologies, Inc		5,191
44,394	e*	Tejon Ranch Co		1,811
283,242	*	Telik, Inc		5,421
320,660	*	Tetra Tech, Inc		5,368
181,433	*	Transkaryotic Therapies, Inc		4,607
65,610	*	TRC Cos, Inc		1,115
110,335	e*	Trimeris, Inc		1,563
194,619	*	URS Corp		6,247
77,642		Vedior NV		1,265
174,323	*	Ventiv Health, Inc		3,542
186,788	*	ViroLogic, Inc		521
155,807	*	Washington Group International, Inc		6,427
202,234		Watson Wyatt & Co Holdings		5,450

		TOTAL ENGINEERING AND MANAGEMENT SERVICES		895,996


ENVIRONMENTAL QUALITY AND HOUSING - 0.00%
1,870,000		Citiraya Industries Ltd		991

		TOTAL ENVIRONMENTAL QUALITY AND HOUSING		991


FABRICATED METAL PRODUCTS - 0.70%
181,364	*	Alliant Techsystems, Inc		11,858
1,046,435	e	Amcor Ltd		6,029
388,015		Assa Abloy AB (B Shs)		6,627

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			VALUE (000)

778,795		Ball Corp	$	34,251
87,565		Boehler-Uddeholm AG.		11,067
93,243		CIRCOR International, Inc		2,160
177,631		Commercial Metals Co		8,981
25,135	*	Commercial Vehicle Group, Inc		549
249,162		Crane Co		7,186
1,292,011	*	Crown Holdings, Inc		17,752
1,449,182		Danaher Corp		83,198
43,232	*	Drew Industries, Inc		1,564
791,608	e	European Aeronautic Defense & Space Co		23,015
771,182		Fortune Brands, Inc		59,520
1,650		Geberit AG. (Regd)		1,207
555	*	Georg Fischer AG. (Regd)		144
345,750		GKN plc		1,570
156,532	*	Griffon Corp		4,226
61,539		Gulf Island Fabrication, Inc		1,343
239,321		Harsco Corp		13,340
943,000		Hitachi Cable Ltd		4,445
2,273,583		Illinois Tool Works, Inc		210,716
175,209	*	Intermagnetics General Corp		4,452
495,846	*	Jacuzzi Brands, Inc		4,314
503,278		JS Group Corp		9,140
5,270	*	Ladish Co, Inc		61
36,815		Lifetime Hoan Corp		585
3,078,137		Masco Corp		112,444
21,607	*	Material Sciences Corp		389
82,257	*	Mobile Mini, Inc		2,718
169,365	e*	NCI Building Systems, Inc		6,351
585,000	e	NHK Spring Co Ltd		3,996
7,236		Norddeutsche Affinerie AG.		140
202,950		Novar plc		734
71,400		Oiles Corp		1,624
116,981	*	Raytech Corp		215
392,765	e*	Shaw Group, Inc		7,011
103,554		Silgan Holdings, Inc		6,313
216,832		Simpson Manufacturing Co, Inc		7,567
252,500		SMC Corp		28,904
346,974		Snap-On, Inc		11,922
426,639		Stanley Works		20,901
34,000		Starrett (L.S.) Co (Class B)		700
130,089		Sturm Ruger & Co, Inc		1,175
333,214	e*	Taser International, Inc		10,526
345,943	e*	Tower Automotive, Inc		827
496,400		Toyo Seikan Kaisha Ltd		9,156
1,076		Vallourec		161
87,791		Valmont Industries, Inc		2,204
36,256	*	Water Pik Technologies, Inc		643
128,866		Watts Water Technologies, Inc (Class A)		4,155

		TOTAL FABRICATED METAL PRODUCTS		770,076


FISHING, HUNTING, AND TRAPPING - 0.00%
27,100	*	Omega Protein Corp		233

		TOTAL FISHING, HUNTING, AND TRAPPING		233


FOOD AND KINDRED PRODUCTS - 3.15%
3,070,559		Ajinomoto Co, Inc		36,558
93,113	e	American Italian Pasta Co (Class A)		2,165
4,531,766		Anheuser-Busch Cos, Inc		229,896
3,435,173		Archer Daniels Midland Co		76,639
7,320		Ariake Japan Co Ltd		176
474,094	e	Asahi Breweries Ltd		5,871
101,750	*	Boston Beer Co, Inc (Class A)		2,164
121,819		Bunge Ltd		6,945
800,000		Cadbury Schweppes plc		7,449
166,274	e	Cal-Maine Foods, Inc		2,010
1,242	*	Cambridge Antibody Technology Group plc		17
1,094,780		Campbell Soup Co		32,723

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			VALUE (000)

1,049		Carlsberg a/s	$	53
14,946		Carlsberg a/s (A Shs)		688
1,317,431	e	Coca-Cola Amatil Ltd		8,396
26,329		Coca-Cola Bottling Co Consolidated		1,502
12,623,783		Coca-Cola Co		525,528
2,034,525		Coca-Cola Enterprises, Inc		42,420
53,896		Coca-Cola Hellenic Bottling Co S.A.		1,317
134,900		Coca-Cola West Japan Co Ltd		3,462
12,585	*	Colruyt S.A. (Rts)		18
2,676,132		Conagra Foods, Inc		78,812
474,236	*	Constellation Brands, Inc (Class A)		22,057
212,436		Coors (Adolph) Co (Class B)		16,075
224,251	e	Corn Products International, Inc		12,011
72	*	Cott Corp		2
17,569		Dairy Crest Group plc		135
337,699		Danisco a/s		20,610
485,596	*	Darling International, Inc		2,117
108,875		DCC plc		2,442
1,362,491	*	Dean Foods Co		44,894
938,824	*	Del Monte Foods Co		10,346
8,215,729		Diageo plc		117,196
657,600		Diageo plc (Spon ADR)		38,062
163		Dreyer's Grand Ice Cream Holdings, Inc		13
45,866		Farmer Brothers Co		1,112
262,038		Flowers Foods, Inc		8,275
2,347,252		Foster's Group Ltd		10,654
264,607		Fraser & Neave Ltd		2,642
2,586,341		General Mills, Inc		128,567
7,431		Glanbia plc		28
71,866,000		Global Bio-Chem Technology Group Co Ltd		47,154
7,570	*	Gold Kist, Inc		103
205,764		Greencore Group plc		845
5,566		Greene King plc		143
344,843	e	Groupe Danone		31,850
3,046,727		H.J. Heinz Co		118,792
41,791	*	Hansen Natural Corp		1,522
469,300		Heineken NV		15,648
652,818	*	Hercules, Inc		9,694
4,350		Hermes International		868
961,156		Hershey Foods Corp		53,383
385,417		Hormel Foods Corp		12,083
896,883	e	InBev NV		34,793
47,019	e*	Interstate Bakeries Corp		301
102,500		Ito En Ltd		5,322
37,933		J & J Snack Foods Corp		1,860
263,452		J.M. Smucker Co		12,401
33,000		J-Oil Mills, Inc		122
33,000		Katokichi Co Ltd		660
1,503,236		Kellogg Co		67,135
105,586		Kerry Group (Class A)		2,533
65,000		Kerry Group plc		1,568
155,000		Kikkoman Corp		1,478
85,000	e	Kinki Coca-Cola Bottling Co Ltd		812
728,680	e	Kirin Brewery Co Ltd		7,175
1,366,653		Kraft Foods, Inc (Class A)		48,667
197,922		Lancaster Colony Corp		8,485
154,876		Lance, Inc		2,947
852,690		Lion Nathan Ltd		5,748
70,000		LVMH Moet Hennessy Louis Vuitton S.A.		5,362
59,272	*	M&F Worldwide Corp		807
674,937		McCormick & Co, Inc (Non-Vote)		26,053
559,708		Meiji Seika Kaisha Ltd		2,584
43,011		MGP Ingredients, Inc		372
28,552	e	Molson, Inc (A Shs)		845
10,335	*	Monterey Gourmet Foods, Inc		35
55,000		Morinaga & Co Ltd		131
32,850		National Beverage Corp		273
865,745		Nestle S.A. (Regd)		226,505
2,318,283	e	Nichirei Corp		9,231
28,000		Nippon Flour Mills Co Ltd		131

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			VALUE (000)

467,784		Nippon Meat Packers, Inc	$	6,341
44,000		Nippon Suisan Kaisha Ltd		147
2,333,000		Nisshin Oillio Group Ltd		12,021
701,002		Nisshin Seifun Group, Inc		7,771
5		Nissin Food Products Co Ltd		0
5,998		Nutreco Holding NV		165
685,909	e	Orkla ASA		22,537
2,313,036	e*	Parmalat Finanziaria S.p.A.		0
69,079	*	Peets Coffee & Tea, Inc		1,829
5,039		Penford Corp		79
4,652,000		People's Food Holdings Ltd		4,275
1,350,305		Pepsi Bottling Group, Inc		36,512
438,540		PepsiAmericas Inc		9,315
12,904,692		PepsiCo, Inc		673,625
560,634	e	Pernod-Ricard		85,882
3,307,000	v*	Petra Foods Ltd		1,671
323,553		Pilgrim's Pride Corp		9,927
350,000	*	Power Pacific Ltd		0
181,900		Q.P. Corp		1,582
48,983		Raisio Group plc		127
201,401		Ralcorp Holdings, Inc		8,445
12,361		Restaurant Group plc		28
390,832	*	Royal Numico NV		14,094
99,183	e	Sampo Oyj (A Shs)		1,370
149,943		Sanderson Farms, Inc		6,490
7,000	e	Sapporo Holdings Ltd		33
4,141,212		Sara Lee Corp		99,969
619,238		Scottish & Newcastle plc		5,181
269,715		Sensient Technologies Corp		6,470
463,033	*	Smithfield Foods, Inc		13,701
47,732		Somerfield plc		144
1,667,633	*	Southcorp Ltd		5,608
410,013	e	Suedzucker AG.		8,527
200		Tasty Baking Co		2
4,184,288		Tate & Lyle plc		37,978
130,987		Tootsie Roll Industries, Inc		4,536
211,838		Topps Co, Inc		2,065
156,000		Toyo Suisan Kaisha Ltd		2,299
2,076,665		Tyson Foods, Inc (Class A)		38,211
1,862,171		Unilever plc		18,287
3,642		Wolverhampton & Dudley Brew plc		77
282,869		Wrigley (Wm.) Jr Co		19,572
697,600	f	Wrigley (Wm.) Jr Co (Class B)		48,267
360,000	e	Yamazaki Baking Co Ltd		3,352

		TOTAL FOOD AND KINDRED PRODUCTS		3,486,980


FOOD STORES - 0.72%
158,682	*	7-Eleven, Inc		3,800
2,433,754		Albertson's, Inc		58,118
9,014		Arden Group, Inc (Class A)		906
26,069		Axfood AB		883
344,520	e	Carrefour S.A.		16,409
6,974	*	Casino Guichard-Perrachon S.A. Wts 12/15/05		0
1,698,084		Coles Myer Ltd		13,125
99,816		Colruyt S.A. Rts		16,227
156,407	e	Delhaize Group		11,895
92,684	e*	Great Atlantic & Pacific Tea Co, Inc		950
62,584		Ingles Markets, Inc (Class A)		775
376,182		Ito-Yokado Co Ltd		15,786
215,777	*	Jeronimo Martins SGPS S.A.		2,845
3,990,066	*	Kroger Co		69,986
165,993	e*	Panera Bread Co (Class A)		6,693
87,087	*	Pantry, Inc		2,620
172,120	*	Pathmark Stores, Inc		1,000
19,271	b,e*	Penn Traffic Co		2
1,869,500	*	Royal Ahold NV		14,484
207,725		Ruddick Corp		4,506
3,497,359	*	Safeway, Inc		69,038
17,122,339	e*	Seiyu Ltd		37,931

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			VALUE (000)

206,969		Seven-Eleven Japan Co Ltd	$	6,524
2,349,662	*	Starbucks Corp		146,525
38,306,431		Tesco plc		236,630
324,172		UNY Co Ltd		3,705
73,808		Weis Markets, Inc		2,847
359,951		Whole Foods Market, Inc		34,321
168,518	*	Wild Oats Markets, Inc		1,485
500,401	e*	Winn-Dixie Stores, Inc		2,277
1,609,372		Woolworths Ltd		18,936

		TOTAL FOOD STORES		801,229


FORESTRY - 0.09%
53,004		Gunns Ltd		197
27,000		Hokuetsu Paper Mills Ltd		152
1,496,446	e	Weyerhaeuser Co		100,591

		TOTAL FORESTRY		100,940


FURNITURE AND FIXTURES - 0.28%
62,136		Bassett Furniture Industries, Inc		1,219
6,033	b*	Bush Industries, Inc (Class A)		1
210,223		Ethan Allen Interiors, Inc		8,413
434,907		Furniture Brands International, Inc		10,894
469,964		Herman Miller, Inc		12,985
298,249		Hillenbrand Industries, Inc		16,565
308,762		HNI Corp		13,292
40,782		Hooker Furniture Corp		926
270,050	*	Interface, Inc (Class A)		2,692
1,048,190		Johnson Controls, Inc		66,497
143,699		Kimball International, Inc (Class B)		2,128
368,390		La-Z-Boy, Inc		5,662
1,455,185	e	Lear Corp		88,781
1,014,653		Leggett & Platt, Inc		28,847
292,350		MFI Furniture Group plc		696
599		Neopost S.A.		47
1,822,001	f	Newell Rubbermaid, Inc		44,074
251,069	e*	Select Comfort Corp		4,504
31,901		Stanley Furniture Co, Inc		1,434
238,384		Steelcase, Inc (Class A)		3,299
113,616	*	Tempur-Pedic International, Inc		2,409
8,698		Villeroy & Boch AG		109
10,733	*	Virco Manufacturing Corp		81

		TOTAL FURNITURE AND FIXTURES		315,555


FURNITURE AND HOMEFURNISHINGS STORES - 0.42%
4,895,025	*	Bed Bath & Beyond, Inc		194,969
1,568,092		Best Buy Co, Inc		93,176
1,450,194		Circuit City Stores, Inc (Circuit City Group)		22,681
127,545	*	Cost Plus, Inc		4,098
10,600	*	Design Within Reach, Inc		154
91,967	*	Electronics Boutique Holdings Corp		3,949
700	*	Gamestop Corp (Class A)		16
281,486	*	GameStop Corp (Class B)		6,308
164,941	*	Guitar Center, Inc		8,691
156,171		Haverty Furniture Cos, Inc		2,889
4,222,016		Hitachi Ltd		29,254
74,585	*	Kirkland's, Inc		917
70,600	e*	Knoll, Inc		1,236
274,835	*	Linens 'n Things, Inc		6,816
295,119	*	Mohawk Industries, Inc		26,930
419,692	e	Pier 1 Imports, Inc		8,268
2,908	*	Quaker Fabric Corp		16
785,438		RadioShack Corp		25,825
147,896	*	Restoration Hardware, Inc		849
25,771	*	Rex Stores Corp		391
207,979	*	The Bombay Co, Inc		1,150

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			VALUE (000)

182,915	*	Trans World Entertainment Corp	$	2,281
49,371	*	Tweeter Home Entertainment Group, Inc		338
7,127	e*	Ultimate Electronics, Inc		9
1,063,493	*	Waterford Wedgwood plc (Rts)		1
476,562	*	Williams-Sonoma, Inc		16,699
165,888	e	Yamada Denki Co Ltd		7,107

		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		465,018


GENERAL BUILDING CONTRACTORS - 0.46%
1,000	*	AC Real Estate Corp		0
225,000		Allgreen Properties Ltd		149
140,800		Amec plc		805
1,000	*	Aoyama Kanzai Corp		0
112,700		Barratt Developments plc		1,286
85,685	e	Beazer Homes U.S.A., Inc		12,528
335,547		Bellway plc		5,250
1,132,089	*	Berkeley Group Holdings plc		17,584
505,188	e	Bouygues S.A.		23,347
88,327		Brookfield Homes Corp		2,994
599	*	Cavco Industries, Inc		27
630,810		Centex Corp		37,584
5,793,800	e	Chiyoda Corp		42,350
1,081,901		D.R. Horton, Inc		43,611
138	*	Daikyo, Inc		0
183,005		Daito Trust Construction Co Ltd		8,698
1,073,221		Daiwa House Industry Co Ltd		12,202
23,415	*	Dominion Homes, Inc		591
644,381		Fletcher Building Ltd		3,081
71,200	e*	Haseko Corp		142
149,358	*	Hovnanian Enterprises, Inc (Class A)		7,396
15,173	e	Imerys S.A.		1,274
137,611	e	Impregilo S.p.A.		71
165,785		KB Home		17,308
59,234	e	Leighton Holdings Ltd		573
634,141		Lennar Corp (Class A)		35,943
50,592		Lennar Corp (Class B)		2,641
91,267		Levitt Corp (Class A)		2,790
67,739		M/I Homes, Inc		3,733
114,185		MDC Holdings, Inc		9,870
67,719	*	Meritage Homes Corp		7,632
36,600		NH Hoteles S.A.		486
316		Nishimatsu Construction Co Ltd		1
53,465	*	NVR, Inc		41,136
915,842		Obayashi Corp		5,774
85,814	e*	Palm Harbor Homes, Inc		1,449
107,276	*	Perini Corp		1,790
1,625,100		Persimmon plc		21,559
635,440		Pulte Homes, Inc		40,541
231,726		Ryland Group, Inc		13,334
20,116,000		Shanghai Forte Land Co		7,052
1,044,000		Shimizu Corp		5,237
485,131		Skanska AB (B Shs)		5,822
165,077		Standard-Pacific Corp		10,588
801		Taisei Corp		3
2,156,707		Taylor Woodrow plc		11,263
56,638		Technical Olympic U.S.A., Inc		1,437
27,000		Titan Cement Co S.A.		800
813,000		Toda Corp		3,967
270,499	*	Toll Brothers, Inc		18,559
227,169		Walter Industries, Inc		7,662
199,117	*	WCI Communities, Inc		5,854
25,829	e*	William Lyon Homes, Inc		1,814
552,184		Wimpey (George) plc		4,288
19,000		Yokogawa Bridge Corp		123

		TOTAL GENERAL BUILDING CONTRACTORS		511,999

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			VALUE (000)

GENERAL MERCHANDISE STORES - 1.91%
315,753	e*	99 Cents Only Stores	$	5,103
374,398		Aeon Co Ltd		6,248
686,313	*	Big Lots, Inc		8,325
515,412	e*	BJ's Wholesale Club, Inc		15,014
42,808		Bon-Ton Stores, Inc		674
115,936	*	Brookstone, Inc		2,267
40,400	e*	Cabela's, Inc		919
745	e	Can Do Co Ltd		945
306,179		Casey's General Stores, Inc		5,557
11,681	*	Conn's, Inc		196
2,957,839		Costco Wholesale Corp		143,189
94,968	e	David Jones Ltd		165
308,176		Dillard's, Inc (Class A)		8,281
1,607,151		Dollar General Corp		33,381
511,083	*	Dollar Tree Stores, Inc		14,658
883,705		Family Dollar Stores, Inc		27,598
1,006,270		Federated Department Stores, Inc		58,152
232,731		Fred's, Inc		4,050
19,225	e*	Gander Mountain Co		247
3,108,000		Giordano International Ltd		1,949
232,012	e*	Hagemeyer NV		536
79,000		Hankyu Department Stores, Inc		573
616,201	e	Hudson's Bay Co		6,892
242,636		Isetan Co Ltd		2,830
1,185,935		J.C. Penney Co, Inc		49,098
573		KarstadtQuelle AG.		6
665,648	e	Kesko Oyj (B Shs)		16,241
5,825,039		Kingfisher plc		34,641
369,422	e*	Kmart Holding Corp		36,554
3,649,460	*	Kohl's Corp		179,444
12,719		Marks & Spencer Group plc		84
564,900		Marui Co Ltd		7,564
1,830,389		May Department Stores Co		53,813
366,863	e	Metro AG.		20,191
1,590,000	e	Mitsukoshi Ltd		7,727
188,050		Neiman Marcus Group, Inc (Class A)		13,453
17,081		Neiman Marcus Group, Inc (Class B)		1,141
48,548		Pinault-Printemps-Redoute S.A.		4,860
65	*	Pricesmart, Inc		0
72,342	*	Retail Ventures, Inc		514
588,724		Saks, Inc		8,542
1,929,870		Sears Roebuck & Co		98,481
171,439	*	ShopKo Stores, Inc		3,202
423,900		Sonae SPGS S.A.		617
211,154	*	Stein Mart, Inc		3,602
869		Takashimaya Co Ltd		8
5,512,634		Target Corp		286,271
156,850	*	Tuesday Morning Corp		4,804
17,797,931		Wal-Mart Stores, Inc		940,087
201,516		Warehouse Group Ltd		528
854,509	*	Waterford Wedgwood plc (Units)		72
63,706		Woolworths Group plc		49

		TOTAL GENERAL MERCHANDISE STORES		2,119,343

HEALTH SERVICES - 0.69%
247,263	*	Accredo Health, Inc		6,854
105,338	*	Amedisys, Inc		3,412
76,079	*	America Service Group, Inc		2,037
169,532	e*	American Healthways, Inc		5,601
180,611	*	Amsurg Corp		5,335
336,687	*	Apria Healthcare Group, Inc		11,094
661,158	*	Beverly Enterprises, Inc		6,050
96,176	*	Capio AB		1,143
3,407,639	*	Caremark Rx, Inc		134,363
15,445	*	Chronimed, Inc		101
12,500		Coloplast a/s (B Shs)		686
308,485	*	Community Health Systems, Inc		8,601
39,787	*	Corvel Corp		1,065
634,222	*	Coventry Health Care, Inc		33,665

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			VALUE (000)

194,969	*	Cross Country Healthcare, Inc	$	3,525
30,339	e*	CryoLife, Inc		214
3,104	*	Curative Health Services, Inc		21
527,852	*	DaVita, Inc		20,866
114,000		DCA Group Ltd		322
11,609	e*	Dynacq Healthcare, Inc		56
37,623	*	Elekta AB		1,084
152,080	*	Enzo Biochem, Inc		2,961
754,839	*	Express Scripts, Inc		57,700
605,279	*	First Health Group Corp		11,325
154,975	*	Genesis HealthCare Corp		5,429
201,065	*	Gentiva Health Services, Inc		3,362
211,658		Getinge AB (B Shs)		2,636
3,026,270		HCA, Inc		120,930
1,291,899		Health Management Associates, Inc (Class A)		29,352
172,602	e*	Healthsouth Corp		1,103
346,859		Hooper Holmes, Inc		2,053
21,610		Iaso S.A.		127
3,508	*	IMPAC Medical Systems, Inc		72
72,700		Intertek Group plc		984
219,239	*	Kindred Healthcare, Inc		6,566
103,313	*	LabOne, Inc		3,310
847,507	*	Laboratory Corp of America Holdings		42,223
121,422		LCA-Vision, Inc		2,840
236,100	*	LifePoint Hospitals, Inc		8,221
696,211	*	Lincare Holdings, Inc		29,693
292,144	*	Magellan Health Services, Inc		9,980
457,902		Manor Care, Inc		16,223
56,042	*	Matria Healthcare, Inc		2,190
5,770		MDS, Inc		81
32,357	*	Medcath Corp		797
44,144	*	MIM Corp		280
49,074		National Healthcare Corp		1,732
230,564	*	NeighborCare, Inc		7,083
6,262		Nichii Gakkan Co		203
257,846	e*	OCA, Inc		1,637
231,631	*	Odyssey HealthCare, Inc		3,169
103,833	e	Option Care, Inc		1,785
11,135,000		Parkway Holdings Ltd		10,232
158,820	*	Pediatrix Medical Group, Inc		10,172
5,794	b,e,v*	Physician Resource Group, Inc		0
303,797	*	Province Healthcare Co		6,790
70,509	*	Psychiatric Solutions, Inc		2,578
693		Q-Med AB		19
6,750	*	Radiation Therapy Services, Inc		115
3,200	*	Radiologix, Inc		14
131,199	*	RehabCare Group, Inc		3,672
336,591	*	Renal Care Group, Inc		12,114
1,092		Rhoen Klinikum AG		67
627,353		Select Medical Corp		11,041
372,311		Sonic Healthcare Ltd		3,555
44,308	*	Specialty Laboratories, Inc		489
10,177		SRL, Inc		131
4,460	*	Stereotaxis, Inc		44
4,170		Straumann Holding AG.		865
136,715	e*	Sunrise Senior Living, Inc		6,338
23,598	*	Symbion, Inc		521
3,335,204	*	Tenet Healthcare Corp		36,621
472,973	*	Triad Hospitals, Inc		17,599
31,423	*	U.S. Physical Therapy, Inc		485
161,894	*	United Surgical Partners International, Inc		6,751
263,434	e	Universal Health Services, Inc (Class B)		11,723
83,351	e*	VistaCare, Inc (Class A)		1,386

		TOTAL HEALTH SERVICES		765,464


HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.27%
504,186	e	ACS Actividades Cons y Serv		11,513
768,927	*	Autoroutes du Sud		38,671

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			VALUE (000)

197,900		Balfour Beatty plc	$	1,198
23,301		Fomento de Construcciones y Contratas S.A.		1,122
51,006		Gemina S.p.A.		63
202,762		Granite Construction, Inc		5,393
141,092	e	Grupo Ferrovial S.A.		7,541
42,000		Hellenic Technodomiki Tev S.A.		190
32,600	*	Hopewell Highway Infrastructure Ltd		9
152,951	*	Insituform Technologies, Inc (Class A)		3,467
166		JGC Corp		2
1,425		JM AB		41
1,066,000		Kajima Corp		4,588
1,067,100		Multiplex Group		4,551
1,936		NCC AB (B Shs)		26
1,046,000	e	Okumura Corp		6,615
1,965		Peab AB		19
365,081		Technical Olympic S.A.		1,985
945,825		Transurban Group		4,968
5,300	*	VA Technologie AG.		421
1,497,653	e	Vinci S.A.		201,126
730,000		YTL Corp Bhd		1,028

		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		294,537


HOLDING AND OTHER INVESTMENT OFFICES - 2.20%
185,293	*	4Kids Entertainment, Inc		3,895
3,400		Aames Investment Corp		36
181,469		Acadia Realty Trust		2,958
2,878		Ackermans & Van Haaren		101
309,692		Affordable Residential Communities		4,444
70,411		Alabama National Bancorp		4,542
12,400	*	Alexander's, Inc		2,666
114,592		Alexandria Real Estate Equities, Inc		8,528
701,281	e	Allied Capital Corp		18,121
661,851		AMB Property Corp		26,732
154,824		Amcore Financial, Inc		4,982
12,400		American Campus Communities, Inc		279
646,616		American Financial Realty Trust		10,462
425,640		American Home Mortgage Investment Corp		14,578
25,836		American Land Lease, Inc		582
15,444		American Mortgage Acceptance Co		266
9,592	*	American Realty Investors, Inc		93
201,277		AMLI Residential Properties Trust		6,441
713,589	e	Annaly Mortgage Management, Inc		14,001
329,711		Anthracite Capital, Inc		4,075
273,631		Anworth Mortgage Asset Corp		2,931
761,674		Apartment Investment & Management Co (Class A)		29,355
371,129		Apollo Investment Corp		5,604
24,200		Arbor Realty Trust, Inc		594
984,176		Archstone-Smith Trust		37,694
363,724		Arden Realty, Inc		13,720
60,063		Ashford Hospitality Trust, Inc		653
51,663		Associated Estates Realty Corp		528
474,334		AvalonBay Communities, Inc		35,717
5,459	*	Bancorp, Inc		87
88,661		Bedford Property Investors		2,519
132,395		Bimini Mortgage Management, Inc (Class A)		2,126
122,400		BioMed Realty Trust, Inc		2,719
12,176		Bodycote International		38
641,324		Boston Properties, Inc		41,474
1,883	*	Boursorama		13
16,261	*	Boykin Lodging Co		149
333,912		Brandywine Realty Trust		9,814
625,081	e	Brascan Corp (Class A)		22,512
258,154		BRE Properties, Inc (Class A)		10,406
363,414		Brookline Bancorp, Inc		5,931
16,092		BRT Realty Trust		392
462		California First National Bancorp		6
236,613	e	Camden Property Trust		12,067
117	*	CapitaCommercial Trust		0

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			VALUE (000)

215,766		Capital Automotive REIT	$	7,665
129,202		Capital Lease Funding, Inc		1,615
4,287		Capital Southwest Corp		337
59,806		Capital Trust, Inc		1,837
440,000		CapitaMall Trust		474
28,400	*	Capitamall Trust (Rts)		2
63,426		Capitol Bancorp Ltd		2,234
175,883	e	Capstead Mortgage Corp		1,854
350,959		CarrAmerica Realty Corp		11,582
55,184		Castellum AB		1,976
159,794		CBL & Associates Properties, Inc		12,200
150,630		Cedar Shopping Centers, Inc		2,154
230,732	e	Centerpoint Properties Trust		11,050
1,266		CFS Gandel Retail Trust (New)		2
40,260		Cherokee, Inc		1,420
1,708,422		China Merchants Holdings International Co Ltd		3,220
161,904	e	CI Fund Management, Inc		2,434
92,630	e*	Circle Group Holdings, Inc		206
110,765		Cofide S.p.A.		137
13,800		Cohen & Steers, Inc		224
5,678		Collins Stewart Tullett plc		43
151,141		Colonial Properties Trust		5,935
308,867		Commercial Net Lease Realty, Inc		6,363
68,982	e	Community Banks, Inc		1,943
1,004,936		Compagnie Financiere Richemont AG. (Units) (A Shs)		33,451
199,924		Corio NV		11,712
440,361	*	Cornerstone Realty Income Trust, Inc		4,395
272,028		Corporate Office Properties Trust		7,984
67,348		Correctional Properties Trust		1,945
261,249		Cousins Properties, Inc		7,908
383,616		Crescent Real Estate Equities Co		7,005
64,194	*	Criimi MAE, Inc		1,034
362		Cross Timbers Royalty Trust		14
180,736		CRT Properties, Inc		4,312
542,096		Developers Diversified Realty Corp		24,053
32,000		Digital Realty Trust, Inc		431
812,381		Duke Realty Corp		27,735
12,000		Eagle Hospitality Properties Trust, Inc		124
118,225		Eastgroup Properties, Inc		4,530
82,339	*	Enodis plc		175
14,766	*	Enstar Group, Inc		923
147,745		Entertainment Properties Trust		6,582
482,170		Equity Inns, Inc		5,661
116,789		Equity Lifestyle Properties, Inc		4,175
2,165,984		Equity Office Properties Trust		63,073
245,483		Equity One, Inc		5,825
1,613,495		Equity Residential		58,376
148,903		Essex Property Trust, Inc		12,478
29,186		Evolution Group plc		84
87,900		Extra Space Storage, Inc		1,172
33,345		Falcon Financial Investment Trust		233
266,318		Federal Realty Investment Trust		13,755
460,270	*	FelCor Lodging Trust, Inc		6,743
117,000	*	Feldman Mall Properties, Inc		1,522
97,209	*	First Acceptance Corp		871
22,097		First Defiance Financial Corp		629
1,510	*	First Hungary Fund		201
70,440		First Indiana Corp		1,586
251,970		First Industrial Realty Trust, Inc		10,263
526,492		First Niagara Financial Group, Inc		7,345
1,598,400		First NIS Regional Fund SICAV		14,753
274,000	*	First Pacific Co		73
84,583		First Place Financial Corp		1,894
374,558		Fremont General Corp		9,431
819,512		Friedman Billings Ramsey Group, Inc		15,890
180,658		Gables Residential Trust		6,466
1,272,580		General Growth Properties, Inc		46,016
61,336		German American Bancorp		988
54,604	e	Gladstone Capital Corp		1,294
249,734		Glenborough Realty Trust, Inc		5,314

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			VALUE (000)

250,718		Glimcher Realty Trust	$	6,947
26,300		Global Signal, Inc		724
142,000		GMH Communities Trust		2,002
72,928		Government Properties Trust, Inc		719
20,364		Gramercy Capital Corp		419
56,906		Great Portland Estates plc		359
684,910		Greater Bay Bancorp		19,095
89,696	e	Harris & Harris Group, Inc		1,469
746,469		Health Care Property Investors, Inc		20,670
240,653		Health Care REIT, Inc		9,181
312,320		Healthcare Realty Trust, Inc		12,711
161,534		Heritage Property Investment Trust		5,184
82,000		Hersha Hospitality Trust		939
153,340		Highland Hospitality Corp		1,724
431,960		Highwoods Properties, Inc		11,965
152,800		HKR International Ltd		98
247,700		Home Properties, Inc		10,651
178,400		HomeBanc Corp		1,727
347,841		Hospitality Properties Trust		16,001
1,999,381		Host Marriott Corp		34,589
156,900		Housing Development Finance Corp		2,765
908,498		HRPT Properties Trust		11,656
5,154,598		Hutchison Whampoa Ltd		48,245
112,637	*	IMMOFINANZ Immobilien Anlagen AG.		1,078
521,088		IMPAC Mortgage Holdings, Inc		11,813
3,648	b*	InaCom Corp		0
433,186		Independence Community Bank Corp		18,445
9,600		Infratil Ltd		23
404,783		ING Industrial Fund		685
93,074		ING Office Fund		97
188,470		Innkeepers U.S.A. Trust		2,676
2,619,012		Investa Property Group		4,640
288,958		Investors Real Estate Trust		3,031
623,295		iStar Financial, Inc		28,210
7,990	*	Istituto Finanziario Industriale S.p.A.		114
167		Japan Real Estate Investment Corp		1,408
291		Japan Retail Fund Investment Corp		2,456
603,984	e	JFE Holdings, Inc		17,241
2,584		Kensington Group plc		24
176,629		Kilroy Realty Corp		7,551
561,720		Kimco Realty Corp		32,574
34,011		Kite Realty Group Trust		520
2,400,000		KLCC Property Holdings Bhd		1,118
148,881		Kramont Realty Trust		3,484
1,205,854	*	La Quinta Corp		10,961
903,105		Land Securities Group plc		24,274
264,171		LaSalle Hotel Properties		8,409
643,130		Lend Lease Corp Ltd		6,680
353,391		Lexington Corporate Properties Trust		7,980
470,653		Liberty Property Trust		20,332
800,000		London Stock Exchange plc		8,939
178,012		LTC Properties, Inc		3,544
263,935		Luminent Mortgage Capital, Inc		3,141
317,844		Macerich Co		19,961
321,630	e	Mack-Cali Realty Corp		14,805
3,857		Macquarie Communications Infrastructure Group		17
1,394,683		Macquarie Goodman Industrial Trust		2,591
22,462,670	e	Macquarie Infrastructure Group		59,869
254,763		Maguire Properties, Inc		6,996
17,682		MASSBANK Corp		662
529,672	*	Meristar Hospitality Corp		4,423
472,222		MFA Mortgage Investments, Inc		4,165
127,818		Mid-America Apartment Communities, Inc		5,269
4,100,000		Midland Realty Holdings Ltd		2,321
284,003		Mills Corp		18,108
124,905		Mission West Properties, Inc		1,329
19,900		MortgageIT Holdings, Inc		357
140,815		National Health Investors, Inc		4,109
37,840		National Health Realty, Inc		757
407,775		Nationwide Health Properties, Inc		9,685

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			VALUE (000)

276,049		New Century Financial Corp	$	17,642
525,515		New Plan Excel Realty Trust		14,231
306,413		Newcastle Investment Corp		9,738
300		Nippon Building Fund, Inc		2,559
289,085		Nobel Biocare Holding AG.		52,371
5,071,000		Noble Group Ltd		4,504
40,000	*	NorthStar Realty Finance Corp		458
187,982	e	Novastar Financial, Inc		9,305
422,839		Omega Healthcare Investors, Inc		4,990
6,127		Ordina NV		77
101,684		Oriental Financial Group, Inc		2,879
108,672		Origen Financial, Inc		813
224,891		Pan Pacific Retail Properties, Inc		14,101
5,876		Paragon Group Cos		48
84,818		Parkway Properties, Inc		4,305
247,481		Pennsylvania Real Estate Investment Trust		10,592
4	v*	Pinnacle Holdings, Inc Wts 11/13/07		0
1,151,139		Plum Creek Timber Co, Inc		44,250
1,548,574		Popular, Inc		44,645
238,977		Post Properties, Inc		8,340
273,009		Prentiss Properties Trust		10,429
99,638		PrivateBancorp, Inc		3,211
915,953		Prologis		39,688
113,175		Prosperity Bancshares, Inc		3,306
84,842		PS Business Parks, Inc		3,826
470,651		Public Storage, Inc		26,239
146,900		RAIT Investment Trust		4,109
94,455		Ramco-Gershenson Properties		3,046
242,932		Realty Income Corp		12,288
446,206		Reckson Associates Realty Corp		14,640
120,212		Redwood Trust, Inc		7,464
316,445		Regency Centers Corp		17,531
148,857		Rodamco Europe NV		11,816
91,603		Sandy Spring Bancorp, Inc		3,511
68,224		Saul Centers, Inc		2,610
173,308		Saxon Capital, Inc		4,158
396,599		Schroders plc		5,718
63,390	*	SCOR		120
325,661		Senior Housing Properties Trust		6,168
249,982		Shurgard Storage Centers, Inc (Class A)		11,002
1,032,825		Simon Property Group, Inc		66,793
7,423		Singer & Friedlander Group		38
17,788	e	Sizeler Property Investors		210
3,914,633	f,v*	Skyline Ventures Partners Qualified II, LP		2,974
505,000	f,v*	Skyline Ventures Partners Qualified III, LP		505
236,347		SL Green Realty Corp		14,311
172,040	e	Softbank Corp		8,378
93,491		Sovran Self Storage, Inc		3,940
11,500	*	Spirit Finance Corp		145
7,761		Sponda OYJ		76
230,700		Strategic Hotel Capital, Inc		3,807
69,790		Suffolk Bancorp		2,431
168,427		Summit Properties, Inc		5,484
92,769		Sun Communities, Inc		3,734
105,479		Sunset Financial Resources, Inc		1,098
53,300		Sunstone Hotel Investors, Inc		1,108
284,072		Susquehanna Bancshares, Inc		7,088
265,162		Tanger Factory Outlet Centers, Inc		7,016
35,415	e*	Tarragon Realty Investors, Inc		632
449,279		Taubman Centers, Inc		13,456
462,616		Thornburg Mortgage, Inc		13,397
54,419		Tompkins Trustco, Inc		2,911
100,575	e	Town & Country Trust		2,779
9,000	*	Transcontinental Realty Investors, Inc		128
664,650		Trizec Properties, Inc		12,575
139,406		U.S. Restaurant Properties, Inc		2,518
674,350		United Dominion Realty Trust, Inc		16,724
9,662		United Mobile Homes, Inc		152
86,412		Universal Health Realty Income Trust		2,776
162,053		Urstadt Biddle Properties, Inc (Class A)		2,763

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			VALUE (000)

39,800		U-Store-It Trust	$	691
684,592		Ventas, Inc		18,765
546,449	e	Vornado Realty Trust		41,601
5,120,973		Washington Mutual, Inc		216,515
251,360		Washington Real Estate Investment Trust		8,514
186,916		Waypoint Financial Corp		5,299
356,941		Weingarten Realty Investors		14,313
8,921	*	Wellsford Real Properties, Inc		129
25,692		Wereldhave NV		2,794
33,754		Westfield Financial, Inc		872
113,162	e	Wihlborgs Fastigheter AB		2,384
193,333		Wing Tai Holdings Ltd		118
143,143		Winston Hotels, Inc		1,691

		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		2,439,235


HOTELS AND OTHER LODGING PLACES - 0.47%
1,399,400	e	Accor S.A.		61,268
135,476		Ameristar Casinos, Inc		5,840
709,588	e	Aristocrat Leisure Ltd		5,535
126,884	*	Bluegreen Corp		2,516
280,742		Boyd Gaming Corp		11,693
110,183		Choice Hotels International, Inc		6,391
50,553	e*	Empire Resorts, Inc		564
897,000		Genting Bhd		4,485
96,046	*	Great Wolf Resorts, Inc		2,146
6,530,056		Hilton Group plc		35,668
5,455,533		Hilton Hotels Corp		124,059
1,892,926		Hongkong & Shanghai Hotels		1,693
500		Hotel Properties Ltd		0
19,600		Hyatt Regency S.A.		224
1,020,023		Intercontinental Hotels Group plc		12,680
170,731		Intrawest Corp		3,926
1,031,500	*	Jameson Inns, Inc		2,032
3,065		Jurys Doyle Hotel Group plc		51
160,000	*	Kangwon Land, Inc		2,079
47,910	*	Las Vegas Sands Corp		2,300
219,107	*	Lodgian, Inc		2,695
369,014	*	Mandalay Resort Group		25,990
151,772		Marcus Corp		3,816
1,463,514		Marriott International, Inc (Class A)		92,172
273,214	*	MGM Mirage		19,874
107,700		Overseas Union Enterprise Ltd		515
204,465	*	Pinnacle Entertainment, Inc		4,044
50	*	Regal Hotels International Holdings Ltd		0
19,438,500	*	Regal Hotels International Ltd		1,400
2,803,381		Shangri-La Asia Ltd		4,021
616,336		Sky City Entertainment Group Ltd		2,395
1,037,756		Starwood Hotels & Resorts Worldwide, Inc		60,605
100,004	*	Vail Resorts, Inc		2,242
215,880	*	Wynn Resorts Ltd		14,447

		TOTAL HOTELS AND OTHER LODGING PLACES		519,366


INDUSTRIAL MACHINERY AND EQUIPMENT - 5.74%
5,586,482		3M Co		458,483
58,516	*	Aaon, Inc		940
145,438	*	Actuant Corp		7,585
667,345	*	Adaptec, Inc		5,065
391,831	*	Advanced Digital Information Corp		3,926
946,073	*	AGCO Corp		20,710
119,800		Aggreko plc		386
24,889		Alamo Group, Inc		676
210,665		Albany International Corp (Class A)		7,407
108,863		Alfa Laval AB		1,761
369,729	e	Amada Co Ltd		2,042
23,495		Amano Corp		233
1,418,176	*	American Standard Cos, Inc		58,599
6,300		Ampco-Pittsburgh Corp		92

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			VALUE (000)

2,004		Andritz AG.	$	153
2,141,132	*	Apple Computer, Inc		137,889
9,996,167	e*	Applied Materials, Inc		170,934
140,701	*	Astec Industries, Inc		2,421
56,607	*	ASV, Inc		2,711
287,992	*	Asyst Technologies, Inc		1,466
148,932		Atlas Copco AB		6,723
90,064		Atlas Copco AB (B Shs)		3,761
172,524	e*	Authentidate Holding Corp		1,068
242,980	*	Avocent Corp		9,846
612,469	*	Axcelis Technologies, Inc		4,979
2,743,135		Baker Hughes, Inc		117,050
5,842		Balda AG.		67
660,406		Black & Decker Corp		58,334
145,498		Black Box Corp		6,987
28,218	*	Blount International, Inc		492
233,840		Briggs & Stratton Corp		9,723
271,838	*	Brooks Automation, Inc		4,681
73,499		Bucyrus International, Inc (Class A)		2,987
2,000	*	C.P. Pokphand Co Ltd		0
990		Cardo AB		28
63,228		Cascade Corp		2,526
2,197,708	e	Caterpillar, Inc		214,299
691,304	*	Cirrus Logic, Inc		3,809
46,413,282	e*	Cisco Systems, Inc		895,776
34,944	*	Computer Network Technology Corp		248
223,614	e*	Concurrent Computer Corp		640
397,060	*	Cooper Cameron Corp		21,366
521,929	e*	Cray, Inc		2,432
64,250		Creative Technology Ltd		960
280,477		Cummins, Inc		23,501
102,687	*	Cuno, Inc		6,100
237,598	*	Cymer, Inc		7,019
18,000		Daifuku Co Ltd		116
59,000		Daihen Corp		127
85,163		Daikin Industries Ltd		2,460
75,000	e	Dainippon Screen Manufacturing Co Ltd		460
1,879,479		Deere & Co		139,833
16,584,448	*	Dell, Inc		698,869
334,282		Diebold, Inc		18,630
7,309,043		Dixons Group plc		21,330
348,022		Donaldson Co, Inc		11,339
231,586	*	Dot Hill Systems Corp		1,816
1,453,620		Dover Corp		60,965
65,849	*	Dril-Quip, Inc		1,597
2,600		DTS Corp		61
113,794		East Asiatic Co Ltd a/s		5,978
1,012,609		Eaton Corp		73,272
30,000	e	Ebara Corp		138
7,099		Econocom Group		56
2	*	Electroglas, Inc		0
365,071	*	Electronics For Imaging, Inc		6,356
13,885,714	*	EMC Corp		206,481
2,166,221	*	Emulex Corp		36,479
136,838		Engineered Support Systems, Inc		8,104
137,008	*	EnPro Industries, Inc		4,051
145,031	*	Esterline Technologies Corp		4,735
1,300	*	Exabyte Corp		1
3,810		EYDAP Athens Water Supply & Sewage Co S.A.		26
176,616	e*	FalconStor Software, Inc		1,690
22,967	*	Fargo Electronics, Inc		344
273,950		FKI plc		613
74,504	*	Flanders Corp		715
7,680	*	Flow International Corp		23
336,671	*	Flowserve Corp		9,272
12,900	*	FLS Industries a/s (B Shs)		243
333,933	*	FMC Technologies, Inc		10,753
123,480	*	FSI International, Inc		577
8,506,900		Futuris Corp Ltd		14,404
102,565	*	Gardner Denver, Inc		3,722

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			VALUE (000)

1,424,694	*	Gateway, Inc	$	8,562
37,421	*	General Binding Corp		492
184,482	e*	Global Power Equipment Group, Inc		1,815
57,178		Gorman-Rupp Co		1,315
313,596		Graco, Inc		11,713
589,763	*	Grant Prideco, Inc		11,825
22,287,537		Hewlett-Packard Co		467,370
438,000	e	Hitachi Construction Machinery Co Ltd		6,023
17,000		Hitachi Koki Co Ltd		150
34,798		Hoganas AB (B Shs)		935
174,459	*	Hydril		7,940
289,790	*	Hypercom Corp		1,716
312,936		IDEX Corp		12,674
7,100		Ines Corp		67
231,733	*	InFocus Corp		2,123
15,848	*	Interland, Inc		52
10,447,091	d	International Business Machines Corp		1,029,874
1,729,656		International Game Technology		59,466
54,557	*	Intevac, Inc		412
81,000		I-O Data Device, Inc		726
320,809	*	Iomega Corp		1,777
367	*	Ishikawajima-Harima Heavy Industries Co Ltd		1
482,227		ITT Industries, Inc		40,724
301,001		JLG Industries, Inc		5,909
312,215		Joy Global, Inc		13,559
99,841	*	Kadant, Inc		2,047
169,723		Kaydon Corp		5,604
6,400		KCI Konecranes Oyj		283
269,596		Kennametal, Inc		13,418
166,929	*	Komag, Inc		3,135
3,118,311		Komatsu Ltd		21,819
247,000		Komori Corp		3,606
17,800	e	Kone Oyj (B Shs)		1,381
20,000	e	Koyo Seiko Co Ltd		281
1,532,916		Kubota Corp		7,600
517,194	*	Kulicke & Soffa Industries, Inc		4,458
723,530	*	Lam Research Corp		20,917
273,776		Lennox International, Inc		5,571
775,986	*	Lexmark International, Inc		65,959
206,801		Lincoln Electric Holdings, Inc		7,143
9,000		Linde AG.		563
72,225		Lindsay Manufacturing Co		1,869
9,300		Lintec Corp		141
51,864	e*	Logitech International S.A. (Regd)		3,170
37,726		Lufkin Industries, Inc		1,506
303,000	e	Makino Milling Machine Co Ltd		1,662
117,000	e	Makita Corp		2,046
164,611		Manitowoc Co, Inc		6,198
1,708,298	*	Maxtor Corp		9,054
40,415	*	Maxwell Technologies, Inc		410
43,507		Meggitt plc		219
10,367	*	Mestek, Inc		188
256,419		Metso Oyj		4,064
115,713	*	Micros Systems, Inc		9,033
41,199		Middleby Corp		2,090
288,087	*	Milacron, Inc		977
235,000		Minebea Co Ltd		1,025
4,876,160		Mitsubishi Heavy Industries Ltd		13,848
87,045	e	Modec, Inc		1,984
146,854		Modine Manufacturing Co		4,959
31		Mori Seiki Co Ltd		0
31,806		Nacco Industries, Inc (Class A)		3,352
5,044	*	NATCO Group, Inc (Class A)		44
445,569	*	National-Oilwell, Inc		15,724
159,723	*	Netgear, Inc		2,905
2,481,595	*	Network Appliance, Inc		82,439
181,800	e	Nidec Corp		22,159
15,000		Nippon Thompson Co Ltd		97
199,066		Nordson Corp		7,977
3,713,512		NSK Ltd		18,664

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			VALUE (000)

134,000		NTN Corp	$	769
288,625		OCE NV		4,417
181,438	*	Oil States International, Inc		3,500
30,000		Okuma Corp		128
132,042	*	Omnicell, Inc		1,452
257,757		Omron Corp		6,150
75,222	*	Overland Storage, Inc		1,255
628,864		Pall Corp		18,206
255,624	e*	PalmOne, Inc		8,065
607,968		Parker Hannifin Corp		46,047
219,114	*	Paxar Corp		4,858
521,316		Pentair, Inc		22,709
1,215,426		Pitney Bowes, Inc		56,250
158,890	*	Planar Systems, Inc		1,784
168,574	e*	Presstek, Inc		1,632
146,735	*	ProQuest Co		4,358
1,100,360	*	Quantum Corp		2,883
46,528		Rheinmetall AG		2,429
305,039		Rheinmetall AG.		16,274
47,000		Ricoh Elemex Corp		250
34,634		Rieter Holding AG.		10,051
66,820		Robbins & Myers, Inc		1,592
180,891,183		Rolls-Royce Group plc (B Shs)		354
43,000	e	Sagem S.A.		916
295,000	e	Sanden Corp		1,825
988,001	e*	Sandisk Corp		24,670
292,957		Sandvik AB		11,815
30		Sato Corp		1
68,320		Sauer-Danfoss, Inc		1,490
162,692	*	Saurer AG.		9,586
125,577		Scania AB		4,970
50,259		Schawk, Inc		914
479,446	*	Scientific Games Corp (Class A)		11,430
2,700	*	SCM Microsystems, Inc		13
1,249,635	*	Seagate Tech (Escrow)		0
105,922	*	Semitool, Inc		983
12,951	e*	Sigma Designs, Inc		129
781,174	e*	Silicon Graphics, Inc		1,351
110,126	*	Simpletech, Inc		507
19,385		SKF AB		863
103,423		SKF AB (B Shs)		4,607
537,443	*	Smith International, Inc		29,242
5,327,823	*	Solectron Corp		28,397
385,555	e	SPX Corp		15,445
68,803		Standex International Corp		1,960
3,700		Starrett (L.S.) Co (Class A)		76
274,619		Stewart & Stevenson Services, Inc		5,556
862,715	*	Storage Technology Corp		27,270
1,700		Sulzer AG. (Regd)		676
143,942	b,e*	Surebeam Corp (Class A)		1
1,205,707		Symbol Technologies, Inc		20,859
1,000		Takuma Co Ltd		8
78,705		Tecumseh Products Co (Class A)		3,762
31,300		Tecumseh Products Co (Class B)		1,425
50,636		Tennant Co		2,008
346,274	*	Terex Corp		16,500
264,000		Texwinca Holdings Ltd		250
14,400		THK Co Ltd		285
77,549		Thomas Industries, Inc		3,096
332,322		Timken Co		8,647
260,865	e	Toro Co		21,221
65,000		Toyo Kanetsu K K		102
78,453	*	Transact Technologies, Inc		1,676
610,600		Tyco International Ltd		21,823
123,593	*	Ultratech, Inc		2,330
299,168	*	UNOVA, Inc		7,566
157,757	e*	Veeco Instruments, Inc		3,324
78,600	e*	Vestas Wind Systems a/s		977
402,350	e	Wartsila Oyj (B Shs)		8,575
11,936		Weir Group plc		74

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			VALUE (000)

1,166,572	*	Western Digital Corp	$	12,646
156,604	*	WJ Communications		539
59,359		Woodward Governor Co		4,251
4,981,631	*	Xerox Corp		84,738
980,992	e*	Xybernaut Corp		1,207
240,562		York International Corp		8,309
272,301	*	Zebra Technologies Corp (Class A)		15,325

		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		6,354,955


INSTRUMENTS AND RELATED PRODUCTS - 2.71%
117,850	*	Abaxis, Inc		1,708
92,152	e*	Abiomed, Inc		1,423
78,336	*	ADE Corp		1,466
239,543	e*	Advanced Medical Optics, Inc		9,855
123,091	*	Advanced Neuromodulation Systems, Inc		4,857
2,773,181	*	Agilent Technologies, Inc		66,834
150,023	e*	Aksys Ltd		834
366,919	*	Align Technology, Inc		3,944
182,149	*	American Medical Systems Holdings, Inc		7,616
61,072		Analogic Corp		2,735
2,140	*	Angiodynamics, Inc		47
21,239	e*	Animas Corp		332
1,292,231		Applera Corp (Applied Biosystems Group)		27,021
125,555		Arrow International, Inc		3,891
130,429	e*	Arthrocare Corp		4,182
73,992	*	Aspect Medical Systems, Inc		1,810
96,904	*	August Technology Corp		1,020
638,994		Bard (C.R.), Inc		40,883
333,828		Bausch & Lomb, Inc		21,519
3,177,407		Baxter International, Inc		109,748
97,100	*	Baxter International, Inc (Contingent Value Rts)		0
17,199,208	f,v*	BB Bioventures L.P.		23,346
325,928		Beckman Coulter, Inc		21,834
1,922,899		Becton Dickinson & Co		109,221
95,963		BEI Technologies, Inc		2,963
128,527	e	Biolase Technology, Inc		1,397
1,687,235	e	Biomet, Inc		73,209
141,152	*	Bio-Rad Laboratories, Inc (Class A)		8,098
5,089,669	*	Boston Scientific Corp		180,938
1,178	*	Britesmile, Inc		9
125,685	*	Bruker BioSciences Corp		507
112,507	*	Candela Corp		1,278
1,238,676	e	Canon, Inc		66,848
7,839	*	Cantel Medical Corp		293
573,884	*	Cardiac Science, Inc		1,228
216,774	*	Cardiodynamics International Corp		1,121
166,000	e	Casio Computer Co Ltd		2,561
253,381	*	Cepheid, Inc		2,519
23,977	*	Cerus Corp		71
66,500	*	Cholestech Corp		541
2,315,621	e	Citizen Watch Co Ltd		22,259
59,056	*	Closure Medical Corp		1,152
23,374	e	Cochlear Ltd		463
254,119		Cognex Corp		7,090
201,811	*	Coherent, Inc		6,143
130,152		Cohu, Inc		2,416
173,259	e*	Conceptus, Inc		1,406
7,121	*	Concord Camera Corp		16
180,427	*	Conmed Corp		5,128
164,345		Cooper Cos, Inc		11,601
627,293	*	Credence Systems Corp		5,740
173,127	*	CTI Molecular Imaging, Inc		2,457
108,072	e*	Cyberonics, Inc		2,239
72,587	*	Cyberoptics Corp		1,079
551,878	*	Cytyc Corp		15,215
83,217		Datascope Corp		3,303
405,932		Dentsply International, Inc		22,813
117,172	e*	Depomed, Inc		633

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			VALUE (000)

145,614	*	Dionex Corp	$	8,252
114,409	*	DJ Orthopedics, Inc		2,451
210,477	*	DRS Technologies, Inc		8,989
2,016,517		Eastman Kodak Co		65,033
98,407		EDO Corp		3,124
385,174	e*	Edwards Lifesciences Corp		15,892
171,049	*	Encore Medical Corp		1,161
130,748	*	Endocardial Solutions, Inc		1,530
8,500	e*	Endocare, Inc		19
78,758	*	ESCO Technologies, Inc		6,037
45,980		Essilor International S.A.		3,603
38,083	*	Exactech, Inc		697
63,138	*	Excel Technology, Inc		1,642
25,022		E-Z-Em-Inc		365
119,230		Fanuc Ltd		7,796
61,049	e*	Faro Technologies, Inc		1,904
149,887	*	FEI Co		3,148
644,368	*	Fisher Scientific International, Inc		40,196
161,994	*	Flir Systems, Inc		10,334
154,652	*	Formfactor, Inc		4,197
206,871	*	Fossil, Inc		5,304
600	*	Foxhollow Technologies, Inc		15
47,858		Fresenius Medical Care AG.		3,852
2,420,480		Fuji Photo Film Co Ltd		88,344
231,834		Gambro AB (A Shs)		3,305
122,270		Gambro AB (B Shs)		1,716
2,986,538		Guidant Corp		215,329
183,540	*	Haemonetics Corp		6,646
127,876	*	Hanger Orthopedic Group, Inc		1,036
111	*	HealthTronics, Inc		1
70,856	*	Herley Industries, Inc		1,441
134,698	*	Hologic, Inc		3,700
79,392	e*	ICU Medical, Inc		2,171
107,200	*	I-Flow Corp		1,954
76,790		II-VI, Inc		3,263
122,408	*	Illumina, Inc		1,160
165,900		IMI plc		1,254
25,539	*	Immunicon Corp		178
178,423	*	Inamed Corp		11,285
388,487	*	Input/Output, Inc		3,434
123,449	*	Integra LifeSciences Holding		4,559
500	*	Intralase Corp		12
223,433	*	Intuitive Surgical, Inc		8,942
159,940		Invacare Corp		7,399
276,977	*	Invensys plc		82
114,116	e*	Ionics, Inc		4,946
68,409	*	Ista Pharmaceuticals, Inc		692
129,269	*	Itron, Inc		3,091
161,545	*	Ixia		2,716
75,668		Keithley Instruments, Inc		1,491
66,867	e*	Kensey Nash Corp		2,309
154,603		Keyence Corp		34,641
1,021,044	*	KLA-Tencor Corp		47,560
132,500		Konica Corp		1,759
79,656	e*	KVH Industries, Inc		781
174,243	e*	Kyphon, Inc		4,488
110,124	*	Laserscope		3,955
48,109	*	LeCroy Corp		1,123
461,476	e*	Lexar Media, Inc		3,618
376,840	*	LTX Corp		2,898
64,200	e	Luxottica Group S.p.A.		1,307
68,486	*	Measurement Specialties, Inc		1,744
4,928	e*	Med-Design Corp		6
52,174	*	Medical Action Industries, Inc		1,028
7,727,375		Medtronic, Inc		383,819
310,866		Mentor Corp		10,489
142,864	*	Merit Medical Systems, Inc		2,183
252,510	*	Mettler-Toledo International, Inc		12,956
70,403	*	Micro Therapeutics, Inc		264
416,057	*	Millipore Corp		20,724

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			VALUE (000)

133,339		Mine Safety Appliances Co	$	6,760
194,363	*	MKS Instruments, Inc		3,605
145,683	*	Molecular Devices Corp		2,928
118,586		Movado Group, Inc		2,212
20,392,814	f,v*	MPM Bioventures II - Qp, LP		14,189
145,881		MTS Systems Corp		4,932
205,595	e*	Nanogen, Inc		1,513
244,872	*	Newport Corp		3,453
244,543	e	Nikon Corp		3,021
14,159		Nobel Biocare Holding AG. (Stockholm)		2,593
39,819	*	Novoste Corp		68
8,942	*	NuVasive, Inc		92
157,338		Oakley, Inc		2,006
126,413	*	Ocular Sciences, Inc		6,196
945		Olympus Corp		20
447,834	*	Orbital Sciences Corp		5,298
210,264	*	Orthologic Corp		1,314
192,799	*	Orthovita, Inc		808
12,524	*	Osteotech, Inc		69
73,263	*	Palomar Medical Technologies, Inc		1,910
2,602,117		PCCW Ltd		1,649
783,513		PerkinElmer, Inc		17,621
60,896		Phonak Holding AG.		2,008
96,877	*	Photon Dynamics, Inc		2,352
398,264	*	Pinnacle Systems, Inc		2,429
146,571	*	Possis Medical, Inc		1,976
1,149	*	QMed, Inc		13
228,913	e*	RAE Systems, Inc		1,671
3,275,954		Raytheon Co		127,205
153,533	*	Resmed, Inc		7,846
171,447	*	Respironics, Inc		9,320
31,717	e*	Retractable Technologies, Inc		146
539,759	e	Ricoh Co Ltd		10,414
939,580		Rockwell Automation, Inc		46,556
93,122	*	Rofin-Sinar Technologies, Inc		3,953
170,474		Roper Industries, Inc		10,360
70,480	*	Rudolph Technologies, Inc		1,210
95,735	*	Sirf Technology Holdings, Inc		1,218
2,591,355		Smith & Nephew plc		26,518
190,229	*	Sola International, Inc		5,239
146,855	*	Sonic Innovations, Inc		612
112,949	e*	Sonic Solutions, Inc		2,535
88,509	*	SonoSite, Inc		3,005
2,430,362	*	St. Jude Medical, Inc		101,905
1,159	*	Staar Surgical Co		7
170,148	e*	Star Scientific, Inc		865
790,000	*	STATS ChipPAC Ltd		489
471,522	*	Steris Corp		11,185
1,485,658	e	Stryker Corp		71,683
246,703	*	Sybron Dental Specialties, Inc		8,728
2,101	*	Synovis Life Technologies, Inc		23
22,525	*	Synthes, Inc		2,526
39,829		Sypris Solutions, Inc		610
390,485	*	Techne Corp		15,190
474,573		Tektronix, Inc		14,337
198,680		Teleflex, Inc		10,319
1,015,520	*	Teradyne, Inc		17,335
877,072		Terumo Corp		23,624
241,547		The Swatch Group AG. (Br)		35,454
29,050		The Swatch Group AG. (Regd)		864
35,140	*	Theragenics Corp		143
1,184,967	*	Thermo Electron Corp		35,774
264,746	*	Thermogenesis		1,678
294,389	*	Thoratec Corp		3,068
365,479	*	Trimble Navigation Ltd		12,075
165,083	*	TriPath Imaging, Inc		1,481
85,311		United Industrial Corp		3,305
81,171	*	Urologix, Inc		525
47,000		Ushio, Inc		878
873,288	*	Varian Medical Systems, Inc		37,761

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			VALUE (000)

237,499	*	Varian, Inc	$	9,740
86,687	*	Ventana Medical Systems, Inc		5,547
183,496	*	Viasys Healthcare, Inc		3,486
153,540	*	Viisage Technology, Inc		1,383
347,627	*	Visx, Inc		8,993
764	e*	Vital Images, Inc		13
47,462		Vital Signs, Inc		1,847
139,803	*	Vivus, Inc		622
733,315	*	Waters Corp		34,312
13,250	*	William Demant Holding		622
159,827	*	Wright Medical Group, Inc		4,555
125,668		X-Rite, Inc		2,012
225,893		Yokogawa Electric Corp		3,020
28,612		Young Innovations, Inc		965
1,540,050	*	Zimmer Holdings, Inc		123,389
53,522	*	Zoll Medical Corp		1,841
99,992	*	Zygo Corp		1,179

		TOTAL INSTRUMENTS AND RELATED PRODUCTS		2,998,401


INSURANCE AGENTS, BROKERS AND SERVICE - 0.41%
2,476,443		AON Corp		59,088
336,825		Brown & Brown, Inc		14,669
139,710	*	Clark, Inc		2,168
134,453		Crawford & Co (Class A)		941
37,373		Crawford & Co (Class B)		280
603,012		Gallagher (Arthur J.) & Co		19,598
191,249		Hilb, Rogal & Hamilton Co		6,931
1,834,093	e	Manulife Financial Corp		84,805
4,609,297		Marsh & McLennan Cos, Inc		151,646
1,412,255	*	Medco Health Solutions, Inc		58,750
216,743		National Financial Partners Corp		8,410
6,142		OAMPS Ltd		18
1,474,960	e	Sun Life Financial, Inc		49,426
199,919	*	USI Holdings Corp		2,313

		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		459,043


INSURANCE CARRIERS - 4.90%
158,911		21st Century Insurance Group		2,161
3,220,769	e	Aegon NV		43,910
2,055,083	e	Aegon NV (ARS)		28,175
1,274,773		Aetna, Inc		159,028
14,311		Affirmative Insurance Holdings, Inc		241
3,050,098		Aflac, Inc		121,516
1,162,000		Aioi Insurance Co Ltd		5,364
217,115		Alfa Corp		3,297
2,797,600	e	Alleanza Assicurazioni S.p.A.		39,053
22,926	*	Alleghany Corp		6,540
483,041	e	Allianz AG. (Regd)		64,082
246,024	*	Allmerica Financial Corp		8,077
3,679,445		Allstate Corp		190,301
492,030		Ambac Financial Group, Inc		40,410
77,483	e	American Equity Investment Life Holding Co		834
182,323		American Financial Group, Inc		5,709
16,572,419		American International Group, Inc		1,088,311
52,294		American National Insurance Co		5,447
74,636	*	American Physicians Capital, Inc		2,688
159,149	*	AMERIGROUP Corp		12,041
239,932		AmerUs Group Co		10,869
6,128,663	e*	AMP Ltd		34,879
139,892	*	Argonaut Group, Inc		2,956
1,502,363	e	Assicurazioni Generali S.p.A.		50,991
477,000		Assurant, Inc		14,572
1,748,403		Aviva plc		21,080
2,030,180	e	AXA		50,168
482,568		AXA Asia Pacific Holdings Ltd		1,551
44,942		Baldwin & Lyons, Inc (Class B)		1,204
528,619		Berkley (W.R.) Corp		24,935

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			VALUE (000)

67,487		Bristol West Holdings, Inc	$	1,350
58,548		Brit Insurance Holdings plc		89
16,118		Britannic Group plc		141
284,332	*	Centene Corp		8,061
92,825	*	Ceres Group, Inc		479
10,689,000	*	China Life Insurance Co Ltd (H Shs)		7,151
1,143,976		Chubb Corp		87,972
1,014,073		Cigna Corp		82,718
753,249		Cincinnati Financial Corp		33,339
188,077	e*	Citizens, Inc		1,198
257,156	*	CNA Financial Corp		6,869
98,175	*	CNA Surety Corp		1,311
148,227		Commerce Group, Inc		9,048
699,323	*	Conseco, Inc		13,951
251,109	*	Danielson Holdings Corp		2,122
213,039		Delphi Financial Group, Inc (Class A)		9,832
85,650		Direct General Corp		2,749
28,566		Donegal Group, Inc		655
11,763		EMC Insurance Group, Inc		255
150,485		Erie Indemnity Co (Class A)		7,911
14,900		Everest Re Group Ltd		1,334
12,278	e	Fairfax Financial Holdings Ltd		2,072
75,864		FBL Financial Group, Inc (Class A)		2,166
864,747		Fidelity National Financial, Inc		39,493
14,099	*	Financial Industries Corp		113
397,443		First American Corp		13,966
44,063	e*	FPIC Insurance Group, Inc		1,559
4,246,217		Friends Provident plc		12,555
1,018,000		Fuji Fire & Marine Insurance Co Ltd		3,318
64		Generali Schweiz Holding AG. (Regd)		14
696,747		Genworth Financial, Inc		18,812
44,826		Great American Financial Resources, Inc		779
721,565	e	Great-West Lifeco, Inc		16,080
1,704		Grupo Catalana Occidente S.A.		102
126,668		Harleysville Group, Inc		3,024
1,430,585		Hartford Financial Services Group, Inc		99,154
430,147		HCC Insurance Holdings, Inc		14,246
566,675	*	Health Net, Inc		16,360
103,904	*	HealthExtras, Inc		1,694
272,490		Horace Mann Educators Corp		5,199
1,039,589	*	Humana, Inc		30,865
36,015		Independence Holding Co		664
113,166		Infinity Property & Casualty Corp		3,983
3,776,770		ING Groep NV		114,273
3,514,869		Insurance Australia Group Ltd		17,717
661,536		Jefferson-Pilot Corp		34,373
24,241		Kansas City Life Insurance Co		1,147
963		Kungsleden AB		36
162,802		Landamerica Financial Group, Inc		8,780
1,755,295		Legal & General Group plc		3,707
259,869		Leucadia National Corp		18,056
165,120		Liberty International plc		3,077
1,182,594		Lincoln National Corp		55,203
922,842		Loews Corp		64,876
5,029	*	Manulife Financial		232
41,662	e*	Markel Corp		15,165
2,313,855	a	Max Re Capital Ltd		49,355
668,492	e	MBIA, Inc		42,302
143,959		Mercury General Corp		8,626
2,367,127		MetLife, Inc		95,892
607,227	e	MGIC Investment Corp		41,844
52,355		Midland Co		1,637
9,524		Milano Assicurazioni S.p.A.		54
2,747		Millea Holdings, Inc		40,748
820,525		Mitsui Sumitomo Insurance Co Ltd		7,127
81,468	*	Molina Healthcare, Inc		3,778
356,089		Muenchener Rueckver AG. (Regd)		43,779
15,051	*	National Western Life Insurance Co (Class A)		2,508
289,115		Nationwide Financial Services, Inc (Class A)		11,053
45,072	*	Navigators Group, Inc		1,357

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			VALUE (000)

799,000		Nipponkoa Insurance Co Ltd	$	5,435
532,000		Nissay Dowa General Insurance Co Ltd		2,705
13,540		NYMAGIC, Inc		343
67,735	e	Odyssey Re Holdings Corp		1,708
383,164	*	Ohio Casualty Corp		8,893
906,635		Old Republic International Corp		22,938
504,160	*	Pacificare Health Systems, Inc		28,495
68,867		Penn-America Group, Inc		1,040
136,864	*	Philadelphia Consolidated Holding Corp		9,052
564,991	e	Phoenix Cos, Inc		7,062
45,517	*	Pico Holdings, Inc		945
153,798	*	PMA Capital Corp (Class A)		1,592
450,136	e	PMI Group, Inc		18,793
853,210	e	Power Corp of Canada		22,075
591,387	e	Power Financial Corp		15,790
128,005		Presidential Life Corp		2,171
2,210,582		Principal Financial Group		90,501
153,297	*	ProAssurance Corp		5,995
1,164,001		Progressive Corp		98,754
1,937,943	e	Promina Group Ltd		8,203
347,810		Protective Life Corp		14,848
2,871,351		Prudential Financial, Inc		157,809
1,062,394		Prudential plc		9,240
1,261,118	e	QBE Insurance Group Ltd		15,175
438,289		Radian Group, Inc		23,335
226,271		RAS S.p.A.		5,118
179,647		Reinsurance Group of America, Inc		8,704
88,500		RenaissanceRe Holdings Ltd		4,609
126,537		RLI Corp		5,260
14,310,982		Royal & Sun Alliance Insurance Group plc		21,294
945,480		Safeco Corp		49,392
58,896		Safety Insurance Group, Inc		1,835
69,056		Schindler Holding AG. (Pt Cert)		27,389
200,276		Selective Insurance Group, Inc		8,860
245,628	*	Sierra Health Services, Inc		13,537
2,748,974	e	Skandia Forsakrings AB		13,692
144,529		Sompo Japan Insurance, Inc		1,473
7,153,326		St. Paul Travelers Cos, Inc		265,174
163,085		Stancorp Financial Group, Inc		13,455
82,836		State Auto Financial Corp		2,141
138,593		Stewart Information Services Corp		5,772
281,387	e	Storebrand ASA		2,718
1,210,881		Swiss Reinsurance Co (Regd)		86,362
612,250		T&D Holdings, Inc		29,277
215	*	Topdanmark a/s		17
544,566		Torchmark Corp		31,117
500		Tower Group, Inc		6
453,710	*	Tower Ltd		701
145,353		Transatlantic Holdings, Inc		8,987
56,557	*	Triad Guaranty, Inc		3,421
323,416		UICI		10,964
103,486		United Fire & Casualty Co		3,489
4,218,690		UnitedHealth Group, Inc		371,371
236,889		Unitrin, Inc		10,767
153,830	*	Universal American Financial Corp		2,380
2,903,194		UnumProvident Corp		52,083
201,244	*	Vesta Insurance Group, Inc		741
24,600	*	WellCare Health Plans, Inc		800
133,181	*	WellChoice, Inc		7,112
2,018,164	*	WellPoint, Inc		232,089
7,145		Wesco Financial Corp		2,808
649,336		XL Capital Ltd (Class A)		50,421
99,623		Zenith National Insurance Corp		4,965
1,244,014		Zurich Financial Services AG.		207,427

		TOTAL INSURANCE CARRIERS		5,432,470

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			VALUE (000)

JUSTICE, PUBLIC ORDER AND SAFETY - 0.00%
54,632	*	Geo Group, Inc	$	1,452

		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		1,452


LEATHER AND LEATHER PRODUCTS - 0.08%
117,254		Brown Shoe Co, Inc		3,498
914,561	*	Coach, Inc		51,581
180,367		K-Swiss, Inc (Class A)		5,252
64,389	*	Steven Madden Ltd		1,214
125,575	*	Timberland Co (Class A)		7,870
15,135		Weyco Group, Inc		670
390,400		Wolverine World Wide, Inc		12,266
624,104		Yue Yuen Industrial Holdings		1,718

		TOTAL LEATHER AND LEATHER PRODUCTS		84,069

LEGAL SERVICES - 0.00%
108,793	e	Pre-Paid Legal Services, Inc		4,085

		TOTAL LEGAL SERVICES		4,085


LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.04%
4,417		East Japan Railway Co		24,570
70,000		Keio Electric Railway Co Ltd		411
631,332	*	Laidlaw International, Inc		13,511
2,553,983		MTR Corp		4,091
4,155,000		SMRT Corp Ltd		2,240

		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		44,823


LUMBER AND WOOD PRODUCTS - 0.13%
73,026		American Woodmark Corp		3,190
483,222	*	Champion Enterprises, Inc		5,712
61,659		Deltic Timber Corp		2,617
1,611,200		Georgia-Pacific Corp		60,388
63,803		Holmen AB (B Shs)		2,208
215,010	*	Masonite International Corp		7,408
25,488	*	Modtech Holdings, Inc		201
816,700		Louisiana-Pacific Corp		21,839
273,378		Rayonier, Inc		13,371
1,195,234		Sekisui House Ltd		13,927
38,354		Skyline Corp		1,565
115,970		Tenon Ltd		184
97,220		Universal Forest Products, Inc		4,219

		TOTAL LUMBER AND WOOD PRODUCTS		136,829

METAL MINING - 0.53%
18		Agnico-Eagle Mines Ltd		0
1,046,593		Alumina Ltd		4,873
198,340	*	Barrick Gold Corp		4,804
937,691	e	Barrick Gold Corp (New York)		22,696
187,299	e	Cameco Corp		6,558
69,794	e	Cleveland-Cliffs, Inc		7,249
1,454,682	*	Coeur D'alene Mines Corp		5,717
431,315	e	Falconbridge Ltd		11,196
804,901		Freeport-McMoRan Copper & Gold, Inc (Class A)		30,771
269,248	e*	Glamis Gold Ltd		4,620
392,106	e	Goldcorp, Inc		5,910
719,312	*	Hecla Mining Co		4,194
102,700		Iluka Resources Ltd		506
282,455	*	Inco Ltd		10,373
103,100		Johnson Matthey plc		1,956
596,895	*	Kinross Gold Corp		4,210
194,711	*	Meridian Gold, Inc		3,695
3,402,785	e	Mitsubishi Materials Corp		7,140
1,351,641		Newcrest Mining Ltd		18,489
2,269,332		Newmont Mining Corp		100,781

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			VALUE (000)

2,746,424		Newmont Mining Corp (Chess)	$	12,272
1,343,000		Nippon Light Metal Co Ltd		3,395
761,105	e	Noranda, Inc		13,378
982,702		Outokumpu Oyj		17,565
1,096,766		Phelps Dodge Corp		108,492
967,379	*	Placer Dome, Inc		18,231
539,700		Rio Tinto Ltd		16,551
2,327,791		Rio Tinto plc		68,512
129,935	e	Royal Gold, Inc		2,370
116,423	e	Southern Peru Copper Corp		5,496
386,571	*	Stillwater Mining Co		4,353
1,002,067		Sumitomo Metal Mining Co Ltd		7,158
654,451		Teck Cominco Ltd (Class B)		20,166
133,447		Umicore		12,561
3,451,710		WMC Resources Ltd		19,536
1,344,000		Zijin Mining Group Co Ltd (Class H)		610

		TOTAL METAL MINING		586,384


MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.24%
505,000		Aderans Co Ltd		11,680
32,910		Amer Group plc		575
2,525,113		Anglo American plc		59,727
300,086		Blyth, Inc		8,871
820,469		Bulgari S.p.A.		10,137
393,038		Callaway Golf Co		5,306
88,550	*	Daktronics, Inc		2,204
49,805		Escalade, Inc		665
14,820		GWA International Ltd		36
1,096,353		Hasbro, Inc		21,247
541,222	*	Identix, Inc		3,994
153,433	*	Jakks Pacific, Inc		3,392
1,158	*	Johnson Outdoors, Inc (Class A)		23
237,234	*	K2, Inc		3,767
216,446	e*	Leapfrog Enterprises, Inc		2,944
24,724	*	Lydall, Inc		293
1,965,243		Mattel, Inc		38,303
184,181	e	Nautilus Group, Inc		4,452
464,733		Nintendo Co Ltd		58,369
18,493	e*	Oneida Ltd		57
100,187		Penn Engineering & Manufacturing Corp		1,813
7,351,000		Playmates Interactive Entertainment Ltd		1,494
117,267	*	RC2 Corp		3,823
8,000	*	RHI AG.		242
49,731		Russ Berrie & Co, Inc		1,136
159,243	e*	Shuffle Master, Inc		7,500
15,250		Societe BIC S.A.		767
52,228	*	Steinway Musical Instruments, Inc		1,511
369,954	*	Yankee Candle Co, Inc		12,275
80,000		Yonex Co Ltd		639

		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		267,242


MISCELLANEOUS RETAIL - 1.21%
171,735	*	1-800-Flowers.com, Inc (Class A)		1,444
79,846	*	AC Moore Arts & Crafts, Inc		2,300
234,283	e*	Alloy, Inc		1,891
1,831,581	e*	Amazon.com, Inc		81,121
9,400		Aoki International Co Ltd		125
450,448	*	Barnes & Noble, Inc		14,536
146,923		Big 5 Sporting Goods Corp		4,281
46,809		Blair Corp		1,669
38,491		Blockbuster, Inc (Class B)		339
21,693	e*	Blue Nile, Inc		599
416,215		Borders Group, Inc		10,572
29,300	*	Build-A-Bear Workshop, Inc		1,030
745	e,v*	Can Do Co Ltd (When Issued)		872
3,088		Carpetright plc		68
214,124		Cash America International, Inc		6,366

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			VALUE (000)

900		Circle K Sunkus Co Ltd	$	23
1,368		Clas Ohlson AB (B Shs)		26
167,812	*	Coldwater Creek, Inc		5,180
891,050	*	Cookson Group plc		607
2,228		Cortefiel S.A.		35
2,153,767		CVS Corp		97,070
175,566	*	Dick's Sporting Goods, Inc		6,171
1,233,500		Dickson Concepts International Ltd		1,666
12,000		Don Quijote Co Ltd		612
358,133	e*	Drugstore.com, Inc		1,218
3,016,924		eBay, Inc		350,808
10,700		EDION Corp		123
10,118		Expert ASA		96
627	b,e,v*	FAO, Inc		0
20,409	*	Finlay Enterprises, Inc		404
26,400	*	Friedman's, Inc (Class A)		34
6,003	*	Gaiam, Inc		37
495,212		GUS plc		8,923
90,334		Hancock Fabrics, Inc		937
3		Hellenic Duty Free Shops S.A.		0
162,153	*	Hibbett Sporting Goods, Inc		4,315
3,595,674		HMV Group plc		17,949
66,427		House of Fraser plc		148
99		Jelmoli Holding AG.		143
125,272	*	Jill (J.) Group, Inc		1,865
100	*	Kanebo Ltd		1
11,300		Kojima Co Ltd		136
2,035,133		Lifestyle International Holdings Ltd		3,024
183,517		Longs Drug Stores Corp		5,060
4,516		Marionnaud Parfumeries		110
513,954	*	Marvel Enterprises, Inc		10,526
20,000		Matsumotokiyoshi Co Ltd		570
1,060,010		Michaels Stores, Inc		31,768
1,400		Ministop Co Ltd		24
173,603		MSC Industrial Direct Co (Class A)		6,246
2,043,713		Next plc		64,742
821,000		Nippon Mining Holdings, Inc		3,862
2,080,937	*	Office Depot, Inc		36,125
527,129		Omnicare, Inc		18,249
74,720	e*	Overstock.com, Inc		5,156
5,148,400		Pacific Brands Ltd		12,874
19,000		Parco Co Ltd		112
89,851	*	Party City Corp		1,162
39,095	*	PC Connection, Inc		372
49,098	e*	PC Mall, Inc		1,099
22,542		Peacock Group plc		118
389,340	*	Petco Animal Supplies, Inc		15,371
736,096		Petsmart, Inc		26,153
206,597	e*	Priceline.com, Inc		4,874
65	*	Pricesmart, Inc (Rts)		0
3,418,714	*	Rite Aid Corp		12,512
67,877	e*	Sharper Image Corp		1,279
632,506	*	Shoppers Drug Mart Corp		19,675
10,880,100		Signet Group plc		22,978
143,826	*	Sports Authority, Inc		3,704
101,425		Stamps.com, Inc		1,607
3,180,706		Staples, Inc		107,222
40,400	*	Systemax, Inc		297
2,013		Ten Cate NV		148
796,080		Tiffany & Co		25,451
1,238,361	*	Toys 'R' Us, Inc		25,349
114,729	*	Valuevision International, Inc (Class A)		1,596
5,974,652	e	Walgreen Co		229,247
26,866	*	Whitehall Jewellers, Inc		215
68,759		World Fuel Services Corp		3,424
116,904		Xebio Co Ltd		3,639
383,476	*	Zale Corp		11,454

		TOTAL MISCELLANEOUS RETAIL		1,343,134

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			VALUE (000)

MOTION PICTURES - 1.19%
145,970	*	Avid Technology, Inc	$	9,014
899,177	e	Blockbuster, Inc (Class A)		8,578
45,594		Carmike Cinemas, Inc		1,664
292,400	*	DreamWorks Animation SKG, Inc (Class A)		10,968
546,258	*	Hollywood Entertainment Corp		7,151
14,205,626	*	Liberty Media Corp (Class A)		155,978
355,303		Metro-Goldwyn-Mayer, Inc		4,221
162,537	e	Movie Gallery, Inc		3,100
367,063	e*	NetFlix, Inc		4,526
4,506,473		News Corp (Class A)		84,091
1,259,531	e	News Corp (Class B)		24,183
280,500		Rank Group plc		1,422
78,663	*	Reading International, Inc		658
198,576	e	Regal Entertainment Group (Class A)		4,120
34,324,184	*	Time Warner, Inc		667,262
80		Toho Co Ltd		1
12,100,634		Walt Disney Co		336,398

		TOTAL MOTION PICTURES		1,323,335


NONDEPOSITORY INSTITUTIONS - 2.36%
95,692	*	Accredited Home Lenders Holding Co		4,754
100,265		Acom Co Ltd		7,505
21,806	b,e,v*	Actrade Financial Technologies Ltd		0
43,100	*	Advance America Cash Advance Centers, Inc		987
41,574		Advanta Corp (Class A)		940
92,366		Advanta Corp (Class B)		2,242
98,228	e	Aiful Corp		10,803
434,393		American Capital Strategies Ltd		14,487
7,789,132		American Express Co		439,073
823,679	*	AmeriCredit Corp		20,139
56,623		Asta Funding, Inc		1,520
15,267		Beverly Hills Bancorp, Inc		154
1,629,227		Capital One Financial Corp		137,197
285,528	*	CapitalSource, Inc		7,330
1,377,973		Cattles plc		9,709
275,412		CharterMac		6,731
1,118,863		CIT Group, Inc		51,266
15,457	*	Collegiate Funding Services LLC		218
156,428	*	CompuCredit Corp		4,277
3,731,546		Countrywide Financial Corp		138,105
79,856	*	Credit Acceptance Corp		2,032
878,844		Credit Saison Co Ltd		31,991
50,083		D Carnegie AB		648
95,000	e*	Deutsche Postbank AG.		4,197
503,368		Doral Financial Corp		24,791
28,247	b*	DVI, Inc		0
159,900	e*	E-Loan, Inc		540
95,119	*	Encore Capital Group, Inc		2,262
7,770,594		Fannie Mae		553,344
72,411		Federal Agricultural Mortgage Corp (Class C)		1,687
114,993		Financial Federal Corp		4,508
68,335	*	First Cash Financial Services, Inc		1,825
92,078	*	First Marblehead Corp		5,179
4,707,316		Freddie Mac		346,929
10,268,031		HBOS plc		167,171
65,100		Hitachi Capital Corp		1,344
1,506,771	*	Hypo Real Estate Holding		62,466
233,000		ICICI Bank Ltd		1,987
192,824	e	IGM Financial, Inc		5,897
27,401	f*	Imperial Credit Industry Wts 01/31/08		0
936,000	*	Industrial Development Bank of India Ltd		2,364
902		Intermediate Capital Group plc		19
2,158	*	Intrum Justitia AB		17
118,897		Irish Life & Permanent plc		2,230
109,042		Irish Life & Permanent plc (London)		2,020
3,000		Jaccs Co Ltd		18
11,000		Japan Securities Finance Co Ltd		72

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			VALUE (000)

70,000	*	JCG Holdings Ltd	$	63
109,500	e	Lopro Corp		839
7,581,679		MBNA Corp		213,728
194,482		MCG Capital Corp		3,331
65,898		Medallion Financial Corp		639
1,697,137	e	Mediobanca S.p.A.		27,474
196,584	*	Metris Cos, Inc		2,506
48,791	*	Nelnet, Inc		1,314
4,549,000		Orient Corp		13,140
244,031	e	ORIX Corp		33,150
114,141		Perpetual Trustees Australia Ltd		5,628
132,737		Promise Co Ltd		9,482
621,779		Provident Financial plc		8,022
1,536,725	*	Providian Financial Corp		25,310
3,700		Sanyo Electric Credit Co Ltd		78
6,700	e	SFCG Co Ltd		1,693
14,951		SFE Corp		103
2,153,127		SLM Corp		114,955
21,723		Student Loan Corp		3,997
772,714	e	Takefuji Corp		52,258
24,516	*	United PanAm Financial Corp		467
120,804		Westcorp		5,549
36,572	*	WFS Financial, Inc		1,857
128,619	*	World Acceptance Corp		3,538

		TOTAL NONDEPOSITORY INSTITUTIONS		2,612,096


NONMETALLIC MINERALS, EXCEPT FUELS - 0.05%
125,359		Amcol International Corp		2,518
102,659		Compass Minerals International, Inc		2,487
115,000		Dowa Mining Co Ltd		749
263,116	e	Potash Corp of Saskatchewan		21,905
601,817		Vulcan Materials Co		32,865

		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		60,524


OIL AND GAS EXTRACTION - 2.08%
1,430,782		Anadarko Petroleum Corp		92,729
1,725,847		Apache Corp		87,276
2,576	*	Atlas America, Inc		92
75,424	*	Atwood Oceanics, Inc		3,930
190,524		Berry Petroleum Co (Class A)		9,088
39,800	*	Bill Barrett Corp		1,273
1,326,144		BJ Services Co		61,719
122,243	*	Brigham Exploration Co		1,100
2,718,221		Burlington Resources, Inc		118,243
265,205		Cabot Oil & Gas Corp (Class A)		11,735
425,194	*	Cal Dive International, Inc		17,327
39,997	*	Callon Petroleum Co		578
739,019	e	Canadian Natural Resources Ltd		31,611
126,321	e*	Cheniere Energy, Inc		8,047
1,208,091		Chesapeake Energy Corp		19,934
260,185	*	Cimarex Energy Co		9,861
28,430	e*	Clayton Williams Energy, Inc		651
4,426,000		CNOOC Ltd		2,377
211,991	*	Comstock Resources, Inc		4,674
112,730	*	Delta Petroleum Corp		1,768
350,769	*	Denbury Resources, Inc		9,629
2,345		DET Norske Oljeselskap ASA		11
4,321,973		Devon Energy Corp		168,211
310,450	e	Diamond Offshore Drilling, Inc		12,434
77,923	*	Edge Petroleum Corp		1,136
1,169,081		EnCana Corp		66,741
130,767	*	Encore Acquisition Co		4,565
139,079	*	Energy Partners Ltd		2,819
250,618	b*	Enron Corp		0
877,583		ENSCO International, Inc		27,854
1,025,286		EOG Resources, Inc		73,164
10,461		ERG S.p.A.		124

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			VALUE (000)

520	*	Exploration Co of Delaware, Inc	$	3
4,851		Expro International Group plc		33
319,356	*	Forest Oil Corp		10,130
2,188	*	Forest Oil Corp Wts 02/15/05		11
186,068	e*	FX Energy, Inc		2,173
481,298	*	Global Industries Ltd		3,990
1,082,667	*	Grey Wolf, Inc		5,706
32,550		Groupe Bruxelles Lambert S.A.		2,650
1,925	*	Groupe Bruxelles Lambert S.A. (Strp Vvpr)		0
482,651	*	Hanover Compressor Co		6,820
216,119	*	Harvest Natural Resources, Inc		3,732
307,441		Helmerich & Payne, Inc		10,465
84,041	e*	Horizon Offshore, Inc		138
87,785	*	Houston Exploration Co		4,943
512,506		Husky Energy, Inc		14,650
392,532		Imperial Oil Ltd		23,310
1,993	v*	Independent Oil Tools ASA		0
101	v	INPEX Corp		510
297,918	b*	KCS Energy, Inc		4,403
1,314,054		Kerr-McGee Corp		75,939
823,980	*	Key Energy Services, Inc		9,723
144,652	*	Lundin Petroleum AB		829
533,228	*	Magnum Hunter Resources, Inc		6,879
32,226	*	Magnum Hunter Resources, Inc Wts 03/21/05		11
1,747,467		Marathon Oil Corp		65,722
113,793	e*	McMoRan Exploration Co		2,128
432,517	*	Meridian Resource Corp		2,617
247,115	*	Mission Resources Corp		1,443
289,601	*	Newfield Exploration Co		17,101
495,540	*	Newpark Resources, Inc		2,552
231,235	*	Nexen, Inc		9,399
436,209		Noble Energy, Inc		26,897
2,544,085		Occidental Petroleum Corp		148,473
150,679	*	Oceaneering International, Inc		5,623
48,780		Oil Search Ltd		69
23,565		OMV AG.		7,101
2,166,101		Origin Energy Ltd		11,699
36,119		Paladin Resources plc		121
542,769	*	Parker Drilling Co		2,133
334,754		Patina Oil & Gas Corp		12,553
842,366		Patterson-UTI Energy, Inc		16,384
110,393		Penn Virginia Corp		4,479
209,292		Penn West Petroleum Ltd		13,843
509,035		Petro-Canada		25,988
4,370,000		PetroChina Co Ltd (Class H)		2,333
33,900	v*	PetroCorp, Inc (Escrow)		0
82,966		PetroKazakhstan, Inc (Class A)		3,078
118,087	*	Petroleum Development Corp		4,555
1,329,468		Pioneer Natural Resources Co		46,664
470,074	*	Plains Exploration & Production Co		12,222
333,115		Pogo Producing Co		16,153
40,779	*	Precision Drilling Corp		2,570
627,560	*	Pride International, Inc		12,890
184,792	e*	Quicksilver Resources, Inc		6,797
427,078		Range Resources Corp		8,738
3,659		Regal Petroleum plc		24
266,285	*	Remington Oil & Gas Corp		7,256
518,145		Rowan Cos, Inc		13,420
62,102		RPC, Inc		1,560
2,000,000		Saipem S.p.A.		24,059
80,000		Schlumberger Ltd		5,356
104,122	*	Seacor Smit, Inc		5,560
50	*	Serval Integrated Energy Services (Units)		0
18,727,937		Shell Transport & Trading Co plc		159,644
6,000		Singapore Petroleum Co Ltd		14
10,071		Smedvig ASA		169
268,811	*	Southwestern Energy Co		13,626
163,190	*	Spinnaker Exploration Co		5,723
174,525		St. Mary Land & Exploration Co		7,285
150,122	*	Stone Energy Corp		6,769

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			VALUE (000)

328,633	*	Superior Energy Services, Inc	$	5,064
170,642	*	Swift Energy Co		4,938
170,641	e*	Syntroleum Corp		1,370
661,561		Talisman Energy, Inc		17,862
470		Technip S.A.		87
130,590	*	Tetra Technologies, Inc		3,696
6,451		TGS Nopec Geophysical Co ASA		165
1,895,800	v*	Thai Oil PCL		2,208
284,852		Tidewater, Inc		10,144
74,099	*	Todco		1,365
1,501,787	e	Total S.A.		328,037
163,377	*	Total S.A.		2
148,721	*	Transmontaigne, Inc		912
231,196	*	Unit Corp		8,834
1,251,626		Unocal Corp		54,120
673,711	*	Varco International, Inc		19,639
242,087	*	Veritas DGC, Inc		5,425
462,788		Vintage Petroleum, Inc		10,501
143,987	*	W-H Energy Services, Inc		3,220
135,347	*	Whiting Petroleum Corp		4,094
1,259,271		XTO Energy, Inc		44,553

		TOTAL OIL AND GAS EXTRACTION		2,306,775


PAPER AND ALLIED PRODUCTS - 0.81%
568,595		Bemis Co		16,540
71,970		Billerud AB		1,283
253,133		Bowater, Inc		11,130
177,579	*	Buckeye Technologies, Inc		2,310
211,300		Bunzl plc		1,763
201,258	*	Caraustar Industries, Inc		3,385
1,614,734		Carter Holt Harvey Ltd		2,414
104,294		Chesapeake Corp		2,833
94,213		De La Rue plc		628
2	*	Earthshell Corp		0
166,969		Glatfelter		2,551
428,614	*	Graphic Packaging Corp		3,086
99,148		Greif, Inc (Class A)		5,552
4,911,886		International Paper Co		206,299
3,489,200		Kimberly-Clark Corp		229,624
316,558		Longview Fibre Co		5,742
2,895		Mayr-Melnhof Karton AG.		493
1,070,146		MeadWestvaco Corp		36,267
113,406	e	Neenah Paper, Inc		3,697
931,000		NGK Insulators Ltd		8,904
1,465		Nippon Paper Group, Inc		6,577
51,200		Norske Skogindustrier ASA		1,107
443,367		OfficeMax, Inc		13,913
1,590,412		OJI Paper Co Ltd		9,126
328,942		Packaging Corp of America		7,747
926,033	*	Pactiv Corp		23,419
188,646	*	Playtex Products, Inc		1,507
107,573		Pope & Talbot, Inc		1,841
246,788		Potlatch Corp		12,483
231,900		Rexam plc		2,046
157,853		Rock-Tenn Co (Class A)		2,393
94,011		Schweitzer-Mauduit International, Inc		3,192
2,531,680	*	Smurfit-Stone Container Corp		47,292
454,774		Sonoco Products Co		13,484
300,800	e	Stora Enso Oyj (R Shs)		4,608
258,155		Svenska Cellulosa AB (B Shs)		11,013
2,823,829		TDC a/s		119,583
865,176		Temple-Inland, Inc		59,178
22,200		Uni-Charm Corp		1,064
251,800		UPM-Kymmene Oyj		5,599
311,141		Wausau-Mosinee Paper Corp		5,557

		TOTAL PAPER AND ALLIED PRODUCTS		897,230

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			VALUE (000)

PERSONAL SERVICES - 0.12%
298,303	b*	Alderwoods Group, Inc	$	3,395
58,311		Angelica Corp		1,577
619,164		Cintas Corp		27,157
147,558	*	Coinstar, Inc		3,959
12,628		CPI Corp		172
95,200		Davis Service Group plc		749
130,616		G & K Services, Inc (Class A)		5,671
831,291		H & R Block, Inc		40,733
175,900		Jackson Hewitt Tax Service, Inc		4,441
216,338		Regis Corp		9,984
2,233,427	*	Service Corp International		16,639
66,642		Unifirst Corp		1,885
315,519	e*	Weight Watchers International, Inc		12,958

		TOTAL PERSONAL SERVICES		129,320


PETROLEUM AND COAL PRODUCTS - 4.48%
374,892		Amerada Hess Corp		30,884
372,542		Ashland, Inc		21,749
7,913,013		BHP Billiton Ltd		95,154
54,508,749		BP plc		531,629
256,616		BP plc (Spon ADR)		14,986
13,234,555		ChevronTexaco Corp		694,946
8,215,410		China Petroleum & Chemical Corp		3,382
4,603,683		ConocoPhillips		399,738
121,758		ElkCorp		4,167
10,238,023		ENI S.p.A.		256,333
44,101,189		ExxonMobil Corp		2,260,627
123,365	e	Fortum Oyj		2,284
164,821		Frontier Oil Corp		4,394
64,115	*	Giant Industries, Inc		1,700
232,267	*	Headwaters, Inc		6,620
1		Hellenic Petroleum S.A.		0
124,468		Holly Corp		3,469
372,369		Lubrizol Corp		13,726
1,086,874		Lyondell Chemical Co		31,432
374,595		Murphy Oil Corp		30,136
5,575,047		Nippon Oil Corp		35,745
220,931	e	Norsk Hydro ASA		17,400
376,070	e	Premcor, Inc		15,859
1,327,720		Premier Farnell plc		4,359
2,423,912	e	Repsol YPF S.A.		63,126
3,926,578	e	Royal Dutch Petroleum Co		226,030
286,704		Santos Ltd		1,906
62,807	e	Shell Canada Ltd (U.S.)		4,193
153,500	e	Showa Shell Sekiyu KK		1,398
970,467	e	Suncor Energy, Inc		34,343
502,153		Sunoco, Inc		41,031
62,176	e	Teikoku Oil Co Ltd		346
515,980	*	Tesoro Corp		16,439
110,000	e	TonenGeneral Sekiyu KK		1,002
1,683,682		Valero Energy Corp		76,439
103,705		WD-40 Co		2,946
1,084,123	e	Woodside Petroleum Ltd		17,082

		TOTAL PETROLEUM AND COAL PRODUCTS		4,967,000


PIPELINES, EXCEPT NATURAL GAS - 0.04%
503,292	*	Enbridge, Inc		25,077
867,869	e	TransCanada Corp		21,585

		TOTAL PIPELINES, EXCEPT NATURAL GAS		46,662


PRIMARY METAL INDUSTRIES - 0.75%
1,289,655	e	Acerinox S.A.		20,702
25,000		Aichi Steel Corp		132
793,496	*	AK Steel Holding Corp		11,482

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			VALUE (000)

21,792		Alcan, Inc	$	1,062
701,638	*	Alcan, Inc (Paris)		34,433
4,653,471		Alcoa, Inc		146,212
44,631	*	Aleris International, Inc		755
647,679		Allegheny Technologies, Inc		14,035
1		Aluminum of Greece S.A.I.C.		0
835,253	*	Andrew Corp		11,384
1,322,754		Arcelor		30,511
89,570		Bekaert S.A.		7,153
421,160		Belden CDT, Inc		9,771
5,660,453		BHP Billiton plc		66,346
1,460,407		BlueScope Steel Ltd		9,445
104,962	*	Brush Engineered Materials, Inc		1,942
145,506		Carpenter Technology Corp		8,506
111,644	*	Century Aluminum Co		2,932
680,242	*	CommScope, Inc		12,857
21,124,699	*	Corus Group plc		20,481
114,304	e	Curtiss-Wright Corp		6,562
356,293	e	Dofasco, Inc		13,501
95,305	*	Encore Wire Corp		1,270
748,839		Engelhard Corp		22,967
242,555	*	General Cable Corp		3,359
140,547		Gibraltar Industries, Inc		3,320
330,000	e	Godo Steel Ltd		1,198
5,173	b,e*	Intermet Corp		2
160,600	*	International Steel Group, Inc		6,514
84		Japan Steel Works Ltd		0
5,467,000	e	Kobe Steel Ltd		8,376
23,847	e*	Liquidmetal Technologies, Inc		55
194,760	*	Lone Star Technologies, Inc		6,517
230,073		Matthews International Corp (Class A)		8,467
288,079	*	Maverick Tube Corp		8,729
279,188		Mueller Industries, Inc		8,990
838,000		NatSteel Ltd		1,099
522,000		NEOMAX Co Ltd		9,261
17,511,793	e	Nippon Steel Corp		42,895
3,211,000		Nisshin Steel Co Ltd		7,395
43,728		NKT Holding a/s		1,274
104,534		NN, Inc		1,381
2,300	*	Northwest Pipe Co		57
111,191	*	NS Group, Inc		3,091
1,242,970		Nucor Corp		65,057
2,069,053		OneSteel Ltd		4,168
228,804	*	Oregon Steel Mills, Inc		4,642
295,903		Precision Castparts Corp		19,435
35,000	f*	Promet BHD		3
179,072		Quanex Corp		12,279
1,370,973		Rautaruukki Oyj		16,287
7,185		Roanoke Electric Steel Corp		149
174,800	*	RTI International Metals, Inc		3,590
137,290		Ryerson Tull, Inc		2,162
7,601		Salzgitter AG.		147
119,462		Schnitzer Steel Industries, Inc (Class A)		4,053
80,240		Ssab Svenskt Stal AB (Series A)		1,932
35,619		Ssab Svenskt Stal AB (Series B)		839
258,697		Steel Dynamics, Inc		9,799
59,289		Steel Technologies, Inc		1,631
942,000	*	Sumitomo Heavy Industries Ltd		3,503
1,762,498		Sumitomo Metal Industries Ltd		2,391
168,239		Texas Industries, Inc		10,495
675,433	e	ThyssenKrupp AG.		14,873
39,290	*	Titanium Metals Corp		948
180,008		Tredegar Corp		3,638
103,260		Trelleborg AB (B Shs)		1,756
245,391	e	TUI AG.		5,810
792,144		United States Steel Corp		40,597
51,200		Viohalco S.A.		466
222,921	*	Vivendi Universal S.A. (Spon ADR)		7,149
62,797		Voestalpine AG.		4,878
34,332	*	Wheeling-Pittsburgh Corp		1,323

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			VALUE (000)

338,434		Worthington Industries, Inc	$	6,627

		TOTAL PRIMARY METAL INDUSTRIES		827,048


PRINTING AND PUBLISHING - 0.70%
768,865		American Greetings Corp (Class A)		19,491
34,361		Arnoldo Mondadori Editore S.p.A.		397
151,653		Banta Corp		6,788
82,000	v*	Beijing Media Corp (Class H)		235
128,252		Belo (A.H.) Corp Series A		3,365
351,800	f,v	Belo (A.H.) Corp Series B		9,231
200,926		Bowne & Co, Inc		3,267
170,601	*	Cenveo, Inc		529
93,815	*	Consolidated Graphics, Inc		4,306
38,058		Courier Corp		1,976
42,854		CSS Industries, Inc		1,361
1,030,845		Dai Nippon Printing Co Ltd		16,539
3,313		Daily Mail & General Trust plc		47
292,241		Dex Media, Inc		7,294
95,302		Dow Jones & Co, Inc		4,104
206,300	f	Dow Jones & Co, Inc (Class B)		8,883
158,828		Emap plc		2,487
131,517		Eniro AB		1,346
86,899		Ennis, Inc		1,673
296,420		EW Scripps Co		14,311
1,398,206		Gannett Co, Inc		114,233
2,826		Gruppo Editoriale L'Espresso S.p.A.		17
176,959	e	Harland (John H.) Co		6,388
302,248		Harte-Hanks, Inc		7,852
351,105		Hollinger International, Inc		5,505
517,380		Independent News & Media plc		1,632
166,339		Independent Newspapers Ltd		691
1,969,324		John Fairfax Holdings Ltd		7,024
136,363		Journal Communications, Inc		2,464
232,017	*	Journal Register Co		4,485
629,300		Knight Ridder, Inc		42,125
30,000		Kyodo Printing Co Ltd		124
54,417		Lagardere S.C.A.		3,928
216,304		Lee Enterprises, Inc		9,967
14,400	f	Lee Enterprises, Inc (Class B)		664
80,071	e*	Martha Stewart Living Omnimedia, Inc (Class A)		2,324
109,206		McClatchy Co (Class A)		7,842
1,193,818	e	McGraw-Hill Cos, Inc		109,282
118,785		Media General, Inc (Class A)		7,698
72,264		Meredith Corp		3,917
125,900		Meredith Corp (Class B)		6,824
876,531		New York Times Co (Class A)		35,762
156,400		Pearson plc		1,887
89,973	*	Playboy Enterprises, Inc (Class B)		1,106
1,034,534	e*	Primedia, Inc		3,931
12,817	e*	Private Media Group, Inc		54
41,743		Pulitzer, Inc		2,707
1,199,268		R.R. Donnelley & Sons Co		42,322
671,125		Reader's Digest Association, Inc (Class A)		9,335
1,542,214	e	Reed Elsevier NV		21,025
4,481,695		Reed Elsevier plc		41,344
244,320	*	Scholastic Corp		9,030
552,093		SCMP Group Ltd		229
4,384,024		Singapore Press Holdings Ltd		12,354
123,837		Standard Register Co		1,749
1,934,734	e*	Telecom Italia Media S.p.A.		876
50,000	e	Telefonica Publicidad e Informacion S.A.		464
61,208		Thomas Nelson, Inc		1,383
1,508,460		Toppan Printing Co Ltd		16,738
1,324,491		Tribune Co		55,814
68,330		Trinity Mirror plc		834
449,780		United Business Media plc		4,145
347,347	*	Valassis Communications, Inc		12,161
98,106		VNU NV		2,898

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			VALUE (000)

29,581		Washington Post Co (Class B)	$	29,079
374,716		West Australian Newspapers Holdings Ltd		2,632
295,096		Wiley (John) & Sons, Inc (Class A)		10,281

		TOTAL PRINTING AND PUBLISHING		772,756


RAILROAD TRANSPORTATION - 0.50%
4,160,417	*	ADC Telecommunications, Inc		11,150
2,729,932	e	Brambles Industries Ltd		14,873
5,649,923		Brambles Industries plc		28,230
2,216,246		Burlington Northern Santa Fe Corp		104,851
767,416	*	Canadian National Railway		46,801
78,915		Canadian National Railway Co		4,834
576,983	e	Canadian Pacific Railway Ltd		19,792
2,690,621		CSX Corp		107,840
1,123,819		Firstgroup plc		7,525
151,497		Florida East Coast Industries		6,833
144,385	*	Genesee & Wyoming, Inc (Class A)		4,062
383,317	*	Kansas City Southern Industries, Inc		6,796
619		Keihin Electric Express Railway Co Ltd		4
2,296,066		Mayne Group Ltd		7,668
607,000		Nippon Express Co Ltd		2,991
2,090,226		Norfolk Southern Corp		75,645
1,544,452	e	Union Pacific Corp		103,864

		TOTAL RAILROAD TRANSPORTATION		553,759


REAL ESTATE - 0.34%
35,900		Aeon Mall Co Ltd		2,554
1,641,000		Ascendas Real Estate Investment Trust		1,719
128,000	*	Ascendas Real Estate Investment Trust (Class A)		129
31,606	e*	Avatar Holdings, Inc		1,520
2,346		Bail Investissement Fonciere		99
46,037		Beni Stabili S.p.A.		47
17,327		Bovis Homes Group plc		193
260,170		British Land Co plc		4,476
21,555		Brixton plc		145
250,792		Brookfield Properties Corp		9,405
1,121,587		CapitaLand Ltd		1,463
548,530		Catellus Development Corp		16,785
206,800	*	CB Richard Ellis Group, Inc		6,938
667,690		Centro Properties Group (New)		3,025
1,159,137		CFS Gandel Retail Trust		1,454
2,198,707		Cheung Kong Holdings Ltd		21,923
460,802		City Developments Ltd		2,004
5,780	*	City Developments Ltd Wts 05/10/06		16
2,300		Cofinimmo		376
1,851,326		Commonwealth Property Office Fund		1,814
31,984		Consolidated-Tomoka Land Co		1,375
17,777		Countrywide plc		111
28,910	b*	Crescent Operating, Inc		7
20,938		Crest Nicholson plc		147
13,000		Daiwa Kosho Lease Co Ltd		69
2,474,034		DB RREEF Trust		2,560
1,419,068	*	Fadesa Inmobiliaria S.A.		27,486
4,282,000		Far East Consortium		1,846
1,067		Financiere Pour la Location d'Immeubles Industriels et Commerciaux		64
168,168		Forest City Enterprises, Inc (Class A)		9,678
12,300		Gecina S.A.		1,219
3,216,989		General Property Trust		9,432
76,000		Guocoland Ltd		55
629,344		Hammerson plc		10,494
16,387,500		Hang Lung Properties Ltd		25,300
352,500		Harvey Norman Holdings Ltd		870
948,118		Henderson Land Development Co Ltd		4,928
1,068,000		Hopewell Holdings		2,741
511,255		Hysan Development Co Ltd		1,075
2,907		Inmobiliaria Colonial S.A.		117
5,974		Inmobiliaria Urbis S.A.		87

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			VALUE (000)

6,516		IVG Immobilien AG.	$	106
236,958	*	Jones Lang LaSalle, Inc		8,865
1,042,679		Kerry Properties Ltd		2,227
10,521		Klepierre		932
401,000		Leopalace21 Corp		7,060
103,561		LNR Property Corp		6,515
17,902	e	Metrovacesa S.A.		832
6	*	MI Developments, Inc (Class A)		0
3,713		Minerva plc		20
1,154,001		Mirvac Group		4,433
719,448		Mitsubishi Estate Co Ltd		8,425
671,198		Mitsui Fudosan Co Ltd		8,155
400	*	New Smart Holdings Ltd		0
3,904,000		New World Development Co Ltd		4,370
17,917	*	NHP plc		89
11,517	*	Orleans Homebuilders, Inc		229
48,107	e	Sacyr Vallehermoso S.A.		794
8,262		Shaftesbury plc		59
60,894		Simon Property Group		3,606
85,000		Singapore Land Ltd		247
1,819,508		Sino Land Co Ltd		1,791
196,827		Slough Estates plc		2,078
340,107		St. Joe Co		21,835
807,466	*	Stewart Enterprises, Inc (Class A)		5,644
36,959	v	Stockland		172
2,026,273		Stockland Trust Group		9,514
1,859,689		Sumitomo Realty & Development Co Ltd		24,247
1,789,429		Sun Hung Kai Properties Ltd		17,900
28,000	*	Thomas Properties Group, Inc		357
214,000		Tian An China Investment		57
328,000		TOC Co Ltd		3,153
1,295,000	e	Tokyo Tatemono Co Ltd		8,429
1,148,000		Tokyu Land Corp		4,795
228,702	*	Trammell Crow Co		4,142
20,153	e	Unibail		3,172
13,243	*	United Capital Corp		300
317,000		United Overseas Land Ltd		392
381		Wallenstam Byggnads AB (B Shs)		17
2,826,744	*	Westfield Group		36,407
1,000		YT Realty Group Ltd		0
700	*	ZipRealty, Inc		13

		TOTAL REAL ESTATE		377,125


RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.35%
21,427		Adidas-Salomon AG.		3,459
2,215	*	AEP Industries, Inc		33
104,408	*	Applied Films Corp		2,251
226,679		Aptargroup, Inc		11,964
48,388		Bandag, Inc		2,410
61,800		Bandag, Inc (Class A)		2,863
3,557,830	e	Bridgestone Corp		70,830
166,511	e	Canadian Tire Corp (Class A)		7,812
417,422		Continental AG.		26,514
618,826		Cooper Tire & Rubber Co		13,336
54,487	e*	Deckers Outdoor Corp		2,560
207,300	e	Fuji Seal International, Inc		9,002
1,048,540	e*	Goodyear Tire & Rubber Co		15,372
3,449,000		Hi-P International Ltd		3,550
175,615	*	Jarden Corp		7,629
578,977		Michelin (C.G.D.E.) (B Shs)		37,137
132,174		Myers Industries, Inc		1,692
901,284		Nike, Inc (Class B)		81,737
5,083		Nokian Renkaat Oyj		772
2,245,000	*	Nylex Ltd		695
15,404,309	e	Pirelli & C S.p.A.		20,771
44,123		Quixote Corp		897
248,853		Reebok International Ltd		10,950
113,897	*	Ryanair Holdings plc		813

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			VALUE (000)

411,000	e	Sanwa Shutter Corp	$	2,302
219,587		Schulman (A.), Inc		4,701
518,456	*	Sealed Air Corp		27,618
296,097	*	Skechers U.S.A., Inc (Class A)		3,837
141,190		Spartech Corp		3,825
133,400		Toyoda Gosei Co Ltd		2,714
83,556	*	Trex Co, Inc		4,382
322,544		Tupperware Corp		6,683

		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		391,111


SECURITY AND COMMODITY BROKERS - 1.85%
8,158		3i Group plc		104
605,219		A.G. Edwards, Inc		26,152
209,156	e*	Affiliated Managers Group, Inc		14,168
1,423,569	*	Ameritrade Holding Corp		20,243
144,471		Australian Stock Exchange Ltd		2,310
694,640		Bear Stearns Cos, Inc		71,069
16,296		BKF Capital Group, Inc		618
91,511		Blackrock, Inc		7,070
25,692		Calamos Asset Management, Inc (Class A)		694
7,114,571		Charles Schwab Corp		85,090
151,472		Chicago Mercantile Exchange		34,642
225,373		Close Brothers Group plc		3,178
1,297,877		Daiwa Securities Group, Inc		9,373
1,562,588		Deutsche Boerse AG.		94,048
2,394,142	e*	E*Trade Financial Corp		35,792
433,567		Eaton Vance Corp		22,611
704,163		Federated Investors, Inc (Class B)		21,407
34,156		First Albany Cos, Inc		331
869,766		Franklin Resources, Inc		60,579
39,842	e	Gabelli Asset Management, Inc (Class A)		1,933
1,964,315		Goldman Sachs Group, Inc		204,367
20,400		Greenhill & Co, Inc		585
3,057,870		Hong Kong Exchanges & Clearing Ltd		8,183
980,072	*	Instinet Group, Inc		5,910
486,520	*	Investment Technology Group, Inc		9,730
301,666		Investors Financial Services Corp		15,077
867,653		Itochu Corp		4,014
12,400		Jafco Co Ltd		842
1,315,243		Janus Capital Group, Inc		22,109
315,955		Jefferies Group, Inc		12,727
841,311	*	Knight Trading Group, Inc		9,212
322,352	e*	LaBranche & Co, Inc		2,888
705,971		Legg Mason, Inc		51,719
1,479,738		Lehman Brothers Holdings, Inc		129,447
231,765		Man Group plc		6,550
10,153	*	MarketAxess Holdings, Inc		173
2,830,734		Marubeni Corp		7,846
214,358	e	Matsui Securities Co Ltd		7,468
5,465,254		Merrill Lynch & Co, Inc		326,658
3,093,150	e	Mitsubishi Corp		39,966
5,466,822	e	Mitsui & Co Ltd		49,029
8,539,702		Morgan Stanley		474,124
2,403,494		Nikko Cordial Corp		12,736
2,579,324		Nomura Holdings, Inc		37,606
115,338		Nuveen Investments, Inc		4,552
66,453	*	OMX AB		850
517,000	b*	Peregrine Investment Holdings		0
125,487	*	Piper Jaffray Cos		6,017
390,314		Raymond James Financial, Inc		12,092
64,563		Sanders Morris Harris Group, Inc		1,150
360,542		SEI Investments Co		15,118
205,000		Singapore Exchange Ltd		225
15,638	*	Stifel Financial Corp		328
111,017		SWS Group, Inc		2,433
699,977		T Rowe Price Group, Inc		43,539
83,244		TSX Group, Inc		3,730
9,745		Value Line, Inc		382

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			VALUE (000)

383,127		Waddell & Reed Financial, Inc (Class A)	$	9,153
1,793,000	b*	Yamaichi Securities Co Ltd		0

		TOTAL SECURITY AND COMMODITY BROKERS		2,049,947


SOCIAL SERVICES - 0.01%
97,468	*	Bright Horizons Family Solutions, Inc		6,312
126,908	*	Res-Care, Inc		1,932

		TOTAL SOCIAL SERVICES		8,244


SPECIAL TRADE CONTRACTORS - 0.11%
74,030		Chemed Corp		4,968
157,357	*	Comfort Systems U.S.A., Inc		1,209
500,293	*	Dycom Industries, Inc		15,269
82,592	e	eAccess Ltd		72,944
135,820	*	EMCOR Group, Inc		6,136
266,573		Grafton Group plc		2,899
325,317	e*	Integrated Electrical Services, Inc		1,575
462,132		Kinden Corp		3,455
38,749	*	Layne Christensen Co		703
104,475	e*	Matrix Service Co		842
880,189	*	Quanta Services, Inc		7,042

		TOTAL SPECIAL TRADE CONTRACTORS		117,042


STONE, CLAY, AND GLASS PRODUCTS - 0.41%
44,806		Ameron International Corp		1,698
49,551	*	Anchor Glass Container Corp		333
166,967		Apogee Enterprises, Inc		2,239
869,088	e	Asahi Glass Co Ltd		9,584
1,340,054		Boral Ltd		7,217
2,370,433		BPB plc		21,538
172,899	*	Cabot Microelectronics Corp		6,925
91,144		CARBO Ceramics, Inc		6,289
94,950		Cimpor Cimentos de Portugal S.A.		536
188,314	e	Compagnie de Saint-Gobain		11,344
8,067,216	*	Corning, Inc		94,951
2,860,431		CRH plc		76,517
663,609		CRH plc (Ireland)		17,770
2,721,942		CSR Ltd		5,676
78,294		Eagle Materials, Inc		6,761
48,640		Eagle Materials, Inc (Class B)		4,100
183,685		Florida Rock Industries, Inc		10,935
347,100		Hanson plc		2,980
28,360	*	HeidelbergCement AG.		0
111,924		Heidelberger Zement AG. (Germany)		6,739
1,304,600		Holcim Ltd (Regd)		78,590
153,880		Hoya Corp		17,375
48,493		Italcementi S.p.A.		781
1,179,012	*	James Hardie Industries NV		6,192
82,153		Libbey, Inc		1,825
2,400,028	e	Nippon Sheet Glass Co Ltd		9,931
516,227		Pilkington plc		1,090
2,030,549	e	Rinker Group Ltd		16,952
124,900		RMC Group plc		2,036
14,236		Sika AG.		8,538
3,629,000		Sumitomo Osaka Cement Co Ltd		8,889
2,236,363		Taiheiyo Cement Corp		5,565
125,700		Toto Ltd		1,200
86,173	e*	U.S. Concrete, Inc		661
29,350		Wienerberger AG.		1,402

		TOTAL STONE, CLAY, AND GLASS PRODUCTS		455,159

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			VALUE (000)

TOBACCO PRODUCTS - 1.11%
155,889		Altadis S.A.	$	7,141
16,102,135		Altria Group, Inc		983,840
9,678		Japan Tobacco, Inc		110,503
319,918		Loews Corp (Carolina Group)		9,262
834,702		Reynolds American, Inc		65,608
149,507		Universal Corp (Virginia)		7,152
881,230		UST, Inc		42,396
169,054	e	Vector Group Ltd		2,811

		TOTAL TOBACCO PRODUCTS		1,228,713

TRANSPORTATION BY AIR - 0.58%
3,500	*	ABX Air, Inc		31
7,166,000	v*	Air China Ltd (Class H)		2,766
931,836	e	Air France-KLM		17,758
15,550,000	v*	AirAsia BHD		6,793
516,983	*	Airtran Holdings, Inc		5,532
308,766	*	Alaska Air Group, Inc		10,341
417,770	e*	America West Holdings Corp (Class B)		2,749
1,382,204	e*	AMR Corp		15,135
371,273		Auckland International Airport Ltd		2,140
2,505,908		BAA plc		28,097
7,439,545	*	British Airways plc		33,566
1,562,800		Cathay Pacific Airways Ltd		2,956
616,164	e*	Continental Airlines, Inc (Class B)		8,343
659,210	e*	Delta Air Lines, Inc		4,931
4,154,346	*	easyJet plc		14,975
435,927	*	ExpressJet Holdings, Inc		5,615
1,952,102		FedEx Corp		192,263
4,900		Flughafen Wien AG.		371
438,657	e*	FLYi, Inc		776
169,249	*	Forward Air Corp		7,565
215,857	*	Frontier Airlines, Inc		2,463
73,250	*	Gol Linhas Aereas Inteligentes S.A.		2,335
1,500,594	e	Iberia Lineas Aereas de Espana		5,201
1,766	e	Japan Airlines System Corp		5
421,854	e*	JetBlue Airways Corp		9,795
2,550		Kobenhavns Lufthavne As		542
53,357	e*	MAIR Holdings, Inc		491
181,868	e*	Mesa Air Group, Inc		1,444
142	*	Midwest Air Group, Inc		0
3,801,487	e*	Northwest Airlines Corp		41,550
128,053	*	Offshore Logistics, Inc		4,158
22,646	*	Petroleum Helicopters (Vote)		584
146,616	*	Pinnacle Airlines Corp		2,044
4,042,247	e	Qantas Airways Ltd		11,756
7,587	*	Republic Airways Holdings, Inc		101
7,430	*	Ryanair Holdings plc (Spon ADR)		303
4,286,830		SABMiller plc		71,110
64,666	e*	SAS AB		584
774,929		Singapore Airlines Ltd		5,412
356,841		Skywest, Inc		7,158
5,376,109		Southwest Airlines Co		87,523
462,361		Stagecoach Group plc		1,010
2,441,111		Swire Pacific Ltd (A Shs)		20,414
96	*	Swissair Group		0
27,562		TDG plc		113
6,700	b,e*	UAL Corp		9

		TOTAL TRANSPORTATION BY AIR		638,808

TRANSPORTATION EQUIPMENT - 3.02%
195,901	*	AAR Corp		2,668
68,433	*	Aftermarket Technology Corp		1,102
226,100	e	Alpine Electronics, Inc		3,041
278,283		American Axle & Manufacturing Holdings, Inc		8,532
134,167		Arctic Cat, Inc		3,558
438,760		ArvinMeritor, Inc		9,815
601,622		Autoliv, Inc		29,058
6,361,199		BAE Systems plc		28,151

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			VALUE (000)

1		Bayerische Motoren Werke AG.	$	0
212,450		BBA Group plc		1,166
332,084	*	BE Aerospace, Inc		3,865
5,750,873		Boeing Co		297,723
1		Bombardier, Inc (Class A)		0
69	e	Bombardier, Inc (Class B)		0
433,163		Brunswick Corp		21,442
1,654,744		CAE, Inc		6,974
155,985		Clarcor, Inc		8,543
87,716		Coachmen Industries, Inc		1,523
36,186		Cobham plc		859
31,016		Curtiss-Wright Corp (Class B)		1,745
1,326,159	e	DaimlerChrysler AG. (Regd)		63,559
17,259	e	DaimlerChrysler AG. (U.S.)		829
724,704	e	Dana Corp		12,559
2,304,700		Delphi Corp		20,788
2,361,387		Denso Corp		63,258
12,246		DSV a/s		830
42,093	*	Ducommun, Inc		878
8,473	*	Dura Automotive Systems, Inc		92
21,820	*	Fairchild Corp (Class A)		81
293,489		Federal Signal Corp		5,183
9,385,075	e*	Fiat S.p.A.		75,264
39,458,551	e	Finmeccanica S.p.A.		35,774
328,470	*	Fleetwood Enterprises, Inc		4,421
9,980,507		Ford Motor Co		146,115
2,313,000	e	Fuji Heavy Industries Ltd		11,286
276,224	e*	GenCorp, Inc		5,129
1,098,118		General Dynamics Corp		114,863
2,951,602		General Motors Corp		118,241
433,080		Gentex Corp		16,033
1,059,311		Genuine Parts Co		46,673
1,370,000		Goodpack Ltd		1,015
575,433		Goodrich Corp		18,782
33,495		Greenbrier Cos, Inc		1,134
1,784,870		Harley-Davidson, Inc		108,431
187,431	*	Hayes Lemmerz International, Inc		1,655
116,718	e	Heico Corp		2,637
4,116		Heico Corp (Class A)		71
92,000		Hino Motors Ltd		683
954,624		Honda Motor Co Ltd		49,469
4,988,161		Honeywell International, Inc		176,631
750,000		Hongkong Land Holdings Ltd		1,988
71	*	IMPCO Technologies, Inc		1
939,235		Jardine Cycle & Carriage Ltd		6,099
133,865		Kaman Corp (Class A)		1,693
3,568,185	e	Kawasaki Heavy Industries Ltd		5,850
6,960,912		Keppel Corp Ltd		36,672
10,000	*	Kia Motors Corp		105
2,251,885	e	Lockheed Martin Corp		125,092
146,813	*	Magna International		12,119
298,312	e	Magna International, Inc (Class A)		24,542
578,566	e	MAN AG.		22,287
74,674		Marine Products Corp		1,950
219,500	*	Mascotech (Escrow)		0
2,519,000	e	Mazda Motor Corp		7,916
181,835		Monaco Coach Corp		3,740
711,710	*	Navistar International Corp		31,301
4,554,868		Nissan Motor Co Ltd		49,518
51,915		Noble International Ltd		1,059
3,482,209		Northrop Grumman Corp		189,293
666		NWS Holdings Ltd		1
192,462		Oshkosh Truck Corp		13,161
909,930		Paccar, Inc		73,231
333,226		Patrick Corp Ltd		1,719
461,791	e	Peugeot Citroen S.A.		29,313
273,804		Polaris Industries, Inc		18,624
1,150,085		Renault S.A.		96,218
2,059,808		Rolls-Royce Group plc		9,768
733,000		SembCorp Marine Ltd		611

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			VALUE (000)

32,992	*	Sequa Corp (Class A)	$	2,017
78,778	e	Shimano, Inc		2,249
1,678,529	e	Siemens AG.		142,322
3,550,065		Smiths Group plc		56,026
5,600		Spartan Motors, Inc		67
150,592	e*	Sports Resorts International, Inc		434
75,079		Standard Motor Products, Inc		1,186
22,924	*	Strattec Security Corp		1,436
149,597	e	Superior Industries International, Inc		4,346
212,675	*	Teledyne Technologies, Inc		6,259
266,365	*	Tenneco Automotive, Inc		4,592
628,128		Textron, Inc		46,356
25,846		Thales S.A.		1,241
221,587		Thor Industries, Inc		8,210
364,050		Tomkins plc		1,777
753,273		Toyota Industries Corp		18,819
5,530,006		Toyota Motor Corp		225,043
213,790		Trinity Industries, Inc		7,286
94,536	*	Triumph Group, Inc		3,734
186,363	*	TRW Automotive Holdings Corp		3,858
262,715	*	United Defense Industries, Inc		12,413
4,002,352		United Technologies Corp		413,643
34,800	e	Valeo S.A.		1,457
795,047		Visteon Corp		7,768
105,600		Volkswagen AG.		4,787
90,782		Volvo AB		3,463
334,677	e	Volvo AB (B Shs)		13,270
179,570	*	Wabash National Corp		4,836
287,637		Westinghouse Air Brake Technologies Corp		6,132
195,142		Winnebago Industries, Inc		7,622
1,904,100	e	Yamaha Motor Co Ltd		28,579

		TOTAL TRANSPORTATION EQUIPMENT		3,337,228


TRANSPORTATION SERVICES - 0.12%
811,174		Amadeus Global Travel Distribution S.A. (A Shs)		8,347
51,093		Ambassadors Group, Inc		1,819
4,465		Ambassadors International, Inc		70
99,000		Arriva plc		1,026
467,161		C.H. Robinson Worldwide, Inc		25,937
44,428		DX Services plc		312
269,492	*	EGL, Inc		8,055
574,117		Expeditors International of Washington, Inc		32,082
300,497	e	GATX Corp		8,883
50,708	*	HUB Group, Inc		2,648
15,739		Kuoni Reisen Holding (Regd)		6,921
64,450		National Express Group plc		1,021
80,634	e*	Navigant International, Inc		981
1,136	*	New World TMT Ltd		0
179,625	*	Pacer International, Inc		3,819
209,634	*	RailAmerica, Inc		2,736
3,152		Royal P&O Nedlloyd NV		143
978,611		Sabre Holdings Corp		21,686
352,485	e	Toll Holdings Ltd		3,534

		TOTAL TRANSPORTATION SERVICES		130,020


TRUCKING AND WAREHOUSING - 0.41%
135,043		Arkansas Best Corp		6,062
21,553	*	Central Freight Lines, Inc		136
367,736		CNF, Inc		18,424
48,252	*	Covenant Transport, Inc (Class A)		1,005
319,250		Heartland Express, Inc		7,174
267,000		Hunt (J.B.) Transport Services, Inc		11,975
203,846	*	Landstar System, Inc		15,011
30,283	*	Marten Transport Ltd		688
2,000		Mitsubishi Logistics Corp		20
12,000		Nippon Konpo Unyu Soko Co Ltd		127
104,012	*	Old Dominion Freight Line		3,620

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			VALUE (000)

170,252		Overnite Corp	$	6,340
35,378	*	P.A.M. Transportation Services		663
48,520	*	Quality Distribution, Inc		410
89,175	*	SCS Transportation, Inc		2,084
1,578,000		Seino Transportation Co Ltd		14,784
682,000		Singapore Post Ltd		372
91,371	*	Sirva, Inc		1,756
1,236,000	e	Sumitomo Warehouse Co Ltd		6,031
359,085	*	Swift Transportation Co, Inc		7,713
666,490	e	TPG NV		18,100
36,498	*	U.S. Xpress Enterprises, Inc (Class A)		1,069
3,319,522		United Parcel Service, Inc (Class B)		283,686
204,865		USF Corp		7,775
296,969		Werner Enterprises, Inc		6,723
1,247,893		Yamato Transport Co Ltd		18,511
247,511	*	Yellow Roadway Corp		13,789

		TOTAL TRUCKING AND WAREHOUSING		454,048


WATER TRANSPORTATION - 0.14%
1,962		A.P. Moller-Maersk a/s		16,205
259,260		Alexander & Baldwin, Inc		10,998
155,050		Associated British Ports Holdings plc		1,414
404,350		Carnival plc		24,671
10,510,463		China Shipping Development Co Ltd		9,330
119,940		Compagnie Maritime Belge S.A.		3,350
266,796		CP Ships Ltd		3,828
12,563		Euronav NV		326
988,133		Exel plc		13,716
82,374	*	Gulfmark Offshore, Inc		1,834
9,100	*	Hornbeck Offshore Services, Inc		176
1,058		Irish Continental Group plc		17
547,032		Kamigumi Co Ltd		4,367
76,025	e	Kawasaki Kisen Kaisha Ltd		489
131,555	*	Kirby Corp		5,838
14,539		Maritrans, Inc		264
1,866,526		Mitsui OSK Lines Ltd		11,202
220,000		Neptune Orient Lines Ltd		404
873,826		Nippon Yusen Kabushiki Kaisha		4,707
172,041		Overseas Shipholding Group, Inc		9,497
347,450		Peninsular & Oriental Steam Navigation Co		1,985
541,987		Royal Caribbean Cruises Ltd		29,506
55,316	*	Seabulk International, Inc		670
28,200		Uponor Oyj		527
6,279		Wilhelmsen (Wilh) ASA		163

		TOTAL WATER TRANSPORTATION		155,484


WHOLESALE TRADE-DURABLE GOODS - 1.51%
42,289	e*	1-800 Contacts, Inc		930
95,173	e	Action Performance Cos, Inc		1,046
493,500		Adesa, Inc		10,472
42,850		AGFA Gevaert NV		1,454
238,734		Agilysys, Inc		4,092
107,472	*	Alliance Imaging, Inc		1,209
208,463		Anixter International, Inc		7,503
15,000	e	Anritsu Corp		115
159,351		Applied Industrial Technologies, Inc		4,366
688,495	*	Arrow Electronics, Inc		16,730
102,750	*	Audiovox Corp (Class A)		1,621
171,295	*	Aviall, Inc		3,935
623,302	e*	Avnet, Inc		11,369
79,502		Barnes Group, Inc		2,108
124,420	*	BioVeris Corp		910
342,490		BorgWarner, Inc		18,553
61,046	*	Boyds Collection Ltd		269
173,694	*	Brightpoint, Inc		3,394
141,613		Carlisle Cos, Inc		9,194
4,599	*	Castle (A.M.) & Co		55

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			VALUE (000)

340,545	e	CDW Corp	$	22,595
9,425		Compx International, Inc		156
78,700	*	Department 56, Inc		1,310
147,657	*	Digi International, Inc		2,538
55		Finning International, Inc		2
433,070		Fuji Electric Co Ltd		1,166
992,251		Fujisawa Pharmaceutical Co Ltd		27,162
162,782	*	Global Imaging Systems, Inc		6,430
4,200		Hakuto Co Ltd		59
194,809		Handleman Co		4,184
386,758		Hughes Supply, Inc		12,512
650,401		IKON Office Solutions, Inc		7,519
105,255	*	Imagistics International, Inc		3,543
828,762	*	Ingram Micro, Inc (Class A)		17,238
293,380	*	Insight Enterprises, Inc		6,020
58,821	*	Insurance Auto Auctions, Inc		1,319
36,783	e*	INTAC International		478
19,323,376		Johnson & Johnson		1,225,489
82,520	*	Keystone Automotive Industries, Inc		1,919
151,014		Kingspan Group plc		1,447
228,200		Knight Transportation, Inc		5,659
34,845		Lawson Products, Inc		1,757
628		Lindex AB		25
58,913	*	LKQ Corp		1,182
278,151		Martin Marietta Materials, Inc		14,926
49,455	b,e*	MCSi, Inc		0
61,799	e*	Merge Technologies, Inc		1,375
107,262		Metal Management, Inc		2,882
218,980	*	Microtek Medical Holdings, Inc		889
272,200	e	Mitsumi Electric Co Ltd		3,113
129,192	*	Navarre Corp		2,274
33,000		Nihon Yamamura Glass Co Ltd		83
2,964		Noland Co		136
40,000	e	Noritsu Koki Co Ltd		919
6,300	*	Nu Horizons Electronics Corp		50
508,000		Orient Overseas International Ltd		1,925
231,371		Owens & Minor, Inc		6,518
741,227	*	Patterson Cos, Inc		32,162
350,686		Pep Boys-Manny Moe & Jack		5,986
10,059	*	Pomeroy IT Solutions, Inc		153
415,786	*	PSS World Medical, Inc		5,204
171,839		Reliance Steel & Aluminum Co		6,695
880,348	*	Safeguard Scientifics, Inc		1,866
82,367	*	Scansource, Inc		5,120
346,235		SCP Pool Corp		11,045
207,000		SembCorp Logistics Ltd		219
101,942		SSL International plc		617
5,250,491		Sumitomo Corp		45,296
121,312	*	TBC Corp		3,372
280,202	*	Tech Data Corp		12,721
1,272,742		Techtronic Industries Co		2,775
6,626	*	Timco Aviation Services, Inc		1
21,169	*	Timco Aviation Services, Inc Wts 02/27/07		0
595,462		W.W. Grainger, Inc		39,670
183,632		Watsco, Inc		6,468
169,830	*	WESCO International, Inc		5,034
306,888	*	Zoran Corp		3,554

		TOTAL WHOLESALE TRADE-DURABLE GOODS		1,674,082


WHOLESALE TRADE-NONDURABLE GOODS - 0.95%
262,706		Acuity Brands, Inc		8,354
92,407		Advanced Marketing Services, Inc		930
387,598		Airgas, Inc		10,275
896,146		Alliance Unichem plc		12,981
218,522	*	Allscripts Healthcare Solutions, Inc		2,332
25,000		Altana AG.		1,580
1,543,684		AmerisourceBergen Corp		90,583
61,605	*	Ashtead Group plc		91

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			VALUE (000)

417,092		Billabong International Ltd	$	3,744
6,254	*	Bridgford Foods Corp		56
3,034,616		British American Tobacco plc		52,290
275,625		Brown-Forman Corp (Class B)		13,417
2,915,121		Cardinal Health, Inc		169,514
789,675		Celesio AG.		64,230
71,117	e*	Central European Distribution Corp		2,101
290,491		Chiquita Brands International, Inc		6,408
481,324		Ciba Specialty Chemicals AG. (Regd)		36,615
322,327		Clariant AG.		5,202
18,079		Corporate Express Australia Ltd		85
18,450		D&K Healthcare Resources, Inc		149
346,976		DIMON, Inc		2,332
266,733	*	Endo Pharmaceuticals Holdings, Inc		5,607
273,003		Fyffes plc		716
130,926		Getty Realty Corp		3,762
11,302	*	Green Mountain Coffee, Inc		284
1		H. Lundbeck a/s		0
145,601	*	Hain Celestial Group, Inc		3,010
229,296	*	Henry Schein, Inc		15,968
381,429		Imperial Tobacco Group plc		10,450
421,102		Inchcape plc		15,806
3,595,372		Inditex S.A.		106,048
43,214		Kenneth Cole Productions, Inc (Class A)		1,334
599,200	e	Kokuyo Co Ltd		7,233
1,382,019		Li & Fung Ltd		2,329
341,109	e	Loblaw Cos Ltd		20,504
20,235	*	Maui Land & Pineapple Co		794
2,503,190		McKesson Corp		78,750
236,022	*	Men's Wearhouse, Inc		7,543
123,039	*	Metals USA, Inc		2,282
90,389		Nash Finch Co		3,413
383,685		Nu Skin Enterprises, Inc (Class A)		9,738
40,106	*	Nuco2, Inc		890
39,236	*	Oriflame Cosmetics S.A. (SDR)		909
295,678		PaperlinX Ltd		1,094
283,066	*	Performance Food Group Co		7,617
440,706		Perrigo Co		7,611
25,007	e*	Perry Ellis International, Inc		509
92,414	f,v*	Priority Healthcare Corp (Class A)		2,012
84,318	*	Priority Healthcare Corp (Class B)		1,836
11,650	*	Provide Commerce, Inc		433
165,411		Russell Corp		3,222
145,425	*	School Specialty, Inc		5,608
125,936	*	Smart & Final, Inc		1,812
66,154	e	Standard Commercial Corp		1,287
234,593		Stride Rite Corp		2,620
1,041,672		Supervalu, Inc		35,959
439,572	e	Swedish Match AB		5,093
3,424,959		Sysco Corp		130,731
181,283	*	Tractor Supply Co		6,746
481,811		Unilever NV (Cert)		32,306
231,780	*	United Natural Foods, Inc		7,208
204,494	*	United Stationers, Inc		9,448
25,400		Valhi, Inc		409
83,470	e	Weston (George) Ltd		7,643

		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		1,051,843

		TOTAL COMMON STOCKS
		(Cost $87,132,516)		110,232,966

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				MATURITY
PRINCIPAL			RATE	DATE	VALUE (000)

SHORT TERM INVESTMENTS - 3.66%
CERTIFICATES OF DEPOSIT - 0.08%
$ 10,000,000	d	Credit Agricole	1.420	04/05/05	$	9,969
50,000,000		Wells Fargo	0.000	01/28/05		49,910
25,000,000		Societe Generale	1.290	01/06/05		24,996

		TOTAL CERTIFICATES OF DEPOSIT				84,875

COMMERCIAL PAPER - 1.63%
50,000,000	c	Barclay'S U.S. Funding Corp	2.350	02/17/05		49,841
50,000,000	c	Barclay'S U.S. Funding Corp	2.350	02/14/05		49,854
50,000,000		Campbell Soup Co	2.270	01/10/05		49,967
22,050,000		Cargill, Inc	2.250	01/03/05		22,046
50,000,000	c,d	CC (USA), Inc	1.940	01/14/05		49,957
50,000,000	c,d	CC (USA), Inc	2.010	05/02/06		49,983
26,000,000		Ciesco Lp	2.410	03/03/05		25,891
18,728,000		Ciesco Lp	2.330	02/14/05		18,673
50,000,000		Ciesco,LLC	2.330	02/09/05		49,870
50,000,000		Citicorp	2.270	01/20/05		49,937
50,000,000		Citigroup Global Markets	2.350	02/24/05		49,817
50,000,000		Corporate Asset Funding Corp, Inc	2.350	02/22/05		49,824
40,300,000	c	Corporate Asset Funding Corp, Inc	2.340	02/10/05		40,193
50,000,000	c	Dorada Finance, Inc.	1.960	01/14/05		49,957
50,000,000	c	Edison Asset Securitization, LLC	2.340	02/11/05		49,864
30,000,000	c	Edison Asset Securitization, LLC	2.200	01/19/05		29,964
100,000,000		General Electric Capital Corp	2.370	02/23/05		99,642
50,000,000	c	Govco Incorporated	2.420	03/14/05		49,754
40,500,000	c	Govco Incorporated	2.340	02/14/05		40,382
35,000,000		Greyhawk Funding LLC	2.250	02/16/05		34,891
18,000,000	c	Kitty Hawk Funding Corp.	2.410	02/25/05		17,933
34,043,000	c	Kitty Hawk Funding Corp.	2.360	02/15/05		33,939
50,000,000		Morgan Stanley Dean Witter	2.340	01/18/05		49,943
100,000,000	c	Park Avenue Receivables C	2.280	01/24/05		99,848
50,000,000		Preferred Receivables Funding Corp	2.280	01/05/05		49,984
62,500,000		Private Export Funding Corp	2.320	01/21/05		62,417
100,000,000		Rabobank USA Financial Corp	2.340	02/17/05		99,681
100,000,000	c	Ranger Funding Company LLC	2.330	01/18/05		99,886
50,000,000		SBC Communications, Inc	2.330	01/25/05		49,921
50,000,000		SBC Communications, Inc	2.340	02/14/05		49,854
46,993,000		Scaldis Capital LLC	2.480	03/31/05		46,704
25,000,000	c	Scaldis Capital LLC	2.340	01/14/05		24,979
50,000,000		Societe Generale North America, Inc	2.345	02/15/05		49,847
50,000,000		UBS Finance, (Delaware), Inc	2.345	02/16/05		49,844
25,550,000	c	Unilever Capital Corp	2.320	02/07/05		25,487
40,652,000	c	Yorktown Capital, LLC	2.335	01/18/05		40,606
50,000,000	c	Yorktown Capital, LLC	2.350	02/14/05		49,854

		TOTAL COMMERCIAL PAPER				1,811,034

U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 1.86%
16,600,000		Federal Home Loan Mortgage Corp (FHLMC)	2.230	03/01/05		16,535
50,000,000			2.320	02/22/05		49,828
100,000,000		Federal National Mortgage Association (FNMA)	1.980	07/26/05		99,977
100,000,000			1.778	05/03/05		99,989
185,000,000			1.995	04/28/05		184,985
50,000,000			2.020	04/04/05		49,671
187,000,000			2.320	03/09/05		186,173
335,000,000			2.370	03/02/05		333,672
193,000,000	d		2.300	02/23/05		192,323
100,000,000			2.320	02/17/05		99,688
332,000,000			2.250	02/16/05		330,986
100,000,000			2.320	02/15/05		99,701
92,000,000			2.270	02/14/05		91,737
100,000,000			2.250	02/08/05		99,752
36,000,000			2.230	02/07/05		35,913
83,000,000			2.250	02/01/05		82,831

		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES				2,053,761

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				MATURITY
PRINCIPAL			RATE	DATE	VALUE (000)

VARIABLE NOTES 0.09%
$ 25,000,000	d	Huntington National Bank	2.200	01/10/05	$	25,001
50,000,000		Bank of America	2.300	06/09/05		49,993
10,000,000		Sigma Finance, Inc	2.050	06/03/05		9,999
20,000,000		Sigma Finance, Inc	2.015	03/10/05		19,999

		TOTAL VARIABLE NOTES				104,992


		TOTAL SHORT TERM INVESTMENTS
		(Cost $4,055,198)				4,054,662

		TOTAL PORTFOLIO - 103.20%
		(Cost $91,232,461)				114,326,360
		OTHER ASSETS AND LIABILITIES, NET - (3.20)%				(3,544,534	)

		NET ASSETS - 100.00%			$	110,781,826



	*		Non-income producing
	a		Affiliated holding
	b		In bankruptcy
	c		Commercial Paper issued under the Private Placement exemption
			under Section 4(2) of the Securities Act of 1933.
	d		All or a portion of these securities have been segregated by
			the custodian to cover margin or 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, 2004, the value of theses securities amounted to
			$138,989 or 0.13% of net assets.
	v		Security valued at fair value.

			For ease of presentation, we have grouped a number of industry classification categories together in the Statement of Investments. Note that the Accounts use more specific industry categories in following their investment limitations on industry concentration.

Restricted securities held by the Account are as follows:

SECURITY	ACQUISTION DATE	ACQUISITION COST		VALUE
BB Bioventures L.P.	03/24/98	$	12,782,601	$	23,346,000
Belo (A.H.) Corp Series B	05/23/88		1,900,588		9,231,000
Claire's Stores, Inc (Class A)	12/07/92		411,235		4,616,000
Dow Jones & Co, Inc (Class B)	07/31/86		6,128,067		8,883,000
Genesoft Series C Financing	06/20/00		7,000,000		7,000,000
Genesoft Series D Financing	08/09/01		2,000,000		2,000,000
Imperial Credit Industry Wts 01/31/08	12/27/01		-		0
International Hydron Liquidating Trust	11/13/97		-		1,000
Lee Enterprises, Inc (Class B)	03/31/86		60,768		664,000
McLeod (Escrow)	05/14/02		-		-
MPM Bioventures II - Qp, LP	02/28/00		18,441,388		14,189,000
National Health Investors, Inc	01/10/01		173,000		1,442,000
Priority Healthcare Corp (Class A)	01/04/99		840,339		2,012,000
Promet BHD	12/31/01		6,261		3,000
Skyline Ventures Partners Qualified II, LP	02/15/00		3,487,502		2,974,000
Skyline Ventures Partners Qualified III, LP	09/07/01		505,000		505,000
Theravance Series C	01/25/99		7,999,996		9,412,000
Theravance Series D	08/31/00		4,000,005		4,444,000
Wiltel Communications Group (Rts)	12/04/03		-		0
Wrigley (Wm.) Jr Co (Class B)	04/30/86		1,873,333		48,267,000

		$	67,610,083	$	138,989,000

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

College Retirement Equities Fund
Transactions with Affliated Companies - Stock Account
January 1, 2004 - December 31, 2004

	VALUE AT		PURCHASE		SALES		REALIZED		DIVIDEND		SHARES AT	VALUE AT
ISSUE	12/31/03		COST		PROCEEDS		GAIN(LOSS)		INCOME		12/31/04	12/31/04

Baring Vostok L.P.	$	16,957,752	$	2,161,017	$	15,148,821	$	3,130,001	$	3,104,913	-	$	*
Max Re Capital Ltd		51,922,906		18,908		14,563		6,368		277,693	2,313,855		49,354,527

	$	68,880,658	$	2,179,925	$	15,163,384	$	3,136,369	$	3,382,606		$	49,354,527

* Not an Affiliate as of December 31, 2004

Open Futures Contracts
	Number of		Market
	Contracts		Value		Expiration Date	Unrealized Gain

S&P 500 Index	$	2,765	$	167,794,025	March 2005	$	4,667,735

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

COLLEGE RETIREMENT EQUITIES FUND
STATEMENT OF INVESTMENTS
GROWTH ACCOUNT
December 31, 2004


SHARES			VALUE (000)

PREFERRED STOCKS - 0.00%
PRIMARY METAL INDUSTRIES - 0.00%
13,200	v	Superior Trust I Note	$	—

		TOTAL PRIMARY METAL INDUSTRIES		0


		TOTAL PREFERRED STOCKS
		(Cost $10)		0


COMMON STOCKS - 99.49%
APPAREL AND OTHER TEXTILE PRODUCTS - 0.69%
1,901,303	e	Polo Ralph Lauren Corp		80,995

		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		80,995


BUILDING MATERIALS AND GARDEN SUPPLIES - 0.67%
1,354,292	e	Lowe's Cos		77,994

		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		77,994


BUSINESS SERVICES - 10.64%
1,631,101	e	Adobe Systems, Inc		102,335
2,054,327	e	Automatic Data Processing, Inc		91,109
1,371,025	e*	DST Systems, Inc		71,458
985,440	e*	Electronic Arts, Inc		60,782
477,498	e	Equifax, Inc		13,418
565,519	e*	Google, Inc (Class A)		109,202
3,038	e*	IAC/InterActiveCorp Wts 02/04/09		91
1,780,755		Manpower, Inc		86,010
1,016,478	e*	Mercury Interactive Corp		46,301
7,970,580		Microsoft Corp		212,894
2,400	v*	NCP Litigation Trust		0
3,494,010	*	Oracle Corp		47,938
69,128	b,v*	Peregrine Systems, Inc (Old)		0
31,572	v*	ProcureNet, Inc		5
3,191,756	e	SAP AG. (Spon ADR)		141,108
8,027	e*	SoftBrands, Inc		18
4,068,777	*	Symantec Corp		104,812
626,502	e*	Westwood One, Inc		16,872
3,594,918	e*	Yahoo!, Inc		135,457

		TOTAL BUSINESS SERVICES		1,239,810

CHEMICALS AND ALLIED PRODUCTS - 16.37%
132,734	e	Abbott Laboratories		6,192
685,969	e*	Amgen, Inc		44,005
2,339,676	e*	Biogen Idec, Inc		155,846
316,991	e	Colgate-Palmolive Co		16,217
2,489,861	e*	Forest Laboratories, Inc		111,695
1,058,790	e*	Genentech, Inc		57,641
2,650,264	*	Gilead Sciences, Inc		92,733
5,896,673	e	Gillette Co		264,053
1,403,808	e*	IVAX Corp		22,208
2,300,701		Lilly (Eli) & Co		130,565
1,216,814		Merck & Co, Inc		39,108
4,189,154	e	Mylan Laboratories, Inc		74,064
10,371,485	e	Pfizer, Inc		278,889

COLLEGE RETIREMENT EQUITIES FUND - Growth Account


SHARES			VALUE (000)

6,693,085		Procter & Gamble Co	$	368,655
8,919,047	e	Schering-Plough Corp		186,230
994,575	e*	Sepracor, Inc		59,048

		TOTAL CHEMICALS AND ALLIED PRODUCTS		1,907,149

COMMUNICATIONS - 1.01%
30,950	e*	Comcast Corp (Special Class A)		1,016
425,299	e*	Entercom Communications Corp		15,264
104,729	e*	Level 3 Communications, Inc		355
1,469,027	*	Lucent Technologies Inc Wts 12/10/07		2,321
768,300	e*	Nextel Communications, Inc (Class A)		23,049
3,032,559	e	Sprint Corp		75,359
15,200	b*	U.S. Wireless Corp		0
874	v*	Vast Solutions, Inc (Class B1)		0
874	v*	Vast Solutions, Inc (Class B2)		0
874	v*	Vast Solutions, Inc (Class B3)		0

		TOTAL COMMUNICATIONS		117,364

DEPOSITORY INSTITUTIONS - 0.47%
193,091	e	Fifth Third Bancorp		9,129
1,463,174	e	Mellon Financial Corp		45,519

		TOTAL DEPOSITORY INSTITUTIONS		54,648

EATING AND DRINKING PLACES - 0.39%
1,314,724	e*	Brinker International, Inc		46,107

		TOTAL EATING AND DRINKING PLACES		46,107

EDUCATIONAL SERVICES - 1.64%
661,784	e*	Apollo Group, Inc (Class A)		53,413
3,428,698	e*	Career Education Corp		137,148

		TOTAL EDUCATIONAL SERVICES		190,561

ELECTRIC, GAS, AND SANITARY SERVICES - 0.19%
746,377	e	Waste Management, Inc		22,346

		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		22,346

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 11.92%
530	e*	Freescale Semiconductor, Inc (Class B)		10
192,601		General Electric Co		7,030
9,253,908		Intel Corp		216,449
2,450,524	e*	Marvell Technology Group Ltd		86,920
2,293,087	e	Maxim Integrated Products, Inc		97,204
703,999	e	Maytag Corp		14,854
10,858,405	e	Motorola, Inc		186,765
6,646,768	e	National Semiconductor Corp		119,309
2,742,348	e*	Novellus Systems, Inc		76,484
7,141,418		Qualcomm, Inc		302,796
20,628,833	e	Taiwan Semiconductor Manufacturing Co Ltd (Spon ADR)		175,139
3,566,237		Xilinx, Inc		105,739

		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		1,388,699

ENGINEERING AND MANAGEMENT SERVICES - 2.66%
4,878,914	*	Accenture Ltd (Class A)		131,731
958,205	e*	BearingPoint, Inc		7,694
1,004,856	e	Halliburton Co		39,431
2,353,579	e	Monsanto Co		130,741

		TOTAL ENGINEERING AND MANAGEMENT SERVICES		309,597

FABRICATED METAL PRODUCTS - 0.11%
142,011	e	Illinois Tool Works, Inc		13,162

		TOTAL FABRICATED METAL PRODUCTS		13,162

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			VALUE (000)

FOOD AND KINDRED PRODUCTS - 3.63%
421,085		Anheuser-Busch Cos, Inc	$	21,362
747,098	e	Campbell Soup Co		22,331
1,486,909	e	Coca-Cola Co		61,900
1,607,714	e*	Constellation Brands, Inc (Class A)		74,775
4,658,181		PepsiCo, Inc		243,157

		TOTAL FOOD AND KINDRED PRODUCTS		423,525

FURNITURE AND FIXTURES - 0.07%
138,300	e	Hillenbrand Industries, Inc		7,681

		TOTAL FURNITURE AND FIXTURES		7,681

FURNITURE AND HOMEFURNISHINGS STORES - 1.44%
4,208,073	e*	Bed Bath & Beyond, Inc		167,607

		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		167,607

GENERAL MERCHANDISE STORES - 4.30%
3,347,731	e*	Kohl's Corp		164,608
3,934,498	e	Target Corp		204,318
2,501,493		Wal-Mart Stores, Inc		132,129

		TOTAL GENERAL MERCHANDISE STORES		501,055

HEALTH SERVICES - 1.90%
1,725,938	e*	Express Scripts, Inc		131,931
3,958,971	e	Health Management Associates, Inc (Class A)		89,948

		TOTAL HEALTH SERVICES		221,879

HOLDING AND OTHER INVESTMENT OFFICES - 0.00%
22	v*	Pinnacle Holdings, Inc Wts 11/13/07		0

		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		0

HOTELS AND OTHER LODGING PLACES - 1.73%
488,360	*	Las Vegas Sands Corp		23,441
3,047,240	e	Starwood Hotels & Resorts Worldwide, Inc		177,959

		TOTAL HOTELS AND OTHER LODGING PLACES		201,400

INDUSTRIAL MACHINERY AND EQUIPMENT - 9.53%
2,301,676	e	3M Co		188,899
2,023,916	e	Baker Hughes, Inc		86,360
87,728	e	Caterpillar, Inc		8,554
20,018,501	e*	Cisco Systems, Inc		386,357
151,118	e*	Cooper Cameron Corp		8,132
8,205,223	e*	Dell, Inc		345,768
1,518,288	*	EMC Corp		22,577
1,921,201	e*	Network Appliance, Inc		63,822
108,879	v*	Seagate Tech (Escrow)		0

		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		1,110,469

INSTRUMENTS AND RELATED PRODUCTS - 6.72%
200	*	Baxter International, Inc (Contingent Value Rts)
1,867,820	e	Biomet, Inc		81,045
2,062,493		Guidant Corp		148,706
4,165,783		Medtronic, Inc		206,914
5,387,836	*	St. Jude Medical, Inc		225,912
1,509,166	e*	Zimmer Holdings, Inc		120,914

		TOTAL INSTRUMENTS AND RELATED PRODUCTS		783,491

COLLEGE RETIREMENT EQUITIES FUND - Growth Account


SHARES			VALUE (000)

INSURANCE AGENTS, BROKERS AND SERVICE - 0.10%
359,907	e	Marsh & McLennan Cos, Inc	$	11,841

		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		11,841

INSURANCE CARRIERS - 3.29%
630,607	e	Aetna, Inc		78,668
4,635,109		American International Group, Inc		304,388

		TOTAL INSURANCE CARRIERS		383,056

MISCELLANEOUS RETAIL - 2.89%
1,987,483	*	eBay, Inc		231,105
3,147,655	e	Staples, Inc		106,107

		TOTAL MISCELLANEOUS RETAIL		337,212

MOTION PICTURES - 2.78%
1,630,158	e*	DreamWorks Animation SKG, Inc (Class A)		61,147
6,506,068	e	News Corp (Class A)		121,403
7,296,247	e*	Time Warner, Inc		141,839

		TOTAL MOTION PICTURES		324,389

NONDEPOSITORY INSTITUTIONS - 5.08%
5,474,251	e	American Express Co		308,584
1,663,312	e	Federal National Mortgage Association		118,444
345,177	e	Federal National Mortgage Association		25,440
4,949,418		MBNA Corp		139,524

		TOTAL NONDEPOSITORY INSTITUTIONS		591,992

OIL AND GAS EXTRACTION - 0.38%
2,971	e*	Magnum Hunter Resources, Inc Wts 03/21/05		1
311,699	e	Pogo Producing Co		15,114
827,537	e	Tidewater, Inc		29,469

		TOTAL OIL AND GAS EXTRACTION		44,584

RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.00%
2,800	b*	Uniroyal Technology Corp		0

		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		0

SECURITY AND COMMODITY BROKERS - 1.66%
1,302,280	e	Goldman Sachs Group, Inc		135,489
1,036,973	e	Morgan Stanley		57,573

		TOTAL SECURITY AND COMMODITY BROKERS		193,062

TRANSPORTATION BY AIR - 0.47%
3,388,859	e	Southwest Airlines Co		55,170

		TOTAL TRANSPORTATION BY AIR		55,170

TRANSPORTATION EQUIPMENT - 1.62%
382,100		General Dynamics Corp		39,968
1,800	v*	Mascotech (Escrow)		0
1,048,426		Northrop Grumman Corp		56,992
893,421		United Technologies Corp		92,335

		TOTAL TRANSPORTATION EQUIPMENT		189,295

TRUCKING AND WAREHOUSING - 0.83%
1,127,628	e	United Parcel Service, Inc (Class B)		96,367

		TOTAL TRUCKING AND WAREHOUSING		96,367

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				MATURITY
SHARES/PRINCIPAL			RATE	DATE	VALUE (000)

WATER TRANSPORTATION - 1.12%
535,801	e	Carnival Corp			$	30,878
1,833,874	e	Royal Caribbean Cruises Ltd				99,836

		TOTAL WATER TRANSPORTATION				130,714

WHOLESALE TRADE-DURABLE GOODS - 3.06%
5,619,197		Johnson & Johnson				356,369
151	*	Timco Aviation Services, Inc				0
482	*	Timco Aviation Services, Inc Wts 02/27/07				0

		TOTAL WHOLESALE TRADE-DURABLE GOODS				356,369

WHOLESALE TRADE-NONDURABLE GOODS - 0.13%
387,943	e	Sysco Corp				14,808

		TOTAL WHOLESALE TRADE-NONDURABLE GOODS				14,808

		TOTAL COMMON STOCKS
		(Cost $10,446,324)				11,594,398

SHORT TERM INVESTMENTS - 4.08%
COMMERCIAL PAPER - 1.47%
$ 16,000,000	c	Beta Finance, Inc	2.340	02/25/05		15,941
20,000,000	c	BMW US Capital LLC	2.150	01/03/05		19,996
10,000,000		Deutsche Bank Financial, Inc	2.270	01/03/05		9,998
21,000,000	c	Dorada Finance, Inc	2.090	01/25/05		20,967
7,500,000	c	Fortune Brands, Inc	2.270	01/06/05		7,497
12,250,000	c	Govco, Inc	2.110	01/28/05		12,228
20,000,000	c	Greyhawk Funding LLC	2.210	01/06/05		19,992
10,000,000		Paccar Financial Corp	2.350	03/01/05		9,960
15,000,000	c	Procter & Gamble Co	2.240	02/01/05		14,969
20,000,000		Rabobank USA Financial Corp	2.420	05/12/05		19,812
20,000,000		UBS Finance Delaware LLC	2.300	01/06/05		19,992

		TOTAL COMMERCIAL PAPER				171,352

U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 2.61%
74,407,000		Federal Home Loan Bank (FHLB)	1.000	01/03/05		74,394
35,100,000			1.900	01/12/05		35,075
50,000,000			1.950	01/14/05		49,958
5,588,000		Federal Home Loan Mortgage Corp (FHLMC)	2.230	03/01/05		5,566
25,000,000		Federal National Mortgage Association (FNMA)	1.140	01/03/05		24,996
50,000,000			2.250	01/05/05		49,985
20,383,000			2.160	01/12/05		20,368
15,000,000			2.170	01/18/05		14,984
15,000,000			2.460	04/06/05		14,899
13,648,000			2.450	04/13/05		13,550

		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES				303,775

		TOTAL SHORT TERM INVESTMENTS (Cost $475,188)				475,127

		TOTAL PORTFOLIO - 103.57% (Cost $10,921,522)				12,069,525

		OTHER ASSETS AND LIABILITIES, NET - (3.57%)				(415,781	)

		NET ASSETS - 100.00%			$	11,653,744


*		Non-income producing
b		In bankruptcy
c		Commercial Paper issued under the Private Placement exemption
		under Section 4(2) of the Securities Act of 1933.
e		All or a portion of these securities are out on loan.
v		Security valued at fair value.

		For ease of presentation, we have grouped a number of industry classification categories together in
		the Statement of Investments. Note that the Accounts use more specific industry categories in following
		their investment limitations on industry concentration.

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

COLLEGE RETIREMENT EQUITIES FUND
STATEMENT OF INVESTMENTS
GLOBAL EQUITIES ACCOUNT
December 31, 2004


SHARES			VALUE (000)

PREFERRED STOCKS - 0.00%
INSURANCE CARRIERS - 0.00%
7,402	*	Great-West Lifeco, Inc (Series E)	$	173
2,413	*	Great-West Lifeco, Inc (Series F)		56

		TOTAL INSURANCE CARRIERS		229


		TOTAL PREFERRED STOCKS
		(Cost $179)		229


COMMON STOCKS - 97.99%

AMUSEMENT AND RECREATION SERVICES - 0.06%
131,635	*	Caesars Entertainment, Inc		2,651
53,200		Harrah's Entertainment, Inc		3,559

		TOTAL AMUSEMENT AND RECREATION SERVICES		6,210

APPAREL AND ACCESSORY STORES - 0.34%
270,600		Fast Retailing Co Ltd		20,598
300,000		Gap, Inc		6,336
228,828	e	Hennes & Mauritz AB (B Shs)		7,971
23,436		Limited Brands, Inc		539

		TOTAL APPAREL AND ACCESSORY STORES		35,444

APPAREL AND OTHER TEXTILE PRODUCTS - 0.06%
2,385,000		Toyobo Co Ltd		5,749
4,718		VF Corp		261

		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		6,010

AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.04%
52,305	e	Canadian Tire Corp (Class A)		2,454
49,000	e*	Carmax, Inc		1,521

		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		3,975

BUILDING MATERIALS AND GARDEN SUPPLIES - 1.26%
1,083,278		Home Depot, Inc		46,311
858,873		Lowe's Cos		49,462
1,843,020		Wolseley plc		34,446

		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		130,219

BUSINESS SERVICES - 4.19%
317	e*	Access Co Ltd		8,910
473,900		Automatic Data Processing, Inc		21,017
998,421	*	BEA Systems, Inc		8,846
34,700		Cendant Corp		811
33,516	*	Ceridian Corp		613
59		Certegy, Inc		2
238,760	*	CGI Group, Inc (Class A)		1,594
1,591,788	v*	Cintra Concesiones de Infraestructuras de Transporte S.A.		17,482
56	*	Citrix Systems, Inc		1
31,648	*	Cognos, Inc		1,395
381,900		Computer Associates International, Inc		11,862
81,500	*	Computer Sciences Corp		4,594
61,303	*	Compuware Corp		397

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account


SHARES			VALUE (000)

5,845	e	Dentsu, Inc	$	15,743
295,100		Diamond Lease Co Ltd		11,519
28	*	Electronic Arts, Inc		2
232,500		Electronic Data Systems Corp		5,371
70,500	v*	Elpida Memory, Inc		2,793
35,619		Equifax, Inc		1,001
48,573	*	Fiserv, Inc		1,952
53,900		IMS Health, Inc		1,251
16	*	Intuit, Inc		1
29	*	Juniper Networks, Inc		1
188,700		Manpower, Inc		9,114
36	*	Mercury Interactive Corp		2
4,319,430		Microsoft Corp		115,372
4,883,400	e	Nissin Co Ltd		12,295
2,546	e	NTT Data Corp		8,224
46,600		Omnicom Group, Inc		3,929
1,472,938	*	Oracle Corp		20,209
299,000	e	Oracle Corp Japan		15,494
1	*	Peregrine Systems, Inc		0
71	b,v*	Peregrine Systems, Inc (Old)		0
35,527		Robert Half International, Inc		1,046
100,049		SAP AG.		17,869
98,275		SAP AG. (Spon ADR)		4,345
75,022		Securitas AB (B Shs)		1,287
1,886,822	*	Siebel Systems, Inc		19,812
149,000	*	Societe Des Autoroutes Paris-Rhin-Rhone		9,002
342,300		Sumisho Lease Co Ltd		13,963
119,700	*	Sun Microsystems, Inc		644
58,083	*	SunGard Data Systems, Inc		1,645
605,400	*	Symantec Corp		15,595
33,673		Tata Consultancy Services Ltd		1,035
77,584	e	Thomson Corp		2,737
151,523	*	Unisys Corp		1,543
634,236	*	Veritas Software Corp		18,107
577,755	*	Yahoo!, Inc		21,770

		TOTAL BUSINESS SERVICES		432,197

CHEMICALS AND ALLIED PRODUCTS - 9.49%
407,800		Abbott Laboratories		19,024
106,807	*	Agrium, Inc		1,805
109,506		Air Products & Chemicals, Inc		6,348
16,352		Akzo Nobel NV		697
538,586	*	Amgen, Inc		34,550
656,350	*	Amylin Pharmaceuticals, Inc		15,332
8,357	*	Angiotech Pharmaceuticals		155
861,029		AstraZeneca plc (United Kingdom)		31,227
46,600		Avon Products, Inc		1,803
127,566		Bayer AG.		4,324
337,100	*	Biogen Idec, Inc		22,454
112,665	*	Biovail Corp (Canada)		1,861
679,900		Bristol-Myers Squibb Co		17,419
891,000		Daicel Chemical Industries Ltd		5,043
735,887		Dow Chemical Co		36,434
349,893		Du Pont (E.I.) de Nemours & Co		17,162
15,100		Ecolab, Inc		530
109,108	*	Elan Corp plc		2,907
18,524	e*	Eyetech Pharmaceuticals, Inc		843
800	*	Forest Laboratories, Inc		36
280,150	*	Genentech, Inc		15,251
537,220	*	Gilead Sciences, Inc		18,797
809,700		Gillette Co		36,258
2,883,383		GlaxoSmithKline plc		67,648
1,312,000	*	Global Bio-Chem Technology Group Co Ltd Wts 05/31/07		62
10,780	*	Hospira, Inc		361
19,440		International Flavors & Fragrances, Inc		833
354,128	*	IVAX Corp		5,602
248,600		Kose Corp		10,917
652,566		Lilly (Eli) & Co		37,033
1,382,000	d	Merck & Co, Inc		44,417

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account


SHARES			VALUE (000)

275,026		Merck KGaA	$	18,923
138,791		Methanex Corp		2,538
70,535	e	Nova Chemicals Corp		3,338
1,106,371		Novartis AG. (Regd)		55,752
3,775,600		Pfizer, Inc		101,526
28,800		PPG Industries, Inc		1,963
1,676,600		Procter & Gamble Co		92,347
67,103	*	QLT, Inc		1,077
2,728,396		Reckitt Benckiser plc		82,450
802,773		Sanofi-Aventis		64,161
6,500		Sherwin-Williams Co		290
720,400		Shin-Etsu Chemical Co Ltd		29,527
622,800		Takeda Pharmaceutical Co Ltd		31,362
3,798,000		Teijin Ltd		16,494
1,658,000		Tosoh Corp		7,459
290,100		Wyeth		12,355

		TOTAL CHEMICALS AND ALLIED PRODUCTS		978,695

COMMUNICATIONS - 5.32%
71		Aliant, Inc		2
379,018		AT&T Corp		7,224
199,446	*	Avaya, Inc		3,430
96,701	e*	BCE, Inc		2,334
711,420		BellSouth Corp		19,770
4,174,387		BT Group plc		16,269
645,937		Clear Channel Communications, Inc		21,632
897,022	*	Comcast Corp (Class A)		29,853
707,323	e	Deutsche Telekom AG. (Regd)		16,008
124,561	*	DIRECTV Group, Inc		2,085
126,916		EchoStar Communications Corp (Class A)		4,219
19,869	*	Elisa Oyj		320
6,531,185	e*	Ericsson (LM) (B Shs)		20,836
82,005		France Telecom S.A.		2,715
35,153		GN Store Nord		379
229,209	*	IAC/InterActiveCorp		6,331
6,591		KDDI Corp		35,505
3,858,771		KPN NV		36,663
212,200	e*	Level 3 Communications, Inc		719
3	*	Liberty Media International, Inc		0
187,484	*	Lucent Technologies Inc Wts 12/10/07		296
1,906,785	*	Lucent Technologies, Inc		7,170
491,568	*	Nextel Communications, Inc (Class A)		14,747
2,312,373	*	Qwest Communications International, Inc		10,267
123,243		Rogers Communications, Inc (Class B)		3,234
1,649,988		SBC Communications, Inc		42,520
25,062		Shaw Communications, Inc		459
2,806,214		Singapore Telecommunications Ltd		4,091
14,415	e*	Sogecable S.A.		640
590,550		Sprint Corp		14,675
23,357	e	Tele2 AB (B Shs)		917
1,999,766	e	Telecom Corp of New Zealand Ltd		8,883
1,698,744		Telefonica S.A.		32,003
878,934		TeliaSonera AB		5,264
83,455		Telstra Corp Ltd		321
46,805		TELUS Corp		1,415
114,706		TELUS Corp (Non-Vote)		3,326
1,418,133		Verizon Communications, Inc		57,449
706,252		Viacom, Inc (Class B)		25,701
13,054,596		Vodafone Group plc		35,402
1,945,642		Vodafone Group plc (Spon ADR)		53,272
88	v*	WorldCom, Inc (MCI Group)		0

		TOTAL COMMUNICATIONS		548,346

DEPOSITORY INSTITUTIONS - 13.94%
216,200	*	Ashikaga Financial Group, Inc		0
786,975		Australia & New Zealand Banking Group Ltd		12,702
9,100,129		Banca Intesa S.p.A.		43,787
300,000		Banco Bilbao Vizcaya Argentaria S.A.		5,321

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account


SHARES			VALUE (000)

437,015	e	Banco Santander Central Hispano S.A.	$	5,423
2,137,686		Bank of America Corp		100,450
132,116		Bank of Ireland (Dublin)		2,200
335,711		Bank of Ireland (London)		5,553
259,553	e	Bank of Montreal		12,512
248,596		Bank of New York Co, Inc		8,308
514,776	e	Bank of Nova Scotia		17,486
32,100		Banknorth Group, Inc		1,175
2,960,020		Barclays plc		33,302
138,410	*	Bayerische Hypo-und Vereinsbank AG.		3,142
170,975	e	Canadian Imperial Bank of Commerce		10,307
2,826,133		Citigroup, Inc		136,163
86,265	e*	Commerzbank AG.		1,778
526,368		Commonwealth Bank of Australia		13,245
131,476	e	Credit Agricole S.A.		3,967
855,188		DAH Sing Financial		6,629
693,000		DBS Group Holdings Ltd		6,835
4,490,676		Depfa Bank plc		75,384
440,301		Deutsche Bank AG. (Regd)		39,093
8		EFG Eurobank Ergasias S.A.		0
214,300		Fifth Third Bancorp		10,132
35,000		First Horizon National Corp		1,509
524,000		Hang Seng Bank Ltd		7,281
5,386,568		HSBC Holdings plc (United Kingdom)		90,903
9,250		Huntington Bancshares, Inc		229
1,801,308		JPMorgan Chase & Co		70,269
129,600		KeyCorp		4,393
2,729,131		Lloyds TSB Group plc		24,784
20,900		M & T Bank Corp		2,254
1,362,217		Mellon Financial Corp		42,379
3,313		Mitsubishi Tokyo Financial Group, Inc		33,625
742,736	e	National Australia Bank Ltd		16,780
101,638	e	National Bank of Canada		4,204
478,000		National Bank of Greece S.A.		15,775
231,990		National City Corp		8,711
89,100		New York Community Bancorp, Inc		1,833
1,069,093		Nordea Bank AB (Sweden)		10,779
297,300		North Fork Bancorp, Inc		8,577
52,126		Northern Trust Corp		2,532
26,000		Oversea-Chinese Banking Corp Ltd		215
143,800		PNC Financial Services Group, Inc		8,260
41,200		Regions Financial Corp		1,466
294,919	e	Royal Bank of Canada		15,815
16,100	*	Royal Bank of Canada (New York)		860
3,304,912		Royal Bank of Scotland Group plc		111,166
5,802,000	e	Shinsei Bank Ltd		39,522
225,233		Skandinaviska Enskilda Banken (A Shs)		4,355
22,535	e	Societe Generale (A Shs)		2,280
248,700		Sovereign Bancorp, Inc		5,608
25,400		State Street Corp		1,248
2,224	e	Sumitomo Mitsui Financial Group Inc		16,169
2,549,000		Sumitomo Trust & Banking Co Ltd		18,433
167,200		SunTrust Banks, Inc		12,353
217,171		Svenska Handelsbanken AB (A Shs)		5,654
30,300		Synovus Financial Corp		866
1,791,734		U.S. Bancorp		56,117
1,553,598		UBS AG. (Regd)		130,275
503		UFJ Holdings, Inc		3,048
819,000		United Overseas Bank Ltd		6,924
631,500		Wachovia Corp		33,217
858,709		Wells Fargo & Co		53,369
477,203		Westpac Banking Corp		7,291
12,800		Zions Bancorp		871

		TOTAL DEPOSITORY INSTITUTIONS		1,437,093

EATING AND DRINKING PLACES - 0.44%
419,600	*	Brinker International, Inc		14,715
617,500		McDonald's Corp		19,797
330,255	*	The Cheesecake Factory, Inc		10,723

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account


SHARES			VALUE (000)

5,502		Yum! Brands, Inc	$	260

		TOTAL EATING AND DRINKING PLACES		45,495

ELECTRIC, GAS, AND SANITARY SERVICES - 3.56%
167,751	*	AES Corp		2,293
59,820	e*	Allegheny Energy, Inc		1,179
85,782		Ameren Corp		4,301
138,680		American Electric Power Co, Inc		4,762
710,893		Australian Gas Light Co Ltd		7,635
1,714,679		BG Group plc		11,654
200,770		Centerpoint Energy, Inc		2,269
1,873,940		Centrica plc		8,500
257,900		Cinergy Corp		10,736
493,500		CLP Holdings Ltd		2,838
1,252,500	*	CMS Energy Corp		13,089
108,278		Consolidated Edison, Inc		4,737
66,900		Constellation Energy Group, Inc		2,924
153,200		Dominion Resources, Inc		10,378
81,400		DTE Energy Co		3,511
847,123		Duke Energy Corp		21,458
1,051,847		E.ON AG.		95,877
140,300		Edison International		4,494
583,351		El Paso Corp		6,067
237,820		Exelon Corp		10,481
121,411	e	FirstEnergy Corp		4,797
75,800		FPL Group, Inc		5,666
1,758,000		Hong Kong & China Gas Co Ltd		3,630
74,600		KeySpan Corp		2,943
134,222	b,e*	Mirant Corp		48
1,498,702		National Grid Transco plc		14,272
108,716		NiSource, Inc		2,477
75,600		Pepco Holdings, Inc		1,612
130,843	*	PG&E Corp		4,354
17,500		Pinnacle West Capital Corp		777
76,700		PPL Corp		4,087
112,679		Progress Energy, Inc		5,098
75,800		Public Service Enterprise Group, Inc		3,924
4,232		Puma AG. Rudolf Dassler Sport		1,164
36,100		Republic Services, Inc		1,211
896,966		Scottish Power plc		6,944
63,618		Sempra Energy		2,334
281,400		Southern Co		9,433
195,259	e	Suez S.A.(France)		5,207
279,000		Tokyo Electric Power Co, Inc		6,848
74,653	e	TransAlta Corp		1,125
148,900		TXU Corp		9,613
124,521	e*	Vivendi Universal S.A.		3,976
561,817		Waste Management, Inc		16,821
2,163		West Japan Railway Co		8,739
245,300		Williams Cos, Inc		3,996
152,600		Xcel Energy, Inc		2,777
7,716,000	*	Xinao Gas Holdings Ltd		4,418

		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		367,474

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 8.39%
8,948,667	e*	ABB Ltd		49,973
166,200	*	Advanced Micro Devices, Inc		3,660
110,500		Advantest Corp		9,479
19	*	Agere Systems, Inc (Class A)		0
104,201	*	Agere Systems, Inc (Class B)		141
369,694	*	Altera Corp		7,653
3,600		American Power Conversion Corp		77
6	*	Applied Micro Circuits Corp		0
15,180	*	Atheros Communications, Inc		156
137,950	*	ATI Technologies, Inc		2,678
96	*	Atmel Corp		0
1,656,000		Byd Co Ltd (H Shs)		4,389
99,283	*	Celestica, Inc		1,400

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account


SHARES			VALUE (000)

204,400	*	CIENA Corp	$	683
58,431	*	Comverse Technology, Inc		1,429
15,415		Cooper Industries Ltd (Class A)		1,047
136,730		Electrolux AB Series B		3,127
77,178		Emerson Electric Co		5,410
214,790	*	Freescale Semiconductor, Inc (Class B)		3,944
5,583,000		General Electric Co		203,780
71,500		Hirose Electric Co Ltd		8,359
468,600		Hitachi Maxell Ltd		6,421
3,697,600		Intel Corp		86,487
76,558	*	Jabil Circuit, Inc		1,958
594,200	*	JDS Uniphase Corp		1,884
758,000		Johnson Electric Holdings Ltd		736
268,400	e	Kuroda Electric Co Ltd		6,260
315,400	e	Kyocera Corp		24,285
137,400	*	LSI Logic Corp		753
652,300	*	Marvell Technology Group Ltd		23,137
1,296,000		Matsushita Electric Industrial Co Ltd		20,565
446,543		Maxim Integrated Products, Inc		18,929
25,600		Maytag Corp		540
54,461		Microchip Technology, Inc		1,452
1,945,300		Motorola, Inc		33,459
187,900		Murata Manufacturing Co Ltd		10,507
800,500		National Semiconductor Corp		14,369
2,247,720		Nokia Oyj		35,502
2,084,536	*	Nortel Networks Corp		7,238
365,200	*	Novellus Systems, Inc		10,185
72,655	*	Nvidia Corp		1,712
79,166		Onex Corp		1,305
819,184	*	PMC-Sierra, Inc		9,216
45,400	*	QLogic Corp		1,668
1,117,207		Qualcomm, Inc		47,370
85,434		Rockwell Collins, Inc		3,370
151,000		Rohm Co Ltd		15,620
771,620	*	Sanmina-SCI Corp		6,536
379,600	e	Sony Corp		14,670
5,204,424	e	STMicroelectronics NV		101,514
732,000		Sumitomo Electric Industries Ltd		7,965
4,076,141		Taiwan Semiconductor Manufacturing Co Ltd		6,496
9,662		Taiwan Semiconductor Manufacturing Co Ltd (Spon ADR)		82
174,401	*	Tellabs, Inc		1,498
1,005,661		Texas Instruments, Inc		24,759
46,643	e	Thomson		1,233
225,800	e	Tokyo Seimitsu Co Ltd		7,536
181,000	e	Toshiba Corp		777

		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		865,379

ENGINEERING AND MANAGEMENT SERVICES - 0.56%
1,164,750	*	Accenture Ltd (Class A)		31,448
37		Halliburton Co		1
373,000		Monsanto Co		20,720
19,800		Moody's Corp		1,720
47,240		Paychex, Inc		1,610
189,433		Servicemaster Co		2,612

		TOTAL ENGINEERING AND MANAGEMENT SERVICES		58,111

FABRICATED METAL PRODUCTS - 0.75%
142,135		Assa Abloy AB (B Shs)		2,428
55,702	e	European Aeronautic Defense & Space Co		1,619
451,700		Illinois Tool Works, Inc		41,864
706,204		Masco Corp		25,798
727,000	e	NHK Spring Co Ltd		4,966
3,188		Stanley Works		156

		TOTAL FABRICATED METAL PRODUCTS		76,831

FOOD AND KINDRED PRODUCTS - 2.70%
186,509		Anheuser-Busch Cos, Inc		9,462

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account


SHARES			VALUE (000)

868,391		Archer Daniels Midland Co		19,374
1,000,347		Cadbury Schweppes plc	$	9,315
24,797		Campbell Soup Co		741
976,781	e	Coca-Cola Amatil Ltd		6,225
941,611		Coca-Cola Co		39,199
55,000		Conagra Foods, Inc		1,620
447,218		Diageo plc		6,380
136,692		General Mills, Inc		6,795
11,796,000		Global Bio-Chem Technology Group Co Ltd		7,740
376,541	e	Groupe Danone		34,778
52,645		H.J. Heinz Co		2,053
12,472		J. Sainsbury plc		65
22,200		Kellogg Co		991
63,400		Kraft Foods, Inc (Class A)		2,258
542,903		Lion Nathan Ltd		3,660
99,655		LVMH Moet Hennessy Louis Vuitton S.A.		7,633
4,643	e	Molson, Inc (A Shs)		137
1,959,000		Nichirei Corp		7,800
2,612,000		Nisshin Oillio Group Ltd		13,459
5,726,000		People's Food Holdings Ltd		5,262
1,589,500		PepsiCo, Inc		82,972
29,141	e	Pernod-Ricard		4,464
105,200		Sara Lee Corp		2,540
377,579		Unilever plc		3,708
2,000		Wrigley (Wm.) Jr Co		138

		TOTAL FOOD AND KINDRED PRODUCTS		278,769

FOOD STORES - 1.35%
329,500		Albertson's, Inc		7,868
785	*	Casino Guichard-Perrachon S.A. Wts 12/15/05		0
524,293		Coles Myer Ltd		4,052
1,393	*	Jeronimo Martins SGPS S.A.		18
342,561	*	Kroger Co		6,009
190,900	*	Safeway, Inc		3,768
18,836,641		Tesco plc		116,359
94,616		Woolworths Ltd		1,113

		TOTAL FOOD STORES		139,187

FORESTRY - 0.13%
193,700		Weyerhaeuser Co		13,021

		TOTAL FORESTRY		13,021

FURNITURE AND FIXTURES - 0.03%
5,800		Johnson Controls, Inc		368
121,300		Newell Rubbermaid, Inc		2,934

		TOTAL FURNITURE AND FIXTURES		3,302

FURNITURE AND HOMEFURNISHINGS STORES - 0.32%
598,735	*	Bed Bath & Beyond, Inc		23,848
138,400		Best Buy Co, Inc		8,224
34,400		RadioShack Corp		1,131

		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		33,203

GENERAL BUILDING CONTRACTORS - 0.33%
39,232	e	Bouygues S.A.		1,813
638		Brookfield Homes Corp		22
58,700		Centex Corp		3,497
100,200		D.R. Horton, Inc		4,039
190,200		Daito Trust Construction Co Ltd		9,039
58,800		Lennar Corp (Class A)		3,333
51,000		Pulte Homes, Inc		3,254
19,536,000		Shanghai Forte Land Co		6,849
177,668		Skanska AB (B Shs)		2,132

		TOTAL GENERAL BUILDING CONTRACTORS		33,978

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account


SHARES			VALUE (000)

GENERAL MERCHANDISE STORES - 1.56%
112,600		Aeon Co Ltd	$	1,879
97,300		Dollar General Corp		2,021
71,354		Family Dollar Stores, Inc		2,228
52,000		Federated Department Stores, Inc		3,005
153,922	e	Hudson's Bay Co		1,721
445,300	*	Kohl's Corp		21,895
561,457		Marks & Spencer Group plc		3,697
131,200		May Department Stores Co		3,857
1,948,000	e	Mitsukoshi Ltd		9,467
13,168	e	Pinault-Printemps-Redoute S.A.		1,318
116,700	e	Sears Roebuck & Co		5,955
918,467		Target Corp		47,696
1,055,296		Wal-Mart Stores, Inc		55,741
388	*	Waterford Wedgwood plc (Units)		0

		TOTAL GENERAL MERCHANDISE STORES		160,480

HEALTH SERVICES - 0.28%
183,884	*	Express Scripts, Inc		14,056
77,176		Getinge AB (B Shs)		961
77,670		HCA, Inc		3,104
116,200		Health Management Associates, Inc (Class A)		2,640
176,081	e*	Healthsouth Corp		1,125
33,229	*	Lincare Holdings, Inc		1,417
10,808		MDS, Inc		152
63,200	e	Nichii Gakkan Co		2,048
2,019		Straumann Holding AG.		419
259,600	*	Tenet Healthcare Corp		2,850

		TOTAL HEALTH SERVICES		28,772

HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.97%
742,648	e	Vinci S.A.		99,733

		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		99,733

HOLDING AND OTHER INVESTMENT OFFICES - 0.70%
34,800		Apartment Investment & Management Co (Class A)		1,341
25,200		Archstone-Smith Trust		965
19,029		AvalonBay Communities, Inc		1,433
48,400		Boston Properties, Inc		3,130
135,166	e	Brascan Corp (Class A)		4,868
18,322		CFS Gandel Retail Trust (New)		23
33,902	e	CI Fund Management, Inc		510
5,671		Crescent Real Estate Equities Co		104
17,776		Duke Realty Corp		607
193,436		Equity Office Properties Trust		5,633
126,200		Equity Residential		4,566
91,960		General Growth Properties, Inc		3,325
32,900		Host Marriott Corp		569
87,000		Hutchison Whampoa Ltd		814
13,300		iStar Financial, Inc		602
13,900		Kimco Realty Corp		806
15,700		Liberty Property Trust		678
125		Macquarie Goodman Industrial Trust		0
1,622,141		Macquarie Infrastructure Group		4,323
40,362		Nobel Biocare Holding AG.		7,312
269		NTT Urban Development Corp		1,179
87,600		Plum Creek Timber Co, Inc		3,367
28,800		Prologis		1,248
39,900		Simon Property Group, Inc		2,580
47,300		Vornado Realty Trust		3,601
430,515		Washington Mutual, Inc		18,202

		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		71,786

HOTELS AND OTHER LODGING PLACES - 0.30%
60,414	e	Accor S.A.		2,645
158,300		Hilton Hotels Corp		3,600

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account


SHARES			VALUE (000)

6,973		Intrawest Corp	$	160
61,919		Marriott International, Inc (Class A)		3,900
360,100		Starwood Hotels & Resorts Worldwide, Inc		21,030

		TOTAL HOTELS AND OTHER LODGING PLACES		31,335

INDUSTRIAL MACHINERY AND EQUIPMENT - 5.40%
692,610		3M Co		56,843
193,846	*	Apple Computer, Inc		12,484
654,879	*	Applied Materials, Inc		11,198
91,505		Atlas Copco AB (B Shs)		3,821
733,000		Baker Hughes, Inc		31,277
169,000		Caterpillar, Inc		16,479
3,963,387	*	Cisco Systems, Inc		76,493
115,000		Deere & Co		8,556
1,787,654	*	Dell, Inc		75,332
15,199		Dover Corp		637
341,000	*	EMC Corp		5,071
916,613	*	Emulex Corp		15,436
7,956,258		Futuris Corp Ltd		13,472
1,178,857		Hewlett-Packard Co		24,721
679,113	d	International Business Machines Corp		66,947
1,770,000		Komatsu Ltd		12,385
629,000	e	Makino Milling Machine Co Ltd		3,450
176,500	*	Network Appliance, Inc		5,863
75,700	e	Nidec Corp		9,227
2,768,000		NSK Ltd		13,912
65,200		Pitney Bowes, Inc		3,017
82,350	?	Rheinmetall AG		4,298
576,500		Rheinmetall AG.		30,757
31,288	*	Sandisk Corp		781
106,237		Sandvik AB		4,284
67,725	*	Saurer AG.		3,990
45,816		Scania AB		1,813
26,262	*	Seagate Tech (Escrow)		0
44,291		SKF AB (B Shs)		1,973
14	*	Smith International, Inc		1
339,800	*	Solectron Corp		1,811
58,853		Symbol Technologies, Inc		1,018
704,900		Tyco International Ltd		25,193
653,277	e	Wartsila Oyj (B Shs)		13,923

		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		556,463

INSTRUMENTS AND RELATED PRODUCTS - 2.78%
114,800	*	Agilent Technologies, Inc		2,767
16,800		Becton Dickinson & Co		954
23,504		Biomet, Inc		1,020
471,314	*	Boston Scientific Corp		16,755
288,600		Canon, Inc		15,575
127,300		Eastman Kodak Co		4,105
84,584		Gambro AB (A Shs)		1,206
24,000		Gambro AB (B Shs)		337
302,000		Guidant Corp		21,774
6,451		Keyence Corp		1,445
93,900	*	KLA-Tencor Corp		4,374
815,000		Medtronic, Inc		40,481
1,250		Nobel Biocare Holding AG. (Stockholm)		229
11,076		Phonak Holding AG.		365
592,000		Raytheon Co		22,987
37,000		Rockwell Automation, Inc		1,833
1,239,974	*	St. Jude Medical, Inc		51,992
892,200		Terumo Corp		24,031
1,555,857		The Swatch Group AG. (Regd)		46,247
15,700	*	Thermo Electron Corp		474
351,400	*	Zimmer Holdings, Inc		28,154

		TOTAL INSTRUMENTS AND RELATED PRODUCTS		287,105

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account


SHARES			VALUE (000)

INSURANCE AGENTS, BROKERS AND SERVICE - 0.29%
60,025		AON Corp		1,432
395,115	e	Manulife Financial Corp		18,269
317,568		Sun Life Financial, Inc		10,642

		TOTAL INSURANCE AGENTS, BROKERS AND SERVICe		30,343

INSURANCE CARRIERS - 4.60%
42,200		ACE Ltd		1,804
242,678		Aegon NV		3,308
240,692		Aetna, Inc		30,026
249,501		Aflac, Inc		9,940
1,583,000		Aioi Insurance Co Ltd		7,307
309,100		Allstate Corp		15,987
4,300		Ambac Financial Group, Inc		353
1,404,076		American International Group, Inc		92,206
2,495,822	*	AMP Ltd		14,204
1,098,940		Aviva plc		13,250
316,805	e	AXA		7,829
9,934,000	*	China Life Insurance Co Ltd (H Shs)		6,646
68,000		Cigna Corp		5,547
2,625		Cincinnati Financial Corp		116
2,434	e	Fairfax Financial Holdings Ltd		411
37,700		Fidelity National Financial, Inc		1,722
1,248,000		Fuji Fire & Marine Insurance Co Ltd		4,068
153,020	e	Great-West Lifeco, Inc		3,410
45,100	*	Health Net, Inc		1,302
1,147,563		Insurance Australia Group Ltd		5,784
62,700		Jefferson-Pilot Corp		3,258
84,121		Lincoln National Corp		3,927
69,037		MBIA, Inc		4,369
154,475		MetLife, Inc		6,258
335		Millea Holdings, Inc		4,969
12,562		Muenchener Rueckver AG. (Regd)		1,544
552,000		Nipponkoa Insurance Co Ltd		3,755
31,200		Old Republic International Corp		789
183,680	e	Power Corp of Canada		4,752
146,048	e	Power Financial Corp		3,899
2,372,594	e	Promina Group Ltd		10,043
149,700		Prudential Financial, Inc		8,228
1,148,730		Prudential plc		9,991
23,500		Radian Group, Inc		1,251
745,232		Safeco Corp		38,931
44,202	e	Schindler Holding AG. (Pt Cert)		17,532
480,681		Skandia Forsakrings AB		2,394
308,285		St. Paul Travelers Cos, Inc		11,428
390,900	e	T&D Holdings, Inc		18,692
328,900		UnitedHealth Group, Inc		28,953
66,867	*	WellPoint, Inc		7,690
37,900		XL Capital Ltd (Class A)		2,943
322,052		Zurich Financial Services AG.		53,699

		TOTAL INSURANCE CARRIERS		474,515

LEATHER AND LEATHER PRODUCTS - 0.11%
200,718	*	Coach, Inc		11,320

		TOTAL LEATHER AND LEATHER PRODUCTS		11,320

LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.10%
1,655		East Japan Railway Co		9,206
43,773		Veolia Environnement		1,584

		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		10,790

LUMBER AND WOOD PRODUCTS - 0.01%
23,238	*	Masonite International Corp		801

		TOTAL LUMBER AND WOOD PRODUCTS		801

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account


SHARES			VALUE (000)

METAL MINING - 0.90%
42,499	*	Barrick Gold Corp	$	1,029
202,456	e	Barrick Gold Corp (New York)		4,900
42,741		Cameco Corp		1,496
91,086	e	Falconbridge Ltd		2,364
70,600		Freeport-McMoRan Copper & Gold, Inc (Class A)		2,699
56,275	*	Glamis Gold Ltd		966
82,518	e	Goldcorp, Inc		1,244
90,968	*	Inco Ltd		3,341
1,900	*	Inco Ltd		70
126,886	*	Kinross Gold Corp		895
39,761	*	Meridian Gold, Inc		755
3,049,000	e	Mitsubishi Materials Corp		6,397
1,006,455		Newcrest Mining Ltd		13,767
196,000		Newmont Mining Corp		8,704
163,246	e	Noranda, Inc		2,869
11,376		Outokumpu Oyj		203
207,780	*	Placer Dome, Inc		3,916
142,236		Rio Tinto Ltd		4,362
519,683		Rio Tinto plc		15,295
143,853		Teck Cominco Ltd (Class B)		4,433
2,300,287		WMC Resources Ltd		13,019

		TOTAL METAL MINING		92,724

MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.17%
5,547		Amer Group plc		97
600,000		Anglo American plc		14,192
155,300		Mattel, Inc		3,027

		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		17,316

MISCELLANEOUS RETAIL - 0.70%
145,409	*	Amazon.com, Inc		6,440
237,912	*	eBay, Inc		27,664
493,695		GUS plc		8,896
120,600	*	Office Depot, Inc		2,094
25,300		Omnicare, Inc		876
3,852,590		Pacific Brands Ltd		9,634
25,357		Petsmart, Inc		901
134,840	*	Shoppers Drug Mart Corp		4,194
243,700		Staples, Inc		8,215
39,200		Tiffany & Co		1,253
91,600	*	Toys 'R' Us, Inc		1,875

		TOTAL MISCELLANEOUS RETAIL		72,042

MOTION PICTURES - 1.03%
42	*	Liberty Media Corp (Class A)		0
365,916		News Corp (Class A)		6,828
252,799	e	News Corp (Class B)		4,854
3,450,318	*	Time Warner, Inc		67,074
998,483		Walt Disney Co		27,758

		TOTAL MOTION PICTURES		106,514

NONDEPOSITORY INSTITUTIONS - 3.38%
1,309,336		American Express Co		73,807
59,921	*	Deutsche Postbank AG.		2,647
962,992		Fannie Mae		68,575
342,905		Freddie Mac		25,272
1,902,887		HBOS plc		30,980
1,784,637	*	Hypo Real Estate Holding		73,986
41,556	e	IGM Financial, Inc		1,271
1,993,307		MBNA Corp		56,191
5,631,000	e	Orient Corp		16,266
31	*	Providian Financial Corp		1

		TOTAL NONDEPOSITORY INSTITUTIONS		348,996

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			VALUE (000)

NONMETALLIC MINERALS, EXCEPT FUELS - 0.04%
38,066	e	Potash Corp of Saskatchewan	$	3,169
16,642		Vulcan Materials Co		909

		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		4,078

OIL AND GAS EXTRACTION - 1.73%
62,100		Anadarko Petroleum Corp		4,025
254,806		Apache Corp		12,886
193,464		Burlington Resources, Inc		8,416
160,152	e	Canadian Natural Resources Ltd		6,850
1,145,000		CNOOC Ltd		615
112,200		Devon Energy Corp		4,367
252,944		EnCana Corp		14,440
66,100		ENSCO International, Inc		2,098
111,863		Husky Energy, Inc		3,198
84,430	e	Imperial Oil Ltd		5,014
231,200		Kerr-McGee Corp		13,361
22,900	*	Lundin Petroleum AB		131
90,590		Marathon Oil Corp		3,407
72,546	*	Nexen, Inc		2,949
1,156,613	e	Origin Energy Ltd		6,247
45,862		Penn West Petroleum Ltd		3,033
106,088		Petro-Canada		5,416
4,080,000		PetroChina Co Ltd (Class H)		2,178
8,265	*	Precision Drilling Corp		521
18,000		Schlumberger Ltd		1,205
4,594,363		Shell Transport & Trading Co plc		39,164
142,946		Talisman Energy, Inc		3,860
134,648	e	Total S.A.		29,411
77,880		Unocal Corp		3,368
60,300		XTO Energy, Inc		2,133

		TOTAL OIL AND GAS EXTRACTION		178,293

PAPER AND ALLIED PRODUCTS - 0.67%
222,200		International Paper Co		9,332
29,200		MeadWestvaco Corp		990
889,000		NGK Insulators Ltd		8,502
1,280,000		OJI Paper Co Ltd		7,345
11,500	*	Pactiv Corp		291
373,600	*	Smurfit-Stone Container Corp		6,979
82,280		Stora Enso Oyj (R Shs)		1,260
48,769		Svenska Cellulosa AB (B Shs)		2,081
319,285		TDC a/s		13,521
367,200		Uni-Charm Corp		17,595
67,519	e	UPM-Kymmene Oyj		1,501

		TOTAL PAPER AND ALLIED PRODUCTS		69,397

PERSONAL SERVICES - 0.01%
30,655		Cintas Corp		1,345

		TOTAL PERSONAL SERVICES		1,345

PETROLEUM AND COAL PRODUCTS - 5.32%
2,906,526		BHP Billiton Ltd		34,951
3,642,370		BP plc		35,524
352,038		BP plc (Spon ADR)		20,559
676,900		ChevronTexaco Corp		35,544
244,800		ConocoPhillips		21,256
2,725,919	e	ENI S.p.A.		68,250
3,839,399		ExxonMobil Corp		196,808
1,063,100		Lyondell Chemical Co		30,745
4,012,000		Nippon Oil Corp		25,723
859,362	e	Repsol YPF S.A.		22,381
853,624		Royal Dutch Petroleum Co		49,138
13,249		Shell Canada Ltd (U.S.)		885
186,456		Suncor Energy, Inc		6,598

		TOTAL PETROLEUM AND COAL PRODUCTS		548,362

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			VALUE (000)

PIPELINES, EXCEPT NATURAL GAS - 0.10%
109,135	*	Enbridge, Inc	$	5,438
182,556	e	TransCanada Corp		4,540

		TOTAL PIPELINES, EXCEPT NATURAL GAS		9,978

PRIMARY METAL INDUSTRIES - 0.41%
156,636	*	Alcan, Inc (Paris)		7,687
1,201,605		BHP Billiton plc		14,084
75,986	e	Dofasco, Inc		2,879
553,000		NEOMAX Co Ltd		9,811
5,579,000		Sumitomo Metal Industries Ltd		7,568
28,493	e	ThyssenKrupp AG.		627

		TOTAL PRIMARY METAL INDUSTRIES		42,656

PRINTING AND PUBLISHING - 1.11%
131,900		Gannett Co, Inc		10,776
40,144		Lagardere S.C.A.		2,897
11,100		New York Times Co (Class A)		453
19,967		Promotora de Informaciones S.A. (PRISA)		424
103,035		R.R. Donnelley & Sons Co		3,636
2,316,405	e	Reed Elsevier NV		31,580
6,471,623		Reed Elsevier plc		59,702
1,180,000		Singapore Press Holdings Ltd		3,325
36,011		Tribune Co		1,518

		TOTAL PRINTING AND PUBLISHING		114,311

RAILROAD TRANSPORTATION - 0.28%
1,706,646	e	Brambles Industries Ltd		9,298
64,400		Burlington Northern Santa Fe Corp		3,047
84,296	*	Canadian National Railway		5,141
79,365		Canadian National Railway Co		4,861
121,666	e	Canadian Pacific Railway Ltd		4,173
2,542		CSX Corp		102
50,400		Norfolk Southern Corp		1,824
4,600		Union Pacific Corp		309

		TOTAL RAILROAD TRANSPORTATION		28,755

REAL ESTATE - 0.16%
53,851		Brookfield Properties Corp		2,019
5,499	*	Centro Properties Grp/New		25
216,000		Cheung Kong Holdings Ltd		2,154
3,000	*	City Developments Ltd Wts 05/10/06		8
2,977		Mirvac Group		11
335	v	Stockland		2
180,000		Sumitomo Realty & Development Co Ltd		2,347
175,800		Sun Hung Kai Properties Ltd		1,759
186,000		Tokyo Tatemono Co Ltd		1,211
518,008	*	Westfield Group		6,672

		TOTAL REAL ESTATE		16,208

RUBBER AND MISCELLANEOUS PLASTIC PRODUCT - 0.00%
2,360		Nokian Renkaat Oyj		359

		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		359

SECURITY AND COMMODITY BROKERS - 1.94%
396,500		Charles Schwab Corp		4,742
1,517,007		Deutsche Boerse AG.		91,305
156,093		Goldman Sachs Group, Inc		16,240
134,800		Lehman Brothers Holdings, Inc		11,792
408,800		Merrill Lynch & Co, Inc		24,434
1,210,000		Mitsui & Co Ltd		10,852
476,182		Morgan Stanley		26,438
877,700		Nomura Holdings, Inc		12,797

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account


SHARES			VALUE (000)

24,587	*	Piper Jaffray Cos	$	1,179
9,865		TSX Group, Inc		442
383,000	b*	Yamaichi Securities Co Ltd		0

		TOTAL SECURITY AND COMMODITY BROKERS		200,221

STONE, CLAY, AND GLASS PRODUCTS - 1.75%
478,000	e	Asahi Glass Co Ltd		5,271
1,383,060		CRH plc		36,997
2,159,674		Holcim Ltd (Regd)		130,101
2,603		Pilkington plc		5
4,627		Sika AG.		2,775
2,261,000		Sumitomo Osaka Cement Co Ltd		5,538

		TOTAL STONE, CLAY, AND GLASS PRODUCTS		180,687

TOBACCO PRODUCTS - 0.75%
1,260,100		Altria Group, Inc		76,992

		TOTAL TOBACCO PRODUCTS		76,992

TRANSPORTATION BY AIR - 0.27%
2,630,000	v*	Air China Ltd (Class H)		1,015
87,800	e*	Continental Airlines, Inc (Class B)		1,189
341,100	e*	Northwest Airlines Corp		3,728
1,081,920		Qantas Airways Ltd		3,147
600,000		Southwest Airlines Co		9,768
1,051,500		Swire Pacific Ltd (A Shs)		8,793

		TOTAL TRANSPORTATION BY AIR		27,640

TRANSPORTATION EQUIPMENT - 3.32%
241,519		Autoliv, Inc		11,665
300,600		Boeing Co		15,562
1,476		Bombardier, Inc (Class A)		3
387,561		CAE, Inc		1,634
45,673		Delphi Corp		412
15,520,950	e*	Fiat S.p.A.		124,471
214,600		Ford Motor Co		3,142
1,919,000	e	Fuji Heavy Industries Ltd		9,364
33,900		General Dynamics Corp		3,546
406,500		General Motors Corp		16,284
43,400		Genuine Parts Co		1,912
79,300		Honeywell International, Inc		2,808
185,500		Lockheed Martin Corp		10,305
64,831	e	Magna International, Inc (Class A)		5,334
16,308	e	MAN AG.		628
3,118,000	e	Mazda Motor Corp		9,798
967,000		Nissan Motor Co Ltd		10,513
340,000		Northrop Grumman Corp		18,482
8,675	e	Peugeot Citroen S.A.		551
55,188		Textron, Inc		4,073
379,700		Toyota Industries Corp		9,486
1,251,700		Toyota Motor Corp		50,938
239,500		United Technologies Corp		24,752
154,994	e	Volvo AB (B Shs)		6,146

		TOTAL TRANSPORTATION EQUIPMENT		341,809

TRANSPORTATION SERVICES - 0.00%
678		Ship Finance International Ltd		14

		TOTAL TRANSPORTATION SERVICES		14

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				MATURITY
SHARES/PRINCIPAL			RATE	DATE	VALUE (000)

TRUCKING AND WAREHOUSING - 0.74%
1,427,000	e	Sumitomo Warehouse Co Ltd			$	6,963
804,048		United Parcel Service, Inc (Class B)				68,714
22,000		Yamato Transport Co Ltd				326

		TOTAL TRUCKING AND WAREHOUSING				76,003

WATER TRANSPORTATION - 0.46%
8,048,000		China Shipping Development Co Ltd				7,144
100,364		CP Ships Ltd				1,440
5,090		Frontline Ltd				226
15,270	v*	Golden Ocean Group Ltd				10
1,907,000		Mitsui OSK Lines Ltd				11,445
491,500		Royal Caribbean Cruises Ltd				26,757

		TOTAL WATER TRANSPORTATION				47,022

WHOLESALE TRADE-DURABLE GOODS - 1.18%
1,667,907		Johnson & Johnson				105,779
1,820,000		Sumitomo Corp				15,701

		TOTAL WHOLESALE TRADE-DURABLE GOODS				121,480

WHOLESALE TRADE-NONDURABLE GOODS - 1.21%
28,500		AmerisourceBergen Corp				1,672
746,176		British American Tobacco plc				12,857
1,000,852	e	Celesio AG.				81,407
39,822		Ciba Specialty Chemicals AG. (Regd)				3,029
354,024		Imperial Tobacco Group plc				9,699
200,095		Inditex S.A.				5,902
70,888	e	Loblaw Cos Ltd				4,261
77,600		McKesson Corp				2,441
141,354		Swedish Match AB				1,638
19,609		Weston (George) Ltd				1,796

		TOTAL WHOLESALE TRADE-NONDURABLE GOODS				124,702

		TOTAL COMMON STOCKS
		(Cost $8,743,849)				10,104,286


SHORT TERM INVESTMENTS - 7.16%
COMMERCIAL PAPER - 2.37%
$ 23,000,000		American Honda Finance, Corp	2.170	01/10/05		22,986
16,000,000	c,d	Beta Finance, Inc	2.340	02/25/05		15,941
20,000,000	c	BMW US Capital Corp	2.150	01/03/05		19,996
15,000,000	c	Cargill, Inc	2.220	01/06/05		14,994
19,967,000	c	Delaware Funding Corp	2.180	01/12/05		19,952
20,000,000		Deutsche Bank Financial, Inc	2.270	01/03/05		19,996
14,500,000	c,d	Dorada Finance, Inc	2.110	01/21/05		14,483
7,000,000	c,d	Dorada Finance, Inc	2.240	02/17/05		6,978
18,000,000	d	General Electric Capital Corp	2.310	02/09/05		17,953
15,000,000	c	Greyhawk Funding LLC	2.210	01/06/05		14,994
10,000,000	d	Paccar Financial Corp	2.350	03/01/05		9,960
15,000,000	c,d	Proctor & Gamble	2.240	02/01/05		14,969
21,000,000	c	Sigma Finance, Inc	2.530	04/26/05		20,830
10,000,000		UBS Finance, (Delaware), Inc	2.300	01/06/05		9,996
20,000,000	c	United Technologies Corp	2.250	01/20/05		19,975

		TOTAL COMMERCIAL PAPER				244,003

100

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

			MATURITY
PRINCIPAL		RATE	DATE	VALUE (000)

U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 4.79%
75,508,000	Federal Home Loan Bank (FHLB)	1.000	01/03/05	$	75,494
25,360,000		2.120	01/07/05		25,349
75,000,000		1.950	01/14/05		74,937
50,000,000		2.260	01/19/05		49,942
22,738,000	Federal Home Loan Mortgage Corp (FHLMC)	1.890	01/10/05		22,724
20,000,000		2.230	03/01/05		19,922
40,000,000	Federal National Mortgage Association (FNMA)	1.140	01/03/05		39,993
50,000,000		2.250	01/05/05		49,985
20,000,000		2.270	01/10/05		19,988
10,000,000		2.170	01/18/05		9,989
7,000,000		2.280	01/24/05		6,990
9,665,000		2.230	02/07/05		9,642
29,271,000		2.390	03/16/05		29,128
25,000,000		2.460	04/06/05		24,832
35,000,000		2.450	04/13/05		34,748

	TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES				493,663

	TOTAL SHORT TERM INVESTMENTS (Cost $737,739)				737,666

	TOTAL PORTFOLIO - 105.15%				10,842,181
	(Cost $9,481,767)

	OTHER ASSETS AND LIABILITIES, NET - (5.15%)				(530,905	)

	NET ASSETS - 100.00%			$	10,311,276


	*		Non-income producing
	b		In bankruptcy
	c		Commercial Paper issued under the Private Placement exemption
			under Section 4(2) of the Securities Act of 1933.
	d		All or a portion of these securities have been segregated by
			the custodian to cover margin or other requirements
			on open futures contracts.
	e		All or a portion of these securities are out on loan.
	v		Security valued at fair value.

			For ease of presentation, we have grouped a number of industry classification categories together in the Statement of Investments. Note that the Accounts use more specific industry categories in following their investment limitations on industry concentration.

Open Futures Contracts:

	Number of	Market	Expiration	Unrealized
	Contracts	Value	Date	Gain


S&P 500 Index	1,610	$97,702,850	March 2005	$ 1,493,101

101

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

COLLEGE RETIREMENT EQUITIES FUND
STATEMENT OF INVESTMENTS
MONEY MARKET ACCOUNT
December 31, 2004

Maturity

Principal Rate Date Value (000)

SHORT TERM INVESTMENTS - 99.87%

CERTIFICATES OF DEPOSIT -13.71%

$50,000,000 Abbey National plc 2.240 02/17/05 $ 49,986

50,000,000 Abbey National plc 2.260 02/18/05 49,987

40,500,000 American Express Centurion Bank 2.260 01/10/05 40,500

30,000,000 American Express Centurion Bank 2.320 01/12/05 30,000

20,000,000 American Express Centurion Bank 1.870 01/14/05 19,997

50,000,000 Bank of Nova Scotia 2.340 02/25/05 49,984

14,000,000 Barclays Bank plc/NY (Dep Note) 2.290 02/02/05 13,999

50,000,000 Barclays Bank plc/NY (Dep Note) 2.250 02/16/05 49,987

33,000,000 Barclays Bank plc/NY (Dep Note) 2.338 09/29/05 32,987

25,000,000 Canadian Imperial Bank of Commerce 2.190 02/09/05 24,994

33,000,000 Credit Agricole USA, Inc 1.420 04/05/05 32,897

50,000,000 Dexia Bank 2.050 01/25/05 49,991

25,000,000 Dexia Bank 2.340 02/25/05 24,995

47,000,000 First Tennessee Bank NA (Dep Note) 2.270 02/07/05 46,995

50,000,000 Rabobank 2.300 02/14/05 49,992

15,000,000 Rabobank 2.235 02/18/05 14,996

25,000,000 Regions Bank of Alabama (Dep. Note) 1.420 04/12/05 24,917

50,000,000 Royal Bank of Canada 1.960 01/18/05 49,945

50,000,000 Royal Bank of Canada 2.240 02/22/05 49,984

20,000,000 Societe Generale 1.800 01/04/05 19,999

50,000,000 Societe Generale 2.320 02/03/05 50,000

31,000,000 Toronto Dominion Bank 2.270 02/23/05 30,991

10,000,000 Toronto Dominion Bank 2.300 02/23/05 9,998

7,500,000 Toronto Dominion Bank 2.015 03/10/05 7,493

25,000,000 Toronto Dominion Bank 2.400 03/14/05 24,996

20,000,000 Toronto Dominion Bank 0.000 03/28/05 19,879

30,000,000 Wells Fargo 2.040 01/24/05 29,995

29,510,000 Wells Fargo 2.310 01/31/05 29,510

TOTAL CERTIFICATES OF DEPOSIT 929,994

COMMERCIAL PAPER - 65.26%

50,000,000 c Abbey National plc 2.270 02/02/05 49,996

13,485,000 ABN Amro North America Finance, Inc 2.260 01/11/05 13,476

24,325,000 ABN Amro North America Finance, Inc 1.950 01/21/05 24,292

2,700,000 ABN Amro North America Finance, Inc 2.280 01/24/05 2,696

16,550,000 ABN Amro North America Finance, Inc 2.200 01/31/05 16,517

25,000,000 ABN Amro North America Finance, Inc 2.300 02/10/05 24,932

11,640,000 American Honda Finance Corp 2.170 01/10/05 11,633

13,197,000 American Honda Finance Corp 2.250 01/18/05 13,182

25,000,000 American Honda Finance Corp 2.280 01/20/05 24,969

25,000,000 American Honda Finance Corp 2.190 01/24/05 24,962

24,200,000 American Honda Finance Corp 2.190 01/25/05 24,161

20,000,000 c Anheuser-Busch Cos, Inc Anheuser - Busch Co 2.070 02/01/05 19,959

48,000,000 c Barclays Bank plc/NY (Dep Note) 2.380 02/22/05 47,994

3,200,000 c Barclays U.S. Funding Corp 2.340 02/25/05 3,176

7,000,000 c Beta Finance, Inc 2.250 01/11/05 6,995

20,000,000 c Beta Finance, Inc 1.890 01/14/05 19,982

21,000,000 c Beta Finance, Inc 1.970 01/21/05 20,972

7,500,000 c Beta Finance, Inc 2.100 02/01/05 7,485

5,650,000 c Beta Finance, Inc 2.220 02/03/05 5,637

14,170,000 c Beta Finance, Inc 2.260 02/16/05 14,126

14,000,000 c Beta Finance, Inc 2.240 02/18/05 13,953

19,300,000 c Beta Finance, Inc 2.340 02/25/05 19,225

9,000,000 c Beta Finance, Inc 2.010 03/14/05 8,956

7,500,000 c Beta Finance, Inc 2.440 04/29/05 7,438

25,000,000 c BMW US Capital LLC 2.150 01/03/05 24,996

43,750,000 Canadian Imperial Holdings, Inc 2.350 02/15/05 43,616

25,000,000 Canadian Imperial Holdings, Inc 2.390 02/28/05 24,901

10,000,000 Canadian Wheat Board (The) 2.200 01/24/05 9,985

102

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

				Maturity
Principal			Rate	Date		Value (000)

$ 45,000,000		Canadian Wheat Board (The)	2.250	01/31/05	$	44,913
26,080,000		Caterpillar Financial Services Corp	2.070	01/03/05		26,076
4,180,000	c	CC (USA), Inc	2.250	01/11/05		4,177
14,000,000	c	CC (USA), Inc	1.940	01/14/05		13,988
16,500,000	c	CC (USA), Inc	2.010	01/18/05		16,482
6,000,000	c	CC (USA), Inc	2.020	01/20/05		5,992
15,500,000	c	CC (USA), Inc	2.330	02/25/05		15,440
14,070,000	c	CC (USA), Inc	2.330	03/01/05		14,013
30,000,000	c	CC (USA), Inc	2.000	03/10/05		29,861
16,000,000		Ciesco Lp	2.170	01/04/05		15,996
22,000,000		Ciesco Lp	2.030	01/05/05		21,994
30,000,000		Ciesco Lp	2.050	01/06/05		29,989
21,900,000		Ciesco Lp	2.180	01/13/05		21,883
50,000,000		Ciesco Lp	2.180	01/14/05		49,958
10,000,000		Ciesco Lp	2.350	02/16/05		9,969
6,000,000		Citicorp	2.270	01/21/05		5,992
40,000,000		Citicorp	2.310	01/27/05		39,931
20,000,000		Citicorp	2.300	01/28/05		19,964
50,000,000		Citicorp	2.190	02/08/05		49,874
20,000,000		Citicorp	2.340	02/24/05		19,925
20,000,000		Coca-Cola Co/The	2.270	01/20/05		19,975
30,000,000		Coca-Cola Co/The	2.270	01/21/05		29,960
25,000,000		Coca-Cola Co/The	2.270	01/26/05		24,959
25,000,000		Coca-Cola Co/The	2.270	01/27/05		24,957
6,781,000		Coca-Cola Co/The	2.260	01/31/05		6,768
10,000,000	c	Corporate Asset Funding Corp, Inc	2.320	01/03/05		9,998
5,000,000	c	Corporate Asset Funding Corp, Inc	2.200	01/12/05		4,996
39,000,000	c	Corporate Asset Funding Corp, Inc	2.100	01/20/05		38,951
50,000,000	c	Corporate Asset Funding Corp, Inc	2.250	01/25/05		49,922
5,000,000	c	Corporate Asset Funding Corp, Inc	2.280	01/27/05		4,991
41,000,000	c	Corporate Asset Funding Corp, Inc	2.400	03/02/05		40,832
28,000,000	c	Delaware Funding Co LLC	2.180	01/12/05		27,979
27,200,000	c	Delaware Funding Co LLC	2.340	01/24/05		27,158
8,000,000	c	Dorada Finance, Inc	1.960	01/14/05		7,993
14,500,000	c	Dorada Finance, Inc	2.270	02/01/05		14,470
37,850,000	c	Dorada Finance, Inc	2.220	02/02/05		37,770
33,500,000	c	Dorada Finance, Inc	2.120	02/08/05		33,415
17,000,000	c	Dorada Finance, Inc	2.240	02/15/05		16,948
25,000,000	c	Dorada Finance, Inc	2.340	02/25/05		24,989
14,000,000	c	Dorada Finance, Inc	2.340	02/25/05		13,945
9,000,000	c	Edison Asset Securitization, LLC	2.200	01/19/05		8,989
25,000,000	c	Edison Asset Securitization, LLC	2.230	01/25/05		24,960
4,000,000	c	Edison Asset Securitization, LLC	2.290	01/26/05		3,993
10,000,000	c	Edison Asset Securitization, LLC	2.290	02/04/05		9,978
25,000,000	c	Edison Asset Securitization, LLC	1.920	02/07/05		24,939
50,000,000	c	Edison Asset Securitization, LLC	2.220	02/18/05		49,832
27,495,000	c	Edison Asset Securitization, LLC	2.370	03/09/05		27,369
63,000,000		FCAR Owner Trust I	2.200	01/06/05		62,977
25,000,000		FCAR Owner Trust I	1.980	01/10/05		24,985
17,000,000		FCAR Owner Trust I	2.010	02/02/05		16,964
19,000,000		FCAR Owner Trust I	2.300	02/04/05		18,956
5,000,000		FCAR Owner Trust I	2.110	03/15/05		4,975
21,000,000		FCAR Owner Trust I	2.440	03/17/05		20,891
9,640,000	c	Fortune Brands	2.040	01/18/05		9,629
30,000,000	c	Fortune Brands	2.190	01/19/05		29,965
25,490,000	c	Fortune Brands	2.200	01/31/05		25,440
18,650,000	c	Fortune Brands	2.250	02/01/05		18,612
17,215,000	c	Fortune Brands	2.260	02/03/05		17,177
15,980,000	c	Fortune Brands	2.310	02/15/05		15,931
30,000,000		General Electric Capital Corp	2.130	01/11/05		29,979
7,535,000		General Electric Capital Corp	2.270	01/21/05		7,525
53,615,000		General Electric Capital Corp	2.320	02/03/05		53,497
2,675,000		General Electric Capital Corp	2.240	02/14/05		2,667
20,000,000		General Electric Capital Corp	2.450	03/21/05		19,891
25,000,000		Goldman Sachs Group, Lp	2.330	01/03/05		24,995
15,000,000	c	Govco, Inc	1.990	01/10/05		14,991
21,390,000	c	Govco, Inc	2.210	01/12/05		21,374
19,000,000	c	Govco, Inc	2.100	01/13/05		18,985
18,500,000	c	Govco, Inc	2.050	01/19/05		18,478
50,000,000	c	Govco, Inc	2.370	03/07/05		49,778

103

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

				Maturity
Principal			Rate	Date		Value (000)

$ 9,300,000	c	Govco, Inc	2.380	03/08/05	$	9,258
17,000,000	c	Govco, Inc	2.420	03/14/05		16,916
25,000,000		Greenwich Capital Holdings, Inc	2.120	01/27/05		24,957
25,000,000		Greenwich Capital Holdings, Inc	2.120	01/28/05		24,954
30,000,000		Greenwich Capital Holdings, Inc	2.100	02/01/05		29,939
25,000,000		Greenwich Capital Holdings, Inc	2.260	02/07/05		24,939
8,000,000		Greenwich Capital Holdings, Inc	2.450	03/22/05		7,956
20,775,000	c	Greyhawk Funding LLC	2.020	01/07/05		20,766
75,300,000	c	Greyhawk Funding LLC	2.290	01/19/05		75,210
35,000,000	c	Greyhawk Funding LLC	2.270	01/27/05		34,940
11,000,000	c	Greyhawk Funding LLC	2.130	02/02/05		10,977
4,650,000	c	Greyhawk Funding LLC	2.360	02/18/05		4,634
1,000,000	c	Greyhawk Funding LLC	2.540	05/17/05		990
15,000,000	c	Harley-Davidson Funding Corp	2.230	01/10/05		14,991
9,000,000	c	Harley-Davidson Funding Corp	2.300	01/20/05		8,989
12,000,000	c	Harley-Davidson Funding Corp	2.250	02/16/05		11,963
1,500,000	c	Harley-Davidson Funding Corp	2.300	02/17/05		1,495
16,500,000	c	Harley-Davidson Funding Corp	2.230	02/22/05		16,442
30,000,000		Household Finance Corp	2.240	01/18/05		29,966
30,000,000		Household Finance Corp	2.260	02/01/05		29,940
40,000,000		Household Finance Corp	2.250	02/03/05		39,911
1,549,000	c	Kitty Hawk Funding Corp	2.160	01/06/05		1,548
24,000,000	c	Kitty Hawk Funding Corp	2.190	01/18/05		23,973
25,049,000	c	Kitty Hawk Funding Corp	2.350	01/25/05		25,008
19,920,000	c	Kitty Hawk Funding Corp	2.340	01/26/05		19,886
49,130,000	c	Kitty Hawk Funding Corp	2.060	01/27/05		49,045
4,827,000	c	Kitty Hawk Funding Corp	2.220	02/07/05		4,815
5,020,000	c	Kitty Hawk Funding Corp	2.380	02/16/05		5,004
20,700,000	c	Kitty Hawk Funding Corp	2.455	03/21/05		20,587
29,000,000	c	Links Finance LLC	2.000	01/07/05		28,988
35,000,000	c	Links Finance LLC	2.240	02/14/05		34,897
5,500,000	c	Links Finance LLC	2.310	02/23/05		5,480
46,570,000	c	Links Finance LLC	2.390	03/08/05		46,360
13,595,000	c	Links Finance LLC	2.410	03/09/05		13,533
20,500,000	c	Links Finance LLC	2.440	03/10/05		20,405
25,200,000		Morgan Stanley Dean Witter	2.340	01/06/05		25,190
30,000,000		Morgan Stanley Dean Witter	2.340	01/26/05		29,949
30,000,000		Morgan Stanley Dean Witter	2.330	01/28/05		29,946
23,400,000		Paccar Financial Corp	1.980	01/12/05		23,383
7,000,000		Paccar Financial Corp	1.910	01/24/05		6,989
6,110,000		Paccar Financial Corp	2.310	02/17/05		6,090
17,135,000		Paccar Financial Corp	2.000	02/23/05		17,073
36,450,000		Paccar Financial Corp	2.350	03/01/05		36,303
16,219,000	c	Park Avenue Receivables Corp	2.260	01/04/05		16,215
8,164,000	c	Park Avenue Receivables Corp	2.260	01/05/05		8,161
25,000,000	c	Park Avenue Receivables Corp	2.190	01/13/05		24,980
15,158,000	c	Park Avenue Receivables Corp	2.230	01/18/05		15,141
10,971,000	c	Park Avenue Receivables Corp	2.240	01/19/05		10,958
18,540,000	c	Park Avenue Receivables Corp	2.280	01/24/05		18,512
21,977,000	c	Park Avenue Receivables Corp	2.350	02/04/05		21,927
17,210,000	c	Preferred Receivables Funding Corp	2.260	01/12/05		17,197
7,471,000	c	Preferred Receivables Funding Corp	2.270	01/13/05		7,465
29,630,000	c	Preferred Receivables Funding Corp	2.210	01/20/05		29,594
34,005,000	c	Preferred Receivables Funding Corp	2.350	01/31/05		33,936
45,417,000	c	Preferred Receivables Funding Corp	2.370	02/17/05		45,270
27,600,000		Private Export Funding Corp	1.800	01/05/05		27,592
15,110,000		Private Export Funding Corp	1.960	01/12/05		15,099
30,000,000		Private Export Funding Corp	1.940	01/20/05		29,962
20,000,000		Private Export Funding Corp	2.100	03/01/05		19,919
2,815,000		Private Export Funding Corp	2.450	04/04/05		2,797
19,925,000		Private Export Funding Corp	2.440	04/12/05		19,783
8,100,000		Private Export Funding Corp	2.500	05/17/05		8,021
12,000,000		Private Export Funding Corp	2.500	05/24/05		11,877
10,000,000	c	Proctor & Gamble	2.290	01/14/05		9,991
31,500,000	c	Proctor & Gamble	2.190	01/24/05		31,453
23,845,000	c	Proctor & Gamble	2.300	01/28/05		23,802
3,500,000	c	Proctor & Gamble	2.340	02/14/05		3,490
13,000,000	c	Proctor & Gamble	2.270	02/22/05		12,954
27,610,000		Rabobank USA Financial Corp	1.990	01/26/05		27,565
36,200,000		Rabobank USA Financial Corp	2.020	01/28/05		36,134

104

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

				Maturity
Principal			Rate	Date		Value (000)

$ 3,000,000		Rabobank USA Financial Corp	2.455	03/31/05	$	2,982
18,210,000		Rabobank USA Financial Corp	2.420	05/12/05		18,038
21,883,000	c	Ranger Funding Co LLC	2.245	01/05/05		21,876
10,000,000	c	Ranger Funding Co LLC	2.200	01/13/05		9,992
10,029,000	c	Ranger Funding Co LLC	2.250	01/14/05		10,020
50,000,000	c	Ranger Funding Co LLC	2.330	01/18/05		49,942
25,000,000	c	Ranger Funding Co LLC	2.350	01/20/05		24,967
10,000,000	c	Ranger Funding Co LLC	2.340	01/25/05		9,984
1,138,000	c	Ranger Funding Co LLC	2.300	01/31/05		1,136
18,078,000	c	Ranger Funding Co LLC	2.370	03/14/05		17,989
35,970,000	c	Royal Bank of Scotland plc	2.180	01/11/05		35,946
7,779,000	c	Scaldis Capital LLC	2.350	01/18/05		7,770
29,654,000	c	Scaldis Capital LLC	2.460	03/15/05		29,506
15,723,000	c	Scaldis Capital LLC	2.470	03/23/05		15,635
5,857,000	c	Scaldis Capital LLC	2.640	06/14/05		5,786
6,206,000	c	Scaldis Capital LLC	2.680	06/17/05		6,129
12,590,000		Shell Finance (U.K.) plc	2.270	02/01/05		12,565
13,780,000		Shell Finance (U.K.) plc	2.260	02/04/05		13,750
41,200,000	c	Sigma Finance, Inc	2.030	01/13/05		41,167
29,000,000	c	Sigma Finance, Inc	2.070	02/04/05		28,933
44,000,000	c	Sigma Finance, Inc	2.370	02/25/05		43,828
10,000,000	c	Sigma Finance, Inc	2.490	03/29/05		9,940
24,000,000		Societe Generale North America, Inc	2.250	02/01/05		23,951
25,000,000		Societe Generale North America, Inc	2.175	02/09/05		24,935
23,000,000		Societe Generale North America, Inc	2.250	02/22/05		22,919
8,000,000		Societe Generale North America, Inc	2.450	03/28/05		7,952
25,000,000		UBS Finance, (Delaware), Inc	2.250	01/20/05		24,969
25,500,000		UBS Finance, (Delaware), Inc	2.255	01/21/05		25,466
8,000,000		UBS Finance, (Delaware), Inc	2.020	01/31/05		7,984
10,000,000		UBS Finance, (Delaware), Inc	2.240	02/03/05		9,978
17,270,000		UBS Finance, (Delaware), Inc	2.350	02/15/05		17,217
49,000,000		UBS Finance, (Delaware), Inc	2.360	02/24/05		48,815
15,500,000		UBS Finance, (Delaware), Inc	2.295	02/28/05		15,438
25,000,000	c	Variable Funding Capital Corp	2.200	01/19/05		24,971
40,000,000	c	Variable Funding Capital Corp	2.220	01/24/05		39,940
19,241,000	c	Yorktown Capital, LLC	2.230	01/12/05		19,227
10,000,000	c	Yorktown Capital, LLC	2.190	01/13/05		9,992
33,000,000	c	Yorktown Capital, LLC	2.335	01/18/05		32,961
25,000,000	c	Yorktown Capital, LLC	2.350	01/19/05		24,969
10,130,000	c	Yorktown Capital, LLC	2.300	01/21/05		10,116
28,500,000	c	Yorktown Capital, LLC	2.350	02/14/05		28,416
11,000,000	c	Yorktown Capital, LLC	2.370	03/08/05		10,950
5,565,000	c	Yorktown Capital, LLC	2.420	03/14/05		5,538

		TOTAL COMMERCIAL PAPER				4,425,292

MEDIUM TERM NOTES - 2.30%
11,040,000		Harris Trust And Savings Bank	2.340	01/28/05		11,040
20,000,000		SouthTrust Bank	2.549	09/29/05		20,005
20,000,000		JP Morgan Chase & Co	2.610	02/24/05		20,005
25,000,000		CC (USA), Inc	2.150	02/09/05		24,993
30,000,000		American Honda Finance Corp	2.160	05/06/05		29,991
25,000,000		Beta Finance, Inc	1.440	02/15/05		24,971
25,000,000		CC (USA), Inc	1.420	02/10/05		24,973

		TOTAL MEDIUM TERM NOTES				155,978

U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 17.14%
495,000		Federal Farm Credit Bank (FFCB)	1.840	02/11/05		494
37,151,000		Federal Home Loan Bank (FHLB)	1.950	01/14/05		37,120
25,960,000		Federal Home Loan Bank (FHLB)	1.975	01/21/05		25,926
27,125,000		Federal Home Loan Bank (FHLB)	2.240	01/26/05		27,081
6,000,000		Federal Home Loan Bank (FHLB)	2.020	02/02/05		5,987
30,000,000		Federal Home Loan Bank (FHLB)	2.070	02/04/05		29,931
6,775,000		Federal Home Loan Bank (FHLB)	2.190	02/16/05		6,754
26,648,000		Federal Home Loan Bank (FHLB)	2.250	02/23/05		26,553
20,000,000		Federal Home Loan Bank (FHLB)	2.260	02/28/05		19,923
1,062,000		Federal Home Loan Bank (FHLB)	1.935	03/11/05		1,057
9,545,000		Federal Home Loan Bank (FHLB)	2.090	03/15/05		9,499
15,470,000		Federal Home Loan Bank (FHLB)	1.200	04/01/05		15,419

105

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

			Maturity
Principal		Rate	Date		Value (000)

$ 320,000	Federal Home Loan Bank (FHLB)	2.100	04/01/05	$	318
4,766,000	Federal Home Loan Bank (FHLB)	2.290	04/06/05		4,734
8,477,000	Federal Home Loan Bank (FHLB)	2.250	04/15/05		8,415
20,000,000	Federal Home Loan Mortgage Corp (FHLMC)	1.585	01/05/05		19,994
48,445,000	Federal Home Loan Mortgage Corp (FHLMC)	1.890	01/10/05		48,417
22,957,000	Federal Home Loan Mortgage Corp (FHLMC)	1.550	01/11/05		22,942
12,075,000	Federal Home Loan Mortgage Corp (FHLMC)	1.590	01/11/05		12,067
36,675,000	Federal Home Loan Mortgage Corp (FHLMC)	1.875	01/15/05		36,669
19,850,000	Federal Home Loan Mortgage Corp (FHLMC)	2.270	01/31/05		19,811
4,285,000	Federal Home Loan Mortgage Corp (FHLMC)	2.150	02/08/05		4,275
25,000,000	Federal Home Loan Mortgage Corp (FHLMC)	1.270	02/11/05		24,970
4,720,000	Federal Home Loan Mortgage Corp (FHLMC)	2.300	02/15/05		4,706
69,450,000	Federal Home Loan Mortgage Corp (FHLMC)	2.320	02/22/05		69,211
38,538,000	Federal Home Loan Mortgage Corp (FHLMC)	1.870	02/28/05		38,389
8,133,000	Federal Home Loan Mortgage Corp (FHLMC)	2.230	03/01/05		8,101
4,260,000	Federal Home Loan Mortgage Corp (FHLMC)	1.510	03/10/05		4,241
25,000,000	Federal Home Loan Mortgage Corp (FHLMC)	2.410	03/15/05		24,880
3,448,000	Federal Home Loan Mortgage Corp (FHLMC)	2.450	03/31/05		3,427
2,290,000	Federal Home Loan Mortgage Corp (FHLMC)	2.450	04/05/05		2,275
47,464,000	Federal Home Loan Mortgage Corp (FHLMC)	2.490	04/26/05		47,079
16,375,000	Federal Home Loan Mortgage Corp (FHLMC)	2.470	05/24/05		16,205
2,600,000	Federal Home Loan Mortgage Corp (FHLMC)	1.960	05/31/05		2,571
20,000,000	Federal Home Loan Mortgage Corp (FHLMC)	2.650	06/28/05		19,736
13,440,000	Federal Home Loan Mortgage Corp (FHLMC)	2.700	08/08/05		13,213
4,960,000	Federal Home Loan Mortgage Corp (FHLMC)	2.720	08/23/05		4,871
2,422,000	Federal Home Loan Mortgage Corp (FHLMC)	2.720	10/18/05		2,363
27,000,000	Federal National Mortgage Association (FNMA)	1.240	01/07/05		26,989
11,878,000	Federal National Mortgage Association (FNMA)	2.270	01/10/05		11,871
5,250,000	Federal National Mortgage Association (FNMA)	2.180	01/13/05		5,246
16,000,000	Federal National Mortgage Association (FNMA)	2.280	01/24/05		15,978
25,800,000	Federal National Mortgage Association (FNMA)	2.270	01/26/05		25,758
61,693,000	Federal National Mortgage Association (FNMA)	2.270	02/02/05		61,564
2,300,000	Federal National Mortgage Association (FNMA)	2.250	02/04/05		2,295
22,515,000	Federal National Mortgage Association (FNMA)	2.230	02/07/05		22,462
50,000,000	Federal National Mortgage Association (FNMA)	2.240	02/09/05		49,874
36,670,000	Federal National Mortgage Association (FNMA)	2.270	02/14/05		36,561
60,000,000	Federal National Mortgage Association (FNMA)	2.250	02/16/05		59,818
25,455,000	Federal National Mortgage Association (FNMA)	2.320	02/17/05		25,376
6,715,000	Federal National Mortgage Association (FNMA)	2.300	02/23/05		6,691
7,145,000	Federal National Mortgage Association (FNMA)	2.370	03/02/05		7,117
19,952,000	Federal National Mortgage Association (FNMA)	1.540	03/04/05		19,870
20,000,000	Federal National Mortgage Association (FNMA)	2.390	03/16/05		19,903
14,019,000	Federal National Mortgage Association (FNMA)	2.460	04/06/05		13,925
10,577,000	Federal National Mortgage Association (FNMA)	2.450	04/13/05		10,501
29,480,000	Federal National Mortgage Association (FNMA)	2.480	04/29/05		29,234
41,800,000	Federal National Mortgage Association (FNMA)	2.540	05/04/05		41,426
388,000	Federal National Mortgage Association (FNMA)	2.470	05/16/05		384

					1,162,467

VARIABLE NOTES - 1.46%
2,400,000	ABN Amro North America Finance, Inc	2.270	01/10/05		2,398
30,000,000	American Express Credit Corp (Sr Note)	2.370	08/09/05		30,005
25,000,000	Sigma Finance, Inc	2.015	03/10/05		24,998
30,620,000	Wachovia Corp Note	2.840	03/31/05		30,644
11,000,000	American Honda Finance Corp	2.140	04/11/05		11,004

	TOTAL VARIABLE NOTES				99,049

	TOTAL SHORT TERM INVESTMENTS				6,772,780
	(Cost $6,774,377)

	TOTAL PORTFOLIO - 99.87%				6,772,780
	(Cost $6,774,377)
	OTHER ASSETS & LIABILITIES, NET - 0.13%				8,530

	NET ASSETS - 100.00%			$	6,781,310

c Commercial Paper issued under the private placement exemption under Section 4(2) of the Securities Act of 1933.

106

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

COLLEGE RETIREMENT EQUITIES FUND
STATEMENT OF INVESTMENTS
EQUITY INDEX ACCOUNT
December 31, 2004

				MATURITY
PRINCIPAL/SHARES			RATE	DATE		VALUE (000)

CORPORATE BONDS - 0.00%
HEALTH SERVICES - 0.00%
$30,000	f	National Health Investors, Inc	9.000	01/01/06	$	125

		TOTAL HEALTH SERVICES				125

		TOTAL CORPORATE BONDS
		(Cost $30)				125

PREFERRED STOCKS - 0.00%
HEALTH SERVICES - 0.00%
4,994	*	Bio-Reference Labs, Inc				87

		TOTAL HEALTH SERVICES				87

		TOTAL PREFERRED STOCKS				87
		(Cost $69)
COMMON STOCKS - 99.65%
AGRICULTURAL PRODUCTION-CROPS - 0.01%
2,319	*	Alico, Inc				136
24,664		Delta & Pine Land Co				673
4,084	*	John B. Sanfilippo & Son				105

		TOTAL AGRICULTURAL PRODUCTION-CROPS				914

AGRICULTURAL PRODUCTION-LIVESTOCK - 0.00%
229		Seaboard Corp				229

		TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK				229

AMUSEMENT AND RECREATION SERVICES - 0.22%
33,336	e*	Alliance Gaming Corp				460
19,497	*	Argosy Gaming Co				911
26,091	*	Aztar Corp				911
202,102	*	Caesars Entertainment, Inc				4,070
4,078		Churchill Downs, Inc				182
6,566		Dover Downs Gaming & Entertainment, Inc				86
10,103		Dover Motorsport, Inc				58
23,067	*	Gaylord Entertainment Co				958
73,618		Harrah's Entertainment, Inc				4,924
24,127		International Speedway Corp (Class A)				1,274
9,907	*	Isle of Capri Casinos, Inc				254
9,936	*	Lakes Entertainment, Inc				162
8,300	*	Life Time Fitness, Inc				215
26,149	*	Magna Entertainment (Class A)				157
14,684	*	MTR Gaming Group, Inc				155
15,334	e*	Multimedia Games, Inc				242
4,837	*	Nevada Gold & Casinos, Inc				59
23,250	*	Penn National Gaming, Inc				1,408
61,341	*	Six Flags, Inc				329
9,500		Speedway Motorsports, Inc				372
27,478		Station Casinos, Inc				1,502
12,190	e*	Sunterra Corp				171
14,426	e*	WMS Industries, Inc				484
8,652		World Wrestling Federation Entertainment, Inc				105

		TOTAL AMUSEMENT AND RECREATION SERVICES				19,449

107

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account


SHARES			VALUE (000)

APPAREL AND ACCESSORY STORES - 0.61%
61,836		Abercrombie & Fitch Co (Class A)	$	2,903
35,932	*	Aeropostale, Inc		1,057
34,651		American Eagle Outfitters, Inc		1,632
44,365	*	AnnTaylor Stores Corp		955
7,384		Bebe Stores, Inc		199
4,896		Buckle, Inc		144
12,020		Burlington Coat Factory Warehouse Corp		273
6,195	*	Cache, Inc		112
4,265	*	Carter's, Inc		145
19,783	e*	Casual Male Retail Group, Inc		108
12,800		Cato Corp (Class A)		369
7,344	*	Charlotte Russe Holding, Inc		74
88,275	*	Charming Shoppes, Inc		827
62,492	*	Chico's FAS, Inc		2,845
10,978	*	Children's Place Retail Stores, Inc		407
24,359		Christopher & Banks Corp		449
57,638		Claire's Stores, Inc		1,225
2,900		Deb Shops, Inc		73
14,600	*	Dress Barn, Inc		257
37,330		Finish Line, Inc (Class A)		683
102,945		Foot Locker, Inc		2,772
414,910	e	Gap, Inc		8,763
14,271	*	Genesco, Inc		444
12,238		Goody's Family Clothing, Inc		112
36,388	*	Gymboree Corp		466
42,568	*	Hot Topic, Inc		732
12,233	*	Jo-Ann Stores, Inc		337
14,630	e*	JOS A. Bank Clothiers, Inc		414
261,029		Limited Brands, Inc		6,009
70,672		Nordstrom, Inc		3,303
5,734		Oshkosh B'gosh, Inc (Class A)		123
49,699	*	Pacific Sunwear of California, Inc		1,106
54,478	*	Payless Shoesource, Inc		670
102,448		Ross Stores, Inc		2,958
5,056	*	Shoe Carnival, Inc		66
17,248	*	Stage Stores, Inc		716
15,617		Talbots, Inc		425
338,833		TJX Cos, Inc		8,515
22,498	*	Too, Inc		550
32,744	*	Urban Outfitters, Inc		1,454

		TOTAL APPAREL AND ACCESSORY STORES		54,672

APPAREL AND OTHER TEXTILE PRODUCTS - 0.17%
24,838	*	Collins & Aikman Corp		108
13,500	*	Columbia Sportswear Co		805
16,228	e*	DHB Industries, Inc		309
15,658	*	Guess?, Inc		197
14,824	*	Hartmarx Corp		115
82,889		Jones Apparel Group, Inc		3,031
24,598		Kellwood Co		849
72,846		Liz Claiborne, Inc		3,075
8,598		Oxford Industries, Inc		355
16,170		Phillips-Van Heusen Corp		437
27,979		Polo Ralph Lauren Corp		1,192
36,082	*	Quiksilver, Inc		1,075
55,619		VF Corp		3,080
34,359	*	Warnaco Group, Inc		742

		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		15,370

AUTO REPAIR, SERVICES AND PARKING - 0.04%
6,029	*	Amerco, Inc		277
11,986		Central Parking Corp		182

108

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account


SHARES			VALUE (000)

16,357	*	Dollar Thrifty Automotive Group, Inc	$	494
15,161	*	Exide Technologies		209
10,010	*	Midas, Inc		200
6,088	*	Monro Muffler Brake, Inc		154
42,749		Ryder System, Inc		2,042

		TOTAL AUTO REPAIR, SERVICES AND PARKING		3,558

AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.18%
48,071	*	Advance Auto Parts		2,100
3,642	*	America's Car Mart, Inc		138
7,927	*	Asbury Automotive Group, Inc		109
116,205	*	Autonation, Inc		2,232
40,391	*	Autozone, Inc		3,688
68,572	e*	Carmax, Inc		2,129
44,653	*	Copart, Inc		1,175
30,156	*	CSK Auto Corp		505
16,220	*	Group 1 Automotive, Inc		511
9,249		Lithia Motors, Inc (Class A)		248
7,544	*	MarineMax, Inc		225
36,924	*	O'Reilly Automotive, Inc		1,663
3,780	*	Rush Enterprises, Inc		65
22,844		Sonic Automotive, Inc		567
12,416		United Auto Group, Inc		367
8,587	*	West Marine, Inc		213

		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		15,935

BUILDING MATERIALS AND GARDEN SUPPLIES - 1.15%
9,632		Building Materials Holding Corp		369
10,926	*	Central Garden & Pet Co		456
43,318		Fastenal Co		2,667
23,890	b,e*	USG Corp		962
21,645		Lafarge North America, Inc		1,111
71,216	*	Owens-Illinois, Inc		1,613
1,527,402		Home Depot, Inc		65,281
536,991		Lowe's Cos		30,925

		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		103,384

BUSINESS SERVICES - 6.88%
22,131	*	@Road, Inc		153
14,084	*	24/7 Real Media, Inc		61
254,240	*	3Com Corp		1,060
24,583		Aaron Rents, Inc		615
24,586		ABM Industries, Inc		485
27,360	*	ActivCard Corp		244
87,547	*	Activision, Inc		1,767
33,531	*	Actuate Corp		86
49,025		Acxiom Corp		1,289
22,723	*	Administaff, Inc		287
161,512		Adobe Systems, Inc		10,133
20,832	*	Advent Software, Inc		427
19,800		Advo, Inc		706
84,411	*	Affiliated Computer Services, Inc (Class A)		5,081
33,812	*	Agile Software Corp		276
69,182	*	Akamai Technologies, Inc		901
29,166	*	Alliance Data Systems Corp		1,385
13,473	*	Altiris, Inc		477
11,399	*	AMN Healthcare Services, Inc		181
4,645	*	Ansoft Corp		94
19,916	*	Ansys, Inc		639
17,474	*	Anteon International Corp		731
30,773	*	Aquantive, Inc		275
22,748	*	Arbitron, Inc		891
38,767	*	Ariba, Inc		644
24,007	*	Armor Holdings, Inc		1,129
52,500	*	Ascential Software Corp		856

109

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account


SHARES			VALUE (000)

22,878	*	Asiainfo Holdings, Inc	$	136
41,084	e*	Ask Jeeves, Inc		1,099
30,600	*	Aspect Communications Corp		341
33,163	*	Aspen Technology, Inc		206
5,092	*	Asset Acceptance Capital Corp		108
5,156	*	Atari, Inc		15
26,919	*	Autobytel, Inc		163
162,173		Autodesk, Inc		6,154
404,493		Automatic Data Processing, Inc		17,939
244,376	*	BEA Systems, Inc		2,165
78,803	*	Bisys Group, Inc		1,296
4,500	*	Blackboard, Inc		67
9,011	*	Blue Coat Systems, Inc		168
155,103	*	BMC Software, Inc		2,885
52,351	*	Borland Software Corp		611
11,900		Brady Corp (Class A)		745
36,792		Brink's Co		1,454
170,937	*	Brocade Communications Systems, Inc		1,306
19,029	*	CACI International, Inc (Class A)		1,296
178,396	e*	Cadence Design Systems, Inc		2,464
20,828	*	Captaris, Inc		107
13,113	*	Carreker Corp		113
33,798		Catalina Marketing Corp		1,001
4,633	*	CCC Information Services Group, Inc		103
7,981		CDI Corp		171
690,237		Cendant Corp		16,138
109,457	*	Ceridian Corp		2,001
18,797	e*	Cerner Corp		999
41,499		Certegy, Inc		1,474
53,711	*	Checkfree Corp		2,045
63,007	*	ChoicePoint, Inc		2,898
46,459	*	Chordiant Software, Inc		106
33,000	*	Ciber, Inc		318
119,515	*	Citrix Systems, Inc		2,932
244,281	*	CMGI, Inc		623
82,662	*	CNET Networks, Inc		928
12,900	*	Cogent, Inc		426
85,948	*	Cognizant Technology Solutions Corp		3,638
315,902		Computer Associates International, Inc		9,812
4,012		Computer Programs & Systems, Inc		93
127,493	*	Computer Sciences Corp		7,187
250,835	*	Compuware Corp		1,623
11,530	*	Concord Communications, Inc		128
16,965	*	Concur Technologies, Inc		151
98,532	*	Convergys Corp		1,477
21,029	*	Corillian Corp		103
10,398	*	CoStar Group, Inc		480
13,004	*	Covansys Corp		199
35,280	*	CSG Systems International, Inc		660
9,005	*	Cyberguard Corp		57
17,707	*	Cybersource Corp		127
35,076		Deluxe Corp		1,309
23,401	*	Dendrite International, Inc		454
8,223	*	Digimarc Corp		77
22,736	*	Digital Insight Corp		418
25,562	*	Digital River, Inc		1,064
78,381	*	DoubleClick, Inc		610
50,977	*	DST Systems, Inc		2,657
49,481	*	Dun & Bradstreet Corp		2,952
49,239	*	E.piphany, Inc		238
89,790	*	Earthlink, Inc		1,034
18,386	*	Echelon Corp		155
23,652	*	Eclipsys Corp		483
10,302	*	eCollege.com, Inc		117
8,103	e*	Education Lending Group, Inc		126
31,021	*	eFunds Corp		745
11,677		Electro Rent Corp		166
202,291	*	Electronic Arts, Inc		12,477
346,964		Electronic Data Systems Corp		8,015
13,753	*	Embarcadero Technologies, Inc		129

110

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account


SHARES			VALUE (000)

136,198	*	Enterasys Networks, Inc	$	245
41,212	*	Entrust, Inc		156
26,891	*	Epicor Software Corp		379
8,841	*	EPIQ Systems, Inc		129
93,668		Equifax, Inc		2,632
7,792	*	Equinix, Inc		333
15,409	*	eSpeed, Inc (Class A)		191
89,895	*	Extreme Networks, Inc		589
22,340	*	F5 Networks, Inc		1,088
13,201		Factset Research Systems, Inc		771
45,737		Fair Isaac Corp		1,678
32,743	*	Filenet Corp		843
28,003	e*	FindWhat.com		496
2,000	*	First Advantage Corp		41
598,914		First Data Corp		25,478
133,380	*	Fiserv, Inc		5,361
28,161	*	Getty Images, Inc		1,939
15,357		Gevity HR, Inc		316
14,200	e*	Google, Inc (Class A)		2,742
3,271	e*	Greg Manning Auctions, Inc		40
616		Grey Global Group, Inc		678
12,541	*	GSI Commerce, Inc		223
77,818		GTECH Holdings Corp		2,019
31,752	*	Harris Interactive, Inc		251
9,634		Healthcare Services Group		201
10,900	*	Heidrick & Struggles International, Inc		374
49,163		Henry (Jack) & Associates, Inc		979
73,633	*	Homestore, Inc		223
6,454	*	Hudson Highland Group, Inc		186
26,320	*	Hyperion Solutions Corp		1,227
1,650	*	IAC/InterActiveCorp Wts 02/04/09		49
13,440	*	IDX Systems Corp		463
12,987	*	iGate Corp		53
23,575		Imation Corp		750
158,389		IMS Health, Inc		3,676
10,169	e*	Infocrossing, Inc		172
55,579	*	Informatica Corp		451
20,686	e*	Infospace, Inc		984
20,612	*	infoUSA, Inc		231
8,622	*	Innovative Solutions & Support, Inc		288
23,142	*	Interactive Data Corp		503
10,277	e*	Interchange Corp		186
29,403	*	Intergraph Corp		792
24,676	*	Internet Capital Group, Inc		222
26,357	*	Internet Security Systems, Inc		613
291,088	*	Interpublic Group of Cos, Inc		3,901
4,587	*	Intersections, Inc		79
5,555	*	Intervideo, Inc		73
26,296	*	Interwoven, Inc		286
11,196	*	Intrado, Inc		135
119,091	*	Intuit, Inc		5,241
28,643	*	Ipass, Inc		212
6,801	*	iPayment, Inc		337
71,854	*	Iron Mountain, Inc		2,191
4,363	*	IVAX Diagnostics, Inc		19
24,846	*	iVillage, Inc		154
10,500	*	Jamdat Mobile, Inc		217
18,698	*	JDA Software Group, Inc		255
359,255	*	Juniper Networks, Inc		9,768
12,735	*	Jupitermedia Corp		303
34,016	*	Keane, Inc		500
11,143		Kelly Services, Inc (Class A)		336
12,200	*	Keynote Systems, Inc		170
16,544	*	Kforce, Inc		184
40,212	e*	KFX ,Inc		584
18,926	*	Kinetic Concepts, Inc		1,444
3,858	*	Kintera, Inc		35
21,800	*	Korn/Ferry International		452
20,129	*	Kronos, Inc		1,029
33,822	*	Labor Ready, Inc		572

111

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account


SHARES			VALUE (000)

59,289	*	Lamar Advertising Co	$	2,536
36,033	*	Lawson Software, Inc		248
30,197	*	Lionbridge Technologies		203
61,886	*	Looksmart Ltd		136
51,340	*	Macromedia, Inc		1,598
31,963	*	Macrovision Corp		822
15,957	*	Magma Design Automation, Inc		200
19,563	*	Manhattan Associates, Inc		467
59,025		Manpower, Inc		2,851
10,910	*	Mantech International Corp (Class A)		259
46,024	*	Manugistics Group, Inc		132
15,415	*	MAPICS, Inc		163
13,097	*	Mapinfo Corp		157
2,662	e*	Marchex, Inc		56
6,760	*	MarketWatch, Inc		122
3,847	*	Marlin Business Services, Inc		73
31,524	*	Matrixone, Inc		206
109,547	e*	McAfee, Inc		3,169
5,014		McGrath RentCorp		219
7,090	*	Medical Staffing Network Holdings, Inc		58
53,708	*	Mentor Graphics Corp		821
60,470	e*	Mercury Interactive Corp		2,754
50,746	*	Micromuse, Inc		282
6,262,061		Microsoft Corp		167,260
10,074	*	MicroStrategy, Inc		607
39,952	e*	Midway Games, Inc		419
64,497	e*	Mindspeed Technologies, Inc		179
58,713		MoneyGram International, Inc		1,241
66,217	*	Monster Worldwide, Inc		2,228
79,337	*	MPS Group, Inc		973
12,659	*	MRO Software, Inc		165
17,744	*	MSC.Software Corp		186
34,705		National Instruments Corp		946
26,300	*	NAVTEQ Corp		1,219
17,527	*	NCO Group, Inc		453
12,200	*	NCP Litigation Trust		0
64,802	*	NCR Corp		4,486
23,347		NDCHealth Corp		434
5,618	e*	Neoforma, Inc		43
36,976	*	NETIQ Corp		451
7,961	*	Netratings, Inc		153
15,388	*	Netscout Systems, Inc		107
16,401	*	Network Equipment Technologies, Inc		161
20,183	*	NIC, Inc		103
252,442	*	Novell, Inc		1,704
130,513		Omnicom Group, Inc		11,005
7,714	*	Open Solutions, Inc		200
7,639	*	Opnet Technologies, Inc		64
33,549	*	Opsware, Inc		246
2,573,426	*	Oracle Corp		35,307
30,472	*	Packeteer, Inc		440
9,863	e*	PalmSource, Inc		126
173,786	*	Parametric Technology Corp		1,024
13,746	*	PC-Tel, Inc		109
10,562	*	PDF Solutions, Inc		170
5,466	*	PDI, Inc		122
7,479	*	PEC Solutions, Inc		106
15,823	*	Pegasus Solutions, Inc		199
7,322	*	Pegasystems, Inc		62
48,980	*	Perot Systems Corp (Class A)		785
15,887	*	Pixar		1,360
14,902	*	PLATO Learning, Inc		111
20,904	*	Portal Software, Inc		55
7,824	*	Portfolio Recovery Associates, Inc		323
10,100	*	ProcureNet, Inc		2
20,055	*	Progress Software Corp		468
3,888	*	Proxymed, Inc		38
8,302		QAD, Inc		74
2,161	*	Quality Systems, Inc		129
32,233	*	Quest Software, Inc		514

112

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account


SHARES			VALUE (000)

15,590	*	R.H. Donnelley Corp	$	921
12,390	*	Radisys Corp		242
72,922	*	RealNetworks, Inc		483
118,326	*	Red Hat, Inc		1,580
29,008	e*	Redback Networks, Inc		155
5,893		Renaissance Learning, Inc		109
47,103	*	Rent-A-Center, Inc		1,248
17,000	*	Rent-Way, Inc		136
36,163	*	Retek, Inc		222
15,376	*	Rewards Network, Inc		108
44,118		Reynolds & Reynolds Co (Class A)		1,170
97,221		Robert Half International, Inc		2,861
12,262		Rollins, Inc		323
48,634	*	RSA Security, Inc		976
47,690	*	S1 Corp		432
15,405	*	SafeNet, Inc		566
10,900	e*	Salesforce.com, Inc		185
50,825	*	Sapient Corp		402
53,718	*	Scansoft, Inc		225
29,070	*	Secure Computing Corp		290
32,160	*	Seebeyond Technology Corp		115
16,272	e*	Serena Software, Inc		352
3,257	*	SI International, Inc		100
281,739	*	Siebel Systems, Inc		2,958
37,761	*	Sitel Corp		93
3,036	e*	SoftBrands, Inc		7
14,310	*	Sohu.com, Inc		253
38,536	*	SonicWALL, Inc		244
29,603	*	Sotheby's Holdings, Inc (Class A)		538
12,741	*	Source Interlink Cos, Inc		169
39,138	*	Spherion Corp		329
9,177	*	SPSS, Inc		144
8,439	*	SRA International, Inc (Class A)		542
8,805		SS&C Technologies, Inc		182
7,046		Startek, Inc		200
13,149	*	Stellent, Inc		116
5,949	e*	Stratasys, Inc		200
2,239,396	*	Sun Microsystems, Inc		12,048
198,337	*	SunGard Data Systems, Inc		5,619
23,524	*	SupportSoft, Inc		157
62,826	*	Sybase, Inc		1,253
15,600	*	Sykes Enterprises, Inc		108
422,432	*	Symantec Corp		10,882
4,247	*	SYNNEX Corp		102
115,374	*	Synopsys, Inc		2,264
4,749		Syntel, Inc		83
28,915	e*	Take-Two Interactive Software, Inc		1,006
8,672		Talx Corp		224
24,393	*	TeleTech Holdings, Inc		236
24,875	*	THQ, Inc		571
137,632	*	TIBCO Software, Inc		1,836
10,755	*	Tier Technologies, Inc (Class B)		99
2,121	e*	TippingPoint Technologies, Inc		99
55,379	*	Titan Corp		897
2,880	*	TNS, Inc		63
24,631		Total System Services, Inc		599
12,167	*	TradeStation Group, Inc		85
23,932	*	Transaction Systems Architects, Inc (Class A)		475
1,800	e*	Travelzoo, Inc		172
20,320	*	Trizetto Group, Inc		193
30,912	*	Tumbleweed Communications Corp		103
26,379	*	Tyler Technologies, Inc		221
9,912	*	Ultimate Software Group, Inc		126
226,795	*	Unisys Corp		2,309
34,514	*	United Online, Inc		398
35,516	f*	United Rentals, Inc		671
11,228	*	Universal Compression Holdings, Inc		392
51,259	*	Valueclick, Inc		683
7,576	*	Verint Systems, Inc		275
172,107	*	VeriSign, Inc		5,769

113

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account


SHARES			VALUE (000)

292,965	*	Veritas Software Corp	$	8,364
19,298	*	Verity, Inc		253
5	*	Versata, Inc		0
4,600	*	Vertrue, Inc		174
14,678		Viad Corp		418
187,156	*	Vignette Corp		260
5,200	*	Volt Information Sciences, Inc		153
21,673	*	WatchGuard Technologies, Inc		96
19,527	*	WebEx Communications, Inc		464
205,127	e*	WebMD Corp		1,674
38,958	*	webMethods, Inc		281
14,870	*	Websense, Inc		754
54,172	*	Westwood One, Inc		1,459
47,480	*	Wind River Systems, Inc		643
16,209	*	Witness Systems, Inc		283
781,733	*	Yahoo!, Inc		29,456
13,515	e*	Zix Corp		70

		TOTAL BUSINESS SERVICES		620,638

CHEMICALS AND ALLIED PRODUCTS - 10.00%
1,065,219		Abbott Laboratories		49,692
58,230	e*	Abgenix, Inc		602
11,254	*	Able Laboratories, Inc		256
10,343		Aceto Corp		197
24,756	*	Adolor Corp		246
6,121	*	Advancis Pharmaceutical Corp		23
155,023		Air Products & Chemicals, Inc		8,987
17,349	*	Albany Molecular Research, Inc		193
21,116		Albemarle Corp		817
46,570		Alberto-Culver Co		2,262
17,434	*	Alexion Pharmaceuticals, Inc		439
58,110	*	Alkermes, Inc		819
90,517		Allergan, Inc		7,338
25,287		Alpharma, Inc (Class A)		429
12,396	e*	American Pharmaceutical Partners, Inc		464
3,242	e	American Vanguard Corp		119
882,790	*	Amgen, Inc		56,631
61,775	*	Amylin Pharmaceuticals, Inc		1,443
47,546	*	Andrx Corp		1,038
15,085	e	Arch Chemicals, Inc		434
15,478	*	Array Biopharma, Inc		147
27,606	e*	Atherogenics, Inc		650
48,708	*	Avant Immunotherapeutics, Inc		98
77,806		Avery Dennison Corp		4,666
324,022		Avon Products, Inc		12,540
62,834	*	Barr Pharmaceuticals, Inc		2,861
4,237	*	Barrier Therapeutics, Inc		70
10,191	*	Benthley Pharmaceuticals, Inc		110
10,600	*	BioCryst Pharmaceuticals, Inc		61
12,572	*	Bioenvision, Inc		113
231,050	*	Biogen Idec, Inc		15,390
41,452	*	BioMarin Pharmaceutical, Inc		265
8,396	e*	Biosite, Inc		517
10,137	*	Bone Care International, Inc		282
8,766	e*	Bradley Pharmaceuticals, Inc		170
1,328,706		Bristol-Myers Squibb Co		34,041
40,985		Cabot Corp		1,585
21,400		Calgon Carbon Corp		194
16,927		Cambrex Corp		459
10,712	e*	CancerVax Corp		116
5,883	*	Caraco Pharmaceutical Laboratories Ltd		56
28,958	e*	Cell Genesys, Inc		235
64,537	e*	Cell Therapeutics, Inc		525
36,365	*	Cephalon, Inc		1,850
39,423	*	Charles River Laboratories International, Inc		1,814
10,846	*	Chattem, Inc		359
78,428	*	Chiron Corp		2,614
39,915		Church & Dwight Co, Inc		1,342
104,252		Clorox Co		6,144

114

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account


SHARES			VALUE (000)

364,546		Colgate-Palmolive Co	$	18,650
20,700	*	Connetics Corp		503
2,918	*	Corcept Therapeutics, Inc		18
3,991	*	Corgentech, Inc		33
36,100	e*	Corixa Corp		131
74,757		Crompton Corp		882
30,772	*	Cubist Pharmaceuticals, Inc		364
26,872	*	Curis, Inc		140
19,040	*	Cypress Bioscience, Inc		268
25,661		Cytec Industries, Inc		1,319
10,054	e*	Cytogen Corp		116
4,901	*	Cytokinetics, Inc		50
27,683	*	Dade Behring Holdings, Inc		1,550
3,174	*	DEL Laboratories, Inc		110
42,749	e*	Dendreon Corp		461
14,675		Diagnostic Products Corp		808
9,093	*	Digene Corp		238
30,302	*	Discovery Laboratories, Inc		240
8,786	e*	Dov Pharmaceutical, Inc		159
638,812		Dow Chemical Co		31,628
684,452		Du Pont (E.I.) de Nemours & Co		33,572
19,885	e*	Durect Corp		65
9,709	*	Dusa Pharmaceuticals, Inc		139
4,041	*	Dynavax Technologies Corp		32
51,444		Eastman Chemical Co		2,970
123,991		Ecolab, Inc		4,356
14,351	*	Elizabeth Arden, Inc		341
39,226	*	Encysive Pharmaceuticals, Inc		390
28,467	*	Enzon, Inc		391
18,191	*	Eon Labs, Inc		491
14,772	*	EPIX Pharmaceuticals, Inc		265
71,051		Estee Lauder Cos (Class A)		3,252
4,423	*	Eyetech Pharmaceuticals, Inc		201
26,673		Ferro Corp		619
17,014	*	First Horizon Pharmaceutical		389
23,574	*	FMC Corp		1,139
250,343	*	Forest Laboratories, Inc		11,230
33,993	e*	Genaera Corp		116
57,046	e*	Genelabs Technologies		68
304,906	*	Genentech, Inc		16,599
39,319	e*	Genta, Inc		69
165,848	*	Genzyme Corp		9,631
18,457		Georgia Gulf Corp		919
29,239	e*	Geron Corp		233
291,288	*	Gilead Sciences, Inc		10,192
686,035		Gillette Co		30,721
32,812		Great Lakes Chemical Corp		935
3,519	*	GTx, Inc		47
28,102	e*	Guilford Pharmaceuticals, Inc		139
19,043		H.B. Fuller Co		543
8,921	e*	Hollis-Eden Pharmaceuticals		84
103,653	*	Hospira, Inc		3,472
85,351	*	Human Genome Sciences, Inc		1,026
34,760	*	ICOS Corp		983
24,513	*	Idexx Laboratories, Inc		1,338
44,038	*	ImClone Systems, Inc		2,029
28,972	*	Immucor, Inc		681
27,300	*	Immunogen, Inc		241
27,822	e*	Immunomedics, Inc		85
31,525	*	Impax Laboratories, Inc		501
33,313	e*	Indevus Pharmaceuticals, Inc		199
31,557	*	Inkine Pharmaceutical Co		171
24,514	*	Inspire Pharmaceuticals, Inc		411
3,281	e	Inter Parfums, Inc		52
18,604	*	InterMune, Inc		247
55,180		International Flavors & Fragrances, Inc		2,364
8,702	e*	Inverness Medical Innovations, Inc		218
37,608	*	Invitrogen Corp		2,525
33,602	*	Isis Pharmaceuticals, Inc		198
19,436	e*	Isolagen, Inc		153

115

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account


SHARES			VALUE (000)

123,307	*	IVAX Corp	$	1,951
160,061	*	King Pharmaceuticals, Inc		1,985
12,193	*	Kos Pharmaceuticals, Inc		459
2,593		Kronos Worldwide, Inc		106
23,144	e*	KV Pharmaceutical Co (Class A)		510
4,119	*	Lannett Co, Inc		41
47,891	*	Ligand Pharmaceuticals, Inc (Class B)		557
665,116		Lilly (Eli) & Co		37,745
23,300		MacDermid, Inc		841
9,202	e	Mannatech, Inc		175
4,900	e*	MannKind Corp		77
4,648	e*	Marshall Edwards, Inc		42
16,986	*	Martek Biosciences Corp		870
57,387	e*	Medarex, Inc		619
30,920	*	Medicines Co		890
36,347		Medicis Pharmaceutical Corp (Class A)		1,276
168,132	*	MedImmune, Inc		4,558
1,519,766		Merck & Co, Inc		48,845
46,516	*	MGI Pharma, Inc		1,303
200,871	*	Millennium Pharmaceuticals, Inc		2,435
14,800		Minerals Technologies, Inc		987
75,083	*	Mosaic Co		1,225
181,192	e	Mylan Laboratories, Inc		3,203
9,046	e*	Myogen, Inc		73
37,100	*	Nabi Biopharmaceuticals		544
32,200	*	Nalco Holding Co		629
6,421		Nature's Sunshine Products, Inc		131
35,347	*	NBTY, Inc		849
54,157	*	Nektar Therapeutics		1,096
13,600	*	Neose Technologies, Inc		91
23,563	e*	Neurocrine Biosciences, Inc		1,162
16,190	*	Neurogen Corp		152
9,259	*	NewMarket Corp		184
10,788	e*	NitroMed, Inc		288
4,943	*	NL Industries, Inc		109
12,331	e*	Northfield Laboratories, Inc		278
15,161	*	Noven Pharmaceuticals, Inc		259
24,135	e*	NPS Pharmaceuticals, Inc		441
5,105	*	Nutraceutical International Corp		79
18,360	*	Nuvelo, Inc		181
8,064		Octel Corp		168
45,537		Olin Corp		1,003
21,450	*	OM Group, Inc		695
26,300	*	Omnova Solutions, Inc		148
30,672	*	Onyx Pharmaceuticals, Inc		993
25,337	*	OraSure Technologies, Inc		170
33,515	*	OSI Pharmaceuticals, Inc		2,509
16,715	*	Pain Therapeutics, Inc		121
34,854	*	Palatin Technologies, Inc		93
23,128	*	Par Pharmaceutical Cos, Inc		957
10,763	*	Penwest Pharmaceuticals Co		129
81,504	e*	Peregrine Pharmaceuticals, Inc		95
6,064	e*	PetMed Express, Inc		46
5,210,585		Pfizer, Inc		140,113
12,713	*	Pharmacyclics, Inc		133
9,670	*	Pharmion Corp		408
17,025		PolyMedica Corp		635
82,277	*	PolyOne Corp		745
15,548	*	Pozen, Inc		113
116,670		PPG Industries, Inc		7,952
33,911	*	Praecis Pharmaceuticals, Inc		64
221,102		Praxair, Inc		9,762
1,759,988		Procter & Gamble Co		96,940
7,626	*	Progenics Pharmaceuticals		131
61,596	*	Protein Design Labs, Inc		1,273
5,255		Quaker Chemical Corp		131
20,485	*	Quidel Corp		104
3,869	*	Renovis, Inc		56
94,597	*	Revlon, Inc (Class A)		218
110,464		Rohm & Haas Co		4,886

116

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account


SHARES			VALUE (000)

76,437		RPM International, Inc	$	1,503
23,338	*	Salix Pharmaceuticals Ltd		411
4,496	*	Santarus, Inc		41
1,006,184		Schering-Plough Corp		21,009
28,427	*	Sciclone Pharmaceuticals, Inc		105
17,183	*	Scotts Co (Class A)		1,263
70,984	*	Sepracor, Inc		4,214
24,785	*	Serologicals Corp		548
82,020		Sherwin-Williams Co		3,661
47,395		Sigma-Aldrich Corp		2,866
3,400		Stepan Co		83
36,010	e*	SuperGen, Inc		254
9,300	e*	SurModics, Inc		302
15,482	e*	Tanox, Inc		235
3,686	e*	Tercica, Inc		37
25,291	e*	Terra Industries, Inc		225
18,207	*	Third Wave Technologies, Inc		157
5,800	*	UAP Holding Corp		100
12,249	e*	United Therapeutics Corp		553
6,813	e*	USANA Health Sciences, Inc		233
54,544		USEC, Inc		529
54,315		Valeant Pharmaceuticals International		1,431
38,515		Valspar Corp		1,926
40,654	*	VCA Antech, Inc		797
51,974	*	Vertex Pharmaceuticals, Inc		549
42,162	*	Vicuron Pharmaceuticals, Inc		734
35,880	e*	Vion Pharmaceuticals, Inc		168
77,950	*	Watson Pharmaceuticals, Inc		2,558
20,883		Wellman, Inc		223
19,220		West Pharmaceutical Services, Inc		481
9,000		Westlake Chemical Corp		301
52,070	b*	WR Grace & Co		709
909,685		Wyeth		38,743
29,389	*	Zila, Inc		126
12,579	*	Zymogenetics, Inc		289

		TOTAL CHEMICALS AND ALLIED PRODUCTS		901,804

COAL MINING - 0.10%
42,214		Arch Coal, Inc		1,500
59,451		Consol Energy, Inc		2,440
50,193		Massey Energy Co		1,754
42,164	e	Peabody Energy Corp		3,411

		TOTAL COAL MINING		9,105

COMMUNICATIONS - 4.90%
7,660	*	AirGate PCS, Inc		273
19,950	*	Airspan Networks, Inc		108
48,625	e*	Alamosa Holdings, Inc		606
6,373		Alaska Communications Systems Group, Inc		55
212,059		Alltel Corp		12,461
141,952	*	American Tower Corp (Class A)		2,612
546,710		AT&T Corp		10,420
272,146	*	Avaya, Inc		4,681
3,494	*	Beasley Broadcast Group, Inc (Class A)		61
1,253,191		BellSouth Corp		34,826
11,878	*	Boston Communications Group		110
121,290	*	Cablevision Systems Corp (Class A)		3,020
8,700	*	Centennial Communications Corp		69
95,054		CenturyTel, Inc		3,372
174,593	e*	Charter Communications, Inc (Class A)		391
157,873	*	Cincinnati Bell, Inc		655
35,051	e*	Citadel Broadcasting Corp		567
334,687		Clear Channel Communications, Inc		11,209
988,329	e*	Comcast Corp (Class A)		32,892
483,829	*	Comcast Corp (Special Class A)		15,889
14,181	*	Commonwealth Telephone Enterprises, Inc		704
24,768	*	Cox Radio, Inc (Class A)		408

117

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account


SHARES			VALUE (000)

139,316	*	Crown Castle International Corp	$	2,318
13,062	*	Crown Media Holdings, Inc (Class A)		112
12,239		CT Communications, Inc		151
31,931	*	Cumulus Media, Inc (Class A)		482
8,278		D&E Communications, Inc		100
441,217	*	DIRECTV Group, Inc		7,386
71,368	*	Dobson Communications Corp (Class A)		123
151,055		EchoStar Communications Corp (Class A)		5,021
31,765	*	Emmis Communications Corp (Class A)		610
31,548	*	Entercom Communications Corp		1,132
31,254	*	Entravision Communications Corp (Class A)		261
4,284	*	Fisher Communications, Inc		209
300	e*	Focal Communications Corp		0
77,030	*	Foundry Networks, Inc		1,014
128,941	*	Fox Entertainment Group, Inc (Class A)		4,031
29,435	*	General Communication, Inc (Class A)		325
20,336		Global Payments, Inc		1,190
9,171		Golden Telecom, Inc		242
29,084		Gray Television, Inc		451
23,613		Hearst-Argyle Television, Inc		623
231,833	*	IAC/InterActiveCorp		6,403
28,383	*	IDT Corp		417
9,000	*	IDT Corp (Class B)		139
46,099	*	Infonet Services Corp (Class B)		93
1,300	*	InPhonic, Inc		36
29,621	*	Insight Communications Co, Inc		275
153,285	*	Internap Network Services Corp		143
7,100		Iowa Telecommunications Services, Inc		153
8,130	e*	ITC Deltacom, Inc		14
12,205	e*	j2 Global Communications, Inc		421
442,156	e*	Level 3 Communications, Inc		1,499
10,858		Liberty Corp		477
110,700	*	Liberty Media International, Inc		5,118
17,509	*	Lin TV Corp (Class A)		334
7,129	*	Lodgenet Entertainment Corp		126
36,177	*	Lucent Technologies Inc Wts 12/10/07		57
2,887,326	e*	Lucent Technologies, Inc		10,856
23,927	*	Mastec, Inc		242
245,815	f,v*	McLeod (Escrow)		0
42,748	*	Mediacom Communications Corp		267
23,120	*	Net2Phone, Inc		79
6,531	*	Nexstar Broadcasting Group, Inc		60
700,680	*	Nextel Communications, Inc (Class A)		21,020
85,563	*	Nextel Partners, Inc (Class A)		1,672
36,920	*	NII Holdings, Inc (Class B)		1,752
9,887		North Pittsburgh Systems, Inc		245
13,951	e*	Novatel Wireless, Inc		270
49,179	*	NTL, Inc		3,588
40	*	Nucentrix Broadband Wts 12/31/03		0
29,404	*	Paxson Communications Corp		41
29,007	*	Price Communications Corp		539
47,988	*	Primus Telecommunications Group		153
41,043	*	PTEK Holdings, Inc		440
976,425	*	Qwest Communications International, Inc		4,335
26,006	*	Radio One, Inc (Class A)		419
40,696	*	Radio One, Inc (Class D)		656
37,792	b,e*	RCN Corp		1
22,221	*	Regent Communications, Inc		118
10,586	*	Saga Communications, Inc (Class A)		178
6,417	*	Salem Communications Corp (Class A)		160
2,262,352		SBC Communications, Inc		58,301
4,430		Shenandoah Telecom Co		133
29,018		Sinclair Broadcast Group, Inc (Class A)		267
23,949	*	Spanish Broadcasting System, Inc (Class A)		253
29,652	*	Spectrasite, Inc		1,717
970,853		Sprint Corp		24,126
9,587		SureWest Communications		272
17,301	e*	Talk America Holdings, Inc		115
36,160		Telephone & Data Systems, Inc		2,783
194,590	e*	Terremark Worldwide, Inc		125

118

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account


SHARES			VALUE (000)

32,173	*	Time Warner Telecom, Inc (Class A)	$	140
36,289	e*	Tivo, Inc		213
24,735	*	Triton PCS Holdings, Inc (Class A)		85
10,070	*	U.S. Cellular Corp		451
45,609	*	Ubiquitel, Inc		325
248,237	*	UnitedGlobalcom, Inc (Class A)		2,398
158,518	e*	Univision Communications, Inc (Class A)		4,640
15,322	*	USA Mobility, Inc		541
1,893,660		Verizon Communications, Inc		76,712
12,920	e	Viacom, Inc (Class A)		479
1,014,058		Viacom, Inc (Class B)		36,902
12,705	*	West Corp		421
54,915	*	Western Wireless Corp (Class A)		1,609
16,581	f,v*	Wiltel Communications Group (Rts)		0
30,706	*	Wireless Facilities, Inc		290
112,377	e*	XM Satellite Radio Holdings, Inc		4,228
10,483	*	Young Broadcasting, Inc (Class A)		111

		TOTAL COMMUNICATIONS		441,603

DEPOSITORY INSTITUTIONS - 10.12%
8,438		1st Source Corp		215
6,588		ABC Bancorp		138
5,843	*	ACE Cash Express, Inc		173
6,684	*	AmericanWest Bancorp		135
241,638		AmSouth Bancorp		6,258
12,870		Anchor Bancorp Wisconsin, Inc		375
5,626		Arrow Financial Corp		174
90,370		Associated Banc-Corp		3,001
56,113		Astoria Financial Corp		2,243
2,308		Bancfirst Corp		182
51,303		Bancorpsouth, Inc		1,250
5,589		BancTrust Financial Group, Inc		138
51,072		Bank Mutual Corp		622
2,778,154		Bank of America Corp		130,545
8,708		Bank of Granite Corp		182
37,311		Bank of Hawaii Corp		1,893
531,971		Bank of New York Co, Inc		17,778
6,903		Bank of The Ozarks, Inc		235
28,102		BankAtlantic Bancorp, Inc (Class A)		559
119,459		Banknorth Group, Inc		4,372
18,700	*	BankUnited Financial Corp (Class A)		597
6,670		Banner Corp		208
380,596		BB&T Corp		16,004
3,588		Berkshire Hills Bancorp, Inc		133
4,481	*	BFC Financial Corp		57
11,332	*	BOK Financial Corp		553
17,704		Boston Private Financial Holdings, Inc		499
4,402		Bryn Mawr Bank Corp		97
5,218		Camden National Corp		206
5,700		Capital City Bank Group, Inc		238
3,298		Capital Corp of the West		155
2,744	*	Capital Crossing Bank		84
13,880		Capitol Federal Financial		500
11,088		Cascade Bancorp		224
28,098		Cathay General Bancorp		1,054
6,026		Center Financial Corp		121
5,521	*	Central Coast Bancorp		127
19,546		Central Pacific Financial Corp		707
2,065		Century Bancorp, Inc (Class A)		61
2,526		Charter Financial Corp		111
15,811		Chemical Financial Corp		679
36,932		Chittenden Corp		1,061
3,530,759		Citigroup, Inc		170,112
13,600	*	Citigroup, Inc (Litigation Wts)		19
28,716		Citizens Banking Corp		986
5,625		Citizens First Bancorp, Inc		136
5,270		City Bank		191
11,021		City Holding Co		399
30,164		City National Corp		2,131

119

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account


SHARES			VALUE (000)

8,907		Clifton Savings Bancorp, Inc	$	108
8,311		Coastal Financial Corp		159
8,193		CoBiz, Inc		166
95,866	e	Colonial Bancgroup, Inc		2,035
3,557		Columbia Bancorp		122
9,018		Columbia Banking System, Inc		225
119,753		Comerica, Inc		7,307
45,532		Commerce Bancorp, Inc		2,932
43,108	e	Commerce Bancshares, Inc		2,164
23,545		Commercial Capital Bancorp, Inc		546
29,159		Commercial Federal Corp		866
16,226		Community Bank System, Inc		458
9,922		Community Trust Bancorp, Inc		321
86,687		Compass Bancshares, Inc		4,219
10,300		Corus Bankshares, Inc		495
38,713		Cullen/Frost Bankers, Inc		1,881
24,111		CVB Financial Corp		640
19,824		Dime Community Bancshares		355
13,867		Downey Financial Corp		790
32,574		East West Bancorp, Inc		1,367
14,580	*	Euronet Worldwide, Inc		379
4,024		Farmers Capital Bank Corp		166
8,548		Fidelity Bankshares, Inc		366
330,651		Fifth Third Bancorp		15,633
5,668		Financial Institutions, Inc		132
7,060		First Bancorp (North Carolina)		192
22,881		First Bancorp (Puerto Rico)		1,453
8,442		First Busey Corp (Class A)		176
19,538		First Charter Corp		511
4,116		First Citizens Bancshares, Inc (Class A)		610
45,373		First Commonwealth Financial Corp		698
8,430		First Community Bancorp		360
6,565		First Community Bancshares, Inc		237
22,958		First Financial Bancorp		402
8,837		First Financial Bankshares, Inc		396
8,954		First Financial Corp (Indiana)		314
8,300		First Financial Holdings, Inc		272
88,610		First Horizon National Corp		3,820
12,330		First Merchants Corp		349
30,673		First Midwest Bancorp, Inc		1,113
40,172		First National Bankshares of Florida, Inc		960
4,259		First Oak Brook Bancshares, Inc		138
2,100		First of Long Island Corp		106
8,431		First Republic Bank		447
4,995		First State Bancorp		184
13,219	*	FirstFed Financial Corp		686
54,312		FirstMerit Corp		1,547
20,630		Flagstar Bancorp, Inc		466
10,958		Flushing Financial Corp		220
30,167	e	FNB Corp		614
4,667		FNB Corp (Virginia)		132
6,893	*	Franklin Bank Corp		126
9,972		Frontier Financial Corp		385
77,943		Fulton Financial Corp		1,817
4,892		GB&T Bancshares, Inc		118
15,876		Glacier Bancorp, Inc		540
25,980		Gold Banc Corp, Inc		380
172,808		Golden West Financial Corp		10,614
7,290		Great Southern Bancorp, Inc		255
17,696		Hancock Holding Co		592
10,716		Hanmi Financial Corp		385
13,596		Harbor Florida Bancshares, Inc		471
16,385		Harleysville National Corp		436
6,171		Heartland Financial U.S.A., Inc		124
105,506		Hibernia Corp (Class A)		3,113
6,837		Horizon Financial Corp		141
46,470		Hudson City Bancorp, Inc		1,711
19,828		Hudson River Bancorp, Inc		392
35,217		Hudson United Bancorp		1,387
161,273		Huntington Bancshares, Inc		3,996

120

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account


SHARES			VALUE (000)

4,845		IberiaBank Corp	$	322
9,609		Independent Bank Corp (Massachusetts)		324
13,216		Independent Bank Corp (Michigan)		394
39,700		IndyMac Bancorp, Inc		1,368
9,790		Integra Bank Corp		226
7,384		Interchange Financial Services Corp		191
22,744		International Bancshares Corp		896
11,342		Irwin Financial Corp		322
3,467	*	Itla Capital Corp		204
2,427,637		JPMorgan Chase & Co		94,702
282,213		KeyCorp		9,567
3,687		K-Fed Bancorp		55
19,800		KNBT Bancorp, Inc		335
8,269		Lakeland Bancorp, Inc		145
3,244		Lakeland Financial Corp		129
51,888		M & T Bank Corp		5,596
5,702		Macatawa Bank Corp		184
20,124		MAF Bancorp, Inc		902
8,764		Main Street Banks, Inc		306
6,112		MainSource Financial Group, Inc		146
153,330		Marshall & Ilsley Corp		6,777
12,378		MB Financial, Inc		522
9,839		MBT Financial Corp		229
289,656		Mellon Financial Corp		9,011
4,649		Mercantile Bank Corp		184
56,413		Mercantile Bankshares Corp		2,945
15,609		Mid-State Bancshares		447
7,021		Midwest Banc Holdings, Inc		154
12,456		Nara Bancorp, Inc		265
1,893		NASB Financial, Inc		76
405,729		National City Corp		15,235
19,903		National Penn Bancshares, Inc		551
4,550		NBC Capital Corp		121
21,238		NBT Bancorp, Inc		546
31,499		NetBank, Inc		328
174,732	e	New York Community Bancorp, Inc		3,594
58,051		NewAlliance Bancshares, Inc		888
291,013		North Fork Bancorp, Inc		8,396
134,337		Northern Trust Corp		6,526
12,217		Northwest Bancorp, Inc		307
2,261		Oak Hill Financial, Inc		88
6,026		OceanFirst Financial Corp		149
25,500	e*	Ocwen Financial Corp		244
45,090		Old National Bancorp		1,166
8,710		Old Second Bancorp, Inc		278
5,393		Omega Financial Corp		185
30,398		Pacific Capital Bancorp		1,033
8,658		Park National Corp		1,173
19,285		Partners Trust Financial Group, Inc		225
4,851		Peapack Gladstone Financial Corp		153
5,884		Pennfed Financial Services, Inc		95
4,853		Pennrock Financial Services Corp		189
6,808		Peoples Bancorp, Inc		187
25,065		People's Bank		975
5,514		Peoples Holding Co		183
8,380		PFF Bancorp, Inc		388
192,938		PNC Financial Services Group, Inc		11,082
25,681		Provident Bancorp, Inc		339
21,293		Provident Bankshares Corp		774
3,385		Provident Financial Holdings		98
59,074		Provident Financial Services, Inc		1,144
17,938		R & G Financial Corp (Class B)		697
314,515		Regions Financial Corp		11,194
5,276		Republic Bancorp, Inc (Class A) (Kentucky)		136
45,994		Republic Bancorp, Inc (Michigan)		703
10,188	*	Riggs National Corp		217
3,124		Royal Bancshares of Pennsylvania (Class A)		84
17,272		S & T Bancorp, Inc		651
7,808		S.Y. Bancorp, Inc		188
4,873		Santander Bancorp		147

121

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account


SHARES			VALUE (000)

5,259		SCBT Financial Corp	$	177
7,521		Seacoast Banking Corp of Florida		167
3,031		Security Bank Corp		121
3,620	*	Signature Bank		117
23,691	*	Silicon Valley Bancshares		1,062
9,660		Simmons First National Corp (Class A)		280
67,633	e	Sky Financial Group, Inc		1,939
3,379		Smithtown Bancorp, Inc		107
52,294		South Financial Group, Inc		1,701
9,649		Southern Community Financial Corp		100
7,224		Southside Bancshares, Inc		165
44,492		Southwest Bancorp of Texas, Inc		1,036
6,943		Southwest Bancorp, Inc		170
225,827		Sovereign Bancorp, Inc		5,092
5,362		State Bancorp, Inc		147
3,730		State Financial Services Corp (Class A)		112
229,195		State Street Corp		11,258
10,467		Sterling Bancorp		296
29,268		Sterling Bancshares, Inc		418
13,845		Sterling Financial Corp (Pennsylvania)		397
14,646	*	Sterling Financial Corp (Spokane)		575
5,160	*	Sun Bancorp, Inc (New Jersey)		129
224,977		SunTrust Banks, Inc		16,621
209,445		Synovus Financial Corp		5,986
2,365		Taylor Capital Group, Inc		79
96,336		TCF Financial Corp		3,096
13,823	*	Texas Capital Bancshares, Inc		299
26,110		Texas Regional Bancshares, Inc (Class A)		853
14,873		TierOne Corp		370
7,259		Trico Bancshares		170
48,926		Trustco Bank Corp NY		675
32,336		Trustmark Corp		1,005
1,291,727		U.S. Bancorp		40,457
8,429		U.S.B. Holding Co, Inc		210
29,273		UCBH Holdings, Inc		1,341
10,916		UMB Financial Corp		619
29,155		Umpqua Holdings Corp		735
5,130		Union Bankshares Corp		197
40,245		UnionBanCal Corp		2,595
24,707		United Bankshares, Inc		943
18,439		United Community Banks, Inc		497
18,456		United Community Financial Corp		207
4,920		Univest Corp of Pennsylvania		226
14,142		Unizan Financial Corp		373
65,373		Valley National Bancorp		1,808
4,130	*	Virginia Commerce Bancorp		117
4,624		Virginia Financial Group, Inc		170
47,428		W Holding Co, Inc		1,088
1,095,705		Wachovia Corp		57,634
54,026		Washington Federal, Inc		1,434
8,575		Washington Trust Bancorp, Inc		251
36,387		Webster Financial Corp		1,843
1,152,420		Wells Fargo & Co		71,623
11,900		Wesbanco, Inc		380
11,085		West Bancorporation		195
10,009		West Coast Bancorp		254
21,845		Westamerica Bancorp		1,274
4,176	*	Western Sierra Bancorp		160
26,600		Whitney Holding Corp		1,197
49,013		Wilmington Trust Corp		1,772
9,138	*	Wilshire Bancorp, Inc		151
16,422		Wintrust Financial Corp		935
4,467		WSFS Financial Corp		269
5,372		Yardville National Bancorp		184
62,937		Zions Bancorp		4,282

		TOTAL DEPOSITORY INSTITUTIONS		912,858

EATING AND DRINKING PLACES - 0.72%
55,048		Applebee's International, Inc		1,456

122

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account


SHARES			VALUE (000)

65,700		Aramark Corp (Class B)	$	1,742
7,193	*	BJ's Restaurants, Inc		101
22,977		Bob Evans Farms, Inc		601
64,542	*	Brinker International, Inc		2,263
3,685	*	Buffalo Wild Wings, Inc		128
12,396	*	California Pizza Kitchen, Inc		285
36,937		CBRL Group, Inc		1,546
24,214	*	CEC Entertainment, Inc		968
33,545	*	CKE Restaurants, Inc		487
13,338	*	Cosi, Inc		81
112,192		Darden Restaurants, Inc		3,112
7,268	*	Dave & Buster's, Inc		147
15,300		Domino's Pizza, Inc		272
13,878		IHOP Corp		581
23,657	*	Jack In The Box, Inc		872
39,881	e*	Krispy Kreme Doughnuts, Inc		503
14,184	e	Landry's Restaurants, Inc		412
9,944		Lone Star Steakhouse & Saloon, Inc		278
859,360		McDonald's Corp		27,551
14,289	*	O'Charley's, Inc		279
41,799		Outback Steakhouse, Inc		1,914
16,803	*	P.F. Chang's China Bistro, Inc		947
7,537	*	Papa John's International, Inc		260
22,031	*	Rare Hospitality International, Inc		702
7,759	*	Red Robin Gourmet Burgers, Inc		415
43,153		Ruby Tuesday, Inc		1,125
28,133	*	Ryan's Restaurant Group, Inc		434
38,631	*	Sonic Corp		1,178
50,382	e*	The Cheesecake Factory, Inc		1,636
15,752	*	The Steak N Shake Co		316
7,551		Triarc Cos (Class A)		98
17,302		Triarc Cos (Class B)		212
75,607		Wendy's International, Inc		2,968
198,654		Yum! Brands, Inc		9,372

		TOTAL EATING AND DRINKING PLACES		65,242

EDUCATIONAL SERVICES - 0.21%
103,903	*	Apollo Group, Inc (Class A)		8,386
66,853	*	Career Education Corp		2,674
65,669	*	Corinthian Colleges, Inc		1,238
43,448	*	DeVry, Inc		754
51,227	*	Education Management Corp		1,691
29,637	*	ITT Educational Services, Inc		1,409
28,877	*	Laureate Education, Inc		1,273
5,840	*	Learning Tree International, Inc		78
10,220	*	Princeton Review, Inc		63
11,925		Strayer Education, Inc		1,309
9,162	e*	Universal Technical Institute, Inc		349

		TOTAL EDUCATIONAL SERVICES		19,224

ELECTRIC, GAS, AND SANITARY SERVICES - 3.74%
437,075	*	AES Corp		5,975
50,600		AGL Resources, Inc		1,682
94,151	e*	Allegheny Energy, Inc		1,856
25,859		Allete, Inc		950
80,953		Alliant Energy Corp		2,315
195,181	*	Allied Waste Industries, Inc		1,811
133,384		Ameren Corp		6,688
269,159		American Electric Power Co, Inc		9,243
9,750		American States Water Co		254
65,886		Aqua America, Inc		1,620
152,020	*	Aquila, Inc		561
53,977		Atmos Energy Corp		1,476
32,312		Avista Corp		571
21,128		Black Hills Corp		648
11,407		California Water Service Group		429
293,222	e*	Calpine Corp		1,155

123

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account


SHARES			VALUE (000)

7,300		Cascade Natural Gas Corp		155
12,733	*	Casella Waste Systems, Inc (Class A)		186
180,124		Centerpoint Energy, Inc		2,035
7,731		Central Vermont Public Service Corp		180
10,300		CH Energy Group, Inc		495
124,800		Cinergy Corp		5,195
224,036		Citizens Communications Co		3,089
31,039	e	Cleco Corp		629
128,225	e*	CMS Energy Corp		1,340
5,094		Connecticut Water Service, Inc		135
165,748		Consolidated Edison, Inc		7,251
111,162		Constellation Energy Group, Inc		4,859
1,536	e	Crosstex Energy, Inc		64
223,286	e	Dominion Resources, Inc		15,125
84,208		DPL, Inc		2,114
119,373	e	DTE Energy Co		5,149
624,307	e	Duke Energy Corp		15,814
60,600		Duquesne Light Holdings, Inc		1,142
6,601	*	Duratek, Inc		164
183,465	*	Dynegy, Inc (Class A)		848
222,038		Edison International		7,112
427,209		El Paso Corp		4,443
32,824	*	El Paso Electric Co		622
16,843		Empire District Electric Co		382
23,439		Energen Corp		1,382
105,120		Energy East Corp		2,805
4,326		EnergySouth, Inc		121
156,050		Entergy Corp		10,547
41,773		Equitable Resources, Inc		2,534
451,903		Exelon Corp		19,915
224,388		FirstEnergy Corp		8,866
125,801	e	FPL Group, Inc		9,404
48,900		Great Plains Energy, Inc		1,481
56,266		Hawaiian Electric Industries, Inc		1,640
28,600		Idacorp, Inc		874
111,183		KeySpan Corp		4,386
66,490		Kinder Morgan, Inc		4,862
13,500		Laclede Group, Inc		421
76,258		MDU Resources Group, Inc		2,035
11,800		MGE Energy, Inc		425
6,822		Middlesex Water Co		129
47,117		National Fuel Gas Co		1,335
20,377		New Jersey Resources Corp		883
29,141	e	Nicor, Inc		1,076
174,786		NiSource, Inc		3,982
89,153		Northeast Utilities		1,681
18,300		Northwest Natural Gas Co		617
51,769	*	NRG Energy, Inc		1,866
39,808	e	NSTAR		2,161
64,538		OGE Energy Corp		1,711
66,807		Oneok, Inc		1,899
17,076		Otter Tail Corp		436
29,727		Peoples Energy Corp		1,307
126,856		Pepco Holdings, Inc		2,705
271,947	*	PG&E Corp		9,050
50,555		Piedmont Natural Gas Co, Inc		1,175
60,116		Pinnacle West Capital Corp		2,670
39,454		PNM Resources, Inc		998
128,713		PPL Corp		6,858
168,770	e	Progress Energy, Inc		7,635
34,100	v*	Progress Energy, Inc (Cvo)		0
161,057		Public Service Enterprise Group, Inc		8,338
75,642	e	Puget Energy, Inc		1,868
54,935		Questar Corp		2,799
196,028	*	Reliant Resources, Inc		2,676
108,249		Republic Services, Inc		3,631
9,467		Resource America, Inc (Class A)		308
79,334		SCANA Corp		3,126
135,406		Sempra Energy		4,967
77,495	e*	Sierra Pacific Resources		814

124

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account


SHARES			VALUE (000)

4,200		SJW Corp	$	153
9,000		South Jersey Industries, Inc		473
506,188	e	Southern Co		16,967
40,273	*	Southern Union Co		966
22,697		Southwest Gas Corp		577
11,715		Southwest Water Co		158
30,357	*	Stericycle, Inc		1,395
138,313	e	TECO Energy, Inc		2,122
200,253	e	TXU Corp		12,928
33,305		UGI Corp		1,363
8,146		UIL Holdings Corp		418
26,234		Unisource Energy Corp		633
49,411		Vectren Corp		1,324
34,556	*	Waste Connections, Inc		1,184
398,300		Waste Management, Inc		11,925
56,199		Westar Energy, Inc		1,285
34,421		Western Gas Resources, Inc		1,007
34,425		WGL Holdings, Inc		1,062
370,650		Williams Cos, Inc		6,038
84,326		Wisconsin Energy Corp		2,843
29,300		WPS Resources Corp		1,464
265,748		Xcel Energy, Inc		4,837

		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		337,283

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 7.83%
16,688	*	Actel Corp		293
41,387		Adtran, Inc		792
13,732	*	Advanced Energy Industries, Inc		125
242,679	e*	Advanced Micro Devices, Inc		5,344
42,569	*	Aeroflex, Inc		516
327,602	*	Agere Systems, Inc (Class A)		449
785,493	*	Agere Systems, Inc (Class B)		1,060
14,300	*	Alliance Semiconductor Corp		53
250,775	*	Altera Corp		5,191
114,249		American Power Conversion Corp		2,445
15,806	*	American Superconductor Corp		235
49,800		Ametek, Inc		1,776
20,228	*	AMIS Holdings, Inc		334
63,471	*	Amkor Technology, Inc		424
44,454	*	Amphenol Corp (Class A)		1,633
254,461		Analog Devices, Inc		9,395
14,600	*	Anaren Microwave, Inc		189
12,623	*	Applica, Inc		76
200,958	*	Applied Micro Circuits Corp		846
6,254		Applied Signal Technology, Inc		220
56,380	*	Arris Group, Inc		397
22,286	*	Artesyn Technologies, Inc		252
6,018	*	Atheros Communications, Inc		62
272,705	*	Atmel Corp		1,069
20,230	*	ATMI, Inc		456
51,631	*	Avanex Corp		171
34,410		AVX Corp		434
21,662		Baldor Electric Co		596
7,316		Bel Fuse, Inc (Class B)		247
26,842	*	Benchmark Electronics, Inc		915
805	*	Bookham, Inc		4
170,752	*	Broadcom Corp (Class A)		5,512
53,630	e*	Broadwing Corp		489
16,467		C&D Technologies, Inc		281
19,668	*	California Micro Devices Corp		139
53,951	e*	Capstone Turbine Corp		99
19,466	*	Carrier Access Corp		208
3,475	*	Catapult Communications Corp		84
27,880	*	C-COR, Inc		259
10,340	e*	Ceradyne, Inc		592
25,221	*	Checkpoint Systems, Inc		455
4,600	*	Cherokee International Corp		44
368,030	*	CIENA Corp		1,229
9,213	*	Comtech Telecommunications		347

125

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account


SHARES			VALUE (000)

137,064	*	Comverse Technology, Inc	$	3,351
300,366	*	Conexant Systems, Inc		598
48,659	e*	Cree, Inc		1,950
23,637		CTS Corp		314
14,434		Cubic Corp		363
79,991	*	Cypress Semiconductor Corp		938
16,909	e*	DDi Corp		54
10,894	*	Digital Theater Systems, Inc		219
4,633	*	Diodes, Inc		105
20,547	*	Ditech Communications Corp		307
19,133	*	DSP Group, Inc		427
9,494	*	Dupont Photomasks, Inc		251
124,145	e*	Eagle Broadband, Inc		82
23,952	*	Electro Scientific Industries, Inc		473
288,795		Emerson Electric Co		20,245
7,184	*	EMS Technologies, Inc		119
58,114	*	Energizer Holdings, Inc		2,888
23,356	e*	Energy Conversion Devices, Inc		451
3,600	*	EnerSys		55
34,556	*	Entegris, Inc		344
21,719	*	ESS Technology, Inc		154
26,200	*	Exar Corp		372
92,284	*	Fairchild Semiconductor International, Inc		1,501
107,194	e*	Finisar Corp		244
10,133		Franklin Electric Co, Inc		428
25,251	*	Freescale Semiconductor, Inc		450
236,307	*	Freescale Semiconductor, Inc (Class B)		4,339
50,827	e*	FuelCell Energy, Inc		503
160,091	*	Gemstar-TV Guide International, Inc		948
7,206,079		General Electric Co		263,022
24,302	*	Genesis Microchip, Inc		394
8,077	*	Genlyte Group, Inc		692
88,841	*	GrafTech International Ltd		840
40,520		Harman International Industries, Inc		5,146
46,555	*	Harmonic, Inc		388
44,381		Harris Corp		2,742
17,100		Helix Technology Corp		297
13,600	*	Hexcel Corp		197
42,003		Hubbell, Inc (Class B)		2,197
16,902	*	Hutchinson Technology, Inc		584
51,554	*	Integrated Circuit Systems, Inc		1,079
68,585	*	Integrated Device Technology, Inc		793
29,333	*	Integrated Silicon Solution, Inc		241
4,406,277		Intel Corp		103,063
46,766	*	Interdigital Communications Corp		1,034
43,548	*	International Rectifier Corp		1,941
98,662		Intersil Corp (Class A)		1,652
13,338		Inter-Tel, Inc		365
23,293	*	InterVoice, Inc		311
12,178	*	IXYS Corp		126
115,191	*	Jabil Circuit, Inc		2,947
910,368	e*	JDS Uniphase Corp		2,886
57,438	*	Kemet Corp		514
45,800	*	Kopin Corp		177
68,254		L-3 Communications Holdings, Inc		4,999
6,511	e*	LaserCard Corp		68
73,339	*	Lattice Semiconductor Corp		418
7,181	*	Lifeline Systems, Inc		185
211,117		Linear Technology Corp		8,183
14,304	*	Littelfuse, Inc		489
12,960		LSI Industries, Inc		148
247,721	*	LSI Logic Corp		1,358
15,353	*	Magnetek, Inc		106
31,859	*	Mattson Technology, Inc		359
220,510		Maxim Integrated Products, Inc		9,347
57,712	e	Maytag Corp		1,218
76,154	*	McData Corp (Class A)		454
8,691	e*	Medis Technologies Ltd		159
48,883	*	MEMC Electronic Materials, Inc		648
13,858	*	Mercury Computer Systems, Inc		411

126

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account


SHARES			VALUE (000)

11,672	*	Merix Corp	$	134
23,004		Methode Electronics, Inc		296
6,806	*	Metrologic Instruments, Inc		145
44,348	*	Micrel, Inc		489
145,029		Microchip Technology, Inc		3,866
400,021	e*	Micron Technology, Inc		4,940
38,538	*	Microsemi Corp		669
34,888	*	Microtune, Inc		213
12,078	e*	Microvision, Inc		85
26,556	*	MIPS Technologies, Inc		262
16,021	*	Mobility Electronics, Inc		137
90,746		Molex, Inc		2,722
15,035	*	Monolithic System Technology, Inc		94
16,933	*	Moog, Inc (Class A)		768
1,601,912		Motorola, Inc		27,553
68,179	e*	MRV Communications, Inc		250
36,142	*	Mykrolis Corp		512
3,138		National Presto Industries, Inc		143
242,420		National Semiconductor Corp		4,351
30,149	*	NMS Communications Corp		190
99,647	*	Novellus Systems, Inc		2,779
109,473	e*	Nvidia Corp		2,579
39,361	e*	Omnivision Technologies, Inc		722
77,999	*	ON Semiconductor Corp		354
58,061	*	Openwave Systems, Inc		898
69,318	*	Oplink Communications, Inc		137
11,903	*	Optical Communication Products, Inc		30
8,504	e*	OSI Systems, Inc		193
25,527	*	Paradyne Networks, Inc		92
11,250		Park Electrochemical Corp		244
14,362	*	Pericom Semiconductor Corp		135
21,082	*	Photronics, Inc		348
30,850	*	Pixelworks, Inc		350
31,266		Plantronics, Inc		1,297
27,907	*	Plexus Corp		363
31,399	e*	Plug Power, Inc		192
12,816	*	PLX Technology, Inc		133
125,097	*	PMC-Sierra, Inc		1,407
65,589	*	Polycom, Inc		1,530
8,900	e*	Portalplayer, Inc		220
3,961	*	Powell Industries, Inc		73
18,050	*	Power Integrations, Inc		357
42,183	*	Power-One, Inc		376
68,049	e*	Powerwave Technologies, Inc		577
62,473	*	QLogic Corp		2,295
1,104,031		Qualcomm, Inc		46,811
65,900	*	Rambus, Inc		1,516
10,032		Raven Industries, Inc		214
22,850	*	Rayovac Corp		698
15,408		Regal-Beloit Corp		441
41,093	e*	Remec, Inc		296
120,454	*	RF Micro Devices, Inc		824
118,762		Rockwell Collins, Inc		4,684
10,742	*	Rogers Corp		463
368,386	*	Sanmina-SCI Corp		3,120
30,303	*	SBA Communications Corp		281
9,662	*	SBS Technologies, Inc		135
101,076		Scientific-Atlanta, Inc		3,337
15,855	e*	Seachange International, Inc		277
53,085	*	Semtech Corp		1,161
15,943	*	Sigmatel, Inc		566
56,384	*	Silicon Image, Inc		928
23,882	*	Silicon Laboratories, Inc		843
59,467	*	Silicon Storage Technology, Inc		354
3,900	*	Siliconix, Inc		142
16,315	*	Sipex Corp		76
839,398	e*	Sirius Satellite Radio, Inc		6,421
124,020	*	Skyworks Solutions, Inc		1,170
15,066		Smith (A.O.) Corp		451
15,217	e*	Spatialight, Inc		136

127

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account


SHARES			VALUE (000)

12,343		Spectralink Corp	$	175
6,624	*	Staktek Holdings, Inc		31
11,928	*	Standard Microsystems Corp		213
10,079	*	Stoneridge, Inc		152
54,234	*	Stratex Networks, Inc		123
1,580	*	Suntron Corp		5
6,187	*	Supertex, Inc		134
113,168	*	Sycamore Networks, Inc		459
29,088	*	Symmetricom, Inc		282
20,967	*	Synaptics, Inc		641
37,572	*	Technitrol, Inc		684
33,493	*	Tekelec		685
326,966	*	Tellabs, Inc		2,809
41,800	*	Terayon Communication Systems, Inc		113
15,618	*	Tessera Technologies, Inc		581
1,182,752		Texas Instruments, Inc		29,119
38,340	*	Thomas & Betts Corp		1,179
96,550	e*	Transmeta Corp		157
12,147	*	Trident Microsystems, Inc		203
22,180	e*	Tripath Technology, Inc		28
88,231	*	Triquint Semiconductor, Inc		393
36,119	*	TTM Technologies, Inc		426
6,706	*	Ulticom, Inc		107
9,100	*	Ultralife Batteries, Inc		177
13,484	*	Universal Display Corp		121
8,900	*	Universal Electronics, Inc		157
63,729	e*	Utstarcom, Inc		1,412
35,497	e*	Valence Technology, Inc		110
23,535	*	Varian Semiconductor Equipment Associates, Inc		867
87,395	e*	Verso Technologies, Inc		63
1	*	Vialta, Inc		0
13,862	*	Viasat, Inc		336
12,845		Vicor Corp		168
103,765	*	Vishay Intertechnology, Inc		1,559
140,709	e*	Vitesse Semiconductor Corp		497
31,906	*	Westell Technologies, Inc		217
45,621		Whirlpool Corp		3,157
13,854	*	Wilson Greatbatch Technologies, Inc		311
7,810		Woodhead Industries, Inc		125
235,600		Xilinx, Inc		6,986
29,327	*	Zhone Technologies, Inc		76

		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		706,271

ENGINEERING AND MANAGEMENT SERVICES - 0.91%
15,500	*	Accelrys, Inc		121
11,469	*	Advisory Board Co		423
39,174	e*	Affymetrix, Inc		1,432
29,159	*	Answerthink, Inc		136
16,445	e*	Antigenics, Inc		166
47,340	*	Applera Corp (Celera Genomics Group)		651
40,510	*	Ariad Pharmaceuticals, Inc		301
41,818	e*	Axonyx, Inc		259
102,090	*	BearingPoint, Inc		820
114,346	*	Celgene Corp		3,034
46,548	*	Century Business Services, Inc		203
6,588	*	Charles River Associates, Inc		308
14,900	*	Ciphergen Biosystems, Inc		64
8,623	*	Cornell Cos, Inc		131
25,499		Corporate Executive Board Co		1,707
29,201	*	Corrections Corp of America		1,181
40,828	*	Covance, Inc		1,582
27,533	e*	CuraGen Corp		197
20,895	e*	CV Therapeutics, Inc		481
37,029	e*	Decode Genetics, Inc		289
15,089	*	DiamondCluster International, Inc		216
55,196	*	Digitas, Inc		527
16,593	*	Diversa Corp		145
16,971	*	Dyax Corp		123
35,921	*	eResearch Technology, Inc		569

128

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account


SHARES			VALUE (000)

40,826	*	Exelixis, Inc	$	388
3,900	*	Exponent, Inc		107
54,158		Fluor Corp		2,952
9,100	*	Forrester Research, Inc		163
27,589	*	FTI Consulting, Inc		581
35,157	*	Gartner, Inc (Class A)		438
10,499	*	Gartner, Inc (Class B)		129
5,751	*	Genencor International, Inc		94
32,292	*	Gen-Probe, Inc		1,460
297,648		Halliburton Co		11,680
27,898	*	Hewitt Associates, Inc		893
65,652	e*	Incyte Corp		656
5,585	*	Infrasource Services, Inc		73
36,764	*	Jacobs Engineering Group, Inc		1,757
18,029	*	Keryx Biopharmaceuticals, Inc		209
13,688	*	Kosan Biosciences, Inc		95
5,267		Landauer, Inc		241
8,460	*	LECG Corp		158
41,063	*	Lexicon Genetics, Inc		318
18,419	*	Lifecell Corp		188
17,384	*	Luminex Corp		154
18,354	e*	Maxim Pharmaceuticals, Inc		55
12,095	*	MAXIMUS, Inc		376
16,427	*	Maxygen, Inc		210
179,616		Monsanto Co		9,978
85,526		Moody's Corp		7,428
4,600	*	MTC Technologies, Inc		154
23,508	e*	Myriad Genetics, Inc		529
29,757	*	Navigant Consulting, Inc		792
11,157	e*	Neopharm, Inc		140
39,347	e*	Oscient Pharmaceuticals Corp		144
16,855	*	Parexel International Corp		342
225,784		Paychex, Inc		7,695
17,567	*	Per-Se Technologies, Inc		278
32,056	*	Pharmaceutical Product Development, Inc		1,324
57,010	*	Pharmos Corp		81
25,516	*	PRG-Schultz International, Inc		128
53,792		Quest Diagnostics, Inc		5,140
14,653	*	Regeneration Technologies, Inc		154
24,599	*	Regeneron Pharmaceuticals, Inc		227
14,990	*	Resources Connection, Inc		814
8,781	*	Rigel Pharmaceuticals, Inc		214
25,064	*	Seattle Genetics, Inc		164
197,713		Servicemaster Co		2,726
11,984	*	SFBC International, Inc		473
10,441	*	Sourcecorp		200
18,240	*	Symyx Technologies, Inc		549
5,000	*	Tejon Ranch Co		204
28,323	*	Telik, Inc		542
43,733	*	Tetra Tech, Inc		732
19,242	*	Transkaryotic Therapies, Inc		489
7,844	*	TRC Cos, Inc		133
10,112	e*	Trimeris, Inc		143
20,333	*	URS Corp		653
11,972	*	Ventiv Health, Inc		243
16,335	*	Washington Group International, Inc		674
21,746		Watson Wyatt & Co Holdings		586

		TOTAL ENGINEERING AND MANAGEMENT SERVICES		82,514

FABRICATED METAL PRODUCTS - 0.73%
25,798	*	Alliant Techsystems, Inc		1,687
76,834		Ball Corp		3,379
9,943		CIRCOR International, Inc		230
18,820		Commercial Metals Co		952
34,150		Crane Co		985
109,365	*	Crown Holdings, Inc		1,503
164,294		Danaher Corp		9,432
4,631	*	Drew Industries, Inc		168
99,176		Fortune Brands, Inc		7,654

129

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account


SHARES			VALUE (000)

15,890	*	Griffon Corp	$	429
5,289		Gulf Island Fabrication, Inc		115
26,893		Harsco Corp		1,499
181,864		Illinois Tool Works, Inc		16,855
18,180	*	Intermagnetics General Corp		462
48,919	*	Jacuzzi Brands, Inc		426
4,624		Lifetime Hoan Corp		74
297,884		Masco Corp		10,882
9,305	*	Mobile Mini, Inc		307
18,023	e*	NCI Building Systems, Inc		676
48,724	e*	Shaw Group, Inc		870
7,037		Silgan Holdings, Inc		429
29,796		Simpson Manufacturing Co, Inc		1,040
38,502		Snap-On, Inc		1,323
46,164		Stanley Works		2,262
14,300		Sturm Ruger & Co, Inc		129
33,818	e*	Taser International, Inc		1,068
37,619	e*	Tower Automotive, Inc		90
9,583		Valmont Industries, Inc		241
6,434	*	Water Pik Technologies, Inc		114
15,541		Watts Water Technologies, Inc (Class A)		501

		TOTAL FABRICATED METAL PRODUCTS		65,782

FISHING, HUNTING, AND TRAPPING - 0.00%
3,415	*	Omega Protein Corp		29

		TOTAL FISHING, HUNTING, AND TRAPPING		29

FOOD AND KINDRED PRODUCTS - 3.00%
10,400	e	American Italian Pasta Co (Class A)		242
550,263		Anheuser-Busch Cos, Inc		27,915
395,006		Archer Daniels Midland Co		8,813
5,099	*	Boston Beer Co, Inc (Class A)		108
10,813	e	Cal-Maine Foods, Inc		131
161,973		Campbell Soup Co		4,841
2,568		Coca-Cola Bottling Co Consolidated		147
1,439,033		Coca-Cola Co		59,907
163,870		Coca-Cola Enterprises, Inc		3,417
365,980		Conagra Foods, Inc		10,778
59,460	*	Constellation Brands, Inc (Class A)		2,765
17,103		Coors (Adolph) Co (Class B)		1,294
24,135		Corn Products International, Inc		1,293
41,373	*	Darling International, Inc		180
102,878	*	Dean Foods Co		3,390
121,988	*	Del Monte Foods Co		1,344
5,320		Farmer Brothers Co		129
23,187		Flowers Foods, Inc		732
197,479		General Mills, Inc		9,817
244,595		H.J. Heinz Co		9,537
3,894	*	Hansen Natural Corp		142
86,691	*	Hercules, Inc		1,287
120,078		Hershey Foods Corp		6,669
57,273		Hormel Foods Corp		1,796
4,179		J & J Snack Foods Corp		205
42,574		J.M. Smucker Co		2,004
168,457		Kellogg Co		7,523
182,402		Kraft Foods, Inc (Class A)		6,495
18,010		Lancaster Colony Corp		772
16,633		Lance, Inc		317
6,664	*	M&F Worldwide Corp		91
92,460		McCormick & Co, Inc (Non-Vote)		3,569
5,126		MGP Ingredients, Inc		44
4,670		National Beverage Corp		39
7,615	*	Peets Coffee & Tea, Inc		202
104,202		Pepsi Bottling Group, Inc		2,818
45,893		PepsiAmericas Inc		975
1,164,645		PepsiCo, Inc		60,794
13,800		Pilgrim's Pride Corp		423

130

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account


SHARES			VALUE (000)

19,212		Ralcorp Holdings, Inc	$	806
6,677		Sanderson Farms, Inc		289
544,178		Sara Lee Corp		13,136
29,851		Sensient Technologies Corp		716
54,899	*	Smithfield Foods, Inc		1,624
17,132		Tootsie Roll Industries, Inc		593
19,746		Topps Co, Inc		193
143,874		Tyson Foods, Inc (Class A)		2,647
108,657		Wrigley (Wm.) Jr Co		7,518

		TOTAL FOOD AND KINDRED PRODUCTS		270,467

FOOD STORES - 0.50%
20,392	*	7-Eleven, Inc		488
251,114	e	Albertson's, Inc		5,997
837		Arden Group, Inc (Class A)		84
10,716	*	Great Atlantic & Pacific Tea Co, Inc		110
6,684		Ingles Markets, Inc (Class A)		83
505,065	*	Kroger Co		8,859
18,398	e*	Panera Bread Co (Class A)		742
7,519	*	Pantry, Inc		226
19,634	*	Pathmark Stores, Inc		114
26,700		Ruddick Corp		579
299,471	*	Safeway, Inc		5,912
272,239	*	Starbucks Corp		16,977
7,145		Weis Markets, Inc		276
43,280		Whole Foods Market, Inc		4,127
19,665	*	Wild Oats Markets, Inc		173
55,110	e*	Winn-Dixie Stores, Inc		251

		TOTAL FOOD STORES		44,998

FORESTRY - 0.12%
164,974		Weyerhaeuser Co		11,090

		TOTAL FORESTRY		11,090

FURNITURE AND FIXTURES - 0.32%
6,589		Bassett Furniture Industries, Inc		129
21,530		Ethan Allen Interiors, Inc		862
37,765		Furniture Brands International, Inc		946
56,568		Herman Miller, Inc		1,563
40,354		Hillenbrand Industries, Inc		2,241
44,299		HNI Corp		1,907
4,438		Hooker Furniture Corp		101
28,400	*	Interface, Inc (Class A)		283
129,528		Johnson Controls, Inc		8,217
18,600		Kimball International, Inc (Class B)		275
35,728		La-Z-Boy, Inc		549
45,451		Lear Corp		2,773
128,198		Leggett & Platt, Inc		3,645
182,087	f	Newell Rubbermaid, Inc		4,405
29,294	*	Select Comfort Corp		526
3,625		Stanley Furniture Co, Inc		163
31,280		Steelcase, Inc (Class A)		433
17,300	e*	Tempur-Pedic International, Inc		367

		TOTAL FURNITURE AND FIXTURES		29,385

FURNITURE AND HOMEFURNISHINGS STORES - 0.38%
203,921	*	Bed Bath & Beyond, Inc		8,122
178,935		Best Buy Co, Inc		10,632
131,168		Circuit City Stores, Inc (Circuit City Group)		2,051
14,018	*	Cost Plus, Inc		450
8,547	*	Electronics Boutique Holdings Corp		367
25,345	*	GameStop Corp (Class B)		568
15,783	*	Guitar Center, Inc		832

131

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account


SHARES			VALUE (000)

12,029		Haverty Furniture Cos, Inc	$	223
6,676	*	Kirkland's, Inc		82
29,287	*	Linens 'n Things, Inc		726
34,212	*	Mohawk Industries, Inc		3,122
59,455		Pier 1 Imports, Inc		1,171
109,262		RadioShack Corp		3,593
17,052	*	Restoration Hardware, Inc		98
23,041	*	The Bombay Co, Inc		127
15,057	*	Trans World Entertainment Corp		188
61,450	*	Williams-Sonoma, Inc		2,153

		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		34,505

GENERAL BUILDING CONTRACTORS - 0.44%
10,776	e	Beazer Homes U.S.A., Inc		1,576
10,425		Brookfield Homes Corp		353
81,978		Centex Corp		4,884
153,908		D.R. Horton, Inc		6,204
2,549	*	Dominion Homes, Inc		64
21,543	*	Hovnanian Enterprises, Inc (Class A)		1,067
24,754		KB Home		2,584
81,674		Lennar Corp (Class A)		4,629
5,826		Lennar Corp (Class B)		304
9,930		Levitt Corp (Class A)		304
10,457		M/I Homes, Inc		576
15,117		MDC Holdings, Inc		1,307
8,260	*	Meritage Homes Corp		931
3,699	*	NVR, Inc		2,846
11,355	e*	Palm Harbor Homes, Inc		192
10,972	*	Perini Corp		183
69,552		Pulte Homes, Inc		4,437
33,192		Ryland Group, Inc		1,910
22,523		Standard-Pacific Corp		1,445
5,961		Technical Olympic U.S.A., Inc		151
31,776	*	Toll Brothers, Inc		2,180
18,318		Walter Industries, Inc		618
26,339	*	WCI Communities, Inc		774
3,932	*	William Lyon Homes, Inc		276

		TOTAL GENERAL BUILDING CONTRACTORS		39,795

GENERAL MERCHANDISE STORES - 2.22%
31,592	*	99 Cents Only Stores		511
93,903	*	Big Lots, Inc		1,139
46,118	*	BJ's Wholesale Club, Inc		1,343
3,353		Bon-Ton Stores, Inc		53
12,993	*	Brookstone, Inc		254
6,300	e*	Cabela's, Inc		143
32,653		Casey's General Stores, Inc		593
4,489	*	Conn's, Inc		76
315,104	e	Costco Wholesale Corp		15,254
41,041		Dillard's, Inc (Class A)		1,103
204,316		Dollar General Corp		4,244
75,616	*	Dollar Tree Stores, Inc		2,169
99,725		Family Dollar Stores, Inc		3,114
121,197		Federated Department Stores, Inc		7,004
25,464		Fred's, Inc		443
3,708	*	Gander Mountain Co		48
163,082		J.C. Penney Co, Inc		6,752
31,124	e*	Kmart Holding Corp		3,080
204,546	*	Kohl's Corp		10,058
198,531		May Department Stores Co		5,837
22,503		Neiman Marcus Group, Inc (Class A)		1,610
7,201		Neiman Marcus Group, Inc (Class B)		481
8,575	*	Retail Ventures, Inc		61
100,210		Saks, Inc		1,454
143,930		Sears Roebuck & Co		7,345
24,723	*	ShopKo Stores, Inc		462
22,642	*	Stein Mart, Inc		386

132

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account


SHARES			VALUE (000)

625,313		Target Corp	$	32,473
16,682	*	Tuesday Morning Corp		511
1,753,750		Wal-Mart Stores, Inc		92,633

		TOTAL GENERAL MERCHANDISE STORES		200,634

HEALTH SERVICES - 0.83%
35,821	*	Accredo Health, Inc		993
9,161	*	Amedisys, Inc		297
6,892	*	America Service Group, Inc		184
25,547	e*	American Healthways, Inc		844
24,202	*	Amsurg Corp		715
34,626	*	Apria Healthcare Group, Inc		1,141
95,825	*	Beverly Enterprises, Inc		877
313,499	*	Caremark Rx, Inc		12,361
41,261	*	Community Health Systems, Inc		1,150
4,011	*	Corvel Corp		107
58,487	*	Coventry Health Care, Inc		3,104
18,082	*	Cross Country Healthcare, Inc		327
65,475	*	DaVita, Inc		2,588
15,072	*	Enzo Biochem, Inc		293
43,628	*	Express Scripts, Inc		3,335
65,675	e*	First Health Group Corp		1,229
12,858	*	Genesis HealthCare Corp		450
16,401	*	Gentiva Health Services, Inc		274
294,840		HCA, Inc		11,782
160,036		Health Management Associates, Inc (Class A)		3,636
37,552		Hooper Holmes, Inc		222
21,175	*	Kindred Healthcare, Inc		634
11,050	*	LabOne, Inc		354
95,126	*	Laboratory Corp of America Holdings		4,739
10,008		LCA-Vision, Inc		234
28,136	*	LifePoint Hospitals, Inc		980
70,072	*	Lincare Holdings, Inc		2,989
20,151	*	Magellan Health Services, Inc		688
59,781		Manor Care, Inc		2,118
6,677	*	Matria Healthcare, Inc		261
3,907	*	Medcath Corp		96
4,992		National Healthcare Corp		176
24,349	*	NeighborCare, Inc		748
32,858	e*	OCA, Inc		209
29,429	*	Odyssey HealthCare, Inc		403
8,230	e	Option Care, Inc		141
17,780	*	Pediatrix Medical Group, Inc		1,139
36,791	*	Province Healthcare Co		822
10,625	*	Psychiatric Solutions, Inc		388
10,430	*	RehabCare Group, Inc		292
47,317	*	Renal Care Group, Inc		1,703
72,660		Select Medical Corp		1,279
5,230	*	Specialty Laboratories, Inc		58
13,338	e*	Sunrise Senior Living, Inc		618
5,363	*	Symbion, Inc		118
308,637	e*	Tenet Healthcare Corp		3,389
52,767	*	Triad Hospitals, Inc		1,963
21,325	*	United Surgical Partners International, Inc		889
32,473		Universal Health Services, Inc (Class B)		1,445
7,404	*	VistaCare, Inc (Class A)		123

		TOTAL HEALTH SERVICES		74,905

HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.01%
21,500		Granite Construction, Inc		572
16,849	*	Insituform Technologies, Inc (Class A)		382

		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		954

HOLDING AND OTHER INVESTMENT OFFICES - 2.80%
8,966	e*	4Kids Entertainment, Inc		188

133

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account


SHARES			VALUE (000)

15,893		Acadia Realty Trust	$	259
21,607		Affordable Residential Communities		310
8,320		Alabama National Bancorp		537
1,423	*	Alexander's, Inc		306
14,150		Alexandria Real Estate Equities, Inc		1,053
90,976	e	Allied Capital Corp		2,351
54,586		AMB Property Corp		2,205
16,250		Amcore Financial, Inc		523
4,900		American Campus Communities, Inc		110
71,827		American Financial Realty Trust		1,162
29,200		American Home Mortgage Investment Corp		1,000
16,404		AMLI Residential Properties Trust		525
77,731	e	Annaly Mortgage Management, Inc		1,525
35,745		Anthracite Capital, Inc		442
38,245		Anworth Mortgage Asset Corp		410
62,691		Apartment Investment & Management Co (Class A)		2,416
40,193		Apollo Investment Corp		607
4,545		Arbor Realty Trust, Inc		112
129,762		Archstone-Smith Trust		4,970
43,004		Arden Realty, Inc		1,622
12,975		Ashford Hospitality Trust, Inc		141
47,287		AvalonBay Communities, Inc		3,561
5,125	*	Bancorp, Inc		82
9,615		Bedford Property Investors		273
30,300		BioMed Realty Trust, Inc		673
54,245		Boston Properties, Inc		3,508
38,557		Brandywine Realty Trust		1,133
35,274		BRE Properties, Inc (Class A)		1,422
37,697		Brookline Bancorp, Inc		615
26,122		Camden Property Trust		1,332
22,576		Capital Automotive REIT		802
14,669		Capital Lease Funding, Inc		183
1,773		Capital Southwest Corp		139
3,400		Capital Trust, Inc		104
6,345		Capitol Bancorp Ltd		223
11,529	e	Capstead Mortgage Corp		122
41,383		CarrAmerica Realty Corp		1,366
13,947		CBL & Associates Properties, Inc		1,065
10,667		Cedar Shopping Centers, Inc		153
30,800		Centerpoint Properties Trust		1,475
4,486		Cherokee, Inc		158
13,024	*	Circle Group Holdings, Inc		29
15,051		Colonial Properties Trust		591
35,079		Commercial Net Lease Realty, Inc		723
6,786	e	Community Banks, Inc		191
38,124	*	Cornerstone Realty Income Trust, Inc		380
30,033		Corporate Office Properties Trust		881
7,117		Correctional Properties Trust		206
29,339		Cousins Properties, Inc		888
51,454		Crescent Real Estate Equities Co		940
17,398		CRT Properties, Inc		415
67,050		Developers Diversified Realty Corp		2,975
95,901		Duke Realty Corp		3,274
13,583		Eastgroup Properties, Inc		521
2,066	*	Enstar Group, Inc		129
18,156		Entertainment Properties Trust		809
30,386		Equity Inns, Inc		357
15,082		Equity Lifestyle Properties, Inc		539
276,468		Equity Office Properties Trust		8,051
23,115		Equity One, Inc		549
191,255		Equity Residential		6,920
15,015		Essex Property Trust, Inc		1,258
7,600		Extra Space Storage, Inc		101
33,704		Federal Realty Investment Trust		1,741
40,949	*	FelCor Lodging Trust, Inc		600
13,254	*	First Acceptance Corp		119
7,128		First Indiana Corp		160
32,100		First Industrial Realty Trust, Inc		1,307
55,237		First Niagara Financial Group, Inc		771
7,637		First Place Financial Corp		171

134

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account


SHARES			VALUE (000)

41,225		Fremont General Corp	$	1,038
91,328		Friedman Billings Ramsey Group, Inc		1,771
20,800		Gables Residential Trust		744
158,387		General Growth Properties, Inc		5,727
5,862		German American Bancorp		94
5,430		Gladstone Capital Corp		129
22,843		Glenborough Realty Trust, Inc		486
23,016		Glimcher Realty Trust		638
12,508		Government Properties Trust, Inc		123
2,900		Gramercy Capital Corp		60
34,453		Greater Bay Bancorp		961
10,348		Harris & Harris Group, Inc		170
92,422		Health Care Property Investors, Inc		2,559
34,616		Health Care REIT, Inc		1,321
31,420		Healthcare Realty Trust, Inc		1,279
18,169		Heritage Property Investment Trust		583
22,411		Highland Hospitality Corp		252
35,200		Highwoods Properties, Inc		975
22,565		Home Properties, Inc		970
7,900		HomeBanc Corp		76
43,929		Hospitality Properties Trust		2,021
228,560		Host Marriott Corp		3,954
115,742		HRPT Properties Trust		1,485
56,350		IMPAC Mortgage Holdings, Inc		1,277
59,949		Independence Community Bank Corp		2,553
29,188		Innkeepers U.S.A. Trust		414
27,187		Investors Real Estate Trust		285
26,500	e	iShares Russell 2000 Index Fund		3,432
76,867		iStar Financial, Inc		3,479
21,005		Kilroy Realty Corp		898
68,156		Kimco Realty Corp		3,952
6,600		Kite Realty Group Trust		101
15,595		Kramont Realty Trust		365
122,578	*	La Quinta Corp		1,114
21,468		LaSalle Hotel Properties		683
41,307		Lexington Corporate Properties Trust		933
59,481		Liberty Property Trust		2,570
9,901		LTC Properties, Inc		197
31,753		Luminent Mortgage Capital, Inc		378
38,567		Macerich Co		2,422
40,532		Mack-Cali Realty Corp		1,866
22,007		Maguire Properties, Inc		604
73,858	*	Meristar Hospitality Corp		617
61,319		MFA Mortgage Investments, Inc		541
11,455		Mid-America Apartment Communities, Inc		472
35,371		Mills Corp		2,255
11,592		Mission West Properties, Inc		123
13,900		MortgageIT Holdings, Inc		250
12,215		National Health Investors, Inc		356
43,757		Nationwide Health Properties, Inc		1,039
29,093		New Century Financial Corp		1,859
66,227		New Plan Excel Realty Trust		1,793
25,321		Newcastle Investment Corp		805
18,502	e	Novastar Financial, Inc		916
30,041		Omega Healthcare Investors, Inc		354
19,468		Oriental Financial Group, Inc		551
5,340		Origen Financial, Inc		40
26,388		Pan Pacific Retail Properties, Inc		1,655
7,123		Parkway Properties, Inc		361
23,118		Pennsylvania Real Estate Investment Trust		989
122,029		Plum Creek Timber Co, Inc		4,691
186,007		Popular, Inc		5,363
27,819		Post Properties, Inc		971
29,217		Prentiss Properties Trust		1,116
10,646		PrivateBancorp, Inc		343
119,133		Prologis		5,162
10,107		Prosperity Bancshares, Inc		295
10,322		PS Business Parks, Inc		466
57,453		Public Storage, Inc		3,203
20,254		RAIT Investment Trust		567

135

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account


SHARES			VALUE (000)

9,248		Ramco-Gershenson Properties	$	298
28,400		Realty Income Corp		1,436
51,625		Reckson Associates Realty Corp		1,694
13,703		Redwood Trust, Inc		851
39,916		Regency Centers Corp		2,211
9,617		Sandy Spring Bancorp, Inc		369
7,237		Saul Centers, Inc		277
33,500		Saxon Capital, Inc		804
44,868		Senior Housing Properties Trust		850
29,944		Shurgard Storage Centers, Inc (Class A)		1,318
7,560		Simon Property Group Inc SIMON PROPERTY GROUP LP		448
110,699		Simon Property Group, Inc		7,159
25,436		SL Green Realty Corp		1,540
9,856		Sovran Self Storage, Inc		415
153,200	e	SPDR Trust Series 1		18,517
4,600		Strategic Hotel Capital, Inc		76
7,140		Suffolk Bancorp		249
18,373		Summit Properties, Inc		598
12,790		Sun Communities, Inc		515
5,000		Sunstone Hotel Investors, Inc		104
30,145		Susquehanna Bancshares, Inc		752
22,030		Tanger Factory Outlet Centers, Inc		583
4,332	e*	Tarragon Realty Investors, Inc		77
32,222		Taubman Centers, Inc		965
61,455		Thornburg Mortgage, Inc		1,780
5,300		Tompkins Trustco, Inc		283
11,290	e	Town & Country Trust		312
71,461		Trizec Properties, Inc		1,352
14,730		U.S. Restaurant Properties, Inc		266
84,749		United Dominion Realty Trust, Inc		2,102
7,785		Universal Health Realty Income Trust		250
13,829		Urstadt Biddle Properties, Inc (Class A)		236
4,400		U-Store-It Trust		76
54,784		Ventas, Inc		1,502
63,323		Vornado Realty Trust		4,821
594,494		Washington Mutual, Inc		25,135
30,712		Washington Real Estate Investment Trust		1,040
20,869		Waypoint Financial Corp		592
50,451		Weingarten Realty Investors		2,023
2,941		Westfield Financial, Inc		76
15,128		Winston Hotels, Inc		179

		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		252,982

HOTELS AND OTHER LODGING PLACES - 0.38%
12,096		Ameristar Casinos, Inc		521
21,545	*	Bluegreen Corp		427
35,739	e	Boyd Gaming Corp		1,489
12,827		Choice Hotels International, Inc		744
5,556	e*	Empire Resorts, Inc		62
262,566		Hilton Hotels Corp		5,971
44,436	*	Mandalay Resort Group		3,130
12,791		Marcus Corp		322
132,020		Marriott International, Inc (Class A)		8,315
41,408	*	MGM Mirage		3,012
34,130	*	Pinnacle Entertainment, Inc		675
136,460		Starwood Hotels & Resorts Worldwide, Inc		7,969
12,856	*	Vail Resorts, Inc		288
21,445	e*	Wynn Resorts Ltd		1,435

		TOTAL HOTELS AND OTHER LODGING PLACES		34,360

INDUSTRIAL MACHINERY AND EQUIPMENT - 7.03%
534,935		3M Co		43,902
5,902	*	Aaon, Inc		95
15,369	*	Actuant Corp		801
70,721	*	Adaptec, Inc		537
41,597	*	Advanced Digital Information Corp		417
62,956	e*	AGCO Corp		1,378

136

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account


SHARES			VALUE (000)

17,575		Albany International Corp (Class A)	$	618
122,304	*	American Standard Cos, Inc		5,054
258,940	*	Apple Computer, Inc		16,676
1,156,812	*	Applied Materials, Inc		19,781
10,000	*	Astec Industries, Inc		172
5,035	*	ASV, Inc		241
39,136	*	Asyst Technologies, Inc		199
26,548	e*	Authentidate Holding Corp		164
31,792	*	Avocent Corp		1,288
76,728	*	Axcelis Technologies, Inc		624
227,291		Baker Hughes, Inc		9,699
52,297		Black & Decker Corp		4,619
11,587		Black Box Corp		556
2,333	*	Blount International, Inc		41
33,704		Briggs & Stratton Corp		1,401
28,891	*	Brooks Automation, Inc		498
9,000		Bucyrus International, Inc (Class A)		366
6,794		Cascade Corp		271
233,227		Caterpillar, Inc		22,742
54,695	*	Cirrus Logic, Inc		301
4,606,346	*	Cisco Systems, Inc		88,902
35,263	e*	Cooper Cameron Corp		1,898
57,259	e*	Cray, Inc		267
25,295		Cummins, Inc		2,119
10,981	*	Cuno, Inc		652
24,200	*	Cymer, Inc		715
169,295		Deere & Co		12,596
1,725,225	*	Dell, Inc		72,701
52,295		Diebold, Inc		2,914
57,902		Donaldson Co, Inc		1,886
28,117	*	Dot Hill Systems Corp		220
139,787		Dover Corp		5,863
4,345	*	Dril-Quip, Inc		105
102,310		Eaton Corp		7,403
34,739	*	Electronics For Imaging, Inc		605
1,648,556	*	EMC Corp		24,514
54,578	*	Emulex Corp		919
14,439		Engineered Support Systems, Inc		855
17,739	*	EnPro Industries, Inc		525
16,700	*	Esterline Technologies Corp		545
22,225	e*	FalconStor Software, Inc		213
8,475	*	Flanders Corp		81
44,867	*	Flowserve Corp		1,236
43,958	*	FMC Technologies, Inc		1,415
19,359	*	FSI International, Inc		90
13,011	*	Gardner Denver, Inc		472
163,392	*	Gateway, Inc		982
3,737	*	General Binding Corp		49
21,921	e*	Global Power Equipment Group, Inc		216
6,143		Gorman-Rupp Co		141
45,355		Graco, Inc		1,694
80,723	*	Grant Prideco, Inc		1,618
2,088,083		Hewlett-Packard Co		43,787
10,422	*	Hydril		474
33,040	*	Hypercom Corp		196
32,798		IDEX Corp		1,328
25,661	*	InFocus Corp		235
1,149,999	d	International Business Machines Corp		113,367
237,316		International Game Technology		8,159
10,849	*	Intevac, Inc		82
33,625	*	Iomega Corp		186
63,486		ITT Industries, Inc		5,361
34,475		JLG Industries, Inc		677
33,652		Joy Global, Inc		1,462
9,545	*	Kadant, Inc		196
18,280		Kaydon Corp		604
23,772		Kennametal, Inc		1,183
23,905	*	Komag, Inc		449
40,500	*	Kulicke & Soffa Industries, Inc		349
88,467	*	Lam Research Corp		2,558

137

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account


SHARES			VALUE (000)

28,720		Lennox International, Inc	$	584
88,587	*	Lexmark International, Inc		7,530
25,105		Lincoln Electric Holdings, Inc		867
7,700		Lindsay Manufacturing Co		199
4,417		Lufkin Industries, Inc		176
20,406		Manitowoc Co, Inc		768
160,332	*	Maxtor Corp		850
7,094	*	Maxwell Technologies, Inc		72
11,592	*	Micros Systems, Inc		905
2,893		Middleby Corp		147
47,673	*	Milacron, Inc		162
15,800		Modine Manufacturing Co		534
3,039		Nacco Industries, Inc (Class A)		320
56,421	e*	National-Oilwell, Inc		1,991
14,025	*	Netgear, Inc		255
213,803	*	Network Appliance, Inc		7,103
17,199		Nordson Corp		689
18,832	*	Oil States International, Inc		363
14,105	*	Omnicell, Inc		155
8,864	*	Overland Storage, Inc		148
82,103		Pall Corp		2,377
31,597	e*	PalmOne, Inc		997
81,290		Parker Hannifin Corp		6,157
22,412	*	Paxar Corp		497
65,424		Pentair, Inc		2,850
160,384		Pitney Bowes, Inc		7,423
9,183	*	Planar Systems, Inc		103
19,405	e*	Presstek, Inc		188
15,899	*	ProQuest Co		472
117,629	*	Quantum Corp		308
6,900		Robbins & Myers, Inc		164
115,641	*	Sandisk Corp		2,888
6,258		Sauer-Danfoss, Inc		136
5,249		Schawk, Inc		95
47,704	*	Scientific Games Corp (Class A)		1,137
86,617	*	Seagate Tech (Escrow)		0
10,800	*	Semitool, Inc		100
167,546	e*	Silicon Graphics, Inc		290
13,054	*	Simpletech, Inc		60
69,066	*	Smith International, Inc		3,758
617,233	*	Solectron Corp		3,290
51,912	e	SPX Corp		2,080
7,200		Standex International Corp		205
19,050		Stewart & Stevenson Services, Inc		385
73,700	*	Storage Technology Corp		2,330
154,104		Symbol Technologies, Inc		2,666
10,545		Tecumseh Products Co (Class A)		504
5,500		Tennant Co		218
37,459	*	Terex Corp		1,785
9,387		Thomas Industries, Inc		375
44,332		Timken Co		1,154
16,200		Toro Co		1,318
5,538	*	Transact Technologies, Inc		118
13,737	*	Ultratech, Inc		259
31,082	e*	UNOVA, Inc		786
16,749	*	Veeco Instruments, Inc		353
139,086	*	Western Digital Corp		1,508
20,532	*	WJ Communications		71
6,293		Woodward Governor Co		451
543,273	*	Xerox Corp		9,241
114,634	e*	Xybernaut Corp		141
27,000		York International Corp		933
41,611	*	Zebra Technologies Corp (Class A)		2,342

		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		633,836

INSTRUMENTS AND RELATED PRODUCTS - 3.03%
11,319	*	Abaxis, Inc		164
9,874	e*	Abiomed, Inc		152
6,126	e*	ADE Corp		115

138

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account


SHARES			VALUE (000)

23,218	e*	Advanced Medical Optics, Inc	$	955
12,863	*	Advanced Neuromodulation Systems, Inc		508
326,989	*	Agilent Technologies, Inc		7,880
18,971	e*	Aksys Ltd		105
33,740	*	Align Technology, Inc		363
16,356	*	American Medical Systems Holdings, Inc		684
7,524		Analogic Corp		337
2,749	e*	Animas Corp		43
138,993		Applera Corp (Applied Biosystems Group)		2,906
15,128		Arrow International, Inc		469
13,784	e*	Arthrocare Corp		442
7,965	*	Aspect Medical Systems, Inc		195
11,512	*	August Technology Corp		121
69,570		Bard (C.R.), Inc		4,451
35,059		Bausch & Lomb, Inc		2,260
423,005		Baxter International, Inc		14,611
2,200	*	Baxter International, Inc (Contingent Value Rts)		0
40,498		Beckman Coulter, Inc		2,713
172,574		Becton Dickinson & Co		9,802
7,194		BEI Technologies, Inc		222
14,357	e	Biolase Technology, Inc		156
173,506		Biomet, Inc		7,528
13,266	*	Bio-Rad Laboratories, Inc (Class A)		761
453,912	*	Boston Scientific Corp		16,137
13,858	*	Bruker BioSciences Corp		56
12,458	*	Candela Corp		142
44,502	*	Cardiac Science, Inc		95
23,331	*	Cardiodynamics International Corp		121
32,340	*	Cepheid, Inc		321
4,400	*	Closure Medical Corp		86
25,887		Cognex Corp		722
19,569	*	Coherent, Inc		596
13,701		Cohu, Inc		254
16,533	e*	Conceptus, Inc		134
19,250	*	Conmed Corp		547
21,984	e	Cooper Cos, Inc		1,552
62,388	*	Credence Systems Corp		571
20,165	*	CTI Molecular Imaging, Inc		286
13,015	e*	Cyberonics, Inc		270
4,802	*	Cyberoptics Corp		71
74,276	*	Cytyc Corp		2,048
7,100		Datascope Corp		282
58,293		Dentsply International, Inc		3,276
13,667	*	Depomed, Inc		74
15,633	*	Dionex Corp		886
11,581	*	DJ Orthopedics, Inc		248
16,194	*	DRS Technologies, Inc		692
196,710	e	Eastman Kodak Co		6,344
10,156		EDO Corp		322
40,322	*	Edwards Lifesciences Corp		1,664
19,942	*	Encore Medical Corp		135
14,227	*	Endocardial Solutions, Inc		166
8,386	*	ESCO Technologies, Inc		643
4,156	*	Exactech, Inc		76
7,765	*	Excel Technology, Inc		202
4,273		E-Z-Em-Inc		62
6,851	*	Faro Technologies, Inc		214
16,016	*	FEI Co		336
72,950	*	Fisher Scientific International, Inc		4,551
22,100	*	Flir Systems, Inc		1,410
22,772	*	Formfactor, Inc		618
25,562	*	Fossil, Inc		655
215,786		Guidant Corp		15,558
12,653	*	Haemonetics Corp		458
13,883	e*	Hanger Orthopedic Group, Inc		112
7,204	*	Herley Industries, Inc		147
13,218	*	Hologic, Inc		363
6,762	e*	ICU Medical, Inc		185
11,755	*	I-Flow Corp		214
7,269		II-VI, Inc		309

139

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account


SHARES			VALUE (000)

18,859	*	Illumina, Inc	$	179
3,905	*	Immunicon Corp		27
26,195	e*	Inamed Corp		1,657
41,768	*	Input/Output, Inc		369
16,245	*	Integra LifeSciences Holding		600
21,720	*	Intuitive Surgical, Inc		869
17,233		Invacare Corp		797
15,000	e*	Ionics, Inc		650
4,775	*	Ista Pharmaceuticals, Inc		48
13,455	*	Itron, Inc		322
17,133	*	Ixia		288
8,152		Keithley Instruments, Inc		161
6,174	e*	Kensey Nash Corp		213
134,872	e*	KLA-Tencor Corp		6,282
9,345	e*	KVH Industries, Inc		92
15,087	*	Kyphon, Inc		389
11,721	e*	Laserscope		421
5,051	*	LeCroy Corp		118
56,594	*	Lexar Media, Inc		444
39,478	*	LTX Corp		304
6,925	*	Measurement Specialties, Inc		176
5,287	*	Medical Action Industries, Inc		104
827,055		Medtronic, Inc		41,080
28,381		Mentor Corp		958
15,196	*	Merit Medical Systems, Inc		232
31,076	*	Mettler-Toledo International, Inc		1,595
7,594	*	Micro Therapeutics, Inc		28
36,819	*	Millipore Corp		1,834
13,981		Mine Safety Appliances Co		709
27,021	*	MKS Instruments, Inc		501
9,062	*	Molecular Devices Corp		182
10,556		Movado Group, Inc		197
13,932		MTS Systems Corp		471
22,052	e*	Nanogen, Inc		162
27,910	*	Newport Corp		394
4,204	*	NuVasive, Inc		43
16,400		Oakley, Inc		209
17,216	*	Ocular Sciences, Inc		844
32,538	*	Orbital Sciences Corp		385
21,914	*	Orthologic Corp		137
26,297	*	Orthovita, Inc		110
14,181	*	Palomar Medical Technologies, Inc		370
82,791		PerkinElmer, Inc		1,862
10,790	*	Photon Dynamics, Inc		262
44,607	*	Pinnacle Systems, Inc		272
10,464	*	Possis Medical, Inc		141
49,373	e*	RAE Systems, Inc		360
309,481		Raytheon Co		12,017
22,094	*	Resmed, Inc		1,129
24,679	*	Respironics, Inc		1,342
127,078		Rockwell Automation, Inc		6,297
9,751	*	Rofin-Sinar Technologies, Inc		414
25,660		Roper Industries, Inc		1,559
8,333	*	Rudolph Technologies, Inc		143
7,106	*	Sirf Technology Holdings, Inc		90
20,721	*	Sola International, Inc		571
11,945	*	Sonic Innovations, Inc		50
14,107	e*	Sonic Solutions, Inc		317
9,346	*	SonoSite, Inc		317
239,162	*	St. Jude Medical, Inc		10,028
17,241	e*	Star Scientific, Inc		88
57,185	*	Steris Corp		1,356
194,414		Stryker Corp		9,380
25,453	*	Sybron Dental Specialties, Inc		901
4,446		Sypris Solutions, Inc		68
26,858	*	Techne Corp		1,045
58,490		Tektronix, Inc		1,767
23,104		Teleflex, Inc		1,200
127,753	*	Teradyne, Inc		2,181
114,782	*	Thermo Electron Corp		3,465

140

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account


SHARES			VALUE (000)

28,916	*	Thermogenesis	$	183
32,720	e*	Thoratec Corp		341
33,355	*	Trimble Navigation Ltd		1,102
17,832	*	TriPath Imaging, Inc		160
6,881		United Industrial Corp		267
9,115	*	Urologix, Inc		59
91,332	*	Varian Medical Systems, Inc		3,949
25,177	*	Varian, Inc		1,033
8,865	*	Ventana Medical Systems, Inc		567
19,954	*	Viasys Healthcare, Inc		379
18,121	*	Viisage Technology, Inc		163
31,579	*	Visx, Inc		817
3,821		Vital Signs, Inc		149
81,850	*	Waters Corp		3,830
17,220	*	Wright Medical Group, Inc		491
13,259		X-Rite, Inc		212
3,046		Young Innovations, Inc		103
165,467	*	Zimmer Holdings, Inc		13,257
5,962	*	Zoll Medical Corp		205
11,582	*	Zygo Corp		137

		TOTAL INSTRUMENTS AND RELATED PRODUCTS		273,131

INSURANCE AGENTS, BROKERS AND SERVICE - 0.34%
217,037		AON Corp		5,179
35,588		Brown & Brown, Inc		1,550
10,229	*	Clark, Inc		159
14,025		Crawford & Co (Class B)		105
59,854		Gallagher (Arthur J.) & Co		1,945
20,900		Hilb, Rogal & Hamilton Co		757
356,949		Marsh & McLennan Cos, Inc		11,744
184,844	*	Medco Health Solutions, Inc		7,690
21,636		National Financial Partners Corp		839
22,850	*	USI Holdings Corp		264

		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		30,232

INSURANCE CARRIERS - 4.95%
17,800		21st Century Insurance Group		242
102,889		Aetna, Inc		12,835
346,519		Aflac, Inc		13,805
21,901		Alfa Corp		333
2,998	*	Alleghany Corp		855
42,394	*	Allmerica Financial Corp		1,392
478,405		Allstate Corp		24,743
74,415		Ambac Financial Group, Inc		6,112
13,153	e	American Equity Investment Life Holding Co		142
30,717		American Financial Group, Inc		962
1,568,266		American International Group, Inc		102,988
6,886		American National Insurance Co		717
5,463	*	American Physicians Capital, Inc		197
16,040	*	AMERIGROUP Corp		1,214
26,172		AmerUs Group Co		1,186
16,513	*	Argonaut Group, Inc		349
59,831		Assurant, Inc		1,828
4,897		Baldwin & Lyons, Inc (Class B)		131
51,855		Berkley (W.R.) Corp		2,446
9,808		Bristol West Holdings, Inc		196
26,270	*	Centene Corp		745
19,544	*	Ceres Group, Inc		101
129,021		Chubb Corp		9,922
93,580		Cigna Corp		7,633
103,005		Cincinnati Financial Corp		4,559
19,619	e*	Citizens, Inc		125
16,647	*	CNA Financial Corp		445
10,118	*	CNA Surety Corp		135
18,831		Commerce Group, Inc		1,149
100,429	*	Conseco, Inc		2,004
29,724	*	Danielson Holdings Corp		251

141

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account


SHARES			VALUE (000)

16,234		Delphi Financial Group, Inc (Class A)	$	749
9,769		Direct General Corp		314
4,059		Donegal Group, Inc		93
1,197		EMC Insurance Group, Inc		26
18,248		Erie Indemnity Co (Class A)		959
7,436		FBL Financial Group, Inc (Class A)		212
105,956		Fidelity National Financial, Inc		4,839
51,924		First American Corp		1,825
5,200	e*	FPIC Insurance Group, Inc		184
95,470		Genworth Financial, Inc		2,578
4,433		Great American Financial Resources, Inc		77
17,246		Harleysville Group, Inc		412
199,198		Hartford Financial Services Group, Inc		13,806
44,893		HCC Insurance Holdings, Inc		1,487
82,765	*	Health Net, Inc		2,389
10,757	*	HealthExtras, Inc		175
27,945		Horace Mann Educators Corp		533
106,844	*	Humana, Inc		3,172
3,952		Independence Holding Co		73
16,791		Infinity Property & Casualty Corp		591
98,694		Jefferson-Pilot Corp		5,128
2,078		Kansas City Life Insurance Co		98
14,540		Landamerica Financial Group, Inc		784
37,075		Leucadia National Corp		2,576
116,897		Lincoln National Corp		5,457
98,007		Loews Corp		6,890
5,942	*	Markel Corp		2,163
95,592		MBIA, Inc		6,049
19,051		Mercury General Corp		1,142
277,099		MetLife, Inc		11,225
65,155		MGIC Investment Corp		4,490
5,100		Midland Co		159
6,720	*	Molina Healthcare, Inc		312
1,200	*	National Western Life Insurance Co (Class A)		200
37,522		Nationwide Financial Services, Inc (Class A)		1,434
5,555	*	Navigators Group, Inc		167
1,723		NYMAGIC, Inc		44
9,757	e	Odyssey Re Holdings Corp		246
44,462	*	Ohio Casualty Corp		1,032
120,304		Old Republic International Corp		3,044
56,842	e*	Pacificare Health Systems, Inc		3,213
5,911		Penn-America Group, Inc		89
14,655	*	Philadelphia Consolidated Holding Corp		969
62,731	e	Phoenix Cos, Inc		784
5,290	*	Pico Holdings, Inc		110
17,637	*	PMA Capital Corp (Class A)		183
63,391		PMI Group, Inc		2,647
13,808		Presidential Life Corp		234
216,341		Principal Financial Group		8,857
19,772	*	ProAssurance Corp		773
136,213		Progressive Corp		11,556
45,293		Protective Life Corp		1,934
358,936		Prudential Financial, Inc		19,727
62,314		Radian Group, Inc		3,318
18,963		Reinsurance Group of America, Inc		919
17,219		RLI Corp		716
91,886		Safeco Corp		4,800
6,502		Safety Insurance Group, Inc		203
18,100		Selective Insurance Group, Inc		801
19,675	*	Sierra Health Services, Inc		1,084
451,274		St. Paul Travelers Cos, Inc		16,729
19,266		Stancorp Financial Group, Inc		1,589
8,400		State Auto Financial Corp		217
13,333		Stewart Information Services Corp		555
78,561		Torchmark Corp		4,489
17,447		Transatlantic Holdings, Inc		1,079
6,045	*	Triad Guaranty, Inc		366
24,418		UICI		828
9,742		United Fire & Casualty Co		328
456,225		UnitedHealth Group, Inc		40,161

142

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account


SHARES			VALUE (000)

35,035		Unitrin, Inc	$	1,592
17,138	*	Universal American Financial Corp		265
194,971	e	UnumProvident Corp		3,498
23,386	*	Vesta Insurance Group, Inc		86
9,700	*	WellCare Health Plans, Inc		315
14,821	*	WellChoice, Inc		791
199,411	*	WellPoint, Inc		22,932
921		Wesco Financial Corp		362
6,901	e	Zenith National Insurance Corp		344

		TOTAL INSURANCE CARRIERS		446,319

JUSTICE, PUBLIC ORDER AND SAFETY - 0.00%
5,992	*	Geo Group, Inc		159

		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		159

LEATHER AND LEATHER PRODUCTS - 0.11%
18,648		Brown Shoe Co, Inc		556
124,124	*	Coach, Inc		7,001
16,766		K-Swiss, Inc (Class A)		488
7,519	*	Steven Madden Ltd		142
13,016	*	Timberland Co (Class A)		816
1,605		Weyco Group, Inc		71
26,553		Wolverine World Wide, Inc		834

		TOTAL LEATHER AND LEATHER PRODUCTS		9,908

LEGAL SERVICES - 0.00%
9,616	e	Pre-Paid Legal Services, Inc		361

		TOTAL LEGAL SERVICES		361

LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.02%
80,396	*	Laidlaw International, Inc		1,720

		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		1,720

LUMBER AND WOOD PRODUCTS - 0.13%
7,280		American Woodmark Corp		318
45,661	*	Champion Enterprises, Inc		540
6,414		Deltic Timber Corp		272
168,869		Georgia-Pacific Corp		6,329
71,936		Louisiana-Pacific Corp		1,924
32,809		Rayonier, Inc		1,605
3,900		Skyline Corp		159
10,096		Universal Forest Products, Inc		438

		TOTAL LUMBER AND WOOD PRODUCTS		11,585

METAL MINING - 0.28%
6,934	e	Cleveland-Cliffs, Inc		720
152,242	e*	Coeur D'alene Mines Corp		598
102,825		Freeport-McMoRan Copper & Gold, Inc (Class A)		3,931
90,813	*	Hecla Mining Co		529
275,374		Newmont Mining Corp		12,229
61,825		Phelps Dodge Corp		6,116
10,647	e	Royal Gold, Inc		194
9,371	e	Southern Peru Copper Corp		442
29,044	*	Stillwater Mining Co		327

		TOTAL METAL MINING		25,086

MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.16%
21,015		Blyth, Inc		621

143

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account


SHARES			VALUE (000)

43,276		Callaway Golf Co	$	584
9,320	*	Daktronics, Inc		232
5,091		Escalade, Inc		68
101,206		Hasbro, Inc		1,961
85,080	*	Identix, Inc		628
26,321	*	Jakks Pacific, Inc		582
26,284	*	K2, Inc		417
17,803	e*	Leapfrog Enterprises, Inc		242
295,308		Mattel, Inc		5,756
18,735	e	Nautilus Group, Inc		453
7,000		Penn Engineering & Manufacturing Corp		127
10,704	*	RC2 Corp		349
6,000		Russ Berrie & Co, Inc		137
16,818	e*	Shuffle Master, Inc		792
4,356	f*	Steinway Musical Instruments, Inc		126
32,225	*	Yankee Candle Co, Inc		1,069

		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		14,144

MISCELLANEOUS RETAIL - 1.48%
14,365	*	1-800-Flowers.com, Inc (Class A)		121
8,907	*	AC Moore Arts & Crafts, Inc		257
22,029	e*	Alloy, Inc		178
202,669	e*	Amazon.com, Inc		8,976
34,469	*	Barnes & Noble, Inc		1,112
13,168		Big 5 Sporting Goods Corp		384
4,481		Blair Corp		160
4,920		Blockbuster, Inc (Class B)		43
2,428	e*	Blue Nile, Inc		67
51,929		Borders Group, Inc		1,319
5,000	*	Build-A-Bear Workshop, Inc		176
18,169		Cash America International, Inc		540
14,223	*	Coldwater Creek, Inc		439
269,691		CVS Corp		12,155
19,532	*	Dick's Sporting Goods, Inc		687
28,699	e*	Drugstore.com, Inc		98
355,516	*	eBay, Inc		41,339
12,296		Hancock Fabrics, Inc		128
15,165	*	Hibbett Sporting Goods, Inc		404
11,512	*	Jill (J.) Group, Inc		171
19,587		Longs Drug Stores Corp		540
46,128	*	Marvel Enterprises, Inc		945
90,574		Michaels Stores, Inc		2,715
20,950		MSC Industrial Direct Co (Class A)		754
216,993	*	Office Depot, Inc		3,767
68,415		Omnicare, Inc		2,369
10,952	e*	Overstock.com, Inc		756
7,394	*	Party City Corp		96
3,699	*	PC Connection, Inc		35
5,046	e*	PC Mall, Inc		113
29,723	*	Petco Animal Supplies, Inc		1,173
95,178		Petsmart, Inc		3,382
15,471	e*	Priceline.com, Inc		365
289,247	*	Rite Aid Corp		1,059
7,595	*	Sharper Image Corp		143
23,233	*	Sports Authority, Inc		598
12,380		Stamps.com, Inc		196
337,168		Staples, Inc		11,366
6,238	*	Systemax, Inc		46
96,882		Tiffany & Co		3,097
140,910	*	Toys 'R' Us, Inc		2,884
11,646	*	Valuevision International, Inc (Class A)		162
701,517		Walgreen Co		26,917
7,268		World Fuel Services Corp		362
35,266	*	Zale Corp		1,053

		TOTAL MISCELLANEOUS RETAIL		133,647

144

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account


SHARES			VALUE (000)

MOTION PICTURES - 1.37%
24,300	*	Avid Technology, Inc	$	1,501
136,235	e	Blockbuster, Inc (Class A)		1,300
4,971		Carmike Cinemas, Inc		181
21,200	*	DreamWorks Animation SKG, Inc (Class A)		795
35,307	*	Hollywood Entertainment Corp		462
1,844,827	*	Liberty Media Corp (Class A)		20,256
45,039		Metro-Goldwyn-Mayer, Inc		535
17,242		Movie Gallery, Inc		329
28,234	e*	NetFlix, Inc		348
9,410	*	Reading International, Inc		79
26,711	e	Regal Entertainment Group (Class A)		554
2,986,956	*	Time Warner, Inc		58,066
1,404,811		Walt Disney Co		39,054

		TOTAL MOTION PICTURES		123,460

NONDEPOSITORY INSTITUTIONS - 2.40%
13,297	*	Accredited Home Lenders Holding Co		661
13,790		Advanta Corp (Class A)		312
59,732	e	American Capital Strategies Ltd		1,992
771,903		American Express Co		43,512
104,147	*	AmeriCredit Corp		2,546
6,017		Asta Funding, Inc		161
8,568		Beverly Hills Bancorp, Inc		87
164,110		Capital One Financial Corp		13,820
42,051	e*	CapitalSource, Inc		1,079
29,400		CharterMac		719
144,565		CIT Group, Inc		6,624
470	*	Citibank West FSB		0
12,101	*	CompuCredit Corp		331
380,200		Countrywide Financial Corp		14,071
7,769	*	Credit Acceptance Corp		198
57,393		Doral Financial Corp		2,827
7,863	*	Encore Capital Group, Inc		187
660,558		Fannie Mae		47,038
5,461		Federal Agricultural Mortgage Corp (Class C)		127
11,187		Financial Federal Corp		439
7,604	*	First Cash Financial Services, Inc		203
11,400	*	First Marblehead Corp		641
469,628		Freddie Mac		34,612
774,442		MBNA Corp		21,832
20,603		MCG Capital Corp		353
20,908	*	Metris Cos, Inc		267
5,250	*	Nelnet, Inc		141
192,120	*	Providian Financial Corp		3,164
301,432		SLM Corp		16,093
2,700		Student Loan Corp		497
2,729	*	United PanAm Financial Corp		52
20,183		Westcorp		927
7,324	*	WFS Financial, Inc		372
10,245	*	World Acceptance Corp		282

		TOTAL NONDEPOSITORY INSTITUTIONS		216,167

NONMETALLIC MINERALS, EXCEPT FUELS - 0.05%
13,959		Amcol International Corp		280
9,779		Compass Minerals International, Inc		237
70,513		Vulcan Materials Co		3,851

		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		4,368

OIL AND GAS EXTRACTION - 1.80%
166,804		Anadarko Petroleum Corp		10,811
215,480		Apache Corp		10,897
1,490	e*	Atlas America, Inc		53
7,034	*	Atwood Oceanics, Inc		366
14,430		Berry Petroleum Co (Class A)		688
106,616		BJ Services Co		4,962

145

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account


SHARES			VALUE (000)

14,383	*	Brigham Exploration Co	$	129
263,842		Burlington Resources, Inc		11,477
22,823		Cabot Oil & Gas Corp (Class A)		1,010
24,774	*	Cal Dive International, Inc		1,010
11,727	*	Callon Petroleum Co		170
14,541	*	Cheniere Energy, Inc		926
190,511		Chesapeake Energy Corp		3,143
29,595	*	Cimarex Energy Co		1,122
2,869	*	Clayton Williams Energy, Inc		66
26,283	*	Comstock Resources, Inc		580
19,486	*	Delta Petroleum Corp		306
40,045	*	Denbury Resources, Inc		1,099
317,680		Devon Energy Corp		12,364
38,772	e	Diamond Offshore Drilling, Inc		1,553
11,397	*	Edge Petroleum Corp		166
18,529	*	Encore Acquisition Co		647
21,759	*	Energy Partners Ltd		441
99,679		ENSCO International, Inc		3,164
76,927		EOG Resources, Inc		5,490
36,091	*	Forest Oil Corp		1,145
66	*	Forest Oil Corp Wts 02/15/05		0
17,325	e*	FX Energy, Inc		202
77,434	*	Global Industries Ltd		642
120,781	*	Grey Wolf, Inc		637
57,197	*	Hanover Compressor Co		808
29,621	*	Harvest Natural Resources, Inc		512
39,405		Helmerich & Payne, Inc		1,341
9,302	*	Houston Exploration Co		524
37,396	b*	KCS Energy, Inc		553
87,052		Kerr-McGee Corp		5,031
106,134	*	Key Energy Services, Inc		1,252
62,542	*	Magnum Hunter Resources, Inc		807
2,804	e*	Magnum Hunter Resources, Inc Wts 03/21/05		1
233,366		Marathon Oil Corp		8,777
21,672	e*	McMoRan Exploration Co		405
45,561	*	Meridian Resource Corp		276
26,303	*	Mission Resources Corp		154
44,454	*	Newfield Exploration Co		2,625
54,329	*	Newpark Resources, Inc		280
41,761	e	Noble Energy, Inc		2,575
264,253		Occidental Petroleum Corp		15,422
16,172	*	Oceaneering International, Inc		604
61,134	*	Parker Drilling Co		240
48,126		Patina Oil & Gas Corp		1,805
109,232		Patterson-UTI Energy, Inc		2,125
11,819		Penn Virginia Corp		479
3,037	v*	PetroCorp, Inc (Escrow)		0
12,730	*	Petroleum Development Corp		491
164,110		Capital One Financial Corp		13,820
42,051	e*	CapitalSource, Inc		1,079
29,400		CharterMac		719
144,565		CIT Group, Inc		6,624
470	*	Citibank West FSB		0
12,101	*	CompuCredit Corp		331
380,200		Countrywide Financial Corp		14,071
7,769	*	Credit Acceptance Corp		198
57,393		Doral Financial Corp		2,827
7,863	*	Encore Capital Group, Inc		187
660,558		Fannie Mae		47,038
5,461		Federal Agricultural Mortgage Corp (Class C)		127
11,187		Financial Federal Corp		439
7,604	*	First Cash Financial Services, Inc		203
11,400	*	First Marblehead Corp		641
469,628		Freddie Mac		34,612
774,442		MBNA Corp		21,832
20,603		MCG Capital Corp		353
20,908	*	Metris Cos, Inc		267
5,250	*	Nelnet, Inc		141
192,120	*	Providian Financial Corp		3,164
301,432		SLM Corp		16,093

146

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account


SHARES			VALUE (000)

2,700		Student Loan Corp	$	497
2,729	*	United PanAm Financial Corp		52
20,183		Westcorp		927
7,324	*	WFS Financial, Inc		372
10,245	*	World Acceptance Corp		282

		TOTAL NONDEPOSITORY INSTITUTIONS		216,167

NONMETALLIC MINERALS, EXCEPT FUELS - 0.05%
13,959		Amcol International Corp		280
9,779		Compass Minerals International, Inc		237
70,513		Vulcan Materials Co		3,851

		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		4,368

OIL AND GAS EXTRACTION - 1.80%
166,804		Anadarko Petroleum Corp		10,811
215,480		Apache Corp		10,897
1,490	e*	Atlas America, Inc		53
7,034	*	Atwood Oceanics, Inc		366
14,430		Berry Petroleum Co (Class A)		688
106,616		BJ Services Co		4,962
14,383	*	Brigham Exploration Co		129
263,842		Burlington Resources, Inc		11,477
22,823		Cabot Oil & Gas Corp (Class A)		1,010
24,774	*	Cal Dive International, Inc		1,010
11,727	*	Callon Petroleum Co		170
14,541	*	Cheniere Energy, Inc		926
190,511		Chesapeake Energy Corp		3,143
29,595	*	Cimarex Energy Co		1,122
2,869	*	Clayton Williams Energy, Inc		66
26,283	*	Comstock Resources, Inc		580
19,486	*	Delta Petroleum Corp		306
40,045	*	Denbury Resources, Inc		1,099
317,680		Devon Energy Corp		12,364
38,772	e	Diamond Offshore Drilling, Inc		1,553
11,397	*	Edge Petroleum Corp		166
18,529	*	Encore Acquisition Co		647
21,759	*	Energy Partners Ltd		441
99,679		ENSCO International, Inc		3,164
76,927		EOG Resources, Inc		5,490
36,091	*	Forest Oil Corp		1,145
66	*	Forest Oil Corp Wts 02/15/05		0
17,325	e*	FX Energy, Inc		202
77,434	*	Global Industries Ltd		642
120,781	*	Grey Wolf, Inc		637
57,197	*	Hanover Compressor Co		808
29,621	*	Harvest Natural Resources, Inc		512
39,405		Helmerich & Payne, Inc		1,341
9,302	*	Houston Exploration Co		524
37,396	b*	KCS Energy, Inc		553
87,052		Kerr-McGee Corp		5,031
106,134	*	Key Energy Services, Inc		1,252
62,542	*	Magnum Hunter Resources, Inc		807
2,804	e*	Magnum Hunter Resources, Inc Wts 03/21/05		1
233,366		Marathon Oil Corp		8,777
21,672	e*	McMoRan Exploration Co		405
45,561	*	Meridian Resource Corp		276
26,303	*	Mission Resources Corp		154
44,454	*	Newfield Exploration Co		2,625
54,329	*	Newpark Resources, Inc		280
41,761	e	Noble Energy, Inc		2,575
264,253		Occidental Petroleum Corp		15,422
16,172	*	Oceaneering International, Inc		604
61,134	*	Parker Drilling Co		240
48,126		Patina Oil & Gas Corp		1,805
109,232		Patterson-UTI Energy, Inc		2,125
11,819		Penn Virginia Corp		479
3,037	v*	PetroCorp, Inc (Escrow)		0

147

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account


SHARES			VALUE (000)

12,730	*	Petroleum Development Corp	$	491
100,749		Pioneer Natural Resources Co		3,536
54,017	*	Plains Exploration & Production Co		1,404
47,219		Pogo Producing Co		2,290
74,186	e*	Pride International, Inc		1,524
21,140	e*	Quicksilver Resources, Inc		778
47,387		Range Resources Corp		970
15,796	*	Remington Oil & Gas Corp		430
69,406		Rowan Cos, Inc		1,798
6,700		RPC, Inc		168
12,164	*	Seacor Smit, Inc		650
23,700	*	Southwestern Energy Co		1,201
18,891	*	Spinnaker Exploration Co		663
20,293		St. Mary Land & Exploration Co		847
17,200	*	Stone Energy Corp		776
42,756	*	Superior Energy Services, Inc		659
20,865	*	Swift Energy Co		604
18,196	*	Syntroleum Corp		146
14,464	*	Tetra Technologies, Inc		409
39,794		Tidewater, Inc		1,417
19,620	*	Todco		361
14,065	*	Transmontaigne, Inc		86
25,539	*	Unit Corp		976
174,688		Unocal Corp		7,554
63,751	e*	Varco International, Inc		1,858
33,448	*	Veritas DGC, Inc		750
36,700		Vintage Petroleum, Inc		833
20,558	*	W-H Energy Services, Inc		460
22,920	*	Whiting Petroleum Corp		693
169,165		XTO Energy, Inc		5,985

		TOTAL OIL AND GAS EXTRACTION		162,179

PAPER AND ALLIED PRODUCTS - 0.70%
77,926		Bemis Co		2,267
36,328		Bowater, Inc		1,597
19,035	*	Buckeye Technologies, Inc		248
18,440	*	Caraustar Industries, Inc		310
12,643		Chesapeake Corp		343
18,726		Glatfelter		286
43,223	*	Graphic Packaging Corp		311
8,497		Greif, Inc (Class A)		476
329,738		International Paper Co		13,849
343,604		Kimberly-Clark Corp		22,613
34,200		Longview Fibre Co		620
133,040		MeadWestvaco Corp		4,509
10,278	e	Neenah Paper, Inc		335
57,730		OfficeMax, Inc		1,812
43,057		Packaging Corp of America		1,014
105,634	*	Pactiv Corp		2,671
22,544	*	Playtex Products, Inc		180
10,400		Pope & Talbot, Inc		178
19,101		Potlatch Corp		966
19,151		Rock-Tenn Co (Class A)		290
9,960		Schweitzer-Mauduit International, Inc		338
177,695	*	Smurfit-Stone Container Corp		3,319
68,338		Sonoco Products Co		2,026
36,338		Temple-Inland, Inc		2,486
29,954		Wausau-Mosinee Paper Corp		535

		TOTAL PAPER AND ALLIED PRODUCTS		63,579

PERSONAL SERVICES - 0.18%
25,927	b*	Alderwoods Group, Inc		295
5,708		Angelica Corp		154
81,987		Cintas Corp		3,596
13,900	*	Coinstar, Inc		373
11,172		G & K Services, Inc (Class A)		485
117,055		H & R Block, Inc		5,736

148

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account


SHARES			VALUE (000)

24,600		Jackson Hewitt Tax Service, Inc	$	621
31,111		Regis Corp		1,436
244,093	*	Service Corp International		1,818
5,886		Unifirst Corp		166
27,863	e*	Weight Watchers International, Inc		1,144

		TOTAL PERSONAL SERVICES		15,824

PETROLEUM AND COAL PRODUCTS - 4.22%
51,126		Amerada Hess Corp		4,212
46,067		Ashland, Inc		2,689
1,463,206		ChevronTexaco Corp		76,833
468,918		ConocoPhillips		40,716
12,762		ElkCorp		437
4,465,934		ExxonMobil Corp		228,924
17,100		Frontier Oil Corp		456
6,887	*	Giant Industries, Inc		183
21,762	e*	Headwaters, Inc		620
13,194		Holly Corp		368
42,766		Lubrizol Corp		1,576
132,498	e	Lyondell Chemical Co		3,832
56,586		Murphy Oil Corp		4,552
26,301		Premcor, Inc		1,109
51,084		Sunoco, Inc		4,174
50,274	*	Tesoro Corp		1,602
173,282		Valero Energy Corp		7,867
11,064		WD-40 Co		314

		TOTAL PETROLEUM AND COAL PRODUCTS		380,464

PRIMARY METAL INDUSTRIES - 0.59%
80,467	*	AK Steel Holding Corp		1,164
594,198		Alcoa, Inc		18,670
8,838	*	Aleris International, Inc		150
62,893		Allegheny Technologies, Inc		1,363
105,549	*	Andrew Corp		1,439
34,639		Belden CDT, Inc		804
12,468	*	Brush Engineered Materials, Inc		231
18,186		Carpenter Technology Corp		1,063
20,400	*	Century Aluminum Co		536
34,900	*	CommScope, Inc		660
12,732		Curtiss-Wright Corp		731
12,102	*	Encore Wire Corp		161
88,067		Engelhard Corp		2,701
34,577	*	General Cable Corp		479
15,238		Gibraltar Industries, Inc		360
10,700	*	International Steel Group, Inc		434
21,246	*	Lone Star Technologies, Inc		711
20,870		Matthews International Corp (Class A)		768
28,043	*	Maverick Tube Corp		850
22,967		Mueller Industries, Inc		740
8,698		NN, Inc		115
23,177	*	NS Group, Inc		644
104,464		Nucor Corp		5,468
34,609	*	Oregon Steel Mills, Inc		702
42,602		Precision Castparts Corp		2,798
10,605		Quanex Corp		727
13,736	*	RTI International Metals, Inc		282
21,041		Ryerson Tull, Inc		331
12,707		Schnitzer Steel Industries, Inc (Class A)		431
24,800		Steel Dynamics, Inc		939
6,503		Steel Technologies, Inc		179
13,769		Texas Industries, Inc		859
4,245	*	Titanium Metals Corp		102
19,782		Tredegar Corp		400
75,214	e	United States Steel Corp		3,855
3,889	*	Wheeling-Pittsburgh Corp		150
44,770		Worthington Industries, Inc		877

		TOTAL PRIMARY METAL INDUSTRIES		52,874

149

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account


SHARES			VALUE (000)

PRINTING AND PUBLISHING - 0.81%
40,983		American Greetings Corp (Class A)	$	1,039
16,219		Banta Corp		726
64,183		Belo (A.H.) Corp Series A		1,684
22,675		Bowne & Co, Inc		369
7,510	*	Consolidated Graphics, Inc		345
4,178		Courier Corp		217
4,379		CSS Industries, Inc		139
34,900		Dex Media, Inc		871
38,159		Dow Jones & Co, Inc		1,643
10,318		Ennis, Inc		199
40,998		EW Scripps Co		1,979
174,453		Gannett Co, Inc		14,253
18,220		Harland (John H.) Co		658
38,081		Harte-Hanks, Inc		989
37,205		Hollinger International, Inc		583
13,084		Journal Communications, Inc		236
32,392	*	Journal Register Co		626
53,139		Knight Ridder, Inc		3,557
29,295		Lee Enterprises, Inc		1,350
15,352	e*	Martha Stewart Living Omnimedia, Inc (Class A)		446
11,981		McClatchy Co (Class A)		860
131,084		McGraw-Hill Cos, Inc		11,999
16,835		Media General, Inc (Class A)		1,091
25,103		Meredith Corp		1,361
102,940		New York Times Co (Class A)		4,200
12,663	*	Playboy Enterprises, Inc (Class B)		156
99,645	*	Primedia, Inc		379
5,064		Pulitzer, Inc		328
142,933		R.R. Donnelley & Sons Co		5,044
80,184		Reader's Digest Association, Inc (Class A)		1,115
19,634	*	Scholastic Corp		726
9,980		Standard Register Co		141
6,503		Thomas Nelson, Inc		147
171,079		Tribune Co		7,209
37,177	*	Valassis Communications, Inc		1,302
3,674		Washington Post Co (Class B)		3,612
31,809		Wiley (John) & Sons, Inc (Class A)		1,108

		TOTAL PRINTING AND PUBLISHING		72,687

RAILROAD TRANSPORTATION - 0.47%
534,764	*	ADC Telecommunications, Inc		1,433
255,684		Burlington Northern Santa Fe Corp		12,096
148,008		CSX Corp		5,932
13,848		Florida East Coast Industries		625
12,282	*	Genesee & Wyoming, Inc (Class A)		345
40,911	*	Kansas City Southern Industries, Inc		725
265,817		Norfolk Southern Corp		9,620
177,072		Union Pacific Corp		11,908

		TOTAL RAILROAD TRANSPORTATION		42,684

REAL ESTATE - 0.10%
3,890	e*	Avatar Holdings, Inc		187
67,983		Catellus Development Corp		2,080
16,900	*	CB Richard Ellis Group, Inc		567
3,777		Consolidated-Tomoka Land Co		162
1,040	b*	Crescent Operating, Inc		0
21,334		Forest City Enterprises, Inc (Class A)		1,228
20,670	*	Jones Lang LaSalle, Inc		773
14,760		LNR Property Corp		929
1,576	*	Orleans Homebuilders, Inc		31
35,484		St. Joe Co		2,278
69,610	*	Stewart Enterprises, Inc (Class A)		487
20,205	*	Trammell Crow Co		366

		TOTAL REAL ESTATE		9,088

150

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account


SHARES			VALUE (000)

RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.25%
14,740	*	Applied Films Corp	$	318
25,885		Aptargroup, Inc		1,366
7,500		Bandag, Inc		374
43,200		Cooper Tire & Rubber Co		931
11,308	e*	Deckers Outdoor Corp		531
100,072	e*	Goodyear Tire & Rubber Co		1,467
17,633	*	Jarden Corp		766
15,814		Myers Industries, Inc		202
111,272		Nike, Inc (Class B)		10,091
1		Packaging Dynamics Corp		0
5,011		Quixote Corp		102
34,372		Reebok International Ltd		1,512
19,270		Schulman (A.), Inc		413
56,400	*	Sealed Air Corp		3,004
19,752	*	Skechers U.S.A., Inc (Class A)		256
16,232		Spartech Corp		440
6,660	*	Trex Co, Inc		349
34,021		Tupperware Corp		705

		TOTAL RUBBER AND MISCELLANEOUS PLASTICS PRODUCTS		22,827

SECURITY AND COMMODITY BROKERS - 2.09%
57,546		A.G. Edwards, Inc		2,487
19,239	e*	Affiliated Managers Group, Inc		1,303
155,078	*	Ameritrade Holding Corp		2,205
71,632		Bear Stearns Cos, Inc		7,329
3,966		BKF Capital Group, Inc		150
13,002		Blackrock, Inc		1,005
9,331		Calamos Asset Management, Inc (Class A)		252
675,091		Charles Schwab Corp		8,074
22,814		Chicago Mercantile Exchange		5,218
241,010	*	E*Trade Financial Corp		3,603
46,010		Eaton Vance Corp		2,399
60,511		Federated Investors, Inc (Class B)		1,840
110,104		Franklin Resources, Inc		7,669
4,284	e	Gabelli Asset Management, Inc (Class A)		208
222,932		Goldman Sachs Group, Inc		23,194
3,247		Greenhill & Co, Inc		93
82,050	*	Instinet Group, Inc		495
30,908	*	Investment Technology Group, Inc		618
43,051	e	Investors Financial Services Corp		2,152
159,488		Janus Capital Group, Inc		2,681
32,917		Jefferies Group, Inc		1,326
75,214	*	Knight Trading Group, Inc		824
33,904	e*	LaBranche & Co, Inc		304
68,616		Legg Mason, Inc		5,027
187,057		Lehman Brothers Holdings, Inc		16,364
2,900	*	MarketAxess Holdings, Inc		49
656,024		Merrill Lynch & Co, Inc		39,211
748,832		Morgan Stanley		41,575
12,678		Nuveen Investments, Inc		500
12,768	*	Piper Jaffray Cos		612
39,943		Raymond James Financial, Inc		1,237
7,737		Sanders Morris Harris Group, Inc		138
46,031		SEI Investments Co		1,930
4,676	*	Stifel Financial Corp		98
9,972		SWS Group, Inc		219
74,863		T Rowe Price Group, Inc		4,656
800		Value Line, Inc		31
53,867		Waddell & Reed Financial, Inc (Class A)		1,287

		TOTAL SECURITY AND COMMODITY BROKERS		188,363

SOCIAL SERVICES - 0.01%
8,555	*	Bright Horizons Family Solutions, Inc		554
11,299	*	Res-Care, Inc		172

		TOTAL SOCIAL SERVICES		726

151

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account


SHARES			VALUE (000)

SPECIAL TRADE CONTRACTORS - 0.03%
8,104		Chemed Corp	$	544
24,926	*	Comfort Systems U.S.A., Inc		191
31,957	*	Dycom Industries, Inc		975
9,811	*	EMCOR Group, Inc		443
21,312	e*	Integrated Electrical Services, Inc		103
6,386	*	Layne Christensen Co		116
11,126	e*	Matrix Service Co		90
63,200	*	Quanta Services, Inc		506

		TOTAL SPECIAL TRADE CONTRACTORS		2,968

STONE, CLAY, AND GLASS PRODUCTS - 0.17%
5,262		Ameron International Corp		199
6,376	*	Anchor Glass Container Corp		43
16,062		Apogee Enterprises, Inc		215
16,090	*	Cabot Microelectronics Corp		644
8,227		CARBO Ceramics, Inc		568
944,921	*	Corning, Inc		11,122
6,672		Eagle Materials, Inc		576
5,959		Eagle Materials, Inc (Class B)		502
20,159		Florida Rock Industries, Inc		1,200
8,851		Libbey, Inc		197
13,706	*	U.S. Concrete, Inc		105

		TOTAL STONE, CLAY, AND GLASS PRODUCTS		15,371

TOBACCO PRODUCTS - 1.12%
1,398,612		Altria Group, Inc		85,455
41,005		Loews Corp (Carolina Group)		1,187
103,471		Reynolds American, Inc		8,133
18,711		Universal Corp (Virginia)		895
111,037		UST, Inc		5,342
15,978	e	Vector Group Ltd		266

		TOTAL TOBACCO PRODUCTS		101,278

TRANSPORTATION BY AIR - 0.42%
54,776	*	Airtran Holdings, Inc		586
19,378	e*	Alaska Air Group, Inc		649
22,765	e*	America West Holdings Corp (Class B)		150
104,343	e*	AMR Corp		1,143
42,985	e*	Continental Airlines, Inc (Class B)		582
71,476	e*	Delta Air Lines, Inc		535
24,278	*	ExpressJet Holdings, Inc		313
203,849		FedEx Corp		20,077
29,386	e*	FLYi, Inc		52
13,946	*	Forward Air Corp		623
22,974	*	Frontier Airlines, Inc		262
63,925	e*	JetBlue Airways Corp		1,484
20,555	e*	Mesa Air Group, Inc		163
70,667	e*	Northwest Airlines Corp		772
15,990	*	Offshore Logistics, Inc		519
12,573	*	Pinnacle Airlines Corp		175
3,233	*	Republic Airways Holdings, Inc		43
44,967		Skywest, Inc		902
536,553		Southwest Airlines Co		8,735

		TOTAL TRANSPORTATION BY AIR		37,765

152

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			VALUE (000)

TRANSPORTATION EQUIPMENT - 2.55%
20,412	*	AAR Corp	$	278
7,665	*	Aftermarket Technology Corp		123
35,285		American Axle & Manufacturing Holdings, Inc		1,082
9,760		Arctic Cat, Inc		259
50,724		ArvinMeritor, Inc		1,135
63,199		Autoliv, Inc		3,053
53,496	*	BE Aerospace, Inc		623
577,404		Boeing Co		29,883
62,093		Brunswick Corp		3,074
16,587		Clarcor, Inc		908
9,152		Coachmen Industries, Inc		159
2,662		Curtiss-Wright Corp (Class B)		150
110,843		Dana Corp		1,921
319,117		Delphi Corp		2,878
4,714	*	Ducommun, Inc		98
31,335		Federal Signal Corp		553
53,000	*	Fleetwood Enterprises, Inc		713
1,190,419		Ford Motor Co		17,428
32,857	e*	GenCorp, Inc		610
135,043		General Dynamics Corp		14,125
315,086	e	General Motors Corp		12,622
56,409		Gentex Corp		2,088
115,970		Genuine Parts Co		5,110
78,090		Goodrich Corp		2,549
3,737		Greenbrier Cos, Inc		126
203,085		Harley-Davidson, Inc		12,337
24,452	*	Hayes Lemmerz International, Inc		216
12,625		Heico Corp		285
791		Heico Corp (Class A)		14
585,924		Honeywell International, Inc		20,748
14,000		Kaman Corp (Class A)		177
254,139		Lockheed Martin Corp		14,117
5,605		Marine Products Corp		146
14,500	*	Mascotech (Escrow)		0
21,622		Monaco Coach Corp		445
45,769	*	Navistar International Corp		2,013
4,114		Noble International Ltd		84
245,462		Northrop Grumman Corp		13,343
23,252		Oshkosh Truck Corp		1,590
118,606		Paccar, Inc		9,545
28,868		Polaris Industries, Inc		1,964
4,041	*	Sequa Corp (Class A)		247
13,568	*	Sports Resorts International, Inc		39
7,858		Standard Motor Products, Inc		124
2,112	*	Strattec Security Corp		132
14,833	e	Superior Industries International, Inc		431
21,094	*	Teledyne Technologies, Inc		621
35,303	*	Tenneco Automotive, Inc		609
81,026		Textron, Inc		5,980
23,700		Thor Industries, Inc		878
23,772		Trinity Industries, Inc		810
10,281	*	Triumph Group, Inc		406
25,548	*	TRW Automotive Holdings Corp		529
35,556	*	United Defense Industries, Inc		1,680
351,090		United Technologies Corp		36,285
86,454		Visteon Corp		845
18,200	*	Wabash National Corp		490
25,748		Westinghouse Air Brake Technologies Corp		549
16,827		Winnebago Industries, Inc		657

		TOTAL TRANSPORTATION EQUIPMENT		229,884

TRANSPORTATION SERVICES - 0.14%
5,186		Ambassadors Group, Inc		185
56,400		C.H. Robinson Worldwide, Inc		3,131
23,173	*	EGL, Inc		693
73,305		Expeditors International of Washington, Inc		4,096
31,949		GATX Corp		944
4,875	*	HUB Group, Inc		255
9,115	*	Navigant International, Inc		111
23,950	*	Pacer International, Inc		509
24,568	*	RailAmerica, Inc		321
90,732		Sabre Holdings Corp		2,011

		TOTAL TRANSPORTATION SERVICES		12,256

153

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account


SHARES			VALUE (000)

TRUCKING AND WAREHOUSING - 0.50%
14,200		Arkansas Best Corp	$	637
5,600	*	Central Freight Lines, Inc		35
32,993		CNF, Inc		1,653
5,739	*	Covenant Transport, Inc (Class A)		119
29,892		Heartland Express, Inc		672
37,610		Hunt (J.B.) Transport Services, Inc		1,687
19,320	*	Landstar System, Inc		1,423
5,926	*	Marten Transport Ltd		135
10,962	*	Old Dominion Freight Line		381
18,272		Overnite Corp		680
4,234	*	P.A.M. Transportation Services		79
5,401	*	Quality Distribution, Inc		46
9,635	*	SCS Transportation, Inc		225
13,200	*	Sirva, Inc		254
35,089	*	Swift Transportation Co, Inc		754
3,746	*	U.S. Xpress Enterprises, Inc (Class A)		110
390,725		United Parcel Service, Inc (Class B)		33,391
20,822		USF Corp		790
31,232		Werner Enterprises, Inc		707
31,628	*	Yellow Roadway Corp		1,762

		TOTAL TRUCKING AND WAREHOUSING		45,540

WATER TRANSPORTATION - 0.04%
32,600		Alexander & Baldwin, Inc		1,383
9,194	*	Gulfmark Offshore, Inc		205
3,931	*	Hornbeck Offshore Services, Inc		76
16,554	*	Kirby Corp		735
21,240		Overseas Shipholding Group, Inc		1,172
7,805	*	Seabulk International, Inc		95

		TOTAL WATER TRANSPORTATION		3,666

WHOLESALE TRADE-DURABLE GOODS - 1.86%
4,709	*	1-800 Contacts, Inc		104
9,868	e	Action Performance Cos, Inc		108
64,378		Adesa, Inc		1,366
18,374		Agilysys, Inc		315
8,151	*	Alliance Imaging, Inc		92
20,557		Anixter International, Inc		740
16,843		Applied Industrial Technologies, Inc		461
75,720	*	Arrow Electronics, Inc		1,840
10,900	*	Audiovox Corp (Class A)		172
21,075	*	Aviall, Inc		484
79,392	*	Avnet, Inc		1,448
9,677		Barnes Group, Inc		257
13,460	*	BioVeris Corp		98
36,704		BorgWarner, Inc		1,988
12,513	*	Brightpoint, Inc		245
24,120		Carlisle Cos, Inc		1,566
42,451		CDW Corp		2,817
2,198		Compx International, Inc		36
8,641	*	Department 56, Inc		144
13,898	*	Digi International, Inc		239
14,920	*	Global Imaging Systems, Inc		589
15,400		Handleman Co		331
45,500		Hughes Supply, Inc		1,472
88,400		IKON Office Solutions, Inc		1,022
10,795	*	Imagistics International, Inc		363
79,200	*	Ingram Micro, Inc (Class A)		1,647
31,360	*	Insight Enterprises, Inc		644
5,978	*	Insurance Auto Auctions, Inc		134
5,105	e*	INTAC International		66
2,025,809		Johnson & Johnson		128,477
9,849	*	Keystone Automotive Industries, Inc		229
23,883		Knight Transportation, Inc		592

154

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account


SHARES			VALUE (000)

3,000		Lawson Products, Inc	$	151
9,455	*	LKQ Corp		190
32,342		Martin Marietta Materials, Inc		1,735
7,114	e*	Merge Technologies, Inc		158
11,413		Metal Management, Inc		307
27,850	*	Microtek Medical Holdings, Inc		113
20,159	*	Navarre Corp		355
25,667		Owens & Minor, Inc		723
86,354	e*	Patterson Cos, Inc		3,747
37,424		Pep Boys-Manny Moe & Jack		639
44,376	*	PSS World Medical, Inc		555
18,275		Reliance Steel & Aluminum Co		712
77,400	*	Safeguard Scientifics, Inc		164
8,126	*	Scansource, Inc		505
34,569		SCP Pool Corp		1,103
12,826	*	TBC Corp		357
37,971	*	Tech Data Corp		1,724
253	*	Timco Aviation Services, Inc		0
808	*	Timco Aviation Services, Inc Wts 02/27/07		0
50,821		W.W. Grainger, Inc		3,386
14,432		Watsco, Inc		508
11,623	*	WESCO International, Inc		345
47,999	*	Zoran Corp		556

		TOTAL WHOLESALE TRADE-DURABLE GOODS		168,119

WHOLESALE TRADE-NONDURABLE GOODS - 0.73%
27,607		Acuity Brands, Inc		878
8,800		Advanced Marketing Services, Inc		89
39,300		Airgas, Inc		1,042
17,740	*	Allscripts Healthcare Solutions, Inc		189
77,309		AmerisourceBergen Corp		4,536
41,630		Brown-Forman Corp (Class B)		2,027
295,520		Cardinal Health, Inc		17,184
7,941	e*	Central European Distribution Corp		235
26,408		Chiquita Brands International, Inc		583
29,525		DIMON, Inc		198
30,418	*	Endo Pharmaceuticals Holdings, Inc		639
11,498		Getty Realty Corp		330
16,652	*	Hain Celestial Group, Inc		344
30,583	*	Henry Schein, Inc		2,130
5,403		Kenneth Cole Productions, Inc (Class A)		167
2,095	*	Maui Land & Pineapple Co		82
199,855		McKesson Corp		6,287
21,820	*	Men's Wearhouse, Inc		697
13,078	*	Metals USA, Inc		243
7,977		Nash Finch Co		301
34,058		Nu Skin Enterprises, Inc (Class A)		864
4,082	*	Nuco2, Inc		91
38,900	*	Performance Food Group Co		1,047
41,234		Perrigo Co		712
3,510	*	Perry Ellis International, Inc		71
5,570	f,v*	Priority Healthcare Corp (Class A)		121
17,504	*	Priority Healthcare Corp (Class B)		381
2,829	*	Provide Commerce, Inc		105
18,708		Russell Corp		364
15,116	*	School Specialty, Inc		583
8,100	*	Smart & Final, Inc		117
6,681		Standard Commercial Corp		130
25,507		Stride Rite Corp		285
88,799		Supervalu, Inc		3,065
441,032		Sysco Corp		16,834
20,163	*	Tractor Supply Co		750
25,672	*	United Natural Foods, Inc		798
24,630	*	United Stationers, Inc		1,138

		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		65,637

		TOTAL COMMON STOCKS
		(Cost $7,389,607)		8,987,841

155

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				MATURITY
PRINCIPAL			RATE	DATE	VALUE (000)

SHORT TERM INVESTMENTS - 2.75%
COMMERCIAL PAPER - 1.20%
$10,000,000	c	Beta Finance, Inc	2.340	02/25/05	$	9,963
10,000,000	c	BMW US Capital Corp	2.150	01/03/05		9,998
11,000,000	c	CC (USA), Inc	2.290	02/08/05		10,972
14,000,000	c	Fortune Brands	2.160	02/07/05		13,965
14,000,000		General Electric Capital Corp	2.310	02/09/05		13,964
11,600,000	c	Govco Incorporated	2.400	03/17/05		11,540
10,000,000	c	Proctor & Gamble	2.240	02/01/05		9,979
14,000,000		Sigma Finance, Inc	2.530	04/26/05		13,887
14,000,000		UBS Finance, (Delaware), Inc	2.300	01/06/05		13,995

		TOTAL COMMERCIAL PAPER				108,263


U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 1.55%
9,804,000		Federal Home Loan Bank (FHLB)	1.000	01/03/05		9,802
45,000,000		Federal National Mortgage Association (FNMA)	1.140	01/03/05		44,992
26,168,000	d		1.240	01/07/05		26,157
20,000,000	d		2.160	01/12/05		19,986
15,000,000			2.170	01/18/05		14,984
15,000,000			2.450	04/13/05		14,892
8,682,000			2.480	04/29/05		8,610

		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES				139,423

		TOTAL SHORT TERM INVESTMENTS
		(Cost $247,715)				247,686

		TOTAL PORTFOLIO - 102.40%
		(Cost $7,637,421)				9,235,739
		OTHER ASSETS AND LIABILITIES, NET - (2.40%)				(216,750	)

		NET ASSETS - 100.00%			$	9,018,989




	*		Non-income producing
	b		In bankruptcy
	c		Commercial Paper issued under the Private Placement exemption
			under Section 4(2) of the Securities Act of 1933.
	d		All or a portion of these securities have been segregated by
			the custodian to cover margin or 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, 2004, the value of theses securities amounted to
			$246 or 0.00% of net assets.
	v		Security valued at fair value.

			For ease of presentation, we have grouped a number of industry classification categories together in
			the Statement of Investments. Note that the Accounts use more specific industry categories in following
			their investment limitations on industry concentration.

156

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

Restricted securities held by the Account are as follows:

SECURITY	ACQUISTION DATE	ACQUISITION COST		VALUE
McLeod (Escrow)	05/14/02	$	-	$	-
National Health Investors, Inc	01/10/01		30,000		125,000
Priority Healthcare Corp (Clas	01/04/99		67,236		121,000
Wiltel Communications Group	12/04/03		-		0

		$	97,236	$	246,000

Open Futures Contracts:

	Number of	Market		Expiration	Unrealized
	Contracts	Value		Date	Gain

E-mini S&P 500 Index	344	$	20,875,640	March 2005	$	43,400
E-mini Russell 2000 Index	55		3,596,725	March 2005		28,692

Total					$	72,092

157

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

COLLEGE RETIREMENT EQUITIES FUND
STATEMENT OF INVESTMENTS
BOND MARKET ACCOUNT
December 31, 2004

				MATURITY
PRINCIPAL			RATE	DATE	RATING +	VALUE (000)

BONDS - 98.42%
CORPORATE BONDS - 27.74%
AGRICULTURAL SERVICES - 0.10%
$ 5,500,000	g	Yara International ASA Note	5.250	12/15/14	Baa2	$	5,535

		TOTAL AGRICULTURAL SERVICES					5,535


AMUSEMENT AND RECREATION SERVICES - 0.08%
2,000,000		Caesars Entertainment, Inc (Sr Note)	7.000	04/15/13	Ba1		2,205
2,000,000		Park Place Entertainment Corp (Sr Sub note)	7.875	03/15/10	Ba2		2,253

		TOTAL AMUSEMENT AND RECREATION SERVICES					4,458


AUTO REPAIR, SERVICES AND PARKING - 0.06%
3,000,000		PHH Corp Note	7.125	03/01/13	Baa1		3,366

		TOTAL AUTO REPAIR, SERVICES AND PARKING					3,366

ASSET BACKED - 2.09%
7,600,000		Chase Funding Mortgage Loan Series 2004-2 (Class A2)	3.777	01/25/22	Aaa		7,563
1,375,000		Chase Funding Mortgage Loan Series 2004-2 (Class B1)	5.700	02/25/34	Baa2		1,336
3,500,000		Chase Funding Mortgage Loan Series 2004-2 (Class M1)	5.700	02/25/34	Aa2		3,531
1,750,000		Chase Funding Mortgage Loan Series 2004-2 (Class M2)	5.700	02/25/34	A2		1,725
6,000,000		CIT Group Home Equity Loan Trust Series 2002-1 (Class Af6)	6.200	02/25/30	Aaa		6,306
8,298,901		Countrywide Home Equity Loan Trust Series 2004-B (Class A1)	2.623	02/15/29	Aaa		8,299
7,736,073		Countrywide Securites Series 2004-3N (Class N3)	2.618	05/25/09	Aaa		7,722
10,000,000		Detroit Edison Securitization Funding Llc Series 2001-1 (Class A3)	5.875	03/01/10	Aaa		10,451
10,000,000	v	Golden Securities Corp Seires 2003-A (Class A1)	1.950	12/02/13	Aaa		10,004
1,397,234		Nissan Auto Receivables Owner Trust Series 2001-C (Class A4)	4.800	02/15/07	Aaa		1,400
8,000,000		Peco Energy Transition Trust Series 1999-A (Class A6)	6.050	03/01/09	Aaa		8,311
10,000,000		Peco Energy Transition Trust Series 1999-A (Class A7)	6.130	03/01/09	Aaa		10,693
9,639,206		Public Service New Hampshire Funding LLC Series 2001-1 (Class A2)	5.730	11/01/10	Aaa		10,017
12,000,000		Residential Asset Mortgage Products, Inc Series 2004-RS11 (Class M1)	2.801	11/25/34	Aa1		12,000
1,803,074		Residential Asset Securities Corp Series 1999-KS2 (Class A19)	7.150	07/25/30	Aaa		1,830
8,245,497		Residential Asset Securities Corp Series 2000-KS4 (Class A16)	7.435	09/25/31	Aaa		8,475
1,821,562		Residential Asset Securities Corp Series 2001-KS2 (Class A16)	6.489	10/25/30	Aaa		1,905
1,411,968		Saxon Asset Securities Trust Series 1999-3 (Class AF6)	7.525	06/25/14	Aaa		1,431

		TOTAL ASSET BACKED					112,999


BUSINESS SERVICES - 0.19%
2,000,000		Advanstar Communications, Inc	10.750	08/15/10	B3		2,258
4,000,000		Cendant Corp (Sr Note)	7.375	01/15/13	Baa1		4,620
3,500,000		Equifax, Inc	6.300	07/01/05	Baa1		3,555

		TOTAL BUSINESS SERVICES					10,433


CHEMICALS AND ALLIED PRODUCTS - 0.73%
10,000,000		Abbott Labs Note	5.625	07/01/06	A1		10,351
2,500,000	g	Clorox Co Note	5.000	01/15/15	A3		2,547
3,000,000		Du Pont EI de Nemours & Co Note	4.750	11/15/12	Aa3		3,059
2,000,000		Equistar Chemicals LP/Equistar Funding Corp (Sr Note)	10.625	05/01/11	B2		2,320
1,500,000		Gillette Co/The (Sr Note)	4.125	08/30/07	Aa3		1,521
2,500,000		Lubrizol Corp (Sr Note)	4.625	10/01/09	Baa3		2,496
5,000,000	e	Merck & Co, Inc	4.375	02/15/13	Aa2		4,888
2,000,000		Merck & Co, Inc Deb	5.950	12/01/28	Aaa		2,069
5,000,000		Pharmacia Corp Note	5.750	12/01/05	Aaa		5,122
2,000,000		Procter & Gamble Co Bond	5.800	08/15/34	Aa3		2,113

158

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

				MATURITY
PRINCIPAL/SHARES			RATE	DATE	RATING +		VALUE (000)

$ 3,000,000		Procter & Gamble Co Note	4.950	08/15/14	Aa3	$	3,072

		TOTAL CHEMICALS AND ALLIED PRODUCTS					39,558


COMMUNICATIONS - 2.47%
171,001		AT&T Corp (Guarantee Note)	8.375	03/15/13	Baa3		211
3,000,000		AT&T Corp (Sr Note)	8.050	11/15/11	Ba1		3,454
4,000,000		AT&T Wireless Services, Inc (Sr Note)	7.875	03/01/11	Baa2		4,708
4,750,000		AT&T Wireless Services, Inc (Sr Note)	8.750	03/01/31	Baa2		6,404
5,000,000		BellSouth Telecommunication Note	6.500	06/15/05	Aa3		5,084
7,500,000		British Telecommunications plc Bond	8.875	12/15/30	Baa1		10,018
2,250,000		Clear Channel Communications, Inc (Sr Note)	5.750	01/15/13	Baa3		2,325
7,250,000		Comcast Corp (Guarantee Note)	6.500	01/15/15	Baa3		8,047
2,750,000	e	Comcast Corp Bond	7.050	03/15/33	Baa3		3,142
2,000,000	g	COX Communications, Inc Note	4.625	01/15/10	Baa3		2,000
4,250,000		Cox Communications, Inc Note	4.625	06/01/13	Baa2		4,071
8,000,000	g	COX Communications, Inc Note	5.450	12/15/14	Baa3		8,019
2,500,000	g	COX Enterprises, Inc Note	4.375	05/01/08	Baa1		2,498
4,000,000		Deutsche Telekom International Finance BV (Guarantee Note)	8.750	06/15/30	Baa1		5,269
4,250,000		France Telecom Note	8.500	03/01/11	Baa2		5,068
1,000,000		Gray Television, Inc (Guarantee Note)	9.250	12/15/11	B2		1,120
1,150,000		GTE Corp Deb	6.840	04/15/18	A3		1,301
5,000,000		GTE North, Inc Deb	5.650	11/15/08	A1		5,259
500,000	g	Rogers Cable, Inc (Sec Note)	6.750	03/15/15	Ba3		511
2,500,000	g	Rogers Wireless Communications, Inc (Sec Note)	7.500	03/15/15	Ba3		2,638
1,500,000		SBC Communications, Inc Note	4.125	09/15/09	A2		1,497
9,500,000		SBC Communications, Inc Note	5.100	09/15/14	A2		9,588
1,900,000	e	SBC Communications, Inc Note	6.150	09/15/34	A2		1,954
2,750,000		Sprint Capital Corp (Guarantee Note)	7.625	01/30/11	Baa3		3,193
4,000,000		Sprint Capital Corp (Guarantee Note)	6.900	05/01/19	Baa3		4,466
4,500,000		Sprint Capital Corp (Guarantee Note)	6.875	11/15/28	Baa3		4,926
4,000,000		Sprint Capital Corp Note	8.375	03/15/12	Baa3		4,876
13,500,000		Verizon Virginia, Inc Deb	4.625	03/15/13	Aa3		13,137
5,000,000		Verizon Wireless Capital LLC Note	5.375	12/15/06	A3		5,179
2,000,000		Vodafone Group plc Note	3.950	01/30/08	A2		2,016
2,000,000		Vodafone Group plc Note	5.000	12/16/13	A2		2,032

		TOTAL COMMUNICATIONS					134,011

DEPOSITORY INSTITUTIONS - 3.17%
4,500,000		Bank of America Corp (Sr Note)	5.875	02/15/09	Aa2		4,829
4,500,000		Bank of America Corp (Sr Note)	4.875	01/15/13	Aa2		4,580
4,250,000	e	Bank of America Corp (Sr Note)	5.375	06/15/14	Aa2		4,428
3,000,000		Bank of America Corp (Sr. Note)	3.375	02/17/09	Aa2		2,937
4,000,000		Bank of America Corp (Sub Note)	7.400	01/15/11	Aa3		4,640
6,500,000	e	Bank of America Corp (Sub Note)	4.750	08/15/13	Aa3		6,514
7,000,000		Bank One NA Illinois Note	5.500	03/26/07	Aa2		7,299
5,000,000		Bank One NA Illinois Note	3.700	01/15/08	Aa2		4,999
4,000,000		BB & T Corp (Sub Note)	6.500	08/01/11	A2		4,459
25,165,000	d,g	Citigroup, Inc (Sub Note)	5.000	09/15/14	Aa2		25,263
8,500,000		Citigroup, Inc Note	4.125	06/30/05	Aa1		8,555
3,000,000		Golden West Financial Corp (Sr Note)	4.125	08/15/07	A1		3,037
3,500,000		Golden West Financial Corp (Sr Note)	4.750	10/01/12	A1		3,525
2,000,000		Greenpoint Financial Corp (Sr Note)	3.200	06/06/08	A2		1,951
7,000,000		JP Morgan Chase & Co (Sub Note)	7.875	06/15/10	A1		8,154
5,000,000		JP Morgan Chase & Co Note	4.500	11/15/10	Aa3		5,036
2,000,000		JPMorgan Chase & Co (Sub Note)	5.125	09/15/14	A1		2,013
2,000,000		Marshall & Ilsley Corp Note	4.375	08/01/09	A1		2,022
2,000,000		Marshall & Isley Bank (Sr Note)	4.125	09/04/07	Aa3		2,025
1,000,000		Marshall & Isley Bank (Sub Note)	5.250	09/04/12	A1		1,038
5,000,000		Mellon Funding Corp (Guarantee Note)	4.875	06/15/07	A1		5,152
5,000,000		PNC Funding Corp (Guarantee Note)	5.750	08/01/06	A2		5,181
3,250,000		Popular North America, Inc	4.700	06/30/09	A3		3,315
2,500,000		Regions Financial Corp (Sub Note)	6.375	05/15/12	A2		2,763
4,500,000		Suntrust Bank (Sub Note)	7.250	09/15/06	Aa3		4,785
5,000,000		US Bank National Association (Sub Note)	6.300	02/04/14	Aa3		5,559
4,500,000		Wachovia Bank NA/Old (Sub Note)	4.800	11/01/14	Aa3		4,469
2,000,000		Wachovia Corp (Sr. Note)	3.625	02/17/09	Aa3		1,976
9,500,000		Wachovia Corp (Sub Note)	5.250	08/01/14	A1		9,731

159

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

				MATURITY
PRINCIPAL/SHARES			RATE	DATE	RATING +		VALUE (000)

$ 2,000,000	e	Washington Mutual, Inc Note	4.000	01/15/09	A3	$	1,994
3,500,000		Wells Fargo & Co (Sr Note)	4.200	01/15/10	Aa1		3,519
5,000,000		Wells Fargo & Co (Sub Note)	4.950	10/16/13	Aa2		5,071
11,015,145	v	Wells Fargo Home Equity Trust	4.450	10/26/34	A		11,015

		TOTAL DEPOSITORY INSTITUTIONS					171,834

ELECTRIC, GAS, AND SANITARY SERVICES - 1.82%
3,000,000		Carolina Power & Light Co (First Mortgage Bond)	6.125	09/15/33	A3		3,195
4,250,000		CenterPoint Energy Resources Corp (Sr Note)	7.875	04/01/13	Ba1		5,052
1,000,000		Chesapeake Energy Corp (Guarantee Note)	9.000	08/15/12	Ba3		1,143
3,500,000		Consolidated Edison Co of New York	4.700	06/15/09	A1		3,589
4,000,000		Consolidated Edison Co of New York Note Deb	4.875	02/01/13	A1		4,055
3,500,000		Consolidated Natural Gas Co (Sr Note)	6.250	11/01/11	A3		3,831
4,250,000		Consolidated Natural Gas Co (Sr Note)	5.000	12/01/14	A3		4,244
2,500,000		Devon Energy Corp (Sr Note)	2.750	08/01/06	Baa2		2,476
5,250,000		Duke Capital LLC Note	5.668	08/15/14	Baa3		5,419
2,000,000		Duke Energy Corp (First Mortgage Bond)	4.500	04/01/10	A3		2,024
5,750,000		FirstEnergy Corp Note	6.450	11/15/11	Baa3		6,247
5,000,000		Florida Power & Light Co (First Mortgage Bond)	6.875	12/01/05	Aa3		5,174
5,000,000		Georgia Power Co (Sr Note)	5.500	12/01/05	A2		5,108
3,000,000		Kinder Morgan Energy Partners LP (Sr Note)	5.000	12/15/13	Baa1		2,996
4,000,000		National Fuel Gas Co Note	5.250	03/01/13	A3		4,075
1,250,000		Nisource Finance Corp (Guarantee Note)	7.875	11/15/10	Baa3		1,463
4,500,000		Northern Border Pipeline Co Note	6.250	05/01/07	A3		4,752
2,500,000	g	Ohio Edison Co	4.000	05/01/08	Baa2		2,499
3,750,000		Pacific Gas & Electric Co (1st Mtge)	6.050	03/01/34	Baa2		3,894
2,250,000		Progress Energy Florida, Inc	4.800	03/01/13	A1		2,247
2,000,000		Public Service Co of Colorado	7.875	10/01/12	A3		2,423
2,500,000		Public Service Co of Colorado (Collateral Note)	5.500	04/01/14	A3		2,635
2,750,000		Southern California Edison Co (1st Mtge)	6.000	01/15/34	A3		2,917
6,000,000	g	TXU Corp Note	4.800	11/15/09	Ba1		6,011
2,000,000		TXU Energy Co (Sr Note)	7.000	03/15/13	Baa2		2,232
2,000,000		Virginia Electric and Power Co (Sr Note)	4.750	03/01/13	A3		1,984
2,000,000		Waste Management, Inc (Guarantee Note)	7.750	05/15/32	Baa3		2,477
1,500,000		Westar Energy, Inc (First Mortgage Bond)	6.000	07/01/14	Ba1		1,613
3,000,000		Wisconsin Electric Power Note	5.625	05/15/33	A1		3,052

		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES					98,827

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 0.14%
4,000,000		Emerson Electric Co	4.500	05/01/13	A2		4,000
3,500,000		General Electric Co Note	5.000	02/01/13	Aaa		3,592

		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT					7,592


FABRICATED METAL PRODUCTS - 0.13%
3,000,000		Crane Co (Sr Note)	5.500	09/15/13	Baa2		3,047
3,750,000		Fortune Brands, Inc Note	4.875	12/01/13	A2		3,806

		TOTAL FABRICATED METAL PRODUCTS					6,853


FOOD AND KINDRED PRODUCTS - 0.83%
3,750,000		Anheuser-Busch Cos,, Inc Bond	4.375	01/15/13	A1		3,719
4,000,000		Bottling Group LLC (Guarantee Note)	4.625	11/15/12	Aa3		4,052
1,750,000		Bunge Ltd Finance Corp Note	5.875	05/15/13	Baa3		1,839
6,500,000		ConAgra Foods, Inc Note	7.875	09/15/10	Baa1		7,643
2,500,000		Conagra Foods, Inc Note	8.250	09/15/30	Baa1		3,331
5,000,000		Coors Brewing Co (Guarantee Note)	6.375	05/15/12	Baa2		5,491
3,000,000	g	Fosters Brewing Note	6.875	06/15/11	Baa1		3,385
3,000,000		Kellogg Co Deb	7.450	04/01/31	Baa2		3,785
4,000,000		Kraft Foods, Inc Bonds	6.500	11/01/31	A3		4,404
2,000,000		Sara Lee Corp Note	6.250	09/15/11	A3		2,217
2,000,000		Sara Lee Corp Note	3.875	06/15/13	A3		1,877
3,250,000		Unilever Capital Corp (Guarantee Note)	5.900	11/15/32	A1		3,441

		TOTAL FOOD AND KINDRED PRODUCTS					45,184

160

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

				MATURITY
PRINCIPAL/SHARES			RATE	DATE	RATING +		VALUE (000)

FOOD STORES - 0.17%
$ 2,000,000		Delhaize America, Inc (Guarantee Note)	8.125	04/15/11	Ba1	$	2,331
3,500,000		Kroger Co	7.250	06/01/09	Baa2		3,916
2,500,000		Kroger Co (Guarantee Note)	6.800	04/01/11	Baa2		2,804

		TOTAL FOOD STORES					9,051

FORESTRY - 0.11%
3,000,000		Weyerhaeuser Co Note	6.000	08/01/06	Baa2		3,118
2,665,000		Weyerhaeuser Co Note	5.950	11/01/08	Baa2		2,854

		TOTAL FORESTRY					5,972


FURNITURE AND FIXTURES - 0.07%
3,500,000		Newell Rubbermaid, Inc Note	6.000	03/15/07	Baa2		3,655

		TOTAL FURNITURE AND FIXTURES					3,655

GENERAL BUILDING CONTRACTORS - 0.37%
2,000,000		Beazer Homes USA, Inc (Guarantee Note)	8.375	04/15/12	Ba1		2,200
4,000,000		Centex Corp Note	4.750	01/15/08	Baa2		4,090
2,000,000	e	Dr Horton, Inc (Sr Sub Note)	9.750	09/15/10	Ba2		2,420
1,500,000		DR Horton, Inc	5.000	01/15/09	Ba1		1,511
2,000,000		K Hovnanian Enterprises, Inc (Guarantee Note)	6.500	01/15/14	Ba2		2,015
2,500,000		KB Home (Guarantee Note)	5.875	01/15/15	Ba1		2,475
2,900,000		MDC Holdings, Inc (Guarantee Note)	5.500	05/15/13	Baa3		2,955
2,250,000		Pulte Homes, Inc Note	5.250	01/15/14	Baa3		2,241

		TOTAL GENERAL BUILDING CONTRACTORS					19,907

GENERAL MERCHANDISE STORES - 0.32%
7,500,000		Target Corp Note	4.000	06/15/13	A2		7,250
6,250,000		Wal-Mart Stores, Inc Note	4.125	02/15/11	Aa2		6,258
3,000,000		Wal-Mart Stores, Inc Note	7.550	02/15/30	Aa2		3,906

		TOTAL GENERAL MERCHANDISE STORES					17,414

HEALTH SERVICES - 0.08%
4,000,000		Laboratory Corp of America Holdings Note	5.500	02/01/13	Baa3		4,172

		TOTAL HEALTH SERVICES					4,172

HOLDING AND OTHER INVESTMENT OFFICES - 0.48%
3,000,000		Boston Properties, Inc (Sr Note)	6.250	01/15/13	Baa2		3,256
5,000,000		Brascan Corp Note	7.125	06/15/12	Baa3		5,672
5,000,000		Camden Property Trust Note	5.875	06/01/07	Baa2		5,229
3,250,000		Chelsea Property Group, Inc Note	6.000	01/15/13	Baa2		3,412
4,000,000		EOP Operating LP (Guarantee Note)	5.875	01/15/13	Baa2		4,224
4,000,000	g	Mantis Reef Ltd Note	4.799	11/03/09	A3		3,992

		TOTAL HOLDING AND OTHER INVESTMENT OFFICES					25,785

HOTELS AND OTHER LODGING PLACES - 0.09%
2,000,000		Boyd Gaming Corp (Sr Sub Note)	8.750	04/15/12	B1		2,225
1,000,000		Isle of Capri Casinos, Inc (Guarantee Note)	9.000	03/15/12	B2		1,103
1,750,000		MGM Mirage (Guarantee Note)	6.000	10/01/09	Ba1		1,794

		TOTAL HOTELS AND OTHER LODGING PLACES					5,122

INDUSTRIAL MACHINERY AND EQUIPMENT - 0.22%
3,500,000		Hewlett-Packard Co Note	6.500	07/01/12	A3		3,937
4,000,000		International Business Machines Corp Deb	6.220	08/01/27	A1		4,364
1,500,000		Kennametal, Inc (Sr Note)	7.200	06/15/12	Ba1		1,667
2,000,000		New York State Electric & Gas Corp Note	5.500	11/15/12	Baa2		2,096

		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT					12,064

161

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

				MATURITY
PRINCIPAL/SHARES			RATE	DATE	RATING +	VALUE (000)

INSURANCE CARRIERS - 0.70%
$ 5,000,000	g	AIG SunAmerica Global Financing Vi (Secured Note)	6.300	05/10/11	Aaa	5,453
4,250,000		Allstate Corp/The Note	5.000	08/15/14	A1	4,270
2,000,000		Anthem, Inc Note	3.500	09/01/07	Baa1	1,989
1,100,000		International Lease Finance Corp Note	6.375	03/15/09	A1	1,192
4,000,000	g	John Hancock Global Funding II Note	7.900	07/02/10	Aa3	4,684
1,000,000		Metlife, Inc	6.375	06/15/34	A2	1,073
3,000,000		Metlife, Inc (Sr Note)	5.375	12/15/12	A2	3,105
2,500,000		Prudential Financial, Inc Note	4.750	04/01/14	A3	2,451
2,500,000		Safeco Corp (Sr Note)	4.875	02/01/10	Baa1	2,553
4,000,000		UnitedHealth Group, Inc (Sr Note)	3.300	01/30/08	A3	3,943
4,000,000		UnitedHealth Group, Inc Note	3.375	08/15/07	A3	3,969
1,000,000		WellPoint Health Networks Note	6.375	01/15/12	Baa1	1,102
2,000,000	g	WellPoint, Inc Note	5.000	12/15/14	Baa1	2,000

		TOTAL INSURANCE CARRIERS				37,784


METAL MINING - 0.34%
6,250,000		Barrick Gold Corp Bond	5.800	11/15/34	Baa1	6,290
5,900,000		Barrick Gold Finance Co Note	4.875	11/15/14	Baa1	5,880
2,000,000		Falconbridge Ltd Note	7.350	06/05/12	Baa3	2,273
4,000,000		Placer Dome, Inc Deb	6.375	03/01/33	Baa2	4,268

		TOTAL METAL MINING				18,711


MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.07%
3,500,000		Tyco International Group SA (Guarantee Note)	5.800	08/01/06	Baa3	3,626

		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES				3,626


MISCELLANEOUS RETAIL - 0.19%
2,500,000	g	CVS Corp Note	4.000	09/15/09	A3	2,488
3,500,000	g	CVS Corp Note	4.875	09/15/14	A3	3,496
4,000,000		Tyco International Group SA (Company Guarantee)	6.000	11/15/13	Ba2	4,353

		TOTAL MISCELLANEOUS RETAIL				10,337


MOTION PICTURES - 0.68%
2,500,000		AOL Time Warner, Inc (Guarantee Note)	5.625	05/01/05	Baa1	2,523
16,250,000		AOL Time Warner, Inc (Guarantee Note)	6.875	05/01/12	Baa1	18,497
2,250,000		AOL Time Warner, Inc (Guarantee Note)	7.700	05/01/32	Baa1	2,752
4,250,000		News America, Inc (Guarantee Note)	7.625	11/30/28	Baa3	5,047
5,000,000	g	News America, Inc Bond	6.200	12/15/34	Baa3	5,092
3,000,000		Walt Disney Co Note	5.500	12/29/06	Baa1	3,112

		TOTAL MOTION PICTURES				37,023


NATIONAL SECURITY AND INTERNATIONAL AFFAIRS - 0.07%
3,500,000		Inter-American Development Bank	4.375	09/20/12	Aaa	3,528

		TOTAL NATIONAL SECURITY AND INTERNATIONAL AFFAIRS				3,528


NONDEPOSITORY INSTITUTIONS - 3.26%
2,000,000		AGL Capital Corp Bond	6.000	10/01/34	Baa1	2,007
3,500,000		American Honda Finance Corp	4.500	05/26/09	A1	3,561
3,000,000		Capital One Bank (Sr Note)	5.125	02/15/14	Baa2	3,003
1,500,000		CIT Group, Inc (Sr Note)	4.125	11/03/09	A2	1,493
4,250,000		CIT Group, Inc (Sr Note)	5.125	09/30/14	A2	4,255
9,000,000		CIT Group, Inc (Sr Sub Note)	4.125	02/21/06	A2	9,088
4,000,000		Countrywide Home Loans, Inc (Guarantee Note)	5.625	07/15/09	A3	4,234
5,000,000	e	European Investment Bank Note	3.125	10/15/07	Aaa	4,968
1,500,000		Ford Motor Credit Co	7.375	02/01/11	A3	1,616
8,000,000		Ford Motor Credit Co Note	6.500	01/25/07	A3	8,309

162

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

				MATURITY
PRINCIPAL/SHARES			RATE	DATE	RATING +		VALUE (000)

$ 5,000,000		Ford Motor Credit Co Note	5.700	01/15/10	A3	$	5,046
7,500,000	e	Ford Motor Credit Co Note	7.000	10/01/13	A3		7,926
14,000,000		General Electric Capital Corp Note	3.500	05/01/08	Aaa		13,896
6,000,000		General Electric Capital Corp Note	3.125	04/01/09	Aaa		5,811
12,250,000		General Electric Capital Corp Note	4.375	11/21/11	Aaa		12,178
13,500,000		General Electric Capital Corp Note	5.875	02/15/12	Aaa		14,613
5,000,000		General Electric Capital Corp Note	5.450	01/15/13	Aaa		5,280
5,500,000		General Motors Acceptance Corp Note	7.750	01/19/10	A3		5,895
5,000,000		Household Finance Corp (Sr Unsub Note)	5.875	02/01/09	A1		5,333
4,000,000		Household Finance Corp Note	4.125	12/15/08	A1		4,014
3,000,000		Household Finance Corp Note	7.000	05/15/12	A1		3,424
11,250,000		Household Finance Corp Note	6.375	11/27/12	A1		12,413
3,000,000		HSBC Capital Funding LP/Jersey Channel Islands (Guarantee Note)	4.610	12/29/49	A1		2,896
9,150,000		HSBC Finance Corp	4.125	11/16/09	A1		9,101
3,000,000		International Finance Corp	3.750	06/30/09	Aaa		3,008
4,000,000		KeyBank National Association Note	5.000	07/17/07	A1		4,128
4,000,000		MBNA America Bank Note	5.375	01/15/08	Baa1		4,174
3,000,000		National Rural Utility Coop Finance Note	5.750	08/28/09	A2		3,203
4,250,000	g	Rabobank Capital Funding Trust (Sub Note)	5.254	12/30/16	Aa2		4,227
4,000,000		SLM Corp Note	4.000	01/15/09	A2		4,000
3,500,000		Toyota Motor Credit Corp Note	2.900	07/08/08	Ba2		3,409

		TOTAL NONDEPOSITORY INSTITUTIONS					176,509


OIL AND GAS EXTRACTION - 0.92%
2,000,000		Anadarko Finance (Guarantee Note)	6.750	05/01/11	Baa1		2,257
2,000,000		Burlington Resource (Guarantee Note)	6.400	08/15/11	Baa1		2,209
5,000,000		Burlington Resource (Guarantee Note)	7.200	08/15/31	Baa1		5,978
1,000,000		Canadian Natural Resources Ltd Bond	5.850	02/01/35	Baa1		1,000
2,000,000		EnCana Corp Bond	6.500	08/15/34	Baa2		2,198
4,000,000		Equitable Resources, Inc Bond	5.150	11/15/12	A2		4,147
4,250,000		Nexen, Inc Note	5.050	11/20/13	Baa2		4,205
2,000,000		Panhandle Eastern Pipe Line (Sr Note)	4.800	08/15/08	Baa3		2,028
4,250,000		PC Financial Partnership Note	5.000	11/15/14	Baa2		4,241
1,500,000		Pemex Project Funding Master Trust (Guarantee Note)	6.125	08/15/08	Baa1		1,590
6,750,000		Pemex Project Funding Master Trust (Guarantee Note)	9.125	10/13/10	Baa1		8,093
5,000,000		Pemex Project Funding Master Trust (Guarantee Note)	8.000	11/15/11	Baa1		5,750
3,000,000		Plains All American Pipeline LP/PAA Finance Corp (Sr Note)	5.625	12/15/13	Baa3		3,086
3,000,000	g	Plains All American Pipeline LP/PAA Finance Corp Note	4.750	08/15/09	Baa3		3,041

		TOTAL OIL AND GAS EXTRACTION					49,823

OTHER MORTGAGE BACKED SECURITIES - 2.67%
2,963,005	v	AQ Finance NIM Trust Series 2004-RN2 (Class A)	2.618	04/25/09	Aaa		2,963
3,748,596	v	AQ Finance NIM Trust Series 2004-RN3 (Class A)	2.598	05/25/09	Aaa		3,749
10,000,000		Banc of America Commercial Mortgage, Inc Series 2004-4 (Class A6)	4.877	07/10/42	Aaa		10,056
10,000,000		Bear Stearns Commercial Mortgage Securities Series 2004 PWR5 (Class A5)	4.978	07/11/42	Aaa		10,111
10,000,000		Centex Home Equity Series 2004-C (Class AF5)	5.980	06/25/34	Aaa		10,189
14,000,000		CS First Boston Mortgage Securities Corp Series 2001-Cp4 (Class A4)	6.180	12/15/35	Aaa		15,283
21,000,000		General Electric Commercial Mortgage Securities Corp Series 2003-C2 (Class A4)	5.145	07/10/37	Aaa		21,685
18,000,000	e	Greenwich Capital Commercial Funding Corp Series 2004-GG1 (Class A7)	5.317	06/10/36	Aaa		18,705
5,000,000		GSAMP Trust Series 2004-WF (Class M1)	2.998	10/25/34	Aa2		5,011
14,250,000		JP Morgan Chase Commercial Mortgage Securities Corp Series 2002-C1 (Class A3)	5.376	07/12/37	Aaa		14,940
3,741,145	v	Option One Mortgage Securities Corp NIM Trust Series 2004-1A (Class A)	2.608	04/26/09	Aaa		3,741
14,000,000		Wachovia Bank Commercial Mortgage Trust Series 2002-C2 (Class A4)	4.980	11/15/34	Aaa		14,323
14,000,000		Wachovia Bank Commercial Mortgage Trust Series 2004-C15 (Class A4)	4.803	10/15/41	Aaa		13,943

		TOTAL OTHER MORTGAGE BACKED SECURITIES					144,699

PAPER AND ALLIED PRODUCTS - 0.42%
2,000,000		Georgia-Pacific Corp (Guarantee Note)	8.875	02/01/10	Ba2		2,328
2,500,000		International Paper Co Note	3.800	04/01/08	Baa2		2,488
9,250,000		International Paper Co Note	5.850	10/30/12	Baa2		9,853

163

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

				MATURITY
PRINCIPAL/SHARES			RATE	DATE	RATING +		VALUE (000)

$ 3,000,000		Kimberly-Clark Corp Note	5.000	08/15/13	Aa2	$	3,098
4,250,000	g	Sappi Papier Holding AG (Guarantee Note)	6.750	06/15/12	Baa3		4,722

		TOTAL PAPER AND ALLIED PRODUCTS					22,489

PERSONAL SERVICES - 0.03%
1,461,000	g	Coinmach Corp (Sr Note)	9.000	02/01/10	B2		1,527

		TOTAL PERSONAL SERVICES					1,527

PETROLEUM AND COAL PRODUCTS - 0.55%
7,000,000		Conoco Funding Co (Guarantee Note)	6.350	10/15/11	A3		7,798
3,000,000		Conoco, Inc (Sr Note)	6.950	04/15/29	A3		3,531
2,000,000		ConocoPhillips (Guarantee Note)	5.900	10/15/32	A3		2,091
3,000,000		Enterprise Products Operating LP (Sr Note)	4.000	10/15/07	Baa3		2,993
6,000,000		Enterprise Products Operating LP (Sr Note)	4.625	10/15/09	Baa3		5,991
3,000,000		Enterprise Products Operating LP (Sr Note)	6.650	10/15/34	Baa3		3,103
2,000,000		Valero Energy Corp Note	6.875	04/15/12	Baa3		2,267

		TOTAL PETROLEUM AND COAL PRODUCTS					29,792

PIPELINES, EXCEPT NATURAL GAS - 0.11%
2,000,000		Kaneb Pipe Line Operating Partnership LP (Sr Note)	5.875	06/01/13	Ba1		2,082
3,750,000		TransCanada Pipelines Ltd Note	4.000	06/15/13	A2		3,539

		TOTAL PIPELINES, EXCEPT NATURAL GAS					5,621

PRIMARY METAL INDUSTRIES - 0.12%
1,750,000		Alcan, Inc	6.125	12/15/33	Baa1		1,861
4,250,000		Alcoa, Inc Note	6.500	06/01/11	A2		4,757

		TOTAL PRIMARY METAL INDUSTRIES					6,618

PRINTING AND PUBLISHING - 0.26%
4,000,000		Belo (A.H.) Corp Series B Deb Note	7.250	09/15/27	Baa3		4,537
2,000,000	e	Mail Well I Corp (Guarantee Note)	9.625	03/15/12	B1		2,195
2,000,000		Quebecor Media, Inc (Sr Note)	11.125	07/15/11	B2		2,285
1,500,000		Viacom, Inc (Guarantee Note)	7.700	07/30/10	A3		1,748
3,000,000		Viacom, Inc (Guarantee Note)	6.625	05/15/11	A3		3,364

		TOTAL PRINTING AND PUBLISHING					14,129

RAILROAD TRANSPORTATION - 0.42%
3,750,000		Burlington North Santa Fe Note	5.900	07/01/12	Baa2		4,052
3,500,000		Canadian National Railway Co Note	4.400	03/15/13	Baa1		3,432
2,000,000		Norfolk Southern Corp (Sr Note)	7.250	02/15/31	Baa1		2,401
4,400,000		Union Pacific Corp Note	7.600	05/01/05	Baa2		4,460
5,000,000		Union Pacific Corp Note	5.750	10/15/07	Baa2		5,256
3,000,000		Union Pacific Corp Note	6.500	04/15/12	Baa2		3,338

		TOTAL RAILROAD TRANSPORTATION					22,939

RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.03%
1,750,000		Sealed Air Corp (Sr Note)	5.375	04/15/08	Baa3		1,818

		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS					1,818

SECURITY AND COMMODITY BROKERS - 1.32%
4,000,000		Bear Stearns Cos, Inc Note	5.700	11/15/14	A1		4,229
3,000,000		Franklin Resources, Inc Note	3.700	04/15/08	A2		2,985
2,750,000		Goldman Sachs Group Inc Note	5.250	10/15/13	Aa3		2,814
2,000,000		Goldman Sachs Group, Inc (Sub Note)	6.345	02/15/34	A1		2,070
4,000,000		Goldman Sachs Group, Inc Note	6.125	02/15/33	Aa3		4,125
5,000,000		Lehman Brothers Holdings, Inc Note	6.250	05/15/06	A1		5,200

164

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

				MATURITY
PRINCIPAL/SHARES			RATE	DATE	RATING +		VALUE (000)

$ 10,000,000		Lehman Brothers Holdings, Inc Note	4.000	01/22/08	A1	$	10,075
4,500,000		Lehman Brothers Holdings, Inc Note	6.625	01/18/12	A1		5,035
3,750,000		Lehman Brothers Holdings, Inc Note	4.800	03/13/14	A1		3,706
4,250,000		Merrill Lynch & Co, Inc Note	5.000	01/15/15	Aa3		4,231
5,500,000	e	Morgan Stanley Note	3.625	04/01/08	Aa3		5,464
6,750,000		Morgan Stanley Note	4.000	01/15/10	Aa3		6,674
14,000,000		Morgan Stanley Note	5.300	03/01/13	Aa3		14,421

		TOTAL SECURITY AND COMMODITY BROKERS					71,029

STONE, CLAY, AND GLASS PRODUCTS - 0.08%
1,000,000		Corning, Inc	5.900	03/15/14	Ba2		1,002
3,250,000		CRH America Inc (Guarantee Note)	6.400	10/15/33	Baa1		3,519

		TOTAL STONE, CLAY, AND GLASS PRODUCTS					4,521

TOBACCO PRODUCTS - 0.02%
1,250,000	e	RJ Reynolds Tobacco Holdings, Inc (Guarantee Note)	6.500	06/01/07	Ba2		1,288

		TOTAL TOBACCO PRODUCTS					1,288

TRANSPORTATION BY AIR - 0.14%
5,000,000		Continental Airlines, Inc Note (Pass-Thru Cert)	6.563	02/15/12	Aaa		5,316
2,000,000		Southwest Airlines Co (Pass-Thru Cert)	5.496	11/01/06	Aa2		2,062

		TOTAL TRANSPORTATION BY AIR					7,378

TRANSPORTATION EQUIPMENT - 1.21%
3,500,000		DaimlerChrysler NA Holding Corp (Guarantee Note)	8.500	01/18/31	A3		4,345
4,000,000		DaimlerChrysler NA Holding Corp Note	0.065	11/15/13	A3		4,325
1,500,000	g	Dana Corp Note	5.850	01/15/15	Ba2		1,485
5,750,000		Ford Motor Co Note	7.450	07/16/31	Baa1		5,726
4,250,000		General Dynamics Corp Note	3.000	05/15/08	A2		4,149
18,000,000		General Motors Acceptance Corp	5.625	05/15/09	Baa1		17,942
5,000,000		General Motors Acceptance Corp Note	6.875	09/15/11	A3		5,109
3,650,000		General Motors Acceptance Corp Note	6.750	12/01/14	Baa1		3,634
5,250,000	e	General Motors Corp Deb	8.375	07/15/33	Baa2		5,400
3,500,000		Lockheed Martin Corp Bond	8.500	12/01/29	Baa2		4,780
4,000,000		Northrop Grumman Corp (Guarantee Note)	7.750	02/15/31	Baa2		5,058
2,500,000		United Technologies Corp Deb	7.500	09/15/29	A2		3,181

		TOTAL TRANSPORTATION EQUIPMENT					65,134

WHOLESALE TRADE-DURABLE GOODS - 0.09%
2,000,000		Ingram Micro, Inc (Sr Sub Note)	9.875	08/15/08	Ba2		2,175
3,000,000		Johnson & Johnson Deb	3.800	05/15/13	Aaa		2,859

		TOTAL WHOLESALE TRADE-DURABLE GOODS					5,034

WHOLESALE TRADE-NONDURABLE GOODS - 0.32%
3,500,000		GlaxoSmithKline Capital Inc (Guarantee Note)	5.375	04/15/34	Aa2		3,459
2,000,000		ISP Chemco, Inc (Guarantee Note)	10.250	07/01/11	B1		2,260
3,250,000		Safeway, Inc Note	4.800	07/16/07	Baa2		3,326
8,000,000		Unilever Capital Corp (Guarantee Note)	6.875	11/01/05	A1		8,247

		TOTAL WHOLESALE TRADE-NONDURABLE GOODS					17,292

		TOTAL CORPORATE BONDS					1,502,441
		(Cost $1,357,374)
GOVERNMENT BONDS - 70.68%
AGENCY SECURITIES - 16.32%
17,000,000	e	Federal Farm Credit Bank (FFCB)	3.000	12/17/07	Aaa		16,779
8,500,000			3.375	07/15/08	Aaa		8,429
20,000,000			3.300	11/05/08	Aaa		19,709
80,140,000		Federal Home Loan Bank (FHLB)	1.875	02/15/05	Aaa		80,083
36,000,000			2.500	04/11/06	Aaa		35,740

165

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

				MATURITY
PRINCIPAL/SHARES			RATE	DATE	RATING +		VALUE (000)

$ 33,050,000		Federal Home Loan Bank (FHLB)	2.875	05/22/06	Aaa	$	32,944
110,050,000			2.250	09/01/06	Aaa		108,409
26,000,000			3.125	09/15/06	Aaa		25,973
20,000,000	d	Federal Home Loan Mortgage Corp (FHLMC)	4.250	06/15/05	Aaa		20,147
75,000,000			1.875	02/15/06	Aaa		74,043
3,000,000			7.100	04/10/07	Aaa		3,236
15,000,000			3.500	05/21/08	Aaa		14,946
15,000,000			3.750	05/12/09	Aaa		14,988
88,000,000	e		7.000	03/15/10	Aaa		100,432
36,399,000			5.875	03/21/11	Aa2		39,298
30,000,000			6.375	08/01/11	Aa2		31,098
31,800,000	e		5.000	07/15/14	Aaa		32,839
26,000,000		Federal National Mortgage Association (FNMA)	2.625	11/15/06	Aaa		25,717
37,000,000			5.000	01/15/07	Aaa		38,219
45,500,000			3.410	08/30/07	Aaa		45,346
38,520,000			3.375	12/15/08	Aaa		38,024
29,000,000			7.125	06/15/10	Aaa		33,333
44,000,000	e		4.625	10/15/14	Aaa		44,033

		TOTAL AGENCY SECURITIES					883,765

FOREIGN GOVERNMENT BONDS - 1.99%
5,000,000.00		Brazilian Government International Bond	10.500	07/14/14	B1		5,925
2,750,000	e	Brazilian Government International Bond Note	10.250	06/17/13	B1		3,237
5,500,000		Canada Government Bond	6.750	08/28/06	Aaa		5,821
4,000,000		Chile Government International Bond	5.500	01/15/13	Baa1		4,203
1,750,000	g	Guatemala Government Bond	8.125	10/06/34	Ba2		1,811
5,000,000		Korea Development Bank Note	5.750	09/10/13	A3		5,280
6,152,000	e	Mexico Government International Bond	5.875	01/15/14	Baa2		6,303
8,000,000		Mexico Government International Bond Note	6.750	09/27/34	Baa2		7,900
3,000,000	e	Mexico Government International Note	4.625	10/08/08	Baa2		3,038
10,000,000		Mexico Government International Note	6.375	01/16/13	Baa2		10,600
5,000,000		Province Of British Columbia Note	4.625	10/03/06	Aa2		5,121
13,000,000		Province Of British Columbia (Unsub Note)	5.375	10/29/08	Aa2		13,800
5,000,000	e	Province Of Manitoba Note	4.250	11/20/06	Aa2		5,092
5,000,000		Province of Ontario, Canada (Sr Unsub Note)	5.500	10/01/08	Aa2		5,316
5,000,000		Province of Ontario, Canada Bond	7.000	08/04/05	Aa2		5,124
3,500,000		Province of Ontario, Canada Note	5.125	07/17/12	Aa2		3,687
10,000,000		Province of Quebec Deb	7.500	09/15/29	A1		12,985
2,500,000		Turkey Government International Bond	7.250	03/15/15	B1		2,569

		TOTAL FOREIGN GOVERNMENT BONDS					107,812

MORTGAGE BACKED SECURITIES - 33.34%
312,742		Federal Home Loan Mortgage Corp Gold (FGLMC)	7.000	09/01/10			332
681,152			6.000	04/01/11			715
1,364,409			7.000	07/01/13			1,446
4,886,110			6.500	12/01/16			5,174
13,789,201			5.000	05/01/18			14,015
24,876,879	d		5.000	06/01/18			25,283
9,169,674			4.500	10/01/18			9,161
5,325,350			4.500	11/01/18			5,320
16,423,201			4.500	01/01/19			16,407
6,582,351			5.500	01/01/19			6,805
42,000,000	h		4.500	01/15/20			41,843
1,560,342			7.000	10/01/20			1,662
159,441			7.000	05/01/23			170
2,383,144			6.000	10/01/23			2,477
2,021,733			6.000	11/01/23			2,101
1,445,582			8.000	01/01/31			1,567
328,127			7.000	11/01/31			348
1,276,926			7.000	12/01/31			1,353
210,962			7.000	12/01/31			224
530,735			7.000	12/01/31			562
55,578			7.000	12/01/31			59
77,859			7.000	12/01/31			83
194,804			7.000	12/01/31			206
138,434			7.000	12/01/31			147
291,811			7.000	12/01/31			309

166

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

				MATURITY
PRINCIPAL/SHARES			RATE	DATE		VALUE (000)

$ 609,260		Federal Home Loan Mortgage Corp Gold (FGLMC)	7.000	01/01/32	$	646
109,237			7.000	01/01/32		116
1,082,585			8.000	02/01/32		1,173
9,536,437			5.500	10/01/33		9,697
18,769,272			5.500	10/01/33		19,085
7,221,660			5.500	11/01/33		7,343
15,637,359			6.000	11/01/33		16,161
8,777,822			5.500	12/01/33		8,925
19,164,256			5.500	01/01/34		19,481
13,957,080			5.500	01/01/34		14,188
71,000,000	h		6.000	01/15/34		73,330
6,390,769			6.000	02/01/34		6,605
177,000,000	h	Federal National Mortgage Association (FNMA)	5.500	01/25/34		179,655
30,000,000	h		4.500	02/25/35		28,922
72,000,000	h		5.000	02/25/35		71,235
156,522			6.000	12/01/08		163
1,476,390			6.500	05/01/09		1,560
246,302			7.500	11/01/10		262
48,296			8.000	06/01/11		51
72,189			8.000	06/01/11		77
55,347			8.000	06/01/11		59
22,747			8.000	06/01/11		24
60,032			8.000	07/01/11		64
14,066,084			4.330	11/01/11		14,018
7,990,298			4.400	10/01/12		7,822
4,726,824			4.741	10/01/13		4,796
2,517,845			4.760	02/01/14		2,553
3,160,313			4.440	04/01/14		3,120
1,307,053			7.500	02/01/15		1,388
3,082,874			7.500	04/01/15		3,274
3,254,184			7.500	04/01/15		3,455
50,930			6.500	02/01/16		54
220,070			6.500	03/01/16		233
141,700			6.500	04/01/16		150
2,645,950			6.500	10/01/16		2,806
1,755,809			6.500	11/01/16		1,862
1,360,096			6.000	11/01/17		1,426
4,697,042			6.000	12/01/17		4,925
10,296,947			6.000	01/01/18		10,796
3,630,159			6.000	02/01/18		3,806
6,493,293			6.500	02/01/18		6,887
12,418,642			5.500	03/01/18		12,845
2,112,488			5.500	04/01/18		2,185
51,106,701	d		5.500	04/01/18		52,862
7,642,713			5.500	04/01/18		7,905
8,070,402			6.000	04/01/18		8,461
3,517,673			6.500	04/01/18		3,731
581,779			5.500	05/01/18		602
28,626,353			4.500	12/01/18		28,600
1,969,411			6.000	01/01/19		2,055
35,000,000	h		5.000	01/25/19		35,547
19,000,000	h		5.500	01/25/19		19,629
295,722			6.000	02/01/19		309
20,000,000	h		4.500	02/25/19		19,931
25,625,392			5.000	04/01/19		26,052
430,478			8.000	03/01/23		469
10,649,714			5.000	12/01/23		10,703
3,502,258			5.500	02/01/24		3,583
6,673,676			5.500	07/01/24		6,825
1,115,238			8.000	07/01/24		1,214
9,545,623			5.500	08/01/24		9,762
246,744			9.000	11/01/25		275
216,000,000	h		6.000	01/25/32		223,290
102,000,000	h		6.500	01/25/32		106,941
8,451,185			6.500	06/01/32		8,871
1,623,587			7.000	07/01/32		1,721
1,242,773			7.000	07/01/32		1,317
3,541,552			5.500	06/01/33		3,599
12,491,389			5.500	07/01/33		12,692
17,994,234			5.500	07/01/33		18,284

167

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

				MATURITY
PRINCIPAL/SHARES			RATE	DATE		VALUE (000)

$ 13,726,771		Federal National Mortgage Association (FNMA)	5.500	07/01/33	$	13,957
8,571,902			4.500	08/01/33		8,300
6,195,991			5.000	09/01/33		6,160
23,121,857			4.500	10/01/33		22,389
3,685,337			5.000	10/01/33		3,664
1,281,100			5.500	10/01/33		1,302
10,202,763			5.000	11/01/33		10,143
1,466,628			5.000	11/01/33		1,458
12,810,883			5.000	11/01/33		12,736
4,141,947			5.500	11/01/33		4,209
4,380,241			5.500	11/01/33		4,451
4,051,471			6.500	11/01/33		4,250
7,794,742			5.000	12/01/33		7,749
18,242,747			5.500	12/01/33		18,536
14,895,253			5.500	12/01/33		15,135
22,022,098			5.500	12/01/33		22,376
7,959,668			5.500	12/01/33		8,088
6,474,662			5.500	12/01/33		6,579
3,720,155			5.500	12/01/33		3,780
1,653,957			5.500	12/01/33		1,681
3,374,254			5.500	12/01/33		3,429
2,635,726			5.500	12/01/33		2,678
11,736,277			5.500	01/01/34		11,925
5,533,573			5.500	01/01/34		5,623
19,384,054			5.500	02/01/34		19,696
109,381,519	d		5.000	03/01/34		108,740
42,136,320			5.000	03/01/34		41,889
4,625,291			5.000	04/01/34		4,598
28,000,000	h	Government National Mortgage Association (GNMA)	5.000	01/15/35		27,991
16,000,000	h		5.500	01/20/35		16,325
29,336			8.500	10/15/09		32
50,214			8.500	12/15/09		54
79,662			8.500	12/15/09		86
455,073			9.000	12/15/09		494
69,640			8.500	01/15/10		75
72,091			8.500	01/15/10		78
35,825			9.000	06/15/16		40
15,979			9.000	09/15/16		18
6,753			9.000	09/15/16		8
38,648			9.000	09/15/16		43
29,011			9.000	11/15/16		32
22,788			9.000	12/15/16		26
14,223			9.000	12/15/16		16
381,571			9.500	12/15/16		429
6,851			9.000	07/15/17		8
41,626			9.000	06/15/20		47
783,165			6.500	01/15/24		829
243,210			8.000	06/15/24		265
325,501			8.500	11/20/30		354
246,591			8.500	12/20/30		268
34,905,972	d		5.500	09/20/33		35,652
45,210,465			6.000	01/20/34		46,833

		TOTAL MORTGAGE BACKED SECURITIES				1,805,746


U.S. TREASURY SECURITIES - 19.03%
1,000,000	e	U.S. Treasury Bond	6.500	02/15/10		1,132
9,352,975	d	U.S. Treasury Bond	1.875	07/15/13		9,619
3,050,000	d,e,h	U.S. Treasury Bond	4.250	11/15/14		3,058
270,490,000		U.S. Treasury Bond	8.000	11/15/21		371,394
41,865,000	e	U.S. Treasury Bond	5.375	02/15/31		45,260
5,550,000	e	U.S. Treasury Note	2.000	08/31/05		5,525
54,550,000	d,e	U.S. Treasury Note	2.750	06/30/06		54,405
4,400,000	e	U.S. Treasury Note	2.500	09/30/06		4,362
27,050,000	e	U.S. Treasury Note	4.375	05/15/07		27,802
9,650,000	e	U.S. Treasury Note	2.750	08/15/07		9,545
16,510,000	e	U.S. Treasury Note	3.250	08/15/07		16,536
8,150,000	e	U.S. Treasury Note	3.000	11/15/07		8,090
9,325,000	e	U.S. Treasury Note	2.625	05/15/08		9,118

168

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

				MATURITY
PRINCIPAL/SHARES			RATE	DATE		VALUE (000)

$ 8,250,000	e	U.S. Treasury Note	3.375	11/15/08	$	8,220
59,588,096	d	U.S. Treasury Note	3.875	01/15/09		66,826
33,700,000	e	U.S. Treasury Note	3.125	04/15/09		33,188
1,700,000	e	U.S. Treasury Note	3.375	09/15/09		1,684
50,430,000	e	U.S. Treasury Note	3.500	11/15/09		50,196
227,000,000	d	U.S. Treasury Note	10.000	05/15/10		233,202
71,925,000	e,k	U.S. Treasury Inflation Indexed Note	3.500	12/15/09		71,580

		TOTAL U.S. TREASURY SECURITIES				1,030,742

		TOTAL GOVERNMENT BONDS				3,828,065
		(Cost $3,929,972)

		TOTAL BONDS				5,330,506
		(Cost $5,287,346)

TIAA-CREF MUTUAL FUNDS - 0.07%
388,342	a	TIAA-CREF High-Yield Bond Fund				3,681

		TOTAL TIAA-CREF MUTUAL FUNDS				3,681
		(Cost $3,294)
SHORT TERM INVESTMENTS - 22.61%
COMMERCIAL PAPER - 7.75%
35,000,000	c,d	Abbott Laboratories	2.170	01/20/05		34,956
35,000,000	d	American Honda Finance Corp	2.250	01/18/05		34,960
35,000,000	c	BellSouth Corp	2.280	01/05/05		34,989
20,000,000	c,d	Bristol-Myers Squibb Co	2.320	01/10/05		19,988
33,500,000	d	Campbell Soup Co	2.230	01/03/05		33,493
20,000,000	c,d	Colgate-Palmolive Co	2.240	01/19/05		19,976
5,000,000	c	Emerson Electric Co	2.240	01/05/05		4,998
31,100,000	c,d	Gannett Co, Inc	2.200	01/19/05		31,063
22,300,000	d	Goldman Sachs Group, Inc	2.330	01/04/05		22,294
10,000,000		Goldman Sachs Group, Inc	2.330	01/06/05		9,996
6,277,000	d	International Business Machines Corp	2.270	01/28/05		6,266
25,000,000	c,d	Kimberly-Clark Worldwide, Inc	2.280	01/11/05		24,983
35,000,000	c,d	Pfizer, Inc	2.260	01/13/05		34,972
10,000,000	c,d	Procter & Gamble Co	2.270	01/11/05		9,993
26,400,000	d	UBS Finance Delaware LLC	2.310	01/05/05		26,392
35,000,000		United Parcel Service, Inc	1.900	01/03/05		34,993
35,000,000	c,d	United Technologies Corp	2.270	01/10/05		34,979

		TOTAL COMMERCIAL PAPER				419,291

U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 8.51%
50,000,000		Federal Home Loan Bank (FHLB)	1.860	01/04/05		49,988
50,000,000	d		1.900	01/06/05		49,982
33,400,000			1.920	01/10/05		33,380
40,000,000	d		2.200	01/28/05		39,932
96,628,000	d	Federal National Mortgage Association (FNMA)	1.140	01/03/05		96,611
51,147,000			2.180	01/04/05		51,135
39,996,000	d		1.240	01/07/05		39,979
25,000,000			2.220	01/11/05		24,983
25,000,000	d		2.180	01/13/05		24,981
50,000,000	d		2.250	01/21/05		49,937

		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES				460,908

169

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL/SHARES					VALUE (000)

INVESTMENT OF CASH COLLATERAL FOR
SECURITIES LOANED - 6.35%
	REPURCHASED AGREEMENTS
$ 52,191,000	Bear Stearns & Co. 2.250% Dated 12/31/2004,			$	52,194
	Due 01/03/2005 In The Amount Of $52,204,048
	Fully Collateralized as follows:
	Federal Home Loan Bank (FHLB) 2.250% - 5.125% , 03/06/2006 - 08/13/2010	$	28,898,919
	Federal Home Loan Mortgage Corp (FHLMC) 4.000% - 5.000%, 03/15/2007 - 07/15/2014		8,407,235
	Federal National Mortgage Association (FNMA) 0.000% - 6.250%, 02/09/2007 - 05/15/2029		16,283,922

	Total Market Value		53,590,076
90,000,000	Credit Suisse First Boston 2.260% Dated 12/31/2004,				90,028
	Due 01/03/2005 In The Amount Of $90,044,525
	Fully Collateralized as follows:
	Federal Home Loan Mortgage Corp (FHLMC) 0.000% - 6.7500%, 03/15/2011 - 03/15/2031		77,900,568
	Federal National Mortgage Association (FNMA) 7.125% , 06/15/2010 - 01/15/2030		13,126,614

	Total Market Value		91,027,182
47,284,000	Goldman Sachs & Co. 2.250% Dated 12/31/2004,				47,287
	Due 01/03/2005 In The Amount Of $47,295,821
	Fully Collateralized as follows:
	Federal Home Loan Mortgage Corp (FHLMC) 2.750% - 4.500%, 10/15/2006 - 06/15/2010		23,730,658
	Federal National Mortgage Association (FNMA) 5.125% - 5.250% , 06/15/2006 - 12/15/2007		24,625,249

	Total Market Value		48,355,907
84,624,000	Merrill Lynch & Co. Inc, 2.270% Dated 12/31/2004,				84,629
	Due 01/03/2005 In The Amount Of $84,645,344
	Fully Collateralized as follows:
	Federal Home Loan Mortgage Corp (FHLMC) 5.750%, 01/15/2012		40,301,704
	Federal National Mortgage Association (FNMA) 5.500% , 03/15/2011		46,014,300

	Total Market Value		86,316,004
70,000,000	Morgan Stanley & Co. Inc, 2.260% Dated 6/30/2004,				70,005
	Due 01/03/2005 In The Amount Of $70,017,577
	Fully Collateralized as follows:
	Federal Farm Credit Bank (FFCB) 0.000%, 07/06/2006		4,713,186
	Federal Home Loan Bank (FHLB) 0.000% , 08/04/2005- 08/21/2018		52,779,941
	Federal Home Loan Mortgage Corp (FHLMC) 0.000%, 07/14/2006 - 02/20/2014		3,040,546
	Federal National Mortgage Association (FNMA) 0.000%- 3.375%, 01/07/2005 - 11/09/2007		10,868,386

	Total Market Value		71,402,059
	TOTAL INVESTMENT OF CASH COLLATERAL
	FOR SECURITIES LOANED				344,143


	TOTAL SHORT TERM INVESTMENTS				1,224,342
	(Cost $1,224,402)

	TOTAL PORTFOLIO - 121.10%				6,558,529
	(Cost $6,515,042)

	OTHER ASSETS AND LIABILITIES, NET - (21.10)%				(1,142,591	)

	NET ASSETS - 100.00%			$	5,415,938

170

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account


a		Affiliated holding
c		Commercial Paper issued under the Private Placement exemption
		under Section 4(2) of the Securities Act of 1933.
d		All or a portion of these securities have been segregated by
		the custodian to cover securities purchased on a
		delayed delivery basis.
e		All or a portion of these securities are out on loan.
g		Security is exempt from registration under Rule 144 (A) of the Securities Act of 1933
		and may be resold in transactions exempt from registration
		to qualified institutional buyers.
		At December 31, 2004, the value of these securities amounted to $104,923,555 or 1.94% of net assets.
h		These securities were purchased on a delayed delivery basis.
k		Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
v		Security valued at fair value.
+		As provided by Moody's Investors Service (Unaudited)


		For ease of presentation, we have grouped a number of industry classification categories together in
		the Statement of Investments. Note that the Accounts use more specific industry categories in following
		their investment limitations on industry concentration.

College Retirement Equities Fund
Transactions with Affliated Companies - Bond Market Account
January 1, 2004 - December 31, 2004

		VALUE AT	PURCHASE		SALES	REALIZED		DIVIDEND	SHARES AT		VALUE AT
ISSUE		12/31/03	COST		PROCEEDS	GAIN(LOSS)		INCOME	12/31/04		12/31/04

TIAA-CREF High-Yield Bond Fund	$	3,372,521	$	246,014	-	-	$	246,014	388,342	$	3,681,484

TOTAL AFFILIATED TRANSACTIONS	$	3,372,521	$	246,014	-	-	$	246,014		$	3,681,484

171

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

COLLEGE RETIREMENT EQUITIES FUND
STATEMENT OF INVESTMENTS
SOCIAL CHOICE ACCOUNT
December 31, 2004

				MATURITY
PRINCIPAL			RATE	DATE	RATING +	VALUE (000)

BONDS - 37.51%
CORPORATE BONDS - 10.81%

AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.03%
$ 2,000,000		Autozone, Inc (Sr Note)	4.375	06/01/13	Baa2	$	1,837

		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS					1,837

ASSET BACKED - 0.65%
7,000,000		Chase Funding Loan Acquisition Trust Series 2004-OPT1 (Class M1)	2.720	06/25/34	Aa2		7,009
6,376,072		Chase Funding Mortgage Loan Asset-Backed Certificates Series 2002-1 (Class 1A4)	5.742	09/25/28	Aaa		6,438
5,000,000		Chase Funding Mortgage Loan Series 2004-2 (Class A2)	3.777	01/25/22	Aaa		4,975
5,000,000		Chase Funding Mortgage Loan Series 2004-2 (Class A3)	4.209	09/25/26	Aaa		4,988
1,000,000		Chase Funding Mortgage Loan Series 2004-2 (Class B1)	5.700	02/25/34	Baa2		971
4,412,341		Countrywide Asset-Backed Certificates Series 2002-S2 (Class A5)	5.478	01/25/17	Aaa		4,443
7,544,456		Countrywide Home Equity Loan Trust Series 2004-3N (Class A)	2.623	02/15/29	Aaa		7,544
7,736,073	v	Countrywide Securities Series 2002-2 (Class A5)	2.618	05/25/09	Aaa		7,722
23,233		Household Automotive Trust Series 2000-2 (Class A3)	3.680	04/17/06	Aaa		23
1,939,862		Ryder Vehicle Lease Trust Series 2001-A (Class A4)	5.810	08/15/06	Aaa		1,946

		TOTAL ASSET BACKED					46,059



BUSINESS SERVICES - 0.24%
5,000,000		Certegy, Inc Note	4.750	09/15/08	Baa2		5,115
5,250,000		Deluxe Corp (Sr Note)	5.000	12/15/12	Baa1		5,093
6,000,000		Hartford Financial (Sr Note)	6.375	11/01/08	A3		6,443

		TOTAL BUSINESS SERVICES					16,651


CHEMICALS AND ALLIED PRODUCTS - 0.70%
3,000,000		Avery Dennison Corp Bond	6.000	01/15/33	A3		3,138
5,000,000	g	Clorox Co Note	2.544	12/14/07	A3		4,997
5,000,000		Estee Lauder Cos Inc/The (Sr Note)	5.750	10/15/33	A1		5,142
5,000,000	e	Gillette Co/The (Sr Note)	4.125	08/30/07	Aa3		5,071
1,500,000		Lubrizol Corp (Sr Note)	4.625	10/01/09	Baa3		1,498
3,000,000		Merck & Co, Inc Deb	5.950	12/01/28	Aaa		3,103
6,000,000		Merck & Co, Inc Note	5.250	07/01/06	Aaa		6,164
4,000,000	e	Merck & Co, Inc Note	2.500	03/30/07	Aa2		3,904
5,000,000		Praxair, Inc Note	3.950	06/01/13	A3		4,803
6,000,000		Procter & Gamble Co (Unsub Note)	6.875	09/15/09	Aa3		6,761
4,500,000		Valspar Corp Notes	6.000	05/01/07	Baa2		4,696

		TOTAL CHEMICALS AND ALLIED PRODUCTS					49,277


COMMUNICATIONS - 0.98%
1,050,000		360 Communications Co Note	6.650	01/15/08	A2		1,125
5,800,000	g	ALLTEL Ohio LP (Guarantee Note)	8.000	08/15/10	A2		6,784
3,170,000		AT&T Corp (Guarantee Note)	8.375	03/15/13	Baa3		3,907
5,000,000		AT&T Corp (Sr Note)	8.050	11/15/11	Ba1		5,756
2,500,000		AT&T Wireless Services, Inc (Sr Note)	7.875	03/01/11	Baa2		2,942
1,500,000		AT&T Wireless Services, Inc (Sr Note)	8.750	03/01/31	Baa2		2,022
2,000,000	e	Comcast Corp Bond	7.050	03/15/33	Baa3		2,285
5,000,000	g	COX Communications, Inc Note	4.625	01/15/10	Baa3		4,999
1,500,000		GTE California Inc Deb	5.500	01/15/09	A1		1,563

172

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				MATURITY
PRINCIPAL			RATE	DATE	RATING +	VALUE (000)

$ 3,000,000	e	GTE North, Inc Deb	5.650	11/15/08	A1	$	3,155
4,949,000		Hearst-Argyle Television, Inc (Sr Note)	7.000	01/15/18	Baa3		5,549
5,000,000		New England Telephone & Telegraph Note	7.650	06/15/07	Aa3		5,427
3,500,000		SBC Communications, Inc Note	4.125	09/15/09	A2		3,492
3,000,000		SBC Communications, Inc Note	5.100	09/15/14	A2		3,028
500,000		SBC Communications, Inc Note	6.150	09/15/34	A2		514
1,500,000		Sprint Capital Corp (Guarantee Note)	6.000	01/15/07	Baa3		1,569
5,500,000		Sprint Capital Corp (Guarantee Note)	6.900	05/01/19	Baa3		6,141
1,000,000		Tele-Communications-TCI Group Deb	9.800	02/01/12	Baa3		1,292
6,500,000		Verizon Wireless Capital LLC Note	5.375	12/15/06	A3		6,733

		TOTAL COMMUNICATIONS					68,283


DEPOSITORY INSTITUTIONS - 1.57%
3,000,000		Bank One Corp	2.625	06/30/08	Aa3		2,885
5,000,000		Fifth Third Bancorp Note	3.375	08/15/08	Aa1		4,927
9,700,000		First Chicago Corp (Sub Note)	6.375	01/30/09	A1		10,512
2,000,000		Greenpoint Financial Corp (Sr Note)	3.200	06/06/08	A2		1,951
5,000,000		Hudson United Bank/Mahwah, NJ (Sub Note)	7.000	05/15/12	Baa3		5,600
3,000,000		JP Morgan Chase & Co (Sub Note)	7.875	06/15/10	A1		3,494
5,000,000		JPMorgan Chase & Co (Sub Note)	5.125	09/15/14	A1		5,033
3,000,000		Marshall & Ilsley Corp Note	4.375	08/01/09	A1		3,033
3,000,000		MBNA America Bank NA Note	4.625	08/03/09	Baa1		3,054
2,500,000		Mellon Funding Corp (Guarantee Note)	4.875	06/15/07	A1		2,576
5,000,000		Mellon Funding Corp (Guarantee Note)	6.400	05/14/11	A2		5,533
5,000,000		Mercantile Bankshares Corp (Sub Note)	4.625	04/15/13	A2		4,934
5,000,000		National City Bank/Indiana Note	4.875	07/20/07	Aa3		5,151
5,000,000		Northern Trust Co (Sub Note)	4.600	02/01/13	A1		4,920
3,000,000		PNC Funding Corp	5.300	11/15/15	A3		3,037
3,000,000		Popular North America, Inc (Sub Note)	3.875	10/01/08	A3		2,981
2,401,000		Regions Financial Corp/Old (Sub Note)	7.750	09/15/24	A2		2,971
5,000,000		SunTrust Banks, Inc (Sr Note)	5.050	07/01/07	Aa3		5,173
1,820,000		Union Planters Bank NA Note	5.125	06/15/07	Aa3		1,885
4,500,000		US Bancorp (Sr Note)	5.100	07/15/07	Aa3		4,665
5,000,000		US Bank National Association (Sub Note)	6.300	02/04/14	Aa3		5,559
3,000,000		Washington Mutual Bank FA (Sub Note)	5.650	08/15/14	A3		3,108
2,000,000		Washington Mutual, Inc Note	4.000	01/15/09	A3		1,994
2,000,000		Webster Bank (Sub Note)	5.875	01/15/13	Baa3		2,097
5,000,000		Wells Fargo & Co Note	2.590	09/15/09	Aa1		4,994
5,000,000	v	World Savings Bank FSB (Dep Note)	2.610	09/16/09	Aa3		5,002
3,000,000		Zions Bancorporation (Sub Note)	6.000	09/15/15	Baa1		3,190

		TOTAL DEPOSITORY INSTITUTIONS					110,259

EATING AND DRINKING PLACES - 0.08%
5,000,000		Mcdonald's Corp Note	5.750	03/01/12	A2		5,383

		TOTAL EATING AND DRINKING PLACES					5,383

ELECTRIC, GAS, AND SANITARY SERVICES - 0.33%
5,000,000		Atmos Energy Corp (Sr Note)	5.125	01/15/13	Baa3		5,051
5,000,000		Energen Corp Note	2.680	11/15/07	Baa2		4,999
5,000,000		National Fuel Gas Co Note	5.250	03/01/13	A3		5,093
1,000,000		Nisource Finance Corp (Guarantee Note)	3.200	11/01/06	Baa3		991
5,000,000		UGI Utilities, Inc	7.250	11/01/17	A3		5,769
1,000,000		Washington Gas Light Note	6.620	10/23/26	A2		1,107

		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES					23,010

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 0.06%
4,000,000		Emerson Electric Co Note	5.750	11/01/11	A2		4,302

		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT					4,302

FABRICATED METAL PRODUCTS - 0.05%
3,000,000		Illinois Tool Works, Inc Note	5.750	03/01/09	Aa3		3,205

		TOTAL FABRICATED METAL PRODUCTS					3,205

173

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				MATURITY
PRINCIPAL			RATE	DATE	RATING +	VALUE (000)

FOOD AND KINDRED PRODUCTS - 0.36%
$ 5,000,000		Bottling Group LLC (Guarantee Note)	4.625	11/15/12	Aa3	$	5,065
5,000,000		Campbell Soup Co Note	5.000	12/03/12	A3		5,119
5,000,000		General Mills, Inc Note	5.125	02/15/07	Baa2		5,157
4,000,000		HJ Heinz Co (Guarantee Note)	6.625	07/15/11	A3		4,495
5,000,000		Kellogg Co Note	6.600	04/01/11	Baa2		5,595

		TOTAL FOOD AND KINDRED PRODUCTS					25,431

FOOD STORES - 0.15%
4,000,000		Albertson S, Inc Deb	7.450	08/01/29	Baa2		4,686
5,000,000		Kroger Co (Guarantee Note)	8.050	02/01/10	Baa2		5,834

		TOTAL FOOD STORES					10,520

FURNITURE AND FIXTURES - 0.09%
4,000,000		Leggett & Platt, Inc Note	4.700	04/01/13	A2		4,013
2,000,000		Newell Rubbermaid, Inc Note	4.000	05/01/10	Baa2		1,951

		TOTAL FURNITURE AND FIXTURES					5,964

GENERAL BUILDING CONTRACTORS - 0.29%
3,000,000		Centex Corp (Sr Note)	4.550	11/01/10	Baa2		2,988
2,000,000		KB Home (Guarantee Note)	5.875	01/15/15	Ba1		1,980
3,000,000	g	Lennar Corp Note	5.500	09/01/14	Baa3		3,040
3,000,000		MDC Holdings, Inc (Guarantee Note)	5.500	05/15/13	Baa3		3,057
4,000,000		Pulte Homes, Inc (Sr Note)	6.375	05/15/33	Baa3		3,984
5,000,000		Toll Brothers, Inc (Guarantee Note)	6.875	11/15/12	Baa3		5,594

		TOTAL GENERAL BUILDING CONTRACTORS					20,643

GENERAL MERCHANDISE STORES - 0.09%
2,500,000	g	May Department Stores Co/The Note	6.650	07/15/24	Baa2		2,631
3,000,000		Target Corp Note	5.875	03/01/12	A2		3,272
500,000	e	Target Corp Note	4.000	06/15/13	A2		483

		TOTAL GENERAL MERCHANDISE STORES					6,386

HEALTH SERVICES - 0.04%
3,000,000		UnitedHealth Group, Inc Note	5.200	01/17/07	A3		3,096

		TOTAL HEALTH SERVICES					3,096

HOLDING AND OTHER INVESTMENT OFFICES - 0.17%
5,000,000		AvalonBay Communities, Inc Note	6.625	09/15/11	Baa1		5,542
2,000,000		Chelsea Property Group, Inc Note	6.000	01/15/13	Baa2		2,100
2,000,000		EOP Operating LP (Guarantee Note)	5.875	01/15/13	Baa2		2,112
2,000,000		Vornado Realty Trust Note	5.625	06/15/07	Baa2		2,081

		TOTAL HOLDING AND OTHER INVESTMENT OFFICES					11,835

INDUSTRIAL MACHINERY AND EQUIPMENT - 0.35%
3,380,000		Deere & Co Deb	8.500	01/09/22	A3		4,491
5,000,000		Hewlett-Packard Co Note	6.500	07/01/12	A3		5,624
4,000,000	g	IBM Canada Credit Services Co (Guarantee Note)	3.750	11/30/07	A1		4,073
5,000,000		International Business Machines Corp Note	4.750	11/29/12	A1		5,100
5,000,000		John Deere Capital Corp Note	3.900	01/15/08	A3		5,013

		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT					24,301

INSTRUMENTS AND RELATED PRODUCTS - 0.15%
4,500,000		Becton Dickinson & Co Note	7.150	10/01/09	A2		5,093
5,000,000		Boston Scientific Corp	5.450	06/15/14	Baa1		5,203

		TOTAL INSTRUMENTS AND RELATED PRODUCTS					10,296

174

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				MATURITY
PRINCIPAL			RATE	DATE	RATING +	VALUE (000)

INSURANCE CARRIERS - 0.59%
$ 5,000,000		America General Corp Note	7.500	08/11/10	Aaa	$	5,761
3,000,000		Chubb Corp (Sr Note)	5.200	04/01/13	A2		3,046
3,500,000	g	Cincinnati Financial Corp Note	6.125	11/01/34	A2		3,524
3,000,000		First American Corp Note	5.700	08/01/14	Baa2		3,058
4,000,000		Lincoln National Corp Note	5.250	06/15/07	A3		4,147
3,000,000		Markel Corp (Sr Note)	7.350	08/15/34	Baa3		3,260
5,000,000		Protective Life Corp Note	4.300	06/01/13	A3		4,756
3,500,000		Prudential Financial, Inc Note	4.750	04/01/14	A3		3,431
2,500,000		Safeco Corp (Sr Note)	4.875	02/01/10	Baa1		2,553
5,000,000		UnitedHealth Group, Inc Note	3.375	08/15/07	A3		4,962
3,000,000	g	WellPoint, Inc Note	4.250	12/15/09	Baa1		3,004

		TOTAL INSURANCE CARRIERS					41,502

MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.04%
3,000,000		Blyth, Inc Note	5.500	11/01/13	Baa3		3,006

		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES					3,006

MISCELLANEOUS RETAIL - 0.07%
5,000,000	g,v	CVS Corp (Pass thru Cert)	5.298	01/11/27	A3e		5,014

		TOTAL MISCELLANEOUS RETAIL					5,014

MOTION PICTURES - 0.22%
3,000,000		AOL Time Warner, Inc (Guarantee Note)	6.875	05/01/12	Baa1		3,415
6,000,000		Time Warner, Inc (Guarantee Note)	6.625	05/15/29	Baa1		6,488
5,000,000		Walt Disney Co Note	5.500	12/29/06	Baa1		5,187

		TOTAL MOTION PICTURES					15,090

NONDEPOSITORY INSTITUTIONS - 1.47%
4,000,000		AGL Capital Corp Bond	6.000	10/01/34	Baa1		4,013
5,000,000	v	American Express Centurion Bank Note	2.567	11/16/09	Aa3		5,002
5,000,000	e	American Express Co Note	3.750	11/20/07	A1		5,014
2,000,000		American General Finance Corp	4.625	05/15/09	A1		2,035
5,000,000		Capital One Bank (Sr Note)	5.125	02/15/14	Baa2		5,006
1,980,000		Capital One Financial Corp Note	6.250	11/15/13	Baa3		2,131
4,000,000		CIT Group, Inc (Sr Note)	4.125	11/03/09	A2		3,982
3,250,000		Countrywide Home Loans, Inc (Guarantee Note)	5.625	07/15/09	A3		3,440
1,925,000		Countrywide Home Loans, Inc Note	3.250	05/21/08	A3		1,882
5,000,000		KeyBank National Association Note	5.000	07/17/07	A1		5,160
2,000,000		MBNA Corp Note	6.250	01/17/07	Baa2		2,103
4,000,000	g,v	OMX Timber Finance Investments LLC Series 1 (Guarantee Note)	5.420	01/29/20	Aa3		3,988
10,100,000	v	Overseas Private Investment Corp	0.000	09/15/08	N/R		10,550
9,944,036		Overseas Private Investment Corp	3.740	04/15/15	N/R		9,785
8,168,000		Overseas Private Investment Corp Bond	4.050	11/15/14	N/R		8,100
14,550,000		Private Export Funding Corp	5.685	05/15/12	Aaa		15,635
4,450,000		Private Export Funding Corp	4.974	08/15/13	Aaa		4,598
1,500,000		Prudential Funding LLC Note	6.600	05/15/08	A1		1,623
4,000,000		SLM Corp Note	4.000	01/15/10	A2		3,970
4,873,997	v	Wells Fargo Home Equity Trust	4.450	10/26/34	A		4,874

		TOTAL NONDEPOSITORY INSTITUTIONS					102,891

OIL AND GAS EXTRACTION - 0.30%
5,515,000		Anadarko Finance (Guarantee Note)	6.750	05/01/11	Baa1		6,225
5,000,000		Apache Finance Canada Corp	4.375	05/15/15	A3		4,848
5,000,000	g	Eog Resources Canada, Inc (Guarantee Note)	4.750	03/15/14	Baa1		4,909
5,000,000		Valero Logistics Operations LP (Guarantee Note)	6.050	03/15/13	Baa3		5,305

		TOTAL OIL AND GAS EXTRACTION					21,287

175

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				MATURITY
PRINCIPAL			RATE	DATE	RATING +	VALUE (000)

OTHER MORTGAGE BACKED SECURITIES - 0.78%
$ 6,000,000		Banc of America Commercial Mortgage Series 2002-2 (Class A3)	5.118	07/11/43	Aaa	$	6,209
10,000,000		Banc of America Commercial Mortgage Series 2004-4 (Class A6)	4.877	07/10/42	Aaa		10,056
10,000,000		Centex Home Equity Series 2004-C (Class AF5)	5.980	06/25/34	Aaa		10,189
1,000,000		JP Morgan Chase Commercial Mortgage Securities Corp Series 2002-C1 (Class A3)	5.376	07/12/37	Aaa		1,048
9,000,000		JP Morgan Chase Commercial Mortgage Securities Corp Series 2003-CB6 (Class A2)	5.255	07/12/37	Aaa		9,363
10,000,000		Merrill Lynch Mortgage Trust Series 2003-KEY1 (Class A4)	5.236	11/01/35	Aa3		10,345
4,000,000		Wachovia Bank Commercial Mortgage Trust Series 2002-C2 (Class A4)	4.980	11/15/34	Aaa		4,092
3,000,000		Wachovia Bank Commercial Mortgage Trust Series 2004-C15 (Class A4)	4.803	10/15/41	Aaa		2,988

		TOTAL OTHER MORTGAGE BACKED SECURITIES					54,290

PAPER AND ALLIED PRODUCTS - 0.13%
5,000,000	e	Kimberly-Clark Corp Note	5.000	08/15/13	Aa2		5,163
3,300,000		Rock-Tenn Co (Sr Note)	8.200	08/15/11	Baa3		3,913

		TOTAL PAPER AND ALLIED PRODUCTS					9,076

PETROLEUM AND COAL PRODUCTS - 0.07%
5,000,000		Sunoco, Inc Note	4.875	10/15/14	Baa2		4,933

		TOTAL PETROLEUM AND COAL PRODUCTS					4,933

PIPELINES, EXCEPT NATURAL GAS - 0.04%
2,500,000		Kinder Morgan Energy Partners LP (Sr Note)	7.300	08/15/33	Baa1		2,886

		TOTAL PIPELINES, EXCEPT NATURAL GAS					2,886

PRIMARY METAL INDUSTRIES - 0.08%
5,000,000		Hubbell, Inc Note	6.375	05/15/12	A3		5,449

		TOTAL PRIMARY METAL INDUSTRIES					5,449

RAILROAD TRANSPORTATION - 0.09%
5,000,000		Norfolk Southern Corp Bond	7.800	05/15/27	Baa1		6,233

		TOTAL RAILROAD TRANSPORTATION					6,233

SECURITY AND COMMODITY BROKERS - 0.21%
2,500,000	e	Goldman Sachs Group, Inc	3.875	01/15/09	Aa3		2,491
2,000,000		Goldman Sachs Group, Inc (Sub Note)	6.345	02/15/34	A1		2,070
5,000,000		Merrill Lynch & Co, Inc Note	5.000	01/15/15	Aa3		4,977
5,039,397	g	US Trade Funding Corp	4.260	11/15/14	N/R		5,039

		TOTAL SECURITY AND COMMODITY BROKERS					14,577

TRANSPORTATION BY AIR - 0.07%
10		Delta Airlines, Inc Series 1992-B1 (Pass-Thu Cert) Note	8.270	09/23/07	B1		0
5,000,000		JetBlue Airways Corp (Pass thru Cert)	2.740	11/15/16	Aaa		5,020

		TOTAL TRANSPORTATION BY AIR					5,020

TRANSPORTATION EQUIPMENT - 0.12%
3,500,000	g	Dana Corp Note	5.850	01/15/15	Ba2		3,465
5,000,000		Harsco Corp Note	5.125	09/15/13	A3		5,054

		TOTAL TRANSPORTATION EQUIPMENT					8,519

WHOLESALE TRADE-DURABLE GOODS - 0.10%
3,000,000	g	Hughes Supply, Inc Note	5.500	10/15/14	Ba1		2,962
4,000,000	e	Johnson & Johnson Deb	4.950	05/15/33	Aaa		3,787

		TOTAL WHOLESALE TRADE-DURABLE GOODS					6,749

176

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				MATURITY
PRINCIPAL			RATE	DATE	RATING +	VALUE (000)

WHOLESALE TRADE-NONDURABLE GOODS - 0.05%
$ 3,500,000		Safeway, Inc Note	6.500	03/01/11	Baa2	$	3,828

		TOTAL WHOLESALE TRADE-NONDURABLE GOODS					3,828

		TOTAL CORPORATE BONDS					757,088
		(Cost $741,908)

GOVERNMENT BONDS - 26.70%
AGENCY SECURITIES - 5.55%
20,000,000		Federal Farm Credit Bank (FFCB)	3.300	11/05/08	Aaa		19,709
5,340,000			5.250	08/13/19	Aaa		5,428
50,000,000		Federal Home Loan Bank (FHLB)	2.500	04/11/06	Aaa		49,639
30,000,000			2.875	05/22/06	Aaa		29,904
4,000,000	e		2.625	10/16/06	Aaa		3,960
25,000,000		Federal Home Loan Mortgage Corp (FHLMC)	1.875	02/15/06	Aaa		24,681
13,000,000			3.500	05/21/08	Aaa		12,954
8,000,000			3.750	05/12/09	Aaa		7,993
21,910,000	e		5.875	03/21/11	Aa2		23,655
40,000,000		Federal Home Loan Mortgage Corp Gold (FGLMC)	7.000	07/15/05	Aaa		40,895
9,250,000	e		3.500	04/01/08	Aaa		9,198
25,000,000	e		4.125	09/01/09	Aaa		24,944
9,000,000	e		7.000	03/15/10	Aaa		10,271
13,800,000	e		5.000	07/15/14	Aaa		14,251
1,200,000		Federal National Mortgage Association (FNMA)	7.125	03/15/07	Aaa		1,295
19,000,000			3.410	08/30/07	Aaa		18,936
17,225,000			3.375	12/15/08	Aaa		17,003
20,000,000	e		7.125	06/15/10	Aaa		22,988
20,000,000			6.000	05/15/11	Aaa		22,004
29,000,000	e		4.625	10/15/14	Aaa		29,022

		TOTAL AGENCY SECURITIES					388,730

FOREIGN GOVERNMENT BONDS - 0.30%
11,000,000		Province of Quebec Deb	7.500	09/15/29	A1		14,283
6,000,000		Province of Quebec (Sr Unsub Note)	5.750	02/15/09	A1		6,433

		TOTAL FOREIGN GOVERNMENT BONDS					20,716


MORTGAGE BACKED SECURITIES -13.02%
446,792		Federal Home Loan Mortgage Corp Gold (FGLMC)	6.000	03/01/11			469
1,272,509			6.500	12/01/16			1,348
1,736,391			6.000	12/01/17			1,819
4,357,993			5.000	06/01/18			4,429
9,052,992			4.500	10/01/18			9,044
11,751,919			4.500	11/01/18			11,741
11,131,846			4.500	11/01/18			11,121
13,574,211			4.500	01/01/19			13,537
5,832,188	d		5.500	01/01/19			6,029
15,070,340			5.000	02/01/19			15,312
5,102,432			5.000	02/01/19			5,184
1,300,286	d		7.000	10/01/20			1,385
63,814			7.000	05/01/23			68
859,262	d		8.000	01/01/31			931
1,135,879			6.500	08/01/32			1,193
12,400,139			6.000	06/01/33			12,815
9,942,431			5.500	09/01/33			10,110
8,025,245			5.500	09/01/33			8,160
9,803,527			5.000	11/01/33			9,756
2,356,803			6.000	11/01/33			2,436
3,742,475			5.500	01/01/34			3,804
16,000,000	h		6.000	01/15/34			16,525
7,587,105			6.000	02/01/34			7,841
4,243,960			6.000	02/01/34			4,386
123,000,000	h	Federal National Mortgage Association (FNMA)	5.500	01/25/34			124,845
25,174,517	v		4.358	06/01/11			25,119

177

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				MATURITY
PRINCIPAL			RATE	DATE	VALUE (000)

$ 121,998		Federal National Mortgage Association (FNMA)	7.500	06/01/11	$	130
36,805			8.000	06/01/11		39
39,865			8.000	06/01/11		42
120,064			8.000	07/01/11		128
66,004			7.500	08/01/11		70
28,660			7.500	09/01/11		30
4,112			7.500	09/01/11		4
78,232			7.500	10/01/11		83
2,606			7.500	10/01/11		3
13,571			7.500	10/01/11		14
625,891			7.000	04/01/12		664
109,163			6.500	09/01/12		116
2,943,349			4.440	07/01/13		2,921
3,272,333			4.019	08/01/13		3,169
3,419,581			4.518	05/01/14		3,401
4,519,183			4.265	06/01/14		4,402
3,271,043			4.530	10/01/14		3,252
31,031			8.500	11/01/14		34
904,037			6.500	10/01/16		959
3,658,620	d		6.500	04/01/17		3,880
5,802,381			6.000	11/01/17		6,084
7,394,921			6.000	11/01/17		7,753
3,788,743			6.000	01/01/18		3,972
2,421,511			6.000	02/01/18		2,539
1,959,055			6.500	02/01/18		2,078
6,203,624			5.500	03/01/18		6,417
1,056,244			5.500	04/01/18		1,093
16,440,361	d		5.500	04/01/18		17,005
122,073			5.500	05/01/18		126
21,703,824			5.000	07/01/18		22,072
21,645,459			5.500	11/01/18		22,389
9,045,279			5.000	12/01/18		9,199
7,358,242			5.000	01/01/19		7,483
1,250,770			6.000	01/01/19		1,305
16,000,000	h		5.000	01/25/19		16,250
8,000,000	h		5.500	01/25/19		8,265
1,267,053			6.000	02/01/19		1,322
10,672,411			5.000	03/01/19		10,850
118,062			8.000	03/01/23		129
1,751,129			5.500	02/01/24		1,791
308,549			8.000	07/01/24		336
78,000,000	h		6.000	01/25/32		80,633
25,000,000	h		6.500	01/25/32		26,211
8,828,965			6.500	11/01/32		9,267
2,210,496			5.500	06/01/33		2,246
2,312,113			5.500	07/01/33		2,349
8,810,450			5.500	07/01/33		8,958
2,669,334			5.500	07/01/33		2,712
3,654,848			4.500	08/01/33		3,539
7,949,224			6.000	08/01/33		8,223
3,415,184			5.000	11/01/33		3,395
1,410,687			5.500	11/01/33		1,433
1,185,662			5.500	11/01/33		1,205
28,814,040	d		5.500	11/01/33		29,277
4,828,140			5.500	11/01/33		4,906
4,378,617			5.500	11/01/33		4,449
3,527,107			5.500	11/01/33		3,584
3,595,545			5.500	11/01/33		3,653
2,883,062			5.500	11/01/33		2,929
6,301,879			5.000	12/01/33		6,265
896,240			5.500	12/01/33		911
1,193,291			5.500	12/01/33		1,212
2,361,355			5.500	12/01/33		2,399
893,405			5.500	12/01/33		908
1,237,743			5.500	12/01/33		1,258
2,766,786			5.500	01/01/34		2,811
23,421,479			5.000	03/01/34		23,284
10,827,319			5.000	03/01/34		10,764
48,785,294			5.000	03/01/34		48,499
1,989,109			4.500	05/01/34		1,924

178

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				MATURITY
PRINCIPAL			RATE	DATE	VALUE (000)

$ 84,406		Federal National Mortgage Association (FNMA)	4.500	05/01/34	$	82
97,538			4.500	05/01/34		94
1,854,381			4.500	05/01/34		1,793
148,848			4.500	06/01/34		144
1,495,573			4.500	06/01/34		1,446
89,619			4.500	06/01/34		87
1,819,263			4.500	06/01/34		1,760
92,636			4.500	06/01/34		90
373,131			4.500	06/01/34		361
254,969			4.500	07/01/34		247
85,049			4.500	07/01/34		82
280,241			4.500	07/01/34		271
1,966,923			4.500	08/01/34		1,902
137,470			4.500	08/01/34		133
144,293			4.500	09/01/34		140
14,000,000	h		5.000	02/25/35		13,851
25,000,000	h	Government National Mortgage Association (GNMA)	5.000	01/15/35		24,992
3,000,000	h		5.500	01/20/35		3,061
3,988,000			0.000	11/15/05		3,881
1,211,000			0.000	05/15/08		1,067
5,000,000			0.000	05/15/09		4,204
6,020,000			0.000	05/15/09		5,062
17,197			8.500	09/15/09		19
72,084			8.500	10/15/09		78
15,818			8.500	12/15/09		17
439,997			9.000	12/15/09		478
9,428,000			0.000	11/15/10		7,362
3,017,000			0.000	05/15/12		2,158
330,664			9.000	12/15/17		371
19,568			9.000	08/15/20		22
249,797			8.000	06/15/22		273
69,273			6.500	08/15/23		73
59,535			6.500	08/15/23		63
56,433			6.500	09/15/23		60
10,000,000			4.500	11/16/29		9,893
1,050,176	d		6.500	05/20/31		1,104
8,791,247			6.000	05/15/33		9,117
6,977,966			5.500	09/15/33		7,134
27,509,486			5.500	09/20/33		28,097

		TOTAL MORTGAGE BACKED SECURITIES				911,479

U.S. TREASURY SECURITIES - 7.83%
83,283,000		U.S. Treasury Bond	10.000	05/15/10		85,558
23,370,000	e	U.S. Treasury Bond	4.250	11/15/14		23,428
144,300,000	e	U.S. Treasury Bond	8.000	11/15/21		198,130
26,290,000	e	U.S. Treasury Bond	5.375	02/15/31		28,422
11,200,000	e	U.S. Treasury Note	2.750	06/30/06		11,170
69,950,000	e	U.S. Treasury Note	2.375	08/15/06		69,289
2,850,000	e	U.S. Treasury Note	2.500	09/30/06		2,826
25,000,000	e	U.S. Treasury Note	2.625	11/15/06		24,816
2,950,000	e	U.S. Treasury Note	2.750	08/15/07		2,918
1,000,000	e	U.S. Treasury Note	3.000	11/15/07		994
10,000,000	e	U.S. Treasury Note	2.625	05/15/08		9,778
15,000,000	e	U.S. Treasury Note	3.250	08/15/08		14,933
1,700,000	e	U.S. Treasury Note	3.125	10/15/08		1,682
4,000,000	e	U.S. Treasury Note	4.000	06/15/09		4,076
1,900,000	e	U.S. Treasury Note	3.500	11/15/09		1,891
14,500,000	e	U.S. Treasury Note	3.500	12/15/09		14,436
28,862,984	e,k	U.S. Treasury Inflation Indexed Note	3.875	01/15/09		32,369
20,784,389	k	U.S. Treasury Inflation Indexed Bond	1.875	07/15/13		21,375

		TOTAL U.S. TREASURY SECURITIES				548,091

		TOTAL GOVERNMENT BONDS				1,869,016
		(Cost $1,863,729)

		TOTAL BONDS				2,626,104
		(Cost $2,605,637)

179

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			VALUE (000)

PREFERRED STOCKS - 0.00%
HEALTH SERVICES - 0.00%
4,293		Bio-Reference Labs, Inc	$	75

		TOTAL HEALTH SERVICES		75

		TOTAL PREFERRED STOCKS		75
		(Cost $59)
COMMON STOCKS - 60.61%
AMUSEMENT AND RECREATION SERVICES - 0.03%
46,689	e*	Gaylord Entertainment Co		1,939
11,648	e*	Sunterra Corp		164

		TOTAL AMUSEMENT AND RECREATION SERVICES		2,103

APPAREL AND ACCESSORY STORES - 0.31%
750		AnnTaylor Stores Corp		16
37,408		Foot Locker, Inc		1,007
326,630	e	Gap, Inc		6,898
159,620		Limited Brands, Inc		3,674
46,819	e	Nordstrom, Inc		2,188
38,284	e	Ross Stores, Inc		1,105
258,621		TJX Cos, Inc		6,499

		TOTAL APPAREL AND ACCESSORY STORES		21,387

APPAREL AND OTHER TEXTILE PRODUCTS - 0.04%
76,645	e*	Collins & Aikman Corp		334
24,716	e*	Hartmarx Corp		192
43,154		Liz Claiborne, Inc		1,822
3,200		Oxford Industries, Inc		132

		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		2,480

AUTO REPAIR, SERVICES AND PARKING - 0.01%
20,795		Midas, Inc		416
3,400		Ryder System, Inc		162

		TOTAL AUTO REPAIR, SERVICES AND PARKING		578

AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.05%
600		Advance Auto Parts		26
23,591	e*	Autozone, Inc		2,154
27,200	e*	Carmax, Inc		845
14,532	e*	Copart, Inc		382

		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		3,407

BUILDING MATERIALS AND GARDEN SUPPLIES - 0.90%
1,171	e	Building Materials Holding Corp		45
7,955	e	Fastenal Co		490
1,004,126		Home Depot, Inc		42,916
337,954		Lowe's Cos		19,463

		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		62,914

BUSINESS SERVICES - 3.70%
9,719	e*	24/7 Real Media Inc		42
213,900	e*	3Com Corp		892
10,600	e*	ActivCard Corp		94
4,500	e*	Administaff, Inc		57

180

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			VALUE (000)

66,166	e	Adobe Systems, Inc	$	4,151
15,700	e*	Agile Software Corp		128
66,744	e*	Akamai Technologies, Inc		870
20,916	e*	Aspect Communications Corp		233
19,272	e*	At Road, Inc		133
401,950		Automatic Data Processing, Inc		17,826
89,457	e*	BEA Systems, Inc		793
28,252		Bisys Group, Inc		465
206	e*	Blue Coat Systems, Inc		4
35,799	e*	BMC Software, Inc		666
81,599		Brocade Communications Systems, Inc		623
60,862	e*	Cadence Design Systems, Inc		841
71,007		Ceridian Corp		1,298
17,571		Citrix Systems, Inc		431
72,373	e*	CNET Networks, Inc		813
60,912	e*	Cognizant Technology Solutions Corp		2,578
89,838		Compuware Corp		581
5,085	e*	Concord Communications, Inc		56
104,201		Convergys Corp		1,562
4,297		Corillian Corp		21
6,200	e*	CSG Systems International, Inc		116
24,300	e	Deluxe Corp		907
2,603	e*	Digital River, Inc		108
75,453		DST Systems, Inc		3,933
29,750		Dun & Bradstreet Corp		1,775
8,599		eFunds Corp		206
64,398	e*	Electronic Arts, Inc		3,972
368,927		Electronic Data Systems Corp		8,522
19,883		Embarcadero Technologies, Inc		187
4,175		Equinix Inc		178
1,800		eSpeed, Inc (Class A)		22
4,176	e*	F5 Networks, Inc		203
11,850	e	Fair, Isaac & Co, Inc		435
107,614		Fiserv, Inc		4,325
4,310	e*	Greg Manning Auctions Inc		53
62,013	e*	GSI Commerce, Inc		1,103
25,783	e	Henry (Jack) & Associates, Inc		513
2,600		iGate Corp		11
123,843		IMS Health, Inc		2,874
9,400		Informatica Corp		76
85,957	e*	Innovative Solutions & Support, Inc		2,868
3,900		Intrado, Inc		47
54,832		Intuit, Inc		2,413
24,500	e*	Ipass Inc		181
39,174	e*	Iron Mountain, Inc		1,194
8,569	e*	iVillage Inc		53
175,353		Juniper Networks, Inc		4,768
3,175		Jupitermedia Corp		76
3,011	e*	Kforce, Inc		33
30,399		Lamar Advertising Co		1,300
6,548		Manpower, Inc		316
3,200		MAPICS, Inc		34
38,313	e*	Mercury Interactive Corp		1,745
3,434,236		Microsoft Corp		91,728
20,263	e*	Mindspeed Technologies Inc		56
46,510	e*	Monster Worldwide Inc		1,565
19,374		NCR Corp		1,341
2,900		NDCHealth Corp		54
2,000		Netratings, Inc		38
13,360	e*	Network Equipment Technologies, Inc		131
220,909		NIC, Inc		1,122
222,200	e*	Novell, Inc		1,500
124,709		Omnicom Group, Inc		10,515
1,498,149		Oracle Corp		20,555
9,628		Packeteer, Inc		139
8,053	e*	PalmSource Inc		103
11,400	e*	Parametric Technology Corp		67
35,275		PDI, Inc		786

181

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			VALUE (000)

16,200		Pegasystems, Inc	$	138
19,700		Perot Systems Corp (Class A)		316
14,017	e*	Pixar, Inc		1,200
26,126		Portal Software Inc		69
17,488		R.H. Donnelley Corp		1,033
1,500	e*	Radisys Corp		29
32,799	e*	Red Hat, Inc		438
5,800	e*	Rewards Network Inc		41
64,008		Robert Half International, Inc		1,884
4,600	e*	RSA Security, Inc		92
26,353	e*	Sapient Corp		208
20,684	e*	Scansoft, Inc		87
1,300	e*	Secure Computing Corp		13
46,300	e*	Seebeyond Technology Corp		166
156,600	e*	Siebel Systems, Inc		1,644
6,148		Sitel Corp		15
6,300		SonicWALL, Inc		40
40,437		Spherion Corp		340
9,750		SS&C Technologies, Inc		201
1,543,479	e*	Sun Microsystems, Inc		8,304
141,293		Sungard Data Systems, Inc		4,003
1,300	e*	Sykes Enterprises, Inc		9
150,204		Symantec Corp		3,869
13,290		Synopsys, Inc		261
9,384	e*	TeleTech Holdings, Inc		91
35,400	e*	TIBCO Software, Inc		472
94,572	e	Total System Services, Inc		2,298
25,700	e*	Tyler Technologies, Inc		215
55,752	e*	Unisys Corp		568
7,706	e*	United Rentals, Inc		146
13,535		Universal Compression Holdings, Inc		473
65,025	e*	VeriSign, Inc		2,180
140,500		Veritas Software Corp		4,011
30,500	e*	WatchGuard Technologies, Inc		135
3,800	e*	Wind River Systems, Inc		51
388,403	e*	Yahoo!, Inc		14,635

		TOTAL BUSINESS SERVICES		259,080

CHEMICALS AND ALLIED PRODUCTS - 5.38%
20,443	e*	Abgenix, Inc		211
11,996	e*	Able Laboratories Inc		273
23,736	e*	Adolor Corp		235
11,589		Advancis Pharmaceutical Corp		44
197,626		Air Products & Chemicals, Inc		11,456
4,000	e*	Albany Molecular Research, Inc		45
8,770	e*	Alexion Pharmaceuticals, Inc		221
6,874	e*	Alkermes, Inc		97
131,585	e	Allergan, Inc		10,668
18,712	e*	American Pharmaceutical Partners, Inc		700
592,822	e*	Amgen, Inc		38,030
16,862	e*	Amylin Pharmaceuticals, Inc		394
4,001		Array Biopharma, Inc		38
7,705	e*	Atherogenics, Inc		182
72,532	e*	Avant Immunotherapeutics, Inc		146
132,000		Avery Dennison Corp		7,916
195,800		Avon Products, Inc		7,577
77,934	e*	Barr Laboratories, Inc		3,549
63,884	e*	Benthley Pharmaceuticals, Inc		687
6,233	e*	BioCryst Pharmaceuticals Inc		36
27,910	e*	Bioenvision Inc		250
141,434		Biogen Idec Inc		9,421
45,257	e*	BioMarin Pharmaceutical, Inc		289
11,609	e*	Biosite, Inc		714
63,624		Bone Care International, Inc		1,772
17,133	e*	Bradley Pharmaceuticals, Inc		332
57,000		Cabot Corp		2,205
22,039	e*	Cell Therapeutics, Inc		179
11,828	e*	Cephalon, Inc		602

182

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			VALUE (000)

11,600	e*	Charles River Laboratories International, Inc	$	534
21,596	e*	Chattem, Inc		715
107,144		Clorox Co		6,314
266,800		Colgate-Palmolive Co		13,649
24,200	e*	Connetics Corp		588
15,500	e*	Cubist Pharmaceuticals, Inc		183
4,911	e*	Curis, Inc		26
6,761	e*	Cypress Bioscience Inc		95
14,173	e*	Cytogen Corp		163
23,162	e*	Dendreon Corp		250
45,503		Diagnostic Products Corp		2,505
15,999	e*	Digene Corp		418
9,791	e*	Discovery Laboratories Inc		78
84,779	e*	Dov Pharmaceutical Inc		1,530
349,215	e*	Durect Corp		1,145
7,541	e*	Dusa Pharmaceuticals, Inc		108
196,600	e	Ecolab, Inc		6,907
90,786		Encysive Pharmaceuticals Inc		902
72,114		Eon Labs, Inc		1,947
12,727	e*	EPIX Medical, Inc		228
700		Estee Lauder Cos (Class A)		32
191,400	e*	First Horizon Pharmaceutical		4,381
215,832		Forest Laboratories, Inc		9,682
10,134	e*	Genaera Corp		35
69,900		Genta, Inc		123
145,497		Genzyme Corp (General Division)		8,449
22,156	e*	Geron Corp		177
157,256		Gilead Sciences, Inc		5,502
533,053		Gillette Co		23,870
87,652	e*	Guilford Pharmaceuticals, Inc		434
40,916		H.B. Fuller Co		1,167
69,413	e*	Hollis-Eden Pharmaceuticals		654
60,776	e*	Human Genome Sciences, Inc		731
18,436	e*	ICOS Corp		521
35,884		Idexx Laboratories, Inc		1,959
8,099	e*	Immucor, Inc		190
47,200		Immunogen, Inc		417
44,900		Immunomedics, Inc		136
97,808	e*	Impax Laboratories, Inc		1,553
72,455	e*	Indevus Pharmaceuticals, Inc		432
5,392	e*	Inkine Pharmaceutical Co, Inc		29
6,900	e*	InterMune, Inc		91
39,081		Inverness Medical Innovations, Inc		981
8,689		Invitrogen Corp		583
40,810	e*	Isis Pharmaceuticals, Inc		241
4,334	e*	Isolagen Inc		34
162,950	e*	King Pharmaceuticals, Inc		2,021
1,500		Kos Pharmaceuticals, Inc		56
12,800	e*	KV Pharmaceutical Co (Class A)		282
39,656		Lannett Co, Inc		391
9,275	e*	Ligand Pharmaceuticals, Inc (Class B)		108
12,800	e	Mannatech Inc		244
34,085	e*	Martek Biosciences Corp		1,745
47,348	e*	Medarex, Inc		510
59,422		Medicis Pharmaceutical Corp (Class A)		2,086
100,322		Medimmune, Inc		2,720
1,366,558		Merck & Co, Inc		43,921
33,600	e*	MGI Pharma, Inc		941
108,616	e*	Millennium Pharmaceuticals, Inc		1,316
256,616	e	Mylan Laboratories, Inc		4,537
3,254	e*	Myogen Inc		26
76,865		Nabi Biopharmaceuticals		1,126
32,567		NBTY, Inc		782
43,403	e*	Nektar Therapeutics		878
34,431		Neose Technologies, Inc		231
4,000	e*	Neurocrine Biosciences, Inc		197
7,009	e*	Northfield Laboratories, Inc		158
36,005		Noven Pharmaceuticals, Inc		614
3,412	e*	NPS Pharmaceuticals, Inc		62
22,015		Nutraceutical International Corp		339

183

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			VALUE (000)

5,567	e*	Nuvelo Inc	$	55
1,500	e*	OraSure Technologies, Inc		10
18,505	e*	OSI Pharmaceuticals, Inc		1,385
119,787		Pain Therapeutics, Inc		864
235,177		Palatin Technologies Inc		626
5,500	e*	Par Pharmaceutical Cos Inc		228
63,742	e*	Penwest Pharmaceuticals Co		762
173,502		Peregrine Pharmaceuticals, Inc		203
3,932	e*	Pharmacyclics, Inc		41
6,753	e*	Pharmion Corp		285
83,891	e*	Pozen, Inc		610
128,578		Praecis Pharmaceuticals, Inc		244
218,754		Praxair, Inc		9,658
1,331,138		Procter & Gamble Co		73,319
21,566		Progenics Pharmaceuticals		370
23,161	e*	Protein Design Labs, Inc		479
132,354		Rohm & Haas Co		5,854
58,884		Salix Pharmaceuticals Ltd		1,036
55,729	e*	Sepracor, Inc		3,309
86,075	e	Sigma-Aldrich Corp		5,204
41,426	e*	SuperGen, Inc		292
16,038	e*	Tanox, Inc		244
24,507		Third Wave Technologies, Inc		211
11,300	e*	United Therapeutics Corp		510
9,737	e*	USANA Health Sciences Inc		333
26,431	e*	Vertex Pharmaceuticals, Inc		279
16,600		Vicuron Pharmaceuticals Inc		289
23,421	e*	Vion Pharmaceuticals, Inc		110
101,172	e*	Watson Pharmaceuticals, Inc		3,319
76,385	e	Wellman, Inc		817
7,000		West Pharmaceutical Services, Inc		175
8,582	e*	Zila Inc		37
52,533	e*	Zymogenetics, Inc		1,208

		TOTAL CHEMICALS AND ALLIED PRODUCTS		376,615

COMMUNICATIONS - 2.95%
103,440	e	Alltel Corp		6,078
507,067	e	AT&T Corp		9,665
161,341	e*	Avaya, Inc		2,775
830,629	e	BellSouth Corp		23,083
5,000		CenturyTel, Inc		177
623,273	e*	Comcast Corp		20,743
365,769	e*	Comcast Corp Special		12,012
12,515		Foundry Networks, Inc		165
176,003	e*	IAC/InterActiveCorp		4,861
48,600		Infonet Services Corp (Class B)		98
80,495		Liberty Media International, Inc		3,721
6,870		LUCENT TECHNOLOGIES INC		11
1,671,312	e*	Lucent Technologies, Inc		6,284
12,819	e*	Mastec, Inc		130
10,700	e*	Net2Phone, Inc		36
231,894	e*	Nextel Communications, Inc (Class A)		6,957
23,261	e*	Novatel Wireless, Inc		451
32,445		NTL Inc		2,367
8,000		Paxson Communications Corp		11
1,721,495		SBC Communications, Inc		44,363
438,030		Sprint Corp (FON Group)		10,885
16,388	e*	Time Warner Telecom, Inc (Class A)		71
49,898		UnitedGlobalcom, Inc (Class A)		482
48,526	e*	Univision Communications, Inc (Class A)		1,420
1,181,695		Verizon Communications, Inc		47,870
5,100		West Corp		169
46,139	e*	XM Satellite Radio Holdings, Inc		1,736

		TOTAL COMMUNICATIONS		206,621

DEPOSITORY INSTITUTIONS - 5.73%
150,155	e	AmSouth Bancorp		3,889

184

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			VALUE (000)

2,500		Astoria Financial Corp	$	100
408,124		BB&T Corp		17,162
754		Capital Crossing Bank		23
92,783		Comerica, Inc		5,662
702		Commerce Bancorp, Inc		45
1,077	e	Commercial Capital Bancorp Inc		25
403,224	e	Fifth Third Bancorp		19,064
6,300	e	First Horizon National Corp		272
163,870	e	Golden West Financial Corp		10,065
1,562		International Bancshares Corp		62
2,016,984	e	J.P. Morgan Chase & Co		78,683
287,911		KeyCorp		9,760
49,800	e	M & T Bank Corp		5,370
32,800	e	Marshall & Ilsley Corp		1,450
252,683		Mellon Financial Corp		7,861
513,117		National City Corp		19,268
41,200	e	New York Community Bancorp, Inc		847
64,852		North Fork Bancorp, Inc		1,871
121,422	e	Northern Trust Corp		5,899
2,091		Partners Trust Financial Group, Inc		24
2,850		People's Bank		111
229,663		PNC Financial Services Group, Inc		13,192
357,315	e	Regions Financial Corp		12,717
42,600		Sovereign Bancorp, Inc		961
149,174	e	State Street Corp		7,327
240,572	e	SunTrust Banks, Inc		17,773
130,894	e	Synovus Financial Corp		3,741
1,264,912		U.S. Bancorp		39,617
23,332		UnionBanCal Corp		1,504
4,447	e	W Holding Co, Inc		102
1,009,185		Wachovia Corp		53,083
1,011,988	e	Wells Fargo & Co		62,895
6,400	e	Zions Bancorp		435

		TOTAL DEPOSITORY INSTITUTIONS		400,860

EATING AND DRINKING PLACES - 0.64%
154,400	e	Darden Restaurants, Inc		4,283
1,175,801	e	McDonald's Corp		37,696
14,800		Outback Steakhouse, Inc		678
56,151	e	Wendy's International, Inc		2,204

		TOTAL EATING AND DRINKING PLACES		44,861

EDUCATIONAL SERVICES - 0.10%
66,107		Apollo Group, Inc (Class A)		5,335
30,563		Career Education Corp		1,223
700	e*	Corinthian Colleges, Inc		13
1,700		DeVry, Inc		30
1,900	e*	Laureate Education Inc		84

		TOTAL EDUCATIONAL SERVICES		6,685

ELECTRIC, GAS, AND SANITARY SERVICES - 3.10%
492,654		AES Corp		6,735
116,931		AGL Resources, Inc		3,887
89,632		Allete Inc		3,294
22,543		Aqua America Inc		554
642,931	e*	Aquila, Inc		2,372
38,206		Atmos Energy Corp		1,045
212,240		Avista Corp		3,750
101,937	e	Black Hills Corp		3,127
5,300		California Water Service Group		200
14,500		Cascade Natural Gas Corp		307
27,585		Casella Waste Systems, Inc (Class A)		404
17,100	e	Citizens Communications Co		236
275,771		Cleco Corp		5,587
3,400		Connecticut Water Service, Inc		90

185

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			VALUE (000)

18,700		Crosstex Energy Inc	$	784
453,255		DPL, Inc		11,381
289,832		Empire District Electric Co		6,573
1,400		Energen Corp		83
750		EnergySouth, Inc		21
170,858		Equitable Resources, Inc		10,364
400,340	e	Hawaiian Electric Industries, Inc		11,670
217,100		Idacorp, Inc		6,637
296,657	e	KeySpan Corp		11,703
326,432		Kinder Morgan, Inc		23,872
8,200	e	Laclede Group, Inc		255
88,593		MGE Energy, Inc		3,192
2,666		Middlesex Water Co		50
235,097	e	National Fuel Gas Co		6,663
2,900		New Jersey Resources Corp		126
140,770	e	Nicor, Inc		5,200
563,115		NiSource, Inc		12,828
8,300		Northwest Natural Gas Co		280
491,148		OGE Energy Corp		13,020
51,415		Otter Tail Corp		1,313
103,254	e	Peoples Energy Corp		4,538
605,280	e	Pepco Holdings, Inc		12,905
23,864		Piedmont Natural Gas Co, Inc		555
554,600	e	Puget Energy, Inc		13,699
113,172		Questar Corp		5,767
34,491		Resource America, Inc (Class A)		1,121
245,817	e*	Sierra Pacific Resources		2,581
22,200		SJW Corp		808
5,400		South Jersey Industries, Inc		284
14,099	e*	Southern Union Co		338
3,200	e*	Stericycle, Inc		147
183,301		Unisource Energy Corp		4,419
6,858	e*	Waste Connections, Inc		235
84,414	e	Western Gas Resources, Inc		2,469
41,700		WGL Holdings, Inc		1,286
518,335	e	Williams Cos, Inc		8,444

		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		217,199

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 3.25%
210,195	e*	Advanced Micro Devices, Inc		4,628
11,984	e*	Agere Systems, Inc (Class A)		16
146,200	e*	Agere Systems, Inc (Class B)		197
162,200	e*	Altera Corp		3,358
77,993		American Power Conversion Corp		1,669
3,555	e*	American Superconductor Corp		53
190,190		Ametek, Inc		6,784
5,400	e*	Amkor Technology, Inc		36
119,618		Analog Devices, Inc		4,416
17,075	e*	Applica, Inc		103
6,411	e*	Arris Group, Inc		45
53,100	e*	Artesyn Technologies, Inc		600
138,463	e*	Avanex Corp		458
39,523	e	AVX Corp		498
30,000		Baldor Electric Co		826
79,519	e*	Broadcom Corp (Class A)		2,567
23,320	e*	Broadwing Corp		212
8,357		California Micro Devices CP		59
28,117	e*	Capstone Turbine Corp		51
8,872	e*	Carrier Access Corp		95
46,995	e*	C-COR.net Corp		437
355,116	e*	CIENA Corp		1,186
132,544		Comverse Technology, Inc		3,241
27,847	e*	Conexant Systems, Inc		55
1,800	e	CTS Corp		24
4,193	e*	DDi Corp		13
16,904		Ditech Communications Corp		253
133,845	e*	Eagle Broadband Inc		88
437,600		Emerson Electric Co		30,676

186

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			VALUE (000)

10,485	e*	Energizer Holdings, Inc	$	521
28,195	e*	Finisar Corp		64
24,800	e	Harman International Industries, Inc		3,150
15,041	e*	Harmonic, Inc		125
2,700	e	Helix Technology Corp		47
1,300		Hubbell, Inc (Class B)		68
5,700	e*	Integrated Device Technology, Inc		66
2,578,710		Intel Corp		60,316
29,012	e*	Interdigital Communications Corp		641
12,700		Intersil Corp (Class A)		213
59,373	e*	InterVoice, Inc		793
5,722	e*	IXYS Corp		59
40,769	e*	Jabil Circuit, Inc		1,043
540,044	e*	JDS Uniphase Corp		1,712
5,800	e*	Kemet Corp		52
2,000	e*	Lifeline Systems, Inc		52
229,966	e*	LSI Logic Corp		1,260
4,204		Magnetek, Inc		29
25,583	e*	Mattson Technology, Inc		288
102,718	e	Maxim Integrated Products, Inc		4,354
66,429	e*	McData Corp (Class A)		396
8,850	e*	Merix Corp		102
18,700	e	Microchip Technology, Inc		499
265,591	e*	Micron Technology, Inc		3,280
5,651	e*	Mobility Electronics Inc		48
82,093		Molex, Inc		2,463
8,500		Monolithic System Technology, Inc		53
1,011,468		Motorola, Inc		17,397
235,717	e*	MRV Communications, Inc		865
3,705		Mykrolis Corp		52
157,400		National Semiconductor Corp		2,825
8,599		NMS Communications Corp		54
25,190		Novellus Systems, Inc		703
3,266	e*	Openwave Systems Inc		50
129,014		Optical Communication Products, Inc		323
3,707		Paradyne Networks, Inc		13
5,200	e*	Plexus Corp		68
5,600		Polycom, Inc		131
3,800	e*	Power-One, Inc		34
8,800	e*	Powerwave Technologies, Inc		75
1,453		QLogic Corp		53
602,866		Qualcomm, Inc		25,562
31,424		Scientific-Atlanta, Inc		1,037
10,220	e*	Sipex Corp		48
322,582	e*	Sirius Satellite Radio, Inc		2,468
5,696	e*	Spatialight Inc		51
11,400		Standard Microsystems Corp		203
107,179	e*	Stratex Networks, Inc		242
84,452	e*	Sycamore Networks, Inc		343
2,505	e*	Symmetricom, Inc		24
1,400		Technitrol, Inc		25
265,220	e*	Tellabs, Inc		2,278
125,172	e*	Terayon Communication Systems, Inc		339
734,264		Texas Instruments, Inc		18,078
63,300		Thomas & Betts Corp		1,946
4,819	e*	Trident Microsystems Inc		81
8,974	e*	Tripath Technology, Inc		11
5,500		Triquint Semiconductor, Inc		24
900		TTM Technologies, Inc		11
12,440	e*	Utstarcom, Inc		276
19,000	e*	Verso Technologies Inc		14
2,600		Vicor Corp		34
95,428		Vishay Intertechnology, Inc		1,433
104,900	e*	Vitesse Semiconductor Corp		370
28,395		Westell Technologies Inc		193
13,207	e	Whirlpool Corp		914
16,700		Wilson Greatbatch Technologies, Inc		374
127,200		Xilinx, Inc		3,771

187

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			VALUE (000)

138,795	e*	Zhone Technologies, Inc	$	359

		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		227,490

ENGINEERING AND MANAGEMENT SERVICES - 0.31%
8,506	e*	Accelrys Inc		66
1,000	e*	Affymetrix, Inc		37
5,099		Answerthink, Inc		24
42,902	e*	Antigenics, Inc		434
24,675		Applera Corp (Celera Genomics Group)		339
86,121	e*	Ariad Pharmaceuticals, Inc		640
12,860	e*	Axonyx Inc		80
52,912	e*	BearingPoint, Inc		425
16,700	e*	Ciphergen Biosystems, Inc		72
5,000		Covance, Inc		194
49,165	e*	CuraGen Corp		352
5,433	e*	CV Therapeutics, Inc		125
130,985	e*	Decode Genetics, Inc		1,023
2,727		DiamondCluster International, Inc (Class A)		39
3,288		Digitas, Inc		31
5,601	e*	Dyax Corp		40
3,600	e*	FTI Consulting, Inc		76
14,043		Gartner, Inc (Class B)		173
1,420		Hewitt Associates Inc		45
92,116	e*	Incyte Genomics, Inc		920
19,927	e*	Kosan Biosciences, Inc		138
28,041	e*	Lexicon Genetics, Inc		217
7,047		Lifecell Corp		72
25,220	e*	Luminex Corp		224
5,948	e*	Maxim Pharmaceuticals, Inc		18
72,914	e	Moody's Corp		6,333
28,840	e*	Neopharm, Inc		361
15,777	e*	Oscient Pharmaceuticals Corp		58
214,126		Paychex, Inc		7,297
5,500	e*	Pharmaceutical Product Development, Inc		227
9,821	e*	Pharmos Corp		14
7,444	e*	PRG-Schultz International, Inc		37
21,643	e*	Regeneron Pharmaceuticals, Inc		199
1,623		Rigel Pharmaceuticals Inc		40
88,520	e*	Seattle Genetics, Inc		578
1,600	e*	Sourcecorp		31
26,200	e*	Telik, Inc		501
11,500	e*	Trimeris, Inc		163
7,496	e*	Ventiv Health, Inc		152

		TOTAL ENGINEERING AND MANAGEMENT SERVICES		21,795

FABRICATED METAL PRODUCTS - 0.67%
31,440	e	Commercial Metals Co		1,590
149,645		Crown Holdings Inc		2,056
15,906		Gulf Island Fabrication, Inc		347
27,528		Harsco Corp		1,534
256,800	e	Illinois Tool Works, Inc		23,800
11,067	e*	Jacuzzi Brands Inc		96
312,073		Masco Corp		11,400
400		Silgan Holdings, Inc		24
27,846		Snap-On, Inc		957
86,524		Stanley Works		4,239
437,784	e*	Tower Automotive, Inc		1,046
3,600	e	Valmont Industries, Inc		90

		TOTAL FABRICATED METAL PRODUCTS		47,179

FOOD AND KINDRED PRODUCTS - 2.14%
171,725	e	Campbell Soup Co		5,133
1,182,800		Coca-Cola Co		49,240
97,300	e	Coca-Cola Enterprises, Inc		2,029
800		Dean Foods Co		26
201,409	e	General Mills, Inc		10,012
241,350		H.J. Heinz Co		9,410

188

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			VALUE (000)

146,800		Hershey Foods Corp	$	8,153
3,000		Hormel Foods Corp		94
179,263	e	Kellogg Co		8,006
23,900		McCormick & Co, Inc (Non-Vote)		923
50,600	e	Pepsi Bottling Group, Inc		1,368
888,404		PepsiCo, Inc		46,375
126,545		Wrigley (Wm.) Jr Co		8,756

		TOTAL FOOD AND KINDRED PRODUCTS		149,525

FOOD STORES - 0.49%
330,521	e	Albertson's, Inc		7,893
436,276		Kroger Co		7,652
11,850		Pathmark Stores, Inc		69
271,210	e*	Safeway, Inc		5,354
203,754		Starbucks Corp		12,706
400		Whole Foods Market, Inc		38
79,410	e*	Winn-Dixie Stores, Inc		361

		TOTAL FOOD STORES		34,073

FURNITURE AND FIXTURES - 0.28%
58,202		Hillenbrand Industries, Inc		3,233
177,678		Johnson Controls, Inc		11,272
55,444	e	Leggett & Platt, Inc		1,576
158,910	e	Newell Rubbermaid, Inc		3,844

		TOTAL FURNITURE AND FIXTURES		19,925

FURNITURE AND HOMEFURNISHINGS STORES - 0.18%
107,795		Bed Bath & Beyond, Inc		4,293
92,500	e	Best Buy Co, Inc		5,496
61,694	e	Circuit City Stores, Inc		965
1,911		GameStop Corp		43
200		Mohawk Industries, Inc		18
53,247	e	RadioShack Corp		1,751
4,200	e*	Restoration Hardware, Inc		24
800		Williams-Sonoma, Inc		28

		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		12,618

GENERAL BUILDING CONTRACTORS - 0.35%
3,218	e	Beazer Homes U.S.A., Inc		471
7,009	e	Brookfield Homes Corp		238
27,100	e	Centex Corp		1,615
83,100		D.R. Horton, Inc		3,350
24,200		KB Home		2,526
3,520		Lennar Corp		184
37,000	e	Lennar Corp		2,097
292	e	M/I Schottenstein Homes, Inc		16
22,473		MDC Holdings, Inc		1,943
117,668	e	Pulte Homes, Inc		7,507
29,562		Ryland Group, Inc		1,701
23,300	e	Standard-Pacific Corp		1,494
21,000	e*	Toll Brothers, Inc		1,441

		TOTAL GENERAL BUILDING CONTRACTORS		24,583

GENERAL MERCHANDISE STORES - 0.92%
19,200	e*	BJ's Wholesale Club, Inc		559
1,687		Bon-Ton Stores Inc/The		27
233,038		Costco Wholesale Corp		11,281
93,865	e	Dollar General Corp		1,950
15,723		Dollar Tree Stores, Inc		451
6,697		Family Dollar Stores, Inc		209
141,195		J.C. Penney Co, Inc		5,845
117,461		Kohl's Corp		5,776

189

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			VALUE (000)

229,360	e	May Department Stores Co	$	6,743
3,100		Retail Ventures Inc		22
33,400	e	Saks, Inc		485
141,201	e	Sears Roebuck & Co		7,205
453,525		Target Corp		23,552

		TOTAL GENERAL MERCHANDISE STORES		64,105


HEALTH SERVICES - 0.33%
16,500	e*	Accredo Health, Inc		457
8,252	e*	Amedisys Inc		267
158,236		Caremark Rx, Inc		6,239
42,993	e*	Coventry Health Care, Inc		2,282
39,300		DaVita, Inc		1,554
22,344		Express Scripts, Inc (Class A)		1,708
44,858	e*	First Health Group Corp		839
9,200		Gentiva Health Services, Inc		154
117,248	e	Health Management Associates, Inc (Class A)		2,664
6,276	e	LCA-Vision Inc		147
14,479	e*	LifePoint Hospitals, Inc		504
46,490		Lincare Holdings, Inc		1,983
34,964		Manor Care, Inc		1,239
800	e*	Matria Healthcare, Inc		31
1,111		Medcath Corp		27
12,328		NeighborCare Inc		379
4,200	e*	OCA Inc		27
5,592	e	Option Care, Inc		96
4,600		Province Healthcare Co		103
40,858	e*	Specialty Laboratories, Inc		451
48,920		Triad Hospitals, Inc		1,820
14,518		Universal Health Services, Inc (Class B)		646

		TOTAL HEALTH SERVICES		23,617

HOLDING AND OTHER INVESTMENT OFFICES - 1.92%
4,876		Acadia Realty Trust		79
154,968	e	Allied Capital Corp		4,004
7,100		AMB Property Corp		287
37,900	e	American Financial Realty Trust		613
33,700	e	Annaly Mortgage Management, Inc		661
178,815		Archstone-Smith Trust		6,849
8,800	e	Arden Realty, Inc		332
2,498		Ashford Hospitality Trust Inc		27
36,567	e	AvalonBay Communities, Inc		2,753
68,455		Boston Properties, Inc		4,427
600	e	Brandywine Realty Trust		18
35,355	e	Capstead Mortgage Corp		373
2,914		Cedar Shopping Centers Inc		42
8,818		Cornerstone Realty Income Trust, Inc		88
80,458	e	Crescent Real Estate Equities Co		1,469
1,200		Developers Diversified Realty Corp		53
72,578		Duke Realty Corp		2,478
10,051	e	Equity Inns, Inc		118
548,414		Equity Office Properties Trust		15,970
286,388		Equity Residential		10,362
18,247	e*	FelCor Lodging Trust, Inc		267
36,914	e	Fremont General Corp		929
19,546	e	Friedman Billings Ramsey Group,		379
88,351		General Growth Properties, Inc		3,195
1,700	e	Gladstone Capital Corp		40
7,111	e	Glenborough Realty Trust, Inc		151
4,521	e	Government Properties Trust, Inc		45
13,363	e	Harris & Harris Group Inc		219
32,500	e	Health Care Property Investors, Inc		900
845		Health Care REIT, Inc		32
5,594		Highland Hospitality Corp		63
15,546		Highwoods Properties, Inc		431
16,250	e	Hospitality Properties Trust		748
23,518	e	HRPT Properties Trust		302

190

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			VALUE (000)

2,200	e	Investors Real Estate Trust	$	23
51,700		iStar Financial, Inc		2,340
60,500	e	Kimco Realty Corp		3,508
2,391		Kramont Realty Trust		56
26,388		La Quinta Corp		240
9,265		LTC Properties, Inc		184
1,000		Macerich Co		63
900		Mack-Cali Realty Corp		41
3,600	e	MFA Mortgage Investments, Inc		32
2,680	e	Mid-America Apartment Communities, Inc		110
12,500	e	Mission West Properties, Inc		133
3,661		National Health Investors, Inc		107
32,404		New Plan Excel Realty Trust		878
11,150		Omega Healthcare Investors, Inc		132
600	e	Pan Pacific Retail Properties, Inc		38
30,380		Popular, Inc		876
1,500		Post Properties, Inc		52
102,124		Prologis		4,425
95,119	e	Public Storage, Inc		5,303
700	e	Regency Centers Corp		39
5,366		Senior Housing Properties Trust		102
150		Simon Property Group, Inc		9
150,278		Simon Property Group, Inc		9,718
1,613		Thornburg Mortgage, Inc		47
16,206	e	U.S. Restaurant Properties, Inc		293
1,900	e	United Dominion Realty Trust, Inc		47
2,700		Universal Health Realty Income Trust		87
5,460		Urstadt Biddle Properties, Inc (Class A)		93
98,503		Vornado Realty Trust		7,499
817,462	e	Washington Mutual, Inc		34,562
120,825		Weingarten Realty Investors		4,845
12,116	e	Winston Hotels, Inc		143

		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		134,729

HOTELS AND OTHER LODGING PLACES - 0.04%
7,561		Bluegreen Corp		150
32,980	e	Choice Hotels International, Inc		1,913
21,968	e	Marcus Corp		552

		TOTAL HOTELS AND OTHER LODGING PLACES		2,615

INDUSTRIAL MACHINERY AND EQUIPMENT - 4.95%
531,744		3M Co		43,640
1,000	e*	AGCO Corp.		22
66,810		American Standard Cos, Inc		2,761
139,447		Apple Computer, Inc		8,980
649,716	e*	Applied Materials, Inc		11,110
13,362		Authentidate Holding Corp		83
20,225	e	Black & Decker Corp		1,786
9,500		Brooks Automation Inc		164
7,200		Cirrus Logic, Inc		40
2,560,427	*	Cisco Systems, Inc		49,416
8,111	e*	Cooper Cameron Corp		436
4,000	e*	Cray, Inc		19
37,800	e	Cummins, Inc		3,167
151,530	e	Deere & Co		11,274
1,065,267	*	Dell Inc		44,890
1,000		Donaldson Co, Inc		33
17,350	e*	Dril-Quip, Inc		421
958,140		EMC Corp		14,248
9,460		Emulex Corp		159
6,494		EnPro Industries, Inc		192
7,700		Flowserve Corp		212
5,556		FMC Technologies, Inc		179
3,149		FSI International, Inc		15
1,300	e*	General Binding Corp		17
133,900	e*	Global Power Equipment Group, Inc		1,318
118,575		Graco, Inc		4,429

191

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			VALUE (000)

157,563		Grant Prideco, Inc	$	3,159
1,317,723		Hewlett-Packard Co		27,633
3,611		Hydril Co		164
33,500		Hypercom Corp		198
56,885		InFocus Corp		521
780,057		International Business Machines Corp		76,898
6,400		Iomega Corp		35
2,300	e*	Kulicke & Soffa Industries, Inc		20
9,944	e*	Lam Research Corp		287
39,462		Lexmark International, Inc		3,354
2,200	e	Lincoln Electric Holdings, Inc		76
600		Lufkin Industries, Inc		24
65,200	e*	Maxtor Corp		346
43,415	e*	Milacron, Inc		147
37,200		Modine Manufacturing Co		1,256
34,615	e*	National-Oilwell, Inc		1,222
135,913	e*	Network Appliance, Inc		4,515
28,000		Nordson Corp		1,122
7,286		Oil States International, Inc		141
6,400	e*	Omnicell, Inc		70
43,650	e*	PalmOne Inc		1,377
3,800		Pentair, Inc		166
220,801		Pitney Bowes, Inc		10,219
10,500	e*	Presstek, Inc		102
29,800	e*	Quantum Corp		78
21,832	e*	Sandisk Corp		545
45,177	e*	Semitool, Inc		419
135,651	e*	Silicon Graphics, Inc		235
15,000		Simpletech, Inc		69
75,393	e*	Smith International, Inc		4,102
431,086		Solectron Corp		2,298
22,138	e	SPX Corp		887
8,400		Storage Technology Corp		266
3,700		Tennant Co		147
2,986	e*	UNOVA, Inc		76
19,592	e*	Western Digital Corp		212
297,373	e*	Xerox Corp		5,058
42,037	e*	Xybernaut Corp		52

		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		346,507

INSTRUMENTS AND RELATED PRODUCTS - 2.07%
22,218	e*	Advanced Medical Optics, Inc		914
16,601	e*	Aksys Ltd		92
35,872	e*	Align Technology, Inc		386
1,700	e	Analogic Corp		76
188,825		Applera Corp (Applied Biosystems Group)		3,948
5,200	e	Arrow International, Inc		161
3,533	e*	August Technology Corp		37
35,794		Bard (C.R.), Inc		2,290
30,955		Bausch & Lomb, Inc		1,995
438,937		Baxter International, Inc		15,161
16,896	e	Beckman Coulter, Inc		1,132
214,472		Becton Dickinson & Co		12,182
150,094	e	Biomet, Inc		6,513
304,790		Boston Scientific Corp		10,835
3,700		Bruker BioSciences Corp		15
7,700		Cardiac Science, Inc		16
5,797		Cepheid, Inc		58
34,287		Closure Medical Corp		669
4,800	e	Cognex Corp		134
4,791	e*	Credence Systems Corp		44
1,809		Cyberoptics Corp		27
10,000	e*	Cytyc Corp		276
34,950		Dentsply International, Inc		1,964
34,200	e*	Depomed Inc		185
3,500		DJ Orthopedics, Inc		75
16,080	e*	Edwards Lifesciences Corp		663
7,094		Faro Technologies Inc		221

192

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			VALUE (000)

20,297		Fisher Scientific International, Inc	$	1,266
152,032		Guidant Corp		10,962
27,617	e*	Hanger Orthopedic Group, Inc		224
5,331	e*	I-Flow Corp		97
3,828	e*	Illumina, Inc		36
2,400	e*	Input/Output, Inc		21
3,000	e*	Integra LifeSciences Holding		111
5,100	e	Invacare Corp		236
1,800	e*	Ista Pharmaceuticals Inc		18
48,670	e*	KLA-Tencor Corp		2,267
25,500	e*	Lexar Media, Inc		200
28,700	e*	LTX Corp		221
1,579		Measurement Specialties, Inc		40
628,262		Medtronic, Inc		31,206
1,700		Mettler-Toledo International, Inc		87
11,632		Millipore Corp		579
2,500	e*	MKS Instruments, Inc		46
28,611	e*	Nanogen, Inc		211
3,164	e	Oakley, Inc		40
11,593		Orthologic Corp		72
3,688	e*	Palomar Medical Technologies, Inc		96
102,828		PerkinElmer, Inc		2,313
45,239		Pinnacle Systems, Inc		276
14,136	e*	RAE Systems Inc		103
3,100		Respironics, Inc		169
5,085	e*	Sonic Innovations, Inc		21
173,852		St. Jude Medical, Inc		7,290
4,600	e*	Steris Corp		109
191,130	e	Stryker Corp		9,222
11,200		Techne Corp		436
3,885		Tektronix, Inc		117
39,953	e	Teleflex, Inc		2,075
88,074		Thermo Electron Corp		2,659
1,600	e*	Thoratec Corp		17
26,444	e*	TriPath Imaging, Inc		237
3,759	e*	Urologix, Inc		24
39,294		Varian Medical Systems, Inc		1,699
1,600		Vital Signs, Inc		62
37,343		Waters Corp		1,747
101,120		Zimmer Holdings, Inc		8,102
9,864		Zygo Corp		116

		TOTAL INSTRUMENTS AND RELATED PRODUCTS		144,899

INSURANCE AGENTS, BROKERS AND SERVICE - 0.40%
14,100		Brown & Brown, Inc		614
3,100		Crawford & Co (Class B)		23
40,010	e	Gallagher (Arthur J.) & Co		1,300
1,100	e	Hilb, Rogal & Hamilton Co		40
597,860	e	Marsh & McLennan Cos, Inc		19,670
146,950	e*	Medco Health Solutions Inc		6,113

		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		27,760

INSURANCE CARRIERS - 3.57%
1,200		21st Century Insurance Group		16
77,700		Aetna, Inc		9,693
245,770		Aflac, Inc		9,791
13,300		Ambac Financial Group, Inc		1,092
1,184,836		American International Group, Inc		77,808
850		American Physicians Capital, Inc		31
100,957		Chubb Corp		7,764
89,000	e	Cigna Corp		7,260
95,224		Cincinnati Financial Corp		4,215
29,542	e	Erie Indemnity Co (Class A)		1,553
6,582		Fidelity National Financial, Inc		301
1,251	e*	FPIC Insurance Group, Inc		44
125,845	e	Hartford Financial Services Group, Inc		8,722
54,972	e*	Health Net, Inc		1,587

193

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			VALUE (000)

158,814		Humana, Inc	$	4,715
81,760		Jefferson-Pilot Corp		4,248
172,330		Lincoln National Corp		8,044
38,899		MBIA, Inc		2,462
14,100	e	MGIC Investment Corp		972
900		Pacificare Health Systems, Inc		51
22,800	e	Phoenix Cos, Inc		285
13,997	e*	PMA Capital Corp (Class A)		145
800		PMI Group, Inc		33
171,325		Principal Financial Group		7,014
63,870		Progressive Corp		5,419
389,374		Prudential Financial, Inc		21,400
700		Radian Group, Inc		37
56,501	e	Safeco Corp		2,952
292,177	e	St. Paul Cos, Inc		10,831
7,750		Transatlantic Holdings, Inc		479
355,804		UnitedHealth Group, Inc		31,321
147,488	e	UnumProvident Corp		2,646
9,063		Vesta Insurance Group, Inc		33
148,554		WellPoint Inc		17,084

		TOTAL INSURANCE CARRIERS		250,048

LEATHER AND LEATHER PRODUCTS - 0.05%
55,800		Coach, Inc		3,147
200		Timberland Co (Class A)		13
7,100		Weyco Group Inc		314

		TOTAL LEATHER AND LEATHER PRODUCTS		3,474

LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.00%
11,695		Laidlaw International Inc		250

		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		250

LUMBER AND WOOD PRODUCTS - 0.01%
28,547	e*	Champion Enterprises, Inc		337
3,615		Skyline Corp		147

		TOTAL LUMBER AND WOOD PRODUCTS		484

METAL MINING - 0.12%
52,548	e	Cleveland-Cliffs, Inc		5,458
163,586	e	Royal Gold, Inc		2,984

		TOTAL METAL MINING		8,442

MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.18%
19,178	e	Callaway Golf Co		259
58,200		Identix, Inc		430
34,060	e*	K2, Inc		541
2,400	e*	Leapfrog Enterprises Inc		33
463,424		Mattel, Inc		9,032
28,761		RC2 Corp		938
53,500	e	Russ Berrie & Co, Inc		1,222
2,500		Steinway Musical Instruments, Inc		72

		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		12,527

MISCELLANEOUS RETAIL - 1.02%
71,271	e*	Amazon.Com, Inc		3,157
4,500		Barnes & Noble, Inc		145
194,671		CVS Corp		8,774
193,892		eBay, Inc		22,546
1,200	e*	Marvel Enterprises, Inc		25
10,600	e	Michaels Stores, Inc		318

194

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			VALUE (000)

77,755		Office Depot, Inc	$	1,350
29,884	e	Omnicare, Inc		1,035
16,503	e*	Overstock.com, Inc		1,139
10,100		Party City Corp		131
2,224	e*	PC Mall Inc		50
205,409		Staples, Inc		6,924
30,376	e	Tiffany & Co		971
65,459	e*	Toys "R" Us, Inc		1,340
507,471		Walgreen Co		19,472
80,682		World Fuel Services Corp		4,018

		TOTAL MISCELLANEOUS RETAIL		71,395

MOTION PICTURES - 1.31%
600		Carmike Cinemas, Inc		22
1,760,892		Liberty Media Corp (Class A)		19,335
139,952	e	Metro-Goldwyn-Mayer, Inc		1,663
11,241	e	Regal Entertainment Group (Class A)		233
2,023,699		Time Warner Inc		39,341
1,120,995	e	Walt Disney Co		31,164

		TOTAL MOTION PICTURES		91,758

NONDEPOSITORY INSTITUTIONS - 2.84%
42,023	e	Advanta Corp (Class A)		951
51,632	e	American Capital Strategies Ltd		1,722
782,671	e	American Express Co		44,119
101,059		Capital One Financial Corp		8,510
900		Charter Municipal Mortgage Acceptance Co		22
166,983	e	CIT Group Inc		7,651
2,859		CompuCredit Corp		78
238,387		Countrywide Financial Corp		8,823
691,746		Federal National Mortgage Association (FNMA)		49,259
3,475	e	Federal Agricultural Mortgage Corp (Class C)		81
454,702		Freddie Mac		33,512
765,285		MBNA Corp		21,573
4,610	e	MCG Capital Corp		79
242,367	e*	Providian Financial Corp		3,992
351,951	e	SLM Corp		18,791
705		Westcorp		32
3,300		WFS Financial, Inc	$	168

		TOTAL NONDEPOSITORY INSTITUTIONS		199,363

NONMETALLIC MINERALS, EXCEPT FUELS - 0.11%
97,368	e	Amcol International Corp		1,956
100,663		Vulcan Materials Co		5,497

		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		7,453

OIL AND GAS EXTRACTION - 2.35%
341,169		Anadarko Petroleum Corp		22,111
460,726	e	Apache Corp		23,299
4,085		Atwood Oceanics, Inc		213
5,419		Berry Petroleum Co (Class A)		258
8,367		Cabot Oil & Gas Corp (Class A)		370
11,487	e*	Cal Dive International, Inc		468
14,984		Callon Petroleum Corp		217
11,384	e*	Cheniere Energy Inc		725
203,497	e	Chesapeake Energy Corp		3,358
27,186		Cimarex Energy Co		1,030
21,613	e*	Clayton Williams Energy, Inc		495
20,725	e*	Comstock Resources, Inc		457
15,757	e*	Delta Petroleum Corp		247
87,669	e*	Denbury Resources, Inc		2,407
585,084		Devon Energy Corp		22,771
10,692		Edge Petroleum Corp		156

195

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			VALUE (000)

4,801		Encore Acquisition Co		168
68,159	e*	Energy Partners Ltd		1,382
193,136	e	ENSCO International, Inc		6,130
231,565		EOG Resources, Inc		16,524
55,136	e*	Forest Oil Corp		1,749
8,897	e*	FX Energy Inc		104
16,582	e*	Global Industries Ltd		137
45,337	e*	Grey Wolf, Inc		239
55,116		Harvest Natural Resources, Inc		952
103,835		Helmerich & Payne, Inc		3,535
11,390		Houston Exploration Co		641
40,092		KCS Energy, Inc		593
45,703	e*	Magnum Hunter Resources, Inc		590
140,689	e*	Meridian Resource Corp		851
22,242		Mission Resources Corp		130
59,620		Newfield Exploration Co		3,521
164,247	e	Noble Energy, Inc		10,127
8,831		Oceaneering International, Inc		330
32,174		Patina Oil & Gas Corp		1,207
117,182		Patterson-UTI Energy, Inc		2,279
10,571		Petroleum Development Corp		408
128,017		Pioneer Natural Resources Co		4,493
61,817	e*	Plains Exploration & Production Co		1,607
75,300		Pogo Producing Co		3,651
122,390	e*	Pride International, Inc		2,514
17,376	e*	Quicksilver Resources, Inc		639
54,902	e	Range Resources Corp		1,123
77,900		Rowan Cos, Inc		2,018
1,480		RPC, Inc		37
16,278		Stone Energy Corp		734
45,433		Swift Energy Co		1,315
3,887		Syntroleum Corp		31
8,805		Tetra Technologies, Inc		249
105,526	e	Tidewater, Inc		3,758
439,599		Transmontaigne, Inc		2,695
12,425	e*	Unit Corp		475
54,735		Varco International, Inc		1,596
37,825		Veritas DGC, Inc		848
67,897		Vintage Petroleum, Inc		1,541
8,105	e*	W-H Energy Services, Inc		181
5,505		Whiting Petroleum Corp		167
138,215		XTO Energy, Inc		4,890

		TOTAL OIL AND GAS EXTRACTION		164,741

PAPER AND ALLIED PRODUCTS - 0.45%
16,400	e	Bowater, Inc		721
1,100	e	Glatfelter		17
327,489		Kimberly-Clark Corp		21,552
145,049		MeadWestvaco Corp		4,916
4,274		Pope & Talbot, Inc		73
126,950		Sonoco Products Co		3,764
11,748	e	Temple-Inland, Inc		804

		TOTAL PAPER AND ALLIED PRODUCTS		31,847

PERSONAL SERVICES - 0.00%
1,016		Unifirst Corp		29

		TOTAL PERSONAL SERVICES		29

PETROLEUM AND COAL PRODUCTS - 0.41%
60,004		Frontier Oil Corp		1,600
16,291	e*	Giant Industries Inc		432
68,902	e*	Headwaters, Inc		1,964
4,800		Lubrizol Corp		177
160,622		Sunoco, Inc		13,124
256,298	e	Valero Energy Corp		11,636

		TOTAL PETROLEUM AND COAL PRODUCTS		28,933

196

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			VALUE (000)

PRIMARY METAL INDUSTRIES - 0.59%
61,885	e*	Aleris International Inc	$	1,047
54,420	e*	Andrew Corp		742
5,150	e	Belden CDT Inc		119
135,325	e*	Century Aluminum Co		3,554
3,200		CommScope, Inc		60
141,600		Engelhard Corp		4,343
4,400	e*	General Cable Corp		61
18,205	e	Gibraltar Industries Inc		430
35,970	e*	International Steel Group Inc		1,459
42,084		Lone Star Technologies, Inc		1,408
10,400		Maverick Tube Corp		315
36,278		Mueller Industries, Inc		1,168
8,038		NN, Inc		106
70,846		NS Group, Inc		1,970
154,818	e	Nucor Corp		8,103
3,830		Quanex Corp		263
193,067	e	Ryerson Tull, Inc		3,041
150,612	e	Schnitzer Steel Industries, Inc (Class A)		5,110
42,438	e	Steel Dynamics, Inc		1,608
18,078	e	Steel Technologies Inc		497
700		Tredegar Corp		14
8,502	e*	Wheeling-Pittsburgh Corp		328
270,750	e	Worthington Industries, Inc		5,301

		TOTAL PRIMARY METAL INDUSTRIES		41,047

PRINTING AND PUBLISHING - 0.48%
41,000	e	Dow Jones & Co, Inc		1,765
10,200		Harte-Hanks, Inc		265
142,242		McGraw-Hill Cos, Inc		13,021
300		Meredith Corp		16
62,536		New York Times Co (Class A)		2,551
60,429		R.R. Donnelley & Sons Co		2,133
22,352	e	Scripps (E.W.) Co (Class A)		1,079
23,349		Standard Register Co		330
182,762	e	Tribune Co		7,702
4,756		Washington Post Co (Class B)		4,675

		TOTAL PRINTING AND PUBLISHING		33,537

RAILROAD TRANSPORTATION - 0.30%
396,500	e*	ADC Telecommunications, Inc		1,063
19,164		Kansas City Southern Industries, Inc		340
538,510		Norfolk Southern Corp		19,489

		TOTAL RAILROAD TRANSPORTATION		20,892

REAL ESTATE - 0.00%
301	e*	Avatar Holdings, Inc		14
8,499		Stewart Enterprises, Inc (Class A)		59

		TOTAL REAL ESTATE		73

RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.05%
23,900	e	Bandag, Inc		1,190
41,851	e	Cooper Tire & Rubber Co		902
5,481	e*	Deckers Outdoor Corp		258
2,220	e	Reebok International Ltd		98
11,600		Sealed Air Corp		618
7,251	e*	Skechers U.S.A., Inc (Class A)		94

		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		3,160

197

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			VALUE (000)

SECURITY AND COMMODITY BROKERS - 1.26%
29,610	e	A.G. Edwards, Inc	$	1,279
67,631	e*	Ameritrade Holding Corp		962
570,443		Charles Schwab Corp		6,822
5,336	e	Chicago Mercantile Exchange Holdings, Inc		1,220
1,600	e	Eaton Vance Corp		83
27,941	e	Federated Investors, Inc (Class B)		849
148,417		Franklin Resources, Inc		10,337
2,530	e	Gabelli Asset Management, Inc (Class A)		123
215,976	e	Goldman Sachs Group, Inc		22,470
367,606	e*	Instinet Group, Inc		2,217
72,720		Janus Capital Group Inc		1,222
17,052	e	Legg Mason, Inc		1,249
547,929		Merrill Lynch & Co, Inc		32,750
9,505	e*	Piper Jaffray Cos		456
36,392		SEI Investments Co		1,526
78,326	e	T Rowe Price Group, Inc		4,872

		TOTAL SECURITY AND COMMODITY BROKERS		88,437

SPECIAL TRADE CONTRACTORS - 0.00%
4,050		Comfort Systems U.S.A., Inc		31
8,300	e*	Integrated Electrical Services, Inc		40
2,700	e*	Layne Christensen Co		49
8,358	e*	Matrix Service Co		67
2,700	e*	Quanta Services, Inc		22

		TOTAL SPECIAL TRADE CONTRACTORS		209

STONE, CLAY, AND GLASS PRODUCTS - 0.13%
98,380	e*	Anchor Glass Container Corp		661
2,065	e	Apogee Enterprises, Inc		28
1,122		Cabot Microelectronics Corp		45
8,350	e	CARBO Ceramics, Inc		576
537,800		Corning, Inc		6,330
1,862	e	Eagle Materials Inc		157
19,154	e	Eagle Materials Inc		1,654

		TOTAL STONE, CLAY, AND GLASS PRODUCTS		9,451

TRANSPORTATION BY AIR - 0.45%
2,600	e*	Airtran Holdings, Inc		28
18,300	e*	Alaska Air Group, Inc		613
139,425	e*	AMR Corp		1,527
98,958	e*	Continental Airlines, Inc (Class B)		1,340
184,466	e*	Delta Air Lines, Inc		1,380
14,700		ExpressJet Holdings, Inc		189
142,924		FedEx Corp		14,077
87,182	e*	FLYi Inc		154
15,940	e*	Frontier Airlines, Inc		182
47,389	e*	JetBlue Airways Corp		1,100
48,444	e*	Mesa Air Group, Inc		385
6,600	e	Skywest, Inc		132
627,375	e	Southwest Airlines Co		10,214

		TOTAL TRANSPORTATION BY AIR		31,321

TRANSPORTATION EQUIPMENT - 0.78%
7,085		Aftermarket Technology Corp		114
43,900		American Axle & Manufacturing Holdings, Inc		1,346
48,230	e	ArvinMeritor, Inc		1,079
106,196		Autoliv, Inc		5,129
216,683		BE Aerospace, Inc		2,522
53,585	e	Brunswick Corp		2,652
7,105	e	Coachmen Industries, Inc		123
125,309		Dana Corp		2,172

198

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			VALUE (000)

647,603	e	Delphi Corp	$	5,841
2,600	e	Federal Signal Corp		46
125,054	e*	Fleetwood Enterprises, Inc		1,683
34,256	e	Gentex Corp		1,268
224,750		Genuine Parts Co		9,902
46,368		Greenbrier Cos Inc		1,570
187,787	e	Harley-Davidson, Inc		11,408
6,450		Marine Products Corp		168
13,886		Noble International Ltd		283
4,201	e*	Sports Resorts International, Inc		12
52,456	e	Standard Motor Products, Inc		829
40,800	e	Superior Industries International, Inc		1,185
25,384		Tenneco Automotive, Inc		438
400	e	Thor Industries, Inc		15
34,561		TRW Automotive Holdings Corp		715
271,170	e	Visteon Corp		2,649
41,471	e*	Wabash National Corp		1,117
1,200		Wabtec Corp		26
1,600	e	Winnebago Industries, Inc		62

		TOTAL TRANSPORTATION EQUIPMENT		54,354

TRANSPORTATION SERVICES - 0.05%
77,532	e	GATX Corp		2,292
949		HUB Group Inc		50
7,446		RailAmerica, Inc		97
51,165		Sabre Holdings Corp		1,134

		TOTAL TRANSPORTATION SERVICES		3,573

TRUCKING AND WAREHOUSING - 0.46%
374,335	e	United Parcel Service, Inc (Class B)		31,991

		TOTAL TRUCKING AND WAREHOUSING		31,991

WATER TRANSPORTATION - 0.00%
14,869	e*	Hornbeck Offshore Services Inc		287

		TOTAL WATER TRANSPORTATION		287

WHOLESALE TRADE-DURABLE GOODS - 1.78%
33,300	e	Action Performance Cos, Inc		366
172,900		Adesa Inc		3,669
64,147	e	Barnes Group, Inc		1,701
11,700		BorgWarner, Inc		634
6,579	e	CDW Corp		437
140,200	e	IKON Office Solutions, Inc		1,621
7,407		Imagistics International, Inc		249
21,600		Ingram Micro, Inc (Class A)		449
1,100		Insurance Auto Auctions, Inc		25
1,651,142		Johnson & Johnson		104,715
2,400		Keystone Automotive Industries, Inc		56
15,064		Metal Management Inc		405
10,266	e*	Navarre Corp		181
1,400	e	Owens & Minor, Inc		39
58,324	e*	Patterson Cos Inc		2,531
2,500	e*	PSS World Medical, Inc		31
38,436	e	Reliance Steel & Aluminum Co		1,497
3,500		Tech Data Corp		159
92,400		W.W. Grainger, Inc		6,156

		TOTAL WHOLESALE TRADE-DURABLE GOODS		124,921

WHOLESALE TRADE-NONDURABLE GOODS - 0.62%
29,572	e*	Allscripts Healthcare Solutions, Inc		316
298,435		Cardinal Health, Inc		17,354
25,569		Endo Pharmaceuticals Holdings, Inc		537

199

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

					MATURITY
SHARES/PRINCIPAL			RATE		DATE	VALUE (000)

10,785	e*	Henry Schein, Inc				$	751
267,603		McKesson Corp					8,419
26,795		Metals USA Inc					497
111,148	e	Perrigo Co					1,920
32,024	e*	Priority Healthcare Corp (Class B)					697
15,071	e	Russell Corp					294
700	e*	Smart & Final, Inc					10
7,500		Stride Rite Corp					84
10,500		Supervalu, Inc					369
310,300	e	Sysco Corp					11,844

		TOTAL WHOLESALE TRADE-NONDURABLE GOODS					43,092

		TOTAL COMMON STOCKS					4,243,299
		(Cost $3,060,748 )

SHORT TERM INVESTMENTS - 10.71%
COMMERCIAL PAPER - 2.73%
$15,000,000	c,d	Abbott Laboratories	2.170		01/20/05		14,981
15,000,000	c,d	BellSouth Corp	2.280		01/05/05		14,995
15,000,000	d	Campbell Soup Co	2.230		01/03/05		14,997
15,000,000	c	Colgate-Palmolive Co	2.240		01/19/05		14,982
15,000,000	c,d	Emerson Electric Co	2.240		01/05/05		14,995
11,582,000	c,d	Gillette Co/The	2.230		01/18/05		11,569
15,000,000		Goldman Sachs Group, Inc	2.330		01/06/05		14,994
15,000,000	d	International Business Machines Corp	2.270		01/28/05		14,973
15,000,000	c	Kimberly-Clark Worldwide, Inc	2.280		01/11/05		14,990
15,000,000	c	Pfizer, Inc	2.260		01/13/05		14,988
15,000,000	c	Procter & Gamble Co	2.270		01/11/05		14,990
15,000,000	c,d	SBC Communications, Inc	2.230		01/12/05		14,989
15,000,000		United Parcel Service, Inc	1.900		01/03/05		14,997

		TOTAL COMMERCIAL PAPER					191,440

U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 4.48%
17,702,000		Federal Home Loan Bank (FHLB)	1.000		01/03/05		17,699
29,700,000		Federal Home Loan Bank (FHLB)	1.860		01/04/05		29,693
50,000,000		Federal Home Loan Bank (FHLB)	1.900		01/06/05		49,982
40,000,000	d	Federal Home Loan Bank (FHLB)	2.200		01/28/05		39,932
55,000,000	d	Federal National Mortgage Association (FNMA)	1.140		01/03/05		54,990
41,700,000	d	Federal National Mortgage Association (FNMA)	2.180		01/04/05		41,690
55,000,000	d	Federal National Mortgage Association (FNMA)	2.180		01/13/05		54,957
25,000,000	d	Federal National Mortgage Association (FNMA)	2.170		01/20/05		24,970

		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES					313,913

INVESTMENT OF CASH COLLATERAL FOR
SECURITIES LOANED - 3.50%
		REPURCHASED AGREEMENTS
5,236,000		Bear Stearns & Co. 2.250% Dated 12/31/2004,					5,236
		Due 01/03/2005 In The Amount Of $5,237,309
		Fully Collateralized as follows:
		Federal Home Loan Bank (FHLB) 2.250% - 5.125% , 03/06/2006 - 08/13/2010		$	2,899,250
		Federal Home Loan Mortgage Corp (FHLMC) 4.000% - 6.2500%, 03/15/2007 - 05/15/2029			1,037,763
		Federal National Mortgage Association (FNMA) 0.000% - 5.050%, 02/09/2007 - 05/21/2018			1,439,348

		Total Market Value			5,376,361
85,000,000		Credit Suisse First Boston 2.260% Dated 12/31/2004,					85,026
		Due 01/03/2005 In The Amount Of $85,042,051
		Fully Collateralized as follows:
		Federal Home Loan Mortgage Corp (FHLMC) 0.000% - 6.7500%, 03/15/2011 - 03/15/2031			73,572,759
		Federal National Mortgage Association (FNMA) 7.125% , 06/15/2010 - 01/15/2030			12,397,357

		Total Market Value			85,970,116

200

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

MATURITY

PRINCIPAL

RATE

DATE

RATING +

VALUE (000)

$ 23,261,000

Goldman Sachs & Co. 2.250% Dated 12/31/2004,

23,263

Due 01/03/2005 In The Amount Of $23,266,815

Fully Collateralized as follows:

Federal Home Loan Mortgage Corp (FHLMC) 2.750% - 4.500%,
10/15/2006 - 06/15/2010

11,674,115

Federal National Mortgage Association (FNMA) 5.125% - 5.250% ,
06/15/2006 - 12/15/2007

12,114,201

Total Market Value

23,788,316

76,313,000

Merrill Lynch & Co. Inc, 2.270% Dated 12/31/2004,

76,318

Due 01/03/2005 In The Amount Of $76,332,248

Fully Collateralized as follows:

Federal Home Loan Mortgage Corp (FHLMC) 5.750%, 01/15/2012

36,343,637

Federal National Mortgage Association (FNMA) 5.500% , 03/15/2011

41,495,194

Total Market Value

77,838,831

55,000,000

Morgan Stanley & Co. Inc, 2.260% Dated 6/30/2004,

55,003

Due 01/03/2005 In The Amount Of $55,013,811

Fully Collateralized as follows:

Federal Farm Credit Bank (FFCB) 0.000%, 07/06/2006

3,703,218

Federal Home Loan Bank (FHLB) 0.000% , 08/04/2005- 08/01/2017

41,469,954

Federal Home Loan Mortgage Corp (FHLMC) 0.000%,
07/14/2006 - 02/20/2014

2,389,000

Federal National Mortgage Association (FNMA) 0.000%- 3.375%,
01/07/2005 - 03/15/2007

8,539,446

Total Market Value

56,101,618

TOTAL INVESTMENT OF CASH COLLATERAL

FOR SECURITIES LOANED

244,846

TOTAL SHORT TERM INVESTMENTS

750,199

(Cost $750,238)

TOTAL PORTFOLIO - 108.83%

7,619,677

(Cost $6,416,682)

OTHER ASSETS AND LIABILITIES, NET - (8.83%)

(618,063

)

NET ASSETS - 100.00%

7,001,614


	*	Non-income producing
	b	In bankruptcy
	c	Commercial Paper issued under the Private Placement exemption
		under Section 4(2) of the Securities Act of 1933.
	d	All or a portion of these securities have been segregated by
		the custodian to cover securities purchased on a delayed delivery basis.
	e	All or a portion of these securities are out on loan.
	g	Security is exempt from registration under Rule 144 (A) of the Securities Act of 1933
		and may be resold in transactions exempt from registration
		to qualified institutional buyers.
		At December 31, 2004, the value of these securities amounted to $57,085,012 or 0.82% of net assets.
	h	These securities were purchased on a delayed delivery basis.
	k	Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
	v	Security valued at fair value.
	+	As provided by Moody's Investors Service (Unaudited)

		For ease of presentation, we have grouped a number of industry classification categories together in
		the Statement of Investments. Note that the Accounts use more specific industry categories in following
		their investment limitations on industry concentration.

201

COLLEGE RETIREMENT EQUITIES FUND - Inflation-Linked Bond Account

COLLEGE RETIREMENT EQUITIES FUND
STATEMENT OF INVESTMENTS
INFLATION-LINKED BOND ACCOUNT
December 31, 2004

					Maturity
Principal				Rate	Date	Value (000)

GOVERNMENT BONDS - 98.98%
U.S. TREASURY SECURITIES - 98.98%
$ 242,175,471	e,k	U. S. Treasury Inflation Index Note		3.375	01/15/07	$	256,553
248,693,628	k	U. S. Treasury Inflation Index Note		3.625	01/15/08		270,999
227,115,223	e,k	U. S. Treasury Inflation Index Note		3.875	01/15/09		254,703
155,892,095	e,k	U. S. Treasury Inflation Index Note		4.250	01/15/10		180,835
146,466,925	e,k	U. S. Treasury Inflation Index Note		0.875	04/15/10		145,026
153,668,979	k	U. S. Treasury Inflation Index Note		3.500	01/15/11		174,534
81,667,084	k	U. S. Treasury Inflation Index Note		3.375	01/15/12		92,998
291,265,454	k	U. S. Treasury Inflation Index Note		3.000	07/15/12		325,035
252,114,637	k	U. S. Treasury Inflation Index Note		1.875	07/15/13		259,282
262,722,552	k	U. S. Treasury Inflation Index Note		2.000	01/15/14		271,989
236,639,550	e,k	U. S. Treasury Inflation Index Note		2.000	07/15/14		244,184
135,457,664	k	U. S. Treasury Inflation Index Bond		2.375	01/15/25		144,707
236,088,784	k	U. S. Treasury Inflation Index Bond		3.625	04/15/28		309,656
271,573,783	e,k	U. S. Treasury Inflation Index Bond		3.875	04/15/29		372,287
65,658,503	k	U. S. Treasury Inflation Index Bond		3.375	04/15/32		86,828

		TOTAL U.S. TREASURY SECURITIES					3,389,616

		TOTAL GOVERNMENT BONDS					3,389,616
		(Cost $ 3,170,939)

SHORT TERM INVESTMENTS - 3.67%
COMMERCIAL PAPER - 0.15%
5,000,000	c	UBS Finance, Inc (Delaware)		2.120	01/03/05		4,999

		TOTAL COMMERCIAL PAPER					4,999


INVESTMENT OF CASH COLLATERAL FOR
SECURITIES LOANED - 3.52%
		REPURCHASED AGREEMENTS
22,681,000		Bear Stearns & Co. 2.250% Dated 12/31/2004,					22,682
		Due 01/03/2005 In The Amount Of $22,686,671
		Fully Collateralized as follows:
		Federal Home Loan Bank (FHLB) 2.250% - 5.125%, 03/06/2006 - 08/13/2010	$12,558,801
		Federal Home Loan Mortgage Corp (FHLMC) 4.000% - 5.000%, 03/15/2007 - 07/15/2014	3,653,589
		Federal National Mortgage Association (FNMA) 3.500% - 6.250%, 12/15/2009 - 05/15/2029	7,076,615

		Total Market Value	23,289,005
25,000,000		Credit Suisse First Boston 2.260% Dated 12/31/2004,					25,002
		Due 01/03/2005 In The Amount Of $25,006,277
		Fully Collateralized as follows:
		Federal National Mortgage Association (FNMA) 3.550% - 3.650%, 11/16/2007 - 11/30/2007	25,500,000

		Total Market Value	25,500,000
23,200,000		Goldman Sachs & Co.2.250% Dated 12/31/2004,					23,201
		Due 01/03/2005 In The Amount Of $23,205,800
		Fully Collateralized as follows:
		Federal Home Loan Mortgage Corp (FHLMC) 2.750% - 4.500%, 10/15/2006 - 06/15/2010	11,643,500
		Federal National Mortgage Association (FNMA) 5.125% - 5.250%, 06/15/2006 - 12/15/2007	12,082,433

		Total Market Value	23,725,933

202

COLLEGE RETIREMENT EQUITIES FUND - Inflation-Linked Bond Account

Principal

Value (000)

$24,824,000

Merrill Lynch & Co. Inc, 2.270% Dated 12/31/2004,

24,826

Due 01/03/2005 In The Amount Of $24,830,261

Fully Collateralized as follows:

Federal Home Loan Mortgage Corp (FHLMC) 5.750%, 01/15/2012

$ 11,822,290

Federal National Mortgage Association (FNMA) 5.500%, 03/15/2011

13,498,050

Total Market Value

25,320,340

25,000,000

Morgan Stanley & Co. Inc, 2.260% Dated 12/31/2004,

25,002

Due 01/03/2005 In The Amount Of $25,006,277

Fully Collateralized as follows:

Federal Farm Credit Bank (FFCB) 0.000%, 07/06/2006

1,683,281

Federal Home Loan Bank (FHLB) 0.000% , 03/17/2006- 07/16/2021

17,144,855

Federal Home Loan Mortgage Corp (FHLMC) 0.000%, 07/06/2006 - 02/20/2014

1,085,909

Federal National Mortgage Association (FNMA) 0.000% - 3.375%,
01/07/2005 - 09/29/2008

5,586,691

Total Market Value

25,500,736

TOTAL INVESTMENT OF CASH COLLATERAL

FOR SECURITIES LOANED

120,713

TOTAL SHORT TERM INVESTMENTS

125,712

(Cost $125,712)

TOTAL PORTFOLIO - 102.65%

3,515,328

(Cost $3,296,651)

OTHER ASSETS AND LIABILITIES, NET - (2.65%)

(90,685

)

NET ASSETS - 100.00%

3,424,643


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

			For ease of presentation, we have grouped a number of industry classification categories together in the Statement of Investments. Note that the Accounts use more specific industry categories in following their investment limitations on industry concentration.

203

Item 11. Controls and Procedures.

(a) Evaluation of disclosure controls and procedures. An evaluation was performed within 90 days from the date hereof under the supervision of the registrant’s management, including the principal executive officer and principal financial officer, of the effectiveness of the design and operation of the registrant’s disclosure controls and procedures. Based on that evaluation, the registrant’s management, including the principal executive officer and principal financial officer, concluded that the registrant’s disclosure controls and procedures were effective for this annual reporting period.

(b) Changes in internal controls. During the fourth quarter of 2004, certain policies, procedures and controls were implemented in TIAA-CREF’s information technology areas. These changes involved improved documentation, communication, training, and compliance monitoring over IT general controls and are intended to enhance IT processes, including those that support preparation of the financial statements. Efforts to ensure compliance with these policies are currently underway.

Item 12. Exhibits.

12(a)(1) Code of Ethics (EX-99.CODE ETH)

12(a)(2)(i) Section 302 certification of the principal executive officer (EX-99.CERT)

12(a)(2)(ii) Section 302 certification of the principal financial officer (EX-99.CERT)

12(b) Section 906 certification.(EX-99.906CERT)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	COLLEGE RETIREMENT EQUITIES FUND


Date: March 8, 2005	By:	/s/ Herbert M. Allison, Jr.

		Herbert M. Allison, Jr.
		President and Chief Executive Officer (principal executive officer)

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


Date: March 8, 2005	By:	/s/ Herbert M. Allison, Jr.

		Herbert M. Allison, Jr.
		President and Chief Executive Officer (principal executive officer)



Date: March 8, 2005	By:	/s/ Elizabeth A. Monrad

		Elizabeth A. Monrad
		Executive Vice President
		(principal financial officer)

EXHIBIT LIST

Item 12. Exhibits.

12(a)(1) Code of Ethics (EX-99.CODE ETH)

12(a)(2)(i) Section 302 certification of the principal executive officer (EX-99.CERT)

12(a)(2)(ii) Section 302 certification of the principal financial officer (EX-99.CERT)

12(b) Section 906 certification (EX-99.906CERT)