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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

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 10017-3206
(Address of principal executive offices) (Zip code)

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

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

Date of fiscal year end: December 31

Date of reporting period: March 31, 2007

Item 1. Schedule of Investments.

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

COLLEGE RETIREMENT EQUITIES FUND
STOCK ACCOUNT
STATEMENT OF INVESTMENTS (Unaudited)
March 31,2007

				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
GOVERNMENT BONDS - 0.00%**
U.S. TREASURY SECURITIES - 0.00%**
$     325,000		United States Treasury Note	5.000%	02/15/11	$	331
		TOTAL U.S. TREASURY SECURITIES				331
		TOTAL GOVERNMENT BONDS				331
		(Cost $321)
SHARES
MUTUAL FUNDS - 0.00%**
1,598,400	a,m,v*	First NIS Regional Fund SICAV				16
		TOTAL MUTUAL FUNDS				16
		(Cost $2,797)
PREFERRED STOCKS - 0.01%
SECURITY AND COMMODITY BROKERS - 0.01%
10,000	m,v*	Goldman Sachs Group, Inc				9,974
		TOTAL SECURITY AND COMMODITY BROKERS				9,974
		TOTAL PREFERRED STOCKS				9,974
		(Cost $10,000)
COMMON STOCKS - 99.71%
ADMINISTRATION OF ECONOMIC PROGRAMS - 0.00%**
37,393,278		Centrais Eletricas Brasileiras S.A.				813
54,025,562		Centrais Eletricas Brasileiras S.A.				1,204
		TOTAL ADMINISTRATION OF ECONOMIC PROGRAMS				2,017
AGRICULTURAL PRODUCTION-CROPS - 0.01%
245,089	e*	Chiquita Brands International, Inc				3,436
3,600	e	Cresud S.A. (ADR)				74
236,843	*	Gallaher Group plc				5,281
132,500		Gudang Garam Tbk PT				154
		TOTAL AGRICULTURAL PRODUCTION-CROPS				8,945
AGRICULTURAL PRODUCTION-LIVESTOCK - 0.01%
246,507	e	Pilgrim's Pride Corp				8,181
2,364		Seaboard Corp				5,343
		TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK				13,524

1

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
AGRICULTURAL SERVICES - 0.02%
1,518,000		Chaoda Modern Agriculture	$	1,064
806,450		Yara International ASA		22,257
		TOTAL AGRICULTURAL SERVICES		23,321
AMUSEMENT AND RECREATION SERVICES - 0.40%
2,079,895	*	Activision, Inc		39,393
608,220	e	Aristocrat Leisure Ltd		8,071
658,718	e*	Bally Technologies, Inc		15,533
216,522	e,v*	Bally Total Fitness Holding Corp		431
716,700		Berjaya Sports Toto BHD		966
44,428	m,v	BETonSPORTS plc		-	^
7,685	e*	bwin Interactive Entertainment		361
92,404	e*	Century Casinos, Inc		762
1,168,000		China Travel International Inv HK		546
49,825		Churchill Downs, Inc		2,262
81,009		Dover Downs Gaming & Entertainment, Inc		1,043
146,086	e	Dover Motorsports, Inc		767
20,164	*	Gruppo Coin S.p.A.		153
846,762		Harrah's Entertainment, Inc		71,509
14,881		IG Group Holdings plc		87
171,663		International Speedway Corp (Class A)		8,875
225,583		Ladbrokes plc		1,787
119,319	e*	Lakes Entertainment, Inc		1,330
417,198	e*	Leapfrog Enterprises, Inc		4,464
6,035,000	*	Leisure & Resorts World Corp		444
173,303	e*	Life Time Fitness, Inc		8,910
461,504	*	Live Nation, Inc		10,181
20,805	e	Lottomatica S.p.A.		829
263,174	e*	Magna Entertainment Corp		958
365,877	e*	Marvel Entertainment, Inc		10,153
133,849	*	MTR Gaming Group, Inc		1,751
162,297	e*	Multimedia Games, Inc		1,931
566,733	e	Nintendo Co Ltd		164,720
76,149		OPAP S.A.		2,921
42,400	e	Oriental Land Co Ltd		2,522
16,081		Paddy Power plc		426
390,194		PartyGaming plc		397
1,988,984	*	Penn National Gaming, Inc		84,373
400,354	*	Pinnacle Entertainment, Inc		11,638
405,176		Publishing & Broadcasting Ltd		6,507
141,366		Rank Group plc		568
285	e	Round One Corp		576
213,900	e	Sega Sammy Holdings, Inc		4,992
465,076	e*	Six Flags, Inc		2,795
385,569		Sky City Entertainment Group Ltd		1,286
85,009		Speedway Motorsports, Inc		3,294
13,251	*	Sportingbet plc		17
1,400	*	Sunterra Corp		22
634,838	e	TABCORP Holdings Ltd		8,470
181,100		Tanjong plc		812
2,306,165	e	Tattersall's Ltd		9,610

2

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
47,200	*	Town Sports International Holdings, Inc	$	1,029
703,607		Warner Music Group Corp		12,004
422,436		Westwood One, Inc		2,902
127,470		William Hill plc		1,595
152,481	e*	WMS Industries, Inc		5,983
119,537		World Wrestling Entertainment, Inc		1,949
		TOTAL AMUSEMENT AND RECREATION SERVICES		524,905
APPAREL AND ACCESSORY STORES - 0.70%
383,887		Abercrombie & Fitch Co (Class A)		29,053
399,452	*	Aeropostale, Inc		16,070
1,755,808		American Eagle Outfitters, Inc		52,657
434,910	*	AnnTaylor Stores Corp		16,866
64,800		Aoyama Trading Co Ltd		2,057
130,417	e	Bebe Stores, Inc		2,267
239,974		Brown Shoe Co, Inc		10,079
101,751	e	Buckle, Inc		3,632
158,205		Burberry Group plc		2,033
74,091	*	Cache, Inc		1,315
288,850	e*	Carter's, Inc		7,319
178,656	e*	Casual Male Retail Group, Inc		2,113
180,859		Cato Corp (Class A)		4,230
160,439	*	Charlotte Russe Holding, Inc		4,632
714,464	*	Charming Shoppes, Inc		9,252
771,437	e*	Chico's FAS, Inc		18,846
129,444	*	Children's Place Retail Stores, Inc		7,218
227,539		Christopher & Banks Corp		4,430
36,313	e*	Citi Trends, Inc		1,552
410,102		Claire's Stores, Inc		13,172
28,528		DEB Shops, Inc		773
393,850	*	Dress Barn, Inc		8,196
116,769	e*	DSW, Inc (Class A)		4,929
252,933		Edgars Consolidated Stores Ltd		1,583
43,800		Fast Retailing Co Ltd		3,401
261,835		Finish Line, Inc (Class A)		3,299
631,129		Foot Locker, Inc		14,863
149,819		Foschini Ltd		1,427
7,019,914		Gap, Inc		120,813
1,271,000		Giordano International Ltd		618
636,627	e*	Hanesbrands, Inc		18,710
472,835	e	Hennes & Mauritz AB (B Shares)		27,221
278,257	*	HOT Topic, Inc		3,089
175,279		Inditex S.A.		10,895
393,938	*	J Crew Group, Inc		15,824
145,006	e*	Jo-Ann Stores, Inc		3,951
103,154	e*	JOS A Bank Clothiers, Inc		3,646
2,581,419	*	Kohl's Corp		197,762
2,478,675		Limited Brands, Inc		64,594
4,814		Lotte Shopping Co Ltd		1,694
123,218	*	New York & Co, Inc		1,946
1,799,432		Nordstrom, Inc		95,262
414,292	*	Pacific Sunwear Of California, Inc		8,630
512,219	*	Payless Shoesource, Inc		17,006

3

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
957,432		Ross Stores, Inc	$	32,936
70,079	*	Shoe Carnival, Inc		2,334
265,669		Stage Stores, Inc		6,193
37,367	e*	Syms Corp		697
136,455	e	Talbots, Inc		3,223
191,809		Truworths International Ltd		939
596,024	*	Tween Brands, Inc		21,290
107,312	e*	Under Armour, Inc (Class A)		5,505
495,517	*	Urban Outfitters, Inc		13,136
572,880	*	Wet Seal, Inc (Class A)		3,752
64,506	*	Wilsons The Leather Experts, Inc		97
446,200		Woolworths Holdings Ltd		1,347
		TOTAL APPAREL AND ACCESSORY STORES		930,374
APPAREL AND OTHER TEXTILE PRODUCTS - 0.20%
127,000		Asics Corp		1,421
792,616		Benetton Group S.p.A.		12,833
83,938	e	Columbia Sportswear Co		5,230
399,397		Companhia de Tecidos Norte de Minas - Coteminas		60
294,310		Guess ?, Inc		11,917
194,000		Gunze Ltd		1,128
269,117	*	Gymboree Corp		10,783
184,669	*	Hartmarx Corp		1,367
894,610		Jones Apparel Group, Inc		27,491
198,998	e	Kellwood Co		5,837
238,000		Li Ning Co Ltd		471
774,134		Liz Claiborne, Inc		33,172
189,079	*	Maidenform Brands, Inc		4,362
2,202,514	e	Mitsubishi Rayon Co Ltd		14,672
919,244		Nisshinbo Industries, Inc		11,522
115,100		Onward Kashiyama Co Ltd		1,601
381,265		Phillips-Van Heusen Corp		22,418
443,377		Polo Ralph Lauren Corp		39,084
750,120	*	Quiksilver, Inc		8,701
13,600	*	Renown, Inc		125
17,000		Shimamura Co Ltd		1,870
57,000		Tokyo Style Co Ltd		624
1,457,000	e	Toyobo Co Ltd		4,340
76,189	e*	True Religion Apparel, Inc		1,237
448,844		VF Corp		37,083
86,000	e	Wacoal Holdings Corp		1,090
312,599	*	Warnaco Group, Inc		8,878
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		269,317
AUTO REPAIR, SERVICES AND PARKING - 0.06%
292,326		Aisin Seiki Co Ltd		10,245
58,257	e*	Amerco, Inc		4,077
50,840	e	Bandag, Inc		2,577
30,575		Bandag, Inc (Class A)		1,544
67,395	e	Central Parking Corp		1,495
148,766	*	Dollar Thrifty Automotive Group, Inc		7,593
717		Haldex AB		17
10,000		Kayaba Industry Co Ltd		55

4

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
121,774	*	Midas, Inc	$	2,627
63,196		Monro Muffler, Inc		2,218
39,500		NOK Corp		672
5,956		Northgate plc		127
76,000		Park24 Co Ltd		1,022
316,006	*	PHH Corp		9,657
250,151		Ryder System, Inc		12,343
2,579		Sixt AG.		147
38,299	*	Standard Parking Corp		1,355
133,100		Sumitomo Rubber Industries, Inc		1,458
1,941,653	e	T RAD Co Ltd		8,865
235,310	*	Wright Express Corp		7,137
		TOTAL AUTO REPAIR, SERVICES AND PARKING		75,231
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.16%
469,614		Advance Auto Parts		18,104
48,136	e*	America's Car-Mart, Inc		643
99,309		Asbury Automotive Group, Inc		2,805
867,718	*	Autonation, Inc		18,430
523,200	*	Autozone, Inc		67,043
108,957		Canadian Tire Corp (Class A)		7,054
912,298	*	Carmax, Inc		22,388
321,036	*	Copart, Inc		8,992
391,164	*	CSK Auto Corp		6,728
345,982		Jardine Cycle & Carriage Ltd		2,714
95,203	e	Lithia Motors, Inc (Class A)		2,609
94,166	e*	MarineMax, Inc		2,183
84,192		MOL Hungarian Oil and Gas plc		9,711
5,000		Nissin Kogyo Co Ltd		123
513,537	*	O'Reilly Automotive, Inc		16,998
120,499	*	Rush Enterprises, Inc (Class A)		2,315
177,996		Sonic Automotive, Inc (Class A)		5,073
49,456		Super Group Ltd		91
290,253		Suzuki Motor Corp		7,537
25,000	e	Toyo Tire & Rubber Co Ltd		104
1,035	*	TravelCenters of America LLC		40
311,783	e	United Auto Group, Inc		6,329
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		208,014
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.58%
168,000		Anhui Conch Cement Co Ltd		599
126,206	*	Builders FirstSource, Inc		2,028
554	e*	Central Garden & Pet Co		8
406,057	*	Central Garden and Pet Co (Class A)		5,969
605,925	e	Fastenal Co		21,238
152,677		Grafton Group plc		2,295
10,735,809		Home Depot, Inc		394,434
19,500	e	Keiyo Co Ltd		131
826,245		Kingfisher plc		4,524
7,608,730		Lowe's Cos, Inc		239,599
2,000		Nichias Corp		17
209,470	*	RONA, Inc		4,287
987,282		Sherwin-Williams Co		65,200

5

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
682,782		Travis Perkins plc	$	27,033
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		767,362
BUSINESS SERVICES - 5.93%
282,254	e*	24/7 Real Media, Inc		2,267
2,454,010	*	3Com Corp		9,595
72,344	e*	3D Systems Corp		1,585
257,576		Aaron Rents, Inc		6,810
265,976		ABM Industries, Inc		7,019
160,218	e*	Acacia Research (Acacia Technologies)		2,535
589,000		Accenture Ltd (Class A)		22,700
133	e*	Access Co Ltd		596
77,606	e*	Access Integrated Technologies, Inc (Class A)		421
132,491		Acciona S.A.		28,699
324,010	*	Actuate Corp		1,691
567,943		Acxiom Corp		12,148
1,195,020	e	Adecco S.A.		75,872
200,141		Administaff, Inc		7,045
4,323,489	*	Adobe Systems, Inc		180,289
131,641	*	Advent Software, Inc		4,590
316,071		Aegis Group plc		933
168,410	*	AerCap Holdings NV		4,902
485,516	*	Affiliated Computer Services, Inc (Class A)		28,587
104,607		Aggreko plc		1,046
321,021	e*	Agile Software Corp		2,231
1,053,305	*	Akamai Technologies, Inc		52,581
2,500	*	Aladdin Knowledge Systems		43
375,159	*	Alliance Data Systems Corp		23,117
95,147	e	Alpha Systems, Inc		2,826
144,391	*	Altiris, Inc		4,752
87	*	Amdocs Ltd		3
149,182	e*	American Reprographics Co		4,593
290,312	*	AMN Healthcare Services, Inc		6,567
142,132	*	Ansoft Corp		4,497
201,384	*	Ansys, Inc		10,224
432,971	*	aQuantive, Inc		12,084
181,627		Arbitron, Inc		8,527
292,889		Argo 21 Corp		2,488
441,684	e*	Ariba, Inc		4,152
646,086	e*	Art Technology Group, Inc		1,499
28,400		Asatsu-DK, Inc		897
337,951	e*	Aspen Technology, Inc		4,393
117,973	*	Asset Acceptance Capital Corp		1,825
57,178	e*	Atos Origin S.A.		3,829
141,504	e*	Audible, Inc		1,470
1,545,151	*	Autodesk, Inc		58,098
3,026,122		Automatic Data Processing, Inc		146,464
1,662	*	Autonomy Corp plc		22
244,064		Autostrade S.p.A.		7,825
547,672	*	Avis Budget Group, Inc		14,962
315,609	*	Avocent Corp		8,512
59,908	e*	Bankrate, Inc		2,111
53,047		Barrett Business Services		1,223

6

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
4,000,857	*	BEA Systems, Inc	$	46,370
1,250,268	e*	BearingPoint, Inc		9,577
2,787		Bechtle AG.		82
731,247	*	BISYS Group, Inc		8,380
314,293		Blackbaud, Inc		7,675
159,446	e*	Blackboard, Inc		5,362
137,160	e*	Blue Coat Systems, Inc		5,038
1,840,559	*	BMC Software, Inc		56,671
478,971	e*	Borland Software Corp		2,524
101,557	e*	Bottomline Technologies, Inc		1,107
265,332		Brady Corp (Class A)		8,278
224,590		Brink's Co		14,250
55,850	e*	BroadVision, Inc		150
148,899	e*	Business Objects S.A.		5,420
1,988,857		CA, Inc		51,531
609,300	e	CAC Corp		5,243
185,310	*	CACI International, Inc (Class A)		8,684
1,504,194	*	Cadence Design Systems, Inc		31,678
267,754	e	Cap Gemini S.A.		20,384
2,355	*	Capella Education Co		79
2,200	*	Captaris, Inc		13
269,244		Catalina Marketing Corp		8,503
442,037	e*	CBIZ, Inc		3,138
658,622	*	Ceridian Corp		22,946
283,997	e*	Cerner Corp		15,464
641,419	*	CGI Group, Inc (Class A)		5,545
109,500	*	Check Point Software Technologies		2,440
633,610	*	Checkfree Corp		23,501
206		Cheil Communications, Inc		51
374,083	*	ChoicePoint, Inc		14,002
220,851	*	Chordiant Software, Inc		2,286
327,531	*	Ciber, Inc		2,578
173,714	e	Cintra Concesiones de Infraestructuras de Transporte S.A.		3,253
949,232	*	Citrix Systems, Inc		30,404
14,888	*	Clayton Holdings, Inc		228
185,907	e*	Clear Channel Outdoor Holdings, Inc (Class A)		4,891
2,989,232	e*	CMGI, Inc		6,337
921,199	e*	CNET Networks, Inc		8,024
36,157	e	Coates Hire Ltd		144
128,917	*	Cogent Communications Group, Inc		3,046
247,793	e*	Cogent, Inc		3,333
268,647		Cognex Corp		5,822
708,224	*	Cognizant Technology Solutions Corp (Class A)		62,515
166,020	*	Cognos, Inc		6,529
87,632	*	Commvault Systems, Inc		1,420
15,528		Computacenter plc		85
47,400		Computer Programs & Systems, Inc		1,271
1,113,131	*	Computer Sciences Corp		58,028
1,293,268		Computershare Ltd		11,353
1,661,994	*	Compuware Corp		15,772
123,444	*	COMSYS IT Partners, Inc		2,457
177,739	e*	Concur Technologies, Inc		3,103
163,161	e*	Convera Corp (Class A)		512

7

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
1,163,953	*	Convergys Corp	$	29,576
448,000		COSCO Pacific Ltd		1,110
93,181	e*	CoStar Group, Inc		4,163
186,515	*	Covansys Corp		4,603
422,733	*	CSG Systems International, Inc		10,577
21,527		CSK Holdings Corp		902
95,699		Ctrip.com International Ltd (ADR)		6,410
170,268	e*	Cybersource Corp		2,130
49,625	e	Dassault Systemes S.A.		2,668
61,327	*	DealerTrack Holdings, Inc		1,884
353,477		Deluxe Corp		11,852
14		Dena Co Ltd		45
286,418	*	Dendrite International, Inc		4,485
1,500		Dentsu, Inc		4,201
239,753	e*	Digital River, Inc		13,246
23,400	e*	DivX, Inc		469
2,440	*	Double-Take Software, Inc		33
337,943	*	DST Systems, Inc		25,413
1,060,718	*	DynCorp International, Inc (Class A)		16,006
14,066	e	eAccess Ltd		9,346
901,891	*	Earthlink, Inc		6,629
7,510,817	*	eBay, Inc		248,984
177,385	e*	Echelon Corp		1,870
258,648	e*	Eclipsys Corp		4,984
106,729	e*	eCollege.com, Inc		1,916
1,040	e*	Econtext, Inc		1,333
293,182	*	eFunds Corp		7,816
104,002	*	Electro Rent Corp		1,498
1,536,445	*	Electronic Arts, Inc		77,375
3,639,643		Electronic Data Systems Corp		100,745
266,000	e*	Elpida Memory, Inc		10,316
109,471	e*	Emageon, Inc		1,204
23,916	*	Emblaze Ltd		32
815,103	e*	Emdeon Corp		12,333
167,287	*	Entrust, Inc		674
400	m,v*	Envision Development Corp		-	^
324,638	*	Epicor Software Corp		4,516
88,866	e*	EPIQ Systems, Inc		1,811
1,070,641		Equifax, Inc		39,025
163,562	e*	Equinix, Inc		14,006
12,577	e*	Escala Group, Inc		51
224,624	e*	eSpeed, Inc (Class A)		2,134
405,587	e*	Evergreen Energy, Inc		2,665
4,700	*	ExlService Holdings, Inc		97
1,345,518	*	Expedia, Inc		31,189
842,192		Experian Group Ltd		9,704
177,105	*	F5 Networks, Inc		11,809
238,985		Factset Research Systems, Inc		15,020
417,009		Fair Isaac Corp		16,130
188,167	*	FalconStor Software, Inc		1,961
1,143	e	Fidec Corp		1,668
1,424,404		Fidelity National Information Services, Inc		64,753
43,567	e*	First Advantage Corp (Class A)		1,044

8

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
175,267		First Choice Holidays plc	$	992
4,492,688		First Data Corp		120,853
1,072,071	*	Fiserv, Inc		56,884
82,711	*	Focus Media Holding Ltd (ADR)		6,490
109,539	*	Forrester Research, Inc		3,107
96,749		FTD Group, Inc		1,599
10,800		FUJI SOFT, Inc		322
3,166,808		Fujitsu Ltd		21,096
15,597		Fuyo General Lease Co Ltd		614
322,549	*	Gartner, Inc		7,725
367,000		GeoVision, Inc		1,797
127,671	*	Gerber Scientific, Inc		1,355
98,895	e*	Getronics NV		900
226,733	*	Getty Images, Inc		11,026
149,967	e	Gevity HR, Inc		2,960
186,109	*	Global Cash Access, Inc		3,106
65,221	e	GN Store Nord		924
1,085	e*	Goodwill Group, Inc		854
1,298,432	*	Google, Inc (Class A)		594,890
971,720		Group 4 Securicor plc		3,844
61,858	e	Gruppo Editoriale L'Espresso S.p.A.		330
66,439	*	H&E Equipment Services, Inc		1,428
21,330		Hakuhodo DY Holdings, Inc		1,492
1,241,905		Hays plc		3,831
158,912	e	Healthcare Services Group		4,553
78,191	e	Heartland Payment Systems, Inc		1,848
164,461	*	Heidrick & Struggles International, Inc		7,968
5,076,712		Huabao International Holdings Ltd		3,073
219,346	e*	Hudson Highland Group, Inc		3,420
297,730	e*	Hypercom Corp		1,774
434,915	*	Hyperion Solutions Corp		22,542
103,087	e*	i2 Technologies, Inc		2,474
53,438	e*	ICT Group, Inc		935
130,656	*	iGate Corp		1,077
139,580	*	IHS, Inc (Class A)		5,738
1,210,289		IMS Health, Inc		35,897
180		Indofood Agri Resources Ltd		-	^
406,504		Indra Sistemas S.A.		10,247
113,579	e*	Infocrossing, Inc		1,689
509,894	*	Informatica Corp		6,848
427,900	a	Information Development Co		2,923
184,963	*	Infospace, Inc		4,748
309,541		Infosys Technologies Ltd		14,376
19,000	e	Infosys Technologies Ltd (ADR)		955
252,748		infoUSA, Inc		2,431
38,491	e*	Innerworkings, Inc		454
75,586	e*	Innovative Solutions & Support, Inc		1,914
58,484	e	Integral Systems, Inc		1,414
16,201	a,e	Intelligent Wave, Inc		9,981
218,923		Interactive Data Corp		5,418
235,963	e*	Internap Network Services Corp		3,716
234,270	*	Internet Capital Group, Inc		2,507
51,518		Interpool, Inc		1,258

9

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
2,217,932	*	Interpublic Group of Cos, Inc	$	27,303
360,224	*	Interwoven, Inc		6,088
2,610,078	*	Intuit, Inc		71,412
225,703	*	inVentiv Health, Inc		8,642
381,312	e*	Ipass, Inc		1,918
1,858,498	*	Iron Mountain, Inc		48,563
10,922	*	iSOFT Group plc		7
453,653		Jack Henry & Associates, Inc		10,910
172,447	*	JDA Software Group, Inc		2,592
5,918,390	*	Juniper Networks, Inc		116,474
126,665	e*	Jupitermedia Corp		839
953	e	Kakaku.com, Inc		3,186
54,624	*	Kana Software, Inc		202
284,041	*	Keane, Inc		3,857
111,129		Kelly Services, Inc (Class A)		3,578
93,484	*	Kenexa Corp		2,910
400	*	Keynote Systems, Inc		5
179,574	*	Kforce, Inc		2,473
693,327	*	Kinetic Concepts, Inc		35,110
3,223	e*	KK DaVinci Advisors		3,446
109,729	e*	Knot, Inc		2,362
61,358		Konami Corp		1,640
395,229	*	Korn/Ferry International		9,067
188,440	*	Kronos, Inc		10,082
455,271	*	Labor Ready, Inc		8,646
401,347		Lamar Advertising Co (Class A)		25,273
811,974	e*	Lawson Software, Inc		6,569
1,260,000		Lenovo Group Ltd		461
343,716	*	Lionbridge Technologies		1,750
50,586	e*	Liquidity Services, Inc		857
3,543,057		LogicaCMG plc		12,410
112,887	*	LoJack Corp		2,143
344	e	Macromill, Inc		870
301,943	*	Magma Design Automation, Inc		3,611
265,080	*	Manhattan Associates, Inc		7,271
690,688		Manpower, Inc		50,952
163,430	*	Mantech International Corp (Class A)		5,460
124,152	*	Mapinfo Corp		2,499
122,880	e	Marchex, Inc (Class B)		1,883
60,681	e*	Marlin Business Services, Inc		1,328
397,020	e	Mastercard, Inc (Class A)		42,179
1,027,994	*	McAfee, Inc		29,894
494,117	e*	Mentor Graphics Corp		8,074
258,974		Michael Page International plc		2,729
54,617,613		Microsoft Corp		1,522,193
78,049	*	MicroStrategy, Inc (Class A)		9,865
205,019	e*	Midway Games, Inc		1,281
188,948		Misys plc		888
59,100		Mitsubishi UFJ Lease & Finance Co Ltd		2,954
42	e	Monex Beans Holdings, Inc		39
367,914		MoneyGram International, Inc		10,213
593,861	*	Monster Worldwide, Inc		28,131
575,138	*	Move, Inc		3,186

10

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
720,481	*	MPS Group, Inc	$	10,195
3,500	e*	Napster, Inc		14
404,614	*	NAVTEQ Corp		13,959
749,741	*	NCR Corp		35,815
5,079	*	NCSoft Corp		334
3,986,946		NEC Corp		21,383
115,725	e*	Neoware, Inc		1,165
143,242	*	Ness Technologies, Inc		1,831
246,543	e*	NetFlix, Inc		5,717
80,950	*	Netratings, Inc		1,684
140,475	*	Netscout Systems, Inc		1,271
1,087	e	NextCom K.K.		355
18,638	*	NHN Corp		2,734
283,471		NIC, Inc		1,519
187,338	e	Nippon System Development Co Ltd		2,900
365,401		Nippon Systemware Co Ltd		2,043
451,115		Nomura Research Institute Ltd		13,284
60,888		Northgate Information Solutions plc		99
4,362,306	*	Novell, Inc		31,496
9,363	e	NTT Data Corp		47,594
726,745	e*	Nuance Communications, Inc		11,126
23,430		Obic Co Ltd		4,635
1,253,823		Omnicom Group, Inc		128,366
81,568	e*	Omniture, Inc		1,487
245,237	*	On Assignment, Inc		3,043
124,662	e*	Online Resources Corp		1,430
82,833	*	Open Text Corp		1,843
67,944	*	Opnet Technologies, Inc		918
467,187	e*	Opsware, Inc		3,387
26,016,751	*	Oracle Corp		471,684
235,800	e	Oracle Corp Japan		11,346
12,600		Otsuka Corp		1,206
234,652	*	Packeteer, Inc		2,914
662,129	*	Parametric Technology Corp		12,640
275,000		PCA Corp		3,858
1,700	*	PC-Tel, Inc		17
110,353	e*	PDF Solutions, Inc		1,246
115,368	e	Pegasystems, Inc		1,067
124,872	e*	PeopleSupport, Inc		1,430
142,235	e*	Perficient, Inc		2,813
543,815	e*	Perot Systems Corp (Class A)		9,718
192,490	*	Phase Forward, Inc		2,527
1,991	*	Phoenix Technologies Ltd		12
93,125	e*	Portfolio Recovery Associates, Inc		4,158
2,303,100		POS Malaysia & Services Holdings BHD		3,157
1,300	*	Possis Medical, Inc		17
142,072	e*	PRA International		3,063
419,425	*	Premiere Global Services, Inc		4,706
256,712	*	Progress Software Corp		8,009
16,628		Prokom Software S.A.		867
1,949	v	Prokom Software S.A. (GDR)		52
591,510	e	Promotora de Informaciones S.A.		13,196
83,422		Public Power Corp		2,042

11

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
127,402		QAD, Inc	$	1,159
95,488	e	Quality Systems, Inc		3,820
373,233	*	Quest Software, Inc		6,073
139,963	e*	Radiant Systems, Inc		1,824
134,755	*	Radisys Corp		2,202
11,400	*	RADWARE Ltd		154
39,065		Rakuten, Inc		18,598
36,199		Randstad Holdings NV		2,808
23,736	e*	Raser Technologies, Inc		123
736,440	e*	RealNetworks, Inc		5,781
825,068	*	Red Hat, Inc		18,919
47,464	e	Renaissance Learning, Inc		625
499,119	*	Rent-A-Center, Inc		13,965
1,526,357		Rentokil Initial plc		4,896
257	*	Retalix Ltd		5
1,067,146		Reuters Group plc		9,786
233,241	e*	Rewards Network, Inc		1,236
86,274	e*	RightNow Technologies, Inc		1,413
41,265		Ritchie Bros Auctioneers, Inc		2,412
967,227		Robert Half International, Inc		35,797
172,315		Rollins, Inc		3,965
379,845	*	S1 Corp		2,279
5,120		S1 Corp		206
154,968	e*	SafeNet, Inc		4,386
832,642		Sage Group plc		4,231
557,689	e*	Salesforce.com, Inc		23,880
1,163,446		SAP AG.		51,863
472,659	*	Sapient Corp		3,242
6,800	e	Satyam Computer Services Ltd (ADR)		154
5,485	*	SCI Entertainment Group plc		51
212,102		Secom Co Ltd		9,846
362,138	e*	Secure Computing Corp		2,788
259,026	e	Securitas AB (B Shares)		3,951
19,842		Seek Ltd		116
1,292,433		ServiceMaster Co		19,891
3,410		SGS S.A.		4,072
60,534	e*	SI International, Inc		1,738
454		SimCorp A/S		92
1,491,732		Singapore Post Ltd		1,091
120,042	e*	Smith Micro Software, Inc		2,236
21,238	e	Societe Des Autoroutes Paris-Rhin-Rhone		1,935
1,305		Software AG.		111
150,530	*	Sohu.com, Inc		3,226
118,855,190		Solomon Systech International Ltd		18,710
473,696	*	SonicWALL, Inc		3,960
1,585,617	e*	Sonus Networks, Inc		12,796
285,618	e	Sorun Corp		2,480
364,731		Sotheby's		16,223
490,465	*	Spherion Corp		4,326
147,609	*	SPSS, Inc		5,329
158,995	e	Square Enix Co Ltd		4,102
260,446	e*	SRA International, Inc (Class A)		6,344
62,687	*	Startek, Inc		614

12

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
60,945	e*	Stratasys, Inc	$	2,604
14,395	e	STW Communications Group Ltd		36
17,268		Submarino S.A.		582
500		Sumisho Computer Systems Corp		11
20,896,387	*	Sun Microsystems, Inc		125,587
96,500		SUNeVision Holdings Ltd		13
1,039,729	*	Sybase, Inc		26,284
256,292	*	SYKES Enterprises, Inc		4,675
5,018,992	*	Symantec Corp		86,829
63,669	*	Synchronoss Technologies, Inc		1,108
105,847	*	SYNNEX Corp		2,248
737,105	*	Synopsys, Inc		19,334
45,012	e	Syntel, Inc		1,560
16,080		Taiwan Secom Co Ltd		26
12,135,052		Taiwan-Sogo Shinkong Security Corp		11,551
447,540	e*	Take-Two Interactive Software, Inc		9,013
66,670		TAL International Group, Inc		1,600
53,718	e*	Taleo Corp (Class A)		891
184,526	e	Talx Corp		6,113
87,429		Tata Consultancy Services Ltd		2,482
55,409	e	Telecom Italia Media S.p.A.		24
65,572	e*	Telelogic AB		124
186,067	*	TeleTech Holdings, Inc		6,827
5,448	*	Temenos Group AG.		105
131,596	e	TheStreet.com, Inc		1,612
464,163	e*	THQ, Inc		15,870
1,295,844	*	TIBCO Software, Inc		11,041
41,436	e*	Tiens Biotech Group USA, Inc		187
20,697	*	Tier Technologies, Inc (Class B)		182
263,504	e	Tietoenator Oyj		7,674
13,000		TIS, Inc		309
225,396		TKC Corp		3,940
180,590		TNS, Inc		2,906
420,000	*	Tom Group Ltd		49
502,063	e	Total System Services, Inc		15,991
148,000		Tradelink Electronic Commerce Ltd		27
149,750	*	TradeStation Group, Inc		1,885
3,700		Trans Cosmos, Inc		76
220,813	*	Transaction Systems Architects, Inc		7,152
28,897	e*	Travelzoo, Inc		1,063
590,400	e	Trend Micro, Inc		16,133
314,173	*	Trizetto Group, Inc		6,287
132,777	e*	Ultimate Software Group, Inc		3,477
1,432,917	*	Unisys Corp		12,080
467,705		United Online, Inc		6,562
398,580	e*	United Rentals, Inc		10,961
206,021	*	Universal Compression Holdings, Inc		13,944
20,710		USS Co Ltd		1,352
565,815	*	Valueclick, Inc		14,785
142,705	e*	Vasco Data Security International		2,550
300	e*	Verint Systems, Inc		10
1,599,844	*	VeriSign, Inc		40,188
45,758	e*	Vertrue, Inc		2,201

13

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
185,616		Viad Corp	$	7,165
263,023	*	Vignette Corp		4,884
94,934	e*	Volt Information Sciences, Inc		2,486
4,080,124		Waste Management, Inc		140,397
248,765	e*	WebEx Communications, Inc		14,145
30,830	e*	WebMD Health Corp (Class A)		1,623
311,654	*	webMethods, Inc		2,241
396,148	*	Websense, Inc		9,108
99,345	e*	WebSideStory, Inc		1,287
461,072	*	Wind River Systems, Inc		4,583
4,100		Wipro Ltd (ADR)		65
30,373	*	Wire and Wireless India Ltd		62
191,036	*	Witness Systems, Inc		5,148
10,105,108		WPP Group plc		153,117
17,732	e*	Yahoo! Japan Corp		6,117
10,554,789	*	Yahoo!, Inc		330,259
25,255	*	Zee News Ltd		23
		TOTAL BUSINESS SERVICES		7,887,938
CHEMICALS AND ALLIED PRODUCTS - 9.09%
10,728,556		Abbott Laboratories		598,653
73,781	b,e,m,v*	Able Laboratories, Inc		-	^
110,593	e*	Abraxis BioScience, Inc		2,954
138,998	e*	Acadia Pharmaceuticals, Inc		2,088
19,184	*	Acambis plc		48
1,881,144	a,e*	Adams Respiratory Therapeutics, Inc		63,263
5,400	*	Adeza Biomedical Corp		129
256,187	e*	Adolor Corp		2,242
50,764	e*	Advanced Magnetics, Inc		3,060
318,869	e*	ADVENTRX Pharmaceuticals, Inc		797
184,132	e*	Agrium, Inc		7,073
106,092	e	Air Liquide S.A.		25,864
1,918,854		Air Products & Chemicals, Inc		141,918
862,250		Akzo Nobel NV		65,482
163,720	*	Albany Molecular Research, Inc		1,613
361,232		Albemarle Corp		14,933
909,727		Alberto-Culver Co		20,815
4,840		Alexandria Mineral Oils Co		65
201,448	e*	Alexion Pharmaceuticals, Inc		8,711
47,700		Alfresa Holdings Corp		3,036
538,001	e*	Alkermes, Inc		8,307
752,163	*	Alliance Boots plc		15,194
201,485	e*	Alnylam Pharmaceuticals, Inc		3,627
276,858	*	Alpharma, Inc (Class A)		6,667
416,416	e	Altana AG.		27,046
2,044,000		Aluminum Corp of China Ltd		2,108
4,800	e	Aluminum Corp of China Ltd (ADR)		125
258,573	*	American Oriental Bioengineering, Inc		2,428
101,534	e	American Vanguard Corp		1,735
8,141,693	*	Amgen, Inc		454,958
1,734		Amorepacific Corp		955
14,546		Amorepacific Corp		2,134
178,498	e*	Anadys Pharmaceuticals, Inc		709

14

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
181,835	*	Angiotech Pharmaceuticals, Inc	$	981
97,288	b,e*	Aphton Corp		-	^
140,449		Arch Chemicals, Inc		4,385
301,666	e*	Arena Pharmaceuticals, Inc		3,276
11,785	e*	Arkema		676
2,793	e*	Arqule, Inc		21
310,748	*	Array Biopharma, Inc		3,946
1,886,358	e	Asahi Kasei Corp		13,735
110,059		Aspen Pharmacare Holdings Ltd		561
943,475		Astellas Pharma, Inc		40,673
2,327,112		AstraZeneca plc		125,201
112,243		AstraZeneca plc (ADR)		6,022
233,177	e*	Atherogenics, Inc		655
137,204	*	Auxilium Pharmaceuticals, Inc		2,014
174,456	e*	AVANIR Pharmaceuticals (Class A)		213
301,000	e*	Aventine Renewable Energy Holdings, Inc		5,484
606,398		Avery Dennison Corp		38,967
296,552	e*	AVI BioPharma, Inc		795
2,222,664		Avon Products, Inc		82,816
97,264		Balchem Corp		1,720
664,837	*	Barr Pharmaceuticals, Inc		30,815
942,132		BASF AG.		106,070
393	*	Basilea Pharmaceutica		91
5,588,715	e	Bayer AG.		357,157
178,629		Beiersdorf AG.		12,182
113,395	e*	Bentley Pharmaceuticals, Inc		929
13,861		Biocon Ltd		155
241,288	e*	BioCryst Pharmaceuticals, Inc		2,020
233,708	e*	Bioenvision, Inc		956
1,960,818	*	Biogen Idec, Inc		87,021
517,902	e*	BioMarin Pharmaceuticals, Inc		8,939
370,679	e*	Biovail Corp International		8,107
116,879	e*	Bradley Pharmaceuticals, Inc		2,243
75,151		Braskem S.A.		555
2,200	e	Braskem S.A. (ADR)		32
11,346,573		Bristol-Myers Squibb Co		314,981
9,250,000	*	C&O Pharmaceutical Technology Holdings Ltd		2,164
348,025		Cabot Corp		16,611
9,410	e*	Cadence Pharmaceuticals, Inc		139
222,717	e*	Calgon Carbon Corp		1,851
166,663		Cambrex Corp		4,100
52,381	e*	Caraco Pharmaceutical Laboratories Ltd		638
1,206,691		Celanese Corp (Series A)		37,214
274,649	e*	Cell Genesys, Inc		1,154
402,608	e*	Cephalon, Inc		28,670
347,770		CF Industries Holdings, Inc		13,407
313,505	*	Charles River Laboratories International, Inc		14,503
378,748	e*	Chattem, Inc		22,323
955,767		Chemtura Corp		10,447
236,324	e	Chugai Pharmaceutical Co Ltd		5,976
282,497	e	Church & Dwight Co, Inc		14,224
60,643	e	Ciba Specialty Chemicals AG.		3,995
812,338		Cipla Ltd		4,426

15

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
273,000	*	CK Life Sciences International Holdings, Inc	$	27
194,002		Clariant AG.		3,329
815,428		Clorox Co		51,935
103,619	e*	Coley Pharmaceutical Group, Inc		993
4,292,185		Colgate-Palmolive Co		286,675
175,174	e*	Combinatorx, Inc		1,224
32,864	e*	Critical Therapeutics, Inc		72
398,641		CSL Ltd		26,568
311,910	e*	Cubist Pharmaceuticals, Inc		6,884
800	e*	Curis, Inc		1
182,256	*	Cypress Bioscience, Inc		1,385
565,604		Cytec Industries, Inc		31,810
156,622	*	Cytokinetics, Inc		1,090
528,583		Dade Behring Holdings, Inc		23,178
380,000		Daicel Chemical Industries Ltd		2,596
1,017,700		Daiichi Sankyo Co Ltd		31,177
225,099		Dainippon Ink and Chemicals, Inc		894
518,971	e*	Dendreon Corp		6,710
103,116	*	Digene Corp		4,373
84,162	e*	Dov Pharmaceutical, Inc		31
5,677,464		Dow Chemical Co		260,368
99,231		Dr Reddy's Laboratories Ltd		1,663
9,800	e	Dr Reddy's Laboratories Ltd (ADR)		161
162,806	e	DSM NV		7,294
5,682,770		Du Pont (E.I.) de Nemours & Co		280,899
329,116	e*	Durect Corp		1,369
900	e*	Dusa Pharmaceuticals, Inc		3
1,352,770		Dyno Nobel Ltd		2,561
349,082		Eastman Chemical Co		22,107
823,702		Ecolab, Inc		35,419
30,858		Egyptian International Pharmaceutical Industrial Co		141
213,200	e	Eisai Co Ltd		10,222
369,516	*	Elan Corp plc		4,739
4,475,880		Eli Lilly & Co		240,400
188,541	*	Elizabeth Arden, Inc		4,114
67,400	e*	Emergent Biosolutions, Inc		905
136,515	e*	Emisphere Technologies, Inc		437
349,527	e*	Encysive Pharmaceuticals, Inc		947
79,200		Engro Chemical Pakistan Ltd		242
410,387	e*	Enzon Pharmaceuticals, Inc		3,345
44,389	e*	EPIX Pharmaceuticals, Inc		297
828,547	e	Estee Lauder Cos (Class A)		40,475
160,000		Eternal Chemical Co Ltd		270
258,000		Fauji Fertilizer Co Ltd		448
253,419	e	Ferro Corp		5,476
261,931		FMC Corp		19,757
2,311,597	*	Forest Laboratories, Inc		118,909
2,283,235		Formosa Plastics Corp		4,333
2,700,369	*	Genentech, Inc		221,754
144,613	e*	Genitope Corp		600
1,373,818	e*	Genta, Inc		426
2,092,932	*	Genzyme Corp		125,618
209,363	e	Georgia Gulf Corp		3,394

16

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
382,480	e*	Geron Corp	$	2,677
3,599,380	*	Gilead Sciences, Inc		275,353
6,260		GlaxoSmithkline Pharmaceuticals Ltd		161
8,330,841		GlaxoSmithKline plc		229,021
204		GlaxoSmithKline plc (ADR)		11
37,504		Glenmark Pharmaceuticals Ltd		527
526,000		Global Bio-Chem Technology Group Co Ltd		135
31,660	e*	GlobeTel Communications Corp		8
73,234	e*	GTx, Inc		1,494
17,897		H Lundbeck A/S		419
654,921		H.B. Fuller Co		17,860
166,699	e*	Hana Biosciences, Inc		318
1,882		Hanmi Pharm Co Ltd		243
20,780		Hanwha Chemical Corp		324
208,000		Haw Par Corp Ltd		987
20,883		Henkel KGaA		3,087
987,509	*	Hercules, Inc		19,296
9,698		Hikma Pharmaceuticals plc		74
658,371		Hindustan Lever Ltd		3,108
113,400		Hitachi Chemical Co Ltd		2,666
47,843	e*	Hi-Tech Pharmacal Co, Inc		533
12,465		Honam Petrochemical Corp		1,080
1,335,529	*	Hospira, Inc		54,623
767,574	e*	Human Genome Sciences, Inc		8,152
1,044,573		Huntsman Corp		19,941
98,193	e*	Idenix Pharmaceuticals, Inc		717
171,101	*	Idexx Laboratories, Inc		14,994
423,386	e*	ImClone Systems, Inc		17,261
493,556	*	Immucor, Inc		14,525
73,952	e*	Immunogen, Inc		354
71	e*	Impax Laboratories, Inc		1
1,037,151		Imperial Chemical Industries plc		10,205
287,593	e*	Indevus Pharmaceuticals, Inc		2,033
317,654		Indian Petrochemicals Co		1,979
11,100		Innophos Holdings, Inc		192
74,749		Innospec, Inc		4,309
38,323	e	Inter Parfums, Inc		805
149,627	e*	InterMune, Inc		3,690
411,936		International Flavors & Fragrances, Inc		19,452
233,217	*	Inverness Medical Innovations, Inc		10,210
522,602	e*	Invitrogen Corp		33,264
295,500		Ipsen		14,515
4,015,900		IRPC PCL		688
14,000	*	Ishihara Sangyo Kaisha Ltd		26
203,100		Israel Chemicals Ltd		1,389
422,400	e	JSR Corp		9,750
74,300		Kaken Pharmaceutical Co Ltd		605
552,592		Kansai Paint Co Ltd		4,722
423,029		Kao Corp		12,385
1,726,763	e*	Keryx Biopharmaceuticals, Inc		18,166
2,131,834	*	King Pharmaceuticals, Inc		41,933
1,005,800		Kingboard Chemical Holdings Ltd		4,229
57,178	e	Koppers Holdings, Inc		1,467

17

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
28,577		Kose Corp	$	844
20,559	e	Kronos Worldwide, Inc		666
154,000		Kuraray Co Ltd		1,664
217,615	*	KV Pharmaceutical Co (Class A)		5,382
276,000		Kyowa Hakko Kogyo Co Ltd		2,553
3,298	*	Lannett Co, Inc		17
22,150		LG Chem Ltd		1,115
3,666		LG Household & Health Care Ltd		452
23,890		LG Petrochemical Co Ltd		705
95,883		Linde AG.		10,330
33,313	e	Lonza Group AG.		3,202
223,690	e	L'Oreal S.A.		24,422
300,286		Lubrizol Corp		15,474
120,220		Lupin Ltd		1,677
1,191,777		Lyondell Chemical Co		35,718
163,689		MacDermid, Inc		5,708
120,236		Makhteshim-Agan Industries Ltd		754
104,852	e	Mannatech, Inc		1,684
177,981	e*	MannKind Corp		2,545
24,966	e*	Marshall Edwards, Inc		98
200,500	*	Martek Biosciences Corp		4,134
541		Matrix Laboratories Ltd		2
689,338	e*	Medarex, Inc		8,920
143,023	e	Mediceo Paltac Holdings Co Ltd		2,725
332,442	*	Medicines Co		8,338
313,940	e	Medicis Pharmaceutical Corp (Class A)		9,676
67,403	e*	Medifast, Inc		483
1,079,138	*	Medimmune, Inc		39,270
14,597,696		Merck & Co, Inc		644,780
456,590		Merck KGaA		58,871
131,533	e	Meridian Bioscience, Inc		3,651
110,370	e*	Metabasis Therapeutics, Inc		811
351,642		Methanex Corp		7,837
591,616	*	MGI Pharma, Inc		13,294
1,305,637	*	Millennium Pharmaceuticals, Inc		14,832
329,183	e	Minerals Technologies, Inc		20,462
4,151,000	e	Mitsubishi Chemical Holdings Corp		35,331
335,436		Mitsubishi Gas Chemical Co, Inc		3,217
124,976	e*	Momenta Pharmaceuticals, Inc		1,620
3,312,878		Monsanto Co		182,076
1,524,728	*	Mosaic Co		40,649
1,030,596		Mylan Laboratories, Inc		21,787
371,100	e*	Nabi Biopharmaceuticals		1,971
607,167		Nalco Holding Co		14,511
3,299,821		Nan Ya Plastics Corp		6,182
128,278	e*	Nastech Pharmaceutical Co, Inc		1,384
7,632	*	Natraceutical S.A.		18
170,081		Natura Cosmeticos S.A.		1,915
621,779	*	NBTY, Inc		32,979
6,070		Neochimiki LV Lavrentiadis S.A.		169
220,346	e*	Neurocrine Biosciences, Inc		2,754
90,821	e*	New River Pharmaceuticals, Inc		5,779
98,780		NewMarket Corp		4,017

18

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
485,550	e*	Nippon Chemiphar Co Ltd	$	2,649
55,000		Nippon Kayaku Co Ltd		454
45,000		Nippon Shokubai Co Ltd		486
3,000		Nippon Soda Co Ltd		14
56,000		Nissan Chemical Industries Ltd		723
62,656	e	NL Industries, Inc		683
303,880	e*	Northfield Laboratories, Inc		1,097
116,200		Nova Chemicals Corp		3,592
4,644,148	e	Novartis AG.		266,384
401,230		Novartis AG. (ADR)		21,919
352,690	e*	Novavax, Inc		913
206,922	*	Noven Pharmaceuticals, Inc		4,801
402,941	e	Novo Nordisk A/S (Class B)		36,771
38,921	e	Novozymes A/S (B Shares)		3,482
462,638	*	NPS Pharmaceuticals, Inc		1,568
693,438	e*	Nuvelo, Inc		2,552
433,362		Olin Corp		7,341
184,264	*	OM Group, Inc		8,233
6,743	e	Omega Pharma S.A.		519
224,011	*	Omnova Solutions, Inc		1,223
108,287	e*	Omrix Biopharmaceuticals, Inc		4,144
254,251	e*	Onyx Pharmaceuticals, Inc		6,316
1,559		OPG Groep NV		195
253,066	e*	OraSure Technologies, Inc		1,860
929,068		Orica Ltd		19,056
3,708		Oriola-KD Oyj		16
29,575	e	Orion Oyj (Class B)		713
423,266	e*	OSI Pharmaceuticals, Inc		13,968
5,100	e*	Osiris Therapeutics, Inc		95
156,926	e*	Pacific Ethanol, Inc		2,672
192,356	e*	Pain Therapeutics, Inc		1,508
290,721	e*	Panacos Pharmaceuticals, Inc		1,346
204,688	*	Par Pharmaceutical Cos, Inc		5,142
154,545	*	Parexel International Corp		5,559
75,006	e*	Parlux Fragrances, Inc		419
494,301	*	PDL BioPharma, Inc		10,726
129,114	e*	Penwest Pharmaceuticals Co		1,301
1,028,029	e*	Peregrine Pharmaceuticals, Inc		1,007
460,678		Perrigo Co		8,136
110,154	e*	PetMed Express, Inc		1,305
42,754,944		Pfizer, Inc		1,079,990
143,805	e*	Pharmion Corp		3,781
41,699	e*	Pharmos Corp		60
9,600	*	Physicians Formula Holdings, Inc		181
102,411	*	Pioneer Cos, Inc		2,831
4,636		Polska Grupa Farmaceutyczna S.A.		129
563,135	*	PolyOne Corp		3,435
189,962		Potash Corp of Saskatchewan		30,292
224,147	e*	Pozen, Inc		3,306
2,049,900		PPG Industries, Inc		144,128
1,508,677		Praxair, Inc		94,986
274,833	*	Prestige Brands Holdings, Inc		3,257
18,738,657		Procter & Gamble Co		1,183,534

19

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
171,798	*	Progenics Pharmaceuticals, Inc	$	4,068
1,737,500	*	PT Kalbe Farma Tbk		230
89,100		PTT Chemical PCL		199
117,547	*	QLT, Inc		914
203,211	e*	Quidel Corp		2,439
296,029		Ranbaxy Laboratories Ltd		2,397
2,081,922		Reckitt Benckiser plc		108,404
6,503		Recordati S.p.A.		52
234,325	e*	Renovis, Inc		820
3,435	e*	Replidyne, Inc		19
1,173,429	e,v*	Revlon, Inc (Class A)		1,232
59	*	Rhodia S.A.		-	^
13,936		Richter Gedeon Nyrt		2,516
8,270		Roche Holding AG.		1,604
1,582,411	e	Roche Holding AG.		279,981
200,097	*	Rockwood Holdings, Inc		5,539
975,176		Rohm & Haas Co		50,436
489,826		RPM International, Inc		11,315
25,000		Sakai Chemical Industry Co Ltd		180
258,658	e*	Salix Pharmaceuticals Ltd		3,259
1,451,436	e	Sanofi-Aventis		126,222
2,216		Sanofi-Aventis (ADR)		96
316,917	e*	Santarus, Inc		2,231
62,400	e	Santen Pharmaceutical Co Ltd		1,604
63,200	e	Sawai Pharmaceutical Co Ltd		2,585
9,682,258		Schering-Plough Corp		246,994
260,263	e*	Sciele Pharma, Inc		6,163
218,643	e	Scotts Miracle-Gro Co (Class A)		9,627
277,324		Sensient Technologies Corp		7,149
469,621	e*	Sepracor, Inc		21,898
967,000		Shin-Etsu Chemical Co Ltd		59,001
255,264		Shionogi & Co Ltd		4,592
308,000		Shiseido Co Ltd		6,260
1,311,000		Showa Denko KK		4,928
54,321		Sidi Kerir Petrochemcials Co		197
692,585		Sigma-Aldrich Corp		28,756
1,180,000		Sinopec Shanghai Petrochemical Co Ltd		615
2,200	e	Sinopec Shanghai Petrochemical Co Ltd (ADR)		114
368,000	*	Sinopec Yizheng Chemical Fibre Co Ltd		110
23,132	*	Sniace-Soc Nacional Indust		166
900	e	Sociedad Quimica y Minera de Chile S.A. (ADR)		131
59,029		Sociedad Quimica y Minera de Chile S.A. (Class B)		856
26,726	e*	Somaxon Pharmaceuticals, Inc		326
9	*	Sosei Co Ltd		15
38,940	e*	Speedel Holding AG		5,746
1,067,813		SSL International plc		8,410
30,389		Stepan Co		798
100	*	Stratagene Corp		1
3,747,370	e	Sumitomo Chemical Co Ltd		28,302
19,768		Sun Pharmaceuticals Industries Ltd		480
428,185	e*	SuperGen, Inc		2,526
111,753	e*	SurModics, Inc		4,023
900,125		Symbion Health Ltd		2,644

20

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
88,376		Syngenta AG.	$	16,909
137,800	e	Taisho Pharmaceutical Co Ltd		2,526
232,000		Taiwan Fertilizer Co Ltd		386
93,127		Taiyo Nippon Sanso Corp		841
1,403,994	e	Takeda Pharmaceutical Co Ltd		92,098
1,364,000		Tanabe Seiyaku Co Ltd		18,555
138,155	e*	Tanox, Inc		2,592
531,000	e	Teijin Ltd		2,997
394,368		Teva Pharmaceutical Industries Ltd		14,587
1,683,800		Teva Pharmaceutical Industries Ltd (ADR)		63,025
478,000	e*	Theravance, Inc		14,101
1,234,000	e	Tokai Carbon Co Ltd		10,158
320,000	e	Tokuyama Corp		5,594
319,000	*	Tongjitang Chinese Medicines Co (ADR)		3,209
1,333,663	e	Toray Industries, Inc		9,643
171,000		Tosoh Corp		881
36,000		Toyo Ink Manufacturing Co Ltd		134
234,889	e	Tronox, Inc (Class B)		3,284
1,675	e*	Trubion Pharmaceuticals, Inc		33
290,869		UAP Holding Corp		7,519
37,950	e	UCB S.A.		2,209
4,783,187		Unilever plc		144,106
200,000		Unilever plc (ADR)		6,014
35,180		United Drug plc		188
173,761	*	United Therapeutics Corp		9,345
12,200	*	US BioEnergy Corp		140
96,417	e*	USANA Health Sciences, Inc		4,519
600,562	e*	USEC, Inc		9,759
537,920	*	Valeant Pharmaceuticals International		9,301
599,961		Valspar Corp		16,697
390,138	*	VCA Antech, Inc		14,166
91,500	e*	Verasun Energy Corp		1,818
1,424,230	*	Vertex Pharmaceuticals, Inc		39,935
2,142		Virbac S.A.		156
573,447	*	Viropharma, Inc		8,229
40,004	e*	Visicu, Inc		312
40,221		Wacker Chemie AG.		6,985
1,416,827	e*	Warner Chilcott Ltd (Class A)		20,983
1,090,235	*	Watson Pharmaceuticals, Inc		28,815
1,363	e	Wellman, Inc		5
339,671	e	Westlake Chemical Corp		9,222
412,531	e*	WR Grace & Co		10,899
7,511,765		Wyeth		375,814
122,331	e*	Xenoport, Inc		3,408
3,077		Yuhan Corp		482
56,584	e*	Zeltia S.A.		514
13,626		Zentiva NV		938
59,000		Zeon Corp		609
215,544	e*	Zymogenetics, Inc		3,354
		TOTAL CHEMICALS AND ALLIED PRODUCTS		12,088,399
COAL MINING - 0.23%
379,962	e*	Alpha Natural Resources, Inc		5,939

21

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
685,727	e	Arch Coal, Inc	$	21,045
16,108,000	*	China Coal Energy Co		17,214
1,029,000		China Shenhua Energy Co Ltd		2,489
891,815		Consol Energy, Inc		34,897
205,500		Fording Canadian Coal Trust		4,617
48,525		Gloucester Coal Ltd		141
651,432	e*	International Coal Group, Inc		3,420
90,338	e*	James River Coal Co		675
374,077	e	Massey Energy Co		8,974
2,571,914		Peabody Energy Corp		103,494
172,936		Penn Virginia Corp		12,693
8,278,500		PT Bumi Resources Tbk		1,207
379,149		Sasol Ltd		12,650
1,216,946	e	Sasol Ltd (ADR)		40,220
11,530	e*	Westmoreland Coal Co		232
649,374		Xstrata plc		33,378
968,000		Yanzhou Coal Mining Co Ltd		927
3,720	e	Yanzhou Coal Mining Co Ltd (ADR)		179
		TOTAL COAL MINING		304,391
COMMUNICATIONS - 4.82%
110,900		Advanced Info Service PCL		212
3,694,861		Advanced Info Service PCL		7,071
14,700	m	Advanced Info Service PCL (ADR)		30
86,163		AFK Sistema (GDR)		2,447
70,597	e*	Airspan Networks, Inc		268
260,402	e	Alaska Communications Systems Group, Inc		3,841
2,603,993		Alltel Corp		161,447
30,600	e*	Alvarion Ltd		246
10,995,608		America Movil S.A. de C.V.		26,338
222,941		America Movil S.A. de C.V. (ADR) (Series L)		10,654
2,491,902	*	American Tower Corp (Class A)		97,060
193,871	e*	Anixter International, Inc		12,784
72,902	e	Antena 3 de Television S.A.		1,630
298,887	*	Aruba Networks, Inc		4,385
38,034,141		AT&T, Inc		1,499,686
32,459		Atlantic Tele-Network, Inc		848
100,019	*	Audiovox Corp (Class A)		1,473
6,664,401	e	Austar United Communications Ltd		8,412
2,859,130	*	Avaya, Inc		33,766
1,793,183	e	BCE, Inc		50,712
2,017,400		BEC World PCL		1,256
592,534	e	Belgacom S.A.		26,318
52		Bell Aliant Regional Communications Income Fund		1
296,599		Bezeq Israeli Telecommunication Corp Ltd		458
16,232,310		Brasil Telecom Participacoes S.A.		327
117,198,019		Brasil Telecom Participacoes S.A.		1,052
291,204	e*	Brightpoint, Inc		3,331
715,222		British Sky Broadcasting plc		7,938
11,813,458		BT Group plc		70,613
855,327		Cable & Wireless plc		2,804
1,179,682		Cablevision Systems Corp (Class A)		35,898
122,088		Carphone Warehouse Group plc		665

22

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
83,442	*	Cbeyond Communications, Inc	$	2,447
129,733	e*	Centennial Communications Corp		1,068
14,190	*	Central European Media Enterprises Ltd (Class A)		1,278
505,350		CenturyTel, Inc		22,837
2,455,045	e*	Charter Communications, Inc (Class A)		6,850
3,398,580		China Mobile Hong Kong Ltd		30,904
15,800		China Mobile Hong Kong Ltd (ADR)		709
8,016,000		China Telecom Corp Ltd		3,940
4,700	e	China Unicom Ltd (ADR)		66
2,602,080		Chunghwa Telecom Co Ltd		5,040
17,442		Chunghwa Telecom Co Ltd (ADR)		347
1,722,174	*	Cincinnati Bell, Inc		8,094
356,745	e	Citadel Broadcasting Corp		3,393
432,000	v*	Citic 1616 Holdings Ltd		143
1,430,926	e	Citizens Communications Co		21,392
2,555,642		Clear Channel Communications, Inc		89,550
15,380,980	*	Comcast Corp (Class A)		399,136
297,523		Compania de Telecomunicaciones de Chile S.A. (Class A)		686
133,600		Comstar United Telesystems (GDR)		1,109
121,315	e	Consolidated Communications Holdings, Inc		2,413
32,428		Cosmote Mobile Telecommunications S.A.		971
1,833,733	e*	Covad Communications Group, Inc		2,329
338,685	e*	Cox Radio, Inc (Class A)		4,623
970,871	*	Crown Castle International Corp		31,194
128,041	e*	Crown Media Holdings, Inc (Class A)		682
122,386	e	CT Communications, Inc		2,950
210,752	*	CTC Media, Inc		5,412
342,302	e*	Cumulus Media, Inc (Class A)		3,211
8,000		Denki Kogyo Co Ltd		71
2,501,722		Deutsche Telekom AG.		41,373
6,477,665	*	DIRECTV Group, Inc		149,440
32,121	m,v*	Dish TV India Ltd		175
908,714	*	Dobson Communications Corp (Class A)		7,806
1,797,156	*	EchoStar Communications Corp (Class A)		78,050
13	*	Ectel Ltd		-	^
12,027		Egyptian Co for Mobile Services		333
47,874	e	Elisa Oyj		1,387
1,159,015		Embarq Corp		65,310
206,017,628		Embratel Participacoes S.A.		602
222,877	e	Emmis Communications Corp (Class A)		1,881
15,611		Empresa Nacional de Telecomunicaciones S.A.		224
190,962	e	Entercom Communications Corp (Class A)		5,381
360,874	*	Entravision Communications Corp (Class A)		3,371
71,162	*	Eschelon Telecom, Inc		2,057
355,011		Eutelsat Communications		8,024
174,063	e	Fairpoint Communications, Inc		3,344
526,309	e*	FiberTower Corp		2,732
39,920	e*	Fisher Communications, Inc		1,940
1,009,972	*	Foundry Networks, Inc		13,705
2,107,602	e	France Telecom S.A.		55,661
385		Fuji Television Network, Inc		892
320,219	*	General Communication, Inc (Class A)		4,483
485,973		Global Payments, Inc		16,552

23

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
52,972	e*	Globalstar, Inc	$	562
43,360		Globe Telecom, Inc		1,105
134,711		Golden Telecom, Inc		7,460
299,150		Gray Television, Inc		3,117
1,427,108		Grupo Televisa S.A.		8,520
252,900		Grupo Televisa S.A. (ADR)		7,536
135,001	e*	Harris Stratex Networks, Inc (Class A)		2,591
151,392		Hearst-Argyle Television, Inc		4,116
155,848		Hellenic Telecommunications Organization S.A.		4,264
18,700	e	Hikari Tsushin, Inc		852
10,416	*	Hungarian Telephone & Cable		221
443,961		Hutchison Telecommunications International Ltd		900
1,024,975	*	IAC/InterActiveCorp		38,652
665,545	*	Idea Cellular Ltd		1,449
55,284	*	IDT Corp		624
264,930	e	IDT Corp (Class B)		3,007
1,075,000		Indosat Tbk PT		736
1,116,096		Informa plc		13,354
129,573	e*	InPhonic, Inc		1,412
439		Internet Initiative Japan Inc		1,747
151,630	*	ION Media Networks, Inc		202
196,490	e	Iowa Telecommunications Services, Inc		3,930
100,055	*	iPCS, Inc		4,902
1,883	e*	ITC DeltaCom, Inc		5
1,371,112		ITV plc		2,941
46,000		Iwatsu Electric Co Ltd		66
295,718	e*	j2 Global Communications, Inc		8,197
1,476	*	Jupiter Telecommunications Co		1,240
168,427	e	Kadokawa Holdings, Inc		5,503
2,057		KDDI Corp		16,426
26,976		Kingston Communications plc		41
67,285		KT Corp		3,018
10,800		KT Corp (ADR)		242
71,468		KT Freetel Co Ltd		2,002
272,739	*	Leap Wireless International, Inc		17,995
6,987,199	e*	Level 3 Communications, Inc		42,622
2,774,160	*	LG Telecom Ltd		31,551
2,266,536	*	Liberty Global, Inc (Class A)		74,637
19,528	*	Liberty Global, Inc (Series C)		598
860,033	*	Liberty Media Corp - Capital (Series A)		95,111
3,620,380	*	Liberty Media Holding Corp (Interactive A)		86,237
199,839	*	Lightbridge, Inc		3,511
213,807	e*	Lin TV Corp (Class A)		3,400
102,871	*	Lodgenet Entertainment Corp		3,160
26,420		LS Cable Ltd		1,156
19,891		M6-Metropole Television		729
231,416		Magyar Telekom		1,169
5,900		Magyar Telekom (ADR)		151
3,448		Mahanagar Telephone Nigam		12
6,600		Mahanagar Telephone Nigam (ADR)		44
96,631		Maroc Telecom		1,595
243,000	*	Mastec, Inc		2,675
1,152,700		Maxis Communications BHD		3,967

24

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
30,000		Media Prima BHD	$	22
351,295	*	Mediacom Communications Corp (Class A)		2,860
271,552		Mediaset S.p.A.		2,955
3,187	e*	Metro One Telecommunications, Inc		7
124,511		Mobile TeleSystems (ADR)		6,968
31,290		MobileOne Ltd		45
9,791	e	Mobistar S.A.		828
15,917		Modern Times Group AB (B Shares)		931
796,873		MTN Group Ltd		10,820
22,100		MTN Group Ltd (ADR)		299
195,462		Naspers Ltd (N Shares)		4,729
5,000		Naspers Ltd (N Shares) (ADR)		120
60,175	*	NET Servicos de Comunicacao S.A.		814
3,400	e	Net Servicos de Comunicacao S.A. (ADR)		46
314,790	e*	NeuStar, Inc (Class A)		8,953
259,400	e	News Corp (Class B)		6,380
691,234	*	NII Holdings, Inc		51,276
11,737		Nippon Telegraph & Telephone Corp		62,052
88,585	e	North Pittsburgh Systems, Inc		1,928
307,024	e*	Novatel Wireless, Inc		4,925
75,873		NTELOS Holdings Corp		1,458
29,537	e	NTT DoCoMo, Inc		54,642
1,607		Okinawa Cellular Telephone Co		5,087
59,505	*	Orascom Telecom Holding SAE		4,127
12,000	e*	Orbcomm, Inc		153
354,714	e*	PAETEC Holding Corp		3,717
292,000		Pakistan Telecommunication Co Ltd		228
162,668		Partner Communications		2,391
4,900		Partner Communications (ADR)		73
9,103,000	*	Paxys, Inc		5,377
760	e*	Pegasus Wireless Corp		-	^
37,437		Philippine Long Distance Telephone Co		1,959
75,397	e	Philippine Long Distance Telephone Co (ADR)		3,981
1,685,500	*	Pilipino Telephone Corp		245
269,377	e	Portugal Telecom SGPS S.A.		3,609
700		Price Communications Corp		14
232,271		ProSiebenSat.1 Media AG.		8,201
5,800	e	PT Indosat Tbk (ADR)		196
23,801	e	PT Multimedia Servicos de Telecomunicacoes e Multimedia SGPS S.A.		353
11,400		PT Telekomunikasi Indonesia (ADR)		492
343,091	e	Publicis Groupe S.A.		16,573
7,865,143	e*	Qwest Communications International, Inc		70,708
3,756	*	Radio One, Inc (Class A)		24
496,203	*	Radio One, Inc (Class D)		3,205
178,130	*	RCN Corp		4,551
213,116	*	Retelit S.p.A		125
793,231		Rogers Communications, Inc (Class B)		25,965
38,500	e	Rostelecom (ADR)		1,998
14,487,872	e	Royal KPN NV		225,662
65,057		Salem Communications Corp (Class A)		813
245,805	e*	SAVVIS, Inc		11,769
495,458	*	SBA Communications Corp (Class A)		14,641
1,446,293		Seat Pagine Gialle S.p.A.		892

25

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
432,350		Shaw Communications, Inc (Class B)	$	15,946
40,655	e	Shenandoah Telecom Co		1,914
20,200	e,m,v	Sibirtelecom (ADR)		1,959
364,692		Sinclair Broadcast Group, Inc (Class A)		5,634
10,229,087		Singapore Telecommunications Ltd		22,115
19,198		SK Telecom Co Ltd		3,908
12,200		SK Telecom Co Ltd (ADR)		286
155,229		Sky Network Television Ltd		603
36	v	Sky Perfect Jsat Corp		21
14,500		SmarTone Telecommunications Holding Ltd		17
41,851	e	Societe Television Francaise 1		1,401
14,183	e*	Sogecable S.A.		588
608,367	*	Sonda S.A.		769
225,473	e*	Spanish Broadcasting System, Inc (Class A)		902
24,763,145		Sprint Nextel Corp		469,509
11,708	*	SunCom Wireless Holdings, Inc (Class A)		20
92,509	e	SureWest Communications		2,301
59,881	e	Swisscom AG.		21,646
2,100	*	Switch & Data Facilities Co, Inc		38
243,090	*	Syniverse Holdings, Inc		2,562
1,275,000		Taiwan Mobile Co Ltd		1,366
30,137		Tele Norte Leste Participacoes S.A.		873
120,658		Tele Norte Leste Participacoes S.A.		1,672
104,977		Tele2 AB (B Shares)		1,721
41,800	e*	Telecom Argentina S.A. (ADR)		892
7,234,898		Telecom Corp of New Zealand Ltd		24,446
110,316		Telecom Egypt		314
7,461,142		Telecom Italia S.p.A.		21,279
5,176,544	e	Telecom Italia S.p.A.		12,800
9,200		Telefonica de Argentina S.A. (ADR)		174
55,430		Telefonica O2 Czech Republic A.S.		1,450
2,822	m	Telefonica O2 Czech Republic A.S. (GDR)		82
4,949,501		Telefonica S.A.		109,094
9,500	e	Telefonos de Mexico S.A. de C.V. (Class A) (ADR)		314
5,458,802		Telefonos de Mexico S.A. de C.V. (Series L)		9,124
3,660,052		Telekom Austria AG.		91,478
541,700		Telekom Malaysia BHD		1,567
386,672		Telekomunikacja Polska S.A.		3,191
6,499,500		Telekomunikasi Indonesia Tbk PT		7,016
12,282,997		Telemig Celular Participacoes S.A.		23
220,000	e*	Telenet Group Holding NV		7,094
1,766,696	e	Telenor ASA		31,391
1		Telephone & Data Systems, Inc		-	^
606,133		Telephone & Data Systems, Inc		36,138
220,673		Telesp Celular Participacoes S.A.		767
862,300		Television Broadcasts Ltd		5,391
1,093,938	e	TeliaSonera AB		9,439
162,735		Telkom S.A. Ltd		3,724
1,700	e	Telkom S.A. Ltd (ADR)		156
55,351	e*	Telkonet, Inc		149
3,932,598	e	Telstra Corp Ltd		14,828
464,353	e	Telstra Corp Ltd		1,206
170,462		TELUS Corp		8,697

26

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
397,147		TELUS Corp	$	19,821
506,587	e*	Terremark Worldwide, Inc		4,083
291,918,834		Tim Participacoes S.A.		949
95,918	e*	Tiscali S.p.A.		363
443,067	e*	TiVo, Inc		2,813
30,200		Tokyo Broadcasting System, Inc		1,117
505,600	*	Total Access Communication PCL		2,285
96,366,432	*	True Corp PCL		15,001
268,952		Turkcell Iletisim Hizmet A.S.		1,372
12,453	e	Turkcell Iletisim Hizmetleri AS (ADR)		165
318,617		TV Azteca S.A. de C.V.		295
57,200	*	TVN S.A.		520
84,500	e,v	Uralsvyazinform (ADR)		1,132
97,113	*	US Cellular Corp		7,133
195,723	e	USA Mobility, Inc		3,901
16,031,904		Verizon Communications, Inc		607,930
4,767,757	*	Viacom, Inc (Class B)		196,002
12,600		Videsh Sanchar Nigam Ltd		117
1,900	e	Videsh Sanchar Nigam Ltd (ADR)		35
57,150	e	Vimpel-Communications (ADR)		5,420
61,849,494		Vodafone Group plc		164,917
56,249		Vodafone Group plc (ADR)		1,511
12,700		VolgaTelecom (ADR)		159
380,397	e*	Vonage Holdings Corp		1,312
2,507,721		Windstream Corp		36,838
328,857	e*	Wireless Facilities, Inc		427
5,344	e*	WorldSpace, Inc (Class A)		19
13	m,v*	Xanadoo Co		3
1,454,232	e*	XM Satellite Radio Holdings, Inc (Class A)		18,789
117,320		ZEE Telefilms Ltd		677
		TOTAL COMMUNICATIONS		6,408,087
DEPOSITORY INSTITUTIONS - 9.65%
112,268		1st Source Corp		2,938
750,000		77 Bank Ltd		4,894
27,960	e	Abington Community Bancorp, Inc		555
6,130,855		ABN AMRO Holding NV		263,878
9,988	e	Adelaide Bank Ltd		111
218,534		African Bank Investments Ltd		913
6,599	e	Akbank T.A.S. (ADR)		80
471,083		Akbank TAS		3,147
100,961		Alabama National Bancorp		7,149
822,758		Allied Irish Banks plc		24,399
471,495		Allied Irish Banks plc		13,951
239,922		Alpha Bank S.A.		7,596
1,305		Amagerbanken A/S		90
158,264		Amcore Financial, Inc		5,025
59,037	e	AmericanWest Bancorp		1,272
70,065	e	Ameris Bancorp		1,715
20,652,336		AMMB Holdings BHD		22,459
129,895		Anchor Bancorp Wisconsin, Inc		3,682
29,120		Arab Bank plc		1,008
61,296	e	Arrow Financial Corp		1,373

27

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
588,426		Associated Banc-Corp	$	19,771
1,048,348		Astoria Financial Corp		27,876
3,746		Attijariwafa Bank		1,174
2,033,731		Australia & New Zealand Banking Group Ltd		48,871
11,481,009		Banca Intesa S.p.A.		87,190
741,359		Banca Intesa S.p.A.		5,546
377,597	e	Banca Monte dei Paschi di Siena S.p.A.		2,366
143,526		Banca Popolare di Milano		2,222
43,585		Bancfirst Corp		2,020
118,758		Banche Popolari Unite Scpa		3,514
6,327,496	e	Banco Bilbao Vizcaya Argentaria S.A.		155,358
91,504		Banco BPI S.A.		794
572,416		Banco Bradesco S.A.		11,669
9,800	e	Banco Bradesco S.A. (ADR)		396
720,587		Banco Comercial Portugues S.A.		2,609
1,024		Banco de Chile (ADR)		50
55,458		Banco de Credito e Inversiones		1,820
4,215,200		Banco de Oro Universal Bank		5,242
68,979		Banco Espirito Santo S.A.		1,317
288,579		Banco Itau Holding Financeira S.A.		10,071
10,500	e	Banco Itau Holding Financeira S.A. (ADR)		366
108,772		Banco Nossa Caixa S.A.		1,548
586,776	e	Banco Popolare di Verona e Novara Scrl		18,224
302,527	e	Banco Popular Espanol S.A.		6,240
9,624,683	e	Banco Santander Central Hispano S.A.		171,771
23,239,810		Banco Santander Chile S.A.		1,114
8,000		Banco Santander Chile S.A. (ADR)		399
117,190		BanColombia S.A. (ADR)		3,245
60,085	*	Bancorp, Inc		1,562
343,154		Bancorpsouth, Inc		8,390
53,199	e	BancTrust Financial Group, Inc		1,126
90,500		Bangkok Bank PCL		279
366,100		Bangkok Bank PCL		1,182
15,283	e	Banif SGPS S.A.		114
3,114,000		Bank Central Asia Tbk PT		1,740
626,924		Bank Hapoalim Ltd		3,009
542,278		Bank Leumi Le-Israel		1,956
354,834	e	Bank Mutual Corp		4,034
27,240,570		Bank of America Corp		1,389,814
4,675,358	v*	Bank of Ayudhya PCL		1,088
13,070,000		Bank of China Ltd		6,507
3,590,022		Bank of Communications Co Ltd		3,689
2,411,140		Bank of East Asia Ltd		14,025
164,100	e	Bank of Granite Corp		2,941
222,514		Bank of Hawaii Corp		11,800
304,195		Bank of Ireland		6,563
37,625		Bank of Ireland		810
10,999		Bank of Jordan		49
464,900	e	Bank of Kyoto Ltd		5,338
963,166		Bank of Montreal		58,165
6,818,905		Bank of New York Co, Inc		276,507
2,069,432		Bank of Nova Scotia		95,343
139,800		Bank of Okinawa Ltd		5,173

28

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
68,250	e	Bank of the Ozarks, Inc	$	1,960
354,700		Bank of the Philippine Islands		482
314,300	*	Bank of the Ryukyus Ltd		7,348
1,850,600	e	Bank of Yokohama Ltd		13,804
4,064		Bank Przemyslowo-Handlowy Bph		1,384
5,079,500		Bank Rakyat Indonesia		2,811
38,223		Bank Zachodni WBK S.A.		3,567
274,004		BankAtlantic Bancorp, Inc (Class A)		3,003
140,808	e	BankFinancial Corp		2,291
239,490	e	BankUnited Financial Corp (Class A)		5,080
63,319		Banner Corp		2,631
655		Banque Marocaine du Commerce Exterieur		170
14,212,036		Barclays plc		201,643
1,461		Basler Kantonalbank		143
2,441,853		BB&T Corp		100,165
17,900		BBVA Banco Frances S.A. (ADR)		223
43,606	e	Berkshire Hills Bancorp, Inc		1,467
134,701	e*	BFC Financial Corp (Class A)		593
2,133,953	e	BNP Paribas		222,891
4,656,267		BOC Hong Kong Holdings Ltd		11,287
93,182		BOK Financial Corp		4,615
220,395	e	Boston Private Financial Holdings, Inc		6,153
2,889	*	BRE Bank S.A.		478
380,178	e	Brookline Bancorp, Inc		4,817
2,932,848		Bumiputra-Commerce Holdings Bhd		8,440
48,906	e	Cadence Financial Corp		978
45,954	e	Camden National Corp		1,994
713,395		Canadian Imperial Bank of Commerce		61,910
13,905	*	Capital Bank of Jordan		49
70,818	e	Capital City Bank Group, Inc		2,358
52,299	e	Capital Corp of the West		1,389
586,385	e	Capitalia S.p.A.		5,299
77,341		Capitol Bancorp Ltd		2,850
97,065	e	Capitol Federal Financial		3,670
138,858	e	Cardinal Financial Corp		1,386
161,921	e	Cascade Bancorp		4,200
30,717	e	Cass Information Systems, Inc		1,037
3,161,864		Cathay Financial Holding Co Ltd		6,564
302,596	e	Cathay General Bancorp		10,282
394,847	e*	Centennial Bank Holdings, Inc		3,415
79,325	e	Center Financial Corp		1,568
38,859	e	Centerstate Banks of Florida, Inc		687
223,233	e	Central Pacific Financial Corp		8,164
1,734,000	*	Chang Hwa Commercial Bank		1,045
1,140	e	Charter Financial Corp		55
150,271	e	Chemical Financial Corp		4,477
1,487,855		Chiba Bank Ltd		13,131
16,200,545		China Construction Bank		9,268
7,857,566		China Development Financial Holding Corp		3,502
3,641,305		Chinatrust Financial Holding Co		2,844
319,837		Chittenden Corp		9,656
497,623		Citizens Banking Corp		11,027
49,605		Citizens First Bancorp, Inc		1,130

29

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
85,651	e	City Bank	$	2,750
110,454		City Holding Co		4,468
169,344		City National Corp		12,464
78,448		Clifton Savings Bancorp, Inc		937
1,209,944		Close Brothers Group plc		24,119
103,042	e	Coastal Financial Corp		1,611
79,208	e	CoBiz, Inc		1,577
1,676,229		Colonial Bancgroup, Inc		41,487
50,776	e	Columbia Bancorp		1,219
92,298		Columbia Banking System, Inc		3,113
914,324		Comerica, Inc		54,055
805,523		Commerce Bancorp, Inc		26,888
312,324		Commerce Bancshares, Inc		15,088
2,571		Commercial Bankshares, Inc		126
51,421		Commercial International Bank		500
16,173		Commercial International Bank (GDR)		158
372,843	e	Commerzbank AG.		16,496
1,314,115		Commonwealth Bank of Australia		53,439
55,670	e*	Community Bancorp		1,712
208,792		Community Bank System, Inc		4,368
132,406	e	Community Banks, Inc		3,161
110,012		Community Trust Bancorp, Inc		3,986
520,401		Compass Bancshares, Inc		35,804
5,211,116		CorpBanca S.A.		28
304,748	e	Corus Bankshares, Inc		5,199
34,261		Credicorp Ltd		1,667
736,881	e	Credit Agricole S.A.		28,733
236,061		Cullen/Frost Bankers, Inc		12,353
375,454	e	CVB Financial Corp		4,468
116,390		Daegu Bank		2,116
494,936	e	Danske Bank A/S		23,026
2,034,099		DBS Group Holdings Ltd		28,692
1,127,823		Depfa Bank plc		20,143
671,575		Deutsche Bank AG.		90,466
1,337,905	e	Dexia		39,927
168,373		Dime Community Bancshares		2,228
1,202,500	e	DNB NOR Holding ASA		16,974
69,354	*	Dollar Financial Corp		1,755
166,179	e	Downey Financial Corp		10,725
1,228,700		E.Sun Financial Holding Co Ltd		737
273,997		East West Bancorp, Inc		10,075
77,712		EFG Eurobank Ergasias S.A.		3,177
105,717		Egyptian Financial Group-Hermes Holding		703
3,920		El Watany Bank of Egypt		30
47,225	e	Enterprise Financial Services Corp		1,322
1,225,600		EON Capital BHD		2,375
61,635		Erste Bank der Oesterreichischen Sparkassen AG.		4,800
198,179	e*	Euronet Worldwide, Inc		5,323
36,935	e	Farmers Capital Bank Corp		1,085
2,041,297		Fifth Third Bancorp		78,978
66,126	e	First Bancorp		1,414
524,818		First Bancorp		6,959
78,514	e	First Busey Corp		1,683

30

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
182,731		First Charter Corp	$	3,929
29,592		First Citizens Bancshares, Inc (Class A)		5,948
426,796	e	First Commonwealth Financial Corp		5,015
140,303		First Community Bancorp, Inc		7,933
58,171		First Community Bancshares, Inc		2,269
100		First Defiance Financial Corp		3
200,643	e	First Financial Bancorp		3,032
117,286	e	First Financial Bankshares, Inc		4,905
78,440	e	First Financial Corp		2,428
76,930	e	First Financial Holdings, Inc		2,662
2,868,844	e	First Horizon National Corp		119,143
82,171		First Indiana Corp		1,795
128,396		First Merchants Corp		3,046
312,339		First Midwest Bancorp, Inc		11,478
673,762	e	First Niagara Financial Group, Inc		9,372
95,639		First Place Financial Corp		2,051
54,889	*	First Regional Bancorp		1,630
154,966		First Republic Bank		8,322
48,468	e	First South Bancorp, Inc		1,487
103,147		First State Bancorporation		2,326
124,018	e*	FirstFed Financial Corp		7,048
547,146		FirstMerit Corp		11,550
1,789,615		FirstRand Ltd		6,069
365,336	e	Flagstar Bancorp, Inc		4,366
106,676		Flushing Financial Corp		1,731
340,601	e	FNB Corp		5,739
74,270	e	FNB Corp		2,661
633,032	e	Fortis		28,912
130,513	e*	Franklin Bank Corp		2,332
447,917	e	Fremont General Corp		3,104
232,443	e	Frontier Financial Corp		5,799
1,957,818		Fubon Financial Holding Co Ltd		1,763
12,399		Fubon Financial Holding Co Ltd (GDR)		112
10,505,587	*	Fuhwa Financial Holdings Co Ltd		5,079
1,427,800	v	Fukuoka Financial Group, Inc		11,523
763,127		Fulton Financial Corp		11,088
71,005	e	GB&T Bancshares, Inc		1,287
306,967	e	Glacier Bancorp, Inc		7,379
61,955	e	Great Southern Bancorp, Inc		1,814
378,826		Greater Bay Bancorp		10,187
43,180		Greene County Bancshares, Inc		1,464
627,227		Grupo Financiero Banorte S.A. de C.V.		2,972
40,800	e*	Grupo Financiero Galicia S.A. (ADR)		425
686,560		Gunma Bank Ltd		4,865
271,571		Haci Omer Sabanci Holding A.S.		1,112
171,039		Hancock Holding Co		7,522
611,445		Hang Seng Bank Ltd		8,686
239,517		Hanmi Financial Corp		4,565
179,920	e	Harleysville National Corp		3,206
110,446		HDFC Bank Ltd		2,425
6,200		HDFC Bank Ltd (ADR)		400
78,284	e	Heartland Financial USA, Inc		2,094
61,525		Heritage Commerce Corp		1,568

31

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
1,063,600		Hokuhoku Financial Group, Inc	$	3,664
16,689	e	Home Bancshares, Inc		368
24,274	e	Home Federal Bancorp, Inc		377
127,600		Hong Leong Bank BHD		221
4,300		Hong Leong Credit BHD		7
72,299	e	Horizon Financial Corp		1,596
15,123		Housing Bank for Trade and Finance		143
15,361,797		HSBC Holdings plc		268,893
1,585,000		Hua Nan Financial Holdings Co Ltd		1,188
7,678,696		Hudson City Bancorp, Inc		105,045
1,001,595	e	Huntington Bancshares, Inc		21,885
56,584		IBERIABANK Corp		3,149
9,000	e	ICICI Bank Ltd (ADR)		331
87,960		Independent Bank Corp		2,897
138,858		Independent Bank Corp		2,829
17,048,000		Industrial & Commercial Bank of China		9,557
319,401	e	IndyMac Bancorp, Inc		10,237
91,495		Integra Bank Corp		2,039
318,322		International Bancshares Corp		9,445
37,259	*	Intervest Bancshares Corp		1,069
215,917		Investec Ltd		2,777
239,064		Investec plc		3,096
314,926	*	Investors Bancorp, Inc		4,548
320,542		Investors Financial Services Corp		18,640
173,726	e	Irwin Financial Corp		3,238
24,547	*	Israel Discount Bank Ltd		52
33,093		ITLA Capital Corp		1,721
32,544	*	Jordan Islamic Bank		207
3,730,000		Joyo Bank Ltd		23,297
23,473,735		JPMorgan Chase & Co		1,135,659
611,936		Julius Baer Holding AG.		83,495
17,899	*	Jyske Bank		1,441
11,000		Kagawa Bank Ltd/The		70
612,700		Kasikornbank PCL		1,138
387,700		Kasikornbank PCL		720
1,698,500		Kasikornbank PCL		3,250
128,009	e	Kearny Financial Corp		1,841
1,799,017		Keycorp		67,409
92,000		Kiyo Holdings, Inc		169
181,548		KNBT Bancorp, Inc		2,676
7,488		Komercni Banka A.S.		1,302
1,365		Komercni Banka A.S. (GDR)		78
287,785		Kookmin Bank		25,817
13,400		Kookmin Bank (ADR)		1,208
185,140		Korea Exchange Bank		2,991
103,500		Krung Thai Bank PCL		36
4,335,300		Krung Thai Bank PCL		1,498
104,067	e	Lakeland Bancorp, Inc		1,410
69,220	e	Lakeland Financial Corp		1,571
3,435,798		Lloyds TSB Group plc		37,862
305,782		M&T Bank Corp		35,419
95,910	e	Macatawa Bank Corp		1,765
217,266		MAF Bancorp, Inc		8,982

32

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
82,341	e	MainSource Financial Group, Inc	$	1,398
1,133,400		Malayan Banking BHD		4,196
1,021,584		Marshall & Ilsley Corp		47,310
214,889		MB Financial, Inc		7,738
86,227	e	MBT Financial Corp		1,113
99,405		MCB Bank Ltd		443
49,000	g,m,v	MCB Bank Ltd (GDR)		956
990,059	e	Mediobanca S.p.A.		22,047
2,416,743		Mellon Financial Corp		104,258
55,826		Mercantile Bank Corp		1,813
31,711	e	MetroCorp Bancshares, Inc		672
3,453,000		Metropolitan Bank & Trust		4,473
133,272	e	Mid-State Bancshares		4,890
88,864	e	Midwest Banc Holdings, Inc		1,574
14,858		Mitsubishi UFJ Financial Group, Inc		167,695
568,000		Mitsui Trust Holdings, Inc		5,601
6,657		Mizrahi Tefahot Bank Ltd		49
16,912		Mizuho Financial Group. Inc		108,929
114,292		Nara Bancorp, Inc		2,001
20,266	e	NASB Financial, Inc		706
1,454,249		National Australia Bank Ltd		47,536
275,613		National Bank Of Canada		14,916
887,783		National Bank of Greece S.A.		47,082
123,165		National Bank Of Pakistan		465
2,995,314		National City Corp		111,575
6,575,925		National Finance PCL		2,648
291,286	e	National Penn Bancshares, Inc		5,505
202,123		NBT Bancorp, Inc		4,736
161,072		Nedbank Group Ltd		3,131
279,310	e*	Net 1 UEPS Technologies, Inc		6,949
276,474	e*	NetBank, Inc		611
1,190,189	e	New York Community Bancorp, Inc		20,935
654,557		NewAlliance Bancshares, Inc		10,610
2,923,800		Nishi-Nippon City Bank Ltd		12,976
876,656		Nordea Bank AB		14,067
8,021,443	e	Nordea Bank AB		128,085
2,450,339		Northern Trust Corp		147,363
113,934	e	Northwest Bancorp, Inc		3,086
60,882	e	OceanFirst Financial Corp		1,056
71,545	e	OKO Bank (Class A)		1,220
468,344	e	Old National Bancorp		8,514
79,962	e	Old Second Bancorp, Inc		2,191
72,839	e	Omega Financial Corp		2,077
183,921		Oriental Financial Group, Inc		2,167
143,203		OTP Bank Rt		6,561
3,268,769		Oversea-Chinese Banking Corp		19,391
378,820		Pacific Capital Bancorp		12,168
75,757	e	Park National Corp		7,158
289,720		Partners Trust Financial Group, Inc		3,311
59,057		Pennfed Financial Services, Inc		1,280
85,040		Peoples Bancorp, Inc		2,246
247,620	e	People's Bank		10,994
136,249		PFF Bancorp, Inc		4,132

33

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
86,223	e*	Pinnacle Financial Partners, Inc	$	2,631
755,330		Piraeus Bank S.A.		26,234
65,977		Placer Sierra Bancshares		1,785
1,828,329		PNC Financial Services Group, Inc		131,585
1,230,571		Popular, Inc		20,378
267,412		Powszechna Kasa Oszczednosci Bank Polski S.A.		4,455
51,514		Preferred Bank		2,020
81,916	e	Premierwest Bancorp		1,107
100,238	e	PrivateBancorp, Inc		3,665
203,996	e	Prosperity Bancshares, Inc		7,087
204,384		Provident Bankshares Corp		6,716
514,845		Provident Financial Services, Inc		8,984
236,962	e	Provident New York Bancorp		3,353
815,500		PT Bank Danamon Indonesia Tbk		585
235,067,000		PT Bank Internasional Indonesia Tbk		4,972
23,275,500		PT Bank Mandiri Persero Tbk		6,377
577,300		Public Bank BHD		1,503
150,580		Pusan Bank		2,241
25,785	e	QC Holdings, Inc		343
28,481		Raiffeisen International Bank Holding AG.		4,009
3,516,349		Regions Financial Corp		124,373
89,936	e	Renasant Corp		2,220
93,840	e	Republic Bancorp, Inc (Class A)		2,122
15,854	e	Resona Holdings, Inc		42,649
1,105,400		RHB Capital BHD		1,528
2,733,900		Rizal Commercial Banking Corp		1,643
51,072	e	Rockville Financial, Inc		768
6,202	e	Roma Financial Corp		96
585		Roskilde Bank		66
364	v*	Roskilde Bank		2
65,453	e	Royal Bancshares of Pennsylvania (Class A)		1,555
2,448,437	e	Royal Bank of Canada		121,945
135,600	*	Royal Bank Of Canada		6,766
7,496,242		Royal Bank of Scotland Group plc		292,669
159,193	e	S&T Bancorp, Inc		5,260
72,407	e	S.Y. Bancorp, Inc		1,800
89,503		Sandy Spring Bancorp, Inc		3,100
41,133		Santander BanCorp		724
771		Sapporo Hokuyo Holdings, Inc		7,720
33,600	e,v	Sberbank (GDR)		14,475
51,845		SCBT Financial Corp		1,880
74,758	e	Seacoast Banking Corp of Florida		1,695
74,877		Security Bank Corp		1,508
9,515,911		Shin Kong Financial Holding Co Ltd		8,440
366,595		Shinhan Financial Group Co Ltd		21,042
4,200		Shinhan Financial Group Co Ltd (ADR)		478
4,303,000		Shinsei Bank Ltd		20,631
1,781,300	e	Shizuoka Bank Ltd		18,971
54,536	e	Shore Bancshares, Inc		1,442
203,800	v	Siam Commercial Bank PCL		393
32,499	e	Sierra Bancorp		912
155,930	*	Signature Bank		5,074
85,157	e	Simmons First National Corp (Class A)		2,561

34

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
2,694,947		SinoPac Financial Holdings Co Ltd	$	1,238
738,244	e	Skandinaviska Enskilda Banken AB (Class A)		23,629
471,027		Sky Financial Group, Inc		12,652
45,849	e	Smithtown Bancorp, Inc		1,192
1,296,637	e	Societe Generale		224,083
981,251		South Financial Group, Inc		24,257
66,414	e	Southside Bancshares, Inc		1,522
99,077		Southwest Bancorp, Inc		2,545
1,586,927		Sovereign Bancorp, Inc		40,371
767,980		Standard Bank Group Ltd		11,306
100		State Bancorp, Inc		2
10,200		State Bank of India Ltd		233
4,176		State Bank of India Ltd (GDR)		255
1,734,113		State Street Corp		112,284
109,372		Sterling Bancorp		1,980
472,930		Sterling Bancshares, Inc		5,287
193,565		Sterling Financial Corp		4,297
286,935		Sterling Financial Corp		8,950
68,515	e	Suffolk Bancorp		2,212
9,684	e	Sumitomo Mitsui Financial Group, Inc		87,932
2,156,692		Sumitomo Trust & Banking Co Ltd		22,493
2,938	e	Summit Financial Group, Inc		62
93,279	e*	Sun Bancorp, Inc		1,734
4,429,201		SunTrust Banks, Inc		367,801
94,178	e*	Superior Bancorp		1,017
168,300		Suruga Bank Ltd		2,194
347,032		Susquehanna Bancshares, Inc		8,048
206,374	e*	SVB Financial Group		10,028
179,726	e	Svenska Handelsbanken (A Shares)		5,341
19,069		Sydbank A/S		1,026
1,474,536		Synovus Financial Corp		47,686
37,582		Taylor Capital Group, Inc		1,315
3,326,830		TCF Financial Corp		87,695
597,622		TD Banknorth, Inc		19,220
152,717	e*	Texas Capital Bancshares, Inc		3,131
130,004		TierOne Corp		3,515
44,682	e	Tompkins Trustco, Inc		1,870
95,258	e	Trico Bancshares		2,255
447,694	e	Trustco Bank Corp NY		4,289
311,572		Trustmark Corp		8,736
530,765		Turkiye Garanti Bankasi A.S.		2,383
17,850	m,v	Turkiye Garanti Bankasi AS (ADR)		62
551,915		Turkiye Is Bankasi		2,656
300,779		Turkiye Vakiflar Bankasi Tao		752
144,171	*	Turkiye Vakiflar Bankasi Tao		323
3,276,970	e	UBS A.G.		194,706
557,735		UCBH Holdings, Inc		10,385
190,285		UMB Financial Corp		7,185
340,058	e	Umpqua Holdings Corp		9,103
598,350		Unibanco - Uniao de Bancos Brasileiros S.A.		5,283
18,664,837		UniCredito Italiano S.p.A		177,650
77,081	e	Union Bankshares Corp		1,999
517,550		UnionBanCal Corp		32,823

35

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
69,025		United Bank Ltd	$	185
234,196		United Bankshares, Inc		8,204
196,427	e	United Community Banks, Inc		6,441
157,633		United Community Financial Corp		1,742
1,657,490		United Overseas Bank Ltd		22,943
37,962	e	United Security Bancshares		724
66,327	e	Univest Corp of Pennsylvania		1,643
11,584,956		US Bancorp		405,126
72,160	e	USB Holding Co, Inc		1,637
46,452		UTI Bank Ltd		524
6,379		UTI Bank Ltd (GDR)		73
497,938	e	Valley National Bancorp		12,573
152		Verwalt & Privat-Bank AG.		37
10,964		ViewPoint Financial Group		190
67,889	e	Vineyard National Bancorp		1,564
90,016	e*	Virginia Commerce Bancorp		1,949
63,595	e	Virginia Financial Group, Inc		1,649
706,373		W Holding Co, Inc		3,532
10,996,226		Wachovia Corp		605,342
395,775		Washington Federal, Inc		9,285
5,121,504		Washington Mutual, Inc		206,806
86,381	e	Washington Trust Bancorp, Inc		2,316
84,000		Waterland Financial Holdings		26
56,734	e*	Wauwatosa Holdings, Inc		992
223,172		Webster Financial Corp		10,714
25,978,286		Wells Fargo & Co		894,432
126,241	e	WesBanco, Inc		3,897
108,163	e	West Bancorporation, Inc		1,632
90,864		West Coast Bancorp		2,905
189,515	e	Westamerica Bancorporation		9,129
69,249	e*	Western Alliance Bancorp		2,150
4,464,484		Western Union Co		97,995
92,616		Westfield Financial, Inc		993
1,892,796	e	Westpac Banking Corp		40,354
278,570		Whitney Holding Corp		8,519
111,268		Willow Grove Bancorp, Inc		1,435
282,423		Wilmington Trust Corp		11,910
89,330	e	Wilshire Bancorp, Inc		1,465
474,500		Wing Hang Bank Ltd		5,842
162,680	e	Wintrust Financial Corp		7,257
1,400		Woori Finance Holdings Co Ltd (ADR)		103
34,719		WSFS Financial Corp		2,239
298,175	*	Yapi ve Kredi Bankasi		634
51,414	e	Yardville National Bancorp		1,867
4,616,687	*	Yes Bank Ltd		14,870
505,207		Zions Bancorporation		42,700
		TOTAL DEPOSITORY INSTITUTIONS		12,828,914
EATING AND DRINKING PLACES - 0.96%
142,476	*	AFC Enterprises		2,857
700,000	*	Ajisen China Holdings Ltd		636
424,808		Applebees International, Inc		10,527
36,656		Autogrill S.p.A.		702

36

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
79,537	e*	BJ's Restaurants, Inc	$	1,681
215,177		Bob Evans Farms, Inc		7,951
1,051,706		Brinker International, Inc		34,391
41,382	e*	Buffalo Wild Wings, Inc		2,636
107,822		Burger King Holdings, Inc		2,329
117,960	e*	California Pizza Kitchen, Inc		3,880
217,955		CBRL Group, Inc		10,091
249,139	*	CEC Entertainment, Inc		10,349
348,177	e*	Cheesecake Factory		9,279
125,517	e*	Chipotle Mexican Grill, Inc (Class A)		7,795
244,542	*	Chipotle Mexican Grill, Inc (Class B)		14,037
524,705		CKE Restaurants, Inc		9,896
24,995,960		Compass Group plc		167,240
199,972	e*	Cosi, Inc		1,116
3,874,999		Darden Restaurants, Inc		159,611
778,966	*	Denny's Corp		3,817
234,565	*	Domino's Pizza, Inc		7,616
2,138,781		Enterprise Inns plc		28,136
87,000		FU JI Food and Catering Services Holdings Ltd		273
145,919	e	IHOP Corp		8,558
223,100	*	Jack in the Box, Inc		15,423
8,000		Jollibee Foods Corp		9
6,650	e	Kappa Create Co Ltd		96
342,748	e*	Krispy Kreme Doughnuts, Inc		3,493
100,003	e	Landry's Restaurants, Inc		2,960
138,394	*	Luby's, Inc		1,352
87,790	*	McCormick & Schmick's Seafood Restaurants, Inc		2,354
7,821,472		McDonald's Corp		352,357
880,372		Mitchells & Butlers plc		13,634
51,600	*	Morton's Restaurant Group, Inc		918
133,290	*	O'Charleys, Inc		2,571
338,371		Onex Corp		9,396
281,870		OSI Restaurant Partners, Inc		11,134
257,183	e*	Papa John's International, Inc		7,561
157,080	e*	PF Chang's China Bistro, Inc		6,579
1,197,708		Punch Taverns plc		29,391
199,941	*	Rare Hospitality International, Inc		6,016
97,221	e*	Red Robin Gourmet Burgers, Inc		3,774
336,629	e	Ruby Tuesday, Inc		9,628
91,427	e*	Ruth's Chris Steak House, Inc		1,861
177,163	e	Sodexho Alliance S.A.		12,971
402,510	*	Sonic Corp		8,968
3,563,398	*	Starbucks Corp		111,748
166,960	e*	Steak N Shake Co		2,800
276,803	e*	Texas Roadhouse, Inc (Class A)		3,944
835,030		Tim Hortons, Inc		25,402
36,755	e	Triarc Cos (Class A)		688
315,065		Triarc Cos (Class B)		5,416
450,455		Wendy's International, Inc		14,099
13,260		Wetherspoon (J.D.) plc		196
66,038		Whitbread plc		2,452
1,783,841		Yum! Brands, Inc		103,035
		TOTAL EATING AND DRINKING PLACES		1,277,630

37

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
EDUCATIONAL SERVICES - 0.10%
835,113	*	Apollo Group, Inc (Class A)	$	36,661
51,000	e	Benesse Corp		1,896
754,806		CAE, Inc		8,506
550,707	*	Career Education Corp		16,796
509,721	e*	Corinthian Colleges, Inc		7,009
383,718		DeVry, Inc		11,262
92,392	e*	Educate, Inc		708
321,569	*	ITT Educational Services, Inc		26,204
212,207	*	Laureate Education, Inc		12,514
16,628	e*	Lincoln Educational Services Corp		236
23,000		Raffles Education Corp Ltd		35
82,069		Strayer Education, Inc		10,259
129,950	e*	Universal Technical Institute, Inc		2,999
82,735		UP, Inc		521
		TOTAL EDUCATIONAL SERVICES		135,606
ELECTRIC, GAS, AND SANITARY SERVICES - 4.28%
3,488,213	*	AES Corp		75,066
360,131	e	AGL Energy Ltd		4,700
474,312		AGL Resources, Inc		20,263
699,428	e	Alinta Ltd		8,217
970,340	*	Allegheny Energy, Inc		47,682
146,319		Allete, Inc		6,821
940,770		Alliant Energy Corp		42,165
989,723	*	Allied Waste Industries, Inc		12,461
835,455		Ameren Corp		42,023
90,988	e	American Ecology Corp		1,748
3,878,003		American Electric Power Co, Inc		189,053
98,700	e	American States Water Co		3,639
538,598		Aqua America, Inc		12,091
2,310,203	*	Aquila, Inc		9,657
419,590		Atmos Energy Corp		13,125
3,184,514		AU Optronics Corp		4,552
293,939		Avista Corp		7,122
1,544,728	e*	Babcock & Brown Environmental Investments Ltd		1,375
386	e*	Beacon Power Corp		-	^
85,000	e	BKW FMB Energie AG.		8,884
231,911	e	Black Hills Corp		8,527
102,980	e	California Water Service Group		3,946
459,681		Caltex Australia Ltd		8,874
90,308		Cascade Natural Gas Corp		2,380
118,908	*	Casella Waste Systems, Inc (Class A)		1,161
1,882,691		Centerpoint Energy, Inc		33,775
800		Central Vermont Public Service Corp		23
3,302,565		Centrica plc		25,118
138,918		CEZ		6,235
119,082	e	CH Energy Group, Inc		5,798
2,260,000		China Resources Power Holdings Co		3,465
564,800	e	Chubu Electric Power Co, Inc		19,411
125,803	*	Clean Harbors, Inc		5,689
354,098		Cleco Corp		9,146

38

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
3,014,645		CLP Holdings Ltd	$	22,011
4,423,369		CMS Energy Corp		78,736
288,852		Colbun S.A.		56
8,795,448		Companhia de Gas de Sao Paulo		1,737
23,317,800		Companhia de Saneamento Basico do Estado de Sao Paulo		3,129
43,696,683		Companhia Energetica de Minas Gerais		2,142
76,298,691	*	Companhia Energetica de Sao Paulo (Class B)		1,037
138,568,331		Companhia Paranaense de Energia		1,614
987,066		Consolidated Edison, Inc		50,400
2,518,777		Constellation Energy Group, Inc		219,008
818,152		Contact Energy Ltd		5,383
597,251	*	Covanta Holding Corp		13,247
181,752	e	Crosstex Energy, Inc		5,225
700,155		Dogan Sirketler Grubu Holdings		1,167
1,741,826		Dominion Resources, Inc		154,622
3,267,211	e	DPL, Inc		101,578
720,322	e	DTE Energy Co		34,503
37,217		DUET Group		99
7,089,135		Duke Energy Corp		143,838
473,091		Duquesne Light Holdings, Inc		9,362
2,016,838	*	Dynegy, Inc (Class A)		18,676
1,030,291		E.ON AG.		140,081
2,152,026		Edison International		105,729
9,872		EDP - Energias do Brasil S.A.		145
3,761,494		El Paso Corp		54,429
359,324	*	El Paso Electric Co		9,468
135,220	e	Electric Power Development Co		6,805
145,100		Electricity Generating PCL		406
344,100		Electricity Generating PCL		963
7,175,862		Eletropaulo Metropolitana de Sao Paulo S.A.		334
156,069		Empire District Electric Co		3,870
1,553,693		Empresa Nacional de Electricidad S.A.		2,058
626,205	e*	Enbridge, Inc		20,427
1,164,140	e	Endesa S.A.		62,951
7,843,768		Enel S.p.A.		83,929
472,624		Energen Corp		24,052
6,355,589	e	Energias de Portugal S.A.		34,130
945,952		Energy East Corp		23,043
39,707	e	EnergySouth, Inc		1,665
7,009,288		Enersis S.A.		2,286
2,700		Enersis S.A. (ADR)		44
1,293,870		Entergy Corp		135,753
3,858,206		Exelon Corp		265,097
2,502,962		First Philippine Holdings Corp		3,683
2,312,646		FirstEnergy Corp		153,190
325,752	e	Fortis, Inc		7,903
8,727,791	e	Fortum Oyj		254,515
2,033,983		FPL Group, Inc		124,419
149,347		Gas Natural SDG S.A.		7,013
161,118	e	Gaz de France		7,477
1,533,100		Glow Energy PCL		1,401
349,624	e	Great Plains Energy, Inc		11,345
8,629	*	Greentech Energy Systems		117

39

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
444,400		Guangdong Electric Power Development Co Ltd (Class B)	$	336
1,126,000		Guangdong Investments Ltd		601
336,158	e	Hawaiian Electric Industries, Inc		8,737
168,700		Hokkaido Electric Power Co, Inc		4,481
5,149,927		Hong Kong & China Gas Ltd		11,508
1,674,511		Hong Kong Electric Holdings Ltd		8,594
74,000		Huadian Power International Co		27
1,852,000		Huaneng Power International, Inc		1,612
5,900	e	Huaneng Power International, Inc (ADR)		205
40,000		HUB Power Co		19
15,110		Hunting plc		225
900,972	e	Iberdrola S.A.		42,594
247,612		Idacorp, Inc		8,379
304,700	e	Integrys Energy Group, Inc		16,914
3,559,746		International Power plc		27,775
29,313		Inversiones Aguas Metropolitanas S.A.		35
104,636		ITC Holdings Corp		4,530
668,787	e	Kansai Electric Power Co, Inc		19,240
305,904		Kelda Group plc		5,646
882,059		KeySpan Corp		36,297
466,516		Kinder Morgan, Inc		49,661
142,747		Korea Electric Power Corp		5,697
19,600		Korea Electric Power Corp (ADR)		392
806,900	e	Kyushu Electric Power Co, Inc		22,939
161,734		Laclede Group, Inc		5,027
2,509		Lassila & Tikanoja Oyj		84
177,300		Malakoff BHD		523
86,600		Manila Electric Co (Class B)		124
68,985	e	Markwest Hydrocarbon, Inc		4,277
912,947		MDU Resources Group, Inc		26,238
159,799		Metal Management, Inc		7,383
127,595	e	MGE Energy, Inc		4,525
7,259		Middlesex Water Co		133
2,280,661	*	Mirant Corp		92,276
1,294,987		MMC Corp BHD		2,247
381,438	e	National Fuel Gas Co		16,501
5,288,261		National Grid plc		82,992
176,656		New Jersey Resources Corp		8,842
334,178	e	Nicor, Inc		16,181
1,139,268		NiSource, Inc		27,844
1,206,183		Northeast Utilities		39,527
177,677		Northwest Natural Gas Co		8,115
247,126		NorthWestern Corp		8,756
1,585,605	*	NRG Energy, Inc		114,227
428,220		NSTAR		15,039
62,179	e	Oest Elektrizitatswirts AG. (Class A)		2,788
422,164		OGE Energy Corp		16,380
144,870		Okinawa Electric Power Co, Inc		9,048
631,646		Oneok, Inc		28,424
47,901	e	Ormat Technologies, Inc		2,010
2,947,085	e	Osaka Gas Co Ltd		11,429
199,855	e	Otter Tail Corp		6,843
777,121		Pepco Holdings, Inc		22,552

40

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
205,200		Petronas Gas BHD	$	531
952,991	*	Petronet LNG Ltd		925
1,675,521		PG&E Corp		80,877
54,967	e*	Pico Holdings, Inc		2,348
453,092		Piedmont Natural Gas Co, Inc		11,953
89,605	e*	Pike Electric Corp		1,620
396,672		Pinnacle West Capital Corp		19,139
348,644	e*	Plug Power, Inc		1,102
521,547		PNM Resources, Inc		16,846
1,271,483		Polish Oil & Gas Co		1,854
175,035	e	Portland General Electric Co		5,111
1,894,161		PPL Corp		77,471
1,014,273		Progress Energy, Inc		51,160
496,039	m,v*	Progress Energy, Inc		5
998,000		PT Perusahaan Gas Negara		1,023
1,360,549		Public Service Enterprise Group, Inc		112,980
471,594		Puget Energy, Inc		12,111
11,931		Puma AG. Rudolf Dassler Sport		4,362
594,348		Questar Corp		53,022
12,800		Ratchaburi Electricity Generating Holding PCL		17
42,044		Reliance Energy Ltd		478
1,197		Reliance Energy Ltd (GDR)		40
1,760,275	*	Reliant Energy, Inc		35,769
1,090,761		Republic Services, Inc		30,345
91,469		Resource America, Inc (Class A)		2,161
31,189		RWE AG.		3,098
464,224	e	RWE AG.		49,108
469,626		SCANA Corp		20,274
724,940		Scottish & Southern Energy plc		21,983
3,166,091		Scottish Power plc		49,843
984,110		SembCorp Industries Ltd		3,308
1,821,077		Sempra Energy		111,104
195,817		Severn Trent plc		5,526
6,000		Shizuoka Gas Co Ltd		43
894,491	*	Sierra Pacific Resources		15,546
84,826	e	SJW Corp		3,434
806,842		Snam Rete Gas S.p.A.		5,122
496	*	Sociedad General de Aguas de Barcelona S.A.		18
49,613		Sociedad General de Aguas de Barcelona S.A. (Class A)		1,766
9,430,215	e*	Sojitz Holdings Corp		39,293
169,635		South Jersey Industries, Inc		6,455
3,410,907		Southern Co		125,010
436,316		Southern Union Co		13,260
315,609		Southwest Gas Corp		12,268
122,141	e	Southwest Water Co		1,761
202,571	*	Stericycle, Inc		16,510
14,167	m,v*	Suez S.A.		-	^
2,242,268	e	Suez S.A.		118,255
239,954	e	Synagro Technologies, Inc		1,368
16,609		Tata Power Co Ltd		195
1,556,905		TECO Energy, Inc		26,794
1,889,275		Tenaga Nasional BHD		6,229
712,800	e	Tohoku Electric Power Co, Inc		18,086

41

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
2,580,994	e	Tokyo Electric Power Co, Inc	$	88,267
4,191,158	e	Tokyo Gas Co Ltd		23,367
57,315		Tractebel Energia S.A.		501
282,974		TransAlta Corp		6,128
2,465,606		TXU Corp		158,045
624,907		UGI Corp		16,691
187,613		UIL Holdings Corp		6,510
22,379	v	Unified Energy System (ADR)		2,920
31,791		Unified Energy System (GDR)		4,332
276,356		Union Fenosa S.A.		14,903
290,980		Unisource Energy Corp		10,926
807,020		United Utilities plc		11,998
381,409		Vector Ltd		812
309,581	e	Vectren Corp		8,854
241,622	e	Veolia Environnement		17,965
404,513	*	Waste Connections, Inc		12,111
62,518		Waste Industries USA, Inc		1,717
147,796	e*	Waste Services, Inc		1,469
495,326		Westar Energy, Inc		13,631
308,938		WGL Holdings, Inc		9,880
2,900,955		Williams Cos, Inc		82,561
671,368		Wisconsin Energy Corp		32,575
1,824,984	e	Xcel Energy, Inc		45,059
486,000		Xinao Gas Holdings Ltd		516
28,800		Zhejiang Southeast Electric Power Co (Class B)		23
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		5,687,937
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 6.17%
1,471,958		ABB Ltd		25,196
562		ABB Ltd India		46
660,574	*	Accuris Co Ltd		762
73,691	*	Acme Packet, Inc		1,089
194,335	*	Actel Corp		3,210
296,509		Acuity Brands, Inc		16,142
793,740	*	Adaptec, Inc		3,072
755,147	*	ADC Telecommunications, Inc		12,641
416,251		Adtran, Inc		10,136
211,150	*	Advanced Analogic Technologies, Inc		1,389
310,510	*	Advanced Energy Industries, Inc		6,533
2,374,022	e*	Advanced Micro Devices, Inc		31,005
2,514,789		Advanced Semiconductor Engineering, Inc		2,983
45,784	e*	Advanced Semiconductor Engineering, Inc (ADR)		273
701,140	e	Advantest Corp		31,118
455,554	*	Aeroflex, Inc		5,992
10,401		Aga Foodservice Group plc		81
3,090,559	*	Agere Systems, Inc		69,908
3,701,566	e	Alcatel S.A.		43,563
140,008		Alcatel S.A. (ADR)		1,655
1,400		Alpine Electronics, Inc		25
292,993	e	Alps Electric Co Ltd		3,431
2,223,880		Altera Corp		44,455
186,611	e*	American Superconductor Corp		2,514
477,072		Ametek, Inc		16,478

42

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
352,938	*	AMIS Holdings, Inc	$	3,865
821,972	e*	Amkor Technology, Inc		10,258
492,670		Amphenol Corp (Class A)		31,812
271,840	e*	Anadigics, Inc		3,213
1,669,806		Analog Devices, Inc		57,592
991,636	*	Andrew Corp		10,501
6,364,308	*	Apple Computer, Inc		591,308
1,870,481	*	Applied Micro Circuits Corp		6,827
979		Applied Signal Technology, Inc		17
86,034		Arcelik A.S.		581
969,227		ARM Holdings plc		2,556
855,676	*	Arris Group, Inc		12,048
2,769,500		Asustek Computer, Inc		6,528
53,760		Asustek Computer, Inc (GDR)		124
296,241	e*	Atheros Communications, Inc		7,089
1,927,301	*	Atmel Corp		9,694
200,797	*	ATMI, Inc		6,138
9,500	e*	AudioCodes Ltd		64
942,693	e*	Avanex Corp		1,687
942,639	*	Avnet, Inc		34,067
416,757		AVX Corp		6,335
263,530		Baldor Electric Co		9,946
8,958	e	Bang & Olufsen A/S (B Shares)		1,110
9,859	e	Barco NV		911
67,599		Bel Fuse, Inc (Class B)		2,617
429,858	*	Benchmark Electronics, Inc		8,881
5,747		Bharat Electronics Ltd		199
363,880	e*	Bookham, Inc		826
2,999,091	*	Broadcom Corp (Class A)		96,181
2,753,706	*	Brocade Communications Systems, Inc		26,215
41,000		Byd Co Ltd		202
2,000	e*	C&D Technologies, Inc		10
179,824	*	CalAmp Corp		1,552
795,292	e*	Capstone Turbine Corp		843
303		Carbone Lorraine		18
153,456	*	Carrier Access Corp		784
1,263	*	Catapult Communications Corp		12
465,420	*	C-COR, Inc		6,451
1,655,256	*	Celestica Inc		10,147
348,713	*	Celestica, Inc		2,129
179,264	e*	Ceradyne, Inc		9,813
1,380,000	*	Chartered Semiconductor Manufacturing Ltd		1,319
268,245	*	Checkpoint Systems, Inc		6,347
106,122		Cheng Uei Precision Industry Co Ltd		369
1,886,688		Chi Mei Optoelectronics Corp		1,967
101,080	e*	China BAK Battery, Inc		328
11,538	e,m,v*	China Energy Savings Technology, Inc		1
2,625,000	*	Chunghwa Picture Tubes Ltd		502
745,690	*	Ciena Corp		20,842
41,738,069	*	Cisco Systems, Inc		1,065,573
77,939	e*	Color Kinetics, Inc		1,514
110,000		Compal Communications, Inc		362
14,000	*	Compeq Manufacturing Co		6

43

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
132,623	*	Comtech Telecommunications Corp	$	5,136
402,800	*	Comverse Technology, Inc		8,600
2,716,753	e*	Conexant Systems, Inc		4,483
531,084		Cooper Industries Ltd (Class A)		23,893
12,149	*	CPI International, Inc		233
814,875	e*	Cree, Inc		13,413
260,502	*	CSR plc		3,337
297,551		CTS Corp		4,112
124,154		Cubic Corp		2,687
709,492	*	Cypress Semiconductor Corp		13,161
504,778		Daiichikosho Co Ltd		5,719
784,000	e	Dainippon Screen Manufacturing Co Ltd		5,928
18,000		Daiwa Industries Ltd		125
1,949,000		Datacraft Asia Ltd		2,163
394,000		Datang International Power Generation Co Ltd		373
1,653,800		Delta Electronics Thai PCL		723
114,484	e*	Diodes, Inc		3,990
54,400	e*	Directed Electronics, Inc		487
190,769	*	Ditech Networks, Inc		1,549
424,641	*	Dolby Laboratories, Inc (Class A)		14,654
174,527	*	DSP Group, Inc		3,316
100,752	e*	DTS, Inc		2,441
7,586	*	Eagle Broadband, Inc		1
22,700	*	ECI Telecom Ltd		186
173,857	*	Electro Scientific Industries, Inc		3,345
677,518		Electrolux AB (Series B)		17,174
226,675	e*	Emcore Corp		1,133
6,332,075		Emerson Electric Co		272,849
666,634		EMI Group plc		2,984
67,081	*	EMS Technologies, Inc		1,293
13,409	*	EndWave Corp		160
277,881	e*	Energizer Holdings, Inc		23,712
222,370	e*	Energy Conversion Devices, Inc		7,770
281,807	*	EnerSys		4,841
29,903,150	e	Ericsson (LM) (B Shares)		110,058
382,310	e*	Evergreen Solar, Inc		3,727
682,000		Everlight Electronics Co Ltd		2,659
203,554	*	Exar Corp		2,695
2,030,773	*	Fairchild Semiconductor International, Inc		33,954
98,800	e	Fanuc Ltd		9,197
108,000		Far EasTone Telecommunications Co Ltd		123
2,769,560	e*	Finisar Corp		9,693
403,618	e*	First Solar, Inc		20,992
567,848		Fisher & Paykel Appliances Holdings Ltd		1,489
1,190,320		Fisher & Paykel Healthcare Corp		3,087
2,847,000	*	Foxconn International Holdings Ltd		8,690
155,900		Foxconn Technology Co Ltd		1,769
127,584	e	Franklin Electric Co, Inc		5,933
326,443	e*	FuelCell Energy, Inc		2,566
197,000		Fuji Electric Holdings Co Ltd		914
285,618	e*	Fujitsu Access Ltd		1,314
372,016		Gamesa Corp Tecnologica S.A.		13,467
40,000	e	Garmin Ltd		2,166

44

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
1,553	*	Gemalto NV	$	36
1,432,113	*	Gemstar-TV Guide International, Inc		6,001
158,593	*	Genlyte Group, Inc		11,189
1,406	e	Geo Corp		2,852
850,000		Geodesic Information Systems Ltd		4,567
3,000	*	Glenayre Technologies, Inc		7
861,959	*	GrafTech International Ltd		7,827
135,283	e*	Greatbatch, Inc		3,450
1,642		Groupe Steria SCA		108
68,700	e	Hamamatsu Photonics KK		2,081
9,600		Hana Microelectronics PCL		7
1,816,000	*	HannStar Display Corp		284
324,307		Harman International Industries, Inc		31,159
541,752	*	Harmonic, Inc		5,320
604,357		Harris Corp		30,792
531,622	e*	Hexcel Corp		10,553
153,600		High Tech Computer Corp		2,367
24,720	e	Hirose Electric Co Ltd		2,973
18,800		Hitachi High-Technologies Corp		514
4,170,370	e	Hitachi Ltd		32,347
63,686	*	Hittite Microwave Corp		2,558
3,006,037		Hon Hai Precision Industry Co, Ltd		20,166
51,181		Hon Hai Precision Industry Co, Ltd (GDR)		686
8,051,376		Honeywell International, Inc		370,846
8,300		Hosiden Corp		119
699,658		Hoya Corp		23,215
158,735	e*	Hutchinson Technology, Inc		3,706
32,168		Hyundai Autonet Co Ltd		238
224,315		Ibiden Co Ltd		11,631
65,137	e*	ID Systems, Inc		784
109,971	e*	Ikanos Communications, Inc		854
220,372		Imation Corp		8,899
1,339		Imtech NV		96
7,722		Indesit Co S.p.A.		165
1,135,600	*	Infineon Technologies AG.		17,673
440,000	e*	Infineon Technologies AG. (ADR)		6,851
6,300		Information Services International-Dentsu Ltd		66
827,000	*	InnoLux Display Corp		1,954
1,026,573	*	Integrated Device Technology, Inc		15,830
41,724,919		Intel Corp		798,198
380,093	e*	Interdigital Communications Corp		12,038
374,032	*	International Rectifier Corp		14,292
253		Internet Research Institute, Inc		57
8,351		Interpump S.p.A.		93
863,181		Intersil Corp (Class A)		22,866
170,317		Inter-Tel, Inc		4,026
220,733	e*	InterVoice, Inc		1,466
26,263		Intracom S.A.		140
40,194	e*	iRobot Corp		525
155,695	*	IXYS Corp		1,593
4,600		Japan Digital Laboratory Co Ltd		73
239,359	*	Jarden Corp		9,167
1,795,333	e*	JDS Uniphase Corp		27,343

45

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
604,179	e*	Kemet Corp	$	4,622
4,064,259	e	Koninklijke Philips Electronics NV		155,221
557	*	Koor Industries Ltd		32
3,389	e*	Koor Industries Ltd (ADR)		38
27,864	e	Kudelski S.A.		981
295,098		Kyocera Corp		27,822
1,435,575		L-3 Communications Holdings, Inc		125,570
10,538		Laird Group plc		113
156,785	e*	Lamson & Sessions Co		4,357
690,655	e*	Lattice Semiconductor Corp		4,040
47,626		LG Electronics, Inc		3,250
46,620	*	LG.Philips LCD Co Ltd		1,630
6,800	e*	LG.Philips LCD Co Ltd (ADR)		119
200,729	e	Lincoln Electric Holdings, Inc		11,955
1,331,168		Linear Technology Corp		42,052
196,697	*	Littelfuse, Inc		7,986
51,706	*	Loral Space & Communications, Inc		2,631
118,626		LSI Industries, Inc		1,986
1,691,891	e*	LSI Logic Corp		17,663
23,900		Mabuchi Motor Co Ltd		1,479
1,145,529		Macronix International		474
98,000		Malaysian Pacific Industries		292
1,826,270	*	Marvell Technology Group Ltd		30,700
2,367,971		Matsushita Electric Industrial Co Ltd		47,725
603,350		Matsushita Electric Industrial Co Ltd (ADR)		12,127
305,430		Matsushita Electric Works Ltd		3,502
364,778	*	Mattson Technology, Inc		3,319
3,159,469		Maxim Integrated Products, Inc		92,888
83,171	e*	Maxwell Technologies, Inc		1,041
744,700		MediaTek, Inc		8,551
119,978	e*	Medis Technologies Ltd		2,029
3,960		Melexis NV		75
1,499,807	*	MEMC Electronic Materials, Inc		90,858
127,361	*	Mercury Computer Systems, Inc		1,766
237,442		Methode Electronics, Inc		3,507
412,884	*	Micrel, Inc		4,550
933,163		Microchip Technology, Inc		33,155
3,849,163	*	Micron Technology, Inc		46,498
10,850	e	Micronas Semiconductor Holdings, Inc		225
417,836	e*	Microsemi Corp		8,695
302,582	e*	Microtune, Inc		1,247
625,335	e*	Mindspeed Technologies, Inc		1,357
103,000		Minebea Co Ltd		638
241,625	*	MIPS Technologies, Inc		2,158
5,315,181		Mitsubishi Electric Corp		54,758
162,785	e*	Mobility Electronics, Inc		506
609,645		Molex, Inc		17,192
125,964	e*	Monolithic Power Systems, Inc		1,625
225,023	*	Moog, Inc (Class A)		9,372
130,692	e*	MoSys, Inc		1,098
14,341,869		Motorola, Inc		253,421
744,642	e*	MRV Communications, Inc		2,643
49,343	e*	Multi-Fineline Electronix, Inc		757

46

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
331,356	e	Murata Manufacturing Co Ltd	$	24,182
86,000		Nan Ya Printed Circuit Board Corp		569
28,198		National Presto Industries, Inc		1,738
2,208,819		National Semiconductor Corp		53,321
111,200	m,v*	NCP Litigation Trust		-	^
186,733	e*	NEC Electronics Corp		4,516
91,438	e*	Netlogic Microsystems, Inc		2,434
2,653,114	*	Network Appliance, Inc		96,892
2,068		Nexans S.A.		273
216,000		NGK Spark Plug Co Ltd		4,042
14,888	*	Nice Systems Ltd		515
2,800	*	Nice Systems Ltd (ADR)		95
132,680		Nidec Corp		8,557
1,300		Nihon Dempa Kogyo Co Ltd		64
9,000		Nippon Chemi-Con Corp		80
82,000		Nitto Denko Corp		3,848
5,711		NKT Holding A/S		459
7,359,898		Nokia Oyj		169,400
627,830	*	Nortel Networks Corp		15,099
849,082	*	Nortel Networks Corp		20,350
1,585,978	*	Novellus Systems, Inc		50,783
3,220,841	*	Nvidia Corp		92,696
678		Olympic Group Financial Investments		6
297,060	e*	Omnivision Technologies, Inc		3,850
194,400		Omron Corp		5,230
987,060	e*	ON Semiconductor Corp		8,805
536,848	e*	Openwave Systems, Inc		4,375
96,429	*	Oplink Communications, Inc		1,733
3,200	*	OpNext, Inc		47
102,131	e*	Optical Communication Products, Inc		137
16,563	*	Optium Corp		321
415,000		Origin Electric Co Ltd		2,786
88,394	e*	OSI Systems, Inc		2,337
115,984		Park Electrochemical Corp		3,145
109,219	e*	Parkervision, Inc		1,443
157,357	*	Pericom Semiconductor Corp		1,539
250,454	e	Phoenix Electric Co Ltd		1,233
6,000		Phoenixtec Power Co Ltd		6
247,719	e*	Photronics, Inc		3,852
54,200	e	Pioneer Corp		708
295,979	e	Plantronics, Inc		6,991
262,193	e*	Plexus Corp		4,497
138,365	e*	PLX Technology, Inc		1,348
992,857	e*	PMC - Sierra, Inc		6,960
573,320	*	Polycom, Inc		19,109
40,450	*	Powell Industries, Inc		1,294
4,137,000		Powerchip Semiconductor Corp		2,475
432,641	e*	Power-One, Inc		2,475
181,000		Powertech Technology, Inc		700
762,313	e*	Powerwave Technologies, Inc		4,338
21,600	e*	Q-Cells AG.		1,386
60,700	*	Qimonda AG. (ADR)		872
716,182	*	QLogic Corp		12,175

47

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
11,910,922		Qualcomm, Inc	$	508,120
351,592	e*	Quantum Fuel Systems Technologies Worldwide, Inc		429
2,659,001		RadioShack Corp		71,873
74,970	e*	Radyne Corp		684
419,952	e*	Rambus, Inc		8,924
92,168	e	Raven Industries, Inc		2,585
703,500		Realtek Semiconductor Corp		1,546
207,593	e	Regal-Beloit Corp		9,628
350,783	*	Reliance Communication Ventures Ltd		3,397
122,936		REMEC, Inc		189
341,651	*	Research In Motion Ltd		46,609
82,765		Reunert Ltd		921
1,113,477	e*	RF Micro Devices, Inc		6,937
892,001		Ricoh Co Ltd		20,097
12,600		Rinnai Corp		336
412,000	*	Ritek Corp		98
254,700		River Eletec Corp		2,161
102,221	*	Rogers Corp		4,534
165,039		Rohm Co Ltd		14,972
20,610		Samsung Electro-Mechanics Co Ltd		709
72,416		Samsung Electronics Co Ltd		43,336
12,559		Samsung Electronics Co Ltd		5,907
4,450		Samsung Electronics Co Ltd (GDR)		1,354
15,609		Samsung SDI Co Ltd		997
175,000	e	Sanken Electric Co Ltd		1,836
2,221,740	*	Sanmina-SCI Corp		8,043
12,000		Sanyo Denki Co Ltd		92
565,000	e*	Sanyo Electric Co Ltd		964
2,012,649		Sanyo Electric Taiwan Co Ltd		1,338
434,282		Satyam Computer Services Ltd		4,700
242,150	e	Schindler Holding AG.		14,746
383,423	e	Schneider Electric S.A.		48,674
326,958	e,v*	Schneider Electric S.A.		537
7,834,000	*	Semiconductor Manufacturing International Corp		1,083
599,652	*	Semtech Corp		8,083
1,465,836	e	Sharp Corp		28,237
16,000		Shindengen Electric Manufacturing Co Ltd		72
300		Shinkawa Ltd		7
53,900		Shinko Electric Industries		1,217
15,392		Siemens India Ltd		386
730,916	*	Silicon Image, Inc		5,964
241,148	*	Silicon Laboratories, Inc		7,215
937,231	*	Silicon Storage Technology, Inc		4,621
2,381,824		Siliconware Precision Industries Co		4,463
35,273	e	Siliconware Precision Industries Co (ADR)		346
144,760	e*	Sirenza Microdevices, Inc		1,248
6,857,713	e*	Sirius Satellite Radio, Inc		21,945
995,014	*	Skyworks Solutions, Inc		5,721
1,223,675		Sony Corp		62,201
1,031,649	*	Spansion, Inc (Class A)		12,576
214,180	e*	Spectrum Brands, Inc		1,356
69,174	*	Staktek Holdings, Inc		225
127,929	*	Standard Microsystems Corp		3,907

48

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
127,500		Stanley Electric Co Ltd	$	2,591
1,795,315	*	STATS ChipPAC Ltd		2,154
807,875	e	STMicroelectronics NV		15,551
338,941		Sumco Corp		14,094
58,678	e*	Sunpower Corp (Class A)		2,670
853	*	Suntron Corp		1
70,194	e*	Supertex, Inc		2,331
1,066,045	*	Sycamore Networks, Inc		3,987
275,877	e*	Symmetricom, Inc		2,290
142,405	*	Synaptics, Inc		3,643
12,591,417		Taiwan Semiconductor Manufacturing Co Ltd		25,836
2,071,798	e	Taiwan Semiconductor Manufacturing Co Ltd (ADR)		22,272
401,590	e	Taiyo Yuden Co Ltd		8,366
52,761		Tandberg ASA		1,102
1,291,000	*	Tatung Co Ltd		546
235,743		TDK Corp		20,445
757		Techem AG.		56
255,254		Technitrol, Inc		6,685
11,006	*	Techwell, Inc		137
5,135,000		Teco Electric and Machinery Co Ltd		2,607
325,712	e*	Tekelec		4,856
520,801		Teleflex, Inc		35,451
2,189,118	*	Tellabs, Inc		21,672
4,081,226		Terna Rete Elettrica Nazionale S.p.A.		15,156
257,948	e*	Tessera Technologies, Inc		10,251
6,569,023		Texas Instruments, Inc		197,728
337,124	*	Thomas & Betts Corp		16,458
204,044	e	Thomson		3,928
395,105		Tokyo Denpa Co Ltd		5,197
1,120,917	e*	Transmeta Corp		639
700,534	e*	Transwitch Corp		1,114
455,698	*	Trident Microsystems, Inc		9,141
96,885	*	Tripath Technology, Inc		1
865,915	*	Triquint Semiconductor, Inc		4,330
343,701	*	TTM Technologies, Inc		3,279
4,775	*	Ulticom, Inc		39
9,821	*	UMC Japan		1,573
16,000		Uniden Corp		124
10,703,188		United Microelectronics Corp		6,178
98,047	e	United Microelectronics Corp (ADR)		312
135,000	*	United Test and Assembly Center Ltd		81
132,563	e*	Universal Display Corp		2,000
97,480	*	Universal Electronics, Inc		2,716
59,600	e	Ushio, Inc		1,151
1,041,255	e*	Utstarcom, Inc		8,632
45,785	e*	Valence Technology, Inc		54
136,033	e	Valeo S.A.		7,979
4,671,000		Vanguard International Semiconductor Corp		3,938
376,032	*	Varian Semiconductor Equipment Associates, Inc		20,073
367,498		Venture Corp Ltd		3,536
1,613	*	Vestel Elektronik Sanayi		4
312,000	*	Via Technologies, Inc		331
148,014	*	Viasat, Inc		4,880

49

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
116,290		Vicor Corp	$	1,165
81,974	e*	Virage Logic Corp		596
799,467	*	Vishay Intertechnology, Inc		11,176
2,109,815	e	Vivendi Universal S.A.		85,735
97,638	e*	Volterra Semiconductor Corp		1,275
14,000		Vtech Holdings Ltd		101
24,285		Weg S.A.		183
532,512		Whirlpool Corp		45,216
1,127,000		Winbond Electronics Corp		400
284,401		Wintek Corp		242
146,089		Wipro Ltd		1,880
865,468	*	Wolfson Microelectronics plc		5,041
1,494,209		Xilinx, Inc		38,446
15,750		Ya Hsin Industrial Co Ltd		11
732,000	*	Yageo Corp		299
638,000	e	Yaskawa Electric Corp		7,536
3,075,175		YTL Power International		2,063
1,035,563	e*	Zhone Technologies, Inc		1,284
2,893,538	*	Zhuzhou CSR Times Electric Co Ltd		4,740
94,348	e*	Zoltek Cos, Inc		3,296
438,140	*	Zoran Corp		7,457
34,600		ZTE Corp		162
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		8,202,088
ENGINEERING AND MANAGEMENT SERVICES - 0.66%
6,408		Aangpanneforeningen AB (B Shares)		144
108,019	*	Advisory Board Co		5,468
121,163		Aeroplan Income Fund		2,047
2,836	e*	Affymax, Inc		91
9,072,947		Amec plc		94,627
481,866	e*	Amylin Pharmaceuticals, Inc		18,003
16,054	e*	Antigenics, Inc		36
478,948	*	Applera Corp (Celera Genomics Group)		6,801
421,025	e*	Ariad Pharmaceuticals, Inc		1,890
286	*	Bavarian Nordic AS		26
434	*	Budimex S.A.		15
517,661		Capita Group plc		6,953
75,178	e	CDI Corp		2,174
1,608,637	*	Celgene Corp		84,389
64,568	*	Cornell Cos, Inc		1,306
187,628		Corporate Executive Board Co		14,252
86,293	*	CRA International, Inc		4,503
112,871	e*	CuraGen Corp		348
302,980	e*	CV Therapeutics, Inc		2,384
71,800		Daewoo Engineering & Construction Co Ltd		1,427
414,666	e*	deCODE genetics, Inc		1,514
250,320		Diamond Management & Technology Consultants, Inc		2,926
11,156	a*	Digital Garage, Inc		19,976
4,170		Dinamia		160
175,917	e*	Diversa Corp		1,374
2,203,438		Downer EDI Ltd		12,159
293,301	e*	eResearch Technology, Inc		2,305
533,228	*	Exelixis, Inc		5,300

50

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
93,202	*	Exponent, Inc	$	1,859
155,826	*	First Consulting Group, Inc		1,418
753,279		Fluor Corp		67,584
183,435		Fugro NV		9,312
229,656	*	Gen-Probe, Inc		10,812
5,039	*	Geo ASA		42
20,000	e*	GPC Biotech AG.		551
1,330,162	e	GRD Ltd		2,325
1	*	Greenfield Online, Inc		-	^
423,143	*	Harris Interactive, Inc		2,552
541,376	*	Hewitt Associates, Inc (Class A)		15,824
100,709	*	Huron Consulting Group, Inc		6,127
814	v*	Icon plc		35
30,282		IDB Development Corp Ltd		1,057
514,169	e*	Incyte Corp		3,388
179,217	*	Infrasource Services, Inc		5,471
52		Intelligence Ltd		151
417,947	e*	Isis Pharmaceuticals, Inc		3,874
569,192	*	Jacobs Engineering Group, Inc		26,553
11,108		Jaiprakash Associates Ltd		138
73,166	e	JGC Corp		1,201
567,400	e*	KBR, Inc		11,547
71,538	e*	Kendle International, Inc		2,541
50,251	e	Landauer, Inc		2,537
121,484	*	LECG Corp		1,759
387,199	*	Lexicon Genetics, Inc		1,406
197,199	e*	Lifecell Corp		4,924
184,690	e*	Luminex Corp		2,534
128,633		MAXIMUS, Inc		4,435
155,371	*	Maxygen, Inc		1,732
57,600	*	McDermott International, Inc		2,821
29,800	e	Meitec Corp		961
704,789	e*	Monogram Biosciences, Inc		1,367
1,590,856		Moody's Corp		98,729
84,426	*	MTC Technologies, Inc		1,776
230,801	e*	Myriad Genetics, Inc		7,953
249,313	*	Navigant Consulting, Inc		4,926
1,200		Nichii Gakkan Co		22
1,887	*	NicOx S.A.		50
222,485	*	Omnicell, Inc		4,654
102,697	e*	Oscient Pharmaceuticals Corp		540
1,764,411		Paychex, Inc		66,818
139,876	e*	PharmaNet Development Group, Inc		3,637
995,664		QinetiQ plc		3,669
685,080		Quest Diagnostics, Inc		34,165
307,398	*	Regeneron Pharmaceuticals, Inc		6,646
799,748	e*	Rentech, Inc		2,511
328,230	*	Resources Connection, Inc		10,500
130,997	e*	Rigel Pharmaceuticals, Inc		1,423
16,492		Robert Walters plc		104
3,951		RPS Group plc		25
485,460	*	SAIC, Inc		8,408
14,582		Samsung Engineering Co Ltd		908

51

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
171,768	e*	Sangamo Biosciences, Inc	$	1,168
335,431	e*	Savient Pharmaceuticals, Inc		4,032
109,280		SBM Offshore NV		3,940
55,446	*	Seattle Genetics, Inc		454
172,231	e*	Senomyx, Inc		2,132
394,425		Serco Group plc		3,570
338,547	*	Shaw Group, Inc		10,586
844,000		Shenzhen Expressway Co Ltd		530
7,707,930		Shui On Construction		17,342
211,734		SNC-Lavalin Group, Inc		6,063
5,800	*	Stanley, Inc		91
187,108	*	Symyx Technologies, Inc		3,316
3,662		Sypris Solutions, Inc		24
54,477	e*	Tejon Ranch Co		2,577
305,908	e*	Telik, Inc		1,661
468,986	*	Tetra Tech, Inc		8,939
1,668,957	e	Toyo Engineering Corp		8,710
156,328	e*	Trimeris, Inc		1,076
380,180	*	URS Corp		16,192
206,628	*	Washington Group International, Inc		13,724
289,381		Watson Wyatt & Co Holdings (Class A)		14,078
164,351		WorleyParsons Ltd		3,695
2,448		WS Atkins plc		47
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		872,847
ENVIRONMENTAL QUALITY AND HOUSING - 0.00%**
1,777,115	*	Centillion Environment & Recycling Ltd		176
260,237	e*	Home Solutions of America, Inc		1,236
		TOTAL ENVIRONMENTAL QUALITY AND HOUSING		1,412
FABRICATED METAL PRODUCTS - 0.42%
145,996	*	Alliant Techsystems, Inc		12,836
717,125		Amcor Ltd		4,381
49,379		Ameron International Corp		3,252
220,631		Aptargroup, Inc		14,767
480,580		Ball Corp		22,035
52,863		Bharat Forge Ltd		384
71,609		Bharat Heavy Electricals		3,726
20,052	*	Chart Industries, Inc		364
91,969		CIRCOR International, Inc		3,283
628,416		Commercial Metals Co		19,701
113,118	*	Commercial Vehicle Group, Inc		2,330
54,918		Compx International, Inc		886
353,429		Crane Co		14,286
2,153,182	*	Crown Holdings, Inc		52,667
68,158	e*	Dynamic Materials Corp		2,230
1,398		Geberit AG.		2,151
180,993	e*	Griffon Corp		4,480
2,410		Grupa Kety S.A.		159
67,174	e	Gulf Island Fabrication, Inc		1,796
1,712,000		Hitachi Cable Ltd		9,748
4,095,134		Illinois Tool Works, Inc		211,309
82,106		Insteel Industries, Inc		1,379

52

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
203		Jindal Steel & Power Ltd	$	11
541,016		JS Group Corp		11,730
17,000		Kitz Corp		154
80,481	e*	Ladish Co, Inc		3,029
59,223	e	Lifetime Brands, Inc		1,237
205,053	*	Mobile Mini, Inc		5,491
632,493		Mueller Water Products, Inc (Class A)		8,735
20		Mueller Water Products, Inc (Class B)		-	^
118,604	*	NCI Building Systems, Inc		5,662
5,211	e	Norddeutsche Affinerie AG.		165
429,959		Pentair, Inc		13,397
41,717	*	PGT, Inc		501
166		Phoenix Mecano AG.		79
470,517		Rexam plc		5,092
169,000		Sanwa Shutter Corp		1,053
18,058		Shiloh Industries, Inc		204
485,000		Shin Zu Shing Co Ltd		3,122
348,807		Silgan Holdings, Inc		17,828
216,215	e	Simpson Manufacturing Co, Inc		6,668
660,938	e	Sims Group Ltd		12,492
168,909	e*	Smith & Wesson Holding Corp		2,211
558,084		Snap-On, Inc		26,844
79,162		Ssab Svenskt Stal AB (Series A)		2,443
55,804	e	Ssab Svenskt Stal AB (Series B)		1,602
1,800	*	Sturm Ruger & Co, Inc		24
657,575		Sumitomo Precision Products Co Ltd		3,711
3,000		Takuma Co Ltd		20
370,615	e*	Taser International, Inc		2,976
39,379		Tata Steel Ltd		407
8,625	b,m*	Tower Automotive, Inc		1
879,045	e	Toyo Seikan Kaisha Ltd		17,717
104,441	e	Valmont Industries, Inc		6,040
175,779	e	Watts Water Technologies, Inc (Class A)		6,685
18,190		Yieh Phui Enterprise		7
		TOTAL FABRICATED METAL PRODUCTS		555,488
FISHING, HUNTING, AND TRAPPING - 0.00%**
202,470		China Fishery Group Ltd		574
		TOTAL FISHING, HUNTING, AND TRAPPING		574
FOOD AND KINDRED PRODUCTS - 2.97%
527,500		Ajinomoto Co, Inc		6,070
48,962	e*	Altus Pharmaceuticals, Inc		745
1,500	e*	American Italian Pasta Co (Class A)		16
27,350		Anadolu Efes Biracilik Ve Malt Sanayii A.S.		899
4,741,439		Anheuser-Busch Cos, Inc		239,253
3,595,553		Archer Daniels Midland Co		131,957
1,000		Ariake Japan Co Ltd		21
354,599		Asahi Breweries Ltd		5,687
77,987		Bajaj Hindusthan Ltd		350
108,000		Beijing Enterprises Holdings Ltd		275
59,821	*	Boston Beer Co, Inc (Class A)		1,995
22,353		Britvic plc		147

53

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
1,762,927		C&C Group plc	$	26,776
1,793,664		Cadbury Schweppes plc		23,013
1,040,581		Campbell Soup Co		40,531
181,885	e	Carlsberg A/S (Class B)		19,794
166,700		Charoen Pokphand Foods PCL		22
413,000	*	China Agri-Industries Holdings Ltd		364
9,029		CJ Corp		912
177,044		Coca Cola Hellenic Bottling Co S.A.		7,450
459,012		Coca-Cola Amatil Ltd		3,268
26,376		Coca-Cola Bottling Co Consolidated		1,494
10,634,757		Coca-Cola Co		510,468
1,933,863		Coca-Cola Enterprises, Inc		39,161
16,329		Coca-Cola Femsa S.A. de C.V.		59
2,800		Coca-Cola Femsa S.A. de C.V. (ADR)		101
568,062	e	Coca-Cola West Japan Co Ltd		12,317
238,000		Cofco International Ltd		178
10,469,196		Companhia de Bebidas das Americas		5,767
1,400		Companhia de Bebidas das Americas (ADR)		77
2,161,769		ConAgra Foods, Inc		53,850
2,495,510	*	Constellation Brands, Inc (Class A)		52,855
399,877		Corn Products International, Inc		14,232
37,035	*	Cosan SA Industria e Comercio		670
99,628	*	Cott Corp		1,322
7,088		Dairy Crest Group plc		93
39,941	e	Danisco A/S		3,147
404,521	*	Darling International, Inc		2,629
1,206,777		Del Monte Foods Co		13,854
4,367,470		Diageo plc		88,480
60,000		Diageo plc (ADR)		4,857
129,936	e	Diamond Foods, Inc		2,163
15,393	e	East Asiatic Co Ltd A.S.		740
596,601	e	Ebro Puleva S.A.		14,082
213,452		Embotelladora Andina S.A.		633
719,143		Embotelladora Andina S.A.		2,359
1,400		Embotelladora Andina S.A. (ADR)		27
741,321		Empresas Iansa S.A.		100
43,806	e	Farmer Bros Co		994
396,016		Flowers Foods, Inc		11,948
377,394		Fomento Economico Mexicano S.A. de C.V.		4,172
2,600		Fomento Economico Mexicano S.A. de C.V. (ADR)		287
2,453,706		General Mills, Inc		142,855
5,332		Givaudan S.A.		4,932
88,600		Golden Hope Plantations BHD		174
1,029,225		Greencore Group plc		6,324
1,858,783	e	Groupe Danone		303,676
4,200	e	Gruma S.A. de C.V. (ADR)		53
171,890		Grupo Bimbo S.A. de C.V. (Series A)		865
101,868		Grupo Modelo S.A. (Series C)		522
1,674,213		H.J. Heinz Co		78,889
266,180	e*	Hansen Natural Corp		10,083
647,921		Heineken NV		33,894
1,106,111		Hershey Co		60,460
2,900		Highlands & Lowlands BHD		5

54

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
5,181		Hite Brewery Co Ltd	$	619
302,095		Hormel Foods Corp		11,235
135,600		House Foods Corp		2,313
34,281		Iaws Group plc		797
66,895	e	Imperial Sugar Co		2,243
327,750	e	InBev NV		23,664
30,000	m,v*	International Hydron Liquidating Trust		1
491,300		IOI Corp BHD		3,140
272,000	e	Ito En Ltd		8,864
783,438		J Sainsbury plc		8,472
80,423		J&J Snack Foods Corp		3,176
359,210		J.M. Smucker Co		19,153
14,557,000		JG Summit Holdings		3,847
437	e*	John B. Sanfilippo & Son		6
36,000		J-Oil Mills, Inc		140
132,321	e*	Jones Soda Co		2,675
106,341		Kaneka Corp		1,014
702,577	e	Katokichi Co Ltd		4,418
1,135,526		Kellogg Co		58,400
108,611		Kerry Group plc (Class A)		3,018
125,000	e	Kikkoman Corp		1,602
960,044		Kirin Brewery Co Ltd		13,866
1,456,371	e	Kraft Foods, Inc (Class A)		46,109
2,094,527		Kulim Malaysia BHD		4,271
150,934		Lancaster Colony Corp		6,670
167,723		Lance, Inc		3,395
6,342		Leroy Seafood Group ASA		138
249,814		Lion Nathan Ltd		1,787
148		Lotte Chilsung Beverage Co Ltd		189
1,200		Lotte Confectionery Co Ltd		1,537
79,920	e*	M&F Worldwide Corp		3,805
630,943		McCormick & Co, Inc		24,304
1,247,000		Meiji Dairies Corp		9,788
261,000	e	Meiji Seika Kaisha Ltd		1,212
55,280	e	MGP Ingredients, Inc		1,126
425,042		Molson Coors Brewing Co (Class B)		40,217
57,000	e	Morinaga & Co Ltd		134
42,572	e*	National Beverage Corp		747
4,530		Nestle India Ltd		97
506,648	e	Nestle S.A.		197,318
2,356,500	e	Nichirei Corp		13,778
405,000	e	Nippon Meat Packers, Inc		4,953
29,900		Nippon Suisan Kaisha Ltd		196
162,773	e	Nisshin Seifun Group, Inc		1,656
75,405		Nissin Food Products Co Ltd		2,764
834		Nong Shim Co Ltd		217
795,708		Olam International Ltd		1,605
1,125		Orion Corp		279
2,313,036	b,m,v*	Parmalat Finanziaria S.p.A.		-	^
81,716	e*	Peet's Coffee & Tea, Inc		2,257
700		Penford Corp		14
1,294,037		Pepsi Bottling Group, Inc		41,267
353,519		PepsiAmericas, Inc		7,891

55

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
13,643,959		PepsiCo, Inc	$	867,210
113,459		Perdigao S.A.		1,520
4,500	e	Perdigao S.A. (ADR)		119
203,641	*	Performance Food Group Co		6,286
31,551	e	Pernod-Ricard S.A.		6,399
3,061,000		Petra Foods Ltd		3,390
32,600		PPB Group BHD		60
18,708		Premier Foods plc		108
112,790		Premium Standard Farms, Inc		2,373
389,624		PT Astra Agro Lestari Tbk		538
1,547,500		PT Indofood Sukses Makmur Tbk		258
539,900	e	Q.P. Corp		4,898
216,191	*	Ralcorp Holdings, Inc		13,901
192,803		Reddy Ice Holdings, Inc		5,819
266,220		Royal Numico NV		13,731
463,057		Sadia S.A.		1,764
4,500	e	Sadia S.A. (ADR)		169
4,853,422	e	Sampo Oyj (A Shares)		147,303
106,998	e	Sanderson Farms, Inc		3,965
223,000	e	Sapporo Holdings Ltd		1,569
177,453		Saputo, Inc		7,098
3,204,041		Sara Lee Corp		54,212
2,819,972		Scottish & Newcastle plc		33,379
1,633,452	*	Smithfield Foods, Inc		48,922
9,709		Strauss-Elite Ltd		105
384,466	e	Suedzucker AG.		7,344
1,090,939		Swire Pacific Ltd (Class A)		12,245
148,000	e	Takara Holdings, Inc		1,045
90,661		Tata TEA Ltd		1,267
166,367		Tate & Lyle plc		1,882
75,056		Tongaat-Hulett Group Ltd		1,273
218,591	e	Tootsie Roll Industries, Inc		6,551
204,443		Topps Co, Inc		1,987
105,017	*	Total Produce plc		116
75,000		Toyo Suisan Kaisha Ltd		1,477
193,318	*	TreeHouse Foods, Inc		5,890
1,306,020		Tyson Foods, Inc (Class A)		25,350
1,206		Ulker Gida Sanayi ve Ticaret A.S.		4
8,769		United Breweries Co, Inc		55
5,900		United Breweries Co, Inc (ADR)		185
2,346,345		Universal Robina Corp		839
23,499		Vina Concha Y Toro S.A.		40
1,250	e	Vina Concha Y Toro S.A. (ADR)		41
8,780		Vivartia S.A.		191
793,571		Want Want Holdings Ltd		1,547
1,024,167		Wrigley (Wm.) Jr Co		52,161
91,100	e	Yakult Honsha Co Ltd		2,327
1,513,974	e	Yamazaki Baking Co Ltd		13,811
		TOTAL FOOD AND KINDRED PRODUCTS		3,950,501
FOOD STORES - 0.58%
192,701		Alimentation Couche Tard, Inc (Class B)		4,029
9,810	e	Arden Group, Inc (Class A)		1,310

56

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
1,493,683	e	Carrefour S.A.	$	109,244
454,255		Centros Comerciales Sudamericanos S.A.		1,557
1,730,799		Coles Myer Ltd		22,756
5,844	e	Colruyt S.A.		1,337
6,592,578		Companhia Brasileira de Distribuicao Grupo Pao de Acucar		192
1,500	e	Companhia Brasileira de Distribuicao Grupo Pao de Acucar (ADR)		43
122,986	e	Delhaize Group		11,305
1,157		Discount Investment Corp		33
956,294		Distribucion y Servicio D&S S.A.		333
2,800	e	Distribucion y Servicio D&S S.A. (ADR)		58
54,000		FamilyMart Co Ltd		1,503
154,376		George Weston Ltd		9,485
1,445,961		Goodman Fielder Ltd		2,855
112,184	e	Great Atlantic & Pacific Tea Co, Inc		3,722
63,959	e	Ingles Markets, Inc (Class A)		2,612
71,675		Jeronimo Martins SGPS S.A.		1,867
461,803	e	Kesko Oyj (B Shares)		24,633
2,148,871	*	Koninklijke Ahold NV		25,117
5,440,367		Kroger Co		153,690
52,900	e	Lawson, Inc		2,034
157,180		Loblaw Cos Ltd		6,263
42,768		Migros Turk TAS		550
133,825	e*	Panera Bread Co (Class A)		7,904
128,498	*	Pantry, Inc		5,811
331,138	*	Pathmark Stores, Inc		4,239
99,422		Pick'n Pay Stores Ltd		471
877,000		President Chain Store Corp		2,147
230,625		Ruddick Corp		6,937
906,542		Seven & I Holdings Co Ltd		27,618
269,579		Shoprite Holdings Ltd		1,031
699,729		Sonae SPGS S.A.		1,580
145,812	*	Super-Sol Ltd		594
1,000,280		Supervalu, Inc		39,081
12,098	*	Susser Holdings Corp		210
24,111,350		Tesco plc		210,785
167		Valora Holding AG.		48
15,019		Village Super Market (Class A)		1,434
68,755		Weis Markets, Inc		3,073
675,566		Whole Foods Market, Inc		30,299
176,204	e*	Wild Oats Markets, Inc		3,207
523	b,m,v*	Winn-Dixie Stores, Inc		-	^
1,635,968		Woolworths Ltd		35,990
		TOTAL FOOD STORES		768,987
FORESTRY - 0.08%
38,689		Gunns Ltd		98
530,426		Rayonier, Inc		22,808
1,068,325		Weyerhaeuser Co		79,847
		TOTAL FORESTRY		102,753
FURNITURE AND FIXTURES - 0.21%
966	e	Bassett Furniture Industries, Inc		14
6,033	b,m,v*	Bush Industries, Inc (Class A)		1

57

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
4,209		Ekornes ASA	$	101
201,549	e	Ethan Allen Interiors, Inc		7,123
270,130	e	Furniture Brands International, Inc		4,263
383,048		Herman Miller, Inc		12,828
281,724		Hillenbrand Industries, Inc		16,726
216,699		HNI Corp		9,953
56,581	e	Hooker Furniture Corp		1,134
280,265		Interface, Inc (Class A)		4,481
1,213,037		Johnson Controls, Inc		114,778
221,010		Kimball International, Inc (Class B)		4,261
310,859	e	La-Z-Boy, Inc		3,848
866,516		Leggett & Platt, Inc		19,644
1,822,265		Masco Corp		49,930
495,046	*	MFI Furniture plc		1,517
11,777		Neopost S.A.		1,683
115,506	e	Sealy Corp		2,019
413,144	e*	Select Comfort Corp		7,354
71,520	e	Stanley Furniture Co, Inc		1,488
434,951		Steinhoff International Holdings Ltd		1,400
292,546	e	Tempur-Pedic International, Inc		7,603
171,307	e*	Williams Scotsman International, Inc		3,368
		TOTAL FURNITURE AND FIXTURES		275,517
FURNITURE AND HOMEFURNISHINGS STORES - 0.20%
1,280,863	*	Bed Bath & Beyond, Inc		51,452
2,339	*	Bell Microproducts, Inc		15
2,616,996		Circuit City Stores, Inc		48,493
122,000	e*	Columbia Music Entertainment, Inc		117
133,821	e*	Cost Plus, Inc		1,338
631,664		DSG International plc		2,113
51,273		Ellerine Holdings Ltd		580
1,272,536	e*	GameStop Corp (Class A)		41,446
13,565		GUD Holdings Ltd		91
169,883	e*	Guitar Center, Inc		7,665
1,560,753	e	Harvey Norman Holdings Ltd		5,960
122,211	e	Haverty Furniture Cos, Inc		1,711
15,000	e	Joshin Denki Co Ltd		106
826,489		Kesa Electricals plc		5,514
190,340		Knoll, Inc		4,536
554,154	e*	Mohawk Industries, Inc		45,468
790,320		Nien Made Enterprises		738
31,300		Nitori Co Ltd		1,556
531,318	e*	Pier 1 Imports, Inc		3,671
171,981	e*	Restoration Hardware, Inc		1,128
40,106		Shimachu Co Ltd		1,188
750,039		Steelcase, Inc (Class A)		14,918
178,355	e	Tuesday Morning Corp		2,647
364,800	*	Waterford Wedgwood plc		31
423,740	e	Williams-Sonoma, Inc		15,026
108,938		Yamada Denki Co Ltd		10,151
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		267,659

58

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
GENERAL BUILDING CONTRACTORS - 0.44%
17,036	e	Amrep Corp	$	1,316
516,016	e	Asunaro Aoki Construction Co Ltd		3,376
34,482	e*	Avatar Holdings, Inc		2,463
178,966		Aveng Ltd		1,135
151,860		Balfour Beatty plc		1,425
390,201		Barratt Developments plc		8,485
212,552	e	Beazer Homes USA, Inc		6,170
201,169		Bellway plc		6,294
104,125		Berkeley Group Holdings plc		3,229
11,325		Bilfinger Berger AG.		1,031
80,009	e	Brookfield Homes Corp		2,568
9,000		Carillion plc		71
36,919	*	Cavco Industries, Inc		1,290
518,261		Centex Corp		21,653
858,605		Cheung Kong Infrastructure Holdings Ltd		2,989
1,046,756		Consorcio ARA, S.A. de C.V.		1,804
207,128	*	Corp GEO S.A. de C.V.		1,203
877,761		CRH plc		37,498
3,382,416	e	Daikyo, Inc		18,600
97,449		Daito Trust Construction Co Ltd		4,590
889,901	e	Daiwa House Industry Co Ltd		14,598
9,568	e*	Dominion Homes, Inc		43
1,721,676		DR Horton, Inc		37,877
1,314,669		Fletcher Building Ltd		10,330
672,409		George Wimpey plc		8,409
19,640		Hanjin Heavy Industries & Construction Co Ltd		691
2,668,000	e*	Haseko Corp		9,736
42,229		Hellenic Technodomiki Tev S.A.		621
13,505		Hochtief AG.		1,369
298,254	e*	Hovnanian Enterprises, Inc (Class A)		7,504
33,119		Hyundai Development Co		1,827
1,718,050		IJM Corp BHD		4,298
11,803	e	Imerys S.A.		1,096
12,361,908	*	Italian-Thai Development PCL		1,730
4,289		JM AB		148
782,000	e	Kajima Corp		3,995
535		Kaufman & Broad S.A.		40
1,017,018		KB Home		43,396
284,000		Keppel Land Ltd		1,778
2,469,000	*	Kindom Construction Co		1,145
237,454	e	Leighton Holdings Ltd		6,440
366,051		Lend Lease Corp Ltd		5,920
909,765		Lennar Corp (Class A)		38,401
95,397	e	Levitt Corp (Class A)		888
73,395	e	M/I Homes, Inc		1,949
118,837		McGrath RentCorp		3,764
243,024		MDC Holdings, Inc		11,682
135,876	e*	Meritage Homes Corp		4,364
6,761		Morgan Sindall plc		167
59,686	*	NVR, Inc		39,691
2,301,876	e	Obayashi Corp		14,846
60,011	*	Palm Harbor Homes, Inc		861
164,407	*	Perini Corp		6,060

59

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
448,739		Persimmon plc	$	12,416
4,625		Pfleiderer AG.		135
899,581		Pulte Homes, Inc		23,803
286,482	e	Ryland Group, Inc		12,087
578,000		Sekisui Chemical Co Ltd		4,606
714,000		Sekisui House Ltd		11,112
49,146,000		Shanghai Forte Land Co		20,568
501,000	e	Shimizu Corp		3,074
85		Sjaelso Gruppen		28
131,760		Skanska AB (B Shares)		2,934
282,968	e	Standard-Pacific Corp		5,906
1,330,665	e	Taisei Corp		4,935
274,193		Takamatsu Corp		4,433
972,827		Taylor Woodrow plc		9,371
36,798	e*	Team, Inc		1,404
314,395		Technical Olympic S.A.		659
107,335	e	Technical Olympic USA, Inc		428
18,748		Titan Cement Co S.A.		1,012
177,000	e	Toda Corp		847
1,261,430	e*	Toll Brothers, Inc		34,538
144,999	*	Urbi Desarrollos Urbanos S.A. de C.V		605
674,731		Walter Industries, Inc		16,700
210,742	e*	WCI Communities, Inc		4,497
44,456	e	YIT OYJ		1,532
		TOTAL GENERAL BUILDING CONTRACTORS		590,484
GENERAL MERCHANDISE STORES - 1.45%
286,550	e*	99 Cents Only Stores		4,221
857,404		Aeon Co Ltd		17,099
1,187,268	*	Big Lots, Inc		37,138
328,243	*	BJ's Wholesale Club, Inc		11,104
37,402	e	Bon-Ton Stores, Inc		2,103
192,692	e*	Cabela's, Inc		4,781
332,153		Casey's General Stores, Inc		8,307
44,957	e*	Conn's, Inc		1,113
2,212,798		Costco Wholesale Corp		119,137
182,200	e	Daimaru, Inc		2,361
249,775	e	Dillard's, Inc (Class A)		8,175
1,358,954		Dollar General Corp		28,742
676,550		Family Dollar Stores, Inc		20,039
4,505,955		Federated Department Stores, Inc		202,993
248,049		Fred's, Inc		3,646
117,400		Hankyu Department Stores, Inc		1,090
80,000		Hola Home Furnishings Co Ltd		63
25,620		Hyundai Department Store Co Ltd		2,151
612,000	*	Intime Department Store Group Co Ltd		497
310,815		Isetan Co Ltd		5,420
1,345,373		JC Penney Co, Inc		110,536
465,000		Keio Corp		3,232
1,373,000	e	Kintetsu Corp		4,323
11,641,250		Lojas Americanas S.A.		735
43,121		Lojas Renner S.A.		559
2,753,982		Marks & Spencer Group plc		36,662

60

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
266,200		Marui Co Ltd	$	3,264
348,400	e	Mitsukoshi Ltd		1,600
185,597	e	PPR		29,680
145,715	e*	Retail Ventures, Inc		3,067
214,060		SACI Falabella		912
1,197,767	e	Saks, Inc		24,961
11,069		Shinsegae Co Ltd		6,353
150,109		Stein Mart, Inc		2,450
234,900		Takashimaya Co Ltd		2,892
5,546,961		Target Corp		328,713
4,683,851		TJX Cos, Inc		126,277
2,257,000	e	Tokyu Corp		17,583
1,525,172		UNY Co Ltd		20,928
1,889,760		Wal-Mart de Mexico S.A. de C.V.		8,070
6,500		Wal-Mart de Mexico S.A. de C.V. (ADR)		276
15,109,129		Wal-Mart Stores, Inc		709,374
99,613		Warehouse Group Ltd		480
		TOTAL GENERAL MERCHANDISE STORES		1,923,107
HEALTH SERVICES - 1.20%
79,277	*	Alliance Imaging, Inc		692
135,006	*	Amedisys, Inc		4,378
1,345,967		AmerisourceBergen Corp		71,000
206,461	e*	Amsurg Corp		5,056
492,968	*	Apria Healthcare Group, Inc		15,898
57,881	e*	Bio-Reference Labs, Inc		1,470
15,000	*	Biovitrum AB		243
83,050	e	Brookdale Senior Living, Inc		3,709
478,704		Cigna Corp		68,292
19,464	e	Coloplast A/S (Class B)		1,652
437,536	*	Community Health Systems, Inc		15,423
68,025	*	Corvel Corp		2,058
207,907	*	Covance, Inc		12,337
1,578,592	*	Coventry Health Care, Inc		88,480
247,328	*	Cross Country Healthcare, Inc		4,509
925,800	*	DaVita, Inc		49,364
11,123		Diagnosticos da America S.A.		246
496,825	*	Edwards Lifesciences Corp		25,189
23,300	*	eHealth, Inc		549
28,638	e*	Emeritus Corp		967
160,979	e*	Enzo Biochem, Inc		2,428
809,911	*	Express Scripts, Inc		65,376
181,457	*	Five Star Quality Care, Inc		1,865
950,066		Fraser and Neave Ltd		3,194
50,033		Fresenius Medical Care AG.		7,280
3,961	v	Generale de Sante		169
118,828	*	Genesis HealthCare Corp		7,499
72,552	e*	Genomic Health, Inc		1,258
230,412	*	Gentiva Health Services, Inc		4,647
56,115		Getinge AB (B Shares)		1,278
1,107,153		Health Management Associates, Inc (Class A)		12,035
10,736		Healthscope Ltd		48
6,745,707	a*	Healthsouth Corp		141,727

61

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
197,474	*	Healthways, Inc	$	9,232
5,200	*	Hooper Holmes, Inc		23
67,761	*	Horizon Health Corp		1,325
150,755	e*	Hythiam, Inc		1,025
129,823		Intertek Group plc		2,316
380,824		Japan Care Service Corp		808
1,990		Japan Longlife Co Ltd		547
166,092	e*	Kindred Healthcare, Inc		5,444
570,731	*	Laboratory Corp of America Holdings		41,452
124,311	e	LCA-Vision, Inc		5,120
86,724	e*	LHC Group, Inc		2,812
258,345	*	LifePoint Hospitals, Inc		9,874
381,448	*	Lincare Holdings, Inc		13,980
257,528	*	Magellan Health Services, Inc		10,816
320,802		Manor Care, Inc		17,439
117,380	e*	Matria Healthcare, Inc		3,094
2,619,142		McKesson Corp		153,325
200,301	*	MDS, Inc		3,791
97,794	*	Medcath Corp		2,670
2,172,677	*	Medco Health Solutions, Inc		157,584
109,661		Mindray Medical International Ltd (ADR)		2,611
38,650		National Healthcare Corp		1,970
1,405,151	e*	Nektar Therapeutics		18,351
596,784		Network Healthcare Holdings Ltd		1,139
36,447	e*	Nighthawk Radiology Holdings, Inc		663
248,432	*	Odyssey HealthCare, Inc		3,262
505,361		Omnicare, Inc		20,098
142,686	e	Option Care, Inc		1,898
34,862	e*	PainCare Holdings, Inc		13
2,271,835		Parkway Holdings Ltd		4,912
212,676	*	Pediatrix Medical Group, Inc		12,135
439,967		Pharmaceutical Product Development, Inc		14,822
296,740	*	Psychiatric Solutions, Inc		11,962
70,422	e*	Radiation Therapy Services, Inc		2,158
128,892	*	RehabCare Group, Inc		2,046
11,000		Rhoen Klinikum AG.		656
245,679	*	Sierra Health Services, Inc		10,115
333,827	e	Sonic Healthcare Ltd		3,984
135,552	e*	Stereotaxis, Inc		1,613
5,744	e	Straumann Holding AG.		1,647
181,337	*	Sun Healthcare Group, Inc		2,240
255,608	e*	Sunrise Senior Living, Inc		10,102
101,864	e*	Symbion, Inc		1,998
2,049,354	*	Tenet Healthcare Corp		13,177
357,070	*	Triad Hospitals, Inc		18,657
259,106	*	United Surgical Partners International, Inc		7,983
186,330		Universal Health Services, Inc (Class B)		10,669
64,506	e*	VistaCare, Inc (Class A)		561
4,268,370	*	WellPoint, Inc		346,165
		TOTAL HEALTH SERVICES		1,590,600
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.50%
190,636	e	Abertis Infraestructuras S.A.		6,125

62

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
139,461	e	ACS Actividades Cons y Servicios S.A.	$	8,467
19,027		Alfred Mcalpine plc		166
283,580		Biffa plc		1,920
2,531,932	e	Bouygues S.A.		195,664
39,991,848	*	China Water Affairs Group Ltd		18,221
693,000	e	Chiyoda Corp		15,202
12,104		Daelim Industrial Co		1,159
179,343	*	Empresas ICA Sociedad Controladora S.A. de C.V.		693
2,708	e*	Empresas ICA Sociedad Controladora S.A. de C.V. (ADR)		125
258,576		Fomento de Construcciones y Contratas S.A.		26,580
1,029,600		Gamuda BHD		2,382
333,221		Giken Seisakusho Co, Inc		1,357
259,304		Granite Construction, Inc		14,329
163,546	e	Grupo Ferrovial S.A.		16,549
57,757		GS Engineering & Construction Corp		5,169
3,534,000		Guangzhou Investment Co Ltd		868
25,000		Hopewell Highway Infrastructure Ltd		24
24,150	*	Hyundai Engineering & Construction Co Ltd		1,302
280,000	e	Macquarie Infrastructure Co Trust		11,004
196,942	*	Matrix Service Co		3,984
1,011,976		Multiplex Group		3,660
110,190		Murray & Roberts Holdings Ltd		850
223,400	e	Nishimatsu Construction Co Ltd		722
155,884	e	Okumura Corp		855
6,775		Peab AB		204
1,167,110		Puncak Niaga Holding BHD		1,087
50,310	e*	Sterling Construction Co, Inc		959
11,866	*	Telent plc		111
708,588	e	Transurban Group		4,449
2,061,319	e	Vinci S.A.		319,473
1,402,213		YTL Corp BHD		2,778
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		666,438
HOLDING AND OTHER INVESTMENT OFFICES - 2.64%
377,266		3i Group plc		8,434
1,100	*	4Kids Entertainment, Inc		21
219,356		Acadia Realty Trust		5,719
250,749	e*	Affiliated Managers Group, Inc		27,169
366,691	e*	Affordable Residential Communities LP		4,448
44,010	e	Agree Realty Corp		1,502
300,959		Alarko Holding A.S.		735
11,636	e*	Alexander's, Inc		4,791
169,112		Alexandria Real Estate Equities, Inc		16,974
434,711		Allan Gray Property Trust		410
11,704,000		Allco Commercial Real Estate Investment Trust		9,952
660,065	e	Allied Capital Corp		19,016
597,984		AMB Property Corp		35,155
127,629		American Campus Communities, Inc		3,866
771,545		American Financial Realty Trust		7,777
317,778	e	American Home Mortgage Investment Corp		8,577
1,293,181		Amvescap plc		14,251
1,203,211		Annaly Mortgage Management, Inc		18,626
416,655		Anthracite Capital, Inc		5,000

63

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
343,100		Anworth Mortgage Asset Corp	$	3,352
709,020		Apartment Investment & Management Co (Class A)		40,903
651,490	e	Apollo Investment Corp		13,942
106,603		Arbor Realty Trust, Inc		3,245
205,438		ARC Energy Trust		3,781
1,066,239		Archstone-Smith Trust		57,875
488,881		Ashford Hospitality Trust, Inc		5,837
11,305,916		Ashmore Group plc		64,464
99,000		Associated Estates Realty Corp		1,395
439,590		AvalonBay Communities, Inc		57,147
2,193,743	e	Babcock & Brown Wind Partners		3,257
392,272	e	BioMed Realty Trust, Inc		10,317
15,789	*	Blackrock International Land plc		11
774,030		Boston Properties, Inc		90,871
648,193		Brandywine Realty Trust		21,656
253,743		BRE Properties, Inc (Class A)		16,024
736,826		Brookfield Asset Management, Inc (Class A)		38,510
415,758		Camden Property Trust		29,232
1,185,900		CapitaCommercial Trust		2,173
191,537		Capital Lease Funding, Inc		2,051
16,075	e	Capital Southwest Corp		2,470
101,288		Capital Trust, Inc (Class A)		4,616
6,188,900		CapitaMall Trust		15,338
437,758		CBL & Associates Properties, Inc		19,629
49,000		CBRE Realty Finance, Inc		648
245,050		Cedar Shopping Centers, Inc		3,970
3,278,024		CFS Gandel Retail Trust		5,888
23,824	*	CFS Retail Property Trust		41
41,534	e	Cherokee, Inc		1,788
579,443		China Merchants Holdings International Co Ltd		2,440
87,606		CI Financial Income Fund		2,094
36,337	e	City Pacific Ltd		126
7,300		Cogdell Spencer, Inc		154
187,731		Colonial Properties Trust		8,574
1,183,332		Commonwealth Property Office Fund		1,312
57,469		Companhia de Concessoes Rodoviarias		766
76,303	e	Compass Diversified Trust		1,280
350,547		Corporate Office Properties Trust		16,013
421,886		Cousins Properties, Inc		13,863
457,737		Crescent Real Estate Equities Co		9,182
76	e	Cross Timbers Royalty Trust		3
30,110		Crystal River Capital, Inc		808
409,600		DCT Industrial Trust, Inc		4,846
305,450		Deerfield Triarc Capital Corp		4,579
3,854		Deutsche Beteiligungs AG.		117
502,796		Developers Diversified Realty Corp		31,626
545,164		DiamondRock Hospitality Co		10,358
207,913		Digital Realty Trust, Inc		8,296
813,477		Douglas Emmett, Inc		20,768
551,168		Duke Realty Corp		23,959
182,401		EastGroup Properties, Inc		9,308
152,320	e	Education Realty Trust, Inc		2,251
46,595		Enodis plc		189

64

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
205,713		Entertainment Properties Trust	$	12,394
464,117		Equity Inns, Inc		7,602
159,448	e	Equity Lifestyle Properties, Inc		8,612
220,196		Equity One, Inc		5,835
1,560,503		Equity Residential		75,263
159,259		Essex Property Trust, Inc		20,621
354,147		Extra Space Storage, Inc		6,708
67,791	e	Fabege AB		1,704
320,067		Federal Realty Investment Trust		29,004
542,458		FelCor Lodging Trust, Inc		14,088
290,225	e	Fieldstone Investment Corp		891
257,105	e	First Industrial Realty Trust, Inc		11,647
134,077		First Potomac Realty Trust		3,831
314,784	e	Franklin Street Properties Corp		6,038
877,581	e	Friedman Billings Ramsey Group, Inc (Class A)		4,844
7,212,301		GEA Group AG.		199,627
1,227,949		General Growth Properties, Inc		79,289
102,356	e	Getty Realty Corp		2,942
586		Gimv NV		38
68,802	e	Gladstone Capital Corp		1,629
76,079	e	Gladstone Investment Corp		1,131
208,835	e	Glimcher Realty Trust		5,643
218,759	e	GMH Communities Trust		2,185
488,000		GOME Electrical Appliances Holdings Ltd		543
3,460,508		GPT Group		13,832
121,721		Gramercy Capital Corp		3,734
583,395		Great Portland Estates plc		8,909
61,034	e	Groupe Bruxelles Lambert S.A.		7,141
2,805	*	Groupe Bruxelles Lambert S.A.		-	^
5,219,612		Guinness Peat Group plc		8,501
121,495	e*	Harris & Harris Group, Inc		1,570
1,176,682		Health Care Property Investors, Inc		42,396
436,552		Health Care REIT, Inc		19,165
271,964		Healthcare Realty Trust, Inc		10,144
132,394		Hersha Hospitality Trust		1,560
80,168	*	HFF, Inc (Class A)		1,202
476,454		Highland Hospitality Corp		8,481
382,293		Highwoods Properties, Inc		15,097
243,247		Home Properties, Inc		12,846
330,718	e	HomeBanc Corp		1,154
517,961		Hospitality Properties Trust		24,241
3,117,082		Host Marriott Corp		82,010
98,151		Housing Development Finance Corp		3,432
887,015		HRPT Properties Trust		10,910
888	e	Hugoton Royalty Trust		22
173,000	e	Hunet, Inc		43
56,759		Hurriyet Gazetecilik A.S.		168
217,984	*	Immoeast AG		3,261
456,902	e	IMPAC Mortgage Holdings, Inc		2,284
4,207,711		ING Industrial Fund		8,035
141,988		ING Office Fund		180
418,785	e	Inland Real Estate Corp		7,680
376,220		Innkeepers U.S.A. Trust		6,125

65

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
286,809	e	Investors Real Estate Trust	$	3,037
2,824		Is Gayrimenkul Yatirim Ortakligi A.S.		6
748,000	*	iShares MSCI EAFE Index Fund		57,042
338,000	e	iShares Russell 2000 Index Fund		26,874
796,204		iStar Financial, Inc		37,286
144,600		Jafco Co Ltd		8,001
699		Japan Prime Realty Investment Corp		3,073
528		Japan Real Estate Investment Corp		6,990
775	e	Japan Retail Fund Investment Corp		7,629
145,960		JER Investors Trust, Inc		2,776
390,700		JFE Holdings, Inc		23,109
183,729		Kilroy Realty Corp		13,550
954,138		Kimco Realty Corp		46,505
178,902		Kite Realty Group Trust		3,569
232,409		Kiwi Income Property Trust		274
462,400		KKR Financial Corp		12,684
7,371,900		KLCC Property Holdings BHD		7,335
1,059,066		Land Securities Group plc		44,599
233,560		LaSalle Hotel Properties		10,828
441,126		Lexington Corporate Properties Trust		9,321
479,472	e	Liberty Property Trust		23,360
1,334,500		Link Real Estate Investment Trust		3,211
136,717		LTC Properties, Inc		3,542
312,895		Luminent Mortgage Capital, Inc		2,797
391,988		Macerich Co		36,204
260,183		Mack-Cali Realty Corp		12,393
268,194	e	Macquarie Communications Infrastructure Group		1,419
8,640,860		Macquarie Infrastructure Group		26,847
6,598,469		Macquarie Office Trust		8,088
222,088		Maguire Properties, Inc		7,897
10,331,739		Man Group plc		112,839
282,305	e	Medical Properties Trust, Inc		4,147
191,561	*	Meinl European Land Ltd		5,328
493,193		MFA Mortgage Investments, Inc		3,798
136,843		Mid-America Apartment Communities, Inc		7,699
6,670,929		Midland Holdings Ltd		4,252
397,202	e*	Mills Corp		10,025
282,100		Mission West Properties, Inc		4,079
17,800	*	Mulpha International BHD		10
30,100		MVC Capital, Inc		471
134,611	e	National Health Investors, Inc		4,219
339,841		National Retail Properties, Inc		8,221
535,080		Nationwide Health Properties, Inc		16,727
408		New City Residence Investment Corp		2,399
435,376		New Plan Excel Realty Trust		14,380
308,802		Newcastle Investment Corp		8,563
652		Nippon Building Fund, Inc		10,789
38,011	e	Nobel Biocare Holding AG.		13,857
524,664		Noble Group Ltd		519
203		Nomura Real Estate Office Fund, Inc		2,601
442,473		NorthStar Realty Finance Corp		6,730
191,534	e	Novastar Financial, Inc		958
950		NTT Urban Development Corp		2,225

66

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
747,000		NWS Holdings Ltd	$	2,008
501,088		Omega Healthcare Investors, Inc		8,594
2,319		Ordina NV		54
7,969		Origen Financial, Inc		55
7,460		Paragon Group Cos plc		85
105,084	e	Parkway Properties, Inc		5,491
208,533		Pennsylvania Real Estate Investment Trust		9,244
1,203,543		Plum Creek Timber Co, Inc		47,444
5,066,160		Polytec Asset Holdings Ltd		1,757
244,631		Post Properties, Inc		11,187
236,723	e	Potlatch Corp		10,837
329,010		PrimeWest Energy Trust		6,475
1,317,536		Prologis		85,548
106,188		PS Business Parks, Inc		7,488
36,845		PSP Swiss Property AG.		2,244
687,871		Public Storage, Inc		65,121
11,000	*	Quadra Realty Trust, Inc		143
381,077		RAIT Investment Trust		10,647
95,260	e	Ramco-Gershenson Properties		3,402
3,763		Rathbone Brothers plc		97
956,025	*	Realogy Corp		28,308
609,901		Realty Income Corp		17,199
116,677		Redwood Trust, Inc		6,088
14,460,000	*	Regal Real Estate Investment Trust		4,978
468,256		Regency Centers Corp		39,123
149,625	e	Republic Property Trust		1,719
83,005		Resource Capital Corp		1,340
109,553		Rodamco Europe NV		15,227
31,471	e	Sacyr Vallehermoso S.A.		1,763
67,922		Saul Centers, Inc		3,865
532,331		Senior Housing Properties Trust		12,723
157,000		Shanghai Industrial Holdings Ltd		362
512,500		Shimao Property Holdings Ltd		1,015
926,300		Sime Darby BHD		2,170
1,385,537		Simon Property Group, Inc		154,141
384,828		SL Green Realty Corp		52,791
2,644,646		SM Prime Holdings		630
965,804	e*	Softbank Corp		24,834
116,791		Sovran Self Storage, Inc		6,471
1,064,000	e	SPDR Trust Series 1		151,088
771,105		Spirit Finance Corp		11,489
107,758	e*	Star Maritime Acquisition Corp		1,105
440,470		Strategic Hotels & Resorts, Inc		10,074
102,863		Sun Communities, Inc		3,191
333,699		Sunstone Hotel Investors, Inc		9,097
3,681,114		Suntec Real Estate Investment Trust		4,804
179,833	e	Tanger Factory Outlet Centers, Inc		7,263
67,812	e	Tarragon Corp		703
735,194		Taubman Centers, Inc		42,634
531,308		Thornburg Mortgage, Inc		13,814
61,870		Tishman Speyer Office Fund		125
629,227		UDR, Inc		19,267
37,254		United Arab Investors		133

67

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
69,062	e	Universal Health Realty Income Trust	$	2,469
125,583		Urstadt Biddle Properties, Inc (Class A)		2,456
253,848		U-Store-It Trust		5,107
576,016		Ventas, Inc		24,268
1,427,595		Virgin Media, Inc		36,047
7,865	*	Virgin Media, Inc		5
672,047		Vornado Realty Trust		80,202
258,744	e	Washington Real Estate Investment Trust		9,682
331,806		Weingarten Realty Investors		15,781
1,641,766		Wharf Holdings Ltd		6,093
199,314	*	Winston Hotels, Inc		2,996
216,767		Winthrop Realty Trust		1,433
91,140	e*	WNS Holdings Ltd (ADR)		2,656
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		3,503,730
HOTELS AND OTHER LODGING PLACES - 0.95%
5,535,691	e	Accor S.A.		529,026
168,871	e	Ameristar Casinos, Inc		5,422
3,892,000		Banyan Tree Holdings Ltd		5,618
128,446	e*	Bluegreen Corp		1,450
190,838		Boyd Gaming Corp		9,092
397,895		Choice Hotels International, Inc		14,097
36,561		Four Seasons Hotels, Inc		2,916
265,221	*	Gaylord Entertainment Co		14,022
1,139,308	*	Genting BHD		13,098
104,521	*	Great Wolf Resorts, Inc		1,383
5,018,890		Hilton Hotels Corp		180,479
2,312,719		Hongkong & Shanghai Hotels		3,653
1,362,790		Indian Hotels Co Ltd		4,576
130,009		Intercontinental Hotels Group plc		3,213
87,217	e*	Isle of Capri Casinos, Inc		2,235
51,500		Kangwon Land, Inc		966
600,828	*	Las Vegas Sands Corp		52,038
160,115	*	Lodgian, Inc		2,139
124,210		Marcus Corp		2,889
1,713,316		Marriott International, Inc (Class A)		83,884
521,205	*	MGM Mirage		36,234
9,801,018		Minor International PCL		3,079
74,309	e*	Monarch Casino & Resort, Inc		1,932
103,376	e*	Morgans Hotel Group Co		2,172
27,099	e	NH Hoteles S.A.		619
23,389	v*	NH Hoteles S.A.		1
25,736	*	Orascom Hotels & Development		200
5,304		Orbis S.A.		160
1,376,872		Orient-Express Hotels Ltd (Class A)		82,365
54,785	e*	Outdoor Channel Holdings, Inc		560
1,159		Pierre & Vacances		160
234,000		Regal Hotels International Holdings Ltd		21
270,300	*	Resorts World BHD		1,345
63,603	*	Riviera Holdings Corp		1,778
3,605,930		Shangri-La Asia Ltd		8,925
1,443,961		Starwood Hotels & Resorts Worldwide, Inc		93,641
273,450		Station Casinos, Inc		23,673

68

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
179,933	e*	Trump Entertainment Resorts, Inc	$	3,251
1,374,130		United Overseas Land Ltd		4,619
186,811	e*	Vail Resorts, Inc		10,150
1,219,815	*	Wyndham Worldwide Corp		41,657
212,821	e	Wynn Resorts Ltd		20,188
		TOTAL HOTELS AND OTHER LODGING PLACES		1,268,926
INDUSTRIAL MACHINERY AND EQUIPMENT - 6.24%
3,510,781		3M Co		268,329
55,381	e	Aaon, Inc		1,447
1,143,740		Acer, Inc		2,195
10,279		Acer, Inc (GDR)		100
183,501		Actuant Corp (Class A)		9,324
52,198	*	Adamind Ltd		25
78,079		Advantech Co Ltd		250
474,082	*	AGCO Corp		17,527
2,614		Alamo Group, Inc		61
167,143	e	Albany International Corp (Class A)		6,007
28,871		Alfa Laval AB		1,497
121,183	e*	Allis-Chalmers Energy, Inc		1,909
1,604,417	*	Alstom RGPT		208,217
469,085		Amada Co Ltd		5,362
21,800	e	Amano Corp		266
1,033,751		American Standard Cos, Inc		54,809
71,985		Ampco-Pittsburgh Corp		2,080
3,394	e	Andritz AG.		851
9,287,375		Applied Materials, Inc		170,145
436,500		ARRK Corp		5,271
3,395	*	ASM International NV		75
293,500		ASM Pacific Technology		1,732
699,696	*	ASML Holding NV		17,282
94,478	*	Astec Industries, Inc		3,803
108,779	e*	ASV, Inc		1,660
457,541	*	Asyst Technologies, Inc		3,217
177,263	e	Atlas Copco AB (A Shares)		5,889
70,516	e	Atlas Copco AB (B Shares)		2,247
642,661	*	Axcelis Technologies, Inc		4,910
10,336	e*	Basin Water, Inc		71
1,088,000	*	Benq Corp		434
338,581		Black & Decker Corp		27,635
131,448		Black Box Corp		4,803
207,703	e*	Blount International, Inc		2,586
15,320	e	Boom Logistics Ltd		44
2,161,542	*	Brambles Ltd		23,803
321,222	e	Briggs & Stratton Corp		9,910
510,184	*	Brooks Automation, Inc		8,750
179,978		Bucyrus International, Inc (Class A)		9,269
2,770,630		Canon, Inc		148,830
13,515		Cargotec Corp (B Shares)		816
264,276		Carlisle Cos, Inc		11,345
91,890		Cascade Corp		5,502
82,800	e	Casio Computer Co Ltd		1,813
3,992,011		Caterpillar, Inc		267,584

69

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
259,964		CDW Corp	$	15,970
195,717	*	Charter plc		3,418
512,036	*	Cirrus Logic, Inc		3,922
1,606,198	e	Citizen Watch Co Ltd		15,075
1,953	*	Clipper Windpower plc		27
143,129	*	Columbus McKinnon Corp		3,205
1,616,645		Compal Electronics, Inc		1,368
547,240		Cummins, Inc		79,197
269,248		Curtiss-Wright Corp		10,377
220,806	*	Cymer, Inc		9,174
24,000		Daifuku Co Ltd		348
27,000		Daihen Corp		158
86,000		Daikin Industries Ltd		2,992
143		Daum Commerce Co Ltd		1
1,654,358		Deere & Co		179,729
13,063,178	*	Dell, Inc		303,196
1,086,958		Delta Electronics, Inc		3,515
291,632		Diebold, Inc		13,914
335,609		Donaldson Co, Inc		12,115
27,230		Doosan Infracore Co Ltd		695
1,508,543		Dover Corp		73,632
135,270	*	Dresser-Rand Group, Inc		4,120
137,480	e*	Dril-Quip, Inc		5,950
900,812		Eaton Corp		75,272
818,000	e	Ebara Corp		3,880
347,509	*	Electronics for Imaging, Inc		8,149
11,041,492	*	EMC Corp		152,925
553,021	*	Emulex Corp		10,115
93,464	e*	ENGlobal Corp		519
130,945	*	EnPro Industries, Inc		4,721
866,056	*	Entegris, Inc		9,267
766,726	*	Extreme Networks, Inc		3,243
150,652		Ferrotec Corp		1,215
174,059		FKI plc		398
74,335	e*	Flanders Corp		539
233,275		Flowserve Corp		13,341
298,759	*	FMC Technologies, Inc		20,841
1,780,980		FUJIFILM Holdings Corp		72,847
64,000	e	Furukawa Co Ltd		159
423,499	*	Gardner Denver, Inc		14,759
2,142,608	e*	Gateway, Inc		4,692
64,663	e*	Gehl Co		1,641
64,003,269		General Electric Co		2,263,156
9,000		Gigabyte Technology Co Ltd		6
367,302	*	Global Imaging Systems, Inc		7,162
22,100		Glory Ltd		430
178,100	*	Goodman Global, Inc		3,138
67,316	e	Gorman-Rupp Co		2,156
302,826		Graco, Inc		11,859
855,616	*	Grant Prideco, Inc		42,644
45,710		Heidelberger Druckmaschinen		2,094
19,881,717		Hewlett-Packard Co		798,052
93,000		Hitachi Construction Machinery Co Ltd		2,518

70

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
4,000		Hosokawa Micron Corp	$	34
233,440		Husqvarna AB (B Shares)		3,853
139,466	*	Hydril		13,422
241,342		IDEX Corp		12,279
126,834		IMI plc		1,448
5,200		Ines Corp		34
296,651	e*	Intermec, Inc		6,627
10,027,098		International Business Machines Corp		945,154
2,489,067		International Game Technology		100,509
214,622	e*	Intevac, Inc		5,660
42,000		Inventec Appliances Corp		102
3,645,360		Inventec Co Ltd		2,908
56,000	e	Iseki & Co Ltd		116
1,128,000	e	Ishikawajima-Harima Heavy Industries Co Ltd		4,690
10,700		Itochu Techno-Science Corp		513
842,886		Jabil Circuit, Inc		18,046
4,388,000	e	Japan Steel Works Ltd		52,765
592,026		Joy Global, Inc		25,398
80,625	*	Kadant, Inc		2,045
168,193	e	Kaydon Corp		7,158
219,573		Kennametal, Inc		14,845
17,340		Kinpo Electronics		7
173,812	e*	Komag, Inc		5,689
2,766,820	e	Komatsu Ltd		58,229
29,000		Komori Corp		676
178,500		Konica Minolta Holdings, Inc		2,345
169,324		Krones AG.		33,250
385,090		Kubota Corp		3,376
875,074	*	Kulicke & Soffa Industries, Inc		8,094
96,834		Kumba Iron Ore Ltd		1,989
40,000		Kurita Water Industries Ltd		967
1,144,785	*	Lam Research Corp		54,194
56,564		Larsen & Toubro Ltd		2,108
395,804		Lennox International, Inc		14,130
1,075,609	*	Lexmark International, Inc (Class A)		62,880
6,290		LG Electronics, Inc		232
4,784	*	LG Electronics, Inc (GDR)		87
69,260	e	Lindsay Manufacturing Co		2,202
1,268,631		Lite-On Technology Corp		1,639
145,105	*	Logitech International S.A.		4,030
84,750		Lufkin Industries, Inc		4,761
15,000		Makino Milling Machine Co Ltd		192
38,300		Makita Corp		1,420
503,378		Manitowoc Co, Inc		31,980
733,058		Meggitt plc		4,306
100	*	Mestek, Inc		1
489,325	e	Metso Oyj		25,852
77,403		Micron Machinery Co Ltd		2,352
287,487	*	Micros Systems, Inc		15,521
41,879	e*	Middleby Corp		5,521
130	*	MidgardXXI, Inc		-	^
1,346,324		Mitac International		1,495
3,780,110		Mitsubishi Heavy Industries Ltd		24,444

71

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
5,511,614	e	Mitsui & Co Ltd	$	102,898
250,000	e	Mitsui Engineering & Shipbuilding Co Ltd		1,059
167,752	e	Mitsumi Electric Co Ltd		5,552
105,345	e	Modec, Inc		2,986
263,248		Modine Manufacturing Co		6,028
42,836		Nacco Industries, Inc (Class A)		5,886
155,774	*	NATCO Group, Inc (Class A)		5,315
196,063	*	Netgear, Inc		5,594
131,370		NN, Inc		1,641
198,745		Nordson Corp		9,234
1,281,000	e	NTN Corp		11,088
389,094	e	OCE NV		7,131
53,950	e*	Ocean RIG ASA		368
292,403	*	Oil States International, Inc		9,383
428,000	e*	Oki Electric Industry Co Ltd		824
43,000		Okuma Holdings, Inc		503
3,269		ONA S.A.		646
24,100		OSG Corp		365
1,124		Palfinger AG.		174
575,183		Pall Corp		21,857
629,325	e*	Palm, Inc		11,410
930,706		Parker Hannifin Corp		80,329
232,434	*	Paxar Corp		6,671
5,035		Pinguely-Haulotte		161
1,100	*	Planar Systems, Inc		10
915,596		Quanta Computer, Inc		1,397
1,326,394	*	Quantum Corp		3,581
156,907	e*	Rackable Systems, Inc		2,663
157,712	*	RBC Bearings, Inc		5,272
1,076,905		Rheinmetall AG.		99,837
7,521	*	Rimage Corp		195
28,261	e*	Riverbed Technology, Inc		781
89,284		Robbins & Myers, Inc		3,329
733,479		Rockwell Automation, Inc		43,913
45,606,849		Rolls-Royce Group plc (B Shares)		92
721,285	e*	Safeguard Scientifics, Inc		2,135
58,916	e	Safran S.A.		1,438
62,990		Samsung Corp		2,276
1,663,023	*	SanDisk Corp		72,840
1,334,439	e	Sandvik AB		23,697
1,913		Sartorius AG.		114
60,502		Sauer-Danfoss, Inc		1,821
168,889		Scania AB (B Shares)		13,254
153,823	e*	Scansource, Inc		4,129
1,556		Schoeller-Bleckmann Oilfield Equipment AG.		81
289,848	e*	Scientific Games Corp (Class A)		9,516
1,249,635	m,v*	Seagate Technology, Inc		-	^
124,800	e	Seiko Epson Corp		3,675
106,076	e*	Semitool, Inc		1,379
1,496,000		Shanghai Electric Group Co Ltd		699
75,400	e	Shima Seiki Manufacturing Ltd		1,984
226,590		Shinmaywa Industries Ltd		1,173
2,174		SIG Holding AG.		776

72

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
130,237	e*	Sigma Designs, Inc	$	3,420
498,564	e	SKF AB (B Shares)		10,371
127,700		SMC Corp		17,133
1,095,566		Smith International, Inc		52,642
27,108	e	Solarworld AG.		2,105
4,223,050	e*	Solectron Corp		13,303
243,325		SPX Corp		17,081
72,186		Standex International Corp		2,058
636,177		Stanley Works		35,219
1,288		Sulzer AG.		1,809
1,764,000		Sumitomo Heavy Industries Ltd		17,574
165,000		Synnex Technology International Corp		204
7,981	*	T-3 Energy Services, Inc		161
392,186	e	Tadano Ltd		4,653
582,868	e	Technip S.A.		42,762
831,500		Techtronic Industries Co		1,002
112,397	e*	Tecumseh Products Co (Class A)		1,132
101,876		Tennant Co		3,208
846,149	*	Terex Corp		60,720
41,500		THK Co Ltd		977
421,490		Timken Co		12,775
268,469		Tokyo Electron Ltd		18,773
27,300		Tokyo Seimitsu Co Ltd		927
52,958	e	Tomra Systems ASA		381
248,186		Toro Co		12,717
4,632,077	e	Toshiba Corp		30,936
6,000		Toyo Kanetsu K K		16
70,300		Toyota Tsusho Corp		1,796
80,002	e*	TurboChef Technologies, Inc		1,218
2,923,299		Tutt Bryant Group Ltd		3,489
144,912	e*	Ultratech, Inc		1,972
5,868	e*	Unaxis Holding AG.		3,564
3,714,213		Unisteel Technology Ltd		7,198
603,500		United Tractors Tbk PT		489
366,085	e*	VA Software Corp		1,475
635,075	*	Varian Medical Systems, Inc		30,287
222,587	e*	VeriFone Holdings, Inc		8,176
2,743	*	Verigy Ltd		64
58,472	*	Vestas Wind Systems A/S		3,276
223,969	e	Wartsila Oyj (B Shares)		13,849
347,036	e	Watsco, Inc		17,723
1,389,742	*	Western Digital Corp		23,362
28,358		Wincor Nixdorf AG.		2,643
180,031		Woodward Governor Co		7,412
17,360		Woongjin Coway Co Ltd		487
75,600		Yokogawa Electric Corp		1,159
311,776	e*	Zebra Technologies Corp (Class A)		12,038
5,650		Zyxel Communications Corp		9
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		8,289,998
INSTRUMENTS AND RELATED PRODUCTS - 3.23%
116,209	e*	Abaxis, Inc		2,832
123,115	e*	Abiomed, Inc		1,682

73

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
46,100	*	Accuray, Inc	$	1,025
506,054	e*	Advanced Medical Optics, Inc		18,825
376,694	e*	Affymetrix, Inc		11,327
2,297,470	*	Agilent Technologies, Inc		77,402
317,828	e*	Align Technology, Inc		5,041
648,314		Allergan, Inc		71,846
401,392	e*	American Medical Systems Holdings, Inc		8,497
65,803	e*	American Science & Engineering, Inc		3,466
79,654		Analogic Corp		5,009
115,342	*	Anaren, Inc		2,031
81,591	*	Angiodynamics, Inc		1,378
4,000		Anritsu Corp		19
1,631,585		Applera Corp (Applied Biosystems Group)		48,246
68,975	e*	Argon ST, Inc		1,825
149,483	*	Armor Holdings, Inc		10,065
127,258		Arrow International, Inc		4,093
151,371	e*	Arthrocare Corp		5,455
56,200		Asia Optical Co, Inc		250
95,575	e*	Aspect Medical Systems, Inc		1,490
67,022	e	Badger Meter, Inc		1,779
3,751,886		BAE Systems plc		33,962
500,432		Bard (C.R.), Inc		39,789
241,665		Bausch & Lomb, Inc		12,364
4,361,079		Baxter International, Inc		229,698
17,199,208	m,v*	BB Bioventures LP		5,867
306,342		Beckman Coulter, Inc		19,572
1,782,641		Becton Dickinson & Co		137,067
1,800	e*	Biolase Technology, Inc		18
1,193,971		Biomet, Inc		50,732
110,786	*	Bio-Rad Laboratories, Inc (Class A)		7,737
100,165	e*	Biosite, Inc		8,411
6,708,240	*	Boston Scientific Corp		97,538
300,639	*	Bruker BioSciences Corp		3,163
100	*	Caliper Life Sciences, Inc		1
198,187	*	Candela Corp		2,263
104,309	*	Cardiodynamics International Corp		89
305,310	e*	Cepheid, Inc		3,627
160,032	e*	Cerus Corp		1,080
2,953		Chemring Group plc		108
65,557		Cochlear Ltd		3,433
214,330	e*	Coherent, Inc		6,803
149,794	e	Cohu, Inc		2,816
171	*	Concord Camera Corp		1
180,587	*	Conmed Corp		5,279
576,635	e	Cooper Cos, Inc		28,036
693,109	e*	Credence Systems Corp		2,294
128,257	e*	Cyberonics, Inc		2,409
1,372,764		Danaher Corp		98,084
81,461		Datascope Corp		2,948
715,059		Dentsply International, Inc		23,418
215,630	e*	Depomed, Inc		770
97,636	e*	DexCom, Inc		767
118,364	*	Dionex Corp		8,062

74

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
128,764	*	DJ Orthopedics, Inc	$	4,880
8,522	*	Dmatek Ltd		26
163,427		DRS Technologies, Inc		8,526
9,964	e*	DXP Enterprises, Inc		381
279,387	*	Eagle Test Systems, Inc		4,649
1,754,354	e	Eastman Kodak Co		39,578
98,232	e	EDO Corp		2,574
66,050		Elekta AB		1,189
148,340	e*	ESCO Technologies, Inc		6,649
150,802	*	Esterline Technologies Corp		6,193
93,146	e*	ev3, Inc		1,835
96,677	*	Excel Technology, Inc		2,642
143,786	e*	FEI Co		5,185
1,257,301		Finmeccanica S.p.A.		37,807
390,696	e*	Flir Systems, Inc		13,936
261,125	e*	Formfactor, Inc		11,685
266,188	*	Fossil, Inc		7,046
112,815	e*	Foxhollow Technologies, Inc		2,357
6,500	*	Given Imaging Ltd		140
12,884,212	*	Golden Meditech Co Ltd		5,194
211,531	*	Haemonetics Corp		9,889
210,558	*	HealthTronics, Inc		1,135
74,822	*	Herley Industries, Inc		1,169
305,776	*	Hologic, Inc		17,625
79,403	*	ICU Medical, Inc		3,113
120,821	e*	I-Flow Corp		1,781
177,907	*	II-VI, Inc		6,022
311,795	*	Illumina, Inc		9,136
459		Inficon Holding AG.		74
595,946	e*	Input/Output, Inc		8,212
117,247	e*	Integra LifeSciences Holdings Corp		5,344
123,465	*	Intralase Corp		3,084
184,310	e*	Intuitive Surgical, Inc		22,407
205,294	e	Invacare Corp		3,580
282,212	*	Invensys plc		1,613
158,670	e*	Ionatron, Inc		739
98,032	*	IRIS International, Inc		1,368
146,446	e*	Itron, Inc		9,525
277,068	*	Ixia		2,577
21,000		Jeol Ltd		138
17,345,705		Johnson & Johnson		1,045,252
1,213		Keithley Instruments, Inc		19
59,431	e*	Kensey Nash Corp		1,813
43,527		Keyence Corp		9,822
1,373,561		Kla-Tencor Corp		73,238
463,088	e*	Kopin Corp		1,565
285,401	*	Kyphon, Inc		12,883
378,779	e*	L-1 Identity Solutions, Inc		6,254
400	e*	LaBarge, Inc		5
567,729	*	LTX Corp		3,475
107,498		Luxottica Group S.p.A.		3,428
400	*	Lydall, Inc		6
81,096	e*	Measurement Specialties, Inc		1,830

75

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
107,567	*	Medical Action Industries, Inc	$	2,571
6,439,305		Medtronic, Inc		315,912
275,080	e	Mentor Corp		12,654
156,638	*	Merit Medical Systems, Inc		1,966
366,364	*	Mettler-Toledo International, Inc		32,815
472,334	*	Millipore Corp		34,230
177,086	e	Mine Safety Appliances Co		7,448
217,267	*	MKS Instruments, Inc		5,545
113,619	e	Movado Group, Inc		3,346
21,967,242	m,v*	MPM Bioventures II-QP LP		10,645
105,151		MTS Systems Corp		4,084
247,657	e	National Instruments Corp		6,496
110,292	e*	Natus Medical, Inc		1,960
72,371	e*	Neurometrix, Inc		703
241,736	*	Newport Corp		3,957
34,871	e*	Nextest Systems Corp		488
258,632	e	Nidec Copal Corp		2,822
252,000	e	Nikon Corp		5,314
664,500		Nippon Electric Glass Co Ltd		11,645
8,000		Nipro Corp		156
19,224	*	Northstar Neuroscience, Inc		246
3,419	*	Novoste Corp		9
188,139	e*	NuVasive, Inc		4,468
70,021	e*	NxStage Medical, Inc		933
145,068	e	Oakley, Inc		2,922
740,765		Olympus Corp		25,333
125,000	*	Optimax Technology Corp		59
14,500	*	Orbotech Ltd		319
160,412	e	Osaki Electric Co Ltd		1,625
23,098	e*	OYO Geospace Corp		1,638
137,685	e*	Palomar Medical Technologies, Inc		5,501
9,142,397		PCCW Ltd		5,488
90,000		Peace Mark Holdings Ltd		98
655,504		PerkinElmer, Inc		15,876
1,711,879		Phonak Holding AG.		131,017
185,374	*	Photon Dynamics, Inc		2,338
931,457		Pitney Bowes, Inc		42,279
134,112		PolyMedica Corp		5,677
65,179	*	Qiagen NV		1,108
4,179		Q-Med AB		65
223,759	e*	RAE Systems, Inc		642
986,050	e*	Resmed, Inc		4,978
372,803	*	Resmed, Inc		18,778
381,401	*	Respironics, Inc		16,015
870,249		Rockwell Collins, Inc		58,246
99,602	*	Rofin-Sinar Technologies, Inc		5,894
379,975		Roper Industries, Inc		20,853
155,742	*	Rudolph Technologies, Inc		2,716
20,870		Samsung Techwin Co Ltd		795
492,266	e*	Sirf Technology Holdings, Inc		13,665
97,489	e	Sirona Dental Systems, Inc		3,359
4,126,206	m,v*	Skyline Venture Partners Qualified II		2,159
855,000	m,v*	Skyline Venture Partners Qualified III		855

76

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
562,792		Smith & Nephew plc	$	7,154
151,741	e*	Sonic Solutions, Inc		2,140
90,686	e*	SonoSite, Inc		2,563
177,625	e*	Spectranetics Corp		1,901
1,880,490	*	St. Jude Medical, Inc		70,725
502,124		STERIS Corp		13,336
1,738,163		Stryker Corp		115,275
25,977		Swatch Group AG.		6,868
217,635		Swatch Group AG.		11,633
202,831	e*	Symmetry Medical, Inc		3,312
11,200	e*	Syneron Medical Ltd		303
26,710		Synthes, Inc		3,297
345,030		Tecan Group AG.		24,532
268,817	*	Techne Corp		15,349
370,407		Tektronix, Inc		10,431
236,725	*	Teledyne Technologies, Inc		8,863
2,673,488	*	Teradyne, Inc		44,220
352,482		Terumo Corp		13,730
3,431,450	*	Thermo Electron Corp		160,420
278,520	e*	ThermoGenesis Corp		1,014
288,682	e*	Thoratec Corp		6,033
759,011	*	Trimble Navigation Ltd		20,372
99,218	e	United Industrial Corp		5,477
1,035		Vaisala Oyj (A Shares)		48
251,875	*	Varian, Inc		14,674
172,986	*	Veeco Instruments, Inc		3,373
170,225	e*	Ventana Medical Systems, Inc		7,132
241,411	*	Viasys Healthcare, Inc		8,206
95,067	e*	Vital Images, Inc		3,162
36,052		Vital Signs, Inc		1,874
43,800	*	Volcano Corp		789
690,883	*	Waters Corp		40,071
21,974	*	William Demant Holding		1,950
196,076	*	Wright Medical Group, Inc		4,371
5,480,551	*	Xerox Corp		92,567
135,325	e*	X-Rite, Inc		1,752
27,823		Young Innovations, Inc		757
1,764,327	*	Zimmer Holdings, Inc		150,691
194,958	*	Zoll Medical Corp		5,196
60,526	*	Zygo Corp		969
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		4,299,623
INSURANCE AGENTS, BROKERS AND SERVICE - 0.55%
108,973		Alexander Forbes Ltd		249
1,669,875		AON Corp		63,389
486,313		Brown & Brown, Inc		13,155
171,306		Crawford & Co (Class B)		994
324,229		FBD Holdings plc		16,892
396,510	e	Gallagher (Arthur J.) & Co		11,233
2,723,678		Hartford Financial Services Group, Inc		260,329
4,590,718		HBOS plc		94,584
225,182		Hilb Rogal & Hobbs Co		11,045
45,909	e	James River Group, Inc		1,437

77

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
5,461,279		Marsh & McLennan Cos, Inc	$	159,961
48,294	e	MLP AG.		1,210
216,465	e	National Financial Partners Corp		10,154
32,000		Pacific Century Insurance Holdings Ltd		32
1,928,846		QBE Insurance Group Ltd		49,222
1,232,993		Sanlam Ltd		3,399
1,508,054		Suncorp-Metway Ltd		25,380
2,000		Tsuruha Holdings, Inc		81
760,210		Unipol S.p.A.		2,777
264,786	*	USI Holdings Corp		4,462
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		729,985
INSURANCE CARRIERS - 6.24%
175,219		21st Century Insurance Group		3,715
1,322,013	e	ABC Learning Centres Ltd		7,787
37,716	e*	ACA Capital Holdings, Inc		529
1,602,929		ACE Ltd		91,463
3,972,898		Admiral Group plc		89,829
1,879,676		Aegon NV		37,463
4,814		Aegon NV		96
7,047,135		Aetna, Inc		308,594
67,409		Affirmative Insurance Holdings, Inc		1,166
3,393,631		Aflac, Inc		159,704
56,106		Aksigorta A.S.		276
210,193		Alfa Corp		3,884
155,398		Alleanza Assicurazioni S.p.A		1,983
23,450	*	Alleghany Corp		8,761
649,182		Allianz AG.		133,298
80,000		Allied World Assurance Holdings Ltd		3,420
2,999,110		Allstate Corp		180,127
373	*	Alm. Brand Skadesforsikring A/S		25
503,822		Ambac Financial Group, Inc		43,525
322,619	e	American Equity Investment Life Holding Co		4,236
882,913		American Financial Group, Inc		30,054
12,852,478		American International Group, Inc		863,944
71,887		American National Insurance Co		9,196
83,255	*	American Physicians Capital, Inc		3,337
570,221	*	AMERIGROUP Corp		17,335
3,356,318		AMP Ltd		28,215
21,226	e	Amtrust Financial Services, Inc		224
57,099	*	Arch Capital Group Ltd		3,895
181,784	*	Argonaut Group, Inc		5,883
342,057		Aspen Insurance Holdings Ltd		8,965
416,387		Assicurazioni Generali S.p.A.		17,710
492,432	e	Assurant, Inc		26,409
3,316,666		Aviva plc		48,852
1,695,731		AXA Asia Pacific Holdings Ltd		9,906
5,114,894	e	AXA S.A.		216,870
2,199,697		Axis Capital Holdings Ltd		74,482
61,142		Baldwin & Lyons, Inc (Class B)		1,556
117,281		Bristol West Holdings, Inc		2,600
250,061	*	Centene Corp		5,249
32,395		Chesnara plc		118

78

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
5,304,836		China Life Insurance Co Ltd	$	15,242
22,931	e	China Life Insurance Co Ltd (ADR)		984
2,429,480		Chubb Corp		125,531
810,772		Cincinnati Financial Corp		34,377
30,760,264		Citigroup, Inc		1,579,232
10,245	e*	Citizens, Inc		75
13,010		Clal Insurance		369
451,506	*	CNA Financial Corp		19,455
92,133	*	CNA Surety Corp		1,944
89,191	e	CNP Assurances		10,387
10,154	e	Codan A/S		959
418,094		Commerce Group, Inc		12,560
3,914,177	*	Conseco, Inc		67,715
173,445	e	Corp Mapfre S.A.		890
3,735,856		Credit Suisse Group		268,088
8,900	*	Darwin Professional Underwriters, Inc		224
314,741		Delphi Financial Group, Inc (Class A)		12,662
90,738		Direct General Corp		1,929
74,300		Donegal Group, Inc (Class A)		1,262
99,117	*	Dongbu Insurance Co Ltd		2,813
34,525		EMC Insurance Group, Inc		891
528,935	*	Employers Holdings, Inc		10,589
1,333	e*	Enstar Group Ltd		131
6,591		Ergo Previdenza S.p.A.		47
193,824		Erie Indemnity Co (Class A)		10,228
302,697		Everest Re Group Ltd		29,110
46,800		Fairfax Financial Holdings Ltd		10,540
94,301		FBL Financial Group, Inc (Class A)		3,690
861,110		Fidelity National Title Group, Inc (Class A)		20,675
94,214	e*	First Acceptance Corp		986
531,406		First American Corp		26,953
104,858	*	First Mercury Financial Corp		2,155
57,519		Fondiaria-Sai S.p.A		2,641
57,697	*	Fpic Insurance Group, Inc		2,577
623,504		Friends Provident plc		2,362
737,846	e	Fuji Fire & Marine Insurance Co Ltd		3,037
3,710,620		Genworth Financial, Inc (Class A)		129,649
46,251		Great American Financial Resources, Inc		1,132
442,999		Great-West Lifeco, Inc		13,353
210,255		Hanover Insurance Group, Inc		9,697
1,416		Harel Insurance Investments & Finances Ltd		79
100,679		Harleysville Group, Inc		3,271
1,115,701		HCC Insurance Holdings, Inc		34,364
497,190	*	Health Net, Inc		26,754
154,462	*	HealthExtras, Inc		4,445
181,467	*	Healthspring, Inc		4,274
347,233		Horace Mann Educators Corp		7,136
1,544,791	*	Humana, Inc		89,629
22,674	*	Hyundai Marine & Fire Insurance Co Ltd		313
31,953		Independence Holding Co		691
120,862		Infinity Property & Casualty Corp		5,664
1,834,434		ING Groep NV		77,559
1,684,521	e	Insurance Australia Group Ltd		7,987

79

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
146,568		Irish Life & Permanent plc	$	4,024
24,169		Kansas City Life Insurance Co		1,088
169,758	e	KBC Groep NV		21,115
24,116	*	Korean Reinsurance Co		317
2,182,100		Kurnia Asia BHD		701
130,761	e	LandAmerica Financial Group, Inc		9,665
649,914		Leucadia National Corp		19,120
57,183		Liberty Group Ltd		649
1,430,829		Lincoln National Corp		96,996
2,602,455		Loews Corp		118,230
3,052,034		Manulife Financial Corp		104,951
44,250	*	Markel Corp		21,454
253,052		Max Re Capital Ltd		6,448
601,078		MBIA, Inc		39,365
193,634	*	Meadowbrook Insurance Group, Inc		2,128
208,475	e	Mediolanum S.p.A.		1,690
110,465		Mercury General Corp		5,859
2,568,459		Metlife, Inc		162,198
681,709		Metropolitan Holdings Ltd		1,395
402,979	e	MGIC Investment Corp		23,744
58,385		Midland Co		2,477
9,835		Migdal Insurance Holdings Ltd		15
1,560,741		Millea Holdings, Inc		57,746
2,085,804		Mitsui Sumitomo Insurance Co Ltd		26,179
146,505	e*	Molina Healthcare, Inc		4,482
799,241	e	Montpelier Re Holdings Ltd		13,859
269,773		Muenchener Rueckver AG.		45,627
87,154	e	National Interstate Corp		2,245
14,652		National Western Life Insurance Co (Class A)		3,587
368,281		Nationwide Financial Services, Inc (Class A)		19,836
72,792	*	Navigators Group, Inc		3,652
935,873	e	Nissay Dowa General Insurance Co Ltd		5,964
18,496		NYMAGIC, Inc		756
112,519		Odyssey Re Holdings Corp		4,423
386,466		Ohio Casualty Corp		11,575
1,684,564		Old Mutual plc		5,440
1,174,672		Old Republic International Corp		25,984
192,985		OneBeacon Insurance Group Ltd		4,825
486,797		PartnerRe Ltd		33,365
475,199	*	Philadelphia Consolidated Holding Co		20,904
784,216		Phoenix Cos, Inc		10,885
1,036,000	*	PICC Property & Casualty Co Ltd		594
950,000		Ping An Insurance Group Co of China Ltd		4,657
1,094,058		Platinum Underwriters Holdings Ltd		35,097
182,293	*	PMA Capital Corp (Class A)		1,712
357,489		PMI Group, Inc		16,166
792,723		Power Corp Of Canada		25,529
592,265		Power Financial Corp		19,997
128,000		Presidential Life Corp		2,524
1,937,596		Principal Financial Group		116,004
199,218	*	ProAssurance Corp		10,190
3,950,052		Progressive Corp		86,190
458,858		Protective Life Corp		20,208

80

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
2,641,650		Prudential Financial, Inc	$	238,435
4,871,442		Prudential plc		68,781
2,785,651		Radian Group, Inc		152,877
129,490	e	Reinsurance Group Of America, Inc		7,474
2,274,539		Resolution plc		27,773
133,108		RLI Corp		7,312
1,020,840		Royal & Sun Alliance Insurance Group plc		3,254
442,559		Safeco Corp		29,399
101,102		Safety Insurance Group, Inc		4,056
31,994	*	Samsung Fire & Marine Insurance Co Ltd		5,356
38,543	e	SCOR		1,041
43,514	*	SCPIE Holdings, Inc		988
79,373	*	SeaBright Insurance Holdings, Inc		1,460
413,442		Selective Insurance Group, Inc		10,526
711,625		Sompo Japan Insurance, Inc		8,871
309,544		Stancorp Financial Group, Inc		15,220
672,032		Standard Life plc		4,179
81,151		State Auto Financial Corp		2,607
142,142		Stewart Information Services Corp		5,940
68,972		Storebrand ASA		1,105
1,092,711		Sun Life Financial, Inc		49,709
245,385	e	Swiss Reinsurance Co		22,415
680,050		T&D Holdings, Inc		46,918
6,418	*	Topdanmark A/S		1,243
430,884		Torchmark Corp		28,262
98,743		Tower Group, Inc		3,181
143,682		Transatlantic Holdings, Inc		9,357
3,606,701		Travelers Cos, Inc/The		186,719
66,868	e*	Triad Guaranty, Inc		2,769
36,688	e	TrygVesta A.S.		3,035
118,246		United Fire & Casualty Co		4,154
7,388,461		UnitedHealth Group, Inc		391,367
196,343		Unitrin, Inc		9,242
216,318	*	Universal American Financial Corp		4,192
1,761,344		UnumProvident Corp		40,564
82,441	*	Vesta Insurance Group, Inc		-	^
1,751,706		W.R. Berkley Corp		58,017
487,628	*	WellCare Health Plans, Inc		41,570
6,064		Wesco Financial Corp		2,789
9,579		Wiener Staedtische Allgemeine Versicherung AG.		679
507,062		XL Capital Ltd (Class A)		35,474
225,580		Zenith National Insurance Corp		10,663
1,076,996	e	Zurich Financial Services AG.		310,872
		TOTAL INSURANCE CARRIERS		8,297,664
JUSTICE, PUBLIC ORDER AND SAFETY - 0.02%
306,164	*	Corrections Corp of America		16,169
135,814	*	Geo Group, Inc		6,155
4,702,705	e*	PAN Fish ASA		5,524
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		27,848
LEATHER AND LEATHER PRODUCTS - 0.16%
165,272		Adidas-Salomon AG.		9,037

81

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
2,646,838	*	Coach, Inc	$	132,474
59,752	*	CROCS, Inc		2,823
143,638	e*	Genesco, Inc		5,965
53,058		Hermes International		7,342
250,901	e*	Iconix Brand Group, Inc		5,118
171,942	e	LVMH Moet Hennessy Louis Vuitton S.A.		19,076
1,038,687		Pou Chen Corp		1,111
157,948		Steven Madden Ltd		4,612
316,168	*	Timberland Co (Class A)		8,230
53,685	e	Weyco Group, Inc		1,395
369,992		Wolverine World Wide, Inc		10,571
675,917		Yue Yuen Industrial Holdings		2,292
		TOTAL LEATHER AND LEATHER PRODUCTS		210,046
LEGAL SERVICES - 0.01%
243,990	e*	FTI Consulting, Inc		8,195
89,158	e*	Pre-Paid Legal Services, Inc		4,468
		TOTAL LEGAL SERVICES		12,663
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.02%
253,717	e	Brisa-Auto Estradas de Portugal S.A.		3,328
2,155,000		ComfortDelgro Corp Ltd		2,827
360,000	e	Keihin Electric Express Railway Co Ltd		2,762
245,000	e	Keisei Electric Railway Co Ltd		1,582
377,126		Laidlaw International, Inc		13,048
503,168		SMRT Corp Ltd		494
688,666	e	Tobu Railway Co Ltd		3,308
		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		27,349
LUMBER AND WOOD PRODUCTS - 0.02%
109,609	e	American Woodmark Corp		4,029
442,864	e*	Champion Enterprises, Inc		3,897
60,377		Deltic Timber Corp		2,896
116,471		Duratex S.A.		2,298
538,729		Louisiana-Pacific Corp		10,807
1,510,966		Masisa S.A.		340
14,951		Nobia AB		612
45,761		Skyline Corp		1,544
57,925	e*	Sonae Industria SGPS S.A.		714
95,993	e	Universal Forest Products, Inc		4,757
		TOTAL LUMBER AND WOOD PRODUCTS		31,894
METAL MINING - 1.09%
243,390		Agnico-Eagle Mines Ltd		8,608
393,818		Alumina Ltd		2,329
5,679,864		Anglo American plc		299,211
35,401		Anglo Platinum Ltd		5,585
84,670		AngloGold Ashanti Ltd		3,793
1,700	e	AngloGold Ashanti Ltd (ADR)		76
1,631,575		Barrick Gold Corp		46,552
198,302	e*	Barrick Gold Corp		5,661
8,088,837		BHP Billiton Ltd		195,621
402,269		Boliden AB		8,872

82

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
625,325	e	Cameco Corp	$	25,620
1,714,800		Cameco Corp		70,204
32,906		CAP S.A.		527
315,101	e	Cleveland-Cliffs, Inc		20,170
1,585,751	e*	Coeur d'Alene Mines Corp		6,517
480,489		Companhia Vale do Rio Doce		17,794
552,784		Companhia Vale do Rio Doce		17,279
26,600		Companhia Vale do Rio Doce (ADR)		832
562,397		Companhia Vale do Rio Doce (ADR)		20,803
39,531		Compania de Minas Buenaventura S.A.		1,174
5,600		Compania de Minas Buenaventura S.A. (ADR)		168
654,242	*	Eldorado Gold Corp		3,825
148,134		Energy Resources of Australia Ltd		3,332
92,928		First Quantum Minerals Ltd		6,190
226,265		Foundation Coal Holdings, Inc		7,770
2,248,176		Freeport-McMoRan Copper & Gold, Inc (Class B)		148,807
389,382		Gold Fields Ltd		7,219
7,300		Gold Fields Ltd (ADR)		135
1,420,654		Goldcorp, Inc		34,098
182,012	*	Harmony Gold Mining Co Ltd		2,540
7,900	*	Harmony Gold Mining Co Ltd (ADR)		110
904,325	e*	Hecla Mining Co		8,193
83,406	e	Iluka Resources Ltd		397
340,137		Impala Platinum Holdings Ltd		10,691
9,800	e	Impala Platinum Holdings Ltd (ADR)		305
326,922	*	Ivanhoe Mines Ltd		3,823
14,137		Jubilee Mines NL		200
17,585		Kagara Zinc Ltd		73
1,153,480	*	Kinross Gold Corp		15,926
5,020		Korea Zinc Co Ltd		536
96,834		Kumba Resources Ltd		874
3,808,300		Lanna Resources PCL		1,186
762,088	*	Lundin Mining Corp		8,482
197,333	*	Meridian Gold, Inc		5,039
133,798		Minsur S.A.		380
22,100		MMC Norilsk Nickel (ADR)		4,211
688,456		MMC Norilsk Nickel (ADR)		130,807
542,186	e	Newcrest Mining Ltd		10,436
2,098,069		Newmont Mining Corp		88,098
4		Newmont Mining Corp		-	^
82,243		Novolipetsk Steel (GDR)		2,419
1,092,751	e	Oxiana Ltd		2,484
535,523	e*	Paladin Resources Ltd		4,216
99,659	*	PAN American Silver Corp		2,948
37,790		Perilya Ltd		111
349,256	*	Polyus Gold (ADR)		16,799
272,500		PT Aneka Tambang Tbk		354
86,000		PT International Nickel Indonesia Tbk		512
334,827	e	Rio Tinto Ltd		21,350
599,628		Rio Tinto plc		34,243
348,161	e*	Rosetta Resources, Inc		7,151
120,513	e	Royal Gold, Inc		3,627
48,641		Southern Copper Corp		3,485

83

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
88,090	e	Southern Copper Corp	$	6,313
35,344	*	St Barbara Ltd		15
250,061	e*	Stillwater Mining Co		3,173
5,036,000		Straits Asia Resources Ltd		3,452
14,628	e	Sumitomo Titanium Corp		1,625
472,502		Teck Cominco Ltd (Class B)		32,942
19,211	e	Umicore		3,416
356,149		Volcan Cia Minera S.A.		1,069
612,308	e	Yamana Gold, Inc		8,852
1,915,500		Zijin Mining Group Co Ltd		1,115
1,618,040		Zinifex Ltd		20,659
		TOTAL METAL MINING		1,443,409
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.16%
147,920	e	Aderans Co Ltd		3,590
24,833		Amer Sports Oyj		544
216,960		Blyth, Inc		4,580
52,284		Bulgari S.p.A.		755
489,503		Callaway Golf Co		7,715
34,000		Chow Sang Sang Holding		23
224,197	e	Daktronics, Inc		6,152
50		Escalade, Inc		-	^
621,012		Fortune Brands, Inc		48,948
210,880		Fu Sheng Industrial Co Ltd		205
2,010,391		Futuris Corp Ltd		3,513
986,174		Hasbro, Inc		28,224
166,354	e*	Jakks Pacific, Inc		3,976
329,663	*	K2, Inc		3,986
48,100		Magnum Corp BHD		45
100,092	e	Marine Products Corp		958
2,254,844		Mattel, Inc		62,166
36,159		Morgan Crucible Co plc		191
73,425		Namco Bandai Holdings, Inc		1,146
194,038	e	Nautilus, Inc		2,994
107,548,579	a	Playmates Holdings Ltd		17,619
198,822	e*	Progressive Gaming International Corp		895
149,086	*	RC2 Corp		6,022
70,569	*	Russ Berrie & Co, Inc		995
46,593		Sankyo Co Ltd		2,048
207,419	e*	Shuffle Master, Inc		3,785
46,359		Steinway Musical Instruments, Inc		1,496
82,830		Tasaki Shinju Co Ltd		413
198,100	e	Yamaha Corp		4,421
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		217,405
MISCELLANEOUS RETAIL - 1.26%
147,294	*	1-800-FLOWERS.COM, Inc (Class A)		1,146
89,352	e*	AC Moore Arts & Crafts, Inc		1,907
2,205,075	*	Amazon.com, Inc		87,740
6,200		AOKI Holdings, Inc		118
112,408		Aygaz A.S.		312
421,344		Barnes & Noble, Inc		16,622
20,660		Beate Uhse AG.		134

84

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
3,921,740		Best Buy Co, Inc	$	191,067
118,297		Big 5 Sporting Goods Corp		3,066
96,847	e*	Blue Nile, Inc		3,938
106,861	e	Books-A-Million, Inc		1,522
366,569	e	Borders Group, Inc		7,485
78,530	e*	Build-A-Bear Workshop, Inc		2,157
199,723		Cash America International, Inc		8,189
138,900		Circle K Sunkus Co Ltd		2,593
292,790	e*	CKX, Inc		3,250
259,071	e*	Coldwater Creek, Inc		5,254
1,075,485		Compagnie Financiere Richemont AG.		60,140
10,643,836		CVS Corp		363,381
2,262	*	Daum Communications Corp		151
96,467		DCC plc		3,397
139,439	e*	dELiA*s, Inc		1,280
160,220	*	Dick's Sporting Goods, Inc		9,334
643,694	*	Dollar Tree Stores, Inc		24,615
307,813		Douglas Holding AG.		18,072
548,302	e*	Drugstore.com, Inc		1,415
58,700		EDION Corp		819
4,330		Exmar NV		142
349,085	*	Ezcorp, Inc (Class A)		5,142
67,104		Folli-Follie S.A.		2,349
3,562,545		Game Group plc		9,850
223,440	e*	GSI Commerce, Inc		5,047
940		Hellenic Duty Free Shops S.A.		19
187,000	*	Hibbett Sports, Inc		5,346
2,136,866		HMV Group plc		4,647
323,301		Home Retail Group		2,825
3,166,598		Hutchison Whampoa Ltd		30,456
685,482		Ichitaka Co Ltd		1,885
1,251	e	Index Corp		652
18,000		Izumiya Co Ltd		139
200,930		Jean Coutu Group, Inc (Class A)		2,510
23		Jelmoli Holding AG.		77
231,877	e*	KarstadtQuelle AG.		8,549
10,300	e	Kojima Co Ltd		88
51,000		Largan Precision Co Ltd		742
182,751		Longs Drug Stores Corp		9,437
34,300	e	Matsumotokiyoshi Co Ltd		786
187,926		MSC Industrial Direct Co (Class A)		8,772
80,622		Next plc		3,568
914,000		Nippon Mining Holdings, Inc		7,888
315,863	e*	Nutri/System, Inc		16,554
2,826,726	*	Office Depot, Inc		99,331
472,117		OfficeMax, Inc		24,899
826,067		Origin Energy Ltd		6,022
74,819	e*	Overstock.com, Inc		1,242
2,971,828		Pacific Brands Ltd		7,382
618,013		Petsmart, Inc		20,370
149,658	*	Priceline.com, Inc		7,971
22,604	e	Pricesmart, Inc		347
5,342,917	e*	Rite Aid Corp		30,829

85

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
20,500		Ryohin Keikaku Co Ltd	$	1,296
19,627	e	Sanoma-WSOY Oyj		582
395,213	*	Sears Holdings Corp		71,202
378,650		Shoppers Drug Mart Corp		16,776
2,400	*	Shutterfly, Inc		38
1,841,341		Signet Group plc		4,547
166,581	*	Stamps.com, Inc		2,394
5,515,118		Staples, Inc		142,511
54,824	e	Systemax, Inc		1,027
575,149		Tiffany & Co		26,158
331,603		Tsutsumi Jewelry Co Ltd		8,780
162,045	*	Valuevision International, Inc (Class A)		2,003
5,055,483		Walgreen Co		231,996
158,014		World Fuel Services Corp		7,310
132,106	e	Xebio Co Ltd		3,688
302,285	*	Zale Corp		7,974
83,113	e*	Zumiez, Inc		3,334
		TOTAL MISCELLANEOUS RETAIL		1,676,583
MOTION PICTURES - 1.14%
180,549		Astral Media, Inc		6,287
733,000		Astro All Asia Networks plc		996
266,067	e*	Avid Technology, Inc		9,280
1,190,028	e*	Blockbuster, Inc (Class A)		7,664
69,575	e	Carmike Cinemas, Inc		1,614
4,439,243		CBS Corp (Class B)		135,796
1,296,766	*	Discovery Holding Co (Class A)		24,807
760,367	*	DreamWorks Animation SKG, Inc (Class A)		23,252
93,328	e*	Gaiam, Inc (Class A)		1,469
292,962	e*	Macrovision Corp		7,339
107,134	*	National CineMedia, Inc		2,861
14,180,557		News Corp (Class A)		327,854
23,186	e*	Premiere AG.		505
980,517	e	Regal Entertainment Group (Class A)		19,483
825,782	*	Time Warner Telecom, Inc (Class A)		17,152
22,640,365		Time Warner, Inc		446,468
170,900	e	Toei Animation Co Ltd		4,786
10,000		Toei Co Ltd		56
119,900		Toho Co Ltd		2,340
13,875,107		Walt Disney Co		477,720
		TOTAL MOTION PICTURES		1,517,729
NONDEPOSITORY INSTITUTIONS - 1.57%
865,283	e*	Accredited Home Lenders Holding Co		8,021
101,110	e	Acom Co Ltd		4,299
558,666	e	Advance America Cash Advance Centers, Inc		8,598
5,498		Advanta Corp (Class A)		220
106,851		Advanta Corp (Class B)		4,684
538,300	e	Aeon Credit Service Co Ltd		9,072
1,485,308		Aeon Thana Sinsap Thailand PCL		1,952
1,100		AFP Provida S.A. (ADR)		28
354,056	e	Aiful Corp		10,967
908,240	e	American Capital Strategies Ltd		40,244

86

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
8,442,075		American Express Co	$	476,133
987,658	*	AmeriCredit Corp		22,578
308,603		Ares Capital Corp		5,607
64,611	e	Asta Funding, Inc		2,790
195		Beverly Hills Bancorp, Inc		1
1,119,500		Bursa Malaysia BHD		3,594
2,304,651		Capital One Financial Corp		173,909
510,317		CapitalSource, Inc		12,824
500,304		Cattles plc		4,032
2,951,212	e	Challenger Financial Services Group Ltd		11,390
320,900	e*	CharterMac		6,209
1,123,189		CIT Group, Inc		59,439
5,296,186		Collins Stewart plc		26,524
287,596	e*	CompuCredit Corp		8,979
3,619,501		Countrywide Financial Corp		121,760
43,328	e*	Credit Acceptance Corp		1,178
203,573		Credit Saison Co Ltd		6,703
49,903	e	D Carnegie AB		1,038
1,340,762	e	Deutsche Postbank AG.		116,902
1,008,068	e*	Doral Financial Corp		1,653
3,813,700		ECM Libra Avenue BHD		960
6,436,850		Fannie Mae		351,323
79,266	e	Federal Agricultural Mortgage Corp (Class C)		2,156
179,977	e	Financial Federal Corp		4,737
162,518	*	First Cash Financial Services, Inc		3,621
2,059,225		First Financial Holding Co Ltd		1,444
418,609	e	First Marblehead Corp		18,791
3,521,617		Freddie Mac		209,501
18,900	*	Freedom Acquisition Holding, Inc		181
31,100		Highland Distressed Opportunities, Inc		447
397,200		Hitachi Capital Corp		7,938
729,000		Hong Leong Finance Ltd		1,941
1,546,142		Hypo Real Estate Holding AG.		98,602
382,249		ICAP plc		3,990
444,476		ICICI Bank Ltd		8,726
238,731		IGM Financial, Inc		10,103
2,800	*	Information Services Group, Inc		21
58,553		Infrastructure Development Finance Co Ltd		113
278,062	*	INVESTools, Inc		3,865
125,000		Japan Securities Finance Co Ltd		1,898
625	e	Kenedix, Inc		3,193
6,833,000		Kim Eng Holdings Ltd		7,206
13,900		Kohlberg Capital Corp		222
66,925		Kotak Mahindra Bank Ltd		738
331,294		MCG Capital Corp		6,215
53,425		Medallion Financial Corp		611
4,559,360		Mega Financial Holding Co Ltd		2,976
209,801		Nelnet, Inc (Class A)		5,029
11,569	*	NewStar Financial, Inc		194
108,228	e	NGP Capital Resources Co		1,711
5,588,120	e	Nissin Co Ltd		3,320
11,800	*	NTR Acquisition Co		108
279,613	e*	Ocwen Financial Corp		3,599

87

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
1,263		OZ Holding AG.	$	95
65,849	e	Perpetual Trustees Australia Ltd		4,134
338,798	*	Polaris Securities Co Ltd		150
192,195	e	Promise Co Ltd		7,242
196,496		Provident Financial plc		3,109
57,017		Reliance Capital Ltd		877
5,500		Ricoh Leasing Co Ltd		145
4,010		SFCG Co Ltd		715
1,945,557		SLM Corp		79,573
58,110		SM Investments Corp		428
51,599		Smiths News plc		142
20,805		Student Loan Corp		3,868
2,435,000	*	Taishin Financial Holdings Co Ltd		1,251
211,277	e	Takefuji Corp		8,481
112,079	e	Technology Investment Capital Corp		1,895
18,678	*	Tower Australia Group Ltd		41
5,627,676		Tullett Prebon plc		53,489
38,133	e*	United PanAm Financial Corp		477
158,665	*	World Acceptance Corp		6,339
		TOTAL NONDEPOSITORY INSTITUTIONS		2,089,259
NONMETALLIC MINERALS, EXCEPT FUELS - 0.09%
82,927		Aber Diamond Corp		3,092
132,588	e	AMCOL International Corp		3,931
86,475		Cimsa Cimento Sanayi Ve Tica		621
195,661	e	Compass Minerals International, Inc		6,535
211,794		Florida Rock Industries, Inc		14,252
735,970		Grupo Mexico S.A. de C.V. (Series B)		3,417
2,309,000		Itochu Corp		22,886
104,382	e	Solvay S.A.		16,041
423,608		Vulcan Materials Co		49,342
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		120,117
OIL AND GAS EXTRACTION - 2.30%
157,802		Acergy S.A.		3,369
111,250		Aker Kvaerner ASA		2,507
2,482,891		Anadarko Petroleum Corp		106,715
6,147,500		Apexindo Pratama Duta PT		1,199
63,137	e*	Arena Resources, Inc		3,164
99,265	*	Atlas America, Inc		5,607
112,240	*	ATP Oil & Gas Corp		4,220
160,858	*	Atwood Oceanics, Inc		9,441
416,742	*	Aurora Oil & Gas Corp		1,088
1,589,598		Baker Hughes, Inc		105,120
130,756	*	Basic Energy Services, Inc		3,047
203,426		Berry Petroleum Co (Class A)		6,237
3,335,620		BG Group plc		48,114
166,176	e*	Bill Barrett Corp		5,386
1,304,738		BJ Services Co		36,402
122,038	e*	Bois d'Arc Energy, Inc		1,615
223,276	*	Brigham Exploration Co		1,389
78,243	e*	Bronco Drilling Co, Inc		1,296
22,000	*	Cal Dive International, Inc		269

88

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
112,401	*	Callon Petroleum Co	$	1,525
887,725	*	Cameron International Corp		55,740
1,149,174		Canadian Natural Resources Ltd		63,456
377,960		Canadian Oil Sands Trust		9,252
287,902		Canetic Resources Trust		3,726
121,222	e*	Carrizo Oil & Gas, Inc		4,238
236,716	e*	Cheniere Energy, Inc		7,374
1,725,809		Chesapeake Energy Corp		53,293
421,620	e	Cimarex Energy Co		15,608
31,831	*	Clayton Williams Energy, Inc		903
8,213,000		CNOOC Ltd		7,200
4,100		CNOOC Ltd (ADR)		359
112,423	e*	CNX Gas Corp		3,185
333,774	e*	Compagnie Generale de Geophysique S.A.		70,002
148,047	*	Complete Production Services, Inc		2,948
241,217	*	Comstock Resources, Inc		6,605
1,083	*	Dana Petroleum plc		21
42,566	e*	Dawson Geophysical Co		2,108
217,110		Delta & Pine Land Co		8,945
308,077	e*	Delta Petroleum Corp		7,073
4,327,280	*	Denbury Resources, Inc		128,910
609,091	e*	DET Norske Oljeselskap		1,095
274,709		Diamond Offshore Drilling, Inc		22,238
57,178	*	Duvernay Oil Corp		1,917
191,972	*	Edge Petroleum Corp		2,403
345,000	*	Electromagnetic GeoServices AS		8,258
4,325	*	Emerald Energy plc		12
1,696,704		EnCana Corp		85,827
326,318	*	Encore Acquisition Co		7,894
100	*	Endeavour International Corp		-	^
211,611	e*	Energy Partners Ltd		3,841
177,733		Enerplus Resources Fund		7,497
250,618	b,m,v*	Enron Corp		-	^
668,390		ENSCO International, Inc		36,360
408,877		Ensign Energy Services, Inc		6,853
720,534		Equitable Resources, Inc		34,816
317,955	*	EXCO Resources, Inc		5,272
169,262	e*	Exploration Co of Delaware, Inc		1,836
4,661		Expro International Group plc		81
302,663	*	First Calgary Petroleums Ltd		1,332
231,430	e*	Forest Oil Corp		7,723
1,049,000		Formosa Petrochemical Corp		2,298
102,006		GAIL India Ltd		621
1,319		GAIL India Ltd (GDR)		49
528,681	e*	Gasco Energy, Inc		1,290
164,878	e*	GeoGlobal Resources, Inc		1,007
12,311	e*	Geomet, Inc		109
570,056	*	Global Industries Ltd		10,426
85		GlobalSantaFe Corp		5
47,070	e*	GMX Resources, Inc		1,446
71,690	e*	Goodrich Petroleum Corp		2,411
1,280,194	*	Grey Wolf, Inc		8,577
75,238	e*	Gulfport Energy Corp		1,005

89

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
7,477,697		Halliburton Co	$	237,342
634,556	e*	Hanover Compressor Co		14,119
172,002		Harvest Energy Trust		4,256
305,608	*	Harvest Natural Resources, Inc		2,977
402,076	*	Helix Energy Solutions Group, Inc		14,993
450,756		Helmerich & Payne, Inc		13,676
116,736	e*	Hercules Offshore, Inc		3,065
175,849	*	Houston Exploration Co		9,487
308,591		Husky Energy, Inc		21,560
767	m,v*	INA Industrija Nafte DD (GDR)		408
21,819	*	INA Industrija Nafte DD (GDR)		11,608
2,318		Inpex Holdings, Inc		20,064
2,150,753	*	Integra Group Holdings (GDR)		41,402
370,000	*	KazMunaiGas Exploration Production (GDR)		7,781
301,787	g,m,v*	KazMunaiGas Exploration Production (GDR)		6,347
1,357	*	Key Energy Services, Inc		22
66,897	e*	Lundin Petroleum AB		793
409,222	*	Mariner Energy, Inc		7,828
145,673	e*	McMoRan Exploration Co		1,997
733,325	*	Meridian Resource Corp		1,767
92,967	e*	Metretek Technologies, Inc		1,240
1,593,284	*	National Oilwell Varco, Inc		123,942
752,436	e	Neste Oil Oyj		25,933
505,524	e*	Newpark Resources, Inc		3,564
475,451	e*	Nexen, Inc		29,124
48,762		Niko Resources Ltd		3,545
53,068		NovaTek OAO (GDR)		3,078
351,185	*	Oceaneering International, Inc		14,792
353,800		Oil & Gas Development Co Ltd		692
168,490		Oil & Natural Gas Corp Ltd		3,414
223,000	*	OPTI Canada, Inc		3,840
200,852	e*	Parallel Petroleum Corp		4,610
667,929	*	Parker Drilling Co		6,272
744,590		Patterson-UTI Energy, Inc		16,709
575,883		Penn West Energy Trust		16,945
1,086,052		Petro-Canada		42,473
25,753,075		PetroChina Co Ltd		30,554
33,900	m,v*	PetroCorp		-	^
836,253	e*	PetroHawk Energy Corp		11,013
93,775	*	Petroleum Development Corp		5,024
52,074	*	Petroleum Geo-Services ASA		1,360
254,656	*	Petroquest Energy, Inc		2,977
240,622	e*	Pioneer Drilling Co		3,053
500,297		Pioneer Natural Resources Co		21,568
487,430	*	Plains Exploration & Production Co		22,003
267,585	e	Pogo Producing Co		12,871
83,618		Precision Drilling Trust		1,910
2,450,047	*	Pride International, Inc		73,746
3,719	e*	PrimeEnergy Corp		216
71,576		ProSafe ASA		1,095
695,297		Provident Energy Trust		7,528
1,810,000	*	PT Energi Mega Persada Tbk		123
461,100		PTT Exploration & Production PCL		1,185

90

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
384,000		PTT Exploration & Production PCL	$	987
12,500	m,v	PTT Exploration & Production PCL (ADR)		64
115,718	*	Quest Resource Corp		1,061
278,439	e*	Quicksilver Resources, Inc		11,074
121,017	e*	RAM Energy Resources, Inc		560
609,131		Range Resources Corp		20,345
2,533,300	e*	Renewable Energy Corp A.S.		57,307
470,905		Rowan Cos, Inc		15,290
184,639	e	RPC, Inc		3,076
3,437,970		Saipem S.p.A.		100,119
1,340,850		Santos Ltd		11,012
463,164		Schlumberger Ltd		32,005
11,900		Scomi Group BHD		4
141,802	e*	SEACOR Holdings, Inc		13,953
158,201	*	SeaDrill Ltd		2,603
50	m,v*	Serval Integrated Energy Services		-	^
165,742		Singapore Petroleum Co Ltd		529
830,515	*	Southwestern Energy Co		34,035
254,285		St. Mary Land & Exploration Co		9,327
164,931	*	Stone Energy Corp		4,897
200,571	e*	Sulphco, Inc		686
394,683	*	Superior Energy Services		13,605
67,086	*	Superior Well Services, Inc		1,533
76,800	e	Surgutneftegaz (ADR)		4,860
55,200		Surgutneftegaz (ADR)		3,489
180,979	*	Swift Energy Co		7,559
248,172	e*	Syntroleum Corp		774
2,396,208		Talisman Energy, Inc		42,050
64,314	*	Tap Oil Ltd		79
328,601	*	Tetra Technologies, Inc		8,120
567,756	*	TGS Nopec Geophysical Co ASA		13,124
534,982		Tidewater, Inc		31,339
269,687	*	Todco		10,877
84,010	e*	Toreador Resources Corp		1,525
3,156,397	e	Total S.A.		221,153
390,152	e*	Transmeridian Exploration, Inc		1,116
159,331		Trican Well Service Ltd		3,153
94,298	e*	Trico Marine Services, Inc		3,514
68,432	e*	Tri-Valley Corp		507
85,089	*	Union Drilling, Inc		1,208
210,094	*	Unit Corp		10,629
587,708	*	UTS Energy Corp		2,108
617,520	e*	Vaalco Energy, Inc		3,199
30,806	*	Venoco, Inc		550
12,830	*	Venture Production plc		167
88,423	e	W&T Offshore, Inc		2,558
318,142	e*	Warren Resources, Inc		4,145
202,130	*	Western Oil Sands, Inc (Class A)		5,970
173,535	*	W-H Energy Services, Inc		8,111
229,174	*	Whiting Petroleum Corp		9,032
790,399		Woodside Petroleum Ltd		25,254
5,667,464		XTO Energy, Inc		310,634
		TOTAL OIL AND GAS EXTRACTION		3,051,922

91

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
PAPER AND ALLIED PRODUCTS - 0.49%
4,741,797	*	Abitibi-Consolidated, Inc	$	13,372
574,508	e*	Abitibi-Consolidated, Inc		1,602
304,749		Aracruz Celulose S.A.		1,581
2,400	e	Aracruz Celulose S.A. (ADR)		126
442,596		Bemis Co		14,778
36,355		Billerud AB		545
346,976	e	Bowater, Inc		8,265
212,799	*	Buckeye Technologies, Inc		2,762
442,841	*	Canfor Corp		4,047
12,694		Canfor Plus Income Fund		156
167,932	*	Caraustar Industries, Inc		1,055
308,484	e*	Cenveo, Inc		7,496
145,165		Chesapeake Corp		2,192
364,760		China International Marine Containers Co Ltd (Class B)		800
5,500	*	Domtar Corp		50
1,955,570	*	Domtar Corporation		18,206
61,468		Empresas CMPC S.A.		1,993
256,066	e	Glatfelter		3,818
392,418	*	Graphic Packaging Corp		1,860
109,923		Greif, Inc (Class A)		12,214
45,646	e	Holmen AB (B Shares)		1,879
2,208,696		International Paper Co		80,397
3,229,877		Kimberly-Clark Corp		221,214
226,678		Kimberly-Clark de Mexico S.A. de C.V. (Class A)		1,022
278,621		Klabin S.A.		771
70,700	e	Kokuyo Co Ltd		935
438,793		Longview Fibre Co		10,808
3,468		Mayr-Melnhof Karton AG.		774
888,627		MeadWestvaco Corp		27,405
171,859	*	Mercer International, Inc		2,056
72,000		Mitsubishi Paper Mills Ltd		134
3,101		Mondi Packaging Paper Swiecie S.A.		114
413,624		Nampak Ltd		1,266
92,730		Neenah Paper, Inc		3,685
841,000		Nine Dragons Paper Holdings Ltd		1,754
996		Nippon Paper Group, Inc		3,542
143,798		Norske Skogindustrier ASA		2,460
659,000	e	OJI Paper Co Ltd		3,495
394,942		Packaging Corp of America		9,637
2,853,673		PaperlinX Ltd		9,628
329,486	*	Playtex Products, Inc		4,471
204,276		Rock-Tenn Co (Class A)		6,782
464,500	e	Sanrio Co Ltd		6,863
116,644		Sappi Ltd		1,769
24,600	e	Sappi Ltd (ADR)		384
130,919		Schweitzer-Mauduit International, Inc		3,253
1,325,515	*	Smurfit-Stone Container Corp		14,925
854,870		Sonoco Products Co		32,126
500,305	e	Stora Enso Oyj (R Shares)		8,688
245,604	e	Svenska Cellulosa AB (B Shares)		13,155
1,009,432		Temple-Inland, Inc		60,304

92

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
16,000		Tomoku Co Ltd	$	36
35,000		Uni-Charm Corp		2,216
687,412	e	UPM-Kymmene Oyj		17,512
46,093		Votorantim Celulose e Papel S.A.		845
7,400		Votorantim Celulose e Papel S.A. (ADR)		135
248,150		Wausau Paper Corp		3,563
385,760		Yuen Foong Yu Paper Manufacturing Co Ltd		155
		TOTAL PAPER AND ALLIED PRODUCTS		657,076
PERSONAL SERVICES - 0.11%
800		Angelica Corp		22
658,072		Cintas Corp		23,756
69,700	e	Coinmach Service Corp (Class A)		739
231,465	e*	Coinstar, Inc		7,245
400		CPI Corp		21
1,461,005		Davis Service Group plc		16,747
129,679		G & K Services, Inc (Class A)		4,705
1,546,754		H&R Block, Inc		32,544
190,981		Jackson Hewitt Tax Service, Inc		6,146
1,025,770		Kuala Lumpur Kepong BHD		3,560
6,414		Mcbride plc		30
277,547		Regis Corp		11,205
406,461	*	Sally Beauty Holdings, Inc		3,735
1,410,929		Service Corp International		16,734
55,354		Unifirst Corp		2,124
204,604		Weight Watchers International, Inc		9,430
		TOTAL PERSONAL SERVICES		138,743
PETROLEUM AND COAL PRODUCTS - 5.35%
100,491		Alon USA Energy, Inc		3,638
3,202,643		Apache Corp		226,427
10,000		Aromatics Thailand PCL		12
498,031		Ashland, Inc		32,671
75,970		Bharat Petroleum Corp Ltd		529
19,658,035		BP plc		213,535
23,744		BP plc (ADR)		1,537
831,720		Cabot Oil & Gas Corp		55,991
11,783,233		Chevron Corp		871,488
9,918,764		China Petroleum & Chemical Corp		8,391
5,700	e	China Petroleum & Chemical Corp (ADR)		480
8,882,762		ConocoPhillips		607,137
58,855		Delek US Holdings, Inc		1,126
2,544,713		Devon Energy Corp		176,145
7,885,876		ENI S.p.A.		256,616
1,377,808		EOG Resources, Inc		98,293
31,595,383		Exxon Mobil Corp		2,383,872
856,429		Frontier Oil Corp		27,954
83,856	*	Giant Industries, Inc		6,344
391,755	e*	Headwaters, Inc		8,560
32,623		Hellenic Petroleum S.A.		465
1,385,679		Hess Corp		76,864
16,340		Hindustan Petroleum Corp Ltd		93
421,237		Holly Corp		24,979

93

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
769,859		Imperial Oil Ltd	$	28,540
316,320		LUKOIL (ADR)		27,362
2,339,917		Marathon Oil Corp		231,254
33,110		Motor Oil Hellas Corinth Refineries S.A.		921
754,309		Murphy Oil Corp		40,280
536,293	*	Newfield Exploration Co		22,369
1,653,186		Noble Energy, Inc		98,613
10,231,301		Occidental Petroleum Corp		504,505
57,774		OMV AG.		3,639
35,200	*	Petkim Petrokimya Holding		180
71,900	*	Petrobras Energia Participaciones S.A.(ADR)		748
4,200	e	PetroChina Co Ltd (ADR)		492
826,611		Petroleo Brasileiro S.A.		20,759
1,456,198		Petroleo Brasileiro S.A.		32,611
2,600		Petroleo Brasileiro S.A. (ADR)		232
665,925		Petroleo Brasileiro S.A. (ADR)		66,266
15,400		PGG Wrightson Ltd		16
159,631		Polski Koncern Naftowy Orlen S.A.		2,647
8,584		Polski Koncern Naftowy Orlen S.A. (GDR)		279
848,381		Premier Farnell plc		3,410
351,200		PTT PCL		2,086
634,500		PTT PCL		3,770
800		Quaker Chemical Corp		19
736,200		Rayong Refinery PCL		372
903,763		Repsol YPF S.A.		30,472
5,559,150		Royal Dutch Shell plc (A Shares)		184,988
3,373,557		Royal Dutch Shell plc (B Shares)		112,259
1,597	v	Samir		197
104,833		Shell Canada Ltd (Class A)		4,082
2,000		Shell Refining Co		6
57,600		Showa Shell Sekiyu KK		705
61,239		SK Corp		6,015
22,150		S-Oil Corp		1,526
2,640,574	e	Statoil ASA		71,898
886,854	e	Suncor Energy, Inc		67,484
1,418,500	*	Suncor Energy, Inc		108,302
1,039,751		Sunoco, Inc		73,240
45,996		Tatneft (GDR)		4,370
412,993		Tesoro Corp		41,477
348,000	e	TonenGeneral Sekiyu KK		3,886
87,620		Tupras Turkiye Petrol Rafine		1,951
38,167	*	Unipetrol		429
3,385,573		Valero Energy Corp		218,336
107,938		WD-40 Co		3,423
140,135	e	Western Refining, Inc		5,468
4,700	e	YPF S.A. (ADR)		198
		TOTAL PETROLEUM AND COAL PRODUCTS		7,115,229
PIPELINES, EXCEPT NATURAL GAS - 0.09%
3,046,564		Spectra Energy Corp		80,033
1,078,233		TransCanada Corp		35,817
		TOTAL PIPELINES, EXCEPT NATURAL GAS		115,850

94

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
PRIMARY METAL INDUSTRIES - 1.21%
190,944	e	Acerinox S.A.	$	4,859
631,496	*	AK Steel Holding Corp		14,771
21,792		Alcan, Inc		1,154
790,087	e*	Alcan, Inc		41,184
3,995,239		Alcoa, Inc		135,439
146,172	*	Algoma Steel, Inc		6,617
539,465		Allegheny Technologies, Inc		57,555
334,000		Angang New Steel Co Ltd		580
58		Arcelor Mittal (Class A)		3
3,971	e	Bekaert S.A.		540
271,012	e	Belden CDT, Inc		14,523
5,037,515		BHP Billiton plc		112,315
838,172		BlueScope Steel Ltd		7,121
31,108		Boehler-Uddeholm AG.		2,992
121,998	*	Brush Engineered Materials, Inc		5,913
247,296		Carpenter Technology Corp		29,863
140,144		Catcher Technology Co Ltd		1,101
136,834	*	Century Aluminum Co		6,415
328,990		Chaparral Steel Co		19,137
4,055,895		China Steel Corp		4,572
346,901	*	CommScope, Inc		14,882
55,925		Companhia Siderurgica Nacional S.A.		2,412
3,300	e	Companhia Siderurgica Nacional S.A. (ADR)		141
8,104,169	*	Corning, Inc		184,289
302,779		Corus Group plc		3,617
2,884		Cumerio		85
16,657		Daewoo International Corp		694
281,464	e	Daido Steel Co Ltd		1,827
11,330		Dongkuk Steel Mill Co Ltd		313
220,000		DOWA HOLDINGS CO Ltd		2,237
346,000	m,v*	Dowa Mining Co Ltd		3
7,052		EL Ezz Aldekhela Steel Alexandria		1,290
3,285	*	El Ezz Steel Co		29
135,177	e	Encore Wire Corp		3,423
71,570		Eregli Demir ve Celik Fabrikalari TAS		715
860,000	e	Fujikura Ltd		6,065
1,673,100	e	Furukawa Electric Co Ltd		10,223
325,377	*	General Cable Corp		17,385
177,116		Gerdau S.A.		2,781
142,908		Gerdau S.A.		2,619
7,050		Gerdau S.A. (ADR)		128
182,731		Gibraltar Industries, Inc		4,133
8,000		Godo Steel Ltd		43
4,600	*	Grupo Simec S.A. de C.V. (ADR)		57
1,600	e	Highveld Steel and Vanadium Corp Ltd (ADR)		17
276,992		Hindalco Industries Ltd		830
21,909		Hoganas AB (Class B)		555
256,546		Hubbell, Inc (Class B)		12,376
730,000	*	Hunan Non-Ferrous Metal Corp Ltd		485
140,770		Industrias Penoles S.A. de C.V.		1,628
123,268		IPSCO, Inc		16,181
1,941,000		Jiangxi Copper Co Ltd		2,350

95

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
176,672		Johnson Matthey plc	$	5,479
59,755		KGHM Polska Miedz S.A.		2,021
1,929		KGHM Polska Miedz S.A. (GDR)		130
4,154,000		Kobe Steel Ltd		16,744
59,034	e*	LB Foster Co (Class A)		1,217
238,116	*	Lone Star Technologies, Inc		15,723
428,000		Maanshan Iron & Steel		281
661,487	*	Madeco S.A.		77
186,030	e	Matthews International Corp (Class A)		7,571
23,800		Mechel Steel Group OAO (ADR)		791
3,208,897	e	Mitsubishi Materials Corp		15,222
485,000	e	Mitsui Mining & Smelting Co Ltd		2,663
303,056		Mittal Steel Co NV		16,100
102,631		Mittal Steel South Africa Ltd		1,669
223,831		Mueller Industries, Inc		6,737
1,080,000		Nippon Light Metal Co Ltd		3,061
12,264,793	e	Nippon Steel Corp		86,178
15,500		Nippon Yakin Kogyo Co Ltd		144
1,372,178		Nisshin Steel Co Ltd		5,915
581,964	e	Norsk Hydro ASA		19,293
104,330	*	Novelis, Inc		4,622
1,775,845		Nucor Corp		115,661
48,312	e	Olympic Steel, Inc		1,497
1,254,688	e	OneSteel Ltd		5,238
416,752	e	Outokumpu Oyj		14,324
360		Poongsan Corp		8
42,610		POSCO		17,890
9,900		POSCO (ADR)		1,029
599,868		Precision Castparts Corp		62,416
403,548		Quanex Corp		17,090
131,740	*	RTI International Metals, Inc		11,990
204,942		Salzgitter AG.		29,929
573		Schmolz + Bickenbach AG.		49
133,277	e	Schnitzer Steel Industries, Inc (Class A)		5,354
7,900	m,v	Siderar SAIC (Class A) (ADR)		387
1,524		Sonasid		607
541,990		Steel Dynamics, Inc		23,414
82,989		Steel Technologies, Inc		2,455
983,127	e	Sumitomo Electric Industries Ltd		14,950
4,314,931		Sumitomo Metal Industries Ltd		22,300
992,067	e	Sumitomo Metal Mining Co Ltd		19,153
117,469	*	Superior Essex, Inc		4,073
39,000		Tatsuta Electric Wire and Cable Co Ltd		119
144,561		Tenaris S.A. (ADR)		6,635
143,077	e	Texas Industries, Inc		10,807
813,426		ThyssenKrupp AG.		40,248
469,378	e*	Titanium Metals Corp		16,841
24,008	e	Toho Titanium Co Ltd		1,176
688,500	e	Tokyo Steel Manufacturing Co Ltd		10,143
201,912		Tredegar Corp		4,602
698,627		United States Steel Corp		69,283
59,634		Usinas Siderurgicas de Minas Gerais S.A.		2,888
261,560	e	Vallourec		66,939

96

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
87,019		Viohalco S.A.	$	1,341
392,393		Voestalpine AG.		28,463
3,128,150		Walsin Lihwa Corp		1,602
71,310	e*	Wheeling-Pittsburgh Corp		1,689
434,244	e	Worthington Industries, Inc		8,937
5,900		Yamato Kogyo Co Ltd		185
		TOTAL PRIMARY METAL INDUSTRIES		1,613,817
PRINTING AND PUBLISHING - 0.60%
309,111	*	ACCO Brands Corp		7,446
20,317		Agora S.A.		332
2,082	v	Agora S.A. (GDR)		40
7,203		Alma Media		89
395,299	e	American Greetings Corp (Class A)		9,175
1,043,306	e	APN News & Media Ltd		4,964
41,812		Arnoldo Mondadori Editore S.p.A.		437
538,364		Belo (A.H.) Corp (Class A)		10,051
10,930		Bloomsbury Publishing plc		43
197,649		Bowne & Co, Inc		3,109
9,028		Cermaq ASA		169
114,210	*	Consolidated Graphics, Inc		8,457
57,023		Courier Corp		2,228
35,671		CSS Industries, Inc		1,337
535,247	e	Dai Nippon Printing Co Ltd		8,421
1,681,649		Daily Mail & General Trust		26,871
1,490,175		De La Rue plc		20,967
93,401	*	Dogan Yayin Holding		342
259,557	e	Dow Jones & Co, Inc		8,947
454,977		Dun & Bradstreet Corp		41,494
71,026		Emap plc		1,057
61,439	e	Eniro AB		777
145,012		Ennis, Inc		3,881
403,168		EW Scripps Co (Class A)		18,014
7,633,000		Fung Choi Media Group Ltd		3,170
1,642,146		Gannett Co, Inc		92,436
45,800	e	GateHouse Media, Inc		930
240,338		Harte-Hanks, Inc		6,631
5,334	*	Ihlas Holding		2
172,558		Independent News & Media plc		784
1,258,875	e	John Fairfax Holdings Ltd		5,072
246,910		John H Harland Co		12,649
295,952		John Wiley & Sons, Inc (Class A)		11,175
249,116		Journal Communications, Inc (Class A)		3,266
336,079	e	Journal Register Co		2,003
282,989		Lee Enterprises, Inc		8,504
142,013	e	Martha Stewart Living Omnimedia, Inc (Class A)		2,416
247,147	e	McClatchy Co (Class A)		7,812
2,660,708		McGraw-Hill Cos, Inc		167,305
129,656		Media General, Inc (Class A)		4,948
207,094		Meredith Corp		11,885
165	*	Metro International S.A. (A Shares)		-	^
331	*	Metro International S.A. (B Shares)		-	^
529,528	e	New York Times Co (Class A)		12,449

97

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
40,003		PagesJaunes Groupe S.A.	$	873
417,396		Pearson plc		7,162
114,205	e*	Playboy Enterprises, Inc (Class B)		1,175
35,263	*	PMP Ltd		51
169,745	e*	Presstek, Inc		1,027
1,031,392	*	Primedia, Inc		2,744
75,590	e*	Private Media Group Ltd		186
275,900		PRONEXUS, Inc		2,739
117,056	*	Quebecor World, Inc		1,474
373,101		R.H. Donnelley Corp		26,449
1,231,654		R.R. Donnelley & Sons Co		45,066
1,227,125		Reed Elsevier NV		21,704
2,598,499		Reed Elsevier plc		31,064
76,910	e	Schawk, Inc		1,393
17,154		Schibsted ASA		756
263,650	*	Scholastic Corp		8,200
48,000		SCMP Group Ltd		17
2,167,947		Singapore Press Holdings Ltd		6,287
25,807		St Ives Group plc		159
101,557		Standard Register Co		1,285
6,600		Star Publications Malaysia BHD		6
365,140	e*	Sun-Times Media Group, Inc (Class A)		1,811
1,291	e	Teleperformance		56
387,518		Thomson Corp		16,048
1,593,811	e	Toppan Printing Co Ltd		16,636
872,622		Tribune Co		28,020
104,175		Trinity Mirror plc		1,091
89,745		United Business Media plc		1,401
279,398	*	Valassis Communications, Inc		4,803
23,864		Washington Post Co (Class B)		18,220
2,731		West Australian Newspapers Holdings Ltd		35
98,727		Wolters Kluwer NV		2,962
269,871		Yell Group plc		3,176
768,516		Yellow Pages Income Fund		9,066
		TOTAL PRINTING AND PUBLISHING		795,227
RAILROAD TRANSPORTATION - 0.60%
2,178,688		Burlington Northern Santa Fe Corp		175,232
977,760	e*	Canadian National Railway Co		43,125
376,717		Canadian Pacific Railway Ltd		21,193
1,726		Central Japan Railway Co		19,627
3,110,007		CSX Corp		124,556
9,224		East Japan Railway Co		71,857
344,267		Firstgroup plc		4,502
201,641		Florida East Coast Industries		12,641
205,707	*	Genesee & Wyoming, Inc (Class A)		5,474
328,000		Guangshen Railway Co Ltd		208
1,700	e	Guangshen Railway Co Ltd (ADR)		54
411,851	e*	Kansas City Southern Industries, Inc		14,654
2,084,190		Norfolk Southern Corp		105,460
540,000	e	Odakyu Electric Railway Co Ltd		3,945
1,843,921		Union Pacific Corp		187,250
2,713	e	West Japan Railway Co		12,524
		TOTAL RAILROAD TRANSPORTATION		802,302

98

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
REAL ESTATE - 0.74%
17,923		Aedes S.p.A.	$	159
241,200	e	Aeon Mall Co Ltd		7,082
17,612		Africa Israel Investments Ltd		1,844
720,000		Agile Property Holdings Ltd		710
11,849,500		Allgreen Properties Ltd		13,668
292		Ardepro Co Ltd		105
713,449		Ascendas Real Estate Investment Trust		1,124
65,445		Ayala Corp		760
9,874,703		Ayala Land, Inc		3,377
820		Babis Vovos International Construction S.A.		31
228,491		Bovis Homes Group plc		5,180
431,451		British Land Co plc		12,973
204,323		Brixton plc		2,045
213,611		Brookfield Properties Co		8,687
98,200	e*	Brookfield Properties Corp		3,957
2,360	*	CA Immobilien Anlagen AG.		79
51,610	e	California Coastal Communities, Inc		1,047
7,096		Capital & Regional plc		215
3,333,587		CapitaLand Ltd		17,578
130,408	e	Castellum AB		1,886
174,000	*	Cathay Real Estate Development Co Ltd		102
1,408,501	*	CB Richard Ellis Group, Inc (Class A)		48,143
24,500	v	Central Pattana PCL		17
1,283,997		Centro Properties Group		9,049
51,579	m	Centro Retail Group		70
9,484,731		Champion Real Estate Investment Trust		5,390
4,322,103		Cheuk Nang Holdings Ltd		3,485
1,794,607		Cheung Kong Holdings Ltd		22,715
1,886,000		China Overseas Land & Investment Ltd		2,370
514,000		China Resources Land Ltd		620
1,446,195		City Developments Ltd		13,917
5,124	e	Cofinimmo		1,067
33,403	e	Consolidated-Tomoka Land Co		2,520
34,132		Corio NV		3,101
13,915		Countrywide plc		163
32		Creed Corp		104
4,106		Crest Nicholson		50
69,821		Cyrela Brazil Realty S.A.		648
6,122,986		DB RREEF Trust		8,546
184,727	*	Desarrolladora Homex S.A. de C.V.		1,789
2,966	*	Douja Promotion Groupe Addoha S.A.		1,032
134,200	*	E&O Property Development BHD		111
67,791	v*	Fabege AB		52
8,959,816		Far East Consortium		3,773
357,267		Forest City Enterprises, Inc (Class A)		23,644
42,996		Gafisa S.A.		543
64,666	e	Gecina S.A.		12,025
55,437	*	Globe Trade Centre S.A.		986
610		Goldcrest Co Ltd		34
442,736		Guangzhou R&F Properties Co Ltd		986

99

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
239,787		Hammerson plc	$	8,177
1,690,815		Hang Lung Properties Ltd		4,728
1,035,026		Henderson Land Development Co Ltd		6,047
1,226,000		Hopewell Holdings		4,770
523,274		Hopson Development Holdings Ltd		1,314
66,740	e*	Housevalues, Inc		338
2,816,754		Hysan Development Co Ltd		7,661
4,284,100		IGB Corp BHD		3,110
355,122	e*	IMMOFINANZ Immobilien Anlagen AG.		5,693
1,182,123		Investa Property Group		2,324
106,200		IOI Properties BHD		338
21,800	e*	IRSA Inversiones y Representaciones S.A. (GDR)		417
68,533		IVG Immobilien AG.		3,282
500		Japan General Estate Co Ltd		13
355,051		Jones Lang LaSalle, Inc		37,025
1,961,761		Kerry Properties Ltd		10,081
17,025		Klepierre		3,294
33,140	e	Klovern AB		155
2,142,130		Kowloon Development Co Ltd		4,112
1,336,407	e	Kungsleden AB		24,019
710,700		Land and Houses PCL		150
5,914,009		Land and Houses PCL		1,123
78,100		Land and Houses PCL		15
226,100		Leopalace21 Corp		7,483
420,290		Liberty International plc		10,313
3,173	e*	LoopNet, Inc		54
1,365,336	e	Macquarie Goodman Group		7,722
5,820,300	*	Malaysian Resources Corp BHD		3,771
1,807		McInerney Holdings plc		38
397		Medinet Nasr Housing		10
97,333,500	*	Megaworld Corp		6,758
21,045	*	Meruelo Maddux Properties, Inc		184
125,169		MI Developments, Inc (Class A)		4,679
801,605		Mirvac Group		3,399
1,452,160	e	Mitsubishi Estate Co Ltd		47,691
1,119,915		Mitsui Fudosan Co Ltd		32,883
151,508	*	Musashino Kogyo Co Ltd		375
7,567,066		New World China Land Ltd		4,561
7,991,551		New World Development Ltd		18,124
371		Nordicom A/S		47
277,251		ORIX Corp		72,230
24,849	e	Orleans Homebuilders, Inc		220
80		Pacific Management Corp		175
589,380	*	Parsvnath Developers Ltd		3,512
10,246	e	Risa Partners, Inc		30,258
5,390,000		Robinsons Land Corp		2,178
9,370		Shaftesbury plc		140
67,008,000		Shanghai Real Estate Ltd		16,723
3,062,000		Shenzhen Investment Ltd		1,564
300,000	e	Shoei Co Ltd		8,630
20,878,500	*	Shui On Land Ltd		17,288
2,796,000		Shun TAK Holdings Ltd		3,714
329,510		Singapore Land Ltd		2,302

100

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
1,160,928		Sino Land Co	$	2,499
381,609		Slough Estates plc		5,887
882		Societe de la Tour Eiffel		165
2,375,800		SP Setia BHD		5,291
11,232,956	*	SPG Land Holdings Ltd		7,375
344,285	e	St. Joe Co		18,010
660,866		Stewart Enterprises, Inc (Class A)		5,327
28,798	*	Stockland		190
2,031,283		Stockland Trust Group		13,395
1,331,920		Sumitomo Realty & Development Co Ltd		50,523
1,600		Sun Frontier Fudousan Co Ltd		4,087
1,448,101		Sun Hung Kai Properties Ltd		16,754
270,000		Suruga Corp		6,553
200,782	e	TOC Co Ltd		1,334
240,000		Tokyo Tatemono Co Ltd		3,621
2,168,877		Tokyu Land Corp		24,718
900		Tokyu Livable, Inc		68
38,950	e	Unibail		11,805
1,714		Unite Group plc		18
17,894,671	*	Unitech Corporate Parks plc		32,133
1,865,956		United Industrial Corp Ltd		3,567
2,504,216	e	Urban Corp		36,785
19,325	*	Urbas Proyectos Urbanisticos S.A.		75
16,956	e	Wereldhave NV		2,610
1,938,323	e	Westfield Group		32,260
48,110		Wihlborgs Fastigheter AB		1,033
2,722,490		Wing Tai Holdings Ltd		5,706
		TOTAL REAL ESTATE		976,560
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.20%
42,530	*	AEP Industries, Inc		1,829
728,454		Ansell Ltd		6,837
841,299		Bridgestone Corp		16,813
741,260		Cheng Shin Rubber Industry Co Ltd		692
164,611		Continental AG.		21,277
378,425		Cooper Tire & Rubber Co		6,921
100,149	e*	Deckers Outdoor Corp		7,113
165,000		Denki Kagaku Kogyo KK		773
1,531,460		Formosa Chemicals & Fibre Corp		2,939
828,569	e*	Goodyear Tire & Rubber Co		25,843
44,980		Hankook Tire Co Ltd		746
9,500	*	Metabolix, Inc		158
300,526	e	Michelin (C.G.D.E.) (Class B)		33,188
3,089,000	e	Mitsui Chemicals, Inc		27,000
1,227,953		Newell Rubbermaid, Inc		38,177
46,600	e	Nifco, Inc		1,206
66,822		Nokian Renkaat Oyj		1,830
1,127,096		Pirelli & C S.p.A.		1,245
3,265,081		PT Gajah Tunggal Tbk		182
83,776	e	PW Eagle, Inc		2,768
166,862		Schulman (A.), Inc		3,931
741,732		Sealed Air Corp		23,439
64,117	*	Skechers U.S.A., Inc (Class A)		2,152

101

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
236,997		Spartech Corp	$	6,954
1,224,000	e	Sumitomo Bakelite Co Ltd		8,850
121,526		Titan International, Inc		3,078
70,004	e*	Trex Co, Inc		1,507
503,254		Tupperware Corp		12,546
19,686		Uponor Oyj		696
3,705		Viscofan S.A.		84
185,226		West Pharmaceutical Services, Inc		8,600
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		269,374
SECURITY AND COMMODITY BROKERS - 2.52%
311,992		A.G. Edwards, Inc		21,584
144,517		AllianceBernstein Holding LP		12,790
1,493,081		Ameriprise Financial, Inc		85,315
262,665		Australian Stock Exchange Ltd		9,351
871,036	e	Babcock & Brown Ltd		19,360
90,713		Banca Finnat Euramerica S.p.A.		122
47,950		Bank Pekao S.A.		4,265
2,093		Bank Pekao S.A. (GDR)		185
1,359,196		Bear Stearns Cos, Inc		204,355
24,854	e*	BKF Capital Group, Inc		81
85,710	e	BlackRock, Inc		13,397
207,540	e	Calamos Asset Management, Inc (Class A)		4,632
286,846	e*	Cbot Holdings, Inc (Class A)		52,063
5,763,399		Charles Schwab Corp		105,413
171,544		Chicago Mercantile Exchange Holdings, Inc		91,340
296,000	*	China Everbright Ltd		303
74,607	e	Cohen & Steers, Inc		3,214
79,310	*	Daewoo Securities Co Ltd		1,420
6,490	*	Daishin Securities Co Ltd		151
2,784,650		Daiwa Securities Group, Inc		33,627
83,940		Deutsche Boerse AG.		19,230
2,072,583	*	E*Trade Financial Corp		43,980
1,279	e	E*Trade Securities Co Ltd		1,628
549,988		Eaton Vance Corp		19,602
76,421	e	Euronext NV		9,132
806,778		Federated Investors, Inc (Class B)		29,625
20		Fintech Global, Inc		17
699	e	Fortress Investment Group LLC (Class A)		20
1,188,561		Franklin Resources, Inc		143,614
39,065	e	GAMCO Investors, Inc (Class A)		1,693
427,865	e*	GFI Group, Inc		29,082
2,079,255		Goldman Sachs Group, Inc		429,636
99,938	e	Greenhill & Co, Inc		6,135
109,150		Hana Financial Group, Inc		5,650
37,493		Hellenic Exchanges S.A.		860
1,940,970		Hong Kong Exchanges and Clearing Ltd		18,917
175,150	*	Hyundai Securities Co		2,392
181,337		Indiabulls Financial Services Ltd		1,742
174,652	*	Indiabulls Real Estate Ltd		1,200
360,405	*	IntercontinentalExchange, Inc		44,045
252,313	e	International Securities Exchange, Inc		12,313
333,894	*	Investment Technology Group, Inc		13,089

102

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
996,870		Janus Capital Group, Inc	$	20,845
476,005		Jefferies Group, Inc		13,780
14,500	*	KBW, Inc		504
675,319	*	Knight Capital Group, Inc (Class A)		10,697
26,810		Korea Investment Holdings Co Ltd		1,411
346,267	e*	LaBranche & Co, Inc		2,826
343,946		Lazard Ltd (Class A)		17,259
13,297,879		Legal & General Group plc		41,607
620,586		Legg Mason, Inc		58,465
2,676,638		Lehman Brothers Holdings, Inc		187,552
150,479		London Stock Exchange Group plc		3,707
621,047	e	Macquarie Bank Ltd		41,581
203,818	e*	MarketAxess Holdings, Inc		3,412
100,000	e*	Matsui Securities Co Ltd		877
5,639,245		Merrill Lynch & Co, Inc		460,557
16,857		MFS Ltd		72
9,217	*	Mirae Asset Securities Co Ltd		581
227,249	*	Mitsubishi Securities Co		2,596
7,020,721		Morgan Stanley		552,952
80,731	e*	Morningstar, Inc		4,169
412,342	e*	Nasdaq Stock Market, Inc		12,127
710,400	e	Nikko Cordial Corp		10,146
3,004,284		Nomura Holdings, Inc		62,589
10,910		Nordnet AB (B Shares)		37
3,349		Numis Corp plc		20
348,812	e	Nuveen Investments, Inc (Class A)		16,499
29,600	*	Nymex Holdings, Inc		4,018
689,571	e*	NYSE Group, Inc		64,647
60,570	e	OMX AB		1,260
132,830	e	optionsXpress Holdings, Inc		3,127
1,131		Osaka Securities Exchange Co Ltd		6,517
2,668,700		OSK Holdings BHD		2,177
4,237	*	Panmure Gordon & Co plc		13
43,286	*	Penson Worldwide, Inc		1,307
517,000	m,v*	Peregrine Investment Holdings		-	^
117,472	*	Piper Jaffray Cos		7,276
365,748		Raymond James Financial, Inc		10,885
25,591	*	Samsung Securities Co Ltd		1,393
79,991		Sanders Morris Harris Group, Inc		852
36,517	e	SBI Holdings, Inc		13,852
86,987		Schroders plc		2,171
515,354	e	SEI Investments Co		31,040
975,000	*	Shinko Securities Co Ltd		4,940
2,442,373		Singapore Exchange Ltd		10,544
51,920	e*	Stifel Financial Corp		2,300
92		Swissquote Group Holding S.A.		36
176,428		SWS Group, Inc		4,377
1,423,556		T Rowe Price Group, Inc		67,178
3,789,930	*	TD Ameritrade Holding Corp		56,394
454,000	*	Techpacific Capital Ltd		20
39,773	e*	Thomas Weisel Partners Group, Inc		756
44,781		Tong Yang Investment Bank		485
114,115	*	Tower Ltd		183

103

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
92,647		TSX Group, Inc	$	3,952
2,145,565		UOB-Kay Hian Holdings Ltd		2,178
3,493,300	*	Utama Banking Group BHD		2,506
8,746		Value Line, Inc		418
752,383		Waddell & Reed Financial, Inc (Class A)		17,546
42,560	*	Woori Investment & Securities Co Ltd		893
		TOTAL SECURITY AND COMMODITY BROKERS		3,348,679
SOCIAL SERVICES - 0.01%
152,499	*	Bright Horizons Family Solutions, Inc		5,757
124,705	e*	Capital Senior Living Corp		1,448
67,665	e*	Providence Service Corp		1,605
121,645	*	Res-Care, Inc		2,129
143,396		Vedior NV		3,183
		TOTAL SOCIAL SERVICES		14,122
SPECIAL TRADE CONTRACTORS - 0.05%
21,270	e	Alico, Inc		1,219
10,118		Asian Paints Ltd		177
297,892	*	Carso Infraestructura y Construccion S.A. de C.V.		274
150,680		Chemed Corp		7,377
224,136		Comfort Systems USA, Inc		2,685
919,000		COMSYS Holdings Corp		9,865
12,000		Daimei Telecom Engineering Corp		142
294,117	*	Dycom Industries, Inc		7,665
223,330	*	EMCOR Group, Inc		13,172
164,689	e*	Insituform Technologies, Inc (Class A)		3,424
108,723	e*	Integrated Electrical Services, Inc		2,689
26,445		KCI Konecranes Oyj		887
113,000		Kinden Corp		1,014
24,317		Kone Oyj (Class B)		1,389
6,000		Kyowa Exeo Corp		66
62,179	e*	Layne Christensen Co		2,265
596,936	e*	Quanta Services, Inc		15,055
		TOTAL SPECIAL TRADE CONTRACTORS		69,365
STONE, CLAY, AND GLASS PRODUCTS - 0.39%
963		Adana Cimento (Class A)		6
907		Akcansa Cimento A.S.		6
163,894		Apogee Enterprises, Inc		3,284
806,000	e	Asahi Glass Co Ltd		11,347
1,362,760		Asia Cement Corp		1,318
102,408		Associated Cement Co Ltd		1,732
151,039	e*	Cabot Microelectronics Corp		5,061
115,585	e	CARBO Ceramics, Inc		5,380
4,312,224	*	Cemex S.A. de C.V.		14,158
8,328	*	Cemex S.A. de C.V. (ADR)		273
176,000		Central Glass Co Ltd		1,190
78,586	e	Cimpor Cimentos de Portugal S.A.		659
471,207	e	Compagnie de Saint-Gobain		46,058
103,262	v	Consol Ltd		276
67,963		Cookson Group plc		831
190,360		CRH plc		8,137

104

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
1,768,728		CSR Ltd	$	4,880
1,730		Dyckerhoff AG.		101
327,762		Eagle Materials, Inc		14,628
29,360		Epcos AG.		513
12,880		FLSmidth & Co A/S		873
18,467,959	*	Galaxy Entertainment Group Ltd		18,081
657,328		Gentex Corp		10,682
8,403,400		Goldsun Development & Construction Co Ltd		4,368
15,048		Grasim Industries Ltd		725
402,278		Grupo Carso S.A. de C.V. (Series A1)		1,482
1,294,129		Gujarat Ambuja Cements Ltd		3,177
248,583		Hanson plc		3,999
1,281,262	e	Holcim Ltd		128,321
117		Holcim Maroc S.A.		41
4,577,000		Holcim Philippines, Inc		844
1,667,500		Indocement Tunggal Prakarsa Tbk PT		932
23,958		Italcementi S.p.A.		718
378,889	e	James Hardie Industries NV		2,563
12,000		Krosaki Harima Corp		61
61		Lafarge Ciments		41
68,100		Lafarge Malayan Cement BHD		34
213,346	e	Lafarge S.A.		33,541
1,200	e	Libbey, Inc		17
7,253		Marshalls plc		49
1,434,500	e	NGK Insulators Ltd		29,581
3,043,000	e	Nippon Sheet Glass Co Ltd		15,959
669,309	*	Owens-Illinois, Inc		17,248
13,193	m,v*	Paragon Trade Brands, Inc		-	^
18,415		Pretoria Portland Cement Co Ltd		1,198
8,884	*	RHI AG.		439
1,772,931		Rinker Group Ltd		25,892
793,500		Semen Gresik Persero Tbk PT		3,461
113,200		Siam Cement PCL		776
11,100		Siam Cement PCL		75
16,400		Siam City Cement PCL		126
2,000		Siam City Cement PCL		15
6,979,000	e	Sumitomo Osaka Cement Co Ltd		20,965
2,635,678		Taiheiyo Cement Corp		11,653
1,346,034		Taiwan Cement Corp		1,135
334,600		Taiwan Glass Industrial Corp		276
237,000	e	Toto Ltd		2,375
1,892		Trakya Cam Sanayi A.S.		6
103,521		Turk Sise ve Cam Fabrikalari A.S.		394
1,079,600		UBE Industries Ltd		3,426
1,793		Ultra Tech Cement Ltd		32
192,750	e*	US Concrete, Inc		1,507
815,144	e*	USG Corp		38,051
154,085		Wienerberger AG.		9,623
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		514,600
TEXTILE MILL PRODUCTS - 0.02%
223,019		Alfa S.A. de C.V. (Class A)		1,634
61,910		Cheil Industries, Inc		2,484

105

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
1,105,072		Far Eastern Textile Co Ltd	$	952
60,004		Fiberweb plc		251
41,220		Formosa Taffeta Co Ltd		36
13,000	*	Fujibo Holdings, Inc		25
28,100	*	Heelys, Inc		824
5,600		Hyosung Corp		189
18,000		Kurabo Industries Ltd		50
240,502		Oxford Industries, Inc		11,890
406,530	e	Seiren Co Ltd		4,312
4,528		Ten Cate NV		174
462,000		Texwinca Holdings Ltd		312
1,163,500		Weiqiao Textile Co		1,683
89,594		Xerium Technologies, Inc		718
		TOTAL TEXTILE MILL PRODUCTS		25,534
TOBACCO PRODUCTS - 1.33%
91,182		Altadis S.A.		5,855
16,119,047		Altria Group, Inc		1,415,414
174,100		British American Tobacco Malaysia BHD		2,316
2,923,049		British American Tobacco plc		91,401
2,803		Eastern Tobacco		197
1,160,685		Imperial Tobacco Group plc		51,962
975,370		ITC Ltd		3,392
10,922		Japan Tobacco, Inc		53,665
462,699		Loews Corp (Carolina Group)		34,985
375		Philip Morris CR		172
725,922	e	Reynolds American, Inc		45,305
196,966		Souza Cruz S.A.		3,967
611,109	e	Swedish Match AB		10,918
155,913		Universal Corp		9,565
674,017	e	UST, Inc		39,079
229,933	e	Vector Group Ltd		4,302
		TOTAL TOBACCO PRODUCTS		1,772,495
TRANSPORTATION BY AIR - 0.58%
331,414	*	ABX Air, Inc		2,270
271,621	*	ACE Aviation Holdings, Inc (Class A)		7,166
1,018,000		Air China Ltd		705
676,431		Air France-KLM		30,858
59,896	*	Air Methods Corp		1,439
654,700	*	AirAsia BHD		335
14,400		Airports of Thailand PCL		24
524,186	e*	Airtran Holdings, Inc		5,383
226,590	*	Alaska Air Group, Inc		8,633
558,000		All Nippon Airways Co Ltd		2,192
2,188,590	e*	AMR Corp		66,643
111,076		Asiana Airlines		760
144,538	e*	Atlas Air Worldwide Holdings, Inc		7,622
755,789		Auckland International Airport Ltd		1,301
325,694		BBA Aviation plc		1,801
390,000		Beijing Capital International Airport Co Ltd		387
143,141	e*	Bristow Group, Inc		5,217
1,964,219	*	British Airways plc		18,785

106

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
3,575,594		Cathay Pacific Airways Ltd	$	9,097
62,839		China Airlines		28
1,000	*	China Eastern Airlines Corp Ltd (ADR)		30
62,000	*	China Eastern Airlines Corp Ltd (H Shares)		19
62,000	*	China Southern Airlines Co Ltd		28
1,400	e*	China Southern Airlines Co Ltd (ADR)		32
939,774	*	Continental Airlines, Inc (Class B)		34,198
1,011,498		Deutsche Lufthansa AG.		27,470
182,965	*	EGL, Inc		7,251
65,000		Eva Airways Corp		26
581,713	e*	ExpressJet Holdings, Inc		3,397
1,777,444		FedEx Corp		190,951
8,574		Flughafen Wien AG.		840
587		Flughafen Zuerich AG.		227
191,464	b,m*	FLYi, Inc		-	^
1,131,785	e	Fraport AG. Frankfurt Airport Services Worldwide		82,670
210,994	e*	Frontier Airlines Holdings, Inc		1,268
21,572		Gol Linhas Aereas Inteligentes S.A.		658
7,400	e	Gol Linhas Aereas Inteligentes S.A. (ADR)		225
223,746		Grupo Aeroportuario del Pacifico S.A. de C.V. (B Shares)		967
4,800		Grupo Aeroportuario del Sureste S.A. de C.V. (ADR)		227
232,294		Grupo Aeroportuario del Sureste S.A. de C.V. (Class B)		1,099
5,200		Hong Kong Aircraft Engineering		79
382,841		Iberia Lineas Aereas de Espana		2,041
1,268,000	*	Japan Airlines Corp		2,636
57,667		Jazz Air Income Fund		409
11,242		Jet Airways India Ltd		164
1,881,672	e*	JetBlue Airways Corp		21,658
14,332		Korean Air Lines Co Ltd		560
216,806		Lan Airlines S.A.		2,973
3,700	e	Lan Airlines S.A. (ADR)		255
1,056,471		Macquarie Airports		3,411
13,600	*	Malaysian Airline System BHD		23
202,052	e*	Mesa Air Group, Inc		1,522
79,042	*	PHI, Inc		2,139
2,789,516		Qantas Airways Ltd		11,849
227,303	*	Republic Airways Holdings, Inc		5,219
298,471	*	Ryanair Holdings plc		2,325
4,984	e*	Ryanair Holdings plc (ADR)		223
2,372,343		SABMiller plc		52,053
55,270	e*	SAS AB		1,015
970,064		Singapore Airlines Ltd		10,614
677,282		Skywest, Inc		18,172
3,871,583		Southwest Airlines Co		56,912
96	m,v*	Swissair Group		-	^
75,576		Tam S.A.		2,006
18,700		Thai Airways International PCL		23
7,300		Transmile Group BHD		28
460,000		Travelsky Technology Ltd		810
49,806	*	Turk Hava Yollari		251
964,942	e*	UAL Corp		36,832
380,869	*	US Airways Group, Inc		17,322
		TOTAL TRANSPORTATION BY AIR		775,753

107

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
TRANSPORTATION EQUIPMENT - 3.26%
153,105		A.O. Smith Corp	$	5,852
4,462,700		AAPICO Hitech PCL		1,721
214,175	*	AAR Corp		5,903
135,441	*	Accuride Corp		1,977
144,466	*	Aftermarket Technology Corp		3,508
10,250		Aker Yards AS		177
309,642	e	American Axle & Manufacturing Holdings, Inc		8,469
51,898		American Railcar Industries, Inc		1,547
83,779	e	Arctic Cat, Inc		1,633
431,079	e	ArvinMeritor, Inc		7,867
564,337		Ashok Leyland Ltd		499
1,904,115		Austal Ltd		4,853
813,440		Autoliv, Inc		46,456
39,024		Bajaj Auto Ltd		2,180
838		Bajaj Auto Ltd (GDR)		47
441,855	*	BE Aerospace, Inc		14,007
6,156,606		Boeing Co		547,384
2,076,282	*	Bombardier, Inc (Class B)		8,381
680,000	*	Brilliance China Automotive Holdings Ltd		166
3,300	e*	Brilliance China Automotive Holdings Ltd (ADR)		82
553,443		Brunswick Corp		17,627
952,058	e	Calsonic Kansei Corp		4,581
212,270		China Motor Corp		187
313,614	e	Clarcor, Inc		9,973
1,100		Coachmen Industries, Inc		12
1,023,947		Cobham plc		4,231
86,010	e*	Comtech Group, Inc		1,503
2,341,740		Cosco Corp Singapore Ltd		4,430
51,270		Daewoo Shipbuilding & Marine Engineering Co Ltd		1,883
1,229,170	e	DaimlerChrysler AG.		100,818
17,259		DaimlerChrysler AG.		1,412
7,900	b,e*	Dana Corp		7
57	e*	Delphi Corp		-	^
1,636,287		Denso Corp		60,819
7,420		D'ieteren S.A.		3,073
6,449	*	Dorman Products, Inc		75
1,190		Elbit Systems Ltd		42
239,040		Empresa Brasileira de Aeronautica S.A.		2,725
54,661		Empresa Brasileira de Aeronautica S.A. (ADR)		2,507
352,336	e	European Aeronautic Defence and Space Co		10,929
374,324		Federal Signal Corp		5,810
8,100,241	e	Fiat S.p.A.		204,186
356,357	e*	Fleetwood Enterprises, Inc		2,819
13,112,654	e*	Ford Motor Co		103,459
29,560		Ford Otomotiv Sanayi A.S.		259
132,602	e	Freightcar America, Inc		6,387
63,855	*	Fuel Systems Solutions, Inc		1,183
362,745	e*	GenCorp, Inc		5,020
2,285,042		General Dynamics Corp		174,577
2,319,569	e	General Motors Corp		71,072
58,626	e*	GenTek, Inc		1,997

108

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
732,246		Genuine Parts Co	$	35,880
365		Georg Fischer AG.		264
1,200,245		GKN plc		9,011
1,276,910		Goodpack Ltd		1,271
537,217		Goodrich Corp		27,656
77,542	e	Greenbrier Cos, Inc		2,070
249,762		Group 1 Automotive, Inc		9,933
1,674,000	e	Hankyu Hanshin Holdings, Inc		10,129
1,317,806		Harley-Davidson, Inc		77,421
368,222		Harsco Corp		16,518
120,258	e	Heico Corp		4,388
39,692		Hero Honda Motors Ltd		629
202,923		Hino Motors Ltd		1,081
2,754,303		Honda Motor Co Ltd		96,064
626,421		Hongkong Land Holdings Ltd		2,919
29,737		Hyundai Heavy Industries		5,942
8,419		Hyundai Mipo Dockyard		1,553
32,882		Hyundai Mobis		2,824
18,290		Hyundai Motor Co		717
85,777		Hyundai Motor Co		6,027
7,875		Hyundai Motor Co (GDR)		148
39,988		IMMSI S.p.A.		129
926,000		Isuzu Motors Ltd		4,644
2,174,278		ITT Industries, Inc		131,152
218,022		Japan Tecseed Co Ltd		1,269
61,000		Jaya Holdings Ltd		58
1,176,500		Johnson Electric Holdings Ltd		781
154,984		JTEKT Corp		2,716
105,520	e*	K&F Industries Holdings, Inc		2,842
135,052		Kaman Corp		3,148
1,828,185	e	Kawasaki Heavy Industries Ltd		7,742
4,945,041		Keppel Corp Ltd		61,929
100,130	*	Kia Motors Corp		1,352
113,668	*	KOC Holding A.S.		514
42,461	e	Lagardere S.C.A.		3,269
3,519		Leoni AG.		145
2,476,409		Lockheed Martin Corp		240,261
235,959		Magna International, Inc (Class A)		17,704
208,619		Mahindra & Mahindra Ltd		3,746
75,865		MAN AG.		8,827
32,795		Maruti Udyog Ltd		619
366,529	*	Meggitt PLC		716
55,280	*	Miller Industries, Inc		1,206
198,149	e	Monaco Coach Corp		3,157
454,000	e	Nabtesco Corp		5,972
2,800	*	Navistar International Corp		128
57,000		NHK Spring Co Ltd		572
64,883	e	Noble International Ltd		1,089
1,797,142		Northrop Grumman Corp		133,384
215,317		Novatek Microelectronics Corp Ltd		930
1,290,000	e	NSK Ltd		12,304
518,522	*	Orbital Sciences Corp		9,717
317,869		Oshkosh Truck Corp		16,847

109

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
1,544,578		Paccar, Inc	$	113,372
1,081,812	*	Pactiv Corp		36,500
70,609	e	Peugeot S.A.		4,976
224,066	e	Polaris Industries, Inc		10,751
4,167		Porsche AG.		6,366
24,000		Press Kogyo Co Ltd		119
128,600		Proton Holdings BHD		247
3,142,303		Raytheon Co		164,845
730,809	e	Renault S.A.		85,470
36,703		Rieter Holding AG.		18,289
3,514,984		Rolls-Royce Group plc		34,187
92,670		Samsung Heavy Industries Co Ltd		2,472
5,000		Sanden Corp		22
4,030,631		SembCorp Marine Ltd		9,352
36,934	e*	Sequa Corp (Class A)		4,424
58,978		Shimano, Inc		1,822
2,522,502		Siemens AG.		269,641
3,506,235		Singapore Technologies Engineering Ltd		7,673
498,686		Smiths Group plc		10,088
827,160	*	Spirit Aerosystems Holdings, Inc (Class A)		26,345
1,000		Standard Motor Products, Inc		17
131,781	e	Superior Industries International, Inc		2,745
245,900		Takata Corp		9,766
124,374		Tata Motors Ltd		2,084
273,149	*	Tenneco, Inc		6,954
563,560		Textron, Inc		50,608
30,307	e	Thales S.A.		1,759
176,745	e	Thor Industries, Inc		6,962
6,770		Tofas Turk Otomobil Fabrik		26
45,000	e	Tokai Rika Co Ltd		1,067
300,171		Tomkins plc		1,577
23,000		Toyoda Gosei Co Ltd		544
206,527		Toyota Industries Corp		9,779
5,173,908		Toyota Motor Corp		331,492
38,600	*	TransDigm Group, Inc		1,404
28,338		Trelleborg AB (B Shares)		737
339,793		Trinity Industries, Inc		14,244
92,807	e	Triumph Group, Inc		5,136
558,563	*	TRW Automotive Holdings Corp		19,449
6,256,313		United Technologies Corp		406,660
805,593	*	Visteon Corp		6,880
469,844	e	Volkswagen AG.		70,609
82,774		Volkswagen AG.		8,517
74,654		Volvo AB (A Shares)		6,425
513,056	e	Volvo AB (B Shares)		43,203
189,006	e	Wabash National Corp		2,914
34,000		Weichai Power Co Ltd		177
368,004		Westinghouse Air Brake Technologies Corp		12,692
193,097	e	Winnebago Industries, Inc		6,494
1,383,623		Yamaha Motor Co Ltd		38,747
215,405		Yulon Motor Co Ltd		242
		TOTAL TRANSPORTATION EQUIPMENT		4,334,497

110

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
TRANSPORTATION SERVICES - 0.25%
183,554		All America Latina Logistica S.A.	$	2,225
107,157		Ambassadors Group, Inc		3,562
35,351	e	Ambassadors International, Inc		1,631
159,282		Arriva plc		2,332
1,003,937		CH Robinson Worldwide, Inc		47,938
2,391		Clarkson plc		46
1,042	e	Dfds A/S		140
75,702	e*	Dynamex, Inc		1,926
995,587		Expeditors International Washington, Inc		41,138
192,793		GATX Corp		9,216
921,272	*	Hertz Global Holdings, Inc		21,834
324,945	*	HUB Group, Inc (Class A)		9,420
440,000		Jiangsu Express		343
24,000		Kinki Nippon Tourist Co Ltd		77
1,100		Kintetsu World Express, Inc		39
954		Kuoni Reisen Holding		572
451,874	*	Lear Corp		16,498
1,960,608		MTR Corp		4,908
111,441		National Express Group plc		2,768
282,598		Pacer International, Inc		7,613
1,159,600		PLUS Expressways BHD		1,013
859,615		Sabre Holdings Corp (Class A)		28,152
105,000		Sinotrans Ltd		42
6,567,005		Stagecoach Group plc		23,261
240,265		Stolt-Nielsen S.A.		7,155
1,007,662		Sydney Roads Group		1,101
647,691		Toll Holdings Ltd		10,743
71,385	e*	TUI AG.		1,765
3,388,654		UTI Worldwide, Inc		83,293
542,000		Zhejiang Expressway Co Ltd		434
		TOTAL TRANSPORTATION SERVICES		331,185
TRUCKING AND WAREHOUSING - 0.54%
155,911	e	Arkansas Best Corp		5,543
2,513		Big Yellow Group plc		33
133,817	*	Celadon Group, Inc		2,235
119,293		Christian Salvesen plc		138
354,848		Con-way, Inc		17,686
300	*	Covenant Transport, Inc (Class A)		3
8,037,464		Deutsche Post AG.		243,296
256,568	e	DSV A/S		44,987
188,741		Forward Air Corp		6,206
1,041,519		Grindrod Ltd		2,441
394,336		Heartland Express, Inc		6,262
453,402		J.B. Hunt Transport Services, Inc		11,897
443,433	e	Kamigumi Co Ltd		3,816
433,564		Landstar System, Inc		19,875
84,600	*	Marten Transport Ltd		1,343
95,500		Mitsubishi Logistics Corp		1,625
3,502,453	e	Nippon Express Co Ltd		21,965
1,445		Norbert Dentressangle		135
166,993	*	Old Dominion Freight Line		4,811

111

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
34,739	*	P.A.M. Transportation Services, Inc	$	716
7,420	e*	Patriot Transportation Holding, Inc		665
49,634	e*	Quality Distribution, Inc		429
87,765	*	Saia, Inc		2,084
27,000	e	Sankyu, Inc		145
862,394	e	Seino Holdings Corp		8,145
425,436	e*	SIRVA, Inc		1,519
267,494	*	Swift Transportation Co, Inc		8,335
1,153,685		TNT NV		52,907
51,654	*	U.S. Xpress Enterprises, Inc (Class A)		892
3,024,755		United Parcel Service, Inc (Class B)		212,035
32,886	e*	Universal Truckload Services, Inc		796
41,087	e*	USA Truck, Inc		638
299,033	e	Werner Enterprises, Inc		5,433
303,136	e	Yamato Transport Co Ltd		4,888
501,686	e*	YRC Worldwide, Inc		20,178
		TOTAL TRUCKING AND WAREHOUSING		714,102
WATER TRANSPORTATION - 0.15%
206,445		Alexander & Baldwin, Inc		10,413
352,074	e*	American Commercial Lines, Inc		11,073
983		AP Moller - Maersk A/S		10,257
360,000	e	Aries Maritime Transport Ltd		2,956
8,635,000		Berlian Laju Tanker Tbk PT		1,779
183,000		Carnival Corp		8,575
63,786		Carnival plc		3,074
1,046,000		China Shipping Container Lines Co Ltd		407
530,000		China Shipping Development Co Ltd		808
14,232		Compagnie Maritime Belge S.A.		945
13,761		Compania SudAmericana de Vapores S.A.		19
2,762,500		COSCO Holdings		2,712
251,204	e	D/S Torm A/S		17,407
9,000		Daiichi Chuo Kisen Kaisha		27
210,000		Danaos Corp		5,531
224,873		Euronav NV		7,567
670,222		Evergreen Marine Corp Tawain Ltd		427
1,035,000		Ezra Holdings Ltd		3,684
305,843	e	Frontline Ltd		10,868
800		Ganger Rolf A/S		31
97,231	*	Gulfmark Offshore, Inc		4,244
34,920		Hanjin Shipping Co Ltd		1,327
178,997		Horizon Lines, Inc (Class A)		5,875
150,498	e*	Hornbeck Offshore Services, Inc		4,312
4,205,000		International Container Term Services, Inc		2,397
601		Israel Corp Ltd		317
554,000	e	Kawasaki Kisen Kaisha Ltd		5,256
263,087	*	Kirby Corp		9,203
39,604		Kuehne & Nagel International AG.		3,258
473,600		Malaysia International Shipping Corp BHD		1,260
2,567,000		Mitsui OSK Lines Ltd		28,493
823,279		Neptune Orient Lines Ltd		1,758
1,442,000	e	Nippon Yusen Kabushiki Kaisha		11,564
29,000		Nissin Corp		105

112

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
170,000		Omega Navigation Enterprises, Inc (Class A)	$	2,657
438,642		Orient Overseas International Ltd		4,076
288,272		Overseas Shipholding Group, Inc		18,046
184,000		Pacific Basin Shipping Ltd		158
289,600		Precious Shipping PCL		185
29,826	e	Ship Finance International Ltd		819
380		Smit Internationale NV		24
3,000	*	TBS International Ltd (Class A)		36
208,000		U-Ming Marine Transport Corp		346
814,400		Wan Hai Lines Ltd		544
78,000		Yang Ming Marine Transport		54
		TOTAL WATER TRANSPORTATION		204,874
WHOLESALE TRADE-DURABLE GOODS - 0.57%
369,840		Adesa, Inc		10,219
33,967	e	AGFA-Gevaert NV		766
210,376		Agilysys, Inc		4,727
369,860		Applied Industrial Technologies, Inc		9,076
447,387	e	Argo Graphics, Inc		6,826
648,368	*	Arrow Electronics, Inc		24,476
103,444	e	Assa Abloy AB (Class B)		2,378
910,226		AU Optronics Corp (ADR)		13,016
23,196		Autobacs Seven Co Ltd		831
62,400		Banpu PCL		357
38,400		Banpu PCL		222
117,678		Barloworld Ltd		2,936
224,740	e	Barnes Group, Inc		5,171
250,162	e*	Beacon Roofing Supply, Inc		4,048
65,140	e	BlueLinx Holdings, Inc		684
486,465		Boral Ltd		3,243
234,904		BorgWarner, Inc		17,716
84,569		Buhrmann NV		1,139
393,577	e	Building Material Holding Corp		7,128
610,844		Bunzl plc		8,643
489,136		Canon Marketing Japan Inc		10,253
60,692		Castle (A.M.) & Co		1,782
2,404,000		China Communications Construction Co Ltd		2,898
771,000		Citic Pacific Ltd		2,852
3,700		Citic Pacific Ltd (ADR)		68
762,000	*	CMC Magnetics Corp		231
55,344	e	Compagnie Generale d'Optique Essilor International S.A.		6,358
130,916	e*	Conceptus, Inc		2,618
4,417		Crane Group Ltd		59
41,200		Creative Technology Ltd		265
703,629	*	Cytyc Corp		24,071
3,018,000		Denway Motors Ltd		1,317
135,816	*	Digi International, Inc		1,725
458,800		D-Link Corp		806
257,618		Dogus Otomotiv Servis ve Ticaret A.S.		1,175
1,366,000	*	Dongfeng Motor Group Co Ltd		745
108,770	*	Drew Industries, Inc		3,120
355,486		Electrocomponents plc		2,025
745,462		Energy Support Corp		1,518

113

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
3,862		Esprinet S.p.A.	$	82
232,626		Finning International, Inc		10,732
331,323	e*	Genesis Microchip, Inc		3,078
182,338		Hagemeyer NV		867
1,300		Hakuto Co Ltd		20
13,100	e*	Hansen Medical, Inc		248
1,600		Hitachi Software Engineering Co Ltd		33
42,514	e*	Houston Wire & Cable Co		1,191
747,185		IKON Office Solutions, Inc		10,737
40,000	*	Imagi International Holdings Ltd		22
97,050		Imperial Holdings Ltd		2,027
2,689	e	Imperial Holdings Ltd (ADR)		56
4,759		IMS-Intl Metal Service		163
2,727,081		Inchcape plc		30,616
879,898	*	Ingram Micro, Inc (Class A)		16,991
303,843	*	Insight Enterprises, Inc		5,463
154,168	*	Interline Brands, Inc		3,379
87,925		JD Group Ltd		1,079
3,137,000		K Wah International Holdings Ltd		1,156
1,841		KCC Corp		557
88,378	*	Keystone Automotive Industries, Inc		2,978
845,032	*	Kingboard Laminates Holdings Ltd		814
38,453		Kingspan Group plc		1,020
1,429,101		Kloeckner & Co AG.		78,558
341,317	e	Knight Transportation, Inc		6,082
28,310		Lawson Products, Inc		1,072
105,188		Lewis Group Ltd		993
22,146		LG International Corp		505
258,767	e*	LKQ Corp		5,657
200,170		Martin Marietta Materials, Inc		27,063
1,730,213		Melco International Development		3,113
251,741	e*	Merge Technologies, Inc		1,226
21,886	*	MWI Veterinary Supply, Inc		722
3,590		Mytilineos Holdings S.A.		177
22,103	e*	Navarre Corp		83
187		NET One Systems Co Ltd		222
5,331,468	e	Nissan Motor Co Ltd		57,142
42,762		Orascom Construction Industries		2,147
4,226		Orascom Construction Industries (GDR)		429
243,156		Owens & Minor, Inc		8,931
636,905	*	Patterson Cos, Inc		22,604
337,072	e	PEP Boys-Manny Moe & Jack		6,435
880,647		Phoenix Precision Technology Corp		1,019
256,036	e	Pool Corp		9,166
532,736	*	PSS World Medical, Inc		11,262
2,825,203		PT Astra International Tbk		4,087
247,214	e	Rautaruukki Oyj		11,522
355,659		Reliance Steel & Aluminum Co		17,214
65,000	*	Renovo Group plc		223
162,462	e	Ryerson Tull, Inc		6,437
303,546	*	Securitas Direct AB (B Shares)		843
253,030		Securitas Systems AB (B Shares)		881
57,500	*	Sumitomo Coal Mining Co Ltd		65

114

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
2,742,001	e	Sumitomo Corp	$	49,330
9,000		Tamura Corp		41
32,776	e*	Tandberg Television ASA		572
5,236,315		Tat Hong Holdings Ltd		4,763
246,920	*	Tech Data Corp		8,842
18,216,975		Test-Rite International Co		10,212
21,169	m,v*	Timco Aviation Services, Inc (Expires 02/28/07)		-	^
89,100	*	TMK OAO (GDR)		2,994
144,000	g,m,v*	TMK OAO (GDR)		4,838
158,000		TPV Technology Ltd		101
290,412	e*	Tyler Technologies, Inc		3,688
635	*	UBISOFT Entertainment		31
2,400		Ulvac, Inc		73
3,735,600		UMW Holdings BHD		11,669
449,335		W.W. Grainger, Inc		34,707
419,549	*	WESCO International, Inc		26,339
597,906		Wesfarmers Ltd		18,262
83,744	e*	West Marine, Inc		1,525
228,723		Wolseley plc		5,361
19,000		Yamazen Corp		139
13,825		Zodiac S.A.		995
		TOTAL WHOLESALE TRADE-DURABLE GOODS		751,159
WHOLESALE TRADE-NONDURABLE GOODS - 0.88%
600	b*	Advanced Marketing Services, Inc		-	^
420,984		Airgas, Inc		17,744
261,248	e*	Akorn, Inc		1,763
657,202	*	Alliance One International, Inc		6,066
268,855	e*	Allscripts Healthcare Solutions, Inc		7,208
77,090	e	Andersons, Inc		3,423
18,070		AVI Ltd		50
362,480	e	Axfood AB		14,327
28,503	*	Bare Escentuals, Inc		1,022
134,355		Bidvest Group Ltd		2,556
456,824	e	Billabong International Ltd		6,173
300	e*	BioScrip, Inc		1
263,193		Brown-Forman Corp (Class B)		17,255
1,819,229		Cardinal Health, Inc		132,713
40,846	e	Casino Guichard Perrachon S.A.		4,124
59,764		Celesio AG.		3,755
181,534	e*	Central European Distribution Corp		5,284
405,000		China Mengniu Dairy Co Ltd		1,158
628,000		China Resources Enterprise		2,098
338,564		Controladora Comercial Mexicana S.A. de C.V.		957
900	e,m,v	Controladora Comercial Mexicana S.A. de C.V. (GDR)		38
50,173	e*	Core-Mark Holding Co, Inc		1,790
1,330,373		Dean Foods Co		62,182
46,529		DS Smith plc		205
222,744		Empresas COPEC S.A.		2,955
749,458	*	Endo Pharmaceuticals Holdings, Inc		22,034
2,303,175		Esprit Holdings Ltd		27,016
11,180		Filtrona plc		59
4,085,627		Foster's Group Ltd		22,644

115

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
34,922		Fyffes plc	$	53
1,814,958		Gazprom (ADR)		76,047
83,454	*	Gildan Activewear, Inc		4,915
23,815	e*	Green Mountain Coffee Roasters, Inc		1,502
180,253	*	Hain Celestial Group, Inc		5,420
526,458	*	Henry Schein, Inc		29,050
709,587		Idearc, Inc		24,907
71,000		Integrated Distribution Services Group Ltd		172
3,614,000		IRPC PCL		619
8,800		Itochu Enex Co Ltd		67
60,104		Kenneth Cole Productions, Inc (Class A)		1,543
231,482		K-Swiss, Inc (Class A)		6,255
68,838		KT&G Corp		4,500
16,703		LG Fashion Corp		406
2,613,120		Li & Fung Ltd		8,210
3,736,734		Marubeni Corp		22,705
90,480		Massmart Holdings Ltd		1,052
19,443	e*	Maui Land & Pineapple Co, Inc		703
279,479		Men's Wearhouse, Inc		13,149
56,477		Metro AG.		3,999
3,868,350		Mitsubishi Corp		89,782
296,229		Myers Industries, Inc		5,534
75,139	e	Nash Finch Co		2,589
942,777		Nike, Inc (Class B)		100,179
1,251,940	e	Nippon Oil Corp		10,157
332,653	e	Nu Skin Enterprises, Inc (Class A)		5,495
87,843	e*	Nuco2, Inc		2,215
12,191		Oriflame Cosmetics S.A.		470
100,911		Orkla ASA		7,114
51,200		Pakistan State Oil Co Ltd		299
351,500		Pelikan International Corp BHD		449
94,878	*	Perry Ellis International, Inc		3,035
3,362		Pescanova S.A.		138
279,300		Petronas Dagangan BHD		497
38,000		Prime Success International Group		41
334,397		Reliance Industries Ltd		10,542
2,740,193		Safeway, Inc		100,401
950		Samsung Fine Chemicals Co Ltd		28
796,800		San Miguel Corp (Class B)		1,181
48,900	e	San-A Co Ltd		1,677
162,644	*	School Specialty, Inc		5,873
18,300		Siam Makro PCL		43
6,152,000		Sinochem Hong Kong Holding Ltd		3,401
76,216	*	Smart & Final, Inc		1,659
22,675	e	Societe BIC S.A.		1,586
181,033	e*	Source Interlink Cos, Inc		1,215
31,031		Spar Group Ltd		213
123,412		Spartan Stores, Inc		3,307
279,784		Stride Rite Corp		4,306
240,080		Suzuken Co Ltd		8,516
3,054,045		Sysco Corp		103,318
595,097	e*	Terra Industries, Inc		10,414
855,000		Thai Union Frozen Products PCL		550

116

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				MATURITY		VALUE
SHARES			RATE	DATE		(000)
91,539		Tiger Brands Ltd			$	2,233
157,980	e*	Tractor Supply Co				8,136
94,000		Tsingtao Brewery Co Ltd				158
1,276,000		Unilever Indonesia Tbk PT				797
2,213,528		Unilever NV				64,461
395,000		Unilever NV				11,542
1,143,000		Uni-President Enterprises Corp				1,095
246,984	e*	United Natural Foods, Inc				7,568
220,673	*	United Stationers, Inc				13,223
42,164	e	Valhi, Inc				557
75,335	*	Volcom, Inc				2,589
16,400		Wimm-Bill-Dann Foods OJSC (ADR)				1,310
26,000		Yamatane Corp				41
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS				1,171,808
		TOTAL COMMON STOCKS				132,538,868
		(Cost $110,632,537)
WARRANTS - 0.00%**
COMMUNICATIONS - 0.00%**
87,239	*	Lucent Technologies, Inc (Expires 12/10/07)				8
		TOTAL COMMUNICATIONS				8
GENERAL BUILDING CONTRACTORS - 0.00%**
13,500	*	China Overseas Land & Investment Ltd (Expires 07/18/07)				9
		TOTAL GENERAL BUILDING CONTRACTORS				9
HOTELS AND OTHER LODGING PLACES - 0.00%**
1,397,640	*	Minor International PCL (Expires 03/29/08)				200
		TOTAL HOTELS AND OTHER LODGING PLACES				200
LUMBER AND WOOD PRODUCTS - 0.00%**
214,869	*	Goodpack Ltd (Expires 04/13/07)				57
		TOTAL LUMBER AND WOOD PRODUCTS				57
NONDEPOSITORY INSTITUTIONS - 0.00%**
27,401	m,v*	Imperial Credit Industries (Expires 01/31/08)				-	^
		TOTAL NONDEPOSITORY INSTITUTIONS				-	^
		TOTAL WARRANTS				274
		(Cost $8)
PRINCIPAL
SHORT-TERM INVESTMENTS - 8.50%
CERTIFICATE OF DEPOSITS - 0.26%
$     50,000,000		Abbey National plc	5.298%	07/13/07		49,991
25,000,000		Banco Bilbao Vizcaya, S.A.	5.315	05/07/07		24,998
50,000,000		Banco Bilbao Vizcaya, S.A.	5.310	05/29/07		49,994
20,000,000		First Tennessee Bank NA	5.270	04/05/07		20,000
100,000,000		Rabobank	5.240	09/06/07		99,966

117

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$     50,000,000		Societe Generale	5.305%	05/14/07	$	49,995
50,000,000		Toronto Dominion Bank	5.290	07/30/07		50,001
		TOTAL CERTIFICATE OF DEPOSITS				344,945
COMMERCIAL PAPER - 2.71%
50,000,000	c	Abbey National North America LLC	5.220	05/14/07		49,694
50,000,000	c	Abbott Laboratories, Inc	5.230	04/04/07		49,985
39,860,000		American Honda Finance Corp	5.225	04/25/07		39,725
50,000,000	c	Anheuser-Busch Cos, Inc	5.190	04/25/07		49,831
17,314,000	c	AT&T, Inc	5.250	04/19/07		17,271
17,971,000	c	Atlantis One Funding Corp	5.200	08/14/07		17,622
50,000,000	c	Barclays U.S. Funding Corp	5.235	05/09/07		49,730
45,000,000	c	Beta Finance, Inc	5.250	04/16/07		44,907
48,199,000	c	BMW US Capital Corp	5.230	04/23/07		48,050
35,200,000	c	BMW US Capital Corp	5.210	05/02/07		35,045
50,000,000	c	Cargill Global Funding plc	5.250	04/05/07		49,978
50,000,000		Cargill Global Funding plc	5.250	05/17/07		49,670
16,000,000	c	CC (USA), Inc	5.250	04/05/07		15,993
24,000,000	c	CC (USA), Inc	5.240	04/23/07		23,925
13,000,000	c	CC (USA), Inc	5.240	05/03/07		12,940
50,000,000	c	Ciesco LP	5.250	04/20/07		49,867
45,000,000	c	Ciesco LP	5.245	04/30/07		44,814
50,000,000		Citigroup Funding, Inc	5.230	04/17/07		49,890
25,000,000		Coca-Cola Co	5.230	04/20/07		24,934
16,132,000	c	Coca-Cola Enterprises, Inc	5.250	04/27/07		16,073
18,925,000	c	Coca-Cola Enterprises, Inc	5.250	05/04/07		18,836
38,200,000	c	Corporate Asset Funding Corp, Inc	5.250	04/09/07		38,160
50,000,000	c	Corporate Asset Funding Corp, Inc	5.230	05/02/07		49,778
20,700,000	c	Danske Corp	5.240	04/05/07		20,691
50,000,000	c	Danske Corp	5.220	05/14/07		49,694
23,000,000	c	Dorada Finance, Inc	5.240	04/30/07		22,905
100,000,000		Dresdner US Finance, Inc	5.240	04/09/07		99,896
50,000,000	c	Edison Asset Securitization LLC	5.240	04/02/07		50,000
50,000,000	c	Edison Asset Securitization LLC	5.230	05/25/07		49,609
46,000,000	c	Emerson Electric Co	5.200	04/02/07		46,000
40,203,000	c	Fairway Finance Corp	5.270	04/17/07		40,114
30,000,000	c	Fairway Finance Corp	5.260	04/23/07		29,907
29,000,000	c	Fairway Finance Corp	5.225	06/14/07		28,689
95,190,000		General Electric Capital Corp	5.210	06/08/07		94,263
50,000,000	c	Govco, Inc	5.250	04/09/07		49,948
50,000,000	c	Govco, Inc	5.240	05/18/07		49,661
30,000,000	c	Grampian Funding LLC	5.190	06/11/07		29,692
12,000,000	c	Grampian Funding LLC	5.205	07/23/07		11,804
50,000,000	c	Grampian Funding LLC	5.200	07/31/07		49,127
25,000,000		Greenwich Capital Holdings, Inc	5.240	04/02/07		25,000
39,000,000	c	Greyhawk Funding LLC	5.260	04/02/07		39,000
50,000,000	c	Greyhawk Funding LLC	5.220	06/14/07		49,464
50,000,000	c	Harrier Finance Funding LLC	5.220	07/20/07		49,207
26,700,000		HBOS Treasury Services plc	5.240	05/01/07		26,587
50,000,000		HBOS Treasury Services plc	5.210	06/08/07		49,513
25,000,000	c	Hershey Foods Corp	5.210	04/05/07		24,989
50,000,000	c	Honeywell International	5.230	04/13/07		49,919
50,000,000		ING Finance	5.230	04/09/07		49,948

118

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$     50,000,000		International Business Machines Corp	5.220%	06/01/07	$	49,562
50,000,000		JPMorgan Chase & Co	5.240	04/10/07		49,941
50,000,000		JPMorgan Chase & Co	5.230	05/14/07		49,692
50,000,000	c	Kitty Hawk Funding Corp	5.270	04/26/07		49,822
50,000,000	c	Kitty Hawk Funding Corp	5.230	06/29/07		49,339
50,000,000		Links Finance LLC	5.250	05/16/07		49,676
100,000,000	c	Nestle Capital Corp	5.220	04/11/07		99,868
50,000,000	c	Old Line Funding LLC	5.250	04/09/07		49,948
50,000,000	c	Old Line Funding LLC	5.260	05/04/07		49,764
36,000,000		Paccar Financial Corp	5.240	04/03/07		35,995
21,538,000		Paccar Financial Corp	5.220	05/17/07		21,397
35,269,000	c	Park Avenue Receivables Corp	5.250	04/24/07		35,143
50,000,000	c	Park Avenue Receivables Corp	5.240	04/27/07		49,814
50,000,000	c	Pepsi Bottling Group, Inc	5.400	04/02/07		49,977
49,000,000	c	PepsiAmericas, Inc	5.250	04/03/07		48,993
40,000,000		PNC Bank	5.135	09/27/07		38,965
25,000,000	c	Private Export Funding Corp	5.215	05/16/07		24,839
20,000,000	c	Private Export Funding Corp	5.200	06/27/07		19,749
20,000,000	c	Private Export Funding Corp	5.210	07/10/07		19,711
50,000,000		Procter & Gamble International S.C.A.	5.220	05/18/07		49,665
50,000,000	c	Procter & Gamble International S.C.A.	5.230	06/01/07		49,564
50,000,000	c	Ranger Funding Co LLC	5.250	04/13/07		49,918
50,000,000	c	Ranger Funding Co LLC	5.250	04/16/07		49,896
50,000,000	c	Scaldis Capital LLC	5.250	04/09/07		49,948
50,000,000	c	Scaldis Capital LLC	5.240	05/02/07		49,778
50,000,000	c	Sheffield Receivables Corp	5.270	04/05/07		49,978
50,000,000	c	Sheffield Receivables Corp	5.260	04/17/07		49,889
50,000,000		Toyota Motor Credit Corp	5.230	04/09/07		49,948
50,000,000		Toyota Motor Credit Corp	5.225	05/29/07		49,565
50,000,000		UBS Finance, (Delaware), Inc	5.230	04/02/07		50,000
50,000,000		UBS Finance, (Delaware), Inc	5.230	05/14/07		49,694
100,000,000	c	Variable Funding Capital Corp	5.240	04/24/07		99,673
36,640,000	c	Verizon Communications, Inc	5.270	04/17/07		36,555
50,000,000	c	Yorktown Capital LLC	5.255	04/27/07		49,815
50,000,000	c	Yorktown Capital LLC	5.260	05/01/07		49,786
		TOTAL COMMERCIAL PAPER				3,608,212
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 2.58%
5,500,000		Federal Home Loan Bank (FHLB)	4.900	04/02/07		5,498
700,000,000		FHLB	5.140	04/05/07		699,701
58,000,000		FHLB	5.140	05/04/07		57,736
100,000,000		FHLB	5.145	05/23/07		99,275
100,000,000		FHLB	5.150	05/25/07		99,246
150,000,000		FHLB	5.250	09/04/07		150,000
100,000,000		Federal Home Loan Mortgage Corp (FHLMC)	5.140	04/05/07		99,957
50,000,000		FHLMC	5.185	04/16/07		49,900
25,021,000		FHLMC	5.140	05/21/07		24,847
50,000,000		FHLMC	5.110	05/25/07		49,623
200,000,000		FHLMC	5.140	05/29/07		198,379
100,000,000		FHLMC	5.140	05/30/07		99,175
200,000,000		FHLMC	5.160	05/31/07		198,322
250,000,000		FHLMC	5.135	06/11/07		247,516
186,600,000		FHLMC	5.135	06/18/07		184,560

119

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$     200,000,000		FHLMC	5.140%	06/25/07	$	197,615
32,100,000		Federal National Mortgage Association (FNMA)	5.120	04/09/07		32,068
60,000,000		FNMA	5.150	05/16/07		59,625
17,184,000		FNMA	5.140	05/23/07		17,059
49,400,000		FNMA	5.150	05/30/07		48,992
100,000,000		FNMA	5.145	05/31/07		99,161
381,200,000		FNMA	5.135	06/20/07		376,925
34,459,000		FNMA	5.130	06/22/07		34,063
300,000,000		FNMA	5.145	06/27/07		296,338
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES				3,425,581
U.S. GOVERNMENT AND AGENCIES VARIABLE NOTES - 0.23%
100,000,000	i	Federal Farm Credit Bank (FFCB)	5.200	04/17/08		99,988
50,000,000	i	FFCB	5.210	05/13/08		49,992
100,000,000	i	FFCB	5.210	06/13/08		99,994
50,000,000	i	FFCB	5.200	07/28/08		49,989
		TOTAL U.S. GOVERNMENT AND AGENCIES VARIABLE NOTES				299,963
VARIABLE NOTES - 0.39%
47,500,000	i	American Express Bank FSB	5.350	06/29/07		47,504
50,000,000	i	American Express Bank FSB	5.290	12/13/07		49,990
50,000,000	i	Bank of Nova Scotia	5.265	12/31/07		50,016
50,000,000	g,i	Beta Finance, Inc	5.325	07/16/08		49,974
50,000,000	g,i	Harrier Finance Funding US LLC	5.320	02/21/08		50,010
25,000,000	g,i	Links Finance LLC	5.295	01/11/08		24,999
50,000,000	g,i	Sedna Finance, Inc	5.323	01/11/08		49,996
50,000,000	g,i	Sigma Finance, Inc	5.333	07/15/08		49,979
50,000,000	i	Societe Generale	5.390	07/24/07		49,994
50,000,000	i	Toronto Dominion Bank	5.383	07/11/07		49,993
50,000,000	i	Wells Fargo & Co	5.370	03/10/08		50,024
		TOTAL VARIABLE NOTES				522,479
SHARES
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 2.33%
3,103,005,031		State Street Navigator Securities Lending Prime Portfolio				3,103,005
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED				3,103,005
		TOTAL SHORT-TERM INVESTMENTS				11,304,185
		(Cost $11,303,504)
		TOTAL PORTFOLIO - 108.22%				143,853,648
		(Cost $121,949,167)
		OTHER ASSETS & LIABILITIES, NET - (8.22%)				(10,922,275	)
		NET ASSETS - 100.00%			$	132,931,373
		The following abbreviations are used in portfolio descriptions:
	ADR	American Depositary Receipt
	GDR	Global Depositary Receipt
	LLC	Limited Liability Company
	LP	Limited Partnership

120

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

plc	Public Limited Company
*	Non-income producing.
**	Percentage represents less than 0.01%.
^	Amount represents less than $1,000.
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.
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 March 31, 2007, the value of these securities amounted to $237,098,531 or 0.18% of net assets.
i	Floating rate or variable rate securities reflects the rate in effect as of March 31, 2007.
m	Indicates a security that has been deemed illiquid.
v	Security valued at fair value.
	Cost amounts are in thousands.
	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.

Companies in which the Account held 5% or more of the outstanding voting shares are considered “affiliated companies” of the Account pursuant to the Investment Company Act of 1940. Additionally, investments in other investment companies advised by Investment Management or affiliated entities are treated as affiliated companies. Information regarding transactions with affiliated companies is as follows:

	Value at		Purchase			Realized		Dividend		Withholding		Shares at		Value at
Issue	December 31, 2006		Cost	Proceeds		Gain/(Loss)		Income		Expense		March 31, 2007		March 31, 2007
Adams Resiratory Therapeutics, Inc		**	$                          -	$	-	$	-	$	-	$	-	$               1,881,144	$	63,262,873
Digital Garage, Inc	$	20,717,415	-		-		-		-		-	11,156		19,975,526
First NIS Regional Fund SICAV		15,984	-		-		-		-		-	1,598,400		15,984
GEA Group AG.		214,534,602	-		17,534,262		3,755,113		-		-	-		*
Healthsouth Corp		107,190,966	50,849,288		390,281		(43,256)		7		-	6,745,707		141,727,304
Information Development Co		3,311,591	-		-		-		-		-	427,900		2,923,112
Intelligent Wave, Inc		13,702,752	306,708		108,993		(47,958)		-		-	16,201		9,981,268
Lone Star Technologies, Inc		91,076,783	136,552		35,527,830	(4,467,603)			-		-	-		*
Playmates Holdings Ltd		11,693,577	-		648,440		(400,890)		-		-	107,548,579		17,618,504
Risa Partners, Inc		30,190,446	762,178		4,857,432		1,372,890		-		-	-		*
Shanghai Forte Land Co		32,443,552	16,385		9,669,700		2,664,709		-		-	-		*
Solomon Systech International Ltd		25,687,764	1,854,197		10,126,317	(5,751,498)			-		-	-		*
			$     53,925,308	$	78,863,255	$	(2,918,493)	$	7	$	-		$	255,504,571

* Not an Affiliate as of March 31, 2007
** Not an Affiliate as of December 31, 2006

121

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

COLLEGE RETIREMENT EQUITIES FUND
STOCK ACCOUNT
Summary of Market Values by Country
March 31, 2007

			% OF MARKET
	VALUE		VALUE
DOMESTIC
UNITED STATES	$	111,140,886,675	77.26	%
TOTAL DOMESTIC		111,140,886,675	77.26
FOREIGN
ARGENTINA		3,538,336	0.00
AUSTRALIA		1,343,761,485	0.93
AUSTRIA		166,351,614	0.12
BELGIUM		205,035,368	0.14
BERMUDA		81,675	0.00
BRAZIL		220,461,827	0.15
CANADA		2,142,372,898	1.49
CAYMAN ISLANDS		57,511,038	0.04
CHILE		26,027,554	0.02
CHINA		26,297,109	0.02
COLUMBIA		3,244,991	0.00
CROATIA		12,015,752	0.01
CZECH REPUBLIC		11,963,618	0.01
DENMARK		192,676,526	0.13
EGYPT		10,875,328	0.01
FINLAND		733,039,278	0.51
FRANCE		3,828,801,533	2.66
GERMANY		2,846,472,286	1.98
GREECE		110,691,232	0.08
HONG KONG		747,630,685	0.52
HUNGARY		10,396,871	0.01
INDIA		141,968,854	0.10
INDONESIA		42,251,157	0.03
IRELAND		150,906,674	0.11
ISRAEL		33,409,703	0.02
ITALY		1,122,335,672	0.78
JAPAN		6,101,285,126	4.24
JORDAN		1,589,512	0.00
LUXEMBOURG		105,864,160	0.07
MALAYSIA		150,307,294	0.11
MEXICO		106,072,882	0.07
MOROCCO		5,502,563	0.00
NETHERLANDS		1,127,093,762	0.78
NEW ZEALAND		58,192,334	0.04
NORWAY		291,414,280	0.20
PAKISTAN		3,977,239	0.00
PERU		7,942,669	0.01
PHILIPPINES		52,003,725	0.04
POLAND		27,830,674	0.02
PORTUGAL		51,075,218	0.04
REPUBLIC OF KOREA		291,654,379	0.20
RUSSIA		119,438,816	0.08
SINGAPORE		387,683,532	0.27
SOUTH AFRICA		133,075,177	0.09
SPAIN		773,140,301	0.54
SWEDEN		538,317,854	0.38
SWITZERLAND		2,255,848,789	1.57
TAIWAN (REPUBLIC OF CHINA)		263,777,909	0.18
THAILAND		62,893,595	0.04
TURKEY		23,838,088	0.02
UNITED KINGDOM		5,582,822,180	3.88
TOTAL FOREIGN		32,712,761,122	22.74
TOTAL PORTFOLIO	$	143,853,647,797	100.00	%

122

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

COLLEGE RETIREMENT EQUITIES FUND
GLOBAL EQUITIES ACCOUNT
STATEMENT OF INVESTMENTS (Unaudited)
March 31,2007

				VALUE
SHARES				(000)
PREFERRED STOCKS - 0.00%**
INSURANCE CARRIERS - 0.00%**
7,402		Great-West Lifeco, Inc	$	177
13		Great-West Lifeco, Inc		-	^
		TOTAL INSURANCE CARRIERS		177
		TOTAL PREFERRED STOCKS		177
		(Cost $135)
COMMON STOCKS - 97.21%
AGRICULTURAL PRODUCTION-CROPS - 0.03%
183,218	*	Gallaher Group plc		4,085
		TOTAL AGRICULTURAL PRODUCTION-CROPS		4,085
AGRICULTURAL SERVICES - 0.01%
53,563		Yara International ASA		1,478
		TOTAL AGRICULTURAL SERVICES		1,478
AMUSEMENT AND RECREATION SERVICES - 0.66%
77,001	e*	Activision, Inc		1,458
172,475	e	Aristocrat Leisure Ltd		2,289
89	e*	bwin Interactive Entertainment		4
63,483		Harrah's Entertainment, Inc		5,361
174,931		Ladbrokes plc		1,386
6,465,000	*	Leisure & Resorts World Corp		476
19,633	e	Lottomatica S.p.A.		782
26,000	e*	Marvel Entertainment, Inc		722
241,768		Nintendo Co Ltd		70,270
37,076		OPAP S.A.		1,422
12,501		Oriental Land Co Ltd		744
18,066		Paddy Power plc		478
124,703		PartyGaming plc		127
121,697	e*	Penn National Gaming, Inc		5,162
331,290		Publishing & Broadcasting Ltd		5,321
49,828		Rank Group plc		200
34		Round One Corp		69
106,844	e	Sega Sammy Holdings, Inc		2,493
4,701		Sky City Entertainment Group Ltd		16
107,657	e	TABCORP Holdings Ltd		1,436
804,553		Tattersall's Ltd		3,352
99,189		William Hill plc		1,241
		TOTAL AMUSEMENT AND RECREATION SERVICES		104,809
APPAREL AND ACCESSORY STORES - 0.46%
48,672	e	Abercrombie & Fitch Co (Class A)		3,684
119,680		American Eagle Outfitters, Inc		3,589

123

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
5,728		Aoyama Trading Co Ltd	$	182
122,822		Burberry Group plc		1,578
47,180	e*	Chico's FAS, Inc		1,153
13,194		Fast Retailing Co Ltd		1,025
44,788		Foot Locker, Inc		1,055
1,056,740		Gap, Inc		18,186
480,061		Giordano International Ltd		233
29,586	e*	Hanesbrands, Inc		870
299,362	e	Hennes & Mauritz AB (B Shares)		17,234
78,325		Inditex S.A.		4,868
193,042	e*	Kohl's Corp		14,789
93,516	e	Limited Brands, Inc		2,437
37,500		Nordstrom, Inc		1,985
41,005		Ross Stores, Inc		1,411
		TOTAL APPAREL AND ACCESSORY STORES		74,279
APPAREL AND OTHER TEXTILE PRODUCTS - 0.13%
16,000		Asics Corp		179
10,772		Benetton Group S.p.A.		174
19,737		Gunze Ltd		115
78,655	e	Jones Apparel Group, Inc		2,417
29,282		Liz Claiborne, Inc		1,255
655,495	e	Mitsubishi Rayon Co Ltd		4,367
369,836		Nisshinbo Industries, Inc		4,636
35,152		Onward Kashiyama Co Ltd		489
23,438	e	Polo Ralph Lauren Corp		2,066
5,026		Shimamura Co Ltd		553
7,036		Tokyo Style Co Ltd		77
155,659		Toyobo Co Ltd		464
47,778	e	VF Corp		3,946
10,627		Wacoal Holdings Corp		135
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		20,873
AUTO REPAIR, SERVICES AND PARKING - 0.01%
48,042		Aisin Seiki Co Ltd		1,684
10,951		NOK Corp		186
9,600		Park24 Co Ltd		129
16,602		Sumitomo Rubber Industries, Inc		182
		TOTAL AUTO REPAIR, SERVICES AND PARKING		2,181
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.11%
29,460		Advance Auto Parts		1,136
40,872	e*	Autonation, Inc		868
28,253	*	Autozone, Inc		3,620
32,735		Canadian Tire Corp (Class A)		2,119
57,024	e*	Carmax, Inc		1,399
23,462		Jardine Cycle & Carriage Ltd		184
305,596	e	Suzuki Motor Corp		7,936
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		17,262
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.36%
36,853	e	Fastenal Co		1,292
123,885		Grafton Group plc		1,862
813,432		Home Depot, Inc		29,885
657,426		Kingfisher plc		3,600
382,396		Lowe's Cos, Inc		12,042

124

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
33,441	*	RONA, Inc	$	684
109,098	e	Sherwin-Williams Co		7,205
32,259		Travis Perkins plc		1,277
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		57,847
BUSINESS SERVICES - 4.13%
383,012		Accenture Ltd (Class A)		14,761
21	e*	Access Co Ltd		94
10,270		Acciona S.A.		2,225
19,969		Acxiom Corp		427
27,862	e	Adecco S.A.		1,769
455,610	*	Adobe Systems, Inc		18,999
105,527		Aegis Group plc		311
84,000	*	AerCap Holdings NV		2,445
29,516	*	Affiliated Computer Services, Inc (Class A)		1,738
31,762		Aggreko plc		318
64,932	*	Akamai Technologies, Inc		3,241
3,286		Asatsu-DK, Inc		104
19,111	*	Atos Origin S.A.		1,280
82,597	*	Autodesk, Inc		3,106
287,895		Automatic Data Processing, Inc		13,934
93,337		Autostrade S.p.A.		2,992
40,491	e*	Avis Budget Group, Inc		1,106
247,298	*	BEA Systems, Inc		2,866
148,641	e*	BMC Software, Inc		4,577
26,738	*	Business Objects S.A.		973
111,073	e	CA, Inc		2,878
72,876	*	Cadence Design Systems, Inc		1,535
38,731	e	Cap Gemini S.A.		2,949
39,975	*	Ceridian Corp		1,393
79,138	*	CGI Group, Inc (Class A)		684
21,462	e*	Checkfree Corp		796
31,316	e*	ChoicePoint, Inc		1,172
74,072	e	Cintra Concesiones de Infraestructuras de Transporte S.A.		1,387
52,546	e*	Citrix Systems, Inc		1,683
38,597	e*	Cognizant Technology Solutions Corp (Class A)		3,407
32,101	*	Cognos, Inc		1,262
155,425	*	Computer Sciences Corp		8,102
747,826		Computershare Ltd		6,565
170,755	e*	Compuware Corp		1,620
96,472	*	Convergys Corp		2,451
16,194		CSK Holdings Corp		679
14,757		Ctrip.com International Ltd (ADR)		988
15,953		Dassault Systemes S.A.		858
455		Dentsu, Inc		1,274
15,508	e*	DST Systems, Inc		1,166
170,000	e*	DynCorp International, Inc (Class A)		2,565
130	e	eAccess Ltd		86
404,075	*	eBay, Inc		13,395
83,421	*	Electronic Arts, Inc		4,201
256,028		Electronic Data Systems Corp		7,087
24,208	e*	Elpida Memory, Inc		939
59,541	e	Equifax, Inc		2,170
87,240	e*	Expedia, Inc		2,022
320,378		Experian Group Ltd		3,691
50,140		Fidelity National Information Services, Inc		2,279

125

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
139,723		First Choice Holidays plc	$	791
510,365		First Data Corp		13,729
45,540	*	Fiserv, Inc		2,416
86,996	*	Focus Media Holding Ltd (ADR)		6,826
2,887		FUJI SOFT, Inc		86
467,406		Fujitsu Ltd		3,114
23,899	*	Getronics NV		217
14,531	e*	Getty Images, Inc		707
33,721	e	GN Store Nord		478
123	e*	Goodwill Group, Inc		97
84,052	*	Google, Inc (Class A)		38,509
317,953		Group 4 Securicor plc		1,258
30,031	e	Gruppo Editoriale L'Espresso S.p.A.		160
2,545		Hakuhodo DY Holdings, Inc		178
398,683		Hays plc		1,230
5,337,728		Huabao International Holdings Ltd		3,231
52,197		IMS Health, Inc		1,548
44,510		Indra Sistemas S.A.		1,122
68,707		Infosys Technologies Ltd		3,191
99,566	e*	Interpublic Group of Cos, Inc		1,226
118,957	e*	Intuit, Inc		3,255
33,257	e*	Iron Mountain, Inc		869
689,964	*	Juniper Networks, Inc		13,579
95	e*	KK DaVinci Advisors		102
23,388		Konami Corp		625
23,414	e	Lamar Advertising Co (Class A)		1,474
407,911		LogicaCMG plc		1,429
30,344		Manpower, Inc		2,238
88,800	*	McAfee, Inc		2,582
90,663		Michael Page International plc		955
4,147,747		Microsoft Corp		115,598
62,101		Misys plc		292
61,949		Mitsubishi UFJ Lease & Finance Co Ltd		3,096
29,953	*	Monster Worldwide, Inc		1,419
29,187	e*	NAVTEQ Corp		1,007
508,328		NEC Corp		2,726
126		Nippon System Development Co Ltd		2
188,265		Nomura Research Institute Ltd		5,544
262,000	*	Novell, Inc		1,892
1,394		NTT Data Corp		7,086
677		Obic Co Ltd		134
62,929		Omnicom Group, Inc		6,443
14,295	*	Open Text Corp		318
1,972,324	*	Oracle Corp		35,758
3,103	e	Oracle Corp Japan		149
1,600		Otsuka Corp		153
2,404,500		POS Malaysia & Services Holdings BHD		3,296
15,729	e	Promotora de Informaciones S.A.		351
17,290		Public Power Corp		423
19,133		Rakuten, Inc		9,109
18,087		Randstad Holdings NV		1,403
506,072		Rentokil Initial plc		1,623
360,731		Reuters Group plc		3,308
8,600		Ritchie Bros Auctioneers, Inc		503
41,919		Robert Half International, Inc		1,552
361,050		Sage Group plc		1,835

126

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
384,869		SAP AG.	$	17,156
52,713		Secom Co Ltd		2,447
86,845		Securitas AB (B Shares)		1,325
83,144		ServiceMaster Co		1,280
901		SGS S.A.		1,076
235,087		Singapore Post Ltd		172
6,447		Societe Des Autoroutes Paris-Rhin-Rhone		587
48,067,750		Solomon Systech International Ltd		7,567
1,793,015	e*	Sun Microsystems, Inc		10,776
40,791	*	Synopsys, Inc		1,070
29,640	*	Telelogic AB		56
212,568	e	Tietoenator Oyj		6,190
3,526		TIS, Inc		84
23,851		Trend Micro, Inc		652
86,708	e*	Unisys Corp		731
2,462		USS Co Ltd		161
92,523	e*	VeriSign, Inc		2,324
433,746	e	Waste Management, Inc		14,925
3,651,359		WPP Group plc		55,327
3,800	e*	Yahoo! Japan Corp		1,311
2,097,757	*	Yahoo!, Inc		65,639
		TOTAL BUSINESS SERVICES		661,648
CHEMICALS AND ALLIED PRODUCTS - 8.06%
863,898		Abbott Laboratories		48,205
245,140	e*	Adams Respiratory Therapeutics, Inc		8,244
158,754	*	Agrium, Inc		6,098
34,177		Air Liquide S.A.		8,332
164,457	e	Air Products & Chemicals, Inc		12,163
513,362		Akzo Nobel NV		38,986
2,383		Alfresa Holdings Corp		152
230,495	*	Alliance Boots plc		4,656
18,493		Altana AG.		1,201
710,133	*	Amgen, Inc		39,682
25,582	*	Angiotech Pharmaceuticals, Inc		138
8,653	*	Arkema		496
307,093		Asahi Kasei Corp		2,236
133,883		Astellas Pharma, Inc		5,772
249,337		AstraZeneca plc		13,415
184,700		AstraZeneca plc (ADR)		9,909
23,293	e	Avery Dennison Corp		1,497
120,076		Avon Products, Inc		4,474
25,000	*	Barr Pharmaceuticals, Inc		1,159
113,122		BASF AG.		12,736
168,093		Bayer AG.		10,742
20,023		Beiersdorf AG.		1,365
124,660	*	Biogen Idec, Inc		5,532
60,381	*	Biovail Corp International		1,321
787,555		Bristol-Myers Squibb Co		21,863
15,945	e*	Cephalon, Inc		1,135
19,228	e*	Charles River Laboratories International, Inc		889
25,738		Christian Dior S.A.		3,129
70,164	e	Chugai Pharmaceutical Co Ltd		1,774
15,106		Ciba Specialty Chemicals AG.		995
455,563		Cipla Ltd		2,482
49,086		Clariant AG.		842

127

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
54,958	e	Clorox Co	$	3,500
296,434		Colgate-Palmolive Co		19,799
118,515		CSL Ltd		7,899
232,511	e	Cytec Industries, Inc		13,076
26,630		Daicel Chemical Industries Ltd		182
246,979		Daiichi Sankyo Co Ltd		7,566
159,010		Dainippon Ink and Chemicals, Inc		631
343,476	e	Dow Chemical Co		15,752
52,916	e	DSM NV		2,371
462,321		Du Pont (E.I.) de Nemours & Co		22,852
48,442		Ecolab, Inc		2,083
62,770		Eisai Co Ltd		3,010
169,048	*	Elan Corp plc		2,168
67,500	*	Elan Corp plc (ADR)		897
268,239		Eli Lilly & Co		14,407
82,120	e	Estee Lauder Cos (Class A)		4,012
307,648	*	Genentech, Inc		25,264
176,362	*	Genzyme Corp		10,585
270,077	*	Gilead Sciences, Inc		20,661
1,923,265		GlaxoSmithKline plc		52,872
635		H Lundbeck A/S		15
17,304		Haw Par Corp Ltd		82
13,769		Henkel KGaA		2,036
208,919		Hindustan Lever Ltd		986
25,952		Hitachi Chemical Co Ltd		610
153,502	*	Hospira, Inc		6,278
88,000		Huntsman Corp		1,680
332,780		Imperial Chemical Industries plc		3,274
21,974	e	International Flavors & Fragrances, Inc		1,038
18,273	e*	Invitrogen Corp		1,163
297,600		Ipsen		14,618
43,959		JSR Corp		1,015
9,554		Kaken Pharmaceutical Co Ltd		78
21,480		Kansai Paint Co Ltd		184
122,757		Kao Corp		3,594
519,074	e*	Keryx Biopharmaceuticals, Inc		5,461
178,307		Kingboard Chemical Holdings Ltd		750
3,183		Kose Corp		94
90,587		Kuraray Co Ltd		979
81,736		Kyowa Hakko Kogyo Co Ltd		756
25,468		Linde AG.		2,744
8,070	e	Lonza Group AG.		776
116,667	e	L'Oreal S.A.		12,737
126,231		Lupin Ltd		1,760
85,572	e	Lyondell Chemical Co		2,565
41,512		Mediceo Paltac Holdings Co Ltd		791
64,671	e*	Medimmune, Inc		2,353
963,801		Merck & Co, Inc		42,571
167,555		Merck KGaA		21,604
31,773		Methanex Corp		708
90,967	e*	Millennium Pharmaceuticals, Inc		1,033
294,494		Mitsubishi Chemical Holdings Corp		2,507
96,445		Mitsubishi Gas Chemical Co, Inc		925
178,578		Monsanto Co		9,815
40,000	e	Mylan Laboratories, Inc		846
14,792		Nippon Kayaku Co Ltd		122

128

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
12,572		Nippon Shokubai Co Ltd	$	136
39,455		Nissan Chemical Industries Ltd		510
34,507		Nova Chemicals Corp		1,067
1,320,357	e	Novartis AG.		75,735
80,000		Novartis AG. (ADR)		4,370
39,893	e	Novo Nordisk A/S (Class B)		3,640
7,642	e	Novozymes A/S (B Shares)		684
7,698		Omega Pharma S.A.		593
289,514		Orica Ltd		5,938
14,103		Orion Oyj (Class B)		340
34,089	e*	PDL BioPharma, Inc		740
3,260,157		Pfizer, Inc		82,352
43,289		Potash Corp of Saskatchewan		6,903
203,543	e	PPG Industries, Inc		14,311
85,023		Praxair, Inc		5,353
1,361,767		Procter & Gamble Co		86,009
21,259	*	QLT, Inc		165
236,540		Ranbaxy Laboratories Ltd		1,915
799,477		Reckitt Benckiser plc		41,628
562,717		Roche Holding AG.		99,563
141,388	e	Rohm & Haas Co		7,313
288,564		Sanofi-Aventis		25,095
18,465		Santen Pharmaceutical Co Ltd		475
64,800	e	Sawai Pharmaceutical Co Ltd		2,650
239,647		Shin-Etsu Chemical Co Ltd		14,622
74,073		Shionogi & Co Ltd		1,333
90,148		Shiseido Co Ltd		1,832
264,826		Showa Denko KK		996
97,974	e	Sigma-Aldrich Corp		4,068
773,621		SSL International plc		6,093
885,068	e	Sumitomo Chemical Co Ltd		6,685
33,110		Symbion Health Ltd		97
22,191		Syngenta AG.		4,246
40,154	e	Taisho Pharmaceutical Co Ltd		736
65,897		Taiyo Nippon Sanso Corp		595
223,697	e	Takeda Pharmaceutical Co Ltd		14,674
55,895		Tanabe Seiyaku Co Ltd		760
209,807	e	Teijin Ltd		1,184
302,000	e*	Theravance, Inc		8,909
525,000	e	Tokai Carbon Co Ltd		4,321
59,693		Tokuyama Corp		1,043
181,000	e*	Tongjitang Chinese Medicines Co (ADR)		1,821
333,521	e	Toray Industries, Inc		2,411
120,647		Tosoh Corp		621
63,321		UCB S.A.		3,685
1,718,992		Unilever plc		51,789
181,957	*	Vertex Pharmaceuticals, Inc		5,102
265,000	e*	Warner Chilcott Ltd (Class A)		3,925
610,414		Wyeth		30,539
33,226	e*	Zeltia S.A.		302
15,798		Zeon Corp		163
		TOTAL CHEMICALS AND ALLIED PRODUCTS		1,289,792
COAL MINING - 0.33%
41,024	e	Arch Coal, Inc		1,259
4,621,000	*	China Coal Energy Co		4,938

129

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
1,078,058		China Shenhua Energy Co Ltd	$	2,608
48,020		Consol Energy, Inc		1,879
20,279		Fording Canadian Coal Trust		456
22,836	e	Massey Energy Co		548
585,210	e	Peabody Energy Corp		23,549
278,000	e	Sasol Ltd (ADR)		9,188
171,119		Xstrata plc		8,795
		TOTAL COAL MINING		53,220
COMMUNICATIONS - 4.65%
2,343,089		Advanced Info Service PCL		4,484
414,485		Alltel Corp		25,698
152,182	*	American Tower Corp (Class A)		5,927
16,307	e	Antena 3 de Television S.A.		365
2,731,731		AT&T, Inc		107,712
94		Austar United Communications Ltd		-	^
259,198	e*	Avaya, Inc		3,061
112,218	e	BCE, Inc		3,174
2,088,500		BEC World PCL		1,300
91,413	e	Belgacom S.A.		4,060
318,140		British Sky Broadcasting plc		3,531
2,271,679		BT Group plc		13,579
683,971		Cable & Wireless plc		2,242
78,822		Cablevision Systems Corp (Class A)		2,399
49,591		Carphone Warehouse Group plc		270
329,500		China Mobile Hong Kong Ltd		2,996
168,000	v*	Citic 1616 Holdings Ltd		55
143,727	e	Clear Channel Communications, Inc		5,036
709,115	*	Comcast Corp (Class A)		18,402
115,907	e*	Comcast Corp (Special Class A)		2,952
16,499		Cosmote Mobile Telecommunications S.A.		494
119,654	*	Crown Castle International Corp		3,844
656,215		Deutsche Telekom AG.		10,852
350,578	*	DIRECTV Group, Inc		8,088
204,425	*	EchoStar Communications Corp (Class A)		8,878
24,767	e	Elisa Oyj		718
54,349		Embarq Corp		3,063
21,440	e	Fastweb		1,369
486,751	e	France Telecom S.A.		12,855
48		Fuji Television Network, Inc		111
52,896		Hellenic Telecommunications Organization S.A.		1,447
2,168	e	Hikari Tsushin, Inc		99
462,405		Hutchison Telecommunications International Ltd		937
135,870	e*	IAC/InterActiveCorp		5,124
511,023	*	Idea Cellular Ltd		1,112
460		Internet Initiative Japan Inc		1,831
1,080,274		ITV plc		2,317
1,549	*	Jupiter Telecommunications Co		1,301
894		KDDI Corp		7,139
276,500	e*	Level 3 Communications, Inc		1,687
2,032,700	*	LG Telecom Ltd		23,119
133,527	e*	Liberty Global, Inc (Class A)		4,397
20,084	e*	Liberty Global, Inc (Series C)		615
85,942	*	Liberty Media Corp - Capital (Series A)		9,504
245,070	*	Liberty Media Holding Corp (Interactive A)		5,838
18,639		M6-Metropole Television		683

130

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
525,700		Maxis Communications BHD	$	1,809
250,736		Mediaset S.p.A.		2,728
17,519		Mobistar S.A.		1,481
14,506		Modern Times Group AB (B Shares)		849
272,810		News Corp (Class B)		6,710
36,714	e*	NII Holdings, Inc		2,723
1,303		Nippon Telegraph & Telephone Corp		6,889
4,701		NTT DoCoMo, Inc		8,697
1,687		Okinawa Cellular Telephone Co		5,340
9,913,485	*	Paxys, Inc		5,856
75,771	e	Philippine Long Distance Telephone Co (ADR)		4,001
1,806,500	*	Pilipino Telephone Corp		262
129,814	e	Portugal Telecom SGPS S.A.		1,739
19,057		ProSiebenSat.1 Media AG.		673
977		PT Multimedia Servicos de Telecomunicacoes e Multimedia SGPS S.A.		14
39,315		Publicis Groupe S.A.		1,899
596,258	e*	Qwest Communications International, Inc		5,360
183,995		Rogers Communications, Inc (Class B)		6,023
4,716,536	e	Royal KPN NV		73,465
1,334,588		Seat Pagine Gialle S.p.A.		823
310,080		Shaw Communications, Inc (Class B)		11,436
3,376,162		Singapore Telecommunications Ltd		7,299
2,237		Sky Network Television Ltd		9
33,550		Societe Television Francaise 1		1,123
8,289	e*	Sogecable S.A.		344
1,758,287		Sprint Nextel Corp		33,337
4,218		Swisscom AG.		1,525
91,508		Tele2 AB (B Shares)		1,501
328,348		Telecom Corp of New Zealand Ltd		1,109
3,492,029		Telecom Italia S.p.A.		9,959
1,965,806		Telecom Italia S.p.A.		4,861
1,602,709		Telefonica S.A.		35,326
663,509		Telekom Austria AG.		16,584
217,826		Telenor ASA		3,870
5,696	e	Telephone & Data Systems, Inc		318
34,856	e	Telephone & Data Systems, Inc		2,078
91,343		Television Broadcasts Ltd		571
567,469	e	TeliaSonera AB		4,896
76,354		Telstra Corp Ltd		198
743,032		Telstra Corp Ltd		2,802
26,295		TELUS Corp		1,341
72,382		TELUS Corp		3,613
47,369	*	Tiscali S.p.A.		179
3,800		Tokyo Broadcasting System, Inc		141
529,200	*	Total Access Communication PCL		2,392
29,920,520	*	True Corp PCL		4,658
1,348,542		Verizon Communications, Inc		51,137
557,270	*	Viacom, Inc (Class B)		22,909
14,485,186		Vodafone Group plc		38,624
609,820		Vodafone Group plc (ADR)		16,380
77,369	e*	XM Satellite Radio Holdings, Inc (Class A)		1,000
		TOTAL COMMUNICATIONS		743,526
DEPOSITORY INSTITUTIONS - 11.17%
82,083		77 Bank Ltd		536
2,903,907		ABN AMRO Holding NV		124,987

131

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
481,237		Allied Irish Banks plc	$	14,271
63,893		Alpha Bank S.A.		2,023
5,743,520		AMMB Holdings BHD		6,246
34,231	e	Associated Banc-Corp		1,150
376,921		Australia & New Zealand Banking Group Ltd		9,058
2,137,141		Banca Intesa S.p.A.		16,230
301,369		Banca Intesa S.p.A.		2,254
359,436	e	Banca Monte dei Paschi di Siena S.p.A.		2,252
135,390		Banca Popolare di Milano		2,096
112,344		Banche Popolari Unite Scpa		3,324
2,899,747	e	Banco Bilbao Vizcaya Argentaria S.A.		71,197
50,375		Banco BPI S.A.		437
60,000		Banco Bradesco S.A. (ADR)		2,426
359,072		Banco Comercial Portugues S.A.		1,300
3,199,993		Banco de Oro Universal Bank		3,979
33,142		Banco Espirito Santo S.A.		633
121,889	e	Banco Popolare di Verona e Novara Scrl		3,786
304,794	e	Banco Popular Espanol S.A.		6,287
2,133,439		Banco Santander Central Hispano S.A.		38,075
2,155,259		Bank of America Corp		109,961
4,908,442	v*	Bank of Ayudhya PCL		1,143
707,167		Bank of East Asia Ltd		4,113
383,984		Bank of Ireland		8,284
521,464		Bank of Ireland		11,229
66,039	e	Bank of Kyoto Ltd		758
208,702		Bank of Montreal		12,603
952,215		Bank of New York Co, Inc		38,612
411,770		Bank of Nova Scotia		18,971
141,209		Bank of Okinawa Ltd		5,225
150,000	*	Bank of the Ryukyus Ltd		3,507
296,150		Bank of Yokohama Ltd		2,209
6,039,251		Barclays plc		85,686
142,378	e	BB&T Corp		5,840
418,512		BNP Paribas		43,713
1,769,701		BOC Hong Kong Holdings Ltd		4,290
1,621,100		Bumiputra-Commerce Holdings Bhd		4,665
198,690		Canadian Imperial Bank of Commerce		17,243
550,329	e	Capitalia S.p.A.		4,973
187,635		Chiba Bank Ltd		1,656
36,627		Close Brothers Group plc		730
39,480	e	Colonial Bancgroup, Inc		977
78,354		Comerica, Inc		4,632
46,769		Commerce Bancorp, Inc		1,561
318,175		Commerzbank AG.		14,077
301,504		Commonwealth Bank of Australia		12,261
56,801		Compass Bancshares, Inc		3,908
185,984		Credit Agricole S.A.		7,252
81,062	e	Danske Bank A/S		3,771
197,263		DBS Group Holdings Ltd		2,782
82,004		Depfa Bank plc		1,465
120,418		Deutsche Bank AG.		16,221
322,741		Dexia		9,631
173,438		DNB NOR Holding ASA		2,448
38,079		EFG Eurobank Ergasias S.A.		1,557
1,282,500		EON Capital BHD		2,485
30,718		Erste Bank der Oesterreichischen Sparkassen AG.		2,392

132

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
134,658	e	Fifth Third Bancorp	$	5,210
542,255	e	First Horizon National Corp		22,520
659,003		Fortis		30,098
8,157,365	*	Fuhwa Financial Holdings Co Ltd		3,944
59,489	v	Fukuoka Financial Group, Inc		480
94,160		Gunma Bank Ltd		667
248,499		Hang Seng Bank Ltd		3,530
313,763		Hokuhoku Financial Group, Inc		1,081
3,243,983		HSBC Holdings plc		56,783
1,025,250	e	Hudson City Bancorp, Inc		14,025
59,449	e	Huntington Bancshares, Inc		1,299
94,939		Investec plc		1,229
18,432		Investors Financial Services Corp		1,072
167,338		Joyo Bank Ltd		1,045
1,706,628		JPMorgan Chase & Co		82,567
9,773	*	Jyske Bank		787
623,200		Kasikornbank PCL		1,157
1,095,531		Kasikornbank PCL		2,097
144,624	e	Keycorp		5,419
1,571,502		Lloyds TSB Group plc		17,318
17,512		M&T Bank Corp		2,028
60,481	e	Marshall & Ilsley Corp		2,801
51,000	g,m,v	MCB Bank Ltd (GDR)		995
1,017,327	e	Mediobanca S.p.A.		22,654
259,812		Mellon Financial Corp		11,208
2,298,000		Metropolitan Bank & Trust		2,977
2,163		Mitsubishi UFJ Financial Group, Inc		24,413
169,750		Mitsui Trust Holdings, Inc		1,674
4,501		Mizuho Financial Group. Inc		28,991
333,659		National Australia Bank Ltd		10,907
67,674		National Bank Of Canada		3,662
62,933		National Bank of Greece S.A.		3,338
177,723		National City Corp		6,620
71,194	e	New York Community Bancorp, Inc		1,252
148,045		Nishi-Nippon City Bank Ltd		657
584,569		Nordea Bank AB		9,334
50,212	e	Northern Trust Corp		3,020
880	e	OKO Bank (Class A)		15
910,393		Oversea-Chinese Banking Corp		5,401
35,605		Piraeus Bank S.A.		1,237
160,141		PNC Financial Services Group, Inc		11,525
5,144,000		PT Bank Mandiri Persero Tbk		1,409
5,915		Raiffeisen International Bank Holding AG.		833
192,802	e	Regions Financial Corp		6,819
2,369	e	Resona Holdings, Inc		6,373
2,866,100		Rizal Commercial Banking Corp		1,723
535,956	e	Royal Bank of Canada		26,693
24	*	Royal Bank Of Canada		1
2,367,503		Royal Bank of Scotland Group plc		92,432
74		Sapporo Hokuyo Holdings, Inc		741
38,060		Shinhan Financial Group Co Ltd		2,185
370,320		Shinsei Bank Ltd		1,776
143,727		Shizuoka Bank Ltd		1,531
130,788	e	Skandinaviska Enskilda Banken AB (Class A)		4,186
345,673		Societe Generale		59,739
74,390	e	South Financial Group, Inc		1,839

133

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
102,539	e	Sovereign Bancorp, Inc	$	2,609
89,644		State Street Corp		5,804
2,879	e	Sumitomo Mitsui Financial Group, Inc		26,142
362,488		Sumitomo Trust & Banking Co Ltd		3,781
562,799		SunTrust Banks, Inc		46,735
49,738		Suruga Bank Ltd		648
143,605		Svenska Handelsbanken (A Shares)		4,267
10,440		Sydbank A/S		562
93,522	e	Synovus Financial Corp		3,025
354,570	e	TCF Financial Corp		9,346
20,326		TD Banknorth, Inc		654
580,274	e	UBS A.G.		34,478
4,961,979		UniCredito Italiano S.p.A		47,228
92,052	e	UnionBanCal Corp		5,838
377,260		United Overseas Bank Ltd		5,222
898,568	e	US Bancorp		31,423
799,926		Wachovia Corp		44,036
425,078		Washington Mutual, Inc		17,165
1,818,527		Wells Fargo & Co		62,612
387,708		Western Union Co		8,510
442,589		Westpac Banking Corp		9,436
901,735		Wing Hang Bank Ltd		11,102
795,000	*	Yes Bank Ltd		2,561
36,753	e	Zions Bancorporation		3,106
		TOTAL DEPOSITORY INSTITUTIONS		1,786,985
EATING AND DRINKING PLACES - 1.21%
17,553		Autogrill S.p.A.		336
88,126		Brinker International, Inc		2,882
17,216,310		Compass Group plc		115,189
585,709		Darden Restaurants, Inc		24,125
165,605		Enterprise Inns plc		2,179
583,407		McDonald's Corp		26,283
111,266		Mitchells & Butlers plc		1,723
46,930		Onex Corp		1,303
73,829		Punch Taverns plc		1,812
26,972	e	Sodexho Alliance S.A.		1,975
198,980	*	Starbucks Corp		6,240
44,292	e	Tim Hortons, Inc		1,347
27,443	e	Wendy's International, Inc		859
54,723		Whitbread plc		2,032
95,747		Yum! Brands, Inc		5,530
		TOTAL EATING AND DRINKING PLACES		193,815
EDUCATIONAL SERVICES - 0.02%
39,144	*	Apollo Group, Inc (Class A)		1,719
15,882		Benesse Corp		590
105,176		CAE, Inc		1,185
27,320	*	Career Education Corp		833
		TOTAL EDUCATIONAL SERVICES		4,327
ELECTRIC, GAS, AND SANITARY SERVICES - 4.83%
244,072	e*	AES Corp		5,252
88,241		AGL Energy Ltd		1,152
79,572		Alinta Ltd		935
54,400	*	Allegheny Energy, Inc		2,673

134

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
110,779		Alliant Energy Corp	$	4,965
54,865		Ameren Corp		2,760
143,856		American Electric Power Co, Inc		7,013
35,579		Aqua America, Inc		799
85,500		BKW FMB Energie AG.		8,936
27,689		Caltex Australia Ltd		535
114,548	e	Centerpoint Energy, Inc		2,055
1,021,514		Centrica plc		7,769
39,200,000		China Resources Power Holdings Co		60,103
167,061	e	Chubu Electric Power Co, Inc		5,742
867,539		CLP Holdings Ltd		6,334
69,859	e	Consolidated Edison, Inc		3,567
280,722		Constellation Energy Group, Inc		24,409
3,114		Contact Energy Ltd		20
126,867		Dominion Resources, Inc		11,262
450,037	e	DPL, Inc		13,992
46,904	e	DTE Energy Co		2,247
330,729		Duke Energy Corp		6,710
144,006		E.ON AG.		19,579
165,773	e	Edison International		8,144
254,208		El Paso Corp		3,678
39,739		Electric Power Development Co		2,000
132,999	e*	Enbridge, Inc		4,338
262,482		Endesa S.A.		14,194
1,409,059		Enel S.p.A.		15,077
333,270		Energias de Portugal S.A.		1,790
36,900	e	Energy East Corp		899
114,653		Entergy Corp		12,029
305,656		Exelon Corp		21,002
2,548,502		First Philippine Holdings Corp		3,750
268,397		FirstEnergy Corp		17,779
44,600		Fortis, Inc		1,082
3,052,311	e	Fortum Oyj		89,010
138,240		FPL Group, Inc		8,456
63,854		Gas Natural SDG S.A.		2,998
55,694	e	Gaz de France		2,585
45,903		Hokkaido Electric Power Co, Inc		1,219
1,163,335		Hong Kong & China Gas Ltd		2,600
450,067		Hong Kong Electric Holdings Ltd		2,310
21,026,795		Huaneng Power International, Inc		18,299
275,192	e	Iberdrola S.A.		13,010
412,906		International Power plc		3,222
193,553		Kansai Electric Power Co, Inc		5,568
100,030		Kelda Group plc		1,846
46,858		KeySpan Corp		1,928
29,287		Kinder Morgan, Inc		3,118
95,160		Kyushu Electric Power Co, Inc		2,705
759,145		National Grid plc		11,914
78,619		NiSource, Inc		1,921
63,000	e*	NRG Energy, Inc		4,538
12,767		Oest Elektrizitatswirts AG. (Class A)		572
144,980		Okinawa Electric Power Co, Inc		9,055
505,125		Osaka Gas Co Ltd		1,959
43,400,000	*	Panva Gas Holdings Ltd		23,884
74,036		Pepco Holdings, Inc		2,148
15,107,561	*	Petronet LNG Ltd		14,668

135

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
129,372		PG&E Corp	$	6,245
28,141		Pinnacle West Capital Corp		1,358
167,887		PPL Corp		6,867
65,387	e	Progress Energy, Inc		3,298
91,665		Public Service Enterprise Group, Inc		7,612
2,773		Puma AG. Rudolf Dassler Sport		1,014
115,646	e	Questar Corp		10,317
112,325	e*	Reliant Energy, Inc		2,282
183,419	e	Republic Services, Inc		5,103
3,067		RWE AG.		305
108,461		RWE AG.		11,474
31,717	e	SCANA Corp		1,369
239,964		Scottish & Southern Energy plc		7,277
414,321		Scottish Power plc		6,522
7,134,273		SembCorp Industries Ltd		23,982
122,013		Sempra Energy		7,444
65,010		Severn Trent plc		1,834
319,036		Snam Rete Gas S.p.A.		2,025
2	*	Sociedad General de Aguas de Barcelona S.A.		-	^
22,152		Sociedad General de Aguas de Barcelona S.A. (Class A)		789
3,289,764	*	Sojitz Holdings Corp		13,707
195,657	e	Southern Co		7,171
836,966		Suez S.A.		44,141
1,302,900		Tenaga Nasional BHD		4,296
107,263		Tohoku Electric Power Co, Inc		2,722
541,228		Tokyo Electric Power Co, Inc		18,509
563,838		Tokyo Gas Co Ltd		3,144
84,221		TransAlta Corp		1,824
156,982		TXU Corp		10,063
38,294		Union Fenosa S.A.		2,065
244,610		United Utilities plc		3,637
1,074		Vector Ltd		2
80,856		Veolia Environnement		6,012
217,721		Williams Cos, Inc		6,196
58,201	e	Wisconsin Energy Corp		2,824
106,870	e	Xcel Energy, Inc		2,639
3,000,000		Xinao Gas Holdings Ltd		3,187
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		773,360
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 5.70%
441,927		ABB Ltd		7,565
1,898,663	e*	Acme Packet, Inc		28,062
20,000	e	Acuity Brands, Inc		1,089
35,436	e*	ADC Telecommunications, Inc		593
145,974	e*	Advanced Micro Devices, Inc		1,906
267,142	e	Advantest Corp		11,856
682,196	*	Agere Systems, Inc		15,431
1,482,671		Alcatel S.A.		17,449
3		Alcatel S.A. (ADR)		-	^
43,314		Alps Electric Co Ltd		507
129,985	e	Altera Corp		2,598
25,166	e	Amphenol Corp (Class A)		1,625
126,541		Analog Devices, Inc		4,364
573,925	*	Apple Computer, Inc		53,323
375,688		ARM Holdings plc		991
50,327	*	Avnet, Inc		1,819

136

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
129	e	Bang & Olufsen A/S (B Shares)	$	16
4,609		Barco NV		426
172,454	*	Broadcom Corp (Class A)		5,531
57,708	*	Celestica, Inc		352
177,606	*	Chartered Semiconductor Manufacturing Ltd		170
3,268,948	*	Cisco Systems, Inc		83,456
405,503	e*	Comverse Technology, Inc		8,657
184,524		Cooper Industries Ltd (Class A)		8,302
15,937	*	CSR plc		204
21,733	e	Dainippon Screen Manufacturing Co Ltd		164
2,032,283		Datacraft Asia Ltd		2,256
75,939		Electrolux AB (Series B)		1,925
289,967		Emerson Electric Co		12,495
222,843		EMI Group plc		998
15,664	e*	Energizer Holdings, Inc		1,337
11,241,902	e	Ericsson (LM) (B Shares)		41,376
186,000	*	Fairchild Semiconductor International, Inc		3,110
82,264		Fanuc Ltd		7,658
3,191		Fisher & Paykel Appliances Holdings Ltd		8
5,737		Fisher & Paykel Healthcare Corp		15
145,849	e*	Flextronics International Ltd		1,596
678,829	*	Foxconn International Holdings Ltd		2,072
140,822		Fuji Electric Holdings Co Ltd		654
61,160		Gamesa Corp Tecnologica S.A.		2,214
54,474	e	Garmin Ltd		2,950
1,475	e	Geo Corp		2,992
200,000		Geodesic Information Systems Ltd		1,075
72,100	e	Hamamatsu Photonics KK		2,184
16,320		Harman International Industries, Inc		1,568
7,563		Hirose Electric Co Ltd		909
6,000		Hitachi High-Technologies Corp		164
845,548		Hitachi Ltd		6,558
518,000		Hon Hai Precision Industry Co, Ltd		3,475
682,378		Honeywell International, Inc		31,430
251,734		Hoya Corp		8,353
122,408		Ibiden Co Ltd		6,347
173,567	*	Infineon Technologies AG.		2,701
140,000	e*	Infineon Technologies AG. (ADR)		2,180
5,747,835		Intel Corp		109,956
40,360	e	Intersil Corp (Class A)		1,069
345		Intracom S.A.		2
202,503	e*	JDS Uniphase Corp		3,084
1,398,680	e	Koninklijke Philips Electronics NV		53,418
1,851	e	Kudelski S.A.		65
40,738		Kyocera Corp		3,841
124,735	e	L-3 Communications Holdings, Inc		10,911
8,500		Lincoln Electric Holdings, Inc		506
78,667		Linear Technology Corp		2,485
115,360	e*	LSI Logic Corp		1,204
2,730		Mabuchi Motor Co Ltd		169
468,050	*	Marvell Technology Group Ltd		7,868
561,982		Matsushita Electric Industrial Co Ltd		11,326
83,956		Matsushita Electric Works Ltd		963
333,596	e	Maxim Integrated Products, Inc		9,808
251,000		MediaTek, Inc		2,882
82,277	*	MEMC Electronic Materials, Inc		4,984

137

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
56,780		Microchip Technology, Inc	$	2,017
465,654	e*	Micron Technology, Inc		5,625
1,813	e	Micronas Semiconductor Holdings, Inc		38
84,900		Minebea Co Ltd		526
483,661		Mitsubishi Electric Corp		4,983
1,028,765		Motorola, Inc		18,178
50,856		Murata Manufacturing Co Ltd		3,712
166,212		National Semiconductor Corp		4,012
3,617	*	NEC Electronics Corp		87
136,737	*	Network Appliance, Inc		4,994
55,865		Neuf Cegetel		2,090
42,988		NGK Spark Plug Co Ltd		804
27,206		Nidec Corp		1,755
41,377		Nitto Denko Corp		1,942
225		NKT Holding A/S		18
1,544,704	e	Nokia Oyj		35,554
195,103	*	Nortel Networks Corp		4,676
123,437	e*	Novellus Systems, Inc		3,952
120,794	*	Nvidia Corp		3,476
56,411		Omron Corp		1,518
43,000		Origin Electric Co Ltd		289
38,391	e	Pioneer Corp		502
47,671	e*	QLogic Corp		810
1,055,702		Qualcomm, Inc		45,036
148,468	e	RadioShack Corp		4,013
69,577	*	Research In Motion Ltd		9,492
168,595		Ricoh Co Ltd		3,799
3,505		Rinnai Corp		93
26,844		Rohm Co Ltd		2,435
10,434		Sanken Electric Co Ltd		109
149,607	*	Sanmina-SCI Corp		542
399,755	e*	Sanyo Electric Co Ltd		682
10,965		Schindler Holding AG.		668
67,792		Schneider Electric S.A.		8,606
29,222	v*	Schneider Electric S.A.		48
249,803		Sharp Corp		4,812
6,600		Shinko Electric Industries		149
265,380	e*	Sirius Satellite Radio, Inc		849
512,688		Sony Corp		26,061
37,835		Stanley Electric Co Ltd		769
225,974	*	STATS ChipPAC Ltd		271
193,307		STMicroelectronics NV		3,721
369,076	e	Sumco Corp		15,347
490,000	e	Taiwan Semiconductor Manufacturing Co Ltd (ADR)		5,268
25,601		Taiyo Yuden Co Ltd		533
31,653		Tandberg ASA		661
31,666		TDK Corp		2,746
162,905	*	Tellabs, Inc		1,613
385,677		Terna Rete Elettrica Nazionale S.p.A.		1,432
453,009		Texas Instruments, Inc		13,636
73,510		Thomson		1,415
5,653		Uniden Corp		44
27,984	e	Ushio, Inc		540
22,589		Valeo S.A.		1,325
3,636,000		Vanguard International Semiconductor Corp		3,066
42,332		Venture Corp Ltd		407

138

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
326,970		Vivendi Universal S.A.	$	13,287
20,905	e	Whirlpool Corp		1,775
88,446	e	Xilinx, Inc		2,276
46,384		Yaskawa Electric Corp		548
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		911,229
ENGINEERING AND MANAGEMENT SERVICES - 0.50%
11,722		Aeroplan Income Fund		198
3,557,274		Amec plc		37,101
37,117	e*	Amylin Pharmaceuticals, Inc		1,387
172,290		Capita Group plc		2,314
128,029	*	Celgene Corp		6,716
11,182	e	Corporate Executive Board Co		849
15,140		Downer EDI Ltd		84
94,290	e	Fluor Corp		8,460
20,279		Fugro NV		1,029
42,834	*	Jacobs Engineering Group, Inc		1,998
52,142	e	JGC Corp		856
3,502		Meitec Corp		113
88,277		Moody's Corp		5,478
92,449		Paychex, Inc		3,501
43,501	e	Quest Diagnostics, Inc		2,169
49,055		SBM Offshore NV		1,769
132,581		Serco Group plc		1,200
1,052,000		Shui On Construction		2,367
62,842		SNC-Lavalin Group, Inc		1,800
55,584		WorleyParsons Ltd		1,250
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		80,639
FABRICATED METAL PRODUCTS - 0.29%
178,253		Amcor Ltd		1,089
26,170		Ball Corp		1,200
19,501		Bharat Heavy Electricals		1,015
350,000	*	Crown Holdings, Inc		8,561
843		Geberit AG.		1,297
16,934		Hitachi Cable Ltd		96
477,324	e	Illinois Tool Works, Inc		24,630
66,839		JS Group Corp		1,449
23,709		Pentair, Inc		739
162,475		Rexam plc		1,759
19,612		Sanwa Shutter Corp		122
52,000		Snap-On, Inc		2,501
42,632		Ssab Svenskt Stal AB (Series A)		1,316
8,520	e	Ssab Svenskt Stal AB (Series B)		245
39,767		Toyo Seikan Kaisha Ltd		801
		TOTAL FABRICATED METAL PRODUCTS		46,820
FOOD AND KINDRED PRODUCTS - 2.62%
153,337		Ajinomoto Co, Inc		1,764
318,251		Anheuser-Busch Cos, Inc		16,059
212,747		Archer Daniels Midland Co		7,808
102,597		Asahi Breweries Ltd		1,646
43,038		Bunge Ltd		3,539
1,895,210		C&C Group plc		28,785
583,908		Cadbury Schweppes plc		7,492
80,335		Campbell Soup Co		3,129

139

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
5,292	e	Carlsberg A/S (Class B)	$	576
17,944		Coca Cola Hellenic Bottling Co S.A.		755
105,070		Coca-Cola Amatil Ltd		748
919,523		Coca-Cola Co		44,137
167,800	e	Coca-Cola Enterprises, Inc		3,398
5,471		Coca-Cola West Japan Co Ltd		119
186,525		ConAgra Foods, Inc		4,646
68,880	e*	Constellation Brands, Inc (Class A)		1,459
21,066	*	Cott Corp		280
8,100	e	Danisco A/S		638
745,318		Diageo plc		15,099
216	e	East Asiatic Co Ltd A.S.		10
17,380	e	Ebro Puleva S.A.		410
160,833		General Mills, Inc		9,364
1,305	e	Givaudan S.A.		1,207
62,473		Greencore Group plc		384
361,683		Groupe Danone		59,089
120,988		H.J. Heinz Co		5,701
94,301		Heineken NV		4,933
58,680	e	Hershey Co		3,207
6,890		House Foods Corp		118
58,696		Iaws Group plc		1,364
102,969		InBev NV		7,435
228,554	e	Ito En Ltd		7,448
405,589		J Sainsbury plc		4,386
14,266,876		JG Summit Holdings		3,770
75,494		Kaneka Corp		720
12,018		Katokichi Co Ltd		76
95,357	e	Kellogg Co		4,904
71,612		Kerry Group plc (Class A)		1,990
14,795		Kikkoman Corp		190
197,902		Kirin Brewery Co Ltd		2,858
189,257	e	Kraft Foods, Inc (Class A)		5,992
60,257		Lion Nathan Ltd		431
34,019	e	McCormick & Co, Inc		1,310
65,630		Meiji Dairies Corp		515
29,763		Meiji Seika Kaisha Ltd		138
85,460		Nestle S.A.		33,283
24,264		Nichirei Corp		142
43,357		Nippon Meat Packers, Inc		530
48,089		Nisshin Seifun Group, Inc		489
22,371		Nissin Food Products Co Ltd		820
107,740		Olam International Ltd		217
1,174,328		PepsiCo, Inc		74,640
25,571		Pernod-Ricard S.A.		5,186
3,077,884		Petra Foods Ltd		3,408
10,373		Q.P. Corp		94
185,381		Royal Numico NV		9,561
70,338	e	Sampo Oyj (A Shares)		2,135
24,855		Sapporo Holdings Ltd		175
13,504		Saputo, Inc		540
202,102	e	Sara Lee Corp		3,420
223,457		Scottish & Newcastle plc		2,645
5,153		Suedzucker AG.		98
302,076		Swire Pacific Ltd (Class A)		3,391
17,692	e	Takara Holdings, Inc		125

140

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
136,546		Tate & Lyle plc	$	1,545
121,393	*	Total Produce plc		135
9,099		Toyo Suisan Kaisha Ltd		179
66,422		Tyson Foods, Inc (Class A)		1,289
2,509,082		Universal Robina Corp		897
75,787		Want Want Holdings Ltd		148
52,105	e	Wrigley (Wm.) Jr Co		2,654
26,526		Yakult Honsha Co Ltd		678
10,918		Yamazaki Baking Co Ltd		100
		TOTAL FOOD AND KINDRED PRODUCTS		418,551
FOOD STORES - 0.73%
58,100		Alimentation Couche Tard, Inc (Class B)		1,215
169,388		Carrefour S.A.		12,389
233,363		Coles Myer Ltd		3,068
8,970		Colruyt S.A.		2,053
43,322		Delhaize Group		3,982
6,055		FamilyMart Co Ltd		168
21,604		George Weston Ltd		1,327
217,375		Goodman Fielder Ltd		429
453		Jeronimo Martins SGPS S.A.		12
10,895	e	Kesko Oyj (B Shares)		581
544,572	*	Koninklijke Ahold NV		6,365
465,149		Kroger Co		13,140
15,890		Lawson, Inc		611
37,873		Loblaw Cos Ltd		1,509
206,836		Seven & I Holdings Co Ltd		6,301
9,588		Sonae SPGS S.A.		22
54,134	e	Supervalu, Inc		2,115
6,268,098		Tesco plc		54,797
34,203		Whole Foods Market, Inc		1,534
246,587		Woolworths Ltd		5,425
		TOTAL FOOD STORES		117,043
FORESTRY - 0.03%
57,982	e	Weyerhaeuser Co		4,333
		TOTAL FORESTRY		4,333
FURNITURE AND FIXTURES - 0.09%
15,842	e	Hillenbrand Industries, Inc		941
71,832	e	Johnson Controls, Inc		6,797
51,484	e	Leggett & Platt, Inc		1,167
140,815		Masco Corp		3,858
75,841	*	MFI Furniture plc		232
9,032		Neopost S.A.		1,291
		TOTAL FURNITURE AND FIXTURES		14,286
FURNITURE AND HOMEFURNISHINGS STORES - 0.12%
74,398	e*	Bed Bath & Beyond, Inc		2,989
52,857	e	Circuit City Stores, Inc		979
511,698		DSG International plc		1,712
1,003,416		Harvey Norman Holdings Ltd		3,832
147,170		Kesa Electricals plc		982
20,331	e*	Mohawk Industries, Inc		1,668
3,473		Nitori Co Ltd		173
4,591		Shimachu Co Ltd		136

141

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
27,732	e	Williams-Sonoma, Inc	$	983
61,281		Yamada Denki Co Ltd		5,710
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		19,164
GENERAL BUILDING CONTRACTORS - 0.55%
119,162		Balfour Beatty plc		1,119
76,127		Barratt Developments plc		1,655
15,000	e	Beazer Homes USA, Inc		435
31,467		Bellway plc		985
297,215		Berkeley Group Holdings plc		9,218
8,640		Bilfinger Berger AG.		786
35,161	e	Centex Corp		1,469
144,359		Cheung Kong Infrastructure Holdings Ltd		503
290,955		CRH plc		12,430
20,643		Daito Trust Construction Co Ltd		972
305,840		Daiwa House Industry Co Ltd		5,017
102,199	e	DR Horton, Inc		2,248
78,061		Fletcher Building Ltd		613
109,825		George Wimpey plc		1,373
1,386,305	*	Haseko Corp		5,059
1,419		Hellenic Technodomiki Tev S.A.		21
11,479		Hochtief AG.		1,164
1,628,869		IJM Corp BHD		4,075
9,014	e	Imerys S.A.		837
12,029,992	*	Italian-Thai Development PCL		1,684
226,104		Kajima Corp		1,155
84,398	e	KB Home		3,601
62,676		Keppel Land Ltd		392
27,810		Leighton Holdings Ltd		754
73,856		Lend Lease Corp Ltd		1,195
48,153	e	Lennar Corp (Class A)		2,033
5,302	e*	NVR, Inc		3,526
161,977		Obayashi Corp		1,045
78,369		Persimmon plc		2,168
57,737	e	Pulte Homes, Inc		1,528
115,271		Sekisui Chemical Co Ltd		919
132,826		Sekisui House Ltd		2,067
14,400,000		Shanghai Forte Land Co		6,026
148,452		Shimizu Corp		911
106,157		Skanska AB (B Shares)		2,364
240,136	e	Taisei Corp		890
164,350		Taylor Woodrow plc		1,583
314		Technical Olympic S.A.		1
7,414		Titan Cement Co S.A.		400
20,844	e	Toda Corp		100
104,466	*	Toll Brothers, Inc		2,860
20,840		YIT OYJ		718
		TOTAL GENERAL BUILDING CONTRACTORS		87,899
GENERAL MERCHANDISE STORES - 1.00%
290,301		Aeon Co Ltd		5,789
136,000	e*	Big Lots, Inc		4,254
245,803		Costco Wholesale Corp		13,234
54,520	e	Daimaru, Inc		706
70,980		Dollar General Corp		1,501
37,864		Family Dollar Stores, Inc		1,122

142

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
323,937		Federated Department Stores, Inc	$	14,593
13,973		Hankyu Department Stores, Inc		130
638,000	*	Intime Department Store Group Co Ltd		518
205,113		Isetan Co Ltd		3,577
136,836		JC Penney Co, Inc		11,242
136,386		Keio Corp		948
407,914	e	Kintetsu Corp		1,284
471,635		Marks & Spencer Group plc		6,279
77,909		Marui Co Ltd		955
40,191		Mitsukoshi Ltd		185
18,741		PPR		2,997
3,497		Shinsegae Co Ltd		2,007
69,162		Takashimaya Co Ltd		852
249,389		Target Corp		14,779
386,163	e	TJX Cos, Inc		10,411
914,051	e	Tokyu Corp		7,121
40,220		UNY Co Ltd		552
1,184,366		Wal-Mart Stores, Inc		55,606
480		Warehouse Group Ltd		2
		TOTAL GENERAL MERCHANDISE STORES		160,644
HEALTH SERVICES - 0.83%
134,808		AmerisourceBergen Corp		7,111
37,641		Cigna Corp		5,370
4,414		Coloplast A/S (Class B)		375
27,308	e*	Community Health Systems, Inc		963
18,377	e*	Covance, Inc		1,090
224,988	e*	Coventry Health Care, Inc		12,611
145,371	e*	DaVita, Inc		7,751
30,369	*	Express Scripts, Inc		2,451
144,082		Fraser and Neave Ltd		484
16,805		Fresenius Medical Care AG.		2,445
50,430		Getinge AB (B Shares)		1,148
73,125	e	Health Management Associates, Inc (Class A)		795
948,100	e*	Healthsouth Corp		19,920
43,421		Intertek Group plc		775
33,008	e*	Laboratory Corp of America Holdings		2,397
26,495	*	Lincare Holdings, Inc		971
226,951	e	McKesson Corp		13,286
60,430	*	MDS, Inc		1,144
173,982	*	Medco Health Solutions, Inc		12,619
35,552		Mindray Medical International Ltd (ADR)		846
120,000	e*	Nektar Therapeutics		1,567
34,902	e	Omnicare, Inc		1,388
1,682,183		Parkway Holdings Ltd		3,637
54,511		Sonic Healthcare Ltd		650
1,655	e	Straumann Holding AG.		475
144,801	e*	Tenet Healthcare Corp		931
25,241	e*	Triad Hospitals, Inc		1,319
338,272	*	WellPoint, Inc		27,434
		TOTAL HEALTH SERVICES		131,953
HEAVY CONSTRUCTION, EXCEPT BUILDING - 1.17%
82,016	e	Abertis Infraestructuras S.A.		2,635
88,704	e	ACS Actividades Cons y Servicios S.A.		5,386
42,904		Biffa plc		290

143

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
1,440,864		Bouygues S.A.	$	111,348
352,736	e	Chiyoda Corp		7,738
16,411		Fomento de Construcciones y Contratas S.A.		1,687
871,800		Gamuda BHD		2,017
22,667	e	Grupo Ferrovial S.A.		2,294
25,160		GS Engineering & Construction Corp		2,252
155,000	e	Macquarie Infrastructure Co Trust		6,091
128,849		Multiplex Group		466
26,966		Nishimatsu Construction Co Ltd		87
17,403	e	Okumura Corp		95
171,353	e	Transurban Group		1,076
281,660		Vinci S.A.		43,653
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		187,115
HOLDING AND OTHER INVESTMENT OFFICES - 4.31%
128,842		3i Group plc		2,880
41,528	e	Allied Capital Corp		1,196
28,215		AMB Property Corp		1,659
208,319		Amvescap plc		2,296
46,038	e	Apartment Investment & Management Co (Class A)		2,656
28,700		ARC Energy Trust		528
89,014	e	Archstone-Smith Trust		4,832
32,726		AvalonBay Communities, Inc		4,254
56,221		Boston Properties, Inc		6,600
145,574		Brookfield Asset Management, Inc (Class A)		7,608
16,696	e	Camden Property Trust		1,174
168,956		CapitaCommercial Trust		310
2,161,771		CapitaMall Trust		5,358
279,092		CFS Gandel Retail Trust		501
400	*	CFS Retail Property Trust		1
18,315		CI Financial Income Fund		438
73,501		Commonwealth Property Office Fund		82
27,628	e	Crescent Real Estate Equities Co		554
28,054	e	Developers Diversified Realty Corp		1,765
85,000	e	Douglas Emmett, Inc		2,170
38,886		Duke Realty Corp		1,690
149,112	e	Equity Residential		7,192
22,677		Fabege AB		570
15,856	e	Federal Realty Investment Trust		1,437
79,486	e	General Growth Properties, Inc		5,132
397,753		GPT Group		1,590
20,536		Great Portland Estates plc		314
41,343		Groupe Bruxelles Lambert S.A.		4,837
75	*	Groupe Bruxelles Lambert S.A.		-	^
74,717		Health Care Property Investors, Inc		2,692
186,518	e	Host Marriott Corp		4,907
46,059	*	Immoeast AG		689
42,747		ING Industrial Fund		82
3,923,800	*	iShares MSCI EAFE Index Fund		299,229
104,794	e	iStar Financial, Inc		4,908
3,276		Jafco Co Ltd		181
124		Japan Prime Realty Investment Corp		545
98		Japan Real Estate Investment Corp		1,297
87		Japan Retail Fund Investment Corp		856
137,180		JFE Holdings, Inc		8,114
81,173		Kimco Realty Corp		3,956

144

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
8,446		Kiwi Income Property Trust	$	10
2,390,100		KLCC Property Holdings BHD		2,378
131,262		Land Securities Group plc		5,528
22,298		Liberty Property Trust		1,086
694,478		Link Real Estate Investment Trust		1,671
18,994	e	Macerich Co		1,754
15,920	e	Macquarie Communications Infrastructure Group		84
544,700		Macquarie Infrastructure Group		1,692
405,015		Macquarie Office Trust		496
502,838		Man Group plc		5,492
49,459	*	Meinl European Land Ltd		1,376
427		New City Residence Investment Corp		2,511
113		Nippon Building Fund, Inc		1,870
5,042		Nobel Biocare Holding AG.		1,838
355,241		Noble Group Ltd		351
61		Nomura Real Estate Office Fund, Inc		782
289		NTT Urban Development Corp		677
785,000		NWS Holdings Ltd		2,110
106,710	e	Plum Creek Timber Co, Inc		4,207
23,600		PrimeWest Energy Trust		464
89,998	e	Prologis		5,844
9,959		PSP Swiss Property AG.		607
65,119	e	Public Storage, Inc		6,165
56,486	e*	Realogy Corp		1,673
5,540,000	*	Regal Real Estate Investment Trust		1,907
15,035		Regency Centers Corp		1,256
18,791		Rodamco Europe NV		2,612
35,776	e	Sacyr Vallehermoso S.A.		2,004
134,304		Simon Property Group, Inc		14,941
21,392		SL Green Realty Corp		2,935
185,410	e*	Softbank Corp		4,767
553,354		Spazio Investment NV		11,088
1,305,400	e	SPDR Trust Series 1		185,367
174,076		Suntec Real Estate Investment Trust		227
48,000	e	Taubman Centers, Inc		2,784
38,279	e	UDR, Inc		1,172
73,896		Virgin Media, Inc		1,866
59,841		Vornado Realty Trust		7,141
396,785		Wharf Holdings Ltd		1,473
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		689,286
HOTELS AND OTHER LODGING PLACES - 2.31%
2,066,486	e	Accor S.A.		197,486
3,720,000		Banyan Tree Holdings Ltd		5,370
15,800	e	Choice Hotels International, Inc		560
7,578		Four Seasons Hotels, Inc		604
600,996	*	Genting BHD		6,910
1,351,608		Hilton Hotels Corp		48,604
19,437,530		Hongkong & Shanghai Hotels		30,698
576,531		Indian Hotels Co Ltd		1,936
98,981		Intercontinental Hotels Group plc		2,446
38,027	*	Las Vegas Sands Corp		3,294
91,717		Marriott International, Inc (Class A)		4,490
33,341	*	MGM Mirage		2,318
9,203,338		Minor International PCL		2,892
15,628		NH Hoteles S.A.		357

145

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
12,073	v*	NH Hoteles S.A.	$	1
267,291		Orient-Express Hotels Ltd (Class A)		15,989
1,293,977	e	Rezidor Hotel Group AB		10,377
10,091,437		Shangri-La Asia Ltd		24,978
57,317		Starwood Hotels & Resorts Worldwide, Inc		3,717
34,015		Station Casinos, Inc		2,945
89,284		United Overseas Land Ltd		300
52,091	*	Wyndham Worldwide Corp		1,779
13,616	e	Wynn Resorts Ltd		1,292
		TOTAL HOTELS AND OTHER LODGING PLACES		369,343
INDUSTRIAL MACHINERY AND EQUIPMENT - 4.97%
184,434		3M Co		14,096
26,752		Alfa Laval AB		1,387
823,044	*	Alstom RGPT		106,812
91,498		Amada Co Ltd		1,046
6,103	e	Amano Corp		75
64,637	e	American Standard Cos, Inc		3,427
1,616		Andritz AG.		405
636,458		Applied Materials, Inc		11,660
173,000		ARRK Corp		2,089
56,013		ASM Pacific Technology		330
188,516	*	ASML Holding NV		4,656
94,619	e	Atlas Copco AB (A Shares)		3,144
58,928	e	Atlas Copco AB (B Shares)		1,878
16,215	e	Black & Decker Corp		1,323
320,219	*	Brambles Ltd		3,526
731,854		Canon, Inc		39,313
5,974		Cargotec Corp (B Shares)		361
59,540	e	Casio Computer Co Ltd		1,304
380,579		Caterpillar, Inc		25,510
17,406		CDW Corp		1,069
46,289	*	Charter plc		808
338,176		Citizen Watch Co Ltd		3,174
46,902	e	Cummins, Inc		6,788
8,000		Daifuku Co Ltd		116
59,505		Daikin Industries Ltd		2,070
157,186		Deere & Co		17,077
814,517	*	Dell, Inc		18,905
123,256		Dover Corp		6,016
51,135		Eaton Corp		4,273
35,890	e	Ebara Corp		170
945,942	*	EMC Corp		13,101
72,423		FKI plc		166
16,713	e*	FMC Technologies, Inc		1,166
536,728		FUJIFILM Holdings Corp		21,954
5,166,121		General Electric Co		182,674
6,205		Glory Ltd		121
33,664	e*	Grant Prideco, Inc		1,678
13,513		Heidelberger Druckmaschinen		619
1,427,908		Hewlett-Packard Co		57,316
24,522		Hitachi Construction Machinery Co Ltd		664
75,138		Husqvarna AB (B Shares)		1,240
93,982		IMI plc		1,073
111,795		Ingersoll-Rand Co Ltd (Class A)		4,849
819,735		International Business Machines Corp		77,268

146

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
91,310		International Game Technology	$	3,687
1,025,114	e	Ishikawajima-Harima Heavy Industries Co Ltd		4,263
2,965		Itochu Techno-Science Corp		142
54,720	e	Jabil Circuit, Inc		1,172
1,186,737	e	Japan Steel Works Ltd		14,270
42,294		Joy Global, Inc		1,814
365,556		Komatsu Ltd		7,693
5,686		Komori Corp		132
120,342		Konica Minolta Holdings, Inc		1,581
276,546		Kubota Corp		2,424
28,321		Kurita Water Industries Ltd		685
37,492	*	Lam Research Corp		1,775
110,961	e*	Lexmark International, Inc (Class A)		6,487
36,787	*	Logitech International S.A.		1,022
27,071		Makita Corp		1,004
120,981		Meggitt plc		711
21,127		Metso Oyj		1,116
2,017,506		Mitsubishi Heavy Industries Ltd		13,046
814,709	e	Mitsui & Co Ltd		15,210
177,875	e	Mitsui Engineering & Shipbuilding Co Ltd		753
17,241	e	Mitsumi Electric Co Ltd		571
118,037	e	Modec, Inc		3,346
97,948		NTN Corp		848
15,056		OCE NV		276
19,198	e*	Ocean RIG ASA		131
54,368	e*	Oki Electric Industry Co Ltd		105
15,000		Okuma Holdings, Inc		175
7,800		OSG Corp		118
35,274		Pall Corp		1,340
43,439	e	Parker Hannifin Corp		3,749
8,361		Rheinmetall AG.		775
42,558		Rockwell Automation, Inc		2,548
13,038,681		Rolls-Royce Group plc (B Shares)		26
47,153	e	Safran S.A.		1,151
93,101	e*	SanDisk Corp		4,078
284,512		Sandvik AB		5,052
28,176		Scania AB (B Shares)		2,211
190,518	e	Seagate Technology, Inc		4,439
26,262	m,v*	Seagate Technology, Inc		-	^
34,473	e	Seiko Epson Corp		1,015
1,411		SIG Holding AG.		504
114,472		SKF AB (B Shares)		2,381
13,388		SMC Corp		1,796
52,523	e	Smith International, Inc		2,524
8,436	e	Solarworld AG.		655
132,217	e*	Solectron Corp		416
15,077	e	SPX Corp		1,058
40,037	e	Stanley Works		2,216
776		Sulzer AG.		1,090
143,821		Sumitomo Heavy Industries Ltd		1,433
29,872		Technip S.A.		2,192
331,914		Techtronic Industries Co		400
47,164	*	Terex Corp		3,385
29,898		THK Co Ltd		704
40,781		Tokyo Electron Ltd		2,852
3,300		Tokyo Seimitsu Co Ltd		112

147

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
18,770	e	Tomra Systems ASA	$	135
727,542	e	Toshiba Corp		4,859
51,462		Toyota Tsusho Corp		1,315
1,357	e*	Unaxis Holding AG.		824
35,027	e*	Varian Medical Systems, Inc		1,670
30,675	*	Vestas Wind Systems A/S		1,719
10,601	e	Wartsila Oyj (B Shares)		656
85,073	*	Western Digital Corp		1,430
7,302		Wincor Nixdorf AG.		681
53,933		Yokogawa Electric Corp		827
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		795,472
INSTRUMENTS AND RELATED PRODUCTS - 1.75%
247,874	*	Agilent Technologies, Inc		8,351
128,057		Applera Corp (Applied Biosystems Group)		3,787
900,426		BAE Systems plc		8,151
27,484	e	Bard (C.R.), Inc		2,185
15,006	e	Bausch & Lomb, Inc		768
234,337		Baxter International, Inc		12,343
15,132		Beckman Coulter, Inc		967
131,593		Becton Dickinson & Co		10,118
63,200		Biomet, Inc		2,685
522,567	*	Boston Scientific Corp		7,598
11,263		Cochlear Ltd		590
12,659	e	Cooper Cos, Inc		615
97,602		Danaher Corp		6,974
41,209		Dentsply International, Inc		1,350
155,752	e	Eastman Kodak Co		3,514
10,773		Elekta AB		194
107,472		Finmeccanica S.p.A.		3,232
222,210	*	Invensys plc		1,270
1,330,419		Johnson & Johnson		80,171
9,324		Keyence Corp		2,104
141,037		Kla-Tencor Corp		7,520
45,007		Luxottica Group S.p.A.		1,435
413,260		Medtronic, Inc		20,274
15,520	e*	Millipore Corp		1,125
73,020		Nikon Corp		1,540
83,175		Nippon Electric Glass Co Ltd		1,458
56,512		Olympus Corp		1,933
1,204,301		PCCW Ltd		723
9,903		Phonak Holding AG.		758
58,987		Pitney Bowes, Inc		2,677
32,969	*	Qiagen NV		560
1,035,380	e*	Resmed, Inc		5,227
59,983		Rockwell Collins, Inc		4,015
20,376		Roper Industries, Inc		1,118
262,715		Smith & Nephew plc		3,340
129,794	*	St. Jude Medical, Inc		4,882
102,977		Stryker Corp		6,829
8,541		Swatch Group AG.		2,258
103,133		Swatch Group AG.		5,512
10,126		Synthes, Inc		1,250
202,429	*	Teradyne, Inc		3,348
248,012		Terumo Corp		9,660
358,339	*	Thermo Electron Corp		16,752

148

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
26,684	e*	Waters Corp	$	1,548
4,712	*	William Demant Holding		418
532,291	*	Xerox Corp		8,990
94,626	e*	Zimmer Holdings, Inc		8,082
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		280,199
INSURANCE AGENTS, BROKERS AND SERVICE - 1.07%
152,356	e	AON Corp		5,783
30,560	e	Brown & Brown, Inc		827
337,315		FBD Holdings plc		17,573
196,331		Hartford Financial Services Group, Inc		18,765
1,747,779		HBOS plc		36,010
2,329,425		Marsh & McLennan Cos, Inc		68,229
4,692		MLP AG.		118
688,504		QBE Insurance Group Ltd		17,570
290,238		Suncorp-Metway Ltd		4,885
293,474		Unipol S.p.A.		1,072
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		170,832
INSURANCE CARRIERS - 6.30%
73,258	e	ABC Learning Centres Ltd		432
229,558		ACE Ltd		13,099
1,553,100		Admiral Group plc		35,116
509,647		Aegon NV		10,158
694,671		Aetna, Inc		30,420
227,315		Aflac, Inc		10,697
138,053		Alleanza Assicurazioni S.p.A		1,762
224,219		Allianz AG.		46,039
158,564		Allstate Corp		9,523
27,936		Ambac Financial Group, Inc		2,413
12,000		American Financial Group, Inc		408
891,221		American International Group, Inc		59,908
54,000	*	AMERIGROUP Corp		1,642
1,018,664		AMP Ltd		8,563
171,128		Aspen Insurance Holdings Ltd		4,485
313,039		Assicurazioni Generali S.p.A.		13,315
715,147		Aviva plc		10,534
1,149,583		AXA Asia Pacific Holdings Ltd		6,716
1,508,300	e	AXA S.A.		63,951
309,643		Axis Capital Holdings Ltd		10,484
1,234,548		China Life Insurance Co Ltd		3,547
149,927		Chubb Corp		7,747
43,909		Cincinnati Financial Corp		1,862
2,205,408		Citigroup, Inc		113,226
12,412	e	CNP Assurances		1,445
109	e	Codan A/S		10
1,313,557	*	Conseco, Inc		22,725
203,897		Corp Mapfre S.A.		1,046
1,114,326		Credit Suisse Group		79,965
123,091		Everest Re Group Ltd		11,838
6,056		Fairfax Financial Holdings Ltd		1,364
54,766	e	Fidelity National Title Group, Inc (Class A)		1,315
30,987	e	First American Corp		1,572
24,108		Fondiaria-Sai S.p.A		1,107
472,809		Friends Provident plc		1,791
513,987		Genworth Financial, Inc (Class A)		17,959

149

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
111,277		Great-West Lifeco, Inc	$	3,354
30,645	e*	Health Net, Inc		1,649
94,000	*	Humana, Inc		5,454
655,321		ING Groep NV		27,707
355,083		Insurance Australia Group Ltd		1,684
150,240		Irish Life & Permanent plc		4,124
102,978		KBC Groep NV		12,808
46,742	e	Leucadia National Corp		1,375
100,028	e	Lincoln National Corp		6,781
112,900		Loews Corp		5,129
651,210		Manulife Financial Corp		22,393
35,899		MBIA, Inc		2,351
83,214	e	Mediolanum S.p.A.		675
310,103		Metlife, Inc		19,583
23,529	e	MGIC Investment Corp		1,386
344,202		Millea Holdings, Inc		12,735
302,671		Mitsui Sumitomo Insurance Co Ltd		3,799
47,701		Muenchener Rueckver AG.		8,068
1,452,880		Old Mutual plc		4,692
57,482		Old Republic International Corp		1,271
108,520	e	OneBeacon Insurance Group Ltd		2,713
68,944		PartnerRe Ltd		4,725
28,000	*	Philadelphia Consolidated Holding Co		1,232
20,607	e	PMI Group, Inc		932
141,125		Power Corp Of Canada		4,545
102,945		Power Financial Corp		3,476
158,001		Principal Financial Group		9,460
195,433	e	Progressive Corp		4,264
262,651		Prudential Financial, Inc		23,707
681,716		Prudential plc		9,625
139,737		Radian Group, Inc		7,669
18,503	e	RenaissanceRe Holdings Ltd		928
191,091		Resolution plc		2,333
831,207		Royal & Sun Alliance Insurance Group plc		2,650
30,856	e	Safeco Corp		2,050
12,472	*	Samsung Fire & Marine Insurance Co Ltd		2,088
33,272	e	SCOR		899
209,709		Sompo Japan Insurance, Inc		2,614
587,499		Standard Life plc		3,653
58,869		Storebrand ASA		943
239,110		Sun Life Financial, Inc		10,877
71,602	e	Swiss Reinsurance Co		6,541
122,166		T&D Holdings, Inc		8,428
2,991	*	Topdanmark A/S		579
25,462	e	Torchmark Corp		1,670
424,754		Travelers Cos, Inc/The		21,989
4,507	e	TrygVesta A.S.		373
460,969		UnitedHealth Group, Inc		24,418
145,235		UnumProvident Corp		3,345
202,391		W.R. Berkley Corp		6,703
42,000	e*	WellCare Health Plans, Inc		3,580
5,220		Wiener Staedtische Allgemeine Versicherung AG.		370
176,170	e	XL Capital Ltd (Class A)		12,325
210,488		Zurich Financial Services AG.		60,757
		TOTAL INSURANCE CARRIERS		1,007,663

150

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
JUSTICE, PUBLIC ORDER AND SAFETY - 0.01%
680,730	e*	PAN Fish ASA	$	800
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		800
LEATHER AND LEATHER PRODUCTS - 0.14%
47,003		Adidas-Salomon AG.		2,570
170,795	*	Coach, Inc		8,548
18,110		Hermes International		2,506
69,351		LVMH Moet Hennessy Louis Vuitton S.A.		7,694
215,781		Yue Yuen Industrial Holdings		732
		TOTAL LEATHER AND LEATHER PRODUCTS		22,050
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.02%
49,714	e	Brisa-Auto Estradas de Portugal S.A.		652
308,400		ComfortDelgro Corp Ltd		405
105,581	e	Keihin Electric Express Railway Co Ltd		810
28,772		Keisei Electric Railway Co Ltd		186
100,987		SMRT Corp Ltd		99
204,521	e	Tobu Railway Co Ltd		982
		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		3,134
LUMBER AND WOOD PRODUCTS - 0.00%**
13,856		Nobia AB		568
839	*	Sonae Industria SGPS S.A.		10
		TOTAL LUMBER AND WOOD PRODUCTS		578
METAL MINING - 2.26%
49,857		Agnico-Eagle Mines Ltd		1,763
239,057		Alumina Ltd		1,414
2,479,111		Anglo American plc		130,598
359,295		Barrick Gold Corp		10,251
45	*	Barrick Gold Corp		1
1,827,441		BHP Billiton Ltd		44,195
81,569		Boliden AB		1,799
146,470		Cameco Corp		6,001
1,256,400	e	Cameco Corp		51,437
143,250		Companhia Vale do Rio Doce (ADR)		5,299
98,700	*	Eldorado Gold Corp		577
22,929		First Quantum Minerals Ltd		1,527
150,958	e	Freeport-McMoRan Copper & Gold, Inc (Class B)		9,992
292,496		Goldcorp, Inc		7,020
12,065	e	Iluka Resources Ltd		57
100,797	*	Ivanhoe Mines Ltd		1,179
237,345	*	Kinross Gold Corp		3,277
47,700	*	Lundin Mining Corp		531
42,261	*	Meridian Gold, Inc		1,079
35,761		MMC Norilsk Nickel (ADR)		6,795
68,525		Newcrest Mining Ltd		1,319
121,803	e	Newmont Mining Corp		5,115
1,147,400	e	Oxiana Ltd		2,609
503,368	e*	Paladin Resources Ltd		3,963
20,900	*	PAN American Silver Corp		618
430,199	e*	Polyus Gold (ADR)		20,693
58,406	e	Rio Tinto Ltd		3,724
280,654		Rio Tinto plc		16,027
5,174,000		Straits Asia Resources Ltd		3,547

151

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
4,600		Sumitomo Titanium Corp	$	511
87,795		Teck Cominco Ltd (Class B)		6,121
13,862		Umicore		2,465
128,614	e	Yamana Gold, Inc		1,859
603,202	e	Zinifex Ltd		7,701
		TOTAL METAL MINING		361,064
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.23%
3,507	e	Aderans Co Ltd		85
789		Amer Sports Oyj		17
48,650		Bulgari S.p.A.		703
41,666	e	Fortune Brands, Inc		3,284
31,922		Futuris Corp Ltd		56
124,067		Hasbro, Inc		3,551
137,146	e	Mattel, Inc		3,781
52,348		Namco Bandai Holdings, Inc		817
13,429		Sankyo Co Ltd		590
721,563		Tyco International Ltd		22,765
43,975		Yamaha Corp		982
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		36,631
MISCELLANEOUS RETAIL - 0.84%
151,035	e*	Amazon.com, Inc		6,010
390,111		Best Buy Co, Inc		19,006
4,340		Circle K Sunkus Co Ltd		81
111,258		Compagnie Financiere Richemont AG.		6,221
799,998	e	CVS Corp		27,312
43,883		DCC plc		1,545
2,460		Douglas Holding AG.		144
7,400		EDION Corp		103
69		Folli-Follie S.A.		2
49,124		HMV Group plc		107
244,732		Home Retail Group		2,138
1,022,766		Hutchison Whampoa Ltd		9,837
105	e	Index Corp		55
41,636		Jean Coutu Group, Inc (Class A)		520
14,628	*	KarstadtQuelle AG.		539
3,962	e	Matsumotokiyoshi Co Ltd		91
63,355		Next plc		2,804
221,343		Nippon Mining Holdings, Inc		1,910
183,234	*	Office Depot, Inc		6,439
13,000	e	OfficeMax, Inc		686
175,651		Origin Energy Ltd		1,280
26,059		Pacific Brands Ltd		65
40,926		Petsmart, Inc		1,349
2,294		Ryohin Keikaku Co Ltd		145
769		Sanoma-WSOY Oyj		23
49,427	e*	Sears Holdings Corp		8,905
80,494		Shoppers Drug Mart Corp		3,566
478,887		Signet Group plc		1,183
433,774	e	Staples, Inc		11,209
36,403	e	Tiffany & Co		1,656
346,042		Walgreen Co		15,880
138,710		Xebio Co Ltd		3,873
		TOTAL MISCELLANEOUS RETAIL		134,684

152

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
MOTION PICTURES - 0.67%
14,600		Astral Media, Inc	$	508
337,743		CBS Corp (Class B)		10,332
68,353	e*	Discovery Holding Co (Class A)		1,308
830,072		News Corp (Class A)		19,191
123,460	e	News Corp (Class B)		3,021
5,184	*	Premiere AG.		113
2,053,960		Time Warner, Inc		40,504
63,700	e	Toei Animation Co Ltd		1,784
35,480		Toho Co Ltd		692
871,504		Walt Disney Co		30,006
		TOTAL MOTION PICTURES		107,459
NONDEPOSITORY INSTITUTIONS - 1.00%
10,062		Acom Co Ltd		428
471,203	e	Aeon Credit Service Co Ltd		7,941
534,828		Aeon Thana Sinsap Thailand PCL		703
101,704	e	Aiful Corp		3,150
43,983	e	American Capital Strategies Ltd		1,949
409,592		American Express Co		23,101
1,100,261		Bursa Malaysia BHD		3,532
147,016		Capital One Financial Corp		11,094
100,833		Cattles plc		813
635,755	e	Challenger Financial Services Group Ltd		2,454
71,084		CIT Group, Inc		3,762
66,890		Collins Stewart plc		335
33,000	e*	CompuCredit Corp		1,030
222,139		Countrywide Financial Corp		7,473
108,836		Credit Saison Co Ltd		3,584
7,976	e	D Carnegie AB		166
228,440		Deutsche Postbank AG.		19,918
4,003,500		ECM Libra Avenue BHD		1,007
423,456		Fannie Mae		23,112
288,794	e	Freddie Mac		17,180
4,402		Hitachi Capital Corp		88
725,000		Hong Leong Finance Ltd		1,931
31,083		Hypo Real Estate Holding AG.		1,982
134,758		ICAP plc		1,407
49,845		IGM Financial, Inc		2,109
124,000		Japan Securities Finance Co Ltd		1,883
644	e	Kenedix, Inc		3,290
2,365,192		Kim Eng Holdings Ltd		2,494
1,046,500		Krungthai Card PCL		747
5,352,678	e	Nissin Co Ltd		3,180
8,407		Perpetual Trustees Australia Ltd		528
20,274		Promise Co Ltd		764
71,410		Provident Financial plc		1,130
541		SFCG Co Ltd		96
110,648		SLM Corp		4,525
27,764	e	Takefuji Corp		1,114
66,560		Tullett Prebon plc		633
		TOTAL NONDEPOSITORY INSTITUTIONS		160,633
NONMETALLIC MINERALS, EXCEPT FUELS - 0.09%
16,872		Aber Diamond Corp		629
377,663		Itochu Corp		3,743

153

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
35,664	e	Solvay S.A.	$	5,481
43,025	e	Vulcan Materials Co		5,012
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		14,865
OIL AND GAS EXTRACTION - 2.73%
50,151		Acergy S.A.		1,071
42,930		Aker Kvaerner ASA		968
118,489		Anadarko Petroleum Corp		5,093
8,516,000		Apexindo Pratama Duta PT		1,661
204,684	e	Baker Hughes, Inc		13,536
933,311		BG Group plc		13,462
78,806	e	BJ Services Co		2,199
61,266	*	Cameron International Corp		3,847
223,491		Canadian Natural Resources Ltd		12,341
95,740		Canadian Oil Sands Trust		2,343
88,900		Canetic Resources Trust		1,150
120,766	e	Chesapeake Energy Corp		3,729
30,944	e	Cimarex Energy Co		1,146
1	*	Compagnie Generale de Geophysique-Veritas (ADR)		-	^
212,566	e*	Denbury Resources, Inc		6,332
87,256	e*	DET Norske Oljeselskap		157
18,315		Diamond Offshore Drilling, Inc		1,483
12,100	*	Duvernay Oil Corp		406
125,000	*	Electromagnetic GeoServices AS		2,992
339,029		EnCana Corp		17,150
51,188		Enerplus Resources Fund		2,159
39,987		ENSCO International, Inc		2,175
37,800		Ensign Energy Services, Inc		634
30,257		Equitable Resources, Inc		1,462
64,300	*	First Calgary Petroleums Ltd		283
90,040		GlobalSantaFe Corp		5,554
608,085		Halliburton Co		19,301
47,600		Harvest Energy Trust		1,178
53,097		Husky Energy, Inc		3,710
585		Inpex Holdings, Inc		5,064
500,000	*	Integra Group Holdings (GDR)		9,625
111,300	g,m,v*	KazMunaiGas Exploration Production (GDR)		2,341
61,922	e*	Lundin Petroleum AB		734
79,505	e*	Nabors Industries Ltd		2,359
203,967	*	National Oilwell Varco, Inc		15,867
21,245		Neste Oil Oyj		732
109,069	*	Nexen, Inc		6,681
14,700		Niko Resources Ltd		1,069
35,614		Noble Corp		2,802
71,500	*	OPTI Canada, Inc		1,231
46,065	e	Patterson-UTI Energy, Inc		1,034
98,156		Penn West Energy Trust		2,888
208,172		Petro-Canada		8,141
4,401,366		PetroChina Co Ltd		5,222
44,772	*	Petroleum Geo-Services ASA		1,169
31,324	e	Pioneer Natural Resources Co		1,350
15,000	*	Plains Exploration & Production Co		677
17,900		Precision Drilling Trust		409
434,050	e*	Pride International, Inc		13,065
54,182		ProSafe ASA		829
56,800		Provident Energy Trust		615

154

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
37,633		Range Resources Corp	$	1,257
2,308,800	e*	Renewable Energy Corp A.S.		52,228
29,737	e	Rowan Cos, Inc		965
593,698		Saipem S.p.A.		17,289
119,682		Santos Ltd		983
424,298		Schlumberger Ltd		29,319
12,800	*	SEACOR Holdings, Inc		1,259
59,929	*	SeaDrill Ltd		986
20,795		Singapore Petroleum Co Ltd		66
61,357	*	Southwestern Energy Co		2,514
454,366		Talisman Energy, Inc		7,973
27,855	*	TGS Nopec Geophysical Co ASA		644
795,572		Total S.A.		55,742
107,312	*	Transocean, Inc		8,767
33,500		Trican Well Service Ltd		663
40,528	e*	Ultra Petroleum Corp		2,153
124,100	*	UTS Energy Corp		445
92,022	e*	Weatherford International Ltd		4,150
50,244	*	Western Oil Sands, Inc (Class A)		1,484
196,859		Woodside Petroleum Ltd		6,290
555,375		XTO Energy, Inc		30,440
		TOTAL OIL AND GAS EXTRACTION		437,043
PAPER AND ALLIED PRODUCTS - 0.39%
113,534	*	Abitibi-Consolidated, Inc		317
5,461		Billerud AB		82
21,803	*	Canfor Corp		199
234		Canfor Plus Income Fund		3
70,208	*	Domtar Corp		639
126,522	*	Domtar Corporation		1,178
14,888	e	Holmen AB (B Shares)		613
116,781	e	International Paper Co		4,251
339,805		Kimberly-Clark Corp		23,273
8,367		Kokuyo Co Ltd		111
50		Mayr-Melnhof Karton AG.		11
65,632		MeadWestvaco Corp		2,024
222		Nippon Paper Group, Inc		789
44,759		Norske Skogindustrier ASA		766
186,563		OJI Paper Co Ltd		989
22,978		PaperlinX Ltd		78
285,178	e	Sanrio Co Ltd		4,213
40,542	e*	Smurfit-Stone Container Corp		456
42,000		Sonoco Products Co		1,578
96,204	e	Stora Enso Oyj (R Shares)		1,671
52,847		Svenska Cellulosa AB (B Shares)		2,830
133,120	e	Temple-Inland, Inc		7,953
10,341		Uni-Charm Corp		655
336,710	e	UPM-Kymmene Oyj		8,578
		TOTAL PAPER AND ALLIED PRODUCTS		63,257
PERSONAL SERVICES - 0.05%
38,445	e	Cintas Corp		1,388
21,193		Davis Service Group plc		243
80,811	e	H&R Block, Inc		1,700
1,364,437		Kuala Lumpur Kepong BHD		4,736
		TOTAL PERSONAL SERVICES		8,067

155

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
PETROLEUM AND COAL PRODUCTS - 4.72%
353,900		Apache Corp	$	25,021
9,200		Ashland, Inc		604
5,441,520		BP plc		59,109
378,800	e	BP plc (ADR)		24,527
109,000	e	Cabot Oil & Gas Corp		7,338
878,522		Chevron Corp		64,975
56,000		ConocoPhillips		3,828
151,561		Devon Energy Corp		10,491
2,169,969		ENI S.p.A.		70,613
105,571		EOG Resources, Inc		7,531
2,419,051	d	Exxon Mobil Corp		182,517
1,179		Hellenic Petroleum S.A.		17
89,000		Hess Corp		4,937
132,939		Imperial Oil Ltd		4,928
216,952		Marathon Oil Corp		21,441
360		Motor Oil Hellas Corinth Refineries S.A.		10
33,986	*	Newfield Exploration Co		1,418
205,802	e	Noble Energy, Inc		12,276
1,232,756		Occidental Petroleum Corp		60,787
27,117		OMV AG.		1,708
245,120		Petroleo Brasileiro S.A. (ADR)		24,392
45,192		Premier Farnell plc		182
285,072		Repsol YPF S.A.		9,612
1,749,842		Royal Dutch Shell plc (A Shares)		58,228
770,699		Royal Dutch Shell plc (B Shares)		25,646
13,588		Shell Canada Ltd (Class A)		529
47,166		Showa Shell Sekiyu KK		578
968,621	e	Statoil ASA		26,374
191,423		Suncor Energy, Inc		14,566
74,489	*	Suncor Energy, Inc		5,687
32,512	e	Sunoco, Inc		2,290
50,686	e	Tesoro Corp		5,090
72,353		TonenGeneral Sekiyu KK		808
278,374		Valero Energy Corp		17,952
		TOTAL PETROLEUM AND COAL PRODUCTS		756,010
PIPELINES, EXCEPT NATURAL GAS - 0.07%
169,087		Spectra Energy Corp		4,442
203,283		TransCanada Corp		6,752
		TOTAL PIPELINES, EXCEPT NATURAL GAS		11,194
PRIMARY METAL INDUSTRIES - 1.19%
65,231	e	Acerinox S.A.		1,660
151,939	e*	Alcan, Inc		7,920
229,007		Alcoa, Inc		7,763
9,339	*	Algoma Steel, Inc		423
22,740		Allegheny Technologies, Inc		2,426
5,261	e	Bekaert S.A.		715
879,722		BHP Billiton plc		19,614
148,673		BlueScope Steel Ltd		1,263
6,761		Boehler-Uddeholm AG.		650
590,836	*	Corning, Inc		13,436
250,700		Corus Group plc		2,995
83,698	e	Daido Steel Co Ltd		543

156

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
68,913		DOWA HOLDINGS CO Ltd	$	701
10,913	m,v*	Dowa Mining Co Ltd		-	^
89,108		Fujikura Ltd		628
671,458		Furukawa Electric Co Ltd		4,103
3,282		Hoganas AB (Class B)		83
20,943		IPSCO, Inc		2,749
61,190		Johnson Matthey plc		1,898
702,723		Kobe Steel Ltd		2,833
38,406	*	Lone Star Technologies, Inc		2,536
247,186		Mitsubishi Materials Corp		1,173
144,239		Mitsui Mining & Smelting Co Ltd		792
223,160		Mittal Steel Co NV		11,856
45,308		Nippon Light Metal Co Ltd		128
1,754,818		Nippon Steel Corp		12,330
211,715		Nisshin Steel Co Ltd		913
185,190		Norsk Hydro ASA		6,139
26,632	*	Novelis, Inc		1,180
139,821	e	Nucor Corp		9,106
117,546		OneSteel Ltd		491
16,520	e	Outokumpu Oyj		568
9,546		Salzgitter AG.		1,394
181,056		Sumitomo Electric Industries Ltd		2,753
1,889,614		Sumitomo Metal Industries Ltd		9,766
136,449	e	Sumitomo Metal Mining Co Ltd		2,634
83,368		ThyssenKrupp AG.		4,125
3,000	e	Toho Titanium Co Ltd		147
10,548		Tokyo Steel Manufacturing Co Ltd		155
57,276	e	United States Steel Corp		5,680
170,333	e	Vallourec		43,592
806		Viohalco S.A.		12
14,437		Voestalpine AG.		1,047
		TOTAL PRIMARY METAL INDUSTRIES		190,920
PRINTING AND PUBLISHING - 0.72%
14,160		APN News & Media Ltd		67
20,192		Arnoldo Mondadori Editore S.p.A.		211
140,641		Axel Springer AG.		24,653
156,138		Dai Nippon Printing Co Ltd		2,457
83,077		Daily Mail & General Trust		1,327
20,225		De La Rue plc		285
15,287	e	Dow Jones & Co, Inc		527
23,445		Dun & Bradstreet Corp		2,138
59,987		Emap plc		893
48,750		Eniro AB		616
63,515	e	Gannett Co, Inc		3,575
312,643		Independent News & Media plc		1,420
204,394	e	John Fairfax Holdings Ltd		824
14,415	e	McClatchy Co (Class A)		456
199,854	e	McGraw-Hill Cos, Inc		12,567
31,108	e	New York Times Co (Class A)		731
35,476		PagesJaunes Groupe S.A.		774
224,767		Pearson plc		3,857
288,798		PRONEXUS, Inc		2,867
24,576	*	Quebecor World, Inc		310
78,021	e	R.R. Donnelley & Sons Co		2,855
245,965		Reed Elsevier NV		4,350

157

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
2,457,992		Reed Elsevier plc	$	29,384
12,692		Schibsted ASA		560
262,140		Singapore Press Holdings Ltd		760
93,689		Thomson Corp		3,880
140,540	e	Toppan Printing Co Ltd		1,467
40,895		Tribune Co		1,313
81,166		Trinity Mirror plc		850
70,525		United Business Media plc		1,101
1,460		Washington Post Co (Class B)		1,115
102,573		Wolters Kluwer NV		3,077
216,968		Yell Group plc		2,553
104,600		Yellow Pages Income Fund		1,234
		TOTAL PRINTING AND PUBLISHING		115,054
RAILROAD TRANSPORTATION - 0.47%
145,290		Burlington Northern Santa Fe Corp		11,686
62		Canadian National Railway Co		3
217,381	*	Canadian National Railway Co		9,588
65,663		Canadian Pacific Railway Ltd		3,694
394		Central Japan Railway Co		4,480
315,581		CSX Corp		12,639
854		East Japan Railway Co		6,653
120,480		Firstgroup plc		1,575
147,407		Norfolk Southern Corp		7,459
157,105	e	Odakyu Electric Railway Co Ltd		1,148
148,340		Union Pacific Corp		15,064
426		West Japan Railway Co		1,966
		TOTAL RAILROAD TRANSPORTATION		75,955
REAL ESTATE - 1.79%
240,210	e	Aeon Mall Co Ltd		7,053
4,204,863		Allgreen Properties Ltd		4,850
171,571		Ascendas Real Estate Investment Trust		270
8,079,918		Ayala Land, Inc		2,763
33,444		Bovis Homes Group plc		758
144,717		British Land Co plc		4,351
71,052		Brixton plc		711
59,762		Brookfield Properties Co		2,430
2,291,488		CapitaLand Ltd		12,083
43,642	e	Castellum AB		631
94,103	e*	CB Richard Ellis Group, Inc (Class A)		3,216
173,016		Centro Properties Group		1,219
946	m	Centro Retail Group		1
1,150,897		Cheuk Nang Holdings Ltd		928
487,792		Cheung Kong Holdings Ltd		6,174
86,531		City Developments Ltd		833
2,215		Cofinimmo		461
14,097		Corio NV		1,281
542,265		DB RREEF Trust		757
10,306	v*	Fabege AB		8
40,851,988		Far East Consortium		17,201
3,519	e	Gecina S.A.		654
91,246		Hammerson plc		3,112
739,356		Hang Lung Properties Ltd		2,068
283,459		Henderson Land Development Co Ltd		1,656
203,638		Hopewell Holdings		792

158

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
203,326		Hysan Development Co Ltd	$	553
4,448,700		IGB Corp BHD		3,230
74,160	e*	IMMOFINANZ Immobilien Anlagen AG.		1,189
312,850		Investa Property Group		615
20,209		IVG Immobilien AG.		968
157,721		Kerry Properties Ltd		810
5,209		Klepierre		1,008
38,467		Kungsleden AB		691
6,222,433		Land and Houses PCL		1,182
32,013		Leopalace21 Corp		1,060
75,911		Liberty International plc		1,863
289,241		Macquarie Goodman Group		1,636
101,622,000	*	Megaworld Corp		7,056
13,888		MI Developments, Inc (Class A)		519
196,891		Mirvac Group		835
341,614	e	Mitsubishi Estate Co Ltd		11,219
210,863		Mitsui Fudosan Co Ltd		6,191
833,283		New World Development Ltd		1,890
119,672		ORIX Corp		31,177
1,834		Risa Partners, Inc		5,416
8,463,200		Robinsons Land Corp		3,420
15,000,000		Shanghai Real Estate Ltd		3,744
300,000		Shoei Co Ltd		8,630
29,487,604	*	Shui On Land Ltd		24,417
2,331,954		Shun TAK Holdings Ltd		3,098
21,286		Singapore Land Ltd		149
435,136		Sino Land Co		937
131,561		Slough Estates plc		2,030
2,457,500		SP Setia BHD		5,473
20,205	e	St. Joe Co		1,057
374	*	Stockland		3
287,984		Stockland Trust Group		1,899
728,333		Sumitomo Realty & Development Co Ltd		27,628
444,657		Sun Hung Kai Properties Ltd		5,145
270,000		Suruga Corp		6,553
71,572		Tokyo Tatemono Co Ltd		1,080
572,307		Tokyu Land Corp		6,523
13,002		Unibail		3,941
3,914,875	*	Unitech Corporate Parks plc		7,030
824,900		Urban Corp		12,117
7,261	e	Wereldhave NV		1,118
308,859		Westfield Group		5,140
4,181		Wihlborgs Fastigheter AB		90
80,359		Wing Tai Holdings Ltd		168
		TOTAL REAL ESTATE		286,759
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.12%
7,697		Ansell Ltd		72
151,961		Bridgestone Corp		3,037
30,436		Continental AG.		3,934
1,700	e	Cooper Tire & Rubber Co		31
117,738		Denki Kagaku Kogyo KK		552
40,310		Michelin (C.G.D.E.) (Class B)		4,452
159,282		Mitsui Chemicals, Inc		1,392
69,083	e	Newell Rubbermaid, Inc		2,148
16,763		Nokian Renkaat Oyj		459

159

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
938,930		Pirelli & C S.p.A.	$	1,037
42,340	e	Sealed Air Corp		1,338
19,844		Sumitomo Bakelite Co Ltd		143
658		Uponor Oyj		23
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		18,618
SECURITY AND COMMODITY BROKERS - 1.63%
173,856		Ameriprise Financial, Inc		9,934
135,719		Australian Stock Exchange Ltd		4,832
56,134		Babcock & Brown Ltd		1,248
28,000		Bear Stearns Cos, Inc		4,210
462,870		Charles Schwab Corp		8,466
9,194		Chicago Mercantile Exchange Holdings, Inc		4,895
334,355		Daiwa Securities Group, Inc		4,038
23,648		Deutsche Boerse AG.		5,418
112,275	e*	E*Trade Financial Corp		2,383
397	e	E*Trade Securities Co Ltd		505
11,611	e	Euronext NV		1,387
64,846		Franklin Resources, Inc		7,835
84,621	e*	GFI Group, Inc		5,752
151,764		Goldman Sachs Group, Inc		31,359
545		Hellenic Exchanges S.A.		12
345,587		Hong Kong Exchanges and Clearing Ltd		3,368
57,525	e	Janus Capital Group, Inc		1,203
1,821,610		Legal & General Group plc		5,700
33,889	e	Legg Mason, Inc		3,193
178,675		Lehman Brothers Holdings, Inc		12,520
44,334		London Stock Exchange Group plc		1,092
166,551		Macquarie Bank Ltd		11,151
11,824	*	Matsui Securities Co Ltd		104
368,179		Merrill Lynch & Co, Inc		30,069
63,494	*	Mitsubishi Securities Co		725
525,865		Morgan Stanley		41,417
207,893	e	Nikko Cordial Corp		2,969
1,035,999		Nomura Holdings, Inc		21,583
33,200	e*	NYSE Group, Inc		3,112
9,796		OMX AB		204
1,149		Osaka Securities Exchange Co Ltd		6,621
2,801,900		OSK Holdings BHD		2,285
2,318		SBI Holdings, Inc		879
33,393		Schroders plc		833
120,956	*	Shinko Securities Co Ltd		613
1,736,056		Singapore Exchange Ltd		7,495
68,262		T Rowe Price Group, Inc		3,221
251,224	e*	TD Ameritrade Holding Corp		3,738
632	*	Tower Ltd		1
28,541		TSX Group, Inc		1,218
3,659,700	*	Utama Banking Group BHD		2,625
		TOTAL SECURITY AND COMMODITY BROKERS		260,213
SOCIAL SERVICES - 0.01%
59,838		Vedior NV		1,329
		TOTAL SOCIAL SERVICES		1,329
SPECIAL TRADE CONTRACTORS - 0.01%
11,349		COMSYS Holdings Corp		122

160

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
680		KCI Konecranes Oyj	$	23
13,131		Kinden Corp		117
12,638		Kone Oyj (Class B)		722
		TOTAL SPECIAL TRADE CONTRACTORS		984
STONE, CLAY, AND GLASS PRODUCTS - 0.68%
237,298	e	Asahi Glass Co Ltd		3,341
70,000	*	Cemex S.A. de C.V. (ADR)		2,293
17,447		Central Glass Co Ltd		118
38,976	e	Cimpor Cimentos de Portugal S.A.		327
89,258		Compagnie de Saint-Gobain		8,724
23,933		Cookson Group plc		293
212,700		CRH plc		9,092
173,128		CSR Ltd		478
7,023		FLSmidth & Co A/S		476
8,074,000	*	Galaxy Entertainment Group Ltd		7,905
332,029		Gujarat Ambuja Cements Ltd		815
198,752		Hanson plc		3,197
340,808		Holcim Ltd		34,133
13,843,000		Holcim Philippines, Inc		2,553
1,515,000		Indocement Tunggal Prakarsa Tbk PT		847
23,111		Italcementi S.p.A.		692
95,410		James Hardie Industries NV		645
42,482		Lafarge S.A.		6,679
394,821		NGK Insulators Ltd		8,142
128,222		Nippon Sheet Glass Co Ltd		673
35,784	*	Owens-Illinois, Inc		922
205	*	RHI AG.		10
647,154		Rinker Group Ltd		9,451
629,500		Semen Gresik Persero Tbk PT		2,746
36,952		Sumitomo Osaka Cement Co Ltd		111
639,376		Taiheiyo Cement Corp		2,827
68,977		Toto Ltd		691
227,260		UBE Industries Ltd		721
11,677		Wienerberger AG.		729
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		109,631
TEXTILE MILL PRODUCTS - 0.00%**
474		Fiberweb plc		2
193,727		Texwinca Holdings Ltd		131
		TOTAL TEXTILE MILL PRODUCTS		133
TOBACCO PRODUCTS - 1.11%
92,308		Altadis S.A.		5,927
1,495,979		Altria Group, Inc		131,362
423,062		British American Tobacco plc		13,229
189,267		Imperial Tobacco Group plc		8,473
416,624		ITC Ltd		1,449
3,153		Japan Tobacco, Inc		15,492
84,724		Swedish Match AB		1,514
		TOTAL TOBACCO PRODUCTS		177,446
TRANSPORTATION BY AIR - 0.27%
22,700	*	ACE Aviation Holdings, Inc (Class A)		599
34,267		Air France-KLM		1,563
161,000		All Nippon Airways Co Ltd		633

161

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
133,000	e*	AMR Corp	$	4,050
10,757		Auckland International Airport Ltd		19
50,760		BBA Aviation plc		281
159,217	*	British Airways plc		1,523
2,154,089		Cathay Pacific Airways Ltd		5,481
25,000	e*	Continental Airlines, Inc (Class B)		910
53,186		Deutsche Lufthansa AG.		1,444
132,673		FedEx Corp		14,253
131		Flughafen Wien AG.		13
170,226		Iberia Lineas Aereas de Espana		907
226,000	*	Japan Airlines Corp		470
5,256		Jazz Air Income Fund		37
138,543		Macquarie Airports		447
207,048		Qantas Airways Ltd		879
210,958	*	Ryanair Holdings plc		1,643
74	e*	Ryanair Holdings plc (ADR)		3
250,103		SABMiller plc		5,488
9,479	*	SAS AB		174
96,192		Singapore Airlines Ltd		1,052
70,779		Southwest Airlines Co		1,040
28,000	e*	UAL Corp		1,069
		TOTAL TRANSPORTATION BY AIR		43,978
TRANSPORTATION EQUIPMENT - 3.21%
138,000		Autoliv, Inc		7,881
24,021		Bajaj Auto Ltd		1,342
503,792		Boeing Co		44,792
1,476	*	Bombardier, Inc (Class A)		6
596,545	*	Bombardier, Inc (Class B)		2,408
19,548	e	Brunswick Corp		623
315,041		Cobham plc		1,302
1,311,873		Cosco Corp Singapore Ltd		2,482
212,512	e	DaimlerChrysler AG.		17,430
323,335		Denso Corp		12,018
1,129		D'ieteren S.A.		467
92,334	e	European Aeronautic Defence and Space Co		2,864
177,309	e	Fiat S.p.A.		4,469
590,305	e*	Ford Motor Co		4,658
198,208		General Dynamics Corp		15,143
164,987	e	General Motors Corp		5,055
42,787	e	Genuine Parts Co		2,097
196,056		GKN plc		1,472
998,000	e	Hankyu Hanshin Holdings, Inc		6,038
95,480	e	Harley-Davidson, Inc		5,609
12,676	e	Harsco Corp		569
25,182		Hino Motors Ltd		134
446,996		Honda Motor Co Ltd		15,590
907,469		Isuzu Motors Ltd		4,551
46,114		ITT Industries, Inc		2,782
478,176		Johnson Electric Holdings Ltd		318
48,095		JTEKT Corp		843
334,044	e	Kawasaki Heavy Industries Ltd		1,415
898,005		Keppel Corp Ltd		11,246
34,198	e	Lagardere S.C.A.		2,633
158,796		Lockheed Martin Corp		15,406
45,283		Magna International, Inc (Class A)		3,397

162

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
29,371		MAN AG.	$	3,417
26,985	*	Meggitt PLC		53
463,258		Nabtesco Corp		6,093
16,421		NHK Spring Co Ltd		165
117,676		Northrop Grumman Corp		8,734
110,401		NSK Ltd		1,053
20,727	e	Oshkosh Truck Corp		1,099
85,100	e	Paccar, Inc		6,246
52,104	*	Pactiv Corp		1,758
43,188		Peugeot S.A.		3,044
1,837		Porsche AG.		2,807
254,772		Raytheon Co		13,365
264,240		Renault S.A.		30,904
949		Rieter Holding AG.		473
495,435		Rolls-Royce Group plc		4,819
1,680,963		SembCorp Marine Ltd		3,900
17,061		Shimano, Inc		527
775,909		Siemens AG.		82,940
1,963,640		Singapore Technologies Engineering Ltd		4,297
223,783		Smiths Group plc		4,527
105,317	*	Spirit Aerosystems Holdings, Inc (Class A)		3,354
75,200		Takata Corp		2,987
29,665		Textron, Inc		2,664
25,047		Thales S.A.		1,454
5,500		Tokai Rika Co Ltd		130
237,881		Tomkins plc		1,250
6,396		Toyoda Gosei Co Ltd		151
48,994		Toyota Industries Corp		2,320
880,125		Toyota Motor Corp		56,390
23,070		Trelleborg AB (B Shares)		600
40,000	e*	TRW Automotive Holdings Corp		1,393
415,152		United Technologies Corp		26,985
180,122	e	Volkswagen AG.		27,069
8,182		Volkswagen AG.		842
12,150		Volvo AB (A Shares)		1,046
76,186	e	Volvo AB (B Shares)		6,415
46,789		Yamaha Motor Co Ltd		1,310
		TOTAL TRANSPORTATION EQUIPMENT		513,621
TRANSPORTATION SERVICES - 0.13%
54,970		Arriva plc		805
77,163	e	Expeditors International Washington, Inc		3,189
170,000	e*	Hertz Global Holdings, Inc		4,029
167		Kuoni Reisen Holding		100
15,231	*	Lear Corp		556
448,695		MTR Corp		1,123
38,146		National Express Group plc		947
35,095	e	Sabre Holdings Corp (Class A)		1,149
225,272		Stagecoach Group plc		798
4,125		Stolt-Nielsen S.A.		123
62,768		Sydney Roads Group		69
221,806		Toll Holdings Ltd		3,679
49,506	e*	TUI AG.		1,224
105,000		UTI Worldwide, Inc		2,581
		TOTAL TRANSPORTATION SERVICES		20,372

163

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
TRUCKING AND WAREHOUSING - 0.72%
1,084,687		Deutsche Post AG.	$	32,834
156,740	e	DSV A/S		27,483
65,323		Kamigumi Co Ltd		562
11,262		Mitsubishi Logistics Corp		192
199,343		Nippon Express Co Ltd		1,250
13,991		Seino Holdings Corp		132
838,987		TNT NV		38,476
175,340		United Parcel Service, Inc (Class B)		12,291
92,378		Yamato Transport Co Ltd		1,489
		TOTAL TRUCKING AND WAREHOUSING		114,709
WATER TRANSPORTATION - 0.24%
182		AP Moller - Maersk A/S		1,899
192,774	e	Aries Maritime Transport Ltd		1,583
160,714	e	Carnival Corp		7,531
47,766		Carnival plc		2,302
6,423		Compagnie Maritime Belge S.A.		426
182	e	D/S Torm A/S		13
135,000		Danaos Corp		3,556
7,504		Euronav NV		253
1,083,000		Ezra Holdings Ltd		3,855
5,662	e	Frontline Ltd		201
4,395,000		International Container Term Services, Inc		2,505
126,186	e	Kawasaki Kisen Kaisha Ltd		1,197
11,467		Kuehne & Nagel International AG.		943
271,145		Mitsui OSK Lines Ltd		3,010
75,381		Neptune Orient Lines Ltd		161
262,636	e	Nippon Yusen Kabushiki Kaisha		2,106
175,000	e	Omega Navigation Enterprises, Inc (Class A)		2,735
70,269		Orient Overseas International Ltd		653
36,000		Overseas Shipholding Group, Inc		2,254
40,923	e	Royal Caribbean Cruises Ltd		1,725
121		Ship Finance International Ltd		3
		TOTAL WATER TRANSPORTATION		38,911
WHOLESALE TRADE-DURABLE GOODS - 0.36%
54,280		AGFA-Gevaert NV		1,225
47,115	*	Arrow Electronics, Inc		1,779
87,944		Assa Abloy AB (Class B)		2,021
2,692		Autobacs Seven Co Ltd		96
118,860		Boral Ltd		792
21,069		Buhrmann NV		284
87,000	e	Building Material Holding Corp		1,576
94,926		Bunzl plc		1,343
7,371		Canon Marketing Japan Inc		154
27,881		Compagnie Generale d'Optique Essilor International S.A.		3,203
9,248		Creative Technology Ltd		59
32,555	*	Cytyc Corp		1,114
54,056		Electrocomponents plc		308
31,711		Finning International, Inc		1,463
180,389		Hagemeyer NV		858
123,301		Inchcape plc		1,384
69,685		Kingspan Group plc		1,848
11,873	e	Martin Marietta Materials, Inc		1,605
1,443,432		Melco International Development		2,597

164

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
52		NET One Systems Co Ltd	$	62
905,529	e	Nissan Motor Co Ltd		9,705
33,460	*	Patterson Cos, Inc		1,187
1,524,500		PT Astra International Tbk		2,205
13,845	e	Rautaruukki Oyj		645
40,158	*	Securitas Direct AB (B Shares)		112
40,095		Securitas Systems AB (B Shares)		139
266,847		Sumitomo Corp		4,801
2,575	e*	Tandberg Television ASA		45
83,000	g,m,v*	TMK OAO (GDR)		2,789
992,000		UMW Holdings BHD		3,099
16,865		W.W. Grainger, Inc		1,303
77,945		Wesfarmers Ltd		2,381
183,632		Wolseley plc		4,304
11,698		Zodiac S.A.		842
		TOTAL WHOLESALE TRADE-DURABLE GOODS		57,328
WHOLESALE TRADE-NONDURABLE GOODS - 0.82%
3,861	e	Axfood AB		153
391,028	e	Billabong International Ltd		5,284
145,645		Cardinal Health, Inc		10,625
12,311		Casino Guichard Perrachon S.A.		1,243
19,756		Celesio AG.		1,241
48,224	e	Dean Foods Co		2,254
1,029,143		Esprit Holdings Ltd		12,072
414,636		Foster's Group Ltd		2,298
1,226		Fyffes plc		2
251,780		Gazprom (ADR)		10,550
21,518	*	Gildan Activewear, Inc		1,267
53,186	e	Idearc, Inc		1,867
717,778		Li & Fung Ltd		2,255
390,267		Marubeni Corp		2,371
37,499		Metro AG.		2,655
339,198		Mitsubishi Corp		7,873
66,128		Nike, Inc (Class B)		7,027
312,400		Nippon Oil Corp		2,534
5,150		Oriflame Cosmetics S.A.		198
49,063		Orkla ASA		3,459
345,600		Pelikan International Corp BHD		442
234,131		Safeway, Inc		8,579
51,400		San-A Co Ltd		1,762
5,211,585		Sinochem Hong Kong Holding Ltd		2,881
3,523		Societe BIC S.A.		246
17,671		Suzuken Co Ltd		627
165,933		Sysco Corp		5,613
909,695		Unilever NV		26,492
240,000		Unilever NV		7,013
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		130,883
		TOTAL COMMON STOCKS		15,556,271
		(Cost $14,727,856)
WARRANTS - 0.00%**
HOTELS AND OTHER LODGING PLACES - 0.00%**
1,408,348	*	Minor International PCL (Expires 03/29/08)		201
		TOTAL HOTELS AND OTHER LODGING PLACES		201

165

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				MATURITY		VALUE
			RATE	DATE		(000)
		TOTAL WARRANTS			$	201
		(Cost $0)
PRINCIPAL
SHORT-TERM INVESTMENTS - 11.42%
COMMERCIAL PAPER - 0.47%
$     20,000,000	c	American Honda Finance Corp	5.220%	04/03/07		19,997
23,340,000	c	Govco, Inc	5.240	04/18/07		23,285
12,000,000	c	Private Export Funding Corp	5.210	07/10/07		11,827
20,000,000	c,d	Yorktown Capital LLC	5.250	04/03/07		19,997
		TOTAL COMMERCIAL PAPER				75,106
U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES - 7.07%
68,500,000		Federal Home Loan Bank (FHLB)	4.900	04/02/07		68,472
37,632,000		FHLB	5.120	04/04/07		37,621
50,000,000		FHLB	5.165	04/18/07		49,886
2,000,000		FHLB	5.140	05/11/07		1,989
25,400,000	d	Federal Home Loan Mortgage Corp (FHLMC)	5.180	04/30/07		25,299
97,705,000		FHLMC	5.140	05/29/07		96,913
100,000,000		FHLMC	5.140	05/30/07		99,175
100,000,000		FHLMC	5.140	06/04/07		99,106
50,000,000		FHLMC	5.135	06/11/07		49,503
29,200,000		FHLMC	5.135	06/18/07		28,881
164,544,000	d	FHLMC	5.140	06/25/07		162,582
50,000,000		Federal National Mortgage Association (FNMA)	5.180	04/16/07		49,900
50,000,000		FNMA	5.160	04/25/07		49,836
45,550,000		FNMA	5.150	05/16/07		45,265
48,000,000		FNMA	5.145	05/31/07		47,597
120,900,000		FNMA	5.135	06/20/07		119,544
100,000,000		FNMA	5.145	06/27/07		98,779
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES				1,130,348
SHARES
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 3.88%
621,173,521		State Street Navigator Securities Lending Prime Portfolio				621,174
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED				621,174
		TOTAL SHORT-TERM INVESTMENTS				1,826,628
		(Cost $1,826,438)
		TOTAL PORTFOLIO - 108.63%				17,383,277
		(Cost $16,554,429)
		OTHER ASSETS & LIABILITIES, NET - (8.63%)				(1,381,268	)
		NET ASSETS - 100.00%			$	16,002,009
		The following abbreviations are used in portfolio descriptions:
	ADR	American Depositary Receipt
	GDR	Global Depositary Receipt
	LLC	Limited Liability Company
	plc	Public Limited Company

166

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SPDR	Standard & Poor's Depository Receipt
*	Non-income producing.
**	Percentage represents less than 0.01%.
^	Amount represents less than $1,000.
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.
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 March 31, 2007, the value of these securities amounted to $6,123,939 or 0.04% of net assets.
m	Indicates a security that has been deemed illiquid.
v	Security valued at fair value.
	Cost amounts are in thousands.
	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.

At March 31, 2007, the Account held open futures contracts as follows:
	NUMBER OF	MARKET	EXPIRATION	UNREALIZED
OPEN FUTURES CONTRACTS:	CONTRACTS	VALUE	DATE	DEPRECIATION
E-mini S&P 500 Index	1,425	$ 101,973,000	June 2007	$	(977,570)

Companies in which the Account held 5% or more of the outstanding voting shares are considered “affiliated companies” of the Account pursuant to the Investment Company Act of 1940. Additionally, investments in other investment companies advised by Investment Management or affiliated entities are treated as affiliated companies. Information regarding transactions with affiliated companies is as follows:

	Value at	Purchase		Realized	Dividend	Withholding	Shares at	Value at
Issue	December 31, 2006	Cost	Proceeds	Gain/(Loss)	Income	Expense	March 31, 2007	March 31, 2007
Panva Gas Holdings	**	$     1,883,414	$      361,702	$    (100,689)	$                -	$                -	-	*
Saic, Inc	97,288,369	-	96,243,284	(3,000,952)	-	-	-	*
		$     1,883,414	$ 96,604,986	$ (3,101,641)	$                -	$                -		$              -

* Not an Affiliate as of March 31, 2007.
** Not an Affiliate as of December 31, 2006.

167

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

COLLEGE RETIREMENT EQUITIES FUND
GLOBAL EQUITIES ACCOUNT
Summary of Market Values by Country
March 31, 2007

			% OF MARKET
	VALUE		VALUE
DOMESTIC
UNITED STATES	$	9,242,687,587	53.17	%
TOTAL DOMESTIC		9,242,687,587	53.17
FOREIGN
AUSTRALIA		298,617,151	1.72
AUSTRIA		28,582,959	0.16
BELGIUM		92,583,945	0.53
BRAZIL		26,818,291	0.15
CANADA		410,807,218	2.36
CAYMAN ISLANDS		19,260,064	0.11
CHINA		18,299,380	0.11
DENMARK		44,538,869	0.26
FINLAND		150,854,019	0.87
FRANCE		1,108,703,295	6.38
GERMANY		451,796,253	2.60
GREECE		13,173,095	0.08
HONG KONG		352,042,338	2.02
INDIA		36,306,253	0.21
INDONESIA		8,868,217	0.05
IRELAND		121,528,366	0.70
ITALY		265,309,441	1.53
JAPAN		1,349,017,250	7.76
MALAYSIA		64,606,492	0.37
MEXICO		2,292,500	0.01
NETHERLANDS		448,189,293	2.58
NEW ZEALAND		1,825,040	0.01
NORWAY		109,180,430	0.63
PAKISTAN		994,500	0.00
PHILIPPINES		45,987,237	0.26
PORTUGAL		6,936,358	0.04
REPUBLIC OF KOREA		31,650,002	0.18
RUSSIA		23,481,372	0.13
SINGAPORE		133,026,227	0.77
SPAIN		231,043,949	1.33
SWEDEN		141,942,627	0.82
SWITZERLAND		483,703,145	2.78
TAIWAN (REPUBLIC OF CHINA)		18,634,424	0.11
THAILAND		22,246,920	0.13
UNITED KINGDOM		1,577,742,284	9.08
TOTAL FOREIGN		8,140,589,204	46.83
TOTAL PORTFOLIO	$	17,383,276,791	100.00	%

168

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

COLLEGE RETIREMENT EQUITIES FUND
GROWTH ACCOUNT
STATEMENT OF INVESTMENTS (Unaudited)
March 31,2007

				VALUE
SHARES				(000)
COMMON STOCKS - 99.23%
AMUSEMENT AND RECREATION SERVICES - 1.16%
2,383,081	e*	Activision, Inc	$	45,136
50,403		Harrah's Entertainment, Inc		4,256
218,600		Nintendo Co Ltd		63,536
565,438	*	Penn National Gaming, Inc		23,986
19,774		Warner Music Group Corp		337
		TOTAL AMUSEMENT AND RECREATION SERVICES		137,251
APPAREL AND ACCESSORY STORES - 0.55%
32,036		Abercrombie & Fitch Co (Class A)		2,425
60,894		American Eagle Outfitters, Inc		1,826
23,157	*	AnnTaylor Stores Corp		898
66,481	e*	Chico's FAS, Inc		1,624
33,821	e	Claire's Stores, Inc		1,086
7,000		Foot Locker, Inc		165
98,920		Gap, Inc		1,702
15,540	e*	Hanesbrands, Inc		457
576,543	e*	Kohl's Corp		44,169
122,044	e	Limited Brands, Inc		3,180
85,465		Nordstrom, Inc		4,525
50,225		Ross Stores, Inc		1,728
39,765	e*	Urban Outfitters, Inc		1,054
		TOTAL APPAREL AND ACCESSORY STORES		64,839
APPAREL AND OTHER TEXTILE PRODUCTS - 0.43%
583,283		Polo Ralph Lauren Corp		51,416
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		51,416
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.07%
39,554		Advance Auto Parts		1,525
18,340	*	Autozone, Inc		2,350
75,708	*	Carmax, Inc		1,858
26,647	*	Copart, Inc		746
39,780	e*	O'Reilly Automotive, Inc		1,317
2,400		United Auto Group, Inc		49
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		7,845
BUILDING MATERIALS AND GARDEN SUPPLIES - 1.14%
43,864	e	Fastenal Co		1,537
703,821		Home Depot, Inc		25,858
3,391,008		Lowe's Cos, Inc		106,783
24,467		Sherwin-Williams Co		1,616
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		135,794
BUSINESS SERVICES - 13.48%
26,155		Acxiom Corp		559
5,383,168	*	Adobe Systems, Inc		224,478
13,703	*	Affiliated Computer Services, Inc (Class A)		807

169

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
				VALUE
SHARES				(000)
54,894	*	Akamai Technologies, Inc	$	2,740
28,744	*	Alliance Data Systems Corp		1,771
83,303	*	Autodesk, Inc		3,132
207,205		Automatic Data Processing, Inc		10,029
1,900	*	Avis Budget Group, Inc		52
139,114	*	BEA Systems, Inc		1,612
77,641	*	BMC Software, Inc		2,391
13,365		Brink's Co		848
24,012		CA, Inc		622
83,398	*	Cadence Design Systems, Inc		1,756
46,079	*	Ceridian Corp		1,605
23,006	e*	Cerner Corp		1,253
315,343	e*	Checkfree Corp		11,696
28,522	*	ChoicePoint, Inc		1,068
65,119	*	Citrix Systems, Inc		2,086
11,857	e*	Clear Channel Outdoor Holdings, Inc (Class A)		312
200,391	e*	Cognizant Technology Solutions Corp (Class A)		17,689
3,785	*	Convergys Corp		96
20,462	*	DST Systems, Inc		1,539
4,700,393	*	eBay, Inc		155,818
2,184,867	*	Electronic Arts, Inc		110,030
106,705		Electronic Data Systems Corp		2,954
59,781	e*	Emdeon Corp		904
39,902	e	Equifax, Inc		1,454
7,300	e*	Expedia, Inc		169
14,716	*	F5 Networks, Inc		981
14,905		Factset Research Systems, Inc		937
17,682		Fair Isaac Corp		684
8,176		Fidelity National Information Services, Inc		372
275,398	e	First Data Corp		7,408
62,824	*	Fiserv, Inc		3,333
552,531	e*	Gartner, Inc		13,233
18,376	*	Getty Images, Inc		894
601,778	*	Google, Inc (Class A)		275,711
51,786		IMS Health, Inc		1,536
156,019	*	Interpublic Group of Cos, Inc		1,921
3,429,271	*	Intuit, Inc		93,825
63,563	e*	Iron Mountain, Inc		1,661
1,703,601	*	Juniper Networks, Inc		33,527
14,872	*	Kinetic Concepts, Inc		753
29,353		Lamar Advertising Co (Class A)		1,848
26,748		Manpower, Inc		1,973
22,219	e	Mastercard, Inc (Class A)		2,361
54,243	*	McAfee, Inc		1,577
7,849,627		Microsoft Corp		218,769
30,228	e	MoneyGram International, Inc		839
44,293	*	Monster Worldwide, Inc		2,098
33,377	e*	NAVTEQ Corp		1,152
12,388	*	NCR Corp		592
1,240,073		Omnicom Group, Inc		126,959
3,086,329	*	Oracle Corp		55,955
67,349	e*	Red Hat, Inc		1,544
54,045		Robert Half International, Inc		2,000
30,539	e*	Salesforce.com, Inc		1,308
35,721		ServiceMaster Co		550
104,814	*	Sun Microsystems, Inc		630

170

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
				VALUE
SHARES				(000)
142,534	*	Symantec Corp	$	2,466
5,215	*	Synopsys, Inc		137
14,299	e	Total System Services, Inc		455
81,788	e*	VeriSign, Inc		2,055
174,493		Waste Management, Inc		6,004
2,696	e*	WebMD Health Corp (Class A)		142
5,547,186	*	Yahoo!, Inc		173,571
		TOTAL BUSINESS SERVICES		1,601,231
CHEMICALS AND ALLIED PRODUCTS - 13.83%
4,027,233		Abbott Laboratories		224,720
10,263	e*	Abraxis BioScience, Inc		274
537,999		Air Products & Chemicals, Inc		39,790
6,400		Alberto-Culver Co		146
961,375	*	Amgen, Inc		53,722
34,188		Avery Dennison Corp		2,197
161,483		Avon Products, Inc		6,017
38,078	*	Barr Pharmaceuticals, Inc		1,765
60,217	*	Biogen Idec, Inc		2,672
322,621		Bristol-Myers Squibb Co		8,956
10,453		Cabot Corp		499
16,258		Celanese Corp (Series A)		501
22,258	e*	Cephalon, Inc		1,585
8,241	e*	Charles River Laboratories International, Inc		381
22,924	e	Church & Dwight Co, Inc		1,154
862,536		Colgate-Palmolive Co		57,609
31,864		Dade Behring Holdings, Inc		1,397
264,510		Du Pont (E.I.) de Nemours & Co		13,075
64,153		Ecolab, Inc		2,759
1,142,645		Eli Lilly & Co		61,371
44,775	e	Estee Lauder Cos (Class A)		2,187
117,261	*	Forest Laboratories, Inc		6,032
2,082,702	*	Genentech, Inc		171,031
755,956	*	Genzyme Corp		45,372
2,592,564	e*	Gilead Sciences, Inc		198,331
56,058	*	Hospira, Inc		2,293
25,520		Huntsman Corp		487
11,281	*	Idexx Laboratories, Inc		989
24,062	e*	ImClone Systems, Inc		981
22,356		International Flavors & Fragrances, Inc		1,056
6,846	*	Invitrogen Corp		436
1,915,845	e*	Keryx Biopharmaceuticals, Inc		20,155
89,167	*	Medimmune, Inc		3,245
1,722,957		Merck & Co, Inc		76,103
64,100	*	Millennium Pharmaceuticals, Inc		728
3,754,527		Monsanto Co		206,349
88,064		Mylan Laboratories, Inc		1,862
38,113		Nalco Holding Co		911
1,100,519	e	Novartis AG.		63,125
40,326	*	PDL BioPharma, Inc		875
6,526		PPG Industries, Inc		459
116,480		Praxair, Inc		7,334
1,232,404		Procter & Gamble Co		77,839
549,282	e	Roche Holding AG.		97,186
7,700		Rohm & Haas Co		398
1,765,461		Schering-Plough Corp		45,037

171

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
				VALUE
SHARES				(000)
13,469	e	Scotts Miracle-Gro Co (Class A)	$	593
39,313	*	Sepracor, Inc		1,833
19,675		Sigma-Aldrich Corp		817
2,967,016		Teva Pharmaceutical Industries Ltd (ADR)		111,055
29,169	e*	VCA Antech, Inc		1,059
45,354	e*	Vertex Pharmaceuticals, Inc		1,272
294,727		Wyeth		14,745
		TOTAL CHEMICALS AND ALLIED PRODUCTS		1,642,765
COAL MINING - 0.07%
49,449	e	Arch Coal, Inc		1,518
66,354		Consol Energy, Inc		2,596
26,130		Massey Energy Co		627
95,930		Peabody Energy Corp		3,860
		TOTAL COAL MINING		8,601
COMMUNICATIONS - 3.69%
1,077,662		America Movil S.A. de C.V. (ADR) (Series L)		51,501
150,983	*	American Tower Corp (Class A)		5,881
2,073,677		AT&T, Inc		81,765
13,400	*	Avaya, Inc		158
39,176		Cablevision Systems Corp (Class A)		1,192
45,462	e	Citizens Communications Co		680
5,157,326	*	Comcast Corp (Class A)		133,833
65,869	*	Crown Castle International Corp		2,116
4,722	e*	CTC Media, Inc		121
289,618	e*	DIRECTV Group, Inc		6,681
73,870	*	EchoStar Communications Corp (Class A)		3,208
24,296	e	Global Payments, Inc		828
2,391,501		Grupo Televisa S.A. (ADR)		71,267
25,338	e*	IAC/InterActiveCorp		955
7,180	*	Leap Wireless International, Inc		474
495,446	e*	Level 3 Communications, Inc		3,022
54,060	*	Liberty Global, Inc (Class A)		1,780
180,672	*	Liberty Media Holding Corp (Interactive A)		4,304
21,410	e*	NeuStar, Inc (Class A)		609
666,991	e*	NII Holdings, Inc		49,477
36,126	*	SBA Communications Corp (Class A)		1,068
245,871		Sprint Nextel Corp		4,662
21,025		Telephone & Data Systems, Inc		1,254
3,634	*	US Cellular Corp		267
227,582	*	Viacom, Inc (Class B)		9,356
105,130	e*	XM Satellite Radio Holdings, Inc (Class A)		1,358
		TOTAL COMMUNICATIONS		437,817
DEPOSITORY INSTITUTIONS - 1.14%
10,548	e	Bank of Hawaii Corp		559
16,600		Bank of New York Co, Inc		673
66,507		Commerce Bancorp, Inc		2,220
7,270	e	Cullen/Frost Bankers, Inc		379
18,701		East West Bancorp, Inc		688
111,791		Hudson City Bancorp, Inc		1,529
6,100	e	IndyMac Bancorp, Inc		196
23,380		Investors Financial Services Corp		1,360
132,867	e	Mellon Financial Corp		5,732
73,590		Northern Trust Corp		4,426

172

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
				VALUE
SHARES				(000)
18,932	e	People's Bank	$	841
112,059		State Street Corp		7,256
43,109		Synovus Financial Corp		1,394
16,516		TCF Financial Corp		435
54,937		Wachovia Corp		3,024
1,742		Webster Financial Corp		84
1,351,004		Wells Fargo & Co		46,515
2,625,597	e	Western Union Co		57,632
		TOTAL DEPOSITORY INSTITUTIONS		134,943
EATING AND DRINKING PLACES - 0.19%
47,464	e	Brinker International, Inc		1,552
9,918	e	Burger King Holdings, Inc		214
27,684	e*	Cheesecake Factory		738
53,752		Darden Restaurants, Inc		2,214
14,022	e	OSI Restaurant Partners, Inc		554
277,043	*	Starbucks Corp		8,688
68,669	e	Tim Hortons, Inc		2,089
18,969		Wendy's International, Inc		594
97,523		Yum! Brands, Inc		5,633
		TOTAL EATING AND DRINKING PLACES		22,276
EDUCATIONAL SERVICES - 0.04%
50,721	e*	Apollo Group, Inc (Class A)		2,227
34,445	e*	Career Education Corp		1,050
14,660	*	ITT Educational Services, Inc		1,195
12,141	*	Laureate Education, Inc		716
		TOTAL EDUCATIONAL SERVICES		5,188
ELECTRIC, GAS, AND SANITARY SERVICES - 0.84%
237,736	*	AES Corp		5,116
60,189	*	Allegheny Energy, Inc		2,958
5,300	*	Allied Waste Industries, Inc		67
31,652		Aqua America, Inc		711
7,465		Constellation Energy Group, Inc		649
41,084	*	Covanta Holding Corp		911
8,150	e	DPL, Inc		253
235,674		El Paso Corp		3,410
202,843		Exelon Corp		13,937
1,596,196	e	Fortum Oyj		46,546
38,335		Kinder Morgan, Inc		4,081
13,600	*	NRG Energy, Inc		980
28,468	e	Questar Corp		2,540
58,753		Republic Services, Inc		1,635
15,406	e*	Stericycle, Inc		1,256
163,650		TXU Corp		10,490
167,393		Williams Cos, Inc		4,764
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		100,304
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 14.33%
36,292	*	ADC Telecommunications, Inc		608
194,621	e*	Advanced Micro Devices, Inc		2,542
62,226	*	Agere Systems, Inc		1,408
131,603		Altera Corp		2,631
39,366		Ametek, Inc		1,360
32,150		Amphenol Corp (Class A)		2,076

173

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
				VALUE
SHARES				(000)
123,313		Analog Devices, Inc	$	4,253
2,575,169	*	Apple Computer, Inc		239,259
22,387	*	Avnet, Inc		809
5,796		AVX Corp		88
165,094	*	Broadcom Corp (Class A)		5,295
7,297	e*	Ciena Corp		204
13,158,602	*	Cisco Systems, Inc		335,939
2,215,942		Cooper Industries Ltd (Class A)		99,695
20,089	e*	Cree, Inc		331
43,358	e*	Cypress Semiconductor Corp		804
13,336	*	Dolby Laboratories, Inc (Class A)		460
3,906,809		Emerson Electric Co		168,344
16,801	e*	Energizer Holdings, Inc		1,434
24,000	*	Fairchild Semiconductor International, Inc		401
24,430		Harman International Industries, Inc		2,347
48,448		Harris Corp		2,468
134,355		Honeywell International, Inc		6,188
33,619	*	Integrated Device Technology, Inc		518
5,534,921		Intel Corp		105,883
14,979	*	International Rectifier Corp		572
23,495		Intersil Corp (Class A)		622
10,200	e*	Jarden Corp		391
71,269	e*	JDS Uniphase Corp		1,085
3,239		L-3 Communications Holdings, Inc		283
14,919		Lincoln Electric Holdings, Inc		889
109,048	e	Linear Technology Corp		3,445
102,560	e*	LSI Logic Corp		1,071
4,652,733	*	Marvell Technology Group Ltd		78,212
1,180,246		Maxim Integrated Products, Inc		34,699
1,262,675	*	MEMC Electronic Materials, Inc		76,493
75,916		Microchip Technology, Inc		2,697
121,667	*	Micron Technology, Inc		1,470
48,477		Molex, Inc		1,367
694,228		Motorola, Inc		12,267
2,001,575		National Semiconductor Corp		48,318
2,400	m,v*	NCP Litigation Trust		-	^
1,958,156	e*	Network Appliance, Inc		71,512
16,905	*	Novellus Systems, Inc		541
615,797	*	Nvidia Corp		17,723
61,687	e*	PMC - Sierra, Inc		432
990,400	*	Polycom, Inc		33,010
56,510	*	QLogic Corp		961
5,572,903		Qualcomm, Inc		237,740
36,602	e	RadioShack Corp		989
23,741	e*	Rambus, Inc		504
381,014	e*	Research In Motion Ltd		52,005
86,600	*	Sanmina-SCI Corp		314
16,408	*	Silicon Laboratories, Inc		491
506,738	e*	Sirius Satellite Radio, Inc		1,622
3,132	e*	Spansion, Inc (Class A)		38
1,008,501		Texas Instruments, Inc		30,356
23,407	*	Thomas & Betts Corp		1,143
14,100	*	Vishay Intertechnology, Inc		197
122,521		Xilinx, Inc		3,153
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		1,701,957

174

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
				VALUE
SHARES				(000)
ENGINEERING AND MANAGEMENT SERVICES - 1.85%
39,121	e*	Amylin Pharmaceuticals, Inc	$	1,461
1,895,551	e*	Celgene Corp		99,441
14,552	e	Corporate Executive Board Co		1,105
845,874	e	Fluor Corp		75,892
19,239	*	Gen-Probe, Inc		906
3,900	*	Hewitt Associates, Inc (Class A)		114
43,778	e*	Jacobs Engineering Group, Inc		2,042
4,462	e*	KBR, Inc		91
87,349		Moody's Corp		5,421
786,206	e	Paychex, Inc		29,774
56,356		Quest Diagnostics, Inc		2,810
1,204	*	URS Corp		51
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		219,108
FABRICATED METAL PRODUCTS - 0.11%
3,156	e*	Alliant Techsystems, Inc		277
37,564		Ball Corp		1,722
58,208	*	Crown Holdings, Inc		1,424
179,467		Illinois Tool Works, Inc		9,261
15,305		Pentair, Inc		477
1,988		Snap-On, Inc		96
		TOTAL FABRICATED METAL PRODUCTS		13,257
FOOD AND KINDRED PRODUCTS - 2.62%
177,310		Anheuser-Busch Cos, Inc		8,947
45,716		Campbell Soup Co		1,781
483,652		Coca-Cola Co		23,215
14,227	e*	Constellation Brands, Inc (Class A)		301
13,400		General Mills, Inc		780
214,700		Groupe Danone		35,076
68,031		H.J. Heinz Co		3,206
21,739	e*	Hansen Natural Corp		823
54,899		Hershey Co		3,001
65,697		Kellogg Co		3,379
36,047		McCormick & Co, Inc		1,388
24,980		Pepsi Bottling Group, Inc		797
3,495,255		PepsiCo, Inc		222,158
145,670		Sara Lee Corp		2,465
84,189		Wrigley (Wm.) Jr Co		4,288
		TOTAL FOOD AND KINDRED PRODUCTS		311,605
FOOD STORES - 0.03%
30,700		Kroger Co		867
10,255	e*	Panera Bread Co (Class A)		606
50,690	e	Whole Foods Market, Inc		2,273
		TOTAL FOOD STORES		3,746
FORESTRY - 0.00%**
3,075		Rayonier, Inc		132
		TOTAL FORESTRY		132
FURNITURE AND FIXTURES - 0.07%
8,144		Hillenbrand Industries, Inc		483
16,581	e	HNI Corp		762
39,727		Johnson Controls, Inc		3,759

175

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
				VALUE
SHARES				(000)
35,735		Leggett & Platt, Inc	$	810
86,651		Masco Corp		2,374
		TOTAL FURNITURE AND FIXTURES		8,188
FURNITURE AND HOMEFURNISHINGS STORES - 0.48%
101,891	e*	Bed Bath & Beyond, Inc		4,093
58,692		Circuit City Stores, Inc		1,088
1,536,048	e*	GameStop Corp (Class A)		50,029
2,368	e*	Mohawk Industries, Inc		194
22,765		Steelcase, Inc (Class A)		453
35,395	e	Williams-Sonoma, Inc		1,255
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		57,112
GENERAL BUILDING CONTRACTORS - 0.21%
5,255	e	Beazer Homes USA, Inc		153
20,058		Centex Corp		838
62,735		DR Horton, Inc		1,380
14,987	e	KB Home		639
231,551		Lennar Corp (Class A)		9,774
3,290	e	MDC Holdings, Inc		158
1,669	*	NVR, Inc		1,110
40,061		Pulte Homes, Inc		1,060
206,872	e	Ryland Group, Inc		8,728
9,032		Standard-Pacific Corp		189
6,482	*	Toll Brothers, Inc		177
12,539	e	Walter Industries, Inc		310
		TOTAL GENERAL BUILDING CONTRACTORS		24,516
GENERAL MERCHANDISE STORES - 1.86%
115,004		Costco Wholesale Corp		6,192
104,719		Dollar General Corp		2,215
29,861		Family Dollar Stores, Inc		884
619,962		Federated Department Stores, Inc		27,929
84,059		JC Penney Co, Inc		6,906
2,088,661		Target Corp		123,774
164,836		TJX Cos, Inc		4,444
1,044,020		Wal-Mart Stores, Inc		49,017
		TOTAL GENERAL MERCHANDISE STORES		221,361
HEALTH SERVICES - 1.38%
12,264		AmerisourceBergen Corp		647
5,086	e	Brookdale Senior Living, Inc		227
20,419	e*	Community Health Systems, Inc		720
16,913	*	Covance, Inc		1,004
59,188	*	Coventry Health Care, Inc		3,317
37,187	e*	DaVita, Inc		1,983
21,186	*	Edwards Lifesciences Corp		1,074
41,373	*	Express Scripts, Inc		3,340
25,592	e	Health Management Associates, Inc (Class A)		278
568,058	e*	Laboratory Corp of America Holdings		41,258
4,256	e*	LifePoint Hospitals, Inc		163
32,558	*	Lincare Holdings, Inc		1,193
26,835		Manor Care, Inc		1,459
493,057		McKesson Corp		28,863
885,480	*	Medco Health Solutions, Inc		64,224
22,243	e	Omnicare, Inc		885

176

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
				VALUE
SHARES				(000)
17,464	*	Pediatrix Medical Group, Inc	$	996
36,180		Pharmaceutical Product Development, Inc		1,219
19,508	*	Sierra Health Services, Inc		803
110,777	e*	Tenet Healthcare Corp		712
5,490	e*	Triad Hospitals, Inc		287
3,690		Universal Health Services, Inc (Class B)		211
105,562	*	WellPoint, Inc		8,561
		TOTAL HEALTH SERVICES		163,424
HOLDING AND OTHER INVESTMENT OFFICES - 1.49%
11,674	e*	Affiliated Managers Group, Inc		1,265
930,663		Alcon, Inc		122,680
17,400	e	Developers Diversified Realty Corp		1,094
5,940		Douglas Emmett, Inc		152
3,169	e	Essex Property Trust, Inc		410
9,767	e	Federal Realty Investment Trust		885
33,021		General Growth Properties, Inc		2,132
15,986	e	Hugoton Royalty Trust		404
555,700		iShares Russell 1000 Growth Index Fund		30,925
10,916		Kilroy Realty Corp		805
25,900		Macerich Co		2,392
27,951		Public Storage, Inc		2,646
11,996	*	Realogy Corp		355
44,062		Simon Property Group, Inc		4,902
16,500		SL Green Realty Corp		2,263
8,880		Taubman Centers, Inc		515
49,864		UDR, Inc		1,527
22,557	e	Ventas, Inc		950
6,577	e	Weingarten Realty Investors		313
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		176,615
HOTELS AND OTHER LODGING PLACES - 1.93%
14,557	e	Boyd Gaming Corp		694
9,911	e	Choice Hotels International, Inc		351
4,467,408		Hilton Hotels Corp		160,648
50,334	*	Las Vegas Sands Corp		4,360
115,135		Marriott International, Inc (Class A)		5,637
43,874	*	MGM Mirage		3,050
784,061		Starwood Hotels & Resorts Worldwide, Inc		50,846
16,981		Station Casinos, Inc		1,470
8,734	*	Wyndham Worldwide Corp		298
17,356	e	Wynn Resorts Ltd		1,646
		TOTAL HOTELS AND OTHER LODGING PLACES		229,000
INDUSTRIAL MACHINERY AND EQUIPMENT - 6.86%
270,457		3M Co		20,671
2,265	*	AGCO Corp		84
420,007	*	Alstom RGPT		54,507
63,817		American Standard Cos, Inc		3,384
496,859		Applied Materials, Inc		9,103
23,432		Black & Decker Corp		1,913
17,806	e	Carlisle Cos, Inc		764
684,894		Caterpillar, Inc		45,908
20,469	e	CDW Corp		1,257
15,826		Cummins, Inc		2,290
340,477		Deere & Co		36,989

177

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
				VALUE
SHARES				(000)
1,769,879	*	Dell, Inc	$	41,079
19,736	e	Diebold, Inc		942
26,804		Donaldson Co, Inc		968
65,617		Dover Corp		3,203
10,453	e*	Dresser-Rand Group, Inc		318
697,712	*	EMC Corp		9,663
2,381		Flowserve Corp		136
25,096	e*	FMC Technologies, Inc		1,751
16,810	e*	Gardner Denver, Inc		586
5,349,310	d	General Electric Co		189,152
26,564		Graco, Inc		1,040
47,370	*	Grant Prideco, Inc		2,361
4,256,231		Hewlett-Packard Co		170,845
19,819		IDEX Corp		1,008
669,088		International Business Machines Corp		63,068
3,002,482		International Game Technology		121,240
67,340	e	Jabil Circuit, Inc		1,442
44,218	e	Joy Global, Inc		1,897
50,942	*	Lam Research Corp		2,412
25,970	e*	Lexmark International, Inc (Class A)		1,518
21,923		Manitowoc Co, Inc		1,393
7,100		Pall Corp		270
19,093		Parker Hannifin Corp		1,648
2,615	e*	Riverbed Technology, Inc		72
60,095		Rockwell Automation, Inc		3,598
81,143	*	SanDisk Corp		3,554
23,307	e*	Scientific Games Corp (Class A)		765
108,879	m,v*	Seagate Technology, Inc		-	^
72,165		Smith International, Inc		3,468
136,978	*	Solectron Corp		432
20,199		Stanley Works		1,118
16,798	*	Terex Corp		1,205
2,631	e	Timken Co		80
14,976	e	Toro Co		767
47,577	*	Varian Medical Systems, Inc		2,269
15,187	e*	VeriFone Holdings, Inc		558
81,260	*	Western Digital Corp		1,366
26,734	e*	Zebra Technologies Corp (Class A)		1,032
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		815,094
INSTRUMENTS AND RELATED PRODUCTS - 3.71%
20,991	e*	Advanced Medical Optics, Inc		781
1,209,446	*	Agilent Technologies, Inc		40,746
53,779		Allergan, Inc		5,960
53,167		Applera Corp (Applied Biosystems Group)		1,572
36,690		Bard (C.R.), Inc		2,917
1,330	e	Bausch & Lomb, Inc		68
235,439		Baxter International, Inc		12,401
21,496		Beckman Coulter, Inc		1,373
89,198		Becton Dickinson & Co		6,858
87,068		Biomet, Inc		3,700
444,092	*	Boston Scientific Corp		6,457
8,878	e	Cooper Cos, Inc		432
85,437		Danaher Corp		6,104
55,767		Dentsply International, Inc		1,826
2,764		DRS Technologies, Inc		144

178

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
				VALUE
SHARES				(000)
13,519	e*	Intuitive Surgical, Inc	$	1,643
2,126,131		Johnson & Johnson		128,121
57,745		Kla-Tencor Corp		3,079
1,644,181		Medtronic, Inc		80,664
13,667	*	Mettler-Toledo International, Inc		1,224
19,284	e*	Millipore Corp		1,397
18,517	e	National Instruments Corp		486
24,776		PerkinElmer, Inc		600
47,213	e	Pitney Bowes, Inc		2,143
26,527	e*	Resmed, Inc		1,336
26,403	e*	Respironics, Inc		1,109
61,779		Rockwell Collins, Inc		4,135
31,270		Roper Industries, Inc		1,716
130,458	*	St. Jude Medical, Inc		4,906
107,667	e	Stryker Corp		7,140
13,653	*	Techne Corp		780
23,784		Tektronix, Inc		670
54,873	*	Teradyne, Inc		908
444,289	*	Thermo Electron Corp		20,771
40,250	*	Trimble Navigation Ltd		1,080
37,131	e*	Waters Corp		2,154
971,212	e*	Zimmer Holdings, Inc		82,951
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		440,352
INSURANCE AGENTS, BROKERS AND SERVICE - 0.01%
38,532		Brown & Brown, Inc		1,042
12,467	e	Gallagher (Arthur J.) & Co		353
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		1,395
INSURANCE CARRIERS - 2.08%
1,064,293		Aetna, Inc		46,605
539,509		Aflac, Inc		25,389
3,474		Ambac Financial Group, Inc		300
1,300,788		American International Group, Inc		87,439
1,135	*	CNA Financial Corp		49
6,543		Hanover Insurance Group, Inc		302
20,862		HCC Insurance Holdings, Inc		643
37,898	*	Health Net, Inc		2,039
59,594	*	Humana, Inc		3,458
420	*	Markel Corp		204
16,018	*	Philadelphia Consolidated Holding Co		705
5,402		Principal Financial Group		323
709,521		Progressive Corp		15,482
24,424		Prudential Financial, Inc		2,204
3,716		Transatlantic Holdings, Inc		242
484,328		UnitedHealth Group, Inc		25,655
31,701		W.R. Berkley Corp		1,050
11,125	*	WellCare Health Plans, Inc		948
119,700		Zurich Financial Services AG.		34,551
		TOTAL INSURANCE CARRIERS		247,588
JUSTICE, PUBLIC ORDER AND SAFETY - 0.01%
14,798	e*	Corrections Corp of America		781
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		781

179

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
				VALUE
SHARES				(000)
LEATHER AND LEATHER PRODUCTS - 0.85%
2,009,055	*	Coach, Inc	$	100,553
		TOTAL LEATHER AND LEATHER PRODUCTS		100,553
METAL MINING - 0.72%
1,446,763		Anglo American plc		76,214
14,259		Foundation Coal Holdings, Inc		490
36,247		Freeport-McMoRan Copper & Gold, Inc (Class B)		2,399
143,031		Newmont Mining Corp		6,006
5,408	e	Southern Copper Corp		388
		TOTAL METAL MINING		85,497
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.01%
17,179		Fortune Brands, Inc		1,354
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		1,354
MISCELLANEOUS RETAIL - 4.08%
1,004,661	e*	Amazon.com, Inc		39,975
5,319		Barnes & Noble, Inc		210
1,834,911		Best Buy Co, Inc		89,397
17,986	e*	Coldwater Creek, Inc		365
6,218,059		CVS Corp		212,284
12,665	e*	Dick's Sporting Goods, Inc		738
4,237	*	Dollar Tree Stores, Inc		162
12,891		MSC Industrial Direct Co (Class A)		602
8,490	e*	Nutri/System, Inc		445
103,493	*	Office Depot, Inc		3,637
49,943		Petsmart, Inc		1,646
4,547,561		Staples, Inc		117,509
30,154	e	Tiffany & Co		1,371
363,192		Walgreen Co		16,667
		TOTAL MISCELLANEOUS RETAIL		485,008
MOTION PICTURES - 0.84%
31,870	*	Discovery Holding Co (Class A)		610
10,082	*	DreamWorks Animation SKG, Inc (Class A)		308
132,229	*	National CineMedia, Inc		3,530
3,028,722		News Corp (Class A)		70,024
24,400	e	Regal Entertainment Group (Class A)		485
98,810		Time Warner, Inc		1,949
663,848		Walt Disney Co		22,856
		TOTAL MOTION PICTURES		99,762
NONDEPOSITORY INSTITUTIONS - 1.29%
2,417,055		American Express Co		136,322
10,902	e*	AmeriCredit Corp		249
18,579		Capital One Financial Corp		1,402
24,255	e	CapitalSource, Inc		610
15,957	e	First Marblehead Corp		716
126,055		Freddie Mac		7,499
6,397	e	Nelnet, Inc (Class A)		153
147,228		SLM Corp		6,022
		TOTAL NONDEPOSITORY INSTITUTIONS		152,973
NONMETALLIC MINERALS, EXCEPT FUELS - 0.04%
16,046		Florida Rock Industries, Inc		1,080

180

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
				VALUE
SHARES				(000)
33,823	e	Vulcan Materials Co	$	3,939
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		5,019
OIL AND GAS EXTRACTION - 2.50%
114,741		Baker Hughes, Inc		7,588
109,665		BJ Services Co		3,060
43,638	*	Cameron International Corp		2,740
17,534	e*	Cheniere Energy, Inc		546
11,023	e*	CNX Gas Corp		312
43,839	e*	Denbury Resources, Inc		1,306
21,187		Diamond Offshore Drilling, Inc		1,715
56,434	e	ENSCO International, Inc		3,070
38,891		Equitable Resources, Inc		1,879
25,719	*	Global Industries Ltd		470
368,991		Halliburton Co		11,712
31,798	*	Helix Energy Solutions Group, Inc		1,186
37,182	e	Helmerich & Payne, Inc		1,128
740,985	*	National Oilwell Varco, Inc		57,641
18,193	e*	Oceaneering International, Inc		766
55,872		Patterson-UTI Energy, Inc		1,254
26,438	*	Plains Exploration & Production Co		1,194
46,522	*	Pride International, Inc		1,400
21,581	e*	Quicksilver Resources, Inc		858
48,813	e	Range Resources Corp		1,630
36,775		Rowan Cos, Inc		1,194
578,372		Schlumberger Ltd		39,966
60,718	*	Southwestern Energy Co		2,488
23,014		St. Mary Land & Exploration Co		844
29,454	*	Superior Energy Services		1,015
23,905	e*	Tetra Technologies, Inc		591
13,344	e	Tidewater, Inc		782
20,686	*	Todco		834
16,324	*	Unit Corp		826
4,033		W&T Offshore, Inc		117
2,680,158	e	XTO Energy, Inc		146,900
		TOTAL OIL AND GAS EXTRACTION		297,012
PAPER AND ALLIED PRODUCTS - 0.07%
75,000	*	Domtar Corporation		698
96,150		Kimberly-Clark Corp		6,586
32,336		Packaging Corp of America		789
		TOTAL PAPER AND ALLIED PRODUCTS		8,073
PERSONAL SERVICES - 0.04%
48,061		Cintas Corp		1,735
115,746	e	H&R Block, Inc		2,435
1,271	*	Sally Beauty Holdings, Inc		12
16,675		Weight Watchers International, Inc		769
		TOTAL PERSONAL SERVICES		4,951
PETROLEUM AND COAL PRODUCTS - 1.09%
742,890		Apache Corp		52,522
39,262		EOG Resources, Inc		2,801
114,942		Exxon Mobil Corp		8,673
21,146		Frontier Oil Corp		690
17,240		Holly Corp		1,022
818,772	*	Suncor Energy, Inc		62,513

181

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
				VALUE
SHARES				(000)
21,981		Sunoco, Inc	$	1,549
		TOTAL PETROLEUM AND COAL PRODUCTS		129,770
PRIMARY METAL INDUSTRIES - 0.67%
127,543		Alcoa, Inc		4,324
35,929		Allegheny Technologies, Inc		3,833
2,293,904		BHP Billiton plc		51,144
8,167		Carpenter Technology Corp		986
557,807	*	Corning, Inc		12,684
6,489		Hubbell, Inc (Class B)		313
48,876		Precision Castparts Corp		5,086
28,417	e*	Titanium Metals Corp		1,020
		TOTAL PRIMARY METAL INDUSTRIES		79,390
PRINTING AND PUBLISHING - 0.12%
23,544	e	Dow Jones & Co, Inc		812
22,307		Dun & Bradstreet Corp		2,034
30,753	e	EW Scripps Co (Class A)		1,374
21,189	e	Harte-Hanks, Inc		585
15,007	e	John Wiley & Sons, Inc (Class A)		567
1,808	e	McClatchy Co (Class A)		57
128,915		McGraw-Hill Cos, Inc		8,106
10,702	e	Meredith Corp		614
250		Washington Post Co (Class B)		191
		TOTAL PRINTING AND PUBLISHING		14,340
RAILROAD TRANSPORTATION - 0.42%
130,721		Burlington Northern Santa Fe Corp		10,514
746,379		CSX Corp		29,892
8,168	e*	Kansas City Southern Industries, Inc		291
83,819		Norfolk Southern Corp		4,241
43,939		Union Pacific Corp		4,462
		TOTAL RAILROAD TRANSPORTATION		49,400
REAL ESTATE - 0.06%
67,497	*	CB Richard Ellis Group, Inc (Class A)		2,307
26,373	e	Forest City Enterprises, Inc (Class A)		1,745
12,636		Jones Lang LaSalle, Inc		1,318
27,604	e	St. Joe Co		1,444
		TOTAL REAL ESTATE		6,814
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.04%
63,129	e*	Goodyear Tire & Rubber Co		1,969
63,130		Newell Rubbermaid, Inc		1,963
23,868		Sealed Air Corp		754
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		4,686
SECURITY AND COMMODITY BROKERS - 4.49%
280,600		Bear Stearns Cos, Inc		42,188
7,119	e	BlackRock, Inc		1,113
18,821	e*	Cbot Holdings, Inc (Class A)		3,416
7,956,217		Charles Schwab Corp		145,519
124,817		Chicago Mercantile Exchange Holdings, Inc		66,460
142,162	*	E*Trade Financial Corp		3,017
43,062		Eaton Vance Corp		1,535
33,570		Federated Investors, Inc (Class B)		1,233

182

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
				VALUE
SHARES				(000)
61,368		Franklin Resources, Inc	$	7,415
441,630		Goldman Sachs Group, Inc		91,254
265,819	*	IntercontinentalExchange, Inc		32,486
14,304	*	Investment Technology Group, Inc		561
35,114	e	Janus Capital Group, Inc		734
26,126		Legg Mason, Inc		2,461
24,800		Lehman Brothers Holdings, Inc		1,738
740,495		Merrill Lynch & Co, Inc		60,476
41,908		Morgan Stanley		3,301
33,898	e*	Nasdaq Stock Market, Inc		997
27,733	e	Nuveen Investments, Inc (Class A)		1,312
127,853	*	Nymex Holdings, Inc		17,357
183,863	e*	NYSE Group, Inc		17,237
23,615	e	SEI Investments Co		1,422
95,864		T Rowe Price Group, Inc		4,524
1,685,579	e*	TD Ameritrade Holding Corp		25,081
		TOTAL SECURITY AND COMMODITY BROKERS		532,837
SPECIAL TRADE CONTRACTORS - 0.00%**
14,153	e*	Quanta Services, Inc		357
		TOTAL SPECIAL TRADE CONTRACTORS		357
STONE, CLAY, AND GLASS PRODUCTS - 0.03%
16,692	e	Eagle Materials, Inc		745
45,190		Gentex Corp		734
56,649	*	Owens-Illinois, Inc		1,460
11,048	e*	USG Corp		516
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		3,455
TOBACCO PRODUCTS - 0.51%
666,749		Altria Group, Inc		58,547
31,555		UST, Inc		1,830
		TOTAL TOBACCO PRODUCTS		60,377
TRANSPORTATION BY AIR - 0.15%
63,649	e*	AMR Corp		1,938
30,795	e*	Continental Airlines, Inc (Class B)		1,121
109,798		FedEx Corp		11,796
167,854		Southwest Airlines Co		2,467
21,923	*	US Airways Group, Inc		997
		TOTAL TRANSPORTATION BY AIR		18,319
TRANSPORTATION EQUIPMENT - 4.46%
2,439,276		Boeing Co		216,876
3,200		Brunswick Corp		102
41,695		Goodrich Corp		2,146
96,306	e	Harley-Davidson, Inc		5,658
32,500		Harsco Corp		1,458
1,333,621		ITT Industries, Inc		80,444
131,700		Lockheed Martin Corp		12,778
8,201		Northrop Grumman Corp		609
26,845	e	Oshkosh Truck Corp		1,423
52,998		Paccar, Inc		3,890
49,097	*	Pactiv Corp		1,656
77,104	e	Raytheon Co		4,045
337,043	*	Spirit Aerosystems Holdings, Inc (Class A)		10,735

183

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
				VALUE
SHARES				(000)
44,651		Textron, Inc	$	4,010
13,519	e	Thor Industries, Inc		532
26,160	e	Trinity Industries, Inc		1,097
2,808,557		United Technologies Corp		182,556
		TOTAL TRANSPORTATION EQUIPMENT		530,015
TRANSPORTATION SERVICES - 0.17%
341,368		CH Robinson Worldwide, Inc		16,300
77,109		Expeditors International Washington, Inc		3,186
9,471		GATX Corp		453
21,497	e*	Hertz Global Holdings, Inc		510
		TOTAL TRANSPORTATION SERVICES		20,449
TRUCKING AND WAREHOUSING - 0.30%
17,003		Con-way, Inc		847
37,037		J.B. Hunt Transport Services, Inc		972
21,202		Landstar System, Inc		972
6,584	*	Swift Transportation Co, Inc		205
459,565		United Parcel Service, Inc (Class B)		32,216
		TOTAL TRUCKING AND WAREHOUSING		35,212
WATER TRANSPORTATION - 0.01%
17,796	e*	Kirby Corp		623
		TOTAL WATER TRANSPORTATION		623
WHOLESALE TRADE-DURABLE GOODS - 0.08%
5,300	*	Arrow Electronics, Inc		200
1,712		BorgWarner, Inc		129
40,336	e*	Cytyc Corp		1,380
16,982	e	Martin Marietta Materials, Inc		2,296
49,940	*	Patterson Cos, Inc		1,772
18,354	e	Pool Corp		657
482	m,v*	Timco Aviation Services, Inc (Expires 02/28/07)		-	^
18,474		W.W. Grainger, Inc		1,427
16,766	e*	WESCO International, Inc		1,053
		TOTAL WHOLESALE TRADE-DURABLE GOODS		8,914
WHOLESALE TRADE-NONDURABLE GOODS - 0.53%
24,035		Airgas, Inc		1,013
3,555	e*	Bare Escentuals, Inc		128
20,949	e	Brown-Forman Corp (Class B)		1,373
150,207		Cardinal Health, Inc		10,958
46,835	*	Endo Pharmaceuticals Holdings, Inc		1,377
31,547	e*	Henry Schein, Inc		1,741
357,463		Nike, Inc (Class B)		37,984
221,860		Sysco Corp		7,505
12,199	e*	Tractor Supply Co		628
200	e	Valhi, Inc		3
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		62,710
		TOTAL COMMON STOCKS		11,783,371
		(Cost $10,788,231)

184

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
SHORT-TERM INVESTMENTS - 3.13%
U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES - 0.22%
$     25,600,000	d	Federal Home Loan Bank (FHLB)	4.900%	04/02/07	$	25,590
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES				25,590
SHARES
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 2.91%
345,779,134		State Street Navigator Securities Lending Prime Portfolio				345,779
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED				345,779
		TOTAL SHORT-TERM INVESTMENTS				371,369
		(Cost $ 371,376)
		TOTAL PORTFOLIO - 102.36%				12,154,740
		(Cost $11,159,607)
		OTHER ASSETS & LIABILITIES, NET - (2.36%)				(280,376	)
		NET ASSETS - 100.00%			$	11,874,364
		The following abbreviation is used in portfolio descriptions:
	ADR	American Depositary Receipt
	plc	Public Limited Company
	*	Non-income producing.
	**	Percentage represents less than 0.01%.
	^	Amount represents less than $1,000.
	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.
	m	Indicates a security that has been deemed illiquid.
	v	Security valued at fair value.
		Cost amounts are in thousands.
		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.

At March 31, 2007, the Account held open futures contracts as follows:
	NUMBER OF	MARKET	EXPIRATION	UNREALIZED
OPEN FUTURES CONTRACTS:	CONTRACTS	VALUE	DATE	DEPRECIATION
E-mini S&P 500 Index	350	$ 25,046,000	June 2007	$	(102,288)

Companies in which the Account held 5% or more of the outstanding voting shares are considered “affiliated companies” of the Account pursuant to the Investment Company Act of 1940. Additionally, investments in other investment companies advised by Investment Management or affiliated entities are treated as affiliated companies. Information regarding transactions with affiliated companies is as follows:

	Value at	Purchase		Realized	Dividend		Withholding	Shares at	Value at
Issue	December 31, 2006	Cost	Proceeds	Gain/(Loss)	Income		Expense	March 31, 2007	March 31, 2007
Keryx Biopharmeceutics	$                37,822,620	$                    -	$ 10,045,898	$ (7,028,585)	$	-	$                         -	-	*
		$                    -	$ 10,045,898	$ (7,028,585)	$	-	$                         -		$                                   -

* Not an Affiliate as of March 31, 2007

185

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

COLLEGE RETIREMENT EQUITIES FUND
GROWTH ACCOUNT
Summary of Market Values by Country
March 31, 2007

			% OF MARKET
	VALUE		VALUE
DOMESTIC
UNITED STATES	$	11,580,652,882	95.28	%
TOTAL DOMESTIC		11,580,652,882	95.28
FOREIGN
CANADA		698,250	0.01
FINLAND		46,547,454	0.38
FRANCE		89,583,738	0.74
JAPAN		63,535,726	0.52
MEXICO		51,501,467	0.42
SWITZERLAND		194,862,016	1.60
UNITED KINGDOM		127,358,518	1.05
TOTAL FOREIGN		574,087,169	4.72
TOTAL PORTFOLIO	$	12,154,740,051	100.00	%

186

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

COLLEGE RETIREMENT EQUITIES FUND
EQUITY INDEX ACCOUNT
STATEMENT OF INVESTMENTS (Unaudited)
March 31,2007

				VALUE
SHARES				(000)
COMMON STOCKS - 99.36%
AGRICULTURAL PRODUCTION-CROPS - 0.00%**
37,130	e*	Chiquita Brands International, Inc	$	521
		TOTAL AGRICULTURAL PRODUCTION-CROPS		521
AGRICULTURAL PRODUCTION-LIVESTOCK - 0.02%
33,471	e	Pilgrim's Pride Corp		1,111
269	e	Seaboard Corp		608
		TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK		1,719
AMUSEMENT AND RECREATION SERVICES - 0.25%
207,973	e*	Activision, Inc		3,939
36,482	e*	Bally Technologies, Inc		860
26,714	e,v*	Bally Total Fitness Holding Corp		53
14,248	e*	Century Casinos, Inc		118
5,242	e	Churchill Downs, Inc		238
9,373		Dover Downs Gaming & Entertainment, Inc		121
9,773	e	Dover Motorsports, Inc		51
133,427		Harrah's Entertainment, Inc		11,268
25,827		International Speedway Corp (Class A)		1,335
16,338	e*	Lakes Entertainment, Inc		182
22,402	e*	Leapfrog Enterprises, Inc		240
23,879	e*	Life Time Fitness, Inc		1,228
49,611	e*	Live Nation, Inc		1,094
26,149	e*	Magna Entertainment Corp		95
35,735	e*	Marvel Entertainment, Inc		992
14,684	*	MTR Gaming Group, Inc		192
19,119	e*	Multimedia Games, Inc		228
54,272	e*	Penn National Gaming, Inc		2,302
38,454	*	Pinnacle Entertainment, Inc		1,118
51,146	e*	Six Flags, Inc		307
13,437	e	Speedway Motorsports, Inc		521
67,536		Warner Music Group Corp		1,152
53,876	e	Westwood One, Inc		370
22,358	e*	WMS Industries, Inc		877
14,269	e	World Wrestling Entertainment, Inc		233
		TOTAL AMUSEMENT AND RECREATION SERVICES		29,114
APPAREL AND ACCESSORY STORES - 0.74%
64,214	e	Abercrombie & Fitch Co (Class A)		4,860
38,830	*	Aeropostale, Inc		1,562
121,811	e	American Eagle Outfitters, Inc		3,653
51,439	*	AnnTaylor Stores Corp		1,995
16,896	e	Bebe Stores, Inc		294
21,404		Brown Shoe Co, Inc		899
10,318	e	Buckle, Inc		368
8,748	*	Cache, Inc		155
38,598	e*	Carter's, Inc		978

187

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
19,783	e*	Casual Male Retail Group, Inc	$	234
21,208	e	Cato Corp (Class A)		496
10,401	e*	Charlotte Russe Holding, Inc		300
84,814	e*	Charming Shoppes, Inc		1,098
128,070	e*	Chico's FAS, Inc		3,129
17,847	*	Children's Place Retail Stores, Inc		995
27,159	e	Christopher & Banks Corp		529
4,455	e*	Citi Trends, Inc		191
70,403	e	Claire's Stores, Inc		2,261
2,900	e	DEB Shops, Inc		79
37,500	e*	Dress Barn, Inc		780
14,382	e*	DSW, Inc (Class A)		607
28,742	e	Finish Line, Inc (Class A)		362
110,542		Foot Locker, Inc		2,603
371,629		Gap, Inc		6,396
73,857	*	Hanesbrands, Inc		2,171
31,627	*	HOT Topic, Inc		351
15,800	*	J Crew Group, Inc		635
15,736	e*	Jo-Ann Stores, Inc		429
12,803	e*	JOS A Bank Clothiers, Inc		453
239,602	*	Kohl's Corp		18,356
247,826	e	Limited Brands, Inc		6,458
15,006	e*	New York & Co, Inc		237
172,763	e	Nordstrom, Inc		9,146
59,257	e*	Pacific Sunwear Of California, Inc		1,234
52,117	*	Payless Shoesource, Inc		1,730
101,922		Ross Stores, Inc		3,506
5,056	e*	Shoe Carnival, Inc		168
30,798		Stage Stores, Inc		718
3,565	e*	Syms Corp		67
19,617	e	Talbots, Inc		463
27,276	e*	Tween Brands, Inc		974
15,224	e*	Under Armour, Inc (Class A)		781
81,421	e*	Urban Outfitters, Inc		2,159
45,927	e*	Wet Seal, Inc (Class A)		301
		TOTAL APPAREL AND ACCESSORY STORES		85,161
APPAREL AND OTHER TEXTILE PRODUCTS - 0.20%
9,339	e	Columbia Sportswear Co		582
32,574		Guess ?, Inc		1,319
24,603	*	Gymboree Corp		986
17,824	*	Hartmarx Corp		132
80,042		Jones Apparel Group, Inc		2,460
18,458	e	Kellwood Co		541
76,632		Liz Claiborne, Inc		3,284
13,600	*	Maidenform Brands, Inc		314
41,235		Phillips-Van Heusen Corp		2,425
43,818	e	Polo Ralph Lauren Corp		3,862
95,664	e*	Quiksilver, Inc		1,110
9,215	e*	True Religion Apparel, Inc		149
63,919		VF Corp		5,281
33,246	e*	Warnaco Group, Inc		944
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		23,389
AUTO REPAIR, SERVICES AND PARKING - 0.06%
7,541	e*	Amerco, Inc		528

188

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
7,500	e	Bandag, Inc	$	380
13,199	e	Central Parking Corp		293
17,758	e*	Dollar Thrifty Automotive Group, Inc		906
10,010	e*	Midas, Inc		216
8,304		Monro Muffler, Inc		292
36,846	e*	PHH Corp		1,126
43,349	e	Ryder System, Inc		2,139
3,701	e*	Standard Parking Corp		131
28,100	e*	Wright Express Corp		852
		TOTAL AUTO REPAIR, SERVICES AND PARKING		6,863
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.18%
75,964		Advance Auto Parts		2,928
5,463	e*	America's Car-Mart, Inc		73
9,627		Asbury Automotive Group, Inc		272
112,366	*	Autonation, Inc		2,387
36,793	*	Autozone, Inc		4,715
155,144	*	Carmax, Inc		3,807
50,363	*	Copart, Inc		1,411
32,325	e*	CSK Auto Corp		556
12,002		Lithia Motors, Inc (Class A)		329
11,554	e*	MarineMax, Inc		268
80,048	e*	O'Reilly Automotive, Inc		2,649
14,443	*	Rush Enterprises, Inc (Class A)		277
21,187		Sonic Automotive, Inc (Class A)		604
43,391	e	United Auto Group, Inc		881
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		21,157
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.89%
9,000	e*	Builders FirstSource, Inc		145
53,181	e*	Central Garden and Pet Co (Class A)		782
92,146	e	Fastenal Co		3,230
1,549,526	e	Home Depot, Inc		56,929
1,134,512		Lowe's Cos, Inc		35,726
80,137		Sherwin-Williams Co		5,292
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		102,104
BUSINESS SERVICES - 7.03%
34,168	e*	24/7 Real Media, Inc		274
308,639	e*	3Com Corp		1,207
8,307	e*	3D Systems Corp		182
30,587	e	Aaron Rents, Inc		809
30,959		ABM Industries, Inc		817
19,911	e*	Acacia Research (Acacia Technologies)		315
9,477	e*	Access Integrated Technologies, Inc (Class A)		51
40,528	*	Actuate Corp		212
56,661		Acxiom Corp		1,212
19,460		Administaff, Inc		685
439,596	*	Adobe Systems, Inc		18,331
17,568	e*	Advent Software, Inc		613
68,076	e*	Affiliated Computer Services, Inc (Class A)		4,008
40,281	e*	Agile Software Corp		280
113,122	e*	Akamai Technologies, Inc		5,647
59,594	e*	Alliance Data Systems Corp		3,672
16,184	*	Altiris, Inc		533
18,475	e*	American Reprographics Co		569

189

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
23,326	e*	AMN Healthcare Services, Inc	$	528
11,435	e*	Ansoft Corp		362
24,352	e*	Ansys, Inc		1,236
58,777	e*	aQuantive, Inc		1,640
22,433	e	Arbitron, Inc		1,053
48,947	e*	Ariba, Inc		460
79,212	e*	Art Technology Group, Inc		184
64,263	e*	Aspen Technology, Inc		835
11,658	*	Asset Acceptance Capital Corp		180
21,488	e*	Audible, Inc		223
169,860	*	Autodesk, Inc		6,387
421,725		Automatic Data Processing, Inc		20,411
79,003	e*	Avis Budget Group, Inc		2,158
35,025	*	Avocent Corp		945
8,158	e*	Bankrate, Inc		287
4,811	e	Barrett Business Services		111
284,749	*	BEA Systems, Inc		3,300
147,378	e*	BearingPoint, Inc		1,129
94,166	e*	BISYS Group, Inc		1,079
31,258		Blackbaud, Inc		763
19,831	e*	Blackboard, Inc		667
8,392	e*	Blue Coat Systems, Inc		308
156,285	e*	BMC Software, Inc		4,812
52,351	e*	Borland Software Corp		276
12,774	e*	Bottomline Technologies, Inc		139
32,666	e	Brady Corp (Class A)		1,019
37,169		Brink's Co		2,358
303,897	e	CA, Inc		7,874
23,836	e*	CACI International, Inc (Class A)		1,117
208,944	e*	Cadence Design Systems, Inc		4,400
34,489		Catalina Marketing Corp		1,089
46,548	e*	CBIZ, Inc		330
107,162	e*	Ceridian Corp		3,734
47,571	e*	Cerner Corp		2,590
61,014	e*	Checkfree Corp		2,263
58,433	*	ChoicePoint, Inc		2,187
22,101	*	Chordiant Software, Inc		229
36,800	e*	Ciber, Inc		290
133,000	e*	Citrix Systems, Inc		4,260
5,919	*	Clayton Holdings, Inc		91
25,900	e*	Clear Channel Outdoor Holdings, Inc (Class A)		681
331,660	e*	CMGI, Inc		703
106,270	*	CNET Networks, Inc		926
14,652	*	Cogent Communications Group, Inc		346
30,867	e*	Cogent, Inc		415
33,274	e	Cognex Corp		721
102,526	*	Cognizant Technology Solutions Corp (Class A)		9,050
6,637	e	Computer Programs & Systems, Inc		178
124,100	e*	Computer Sciences Corp		6,469
237,935	*	Compuware Corp		2,258
11,985	*	COMSYS IT Partners, Inc		239
24,465	e*	Concur Technologies, Inc		427
19,768	e*	Convera Corp (Class A)		62
104,932	*	Convergys Corp		2,666
11,471	e*	CoStar Group, Inc		513
21,438	*	Covansys Corp		529

190

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
35,280	*	CSG Systems International, Inc	$	883
22,032	e*	Cybersource Corp		276
5,800	*	DealerTrack Holdings, Inc		178
37,676		Deluxe Corp		1,263
29,125	*	Dendrite International, Inc		456
30,779	e*	Digital River, Inc		1,701
9,090	e*	DivX, Inc		182
42,841	e*	DST Systems, Inc		3,222
18,300	*	DynCorp International, Inc (Class A)		276
94,764	*	Earthlink, Inc		697
861,868	*	eBay, Inc		28,571
18,386	e*	Echelon Corp		194
31,866	e*	Eclipsys Corp		614
15,642	e*	eCollege.com, Inc		281
33,247	e*	eFunds Corp		886
11,677	e*	Electro Rent Corp		168
222,710	*	Electronic Arts, Inc		11,216
380,164		Electronic Data Systems Corp		10,523
14,917	e*	Emageon, Inc		164
119,873	e*	Emdeon Corp		1,814
42,487	e*	Epicor Software Corp		591
8,841	e*	EPIQ Systems, Inc		180
93,669	e	Equifax, Inc		3,414
22,324	e*	Equinix, Inc		1,912
15,409	e*	eSpeed, Inc (Class A)		146
51,812	e*	Evergreen Energy, Inc		340
1,400	e*	ExlService Holdings, Inc		29
145,271	e*	Expedia, Inc		3,367
31,046	e*	F5 Networks, Inc		2,070
31,706		Factset Research Systems, Inc		1,993
44,626		Fair Isaac Corp		1,726
22,225	*	FalconStor Software, Inc		232
137,730		Fidelity National Information Services, Inc		6,261
5,700	e*	First Advantage Corp (Class A)		137
554,176		First Data Corp		14,907
128,982	*	Fiserv, Inc		6,844
9,100	*	Forrester Research, Inc		258
9,437		FTD Group, Inc		156
44,457	e*	Gartner, Inc		1,065
15,914	e*	Gerber Scientific, Inc		169
36,892	*	Getty Images, Inc		1,794
19,091	e	Gevity HR, Inc		377
23,628	*	Global Cash Access, Inc		394
152,961	*	Google, Inc (Class A)		70,081
8,150	*	H&E Equipment Services, Inc		175
18,495	e	Healthcare Services Group		530
10,050	e	Heartland Payment Systems, Inc		238
14,300	*	Heidrick & Struggles International, Inc		693
17,722	e*	Hudson Highland Group, Inc		276
37,591	e*	Hypercom Corp		224
45,412	*	Hyperion Solutions Corp		2,354
10,436	e*	i2 Technologies, Inc		250
4,942	e*	ICT Group, Inc		86
12,987	e*	iGate Corp		107
16,530	*	IHS, Inc (Class A)		680
148,923		IMS Health, Inc		4,417

191

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
14,150	e*	Infocrossing, Inc	$	210
62,644	*	Informatica Corp		841
23,086	e*	Infospace, Inc		593
20,612		infoUSA, Inc		198
7,700	e*	Innerworkings, Inc		91
11,821	e*	Innovative Solutions & Support, Inc		299
7,121	e	Integral Systems, Inc		172
25,164	e	Interactive Data Corp		623
21,565	e*	Internap Network Services Corp		340
32,107	e*	Internet Capital Group, Inc		344
8,416	e	Interpool, Inc		206
343,962	e*	Interpublic Group of Cos, Inc		4,234
26,296	*	Interwoven, Inc		444
254,822	*	Intuit, Inc		6,972
20,768	e*	inVentiv Health, Inc		795
45,508	e*	Ipass, Inc		229
126,088	e*	Iron Mountain, Inc		3,295
54,563		Jack Henry & Associates, Inc		1,312
18,698	e*	JDA Software Group, Inc		281
413,422	*	Juniper Networks, Inc		8,136
15,435	e*	Jupitermedia Corp		102
34,016	e*	Keane, Inc		462
13,656	e	Kelly Services, Inc (Class A)		440
11,281	e*	Kenexa Corp		351
21,985	e*	Kforce, Inc		303
33,337	e*	Kinetic Concepts, Inc		1,688
10,111	e*	Knot, Inc		218
30,104	e*	Korn/Ferry International		691
22,157	e*	Kronos, Inc		1,185
43,595	*	Labor Ready, Inc		828
61,903	e	Lamar Advertising Co (Class A)		3,898
87,730	e*	Lawson Software, Inc		710
43,208	e*	Lionbridge Technologies		220
4,800	e*	Liquidity Services, Inc		81
11,455	e*	LoJack Corp		217
23,625	e*	Magma Design Automation, Inc		283
19,563	*	Manhattan Associates, Inc		537
64,108	e	Manpower, Inc		4,729
12,905	*	Mantech International Corp (Class A)		431
13,097	*	Mapinfo Corp		264
16,386	e	Marchex, Inc (Class B)		251
8,536	e*	Marlin Business Services, Inc		187
46,700	e	Mastercard, Inc (Class A)		4,961
117,862	*	McAfee, Inc		3,427
62,676	e*	Mentor Graphics Corp		1,024
6,510,813		Microsoft Corp		181,456
8,529	*	MicroStrategy, Inc (Class A)		1,078
25,516	e*	Midway Games, Inc		159
64,372		MoneyGram International, Inc		1,787
90,011	*	Monster Worldwide, Inc		4,264
76,340	*	Move, Inc		423
73,891	*	MPS Group, Inc		1,046
65,955	e*	NAVTEQ Corp		2,275
134,110	*	NCR Corp		6,406
13,908	e*	Neoware, Inc		140
19,249	*	Ness Technologies, Inc		246

192

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
36,786	e*	NetFlix, Inc	$	853
7,961	*	Netratings, Inc		166
15,388	*	Netscout Systems, Inc		139
27,305	e	NIC, Inc		146
258,007	*	Novell, Inc		1,863
99,400	e*	Nuance Communications, Inc		1,522
124,321		Omnicom Group, Inc		12,728
7,249	e*	Omniture, Inc		132
18,437	*	On Assignment, Inc		229
14,464	e*	Online Resources Corp		166
9,205	*	Opnet Technologies, Inc		124
57,994	e*	Opsware, Inc		420
2,908,280	*	Oracle Corp		52,727
25,857	*	Packeteer, Inc		321
82,059	e*	Parametric Technology Corp		1,567
13,662	e*	PDF Solutions, Inc		154
7,322	e	Pegasystems, Inc		68
13,179	e*	PeopleSupport, Inc		151
12,203	e*	Perficient, Inc		241
61,125	e*	Perot Systems Corp (Class A)		1,092
23,907	*	Phase Forward, Inc		314
10,816	e*	Portfolio Recovery Associates, Inc		483
12,518	e*	PRA International		270
49,575	*	Premiere Global Services, Inc		556
28,939	e*	Progress Software Corp		903
8,302	e	QAD, Inc		76
11,520	e	Quality Systems, Inc		461
47,410	e*	Quest Software, Inc		771
15,387	e*	Radiant Systems, Inc		200
15,185	e*	Radisys Corp		248
76,360	e*	RealNetworks, Inc		599
137,532	e*	Red Hat, Inc		3,154
5,893	e	Renaissance Learning, Inc		78
49,265	e*	Rent-A-Center, Inc		1,378
19,226	e*	Rewards Network, Inc		102
10,621	e*	RightNow Technologies, Inc		174
109,964		Robert Half International, Inc		4,070
20,193		Rollins, Inc		465
41,988	*	S1 Corp		252
17,942	*	SafeNet, Inc		508
62,256	e*	Salesforce.com, Inc		2,666
55,315	*	Sapient Corp		379
35,286	e*	Secure Computing Corp		272
212,713	e	ServiceMaster Co		3,274
8,963	e*	SI International, Inc		257
14,344	e*	Smith Micro Software, Inc		267
18,198	*	Sohu.com, Inc		390
45,445	*	SonicWALL, Inc		380
196,100	e*	Sonus Networks, Inc		1,583
47,815	e	Sotheby's		2,127
42,038	e*	Spherion Corp		371
13,651	e*	SPSS, Inc		493
31,079	e*	SRA International, Inc (Class A)		757
7,046	e*	Startek, Inc		69
7,178	e*	Stratasys, Inc		307
2,557,520	e*	Sun Microsystems, Inc		15,371

193

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
69,226	e*	Sybase, Inc	$	1,750
20,941	*	SYKES Enterprises, Inc		382
686,495	*	Symantec Corp		11,876
8,784	e*	SYNNEX Corp		187
107,597	*	Synopsys, Inc		2,822
4,749	e	Syntel, Inc		165
52,739	e*	Take-Two Interactive Software, Inc		1,062
11,400	e	TAL International Group, Inc		274
9,690	e*	Taleo Corp (Class A)		161
22,604	e	Talx Corp		749
24,393	e*	TeleTech Holdings, Inc		895
12,795	e	TheStreet.com, Inc		157
48,928	e*	THQ, Inc		1,673
162,094	e*	TIBCO Software, Inc		1,381
16,913		TNS, Inc		272
25,671	e	Total System Services, Inc		818
18,504	*	TradeStation Group, Inc		233
27,282	e*	Transaction Systems Architects, Inc		884
2,800	e*	Travelzoo, Inc		103
28,864	*	Trizetto Group, Inc		578
15,759	e*	Ultimate Software Group, Inc		413
259,620	e*	Unisys Corp		2,189
42,307		United Online, Inc		594
51,881	e*	United Rentals, Inc		1,427
24,068	*	Universal Compression Holdings, Inc		1,629
72,727	e*	Valueclick, Inc		1,900
23,271	e*	Vasco Data Security International		416
182,779	*	VeriSign, Inc		4,591
5,226	e*	Vertrue, Inc		251
15,178	e	Viad Corp		586
20,615	*	Vignette Corp		383
12,149	e*	Volt Information Sciences, Inc		318
398,882		Waste Management, Inc		13,725
31,988	*	WebEx Communications, Inc		1,819
4,946	e*	WebMD Health Corp (Class A)		260
38,958	e*	webMethods, Inc		280
33,540	*	Websense, Inc		771
12,203	e*	WebSideStory, Inc		158
53,517	*	Wind River Systems, Inc		532
23,793	*	Witness Systems, Inc		641
1,029,365	*	Yahoo!, Inc		32,209
		TOTAL BUSINESS SERVICES		807,673
CHEMICALS AND ALLIED PRODUCTS - 9.26%
1,116,609		Abbott Laboratories		62,307
18,485	e*	Abraxis BioScience, Inc		494
16,937	e*	Acadia Pharmaceuticals, Inc		254
21,334	e*	Adams Respiratory Therapeutics, Inc		717
31,936	e*	Adolor Corp		279
5,786	e*	Advanced Magnetics, Inc		349
38,357	e*	ADVENTRX Pharmaceuticals, Inc		96
162,882	e	Air Products & Chemicals, Inc		12,047
17,349	*	Albany Molecular Research, Inc		171
58,232		Albemarle Corp		2,407
56,970		Alberto-Culver Co		1,303
25,678	e*	Alexion Pharmaceuticals, Inc		1,110

194

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
75,565	*	Alkermes, Inc	$	1,167
22,480	e*	Alnylam Pharmaceuticals, Inc		405
34,687	e*	Alpharma, Inc (Class A)		835
40,668	e*	American Oriental Bioengineering, Inc		382
12,379	e	American Vanguard Corp		212
862,789	*	Amgen, Inc		48,213
21,429	e*	Anadys Pharmaceuticals, Inc		85
16,685		Arch Chemicals, Inc		521
43,996	e*	Arena Pharmaceuticals, Inc		478
27,489	e*	Array Biopharma, Inc		349
27,606	e*	Atherogenics, Inc		78
15,864	*	Auxilium Pharmaceuticals, Inc		233
18,741	e*	AVANIR Pharmaceuticals (Class A)		23
24,200	e*	Aventine Renewable Energy Holdings, Inc		441
68,606		Avery Dennison Corp		4,409
36,608	e*	AVI BioPharma, Inc		98
330,272		Avon Products, Inc		12,306
11,970	e	Balchem Corp		212
77,758	e*	Barr Pharmaceuticals, Inc		3,604
10,191	e*	Bentley Pharmaceuticals, Inc		83
16,244	e*	BioCryst Pharmaceuticals, Inc		136
27,226	e*	Bioenvision, Inc		111
251,350	*	Biogen Idec, Inc		11,155
60,488	e*	BioMarin Pharmaceuticals, Inc		1,044
9,920	e*	Bradley Pharmaceuticals, Inc		190
1,438,739		Bristol-Myers Squibb Co		39,939
47,334		Cabot Corp		2,259
28,512	e*	Calgon Carbon Corp		237
20,927	e	Cambrex Corp		515
5,883	e*	Caraco Pharmaceutical Laboratories Ltd		72
58,048		Celanese Corp (Series A)		1,790
28,958	e*	Cell Genesys, Inc		122
45,246	e*	Cephalon, Inc		3,222
41,331		CF Industries Holdings, Inc		1,593
51,302	*	Charles River Laboratories International, Inc		2,373
12,829	e*	Chattem, Inc		756
179,587		Chemtura Corp		1,963
48,517	e	Church & Dwight Co, Inc		2,443
110,865		Clorox Co		7,061
13,144	e*	Coley Pharmaceutical Group, Inc		126
376,555		Colgate-Palmolive Co		25,150
17,022	e*	Combinatorx, Inc		119
39,198	e*	Cubist Pharmaceuticals, Inc		865
34,138	*	Cypress Bioscience, Inc		259
31,068		Cytec Industries, Inc		1,747
18,758	e*	Cytokinetics, Inc		131
64,810		Dade Behring Holdings, Inc		2,842
42,749	e*	Dendreon Corp		553
12,457	*	Digene Corp		528
703,848		Dow Chemical Co		32,278
674,160		Du Pont (E.I.) de Nemours & Co		33,324
30,568	e*	Durect Corp		127
59,583	e	Eastman Chemical Co		3,773
133,550		Ecolab, Inc		5,743
719,448		Eli Lilly & Co		38,642
17,426	e*	Elizabeth Arden, Inc		380

195

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
16,357	e*	Emisphere Technologies, Inc	$	52
42,677	e*	Encysive Pharmaceuticals, Inc		116
28,467	e*	Enzon Pharmaceuticals, Inc		232
90,965	e	Estee Lauder Cos (Class A)		4,444
28,545	e	Ferro Corp		617
29,190	e	FMC Corp		2,202
238,556	*	Forest Laboratories, Inc		12,271
341,725	*	Genentech, Inc		28,062
16,478	e*	Genitope Corp		68
95,847	e*	Genta, Inc		30
191,455	*	Genzyme Corp		11,491
29,819	e	Georgia Gulf Corp		483
51,960	e*	Geron Corp		364
332,884	*	Gilead Sciences, Inc		25,466
5,819	e*	GTx, Inc		119
45,628		H.B. Fuller Co		1,244
20,149	e*	Hana Biosciences, Inc		39
87,144	*	Hercules, Inc		1,703
5,289	e*	Hi-Tech Pharmacal Co, Inc		59
114,166	*	Hospira, Inc		4,669
102,740	e*	Human Genome Sciences, Inc		1,091
68,447		Huntsman Corp		1,307
17,140	e*	Idenix Pharmaceuticals, Inc		125
23,187	*	Idexx Laboratories, Inc		2,032
52,688	e*	ImClone Systems, Inc		2,148
49,858	e*	Immucor, Inc		1,467
33,132	e*	Indevus Pharmaceuticals, Inc		234
8,064	e	Innospec, Inc		465
3,281	e	Inter Parfums, Inc		69
19,810	e*	InterMune, Inc		489
66,790	e	International Flavors & Fragrances, Inc		3,154
28,268	e*	Inverness Medical Innovations, Inc		1,238
36,819	e*	Invitrogen Corp		2,344
27,654	e*	Keryx Biopharmaceuticals, Inc		291
179,861	*	King Pharmaceuticals, Inc		3,538
5,472	e	Koppers Holdings, Inc		140
2,620	e	Kronos Worldwide, Inc		85
28,944	e*	KV Pharmaceutical Co (Class A)		716
50,899	e	Lubrizol Corp		2,623
158,338	e	Lyondell Chemical Co		4,745
20,639		MacDermid, Inc		720
9,202	e	Mannatech, Inc		148
17,575	e*	MannKind Corp		251
23,199	e*	Martek Biosciences Corp		478
83,079	e*	Medarex, Inc		1,075
36,966	e*	Medicines Co		927
41,813	e	Medicis Pharmaceutical Corp (Class A)		1,289
8,237	e*	Medifast, Inc		59
183,975	e*	Medimmune, Inc		6,695
1,597,039		Merck & Co, Inc		70,541
14,765		Meridian Bioscience, Inc		410
15,117	e*	Metabasis Therapeutics, Inc		111
55,982	e*	MGI Pharma, Inc		1,258
237,944	e*	Millennium Pharmaceuticals, Inc		2,703
14,800	e	Minerals Technologies, Inc		920
15,457	e*	Momenta Pharmaceuticals, Inc		200

196

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
394,090		Monsanto Co	$	21,659
109,683	e*	Mosaic Co		2,924
179,569		Mylan Laboratories, Inc		3,796
40,164	e*	Nabi Biopharmaceuticals		213
75,501		Nalco Holding Co		1,805
15,424	e*	Nastech Pharmaceutical Co, Inc		166
43,547	*	NBTY, Inc		2,310
26,156	e*	Neurocrine Biosciences, Inc		327
13,585	e*	New River Pharmaceuticals, Inc		864
12,540		NewMarket Corp		510
4,943	e	NL Industries, Inc		54
18,316	e*	Northfield Laboratories, Inc		66
43,468	e*	Novavax, Inc		113
15,161	e*	Noven Pharmaceuticals, Inc		352
36,372	e*	NPS Pharmaceuticals, Inc		123
36,517	e*	Nuvelo, Inc		134
51,638		Olin Corp		875
24,015	*	OM Group, Inc		1,073
29,263	*	Omnova Solutions, Inc		160
32,723	e*	Onyx Pharmaceuticals, Inc		813
30,922	e*	OraSure Technologies, Inc		227
44,855	e*	OSI Pharmaceuticals, Inc		1,480
21,959	e*	Pacific Ethanol, Inc		374
24,948	e*	Pain Therapeutics, Inc		196
35,301	e*	Panacos Pharmaceuticals, Inc		164
26,028	*	Par Pharmaceutical Cos, Inc		654
17,955	e*	Parexel International Corp		646
8,294	e*	Parlux Fragrances, Inc		46
86,833	e*	PDL BioPharma, Inc		1,884
14,839	e*	Penwest Pharmaceuticals Co		150
122,099	e*	Peregrine Pharmaceuticals, Inc		120
54,947	e	Perrigo Co		970
13,027	e*	PetMed Express, Inc		154
5,375,457		Pfizer, Inc		135,784
16,760	e*	Pharmion Corp		441
850	*	Physicians Formula Holdings, Inc		16
7,693	e*	Pioneer Cos, Inc		213
67,684	e*	PolyOne Corp		413
15,548	e*	Pozen, Inc		229
120,331		PPG Industries, Inc		8,461
234,520		Praxair, Inc		14,765
20,200	*	Prestige Brands Holdings, Inc		239
2,401,961		Procter & Gamble Co		151,708
15,641	e*	Progenics Pharmaceuticals, Inc		370
21,781	e*	Quidel Corp		261
18,760	e*	Renovis, Inc		66
128,735	e,v*	Revlon, Inc (Class A)		135
23,386	*	Rockwood Holdings, Inc		647
116,845		Rohm & Haas Co		6,043
86,923	e	RPM International, Inc		2,008
32,161	e*	Salix Pharmaceuticals Ltd		405
32,144	e*	Santarus, Inc		226
1,083,795		Schering-Plough Corp		27,648
20,521	e*	Sciele Pharma, Inc		486
34,766	e	Scotts Miracle-Gro Co (Class A)		1,531
33,451	e	Sensient Technologies Corp		862

197

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
80,125	e*	Sepracor, Inc	$	3,736
97,966	e	Sigma-Aldrich Corp		4,068
3,797	e*	Somaxon Pharmaceuticals, Inc		46
3,400	e	Stepan Co		89
36,010	e*	SuperGen, Inc		212
10,427	e*	SurModics, Inc		375
15,482	e*	Tanox, Inc		291
31,857	e	Tronox, Inc (Class B)		445
36,392	e	UAP Holding Corp		941
19,014	*	United Therapeutics Corp		1,023
8,287	e*	USANA Health Sciences, Inc		388
70,160	e*	USEC, Inc		1,140
72,394	e*	Valeant Pharmaceuticals International		1,252
72,315	e	Valspar Corp		2,013
60,046	*	VCA Antech, Inc		2,180
16,400	e*	Verasun Energy Corp		326
88,537	e*	Vertex Pharmaceuticals, Inc		2,483
47,837	e*	Viropharma, Inc		687
4,689	e*	Visicu, Inc		37
76,093	*	Watson Pharmaceuticals, Inc		2,011
11,832	e	Westlake Chemical Corp		321
49,789	e*	WR Grace & Co		1,315
984,848		Wyeth		49,272
11,683	e*	Xenoport, Inc		325
26,437	e*	Zymogenetics, Inc		411
		TOTAL CHEMICALS AND ALLIED PRODUCTS		1,062,799
COAL MINING - 0.17%
44,121	e*	Alpha Natural Resources, Inc		690
101,350	e	Arch Coal, Inc		3,111
130,132		Consol Energy, Inc		5,092
80,635	e*	International Coal Group, Inc		423
11,662	e*	James River Coal Co		87
64,793	e	Massey Energy Co		1,554
190,142		Peabody Energy Corp		7,651
14,219		Penn Virginia Corp		1,044
4,756	e*	Westmoreland Coal Co		96
		TOTAL COAL MINING		19,748
COMMUNICATIONS - 5.00%
30,232	e	Alaska Communications Systems Group, Inc		446
264,408		Alltel Corp		16,393
308,120	e*	American Tower Corp (Class A)		12,001
25,675	e*	Anixter International, Inc		1,693
4,606,840		AT&T, Inc		181,648
3,924		Atlantic Tele-Network, Inc		103
10,900	e*	Audiovox Corp (Class A)		160
340,367	*	Avaya, Inc		4,020
37,143	e*	Brightpoint, Inc		425
160,716		Cablevision Systems Corp (Class A)		4,891
11,624	*	Cbeyond Communications, Inc		341
15,110	e*	Centennial Communications Corp		124
86,616		CenturyTel, Inc		3,914
284,093	e*	Charter Communications, Inc (Class A)		793
180,973	e*	Cincinnati Bell, Inc		851
26,654	e	Citadel Broadcasting Corp		253

198

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
253,376	e	Citizens Communications Co	$	3,788
368,636	e	Clear Channel Communications, Inc		12,917
2,137,686	e*	Comcast Corp (Class A)		55,473
14,680	e	Consolidated Communications Holdings, Inc		292
206,879	e*	Covad Communications Group, Inc		263
32,384	e*	Cox Radio, Inc (Class A)		442
151,243	e*	Crown Castle International Corp		4,859
13,062	e*	Crown Media Holdings, Inc (Class A)		70
12,239	e	CT Communications, Inc		295
18,300	e*	CTC Media, Inc		470
35,320	e*	Cumulus Media, Inc (Class A)		331
588,317	e*	DIRECTV Group, Inc		13,572
107,468	e*	Dobson Communications Corp (Class A)		923
151,885	e*	EchoStar Communications Corp (Class A)		6,596
110,594		Embarq Corp		6,232
26,410	e	Emmis Communications Corp (Class A)		223
22,831	e	Entercom Communications Corp (Class A)		643
52,691	*	Entravision Communications Corp (Class A)		492
6,340	*	Eschelon Telecom, Inc		183
19,917	e	Fairpoint Communications, Inc		383
60,357	e*	FiberTower Corp		313
5,404	e*	Fisher Communications, Inc		263
111,700	*	Foundry Networks, Inc		1,516
38,028	*	General Communication, Inc (Class A)		532
47,416		Global Payments, Inc		1,615
8,275	e*	Globalstar, Inc		88
14,920	e	Golden Telecom, Inc		826
29,084		Gray Television, Inc		303
16,976	e*	Harris Stratex Networks, Inc (Class A)		326
18,785	e	Hearst-Argyle Television, Inc		511
127,572	e*	IAC/InterActiveCorp		4,811
39,942	e	IDT Corp (Class B)		453
16,276	e*	InPhonic, Inc		177
22,094	e	Iowa Telecommunications Services, Inc		442
11,781	*	iPCS, Inc		577
35,358	e*	j2 Global Communications, Inc		980
35,762	*	Leap Wireless International, Inc		2,360
1,101,479	e*	Level 3 Communications, Inc		6,719
295,648	*	Liberty Global, Inc (Class A)		9,736
102,606	e*	Liberty Media Corp - Capital (Series A)		11,347
481,205	e*	Liberty Media Holding Corp (Interactive A)		11,462
19,340	e*	Lightbridge, Inc		340
17,509	e*	Lin TV Corp (Class A)		278
11,186	e*	Lodgenet Entertainment Corp		344
28,940	e*	Mastec, Inc		319
42,748	*	Mediacom Communications Corp (Class A)		348
47,663	e*	NeuStar, Inc (Class A)		1,356
107,750	e*	NII Holdings, Inc		7,993
9,887	e	North Pittsburgh Systems, Inc		215
20,547	e*	Novatel Wireless, Inc		330
10,300		NTELOS Holdings Corp		198
29,000	e*	PAETEC Holding Corp		304
1,154,282	e*	Qwest Communications International, Inc		10,377
57,767	e*	Radio One, Inc (Class D)		373
20,736	*	RCN Corp		530
8,327	e	Salem Communications Corp (Class A)		104

199

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
25,137	*	SAVVIS, Inc	$	1,204
77,086	e*	SBA Communications Corp (Class A)		2,278
5,360	e	Shenandoah Telecom Co		252
29,018	e	Sinclair Broadcast Group, Inc (Class A)		448
31,566	e*	Spanish Broadcasting System, Inc (Class A)		126
2,116,340		Sprint Nextel Corp		40,126
9,587	e	SureWest Communications		238
16,874	e*	Syniverse Holdings, Inc		178
81,310		Telephone & Data Systems, Inc		4,848
24,161	e*	Terremark Worldwide, Inc		195
54,997	e*	TiVo, Inc		349
11,370	*	US Cellular Corp		835
18,421	e	USA Mobility, Inc		367
2,134,336		Verizon Communications, Inc		80,934
464,660	*	Viacom, Inc (Class B)		19,102
21,965	e*	Vonage Holdings Corp		76
325,759		Windstream Corp		4,785
38,447	e*	Wireless Facilities, Inc		50
223,655	e*	XM Satellite Radio Holdings, Inc (Class A)		2,890
		TOTAL COMMUNICATIONS		574,550
DEPOSITORY INSTITUTIONS - 8.06%
9,281	e	1st Source Corp		243
5,043	e	Abington Community Bancorp, Inc		100
10,688	e	Alabama National Bancorp		757
16,250	e	Amcore Financial, Inc		516
6,684	e	AmericanWest Bancorp		144
7,905	e	Ameris Bancorp		194
16,200	e	Anchor Bancorp Wisconsin, Inc		459
7,377	e	Arrow Financial Corp		165
96,885	e	Associated Banc-Corp		3,255
68,628		Astoria Financial Corp		1,825
5,016	e	Bancfirst Corp		232
7,613	e*	Bancorp, Inc		198
55,303		Bancorpsouth, Inc		1,352
5,589	e	BancTrust Financial Group, Inc		118
48,672	e	Bank Mutual Corp		553
3,347,959		Bank of America Corp		170,813
10,885	e	Bank of Granite Corp		195
38,376		Bank of Hawaii Corp		2,035
557,590		Bank of New York Co, Inc		22,610
8,348	e	Bank of the Ozarks, Inc		240
33,271	e	BankAtlantic Bancorp, Inc (Class A)		365
17,629	e	BankFinancial Corp		287
22,200	e	BankUnited Financial Corp (Class A)		471
8,647	e	Banner Corp		359
399,835		BB&T Corp		16,401
6,060	e	Berkshire Hills Bancorp, Inc		204
13,613	e*	BFC Financial Corp (Class A)		60
16,366	e	BOK Financial Corp		811
24,206	e	Boston Private Financial Holdings, Inc		676
49,152	e	Brookline Bancorp, Inc		623
6,621	e	Cadence Financial Corp		132
5,218	e	Camden National Corp		226
9,158	e	Capital City Bank Group, Inc		305
6,231	e	Capital Corp of the West		165

200

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
9,528	e	Capitol Bancorp Ltd	$	351
16,280	e	Capitol Federal Financial		616
16,258	e	Cardinal Financial Corp		162
19,846	e	Cascade Bancorp		515
4,003	e	Cass Information Systems, Inc		135
36,547	e	Cathay General Bancorp		1,242
40,600	e*	Centennial Bank Holdings, Inc		351
7,848	e	Center Financial Corp		155
6,230	e	Centerstate Banks of Florida, Inc		110
20,935	e	Central Pacific Financial Corp		766
16,601	e	Chemical Financial Corp		495
32,874	e	Chittenden Corp		992
54,766	e	Citizens Banking Corp		1,214
6,091	e	Citizens First Bancorp, Inc		139
9,310	e	City Bank		299
12,921	e	City Holding Co		523
31,838		City National Corp		2,343
8,907	e	Clifton Savings Bancorp, Inc		106
11,061	e	Coastal Financial Corp		173
10,291	e	CoBiz, Inc		205
115,310		Colonial Bancgroup, Inc		2,854
6,977	e	Columbia Bancorp		168
10,948	e	Columbia Banking System, Inc		369
117,738	e	Comerica, Inc		6,961
132,210		Commerce Bancorp, Inc		4,413
49,814	e	Commerce Bancshares, Inc		2,407
3,531	e*	Community Bancorp		109
20,690	e	Community Bank System, Inc		433
17,049	e	Community Banks, Inc		407
9,922	e	Community Trust Bancorp, Inc		359
95,615		Compass Bancshares, Inc		6,578
27,635	e	Corus Bankshares, Inc		471
43,897		Cullen/Frost Bankers, Inc		2,297
47,839	e	CVB Financial Corp		569
19,824	e	Dime Community Bancshares		262
7,041	e*	Dollar Financial Corp		178
16,567	e	Downey Financial Corp		1,069
42,390	e	East West Bancorp, Inc		1,559
5,234	e	Enterprise Financial Services Corp		147
24,890	e*	Euronet Worldwide, Inc		669
4,024	e	Farmers Capital Bank Corp		118
348,733	e	Fifth Third Bancorp		13,492
7,060	e	First Bancorp		151
48,962		First Bancorp		649
10,765	e	First Busey Corp		231
23,638		First Charter Corp		508
4,516		First Citizens Bancshares, Inc (Class A)		908
51,852	e	First Commonwealth Financial Corp		609
15,971	e	First Community Bancorp, Inc		903
6,565	e	First Community Bancshares, Inc		256
23,858	e	First Financial Bancorp		360
14,678	e	First Financial Bankshares, Inc		614
8,954	e	First Financial Corp		277
8,300	e	First Financial Holdings, Inc		287
90,481	e	First Horizon National Corp		3,758
8,910	e	First Indiana Corp		195

201

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
12,330	e	First Merchants Corp	$	292
34,833	e	First Midwest Bancorp, Inc		1,280
79,187	e	First Niagara Financial Group, Inc		1,101
10,172	e	First Place Financial Corp		218
4,965	*	First Regional Bancorp		147
18,291		First Republic Bank		982
5,157	e	First South Bancorp, Inc		158
12,414		First State Bancorporation		280
13,972	e*	FirstFed Financial Corp		794
59,714	e	FirstMerit Corp		1,261
25,530	e	Flagstar Bancorp, Inc		305
12,979	e	Flushing Financial Corp		211
43,167	e	FNB Corp		727
4,667	e	FNB Corp		167
16,647	e*	Franklin Bank Corp		297
46,892	e	Fremont General Corp		325
28,387	e	Frontier Financial Corp		708
123,318	e	Fulton Financial Corp		1,792
8,916	e	GB&T Bancshares, Inc		162
34,277	e	Glacier Bancorp, Inc		824
7,290	e	Great Southern Bancorp, Inc		213
36,753	e	Greater Bay Bancorp		988
6,221	e	Greene County Bancshares, Inc		211
19,896		Hancock Holding Co		875
27,371	e	Hanmi Financial Corp		522
19,713	e	Harleysville National Corp		351
10,342	e	Heartland Financial USA, Inc		277
8,209		Heritage Commerce Corp		209
4,522	e	Home Federal Bancorp, Inc		70
8,546	e	Horizon Financial Corp		189
428,775	e	Hudson City Bancorp, Inc		5,866
182,131	e	Huntington Bancshares, Inc		3,980
6,962	e	IBERIABANK Corp		388
9,704	e	Independent Bank Corp		320
16,011	e	Independent Bank Corp		326
54,000	e	IndyMac Bancorp, Inc		1,731
12,591		Integra Bank Corp		281
32,243	e	International Bancshares Corp		957
3,408	e*	Intervest Bancshares Corp		98
37,852	*	Investors Bancorp, Inc		547
49,694		Investors Financial Services Corp		2,890
15,442	e	Irwin Financial Corp		288
3,467	e	ITLA Capital Corp		180
2,549,154		JPMorgan Chase & Co		123,328
14,732	e	Kearny Financial Corp		212
295,842	e	Keycorp		11,085
22,471		KNBT Bancorp, Inc		331
13,136	e	Lakeland Bancorp, Inc		178
8,565	e	Lakeland Financial Corp		194
56,260	e	M&T Bank Corp		6,517
10,326	e	Macatawa Bank Corp		190
23,701		MAF Bancorp, Inc		980
11,504	e	MainSource Financial Group, Inc		195
185,640		Marshall & Ilsley Corp		8,597
20,931		MB Financial, Inc		754
9,839	e	MBT Financial Corp		127

202

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
300,556		Mellon Financial Corp	$	12,966
5,125		Mercantile Bank Corp		166
4,987	e	MetroCorp Bancshares, Inc		106
15,609	e	Mid-State Bancshares		573
11,521	e	Midwest Banc Holdings, Inc		204
15,140	e	Nara Bancorp, Inc		265
1,893	e	NASB Financial, Inc		66
447,661	e	National City Corp		16,675
34,239	e	National Penn Bancshares, Inc		647
24,427	e	NBT Bancorp, Inc		572
34,157	e*	Net 1 UEPS Technologies, Inc		850
31,499	e*	NetBank, Inc		70
218,950	e	New York Community Bancorp, Inc		3,851
78,754	e	NewAlliance Bancshares, Inc		1,277
159,276		Northern Trust Corp		9,579
12,217	e	Northwest Bancorp, Inc		331
6,026	e	OceanFirst Financial Corp		105
50,588	e	Old National Bancorp		920
8,710	e	Old Second Bancorp, Inc		239
8,719	e	Omega Financial Corp		249
17,777		Oriental Financial Group, Inc		209
33,369	e	Pacific Capital Bancorp		1,072
9,214	e	Park National Corp		870
34,547	e	Partners Trust Financial Group, Inc		395
5,884	e	Pennfed Financial Services, Inc		128
6,808	e	Peoples Bancorp, Inc		180
41,197	e	People's Bank		1,829
17,415		PFF Bancorp, Inc		528
10,869	e*	Pinnacle Financial Partners, Inc		332
8,230		Placer Sierra Bancshares		223
254,461		PNC Financial Services Group, Inc		18,314
202,543		Popular, Inc		3,354
4,336		Preferred Bank		170
9,582	e	Premierwest Bancorp		129
12,613	e	PrivateBancorp, Inc		461
23,642	e	Prosperity Bancshares, Inc		821
25,227	e	Provident Bankshares Corp		829
53,846	e	Provident Financial Services, Inc		940
30,181	e	Provident New York Bancorp		427
4,843	e	QC Holdings, Inc		64
535,582	e	Regions Financial Corp		18,944
10,908	e	Renasant Corp		269
6,105	e	Republic Bancorp, Inc (Class A)		138
6,115	e	Rockville Financial, Inc		92
3,344	e	Royal Bancshares of Pennsylvania (Class A)		79
20,998	e	S&T Bancorp, Inc		694
8,198	e	S.Y. Bancorp, Inc		204
9,617	e	Sandy Spring Bancorp, Inc		333
4,873		Santander BanCorp		86
5,836	e	SCBT Financial Corp		212
9,460	e	Seacoast Banking Corp of Florida		214
10,334	e	Security Bank Corp		208
6,056	e	Shore Bancshares, Inc		160
3,786	e	Sierra Bancorp		106
20,862	*	Signature Bank		679
9,660	e	Simmons First National Corp (Class A)		290

203

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
70,064		Sky Financial Group, Inc	$	1,882
6,087	e	Smithtown Bancorp, Inc		158
53,177		South Financial Group, Inc		1,315
7,964	e	Southside Bancshares, Inc		182
9,257		Southwest Bancorp, Inc		238
288,300	e	Sovereign Bancorp, Inc		7,334
243,157		State Street Corp		15,744
13,290		Sterling Bancorp		241
48,597	e	Sterling Bancshares, Inc		543
17,306	e	Sterling Financial Corp		384
34,680		Sterling Financial Corp		1,082
7,140	e	Suffolk Bancorp		230
8,334	e*	Sun Bancorp, Inc		155
266,191	e	SunTrust Banks, Inc		22,104
11,742	e*	Superior Bancorp		127
34,534	e	Susquehanna Bancshares, Inc		801
25,915	e*	SVB Financial Group		1,259
199,883		Synovus Financial Corp		6,464
4,565	e	Taylor Capital Group, Inc		160
98,216		TCF Financial Corp		2,589
74,865		TD Banknorth, Inc		2,408
16,293	e*	Texas Capital Bancshares, Inc		334
14,873		TierOne Corp		402
6,413	e	Tompkins Trustco, Inc		268
9,919	e	Trico Bancshares		235
51,426	e	Trustco Bank Corp NY		493
34,436	e	Trustmark Corp		966
67,163	e	UCBH Holdings, Inc		1,251
24,432	e	UMB Financial Corp		922
39,940	e	Umpqua Holdings Corp		1,069
8,916	e	Union Bankshares Corp		231
40,776	e	UnionBanCal Corp		2,586
27,662	e	United Bankshares, Inc		969
24,124	e	United Community Banks, Inc		791
18,456	e	United Community Financial Corp		204
5,067	e	United Security Bancshares		97
7,380	e	Univest Corp of Pennsylvania		183
1,303,253		US Bancorp		45,575
8,850	e	USB Holding Co, Inc		201
81,802	e	Valley National Bancorp		2,065
5,377	e	Vineyard National Bancorp		124
11,237	e*	Virginia Commerce Bancorp		243
6,936	e	Virginia Financial Group, Inc		180
75,924	e	W Holding Co, Inc		380
1,380,360		Wachovia Corp		75,989
62,928		Washington Federal, Inc		1,476
646,056	e	Washington Mutual, Inc		26,088
8,575	e	Washington Trust Bancorp, Inc		230
7,507	e*	Wauwatosa Holdings, Inc		131
40,642		Webster Financial Corp		1,951
2,458,228		Wells Fargo & Co		84,637
15,679	e	WesBanco, Inc		484
11,639	e	West Bancorporation, Inc		176
10,009	e	West Coast Bancorp		320
23,845	e	Westamerica Bancorporation		1,149
9,370	e*	Western Alliance Bancorp		291

204

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
560,276		Western Union Co	$	12,298
10,962		Westfield Financial, Inc		118
46,684		Whitney Holding Corp		1,427
11,119	e	Willow Grove Bancorp, Inc		143
51,413	e	Wilmington Trust Corp		2,168
9,638	e	Wilshire Bancorp, Inc		158
17,249	e	Wintrust Financial Corp		769
4,467		WSFS Financial Corp		288
6,959	e	Yardville National Bancorp		253
78,574		Zions Bancorporation		6,641
		TOTAL DEPOSITORY INSTITUTIONS		926,100
EATING AND DRINKING PLACES - 0.94%
18,260	e*	AFC Enterprises		366
57,337		Applebees International, Inc		1,421
9,771	e*	BJ's Restaurants, Inc		206
24,778	e	Bob Evans Farms, Inc		916
90,265		Brinker International, Inc		2,952
4,688	e*	Buffalo Wild Wings, Inc		299
17,919	e	Burger King Holdings, Inc		387
13,696	e*	California Pizza Kitchen, Inc		450
19,246	e	CBRL Group, Inc		891
24,364	e*	CEC Entertainment, Inc		1,012
60,082	e*	Cheesecake Factory		1,601
19,601	e*	Chipotle Mexican Grill, Inc (Class B)		1,125
55,048		CKE Restaurants, Inc		1,038
23,913	e*	Cosi, Inc		133
108,489	e	Darden Restaurants, Inc		4,469
75,312	*	Denny's Corp		369
30,059	*	Domino's Pizza, Inc		976
13,878	e	IHOP Corp		814
26,757	*	Jack in the Box, Inc		1,850
39,881	e*	Krispy Kreme Doughnuts, Inc		406
12,903	e	Landry's Restaurants, Inc		382
15,891	e*	Luby's, Inc		155
8,310	e*	McCormick & Schmick's Seafood Restaurants, Inc		223
898,185	e	McDonald's Corp		40,463
7,205	e*	Morton's Restaurant Group, Inc		128
14,289	*	O'Charleys, Inc		276
48,107		OSI Restaurant Partners, Inc		1,900
17,432	e*	Papa John's International, Inc		513
20,715	e*	PF Chang's China Bistro, Inc		868
25,931	e*	Rare Hospitality International, Inc		780
11,853	e*	Red Robin Gourmet Burgers, Inc		460
43,367	e	Ruby Tuesday, Inc		1,240
10,929	e*	Ruth's Chris Steak House, Inc		223
55,446	e*	Sonic Corp		1,235
562,672	*	Starbucks Corp		17,645
19,171	e*	Steak N Shake Co		322
37,299	e*	Texas Roadhouse, Inc (Class A)		532
138,710	e	Tim Hortons, Inc		4,220
43,886	e	Triarc Cos (Class B)		754
70,607	e	Wendy's International, Inc		2,210
198,268		Yum! Brands, Inc		11,452
		TOTAL EATING AND DRINKING PLACES		107,662

205

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
EDUCATIONAL SERVICES - 0.13%
101,988	*	Apollo Group, Inc (Class A)	$	4,477
72,830	e*	Career Education Corp		2,221
62,840	e*	Corinthian Colleges, Inc		864
47,765	e	DeVry, Inc		1,402
12,416	e*	Educate, Inc		95
31,812	*	ITT Educational Services, Inc		2,593
32,368	*	Laureate Education, Inc		1,909
3,041	e*	Lincoln Educational Services Corp		43
10,353		Strayer Education, Inc		1,294
14,801	e*	Universal Technical Institute, Inc		342
		TOTAL EDUCATIONAL SERVICES		15,240
ELECTRIC, GAS, AND SANITARY SERVICES - 4.36%
481,005	*	AES Corp		10,351
57,109		AGL Resources, Inc		2,440
120,051	*	Allegheny Energy, Inc		5,899
17,427	e	Allete, Inc		813
87,491	e	Alliant Energy Corp		3,921
183,784	e*	Allied Waste Industries, Inc		2,314
150,954		Ameren Corp		7,593
10,902	e	American Ecology Corp		209
287,837		American Electric Power Co, Inc		14,032
11,397	e	American States Water Co		420
95,891		Aqua America, Inc		2,153
276,036	e*	Aquila, Inc		1,154
62,577		Atmos Energy Corp		1,957
35,312	e	Avista Corp		856
23,485	e	Black Hills Corp		864
11,807	e	California Water Service Group		453
8,600	e	Cascade Natural Gas Corp		227
13,533	*	Casella Waste Systems, Inc (Class A)		132
225,760	e	Centerpoint Energy, Inc		4,050
13,300	e	CH Energy Group, Inc		648
11,577	e*	Clean Harbors, Inc		524
40,584		Cleco Corp		1,048
164,225	e	CMS Energy Corp		2,923
179,482	e	Consolidated Edison, Inc		9,164
131,639		Constellation Energy Group, Inc		11,446
85,275	e*	Covanta Holding Corp		1,891
22,377	e	Crosstex Energy, Inc		643
254,413	e	Dominion Resources, Inc		22,584
85,892	e	DPL, Inc		2,670
129,822		DTE Energy Co		6,219
903,314	e	Duke Energy Corp		18,328
62,246	e	Duquesne Light Holdings, Inc		1,232
287,140	*	Dynegy, Inc (Class A)		2,659
236,750		Edison International		11,632
508,451		El Paso Corp		7,357
37,424	e*	El Paso Electric Co		986
21,443		Empire District Electric Co		532
54,095		Energen Corp		2,753
110,044		Energy East Corp		2,681
4,326	e	EnergySouth, Inc		181
152,411		Entergy Corp		15,991
488,464		Exelon Corp		33,562

206

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
241,259		FirstEnergy Corp	$	15,981
296,406		FPL Group, Inc		18,131
58,400	e	Great Plains Energy, Inc		1,895
59,766	e	Hawaiian Electric Industries, Inc		1,553
31,800		Idacorp, Inc		1,076
55,880		Integrys Energy Group, Inc		3,102
13,100	e	ITC Holdings Corp		567
129,643	e	KeySpan Corp		5,335
78,658		Kinder Morgan, Inc		8,373
14,800	e	Laclede Group, Inc		460
4,287	e	Markwest Hydrocarbon, Inc		266
131,012	e	MDU Resources Group, Inc		3,765
20,394		Metal Management, Inc		942
14,002	e	MGE Energy, Inc		497
190,246	*	Mirant Corp		7,697
62,417	e	National Fuel Gas Co		2,700
20,377	e	New Jersey Resources Corp		1,020
34,041	e	Nicor, Inc		1,648
201,886	e	NiSource, Inc		4,934
114,653		Northeast Utilities		3,757
19,700	e	Northwest Natural Gas Co		900
24,616		NorthWestern Corp		872
92,458	e*	NRG Energy, Inc		6,661
77,992	e	NSTAR		2,739
68,381		OGE Energy Corp		2,653
83,507		Oneok, Inc		3,758
4,962	e	Ormat Technologies, Inc		208
19,998	e	Otter Tail Corp		685
140,856		Pepco Holdings, Inc		4,088
253,602		PG&E Corp		12,241
7,790	e*	Pico Holdings, Inc		333
56,071		Piedmont Natural Gas Co, Inc		1,479
9,700	e*	Pike Electric Corp		175
73,090	e	Pinnacle West Capital Corp		3,527
51,193	e*	Plug Power, Inc		162
57,542		PNM Resources, Inc		1,859
18,623	e	Portland General Electric Co		544
278,542		PPL Corp		11,392
186,345	e	Progress Energy, Inc		9,399
34,100	m,v*	Progress Energy, Inc		-	^
183,949		Public Service Enterprise Group, Inc		15,275
86,007		Puget Energy, Inc		2,209
61,986		Questar Corp		5,530
249,035	*	Reliant Energy, Inc		5,060
130,414	e	Republic Services, Inc		3,628
10,949		Resource America, Inc (Class A)		259
85,539	e	SCANA Corp		3,693
187,818		Sempra Energy		11,459
164,980	*	Sierra Pacific Resources		2,867
10,436	e	SJW Corp		423
20,851	e	South Jersey Industries, Inc		793
543,700	e	Southern Co		19,927
80,787		Southern Union Co		2,455
28,345		Southwest Gas Corp		1,102
16,033	e	Southwest Water Co		231
32,405	e*	Stericycle, Inc		2,641

207

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
43,822	e	Synagro Technologies, Inc	$	250
153,975		TECO Energy, Inc		2,650
333,870		TXU Corp		21,401
75,102		UGI Corp		2,006
16,909		UIL Holdings Corp		587
27,250	e	Unisource Energy Corp		1,023
55,079	e	Vectren Corp		1,575
51,135	e*	Waste Connections, Inc		1,531
3,755		Waste Industries USA, Inc		103
19,253	e*	Waste Services, Inc		191
63,646	e	Westar Energy, Inc		1,752
34,425	e	WGL Holdings, Inc		1,101
435,284		Williams Cos, Inc		12,388
87,426		Wisconsin Energy Corp		4,242
297,848	e	Xcel Energy, Inc		7,354
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		500,572
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 5.94%
7,400	e*	Acme Packet, Inc		109
22,958	e*	Actel Corp		379
32,485		Acuity Brands, Inc		1,768
82,321	*	Adaptec, Inc		319
91,907	e*	ADC Telecommunications, Inc		1,539
48,307		Adtran, Inc		1,176
25,828	e*	Advanced Analogic Technologies, Inc		170
23,059	*	Advanced Energy Industries, Inc		485
402,604	e*	Advanced Micro Devices, Inc		5,258
50,885	e*	Aeroflex, Inc		669
125,328	*	Agere Systems, Inc		2,835
262,896	e	Altera Corp		5,255
22,354	e*	American Superconductor Corp		301
80,110	e	Ametek, Inc		2,767
30,350	*	AMIS Holdings, Inc		332
74,799	e*	Amkor Technology, Inc		933
66,852	e	Amphenol Corp (Class A)		4,317
34,135	e*	Anadigics, Inc		403
248,260		Analog Devices, Inc		8,562
124,649	e*	Andrew Corp		1,320
621,204	*	Apple Computer, Inc		57,716
215,447	*	Applied Micro Circuits Corp		786
78,929	*	Arris Group, Inc		1,111
43,603	e*	Atheros Communications, Inc		1,043
331,967	*	Atmel Corp		1,670
25,930	e*	ATMI, Inc		793
119,087	e*	Avanex Corp		213
91,286	e*	Avnet, Inc		3,299
34,410		AVX Corp		523
32,362		Baldor Electric Co		1,221
7,316	e	Bel Fuse, Inc (Class B)		283
55,150	e*	Benchmark Electronics, Inc		1,139
39,879	e*	Bookham, Inc		91
330,478	*	Broadcom Corp (Class A)		10,598
297,660	*	Brocade Communications Systems, Inc		2,834
15,961	*	CalAmp Corp		138
74,524	e*	Capstone Turbine Corp		79
14,680	e*	Carrier Access Corp		75

208

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
33,107	e*	C-COR, Inc	$	459
22,082	e*	Ceradyne, Inc		1,209
27,817	e*	Checkpoint Systems, Inc		658
19,747	e*	China BAK Battery, Inc		64
64,323	e*	Ciena Corp		1,798
4,479,296	*	Cisco Systems, Inc		114,356
9,288	e*	Color Kinetics, Inc		180
15,327	e*	Comtech Telecommunications Corp		594
352,109	e*	Conexant Systems, Inc		581
5,037	*	CPI International, Inc		97
60,981	e*	Cree, Inc		1,004
23,637		CTS Corp		327
14,434	e	Cubic Corp		312
99,731	*	Cypress Semiconductor Corp		1,850
14,124	e*	Diodes, Inc		492
6,977	e*	Directed Electronics, Inc		63
31,325	e*	Ditech Networks, Inc		254
28,077	*	Dolby Laboratories, Inc (Class A)		969
21,955	e*	DSP Group, Inc		417
10,894	e*	DTS, Inc		264
23,062	e*	Electro Scientific Industries, Inc		444
25,991	e*	Emcore Corp		130
600,558		Emerson Electric Co		25,878
10,542	e*	EMS Technologies, Inc		203
43,912	e*	Energizer Holdings, Inc		3,747
31,709	e*	Energy Conversion Devices, Inc		1,108
31,307	e*	EnerSys		538
47,369	e*	Evergreen Solar, Inc		462
25,111	e*	Exar Corp		332
85,596	e*	Fairchild Semiconductor International, Inc		1,431
166,394	e*	Finisar Corp		582
16,083	e*	First Solar, Inc		836
16,105	e	Franklin Electric Co, Inc		749
37,000	e*	FuelCell Energy, Inc		291
168,527	*	Gemstar-TV Guide International, Inc		706
17,954	*	Genlyte Group, Inc		1,267
69,879	e*	GrafTech International Ltd		635
16,954	e*	Greatbatch, Inc		432
48,695	e	Harman International Industries, Inc		4,679
54,755	e*	Harmonic, Inc		538
99,954	e	Harris Corp		5,093
72,763	e*	Hexcel Corp		1,444
9,138	*	Hittite Microwave Corp		367
605,453		Honeywell International, Inc		27,887
16,902	e*	Hutchinson Technology, Inc		395
8,150	e*	ID Systems, Inc		98
14,709	e*	Ikanos Communications, Inc		114
24,375		Imation Corp		984
148,627	*	Integrated Device Technology, Inc		2,292
4,257,052		Intel Corp		81,437
38,828	e*	Interdigital Communications Corp		1,230
50,270	e*	International Rectifier Corp		1,921
100,792		Intersil Corp (Class A)		2,670
13,338	e	Inter-Tel, Inc		315
28,293	e*	InterVoice, Inc		188
7,978	e*	iRobot Corp		104

209

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
16,725	e*	IXYS Corp	$	171
38,677	e*	Jarden Corp		1,481
152,551	e*	JDS Uniphase Corp		2,323
66,338	*	Kemet Corp		507
87,515		L-3 Communications Holdings, Inc		7,655
9,858	e*	Lamson & Sessions Co		274
81,127	e*	Lattice Semiconductor Corp		475
29,989	e	Lincoln Electric Holdings, Inc		1,786
221,233	e	Linear Technology Corp		6,989
17,104	e*	Littelfuse, Inc		694
8,072	*	Loral Space & Communications, Inc		411
12,960	e	LSI Industries, Inc		217
287,921	e*	LSI Logic Corp		3,006
37,299	*	Mattson Technology, Inc		339
233,183		Maxim Integrated Products, Inc		6,856
10,311	e*	Maxwell Technologies, Inc		129
14,709	e*	Medis Technologies Ltd		249
108,375	*	MEMC Electronic Materials, Inc		6,565
13,858	*	Mercury Computer Systems, Inc		192
23,004	e	Methode Electronics, Inc		340
52,075	*	Micrel, Inc		574
155,745	e	Microchip Technology, Inc		5,534
514,474	e*	Micron Technology, Inc		6,215
55,954	e*	Microsemi Corp		1,164
45,471	e*	Microtune, Inc		187
78,136	e*	Mindspeed Technologies, Inc		170
33,720	e*	MIPS Technologies, Inc		301
21,021	e*	Mobility Electronics, Inc		65
98,307	e	Molex, Inc		2,772
15,444	e*	Monolithic Power Systems, Inc		199
25,239	e*	Moog, Inc (Class A)		1,051
16,612	e*	MoSys, Inc		140
1,804,881		Motorola, Inc		31,892
89,555	e*	MRV Communications, Inc		318
6,600	e*	Multi-Fineline Electronix, Inc		101
3,138	e	National Presto Industries, Inc		193
239,672		National Semiconductor Corp		5,786
12,200	m,v*	NCP Litigation Trust		-	^
11,165	e*	Netlogic Microsystems, Inc		297
274,261	*	Network Appliance, Inc		10,016
90,589	e*	Novellus Systems, Inc		2,901
254,885	*	Nvidia Corp		7,336
46,161	e*	Omnivision Technologies, Inc		598
100,391	e*	ON Semiconductor Corp		895
68,043	e*	Openwave Systems, Inc		555
9,902	*	Oplink Communications, Inc		178
11,903	e*	Optical Communication Products, Inc		16
8,504	e*	OSI Systems, Inc		225
13,852	e	Park Electrochemical Corp		376
13,058	e*	Parkervision, Inc		173
14,362	e*	Pericom Semiconductor Corp		141
29,346	*	Photronics, Inc		456
33,939	e	Plantronics, Inc		802
32,750	e*	Plexus Corp		562
15,100	e*	PLX Technology, Inc		147
165,997	e*	PMC - Sierra, Inc		1,164

210

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
66,237	e*	Polycom, Inc	$	2,208
3,961	*	Powell Industries, Inc		127
51,516	e*	Power-One, Inc		295
96,435	e*	Powerwave Technologies, Inc		549
119,151	*	QLogic Corp		2,026
1,226,662		Qualcomm, Inc		52,329
42,142	e*	Quantum Fuel Systems Technologies Worldwide, Inc		51
100,216	e	RadioShack Corp		2,709
12,522	e*	Radyne Corp		114
67,206	e*	Rambus, Inc		1,428
11,399	e	Raven Industries, Inc		320
24,063	e	Regal-Beloit Corp		1,116
152,411	e*	RF Micro Devices, Inc		950
12,342	e*	Rogers Corp		547
385,770	*	Sanmina-SCI Corp		1,397
52,119	e*	Semtech Corp		703
56,384	*	Silicon Image, Inc		460
35,139	*	Silicon Laboratories, Inc		1,051
72,899	e*	Silicon Storage Technology, Inc		359
17,679	e*	Sirenza Microdevices, Inc		152
1,037,535	e*	Sirius Satellite Radio, Inc		3,320
128,887	e*	Skyworks Solutions, Inc		741
65,116	e*	Spansion, Inc (Class A)		794
28,315	e*	Spectrum Brands, Inc		179
7,603	e*	Staktek Holdings, Inc		25
14,503	*	Standard Microsystems Corp		443
7,800	e*	Sunpower Corp (Class A)		355
8,595	e*	Supertex, Inc		285
129,793	e*	Sycamore Networks, Inc		485
35,188	e*	Symmetricom, Inc		292
17,207	e*	Synaptics, Inc		440
30,703		Technitrol, Inc		804
38,663	e*	Tekelec		576
30,917		Teleflex, Inc		2,105
332,817	*	Tellabs, Inc		3,295
35,312	e*	Tessera Technologies, Inc		1,403
1,058,335		Texas Instruments, Inc		31,856
43,626	*	Thomas & Betts Corp		2,130
141,203	e*	Transmeta Corp		81
71,856	e*	Transwitch Corp		114
46,194	*	Trident Microsystems, Inc		927
105,731	e*	Triquint Semiconductor, Inc		529
32,309	e*	TTM Technologies, Inc		308
16,474	e*	Universal Display Corp		249
8,900	e*	Universal Electronics, Inc		248
92,381	e*	Utstarcom, Inc		766
40,586	e*	Varian Semiconductor Equipment Associates, Inc		2,167
15,575	*	Viasat, Inc		514
12,845	e	Vicor Corp		129
9,190	e*	Virage Logic Corp		67
127,423	e*	Vishay Intertechnology, Inc		1,781
13,179	e*	Volterra Semiconductor Corp		172
52,762	e	Whirlpool Corp		4,480
249,857	e	Xilinx, Inc		6,429
61,727	e*	Zhone Technologies, Inc		77
9,976	e*	Zoltek Cos, Inc		349

211

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
35,864	*	Zoran Corp	$	610
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		682,559
ENGINEERING AND MANAGEMENT SERVICES - 0.74%
13,465	e*	Advisory Board Co		682
84,204	e*	Amylin Pharmaceuticals, Inc		3,146
54,636	*	Applera Corp (Celera Genomics Group)		776
40,510	e*	Ariad Pharmaceuticals, Inc		182
7,981		CDI Corp		231
272,034	e*	Celgene Corp		14,271
8,356	e*	Cornell Cos, Inc		169
29,566		Corporate Executive Board Co		2,246
8,400	e*	CRA International, Inc		438
33,088	e*	CV Therapeutics, Inc		260
47,351	e*	deCODE genetics, Inc		173
20,365	e	Diamond Management & Technology Consultants, Inc		238
21,511	e*	Diversa Corp		168
35,921	e*	eResearch Technology, Inc		282
65,374	e*	Exelixis, Inc		650
11,236	*	Exponent, Inc		224
15,341	e*	First Consulting Group, Inc		140
63,532		Fluor Corp		5,700
36,978	*	Gen-Probe, Inc		1,741
31,752	e*	Harris Interactive, Inc		191
83,358	*	Hewitt Associates, Inc (Class A)		2,437
12,264	*	Huron Consulting Group, Inc		746
60,816	e*	Incyte Corp		401
18,937	*	Infrasource Services, Inc		578
46,982	*	Isis Pharmaceuticals, Inc		436
85,360	e*	Jacobs Engineering Group, Inc		3,982
20,700	e*	KBR, Inc		421
8,794	e*	Kendle International, Inc		312
6,175	e	Landauer, Inc		312
17,070	*	LECG Corp		247
41,063	e*	Lexicon Genetics, Inc		149
26,264	e*	Lifecell Corp		656
22,750	e*	Luminex Corp		312
15,124	e	MAXIMUS, Inc		521
16,427	e*	Maxygen, Inc		183
82,896	e*	Monogram Biosciences, Inc		161
177,745	e	Moody's Corp		11,031
7,000	e*	MTC Technologies, Inc		147
28,265	e*	Myriad Genetics, Inc		974
32,376	e*	Navigant Consulting, Inc		640
19,062	e*	Omnicell, Inc		399
245,652		Paychex, Inc		9,303
14,301	e*	PharmaNet Development Group, Inc		372
115,164	e	Quest Diagnostics, Inc		5,743
32,524	e*	Regeneron Pharmaceuticals, Inc		703
97,295	e*	Rentech, Inc		305
32,857	e*	Resources Connection, Inc		1,051
17,806	e*	Rigel Pharmaceuticals, Inc		193
68,000	e*	SAIC, Inc		1,178
19,255	e*	Sangamo Biosciences, Inc		131
36,415	e*	Savient Pharmaceuticals, Inc		438
21,388	e*	Senomyx, Inc		265

212

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
56,724	e*	Shaw Group, Inc	$	1,774
24,068	e*	Symyx Technologies, Inc		426
7,624	e*	Tejon Ranch Co		361
35,223	e*	Telik, Inc		191
38,899	e*	Tetra Tech, Inc		741
10,112	e*	Trimeris, Inc		70
36,325	*	URS Corp		1,547
20,925	*	Washington Group International, Inc		1,390
32,046		Watson Wyatt & Co Holdings (Class A)		1,559
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		84,694
ENVIRONMENTAL QUALITY AND HOUSING - 0.00%**
40,288	e*	Home Solutions of America, Inc		191
		TOTAL ENVIRONMENTAL QUALITY AND HOUSING		191
FABRICATED METAL PRODUCTS - 0.41%
25,734	*	Alliant Techsystems, Inc		2,263
6,162	e	Ameron International Corp		406
25,208	e	Aptargroup, Inc		1,687
75,224		Ball Corp		3,449
4,977	e*	Chart Industries, Inc		90
11,232	e	CIRCOR International, Inc		401
86,652		Commercial Metals Co		2,717
13,231	*	Commercial Vehicle Group, Inc		273
2,198	e	Compx International, Inc		35
40,368	e	Crane Co		1,632
124,765	e*	Crown Holdings, Inc		3,052
8,340	e*	Dynamic Materials Corp		273
20,133	e*	Griffon Corp		498
9,089	e	Gulf Island Fabrication, Inc		243
365,261		Illinois Tool Works, Inc		18,847
10,094	e	Insteel Industries, Inc		169
9,968	e*	Ladish Co, Inc		375
8,117		Lifetime Brands, Inc		170
25,129	e*	Mobile Mini, Inc		673
80,964	e	Mueller Water Products, Inc (Class A)		1,118
15,669	e*	NCI Building Systems, Inc		748
71,324		Pentair, Inc		2,222
3,628	e	Shiloh Industries, Inc		41
16,406		Silgan Holdings, Inc		839
26,264	e	Simpson Manufacturing Co, Inc		810
20,492	e*	Smith & Wesson Holding Corp		268
43,702		Snap-On, Inc		2,102
44,785	e*	Taser International, Inc		360
13,461	e	Valmont Industries, Inc		778
23,144	e	Watts Water Technologies, Inc (Class A)		880
		TOTAL FABRICATED METAL PRODUCTS		47,419
FOOD AND KINDRED PRODUCTS - 2.80%
5,017	e*	Altus Pharmaceuticals, Inc		76
563,803		Anheuser-Busch Cos, Inc		28,449
477,924		Archer Daniels Midland Co		17,540
6,482	e*	Boston Beer Co, Inc (Class A)		216
166,648		Campbell Soup Co		6,491
2,568	e	Coca-Cola Bottling Co Consolidated		145
1,490,934		Coca-Cola Co		71,565

213

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
227,848	e	Coca-Cola Enterprises, Inc	$	4,614
381,963		ConAgra Foods, Inc		9,515
144,083	*	Constellation Brands, Inc (Class A)		3,052
57,160		Corn Products International, Inc		2,034
43,973	e*	Darling International, Inc		286
152,685	e	Del Monte Foods Co		1,753
11,033	e	Diamond Foods, Inc		184
5,320	e	Farmer Bros Co		121
36,792	e	Flowers Foods, Inc		1,110
261,661		General Mills, Inc		15,234
245,860	e	H.J. Heinz Co		11,585
45,520	e*	Hansen Natural Corp		1,724
130,345	e	Hershey Co		7,125
53,755		Hormel Foods Corp		1,999
8,158	e	Imperial Sugar Co		273
9,626		J&J Snack Foods Corp		380
41,124		J.M. Smucker Co		2,193
15,444	e*	Jones Soda Co		312
182,364		Kellogg Co		9,379
156,558	e	Kraft Foods, Inc (Class A)		4,957
17,410	e	Lancaster Colony Corp		769
20,449	e	Lance, Inc		414
6,664	e*	M&F Worldwide Corp		317
97,528		McCormick & Co, Inc		3,757
6,584	e	MGP Ingredients, Inc		134
38,603		Molson Coors Brewing Co (Class B)		3,653
4,670	*	National Beverage Corp		82
9,395	e*	Peet's Coffee & Tea, Inc		259
102,440	e	Pepsi Bottling Group, Inc		3,267
46,280	e	PepsiAmericas, Inc		1,033
1,212,283		PepsiCo, Inc		77,053
24,523	e*	Performance Food Group Co		757
9,865		Premium Standard Farms, Inc		208
20,114	e*	Ralcorp Holdings, Inc		1,293
11,750	e	Reddy Ice Holdings, Inc		355
12,303	e	Sanderson Farms, Inc		456
555,659		Sara Lee Corp		9,402
75,111	e*	Smithfield Foods, Inc		2,250
26,158	e	Tootsie Roll Industries, Inc		784
24,314	e	Topps Co, Inc		236
20,712	e*	TreeHouse Foods, Inc		631
167,821		Tyson Foods, Inc (Class A)		3,257
171,834	e	Wrigley (Wm.) Jr Co		8,751
		TOTAL FOOD AND KINDRED PRODUCTS		321,430
FOOD STORES - 0.26%
837	e	Arden Group, Inc (Class A)		112
15,623	e	Great Atlantic & Pacific Tea Co, Inc		518
6,684	e	Ingles Markets, Inc (Class A)		273
526,721		Kroger Co		14,880
23,279	e*	Panera Bread Co (Class A)		1,375
17,939	*	Pantry, Inc		811
36,728	*	Pathmark Stores, Inc		470
26,048		Ruddick Corp		783
149,082		Supervalu, Inc		5,825
1,163	e	Village Super Market (Class A)		111

214

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
6,734	e	Weis Markets, Inc	$	301
102,095	e	Whole Foods Market, Inc		4,579
19,665	e*	Wild Oats Markets, Inc		358
		TOTAL FOOD STORES		30,396
FORESTRY - 0.13%
56,228		Rayonier, Inc		2,418
164,506	e	Weyerhaeuser Co		12,295
		TOTAL FORESTRY		14,713
FURNITURE AND FIXTURES - 0.31%
23,968	e	Ethan Allen Interiors, Inc		847
38,347	e	Furniture Brands International, Inc		605
49,639		Herman Miller, Inc		1,662
45,834		Hillenbrand Industries, Inc		2,721
37,699	e	HNI Corp		1,732
7,413	e	Hooker Furniture Corp		149
33,100		Interface, Inc (Class A)		529
143,072		Johnson Controls, Inc		13,538
18,600		Kimball International, Inc (Class B)		359
36,828	e	La-Z-Boy, Inc		456
129,694	e	Leggett & Platt, Inc		2,940
289,409		Masco Corp		7,930
14,380	e	Sealy Corp		251
39,114	e*	Select Comfort Corp		696
8,845	e	Stanley Furniture Co, Inc		184
35,213	e	Tempur-Pedic International, Inc		915
21,020	e*	Williams Scotsman International, Inc		413
		TOTAL FURNITURE AND FIXTURES		35,927
FURNITURE AND HOMEFURNISHINGS STORES - 0.20%
205,062	*	Bed Bath & Beyond, Inc		8,237
126,367	e	Circuit City Stores, Inc		2,342
18,188	e*	Cost Plus, Inc		182
96,210	*	GameStop Corp (Class A)		3,133
21,760	e*	Guitar Center, Inc		982
16,062	e	Haverty Furniture Cos, Inc		225
23,773		Knoll, Inc		566
37,412	e*	Mohawk Industries, Inc		3,070
64,355	e*	Pier 1 Imports, Inc		445
32,572	e*	Restoration Hardware, Inc		214
56,483	e	Steelcase, Inc (Class A)		1,123
21,617	e	Tuesday Morning Corp		321
68,390	e	Williams-Sonoma, Inc		2,425
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		23,265
GENERAL BUILDING CONTRACTORS - 0.30%
1,271	e	Amrep Corp		98
3,890	e*	Avatar Holdings, Inc		278
31,244	e	Beazer Homes USA, Inc		907
9,928	e	Brookfield Homes Corp		319
4,552	e*	Cavco Industries, Inc		159
88,263	e	Centex Corp		3,688
227,511		DR Horton, Inc		5,005
38,317	e*	Hovnanian Enterprises, Inc (Class A)		964
57,634	e	KB Home		2,459

215

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
96,790		Lennar Corp (Class A)	$	4,085
13,102	e	Levitt Corp (Class A)		122
9,603	e	M/I Homes, Inc		255
15,428	e	McGrath RentCorp		489
24,302	e	MDC Holdings, Inc		1,168
16,766	e*	Meritage Homes Corp		538
3,299	e*	NVR, Inc		2,194
11,355	*	Palm Harbor Homes, Inc		163
15,587	*	Perini Corp		574
151,231		Pulte Homes, Inc		4,002
32,537	e	Ryland Group, Inc		1,373
48,228		Standard-Pacific Corp		1,007
4,378	e*	Team, Inc		167
11,826	e	Technical Olympic USA, Inc		47
91,725	e*	Toll Brothers, Inc		2,511
37,809	e	Walter Industries, Inc		936
33,372	e*	WCI Communities, Inc		712
		TOTAL GENERAL BUILDING CONTRACTORS		34,220
GENERAL MERCHANDISE STORES - 1.75%
31,592	e*	99 Cents Only Stores		465
84,652	e*	Big Lots, Inc		2,648
47,906	e*	BJ's Wholesale Club, Inc		1,621
3,353	e	Bon-Ton Stores, Inc		189
21,144	*	Cabela's, Inc		525
35,721	e	Casey's General Stores, Inc		893
4,489	e*	Conn's, Inc		111
344,639	e	Costco Wholesale Corp		18,555
45,125	e	Dillard's, Inc (Class A)		1,477
224,362		Dollar General Corp		4,745
110,537		Family Dollar Stores, Inc		3,274
400,772		Federated Department Stores, Inc		18,055
29,664	e	Fred's, Inc		436
170,670		JC Penney Co, Inc		14,022
17,729	e*	Retail Ventures, Inc		373
103,433	e	Saks, Inc		2,156
17,973	e	Stein Mart, Inc		293
635,333		Target Corp		37,650
333,625	e	TJX Cos, Inc		8,995
1,799,486		Wal-Mart Stores, Inc		84,486
		TOTAL GENERAL MERCHANDISE STORES		200,969
HEALTH SERVICES - 1.39%
10,862	e*	Alliance Imaging, Inc		95
14,315	e*	Amedisys, Inc		464
141,062		AmerisourceBergen Corp		7,441
22,231	*	Amsurg Corp		544
31,771	e*	Apria Healthcare Group, Inc		1,025
7,094	e*	Bio-Reference Labs, Inc		180
15,794	e	Brookdale Senior Living, Inc		705
71,328		Cigna Corp		10,176
74,524	e*	Community Health Systems, Inc		2,627
6,016	e*	Corvel Corp		182
36,080	*	Covance, Inc		2,141
116,414	e*	Coventry Health Care, Inc		6,525
22,090	e*	Cross Country Healthcare, Inc		403

216

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
75,575	e*	DaVita, Inc	$	4,030
44,798	e*	Edwards Lifesciences Corp		2,271
3,311	e*	Emeritus Corp		112
18,855	e*	Enzo Biochem, Inc		284
83,641	*	Express Scripts, Inc		6,752
22,485	e*	Five Star Quality Care, Inc		231
14,431	*	Genesis HealthCare Corp		911
8,923	e*	Genomic Health, Inc		155
18,949	*	Gentiva Health Services, Inc		382
176,006		Health Management Associates, Inc (Class A)		1,913
24,588	*	Healthways, Inc		1,149
10,654	*	Horizon Health Corp		208
18,980	e*	Hythiam, Inc		129
25,060	e*	Kindred Healthcare, Inc		821
90,434	e*	Laboratory Corp of America Holdings		6,568
14,843	e	LCA-Vision, Inc		611
8,098	e*	LHC Group, Inc		263
39,831	e*	LifePoint Hospitals, Inc		1,522
70,238	*	Lincare Holdings, Inc		2,574
24,894	*	Magellan Health Services, Inc		1,046
56,881	e	Manor Care, Inc		3,092
13,215	*	Matria Healthcare, Inc		348
222,548		McKesson Corp		13,028
3,907	*	Medcath Corp		107
219,436	*	Medco Health Solutions, Inc		15,916
4,992	e	National Healthcare Corp		254
70,657	e*	Nektar Therapeutics		923
4,537	e*	Nighthawk Radiology Holdings, Inc		83
25,907	*	Odyssey HealthCare, Inc		340
85,615	e	Omnicare, Inc		3,405
19,390	e	Option Care, Inc		258
37,228	*	Pediatrix Medical Group, Inc		2,124
76,351	e	Pharmaceutical Product Development, Inc		2,572
37,571	e*	Psychiatric Solutions, Inc		1,515
7,616	e*	Radiation Therapy Services, Inc		233
12,730	e*	RehabCare Group, Inc		202
42,970	e*	Sierra Health Services, Inc		1,769
16,786	e*	Stereotaxis, Inc		200
16,347	e*	Sun Healthcare Group, Inc		202
35,882	e*	Sunrise Senior Living, Inc		1,418
11,929	e*	Symbion, Inc		234
352,786	e*	Tenet Healthcare Corp		2,268
64,535	e*	Triad Hospitals, Inc		3,372
32,574	e*	United Surgical Partners International, Inc		1,004
34,174	e	Universal Health Services, Inc (Class B)		1,957
7,404	e*	VistaCare, Inc (Class A)		64
465,876	*	WellPoint, Inc		37,783
		TOTAL HEALTH SERVICES		159,111
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.02%
25,688		Granite Construction, Inc		1,419
14,573	*	Matrix Service Co		295
6,353	e*	Sterling Construction Co, Inc		121
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		1,835

217

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
HOLDING AND OTHER INVESTMENT OFFICES - 2.81%
23,371	e	Acadia Realty Trust	$	609
23,140	e*	Affiliated Managers Group, Inc		2,507
30,269	e*	Affordable Residential Communities LP		367
5,860	e	Agree Realty Corp		200
1,423	e*	Alexander's, Inc		586
21,950		Alexandria Real Estate Equities, Inc		2,203
103,867	e	Allied Capital Corp		2,992
72,596		AMB Property Corp		4,268
16,528	e	American Campus Communities, Inc		501
101,231		American Financial Realty Trust		1,020
35,107	e	American Home Mortgage Investment Corp		948
187,331	e	Annaly Mortgage Management, Inc		2,900
40,991		Anthracite Capital, Inc		492
38,245		Anworth Mortgage Asset Corp		374
71,657	e	Apartment Investment & Management Co (Class A)		4,134
75,579	e	Apollo Investment Corp		1,617
8,687		Arbor Realty Trust, Inc		264
156,662	e	Archstone-Smith Trust		8,504
34,624		Ashford Hospitality Trust, Inc		413
57,162		AvalonBay Communities, Inc		7,431
49,809		BioMed Realty Trust, Inc		1,310
82,364		Boston Properties, Inc		9,670
67,217		Brandywine Realty Trust		2,246
39,274	e	BRE Properties, Inc (Class A)		2,480
42,465	e	Camden Property Trust		2,986
23,807		Capital Lease Funding, Inc		255
1,773	e	Capital Southwest Corp		272
8,296	e	Capital Trust, Inc (Class A)		378
48,795	e	CBL & Associates Properties, Inc		2,188
5,200		CBRE Realty Finance, Inc		69
21,293		Cedar Shopping Centers, Inc		345
5,581	e	Cherokee, Inc		240
32,461		Colonial Properties Trust		1,482
9,262	e	Compass Diversified Trust		155
26,532		Corporate Office Properties Trust		1,212
28,724		Cousins Properties, Inc		944
57,581	e	Crescent Real Estate Equities Co		1,155
123,500		DCT Industrial Trust, Inc		1,461
36,580		Deerfield Triarc Capital Corp		548
84,942	e	Developers Diversified Realty Corp		5,343
63,663		DiamondRock Hospitality Co		1,210
19,154	e	Digital Realty Trust, Inc		764
54,800		Douglas Emmett, Inc		1,399
101,344		Duke Realty Corp		4,405
15,783	e	EastGroup Properties, Inc		805
18,827	e	Education Realty Trust, Inc		278
18,156	e	Entertainment Properties Trust		1,094
42,886	e	Equity Inns, Inc		702
15,082	e	Equity Lifestyle Properties, Inc		815
26,061	e	Equity One, Inc		691
213,135	e	Equity Residential		10,280
17,086	e	Essex Property Trust, Inc		2,212
32,947	e	Extra Space Storage, Inc		624
38,804	e	Federal Realty Investment Trust		3,516
48,174		FelCor Lodging Trust, Inc		1,251
37,304	e	Fieldstone Investment Corp		115

218

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
34,641	e	First Industrial Realty Trust, Inc	$	1,569
14,075		First Potomac Realty Trust		402
41,850	e	Franklin Street Properties Corp		803
106,628	e	Friedman Billings Ramsey Group, Inc (Class A)		589
126,806	e	General Growth Properties, Inc		8,188
11,498	e	Getty Realty Corp		330
7,828	e	Gladstone Capital Corp		185
9,325	e	Gladstone Investment Corp		139
26,916	e	Glimcher Realty Trust		727
27,800	e	GMH Communities Trust		278
12,400	e	Gramercy Capital Corp		380
17,945	e*	Harris & Harris Group, Inc		232
143,808		Health Care Property Investors, Inc		5,181
53,635		Health Care REIT, Inc		2,355
34,028	e	Healthcare Realty Trust, Inc		1,269
19,444	e	Hersha Hospitality Trust		229
41,626		Highland Hospitality Corp		741
41,242	e	Highwoods Properties, Inc		1,629
26,818		Home Properties, Inc		1,416
45,217	e	HomeBanc Corp		158
68,090	e	Hospitality Properties Trust		3,187
379,131	e	Host Marriott Corp		9,975
156,142	e	HRPT Properties Trust		1,921
56,391	e	IMPAC Mortgage Holdings, Inc		282
48,741	e	Inland Real Estate Corp		894
29,188	e	Innkeepers U.S.A. Trust		475
32,947		Investors Real Estate Trust		349
235,350		iShares Russell 3000 Index Fund		19,449
92,267	e	iStar Financial, Inc		4,321
18,553	e	JER Investors Trust, Inc		353
24,426		Kilroy Realty Corp		1,801
160,305	e	Kimco Realty Corp		7,813
20,224	e	Kite Realty Group Trust		403
51,683	e	KKR Financial Corp		1,418
29,268	e	LaSalle Hotel Properties		1,357
47,095		Lexington Corporate Properties Trust		995
66,881	e	Liberty Property Trust		3,258
17,555	e	LTC Properties, Inc		455
31,753		Luminent Mortgage Capital, Inc		284
53,125		Macerich Co		4,907
46,732	e	Mack-Cali Realty Corp		2,226
29,713		Maguire Properties, Inc		1,057
28,111	e	Medical Properties Trust, Inc		413
61,319		MFA Mortgage Investments, Inc		472
18,524		Mid-America Apartment Communities, Inc		1,042
47,444	e*	Mills Corp		1,198
18,515	e	National Health Investors, Inc		580
44,202		National Retail Properties, Inc		1,069
62,589		Nationwide Health Properties, Inc		1,957
78,327	e	New Plan Excel Realty Trust		2,587
31,289		Newcastle Investment Corp		868
42,485		NorthStar Realty Finance Corp		646
28,455	e	Novastar Financial, Inc		142
38,341		Omega Healthcare Investors, Inc		658
11,623	e	Parkway Properties, Inc		607
28,430		Pennsylvania Real Estate Investment Trust		1,260

219

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
132,044	e	Plum Creek Timber Co, Inc	$	5,205
32,866	e	Post Properties, Inc		1,503
29,592	e	Potlatch Corp		1,355
179,182		Prologis		11,634
11,782	e	PS Business Parks, Inc		831
88,541	e	Public Storage, Inc		8,382
45,454	e	RAIT Investment Trust		1,270
11,548	e	Ramco-Gershenson Properties		412
156,759	*	Realogy Corp		4,642
74,283		Realty Income Corp		2,095
15,353		Redwood Trust, Inc		801
50,723		Regency Centers Corp		4,238
17,800		Republic Property Trust		205
8,737		Saul Centers, Inc		497
50,861	e	Senior Housing Properties Trust		1,216
161,874	e	Simon Property Group, Inc		18,008
43,345		SL Green Realty Corp		5,946
13,156		Sovran Self Storage, Inc		729
63,767	e	Spirit Finance Corp		950
13,165	e*	Star Maritime Acquisition Corp		135
57,099	e	Strategic Hotels & Resorts, Inc		1,306
12,790		Sun Communities, Inc		397
44,687		Sunstone Hotel Investors, Inc		1,218
22,030	e	Tanger Factory Outlet Centers, Inc		890
11,598	e	Tarragon Corp		120
40,122		Taubman Centers, Inc		2,327
85,552		Thornburg Mortgage, Inc		2,224
100,110	e	UDR, Inc		3,065
10,285	e	Universal Health Realty Income Trust		368
19,529	e	Urstadt Biddle Properties, Inc (Class A)		382
33,533	e	U-Store-It Trust		675
77,084	e	Ventas, Inc		3,248
215,924	e	Virgin Media, Inc		5,452
94,821	e	Vornado Realty Trust		11,316
33,112	e	Washington Real Estate Investment Trust		1,239
60,281	e	Weingarten Realty Investors		2,867
18,615	*	Winston Hotels, Inc		280
16,365		Winthrop Realty Trust		108
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		322,245
HOTELS AND OTHER LODGING PLACES - 0.58%
18,496	e	Ameristar Casinos, Inc		594
15,345	e*	Bluegreen Corp		173
33,369		Boyd Gaming Corp		1,590
26,796		Choice Hotels International, Inc		949
29,868	e*	Gaylord Entertainment Co		1,579
17,562	e*	Great Wolf Resorts, Inc		232
279,647		Hilton Hotels Corp		10,056
9,907	e*	Isle of Capri Casinos, Inc		254
101,462	e*	Las Vegas Sands Corp		8,788
14,595	*	Lodgian, Inc		195
14,891		Marcus Corp		346
234,939		Marriott International, Inc (Class A)		11,503
87,016	e*	MGM Mirage		6,049
8,692	*	Monarch Casino & Resort, Inc		226
10,400	e*	Morgans Hotel Group Co		219

220

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
9,051	e*	Outdoor Channel Holdings, Inc	$	93
10,185	e*	Riviera Holdings Corp		285
158,167		Starwood Hotels & Resorts Worldwide, Inc		10,257
36,990		Station Casinos, Inc		3,202
19,819	e*	Trump Entertainment Resorts, Inc		358
23,411	e*	Vail Resorts, Inc		1,272
138,107	e*	Wyndham Worldwide Corp		4,716
36,812	e	Wynn Resorts Ltd		3,492
		TOTAL HOTELS AND OTHER LODGING PLACES		66,428
INDUSTRIAL MACHINERY AND EQUIPMENT - 7.19%
551,602		3M Co		42,159
5,902	e	Aaon, Inc		154
21,969	e	Actuant Corp (Class A)		1,116
62,956	e*	AGCO Corp		2,328
18,980	e	Albany International Corp (Class A)		682
9,869	e*	Allis-Chalmers Energy, Inc		155
129,231		American Standard Cos, Inc		6,852
5,232		Ampco-Pittsburgh Corp		151
1,010,427		Applied Materials, Inc		18,511
11,700	*	Astec Industries, Inc		471
14,997	e*	ASV, Inc		229
39,136	e*	Asyst Technologies, Inc		275
73,014	e*	Axcelis Technologies, Inc		558
4,302	e*	Basin Water, Inc		30
51,592		Black & Decker Corp		4,211
11,587	e	Black Box Corp		423
27,159	e*	Blount International, Inc		338
36,704	e	Briggs & Stratton Corp		1,132
52,087	e*	Brooks Automation, Inc		893
24,689	e	Bucyrus International, Inc (Class A)		1,271
46,286	e	Carlisle Cos, Inc		1,987
8,415	e	Cascade Corp		504
490,202		Caterpillar, Inc		32,858
43,089	e	CDW Corp		2,647
62,093	e*	Cirrus Logic, Inc		476
12,813	*	Columbus McKinnon Corp		287
37,198		Cummins, Inc		5,383
32,788	e	Curtiss-Wright Corp		1,264
27,900	*	Cymer, Inc		1,159
171,597		Deere & Co		18,642
1,684,881	*	Dell, Inc		39,106
51,236		Diebold, Inc		2,444
53,537	e	Donaldson Co, Inc		1,933
149,896		Dover Corp		7,316
27,965	*	Dresser-Rand Group, Inc		852
20,058	e*	Dril-Quip, Inc		868
109,179		Eaton Corp		9,123
39,428	*	Electronics for Imaging, Inc		925
1,613,685	e*	EMC Corp		22,350
66,505	*	Emulex Corp		1,216
10,817	e*	ENGlobal Corp		60
15,889	*	EnPro Industries, Inc		573
97,823	e*	Entegris, Inc		1,047
89,895	e*	Extreme Networks, Inc		380
8,475	e*	Flanders Corp		61

221

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
40,195		Flowserve Corp	$	2,299
50,681	e*	FMC Technologies, Inc		3,536
41,012	e*	Gardner Denver, Inc		1,429
202,596	e*	Gateway, Inc		444
10,307	e*	Gehl Co		262
7,623,236	d	General Electric Co		269,558
34,440	*	Global Imaging Systems, Inc		672
16,573	e*	Goodman Global, Inc		292
7,678	e	Gorman-Rupp Co		246
50,955	e	Graco, Inc		1,995
93,094	*	Grant Prideco, Inc		4,640
2,050,750		Hewlett-Packard Co		82,317
13,976	*	Hydril		1,345
37,515		IDEX Corp		1,909
39,372	e*	Intermec, Inc		880
1,134,489		International Business Machines Corp		106,937
249,070		International Game Technology		10,058
14,156	e*	Intevac, Inc		373
132,940		Jabil Circuit, Inc		2,846
80,411		Joy Global, Inc		3,450
9,545	e*	Kadant, Inc		242
21,080	e	Kaydon Corp		897
28,110		Kennametal, Inc		1,901
22,645	e*	Komag, Inc		741
40,500	*	Kulicke & Soffa Industries, Inc		375
100,753	*	Lam Research Corp		4,770
40,888	e	Lennox International, Inc		1,460
72,224	e*	Lexmark International, Inc (Class A)		4,222
7,700	e	Lindsay Manufacturing Co		245
10,534		Lufkin Industries, Inc		592
43,929	e	Manitowoc Co, Inc		2,791
26,959	*	Micros Systems, Inc		1,456
4,740	e*	Middleby Corp		625
24,902	e	Modine Manufacturing Co		570
3,910	e	Nacco Industries, Inc (Class A)		537
10,325	e*	NATCO Group, Inc (Class A)		352
22,120	e*	Netgear, Inc		631
11,481	e	NN, Inc		143
20,847	e	Nordson Corp		969
40,790	e*	Oil States International, Inc		1,309
89,903		Pall Corp		3,416
72,885	e*	Palm, Inc		1,321
86,690		Parker Hannifin Corp		7,482
29,246	*	Paxar Corp		839
134,455	e*	Quantum Corp		363
25,143	e*	Rackable Systems, Inc		427
14,719	*	RBC Bearings, Inc		492
3,700	e*	Riverbed Technology, Inc		102
6,900		Robbins & Myers, Inc		257
121,289		Rockwell Automation, Inc		7,262
85,950	e*	Safeguard Scientifics, Inc		254
166,233	e*	SanDisk Corp		7,281
6,258	e	Sauer-Danfoss, Inc		188
19,852	e*	Scansource, Inc		533
50,590	e*	Scientific Games Corp (Class A)		1,661
86,617	m,v*	Seagate Technology, Inc		-	^

222

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
15,689	e*	Semitool, Inc	$	204
15,705	e*	Sigma Designs, Inc		412
146,418	e	Smith International, Inc		7,035
675,539	e*	Solectron Corp		2,128
43,919		SPX Corp		3,083
8,469	e	Standex International Corp		242
57,713		Stanley Works		3,195
10,545	e*	Tecumseh Products Co (Class A)		106
11,200		Tennant Co		353
72,830	*	Terex Corp		5,226
58,771		Timken Co		1,781
30,279	e	Toro Co		1,552
9,007	e*	TurboChef Technologies, Inc		137
18,851	e*	Ultratech, Inc		257
44,258	e*	VA Software Corp		178
97,575	*	Varian Medical Systems, Inc		4,653
35,001	e*	VeriFone Holdings, Inc		1,286
21,879	e	Watsco, Inc		1,117
165,535	*	Western Digital Corp		2,783
20,169	e	Woodward Governor Co		830
50,912	e*	Zebra Technologies Corp (Class A)		1,966
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		826,118
INSTRUMENTS AND RELATED PRODUCTS - 4.16%
15,924	e*	Abaxis, Inc		388
16,958	e*	Abiomed, Inc		232
11,700	*	Accuray, Inc		260
45,104	e*	Advanced Medical Optics, Inc		1,678
51,044	e*	Affymetrix, Inc		1,535
296,252	*	Agilent Technologies, Inc		9,981
42,246	e*	Align Technology, Inc		670
109,294		Allergan, Inc		12,112
47,352	e*	American Medical Systems Holdings, Inc		1,002
6,336	e*	American Science & Engineering, Inc		334
11,392	e	Analogic Corp		716
14,600	e*	Anaren, Inc		257
8,528	e*	Angiodynamics, Inc		144
137,537		Applera Corp (Applied Biosystems Group)		4,067
7,835	e*	Argon ST, Inc		207
21,305	e*	Armor Holdings, Inc		1,434
15,128		Arrow International, Inc		487
18,626	e*	Arthrocare Corp		671
11,116	e*	Aspect Medical Systems, Inc		173
9,964	e	Badger Meter, Inc		265
76,283		Bard (C.R.), Inc		6,065
40,359		Bausch & Lomb, Inc		2,065
479,077		Baxter International, Inc		25,233
46,654	e	Beckman Coulter, Inc		2,981
181,436		Becton Dickinson & Co		13,951
181,448		Biomet, Inc		7,710
12,755	*	Bio-Rad Laboratories, Inc (Class A)		891
11,552	e*	Biosite, Inc		970
901,456	*	Boston Scientific Corp		13,107
26,702	*	Bruker BioSciences Corp		281
18,291	*	Candela Corp		209
39,114	e*	Cepheid, Inc		465

223

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
19,483	e*	Cerus Corp	$	132
21,088	e*	Coherent, Inc		669
15,857	e	Cohu, Inc		298
22,053	e*	Conmed Corp		645
33,406	e	Cooper Cos, Inc		1,624
70,483	e*	Credence Systems Corp		233
14,634	e*	Cyberonics, Inc		275
174,072	e	Danaher Corp		12,437
9,120		Datascope Corp		330
117,880	e	Dentsply International, Inc		3,861
25,632	e*	Depomed, Inc		92
12,113	e*	DexCom, Inc		95
15,633	*	Dionex Corp		1,065
17,084	e*	DJ Orthopedics, Inc		647
30,860	e	DRS Technologies, Inc		1,610
1,263	e*	DXP Enterprises, Inc		48
5,088	*	Eagle Test Systems, Inc		85
212,610	e	Eastman Kodak Co		4,797
13,856	e	EDO Corp		363
19,238	e*	ESCO Technologies, Inc		862
18,700	e*	Esterline Technologies Corp		768
11,693	e*	ev3, Inc		230
7,765	*	Excel Technology, Inc		212
16,016	e*	FEI Co		578
49,225	e*	Flir Systems, Inc		1,756
34,873	e*	Formfactor, Inc		1,561
33,331	e*	Fossil, Inc		882
13,416	e*	Foxhollow Technologies, Inc		280
19,314	e*	Haemonetics Corp		903
23,435	e*	HealthTronics, Inc		126
7,204	e*	Herley Industries, Inc		113
40,031	e*	Hologic, Inc		2,307
9,395	e*	ICU Medical, Inc		368
13,461	e*	I-Flow Corp		198
16,744	e*	II-VI, Inc		567
41,895	*	Illumina, Inc		1,228
52,711	e*	Input/Output, Inc		726
14,613	e*	Integra LifeSciences Holdings Corp		666
14,938	e*	Intralase Corp		373
27,299	e*	Intuitive Surgical, Inc		3,319
22,994	e	Invacare Corp		401
17,103	e*	Ionatron, Inc		80
11,074	*	IRIS International, Inc		154
20,108	e*	Itron, Inc		1,308
30,992	e*	Ixia		288
2,171,874		Johnson & Johnson		130,877
8,260	e*	Kensey Nash Corp		252
143,603	e	Kla-Tencor Corp		7,657
45,800	e*	Kopin Corp		155
33,909	e*	Kyphon, Inc		1,531
47,609	e*	L-1 Identity Solutions, Inc		786
49,063	e*	LTX Corp		300
9,778	e*	Measurement Specialties, Inc		221
9,627	*	Medical Action Industries, Inc		230
883,128		Medtronic, Inc		43,326
27,576	e	Mentor Corp		1,268

224

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
18,330	e*	Merit Medical Systems, Inc	$	230
30,130	*	Mettler-Toledo International, Inc		2,699
39,773	e*	Millipore Corp		2,882
22,060	e	Mine Safety Appliances Co		928
26,024	*	MKS Instruments, Inc		664
12,667		Movado Group, Inc		373
13,932	e	MTS Systems Corp		541
39,105		National Instruments Corp		1,026
13,063	e*	Natus Medical, Inc		232
8,825	e*	Neurometrix, Inc		86
27,910	e*	Newport Corp		457
4,391	*	Nextest Systems Corp		61
7,829	*	Northstar Neuroscience, Inc		100
23,547	e*	NuVasive, Inc		559
8,757	e*	NxStage Medical, Inc		117
16,400	e	Oakley, Inc		330
2,713	e*	OYO Geospace Corp		192
12,302	e*	Palomar Medical Technologies, Inc		491
95,062		PerkinElmer, Inc		2,302
13,914	*	Photon Dynamics, Inc		175
163,250		Pitney Bowes, Inc		7,410
17,140	e	PolyMedica Corp		726
28,107	e*	RAE Systems, Inc		81
56,088	e*	Resmed, Inc		2,825
51,817	e*	Respironics, Inc		2,176
124,027		Rockwell Collins, Inc		8,301
10,882	*	Rofin-Sinar Technologies, Inc		644
63,936	e	Roper Industries, Inc		3,509
15,579	e*	Rudolph Technologies, Inc		272
41,464	e*	Sirf Technology Holdings, Inc		1,151
11,900	e	Sirona Dental Systems, Inc		410
16,954	e*	Sonic Solutions, Inc		239
11,650	e*	SonoSite, Inc		329
21,581	e*	Spectranetics Corp		231
262,894	*	St. Jude Medical, Inc		9,887
49,670	e	STERIS Corp		1,319
218,875	e	Stryker Corp		14,516
24,549	e*	Symmetry Medical, Inc		401
27,552	e*	Techne Corp		1,573
64,091		Tektronix, Inc		1,805
25,935	e*	Teledyne Technologies, Inc		971
142,153	e*	Teradyne, Inc		2,351
302,813	*	Thermo Electron Corp		14,157
37,925	e*	ThermoGenesis Corp		138
37,720	e*	Thoratec Corp		788
79,966	*	Trimble Navigation Ltd		2,146
7,539	e	United Industrial Corp		416
23,832	e*	Varian, Inc		1,389
20,673	e*	Veeco Instruments, Inc		403
21,331	e*	Ventana Medical Systems, Inc		894
23,354	e*	Viasys Healthcare, Inc		794
8,467	e*	Vital Images, Inc		282
4,907	e	Vital Signs, Inc		255
76,530	*	Waters Corp		4,439
24,247	*	Wright Medical Group, Inc		540
708,419	*	Xerox Corp		11,965

225

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
13,259	e*	X-Rite, Inc	$	172
3,046	e	Young Innovations, Inc		83
181,411	*	Zimmer Holdings, Inc		15,494
11,924	e*	Zoll Medical Corp		318
12,959	*	Zygo Corp		208
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		477,157
INSURANCE AGENTS, BROKERS AND SERVICE - 0.44%
218,990		AON Corp		8,313
79,949		Brown & Brown, Inc		2,163
14,025	e	Crawford & Co (Class B)		81
71,396	e	Gallagher (Arthur J.) & Co		2,023
234,898		Hartford Financial Services Group, Inc		22,452
25,750	e	Hilb Rogal & Hobbs Co		1,263
6,308	e	James River Group, Inc		197
401,946		Marsh & McLennan Cos, Inc		11,773
28,892	e	National Financial Partners Corp		1,355
31,178	*	USI Holdings Corp		525
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		50,145
INSURANCE CARRIERS - 6.17%
21,838		21st Century Insurance Group		463
380,376		Aetna, Inc		16,657
6,908	e	Affirmative Insurance Holdings, Inc		119
364,773		Aflac, Inc		17,166
21,901	e	Alfa Corp		405
3,604	e*	Alleghany Corp		1,346
464,829		Allstate Corp		27,918
77,330	e	Ambac Financial Group, Inc		6,681
39,900	e	American Equity Investment Life Holding Co		524
63,573		American Financial Group, Inc		2,164
1,611,482		American International Group, Inc		108,324
10,060		American National Insurance Co		1,287
8,194	e*	American Physicians Capital, Inc		328
37,965	*	AMERIGROUP Corp		1,154
22,573	*	Argonaut Group, Inc		730
93,892	e	Assurant, Inc		5,035
4,897		Baldwin & Lyons, Inc (Class B)		125
11,795		Bristol West Holdings, Inc		261
31,767	*	Centene Corp		667
303,638		Chubb Corp		15,689
115,054		Cincinnati Financial Corp		4,878
3,638,340		Citigroup, Inc		186,792
17,362	e*	CNA Financial Corp		748
10,118	e*	CNA Surety Corp		213
39,862		Commerce Group, Inc		1,197
108,499	*	Conseco, Inc		1,877
32,155		Delphi Financial Group, Inc (Class A)		1,294
14,969	e	Direct General Corp		318
9,364	e	Donegal Group, Inc (Class A)		159
4,503		EMC Insurance Group, Inc		116
41,600	*	Employers Holdings, Inc		833
38,103	e	Erie Indemnity Co (Class A)		2,011
10,036	e	FBL Financial Group, Inc (Class A)		393
152,442	e	Fidelity National Title Group, Inc (Class A)		3,660
13,254	e*	First Acceptance Corp		139

226

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
62,824		First American Corp	$	3,186
4,300	*	First Mercury Financial Corp		88
6,887	e*	Fpic Insurance Group, Inc		308
332,259		Genworth Financial, Inc (Class A)		11,609
6,247		Great American Financial Resources, Inc		153
38,385		Hanover Insurance Group, Inc		1,770
12,827	e	Harleysville Group, Inc		417
81,739	e	HCC Insurance Holdings, Inc		2,518
83,663	e*	Health Net, Inc		4,502
19,293	*	HealthExtras, Inc		555
13,250	*	Healthspring, Inc		312
33,145	e	Horace Mann Educators Corp		681
120,585	*	Humana, Inc		6,996
3,952	e	Independence Holding Co		86
16,217	e	Infinity Property & Casualty Corp		760
2,078		Kansas City Life Insurance Co		94
14,381	e	LandAmerica Financial Group, Inc		1,063
120,024	e	Leucadia National Corp		3,531
204,362		Lincoln National Corp		13,854
325,858	e	Loews Corp		14,804
7,060	e*	Markel Corp		3,423
98,032	e	MBIA, Inc		6,420
18,349	e*	Meadowbrook Insurance Group, Inc		202
19,709		Mercury General Corp		1,045
338,585		Metlife, Inc		21,382
62,178	e	MGIC Investment Corp		3,664
8,179	e	Midland Co		347
8,801	e*	Molina Healthcare, Inc		269
11,286	e	National Interstate Corp		291
1,551	e	National Western Life Insurance Co (Class A)		380
36,646		Nationwide Financial Services, Inc (Class A)		1,974
9,235	*	Navigators Group, Inc		463
4,145	e	NYMAGIC, Inc		169
9,757	e	Odyssey Re Holdings Corp		384
44,462	e	Ohio Casualty Corp		1,332
168,730		Old Republic International Corp		3,732
38,987	*	Philadelphia Consolidated Holding Co		1,715
79,793		Phoenix Cos, Inc		1,108
22,267	e*	PMA Capital Corp (Class A)		209
63,591	e	PMI Group, Inc		2,876
13,808	e	Presidential Life Corp		272
203,743		Principal Financial Group		12,198
24,172	e*	ProAssurance Corp		1,236
572,504	e	Progressive Corp		12,492
53,249		Protective Life Corp		2,345
359,981		Prudential Financial, Inc		32,492
58,511		Radian Group, Inc		3,211
21,524	e	Reinsurance Group Of America, Inc		1,242
16,861	e	RLI Corp		926
77,362	e	Safeco Corp		5,139
10,157	e	Safety Insurance Group, Inc		407
7,120	e*	SCPIE Holdings, Inc		162
11,016	*	SeaBright Insurance Holdings, Inc		203
40,400	e	Selective Insurance Group, Inc		1,029
40,132		Stancorp Financial Group, Inc		1,973
9,480	e	State Auto Financial Corp		305

227

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
12,744	e	Stewart Information Services Corp	$	533
74,006	e	Torchmark Corp		4,854
11,467		Tower Group, Inc		369
19,325		Transatlantic Holdings, Inc		1,258
508,005		Travelers Cos, Inc/The		26,299
8,107	e*	Triad Guaranty, Inc		336
14,738	e	United Fire & Casualty Co		518
985,692		UnitedHealth Group, Inc		52,212
34,889	e	Unitrin, Inc		1,642
27,267	*	Universal American Financial Corp		528
248,971	e	UnumProvident Corp		5,734
118,549		W.R. Berkley Corp		3,926
25,121	e*	WellCare Health Plans, Inc		2,142
921		Wesco Financial Corp		424
26,173		Zenith National Insurance Corp		1,237
		TOTAL INSURANCE CARRIERS		707,987
JUSTICE, PUBLIC ORDER AND SAFETY - 0.03%
43,918	*	Corrections Corp of America		2,319
13,761	e*	Geo Group, Inc		624
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		2,943
LEATHER AND LEATHER PRODUCTS - 0.16%
279,306	*	Coach, Inc		13,979
7,400	*	CROCS, Inc		350
19,024	e*	Genesco, Inc		790
25,167	e*	Iconix Brand Group, Inc		514
16,270		Steven Madden Ltd		475
39,958	e*	Timberland Co (Class A)		1,040
3,210	e	Weyco Group, Inc		83
39,829		Wolverine World Wide, Inc		1,138
		TOTAL LEATHER AND LEATHER PRODUCTS		18,369
LEGAL SERVICES - 0.01%
29,832	e*	FTI Consulting, Inc		1,002
7,324	e*	Pre-Paid Legal Services, Inc		367
		TOTAL LEGAL SERVICES		1,369
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.02%
62,583		Laidlaw International, Inc		2,165
		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		2,165
LUMBER AND WOOD PRODUCTS - 0.03%
8,518	e	American Woodmark Corp		313
55,061	e*	Champion Enterprises, Inc		485
7,514	e	Deltic Timber Corp		360
75,407	e	Louisiana-Pacific Corp		1,513
4,307	e	Skyline Corp		145
11,966	e	Universal Forest Products, Inc		593
		TOTAL LUMBER AND WOOD PRODUCTS		3,409
METAL MINING - 0.31%
30,936	e	Cleveland-Cliffs, Inc		1,980
224,135	e*	Coeur d'Alene Mines Corp		921
35,179	e	Foundation Coal Holdings, Inc		1,208
236,064		Freeport-McMoRan Copper & Gold, Inc (Class B)		15,625

228

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
87,163	e*	Hecla Mining Co	$	790
306,938		Newmont Mining Corp		12,889
35,943	e*	Rosetta Resources, Inc		738
15,917	e	Royal Gold, Inc		479
13,038	e	Southern Copper Corp		934
30,773	e*	Stillwater Mining Co		391
		TOTAL METAL MINING		35,955
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.21%
19,692		Blyth, Inc		416
52,436	e	Callaway Golf Co		826
30,251	e	Daktronics, Inc		830
107,099	e	Fortune Brands, Inc		8,442
119,039		Hasbro, Inc		3,407
19,429	e*	Jakks Pacific, Inc		464
33,584	*	K2, Inc		406
8,407	e	Marine Products Corp		80
287,650		Mattel, Inc		7,931
26,637	e	Nautilus, Inc		411
27,397	e*	Progressive Gaming International Corp		123
14,785	*	RC2 Corp		597
6,000	e*	Russ Berrie & Co, Inc		85
25,055	e*	Shuffle Master, Inc		457
4,356	e	Steinway Musical Instruments, Inc		141
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		24,616
MISCELLANEOUS RETAIL - 1.42%
14,742	e*	1-800-FLOWERS.COM, Inc (Class A)		115
11,957	e*	AC Moore Arts & Crafts, Inc		255
230,427	e*	Amazon.com, Inc		9,169
38,325		Barnes & Noble, Inc		1,512
294,213		Best Buy Co, Inc		14,334
15,894		Big 5 Sporting Goods Corp		412
10,266	e*	Blue Nile, Inc		417
10,157	e	Books-A-Million, Inc		145
52,830	e	Borders Group, Inc		1,079
10,668	e*	Build-A-Bear Workshop, Inc		293
20,077	e	Cash America International, Inc		823
36,440	e*	CKX, Inc		405
46,768	e*	Coldwater Creek, Inc		948
1,140,444		CVS Corp		38,935
12,284	e*	dELiA*s, Inc		113
27,853	*	Dick's Sporting Goods, Inc		1,623
78,865	*	Dollar Tree Stores, Inc		3,016
48,030	e*	Drugstore.com, Inc		124
25,590	*	Ezcorp, Inc (Class A)		377
28,117	e*	GSI Commerce, Inc		635
24,778	e*	Hibbett Sports, Inc		708
25,441		Longs Drug Stores Corp		1,314
26,978		MSC Industrial Direct Co (Class A)		1,259
24,699	e*	Nutri/System, Inc		1,294
209,053	*	Office Depot, Inc		7,346
53,039		OfficeMax, Inc		2,797
8,052	e*	Overstock.com, Inc		134
103,402	e	Petsmart, Inc		3,408
20,497	*	Priceline.com, Inc		1,092

229

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
5,324	e	Pricesmart, Inc	$	82
403,021	e*	Rite Aid Corp		2,325
62,825	*	Sears Holdings Corp		11,319
12,380	*	Stamps.com, Inc		178
532,674		Staples, Inc		13,764
9,938	e	Systemax, Inc		186
102,292	e	Tiffany & Co		4,652
18,910	*	Valuevision International, Inc (Class A)		234
739,180		Walgreen Co		33,921
20,188		World Fuel Services Corp		934
35,110	e*	Zale Corp		926
10,280	e*	Zumiez, Inc		412
		TOTAL MISCELLANEOUS RETAIL		163,015
MOTION PICTURES - 1.50%
32,976	e*	Avid Technology, Inc		1,150
143,498	e*	Blockbuster, Inc (Class A)		924
8,585	e	Carmike Cinemas, Inc		199
492,373		CBS Corp (Class B)		15,062
199,837	e*	Discovery Holding Co (Class A)		3,823
32,560	e*	DreamWorks Animation SKG, Inc (Class A)		996
11,202	e*	Gaiam, Inc (Class A)		176
36,572	e*	Macrovision Corp		916
30,800	*	National CineMedia, Inc		822
1,684,403		News Corp (Class A)		38,944
48,987	e	Regal Entertainment Group (Class A)		973
106,443	e*	Time Warner Telecom, Inc (Class A)		2,211
2,757,366		Time Warner, Inc		54,375
1,511,408		Walt Disney Co		52,038
		TOTAL MOTION PICTURES		172,609
NONDEPOSITORY INSTITUTIONS - 1.65%
14,426	e*	Accredited Home Lenders Holding Co		134
46,200	e	Advance America Cash Advance Centers, Inc		711
12,951	e	Advanta Corp (Class B)		568
113,512	e	American Capital Strategies Ltd		5,030
791,768		American Express Co		44,656
84,134	e*	AmeriCredit Corp		1,923
37,595		Ares Capital Corp		683
9,451	e	Asta Funding, Inc		408
297,227		Capital One Financial Corp		22,429
71,255	e	CapitalSource, Inc		1,791
36,971	e*	CharterMac		715
145,664		CIT Group, Inc		7,709
16,989	e*	CompuCredit Corp		530
443,761		Countrywide Financial Corp		14,928
6,736	e*	Credit Acceptance Corp		183
66,518	e*	Doral Financial Corp		109
709,757		Fannie Mae		38,739
7,676	e	Federal Agricultural Mortgage Corp (Class C)		209
20,830	e	Financial Federal Corp		548
18,408	*	First Cash Financial Services, Inc		410
34,276	e	First Marblehead Corp		1,539
506,240	e	Freddie Mac		30,116
32,585	*	INVESTools, Inc		453
38,917	e	MCG Capital Corp		730

230

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
10,197	e	Medallion Financial Corp	$	117
13,901	e	Nelnet, Inc (Class A)		333
12,077	e	NGP Capital Resources Co		191
25,500	e*	Ocwen Financial Corp		328
300,121	e	SLM Corp		12,275
2,846		Student Loan Corp		529
13,834	e	Technology Investment Capital Corp		234
7,131	e*	United PanAm Financial Corp		89
12,929	e*	World Acceptance Corp		516
		TOTAL NONDEPOSITORY INSTITUTIONS		189,863
NONMETALLIC MINERALS, EXCEPT FUELS - 0.10%
15,670	e	AMCOL International Corp		465
22,877	e	Compass Minerals International, Inc		764
34,034		Florida Rock Industries, Inc		2,290
68,585	e	Vulcan Materials Co		7,989
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		11,508
OIL AND GAS EXTRACTION - 1.74%
334,349		Anadarko Petroleum Corp		14,370
10,065	e*	Arena Resources, Inc		504
11,386	e*	Atlas America, Inc		643
15,008	e*	ATP Oil & Gas Corp		564
21,768	e*	Atwood Oceanics, Inc		1,278
47,479	*	Aurora Oil & Gas Corp		124
234,957		Baker Hughes, Inc		15,538
9,892	e*	Basic Energy Services, Inc		230
25,572	e	Berry Petroleum Co (Class A)		784
24,277	e*	Bill Barrett Corp		787
212,064		BJ Services Co		5,917
11,997	e*	Bois d'Arc Energy, Inc		159
32,124	e*	Brigham Exploration Co		200
9,812	e*	Bronco Drilling Co, Inc		163
14,536	*	Callon Petroleum Co		197
82,652	e*	Cameron International Corp		5,190
14,847	e*	Carrizo Oil & Gas, Inc		519
41,066	e*	Cheniere Energy, Inc		1,279
304,240	e	Chesapeake Energy Corp		9,395
58,913	e	Cimarex Energy Co		2,181
3,369	e*	Clayton Williams Energy, Inc		96
19,768	e*	CNX Gas Corp		560
13,165	*	Complete Production Services, Inc		262
34,266	*	Comstock Resources, Inc		938
5,228	e*	Dawson Geophysical Co		259
27,514		Delta & Pine Land Co		1,134
42,568	e*	Delta Petroleum Corp		977
88,625	e*	Denbury Resources, Inc		2,640
46,043		Diamond Offshore Drilling, Inc		3,727
11,397	e*	Edge Petroleum Corp		143
39,610	*	Encore Acquisition Co		958
29,759	e*	Energy Partners Ltd		540
108,704	e	ENSCO International, Inc		5,913
86,292		Equitable Resources, Inc		4,170
35,600	e*	EXCO Resources, Inc		590
20,290	e*	Exploration Co of Delaware, Inc		220
38,504	e*	Forest Oil Corp		1,285

231

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
45,406	e*	Gasco Energy, Inc	$	111
21,487	e*	GeoGlobal Resources, Inc		131
63,236	*	Global Industries Ltd		1,157
5,673	e*	GMX Resources, Inc		174
12,475	e*	Goodrich Petroleum Corp		420
158,181	e*	Grey Wolf, Inc		1,060
9,397	e*	Gulfport Energy Corp		126
755,604		Halliburton Co		23,983
79,258	e*	Hanover Compressor Co		1,763
29,621	e*	Harvest Natural Resources, Inc		288
65,623	e*	Helix Energy Solutions Group, Inc		2,447
77,510		Helmerich & Payne, Inc		2,352
14,276	e*	Hercules Offshore, Inc		375
21,181	e*	Houston Exploration Co		1,143
51,788	e*	Mariner Energy, Inc		991
15,667	e*	McMoRan Exploration Co		215
76,660	e*	Meridian Resource Corp		185
11,279	e*	Metretek Technologies, Inc		150
127,906	*	National Oilwell Varco, Inc		9,950
64,229	e*	Newpark Resources, Inc		453
40,792	e*	Oceaneering International, Inc		1,718
27,407	e*	Parallel Petroleum Corp		629
80,330	e*	Parker Drilling Co		754
121,906		Patterson-UTI Energy, Inc		2,736
3,037	m,v*	PetroCorp		-	^
109,783	e*	PetroHawk Energy Corp		1,446
12,730	e*	Petroleum Development Corp		682
28,296	e*	Petroquest Energy, Inc		331
29,554	e*	Pioneer Drilling Co		375
90,126	e	Pioneer Natural Resources Co		3,885
58,417	*	Plains Exploration & Production Co		2,637
41,194	e	Pogo Producing Co		1,981
114,266	e*	Pride International, Inc		3,439
490	e*	PrimeEnergy Corp		28
13,678	*	Quest Resource Corp		125
48,839	e*	Quicksilver Resources, Inc		1,942
14,607	e*	RAM Energy Resources, Inc		68
99,918	e	Range Resources Corp		3,337
77,603		Rowan Cos, Inc		2,520
23,456	e	RPC, Inc		391
17,655	e*	SEACOR Holdings, Inc		1,737
119,572	*	Southwestern Energy Co		4,900
44,211		St. Mary Land & Exploration Co		1,622
19,310	*	Stone Energy Corp		573
23,906	e*	Sulphco, Inc		82
62,568	e*	Superior Energy Services		2,157
6,200	e*	Superior Well Services, Inc		142
23,750	*	Swift Energy Co		992
29,896	e*	Syntroleum Corp		93
57,120	e*	Tetra Technologies, Inc		1,411
42,894	e	Tidewater, Inc		2,513
43,127	e*	Todco		1,739
11,158	e*	Toreador Resources Corp		203
49,232	e*	Transmeridian Exploration, Inc		141
8,324	e*	Trico Marine Services, Inc		310
7,100	*	Union Drilling, Inc		101

232

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
35,116	e*	Unit Corp	$	1,777
40,557	e*	Vaalco Energy, Inc		210
16,538	e	W&T Offshore, Inc		478
37,871	e*	Warren Resources, Inc		493
23,704	e*	W-H Energy Services, Inc		1,108
28,820	e*	Whiting Petroleum Corp		1,136
264,266		XTO Energy, Inc		14,484
		TOTAL OIL AND GAS EXTRACTION		199,334
PAPER AND ALLIED PRODUCTS - 0.56%
74,376		Bemis Co		2,483
44,770	e	Bowater, Inc		1,066
26,323	*	Buckeye Technologies, Inc		342
18,440	e*	Caraustar Industries, Inc		116
40,746	e*	Cenveo, Inc		990
12,643	e	Chesapeake Corp		191
351,002	e*	Domtar Corporation		3,268
30,362	e	Glatfelter		453
55,065	e*	Graphic Packaging Corp		261
12,633	e	Greif, Inc (Class A)		1,404
334,880	e	International Paper Co		12,190
336,471		Kimberly-Clark Corp		23,045
51,102		Longview Fibre Co		1,259
129,492		MeadWestvaco Corp		3,994
20,151	e*	Mercer International, Inc		241
10,278	e	Neenah Paper, Inc		408
62,088	e	Packaging Corp of America		1,515
39,917	*	Playtex Products, Inc		542
25,737	e	Rock-Tenn Co (Class A)		854
9,960		Schweitzer-Mauduit International, Inc		247
182,775	*	Smurfit-Stone Container Corp		2,058
71,238	e	Sonoco Products Co		2,677
78,891	e	Temple-Inland, Inc		4,713
29,954	e	Wausau Paper Corp		430
		TOTAL PAPER AND ALLIED PRODUCTS		64,747
PERSONAL SERVICES - 0.15%
102,977		Cintas Corp		3,718
3,800	e	Coinmach Service Corp (Class A)		40
20,600	e*	Coinstar, Inc		645
15,088		G & K Services, Inc (Class A)		547
238,960	e	H&R Block, Inc		5,028
25,900	e	Jackson Hewitt Tax Service, Inc		833
35,711	e	Regis Corp		1,442
56,970	*	Sally Beauty Holdings, Inc		524
210,040		Service Corp International		2,491
6,886	e	Unifirst Corp		264
26,580	e	Weight Watchers International, Inc		1,225
		TOTAL PERSONAL SERVICES		16,757
PETROLEUM AND COAL PRODUCTS - 6.19%
11,300	e	Alon USA Energy, Inc		409
241,898		Apache Corp		17,102
41,340	e	Ashland, Inc		2,712
34,234	e	Cabot Oil & Gas Corp		2,305
1,626,352		Chevron Corp		120,285

233

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
1,208,198		ConocoPhillips	$	82,580
7,530	e	Delek US Holdings, Inc		144
320,753		Devon Energy Corp		22,202
177,671		EOG Resources, Inc		12,675
4,199,988		Exxon Mobil Corp		316,889
84,730	e	Frontier Oil Corp		2,766
12,046	*	Giant Industries, Inc		911
34,562	e*	Headwaters, Inc		755
198,923		Hess Corp		11,034
36,202	e	Holly Corp		2,147
252,120		Marathon Oil Corp		24,917
137,049	e	Murphy Oil Corp		7,318
91,300	*	Newfield Exploration Co		3,808
125,895		Noble Energy, Inc		7,510
626,952	e	Occidental Petroleum Corp		30,915
90,198		Sunoco, Inc		6,354
50,342	e	Tesoro Corp		5,056
448,352		Valero Energy Corp		28,914
11,564	e	WD-40 Co		367
17,700	e	Western Refining, Inc		691
		TOTAL PETROLEUM AND COAL PRODUCTS		710,766
PIPELINES, EXCEPT NATURAL GAS - 0.10%
454,157		Spectra Energy Corp		11,931
		TOTAL PIPELINES, EXCEPT NATURAL GAS		11,931
PRIMARY METAL INDUSTRIES - 1.06%
88,530	*	AK Steel Holding Corp		2,071
637,019	e	Alcoa, Inc		21,595
72,511		Allegheny Technologies, Inc		7,736
33,081	e	Belden CDT, Inc		1,773
15,568	*	Brush Engineered Materials, Inc		755
17,893	e	Carpenter Technology Corp		2,161
19,037	*	Century Aluminum Co		892
33,682		Chaparral Steel Co		1,959
45,912	e*	CommScope, Inc		1,970
1,137,856	*	Corning, Inc		25,875
16,654	e	Encore Wire Corp		422
36,458	*	General Cable Corp		1,948
20,138	e	Gibraltar Industries, Inc		456
43,293		Hubbell, Inc (Class B)		2,088
7,262	e*	LB Foster Co (Class A)		150
22,646	*	Lone Star Technologies, Inc		1,495
21,924		Matthews International Corp (Class A)		892
25,216		Mueller Industries, Inc		759
225,748		Nucor Corp		14,703
5,831	e	Olympic Steel, Inc		181
98,682	e	Precision Castparts Corp		10,268
26,576	e	Quanex Corp		1,125
16,800	e*	RTI International Metals, Inc		1,529
16,399	e	Schnitzer Steel Industries, Inc (Class A)		659
68,088	e	Steel Dynamics, Inc		2,941
10,403	e	Steel Technologies, Inc		308
14,234	e*	Superior Essex, Inc		493
17,041	e	Texas Industries, Inc		1,287
62,932	e*	Titanium Metals Corp		2,258

234

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
24,156		Tredegar Corp	$	550
89,568		United States Steel Corp		8,882
6,089	e*	Wheeling-Pittsburgh Corp		144
51,686	e	Worthington Industries, Inc		1,064
		TOTAL PRIMARY METAL INDUSTRIES		121,389
PRINTING AND PUBLISHING - 0.61%
31,906	e*	ACCO Brands Corp		769
42,239	e	American Greetings Corp (Class A)		980
71,221		Belo (A.H.) Corp (Class A)		1,330
22,675	e	Bowne & Co, Inc		357
8,210	e*	Consolidated Graphics, Inc		608
6,267	e	Courier Corp		245
3,924		CSS Industries, Inc		147
44,193	e	Dow Jones & Co, Inc		1,523
47,168		Dun & Bradstreet Corp		4,302
17,307	e	Ennis, Inc		463
61,293	e	EW Scripps Co (Class A)		2,739
174,168	e	Gannett Co, Inc		9,804
600	e	GateHouse Media, Inc		12
41,244	e	Harte-Hanks, Inc		1,138
20,920	e	John H Harland Co		1,072
34,409	e	John Wiley & Sons, Inc (Class A)		1,299
30,943		Journal Communications, Inc (Class A)		406
32,392	e	Journal Register Co		193
33,495	e	Lee Enterprises, Inc		1,007
19,558	e	Martha Stewart Living Omnimedia, Inc (Class A)		333
42,858	e	McClatchy Co (Class A)		1,355
262,123	e	McGraw-Hill Cos, Inc		16,482
16,756		Media General, Inc (Class A)		639
24,174		Meredith Corp		1,387
98,018	e	New York Times Co (Class A)		2,304
12,663	e*	Playboy Enterprises, Inc (Class B)		130
19,405	e*	Presstek, Inc		117
138,914	e*	Primedia, Inc		370
18,728	e*	Private Media Group Ltd		46
38,200	e	R.H. Donnelley Corp		2,708
160,242		R.R. Donnelley & Sons Co		5,863
10,767	e	Schawk, Inc		195
24,827	e*	Scholastic Corp		772
10,680	e	Standard Register Co		135
53,732	e*	Sun-Times Media Group, Inc (Class A)		266
136,556		Tribune Co		4,385
35,061	*	Valassis Communications, Inc		603
4,207	e	Washington Post Co (Class B)		3,212
		TOTAL PRINTING AND PUBLISHING		69,696
RAILROAD TRANSPORTATION - 0.64%
266,870		Burlington Northern Santa Fe Corp		21,464
320,134		CSX Corp		12,821
25,004	e	Florida East Coast Industries		1,568
26,537	e*	Genesee & Wyoming, Inc (Class A)		706
58,387	e*	Kansas City Southern Industries, Inc		2,077
303,744		Norfolk Southern Corp		15,370
196,817		Union Pacific Corp		19,987
		TOTAL RAILROAD TRANSPORTATION		73,993

235

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
REAL ESTATE - 0.13%
7,127	e	California Coastal Communities, Inc	$	145
135,323	e*	CB Richard Ellis Group, Inc (Class A)		4,625
4,977	e	Consolidated-Tomoka Land Co		376
51,548	e	Forest City Enterprises, Inc (Class A)		3,411
10,086	e*	Housevalues, Inc		51
25,773		Jones Lang LaSalle, Inc		2,688
5,276	e	Orleans Homebuilders, Inc		47
53,649	e	St. Joe Co		2,806
80,810	e	Stewart Enterprises, Inc (Class A)		651
		TOTAL REAL ESTATE		14,800
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.18%
5,113	e*	AEP Industries, Inc		220
54,933		Cooper Tire & Rubber Co		1,005
8,335	e*	Deckers Outdoor Corp		592
132,433	e*	Goodyear Tire & Rubber Co		4,130
204,098		Newell Rubbermaid, Inc		6,345
7,498	e	PW Eagle, Inc		248
21,213	e	Schulman (A.), Inc		500
119,326	e	Sealed Air Corp		3,771
8,488	*	Skechers U.S.A., Inc (Class A)		285
25,932		Spartech Corp		761
11,898		Titan International, Inc		301
7,903	e*	Trex Co, Inc		170
40,623	e	Tupperware Corp		1,013
25,167	e	West Pharmaceutical Services, Inc		1,168
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		20,509
SECURITY AND COMMODITY BROKERS - 3.11%
55,721	e	A.G. Edwards, Inc		3,855
156,189		Ameriprise Financial, Inc		8,925
86,969	e	Bear Stearns Cos, Inc		13,076
14,904	e	BlackRock, Inc		2,330
16,951	e	Calamos Asset Management, Inc (Class A)		378
38,859	e*	Cbot Holdings, Inc (Class A)		7,053
761,368		Charles Schwab Corp		13,925
25,214		Chicago Mercantile Exchange Holdings, Inc		13,425
9,422	e	Cohen & Steers, Inc		406
307,181	*	E*Trade Financial Corp		6,518
85,774	e	Eaton Vance Corp		3,057
67,991		Federated Investors, Inc (Class B)		2,497
124,758		Franklin Resources, Inc		15,075
6,584	e	GAMCO Investors, Inc (Class A)		285
8,396	e*	GFI Group, Inc		571
279,475		Goldman Sachs Group, Inc		57,748
14,103	e	Greenhill & Co, Inc		866
49,400	*	IntercontinentalExchange, Inc		6,037
29,469	e	International Securities Exchange, Inc		1,438
33,049	*	Investment Technology Group, Inc		1,296
150,501	e	Janus Capital Group, Inc		3,147
88,011	e	Jefferies Group, Inc		2,548
2,600	*	KBW, Inc		90
81,114	e*	Knight Capital Group, Inc (Class A)		1,285
37,720	e*	LaBranche & Co, Inc		308

236

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
92,510		Legg Mason, Inc	$	8,715
391,549		Lehman Brothers Holdings, Inc		27,436
21,429	e*	MarketAxess Holdings, Inc		359
674,193		Merrill Lynch & Co, Inc		55,061
783,719		Morgan Stanley		61,726
10,065	e*	Morningstar, Inc		520
69,770	e*	Nasdaq Stock Market, Inc		2,052
58,209	e	Nuveen Investments, Inc (Class A)		2,753
4,800	*	Nymex Holdings, Inc		652
113,746	e*	NYSE Group, Inc		10,664
15,817	e	optionsXpress Holdings, Inc		372
5,510	*	Penson Worldwide, Inc		166
13,614	*	Piper Jaffray Cos		843
66,932		Raymond James Financial, Inc		1,992
8,937	e	Sanders Morris Harris Group, Inc		95
46,376		SEI Investments Co		2,793
7,776	e*	Stifel Financial Corp		344
14,958	e	SWS Group, Inc		371
195,024		T Rowe Price Group, Inc		9,203
228,967	e*	TD Ameritrade Holding Corp		3,407
4,803	e*	Thomas Weisel Partners Group, Inc		91
800	e	Value Line, Inc		38
65,258		Waddell & Reed Financial, Inc (Class A)		1,522
		TOTAL SECURITY AND COMMODITY BROKERS		357,314
SOCIAL SERVICES - 0.01%
20,451	e*	Bright Horizons Family Solutions, Inc		772
15,384	e*	Capital Senior Living Corp		178
8,598	e*	Providence Service Corp		204
15,649	*	Res-Care, Inc		274
		TOTAL SOCIAL SERVICES		1,428
SPECIAL TRADE CONTRACTORS - 0.06%
2,319	e	Alico, Inc		133
18,820	e	Chemed Corp		921
28,901		Comfort Systems USA, Inc		346
32,076	e*	Dycom Industries, Inc		836
23,437	e*	EMCOR Group, Inc		1,382
20,939	e*	Insituform Technologies, Inc (Class A)		435
10,880	e*	Integrated Electrical Services, Inc		269
8,579	e*	Layne Christensen Co		313
78,543	e*	Quanta Services, Inc		1,981
		TOTAL SPECIAL TRADE CONTRACTORS		6,616
STONE, CLAY, AND GLASS PRODUCTS - 0.10%
18,958		Apogee Enterprises, Inc		380
18,807	e*	Cabot Microelectronics Corp		630
14,827	e	CARBO Ceramics, Inc		690
35,971		Eagle Materials, Inc		1,605
110,968	e	Gentex Corp		1,803
116,835	*	Owens-Illinois, Inc		3,011
23,708	e*	US Concrete, Inc		186
56,528	e*	USG Corp		2,639
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		10,944

237

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
TEXTILE MILL PRODUCTS - 0.01%
10,106		Oxford Industries, Inc	$	500
14,120		Xerium Technologies, Inc		113
		TOTAL TEXTILE MILL PRODUCTS		613
TOBACCO PRODUCTS - 1.36%
1,527,968		Altria Group, Inc		134,171
69,118		Loews Corp (Carolina Group)		5,226
126,050	e	Reynolds American, Inc		7,867
18,667		Universal Corp		1,145
119,260	e	UST, Inc		6,915
24,693	e	Vector Group Ltd		462
		TOTAL TOBACCO PRODUCTS		155,786
TRANSPORTATION BY AIR - 0.47%
39,511	*	ABX Air, Inc		271
7,464	e*	Air Methods Corp		179
65,497	e*	Airtran Holdings, Inc		673
28,126	*	Alaska Air Group, Inc		1,072
174,878	e*	AMR Corp		5,325
14,233	e*	Atlas Air Worldwide Holdings, Inc		750
18,390	e*	Bristow Group, Inc		670
64,577	e*	Continental Airlines, Inc (Class B)		2,350
23,319	e*	EGL, Inc		924
30,417	e*	ExpressJet Holdings, Inc		178
223,204		FedEx Corp		23,979
29,374	e*	Frontier Airlines Holdings, Inc		177
123,072	e*	JetBlue Airways Corp		1,417
29,055	e*	Mesa Air Group, Inc		219
9,723	e*	PHI, Inc		263
23,015	*	Republic Airways Holdings, Inc		528
45,222	e	Skywest, Inc		1,213
585,339		Southwest Airlines Co		8,604
80,520	e*	UAL Corp		3,073
43,209	e*	US Airways Group, Inc		1,965
		TOTAL TRANSPORTATION BY AIR		53,830
TRANSPORTATION EQUIPMENT - 2.61%
13,757	e	A.O. Smith Corp		526
29,552	e*	AAR Corp		814
16,459	*	Accuride Corp		240
14,702	*	Aftermarket Technology Corp		357
38,109	e	American Axle & Manufacturing Holdings, Inc		1,042
5,300		American Railcar Industries, Inc		158
9,760	e	Arctic Cat, Inc		190
56,666	e	ArvinMeritor, Inc		1,034
60,754		Autoliv, Inc		3,470
58,530	*	BE Aerospace, Inc		1,855
585,046		Boeing Co		52,016
70,693	e	Brunswick Corp		2,252
36,782	e	Clarcor, Inc		1,170
10,359	e*	Comtech Group, Inc		181
34,017	e	Federal Signal Corp		528
41,202	e*	Fleetwood Enterprises, Inc		326
1,327,161	e*	Ford Motor Co		10,471
8,920	e	Freightcar America, Inc		430
7,817	e*	Fuel Systems Solutions, Inc		145

238

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
42,477	e*	GenCorp, Inc	$	588
295,346		General Dynamics Corp		22,564
346,355	e	General Motors Corp		10,612
7,281	e*	GenTek, Inc		248
125,058		Genuine Parts Co		6,128
88,878	e	Goodrich Corp		4,575
12,975	e	Greenbrier Cos, Inc		346
19,891	e	Group 1 Automotive, Inc		791
196,649	e	Harley-Davidson, Inc		11,553
59,330		Harsco Corp		2,662
14,627	e	Heico Corp		534
134,122		ITT Industries, Inc		8,090
14,200	*	K&F Industries Holdings, Inc		382
17,547	e	Kaman Corp		409
267,943		Lockheed Martin Corp		25,996
6,589	e*	Miller Industries, Inc		144
21,622	e	Monaco Coach Corp		344
6,171	e	Noble International Ltd		103
252,204		Northrop Grumman Corp		18,719
40,694	*	Orbital Sciences Corp		763
54,350	e	Oshkosh Truck Corp		2,880
182,836	e	Paccar, Inc		13,420
100,239	e*	Pactiv Corp		3,382
30,275	e	Polaris Industries, Inc		1,453
324,939		Raytheon Co		17,046
4,792	*	Sequa Corp (Class A)		574
44,800	*	Spirit Aerosystems Holdings, Inc (Class A)		1,427
17,715	e	Superior Industries International, Inc		369
32,438	*	Tenneco, Inc		826
93,202		Textron, Inc		8,369
25,200	e	Thor Industries, Inc		993
7,965	e*	TransDigm Group, Inc		290
58,346	e	Trinity Industries, Inc		2,446
12,081	e	Triumph Group, Inc		669
30,832	e*	TRW Automotive Holdings Corp		1,074
739,691		United Technologies Corp		48,080
104,662	e*	Visteon Corp		894
22,100	e	Wabash National Corp		341
38,122		Westinghouse Air Brake Technologies Corp		1,315
24,826	e	Winnebago Industries, Inc		835
		TOTAL TRANSPORTATION EQUIPMENT		299,439
TRANSPORTATION SERVICES - 0.20%
14,656		Ambassadors Group, Inc		487
4,915	e	Ambassadors International, Inc		227
125,458		CH Robinson Worldwide, Inc		5,991
8,003	e*	Dynamex, Inc		204
155,362		Expeditors International Washington, Inc		6,419
34,495	e	GATX Corp		1,649
63,810	e*	Hertz Global Holdings, Inc		1,512
28,305	*	HUB Group, Inc (Class A)		821
51,310	*	Lear Corp		1,873
26,631	e	Pacer International, Inc		717
97,562		Sabre Holdings Corp (Class A)		3,195
		TOTAL TRANSPORTATION SERVICES		23,095

239

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
TRUCKING AND WAREHOUSING - 0.41%
17,410	e	Arkansas Best Corp	$	619
16,346	e*	Celadon Group, Inc		273
37,065		Con-way, Inc		1,847
22,919		Forward Air Corp		754
46,789	e	Heartland Express, Inc		743
80,351	e	J.B. Hunt Transport Services, Inc		2,108
43,462		Landstar System, Inc		1,992
14,139	*	Marten Transport Ltd		225
19,477	*	Old Dominion Freight Line		561
4,234	*	P.A.M. Transportation Services, Inc		87
1,137	e*	Patriot Transportation Holding, Inc		102
6,236	e*	Quality Distribution, Inc		54
9,635	*	Saia, Inc		229
35,619	e*	SIRVA, Inc		127
36,993	*	Swift Transportation Co, Inc		1,153
6,846	e*	U.S. Xpress Enterprises, Inc (Class A)		118
471,426		United Parcel Service, Inc (Class B)		33,047
3,884	e*	Universal Truckload Services, Inc		94
5,986	e*	USA Truck, Inc		93
35,401	e	Werner Enterprises, Inc		643
40,766	e*	YRC Worldwide, Inc		1,640
		TOTAL TRUCKING AND WAREHOUSING		46,509
WATER TRANSPORTATION - 0.06%
30,756	e	Alexander & Baldwin, Inc		1,551
47,660	e*	American Commercial Lines, Inc		1,499
11,494	e*	Gulfmark Offshore, Inc		502
9,884		Horizon Lines, Inc (Class A)		324
20,578	e*	Hornbeck Offshore Services, Inc		589
37,552	e*	Kirby Corp		1,314
20,862		Overseas Shipholding Group, Inc		1,306
		TOTAL WATER TRANSPORTATION		7,085
WHOLESALE TRADE-DURABLE GOODS - 0.40%
65,784		Adesa, Inc		1,818
23,674	e	Agilysys, Inc		532
30,894		Applied Industrial Technologies, Inc		758
89,079	e*	Arrow Electronics, Inc		3,363
26,755	e	Barnes Group, Inc		616
30,944	e*	Beacon Roofing Supply, Inc		501
7,060		BlueLinx Holdings, Inc		74
42,342	e	BorgWarner, Inc		3,193
21,864	e	Building Material Holding Corp		396
7,176	e	Castle (A.M.) & Co		211
15,920	e*	Conceptus, Inc		318
86,195	*	Cytyc Corp		2,949
13,898	*	Digi International, Inc		177
13,174	e*	Drew Industries, Inc		378
26,458	e*	Genesis Microchip, Inc		246
6,221	e*	Houston Wire & Cable Co		174
84,096		IKON Office Solutions, Inc		1,208
106,160	e*	Ingram Micro, Inc (Class A)		2,050
34,716	*	Insight Enterprises, Inc		624
19,381	e*	Interline Brands, Inc		425
13,159	e*	Keystone Automotive Industries, Inc		443

240

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
42,424	e	Knight Transportation, Inc	$	756
3,000	e	Lawson Products, Inc		114
31,919	e*	LKQ Corp		698
33,342	e	Martin Marietta Materials, Inc		4,508
15,714	e*	Merge Technologies, Inc		77
3,818	*	MWI Veterinary Supply, Inc		126
28,836	e	Owens & Minor, Inc		1,059
103,013	e*	Patterson Cos, Inc		3,656
37,424	e	PEP Boys-Manny Moe & Jack		714
37,580	e	Pool Corp		1,345
47,725	*	PSS World Medical, Inc		1,009
46,192		Reliance Steel & Aluminum Co		2,236
19,445	e	Ryerson Tull, Inc		770
42,080	*	Tech Data Corp		1,507
26,379	e*	Tyler Technologies, Inc		335
52,621		W.W. Grainger, Inc		4,064
34,294	e*	WESCO International, Inc		2,153
8,587	e*	West Marine, Inc		156
		TOTAL WHOLESALE TRADE-DURABLE GOODS		45,737
WHOLESALE TRADE-NONDURABLE GOODS - 0.87%
50,602		Airgas, Inc		2,133
31,521	e*	Akorn, Inc		213
59,409	e*	Alliance One International, Inc		548
36,269	e*	Allscripts Healthcare Solutions, Inc		972
9,068	e	Andersons, Inc		403
8,800	e*	Bare Escentuals, Inc		316
45,392	e	Brown-Forman Corp (Class B)		2,976
306,309		Cardinal Health, Inc		22,345
21,391	e*	Central European Distribution Corp		623
7,034	e*	Core-Mark Holding Co, Inc		251
99,667	e	Dean Foods Co		4,658
99,592	*	Endo Pharmaceuticals Holdings, Inc		2,928
2,908	e*	Green Mountain Coffee Roasters, Inc		183
21,948	e*	Hain Celestial Group, Inc		660
64,753	e*	Henry Schein, Inc		3,573
104,836	e	Idearc, Inc		3,680
6,203	e	Kenneth Cole Productions, Inc (Class A)		159
19,366		K-Swiss, Inc (Class A)		523
2,095	e*	Maui Land & Pineapple Co, Inc		76
35,438	e	Men's Wearhouse, Inc		1,667
18,114		Myers Industries, Inc		338
8,977	e	Nash Finch Co		309
140,317		Nike, Inc (Class B)		14,910
38,826	e	Nu Skin Enterprises, Inc (Class A)		641
11,120	e*	Nuco2, Inc		280
9,998	e*	Perry Ellis International, Inc		320
327,997		Safeway, Inc		12,018
17,687	e*	School Specialty, Inc		639
8,100	e*	Smart & Final, Inc		176
22,616	e*	Source Interlink Cos, Inc		152
14,127	e	Spartan Stores, Inc		379
25,507	e	Stride Rite Corp		393
453,887	e	Sysco Corp		15,355
77,674	e*	Terra Industries, Inc		1,359
27,551	e*	Tractor Supply Co		1,419

241

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				MATURITY		VALUE
SHARES			RATE	DATE		(000)
30,443	e*	United Natural Foods, Inc			$	933
24,300	e*	United Stationers, Inc				1,456
6,399	e	Valhi, Inc				85
9,361	e*	Volcom, Inc				322
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS				100,371
		TOTAL COMMON STOCKS				11,409,691
		(Cost $8,193,855)
WARRANTS - 0.00%**
WHOLESALE TRADE-DURABLE GOODS - 0.00%**
808	m,v*	Timco Aviation Services, Inc (Expires 02/28/07)				-	^
		TOTAL WHOLESALE TRADE-DURABLE GOODS				-	^
		TOTAL WARRANTS				-	^
		(Cost $0)
PRINCIPAL
SHORT-TERM INVESTMENTS - 12.19%
U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES - 0.39%
$     45,300,000	d	Federal Home Loan Bank (FHLB)	4.900%	04/02/07		45,282
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES				45,282
SHARES
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 11.80%
1,354,710,450		State Street Navigator Securities Lending Prime Portfolio				1,354,710
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED				1,354,710
		TOTAL SHORT-TERM INVESTMENTS				1,399,992
		(Cost $1,400,004)
		TOTAL PORTFOLIO - 111.55%				12,809,683
		(Cost $9,593,859)
		OTHER ASSETS & LIABILITIES, NET - (11.55%)				(1,326,531	)
		NET ASSETS - 100.00%			$	11,483,152
		The following abbreviations are used in portfolio descriptions:
	LP	Limited Partnership
	*	Non-income producing.
	**	Percentage represents less than 0.01%.
	^	Amount represents less than $1,000.
	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.
	m	Indicates a security that has been deemed illiquid.
	v	Security valued at fair value.
		Cost amounts are in thousands.

242

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

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.

At March 31, 2007, the Account held open futures contracts as follows:
				UNREALIZED
	NUMBER OF	MARKET	EXPIRATION	APPRECIATION
OPEN FUTURES CONTRACTS:	CONTRACTS	VALUE	DATE	(DEPRECIATION)
E-mini S&P Mid 400 Index	24	$ 2,053,920	June 2007	$	(5,702)
E-mini Russell 2000 Index	53	4,282,400	June 2007		1,621
E-mini S&P 500 Index	569	40,717,640	June 2007		(151,228)
				$	(155,309)

243

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

COLLEGE RETIREMENT EQUITIES FUND
BOND MARKET ACCOUNT
STATEMENT OF INVESTMENTS (Unaudited)
March 31, 2007

				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)
BONDS - 98.62%
CORPORATE BONDS - 38.57%
AMUSEMENT AND RECREATION SERVICES - 0.06%
$     2,000,000	e	Caesars Entertainment, Inc	7.875%	03/15/10	Ba1	$	2,090
2,000,000	e	Caesars Entertainment, Inc	7.000	04/15/13	Baa3		2,125
		TOTAL AMUSEMENT AND RECREATION SERVICES					4,215
ASSET BACKED - 11.15%
10,000,000		AmeriCredit Automobile Receivables Trust Series 2006-AF
		(Class A3)	5.560	09/06/11	Aaa		10,058
20,000,000		AmeriCredit Automobile Receivables Trust Series 2006-AF
		(Class A4)	5.640	09/06/13	Aaa		20,312
400,121	i	AQ Finance NIM Trust Series 2004-RN2	5.520	04/25/09	Aaa		400
298,667	i,v	AQ Finance NIM Trust Series 2004-RN3	5.500	05/25/09	Aaa		299
74,680		Asset Backed Funding Corp NIM Trust Series 2005-WMC1
		(Class N1)	5.900	07/26/35	N/R		75
4,500,000		Capital One Auto Finance Trust Series 2007-A (Class A3A)	5.250	08/15/11	Aaa		4,516
10,000,000	i	Centex Home Equity Series 2004-C (Class AF5)	5.980	06/25/34	Aaa		10,050
1,100,000	i	Centex Home Equity Series 2004-D (Class MF2)	5.560	09/25/34	A2		1,059
1,375,000	i	Chase Funding Mortgage Loan Asset-Backed Certificates Series
		2004-2 (Class 1B)	5.700	02/25/35	Baa2		1,217
3,500,000	i	Chase Funding Mortgage Loan Asset-Backed Certificates Series
		2004-2 (Class 1M1)	5.700	02/25/35	Aa2		3,447
1,750,000	i	Chase Funding Mortgage Loan Asset-Backed Certificates Series
		2004-2 (Class 1M2)	5.700	02/25/35	A2		1,668
1,909,455		Chase Manhattan Auto Owner Trust Series 2004-A
		(Class A4)	2.830	09/15/10	Aaa		1,881
10,000,000		CIT Equipment Collateral Series 2005-VT1 (Class A4)	4.360	11/20/12	Aaa		9,916
5,456,757	i	CIT Group Home Equity Loan Trust Series 2002-1
		(Class AF6)	6.200	02/25/30	Aaa		5,500
514,419	i	CIT Group Home Equity Loan Trust Series 2002-2
		(Class MF2)	6.390	12/25/30	A3		510
28,400,000	i	Citicorp Mortgage Securities, Inc Series 2006-1 (Class A3)	5.706	07/25/36	Aaa		28,506
20,812,000		Citicorp Mortgage Securities, Inc Series 2006-2 (Class A3)	5.563	09/25/36	Aaa		20,830
10,000,000	i,v	Countrywide Asset-Backed Certificates Series 2007-S2 (Class
		A3)	5.813	05/25/37	Aaa		9,999
1,287,236	i	Countrywide Home Equity Loan Trust Series 2004-B
		(Class 1A)	5.540	02/15/29	Aaa		1,288
3,387,137		Detroit Edison Securitization Funding LLC Series 2001-1 (Class
		A3)	5.875	03/01/10	Aaa		3,400
25,000,000	i	Flagstar Home Equity Loan Trust Series 2007-1A
		(Class AF3)	5.781	01/25/35	Aaa		25,177
6,372,000		GMAC Mortgage Corporation Loan Trust 2006-HLTV A3	5.590	10/25/29	Aaa		6,384
2,600,000		GMAC Mortgage Corporation Loan Trust 2006-HLTV A4	5.810	10/25/29	Aaa		2,612
5,053,856	i	Golden Securities Corp Series 2003-A (Class A1)	5.620	12/02/13	Aaa		5,000
10,000,000		Hertz Vehicle Financing LLC Series 2005-1A (Class A3)	5.010	02/25/11	Aaa		9,982
5,000,000		Hertz Vehicle Financing LLC Series 2005-1A (Class A5)	5.080	11/25/11	Aaa		4,993

244

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)
$     4,000,000		Hertz Vehicle Financing LLC Series 2005-2A (Class A2)	4.930%	02/25/10	Aaa	$	3,988
15,000,000		Honda Auto Receivables Owner Trust Series 2007-1
		(Class A4)	5.090	07/18/13	N/R		15,056
4,656,448		Household Automotive Trust Series 2003-2 (Class A4)	3.020	12/17/10	Aaa		4,606
25,000,000		Household Automotive Trust Series 2006-2 (Class A3)	5.610	08/17/11	Aaa		25,169
45,000,000		Household Automotive Trust Series 2006-3 (Class A4)	5.340	09/17/13	Aaa		45,477
24,000,000		Household Credit Card Master Note Trust I Series 2006-1 (Class
		A)	5.100	06/15/12	Aaa		24,079
35,000,000		Hyundai Auto Receivables Trust Series 2006-A (Class A3)	5.130	06/15/10	Aaa		34,977
40,000,000		Hyundai Auto Receivables Trust Series 2006-B (Class A4)	5.150	05/15/13	Aaa		40,129
3,000,000	i	IXIS Real Estate Capital Trust Series 2006-HE1 (Class A2)	5.460	03/25/36	Aaa		3,001
14,850,112		JPMorgan Auto Receivables Trust Series 2007-A (Class A1)	5.344	02/15/08	N/R		14,849
11,000,000		JPMorgan Auto Receivables Trust Series 2007-A (Class A3)	5.190	02/15/11	Aaa		11,035
127,075		Long Beach Asset Holdings Corp Series 2006-4 (Class N1)	5.877	06/25/46	N/R		127
2,531,387	v	Long Beach Asset Holdings Corp Series 2006-6 (Class N1)	6.072	09/25/46	N/R		1,899
8,701,370		Marriott Vacation Club Owner Trust Series 2006-2A
		(Class A)	5.362	10/20/28	Aaa		8,694
517,750	v	New York City Tax Lien Series 2006-AA (Class A)	5.930	07/01/36	Aaa		520
30,800,000		Nissan Auto Lease Trust Series 2006-A (Class A3)	5.110	03/15/10	Aaa		30,804
13,000,000		Nissan Auto Lease Trust Series 2006-A (Class A4)	5.100	07/16/12	Aaa		13,014
6,000,000		Nissan Auto Receivables Owner Trust Series 2007-A
		(Class A3)	5.100	11/15/10	Aaa		6,014
10,000,000		Peco Energy Transition Trust Series 1999-A (Class A7)	6.130	03/01/09	Aaa		10,070
4,512,501		Public Service New Hampshire Funding LLC Series 2001-1
		(Class A2)	5.730	11/01/10	Aaa		4,532
6,500,000	i	Renaissance Home Equity Loan Trust Series 2006-3 (Class
		AF3)	5.586	11/25/36	Aaa		6,510
12,000,000	i	Residential Asset Mortgage Products, Inc Series 2004-RS11
		(Class M1)	5.940	11/25/34	Aa1		12,028
1,226,609		Residential Asset Securities Corp Series 2001-KS2
		(Class AI6)	6.489	10/25/30	Aaa		1,224
5,000,000	i	Residential Funding Mortgage Securities II, Inc Series 2005-HI1
		(Class A5)	5.450	08/25/34	Aaa		4,965
8,000,000		Residential Funding Mortgage Securities II, Inc Series 2006-
		H12 (Class A2)	5.750	02/25/36	Aaa		8,012
5,014,000	i	Residential Funding Mortgage Securities II, Inc Series 2006-HI1
		(Class A3)	5.570	02/25/36	Aaa		5,020
2,500,000	i	Residential Funding Mortgage Securities II, Inc Series 2006-HI1
		(Class M1)	6.010	02/25/36	Aa1		2,517
250,000	i	Residential Funding Mortgage Securities II, Inc Series 2006-HI1
		(Class M2)	6.060	02/25/36	Aa2		251
2,000,000		Residential Funding Mortgage Securities II, Inc Series 2006-HI3
		(Class A2)	5.950	02/25/36	Aaa		2,008
6,000,000		Residential Funding Mortgage Securities II, Inc Series 2006-HI3
		(Class A3)	5.960	02/25/36	Aaa		6,057
9,628,000		Residential Funding Mortgage Securities II, Inc Series 2006-HI4
		(Class A2)	5.450	09/25/36	Aaa		9,612
30,000,000		Residential Funding Mortgage Securities II, Inc Series 2006-HI4
		(Class A3)	5.440	09/25/36	Aaa		29,914
7,000,000		Residential Funding Mortgage Securities II, Inc Series 2006-HI5
		(Class A2)	5.520	04/25/21	Aaa		6,998
13,500,000		Residential Funding Mortgage Securities II, Inc Series 2006-HI5
		(Class A3)	5.500	08/25/25	Aaa		13,482
9,862,000	i	Residential Funding Mortgage Securities II, Inc Series 2006-
		HSA2 (Class AI3)	5.550	03/25/36	Aaa		9,871
3,845,254	v	Sierra Receivables Funding Co Series 2006-1A (Class A1)	5.840	05/20/18	Aaa		3,889

245

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)
$     29,981,150	v	Sonic Capital LLC Series 2006-1A (Class A2)	5.096%	12/20/31	Aaa	$	29,880
7,185,000		Triad Auto Receivables Owner Trust Series 2005-A
		(Class A4)	4.220	06/12/12	Aaa		7,087
25,000,000		Triad Auto Receivables Owner Trust Series 2006-C
		(Class A4)	5.310	05/13/13	Aaa		25,169
38,000,000		Volkswagen Auto Lease Trust Series 2006-A (Class A3)	5.500	09/21/09	Aaa		38,183
10,400,000		Volkswagen Auto Lease Trust Series 2006-A (Class A4)	5.540	04/20/11	Aaa		10,490
4,100,000	v	Wachovia Amortization Controlled Heloc NIM Series 2006-N1
		(Class N1)	5.683	08/12/47	A3		4,074
17,838,000		Wachovia Auto Loan Owner Trust Series 2006-2A
		(Class A3)	5.230	08/22/11	Aaa		17,883
6,488,351	i	Wachovia Loan Trust Series 2005-SD1 (Class A)	5.680	05/25/35	N/R		6,485
		TOTAL ASSET BACKED					748,728
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.19%
7,000,000		Home Depot, Inc	5.400	03/01/16	Aa3		6,838
5,750,000		Lowe's Cos, Inc	8.250	06/01/10	A1		6,246
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES					13,084
BUSINESS SERVICES - 0.03%
2,000,000		Advanstar Communications, Inc	10.750	08/15/10	B1		2,165
		TOTAL BUSINESS SERVICES					2,165
CHEMICALS AND ALLIED PRODUCTS - 0.27%
6,500,000		Abbott Laboratories	5.600	05/15/11	A1		6,628
3,500,000	e	Chemtura Corp	6.875	06/01/16	Ba1		3,386
2,500,000		Lubrizol Corp	4.625	10/01/09	Baa3		2,468
5,650,000		Lubrizol Corp	5.500	10/01/14	Baa3		5,533
		TOTAL CHEMICALS AND ALLIED PRODUCTS					18,015
COMMUNICATIONS - 2.15%
5,000,000		Alamosa Delaware, Inc	11.000	07/31/10	Baa3		5,344
3,750,000		America Movil S.A. de C.V.	6.375	03/01/35	A3		3,679
9,500,000		AT&T, Inc	5.100	09/15/14	A2		9,285
2,000,000	e	AT&T, Inc	6.150	09/15/34	A2		1,973
11,521,001		Comcast Cable Communications Holdings, Inc	8.375	03/15/13	Baa2		13,193
15,400,000		Comcast Corp	5.875	02/15/18	Baa2		15,473
6,000,000	e	Comcast Corp	5.650	06/15/35	Baa2		5,450
2,750,000		Comcast Corp	6.500	11/15/35	Baa2		2,785
4,000,000		Deutsche Telekom International Finance BV	8.250	06/15/30	A3		4,954
4,000,000		Embarq Corp	7.995	06/01/36	Baa3		4,130
4,250,000		France Telecom S.A.	7.750	03/01/11	A3		4,626
1,750,000		Gray Television, Inc	9.250	12/15/11	B1		1,831
1,150,000		GTE Corp	6.840	04/15/18	Baa1		1,247
4,000,000		New Cingular Wireless Services, Inc	7.875	03/01/11	Baa1		4,377
4,750,000		New Cingular Wireless Services, Inc	8.750	03/01/31	Baa1		6,148
500,000		Rogers Cable, Inc	6.750	03/15/15	Baa3		524
2,500,000		Rogers Wireless, Inc	7.500	03/15/15	Baa3		2,738
7,750,000		Sprint Capital Corp	8.375	03/15/12	Baa3		8,646
7,900,000		Sprint Nextel Corp	6.000	12/01/16	Baa3		7,766
4,000,000	e	Telecom Italia Capital S.A.	5.250	11/15/13	Baa2		3,886
7,000,000		Verizon Communications, Inc	5.500	04/01/17	A3		6,947
2,250,000	e	Verizon Global Funding Corp	5.850	09/15/35	A3		2,128
6,500,000		Verizon Virginia, Inc	4.625	03/15/13	Baa1		6,115
4,850,000		Viacom, Inc	5.750	04/30/11	Baa3		4,914
3,500,000		Viacom, Inc	6.875	04/30/36	Baa3		3,523

246

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)
$     2,000,000		Vodafone Group plc	5.000%	12/16/13	A3	$	1,945
3,650,000		Vodafone Group plc	5.625	02/27/17	A3		3,615
7,550,000		Vodafone Group plc	6.150	02/27/37	A3		7,278
		TOTAL COMMUNICATIONS					144,520
DEPOSITORY INSTITUTIONS - 2.83%
7,550,000		Bank of America Corp	5.375	08/15/11	Aa1		7,629
4,000,000		Bank of America Corp	6.250	04/15/12	Aa1		4,192
14,550,000		Bank of America NA	5.300	03/15/17	Aa1		14,368
6,500,000		Bank of America NA	6.000	10/15/36	Aa1		6,516
4,250,000		Bank One Corp	5.250	01/30/13	Aa3		4,230
5,000,000		Bank One NA	3.700	01/15/08	Aaa		4,944
5,250,000	g,i	BOI Capital Funding No. 2 LP	5.571	12/30/49	A2		5,129
4,000,000		Capital One Bank	5.125	02/15/14	A2		3,901
4,000,000		FIA Card Services NA	4.625	08/03/09	Aaa		3,961
3,000,000		Golden West Financial Corp	4.125	08/15/07	Aa3		2,988
3,500,000		Golden West Financial Corp	4.750	10/01/12	Aa3		3,428
2,000,000		Greenpoint Financial Corp	3.200	06/06/08	A3		1,952
7,000,000		HSBC Bank USA NA	4.625	04/01/14	Aa3		6,701
5,000,000		International Finance Corp	5.125	05/02/11	Aaa		5,059
1,000,000		JPMorgan Chase & Co	7.875	06/15/10	Aa3		1,079
4,500,000		JPMorgan Chase & Co	4.500	01/15/12	Aa2		4,376
5,500,000		JPMorgan Chase & Co	5.750	01/02/13	Aa3		5,614
4,000,000		KeyBank NA	5.000	07/17/07	A1		3,993
2,000,000		M&I Marshall & Ilsley Bank	4.125	09/04/07	Aa3		1,991
5,700,000		M&I Marshall & Ilsley Bank	4.400	03/15/10	Aa3		5,599
4,250,000	i	Manufacturers & Traders Trust Co	5.629	12/01/21	A3		4,220
5,000,000		Mellon Funding Corp	4.875	06/15/07	Aa3		4,995
3,250,000		Popular North America, Inc	5.650	04/15/09	A2		3,263
4,250,000	g,i	Rabobank Capital Funding Trust	5.254	12/30/49	Aa2		4,097
2,500,000		Regions Financial Corp	6.375	05/15/12	A2		2,622
2,250,000	g,h,i	Societe Generale	5.922	12/30/49	A1		2,249
2,000,000		Union Bank of California NA	5.950	05/11/16	A2		2,044
2,500,000		US Bank NA	5.700	12/15/08	Aa2		2,521
5,000,000		US Bank NA	6.300	02/04/14	Aa2		5,265
12,750,000		Wachovia Bank NA	4.800	11/01/14	Aa2		12,206
2,050,000		Wachovia Bank NA	5.850	02/01/37	Aa2		1,999
6,050,000		Wachovia Corp	5.300	10/15/11	Aa3		6,088
4,500,000		Wachovia Corp	5.250	08/01/14	A1		4,439
4,500,000		Washington Mutual Bank	5.500	01/15/13	A2		4,472
2,150,000		Washington Mutual, Inc	5.500	08/24/11	A2		2,159
3,500,000	e	Wells Fargo & Co	4.875	01/12/11	Aa1		3,478
4,000,000		Wells Fargo & Co	5.300	08/26/11	Aa1		4,029
8,500,000		Wells Fargo Bank NA	6.450	02/01/11	Aa1		8,884
7,500,000		Wells Fargo Bank NA	4.750	02/09/15	Aa1		7,189
6,000,000		Wells Fargo Bank NA	5.950	08/26/36	Aa1		6,048
		TOTAL DEPOSITORY INSTITUTIONS					189,917
ELECTRIC, GAS, AND SANITARY SERVICES - 1.88%
2,000,000	e	AGL Capital Corp	6.000	10/01/34	Baa1		1,919
2,500,000		Atmos Energy Corp	4.000	10/15/09	Baa3		2,429
4,500,000		Carolina Power & Light Co	5.125	09/15/13	A3		4,439
2,750,000		Carolina Power & Light Co	5.700	04/01/35	A3		2,642
4,250,000		CenterPoint Energy Resources Corp	7.875	04/01/13	Baa3		4,722
3,550,000		CenterPoint Energy Resources Corp	6.250	02/01/37	Baa3		3,525
5,350,000		Centerpoint Energy, Inc	5.950	02/01/17	Ba1		5,372

247

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)
$     2,750,000		Commonwealth Edison Co	3.700%	02/01/08	Baa2	$	2,699
3,500,000		Consolidated Natural Gas Co	6.250	11/01/11	Baa1		3,643
4,250,000		Consolidated Natural Gas Co	5.000	12/01/14	Baa1		4,128
9,000,000		FirstEnergy Corp	6.450	11/15/11	Baa3		9,425
3,400,000	e	Florida Power & Light Co	4.850	02/01/13	Aa3		3,333
3,500,000		Florida Power Corp	4.500	06/01/10	A2		3,431
4,000,000	i	FPL Group Capital, Inc	6.350	10/01/66	A3		4,021
4,000,000		National Fuel Gas Co	5.250	03/01/13	Baa1		3,961
3,000,000		National Rural Utilities Cooperative Finance Corp	5.750	08/28/09	A2		3,048
3,500,000		Nevada Power Co	6.650	04/01/36	Ba1		3,647
4,500,000		Northern Border Pipeline Co	6.250	05/01/07	A3		4,503
2,250,000		Northern States Power Co	6.250	06/01/36	A2		2,407
2,500,000		Northern States Power-Minnesota	5.250	07/15/35	A2		2,306
2,500,000	e	Ohio Edison Co	4.000	05/01/08	Baa2		2,466
3,500,000		Ohio Power Co	5.300	11/01/10	A3		3,521
4,075,000		ONEOK Partners LP	5.900	04/01/12	Baa2		4,170
6,000,000		Pacific Gas & Electric Co	4.200	03/01/11	Baa1		5,793
3,500,000		Pacific Gas & Electric Co	5.800	03/01/37	Baa1		3,388
2,000,000		Public Service Co of Colorado	7.875	10/01/12	A3		2,245
2,500,000		Public Service Co of Colorado	5.500	04/01/14	A3		2,507
2,250,000		Puget Sound Energy, Inc	6.274	03/15/37	Baa2		2,272
2,750,000	e	Southern California Edison Co	6.000	01/15/34	A2		2,812
3,250,000		Southern California Edison Co	5.350	07/15/35	A2		3,043
5,000,000		Southwestern Public Service Co	6.000	10/01/36	Baa1		4,958
2,000,000		Spectra Energy Capital LLC	6.250	02/15/13	Baa1		2,045
4,500,000		Virginia Electric and Power Co	4.750	03/01/13	Baa1		4,361
2,000,000		Waste Management, Inc	7.750	05/15/32	Baa3		2,318
1,500,000		Westar Energy, Inc	6.000	07/01/14	Baa2		1,540
3,000,000		Wisconsin Electric Power Co	5.625	05/15/33	A1		2,905
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES					125,944
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 0.21%
7,500,000		Cisco Systems, Inc	5.250	02/22/11	A1		7,540
2,500,000		Cisco Systems, Inc	5.500	02/22/16	A1		2,524
4,000,000		Emerson Electric Co	4.500	05/01/13	A2		3,844
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT					13,908
FABRICATED METAL PRODUCTS - 0.05%
3,750,000		Fortune Brands, Inc	4.875	12/01/13	Baa2		3,545
		TOTAL FABRICATED METAL PRODUCTS					3,545
FOOD AND KINDRED PRODUCTS - 0.50%
4,000,000		Bottling Group LLC	4.625	11/15/12	Aa3		3,901
1,750,000		Bunge Ltd Finance Corp	5.875	05/15/13	Baa2		1,755
2,750,000		Bunge Ltd Finance Corp	5.100	07/15/15	Baa2		2,596
3,500,000		Companhia Brasileira de Bebidas	8.750	09/15/13	Baa1		4,060
5,000,000		Coors Brewing Co	6.375	05/15/12	Baa2		5,208
5,000,000		Diageo Capital plc	5.125	01/30/12	A3		4,969
2,500,000	g	Foster's Finance Corp	4.875	10/01/14	Baa2		2,365
3,000,000		Kellogg Co	7.450	04/01/31	A3		3,540
4,000,000		Kraft Foods, Inc	6.500	11/01/31	Baa1		4,058
1,250,000		WM Wrigley Jr Co	4.650	07/15/15	A1		1,188
		TOTAL FOOD AND KINDRED PRODUCTS					33,640
FOOD STORES - 0.16%
2,000,000		Delhaize America, Inc	8.125	04/15/11	Ba1		2,188

248

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)
$     3,500,000	e	Kroger Co	7.250%	06/01/09	Baa2	$	3,637
2,500,000		Kroger Co	6.800	04/01/11	Baa2		2,621
2,325,000		Safeway, Inc	4.125	11/01/08	Baa2		2,283
		TOTAL FOOD STORES					10,729
FORESTRY - 0.04%
2,665,000		Weyerhaeuser Co	5.950	11/01/08	Baa2		2,692
		TOTAL FORESTRY					2,692
GENERAL BUILDING CONTRACTORS - 0.09%
3,250,000		Centex Corp	5.250	06/15/15	Baa2		2,957
3,000,000		DR Horton, Inc	9.750	09/15/10	Ba1		3,318
		TOTAL GENERAL BUILDING CONTRACTORS					6,275
GENERAL MERCHANDISE STORES - 0.38%
10,550,000	e	Target Corp	5.875	07/15/16	A1		10,877
7,000,000		Wal-Mart Stores, Inc	4.000	01/15/10	Aa2		6,831
7,750,000	e	Wal-Mart Stores, Inc	4.125	02/15/11	Aa2		7,518
		TOTAL GENERAL MERCHANDISE STORES					25,226
HEALTH SERVICES - 0.08%
5,650,000		Laboratory Corp of America Holdings	5.625	12/15/15	Baa3		5,562
		TOTAL HEALTH SERVICES					5,562
HOLDING AND OTHER INVESTMENT OFFICES - 0.60%
3,750,000		Archstone-Smith Trust	5.750	03/15/16	Baa1		3,804
3,500,000		BHP Billiton Finance Ltd	5.400	03/29/17	A1		3,486
5,000,000		Brookfield Asset Management, Inc	7.125	06/15/12	Baa2		5,355
5,000,000		Camden Property Trust	5.875	06/01/07	Baa2		5,003
4,000,000		Colonial Properties Trust	6.250	06/15/14	Baa3		4,122
4,500,000		iStar Financial, Inc	5.150	03/01/12	Baa2		4,398
3,650,000		iStar Financial, Inc	5.700	03/01/14	Baa2		3,630
5,000,000		iStar Financial, Inc	5.850	03/15/17	Baa2		4,920
2,825,000	e	Simon Property Group LP	5.600	09/01/11	A3		2,867
2,310,000	e	Sungard Data Systems, Inc	10.250	08/15/15	Caa1		2,521
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES					40,106
HOTELS AND OTHER LODGING PLACES - 0.06%
2,000,000		Boyd Gaming Corp	8.750	04/15/12	Ba3		2,088
1,750,000		MGM Mirage	6.000	10/01/09	Ba2		1,752
		TOTAL HOTELS AND OTHER LODGING PLACES					3,840
INDUSTRIAL MACHINERY AND EQUIPMENT - 0.23%
5,500,000		Caterpillar, Inc	6.050	08/15/36	A2		5,605
2,500,000	e	Hewlett-Packard Co	5.250	03/01/12	A2		2,510
5,400,000		Hewlett-Packard Co	5.400	03/01/17	A2		5,406
1,500,000		Kennametal, Inc	7.200	06/15/12	Baa3		1,592
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT					15,113
INSTRUMENTS AND RELATED PRODUCTS - 0.14%
3,000,000	e	Johnson & Johnson	3.800	05/15/13	Aaa		2,813
5,000,000		Medtronic, Inc	4.750	09/15/15	A1		4,751
2,000,000		Thermo Fisher Scientific, Inc	5.000	06/01/15	Baa2		1,890
		TOTAL INSTRUMENTS AND RELATED PRODUCTS					9,454

249

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)
INSURANCE CARRIERS - 1.73%
$     6,250,000		Aetna, Inc	6.625%	06/15/36	A3	$	6,666
5,000,000	g	AIG SunAmerica Global Financing VI	6.300	05/10/11	Aa2		5,220
4,250,000		Allstate Corp	5.000	08/15/14	A1		4,149
5,000,000		American International Group, Inc	5.050	10/01/15	Aa2		4,900
6,000,000	i	Chubb Corp	6.375	03/29/67	A3		5,999
3,250,000		Citigroup, Inc	5.100	09/29/11	Aa1		3,245
4,350,000		Citigroup, Inc	5.250	02/27/12	Aa1		4,368
18,500,000		Citigroup, Inc	5.125	05/05/14	Aa1		18,294
6,655,000		Citigroup, Inc	5.000	09/15/14	Aa2		6,476
3,000,000		Citigroup, Inc	5.850	12/11/34	Aa1		2,983
3,600,000	i	ING Groep NV	5.775	12/30/49	A1		3,571
4,000,000	g	John Hancock Global Funding II	7.900	07/02/10	Aa2		4,328
3,750,000	g	Liberty Mutual Group, Inc	6.500	03/15/35	Baa3		3,633
2,750,000	i	Lincoln National Corp	6.050	04/20/67	Baa2		2,704
4,000,000	g	Mantis Reef Ltd	4.799	11/03/09	A3		3,949
3,000,000		Metlife, Inc	5.375	12/15/12	A2		3,028
5,000,000		Metlife, Inc	5.000	06/15/15	A2		4,870
2,500,000		Metlife, Inc	5.700	06/15/35	A2		2,404
3,000,000	g	Pricoa Global Funding I	3.900	12/15/08	Aa3		2,932
5,500,000	g	Principal Life Global Funding I	5.125	10/15/13	Aa2		5,486
3,000,000	g	Prudential Funding LLC	6.750	09/15/23	A1		3,207
4,000,000		UnitedHealth Group, Inc	5.250	03/15/11	A3		4,012
2,000,000		WellPoint, Inc	5.000	01/15/11	Baa1		1,988
5,000,000		WellPoint, Inc	6.375	01/15/12	Baa1		5,238
2,250,000		WellPoint, Inc	5.850	01/15/36	Baa1		2,164
		TOTAL INSURANCE CARRIERS					115,814
METAL MINING - 0.18%
5,900,000		Barrick Gold Finance Co	4.875	11/15/14	Baa1		5,657
3,500,000	e,g	Corp Nacional del Cobre de Chile - CODELCO	4.750	10/15/14	Aa3		3,359
3,000,000		Vale Overseas Ltd	6.250	01/11/16	Baa3		3,053
		TOTAL METAL MINING					12,069
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.05%
3,250,000	e,g	Controladora Mabe S.A. C.V.	6.500	12/15/15	N/R		3,305
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES					3,305
MISCELLANEOUS RETAIL - 0.06%
2,500,000		CVS Corp	5.750	08/15/11	Baa2		2,552
1,250,000		CVS Corp	6.125	08/15/16	Baa2		1,291
		TOTAL MISCELLANEOUS RETAIL					3,843
MOTION PICTURES - 0.57%
2,500,000		Historic TW, Inc	6.625	05/15/29	Baa2		2,533
4,250,000		News America, Inc	7.625	11/30/28	Baa2		4,763
7,000,000	g	News America, Inc	6.150	03/01/37	Baa2		6,739
3,000,000		Time Warner, Inc	5.500	11/15/11	Baa2		3,023
16,250,000		Time Warner, Inc	6.875	05/01/12	Baa2		17,306
3,750,000		Walt Disney Co	5.700	07/15/11	A3		3,838
		TOTAL MOTION PICTURES					38,202
NONDEPOSITORY INSTITUTIONS - 2.58%
3,500,000	g	American Honda Finance Corp	5.125	12/15/10	Aa3		3,506
4,650,000	e	Boeing Capital Corp Ltd	6.100	03/01/11	A3		4,827
6,500,000	e	Capital One Financial Corp	5.700	09/15/11	A3		6,555
3,000,000		Capital One Financial Corp	5.500	06/01/15	A3		2,956

250

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)
$     1,750,000		Capital One Financial Corp	6.150%	09/01/16	Baa1	$	1,776
4,500,000		Caterpillar Financial Services Corp	2.700	07/15/08	A2		4,358
3,750,000		CIT Group Funding Co of Canada	5.200	06/01/15	A2		3,607
6,000,000		CIT Group, Inc	5.400	02/13/12	A2		6,001
7,500,000		CIT Group, Inc	5.650	02/13/17	A2		7,391
4,000,000		FIA Card Services NA	5.375	01/15/08	Aaa		4,000
9,000,000		Ford Motor Credit Co	5.700	01/15/10	B1		8,615
6,000,000		Ford Motor Credit Co	9.875	08/10/11	B1		6,354
20,000,000	e	General Electric Capital Corp	6.000	06/15/12	Aaa		20,799
8,000,000		General Electric Capital Corp	5.650	06/09/14	Aaa		8,168
11,750,000		General Motors Acceptance Corp LLC	5.625	05/15/09	Ba1		11,537
3,000,000	g,i	HSBC Capital Funding LP	4.610	12/30/49	A1		2,862
10,000,000		HSBC Finance Corp	5.250	01/14/11	Aa3		9,991
11,750,000		HSBC Finance Corp	5.700	06/01/11	Aa3		11,925
4,000,000		HSBC Finance Corp	5.250	04/15/15	Aa3		3,929
6,500,000		HSBC Finance Corp	5.500	01/19/16	Aa3		6,466
1,750,000		International Lease Finance Corp	5.450	03/24/11	A1		1,765
2,000,000		John Deere Capital Corp	4.500	08/25/08	A2		1,984
1,900,000		John Deere Capital Corp	7.000	03/15/12	A2		2,049
4,000,000		MBNA Corp	6.125	03/01/13	Aa1		4,150
5,000,000		Residential Capital LLC	6.125	11/21/08	Baa3		4,997
10,375,000		Residential Capital LLC	6.500	04/17/13	Baa3		10,266
4,750,000		SLM Corp	5.400	10/25/11	A2		4,753
4,500,000	g	TNK-BP Finance S.A.	6.625	03/20/17	Baa2		4,466
3,500,000		Toyota Motor Credit Corp	2.875	08/01/08	Aaa		3,399
		TOTAL NONDEPOSITORY INSTITUTIONS					173,452
OIL AND GAS EXTRACTION - 1.12%
2,000,000		Anadarko Finance Co	6.750	05/01/11	Baa3		2,100
6,500,000		Apache Corp	6.000	01/15/37	A3		6,498
3,000,000		Baker Hughes, Inc	6.875	01/15/29	A2		3,351
3,500,000		BJ Services Co	5.750	06/01/11	Baa1		3,543
2,000,000		Burlington Resources Finance Co	6.400	08/15/11	A2		2,099
7,750,000		Burlington Resources Finance Co	7.200	08/15/31	A2		9,030
3,750,000		Canadian Natural Resources Ltd	6.250	03/15/38	Baa2		3,694
6,500,000	e	Chesapeake Energy Corp	6.500	08/15/17	Ba2		6,419
4,000,000	g	Empresa Nacional de Petroleo ENAP	6.750	11/15/12	A2		4,245
2,500,000		Enterprise Products Operating LP	4.625	10/15/09	Baa3		2,467
4,000,000		Equitable Resources, Inc	5.150	11/15/12	A2		3,925
3,000,000		Kerr-McGee Corp	6.950	07/01/24	Baa3		3,167
4,250,000		Nexen, Inc	5.050	11/20/13	Baa2		4,139
4,250,000		PC Financial Partnership	5.000	11/15/14	Baa2		4,095
4,000,000		Petro-Canada	5.950	05/15/35	Baa2		3,825
3,000,000		Plains All American Pipeline LP	5.625	12/15/13	Baa3		2,996
4,500,000		Weatherford International Ltd	6.500	08/01/36	Baa1		4,522
5,000,000	e	XTO Energy, Inc	6.250	04/15/13	Baa2		5,200
		TOTAL OIL AND GAS EXTRACTION					75,315
OTHER MORTGAGE BACKED SECURITIES - 7.39%
10,000,000	i	Banc of America Commercial Mortgage, Inc Series 2004-4
		(Class A6)	4.877	07/10/42	N/R		9,753
13,955,000	i	Banc of America Commercial Mortgage, Inc Series 2005-1
		(Class B)	5.005	11/10/42	N/R		13,815
1,630,000	i	Banc of America Commercial Mortgage, Inc Series 2005-5
		(Class AJ)	5.159	10/10/45	Aaa		1,609

251

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)
$     2,650,000	i	Banc of America Commercial Mortgage, Inc Series 2005-6
		(Class AJ)	5.182%	09/10/47	Aaa	$	2,624
3,000,000	i	Banc of America Commercial Mortgage, Inc Series 2006-2
		(Class A4)	5.741	05/10/45	N/R		3,096
6,000,000		Banc of America Commercial Mortgage, Inc Series 2006-5
		(Class A4)	5.414	09/10/47	Aaa		6,020
12,842,124		Banc of America Mortgage Securities Series 2006-1
		(Class A8)	6.000	05/01/36	Aaa		12,886
673,183		Bank of America Alternative Loan Trust Series 2004-8 (Class
		3A1)	5.500	09/25/19	Aaa		675
9,225,000	i	Bear Stearns Commercial Mortgage Securities Series 2005-
		PW10 (Class AJ)	5.459	12/11/40	Aaa		9,303
8,000,000	i	Bear Stearns Commercial Mortgage Securities Series 2006-
		PW11 (Class A4)	5.458	03/11/39	N/R		8,107
5,300,000	i	Bear Stearns Commercial Mortgage Securities Series 2006-
		PW12 (Class A4)	5.711	09/11/38	Aaa		5,463
13,000,000		Bear Stearns Commercial Mortgage Securities Series 2006-
		PW13 (Class A4)	5.540	09/11/41	N/R		13,153
6,000,000		Bear Stearns Commercial Mortgage Securities Series 2006-
		PW14 (Class A4)	5.201	12/11/38	N/R		5,916
3,000,000	i	Bear Stearns Commercial Mortgage Securities Series 2006-T22
		(Class A4)	5.467	04/12/38	Aaa		3,053
8,000,000		Bear Stearns Commercial Mortgage Securities Series 2006-T24
		(Class A4)	5.537	10/12/41	Aaa		8,103
5,000,000		Citigroup/Deutsche Bank Commercial Mortgage Trust Series
		2006-CD3 (Class A5)	5.617	10/15/48	Aaa		5,079
43,301,075		Citimortgage Alternative Loan Trust Series 2006-A1 (Class
		2A1)	5.250	03/25/21	Aaa		42,895
12,786,861		Countrywide Home Loan Mortgage Pass Through Trust Series
		2005-17 (Class 1A10)	5.250	09/25/35	N/R		12,747
8,000,000	i	Credit Suisse Mortgage Capital Certificates Series 2006-C1
		(Class A4)	5.555	02/15/39	N/R		8,115
5,400,000	i	Credit Suisse Mortgage Capital Certificates Series 2006-C2
		(Class A3)	5.659	03/15/39	Aaa		5,532
8,700,000		Credit Suisse Mortgage Capital Certificates Series 2006-C4
		(Class A3)	5.467	09/15/39	Aaa		8,749
11,000,000		Credit Suisse Mortgage Capital Certificates Series 2006-C5
		(Class A3)	5.311	12/15/39	Aaa		10,929
14,000,000	i	Credit Suisse/Morgan Stanley Commercial Mortgage Certificate
		Series HC1A (Class A1)	5.510	05/15/23	Aaa		14,003
14,000,000		CS First Boston Mortgage Securities Corp Series 2001-CP4
		(Class A4)	6.180	12/15/35	Aaa		14,502
16,620,286		CS First Boston Mortgage Securities Corp Series 2005-5 (Class
		7A1)	6.000	07/25/35	Aaa		16,680
2,834,340		First Horizon Asset Securities, Inc Series 2003-9 (Class 1A4)	5.500	11/25/33	N/R		2,842
21,000,000		GE Capital Commercial Mortgage Corp Series 2003-C2 (Class
		A4)	5.145	07/10/37	Aaa		20,909
18,000,000	i	Greenwich Capital Commercial Funding Corp Series 2004-GG1
		(Class A7)	5.317	06/10/36	Aaa		18,059
10,000,000	i	GS Mortgage Securities Corp II Series 2001-ROCK
		(Class BFL)	5.800	05/03/18	Aaa		10,154
6,350,000		GS Mortgage Securities Corp II Series 2006-GG8 (Class A4)	5.560	11/10/39	Aaa		6,438
14,250,000		JP Morgan Chase Commercial Mortgage Securities Corp Series
		2002-C1 (Class A3)	5.376	07/12/37	Aaa		14,390
10,550,000		JP Morgan Chase Commercial Mortgage Securities Corp Series
		2007-CB18 (Class A4)	5.440	06/12/47	Aaa		10,588

252

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)
$     6,400,000		LB-UBS Commercial Mortgage Trust Series 2005-C3 (Class
		A2)	4.553%	07/15/30	Aaa	$	6,305
4,000,000	i	LB-UBS Commercial Mortgage Trust Series 2005-C5 (Class
		AJ)	5.057	09/15/40	N/R		3,908
3,600,000	i	LB-UBS Commercial Mortgage Trust Series 2006-C4 (Class
		A4)	5.899	06/15/38	Aaa		3,754
5,050,821		MASTR Asset Securitization Trust Series 2005-2
		(Class 3A1)	5.000	10/25/20	Aaa		5,020
5,400,000	i	Merrill Lynch Mortgage Trust Series 2005-LC1 (Class A4)	5.291	01/12/44	Aaa		5,377
2,500,000	i	Merrill Lynch Mortgage Trust Series 2006-C1 (Class A4)	5.660	05/12/39	N/R		2,567
4,700,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust Series
		2006-1 (Class A4)	5.432	02/12/39	N/R		4,748
19,000,000		Morgan Stanley Capital I Series 2005-HQ5 (Class A2)	4.809	01/14/42	N/R		18,857
12,000,000	i	Morgan Stanley Capital I Series 2006-HE1 (Class A2)	5.440	01/25/36	Aaa		12,001
15,600,000		Morgan Stanley Capital I Series 2006-HQ10 (Class A4)	5.328	11/12/41	Aaa		15,541
8,000,000	i	Morgan Stanley Capital I Series 2006-HQ8 (Class AJ)	5.476	03/12/44	Aaa		8,091
4,587,000	i	Morgan Stanley Capital I Series 2006-HQ9 (Class A4)	5.731	07/12/44	N/R		4,699
7,500,000	i	Morgan Stanley Capital I Series 2006-IQ11 (Class A4)	5.776	10/15/42	N/R		7,721
6,200,000	i	Morgan Stanley Capital I Series 2006-IQ11 (Class AJ)	5.780	10/15/42	N/R		6,344
2,700,000	i	Morgan Stanley Capital I Series 2006-T21 (Class AJ)	5.273	10/12/52	Aaa		2,673
5,000,000	i	Morgan Stanley Capital I Series 2006-T23 (Class A4)	5.810	08/12/41	N/R		5,195
4,000,000	i	Wachovia Bank Commercial Mortgage Trust Series 2005-C20
		(Class A7)	5.118	07/15/42	Aaa		3,944
10,000,000	i	Wachovia Bank Commercial Mortgage Trust Series 2006-C24
		(Class A3)	5.558	03/15/45	Aaa		10,130
14,503,340		Washington Mutual, Inc Series 2003-S10 (Class A1)	4.500	10/25/18	N/R		14,100
6,062,207		Wells Fargo Mortgage Backed Securities Trust Series 2004-7
		(Class 1A1)	4.500	07/25/19	N/R		5,821
23,033,997		Wells Fargo Mortgage Backed Securities Trust Series 2005-1
		(Class 2A1)	5.000	01/25/20	Aaa		22,847
		TOTAL OTHER MORTGAGE BACKED SECURITIES					495,830
PAPER AND ALLIED PRODUCTS - 0.08%
3,150,000		Bemis Co, Inc	4.875	04/01/12	Baa1		3,074
2,310,000		Cenveo Corp	7.875	12/01/13	B3		2,264
		TOTAL PAPER AND ALLIED PRODUCTS					5,338
PETROLEUM AND COAL PRODUCTS - 0.14%
7,000,000		Conoco Funding Co	6.350	10/15/11	A1		7,343
2,000,000		ConocoPhillips	5.900	10/15/32	A1		2,026
		TOTAL PETROLEUM AND COAL PRODUCTS					9,369
PIPELINES, EXCEPT NATURAL GAS - 0.35%
3,000,000		Enterprise Products Operating LP	4.000	10/15/07	Baa3		2,978
3,500,000		Enterprise Products Operating LP	4.950	06/01/10	Baa3		3,471
4,000,000	e	Enterprise Products Operating LP	5.600	10/15/14	Baa3		3,989
2,000,000		Kaneb Pipe Line Operating Partnership LP	5.875	06/01/13	Baa3		2,019
2,000,000		Panhandle Eastern Pipe Line	4.800	08/15/08	Baa3		1,980
3,000,000		Plains All American Pipeline LP	4.750	08/15/09	Baa3		2,961
3,750,000		TransCanada Pipelines Ltd	4.000	06/15/13	A2		3,477
2,750,000		TransCanada Pipelines Ltd	5.850	03/15/36	A2		2,693
		TOTAL PIPELINES, EXCEPT NATURAL GAS					23,568
PRIMARY METAL INDUSTRIES - 0.12%
6,000,000	g	Alcoa, Inc	5.720	02/23/19	A2		5,937
1,071,000	g	Alcoa, Inc	5.870	02/23/22	A2		1,065

253

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)
$     1,000,000		Corning, Inc	5.900%	03/15/14	Baa2	$	1,023
		TOTAL PRIMARY METAL INDUSTRIES					8,025
PRINTING AND PUBLISHING - 0.08%
2,500,000		Dun & Bradstreet Corp	5.500	03/15/11	N/R		2,519
2,300,000	g	Idearc, Inc	8.000	11/15/16	B2		2,366
506,000		Morris Publishing Group LLC	7.000	08/01/13	B1		483
		TOTAL PRINTING AND PUBLISHING					5,368
RAILROAD TRANSPORTATION - 0.39%
3,750,000		Burlington Northern Santa Fe Corp	6.750	07/15/11	Baa1		3,943
3,500,000		Canadian National Railway Co	4.400	03/15/13	A3		3,333
3,500,000		Canadian National Railway Co	6.200	06/01/36	A3		3,659
4,000,000	e	CSX Corp	6.000	10/01/36	Baa2		3,834
2,056,000		Norfolk Southern Corp	5.590	05/17/25	Baa1		1,887
1,044,000		Norfolk Southern Corp	7.250	02/15/31	Baa1		1,156
5,000,000		Union Pacific Corp	5.750	10/15/07	Baa2		5,008
3,000,000		Union Pacific Corp	6.500	04/15/12	Baa2		3,139
		TOTAL RAILROAD TRANSPORTATION					25,959
REAL ESTATE - 0.03%
1,750,000	g,i	USB Realty Corp	6.091	12/30/49	A1		1,760
		TOTAL REAL ESTATE					1,760
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.03%
1,750,000	g	Sealed Air Corp	5.375	04/15/08	Baa3		1,742
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS					1,742
SECURITY AND COMMODITY BROKERS - 1.36%
4,000,000		Bear Stearns Cos, Inc	5.700	11/15/14	A1		4,028
7,900,000	e	Credit Suisse USA, Inc	5.500	08/16/11	Aa3		8,002
3,000,000		Franklin Resources, Inc	3.700	04/15/08	A1		2,955
2,750,000		Goldman Sachs Group, Inc	5.000	01/15/11	Aa3		2,733
3,250,000	e	Goldman Sachs Group, Inc	5.300	02/14/12	Aa3		3,251
2,000,000		Goldman Sachs Group, Inc	4.750	07/15/13	Aa3		1,927
3,750,000	e	Goldman Sachs Group, Inc	5.500	11/15/14	Aa3		3,739
7,000,000		Goldman Sachs Group, Inc	5.625	01/15/17	A1		6,948
5,000,000		Goldman Sachs Group, Inc	5.950	01/15/27	A1		4,856
6,750,000		Lehman Brothers Holdings, Inc	5.250	02/06/12	A1		6,736
3,750,000	e	Lehman Brothers Holdings, Inc	5.750	01/03/17	A2		3,757
4,250,000	e	Merrill Lynch & Co, Inc	5.000	02/03/14	Aa3		4,148
7,500,000		Merrill Lynch & Co, Inc	6.220	09/15/26	A1		7,507
5,500,000		Merrill Lynch & Co, Inc	6.110	01/29/37	A1		5,344
10,000,000	e	Morgan Stanley	3.625	04/01/08	Aa3		9,849
5,000,000		Morgan Stanley	5.750	10/18/16	Aa3		5,027
7,250,000		Morgan Stanley	5.450	01/09/17	Aa3		7,129
3,500,000		Morgan Stanley	6.250	08/09/26	Aa3		3,594
		TOTAL SECURITY AND COMMODITY BROKERS					91,530
TOBACCO PRODUCTS - 0.09%
1,250,000		Reynolds American, Inc	6.500	06/01/07	N/R		1,251
5,000,000	e	Reynolds American, Inc	6.500	07/15/10	Ba2		5,128
		TOTAL TOBACCO PRODUCTS					6,379
TRANSPORTATION BY AIR - 0.15%
5,000,000		Continental Airlines, Inc	6.563	02/15/12	Aaa		5,300

254

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)
$     4,600,000		FedEx Corp	5.500%	08/15/09	Baa2	$	4,621
		TOTAL TRANSPORTATION BY AIR					9,921
TRANSPORTATION EQUIPMENT - 0.64%
3,250,000		DaimlerChrysler NA Holding Corp	5.875	03/15/11	Baa1		3,312
7,400,000		DaimlerChrysler NA Holding Corp	5.750	09/08/11	Baa1		7,517
4,000,000	e	DaimlerChrysler NA Holding Corp	6.500	11/15/13	Baa1		4,207
4,250,000		General Dynamics Corp	3.000	05/15/08	A2		4,152
7,500,000		Honeywell International, Inc	5.700	03/15/37	A2		7,288
3,500,000		Lockheed Martin Corp	6.150	09/01/36	Baa1		3,631
4,000,000		Northrop Grumman Corp	7.750	02/15/31	Baa2		4,898
2,500,000		United Technologies Corp	7.500	09/15/29	A2		2,990
4,750,000		United Technologies Corp	6.050	06/01/36	A2		4,854
		TOTAL TRANSPORTATION EQUIPMENT					42,849
WHOLESALE TRADE-DURABLE GOODS - 0.33%
3,000,000	e	Procter & Gamble Co	4.950	08/15/14	Aa3		2,944
12,000,000		Procter & Gamble Co	5.550	03/05/37	Aa3		11,739
3,500,000		Vale Overseas Ltd	6.250	01/23/17	Baa3		3,562
4,050,000		Vale Overseas Ltd	6.875	11/21/36	Baa3		4,182
		TOTAL WHOLESALE TRADE-DURABLE GOODS					22,427
		TOTAL CORPORATE BONDS					2,588,743
		(Cost $2,584,498)
GOVERNMENT BONDS - 60.05%
AGENCY SECURITIES - 8.81%
9,590,195		Cal Dive I- Title XI, Inc	4.930	02/01/27	N/R		9,280
11,200,000		Federal Farm Credit Bank (FFCB)	3.375	07/15/08	Aaa		10,979
11,200,000	e	FFCB	4.125	04/15/09	Aaa		11,047
19,150,000		FFCB	5.375	07/18/11	Aaa		19,554
3,000,000		Federal Home Loan Mortgage Corp (FHLMC)	7.100	04/10/07	Aaa		3,001
5,000,000		FHLMC	4.625	06/01/07	Aaa		4,994
26,160,000		FHLMC	4.000	08/17/07	Aaa		26,038
7,500,000		FHLMC	5.125	10/24/07	Aaa		7,495
9,800,000		FHLMC	4.375	11/16/07	Aaa		9,750
15,000,000		FHLMC	3.500	05/21/08	Aaa		14,755
27,700,000	e	FHLMC	5.000	09/16/08	Aaa		27,721
19,000,000	e	FHLMC	4.875	02/09/10	Aaa		19,040
15,900,000		FHLMC	4.750	01/18/11	Aaa		15,867
36,399,000	e	FHLMC	5.875	03/21/11	Aa2		37,650
14,000,000	e	FHLMC	6.000	06/15/11	Aaa		14,614
22,500,000	e	FHLMC	5.250	07/18/11	Aaa		22,863
7,800,000		FHLMC	5.750	06/27/16	Aa2		8,134
5,000,000		Federal National Mortgage Association (FNMA)	3.750	07/06/07	Aaa		4,980
8,280,000		FNMA	3.750	08/15/07	Aaa		8,235
5,000,000		FNMA	3.375	09/07/07	Aaa		4,960
31,500,000		FNMA	5.250	12/03/07	Aaa		31,509
60,000,000	e	FNMA	5.000	09/15/08	Aaa		60,045
1,350,000		FNMA	4.250	01/19/10	Aaa		1,328
7,200,000	e	FNMA	7.125	06/15/10	Aaa		7,692
8,000,000		FNMA	5.000	10/15/11	Aaa		8,053
18,000,000		FNMA	4.125	01/30/12	Aaa		17,341
28,600,000	e	FNMA	5.250	08/01/12	Aa2		28,939
7,712,673		FNMA	4.400	10/01/12	N/R		7,444

255

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)
$     79,000,000	e	FNMA	5.000%	02/13/17	Aaa	$	78,893
8,250,000	e	FNMA	6.210	08/06/38	Aaa		9,428
3,000,000		Housing Urban Development	5.380	08/01/18	N/R		3,044
3,189,375		Overseas Private Investment Corp	3.420	01/15/15	N/R		3,036
2,500,000	g	Private Export Funding Corp	7.170	05/15/07	Aaa		2,505
3,540,000		Private Export Funding Corp	5.870	07/31/08	Aaa		3,582
1,000,000		Private Export Funding Corp	7.200	01/15/10	Aaa		1,060
13,000,000		Private Export Funding Corp	4.900	12/15/11	Aaa		13,022
13,785,000		Private Export Funding Corp	4.550	05/15/15	Aaa		13,415
4,000,000		Private Export Funding Corp	4.950	11/15/15	Aaa		3,963
10,825,000		Private Export Funding Corp	5.000	12/15/16	Aaa		10,809
5,403,125		Totem Ocean Trailer Express, Inc	4.514	12/18/19	N/R		5,256
		TOTAL AGENCY SECURITIES					591,321
FOREIGN GOVERNMENT BONDS - 3.14%
3,500,000		African Development Bank	3.250	08/01/08	Aaa		3,427
2,500,000		Brazilian Government International Bond	10.500	07/14/14	Ba2		3,213
10,000,000		Canada Mortgage & Housing Corp	4.800	10/01/10	Aaa		9,983
4,000,000		Chile Government International Bond	5.500	01/15/13	A2		4,058
3,500,000	e	China Development Bank	5.000	10/15/15	A2		3,430
4,500,000		Colombia Government International Bond	7.375	09/18/37	Ba2		4,898
2,000,000	e	Development Bank of Japan	4.250	06/09/15	Aaa		1,889
4,660,000		Eksportfinans A/S	5.000	02/14/12	Aaa		4,689
3,500,000		European Investment Bank	4.875	02/15/36	Aaa		3,295
4,000,000	g	Federal Republic of Germany	3.875	06/01/10	Aaa		3,909
7,000,000	e	Federative Republic of Brazil	6.000	01/17/17	Ba2		7,070
30,000,000	g	Hypothekenbank in Essen AG.	5.000	01/20/12	Aaa		30,075
9,000,000		Israel Government International Bond	5.500	11/09/16	A2		9,017
4,500,000		Italy Government International Bond	5.250	09/20/16	N/R		4,549
4,000,000		Italy Government International Bond	6.875	09/27/23	Aa2		4,622
5,000,000	e	Korea Development Bank	5.750	09/10/13	A3		5,109
3,500,000		Kreditanstalt fuer Wiederaufbau	5.250	05/19/09	Aaa		3,533
5,400,000		Kreditanstalt fuer Wiederaufbau	4.875	01/17/17	Aaa		5,358
5,000,000		Landwirtschaftliche Rentenbank	5.250	07/15/11	Aaa		5,076
5,000,000		Landwirtschaftliche Rentenbank	5.125	02/01/17	Aaa		5,069
5,900,000		Mexico Government International Bond	6.375	01/16/13	Baa1		6,211
6,152,000		Mexico Government International Bond	5.875	01/15/14	Baa1		6,336
8,000,000		Mexico Government International Bond	6.750	09/27/34	Baa1		8,720
4,300,000	e	Philippine Government International Bond	6.375	01/15/32	B1		4,176
13,000,000		Province of British Columbia Canada	5.375	10/29/08	Aaa		13,088
3,000,000		Province of Manitoba Canada	4.450	04/12/10	Aa1		2,966
7,400,000		Province of Manitoba Canada	5.000	02/15/12	Aa1		7,439
5,000,000		Province of Ontario	5.500	10/01/08	Aa1		5,039
7,650,000	e	Province of Ontario	4.750	01/19/16	Aa1		7,491
2,250,000		Province of Quebec Canada	5.125	11/14/16	Aa2		2,250
6,000,000		Province of Quebec Canada	7.500	09/15/29	Aa2		7,599
2,000,000		Province of Saskatchewan Canada	8.000	02/01/13	Aa1		2,299
7,680,000		Svensk Exportkredit AB	5.125	03/01/17	Aa1		7,698
2,750,000		Turkey Government International Bond	7.375	02/05/25	Ba3		2,826
4,500,000	e	Turkey Government International Bond	6.875	03/17/36	Ba3		4,303
		TOTAL FOREIGN GOVERNMENT BONDS					210,710
MORTGAGE BACKED SECURITIES - 35.69%
31,050,333		Federal Home Loan Mortgage Corp (FHLMC)	6.000	09/15/16			31,649
11,720,000		FHLMC	4.000	09/15/18			10,783
4,117,058		FHLMC	5.750	12/15/18			4,132

256

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$     10,013,000		FHLMC	4.000%	04/15/19	$	9,097
3,500,000		FHLMC	4.000	09/15/19		3,216
25,000,000		FHLMC	5.000	06/15/28		24,780
11,491,832		FHLMC	5.000	06/15/29		11,385
5,584,318		FHLMC	6.000	12/15/30		5,612
19,953,204		FHLMC	5.000	06/15/31		19,591
14,020,000		FHLMC	5.500	05/15/33		13,955
9,035,881		FHLMC	4.500	09/15/35		8,732
13,815,079	h,i	FHLMC	5.092	02/01/36		13,811
14,318,965	i	FHLMC	5.001	09/01/36		14,262
22,934,913	i	FHLMC	5.717	02/01/37		23,136
40,350,367	i	FHLMC	5.810	03/01/37		40,789
56,000,000	h	FHLMC	6.000	05/15/37		56,420
129,528		Federal Home Loan Mortgage Corp Gold (FGLMC)	7.000	09/01/10		132
290,607		FGLMC	6.000	04/01/11		295
649,641		FGLMC	7.000	07/01/13		669
2,634,213		FGLMC	6.500	12/01/16		2,700
17,962,443		FGLMC	5.000	09/01/18		17,760
6,662,293		FGLMC	4.500	10/01/18		6,468
3,782,569		FGLMC	4.500	11/01/18		3,672
3,900,872		FGLMC	5.500	01/01/19		3,918
1,819,367		FGLMC	4.000	06/01/19		1,719
5,883,421		FGLMC	4.500	07/01/20		5,697
4,435,860		FGLMC	4.500	08/01/20		4,300
756,932		FGLMC	7.000	10/01/20		791
67,044,406		FGLMC	4.500	06/01/21		64,918
21,228,793		FGLMC	4.500	06/01/21		20,555
24,172,553		FGLMC	5.500	08/01/21		24,224
91,545		FGLMC	7.000	05/01/23		95
1,150,459		FGLMC	6.000	10/01/23		1,170
1,209,653		FGLMC	6.000	11/01/23		1,230
480,569		FGLMC	8.000	01/01/31		506
76,847		FGLMC	7.000	11/01/31		80
272,696		FGLMC	7.000	12/01/31		283
112,801		FGLMC	7.000	12/01/31		117
93,565		FGLMC	7.000	12/01/31		97
75,916		FGLMC	7.000	12/01/31		79
99,706		FGLMC	7.000	12/01/31		104
284,983		FGLMC	7.000	12/01/31		296
54,894		FGLMC	7.000	01/01/32		57
587,331		FGLMC	8.000	02/01/32		618
5,206,991		FGLMC	5.500	11/01/33		5,165
6,162,420		FGLMC	5.500	12/01/33		6,112
30,958,657	d	FGLMC	5.500	12/01/33		30,708
81,061,155		FGLMC	5.000	01/01/34		78,547
25,709,605		FGLMC	4.500	10/01/34		24,238
3,183,065		FGLMC	5.500	12/01/34		3,155
12,980,339		FGLMC	4.500	04/01/35		12,219
5,810,277		FGLMC	6.000	05/01/35		5,861
2,833,151		FGLMC	6.000	05/01/35		2,858
5,994,869		FGLMC	6.000	05/01/35		6,047
10,836,271		FGLMC	6.000	05/01/35		10,930
6,278,589		FGLMC	6.000	05/01/35		6,333
6,123,400		FGLMC	6.000	05/01/35		6,189
3,133,586		FGLMC	6.000	05/01/35		3,161
2,680,173		FGLMC	5.500	06/01/35		2,655

257

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$     4,461,007		FGLMC	5.500%	06/01/35	$	4,419
7,225,689		FGLMC	5.500	06/01/35		7,157
30,949,817		FGLMC	5.500	06/01/35		30,657
7,885,510		FGLMC	6.000	06/01/35		7,954
21,944,075		FGLMC	4.500	08/01/35		20,637
3,594,613		FGLMC	5.000	10/01/35		3,478
17,638,679		FGLMC	5.000	11/01/35		17,064
989,351		FGLMC	6.500	11/01/35		1,010
4,443,119		FGLMC	6.000	01/01/36		4,479
6,901,390		FGLMC	7.000	01/01/36		7,148
8,064,328		FGLMC	5.500	03/01/36		7,946
3,761,624		FGLMC	5.500	04/01/36		3,722
4,709,482		FGLMC	6.500	05/01/36		4,803
4,381,978		FGLMC	5.500	06/01/36		4,317
47,585,321		FGLMC	6.000	07/01/36		47,969
23,592,639	h	FGLMC	6.500	10/01/36		24,060
3,783,994		FGLMC	6.500	12/01/36		3,841
63,188,991		FGLMC	5.500	01/01/37		62,528
75,898		Federal National Mortgage Association (FNMA)	7.500	11/01/10		78
8,399		FNMA	8.000	06/01/11		9
13,281		FNMA	8.000	06/01/11		14
6,476		FNMA	8.000	06/01/11		7
6,150		FNMA	8.000	06/01/11		6
21,541		FNMA	8.000	07/01/11		22
524,124		FNMA	5.000	06/01/13		523
2,842,207		FNMA	4.440	07/01/13		2,754
4,280,793		FNMA	4.732	10/01/13		4,204
2,094,911		FNMA	4.778	02/01/14		2,068
5,642,776		FNMA	4.440	04/01/14		5,448
692,828		FNMA	7.500	02/01/15		716
1,864,047		FNMA	7.500	04/01/15		1,926
1,623,460		FNMA	7.500	04/01/15		1,680
42,385		FNMA	6.500	02/01/16		44
143,733		FNMA	6.500	03/01/16		148
65,831		FNMA	6.500	04/01/16		68
14,790,520		FNMA	6.000	06/25/16		14,891
1,576,980		FNMA	6.500	10/01/16		1,616
863,278		FNMA	6.500	11/01/16		885
2,884,078		FNMA	6.500	02/01/18		2,953
7,167,525		FNMA	5.500	03/01/18		7,200
1,257,632		FNMA	5.500	04/01/18		1,263
15,510,244	d	FNMA	5.500	04/01/18		15,581
1,433,940		FNMA	6.500	04/01/18		1,468
336,124		FNMA	5.500	05/01/18		338
20,690,667		FNMA	4.500	12/01/18		20,086
1,057,265		FNMA	6.000	01/01/19		1,078
166,897		FNMA	6.000	02/01/19		170
15,831,444		FNMA	5.000	04/01/19		15,637
4,867,675		FNMA	5.500	07/01/20		4,886
20,000,000	h	FNMA	5.000	05/25/22		19,725
198,087		FNMA	8.000	03/01/23		209
7,460,483		FNMA	5.000	12/01/23		7,284
2,215,910		FNMA	5.500	02/01/24		2,210
4,508,154		FNMA	5.500	07/01/24		4,493
608,608		FNMA	8.000	07/01/24		644
6,476,565		FNMA	5.500	08/01/24		6,455

258

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$     20,976,850	d	FNMA	5.000%	10/01/25	$	20,450
122,495		FNMA	9.000	11/01/25		133
495,730		FNMA	7.000	07/01/32		517
799,162		FNMA	7.000	07/01/32		833
2,355,501		FNMA	5.000	02/01/33		2,282
11,455,372		FNMA	4.500	03/25/33		11,128
2,095,161		FNMA	5.500	06/01/33		2,078
6,668,667		FNMA	4.500	08/01/33		6,284
6,925,833		FNMA	5.000	08/01/33		6,709
11,000,000		FNMA	5.500	08/25/33		10,986
11,097,576		FNMA	4.500	10/01/33		10,458
2,804,503		FNMA	5.000	10/01/33		2,717
6,859,734		FNMA	5.000	10/01/33		6,645
2,214,491		FNMA	5.000	10/01/33		2,145
18,647,009		FNMA	5.000	11/01/33		18,063
9,392,954		FNMA	5.000	11/01/33		9,099
1,001,805		FNMA	5.000	11/01/33		970
9,132,474		FNMA	5.000	11/01/33		8,847
1,977,625	d	FNMA	5.500	12/01/33		1,961
4,035,047		FNMA	5.500	12/01/33		4,002
9,951,387		FNMA	5.500	12/01/33		9,870
1,618,207		FNMA	5.500	12/01/33		1,605
3,949,629		FNMA	5.500	01/01/34		3,917
8,335,412		FNMA	5.500	01/01/34		8,267
13,638,550		FNMA	5.500	02/01/34		13,527
2,769,089		FNMA	5.000	03/01/34		2,682
3,212,368		FNMA	5.000	03/01/34		3,112
7,827,032		FNMA	5.000	03/01/34		7,582
2,573,224		FNMA	5.000	03/01/34		2,493
21,085,053		FNMA	5.000	03/01/34		20,425
8,953,478		FNMA	5.500	03/01/34		8,875
20,638,607		FNMA	5.000	04/01/34		19,976
94,105,266		FNMA	5.000	08/01/34		91,084
6,359,822		FNMA	5.500	09/01/34		6,304
6,032,257		FNMA	5.500	09/01/34		5,979
4,165,734		FNMA	5.500	09/01/34		4,129
2,808,536		FNMA	5.500	10/01/34		2,784
4,112,880		FNMA	5.500	10/01/34		4,077
9,730,650		FNMA	5.500	10/25/34		9,627
20,498,735		FNMA	5.500	12/01/34		20,319
7,990,377		FNMA	5.500	01/01/35		7,920
93,915,727		FNMA	5.500	02/01/35		93,146
5,392,897		FNMA	5.500	04/01/35		5,342
34,728,865		FNMA	5.500	04/01/35		34,424
21,969,061		FNMA	5.500	05/01/35		21,762
7,924,646		FNMA	6.000	05/01/35		7,989
1,164,187		FNMA	5.500	06/01/35		1,153
3,144,855		FNMA	5.500	06/01/35		3,115
3,012,894		FNMA	5.500	06/01/35		2,984
5,176,267		FNMA	5.500	06/01/35		5,127
1,866,526		FNMA	5.500	06/01/35		1,849
692,415		FNMA	7.500	06/01/35		718
2,400,863		FNMA	5.500	07/01/35		2,378
3,362,754		FNMA	6.000	07/01/35		3,390
15,767,878	d	FNMA	5.500	09/01/35		15,619
37,730,416		FNMA	5.500	09/01/35		37,421

259

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$     15,798,456		FNMA	5.000%	10/01/35	$	15,279
10,625,991		FNMA	5.500	11/01/35		10,526
15,447,839	i	FNMA	5.750	02/01/36		15,758
5,532,067		FNMA	5.000	03/01/36		5,301
8,184,923		FNMA	6.000	03/01/36		8,206
13,677,901		FNMA	5.500	04/01/36		13,549
30,383,726		FNMA	5.000	05/01/36		29,115
4,828,089		FNMA	5.500	05/01/36		4,757
20,980,742	i	FNMA	5.843	06/01/36		21,283
2,092,010		FNMA	6.000	06/01/36		2,108
10,229,160	i	FNMA	5.969	07/01/36		10,371
3,932,719		FNMA	6.000	10/01/36		3,947
5,752,210		FNMA	6.000	10/01/36		5,773
17,724,926		FNMA	6.000	10/01/36		17,857
70,847,932	i	FNMA	5.924	11/01/36		71,792
9,495,951		FNMA	5.500	12/01/36		9,356
11,295,573		FNMA	6.500	12/01/36		11,470
10,000,000	h	FNMA	7.000	04/01/37		10,315
182,000,000	h	FNMA	6.000	05/25/37		183,251
164,000,000	h	FNMA	6.500	05/25/37		167,229
3,974		Government National Mortgage Association (GNMA)	8.500	10/15/09		4
25,556		GNMA	8.500	12/15/09		26
41,083		GNMA	8.500	12/15/09		42
127,880		GNMA	9.000	12/15/09		132
34,529		GNMA	8.500	01/15/10		36
13,120		GNMA	8.500	01/15/10		14
31,366		GNMA	9.000	06/15/16		34
6,399		GNMA	9.000	09/15/16		7
5,820		GNMA	9.000	09/15/16		6
18,819		GNMA	9.000	09/15/16		20
24,417		GNMA	9.000	11/15/16		26
9,159		GNMA	9.000	12/15/16		10
12,604		GNMA	9.000	12/15/16		13
203,825		GNMA	9.500	12/15/16		221
14,114		GNMA	9.000	06/15/20		15
98,265		GNMA	8.000	06/15/24		104
149,888		GNMA	8.500	11/20/30		160
111,553		GNMA	8.500	12/20/30		119
3,085,412		GNMA	5.500	11/20/33		3,068
12,092,266		GNMA	5.500	03/20/35		12,014
7,589,489		GNMA	5.500	12/20/35		7,541
68,000,000	h	GNMA	5.500	05/15/37		67,596
		TOTAL MORTGAGE BACKED SECURITIES				2,395,783
MUNICIPAL BONDS - 0.03%
2,000,000		Charlotte-Mecklenburg Hospital Authority	5.000	08/01/15		1,968
		TOTAL MUNICIPAL BONDS				1,968
U.S. TREASURY SECURITIES - 12.38%
287,705,000	d,e	United States Treasury Bond	8.000	11/15/21		380,424
39,400,000	e	United States Treasury Bond	5.250	02/15/29		41,173
3,861,000	e	United States Treasury Bond	5.375	02/15/31		4,121
3,348,000	e	United States Treasury Bond	4.500	02/15/36		3,161
7,476,000	e	United States Treasury Bond	4.750	02/15/37		7,367
11,690,000	e	United States Treasury Note	4.375	12/31/07		11,636
58,900,000	e	United States Treasury Note	4.375	01/31/08		58,615

260

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$     16,000,000	e	United States Treasury Note	5.125%	06/30/08	$	16,059
49,435,000	e	United States Treasury Note	5.000	07/31/08		49,569
16,850,000	e	United States Treasury Note	4.875	10/31/08		16,887
15,025,000	e	United States Treasury Note	4.625	11/15/09		15,049
10,000,000	e	United States Treasury Note	4.625	12/31/11		10,034
180,000		United States Treasury Note	4.750	01/31/12		182
121,715,000	e	United States Treasury Note	4.625	02/29/12		122,192
52,545,000	e	United States Treasury Note	4.625	11/15/16		52,418
19,124,000	e	United States Treasury Note	4.625	02/15/17		19,094
64,000,000	e,j	United States Treasury Strip Principal	0.000	08/15/27		23,462
		TOTAL U.S. TREASURY SECURITIES				831,443
		TOTAL GOVERNMENT BONDS				4,031,225
		(Cost $4,037,821)
		TOTAL BONDS				6,619,968
		(Cost $6,622,319)
SHARES
PREFERRED STOCKS - 0.05%
DEPOSITORY INSTITUTIONS - 0.05%
134,000		Bank of America Corp				3,518
		TOTAL DEPOSITORY INSTITUTIONS				3,518
		TOTAL PREFERRED STOCKS				3,518
		(Cost $3,350)
TIAA-CREF MUTUAL FUNDS - 0.06%
458,264	a	TIAA-CREF High-Yield Bond Fund				4,271
		TOTAL TIAA-CREF MUTUAL FUNDS				4,271
		(Cost $3,933)
PRINCIPAL
SHORT-TERM INVESTMENTS - 22.34%
COMMERCIAL PAPER - 8.44%
$     6,900,000	c	Abbott Laboratories, Inc	5.230	04/10/07		6,892
25,000,000	d	Barclays U.S. Funding Corp	5.230	05/14/07		24,847
25,000,000	c,d	BMW US Capital Corp	5.230	04/09/07		24,974
29,000,000	c,d	Cargrill, Inc	5.250	04/12/07		28,957
27,300,000		Citigroup Funding, Inc	5.230	04/12/07		27,260
21,132,000	c,d	Concentrate Manufacturing Co	5.260	04/10/07		21,107
29,000,000	c,d	Corporate Asset Funding Corp, Inc	5.240	04/17/07		28,936
25,000,000	c,d	Dorada Finance, Inc	5.250	05/18/07		24,831
29,000,000	c	Dresdner US Finance, Inc	5.400	04/02/07		28,987
14,648,000	c,d	Edison Asset Securitization LLC	5.240	04/20/07		14,609
16,300,000	c	Fairway Finance Corp	5.400	04/02/07		16,293
19,500,000	c,d	Govco, Inc	5.240	05/15/07		19,376
25,000,000	c,d	Greyhawk Funding LLC	5.250	04/12/07		24,963
25,000,000	c,d	Harrier Finance Funding LLC	5.235	05/29/07		24,791
12,200,000	c	John Deere Capital Corp	5.240	04/13/07		12,180
17,178,000	c,d	Johnson & Johnson, Inc	5.190	06/07/07		17,013
18,000,000	c	Kitty Hawk Funding Corp	5.240	04/16/07		17,963

261

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$     25,300,000	c	Nestle Capital Corp	5.240%	04/20/07	$	25,233
24,500,000	d	Paccar Financial Corp	5.230	05/21/07		24,325
29,000,000	d	Rabobank USA Financial Corp	5.230	04/12/07		28,957
17,500,000	c,d	Ranger Funding Co LLC	5.250	04/09/07		17,482
29,000,000		UBS Finance, (Delaware), Inc	5.230	04/02/07		29,000
25,000,000	c,d	Variable Funding Capital Corp	5.260	04/12/07		24,962
29,000,000	c,d	Verizon Communications, Inc	5.280	04/11/07		28,959
23,900,000	c,d	Wal-Mart Stores, Inc	5.230	04/12/07		23,865
		TOTAL COMMERCIAL PAPER				566,762
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 13.90%
931,364,000		Bank of New York Institutional Cash Reserves Fund				932,736
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED				932,736
		TOTAL SHORT-TERM INVESTMENTS				1,499,498
		(Cost $1,499,462)
		TOTAL PORTFOLIO - 121.07%				8,127,255
		(Cost $8,129,064)
		OTHER ASSETS & LIABILITIES, NET - (21.07%)				(1,414,398	)
		NET ASSETS - 100.00%			$	6,712,857
		The following abbreviations are used in portfolio descriptions:
	LLC	Limited Liability Company
	LP	Limited Partnership
	N/R	Not rated by Moody's
	plc	Public Limited Company
	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 March 31, 2007, the value of these securities amounted to $120,432,939 or 1.79% of net assets.
	h	These securities were purchased on a delayed delivery basis.
	i	Floating rate or variable rate securities reflects the rate in effect as of March 31, 2007.
	j	Zero coupon.
	v	Security valued at fair value.
	+	As provided by Moody's Investors Service.
		Cost amounts are in thousands.
		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.

262

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

Companies in which the Account held 5% or more of the outstanding voting shares are considered “affiliated companies” of the Account pursuant to the Investment Company Act of 1940. Additionally, investments in other investment companies advised by Investment Management or affiliated entities are treated as affiliated companies. Information regarding transactions with affiliated companies is as follows:

	Value at	Purchase		Realized	Dividend	Withholding	Shares at	Value at
Issue	December 31, 2006	Cost	Proceeds	Gain/(Loss)	Income	Expense	March 31, 2007	March 31, 2007
TIAA-CREF High-Yield Bond Fund	$            4,147,626	$ 78,464	$                    -	$                    -	$ 78,464	$                    -	458,264	$             4,271,028
		$ 78,464	$                    -	$                    -	$ 78,464	$                    -		$             4,271,028

263

COLLEGE RETIREMENT EQUITIES FUND - Inflation-Linked Bond Account

COLLEGE RETIREMENT EQUITIES FUND
INFLATION-LINKED BOND ACCOUNT
STATEMENT OF INVESTMENTS (Unaudited)
March 31, 2007

				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
GOVERNMENT BONDS - 99.26%
U.S. TREASURY SECURITIES - 99.26%
$     272,901,230	k	United States Treasury Inflation Indexed Bond	2.375%	01/15/25	$	275,033
177,843,329	k	United States Treasury Inflation Indexed Bond	2.000	01/15/26		169,229
83,200,749	k	United States Treasury Inflation Indexed Bond	2.375	01/15/27		84,007
182,555,789	k	United States Treasury Inflation Indexed Bond	3.625	04/15/28		222,605
211,041,135	k	United States Treasury Inflation Indexed Bond	3.875	04/15/29		268,305
55,656,117	k	United States Treasury Inflation Indexed Bond	3.375	04/15/32		68,004
171,987,345	k	United States Treasury Inflation Indexed Note	3.875	01/15/09		178,303
122,451,677	k	United States Treasury Inflation Indexed Note	4.250	01/15/10		130,277
291,956,799	k	United States Treasury Inflation Indexed Note	0.875	04/15/10		282,445
120,795,648	k	United States Treasury Inflation Indexed Note	3.500	01/15/11		127,589
183,718,689	k	United States Treasury Inflation Indexed Note	2.375	04/15/11		186,203
69,923,825	k	United States Treasury Inflation Indexed Note	3.375	01/15/12		74,228
236,025,632	k	United States Treasury Inflation Indexed Note	3.000	07/15/12		247,546
220,265,397	k	United States Treasury Inflation Indexed Note	1.875	07/15/13		217,565
226,900,447	k	United States Treasury Inflation Indexed Note	2.000	01/15/14		224,827
208,144,096	k	United States Treasury Inflation Indexed Note	2.000	07/15/14		206,258
207,833,606	e,k	United States Treasury Inflation Indexed Note	1.625	01/15/15		199,649
176,580,535	k	United States Treasury Inflation Indexed Note	1.875	07/15/15		172,735
176,262,726	k	United States Treasury Inflation Indexed Note	2.000	01/15/16		173,675
174,182,555	k	United States Treasury Inflation Indexed Note	2.500	07/15/16		178,838
90,778,139	e,k	United States Treasury Inflation Indexed Note	2.375	01/15/17		92,182
		TOTAL U.S. TREASURY SECURITIES				3,779,503
		TOTAL GOVERNMENT BONDS				3,779,503
		(Cost $ 3,715,629)
SHORT-TERM INVESTMENTS - 0.08%
COMMERCIAL PAPER - 0.04%
1,600,000		Cargill Global Funding plc	5.390	04/02/07		1,599
		TOTAL COMMERCIAL PAPER				1,599
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 0.04%
REPURCHASED AGREEMENTS
1,338,000		Bear Stearns & Co, Inc 5.370% Dated 03/30/2007,				1,339
		Due 04/02/2007 In the Amount of $1,338,399
		Fully Collateralized as follows:
		Resolution Funding Corp Strip Principal 8.125% - 9.375%, 10/15/2019 - 04/15/2030		$      1,384,187
		Total Market Value		1,384,187
		TOTAL INVESTMENT OF CASH COLLATERAL
		FOR SECURITIES LOANED				1,339
		TOTAL SHORT-TERM INVESTMENTS				2,938
		(Cost $ 2,938)

264

COLLEGE RETIREMENT EQUITIES FUND - Inflation-Linked Bond Account
				VALUE
				(000)
		TOTAL PORTFOLIO - 99.34%	$	3,782,441
		(Cost $ 3,718,567)
		OTHER ASSETS & LIABILITIES, NET - 0.66%		25,224
		NET ASSETS - 100.00%	$	3,807,665
		The following abbreviations are used in portfolio descriptions:
	plc	Public Limited Company
	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.
		Cost amounts are in thousands.
		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.

265

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

COLLEGE RETIREMENT EQUITIES FUND
SOCIAL CHOICE ACCOUNT
STATEMENT OF INVESTMENTS (Unaudited)
March 31, 2007

				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)
BONDS - 39.57%
CORPORATE BONDS - 16.40%
AMUSEMENT AND RECREATION SERVICES - 0.02%
$ 2,000,000		International Speedway Corp	5.400%	04/15/14	Baa2	$	1,955
		TOTAL AMUSEMENT AND RECREATION SERVICES					1,955
ASSET BACKED - 4.06%
3,400,000		AmeriCredit Automobile Receivables Trust Series 2006-AF (Class A3)	5.560	09/06/11	Aaa		3,420
10,250,000		AmeriCredit Automobile Receivables Trust Series 2006-AF (Class A4)	5.640	09/06/13	Aaa		10,410
4,000,000		Capital One Auto Finance Trust Series 2007-A (Class A3A)	5.250	08/15/11	Aaa		4,014
10,000,000	i	Centex Home Equity Series 2004-C (Class AF5)	5.980	06/25/34	Aaa		10,050
7,000,000	i	Chase Funding Loan Acquisition Trust Series 2004-OPT1 (Class M1)	5.890	06/25/34	Aa2		7,013
1,825,198		Chase Funding Mortgage Loan Asset-Backed Certificates Series
		2004-2 (Class 1A3)	4.209	02/25/35	Aaa		1,810
1,000,000	i	Chase Funding Mortgage Loan Asset-Backed Certificates Series
		2004-2 (Class 1B)	5.700	02/25/35	Baa2		885
1,660,396		Chase Manhattan Auto Owner Trust Series 2004-A (Class A4)	2.830	09/15/10	Aaa		1,635
5,500,000		CIT Equipment Collateral Series 2005-VT1 (Class A4)	4.360	11/20/12	Aaa		5,454
7,000,000	i	Citicorp Mortgage Securities, Inc Series 2006-1 (Class A3)	5.706	07/25/36	Aaa		7,026
12,000,000		Citicorp Mortgage Securities, Inc Series 2006-2 (Class A3)	5.563	09/25/36	Aaa		12,010
2,471,269	i	Countrywide Asset-Backed Certificates Series 2002-S2 (Class A5)	5.978	01/25/17	Aaa		2,462
5,000,000	i,v	Countrywide Asset-Backed Certificates Series 2007-S2 (Class A3)	5.813	05/25/37	Aaa		5,000
1,170,214	i	Countrywide Home Equity Loan Trust Series 2004-B (Class 1A)	5.540	02/15/29	Aaa		1,171
12,000,000	i	Flagstar Home Equity Loan Trust Series 2007-1A (Class AF3)	5.781	01/25/35	Aaa		12,085
3,500,000		GMAC Mortgage Corporation Loan Trust 2006-HLTV A3	5.590	10/25/29	Aaa		3,506
2,282,000		GMAC Mortgage Corporation Loan Trust 2006-HLTV A4	5.810	10/25/29	Aaa		2,292
10,000,000		Hertz Vehicle Financing LLC Series 2005-1A (Class A3)	5.010	02/25/11	Aaa		9,982
2,500,000		Hertz Vehicle Financing LLC Series 2005-1A (Class A5)	5.080	11/25/11	Aaa		2,497
3,635,000		Hertz Vehicle Financing LLC Series 2005-2A (Class A2)	4.930	02/25/10	Aaa		3,624
3,160,488		HFC Home Equity Loan Asset Backed Certificates Series 2006-4
		(Class A1F)	5.790	03/20/36	Aaa		3,156
10,000,000		Honda Auto Receivables Owner Trust Series 2007-1 (Class A4)	5.090	07/18/13	N/R		10,037
10,000,000		Household Automotive Trust Series 2006-2 (Class A3)	5.610	08/17/11	Aaa		10,067
21,000,000		Household Automotive Trust Series 2006-3 (Class A4)	5.340	09/17/13	Aaa		21,223
16,000,000		Household Credit Card Master Note Trust I Series 2006-1 (Class A)	5.100	06/15/12	Aaa		16,053
5,000,000		Hyundai Auto Receivables Trust Series 2006-A (Class A3)	5.130	06/15/10	Aaa		4,997
20,000,000		Hyundai Auto Receivables Trust Series 2006-B (Class A4)	5.150	05/15/13	Aaa		20,065
3,000,000	i	IXIS Real Estate Capital Trust Series 2006-HE1 (Class A2)	5.460	03/25/36	Aaa		3,001
5,940,045		JPMorgan Auto Receivables Trust Series 2007-A (Class A1)	5.344	02/15/08	N/R		5,940
8,000,000		JPMorgan Auto Receivables Trust Series 2007-A (Class A3)	5.190	02/15/11	Aaa		8,025
127,075		Long Beach Asset Holdings Corp Series 2006-4 (Class N1)	5.877	06/25/46	N/R		127
1,221,123	v	Long Beach Asset Holdings Corp Series 2006-6 (Class N1)	6.072	09/25/46	N/R		916
3,955,168		Marriott Vacation Club Owner Trust Series 2006-2A (Class A)	5.362	10/20/28	Aaa		3,952
16,000,000		Nissan Auto Lease Trust Series 2006-A (Class A3)	5.110	03/15/10	Aaa		16,002

266

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)
$  7,500,000		Nissan Auto Lease Trust Series 2006-A (Class A4)	5.100%	07/16/12	Aaa	$	7,508
5,000,000		Nissan Auto Receivables Owner Trust Series 2007-A (Class A3)	5.100	11/15/10	Aaa		5,012
3,250,000	i	Renaissance Home Equity Loan Trust Series 2006-3 (Class AF3)	5.586	11/25/36	Aaa		3,255
3,000,000	i	Residential Asset Mortgage Products, Inc Series 2003-RZ5 (Class A7)	4.970	09/25/33	Aaa		2,963
4,000,000		Residential Funding Mortgage Securities II, Inc Series 2006-H12
		(Class A2)	5.750	02/25/36	Aaa		4,006
3,000,000	i	Residential Funding Mortgage Securities II, Inc Series 2006-HI1
		(Class A3)	5.570	02/25/36	Aaa		3,004
2,000,000	i	Residential Funding Mortgage Securities II, Inc Series 2006-HI1
		(Class M1)	6.010	02/25/36	Aa1		2,014
200,000	i	Residential Funding Mortgage Securities II, Inc Series 2006-HI1
		(Class M2)	6.060	02/25/36	Aa2		201
5,700,000		Residential Funding Mortgage Securities II, Inc Series 2006-HI3
		(Class A3)	5.960	02/25/36	Aaa		5,754
7,000,000		Residential Funding Mortgage Securities II, Inc Series 2006-HI4
		(Class A2)	5.450	09/25/36	Aaa		6,988
18,000,000		Residential Funding Mortgage Securities II, Inc Series 2006-HI4
		(Class A3)	5.440	09/25/36	Aaa		17,948
5,003,000		Residential Funding Mortgage Securities II, Inc Series 2006-HI5
		(Class A2)	5.520	04/25/21	Aaa		5,001
9,000,000		Residential Funding Mortgage Securities II, Inc Series 2006-HI5
		(Class A3)	5.500	08/25/25	Aaa		8,988
4,000,000	i	Residential Funding Mortgage Securities II, Inc Series 2006-HSA2
		(Class AI3)	5.550	03/25/36	Aaa		4,004
3,215,096	v	Sierra Receivables Funding Co Series 2006-1A (Class A1)	5.840	05/20/18	Aaa		3,252
15,989,946	v	Sonic Capital LLC Series 2006-1A (Class A2)	5.096	12/20/31	Aaa		15,936
20,000,000		Volkswagen Auto Lease Trust Series 2006-A (Class A3)	5.500	09/21/09	Aaa		20,096
3,000,000	v	Wachovia Amortization Controlled Heloc NIM Series 2006-N1
		(Class N1)	5.683	08/12/47	A3		2,981
10,000,000		Wachovia Auto Loan Owner Trust Series 2006-2A (Class A3)	5.230	08/22/11	Aaa		10,025
3,364,330	i	Wachovia Loan Trust Series 2005-SD1 (Class A)	5.680	05/25/35	N/R		3,362
		TOTAL ASSET BACKED					362,205
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.14%
7,500,000		Home Depot, Inc	5.400	03/01/16	Aa3		7,327
5,000,000		Lowe's Cos, Inc	8.250	06/01/10	A1		5,431
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES					12,758
CHEMICALS AND ALLIED PRODUCTS - 0.24%
5,000,000		Abbott Laboratories	5.600	05/15/11	A1		5,098
2,500,000		Ecolab, Inc	6.875	02/01/11	A2		2,636
3,000,000		Genentech, Inc	5.250	07/15/35	A1		2,748
1,500,000		Lubrizol Corp	4.625	10/01/09	Baa3		1,481
5,000,000		Praxair, Inc	3.950	06/01/13	A2		4,662
4,500,000		Valspar Corp	6.000	05/01/07	Baa2		4,501
		TOTAL CHEMICALS AND ALLIED PRODUCTS					21,126
COMMUNICATIONS - 0.58%
6,000,000		Alamosa Delaware, Inc	11.000	07/31/10	N/R		6,413
4,343,000		Alamosa Delaware, Inc	8.500	01/31/12	N/R		4,588
2,205,000	g	ALLTEL Ohio LP	8.000	08/15/10	A2		2,366
1,184,000		AT&T Corp	7.300	11/15/11	A2		1,285
3,000,000		AT&T, Inc	5.100	09/15/14	A2		2,932
1,000,000		AT&T, Inc	6.150	09/15/34	A2		987
3,972,276		Bellsouth Telecommunications, Inc	6.300	12/15/15	A2		4,095

267

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)
$  2,500,000		New Cingular Wireless Services, Inc	7.875%	03/01/11	Baa1	$	2,736
1,500,000		New Cingular Wireless Services, Inc	8.750	03/01/31	Baa1		1,941
5,000,000		New England Telephone & Tele	7.650	06/15/07	Baa1		5,020
8,500,000		Sprint Capital Corp	8.375	03/15/12	Baa3		9,483
4,000,000		Verizon Communications, Inc	5.500	04/01/17	A3		3,970
1,500,000		Verizon Global Funding Corp	5.850	09/15/35	A3		1,418
4,000,000		Verizon New Jersey, Inc	5.875	01/17/12	A3		4,048
		TOTAL COMMUNICATIONS					51,282
DEPOSITORY INSTITUTIONS - 1.94%
1,300,000		Amsouth Bank	4.850	04/01/13	A1		1,261
1,000,000		Astoria Financial Corp	5.750	10/15/12	A2		1,008
5,000,000		Bank of America Corp	5.375	08/15/11	Aa1		5,052
5,000,000		Bank of America NA	5.300	03/15/17	Aa1		4,937
5,250,000		Bank of America NA	6.000	10/15/36	Aa1		5,263
3,000,000		Bank of Hawaii	6.875	03/01/09	A1		3,081
1,000,000	i	Bank of New York Co, Inc	3.400	03/15/13	Aa3		982
2,500,000		Capital One Bank	4.250	12/01/08	A2		2,460
3,000,000	g	Corestates Capital Trust I	8.000	12/15/26	A1		3,119
3,000,000		First Union National Bank of Florida	6.180	02/15/36	Aa2		3,171
5,000,000		Firstar Bank NA	7.125	12/01/09	Aa2		5,258
2,000,000		Greenpoint Financial Corp	3.200	06/06/08	A3		1,952
2,500,000		Independence Community Bank Corp	4.900	09/23/10	A3		2,466
2,000,000		KeyBank NA	5.000	07/17/07	A1		1,996
5,000,000		M&I Marshall & Ilsley Bank	5.300	09/08/11	Aa3		5,028
5,000,000	i	Manufacturers & Traders Trust Co	5.629	12/01/21	A3		4,965
1,000,000		Mellon Capital I	7.720	12/01/26	A1		1,039
5,000,000		Mellon Funding Corp	6.400	05/14/11	A1		5,224
5,000,000		Mercantile Bankshares Corp	4.625	04/15/13	A2		4,792
1,250,000		Mercantile-Safe Deposit & Trust Co	5.700	11/15/11	N/R		1,279
1,250,000		National City Bank	7.250	07/15/10	N/R		1,325
5,000,000		NB Capital Trust IV	8.250	04/15/27	Aa2		5,194
2,140,000	g	OMX Timber Finance Investments LLC Series 1	5.420	01/29/20	Aa3		2,079
3,000,000		Popular North America, Inc	3.875	10/01/08	A2		2,928
2,000,000		Popular North America, Inc	5.650	04/15/09	A2		2,008
4,700,000		Republic New York Corp	7.530	12/04/26	A1		4,887
1,400,000		Roslyn Bancorp, Inc	5.750	11/15/07	A3		1,394
7,185,000		Roslyn Bancorp, Inc	7.500	12/01/08	A3		7,400
4,000,000		SouthTrust Bank	6.565	12/15/27	Aa2		4,282
3,000,000		Sovereign Bank	4.000	02/01/08	A3		2,966
2,000,000		State Street Bank & Trust Co	5.250	10/15/18	Aa2		1,945
7,312,000		State Street Corp	7.650	06/15/10	A1		7,844
10,228,000		SunTrust Banks, Inc	6.000	02/15/26	A1		10,376
1,475,000		SunTrust Banks, Inc	6.000	01/15/28	N/R		1,534
4,000,000		Union Bank of California NA	5.950	05/11/16	A2		4,089
3,268,000		Union Planters Bank NA	5.125	06/15/07	Aa3		3,266
1,112,000		US Bank NA	6.375	08/01/11	Aa2		1,165
3,000,000		US Bank NA	6.300	02/04/14	Aa2		3,159
3,000,000		Wachovia Bank NA	5.850	02/01/37	Aa2		2,925
6,000,000		Wachovia Corp	5.300	10/15/11	Aa3		6,037
3,000,000		Washington Mutual Bank	5.650	08/15/14	A2		2,971
5,000,000		Webster Bank	5.875	01/15/13	A3		5,030
3,500,000	e	Wells Fargo & Co	4.875	01/12/11	Aa1		3,478
1,500,000		Wells Fargo Bank NA	6.450	02/01/11	Aa1		1,568
5,000,000		Wells Fargo Bank NA	4.750	02/09/15	Aa1		4,793
3,000,000		Wells Fargo Bank NA	5.950	08/26/36	Aa1		3,024

268

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)
$  5,000,000		Western Financial Bank	9.625%	05/15/12	Aa2	$	5,481
5,000,000	i	World Savings Bank FSB	5.460	09/16/09	Aa1		5,001
		TOTAL DEPOSITORY INSTITUTIONS					172,482
EATING AND DRINKING PLACES - 0.06%
5,000,000		McDonald's Corp	5.750	03/01/12	A2		5,078
		TOTAL EATING AND DRINKING PLACES					5,078
ELECTRIC, GAS, AND SANITARY SERVICES - 0.85%
4,000,000		AGL Capital Corp	6.000	10/01/34	Baa1		3,838
5,000,000		Atmos Energy Corp	5.125	01/15/13	Baa3		4,861
2,000,000		Connecticut Light & Power	5.750	03/01/37	A3		1,944
5,000,000	i	Energen Corp	5.710	11/15/07	Baa2		5,003
5,000,000		Hawaiian Electric Industries, Inc	6.141	08/15/11	Baa2		5,129
3,000,000		Idaho Power Co	7.200	12/01/09	A3		3,154
7,500,000	g	International Transmission Co	4.450	07/15/13	A3		7,086
1,550,000		Laclede Gas Co	6.500	11/15/10	A3		1,608
2,500,000		Laclede Gas Co	6.150	06/01/36	A3		2,544
5,000,000		National Fuel Gas Co	6.000	03/01/09	Baa1		5,058
6,000,000		Nevada Power Co	6.650	04/01/36	Ba1		6,253
2,000,000		Nicor, Inc	6.580	02/15/28	A1		2,181
4,000,000		ONEOK Partners LP	5.900	04/01/12	Baa2		4,093
2,185,000	g	Pedernales Electric Cooperative	6.202	11/15/32	N/R		2,284
2,000,000		Piedmont Natural Gas Co	7.350	09/25/09	A3		2,092
2,000,000		Puget Sound Energy, Inc	6.274	03/15/37	Baa2		2,020
5,000,000		Questar Market Resources, Inc	6.050	09/01/16	Baa3		5,128
2,000,000		Questar Pipeline Co	6.570	09/26/11	A2		2,101
2,500,000		Texas Eastern Transmission LP	7.300	12/01/10	A3		2,666
5,000,000		Washington Gas Light Co	5.440	08/11/25	A2		4,730
2,500,000		Wisconsin Public Service Corp	5.550	12/01/36	Aa3		2,388
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES					76,161
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 0.13%
2,500,000		Cisco Systems, Inc	5.250	02/22/11	A1		2,514
3,500,000		Cisco Systems, Inc	5.500	02/22/16	A1		3,533
5,000,000		Hubbell, Inc	6.375	05/15/12	A3		5,274
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT					11,321
FABRICATED METAL PRODUCTS - 0.02%
2,000,000		Pentair, Inc	7.850	10/15/09	Baa3		2,111
		TOTAL FABRICATED METAL PRODUCTS					2,111
FOOD AND KINDRED PRODUCTS - 0.42%
5,000,000		Bottling Group LLC	4.625	11/15/12	Aa3		4,877
5,000,000		Campbell Soup Co	5.000	12/03/12	A3		4,938
6,700,000		Coca-Cola Bottling Co Consolidated	5.000	11/15/12	Baa2		6,549
5,000,000		Coca-Cola Enterprises, Inc	8.500	02/01/22	A2		6,249
1,800,000		Hershey Co	4.850	08/15/15	A1		1,744
5,000,000		Kellogg Co	6.600	04/01/11	A3		5,251
5,000,000	e	PepsiAmericas, Inc	5.625	05/31/11	Baa1		5,049
2,500,000		WM Wrigley Jr Co	4.650	07/15/15	A1		2,375
		TOTAL FOOD AND KINDRED PRODUCTS					37,032
FOOD STORES - 0.06%
5,000,000		Kroger Co	8.050	02/01/10	Baa2		5,353
		TOTAL FOOD STORES					5,353

269

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)
FURNITURE AND FIXTURES - 0.04%
$  4,000,000		Leggett & Platt, Inc	4.700%	04/01/13	A2	$	3,830
		TOTAL FURNITURE AND FIXTURES					3,830
GENERAL BUILDING CONTRACTORS - 0.11%
3,000,000		Lennar Corp	5.125	10/01/10	Baa2		2,934
3,000,000	e	M/I Homes, Inc	6.875	04/01/12	Ba3		2,700
3,000,000	e	MDC Holdings, Inc	5.375	07/01/15	Baa3		2,725
2,000,000		Ryland Group, Inc	5.375	05/15/12	Baa3		1,913
		TOTAL GENERAL BUILDING CONTRACTORS					10,272
GENERAL MERCHANDISE STORES - 0.06%
5,000,000		Target Corp	5.875	07/15/16	A1		5,155
		TOTAL GENERAL MERCHANDISE STORES					5,155
HEALTH SERVICES - 0.03%
2,500,000		Laboratory Corp of America Holdings	5.625	12/15/15	Baa3		2,461
		TOTAL HEALTH SERVICES					2,461
HOLDING AND OTHER INVESTMENT OFFICES - 0.32%
2,000,000		Allied Capital Corp	6.625	07/15/11	Baa2		2,044
2,500,000		AMB Property LP	5.450	12/01/10	Baa1		2,514
5,000,000		Archstone-Smith Trust	7.500	02/15/14	Baa1		5,446
3,000,000	g	Highwoods Properties, Inc	5.850	03/15/17	Ba1		2,974
5,000,000		Kimco Realty Corp	5.304	02/22/11	Baa1		5,002
2,000,000		Simon Property Group LP	5.875	03/01/17	A3		2,039
5,500,000		Washington Real Estate Investment Trust	6.898	02/25/08	Baa1		5,571
3,000,000		Washington Real Estate Investment Trust	5.125	03/15/13	Baa1		2,962
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES					28,552
INDUSTRIAL MACHINERY AND EQUIPMENT - 0.45%
2,500,000		3M Co	6.375	02/15/28	Aa1		2,707
9,220,000		Cameron International Corp	2.650	04/15/07	Baa1		9,212
281,000		Deere & Co	8.500	01/09/22	A2		360
4,340,000		Deere & Co	8.100	05/15/30	A2		5,594
10,065,000	g	Pall Corp	6.000	08/01/12	Baa1		10,160
7,775,000		Smith International, Inc	6.750	02/15/11	Baa1		8,119
4,000,000		Stanley Works	5.000	03/15/10	A2		3,988
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT					40,140
INSTRUMENTS AND RELATED PRODUCTS - 0.34%
5,000,000		Beckman Coulter, Inc	6.875	11/15/11	Baa3		5,145
4,500,000		Becton Dickinson & Co	7.150	10/01/09	A2		4,710
5,000,000		Boston Scientific Corp	6.250	11/15/15	Baa3		4,939
6,450,000		CR Bard, Inc	6.700	12/01/26	Baa1		6,841
3,500,000		Medtronic, Inc	4.750	09/15/15	A1		3,326
3,000,000		Thermo Fisher Scientific, Inc	7.625	10/30/08	Baa2		3,093
2,000,000		Thermo Fisher Scientific, Inc	5.000	06/01/15	Baa2		1,890
		TOTAL INSTRUMENTS AND RELATED PRODUCTS					29,944
INSURANCE CARRIERS - 0.82%
3,000,000		Aetna, Inc	6.625	06/15/36	A3		3,200
2,800,000	g	Anthem Insurance Co, Inc	9.125	04/01/10	A3		3,094
3,000,000	i	Chubb Corp	6.375	03/29/67	A3		2,999
3,500,000		Cincinnati Financial Corp	6.125	11/01/34	A2		3,529

270

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)
$  3,000,000		First American Corp	5.700%	08/01/14	N/R	$	2,965
2,500,000	i	Hartford Life Global Funding Trusts	5.455	03/15/11	Aa3		2,502
5,000,000	g	Health Care Service Corp	7.750	06/15/11	A2		5,437
1,200,000	g	Jackson National Life Global Funding	6.125	05/30/12	A1		1,248
5,000,000	g,i	Jefferson-Pilot Life Funding Trust I	3.250	06/02/08	Baa3		5,000
1,945,000	g	John Hancock Global Funding II	7.900	07/02/10	Aa2		2,105
2,000,000		Markel Corp	6.800	02/15/13	Baa3		2,086
3,000,000		Markel Corp	7.350	08/15/34	Baa3		3,215
5,000,000	g	Nationwide Life Global Funding I	5.350	03/15/11	Aa3		5,042
5,000,000	g	New York Life Global Funding	4.625	08/16/10	Aaa		4,949
4,900,000	g	Ohio National Financial Services, Inc	7.000	07/15/11	Baa1		5,192
3,500,000	g	Pricoa Global Funding I	4.625	06/25/12	Aa3		3,390
2,500,000	g	Principal Life Global Funding I	5.125	10/15/13	Aa2		2,493
1,036,000		Protective Life Corp	4.300	06/01/13	A3		977
2,500,000		Protective Life Secured Trusts	4.850	08/16/10	Aa3		2,480
2,500,000		Protective Life Secured Trusts	4.000	04/01/11	Aa3		2,396
1,500,000	g	Prudential Funding LLC	6.600	05/15/08	A1		1,516
2,500,000	g	Prudential Funding LLC	6.750	09/15/23	A1		2,672
3,000,000		WellPoint, Inc	5.000	01/15/11	Baa1		2,982
1,500,000		WellPoint, Inc	5.850	01/15/36	Baa1		1,443
		TOTAL INSURANCE CARRIERS					72,912
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.05%
5,000,000		Harsco Corp	5.125	09/15/13	A3		4,916
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES					4,916
MISCELLANEOUS RETAIL - 0.05%
4,483,708	g	CVS Corp	5.298	01/11/27	Baa2		4,278
		TOTAL MISCELLANEOUS RETAIL					4,278
MOTION PICTURES - 0.20%
6,000,000		Historic TW, Inc	6.625	05/15/29	Baa2		6,078
5,234,000		Time Warner Entertainment Co LP	10.150	05/01/12	Baa2		6,266
2,000,000		Time Warner, Inc	5.500	11/15/11	Baa2		2,016
3,000,000		Walt Disney Co	5.700	07/15/11	A3		3,070
		TOTAL MOTION PICTURES					17,430
NONDEPOSITORY INSTITUTIONS - 0.50%
5,000,000	i	American Express Credit Corp	5.470	10/04/10	Aa3		5,003
4,000,000		Capital One Financial Corp	5.700	09/15/11	A3		4,034
5,000,000		Capital One Financial Corp	5.500	06/01/15	A3		4,927
1,500,000		Capital One Financial Corp	6.150	09/01/16	Baa1		1,522
2,000,000		CIT Group, Inc	5.400	02/13/12	A2		2,000
4,000,000	g	IBM Canada Credit Services Co	3.750	11/30/07	A1		3,964
2,000,000		John Deere Capital Corp	7.000	03/15/12	A2		2,157
6,000,000		Residential Capital LLC	6.500	04/17/13	Baa3		5,937
10,000,000		SLM Corp	5.400	10/25/11	A2		10,006
5,000,000		SLM Corp	5.375	05/15/14	A2		4,930
		TOTAL NONDEPOSITORY INSTITUTIONS					44,480
OIL AND GAS EXTRACTION - 0.45%
3,000,000		Apache Corp	6.000	01/15/37	A3		2,999
4,610,000		Apache Finance Canada Corp	4.375	05/15/15	A3		4,319
3,500,000		Chesapeake Energy Corp	6.500	08/15/17	Ba2		3,456
3,900,000		Devon OEI Operating, Inc	4.375	10/01/07	Baa3		3,879
5,700,000		ENSCO International, Inc	6.750	11/15/07	Baa1		5,756

271

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)
$  8,500,000	g	EOG Resources Canada, Inc	4.750%	03/15/14	A3	$	8,205
2,000,000		Equitable Resources, Inc	5.000	10/01/15	A2		1,900
2,000,000		Noble Energy, Inc	8.000	04/01/27	Baa2		2,343
2,000,000		Valero Logistics Operations LP	6.050	03/15/13	Baa3		2,030
5,000,000		XTO Energy, Inc	6.250	04/15/13	Baa2		5,200
		TOTAL OIL AND GAS EXTRACTION					40,087
OTHER MORTGAGE BACKED SECURITIES - 2.96%
6,000,000		Banc of America Commercial Mortgage, Inc Series 2002-2 (Class A3)	5.118	07/11/43	N/R		5,988
10,000,000	i	Banc of America Commercial Mortgage, Inc Series 2004-4 (Class A6)	4.877	07/10/42	N/R		9,753
3,000,000	i	Banc of America Commercial Mortgage, Inc Series 2005-1 (Class B)	5.005	11/10/42	N/R		2,970
8,370,000	i	Banc of America Commercial Mortgage, Inc Series 2005-5 (Class AJ)	5.159	10/10/45	Aaa		8,264
1,375,000	i	Banc of America Commercial Mortgage, Inc Series 2005-6 (Class AJ)	5.182	09/10/47	Aaa		1,362
2,000,000	i	Banc of America Commercial Mortgage, Inc Series 2006-2 (Class A4)	5.741	05/10/45	N/R		2,064
4,800,000		Banc of America Commercial Mortgage, Inc Series 2006-4 (Class A4)	5.634	07/10/46	Aaa		4,888
3,350,000		Banc of America Commercial Mortgage, Inc Series 2006-5
		(Class A4)	5.414	09/10/47	Aaa		3,361
5,992,991		Banc of America Mortgage Securities Series 2006-1 (Class A8)	6.000	05/01/36	Aaa		6,014
2,300,043		Bank of America Alternative Loan Trust Series 2004-8
		(Class 3A1)	5.500	09/25/19	Aaa		2,307
4,500,000	i	Bear Stearns Commercial Mortgage Securities Series 2005-PW10
		(Class AJ)	5.459	12/11/40	Aaa		4,538
4,100,000	i	Bear Stearns Commercial Mortgage Securities Series 2006-PW11
		(Class A4)	5.458	03/11/39	N/R		4,155
3,000,000	i	Bear Stearns Commercial Mortgage Securities Series 2006-PW12
		(Class A4)	5.711	09/11/38	Aaa		3,092
5,375,000		Bear Stearns Commercial Mortgage Securities Series 2006-PW13
		(Class A4)	5.540	09/11/41	N/R		5,438
3,000,000		Bear Stearns Commercial Mortgage Securities Series 2006-PW14
		(Class A4)	5.201	12/11/38	N/R		2,958
2,000,000	i	Bear Stearns Commercial Mortgage Securities Series 2006-T22
		(Class A4)	5.467	04/12/38	Aaa		2,035
4,000,000		Bear Stearns Commercial Mortgage Securities Series 2006-T24
		(Class A4)	5.537	10/12/41	Aaa		4,051
10,500,000		Citigroup/Deutsche Bank Commercial Mortgage Trust Series 2006-
		CD3 (Class A5)	5.617	10/15/48	Aaa		10,666
9,526,236		Citimortgage Alternative Loan Trust Series 2006-A1 (Class 2A1)	5.250	03/25/21	Aaa		9,437
		Countrywide Home Loan Mortgage Pass Through Trust Series
4,262,287		2005-17 (Class 1A10)	5.250	09/25/35	N/R		4,249
4,500,000	i	Credit Suisse Mortgage Capital Certificates Series 2006-C1
		(Class A4)	5.555	02/15/39	N/R		4,565
3,000,000	i	Credit Suisse Mortgage Capital Certificates Series 2006-C2
		(Class A3)	5.659	03/15/39	Aaa		3,073
4,800,000		Credit Suisse Mortgage Capital Certificates Series 2006-C4
		(Class A3)	5.467	09/15/39	Aaa		4,827
5,000,000		Credit Suisse Mortgage Capital Certificates Series 2006-C5
		(Class A3)	5.311	12/15/39	Aaa		4,968

272

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)
$  7,000,000	i	Credit Suisse/Morgan Stanley Commercial Mortgage Certificate
		Series HC1A (Class A1)	5.510%	05/15/23	Aaa	$	7,002
6,560,639		CS First Boston Mortgage Securities Corp Series 2005-5
		(Class 7A1)	6.000	07/25/35	Aaa		6,584
25,000,000		GS Mortgage Securities Corp II Series 2001-ROCK (Class A2)	6.624	05/03/18	Aaa		26,466
10,000,000	i	GS Mortgage Securities Corp II Series 2001-ROCK (Class BFL)	5.800	05/03/18	Aaa		10,154
3,000,000		GS Mortgage Securities Corp II Series 2006-GG8 (Class A4)	5.560	11/10/39	Aaa		3,042
		JP Morgan Chase Commercial Mortgage Securities Corp Series
1,000,000		2002-C1 (Class A3)	5.376	07/12/37	Aaa		1,010
		JP Morgan Chase Commercial Mortgage Securities Corp Series
9,000,000		2003-CB6 (Class A2)	5.255	07/12/37	Aaa		9,009
		JP Morgan Chase Commercial Mortgage Securities Corp Series
6,000,000		2007-CB18 (Class A4)	5.440	06/12/47	Aaa		6,022
3,100,000		LB-UBS Commercial Mortgage Trust Series 2005-C3 (Class A2)	4.553	07/15/30	Aaa		3,054
3,000,000	i	LB-UBS Commercial Mortgage Trust Series 2005-C5 (Class AJ)	5.057	09/15/40	N/R		2,931
801,717		MASTR Asset Securitization Trust Series 2005-2 (Class 3A1)	5.000	10/25/20	Aaa		797
10,000,000	i	Merrill Lynch Mortgage Trust Series 2003-KEY1 (Class A4)	5.236	11/12/35	N/R		9,985
2,675,000	i	Merrill Lynch Mortgage Trust Series 2005-LC1 (Class A4)	5.291	01/12/44	Aaa		2,663
1,300,000	i	Merrill Lynch Mortgage Trust Series 2006-C1 (Class A4)	5.660	05/12/39	N/R		1,335
2,300,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust Series
		2006-1 (Class A4)	5.432	02/12/39	N/R		2,323
10,000,000		Morgan Stanley Capital I Series 2005-HQ5 (Class A2)	4.809	01/14/42	N/R		9,925
5,000,000	i	Morgan Stanley Capital I Series 2006-HE1 (Class A2)	5.440	01/25/36	Aaa		5,000
4,400,000		Morgan Stanley Capital I Series 2006-HQ10 (Class A4)	5.328	11/12/41	Aaa		4,383
350,000	i	Morgan Stanley Capital I Series 2006-HQ8 (Class AJ)	5.476	03/12/44	Aaa		354
1,211,000	i	Morgan Stanley Capital I Series 2006-HQ9 (Class A4)	5.731	07/12/44	N/R		1,240
2,500,000	i	Morgan Stanley Capital I Series 2006-IQ11 (Class A4)	5.776	10/15/42	N/R		2,574
1,500,000	i	Morgan Stanley Capital I Series 2006-T21 (Class AJ)	5.273	10/12/52	Aaa		1,485
4,700,000	i	Morgan Stanley Capital I Series 2006-T23 (Class A4)	5.810	08/12/41	N/R		4,884
5,927,902		Residential Funding Mortgage Security I Series 2004-S5 (Class	4.500	05/25/19	N/R		5,799
3,000,000	i	Wachovia Bank Commercial Mortgage Trust Series 2005-C20
		(Class A7)	5.118	07/15/42	Aaa		2,958
2,700,000	i	Wachovia Bank Commercial Mortgage Trust Series 2006-C24
		(Class A3)	5.558	03/15/45	Aaa		2,735
12,633,593		Wells Fargo Mortgage Backed Securities Trust Series 2003-16
		(Class 2A1)	4.500	12/25/18	N/R		12,154
2,989,874		Wells Fargo Mortgage Backed Securities Trust Series 2005-1
		(Class 2A1)	5.000	01/25/20	Aaa		2,966
		TOTAL OTHER MORTGAGE BACKED SECURITIES					263,857
PAPER AND ALLIED PRODUCTS - 0.05%
5,000,000		Bemis Co, Inc	4.875	04/01/12	Baa1		4,879
		TOTAL PAPER AND ALLIED PRODUCTS					4,879
PETROLEUM AND COAL PRODUCTS - 0.07%
6,500,000		Sunoco, Inc	4.875	10/15/14	Baa2		6,139
		TOTAL PETROLEUM AND COAL PRODUCTS					6,139
PIPELINES, EXCEPT NATURAL GAS - 0.03%
2,500,000		Kinder Morgan Energy Partners LP	7.300	08/15/33	Baa1		2,713
		TOTAL PIPELINES, EXCEPT NATURAL GAS					2,713
PRIMARY METAL INDUSTRIES - 0.03%
3,000,000	g	Reliance Steel & Aluminum Co	6.200	11/15/16	Baa3		2,990
		TOTAL PRIMARY METAL INDUSTRIES					2,990

273

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)
PRINTING AND PUBLISHING - 0.12%
$  5,000,000		Dow Jones & Co, Inc	3.875%	02/15/08	Baa1	$	4,925
2,500,000		Dun & Bradstreet Corp	5.500	03/15/11	N/R		2,519
3,000,000		EW Scripps Co	4.300	06/30/10	A2		2,916
		TOTAL PRINTING AND PUBLISHING					10,360
RAILROAD TRANSPORTATION - 0.14%
2,000,000		CSX Corp	6.000	10/01/36	Baa2		1,917
1,900,000		CSX Transportation, Inc	7.820	04/01/11	N/R		2,060
2,500,000		Norfolk Southern Corp	5.590	05/17/25	Baa1		2,294
4,815,000		Norfolk Southern Corp	5.640	05/17/29	Baa1		4,421
460,149	g	Sea-Land Service, Inc	6.600	01/02/11	Baa2		472
460,149	g	Sea-Land Service, Inc	6.600	01/02/11	Baa2		473
460,149	g	Sea-Land Service, Inc	6.600	01/02/11	Baa2		473
		TOTAL RAILROAD TRANSPORTATION					12,110
REAL ESTATE - 0.01%
1,000,000	g,i	USB Realty Corp	6.091	12/30/49	A1		1,006
		TOTAL REAL ESTATE					1,006
SECURITY AND COMMODITY BROKERS - 0.45%
2,292,000		Charles Schwab Corp	8.050	03/01/10	A2		2,497
3,000,000		Goldman Sachs Group, Inc	5.000	01/15/11	Aa3		2,981
2,500,000		Goldman Sachs Group, Inc	4.750	07/15/13	Aa3		2,408
2,000,000		Goldman Sachs Group, Inc	5.625	01/15/17	A1		1,985
7,000,000		Goldman Sachs Group, Inc	5.950	01/15/27	A1		6,799
3,156,000		Jefferies Group, Inc	6.250	01/15/36	Baa1		2,990
5,775,000		Legg Mason, Inc	6.750	07/02/08	A2		5,886
5,000,000		Merrill Lynch & Co, Inc	5.770	07/25/11	Aa3		5,112
5,000,000		Merrill Lynch & Co, Inc	6.220	09/15/26	A1		5,005
5,000,000		Merrill Lynch & Co, Inc	6.110	01/29/37	A1		4,858
		TOTAL SECURITY AND COMMODITY BROKERS					40,521
SOCIAL SERVICES - 0.06%
5,145,000		Salvation Army	5.637	09/01/26	Aaa		5,214
		TOTAL SOCIAL SERVICES					5,214
STONE, CLAY, AND GLASS PRODUCTS - 0.02%
1,000,000		Martin Marietta Materials, Inc	5.875	12/01/08	A3		1,008
1,000,000		Martin Marietta Materials, Inc	6.875	04/01/11	A3		1,053
		TOTAL STONE, CLAY, AND GLASS PRODUCTS					2,061
TRANSPORTATION BY AIR - 0.12%
3,000,000		FedEx Corp	5.500	08/15/09	Baa2		3,013
5,000,000	i	JetBlue Airways Corp	5.810	11/15/16	Aaa		5,028
3,000,000		Southwest Airlines Co	5.125	03/01/17	Baa1		2,786
		TOTAL TRANSPORTATION BY AIR					10,827
TRANSPORTATION EQUIPMENT - 0.06%
4,136,012	g	Southern Capital Corp	5.700	06/30/22	Aaa		4,127
1,000,000		Union Tank CAR Co	6.790	05/01/10	A1		1,044
		TOTAL TRANSPORTATION EQUIPMENT					5,171
TRANSPORTATION SERVICES - 0.07%
1,732,992	g	GATX Corp	5.697	01/02/25	A3		1,675
5,000,000	g	TTX Co	3.875	03/01/08	Baa1		4,908
		TOTAL TRANSPORTATION SERVICES					6,583

274

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)
TRUCKING AND WAREHOUSING - 0.06%
$  1,360,000		United Parcel Service of America, Inc (Step Bond 8.375% until
		04/01/20, 7.620% until 04/01/30)	8.375%	04/01/30	Aaa	$	1,798
2,500,000		United Parcel Service, Inc	8.375	04/01/20	Aaa		3,148
		TOTAL TRUCKING AND WAREHOUSING					4,946
WHOLESALE TRADE-DURABLE GOODS - 0.02%
2,000,000		Johnson & Johnson	4.950	05/15/33	Aaa		1,846
		TOTAL WHOLESALE TRADE-DURABLE GOODS					1,846
WHOLESALE TRADE-NONDURABLE GOODS - 0.19%
2,500,000		Procter & Gamble Co	8.750	06/01/22	Aa3		3,368
5,000,000		Procter & Gamble Co	5.550	03/05/37	Aa3		4,891
5,000,000		Sysco Corp	7.160	04/15/27	A1		5,664
3,000,000		Sysco International Co	6.100	06/01/12	A1		3,112
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS					17,035
		TOTAL CORPORATE BONDS					1,461,579
		(Cost $1,463,506)
GOVERNMENT BONDS - 23.17%
AGENCY SECURITIES - 3.91%
6,713,137		Cal Dive I- Title XI, Inc	4.930	02/01/27	N/R		6,496
4,500,000		Egypt Government AID Bonds	4.450	09/15/15	Aaa		4,378
2,000,000		Federal Home Loan Bank (FHLB) (Step Bond 4.000% until 07/30/07,
		6.000% until 07/30/12, 8.000% until 07/30/16, 10.000% until 07/30/18)	4.000	07/30/18	Aaa		1,987
3,750,000		Federal Home Loan Mortgage Corp (FHLMC)	4.625	06/01/07	Aaa		3,746
2,950,000		FHLMC	4.000	08/17/07	Aaa		2,936
7,500,000		FHLMC	5.125	10/24/07	Aaa		7,495
2,450,000		FHLMC	4.375	11/16/07	Aaa		2,438
13,000,000		FHLMC	3.500	05/21/08	Aaa		12,787
3,500,000		FHLMC	2.650	05/30/08	Aaa		3,408
10,000,000	e	FHLMC	5.000	09/16/08	Aaa		10,007
8,500,000		FHLMC	5.750	06/27/16	Aa2		8,864
1,850,000		Federal National Mortgage Association (FNMA)	3.375	05/15/07	Aaa		1,846
24,000,000	e	FNMA	5.000	09/15/08	Aaa		24,018
7,580,000		FNMA	4.125	01/30/12	Aaa		7,303
15,000,000		FNMA	5.250	08/01/12	Aa2		15,178
10,963,000	j	Government Trust Certificate	0.000	11/15/07	N/R		10,627
4,000,000	j	Government Trust Certificate	0.000	04/01/21	N/R		1,918
5,007,000		Housing Urban Development	5.380	08/01/18	N/R		5,080
4,270,451		New Valley Generation II	5.572	05/01/20	Aaa		4,306
4,096,742		New Valley Generation III	4.929	01/15/21	Aaa		4,012
504,607		New Valley Generation III	4.687	01/15/22	Aaa		495
10,100,000	j	Overseas Private Investment Corp	0.000	09/15/08	N/R		11,463
6,336,000		Overseas Private Investment Corp	4.050	11/15/14	N/R		6,101
3,189,375		Overseas Private Investment Corp	3.420	01/15/15	N/R		3,036
7,832,110		Overseas Private Investment Corp	3.740	04/15/15	N/R		7,499
1,000,000		Private Export Funding Corp	7.110	04/15/07	Aaa		1,001
2,500,000	g	Private Export Funding Corp	7.170	05/15/07	Aaa		2,505
4,688,000		Private Export Funding Corp	6.490	07/15/07	Aaa		4,702
2,858,000		Private Export Funding Corp	3.400	02/15/08	Aaa		2,817
3,500,000		Private Export Funding Corp	5.870	07/31/08	Aaa		3,541

275

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)
$   2,850,000		Private Export Funding Corp	3.375%	02/15/09	Aaa	$	2,776
3,800,000		Private Export Funding Corp	7.200	01/15/10	Aaa		4,030
5,000,000		Private Export Funding Corp	6.070	04/30/11	Aaa		5,221
10,000,000		Private Export Funding Corp	4.900	12/15/11	Aaa		10,017
34,585,000		Private Export Funding Corp	4.974	08/15/13	Aaa		34,675
48,650,000		Private Export Funding Corp	4.550	05/15/15	Aaa		47,346
24,960,000		Private Export Funding Corp	4.950	11/15/15	Aaa		24,732
11,900,000		Private Export Funding Corp	5.000	12/15/16	Aaa		11,882
16,025,000	e	Tennessee Valley Authority	5.880	04/01/36	N/R		17,489
8,338,140	g	US Trade Funding Corp	4.260	11/15/14	N/R		8,178
		TOTAL AGENCY SECURITIES					348,336
FOREIGN GOVERNMENT BONDS - 1.31%
1,500,000		Development Bank of Japan	4.250	06/09/15	Aaa		1,417
2,750,000		Eksportfinans A/S	5.000	02/14/12	Aaa		2,767
5,000,000		European Investment Bank	5.125	09/13/16	Aaa		5,052
2,000,000		European Investment Bank	4.875	02/15/36	Aaa		1,883
5,000,000	g	Federal Republic of Germany	3.875	06/01/10	Aaa		4,886
6,082,000		Hydro Quebec	8.400	01/15/22	Aa2		7,828
25,000,000	g	Hypothekenbank in Essen AG.	5.000	01/20/12	Aaa		25,063
5,000,000	g	International Finance Facility for Immunisation	5.000	11/14/11	Aaa		4,989
3,000,000		Italy Government International Bond	5.250	09/20/16	N/R		3,032
5,000,000		Kreditanstalt fuer Wiederaufbau	4.875	01/17/17	Aaa		4,962
5,000,000		Landwirtschaftliche Rentenbank	5.125	02/01/17	Aaa		5,069
10,000,000		Province of Manitoba Canada	5.000	02/15/12	Aa1		10,053
5,000,000		Province of Ontario	4.750	01/19/16	Aa1		4,896
7,500,000		Province of Quebec Canada	5.125	11/14/16	Aa2		7,500
5,000,000		Province of Quebec Canada	7.500	09/15/29	Aa2		6,332
10,000,000		Province of Saskatchewan Canada	8.000	02/01/13	Aa1		11,493
5,000,000		Svensk Exportkredit AB	4.125	10/15/08	Aa1		4,940
4,800,000		Svensk Exportkredit AB	5.125	03/01/17	Aa1		4,811
		TOTAL FOREIGN GOVERNMENT BONDS					116,973
MORTGAGE BACKED SECURITIES - 15.06%
1,409,456		Federal Home Loan Mortgage Corp (FHLMC)	6.000	09/15/16			1,437
6,000,000		FHLMC	5.000	06/15/29			5,944
2,948,623		FHLMC	6.000	12/15/30			2,963
9,000,000		FHLMC	5.000	06/15/31			8,836
7,000,000		FHLMC	5.500	05/15/33			6,968
5,421,528		FHLMC	4.500	09/15/35			5,239
7,103,058	h,i	FHLMC	5.092	02/01/36			7,101
4,764,468	i	FHLMC	5.001	09/01/36			4,745
10,968,871	i	FHLMC	5.717	02/01/37			11,065
22,000,000	i	FHLMC	5.810	03/01/37			22,239
30,000,000	h	FHLMC	6.000	05/15/37			30,225
194,676		Federal Home Loan Mortgage Corp Gold (FGLMC)	6.000	03/01/11			196
686,038		FGLMC	6.500	12/01/16			703
1,006,078		FGLMC	6.000	12/01/17			1,024
6,269,389		FGLMC	4.500	10/01/18			6,086
7,585,506		FGLMC	4.500	11/01/18			7,364
8,347,329		FGLMC	4.500	11/01/18			8,104
9,271,393		FGLMC	4.500	01/01/19			8,988
3,951,856	d	FGLMC	5.500	01/01/19			3,969
3,726,593		FGLMC	5.000	02/01/19			3,681
634,620		FGLMC	4.500	07/01/20			614
630,777	d	FGLMC	7.000	10/01/20			659

276

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$  21,416,963		FGLMC	4.500%	06/01/21	$	20,738
5,789,670		FGLMC	4.500	06/01/21		5,606
13,945,704		FGLMC	5.500	08/01/21		13,975
36,640		FGLMC	7.000	05/01/23		38
285,653	d	FGLMC	8.000	01/01/31		301
6,878,022		FGLMC	5.500	09/01/33		6,822
5,433,874		FGLMC	5.500	09/01/33		5,390
1,702,151		FGLMC	6.500	11/01/33		1,747
15,839,312		FGLMC	5.500	12/01/33		15,711
16,212,231		FGLMC	5.000	01/01/34		15,709
3,003,488		FGLMC	6.500	08/01/34		3,077
2,428,323		FGLMC	5.500	12/01/34		2,407
17,307,119	d	FGLMC	4.500	04/01/35		16,292
1,405,612		FGLMC	6.000	05/01/35		1,418
2,626,716		FGLMC	6.000	05/01/35		2,649
2,002,606		FGLMC	6.000	05/01/35		2,020
3,230,777		FGLMC	6.000	05/01/35		3,259
1,349,874		FGLMC	6.000	05/01/35		1,362
1,385,694		FGLMC	6.000	05/01/35		1,398
3,030,309		FGLMC	5.500	06/01/35		3,002
3,555,025		FGLMC	6.000	08/01/35		3,586
6,695,309		FGLMC	4.500	09/01/35		6,296
2,849,554		FGLMC	4.500	09/01/35		2,680
8,098,954		FGLMC	4.500	09/01/35		7,617
13,744,729		FGLMC	5.000	09/01/35		13,297
3,145,286		FGLMC	5.000	10/01/35		3,043
3,527,735		FGLMC	5.000	11/01/35		3,413
1,044,623		FGLMC	4.500	12/01/35		982
8,886,239		FGLMC	6.000	01/01/36		8,958
2,960,629		FGLMC	7.000	01/01/36		3,066
2,447,838		FGLMC	5.500	03/01/36		2,412
11,259,487		FGLMC	5.500	04/01/36		11,142
941,896		FGLMC	6.500	05/01/36		961
14,275,596		FGLMC	6.000	07/01/36		14,391
3,951,623	h	FGLMC	6.500	10/01/36		4,030
1,891,997		FGLMC	6.500	12/01/36		1,921
17,979,054		FGLMC	5.500	01/01/37		17,791
53,922		Federal National Mortgage Association (FNMA)	7.500	06/01/11		55
4,090		FNMA	8.000	06/01/11		4
43,082		FNMA	8.000	07/01/11		45
6,795		FNMA	7.500	08/01/11		7
11,666		FNMA	7.500	09/01/11		12
32,224		FNMA	7.500	10/01/11		33
1,253		FNMA	7.500	10/01/11		1
6,879		FNMA	7.500	10/01/11		7
280,010		FNMA	7.000	04/01/12		289
24,394		FNMA	6.500	09/01/12		25
194,120		FNMA	5.000	06/01/13		194
2,842,207		FNMA	4.440	07/01/13		2,754
4,901,534		FNMA	4.019	08/01/13		4,660
3,294,616		FNMA	4.518	05/01/14		3,201
4,367,996		FNMA	4.265	06/01/14		4,172
3,163,011		FNMA	4.530	10/01/14		3,068
15,555		FNMA	8.500	11/01/14		17
8,216,955		FNMA	6.000	06/25/16		8,273
538,804		FNMA	6.500	10/01/16		552

277

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$    1,869,884	d	FNMA	6.500%	04/01/17	$	1,916
870,139		FNMA	6.500	02/01/18		891
3,288,161		FNMA	5.500	03/01/18		3,303
628,816	d	FNMA	5.500	04/01/18		632
70,528		FNMA	5.500	05/01/18		71
14,448,613		FNMA	5.000	07/01/18		14,287
14,544,910		FNMA	5.500	11/01/18		14,611
6,246,399		FNMA	5.000	12/01/18		6,177
4,913,311		FNMA	5.000	01/01/19		4,858
710,255		FNMA	6.000	01/01/19		724
715,089		FNMA	6.000	02/01/19		729
600,000		FNMA	4.000	02/25/19		546
6,882,830		FNMA	5.000	03/01/19		6,798
880,875		FNMA	4.500	05/01/19		854
23,000,000	h	FNMA	5.000	05/25/22		22,684
54,327		FNMA	8.000	03/01/23		57
1,107,955		FNMA	5.500	02/01/24		1,105
168,381		FNMA	8.000	07/01/24		178
30,591,240	d	FNMA	5.000	10/01/25		29,823
12,896,763		FNMA	6.000	03/01/32		13,093
629,670		FNMA	5.000	02/01/33		610
5,727,686		FNMA	4.500	03/25/33		5,564
1,307,716		FNMA	5.500	06/01/33		1,297
1,871,475		FNMA	5.500	07/01/33		1,856
2,843,355		FNMA	4.500	08/01/33		2,679
1,731,458		FNMA	5.000	08/01/33		1,677
2,942,762		FNMA	6.000	08/01/33		2,978
6,000,000		FNMA	5.500	08/25/33		5,993
1,976,489		FNMA	5.000	10/01/33		1,915
1,909,470		FNMA	5.000	10/01/33		1,850
34,963,143	d	FNMA	5.000	11/01/33		33,869
2,429,973		FNMA	5.000	11/01/33		2,354
2,266,974		FNMA	5.500	11/01/33		2,248
2,571,784		FNMA	5.500	11/01/33		2,551
3,238,752		FNMA	5.500	11/01/33		3,212
3,965,481		FNMA	5.500	11/01/33		3,933
2,726,332		FNMA	5.500	11/01/33		2,704
1,471,610		FNMA	5.500	12/01/33		1,460
732,623		FNMA	5.500	12/01/33		727
525,279		FNMA	5.500	12/01/33		521
1,974,814		FNMA	5.500	01/01/34		1,959
835,215		FNMA	5.000	03/01/34		809
1,823,384		FNMA	5.000	03/01/34		1,766
720,149		FNMA	5.000	03/01/34		698
643,306		FNMA	5.000	03/01/34		623
9,883,618		FNMA	5.000	03/01/34		9,574
5,505,762		FNMA	5.000	04/01/34		5,329
1,486,888		FNMA	4.500	05/01/34		1,399
81,504		FNMA	4.500	05/01/34		77
69,234		FNMA	4.500	05/01/34		65
118,012		FNMA	4.500	06/01/34		111
69,885		FNMA	4.500	06/01/34		66
307,011		FNMA	4.500	06/01/34		289
75,292		FNMA	4.500	06/01/34		71
232,680		FNMA	4.500	07/01/34		219
67,063		FNMA	4.500	07/01/34		63

278

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$       199,479		FNMA	4.500%	07/01/34	$	188
1,877,977		FNMA	4.500	08/01/34		1,767
116,395		FNMA	4.500	08/01/34		110
33,012,210		FNMA	5.000	08/01/34		31,952
82,481		FNMA	4.500	09/01/34		78
5,000,000		FNMA	5.500	10/25/34		4,947
15,019,812		FNMA	5.000	11/01/34		14,550
16,231,418		FNMA	5.500	01/01/35		16,089
4,693,837		FNMA	5.500	01/01/35		4,653
27,007,033	d	FNMA	5.500	02/01/35		26,770
33,730,296		FNMA	5.500	02/01/35		33,454
6,082,175		FNMA	5.000	02/25/35		6,020
955,074	d	FNMA	5.500	03/01/35		946
2,823,017		FNMA	5.500	04/01/35		2,796
3,821,176		FNMA	5.500	04/01/35		3,785
2,930,718		FNMA	5.500	04/01/35		2,903
31,731,399	d	FNMA	5.500	04/01/35		31,432
12,909,263		FNMA	5.500	04/01/35		12,787
19,020,196		FNMA	5.500	04/01/35		18,853
1,063,496		FNMA	5.500	05/01/35		1,053
940,128		FNMA	5.500	05/01/35		931
5,801,599		FNMA	5.500	05/01/35		5,747
1,229,865		FNMA	5.500	05/01/35		1,218
6,657,221		FNMA	6.000	05/01/35		6,711
4,706,774		FNMA	5.500	06/01/35		4,662
3,700,493		FNMA	5.500	06/01/35		3,666
3,427,051		FNMA	5.500	06/01/35		3,395
351,360		FNMA	7.500	06/01/35		364
944,472		FNMA	6.000	07/01/35		952
9,014,954		FNMA	5.000	09/01/35		8,719
20,074,223		FNMA	5.500	09/01/35		19,910
12,325,150		FNMA	4.000	10/01/35		11,261
6,487,968		FNMA	5.000	10/01/35		6,275
14,568,937		FNMA	5.500	10/01/35		14,431
9,128,249		FNMA	5.500	11/01/35		9,042
3,947,781	i	FNMA	5.750	02/01/36		4,027
2,447,532		FNMA	6.500	02/01/36		2,498
1,808,352		FNMA	6.500	02/01/36		1,845
22,726,108		FNMA	6.000	03/01/36		22,895
84,606		FNMA	6.000	03/01/36		85
4,559,300		FNMA	5.500	04/01/36		4,516
11,584,912		FNMA	5.000	05/01/36		11,101
1,931,235		FNMA	5.500	05/01/36		1,903
12,586,031	i	FNMA	5.843	06/01/36		12,767
5,576,789	i	FNMA	5.969	07/01/36		5,654
40,169,194	i	FNMA	5.745	09/01/36		40,626
9,847,181		FNMA	6.000	10/01/36		9,920
21,142,914		FNMA	6.500	10/01/36		21,469
5,297,741		FNMA	5.500	12/01/36		5,220
6,399,127		FNMA	6.500	12/01/36		6,498
37,658,209	i	FNMA	5.913	01/01/37		38,175
3,617,785		FNMA	7.000	02/01/37		3,732
2,000,000	h	FNMA	7.000	04/01/37		2,063
68,000,000	h	FNMA	6.000	05/25/37		68,467
45,000,000	h	FNMA	6.500	05/25/37		45,886
5,493		Government National Mortgage Association (GNMA)	8.500	09/15/09		6

279

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$       33,955		GNMA	8.500%	10/15/09	$	35
5,906		GNMA	8.500	12/15/09		6
123,644		GNMA	9.000	12/15/09		127
5,681,154		GNMA	6.250	12/15/11		5,724
4,350,498		GNMA	5.220	04/15/15		4,396
176,208		GNMA	9.000	12/15/17		189
423		GNMA	9.000	08/15/20		-	^
108,490		GNMA	8.000	06/15/22		115
53,531		GNMA	6.500	08/15/23		55
14,256		GNMA	6.500	08/15/23		15
36,918		GNMA	6.500	09/15/23		38
10,000,000		GNMA	4.500	11/16/29		9,734
12,000,000		GNMA	4.385	08/16/30		11,825
465,613	d	GNMA	6.500	05/20/31		478
184,484		GNMA	5.000	06/20/33		179
4,722,355		GNMA	5.500	09/15/33		4,703
2,518,764		GNMA	5.500	11/20/33		2,504
179,542		GNMA	5.000	03/20/34		174
3,115,697		GNMA	5.000	06/20/34		3,023
300,504		GNMA	5.000	07/20/34		292
2,229,262		GNMA	5.000	02/20/35		2,162
9,670,630		GNMA	5.000	03/20/35		9,379
2,267,299		GNMA	5.500	03/20/35		2,253
11,900,118		GNMA	5.500	12/20/35		11,823
21,000,000	h	GNMA	5.500	05/15/37		20,875
		TOTAL MORTGAGE BACKED SECURITIES				1,342,353
MUNICIPAL BONDS - 1.08%
1,860,000		Allegheny County Redevelopment Authority	5.000	09/01/11		1,853
4,500,000		Basin Electric Power Coop	6.127	06/01/41		4,733
2,390,000		Charlotte-Mecklenburg Hospital Authority	5.000	08/01/15		2,352
3,000,000		City of Chicago IL	5.200	01/01/09		3,016
4,000,000		City of Dallas TX	5.078	02/15/22		3,853
1,500,000		City of Dallas TX	5.195	02/15/35		1,426
995,000		City of Eugene OR	6.320	08/01/22		1,065
5,000,000		City of New York NY	4.500	06/01/15		4,737
8,210,000		City of New York NY	7.550	11/15/20		8,403
1,055,000	j	City of Oakland CA	0.000	12/15/11		833
3,000,000		County of Mercer NJ	5.380	02/01/17		3,009
1,000,000		County of Sacramento CA	6.875	08/15/08		1,025
1,680,000		Douglas County Public Utility District No 1 Wells Hydroelectric	5.112	09/01/18		1,629
1,400,000		Elkhart Redevelopment District	5.500	06/15/18		1,431
8,500,000		Fiscal Year 2005 Securitization Corp	4.760	08/15/19		8,218
2,000,000		Guadalupe Valley Electric Coop, Inc	5.671	10/01/32		1,989
1,000,000		Kansas Development Finance Authority	4.592	05/01/14		971
1,350,000		Kansas Development Finance Authority	4.722	05/01/15		1,312
3,000,000		Metropolitan Washington Airports Authority	5.690	10/01/30		3,002
1,000,000		Minnesota State Municipal Power Agency	4.510	10/01/09		992
4,150,000		New York City Housing Development Corp	4.660	11/01/10		4,120
2,180,000		New York State Environmental Facilities Corp	6.000	03/15/09		2,225
5,000,000		New York State Environmental Facilities Corp	4.900	12/15/11		4,982
2,500,000		Newport News Economic Development Authority	5.640	01/15/29		2,418
2,500,000		Oklahoma Capital Improvement Authority	5.180	07/01/14		2,506
1,100,000		San Dieguito Public Facilities Authority	7.000	08/01/18		1,149
5,570,000		State of Illinois	4.350	06/01/18		5,171
975,000		State of New Jersey	6.450	02/01/18		1,001

280

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$   3,265,000		State of Texas	4.900%	08/01/20	$	3,093
6,090,000		State of Washington	5.050	01/01/18		5,985
1,033,000		State of Wisconsin	5.700	05/01/26		1,053
4,250,000		Tennessee State School Bond Authority	7.750	05/01/15		4,587
2,025,000		University Central Fl University Revenues	5.125	10/01/20		1,933
		TOTAL MUNICIPAL BONDS				96,072
U.S. TREASURY SECURITIES - 1.81%
64,986,000	e	United States Treasury Bond	8.000	11/15/21		85,929
7,700,000	e	United States Treasury Bond	5.250	02/15/29		8,047
8,176,000	e	United States Treasury Bond	5.375	02/15/31		8,727
11,385,000	e	United States Treasury Bond	4.500	02/15/36		10,749
3,003,000	e	United States Treasury Bond	4.750	02/15/37		2,959
950,000	e	United States Treasury Note	4.875	10/31/08		952
2,500,000	e	United States Treasury Note	4.625	11/15/09		2,504
15,810,000	e	United States Treasury Note	4.750	01/31/12		15,951
10,000,000	e	United States Treasury Note	4.625	02/29/12		10,039
4,900,000	e	United States Treasury Note	4.625	11/15/16		4,888
6,805,000	e	United States Treasury Note	4.625	02/15/17		6,795
10,000,000	e,j	United States Treasury Strip Principal	0.000	08/15/27		3,666
		TOTAL U.S. TREASURY SECURITIES				161,206
		TOTAL GOVERNMENT BONDS				2,064,940
		(Cost $2,071,394)
		TOTAL BONDS				3,526,519
		(Cost $3,534,900)
SHARES
PREFERRED STOCKS - 0.08%
COMMUNICATIONS - 0.06%
200,000		Telephone & Data Systems, Inc				4,994
		TOTAL COMMUNICATIONS				4,994
DEPOSITORY INSTITUTIONS - 0.02%
84,000		Bank of America Corp				2,205
		TOTAL DEPOSITORY INSTITUTIONS				2,205
		TOTAL PREFERRED STOCKS				7,199
		(Cost $7,167)
COMMON STOCKS - 59.59%
AMUSEMENT AND RECREATION SERVICES - 0.03%
118,165	e*	Activision, Inc				2,238
11,813		International Speedway Corp (Class A)				611
		TOTAL AMUSEMENT AND RECREATION SERVICES				2,849
APPAREL AND ACCESSORY STORES - 0.48%
112,155		American Eagle Outfitters, Inc				3,364
750	*	AnnTaylor Stores Corp				29
35,889	e	Bebe Stores, Inc				624
6,600	e	Buckle, Inc				236
2,700	*	Cache, Inc				48
7,731	e*	Casual Male Retail Group, Inc				91

281

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
21,300	e	Cato Corp (Class A)	$	498
3,600	e*	Charlotte Russe Holding, Inc		104
67,100	e*	Chico's FAS, Inc		1,639
6,700	e	Christopher & Banks Corp		130
7,800	*	Dress Barn, Inc		162
2,586		Finish Line, Inc (Class A)		33
88,808		Foot Locker, Inc		2,091
398,130		Gap, Inc		6,852
6,200	e*	Jo-Ann Stores, Inc		169
145,061	e*	Kohl's Corp		11,113
239,620	e	Limited Brands, Inc		6,244
126,438		Nordstrom, Inc		6,694
46,984		Ross Stores, Inc		1,616
1,800	*	Shoe Carnival, Inc		60
14,007		Stage Stores, Inc		327
34,046	e*	Urban Outfitters, Inc		903
		TOTAL APPAREL AND ACCESSORY STORES		43,027
APPAREL AND OTHER TEXTILE PRODUCTS - 0.05%
13,000	*	Gymboree Corp		521
39,016	*	Hartmarx Corp		289
14,000	e	Kellwood Co		410
48,054		Liz Claiborne, Inc		2,059
5,000		Polo Ralph Lauren Corp		441
8,400		VF Corp		694
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		4,414
AUTO REPAIR, SERVICES AND PARKING - 0.02%
27,900	e	Bandag, Inc		1,414
3,400	e	Ryder System, Inc		168
8,800	e*	Wright Express Corp		267
		TOTAL AUTO REPAIR, SERVICES AND PARKING		1,849
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.05%
900		Advance Auto Parts		35
1,293	e*	America's Car-Mart, Inc		17
21,891	*	Autozone, Inc		2,805
54,400	*	Carmax, Inc		1,335
14,532	*	Copart, Inc		407
2,200	e*	Rush Enterprises, Inc (Class A)		42
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		4,641
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.75%
15,910	e	Fastenal Co		558
1,130,226		Home Depot, Inc		41,524
770,808		Lowe's Cos, Inc		24,273
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		66,355
BUSINESS SERVICES - 3.66%
95,445	e*	24/7 Real Media, Inc		766
213,900	e*	3Com Corp		836
600	e*	Acacia Research (Acacia Technologies)		9
4,500		Administaff, Inc		158
228,703	*	Adobe Systems, Inc		9,537
15,700	e*	Agile Software Corp		109
82,490	*	Akamai Technologies, Inc		4,118

282

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
15,325	*	aQuantive, Inc	$	428
49,392	e*	Ariba, Inc		464
234,955	e*	Art Technology Group, Inc		545
30,351	e*	Audible, Inc		315
71,407	*	Autodesk, Inc		2,685
446,750		Automatic Data Processing, Inc		21,623
156,506	*	BEA Systems, Inc		1,814
52,912	e*	BearingPoint, Inc		405
44,352	*	BISYS Group, Inc		508
12,256	e*	Blue Coat Systems, Inc		450
9,200	e*	Checkfree Corp		341
29,200	e*	Ciber, Inc		230
793,764	e*	CMGI, Inc		1,683
72,373	e*	CNET Networks, Inc		630
99,628	e*	Cogent Communications Group, Inc		2,354
39,918	e*	Cogent, Inc		537
4,800		Cognex Corp		104
89,838	*	Compuware Corp		853
104,201	*	Convergys Corp		2,648
6,200	e*	CSG Systems International, Inc		155
30,500		Deluxe Corp		1,023
2,603	e*	Digital River, Inc		144
68,453	*	DST Systems, Inc		5,148
21,400	*	Earthlink, Inc		157
509,977	*	eBay, Inc		16,906
8,599	*	eFunds Corp		229
134,601	*	Electronic Arts, Inc		6,779
20,548	e*	Equinix, Inc		1,760
130,377	e*	Evergreen Energy, Inc		857
100,576	*	Expedia, Inc		2,331
11,850	e	Fair Isaac Corp		458
107,614	*	Fiserv, Inc		5,710
14,043	e*	Gartner, Inc		336
12,500	*	Getty Images, Inc		608
81,152	*	Google, Inc (Class A)		37,181
2,800	e*	Hudson Highland Group, Inc		44
2,600	*	iGate Corp		21
123,843		IMS Health, Inc		3,673
12,242	e*	Infocrossing, Inc		182
47,677	e*	Informatica Corp		640
3,920		infoUSA, Inc		38
187,450	e*	Innovative Solutions & Support, Inc		4,746
99,890	e*	Internap Network Services Corp		1,573
4,432	*	Interwoven, Inc		75
109,664	*	Intuit, Inc		3,000
43,824	e*	Ipass, Inc		220
58,761	e*	Iron Mountain, Inc		1,535
25,783		Jack Henry & Associates, Inc		620
3,011	*	Kforce, Inc		41
29,700	*	Kinetic Concepts, Inc		1,504
30,399	e	Lamar Advertising Co (Class A)		1,914
53,370	e*	Lionbridge Technologies		272
12,548		Manpower, Inc		926
15,736	e	Marchex, Inc (Class B)		241
3,926,024		Microsoft Corp		109,418
27,800		MoneyGram International, Inc		772

283

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
46,510	*	Monster Worldwide, Inc	$	2,203
2,000	e*	Netratings, Inc		42
220,909		NIC, Inc		1,184
222,200	*	Novell, Inc		1,604
92,228	e*	Nuance Communications, Inc		1,412
124,709		Omnicom Group, Inc		12,768
6,600	e*	Online Resources Corp		76
81,471	e*	Opsware, Inc		591
4,560	*	Parametric Technology Corp		87
16,200	e	Pegasystems, Inc		150
1,500	e*	Radisys Corp		25
45,939	e*	RealNetworks, Inc		361
64,008		Robert Half International, Inc		2,369
33,306	e*	Salesforce.com, Inc		1,426
140,148	e*	Sapient Corp		961
26,200		ServiceMaster Co		403
59,241	e*	Smith Micro Software, Inc		1,104
24,145	e*	Sohu.com, Inc		518
6,300	*	SonicWALL, Inc		53
291,935	e*	Sonus Networks, Inc		2,356
40,437	*	Spherion Corp		357
26,681	e*	Startek, Inc		261
1,659,579	e*	Sun Microsystems, Inc		9,974
1,300	*	SYKES Enterprises, Inc		24
462,458	*	Symantec Corp		8,001
1,500	e*	SYNNEX Corp		32
36,284	e*	TeleTech Holdings, Inc		1,331
35,400	*	TIBCO Software, Inc		302
700	e*	Tiens Biotech Group USA, Inc		3
94,572	e	Total System Services, Inc		3,012
35,035	*	TradeStation Group, Inc		441
19,460	e*	Travelzoo, Inc		716
141,052	e*	Unisys Corp		1,189
21,267	e	United Online, Inc		298
7,706	e*	United Rentals, Inc		212
13,535	e*	Universal Compression Holdings, Inc		916
32,414	e*	Vasco Data Security International		579
126,642	e*	VeriSign, Inc		3,181
2,100	e*	Volt Information Sciences, Inc		55
8,300	*	WebEx Communications, Inc		472
		TOTAL BUSINESS SERVICES		326,436
CHEMICALS AND ALLIED PRODUCTS - 5.73%
867,816		Abbott Laboratories		48,424
60,343	e*	Abraxis BioScience, Inc		1,612
34,536	e*	Adolor Corp		302
900	e*	Advanced Magnetics, Inc		54
42,562	e*	ADVENTRX Pharmaceuticals, Inc		106
240,826		Air Products & Chemicals, Inc		17,811
8,770	e*	Alexion Pharmaceuticals, Inc		379
6,874	e*	Alkermes, Inc		106
584,241	*	Amgen, Inc		32,647
12,876	e*	Anadys Pharmaceuticals, Inc		51
12,652	e*	Arena Pharmaceuticals, Inc		137
4,001	e*	Array Biopharma, Inc		51
7,705	e*	Atherogenics, Inc		22

284

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
20,738	e*	Auxilium Pharmaceuticals, Inc	$	304
5,206	e*	AVANIR Pharmaceuticals (Class A)		6
125,700		Avery Dennison Corp		8,077
116,919	e*	AVI BioPharma, Inc		313
203,200		Avon Products, Inc		7,571
1,200		Balchem Corp		21
81,034	*	Barr Pharmaceuticals, Inc		3,756
66,184	e*	Bentley Pharmaceuticals, Inc		542
72,660	e*	Bioenvision, Inc		297
45,257	e*	BioMarin Pharmaceuticals, Inc		781
809,572		Bristol-Myers Squibb Co		22,474
55,300		Cabot Corp		2,639
35,000	e*	Calgon Carbon Corp		291
200	e*	Caraco Pharmaceutical Laboratories Ltd		2
19,166	e*	Cell Genesys, Inc		80
11,828	e*	Cephalon, Inc		842
11,600	*	Charles River Laboratories International, Inc		537
4,745	e	Church & Dwight Co, Inc		239
60,944		Clorox Co		3,882
292,100		Colgate-Palmolive Co		19,509
9,036	e*	Combinatorx, Inc		63
10,381	*	Cypress Bioscience, Inc		79
11,107		Dade Behring Holdings, Inc		487
56,374	e*	Dendreon Corp		729
15,999	e*	Digene Corp		679
324,406	e*	Durect Corp		1,350
196,600		Ecolab, Inc		8,454
90,786	e*	Encysive Pharmaceuticals, Inc		246
29,757	e*	Enzon Pharmaceuticals, Inc		243
700	e	Estee Lauder Cos (Class A)		34
224,032	e*	Forest Laboratories, Inc		11,524
258,927	*	Genentech, Inc		21,263
7,600	e*	Genitope Corp		32
145,497	*	Genzyme Corp		8,733
22,156	e*	Geron Corp		155
250,086	*	Gilead Sciences, Inc		19,132
72,822		H.B. Fuller Co		1,986
60,776	e*	Human Genome Sciences, Inc		646
26,780	*	Idexx Laboratories, Inc		2,347
45,085	*	Immucor, Inc		1,327
41,681	e*	Inverness Medical Innovations, Inc		1,825
13,585	e*	Invitrogen Corp		865
162,950	*	King Pharmaceuticals, Inc		3,205
65,938		Lubrizol Corp		3,398
78,264	e	Mannatech, Inc		1,257
47,348	e*	Medarex, Inc		613
59,422	e	Medicis Pharmaceutical Corp (Class A)		1,831
1,300	e*	Medifast, Inc		9
100,322	e*	Medimmune, Inc		3,651
1,353,493		Merck & Co, Inc		59,784
33,600	e*	MGI Pharma, Inc		755
108,616	e*	Millennium Pharmaceuticals, Inc		1,234
34,099	e	Minerals Technologies, Inc		2,120
256,616	e	Mylan Laboratories, Inc		5,425
108,365	e*	Nabi Biopharmaceuticals		575
46,923	e*	Nastech Pharmaceutical Co, Inc		506

285

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
32,567	*	NBTY, Inc	$	1,727
71,281	e*	Neurocrine Biosciences, Inc		891
3,144	e*	New River Pharmaceuticals, Inc		200
58,514	e*	Noven Pharmaceuticals, Inc		1,358
3,412	e*	NPS Pharmaceuticals, Inc		12
5,567	e*	Nuvelo, Inc		21
1,500	e*	OraSure Technologies, Inc		11
34,195	e*	Pacific Ethanol, Inc		582
31,300	e*	Par Pharmaceutical Cos, Inc		786
23,161	*	PDL BioPharma, Inc		503
63,742	e*	Penwest Pharmaceuticals Co		643
126,765	e	Perrigo Co		2,239
44,692	e*	Pharmion Corp		1,175
2,200	*	Pioneer Cos, Inc		61
83,891	e*	Pozen, Inc		1,237
18,500		PPG Industries, Inc		1,301
283,254		Praxair, Inc		17,834
1,517,412		Procter & Gamble Co		95,840
23,666	*	Progenics Pharmaceuticals, Inc		560
30,887	e*	Renovis, Inc		108
181,054		Rohm & Haas Co		9,364
58,800		RPM International, Inc		1,358
58,884	e*	Salix Pharmaceuticals Ltd		742
539,445		Schering-Plough Corp		13,761
55,119	e	Sensient Technologies Corp		1,421
55,729	e*	Sepracor, Inc		2,599
148,152		Sigma-Aldrich Corp		6,151
41,426	e*	SuperGen, Inc		244
16,038	e*	Tanox, Inc		301
11,300	*	United Therapeutics Corp		608
26,481	e*	USANA Health Sciences, Inc		1,241
25,600		Valspar Corp		713
26,431	e*	Vertex Pharmaceuticals, Inc		741
102,872	e*	Watson Pharmaceuticals, Inc		2,719
52,533	e*	Zymogenetics, Inc		817
		TOTAL CHEMICALS AND ALLIED PRODUCTS		510,296
COMMUNICATIONS - 3.44%
6,097	e	Alaska Communications Systems Group, Inc		90
168,840		Alltel Corp		10,468
142,517	*	American Tower Corp (Class A)		5,551
3,256,335		AT&T, Inc		128,397
107,660		Cablevision Systems Corp (Class A)		3,276
8,000	e*	Centennial Communications Corp		66
82,524	e	Citadel Broadcasting Corp		785
17,100		Citizens Communications Co		256
65,800	*	Cox Radio, Inc (Class A)		898
26,700	*	Crown Castle International Corp		858
117,375	e*	Crown Media Holdings, Inc (Class A)		626
51,450		Embarq Corp		2,899
35,429	e	Entercom Communications Corp (Class A)		998
46,600	*	Entravision Communications Corp (Class A)		435
74,465	e*	FiberTower Corp		386
54,400	e	Gray Television, Inc		567
20,240		Hearst-Argyle Television, Inc		550
175,563	e*	IAC/InterActiveCorp		6,621

286

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
15,298	e*	j2 Global Communications, Inc	$	424
180,990	e*	Level 3 Communications, Inc		1,104
290,645	e*	Liberty Global, Inc (Class A)		9,571
125,308	*	Liberty Media Corp - Capital (Series A)		13,858
489,944	*	Liberty Media Holding Corp (Interactive A)		11,671
44,900	e*	Lin TV Corp (Class A)		714
29,120	*	Mediacom Communications Corp (Class A)		237
35,120	*	NII Holdings, Inc		2,605
97,141	e*	Novatel Wireless, Inc		1,558
34,845	*	Radio One, Inc (Class D)		225
37,486	e*	SAVVIS, Inc		1,795
19,760	*	SBA Communications Corp (Class A)		584
31,532	e*	Spanish Broadcasting System, Inc (Class A)		126
1,133,702		Sprint Nextel Corp		21,495
34,601		Telephone & Data Systems, Inc		2,063
4,500	e*	Terremark Worldwide, Inc		36
145,497	e*	TiVo, Inc		924
5,656	e	USA Mobility, Inc		113
1,456,195		Verizon Communications, Inc		55,219
324,347	*	Viacom, Inc (Class B)		13,334
174,568		Windstream Corp		2,564
11,642	e*	Wireless Facilities, Inc		15
197,299	e*	XM Satellite Radio Holdings, Inc (Class A)		2,549
		TOTAL COMMUNICATIONS		306,511
DEPOSITORY INSTITUTIONS - 5.83%
3,664		Associated Banc-Corp		123
3,749		Astoria Financial Corp		100
1,817,053		Bank of America Corp		92,706
29,639		Bank of Hawaii Corp		1,572
443,324		BB&T Corp		18,185
31,640	e	Chittenden Corp		955
38,238		City National Corp		2,814
97,883		Comerica, Inc		5,787
1,448		Commerce Bancorp, Inc		48
2,000	e	Community Bank System, Inc		42
1,200		Compass Bancshares, Inc		83
575,297		Fifth Third Bancorp		22,258
20,000	e	First Horizon National Corp		831
19,208		First Midwest Bancorp, Inc		706
190,871	e	Fremont General Corp		1,323
27,879		Fulton Financial Corp		405
21,300	e	IndyMac Bancorp, Inc		683
1,952		International Bancshares Corp		58
2,000	e	Irwin Financial Corp		37
450		ITLA Capital Corp		23
317,811		Keycorp		11,908
93,997		M&T Bank Corp		10,888
124,479	e	Marshall & Ilsley Corp		5,765
252,683		Mellon Financial Corp		10,901
540,831		National City Corp		20,146
41,200	e	New York Community Bancorp, Inc		725
65,399	e	NewAlliance Bancshares, Inc		1,060
121,422		Northern Trust Corp		7,302
32,238		Old National Bancorp		586
13,629		Pacific Capital Bancorp		438

287

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
6,092		People's Bank	$	270
229,663		PNC Financial Services Group, Inc		16,529
96,372		Popular, Inc		1,596
56,219	e	Provident Financial Services, Inc		981
530,173	e	Regions Financial Corp		18,752
27,364	e	South Financial Group, Inc		676
82,330	e	Sovereign Bancorp, Inc		2,094
187,174		State Street Corp		12,119
275,972	e	SunTrust Banks, Inc		22,917
35,066	e*	SVB Financial Group		1,704
130,894	e	Synovus Financial Corp		4,233
10,100		TD Banknorth, Inc		325
38,732		UnionBanCal Corp		2,456
1,360,612		US Bancorp		47,581
44,798	e	Valley National Bancorp		1,131
30,870		W Holding Co, Inc		154
1,202,121		Wachovia Corp		66,177
15,468		Washington Federal, Inc		363
860,529		Washington Mutual, Inc		34,748
17,924	e	Webster Financial Corp		861
1,861,674		Wells Fargo & Co		64,097
19,506		Zions Bancorporation		1,649
		TOTAL DEPOSITORY INSTITUTIONS		519,871
EATING AND DRINKING PLACES - 0.80%
16,530	e*	AFC Enterprises		331
10,800		Applebees International, Inc		268
14,843	e	Bob Evans Farms, Inc		548
18,886	e*	Cosi, Inc		105
144,800	e	Darden Restaurants, Inc		5,964
998,301		McDonald's Corp		44,973
12,376	e*	O'Charleys, Inc		239
46,258	*	Sonic Corp		1,031
418,208	*	Starbucks Corp		13,115
7,900	e*	Steak N Shake Co		133
76,043		Tim Hortons, Inc		2,313
1,900		Triarc Cos (Class B)		33
56,151		Wendy's International, Inc		1,758
		TOTAL EATING AND DRINKING PLACES		70,811
EDUCATIONAL SERVICES - 0.00% **
700	e*	Corinthian Colleges, Inc		10
1,700		DeVry, Inc		50
1,900	*	Laureate Education, Inc		112
		TOTAL EDUCATIONAL SERVICES		172
ELECTRIC, GAS, AND SANITARY SERVICES - 3.36%
598,454	*	AES Corp		12,879
138,985		AGL Resources, Inc		5,937
133,048	e	Allete, Inc		6,203
13,300		Alliant Energy Corp		596
30,254		Aqua America, Inc		679
145,521		Atmos Energy Corp		4,552
251,340		Avista Corp		6,090
5,300	e	California Water Service Group		203
27,000	e	Cascade Natural Gas Corp		711

288

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
354,481	e	Cleco Corp	$	9,156
187,000		Consolidated Edison, Inc		9,548
59,400	e	Crosstex Energy, Inc		1,708
85,318	e	Duquesne Light Holdings, Inc		1,688
552,182		El Paso Corp		7,990
319,132	e	Empire District Electric Co		7,915
44,400		Energen Corp		2,260
117,638		Energy East Corp		2,866
750	e	EnergySouth, Inc		31
406,928	e	Hawaiian Electric Industries, Inc		10,576
293,771		Idacorp, Inc		9,941
43,539		Integrys Energy Group, Inc		2,417
287,257		KeySpan Corp		11,821
261,332		Kinder Morgan, Inc		27,819
42,539		Laclede Group, Inc		1,322
40,964		Metal Management, Inc		1,893
91,293	e	MGE Energy, Inc		3,237
228,197	e	National Fuel Gas Co		9,872
33,059	e	New Jersey Resources Corp		1,655
129,162	e	Nicor, Inc		6,254
599,084		NiSource, Inc		14,642
13,100		Northeast Utilities		429
42,079	e	Northwest Natural Gas Co		1,922
58,439		NSTAR		2,052
462,148	e	OGE Energy Corp		17,931
10,100		Oneok, Inc		455
60,815	e	Otter Tail Corp		2,082
662,080		Pepco Holdings, Inc		19,214
84,202		Piedmont Natural Gas Co, Inc		2,221
705,565		Puget Energy, Inc		18,119
121,472	e	Questar Corp		10,837
34,491		Resource America, Inc (Class A)		815
245,817	*	Sierra Pacific Resources		4,272
44,400	e	SJW Corp		1,797
57,959	e	South Jersey Industries, Inc		2,205
37,719	e	Southwest Gas Corp		1,466
3,300	e	Southwest Water Co		48
5,500		Synagro Technologies, Inc		31
57,800		UGI Corp		1,544
21,266		UIL Holdings Corp		738
225,754		Unisource Energy Corp		8,477
45,399	e	Vectren Corp		1,298
103,197	e	WGL Holdings, Inc		3,300
561,235		Williams Cos, Inc		15,973
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		299,687
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 4.02%
8,400	e*	Adaptec, Inc		32
3,023	*	Advanced Energy Industries, Inc		64
245,970	e*	Advanced Micro Devices, Inc		3,212
94,743	*	Agere Systems, Inc		2,143
5,255	e*	American Superconductor Corp		71
249,533		Ametek, Inc		8,619
92,300	e*	Anadigics, Inc		1,091
335,694	*	Apple Computer, Inc		31,189
65,892	*	Arris Group, Inc		928

289

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
38,995	e*	Atheros Communications, Inc	$	933
27,800		Baldor Electric Co		1,049
116,255	e*	Bookham, Inc		264
211,284	*	Brocade Communications Systems, Inc		2,011
53,989	e*	CalAmp Corp		466
303,019	e*	Capstone Turbine Corp		321
46,995	e*	C-COR, Inc		651
2,678,727	*	Cisco Systems, Inc		68,388
747,896	e*	Conexant Systems, Inc		1,234
7,400	e	CTS Corp		102
57,473	e*	Ditech Networks, Inc		467
9,500	*	Dolby Laboratories, Inc (Class A)		328
5,400	*	DSP Group, Inc		103
3,505	e*	DTS, Inc		85
90,112	e*	Emcore Corp		450
880,600		Emerson Electric Co		37,945
10,485	e*	Energizer Holdings, Inc		895
58,646	e*	Evergreen Solar, Inc		572
361,324	e*	Finisar Corp		1,265
5,800	e*	GrafTech International Ltd		53
16,700	*	Greatbatch, Inc		426
24,800		Harman International Industries, Inc		2,383
148,527	*	Harmonic, Inc		1,458
3,096,075		Intel Corp		59,228
29,012	e*	Interdigital Communications Corp		919
2,800		Inter-Tel, Inc		66
74,873	e*	InterVoice, Inc		497
5,722	e*	IXYS Corp		58
3,100		Lincoln Electric Holdings, Inc		185
2,068	e*	Littelfuse, Inc		84
229,966	e*	LSI Logic Corp		2,401
25,583	*	Mattson Technology, Inc		233
30,404	e*	Medis Technologies Ltd		514
354,613	*	Micron Technology, Inc		4,284
67,684	e*	Microtune, Inc		279
4,051	e*	Mobility Electronics, Inc		12
91,193		Molex, Inc		2,572
1,305,468		Motorola, Inc		23,068
291,290	e*	MRV Communications, Inc		1,034
157,400		National Semiconductor Corp		3,800
25,190	e*	Novellus Systems, Inc		806
49,397	e*	Omnivision Technologies, Inc		640
163,771	e*	ON Semiconductor Corp		1,461
129,014	e*	Optical Communication Products, Inc		173
7,800	e	Park Electrochemical Corp		211
300	e*	Parkervision, Inc		4
38,473	e	Plantronics, Inc		909
6,800	e*	Plexus Corp		117
500	e*	PLX Technology, Inc		5
5,600	e*	Polycom, Inc		187
15,700	e*	Power-One, Inc		90
107,344	e*	Powerwave Technologies, Inc		611
2,906	*	QLogic Corp		49
834,191		Qualcomm, Inc		35,586
159,049	e*	Quantum Fuel Systems Technologies Worldwide, Inc		194
53,247		RadioShack Corp		1,439

290

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
122,783	e*	RF Micro Devices, Inc	$	765
2,100	e*	Rogers Corp		93
116,028	e*	Silicon Storage Technology, Inc		572
19,900	e*	Sirenza Microdevices, Inc		171
1,169,119	e*	Sirius Satellite Radio, Inc		3,741
84,452	*	Sycamore Networks, Inc		316
44,039	e*	Symmetricom, Inc		365
11,100		Technitrol, Inc		291
15,703	e*	Tekelec		234
56,053		Teleflex, Inc		3,816
265,220	*	Tellabs, Inc		2,626
748,964		Texas Instruments, Inc		22,544
63,300	*	Thomas & Betts Corp		3,090
588,173	e*	Transmeta Corp		335
330,787	e*	Transwitch Corp		526
55,601	*	Trident Microsystems, Inc		1,115
130,205	e*	Triquint Semiconductor, Inc		651
7,500	e*	TTM Technologies, Inc		72
2,600		Vicor Corp		26
13,207	e	Whirlpool Corp		1,121
127,200		Xilinx, Inc		3,273
338,414	e*	Zhone Technologies, Inc		420
11,700	e*	Zoltek Cos, Inc		409
22,389	*	Zoran Corp		381
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		357,867
ENGINEERING AND MANAGEMENT SERVICES - 0.37%
16,862	e*	Amylin Pharmaceuticals, Inc		630
24,675	*	Applera Corp (Celera Genomics Group)		350
86,121	e*	Ariad Pharmaceuticals, Inc		387
129,117	*	Celgene Corp		6,773
9,318	e*	CV Therapeutics, Inc		73
20,235		Diamond Management & Technology Consultants, Inc		236
82,578	*	Hewitt Associates, Inc (Class A)		2,414
92,116	e*	Incyte Corp		607
40,810	e*	Isis Pharmaceuticals, Inc		378
2,700	e	Landauer, Inc		136
28,041	*	Lexicon Genetics, Inc		102
16,090	e*	Lifecell Corp		402
257,910	e*	Monogram Biosciences, Inc		500
145,828		Moody's Corp		9,050
214,126		Paychex, Inc		8,109
18,500		Quest Diagnostics, Inc		923
21,643	e*	Regeneron Pharmaceuticals, Inc		468
173,796	e*	Rentech, Inc		546
19,500	e*	Sangamo Biosciences, Inc		133
55,312	e*	Savient Pharmaceuticals, Inc		665
26,200	e*	Telik, Inc		142
15,200	e*	Trimeris, Inc		105
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		33,129
FABRICATED METAL PRODUCTS - 0.45%
900		Ameron International Corp		59
16,100		Aptargroup, Inc		1,078
125,760	e	Commercial Metals Co		3,943
60,548	e*	Dynamic Materials Corp		1,981

291

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
22,906	e	Gulf Island Fabrication, Inc	$	612
555,200		Illinois Tool Works, Inc		28,648
25,700		Pentair, Inc		801
28,103	e	Silgan Holdings, Inc		1,436
22,346		Snap-On, Inc		1,075
8,500		Valmont Industries, Inc		492
		TOTAL FABRICATED METAL PRODUCTS		40,125
FOOD AND KINDRED PRODUCTS - 1.76%
239,625		Campbell Soup Co		9,333
185,000		Coca-Cola Enterprises, Inc		3,746
276,409		General Mills, Inc		16,093
279,050	e	H.J. Heinz Co		13,149
137,800		Hershey Co		7,532
44,718		J.M. Smucker Co		2,384
359,753		Kellogg Co		18,502
11,403		Lancaster Colony Corp		504
21,000		McCormick & Co, Inc		809
50,600		Pepsi Bottling Group, Inc		1,614
62,299		PepsiAmericas, Inc		1,391
1,080,004		PepsiCo, Inc		68,645
55,500		Sara Lee Corp		939
25,997	e	Tootsie Roll Industries, Inc		779
2,759		Topps Co, Inc		27
228,099		Wrigley (Wm.) Jr Co		11,617
		TOTAL FOOD AND KINDRED PRODUCTS		157,064
FOOD STORES - 0.18%
436,276		Kroger Co		12,325
17,760	e*	Pathmark Stores, Inc		227
68,780		Supervalu, Inc		2,687
26,600		Whole Foods Market, Inc		1,193
		TOTAL FOOD STORES		16,432
FORESTRY - 0.09%
112,099		Weyerhaeuser Co		8,378
		TOTAL FORESTRY		8,378
FURNITURE AND FIXTURES - 0.42%
28,929	e	Herman Miller, Inc		969
79,200		Hillenbrand Industries, Inc		4,702
36,219	e	HNI Corp		1,664
211,078	e	Johnson Controls, Inc		19,972
62,244	e	Leggett & Platt, Inc		1,411
312,073		Masco Corp		8,551
400	e	Stanley Furniture Co, Inc		8
500	e	Tempur-Pedic International, Inc		13
		TOTAL FURNITURE AND FIXTURES		37,290
FURNITURE AND HOMEFURNISHINGS STORES - 0.06%
107,795	*	Bed Bath & Beyond, Inc		4,330
61,694		Circuit City Stores, Inc		1,143
4,200	e*	Cost Plus, Inc		42
4,400	e	Haverty Furniture Cos, Inc		62
200	e*	Mohawk Industries, Inc		16
4,200	e*	Restoration Hardware, Inc		28

292

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
800	e	Williams-Sonoma, Inc	$	28
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		5,649
GENERAL BUILDING CONTRACTORS - 0.23%
301	e*	Avatar Holdings, Inc		22
9,654	e	Beazer Homes USA, Inc		280
6,924	e	Brookfield Homes Corp		222
46,700		Centex Corp		1,951
194,299		DR Horton, Inc		4,275
15,402	e*	Hovnanian Enterprises, Inc (Class A)		387
1,120	e	Lennar Corp (B Shares)		44
56,000		Lennar Corp (Class A)		2,364
3,300	e	Levitt Corp (Class A)		31
292	e	M/I Homes, Inc		8
29,214	e	MDC Holdings, Inc		1,404
219,436	e	Pulte Homes, Inc		5,806
29,562	e	Ryland Group, Inc		1,247
46,600	e	Standard-Pacific Corp		973
44,400	e	Technical Olympic USA, Inc		177
42,000	e*	Toll Brothers, Inc		1,150
9,900	e*	WCI Communities, Inc		211
		TOTAL GENERAL BUILDING CONTRACTORS		20,552
GENERAL MERCHANDISE STORES - 0.82%
19,200	*	BJ's Wholesale Club, Inc		649
1,687	e	Bon-Ton Stores, Inc		95
7,200	*	Cabela's, Inc		179
312,078		Costco Wholesale Corp		16,802
93,865		Dollar General Corp		1,985
84,497		Family Dollar Stores, Inc		2,503
141,195		JC Penney Co, Inc		11,601
12,800	e*	Retail Ventures, Inc		269
3,300	e	Stein Mart, Inc		54
539,125		Target Corp		31,949
270,921		TJX Cos, Inc		7,304
		TOTAL GENERAL MERCHANDISE STORES		73,390
HEALTH SERVICES - 0.87%
4,293	e*	Bio-Reference Labs, Inc		109
118,297	e*	Community Health Systems, Inc		4,170
1,600	*	Corvel Corp		48
39,300	e*	DaVita, Inc		2,095
59,018	*	Edwards Lifesciences Corp		2,992
44,688	*	Express Scripts, Inc		3,607
365,698		Health Management Associates, Inc (Class A)		3,975
52,600	*	Laboratory Corp of America Holdings		3,820
15,820	*	LifePoint Hospitals, Inc		605
106,197	*	Lincare Holdings, Inc		3,892
1,200	e*	Matria Healthcare, Inc		32
1,111	*	Medcath Corp		30
63,705	e*	Nektar Therapeutics		832
45,705		Omnicare, Inc		1,818
8,388	e	Option Care, Inc		112
11,000		Pharmaceutical Product Development, Inc		371
2,400	*	RehabCare Group, Inc		38
152,356	e*	Triad Hospitals, Inc		7,961

293

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
106,095	e	Universal Health Services, Inc (Class B)	$	6,075
2,200	e*	VistaCare, Inc (Class A)		19
433,608	*	WellPoint, Inc		35,166
		TOTAL HEALTH SERVICES		77,767
HOLDING AND OTHER INVESTMENT OFFICES - 1.66%
4,876	e	Acadia Realty Trust		127
251,068	e	Allied Capital Corp		7,233
7,100	e	AMB Property Corp		417
37,900	e	American Financial Realty Trust		382
47,700		Annaly Mortgage Management, Inc		738
54,800		Anworth Mortgage Asset Corp		535
178,815		Archstone-Smith Trust		9,706
5,998		Ashford Hospitality Trust, Inc		72
36,567		AvalonBay Communities, Inc		4,754
68,455		Boston Properties, Inc		8,037
600		Brandywine Realty Trust		20
6,300		Capital Lease Funding, Inc		67
1,200	e	Capital Trust, Inc (Class A)		55
12,714		Cedar Shopping Centers, Inc		206
2,460	e	Cherokee, Inc		106
69,158	e	Crescent Real Estate Equities Co		1,387
1,200		Developers Diversified Realty Corp		75
84,141		Duke Realty Corp		3,658
10,051	e	Equity Inns, Inc		165
286,388		Equity Residential		13,812
18,247		FelCor Lodging Trust, Inc		474
34,144	e	First Industrial Realty Trust, Inc		1,547
88,351		General Growth Properties, Inc		5,705
2,700	e	Gladstone Capital Corp		64
35,711	e*	Harris & Harris Group, Inc		461
44,500		Health Care Property Investors, Inc		1,603
51,872		Health Care REIT, Inc		2,277
40,080	e	Healthcare Realty Trust, Inc		1,495
5,594		Highland Hospitality Corp		100
15,546	e	Highwoods Properties, Inc		614
15,500	e	HomeBanc Corp		54
37,685		Hospitality Properties Trust		1,764
191,100		Host Marriott Corp		5,028
23,518	e	HRPT Properties Trust		289
816		Investors Real Estate Trust		9
73,200		iStar Financial, Inc		3,428
121,131		Kimco Realty Corp		5,904
40,427	e	Lexington Corporate Properties Trust		854
9,265	e	LTC Properties, Inc		240
77,700		Luminent Mortgage Capital, Inc		695
1,000		Macerich Co		92
35,745		Mack-Cali Realty Corp		1,703
47,300		MFA Mortgage Investments, Inc		364
2,680		Mid-America Apartment Communities, Inc		151
5,061	e	National Health Investors, Inc		159
65,227		Nationwide Health Properties, Inc		2,039
38,004		New Plan Excel Realty Trust		1,255
11,150		Omega Healthcare Investors, Inc		191
34,179	e	Pennsylvania Real Estate Investment Trust		1,515
5,500	e	Post Properties, Inc		252

294

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
14,679	e	Potlatch Corp	$	672
133,824		Prologis		8,689
95,119		Public Storage, Inc		9,005
2,700		RAIT Investment Trust		75
35,726		Realty Income Corp		1,008
700		Regency Centers Corp		59
5,366	e	Senior Housing Properties Trust		128
156,895		Simon Property Group, Inc		17,455
7,800	e	Sun Communities, Inc		242
1,900	e	UDR, Inc		58
2,100	e	Universal Health Realty Income Trust		75
6,860		Urstadt Biddle Properties, Inc (Class A)		134
70,587		Virgin Media, Inc		1,782
101,503		Vornado Realty Trust		12,113
94,825	e	Weingarten Realty Investors		4,510
15,216	e*	Winston Hotels, Inc		229
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		148,112
HOTELS AND OTHER LODGING PLACES - 0.11%
7,561	e*	Bluegreen Corp		85
109,560		Choice Hotels International, Inc		3,882
65,089	e*	Gaylord Entertainment Co		3,441
53,159	e*	Great Wolf Resorts, Inc		703
21,900	e*	Lodgian, Inc		293
43,668		Marcus Corp		1,016
		TOTAL HOTELS AND OTHER LODGING PLACES		9,420
INDUSTRIAL MACHINERY AND EQUIPMENT - 3.49%
569,144		3M Co		43,500
79,500	e*	AGCO Corp		2,939
2,600	e	Albany International Corp (Class A)		93
6,900	e*	Allis-Chalmers Energy, Inc		109
86,200	e	American Standard Cos, Inc		4,570
727,736		Applied Materials, Inc		13,332
13,569	*	Astec Industries, Inc		546
68,987	*	Asyst Technologies, Inc		485
81,730	e*	Axcelis Technologies, Inc		624
30,625	e	Black & Decker Corp		2,500
4,000	e	Briggs & Stratton Corp		123
15,494	*	Brooks Automation, Inc		266
6,579		CDW Corp		404
1,600	*	Columbus McKinnon Corp		36
37,800	e	Cummins, Inc		5,470
192,830	e	Deere & Co		20,949
1,119,443	*	Dell, Inc		25,982
1,000		Donaldson Co, Inc		36
27,800	e*	Dril-Quip, Inc		1,203
1,014,940	*	EMC Corp		14,057
9,460	*	Emulex Corp		173
76,599	e*	ENGlobal Corp		425
5,149	e*	Entegris, Inc		55
9,383	e*	Flanders Corp		68
7,700		Flowserve Corp		440
14,156	*	FMC Technologies, Inc		988
14,404	e*	Gehl Co		366
112,375		Graco, Inc		4,401

295

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
148,463	*	Grant Prideco, Inc	$	7,399
1,300,123		Hewlett-Packard Co		52,187
2,986	e*	Intermec, Inc		67
792,357		International Business Machines Corp		74,688
27,864	e*	Intevac, Inc		735
2,300	*	Kulicke & Soffa Industries, Inc		21
56,682	*	Lam Research Corp		2,683
39,462	*	Lexmark International, Inc (Class A)		2,307
4,800	e	Lindsay Manufacturing Co		153
6,754	e	Lufkin Industries, Inc		380
37,844		Manitowoc Co, Inc		2,404
42,800	e	Modine Manufacturing Co		980
9,838		NN, Inc		123
28,000		Nordson Corp		1,301
7,286	e*	Oil States International, Inc		234
11,400		Pall Corp		433
5,200	*	Paxar Corp		149
16,536	e*	Rackable Systems, Inc		281
1,900		Robbins & Myers, Inc		71
45,177	e*	Semitool, Inc		587
43,161	e*	Sigma Designs, Inc		1,133
150,786	e	Smith International, Inc		7,245
580,186	e*	Solectron Corp		1,828
22,138		SPX Corp		1,554
81,524		Stanley Works		4,513
23,174		Tennant Co		730
4,026	e*	TurboChef Technologies, Inc		61
10,500	e*	Ultratech, Inc		143
172,571	e*	VA Software Corp		696
39,294	*	Varian Medical Systems, Inc		1,874
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		311,100
INSTRUMENTS AND RELATED PRODUCTS - 3.06%
22,218	e*	Advanced Medical Optics, Inc		827
17,804	e*	Affymetrix, Inc		535
3,704	e	Analogic Corp		233
5,200		Arrow International, Inc		167
44,094	e	Bard (C.R.), Inc		3,506
24,855		Bausch & Lomb, Inc		1,272
438,937		Baxter International, Inc		23,119
71,652		Beckman Coulter, Inc		4,578
209,372		Becton Dickinson & Co		16,099
154,105		Biomet, Inc		6,548
591,388	*	Boston Scientific Corp		8,599
3,700	*	Bruker BioSciences Corp		39
3,100	*	Candela Corp		35
10,897	e*	Cepheid, Inc		129
5,170	*	Coherent, Inc		164
500	e	Cooper Cos, Inc		24
220,973	e*	Credence Systems Corp		731
1,600	e	Datascope Corp		58
123,177		Dentsply International, Inc		4,034
27,294	e*	Depomed, Inc		97
3,500	*	DJ Orthopedics, Inc		133
1,100	*	Excel Technology, Inc		30
6,800	*	Hologic, Inc		392

296

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
1,700	*	ICU Medical, Inc	$	67
14,163	e*	Illumina, Inc		415
56,208	e*	Input/Output, Inc		775
8,990	e*	Intuitive Surgical, Inc		1,093
8,900	e	Invacare Corp		155
1,300	e*	Itron, Inc		85
1,625,395		Johnson & Johnson		97,946
61,425		Kla-Tencor Corp		3,275
27,528	e*	L-1 Identity Solutions, Inc		454
117,947	e*	LTX Corp		722
681,028		Medtronic, Inc		33,411
1,166	e*	Merit Medical Systems, Inc		15
6,400	*	Mettler-Toledo International, Inc		573
11,632	e*	Millipore Corp		843
5,300	e*	MKS Instruments, Inc		135
5,900	e	Movado Group, Inc		174
3,688	e*	Palomar Medical Technologies, Inc		147
2,200	*	Photon Dynamics, Inc		28
196,101		Pitney Bowes, Inc		8,901
5,600	e*	RAE Systems, Inc		16
6,200	e*	Respironics, Inc		260
4,323	e*	Rudolph Technologies, Inc		75
173,852	*	St. Jude Medical, Inc		6,539
77,297	e	STERIS Corp		2,053
191,130	e	Stryker Corp		12,676
11,200	*	Techne Corp		640
32,506		Tektronix, Inc		915
196,368	*	Thermo Electron Corp		9,180
1,600	e*	Thoratec Corp		34
1,600		Vital Signs, Inc		83
45,643	*	Waters Corp		2,647
404,173	*	Xerox Corp		6,827
2,400	e*	X-Rite, Inc		31
110,420	*	Zimmer Holdings, Inc		9,431
10,140	*	Zoll Medical Corp		270
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		272,240
INSURANCE AGENTS, BROKERS AND SERVICE - 0.27%
46,400		Brown & Brown, Inc		1,255
4,400	e	Crawford & Co (Class B)		25
232,945		Hartford Financial Services Group, Inc		22,265
4,200	*	USI Holdings Corp		71
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		23,616
INSURANCE CARRIERS - 2.58%
371,100		Aetna, Inc		16,251
2,700	e	Affirmative Insurance Holdings, Inc		47
439,870		Aflac, Inc		20,700
920	*	Alleghany Corp		344
91,600	e	Ambac Financial Group, Inc		7,913
24,600	e	American Financial Group, Inc		837
5,925	*	American Physicians Capital, Inc		238
7,900	*	AMERIGROUP Corp		240
9,300		Assurant, Inc		499
391,214		Chubb Corp		20,214
214,735		Cincinnati Financial Corp		9,105

297

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
55,518	e	Commerce Group, Inc	$	1,668
1,400	e	Donegal Group, Inc (Class A)		24
37,568	e	Erie Indemnity Co (Class A)		1,983
1,251	e*	Fpic Insurance Group, Inc		56
1,200		Harleysville Group, Inc		39
13,900		HCC Insurance Holdings, Inc		428
2,616	e*	HealthExtras, Inc		75
4,400		Horace Mann Educators Corp		90
3,506		Infinity Property & Casualty Corp		164
268,127		Lincoln National Corp		18,176
6,640	*	Markel Corp		3,219
113,799		MBIA, Inc		7,453
63,638	e	Mercury General Corp		3,375
69,700	e	MGIC Investment Corp		4,107
1,500	*	Molina Healthcare, Inc		46
41,679		Nationwide Financial Services, Inc (Class A)		2,245
23,340	e	Odyssey Re Holdings Corp		918
5,300	e	Ohio Casualty Corp		159
22,800		Phoenix Cos, Inc		317
13,997	e*	PMA Capital Corp (Class A)		130
40,300		PMI Group, Inc		1,822
1,400		Presidential Life Corp		28
204,025		Principal Financial Group		12,215
583,880		Progressive Corp		12,740
405,806	e	Prudential Financial, Inc		36,628
26,100		Radian Group, Inc		1,432
162,685	e	Safeco Corp		10,807
534,877		Travelers Cos, Inc/The		27,691
30,639		Unitrin, Inc		1,442
69,651		W.R. Berkley Corp		2,307
15,862	e*	WellCare Health Plans, Inc		1,352
100		Wesco Financial Corp		46
		TOTAL INSURANCE CARRIERS		229,570
LEATHER AND LEATHER PRODUCTS - 0.12%
199,600	*	Coach, Inc		9,990
4,700	e*	Iconix Brand Group, Inc		96
400	*	Timberland Co (Class A)		10
14,200	e	Weyco Group, Inc		369
		TOTAL LEATHER AND LEATHER PRODUCTS		10,465
LEGAL SERVICES - 0.00% **
3,600	e*	FTI Consulting, Inc		121
		TOTAL LEGAL SERVICES		121
LUMBER AND WOOD PRODUCTS - 0.01%
87,047	e*	Champion Enterprises, Inc		766
4,415	e	Skyline Corp		149
		TOTAL LUMBER AND WOOD PRODUCTS		915
METAL MINING - 0.06%
166,975	e	Royal Gold, Inc		5,026
		TOTAL METAL MINING		5,026
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.17%
19,178	e	Callaway Golf Co		302

298

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
12,100	e	Daktronics, Inc	$	332
39,060	e*	K2, Inc		472
9,675	e	Marine Products Corp		93
439,224		Mattel, Inc		12,109
28,761	e*	RC2 Corp		1,162
59,200	e*	Russ Berrie & Co, Inc		835
2,500		Steinway Musical Instruments, Inc		81
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		15,386
MISCELLANEOUS RETAIL - 0.81%
152,855	*	Amazon.com, Inc		6,082
4,500		Barnes & Noble, Inc		178
146,350		Best Buy Co, Inc		7,130
441,742		CVS Corp		15,081
15,723	e*	Dollar Tree Stores, Inc		601
62,013	e*	GSI Commerce, Inc		1,401
77,755	*	Office Depot, Inc		2,732
16,503	e*	Overstock.com, Inc		274
308,113	e	Staples, Inc		7,962
6,800	e	Systemax, Inc		127
30,376	e	Tiffany & Co		1,382
513,971		Walgreen Co		23,586
118,464	e	World Fuel Services Corp		5,480
		TOTAL MISCELLANEOUS RETAIL		72,016
MOTION PICTURES - 1.23%
3,931	e*	Avid Technology, Inc		137
197,077	e*	Discovery Holding Co (Class A)		3,770
87,197	*	DreamWorks Animation SKG, Inc (Class A)		2,667
26,141	e	Regal Entertainment Group (Class A)		519
16,388	e*	Time Warner Telecom, Inc (Class A)		341
2,762,899		Time Warner, Inc		54,484
1,388,473		Walt Disney Co		47,805
		TOTAL MOTION PICTURES		109,723
NONDEPOSITORY INSTITUTIONS - 1.75%
40,114	e*	Accredited Home Lenders Holding Co		372
41,383		Advanta Corp (Class A)		1,659
166,075	e	American Capital Strategies Ltd		7,359
783,871		American Express Co		44,210
57,200	e*	AmeriCredit Corp		1,307
24,191	e	Ares Capital Corp		439
186,799		Capital One Financial Corp		14,096
78,600	e	CapitalSource, Inc		1,975
20,400	e*	CharterMac		395
189,083	e	CIT Group, Inc		10,006
25,173	e*	CompuCredit Corp		786
344,020		Countrywide Financial Corp		11,573
1,200	e*	Credit Acceptance Corp		33
203,300	e*	Doral Financial Corp		333
18,375	e	Federal Agricultural Mortgage Corp (Class C)		500
59,450	e	First Marblehead Corp		2,669
672,067		Freddie Mac		39,981
32,700	e*	INVESTools, Inc		454
125,847	e	MCG Capital Corp		2,361
2,891	e	Medallion Financial Corp		33

299

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
15,400	e	Nelnet, Inc (Class A)	$	369
351,951		SLM Corp		14,395
12,483	e*	World Acceptance Corp		499
		TOTAL NONDEPOSITORY INSTITUTIONS		155,804
NONMETALLIC MINERALS, EXCEPT FUELS - 0.18%
99,868	e	AMCOL International Corp		2,961
12,900	e	Compass Minerals International, Inc		431
15,300		Florida Rock Industries, Inc		1,029
96,263		Vulcan Materials Co		11,213
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		15,634
OIL AND GAS EXTRACTION - 1.58%
29,178	e*	Atlas America, Inc		1,648
7,984	e*	ATP Oil & Gas Corp		300
8,170	*	Atwood Oceanics, Inc		479
18,900	*	Aurora Oil & Gas Corp		49
82,130		Baker Hughes, Inc		5,431
40,138	e	Berry Petroleum Co (Class A)		1,231
9,766	e*	Bronco Drilling Co, Inc		162
43,584	e*	Callon Petroleum Co		591
27,122	*	Cameron International Corp		1,703
72,968	e*	Cheniere Energy, Inc		2,273
261,097		Chesapeake Energy Corp		8,063
88,652	e	Cimarex Energy Co		3,282
28,057	e*	Delta Petroleum Corp		644
175,338	*	Denbury Resources, Inc		5,223
20,711	*	Edge Petroleum Corp		259
30,001	e*	Encore Acquisition Co		726
68,159	e*	Energy Partners Ltd		1,237
177,736		ENSCO International, Inc		9,669
322,216	e	Equitable Resources, Inc		15,569
5,800	e*	Exploration Co of Delaware, Inc		63
55,136	e*	Forest Oil Corp		1,840
206,402	e*	Gasco Energy, Inc		504
19,800	e*	GeoGlobal Resources, Inc		121
16,582	*	Global Industries Ltd		303
6,500	e*	GMX Resources, Inc		200
34,000	e*	Goodrich Petroleum Corp		1,143
45,337	e*	Grey Wolf, Inc		304
33,475	*	Helix Energy Solutions Group, Inc		1,248
187,470	e	Helmerich & Payne, Inc		5,688
21,290	e*	Houston Exploration Co		1,149
245,984	e*	Meridian Resource Corp		593
27,700	e*	Metretek Technologies, Inc		370
96,165	*	National Oilwell Varco, Inc		7,481
17,662	*	Oceaneering International, Inc		744
138,488	e*	PetroHawk Energy Corp		1,824
16,580	e*	Petroleum Development Corp		888
16,300	e*	Petroquest Energy, Inc		191
128,017	e	Pioneer Natural Resources Co		5,519
61,817	*	Plains Exploration & Production Co		2,790
80,100	e	Pogo Producing Co		3,853
122,390	*	Pride International, Inc		3,684
8,300	*	Quest Resource Corp		76
64,013	e*	Quicksilver Resources, Inc		2,546

300

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
102,753	e	Range Resources Corp	$	3,432
77,900		Rowan Cos, Inc		2,529
14,220	e	RPC, Inc		237
75,146	*	Southwestern Energy Co		3,079
20,700	e	St. Mary Land & Exploration Co		759
16,278	e*	Stone Energy Corp		483
45,433	e*	Swift Energy Co		1,898
12,087	e*	Syntroleum Corp		38
94,026	e	Tidewater, Inc		5,508
30,394	e*	Toreador Resources Corp		552
17,825	*	Unit Corp		902
19,400	e	W&T Offshore, Inc		561
3,800	e*	Warren Resources, Inc		49
8,105	e*	W-H Energy Services, Inc		379
14,605	e*	Whiting Petroleum Corp		576
334,886	e	XTO Energy, Inc		18,355
		TOTAL OIL AND GAS EXTRACTION		140,998
PAPER AND ALLIED PRODUCTS - 0.54%
51,000		Bemis Co		1,703
40,000	e	Bowater, Inc		953
25,800	*	Buckeye Technologies, Inc		335
5,200	*	Cenveo, Inc		126
34,100	e	Chesapeake Corp		515
25,642	*	Domtar Corporation		239
30,700	e	Glatfelter		458
78,515		International Paper Co		2,858
331,425		Kimberly-Clark Corp		22,699
216,149	e	MeadWestvaco Corp		6,666
111,097		Packaging Corp of America		2,711
5,700		Rock-Tenn Co (Class A)		189
125,050		Sonoco Products Co		4,699
60,796		Temple-Inland, Inc		3,632
10,800		Wausau Paper Corp		155
		TOTAL PAPER AND ALLIED PRODUCTS		47,938
PERSONAL SERVICES - 0.04%
66,999	e	Regis Corp		2,705
15,056		Unifirst Corp		577
		TOTAL PERSONAL SERVICES		3,282
PETROLEUM AND COAL PRODUCTS - 1.92%
17,100		Alon USA Energy, Inc		619
414,426		Apache Corp		29,300
21,450		Cabot Oil & Gas Corp		1,444
492,084		Devon Energy Corp		34,062
264,430	e	EOG Resources, Inc		18,864
199,616		Frontier Oil Corp		6,515
68,902	e*	Headwaters, Inc		1,506
154,399		Hess Corp		8,565
32,900		Holly Corp		1,951
156,372		Murphy Oil Corp		8,350
119,240	*	Newfield Exploration Co		4,974
281,490		Noble Energy, Inc		16,791
150,944		Sunoco, Inc		10,632
409,796		Valero Energy Corp		26,428

301

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
34,500	e	Western Refining, Inc	$	1,346
		TOTAL PETROLEUM AND COAL PRODUCTS		171,347
PRIMARY METAL INDUSTRIES - 0.94%
25,669	*	Brush Engineered Materials, Inc		1,244
129,225	e*	Century Aluminum Co		6,058
54,817		Chaparral Steel Co		3,189
6,900	e*	CommScope, Inc		296
692,581	*	Corning, Inc		15,749
48,876	e	Gibraltar Industries, Inc		1,106
17,000		Hubbell, Inc (Class B)		820
100	e*	LB Foster Co (Class A)		2
36,184	*	Lone Star Technologies, Inc		2,389
59,078	e	Mueller Industries, Inc		1,778
307,136		Nucor Corp		20,004
37,477	e	Olympic Steel, Inc		1,161
45,667		Quanex Corp		1,934
117,236	e	Steel Dynamics, Inc		5,065
88,373	e	Steel Technologies, Inc		2,614
27,944	e	Tredegar Corp		637
124,733		United States Steel Corp		12,370
85,689	e*	Wheeling-Pittsburgh Corp		2,030
256,650	e	Worthington Industries, Inc		5,282
		TOTAL PRIMARY METAL INDUSTRIES		83,728
PRINTING AND PUBLISHING - 0.61%
1,300	*	ACCO Brands Corp		31
10,100		Bowne & Co, Inc		159
800	e	CSS Industries, Inc		30
33,100	e	Dow Jones & Co, Inc		1,141
29,750		Dun & Bradstreet Corp		2,713
4,200	e	Ennis, Inc		112
109,352		EW Scripps Co (Class A)		4,886
57,979		Harte-Hanks, Inc		1,600
21,999	e	John Wiley & Sons, Inc (Class A)		831
37,500		Lee Enterprises, Inc		1,127
3,600	e	McClatchy Co (Class A)		114
284,484		McGraw-Hill Cos, Inc		17,888
61,459		Meredith Corp		3,527
243,288	e	New York Times Co (Class A)		5,720
10,900	e*	Presstek, Inc		66
21,328	e	R.H. Donnelley Corp		1,512
23,349	e	Standard Register Co		295
224,286	e	Tribune Co		7,202
7,056		Washington Post Co (Class B)		5,387
		TOTAL PRINTING AND PUBLISHING		54,341
RAILROAD TRANSPORTATION - 0.38%
235,630		CSX Corp		9,437
19,164	e*	Kansas City Southern Industries, Inc		682
467,010		Norfolk Southern Corp		23,631
		TOTAL RAILROAD TRANSPORTATION		33,750
REAL ESTATE - 0.03%
85,217	e*	CB Richard Ellis Group, Inc (Class A)		2,912
16,099	e	Stewart Enterprises, Inc (Class A)		130
		TOTAL REAL ESTATE		3,042

302

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.06%
70,651		Cooper Tire & Rubber Co	$	1,292
5,481	*	Deckers Outdoor Corp		389
63,800		Sealed Air Corp		2,016
11,100	e	Spartech Corp		326
1,800	e*	Trex Co, Inc		39
53,584	e	Tupperware Corp		1,336
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		5,398
SECURITY AND COMMODITY BROKERS - 1.99%
29,610		A.G. Edwards, Inc		2,048
47,621		Ameriprise Financial, Inc		2,721
3,400		BlackRock, Inc		531
4,757	*	Cbot Holdings, Inc (Class A)		863
595,243		Charles Schwab Corp		10,887
14,136		Chicago Mercantile Exchange Holdings, Inc		7,527
169,245	e*	E*Trade Financial Corp		3,591
3,200		Eaton Vance Corp		114
22,441		Federated Investors, Inc (Class B)		824
173,317		Franklin Resources, Inc		20,942
3,630	e	GAMCO Investors, Inc (Class A)		157
241,276		Goldman Sachs Group, Inc		49,855
22,400	*	IntercontinentalExchange, Inc		2,738
24,828	e	International Securities Exchange, Inc		1,212
72,720	e	Janus Capital Group, Inc		1,521
49,052		Legg Mason, Inc		4,621
620,429		Merrill Lynch & Co, Inc		50,670
39,546	e*	Nasdaq Stock Market, Inc		1,163
63,700	e*	NYSE Group, Inc		5,972
36,392	e	SEI Investments Co		2,192
2,850		SWS Group, Inc		71
158,652		T Rowe Price Group, Inc		7,487
		TOTAL SECURITY AND COMMODITY BROKERS		177,707
SPECIAL TRADE CONTRACTORS - 0.02%
400	e	Alico, Inc		23
4,050	e	Comfort Systems USA, Inc		49
7,834	e*	Layne Christensen Co		285
43,982	e*	Quanta Services, Inc		1,109
		TOTAL SPECIAL TRADE CONTRACTORS		1,466
STONE, CLAY, AND GLASS PRODUCTS - 0.05%
2,065		Apogee Enterprises, Inc		41
1,122	e*	Cabot Microelectronics Corp		38
12,525	e	CARBO Ceramics, Inc		583
54,148	e	Eagle Materials, Inc		2,417
83,512		Gentex Corp		1,357
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		4,436
TEXTILE MILL PRODUCTS - 0.00% **
3,200		Oxford Industries, Inc		158
		TOTAL TEXTILE MILL PRODUCTS		158

303

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
TRANSPORTATION BY AIR - 0.38%
74,620	e*	Airtran Holdings, Inc	$	766
18,300	e*	Alaska Air Group, Inc		697
92,958	*	Continental Airlines, Inc (Class B)		3,383
48,300	e*	ExpressJet Holdings, Inc		282
161,924		FedEx Corp		17,396
124,879	e*	Frontier Airlines Holdings, Inc		751
71,083	e*	JetBlue Airways Corp		818
61,645	e*	Mesa Air Group, Inc		464
6,600	e	Skywest, Inc		177
627,375	e	Southwest Airlines Co		9,222
		TOTAL TRANSPORTATION BY AIR		33,956
TRANSPORTATION EQUIPMENT - 0.59%
10,800	e	A.O. Smith Corp		413
4,700	*	Accuride Corp		69
8,885	*	Aftermarket Technology Corp		216
51,000	e	American Axle & Manufacturing Holdings, Inc		1,395
70,430	e	ArvinMeritor, Inc		1,285
117,096		Autoliv, Inc		6,687
257,551	e*	BE Aerospace, Inc		8,164
53,585		Brunswick Corp		1,707
21,900		Federal Signal Corp		340
8,000	e*	Fuel Systems Solutions, Inc		148
224,750		Genuine Parts Co		11,013
205,687		Harley-Davidson, Inc		12,084
73,856		Harsco Corp		3,313
20,829	e	Noble International Ltd		350
64,900	e	Superior Industries International, Inc		1,352
25,384	*	Tenneco, Inc		646
400	e	Thor Industries, Inc		16
44,061	*	TRW Automotive Holdings Corp		1,534
217,570	*	Visteon Corp		1,858
1,200		Westinghouse Air Brake Technologies Corp		41
		TOTAL TRANSPORTATION EQUIPMENT		52,631
TRANSPORTATION SERVICES - 0.05%
26,100		CH Robinson Worldwide, Inc		1,246
13,840		Expeditors International Washington, Inc		572
3,796	*	HUB Group, Inc (Class A)		110
65,665		Sabre Holdings Corp (Class A)		2,151
		TOTAL TRANSPORTATION SERVICES		4,079
TRUCKING AND WAREHOUSING - 0.37%
1,600	*	Saia, Inc		38
465,235		United Parcel Service, Inc (Class B)		32,613
		TOTAL TRUCKING AND WAREHOUSING		32,651
WATER TRANSPORTATION - 0.03%
29,196	e	Alexander & Baldwin, Inc		1,472
18,000	e*	Gulfmark Offshore, Inc		786
22,369	e*	Hornbeck Offshore Services, Inc		641
		TOTAL WATER TRANSPORTATION		2,899
WHOLESALE TRADE-DURABLE GOODS - 0.43%
145,800		Adesa, Inc		4,029
3,400		Agilysys, Inc		76

304

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				MATURITY		VALUE
SHARES			RATE	DATE		(000)
157,794	e	Barnes Group, Inc			$	3,631
19,700		BorgWarner, Inc				1,486
12,024	e	Building Material Holding Corp				218
39,080		Castle (A.M.) & Co				1,147
10,000	*	Cytyc Corp				342
140,200	e	IKON Office Solutions, Inc				2,015
2,400	*	Keystone Automotive Industries, Inc				81
35,293	e*	Merge Technologies, Inc				172
26,058	e	Owens & Minor, Inc				957
104,685	e*	Patterson Cos, Inc				3,715
2,500	e*	PSS World Medical, Inc				53
96,272	e	Reliance Steel & Aluminum Co				4,660
188,667	e	Ryerson Tull, Inc				7,475
3,500	*	Tech Data Corp				125
25,700	e*	Tyler Technologies, Inc				326
89,100		W.W. Grainger, Inc				6,882
10,750	e*	WESCO International, Inc				675
		TOTAL WHOLESALE TRADE-DURABLE GOODS				38,065
WHOLESALE TRADE-NONDURABLE GOODS - 0.61%
29,572	e*	Allscripts Healthcare Solutions, Inc				793
800		Dean Foods Co				37
87,798	*	Endo Pharmaceuticals Holdings, Inc				2,581
25,935	e*	Henry Schein, Inc				1,431
72,764	e	Idearc, Inc				2,554
4,800		Kenneth Cole Productions, Inc (Class A)				123
6,600		Men's Wearhouse, Inc				311
4,100		Myers Industries, Inc				77
10,656	e	Nash Finch Co				367
160,100		Nike, Inc (Class B)				17,012
269,010		Safeway, Inc				9,857
700	*	Smart & Final, Inc				15
10,419		Spartan Stores, Inc				279
17,900	e	Stride Rite Corp				276
550,943		Sysco Corp				18,638
3,800	*	Volcom, Inc				131
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS				54,482
		TOTAL COMMON STOCKS				5,310,064
		(Cost $3,538,212)
PRINCIPAL
SHORT-TERM INVESTMENTS - 8.69%
COMMERCIAL PAPER - 0.20%
$ 18,139,000	c	Emerson Electric Co	5.230%	04/16/07		18,102
		TOTAL COMMERCIAL PAPER				18,102
U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES - 6.47%
43,200,000		Federal Farm Credit Bank (FFCB)	5.140	04/02/07		43,200
50,000,000	d	Federal Home Loan Bank (FHLB)	5.120	04/04/07		49,986
44,000,000		FHLB	5.170	04/09/07		43,956
10,900,000		Federal Home Loan Mortgage Corp (FHLMC)	5.145	04/12/07		10,885
19,255,000	d	FHLMC	5.180	04/30/07		19,178
26,400,000		FHLMC	5.140	05/29/07		26,186
100,000,000		FHLMC	5.140	05/30/07		99,175

305

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
			MATURITY			VALUE
PRINCIPAL		RATE	DATE			(000)
$   50,000,000	FHLMC	5.135%	06/18/07		$	49,454
4,000,000	Federal National Mortgage Association (FNMA)	5.120	04/09/07			3,996
37,400,000	FNMA	5.120	04/23/07			37,288
33,200,000	FNMA	5.150	05/16/07			32,992
28,500,000	FNMA	5.140	05/23/07			28,293
26,708,000	FNMA	5.135	06/13/07			26,435
61,600,000	FNMA	5.135	06/20/07			60,909
45,000,000	FNMA	5.150	06/29/07			44,438
	TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES					576,371
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 2.02%
REPURCHASED AGREEMENTS
25,000,000	Goldman Sachs & Co. 5.350% Dated 03/30/2007,					25,007
	Due 04/02/2007 In The Amount Of $25,007,431
	Fully Collateralized as follows:
	Federal Home Loan Bank (FHLB) 5.180% - 6.000%, 06/12/2009 - 11/15/2024			$   15,168,750
	Federal Home Loan Mortgage Corp (FHLMC) 6.750%, 09/15/2009			5,320,652
	Federal National Mortgage Association (FNMA) 4.875%, 08/27/2007			5,012,500
	Total Market Value			25,501,902
25,000,000	J.P. Morgan Chase 5.350% Dated 03/30/2007,					25,007
	Due 04/02/2007 In The Amount Of $25,007,431
	Fully Collateralized as follows:
	Federal Home Loan Bank (FHLB) 5.250%, 08/14/2008			25,542,500
	Total Market Value			25,542,500
50,000,000	Merrill Lynch & Co. Inc, 5.340% Dated 03/30/2007,					50,015
	Due 04/02/2007 In The Amount Of $50,014,833
	Fully Collateralized as follows:
	Federal Home Loan Bank (FHLB) 5.000% - 5.125%, 09/18/2009 - 09/29/2010			25,223,886
	Federal National Mortgage Association (FNMA) 5.200%, 11/20/2009			24,968,750
	Total Market Value			50,192,636
80,139,000	Morgan Stanley & Co, Inc 5.350% Dated 03/30/2007,					80,163
	Due 04/02/2007 In The Amount Of $80,162,819
	Fully Collateralized as follows:
	Federal Home Loan Mortgage Corp Gold (FGLMC) 0.000% - 7.000%,
	12/01/2020 - 03/15/2037			24,908,933
	Federal National Mortgage Association (FNMA) 4.500% - 7.500%,
	12/25/2016 - 04/01/2037			56,480,394
	Total Market Value			81,389,327
	TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED					180,192
	TOTAL SHORT-TERM INVESTMENTS					774,665
	(Cost $774,416)
	TOTAL PORTFOLIO - 107.93%					9,618,447
	(Cost $7,854,695)
	OTHER ASSETS & LIABILITIES, NET - (7.93%)					(706,548)
	NET ASSETS - 100.00%				$	8,911,899

306

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

	The following abbreviations are used in portfolio descriptions:
LLC	Limited Liability Company
LP	Limited Partnership
N/R	Not rated by Moody's
*	Non-income producing.
**	Percentage represents less than 0.01%.
^	Amount represents less than $1,000.
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 March 31, 2007, the value of these securities amounted to $150,397,529 or 1.69% of net assets.
h	These securities were purchased on a delayed delivery basis.
i	Floating rate or variable rate securities reflects the rate in effect as of March 31, 2007.
j	Zero coupon.
v	Security valued at fair value.
+	As provided by Moody's Investors Service.
	Cost amounts are in thousands.
	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.

307

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

COLLEGE RETIREMENT EQUITIES FUND
MONEY MARKET ACCOUNT
STATEMENT OF INVESTMENTS (Unaudited)
March 31, 2007

				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
SHORT-TERM INVESTMENTS - 99.80%
CERTIFICATES OF DEPOSIT - 11.79%
$     50,000,000		Abbey National plc	5.280%	05/15/07	$	49,993
39,000,000		Abbey National plc	5.300	05/15/07		38,996
50,000,000		Abbey National plc	5.310	06/06/07		49,993
25,000,000		American Express Bank FSB	5.270	04/04/07		25,000
25,000,000		American Express Bank FSB	5.270	04/05/07		25,000
30,000,000		American Express Bank FSB	5.270	04/09/07		30,000
25,000,000		American Express Bank FSB	5.270	04/11/07		25,000
20,000,000		American Express Bank FSB	5.270	04/13/07		20,000
25,000,000		American Express Bank FSB	5.270	04/26/07		25,000
20,000,000		American Express Bank FSB	5.270	04/30/07		20,000
41,000,000		Banco Bilbao Vizcaya, S.A.	5.315	05/08/07		40,997
50,000,000		Banco Bilbao Vizcaya, S.A.	5.310	05/29/07		49,994
25,000,000		Banco Bilbao Vizcaya, S.A.	5.310	06/01/07		24,997
20,000,000		Banco Bilbao Vizcaya, S.A.	5.295	06/05/07		19,999
25,000,000		Bank of Montreal	5.280	05/22/07		25,000
25,000,000		Bank of Montreal	5.280	05/29/07		24,996
37,000,000		Barclays Bank plc	5.300	05/30/07		36,995
50,000,000		Calyon	5.290	04/11/07		49,998
25,000,000		Calyon	5.290	04/25/07		24,998
45,305,000		Canadian Imperial Bank of Commerce	5.300	04/16/07		45,303
50,000,000		Deutsche Bank	5.290	04/24/07		49,997
47,535,000		Deutsche Bank	5.295	05/11/07		47,531
50,000,000		Deutsche Bank	5.315	07/17/07		49,994
45,000,000		Dexia Bank	5.300	04/30/07		44,997
30,000,000		Dexia Bank	5.295	05/09/07		29,997
50,000,000		Dexia Bank	5.295	05/14/07		49,995
47,000,000		First Tennessee Bank NA	5.310	05/31/07		46,995
48,000,000		Royal Bank of Canada	5.285	05/03/07		47,996
50,000,000		Royal Bank of Canada	5.310	04/10/07		49,999
32,000,000		Societe Generale	5.300	05/17/07		31,999
50,000,000		Toronto Dominion Bank	5.280	06/05/07		49,990
36,045,000		Toronto Dominion Bank	5.315	07/12/07		36,040
		TOTAL CERTIFICATES OF DEPOSIT				1,187,789
COMMERCIAL PAPER - 81.25%
2,000,000		Abbey National North America LLC	5.240	04/02/07		1,999
10,650,000	c	Abbott Laboratories, Inc	5.225	04/02/07		10,647
10,000,000	c	Abbott Laboratories, Inc	5.230	04/04/07		9,994
16,720,000	c	Abbott Laboratories, Inc	5.230	04/10/07		16,696
20,365,000	c	Abbott Laboratories, Inc	5.235	04/17/07		20,315
34,000,000	c	Abbott Laboratories, Inc	5.245	04/18/07		33,912
2,700,000	c	Abbott Laboratories, Inc	5.240	04/25/07		2,690
20,000,000		ABN Amro North America Finance, Inc	5.220	05/14/07		19,872
20,000,000	c	Alcon Capital Corp	5.210	04/26/07		19,927
19,130,000	c	Alcon Capital Corp	5.215	05/16/07		19,008
24,400,000		American Honda Finance Corp	5.220	04/16/07		24,344
24,000,000		American Honda Finance Corp	5.230	04/23/07		23,921

308

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account
				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$     56,500,000		American Honda Finance Corp	5.225%	04/25/07	$	56,303
16,500,000		American Honda Finance Corp	5.230	04/27/07		16,433
8,000,000		American Honda Finance Corp	5.225	05/08/07		7,956
16,200,000		American Honda Finance Corp	5.205	05/11/07		16,105
41,000,000		American Honda Finance Corp	5.230	05/24/07		40,687
13,500,000		American Honda Finance Corp	5.220	06/01/07		13,382
18,655,000	c	Anheuser-Busch Cos, Inc	5.180	04/02/07		18,650
40,000,000	c	Anheuser-Busch Cos, Inc	5.205	05/02/07		39,815
23,500,000	c	Anheuser-Busch Cos, Inc	5.220	05/30/07		23,296
14,229,000	c	Atlantis One Funding Corp	5.240	04/25/07		14,179
14,297,000	c	Atlantis One Funding Corp	5.240	05/09/07		14,219
32,680,000	c	Atlantis One Funding Corp	5.185	06/25/07		32,279
1,898,000		Bank of America	5.200	07/20/07		1,868
12,500,000		Bank of Montreal	5.230	06/25/07		12,347
18,638,000		Bank of Nova Scotia	5.225	06/07/07		18,459
23,456,000		Barclays U.S. Funding Corp	5.250	04/10/07		23,422
15,000,000		Barclays U.S. Funding Corp	5.230	04/26/07		14,945
2,490,000		Barclays U.S. Funding Corp	5.225	05/29/07		2,469
40,000,000		Barclays U.S. Funding Corp	5.220	05/31/07		39,657
5,515,000		Barclays U.S. Funding Corp	5.215	06/12/07		5,458
38,000,000	c	Beta Finance, Inc	5.250	04/03/07		37,984
5,000,000	c	Beta Finance, Inc	5.250	04/16/07		4,988
20,000,000	c	Beta Finance, Inc	5.230	04/23/07		19,934
23,875,000	c	Beta Finance, Inc	5.245	05/18/07		23,710
4,000,000	c	Beta Finance, Inc	5.230	06/04/07		3,963
10,000,000	c	Beta Finance, Inc	5.220	06/11/07		9,897
17,000,000	c	Beta Finance, Inc	5.220	06/12/07		16,823
23,500,000	c	Beta Finance, Inc	5.230	06/13/07		23,252
25,500,000	c	Beta Finance, Inc	5.240	06/15/07		25,224
10,000,000	c	BMW US Capital Corp	5.220	04/02/07		9,997
50,000,000	c	BMW US Capital Corp	5.230	04/04/07		49,971
12,500,000	c	BMW US Capital Corp	5.220	04/24/07		12,457
25,000,000	c	BMW US Capital Corp	5.215	05/14/07		24,842
11,000,000	c	BMW US Capital Corp	5.215	05/17/07		10,927
4,000,000	c	BMW US Capital Corp	5.210	05/29/07		3,966
35,875,000	c	BMW US Capital Corp	5.210	06/05/07		35,540
20,070,000	c	BMW US Capital Corp	5.200	06/22/07		19,832
25,000,000		Calyon North America, Inc	5.225	04/30/07		24,891
19,000,000		Calyon North America, Inc	5.195	05/08/07		18,897
6,500,000		Calyon North America, Inc	5.230	05/21/07		6,453
20,000,000		Calyon North America, Inc	5.205	07/09/07		19,716
15,000,000		Canadian Imperial Holding, Inc	5.223	05/02/07		14,930
50,000,000		Canadian Imperial Holding, Inc	5.208	05/17/07		49,667
10,000,000		Caterpillar Financial Services Corp	5.240	04/17/07		9,977
40,000,000		Caterpillar Financial Services Corp	5.240	06/06/07		39,604
28,985,000	c	CC (USA), Inc	5.240	04/04/07		28,969
45,845,000	c	CC (USA), Inc	5.240	04/11/07		45,775
1,000,000	c	CC (USA), Inc	5.250	05/01/07		996
11,107,000	c	CC (USA), Inc	5.240	05/03/07		11,052
8,000,000	c	CC (USA), Inc	5.245	05/14/07		7,949
25,000,000	c	CC (USA), Inc	5.240	05/15/07		24,838
27,000,000	c	CC (USA), Inc	5.245	05/16/07		26,827
9,200,000	c	CC (USA), Inc	5.205	06/07/07		9,111
10,000,000	c	CC (USA), Inc	5.220	06/11/07		9,897
12,555,000	c	Ciesco LP	5.240	04/09/07		12,539
54,000,000	c	Ciesco LP	5.250	04/18/07		53,858

309

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account
				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$     5,000,000	c	Ciesco LP	5.250%	04/20/07	$	4,985
4,175,000	c	Ciesco LP	5.250	04/23/07		4,161
35,000,000	c	Ciesco LP	5.245	04/30/07		34,847
42,800,000	c	Ciesco LP	5.250	05/01/07		42,607
18,000,000	c	Ciesco LP	5.250	05/02/07		17,916
25,500,000		Citigroup Funding, Inc	5.235	04/09/07		25,467
26,000,000		Citigroup Funding, Inc	5.230	04/17/07		25,936
23,500,000		Citigroup Funding, Inc	5.220	05/07/07		23,376
50,000,000		Citigroup Funding, Inc	5.245	06/08/07		49,513
25,000,000		Citigroup Funding, Inc	5.220	06/19/07		24,717
10,145,000	c	Coca-Cola Co	5.180	04/23/07		10,111
43,035,000	c	Coca-Cola Co	5.190	05/30/07		42,676
23,015,000	c	Coca-Cola Co	5.200	06/04/07		22,803
98,400,000	c	Coca-Cola Co	5.200	06/14/07		97,350
25,000,000	c	Coca-Cola Co	5.205	06/20/07		24,711
12,720,000	c	Corporate Asset Funding Corp, Inc	5.240	04/02/07		12,716
50,000,000	c	Corporate Asset Funding Corp, Inc	5.250	04/11/07		49,920
4,200,000	c	Corporate Asset Funding Corp, Inc	5.250	04/12/07		4,193
25,000,000	c	Corporate Asset Funding Corp, Inc	5.260	04/26/07		24,905
23,885,000	c	Corporate Asset Funding Corp, Inc	5.260	04/30/07		23,780
29,000,000	c	Corporate Asset Funding Corp, Inc	5.260	05/01/07		28,869
5,000,000	c	Corporate Asset Funding Corp, Inc	5.260	05/07/07		4,974
39,000,000	c	Danske Corp	5.235	04/09/07		38,950
10,000,000	c	Danske Corp	5.220	04/10/07		9,986
15,000,000	c	Danske Corp	5.240	04/13/07		14,972
2,500,000	c	Danske Corp	5.200	04/17/07		2,494
20,000,000	c	Danske Corp	5.220	04/24/07		19,931
9,000,000	c	Danske Corp	5.160	08/01/07		8,842
44,215,000	c	Dorada Finance, Inc	5.250	04/27/07		44,043
28,405,000	c	Dorada Finance, Inc	5.245	05/08/07		28,250
13,940,000	c	Dorada Finance, Inc	5.245	05/09/07		13,864
4,575,000	c	Dorada Finance, Inc	5.200	05/11/07		4,548
39,000,000	c	Dorada Finance, Inc	5.245	05/16/07		38,751
13,900,000	c	Dorada Finance, Inc	5.250	05/18/07		13,804
16,400,000	c	Dorada Finance, Inc	5.240	06/21/07		16,208
32,000,000	c	Dorada Finance, Inc	5.230	07/02/07		31,575
12,775,000		Dresdner US Finance, Inc	5.240	04/16/07		12,745
23,075,000		Dresdner US Finance, Inc	5.240	04/17/07		23,019
20,000,000		Dresdner US Finance, Inc	5.225	05/03/07		19,906
25,000,000		Dresdner US Finance, Inc	5.215	06/21/07		24,708
15,000,000	c	Edison Asset Securitization LLC	5.240	04/03/07		14,993
29,932,000	c	Edison Asset Securitization LLC	5.240	04/18/07		29,858
3,980,000	c	Edison Asset Securitization LLC	5.240	04/25/07		3,966
15,338,000	c	Edison Asset Securitization LLC	5.240	04/30/07		15,271
6,972,000	c	Edison Asset Securitization LLC	5.230	05/01/07		6,941
50,000,000	c	Edison Asset Securitization LLC	5.230	05/02/07		49,768
10,000,000	c	Edison Asset Securitization LLC	5.230	05/14/07		9,936
30,000,000	c	Edison Asset Securitization LLC	5.240	06/01/07		29,735
15,000,000	c	Edison Asset Securitization LLC	5.180	06/15/07		14,837
20,000,000	c	Edison Asset Securitization LLC	5.160	07/06/07		19,723
4,000,000	c	Edison Asset Securitization LLC	5.180	07/11/07		3,942
4,480,000	c	Fairway Finance Corp	5.270	04/04/07		4,477
9,000,000	c	Fairway Finance Corp	5.255	04/10/07		8,987
45,965,000	c	Fairway Finance Corp	5.245	04/13/07		45,879
27,330,000	c	Fairway Finance Corp	5.240	04/16/07		27,267
58,000,000	c	Fairway Finance Corp	5.270	04/17/07		57,856

310

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account
				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$     9,930,000	c	Fairway Finance Corp	5.255%	04/26/07	$	9,892
20,000,000	c	Fairway Finance Corp	5.260	05/07/07		19,892
10,000,000	c	Fairway Finance Corp	5.240	05/21/07		9,926
20,000,000		General Electric Capital Corp	5.220	05/04/07		19,897
10,000,000		General Electric Capital Corp	5.220	06/06/07		9,906
10,000,000		General Electric Capital Corp	5.170	06/27/07		9,875
15,000,000		General Electric Co	5.220	05/22/07		14,889
23,000,000		General Electric Co	5.220	05/29/07		22,806
50,000,000		General Electric Co	5.220	06/11/07		49,492
30,000,000		Goldman Sachs Group LP	5.240	04/26/07		29,889
30,000,000		Goldman Sachs Group LP	5.220	05/02/07		29,861
500,000		Goldman Sachs Group LP	5.260	05/23/07		496
9,500,000	c	Govco, Inc	5.240	04/10/07		9,486
13,859,000	c	Govco, Inc	5.240	04/12/07		13,835
5,000,000	c	Govco, Inc	5.240	04/17/07		4,988
13,680,000	c	Govco, Inc	5.250	04/30/07		13,621
58,000,000	c	Govco, Inc	5.240	05/04/07		57,715
25,000,000	c	Govco, Inc	5.240	05/11/07		24,852
4,500,000	c	Govco, Inc	5.240	05/15/07		4,471
30,000,000	c	Govco, Inc	5.240	05/21/07		29,780
5,000,000	c	Govco, Inc	5.220	06/07/07		4,952
10,000,000	c	Govco, Inc	5.230	06/13/07		9,895
20,000,000	c	Govco, Inc	5.175	07/02/07		19,735
5,600,000	c	Grampian Funding LLC	5.240	04/23/07		5,581
10,000,000	c	Grampian Funding LLC	5.260	05/15/07		9,936
20,000,000	c	Grampian Funding LLC	5.205	07/23/07		19,674
17,000,000	c	Grampian Funding LLC	5.205	08/06/07		16,688
7,000,000	c	Grampian Funding LLC	5.190	08/15/07		6,863
56,500,000		Greenwich Capital Holdings, Inc	5.240	04/02/07		56,484
7,000,000		Greenwich Capital Holdings, Inc	5.200	06/14/07		6,926
19,000,000		Greenwich Capital Holdings, Inc	5.225	06/15/07		18,796
43,335,000		Greenwich Capital Holdings, Inc	5.180	06/26/07		42,800
45,000,000		Greenwich Capital Holdings, Inc	5.215	07/16/07		44,315
20,000,000	c	Greyhawk Funding LLC	5.270	04/03/07		19,991
25,000,000	c	Greyhawk Funding LLC	5.260	04/05/07		24,982
10,000,000	c	Greyhawk Funding LLC	5.260	04/11/07		9,984
33,370,000	c	Greyhawk Funding LLC	5.280	04/24/07		33,253
33,750,000	c	Greyhawk Funding LLC	5.235	06/08/07		33,418
7,400,000	c	Harley-Davidson Funding Corp	5.230	04/03/07		7,397
3,135,000	c	Harley-Davidson Funding Corp	5.220	04/10/07		3,130
695,000	c	Harley-Davidson Funding Corp	5.220	04/11/07		694
8,000,000	c	Harley-Davidson Funding Corp	5.220	04/12/07		7,986
8,200,000	c	Harley-Davidson Funding Corp	5.210	04/19/07		8,178
9,400,000	c	Harley-Davidson Funding Corp	5.210	04/20/07		9,373
15,000,000	c	Harley-Davidson Funding Corp	5.210	04/23/07		14,950
8,400,000	c	Harley-Davidson Funding Corp	5.220	04/27/07		8,367
25,300,000	c	Harley-Davidson Funding Corp	5.215	05/21/07		25,115
2,873,000	c	Harley-Davidson Funding Corp	5.210	05/22/07		2,852
11,500,000	c	Harley-Davidson Funding Corp	5.210	05/24/07		11,412
9,100,000	c	Harley-Davidson Funding Corp	5.200	05/30/07		9,024
5,900,000	c	Harley-Davidson Funding Corp	5.200	05/31/07		5,849
6,045,000	c	Harley-Davidson Funding Corp	5.220	06/05/07		5,988
27,170,000	c	Harrier Finance Funding LLC	5.205	04/03/07		27,158
35,620,000	c	Harrier Finance Funding LLC	5.250	04/12/07		35,559
20,000,000	c	Harrier Finance Funding LLC	5.240	04/17/07		19,951
17,500,000	c	Harrier Finance Funding LLC	5.245	04/25/07		17,439

311

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account
				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$     7,840,000	c	Harrier Finance Funding LLC	5.235%	05/29/07	$	7,773
22,000,000	c	Harrier Finance Funding LLC	5.235	06/08/07		21,784
30,000,000	c	Harrier Finance Funding LLC	5.205	07/17/07		29,537
5,000,000		HBOS Treasury Services plc	5.240	04/24/07		4,983
5,000,000		HBOS Treasury Services plc	5.240	04/30/07		4,979
20,000,000		HBOS Treasury Services plc	5.215	06/01/07		19,826
10,000,000		HBOS Treasury Services plc	5.225	06/15/07		9,892
20,000,000		HBOS Treasury Services plc	5.225	06/18/07		19,776
25,000,000		HBOS Treasury Services plc	5.220	06/21/07		24,709
50,000,000		HSBC Finance Corp	5.215	05/03/07		49,761
25,000,000		HSBC Finance Corp	5.220	05/09/07		24,865
25,000,000		HSBC Finance Corp	5.230	05/23/07		24,816
50,000,000		HSBC Finance Corp	5.205	06/07/07		49,518
36,000,000		ING Finance	5.230	04/10/07		35,949
20,000,000		ING Finance	5.230	04/26/07		19,927
35,000,000		ING Finance	5.235	05/03/07		34,838
40,000,000		ING Finance	5.235	05/31/07		39,657
19,000,000		ING Finance	5.215	06/06/07		18,821
50,000,000	c	International Business Machines Capital, Inc	5.200	06/18/07		49,437
18,000,000	c	International Business Machines Corp	5.200	06/22/07		17,787
115,295,000	c	International Business Machines Corp	5.220	06/29/07		113,813
50,000,000	c	Johnson & Johnson, Inc	5.195	04/18/07		49,878
50,000,000	c	Johnson & Johnson, Inc	5.195	04/20/07		49,859
50,000,000	c	Johnson & Johnson, Inc	5.190	05/09/07		49,731
15,000,000	c	Johnson & Johnson, Inc	5.215	05/11/07		14,912
30,000,000	c	Johnson & Johnson, Inc	5.200	05/31/07		29,743
6,000,000	c	Johnson & Johnson, Inc	5.200	06/11/07		5,939
25,000,000		JPMorgan Chase & Co	5.250	04/25/07		24,909
15,000,000		JPMorgan Chase & Co	5.240	05/23/07		14,884
17,187,000	c	Kitty Hawk Funding Corp	5.240	04/16/07		17,147
15,200,000	c	Kitty Hawk Funding Corp	5.240	04/25/07		15,147
43,600,000	c	Kitty Hawk Funding Corp	5.240	04/27/07		43,430
32,000,000	c	Kitty Hawk Funding Corp	5.240	05/10/07		31,818
30,000,000	c	Kitty Hawk Funding Corp	5.230	06/20/07		29,653
27,050,000	c	Kitty Hawk Funding Corp	5.230	06/29/07		26,692
40,000,000	c	Links Finance LLC	5.250	04/12/07		39,932
3,050,000	c	Links Finance LLC	5.260	04/25/07		3,039
54,500,000	c	Links Finance LLC	5.250	05/16/07		54,152
15,000,000	c	Links Finance LLC	5.220	06/07/07		14,855
45,740,000	c	Links Finance LLC	5.235	06/18/07		45,225
15,500,000	c	Links Finance LLC	5.190	08/28/07		15,168
50,000,000		Lloyds Bank plc	5.225	05/21/07		49,636
18,938,000		McGraw-Hill, Inc	5.220	04/26/07		18,867
39,400,000		McGraw-Hill, Inc	5.230	04/27/07		39,245
25,870,000		Merrill Lynch & Co, Inc	5.190	06/19/07		25,575
30,000,000		Morgan Stanley Dean Witter	5.230	04/09/07		29,961
33,000,000	c	Nestle Capital Corp	5.185	04/09/07		32,957
11,600,000	c	Nestle Capital Corp	5.215	04/23/07		11,561
10,000,000	c	Nestle Capital Corp	5.205	05/01/07		9,956
53,600,000	c	Nestle Capital Corp	5.210	05/08/07		53,309
32,000,000	c	Nestle Capital Corp	5.180	05/18/07		31,780
11,000,000	c	Nestle Capital Corp	5.200	05/24/07		10,917
10,755,000	c	Nestle Capital Corp	5.210	08/01/07		10,567
50,000,000	c	Old Line Funding LLC	5.250	04/03/07		49,978
6,265,000	c	Old Line Funding LLC	5.260	05/04/07		6,234
10,000,000		Paccar Financial Corp	5.220	04/04/07		9,994

312

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account
				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$     5,225,000		Paccar Financial Corp	5.230%	04/11/07	$	5,217
46,225,000		Paccar Financial Corp	5.230	04/12/07		46,147
4,100,000		Paccar Financial Corp	5.230	04/17/07		4,090
5,000,000		Paccar Financial Corp	5.225	04/18/07		4,988
5,000,000		Paccar Financial Corp	5.230	04/19/07		4,987
7,000,000		Paccar Financial Corp	5.230	04/20/07		6,980
42,200,000		Paccar Financial Corp	5.220	05/08/07		41,971
9,446,000		Paccar Financial Corp	5.220	05/09/07		9,395
7,000,000		Paccar Financial Corp	5.220	05/10/07		6,961
305,000		Paccar Financial Corp	5.220	05/30/07		302
23,160,000		Paccar Financial Corp	5.220	05/31/07		22,961
6,500,000		Paccar Financial Corp	5.210	06/12/07		6,433
9,000,000		Paccar Financial Corp	5.215	06/13/07		8,906
6,200,000		Paccar Financial Corp	5.210	06/27/07		6,123
1,285,000		Paccar Financial Corp	5.220	06/28/07		1,269
37,000,000	c	Park Avenue Receivables Corp	5.250	04/10/07		36,946
7,000,000	c	Park Avenue Receivables Corp	5.250	04/11/07		6,989
23,755,000	c	Park Avenue Receivables Corp	5.280	04/16/07		23,699
12,500,000	c	Park Avenue Receivables Corp	5.280	04/19/07		12,465
25,000,000	c	Park Avenue Receivables Corp	5.270	04/20/07		24,929
4,686,000	c	Park Avenue Receivables Corp	5.240	04/23/07		4,670
10,000,000	c	Park Avenue Receivables Corp	5.240	04/27/07		9,961
7,000,000	c	Park Avenue Receivables Corp	5.270	05/04/07		6,968
3,663,000	c	Park Avenue Receivables Corp	5.260	05/11/07		3,641
28,110,000	c	Pepsico, Inc	5.230	04/19/07		28,032
43,000,000		PNC Bank	5.135	09/27/07		41,888
30,000,000	c	Private Export Funding Corp	5.220	05/04/07		29,853
48,000,000	c	Private Export Funding Corp	5.215	05/16/07		47,693
24,000,000	c	Private Export Funding Corp	5.215	05/24/07		23,817
30,710,000	c	Private Export Funding Corp	5.210	06/07/07		30,414
14,090,000	c	Private Export Funding Corp	5.215	06/20/07		13,927
4,000,000	c	Private Export Funding Corp	5.160	06/26/07		3,950
16,000,000	c	Procter & Gamble International S.C.A.	5.220	04/13/07		15,970
25,500,000	c	Procter & Gamble International S.C.A.	5.230	04/18/07		25,438
97,500,000	c	Procter & Gamble International S.C.A.	5.225	04/19/07		97,244
2,795,000	c	Procter & Gamble International S.C.A.	5.230	05/10/07		2,779
21,000,000	c	Procter & Gamble International S.C.A.	5.230	05/22/07		20,844
12,500,000	c	Procter & Gamble International S.C.A.	5.230	05/23/07		12,408
25,000,000	c	Procter & Gamble International S.C.A.	5.220	06/05/07		24,768
10,000,000		Rabobank USA Financial Corp	5.230	04/09/07		9,987
25,000,000		Rabobank USA Financial Corp	5.220	04/19/07		24,934
25,000,000		Rabobank USA Financial Corp	5.175	05/15/07		24,839
50,000,000		Rabobank USA Financial Corp	5.195	06/04/07		49,542
4,500,000	c	Ranger Funding Co LLC	5.255	04/03/07		4,498
10,000,000	c	Ranger Funding Co LLC	5.250	04/16/07		9,977
32,000,000	c	Ranger Funding Co LLC	5.250	04/19/07		31,911
34,890,000	c	Ranger Funding Co LLC	5.255	04/24/07		34,768
8,300,000	c	Ranger Funding Co LLC	5.250	04/25/07		8,270
34,000,000	c	Ranger Funding Co LLC	5.255	04/26/07		33,871
22,800,000	c	Ranger Funding Co LLC	5.270	04/30/07		22,700
2,748,000	c	Ranger Funding Co LLC	5.280	05/02/07		2,735
17,500,000	c	Ranger Funding Co LLC	5.265	05/04/07		17,419
10,000,000	c	Ranger Funding Co LLC	5.260	05/24/07		9,921
23,000,000	c	Ranger Funding Co LLC	5.230	06/11/07		22,764
5,700,000		Royal Bank of Canada	5.235	05/01/07		5,675
5,717,000		Royal Bank of Canada	5.220	05/08/07		5,686

313

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account
				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$     17,000,000		Royal Bank of Canada	5.205%	06/11/07	$	16,827
30,000,000		Royal Bank of Scotland plc	5.225	05/10/07		29,831
20,000,000	c	Scaldis Capital LLC	5.200	04/16/07		19,954
9,582,000	c	Scaldis Capital LLC	5.240	04/24/07		9,551
10,893,000	c	Scaldis Capital LLC	5.250	04/25/07		10,855
7,000,000	c	Scaldis Capital LLC	5.260	04/26/07		6,975
13,171,000	c	Scaldis Capital LLC	5.245	04/27/07		13,120
15,503,000	c	Scaldis Capital LLC	5.190	05/18/07		15,396
8,320,000	c	Scaldis Capital LLC	5.240	05/21/07		8,259
15,321,000	c	Scaldis Capital LLC	5.250	05/25/07		15,199
2,000,000	c	Scaldis Capital LLC	5.215	06/05/07		1,981
1,903,000	c	Scaldis Capital LLC	5.180	06/08/07		1,884
30,000,000	c	Scaldis Capital LLC	5.220	06/25/07		29,631
19,000,000	c	Scaldis Capital LLC	5.195	07/13/07		18,717
11,906,000	c	Scaldis Capital LLC	5.180	08/28/07		11,647
50,000,000	c	Sedna Finance, Inc	5.250	04/20/07		49,858
60,000,000	c	Sedna Finance, Inc	5.250	05/23/07		59,557
30,000,000	c	Sheffield Receivables Corp	5.260	04/04/07		29,982
48,000,000	c	Sheffield Receivables Corp	5.260	04/13/07		47,909
37,620,000	c	Sheffield Receivables Corp	5.240	04/20/07		37,513
50,585,000	c	Sheffield Receivables Corp	5.260	05/25/07		50,179
40,000,000	c	Shell International Finance B.V.	5.200	06/27/07		39,500
32,390,000	c	Sigma Finance, Inc	5.210	05/02/07		32,246
30,000,000	c	Sigma Finance, Inc	5.230	05/10/07		29,830
30,000,000	c	Sigma Finance, Inc	5.210	06/04/07		29,722
20,000,000	c	Sigma Finance, Inc	5.230	06/07/07		19,806
25,000,000	c	Sigma Finance, Inc	5.200	06/08/07		24,754
30,000,000	c	Sigma Finance, Inc	5.210	06/26/07		29,628
20,255,000	c	Sigma Finance, Inc	5.220	07/16/07		19,945
10,500,000	c	Sigma Finance, Inc	5.200	07/17/07		10,338
9,091,000		Societe Generale North America, Inc	5.240	04/02/07		9,088
11,500,000		Societe Generale North America, Inc	5.230	05/04/07		11,444
2,480,000		Societe Generale North America, Inc	5.240	05/08/07		2,467
29,000,000		Societe Generale North America, Inc	5.200	06/11/07		28,705
39,511,000		Societe Generale North America, Inc	5.210	06/20/07		39,058
16,000,000		Societe Generale North America, Inc	5.190	08/15/07		15,688
75,785,000		Swedish Export Credit Corp	5.230	04/12/07		75,656
15,034,000	c	Swedish Export Credit Corp	5.220	04/24/07		14,982
79,500,000		Swedish Export Credit Corp	5.220	05/07/07		79,080
25,000,000		Swedish Export Credit Corp	5.190	07/23/07		24,594
50,000,000		Toronto-Dominion Holdings USA, Inc	5.234	04/17/07		49,876
5,000,000		Toronto-Dominion Holdings USA, Inc	5.220	08/07/07		4,908
70,000,000		Toyota Motor Credit Corp	5.235	04/23/07		69,770
30,000,000		Toyota Motor Credit Corp	5.235	04/24/07		29,897
26,000,000		Toyota Motor Credit Corp	5.230	05/07/07		25,863
11,000,000		Toyota Motor Credit Corp	5.220	05/22/07		10,918
25,000,000		Toyota Motor Credit Corp	5.220	06/14/07		24,735
38,000,000		Toyota Motor Credit Corp	5.195	07/05/07		37,481
52,000,000		UBS Finance, (Delaware), Inc	5.230	04/02/07		51,985
15,000,000		UBS Finance, (Delaware), Inc	5.235	04/11/07		14,977
11,100,000		UBS Finance, (Delaware), Inc	5.240	04/24/07		11,061
640,000		UBS Finance, (Delaware), Inc	5.240	04/25/07		638
16,000,000		UBS Finance, (Delaware), Inc	5.145	05/07/07		15,915
17,060,000		UBS Finance, (Delaware), Inc	5.225	05/08/07		16,967
3,700,000		UBS Finance, (Delaware), Inc	5.235	05/15/07		3,676
10,000,000		UBS Finance, (Delaware), Inc	5.190	06/25/07		9,878

314

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account
				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$     4,400,000		UBS Finance, (Delaware), Inc	5.150%	08/06/07	$	4,320
6,300,000		UBS Finance, (Delaware), Inc	5.140	08/08/07		6,183
14,500,000		UBS Finance, (Delaware), Inc	5.200	08/10/07		14,228
25,000,000	c	Variable Funding Capital Corp	5.240	04/04/07		24,985
47,145,000	c	Variable Funding Capital Corp	5.250	04/05/07		47,111
16,000,000	c	Variable Funding Capital Corp	5.240	04/19/07		15,956
18,500,000	c	Variable Funding Capital Corp	5.240	05/02/07		18,414
40,000,000	c	Wal-Mart Stores, Inc	5.190	06/12/07		39,587
57,555,000	c	Wal-Mart Stores, Inc	5.195	06/19/07		56,903
79,930,000	c	Wal-Mart Stores, Inc	5.205	06/26/07		78,943
24,065,000	c	Wal-Mart Stores, Inc	5.180	07/31/07		23,647
16,693,000	c	Yorktown Capital LLC	5.250	04/03/07		16,686
9,105,000	c	Yorktown Capital LLC	5.250	04/09/07		9,093
6,045,000	c	Yorktown Capital LLC	5.260	04/11/07		6,035
6,380,000	c	Yorktown Capital LLC	5.250	04/12/07		6,369
25,000,000	c	Yorktown Capital LLC	5.250	04/16/07		24,942
19,000,000	c	Yorktown Capital LLC	5.250	04/20/07		18,945
6,035,000	c	Yorktown Capital LLC	5.250	04/25/07		6,013
10,000,000	c	Yorktown Capital LLC	5.255	04/27/07		9,961
9,628,000	c	Yorktown Capital LLC	5.260	05/01/07		9,584
13,249,000	c	Yorktown Capital LLC	5.255	05/10/07		13,173
35,000,000	c	Yorktown Capital LLC	5.260	05/14/07		34,775
		TOTAL COMMERCIAL PAPER				8,185,708
U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES - 2.99%
3,530,000		Federal Home Loan Bank (FHLB)	5.159	06/01/07		3,500
15,675,000		Federal Home Loan Mortgage Corp (FHLMC)	5.075	04/10/07		15,653
30,000,000		FHLMC	5.175	04/13/07		29,944
61,210,000		FHLMC	5.110	05/25/07		60,738
11,839,000		FHLMC	5.140	05/29/07		11,741
10,808,000		FHLMC	5.135	06/18/07		10,690
4,560,000		FHLMC	5.090	07/23/07		4,488
19,240,000		FHLMC	5.100	07/24/07		18,933
9,353,000		FHLMC	5.020	09/18/07		9,132
20,000,000		Federal National Mortgage Association (FNMA)	5.160	04/25/07		19,928
14,050,000		FNMA	5.135	06/13/07		13,907
15,396,000		FNMA	5.135	06/20/07		15,224
41,924,000		FNMA	5.145	06/27/07		41,412
26,865,000		FNMA	5.090	07/11/07		26,486
20,465,000		FNMA	5.105	07/18/07		20,156
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES				301,932
VARIABLE NOTES - 3.77% (i)
17,890,000		International Business Machines Corp	5.363	06/28/07		17,893
20,000,000		National City Bank	5.315	05/11/07		19,997
19,000,000		National City Bank of Indiana	5.365	06/04/07		19,002
50,000,000		PNC Bank NA	5.265	01/02/08		50,005
50,000,000		Suntrust Bank	5.290	05/01/07		50,001
35,000,000		Suntrust Bank	5.265	09/27/07		35,004
16,500,000		US Bank NA	5.290	11/30/07		16,496
40,000,000		US Bank NA	5.290	12/05/07		39,993
37,300,000		US Bank NA	5.255	02/08/08		37,282
75,000,000		Wells Fargo & Co	5.370	03/10/08		75,035
18,900,000		Wells Fargo & Co	5.380	03/10/08		18,909
		TOTAL VARIABLE NOTES				379,617

315

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account
				VALUE
				(000)
		TOTAL SHORT-TERM INVESTMENTS	$	10,055,046
		(Cost $10,055,625)
		TOTAL PORTFOLIO - 99.80%		10,055,046
		(Cost $10,055,625)
		OTHER ASSETS & LIABILITIES, NET - 0.20%		19,674
		NET ASSETS - 100.00%	$	10,074,720
		The following abbreviations are used in portfolio descriptions:
	LLC	Limited Liability Company
	LP	Limited Partnership
	plc	Public Limited Company
		Cost amounts are in thousands.
	c	Commercial Paper issued under the private placement exemption under Section 4(2)
		of the Securities Act of 1933.
	i	Floating rate or variable rate securities reflects the rate in effect as of March 31, 2007.
		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.

316

Item 2. Controls and Procedures.

     (a) 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 quarterly reporting period.

     (b) There were no changes in the Registrant’s internal controls over financial reporting that occurred during the Registrant's last fiscal quarter that materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 3. Exhibits.

3(a) Section 302 certification of the principal executive officer

3(b) Section 302 certification of the principal financial officer

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:  May 29, 2007	By:	/s/ Herbert M. Allison, Jr.
		Herbert M. Allison, Jr.
		President and Chief Executive Officer

     Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

Date:  May 29, 2007	By:	/s/ Herbert M. Allison, Jr.
		Herbert M. Allison, Jr.
		President and Chief Executive Officer
		(principal executive officer)
Date:  May 29, 2007	By:	/s/ Georganne C. Proctor
		Georganne C. Proctor
		Executive Vice President and
		Chief Financial Officer,
		(principal financial officer)

EXHIBIT LIST

Item 3. Exhibits.

3(a) Section 302 certification of the principal executive officer

3(b) Section 302 certification of the principal financial officer