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: September 30, 2007

Item 1. Schedule of Investments.

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
COLLEGE RETIREMENT EQUITIES FUND
STOCK ACCOUNT
STATEMENT OF INVESTMENTS (Unaudited)
September 30, 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	$	335
		TOTAL U.S. TREASURY SECURITIES				335
		TOTAL GOVERNMENT BONDS				335
		(Cost $321)
SHARES
MUTUAL FUNDS - 0.01%
1,598,400	a,m,v*	First NIS Regional Fund SICAV				16
369,000		Hang Seng Investment Index Funds Series - H-Share Index ETF				8,178
		TOTAL MUTUAL FUNDS				8,194
		(Cost $9,406)
PREFERRED STOCKS - 0.07%
REAL ESTATE - 0.00%**
12,150,543	m,v*	Ayala Land Inc				27
		TOTAL REAL ESTATE				27
SECURITY AND COMMODITY BROKERS - 0.03%
50,000	v*	Goldman Sachs Group, Inc				48,366
		TOTAL SECURITY AND COMMODITY BROKERS				48,366
FURNITURE AND FIXTURES - 0.00%**
1,296		Villeroy & Boch AG.				27
		TOTAL FURNITURE AND FIXTURES				27
NONDEPOSITORY INSTITUTIONS - 0.04%
5,000,000	v*	UBS AG. Jersey				50,249
		TOTAL NONDEPOSITORY INSTITUTIONS				50,249
		TOTAL PREFERRED STOCKS				98,669
		(Cost $100,054)
COMMON STOCKS - 99.60%
ADMINISTRATION OF ECONOMIC PROGRAMS - 0.00%**
162,181		Centrais Eletricas Brasileiras S.A.				2,380
131,817		Centrais Eletricas Brasileiras S.A.				1,848
		TOTAL ADMINISTRATION OF ECONOMIC PROGRAMS				4,228
AGRICULTURAL PRODUCTION-CROPS - 0.00%**
249,581	e*	Chiquita Brands International, Inc				3,951

1

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
5,400		Cresud S.A. (ADR)	$	123
324,000		PT Gudang Garam Tbk		333
		TOTAL AGRICULTURAL PRODUCTION-CROPS		4,407
AGRICULTURAL PRODUCTION-LIVESTOCK - 0.01%
124,864	e	Cal-Maine Foods, Inc		3,152
227,097	e	Pilgrim's Pride Corp		7,887
2,014	e	Seaboard Corp		3,947
		TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK		14,986
AGRICULTURAL SERVICES - 0.01%
35,503		AWB Ltd		77
60,048	e*	Cadiz, Inc		1,135
2,264,000		Chaoda Modern Agriculture		1,841
2,000		Hokuto Corp		33
109,978		Yara International ASA		3,478
		TOTAL AGRICULTURAL SERVICES		6,564
AMUSEMENT AND RECREATION SERVICES - 0.78%
2,025,389	*	Activision, Inc		43,728
429,323	e	Aristocrat Leisure Ltd		5,295
285,719	e*	Bally Technologies, Inc		10,123
716,700		Berjaya Sports Toto BHD		1,052
9,683	e*	bwin Interactive Entertainment		231
1,860,000		China Travel International Inv HK		1,376
48,623		Churchill Downs, Inc		2,429
2,536,000		Dore Holdings Ltd		1,080
77,860	e	Dover Downs Gaming & Entertainment, Inc		809
219,758	*	Euro Disney SCA		28
1,216		Fiera Milano S.p.A.		10
30,147,959	*	Galaxy Entertainment Group Ltd		33,391
4,352	*	GameLoft		36
4,741	*	Gruppo Coin S.p.A.		37
824,745		Harrah's Entertainment, Inc		71,695
28,537		IG Group Holdings plc		221
185,063		International Speedway Corp (Class A)		8,487
2,087,921		Ladbrokes plc		18,444
99,213	e*	Lakes Entertainment, Inc		945
225,231	e*	Leapfrog Enterprises, Inc		1,858
7,129,000		Leisure & Resorts World Corp		467
164,051	e*	Life Time Fitness, Inc		10,063
411,723	e*	Live Nation, Inc		8,749
20,966	e	Lottomatica S.p.A.		758
7,108		Luminar plc		87
218,261	e*	Magna Entertainment Corp		495
289,040	e*	Marvel Entertainment, Inc		6,775
9,000		Mizuno Corp		50
123,933	e*	MTR Gaming Group, Inc		1,181
142,243	e*	Multimedia Games, Inc		1,212
5,688,000		NagaCorp Ltd		1,785
549,547	e	Nintendo Co Ltd		286,100
311,887		OPAP S.A.		12,097
39,600	e	Oriental Land Co Ltd		2,296
21,051		Paddy Power plc		738
150	*	Parken Sport & Entertainment AS		41
349,067		PartyGaming plc		196
413,660	*	Penn National Gaming, Inc		24,414
716,256	*	Pinnacle Entertainment, Inc		19,504

2

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
583,218	e	Publishing & Broadcasting Ltd	$	10,195
139,824		Rank Group plc		463
3,016,200		Resorts World BHD		3,470
261	e	Round One Corp		577
147,900	e	Sega Sammy Holdings, Inc		1,970
475,770	e*	Six Flags, Inc		1,646
1,900		SkiStar AB		35
399,475	e	Sky City Entertainment Group Ltd		1,580
5,988	*	Snai S.p.A.		61
74,755	e	Speedway Motorsports, Inc		2,766
39,936	*	Sportingbet plc		34
771,648	e	TABCORP Holdings Ltd		10,374
181,100		Tanjong plc		951
1,513,655	e	Tattersall's Ltd		5,332
18,000		Tokyo Dome Corp		97
89,290	e*	Town Sports International Holdings, Inc		1,358
1,084		Trigano S.A.		49
3,500		Valor Co Ltd		38
13,046,139		Walt Disney Co		448,657
348,482	e	Warner Music Group Corp		3,520
855,622	*	Westwood One, Inc		2,353
120,658		William Hill plc		1,589
633,222	e*	WMS Industries, Inc		20,960
114,511		World Wrestling Entertainment, Inc		1,727
4,000		Yomiuri Land Co Ltd		17
		TOTAL AMUSEMENT AND RECREATION SERVICES		1,098,102
APPAREL AND ACCESSORY STORES - 0.53%
367,002		Abercrombie & Fitch Co (Class A)		29,617
522,705	*	Aeropostale, Inc		9,963
1,392,538		American Eagle Outfitters, Inc		36,638
612,850	*	AnnTaylor Stores Corp		19,409
371,200		Aoyama Trading Co Ltd		9,436
126,147	e	Bebe Stores, Inc		1,846
3,281,000		Belle International Holdings Ltd		4,313
263,405		Brown Shoe Co, Inc		5,110
71,605		Buckle, Inc		2,717
599,558		Burberry Group plc		8,059
69,170	e*	Cache, Inc		1,235
217		Camaieu		96
282,091	e*	Carter's, Inc		5,628
169,802	e*	Casual Male Retail Group, Inc		1,521
237,928		Cato Corp (Class A)		4,863
857		Charles Voegele Holding AG.		75
136,417	*	Charlotte Russe Holding, Inc		1,997
739,523	e*	Charming Shoppes, Inc		6,212
736,811	*	Chico's FAS, Inc		10,352
123,320	*	Children's Place Retail Stores, Inc		2,994
193,026	e	Christopher & Banks Corp		2,340
72,598	e*	Citi Trends, Inc		1,580
28,012	e	DEB Shops, Inc		753
383,704	e*	Dress Barn, Inc		6,527
89,465	e*	DSW, Inc (Class A)		2,252
179,893	e*	Eddie Bauer Holdings, Inc		1,547
41,000		Fast Retailing Co Ltd		2,367
267,364	*	Finish Line, Inc (Class A)		1,160

3

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
583,796		Foot Locker, Inc	$	8,950
130,951		Foschini Ltd		988
7,346,639		Gap, Inc		135,472
1,441,100		Giordano International Ltd		708
558,225	*	Hanesbrands, Inc		15,664
520,054		Hennes & Mauritz AB (B Shares)		32,967
281,666	*	HOT Topic, Inc		2,101
198,269		Inditex S.A.		13,361
495,065	e*	J Crew Group, Inc		20,545
149,687	*	Jo-Ann Stores, Inc		3,158
116,948	e*	JOS A Bank Clothiers, Inc		3,908
2,430,744	*	Kohl's Corp		139,355
1,364,175		Limited Brands, Inc		31,226
6,600		Lindex AB		109
6,534		Lotte Shopping Co Ltd		2,784
118,227	e*	New York & Co, Inc		721
5,400		Nishimatsuya Chain Co Ltd		68
1,842,836		Nordstrom, Inc		86,411
374,897	e*	Pacific Sunwear Of California, Inc		5,549
648,500		Ports Design Ltd		2,248
580,932		Ross Stores, Inc		14,895
62,081	*	Shoe Carnival, Inc		980
14,924		Specialty Fashion Group Ltd		21
256,483	e	Stage Stores, Inc		4,676
37,875	e	Syms Corp		569
141,135	e	Talbots, Inc		2,540
309,513		Truworths International Ltd		1,420
165,211	e*	Tween Brands, Inc		5,426
129,927	e*	Under Armour, Inc (Class A)		7,772
2,900		United Arrows Ltd		36
459,528	*	Urban Outfitters, Inc		10,018
398,005	*	Wet Seal, Inc (Class A)		1,540
587,212		Woolworths Holdings Ltd		1,543
		TOTAL APPAREL AND ACCESSORY STORES		738,336
APPAREL AND OTHER TEXTILE PRODUCTS - 0.17%
567,900	e	Asics Corp		8,791
17,000		Atsugi Co Ltd		22
3,205		Benetton Group S.p.A.		54
77,326	e	Columbia Sportswear Co		4,277
25,748		Companhia de Tecidos Norte de Minas - Coteminas		173
1,125	*	Escada AG.		42
1,442		Gerry Weber International AG.		47
69,836	e*	G-III Apparel Group Ltd		1,375
222,848		Guess ?, Inc		10,926
172,200		Gunze Ltd		849
225,179	*	Gymboree Corp		7,935
426,852		Jones Apparel Group, Inc		9,019
167,923	e	Kellwood Co		2,863
422,000		Li Ning Co Ltd		1,458
464,240	e	Liz Claiborne, Inc		15,937
146,286	e*	Lululemon Athletica, Inc		6,148
180,062	*	Maidenform Brands, Inc		2,859
1,533		Mariella Burani S.p.A.		50
2,900		Marzotto S.p.A.		17
2,236,514	e	Mitsubishi Rayon Co Ltd		15,849

4

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
4,400		New Wave Group AB (B Shares)	$	44
226,124		Nisshinbo Industries, Inc		3,144
377,100		Onward Kashiyama Co Ltd		3,815
287,169		Phillips-Van Heusen Corp		15,071
1,630		Point, Inc		56
859,590		Polo Ralph Lauren Corp		66,833
711,967	e*	Quiksilver, Inc		10,181
4,400	*	Renown, Inc		33
9,000		Sanyo Shokai Ltd		66
16,900		Shimamura Co Ltd		1,582
2,138		Ten Cate NV		87
17,394		Tokyo Style Co Ltd		181
190,000		Toyobo Co Ltd		445
73,138	e*	True Religion Apparel, Inc		1,287
625		VAN DE Velde		32
407,509		VF Corp		32,906
77,400	e	Wacoal Holdings Corp		951
264,939	*	Warnaco Group, Inc		10,351
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		235,756
AUTO REPAIR, SERVICES AND PARKING - 0.08%
451,313		Aisin Seiki Co Ltd		18,034
55,638	e*	Amerco, Inc		3,531
140,837	e*	Dollar Thrifty Automotive Group, Inc		4,885
350,252	e*	Exide Technologies		2,277
2,000		Haldex AB		46
14,169		Helphire plc		98
1,530,458	*	Hertz Global Holdings, Inc		34,772
5,000		Ichikoh Industries Ltd		13
17,000		Kayaba Industry Co Ltd		82
87,160	*	Midas, Inc		1,645
61,044		Monro Muffler, Inc		2,063
706		Montupet		16
179		Nippon Parking Development Co Ltd		10
268,429		NOK Corp		5,749
7,300		Northgate plc		138
59,800	e	Park24 Co Ltd		538
232,260		Ryder System, Inc		11,381
760		Sixt AG.		38
865		Sixt AG.		31
44,014	*	Standard Parking Corp		1,751
116,029		Sumitomo Rubber Industries, Inc		1,459
3,032,653	e	T RAD Co Ltd		17,029
214,422	*	Wright Express Corp		7,824
		TOTAL AUTO REPAIR, SERVICES AND PARKING		113,410
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.15%
435,314		Advance Auto Parts		14,609
92,384		Asbury Automotive Group, Inc		1,830
670,542	*	Autonation, Inc		11,882
614,328	*	Autozone, Inc		71,348
3,081		Brembo S.p.A.		41
210,829		Canadian Tire Corp (Class A)		16,824
892,398	*	Carmax, Inc		18,142
366,487	*	Copart, Inc		12,603
278,409	e*	CSK Auto Corp		2,965

5

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
4,152		Fleetwood Corp Ltd	$	36
550		Gulliver International Co Ltd		26
442,477		Inchcape plc		3,811
93,718	e	Lithia Motors, Inc (Class A)		1,599
85,903	e*	MarineMax, Inc		1,251
67,771		MOL Hungarian Oil and Gas plc		10,974
12,000		Nippon Sharyo Ltd		27
8,000		Nissan Shatai Co Ltd		49
3,700		Nissin Kogyo Co Ltd		107
483,443	*	O'Reilly Automotive, Inc		16,152
269,553	e	Penske Auto Group, Inc		5,456
769		Rodriguez Group		34
123,671	e*	Rush Enterprises, Inc (Class A)		3,135
177,883	e	Sonic Automotive, Inc (Class A)		4,259
78,838		Super Group Ltd		148
290,253	e	Suzuki Motor Corp		8,591
15,000	e	Toyo Tire & Rubber Co Ltd		87
740	*	TravelCenters of America LLC		24
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		206,010
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.44%
306,000		Anhui Conch Cement Co Ltd		2,649
139,087	e*	Builders FirstSource, Inc		1,499
401,364	e*	Central Garden and Pet Co (Class A)		3,604
1,100		Dalhoff Larsen & Horneman AS (Class B)		20
587,067		Fastenal Co		26,659
70,255		Grafton Group plc		787
10,094,310	e	Home Depot, Inc		327,459
3,100		Keiyo Co Ltd		16
1,078,941		Kingfisher plc		3,947
8,090,492		Lowe's Cos, Inc		226,696
7,000		Nice Holdings, Inc		22
9,000		Nichias Corp		92
1,900		Nichiha Corp		21
153,170	*	RONA, Inc		3,354
25,000		Sankyo-Tateyama Holdings, Inc		35
4,000		Takiron Co Ltd		13
715,821		Travis Perkins plc		22,613
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		619,486
BUSINESS SERVICES - 5.66%
2,437,609	*	3Com Corp		12,042
69,493	e*	3D Systems Corp		1,641
12,114		888 Holdings plc		30
254,661		Aaron Rents, Inc		5,679
347,931		ABM Industries, Inc		6,952
153,113	e*	Acacia Research (Acacia Technologies)		2,248
4,480,051		Accenture Ltd (Class A)		180,322
25	e*	Access Co Ltd		83
9,690	e	Acciona S.A.		2,635
196,115	*	ACI Worldwide, Inc		4,383
437,951	*	Actuate Corp		2,825
415,162		Acxiom Corp		8,216
887,625	e	Adecco S.A.		52,491
196,799		Administaff, Inc		7,144
4,853,748	*	Adobe Systems, Inc		211,915

6

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
92,496	e*	Advent Software, Inc	$	4,345
314,433		Aegis Group plc		804
564,579	*	Affiliated Computer Services, Inc (Class A)		28,364
82,149		Aggreko plc		971
113,949	e	Aircastle Ltd		3,808
703,817	e*	Akamai Technologies, Inc		20,221
1,800	*	Aladdin Knowledge Systems		40
360,479	*	Alliance Data Systems Corp		27,915
120,147	e	Alpha Systems, Inc		2,531
878,004	*	Amdocs Ltd		32,653
147,648	e*	American Reprographics Co		2,764
184,164	e*	AMN Healthcare Services, Inc		3,449
159,932	*	Ansoft Corp		5,275
482,818	*	Ansys, Inc		16,498
8	*	Aplix Corp		8
169,662	e	Arbitron, Inc		7,692
453,601	e*	Ariba, Inc		4,890
629,399	e*	Art Technology Group, Inc		1,901
26,700		Asatsu-DK, Inc		860
614,522	e*	Aspen Technology, Inc		8,800
13,466		Asseco Poland S.A.		378
88,639	e	Asset Acceptance Capital Corp		1,028
10,232	*	athenahealth, Inc		347
59,348	*	Atos Origin S.A.		3,453
1,586,113	*	Autodesk, Inc		79,258
2,851,548		Automatic Data Processing, Inc		130,972
182,264	*	Autonomy Corp plc		3,211
260,377		Autostrade S.p.A.		8,796
448,431	*	Avis Budget Group, Inc		10,265
304,278	*	Avocent Corp		8,861
38,603		B2W Companhia Global Do Varejo		1,822
58,176	e*	Bankrate, Inc		2,683
44,775	e	Barrett Business Services		1,067
2,483,598	*	BEA Systems, Inc		34,447
1,168,086	e*	BearingPoint, Inc		4,731
1,087		Bechtle AG.		47
287,986		Blackbaud, Inc		7,269
152,617	e*	Blackboard, Inc		6,996
8,203	*	BladeLogic, Inc		210
96,026	e*	Blue Coat Systems, Inc		7,563
1,376,392	*	BMC Software, Inc		42,985
16,614	e	Boom Logistics Ltd		45
433,120	e*	Borland Software Corp		1,884
108,771	e*	Bottomline Technologies, Inc		1,363
236,680	e*	BPZ Energy, Inc		1,846
297,309	e	Brady Corp (Class A)		10,667
192,186		Brink's Co		10,739
932		Brunel International		26
8,433	*	Bull S.A.		59
6,448	*	Buongiorno S.p.A.		22
98,710	*	Business Objects S.A.		4,406
1,851,160		CA, Inc		47,612
309,300	e	CAC Corp		1,664
281,787	*	CACI International, Inc (Class A)		14,396
1,346,254	*	Cadence Design Systems, Inc		29,873
4,500		Capcom Co Ltd		104

7

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
57,595	e*	Capella Education Co	$	3,220
209,538	*	Catalina Marketing Corp		6,787
22,011	e*	Cavium Networks, Inc		715
366,921	e*	CBIZ, Inc		2,917
12,600	*	CDNetworks Co Ltd		296
636,422	*	Ceridian Corp		22,109
276,916	e*	Cerner Corp		16,562
642,473	*	CGI Group, Inc (Class A)		7,357
133,400	*	Check Point Software Technologies		3,359
344,373	e*	Checkfree Corp		16,027
1,733		Cheil Communications, Inc		513
468,000	*	China LotSynergy Holdings Ltd		54
340,682	*	ChoicePoint, Inc		12,919
311,197	*	Chordiant Software, Inc		4,313
338,923	*	Ciber, Inc		2,647
173,628	e	Cintra Concesiones de Infraestructuras de Transporte S.A.		2,644
7,800	*	Cision AB		29
965,413	*	Citrix Systems, Inc		38,925
71,775	e*	Clayton Holdings, Inc		575
170,873	e*	Clear Channel Outdoor Holdings, Inc (Class A)		4,357
2,866,910	e*	CMGI, Inc		3,899
820,715	e*	CNET Networks, Inc		6,114
24,425		Coates Hire Ltd		131
275,557	*	Cogent Communications Group, Inc		6,431
235,287	e*	Cogent, Inc		3,689
238,314		Cognex Corp		4,232
776,236	*	Cognizant Technology Solutions Corp (Class A)		61,920
165,983	*	Cognos, Inc		6,859
1,576	*	ComBOTS AG.		26
265,777	e*	Commvault Systems, Inc		4,922
118,896	e	Compass Diversified Trust		1,909
10,643		Computacenter plc		44
1,200		Computer Engineering & Consulting Ltd		12
47,162	e	Computer Programs & Systems, Inc		1,243
2,227,291	*	Computer Sciences Corp		124,506
905,586		Computershare Ltd		7,465
1,241,662	*	Compuware Corp		9,958
117,610	*	COMSYS IT Partners, Inc		1,977
206,438	e*	Concur Technologies, Inc		6,507
887,232	*	Convergys Corp		15,402
618,000		COSCO Pacific Ltd		1,956
101,083	e*	CoStar Group, Inc		5,403
2,124		CPL Resources plc		16
373,332	*	CSG Systems International, Inc		7,933
35,847		CSK Holdings Corp		1,401
390,357		Ctrip.com International Ltd (ADR)		20,220
45		CyberAgent, Inc		19
163,299	e*	Cybersource Corp		1,909
24		Cybozu, Inc		7
20,960	e	Dassault Systemes S.A.		1,375
9,700	*	Data Domain, Inc		300
177,407	*	DealerTrack Holdings, Inc		7,430
306,620		Deluxe Corp		11,296
25		Dena Co Ltd		110
1,491		Dentsu, Inc		4,232
19,300	*	Dice Holdings, Inc		198

8

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
217,994	e*	Digital River, Inc	$	9,755
97,118	e*	DivX, Inc		1,444
41,024	*	Double-Take Software, Inc		784
390,247	*	DST Systems, Inc		33,487
206,399	*	DynCorp International, Inc (Class A)		4,770
12,173	e	eAccess Ltd		6,761
787,173	*	Earthlink, Inc		6,234
7,236,201	*	eBay, Inc		282,357
147,262	e*	Echelon Corp		3,683
247,197	e*	Eclipsys Corp		5,765
1,040		Econtext, Inc		887
99,361	e	Electro Rent Corp		1,392
1,476,419	*	Electronic Arts, Inc		82,665
3,842,745		Electronic Data Systems Corp		83,926
190,147	e*	Elpida Memory, Inc		6,986
11		en-japan, Inc		45
400	m,v*	Envision Development Corp		-	^
312,648	*	Epicor Software Corp		4,305
161,269	e*	EPIQ Systems, Inc		3,035
913,249		Equifax, Inc		34,813
166,488	e*	Equinix, Inc		14,766
9,327	*	Erinaceous Group plc		10
7,577	e*	Escala Group, Inc		15
173,363	e*	eSpeed, Inc (Class A)		1,479
472,876	e*	Evergreen Energy, Inc		2,412
120,574	e*	ExlService Holdings, Inc		2,563
1,027,845	*	Expedia, Inc		32,768
1,715,695		Experian Group Ltd		18,148
343,640	*	F5 Networks, Inc		12,780
219,336		Factset Research Systems, Inc		15,035
233,396	e	Fair Isaac Corp		8,428
169,310	*	FalconStor Software, Inc		2,040
25,500	e*	Fast Search & Transfer ASA		52
1,093	e	Fidec Corp		1,256
883,932		Fidelity National Information Services, Inc		39,220
42,414	e*	First Advantage Corp (Class A)		749
991,994	*	Fiserv, Inc		50,453
146,515	e*	Focus Media Holding Ltd (ADR)		8,501
108,703	*	Forrester Research, Inc		2,562
8,741		F-Secure Oyj		30
100,588	e	FTD Group, Inc		1,497
8,160	e	FUJI SOFT, Inc		167
1,992,990		Fujitsu Ltd		14,089
17		Fullcast Co Ltd		11
22		Future Architect, Inc		10
15,597		Fuyo General Lease Co Ltd		413
365,803	*	Gartner, Inc		8,948
6		Gendai Agency, Inc		6
232,000		GeoVision, Inc		2,008
127,331	*	Gerber Scientific, Inc		1,382
12,636		Getronics NV		112
327,442	*	Getty Images, Inc		9,116
145,986		Gevity HR, Inc		1,496
234,587	*	Global Cash Access, Inc		2,484
99,318	e*	Global Sources Ltd		2,202
4,100		GMO internet, Inc		13

9

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
56,401		GN Store Nord	$	572
977	e	Goodwill Group, Inc		183
1,409,646	*	Google, Inc (Class A)		799,650
11		Gourmet Navigator, Inc		11
350,000	*	Gravity Co Ltd (ADR)		1,498
826,693		Group 4 Securicor plc		3,417
8,717	e	Gruppo Editoriale L'Espresso S.p.A.		43
3,695	e*	Guidance Software, Inc		47
95,339	e*	H&E Equipment Services, Inc		1,714
18,890		Hakuhodo DY Holdings, Inc		1,325
1,630,173		Hays plc		4,436
227,949	e	Healthcare Services Group		4,621
76,437	e	Heartland Payment Systems, Inc		1,964
152,374		Heidrick & Struggles International, Inc		5,554
3,332		Hellaby Holdings Ltd		7
762,396	e*	HLTH Corp		10,803
110,358	e*	HMS Holdings Corp		2,716
218,338	*	Hudson Highland Group, Inc		2,779
280,368	e*	Hypercom Corp		1,267
85,585	e*	i2 Technologies, Inc		1,305
38,408	e*	ICT Group, Inc		515
125,666	*	iGate Corp		1,077
202,734	*	IHS, Inc (Class A)		11,452
11		Ikyu Corp		7
64,125	e	Imergent, Inc		1,438
825,485		IMS Health, Inc		25,293
344,700	e	Indra Sistemas S.A.		9,324
527,877	*	Informatica Corp		8,288
427,900	a	Information Development Co		2,086
183,648		Infospace, Inc		3,225
395,094		Infosys Technologies Ltd		18,767
126,420	e	Infosys Technologies Ltd (ADR)		6,117
178,221		infoUSA, Inc		1,656
124,522	e*	Innerworkings, Inc		2,145
59,280	*	Innovation Group plc		36
72,013	e*	Innovative Solutions & Support, Inc		1,366
4,400		INTEC Holdings Ltd		62
44,684	e	Integral Systems, Inc		960
22		Intelligence Ltd		33
16,201	a,e	Intelligent Wave, Inc		3,724
212,829		Interactive Data Corp		6,002
69,305	*	Interactive Intelligence, Inc		1,317
239,899	e*	Internap Network Services Corp		3,399
228,730	e*	Internet Capital Group, Inc		2,745
439	e	Internet Initiative Japan Inc		1,399
2,052,167	e*	Interpublic Group of Cos, Inc		21,301
330,216	*	Interwoven, Inc		4,699
2,088,772	*	Intuit, Inc		63,290
162,305	*	inVentiv Health, Inc		7,112
306,764	e*	Ipass, Inc		1,288
1,296,144	*	Iron Mountain, Inc		39,506
34,755		iSOFT Group plc		49
427,912		Jack Henry & Associates, Inc		11,066
155,400	*	JDA Software Group, Inc		3,211
376,429	e	JSR Corp		9,225
2,657,931	*	Juniper Networks, Inc		97,307

10

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
1,000		Justsystems Corp	$	6
803	e	Kakaku.com, Inc		2,055
125,492		Kelly Services, Inc (Class A)		2,486
133,652	*	Kenexa Corp		4,114
85,946	*	Keynote Systems, Inc		1,180
218,952	*	Kforce, Inc		2,816
736,595	*	Kinetic Concepts, Inc		41,456
945	*	KK DaVinci Advisors		710
146,717	e*	Knot, Inc		3,119
79,810	e	Konami Corp		2,175
367,640	*	Korn/Ferry International		6,070
375,614	*	Labor Ready, Inc		6,953
342,395		Lamar Advertising Co (Class A)		16,767
786,482	e*	Lawson Software, Inc		7,873
21,000	*	Limelight Networks, Inc		184
363,072	*	Lionbridge Technologies		1,449
43,148	*	Liquidity Services, Inc		474
194,419	*	LivePerson, Inc		1,198
3,688,764		LogicaCMG plc		11,415
151,699	e*	LoJack Corp		2,876
351	e	Macromill, Inc		617
315,392	e*	Magma Design Automation, Inc		4,438
212,473	*	Manhattan Associates, Inc		5,824
601,007		Manpower, Inc		38,675
168,412	*	Mantech International Corp (Class A)		6,059
123,216	e	Marchex, Inc (Class B)		1,172
516,965	e	Mastercard, Inc (Class A)		76,495
870,250	*	McAfee, Inc		30,346
26,934	e	Meitec Corp		790
485,173	e*	Mentor Graphics Corp		7,326
2,576,064		Michael Page International plc		21,741
53,006,196		Microsoft Corp		1,561,563
77,665	*	MicroStrategy, Inc (Class A)		6,162
176,197	e*	Midway Games, Inc		768
186,692		Misys plc		844
295,930		Mitsubishi UFJ Lease & Finance Co Ltd		9,816
4,126		MJ Maillis S.A.		14
347,117		MoneyGram International, Inc		7,841
566,228	*	Monster Worldwide, Inc		19,286
3,708		Morgan Sindall plc		119
12,839		Morse plc		23
1,150		Moshi Moshi Hotline, Inc		56
553,985	*	Move, Inc		1,529
664,469	*	MPS Group, Inc		7,409
222,901	e*	MSC.Software Corp		3,036
681,380	*	NAVTEQ Corp		53,127
729,057	*	NCR Corp		36,307
7,840	*	NCSoft Corp		696
3,056,628	e	NEC Corp		14,849
154,553	e*	Ness Technologies, Inc		1,688
247,497	e*	NetFlix, Inc		5,128
141,384	*	Network Equipment Technologies, Inc		2,050
1,087		NextCom K.K.		233
31,622	*	NHN Corp		7,318
211,637	e	NIC, Inc		1,469
163,138	e	Nippon System Development Co Ltd		2,582

11

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
365,401		Nippon Systemware Co Ltd	$	1,737
322,055		Nomura Research Institute Ltd		10,963
24,000	*	Norse Energy Corp ASA		16
53,725		Northgate Information Solutions plc		78
3,503,272	*	Novell, Inc		26,765
6,348	e	NTT Data Corp		28,296
768,841	e*	Nuance Communications, Inc		14,846
22,085		Obic Co Ltd		4,284
2,290,885		Omnicom Group, Inc		110,169
163,813	e*	Omniture, Inc		4,967
202,371	*	On Assignment, Inc		1,890
122,903	e*	Online Resources Corp		1,553
58,823	*	Open Text Corp		1,535
532,353	e*	OpenTV Corp (Class A)		788
7		OPT, Inc		22
26,899,407	*	Oracle Corp		582,372
151,059	e	Oracle Corp Japan		6,904
11,000		Otsuka Corp		1,079
198,620	e*	Packeteer, Inc		1,509
650,444	*	Parametric Technology Corp		11,331
18		Pasona, Inc		24
275,000		PCA Corp		3,029
108,921	e*	PDF Solutions, Inc		1,076
109,028	e	Pegasystems, Inc		1,297
118,061	e*	PeopleSupport, Inc		1,412
156,989	e*	Perficient, Inc		3,433
520,807	e*	Perot Systems Corp (Class A)		8,807
195,771	*	Phase Forward, Inc		3,917
86,000		Pico Far East Holdings Ltd		30
89,665	e	Portfolio Recovery Associates, Inc		4,759
5,900	m,v*	POS Malaysia & Services Holdings BHD		5
152,475	e*	PRA International		4,483
430,198	*	Premiere Global Services, Inc		5,442
237,701	*	Progress Software Corp		7,202
16,628		Prokom Software S.A.		853
25,940		Promotora de Informaciones S.A.		512
31,881	e*	Protection One, Inc		428
83,715		Public Power Corp		3,319
1,502,515		Publicis Groupe S.A.		61,790
191		PubliGroupe AG.		67
110,604	e	QAD, Inc		958
90,652	e	Quality Systems, Inc		3,321
363,714	*	Quest Software, Inc		6,241
132,839	e*	Radiant Systems, Inc		2,103
124,738	e*	Radisys Corp		1,553
11,400	*	RADWARE Ltd		179
60,281	e	Rakuten, Inc		23,642
282,704		Randstad Holdings NV		15,282
164,012	e*	Raser Technologies, Inc		2,114
578,975	e*	RealNetworks, Inc		3,925
780,904	e*	Red Hat, Inc		15,517
47,625	e	Renaissance Learning, Inc		576
419,848	e*	Rent-A-Center, Inc		7,612
257	*	Retalix Ltd		5
6,120		Rightmove plc		65
86,427	e*	RightNow Technologies, Inc		1,391

12

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
35,905		Ritchie Bros Auctioneers, Inc	$	2,345
959,792		Robert Half International, Inc		28,659
148,779		Rollins, Inc		3,971
111,042	e*	RSC Holdings, Inc		1,821
347,203	*	S1 Corp		3,142
9,384		S1 Corp		563
462,310		Sage Group plc		2,358
575,803	*	Salesforce.com, Inc		29,550
1,649,145		SAP AG.		96,533
448,406	*	Sapient Corp		3,009
7,533	*	SCI Entertainment Group plc		57
201,456		Secom Co Ltd		9,699
316,064	e*	Secure Computing Corp		3,075
214,785		Securitas AB (B Shares)		2,833
17,480		Seek Ltd		141
9,236		Service Point Solutions S.A.		44
9,492		SGS S.A.		10,843
79,111	e*	SI International, Inc		2,260
505		SimCorp A/S		114
1,553,432		Singapore Post Ltd		1,276
31		SJ Holdings, Inc		16
4,291		Skilled Group Ltd		21
126,083	e*	Smith Micro Software, Inc		2,025
20,968	e	Societe Des Autoroutes Paris-Rhin-Rhone		2,204
727,325	e	Softbank Corp		13,424
146,032	e*	Sohu.com, Inc		5,507
92,730,511	e	Solomon Systech International Ltd		8,469
9	*	So-net M3, Inc		24
433,289	*	SonicWALL, Inc		3,783
1,272,612	e*	Sonus Networks, Inc		7,763
85,618		Sorun Corp		420
432,699	e	Sotheby's		20,679
9,587	*	Sourcefire, Inc		87
391,847	*	Spherion Corp		3,237
162,104	*	SPSS, Inc		6,669
160,695	e	Square Enix Co Ltd		5,316
262,875	*	SRA International, Inc (Class A)		7,382
117,934	e*	Stratasys, Inc		3,250
14,933	e	STW Communications Group Ltd		34
16,564,190	*	Sun Microsystems, Inc		92,925
2,948	*	Surfcontrol plc		42
730,950	*	Sybase, Inc		16,907
160,723	*	SYKES Enterprises, Inc		2,670
4,357,570	*	Symantec Corp		84,450
111,096	e*	Synchronoss Technologies, Inc		4,673
91,952	*	SYNNEX Corp		1,891
991,201	*	Synopsys, Inc		26,842
67,599	e	Syntel, Inc		2,811
158,080		Taiwan Secom Co Ltd		266
12,256,402		Taiwan-Sogo Shinkong Security Corp		12,525
53		Take And Give Needs Co Ltd		10
396,825	e*	Take-Two Interactive Software, Inc		6,778
89,486	e	TAL International Group, Inc		2,243
97,684	e*	Taleo Corp (Class A)		2,482
117,097		Tata Consultancy Services Ltd		3,115
42,444	e*	TechTarget, Inc		717

13

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
55,409	e	Telecom Italia Media S.p.A.	$	22
37,235	*	Telelogic AB		120
243,680	*	TeleTech Holdings, Inc		5,826
156,943	*	Temenos Group AG.		3,667
1,455,200		Tencent Holdings Ltd		9,397
102,504	e	TheStreet.com, Inc		1,241
359,116	*	THQ, Inc		8,971
1,219,710	*	TIBCO Software, Inc		9,014
8,236	e*	Tiens Biotech Group USA, Inc		28
60,421	e	Tietoenator Oyj		1,356
127,682	e	TIS, Inc		2,490
146,616	e	TNS, Inc		2,355
164,000	*	Tom Group Ltd		16
248,596	e	Total System Services, Inc		6,906
146,272	e*	TradeStation Group, Inc		1,707
2,900	e	Trans Cosmos, Inc		48
27,048	e*	Travelzoo, Inc		621
438,703	e	Trend Micro, Inc		18,982
239,780	*	Trizetto Group, Inc		4,199
131,368	e*	Ultimate Software Group, Inc		4,585
50,080	e*	Unica Corp		562
1,377,659	*	Unisys Corp		9,120
403,592		United Online, Inc		6,058
442,268	*	United Rentals, Inc		14,228
19,270		USS Co Ltd		1,267
662,034	*	Valueclick, Inc		14,869
157,289	e*	Vasco Data Security International		5,554
10,396	*	Veraz Networks, Inc		73
1,118,599	*	VeriSign, Inc		37,742
146,983		Viad Corp		5,291
239,196	*	Vignette Corp		4,801
99,685	e*	Visual Sciences, Inc		1,439
199,930	e*	VMware, Inc		16,994
68,577	*	Vocus, Inc		2,005
87,534	e*	Volt Information Sciences, Inc		1,544
3,636,862		Waste Management, Inc		137,255
30,830	e*	WebMD Health Corp (Class A)		1,606
247,549	e*	Websense, Inc		4,884
403,492	*	Wind River Systems, Inc		4,749
30,373	*	Wire and Wireless India Ltd		34
39		Works Applications Co Ltd		34
10,192,135		WPP Group plc		138,047
35,685		Xansa plc		94
5,216		Yahoo! Japan Corp		1,975
6,018,939	*	Yahoo!, Inc		161,548
25,255	*	Zee News Ltd		40
7	*	Zentek Technology Japan, Inc		11
		TOTAL BUSINESS SERVICES		7,943,150
CHEMICALS AND ALLIED PRODUCTS - 8.47%
10,706,342		Abbott Laboratories		574,074
73,781	b,e,v*	Able Laboratories, Inc		-	^
109,793	e*	Abraxis BioScience, Inc		2,507
142,947	e*	Acadia Pharmaceuticals, Inc		2,151
11,038	*	Acambis plc		28
224,212	e*	Acorda Therapeutics, Inc		4,114

14

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
8,700	*	Actelion Ltd	$	482
460,558	e*	Adams Respiratory Therapeutics, Inc		17,750
8,600		ADEKA Corp		90
162,055	*	Agrium, Inc		8,827
500		Ain Pharmaciez, Inc		9
548,283		Air Liquide		73,382
1,665,088		Air Products & Chemicals, Inc		162,779
135,000		Air Water, Inc		1,504
1,344,668		Akzo Nobel NV		110,827
157,916	*	Albany Molecular Research, Inc		2,385
688,507		Albemarle Corp		30,432
829,587		Alberto-Culver Co		20,565
11,261		Alexandria Mineral Oils Co		145
190,686	e*	Alexion Pharmaceuticals, Inc		12,423
153,647	e*	Alexza Pharmaceuticals, Inc		1,331
217,160		Alfa S.A. de C.V. (Class A)		1,469
18,325		Alfresa Holdings Corp		1,169
20,536	*	Alizyme plc		30
700		ALK-Abello AS		142
531,865	e*	Alkermes, Inc		9,786
225,057	e*	Allos Therapeutics, Inc		1,069
185,135	e*	Alnylam Pharmaceuticals, Inc		6,067
253,696	*	Alpharma, Inc (Class A)		5,419
2,848,000		Aluminum Corp of China Ltd		8,188
75,683	e*	AMAG Pharmaceuticals, Inc		4,329
247,870	*	American Oriental Bioengineering, Inc		2,764
97,580	e	American Vanguard Corp		1,905
7,944,360	*	Amgen, Inc		449,412
5,740	*	Amicus Therapeutics, Inc		96
2,210		Amorepacific Corp		1,649
14,546		Amorepacific Corp		3,028
96,519	*	Animal Health International, Inc		1,074
97,288	b,e*	Aphton Corp		-	^
153,020		Arch Chemicals, Inc		7,174
330,485	e*	Arena Pharmaceuticals, Inc		3,619
1,208	e*	Arkema		74
257,125	e*	Arqule, Inc		1,833
224,415	e*	Array Biopharma, Inc		2,520
204,175	e*	Arrowhead Research Corp		1,031
2,902,167	e	Asahi Kasei Corp		23,447
135,465		Aspen Pharmacare Holdings Ltd		659
1,185,675		Astellas Pharma, Inc		56,876
1,912,271		AstraZeneca plc		95,817
42		AstraZeneca plc (ADR)		2
1,450		Auriga Industries (Class B)		30
133,348	*	Auxilium Pharmaceuticals, Inc		2,811
159,031	e*	Aventine Renewable Energy Holdings, Inc		1,681
427,079		Avery Dennison Corp		24,352
1,809,561		Avon Products, Inc		67,913
453		Bachem Holding AG.		38
93,986		Balchem Corp		1,918
450,517	*	Barr Pharmaceuticals, Inc		25,639
882,562		BASF AG.		122,073
669	*	Basilea Pharmaceutica		153
26,385		Beiersdorf AG.		1,976
107,452	e*	Bentley Pharmaceuticals, Inc		1,341

15

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
26,626	e*	Biodel, Inc	$	454
16,300	e*	Bioenvision, Inc		86
1,730,411	*	Biogen Idec, Inc		114,778
499,177	e*	BioMarin Pharmaceuticals, Inc		12,430
56,884	e*	BioMimetic Therapeutics, Inc		759
231,269	e*	Bionovo, Inc		890
18,611	*	Biota Holdings Ltd		27
650,525	*	Bioton S.A.		295
390,067	e*	Biovail Corp International		6,792
902		Boiron S.A.		22
120,049	e*	Bradley Pharmaceuticals, Inc		2,185
108,451		Braskem S.A.		1,022
9,521,520		Bristol-Myers Squibb Co		274,410
9,000,000		C&O Pharmaceutical Technology Holdings Ltd		3,029
520,762		Cabot Corp		18,503
87,345	e*	Cadence Pharmaceuticals, Inc		1,223
219,927	e*	Calgon Carbon Corp		3,070
164,410		Cambrex Corp		1,790
89,195	e*	Caraco Pharmaceutical Laboratories Ltd		1,360
1,205,260		Celanese Corp (Series A)		46,981
294,183	*	Cell Genesys, Inc		1,124
6,880	*	Cellestis Ltd		18
140,000		Century Sunshine Ecological Technology Holdings Ltd		16
299,689	e*	Cephalon, Inc		21,895
363,199		CF Industries Holdings, Inc		27,570
261,321	*	Charles River Laboratories International, Inc		14,673
355,805	e*	Chattem, Inc		25,091
1,017,730		Chemtura Corp		9,048
489,370		Chugai Pharmaceutical Co Ltd		8,082
5,000		Chugoku Marine Paints Ltd		65
271,775	e	Church & Dwight Co, Inc		12,784
22,776		Ciba Specialty Chemicals AG.		1,161
378,472		Cipla Ltd		1,732
273,000	*	CK Life Sciences International Holdings, Inc		23
74,973		Clariant AG.		922
593,864		Clorox Co		36,220
4,561,211		Colgate-Palmolive Co		325,306
13,961		Croda International		183
2,614	*	CropEnergies AG.		17
363,200	e*	Crucell NV		7,463
385,474		CSL Ltd		36,702
423,880	e*	Cubist Pharmaceuticals, Inc		8,957
173,144	*	Cypress Bioscience, Inc		2,370
529,841		Cytec Industries, Inc		36,236
229,312	*	Cytokinetics, Inc		1,174
716,992	e*	CytRx Corp		2,481
498,054		Dade Behring Holdings, Inc		38,026
10,000		Dai Nippon Toryo Co Ltd		15
1,747,833		Daicel Chemical Industries Ltd		13,832
1,389,600	e	Daiichi Sankyo Co Ltd		41,737
2,802,099		Dainippon Ink and Chemicals, Inc		12,417
411,463	e*	Dendreon Corp		3,164
443,068	e*	Discovery Laboratories, Inc		1,192
84,162	*	Dov Pharmaceutical, Inc		21
5,298,237		Dow Chemical Co		228,142
106,595		Dr Reddy's Laboratories Ltd		1,739

16

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
1,248,707	e	DSM NV	$	67,395
4,976,240		Du Pont (E.I.) de Nemours & Co		246,622
323,777	e*	Durect Corp		1,774
83,674		Dyno Nobel Ltd		200
355,440		Eastman Chemical Co		23,719
863,112		Ecolab, Inc		40,739
8,976		Egyptian International Pharmaceutical Industrial Co		45
200,400		Eisai Co Ltd		9,473
383,362	*	Elan Corp plc		8,058
436,559	*	Elan Corp plc (ADR)		9,185
4,215,653		Eli Lilly & Co		239,997
163,117	e*	Elizabeth Arden, Inc		4,398
26,767	e*	Emergent Biosolutions, Inc		238
334,392	e*	Encysive Pharmaceuticals, Inc		505
125,120		Engro Chemical Pakistan Ltd		536
247,285	e*	Enzon Pharmaceuticals, Inc		2,179
457,768		Estee Lauder Cos (Class A)		19,437
248,640		Eternal Chemical Co Ltd		341
300,000	e*	Eurand NV		4,845
255,500		Fauji Fertilizer Co Ltd		484
258,190		Ferro Corp		5,159
22,484		Filtrona plc		105
295,840		FMC Corp		15,390
181		Forbo Holding AG.		107
2,412,427	*	Forest Laboratories, Inc		89,959
3,048,235		Formosa Plastics Corp		8,490
1,329		Fuchs Petrolub AG.		123
1,700		Fujimi, Inc		35
3,486,427	*	Genentech, Inc		272,011
392,439	e*	GenVec, Inc		922
1,503,309	*	Genzyme Corp		93,145
209,132	e	Georgia Gulf Corp		2,907
375,343	e*	Geron Corp		2,748
6,285,316	*	Gilead Sciences, Inc		256,881
9,981		GlaxoSmithkline Pharmaceuticals Ltd		280
8,335,891		GlaxoSmithKline plc		221,206
161		GlaxoSmithKline plc (ADR)		9
102,386		Glenmark Pharmaceuticals Ltd		1,085
2,146,000		Global Bio-Chem Technology Group Co Ltd		828
31,660	e*	GlobeTel Communications Corp		4
74,754	e*	GTx, Inc		1,217
5,000		Gun-Ei Chemical Industry Co Ltd		12
17,488		H Lundbeck A/S		475
1,541		H&R WASAG AG.		51
692,350		H.B. Fuller Co		20,549
340,580	e*	Halozyme Therapeutics, Inc		2,960
3,094		Hanmi Pharm Co Ltd		468
33,180		Hanwha Chemical Corp		876
84,000		Haw Par Corp Ltd		458
59,896		Henkel KGaA		3,082
664,833		Hercules, Inc		13,975
12,137		Hikma Pharmaceuticals plc		104
836,536		Hindustan Lever Ltd		4,631
1,100		Hogy Medical Co Ltd		52
9,886		Honam Petrochemical Corp		1,631
829,796	*	Hospira, Inc		34,395

17

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
772,676	e*	Human Genome Sciences, Inc	$	7,951
847,347		Huntsman Corp		22,446
91,811	e*	Idenix Pharmaceuticals, Inc		265
138,303	*	Idexx Laboratories, Inc		15,157
249,516	*	ImClone Systems, Inc		10,315
424,629	*	Immucor, Inc		15,181
980,587		Imperial Chemical Industries plc		13,081
279,595	e*	Indevus Pharmaceuticals, Inc		1,932
317,654		Indian Petrochemicals Co		3,655
2,374	e*	Innogenetics NV		22
141,291	e	Innophos Holdings, Inc		2,153
148,092		Innospec, Inc		3,374
368		Inter Parfums S.A.		18
32,181	e	Inter Parfums, Inc		762
3,066	*	Intercell AG.		110
271,455	e*	InterMune, Inc		5,193
357,393		International Flavors & Fragrances, Inc		18,892
271,396	e*	Inverness Medical Innovations, Inc		15,014
549,498	*	Invitrogen Corp		44,910
46,000		Ishihara Sangyo Kaisha Ltd		64
355,152		Israel Chemicals Ltd		3,385
220,756	e*	Javelin Pharmaceuticals, Inc		1,108
76,937	e	Kaiser Aluminum Corp		5,429
12,000	e	Kaken Pharmaceutical Co Ltd		87
39,144		Kansai Paint Co Ltd		300
703,029		Kao Corp		20,993
2,200		Katakura Industries Co Ltd		38
1,915,069	e*	Keryx Biopharmaceuticals, Inc		19,036
2,396,095	*	King Pharmaceuticals, Inc		28,082
1,169,227		Kingboard Chemical Holdings Ltd		7,445
112,287		Koppers Holdings, Inc		4,335
26,577		Kose Corp		706
18,504	e	Kronos Worldwide, Inc		349
306,000		Kuraray Co Ltd		3,876
241,268	e*	KV Pharmaceutical Co (Class A)		6,900
346,815		Kyowa Hakko Kogyo Co Ltd		3,572
44,862	*	La Seda de Barcelona S.A. (Class B)		143
112,553	e*	Landec Corp		1,740
29,822		LG Chem Ltd		3,128
6,986		LG Household & Health Care Ltd		1,260
29,980		LG Petrochemical Co Ltd		1,491
479,676	e	Ligand Pharmaceuticals, Inc (Class B)		2,562
58,211		Linde AG.		7,229
13,983		Lonza Group AG.		1,525
224,728		L'Oreal S.A.		29,481
510,750		Lubrizol Corp		33,229
1,077,439		Lyondell Chemical Co		49,939
191,845	*	Makhteshim-Agan Industries Ltd		1,703
2,100		Mandom Corp		51
99,116	e	Mannatech, Inc		803
238,298	e*	MannKind Corp		2,307
194,949	e*	Martek Biosciences Corp		5,659
665,085	e*	Medarex, Inc		9,418
101,319		Mediceo Paltac Holdings Co Ltd		1,549
277,049	e*	Medicines Co		4,934
303,140	e	Medicis Pharmaceutical Corp (Class A)		9,249

18

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
112,527	e*	Medivation, Inc	$	2,256
14,464,710		Merck & Co, Inc		747,681
21,073		Merck KGaA		2,542
230,157		Meridian Bioscience, Inc		6,978
718,161		Methanex Corp		18,072
524,404	*	MGI Pharma, Inc		14,568
1,267,400	*	Millennium Pharmaceuticals, Inc		12,864
111,872		Minerals Technologies, Inc		7,495
253,851	e*	Minrad International, Inc		1,216
5,000		Miraca Holdings, Inc		113
2,705,000		Mitsubishi Chemical Holdings Corp		23,549
63,081		Mitsubishi Gas Chemical Co, Inc		585
7,000		Mochida Pharmaceutical Co Ltd		66
5,773	e*	Molecular Insight Pharmaceuticals, Inc		39
121,191	e*	Momenta Pharmaceuticals, Inc		1,380
2,901,574		Monsanto Co		248,781
637	*	Morphosys AG.		39
1,155,172	*	Mosaic Co		61,825
1,018,369	*	Mylan Laboratories, Inc		16,253
364,586	e*	Nabi Biopharmaceuticals		1,480
843,286		Nalco Holding Co		25,003
4,324,821		Nan Ya Plastics Corp		11,145
126,180	e*	Nastech Pharmaceutical Co, Inc		1,679
11,794	*	Natraceutical S.A.		21
170,081		Natura Cosmeticos S.A.		2,041
658,699	*	NBTY, Inc		26,743
2,952		Neochimiki LV Lavrentiadis S.A.		87
215,069	e*	Neurocrine Biosciences, Inc		2,151
1,075	*	NeuroSearch AS		80
94,322	e	NewMarket Corp		4,658
4,595	*	NicOx S.A.		110
488,550	e	Nippon Chemiphar Co Ltd		1,799
25,429		Nippon Kayaku Co Ltd		212
5,000		Nippon Shinyaku Co Ltd		44
20,446		Nippon Shokubai Co Ltd		199
12,000		Nippon Soda Co Ltd		55
7,000		Nippon Valqua Industries Ltd		24
25,429		Nissan Chemical Industries Ltd		314
49,490	e	NL Industries, Inc		561
17,000		NOF Corp		74
99,329		Nova Chemicals Corp		3,826
17,377	*	Novacea, Inc		139
4,369,605		Novartis AG.		241,140
110,000		Novartis AG. (ADR)		6,046
245,456	*	Noven Pharmaceuticals, Inc		3,910
356,805		Novo Nordisk A/S (Class B)		43,066
7,504	*	Novogen Ltd		13
13,942		Novozymes A/S (B Shares)		1,752
7,781		Nuplex Industries Ltd		43
7,796	*	Obagi Medical Products, Inc		144
461,022	e	Olin Corp		10,318
176,756	*	OM Group, Inc		9,335
6,474		Omega Pharma S.A.		568
72,867	e*	Omrix Biopharmaceuticals, Inc		2,573
301,937	e*	Onyx Pharmaceuticals, Inc		13,140
4,765		OPG Groep NV		155

19

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
245,834	e*	OraSure Technologies, Inc	$	2,471
39,030	e*	Orexigen Therapeutics, Inc		516
230,820		Oriental Union Chemical Corp		283
12,760		Oriola-KD Oyj		60
718,263		Orion Oyj (Class B)		18,251
408,170	e*	OSI Pharmaceuticals, Inc		13,874
69,317	e*	Osiris Therapeutics, Inc		893
52,010	*	Oxford Biomedica plc		37
162,303	e*	Pacific Ethanol, Inc		1,561
179,671	*	Pain Therapeutics, Inc		1,680
305,841	*	Par Pharmaceutical Cos, Inc		5,676
149,688	*	Parexel International Corp		6,178
477,854	e*	PDL BioPharma, Inc		10,326
122,456	e*	Penwest Pharmaceuticals Co		1,348
494,145		Perrigo Co		10,550
108,157	e*	PetMed Express, Inc		1,515
36,558,714		Pfizer, Inc		893,129
11,839	*	Pharmaxis Ltd		43
157,782	e*	PharMerica Corp		2,354
139,404	e*	Pharmion Corp		6,432
29,829	*	Pharmos Corp		27
5,490		Polska Grupa Farmaceutyczna S.A.		195
572,561	*	PolyOne Corp		4,277
118,654	e*	Poniard Pharmaceuticals, Inc		673
145,637	e*	Pozen, Inc		1,611
2,000,295		PPG Industries, Inc		151,122
1,787,096		Praxair, Inc		149,687
234,684	e*	Prestige Brands Holdings, Inc		2,577
17,475,742		Procter & Gamble Co		1,229,244
116,360	e*	Progenics Pharmaceuticals, Inc		2,573
14,748	*	Protalix BioTherapeutics, Inc		510
188,200		PTT Chemical PCL		708
236,249	*	Quidel Corp		4,621
316,321		Ranbaxy Laboratories Ltd		3,447
6,000		Rasa Industries Ltd		15
2,289,122		Reckitt Benckiser plc		134,511
9,522		Recordati S.p.A.		90
1,153,303	e*	Revlon, Inc (Class A)		1,326
4	*	Rhodia S.A.		-	^
11,151		Richter Gedeon Nyrt		2,383
8,153		Roche Holding AG.		1,705
1,727,165		Roche Holding AG.		313,167
200,631	*	Rockwood Holdings, Inc		7,189
888,199		Rohm & Haas Co		49,446
536,057		RPM International, Inc		12,839
9,000		Sakai Chemical Industry Co Ltd		60
253,626	e*	Salix Pharmaceuticals Ltd		3,150
1,579,008	e	Sanofi-Aventis		133,699
1,708		Sanofi-Aventis (ADR)		72
387,800	e*	Santarus, Inc		1,028
49,418	e	Santen Pharmaceutical Co Ltd		1,237
2,151		Sarantis S.A.		35
62,500	e	Sawai Pharmaceutical Co Ltd		1,850
12,264,297		Schering-Plough Corp		387,920
199,915	e*	Sciele Pharma, Inc		5,202
193,117		Scotts Miracle-Gro Co (Class A)		8,256

20

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
3,000		Seikagaku Corp	$	35
276,072		Sensient Technologies Corp		7,970
687,731	*	Sepracor, Inc		18,913
969,657		Sherwin-Williams Co		63,716
1,160,500		Shin-Etsu Chemical Co Ltd		80,219
205,822		Shionogi & Co Ltd		3,173
250,000		Shire plc		6,143
278,800	e	Shiseido Co Ltd		6,189
1,144,831		Showa Denko KK		4,336
136,733		Sidi Kerir Petrochemcials Co		424
680,429		Sigma-Aldrich Corp		33,164
5,500,000	e	Sinochem Hong Kong Holding Ltd		4,323
1,588,000		Sinopec Shanghai Petrochemical Co Ltd		1,301
680,000	*	Sinopec Yizheng Chemical Fibre Co Ltd		365
79,368	*	Skyepharma plc		27
5,996	*	Sniace-Soc Nacional Indust		30
81,030		Sociedad Quimica y Minera de Chile S.A. (Class B)		1,392
33,273	e*	Somaxon Pharmaceuticals, Inc		338
24,057	*	Sorin S.p.A.		50
9	*	Sosei Co Ltd		16
15,942	e*	Speedel Holding AG		2,092
1,182,017		SSL International plc		10,278
28,752	e	Stepan Co		889
2,430,120		Sumitomo Chemical Co Ltd		20,839
19,768	*	Sun Pharma Advanced Research Co Ltd		37
35,811		Sun Pharmaceuticals Industries Ltd		867
287,410	e*	SuperGen, Inc		1,247
136,822	e*	SurModics, Inc		6,706
600,845		Symbion Health Ltd		2,223
254,195		Syngenta AG.		54,802
5,554	e*	Synta Pharmaceuticals Corp		37
103,255	e	Taisho Pharmaceutical Co Ltd		2,032
404,000		Taiwan Fertilizer Co Ltd		989
45,127		Taiyo Nippon Sanso Corp		405
1,471,956	e	Takeda Pharmaceutical Co Ltd		103,542
338,827		Tanabe Seiyaku Co Ltd		4,277
261,000	e	Teijin Ltd		1,275
177,301	e*	Tercica, Inc		1,099
2,108		Tessenderlo Chemie NV		122
605,782		Teva Pharmaceutical Industries Ltd		26,927
2,607,100		Teva Pharmaceutical Industries Ltd (ADR)		115,938
516,134	e*	Theravance, Inc		13,466
20,000		Toagosei Co Ltd		75
3,000		Toda Kogyo Corp		13
2,519,000	e	Tokai Carbon Co Ltd		28,553
38,527	e	Tokuyama Corp		585
605,663	e	Toray Industries, Inc		4,809
2,486,161		Tosoh Corp		16,125
800		Towa Pharmaceutical Co Ltd		35
13,000	*	Toyama Chemical Co Ltd		77
20,000		Toyo Ink Manufacturing Co Ltd		68
229,005	e	Tronox, Inc (Class B)		2,068
47,462	e*	Trubion Pharmaceuticals, Inc		576
287,541		UAP Holding Corp		9,017
37,417		UCB S.A.		2,208
23,204		United Drug plc		109

21

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
107,437	*	United Therapeutics Corp	$	7,149
56,926	e*	US BioEnergy Corp		439
50,787	e*	USANA Health Sciences, Inc		2,222
516,423	e*	USEC, Inc		5,293
612,189	*	Valeant Pharmaceuticals International		9,477
417,573		Valspar Corp		11,362
140,256	e*	Vanda Pharmaceuticals, Inc		1,951
369,165	*	VCA Antech, Inc		15,413
156,505	e*	Verasun Energy Corp		1,722
1,210,887	*	Vertex Pharmaceuticals, Inc		46,510
7,984		Victrex plc		108
447		Virbac S.A.		40
540,287	e*	Viropharma, Inc		4,809
51,099	e*	Visicu, Inc		387
13,694		Wacker Chemie AG.		3,205
2,060,876		Wah Lee Industrial Corp		4,787
415,775	e*	Warner Chilcott Ltd (Class A)		7,388
984,119	*	Watson Pharmaceuticals, Inc		31,885
67,580	e	Westlake Chemical Corp		1,712
405,188	e*	WR Grace & Co		10,883
6,646,400		Wyeth		296,097
164,897	e*	Xenoport, Inc		7,758
723,541	*	XOMA Ltd		2,467
4,682		Yuhan Corp		995
64,538	e	Zeltia S.A.		702
15,626		Zentiva NV		954
27,921		Zeon Corp		275
207,211	e*	Zymogenetics, Inc		2,704
		TOTAL CHEMICALS AND ALLIED PRODUCTS		11,887,922
COAL MINING - 0.23%
478,989	e*	Alpha Natural Resources, Inc		11,127
618,846	e	Arch Coal, Inc		20,880
28,194		Centennial Coal Co Ltd		93
11,652,000		China Coal Energy Co		34,624
2,297,500		China Shenhua Energy Co Ltd		13,802
790,494		Consol Energy, Inc		36,837
180,600		Fording Canadian Coal Trust		6,981
444,110		Gloucester Coal Ltd		1,927
686,507	e*	International Coal Group, Inc		3,048
96,834		Kumba Resources Ltd		1,223
9,604		MacArthur Coal Ltd		58
346,553		Massey Energy Co		7,562
10,500	*	Mitsui Mining Co Ltd		35
2,838,290		Peabody Energy Corp		135,869
13,317,000		PT Bumi Resources Tbk		5,206
494,377		Sasol Ltd		21,241
423,417		Sasol Ltd (ADR)		18,203
12,847		UK Coal plc		133
1,360,000		Yanzhou Coal Mining Co Ltd		2,799
		TOTAL COAL MINING		321,648
COMMUNICATIONS - 4.86%
5,898,653		Advanced Info Service PCL		15,317
95,513		AFK Sistema (GDR)		3,176
252,415	e	Alaska Communications Systems Group, Inc		3,647

22

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
1,873,709		Alltel Corp	$	130,560
38,650	*	Alvarion Ltd		561
14,906,113		America Movil S.A. de C.V.		47,550
181,832		America Movil S.A. de C.V. (ADR) (Series L)		11,637
2,345,232	*	American Tower Corp (Class A)		102,111
2,416		Amper S.A.		41
185,459	e*	Anixter International, Inc		15,291
24,187	e	Antena 3 de Television S.A.		446
273,020	e*	Aruba Networks, Inc		5,460
2,952		Ascom Holding AG.		29
34,059,525		AT&T, Inc		1,441,059
58,769		Atlantic Tele-Network, Inc		2,136
105,142	e*	Audiovox Corp (Class A)		1,082
1,164,401	e	Austar United Communications Ltd		1,756
189,502	*	Authorize.Net Holdings, Inc		3,341
16,797	*	Avanzit S.A.		102
2,496,383	*	Avaya, Inc		42,339
740,035	e	BCE, Inc		29,686
2,017,400		BEC World PCL		1,366
990,497		Belgacom S.A.		45,959
52		Bell Aliant Regional Communications Income Fund		2
499,267		Bezeq Israeli Telecommunication Corp Ltd		850
31,014		Brasil Telecom Participacoes S.A.		827
146,660		Brasil Telecom Participacoes S.A.		2,200
278,961	*	Brightpoint, Inc		4,187
919,242		British Sky Broadcasting plc		13,071
8,976,224		BT Group plc		56,381
792,685		Cable & Wireless plc		2,984
1,048,223	*	Cablevision Systems Corp (Class A)		36,625
122,261		Carphone Warehouse Group plc		872
108,924	*	Cbeyond Communications, Inc		4,443
124,227	*	Centennial Communications Corp		1,257
161,505	*	Central European Media Enterprises Ltd (Class A)		14,812
18,149	*	Central European Media Enterprises Ltd (Class A)		1,698
722,077		CenturyTel, Inc		33,374
2,253,120	e*	Charter Communications, Inc (Class A)		5,813
5,190,997		China Mobile Hong Kong Ltd		85,005
300,000	*	China Solar Energy Holdings Ltd		22
10,580,111		China Telecom Corp Ltd		7,975
3,872,488		Chunghwa Telecom Co Ltd		7,238
1,588,767	*	Cincinnati Bell, Inc		7,849
1,063,954	e	Citadel Broadcasting Corp		4,426
1,436,052		Citizens Communications Co		20,564
2,449,509		Clear Channel Communications, Inc		91,710
142,380	e*	Clearwire Corp (Class A)		3,480
14,153,097	*	Comcast Corp (Class A)		342,222
19,934		Commander Communications Ltd		11
297,523		Compania de Telecomunicaciones de Chile S.A. (Class A)		614
144,250		Comstar United Telesystems (GDR)		1,868
148,525	e	Consolidated Communications Holdings, Inc		2,913
33,490		Cosmote Mobile Telecommunications S.A.		1,151
227,124	e*	Cox Radio, Inc (Class A)		2,964
990,741	*	Crown Castle International Corp		40,254
143,410	e*	Crown Media Holdings, Inc (Class A)		1,031
312,037	e*	CTC Media, Inc		6,852
248,874	e*	Cumulus Media, Inc (Class A)		2,543

23

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
5,000		Denki Kogyo Co Ltd	$	35
2,427,648		Deutsche Telekom AG.		47,702
76,784	e*	DG FastChannel,Inc		1,811
225,200		Digi.Com BHD		1,421
694	*	Digital Multimedia Technologies S.p.A.		45
6,384,519	*	DIRECTV Group, Inc		155,016
32,121	*	Dish TV India Ltd		60
794,608	e*	Dobson Communications Corp (Class A)		10,163
10		Dwango Co Ltd		9
1,890,145	*	EchoStar Communications Corp (Class A)		88,478
13	*	Ectel Ltd		-	^
26,126		Egyptian Co for Mobile Services		872
2,032		Elcoteq SE		14
49,086	e	Elisa Oyj		1,526
859,466		Embarq Corp		47,786
206,017,628		Embratel Participacoes S.A.		787
179,348	e	Emmis Communications Corp (Class A)		886
46,333		Empresa Nacional de Telecomunicaciones S.A.		784
189,161	e	Entercom Communications Corp (Class A)		3,656
377,529	*	Entravision Communications Corp (Class A)		3,481
5,000		Epson Toyocom Corp		30
196,851	e	Fairpoint Communications, Inc		3,713
543,128	e*	FiberTower Corp		2,086
37,110	e*	Fisher Communications, Inc		1,851
2,963	*	Forthnet S.A.		47
980,735	*	Foundry Networks, Inc		17,428
2,561,553		France Telecom S.A.		85,800
385		Fuji Television Network, Inc		774
16,899		GCAP Media plc		72
321,583	*	General Communication, Inc (Class A)		3,904
90,068	*	GeoEye, Inc		2,319
409,289	e	Gestevision Telecinco S.A.		10,745
135,122	e*	Global Crossing Ltd		2,848
342,673		Global Payments, Inc		15,153
104,203	e*	Globalstar, Inc		764
131,570		Globe Telecom, Inc		4,293
90,453	*	Golden Telecom, Inc		7,281
286,551	e	Gray Television, Inc		2,433
4,519	*	Grupo Iusacell S.A. de CV		45
2,086,773		Grupo Televisa S.A.		10,053
131,885	e*	Harris Stratex Networks, Inc (Class A)		2,304
100,266		Hearst-Argyle Television, Inc		2,603
109,034		Hellenic Telecommunications Organization S.A.		4,042
18,900		Hikari Tsushin, Inc		518
33,224	e*	Hughes Communications, Inc		1,723
10,419	e*	Hungarian Telephone & Cable		205
165,369		Hutchison Telecommunications International Ltd		230
739,643	*	IAC/InterActiveCorp		21,945
231,420	e	Ibasis, Inc		2,488
63,000		I-CABLE Communications Ltd		13
569,556	e*	ICO Global Communications Holdings Ltd		1,982
488,285	*	Idea Cellular Ltd		1,535
272,647	e	IDT Corp (Class B)		2,282
6,889	*	Impresa SGPS		22
1,991,096		Informa plc		20,389
124,402	e*	InPhonic, Inc		342

24

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
977		Invoice, Inc	$	31
182,804	e	Iowa Telecommunications Services, Inc		3,629
92,753		iPCS, Inc		3,190
1,883	e*	ITC DeltaCom, Inc		14
1,777,059		ITV plc		3,730
9,000		Iwatsu Electric Co Ltd		11
352,131	e*	j2 Global Communications, Inc		11,525
116,156	*	Jazztel plc		70
197	*	Jupiter Telecommunications Co		153
169,427	e	Kadokawa Holdings, Inc		4,182
8,142		KDDI Corp		60,392
52,786		Kingston Communications plc		71
178,434	e*	Knology, Inc		2,985
96,575		KT Corp		4,849
71,468		KT Freetel Co Ltd		2,593
230,892	*	Leap Wireless International, Inc		18,788
7,152,527	e*	Level 3 Communications, Inc		33,259
1,927,672	*	Liberty Global, Inc (Class A)		79,073
19,515	*	Liberty Global, Inc (Series C)		754
857,050	*	Liberty Media Corp - Capital (Series A)		106,986
3,043,702	*	Liberty Media Holding Corp (Interactive A)		58,470
198,805	e*	Lin TV Corp (Class A)		2,586
124,355	e*	Lodgenet Entertainment Corp		3,154
34,072		LS Cable Ltd		4,244
18,728		M6-Metropole Television		543
355,106		Magyar Telekom		1,977
79,190		Mahanagar Telephone Nigam		319
1,438,978	e	Manitoba Telecom Services, Inc		70,021
125,758		Maroc Telecom		2,204
239,050	e*	Mastec, Inc		3,363
170,700		Media Prima BHD		143
328,464	e*	Mediacom Communications Corp (Class A)		2,316
103,000	*	MediaRing Ltd		19
411,587		Mediaset S.p.A.		4,249
338,086	e*	MetroPCS Communications, Inc		9,223
3	*	Mixi, Inc		26
155,011		Mobile TeleSystems (ADR)		10,744
46,161	*	MobileOne Ltd		64
9,982		Mobistar S.A.		873
13,683		Modern Times Group AB (B Shares)		883
1,233,934		MTN Group Ltd		18,717
257,764		Naspers Ltd (N Shares)		7,147
121,808	*	NET Servicos de Comunicacao S.A.		1,998
603,896	e*	NeuStar, Inc (Class A)		20,708
85,331	*	Nexstar Broadcasting Group, Inc (Class A)		895
151,712	e*	Nextwave Wireless, Inc		868
773,518	*	NII Holdings, Inc		63,545
11,505		Nippon Telegraph & Telephone Corp		53,786
84,665	e	North Pittsburgh Systems, Inc		2,012
274,201	e*	Novatel Wireless, Inc		6,211
229,735		NTELOS Holdings Corp		6,768
12,872		NTT DoCoMo, Inc		18,378
2,231		Okinawa Cellular Telephone Co		6,623
363,981		Orascom Telecom Holding SAE		4,815
140,448	e*	Orbcomm, Inc		1,058
517,469	*	PAETEC Holding Corp		6,453

25

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
292,000		Pakistan Telecommunication Co Ltd	$	253
152,787		Partner Communications		2,538
10,972,900	*	Paxys, Inc		3,106
760	e*	Pegasus Wireless Corp		-	^
42,777		Philippine Long Distance Telephone Co		2,763
59,009		Philippine Long Distance Telephone Co (ADR)		3,797
255,859		Portugal Telecom SGPS S.A.		3,586
12,644		Preformed Line Products Co		658
875,653		ProSiebenSat.1 Media AG.		27,520
1,774,250		PT Indosat Tbk		1,494
31,054	e	PT Multimedia Servicos de Telecomunicacoes e Multimedia SGPS S.A.		462
8,686,500		PT Telekomunikasi Indonesia Tbk		10,449
7,621	*	QSC AG.		40
7,813,335	e*	Qwest Communications International, Inc		71,570
522,432	*	Radio One, Inc (Class D)		1,949
185,625		RCN Corp		2,283
32,417	*	Retelit S.p.A		16
4,723		Reverse Corp Ltd		19
1,021,367		Rogers Communications, Inc (Class B)		46,496
49,200	e	Rostelecom (ADR)		3,091
395		Roularta Media Group NV		33
10,913,666		Royal KPN NV		189,393
111,763	*	Rural Cellular Corp (Class A)		4,862
72,267		Salem Communications Corp (Class A)		578
153,136	e*	SAVVIS, Inc		5,939
492,792	*	SBA Communications Corp (Class A)		17,386
1,432,699		Seat Pagine Gialle S.p.A.		799
492,070		Shaw Communications, Inc (Class B)		12,220
122,140	e	Shenandoah Telecom Co		2,658
22,450	m,v	Sibirtelecom (ADR)		1,777
256,428	e	Sinclair Broadcast Group, Inc (Class A)		3,087
10,570,228		Singapore Telecommunications Ltd		28,605
19,039		SK Telecom Co Ltd		4,369
30,000		SK Telecom Co Ltd (ADR)		891
143,786		Sky Network Television Ltd		628
77		Sky Perfect Jsat Corp		33
41,500		SmarTone Telecommunications Holding Ltd		51
39,877		Societe Television Francaise 1		1,072
15,048	*	Sogecable S.A.		546
241,330	e*	Spanish Broadcasting System, Inc (Class A)		623
224		Spir Communication		24
20,787,754		Sprint Nextel Corp		394,967
1,170	*	SunCom Wireless Holdings, Inc (Class A)		30
82,345	e	SureWest Communications		2,059
74,771		Swisscom AG.		28,434
49,916	e*	Switch & Data Facilities Co, Inc		813
176,315	*	Syniverse Holdings, Inc		2,803
6,922,000		Taiwan Mobile Co Ltd		9,333
42,848		Tele Norte Leste Participacoes S.A.		1,426
214,582		Tele Norte Leste Participacoes S.A.		4,858
95,623		Tele2 AB (B Shares)		2,066
56,500	*	Telecom Argentina S.A. (ADR)		1,387
7,605,109	e	Telecom Corp of New Zealand Ltd		25,761
396,365		Telecom Egypt		1,226
15,709,798		Telecom Italia S.p.A.		47,771
2,104,533		Telecom Italia S.p.A.		5,075

26

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
75,088		Telefonica O2 Czech Republic A.S.	$	2,120
6,025,163		Telefonica S.A.		168,652
6,403,319		Telefonos de Mexico S.A. de C.V. (Series L)		10,532
538		Telegate AG.		15
4,577,263		Telekom Austria AG.		119,769
1,163,700	v	Telekom Malaysia BHD		3,313
492,762		Telekomunikacja Polska S.A.		3,906
853		Telemig Celular Participacoes S.A.		25
270,382		Telenor ASA		5,416
677,857		Telephone & Data Systems, Inc		45,247
371,605		Telesp Celular Participacoes S.A.		1,800
556,000		Television Broadcasts Ltd		3,340
6,028,744		TeliaSonera AB		54,495
212,539		Telkom S.A. Ltd		5,353
3,707,924		Telstra Corp Ltd		14,345
196,305	e	Telstra Corp Ltd		498
71,475		TELUS Corp		4,132
203,673		TELUS Corp		11,467
696,173	e*	Terremark Worldwide, Inc		4,992
18,763	*	THUS Group plc		59
419,551		Tim Participacoes S.A.		1,712
2,067,715	*	Time Warner Cable, Inc (Class A)		67,821
40,276	e*	Tiscali S.p.A.		113
457,971	e*	TiVo, Inc		2,908
28,400		Tokyo Broadcasting System, Inc		796
2,145,800	*	Total Access Communication PCL		2,875
61,925,515	*	True Corp PCL		12,105
508,958		Turkcell Iletisim Hizmet A.S.		4,301
431,633		TV Azteca S.A. de C.V.		237
123,715		TVN S.A.		1,021
54,400	v	Uralsvyazinform (ADR)		616
105,221	*	US Cellular Corp		10,333
162,666		USA Mobility, Inc		2,744
18,292,512		Verizon Communications, Inc		809,992
23,790		Videsh Sanchar Nigam Ltd		261
378,750		Vimpel-Communications (ADR)		10,241
1,994,394		Vivendi Universal S.A.		84,179
69,029,060		Vodafone Group plc		249,276
684,037		Vodafone Group plc (ADR)		24,831
35,350	v	VolgaTelecom (ADR)		336
312,225	e,v*	Vonage Holdings Corp		322
1,113	*	Wavecom S.A.		28
1,907,569		Windstream Corp		26,935
13	m*	Xanadoo Co		3
1,374,079	*	XM Satellite Radio Holdings, Inc (Class A)		19,471
129,163		ZEE Telefilms Ltd		1,108
		TOTAL COMMUNICATIONS		6,824,936
DEPOSITORY INSTITUTIONS - 9.94%
100,679	e	1st Source Corp		2,306
1,023,500		77 Bank Ltd		6,888
63,706	e	Abington Bancorp, Inc		621
2,574,781		ABN AMRO Holding NV		135,662
11,104		Adelaide Bank Ltd		139
305,071		African Bank Investments Ltd		1,386
800		Aichi Bank Ltd		69

27

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
699,921		Akbank TAS	$	5,335
99,531	e	Alabama National Bancorp		7,755
18,488		Alliance & Leicester plc		300
493,948		Allied Irish Banks plc		11,974
126,475		Alpha Bank S.A.		4,408
1,075		Amagerbanken A/S		62
155,764	e	Amcore Financial, Inc		3,882
97,032	e	AmericanWest Bancorp		1,903
67,377	e	Ameris Bancorp		1,218
19,464,480		AMMB Holdings BHD		24,791
119,853	e	Anchor Bancorp Wisconsin, Inc		3,236
1,072,925		Anglo Irish Bank Corp plc		20,287
33,690		Arab Bank plc		1,000
493,956		Associated Banc-Corp		14,636
380,337		Astoria Financial Corp		10,090
3,746		Attijariwafa Bank		1,521
1,892,109		Australia & New Zealand Banking Group Ltd		49,865
889		Banca IFIS S.p.A.		12
10,336,747		Banca Intesa S.p.A.		79,815
278,797		Banca Intesa S.p.A.		2,041
362,361	e	Banca Monte dei Paschi di Siena S.p.A.		2,223
5,529		Banca Popolare dell'Etruria e del Lazio		96
1,443	e*	Banca Popolare di Intra Scrl		23
185,989		Banca Popolare di Milano		2,748
5,843		Banca Profilo S.p.A.		17
50,821	e	Bancfirst Corp		2,280
183,240		Banche Popolari Unite Scpa		4,925
7,505,284	e	Banco Bilbao Vizcaya Argentaria S.A.		175,943
21,286		Banco Bilbao Vizcaya Argentaria S.A. (ADR)		496
74,987		Banco BPI S.A.		631
748,038		Banco Bradesco S.A.		21,874
688,356	e	Banco Comercial Portugues S.A.		2,856
22		Banco de Chile (ADR)		1
55,458		Banco de Credito e Inversiones		1,737
4,215,200		Banco de Oro Universal Bank		5,520
71,568		Banco Espirito Santo S.A.		1,623
410,827		Banco Itau Holding Financeira S.A.		20,653
169,762	e	Banco Latinoamericano de Exportaciones S.A.		3,086
44,900		Banco Macro S.A. (ADR)		1,321
81,032		Banco Nossa Caixa S.A.		1,419
800,303	*	Banco Popolare Scarl		17,928
290,706	e	Banco Popular Espanol S.A.		4,995
15,840,080		Banco Santander Central Hispano S.A.		307,862
37,158,923		Banco Santander Chile S.A.		1,804
26,600		BanColombia S.A.		229
161,490	e	BanColombia S.A. (ADR)		5,596
61,030	*	Bancorp, Inc		1,127
333,854		Bancorpsouth, Inc		8,113
90,500		Bangkok Bank PCL		306
607,300		Bangkok Bank PCL		2,038
8,970		Banif SGPS S.A.		61
605		Bank Coop AG.		39
673,532		Bank Hapoalim Ltd		3,415
588,223		Bank Leumi Le-Israel		2,536
351,610	e	Bank Mutual Corp		4,145
26,018,865		Bank of America Corp		1,307,968

28

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
4,675,358	v*	Bank of Ayudhya PCL	$	2,114
17,492,000		Bank of China Ltd		9,360
5,224,022		Bank of Communications Co Ltd		6,303
1,204,432		Bank of East Asia Ltd		6,755
199,841		Bank of Hawaii Corp		10,562
894,572		Bank of Ireland		16,583
488,927		Bank of Ireland		9,098
12,789		Bank of Jordan		47
461,500	e	Bank of Kyoto Ltd		5,597
838,572		Bank of Montreal		54,800
8,860,384		Bank of New York Mellon Corp		391,097
1,717,855		Bank of Nova Scotia		90,241
141,700		Bank of Okinawa Ltd		4,626
10,331		Bank of Queensland Ltd		157
64,843	e	Bank of the Ozarks, Inc		1,980
923,600		Bank of the Philippine Islands		1,363
252,700		Bank of the Ryukyus Ltd		3,302
1,791,300		Bank of Yokohama Ltd		12,367
68,912		Bank Pekao S.A.		6,402
6,529		Bank Przemyslowo-Handlowy Bph		2,248
4,786,000		Bank Rakyat Indonesia		3,454
33		Bank Sarasin & Compagnie AG.		145
34,152		Bank Zachodni WBK S.A.		3,269
291,371	e	BankAtlantic Bancorp, Inc (Class A)		2,526
139,778	e	BankFinancial Corp		2,211
210,375	e	BankUnited Financial Corp (Class A)		3,269
63,326		Banner Corp		2,178
2,339		Banque Marocaine du Commerce Exterieur		884
22,416,966		Barclays plc		273,126
605		Basler Kantonalbank		59
2,700,536		BB&T Corp		109,075
20,000		BBVA Banco Frances S.A. (ADR)		178
44,175	e	Berkshire Hills Bancorp, Inc		1,335
2,371		BinckBank NV		43
1,659,189		BNP Paribas		181,560
4,209,767		BOC Hong Kong Holdings Ltd		10,668
107,782		BOK Financial Corp		5,541
222,356	e	Boston Private Financial Holdings, Inc		6,190
9,019	*	BRE Bank S.A.		1,744
345,554	e	Brookline Bancorp, Inc		4,005
3,539,748		Bumiputra-Commerce Holdings Bhd		11,115
745		CA Aquitaine		28
138		Caisse Regionale du Credit Agricole Mutuel du Morbihan		16
703,401		Canadian Imperial Bank of Commerce		70,266
14,744	*	Capital Bank of Jordan		38
69,749	e	Capital City Bank Group, Inc		2,176
57,671	e	Capital Corp of the West		1,062
4,696,812		Capitalia S.p.A.		44,872
93,548	e	Capitol Bancorp Ltd		2,323
92,268	e	Capitol Federal Financial		3,156
153,993	e	Cascade Bancorp		3,428
30,254	e	Cass Information Systems, Inc		1,082
4,327,864		Cathay Financial Holding Co Ltd		10,477
293,102	e	Cathay General Bancorp		9,441
395,235	e*	Centennial Bank Holdings, Inc		2,530
64,388	e	Center Financial Corp		896

29

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
7,400	*	Central Bank Of India	$	28
206,943	e	Central Pacific Financial Corp		6,043
2,746,000		Chang Hwa Commercial Bank		1,834
145,808	e	Chemical Financial Corp		3,536
2,899,355	e	Chiba Bank Ltd		22,414
3,700	*	Chiba Kogyo Bank Ltd		43
3,676,000	*	China Citic Bank		2,856
20,510,545		China Construction Bank		18,706
7,154,962		China Development Financial Holding Corp		2,894
5,172,305	*	Chinatrust Financial Holding Co		3,820
273,756		Chittenden Corp		9,625
4,337,000		CITIC International Financial Holdings Ltd		3,470
31,209,865		Citigroup, Inc		1,456,564
458,379	e	Citizens Banking Corp		7,384
74,387	e	City Bank		2,136
105,023	e	City Holding Co		3,824
156,924		City National Corp		10,908
71,196	e	Clifton Savings Bancorp, Inc		842
111,389		Close Brothers Group plc		1,853
79,912	e	CoBiz, Inc		1,368
1,264,361		Colonial Bancgroup, Inc		27,335
91,775		Columbia Banking System, Inc		2,920
690,839		Comerica, Inc		35,426
835,434		Commerce Bancorp, Inc		32,398
289,810		Commerce Bancshares, Inc		13,299
104,296		Commercial International Bank		1,434
889,350		Commerzbank AG.		36,003
1,213,875		Commonwealth Bank of Australia		60,740
67,622	e*	Community Bancorp		1,700
203,607	e	Community Bank System, Inc		3,974
132,657	e	Community Banks, Inc		3,952
105,494	e	Community Trust Bancorp, Inc		3,169
35,844,912		CorpBanca S.A.		266
266,593	e	Corus Bankshares, Inc		3,471
52,903		Credicorp Ltd		3,560
899,831		Credit Agricole S.A.		34,708
3,095,379		Credit Suisse Group		205,517
227,779		Cullen/Frost Bankers, Inc		11,416
383,106	e	CVB Financial Corp		4,482
116,390		Daegu Bank		2,156
13,000		Daito Bank Ltd		15
870,279		Danske Bank A/S		35,333
1,823,878		DBS Group Holdings Ltd		26,520
112,275		Depfa Bank plc		2,325
487,578	e	Deutsche Bank AG.		62,837
1,159,233		Dexia		35,110
162,201		Dime Community Bancshares		2,428
346,700		DNB NOR Holding ASA		5,318
85,055	*	Dollar Financial Corp		2,427
135,950	e	Downey Financial Corp		7,858
2,025,700		E.Sun Financial Holding Co Ltd		1,099
248,600		East West Bancorp, Inc		8,940
100,835		EFG Eurobank Ergasias S.A.		3,546
127,116		Egyptian Financial Group-Hermes Holding		1,047
35,460		El Watany Bank of Egypt		476
43,955	e	Enterprise Financial Services Corp		1,070

30

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
1,225,600		EON Capital BHD	$	2,464
80,446		Erste Bank der Oesterreichischen Sparkassen AG.		6,131
242,663	e*	Euronet Worldwide, Inc		7,224
87,500		Faysal Bank Ltd		110
2,214,151		Fifth Third Bancorp		75,015
67,239	e	First Bancorp		1,370
494,970		First Bancorp		4,702
89,940	e	First Busey Corp		1,971
189,675	e	First Charter Corp		5,722
31,788		First Citizens Bancshares, Inc (Class A)		5,544
424,120	e	First Commonwealth Financial Corp		4,691
142,190	e	First Community Bancorp, Inc		7,779
57,292	e	First Community Bancshares, Inc		2,076
196,782	e	First Financial Bancorp		2,515
114,113	e	First Financial Bankshares, Inc		4,585
81,964	e	First Financial Corp		2,484
75,055	e	First Financial Holdings, Inc		2,348
1,043,876	e	First Horizon National Corp		27,830
85,855	e	First Indiana Corp		2,689
122,660	e	First Merchants Corp		2,645
282,769	e	First Midwest Bancorp, Inc		9,659
636,110	e	First Niagara Financial Group, Inc		9,001
103,853	e	First Place Financial Corp		1,838
61,212	e*	First Regional Bancorp		1,502
43,891	e	First South Bancorp, Inc		1,148
115,927		First State Bancorporation		2,277
95,579	e*	FirstFed Financial Corp		4,736
489,101		FirstMerit Corp		9,665
2,471,111		FirstRand Ltd		7,927
299,235	e	Flagstar Bancorp, Inc		2,912
109,491		Flushing Financial Corp		1,839
333,436	e	FNB Corp		5,515
1,900		Forstaedernes Bank AS		81
3,560,327	e	Fortis		104,836
3,358,562	e*	Fortis		17,816
164,505	e*	Franklin Bank Corp		1,513
332,058	e*	Fremont General Corp		1,295
225,245	e	Frontier Financial Corp		5,255
32,000		Fubon Bank Hong Kong Ltd		19
2,812,818		Fubon Financial Holding Co Ltd		2,431
11,046,587	*	Fuhwa Financial Holdings Co Ltd		6,990
921,400		Fukuoka Financial Group, Inc		5,399
20,000		Fukushima Bank Ltd		19
718,740	e	Fulton Financial Corp		10,335
2,394	*	Geniki Bank		20
305,927	e	Glacier Bancorp, Inc		6,889
63,514	e	Great Southern Bancorp, Inc		1,578
315,456		Greater Bay Bancorp		8,707
44,259		Greene County Bancshares, Inc		1,613
970,203		Grupo Financiero Banorte S.A. de C.V.		3,807
47,000	e*	Grupo Financiero Galicia S.A. (ADR)		372
670,160	e	Gunma Bank Ltd		4,469
1,849,500		Hachijuni Bank Ltd		13,316
157,951	e	Hancock Holding Co		6,331
1,060,545		Hang Seng Bank Ltd		18,840
245,918		Hanmi Financial Corp		3,809

31

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
176,486	e	Harleysville National Corp	$	2,804
169,588		HDFC Bank Ltd		6,110
70,842	e	Heartland Financial USA, Inc		1,456
60,384		Heritage Commerce Corp		1,278
300,000	e	Hiroshima Bank Ltd		1,638
21,000		Hokuetsu Bank Ltd		49
963,400		Hokuhoku Financial Group, Inc		2,726
62,257	e	Home Bancshares, Inc		1,357
401,400		Hong Leong Bank BHD		695
4,300		Hong Leong Credit BHD		7
71,507	e	Horizon Financial Corp		1,450
36,455		Housing Bank for Trade and Finance		305
16,194,603		HSBC Holdings plc		299,698
2,485,000		Hua Nan Financial Holdings Co Ltd		1,774
6,254,274		Hudson City Bancorp, Inc		96,191
1,743,504		Huntington Bancshares, Inc		29,605
59,509		IBERIABANK Corp		3,133
20,109		ICICI Bank Ltd (ADR)		1,060
48,010		Imperial Capital Bancorp, Inc		1,356
95,642	e	Independent Bank Corp		2,841
147,991	e	Independent Bank Corp		1,635
23,408,000		Industrial & Commercial Bank of China		16,411
291,201	e	IndyMac Bancorp, Inc		6,875
2,253,637		ING Groep NV		100,038
114,623	e	Integra Bank Corp		2,078
333,177		International Bancshares Corp		7,230
215,917		Investec Ltd		2,319
2,203,827		Investec plc		23,086
287,686	*	Investors Bancorp, Inc		4,074
149,197	e	Irwin Financial Corp		1,644
238,327	*	Israel Discount Bank Ltd		547
7,265		Jordan Islamic Bank		48
1,086,800		Joyo Bank Ltd		6,065
22,487,736		JPMorgan Chase & Co		1,030,388
485,396		Julius Baer Holding AG.		36,293
16,943	*	Jyske Bank		1,317
6,000		Kagawa Bank Ltd		30
5,600		Kanto Tsukuba Bank Ltd		37
358,400		Kasikornbank PCL		847
1,931,000		Kasikornbank PCL		4,648
612,700		Kasikornbank PCL		1,448
122,273	e	Kearny Financial Corp		1,564
1,848,619		Keycorp		59,766
5,230	e	K-Fed Bancorp		69
68,000		Kiyo Holdings, Inc		99
182,579	e	KNBT Bancorp, Inc		3,020
9,975		Komercni Banka A.S.		2,321
361,627		Kookmin Bank		30,109
231,170		Korea Exchange Bank		3,751
4,474,200		Krung Thai Bank PCL		1,423
107,545	e	Lakeland Bancorp, Inc		1,460
68,381	e	Lakeland Financial Corp		1,580
3,740,911		Lloyds TSB Group plc		41,522
335,274		M&T Bank Corp		34,684
105,721	e	Macatawa Bank Corp		1,430
113,209	e	MainSource Financial Group, Inc		1,996

32

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
1,608,300		Malayan Banking BHD	$	5,192
994,806		Marshall & Ilsley Corp		43,543
195,304	e	MB Financial, Inc		6,748
192,205		MCB Bank Ltd		1,054
156,581	e	Mediobanca S.p.A.		3,425
3,858,600		Metropolitan Bank & Trust		4,796
94,973	e	Midwest Banc Holdings, Inc		1,403
8,000		Mie Bank Ltd		39
19,000		Minato Bank Ltd		40
15,073	m,v	Mitsubishi UFJ Financial Group, Inc		132,536
2,244,000		Mitsui Trust Holdings, Inc		17,504
47,460		Mizrahi Tefahot Bank Ltd		352
17,372		Mizuho Financial Group. Inc		99,061
118,214	e	Nara Bancorp, Inc		1,847
19,311	e	NASB Financial, Inc		693
1,307,199		National Australia Bank Ltd		46,061
400,539		National Bank Of Canada		21,947
223,373		National Bank of Greece S.A.		14,238
195,965		National Bank Of Pakistan		788
2,503,605		National City Corp		62,815
288,295	e	National Penn Bancshares, Inc		4,717
197,566	e	NBT Bancorp, Inc		4,295
182,592		Nedbank Group Ltd		3,313
219,625	e*	Net 1 UEPS Technologies, Inc		5,967
9,835	*	NETeller plc		15
1,196,048	e	New York Community Bancorp, Inc		22,785
625,186	e	NewAlliance Bancshares, Inc		9,178
3,917,600		Nishi-Nippon City Bank Ltd		11,016
89,510		Nordea Bank AB		1,558
2,025,818		Nordea Bank AB		35,304
1,382,631		Northern Trust Corp		91,627
106,788	e	Northwest Bancorp, Inc		3,039
855,773		OKO Bank (Class A)		17,694
420,866	e	Old National Bancorp		6,974
69,194	e	Old Second Bancorp, Inc		1,972
73,897	e	Omega Financial Corp		1,952
168,021		Oriental Financial Group, Inc		1,932
62,530	e*	Oritani Financial Corp		990
207,606		OTP Bank Rt		11,270
3,844,769		Oversea-Chinese Banking Corp		23,035
303,096	e	Pacific Capital Bancorp		7,971
68,705	e	Park National Corp		5,991
274,439	e	Partners Trust Financial Group, Inc		3,340
82,080		Peoples Bancorp, Inc		2,149
859,183		People's United Financial, Inc		14,847
150,724	e	PFF Bancorp, Inc		2,312
82,109	e*	Pinnacle Financial Partners, Inc		2,366
788,248		Piraeus Bank S.A.		28,167
1,556,267		PNC Financial Services Group, Inc		105,982
1,068,925		Popular, Inc		13,126
379,910		Powszechna Kasa Oszczednosci Bank Polski S.A.		7,935
62,015	e	Preferred Bank		2,440
225	e	Premierwest Bancorp		3
97,157	e	PrivateBancorp, Inc		3,385
201,639	e	Prosperity Bancshares, Inc		6,686
5,141		Proton Bank S.A.		76

33

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
186,705		Provident Bankshares Corp	$	5,849
419,338	e	Provident Financial Services, Inc		6,865
243,557	e	Provident New York Bancorp		3,193
4,776,000		PT Bank Central Asia Tbk		3,212
1,169,500		PT Bank Danamon Indonesia Tbk		1,081
338,450,000		PT Bank Internasional Indonesia Tbk		8,697
25,634,000		PT Bank Mandiri Persero Tbk		9,881
31,429,500		PT Bank Pan Indonesia Tbk		2,406
807,300		Public Bank BHD		2,488
155,600		Pusan Bank		2,856
28,371	e	QC Holdings, Inc		410
23,950		Raiffeisen International Bank Holding AG.		3,501
3,128,041		Regions Financial Corp		92,215
97,455	e	Renasant Corp		2,108
90,894	e	Republic Bancorp, Inc (Class A)		1,440
8,151	e	Resona Holdings, Inc		13,979
1,195,000		RHB Capital BHD		2,104
170	*	Ringkjoebing Bank AS		24
49,257	e	Rockville Financial, Inc		702
54,218	e	Roma Financial Corp		927
1,220		Roskilde Bank		100
65,453	e	Royal Bancshares of Pennsylvania (Class A)		1,435
2,191,331		Royal Bank of Canada		121,282
135,600	e*	Royal Bank Of Canada		7,529
29,165,077		Royal Bank of Scotland Group plc		313,276
151,674	e	S&T Bancorp, Inc		4,867
74,572	e	S.Y. Bancorp, Inc		2,016
89,037	e	Sandy Spring Bancorp, Inc		2,682
52,806		Santander BanCorp		678
214		Sapporo Hokuyo Holdings, Inc		2,124
64,423	e,v	Sberbank (GDR)		29,993
51,938	e	SCBT Financial Corp		1,794
74,355	e	Seacoast Banking Corp of Florida		1,390
80,720	e	Security Bank Corp		1,011
10,511,721		Shin Kong Financial Holding Co Ltd		10,001
1,141,100		Shinsei Bank Ltd		3,596
806,700	e	Shizuoka Bank Ltd		7,838
370,900		Siam Commercial Bank PCL		855
33,220	e	Sierra Bancorp		952
154,305	*	Signature Bank		5,436
83,724	e	Simmons First National Corp (Class A)		2,205
4,507,947		SinoPac Financial Holdings Co Ltd		2,113
1,044,582		Skandinaviska Enskilda Banken AB (Class A)		33,960
1,367,597	e	Societe Generale		229,490
428,039	e	South Financial Group, Inc		9,734
66,733	e	Southside Bancshares, Inc		1,474
94,241		Southwest Bancorp, Inc		1,774
1,905,669		Sovereign Bancorp, Inc		32,473
4,900		Sparebanken Midt-Norge		64
1,450		Sparebanken Nord-Norge		36
1,058,617		Standard Bank Group Ltd		15,283
10,200		State Bank of India Ltd		498
2,282,219		State Street Corp		155,556
106,295	e	Sterling Bancorp		1,488
441,155		Sterling Bancshares, Inc		5,034
188,580	e*	Sterling Financial Corp		3,234

34

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
300,320		Sterling Financial Corp	$	8,082
60,626	e	Suffolk Bancorp		1,944
11,155	e	Sumitomo Mitsui Financial Group, Inc		86,917
1,738,192		Sumitomo Trust & Banking Co Ltd		13,150
92,786	e*	Sun Bancorp, Inc		1,624
3,626,988		SunTrust Banks, Inc		274,454
180,683	e*	Superior Bancorp		1,595
157,500		Suruga Bank Ltd		1,924
333,465	e	Susquehanna Bancshares, Inc		6,703
190,104	e*	SVB Financial Group		9,003
165,872		Svenska Handelsbanken (A Shares)		5,148
263,389		Swedbank AB		8,808
18,125		Sydbank A/S		789
1,433,283		Synovus Financial Corp		40,204
51,373		Taylor Capital Group, Inc		1,435
3,149,129		TCF Financial Corp		82,444
121,438	*	Texas Capital Bancshares, Inc		2,640
124,021		TierOne Corp		3,283
10,000		Tochigi Bank Ltd		56
9,000		Tohoku Bank Ltd		15
3,100		Tokyo Tomin Bank Ltd		91
43,692	e	Tompkins Trustco, Inc		1,735
61,219	e*	Toronto-Dominion Bank		4,696
91,258	e	Trico Bancshares		2,032
423,827	e	Trustco Bank Corp NY		4,632
299,426	e	Trustmark Corp		8,396
941,179		Turkiye Garanti Bankasi A.S.		7,213
17,850	e,m,v	Turkiye Garanti Bankasi AS (ADR)		89
787,600		Turkiye Is Bankasi		4,763
633,451		Turkiye Vakiflar Bankasi Tao		2,162
5,539,553		UBS A.G.		297,854
584,842	e	UCBH Holdings, Inc		10,223
173,765	e	UMB Financial Corp		7,448
360,911	e	Umpqua Holdings Corp		7,222
857,684		Unibanco - Uniao de Bancos Brasileiros S.A.		11,366
35,009,410		UniCredito Italiano S.p.A		299,529
85,249	e	Union Bankshares Corp		1,936
474,671		UnionBanCal Corp		27,726
93,450		United Bank Ltd		276
213,679		United Bankshares, Inc		6,504
231,975	e	United Community Banks, Inc		5,688
168,128	e	United Community Financial Corp		1,214
1,518,490		United Overseas Bank Ltd		22,591
38,746	e	United Security Bancshares		728
68,548	e	Univest Corp of Pennsylvania		1,626
11,489,646		US Bancorp		373,758
68,423	e	USB Holding Co, Inc		1,589
1,396,700	*	Utama Banking Group BHD		1,008
135,766		UTI Bank Ltd		2,605
469,566	e	Valley National Bancorp		10,415
463		Verwalt & Privat-Bank AG.		112
800		Vestjysk Bank AS		48
63,993		ViewPoint Financial Group		1,183
121	e	Vineyard National Bancorp		2
93,593	e*	Virginia Commerce Bancorp		1,342
162,000	*	VTB Bank OJSC (GDR)		1,450

35

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
772,780	e	W Holding Co, Inc	$	1,731
10,703,266		Wachovia Corp		536,769
330,910		Washington Federal, Inc		8,690
4,865,925		Washington Mutual, Inc		171,816
82,661	e	Washington Trust Bancorp, Inc		2,229
737,460		Waterland Financial Holdings		238
56,552	e*	Wauwatosa Holdings, Inc		919
332,672		Webster Financial Corp		14,012
25,107,980		Wells Fargo & Co		894,346
123,716	e	WesBanco, Inc		3,090
91,034		West Coast Bancorp		2,586
165,744	e	Westamerica Bancorporation		8,256
88,634	e*	Western Alliance Bancorp		2,089
3,954,885		Western Union Co		82,934
85,187		Westfield Financial, Inc		827
1,857,680		Westpac Banking Corp		46,980
278,680		Whitney Holding Corp		7,352
274,148		Wilmington Trust Corp		10,664
106,744	e	Wilshire Bancorp, Inc		1,171
123,487		Wing Hang Bank Ltd		1,420
143,873	e	Wintrust Financial Corp		6,142
37,479		WSFS Financial Corp		2,339
462,170	*	Yapi ve Kredi Bankasi		1,478
50,238	e	Yardville National Bancorp		1,689
733,346	*	Yes Bank Ltd		3,809
544,563		Zions Bancorporation		37,395
		TOTAL DEPOSITORY INSTITUTIONS		13,942,807
EATING AND DRINKING PLACES - 0.89%
208,540	*	AFC Enterprises		3,138
1,587,000	*	Ajisen China Holdings Ltd		1,770
406,584		Applebees International, Inc		10,116
713,585		Autogrill S.p.A.		13,747
63,330	e*	Benihana, Inc (Class A)		1,096
79,282	e*	BJ's Restaurants, Inc		1,669
212,197		Bob Evans Farms, Inc		6,404
628,437		Brinker International, Inc		17,244
112,570	e*	Buffalo Wild Wings, Inc		4,246
206,115		Burger King Holdings, Inc		5,254
24,000		Cafe de Coral Holdings Ltd		45
166,873	e*	California Pizza Kitchen, Inc		2,932
53,567	e*	Carrols Restaurant Group, Inc		600
157,221		CBRL Group, Inc		6,415
157,884	*	CEC Entertainment, Inc		4,242
300,116	e*	Cheesecake Factory		7,044
90,583	e*	Chipotle Mexican Grill, Inc (Class A)		10,701
163,538	e*	Chipotle Mexican Grill, Inc (Class B)		17,499
353,639	e	CKE Restaurants, Inc		5,732
25,821,741		Compass Group plc		159,550
5,088		Cremonini S.p.A.		15
3,846,215		Darden Restaurants, Inc		161,003
753,224	e*	Denny's Corp		3,013
248,475	e	Domino's Pizza, Inc		4,122
1,900	v	Doutor Coffee Co Ltd		34
1,589,490		Enterprise Inns plc		19,252
119,000	v	FU JI Food and Catering Services Holdings Ltd		366

36

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
100,256	e	IHOP Corp	$	6,349
193,491	*	Jack in the Box, Inc		12,546
86,700		Jollibee Foods Corp		102
1,100	e	Kappa Create Co Ltd		19
329,048	e*	Krispy Kreme Doughnuts, Inc		1,316
5		Kura Corp		11
98,676	e	Landry's Restaurants, Inc		2,611
65,704	*	McCormick & Schmick's Seafood Restaurants, Inc		1,237
7,621,612		McDonald's Corp		415,149
140,135		Mitchells & Butlers plc		1,752
50,330	*	Morton's Restaurant Group, Inc		800
2,600	e	MOS Food Services, Inc		36
147,772		O'Charleys, Inc		2,240
326,427		Onex Corp		11,995
206,911	e*	Papa John's International, Inc		5,057
149,197	e*	PF Chang's China Bistro, Inc		4,416
1,084,778		Punch Taverns plc		21,884
168,765	*	Rare Hospitality International, Inc		6,432
92,518	e*	Red Robin Gourmet Burgers, Inc		3,969
20,093		Restaurant Group plc		111
2,600		Royal Holdings Co Ltd		31
295,894	e	Ruby Tuesday, Inc		5,427
91,761	e*	Ruth's Chris Steak House, Inc		1,308
1,000		Sagami Chain Co Ltd		10
3,100		Saizeriya Co Ltd		47
301,155		Sodexho Alliance S.A.		20,827
359,241	e*	Sonic Corp		8,406
700		St Marc Holdings Co Ltd		27
3,061,704	*	Starbucks Corp		80,217
161,575	e*	Steak N Shake Co		2,425
288,625	e*	Texas Roadhouse, Inc (Class A)		3,377
831,706	e	Tim Hortons, Inc		28,985
387,095	e	Triarc Cos (Class B)		4,842
350,972		Wendy's International, Inc		12,252
11,651		Wetherspoon (J.D.) plc		126
62,770		Whitbread plc		2,083
1,048	e	Yoshinoya D&C Co Ltd		1,697
3,210,600		Yum! Brands, Inc		108,615
		TOTAL EATING AND DRINKING PLACES		1,245,983
EDUCATIONAL SERVICES - 0.11%
1,072,275	*	Apollo Group, Inc (Class A)		64,497
42,772		Benesse Corp		1,638
302,221		CAE, Inc		4,069
456,675	*	Career Education Corp		12,782
480,270	e*	Corinthian Colleges, Inc		7,641
22,000		Cross-Harbour Holdings Ltd		24
328,158		DeVry, Inc		12,145
329,828	*	ITT Educational Services, Inc		40,137
15,401	e*	Lincoln Educational Services Corp		201
57,000		Raffles Education Corp Ltd		88
267		Riso Kyoiku Co Ltd		10
86,887		Strayer Education, Inc		14,652
125,006	e*	Universal Technical Institute, Inc		2,250
82,735		UP, Inc		513

37

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
12,769		YBM Sisa.com, Inc	$	258
		TOTAL EDUCATIONAL SERVICES		160,905
ELECTRIC, GAS, AND SANITARY SERVICES - 4.07%
2,081		Actelios S.p.A.		21
3,530,601	*	AES Corp		70,753
122,444		AGL Energy Ltd		1,724
511,265		AGL Resources, Inc		20,256
697,341	m,v	Alinta Ltd		8,923
1,159,795		Allegheny Energy, Inc		60,611
141,362	e	Allete, Inc		6,327
436,390		Alliant Energy Corp		16,722
6,448,236	*	Allied Waste Industries, Inc		82,215
783,761		Ameren Corp		41,147
86,439		American Ecology Corp		1,832
3,393,006		American Electric Power Co, Inc		156,350
95,591	e	American States Water Co		3,728
509,707		Aqua America, Inc		11,560
2,255,279	*	Aquila, Inc		9,044
428,642		Atmos Energy Corp		12,139
4,403,561		AU Optronics Corp		7,799
288,048		Avista Corp		5,862
1,544,728	e*	Babcock & Brown Environmental Investments Ltd		651
386	e*	Beacon Power Corp		1
85,000		BKW FMB Energie AG.		9,345
218,604	e	Black Hills Corp		8,967
1,990,261		British Energy Group plc		21,765
99,345	e	California Water Service Group		3,824
345,941	e	Caltex Australia Ltd		7,226
182,697		Canadian Utilities Ltd (Class A)		8,936
122,419	*	Casella Waste Systems, Inc (Class A)		1,535
2,302,002		Centerpoint Energy, Inc		36,901
55,998		Central Vermont Public Service Corp		2,046
7,823,171		Centrica plc		60,903
168,751		CEZ		10,360
114,586	e	CH Energy Group, Inc		5,477
2,190,000		China Resources Power Holdings Co		6,803
959,900		Chubu Electric Power Co, Inc		24,861
31,191	e*	Clean Energy Fuels Corp		472
111,039	*	Clean Harbors, Inc		4,943
337,734		Cleco Corp		8,535
1,649,645		CLP Holdings Ltd		11,417
4,922,223		CMS Energy Corp		82,792
3,500,760		Colbun S.A.		783
86,228		Companhia de Gas de Sao Paulo		21
188,925		Companhia de Saneamento Basico do Estado de Sao Paulo		4,736
201,149		Companhia Energetica de Minas Gerais		4,280
106,788	*	Companhia Energetica de Sao Paulo (Class B)		1,981
106,102		Companhia Paranaense de Energia		1,696
1,018,266		Consolidated Edison, Inc		47,146
76,635	e	Consolidated Water Co, Inc		2,301
2,722,324		Constellation Energy Group, Inc		233,548
660,397	e	Contact Energy Ltd		4,599
603,877	*	Covanta Holding Corp		14,801
74,900		CPFL Energia S.A.		1,453
184,195	e	Crosstex Energy, Inc		6,983
504,168	*	Dogan Sirketler Grubu Holdings		1,103

38

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
1,290,074		Dominion Resources, Inc	$	108,753
2,855,698	e	DPL, Inc		74,991
1,036,760		DTE Energy Co		50,221
54,809		DUET Group		164
5,043,563		Duke Energy Corp		94,264
1,855,130	*	Dynegy, Inc (Class A)		17,141
1,316,529		E.ON AG.		243,410
1,905,500		Edison International		105,660
35,692		EDP - Energias do Brasil S.A.		594
3,127,229		El Paso Corp		53,069
312,283	*	El Paso Electric Co		7,223
166,120	e	Electric Power Development Co		6,465
259,500		Electricity Generating PCL		878
344,100		Electricity Generating PCL		1,165
27,261,825		Eletropaulo Metropolitana de Sao Paulo S.A.		1,814
148,311		Empire District Electric Co		3,350
2,322,884		Empresa Nacional de Electricidad S.A.		3,296
507,604	e*	Enbridge, Inc		18,597
576,316	e	Endesa S.A.		32,946
6,353,128	e	Enel S.p.A.		71,930
480,565		Energen Corp		27,450
6,407,236		Energias de Portugal S.A.		37,459
66		Energiedienst Holding AG.		35
601,308	e	Energy Developments Ltd		1,686
691,198		Energy East Corp		18,697
39,458	e	EnergySouth, Inc		1,989
18,736	e*	EnerNOC, Inc		715
10,076,122		Enersis S.A.		3,550
1,300,000	*	Enric Energy Equipment Holdings Ltd		1,890
1,069,839		Entergy Corp		115,853
3,469,938		Exelon Corp		261,495
3,315,962		First Philippine Holdings Corp		5,704
2,087,999		FirstEnergy Corp		132,254
206,421	e	Fortis, Inc		5,614
4,499,514	e	Fortum Oyj		165,149
2,738,741		FPL Group, Inc		166,735
100,183		Gas Natural SDG S.A.		5,657
1,505,800		Glow Energy PCL		1,538
330,096		Great Plains Energy, Inc		9,510
2,300	*	Greentech Energy Systems		46
444,400		Guangdong Electric Power Development Co Ltd (Class B)		470
1,536,000		Guangdong Investments Ltd		1,053
313,937	e	Hawaiian Electric Industries, Inc		6,816
170,400	e	Hokkaido Electric Power Co, Inc		3,686
6,222,219		Hong Kong & China Gas Ltd		14,487
2,419,811		Hong Kong Electric Holdings Ltd		12,576
554,000		Huadian Power International Co		355
2,126,000		Huaneng Power International, Inc		2,937
151,000		HUB Power Co		84
10,033		Hunting plc		139
1,020,426	e*	Iberdrola S.A.		59,949
244,463	e	Idacorp, Inc		8,004
293,535		Integrys Energy Group, Inc		15,038
1,621,842		International Power plc		14,974
173,565		Inversiones Aguas Metropolitanas S.A.		217
223,259		ITC Holdings Corp		11,062

39

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
1,032,087	e	Kansai Electric Power Co, Inc	$	23,586
263,152		Kelda Group plc		4,641
192,967		Korea Electric Power Corp		9,045
522,600		Kyushu Electric Power Co, Inc		13,831
157,891		Laclede Group, Inc		5,097
3,175		Lassila & Tikanoja Oyj		102
160,820		Manila Electric Co		296
55,478		Markwest Hydrocarbon, Inc		3,225
1,130,366		MDU Resources Group, Inc		31,469
147,853		Metal Management, Inc		8,014
122,497	e	MGE Energy, Inc		4,096
1,668,007	*	Mirant Corp		67,855
1,337,087		MMC Corp BHD		3,316
316,060	e	National Fuel Gas Co		14,795
2,697,363		National Grid plc		43,267
173,005	e	New Jersey Resources Corp		8,579
283,993	e	Nicor, Inc		12,183
1,104,074		NiSource, Inc		21,132
830,978		Northeast Utilities		23,741
159,472	e	Northwest Natural Gas Co		7,288
242,511	e	NorthWestern Corp		6,589
2,802,326	e*	NRG Energy, Inc		118,510
409,735		NSTAR		14,263
315,300	e*	Ocean Power Technologies, Inc		4,950
62,741		Oest Elektrizitatswirts AG. (Class A)		3,616
350,660		OGE Energy Corp		11,607
146,270		Okinawa Electric Power Co, Inc		9,309
397,076		Oneok, Inc		18,821
72,262	e	Ormat Technologies, Inc		3,349
1,664,885		Osaka Gas Co Ltd		5,841
194,166	e	Otter Tail Corp		6,922
1,066,749		Pepco Holdings, Inc		28,888
293,500		Petronas Gas BHD		956
952,991		Petronet LNG Ltd		1,929
2,485,092		PG&E Corp		118,787
86,109	*	Pico Holdings, Inc		3,578
428,626		Piedmont Natural Gas Co, Inc		10,754
88,604	e*	Pike Electric Corp		1,662
377,395		Pinnacle West Capital Corp		14,911
485,457		PNM Resources, Inc		11,301
2,774,000		PNOC Energy Development Corp		394
1,271,483		Polish Oil & Gas Co		2,420
196,677		Portland General Electric Co		5,468
2,314,876		PPL Corp		107,179
972,639		Progress Energy, Inc		45,568
495,639	m,v*	Progress Energy, Inc		5
1,486,500		PT Perusahaan Gas Negara		1,959
1,643,931		Public Service Enterprise Group, Inc		144,650
448,193		Puget Energy, Inc		10,967
4,360		Puma AG. Rudolf Dassler Sport		1,874
1,116,026		Questar Corp		58,625
64		Raetia Energie AG.		25
230,100		Ratchaburi Electricity Generating Holding PCL		317
68,110		Reliance Energy Ltd		2,061
1,876,042	*	Reliant Energy, Inc		48,027
1,436,474		Republic Services, Inc		46,987

40

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
83,053	e	Resource America, Inc (Class A)	$	1,311
30,876		RWE AG.		3,476
1,125,993		RWE AG.		141,614
507,337		SCANA Corp		19,654
1,654,591		Scottish & Southern Energy plc		51,152
939,110		SembCorp Industries Ltd		4,078
216,217	e*	SEMCO Energy, Inc		1,706
1,745,176		Sempra Energy		101,430
225,470		Severn Trent plc		6,505
24,083		Shanks Group plc		110
5,000		Shizuoka Gas Co Ltd		24
1,238,211		Sierra Pacific Resources		19,477
12,000	*	Sino-Environment Technology Group Ltd		25
85,552	e	SJW Corp		2,921
744,529	e	Snam Rete Gas S.p.A.		4,632
57,614	e	Sociedad General de Aguas de Barcelona S.A. (Class A)		2,189
6,246,809		Sojitz Holdings Corp		27,192
173,718		South Jersey Industries, Inc		6,045
3,067,654		Southern Co		111,295
545,184		Southern Union Co		16,961
277,715		Southwest Gas Corp		7,857
122,092	e	Southwest Water Co		1,542
379,437	*	Stericycle, Inc		21,689
14,167	m*	Suez S.A.		-	^
3,219,136	*	Suez S.A.		189,580
39,448		Tata Power Co Ltd		846
1,191,305		TECO Energy, Inc		19,573
2,435,075		Tenaga Nasional BHD		6,753
966,100	e	Tohoku Electric Power Co, Inc		20,648
2,528,894	e	Tokyo Electric Power Co, Inc		63,847
1,797,458		Tokyo Gas Co Ltd		8,372
91,096		Tractebel Energia S.A.		1,121
271,118		TransAlta Corp		8,532
28,100	e*	Transportadora de Gas del Sur S.A. (ADR)		192
1,886,133		TXU Corp		129,144
617,319		UGI Corp		16,038
177,337		UIL Holdings Corp		5,586
16,400	v	Unified Energy System (ADR)		1,956
61,891	*	Unified Energy System (GDR)		7,489
510,859		Union Fenosa S.A.		30,224
256,239		Unisource Energy Corp		7,659
742,378		United Utilities plc		10,632
815,792		Vector Ltd		1,515
295,348	e	Vectren Corp		8,060
294,792		Veolia Environnement		25,385
492,615	*	Waste Connections, Inc		15,645
35,236		Waste Industries USA, Inc		1,008
134,324	e*	Waste Services, Inc		1,304
2,458,088		Westar Energy, Inc		60,371
302,737		WGL Holdings, Inc		10,260
2,446,988		Williams Cos, Inc		83,344
732,943		Wisconsin Energy Corp		33,004
1,751,918		Xcel Energy, Inc		37,736
486,000		Xinao Gas Holdings Ltd		992
288,505		Zhejiang Southeast Electric Power Co (Class B)		376
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		5,709,712

41

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 6.85%
2,931,052		ABB Ltd	$	77,188
49,890		ABB Ltd India		1,623
660,574	*	Accuris Co Ltd		585
115,688	e*	Acme Packet, Inc		1,784
188,077	*	Actel Corp		2,018
297,702		Acuity Brands, Inc		15,028
706,371	*	Adaptec, Inc		2,698
531,560	*	ADC Telecommunications, Inc		10,424
355,302		Adtran, Inc		8,183
202,061	*	Advanced Analogic Technologies, Inc		2,150
283,580	*	Advanced Energy Industries, Inc		4,282
8	e*	Advanced Media, Inc/Japan		5
2,560,563	e*	Advanced Micro Devices, Inc		33,799
6,090,820		Advanced Semiconductor Engineering, Inc		6,766
610,040	e	Advantest Corp		19,013
11,802		Aga Foodservice Group plc		102
3,437,846	e	Alcatel S.A.		35,296
139,188		Alcatel S.A. (ADR)		1,417
4,400		Alpine Electronics, Inc		65
471,422	e	Alps Electric Co Ltd		5,672
1,807,139		Altera Corp		43,516
189,611	e*	American Superconductor Corp		3,883
545,709		Ametek, Inc		23,586
308,556	*	AMIS Holdings, Inc		2,996
741,070	e*	Amkor Technology, Inc		8,537
796,732		Amphenol Corp (Class A)		31,678
318,823	e*	Anadigics, Inc		5,764
1,467,115		Analog Devices, Inc		53,051
938,621	*	Andrew Corp		13,000
6,151	*	Ansaldo STS S.p.A.		86
5,881,137	*	Apple Computer, Inc		902,990
1,585,298	e*	Applied Micro Circuits Corp		5,010
88,200		Arcelik A.S.		716
2,760,500		ARM Holdings plc		8,698
803,903	*	Arris Group, Inc		9,928
3,995,778		Asustek Computer, Inc		12,097
295,600	*	Atheros Communications, Inc		8,859
2,421,776	e*	Atmel Corp		12,496
192,245	*	ATMI, Inc		5,719
9,500	*	AudioCodes Ltd		52
938,897	e*	Avanex Corp		1,540
4,456,950		Avermedia Technologies		9,696
3,300	e	Avex Group Holdings, Inc		43
1,462,237	*	Avnet, Inc		58,285
355,810		AVX Corp		5,729
7		Axell Corp		16
62,288	e*	AZZ, Inc		2,178
246,672	e	Baldor Electric Co		9,855
9,916	e	Bang & Olufsen A/S (B Shares)		1,119
10,667	e	Barco NV		919
68,664	e	Bel Fuse, Inc (Class B)		2,380
425,352	*	Benchmark Electronics, Inc		10,153
8,065		Bharat Electronics Ltd		373
64,881	e*	BigBand Networks, Inc		415

42

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
2,298,990	*	Broadcom Corp (Class A)	$	83,775
94,500		Byd Co Ltd		706
1,432		Carbone Lorraine		111
437,355	*	C-COR, Inc		5,025
349,269	*	Celestica, Inc		2,128
192,456	e*	Ceradyne, Inc		14,577
6,102	*	Ceres Power Holdings plc		37
699,609	*	Chartered Semiconductor Manufacturing Ltd		513
252,915	*	Checkpoint Systems, Inc		6,674
196,678		Cheng Uei Precision Industry Co Ltd		557
2,918,115		Chi Mei Optoelectronics Corp		3,478
11,538	e,m,v*	China Energy Savings Technology, Inc		1
12,904		Chrysalis Group plc		25
3,773,000	*	Chunghwa Picture Tubes Ltd		1,087
710,761	*	Ciena Corp		27,066
42,579,026	*	Cisco Systems, Inc		1,409,792
4,300		CMK Corp		46
115,500		Compal Communications, Inc		295
414,000		Compeq Manufacturing Co		205
184,686	e*	Comtech Telecommunications Corp		9,879
2,199		Conergy AG.		209
2,697,983	e*	Conexant Systems, Inc		3,238
1,342,966		Cooper Industries Ltd (Class A)		68,612
50,425	*	CPI International, Inc		959
470,611	e*	Cree, Inc		14,636
226,440	*	CSR plc		2,981
233,710		CTS Corp		3,015
149,355		Cubic Corp		6,298
674,673	*	Cypress Semiconductor Corp		19,707
516,878		Daiichikosho Co Ltd		5,769
145,978	e	Dainippon Screen Manufacturing Co Ltd		879
3,000		Daiwa Industries Ltd		20
36,000		Datacraft Asia Ltd		42
2,060,000		Datang International Power Generation Co Ltd		2,366
4,183,000	*	Delta Networks, Inc		1,776
900		Densei-Lambda KK		13
164,543	e*	Diodes, Inc		5,282
186,361	e*	Ditech Networks, Inc		982
512,369	*	Dolby Laboratories, Inc (Class A)		17,841
174,925	*	DSP Group, Inc		2,769
99,452	e*	DTS, Inc		3,020
7,586	*	Eagle Broadband, Inc		-	^
840,553		Eaton Corp		83,248
34,100	e*	ECI Telecom Ltd		340
2,376	*	EEMS Italia S.p.A.		15
1,400		Eizo Nanao Corp		46
7,000		Elec & Eltek International Co Ltd		15
173,133	e*	Electro Scientific Industries, Inc		4,148
4,000	*	Eltek ASA		35
108,040	*	EMS Technologies, Inc		2,650
367,546	e*	Energizer Holdings, Inc		40,742
213,675	e*	Energy Conversion Devices, Inc		4,855
131,825	e*	EnerSys		2,343
2,800		Eneserve Corp		12
228,683		Epistar Corp		1,139
22,838,199		Ericsson (LM) (B Shares)		91,436

43

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
495	*	Ersol Solar Energy AG.	$	48
492,345	e*	Evergreen Solar, Inc		4,397
194,419	e*	Exar Corp		2,539
350,252	v*	EXIDE TECHNOLOGIES RIGHTS		-	^
2,432,013	*	Fairchild Semiconductor International, Inc		45,430
245,028		Fanuc Ltd		24,980
3,528,000		Far EasTone Telecommunications Co Ltd		4,465
2,923,693	e*	Finisar Corp		8,186
285,473	e*	First Solar, Inc		33,612
257,390	e	Fisher & Paykel Appliances Holdings Ltd		694
1,170,206	e	Fisher & Paykel Healthcare Corp		2,926
2,000		Foster Electric Co Ltd		36
1,747,717	*	Foxconn International Holdings Ltd		4,789
295,085		Foxconn Technology Co Ltd		3,391
107,150	e	Franklin Electric Co, Inc		4,405
304,852	e*	FuelCell Energy, Inc		2,725
301,401		Fuji Electric Holdings Co Ltd		1,343
345,978		Gamesa Corp Tecnologica S.A.		14,134
535,397	e	Garmin Ltd		63,926
7,454	*	Gemalto NV		216
1,315,348	*	Gemstar-TV Guide International, Inc		9,155
150,817	*	Genlyte Group, Inc		9,692
1,982	e	Geo Corp		4,107
787,500		Geodesic Information Systems Ltd		3,760
3,800		GFI Informatique		39
600,412	*	GrafTech International Ltd		10,711
193,764	e*	Greatbatch, Inc		5,152
1,537		Groupe Steria SCA		78
34,000	e	GS Yuasa Corp		75
214,244		GVK Power & Infrastructure Ltd		3,533
112,400	e	Hamamatsu Photonics KK		3,249
9,600		Hana Microelectronics PCL		7
3,050,000	*	HannStar Display Corp		872
301,476		Harman International Industries, Inc		26,084
432,864	e*	Harmonic, Inc		4,593
810,497		Harris Corp		46,839
138,308	*	Helen of Troy Ltd		2,671
510,367	e*	Hexcel Corp		11,590
317,280		High Tech Computer Corp		4,676
20,549		Hirose Electric Co Ltd		2,499
97,290		Hitachi Chemical Co Ltd		2,012
7,000		Hitachi High-Technologies Corp		160
3,057,379	e	Hitachi Ltd		20,362
99,336	*	Hittite Microwave Corp		4,386
5,366,644		Hon Hai Precision Industry Co, Ltd		40,618
6,399,347		Honeywell International, Inc		380,569
2,600		Horiba Ltd		109
5,800	e	Hosiden Corp		87
754,558		Hoya Corp		25,751
159,051	e*	Hutchinson Technology, Inc		3,913
13,800	*	Hynix Semiconductor, Inc		472
64,048		Hyundai Autonet Co Ltd		489
233,236		Ibiden Co Ltd		19,635
212,771		Imation Corp		5,219
1,929		Imtech NV		158
2,698,106	*	Infineon Technologies AG.		46,514

44

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
560,000	*	Infineon Technologies AG. (ADR)	$	9,621
18,400	*	Infinera Corp		371
1,400		Information Services International-Dentsu Ltd		14
1,408,724		InnoLux Display Corp		6,151
2,165,100		Inotera Memories, Inc		2,183
1,196,795	*	Integrated Device Technology, Inc		18,526
41,732,602		Intel Corp		1,079,205
247,952	e*	InterDigital, Inc		5,152
281,063	*	International Rectifier Corp		9,272
6,554		Interpump Group S.p.A.		65
832,648		Intersil Corp (Class A)		27,835
210,454	e*	InterVoice, Inc		1,976
8,859		Intracom S.A.		57
1,583		Ion Beam Applications		45
52,033	*	IPG Photonics Corp		1,023
80,588	e*	iRobot Corp		1,602
6,000		Iwasaki Electric Co Ltd		14
145,893	e*	IXYS Corp		1,522
17,000		Janome Sewing Machine Co Ltd		19
1,900		Japan Digital Laboratory Co Ltd		27
5	e	Japan Pure Chemical Co Ltd		18
11,000		Japan Radio Co Ltd		38
360,516	*	Jarden Corp		11,154
811,801	e*	JDS Uniphase Corp		12,145
1,191,400		Johnson Electric Holdings Ltd		622
37,000		Jurong Technologies Industrial Corp Ltd		19
556,755	e*	Kemet Corp		4,092
134,800		Kinsus Interconnect Technology Corp		469
4,225,129		Koninklijke Philips Electronics NV		190,685
3,654		Koor Industries Ltd		293
10,875	e	Kudelski S.A.		307
233,198		Kyocera Corp		21,865
1,421,320		L-3 Communications Holdings, Inc		145,174
18,168		Laird Group plc		201
105,239	e	Lamson & Sessions Co		2,837
679,610	e*	Lattice Semiconductor Corp		3,051
70,321		LG Electronics, Inc		6,570
75,550	*	LG.Philips LCD Co Ltd		3,616
144,239	e*	LG.Philips LCD Co Ltd (ADR)		3,453
175,707		Lincoln Electric Holdings, Inc		13,637
944,265	e	Linear Technology Corp		33,040
190,991	*	Littelfuse, Inc		6,816
800	*	Loewe AG.		17
53,414	*	Loral Space & Communications, Inc		2,123
118,319	e	LSI Industries, Inc		2,428
3,145,916	*	LSI Logic Corp		23,343
18,911		Mabuchi Motor Co Ltd		1,233
1,907,733		Macronix International		1,228
98,000		Malaysian Pacific Industries		265
2,337,994	*	Marvell Technology Group Ltd		38,273
1,474,054		Matsushita Electric Industrial Co Ltd		27,655
603,350		Matsushita Electric Industrial Co Ltd (ADR)		11,192
62,557		Matsushita Electric Works Ltd		754
285,891	*	Mattson Technology, Inc		2,473
4,180,009		Maxim Integrated Products, Inc		122,683
1,010,785		MediaTek, Inc		18,460

45

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
115,526	e*	Medis Technologies Ltd	$	1,502
2,216		Melexis NV		41
1,472,404	*	MEMC Electronic Materials, Inc		86,666
129,535	e*	Mercury Computer Systems, Inc		1,332
239,201		Methode Electronics, Inc		3,600
413,412		Micrel, Inc		4,465
905,762		Microchip Technology, Inc		32,897
2,951,949	*	Micron Technology, Inc		32,767
4,517	*	Micronas Semiconductor Holdings, Inc		59
4,000	*	Micronic Laser Systems AB		28
406,696	e*	Microsemi Corp		11,339
287,804	*	Microtune, Inc		1,733
1,600		Mimasu Semiconductor Industry Co Ltd		36
707,841		Minebea Co Ltd		4,844
236,320	e*	MIPS Technologies, Inc		1,867
12,000		Mitsubishi Cable Industries Ltd		16
4,434,435		Mitsubishi Electric Corp		55,592
564,533		Molex, Inc		15,203
219,010	e*	Monolithic Power Systems, Inc		5,563
212,327	*	Moog, Inc (Class A)		9,330
580,580		Mosel Vitelic, Inc		779
65,500		Motech Industries, Inc		713
13,281,129		Motorola, Inc		246,099
723,622	e*	MRV Communications, Inc		1,795
46,829	*	Multi-Fineline Electronix, Inc		694
533,356		Murata Manufacturing Co Ltd		38,447
86,000		Nan Ya Printed Circuit Board Corp		538
1,793,096		Nanya Technology Corp		1,209
26,351	e	National Presto Industries, Inc		1,397
3,846,114		National Semiconductor Corp		104,307
233,744	*	NEC Electronics Corp		6,715
87,606	e*	Netlogic Microsystems, Inc		3,163
7,473,257	*	Network Appliance, Inc		201,105
2,000		New Japan Radio Co Ltd		10
112,895	e	NGK Spark Plug Co Ltd		1,754
28,966	*	Nice Systems Ltd		1,032
144,744	e	Nidec Corp		10,119
1,600		Nihon Dempa Kogyo Co Ltd		100
10,000		Nippon Carbon Co Ltd		67
11,000		Nippon Chemi-Con Corp		97
4,800		Nippon Signal Co Ltd		30
1,000		Nissho Electronics Corp		7
61,173		Nitto Denko Corp		2,844
5,224		NKT Holding A/S		586
7,698,518		Nokia Oyj		292,664
2,600	*	Nordic Semiconductor ASA		14
729,206	*	Nortel Networks Corp		12,361
1,416,927	*	Novellus Systems, Inc		38,625
4,540,469	*	Nvidia Corp		164,547
21,662		Olympic Group Financial Investments		268
293,279	e*	Omnivision Technologies, Inc		6,666
363,208		Omron Corp		9,613
1,480,470	e*	ON Semiconductor Corp		18,595
599,687	e*	On2 Technologies, Inc		696
555,889	e	Openwave Systems, Inc		2,435
103,020	e*	Oplink Communications, Inc		1,407

46

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
98,855	e*	OpNext, Inc	$	1,147
65,312	e*	Optium Corp		678
415,000		Origin Electric Co Ltd		2,276
84,242	e*	OSI Systems, Inc		1,896
124,525		Park Electrochemical Corp		4,182
158,364	*	Pericom Semiconductor Corp		1,856
250,454		Phoenix Electric Co Ltd		1,204
254,061	*	Photronics, Inc		2,899
43,500	e	Pioneer Corp		534
284,845	e	Plantronics, Inc		8,132
293,022	e*	Plexus Corp		8,029
132,857	e*	PLX Technology, Inc		1,435
1,167,566	e*	PMC - Sierra, Inc		9,796
489,419	*	Polycom, Inc		13,146
17,000	*	Polypore International, Inc		239
38,674	e*	Powell Industries, Inc		1,465
6,350,910		Powerchip Semiconductor Corp		3,084
435,817	e*	Power-One, Inc		2,223
465,750		Powertech Technology, Inc		1,870
782,325	e*	Powerwave Technologies, Inc		4,819
4,143,000		ProMOS Technologies, Inc		1,269
610,712	e*	Qimonda AG. (ADR)		6,901
817,088	*	QLogic Corp		10,990
11,701,496		Qualcomm, Inc		494,505
2,134,853	e	RadioShack Corp		44,106
437,098	e*	Rambus, Inc		8,353
87,524	e	Raven Industries, Inc		3,505
369,337		Realtek Semiconductor Corp		1,726
6,377		Redflex Holdings Ltd		16
187,986		Regal-Beloit Corp		9,003
453,097		Reliance Communication Ventures Ltd		6,672
989,191	*	Research In Motion Ltd		97,213
90,058	*	Research In Motion Ltd		8,875
112,755		Reunert Ltd		1,097
1,284,413	e*	RF Micro Devices, Inc		8,644
975,196	e	Ricoh Co Ltd		20,631
10,100		Rinnai Corp		302
1,239,000	*	Ritek Corp		440
107,155	e*	Rogers Corp		4,414
171,045		Rohm Co Ltd		15,114
765		SAES Getters S.p.A.		22
40,084		Samsung Electro-Mechanics Co Ltd		2,632
127,142		Samsung Electronics Co Ltd		79,880
16,471		Samsung Electronics Co Ltd		7,667
22,479		Samsung SDI Co Ltd		1,508
82,698	e	Sanken Electric Co Ltd		405
3,242,891	*	Sanmina-SCI Corp		6,875
92,000	*	Sansui Electric Co Ltd		8
3,000		Sanyo Denki Co Ltd		16
485,000	*	Sanyo Electric Co Ltd		798
462,282		Satyam Computer Services Ltd		5,176
4,000		Saxa Holdings, Inc		9
393,799	e	Schindler Holding AG.		24,861
159,197	*	Seachange International, Inc		1,102
10,806,000	*	Semiconductor Manufacturing International Corp		1,279
436,544	*	Semtech Corp		8,940

47

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
1,470,987	*	SGL Carbon AG.	$	84,321
457,771	e	Sharp Corp		8,309
3,000		Shibaura Mechatronics Corp		14
7,000		Shindengen Electric Manufacturing Co Ltd		31
1,600		Shinkawa Ltd		29
41,900		Shinko Electric Industries		930
23,646		Siemens India Ltd		802
451,938	*	Silicon Image, Inc		2,327
243,142	*	Silicon Laboratories, Inc		10,154
643,968	*	Silicon Storage Technology, Inc		2,074
2,494,076		Siliconware Precision Industries Co		5,541
62,000		SIM Technology Group Ltd		16
190,022	e*	Sirenza Microdevices, Inc		3,285
6,790,684	e*	Sirius Satellite Radio, Inc		23,699
931,250	*	Skyworks Solutions, Inc		8,418
258,888	*	Smart Modular Technologies WWH, Inc		1,851
629	*	Solon AG. Fuer Solartechnik		71
1,402,583	e	Sony Corp		68,014
667,038	e*	Spansion, Inc (Class A)		5,636
226,719	e*	Spectrum Brands, Inc		1,315
128,126	*	Standard Microsystems Corp		4,923
101,534		Stanley Electric Co Ltd		2,448
4,200		Star Micronics Co Ltd		130
13,800	*	Starent Networks Corp		291
10,967	*	STATS ChipPAC Ltd		12
595,260		STMicroelectronics NV		10,007
81,698	*	Stoneridge, Inc		833
180,435		Sumco Corp		7,352
104,097	e*	Sunpower Corp (Class A)		8,621
153	e*	Suntron Corp		-	^
65,663	e*	Supertex, Inc		2,619
1,056,775	*	Sycamore Networks, Inc		4,301
270,631	e*	Symmetricom, Inc		1,272
151,048	e*	Synaptics, Inc		7,214
305,944	e*	Syntax-Brillian Corp		1,245
16,795,952		Taiwan Semiconductor Manufacturing Co Ltd		32,578
709,000		Taiwan Semiconductor Manufacturing Co Ltd (ADR)		7,175
242,962	e	Taiyo Yuden Co Ltd		4,812
7,000		Takaoka Electric Manufacturing Co Ltd		11
207,789		Tandberg ASA		5,001
36,061	*	Tanfield Group plc		128
2,458,000	*	Tatung Co Ltd		1,295
216,626		TDK Corp		19,010
2,531		Techem AG.		169
246,905		Technitrol, Inc		6,654
102,384	e*	Techwell, Inc		1,087
5,135,000		Teco Electric and Machinery Co Ltd		3,037
3,000		Teikoku Tsushin Kogyo Co Ltd		13
349,253	*	Tekelec		4,226
522,295		Teleflex, Inc		40,697
180,000		Telefonaktiebolaget LM Ericsson (ADR)		7,164
1,723,173	*	Tellabs, Inc		16,405
1,514,924	e	Terna Rete Elettrica Nazionale S.p.A.		5,600
267,478	*	Tessera Technologies, Inc		10,030
6,229,285		Texas Instruments, Inc		227,930
366,508	*	Thomas & Betts Corp		21,492

48

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
199,359		Thomson	$	3,036
8,000		Toko, Inc		18
395,105	e	Tokyo Denpa Co Ltd		4,884
2,900	e	Toyo Corp/Chuo-ku		41
39,900		Toyota Boshoku Corp		1,348
279,493	e*	Trident Microsystems, Inc		4,441
96,885	*	Tripath Technology, Inc		-	^
230,260		Tripod Technology Corp		949
846,385	*	Triquint Semiconductor, Inc		4,156
14,282		TT electronics plc		44
269,727	*	TTM Technologies, Inc		3,121
2,419,981		Tyco Electronics Ltd		85,740
106,614	e*	Ultra Clean Holdings		1,567
9,821	*	UMC Japan		855
14,777		Uniden Corp		98
828,260		Unimicron Technology Corp		1,543
12,436,554	v	United Microelectronics Corp		7,317
10		United Technology Holdings Co Ltd		16
133,000	*	United Test and Assembly Center Ltd		106
125,927	e*	Universal Display Corp		2,231
77,013	*	Universal Electronics, Inc		2,503
503,424	e	Ushio, Inc		9,160
1,066,914	e*	Utstarcom, Inc		3,905
4		V Technology Co Ltd		5
58,382	e	Valeo S.A.		3,248
4,959,922		Vanguard International Semiconductor Corp		4,445
467,207	*	Varian Semiconductor Equipment Associates, Inc		25,005
30,000		Varitronix International Ltd		24
251,751		Venture Corp Ltd		2,796
107,046	*	Vestel Elektronik Sanayi		296
458,000	*	Via Technologies, Inc		330
145,356	*	Viasat, Inc		4,481
109,368	e	Vicor Corp		1,326
28,463		Videocon Industries Ltd		266
1,122,658	*	Vishay Intertechnology, Inc		14,628
92,702	e*	Volterra Semiconductor Corp		1,138
14,000		Vtech Holdings Ltd		104
60,136		Weg S.A.		730
359,852		Whirlpool Corp		32,063
2,209,000		Winbond Electronics Corp		724
585,401		Wintek Corp		795
199,865		Wipro Ltd		2,308
1,072,504		Wistron Corp		1,916
156,144	*	Wolfson Microelectronics plc		780
1,240,597		Xilinx, Inc		32,429
15,750	m,v	Ya Hsin Industrial Co Ltd		3
2,406,000		Yageo Corp		1,017
1,800		Yamaichi Electronics Co Ltd		11
144,412		Yaskawa Electric Corp		1,799
3,075,175		YTL Power International		2,157
1,893,538		Zhuzhou CSR Times Electric Co Ltd		3,220
125,739	*	Zoltek Cos, Inc		5,486
329,454	*	Zoran Corp		6,655
81,200		ZTE Corp		428
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		9,616,416

49

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
ENGINEERING AND MANAGEMENT SERVICES - 0.81%
1,308		Aangpanneforeningen AB (B Shares)	$	36
102,811	*	Advisory Board Co		6,011
274,985	*	Aecom Technology Corp		9,605
470		Aeroplan Income Fund		11
37,034	*	Affymax, Inc		1,002
10,222	*	Altran Technologies S.A.		73
539,267	e*	Amylin Pharmaceuticals, Inc		26,963
466,403	*	Applera Corp (Celera Genomics Group)		6,558
1,376		Arcadis NV		99
349,889	e*	Ariad Pharmaceuticals, Inc		1,620
1,671		Assystem		26
23,450		Babcock International Group		245
600	*	Bavarian Nordic AS		51
3,156	*	Budimex S.A.		85
279,655		Cap Gemini S.A.		17,235
542,978		Capita Group plc		8,043
109,906	e	CDI Corp		3,064
1,962,869	*	Celgene Corp		139,972
6,300	*	comScore, Inc		170
69,737	e*	Cornell Cos, Inc		1,642
173,265		Corporate Executive Board Co		12,863
59,256	e*	CRA International, Inc		2,856
5,216	e*	CuraGen Corp		7
297,953	e*	CV Therapeutics, Inc		2,676
111,380		Daewoo Engineering & Construction Co Ltd		3,195
1,284	*	Devgen		32
218,620		Diamond Management & Technology Consultants, Inc		2,011
12,231	a*	Digital Garage, Inc		12,245
982		Dinamia		32
3,020,115		Downer EDI Ltd		16,776
6		Dream, Incubator, Inc		9
5,286		DTZ Holdings plc		51
263,320	e*	eResearch Technology, Inc		2,999
711		Eurofins Scientific		65
746,138	*	Exelixis, Inc		7,902
97,953	*	Exponent, Inc		2,458
905,201		Fluor Corp		130,331
61,506	e	Fugro NV		4,993
2,240,080		GEA Group AG.		78,802
88,920	*	Genpact Ltd		1,507
222,093	*	Gen-Probe, Inc		14,787
4,500	*	Geo ASA		36
3,138	e*	GPC Biotech AG.		38
1,280,162		GRD Ltd		2,726
195,840	*	Greenfield Online, Inc		2,987
313,350	*	Harris Interactive, Inc		1,351
523,325	*	Hewitt Associates, Inc (Class A)		18,343
100,532	e*	Huron Consulting Group, Inc		7,301
2,035	*	Icon plc		105
40,281		IDB Development Corp Ltd		1,378
486,892	e*	Incyte Corp		3,481
12,704		Interserve plc		124
2,443		IPSOS		91
449,467	e*	Isis Pharmaceuticals, Inc		6,729
6,794	*	ITM Power plc		15

50

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
502,788	*	Jacobs Engineering Group, Inc	$	38,001
62,260		Jaiprakash Associates Ltd		1,711
356,327		JGC Corp		6,871
703,150	*	KBR, Inc		27,261
5,743		Keller Group plc		116
68,484	*	Kendle International, Inc		2,844
214,310	e*	Kosan Biosciences, Inc		1,074
49,380	e	Landauer, Inc		2,516
115,815	e*	LECG Corp		1,726
218,781	e*	Lifecell Corp		8,220
180,031	e*	Luminex Corp		2,715
124,876		MAXIMUS, Inc		5,442
146,288	e*	Maxygen, Inc		996
1,556,164	*	McDermott International, Inc		84,157
2,482	*	Medion AG.		46
81,724	*	Michael Baker Corp		4,005
30,429		Mitie Group		156
1,247,555		Moody's Corp		62,877
66,077	e*	MTC Technologies, Inc		1,276
221,738	e*	Myriad Genetics, Inc		11,564
245,608	e*	Navigant Consulting, Inc		3,109
164,177	e*	Neurogen Corp		729
3,400		Nichii Gakkan Co		59
1,771	*	Novabase SGPS S.A.		10
275,753	*	Omnicell, Inc		7,870
1,555,437		Paychex, Inc		63,773
24,000	*	Penta-Ocean Construction Co Ltd		38
134,866	e*	PharmaNet Development Group, Inc		3,915
590,896		QinetiQ plc		2,119
639,265		Quest Diagnostics, Inc		36,930
156,704	*	Regeneration Technologies, Inc		1,680
479,573	e*	Regeneron Pharmaceuticals, Inc		8,536
789,300	e*	Rentech, Inc		1,705
356,964		Resources Connection, Inc		8,264
140,039	e*	Rigel Pharmaceuticals, Inc		1,321
7,160		Robert Walters plc		35
21,236		RPS Group plc		147
624,092	e*	SAIC, Inc		11,976
24,185		Samsung Engineering Co Ltd		3,250
293,905	e*	Savient Pharmaceuticals, Inc		4,276
12,834		Savills plc		96
47,795		SBM Offshore NV		1,879
342,270	*	Seattle Genetics, Inc		3,847
163,643	e*	Senomyx, Inc		2,005
314,726		Serco Group plc		2,672
443,149	*	Shaw Group, Inc		25,747
844,000		Shenzhen Expressway Co Ltd		876
2,300		Sho-Bond Corp		26
6,000		Shui On Construction		19
11,265	*	Silex Systems Ltd		77
266,990		SNC-Lavalin Group, Inc		11,905
14		Soiken Holdings, Inc		11
43,520	*	Stanley, Inc		1,199
180,849	e*	Symyx Technologies, Inc		1,572
9	*	Takara Bio, Inc		23
51,991	e*	Tejon Ranch Co		2,152

51

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
317,374	e*	Telik, Inc	$	924
364,167	*	Tetra Tech, Inc		7,691
1,511,957	e	Toyo Engineering Corp		8,648
2,952		Trevi Finanziaria S.p.A.		58
15,656		United Group Ltd		257
685,327	*	URS Corp		38,687
8,000	*	Venture Link Co Ltd		12
167,894	e*	Verenium Corp		886
170,418	*	Washington Group International, Inc		14,964
267,712		Watson Wyatt & Co Holdings (Class A)		12,031
446,522		WHK Group Ltd		792
259,926		WorleyParsons Ltd		9,782
906,600		Zelan BHD		1,650
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		1,137,617
ENVIRONMENTAL QUALITY AND HOUSING - 0.00%**
1,777,115	*	Centillion Environment & Recycling Ltd		90
236,178	e*	Home Solutions of America, Inc		800
		TOTAL ENVIRONMENTAL QUALITY AND HOUSING		890
FABRICATED METAL PRODUCTS - 0.55%
145		AFG Arbonia-Forster Hldg		54
134,813	e*	Alliant Techsystems, Inc		14,735
813,414		Amcor Ltd		5,327
49,572	e	Ameron International Corp		5,243
412,775		Aptargroup, Inc		15,632
6,000		Asahi Organic Chemicals Industry Co Ltd		22
706,381		Ball Corp		37,968
52,863		Bharat Forge Ltd		379
186,081		Bharat Heavy Electricals		9,512
4,000		Bunka Shutter Co Ltd		19
66,902	*	Chart Industries, Inc		2,152
648,792		China International Marine Containers Co Ltd (Class B)		1,394
93,446		CIRCOR International, Inc		4,243
755,393		Commercial Metals Co		23,908
107,541	e*	Commercial Vehicle Group, Inc		1,380
28,798		Compx International, Inc		564
235,713		Crane Co		11,307
2,794,159	*	Crown Holdings, Inc		63,595
64,731	e	Dynamic Materials Corp		3,100
13,375		Geberit AG.		1,750
14,200	*	Gerresheimer AG.		769
178,312	e*	Griffon Corp		2,693
2,410		Grupa Kety S.A.		177
96,770	e	Gulf Island Fabrication, Inc		3,715
2,600		Gunnebo AB		32
1,619,538		Hitachi Cable Ltd		10,039
4,648,510		Illinois Tool Works, Inc		277,237
98,732	e	Insteel Industries, Inc		1,516
5,543		Jindal Steel & Power Ltd		721
178,209	e	JS Group Corp		3,100
9,000		Kitagawa Iron Works Co Ltd		17
9,000		Kitz Corp		82
80,218	*	Ladish Co, Inc		4,450
55,308	e	Lifetime Brands, Inc		1,122
2,800		Miura Co Ltd		90

52

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
196,056	e*	Mobile Mini, Inc	$	4,737
675,822	e	Mueller Water Products, Inc (Class A)		8,373
124,047	e*	NCI Building Systems, Inc		5,360
6,200		Nibe Industrier AB (B Shares)		62
3,428		Norddeutsche Affinerie AG.		151
630,626		Parker Hannifin Corp		70,523
43,050	*	Park-Ohio Holdings Corp		1,117
600,065		Pentair, Inc		19,910
1,981		Permasteelisa S.p.A.		52
51,005	e*	PGT, Inc		404
77		Phoenix Mecano AG.		32
529,151		Rexam plc		5,971
146,321		Sanwa Shutter Corp		820
1,000,000		Shin Zu Shing Co Ltd		7,569
195,852		Silgan Holdings, Inc		10,527
213,192	e	Simpson Manufacturing Co, Inc		6,790
576,509	e	Sims Group Ltd		16,513
30,000		Singamas Container Holdings Ltd		18
159,853	e*	Smith & Wesson Holding Corp		3,052
562,231		Snap-On, Inc		27,853
1,383		Socotherm S.p.A.		19
300,394	e	Ssab Svenskt Stal AB (Series A)		11,118
204,483	e	Ssab Svenskt Stal AB (Series B)		6,981
450,360		Stanley Works		25,279
228,464	e*	Sturm Ruger & Co, Inc		4,092
59,290	e	Sun Hydraulics Corp		1,885
330,150	e*	Taser International, Inc		5,180
66,871		Tata Steel Ltd		1,427
1,300		Tocalo Co Ltd		24
8,625	b,m,v*	Tower Automotive, Inc		-	^
142,766	e	Toyo Seikan Kaisha Ltd		2,691
69,930	e*	Trimas Corp		928
98,989	e	Valmont Industries, Inc		8,399
11,828		Wagon plc		7
178,173	e	Watts Water Technologies, Inc (Class A)		5,470
246,735		Yieh Phui Enterprise		117
		TOTAL FABRICATED METAL PRODUCTS		771,495
FOOD AND KINDRED PRODUCTS - 3.26%
364		Agrana Beteiligungs AG.		37
473,059	e	Ajinomoto Co, Inc		5,930
110,708	e*	Altus Pharmaceuticals, Inc		1,161
34,591	e*	American Dairy, Inc		675
157,026		Anadolu Efes Biracilik Ve Malt Sanayii A.S.		1,639
4,815,448		Anheuser-Busch Cos, Inc		240,724
2,943,401		Archer Daniels Midland Co		97,368
1,000		Ariake Japan Co Ltd		21
72,013		Asahi Breweries Ltd		1,097
2,751		Bajaj Hindusthan Ltd		12
184,000		Beijing Enterprises Holdings Ltd		935
369		Bonduelle S.C.A.		50
52,063	*	Boston Beer Co, Inc (Class A)		2,533
9,966		Britvic plc		66
452,697		Bunge Ltd		48,642
706,552		Cadbury Schweppes plc		8,197
920,627		Campbell Soup Co		34,063

53

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
10,245		Carlsberg A/S (Class B)	$	1,399
166,700		Charoen Pokphand Foods PCL		26
1,058,000	*	China Agri-Industries Holdings Ltd		724
9,257	v*	CJ CheilJedang Corp		2,326
16,783		CJ Corp		1,293
186,983		Coca Cola Hellenic Bottling Co S.A.		10,798
790,240		Coca-Cola Amatil Ltd		6,311
27,018		Coca-Cola Bottling Co Consolidated		1,629
13,184,485		Coca-Cola Co		757,712
2,124,463		Coca-Cola Enterprises, Inc		51,454
131,932		Coca-Cola Femsa S.A. de C.V.		566
640,062	e	Coca-Cola West Japan Co Ltd		15,045
360,000		Cofco International Ltd		229
148,822		Companhia de Bebidas das Americas		10,961
2,952,476		ConAgra Foods, Inc		77,148
730,468	*	Constellation Brands, Inc (Class A)		17,685
550,268		Corn Products International, Inc		25,241
37,035		Cosan SA Industria e Comercio		505
95,128	*	Cott Corp		756
2,200,331		CSR Ltd		6,072
4,150,000	v*	DaChan Food Asia Ltd		1,602
13,568		Dairy Crest Group plc		175
40,632	e	Danisco A/S		3,159
536,887	*	Darling International, Inc		5,310
1,189,777		Del Monte Foods Co		12,493
3,224,511		Diageo plc		70,855
14,989		East Asiatic Co Ltd A.S.		1,120
71,270	e	Ebro Puleva S.A.		1,461
190,792		Embotelladora Andina S.A.		545
753,277		Embotelladora Andina S.A.		2,337
741,321		Empresas Iansa S.A.		71
41,459	e	Farmer Bros Co		1,031
583,439		Flowers Foods, Inc		12,719
1,694,855		Fomento Economico Mexicano S.A. de C.V.		6,316
6,400		Fuji Oil Co Ltd		47
2,263,910		General Mills, Inc		131,329
1,990		Givaudan S.A.		1,839
305,800		Golden Hope Plantations BHD		763
969,478		Greencore Group plc		6,304
2,557,454		Groupe Danone		201,303
186,971		Grupo Bimbo S.A. de C.V. (Series A)		1,044
384,260		Grupo Modelo S.A. (Series C)		1,842
1,675,473		H.J. Heinz Co		77,407
309,800	e*	Hansen Natural Corp		17,559
500		Harboes Bryggeri AS (Class B)		14
814,070		Heineken NV		53,421
678,892		Hershey Co		31,507
35		Hiestand Holding AG.		72
2,900		Highlands & Lowlands BHD		7
7,510		Hite Brewery Co Ltd		1,050
1,738		HKScan Oyj		36
410,692		Hormel Foods Corp		14,695
20,600		House Foods Corp		360
37,042		Iaws Group plc		823
76,866	e	Imperial Sugar Co		2,009
377,698		InBev NV		34,232

54

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
30,000	m,v*	International Hydron Liquidating Trust	$	1
2,654,460		IOI Corp BHD		4,713
368,100	e	Ito En Ltd		8,973
110,430	e	Ito En Ltd		2,197
497,826		J Sainsbury plc		5,882
73,126		J&J Snack Foods Corp		2,546
420,179		J.M. Smucker Co		22,446
14,557,000		JG Summit Holdings		3,474
9,000		J-Oil Mills, Inc		24
126,032	e*	Jones Soda Co		1,520
49,675		Kaneka Corp		418
33,668		Katokichi Co Ltd		154
2,177,176		Kellogg Co		121,922
374,552		Kerry Group plc (Class A)		11,109
1,700		Kibun Food Chemifa Co Ltd		17
42,000	e	Kikkoman Corp		634
141,762		Kirin Brewery Co Ltd		1,876
7,441		Koninklijke Wessanen NV		110
9,501,814		Kraft Foods, Inc (Class A)		327,908
2,094,527		Kulim Malaysia BHD		4,180
132,970		Lancaster Colony Corp		5,075
172,359	e	Lance, Inc		3,968
274		Laurent-Perrier		45
209		LDC		26
3,045		Leroy Seafood Group ASA		69
233,950	e	Lion Nathan Ltd		1,916
311		Lotte Chilsung Beverage Co Ltd		474
759		Lotte Confectionery Co Ltd		1,320
61,758	e*	M&F Worldwide Corp		3,100
28,000		Maruha Nichiro Holdings, Inc		46
778,980		McCormick & Co, Inc		28,020
79,000	e	Meiji Dairies Corp		446
93,000	e	Meiji Seika Kaisha Ltd		468
4,000		Mercian Corp		9
52,650	e	MGP Ingredients, Inc		541
9,000		Mitsui Sugar Co Ltd		32
6,000		Miyoshi Oil & Fat Co Ltd		10
499,744		Molson Coors Brewing Co (Class B)		49,809
19,000	e	Morinaga & Co Ltd		42
50,365	e	National Beverage Corp		427
8,929		Nestle India Ltd		297
840,743		Nestle S.A.		377,675
2,069,500	e	Nichirei Corp		9,495
14,000	e,v	Nichiro Corp		19
12,000		Nippon Beet Sugar Manufacturing Co Ltd		28
12,000		Nippon Flour Mills Co Ltd		44
1,036,000		Nippon Meat Packers, Inc		11,509
26,000		Nippon Suisan Kaisha Ltd		137
11,000		Nisshin Oillio Group Ltd		47
1,065,473	e	Nisshin Seifun Group, Inc		10,027
114,605	e	Nissin Food Products Co Ltd		4,091
1,551		Nong Shim Co Ltd		382
50,455		Northern Foods plc		101
4,000		Nosan Corp		10
5,000		Oenon Holdings, Inc		11
489,308		Olam International Ltd		1,034

55

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
1,940		Orion Corp	$	588
1,218,355		Parmalat S.p.A.		4,326
77,283	e*	Peet's Coffee & Tea, Inc		2,157
1,251,205		Pepsi Bottling Group, Inc		46,507
401,087		PepsiAmericas, Inc		13,011
12,877,882		PepsiCo, Inc		943,434
113,459		Perdigao S.A.		2,475
208,835	*	Performance Food Group Co		6,292
49,633	e	Pernod-Ricard S.A.		10,831
3,285,000		Petra Foods Ltd		3,560
242,800		PPB Group BHD		656
389,624		PT Astra Agro Lestari Tbk		716
2,239,500		PT Indofood Sukses Makmur Tbk		473
2,882,500		PT Kalbe Farma Tbk		419
28,400		Q.P. Corp		260
12,717		Raisio plc		35
202,508	*	Ralcorp Holdings, Inc		11,304
125,149	e	Reddy Ice Holdings, Inc		3,300
900		Rock Field Co Ltd		13
13,000		Rottneros AB		9
143,371	e	Royal Numico NV		11,121
526,457		Sadia S.A.		2,924
424,591	e	Sampo Oyj (A Shares)		12,963
93,365	e	Sanderson Farms, Inc		3,891
79,000	e	Sapporo Holdings Ltd		522
210,286		Saputo, Inc		11,121
3,313,805		Sara Lee Corp		55,307
775,115		Scottish & Newcastle plc		9,698
410,347	*	Smithfield Foods, Inc		12,926
20,000		Snow Brand Milk Products Co Ltd		61
5,000		Starzen Co Ltd		11
2,613	*	Strauss-Elite Ltd		35
50,530	e	Suedzucker AG.		1,015
886,432		Swire Pacific Ltd (Class A)		10,747
72,000	e	Takara Holdings, Inc		423
8,000		Takasago International Corp		46
90,661		Tata TEA Ltd		1,833
1,195,796		Tate & Lyle plc		9,848
2,772,100		Tingyi Cayman Islands Holding Corp		4,329
71,678		Tongaat-Hulett		1,066
209,369	e	Tootsie Roll Industries, Inc		5,555
197,058	e	Topps Co, Inc		1,909
48,170		Total Produce plc		46
133,000		Toyo Suisan Kaisha Ltd		2,501
190,632	*	TreeHouse Foods, Inc		5,157
996,376		Tyson Foods, Inc (Class A)		17,785
20,283		Ulker Gida Sanayi ve Ticaret A.S.		91
3,122,429		Unilever plc		98,702
11,772		Uniq plc		49
62,630		United Breweries Co, Inc		465
72,000		Vitasoy International Holdings Ltd		31
4,885		Vivartia S.A.		173
162		Vranken - Pommery Monopole		13
987,773		Wrigley (Wm.) Jr Co		63,445
142,400	e	Yakult Honsha Co Ltd		3,242
1,141,974	e	Yamazaki Baking Co Ltd		8,570

56

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
1,500		Yonekyu Corp	$	15
		TOTAL FOOD AND KINDRED PRODUCTS		4,566,743
FOOD STORES - 0.67%
183,901		Alimentation Couche Tard, Inc (Class B)		3,768
9,052	e	Arden Group, Inc (Class A)		1,263
2,357,466		Carrefour S.A.		165,156
1,400		Cawachi Ltd		38
670,082		Centros Comerciales Sudamericanos S.A.		2,636
1,263,758		Coles Myer Ltd		17,270
5,752	e	Colruyt S.A.		1,215
40,424		Companhia Brasileira de Distribuicao Grupo Pao de Acucar		618
378,500		CP Seven Eleven PCL		125
276,020		Delhaize Group		26,449
9,253		Discount Investment Corp		292
1,410,152		Distribucion y Servicio D&S S.A.		716
47,800		FamilyMart Co Ltd		1,246
69,833		George Weston Ltd		4,985
3,381,896		Goodman Fielder Ltd		7,742
103,954	e*	Great Atlantic & Pacific Tea Co, Inc		3,166
555		Guyenne et Gascogne S.A.		97
2,800		Hakon Invest AB		53
62,654	e	Ingles Markets, Inc (Class A)		1,796
1,534,706		Jeronimo Martins SGPS S.A.		9,432
3,000		Kasumi Co Ltd		15
272,328		Kesko Oyj (B Shares)		18,092
1,178,599		Koninklijke Ahold NV		17,815
5,885,675		Kroger Co		167,859
5,879	*	Laurus NV		36
49,500		Lawson, Inc		1,564
147,531		Loblaw Cos Ltd		6,685
65,400		Migros Turk TAS		1,138
133,344	e*	Panera Bread Co (Class A)		5,440
129,174	e*	Pantry, Inc		3,311
168,859	*	Pathmark Stores, Inc		2,153
136,785		Pick'n Pay Stores Ltd		707
877,000		President Chain Store Corp		2,472
232,746		Ruddick Corp		7,806
2,539,472		Safeway, Inc		84,082
1,361,142		Seven & I Holdings Co Ltd		35,017
288,984		Shoprite Holdings Ltd		1,510
712,446		Sonae SPGS S.A.		1,849
145,812	*	Super-Sol Ltd		562
1,037,584		Supervalu, Inc		40,476
22,975,017		Tesco plc		206,477
167		Valora Holding AG.		33
31,356	e	Village Super Market (Class A)		1,631
76,436	e	Weis Markets, Inc		3,263
648,176	e	Whole Foods Market, Inc		31,735
195,277	*	Winn-Dixie Stores, Inc		3,656
528,271		WM Morrison Supermarkets plc		3,051
1,885,318		Woolworths Ltd		49,703
		TOTAL FOOD STORES		946,201
FORESTRY - 0.08%
25,849		Great Southern Ltd		53

57

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
36,325		Gunns Ltd	$	90
11,000		Hokuetsu Paper Mills Ltd		57
770,234		Rayonier, Inc		37,002
996,048		Weyerhaeuser Co		72,014
		TOTAL FORESTRY		109,216
FURNITURE AND FIXTURES - 0.21%
1,553		Beter BED Holding NV		44
3,549		Ekornes ASA		76
154,808	e	Ethan Allen Interiors, Inc		5,061
280,760	e	Furniture Brands International, Inc		2,847
346,486		Herman Miller, Inc		9,403
240,906		Hillenbrand Industries, Inc		13,255
256,828	e	HNI Corp		9,246
66,674	e	Hooker Furniture Corp		1,335
23,000		HTL International Holdings Ltd		13
287,590		Interface, Inc (Class A)		5,191
1,154,405		Johnson Controls, Inc		136,347
36,000		Kenwood Corp		51
127,505	e	Kimball International, Inc (Class B)		1,451
305,073	e	La-Z-Boy, Inc		2,251
742,206		Leggett & Platt, Inc		14,221
2,441,341		Masco Corp		56,566
827		Mecalux S.A.		37
11,235		Neopost S.A.		1,585
235,045	e	Sealy Corp		3,300
374,842	e*	Select Comfort Corp		5,229
860,223		Steinhoff International Holdings Ltd		2,435
495,338	e	Tempur-Pedic International, Inc		17,708
4,000		Uchida Yoko Co Ltd		18
162,014	e*	Williams Scotsman International, Inc		4,489
		TOTAL FURNITURE AND FIXTURES		292,159
FURNITURE AND HOME FURNISHINGS STORES - 0.14%
1,196,871	*	Bed Bath & Beyond, Inc		40,837
1,857,746	e	Circuit City Stores, Inc		14,695
9,000	e*	Columbia Music Entertainment, Inc		8
629,670		DSG International plc		1,739
76,387		Ellerine Holdings Ltd		819
770,638	*	GameStop Corp (Class A)		43,425
6,142		GUD Holdings Ltd		56
162,096	e*	Guitar Center, Inc		9,612
2,075,487	e	Harvey Norman Holdings Ltd		10,976
121,079	e	Haverty Furniture Cos, Inc		1,062
6,000	e	Joshin Denki Co Ltd		42
867,732		Kesa Electricals plc		4,887
381,464		Knoll, Inc		6,767
2,200		Kohnan Shoji Co Ltd		28
3,700		K's Holdings Corp		81
272,271	e*	Mohawk Industries, Inc		22,136
29,300		Nitori Co Ltd		1,385
519,985	e*	Pier 1 Imports, Inc		2,460
39,806		Shimachu Co Ltd		1,053
474,703		Steelcase, Inc (Class A)		8,535
180,164	e	Tuesday Morning Corp		1,620
301,894	*	Waterford Wedgwood plc		10

58

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
371,265	e	Williams-Sonoma, Inc	$	12,111
104,528	e	Yamada Denki Co Ltd		10,347
		TOTAL FURNITURE AND HOME FURNISHINGS STORES		194,691
GENERAL BUILDING CONTRACTORS - 0.36%
3,888,275		Amec plc		58,949
9,636	e	Amrep Corp		258
162,000		ASK Planning Center, Inc		475
516,016	e	Asunaro Aoki Construction Co Ltd		2,830
32,339	e*	Avatar Holdings, Inc		1,615
372,701		Aveng Ltd		2,975
624,892		Balfour Beatty plc		6,067
463,826		Barratt Developments plc		7,098
195,847	e	Beazer Homes USA, Inc		1,616
217,576		Bellway plc		4,590
173,077		Berkeley Group Holdings plc		5,078
198,847		Bilfinger Berger AG.		15,541
65,927	e	Brookfield Homes Corp		1,223
630,528		Centex Corp		16,753
350,100		Cheung Kong Infrastructure Holdings Ltd		1,315
2,100		Cleanup Corp		15
1,166,895		Consorcio ARA, S.A. de C.V.		1,575
283,429	*	Corp GEO S.A. de C.V.		1,239
803,836		CRH plc		31,682
112,849	*	Cyrela Commercial Properties S.A. Empreendimentos e Participacoes		143
2,728,416	e	Daikyo, Inc		8,812
103,849		Daito Trust Construction Co Ltd		5,009
708,901		Daiwa House Industry Co Ltd		9,251
1,540,234		DR Horton, Inc		19,730
1,052,672		Fletcher Building Ltd		10,123
10,725		Hanjin Heavy Industries & Construction Co Ltd		448
2,897,600	e*	Haseko Corp		6,937
37,444		Hellenic Technodomiki Tev S.A.		501
13,385		Hochtief AG.		1,624
17		Hoosiers Corp		6
183,296	e*	Hovnanian Enterprises, Inc (Class A)		2,033
72,521		Hyundai Development Co		6,775
6,250,750		IJM Corp BHD		14,584
11,032	e	Imerys S.A.		1,007
11,433,708		Italian-Thai Development PCL		2,535
631,208	e	Kajima Corp		2,171
673,668	e	KB Home		16,882
13,000		Kumagai Gumi Co Ltd		20
179,942		Leighton Holdings Ltd		8,223
391,847		Lend Lease Corp Ltd		6,572
831,642		Lennar Corp (Class A)		18,837
75,668	e	M/I Homes, Inc		1,051
132,815	e	McGrath RentCorp		4,415
18,473		McInerney Holdings plc		34
492,741	e	MDC Holdings, Inc		20,173
5,996		Mears Group plc		32
117,426	e*	Meritage Homes Corp		1,658
9,440		Mota Engil SGPS S.A.		72
66,341	e*	NVR, Inc		31,197
669,807	e	Obayashi Corp		3,102
57,907	e*	Palm Harbor Homes, Inc		723

59

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
197,198	*	Perini Corp	$	11,029
464,705		Persimmon plc		9,166
1,034,257		Pulte Homes, Inc		14,076
108,000		PYI Corp Ltd		44
1,283		Renta Corp Real Estate S.A.		43
309,887	e	Ryland Group, Inc		6,641
415,796		Sekisui Chemical Co Ltd		3,052
623,429		Sekisui House Ltd		7,848
7,954,000		Shanghai Forte Land Co		6,344
413,442	e	Shimizu Corp		2,250
1,500		Sjaelso Gruppen		54
417,989		Skanska AB (B Shares)		8,286
45,633		Sobha Developers Ltd		1,050
693,122	e	Standard-Pacific Corp		3,805
8,600	*	Sumitomo Mitsui Construction Co Ltd		14
172,800		Suruga Corp		3,159
9,000	*	SxL Corp		5
1,865,025	e	Taisei Corp		5,407
274,193		Takamatsu Corp		3,865
1,866,669		Taylor Woodrow plc		10,531
73,890	e*	Team, Inc		2,023
18,274		Titan Cement Co S.A.		944
150,004		Toda Corp		791
997,878	*	Toll Brothers, Inc		19,948
286,117		Unitech Ltd		2,208
8,098		Uralita S.A.		80
215,582	*	Urbi Desarrollos Urbanos S.A. de C.V		781
10,000		Wakachiku Construction Co Ltd		9
365,810	e	Walter Industries, Inc		9,840
135,403	e*	WCI Communities, Inc		811
42,666		YIT OYJ		1,268
2,000		Yokogawa Bridge Holdings Corp		12
		TOTAL GENERAL BUILDING CONTRACTORS		500,958
GENERAL MERCHANDISE STORES - 1.26%
273,621	e*	99 Cents Only Stores		2,810
511,740		Aeon Co Ltd		7,231
1,332,894	e*	Big Lots, Inc		39,774
381,809	*	BJ's Wholesale Club, Inc		12,661
56,367	e	Bon-Ton Stores, Inc		1,281
217,294	e*	Cabela's, Inc		5,139
307,521		Casey's General Stores, Inc		8,518
67,753	e*	Conn's, Inc		1,619
2,569,189		Costco Wholesale Corp		157,671
49,169		David Jones Ltd		223
219,193	e	Dillard's, Inc (Class A)		4,785
1,606,033		Family Dollar Stores, Inc		42,656
241,400		Fred's, Inc		2,542
468,600	e	Hankyu Department Stores, Inc		3,871
82,456		Hola Home Furnishings Co Ltd		64
29,994		Hyundai Department Store Co Ltd		3,605
1,113,000	*	Intime Department Store Group Co Ltd		986
150,700	e	Isetan Co Ltd		2,032
255,320	*	J Front Retailing Co Ltd		2,512
1,391,820		JC Penney Co, Inc		88,200
387,984	e	Keio Corp		2,418

60

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
1,119,389	e	Kintetsu Corp	$	3,479
262,800		Lojas Americanas S.A.		2,609
84,721		Lojas Renner S.A.		1,696
3,344,562		Macy's, Inc		108,096
4,280,018		Marks & Spencer Group plc		53,899
239,400	e	Marui Co Ltd		2,643
1,574,800	e	Mitsukoshi Ltd		7,143
11,704,853	*	New World Department Store China Ltd		10,811
163,953		PPR		30,846
144,679	e*	Retail Ventures, Inc		1,506
228,751		SACI Falabella		1,133
567,084	e	Saks, Inc		9,725
12,065		Shinsegae Co Ltd		8,398
143,703	e	Stein Mart, Inc		1,094
2,747		Stockmann Oyj Abp (B Shares)		132
229,300	e	Takashimaya Co Ltd		2,545
4,810,776		Target Corp		305,821
4,802,848		TJX Cos, Inc		139,619
3,143,019	e	Tobu Railway Co Ltd		14,776
1,358,616	e	Tokyu Corp		8,871
372,172		UNY Co Ltd		3,243
2,422,389		Wal-Mart de Mexico S.A. de C.V.		8,899
14,907,254		Wal-Mart Stores, Inc		650,702
22,609		Warehouse Group Ltd		94
149,563		Woolworths Group plc		54
		TOTAL GENERAL MERCHANDISE STORES		1,768,432
HEALTH SERVICES - 0.99%
191,519	*	Alliance Imaging, Inc		1,735
130,027	e*	Amedisys, Inc		4,996
107,582	*	American Dental Partners, Inc		3,013
1,149,656		AmerisourceBergen Corp		52,114
193,144	e*	Amsurg Corp		4,456
346,672	*	Apria Healthcare Group, Inc		9,017
290,534	e*	Assisted Living Concepts, Inc (A Shares)		2,655
4,001		Athens Medical Center S.A.		29
56,113	e*	Bio-Reference Labs, Inc		1,894
11,846	*	Biovitrum AB		155
146,377	e	Brookdale Senior Living, Inc		5,827
888,300		Bumrungrad Hospital PCL		1,160
1,378,928		Cigna Corp		73,483
19,033		Coloplast A/S (Class B)		1,809
365,648	*	Community Health Systems, Inc		11,496
1,840	*	Corp Dermoestetica		21
42,798	*	Corvel Corp		989
258,448	*	Covance, Inc		20,133
1,545,066	*	Coventry Health Care, Inc		96,119
196,379	*	Cross Country Healthcare, Inc		3,431
123,136	*	CryoLife, Inc		1,164
641,610	*	DaVita, Inc		40,537
20,023		Diagnosticos da America S.A.		459
264,059	*	Edwards Lifesciences Corp		13,021
64,790	*	eHealth, Inc		1,795
35,593	e*	Emeritus Corp		965
159,726	e*	Enzo Biochem, Inc		1,813
1,192,546	*	Express Scripts, Inc		66,568

61

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
1,345,366		Fraser and Neave Ltd	$	5,162
178,356		Fresenius Medical Care AG.		9,479
69,750	e*	Genomic Health, Inc		1,338
158,333	*	Gentiva Health Services, Inc		3,042
54,019		Getinge AB (B Shares)		1,308
1,611,094	e	Health Management Associates, Inc (Class A)		11,181
21,928	e	Healthscope Ltd		112
5,446,768	a*	Healthsouth Corp		95,373
189,997	e*	Healthways, Inc		10,254
148,720	e*	Hythiam, Inc		1,106
508,279	e*	Immunomedics, Inc		1,164
181,323		Intertek Group plc		3,513
380,824		Japan Care Service Corp		680
1,990		Japan Longlife Co Ltd		433
167,511	*	Kindred Healthcare, Inc		3,000
497,104	*	Laboratory Corp of America Holdings		38,888
148,709	e	LCA-Vision, Inc		4,371
76,705	e*	LHC Group, Inc		1,647
251,450	*	LifePoint Hospitals, Inc		7,546
389,966	*	Lincare Holdings, Inc		14,292
278,817	*	Magellan Health Services, Inc		11,314
299,020	e	Manor Care, Inc		19,257
111,653	e*	Matria Healthcare, Inc		2,921
2,306,817		McKesson Corp		135,618
162,924	*	MDS, Inc		3,520
109,559	*	Medcath Corp		3,008
1,807,775	*	Medco Health Solutions, Inc		163,405
275,327		Mindray Medical International Ltd (ADR)		11,825
37,573	e	National Healthcare Corp		1,931
499,557	e*	Nektar Therapeutics		4,411
11,551		Nestor Healthcare Group plc		24
775,914		Network Healthcare Holdings Ltd		1,344
112,808	e*	Nighthawk Radiology Holdings, Inc		2,765
3,500		Nihon Kohden Corp		64
209,232	*	Odyssey HealthCare, Inc		2,011
472,996	e	Omnicare, Inc		15,670
1,686	*	Orpea		100
2,399,059		Parkway Holdings Ltd		6,848
203,894	*	Pediatrix Medical Group, Inc		13,339
436,256		Pharmaceutical Product Development, Inc		15,461
6,997	*	Pharming Group NV		26
33,100	g,v*	Pharmstandard (GDR)		639
102,000	*	Pharmstandard (GDR)		1,969
110,196	e	Primary Health Care Ltd		1,191
285,285	*	Psychiatric Solutions, Inc		11,206
67,847	e*	Radiation Therapy Services, Inc		1,413
100,232	*	RehabCare Group, Inc		1,763
234,801	*	Sierra Health Services, Inc		9,906
6,565	e*	Sirtris Pharmaceuticals, Inc		112
128,175	*	Skilled Healthcare Group, Inc (Class A)		2,019
654,110		Sonic Healthcare Ltd		9,055
132,597	e*	Stereotaxis, Inc		1,828
5,791		Straumann Holding AG.		1,626
228,688	*	Sun Healthcare Group, Inc		3,821
245,303	e*	Sunrise Senior Living, Inc		8,676
1,862,373	e*	Tenet Healthcare Corp		6,258

62

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
900,000	*	Town Health International Holdings Co Ltd	$	15
623	*	Unilabs		30
189,599		Universal Health Services, Inc (Class B)		10,318
3,446,370	*	WellPoint, Inc		271,988
		TOTAL HEALTH SERVICES		1,393,438
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.35%
200,970	e	Abertis Infraestructuras S.A.		6,285
641,954		ACS Actividades Cons y Servicios S.A.		35,426
10,501		Alfred McAlpine plc		105
5,045		Astaldi S.p.A.		40
3,275		Athens Water Supply & Sewage Co S.A.		41
116,722		Biffa plc		529
2,179,162		Bouygues S.A.		187,964
32,291,848	*	China Water Affairs Group Ltd		19,897
98,938	e	Chiyoda Corp		1,783
28,075	e*	Comverge, Inc		923
130,849		ConnectEast Group		190
20,183		Daelim Industrial Co		3,738
241,656	*	Empresas ICA Sociedad Controladora S.A. de C.V.		1,457
202,902		Fomento de Construcciones y Contratas S.A.		16,419
373,985	*	Foster Wheeler Ltd		49,097
12,400	e	Fudo Tetra Corp		15
1,707,800		Gamuda BHD		4,410
18,682		Gemina S.p.A.		66
333,221		Giken Seisakusho Co, Inc		1,059
204,790		Granite Construction, Inc		10,858
11,642	*	Great Lakes Dredge & Dock Corp		102
52,068	e	Grupo Ferrovial S.A.		4,407
62,422		GS Engineering & Construction Corp		10,845
2,128,000		Guangzhou Investment Co Ltd		665
24,000		Hyflux Ltd		46
32,376	*	Hyundai Engineering & Construction Co Ltd		3,092
293,000		IVRCL Infrastructures & Projects Ltd		3,115
20,956	*	Jarvis plc		32
133,266	*	Matrix Service Co		2,792
5,490		Michaniki S.A.		52
910,414		Multiplex Group		4,047
198,691		Murray & Roberts Holdings Ltd		2,592
208,253	e	Nishimatsu Construction Co Ltd		629
114,296	e	Okumura Corp		582
1,167,110		Puncak Niaga Holding BHD		1,493
9,000		Takuma Co Ltd		52
9,411		Telent plc		113
2,700	*	TK Development		51
17,000		Toa Corp/Tokyo		19
2,700		Tomoe Corp		8
22,000	*	Toyo Construction Co Ltd		19
947,674	e	Transurban Group		6,139
720,300		UEM World BHD		862
1,399,431		Vinci S.A.		109,334
1,714,813		YTL Corp BHD		3,774
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		495,164
HOLDING AND OTHER INVESTMENT OFFICES - 2.10%
1,295,691		3i Group plc		26,430

63

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
176,492		Acadia Realty Trust	$	4,788
183,103	e*	Affiliated Managers Group, Inc		23,348
44,047	e	Agree Realty Corp		1,380
264,814	e	Alesco Financial, Inc		1,303
10,324	e*	Alexander's, Inc		3,980
160,788		Alexandria Real Estate Equities, Inc		15,478
761,493		Allan Gray Property Trust		746
16,437,600		Allco Commercial Real Estate Investment Trust		11,729
648,365	e	Allied Capital Corp		19,055
599,394		AMB Property Corp		35,850
134,540	e	American Campus Communities, Inc		3,941
713,276		American Financial Realty Trust		5,742
1,756		AmFirst Real Estate Investment Trust		1
88,133	e*	Ampal American Israel (Class A)		495
651,599		Amvescap plc		8,819
1,419,511		Annaly Mortgage Management, Inc		22,613
371,140		Anthracite Capital, Inc		3,377
330,929		Anworth Mortgage Asset Corp		1,784
720,102		Apartment Investment & Management Co (Class A)		32,498
582,028	e	Apollo Investment Corp		12,106
83,694		Arbor Realty Trust, Inc		1,581
406,750		ARC Energy Trust		8,657
947,239	*	Archstone-Smith Trust		56,967
715,053		Ashford Hospitality Trust, Inc		7,186
4,906,817		Ashmore Group plc		29,114
42		Asset Managers Co Ltd		50
180,111		Associated Estates Realty Corp		2,349
38,421		Australian Infrastructure Fund		108
514,461		AvalonBay Communities, Inc		60,737
53,623		Babcock & Brown Japan Property Trust		82
2,272,531	e	Babcock & Brown Wind Partners		3,660
1,138		Befimmo SCA Sicafi		118
700		Bellevue Group AG.		54
392,505	e	BioMed Realty Trust, Inc		9,459
45,558	*	Blackrock International Land plc		27
33,145		Bodycote International plc		168
637,192		Boston Properties, Inc		66,204
2,214	*	Boursorama		31
566,840		Brandywine Realty Trust		14,347
193,968	e	BRE Properties, Inc (Class A)		10,849
21,089		Brewin Dolphin Holdings plc		79
1,132,255		Brookfield Asset Management, Inc (Class A)		43,428
42,514	e	BRT Realty Trust		737
15,480	*	BTG plc		32
308,529		Camden Property Trust		19,823
6,399,100		CapitaCommercial Trust		12,234
249,979	e	Capital Lease Funding, Inc		2,562
16,083	e	Capital Southwest Corp		1,974
87,445	e	Capital Trust, Inc (Class A)		3,104
4,207,659		CapitaMall Trust		11,047
4,448		CapMan Oyj (B Shares)		23
537,314		CBL & Associates Properties, Inc		18,833
165,158	e	CBRE Realty Finance, Inc		974
256,934		Cedar Shopping Centers, Inc		3,499
100,094		Centro Shopping America Trust		94
4,944,581	e	CFS Gandel Retail Trust		10,486

64

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
39,175	e	Cherokee, Inc	$	1,503
775,927		China Merchants Holdings International Co Ltd		4,826
83,206		CI Financial Income Fund		2,208
94		Cie du Bois Sauvage		50
9,257	e	City Pacific Ltd		35
40,550		Cofide S.p.A.		69
422,740		Colonial Properties Trust		14,500
1,206,486		Commonwealth Property Office Fund		1,783
100,085		Companhia de Concessoes Rodoviarias		2,015
330,421		Corporate Office Properties Trust		13,755
211,309		Cousins Properties, Inc		6,204
61	e	Cross Timbers Royalty Trust		2
126,656	e	Crystal River Capital, Inc		2,129
1,927		DAB Bank AG.		17
993,067		DCT Industrial Trust, Inc		10,397
259,138	e	Deerfield Triarc Capital Corp		2,345
1,243		Deutsche Beteiligungs AG.		44
475,464		Developers Diversified Realty Corp		26,564
536,775		DiamondRock Hospitality Co		9,345
525,305		Digital Realty Trust, Inc		20,692
517,362		Douglas Emmett, Inc		12,794
756,292		Duke Realty Corp		25,570
223,883		EastGroup Properties, Inc		10,133
1,923	*	Eco Business-Immobilien AG.		27
156,856	e	Education Realty Trust, Inc		2,118
5,090	*	EM.TV AG.		33
125,719	e*	Energy Infrastructure Acquisition Corp		1,236
39,576		Enodis plc		141
166,937		Entertainment Properties Trust		8,480
410,858		Equity Inns, Inc		9,277
156,568		Equity Lifestyle Properties, Inc		8,110
214,755	e	Equity One, Inc		5,841
1,485,059		Equity Residential		62,907
127,677	e	Essex Property Trust, Inc		15,011
21,574		Evolution Group plc		47
380,168	e	Extra Space Storage, Inc		5,851
349,136		Federal Realty Investment Trust		30,933
465,616		FelCor Lodging Trust, Inc		9,280
241,470	e	First Industrial Realty Trust, Inc		9,386
184,000		First Pacific Co		137
138,983	e	First Potomac Realty Trust		3,030
314,967	e	Franklin Street Properties Corp		5,433
895,891	e	Friedman Billings Ramsey Group, Inc (Class A)		4,130
1,400,252		General Growth Properties, Inc		75,082
6,071,940		Genting BHD		14,345
98,005	e	Getty Realty Corp		2,666
1,782		Gimv NV		122
72,411	e	Gladstone Capital Corp		1,414
202,267	e	Glimcher Realty Trust		4,753
195,814	e	GMH Communities Trust		1,518
764,000		GOME Electrical Appliances Holdings Ltd		1,500
54,745		Goodman Property Trust		64
1,649,043		GPT Group		7,463
155,474	e	Gramercy Capital Corp		3,913
566,581		Great Portland Estates plc		6,926
79,909		Groupe Bruxelles Lambert S.A.		9,692

65

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
3,325	e*	Groupe Bruxelles Lambert S.A.	$	-	^
157,709	e*	Groupe Eurotunnel S.A.		74
7,721,573		Guinness Peat Group plc		11,469
1,472,676		HCP, Inc		48,849
336,684		Health Care REIT, Inc		14,895
281,094	e	Healthcare Realty Trust, Inc		7,494
232,620	e	Hersha Hospitality Trust		2,303
88,378	*	HFF, Inc (Class A)		1,049
310,192		Highwoods Properties, Inc		11,375
301,167	e*	Hilltop Holdings, Inc		3,536
70,400		HKR International Ltd		55
202,850		Home Properties, Inc		10,585
357,396		Hospitality Properties Trust		14,528
2,875,703		Host Marriott Corp		64,531
145,029		Housing Development Finance Corp		9,201
824,320		HRPT Properties Trust		8,153
888	e	Hugoton Royalty Trust		21
317,891	*	Immoeast AG		3,463
444,946	e	IMPAC Mortgage Holdings, Inc		685
37,864		Infratil Ltd		85
821,708	e	ING Industrial Fund		2,064
118,596		ING Office Fund		187
331,335	e	Inland Real Estate Corp		5,132
14,259		Intek S.p.A.		16
343,006	e	Investors Real Estate Trust		3,705
69,217	*	Is Gayrimenkul Yatirim Ortakligi A.S.		119
830,000		iShares MSCI EAFE Index Fund		68,550
302,704		iShares MSCI Japan Index Fund		4,341
368,000	e	iShares Russell 2000 Index Fund		29,455
672,224		iStar Financial, Inc		22,849
149,200	e	Jafco Co Ltd		5,533
299,414	e*	Jamba, Inc		2,105
380,000		Japan Asia Investment Co Ltd		1,879
420		Japan Prime Realty Investment Corp		1,751
422		Japan Real Estate Investment Corp		5,070
554		Japan Retail Fund Investment Corp		4,823
140,418	e	JER Investors Trust, Inc		1,748
707,864		JFE Holdings, Inc		50,163
139,329		Kilroy Realty Corp		8,448
918,815		Kimco Realty Corp		41,540
162,819		Kite Realty Group Trust		3,061
197,222		Kiwi Income Property Trust		217
7,834,000		KLCC Property Holdings BHD		7,817
459,431		Land Securities Group plc		15,811
243,852		LaSalle Hotel Properties		10,261
467,461		Lexington Corporate Properties Trust		9,354
46,000		LG Corp		3,167
667,205		Liberty Property Trust		26,828
388,348		Link Real Estate Investment Trust		854
137,923		LTC Properties, Inc		3,265
246,219	e	Luminent Mortgage Capital, Inc		411
364,087		Macerich Co		31,887
260,083		Mack-Cali Realty Corp		10,689
310,409	e	Macquarie Communications Infrastructure Group		1,677
95,281		Macquarie DDR Trust		99
7,739,311	e	Macquarie Infrastructure Group		21,427

66

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
80,000		Macquarie MEAG Prime REIT	$	66
17,091		Macquarie Media Group Ltd		67
6,112,440		Macquarie Office Trust		8,488
229,942		Maguire Properties, Inc		5,939
5,131,377		Man Group plc		58,111
1,784,000		Mapletree Logistics Trust		1,501
319,928	e	Medical Properties Trust, Inc		4,261
549,013		Melco International Development		1,025
242,586	*	Meruelo Maddux Properties, Inc		1,434
492,898		MFA Mortgage Investments, Inc		3,968
133,790		Mid-America Apartment Communities, Inc		6,669
6,734,929		Midland Holdings Ltd		7,295
384,975		Mission West Properties, Inc		4,677
706		MPC Muenchmeyer Petersen Capital AG.		60
17,800	*	Mulpha International BHD		7
138,225		MVC Capital, Inc		2,561
136,693	e	National Health Investors, Inc		4,225
403,537		National Retail Properties, Inc		9,838
503,756		Nationwide Health Properties, Inc		15,178
665		New City Residence Investment Corp		3,647
221,714	e	Newcastle Investment Corp		3,907
220,475	e*	NexCen Brands, Inc		1,482
354		Nippon Building Fund, Inc		5,147
27		Nippon Commercial Investment Corp		117
7,644		Nobel Biocare Holding AG.		2,070
2,171,882		Noble Group Ltd		3,173
187		Nomura Real Estate Office Fund, Inc		1,954
378,792		NorthStar Realty Finance Corp		3,761
46,567	e	Novastar Financial, Inc		413
874		NTT Urban Development Corp		1,811
908,799		NWS Holdings Ltd		2,137
332,193	e	Omega Healthcare Investors, Inc		5,159
3,574		Ordina NV		66
100,000		Pacific Century Premium Developments Ltd		31
11,234		Paragon Group Cos plc		69
89,314	e	Parkway Properties, Inc		3,942
104,724	e	PennantPark Investment Corp		1,403
199,854		Pennsylvania Real Estate Investment Trust		7,782
928,524		Plum Creek Timber Co, Inc		41,561
5,066,160		Polytec Asset Holdings Ltd		1,734
266,146		Post Properties, Inc		10,300
229,150	e	Potlatch Corp		10,319
353,807	e	PrimeWest Energy Trust		9,341
1,556,685		Prologis		103,286
113,928	e	Prospect Capital Corp		1,939
126,780		PS Business Parks, Inc		7,208
42,970		PSP Swiss Property AG.		2,281
671,745		Public Storage, Inc		52,833
84,765	e	Quadra Realty Trust, Inc		808
339,562	e	RAIT Investment Trust		2,795
94,222		Ramco-Gershenson Properties		2,944
4,368		Rathbone Brothers plc		110
584,437		Realty Income Corp		16,335
113,800		Redwood Trust, Inc		3,780
26,449,000		Regal Real Estate Investment Trust		8,268
355,446		Regency Centers Corp		27,281

67

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
143,041	e	Republic Property Trust	$	2,098
118,337	e	Resource Capital Corp		1,333
20,275,000	*	Rexcapital Financial Holdings Ltd		3,286
129,404		RioCan Real Estate Investment Trust		3,233
28,952	e	Sacyr Vallehermoso S.A.		1,013
60,014		Saul Centers, Inc		3,091
1,554		Sechilienne-Sidec		123
11		Secured Capital Japan Co Ltd		17
530,342	e	Senior Housing Properties Trust		11,699
361,000		Shanghai Industrial Holdings Ltd		1,802
1,236,000		Shimao Property Holdings Ltd		3,760
426,224		Shinhan Financial Group Co Ltd		27,850
114,000		Silver Grant International		24
1,027,800		Sime Darby BHD		3,137
1,345,072		Simon Property Group, Inc		134,507
345,964		SL Green Realty Corp		40,398
3,033,807		SM Prime Holdings		808
119,380		Sovran Self Storage, Inc		5,472
1,180,000	e	SPDR Trust Series 1		180,044
7,967		Sponda Oyj		111
117,213	e*	Star Maritime Acquisition Corp		1,642
460,889	e	Strategic Hotels & Resorts, Inc		9,490
112,015		Sun Communities, Inc		3,369
367,084		Sunstone Hotel Investors, Inc		9,412
835,517		Suntec Real Estate Investment Trust		1,097
174,282	e	Tanger Factory Outlet Centers, Inc		7,074
66,090	e*	Tarragon Corp		173
808,136		Taubman Centers, Inc		44,245
11,038		Technical Olympic S.A.		22
459,428	*	TFS Financial Corp		5,945
522,014	e	Thornburg Mortgage, Inc		6,708
35,164		Tishman Speyer Office Fund		69
562,427	e	UDR, Inc		13,678
64,686		United Arab Investors		230
65,803	e	Universal Health Realty Income Trust		2,338
119,618	e	Urstadt Biddle Properties, Inc (Class A)		1,851
258,364		U-Store-It Trust		3,410
148,246		Valad Property Group		263
631,083		Ventas, Inc		26,127
7,865	e*	Virgin Media, Inc		2
1,738,740		Virgin Media, Inc		42,199
409,000	*	Vista Land & Lifescapes, Inc		46
614,825		Vornado Realty Trust		67,231
276,189		WABCO Holdings, Inc		12,912
247,237	e	Washington Real Estate Investment Trust		8,203
310,881	e	Weingarten Realty Investors		12,889
14,987		Wendel		2,550
2,327,766		Wharf Holdings Ltd		11,438
243,240		Winthrop Realty Trust		1,637
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		2,939,260
HOTELS AND OTHER LODGING PLACES - 0.80%
4,444,548	e	Accor S.A.		394,584
360,413	e	Ameristar Casinos, Inc		10,128
3,582,000		Banyan Tree Holdings Ltd		5,160
123,105	e*	Bluegreen Corp		954

68

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
204,884		Boyd Gaming Corp	$	8,779
441,254		Choice Hotels International, Inc		16,622
1,290	*	Club Mediterranee		84
5,000		Fujita Kanko, Inc		42
232,315	*	Gaylord Entertainment Co		12,364
163,352	e*	Great Wolf Resorts, Inc		2,019
1,983,746		Hilton Hotels Corp		92,224
2,100		HIS Co Ltd		40
2,312,719		Hongkong & Shanghai Hotels		4,100
1,497,357		Indian Hotels Co Ltd		5,182
101,212		Intercontinental Hotels Group plc		2,010
83,145	e*	Isle of Capri Casinos, Inc		1,617
193,080		Kangwon Land, Inc		5,696
900		Kyoritsu Maintenance Co Ltd		16
986		Lampsa Hotel Co		24
429,332	e*	Las Vegas Sands Corp		57,281
126,294	*	Lodgian, Inc		1,490
121,501		Marcus Corp		2,333
2,243,818		Marriott International, Inc (Class A)		97,539
884,632	*	MGM Mirage		79,122
13,206,618		Minor International PCL		5,934
86,506	e*	Monarch Casino & Resort, Inc		2,461
101,109	e*	Morgans Hotel Group Co		2,199
14,079	e*	NH Hoteles S.A.		274
54,061	*	Orascom Hotels & Development		645
14,423		Orbis S.A.		404
414,930	e	Orient-Express Hotels Ltd (Class A)		21,273
450		Pierre & Vacances		62
526,000		Regal Hotels International Holdings Ltd		40
42,700		Resorttrust, Inc		909
96,290	e*	Riviera Holdings Corp		2,701
3,308,144		Shangri-La Asia Ltd		11,149
2,849,028		Starwood Hotels & Resorts Worldwide, Inc		173,078
188,479	e	Station Casinos, Inc		16,488
136,833	*	Thomas Cook Group plc		780
7,000		Tokyo Theatres Co, Inc		16
178,820	e*	Trump Entertainment Resorts, Inc		1,153
461,802	*	TUI Travel plc		2,381
12,636		Unite Group plc		93
1,153,130		United Overseas Land Ltd		4,037
166,497	e*	Vail Resorts, Inc		10,371
877,717		Wyndham Worldwide Corp		28,754
232,883		Wynn Resorts Ltd		36,693
		TOTAL HOTELS AND OTHER LODGING PLACES		1,121,305
INDUSTRIAL MACHINERY AND EQUIPMENT - 6.21%
79,536	*	Aaon, Inc		1,569
2,700		ABILIT Corp		6
2,106,491		Acer, Inc		3,757
197,291	e	Actuant Corp (Class A)		12,818
183,142		Advantech Co Ltd		545
647,352	*	AGCO Corp		32,866
8,285	*	Aixtron AG.		81
155,553	e	Albany International Corp (Class A)		5,832
25,789		Alfa Laval AB		1,659
145,166	e*	Allis-Chalmers Energy, Inc		2,749

69

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
804,899		Alstom RGPT	$	163,633
1,744	*	Alten		65
53,976	*	Altra Holdings, Inc		900
871,923		Amada Co Ltd		9,747
9,100		Amano Corp		110
1,770,227		American Standard Cos, Inc		63,055
90,376	e	Ampco-Pittsburgh Corp		3,559
152,104		Andritz AG.		10,508
8,566,829		Applied Materials, Inc		177,333
248,875		ARRK Corp		1,666
4,422		ASM International NV		126
368,800		ASM Pacific Technology		3,262
582,996		ASML Holding NV		19,328
126,859	*	Astec Industries, Inc		7,288
102,302	e*	ASV, Inc		1,435
389,180	*	Asyst Technologies, Inc		2,059
251,053		Atlas Copco AB (A Shares)		4,344
137,602		Atlas Copco AB (B Shares)		2,199
618,131	*	Axcelis Technologies, Inc		3,159
3,400	*	Balda AG.		33
1,285,000	*	Benq Corp		701
503,068		Black & Decker Corp		41,906
108,965	e	Black Box Corp		4,659
214,601	*	Blount International, Inc		2,438
2,386,637		Brambles Ltd		31,258
288,318	e	Briggs & Stratton Corp		7,260
5,075,345	*	Brocade Communications Systems, Inc		43,445
621,367	*	Brooks Automation, Inc		8,848
650		Bucher Industries AG.		121
196,189		Bucyrus International, Inc (Class A)		14,308
261		Burckhardt Compression Holding AG.		57
914		BWT AG.		56
2,355,730		Canon, Inc		128,589
1,900		Cardo AB		65
12,940		Cargotec Corp (B Shares)		636
250,900		Carlisle Cos, Inc		12,194
93,141	e	Cascade Corp		6,070
66,900	e	Casio Computer Co Ltd		959
4,162,769		Caterpillar, Inc		326,486
354,415		CDW Corp		30,905
131,020	*	Charter plc		3,171
26,000		Chen Hsong Holdings		19
1,300		Chiyoda Integre Co Ltd		28
1,005	*	Christ Water Technology AG.		20
498,841	*	Cirrus Logic, Inc		3,193
1,761,298	e	Citizen Watch Co Ltd		17,726
5,400		CKD Corp		50
8,841	*	Clipper Windpower plc		97
133,971	*	Columbus McKinnon Corp		3,335
2,507,898		Compal Electronics, Inc		2,824
168,856	*	Cray, Inc		1,216
679,131		Cummins, Inc		86,854
268,109		Curtiss-Wright Corp		12,735
230,023	*	Cymer, Inc		8,831
62,000		Daifuku Co Ltd		708
11,000		Daihen Corp		73

70

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
177,465		Daikin Industries Ltd	$	8,544
4,144		Danieli & Co S.p.A.		103
143		Daum Commerce Co Ltd		1
1,466,818		Deere & Co		217,705
12,592,422	*	Dell, Inc		347,551
1,317,655		Delta Electronics, Inc		5,087
266,759		Diebold, Inc		12,116
327,728		Donaldson Co, Inc		13,686
93,310		Doosan Infracore Co Ltd		3,625
1,019,893		Dover Corp		51,964
775,633	*	Dresser-Rand Group, Inc		33,127
184,564	*	Dril-Quip, Inc		9,108
2,000		DTS Corp		38
3,137		Duro Felguera S.A.		36
266,493	e	Ebara Corp		1,232
1,486		Econocom Group		16
1,112,916		Electrolux AB (Series B)		23,574
344,156	*	Electronics for Imaging, Inc		9,244
10,737,464	*	EMC Corp		223,339
505,335	*	Emulex Corp		9,687
89,049	*	ENGlobal Corp		1,016
138,206	e*	EnPro Industries, Inc		5,611
784,710	*	Entegris, Inc		6,811
734,632	*	Extreme Networks, Inc		2,821
90,652	e	Ferrotec Corp		830
3,772,102		FKI plc		7,023
96,982	e*	Flotek Industries, Inc		4,282
198,613	e*	Flow International Corp		1,752
229,178		Flowserve Corp		17,459
541,666	*	FMC Technologies, Inc		31,232
91,810	e*	Fuel Tech, Inc		2,028
1,030,168		FUJIFILM Holdings Corp		47,623
30,000	e	Furukawa Co Ltd		66
551,472	*	Gardner Denver, Inc		21,507
1,697,225	e*	Gateway, Inc		3,191
60,995	e*	Gehl Co		1,362
61,432,117		General Electric Co		2,543,290
288,710		Glory Ltd		9,174
319,540	*	Goodman Global, Inc		7,631
65,397	e	Gorman-Rupp Co		2,169
275,828		Graco, Inc		10,788
1,019,072	*	Grant Prideco, Inc		55,560
41		Gurit Holding AG.		43
22,418	*	Hanjin Heavy Industries & Construction Co Ltd		1,996
63,385	e	Hardinge, Inc		2,208
21,218		Heidelberger Druckmaschinen		928
18,341,156		Hewlett-Packard Co		913,206
290,894		Hitachi Construction Machinery Co Ltd		11,624
70,500	e*	Hitachi Zosen Corp		106
3,000		Hosokawa Micron Corp		27
12,000		Howa Machinery Ltd		12
52,696	e*	Hurco Cos, Inc		2,849
12,075		Husqvarna AB (A Shares)		154
693,026		Husqvarna AB (B Shares)		8,953
348,713		IDEX Corp		12,690
111,509		IMI plc		1,219

71

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
153,958	e*	Immersion Corp	$	2,522
3,700		Ines Corp		22
2,633		Ingenico		76
1,408,780		Ingersoll-Rand Co Ltd (Class A)		76,736
317,908	e*	Intermec, Inc		8,304
7,940,525		International Business Machines Corp		935,394
2,189,183		International Game Technology		94,354
186,381	*	Intevac, Inc		2,833
44,100		Inventec Appliances Corp		88
3,117,408		Inventec Co Ltd		1,949
16,000		Iseki & Co Ltd		27
916,129	e	Ishikawajima-Harima Heavy Industries Co Ltd		2,879
44,376	e*	Isilon Systems, Inc		342
30,462	e	Itochu Techno-Science Corp		1,074
829,035		Jabil Circuit, Inc		18,935
1,916,000		Japan Steel Works Ltd		31,810
689,044		Joy Global, Inc		35,045
12,000		Juki Corp		114
81,042	*	Kadant, Inc		2,269
654,000		Kato Works Co Ltd		3,519
156,372	e	Kaydon Corp		8,130
151,731		Kennametal, Inc		12,742
815,086		Kinpo Electronics		330
2,287,920		Komatsu Ltd		76,885
303		Komax Holding AG.		51
45,223		Komori Corp		1,108
767,422		Konica Minolta Holdings, Inc		13,008
1,036,025		Krones AG.		83,793
17,000		KS Energy Services Ltd		46
739,767	e	Kubota Corp		6,093
2,590	*	KUKA AG.		111
572,291	*	Kulicke & Soffa Industries, Inc		4,853
96,834		Kumba Iron Ore Ltd		3,177
79,588		Kurita Water Industries Ltd		2,702
3,660		Kyro Oyj Abp		19
870,568	*	Lam Research Corp		46,366
94,995		Larsen & Toubro Ltd		6,694
314,476		Lennox International, Inc		10,629
2,120,000		Lenovo Group Ltd		1,625
699,732	*	Lexmark International, Inc (Class A)		29,060
9,090		LG Electronics, Inc		450
67,767	e	Lindsay Manufacturing Co		2,967
1,417,025		Lite-On Technology Corp		2,210
202,770	*	Logitech International S.A.		6,037
81,604		Lufkin Industries, Inc		4,490
11,000		Makino Milling Machine Co Ltd		116
338,392		Makita Corp		14,848
657,946		Manitowoc Co, Inc		29,134
1,000		Mars Engineering Corp		18
28		MCJ Co Ltd		10
600,076		Meggitt plc		3,895
16,000		Meidensha Corp		51
2,663		Metka S.A.		66
77,403	e	Micron Machinery Co Ltd		2,042
275,845	*	Micros Systems, Inc		17,949
1,053,040		Micro-Star International Co Ltd		1,062

72

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
77,921	e*	Middleby Corp	$	5,029
130	v*	MidgardXXI, Inc		-	^
2,028,213		Mitac International		2,806
5,991,723	e	Mitsubishi Heavy Industries Ltd		39,175
5,000		Mitsubishi Kakoki Kaisha Ltd		20
4,679,614		Mitsui & Co Ltd		113,665
512,556		Mitsui Engineering & Shipbuilding Co Ltd		2,905
163,349		Mitsumi Electric Co Ltd		6,670
105,345	e	Modec, Inc		3,815
202,623		Modine Manufacturing Co		5,394
36,501		Nacco Industries, Inc (Class A)		3,777
19,000		Nachi-Fujikoshi Corp		76
142,328	*	NATCO Group, Inc (Class A)		7,365
11,500	*	Netezza Corp		144
242,417	*	Netgear, Inc		7,374
7,000		Nippon Thompson Co Ltd		62
190,370		Nordson Corp		9,558
1,120,000	e	NTN Corp		9,994
292,658	e	OCE NV		6,151
76,646	e*	Ocean RIG ASA		566
287,159	*	Oil States International, Inc		13,870
3,000		Okamoto Machine Tool Works Ltd		10
153,636	e	Oki Electric Industry Co Ltd		265
6,000		OKK Corp		19
105,000		Okuma Holdings, Inc		1,532
3,269		ONA S.A.		674
49,900	e	OSG Corp		520
1,523		Palfinger AG.		67
500,228		Pall Corp		19,459
608,551	e	Palm, Inc		9,901
920		Pfeiffer Vacuum Technology AG.		83
1,760		Pinguely-Haulotte		66
12,882		Psion plc		32
2,017,500		PT United Tractors Tbk		1,809
1,240,607		Quanta Computer, Inc		1,965
1,223,437	e*	Quantum Corp		4,160
169,939	e*	Rackable Systems, Inc		2,204
162,894	*	RBC Bearings, Inc		6,247
720,940		Rheinmetall AG.		57,271
38,518	*	Rimage Corp		864
508,476	*	Riverbed Technology, Inc		20,537
84,827		Robbins & Myers, Inc		4,860
655,575		Rockwell Automation, Inc		45,569
66,228,636		Rolls-Royce Group plc (B Shares)		139
710,454	e*	Safeguard Scientifics, Inc		1,627
54,755		Safran S.A.		1,322
96,148		Samsung Corp		7,070
1,086,973	*	SanDisk Corp		59,892
1,238,426		Sandvik AB		26,569
912		Sartorius AG.		48
58,504		Sauer-Danfoss, Inc		1,561
147,292	e*	Scansource, Inc		4,140
1,066		Schoeller-Bleckmann Oilfield Equipment AG.		91
270,533	e*	Scientific Games Corp (Class A)		10,172
2,471,292		Seagate Technology, Inc		63,216
1,249,635	m,v*	Seagate Technology, Inc		-	^

73

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
246,664	e	Seiko Epson Corp	$	6,109
102,753	e*	Semitool, Inc		997
14,800	*	Sevan Marine ASA		154
1,922,000		Shanghai Electric Group Co Ltd		1,498
8,400	e	Shima Seiki Manufacturing Ltd		452
11,000		Shinko Electric Co Ltd		32
226,590		Shinmaywa Industries Ltd		1,083
120,943	e*	Sigma Designs, Inc		5,834
34,472	e*	Silicon Graphics, Inc		681
3,582	*	Singulus Technologies		44
1,325,915		SKF AB (B Shares)		27,931
80,313		SMC Corp		10,998
5,000		Sodick Co Ltd		34
65,760	e	Solarworld AG.		3,785
4,236,677	*	Solectron Corp		16,523
347,567	e*	SourceForge, Inc		852
218,555		SPX Corp		20,229
81,167		Standex International Corp		1,679
168,906	e*	STEC, Inc		1,289
1,094		Sulzer AG.		1,569
381,893		Sumitomo Heavy Industries Ltd		4,917
82,691	e*	Super Micro Computer, Inc		807
502,750		Synnex Technology International Corp		1,376
29,260	*	T-3 Energy Services, Inc		1,248
392,186	e	Tadano Ltd		5,268
5,000		Takisawa Machine Tool Co Ltd		10
5,236,315		Tat Hong Holdings Ltd		8,495
326,131		Technip S.A.		29,158
870,500		Techtronic Industries Co		992
103,240	e*	Tecumseh Products Co (Class A)		1,987
1,800		Teikoku Piston Ring Co Ltd		16
99,122		Tennant Co		4,827
679,881	*	Terex Corp		60,523
85,418		THK Co Ltd		1,803
334,751		Timken Co		12,436
7,000		Tokimec, Inc		15
255,787		Tokyo Electron Ltd		16,211
6,000		Tokyo Kikai Seisakusho Ltd		17
22,200	e	Tokyo Seimitsu Co Ltd		462
286,615		Tomkins plc		1,333
661,362	e	Tomra Systems ASA		4,784
170,942		Toro Co		10,057
4,733,077	e	Toshiba Corp		44,214
10,000		Toshiba Machine Co Ltd		75
11,000		Toyo Kanetsu K K		25
1,500		Toyo Machinery & Metal Co Ltd		7
215,529		Toyota Tsusho Corp		5,723
6,000		Tsugami Corp		23
84,296	*	TurboChef Technologies, Inc		1,113
3,723,299		Tutt Bryant Group Ltd		5,881
24,319	e	Twin Disc, Inc		1,415
136,113	e*	Ultratech, Inc		1,887
18,511	e*	Unaxis Holding AG.		6,793
4,142,766		Unisteel Technology Ltd		5,996
526,869	*	Varian Medical Systems, Inc		22,071
285,660	e*	VeriFone Holdings, Inc		12,663

74

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
55,446	*	Vestas Wind Systems A/S	$	4,380
1,136		Vossloh AG.		123
37		Wacom Co Ltd/Japan		77
500		Waida Manufacturing Co Ltd		6
19,496		Wartsila Oyj (B Shares)		1,336
177,128		Watsco, Inc		8,224
1,590,450	*	Western Digital Corp		40,270
52,000		Win Hanverky Holdings Ltd		18
55,175		Wincor Nixdorf AG.		4,563
158,599		Woodward Governor Co		9,897
24,010		Woongjin Coway Co Ltd		788
149,672		Yokogawa Electric Corp		1,822
900		Yushin Precision Equipment Co Ltd		17
88,520	e	Zardoya Otis S.A.		2,748
291,465	*	Zebra Technologies Corp (Class A)		10,636
130,143		Zyxel Communications Corp		236
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		8,711,534
INSTRUMENTS AND RELATED PRODUCTS - 3.78%
111,685	e*	Abaxis, Inc		2,507
124,271	e*	Abiomed, Inc		1,545
87,577	*	Accuray, Inc		1,529
257,834	e*	Advanced Medical Optics, Inc		7,887
362,010	e*	Affymetrix, Inc		9,184
37,919		AGFA-Gevaert NV		730
2,201,430	*	Agilent Technologies, Inc		81,189
308,303	e*	Align Technology, Inc		7,809
1,254,738		Allergan, Inc		80,893
385,000	e*	Alsius Corp		2,349
386,389	e*	American Medical Systems Holdings, Inc		6,549
75,946	e	American Science & Engineering, Inc		4,759
84,144		Analogic Corp		5,365
114,852	*	Anaren, Inc		1,619
105,378	e*	Angiodynamics, Inc		1,986
14,000	e	Anritsu Corp		59
1,569,865		Applera Corp (Applied Biosystems Group)		54,380
76,893	e*	Argon ST, Inc		1,522
131,795		Arrow International, Inc		5,995
147,874	e*	Arthrocare Corp		8,265
900		Asahi Intecc Co Ltd		19
83,021		Asia Optical Co, Inc		296
91,329	e*	Aspect Medical Systems, Inc		1,239
484		Audika		22
65,122	e	Badger Meter, Inc		2,087
9,257,087		BAE Systems plc		93,469
512,061		Bard (C.R.), Inc		45,159
221,165		Bausch & Lomb, Inc		14,155
4,067,575		Baxter International, Inc		228,923
17,199,208	m,v*	BB Bioventures LP		6,128
365,770		Beckman Coulter, Inc		26,979
1,668,211		Becton Dickinson & Co		136,877
114,552	*	Bio-Rad Laboratories, Inc (Class A)		10,367
61,000	*	Biosensors International Group Ltd		29
5,760,037	*	Boston Scientific Corp		80,353
389,760	*	Bruker BioSciences Corp		3,430
61,335	e*	Cantel Medical Corp		957

75

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
97,504	*	Cardiodynamics International Corp	$	51
297,995	e*	Cepheid, Inc		6,794
3,349		Chemring Group plc		124
1,031,138		Cobham plc		4,093
82,926		Cochlear Ltd		5,737
202,246	*	Coherent, Inc		6,488
143,713	e	Cohu, Inc		2,695
181,744	*	Conmed Corp		5,087
306,502	e	Cooper Cos, Inc		16,067
4,234		Corin Group plc		55
2,351,402		Covidien Ltd		97,583
627,083	*	Credence Systems Corp		1,938
103,722	e*	Cutera, Inc		2,719
123,638	e*	Cyberonics, Inc		1,724
82,686	e*	Cynosure, Inc (Class A)		3,051
1,385,974		Danaher Corp		114,634
69,695		Datascope Corp		2,356
696,091		Dentsply International, Inc		28,985
139,952	*	Dionex Corp		11,121
120,339	e*	DJ Orthopedics, Inc		5,909
651		Draegerwerk AG.		60
183,240		DRS Technologies, Inc		10,100
207,672	*	Eagle Test Systems, Inc		2,662
1,505,217	e	Eastman Kodak Co		40,280
105,460	e	EDO Corp		5,907
69,544		Elekta AB		1,133
6,811,348		Emerson Electric Co		362,500
142,492	e*	ESCO Technologies, Inc		4,736
143,218	*	Esterline Technologies Corp		8,171
91,610	e*	ev3, Inc		1,504
75,518	*	Excel Technology, Inc		1,884
103,426	*	FARO Technologies, Inc		4,566
202,313	e*	FEI Co		6,359
248,178		Finmeccanica S.p.A.		7,230
358,871	e*	Flir Systems, Inc		19,878
252,506	e*	Formfactor, Inc		11,204
314,679	*	Fossil, Inc		11,756
163,365	*	Foxhollow Technologies, Inc		4,313
4,800	*	Given Imaging Ltd		132
12,884,212		Golden Meditech Co Ltd		5,900
15,088	*	Gyrus Group plc		118
152,436	*	Haemonetics Corp		7,533
987,438	e*	Hologic, Inc		60,234
76,239	e*	ICU Medical, Inc		2,954
111,150	e*	I-Flow Corp		2,066
129,230	*	II-VI, Inc		4,462
309,450	e*	Illumina, Inc		16,054
194		Inficon Holding AG.		33
39,650	e*	Insulet Corp		862
95,945	e*	Integra LifeSciences Holdings Corp		4,661
202,015	*	Intuitive Surgical, Inc		46,463
193,155	e	Invacare Corp		4,516
267,312	*	Invensys plc		1,697
401,060	e*	ION Geophysical Corp		5,547
155,050	e*	Ionatron, Inc		532
160,077	e*	Itron, Inc		14,898

76

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
251,650	*	Ixia	$	2,194
7,000	e	Jeol Ltd		27
21,023,015		Johnson & Johnson		1,381,212
272		Kaba Holding AG.		82
57,486	e*	Kensey Nash Corp		1,501
45,745		Keyence Corp		10,155
896,358		Kla-Tencor Corp		49,999
7,669	e*	Kopin Corp		29
262,598	*	Kyphon, Inc		18,382
337,644	e*	L-1 Identity Solutions, Inc		6,365
900		Lasertec Corp		21
351,920	e*	LTX Corp		1,256
126,704	e	Luxottica Group S.p.A.		4,313
13,000	*	Masimo Corp		334
79,417	e*	Measurement Specialties, Inc		2,216
76,075	*	Medical Action Industries, Inc		1,800
8,030,853		Medtronic, Inc		453,020
183,430	e	Mentor Corp		8,447
156,732	*	Merit Medical Systems, Inc		2,034
375,557	*	Mettler-Toledo International, Inc		38,307
1,500		Micronics Japan Co Ltd		36
80,503	e*	Micrus Endovascular Corp		1,471
218,139	e*	Millipore Corp		16,535
155,350	e	Mine Safety Appliances Co		7,319
311,948	*	MKS Instruments, Inc		5,933
122,781	e	Movado Group, Inc		3,919
21,967,242	m,v*	MPM Bioventures II-QP LP		13,689
117,105		MTS Systems Corp		4,872
251,227		National Instruments Corp		8,625
106,516	e*	Natus Medical, Inc		1,698
205,752	e*	Newport Corp		3,134
110,532	e	Nidec Copal Corp		1,258
5,000		Nikkiso Co Ltd		41
208,801	e	Nikon Corp		7,180
642,427		Nippon Electric Glass Co Ltd		10,347
5,000		Nipro Corp		99
102,863	e*	Northstar Neuroscience, Inc		1,148
3,419	*	Novoste Corp		9
182,619	e*	NuVasive, Inc		6,562
77,890	e*	NxStage Medical, Inc		1,129
128,355		Oakley, Inc		3,726
554,581		Olympus Corp		22,789
20,600	*	Orbotech Ltd		433
87,310	e*	Orthofix International NV		4,276
60,412	e	Osaki Electric Co Ltd		426
21,621	e*	OYO Geospace Corp		2,004
101,769	e*	Palomar Medical Technologies, Inc		2,899
8,490,616		PCCW Ltd		5,614
58,000		Peace Mark Holdings Ltd		86
696,389		PerkinElmer, Inc		20,342
809,258		Phonak Holding AG.		81,186
886,620		Pitney Bowes, Inc		40,270
127,100		PolyMedica Corp		6,675
52,863	*	Qiagen NV		1,021
5,579		Q-Med AB		80
1,103,374	e*	Resmed, Inc		4,798

77

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
317,301	e*	Resmed, Inc	$	13,603
327,602	*	Respironics, Inc		15,735
699,995		Rockwell Collins, Inc		51,128
99,966	*	Rofin-Sinar Technologies, Inc		7,019
362,778		Roper Industries, Inc		23,762
190,618	e*	Rudolph Technologies, Inc		2,636
36,320		Samsung Techwin Co Ltd		2,766
2,200		Sectra AB (B Shares)		22
261,819	e*	Sirf Technology Holdings, Inc		5,590
91,479	e*	Sirona Dental Systems, Inc		3,263
4,126,206	m,v*	Skyline Venture Partners Qualified II		4,722
881,652	m,v*	Skyline Venture Partners Qualified III		827
542,081		Smith & Nephew plc		6,627
141,375	e*	Sonic Innovations, Inc		1,296
139,426	e*	Sonic Solutions, Inc		1,460
88,724	e*	SonoSite, Inc		2,708
168,240	e*	Spectranetics Corp		2,268
511		Sperian Protection		64
81,428	*	Spirent Communications plc		100
2,320,315	*	St. Jude Medical, Inc		102,256
380,726		STERIS Corp		10,405
723		Stratec Biomedical Systems		21
1,676,414		Stryker Corp		115,270
44,767		Swatch Group AG.		14,688
169,120		Swatch Group AG.		10,829
216,298	*	Symmetry Medical, Inc		3,612
12,400	e*	Syneron Medical Ltd		293
28,290		Synthes, Inc		3,166
28,200		Sysmex Corp		1,088
345,587		Tecan Group AG.		22,262
203,221	*	Techne Corp		12,819
350,041		Tektronix, Inc		9,710
197,546	*	Teledyne Technologies, Inc		10,547
1,158,707	*	Teradyne, Inc		15,990
374,382		Terumo Corp		18,904
4,074,063	*	Thermo Electron Corp		235,155
288,663	e*	Thoratec Corp		5,972
350		Thrane & Thrane AS		21
569,153	*	Trimble Navigation Ltd		22,316
6,940		Ultra Electronics Holdings		157
54,415	e	United Industrial Corp		4,095
1,063		Vaisala Oyj (A Shares)		61
225,219	*	Varian, Inc		14,326
182,541	e*	Veeco Instruments, Inc		3,538
183,255	e*	Ventana Medical Systems, Inc		15,743
91,307	e*	Vital Images, Inc		1,782
58,123		Vital Signs, Inc		3,031
303,640	e*	Vivus, Inc		1,506
126,663	*	Volcano Corp		2,082
540,355	*	Waters Corp		36,161
13,483		Whatman plc		51
20,377	*	William Demant Holding		1,801
188,227	*	Wright Medical Group, Inc		5,048
5,300,565	*	Xerox Corp		91,912
158,955	e*	X-Rite, Inc		2,295
403	*	Ypsomed Holding AG.		29

78

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
1,839,914	*	Zimmer Holdings, Inc	$	149,015
117,815	*	Zoll Medical Corp		3,054
77,069	*	Zygo Corp		1,004
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		5,307,660
INSURANCE AGENTS, BROKERS AND SERVICE - 0.45%
1,667,374		AON Corp		74,715
461,903		Brown & Brown, Inc		12,148
167,081	e*	Crawford & Co (Class B)		1,063
407,010	e	Gallagher (Arthur J.) & Co		11,791
2,562,908		Hartford Financial Services Group, Inc		237,197
5,507,917		HBOS plc		103,057
216,949		Hilb Rogal & Hobbs Co		9,400
49,209	e	James River Group, Inc		1,594
15,301		Jardine Lloyd Thompson Group plc		117
2,588,136		Marsh & McLennan Cos, Inc		65,998
48,102	e	MLP AG.		642
208,699	e	National Financial Partners Corp		11,057
1,637,023		QBE Insurance Group Ltd		49,098
1,364,995		Suncorp-Metway Ltd		24,588
1,600		Tsuruha Holdings, Inc		54
341,507		Unipol S.p.A.		1,071
149,209	*	United America Indemnity Ltd (Class A)		3,210
35,133		White Mountains Insurance Group Ltd		18,260
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		625,060
INSURANCE CARRIERS - 4.77%
1,591,998	e	ABC Learning Centres Ltd		9,281
29,512	e*	ACA Capital Holdings, Inc		180
4,427,218		ACE Ltd		268,157
15,861		Aditya Birla Nuvo Ltd		607
1,808,267		Admiral Group plc		33,297
3,864		Aegon NV		74
517,240		Aegon NV		9,905
6,269,229		Aetna, Inc		340,231
3,269,330		Aflac, Inc		186,483
96,974		Aksigorta A.S.		671
202,131	e	Alfa Corp		3,675
144,647		Alleanza Assicurazioni S.p.A		1,925
19,722	*	Alleghany Corp		8,007
1,099,547		Allianz AG.		256,899
335,336		Allied World Assurance Holdings Ltd		17,407
3,252,429		Allstate Corp		186,006
800	*	Alm Brand AS		50
614,277		Ambac Financial Group, Inc		38,644
324,630	e	American Equity Investment Life Holding Co		3,457
639,060		American Financial Group, Inc		18,226
12,735,427		American International Group, Inc		861,552
76,528		American National Insurance Co		10,067
79,433		American Physicians Capital, Inc		3,095
321,726	*	AMERIGROUP Corp		11,093
107,438	*	Amerisafe, Inc		1,777
3,279,667		AMP Ltd		30,674
206,492		Amtrust Financial Services, Inc		3,132
351,410	*	Arch Capital Group Ltd		26,148
154,998	*	Argo Group International Holdings Ltd		6,744

79

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
555,731		Aspen Insurance Holdings Ltd	$	15,510
877,813	e	Assicurazioni Generali S.p.A.		38,628
521,688		Assurant, Inc		27,910
348,688		Assured Guaranty Ltd		9,474
1,132,569		Aviva plc		17,055
2,799,445		AXA Asia Pacific Holdings Ltd		19,376
2,867,624	e	AXA S.A.		128,315
2,525,534		Axis Capital Holdings Ltd		98,269
48,885	e	Baldwin & Lyons, Inc (Class B)		1,335
41,609	e	Castlepoint Holdings Ltd		478
325,640	*	Centene Corp		7,004
32,031		Chaucer Holdings plc		65
10,722		Chesnara plc		39
6,830,836		China Life Insurance Co Ltd		39,234
2,188,563		Chubb Corp		117,394
662,162		Cincinnati Financial Corp		28,678
183,138	e*	Citizens, Inc		1,401
13,010		Clal Insurance		346
199,368		CNA Financial Corp		7,839
92,743	*	CNA Surety Corp		1,635
195,636		CNP Assurances		25,026
1,796	m,v	Codan A/S		204
333,840	e	Commerce Group, Inc		9,838
2,651,878	*	Conseco, Inc		42,430
708,484	e	Corp Mapfre S.A.		3,203
43,095	*	Darwin Professional Underwriters, Inc		931
284,729		Delphi Financial Group, Inc (Class A)		11,509
78,362		Donegal Group, Inc (Class A)		1,268
86,297		Dongbu Insurance Co Ltd		3,621
48,548		EMC Insurance Group, Inc		1,262
457,083		Employers Holdings, Inc		9,420
689,670		Endurance Specialty Holdings Ltd		28,656
37,668	e*	Enstar Group Ltd		4,774
2,768		Ergo Previdenza S.p.A.		16
189,138		Erie Indemnity Co (Class A)		11,562
3,309	*	Ethniki General Insurance Co		26
340,717		Everest Re Group Ltd		37,561
20,686		Fairfax Financial Holdings Ltd		5,044
92,632		FBL Financial Group, Inc (Class A)		3,658
843,510		Fidelity National Title Group, Inc (Class A)		14,745
119,249	e*	First Acceptance Corp		602
370,206		First American Corp		13,557
65,868	*	First Mercury Financial Corp		1,417
57,946	e	Flagstone Reinsurance Holdings Ltd		770
22,291		Fondiaria-Sai S.p.A		1,047
57,145	*	Fpic Insurance Group, Inc		2,460
6,949,439		Friends Provident plc		24,456
537,846		Fuji Fire & Marine Insurance Co Ltd		1,836
3,715,920		Genworth Financial, Inc (Class A)		114,190
45,022	e	Great American Financial Resources, Inc		1,104
364,948		Great-West Lifeco, Inc		13,389
47,323	e*	Greenlight Capital Re Ltd (Class A)		960
15,344	*	Hallmark Financial Services		216
224,165		Hanover Insurance Group, Inc		9,906
2,930		Harel Insurance Investments & Finances Ltd		163
100,901		Harleysville Group, Inc		3,227

80

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
869,333		HCC Insurance Holdings, Inc	$	24,898
706,525	*	Health Net, Inc		38,188
181,673	*	HealthExtras, Inc		5,056
388,949	*	Healthspring, Inc		7,584
20,946		Highway Insurance Holdings plc		30
296,097		Horace Mann Educators Corp		5,836
1,797,599	*	Humana, Inc		125,616
44,064		Hyundai Marine & Fire Insurance Co Ltd		867
31,967	e	Independence Holding Co		651
114,879		Infinity Property & Casualty Corp		4,620
1,366,796		Insurance Australia Group Ltd		6,367
325,632		IPC Holdings Ltd		9,394
490,549		Irish Life & Permanent plc		10,877
24,379		Kansas City Life Insurance Co		1,075
308,642		KBC Groep NV		42,461
44,866		Korean Reinsurance Co		635
107,761	e	LandAmerica Financial Group, Inc		4,201
624,728	e	Leucadia National Corp		30,124
98,984		Liberty Group Ltd		1,257
1,362,054		Lincoln National Corp		89,855
1,736,083		Loews Corp		83,940
2,709,498		Manulife Financial Corp		111,714
37,969	*	Markel Corp		18,377
763,640	*	MAX India Ltd		4,662
550,388		Max Re Capital Ltd		15,433
548,322	e	MBIA, Inc		33,475
183,625	*	Meadowbrook Insurance Group, Inc		1,654
215,061	e	Mediolanum S.p.A.		1,521
102,665		Mercury General Corp		5,537
2,003,135		Metlife, Inc		139,679
681,709		Metropolitan Holdings Ltd		1,504
1,156,808	e	MGIC Investment Corp		37,376
52,710		Midland Co		2,897
308,768		Migdal Insurance Holdings Ltd		507
1,525,441	e	Millea Holdings, Inc		61,355
2,933,404		Mitsui Sumitomo Insurance Co Ltd		34,451
84,983	e*	Molina Healthcare, Inc		3,082
572,586		Montpelier Re Holdings Ltd		10,135
146,612		Muenchener Rueckver AG.		28,175
62,608	e	National Interstate Corp		1,928
13,944		National Western Life Insurance Co (Class A)		3,569
350,081		Nationwide Financial Services, Inc (Class A)		18,841
77,949	*	Navigators Group, Inc		4,229
335,873		Nissay Dowa General Insurance Co Ltd		2,056
48,405		NYMAGIC, Inc		1,346
178,540	e	Odyssey Re Holdings Corp		6,626
9,602,093		Old Mutual plc		31,492
1,307,705		Old Republic International Corp		24,506
256,013		OneBeacon Insurance Group Ltd		5,517
81,000	*	Pacific Century Regional Developments Ltd		19
592,812		PartnerRe Ltd		46,826
379,261	*	Philadelphia Consolidated Holding Co		15,679
705,916		Phoenix Cos, Inc		9,960
1,782,000		PICC Property & Casualty Co Ltd		3,466
1,202,000		Ping An Insurance Group Co of China Ltd		16,637
917,337		Platinum Underwriters Holdings Ltd		32,987

81

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
178,629	e*	PMA Capital Corp (Class A)	$	1,697
372,248		PMI Group, Inc		12,172
786,429		Power Corp Of Canada		31,516
553,556		Power Financial Corp		23,096
128,776		Presidential Life Corp		2,184
254,391	e*	Primus Guaranty Ltd		2,676
1,962,323		Principal Financial Group		123,803
198,477	*	ProAssurance Corp		10,692
3,900,198		Progressive Corp		75,703
331,139		Protective Life Corp		14,054
2,796,237		Prudential Financial, Inc		272,857
6,645,514		Prudential plc		102,179
929,527	e	Radian Group, Inc		21,639
105,364	*	RAM Holdings Ltd		980
124,982	e	Reinsurance Group Of America, Inc		7,085
316,270		RenaissanceRe Holdings Ltd		20,687
1,041,980		Resolution plc		14,550
119,244		RLI Corp		6,764
1,005,437		Royal & Sun Alliance Insurance Group plc		3,178
405,763		Safeco Corp		24,841
101,068		Safety Insurance Group, Inc		3,632
35,039		Samsung Fire & Marine Insurance Co Ltd		7,542
1,738,015		Sanlam Ltd		5,618
54		Schweizerische National-Versicherungs-Gesellschaft		42
48,101		SCOR		1,289
358,013	e*	Scottish Re Group Ltd		1,142
120,325	*	SeaBright Insurance Holdings, Inc		2,054
120,790	e	Security Capital Assurance Ltd		2,759
352,094		Selective Insurance Group, Inc		7,493
668,325		Sompo Japan Insurance, Inc		7,669
342,510		Stancorp Financial Group, Inc		16,958
597,754		Standard Life plc		3,528
76,874		State Auto Financial Corp		2,249
119,541		Stewart Information Services Corp		4,097
66,855		Storebrand ASA		1,039
1,135,152		Sun Life Financial, Inc		59,574
79,179		Swiss Life Holding		20,539
122,315		Swiss Reinsurance Co		10,895
385,800		T&D Holdings, Inc		23,746
5,985	*	Topdanmark A/S		985
491,763		Torchmark Corp		30,647
99,675		Tower Group, Inc		2,609
41,356	*	Tower Ltd		70
130,346		Transatlantic Holdings, Inc		9,167
4,178,389		Travelers Cos, Inc		210,340
68,713	e*	Triad Guaranty, Inc		1,303
262,558	e	TrygVesta A.S.		21,043
123,133		United Fire & Casualty Co		4,813
7,337,214		UnitedHealth Group, Inc		355,341
175,168		Unitrin, Inc		8,687
278,372	*	Universal American Financial Corp		6,350
1,734,595		UnumProvident Corp		42,446
666,033	*	Validus Holdings Ltd		16,145
82,441	*	Vesta Insurance Group, Inc		-	^
1,939,758		W.R. Berkley Corp		57,475
475,466	*	WellCare Health Plans, Inc		50,128

82

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
5,964		Wesco Financial Corp	$	2,374
9,050		Wiener Staedtische Allgemeine Versicherung AG.		632
1,193,869		XL Capital Ltd (Class A)		94,554
215,948		Zenith National Insurance Corp		9,694
930,450		Zurich Financial Services AG.		279,115
		TOTAL INSURANCE CARRIERS		6,690,389
JUSTICE, PUBLIC ORDER AND SAFETY - 0.02%
622,316	*	Corrections Corp of America		16,286
264,753	e*	Geo Group, Inc		7,839
2,120,938	e*	PAN Fish ASA		2,699
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		26,824
LEATHER AND LEATHER PRODUCTS - 0.23%
172,634		Adidas-Salomon AG.		11,324
2,099		Antichi Pellettieri S.p.A.		28
2,651,850	*	Coach, Inc		125,353
366,974	*	Collective Brands, Inc		8,095
177,909		Continental AG.		24,603
333,502	e*	CROCS, Inc		22,428
1,045,235		Deutsche Lufthansa AG.		30,062
126,209	*	Genesco, Inc		5,822
78,731		Henkel KGaA		3,728
57,863		Hermes International		6,512
272,495	e*	Iconix Brand Group, Inc		6,483
236,423		LVMH Moet Hennessy Louis Vuitton S.A.		28,342
1,323,580		Pou Chen Corp		1,322
122,444		Steven Madden Ltd		2,320
413,215		ThyssenKrupp AG.		26,315
263,562	*	Timberland Co (Class A)		4,997
48,785	e	Weyco Group, Inc		1,532
316,368		Wolverine World Wide, Inc		8,669
817,575		Yue Yuen Industrial Holdings		2,445
		TOTAL LEATHER AND LEATHER PRODUCTS		320,380
LEGAL SERVICES - 0.01%
227,853	e*	FTI Consulting, Inc		11,463
90,247	*	Pre-Paid Legal Services, Inc		5,005
		TOTAL LEGAL SERVICES		16,468
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.03%
293,993	e	Brisa-Auto Estradas de Portugal S.A.		3,857
1,505,941		ComfortDelgro Corp Ltd		1,967
42,642	e*	Emergency Medical Services Corp (Class A)		1,290
288,587	e	Keihin Electric Express Railway Co Ltd		1,872
195,810		Keisei Electric Railway Co Ltd		1,086
351,072		Laidlaw International, Inc		12,365
543,368		SMRT Corp Ltd		625
2,874,782		Stagecoach Group plc		13,366
		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		36,428
LUMBER AND WOOD PRODUCTS - 0.02%
75,991	e	American Woodmark Corp		1,884
429,426	e*	Champion Enterprises, Inc		4,715
56,913	e	Deltic Timber Corp		3,239
124,336		Duratex S.A.		3,710

83

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
427,206	e	Louisiana-Pacific Corp	$	7,250
1,510,966		Masisa S.A.		370
771,303	*	MFI Furniture plc		1,736
116,800	e	Nobia AB		1,124
4,920		Pfleiderer AG.		114
44,864		Skyline Corp		1,350
60,357	*	Sonae Industria SGPS S.A.		678
3,084	*	Tenon Ltd		4
101,549	e	Universal Forest Products, Inc		3,036
		TOTAL LUMBER AND WOOD PRODUCTS		29,210
METAL MINING - 1.21%
239,425		Agnico-Eagle Mines Ltd		11,874
179,679		Alumina Ltd		1,138
51,455		Anglo Platinum Ltd		7,787
114,652		AngloGold Ashanti Ltd		5,429
4,300		Antofagasta plc		67
310,116	e*	Apex Silver Mines Ltd		6,032
1,481,503		Barrick Gold Corp		59,504
198,302	*	Barrick Gold Corp		7,988
45,709	*	Bendigo Mining Ltd		12
7,563,312		BHP Billiton Ltd		298,989
1,261,087		Boliden AB		26,859
537,414	e	Cameco Corp		24,789
1,328,920		Cameco Corp		61,449
45,582		CAP S.A.		1,285
107,019	*	Central African Mining & Exploration Co plc		57
87,000	*	China Molybdenum Co Ltd		192
267,081	e	Cleveland-Cliffs, Inc		23,495
1,576,290	e*	Coeur d'Alene Mines Corp		5,974
1,054,212		Companhia Vale do Rio Doce		35,629
1,512,930		Companhia Vale do Rio Doce		43,085
444,470		Companhia Vale do Rio Doce (ADR)		15,081
59,267		Compania de Minas Buenaventura S.A.		2,921
20,991		Consolidated Minerals Ltd		91
587,727	*	Eldorado Gold Corp		3,628
148,134		Energy Resources of Australia Ltd		2,641
81,961		First Quantum Minerals Ltd		8,042
210,625		Foundation Coal Holdings, Inc		8,257
2,417,081		Freeport-McMoRan Copper & Gold, Inc (Class B)		253,528
521,038		Gold Fields Ltd		9,389
1,289,053		Goldcorp, Inc		39,398
249,476	*	Harmony Gold Mining Co Ltd		2,955
855,563	e*	Hecla Mining Co		7,657
76,000	*	Hidili Industry International Development Ltd		121
75,056		Hulamin Ltd		261
67,486	e	Iluka Resources Ltd		331
445,750		Impala Platinum Holdings Ltd		15,528
294,510	*	Ivanhoe Mines Ltd		3,826
9,991	e	Jubilee Mines NL		154
16,354		Kagara Zinc Ltd		90
7,416	*	Kingsgate Consolidated Ltd		35
1,063,776	*	Kinross Gold Corp		15,893
9,795		Korea Zinc Co Ltd		1,852
3,808,300		Lanna Resources PCL		2,033
982,441	*	Lundin Mining Corp		12,554

84

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
176,654	*	Meridian Gold, Inc	$	5,873
206,487		Minsur S.A.		693
21,100		MMC Norilsk Nickel (ADR)		5,713
574,574		MMC Norilsk Nickel (ADR)		156,284
52,492	*	Mount Gibson Iron Ltd		111
647,988	e	Newcrest Mining Ltd		16,100
2,746,477		Newmont Mining Corp		122,850
78,400		Novolipetsk Steel (GDR)		2,662
617,041		Orica Ltd		16,481
1,275,128	e	Oxiana Ltd		4,390
1,069,269	e*	Paladin Resources Ltd		7,344
86,352	*	PAN American Silver Corp		2,510
17,957		Perilya Ltd		64
57,601		Polyus Gold (ADR)		2,540
1,803,000		PT Aneka Tambang Tbk		547
127,000		PT International Nickel Indonesia Tbk		882
385,507	e	Rio Tinto Ltd		37,020
791,185		Rio Tinto plc		68,441
289,207	e*	Rosetta Resources, Inc		5,304
126,049	e	Royal Gold, Inc		4,128
149,498	e*	ShengdaTech, Inc		901
714,565		Sherritt International Corp		11,437
329,716	e	Southern Copper Corp		40,829
67,735		Southern Copper Corp		8,433
67,355	*	St Barbara Ltd		36
205,219	e*	Stillwater Mining Co		2,112
5,036,000		Straits Asia Resources Ltd		5,255
12,416	e	Sumitomo Titanium Corp		1,082
891,116		Teck Cominco Ltd (Class B)		42,305
18,428		Umicore		4,404
294,190	e*	Uranium Resources, Inc		2,762
248,147	*	US Gold Corp		1,556
1,691		Vedanta Resources plc		70
469,105		Volcan Cia Minera S.A.		2,106
753,115		Xstrata plc		49,986
601,340	e	Yamana Gold, Inc		7,104
2,997,500		Zijin Mining Group Co Ltd		4,658
1,490,233		Zinifex Ltd		23,432
		TOTAL METAL MINING		1,696,305
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.24%
148,220	e	Aderans Co Ltd		3,103
31,248	e	Amer Sports Oyj		724
71,879	*	Armstrong World Industries, Inc		2,918
261,204		Blyth, Inc		5,342
64,868		Bulgari S.p.A.		1,021
427,936		Callaway Golf Co		6,851
22,000		Chow Sang Sang Hldg		31
971,000		Citic Pacific Ltd		6,195
8,000		Daiwa Seiko, Inc		14
172,299	e	Daktronics, Inc		4,690
587,712		Fortune Brands, Inc		47,893
2,051,737		Futuris Corp Ltd		3,878
20,087		GWA International Ltd		70
1,048,721		Hasbro, Inc		29,238
210,000		Hutchison Harbour Ring Ltd		15

85

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
171,685	e*	Jakks Pacific, Inc	$	4,586
435,000		Magnum Corp BHD		369
75,249	e	Marine Products Corp		638
2,035,125		Mattel, Inc		47,744
11,580,000		Ming Fung Jewellery Group Ltd		1,564
6,000		Mitsuboshi Belting Co Ltd		31
29,100		Morgan Crucible Co plc		177
35,179		Namco Bandai Holdings, Inc		511
187,955	e	Nautilus, Inc		1,498
107,686,579		Playmates Holdings Ltd		11,082
1,780		Rapala VMC Oyj		14
122,704	*	RC2 Corp		3,398
78,594	*	Russ Berrie & Co, Inc		1,320
13,000		Ryobi Ltd		85
41,493		Sankyo Co Ltd		1,680
199,881	e*	Shuffle Master, Inc		2,988
9,270		Societe BIC S.A.		795
53,563		Steinway Musical Instruments, Inc		1,587
82,830		Tasaki Shinju Co Ltd		330
6,000		Tomy Co Ltd		32
2,793,615		Tyco International Ltd		123,869
582,900	e	Yamaha Corp		13,067
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		329,348
MISCELLANEOUS RETAIL - 1.11%
136,890	e*	1-800-FLOWERS.COM, Inc (Class A)		1,587
98,306	e*	AC Moore Arts & Crafts, Inc		1,549
1,848,296	*	Amazon.com, Inc		172,169
2,100		AOKI Holdings, Inc		42
4,733		Avenir Telecom		13
3,598		Axis Communications AB		78
195,767		Aygaz A.S.		835
407,032		Barnes & Noble, Inc		14,352
2,426		Beate Uhse AG.		10
2,650		Belluna Co Ltd		27
2,528,686		Best Buy Co, Inc		116,370
5,000		Best Denki Co Ltd		35
117,811		Big 5 Sporting Goods Corp		2,203
95,268	e*	Blue Nile, Inc		8,967
90,913		Books-A-Million, Inc		1,203
340,887	e	Borders Group, Inc		4,544
76,459	e*	Build-A-Bear Workshop, Inc		1,358
3,832		Carpetright plc		82
244,983		Cash America International, Inc		9,211
36,200		Circle K Sunkus Co Ltd		563
254,929	e*	CKX, Inc		3,138
3,300		Clas Ohlson AB (B Shares)		81
725,171	e*	Coldwater Creek, Inc		7,875
632,973		Compagnie Financiere Richemont AG.		41,945
9,257,748		CVS Corp		366,885
33,383	*	Daum Communications Corp		2,517
242,011		DCC plc		7,143
224,681	*	Dick's Sporting Goods, Inc		15,087
16,000		Dickson Concepts International Ltd		17
835,808	*	Dollar Tree Stores, Inc		33,884
4,800		Don Quijote Co Ltd		99

86

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
279,018		Douglas Holding AG.	$	17,430
12		Dr Ci:Labo Co Ltd		18
1,021,900		EDION Corp		11,379
668		Etam Developpement S.A.		38
1,647		Exmar NV		50
354,398	*	Ezcorp, Inc (Class A)		4,767
7,893		Folli-Follie S.A.		322
1,035,122		Game Group plc		4,066
5,859	*	Gander Mountain Co		32
169	*	GIFI		14
113,721	e*	GSI Commerce, Inc		3,025
163,500	e*	Hancock Fabrics, Inc/DE		294
2,560		Hellenic Duty Free Shops S.A.		45
168,451	e*	Hibbett Sports, Inc		4,178
61,387		HMV Group plc		147
305,199		Home Retail Group		2,328
1,991,798		Hutchison Whampoa Ltd		21,305
685,482		Ichitaka Co Ltd		1,325
53	e	Index Corp		18
8,000		Izumiya Co Ltd		45
623,547		Jean Coutu Group, Inc (Class A)		8,306
39		Jelmoli Holding AG.		107
21,807	*	KarstadtQuelle AG.		730
2,200		Kojima Co Ltd		13
61,020		Largan Precision Co Ltd		669
175,713		Longs Drug Stores Corp		8,728
5,914		Majestic Wine plc		40
7,000	e*	Maruetsu, Inc		38
9,000	*	Maruzen Co Ltd		12
391,200	e,m,v	Matsumotokiyoshi Co Ltd		7,237
247,517	*	Meinl European Land Ltd		3,529
213,729		Metro AG.		19,304
1,600		Ministop Co Ltd		29
211,587		MSC Industrial Direct Co (Class A)		10,704
5		MTI Ltd		8
492,995		Next plc		19,810
330		Nihon Chouzai Co Ltd		5
344,108		Nippon Mining Holdings, Inc		3,457
4,600		Nissen Holdings Co Ltd		26
153,282	e*	Nutri/System, Inc		7,187
2,001,320	*	Office Depot, Inc		41,267
374,974		OfficeMax, Inc		12,850
805,529		Origin Energy Ltd		7,362
134,295	e*	Overstock.com, Inc		3,868
1,374,998		Pacific Brands Ltd		3,782
5,100		Parco Co Ltd		68
228,500		Parkson Retail Group Ltd		2,061
50,859	e*	PC Connection, Inc		636
1,066,942		Petsmart, Inc		34,035
217,912	e*	Priceline.com, Inc		19,340
65,154	e	Pricesmart, Inc		1,538
3,062	*	QXL Ricardo plc		63
4,408,787	e*	Rite Aid Corp		20,369
18,700		Ryohin Keikaku Co Ltd		1,076
50,000		SA SA International Holdings Ltd		18
330,329	e	Sanoma-WSOY Oyj		10,273

87

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
301,687	e*	Sears Holdings Corp	$	38,375
600		Seijo Corp		12
3,500		Senshukai Co Ltd		44
300,903		Shoppers Drug Mart Corp		16,451
77,312	*	Shutterfly, Inc		2,467
670,176		Signet Group plc		1,148
100,814	e*	Stamps.com, Inc		1,207
3,448,370		Staples, Inc		74,105
2,600		Sugi Pharmacy Co Ltd		63
25,759	*	Swisslog Holding AG.		37
160,328	e	Systemax, Inc		3,277
889,108		Tiffany & Co		46,545
331,603		Tsutsumi Jewelry Co Ltd		8,054
154,065	e*	Valuevision International, Inc (Class A)		1,142
3		Village Vanguard Co Ltd		13
4,269,325		Walgreen Co		201,683
18,754		WH Smith plc		147
215,830		World Fuel Services Corp		8,808
116,006	e	Xebio Co Ltd		2,828
287,106	*	Zale Corp		6,644
90,564	e*	Zumiez, Inc		4,018
		TOTAL MISCELLANEOUS RETAIL		1,550,308
MOTION PICTURES - 0.82%
160,329		Astral Media, Inc		7,067
733,000		Astro All Asia Networks plc		761
251,598	e*	Avid Technology, Inc		6,813
1,152,583	e*	Blockbuster, Inc (Class A)		6,189
76,844	e	Carmike Cinemas, Inc		1,412
3,154,880		CBS Corp (Class B)		99,379
104,168	e	Cinemark Holdings Inc		1,933
1,620,953	*	Discovery Holding Co (Class A)		46,764
589,819	*	DreamWorks Animation SKG, Inc (Class A)		19,712
56,309	*	Entertainment Rights plc		25
34,000	*	eSun Holdings Ltd		28
90,014	e*	Gaiam, Inc (Class A)		2,163
283,060	e*	Macrovision Corp		6,972
2,650,900		Major Cineplex Group PCL		1,377
222,191		National CineMedia, Inc		4,977
13,624,586		News Corp (Class A)		299,605
30,581	*	Premiere AG.		660
1,058,414	e	Regal Entertainment Group (Class A)		23,232
25,976		SMG plc		18
7,052		Southern Cross Broadcasting Australia Ltd		107
769,313	*	Time Warner Telecom, Inc (Class A)		16,902
21,442,427		Time Warner, Inc		393,683
167,300	e	Toei Animation Co Ltd		4,442
9,000		Toei Co Ltd		47
97,700		Toho Co Ltd		1,931
5,271,462	*	Viacom, Inc (Class B)		205,429
2,759		Wegener NV		70
		TOTAL MOTION PICTURES		1,151,698
MUSEUMS, BOTANICAL, ZOOLOGICAL GARDENS - 0.00%**
155,096	e*	Premier Exhibitions, Inc		2,339
		TOTAL MUSEUMS, BOTANICAL, ZOOLOGICAL GARDENS		2,339

88

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
NONDEPOSITORY INSTITUTIONS - 1.41%
120,457	e*	Accredited Home Lenders Holding Co	$	1,406
51,490	e	Acom Co Ltd		1,148
540,413		Advance America Cash Advance Centers, Inc		5,766
8,247		Advanta Corp (Class A)		201
201,192		Advanta Corp (Class B)		5,517
695,900		Aeon Credit Service Co Ltd		7,482
1,485,308		Aeon Thana Sinsap Thailand PCL		2,188
59,750	e	Aiful Corp		936
2,400		Aktiv Kapital ASA		40
21,000	*	Alternative Asset Management Acquisition Corp		185
924,675	e	American Capital Strategies Ltd		39,511
6,987,941		American Express Co		414,874
672,382	e*	AmeriCredit Corp		11,820
393,555	e	Ares Capital Corp		6,403
60,744	e	Asta Funding, Inc		2,328
52,100		Australian Wealth Management Ltd		115
11,000		BlackRock Kelso Capital Corp		160
876,688		Broadridge Financial Solutions, Inc		16,613
1,113,200		Bursa Malaysia BHD		3,594
2,502,401		Capital One Financial Corp		166,234
598,288		CapitalSource, Inc		12,109
300,869		Cattles plc		2,148
307,108	e	Centerline Holding Co		4,714
2,457,561	e	Challenger Financial Services Group Ltd		13,520
1,338,083		CIT Group, Inc		53,791
620,215		Collins Stewart plc		2,608
114,489	e*	CompuCredit Corp		2,486
2,983,451		Countrywide Financial Corp		56,715
34,114	e*	Credit Acceptance Corp		788
132,330		Credit Saison Co Ltd		3,410
68,221	e	D Carnegie AB		1,434
87,378	e	Delta Financial Corp		429
419,721		Deutsche Postbank AG.		30,817
4,677,205		Discover Financial Services		97,286
3,813,700		ECM Libra Avenue BHD		1,030
92,017	e*	Encore Capital Group, Inc		1,086
6,985,453		Fannie Mae		424,785
72,103	e	Federal Agricultural Mortgage Corp (Class C)		2,117
165,442	e	Financial Federal Corp		4,634
152,675	*	First Cash Financial Services, Inc		3,576
3,300,709		First Financial Holding Co Ltd		2,377
379,432	e	First Marblehead Corp		14,392
3,179,117		Freddie Mac		187,600
303,760	e*	Freedom Acquisition Holding, Inc		3,417
128,723	e	Hercules Technology Growth Capital, Inc		1,708
583,200	e	Hitachi Capital Corp		7,337
874,000		Hong Leong Finance Ltd		2,283
129,331	e	Hypo Real Estate Holding AG.		7,355
430,843		ICAP plc		4,646
678,088		ICICI Bank Ltd		18,079
201,553		IGM Financial, Inc		10,659
168,687	e*	Information Services Group, Inc		1,290
434,527		Infrastructure Development Finance Co Ltd		1,538

89

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
433		Interhyp AG.	$	33
39,023		International Personal Finance plc		157
6,000		Intrum Justitia AB		93
296,559	e*	INVESTools, Inc		3,585
215,141		Investor AB (B Shares)		5,525
12,000		Jaccs Co Ltd		24
8,800		Japan Securities Finance Co Ltd		85
59		Kenedix, Inc		103
15,207,000		Kim Eng Holdings Ltd		20,372
81,445		Kohlberg Capital Corp		1,227
85,543		Kotak Mahindra Bank Ltd		1,980
7,700		Lopro Corp		5
221,093	e*	Marathon Acquisition Corp		1,744
351,900	e	MCG Capital Corp		5,064
6,538,360		Mega Financial Holding Co Ltd		4,137
5,825		Meliorbanca S.p.A.		31
48,300	*	Mercadolibre, Inc		1,769
860,000	*	Moneysupermarket.com Group plc		3,097
6,467,325		National Finance PCL		2,962
120,940	e	Nelnet, Inc (Class A)		2,206
71,122	e*	NewStar Financial, Inc		799
96,932	e	NGP Capital Resources Co		1,573
6		Nissin Co Ltd		-	^
136,719	e*	NTR Acquisition Co		1,296
243,505	e*	Ocwen Financial Corp		2,296
1,844	e	Osaka Securities Exchange Co Ltd		8,155
231		OZ Holding AG.		18
103,456	e	Patriot Capital Funding, Inc		1,383
93,082	e	Perpetual Trustees Australia Ltd		6,035
302,694	*	PHH Corp		7,955
1,167,563	*	Polaris Securities Co Ltd		633
61,000	e	Promise Co Ltd		1,487
19,554		Provident Financial plc		358
34,000		Public Financial Holdings Ltd		23
116,400	*	Redecard S.A.		2,172
104,771		Reliance Capital Ltd		4,164
1,700		Ricoh Leasing Co Ltd		35
295		SFCG Co Ltd		41
1,713,235	*	SLM Corp		85,096
83,031		SM Investments Corp		687
18,753		Smiths News plc		47
15,835		Student Loan Corp		2,855
4,101,000	*	Taishin Financial Holdings Co Ltd		2,099
88,716	e	Takefuji Corp		1,761
109,246	e	Technology Investment Capital Corp		1,461
1,031,188		Textron, Inc		64,150
759,506	*	Tower Australia Group Ltd		1,543
5,382,205		Tullett Prebon plc		47,517
138,679	e*	World Acceptance Corp		4,588
		TOTAL NONDEPOSITORY INSTITUTIONS		1,973,111
NONMETALLIC MINERALS, EXCEPT FUELS - 0.13%
70,714		Aber Diamond Corp		2,771
139,091	e	AMCOL International Corp		4,603
114,282		Cimsa Cimento Sanayi Ve Tica		985
192,437		Compass Minerals International, Inc		6,551

90

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
207,011		Florida Rock Industries, Inc	$	12,936
971,470		Grupo Mexico S.A. de C.V. (Series B)		6,976
370,251		Haci Omer Sabanci Holding A.S.		2,377
253,226	e*	Idaho General Mines, Inc		1,681
2,961,170		Itochu Corp		35,963
39,493	*	Kimberley Diamond Co NL		23
1,500		Nippon Ceramic Co Ltd		23
560,899		Potash Corp of Saskatchewan		59,239
56,553	e	Solvay S.A.		8,207
480,429		Vulcan Materials Co		42,830
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		185,165
OIL AND GAS EXTRACTION - 3.54%
21,439		Abbot Group plc		130
2,266,877	e	Acergy S.A.		67,381
118,646		Addax Petroleum Corp		4,680
47,407		Aker Kvaerner ASA		1,510
2,071,388		Anadarko Petroleum Corp		111,337
13,725	e	APCO Argentina, Inc		1,447
77,305	e*	Arena Resources, Inc		5,064
165,079		Atlas America, Inc		8,523
109,062	*	ATP Oil & Gas Corp		5,129
144,839	*	Atwood Oceanics, Inc		11,089
45,883	*	Australian Worldwide Exploration Ltd		140
3,298,316		Baker Hughes, Inc		298,069
225,258	e*	Basic Energy Services, Inc		4,735
208,547	e	Berry Petroleum Co (Class A)		8,256
4,760,668		BG Group plc		82,403
161,864	e*	Bill Barrett Corp		6,379
1,347,765		BJ Services Co		35,783
171,078	e*	Bois d'Arc Energy, Inc		3,280
220,990	e*	Brigham Exploration Co		1,310
146,393	e*	Bronco Drilling Co, Inc		2,167
117,919	e*	Cal Dive International, Inc		1,769
111,172	e*	Callon Petroleum Co		1,548
810,389	*	Cameron International Corp		74,791
1,046,027		Canadian Natural Resources Ltd		79,463
282,297		Canadian Oil Sands Trust		9,366
279,356		Canetic Resources Trust		4,249
116,880	e*	Carrizo Oil & Gas, Inc		5,243
199,846	e*	Cheniere Energy, Inc		7,828
1,846,863		Chesapeake Energy Corp		65,120
9,452,000		China Oilfield Services Ltd		21,764
344,020	e	Cimarex Energy Co		12,815
36,462	e*	Clayton Williams Energy, Inc		1,203
12,718,000		CNOOC Ltd		21,366
112,523	e*	CNX Gas Corp		3,237
234,474	e*	Compagnie Generale de Geophysique S.A.		76,616
218,070	*	Complete Production Services, Inc		4,466
238,126	*	Comstock Resources, Inc		7,344
26,200	*	Concho Resources, Inc		388
70,030	e*	Contango Oil & Gas Co		2,535
147,419	*	Continental Resources, Inc		2,674
47,314	e*	Dawson Geophysical Co		3,667
352,584	e*	Delta Petroleum Corp		6,329
4,406,697	*	Denbury Resources, Inc		196,935

91

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
273,887	e*	DET Norske Oljeselskap	$	569
282,225		Diamond Offshore Drilling, Inc		31,973
53,521	*	Duvernay Oil Corp		1,707
175,775	e*	Edge Petroleum Corp		2,257
406,849	e*	Electromagnetic GeoServices AS		6,792
5,803	*	Emerald Energy plc		23
1,468,538		EnCana Corp		90,801
310,543	*	Encore Acquisition Co		9,829
199,015	e*	Energy Partners Ltd		2,922
324,436		Enerplus Resources Fund		15,298
250,618	b,m,v*	Enron Corp		-	^
1,140,509		ENSCO International, Inc		63,983
163,218		Ensign Energy Services, Inc		3,082
503,914		Equitable Resources, Inc		26,138
349,910	e*	EXCO Resources, Inc		5,788
11,247		Expro International Group plc		226
355,872	e*	Exterran Holdings, Inc		28,591
297,958	*	First Calgary Petroleums Ltd		1,447
301,845	e*	Forest Oil Corp		12,991
1,317,000		Formosa Petrochemical Corp		3,955
186,558	e*	FX Energy, Inc		1,390
261,468		GAIL India Ltd		2,487
160,952	e	Gaz de France		8,363
167,379	e*	GeoGlobal Resources, Inc		603
36,530	*	Geokinetics, Inc		853
94,443	*	Geomet, Inc		481
1,079,608	*	Global Industries Ltd		27,811
1,196,007		GlobalSantaFe Corp		90,920
60,088	e*	GMX Resources, Inc		1,933
85,149	e*	Goodrich Petroleum Corp		2,699
1,343,873	e*	Grey Wolf, Inc		8,802
104,165	e*	Gulfport Energy Corp		2,465
6,406,967		Halliburton Co		246,028
158,628		Harvest Energy Trust		4,269
250,276	e*	Harvest Natural Resources, Inc		2,988
376,415	*	Helix Energy Solutions Group, Inc		15,983
397,162		Helmerich & Payne, Inc		13,039
435,023	*	Hercules Offshore, Inc		11,358
199,645	*	Horizon Offshore, Inc		3,294
584,886		Husky Energy, Inc		24,374
70,200		Idemitsu Kosan Co Ltd		7,902
767	g,v	INA Industrija Nafte DD (GDR)		419
12,686		INA Industrija Nafte DD (GDR)		6,927
830		Inpex Holdings, Inc		8,527
2,610,334	*	Integra Group Holdings (GDR)		40,591
2,600		Japan Petroleum Exploration Co		193
9,493		JKX Oil & Gas plc		68
2,000		Kanto Natural Gas Development Ltd		13
60,295		Kayne Anderson Energy Development Co		1,536
695,498		KazMunaiGas Exploration Production (GDR)		16,685
1,357	*	Key Energy Services, Inc		23
57,055	e*	Lundin Petroleum AB		657
478,302	*	Mariner Energy, Inc		9,906
284,394	e*	McMoRan Exploration Co		3,825
627,572	*	Meridian Resource Corp		1,556
1,158,975	*	Nabors Industries Ltd		35,662

92

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
1,237,006	*	National Oilwell Varco, Inc	$	178,747
40,971		Neste Oil Oyj		1,500
488,063	e*	Newpark Resources, Inc		2,616
713,139	*	Nexen, Inc		21,789
51,508		Niko Resources Ltd		5,036
1,300,904		Noble Corp		63,809
524,312		Norsk Hydro ASA		22,806
67,450		NovaTek OAO (GDR)		3,541
313,238	*	Oceaneering International, Inc		23,743
353,800		Oil & Gas Development Co Ltd		670
208,166		Oil & Natural Gas Corp Ltd		5,005
752,285	e*	Oilsands Quest, Inc		3,333
209,309	*	OPTI Canada, Inc		3,918
47,600		Pakistan Petroleum Ltd		209
204,344	*	Parallel Petroleum Corp		3,472
599,429	e*	Parker Drilling Co		4,867
953,741		Patterson-UTI Energy, Inc		21,526
238,638		Penn Virginia Corp		10,495
287,640		Penn West Energy Trust		8,936
987,459		Petro-Canada		56,657
33,985,075		PetroChina Co Ltd		64,439
33,900	m,v*	PetroCorp		-	^
938,123	e*	PetroHawk Energy Corp		15,404
79,361	e*	Petroleum Development Corp		3,520
50,588		Petroleum Geo-Services ASA		1,459
58,000	*	Petrolia Drilling ASA		31
298,804	*	Petroquest Energy, Inc		3,206
284,048	e*	Pioneer Drilling Co		3,460
468,951		Pioneer Natural Resources Co		21,093
294,487	*	Plains Exploration & Production Co		13,022
247,807		Pogo Producing Co		13,161
291,708		Precision Drilling Trust		5,593
1,829,214	*	Pride International, Inc		66,858
65,965		ProSafe ASA		1,177
257,051		Provident Energy Trust		3,267
7,647,500		PT Apexindo Pratama Duta		1,965
1,810,000	*	PT Energi Mega Persada Tbk		168
1,987,700		PTT Exploration & Production PCL		7,887
206,824	*	Quicksilver Resources, Inc		9,731
609,827		Range Resources Corp		24,796
13,236	*	Regal Petroleum plc		50
728,188	e*	Renewable Energy Corp A.S.		33,565
3,500	*	Revus Energy ASA		45
30,586	*	Roc Oil Co Ltd		90
450,252		Rowan Cos, Inc		16,470
174,860	e	RPC, Inc		2,485
3,939,116		Saipem S.p.A.		168,059
1,019,853	e	Santos Ltd		13,620
6,351,648		Schlumberger Ltd		666,923
3,203,900		Scomi Group BHD		1,345
93,677	*	SEACOR Holdings, Inc		8,909
66,371	*	SeaDrill Ltd		1,493
254,568		Singapore Petroleum Co Ltd		1,165
59,784	*	SK Energy Co Ltd		10,452
1,083,815		Smith International, Inc		77,384
866,171	*	Southwestern Energy Co		36,249

93

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
258,669		St. Mary Land & Exploration Co	$	9,227
160,556	*	Sterling Energy plc		38
177,891	*	Stone Energy Corp		7,117
235,865	e*	Sulphco, Inc		2,076
377,607	*	Superior Energy Services		13,382
59,949	*	Superior Offshore International, Inc		674
83,730	e*	Superior Well Services, Inc		1,903
72,300	e	Surgutneftegaz (ADR)		4,945
94,700		Surgutneftegaz (ADR)		6,430
177,012	*	Swift Energy Co		7,243
1,683,220		Talisman Energy, Inc		33,050
14,382	*	Tap Oil Ltd		27
324,142	*	Tetra Technologies, Inc		6,852
31,943	*	TGS Nopec Geophysical Co ASA		655
280,739	e	Tidewater, Inc		17,642
220,000	*	Titan Petrochemicals Group Ltd		17
81,435	e*	Toreador Resources Corp		963
3,105,452		Total S.A.		252,496
1,266,626	*	Transocean, Inc		143,192
145,740		Trican Well Service Ltd		2,967
83,697	e*	Trico Marine Services, Inc		2,494
166,314	e*	TXCO Resources, Inc		1,490
80,978	*	Union Drilling, Inc		1,181
214,394	*	Unit Corp		10,377
862,805	*	UTS Energy Corp		4,788
370,255	e*	Vaalco Energy, Inc		1,692
66,174	*	Venoco, Inc		1,135
262,952		W&T Offshore, Inc		6,411
292,372	e*	Warren Resources, Inc		3,666
1,394,952	*	Weatherford International Ltd		93,713
109,000	*	West Siberian Resources Ltd		91
175,313	*	Western Oil Sands, Inc (Class A)		6,863
163,719	*	W-H Energy Services, Inc		12,074
231,318	*	Whiting Petroleum Corp		10,282
137,923	*	Willbros Group, Inc		4,689
661,886	e	Woodside Petroleum Ltd		29,484
5,578,360		XTO Energy, Inc		344,966
		TOTAL OIL AND GAS EXTRACTION		4,970,038
PAPER AND ALLIED PRODUCTS - 0.68%
550,708	*	Abitibi-Consolidated, Inc		974
5,785,022		Anglo American plc		389,290
355,368		Aracruz Celulose S.A.		2,606
408,171		Bemis Co		11,882
49,332		Billerud AB		662
316,017	e	Bowater, Inc		4,715
228,584	*	Buckeye Technologies, Inc		3,461
561,461	*	Canfor Corp		6,237
295,696	e*	Cenveo, Inc		6,396
109,684	e*	Chesapeake Corp		928
2,332,778	*	Domtar Corporation		19,129
76,803		Empresas CMPC S.A.		2,751
255,261	e	Glatfelter		3,788
373,201	e*	Graphic Packaging Corp		1,687
173,843		Greif, Inc (Class A)		10,549
7,833		Grupo Empresarial Ence S.A.		89

94

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
30,000		Hengan International Group Co Ltd	$	113
45,825		Holmen AB (B Shares)		1,756
2,100,822		International Paper Co		75,356
2,347,126		Kimberly-Clark Corp		164,909
385,576		Kimberly-Clark de Mexico S.A. de C.V. (Class A)		1,756
5,000	*	Kishu Paper Co Ltd		8
315,495		Klabin S.A.		1,205
55,777	e	Kokuyo Co Ltd		580
7,573		Mayr-Melnhof Karton AG.		837
839,714		MeadWestvaco Corp		24,797
169,975	e*	Mercer International, Inc		1,606
42,872		Metso Oyj		2,953
803		Miquel y Costas		24
28,000	e	Mitsubishi Paper Mills Ltd		54
113,997	*	Mondi Ltd		1,138
97,169		Mondi Ltd		965
6,585		Mondi Packaging Paper Swiecie S.A.		211
3,609,031		Mondi plc		34,336
516,513		Nampak Ltd		1,619
81,913		Neenah Paper, Inc		2,711
929,000		Nine Dragons Paper Holdings Ltd		2,904
154		Nippon Paper Group, Inc		476
140,519		Norske Skogindustrier ASA		1,504
353,910	e	OJI Paper Co Ltd		1,713
821,608		Packaging Corp of America		23,884
2,826,366	e	PaperlinX Ltd		7,624
314,103	*	Playtex Products, Inc		5,742
207,964		Rock-Tenn Co (Class A)		6,010
93,700	e	Sanrio Co Ltd		969
146,848		Sappi Ltd		2,227
109,583		Schweitzer-Mauduit International, Inc		2,553
1,361,703	*	Smurfit-Stone Container Corp		15,905
947,837		Sonoco Products Co		28,606
517,149		Stora Enso Oyj (R Shares)		10,073
494,741		Svenska Cellulosa AB (B shares)		9,232
577,379		Temple-Inland, Inc		30,387
5,000		Tomoku Co Ltd		10
32,700		Uni-Charm Corp		2,007
440,791		UPM-Kymmene Oyj		10,660
72,222		Votorantim Celulose e Papel S.A.		2,069
250,695		Wausau Paper Corp		2,795
912,717		Yuen Foong Yu Paper Manufacturing Co Ltd		433
		TOTAL PAPER AND ALLIED PRODUCTS		949,861
PERSONAL SERVICES - 0.10%
615,405		Cintas Corp		22,832
155,516		Coinmach Service Corp (Class A)		1,865
189,629	e*	Coinstar, Inc		6,100
51,777	e	CPI Corp		1,994
635,817		Davis Service Group plc		6,966
2,505		Debt Free Direct Group plc		12
126,157		G & K Services, Inc (Class A)		5,071
1,500,319		H&R Block, Inc		31,777
160,961	e	Jackson Hewitt Tax Service, Inc		4,500
1,173,473		Kuala Lumpur Kepong BHD		4,546
18,215		Mcbride plc		65

95

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
29,872		Photo-Me International plc	$	32
271,000		Regis Corp		8,648
1,262,042		Rentokil Initial plc		4,310
453,076	e*	Sally Beauty Holdings, Inc		3,828
1,258,463		Service Corp International		16,234
89,846	*	Steiner Leisure Ltd		3,899
81,890		Unifirst Corp		3,068
168,991	e	Weight Watchers International, Inc		9,727
		TOTAL PERSONAL SERVICES		135,474
PETROLEUM AND COAL PRODUCTS - 5.97%
124,155	e	Alon USA Energy, Inc		4,194
3,600		AOC Holdings, Inc		59
3,550,613		Apache Corp		319,768
3,700		Aromatics Thailand PCL		8
300,000		Aromatics Thailand PCL		661
527,067		Ashland, Inc		31,735
75,970		Bharat Petroleum Corp Ltd		681
30,928,927		BP plc		359,116
52,837		BP plc (ADR)		3,664
991,657		Cabot Oil & Gas Corp		34,867
10,870,211		Chevron Corp		1,017,234
13,408,764		China Petroleum & Chemical Corp		16,748
8,570,967		ConocoPhillips		752,274
149,358	e	Delek US Holdings, Inc		3,746
3,415,255		Devon Energy Corp		284,149
4,336,616		ENI S.p.A.		160,716
1,160,701		EOG Resources, Inc		83,953
30,579,653		Exxon Mobil Corp		2,830,453
784,337		Frontier Oil Corp		32,660
269,154	e*	Headwaters, Inc		4,005
25,664		Hellenic Petroleum S.A.		410
1,523,476		Hess Corp		101,357
16,340		Hindustan Petroleum Corp Ltd		109
402,762		Holly Corp		24,097
698,868		Imperial Oil Ltd		34,632
381,354		LUKOIL (ADR)		31,691
3,889,513		Marathon Oil Corp		221,780
12,559		Motor Oil Hellas Corinth Refineries S.A.		333
712,688		Murphy Oil Corp		49,810
493,149	*	Newfield Exploration Co		23,750
1,184,093		Noble Energy, Inc		82,934
46,587	e*	Nova Biosource Fuels, Inc		131
10,136,595		Occidental Petroleum Corp		649,553
398,609		OMV AG.		26,618
35,200	*	Petkim Petrokimya Holding		289
71,900		Petrobras Energia Participaciones S.A.(ADR)		723
1,230,665		Petroleo Brasileiro S.A.		39,747
1,056,932		Petroleo Brasileiro S.A.		39,959
776,080		Petroleo Brasileiro S.A. (ADR)		58,594
12,977		PGG Wrightson Ltd		19
198,003	*	Polski Koncern Naftowy Orlen S.A.		4,158
349,975		Premier Farnell plc		1,133
1,697,700		PTT PCL		16,643
849,900		Rayong Refinery PCL		632
279,614	e	Repsol YPF S.A.		9,988

96

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
5,657,336		Royal Dutch Shell plc (A Shares)	$	233,465
4,286,917		Royal Dutch Shell plc (B Shares)		176,473
839		Rubis		79
1,597		Samir		164
2,000		Shell Refining Co		6
21,873		Showa Shell Sekiyu KK		281
20,511		SK Corp		4,370
37,515		S-Oil Corp		3,337
2,652,311	e	Statoil ASA		90,399
1,409,200	*	Suncor Energy, Inc		133,606
1,069,409		Suncor Energy, Inc		101,560
522,415		Sunoco, Inc		36,977
58,696		Tatneft (GDR)		6,457
767,902		Tesoro Corp		35,339
8,000		Toa Oil Co Ltd		13
189,749	e	TonenGeneral Sekiyu KK		1,908
105,198		Tupras Turkiye Petrol Rafine		2,789
38,167	*	Unipetrol		604
2,690,815		Valero Energy Corp		180,769
101,157	e	WD-40 Co		3,453
120,609	e	Western Refining, Inc		4,894
4,700		YPF S.A. (ADR)		182
		TOTAL PETROLEUM AND COAL PRODUCTS		8,376,906
PIPELINES, EXCEPT NATURAL GAS - 0.08%
2,695,967		Spectra Energy Corp		65,997
1,030,982		TransCanada Corp		37,802
636,423	*	Wellstream Holdings plc		10,619
		TOTAL PIPELINES, EXCEPT NATURAL GAS		114,418
PRIMARY METAL INDUSTRIES - 1.31%
310,086	e	Acerinox S.A.		9,330
10,000		Aichi Steel Corp		59
623,622	*	AK Steel Holding Corp		27,408
21,792		Alcan, Inc		2,179
853,044	e*	Alcan, Inc		85,103
3,932,972		Alcoa, Inc		153,858
512,129		Allegheny Technologies, Inc		56,309
6,309		Altri SGPS S.A.		46
1,798		Aluminium of Greece S.A.I.C.		40
576,000		Angang New Steel Co Ltd		2,230
776,007	e	ArcelorMittal		61,247
9,786		Bekaert S.A.		1,312
292,927	e	Belden CDT, Inc		13,741
4,278,009		BHP Billiton plc		153,174
414,020		BlueScope Steel Ltd		3,949
107,854	e*	Brush Engineered Materials, Inc		5,597
144,331		Carpenter Technology Corp		18,764
343,987		Catcher Technology Co Ltd		2,540
205,652	e*	Century Aluminum Co		10,828
6,844,941		China Steel Corp		10,099
15,100		Chugai Mining Co Ltd		4
7,000		Chugai Ro Co Ltd		26
51,157	*	Claymont Steel, Inc		1,036
45,326	e*	Coleman Cable, Inc		627
563,471	*	CommScope, Inc		28,309

97

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
83,056		Companhia Siderurgica Nacional S.A.	$	5,838
8,371,780		Corning, Inc		206,364
2,635		Cumerio		107
31,297		Daewoo International Corp		1,313
215,841	e	Daido Steel Co Ltd		1,840
21,620		Dongkuk Steel Mill Co Ltd		1,141
169,001		DOWA HOLDINGS CO Ltd		2,141
346,000	m,v*	Dowa Mining Co Ltd		3
8,032		EL Ezz Aldekhela Steel Alexandria		1,466
36,913		El Ezz Steel Co		347
151,405		Encore Wire Corp		3,805
3,404	*	EnerTAD S.p.A.		19
266,239		Eregli Demir ve Celik Fabrikalari TAS		2,493
13,150		Evraz Group S.A. (GDR)		832
79,093		Fujikura Ltd		501
1,593,598	e	Furukawa Electric Co Ltd		7,797
238,368	*	General Cable Corp		15,999
141,425		Gerdau S.A.		3,067
199,701		Gerdau S.A.		5,220
150,453	e	Gibraltar Industries, Inc		2,783
10,000		Godo Steel Ltd		38
72,367	*	Haynes International, Inc		6,178
301,723		Hindalco Industries Ltd		1,304
23,656		Hoganas AB (Class B)		628
238,009		Hubbell, Inc (Class B)		13,595
1,012,000		Hunan Non-Ferrous Metal Corp Ltd		1,044
33,499		Hyundai Steel Co		2,826
1,941,000		Jiangxi Copper Co Ltd		6,280
174,520		Johnson Matthey plc		5,952
102,360		KGHM Polska Miedz S.A.		4,783
4,598,839		Kobe Steel Ltd		17,176
64,182	e*	LB Foster Co (Class A)		2,789
988,000		Maanshan Iron & Steel		1,080
732,799	*	Madeco S.A.		91
182,240		Matthews International Corp (Class A)		7,982
26,100		Mechel Steel Group OAO (ADR)		1,331
2,667,552		Mitsubishi Materials Corp		16,581
2,000		Mitsubishi Shindoh Co Ltd		5
13,000		Mitsubishi Steel Manufacturing Co Ltd		63
391,933		Mitsui Mining & Smelting Co Ltd		1,689
144,765		Mittal Steel South Africa Ltd		2,880
233,385		Mueller Industries, Inc		8,435
9,000		Nakayama Steel Works Ltd		21
9,000		Nippon Denko Co Ltd		71
6,000		Nippon Koshuha Steel Co Ltd		12
1,063,413		Nippon Light Metal Co Ltd		2,342
12,000	e	Nippon Metal Industry Co Ltd		55
9,653,672		Nippon Steel Corp		69,504
11,500		Nippon Yakin Kogyo Co Ltd		115
1,557,876	e	Nisshin Steel Co Ltd		7,025
46,691	e*	Northwest Pipe Co		1,766
1,595,666		Nucor Corp		94,894
46,048	e	Olympic Steel, Inc		1,251
196,980	e	OneSteel Ltd		1,206
243,007		Outokumpu Oyj		8,729
1,367		PKC Group Oyj		21

98

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
5,790		Poongsan Corp	$	163
57,772		POSCO		42,483
717,026		Precision Castparts Corp		106,106
306,123	e	Quanex Corp		14,382
1,675	*	Recylex S.A.		62
123,137	*	RTI International Metals, Inc		9,760
80,000		S Science Co Ltd		13
61,028		Salzgitter AG.		11,986
126,877	e	Schnitzer Steel Industries, Inc (Class A)		9,299
171,200		Severstal (GDR)		3,629
9,800	m,v	Siderar SAIC (Class A) (ADR)		517
1,524		Sonasid		601
1,003,790		Steel Authority Of India		5,218
562,516		Steel Dynamics, Inc		26,270
1,255,839	e	Sumitomo Electric Industries Ltd		20,008
28,000	e	Sumitomo Light Metal Industries Ltd		50
7,813,221		Sumitomo Metal Industries Ltd		45,574
444,577		Sumitomo Metal Mining Co Ltd		10,799
130,034	*	Superior Essex, Inc		4,848
23,000		SWCC Showa Holdings Co Ltd		33
4,000		Tatsuta Electric Wire and Cable Co Ltd		9
190,361		Tenaris S.A. (ADR)		10,017
148,249	e	Texas Industries, Inc		11,638
409,930	e*	Titanium Metals Corp		13,757
2,776		TKH Group NV		68
17,208	e	Toho Titanium Co Ltd		632
12,000		Toho Zinc Co Ltd		111
1,069,438	e	Tokyo Steel Manufacturing Co Ltd		16,610
4,000		Tokyo Tekko Co Ltd		22
48,000		Tori Holdings Co Ltd		8
195,696	e	Tredegar Corp		3,376
11,587		Tubacex S.A.		114
676,826		United States Steel Corp		71,703
34,730	e*	Universal Stainless & Alloy		1,382
122,067		Usinas Siderurgicas de Minas Gerais S.A.		9,556
91,067		Usinas Siderurgicas de Minas Gerais S.A.		6,359
499,011	e	Vallourec		143,735
32,697		Viohalco S.A.		538
264,411		Voestalpine AG.		22,848
8,996,150		Walsin Lihwa Corp		4,521
73,732	e*	Wheeling-Pittsburgh Corp		1,423
410,886	e	Worthington Industries, Inc		9,680
		TOTAL PRIMARY METAL INDUSTRIES		1,840,541
PRINTING AND PUBLISHING - 0.56%
320,968	e*	ACCO Brands Corp		7,203
20,317		Agora S.A.		394
6,884		Alma Media		115
355,527		American Greetings Corp (Class A)		9,386
600,904		APN News & Media Ltd		2,783
44,206		Arnoldo Mondadori Editore S.p.A.		428
484,897		Belo (A.H.) Corp (Class A)		8,418
7,528		Bloomsbury Publishing plc		23
160,395		Bowne & Co, Inc		2,672
3,844		Caltagirone Editore S.p.A.		27
5,728		Cermaq ASA		106

99

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
14		CHINTAI Corp	$	6
98,250	*	Consolidated Graphics, Inc		6,169
54,966	e	Courier Corp		1,935
45,685		CSS Industries, Inc		1,643
426,637	e	Dai Nippon Printing Co Ltd		6,099
97,697		Daily Mail & General Trust		1,259
82,149		De La Rue plc		1,227
124,294	*	Dogan Yayin Holding		530
12,700	*	Dolan Media Co		309
243,702		Dow Jones & Co, Inc		14,549
483,020		Dun & Bradstreet Corp		47,631
65,699		Emap plc		1,182
60,141		Eniro AB		733
162,038		Ennis, Inc		3,571
385,643	e	EW Scripps Co (Class A)		16,197
18,133,000		Fung Choi Media Group Ltd		8,178
33,472		Future plc		30
7,000		Gakken Co Ltd		21
1,615,435		Gannett Co, Inc		70,595
60,643	e	GateHouse Media, Inc		773
205,787		Harte-Hanks, Inc		4,050
107,280		Hurriyet Gazetecilik A.S.		340
907,340		Independent News & Media plc		3,377
3,131,320		John Fairfax Holdings Ltd		13,115
265,101		John Wiley & Sons, Inc (Class A)		11,911
311,451		Journal Communications, Inc (Class A)		2,953
7,000		Kyodo Printing Co Ltd		22
3,829		Lambrakis Press S.A.		15
275,976	e	Lee Enterprises, Inc		4,297
136,770	e*	Martha Stewart Living Omnimedia, Inc (Class A)		1,593
175,749	e	McClatchy Co (Class A)		3,511
2,474,970		McGraw-Hill Cos, Inc		126,001
131,331		Media General, Inc (Class A)		3,613
291,879		Meredith Corp		16,725
165	*	Metro International S.A. (A Shares)		-	^
331	*	Metro International S.A. (B Shares)		-	^
59,794		Multi-Color Corp		1,364
552,754	e	New York Times Co (Class A)		10,922
112,000		Oriental Press Group		18
1,874,500		Orkla ASA		33,483
468,004		PagesJaunes Groupe S.A.		9,616
1,843,352		Pearson plc		28,569
108,314	e*	Playboy Enterprises, Inc (Class B)		1,163
30,783		PMP Ltd		41
260,490	e	Primedia, Inc		3,657
268,900	e	PRONEXUS, Inc		2,018
102,538	*	Quebecor World, Inc		993
378,132	*	R.H. Donnelley Corp		21,183
1,068,589		R.R. Donnelley & Sons Co		39,068
1,350,124		Reed Elsevier NV		25,644
3,126,748		Reed Elsevier plc		39,535
1,035,364		Reuters Group plc		13,621
80,013	e	Schawk, Inc		1,806
206,819	e	Schibsted ASA		10,895
382		Schlott Gruppe AG.		10
196,251	e*	Scholastic Corp		6,841

100

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
48,000		SCMP Group Ltd	$	16
2,481,547		Singapore Press Holdings Ltd		7,217
1,000		Sondagsavisen AS		10
10,615		St Ives Group plc		45
96,531	e	Standard Register Co		1,227
178,600		Star Publications Malaysia BHD		177
351,968	e*	Sun-Times Media Group, Inc (Class A)		799
4,799		Teleperformance		187
335,033		Thomson Corp		14,033
4,900		Toppan Forms Co Ltd		49
1,077,444	e	Toppan Printing Co Ltd		11,097
386,381	e*	Tribune Co		10,556
734,392		Trinity Mirror plc		6,191
1,203,550		United Business Media plc		17,053
236,083	e*	Valassis Communications, Inc		2,106
227,733	e*	VistaPrint Ltd		8,510
22,458		Washington Post Co (Class B)		18,029
128,421		Wolters Kluwer NV		3,813
1,796,913		Yell Group plc		15,772
837,492		Yellow Pages Income Fund		11,434
		TOTAL PRINTING AND PUBLISHING		784,483
RAILROAD TRANSPORTATION - 0.53%
683,600	*	Asciano Group		5,441
1,625,994		Burlington Northern Santa Fe Corp		131,982
44,615		Canadian National Railway Co		2,543
909,163	e*	Canadian National Railway Co		51,882
356,827		Canadian Pacific Railway Ltd		25,112
1,460		Central Japan Railway Co		15,507
2,136,900		CSX Corp		91,310
8,590		East Japan Railway Co		67,754
418,567		Firstgroup plc		5,896
195,604	e*	Genesee & Wyoming, Inc (Class A)		5,641
872,000		Guangshen Railway Co Ltd		750
364,546	e*	Kansas City Southern Industries, Inc		11,727
2,198,070		Norfolk Southern Corp		114,102
426,064	e	Odakyu Electric Railway Co Ltd		2,749
1,755,604		Union Pacific Corp		198,489
3,726		West Japan Railway Co		17,776
		TOTAL RAILROAD TRANSPORTATION		748,661
REAL ESTATE - 0.72%
700		Able, Inc		9
4,316		Acanthe Developpement S.A.		18
4,676		Aedes S.p.A.		32
275,100	e	Aeon Mall Co Ltd		8,406
15,825		Africa Israel Investments Ltd		1,534
1,016,000		Agile Property Holdings Ltd		2,133
13,251,500		Allgreen Properties Ltd		17,127
850		Allreal Holding AG.		100
38,951		AMP NZ Office Trust		39
54		Apamanshop Holdings Co Ltd		19
154	e	Ardepro Co Ltd		40
73		Arealink Co Ltd		32
642,449		Ascendas Real Estate Investment Trust		1,181
1,900		Atrium Co Ltd		52

101

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
114,048		Ayala Corp	$	1,392
16,741,343		Ayala Land, Inc		6,039
63,807	*	Babcock & Brown Communities Ltd		58
2,261	*	Babis Vovos International Construction S.A.		78
196,401		Bovis Homes Group plc		2,628
520,666		British Land Co plc		12,485
462,671		Brixton plc		3,429
268,755		Brookfield Properties Co		6,674
115,000	e*	Brookfield Properties Corp		2,864
2,228	*	CA Immo International AG.		38
7,055		Capital & Regional plc		106
4,476,587		CapitaLand Ltd		24,560
149,124		Castellum AB		1,857
360,000		Cathay Real Estate Development Co Ltd		180
1,313,004	*	CB Richard Ellis Group, Inc (Class A)		36,554
2,114,600		Central Pattana PCL		1,712
1,903,479	e	Centro Properties Group		12,448
92,065		Centro Retail Group		133
9,484,731		Champion Real Estate Investment Trust		5,393
4,608,646		Cheuk Nang Holdings Ltd		4,268
1,086,531		Cheung Kong Holdings Ltd		17,918
890,000	v*	China Aoyuan Property Group Ltd		595
2,685,500		China Overseas Land & Investment Ltd		6,128
9,857,500		China Properties Group Ltd		6,378
1,200,000		China Resources Land Ltd		2,501
1,736,000		Chinese Estates Holdings Ltd		2,787
2,183,195		City Developments Ltd		23,809
8,216		Cofinimmo		1,453
1,352	*	Colonia Real Estate AG.		52
31,970	e	Consolidated-Tomoka Land Co		2,149
8,313	*	Conwert Immobilien Invest AG.		154
40,042		Corio NV		3,420
2,333,000	*	Country Garden Holdings Co Ltd		3,967
14		Creed Corp		32
127,549		Cyrela Brazil Realty S.A.		1,739
4,200		Daibiru Corp		53
1,445,900		Daiman Development BHD		840
3,189,142		DB RREEF Trust		5,688
186,467	*	Desarrolladora Homex S.A. de C.V.		1,727
2,995		Deutsche Euroshop AG.		111
1,974		Deutsche Wohnen AG.		85
3,889		Douja Promotion Groupe Addoha S.A.		1,655
134,200	*	E&O Property Development BHD		128
11,587	*	Echo Investment S.A.		390
140,849		Fabege AB		1,678
5,000,096		Far East Consortium		2,251
258,235,000	*	Filinvest Land, Inc		9,974
346,424	e	Forest City Enterprises, Inc (Class A)		19,109
8		Funai Zaisan Consultants Co Ltd		17
61,096		Gafisa S.A.		1,028
12,271		Gecina S.A.		2,082
83,227	*	Globe Trade Centre S.A.		1,495
84,851	*	Grubb & Ellis Co		789
739,936		Guangzhou R&F Properties Co Ltd		3,493
23,000		Guocoland Ltd		79
1,050	v	Hamborner AG.		14

102

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
304,122		Hammerson plc	$	7,293
2,201,546		Hang Lung Properties Ltd		9,855
9		Harakosan Co Ltd		23
14,000		Heiwa Real Estate Co Ltd		97
1,636,026		Henderson Land Development Co Ltd		12,974
26,000		Ho Bee Investment Ltd		38
467,018		Hopewell Holdings		2,229
523,274		Hopson Development Holdings Ltd		1,743
1,829,007		Hysan Development Co Ltd		5,070
21,370		Icade		1,557
21		IDU Co		19
8,799,700		IGB Corp BHD		7,153
14,266		Immobiliare Grande Distribuzione		56
366,357		IMMOFINANZ Immobilien Anlagen AG.		4,571
108		Intershop Holdings		29
226,400		IOI Properties BHD		844
18,900	e*	IRSA Inversiones y Representaciones S.A. (GDR)		300
85,121		IVG Immobilien AG.		3,173
399,031	*	IVR Prime Urban Developers Ltd		4,631
3,100		Japan General Estate Co Ltd		50
2,001,600		Johor Land BHD		828
2,900		Joint Corp		78
451,647		Jones Lang LaSalle, Inc		46,411
85,000		Keppel Land Ltd		475
743,019		Kerry Properties Ltd		5,706
63,501		Klepierre		3,643
11,140		Klovern AB		44
2,642,130		Kowloon Development Co Ltd		6,743
1,345,185		Kungsleden AB		17,326
208,923,000		Lai Fung Holdings Ltd		10,616
78,100		Land and Houses PCL		17
710,700		Land and Houses PCL		180
5,914,009		Land and Houses PCL		1,260
185		Leasinvest Real Estate SCA		19
366,700		Leopalace21 Corp		12,036
1,234,125		Liberty International plc		28,810
143,778	e*	LoopNet, Inc		2,953
961,757	e	Macquarie Goodman Group		5,897
5,820,300	*	Malaysian Resources Corp BHD		4,287
10,280		Medinet Nasr Housing		90
76,993,500		Megaworld Corp		5,896
348,000	*	Metro Pacific Investments Corp		30
76,236		MI Developments, Inc (Class A)		2,525
16,522	*	Minerva plc		76
769,750		Mirvac Group		3,723
1,275,460		Mitsubishi Estate Co Ltd		36,532
1,447,615		Mitsui Fudosan Co Ltd		40,203
151,508	*	Musashino Kogyo Co Ltd		356
7,527,066		New World China Land Ltd		7,214
9,566,551		New World Development Ltd		26,458
171,900		Nomura Real Estate Holdings, Inc		5,028
160		Nordicom A/S		28
3,000		NorGani Hotels ASA		52
717,000	*	Orient Resources Group Co Ltd		199
196,491		ORIX Corp		44,818
48		Pacific Management Corp		60

103

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
233,279		Parsvnath Developers Ltd	$	1,981
52,000,000	*	PT Sentul City Tbk		3,241
19,188,300		Quality House PCL		991
14		Recrm Research Co Ltd		12
9	*	re-plus, Inc		10
9,882	e	Risa Partners, Inc		18,583
5,390,000		Robinsons Land Corp		1,974
39,507		Rubicon America Trust		36
413,030		Segro plc		4,221
13,769		Shaftesbury plc		140
23,361,104		Shanghai Real Estate Ltd		10,097
3,062,000		Shenzhen Investment Ltd		2,734
333,040		Shoei Co Ltd		5,135
4,699,862		Shui On Land Ltd		5,719
33,720		Singapore Land Ltd		232
853,569		Sino Land Co		2,124
2,056,500	*	Sino-Ocean Land Holdings Ltd		2,910
479		Societe de la Tour Eiffel		84
2,600,100		SP Setia BHD		6,715
15,913,956	*	SPG Land Holdings Ltd		12,754
303,425	e	St. Joe Co		10,198
624,213		Stewart Enterprises, Inc (Class A)		4,757
34,620	*	Stockland		274
2,750,282		Stockland Trust Group		21,964
24,373	e*	Stratus Properties, Inc		861
1,124,220	e	Sumitomo Realty & Development Co Ltd		39,541
1,616		Sun Frontier Fudousan Co Ltd		2,786
1,012,789		Sun Hung Kai Properties Ltd		17,067
34		Suncity Co Ltd		15
41,000		TAI Cheung Holdings		33
3,741		Technopolis plc		33
239,622		Thomas Properties Group, Inc		2,875
41,000	v	Tian An China Investment		50
10,000		TOC Co Ltd		92
225,800		Tokyo Tatemono Co Ltd		2,880
15,000		Tokyotokeiba Co Ltd		39
1,954,677		Tokyu Land Corp		19,621
2,000		Tokyu Livable, Inc		34
18		Tosei Corp		12
5,500		Towa Real Estate Development Co Ltd		15
27,564	*	Uni Land S.p.A.		17
167,975		Unibail		43,231
1,167	*	Unibail-Rodamco		301
14,139,899	*	Unitech Corporate Parks plc		29,653
1,440,956		United Industrial Corp Ltd		2,968
1,866,716	e	Urban Corp		30,276
7,744	*	Urbas Proyectos Urbanisticos S.A.		17
2,160		Vastned Offices/Industrial		68
1,733		Vastned Retail NV		140
1,693		Vivacon AG.		44
2,800		Wallenstam Byggnads AB (B Shares)		58
19,938		Wereldhave NV		2,401
1,547,573	e	Westfield Group		29,799
42,336		Wihlborgs Fastigheter AB		785
2,405,490		Wing Tai Holdings Ltd		6,251

104

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
2,649		Zueblin Immobilien Holding AG.	$	23
		TOTAL REAL ESTATE		1,010,580
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.51%
47,844	*	AEP Industries, Inc		2,026
341,007	e	Ansell Ltd		3,782
8,000		Bando Chemical Industries Ltd		47
3,880,911	e	Bayer AG.		308,906
989,960		Bridgestone Corp		21,891
413,298		Cheng Shin Rubber Industry Co Ltd		937
767		Compagnie Plastic-Omnium S.A.		42
382,144		Cooper Tire & Rubber Co		9,324
1,336		Deceuninck NV		34
92,660	*	Deckers Outdoor Corp		10,174
79,670		Denki Kagaku Kogyo KK		447
2,091,460		Formosa Chemicals & Fibre Corp		5,364
971,915	*	Goodyear Tire & Rubber Co		29,556
102,060		Hankook Tire Co Ltd		2,091
76,199	e*	Metabolix, Inc		1,848
157,270		Michelin (C.G.D.E.) (Class B)		21,143
1,553,216	e	Mitsui Chemicals, Inc		15,429
2,370,788		Newell Rubbermaid, Inc		68,326
4,500		Nifco, Inc		108
2,530,359		Nike, Inc (Class B)		148,431
87,770		Nokian Renkaat Oyj		3,437
2,000		Nolato AB (B Shares)		18
2,500,904		Pirelli & C S.p.A.		3,013
3,265,081		PT Gajah Tunggal Tbk		189
269	*	Quadrant AG.		45
187,575		Schulman (A.), Inc		3,701
644,034		Sealed Air Corp		16,461
109,097	*	Skechers U.S.A., Inc (Class A)		2,411
206,173		Spartech Corp		3,517
654,016	e	Sumitomo Bakelite Co Ltd		3,764
127,154		Titan International, Inc		4,059
66,442	e*	Trex Co, Inc		739
446,516		Tupperware Corp		14,061
253,727		Uponor Oyj		7,876
4,916		Viscofan S.A.		115
178,954	e	West Pharmaceutical Services, Inc		7,455
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		720,767
SECURITY AND COMMODITY BROKERS - 2.35%
522,963		A.G. Edwards, Inc		43,798
641,114	e	Allco Finance Group Ltd		5,262
130,501		AllianceBernstein Holding LP		11,493
1,230,848		Ameriprise Financial, Inc		77,679
214,870		Australian Stock Exchange Ltd		10,248
1,800		Avanza AB		33
2,773		AWD Holding AG.		93
11,129		Azimut Holding S.p.A.		171
861,077	e	Babcock & Brown Ltd		20,989
9,300		Banca Finnat Euramerica S.p.A.		12
696,560	e	Bear Stearns Cos, Inc		85,545
253,561	e	BlackRock, Inc		43,970
239,963		Calamos Asset Management, Inc (Class A)		6,774
4,587	*	Capinordic AS		21

105

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
4,507,383		Charles Schwab Corp	$	97,359
1,486,000	*	China Everbright Ltd		5,295
322,557		CME Group, Inc		189,454
92,119	e	Cohen & Steers, Inc		3,411
19,000		Cosmo Securities Co Ltd		28
102,052	e*	Cowen Group, Inc		1,410
104,490		Daewoo Securities Co Ltd		3,140
20,640		Daishin Securities Co Ltd		683
1,363,000		Daiwa Securities Group, Inc		12,982
15,709	*	DeA Capital S.p.A.		54
166,990	e	Deutsche Boerse AG.		22,740
2,512,801	*	E*Trade Financial Corp		32,817
1,106	e	E*Trade Securities Co Ltd		1,050
538,480		Eaton Vance Corp		21,518
70,761	e*	Epoch Holding Corp		996
56,926		Evercore Partners, Inc (Class A)		1,497
13,900	*	FBR Capital Markets Corp		179
45,787	e*	FCStone Group, Inc		1,478
1,068,193		Federated Investors, Inc (Class B)		42,407
69		Fintech Global, Inc		21
1,077,946		Franklin Resources, Inc		137,438
36,315	e	GAMCO Investors, Inc (Class A)		1,990
167,147	e*	GFI Group, Inc		14,395
2,146,207		Goldman Sachs Group, Inc		465,169
104,419	e	Greenhill & Co, Inc		6,375
151,020		Hana Financial Group, Inc		7,120
53,632		Hellenic Exchanges S.A.		1,721
1,587,414		Hong Kong Exchanges and Clearing Ltd		48,518
175,150		Hyundai Securities Co		4,086
181,337		Indiabulls Financial Services Ltd		2,722
179,557	*	Indiabulls Real Estate Ltd		3,087
234,691	e*	Interactive Brokers Group, Inc (Class A)		6,163
455,035	*	IntercontinentalExchange, Inc		69,120
204,202	e	International Securities Exchange, Inc		13,573
192,194	*	Investment Technology Group, Inc		8,260
715,301		Janus Capital Group, Inc		20,229
473,405		Jefferies Group, Inc		13,175
168,218	e*	KBW, Inc		4,841
2,601,800		Kim Eng Securities Thailand PCL		1,837
612,048	*	Knight Capital Group, Inc (Class A)		7,320
27,731		Korea Investment Holdings Co Ltd		1,824
368,572	e*	LaBranche & Co, Inc		1,725
520,585	e*	Ladenburg Thalmann Financial Services, Inc		1,020
701,519		Lazard Ltd (Class A)		29,744
9,451,305		Legal & General Group plc		25,835
613,845		Legg Mason, Inc		51,741
4,577,047		Lehman Brothers Holdings, Inc		282,541
130,935		London Stock Exchange Group plc		4,401
566,833	e	Macquarie Bank Ltd		42,451
174,150	e*	MarketAxess Holdings, Inc		2,612
6,600		Marusan Securities Co Ltd		61
94,200	e	Matsui Securities Co Ltd		722
4,758,819		Merrill Lynch & Co, Inc		339,209
295,870	*	MF Global Ltd		8,580
43,416	e	MFS Ltd		181
14,523		Mirae Asset Securities Co Ltd		1,388

106

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
209,749	m,v	Mitsubishi Securities Co	$	1,837
6,571,411		Morgan Stanley		413,999
70,385	e*	Morningstar, Inc		4,322
799,762	*	Nasdaq Stock Market, Inc		30,135
249,950		Nikko Cordial Corp		3,140
3,612,984	e	Nomura Holdings, Inc		60,581
5,000		Nordnet AB (B Shares)		15
5,446		Numis Corp plc		30
326,761		Nuveen Investments, Inc (Class A)		20,240
550,879	e	Nymex Holdings, Inc		71,713
4,081	*	NYSE Euronext		327
1,106,604		NYSE Euronext		87,610
64,918		OMX AB		2,816
231,749	e	optionsXpress Holdings, Inc		6,058
2,668,700		OSK Holdings BHD		1,825
4,192		Panmure Gordon & Co plc		11
80,635	e*	Penson Worldwide, Inc		1,490
517,000	m,v*	Peregrine Investment Holdings		-	^
113,198	e*	Piper Jaffray Cos		6,067
19,579		RAB Capital plc		39
372,942		Raymond James Financial, Inc		12,251
38,464		Samsung Securities Co Ltd		3,488
83,371	e	Sanders Morris Harris Group, Inc		846
7,086	e	SBI Holdings, Inc		1,860
90,480		Schroders plc		2,568
1,137,258		SEI Investments Co		31,024
2,872,700	e	Shinko Securities Co Ltd		13,305
1,903,977		Singapore Exchange Ltd		16,534
79,076	e*	Stifel Financial Corp		4,574
897		Swissquote Group Holding S.A.		50
152,683	e	SWS Group, Inc		2,701
1,335,949		T Rowe Price Group, Inc		74,399
7,377		Tamburi Investment Partners S.p.A.		25
1,022,042	*	TD Ameritrade Holding Corp		18,622
129,772	e*	Thomas Weisel Partners Group, Inc		1,883
71,871		Tong Yang Investment Bank		1,319
90,773		TSX Group, Inc		4,381
413		Union Financiere de France BQE S.A.		23
2,745,565		UOB-Kay Hian Holdings Ltd		3,974
61,180	e	US Global Investors, Inc (Class A)		1,164
7,346	e	Value Line, Inc		362
4,208		Van der Moolen Holding NV		19
1,835		Viel et Compagnie		14
468,558		Waddell & Reed Financial, Inc (Class A)		12,665
59,390		Woori Investment & Securities Co Ltd		1,681
113,657	e	WP Stewart & Co Ltd		1,127
		TOTAL SECURITY AND COMMODITY BROKERS		3,298,895
SOCIAL SERVICES - 0.02%
134,816	*	Bright Horizons Family Solutions, Inc		5,776
122,472	e*	Capital Senior Living Corp		1,031
64,988	e*	Providence Service Corp		1,908
134,003	*	Res-Care, Inc		3,061
985,416		Vedior NV		21,681
		TOTAL SOCIAL SERVICES		33,457

107

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
SPECIAL TRADE CONTRACTORS - 0.06%
20,022	e	Alico, Inc	$	868
182,768	e*	AsiaInfo Holdings, Inc		1,656
10,118		Asian Paints Ltd		251
448,192	*	Carso Infraestructura y Construccion S.A. de C.V.		451
174,289		Chemed Corp		10,834
228,530		Comfort Systems USA, Inc		3,245
923,672	e	COMSYS Holdings Corp		10,132
4,000		Daimei Telecom Engineering Corp		46
261,849	*	Dycom Industries, Inc		8,020
406,064	*	EMCOR Group, Inc		12,734
160,991	e*	Insituform Technologies, Inc (Class A)		2,452
119,360	e*	Integrated Electrical Services, Inc		3,057
25,091		KCI Konecranes Oyj		1,009
83,538		Kinden Corp		764
23,005		Kone Oyj (Class B)		1,678
8,000		Kyowa Exeo Corp		84
95,001	e*	Layne Christensen Co		5,271
4,843	*	PBG S.A.		660
689,205	e*	Quanta Services, Inc		18,229
4,000		Taihei Kogyo Co Ltd		22
		TOTAL SPECIAL TRADE CONTRACTORS		81,463
STONE, CLAY, AND GLASS PRODUCTS - 0.59%
3,560,854		3M Co		333,225
963		Adana Cimento (Class A)		8
14,860		Akcansa Cimento A.S.		114
200,000		Anant Raj Industries Ltd		7,580
228,840		Apogee Enterprises, Inc		5,936
1,106,000	e	Asahi Glass Co Ltd		14,876
1,471,780		Asia Cement Corp		2,503
102,408		Associated Cement Co Ltd		3,077
382,228		Boral Ltd		2,439
132,999	e*	Cabot Microelectronics Corp		5,686
110,799	e	CARBO Ceramics, Inc		5,621
6,525		Cementir S.p.A.		66
5,937,949	*	Cemex S.A. de C.V.		17,813
1,028,795	e	Central Glass Co Ltd		5,186
2,442,568		Cimpor Cimentos de Portugal S.A.		20,236
385,994		Compagnie de Saint-Gobain		40,284
634,000		Cookson Group plc		9,897
181,226		CRH plc		7,197
11,262		Cristalerias de Chile S.A.		159
422		Dyckerhoff AG.		26
211,708	e	Eagle Materials, Inc		7,566
6,948		Epcos AG.		136
14,112		FLSmidth & Co A/S		1,501
663,283		Gentex Corp		14,221
3,608,502		Goldsun Development & Construction Co Ltd		2,272
22,201		Grasim Industries Ltd		1,956
495,856		Grupo Carso S.A. de C.V. (Series A1)		1,900
841,525		Gujarat Ambuja Cements Ltd		3,052
25,181		HeidelbergCement AG.		3,717
914,336		Holcim Ltd		100,995
1,156	v	Holcim Maroc S.A.		417
5,365,000		Holcim Philippines, Inc		977

108

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
140,770		Industrias Penoles S.A. de C.V.	$	2,368
22,650		Italcementi S.p.A.		502
353,118	e	James Hardie Industries NV		2,234
5,000		Krosaki Harima Corp		17
391	v	Lafarge Ciments		282
3,524,200	*	Lafarge Malayan Cement BHD		1,862
119,921	e	Lafarge S.A.		18,579
64,688	e	Libbey, Inc		1,133
59,000		Lucky Cement Ltd		125
2,802,000		Luks Group Vietnam Holdings Ltd		3,770
14,670		Marshalls plc		87
1,100,358	e	NGK Insulators Ltd		35,444
1,595,630	e	Nippon Sheet Glass Co Ltd		9,752
443,628	e*	Owens Corning, Inc		11,113
659,211	*	Owens-Illinois, Inc		27,324
13,193	m,v*	Paragon Trade Brands, Inc		-	^
1,400		Pigeon Corp		23
407,840		Pretoria Portland Cement Co Ltd		2,830
2,670,000		PT Indocement Tunggal Prakarsa Tbk		1,781
9,455,000		PT Semen Gresik Persero Tbk		5,480
12,107	*	RHI AG.		557
6,065		Semapa-Sociedade de Investimento e Gestao		99
206,500		Siam Cement PCL		1,567
11,100		Siam Cement PCL		82
18,400		Siam City Cement PCL		150
641		Societe Nationale d'Investissement		137
4,207,148	e	Sumitomo Osaka Cement Co Ltd		10,365
3,285,050		Taiheiyo Cement Corp		12,498
2,426,144		Taiwan Cement Corp		3,933
416,281		Taiwan Glass Industrial Corp		469
188,258	e	Toto Ltd		1,365
47,003		Trakya Cam Sanayi A.S.		176
125,101		Turk Sise ve Cam Fabrikalari A.S.		622
1,375,123		UBE Industries Ltd		4,872
14,683		Ultra Tech Cement Ltd		386
192,108	e*	US Concrete, Inc		1,266
311,058	e*	USG Corp		11,680
1,889		Vidrala S.A.		69
404,280	e	Wienerberger AG.		25,284
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		820,922
TEXTILE MILL PRODUCTS - 0.01%
51,790		Cheil Industries, Inc		3,463
398,000	*	China Grand Forestry Resources Group Ltd		132
13,000		Daiwabo Co Ltd		26
2,644,934		Far Eastern Textile Co Ltd		3,525
6,057		Fiberweb plc		7
459,220		Formosa Taffeta Co Ltd		533
52,000		Fountain SET Hldgs		19
7,000	*	Fujibo Holdings, Inc		10
37,387	e*	Heelys, Inc		298
13,775		Hyosung Corp		1,043
19,000		Kurabo Industries Ltd		47
24,000		Nitto Boseki Co Ltd		70
7,581		Oriental Weavers		85
91,626		Oxford Industries, Inc		3,310

109

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
411,230	e	Seiren Co Ltd	$	2,714
12,000		Shikibo Ltd		14
164,971		Texwinca Holdings Ltd		137
44,000		Unitika Ltd		52
48,000		Victory City International Hlds		15
1,077,500		Weiqiao Textile Co		2,024
115,751		Xerium Technologies, Inc		625
		TOTAL TEXTILE MILL PRODUCTS		18,149
TOBACCO PRODUCTS - 1.04%
87,016		Altadis S.A.		6,122
14,969,329		Altria Group, Inc		1,040,817
174,100		British American Tobacco Malaysia BHD		2,108
3,344,628		British American Tobacco plc		119,891
6,812		Eastern Tobacco		488
4,331,712		Huabao International Holdings Ltd		3,900
1,077,110		Imperial Tobacco Group plc		49,386
1,442,830		ITC Ltd		6,872
13,197		Japan Tobacco, Inc		72,497
513,108		Loews Corp (Carolina Group)		42,193
375		Philip Morris CR		192
782,905	e	Reynolds American, Inc		49,785
74,035		Souza Cruz S.A.		1,923
385,726		Swedish Match AB		8,021
158,789	e	Universal Corp		7,773
858,288	e	UST, Inc		42,571
172,973	e	Vector Group Ltd		3,876
		TOTAL TOBACCO PRODUCTS		1,458,415
TRANSPORTATION BY AIR - 0.49%
342,638	*	ABX Air, Inc		2,426
345,212	e*	ACE Aviation Holdings, Inc (Class A)		9,232
10,285		Aeroports de Paris		1,185
1,712,000		Air China Ltd		2,444
729,802		Air France-KLM		26,818
52,850	e*	Air Methods Corp		2,442
654,700	*	AirAsia BHD		352
14,400		Airports of Thailand PCL		26
500,472	e*	Airtran Holdings, Inc		4,925
242,432	*	Alaska Air Group, Inc		5,598
71,077	*	Alitalia S.p.A.		82
3,335,000		All Nippon Airways Co Ltd		13,007
34,536	*	Allegiant Travel Co		1,047
2,202,895	e*	AMR Corp		49,102
159,926		Asiana Airlines		1,484
90,517	e*	Atlas Air Worldwide Holdings, Inc		4,673
703,735	e	Auckland International Airport Ltd		1,669
3,952	*	Austrian Airlines AG.		40
405,990		BBA Aviation plc		1,898
1,046,000		Beijing Capital International Airport Co Ltd		2,177
117,379	e*	Bristow Group, Inc		5,131
1,479,068	*	British Airways plc		11,598
955,900		Cathay Pacific Airways Ltd		2,613
746,471		China Airlines		307
954,000	*	China Eastern Airlines Corp Ltd (H Shares)		988
720,000	*	China Southern Airlines Co Ltd		1,119

110

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
968,205	*	Continental Airlines, Inc (Class B)	$	31,980
127,639		Copa Holdings S.A. (Class A)		5,112
1,137,161	*	Delta Air Lines, Inc		20,412
9,392	*	Derichebourg		80
657,000	*	Eva Airways Corp		243
303,714	e*	ExpressJet Holdings, Inc		938
1,603,565		FedEx Corp		167,973
9,287		Flughafen Wien AG.		959
409		Flughafen Zuerich AG.		158
191,464	e,m,v*	FLYi, Inc		1
36,617		Gol Linhas Aereas Inteligentes S.A.		888
340,193		Grupo Aeroportuario del Pacifico S.A. de C.V. (B Shares)		1,859
116,147		Grupo Aeroportuario del Sureste S.A. de C.V. (Class B)		576
472,607		Iberia Lineas Aereas de Espana		2,305
741,000		Japan Airlines Corp		1,606
30,048		Jazz Air Income Fund		239
1,962,266	e*	JetBlue Airways Corp		18,092
24,539		Korean Air Lines Co Ltd		1,660
242,205		Lan Airlines S.A.		3,859
2,636,152		Macquarie Airports		10,175
4,533	m,v*	Malaysian Airline System BHD		-	^
4,533	m,v*	Malaysian Airline System BHD		2
13,600	*	Malaysian Airline System BHD		17
173,859	e*	Midwest Air Group, Inc		2,860
1,828,029	e*	Northwest Airlines Corp		32,539
1,000	*	Norwegian Air Shuttle AS		23
75,026	e*	PHI, Inc		2,261
184,271	e*	Pinnacle Airlines Corp		2,952
3,110,810		Qantas Airways Ltd		15,403
231,541	*	Republic Airways Holdings, Inc		4,902
117,494	*	Ryanair Holdings plc		838
7,100	*	Ryanair Holdings plc (ADR)		295
2,241,661		SABMiller plc		63,843
65,706	*	SAS AB		1,178
2,687,200		Shun TAK Holdings Ltd		4,328
726,500	*	Singapore Airlines Ltd		9,292
391,749		Skywest, Inc		9,860
3,442,695		Southwest Airlines Co		50,952
96	m,v*	Swissair Group		-	^
75,576		Tam S.A.		2,070
208,100		Thai Airways International PCL		255
7,300	*	Transmile Group BHD		10
920,000		Travelsky Technology Ltd		986
29,849	*	Turk Hava Yollari		232
1,045,351	e*	UAL Corp		48,640
678,948	*	US Airways Group, Inc		17,822
		TOTAL TRANSPORTATION BY AIR		693,058
TRANSPORTATION EQUIPMENT - 3.38%
138,579	e	A.O. Smith Corp		6,081
4,462,700		AAPICO Hitech PCL		1,706
206,992	e*	AAR Corp		6,280
143,328	*	Accuride Corp		1,736
25,106	e*	Aerovironment, Inc		578
140,820	*	Aftermarket Technology Corp		4,470
11,600		Aker Yards AS		137

111

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
400		Alpha Corp/Japan	$	8
263,142		American Axle & Manufacturing Holdings, Inc		6,644
50,383		American Railcar Industries, Inc		1,109
122,952	e*	Amerigon, Inc		2,128
99,896	e	Arctic Cat, Inc		1,634
420,291	e	ArvinMeritor, Inc		7,069
144,302		Ashok Leyland Ltd		165
2,737,589		Austal Ltd		8,235
800,091		Autoliv, Inc		47,805
20,527		Bajaj Auto Ltd		1,308
378,326	*	BE Aerospace, Inc		15,712
5,849,637		Boeing Co		614,153
3,101,968	*	Bombardier, Inc (Class B)		18,431
1,058,000	*	Brilliance China Automotive Holdings Ltd		291
390,345		Brunswick Corp		8,923
952,058	e	Calsonic Kansei Corp		3,722
213,331		China Motor Corp		203
285,257		Clarcor, Inc		9,759
194,546	e*	Comtech Group, Inc		3,543
2,275,840		Cosco Corp Singapore Ltd		9,116
70,181		Daewoo Shipbuilding & Marine Engineering Co Ltd		4,440
3,000	e	Daido Metal Co Ltd		20
1,592,526		DaimlerChrysler AG.		160,413
17,259		DaimlerChrysler AG.		1,729
7,900	b,e*	Dana Corp		2
1,137,205		Denso Corp		42,869
5,134,000		Denway Motors Ltd		2,978
12,023		D'ieteren S.A.		5,366
20,978		Doosan Heavy Industries and Construction Co Ltd		2,217
23,232	*	Ducati Motor Holding S.p.A.		57
10,867		Elbit Systems Ltd		517
330,095		Empresa Brasileira de Aeronautica S.A.		3,638
210,042	e	European Aeronautic Defence and Space Co		6,457
2,700		Exedy Corp		84
300,541	e	Federal Signal Corp		4,616
4,590,050		Fiat S.p.A.		138,823
337,387	e*	Fleetwood Enterprises, Inc		2,885
357,060	e*	Force Protection, Inc		7,734
14,156,924	e*	Ford Motor Co		120,192
52,636		Ford Otomotiv Sanayi A.S.		558
121,138	e	Freightcar America, Inc		4,627
335,467	e*	GenCorp, Inc		4,012
2,386,261		General Dynamics Corp		201,567
2,458,580	e	General Motors Corp		90,230
53,787	e*	GenTek, Inc		1,618
755,869		Genuine Parts Co		37,793
1,290,039		GKN plc		9,344
1,146,029	*	Goodpack Ltd		1,612
626,175		Goodrich Corp		42,724
84,225	e	Greenbrier Cos, Inc		2,250
148,112	e	Group 1 Automotive, Inc		4,972
1,473,000	e	Hankyu Hanshin Holdings, Inc		7,528
1,335,077		Harley-Davidson, Inc		61,694
613,174		Harsco Corp		36,343
738,116	*	Hayes Lemmerz International, Inc		3,071
135,214	e	Heico Corp		6,674

112

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
47,210		Hero Honda Motors Ltd	$	885
1,628,510	e	Hino Motors Ltd		12,448
2,950,103		Honda Motor Co Ltd		99,137
38,625		Hyundai Heavy Industries		17,852
8,834		Hyundai Mipo Dockyard		3,041
42,233		Hyundai Mobis		4,481
28,180		Hyundai Motor Co		1,130
116,192		Hyundai Motor Co		9,382
17,591		IMMSI S.p.A.		45
1,199		Indus Holding AG.		44
926,000		Isuzu Motors Ltd		5,305
1,407,917		ITT Industries, Inc		95,640
218,022		Japan Tecseed Co Ltd		752
365,435		Jardine Cycle & Carriage Ltd		4,551
36,000		Jaya Holdings Ltd		48
149,437	e	JTEKT Corp		2,634
168,844		Kaman Corp		5,835
945,466		Kawasaki Heavy Industries Ltd		3,704
844	*	Kendrion NV		24
9,323,082		Keppel Corp Ltd		90,375
131,470		Kia Motors Corp		1,788
3,000		Kinki Sharyo Co Ltd		11
290,498	*	KOC Holding A.S.		1,528
4,000		Kongsberg Automotive ASA		27
141		KTM Power Sports AG.		11
42,249	e	Lagardere S.C.A.		3,596
3,045		Leoni AG.		186
2,674,918		Lockheed Martin Corp		290,202
192,797		Magna International, Inc (Class A)		18,598
182,407		Mahindra & Mahindra Ltd		3,442
559,300		Malaysian Bulk Carriers BHD		722
207,312		MAN AG.		30,168
65,510		Maruti Udyog Ltd		1,642
58,193	*	Miller Industries, Inc		996
196,218	e	Monaco Coach Corp		2,753
73,960		MTU Aero Engines Holding AG.		4,503
454,000		Nabtesco Corp		7,407
104,047		NHK Spring Co Ltd		793
7,000		Nippon Piston Ring Co Ltd		13
57,370	e	Noble International Ltd		1,221
64,000		Norstar Founders Group Ltd		24
1,557,924		Northrop Grumman Corp		121,518
297,622		Novatek Microelectronics Corp Ltd		1,341
332,687	e	NSK Ltd		2,920
464,219	*	Orbital Sciences Corp		10,324
405,184		Oshkosh Truck Corp		25,109
1,573,819		Paccar, Inc		134,168
1,219,107	*	Pactiv Corp		34,940
131,118		Peugeot S.A.		10,822
252,967	e	Polaris Industries, Inc		11,034
7,126		Porsche AG.		15,138
10,000		Press Kogyo Co Ltd		42
128,600	*	Proton Holdings BHD		200
3,656,361		Raytheon Co		233,349
518,736		Renault S.A.		75,167
40,789		Rieter Holding AG.		22,072

113

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
8,000		Riken Corp	$	40
893,072		Rolls-Royce Group plc		9,547
128,833		Samsung Heavy Industries Co Ltd		6,848
17,000		Sanden Corp		95
12,000		Sasebo Heavy Industries Co Ltd		82
1,087,376		Scania AB (B Shares)		26,492
6,528,523		SembCorp Marine Ltd		20,216
40,057	e*	Sequa Corp (Class A)		6,641
54,278		Shimano, Inc		1,900
4,700		Showa Corp		56
2,523,054		Siemens AG.		346,893
3,786,835		Singapore Technologies Engineering Ltd		9,942
255,285		Smiths Group plc		5,584
145,828	e	Spartan Motors, Inc		2,454
400,343	*	Spirit Aerosystems Holdings, Inc (Class A)		15,589
74,693		Standard Motor Products, Inc		702
618		Ste Industrielle d'Aviation Latecoere S.A.		18
410,575		Sumitomo Precision Products Co Ltd		1,930
127,731		Superior Industries International, Inc		2,770
41,900		Takata Corp		1,634
137,102		Tata Motors Ltd		2,673
2,000		TBK Co Ltd		8
264,222	*	Tenneco, Inc		8,194
411,901		Thales S.A.		24,146
227,039	e	Thor Industries, Inc		10,215
67,451		Tofas Turk Otomobil Fabrik		338
32,600		Tokai Rika Co Ltd		908
16,000		Topy Industries Ltd		43
3,000		Toyo Electric Manufacturing Co Ltd		10
44,583		Toyoda Gosei Co Ltd		1,615
390,835		Toyota Industries Corp		16,843
4,876,908	e	Toyota Motor Corp		287,863
44,323	*	TransDigm Group, Inc		2,026
64,407		Trelleborg AB (B Shares)		1,519
327,971	e	Trinity Industries, Inc		12,312
92,137	e	Triumph Group, Inc		7,529
256,331	*	TRW Automotive Holdings Corp		8,121
6,146,576		United Technologies Corp		494,676
2,100		U-Shin Ltd		9
674,823	e*	Visteon Corp		3,475
388,474	e	Volkswagen AG.		87,800
97,234		Volkswagen AG.		13,380
371,564		Volvo AB (A Shares)		6,458
1,465,715	e	Volvo AB (B Shares)		25,531
182,456	e	Wabash National Corp		2,060
163,000		Weichai Power Co Ltd		1,296
254,936		Westinghouse Air Brake Technologies Corp		9,550
170,396	e	Winnebago Industries, Inc		4,069
1,045,830		Yamaha Motor Co Ltd		26,677
430,131		Yulon Motor Co Ltd		493
		TOTAL TRANSPORTATION EQUIPMENT		4,746,958
TRANSPORTATION SERVICES - 0.18%
365,778		All America Latina Logistica S.A.		5,208
128,566		Ambassadors Group, Inc		4,898
35,692	e	Ambassadors International, Inc		876

114

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
226,194		Arriva plc	$	3,575
5,873		Attica Holdings SA		44
920,943		CH Robinson Worldwide, Inc		49,998
1,126		Clarkson plc		22
292		Dfds A/S		44
74,346	e*	Dynamex, Inc		1,905
884,821		Expeditors International Washington, Inc		41,852
4,358		Flight Centre Ltd		84
12,519		Freightways Ltd		36
201,493		GATX Corp		8,614
15,000		Go-Ahead Group plc		733
295,377	*	HUB Group, Inc (Class A)		8,870
806,000		Jiangsu Express		1,037
5,000		Kinki Nippon Tourist Co Ltd		10
1,800		Kintetsu World Express, Inc		62
1,008		Kuoni Reisen Holding		476
521,820	*	Lear Corp		16,750
1,697,597		MTR Corp		5,055
209,313		National Express Group plc		5,297
38,700	*	Orbitz Worldwide, Inc		437
336,248	e	Pacer International, Inc		6,405
1,322,000		PLUS Expressways BHD		1,234
7,000		Senko Co Ltd		23
148,179		Ship Finance International Ltd		3,893
641,000		Sinotrans Ltd		392
29,180		Stolt-Nielsen S.A.		866
8,243		TDG plc		39
888,057	e	Toll Holdings Ltd		10,331
500		Trancom Co Ltd		7
68,546		TUI AG.		1,841
3,251,992		UTI Worldwide, Inc		74,731
1,700		Yusen Air & Sea Service Co Ltd		35
970,000		Zhejiang Expressway Co Ltd		1,378
		TOTAL TRANSPORTATION SERVICES		257,058
TRUCKING AND WAREHOUSING - 0.45%
131,279	e	Arkansas Best Corp		4,288
8,808		Big Yellow Group plc		90
125,919	e*	Celadon Group, Inc		1,482
25,840		Christian Salvesen plc		33
596,234		Con-way, Inc		27,427
5,787,362		Deutsche Post AG.		168,350
935,262	e	DSV AS		22,049
168,512		Forward Air Corp		5,018
1,154,096		Grindrod Ltd		4,319
600		Hamakyorex Co Ltd		12
345,117		Heartland Express, Inc		4,928
405,580		J.B. Hunt Transport Services, Inc		10,667
400,902		Kamigumi Co Ltd		3,368
3,000		Keihin Co Ltd		6
548,760		Landstar System, Inc		23,031
93,229	e*	Marten Transport Ltd		1,437
5,000		Maruzen Showa Unyu Co Ltd		17
75,872		Mitsubishi Logistics Corp		1,069
11,000		Mitsui-Soko Co Ltd		51
2,821,598	e	Nippon Express Co Ltd		14,026

115

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
6,000		Nippon Konpo Unyu Soko Co Ltd	$	82
351		Norbert Dentressangle		38
161,384	*	Old Dominion Freight Line		3,868
7,970	e*	Patriot Transportation Holding, Inc		784
96,132	*	Saia, Inc		1,589
26,000		Sankyu, Inc		150
1,060,941		Seino Holdings Corp		9,800
17,000		Sumitomo Warehouse Co Ltd		109
1,428,011		TNT NV		59,866
3,218,753		United Parcel Service, Inc (Class B)		241,728
38,969	e*	Universal Truckload Services, Inc		856
278,197	e	Werner Enterprises, Inc		4,771
251,100	e	Yamato Transport Co Ltd		3,766
502,500	e*	YRC Worldwide, Inc		13,728
		TOTAL TRUCKING AND WAREHOUSING		632,803
WATER TRANSPORTATION - 0.34%
186,313		Alexander & Baldwin, Inc		9,340
302,406	e*	American Commercial Lines, Inc		7,176
1,092		AP Moller - Maersk A/S		14,998
360,000		Aries Maritime Transport Ltd		3,294
71,051	e	Arlington Tankers Ltd		1,750
1,736		Aspo Oyj		17
5,382		Blue Star Maritime S.A.		29
5,055		Brostrom AB (B Shares)		55
2,000	*	Camillo Eitzen & Co ASA		27
1,767,345		Carnival Corp		85,593
57,319		Carnival plc		2,737
2,076,300		China Shipping Container Lines Co Ltd		1,611
1,796,000		China Shipping Development Co Ltd		5,822
85,000		Chuan Hup Holdings Ltd		21
12,491		Compagnie Maritime Belge S.A.		926
56,095	*	Compania SudAmericana de Vapores S.A.		143
2,200		Concordia Maritime AB (B Shares)		13
3,176,875		COSCO Holdings		9,931
508,956	e	D/S Torm AS		20,736
14,000	e	Daiichi Chuo Kisen Kaisha		136
210,000		Danaos Corp		7,581
114,547	e	Double Hull Tankers, Inc		1,706
240,230	e	Eagle Bulk Shipping, Inc		6,184
688		Euro-Kai KGaA		67
20,310	e	Euronav NV		639
3,417,222		Evergreen Marine Corp Tawain Ltd		2,890
1,051,000		Ezra Holdings Ltd		4,528
2,086		Finnlines Oyj		43
4,674		Forth Ports plc		169
221,941	e	Frontline Ltd		10,715
485,547	e	Frontline Ltd		23,866
1,878		Ganger Rolf A/S		80
99,771	e	Genco Shipping & Trading Ltd		6,538
134,126	e	General Maritime Corp		3,743
193,392	e	Golar LNG Ltd		4,317
131,508	e*	Gulfmark Offshore, Inc		6,399
32,164		Hanjin Shipping Co Ltd		1,582
269,723		Horizon Lines, Inc (Class A)		8,235
137,265	e*	Hornbeck Offshore Services, Inc		5,038

116

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
23,470		Hyundai Merchant Marine Co Ltd	$	1,240
8,700		Iino Kaiun Kaisha Ltd		123
4,205,000		International Container Term Services, Inc		3,407
2,181	*	Irish Continental Group plc		80
1,529		Israel Corp Ltd		1,263
1,393,905	e	Kawasaki Kisen Kaisha Ltd		20,472
249,420	*	Kirby Corp		11,009
124,268	e	Knightsbridge Tankers Ltd		3,343
107,250		K-Sea Transportation Partners LP		4,178
19,154		Kuehne & Nagel International AG.		1,885
473,600		Malaysia International Shipping Corp BHD		1,362
1,979,020		Mitsui OSK Lines Ltd		32,063
323,679		Neptune Orient Lines Ltd		1,155
2,130,672	e	Nippon Yusen Kabushiki Kaisha		20,812
6,000		Nissin Corp		21
151,169	e	Nordic American Tanker Shipping		5,932
1,735		Odfjell ASA (B Shares)		28
213,563	e*	Odyssey Marine Exploration, Inc		1,322
170,000	e	Omega Navigation Enterprises, Inc (Class A)		3,388
960,442		Orient Overseas International Ltd		9,136
204,164		Overseas Shipholding Group, Inc		15,686
131,000		Pacific Basin Shipping Ltd		275
5,495		Port of Tauranga Ltd		28
214,800		Precious Shipping PCL		235
7,215		Premuda S.p.A.		17
8,635,000		PT Berlian Laju Tanker Tbk		1,841
1,529,294		Royal Caribbean Cruises Ltd		59,688
9,000		Shinwa Kaiun Kaisha Ltd		93
1,928		Ship Finance International Ltd		51
1,186		Smit Internationale NV		104
24,396	e*	TBS International Ltd (Class A)		1,006
159,483	e	Teekay Corp		9,379
83,773	e*	Ultrapetrol Bahamas Ltd		1,391
484,000		U-Ming Marine Transport Corp		1,639
52,400		Wan Hai Lines Ltd		40
1,700		Wilh Wilhelmsen ASA (Class A)		75
394,123		Yang Ming Marine Transport		316
		TOTAL WATER TRANSPORTATION		472,758
WHOLESALE TRADE-DURABLE GOODS - 0.64%
190,737		Agilysys, Inc		3,223
4,100		Ai Holdings Corp		21
8,105		Alesco Corp Ltd		93
600		Ambu AS (Class B)		10
330,126		Applied Industrial Technologies, Inc		10,178
447,387		Argo Graphics, Inc		6,793
1,290,957	*	Arrow Electronics, Inc		54,891
100,976		Assa Abloy AB (Class B)		2,096
22,696		Autobacs Seven Co Ltd		590
2,011	*	Azkoyen S.A.		22
127,100		Banpu PCL		1,298
132,394		Barloworld Ltd		2,491
243,775	e	Barnes Group, Inc		7,781
239,364	e*	Beacon Roofing Supply, Inc		2,446
77,466	e	BlueLinx Holdings, Inc		545
1,014		Bobst Group AG.		74

117

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
253,035		BorgWarner, Inc	$	23,160
30,407		Buhrmann NV		331
184,280	e	Building Material Holding Corp		1,950
205,435		Bunzl plc		2,944
216,758		Canon Marketing Japan Inc		4,340
59,573	e	Castle (A.M.) & Co		1,942
3,205,000		China Communications Construction Co Ltd		7,619
642,000	*	China High Speed Transmission Equipment Group Co Ltd		1,161
1,651,000	*	CMC Magnetics Corp		751
107,841		Compagnie Generale d'Optique Essilor International S.A.		6,766
157,222	e*	Conceptus, Inc		2,984
6,683		Crane Group Ltd		101
8,400		Creative Technology Ltd		34
900,598	*	Cytyc Corp		42,913
4,000		Daiichi Jitsugyo Co Ltd		20
137,171	*	Digi International, Inc		1,953
423,056		D-Link Corp		1,051
2,762,000		Dongfeng Motor Group Co Ltd		2,427
1,100		Doshisha Co Ltd		18
165,270	e*	Drew Industries, Inc		6,723
835,605		Electrocomponents plc		4,355
745,462		Energy Support Corp		1,480
1,600		Enplas Corp		21
2,686		Esprinet S.p.A.		47
272,117		Finning International, Inc		8,771
94,056	*	Fortescue Metals Group Ltd		3,980
373,816	e*	Genesis Microchip, Inc		2,931
278,000		Gigabyte Technology Co Ltd		231
37,733	e*	Glu Mobile, Inc		342
169,106	e	Hagemeyer NV		781
1,600		Hakuto Co Ltd		23
56,120	e*	Hansen Medical, Inc		1,521
1,600		Hitachi Software Engineering Co Ltd		31
89,715	e	Houston Wire & Cable Co		1,625
662,851		IKON Office Solutions, Inc		8,518
74,000	*	Imagi International Holdings Ltd		16
124,224		Imperial Holdings Ltd		2,326
1,666		IMS-Intl Metal Service		70
1,700		Inaba Denki Sangyo Co Ltd		62
767,698	*	Ingram Micro, Inc (Class A)		15,055
288,414	*	Insight Enterprises, Inc		7,444
153,051	*	Interline Brands, Inc		3,519
107,980		JD Group Ltd		912
3,165,368		K Wah International Holdings Ltd		1,963
2,200		Kaga Electronics Co Ltd		34
37,000	*	Kanematsu Corp		55
7,656		KCC Corp		4,676
85,854	*	Keystone Automotive Industries, Inc		4,100
36,821		Kingspan Group plc		809
1,020,322		Kloeckner & Co AG.		70,520
323,747	e	Knight Transportation, Inc		5,572
2,900		Kuroda Electric Co Ltd		44
28,886	e	Lawson Products, Inc		1,006
164,563		Lewis Group Ltd		1,354
22,146		LG International Corp		701
248,498	e*	LKQ Corp		8,650

118

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
178,662	e	Martin Marietta Materials, Inc	$	23,860
3,042,229		Mitsubishi Corp		96,406
5,300		Munters AB		76
45,545	*	MWI Veterinary Supply, Inc		1,719
2,700		Mytilineos Holdings S.A.		154
81	e	NET One Systems Co Ltd		90
8,000		Nihon Yamamura Glass Co Ltd		19
3,311,496	e	Nissan Motor Co Ltd		33,183
64,372		Orascom Construction Industries		5,429
240,611	e	Owens & Minor, Inc		9,165
2,091,000		Pan-United Corp Ltd		1,281
944,441	*	Patterson Cos, Inc		36,465
263,540	e	PEP Boys-Manny Moe & Jack		3,697
885,011		Phoenix Precision Technology Corp		1,036
209,089	e	Pool Corp		5,223
35,000		Privee Investment Holdings Co Ltd		12
522,115	e*	PSS World Medical, Inc		9,988
3,459,703		PT Astra International Tbk		7,283
156,740		Rautaruukki Oyj		9,497
428,590		Reliance Steel & Aluminum Co		24,232
40,000	*	Renovo Group plc		163
161,255	e	Ryerson Tull, Inc		5,441
2,300		Ryoyo Electro Corp		33
2,600		Sanshin Electronics Co Ltd		37
566,622		Schneider Electric S.A.		71,586
649		Schouw & Co		62
279,293	*	Securitas Direct AB (B Shares)		819
245,347		Securitas Systems AB (B Shares)		906
7,000	e	Seika Corp		19
4,000		Shinsho Corp		15
6,000		Shoko Co Ltd		9
140,653	*	Solera Holdings, Inc		2,530
9,900	*	Solid Group Holdings Co Ltd		3
7,000		Sumikin Bussan Corp		27
2,200		Sumisho Computer Systems Corp		43
19,000	*	Sumitomo Coal Mining Co Ltd		18
3,412,656	e	Sumitomo Corp		65,957
7,000		Tamura Corp		34
235,958	*	Tech Data Corp		9,467
19,334,975		Test-Rite International Co		13,093
124,507		TMK OAO (GDR)		5,142
60,536	e*	TomoTherapy, Inc		1,406
438,000		TPV Technology Ltd		316
215,675	e*	Tyler Technologies, Inc		2,879
3,025	*	UBISOFT Entertainment		207
395,200	e	Ulvac, Inc		12,799
2,915,400		UMW Holdings BHD		12,064
334,229		W.W. Grainger, Inc		30,478
229,890	e*	WESCO International, Inc		9,871
264,849		Wesfarmers Ltd		9,871
87,890	e*	West Marine, Inc		1,015
220,495		Wolseley plc		3,729
5,000		Yamazen Corp		26
1,500		Yellow Hat Ltd		11
18,000		Yuasa Trading Co Ltd		28

119

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
13,145		Zodiac S.A.	$	942
		TOTAL WHOLESALE TRADE-DURABLE GOODS		895,146
WHOLESALE TRADE-NONDURABLE GOODS - 0.78%
2,700		AarhusKarlshamn AB		63
545,348		Airgas, Inc		28,156
260,008	e*	Akorn, Inc		1,947
10,281,000	*	Alliance Global Group, Inc		1,187
765,604	*	Alliance One International, Inc		5,007
296,604	e*	Allscripts Healthcare Solutions, Inc		8,017
899,236	e	Altana AG.		21,670
85,408	e	Andersons, Inc		4,101
57,396		Ashtead Group plc		122
201,457		AVI Ltd		629
52,773		Axfood AB		1,781
368,731	e*	Bare Escentuals, Inc		9,170
414	*	Baron de Ley		29
141,028	e*	Beijing Med-Pharm Corp		1,643
185,890		Bidvest Group Ltd		3,656
437,001	e	Billabong International Ltd		5,809
312,809		Brown-Forman Corp (Class B)		23,433
362,348		C&C Group plc		2,997
13,193		Cam Finanziaria S.p.A.		32
1,937,991		Cardinal Health, Inc		121,183
229,388		Casino Guichard Perrachon S.A.		24,055
47,061		Celesio AG.		2,970
179,466	e*	Central European Distribution Corp		8,598
784,000		China Mengniu Dairy Co Ltd		3,414
854,000		China Resources Enterprise		3,625
7,000	*	Chori Co Ltd		8
40		CMIC Co Ltd		9
448,158		Controladora Comercial Mexicana S.A. de C.V.		1,190
56,483	e*	Core-Mark Holding Co, Inc		1,990
8,588		Corporate Express Australia Ltd		54
664,000		Dalian Port PDA Co Ltd		539
981,951		Dean Foods Co		25,118
40,308		DS Smith plc		154
336,912		Empresas COPEC S.A.		5,408
728,780	*	Endo Pharmaceuticals Holdings, Inc		22,600
2,128,175		Esprit Holdings Ltd		33,809
3,261,426		Foster's Group Ltd		18,898
158,781	e*	Fresh Del Monte Produce, Inc		4,565
10,000		Fujiya Co Ltd		17
47,157		Fyffes plc		61
2,572,403		Gazprom (ADR)		113,443
436,990		GIIR, Inc		6,709
153,149	*	Gildan Activewear, Inc		6,065
92,406	e*	Green Mountain Coffee Roasters, Inc		3,067
237,112	e*	Hain Celestial Group, Inc		7,618
19,000		Hanwa Co Ltd		96
30,451		Hanwha Corp		2,392
499,630	*	Henry Schein, Inc		30,398
647,551		Herbalife Ltd		29,438
40,000	*	I B Daiwa Corp		13
736,726	e	Idearc, Inc		23,185
17,000		Integrated Distribution Services Group Ltd		66
25,635,400		IRPC PCL		5,161

120

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
4,600		Itochu Enex Co Ltd	$	31
20,000		Iwatani International Corp		59
73,504		Kenneth Cole Productions, Inc (Class A)		1,424
229,807		K-Swiss, Inc (Class A)		5,265
97,386		KT&G Corp		7,608
8,000		Kyokuyo Co Ltd		14
16,703		LG Fashion Corp		554
2,483,020		Li & Fung Ltd		10,540
78,028	e*	LSB Industries, Inc		1,845
245,000	e	Macquarie Infrastructure Co LLC		9,455
3,069		MARR S.p.A.		33
4,899,359		Marubeni Corp		44,957
173,534		Massmart Holdings Ltd		2,100
19,676	e*	Maui Land & Pineapple Co, Inc		599
340,557		Men's Wearhouse, Inc		17,205
73,474		Metro, Inc (Class A)		2,585
249,980		Myers Industries, Inc		4,955
91,157	e	Nash Finch Co		3,631
2,080,241	e	Nippon Oil Corp		19,324
275,182		Nu Skin Enterprises, Inc (Class A)		4,447
82,966	e*	Nuco2, Inc		2,136
18,000		OAK Capital Corp		9
190,936		Oriflame Cosmetics S.A.		11,585
51,200		Pakistan State Oil Co Ltd		304
77,813	*	Perry Ellis International, Inc		2,156
600		Pescanova S.A.		28
279,300		Petronas Dagangan BHD		721
94,000		Prime Success International Group Ltd		76
1,549,000		PT Unilever Indonesia Tbk		1,152
502,686		Reliance Industries Ltd		28,990
8,627		Samsung Fine Chemicals Co Ltd		577
796,800		San Miguel Corp (Class B)		1,105
48,900		San-A Co Ltd		1,558
433		Sartorius Stedim Biotech		24
141,051	e*	School Specialty, Inc		4,885
2,700,000	e	Sigma Pharmaceuticals Ltd		3,510
208,587	e*	Source Interlink Cos, Inc		734
181,453		Spar Group Ltd		1,452
167,841	e	Spartan Stores, Inc		3,781
166,904		Suzuken Co Ltd		5,623
4,590	e*	Synutra International, Inc		137
3,599,122		Sysco Corp		128,093
625,921	e*	Terra Industries, Inc		19,566
855,000		Thai Union Frozen Products PCL		604
117,027		Tiger Brands Ltd		3,089
146,274	e*	Tractor Supply Co		6,742
192,000		Tsingtao Brewery Co Ltd		699
2,218,146	e	Unilever NV		68,478
265,000		Unilever NV		8,175
1,952,940		Uni-President Enterprises Corp		3,076
236,084	e*	United Natural Foods, Inc		6,426
184,590	*	United Stationers, Inc		10,248
48,998	e	Valhi, Inc		1,164
412		Vilmorin & Cie		56
176,743		Vina Concha Y Toro S.A.		415
74,824	e*	Volcom, Inc		3,182

121

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				MATURITY		VALUE
SHARES			RATE	DATE		(000)
12,400		Wimm-Bill-Dann Foods OJSC (ADR)			$	1,356
8,000		Yamatane Corp				10
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS				1,093,918
		TOTAL COMMON STOCKS				139,739,289
		(Cost $116,754,150)
WARRANTS - 0.00%**
COMMUNICATIONS - 0.00%**
74,159	*	Lucent Technologies, Inc (Expires 12/10/07)				1
		TOTAL COMMUNICATIONS				1
GENERAL BUILDING CONTRACTORS - 0.00%**
205,833	*	China Overseas Land & Investment Ltd (Expires 08/27/08)				169
		TOTAL GENERAL BUILDING CONTRACTORS				169
HOLDING AND OTHER INVESTMENT OFFICES - 0.00%**
163,556	*	Groupe Eurotunnel S.A. (Expires 12/30/11)				54
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES				54
HOTELS AND OTHER LODGING PLACES - 0.00%**
1,397,640	v*	Minor International PCL (Expires 03/29/08)				383
		TOTAL HOTELS AND OTHER LODGING PLACES				383
LUMBER AND WOOD PRODUCTS - 0.00%**
180,753	*	Goodpack Ltd (Expires 07/16/09)				92
		TOTAL LUMBER AND WOOD PRODUCTS				92
NONDEPOSITORY INSTITUTIONS - 0.00%**
27,401	m,v*	Imperial Credit Industries (Expires 01/31/08)				-	^
		TOTAL NONDEPOSITORY INSTITUTIONS				-	^
REAL ESTATE - 0.00%**
196,459	*	Cheuk Nang Holdings Ltd (Expires 04/30/08)				38
		TOTAL REAL ESTATE				38
		TOTAL WARRANTS				737
		(Cost $0)
PRINCIPAL
SHORT-TERM INVESTMENTS - 5.59%
COMMERCIAL PAPER - 0.26%
$      52,000,000		Barclays U.S. Funding Corp	0.000%	10/12/07		51,899
5,700,000		Ciesco LLC	0.000	10/02/07		5,697
50,000,000		Coca-Cola Co	0.000	10/16/07		49,875
50,000,000		Corporate Asset Funding Corp	0.000	10/01/07		49,978
50,000,000		Corporate Asset Funding Corp	0.000	10/02/07		49,970
50,000,000		Greyhawk Funding LLC	0.000	10/02/07		49,970
50,000,000		Procter & Gamble International	0.000	10/01/07		49,979
32,000,000		Procter & Gamble International	0.000	10/09/07		31,951
30,000,000		Procter & Gamble International	0.000	10/16/07		29,925
		TOTAL COMMERCIAL PAPER				369,244

122

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.20%
$     71,400,000		Federal Home Loan Bank (FHLB)	0.000%	10/01/07	$	71,376
33,511,000		(FHLB)	0.000	10/19/07		33,435
75,775,000		Federal National Mortgage Association (FNMA)	0.000	10/10/07		75,689
34,900,000		(FNMA)	0.000	10/15/07		34,839
59,000,000		(FNMA)	0.000	10/30/07		58,785
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES				274,124
U.S. GOVERNMENT AND AGENCIES VARIABLE NOTES - 0.07%
100,000,000	i	Federal Farm Credit Bank (FFCB)	4.700	04/17/08		100,003
		TOTAL U.S. GOVERNMENT AND AGENCIES VARIABLE NOTES				100,003
VARIABLE NOTES - 0.16%
50,000,000	g,i	Beta Finance, Inc	4.825	07/16/08		49,989
50,000,000	g,i	Harrier Finance Funding US LLC	5.149	02/21/08		49,933
25,000,000	g,i	Links Finance LLC	5.799	01/11/08		24,988
50,000,000	g,i	Sedna Finance, Inc	4.823	01/11/08		49,864
50,000,000	g,i	Sigma Finance, Inc	4.833	07/15/08		49,935
		TOTAL VARIABLE NOTES				224,709
SHARES
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 4.90%
108		State Street Navigator Securities Lending Prime Portfolio				-	^
6,882,183,765		Stock Separate Collateral Pool				6,882,184
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED				6,882,184
		TOTAL SHORT-TERM INVESTMENTS				7,850,264
		(Cost $7,850,687)
		TOTAL PORTFOLIO - 105.27%				147,697,488
		(Cost $124,714,618)
		OTHER ASSETS & LIABILITIES, NET - (5.27%)				(7,396,495	)
		NET ASSETS - 100.00%			$	140,300,993
		The following abbreviations are used in portfolio descriptions:
	ADR	American Depositary Receipt
	GDR	Global Depositary Receipt
	LLC	Limited Liability Company
	LP	Limited Partnership
	plc	Public Limited Company
	REIT	Real Estate Investment Trust
	SPDR	Standard & Poor's Depository Receipt
	*	Non-income producing.
	**	Percentage represents less than 0.01%.
	^	Amount represents less than $1,000.
	a	Affiliated Holding.
	b	In bankruptcy.
	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 September 30, 2007, the value of these securities amounted to $225,766,377 or 0.16% of net assets.

123

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
	i	Floating rate or variable rate securities reflects the rate in effect as of September 30, 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.
		At September 30, 2007, the unrealized appreciation on investments was $22,982,870,094, consisting of
		gross unrealized appreciation of $26,702,542,421 and gross unrealized depreciation of $3,719,672,327.
		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:

COLLEGE RETIREMENT EQUITIES FUND
TRANSACTIONS WITH AFFILIATED COMPANIES-STOCK ACCOUNT
JANUARY 1, 2007 - SEPTEMBER 30, 2007

		Value at	Purchase				Realized		Dividend		Withholding		Shares at	Value at
Issue		December 31, 2006	Cost		Proceeds		Gain/(Loss)		Income		Expense		September 30, 2007	September 30, 2007
Adams Respiratory Therapeutics, Inc		**		-	$	25,951,977	$	(3,466,463)	$	-	$	-	-		*
Digital Garage, Inc	$	20,717,415	$	1,269,655		-		-		-		-	12,231	$	12,245,375
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		53,263,745		26,546,245		(9,632,328)		7		-	5,446,768		95,372,908
Information Development Co		3,311,591		-		-		-		62,793		4,396	427,900		2,086,136
Intelligent Wave, Inc		13,702,752		306,708		108,993		(47,958)		70,522		4,937	16,201		3,723,557
Lone Star Technologies, Inc		91,076,783		136,552		35,527,830		(4,467,603)		-		-	-		*
Playmates Holdings Ltd		11,693,577		108,871		744,051		(472,314)		687,589		-	-		*
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)		-		-	-		*
			$	57,718,291	$	131,066,807	$	(16,045,452)	$	820,911	$	9,333		$	113,443,960

*        Not an Affiliate as of September 30, 2007
**      Not an Affiliate as of December 31, 2006

124

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
COLLEGE RETIREMENT EQUITIES FUND
STOCK ACCOUNT
Summary of Market Values by Country
September 30, 2007
			% OF
			MARKET
COUNTRY		VALUE	VALUE
DOMESTIC
UNITED STATES	$	112,376,154,771	76.09	%
TOTAL DOMESTIC		112,376,154,771	76.09
FOREIGN
ARGENTINA		5,295,126	0.00
AUSTRALIA		1,531,307,159	1.04
AUSTRIA		233,706,781	0.16
BELGIUM		346,219,000	0.23
BERMUDA		2,766,687	0.00
BRAZIL		398,370,234	0.27
CANADA		2,362,668,557	1.60
CAYMAN ISLANDS		69,311,987	0.05
CHILE		36,829,168	0.03
CHINA		109,134,961	0.07
COLUMBIA		5,824,248	0.00
CROATIA		7,345,338	0.01
CZECH REPUBLIC		18,248,181	0.01
DENMARK		182,955,438	0.12
EGYPT		19,301,464	0.01
FINLAND		600,210,630	0.41
FRANCE		3,662,929,729	2.48
GERMANY		2,944,635,922	1.99
GREECE		87,707,764	0.06
HONG KONG		1,081,454,892	0.73
HUNGARY		26,603,674	0.02
INDIA		256,166,923	0.17
INDONESIA		76,115,994	0.05
IRELAND		160,621,048	0.11
ISRAEL		55,236,532	0.04
ITALY		1,155,817,764	0.78
JAPAN		5,769,436,587	3.91
JORDAN		1,668,209	0.00
LUXEMBOURG		122,705,127	0.08
MALAYSIA		191,165,205	0.13
MEXICO		145,666,488	0.10
MOROCCO		8,538,458	0.01
NETHERLANDS		1,129,728,243	0.77
NEW ZEALAND		61,671,163	0.04
NORWAY		327,992,633	0.22
PAKISTAN		4,891,007	0.00
PERU		17,713,214	0.01
PHILIPPINES		69,625,444	0.05
POLAND		43,423,425	0.03
PORTUGAL		82,980,552	0.06
REPUBLIC OF KOREA		499,179,830	0.34
RUSSIA		307,065,123	0.21
SINGAPORE		494,099,471	0.33
SOUTH AFRICA		189,711,653	0.13
SPAIN		944,075,484	0.64
SWEDEN		560,284,469	0.38
SWITZERLAND		2,383,853,058	1.61
TAIWAN (REPUBLIC OF CHINA)		421,665,268	0.29
THAILAND		108,712,934	0.07
TURKEY		45,328,095	0.03
UNITED KINGDOM		5,953,367,139	4.03
TOTAL FOREIGN		35,321,333,480	23.91
TOTAL PORTFOLIO	$	147,697,488,251	100.00	%

125

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
COLLEGE RETIREMENT EQUITIES FUND
GLOBAL EQUITIES ACCOUNT
STATEMENT OF INVESTMENTS
September 30, 2007
				VALUE
SHARES				(000)
MUTUAL FUND - 0.02%
163,000		Hang Seng Investment Index Funds Series - H-Share Index ETF	$	3,613
		TOTAL MUTUAL FUNDS		3,613
		(Cost $2,822)
PREFERRED STOCKS - 0.00%**
REAL ESTATE - 0.00%**
10,195,901	m,v*	Ayala Land Inc		23
		TOTAL REAL ESTATE		23
		TOTAL PREFERRED STOCKS		23
		(Cost $22)
COMMON STOCKS - 98.83%
AGRICULTURAL SERVICES - 0.01%
77,441		Yara International ASA		2,449
		TOTAL AGRICULTURAL SERVICES		2,449
AMUSEMENT AND RECREATION SERVICES - 1.10%
72,601	*	Activision, Inc		1,567
71,326	e	Aristocrat Leisure Ltd		880
4,863	e*	bwin Interactive Entertainment		116
2,976,000		Dore Holdings Ltd		1,267
11,432,000	*	Galaxy Entertainment Group Ltd		12,662
64,983		Harrah's Entertainment, Inc		5,649
167,549		Ladbrokes plc		1,480
8,339,000		Leisure & Resorts World Corp		546
20,240	e	Lottomatica S.p.A.		732
6,646,000		NagaCorp Ltd		2,086
230,368		Nintendo Co Ltd		119,932
51,856		OPAP S.A.		2,011
11,601	e	Oriental Land Co Ltd		673
20,974		Paddy Power plc		736
265,478		PartyGaming plc		149
428,944		Publishing & Broadcasting Ltd		7,498
101,505		Rank Group plc		336
1,359,300		Resorts World BHD		1,564
80		Round One Corp		177
46,044	e	Sega Sammy Holdings, Inc		613
88,080		Sky City Entertainment Group Ltd		348
112,473	e	TABCORP Holdings Ltd		1,512
218,864	e	Tattersall's Ltd		771
859,304		Walt Disney Co		29,552
94,203		William Hill plc		1,240
		TOTAL AMUSEMENT AND RECREATION SERVICES		194,097

126

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
APPAREL AND ACCESSORY STORES - 0.36%
31,872		Abercrombie & Fitch Co (Class A)	$	2,572
92,400	*	Aeropostale, Inc		1,761
51,880		American Eagle Outfitters, Inc		1,365
12,528		Aoyama Trading Co Ltd		319
207,000		Belle International Holdings Ltd		272
117,444		Burberry Group plc		1,579
45,480	*	Chico's FAS, Inc		639
12,294		Fast Retailing Co Ltd		710
39,888		Foot Locker, Inc		612
643,796		Gap, Inc		11,872
430,061		Giordano International Ltd		211
36,186	*	Hanesbrands, Inc		1,015
313,039		Hennes & Mauritz AB (B Shares)		19,844
50,811		Inditex S.A.		3,424
172,742	*	Kohl's Corp		9,903
92,916		Limited Brands, Inc		2,127
37,500		Nordstrom, Inc		1,758
761,000		Ports Design Ltd		2,638
36,505		Ross Stores, Inc		936
		TOTAL APPAREL AND ACCESSORY STORES		63,557
APPAREL AND OTHER TEXTILE PRODUCTS - 0.13%
386,200		Asics Corp		5,978
758		Benetton Group S.p.A.		13
42,737		Gunze Ltd		211
28,255		Jones Apparel Group, Inc		597
26,082	e	Liz Claiborne, Inc		895
645,495		Mitsubishi Rayon Co Ltd		4,574
270,636		Nisshinbo Industries, Inc		3,763
30,152		Onward Kashiyama Co Ltd		305
38,538		Polo Ralph Lauren Corp		2,996
4,926		Shimamura Co Ltd		461
145,659		Toyobo Co Ltd		341
39,178		VF Corp		3,164
23,627		Wacoal Holdings Corp		290
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		23,588
AUTO REPAIR, SERVICES AND PARKING - 0.02%
44,642		Aisin Seiki Co Ltd		1,784
18,000	*	Hertz Global Holdings, Inc		409
24,751		NOK Corp		530
21,200	e	Park24 Co Ltd		190
37,702		Sumitomo Rubber Industries, Inc		474
		TOTAL AUTO REPAIR, SERVICES AND PARKING		3,387
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.11%
26,260		Advance Auto Parts		881
39,772	e*	Autonation, Inc		705
26,653	*	Autozone, Inc		3,095
34,711		Canadian Tire Corp (Class A)		2,770
55,424	*	Carmax, Inc		1,127
117,630		Inchcape plc		1,013
305,596	e	Suzuki Motor Corp		9,046
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		18,637

127

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.24%
32,853	e	Fastenal Co	$	1,492
98,567		Grafton Group plc		1,104
678,932		Home Depot, Inc		22,024
624,505		Kingfisher plc		2,285
470,096		Lowe's Cos, Inc		13,172
50,341	*	RONA, Inc		1,102
30,905		Travis Perkins plc		976
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		42,155
BUSINESS SERVICES - 4.08%
395,912		Accenture Ltd (Class A)		15,935
49	e*	Access Co Ltd		162
6,371	e	Acciona S.A.		1,732
19,969		Acxiom Corp		395
31,661	e	Adecco S.A.		1,872
779,725	*	Adobe Systems, Inc		34,043
218,904		Aegis Group plc		560
27,516	*	Affiliated Computer Services, Inc (Class A)		1,382
65,538		Aggreko plc		775
50,732	e*	Akamai Technologies, Inc		1,458
7,386		Asatsu-DK, Inc		238
16,950	*	Atos Origin S.A.		986
95,742	*	Autodesk, Inc		4,784
307,895		Automatic Data Processing, Inc		14,142
83,523		Autostrade S.p.A.		2,821
37,091	*	Avis Budget Group, Inc		849
241,498	*	BEA Systems, Inc		3,350
184,641	*	BMC Software, Inc		5,766
23,841	*	Business Objects S.A.		1,064
150,773		CA, Inc		3,878
161,276	*	Cadence Design Systems, Inc		3,579
35,575	*	Ceridian Corp		1,236
276,738	*	CGI Group, Inc (Class A)		3,169
19,162	e*	Checkfree Corp		892
28,816	*	ChoicePoint, Inc		1,093
55,278	e	Cintra Concesiones de Infraestructuras de Transporte S.A.		842
46,746	*	Citrix Systems, Inc		1,885
36,997	*	Cognizant Technology Solutions Corp (Class A)		2,951
39,601	*	Cognos, Inc		1,636
423,625	*	Computer Sciences Corp		23,681
687,465		Computershare Ltd		5,667
406,955	*	Compuware Corp		3,264
3,600	*	Convergys Corp		62
14,594		CSK Holdings Corp		570
116,858		Ctrip.com International Ltd (ADR)		6,053
14,179		Dassault Systemes S.A.		930
48,000		Deluxe Corp		1,768
453		Dentsu, Inc		1,286
18,808	*	DST Systems, Inc		1,614
110,000	e*	DynCorp International, Inc (Class A)		2,542
291		eAccess Ltd		162
396,355	*	eBay, Inc		15,466
80,621	*	Electronic Arts, Inc		4,514
295,928		Electronic Data Systems Corp		6,463

128

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
22,408	e*	Elpida Memory, Inc	$	823
52,541		Equifax, Inc		2,003
136,440	*	Expedia, Inc		4,350
285,914		Experian Group Ltd		3,024
49,240		Fidelity National Information Services, Inc		2,185
43,140	*	Fiserv, Inc		2,194
171,133	e*	Focus Media Holding Ltd (ADR)		9,929
6,587		FUJI SOFT, Inc		135
433,406		Fujitsu Ltd		3,064
1,784	e	Getronics NV		16
12,931	*	Getty Images, Inc		360
45,015		GN Store Nord		456
278	e	Goodwill Group, Inc		52
101,552	*	Google, Inc (Class A)		57,607
306,643		Group 4 Securicor plc		1,267
2,059		Gruppo Editoriale L'Espresso S.p.A.		10
5,575		Hakuhodo DY Holdings, Inc		391
976,286		Hays plc		2,657
49,797		IMS Health, Inc		1,526
33,215		Indra Sistemas S.A.		898
64,666		Infosys Technologies Ltd		3,072
485		Internet Initiative Japan Inc		1,545
115,266	*	Interpublic Group of Cos, Inc		1,196
117,357	*	Intuit, Inc		3,556
48,057	e*	Iron Mountain, Inc		1,465
41,459		JSR Corp		1,016
138,984	*	Juniper Networks, Inc		5,088
50,000	e*	Kinetic Concepts, Inc		2,814
223	*	KK DaVinci Advisors		168
21,588	e	Konami Corp		588
20,914		Lamar Advertising Co (Class A)		1,024
407,543		LogicaCMG plc		1,261
29,944		Manpower, Inc		1,927
22,300	e	Mastercard, Inc (Class A)		3,300
76,800	*	McAfee, Inc		2,678
7,802		Meitec Corp		229
88,579		Michael Page International plc		748
4,415,216		Microsoft Corp		130,072
128,302		Misys plc		580
9,170		Mitsubishi UFJ Lease & Finance Co Ltd		304
30,487	*	Monster Worldwide, Inc		1,038
46,887	*	NAVTEQ Corp		3,656
472,328		NEC Corp		2,294
75,810		Nomura Research Institute Ltd		2,581
262,000	*	Novell, Inc		2,002
1,836	e	NTT Data Corp		8,184
1,527		Obic Co Ltd		296
120,058		Omnicom Group, Inc		5,774
21,495	*	Open Text Corp		561
2,460,419	*	Oracle Corp		53,268
8,803	e	Oracle Corp Japan		402
3,400		Otsuka Corp		334
10,858	e	Promotora de Informaciones S.A.		214
23,100		Public Power Corp		916
984,130		Publicis Groupe S.A.		40,472
19,006	e	Rakuten, Inc		7,454

129

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
13,295		Randstad Holdings NV	$	719
12,900		Ritchie Bros Auctioneers, Inc		842
41,419		Robert Half International, Inc		1,237
346,390		Sage Group plc		1,766
413,928		SAP AG.		24,229
49,013		Secom Co Ltd		2,360
104,889		Securitas AB (B Shares)		1,384
1,116		SGS S.A.		1,275
528,087		Singapore Post Ltd		434
5,263		Societe Des Autoroutes Paris-Rhin-Rhone		553
172,310	e	Softbank Corp		3,180
47,673,611	e	Solomon Systech International Ltd		4,354
66,300		Square Enix Co Ltd		2,193
1,800,715	*	Sun Microsystems, Inc		10,102
90,791	*	Synopsys, Inc		2,459
246,000		Tencent Holdings Ltd		1,589
16,963	e	Tietoenator Oyj		381
8,026		TIS, Inc		157
23,851		Trend Micro, Inc		1,032
88,508	*	Unisys Corp		586
5,392		USS Co Ltd		354
85,123	*	VeriSign, Inc		2,872
21,734	e*	VMware, Inc		1,847
422,246		Waste Management, Inc		15,936
3,779,373		WPP Group plc		51,190
3,089		Yahoo! Japan Corp		1,170
435,457	*	Yahoo!, Inc		11,688
		TOTAL BUSINESS SERVICES		718,430
CHEMICALS AND ALLIED PRODUCTS - 7.95%
1,151,098		Abbott Laboratories		61,722
59,854	*	Agrium, Inc		3,260
255,506		Air Liquide		34,197
162,757		Air Products & Chemicals, Inc		15,911
158,000		Air Water, Inc		1,761
832,431		Akzo Nobel NV		68,609
6,483		Alfresa Holdings Corp		414
583,433	*	Amgen, Inc		33,005
275,093		Asahi Kasei Corp		2,222
123,283		Astellas Pharma, Inc		5,914
255,234		AstraZeneca plc		12,789
151,700		AstraZeneca plc (ADR)		7,596
25,393		Avery Dennison Corp		1,448
115,476		Avon Products, Inc		4,334
25,000	*	Barr Pharmaceuticals, Inc		1,423
164,132		BASF AG.		22,702
23,243		Beiersdorf AG.		1,741
108,732	*	Biogen Idec, Inc		7,212
64,781	e*	Biovail Corp International		1,128
792,679		Bristol-Myers Squibb Co		22,845
83,700		Celanese Corp (Series A)		3,263
15,745	e*	Cephalon, Inc		1,150
47,500		CF Industries Holdings, Inc		3,606
17,128	*	Charles River Laboratories International, Inc		962
65,264		Chugai Pharmaceutical Co Ltd		1,078
16,988		Ciba Specialty Chemicals AG.		866

130

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
53,222		Clariant AG.	$	654
39,358		Clorox Co		2,400
271,434		Colgate-Palmolive Co		19,359
151,310	e	CSL Ltd		14,407
205,000		Cytec Industries, Inc		14,020
59,630		Daicel Chemical Industries Ltd		472
385,979		Daiichi Sankyo Co Ltd		11,593
145,010		Dainippon Ink and Chemicals, Inc		643
341,276		Dow Chemical Co		14,695
290,304	e	DSM NV		15,668
437,221		Du Pont (E.I.) de Nemours & Co		21,669
49,042		Ecolab, Inc		2,315
58,670		Eisai Co Ltd		2,773
182,999	*	Elan Corp plc		3,846
20,900	*	Elan Corp plc (ADR)		440
265,039		Eli Lilly & Co		15,089
30,320		Estee Lauder Cos (Class A)		1,287
64,200		FMC Corp		3,340
509,248	*	Genentech, Inc		39,732
93,762	*	Genzyme Corp		5,809
542,554	*	Gilead Sciences, Inc		22,174
1,854,845		GlaxoSmithKline plc		49,221
11,735		H Lundbeck A/S		319
60,000		Hanwha Chemical Corp		1,583
32,304		Haw Par Corp Ltd		176
47,318		Henkel KGaA		2,435
230,485		Hindustan Lever Ltd		1,276
11,000		Honam Petrochemical Corp		1,815
55,302	*	Hospira, Inc		2,292
88,000		Huntsman Corp		2,331
318,030		Imperial Chemical Industries plc		4,242
20,774	e	International Flavors & Fragrances, Inc		1,098
44,373	*	Invitrogen Corp		3,627
48,480		Kansai Paint Co Ltd		372
121,757		Kao Corp		3,636
701,500	e*	Keryx Biopharmaceuticals, Inc		6,973
55,200	*	King Pharmaceuticals, Inc		647
663,807		Kingboard Chemical Holdings Ltd		4,227
7,383		Kose Corp		196
84,587		Kuraray Co Ltd		1,071
310,736		Kyowa Hakko Kogyo Co Ltd		3,200
24,000		LG Chem Ltd		2,517
50,000		LG Petrochemical Co Ltd		2,486
31,150		Linde AG.		3,868
10,703		Lonza Group AG.		1,168
89,908		L'Oreal S.A.		11,795
18,200		Lubrizol Corp		1,184
80,272		Lyondell Chemical Co		3,721
33,212		Mediceo Paltac Holdings Co Ltd		508
974,801		Merck & Co, Inc		50,387
17,187		Merck KGaA		2,073
45,900		Methanex Corp		1,155
80,967	*	Millennium Pharmaceuticals, Inc		822
305,494		Mitsubishi Chemical Holdings Corp		2,660
89,445		Mitsubishi Gas Chemical Co, Inc		829
176,678		Monsanto Co		15,148

131

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
32,300	*	Mosaic Co	$	1,729
41,600	*	NBTY, Inc		1,689
34,792		Nippon Kayaku Co Ltd		290
28,572		Nippon Shokubai Co Ltd		278
33,455		Nissan Chemical Industries Ltd		413
36,907		Nova Chemicals Corp		1,421
1,178,221		Novartis AG.		65,021
62,000		Novartis AG. (ADR)		3,408
55,917		Novo Nordisk A/S (Class B)		6,749
10,711		Novozymes A/S (B Shares)		1,346
7,754		Omega Pharma S.A.		680
19,036		Orion Oyj (Class B)		484
30,189	e*	PDL BioPharma, Inc		652
3,084,515		Pfizer, Inc		75,355
6,663	e*	PharMerica Corp		99
226,343		PPG Industries, Inc		17,100
214,823		Praxair, Inc		17,994
1,344,467		Procter & Gamble Co		94,570
260,440		Ranbaxy Laboratories Ltd		2,838
699,384		Reckitt Benckiser plc		41,096
535,615		Roche Holding AG.		97,117
126,788		Rohm & Haas Co		7,058
252,794		Sanofi-Aventis		21,405
17,065		Santen Pharmaceutical Co Ltd		427
71,400	e	Sawai Pharmaceutical Co Ltd		2,113
355,000		Schering-Plough Corp		11,229
80,698		Sherwin-Williams Co		5,303
337,447		Shin-Etsu Chemical Co Ltd		23,326
69,073		Shionogi & Co Ltd		1,065
80,148		Shiseido Co Ltd		1,779
256,826		Showa Denko KK		973
88,874		Sigma-Aldrich Corp		4,332
4,281,585	e	Sinochem Hong Kong Holding Ltd		3,365
749,256		SSL International plc		6,515
1,365,982		Sumitomo Chemical Co Ltd		11,714
130,325		Symbion Health Ltd		482
24,993		Syngenta AG.		5,388
34,154	e	Taisho Pharmaceutical Co Ltd		672
64,897		Taiyo Nippon Sanso Corp		583
198,297	e	Takeda Pharmaceutical Co Ltd		13,949
49,895		Tanabe Seiyaku Co Ltd		630
195,807	e	Teijin Ltd		956
1,473,650		Teva Pharmaceutical Industries Ltd (ADR)		65,533
247,000	e*	Theravance, Inc		6,444
774,500		Tokai Carbon Co Ltd		8,779
49,693	e	Tokuyama Corp		754
310,521	e	Toray Industries, Inc		2,465
111,647		Tosoh Corp		724
41,371		UCB S.A.		2,441
145,657	*	Vertex Pharmaceuticals, Inc		5,595
648,214		Wyeth		28,878
22,931		Zeltia S.A.		249
37,798		Zeon Corp		372
		TOTAL CHEMICALS AND ALLIED PRODUCTS		1,400,428

132

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
COAL MINING - 0.31%
36,524	e	Arch Coal, Inc	$	1,232
6,324,000		China Coal Energy Co		18,792
47,420		Consol Energy, Inc		2,210
63,079	e	Fording Canadian Coal Trust		2,438
511,461		Gloucester Coal Ltd		2,219
20,336	e	Massey Energy Co		444
572,310		Peabody Energy Corp		27,397
		TOTAL COAL MINING		54,732
COMMUNICATIONS - 4.62%
2,653,089		Advanced Info Service PCL		6,889
237,585		Alltel Corp		16,555
147,782	*	American Tower Corp (Class A)		6,434
20,000	e*	Anixter International, Inc		1,649
18,125	e	Antena 3 de Television S.A.		334
2,736,181		AT&T, Inc		115,768
116,798	*	Avaya, Inc		1,981
246,504	e	BCE, Inc		9,888
2,299,800		BEC World PCL		1,557
106,731		Belgacom S.A.		4,952
37,600		Brasil Telecom Participacoes S.A. (ADR)		2,806
303,799		British Sky Broadcasting plc		4,320
2,906,731		BT Group plc		18,258
614,082		Cable & Wireless plc		2,312
79,922	*	Cablevision Systems Corp (Class A)		2,792
103,958		Carphone Warehouse Group plc		741
51,500		CenturyTel, Inc		2,380
362,500		China Mobile Hong Kong Ltd		5,936
34,815	e	Citadel Broadcasting Corp		145
138,850		Clear Channel Communications, Inc		5,199
700,615	e*	Comcast Corp (Class A)		16,941
115,507	*	Comcast Corp (Special Class A)		2,768
26,759		Cosmote Mobile Telecommunications S.A.		920
119,947	*	Crown Castle International Corp		4,873
752,825		Deutsche Telekom AG.		14,793
263,100		Digi.Com BHD		1,660
345,778	*	DIRECTV Group, Inc		8,395
203,625	*	EchoStar Communications Corp (Class A)		9,532
33,080	e	Elisa Oyj		1,028
87,749		Embarq Corp		4,879
98,000		Empresa Nacional de Telecomunicaciones S.A.		1,659
440,209	e	France Telecom S.A.		14,745
117		Fuji Television Network, Inc		235
2,315		Gestevision Telecinco S.A.		61
80,750		Globe Telecom, Inc		2,635
125,496		Hellenic Telecommunications Organization S.A.		4,653
5,068		Hikari Tsushin, Inc		139
438,405		Hutchison Telecommunications International Ltd		609
73,170	*	IAC/InterActiveCorp		2,171
562,723	*	Idea Cellular Ltd		1,769
1,036,336		ITV plc		2,175
511	*	Jupiter Telecommunications Co		397
1,622		KDDI Corp		12,031
299,400	e*	Level 3 Communications, Inc		1,392
131,327	e*	Liberty Global, Inc (Class A)		5,387
20,084	e*	Liberty Global, Inc (Series C)		776

133

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
89,442	*	Liberty Media Corp - Capital (Series A)	$	11,165
231,411	*	Liberty Media Holding Corp (Interactive A)		4,445
17,000		LS Cable Ltd		2,118
15,184		M6-Metropole Television		441
208,000	e	Manitoba Telecom Services, Inc		10,121
229,588		Mediaset S.p.A.		2,370
34,300		Mobile TeleSystems (ADR)		2,377
11,666		Mobistar S.A.		1,021
17,491		Modern Times Group AB (B Shares)		1,129
37,978	*	NII Holdings, Inc		3,120
1,211		Nippon Telegraph & Telephone Corp		5,661
3,752		NTT DoCoMo, Inc		5,357
2,127		Okinawa Cellular Telephone Co		6,314
12,675,785	*	Paxys, Inc		3,587
110,498	e	Philippine Long Distance Telephone Co (ADR)		7,109
183,547		Portugal Telecom SGPS S.A.		2,573
82,909		ProSiebenSat.1 Media AG.		2,606
24,687	e	PT Multimedia Servicos de Telecomunicacoes e Multimedia SGPS S.A.		368
800,635	e*	Qwest Communications International, Inc		7,334
222,302		Rogers Communications, Inc (Class B)		10,120
3,827,733		Royal KPN NV		66,425
1,222,141		Seat Pagine Gialle S.p.A.		681
162,000		Seven Network Ltd		1,883
154,860		Shaw Communications, Inc (Class B)		3,846
5,393,162		Singapore Telecommunications Ltd		14,595
38,237		Sky Network Television Ltd		167
29,112		Societe Television Francaise 1		783
5,672	*	Sogecable S.A.		206
1,418,871		Sprint Nextel Corp		26,959
5,367		Swisscom AG.		2,041
934,000		Taiwan Mobile Co Ltd		1,259
91,000		Tele Norte Leste Participacoes S.A.(ADR)		2,044
108,586		Tele2 AB (B Shares)		2,346
57,300	*	Telecom Argentina S.A. (ADR)		1,407
866,308	e	Telecom Corp of New Zealand Ltd		2,935
3,193,316		Telecom Italia S.p.A.		9,710
1,798,622		Telecom Italia S.p.A.		4,337
1,025,644		Telefonica S.A.		28,709
661,105		Telekom Austria AG.		17,299
656,500	v	Telekom Malaysia BHD		1,869
329,313		Telenor ASA		6,597
8,536		Telephone & Data Systems, Inc		529
41,156		Telephone & Data Systems, Inc		2,747
82,343		Television Broadcasts Ltd		495
645,876		TeliaSonera AB		5,838
72,375		Telstra Corp Ltd		184
786,175		Telstra Corp Ltd		3,042
26,091		TELUS Corp		1,508
71,322		TELUS Corp		4,016
36,000	*	Time Warner Cable, Inc (Class A)		1,181
3,268	*	Tiscali S.p.A.		9
8,500		Tokyo Broadcasting System, Inc		238
2,700,600	*	Total Access Communication PCL		3,619
17,500,520	*	True Corp PCL		3,421
96,200		Turkcell Iletisim Hizmetleri AS (ADR)		2,047
1,336,942		Verizon Communications, Inc		59,200

134

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
75,000		Vimpel-Communications (ADR)	$	2,028
286,550		Vivendi Universal S.A.		12,095
20,786,213		Vodafone Group plc		75,063
635,320		Vodafone Group plc (ADR)		23,062
69,869	e*	XM Satellite Radio Holdings, Inc (Class A)		990
		TOTAL COMMUNICATIONS		814,265
DEPOSITORY INSTITUTIONS - 11.33%
79,083		77 Bank Ltd		532
869,775		ABN AMRO Holding NV		45,827
460,890		Allied Irish Banks plc		11,172
90,023		Alpha Bank S.A.		3,137
8,143,520		AMMB Holdings BHD		10,372
30,531		Associated Banc-Corp		905
395,327		Australia & New Zealand Banking Group Ltd		10,419
2,281,982		Banca Intesa S.p.A.		17,620
276,248		Banca Intesa S.p.A.		2,023
329,156	e	Banca Monte dei Paschi di Siena S.p.A.		2,019
123,985		Banca Popolare di Milano		1,832
181,064		Banche Popolari Unite Scpa		4,867
2,041,703	e	Banco Bilbao Vizcaya Argentaria S.A.		47,863
34,595		Banco Bilbao Vizcaya Argentaria S.A. (ADR)		805
68,151		Banco BPI S.A.		573
120,000	e	Banco Bradesco S.A. (ADR)		3,524
503,305	e	Banco Comercial Portugues S.A.		2,088
3,299,993		Banco de Oro Universal Bank		4,322
51,606		Banco Espirito Santo S.A.		1,170
191,522	*	Banco Popolare Scarl		4,290
190,453	e	Banco Popular Espanol S.A.		3,273
4,560,746		Banco Santander Central Hispano S.A.		88,641
2,088,359		Bank of America Corp		104,982
5,404,942	v*	Bank of Ayudhya PCL		2,444
431,339		Bank of East Asia Ltd		2,419
399,296		Bank of Ireland		7,402
30,334		Bank of Ireland		564
65,039	e	Bank of Kyoto Ltd		789
224,961		Bank of Montreal		14,701
1,147,810		Bank of New York Mellon Corp		50,664
445,555		Bank of Nova Scotia		23,405
145,409		Bank of Okinawa Ltd		4,747
150,000		Bank of the Ryukyus Ltd		1,960
278,150		Bank of Yokohama Ltd		1,920
7,695,753		Barclays plc		93,764
142,279		BB&T Corp		5,747
338,941		BNP Paribas		37,089
1,139,201		BOC Hong Kong Holdings Ltd		2,887
1,671,100		Bumiputra-Commerce Holdings Bhd		5,247
181,090		Canadian Imperial Bank of Commerce		18,090
503,564		Capitalia S.p.A.		4,811
177,635		Chiba Bank Ltd		1,373
2,450,508		Citigroup, Inc		114,365
33,004		Close Brothers Group plc		549
38,980	e	Colonial Bancgroup, Inc		843
40,954		Comerica, Inc		2,100
46,284		Commerce Bancorp, Inc		1,795
207,673	e	Commerzbank AG.		8,407

135

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
276,563		Commonwealth Bank of Australia	$	13,839
163,429	e	Credit Agricole S.A.		6,304
752,491		Credit Suisse Group		49,961
138,000		Daegu Bank		2,556
108,265		Danske Bank A/S		4,396
1,073,263		DBS Group Holdings Ltd		15,606
90,123		Depfa Bank plc		1,866
151,029		Deutsche Bank AG.		19,464
206,353	e	Dexia		6,250
289,464		DNB NOR Holding ASA		4,440
72,616		EFG Eurobank Ergasias S.A.		2,553
1,412,200		EON Capital BHD		2,839
43,842		Erste Bank der Oesterreichischen Sparkassen AG.		3,342
130,258		Fifth Third Bancorp		4,413
167,055	e	First Horizon National Corp		4,454
463,153	e	Fortis		13,638
463,153	e*	Fortis		2,457
8,207,365	*	Fuhwa Financial Holdings Co Ltd		5,193
142,489		Fukuoka Financial Group, Inc		835
86,160		Gunma Bank Ltd		575
91,000		Hachijuni Bank Ltd		655
231,399		Hang Seng Bank Ltd		4,111
115,000	e	Hiroshima Bank Ltd		628
275,763		Hokuhoku Financial Group, Inc		780
5,095,938		HSBC Holdings plc		94,306
954,250		Hudson City Bancorp, Inc		14,676
61,049		Huntington Bancshares, Inc		1,037
23,589	e	ICICI Bank Ltd (ADR)		1,244
436,006		ING Groep NV		19,354
96,355		Investec plc		1,009
155,338		Joyo Bank Ltd		867
2,098,128		JPMorgan Chase & Co		96,136
13,048	*	Jyske Bank		1,015
686,200		Kasikornbank PCL		1,622
1,206,331		Kasikornbank PCL		2,904
142,624		Keycorp		4,611
1,508,910		Lloyds TSB Group plc		16,748
17,112		M&T Bank Corp		1,770
59,706		Marshall & Ilsley Corp		2,613
146,129	e	Mediobanca S.p.A.		3,196
2,398,000		Metropolitan Bank & Trust		2,981
1,925	m,v	Mitsubishi UFJ Financial Group, Inc		16,926
152,750		Mitsui Trust Holdings, Inc		1,192
4,724		Mizuho Financial Group. Inc		26,938
348,653		National Australia Bank Ltd		12,285
72,628		National Bank Of Canada		3,980
203,633		National Bank of Greece S.A.		12,980
172,323		National City Corp		4,324
70,194	e	New York Community Bancorp, Inc		1,337
157,045		Nishi-Nippon City Bank Ltd		442
642,073		Nordea Bank AB		11,189
50,812		Northern Trust Corp		3,367
20,898		OKO Bank (Class A)		432
995,393		Oversea-Chinese Banking Corp		5,964
69,400		People's United Financial, Inc		1,199
156,268		Piraeus Bank S.A.		5,584

136

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
117,741		PNC Financial Services Group, Inc	$	8,018
9,049,000		PT Bank Mandiri Persero Tbk		3,488
180,000		Pusan Bank		3,304
8,291		Raiffeisen International Bank Holding AG.		1,212
189,102		Regions Financial Corp		5,575
1,326	e	Resona Holdings, Inc		2,274
575,833		Royal Bank of Canada		31,870
7,756,945		Royal Bank of Scotland Group plc		83,321
70		Sapporo Hokuyo Holdings, Inc		695
329,320		Shinsei Bank Ltd		1,038
133,727	e	Shizuoka Bank Ltd		1,299
143,222		Skandinaviska Enskilda Banken AB (Class A)		4,656
472,290		Societe Generale		79,253
98,256	e	Sovereign Bancorp, Inc		1,674
129,721	e	State Street Corp		8,842
2,771	e	Sumitomo Mitsui Financial Group, Inc		21,591
291,488		Sumitomo Trust & Banking Co Ltd		2,205
474,799		SunTrust Banks, Inc		35,928
41,738		Suruga Bank Ltd		510
160,691		Svenska Handelsbanken (A Shares)		4,987
13,943		Sydbank A/S		607
92,715		Synovus Financial Corp		2,601
361,958		TCF Financial Corp		9,476
969,891		UBS A.G.		52,150
13,576,096		UniCredito Italiano S.p.A		116,153
90,152		UnionBanCal Corp		5,266
443,260		United Overseas Bank Ltd		6,594
840,968	e	US Bancorp		27,357
1,503,300	*	Utama Banking Group BHD		1,085
768,490		Wachovia Corp		38,540
420,278		Washington Mutual, Inc		14,840
1,957,627		Wells Fargo & Co		69,731
380,465		Western Union Co		7,978
396,599		Westpac Banking Corp		10,030
54,735		Wing Hang Bank Ltd		629
632,654	*	Yes Bank Ltd		3,286
37,373		Zions Bancorporation		2,566
		TOTAL DEPOSITORY INSTITUTIONS		1,996,350
EATING AND DRINKING PLACES - 1.15%
1,858,000	*	Ajisen China Holdings Ltd		2,072
29,529		Autogrill S.p.A.		569
43,126		Brinker International, Inc		1,183
17,832,259		Compass Group plc		110,184
630,709		Darden Restaurants, Inc		26,401
147,447		Enterprise Inns plc		1,786
633,607		McDonald's Corp		34,513
100,418		Mitchells & Butlers plc		1,255
93,030		Onex Corp		3,419
70,678		Punch Taverns plc		1,426
23,491		Sodexho Alliance S.A.		1,625
195,080	*	Starbucks Corp		5,111
49,592	e	Tim Hortons, Inc		1,728
24,443		Wendy's International, Inc		853
49,333		Whitbread plc		1,637
1,200		Yoshinoya D&C Co Ltd		1,943

137

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
189,494		Yum! Brands, Inc	$	6,411
		TOTAL EATING AND DRINKING PLACES		202,116
EDUCATIONAL SERVICES - 0.03%
51,844	*	Apollo Group, Inc (Class A)		3,118
16,082		Benesse Corp		616
112,976		CAE, Inc		1,521
24,320	*	Career Education Corp		681
		TOTAL EDUCATIONAL SERVICES		5,936
ELECTRIC, GAS, AND SANITARY SERVICES - 4.20%
236,692	*	AES Corp		4,743
92,897		AGL Energy Ltd		1,308
105,768	m,v	Alinta Ltd		1,353
54,400		Allegheny Energy, Inc		2,843
29,779		Alliant Energy Corp		1,141
812,000	*	Allied Waste Industries, Inc		10,353
53,665		Ameren Corp		2,817
197,756		American Electric Power Co, Inc		9,113
34,179		Aqua America, Inc		775
85,500		BKW FMB Energie AG.		9,400
223,814		British Energy Group plc		2,448
85,532		Caltex Australia Ltd		1,787
20,395		Canadian Utilities Ltd (Class A)		998
204,548		Centerpoint Energy, Inc		3,279
980,141		Centrica plc		7,630
154,361		Chubu Electric Power Co, Inc		3,998
408,039		CLP Holdings Ltd		2,824
38,000	e	Companhia de Saneamento Basico do Estado de Sao Paulo (ADR)		1,877
102,000		Companhia Energetica de Minas Gerais		2,170
69,859		Consolidated Edison, Inc		3,235
362,122		Constellation Energy Group, Inc		31,067
55,914	e	Contact Energy Ltd		389
105,206	e	Dominion Resources, Inc		8,869
325,037	e	DPL, Inc		8,535
46,157		DTE Energy Co		2,236
380,074		Duke Energy Corp		7,104
112,500	*	Dynegy, Inc (Class A)		1,040
319,798	e	E.ON AG.		59,127
212,573		Edison International		11,787
126,000		EDP - Energias do Brasil S.A.		2,096
250,408		El Paso Corp		4,249
35,239	e	Electric Power Development Co		1,371
450,000		Electricity Generating PCL		1,523
156,299	e*	Enbridge, Inc		5,726
150,056		Endesa S.A.		8,578
1,290,502	e	Enel S.p.A.		14,611
40,000		Energen Corp		2,285
445,104		Energias de Portugal S.A.		2,602
39,300		Energy East Corp		1,063
97,553		Entergy Corp		10,564
326,356		Exelon Corp		24,594
3,743,102		First Philippine Holdings Corp		6,439
281,356		FirstEnergy Corp		17,821
58,346	e	Fortis, Inc		1,587
1,826,699		Fortum Oyj		67,047

138

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
175,540		FPL Group, Inc	$	10,687
27,789		Gas Natural SDG S.A.		1,569
42,303		Hokkaido Electric Power Co, Inc		915
1,119,568		Hong Kong & China Gas Ltd		2,607
404,067		Hong Kong Electric Holdings Ltd		2,100
218,974	*	Iberdrola S.A.		12,865
372,426		International Power plc		3,438
179,653		Kansai Electric Power Co, Inc		4,106
73,555		Kelda Group plc		1,297
88,360		Kyushu Electric Power Co, Inc		2,339
108,000	*	Mirant Corp		4,393
724,888		National Grid plc		11,628
70,019		NiSource, Inc		1,340
180,400	e*	NRG Energy, Inc		7,629
189,358	e*	Ocean Power Technologies, Inc		2,973
17,053		Oest Elektrizitatswirts AG. (Class A)		983
148,480		Okinawa Electric Power Co, Inc		9,449
469,125		Osaka Gas Co Ltd		1,646
68,036		Pepco Holdings, Inc		1,842
122,672		PG&E Corp		5,864
25,141		Pinnacle West Capital Corp		993
212,187		PPL Corp		9,824
63,117		Progress Energy, Inc		2,957
204,965		Public Service Enterprise Group, Inc		18,035
1,532		Puma AG. Rudolf Dassler Sport		658
236,492		Questar Corp		12,423
108,125	*	Reliant Energy, Inc		2,768
181,019		Republic Services, Inc		5,921
3,948		RWE AG.		444
411,798		RWE AG.		51,791
28,217		SCANA Corp		1,093
230,539		Scottish & Southern Energy plc		7,127
342,273		SembCorp Industries Ltd		1,486
122,413		Sempra Energy		7,115
62,148		Severn Trent plc		1,793
286,040	e	Snam Rete Gas S.p.A.		1,779
16,580	e	Sociedad General de Aguas de Barcelona S.A. (Class A)		630
2,449,264		Sojitz Holdings Corp		10,662
194,557		Southern Co		7,059
1,196,708	e*	Suez S.A.		70,476
1,452,900		Tenaga Nasional BHD		4,029
99,663	e	Tohoku Electric Power Co, Inc		2,130
280,328		Tokyo Electric Power Co, Inc		7,078
523,838		Tokyo Gas Co Ltd		2,440
90,421		TransAlta Corp		2,845
155,882		TXU Corp		10,673
28,580		Union Fenosa S.A.		1,691
233,943		United Utilities plc		3,351
51,474		Vector Ltd		96
85,284		Veolia Environnement		7,344
275,000		Westar Energy, Inc		6,754
212,021		Williams Cos, Inc		7,221
30,001		Wisconsin Energy Corp		1,351
102,270		Xcel Energy, Inc		2,203
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		740,312

139

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 6.57%
898,235		ABB Ltd	$	23,655
31,436	*	ADC Telecommunications, Inc		616
142,574	e*	Advanced Micro Devices, Inc		1,882
166,642	e	Advantest Corp		5,194
572,818	e	Alcatel S.A.		5,881
3		Alcatel S.A. (ADR)		-	^
35,114		Alps Electric Co Ltd		422
125,885		Altera Corp		3,031
185,300	e*	Amkor Technology, Inc		2,135
61,932		Amphenol Corp (Class A)		2,462
119,741		Analog Devices, Inc		4,330
558,425	*	Apple Computer, Inc		85,741
358,007		ARM Holdings plc		1,128
604,653		Asustek Computer, Inc		1,831
156,327	*	Avnet, Inc		6,231
2,382	e	Bang & Olufsen A/S (B Shares)		269
4,674	e	Barco NV		403
36,000		Bharat Electronics Ltd		1,664
167,844	*	Broadcom Corp (Class A)		6,116
87,208	*	Celestica, Inc		531
325,606	*	Chartered Semiconductor Manufacturing Ltd		239
3,504,748	*	Cisco Systems, Inc		116,042
1,700	*	Comverse Technology, Inc		34
168,424		Cooper Industries Ltd (Class A)		8,605
150,000	e*	Cree, Inc		4,665
33,328	*	CSR plc		439
48,733	e	Dainippon Screen Manufacturing Co Ltd		294
76,135		Eaton Corp		7,540
29,564	e*	Energizer Holdings, Inc		3,277
7,861,256		Ericsson (LM) (B Shares)		31,474
208,000	*	Fairchild Semiconductor International, Inc		3,885
113,464		Fanuc Ltd		11,567
7,800	e*	First Solar, Inc		918
52,991	e	Fisher & Paykel Appliances Holdings Ltd		143
100,537		Fisher & Paykel Healthcare Corp		251
157,472	e*	Flextronics International Ltd		1,761
609,829	*	Foxconn International Holdings Ltd		1,671
129,822		Fuji Electric Holdings Co Ltd		579
38,864		Gamesa Corp Tecnologica S.A.		1,588
52,674		Garmin Ltd		6,289
2,265	e	Geo Corp		4,693
787,500		Geodesic Information Systems Ltd		3,760
250,640		GVK Power & Infrastructure Ltd		4,133
131,300		Hamamatsu Photonics KK		3,795
15,925		Harman International Industries, Inc		1,378
7,363		Hirose Electric Co Ltd		895
23,952		Hitachi Chemical Co Ltd		495
15,700		Hitachi High-Technologies Corp		359
784,548	e	Hitachi Ltd		5,225
804,720		Hon Hai Precision Industry Co, Ltd		6,091
511,378		Honeywell International, Inc		30,412
126,131		Hoya Corp		4,304
140,208		Ibiden Co Ltd		11,804
97,400		Indesit Co S.p.A.		1,679
1,133,658	*	Infineon Technologies AG.		19,544

140

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
140,000	e*	Infineon Technologies AG. (ADR)	$	2,405
5,755,997		Intel Corp		148,850
35,960		Intersil Corp (Class A)		1,202
345		Intracom S.A.		2
55,503	e*	JDS Uniphase Corp		830
430,176		Johnson Electric Holdings Ltd		225
1,433,543		Koninklijke Philips Electronics NV		64,697
7,560	e	Kudelski S.A.		214
37,838		Kyocera Corp		3,548
154,523		L-3 Communications Holdings, Inc		15,783
87,000	e*	LG.Philips LCD Co Ltd (ADR)		2,083
76,667	e	Linear Technology Corp		2,683
200,560	*	LSI Logic Corp		1,488
6,130		Mabuchi Motor Co Ltd		400
173,250	*	Marvell Technology Group Ltd		2,836
453,982		Matsushita Electric Industrial Co Ltd		8,517
86,956		Matsushita Electric Works Ltd		1,048
548,396		Maxim Integrated Products, Inc		16,095
308,700		MediaTek, Inc		5,638
121,677	*	MEMC Electronic Materials, Inc		7,162
56,180		Microchip Technology, Inc		2,040
268,254	*	Micron Technology, Inc		2,978
640,900		Minebea Co Ltd		4,386
697,661		Mitsubishi Electric Corp		8,746
1,000,465		Motorola, Inc		18,539
173,056		Murata Manufacturing Co Ltd		12,475
232,412		National Semiconductor Corp		6,303
8,217	*	NEC Electronics Corp		236
2,619,137	*	Network Appliance, Inc		70,481
39,988	e	NGK Spark Plug Co Ltd		621
25,306		Nidec Corp		1,769
36,977		Nitto Denko Corp		1,719
5,290		NKT Holding A/S		593
1,938,786		Nokia Oyj		73,704
196,003	*	Nortel Networks Corp		3,322
62,837	*	Novellus Systems, Inc		1,713
242,974	*	Nvidia Corp		8,805
50,011		Omron Corp		1,324
163,600	e*	ON Semiconductor Corp		2,055
43,000		Origin Electric Co Ltd		236
34,991	e	Pioneer Corp		429
10,000	*	Q-Cells AG.		1,022
42,271	*	QLogic Corp		569
1,026,202		Qualcomm, Inc		43,367
152,368	e	RadioShack Corp		3,148
224,979	*	Research In Motion Ltd		22,110
155,595		Ricoh Co Ltd		3,292
7,705		Rinnai Corp		230
23,944		Rohm Co Ltd		2,116
8,545		Samsung Electronics Co Ltd		5,369
24,434		Sanken Electric Co Ltd		120
133,407	*	Sanmina-SCI Corp		283
368,755	e*	Sanyo Electric Co Ltd		607
11,889	e	Schindler Holding AG.		751
12,500		SEB S.A.		2,326
494,400	*	SGL Carbon AG.		28,340

141

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
231,803	e	Sharp Corp	$	4,208
14,800		Shinko Electric Industries		329
333,280	e*	Sirius Satellite Radio, Inc		1,163
407,688		Sony Corp		19,769
34,835		Stanley Electric Co Ltd		840
2,000	*	STATS ChipPAC Ltd		2
168,581		STMicroelectronics NV		2,834
71,576		Sumco Corp		2,916
440,000		Taiwan Semiconductor Manufacturing Co Ltd (ADR)		4,453
21,601		Taiyo Yuden Co Ltd		428
46,931		Tandberg ASA		1,129
29,366		TDK Corp		2,577
111,000		Telefonaktiebolaget LM Ericsson (ADR)		4,418
149,005	*	Tellabs, Inc		1,419
353,733	e	Terna Rete Elettrica Nazionale S.p.A.		1,308
446,709		Texas Instruments, Inc		16,345
59,569		Thomson		907
14,900		Toyota Boshoku Corp		503
176,690		Tyco Electronics Ltd		6,260
25,784	e	Ushio, Inc		469
18,421		Valeo S.A.		1,025
4,043,440		Vanguard International Semiconductor Corp		3,624
19,800	*	Varian Semiconductor Equipment Associates, Inc		1,060
84,332		Venture Corp Ltd		937
20,105		Whirlpool Corp		1,791
85,529		Xilinx, Inc		2,236
49,384		Yaskawa Electric Corp		615
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		1,158,745
ENGINEERING AND MANAGEMENT SERVICES - 0.34%
33,017	*	Amylin Pharmaceuticals, Inc		1,651
31,564		Cap Gemini S.A.		1,945
159,236		Capita Group plc		2,359
120,829	*	Celgene Corp		8,616
1,000	e	Corporate Executive Board Co		74
60,716		Downer EDI Ltd		337
79,269		Fluor Corp		11,413
14,985		Fugro NV		1,217
42,734	*	Jacobs Engineering Group, Inc		3,230
302,042		JGC Corp		5,825
638	*	KBR, Inc		25
43,600	*	McDermott International, Inc		2,358
84,777		Moody's Corp		4,273
89,049		Paychex, Inc		3,651
43,001		Quest Diagnostics, Inc		2,484
36,326		SBM Offshore NV		1,428
127,124		Serco Group plc		1,079
67,442		SNC-Lavalin Group, Inc		3,007
134,380		WorleyParsons Ltd		5,057
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		60,029
FABRICATED METAL PRODUCTS - 0.46%
464,118		Amcor Ltd		3,039
44,121		Ball Corp		2,371
57,955		Bharat Heavy Electricals		2,963
614,700	*	Crown Holdings, Inc		13,991

142

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
9,040		Geberit AG.	$	1,182
36,934		Hitachi Cable Ltd		229
453,100		Illinois Tool Works, Inc		27,023
59,639	e	JS Group Corp		1,037
84,439		Parker Hannifin Corp		9,443
24,309		Pentair, Inc		806
157,541		Rexam plc		1,778
43,612		Sanwa Shutter Corp		244
110,000	e	Sims Group Ltd		3,151
94,300		Snap-On, Inc		4,672
148,140		Ssab Svenskt Stal AB (Series A)		5,483
25,601	e	Ssab Svenskt Stal AB (Series B)		874
37,737		Stanley Works		2,118
37,067	e	Toyo Seikan Kaisha Ltd		699
		TOTAL FABRICATED METAL PRODUCTS		81,103
FOOD AND KINDRED PRODUCTS - 3.43%
142,337		Ajinomoto Co, Inc		1,784
312,751		Anheuser-Busch Cos, Inc		15,634
209,747		Archer Daniels Midland Co		6,938
95,797		Asahi Breweries Ltd		1,459
42,538		Bunge Ltd		4,571
560,928		Cadbury Schweppes plc		6,507
82,125		Campbell Soup Co		3,039
29,233		Carlsberg A/S (Class B)		3,993
6,250	v*	CJ CheilJedang Corp		1,571
10,642		CJ Corp		820
25,274		Coca Cola Hellenic Bottling Co S.A.		1,460
107,773		Coca-Cola Amatil Ltd		861
1,120,823		Coca-Cola Co		64,414
190,000		Coca-Cola Enterprises, Inc		4,602
198,971		Coca-Cola West Japan Co Ltd		4,677
22,000		Companhia de Bebidas das Americas		1,620
180,225		ConAgra Foods, Inc		4,709
62,280	e*	Constellation Brands, Inc (Class A)		1,508
31,666	*	Cott Corp		252
179,481		CSR Ltd		495
10,820	e	Danisco A/S		841
720,915		Diageo plc		15,841
3,751		East Asiatic Co Ltd A.S.		280
17,678	e	Ebro Puleva S.A.		362
164,133		General Mills, Inc		9,521
1,544	e	Givaudan S.A.		1,427
64,731		Greencore Group plc		421
870,683		Groupe Danone		68,533
117,588		H.J. Heinz Co		5,433
100,980		Heineken NV		6,627
57,880		Hershey Co		2,686
15,890		House Foods Corp		277
55,360		Iaws Group plc		1,231
68,501		InBev NV		6,208
271,954	e	Ito En Ltd		6,629
81,586	e	Ito En Ltd		1,623
412,069		J Sainsbury plc		4,869
14,766,876		JG Summit Holdings		3,524
70,494		Kaneka Corp		593

143

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
117,657		Kellogg Co	$	6,589
60,545		Kerry Group plc (Class A)		1,796
33,795	e	Kikkoman Corp		510
183,902		Kirin Brewery Co Ltd		2,434
1,175,258		Kraft Foods, Inc (Class A)		40,558
60,100		Lion Nathan Ltd		492
30,319		McCormick & Co, Inc		1,091
60,630	e	Meiji Dairies Corp		343
67,763	e	Meiji Seika Kaisha Ltd		341
265,208		Nestle S.A.		119,136
54,264		Nichirei Corp		249
41,357		Nippon Meat Packers, Inc		459
44,089		Nisshin Seifun Group, Inc		415
20,671	e	Nissin Food Products Co Ltd		738
227,740		Olam International Ltd		481
424,925		Parmalat S.p.A.		1,509
1,160,928		PepsiCo, Inc		85,050
22,394	e	Pernod-Ricard S.A.		4,887
3,846,884		Petra Foods Ltd		4,169
22,673		Q.P. Corp		207
43,638	e	Royal Numico NV		3,385
100,198	e	Sampo Oyj (A Shares)		3,059
56,855	e	Sapporo Holdings Ltd		376
31,503		Saputo, Inc		1,666
191,202		Sara Lee Corp		3,191
213,472		Scottish & Newcastle plc		2,671
16,999	e	Suedzucker AG.		342
262,076		Swire Pacific Ltd (Class A)		3,177
39,692	e	Takara Holdings, Inc		233
130,540		Tate & Lyle plc		1,075
168,000		Tingyi Cayman Islands Holding Corp		262
20,099		Toyo Suisan Kaisha Ltd		378
92,722		Tyson Foods, Inc (Class A)		1,655
1,246,905		Unilever plc		39,415
51,005		Wrigley (Wm.) Jr Co		3,276
24,426	e	Yakult Honsha Co Ltd		556
24,918		Yamazaki Baking Co Ltd		187
		TOTAL FOOD AND KINDRED PRODUCTS		604,198
FOOD STORES - 0.90%
62,100		Alimentation Couche Tard, Inc (Class B)		1,272
298,417		Carrefour S.A.		20,906
243,260		Coles Myer Ltd		3,324
6,154	e	Colruyt S.A.		1,300
29,421		Delhaize Group		2,819
13,855		FamilyMart Co Ltd		361
23,014		George Weston Ltd		1,643
225,251		Goodman Fielder Ltd		516
41,785		Jeronimo Martins SGPS S.A.		257
15,284		Kesko Oyj (B Shares)		1,015
293,460		Koninklijke Ahold NV		4,436
635,676		Kroger Co		18,130
14,490		Lawson, Inc		458
48,073		Loblaw Cos Ltd		2,178
209,731		Safeway, Inc		6,944
191,836		Seven & I Holdings Co Ltd		4,935

144

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
177,055		Sonae SPGS S.A.	$	460
53,834		Supervalu, Inc		2,100
8,167,152		Tesco plc		73,399
36,503	e	Whole Foods Market, Inc		1,787
407,967		Woolworths Ltd		10,755
		TOTAL FOOD STORES		158,995
FORESTRY - 0.02%
55,682		Weyerhaeuser Co		4,026
		TOTAL FORESTRY		4,026
FURNITURE AND FIXTURES - 0.09%
14,142		Hillenbrand Industries, Inc		778
70,032		Johnson Controls, Inc		8,272
45,884		Leggett & Platt, Inc		879
139,415		Masco Corp		3,230
7,943		Neopost S.A.		1,120
48,300	e	Tempur-Pedic International, Inc		1,727
		TOTAL FURNITURE AND FIXTURES		16,006
FURNITURE AND HOME FURNISHINGS STORES - 0.12%
73,651	*	Bed Bath & Beyond, Inc		2,513
5,000	e	Circuit City Stores, Inc		40
490,893		DSG International plc		1,356
1,374,161		Harvey Norman Holdings Ltd		7,267
141,113		Kesa Electricals plc		795
18,731	e*	Mohawk Industries, Inc		1,523
7,923		Nitori Co Ltd		374
10,291		Shimachu Co Ltd		272
24,732	e	Williams-Sonoma, Inc		807
63,551		Yamada Denki Co Ltd		6,291
		TOTAL FURNITURE AND HOME FURNISHINGS STORES		21,238
GENERAL BUILDING CONTRACTORS - 0.42%
833,508		Amec plc		12,637
114,628		Balfour Beatty plc		1,113
77,690		Barratt Developments plc		1,189
30,417		Bellway plc		642
24,130		Berkeley Group Holdings plc		708
9,751		Bilfinger Berger AG.		762
31,261		Centex Corp		831
129,359		Cheung Kong Infrastructure Holdings Ltd		486
16,854		CRH plc		664
19,043		Daito Trust Construction Co Ltd		918
117,840		Daiwa House Industry Co Ltd		1,538
100,751		DR Horton, Inc		1,291
102,461		Fletcher Building Ltd		985
1,714,405	e*	Haseko Corp		4,105
26,349		Hellenic Technodomiki Tev S.A.		352
10,966		Hochtief AG.		1,330
29,844		Hyundai Development Co		2,788
1,728,869		IJM Corp BHD		4,034
7,826	e	Imerys S.A.		714
13,247,092		Italian-Thai Development PCL		2,937
80,378		JM AB		1,940
205,104	e	Kajima Corp		705

145

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
81,998	e	KB Home	$	2,055
28,614		Leighton Holdings Ltd		1,308
77,165		Lend Lease Corp Ltd		1,294
44,253		Lennar Corp (Class A)		1,002
6,802	e*	NVR, Inc		3,199
142,977	e	Obayashi Corp		662
30,000		Obrascon Huarte Lain S.A.		1,123
75,712		Persimmon plc		1,493
56,137		Pulte Homes, Inc		764
106,271		Sekisui Chemical Co Ltd		780
116,826		Sekisui House Ltd		1,471
5,000,000		Shanghai Forte Land Co		3,988
136,452	e	Shimizu Corp		742
115,881		Skanska AB (B Shares)		2,297
170,000		Suruga Corp		3,108
219,136	e	Taisei Corp		635
296,303		Taylor Woodrow plc		1,672
14,184		Titan Cement Co S.A.		733
45,844		Toda Corp		242
53,766	*	Toll Brothers, Inc		1,075
29,420		YIT OYJ		874
		TOTAL GENERAL BUILDING CONTRACTORS		73,186
GENERAL MERCHANDISE STORES - 0.85%
149,201		Aeon Co Ltd		2,108
148,000	e*	Big Lots, Inc		4,416
18,000	*	BJ's Wholesale Club, Inc		597
291,403		Costco Wholesale Corp		17,883
51,064		Family Dollar Stores, Inc		1,356
31,973	e	Hankyu Department Stores, Inc		264
1,285,000	*	Intime Department Store Group Co Ltd		1,139
43,654	e	Isetan Co Ltd		589
73,728	*	J Front Retailing Co Ltd		725
97,436		JC Penney Co, Inc		6,175
134,386		Keio Corp		838
378,914	e	Kintetsu Corp		1,178
248,065		Macy's, Inc		8,017
453,991		Marks & Spencer Group plc		5,717
68,709	e	Marui Co Ltd		758
91,191	e	Mitsukoshi Ltd		414
1,718,830	*	New World Department Store China Ltd		1,588
18,747		PPR		3,527
1,740		Shinsegae Co Ltd		1,211
68,162		Takashimaya Co Ltd		757
331,180		Target Corp		21,053
457,863		TJX Cos, Inc		13,310
189,521	e	Tobu Railway Co Ltd		891
985,351	e	Tokyu Corp		6,434
41,220		UNY Co Ltd		359
1,098,866		Wal-Mart Stores, Inc		47,965
		TOTAL GENERAL MERCHANDISE STORES		149,269
HEALTH SERVICES - 0.76%
108,508		AmerisourceBergen Corp		4,919
1,040,100		Bumrungrad Hospital PCL		1,358
111,223		Cigna Corp		5,927

146

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
5,958		Coloplast A/S (Class B)	$	566
24,308	*	Community Health Systems, Inc		764
16,377	*	Covance, Inc		1,276
158,688	*	Coventry Health Care, Inc		9,872
144,871	*	DaVita, Inc		9,153
59,738	*	Express Scripts, Inc		3,335
295,082		Fraser and Neave Ltd		1,132
50,182		Fresenius Medical Care AG.		2,667
59,912		Getinge AB (B Shares)		1,450
64,925		Health Management Associates, Inc (Class A)		451
948,100	e*	Healthsouth Corp		16,601
39,125		Intertek Group plc		758
32,308	*	Laboratory Corp of America Holdings		2,528
23,395	*	Lincare Holdings, Inc		858
312,351		McKesson Corp		18,363
55,430	*	MDS, Inc		1,198
144,782	*	Medco Health Solutions, Inc		13,087
86,808		Mindray Medical International Ltd (ADR)		3,728
31,102	e	Omnicare, Inc		1,030
1,960,183		Parkway Holdings Ltd		5,595
60,988		Sonic Healthcare Ltd		844
1,819		Straumann Holding AG.		511
13,700	*	Tenet Healthcare Corp		46
323,572	*	WellPoint, Inc		25,536
		TOTAL HEALTH SERVICES		133,553
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.94%
54,573	e	Abertis Infraestructuras S.A.		1,707
55,281		ACS Actividades Cons y Servicios S.A.		3,051
89,299		Biffa plc		405
1,265,811		Bouygues S.A.		109,183
31,181	e	Chiyoda Corp		562
12,249		Fomento de Construcciones y Contratas S.A.		991
13,300	*	Foster Wheeler Ltd		1,746
1,414,500		Gamuda BHD		3,653
14,061	e	Grupo Ferrovial S.A.		1,190
30,446		GS Engineering & Construction Corp		5,289
128,144		Multiplex Group		570
58,966	e	Nishimatsu Construction Co Ltd		178
40,403	e	Okumura Corp		206
258,353	e	Transurban Group		1,673
453,956		Vinci S.A.		35,466
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		165,870
HOLDING AND OTHER INVESTMENT OFFICES - 4.04%
104,599		3i Group plc		2,134
9,500	e*	Affiliated Managers Group, Inc		1,211
39,428	e	Allied Capital Corp		1,159
25,115		AMB Property Corp		1,502
209,623		Amvescap plc		2,837
34,538		Apartment Investment & Management Co (Class A)		1,559
43,600		ARC Energy Trust		928
77,814	*	Archstone-Smith Trust		4,680
82,326		AvalonBay Communities, Inc		9,719
50,588		Babcock & Brown Wind Partners		81
56,421		Boston Properties, Inc		5,862

147

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
223,437		Brookfield Asset Management, Inc (Class A)	$	8,570
19,496		Camden Property Trust		1,253
353,856		CapitaCommercial Trust		677
2,372,771		CapitaMall Trust		6,229
278,104		CFS Gandel Retail Trust		590
26,928		CI Financial Income Fund		715
292,615		Commonwealth Property Office Fund		432
28,554		Developers Diversified Realty Corp		1,595
70,000	e	Douglas Emmett, Inc		1,731
35,604		Duke Realty Corp		1,204
135,865		Equity Residential		5,755
20,156		Federal Realty Investment Trust		1,786
77,386		General Growth Properties, Inc		4,149
3,104,980		Genting BHD		7,335
493,336		GPT Group		2,233
42,591		Great Portland Estates plc		521
30,737		Groupe Bruxelles Lambert S.A.		3,728
1,787	*	Groupe Bruxelles Lambert S.A.		-	^
71,917		HCP, Inc		2,386
187,218		Host Marriott Corp		4,201
93,188	*	Immoeast AG		1,015
211,114	e	ING Industrial Fund		530
350,000		Investimentos Itau S.A.		2,415
325,003	e	iShares MSCI Canada Index Fund		10,637
1,455,599	e	iShares MSCI EAFE Index Fund		120,218
2,344,182		iShares MSCI Japan Index Fund		33,616
86,087	e	iShares MSCI Pacific ex-Japan Index Fund		14,316
703,265	e	iShares S&P Europe 350 Index Fund		83,829
59,794		iStar Financial, Inc		2,032
7,476		Jafco Co Ltd		277
104		Japan Prime Realty Investment Corp		434
90		Japan Real Estate Investment Corp		1,081
81		Japan Retail Fund Investment Corp		705
131,980		JFE Holdings, Inc		9,353
80,321		Kimco Realty Corp		3,631
140,246		Kiwi Income Property Trust		154
2,490,100		KLCC Property Holdings BHD		2,485
125,724		Land Securities Group plc		4,327
22,698		Liberty Property Trust		913
657,478		Link Real Estate Investment Trust		1,446
18,394		Macerich Co		1,611
85,014	e	Macquarie Communications Infrastructure Group		459
1,543,486		Macquarie Infrastructure Group		4,273
412,276		Macquarie Office Trust		573
478,977		Man Group plc		5,424
1,982,000		Mapletree Logistics Trust		1,668
214,735		Melco International Development		401
780		New City Residence Investment Corp		4,278
107		Nippon Building Fund, Inc		1,556
5,684		Nobel Biocare Holding AG.		1,539
2,290,241		Noble Group Ltd		3,346
52		Nomura Real Estate Office Fund, Inc		543
266		NTT Urban Development Corp		551
1,047,246		NWS Holdings Ltd		2,463
106,110		Plum Creek Timber Co, Inc		4,750
49,640	e	PrimeWest Energy Trust		1,311

148

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
87,998		Prologis	$	5,839
10,783		PSP Swiss Property AG.		572
63,619		Public Storage, Inc		5,004
17,835		Regency Centers Corp		1,369
42,726		RioCan Real Estate Investment Trust		1,067
26,702	e	Sacyr Vallehermoso S.A.		934
86,960		Shinhan Financial Group Co Ltd		5,682
133,304		Simon Property Group, Inc		13,330
20,492	e	SL Green Realty Corp		2,393
1,577,028	e	SPDR Trust Series 1		240,623
364,076		Suntec Real Estate Investment Trust		478
48,000		Taubman Centers, Inc		2,628
392		Technical Olympic S.A.		1
34,079	e	UDR, Inc		829
57,196		Vanguard European ETF		4,473
147,996		Virgin Media, Inc		3,592
54,358		Vornado Realty Trust		5,944
1,566		WABCO Holdings, Inc		73
376,785		Wharf Holdings Ltd		1,851
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		711,604
HOTELS AND OTHER LODGING PLACES - 1.69%
2,089,956	e	Accor S.A.		185,545
3,920,000		Banyan Tree Holdings Ltd		5,647
15,800		Choice Hotels International, Inc		595
326,469		Hilton Hotels Corp		15,177
3,098,839		Hongkong & Shanghai Hotels		5,493
801,317		Indian Hotels Co Ltd		2,773
79,444		Intercontinental Hotels Group plc		1,577
99,590		Kangwon Land, Inc		2,938
37,627	*	Las Vegas Sands Corp		5,020
90,317		Marriott International, Inc (Class A)		3,926
191,041	*	MGM Mirage		17,087
13,560,038		Minor International PCL		6,093
1,424	*	NH Hoteles S.A.		28
161,980	e	Orient-Express Hotels Ltd (Class A)		8,305
50,300		Resorttrust, Inc		1,071
3,192,485		Shangri-La Asia Ltd		10,760
305,717		Starwood Hotels & Resorts Worldwide, Inc		18,572
12,515	e	Station Casinos, Inc		1,095
117,420	*	Thomas Cook Group plc		669
136,227	*	TUI Travel plc		702
188,284		United Overseas Land Ltd		659
51,091		Wyndham Worldwide Corp		1,674
14,116		Wynn Resorts Ltd		2,224
		TOTAL HOTELS AND OTHER LODGING PLACES		297,630
INDUSTRIAL MACHINERY AND EQUIPMENT - 5.28%
36,300	*	AGCO Corp		1,843
32,244		Alfa Laval AB		2,074
525,709		Alstom RGPT		106,875
83,498		Amada Co Ltd		933
209,337		American Standard Cos, Inc		7,457
8,632		Andritz AG.		596
635,360		Applied Materials, Inc		13,152
52,513		ASM Pacific Technology		464

149

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
108,538		ASML Holding NV	$	3,598
213,582		Atlas Copco AB (A Shares)		3,696
141,964		Atlas Copco AB (B Shares)		2,269
17,115		Black & Decker Corp		1,426
1,086,129		Brambles Ltd		14,225
1,000,000	*	Brocade Communications Systems, Inc		8,560
792,254		Canon, Inc		43,246
8,441		Cargotec Corp (B Shares)		415
54,940	e	Casio Computer Co Ltd		787
324,129		Caterpillar, Inc		25,421
16,206		CDW Corp		1,413
44,412	*	Charter plc		1,075
577,576	e	Citizen Watch Co Ltd		5,813
96,504		Cummins, Inc		12,342
18,000		Daifuku Co Ltd		206
53,705		Daikin Industries Ltd		2,586
145,186	e	Deere & Co		21,549
796,708	*	Dell, Inc		21,989
51,430		Doosan Infracore Co Ltd		1,998
53,056		Dover Corp		2,703
82,890	e	Ebara Corp		383
177,639		Electrolux AB (Series B)		3,763
784,542	*	EMC Corp		16,318
150,826		FKI plc		281
48,126	*	FMC Technologies, Inc		2,775
164,274		FUJIFILM Holdings Corp		7,594
20,000	*	Gardner Denver, Inc		780
5,218,021		General Electric Co		216,026
13,705		Glory Ltd		435
43,164	*	Grant Prideco, Inc		2,353
69,163		Heidelberger Druckmaschinen		3,026
1,568,708		Hewlett-Packard Co		78,106
22,722		Hitachi Construction Machinery Co Ltd		908
20,343		Husqvarna AB (A Shares)		260
91,511		Husqvarna AB (B Shares)		1,182
89,845		IMI plc		983
110,595		Ingersoll-Rand Co Ltd (Class A)		6,024
863,635		International Business Machines Corp		101,736
87,910		International Game Technology		3,789
307,114		Ishikawajima-Harima Heavy Industries Co Ltd		965
36,765	e	Itochu Techno-Science Corp		1,296
48,520		Jabil Circuit, Inc		1,108
434,437		Japan Steel Works Ltd		7,213
30,394		Joy Global, Inc		1,546
574,156		Komatsu Ltd		19,294
12,686		Komori Corp		311
111,342		Konica Minolta Holdings, Inc		1,887
30,000		Krones AG.		2,426
257,546	e	Kubota Corp		2,121
26,021		Kurita Water Industries Ltd		883
50,692	*	Lam Research Corp		2,700
110,261	*	Lexmark International, Inc (Class A)		4,579
39,414	*	Logitech International S.A.		1,173
74,271		Makita Corp		3,259
91,400		Manitowoc Co, Inc		4,047
186,137		Meggitt plc		1,208

150

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
1,678,306		Mitsubishi Heavy Industries Ltd	$	10,973
987,709		Mitsui & Co Ltd		23,991
171,875		Mitsui Engineering & Shipbuilding Co Ltd		974
14,441		Mitsumi Electric Co Ltd		590
129,937	e	Modec, Inc		4,706
89,948		NTN Corp		803
17,315	e	OCE NV		364
67,227	e*	Ocean RIG ASA		496
128,368	e	Oki Electric Industry Co Ltd		221
33,000		Okuma Holdings, Inc		482
17,300	e	OSG Corp		180
31,474		Pall Corp		1,224
1,350,000		PT United Tractors Tbk		1,210
41,425		Rheinmetall AG.		3,291
40,858		Rockwell Automation, Inc		2,840
1,258,355		Rolls-Royce Group plc (B Shares)		3
41,180		Safran S.A.		994
80,501	*	SanDisk Corp		4,436
308,655		Sandvik AB		6,622
192,518		Seagate Technology, Inc		4,925
26,262	m,v*	Seagate Technology, Inc		-	^
29,173		Seiko Epson Corp		723
125,072		SKF AB (B Shares)		2,635
13,288		SMC Corp		1,820
21,713	e	Solarworld AG.		1,250
233,817	*	Solectron Corp		912
29,277		SPX Corp		2,710
828		Sulzer AG.		1,188
130,821		Sumitomo Heavy Industries Ltd		1,684
48,206		Technip S.A.		4,310
305,414		Techtronic Industries Co		348
99,099	*	Terex Corp		8,822
29,398		THK Co Ltd		621
39,881		Tokyo Electron Ltd		2,528
7,500	e	Tokyo Seimitsu Co Ltd		156
228,108		Tomkins plc		1,061
58,978	e	Tomra Systems ASA		427
26,400		Toro Co		1,553
703,542	e	Toshiba Corp		6,572
49,462		Toyota Tsusho Corp		1,313
1,521	e*	Unaxis Holding AG.		558
33,227	*	Varian Medical Systems, Inc		1,392
43,019	*	Vestas Wind Systems A/S		3,398
15,025		Wartsila Oyj (B Shares)		1,029
78,173	*	Western Digital Corp		1,979
8,241		Wincor Nixdorf AG.		682
49,733		Yokogawa Electric Corp		605
9,668	e	Zardoya Otis S.A.		300
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		931,350
INSTRUMENTS AND RELATED PRODUCTS - 2.75%
46,484		AGFA-Gevaert NV		895
156,674	*	Agilent Technologies, Inc		5,778
127,657		Applera Corp (Applied Biosystems Group)		4,422
1,048,130		BAE Systems plc		10,583
26,684		Bard (C.R.), Inc		2,353

151

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
19,406		Bausch & Lomb, Inc	$	1,242
224,737		Baxter International, Inc		12,648
15,532		Beckman Coulter, Inc		1,146
122,615		Becton Dickinson & Co		10,061
447,630	*	Boston Scientific Corp		6,244
301,494		Cobham plc		1,197
42,670		Cochlear Ltd		2,952
11,259	e	Cooper Cos, Inc		590
176,690		Covidien Ltd		7,333
95,118		Danaher Corp		7,867
36,709		Dentsply International, Inc		1,529
153,652	e	Eastman Kodak Co		4,112
24,369		Elekta AB		397
385,767		Emerson Electric Co		20,530
88,760		Finmeccanica S.p.A.		2,586
162,000	e*	Hologic, Inc		9,882
212,298	*	Invensys plc		1,348
2,553,539		Johnson & Johnson		167,767
8,424		Keyence Corp		1,870
135,659		Kla-Tencor Corp		7,567
41,216	e	Luxottica Group S.p.A.		1,403
731,999		Medtronic, Inc		41,292
15,900	*	Mettler-Toledo International, Inc		1,622
13,820	e*	Millipore Corp		1,048
70,020	e	Nikon Corp		2,408
77,175		Nippon Electric Glass Co Ltd		1,243
79,512		Olympus Corp		3,267
1,246,301		PCCW Ltd		824
10,736		Phonak Holding AG.		1,077
57,687		Pitney Bowes, Inc		2,620
38,458	*	Qiagen NV		742
1,289,579	e*	Resmed, Inc		5,607
59,583		Rockwell Collins, Inc		4,352
21,876	e	Roper Industries, Inc		1,433
251,392		Smith & Nephew plc		3,073
380,394	*	St. Jude Medical, Inc		16,764
101,977		Stryker Corp		7,012
14,689		Swatch Group AG.		4,820
75,095		Swatch Group AG.		4,808
13,920		Synthes, Inc		1,558
33,000		Sysmex Corp		1,273
253,429	*	Teradyne, Inc		3,497
315,712		Terumo Corp		15,942
696,339	*	Thermo Electron Corp		40,193
26,284	*	Waters Corp		1,759
6,293	*	William Demant Holding		556
525,291	*	Xerox Corp		9,108
162,526	*	Zimmer Holdings, Inc		13,163
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		485,363
INSURANCE AGENTS, BROKERS AND SERVICE - 0.58%
177,156		AON Corp		7,938
41,460		Brown & Brown, Inc		1,090
252,631		Hartford Financial Services Group, Inc		23,381
1,707,163		HBOS plc		31,942
332,549		Marsh & McLennan Cos, Inc		8,480

152

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
13,894		MLP AG.	$	186
779,413		QBE Insurance Group Ltd		23,377
197,235		Suncorp-Metway Ltd		3,553
268,750		Unipol S.p.A.		843
49,200		Willis Group Holdings Ltd		2,014
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		102,804
INSURANCE CARRIERS - 4.74%
75,799	e	ABC Learning Centres Ltd		442
375,958		ACE Ltd		22,772
988,600		Admiral Group plc		18,204
381,739		Aegon NV		7,310
733,571		Aetna, Inc		39,811
225,216		Aflac, Inc		12,846
126,423		Alleanza Assicurazioni S.p.A		1,683
287,052		Allianz AG.		67,067
152,722		Allstate Corp		8,734
50,336	e	Ambac Financial Group, Inc		3,167
12,000		American Financial Group, Inc		342
922,921		American International Group, Inc		62,436
966,393		AMP Ltd		9,038
47,500	*	Arch Capital Group Ltd		3,534
309,118	e	Assicurazioni Generali S.p.A.		13,603
46,400		Assurant, Inc		2,482
687,782		Aviva plc		10,357
1,310,486		AXA Asia Pacific Holdings Ltd		9,070
1,141,210	e	AXA S.A.		51,065
368,043		Axis Capital Holdings Ltd		14,321
1,125,548		China Life Insurance Co Ltd		6,465
145,827		Chubb Corp		7,822
41,009		Cincinnati Financial Corp		1,776
43,800		CNA Financial Corp		1,722
10,981		CNP Assurances		1,405
2,949	m,v	Codan A/S		336
198,450	*	Conseco, Inc		3,175
152,083	e	Corp Mapfre S.A.		687
33,000		Endurance Specialty Holdings Ltd		1,371
85,771		Everest Re Group Ltd		9,455
7,356		Fairfax Financial Holdings Ltd		1,794
49,166		Fidelity National Title Group, Inc (Class A)		859
20,487		First American Corp		750
21,731		Fondiaria-Sai S.p.A		1,020
481,520		Friends Provident plc		1,695
311,038		Genworth Financial, Inc (Class A)		9,558
120,377		Great-West Lifeco, Inc		4,416
43,400		HCC Insurance Holdings, Inc		1,243
41,145	*	Health Net, Inc		2,224
102,249	*	Humana, Inc		7,145
375,818	e	Insurance Australia Group Ltd		1,751
120,095		Irish Life & Permanent plc		2,663
80,995		KBC Groep NV		11,143
41,642	e	Leucadia National Corp		2,008
97,828		Lincoln National Corp		6,454
63,300		Loews Corp		3,061
695,610		Manulife Financial Corp		28,680
34,899	e	MBIA, Inc		2,131

153

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
76,204	e	Mediolanum S.p.A.	$	539
304,903		Metlife, Inc		21,261
21,029	e	MGIC Investment Corp		679
367,702		Millea Holdings, Inc		14,789
281,671		Mitsui Sumitomo Insurance Co Ltd		3,308
57,105	e	Muenchener Rueckver AG.		10,974
39,200		Nationwide Financial Services, Inc (Class A)		2,110
1,397,280		Old Mutual plc		4,583
77,582		Old Republic International Corp		1,454
108,520		OneBeacon Insurance Group Ltd		2,339
99,544	e	PartnerRe Ltd		7,863
22,034		PMI Group, Inc		721
212,663		Power Corp Of Canada		8,522
111,245		Power Financial Corp		4,641
148,701		Principal Financial Group		9,382
184,233		Progressive Corp		3,576
339,151		Prudential Financial, Inc		33,094
875,229		Prudential plc		13,457
20,537		Radian Group, Inc		478
68,503		RenaissanceRe Holdings Ltd		4,481
182,677		Resolution plc		2,551
841,383		Royal & Sun Alliance Insurance Group plc		2,660
51,856		Safeco Corp		3,175
8,672		Samsung Fire & Marine Insurance Co Ltd		1,867
30,128		SCOR		807
195,709		Sompo Japan Insurance, Inc		2,246
561,646		Standard Life plc		3,315
89,190		Storebrand ASA		1,386
256,844		Sun Life Financial, Inc		13,479
7,214		Swiss Life Holding		1,871
82,172	e	Swiss Reinsurance Co		7,319
102,516		T&D Holdings, Inc		6,310
3,995	*	Topdanmark A/S		657
34,962		Torchmark Corp		2,179
509,854		Travelers Cos, Inc		25,666
6,084		TrygVesta A.S.		488
513,469		UnitedHealth Group, Inc		24,867
236,735		UnumProvident Corp		5,793
161,891		W.R. Berkley Corp		4,797
55,200	*	WellCare Health Plans, Inc		5,820
7,045		Wiener Staedtische Allgemeine Versicherung AG.		492
240,570		XL Capital Ltd (Class A)		19,053
230,429		Zurich Financial Services AG.		69,124
		TOTAL INSURANCE CARRIERS		835,266
JUSTICE, PUBLIC ORDER AND SAFETY - 0.01%
1,033,154	*	PAN Fish ASA		1,315
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		1,315
LEATHER AND LEATHER PRODUCTS - 0.22%
54,048		Adidas-Salomon AG.		3,545
168,295	*	Coach, Inc		7,955
34,884		Continental AG.		4,824
60,870		Deutsche Lufthansa AG.		1,751
23,660		Henkel KGaA		1,120
16,971		Hermes International		1,910

154

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
60,767		LVMH Moet Hennessy Louis Vuitton S.A.	$	7,285
147,841		ThyssenKrupp AG.		9,415
547,781		Yue Yuen Industrial Holdings		1,638
		TOTAL LEATHER AND LEATHER PRODUCTS		39,443
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.02%
66,400		Brisa-Auto Estradas de Portugal S.A.		871
642,400		ComfortDelgro Corp Ltd		839
98,581	e	Keihin Electric Express Railway Co Ltd		639
64,772		Keisei Electric Railway Co Ltd		359
198,987		SMRT Corp Ltd		229
130,497		Stagecoach Group plc		607
		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		3,544
LUMBER AND WOOD PRODUCTS - 0.01%
154,312	*	MFI Furniture plc		347
50,115	e	Nobia AB		482
15,656	*	Sonae Industria SGPS S.A.		176
		TOTAL LUMBER AND WOOD PRODUCTS		1,005
METAL MINING - 1.96%
59,657		Agnico-Eagle Mines Ltd		2,959
236,757		Alumina Ltd		1,500
388,667		Barrick Gold Corp		15,611
1,849,848		BHP Billiton Ltd		73,127
98,315		Boliden AB		2,094
1,047,994		Cameco Corp		48,459
158,370		Cameco Corp		7,305
35,800	e	Cleveland-Cliffs, Inc		3,149
160,000		Companhia Vale do Rio Doce (ADR)		5,429
149,900	*	Eldorado Gold Corp		925
30,029		First Quantum Minerals Ltd		2,947
184,558		Freeport-McMoRan Copper & Gold, Inc (Class B)		19,358
315,496		Goldcorp, Inc		9,643
47,760	e	Iluka Resources Ltd		234
108,297	*	Ivanhoe Mines Ltd		1,407
262,754	*	Kinross Gold Corp		3,926
11,500		Korea Zinc Co Ltd		2,174
126,900	*	Lundin Mining Corp		1,622
45,061	*	Meridian Gold, Inc		1,498
57,461		MMC Norilsk Nickel (ADR)		15,629
96,807	e	Newcrest Mining Ltd		2,405
407,003		Newmont Mining Corp		18,205
280,824		Orica Ltd		7,501
1,495,237	e	Oxiana Ltd		5,148
920,913	e*	Paladin Resources Ltd		6,325
31,500	*	PAN American Silver Corp		916
266,500		PT International Nickel Indonesia Tbk		1,850
61,226	e	Rio Tinto Ltd		5,879
327,952		Rio Tinto plc		28,369
97,000		Sherritt International Corp		1,553
33,600	e	Southern Copper Corp		4,161
5,697,000		Straits Asia Resources Ltd		5,944
21,500	e	Sumitomo Titanium Corp		1,874
191,861		Teck Cominco Ltd (Class B)		9,108
9,393		Umicore		2,245

155

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
165,247		Xstrata plc	$	10,968
139,632	e	Yamana Gold, Inc		1,649
745,101	e	Zinifex Ltd		11,716
		TOTAL METAL MINING		344,812
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.12%
7,907	e	Aderans Co Ltd		166
15,788	e	Amer Sports Oyj		366
44,552		Bulgari S.p.A.		701
39,166		Fortune Brands, Inc		3,192
126,367		Futuris Corp Ltd		239
121,967		Hasbro, Inc		3,400
138,660		Mattel, Inc		3,253
48,273		Namco Bandai Holdings, Inc		702
12,429		Sankyo Co Ltd		503
6,451		Societe BIC S.A.		553
176,690		Tyco International Ltd		7,834
40,575		Yamaha Corp		910
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		21,819
MISCELLANEOUS RETAIL - 0.81%
110,685	*	Amazon.com, Inc		10,310
313,089		Best Buy Co, Inc		14,408
10,740		Circle K Sunkus Co Ltd		167
192,395		Compagnie Financiere Richemont AG.		12,749
888,298		CVS Corp		35,203
35,030		DCC plc		1,034
36,100	*	Dollar Tree Stores, Inc		1,463
7,983		Douglas Holding AG.		499
16,500		EDION Corp		184
3,549		Folli-Follie S.A.		145
10,694		HMV Group plc		26
233,947		Home Retail Group		1,784
654,766		Hutchison Whampoa Ltd		7,003
62,936		Jean Coutu Group, Inc (Class A)		838
16,581	*	KarstadtQuelle AG.		555
9,062	m,v	Matsumotokiyoshi Co Ltd		168
69,684	*	Meinl European Land Ltd		994
43,036		Metro AG.		3,887
100,538		Next plc		4,040
205,343		Nippon Mining Holdings, Inc		2,063
116,034	*	Office Depot, Inc		2,393
186,226		Origin Energy Ltd		1,702
101,832		Pacific Brands Ltd		280
36,426		Petsmart, Inc		1,162
5,194		Ryohin Keikaku Co Ltd		299
18,688	e	Sanoma-WSOY Oyj		581
21,927	e*	Sears Holdings Corp		2,789
87,094		Shoppers Drug Mart Corp		4,762
455,998		Signet Group plc		781
425,674		Staples, Inc		9,148
34,703		Tiffany & Co		1,817
342,442		Walgreen Co		16,177
132,610		Xebio Co Ltd		3,233
		TOTAL MISCELLANEOUS RETAIL		142,644

156

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
MOTION PICTURES - 0.54%
22,000		Astral Media, Inc	$	970
308,643	e	CBS Corp (Class B)		9,722
68,853	*	Discovery Holding Co (Class A)		1,986
3,110,900		Major Cineplex Group PCL		1,616
867,672		News Corp (Class A)		19,080
132,260		News Corp (Class B)		3,093
24,994	*	Premiere AG.		540
1,947,560		Time Warner, Inc		35,757
67,100	e	Toei Animation Co Ltd		1,782
28,180		Toho Co Ltd		557
536,670	*	Viacom, Inc (Class B)		20,914
		TOTAL MOTION PICTURES		96,017
NONDEPOSITORY INSTITUTIONS - 0.90%
15,662	e	Acom Co Ltd		349
669,503		Aeon Credit Service Co Ltd		7,198
554,828		Aeon Thana Sinsap Thailand PCL		818
15,956	e	Aiful Corp		250
65,783	e	American Capital Strategies Ltd		2,811
360,792		American Express Co		21,420
33,073		Broadridge Financial Solutions, Inc		627
1,100,161		Bursa Malaysia BHD		3,552
205,516		Capital One Financial Corp		13,652
90,864		Cattles plc		649
1,336,283		Challenger Financial Services Group Ltd		7,352
70,484		CIT Group, Inc		2,833
7,179		Collins Stewart plc		30
214,608		Countrywide Financial Corp		4,080
37,783		Credit Saison Co Ltd		974
21,391	e	D Carnegie AB		450
21,788		Deutsche Postbank AG.		1,600
169,532		Discover Financial Services		3,526
4,103,500		ECM Libra Avenue BHD		1,108
649,356		Fannie Mae		39,487
205,942		Freddie Mac		12,153
9,802	e	Hitachi Capital Corp		123
1,004,000		Hong Leong Finance Ltd		2,622
35,609	e	Hypo Real Estate Holding AG.		2,025
137,044		ICAP plc		1,478
53,372		IGM Financial, Inc		2,823
6,572		International Personal Finance plc		27
3,467,192		Kim Eng Holdings Ltd		4,645
1,071,500		Krungthai Card PCL		883
1,953		Osaka Securities Exchange Co Ltd		8,637
8,365		Perpetual Trustees Australia Ltd		542
16,424	e	Promise Co Ltd		400
3,286		Provident Financial plc		60
106,168	*	SLM Corp		5,273
25,564	e	Takefuji Corp		507
58,930		Textron, Inc		3,666
58,249		Tullett Prebon plc		514
		TOTAL NONDEPOSITORY INSTITUTIONS		159,144

157

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
NONMETALLIC MINERALS, EXCEPT FUELS - 0.17%
25,372		Aber Diamond Corp	$	994
602,663		Itochu Corp		7,319
141,367		Potash Corp of Saskatchewan		14,930
24,123	e	Solvay S.A.		3,501
41,525		Vulcan Materials Co		3,702
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		30,446
OIL AND GAS EXTRACTION - 3.50%
169,751		Acergy S.A.		5,046
62,194		Aker Kvaerner ASA		1,981
114,289		Anadarko Petroleum Corp		6,143
291,185		Baker Hughes, Inc		26,314
910,927		BG Group plc		15,767
75,206		BJ Services Co		1,997
82,666	*	Cameron International Corp		7,629
242,391		Canadian Natural Resources Ltd		18,414
104,540		Canadian Oil Sands Trust		3,468
100,800		Canetic Resources Trust		1,533
114,000		Chesapeake Energy Corp		4,020
854,000		China Oilfield Services Ltd		1,966
28,544		Cimarex Energy Co		1,063
1,452,000		CNOOC Ltd		2,439
1	*	Compagnie Generale de Geophysique-Veritas (ADR)		-	^
225,766	*	Denbury Resources, Inc		10,090
306,379	e*	DET Norske Oljeselskap		637
17,815	e	Diamond Offshore Drilling, Inc		2,018
19,162	*	Duvernay Oil Corp		611
110,497	e*	Electromagnetic GeoServices AS		1,845
346,366		EnCana Corp		21,416
55,388		Enerplus Resources Fund		2,612
85,170		ENSCO International, Inc		4,778
56,700		Ensign Energy Services, Inc		1,071
29,757		Equitable Resources, Inc		1,544
14,200	*	Exterran Holdings, Inc		1,141
103,200	*	First Calgary Petroleums Ltd		501
48,582		Gaz de France		2,524
109,740		GlobalSantaFe Corp		8,342
819,501		Halliburton Co		31,469
54,356		Harvest Energy Trust		1,463
114,394		Husky Energy, Inc		4,767
4,500		Idemitsu Kosan Co Ltd		507
7,500		INA Industrija Nafte DD (GDR)		4,095
429		Inpex Holdings, Inc		4,407
500,000	*	Integra Group Holdings (GDR)		7,775
4,100		Japan Petroleum Exploration Co		305
122,600		KazMunaiGas Exploration Production (GDR)		2,941
75,883	e*	Lundin Petroleum AB		874
77,253	*	Nabors Industries Ltd		2,377
102,640	*	National Oilwell Varco, Inc		14,832
29,779		Neste Oil Oyj		1,090
219,131	*	Nexen, Inc		6,695
18,074		Niko Resources Ltd		1,767
95,828		Noble Corp		4,700
358,969		Norsk Hydro ASA		15,614
76,800	*	OPTI Canada, Inc		1,438
41,065		Patterson-UTI Energy, Inc		927

158

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
106,885		Penn West Energy Trust	$	3,321
222,604		Petro-Canada		12,772
8,601,366		PetroChina Co Ltd		16,309
67,823		Petroleum Geo-Services ASA		1,956
31,924		Pioneer Natural Resources Co		1,436
27,000		Precision Drilling Trust		518
433,250	*	Pride International, Inc		15,835
78,295		ProSafe ASA		1,397
90,900		Provident Energy Trust		1,155
9,377,600		PT Apexindo Pratama Duta		2,410
37,733		Range Resources Corp		1,534
535,616	*	Renewable Energy Corp A.S.		24,688
28,484		Rowan Cos, Inc		1,042
982,698		Saipem S.p.A.		41,926
128,221		Santos Ltd		1,712
418,267		Schlumberger Ltd		43,918
3,341,700		Scomi Group BHD		1,402
94,012	*	SeaDrill Ltd		2,114
64,795		Singapore Petroleum Co Ltd		297
11,222	*	SK Energy Co Ltd		1,962
70,923		Smith International, Inc		5,064
60,657	*	Southwestern Energy Co		2,539
477,778		Talisman Energy, Inc		9,381
42,281	*	TGS Nopec Geophysical Co ASA		867
23,300	e	Tidewater, Inc		1,464
973,905		Total S.A.		79,186
105,812	*	Transocean, Inc		11,962
51,610		Trican Well Service Ltd		1,051
39,428	*	Ultra Petroleum Corp		2,446
187,900	*	UTS Energy Corp		1,043
120,958	*	Weatherford International Ltd		8,126
65,544	*	Western Oil Sands, Inc (Class A)		2,566
247,097	e	Woodside Petroleum Ltd		11,007
602,575		XTO Energy, Inc		37,263
		TOTAL OIL AND GAS EXTRACTION		616,622
PAPER AND ALLIED PRODUCTS - 1.23%
172,734	*	Abitibi-Consolidated, Inc		306
2,206,467		Anglo American plc		148,479
29,400	e	Aracruz Celulose S.A. (ADR)		2,163
8,961		Billerud AB		120
38,603	*	Canfor Corp		429
149		Canfor Plus Income Fund		2
27,190	*	Domtar Corp		224
135,222	*	Domtar Corporation		1,109
17,937	e	Holmen AB (B Shares)		687
111,881		International Paper Co		4,013
292,805		Kimberly-Clark Corp		20,572
18,667		Kokuyo Co Ltd		194
1,882		Mayr-Melnhof Karton AG.		208
65,032		MeadWestvaco Corp		1,920
74,716		Metso Oyj		5,146
90,939	*	Mondi Ltd		908
1,115,308		Mondi plc		10,611
205		Nippon Paper Group, Inc		634
66,261		Norske Skogindustrier ASA		709

159

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
195,563	e	OJI Paper Co Ltd	$	947
90,467		PaperlinX Ltd		244
78		Sanrio Co Ltd		1
63,242	*	Smurfit-Stone Container Corp		739
42,000		Sonoco Products Co		1,267
134,923		Stora Enso Oyj (R Shares)		2,628
175,443		Svenska Cellulosa AB (B shares)		3,274
114,720		Temple-Inland, Inc		6,038
9,541		Uni-Charm Corp		586
121,544		UPM-Kymmene Oyj		2,939
		TOTAL PAPER AND ALLIED PRODUCTS		217,097
PERSONAL SERVICES - 0.07%
37,145		Cintas Corp		1,378
164,017		Davis Service Group plc		1,797
82,711		H&R Block, Inc		1,752
1,464,438		Kuala Lumpur Kepong BHD		5,673
483,737		Rentokil Initial plc		1,652
		TOTAL PERSONAL SERVICES		12,252
PETROLEUM AND COAL PRODUCTS - 5.24%
302,964		Apache Corp		27,285
1,000,000		Aromatics Thailand PCL		2,203
20,000		Ashland, Inc		1,204
7,277,492		BP plc		84,499
324,900		BP plc (ADR)		22,532
162,000		Cabot Oil & Gas Corp		5,696
837,822		Chevron Corp		78,403
2,000,000		China Petroleum & Chemical Corp		2,498
56,000		ConocoPhillips		4,915
294,485		Devon Energy Corp		24,501
1,479,757		ENI S.p.A.		54,840
63,271		EOG Resources, Inc		4,576
2,473,751		Exxon Mobil Corp		228,971
59,000		Frontier Oil Corp		2,457
23,569		Hellenic Petroleum S.A.		377
171,837		Hess Corp		11,432
33,300		Holly Corp		1,992
148,852		Imperial Oil Ltd		7,377
505,104		Marathon Oil Corp		28,801
9,630		Motor Oil Hellas Corinth Refineries S.A.		256
33,186	*	Newfield Exploration Co		1,598
185,418		Noble Energy, Inc		12,987
1,001,460		Occidental Petroleum Corp		64,174
38,326		OMV AG.		2,559
217,910		Petroleo Brasileiro S.A. (ADR)		16,452
94,411		Premier Farnell plc		306
184,719	e	Repsol YPF S.A.		6,598
1,852,614		Royal Dutch Shell plc (A Shares)		76,453
1,218,506		Royal Dutch Shell plc (B Shares)		50,160
43,566		Showa Shell Sekiyu KK		560
1,154,221	e	Statoil ASA		39,339
74,489	*	Suncor Energy, Inc		7,062
206,723		Suncor Energy, Inc		19,632
64,516		Sunoco, Inc		4,567
134,372		Tesoro Corp		6,184

160

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
67,353		TonenGeneral Sekiyu KK	$	677
296,774		Valero Energy Corp		19,937
		TOTAL PETROLEUM AND COAL PRODUCTS		924,060
PIPELINES, EXCEPT NATURAL GAS - 0.09%
163,487		Spectra Energy Corp		4,002
338,212		TransCanada Corp		12,401
		TOTAL PIPELINES, EXCEPT NATURAL GAS		16,403
PRIMARY METAL INDUSTRIES - 1.53%
48,684	e	Acerinox S.A.		1,465
55,000	*	AK Steel Holding Corp		2,417
275,234	e*	Alcan, Inc		27,458
224,607		Alcoa, Inc		8,787
23,340		Allegheny Technologies, Inc		2,566
246,899	e	ArcelorMittal		19,487
5,257		Bekaert S.A.		705
925,011		BHP Billiton plc		33,120
155,578		BlueScope Steel Ltd		1,484
1,072		Boehler-Uddeholm AG.		112
587,336		Corning, Inc		14,478
68,698	e	Daido Steel Co Ltd		585
62,530		DOWA HOLDINGS CO Ltd		792
10,913	m,v*	Dowa Mining Co Ltd		-	^
82,108		Fujikura Ltd		520
709,358		Furukawa Electric Co Ltd		3,471
5,182		Hoganas AB (Class B)		137
58,430		Johnson Matthey plc		1,993
618,723		Kobe Steel Ltd		2,311
261,186		Mitsubishi Materials Corp		1,624
132,239		Mitsui Mining & Smelting Co Ltd		570
102,308		Nippon Light Metal Co Ltd		225
1,400,818		Nippon Steel Corp		10,086
185,715	e	Nisshin Steel Co Ltd		838
153,621		Nucor Corp		9,136
118,684		OneSteel Ltd		727
26,893		Outokumpu Oyj		966
4,000		POSCO		2,941
37,054		Salzgitter AG.		7,278
1,287,129		Steel Authority Of India		6,691
20,000		Steel Dynamics, Inc		934
168,856	e	Sumitomo Electric Industries Ltd		2,690
2,899,614		Sumitomo Metal Industries Ltd		16,913
126,449		Sumitomo Metal Mining Co Ltd		3,071
6,700	e	Toho Titanium Co Ltd		246
23,648		Tokyo Steel Manufacturing Co Ltd		367
72,176		United States Steel Corp		7,646
43,000		Usinas Siderurgicas de Minas Gerais S.A.		3,003
233,666	e	Vallourec		67,305
21,676		Viohalco S.A.		357
43,525		Voestalpine AG.		3,761
		TOTAL PRIMARY METAL INDUSTRIES		269,263
PRINTING AND PUBLISHING - 0.57%
55,885		APN News & Media Ltd		259
33,872	e	Arnoldo Mondadori Editore S.p.A.		328

161

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
143,138	e	Dai Nippon Printing Co Ltd	$	2,046
79,068		Daily Mail & General Trust		1,019
157,508		De La Rue plc		2,353
14,587		Dow Jones & Co, Inc		871
28,545		Dun & Bradstreet Corp		2,815
57,515		Emap plc		1,034
59,496		Eniro AB		725
60,915		Gannett Co, Inc		2,662
238,315		Independent News & Media plc		887
261,162		John Fairfax Holdings Ltd		1,094
14,415	e	McClatchy Co (Class A)		288
198,454		McGraw-Hill Cos, Inc		10,103
34,008	e	New York Times Co (Class A)		672
462,791		Orkla ASA		8,266
28,894		PagesJaunes Groupe S.A.		594
214,988		Pearson plc		3,332
315,298		PRONEXUS, Inc		2,366
37,176	*	Quebecor World, Inc		360
77,321		R.R. Donnelley & Sons Co		2,827
165,325		Reed Elsevier NV		3,140
2,450,359		Reed Elsevier plc		30,983
340,223		Reuters Group plc		4,476
18,960		Schibsted ASA		999
535,140		Singapore Press Holdings Ltd		1,556
100,616		Thomson Corp		4,214
129,540	e	Toppan Printing Co Ltd		1,334
2,917	*	Tribune Co		80
78,111		Trinity Mirror plc		658
67,415		United Business Media plc		955
1,360		Washington Post Co (Class B)		1,092
66,892		Wolters Kluwer NV		1,986
207,666		Yell Group plc		1,823
112,600		Yellow Pages Income Fund		1,537
		TOTAL PRINTING AND PUBLISHING		99,734
RAILROAD TRANSPORTATION - 0.49%
424,716	*	Asciano Group		3,381
143,616		Burlington Northern Santa Fe Corp		11,657
229,271	e*	Canadian National Railway Co		13,084
69,844		Canadian Pacific Railway Ltd		4,916
366		Central Japan Railway Co		3,887
141,481		CSX Corp		6,045
1,793		East Japan Railway Co		14,142
260,480		Firstgroup plc		3,669
127,147		Norfolk Southern Corp		6,600
145,105	e	Odakyu Electric Railway Co Ltd		936
146,240		Union Pacific Corp		16,534
396		West Japan Railway Co		1,889
		TOTAL RAILROAD TRANSPORTATION		86,740
REAL ESTATE - 1.52%
296,310	e	Aeon Mall Co Ltd		9,055
6,738,863		Allgreen Properties Ltd		8,710
364,571		Ascendas Real Estate Investment Trust		670
10,195,901		Ayala Land, Inc		3,678
30,131		Bovis Homes Group plc		403

162

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
138,837		British Land Co plc	$	3,329
71,172		Brixton plc		528
97,493		Brookfield Properties Co		2,421
2,684,488		CapitaLand Ltd		14,728
52,588		Castellum AB		655
71,503	*	CB Richard Ellis Group, Inc (Class A)		1,991
2,288,600		Central Pattana PCL		1,853
185,660		Centro Properties Group		1,214
149		Centro Retail Group		-	^
397,556		Cheuk Nang Holdings Ltd		368
462,792		Cheung Kong Holdings Ltd		7,632
360,000	v*	China Aoyuan Property Group Ltd		241
583,531		City Developments Ltd		6,364
3,188		Cofinimmo		564
10,221		Corio NV		873
629,080		DB RREEF Trust		1,122
52,532		Fabege AB		626
10,772	e	Forest City Enterprises, Inc (Class A)		594
2,866		Gecina S.A.		486
81,321		Hammerson plc		1,950
1,336,356		Hang Lung Properties Ltd		5,982
268,459		Henderson Land Development Co Ltd		2,129
184,638		Hopewell Holdings		881
183,326		Hysan Development Co Ltd		508
4,754		Icade		346
4,548,700		IGB Corp BHD		3,698
103,951		IMMOFINANZ Immobilien Anlagen AG.		1,297
24,518		IVG Immobilien AG.		914
19,000		Jones Lang LaSalle, Inc		1,952
130,676		Keppel Land Ltd		730
173,506		Kerry Properties Ltd		1,333
16,707		Klepierre		958
45,916		Kungsleden AB		591
6,851,433		Land and Houses PCL		1,459
29,513		Leopalace21 Corp		969
67,812		Liberty International plc		1,583
308,023	e	Macquarie Goodman Group		1,889
87,601,000		Megaworld Corp		6,709
407,000	*	Metro Pacific Investments Corp		35
20,988		MI Developments, Inc (Class A)		695
218,317		Mirvac Group		1,056
273,614		Mitsubishi Estate Co Ltd		7,837
194,863		Mitsui Fudosan Co Ltd		5,412
2,856,283		New World Development Ltd		7,900
11,800		Nomura Real Estate Holdings, Inc		345
126,692		ORIX Corp		28,898
22,530,700		Quality House PCL		1,164
4,690	e	Risa Partners, Inc		8,819
8,863,200		Robinsons Land Corp		3,246
116,178		Segro plc		1,187
10,114,942		Shanghai Real Estate Ltd		4,372
330,000		Shoei Co Ltd		5,088
573,104		Shui On Land Ltd		697
39,286		Singapore Land Ltd		270
425,136		Sino Land Co		1,058
2,507,500		SP Setia BHD		6,476

163

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
2,430,000	*	SPG Land Holdings Ltd	$	1,947
18,005	e	St. Joe Co		605
8,776	*	Stockland		69
307,302		Stockland Trust Group		2,454
784,433		Sumitomo Realty & Development Co Ltd		27,590
421,657		Sun Hung Kai Properties Ltd		7,106
65,572		Tokyo Tatemono Co Ltd		836
617,107		Tokyu Land Corp		6,194
17,608		Unibail		4,532
743	*	Unibail-Rodamco		191
4,689,875	*	Unitech Corporate Parks plc		9,835
415,800		Urban Corp		6,744
5,264		Wereldhave NV		634
374,308		Westfield Group		7,208
6,481		Wihlborgs Fastigheter AB		120
991,359		Wing Tai Holdings Ltd		2,576
		TOTAL REAL ESTATE		267,179
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.49%
30,237		Ansell Ltd		335
659,095		Bayer AG.		52,461
331,961		Bridgestone Corp		7,341
1,700		Cooper Tire & Rubber Co		42
108,738	e	Denki Kagaku Kogyo KK		611
163,620		Hankook Tire Co Ltd		3,352
34,950		Michelin (C.G.D.E.) (Class B)		4,699
147,282		Mitsui Chemicals, Inc		1,463
71,792		Newell Rubbermaid, Inc		2,069
125,056		Nike, Inc (Class B)		7,336
22,533		Nokian Renkaat Oyj		882
859,830		Pirelli & C S.p.A.		1,036
41,540		Sealed Air Corp		1,062
43,844	e	Sumitomo Bakelite Co Ltd		252
79,500		Tupperware Corp		2,503
12,154		Uponor Oyj		377
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		85,821
SECURITY AND COMMODITY BROKERS - 1.59%
282,755	e	Allco Finance Group Ltd		2,321
178,756		Ameriprise Financial, Inc		11,281
142,176		Australian Stock Exchange Ltd		6,781
48,717	e	Babcock & Brown Ltd		1,188
380,737		Charles Schwab Corp		8,224
12,194		CME Group, Inc		7,162
310,355		Daiwa Securities Group, Inc		2,956
54,042		Deutsche Boerse AG.		7,359
199,877	*	E*Trade Financial Corp		2,610
321		E*Trade Securities Co Ltd		305
63,146		Franklin Resources, Inc		8,051
49,621	e*	GFI Group, Inc		4,273
171,064		Goldman Sachs Group, Inc		37,076
13,495		Hellenic Exchanges S.A.		433
310,587		Hong Kong Exchanges and Clearing Ltd		9,493
9,900	*	IntercontinentalExchange, Inc		1,504
51,025		Janus Capital Group, Inc		1,443
3,049,200		Kim Eng Securities Thailand PCL		2,153

164

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
34,000		Korea Investment Holdings Co Ltd	$	2,237
2,626,767		Legal & General Group plc		7,180
33,864		Legg Mason, Inc		2,854
326,575	e	Lehman Brothers Holdings, Inc		20,160
41,942		London Stock Exchange Group plc		1,410
107,975	e	Macquarie Bank Ltd		8,087
26,524	e	Matsui Securities Co Ltd		203
453,055		Merrill Lynch & Co, Inc		32,294
58,494	m,v	Mitsubishi Securities Co		512
505,065		Morgan Stanley		31,819
89,000		Nikko Cordial Corp		1,118
925,499		Nomura Holdings, Inc		15,518
83,500	e	Nymex Holdings, Inc		10,870
35,865	e	NYSE Euronext		2,839
24,251		OMX AB		1,052
2,901,900		OSK Holdings BHD		1,984
1,870		SBI Holdings, Inc		491
29,770		Schroders plc		845
98,956		Shinko Securities Co Ltd		458
2,119,056		Singapore Exchange Ltd		18,402
65,355		T Rowe Price Group, Inc		3,640
30,541		TSX Group, Inc		1,474
		TOTAL SECURITY AND COMMODITY BROKERS		280,060
SOCIAL SERVICES - 0.01%
43,382		Vedior NV		954
		TOTAL SOCIAL SERVICES		954
SPECIAL TRADE CONTRACTORS - 0.03%
23,349		COMSYS Holdings Corp		256
13,883		KCI Konecranes Oyj		559
29,131		Kinden Corp		266
51,879		Kone Oyj (Class B)		3,784
		TOTAL SPECIAL TRADE CONTRACTORS		4,865
STONE, CLAY, AND GLASS PRODUCTS - 0.75%
225,734		3M Co		21,124
220,298	e	Asahi Glass Co Ltd		2,963
120,812		Boral Ltd		771
17,000		Bradespar S.A.		971
71,717	*	Cemex S.A. de C.V. (ADR)		2,146
38,447		Central Glass Co Ltd		194
52,603		Cimpor Cimentos de Portugal S.A.		436
81,755		Compagnie de Saint-Gobain		8,532
49,980		Cookson Group plc		780
221,217		CRH plc		8,785
31,379		FLSmidth & Co A/S		3,337
357,108		Holcim Ltd		39,445
14,343,000		Holcim Philippines, Inc		2,611
21,164		Italcementi S.p.A.		469
94,922	e	James Hardie Industries NV		601
3,824,000	*	Lafarge Malayan Cement BHD		2,020
37,164	e	Lafarge S.A.		5,758
1,408,000		Luks Group Vietnam Holdings Ltd		1,895
419,021		NGK Insulators Ltd		13,497
139,222		Nippon Sheet Glass Co Ltd		851

165

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
38,584	*	Owens-Illinois, Inc	$	1,599
2,513,000		PT Indocement Tunggal Prakarsa Tbk		1,676
6,895,000		PT Semen Gresik Persero Tbk		3,996
5,591	*	RHI AG.		257
200,000		Siam Cement PCL		1,482
84,952		Sumitomo Osaka Cement Co Ltd		209
206,376		Taiheiyo Cement Corp		785
63,977	e	Toto Ltd		464
222,260		UBE Industries Ltd		788
46,366		Wienerberger AG.		2,900
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		131,342
TEXTILE MILL PRODUCTS - 0.00%**
474		Fiberweb plc		1
		TOTAL TEXTILE MILL PRODUCTS		1
TOBACCO PRODUCTS - 1.03%
59,571		Altadis S.A.		4,191
1,433,233		Altria Group, Inc		99,653
668,134		British American Tobacco plc		23,950
4,707,728		Huabao International Holdings Ltd		4,239
181,291		Imperial Tobacco Group plc		8,312
712,124		ITC Ltd		3,392
5,543		Japan Tobacco, Inc		30,450
35,400		Loews Corp (Carolina Group)		2,911
40,000	e	Reynolds American, Inc		2,544
99,463		Swedish Match AB		2,068
		TOTAL TOBACCO PRODUCTS		181,710
TRANSPORTATION BY AIR - 0.31%
34,300	*	ACE Aviation Holdings, Inc (Class A)		917
7,653		Aeroports de Paris		882
27,915		Air France-KLM		1,026
738,000		Air New Zealand Ltd		1,381
147,000		All Nippon Airways Co Ltd		573
123,000	e*	AMR Corp		2,742
189,557		Auckland International Airport Ltd		450
105,388		BBA Aviation plc		493
153,261	*	British Airways plc		1,202
423,089		Cathay Pacific Airways Ltd		1,156
75,000	e*	Continental Airlines, Inc (Class B)		2,477
131,773		FedEx Corp		13,803
2,329		Flughafen Wien AG.		241
127,040		Iberia Lineas Aereas de Espana		619
181,000		Japan Airlines Corp		392
3,600		Jazz Air Income Fund		29
146,013		Macquarie Airports		564
208,338		Qantas Airways Ltd		1,032
170,414	*	Ryanair Holdings plc		1,215
54	*	Ryanair Holdings plc (ADR)		2
240,883		SABMiller plc		6,860
15,579	*	SAS AB		279
2,489,954		Shun TAK Holdings Ltd		4,010
192,379	*	Singapore Airlines Ltd		2,461
69,779		Southwest Airlines Co		1,033

166

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
182,000	e*	UAL Corp	$	8,468
		TOTAL TRANSPORTATION BY AIR		54,307
TRANSPORTATION EQUIPMENT - 3.65%
976,704		Austal Ltd		2,938
138,000		Autoliv, Inc		8,246
584,692	e	Boeing Co		61,387
645,145	*	Bombardier, Inc (Class B)		3,833
22,948		Brunswick Corp		525
1,579,873		Cosco Corp Singapore Ltd		6,328
276,061		DaimlerChrysler AG.		27,807
333,535		Denso Corp		12,573
1,145		D'ieteren S.A.		511
80,582	e	European Aeronautic Defence and Space Co		2,477
352,845	e	Fiat S.p.A.		10,672
465,205	e*	Ford Motor Co		3,950
196,508		General Dynamics Corp		16,599
117,687		General Motors Corp		4,319
44,287		Genuine Parts Co		2,214
406,782		GKN plc		2,946
1,041,400	e	Hankyu Hanshin Holdings, Inc		5,322
92,544		Harley-Davidson, Inc		4,276
30,676		Harsco Corp		1,818
58,182		Hino Motors Ltd		445
463,696		Honda Motor Co Ltd		15,582
3,430		Hyundai Heavy Industries		1,585
999,269		Isuzu Motors Ltd		5,724
65,514		ITT Industries, Inc		4,450
49,639		Jardine Cycle & Carriage Ltd		618
43,895		JTEKT Corp		774
314,044		Kawasaki Heavy Industries Ltd		1,230
2,169,010		Keppel Corp Ltd		21,026
30,020	e	Lagardere S.C.A.		2,555
214,740		Lockheed Martin Corp		23,297
48,883		Magna International, Inc (Class A)		4,716
53,323		MAN AG.		7,759
38,000		MTU Aero Engines Holding AG.		2,314
510,158		Nabtesco Corp		8,323
35,421		NHK Spring Co Ltd		270
141,576		Northrop Grumman Corp		11,043
102,401	e	NSK Ltd		899
18,527		Oshkosh Truck Corp		1,148
84,100		Paccar, Inc		7,170
106,504	*	Pactiv Corp		3,052
61,945	e	Peugeot S.A.		5,113
2,301		Porsche AG.		4,888
342,386		Raytheon Co		21,851
257,721		Renault S.A.		37,345
3,943		Rieter Holding AG.		2,134
479,879		Rolls-Royce Group plc		5,130
132,412		Scania AB (B Shares)		3,226
2,752,348		SembCorp Marine Ltd		8,523
15,761		Shimano, Inc		552
850,348		Siemens AG.		116,914
2,380,640		Singapore Technologies Engineering Ltd		6,250
101,774		Smiths Group plc		2,226
63,000	*	Spirit Aerosystems Holdings, Inc (Class A)		2,453

167

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
49,100		Takata Corp	$	1,915
21,881		Thales S.A.		1,283
12,600		Tokai Rika Co Ltd		351
13,996		Toyoda Gosei Co Ltd		507
43,494		Toyota Industries Corp		1,874
837,225		Toyota Motor Corp		49,418
27,713		Trelleborg AB (B Shares)		654
17,000	*	TRW Automotive Holdings Corp		539
474,968		United Technologies Corp		38,225
74,739		Volkswagen AG.		16,892
10,555		Volkswagen AG.		1,452
144,727		Volvo AB (A Shares)		2,515
373,769	e	Volvo AB (B Shares)		6,511
42,689		Yamaha Motor Co Ltd		1,089
		TOTAL TRANSPORTATION EQUIPMENT		642,551
TRANSPORTATION SERVICES - 0.11%
81,578		All America Latina Logistica S.A.		1,162
49,535		Arriva plc		783
76,363		Expeditors International Washington, Inc		3,612
58,000		Go-Ahead Group plc		2,834
650		Kuoni Reisen Holding		307
16,831	*	Lear Corp		540
426,195		MTR Corp		1,269
34,150		National Express Group plc		864
14,603		Stolt-Nielsen S.A.		433
426,157	e	Toll Holdings Ltd		4,958
56,724	e	TUI AG.		1,524
60,000	e	UTI Worldwide, Inc		1,379
		TOTAL TRANSPORTATION SERVICES		19,665
TRUCKING AND WAREHOUSING - 0.66%
1,815,188		Deutsche Post AG.		52,803
468,600	e	DSV AS		11,047
59,323		Kamigumi Co Ltd		498
26,262		Mitsubishi Logistics Corp		370
184,343		Nippon Express Co Ltd		916
31,991		Seino Holdings Corp		296
880,678		TNT NV		36,920
173,495		United Parcel Service, Inc (Class B)		13,030
90,378	e	Yamato Transport Co Ltd		1,356
		TOTAL TRUCKING AND WAREHOUSING		117,236
WATER TRANSPORTATION - 0.34%
255		AP Moller - Maersk A/S		3,502
180,000	e	Aries Maritime Transport Ltd		1,647
156,314		Carnival Corp		7,570
45,606		Carnival plc		2,178
1,078,000		China Shipping Development Co Ltd		3,494
6,261		Compagnie Maritime Belge S.A.		464
6,460	e	D/S Torm AS		263
135,000		Danaos Corp		4,874
8,375	e	Euronav NV		263
3,223,000		Evergreen Marine Corp Tawain Ltd		2,726
1,192,000		Ezra Holdings Ltd		5,136
40,241	e	Frontline Ltd		1,978

168

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
4,395,000		International Container Term Services, Inc	$	3,561
103,186	e	Kawasaki Kisen Kaisha Ltd		1,515
12,464		Kuehne & Nagel International AG.		1,227
342,145		Mitsui OSK Lines Ltd		5,543
758,381		Neptune Orient Lines Ltd		2,706
257,636	e	Nippon Yusen Kabushiki Kaisha		2,517
175,000	e	Omega Navigation Enterprises, Inc (Class A)		3,488
263,269		Orient Overseas International Ltd		2,504
47,423	e	Royal Caribbean Cruises Ltd		1,851
68		Ship Finance International Ltd		2
2,000,000		Wan Hai Lines Ltd		1,520
		TOTAL WATER TRANSPORTATION		60,529
WHOLESALE TRADE-DURABLE GOODS - 0.51%
74,315	*	Arrow Electronics, Inc		3,160
105,968		Assa Abloy AB (Class B)		2,199
5,992		Autobacs Seven Co Ltd		156
212,000		Banpu PCL		2,152
215,400		Banpu PCL		2,187
23,605		Buhrmann NV		257
90,502		Bunzl plc		1,297
16,171		Canon Marketing Japan Inc		324
753,000	*	China High Speed Transmission Equipment Group Co Ltd		1,362
48,698		Compagnie Generale d'Optique Essilor International S.A.		3,055
128,955	*	Cytyc Corp		6,145
111,542		Electrocomponents plc		581
80,422		Finning International, Inc		2,592
25,279	*	Fortescue Metals Group Ltd		1,070
130,755	e	Hagemeyer NV		604
54,726		Kingspan Group plc		1,202
11,573	e	Martin Marietta Materials, Inc		1,546
315,098		Mitsubishi Corp		9,985
527,105	e	Nissan Motor Co Ltd		5,282
109,760	*	Patterson Cos, Inc		4,238
2,093,500		PT Astra International Tbk		4,407
19,508		Rautaruukki Oyj		1,182
50,000		Reliance Steel & Aluminum Co		2,827
55,031		Schneider Electric S.A.		6,952
65,658	*	Securitas Direct AB (B Shares)		193
65,595		Securitas Systems AB (B Shares)		242
334,847	e	Sumitomo Corp		6,472
210,800	e	Ulvac, Inc		6,827
803,800		UMW Holdings BHD		3,326
18,165		W.W. Grainger, Inc		1,656
81,218		Wesfarmers Ltd		3,027
175,691		Wolseley plc		2,971
9,528		Zodiac S.A.		683
		TOTAL WHOLESALE TRADE-DURABLE GOODS		90,159
WHOLESALE TRADE-NONDURABLE GOODS - 0.73%
11,571,000	*	Alliance Global Group, Inc		1,336
17,762	e	Altana AG.		428
6,311		Axfood AB		213
395,034	e	Billabong International Ltd		5,251
11,997	e	Brown-Forman Corp (Class B)		899
144,368		C&C Group plc		1,194

169

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				MATURITY		VALUE
SHARES			RATE	DATE		(000)
142,745		Cardinal Health, Inc			$	8,926
10,750		Casino Guichard Perrachon S.A.				1,127
21,853		Celesio AG.				1,379
778,000		Dalian Port PDA Co Ltd				631
47,524		Dean Foods Co				1,216
1,143,043		Esprit Holdings Ltd				18,159
774,125		Foster's Group Ltd				4,486
1,226		Fyffes plc				2
384,880		Gazprom (ADR)				16,973
51,336	*	Gildan Activewear, Inc				2,033
99,486	e	Idearc, Inc				3,131
643,778		Li & Fung Ltd				2,733
150,000	e	Macquarie Infrastructure Co LLC				5,788
1,212,267		Marubeni Corp				11,124
45,000		Men's Wearhouse, Inc				2,273
289,400		Nippon Oil Corp				2,688
11,662		Oriflame Cosmetics S.A.				708
49,658		Reliance Industries Ltd				2,864
56,600		San-A Co Ltd				1,803
14,371		Suzuken Co Ltd				484
160,433		Sysco Corp				5,710
601,955		Unilever NV				18,583
238,000		Unilever NV				7,342
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS				129,484
		TOTAL COMMON STOCKS				17,418,897
		(Cost $15,566,012)
WARRANTS - 0.00%**
HOTELS AND OTHER LODGING PLACES - 0.00%**
1,550,848	v*	Minor International PCL (Expires 03/29/08)				425
		TOTAL HOTELS AND OTHER LODGING PLACES				425
REAL ESTATE - 0.00%**
52,313	*	Cheuk Nang Holdings Ltd (Expires 04/30/08)				10
		TOTAL REAL ESTATE				10
		TOTAL WARRANTS				435
		(Cost $26)
PRINCIPAL
SHORT-TERM INVESTMENTS - 7.87%
U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES - 1.38%
$      114,300,000		Federal Home Loan Bank (FHLB)	0.000%	10/01/07		114,262
7,700,000		(FHLB)	0.000	10/19/07		7,682
2,435,000		Federal National Mortgage Association (FNMA)	0.000	10/15/07		2,431
119,000,000		(FNMA)	0.000	10/31/07		118,551
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES				242,926
SHARES
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 6.49%
1,144,087,242		Global Separate Collateral Pool				1,144,087

170

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
423		State Street Navigator Securities Lending Prime Portfolio	$	-	^
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED		1,144,087
		TOTAL SHORT-TERM INVESTMENTS		1,387,013
		(Cost $1,387,011)
		TOTAL PORTFOLIO - 106.72%		18,809,981
		(Cost $16,955,893)
		OTHER ASSETS & LIABILITIES, NET - (6.72%)		(1,184,818	)
		NET ASSETS - 100.00%	$	17,625,163
		The following abbreviations are used in portfolio descriptions:
	ADR	American Depositary Receipt
	GDR	Global Depositary Receipt
	LLC	Limited Liability Company
	plc	Public Limited Company
	*	Non-income producing.
	**	Percentage represents less than 0.01%.
	^	Amount represents less than $1,000.
	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 September 30, 2007, the unrealized appreciation on investments was $1,854,087,836, consisting of
		gross unrealized appreciation of $2,294,634,343 and gross unrealized depreciation of $440,546,507.
		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:

COLLEGE RETIREMENT EQUITIES FUND
TRANSACTIONS WITH AFFILIATED COMPANIES-GLOBAL EQUITIES ACCOUNT
JANUARY 1, 2007 - SEPTEMBER 30, 2007

	Value at	Purchase			Realized	Dividend		Withholding		Shares at	Value at
Issue	December 31, 2006	Cost		Proceeds	Gain/(Loss)	Income		Expense		September 30, 2007	September 30, 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 September 30, 2007.
**      Not an Affiliate as of December 31, 2006.

171

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
COLLEGE RETIREMENT EQUITIES FUND
GLOBAL EQUITIES ACCOUNT
Summary of Market Values by Country
September 30, 2007
			% OF
			MARKET
COUNTRY	VALUE		VALUE
DOMESTIC
UNITED STATES	$	9,707,117,187	51.61	%
TOTAL DOMESTIC		9,707,117,187	51.61
FOREIGN
ARGENTINA		1,406,715	0.01
AUSTRALIA		412,012,412	2.19
AUSTRIA		37,383,328	0.20
BELGIUM		66,187,527	0.35
BRAZIL		42,304,089	0.22
CANADA		574,131,954	3.05
CAYMAN ISLANDS		23,757,381	0.13
CHILE		1,659,310	0.01
CHINA		6,464,714	0.03
CROATIA		4,095,000	0.02
DENMARK		45,014,352	0.24
FINLAND		169,969,094	0.90
FRANCE		1,218,463,525	6.48
GERMANY		694,194,311	3.69
GREECE		36,867,831	0.20
HONG KONG		243,315,060	1.29
INDIA		41,724,160	0.22
INDONESIA		19,037,781	0.10
IRELAND		46,359,584	0.25
ITALY		330,598,501	1.76
JAPAN		1,391,359,311	7.40
MALAYSIA		75,410,783	0.40
MEXICO		2,145,773	0.01
NETHERLANDS		373,823,954	1.99
NEW ZEALAND		7,299,551	0.04
NORWAY		126,111,095	0.67
PHILIPPINES		52,341,329	0.28
PORTUGAL		11,573,494	0.06
RUSSIA		20,034,725	0.11
SINGAPORE		201,360,928	1.07
SOUTH KOREA		62,245,188	0.33
SPAIN		227,420,166	1.21
SWEDEN		152,902,713	0.81
SWITZERLAND		588,665,495	3.13
TAIWAN (REPUBLIC OF CHINA)		32,333,733	0.17
THAILAND		49,141,701	0.26
TURKEY		2,047,136	0.01
UNITED KINGDOM		1,711,700,416	9.10
TOTAL FOREIGN		9,102,864,120	48.39
TOTAL PORTFOLIO	$	18,809,981,307	100.00	%

172

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
COLLEGE RETIREMENT EQUITIES FUND
GROWTH ACCOUNT
STATEMENT OF INVESTMENTS (Unaudited)
September 30, 2007
				VALUE
SHARES				(000)
COMMON STOCKS - 98.32%
AMUSEMENT AND RECREATION SERVICES - 1.58%
1,283,588	*	Activision, Inc	$	27,713
87,164		Harrah's Entertainment, Inc		7,577
289,135		Nintendo Co Ltd		150,527
59,338	*	Penn National Gaming, Inc		3,502
708,567		Walt Disney Co		24,367
16,025	e	Warner Music Group Corp		162
		TOTAL AMUSEMENT AND RECREATION SERVICES		213,848
APPAREL AND ACCESSORY STORES - 0.80%
244,737		Abercrombie & Fitch Co (Class A)		19,750
149,677		American Eagle Outfitters, Inc		3,938
43,173	e*	AnnTaylor Stores Corp		1,367
144,906	*	Chico's FAS, Inc		2,036
78,339	e*	Hanesbrands, Inc		2,198
260,053	*	Kohl's Corp		14,909
265,732		Limited Brands, Inc		6,083
1,135,028	e	Nordstrom, Inc		53,222
112,699	e	Ross Stores, Inc		2,890
93,965	e*	Urban Outfitters, Inc		2,048
		TOTAL APPAREL AND ACCESSORY STORES		108,441
APPAREL AND OTHER TEXTILE PRODUCTS - 0.21%
43,040		Guess ?, Inc		2,110
8,060	e	Liz Claiborne, Inc		277
227,408		Phillips-Van Heusen Corp		11,934
182,076		Polo Ralph Lauren Corp		14,157
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		28,478
AUTO REPAIR, SERVICES AND PARKING - 0.03%
169,211	e*	Hertz Global Holdings, Inc		3,844
		TOTAL AUTO REPAIR, SERVICES AND PARKING		3,844
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.12%
84,198		Advance Auto Parts		2,826
37,726	*	Autozone, Inc		4,382
177,588	e*	Carmax, Inc		3,610
51,947	*	Copart, Inc		1,786
91,986	e*	O'Reilly Automotive, Inc		3,073
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		15,677
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.48%
104,410		Fastenal Co		4,741
802,413		Home Depot, Inc		26,030
1,222,922		Lowe's Cos, Inc		34,267
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		65,038

173

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
				VALUE
SHARES				(000)
BUSINESS SERVICES - 12.15%
904,327	e	Accenture Ltd (Class A)	$	36,399
51,336		Acxiom Corp		1,016
2,749,912	*	Adobe Systems, Inc		120,061
32,203	*	Affiliated Computer Services, Inc (Class A)		1,618
23,413	e	Aircastle Ltd		782
133,194	e*	Akamai Technologies, Inc		3,827
64,006	*	Alliance Data Systems Corp		4,957
160,521	*	Amdocs Ltd		5,970
187,102	e*	Autodesk, Inc		9,350
451,406		Automatic Data Processing, Inc		20,733
29,349	e*	Avis Budget Group, Inc		672
317,410	*	BEA Systems, Inc		4,402
635,679	*	BMC Software, Inc		19,852
36,826		Brink's Co		2,058
208,665		CA, Inc		5,367
775,416	e*	Cadence Design Systems, Inc		17,206
103,279	*	Ceridian Corp		3,588
52,823	e*	Cerner Corp		3,159
51,064	e*	Checkfree Corp		2,377
61,876	e*	ChoicePoint, Inc		2,346
149,219	e*	Citrix Systems, Inc		6,017
30,757	e*	Clear Channel Outdoor Holdings, Inc (Class A)		784
296,409	e*	Cognizant Technology Solutions Corp (Class A)		23,645
198,625	e*	Compuware Corp		1,593
599,356	e*	DST Systems, Inc		51,431
2,534,205	*	eBay, Inc		98,885
864,866	*	Electronic Arts, Inc		48,424
695,112		Electronic Data Systems Corp		15,181
117,678	e	Equifax, Inc		4,486
400,000	e*	Expedia, Inc		12,752
5,026,834		Experian Group Ltd		53,173
67,472	*	F5 Networks, Inc		2,509
33,865		Factset Research Systems, Inc		2,321
6,009	e	Fair Isaac Corp		217
131,563		Fidelity National Information Services, Inc		5,837
136,235	*	Fiserv, Inc		6,929
19,664	*	Getty Images, Inc		547
492,840	*	Google, Inc (Class A)		279,573
152,781	e*	HLTH Corp		2,165
141,696	e	IMS Health, Inc		4,342
235,343	e*	Interpublic Group of Cos, Inc		2,443
2,020,231	*	Intuit, Inc		61,213
143,031	e*	Iron Mountain, Inc		4,360
301,966	e*	Juniper Networks, Inc		11,055
165,672	e*	Kinetic Concepts, Inc		9,324
67,027	e	Lamar Advertising Co (Class A)		3,282
212,430	e	Manpower, Inc		13,670
273,370	e	Mastercard, Inc (Class A)		40,451
129,694	e*	McAfee, Inc		4,522
8,656,902		Microsoft Corp		255,032
69,924		MoneyGram International, Inc		1,580
102,022	e*	Monster Worldwide, Inc		3,475
79,828	*	NAVTEQ Corp		6,224
18,331	*	NCR Corp		913
35,140	*	Novell, Inc		268

174

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
				VALUE
SHARES				(000)
2,253,133		Omnicom Group, Inc	$	108,353
6,329,500	*	Oracle Corp		137,034
156,217	e*	Red Hat, Inc		3,104
117,425	e	Robert Half International, Inc		3,506
76,898	e*	Salesforce.com, Inc		3,946
736,918	*	Sun Microsystems, Inc		4,134
105,555	e*	Symantec Corp		2,046
640,280	*	Synopsys, Inc		17,339
31,999	e	Total System Services, Inc		889
197,563	*	VeriSign, Inc		6,666
24,000	*	VMware, Inc		2,040
235,488	e	Waste Management, Inc		8,887
7,776	e*	WebMD Health Corp (Class A)		405
1,657,846	*	Yahoo!, Inc		44,497
		TOTAL BUSINESS SERVICES		1,647,209
CHEMICALS AND ALLIED PRODUCTS - 12.22%
3,280,251		Abbott Laboratories		175,887
17,323	e*	Abraxis BioScience, Inc		396
957,279		Air Products & Chemicals, Inc		93,584
64,611		Albemarle Corp		2,856
10,880		Alberto-Culver Co		270
929,861	*	Amgen, Inc		52,602
75,150	e	Avery Dennison Corp		4,285
329,128		Avon Products, Inc		12,352
89,918	e*	Barr Pharmaceuticals, Inc		5,117
48,651	e*	Biogen Idec, Inc		3,227
1,603,104		Bristol-Myers Squibb Co		46,202
37,629		Cabot Corp		1,337
319,394		Celanese Corp (Series A)		12,450
53,658	e*	Cephalon, Inc		3,920
19,341	e*	Charles River Laboratories International, Inc		1,086
16,100		Chemtura Corp		143
51,560	e	Church & Dwight Co, Inc		2,425
105,401		Clorox Co		6,428
1,317,613		Colgate-Palmolive Co		93,972
67,886		Dade Behring Holdings, Inc		5,183
118,864		Du Pont (E.I.) de Nemours & Co		5,891
143,553		Ecolab, Inc		6,776
393,945		Eli Lilly & Co		22,427
88,859	e	Estee Lauder Cos (Class A)		3,773
260,311	*	Forest Laboratories, Inc		9,707
1,387,854	e*	Genentech, Inc		108,280
214,637	*	Genzyme Corp		13,299
2,738,677	*	Gilead Sciences, Inc		111,930
130,520	e*	Hospira, Inc		5,410
25,721	e*	Idexx Laboratories, Inc		2,819
48,535	*	ImClone Systems, Inc		2,006
53,740	e	International Flavors & Fragrances, Inc		2,841
94,646	e*	Invitrogen Corp		7,735
161,077		Lubrizol Corp		10,480
3,096,222		Merck & Co, Inc		160,044
148,500	e*	Millennium Pharmaceuticals, Inc		1,507
2,139,835	e	Monsanto Co		183,469
595,605	e*	Mosaic Co		31,877

175

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
				VALUE
SHARES				(000)
198,464	e*	Mylan Laboratories, Inc	$	3,168
116,746		Nalco Holding Co		3,462
44,652	e*	NBTY, Inc		1,813
96,126	e*	PDL BioPharma, Inc		2,077
21,677	e*	PharMerica Corp		323
138,000		PPG Industries, Inc		10,426
260,046		Praxair, Inc		21,781
1,012,253		Procter & Gamble Co		71,202
68,187		Rohm & Haas Co		3,796
82,981		RPM International, Inc		1,987
4,826,422		Schering-Plough Corp		152,660
6,191	e	Scotts Miracle-Gro Co (Class A)		265
87,313	e*	Sepracor, Inc		2,401
90,322	e	Sherwin-Williams Co		5,935
216,792	e	Shire plc (ADR)		16,038
34,222		Sigma-Aldrich Corp		1,668
2,415,545		Teva Pharmaceutical Industries Ltd (ADR)		107,419
10,252		Valspar Corp		279
68,650	*	VCA Antech, Inc		2,866
106,662	*	Vertex Pharmaceuticals, Inc		4,097
69,754	e*	Warner Chilcott Ltd (Class A)		1,240
50,303	e*	Watson Pharmaceuticals, Inc		1,630
573,943		Wyeth		25,569
		TOTAL CHEMICALS AND ALLIED PRODUCTS		1,656,095
COAL MINING - 0.17%
118,729	e	Arch Coal, Inc		4,006
148,851		Consol Energy, Inc		6,936
71,764	e	Massey Energy Co		1,566
214,846	e	Peabody Energy Corp		10,285
		TOTAL COAL MINING		22,793
COMMUNICATIONS - 1.88%
157,595		America Movil S.A. de C.V. (ADR) (Series L)		10,086
342,299	*	American Tower Corp (Class A)		14,904
1,159,272		AT&T, Inc		49,049
93,943	*	Avaya, Inc		1,593
59,188	*	Cablevision Systems Corp (Class A)		2,068
25,797	*	Central European Media Enterprises Ltd (Class A)		2,366
48,768	e	Citizens Communications Co		698
87,300		Clear Channel Communications, Inc		3,269
1,472,654	*	Comcast Corp (Class A)		35,609
156,367	e*	Crown Castle International Corp		6,353
42,561	e*	CTC Media, Inc		935
611,053	e*	DIRECTV Group, Inc		14,836
169,595	*	EchoStar Communications Corp (Class A)		7,939
65,450	e	Global Payments, Inc		2,894
8,336	*	IAC/InterActiveCorp		247
41,700	e*	Leap Wireless International, Inc		3,393
1,238,983	e*	Level 3 Communications, Inc		5,761
160,568	*	Liberty Global, Inc (Class A)		6,586
316,073	e*	Liberty Media Holding Corp (Interactive A)		6,072
46,292	e*	MetroPCS Communications, Inc		1,263
61,054	e*	NeuStar, Inc (Class A)		2,094
751,842	*	NII Holdings, Inc		61,764

176

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
				VALUE
SHARES				(000)
82,226	e*	SBA Communications Corp (Class A)	$	2,901
37,377		Telephone & Data Systems, Inc		2,495
69,348	*	Time Warner Cable, Inc (Class A)		2,275
4,114	*	US Cellular Corp		404
220,503	e	Windstream Corp		3,113
233,327	e*	XM Satellite Radio Holdings, Inc (Class A)		3,306
		TOTAL COMMUNICATIONS		254,273
DEPOSITORY INSTITUTIONS - 0.77%
14,231		Bank of Hawaii Corp		752
770,744		Bank of New York Mellon Corp		34,021
13,207	e	Capitol Federal Financial		452
44,676		Commerce Bancorp, Inc		1,732
172,120		Hudson City Bancorp, Inc		2,647
456,314	e	Northern Trust Corp		30,240
122,192	e	People's United Financial, Inc		2,111
260,110		State Street Corp		17,729
84,979		Synovus Financial Corp		2,384
590,037		Western Union Co		12,373
		TOTAL DEPOSITORY INSTITUTIONS		104,441
EATING AND DRINKING PLACES - 0.93%
90,366		Brinker International, Inc		2,480
51,042		Burger King Holdings, Inc		1,301
57,304	e*	Cheesecake Factory		1,345
545,192		Darden Restaurants, Inc		22,822
1,090,602		McDonald's Corp		59,405
600,931	*	Starbucks Corp		15,744
155,233	e	Tim Hortons, Inc		5,410
70,764		Wendy's International, Inc		2,470
425,515		Yum! Brands, Inc		14,395
		TOTAL EATING AND DRINKING PLACES		125,372
EDUCATIONAL SERVICES - 0.10%
118,944	*	Apollo Group, Inc (Class A)		7,155
76,182	e*	Career Education Corp		2,132
33,900	e*	ITT Educational Services, Inc		4,125
		TOTAL EDUCATIONAL SERVICES		13,412
ELECTRIC, GAS, AND SANITARY SERVICES - 1.40%
544,302	e*	AES Corp		10,908
134,519	e	Allegheny Energy, Inc		7,030
1,032,140	e*	Allied Waste Industries, Inc		13,160
9,414		Aqua America, Inc		214
253,261	e	Centerpoint Energy, Inc		4,060
347,817		Constellation Energy Group, Inc		29,839
97,270	e*	Covanta Holding Corp		2,384
49,508	e	DPL, Inc		1,300
44,094	e*	Dynegy, Inc (Class A)		407
246,363	e	Exelon Corp		18,566
606,741		Fortum Oyj		22,270
142,247	*	Mirant Corp		5,787
472,530	e*	NRG Energy, Inc		19,983
236,261		PPL Corp		10,939
47,468		Questar Corp		2,493

177

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
				VALUE
SHARES				(000)
123,519		Republic Services, Inc	$	4,040
26,121		Sierra Pacific Resources		411
71,412	*	Stericycle, Inc		4,082
272,572		TXU Corp		18,663
405,299		Williams Cos, Inc		13,804
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		190,340
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 12.96%
380,000		ABB Ltd		10,007
182,326	e*	Advanced Micro Devices, Inc		2,407
289,279	e	Altera Corp		6,966
87,062		Ametek, Inc		3,763
146,100	e	Amphenol Corp (Class A)		5,809
265,322	e	Analog Devices, Inc		9,594
1,739,779	*	Apple Computer, Inc		267,126
530,816	e*	Avnet, Inc		21,158
5,796	e	AVX Corp		93
379,975	e*	Broadcom Corp (Class A)		13,846
67,220	e*	Ciena Corp		2,560
11,364,357	*	Cisco Systems, Inc		376,274
471,456	e	Cooper Industries Ltd (Class A)		24,087
19,542	e*	Cree, Inc		608
122,601	*	Cypress Semiconductor Corp		3,581
32,136	*	Dolby Laboratories, Inc (Class A)		1,119
121,350	e	Eaton Corp		12,018
159,851	e*	Energizer Holdings, Inc		17,719
41,301	e*	Fairchild Semiconductor International, Inc		771
28,931	e*	First Solar, Inc		3,406
94,412	e	Garmin Ltd		11,273
52,875		Harman International Industries, Inc		4,575
109,568		Harris Corp		6,332
964,240		Honeywell International, Inc		57,343
921,381	e*	Infineon Technologies AG. (ADR)		15,829
53,832	*	Integrated Device Technology, Inc		833
9,423,732		Intel Corp		243,698
15,022	e*	International Rectifier Corp		496
59,584		Intersil Corp (Class A)		1,992
27,973	*	Jarden Corp		865
91,500	e*	JDS Uniphase Corp		1,369
193,573		L-3 Communications Holdings, Inc		19,772
23,872		Lincoln Electric Holdings, Inc		1,853
179,829	e	Linear Technology Corp		6,292
361,935	*	LSI Logic Corp		2,686
383,072	*	Marvell Technology Group Ltd		6,271
1,749,993		Maxim Integrated Products, Inc		51,362
513,079	*	MEMC Electronic Materials, Inc		30,200
179,148	e	Microchip Technology, Inc		6,507
200,464	*	Micron Technology, Inc		2,225
64,040	e	Molex, Inc		1,725
683,754		National Semiconductor Corp		18,543
739,618	*	Network Appliance, Inc		19,903
66,756	e*	Novellus Systems, Inc		1,820
826,095	*	Nvidia Corp		29,938
111,461	*	QLogic Corp		1,499
4,824,104		Qualcomm, Inc		203,867

178

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
				VALUE
SHARES				(000)
77,324	e	RadioShack Corp	$	1,598
62,139	e*	Rambus, Inc		1,187
1,401,890	*	Research In Motion Ltd		138,156
113,100	*	Sanmina-SCI Corp		240
42,508	*	Silicon Laboratories, Inc		1,775
1,198,131	e*	Sirius Satellite Radio, Inc		4,181
20,203	e*	Sunpower Corp (Class A)		1,673
1,019,800		Taiwan Semiconductor Manufacturing Co Ltd (ADR)		10,320
1,166,303		Texas Instruments, Inc		42,675
48,227	*	Thomas & Betts Corp		2,828
63,641	e*	Varian Semiconductor Equipment Associates, Inc		3,406
508,195	*	Vishay Intertechnology, Inc		6,622
45,618	e	Whirlpool Corp		4,065
238,786		Xilinx, Inc		6,242
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		1,756,948
ENGINEERING AND MANAGEMENT SERVICES - 1.47%
107,779	e*	Amylin Pharmaceuticals, Inc		5,389
1,497,654	*	Celgene Corp		106,798
31,543	e	Corporate Executive Board Co		2,342
72,515	e	Fluor Corp		10,441
18,000	*	Genpact Ltd		305
43,420	*	Gen-Probe, Inc		2,891
48,119	*	Hewitt Associates, Inc (Class A)		1,686
97,978	*	Jacobs Engineering Group, Inc		7,405
570,880	*	McDermott International, Inc		30,873
183,469	e	Moody's Corp		9,247
274,722		Paychex, Inc		11,264
118,728		Quest Diagnostics, Inc		6,859
59,853	e*	Shaw Group, Inc		3,477
10,557	e*	URS Corp		596
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		199,573
FABRICATED METAL PRODUCTS - 0.66%
24,008	e*	Alliant Techsystems, Inc		2,624
81,924		Ball Corp		4,403
439,927	*	Crown Holdings, Inc		10,013
747,981		Illinois Tool Works, Inc		44,610
156,000		Parker Hannifin Corp		17,445
183,000		Snap-On, Inc		9,066
20,327	e	Stanley Works		1,141
		TOTAL FABRICATED METAL PRODUCTS		89,302
FOOD AND KINDRED PRODUCTS - 2.14%
390,049		Anheuser-Busch Cos, Inc		19,498
108,616		Campbell Soup Co		4,019
1,241,889		Coca-Cola Co		71,371
22,468		General Mills, Inc		1,303
145,056		H.J. Heinz Co		6,702
57,639	e*	Hansen Natural Corp		3,267
96,442		Hershey Co		4,476
130,617	e	Kellogg Co		7,315
69,205	e	McCormick & Co, Inc		2,489
211,669		Pepsi Bottling Group, Inc		7,868
1,993,565		PepsiCo, Inc		146,049

179

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
				VALUE
SHARES				(000)
311,117		Sara Lee Corp	$	5,192
171,705	e	Wrigley (Wm.) Jr Co		11,029
		TOTAL FOOD AND KINDRED PRODUCTS		290,578
FOOD STORES - 0.24%
896,196		Kroger Co		25,559
24,792	e*	Panera Bread Co (Class A)		1,012
116,118	e	Whole Foods Market, Inc		5,685
		TOTAL FOOD STORES		32,256
FORESTRY - 0.00%**
3,075		Rayonier, Inc		148
		TOTAL FORESTRY		148
FURNITURE AND FIXTURES - 0.13%
39,389	e	HNI Corp		1,418
8,515	e	Hillenbrand Industries, Inc		468
127,243		Johnson Controls, Inc		15,029
16,690		Masco Corp		387
		TOTAL FURNITURE AND FIXTURES		17,302
FURNITURE AND HOME FURNISHINGS STORES - 0.40%
225,354	e*	Bed Bath & Beyond, Inc		7,689
59,771	e	Circuit City Stores, Inc		473
630,571	e*	GameStop Corp (Class A)		35,533
463,765	e	Steelcase, Inc (Class A)		8,338
72,526	e	Williams-Sonoma, Inc		2,366
		TOTAL FURNITURE AND HOME FURNISHINGS STORES		54,399
GENERAL BUILDING CONTRACTORS - 0.01%
7,673	e	Centex Corp		204
1,722	e*	NVR, Inc		810
69,776		Pulte Homes, Inc		949
		TOTAL GENERAL BUILDING CONTRACTORS		1,963
GENERAL MERCHANDISE STORES - 1.88%
480,023	e*	Big Lots, Inc		14,324
250,388		Costco Wholesale Corp		15,366
362,624	e	Family Dollar Stores, Inc		9,631
183,671		JC Penney Co, Inc		11,639
97,934	e	Saks, Inc		1,680
898,214		Target Corp		57,099
2,277,459		TJX Cos, Inc		66,206
1,818,913		Wal-Mart Stores, Inc		79,396
		TOTAL GENERAL MERCHANDISE STORES		255,341
HEALTH SERVICES - 1.60%
331,004		AmerisourceBergen Corp		15,004
9,386	e	Brookdale Senior Living, Inc		374
442,716		Cigna Corp		23,592
5,675	*	Community Health Systems, Inc		178
51,862	*	Covance, Inc		4,040
118,301	e*	Coventry Health Care, Inc		7,360
86,991	*	DaVita, Inc		5,496
46,684	e*	Edwards Lifesciences Corp		2,302

180

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
				VALUE
SHARES				(000)
180,736	*	Express Scripts, Inc	$	10,089
96,115	*	Laboratory Corp of America Holdings		7,519
309,048	*	Lincare Holdings, Inc		11,327
60,027	e	Manor Care, Inc		3,866
522,305		McKesson Corp		30,706
424,498	*	Medco Health Solutions, Inc		38,370
11,743	e	Omnicare, Inc		389
40,364	e*	Pediatrix Medical Group, Inc		2,641
83,658		Pharmaceutical Product Development, Inc		2,965
46,008	*	Sierra Health Services, Inc		1,941
328,125	*	Tenet Healthcare Corp		1,102
12,490		Universal Health Services, Inc (Class B)		680
597,449	*	WellPoint, Inc		47,151
		TOTAL HEALTH SERVICES		217,092
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.19%
211,000		Bouygues S.A.		18,200
57,467	*	Foster Wheeler Ltd		7,544
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		25,744
HOLDING AND OTHER INVESTMENT OFFICES - 1.18%
105,474	e*	Affiliated Managers Group, Inc		13,449
4,300		Apartment Investment & Management Co (Class A)		194
80,436		Duke Realty Corp		2,720
9,097	e	Essex Property Trust, Inc		1,070
22,667		Federal Realty Investment Trust		2,008
96,897	e	General Growth Properties, Inc		5,196
6,932		Health Care REIT, Inc		307
1,492,100		iShares Russell 1000 Growth Index Fund		92,107
26,945	e	Kilroy Realty Corp		1,634
58,287	e	Macerich Co		5,105
10,096		Plum Creek Timber Co, Inc		452
182,574	e	Prologis		12,114
8,220	e	Public Storage, Inc		646
98,814		Simon Property Group, Inc		9,881
24,100	e	Taubman Centers, Inc		1,319
15,200	*	TFS Financial Corp		197
109,623	e	UDR, Inc		2,666
105,798	e	Ventas, Inc		4,380
49,139		WABCO Holdings, Inc		2,297
62,505	e	Weingarten Realty Investors		2,591
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		160,333
HOTELS AND OTHER LODGING PLACES - 1.30%
45,600	e	Boyd Gaming Corp		1,954
30,283	e	Choice Hotels International, Inc		1,141
315,685		Hilton Hotels Corp		14,676
84,211	e*	Las Vegas Sands Corp		11,235
269,591		Marriott International, Inc (Class A)		11,719
681,040	e*	MGM Mirage		60,912
33,228	e	Orient-Express Hotels Ltd (Class A)		1,704
1,047,332		Starwood Hotels & Resorts Worldwide, Inc		63,625
20,999	e	Station Casinos, Inc		1,837
10,984		Wyndham Worldwide Corp		360

181

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
				VALUE
SHARES				(000)
44,247		Wynn Resorts Ltd	$	6,972
		TOTAL HOTELS AND OTHER LODGING PLACES		176,135
INDUSTRIAL MACHINERY AND EQUIPMENT - 7.10%
48,547	*	AGCO Corp		2,465
105,277		Alstom RGPT		21,403
147,417	e	American Standard Cos, Inc		5,251
1,126,432		Applied Materials, Inc		23,317
27,246		Black & Decker Corp		2,270
324,236	e*	Brocade Communications Systems, Inc		2,775
13,782	e	Carlisle Cos, Inc		670
625,472		Caterpillar, Inc		49,056
48,369		CDW Corp		4,218
164,771	e	Cummins, Inc		21,073
368,539		Deere & Co		54,699
1,850,119	*	Dell, Inc		51,063
53,379	e	Diebold, Inc		2,424
63,872	e	Donaldson Co, Inc		2,667
52,408		Dover Corp		2,670
71,824	*	Dresser-Rand Group, Inc		3,068
1,705,598	*	EMC Corp		35,476
41,676		Flowserve Corp		3,175
105,472	e*	FMC Technologies, Inc		6,082
130,000	*	Gardner Denver, Inc		5,070
933,710	d	General Electric Co		38,656
52,164	e	Graco, Inc		2,040
103,805	e*	Grant Prideco, Inc		5,659
4,584,057		Hewlett-Packard Co		228,240
65,072	e	IDEX Corp		2,368
16,621		Ingersoll-Rand Co Ltd (Class A)		905
1,623,800		International Business Machines Corp		191,284
1,618,151		International Game Technology		69,742
93,877	e	Jabil Circuit, Inc		2,144
89,468	e	Joy Global, Inc		4,550
17,634		Kennametal, Inc		1,481
332,103	e*	Lam Research Corp		17,688
6,500		Lennox International, Inc		220
40,906	e*	Lexmark International, Inc (Class A)		1,699
657,990		Manitowoc Co, Inc		29,136
91,060		Pall Corp		3,542
15,475	*	Riverbed Technology, Inc		625
127,300		Rockwell Automation, Inc		8,849
110,280	e*	SanDisk Corp		6,076
54,207	e*	Scientific Games Corp (Class A)		2,038
167,571		Seagate Technology, Inc		4,286
108,879	m,v*	Seagate Technology, Inc		-	^
225,999	e*	Solectron Corp		881
324,804	e*	Terex Corp		28,914
32,396	e	Toro Co		1,906
103,344	*	Varian Medical Systems, Inc		4,329
49,084	*	VeriFone Holdings, Inc		2,176
53,633	*	Western Digital Corp		1,358
58,312	e*	Zebra Technologies Corp (Class A)		2,128
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		961,812

182

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
				VALUE
SHARES				(000)
INSTRUMENTS AND RELATED PRODUCTS - 6.06%
49,491	e*	Advanced Medical Optics, Inc	$	1,514
328,446	*	Agilent Technologies, Inc		12,113
462,215		Alcon, Inc		66,522
248,698	e	Allergan, Inc		16,034
26,631		Applera Corp (Applied Biosystems Group)		923
1,450,700		BAE Systems plc		14,648
84,525		Bard (C.R.), Inc		7,454
8,878		Bausch & Lomb, Inc		568
528,550		Baxter International, Inc		29,747
40,778	e	Beckman Coulter, Inc		3,008
199,844		Becton Dickinson & Co		16,397
14,465	e	Cooper Cos, Inc		758
199,474		Danaher Corp		16,499
123,682		Dentsply International, Inc		5,150
3,651		DRS Technologies, Inc		201
3,213,017		Emerson Electric Co		170,997
354,584	e*	Flir Systems, Inc		19,640
277,770	e*	Hologic, Inc		16,944
30,919	*	Intuitive Surgical, Inc		7,111
1,193,451		Johnson & Johnson		78,410
156,136	e	Kla-Tencor Corp		8,709
2,176,429		Medtronic, Inc		122,772
190,545	*	Mettler-Toledo International, Inc		19,436
43,824	e*	Millipore Corp		3,322
46,736		National Instruments Corp		1,604
24,111	e	PerkinElmer, Inc		704
146,915	e	Pitney Bowes, Inc		6,673
62,744	e*	Resmed, Inc		2,690
60,201	*	Respironics, Inc		2,891
137,553	e	Rockwell Collins, Inc		10,047
71,733	e	Roper Industries, Inc		4,699
277,439	e*	St. Jude Medical, Inc		12,227
247,071	e	Stryker Corp		16,989
32,355	*	Techne Corp		2,041
12,666	e	Tektronix, Inc		351
651,730	*	Teradyne, Inc		8,994
1,149,262	*	Thermo Electron Corp		66,335
95,310	e*	Trimble Navigation Ltd		3,737
83,291	*	Waters Corp		5,574
459,012	*	Zimmer Holdings, Inc		37,175
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		821,608
INSURANCE AGENTS, BROKERS AND SERVICE - 0.02%
91,534	e	Brown & Brown, Inc		2,407
17,847	e	Gallagher (Arthur J.) & Co		517
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		2,924
INSURANCE CARRIERS - 2.69%
400,256		ACE Ltd		24,243
1,462,001	e	Aetna, Inc		79,343
1,525,625	e	Aflac, Inc		87,022
128,926		American International Group, Inc		8,722
135,000	*	Arch Capital Group Ltd		10,045
512,000		Axis Capital Holdings Ltd		19,922
1,135		CNA Financial Corp		45

183

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
				VALUE
SHARES				(000)
8,296	e	Erie Indemnity Co (Class A)	$	507
867		Hanover Insurance Group, Inc		38
36,625		HCC Insurance Holdings, Inc		1,049
91,344	e*	Health Net, Inc		4,937
387,278	*	Humana, Inc		27,063
10,977	e	PartnerRe Ltd		867
36,718	*	Philadelphia Consolidated Holding Co		1,518
12,502		Principal Financial Group		789
295,540		Prudential Financial, Inc		28,839
8,316		Transatlantic Holdings, Inc		585
1,090,658		UnitedHealth Group, Inc		52,821
36,523		W.R. Berkley Corp		1,082
133,185	e*	WellCare Health Plans, Inc		14,042
17,986	e	XL Capital Ltd (Class A)		1,424
		TOTAL INSURANCE CARRIERS		364,903
JUSTICE, PUBLIC ORDER AND SAFETY - 0.02%
101,912	e*	Corrections Corp of America		2,667
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		2,667
LEATHER AND LEATHER PRODUCTS - 0.19%
465,716	e*	Coach, Inc		22,014
64,789	e*	CROCS, Inc		4,357
		TOTAL LEATHER AND LEATHER PRODUCTS		26,371
METAL MINING - 0.59%
34,432	e	Cleveland-Cliffs, Inc		3,029
630,000		Companhia Vale do Rio Doce (ADR)		21,376
35,736		Foundation Coal Holdings, Inc		1,401
385,977	e	Freeport-McMoRan Copper & Gold, Inc (Class B)		40,485
146,754	e	Newmont Mining Corp		6,564
59,027	e	Southern Copper Corp		7,309
		TOTAL METAL MINING		80,164
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.03%
43,169		Hasbro, Inc		1,203
142,362		Mattel, Inc		3,340
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		4,543
MISCELLANEOUS RETAIL - 2.40%
443,795	*	Amazon.com, Inc		41,340
1,563	e	Barnes & Noble, Inc		55
321,413		Best Buy Co, Inc		14,791
56,486	e*	Coldwater Creek, Inc		613
4,620,311		CVS Corp		183,103
33,365	e*	Dick's Sporting Goods, Inc		2,241
355,850	*	Dollar Tree Stores, Inc		14,426
38,805		MSC Industrial Direct Co (Class A)		1,963
28,052	e*	Nutri/System, Inc		1,315
225,288	*	Office Depot, Inc		4,645
28,712		OfficeMax, Inc		984
112,129	e	Petsmart, Inc		3,577
580,261		Staples, Inc		12,470
110,329		Tiffany & Co		5,776

184

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
				VALUE
SHARES				(000)
812,459		Walgreen Co	$	38,381
		TOTAL MISCELLANEOUS RETAIL		325,680
MOTION PICTURES - 0.69%
125,761	*	Discovery Holding Co (Class A)		3,628
41,341	e*	DreamWorks Animation SKG, Inc (Class A)		1,382
2,724,763		News Corp (Class A)		59,918
51,400	e	Regal Entertainment Group (Class A)		1,128
439,538		Time Warner, Inc		8,070
495,028	*	Viacom, Inc (Class B)		19,291
		TOTAL MOTION PICTURES		93,417
NONDEPOSITORY INSTITUTIONS - 1.23%
1,492,733		American Express Co		88,623
13,902	e*	AmeriCredit Corp		244
113,174	e	Broadridge Financial Solutions, Inc		2,145
67,425	e	CapitalSource, Inc		1,365
24,840		Discover Financial Services		517
48,290	e	First Marblehead Corp		1,832
210,314		Freddie Mac		12,410
333,695	*	SLM Corp		16,575
682,258	e	Textron, Inc		42,443
		TOTAL NONDEPOSITORY INSTITUTIONS		166,154
NONMETALLIC MINERALS, EXCEPT FUELS - 0.07%
38,846		Florida Rock Industries, Inc		2,428
76,359		Vulcan Materials Co		6,807
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		9,235
OIL AND GAS EXTRACTION - 4.86%
1,035,048		Baker Hughes, Inc		93,537
240,905	e	BJ Services Co		6,396
89,723	*	Cameron International Corp		8,281
37,094	e*	Cheniere Energy, Inc		1,453
216,793	e	Chesapeake Energy Corp		7,644
22,243	e*	CNX Gas Corp		640
11,300	*	Continental Resources, Inc		205
97,051	*	Denbury Resources, Inc		4,337
55,466	e	Diamond Offshore Drilling, Inc		6,284
112,086	e	ENSCO International, Inc		6,288
75,634	e	Equitable Resources, Inc		3,923
74,426	*	Global Industries Ltd		1,917
184,874		GlobalSantaFe Corp		14,054
744,423		Halliburton Co		28,586
61,121	e*	Helix Energy Solutions Group, Inc		2,595
201,727	e*	Nabors Industries Ltd		6,207
415,588	*	National Oilwell Varco, Inc		60,053
217,356	e	Noble Corp		10,661
44,378	*	Oceaneering International, Inc		3,364
99,684	e*	Pride International, Inc		3,643
40,581	*	Quicksilver Resources, Inc		1,909
119,113	e	Range Resources Corp		4,843
470,000	*	Renewable Energy Corp A.S.		21,664
64,235	e	Rowan Cos, Inc		2,350
1,448,624		Schlumberger Ltd		152,106
163,824	e	Smith International, Inc		11,697

185

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
				VALUE
SHARES				(000)
138,018	*	Southwestern Energy Co	$	5,776
64,245	e*	Superior Energy Services		2,277
63,387	e*	Tetra Technologies, Inc		1,340
30,028	e	Tidewater, Inc		1,887
234,669	*	Transocean, Inc		26,529
31,042	e*	Unit Corp		1,502
14,229	e	W&T Offshore, Inc		347
988,938	*	Weatherford International Ltd		66,437
1,415,648		XTO Energy, Inc		87,544
		TOTAL OIL AND GAS EXTRACTION		658,276
PAPER AND ALLIED PRODUCTS - 0.63%
1,013,843		Anglo American plc		68,224
179,000	*	Domtar Corporation		1,468
153,417	e	Kimberly-Clark Corp		10,779
328,711		Mondi plc		3,127
73,985		Packaging Corp of America		2,151
		TOTAL PAPER AND ALLIED PRODUCTS		85,749
PERSONAL SERVICES - 0.08%
83,158	e	Cintas Corp		3,085
263,459	e	H&R Block, Inc		5,580
29,875	e	Weight Watchers International, Inc		1,720
		TOTAL PERSONAL SERVICES		10,385
PETROLEUM AND COAL PRODUCTS - 1.99%
223,467		Apache Corp		20,125
77,170		Cabot Oil & Gas Corp		2,713
394,768		Devon Energy Corp		32,845
937,922		Exxon Mobil Corp		86,814
45,186		Frontier Oil Corp		1,882
36,725	e	Holly Corp		2,197
19,484	e	Noble Energy, Inc		1,365
142,000		Petroleo Brasileiro S.A. (ADR)		10,721
569,351	*	Suncor Energy, Inc		53,980
98,440		Sunoco, Inc		6,968
350,044	e	Tesoro Corp		16,109
502,788		Valero Energy Corp		33,777
13,289	e	Western Refining, Inc		539
		TOTAL PETROLEUM AND COAL PRODUCTS		270,035
PRIMARY METAL INDUSTRIES - 1.00%
90,175	*	AK Steel Holding Corp		3,963
83,445	e	Allegheny Technologies, Inc		9,175
603,949		BHP Billiton plc		21,624
11,824	e	Carpenter Technology Corp		1,537
49,397	e*	CommScope, Inc		2,482
1,679,612		Corning, Inc		41,402
44,173	*	General Cable Corp		2,965
15,029		Hubbell, Inc (Class B)		858
54,923	e	Nucor Corp		3,266
111,796		Precision Castparts Corp		16,544
244,271	e	Steel Dynamics, Inc		11,408
55,427	e*	Titanium Metals Corp		1,860

186

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
				VALUE
SHARES				(000)
62,000		Vallourec	$	17,859
		TOTAL PRIMARY METAL INDUSTRIES		134,943
PRINTING AND PUBLISHING - 0.20%
49,144		Dow Jones & Co, Inc		2,934
48,907	e	Dun & Bradstreet Corp		4,823
28,579		Harte-Hanks, Inc		562
41,707	e	John Wiley & Sons, Inc (Class A)		1,874
277,877		McGraw-Hill Cos, Inc		14,147
39,852	e	Meredith Corp		2,283
22,961	e	New York Times Co (Class A)		454
		TOTAL PRINTING AND PUBLISHING		27,077
RAILROAD TRANSPORTATION - 0.51%
273,762		Burlington Northern Santa Fe Corp		22,221
399,139	e	CSX Corp		17,055
37,453	e*	Kansas City Southern Industries, Inc		1,205
262,209	e	Norfolk Southern Corp		13,611
133,714		Union Pacific Corp		15,118
		TOTAL RAILROAD TRANSPORTATION		69,210
REAL ESTATE - 0.09%
162,049	e*	CB Richard Ellis Group, Inc (Class A)		4,511
58,998	e	Forest City Enterprises, Inc (Class A)		3,254
29,452	e	Jones Lang LaSalle, Inc		3,027
59,301	e	St. Joe Co		1,993
		TOTAL REAL ESTATE		12,785
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.26%
172,236	e*	Goodyear Tire & Rubber Co		5,238
116,753		Newell Rubbermaid, Inc		3,365
450,679		Nike, Inc (Class B)		26,437
18,061		Sealed Air Corp		461
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		35,501
SECURITY AND COMMODITY BROKERS - 4.02%
53,279		A.G. Edwards, Inc		4,462
29,767	e	BlackRock, Inc		5,162
5,106,050		Charles Schwab Corp		110,291
242,661		CME Group, Inc		142,527
193,051		Deutsche Boerse AG.		26,289
130,238	*	E*Trade Financial Corp		1,701
89,465	e	Eaton Vance Corp		3,575
68,795	e	Federated Investors, Inc (Class B)		2,731
205,404		Franklin Resources, Inc		26,189
429,088		Goldman Sachs Group, Inc		93,000
167,984	*	IntercontinentalExchange, Inc		25,517
35,964	e*	Investment Technology Group, Inc		1,546
116,224		Janus Capital Group, Inc		3,287
41,761	e	Lazard Ltd (Class A)		1,771
44,012		Legg Mason, Inc		3,710
521,390		Merrill Lynch & Co, Inc		37,165
38,000	*	MF Global Ltd		1,102
49,965		Morgan Stanley		3,148
72,041	e*	Nasdaq Stock Market, Inc		2,714
65,773	e	Nuveen Investments, Inc (Class A)		4,074

187

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
				VALUE
SHARES				(000)
74,770	e	Nymex Holdings, Inc	$	9,733
215,754		NYSE Euronext		17,081
104,130		SEI Investments Co		2,841
216,320		T Rowe Price Group, Inc		12,047
201,045	e*	TD Ameritrade Holding Corp		3,663
		TOTAL SECURITY AND COMMODITY BROKERS		545,326
SPECIAL TRADE CONTRACTORS - 0.03%
132,589	e*	Quanta Services, Inc		3,507
		TOTAL SPECIAL TRADE CONTRACTORS		3,507
STONE, CLAY, AND GLASS PRODUCTS - 0.44%
548,984		3M Co		51,374
38,773	e	Eagle Materials, Inc		1,386
113,437	e	Gentex Corp		2,432
117,588	*	Owens-Illinois, Inc		4,874
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		60,066
TOBACCO PRODUCTS - 0.86%
1,384,733		Altria Group, Inc		96,280
203,954	e	Loews Corp (Carolina Group)		16,771
73,479		UST, Inc		3,645
		TOTAL TOBACCO PRODUCTS		116,696
TRANSPORTATION BY AIR - 0.41%
199,390	e*	AMR Corp		4,445
80,330	e*	Continental Airlines, Inc (Class B)		2,653
14,323	e	Copa Holdings S.A. (Class A)		574
195,196	e*	Delta Air Lines, Inc		3,504
210,008		FedEx Corp		21,998
145,751	e*	Northwest Airlines Corp		2,594
134,193	e	Southwest Airlines Co		1,986
264,489	e*	UAL Corp		12,307
220,000	*	US Airways Group, Inc		5,775
		TOTAL TRANSPORTATION BY AIR		55,836
TRANSPORTATION EQUIPMENT - 3.33%
38,315	e	Autoliv, Inc		2,289
267,948	*	BE Aerospace, Inc		11,128
1,672,048		Boeing Co		175,548
45,487		General Dynamics Corp		3,842
101,265	e	Goodrich Corp		6,909
208,481		Harley-Davidson, Inc		9,634
67,944	e	Harsco Corp		4,027
354,433		ITT Industries, Inc		24,077
435,309		Lockheed Martin Corp		47,227
68,541		Northrop Grumman Corp		5,346
60,298	e	Oshkosh Truck Corp		3,737
201,244		Paccar, Inc		17,156
106,597	e*	Pactiv Corp		3,055
287,369	e	Raytheon Co		18,340
46,922	*	Spirit Aerosystems Holdings, Inc (Class A)		1,827
27,555		Thor Industries, Inc		1,240
57,029	e	Trinity Industries, Inc		2,141

188

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
				VALUE
SHARES				(000)
1,410,241		United Technologies Corp	$	113,496
		TOTAL TRANSPORTATION EQUIPMENT		451,019
TRANSPORTATION SERVICES - 0.13%
137,696	e	CH Robinson Worldwide, Inc		7,475
172,233	e	Expeditors International Washington, Inc		8,147
17,328		GATX Corp		741
82,829	e	UTI Worldwide, Inc		1,903
		TOTAL TRANSPORTATION SERVICES		18,266
TRUCKING AND WAREHOUSING - 0.34%
29,021		Con-way, Inc		1,335
77,675	e	J.B. Hunt Transport Services, Inc		2,043
43,082		Landstar System, Inc		1,808
546,847		United Parcel Service, Inc (Class B)		41,068
		TOTAL TRUCKING AND WAREHOUSING		46,254
WATER TRANSPORTATION - 0.33%
150,060	e	Carnival Corp		7,267
40,858	e	Frontline Ltd		1,973
45,280	e*	Kirby Corp		1,999
867,150		Royal Caribbean Cruises Ltd		33,845
		TOTAL WATER TRANSPORTATION		45,084
WHOLESALE TRADE-DURABLE GOODS - 0.31%
55,289	*	Arrow Electronics, Inc		2,351
8,785		BorgWarner, Inc		804
277,583	*	Cytyc Corp		13,227
34,461	e	Martin Marietta Materials, Inc		4,602
112,945	e*	Patterson Cos, Inc		4,361
39,974	e	Pool Corp		999
6,230		Reliance Steel & Aluminum Co		352
153,057		W.W. Grainger, Inc		13,957
37,042	e*	WESCO International, Inc		1,591
		TOTAL WHOLESALE TRADE-DURABLE GOODS		42,244
WHOLESALE TRADE-NONDURABLE GOODS - 0.41%
61,063		Airgas, Inc		3,153
31,523	e*	Bare Escentuals, Inc		784
45,517	e	Brown-Forman Corp (Class B)		3,410
297,242		Cardinal Health, Inc		18,587
7,000		Dean Foods Co		179
110,535	*	Endo Pharmaceuticals Holdings, Inc		3,428
72,121	*	Henry Schein, Inc		4,388
40,345		Herbalife Ltd		1,834
502,900		Sysco Corp		17,898
28,599	e*	Tractor Supply Co		1,318
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		54,979
		TOTAL COMMON STOCKS		13,329,091
		(Cost $11,756,419)

189

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
					MATURITY		VALUE
PRINICIPAL				RATE	DATE		(000)
SHORT-TERM INVESTMENTS - 5.70%
U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES - 1.27%
$      58,000,000	d	Federal Home Loan Bank (FHLB)		0.000%	10/01/07	$	57,981
77,400,000	d	(FHLB)		0.000	10/19/07		77,225
37,100,000	d	Federal National Mortgage Association (FNMA)		0.000	10/15/07		37,034
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES					172,240
SHARES
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 4.43%
600,109,026		State Street Navigator Securities Lending Prime Portfolio					600,109
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED					600,109
		TOTAL SHORT-TERM INVESTMENTS					772,349
		(Cost $ 772,363)
		TOTAL PORTFOLIO - 104.02%					14,101,440
		(Cost $ 12,528,782)
		OTHER ASSETS & LIABILITIES, NET - (4.02%)					(545,151	)
		NET ASSETS - 100.00%				$	13,556,289
		The following abbreviations are 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.
	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 September 30, 2007, the unrealized appreciation on investments was $1,572,658,011, consisting of
		gross unrealized appreciation of $1,747,774,514, and gross unrealized depreciation of $175,116,503.
			NUMBER OF	MARKET	EXPIRATION		UNREALIZED
		OPEN FUTURES CONTRACTS:	CONTRACTS	VALUE	DATE		APPRECIATION
		E-mini S&P 500 Index	1,776	$     136,583,280	12/21/07		$     3,939,559

190

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:

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

COLLEGE RETIREMENT EQUITIES FUND
TRANSACTIONS WITH AFFILIATED COMPANIES-GROWTH ACCOUNT
JANUARY 1, 2007 - SEPTEMBER 30, 2007

	Value at	Purchase			Realized	Dividend	Withholding		Shares at	Value at
Issue	December 31, 2006	Cost		Proceeds	Gain/(Loss)	Income	Expense		September 30, 2007	September 30, 2007
Keryx Biopharmaceuticals	$ 37,822,620	$	-	$ 10,045,898	$ (7,028,585)	$                     -	$	-	-	*
		$	-	$ 10,045,898	$ (7,028,585)	$                     -	$	-		$	-

* Not an Affiliate as of September 30, 2007

191

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
COLLEGE RETIREMENT EQUITIES FUND
GROWTH ACCOUNT
Summary of Market Values by Country
September 30, 2007
			% OF
			MARKET
COUNTRY	VALUE		VALUE
DOMESTIC
UNITED STATES	$	13,587,962,719	96.36	%
TOTAL DOMESTIC		13,587,962,719	96.36
FOREIGN
BRAZIL		10,721,000	0.08
CANADA		1,467,800	0.01
FINLAND		22,269,693	0.16
FRANCE		57,460,868	0.41
GERMANY		42,118,550	0.30
JAPAN		150,526,905	1.07
MEXICO		10,086,080	0.07
NORWAY		21,663,807	0.15
SWITZERLAND		10,007,129	0.07
TAIWAN		10,320,376	0.07
UNITED KINGDOM		176,834,668	1.25
TOTAL FOREIGN		513,476,876	3.64
TOTAL PORTFOLIO	$	14,101,439,595	100.00	%

192

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
COLLEGE RETIREMENT EQUITIES FUND
EQUITY INDEX ACCOUNT
STATEMENT OF INVESTMENTS (Unaudited)
September 30, 2007
				VALUE
SHARES				(000)
COMMON STOCKS - 99.85%
AGRICULTURAL PRODUCTION-CROPS - 0.00%**
30,203	e*	Chiquita Brands International, Inc	$	478
		TOTAL AGRICULTURAL PRODUCTION-CROPS		478
AGRICULTURAL PRODUCTION-LIVESTOCK - 0.01%
9,280	e	Cal-Maine Foods, Inc		235
28,510	e	Pilgrim's Pride Corp		990
269		Seaboard Corp		527
		TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK		1,752
AGRICULTURAL SERVICES - 0.00%**
8,402	e*	Cadiz, Inc		159
		TOTAL AGRICULTURAL SERVICES		159
AMUSEMENT AND RECREATION SERVICES - 0.65%
204,299	*	Activision, Inc		4,411
37,655	*	Bally Technologies, Inc		1,334
6,588		Churchill Downs, Inc		329
9,373	e	Dover Downs Gaming & Entertainment, Inc		97
132,020		Harrah's Entertainment, Inc		11,477
24,506		International Speedway Corp (Class A)		1,124
16,338	e*	Lakes Entertainment, Inc		156
22,402	e*	Leapfrog Enterprises, Inc		185
22,534	e*	Life Time Fitness, Inc		1,382
49,611	e*	Live Nation, Inc		1,054
26,149	e*	Magna Entertainment Corp		59
38,289	e*	Marvel Entertainment, Inc		898
14,684	e*	MTR Gaming Group, Inc		140
19,119	e*	Multimedia Games, Inc		163
51,861	e*	Penn National Gaming, Inc		3,061
43,754	e*	Pinnacle Entertainment, Inc		1,192
51,146	e*	Six Flags, Inc		177
9,984	e	Speedway Motorsports, Inc		369
11,514	e*	Town Sports International Holdings, Inc		175
1,408,524		Walt Disney Co		48,439
32,215	e	Warner Music Group Corp		325
53,876	e*	Westwood One, Inc		148
29,786	e*	WMS Industries, Inc		986
14,269	e	World Wrestling Entertainment, Inc		215
		TOTAL AMUSEMENT AND RECREATION SERVICES		77,896
APPAREL AND ACCESSORY STORES - 0.56%
62,025		Abercrombie & Fitch Co (Class A)		5,005
54,861	*	Aeropostale, Inc		1,046
131,782	e	American Eagle Outfitters, Inc		3,467
49,019	*	AnnTaylor Stores Corp		1,552
16,896	e	Bebe Stores, Inc		247
32,106	e	Brown Shoe Co, Inc		623

193

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
10,318	e	Buckle, Inc	$	391
8,748	e*	Cache, Inc		156
38,598	e*	Carter's, Inc		770
25,746	e*	Casual Male Retail Group, Inc		231
21,208	e	Cato Corp (Class A)		434
18,007	*	Charlotte Russe Holding, Inc		264
84,814	e*	Charming Shoppes, Inc		712
124,659	e*	Chico's FAS, Inc		1,751
17,847	e*	Children's Place Retail Stores, Inc		433
27,159	e	Christopher & Banks Corp		329
9,666	e*	Citi Trends, Inc		210
2,900		DEB Shops, Inc		78
33,313	e*	Dress Barn, Inc		567
12,248	e*	DSW, Inc (Class A)		308
21,786	e*	Eddie Bauer Holdings, Inc		187
28,742	*	Finish Line, Inc (Class A)		125
110,542		Foot Locker, Inc		1,695
426,631	e	Gap, Inc		7,867
69,757	*	Hanesbrands, Inc		1,957
31,627	e*	HOT Topic, Inc		236
30,725	e*	J Crew Group, Inc		1,275
15,736	e*	Jo-Ann Stores, Inc		332
12,803	e*	JOS A Bank Clothiers, Inc		428
226,975	*	Kohl's Corp		13,012
247,826	e	Limited Brands, Inc		5,673
15,006	e*	New York & Co, Inc		92
182,654	e	Nordstrom, Inc		8,565
49,497	e*	Pacific Sunwear Of California, Inc		733
98,357		Ross Stores, Inc		2,522
5,056	*	Shoe Carnival, Inc		80
30,798	e	Stage Stores, Inc		561
3,565	e	Syms Corp		54
16,391	e	Talbots, Inc		295
21,729	e*	Tween Brands, Inc		714
18,524	e*	Under Armour, Inc (Class A)		1,108
81,421	*	Urban Outfitters, Inc		1,775
60,082	e*	Wet Seal, Inc (Class A)		233
		TOTAL APPAREL AND ACCESSORY STORES		68,093
APPAREL AND OTHER TEXTILE PRODUCTS - 0.18%
9,339	e	Columbia Sportswear Co		517
9,368	e*	G-III Apparel Group Ltd		184
38,371	e	Guess ?, Inc		1,881
24,603	e*	Gymboree Corp		867
77,026	e	Jones Apparel Group, Inc		1,628
18,458		Kellwood Co		315
74,047	e	Liz Claiborne, Inc		2,542
8,000	*	Lululemon Athletica, Inc		336
13,600	e*	Maidenform Brands, Inc		216
39,481		Phillips-Van Heusen Corp		2,072
43,818	e	Polo Ralph Lauren Corp		3,407
88,227	e*	Quiksilver, Inc		1,262
9,215	e*	True Religion Apparel, Inc		162
63,199	e	VF Corp		5,103
33,246	*	Warnaco Group, Inc		1,299
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		21,791

194

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
AUTO REPAIR, SERVICES AND PARKING - 0.09%
7,541	e*	Amerco, Inc	$	479
19,858	e*	Dollar Thrifty Automotive Group, Inc		689
42,985	e*	Exide Technologies		279
226,879	e*	Hertz Global Holdings, Inc		5,155
10,010	e*	Midas, Inc		189
8,304		Monro Muffler, Inc		281
43,349		Ryder System, Inc		2,124
3,701	e*	Standard Parking Corp		147
28,100	e*	Wright Express Corp		1,025
		TOTAL AUTO REPAIR, SERVICES AND PARKING		10,368
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.15%
75,964		Advance Auto Parts		2,549
18,263		Asbury Automotive Group, Inc		362
112,366	e*	Autonation, Inc		1,991
32,750	*	Autozone, Inc		3,804
155,144	e*	Carmax, Inc		3,154
50,363	*	Copart, Inc		1,732
32,325	e*	CSK Auto Corp		344
12,002	e	Lithia Motors, Inc (Class A)		205
11,554	e*	MarineMax, Inc		168
80,048	e*	O'Reilly Automotive, Inc		2,675
39,290	e	Penske Auto Group, Inc		795
14,443	e*	Rush Enterprises, Inc (Class A)		366
21,187	e	Sonic Automotive, Inc (Class A)		507
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		18,652
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.61%
9,000	e*	Builders FirstSource, Inc		97
53,181	e*	Central Garden and Pet Co (Class A)		478
89,499	e	Fastenal Co		4,064
1,211,282		Home Depot, Inc		39,294
1,070,982		Lowe's Cos, Inc		30,009
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		73,942
BUSINESS SERVICES - 6.78%
274,681	*	3Com Corp		1,357
10,702	e*	3D Systems Corp		253
30,587	e	Aaron Rents, Inc		682
34,759	e	ABM Industries, Inc		694
19,911	e*	Acacia Research (Acacia Technologies)		292
424,709		Accenture Ltd (Class A)		17,095
27,282	e*	ACI Worldwide, Inc		610
40,528	*	Actuate Corp		261
44,925		Acxiom Corp		889
19,460		Administaff, Inc		706
415,810	*	Adobe Systems, Inc		18,154
17,568	e*	Advent Software, Inc		825
65,443	*	Affiliated Computer Services, Inc (Class A)		3,288
17,375	e	Aircastle Ltd		581
115,353	e*	Akamai Technologies, Inc		3,314
55,591	*	Alliance Data Systems Corp		4,305
140,314	*	Amdocs Ltd		5,218
18,475	e*	American Reprographics Co		346

195

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
23,326	e*	AMN Healthcare Services, Inc	$	437
11,435	*	Ansoft Corp		377
54,586	*	Ansys, Inc		1,865
22,433	e	Arbitron, Inc		1,017
55,146	e*	Ariba, Inc		594
79,212	e*	Art Technology Group, Inc		239
64,263	e*	Aspen Technology, Inc		920
11,658	e	Asset Acceptance Capital Corp		135
163,135	*	Autodesk, Inc		8,152
391,052		Automatic Data Processing, Inc		17,961
73,503	*	Avis Budget Group, Inc		1,682
35,025	e*	Avocent Corp		1,020
8,158	e*	Bankrate, Inc		376
4,811	e	Barrett Business Services		115
277,257	*	BEA Systems, Inc		3,846
147,378	e*	BearingPoint, Inc		597
31,258	e	Blackbaud, Inc		789
19,831	*	Blackboard, Inc		909
10,892	e*	Blue Coat Systems, Inc		858
141,944	e*	BMC Software, Inc		4,433
52,351	e*	Borland Software Corp		228
12,774	e*	Bottomline Technologies, Inc		160
31,440	e*	BPZ Energy, Inc		245
35,469	e	Brady Corp (Class A)		1,273
30,798	e	Brink's Co		1,721
291,155	e	CA, Inc		7,489
23,836	e*	CACI International, Inc (Class A)		1,218
196,961	*	Cadence Design Systems, Inc		4,371
7,726	*	Capella Education Co		432
34,489	*	Catalina Marketing Corp		1,117
4,557	e*	Cavium Networks, Inc		148
46,548	e*	CBIZ, Inc		370
101,262	*	Ceridian Corp		3,518
46,408	e*	Cerner Corp		2,776
56,334	e*	Checkfree Corp		2,622
53,696	*	ChoicePoint, Inc		2,036
22,101	*	Chordiant Software, Inc		306
36,800	e*	Ciber, Inc		287
131,364	e*	Citrix Systems, Inc		5,297
5,919	e*	Clayton Holdings, Inc		47
28,047	e*	Clear Channel Outdoor Holdings, Inc (Class A)		715
331,660	e*	CMGI, Inc		451
106,270	e*	CNET Networks, Inc		792
35,274	*	Cogent Communications Group, Inc		823
30,867	e*	Cogent, Inc		484
33,274	e	Cognex Corp		591
102,814	*	Cognizant Technology Solutions Corp (Class A)		8,201
24,951	e*	Commvault Systems, Inc		462
14,638	e	Compass Diversified Trust		235
6,637	e	Computer Programs & Systems, Inc		175
122,395	e*	Computer Sciences Corp		6,842
224,076	e*	Compuware Corp		1,797
11,985	*	COMSYS IT Partners, Inc		201
24,465	e*	Concur Technologies, Inc		771
101,983	*	Convergys Corp		1,770
13,466	e*	CoStar Group, Inc		720

196

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
35,280	e*	CSG Systems International, Inc	$	750
22,032	e*	Cybersource Corp		258
23,730	*	DealerTrack Holdings, Inc		994
37,676		Deluxe Corp		1,388
29,248	e*	Digital River, Inc		1,309
16,736	e*	DivX, Inc		249
5,742	e*	Double-Take Software, Inc		110
38,121	e*	DST Systems, Inc		3,271
18,300	e*	DynCorp International, Inc (Class A)		423
94,764	e*	Earthlink, Inc		751
813,390	*	eBay, Inc		31,738
18,386	e*	Echelon Corp		460
31,866	e*	Eclipsys Corp		743
11,677	e	Electro Rent Corp		164
220,150	*	Electronic Arts, Inc		12,326
359,557		Electronic Data Systems Corp		7,853
42,487	e*	Epicor Software Corp		585
18,554	e*	EPIQ Systems, Inc		349
101,323	e	Equifax, Inc		3,862
22,324	e*	Equinix, Inc		1,980
15,409	e*	eSpeed, Inc (Class A)		131
51,812	e*	Evergreen Energy, Inc		264
16,145	e*	ExlService Holdings, Inc		343
143,093	e*	Expedia, Inc		4,562
60,414	*	F5 Networks, Inc		2,247
30,351		Factset Research Systems, Inc		2,081
43,312	e	Fair Isaac Corp		1,564
22,225	*	FalconStor Software, Inc		268
136,153		Fidelity National Information Services, Inc		6,041
5,700	e*	First Advantage Corp (Class A)		101
118,984	e*	Fiserv, Inc		6,052
9,100	e*	Forrester Research, Inc		214
13,613	e	FTD Group, Inc		203
48,873	e*	Gartner, Inc		1,195
15,914	e*	Gerber Scientific, Inc		173
35,093	*	Getty Images, Inc		977
19,091	e	Gevity HR, Inc		196
31,343	e*	Global Cash Access, Inc		332
11,148	e*	Global Sources Ltd		247
163,001	*	Google, Inc (Class A)		92,466
12,787	e*	H&E Equipment Services, Inc		230
27,742	e	Healthcare Services Group		562
10,050	e	Heartland Payment Systems, Inc		258
14,300	e	Heidrick & Struggles International, Inc		521
121,999	e*	HLTH Corp		1,729
14,696	e*	HMS Holdings Corp		362
17,722	e*	Hudson Highland Group, Inc		226
37,591	e*	Hypercom Corp		170
10,436	e*	i2 Technologies, Inc		159
4,942	e*	ICT Group, Inc		66
12,987	e*	iGate Corp		111
22,361	*	IHS, Inc (Class A)		1,263
8,904	e	Imergent, Inc		200
138,645		IMS Health, Inc		4,248
62,260	e*	Informatica Corp		977
23,086		Infospace, Inc		405

197

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
20,612		infoUSA, Inc	$	191
16,715	e*	Innerworkings, Inc		288
11,821	e*	Innovative Solutions & Support, Inc		224
5,702	e	Integral Systems, Inc		123
25,164	e	Interactive Data Corp		710
9,285	*	Interactive Intelligence, Inc		176
34,783	e*	Internap Network Services Corp		493
32,107	e*	Internet Capital Group, Inc		385
331,264	e*	Interpublic Group of Cos, Inc		3,439
30,914	*	Interwoven, Inc		440
247,953	*	Intuit, Inc		7,513
20,768	*	inVentiv Health, Inc		910
45,508	e*	Ipass, Inc		191
126,088	e*	Iron Mountain, Inc		3,843
54,563		Jack Henry & Associates, Inc		1,411
18,698	e*	JDA Software Group, Inc		386
369,335	e*	Juniper Networks, Inc		13,521
16,327		Kelly Services, Inc (Class A)		323
17,839	e*	Kenexa Corp		549
10,875	e*	Keynote Systems, Inc		149
21,985	*	Kforce, Inc		283
37,837	e*	Kinetic Concepts, Inc		2,129
19,259	e*	Knot, Inc		409
30,104	e*	Korn/Ferry International		497
38,790	e*	Labor Ready, Inc		718
58,784	e	Lamar Advertising Co (Class A)		2,879
100,230	*	Lawson Software, Inc		1,003
43,208	e*	Lionbridge Technologies		172
4,800	e*	Liquidity Services, Inc		53
25,944	*	LivePerson, Inc		160
11,455	e*	LoJack Corp		217
23,625	e*	Magma Design Automation, Inc		332
19,563	e*	Manhattan Associates, Inc		536
59,795		Manpower, Inc		3,848
12,905	*	Mantech International Corp (Class A)		464
16,386	e	Marchex, Inc (Class B)		156
56,344	e	Mastercard, Inc (Class A)		8,337
112,729	*	McAfee, Inc		3,931
62,676	*	Mentor Graphics Corp		946
5,832,700		Microsoft Corp		171,831
7,982	e*	MicroStrategy, Inc (Class A)		633
25,516	e*	Midway Games, Inc		111
64,372		MoneyGram International, Inc		1,454
90,011	e*	Monster Worldwide, Inc		3,066
76,340	e*	Move, Inc		211
73,891	*	MPS Group, Inc		824
30,812	e*	MSC.Software Corp		420
69,755	*	NAVTEQ Corp		5,439
127,189	*	NCR Corp		6,334
24,391	e*	Ness Technologies, Inc		266
32,938	e*	NetFlix, Inc		682
18,588	*	Network Equipment Technologies, Inc		270
27,305	e	NIC, Inc		190
245,266	e*	Novell, Inc		1,874
93,462	e*	Nuance Communications, Inc		1,805
233,822		Omnicom Group, Inc		11,245

198

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
20,186	e*	Omniture, Inc	$	612
25,372	e*	On Assignment, Inc		237
14,464	e*	Online Resources Corp		183
66,009	e*	OpenTV Corp (Class A)		98
2,738,665	*	Oracle Corp		59,292
25,857	e*	Packeteer, Inc		197
82,059	e*	Parametric Technology Corp		1,429
13,662	e*	PDF Solutions, Inc		135
7,322	e	Pegasystems, Inc		87
13,179	e*	PeopleSupport, Inc		158
20,679	e*	Perficient, Inc		452
61,125	*	Perot Systems Corp (Class A)		1,034
29,033	e*	Phase Forward, Inc		581
10,816	e	Portfolio Recovery Associates, Inc		574
12,518	e*	PRA International		368
49,575	*	Premiere Global Services, Inc		627
28,939	*	Progress Software Corp		877
4,545	e*	Protection One, Inc		61
8,302	e	QAD, Inc		72
11,520	e	Quality Systems, Inc		422
47,410	e*	Quest Software, Inc		814
15,387	e*	Radiant Systems, Inc		244
15,185	e*	Radisys Corp		189
21,858	*	Raser Technologies, Inc		282
76,360	e*	RealNetworks, Inc		518
137,532	e*	Red Hat, Inc		2,733
5,893	e	Renaissance Learning, Inc		71
49,265	e*	Rent-A-Center, Inc		893
10,621	e*	RightNow Technologies, Inc		171
103,929	e	Robert Half International, Inc		3,103
20,193	e	Rollins, Inc		539
14,869	e*	RSC Holdings, Inc		244
41,988	*	S1 Corp		380
67,031	e*	Salesforce.com, Inc		3,440
55,315	*	Sapient Corp		371
35,286	e*	Secure Computing Corp		343
8,963	e*	SI International, Inc		256
20,806	e*	Smith Micro Software, Inc		334
18,198	e*	Sohu.com, Inc		686
45,445	*	SonicWALL, Inc		397
178,279	e*	Sonus Networks, Inc		1,088
47,815	e	Sotheby's		2,285
4,962	*	Sourcefire, Inc		45
42,038	*	Spherion Corp		347
13,651	e*	SPSS, Inc		562
31,079	e*	SRA International, Inc (Class A)		873
14,356	e*	Stratasys, Inc		396
2,524,295	e*	Sun Microsystems, Inc		14,161
69,226	*	Sybase, Inc		1,601
20,941	e*	SYKES Enterprises, Inc		348
640,259	*	Symantec Corp		12,408
13,094	e*	Synchronoss Technologies, Inc		551
8,784	e*	SYNNEX Corp		181
102,202	*	Synopsys, Inc		2,768
9,061	e	Syntel, Inc		377
52,739	e*	Take-Two Interactive Software, Inc		901

199

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
11,400	e	TAL International Group, Inc	$	286
9,690	e*	Taleo Corp (Class A)		246
5,765	e*	TechTarget, Inc		97
29,375	e*	TeleTech Holdings, Inc		702
12,795	e	TheStreet.com, Inc		155
48,928	e*	THQ, Inc		1,222
147,312	*	TIBCO Software, Inc		1,089
16,913	e	TNS, Inc		272
25,671	e	Total System Services, Inc		713
18,504	e*	TradeStation Group, Inc		216
5,197	e*	Travelzoo, Inc		119
32,191	e*	Trizetto Group, Inc		564
15,759	e*	Ultimate Software Group, Inc		550
6,599	e*	Unica Corp		74
246,359	e*	Unisys Corp		1,631
47,520	e	United Online, Inc		713
57,871	*	United Rentals, Inc		1,862
70,702	e*	Valueclick, Inc		1,588
19,828	e*	Vasco Data Security International		700
171,525	e*	VeriSign, Inc		5,787
15,178	e	Viad Corp		546
20,615	*	Vignette Corp		414
12,203	e*	Visual Sciences, Inc		176
20,600	*	VMware, Inc		1,751
9,154	*	Vocus, Inc		268
12,149	e*	Volt Information Sciences, Inc		214
365,656		Waste Management, Inc		13,800
4,946	e*	WebMD Health Corp (Class A)		258
33,540	e*	Websense, Inc		662
53,517	*	Wind River Systems, Inc		630
862,982	e*	Yahoo!, Inc		23,162
		TOTAL BUSINESS SERVICES		818,443
CHEMICALS AND ALLIED PRODUCTS - 9.02%
1,093,842		Abbott Laboratories		58,652
18,485	e*	Abraxis BioScience, Inc		422
21,809	e*	Acadia Pharmaceuticals, Inc		328
15,016	e*	Acorda Therapeutics, Inc		276
21,334	e*	Adams Respiratory Therapeutics, Inc		822
153,074		Air Products & Chemicals, Inc		14,964
17,349	e*	Albany Molecular Research, Inc		262
56,528	e	Albemarle Corp		2,499
61,370		Alberto-Culver Co		1,521
27,335	e*	Alexion Pharmaceuticals, Inc		1,781
14,002	e*	Alexza Pharmaceuticals, Inc		121
70,988	*	Alkermes, Inc		1,306
30,230	e*	Allos Therapeutics, Inc		144
22,480	e*	Alnylam Pharmaceuticals, Inc		737
30,554	e*	Alpharma, Inc (Class A)		653
10,122	e*	AMAG Pharmaceuticals, Inc		579
36,482	*	American Oriental Bioengineering, Inc		407
12,379	e	American Vanguard Corp		242
772,385	*	Amgen, Inc		43,694
8,652	e*	Animal Health International, Inc		96
16,685		Arch Chemicals, Inc		782
43,996	e*	Arena Pharmaceuticals, Inc		482

200

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
23,529	e*	Arqule, Inc	$	168
33,623	e*	Array Biopharma, Inc		378
24,502	e*	Arrowhead Research Corp		124
20,021	e*	Auxilium Pharmaceuticals, Inc		422
24,200	e*	Aventine Renewable Energy Holdings, Inc		256
75,706		Avery Dennison Corp		4,317
310,135		Avon Products, Inc		11,639
11,970	e	Balchem Corp		244
77,758	e*	Barr Pharmaceuticals, Inc		4,425
10,191	e*	Bentley Pharmaceuticals, Inc		127
3,558	e*	Biodel, Inc		61
209,961	*	Biogen Idec, Inc		13,927
66,973	e*	BioMarin Pharmaceuticals, Inc		1,668
7,589	e*	BioMimetic Therapeutics, Inc		101
31,390	e*	Bionovo, Inc		121
9,920	e*	Bradley Pharmaceuticals, Inc		181
1,398,402		Bristol-Myers Squibb Co		40,302
45,568		Cabot Corp		1,619
11,732	e*	Cadence Pharmaceuticals, Inc		164
28,512	e*	Calgon Carbon Corp		398
20,927		Cambrex Corp		228
5,883	e*	Caraco Pharmaceutical Laboratories Ltd		90
95,347		Celanese Corp (Series A)		3,717
52,007	e*	Cell Genesys, Inc		199
46,785	e*	Cephalon, Inc		3,418
39,849		CF Industries Holdings, Inc		3,025
47,691	*	Charles River Laboratories International, Inc		2,678
12,829	e*	Chattem, Inc		905
179,587		Chemtura Corp		1,596
46,500	e	Church & Dwight Co, Inc		2,187
107,209		Clorox Co		6,539
361,629		Colgate-Palmolive Co		25,791
43,598	e*	Cubist Pharmaceuticals, Inc		921
27,159	e*	Cypress Bioscience, Inc		372
29,796		Cytec Industries, Inc		2,038
18,758	e*	Cytokinetics, Inc		96
62,426	e*	CytRx Corp		216
60,930		Dade Behring Holdings, Inc		4,652
59,949	e*	Dendreon Corp		461
58,878	e*	Discovery Laboratories, Inc		158
673,945	e	Dow Chemical Co		29,020
652,888		Du Pont (E.I.) de Nemours & Co		32,357
50,131	e*	Durect Corp		275
59,583		Eastman Chemical Co		3,976
133,550	e	Ecolab, Inc		6,304
706,045		Eli Lilly & Co		40,195
17,426	e*	Elizabeth Arden, Inc		470
42,677	e*	Encysive Pharmaceuticals, Inc		64
28,467	e*	Enzon Pharmaceuticals, Inc		251
77,181	e	Estee Lauder Cos (Class A)		3,277
28,545		Ferro Corp		570
54,030	e	FMC Corp		2,811
226,321	e*	Forest Laboratories, Inc		8,440
329,001	*	Genentech, Inc		25,669
47,588	e*	GenVec, Inc		112
186,756	e*	Genzyme Corp		11,571

201

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
24,274	e	Georgia Gulf Corp	$	337
51,960	e*	Geron Corp		380
664,714	*	Gilead Sciences, Inc		27,167
11,695	e*	GTx, Inc		190
45,855		H.B. Fuller Co		1,361
45,558	e*	Halozyme Therapeutics, Inc		396
87,144	e	Hercules, Inc		1,832
114,166	e*	Hospira, Inc		4,732
102,740	e*	Human Genome Sciences, Inc		1,057
68,447	e	Huntsman Corp		1,813
17,140	e*	Idenix Pharmaceuticals, Inc		50
23,187	e*	Idexx Laboratories, Inc		2,541
42,460	e*	ImClone Systems, Inc		1,755
49,858	e*	Immucor, Inc		1,782
42,987	e*	Indevus Pharmaceuticals, Inc		297
14,805	e	Innophos Holdings, Inc		226
16,128		Innospec, Inc		367
6,061	e	Inter Parfums, Inc		143
19,810	e*	InterMune, Inc		379
63,209	e	International Flavors & Fragrances, Inc		3,341
37,868	e*	Inverness Medical Innovations, Inc		2,095
33,038	*	Invitrogen Corp		2,700
29,249	e*	Javelin Pharmaceuticals, Inc		147
10,660	e	Kaiser Aluminum Corp		752
27,654	e*	Keryx Biopharmaceuticals, Inc		275
172,331	*	King Pharmaceuticals, Inc		2,020
12,441		Koppers Holdings, Inc		480
2,620	e	Kronos Worldwide, Inc		49
28,944	e*	KV Pharmaceutical Co (Class A)		828
14,893	e*	Landec Corp		230
64,160	e	Ligand Pharmaceuticals, Inc (Class B)		343
48,868		Lubrizol Corp		3,179
163,415		Lyondell Chemical Co		7,574
9,202	e	Mannatech, Inc		75
29,304	e*	MannKind Corp		284
23,199	e*	Martek Biosciences Corp		673
90,979	e*	Medarex, Inc		1,288
36,966	e*	Medicines Co		658
39,603	e	Medicis Pharmaceutical Corp (Class A)		1,208
15,000	e*	Medivation, Inc		301
1,540,445		Merck & Co, Inc		79,626
27,965	e	Meridian Bioscience, Inc		848
56,362	e*	MGI Pharma, Inc		1,566
227,077	e*	Millennium Pharmaceuticals, Inc		2,305
14,800	e	Minerals Technologies, Inc		992
34,103	e*	Minrad International, Inc		163
15,457	e*	Momenta Pharmaceuticals, Inc		176
387,373	e	Monsanto Co		33,213
109,683	e*	Mosaic Co		5,870
175,875	e*	Mylan Laboratories, Inc		2,807
40,164	e*	Nabi Biopharmaceuticals		163
102,409		Nalco Holding Co		3,036
15,424	e*	Nastech Pharmaceutical Co, Inc		205
39,647	*	NBTY, Inc		1,610
26,156	e*	Neurocrine Biosciences, Inc		262
12,540	e	NewMarket Corp		619

202

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
4,943	e	NL Industries, Inc	$	56
15,161	e*	Noven Pharmaceuticals, Inc		241
3,979	*	Obagi Medical Products, Inc		73
57,638		Olin Corp		1,290
21,783	*	OM Group, Inc		1,150
9,743	e*	Omrix Biopharmaceuticals, Inc		344
39,447	e*	Onyx Pharmaceuticals, Inc		1,717
30,922	e*	OraSure Technologies, Inc		311
5,227	e*	Orexigen Therapeutics, Inc		69
41,855	e*	OSI Pharmaceuticals, Inc		1,423
9,330	e*	Osiris Therapeutics, Inc		120
21,959	e*	Pacific Ethanol, Inc		211
24,948	e*	Pain Therapeutics, Inc		233
26,028	e*	Par Pharmaceutical Cos, Inc		483
19,684	*	Parexel International Corp		812
82,661	e*	PDL BioPharma, Inc		1,786
14,839	e*	Penwest Pharmaceuticals Co		163
54,947	e	Perrigo Co		1,173
13,027	e*	PetMed Express, Inc		182
4,989,058		Pfizer, Inc		121,883
19,172	e*	PharMerica Corp		286
16,760	e*	Pharmion Corp		773
67,684	*	PolyOne Corp		506
15,652	e*	Poniard Pharmaceuticals, Inc		89
15,548	e*	Pozen, Inc		172
116,025	e	PPG Industries, Inc		8,766
225,266		Praxair, Inc		18,868
20,200	e*	Prestige Brands Holdings, Inc		222
2,237,834		Procter & Gamble Co		157,409
15,641	e*	Progenics Pharmaceuticals, Inc		346
1,015	*	Protalix BioTherapeutics, Inc		35
21,781	*	Quidel Corp		426
128,735	e*	Revlon, Inc (Class A)		148
23,386	*	Rockwood Holdings, Inc		838
107,754		Rohm & Haas Co		5,999
86,923		RPM International, Inc		2,082
32,161	e*	Salix Pharmaceuticals Ltd		399
32,144	e*	Santarus, Inc		85
1,059,458		Schering-Plough Corp		33,511
24,810	e*	Sciele Pharma, Inc		646
30,925	e	Scotts Miracle-Gro Co (Class A)		1,322
33,451	e	Sensient Technologies Corp		966
75,199	e*	Sepracor, Inc		2,068
78,570	e	Sherwin-Williams Co		5,163
97,966		Sigma-Aldrich Corp		4,775
3,797	e*	Somaxon Pharmaceuticals, Inc		39
3,400	e	Stepan Co		105
36,010	e*	SuperGen, Inc		156
10,427	e*	SurModics, Inc		511
24,273	e*	Tercica, Inc		150
31,857	e	Tronox, Inc (Class B)		288
6,411	e*	Trubion Pharmaceuticals, Inc		78
36,392	e	UAP Holding Corp		1,141
15,246	e*	United Therapeutics Corp		1,014
7,764	e*	US BioEnergy Corp		60
8,287	e*	USANA Health Sciences, Inc		363

203

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
63,674	e*	USEC, Inc	$	653
67,459	e*	Valeant Pharmaceuticals International		1,044
75,915		Valspar Corp		2,066
18,703	e*	Vanda Pharmaceuticals, Inc		260
60,046	*	VCA Antech, Inc		2,507
16,400	e*	Verasun Energy Corp		180
92,537	*	Vertex Pharmaceuticals, Inc		3,554
47,837	e*	Viropharma, Inc		426
11,085	e*	Visicu, Inc		84
64,240	e*	Warner Chilcott Ltd (Class A)		1,142
72,549	e*	Watson Pharmaceuticals, Inc		2,351
11,832	e	Westlake Chemical Corp		300
49,789	e*	WR Grace & Co		1,337
956,153		Wyeth		42,597
15,162	e*	Xenoport, Inc		713
93,790	*	XOMA Ltd		320
26,437	e*	Zymogenetics, Inc		345
		TOTAL CHEMICALS AND ALLIED PRODUCTS		1,088,231
COAL MINING - 0.18%
46,611	e*	Alpha Natural Resources, Inc		1,083
101,350	e	Arch Coal, Inc		3,419
131,179		Consol Energy, Inc		6,113
80,635	e*	International Coal Group, Inc		358
59,977	e	Massey Energy Co		1,309
187,317		Peabody Energy Corp		8,967
		TOTAL COAL MINING		21,249
COMMUNICATIONS - 4.80%
30,232	e	Alaska Communications Systems Group, Inc		437
243,097		Alltel Corp		16,939
295,390	*	American Tower Corp (Class A)		12,861
21,897	e*	Anixter International, Inc		1,805
5,854	e*	Aruba Networks, Inc		117
4,381,555		AT&T, Inc		185,384
6,765		Atlantic Tele-Network, Inc		246
10,900	e*	Audiovox Corp (Class A)		112
19,340	e*	Authorize.Net Holdings, Inc		341
317,965	*	Avaya, Inc		5,393
37,143	e*	Brightpoint, Inc		558
160,716	*	Cablevision Systems Corp (Class A)		5,615
14,532	e*	Cbeyond Communications, Inc		593
15,110	*	Centennial Communications Corp		153
24,190	*	Central European Media Enterprises Ltd (Class A)		2,218
77,480		CenturyTel, Inc		3,581
284,093	e*	Charter Communications, Inc (Class A)		733
180,973	*	Cincinnati Bell, Inc		894
143,100	e	Citadel Broadcasting Corp		595
242,015	e	Citizens Communications Co		3,466
351,009		Clear Channel Communications, Inc		13,142
8,891	e*	Clearwire Corp (Class A)		217
2,096,131	e*	Comcast Corp (Class A)		50,684
14,680	e	Consolidated Communications Holdings, Inc		288
32,384	e*	Cox Radio, Inc (Class A)		423
164,278	e*	Crown Castle International Corp		6,675
13,062	e*	Crown Media Holdings, Inc (Class A)		94

204

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
36,653	e*	CTC Media, Inc	$	805
35,320	e*	Cumulus Media, Inc (Class A)		361
9,394	e*	DG FastChannel,Inc		221
533,030	*	DIRECTV Group, Inc		12,942
110,581	e*	Dobson Communications Corp (Class A)		1,414
147,079	*	EchoStar Communications Corp (Class A)		6,885
106,754		Embarq Corp		5,936
26,410	e	Emmis Communications Corp (Class A)		130
22,831	e	Entercom Communications Corp (Class A)		441
52,691	*	Entravision Communications Corp (Class A)		486
24,592	e	Fairpoint Communications, Inc		464
86,527	e*	FiberTower Corp		332
5,404	e*	Fisher Communications, Inc		269
109,368	*	Foundry Networks, Inc		1,943
38,028	e*	General Communication, Inc (Class A)		462
12,443	*	GeoEye, Inc		320
17,256	e*	Global Crossing Ltd		364
53,416		Global Payments, Inc		2,362
8,275	e*	Globalstar, Inc		61
11,948	*	Golden Telecom, Inc		962
29,084	e	Gray Television, Inc		247
16,976	e*	Harris Stratex Networks, Inc (Class A)		297
18,785		Hearst-Argyle Television, Inc		488
4,578	*	Hughes Communications, Inc		237
123,533	e*	IAC/InterActiveCorp		3,665
23,311	e	Ibasis, Inc		251
73,766	e*	ICO Global Communications Holdings Ltd		257
39,942	e	IDT Corp (Class B)		334
16,276	e*	InPhonic, Inc		45
22,094	e	Iowa Telecommunications Services, Inc		439
11,781		iPCS, Inc		405
35,358	e*	j2 Global Communications, Inc		1,157
18,344	e*	Knology, Inc		307
38,462	e*	Leap Wireless International, Inc		3,130
1,082,052	e*	Level 3 Communications, Inc		5,032
271,543	e*	Liberty Global, Inc (Class A)		11,139
91,188	*	Liberty Media Corp - Capital (Series A)		11,383
460,518	e*	Liberty Media Holding Corp (Interactive A)		8,847
17,509	e*	Lin TV Corp (Class A)		228
16,181	e*	Lodgenet Entertainment Corp		410
28,940	e*	Mastec, Inc		407
42,748	e*	Mediacom Communications Corp (Class A)		301
40,773	e*	MetroPCS Communications, Inc		1,112
53,746	e*	NeuStar, Inc (Class A)		1,843
7,635	*	Nexstar Broadcasting Group, Inc (Class A)		80
19,431	e*	Nextwave Wireless, Inc		111
122,702	*	NII Holdings, Inc		10,080
9,887	e	North Pittsburgh Systems, Inc		235
20,547	e*	Novatel Wireless, Inc		465
19,818		NTELOS Holdings Corp		584
18,865	e*	Orbcomm, Inc		142
49,151	e*	PAETEC Holding Corp		613
1,801		Preformed Line Products Co		94
1,159,984	e*	Qwest Communications International, Inc		10,625
57,767	e*	Radio One, Inc (Class D)		215
20,736		RCN Corp		255

205

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
8,561	e*	Rural Cellular Corp (Class A)	$	372
8,327		Salem Communications Corp (Class A)		67
20,418	e*	SAVVIS, Inc		792
72,846	e*	SBA Communications Corp (Class A)		2,570
16,080	e	Shenandoah Telecom Co		350
34,573	e	Sinclair Broadcast Group, Inc (Class A)		416
31,566	e*	Spanish Broadcasting System, Inc (Class A)		81
1,999,879	e	Sprint Nextel Corp		37,998
9,587	e	SureWest Communications		240
8,854	e*	Switch & Data Facilities Co, Inc		144
16,874	*	Syniverse Holdings, Inc		268
75,527		Telephone & Data Systems, Inc		5,041
33,818	e*	Terremark Worldwide, Inc		242
109,696	*	Time Warner Cable, Inc (Class A)		3,598
69,701	e*	TiVo, Inc		443
11,370	*	US Cellular Corp		1,117
18,421	e	USA Mobility, Inc		311
2,063,348		Verizon Communications, Inc		91,365
47,364	e,v*	Vonage Holdings Corp		49
339,959	e	Windstream Corp		4,800
202,056	e*	XM Satellite Radio Holdings, Inc (Class A)		2,863
		TOTAL COMMUNICATIONS		579,311
DEPOSITORY INSTITUTIONS - 8.27%
9,281	e	1st Source Corp		213
8,068	e	Abington Bancorp, Inc		79
12,076	e	Alabama National Bancorp		941
16,250	e	Amcore Financial, Inc		405
12,311	e	AmericanWest Bancorp		241
7,905	e	Ameris Bancorp		143
16,200	e	Anchor Bancorp Wisconsin, Inc		437
96,885		Associated Banc-Corp		2,871
61,450		Astoria Financial Corp		1,630
5,016	e	Bancfirst Corp		225
19,277		Banco Latinoamericano de Exportaciones S.A.		350
7,613	e*	Bancorp, Inc		141
58,119	e	Bancorpsouth, Inc		1,412
48,672	e	Bank Mutual Corp		574
3,154,564		Bank of America Corp		158,580
38,376		Bank of Hawaii Corp		2,028
800,377		Bank of New York Mellon Corp		35,329
8,348	e	Bank of the Ozarks, Inc		255
33,271	e	BankAtlantic Bancorp, Inc (Class A)		288
17,629	e	BankFinancial Corp		279
22,200	e	BankUnited Financial Corp (Class A)		345
8,647		Banner Corp		297
389,439	e	BB&T Corp		15,729
6,060	e	Berkshire Hills Bancorp, Inc		183
16,366	e	BOK Financial Corp		841
24,206	e	Boston Private Financial Holdings, Inc		674
49,152	e	Brookline Bancorp, Inc		570
9,158	e	Capital City Bank Group, Inc		286
6,231	e	Capital Corp of the West		115
9,528	e	Capitol Bancorp Ltd		237
16,280	e	Capitol Federal Financial		557
19,846	e	Cascade Bancorp		442

206

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
4,003	e	Cass Information Systems, Inc	$	143
36,547	e	Cathay General Bancorp		1,177
40,600	e*	Centennial Bank Holdings, Inc		260
7,848	e	Center Financial Corp		109
20,935	e	Central Pacific Financial Corp		611
16,601	e	Chemical Financial Corp		403
32,874	e	Chittenden Corp		1,156
3,516,446		Citigroup, Inc		164,113
54,766	e	Citizens Banking Corp		882
9,310	e	City Bank		267
12,921	e	City Holding Co		470
28,862		City National Corp		2,006
8,907	e	Clifton Savings Bancorp, Inc		105
10,291	e	CoBiz, Inc		176
112,443	e	Colonial Bancgroup, Inc		2,431
10,948	e	Columbia Banking System, Inc		348
110,338		Comerica, Inc		5,658
133,201		Commerce Bancorp, Inc		5,166
49,814	e	Commerce Bancshares, Inc		2,286
7,311	e*	Community Bancorp		184
20,690	e	Community Bank System, Inc		404
17,049	e	Community Banks, Inc		508
9,922	e	Community Trust Bancorp, Inc		298
27,635	e	Corus Bankshares, Inc		360
42,425	e	Cullen/Frost Bankers, Inc		2,126
47,839		CVB Financial Corp		560
19,824	e	Dime Community Bancshares		297
11,361	e*	Dollar Financial Corp		324
14,931	e	Downey Financial Corp		863
42,390	e	East West Bancorp, Inc		1,524
5,234	e	Enterprise Financial Services Corp		127
32,402	e*	Euronet Worldwide, Inc		965
390,894	e	Fifth Third Bancorp		13,243
7,060	e	First Bancorp		144
58,870		First Bancorp		559
10,765	e	First Busey Corp		236
23,638	e	First Charter Corp		713
4,516		First Citizens Bancshares, Inc (Class A)		788
51,852	e	First Commonwealth Financial Corp		573
18,350	e	First Community Bancorp, Inc		1,004
6,565	e	First Community Bancshares, Inc		238
23,858	e	First Financial Bancorp		305
14,678	e	First Financial Bankshares, Inc		590
8,954	e	First Financial Corp		271
8,300	e	First Financial Holdings, Inc		260
90,481	e	First Horizon National Corp		2,412
8,910		First Indiana Corp		279
12,330	e	First Merchants Corp		266
34,833	e	First Midwest Bancorp, Inc		1,190
79,187	e	First Niagara Financial Group, Inc		1,121
10,172	e	First Place Financial Corp		180
4,965	e*	First Regional Bancorp		122
5,157	e	First South Bancorp, Inc		135
12,414	e	First State Bancorporation		244
13,972	e*	FirstFed Financial Corp		692
59,714	e	FirstMerit Corp		1,180

207

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
31,002	e	Flagstar Bancorp, Inc	$	302
12,979	e	Flushing Financial Corp		218
43,167	e	FNB Corp		714
16,647	e*	Franklin Bank Corp		153
47,441	e*	Fremont General Corp		185
28,387	e	Frontier Financial Corp		662
123,318	e	Fulton Financial Corp		1,773
37,500	e	Glacier Bancorp, Inc		845
7,290	e	Great Southern Bancorp, Inc		181
36,753	e	Greater Bay Bancorp		1,014
6,221		Greene County Bancshares, Inc		227
19,896	e	Hancock Holding Co		797
27,371	e	Hanmi Financial Corp		424
19,713	e	Harleysville National Corp		313
10,342	e	Heartland Financial USA, Inc		213
8,209		Heritage Commerce Corp		174
8,188	e	Home Bancshares, Inc		178
8,546	e	Horizon Financial Corp		173
385,057		Hudson City Bancorp, Inc		5,922
273,602	e	Huntington Bancshares, Inc		4,646
7,762	e	IBERIABANK Corp		409
3,467		Imperial Capital Bancorp, Inc		98
9,704	e	Independent Bank Corp		288
16,011	e	Independent Bank Corp		177
51,913	e	IndyMac Bancorp, Inc		1,226
12,591	e	Integra Bank Corp		228
35,467	e	International Bancshares Corp		770
37,852	*	Investors Bancorp, Inc		536
15,442	e	Irwin Financial Corp		170
2,428,576		JPMorgan Chase & Co		111,277
14,732	e	Kearny Financial Corp		188
277,310	e	Keycorp		8,965
22,471	e	KNBT Bancorp, Inc		372
13,136	e	Lakeland Bancorp, Inc		178
8,565	e	Lakeland Financial Corp		198
48,564		M&T Bank Corp		5,024
10,842	e	Macatawa Bank Corp		147
11,504	e	MainSource Financial Group, Inc		203
183,111		Marshall & Ilsley Corp		8,015
25,844	e	MB Financial, Inc		893
11,521	e	Midwest Banc Holdings, Inc		170
15,140	e	Nara Bancorp, Inc		236
1,893	e	NASB Financial, Inc		68
409,075	e	National City Corp		10,264
35,266	e	National Penn Bancshares, Inc		577
24,427	e	NBT Bancorp, Inc		531
34,157	e*	Net 1 UEPS Technologies, Inc		928
226,140	e	New York Community Bancorp, Inc		4,308
78,754	e	NewAlliance Bancshares, Inc		1,156
155,077		Northern Trust Corp		10,277
12,217	e	Northwest Bancorp, Inc		348
50,588	e	Old National Bancorp		838
9,237	e	Old Second Bancorp, Inc		263
8,719	e	Omega Financial Corp		230
17,777		Oriental Financial Group, Inc		204
8,236	e*	Oritani Financial Corp		130

208

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
33,369	e	Pacific Capital Bancorp	$	878
9,214	e	Park National Corp		803
34,547	e	Partners Trust Financial Group, Inc		420
6,808	e	Peoples Bancorp, Inc		178
147,837	e	People's United Financial, Inc		2,555
17,415	e	PFF Bancorp, Inc		267
10,869	e*	Pinnacle Financial Partners, Inc		313
243,914		PNC Financial Services Group, Inc		16,611
206,308		Popular, Inc		2,533
6,370	e	Preferred Bank		251
12,613	e	PrivateBancorp, Inc		439
23,642	e	Prosperity Bancshares, Inc		784
25,227	e	Provident Bankshares Corp		790
53,846	e	Provident Financial Services, Inc		881
30,181	e	Provident New York Bancorp		396
4,843	e	QC Holdings, Inc		70
498,218		Regions Financial Corp		14,687
10,908	e	Renasant Corp		236
6,104	e	Republic Bancorp, Inc (Class A)		97
6,115	e	Rockville Financial, Inc		87
7,271		Roma Financial Corp		124
3,344	e	Royal Bancshares of Pennsylvania (Class A)		73
20,998	e	S&T Bancorp, Inc		674
8,198	e	S.Y. Bancorp, Inc		222
9,617	e	Sandy Spring Bancorp, Inc		290
4,873		Santander BanCorp		63
5,836	e	SCBT Financial Corp		202
9,460	e	Seacoast Banking Corp of Florida		177
10,334	e	Security Bank Corp		129
3,786	e	Sierra Bancorp		109
20,862	e*	Signature Bank		735
9,660	e	Simmons First National Corp (Class A)		254
53,177	e	South Financial Group, Inc		1,209
8,362	e	Southside Bancshares, Inc		185
9,257		Southwest Bancorp, Inc		174
304,500		Sovereign Bancorp, Inc		5,189
280,819		State Street Corp		19,141
13,290	e	Sterling Bancorp		186
48,597	e	Sterling Bancshares, Inc		555
17,306	e*	Sterling Financial Corp		297
34,680	e	Sterling Financial Corp		933
7,140	e	Suffolk Bancorp		229
8,750	e*	Sun Bancorp, Inc		153
252,128		SunTrust Banks, Inc		19,079
23,978	e*	Superior Bancorp		212
34,534	e	Susquehanna Bancshares, Inc		694
24,169	e*	SVB Financial Group		1,145
196,051	e	Synovus Financial Corp		5,499
4,565		Taylor Capital Group, Inc		128
91,260		TCF Financial Corp		2,389
16,293	e*	Texas Capital Bancshares, Inc		354
14,873	e	TierOne Corp		394
6,413	e	Tompkins Trustco, Inc		255
9,919	e	Trico Bancshares		221
51,426	e	Trustco Bank Corp NY		562
34,436	e	Trustmark Corp		966

209

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
67,163	e	UCBH Holdings, Inc	$	1,174
24,432	e	UMB Financial Corp		1,047
43,224	e	Umpqua Holdings Corp		865
8,916	e	Union Bankshares Corp		202
33,774	e	UnionBanCal Corp		1,973
27,662	e	United Bankshares, Inc		842
24,124	e	United Community Banks, Inc		592
18,456	e	United Community Financial Corp		133
5,067	e	United Security Bancshares		95
7,380	e	Univest Corp of Pennsylvania		175
1,235,999	e	US Bancorp		40,207
8,850	e	USB Holding Co, Inc		206
89,986	e	Valley National Bancorp		1,996
5,300		ViewPoint Financial Group		98
12,360	e*	Virginia Commerce Bancorp		177
75,924	e	W Holding Co, Inc		170
1,360,241		Wachovia Corp		68,216
62,928		Washington Federal, Inc		1,653
623,796	e	Washington Mutual, Inc		22,026
8,575	e	Washington Trust Bancorp, Inc		231
7,507	e*	Wauwatosa Holdings, Inc		122
40,046		Webster Financial Corp		1,687
2,386,322		Wells Fargo & Co		85,001
15,679	e	WesBanco, Inc		392
10,009	e	West Coast Bancorp		284
23,845	e	Westamerica Bancorporation		1,188
11,887	e*	Western Alliance Bancorp		280
559,087		Western Union Co		11,724
10,962	e	Westfield Financial, Inc		106
46,684		Whitney Holding Corp		1,232
51,413	e	Wilmington Trust Corp		2,000
9,638	e	Wilshire Bancorp, Inc		106
17,249	e	Wintrust Financial Corp		736
4,467	e	WSFS Financial Corp		279
6,959	e	Yardville National Bancorp		234
76,375		Zions Bancorporation		5,245
		TOTAL DEPOSITORY INSTITUTIONS		997,924
EATING AND DRINKING PLACES - 0.87%
18,260	e*	AFC Enterprises		275
52,752		Applebees International, Inc		1,312
8,606	*	Benihana, Inc (Class A)		149
9,771	e*	BJ's Restaurants, Inc		206
24,778	e	Bob Evans Farms, Inc		748
80,322		Brinker International, Inc		2,204
10,902	e*	Buffalo Wild Wings, Inc		411
37,312	e	Burger King Holdings, Inc		951
20,543	e*	California Pizza Kitchen, Inc		361
7,174	e*	Carrols Restaurant Group, Inc		80
17,289	e	CBRL Group, Inc		705
20,197	e*	CEC Entertainment, Inc		543
50,784	e*	Cheesecake Factory		1,192
21,255	e*	Chipotle Mexican Grill, Inc (Class B)		2,274
44,745	e	CKE Restaurants, Inc		725
99,900		Darden Restaurants, Inc		4,182
75,312	e*	Denny's Corp		301

210

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
30,059	e	Domino's Pizza, Inc	$	499
13,878	e	IHOP Corp		879
22,085	*	Jack in the Box, Inc		1,432
39,881	e*	Krispy Kreme Doughnuts, Inc		160
12,903	e	Landry's Restaurants, Inc		341
8,310	*	McCormick & Schmick's Seafood Restaurants, Inc		156
848,610		McDonald's Corp		46,224
7,205	*	Morton's Restaurant Group, Inc		115
14,289	e	O'Charleys, Inc		217
15,393	e*	Papa John's International, Inc		376
18,084	e*	PF Chang's China Bistro, Inc		535
25,931	e*	Rare Hospitality International, Inc		988
11,853	e*	Red Robin Gourmet Burgers, Inc		509
38,476	e	Ruby Tuesday, Inc		706
10,929	e*	Ruth's Chris Steak House, Inc		156
47,245	e*	Sonic Corp		1,106
523,895	*	Starbucks Corp		13,726
19,171	e*	Steak N Shake Co		288
37,299	e*	Texas Roadhouse, Inc (Class A)		436
133,986	e	Tim Hortons, Inc		4,669
43,886	e	Triarc Cos (Class B)		549
61,697	e	Wendy's International, Inc		2,154
370,352		Yum! Brands, Inc		12,529
		TOTAL EATING AND DRINKING PLACES		105,369
EDUCATIONAL SERVICES - 0.13%
101,988	e*	Apollo Group, Inc (Class A)		6,135
69,638	e*	Career Education Corp		1,949
62,840	e*	Corinthian Colleges, Inc		1,000
42,460		DeVry, Inc		1,571
29,564	*	ITT Educational Services, Inc		3,598
3,041	e*	Lincoln Educational Services Corp		40
10,353		Strayer Education, Inc		1,746
14,801	e*	Universal Technical Institute, Inc		266
		TOTAL EDUCATIONAL SERVICES		16,305
ELECTRIC, GAS, AND SANITARY SERVICES - 3.93%
471,951	*	AES Corp		9,458
55,012		AGL Resources, Inc		2,180
117,133	e	Allegheny Energy, Inc		6,121
17,427	e	Allete, Inc		780
80,451		Alliant Energy Corp		3,083
200,074	*	Allied Waste Industries, Inc		2,551
146,454	e	Ameren Corp		7,689
10,902	e	American Ecology Corp		231
281,975		American Electric Power Co, Inc		12,993
11,397	e	American States Water Co		444
96,003		Aqua America, Inc		2,177
276,036	e*	Aquila, Inc		1,107
65,777		Atmos Energy Corp		1,863
35,312		Avista Corp		719
23,485	e	Black Hills Corp		963
13,965	e	California Water Service Group		538
13,533	*	Casella Waste Systems, Inc (Class A)		170
225,760	e	Centerpoint Energy, Inc		3,619
7,119		Central Vermont Public Service Corp		260

211

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
13,300	e	CH Energy Group, Inc	$	636
7,162	e*	Clean Energy Fuels Corp		108
11,577	e*	Clean Harbors, Inc		515
40,584	e	Cleco Corp		1,026
158,961	e	CMS Energy Corp		2,674
191,082		Consolidated Edison, Inc		8,847
10,306	e	Consolidated Water Co, Inc		309
127,465		Constellation Energy Group, Inc		10,935
85,275	e*	Covanta Holding Corp		2,090
22,377	e	Crosstex Energy, Inc		848
207,620	e	Dominion Resources, Inc		17,502
80,044	e	DPL, Inc		2,102
124,457		DTE Energy Co		6,029
890,673		Duke Energy Corp		16,647
238,240	e*	Dynegy, Inc (Class A)		2,201
230,316	e	Edison International		12,771
495,165	e	El Paso Corp		8,403
32,219	*	El Paso Electric Co		745
21,443		Empire District Electric Co		484
50,662		Energen Corp		2,894
110,044		Energy East Corp		2,977
4,326	e	EnergySouth, Inc		218
2,665	e*	EnerNOC, Inc		102
141,442		Entergy Corp		15,317
478,145		Exelon Corp		36,033
218,611		FirstEnergy Corp		13,847
290,603	e	FPL Group, Inc		17,692
63,000	e	Great Plains Energy, Inc		1,815
59,766	e	Hawaiian Electric Industries, Inc		1,298
31,800	e	Idacorp, Inc		1,041
55,880	e	Integrys Energy Group, Inc		2,863
27,259	e	ITC Holdings Corp		1,351
14,800	e	Laclede Group, Inc		478
4,287	e	Markwest Hydrocarbon, Inc		249
131,012		MDU Resources Group, Inc		3,647
20,394		Metal Management, Inc		1,105
14,002	e	MGE Energy, Inc		468
180,863	*	Mirant Corp		7,358
58,945	e	National Fuel Gas Co		2,759
22,377	e	New Jersey Resources Corp		1,110
34,041	e	Nicor, Inc		1,460
193,868		NiSource, Inc		3,711
109,115		Northeast Utilities		3,117
19,700	e	Northwest Natural Gas Co		900
24,616	e	NorthWestern Corp		669
171,301	e*	NRG Energy, Inc		7,244
75,589	e	NSTAR		2,631
64,715		OGE Energy Corp		2,142
78,611		Oneok, Inc		3,726
4,962	e	Ormat Technologies, Inc		230
19,998	e	Otter Tail Corp		713
136,693		Pepco Holdings, Inc		3,702
248,387	e	PG&E Corp		11,873
10,816	e*	Pico Holdings, Inc		449
57,205		Piedmont Natural Gas Co, Inc		1,435
12,323	e*	Pike Electric Corp		231

212

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
70,786	e	Pinnacle West Capital Corp	$	2,797
54,221	e	PNM Resources, Inc		1,262
21,481	e	Portland General Electric Co		597
277,015		PPL Corp		12,826
182,248		Progress Energy, Inc		8,538
34,100	m,v*	Progress Energy, Inc		-	^
179,334		Public Service Enterprise Group, Inc		15,780
82,750		Puget Energy, Inc		2,025
121,788		Questar Corp		6,398
249,129	*	Reliant Energy, Inc		6,378
117,594		Republic Services, Inc		3,846
10,949	e	Resource America, Inc (Class A)		173
82,423		SCANA Corp		3,193
25,033	e*	SEMCO Energy, Inc		198
186,573		Sempra Energy		10,844
156,710		Sierra Pacific Resources		2,465
10,436	e	SJW Corp		356
20,851	e	South Jersey Industries, Inc		726
537,239	e	Southern Co		19,491
76,048	e	Southern Union Co		2,366
28,345		Southwest Gas Corp		802
16,033	e	Southwest Water Co		202
62,027	*	Stericycle, Inc		3,545
148,252		TECO Energy, Inc		2,436
327,527		TXU Corp		22,426
75,102		UGI Corp		1,951
16,909	e	UIL Holdings Corp		533
24,831	e	Unisource Energy Corp		742
55,079	e	Vectren Corp		1,503
48,547	e*	Waste Connections, Inc		1,542
3,755		Waste Industries USA, Inc		107
19,253	e*	Waste Services, Inc		187
62,830	e	Westar Energy, Inc		1,543
34,425	e	WGL Holdings, Inc		1,167
423,503		Williams Cos, Inc		14,425
82,788		Wisconsin Energy Corp		3,728
288,988	e	Xcel Energy, Inc		6,225
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		473,996
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 6.73%
15,750	e*	Acme Packet, Inc		243
22,958	e*	Actel Corp		246
30,632		Acuity Brands, Inc		1,546
82,321	e*	Adaptec, Inc		314
86,140	*	ADC Telecommunications, Inc		1,689
42,374	e	Adtran, Inc		976
25,828	e*	Advanced Analogic Technologies, Inc		275
23,059	*	Advanced Energy Industries, Inc		348
390,590	e*	Advanced Micro Devices, Inc		5,156
250,843		Altera Corp		6,040
22,354	e*	American Superconductor Corp		458
75,446		Ametek, Inc		3,261
47,376	*	AMIS Holdings, Inc		460
73,876	e*	Amkor Technology, Inc		851
126,589		Amphenol Corp (Class A)		5,033
42,735	e*	Anadigics, Inc		773

213

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
231,278	e	Analog Devices, Inc	$	8,363
109,927	*	Andrew Corp		1,522
613,570	*	Apple Computer, Inc		94,208
215,447	e*	Applied Micro Circuits Corp		681
78,929	e*	Arris Group, Inc		975
38,898	e*	Atheros Communications, Inc		1,166
336,155	*	Atmel Corp		1,735
25,930	*	ATMI, Inc		771
119,087	e*	Avanex Corp		195
101,613	*	Avnet, Inc		4,050
34,410	e	AVX Corp		554
8,359	e*	AZZ, Inc		292
32,362	e	Baldor Electric Co		1,293
7,316	e	Bel Fuse, Inc (Class B)		254
51,432	*	Benchmark Electronics, Inc		1,228
9,033	e*	BigBand Networks, Inc		58
330,478	e*	Broadcom Corp (Class A)		12,043
33,107	e*	C-COR, Inc		380
19,382	e*	Ceradyne, Inc		1,468
27,817	e*	Checkpoint Systems, Inc		734
60,188	*	Ciena Corp		2,292
4,314,763	*	Cisco Systems, Inc		142,862
15,327	e*	Comtech Telecommunications Corp		820
352,109	e*	Conexant Systems, Inc		423
129,303		Cooper Industries Ltd (Class A)		6,606
5,037	e*	CPI International, Inc		96
60,981	e*	Cree, Inc		1,897
23,637	e	CTS Corp		305
14,434	e	Cubic Corp		609
108,831	*	Cypress Semiconductor Corp		3,179
21,186	e*	Diodes, Inc		680
31,325	e*	Ditech Networks, Inc		165
28,077	*	Dolby Laboratories, Inc (Class A)		978
21,955	e*	DSP Group, Inc		348
10,894	e*	DTS, Inc		331
103,554		Eaton Corp		10,256
23,062	e*	Electro Scientific Industries, Inc		553
10,542	e*	EMS Technologies, Inc		259
40,393	e*	Energizer Holdings, Inc		4,478
28,552	e*	Energy Conversion Devices, Inc		649
18,146	e*	EnerSys		322
67,390	e*	Evergreen Solar, Inc		602
25,111	e*	Exar Corp		328
42,985	v*	EXIDE TECHNOLOGIES RIGHTS		-	^
85,596	*	Fairchild Semiconductor International, Inc		1,599
195,626	e*	Finisar Corp		548
25,826	e*	First Solar, Inc		3,041
16,105	e	Franklin Electric Co, Inc		662
46,577	e*	FuelCell Energy, Inc		416
82,092	e	Garmin Ltd		9,802
168,527	*	Gemstar-TV Guide International, Inc		1,173
20,156	e*	Genlyte Group, Inc		1,295
81,779	*	GrafTech International Ltd		1,459
16,954	e*	Greatbatch, Inc		451
46,047		Harman International Industries, Inc		3,984
54,755	e*	Harmonic, Inc		581

214

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
94,943		Harris Corp	$	5,487
21,557	*	Helen of Troy Ltd		416
67,315	e*	Hexcel Corp		1,529
11,513	e*	Hittite Microwave Corp		508
551,220		Honeywell International, Inc		32,781
16,902	e*	Hutchinson Technology, Inc		416
24,375	e	Imation Corp		598
139,841	*	Integrated Device Technology, Inc		2,165
4,116,339		Intel Corp		106,449
33,604	e*	InterDigital, Inc		698
50,270	e*	International Rectifier Corp		1,658
95,551		Intersil Corp (Class A)		3,194
28,293	e*	InterVoice, Inc		266
6,910	e*	IPG Photonics Corp		136
7,978	e*	iRobot Corp		159
16,725	e*	IXYS Corp		174
42,431	e*	Jarden Corp		1,313
145,351	e*	JDS Uniphase Corp		2,174
66,338	e*	Kemet Corp		488
87,515		L-3 Communications Holdings, Inc		8,939
9,858	e	Lamson & Sessions Co		266
81,127	e*	Lattice Semiconductor Corp		364
29,989		Lincoln Electric Holdings, Inc		2,327
157,428	e	Linear Technology Corp		5,508
17,104	e*	Littelfuse, Inc		610
8,072	e*	Loral Space & Communications, Inc		321
12,960		LSI Industries, Inc		266
543,579	e*	LSI Logic Corp		4,033
337,959	*	Marvell Technology Group Ltd		5,532
37,299	e*	Mattson Technology, Inc		323
226,845		Maxim Integrated Products, Inc		6,658
14,709	e*	Medis Technologies Ltd		191
158,819	*	MEMC Electronic Materials, Inc		9,348
13,858	e*	Mercury Computer Systems, Inc		142
23,004		Methode Electronics, Inc		346
46,581	e	Micrel, Inc		503
155,745	e	Microchip Technology, Inc		5,657
531,074	e*	Micron Technology, Inc		5,895
55,954	e*	Microsemi Corp		1,560
45,471	e*	Microtune, Inc		274
33,720	e*	MIPS Technologies, Inc		266
98,307	e	Molex, Inc		2,647
15,444	e*	Monolithic Power Systems, Inc		392
26,866	e*	Moog, Inc (Class A)		1,180
1,636,577		Motorola, Inc		30,326
89,555	e*	MRV Communications, Inc		222
6,600	e*	Multi-Fineline Electronix, Inc		98
3,138	e	National Presto Industries, Inc		166
196,436		National Semiconductor Corp		5,327
13,186	e*	Netlogic Microsystems, Inc		476
262,461	*	Network Appliance, Inc		7,063
90,589	e*	Novellus Systems, Inc		2,469
382,327	e*	Nvidia Corp		13,856
39,050	e*	Omnivision Technologies, Inc		888
163,829	e*	ON Semiconductor Corp		2,058
80,242	e*	On2 Technologies, Inc		93

215

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
68,043	e	Openwave Systems, Inc	$	298
15,398	e*	Oplink Communications, Inc		210
13,224	e*	OpNext, Inc		153
8,730	e*	Optium Corp		91
10,891	e*	OSI Systems, Inc		245
13,852	e	Park Electrochemical Corp		465
14,362	e*	Pericom Semiconductor Corp		168
29,346	*	Photronics, Inc		335
38,239	e	Plantronics, Inc		1,092
32,750	e*	Plexus Corp		897
15,100	e*	PLX Technology, Inc		163
150,922	e*	PMC - Sierra, Inc		1,266
66,237	*	Polycom, Inc		1,779
3,961	e*	Powell Industries, Inc		150
51,516	e*	Power-One, Inc		263
96,435	e*	Powerwave Technologies, Inc		594
108,580	*	QLogic Corp		1,460
1,178,362		Qualcomm, Inc		49,798
95,926	e	RadioShack Corp		1,982
68,996	e*	Rambus, Inc		1,319
11,399	e	Raven Industries, Inc		457
22,604	e	Regal-Beloit Corp		1,083
136,976	e*	RF Micro Devices, Inc		922
12,342	e*	Rogers Corp		508
385,770	*	Sanmina-SCI Corp		818
21,571	*	Seachange International, Inc		149
52,119	*	Semtech Corp		1,067
56,384	*	Silicon Image, Inc		290
38,539	*	Silicon Laboratories, Inc		1,609
72,899	e*	Silicon Storage Technology, Inc		235
27,582	e*	Sirenza Microdevices, Inc		477
1,037,535	e*	Sirius Satellite Radio, Inc		3,621
112,344	e*	Skyworks Solutions, Inc		1,016
35,494	*	Smart Modular Technologies WWH, Inc		254
65,116	e*	Spansion, Inc (Class A)		550
28,315	e*	Spectrum Brands, Inc		164
14,503	e*	Standard Microsystems Corp		557
10,374	e*	Stoneridge, Inc		106
18,208	e*	Sunpower Corp (Class A)		1,508
8,595	e*	Supertex, Inc		343
129,793	e*	Sycamore Networks, Inc		528
35,188	e*	Symmetricom, Inc		165
17,207	e*	Synaptics, Inc		822
41,522	e*	Syntax-Brillian Corp		169
30,703	e	Technitrol, Inc		827
10,550	e*	Techwell, Inc		112
42,847	e*	Tekelec		518
27,669		Teleflex, Inc		2,156
309,010	*	Tellabs, Inc		2,942
33,830	*	Tessera Technologies, Inc		1,269
1,013,439	e	Texas Instruments, Inc		37,082
43,626	*	Thomas & Betts Corp		2,558
40,125	e*	Trident Microsystems, Inc		638
105,731	e*	Triquint Semiconductor, Inc		519
32,309	e*	TTM Technologies, Inc		374
352,250		Tyco Electronics Ltd		12,480

216

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
13,489	e*	Ultra Clean Holdings	$	198
16,474	e*	Universal Display Corp		292
8,900	e*	Universal Electronics, Inc		289
87,200	e*	Utstarcom, Inc		319
63,729	e*	Varian Semiconductor Equipment Associates, Inc		3,411
15,575	*	Viasat, Inc		480
12,845	e	Vicor Corp		156
127,423	*	Vishay Intertechnology, Inc		1,660
13,179	e*	Volterra Semiconductor Corp		162
56,062	e	Whirlpool Corp		4,995
210,715	e	Xilinx, Inc		5,508
15,313	*	Zoltek Cos, Inc		668
35,864	*	Zoran Corp		724
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		811,370
ENGINEERING AND MANAGEMENT SERVICES - 0.95%
13,465	e*	Advisory Board Co		787
28,593	e*	Aecom Technology Corp		999
3,198	*	Affymax, Inc		87
92,912	*	Amylin Pharmaceuticals, Inc		4,646
54,636	*	Applera Corp (Celera Genomics Group)		768
40,510	e*	Ariad Pharmaceuticals, Inc		188
7,981	e	CDI Corp		222
269,226	*	Celgene Corp		19,198
8,356	e*	Cornell Cos, Inc		197
29,357	e	Corporate Executive Board Co		2,179
8,400	e*	CRA International, Inc		405
41,854	e*	CV Therapeutics, Inc		376
20,365		Diamond Management & Technology Consultants, Inc		187
35,921	e*	eResearch Technology, Inc		409
65,374	e*	Exelixis, Inc		692
11,236	*	Exponent, Inc		282
62,325		Fluor Corp		8,974
12,000	*	Genpact Ltd		203
36,978	*	Gen-Probe, Inc		2,462
15,327	e*	Greenfield Online, Inc		234
31,752	*	Harris Interactive, Inc		137
67,023	*	Hewitt Associates, Inc (Class A)		2,349
13,227	*	Huron Consulting Group, Inc		961
60,816	e*	Incyte Corp		435
58,586	e*	Isis Pharmaceuticals, Inc		877
84,227	e*	Jacobs Engineering Group, Inc		6,366
119,883	*	KBR, Inc		4,648
8,794	*	Kendle International, Inc		365
29,364	e*	Kosan Biosciences, Inc		147
6,175	e	Landauer, Inc		315
17,070	e*	LECG Corp		254
26,264	e*	Lifecell Corp		987
22,750	e*	Luminex Corp		343
15,124		MAXIMUS, Inc		659
16,427	*	Maxygen, Inc		112
160,080	*	McDermott International, Inc		8,657
5,139	*	Michael Baker Corp		252
163,736	e	Moody's Corp		8,252
7,000	e*	MTC Technologies, Inc		135
31,449	e*	Myriad Genetics, Inc		1,640

217

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
40,786	e*	Navigant Consulting, Inc	$	516
22,856	e*	Neurogen Corp		101
24,067	*	Omnicell, Inc		687
239,692		Paychex, Inc		9,827
14,301	e*	PharmaNet Development Group, Inc		415
110,430	e	Quest Diagnostics, Inc		6,380
20,942	e*	Regeneration Technologies, Inc		224
44,788	e*	Regeneron Pharmaceuticals, Inc		797
97,295	e*	Rentech, Inc		210
32,857		Resources Connection, Inc		761
17,806	e*	Rigel Pharmaceuticals, Inc		168
80,500	e*	SAIC, Inc		1,545
36,415	e*	Savient Pharmaceuticals, Inc		530
29,620	*	Seattle Genetics, Inc		333
21,388	e*	Senomyx, Inc		262
56,724	e*	Shaw Group, Inc		3,296
5,857	*	Stanley, Inc		161
24,068	e*	Symyx Technologies, Inc		209
7,624	e*	Tejon Ranch Co		316
35,223	e*	Telik, Inc		102
38,899	e*	Tetra Tech, Inc		822
36,325	e*	URS Corp		2,051
21,511	e*	Verenium Corp		114
22,525	e*	Washington Group International, Inc		1,978
30,194	e	Watson Wyatt & Co Holdings (Class A)		1,357
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		114,548
ENVIRONMENTAL QUALITY AND HOUSING - 0.00%**
40,288	e*	Home Solutions of America, Inc		137
		TOTAL ENVIRONMENTAL QUALITY AND HOUSING		137
FABRICATED METAL PRODUCTS - 0.54%
23,634	e*	Alliant Techsystems, Inc		2,583
6,162	e	Ameron International Corp		652
53,416	e	Aptargroup, Inc		2,023
75,517		Ball Corp		4,059
8,848	*	Chart Industries, Inc		285
11,232	e	CIRCOR International, Inc		510
84,663		Commercial Metals Co		2,680
13,231	e*	Commercial Vehicle Group, Inc		170
2,198		Compx International, Inc		43
38,427		Crane Co		1,843
115,778	e*	Crown Holdings, Inc		2,635
8,340	e	Dynamic Materials Corp		399
20,133	e*	Griffon Corp		304
9,089		Gulf Island Fabrication, Inc		349
353,105		Illinois Tool Works, Inc		21,059
10,094	e	Insteel Industries, Inc		155
9,968	e*	Ladish Co, Inc		553
8,117	e	Lifetime Brands, Inc		165
25,129	e*	Mobile Mini, Inc		607
80,964	e	Mueller Water Products, Inc (Class A)		1,003
15,669	e*	NCI Building Systems, Inc		677
81,901	e	Parker Hannifin Corp		9,159
5,880	e*	Park-Ohio Holdings Corp		153
71,324	e	Pentair, Inc		2,367

218

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
7,218	*	PGT, Inc	$	57
17,440		Silgan Holdings, Inc		937
26,264	e	Simpson Manufacturing Co, Inc		836
20,492	e*	Smith & Wesson Holding Corp		391
41,032		Snap-On, Inc		2,033
59,613	e	Stanley Works		3,346
16,048	e*	Sturm Ruger & Co, Inc		287
7,928	e	Sun Hydraulics Corp		252
44,785	e*	Taser International, Inc		703
9,351	e*	Trimas Corp		124
13,461	e	Valmont Industries, Inc		1,142
23,144	e	Watts Water Technologies, Inc (Class A)		711
		TOTAL FABRICATED METAL PRODUCTS		65,252
FOOD AND KINDRED PRODUCTS - 3.25%
14,670	e*	Altus Pharmaceuticals, Inc		154
4,618	e*	American Dairy, Inc		90
541,218		Anheuser-Busch Cos, Inc		27,056
461,262		Archer Daniels Midland Co		15,259
6,482	*	Boston Beer Co, Inc (Class A)		315
87,576		Bunge Ltd		9,410
163,485		Campbell Soup Co		6,049
4,202	e	Coca-Cola Bottling Co Consolidated		253
1,641,559		Coca-Cola Co		94,340
226,312	e	Coca-Cola Enterprises, Inc		5,481
352,153		ConAgra Foods, Inc		9,202
135,742	e*	Constellation Brands, Inc (Class A)		3,286
52,685		Corn Products International, Inc		2,417
56,731	e*	Darling International, Inc		561
142,789		Del Monte Foods Co		1,499
5,320	e	Farmer Bros Co		132
55,188	e	Flowers Foods, Inc		1,203
248,258		General Mills, Inc		14,401
229,611	e	H.J. Heinz Co		10,608
49,620	e*	Hansen Natural Corp		2,812
119,038	e	Hershey Co		5,525
53,755		Hormel Foods Corp		1,923
8,158	e	Imperial Sugar Co		213
9,626		J&J Snack Foods Corp		335
39,921		J.M. Smucker Co		2,133
15,444	e*	Jones Soda Co		186
166,943		Kellogg Co		9,349
1,140,720		Kraft Foods, Inc (Class A)		39,366
15,961	e	Lancaster Colony Corp		609
20,449	e	Lance, Inc		471
8,556	e*	M&F Worldwide Corp		429
96,193		McCormick & Co, Inc		3,460
6,584	e	MGP Ingredients, Inc		68
38,603	e	Molson Coors Brewing Co (Class B)		3,848
5,604	e	National Beverage Corp		48
9,395	e*	Peet's Coffee & Tea, Inc		262
99,580		Pepsi Bottling Group, Inc		3,701
41,694		PepsiAmericas, Inc		1,353
1,157,557		PepsiCo, Inc		84,803
24,523	*	Performance Food Group Co		739
20,114	*	Ralcorp Holdings, Inc		1,123

219

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
15,246	e	Reddy Ice Holdings, Inc	$	402
12,303	e	Sanderson Farms, Inc		513
519,533		Sara Lee Corp		8,671
77,264	e*	Smithfield Foods, Inc		2,434
26,158	e	Tootsie Roll Industries, Inc		694
24,314		Topps Co, Inc		236
20,712	e*	TreeHouse Foods, Inc		560
187,021	e	Tyson Foods, Inc (Class A)		3,338
169,417		Wrigley (Wm.) Jr Co		10,882
		TOTAL FOOD AND KINDRED PRODUCTS		392,202
FOOD STORES - 0.33%
837	e	Arden Group, Inc (Class A)		117
13,762	e*	Great Atlantic & Pacific Tea Co, Inc		419
8,163	e	Ingles Markets, Inc (Class A)		234
501,888		Kroger Co		14,314
20,111	e*	Panera Bread Co (Class A)		820
16,292	e*	Pantry, Inc		417
27,069	*	Pathmark Stores, Inc		345
26,048	e	Ruddick Corp		874
312,249	e	Safeway, Inc		10,339
149,082		Supervalu, Inc		5,816
2,326	e	Village Super Market (Class A)		121
6,734	e	Weis Markets, Inc		287
99,875	e	Whole Foods Market, Inc		4,890
21,903	e*	Winn-Dixie Stores, Inc		410
		TOTAL FOOD STORES		39,403
FORESTRY - 0.11%
56,228		Rayonier, Inc		2,701
152,688	e	Weyerhaeuser Co		11,039
		TOTAL FORESTRY		13,740
FURNITURE AND FIXTURES - 0.30%
18,783	e	Ethan Allen Interiors, Inc		614
34,198	e	Furniture Brands International, Inc		347
44,896		Herman Miller, Inc		1,218
43,616	e	Hillenbrand Industries, Inc		2,400
33,809	e	HNI Corp		1,217
7,413	e	Hooker Furniture Corp		148
38,561		Interface, Inc (Class A)		696
139,524	e	Johnson Controls, Inc		16,479
18,600	e	Kimball International, Inc (Class B)		212
36,828	e	La-Z-Boy, Inc		272
124,980	e	Leggett & Platt, Inc		2,395
267,097	e	Masco Corp		6,189
28,667	e	Sealy Corp		402
39,114	e*	Select Comfort Corp		546
58,800	e	Tempur-Pedic International, Inc		2,102
21,020	e*	Williams Scotsman International, Inc		582
		TOTAL FURNITURE AND FIXTURES		35,819
FURNITURE AND HOME FURNISHINGS STORES - 0.19%
195,827	e*	Bed Bath & Beyond, Inc		6,682
121,037	e	Circuit City Stores, Inc		958
111,416	e*	GameStop Corp (Class A)		6,278

220

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
21,760	e*	Guitar Center, Inc	$	1,290
16,062	e	Haverty Furniture Cos, Inc		141
31,963		Knoll, Inc		567
37,412	e*	Mohawk Industries, Inc		3,042
64,355	e*	Pier 1 Imports, Inc		304
58,232		Steelcase, Inc (Class A)		1,047
21,617	e	Tuesday Morning Corp		194
64,234	e	Williams-Sonoma, Inc		2,095
		TOTAL FURNITURE AND HOME FURNISHINGS STORES		22,598
GENERAL BUILDING CONTRACTORS - 0.17%
1,271	e	Amrep Corp		34
3,890	e*	Avatar Holdings, Inc		194
27,719	e	Beazer Homes USA, Inc		229
7,978	e	Brookfield Homes Corp		148
84,992	e	Centex Corp		2,258
221,862	e	DR Horton, Inc		2,842
26,548	e*	Hovnanian Enterprises, Inc (Class A)		295
54,387	e	KB Home		1,363
96,790	e	Lennar Corp (Class A)		2,192
9,603	e	M/I Homes, Inc		133
17,708	e	McGrath RentCorp		589
24,302	e	MDC Holdings, Inc		995
16,766	e*	Meritage Homes Corp		237
3,299	e*	NVR, Inc		1,551
11,355	e*	Palm Harbor Homes, Inc		142
18,779	*	Perini Corp		1,050
149,622	e	Pulte Homes, Inc		2,036
30,806	e	Ryland Group, Inc		660
45,800	e	Standard-Pacific Corp		252
8,756	e*	Team, Inc		240
89,281	e*	Toll Brothers, Inc		1,785
37,809	e	Walter Industries, Inc		1,017
21,762	e*	WCI Communities, Inc		130
		TOTAL GENERAL BUILDING CONTRACTORS		20,372
GENERAL MERCHANDISE STORES - 1.45%
31,592	e*	99 Cents Only Stores		324
79,587	e*	Big Lots, Inc		2,375
46,090	*	BJ's Wholesale Club, Inc		1,528
7,308	e	Bon-Ton Stores, Inc		166
21,144	e*	Cabela's, Inc		500
35,721		Casey's General Stores, Inc		989
8,648	e*	Conn's, Inc		207
315,732		Costco Wholesale Corp		19,376
43,294	e	Dillard's, Inc (Class A)		945
106,643	e	Family Dollar Stores, Inc		2,832
29,664	e	Fred's, Inc		312
159,672		JC Penney Co, Inc		10,118
324,597		Macy's, Inc		10,491
17,729	e*	Retail Ventures, Inc		185
99,401	e	Saks, Inc		1,705
17,973	e	Stein Mart, Inc		137
604,665		Target Corp		38,439
321,388	e	TJX Cos, Inc		9,343

221

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
1,712,773		Wal-Mart Stores, Inc	$	74,763
		TOTAL GENERAL MERCHANDISE STORES		174,735
HEALTH SERVICES - 1.27%
18,580	e*	Alliance Imaging, Inc		168
18,220	e*	Amedisys, Inc		700
8,641	*	American Dental Partners, Inc		242
135,181		AmerisourceBergen Corp		6,128
22,231	*	Amsurg Corp		513
31,771	e*	Apria Healthcare Group, Inc		826
42,918	e*	Assisted Living Concepts, Inc (A Shares)		392
7,094	e*	Bio-Reference Labs, Inc		240
27,594	e	Brookdale Senior Living, Inc		1,099
203,564		Cigna Corp		10,848
69,024	*	Community Health Systems, Inc		2,170
6,016	e*	Corvel Corp		139
45,004	*	Covance, Inc		3,506
110,607	*	Coventry Health Care, Inc		6,881
22,090	e*	Cross Country Healthcare, Inc		386
16,323	e*	CryoLife, Inc		154
74,364	e*	DaVita, Inc		4,698
44,798	e*	Edwards Lifesciences Corp		2,209
8,598	e*	eHealth, Inc		238
3,311	e*	Emeritus Corp		90
18,855	e*	Enzo Biochem, Inc		214
155,580	e*	Express Scripts, Inc		8,684
8,923	e*	Genomic Health, Inc		171
18,949	*	Gentiva Health Services, Inc		364
176,006	e	Health Management Associates, Inc (Class A)		1,222
44,500	*	Healthsouth Corp		779
24,588	e*	Healthways, Inc		1,327
18,980	e*	Hythiam, Inc		141
40,949	e*	Immunomedics, Inc		94
21,589	e*	Kindred Healthcare, Inc		387
83,142	e*	Laboratory Corp of America Holdings		6,504
14,843	e	LCA-Vision, Inc		436
8,098	e*	LHC Group, Inc		174
39,831	e*	LifePoint Hospitals, Inc		1,195
59,405	*	Lincare Holdings, Inc		2,177
24,894	*	Magellan Health Services, Inc		1,010
51,746	e	Manor Care, Inc		3,332
13,215	e*	Matria Healthcare, Inc		346
210,008		McKesson Corp		12,346
6,947	*	Medcath Corp		191
200,320	*	Medco Health Solutions, Inc		18,107
4,992	e	National Healthcare Corp		257
65,248	e*	Nektar Therapeutics		576
15,155	e*	Nighthawk Radiology Holdings, Inc		371
25,907	*	Odyssey HealthCare, Inc		249
85,615	e	Omnicare, Inc		2,836
34,263	*	Pediatrix Medical Group, Inc		2,242
73,265		Pharmaceutical Product Development, Inc		2,597
38,523	e*	Psychiatric Solutions, Inc		1,513
7,616	e*	Radiation Therapy Services, Inc		159
12,730	e*	RehabCare Group, Inc		224
38,163	*	Sierra Health Services, Inc		1,610
15,881	e*	Skilled Healthcare Group, Inc (Class A)		250

222

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
16,786	e*	Stereotaxis, Inc	$	232
30,632	e*	Sun Healthcare Group, Inc		512
31,480	e*	Sunrise Senior Living, Inc		1,113
334,984	e*	Tenet Healthcare Corp		1,126
32,048		Universal Health Services, Inc (Class B)		1,744
436,391	*	WellPoint, Inc		34,440
		TOTAL HEALTH SERVICES		152,879
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.07%
3,709	e*	Comverge, Inc		122
51,421	*	Foster Wheeler Ltd		6,750
25,688		Granite Construction, Inc		1,362
17,122	*	Matrix Service Co		359
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		8,593
HOLDING AND OTHER INVESTMENT OFFICES - 2.59%
23,371	e	Acadia Realty Trust		634
21,553	e*	Affiliated Managers Group, Inc		2,748
5,860	e	Agree Realty Corp		184
39,669	e	Alesco Financial, Inc		195
1,423	e*	Alexander's, Inc		549
21,174	e	Alexandria Real Estate Equities, Inc		2,038
109,067	e	Allied Capital Corp		3,205
70,448		AMB Property Corp		4,214
16,528		American Campus Communities, Inc		484
101,231		American Financial Realty Trust		815
12,511	e*	Ampal American Israel (Class A)		70
224,231	e	Annaly Mortgage Management, Inc		3,572
40,991		Anthracite Capital, Inc		373
38,245		Anworth Mortgage Asset Corp		206
69,146		Apartment Investment & Management Co (Class A)		3,121
70,905	e	Apollo Investment Corp		1,475
8,687	e	Arbor Realty Trust, Inc		164
156,662	*	Archstone-Smith Trust		9,422
76,924	e	Ashford Hospitality Trust, Inc		773
10,813		Associated Estates Realty Corp		141
56,325		AvalonBay Communities, Inc		6,650
46,986		BioMed Realty Trust, Inc		1,132
72,439		Boston Properties, Inc		7,526
61,655	e	Brandywine Realty Trust		1,561
37,240	e	BRE Properties, Inc (Class A)		2,083
4,999	e	BRT Realty Trust		87
40,240		Camden Property Trust		2,585
30,528	e	Capital Lease Funding, Inc		313
2,167	e	Capital Southwest Corp		266
8,296	e	Capital Trust, Inc (Class A)		295
46,296	e	CBL & Associates Properties, Inc		1,623
20,960	e	CBRE Realty Finance, Inc		124
31,340	e	Cedar Shopping Centers, Inc		427
5,581	e	Cherokee, Inc		214
32,771		Colonial Properties Trust		1,124
28,732	e	Corporate Office Properties Trust		1,196
28,724		Cousins Properties, Inc		843
17,561	e	Crystal River Capital, Inc		295
123,500	e	DCT Industrial Trust, Inc		1,293
36,580	e	Deerfield Triarc Capital Corp		331

223

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
88,008		Developers Diversified Realty Corp	$	4,917
63,663	e	DiamondRock Hospitality Co		1,108
37,521		Digital Realty Trust, Inc		1,478
70,934	e	Douglas Emmett, Inc		1,754
100,872		Duke Realty Corp		3,410
15,783	e	EastGroup Properties, Inc		714
18,827	e	Education Realty Trust, Inc		254
16,159	e*	Energy Infrastructure Acquisition Corp		159
19,856	e	Entertainment Properties Trust		1,009
42,886		Equity Inns, Inc		968
15,082	e	Equity Lifestyle Properties, Inc		781
26,061	e	Equity One, Inc		709
205,608		Equity Residential		8,710
17,086	e	Essex Property Trust, Inc		2,009
45,371	e	Extra Space Storage, Inc		698
39,843		Federal Realty Investment Trust		3,530
48,174		FelCor Lodging Trust, Inc		960
32,972	e	First Industrial Realty Trust, Inc		1,282
16,992	e	First Potomac Realty Trust		370
41,850	e	Franklin Street Properties Corp		722
106,628	e	Friedman Billings Ramsey Group, Inc (Class A)		492
153,090		General Growth Properties, Inc		8,209
11,498	e	Getty Realty Corp		313
7,828	e	Gladstone Capital Corp		153
26,916	e	Glimcher Realty Trust		633
27,800	e	GMH Communities Trust		215
12,400	e	Gramercy Capital Corp		312
146,608		HCP, Inc		4,863
55,443		Health Care REIT, Inc		2,453
34,672	e	Healthcare Realty Trust, Inc		924
28,508	e	Hersha Hospitality Trust		282
11,539	e*	HFF, Inc (Class A)		137
41,242	e	Highwoods Properties, Inc		1,512
30,269	e*	Hilltop Holdings, Inc		355
27,480		Home Properties, Inc		1,434
66,278		Hospitality Properties Trust		2,694
368,977	e	Host Marriott Corp		8,280
150,177	e	HRPT Properties Trust		1,485
56,391	e	IMPAC Mortgage Holdings, Inc		87
48,741	e	Inland Real Estate Corp		755
32,947		Investors Real Estate Trust		356
537,050	e	iShares Russell 3000 Index Fund		47,255
90,509		iStar Financial, Inc		3,076
36,609	e*	Jamba, Inc		257
18,553	e	JER Investors Trust, Inc		231
24,426	e	Kilroy Realty Corp		1,481
151,738		Kimco Realty Corp		6,860
20,224		Kite Realty Group Trust		380
29,268	e	LaSalle Hotel Properties		1,232
51,795		Lexington Corporate Properties Trust		1,036
64,945		Liberty Property Trust		2,611
17,555		LTC Properties, Inc		416
31,753	e	Luminent Mortgage Capital, Inc		53
50,605		Macerich Co		4,432
49,047		Mack-Cali Realty Corp		2,016
29,713		Maguire Properties, Inc		767

224

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
36,111	e	Medical Properties Trust, Inc	$	481
32,379	e*	Meruelo Maddux Properties, Inc		191
61,319		MFA Mortgage Investments, Inc		494
20,324		Mid-America Apartment Communities, Inc		1,013
14,218	e	Mission West Properties, Inc		173
17,411		MVC Capital, Inc		323
18,515	e	National Health Investors, Inc		572
45,564		National Retail Properties, Inc		1,111
62,894		Nationwide Health Properties, Inc		1,895
29,156	e	Newcastle Investment Corp		514
29,330	e*	NexCen Brands, Inc		197
42,485	e	NorthStar Realty Finance Corp		422
7,113	e	Novastar Financial, Inc		63
47,487	e	Omega Healthcare Investors, Inc		737
11,623	e	Parkway Properties, Inc		513
13,973	e	PennantPark Investment Corp		187
23,126		Pennsylvania Real Estate Investment Trust		901
124,866	e	Plum Creek Timber Co, Inc		5,589
32,866	e	Post Properties, Inc		1,272
29,592	e	Potlatch Corp		1,333
179,182		Prologis		11,889
14,058	e	Prospect Capital Corp		239
11,782		PS Business Parks, Inc		670
88,541		Public Storage, Inc		6,964
11,317	e	Quadra Realty Trust, Inc		108
44,670	e	RAIT Investment Trust		368
11,548		Ramco-Gershenson Properties		361
71,615		Realty Income Corp		2,002
15,841		Redwood Trust, Inc		526
49,074		Regency Centers Corp		3,766
17,800	e	Republic Property Trust		261
15,662	e	Resource Capital Corp		176
8,737		Saul Centers, Inc		450
59,087	e	Senior Housing Properties Trust		1,303
155,845	e	Simon Property Group, Inc		15,585
42,555	e	SL Green Realty Corp		4,969
14,582		Sovran Self Storage, Inc		668
13,165	e*	Star Maritime Acquisition Corp		184
55,726	e	Strategic Hotels & Resorts, Inc		1,147
12,790		Sun Communities, Inc		385
44,687		Sunstone Hotel Investors, Inc		1,146
22,030	e	Tanger Factory Outlet Centers, Inc		894
11,598	e*	Tarragon Corp		30
40,122		Taubman Centers, Inc		2,197
54,801	e*	TFS Financial Corp		709
89,770	e	Thornburg Mortgage, Inc		1,154
100,110	e	UDR, Inc		2,435
10,285	e	Universal Health Realty Income Trust		365
19,529	e	Urstadt Biddle Properties, Inc (Class A)		302
33,533	e	U-Store-It Trust		443
94,158		Ventas, Inc		3,898
215,894	e	Virgin Media, Inc		5,240
94,821		Vornado Realty Trust		10,369
42,541		WABCO Holdings, Inc		1,989
33,112	e	Washington Real Estate Investment Trust		1,099
55,000	e	Weingarten Realty Investors		2,280

225

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
36,561		Winthrop Realty Trust	$	246
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		312,738
HOTELS AND OTHER LODGING PLACES - 0.60%
18,496	e	Ameristar Casinos, Inc		520
15,345	e*	Bluegreen Corp		119
39,969	e	Boyd Gaming Corp		1,713
26,796	e	Choice Hotels International, Inc		1,009
29,868	*	Gaylord Entertainment Co		1,589
21,853	e*	Great Wolf Resorts, Inc		270
275,395	e	Hilton Hotels Corp		12,803
9,907	e*	Isle of Capri Casinos, Inc		193
73,773	e*	Las Vegas Sands Corp		9,843
14,595	*	Lodgian, Inc		172
14,891	e	Marcus Corp		286
232,670		Marriott International, Inc (Class A)		10,114
83,621	*	MGM Mirage		7,479
8,692	e*	Monarch Casino & Resort, Inc		247
14,393	e*	Morgans Hotel Group Co		313
30,124	e	Orient-Express Hotels Ltd (Class A)		1,544
10,185	e*	Riviera Holdings Corp		286
152,023		Starwood Hotels & Resorts Worldwide, Inc		9,235
31,171	e	Station Casinos, Inc		2,727
19,819	e*	Trump Entertainment Resorts, Inc		128
22,214	e*	Vail Resorts, Inc		1,384
128,944	e	Wyndham Worldwide Corp		4,224
38,929		Wynn Resorts Ltd		6,134
		TOTAL HOTELS AND OTHER LODGING PLACES		72,332
INDUSTRIAL MACHINERY AND EQUIPMENT - 7.26%
8,853	e*	Aaon, Inc		175
19,907	e	Actuant Corp (Class A)		1,293
64,792	*	AGCO Corp		3,290
18,980	e	Albany International Corp (Class A)		712
17,732	e*	Allis-Chalmers Energy, Inc		336
7,249	*	Altra Holdings, Inc		121
127,623	e	American Standard Cos, Inc		4,546
5,232	e	Ampco-Pittsburgh Corp		206
977,204		Applied Materials, Inc		20,228
13,287	e*	Astec Industries, Inc		763
14,997	e*	ASV, Inc		210
39,136	*	Asyst Technologies, Inc		207
73,014	e*	Axcelis Technologies, Inc		373
46,678	e	Black & Decker Corp		3,888
11,587	e	Black Box Corp		495
27,159	*	Blount International, Inc		309
34,939	e	Briggs & Stratton Corp		880
283,655	e*	Brocade Communications Systems, Inc		2,428
52,087	*	Brooks Automation, Inc		742
28,113	e	Bucyrus International, Inc (Class A)		2,050
43,791	e	Carlisle Cos, Inc		2,128
8,415	e	Cascade Corp		548
455,525		Caterpillar, Inc		35,727
41,328		CDW Corp		3,604
62,093	*	Cirrus Logic, Inc		397
12,813	e*	Columbus McKinnon Corp		319

226

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
22,453	e*	Cray, Inc	$	162
73,659		Cummins, Inc		9,420
31,330	e	Curtiss-Wright Corp		1,488
25,436	e*	Cymer, Inc		977
160,416	e	Deere & Co		23,809
1,613,585	*	Dell, Inc		44,535
51,236	e	Diebold, Inc		2,327
54,806	e	Donaldson Co, Inc		2,289
144,465	e	Dover Corp		7,361
60,631	*	Dresser-Rand Group, Inc		2,590
19,841	*	Dril-Quip, Inc		979
39,428	*	Electronics for Imaging, Inc		1,059
1,483,261	*	EMC Corp		30,852
60,542	*	Emulex Corp		1,161
10,817	*	ENGlobal Corp		123
15,889	e*	EnPro Industries, Inc		645
97,823	e*	Entegris, Inc		849
89,895	e*	Extreme Networks, Inc		345
12,988	e*	Flotek Industries, Inc		573
26,655	e*	Flow International Corp		235
40,195	e	Flowserve Corp		3,062
93,822	e*	FMC Technologies, Inc		5,410
12,288	e*	Fuel Tech, Inc		271
37,362	*	Gardner Denver, Inc		1,457
202,596	e*	Gateway, Inc		381
10,307	e*	Gehl Co		230
7,303,157	d	General Electric Co		302,351
26,440	e*	Goodman Global, Inc		631
7,678	e	Gorman-Rupp Co		255
46,962	e	Graco, Inc		1,837
90,683	e*	Grant Prideco, Inc		4,944
7,778		Hardinge, Inc		271
1,902,396		Hewlett-Packard Co		94,720
3,857	e*	Hurco Cos, Inc		209
56,272	e	IDEX Corp		2,048
18,659	e*	Immersion Corp		306
213,490		Ingersoll-Rand Co Ltd (Class A)		11,629
39,372	e*	Intermec, Inc		1,028
970,996		International Business Machines Corp		114,383
235,140		International Game Technology		10,135
14,156	e*	Intevac, Inc		215
5,817	e*	Isilon Systems, Inc		45
129,647	e	Jabil Circuit, Inc		2,961
76,748		Joy Global, Inc		3,903
9,545	*	Kadant, Inc		267
21,080	e	Kaydon Corp		1,096
28,269		Kennametal, Inc		2,374
40,500	e*	Kulicke & Soffa Industries, Inc		343
95,530	*	Lam Research Corp		5,088
41,084		Lennox International, Inc		1,389
66,966	e*	Lexmark International, Inc (Class A)		2,781
7,700	e	Lindsay Manufacturing Co		337
10,534	e	Lufkin Industries, Inc		580
87,858		Manitowoc Co, Inc		3,890
26,959	*	Micros Systems, Inc		1,754
9,480	e*	Middleby Corp		612

227

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
24,902	e	Modine Manufacturing Co	$	663
3,910	e	Nacco Industries, Inc (Class A)		405
12,415	*	NATCO Group, Inc (Class A)		643
24,403	e*	Netgear, Inc		742
23,832		Nordson Corp		1,197
34,849	e*	Oil States International, Inc		1,683
86,870		Pall Corp		3,379
72,885	e	Palm, Inc		1,186
134,455	e*	Quantum Corp		457
25,143	e*	Rackable Systems, Inc		326
14,719	*	RBC Bearings, Inc		564
7,282	e*	Rimage Corp		163
13,878	*	Riverbed Technology, Inc		561
9,992		Robbins & Myers, Inc		572
111,505		Rockwell Automation, Inc		7,751
85,950	e*	Safeguard Scientifics, Inc		197
161,340	e*	SanDisk Corp		8,890
6,258	e	Sauer-Danfoss, Inc		167
19,852	e*	Scansource, Inc		558
45,874	e*	Scientific Games Corp (Class A)		1,725
392,405	e	Seagate Technology, Inc		10,038
86,617	m,v*	Seagate Technology, Inc		-	^
15,689	e*	Semitool, Inc		152
16,564	e*	Sigma Designs, Inc		799
4,732	e*	Silicon Graphics, Inc		93
631,764	e*	Solectron Corp		2,464
44,258	e*	SourceForge, Inc		108
40,255		SPX Corp		3,726
8,469		Standex International Corp		175
22,478	e*	STEC, Inc		172
6,704	e*	Super Micro Computer, Inc		65
3,935	*	T-3 Energy Services, Inc		168
10,545	e*	Tecumseh Products Co (Class A)		203
11,200		Tennant Co		545
72,830	*	Terex Corp		6,483
62,888		Timken Co		2,336
28,407		Toro Co		1,671
14,313	e*	TurboChef Technologies, Inc		189
3,252	e	Twin Disc, Inc		189
18,851	e*	Ultratech, Inc		261
92,020	*	Varian Medical Systems, Inc		3,855
43,796	e*	VeriFone Holdings, Inc		1,942
16,186	e	Watsco, Inc		752
156,881	e*	Western Digital Corp		3,972
20,169	e	Woodward Governor Co		1,259
48,810	*	Zebra Technologies Corp (Class A)		1,781
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		876,174
INSTRUMENTS AND RELATED PRODUCTS - 4.50%
15,924	e*	Abaxis, Inc		357
16,958	e*	Abiomed, Inc		211
11,700	*	Accuray, Inc		204
42,253	e*	Advanced Medical Optics, Inc		1,293
48,446	e*	Affymetrix, Inc		1,229
285,439	e*	Agilent Technologies, Inc		10,527
42,246	e*	Align Technology, Inc		1,070

228

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
219,578	e	Allergan, Inc	$	14,156
51,214	e*	American Medical Systems Holdings, Inc		868
6,336	e	American Science & Engineering, Inc		397
11,392		Analogic Corp		726
14,600	e*	Anaren, Inc		206
15,144	e*	Angiodynamics, Inc		285
130,885		Applera Corp (Applied Biosystems Group)		4,534
7,835	e*	Argon ST, Inc		155
17,738		Arrow International, Inc		807
18,626	e*	Arthrocare Corp		1,041
11,116	e*	Aspect Medical Systems, Inc		151
9,964	e	Badger Meter, Inc		319
76,073	e	Bard (C.R.), Inc		6,709
38,459		Bausch & Lomb, Inc		2,461
460,594		Baxter International, Inc		25,922
44,153		Beckman Coulter, Inc		3,257
177,274		Becton Dickinson & Co		14,545
12,755	*	Bio-Rad Laboratories, Inc (Class A)		1,154
942,844	*	Boston Scientific Corp		13,153
46,048	e*	Bruker BioSciences Corp		405
8,219	e*	Cantel Medical Corp		128
39,114	e*	Cepheid, Inc		892
21,088	*	Coherent, Inc		677
15,857	e	Cohu, Inc		297
22,053	e*	Conmed Corp		617
31,515	e	Cooper Cos, Inc		1,652
351,950		Covidien Ltd		14,606
70,483	e*	Credence Systems Corp		218
9,576	e*	Cutera, Inc		251
14,634	e*	Cyberonics, Inc		204
5,493	e*	Cynosure, Inc (Class A)		203
174,221	e	Danaher Corp		14,410
9,120		Datascope Corp		308
113,641		Dentsply International, Inc		4,732
15,633	e*	Dionex Corp		1,242
17,084	e*	DJ Orthopedics, Inc		839
28,799	e	DRS Technologies, Inc		1,587
8,652	*	Eagle Test Systems, Inc		111
203,504	e	Eastman Kodak Co		5,446
13,856	e	EDO Corp		776
562,162		Emerson Electric Co		29,918
19,238	e*	ESCO Technologies, Inc		639
18,700	*	Esterline Technologies Corp		1,067
11,693	e*	ev3, Inc		192
7,765	*	Excel Technology, Inc		194
10,521	e*	FARO Technologies, Inc		465
24,915	e*	FEI Co		783
46,951	e*	Flir Systems, Inc		2,601
34,873	e*	Formfactor, Inc		1,547
30,712	*	Fossil, Inc		1,147
13,416	e*	Foxhollow Technologies, Inc		354
19,314	*	Haemonetics Corp		954
38,347	e*	Hologic, Inc		2,339
9,395	e*	ICU Medical, Inc		364
13,461	e*	I-Flow Corp		250
16,744	e*	II-VI, Inc		578

229

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
38,965	e*	Illumina, Inc	$	2,022
5,270	e*	Insulet Corp		115
14,613	e*	Integra LifeSciences Holdings Corp		710
26,669	*	Intuitive Surgical, Inc		6,134
22,994	e	Invacare Corp		538
52,711	e*	ION Geophysical Corp		729
17,103	e*	Ionatron, Inc		59
21,241	e*	Itron, Inc		1,977
30,992	*	Ixia		270
2,055,763		Johnson & Johnson		135,064
8,260	e*	Kensey Nash Corp		216
135,487		Kla-Tencor Corp		7,557
33,909	*	Kyphon, Inc		2,374
41,961	*	L-1 Identity Solutions, Inc		791
49,063	e*	LTX Corp		175
9,778	e*	Measurement Specialties, Inc		273
9,627	e*	Medical Action Industries, Inc		228
812,369		Medtronic, Inc		45,826
27,576	e	Mentor Corp		1,270
18,330	e*	Merit Medical Systems, Inc		238
26,843	*	Mettler-Toledo International, Inc		2,738
10,806	e*	Micrus Endovascular Corp		197
38,216	e*	Millipore Corp		2,897
22,060	e	Mine Safety Appliances Co		1,039
35,548	e*	MKS Instruments, Inc		676
12,667	e	Movado Group, Inc		404
13,932	e	MTS Systems Corp		580
39,105		National Instruments Corp		1,342
13,063	e*	Natus Medical, Inc		208
27,910	e*	Newport Corp		425
13,692	e*	Northstar Neuroscience, Inc		153
23,547	e*	NuVasive, Inc		846
14,324	e*	NxStage Medical, Inc		208
16,400		Oakley, Inc		476
11,676	e*	Orthofix International NV		572
2,713	e*	OYO Geospace Corp		252
12,302	e*	Palomar Medical Technologies, Inc		350
85,092		PerkinElmer, Inc		2,486
163,250	e	Pitney Bowes, Inc		7,415
17,140		PolyMedica Corp		900
56,088	e*	Resmed, Inc		2,405
51,817	*	Respironics, Inc		2,489
118,375		Rockwell Collins, Inc		8,646
10,882	*	Rofin-Sinar Technologies, Inc		764
62,447		Roper Industries, Inc		4,090
20,900	e*	Rudolph Technologies, Inc		289
37,475	e*	Sirf Technology Holdings, Inc		800
11,900	e*	Sirona Dental Systems, Inc		424
18,952	e*	Sonic Innovations, Inc		174
16,954	e*	Sonic Solutions, Inc		178
11,650	e*	SonoSite, Inc		356
21,581	e*	Spectranetics Corp		291
239,147	*	St. Jude Medical, Inc		10,539
49,670		STERIS Corp		1,357
219,488		Stryker Corp		15,092
24,549	e*	Symmetry Medical, Inc		410

230

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
27,552	*	Techne Corp	$	1,738
55,765		Tektronix, Inc		1,547
25,935	*	Teledyne Technologies, Inc		1,385
134,076	*	Teradyne, Inc		1,850
298,225	*	Thermo Electron Corp		17,214
37,720	e*	Thoratec Corp		780
84,208	*	Trimble Navigation Ltd		3,302
7,539	e	United Industrial Corp		567
23,832	*	Varian, Inc		1,516
20,673	e*	Veeco Instruments, Inc		401
21,331	*	Ventana Medical Systems, Inc		1,833
11,927	e*	Vital Images, Inc		233
7,691	e	Vital Signs, Inc		401
40,285	*	Vivus, Inc		200
16,979	e*	Volcano Corp		279
71,444	*	Waters Corp		4,781
24,247	e*	Wright Medical Group, Inc		650
662,689	*	Xerox Corp		11,491
20,207	e*	X-Rite, Inc		292
169,570	e*	Zimmer Holdings, Inc		13,733
11,924	*	Zoll Medical Corp		309
12,959	*	Zygo Corp		169
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		542,435
INSURANCE AGENTS, BROKERS AND SERVICE - 0.42%
207,580		AON Corp		9,302
83,749		Brown & Brown, Inc		2,203
14,025	e*	Crawford & Co (Class B)		89
71,396	e	Gallagher (Arthur J.) & Co		2,068
223,875		Hartford Financial Services Group, Inc		20,720
27,850	e	Hilb Rogal & Hobbs Co		1,207
6,308	e	James River Group, Inc		204
392,806	e	Marsh & McLennan Cos, Inc		10,017
28,892	e	National Financial Partners Corp		1,531
4,573	*	United America Indemnity Ltd (Class A)		98
6,431	e	White Mountains Insurance Group Ltd		3,342
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		50,781
INSURANCE CARRIERS - 4.63%
5,584	e*	ACA Capital Holdings, Inc		34
232,287		ACE Ltd		14,070
362,226		Aetna, Inc		19,658
345,729		Aflac, Inc		19,720
21,901		Alfa Corp		398
3,604	e*	Alleghany Corp		1,463
42,741	e	Allied World Assurance Holdings Ltd		2,219
429,404		Allstate Corp		24,558
72,280	e	Ambac Financial Group, Inc		4,547
39,900	e	American Equity Investment Life Holding Co		425
63,573		American Financial Group, Inc		1,813
1,591,201		American International Group, Inc		107,645
11,112		American National Insurance Co		1,462
8,194		American Physicians Capital, Inc		319
37,965	*	AMERIGROUP Corp		1,309
13,065	e*	Amerisafe, Inc		216
17,807	e	Amtrust Financial Services, Inc		270

231

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
35,944	*	Arch Capital Group Ltd	$	2,675
18,828	e*	Argo Group International Holdings Ltd		819
66,759		Aspen Insurance Holdings Ltd		1,863
85,596	e	Assurant, Inc		4,579
47,954		Assured Guaranty Ltd		1,303
111,529	e	Axis Capital Holdings Ltd		4,340
4,897		Baldwin & Lyons, Inc (Class B)		134
5,529	e	Castlepoint Holdings Ltd		64
31,767	e*	Centene Corp		683
283,832		Chubb Corp		15,225
121,325		Cincinnati Financial Corp		5,255
24,979	e*	Citizens, Inc		191
19,762		CNA Financial Corp		777
10,118	*	CNA Surety Corp		178
39,862	e	Commerce Group, Inc		1,175
121,674	e*	Conseco, Inc		1,947
5,246	e*	Darwin Professional Underwriters, Inc		113
30,740	e	Delphi Financial Group, Inc (Class A)		1,242
9,364	e	Donegal Group, Inc (Class A)		152
4,503	e	EMC Insurance Group, Inc		117
41,600		Employers Holdings, Inc		857
44,580	e	Endurance Specialty Holdings Ltd		1,852
4,920	e*	Enstar Group Ltd		624
38,103	e	Erie Indemnity Co (Class A)		2,329
45,104		Everest Re Group Ltd		4,972
10,036		FBL Financial Group, Inc (Class A)		396
157,242		Fidelity National Title Group, Inc (Class A)		2,749
13,254	e*	First Acceptance Corp		67
68,320	e	First American Corp		2,502
8,814	e*	First Mercury Financial Corp		190
10,047		Flagstone Reinsurance Holdings Ltd		134
6,887	e*	Fpic Insurance Group, Inc		296
307,546	e	Genworth Financial, Inc (Class A)		9,451
6,247	e	Great American Financial Resources, Inc		153
6,240	e*	Greenlight Capital Re Ltd (Class A)		127
38,385		Hanover Insurance Group, Inc		1,696
12,827	e	Harleysville Group, Inc		410
81,739	e	HCC Insurance Holdings, Inc		2,341
79,283	*	Health Net, Inc		4,285
21,690	e*	HealthExtras, Inc		604
33,695	e*	Healthspring, Inc		657
33,145	e	Horace Mann Educators Corp		653
118,769	*	Humana, Inc		8,300
3,952		Independence Holding Co		81
16,217		Infinity Property & Casualty Corp		652
45,138		IPC Holdings Ltd		1,302
2,078		Kansas City Life Insurance Co		92
12,081	e	LandAmerica Financial Group, Inc		471
115,888	e	Leucadia National Corp		5,588
191,478		Lincoln National Corp		12,632
307,958		Loews Corp		14,890
7,360	*	Markel Corp		3,562
42,796	e	Max Re Capital Ltd		1,200
92,558	e	MBIA, Inc		5,651
18,349	*	Meadowbrook Insurance Group, Inc		165
19,709	e	Mercury General Corp		1,063

232

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
333,375	e	Metlife, Inc	$	23,246
59,078	e	MGIC Investment Corp		1,909
8,179	e	Midland Co		449
8,801	e*	Molina Healthcare, Inc		319
79,211		Montpelier Re Holdings Ltd		1,402
11,286	e	National Interstate Corp		347
1,551	e	National Western Life Insurance Co (Class A)		397
36,646	e	Nationwide Financial Services, Inc (Class A)		1,972
9,235	*	Navigators Group, Inc		501
4,145	e	NYMAGIC, Inc		115
20,098	e	Odyssey Re Holdings Corp		746
168,730	e	Old Republic International Corp		3,162
20,220	e	OneBeacon Insurance Group Ltd		436
40,306	e	PartnerRe Ltd		3,184
38,987	*	Philadelphia Consolidated Holding Co		1,612
79,793		Phoenix Cos, Inc		1,126
42,287		Platinum Underwriters Holdings Ltd		1,521
22,267	e*	PMA Capital Corp (Class A)		212
61,333	e	PMI Group, Inc		2,006
13,808	e	Presidential Life Corp		234
32,274	e*	Primus Guaranty Ltd		340
189,245	e	Principal Financial Group		11,939
24,172	e*	ProAssurance Corp		1,302
521,304	e	Progressive Corp		10,118
49,619		Protective Life Corp		2,106
327,418		Prudential Financial, Inc		31,949
56,697		Radian Group, Inc		1,320
12,774	*	RAM Holdings Ltd		119
21,524	e	Reinsurance Group Of America, Inc		1,220
49,901	e	RenaissanceRe Holdings Ltd		3,264
16,861	e	RLI Corp		956
74,162		Safeco Corp		4,540
10,157	e	Safety Insurance Group, Inc		365
47,210	e*	Scottish Re Group Ltd		151
14,868	e*	SeaBright Insurance Holdings, Inc		254
16,972	e	Security Capital Assurance Ltd		388
40,400	e	Selective Insurance Group, Inc		860
37,695		Stancorp Financial Group, Inc		1,866
9,480	e	State Auto Financial Corp		277
12,744	e	Stewart Information Services Corp		437
67,478	e	Torchmark Corp		4,205
14,216	e	Tower Group, Inc		372
19,325		Transatlantic Holdings, Inc		1,359
469,907		Travelers Cos, Inc		23,655
8,107	e*	Triad Guaranty, Inc		154
14,738	e	United Fire & Casualty Co		576
952,462		UnitedHealth Group, Inc		46,128
34,889	e	Unitrin, Inc		1,730
27,267	*	Universal American Financial Corp		622
256,407	e	UnumProvident Corp		6,274
120,400		W.R. Berkley Corp		3,567
29,275	e*	WellCare Health Plans, Inc		3,086
921		Wesco Financial Corp		367
131,394		XL Capital Ltd (Class A)		10,406
26,173		Zenith National Insurance Corp		1,175
		TOTAL INSURANCE CARRIERS		558,295

233

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
JUSTICE, PUBLIC ORDER AND SAFETY - 0.03%
87,836	*	Corrections Corp of America	$	2,299
33,722	e*	Geo Group, Inc		998
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		3,297
LEATHER AND LEATHER PRODUCTS - 0.18%
262,409	*	Coach, Inc		12,404
45,917	e*	Collective Brands, Inc		1,013
60,194	e*	CROCS, Inc		4,048
15,990	e*	Genesco, Inc		738
35,899	e*	Iconix Brand Group, Inc		854
16,270	e	Steven Madden Ltd		308
33,262	e*	Timberland Co (Class A)		631
3,210	e	Weyco Group, Inc		101
39,829		Wolverine World Wide, Inc		1,091
		TOTAL LEATHER AND LEATHER PRODUCTS		21,188
LEGAL SERVICES - 0.02%
32,832	e*	FTI Consulting, Inc		1,652
7,324	*	Pre-Paid Legal Services, Inc		406
		TOTAL LEGAL SERVICES		2,058
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.02%
6,514	e*	Emergency Medical Services Corp (Class A)		197
58,755		Laidlaw International, Inc		2,069
		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		2,266
LUMBER AND WOOD PRODUCTS - 0.02%
8,518	e	American Woodmark Corp		211
54,030	e*	Champion Enterprises, Inc		593
7,514	e	Deltic Timber Corp		428
75,407	e	Louisiana-Pacific Corp		1,280
4,307	e	Skyline Corp		129
11,966	e	Universal Forest Products, Inc		358
		TOTAL LUMBER AND WOOD PRODUCTS		2,999
METAL MINING - 0.47%
38,747	e*	Apex Silver Mines Ltd		754
29,071	e	Cleveland-Cliffs, Inc		2,557
247,956	e*	Coeur d'Alene Mines Corp		940
35,179		Foundation Coal Holdings, Inc		1,379
270,808		Freeport-McMoRan Copper & Gold, Inc (Class B)		28,405
97,963	e*	Hecla Mining Co		877
300,786		Newmont Mining Corp		13,454
35,943	e*	Rosetta Resources, Inc		659
15,917	e	Royal Gold, Inc		521
19,857	e*	ShengdaTech, Inc		120
51,548	e	Southern Copper Corp		6,383
30,773	e*	Stillwater Mining Co		317
36,838	e*	Uranium Resources, Inc		346
33,336	*	US Gold Corp		209
		TOTAL METAL MINING		56,921
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.32%
5,519	e*	Armstrong World Industries, Inc		224

234

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
19,692		Blyth, Inc	$	403
51,179	e	Callaway Golf Co		819
22,322	e	Daktronics, Inc		608
108,399	e	Fortune Brands, Inc		8,833
112,677		Hasbro, Inc		3,142
19,429	e*	Jakks Pacific, Inc		519
8,407	e	Marine Products Corp		71
278,121		Mattel, Inc		6,525
26,637	e	Nautilus, Inc		212
14,785	*	RC2 Corp		409
11,572	e*	Russ Berrie & Co, Inc		194
25,055	e*	Shuffle Master, Inc		375
4,356	e	Steinway Musical Instruments, Inc		129
351,065		Tyco International Ltd		15,566
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		38,029
MISCELLANEOUS RETAIL - 1.36%
14,742	e*	1-800-FLOWERS.COM, Inc (Class A)		171
11,957	e*	AC Moore Arts & Crafts, Inc		188
217,636	e*	Amazon.com, Inc		20,273
36,298		Barnes & Noble, Inc		1,280
279,835	e	Best Buy Co, Inc		12,878
15,894	e	Big 5 Sporting Goods Corp		297
10,266	e*	Blue Nile, Inc		966
10,157	e	Books-A-Million, Inc		134
41,091	e	Borders Group, Inc		548
10,668	e*	Build-A-Bear Workshop, Inc		190
20,960	e	Cash America International, Inc		788
36,440	e*	CKX, Inc		449
46,768	e*	Coldwater Creek, Inc		508
1,052,264		CVS Corp		41,701
27,853	e*	Dick's Sporting Goods, Inc		1,870
68,940	e*	Dollar Tree Stores, Inc		2,795
25,590	e*	Ezcorp, Inc (Class A)		344
16,458	*	GSI Commerce, Inc		438
24,778	e*	Hibbett Sports, Inc		615
23,197	e	Longs Drug Stores Corp		1,152
26,978		MSC Industrial Direct Co (Class A)		1,365
24,699	e*	Nutri/System, Inc		1,158
194,377	*	Office Depot, Inc		4,008
53,228		OfficeMax, Inc		1,824
11,517	e*	Overstock.com, Inc		332
6,868	e*	PC Connection, Inc		86
95,994		Petsmart, Inc		3,062
28,164	e*	Priceline.com, Inc		2,500
9,367	e	Pricesmart, Inc		221
500,268	e*	Rite Aid Corp		2,311
57,078	e*	Sears Holdings Corp		7,260
10,339	*	Shutterfly, Inc		330
12,380	e*	Stamps.com, Inc		148
505,558		Staples, Inc		10,864
9,938	e	Systemax, Inc		203
96,385	e	Tiffany & Co		5,046
18,910	e*	Valuevision International, Inc (Class A)		140
705,008		Walgreen Co		33,305
20,188	e	World Fuel Services Corp		824

235

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
35,110	e*	Zale Corp	$	812
12,255	e*	Zumiez, Inc		544
		TOTAL MISCELLANEOUS RETAIL		163,928
MOTION PICTURES - 1.08%
32,976	e*	Avid Technology, Inc		893
143,498	e*	Blockbuster, Inc (Class A)		771
8,585	e	Carmike Cinemas, Inc		158
454,013		CBS Corp (Class B)		14,301
198,527	*	Discovery Holding Co (Class A)		5,728
46,691	e*	DreamWorks Animation SKG, Inc (Class A)		1,560
11,202	*	Gaiam, Inc (Class A)		269
36,572	e*	Macrovision Corp		901
30,800	e	National CineMedia, Inc		690
1,623,820		News Corp (Class A)		35,708
48,987	e	Regal Entertainment Group (Class A)		1,075
102,526	e*	Time Warner Telecom, Inc (Class A)		2,252
2,676,875		Time Warner, Inc		49,147
439,353	e*	Viacom, Inc (Class B)		17,122
		TOTAL MOTION PICTURES		130,575
MUSEUMS, BOTANICAL, ZOOLOGICAL GARDENS - 0.00%**
20,726	e*	Premier Exhibitions, Inc		313
		TOTAL MUSEUMS, BOTANICAL, ZOOLOGICAL GARDENS		313
NONDEPOSITORY INSTITUTIONS - 1.67%
14,426	e*	Accredited Home Lenders Holding Co		168
46,200	e	Advance America Cash Advance Centers, Inc		493
26,047	e	Advanta Corp (Class B)		714
133,012	e	American Capital Strategies Ltd		5,684
732,095		American Express Co		43,464
84,134	e*	AmeriCredit Corp		1,479
44,379	e	Ares Capital Corp		722
9,451	e	Asta Funding, Inc		362
98,705		Broadridge Financial Solutions, Inc		1,870
280,791	e	Capital One Financial Corp		18,653
89,235	e	CapitalSource, Inc		1,806
36,971	e	Centerline Holding Co		568
135,589		CIT Group, Inc		5,451
16,600	e*	CompuCredit Corp		360
422,671		Countrywide Financial Corp		8,035
6,736	e*	Credit Acceptance Corp		156
11,708	e	Delta Financial Corp		57
342,322		Discover Financial Services		7,120
11,162	e*	Encore Capital Group, Inc		132
691,244		Fannie Mae		42,035
7,676	e	Federal Agricultural Mortgage Corp (Class C)		225
20,830	e	Financial Federal Corp		583
18,408	e*	First Cash Financial Services, Inc		431
43,239	e	First Marblehead Corp		1,640
471,251		Freddie Mac		27,809
37,598	e*	Freedom Acquisition Holding, Inc		423
16,475	e	Hercules Technology Growth Capital, Inc		219
22,394	e*	Information Services Group, Inc		171
47,885	e*	INVESTools, Inc		579
7,295		Kohlberg Capital Corp		110

236

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
26,632	e*	Marathon Acquisition Corp	$	210
44,000	e	MCG Capital Corp		633
8,000	*	Mercadolibre, Inc		293
13,901	e	Nelnet, Inc (Class A)		254
9,384	e*	NewStar Financial, Inc		106
12,077	e	NGP Capital Resources Co		196
17,991	e*	NTR Acquisition Co		171
25,500	e*	Ocwen Financial Corp		240
12,881	e	Patriot Capital Funding, Inc		172
37,904	*	PHH Corp		996
292,910	*	SLM Corp		14,549
2,846		Student Loan Corp		513
13,836	e	Technology Investment Capital Corp		185
176,246		Textron, Inc		10,964
12,929	e*	World Acceptance Corp		428
		TOTAL NONDEPOSITORY INSTITUTIONS		201,429
NONMETALLIC MINERALS, EXCEPT FUELS - 0.08%
18,209	e	AMCOL International Corp		603
22,877	e	Compass Minerals International, Inc		779
34,034		Florida Rock Industries, Inc		2,127
33,604	e*	Idaho General Mines, Inc		223
68,585	e	Vulcan Materials Co		6,114
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		9,846
OIL AND GAS EXTRACTION - 3.32%
328,030	e	Anadarko Petroleum Corp		17,632
1,645	e	APCO Argentina, Inc		173
10,065	e*	Arena Resources, Inc		659
17,079		Atlas America, Inc		882
15,008	*	ATP Oil & Gas Corp		706
19,787	e*	Atwood Oceanics, Inc		1,515
227,441	e	Baker Hughes, Inc		20,554
28,976	e*	Basic Energy Services, Inc		609
27,860	e	Berry Petroleum Co (Class A)		1,103
21,932	e*	Bill Barrett Corp		864
207,173	e	BJ Services Co		5,500
11,997	e*	Bois d'Arc Energy, Inc		230
32,124	e*	Brigham Exploration Co		190
18,177	e*	Bronco Drilling Co, Inc		269
15,941	e*	Cal Dive International, Inc		239
14,536	e*	Callon Petroleum Co		202
77,828	e*	Cameron International Corp		7,183
14,847	e*	Carrizo Oil & Gas, Inc		666
35,790	e*	Cheniere Energy, Inc		1,402
326,953	e	Chesapeake Energy Corp		11,528
58,913	e	Cimarex Energy Co		2,195
3,369	e*	Clayton Williams Energy, Inc		111
19,768	e*	CNX Gas Corp		569
20,848	e*	Complete Production Services, Inc		427
31,390	*	Comstock Resources, Inc		968
9,375	*	Contango Oil & Gas Co		339
20,774	e*	Continental Resources, Inc		377
5,228	e*	Dawson Geophysical Co		405
46,498	e*	Delta Petroleum Corp		835
85,574	*	Denbury Resources, Inc		3,824

237

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
47,480	e	Diamond Offshore Drilling, Inc	$	5,379
20,797	e*	Edge Petroleum Corp		267
37,611	*	Encore Acquisition Co		1,190
29,060	e*	Energy Partners Ltd		427
105,312		ENSCO International, Inc		5,908
84,592		Equitable Resources, Inc		4,388
43,665	e*	EXCO Resources, Inc		722
42,749	*	Exterran Holdings, Inc		3,434
55,808	e*	Forest Oil Corp		2,402
24,931	e*	FX Energy, Inc		186
21,487	e*	GeoGlobal Resources, Inc		77
4,904	*	Geokinetics, Inc		115
12,517	*	Geomet, Inc		64
66,121	*	Global Industries Ltd		1,703
161,707		GlobalSantaFe Corp		12,293
8,027	e*	GMX Resources, Inc		258
12,475	e*	Goodrich Petroleum Corp		395
140,077	e*	Grey Wolf, Inc		918
13,872	e*	Gulfport Energy Corp		328
646,147	e	Halliburton Co		24,812
29,621	e*	Harvest Natural Resources, Inc		354
65,623	e*	Helix Energy Solutions Group, Inc		2,786
73,077	e	Helmerich & Payne, Inc		2,399
67,246	*	Hercules Offshore, Inc		1,756
23,167	e*	Horizon Offshore, Inc		382
6,902		Kayne Anderson Energy Development Co		176
51,788	*	Mariner Energy, Inc		1,073
15,667	e*	McMoRan Exploration Co		211
76,660	e*	Meridian Resource Corp		190
200,220	e*	Nabors Industries Ltd		6,161
125,576	*	National Oilwell Varco, Inc		18,146
64,229	e*	Newpark Resources, Inc		344
186,010		Noble Corp		9,124
38,589	*	Oceaneering International, Inc		2,925
74,608	e*	Oilsands Quest, Inc		331
27,407	e*	Parallel Petroleum Corp		466
80,330	e*	Parker Drilling Co		652
110,882	e	Patterson-UTI Energy, Inc		2,503
28,438		Penn Virginia Corp		1,251
3,037	m,v*	PetroCorp		-	^
119,714	e*	PetroHawk Energy Corp		1,966
12,730	e*	Petroleum Development Corp		565
28,296	e*	Petroquest Energy, Inc		304
35,470	e*	Pioneer Drilling Co		432
87,353	e	Pioneer Natural Resources Co		3,929
56,228	e*	Plains Exploration & Production Co		2,486
43,294		Pogo Producing Co		2,299
114,266	*	Pride International, Inc		4,176
45,384	e*	Quicksilver Resources, Inc		2,135
99,918		Range Resources Corp		4,063
77,603	e	Rowan Cos, Inc		2,839
23,456	e	RPC, Inc		333
837,985		Schlumberger Ltd		87,988
17,655	e*	SEACOR Holdings, Inc		1,679
141,629		Smith International, Inc		10,112
120,039	*	Southwestern Energy Co		5,024

238

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
47,011	e	St. Mary Land & Exploration Co	$	1,677
19,310	e*	Stone Energy Corp		773
23,906	e*	Sulphco, Inc		210
57,007	e*	Superior Energy Services		2,020
7,105	e*	Superior Offshore International, Inc		80
11,230	e*	Superior Well Services, Inc		255
21,103	e*	Swift Energy Co		864
54,419	e*	Tetra Technologies, Inc		1,150
39,844	e	Tidewater, Inc		2,504
11,158	e*	Toreador Resources Corp		132
205,653	*	Transocean, Inc		23,249
8,324	e*	Trico Marine Services, Inc		248
20,290	e*	TXCO Resources, Inc		182
7,100	*	Union Drilling, Inc		104
35,116	*	Unit Corp		1,700
40,557	e*	Vaalco Energy, Inc		185
9,100	e*	Venoco, Inc		156
19,562	e	W&T Offshore, Inc		477
37,871	e*	Warren Resources, Inc		475
238,229	e*	Weatherford International Ltd		16,004
22,401	e*	W-H Energy Services, Inc		1,652
28,820	*	Whiting Petroleum Corp		1,281
18,431	*	Willbros Group, Inc		627
260,486	e	XTO Energy, Inc		16,108
		TOTAL OIL AND GAS EXTRACTION		401,095
PAPER AND ALLIED PRODUCTS - 0.48%
74,376	e	Bemis Co		2,165
39,858	e	Bowater, Inc		595
26,323	*	Buckeye Technologies, Inc		398
38,005	e*	Cenveo, Inc		822
12,643	e*	Chesapeake Corp		107
336,181	e*	Domtar Corporation		2,757
30,362	e	Glatfelter		451
55,065	e*	Graphic Packaging Corp		249
23,449		Greif, Inc (Class A)		1,423
307,898	e	International Paper Co		11,044
301,702		Kimberly-Clark Corp		21,198
129,492		MeadWestvaco Corp		3,824
20,151	e*	Mercer International, Inc		190
10,278	e	Neenah Paper, Inc		340
62,088		Packaging Corp of America		1,805
39,917	*	Playtex Products, Inc		730
25,737		Rock-Tenn Co (Class A)		744
9,960		Schweitzer-Mauduit International, Inc		232
180,480	e*	Smurfit-Stone Container Corp		2,108
71,238		Sonoco Products Co		2,150
74,852	e	Temple-Inland, Inc		3,939
29,954	e	Wausau Paper Corp		334
		TOTAL PAPER AND ALLIED PRODUCTS		57,605
PERSONAL SERVICES - 0.14%
97,477	e	Cintas Corp		3,616
20,819		Coinmach Service Corp (Class A)		250
20,600	e*	Coinstar, Inc		663
3,653	e	CPI Corp		141

239

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
15,088	e	G & K Services, Inc (Class A)	$	607
228,166	e	H&R Block, Inc		4,833
25,900	e	Jackson Hewitt Tax Service, Inc		724
31,315		Regis Corp		999
56,970	e*	Sally Beauty Holdings, Inc		481
207,979	e	Service Corp International		2,683
11,970	e*	Steiner Leisure Ltd		519
9,989		Unifirst Corp		374
26,580	e	Weight Watchers International, Inc		1,530
		TOTAL PERSONAL SERVICES		17,420
PETROLEUM AND COAL PRODUCTS - 6.84%
9,171	e	Alon USA Energy, Inc		310
234,040		Apache Corp		21,078
39,719	e	Ashland, Inc		2,391
68,567		Cabot Oil & Gas Corp		2,411
1,527,600		Chevron Corp		142,953
1,162,060		ConocoPhillips		101,994
7,530	e	Delek US Holdings, Inc		189
314,600		Devon Energy Corp		26,175
172,902		EOG Resources, Inc		12,506
4,003,686		Exxon Mobil Corp		370,581
77,807		Frontier Oil Corp		3,240
34,562	e*	Headwaters, Inc		514
196,312	e	Hess Corp		13,060
32,029		Holly Corp		1,916
488,438		Marathon Oil Corp		27,851
132,989	e	Murphy Oil Corp		9,294
91,300	*	Newfield Exploration Co		4,397
120,831		Noble Energy, Inc		8,463
589,526		Occidental Petroleum Corp		37,777
85,867		Sunoco, Inc		6,078
96,598	e	Tesoro Corp		4,445
391,113	e	Valero Energy Corp		26,275
11,564	e	WD-40 Co		395
21,900	e	Western Refining, Inc		889
		TOTAL PETROLEUM AND COAL PRODUCTS		825,182
PIPELINES, EXCEPT NATURAL GAS - 0.09%
446,459	e	Spectra Energy Corp		10,929
		TOTAL PIPELINES, EXCEPT NATURAL GAS		10,929
PRIMARY METAL INDUSTRIES - 1.07%
79,103	e*	AK Steel Holding Corp		3,477
620,258		Alcoa, Inc		24,264
72,511	e	Allegheny Technologies, Inc		7,973
31,881	e	Belden CDT, Inc		1,495
14,781	e*	Brush Engineered Materials, Inc		767
18,520	e	Carpenter Technology Corp		2,408
18,569	e*	Century Aluminum Co		978
6,078	*	Claymont Steel, Inc		123
6,101	e*	Coleman Cable, Inc		84
43,260	e*	CommScope, Inc		2,173
1,112,620		Corning, Inc		27,426
16,654	e	Encore Wire Corp		418
36,458	e*	General Cable Corp		2,447

240

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
20,138	e	Gibraltar Industries, Inc	$	373
8,302	e*	Haynes International, Inc		709
43,293		Hubbell, Inc (Class B)		2,473
7,262	e*	LB Foster Co (Class A)		316
21,924	e	Matthews International Corp (Class A)		960
25,216		Mueller Industries, Inc		911
6,217	e*	Northwest Pipe Co		235
213,275	e	Nucor Corp		12,683
5,831	e	Olympic Steel, Inc		158
97,265		Precision Castparts Corp		14,393
26,576	e	Quanex Corp		1,249
16,800	e*	RTI International Metals, Inc		1,332
16,399	e	Schnitzer Steel Industries, Inc (Class A)		1,202
66,930		Steel Dynamics, Inc		3,126
14,234	e*	Superior Essex, Inc		531
19,242	e	Texas Industries, Inc		1,510
48,944	e*	Titanium Metals Corp		1,643
24,156	e	Tredegar Corp		417
83,594		United States Steel Corp		8,856
4,623	e*	Universal Stainless & Alloy		184
6,089	e*	Wheeling-Pittsburgh Corp		117
51,686	e	Worthington Industries, Inc		1,218
		TOTAL PRIMARY METAL INDUSTRIES		128,629
PRINTING AND PUBLISHING - 0.49%
36,106	e*	ACCO Brands Corp		810
39,339	e	American Greetings Corp (Class A)		1,039
59,879		Belo (A.H.) Corp (Class A)		1,039
22,675	e	Bowne & Co, Inc		378
8,210	e*	Consolidated Graphics, Inc		515
6,267	e	Courier Corp		221
5,480	e	CSS Industries, Inc		197
43,180		Dow Jones & Co, Inc		2,578
42,034		Dun & Bradstreet Corp		4,145
17,307	e	Ennis, Inc		381
63,593	e	EW Scripps Co (Class A)		2,671
165,881		Gannett Co, Inc		7,249
10,680	e	GateHouse Media, Inc		136
35,148	e	Harte-Hanks, Inc		692
34,409		John Wiley & Sons, Inc (Class A)		1,546
30,943		Journal Communications, Inc (Class A)		293
33,495	e	Lee Enterprises, Inc		521
19,558	e*	Martha Stewart Living Omnimedia, Inc (Class A)		228
31,868	e	McClatchy Co (Class A)		637
242,589	e	McGraw-Hill Cos, Inc		12,350
17,025		Media General, Inc (Class A)		468
33,992		Meredith Corp		1,948
5,947	e	Multi-Color Corp		136
98,018	e	New York Times Co (Class A)		1,937
12,663	*	Playboy Enterprises, Inc (Class B)		136
31,380	e	Primedia, Inc		441
50,122	e*	R.H. Donnelley Corp		2,808
155,621		R.R. Donnelley & Sons Co		5,689
10,767	e	Schawk, Inc		243
24,827	e*	Scholastic Corp		865
10,680	e	Standard Register Co		136

241

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
53,732	e*	Sun-Times Media Group, Inc (Class A)	$	122
58,958	e*	Tribune Co		1,611
35,061	e*	Valassis Communications, Inc		313
27,690	e*	VistaPrint Ltd		1,035
4,207		Washington Post Co (Class B)		3,377
		TOTAL PRINTING AND PUBLISHING		58,891
RAILROAD TRANSPORTATION - 0.60%
254,372		Burlington Northern Santa Fe Corp		20,647
309,104		CSX Corp		13,208
26,537	e*	Genesee & Wyoming, Inc (Class A)		765
54,298	e*	Kansas City Southern Industries, Inc		1,747
277,978		Norfolk Southern Corp		14,430
190,507		Union Pacific Corp		21,539
		TOTAL RAILROAD TRANSPORTATION		72,336
REAL ESTATE - 0.11%
135,323	e*	CB Richard Ellis Group, Inc (Class A)		3,767
4,977	e	Consolidated-Tomoka Land Co		335
51,548	e	Forest City Enterprises, Inc (Class A)		2,843
11,353	*	Grubb & Ellis Co		106
25,773		Jones Lang LaSalle, Inc		2,648
19,220	e*	LoopNet, Inc		395
53,649	e	St. Joe Co		1,803
72,534	e	Stewart Enterprises, Inc (Class A)		553
3,435	e*	Stratus Properties, Inc		121
16,966	e	Thomas Properties Group, Inc		204
		TOTAL REAL ESTATE		12,775
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.29%
5,113	*	AEP Industries, Inc		217
43,609		Cooper Tire & Rubber Co		1,064
9,028	*	Deckers Outdoor Corp		991
148,175	e*	Goodyear Tire & Rubber Co		4,506
10,182	e*	Metabolix, Inc		247
197,303	e	Newell Rubbermaid, Inc		5,686
251,832		Nike, Inc (Class B)		14,773
21,213		Schulman (A.), Inc		419
114,127	e	Sealed Air Corp		2,917
14,571	e*	Skechers U.S.A., Inc (Class A)		322
25,932		Spartech Corp		442
16,398		Titan International, Inc		523
7,903	e*	Trex Co, Inc		88
43,477	e	Tupperware Corp		1,369
25,167	e	West Pharmaceutical Services, Inc		1,048
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		34,612
SECURITY AND COMMODITY BROKERS - 3.01%
54,127		A.G. Edwards, Inc		4,533
166,289		Ameriprise Financial, Inc		10,495
84,142	e	Bear Stearns Cos, Inc		10,334
45,136	e	BlackRock, Inc		7,827
16,951	e	Calamos Asset Management, Inc (Class A)		479
716,455		Charles Schwab Corp		15,475
39,101		CME Group, Inc		22,966
12,285	e	Cohen & Steers, Inc		455

242

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
11,481	e*	Cowen Group, Inc	$	159
302,010	e*	E*Trade Financial Corp		3,944
82,778		Eaton Vance Corp		3,308
6,384	e*	Epoch Holding Corp		90
6,107		Evercore Partners, Inc (Class A)		161
6,093	e*	FCStone Group, Inc		197
67,991		Federated Investors, Inc (Class B)		2,699
117,544		Franklin Resources, Inc		14,987
6,584	e	GAMCO Investors, Inc (Class A)		361
11,349	e*	GFI Group, Inc		977
289,186		Goldman Sachs Group, Inc		62,678
14,103	e	Greenhill & Co, Inc		861
28,478	e*	Interactive Brokers Group, Inc (Class A)		748
49,760	*	IntercontinentalExchange, Inc		7,559
27,787	e	International Securities Exchange, Inc		1,847
31,292	e*	Investment Technology Group, Inc		1,345
131,606	e	Janus Capital Group, Inc		3,722
88,011	e	Jefferies Group, Inc		2,449
20,645	e*	KBW, Inc		594
73,184	e*	Knight Capital Group, Inc (Class A)		875
37,720	e*	LaBranche & Co, Inc		177
69,599	e*	Ladenburg Thalmann Financial Services, Inc		136
36,475	e	Lazard Ltd (Class A)		1,547
93,610		Legg Mason, Inc		7,890
376,513	e	Lehman Brothers Holdings, Inc		23,242
21,429	e*	MarketAxess Holdings, Inc		321
628,578		Merrill Lynch & Co, Inc		44,805
51,000	*	MF Global Ltd		1,479
748,745		Morgan Stanley		47,171
8,769	e*	Morningstar, Inc		538
79,970	*	Nasdaq Stock Market, Inc		3,013
58,209		Nuveen Investments, Inc (Class A)		3,605
65,127	e	Nymex Holdings, Inc		8,478
187,716	e	NYSE Euronext		14,861
30,987	e	optionsXpress Holdings, Inc		810
10,161	e*	Penson Worldwide, Inc		188
13,614	e*	Piper Jaffray Cos		730
66,932		Raymond James Financial, Inc		2,199
8,937	e	Sanders Morris Harris Group, Inc		91
92,752	e	SEI Investments Co		2,530
10,876	e*	Stifel Financial Corp		629
14,958	e	SWS Group, Inc		265
195,024		T Rowe Price Group, Inc		10,861
179,388	e*	TD Ameritrade Holding Corp		3,268
15,283	e*	Thomas Weisel Partners Group, Inc		222
8,114	e	US Global Investors, Inc (Class A)		154
800		Value Line, Inc		39
65,258		Waddell & Reed Financial, Inc (Class A)		1,764
15,152	e	WP Stewart & Co Ltd		150
		TOTAL SECURITY AND COMMODITY BROKERS		363,288
SOCIAL SERVICES - 0.01%
20,451	e*	Bright Horizons Family Solutions, Inc		876
15,384	e*	Capital Senior Living Corp		130
8,598	*	Providence Service Corp		252

243

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
15,649	*	Res-Care, Inc	$	357
		TOTAL SOCIAL SERVICES		1,615
SPECIAL TRADE CONTRACTORS - 0.07%
2,319	e	Alico, Inc		101
21,777	e*	AsiaInfo Holdings, Inc		197
17,970	e	Chemed Corp		1,117
28,901		Comfort Systems USA, Inc		410
32,076	e*	Dycom Industries, Inc		982
46,874	*	EMCOR Group, Inc		1,470
20,939	e*	Insituform Technologies, Inc (Class A)		319
10,880	e*	Integrated Electrical Services, Inc		279
8,579	e*	Layne Christensen Co		476
116,366	e*	Quanta Services, Inc		3,078
		TOTAL SPECIAL TRADE CONTRACTORS		8,429
STONE, CLAY, AND GLASS PRODUCTS - 0.51%
509,135		3M Co		47,645
18,958		Apogee Enterprises, Inc		492
18,135	e*	Cabot Microelectronics Corp		775
14,827	e	CARBO Ceramics, Inc		752
33,989	e	Eagle Materials, Inc		1,215
100,799	e	Gentex Corp		2,161
9,960		Libbey, Inc		174
77,829	e*	Owens Corning, Inc		1,950
109,273	*	Owens-Illinois, Inc		4,529
23,708	e*	US Concrete, Inc		156
57,674	e*	USG Corp		2,166
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		62,015
TEXTILE MILL PRODUCTS - 0.00%**
4,668	e*	Heelys, Inc		37
10,106		Oxford Industries, Inc		365
14,120		Xerium Technologies, Inc		76
		TOTAL TEXTILE MILL PRODUCTS		478
TOBACCO PRODUCTS - 1.04%
1,494,983		Altria Group, Inc		103,946
77,510		Loews Corp (Carolina Group)		6,374
121,095	e	Reynolds American, Inc		7,700
19,118	e	Universal Corp		936
113,222	e	UST, Inc		5,616
21,699	e	Vector Group Ltd		486
		TOTAL TOBACCO PRODUCTS		125,058
TRANSPORTATION BY AIR - 0.47%
39,511	e*	ABX Air, Inc		280
7,464	*	Air Methods Corp		345
65,497	e*	Airtran Holdings, Inc		644
28,126	e*	Alaska Air Group, Inc		650
3,770	e*	Allegiant Travel Co		114
170,166	e*	AMR Corp		3,793
9,351	e*	Atlas Air Worldwide Holdings, Inc		483
16,313	e*	Bristow Group, Inc		713
74,996	e*	Continental Airlines, Inc (Class B)		2,477
12,231		Copa Holdings S.A. (Class A)		490
169,433	e*	Delta Air Lines, Inc		3,041

244

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
30,417	e*	ExpressJet Holdings, Inc	$	94
217,573		FedEx Corp		22,791
123,072	e*	JetBlue Airways Corp		1,135
17,099	e*	Midwest Air Group, Inc		281
186,202	e*	Northwest Airlines Corp		3,314
9,723	e*	PHI, Inc		293
14,196	e*	Pinnacle Airlines Corp		227
23,015	*	Republic Airways Holdings, Inc		487
45,222	e	Skywest, Inc		1,138
551,598	e	Southwest Airlines Co		8,164
80,520	e*	UAL Corp		3,747
57,571	*	US Airways Group, Inc		1,511
		TOTAL TRANSPORTATION BY AIR		56,212
TRANSPORTATION EQUIPMENT - 2.64%
13,757	e	A.O. Smith Corp		604
29,552	e*	AAR Corp		897
16,459	e*	Accuride Corp		199
4,835	e*	Aerovironment, Inc		111
14,702	*	Aftermarket Technology Corp		467
31,425	e	American Axle & Manufacturing Holdings, Inc		793
7,032		American Railcar Industries, Inc		155
15,097	e*	Amerigon, Inc		261
9,760	e	Arctic Cat, Inc		160
50,384	e	ArvinMeritor, Inc		847
56,289	e	Autoliv, Inc		3,363
58,530	*	BE Aerospace, Inc		2,431
559,758		Boeing Co		58,769
63,775	e	Brunswick Corp		1,458
36,782	e	Clarcor, Inc		1,258
10,359	e*	Comtech Group, Inc		189
34,017	e	Federal Signal Corp		523
41,202	e*	Fleetwood Enterprises, Inc		352
48,080	e*	Force Protection, Inc		1,041
1,434,114	e*	Ford Motor Co		12,176
8,920	e	Freightcar America, Inc		341
42,477	e*	GenCorp, Inc		508
286,217		General Dynamics Corp		24,177
340,894	e	General Motors Corp		12,511
7,281	e*	GenTek, Inc		219
120,327	e	Genuine Parts Co		6,016
88,878	e	Goodrich Corp		6,064
12,975	e	Greenbrier Cos, Inc		347
17,217	e	Group 1 Automotive, Inc		578
182,050	e	Harley-Davidson, Inc		8,413
59,330		Harsco Corp		3,516
68,148	e*	Hayes Lemmerz International, Inc		283
18,067	e	Heico Corp		892
128,454	e	ITT Industries, Inc		8,726
17,547	e	Kaman Corp		606
248,910		Lockheed Martin Corp		27,004
6,589	e*	Miller Industries, Inc		113
21,622	e	Monaco Coach Corp		303
6,171	e	Noble International Ltd		131
243,954	e	Northrop Grumman Corp		19,028
42,061	e*	Orbital Sciences Corp		935

245

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
52,327		Oshkosh Truck Corp	$	3,243
175,610	e	Paccar, Inc		14,971
92,051	*	Pactiv Corp		2,638
26,075	e	Polaris Industries, Inc		1,137
313,776		Raytheon Co		20,025
4,792	*	Sequa Corp (Class A)		794
22,924	e	Spartan Motors, Inc		386
50,700	*	Spirit Aerosystems Holdings, Inc (Class A)		1,974
11,445		Standard Motor Products, Inc		108
17,715	e	Superior Industries International, Inc		384
32,620	e*	Tenneco, Inc		1,012
25,200	e	Thor Industries, Inc		1,134
7,965	e*	TransDigm Group, Inc		364
56,862	e	Trinity Industries, Inc		2,135
12,081	e	Triumph Group, Inc		987
29,954	*	TRW Automotive Holdings Corp		949
706,224	e	United Technologies Corp		56,837
91,916	e*	Visteon Corp		473
22,100	e	Wabash National Corp		250
34,451	e	Westinghouse Air Brake Technologies Corp		1,291
24,826	e	Winnebago Industries, Inc		593
		TOTAL TRANSPORTATION EQUIPMENT		318,450
TRANSPORTATION SERVICES - 0.18%
14,656	e	Ambassadors Group, Inc		558
4,915	e	Ambassadors International, Inc		121
124,463		CH Robinson Worldwide, Inc		6,757
8,003	e*	Dynamex, Inc		205
155,362		Expeditors International Washington, Inc		7,349
34,495	e	GATX Corp		1,475
28,305	*	HUB Group, Inc (Class A)		850
54,142	*	Lear Corp		1,738
26,631	e	Pacer International, Inc		507
18,863	e	Ship Finance International Ltd		496
70,126	e	UTI Worldwide, Inc		1,611
		TOTAL TRANSPORTATION SERVICES		21,667
TRUCKING AND WAREHOUSING - 0.38%
17,410	e	Arkansas Best Corp		569
16,346	e*	Celadon Group, Inc		192
36,001	e	Con-way, Inc		1,656
22,919	e	Forward Air Corp		683
46,789		Heartland Express, Inc		668
68,660	e	J.B. Hunt Transport Services, Inc		1,806
43,462		Landstar System, Inc		1,824
14,139	e*	Marten Transport Ltd		218
19,477	e*	Old Dominion Freight Line		467
1,137	e*	Patriot Transportation Holding, Inc		112
9,635	*	Saia, Inc		159
471,612		United Parcel Service, Inc (Class B)		35,418
3,884	e*	Universal Truckload Services, Inc		85
35,401	e	Werner Enterprises, Inc		607
40,766	e*	YRC Worldwide, Inc		1,114
		TOTAL TRUCKING AND WAREHOUSING		45,578

246

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
WATER TRANSPORTATION - 0.29%
30,756		Alexander & Baldwin, Inc	$	1,542
47,660	e*	American Commercial Lines, Inc		1,131
9,576	e	Arlington Tankers Ltd		236
310,082	e	Carnival Corp		15,017
15,398	e	Double Hull Tankers, Inc		229
29,664	e	Eagle Bulk Shipping, Inc		764
34,394	e	Frontline Ltd		1,661
12,530	e	Genco Shipping & Trading Ltd		821
16,856	e	General Maritime Corp		470
24,752		Golar LNG Ltd		553
16,074	e*	Gulfmark Offshore, Inc		782
23,837		Horizon Lines, Inc (Class A)		728
16,565	e*	Hornbeck Offshore Services, Inc		608
37,552	e*	Kirby Corp		1,658
11,975	e	Knightsbridge Tankers Ltd		322
18,051	e	Nordic American Tanker Shipping		708
28,315	e*	Odyssey Marine Exploration, Inc		175
21,573	e	Overseas Shipholding Group, Inc		1,657
99,815	e	Royal Caribbean Cruises Ltd		3,896
3,426	*	TBS International Ltd (Class A)		141
29,793	e	Teekay Corp		1,752
10,754	e*	Ultrapetrol Bahamas Ltd		179
		TOTAL WATER TRANSPORTATION		35,030
WHOLESALE TRADE-DURABLE GOODS - 0.39%
23,674		Agilysys, Inc		400
30,894		Applied Industrial Technologies, Inc		952
89,079	*	Arrow Electronics, Inc		3,788
31,988	e	Barnes Group, Inc		1,021
30,944	e*	Beacon Roofing Supply, Inc		316
7,060	e	BlueLinx Holdings, Inc		50
41,029		BorgWarner, Inc		3,755
21,864	e	Building Material Holding Corp		231
7,176	e	Castle (A.M.) & Co		234
21,081	e*	Conceptus, Inc		400
82,309	*	Cytyc Corp		3,922
13,898	e*	Digi International, Inc		198
13,174	e*	Drew Industries, Inc		536
26,458	e*	Genesis Microchip, Inc		207
4,972	e*	Glu Mobile, Inc		45
6,620	e*	Hansen Medical, Inc		180
12,024	e	Houston Wire & Cable Co		218
76,338		IKON Office Solutions, Inc		981
102,693	*	Ingram Micro, Inc (Class A)		2,014
34,716	*	Insight Enterprises, Inc		896
19,381	e*	Interline Brands, Inc		446
13,159	e*	Keystone Automotive Industries, Inc		629
42,424	e	Knight Transportation, Inc		730
3,000	e	Lawson Products, Inc		104
31,919	e*	LKQ Corp		1,111
30,630	e	Martin Marietta Materials, Inc		4,091
6,104	e*	MWI Veterinary Supply, Inc		230
31,636	e	Owens & Minor, Inc		1,205
103,013	e*	Patterson Cos, Inc		3,977
29,853		PEP Boys-Manny Moe & Jack		419
34,775	e	Pool Corp		869

247

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
47,725	e*	PSS World Medical, Inc	$	913
46,192		Reliance Steel & Aluminum Co		2,612
19,445	e	Ryerson Tull, Inc		656
18,883	*	Solera Holdings, Inc		340
42,080	*	Tech Data Corp		1,688
8,047	e*	TomoTherapy, Inc		187
26,379	e*	Tyler Technologies, Inc		352
50,140	e	W.W. Grainger, Inc		4,572
33,088	e*	WESCO International, Inc		1,421
8,587	e*	West Marine, Inc		99
		TOTAL WHOLESALE TRADE-DURABLE GOODS		46,995
WHOLESALE TRADE-NONDURABLE GOODS - 0.59%
55,802		Airgas, Inc		2,881
31,521	e*	Akorn, Inc		236
68,179	e*	Alliance One International, Inc		446
39,080	e*	Allscripts Healthcare Solutions, Inc		1,056
10,925	e	Andersons, Inc		525
19,940	e*	Bare Escentuals, Inc		496
19,314	e*	Beijing Med-Pharm Corp		225
54,890	e	Brown-Forman Corp (Class B)		4,112
261,466	e	Cardinal Health, Inc		16,349
25,191	e*	Central European Distribution Corp		1,207
7,034	e*	Core-Mark Holding Co, Inc		248
91,893		Dean Foods Co		2,351
94,469	*	Endo Pharmaceuticals Holdings, Inc		2,929
20,119	e*	Fresh Del Monte Produce, Inc		578
12,384	e*	Green Mountain Coffee Roasters, Inc		411
28,103	e*	Hain Celestial Group, Inc		903
64,753	*	Henry Schein, Inc		3,940
35,673		Herbalife Ltd		1,622
104,836	e	Idearc, Inc		3,299
6,203	e	Kenneth Cole Productions, Inc (Class A)		120
19,366	e	K-Swiss, Inc (Class A)		444
10,408	e*	LSB Industries, Inc		246
2,095	e*	Maui Land & Pineapple Co, Inc		64
38,303		Men's Wearhouse, Inc		1,935
18,114		Myers Industries, Inc		359
8,977	e	Nash Finch Co		357
38,826	e	Nu Skin Enterprises, Inc (Class A)		627
11,120	e*	Nuco2, Inc		286
9,998	e*	Perry Ellis International, Inc		277
17,687	e*	School Specialty, Inc		612
22,616	e*	Source Interlink Cos, Inc		80
14,127	e	Spartan Stores, Inc		318
2,988	e*	Synutra International, Inc		89
436,807	e	Sysco Corp		15,546
67,197	e*	Terra Industries, Inc		2,101
24,470	e*	Tractor Supply Co		1,128
30,443	e*	United Natural Foods, Inc		829
19,665	*	United Stationers, Inc		1,092
6,399	e	Valhi, Inc		152
9,361	e*	Volcom, Inc		398
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		70,874
		TOTAL COMMON STOCKS		12,046,374
		(Cost $8,343,065)

248

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
SHORT-TERM INVESTMENTS - 13.74%
U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES - 0.08%
$      9,800,000	d	Federal Home Loan Bank (FHLB)	0.000%	10/01/07	$	9,797
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES				9,797
SHARES
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 13.66%
1,647,807,220		State Street Navigator Securities Lending Prime Portfolio				1,647,807
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED				1,647,807
		TOTAL SHORT-TERM INVESTMENTS				1,657,604
		(Cost $1,657,607)
		TOTAL PORTFOLIO - 113.59%				13,703,978
		(Cost $10,000,672)
		OTHER ASSETS & LIABILITIES, NET - (13.59%)				(1,639,924	)
		NET ASSETS - 100.00%			$	12,064,054
	*	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 September 30, 2007, the unrealized appreciation on investments was $3,703,306,216, consisting of
		gross unrealized appreciation of $4,125,673,670 and gross unrealized depreciation of $422,367,454.

	NUMBER OF	MARKET	EXPIRATION	UNREALIZED
OPEN FUTURES CONTRACTS:	CONTRACTS	VALUE	DATE	APPRECIATION
E-mini S&P 500 Index	29	$ 2,230,245	December 2007	$                         3,342

249

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
COLLEGE RETIREMENT EQUITIES FUND
BOND MARKET ACCOUNT
STATEMENT OF INVESTMENTS (Unaudited)
September 30, 2007
				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)
BONDS - 98.53%
CORPORATE BONDS - 39.44%
AMUSEMENT AND RECREATION SERVICES - 0.11%
$      2,000,000	e	Caesars Entertainment, Inc	7.875%	03/15/10	Ba1	$	2,040
2,000,000	e	Caesars Entertainment, Inc	7.000	04/15/13	Baa3		2,085
3,750,000	e	Walt Disney Co	5.700	07/15/11	A2		3,804
		TOTAL AMUSEMENT AND RECREATION SERVICES					7,929
ASSET BACKED - 10.99%
10,000,000		AmeriCredit Automobile Receivables Trust Series
		2006-AF (Class A3)	5.560	09/06/11	Aaa		10,027
20,000,000		AmeriCredit Automobile Receivables Trust Series
		2006-AF (Class A4)	5.640	09/06/13	Aaa		20,185
14,000,000		AmeriCredit Automobile Receivables Trust Series
		2007-BF (Class A3A)	5.160	04/06/12	Aaa		14,007
372,699	i	AQ Finance NIM Trust Series 2004-RN2	5.331	04/25/09	Aaa		367
298,667	i,m,v	AQ Finance NIM Trust Series 2004-RN3	5.311	05/25/09	Aaa		299
74,236		Asset Backed Funding Corp NIM Trust Series 2005-
		WMC1 (Class N1)	5.900	07/26/35	N/R		3
4,500,000		Capital One Auto Finance Trust Series 2007-A
		(Class A3A)	5.250	08/15/11	Aaa		4,506
6,000,000		Capital One Auto Finance Trust Series 2007-B
		(Class A3A)	5.030	04/15/12	Aaa		5,993
10,000,000	i	Centex Home Equity Series 2004-C (Class AF5)	5.980	06/25/34	Aaa		9,900
1,500,000	i	Centex Home Equity Series 2004-D (Class MF2)	5.560	09/25/34	A2		1,333
30,546,574	i	Chase Funding Mortgage Loan Asset-Backed
		Certificates Series 2003-6 (Class 1A7)	4.277	09/25/33	Aaa		28,631
1,214,288	i	Chase Funding Mortgage Loan Asset-Backed
		Certificates Series 2004-2 (Class 1B)	5.700	02/25/35	Baa2		822
3,090,916	i	Chase Funding Mortgage Loan Asset-Backed
		Certificates Series 2004-2 (Class 1M1)	5.700	02/25/35	Aa2		2,724
1,545,458	i	Chase Funding Mortgage Loan Asset-Backed
		Certificates Series 2004-2 (Class 1M2)	5.700	02/25/35	A2		1,290
1,274,110		Chase Manhattan Auto Owner Trust Series 2004-A
		(Class A4)	2.830	09/15/10	Aaa		1,263
10,000,000		CIT Equipment Collateral Series 2005-VT1
		(Class A4)	4.360	11/20/12	Aaa		9,963
5,182,117	i	CIT Group Home Equity Loan Trust Series 2002-1
		(Class AF6)	6.200	02/25/30	Aaa		5,181
37,459	i	CIT Group Home Equity Loan Trust Series 2002-2
		(Class BF)	6.830	06/25/33	Ba1		25
738,984	i	CIT Group Home Equity Loan Trust Series 2002-2
		(Class MF2)	6.390	12/25/30	A3		696
28,400,000	i	Citicorp Mortgage Securities, Inc Series 2006-1
		(Class A3)	5.706	07/25/36	Aaa		28,127
20,812,000	i	Citicorp Mortgage Securities, Inc Series 2006-2
		(Class A3)	5.563	09/25/36	Aaa		20,601

250

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)
$     10,000,000	i	Countrywide Asset-Backed Certificates Series 2007-
		S2 (Class A3)	5.813%	05/25/37	Aaa	$	9,890
1,036,284	i	Countrywide Home Equity Loan Trust Series 2004-B
		(Class 1A)	5.973	02/15/29	Aaa		1,022
9,591,609	i	Credit-Based Asset Servicing and Securitization LLC
		Series 2007-MX1 (Class A1)	6.159	12/25/36	Aaa		9,559
11,960,000	i	Credit-Based Asset Servicing and Securitization LLC
		Series 2007-MX1 (Class A2)	5.763	12/25/36	Aaa		11,752
1,888,226		Detroit Edison Securitization Funding LLC Series
		2001-1 (Class A3)	5.875	03/01/10	Aaa		1,894
25,000,000	i	Flagstar Home Equity Loan Trust Series 2007-1A
		(Class AF3)	5.781	01/25/35	Aaa		24,680
6,537,000		GMAC Mortgage Corporation Loan Trust 2006-
		HLTV A3	5.590	10/25/29	Aaa		6,484
2,600,000		GMAC Mortgage Corporation Loan Trust 2006-
		HLTV A4	5.810	10/25/29	Aaa		2,565
3,180,684	i	Golden Securities Corp Series 2003-A (Class A1)	5.428	12/02/13	Aaa		3,177
10,000,000		Hertz Vehicle Financing LLC Series 2005-1A
		(Class A3)	5.010	02/25/11	Aaa		9,962
5,000,000		Hertz Vehicle Financing LLC Series 2005-1A
		(Class A5)	5.080	11/25/11	Aaa		4,965
4,000,000		Hertz Vehicle Financing LLC Series 2005-2A
		(Class A2)	4.930	02/25/10	Aaa		3,989
9,563,707	i	HFC Home Equity Loan Asset Backed Certificates
		Series 2007-1 (Class A1F)	5.910	03/20/36	Aaa		9,526
4,000,000	i	HFC Home Equity Loan Asset Backed Certificates
		Series 2007-1 (Class A3F)	5.730	03/20/36	Aaa		3,965
15,000,000		Honda Auto Receivables Owner Trust Series 2007-1
		(Class A4)	5.090	07/18/13	N/R		14,970
3,151,266		Household Automotive Trust Series 2003-2
		(Class A4)	3.020	12/17/10	Aaa		3,137
25,000,000		Household Automotive Trust Series 2006-2
		(Class A3)	5.610	08/17/11	Aaa		25,090
45,000,000		Household Automotive Trust Series 2006-3
		(Class A4)	5.340	09/17/13	Aaa		45,210
24,000,000		Household Credit Card Master Note Trust I Series
		2006-1 (Class A)	5.100	06/15/12	Aaa		24,129
31,217,351		Hyundai Auto Receivables Trust Series 2006-A
		(Class A3)	5.130	06/15/10	Aaa		31,192
40,000,000		Hyundai Auto Receivables Trust Series 2006-B
		(Class A4)	5.150	05/15/13	Aaa		39,899
3,000,000	i	IXIS Real Estate Capital Trust Series 2006-HE1
		(Class A2)	5.271	03/25/36	Aaa		2,987
11,000,000		JPMorgan Auto Receivables Trust Series 2007-A
		(Class A3)	5.190	02/15/11	Aaa		11,014
6,984,821		Marriott Vacation Club Owner Trust Series 2006-2A
		(Class A)	5.362	10/20/28	Aaa		7,023
5,999,377	m	Marriott Vacation Club Owner Trust Series 2007-1A
		(Class A)	5.518	05/20/29	Aaa		5,988
289,895	m,v	New York City Tax Lien Series 2006-AA (Class A)	5.930	11/10/19	Aaa		290
30,800,000		Nissan Auto Lease Trust Series 2006-A (Class A3)	5.110	03/15/10	Aaa		30,792
14,500,000		Nissan Auto Lease Trust Series 2006-A (Class A4)	5.100	07/16/12	Aaa		14,503
6,000,000		Nissan Auto Receivables Owner Trust Series 2007-A
		(Class A3)	5.100	11/15/10	Aaa		6,003
6,412,734		Peco Energy Transition Trust Series 1999-A
		(Class A7)	6.130	03/01/09	Aaa		6,459

251

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)
$     3,287,091		Public Service New Hampshire Funding LLC
		Series 2001-1 (Class A2)	5.730%	11/01/10	Aaa	$	3,298
6,500,000	i	Renaissance Home Equity Loan Trust Series 2006-3
		(Class AF3)	5.586	11/25/36	Aaa		6,446
12,000,000	i	Residential Asset Mortgage Products, Inc Series 2004-
		RS11 (Class M1)	5.751	11/25/34	Aa1		11,693
1,117,869	i	Residential Asset Securities Corp Series 2001-KS2
		(Class AI6)	6.489	10/25/30	Aaa		1,114
5,000,000	i	Residential Funding Mortgage Securities II, Inc
		Series 2005-HI1 (Class A5)	5.450	08/25/34	Aaa		4,887
8,000,000		Residential Funding Mortgage Securities II, Inc
		Series 2006-H12 (Class A2)	5.750	02/25/36	Aaa		7,948
5,014,000	i	Residential Funding Mortgage Securities II, Inc
		Series 2006-HI1 (Class A3)	5.570	02/25/36	Aaa		4,904
2,500,000	i	Residential Funding Mortgage Securities II, Inc
		Series 2006-HI1 (Class M1)	6.010	02/25/36	Aa1		2,064
350,000	i	Residential Funding Mortgage Securities II, Inc
		Series 2006-HI1 (Class M2)	6.060	02/25/36	Aa2		279
2,000,000		Residential Funding Mortgage Securities II, Inc
		Series 2006-HI3 (Class A2)	5.950	02/25/36	Aaa		1,990
6,000,000		Residential Funding Mortgage Securities II, Inc
		Series 2006-HI3 (Class A3)	5.960	02/25/36	Aaa		5,982
9,628,000		Residential Funding Mortgage Securities II, Inc
		Series 2006-HI4 (Class A2)	5.450	09/25/36	Aaa		9,500
30,000,000		Residential Funding Mortgage Securities II, Inc
		Series 2006-HI4 (Class A3)	5.440	09/25/36	Aaa		29,155
7,000,000		Residential Funding Mortgage Securities II, Inc
		Series 2006-HI5 (Class A2)	5.520	04/25/21	Aaa		6,878
13,500,000		Residential Funding Mortgage Securities II, Inc
		Series 2006-HI5 (Class A3)	5.500	08/25/25	Aaa		13,086
9,862,000	i	Residential Funding Mortgage Securities II, Inc
		Series 2006-HSA2 (Class AI3)	5.550	03/25/36	Aaa		9,692
2,895,075	m,v	Sierra Receivables Funding Co Series 2006-1A
		(Class A1)	5.840	05/20/18	Aaa		2,925
29,608,255	m,v	Sonic Capital LLC Series 2006-1A (Class A2)	5.096	12/20/31	Aaa		28,674
7,185,000		Triad Auto Receivables Owner Trust Series 2005-A
		(Class A4)	4.220	06/12/12	Aaa		7,101
25,000,000		Triad Auto Receivables Owner Trust Series 2006-C
		(Class A4)	5.310	05/13/13	Aaa		25,032
38,000,000		Volkswagen Auto Lease Trust Series 2006-A
		(Class A3)	5.500	09/21/09	Aaa		38,084
10,400,000		Volkswagen Auto Lease Trust Series 2006-A
		(Class A4)	5.540	04/20/11	Aaa		10,454
4,100,000	m,v	Wachovia Amortization Controlled Heloc NIM
		Series 2006-N1 (Class N1)	5.683	08/12/47	A3		4,011
17,838,000		Wachovia Auto Loan Owner Trust Series 2006-2A
		(Class A3)	5.230	08/22/11	Aaa		17,849
5,386,532	i	Wachovia Loan Trust Series 2005-SD1 (Class A)	5.491	05/25/35	N/R		5,218
		TOTAL ASSET BACKED					796,323
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.18%
7,000,000		Home Depot, Inc	5.400	03/01/16	Baa1		6,558
5,750,000		Lowe's Cos, Inc	8.250	06/01/10	A1		6,212
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES					12,770

252

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)
BUSINESS SERVICES - 0.21%
$     3,250,000		Daimler Finance North America LLC	5.875%	03/15/11	A3	$	3,297
7,400,000		Daimler Finance North America LLC	5.750	09/08/11	A3		7,469
4,000,000		Daimler Finance North America LLC	6.500	11/15/13	A3		4,147
		TOTAL BUSINESS SERVICES					14,913
CHEMICALS AND ALLIED PRODUCTS - 0.33%
6,500,000		Abbott Laboratories	5.600	05/15/11	A1		6,620
4,000,000	g	Amgen, Inc	5.850	06/01/17	A2		3,962
3,500,000		Chemtura Corp	6.875	06/01/16	Ba2		3,325
7,100,000		Johnson & Johnson	5.950	08/15/37	Aaa		7,280
2,500,000		Lubrizol Corp	4.625	10/01/09	Baa3		2,480
		TOTAL CHEMICALS AND ALLIED PRODUCTS					23,667
COMMUNICATIONS - 2.32%
3,750,000		America Movil S.A. de C.V.	6.375	03/01/35	A3		3,682
17,500,000		AT&T, Inc	5.100	09/15/14	A2		16,934
2,000,000		AT&T, Inc	6.150	09/15/34	A2		1,977
3,800,000		AT&T, Inc	6.500	09/01/37	A2		3,918
11,521,001		Comcast Cable Communications Holdings, Inc	8.375	03/15/13	Baa2		12,913
3,750,000		Comcast Corp	6.300	11/15/17	Baa2		3,812
11,650,000		Comcast Corp	5.875	02/15/18	Baa2		11,459
6,000,000		Comcast Corp	5.650	06/15/35	Baa2		5,357
2,750,000		Comcast Corp	6.500	11/15/35	Baa2		2,715
3,750,000		Comcast Corp	6.950	08/15/37	Baa2		3,936
4,000,000		Deutsche Telekom International Finance BV	8.250	06/15/30	A3		4,897
4,250,000		France Telecom S.A.	7.750	03/01/11	A3		4,568
1,150,000		GTE Corp	6.840	04/15/18	Baa1		1,227
4,000,000		New Cingular Wireless Services, Inc	7.875	03/01/11	A3		4,328
4,750,000		New Cingular Wireless Services, Inc	8.750	03/01/31	A3		6,014
500,000	e	Rogers Cable, Inc	6.750	03/15/15	Baa3		514
4,030,000		Rogers Wireless, Inc	7.500	03/15/15	Baa3		4,319
7,750,000	e	Sprint Capital Corp	8.375	03/15/12	Baa3		8,533
8,500,000	e	Sprint Capital Corp	8.750	03/15/32	Baa3		9,747
8,000,000		Telefonica Emisiones SAU	6.221	07/03/17	Baa1		8,082
7,000,000	g	Time Warner Cable, Inc	5.400	07/02/12	Baa2		6,914
9,000,000	g	Time Warner Cable, Inc	5.850	05/01/17	Baa2		8,750
4,000,000	e,g	Time Warner Cable, Inc	6.550	05/01/37	Baa2		3,924
2,250,000	e	Verizon Communications, Inc	5.850	09/15/35	A3		2,149
6,500,000		Verizon Virginia, Inc	4.625	03/15/13	Baa1		6,274
4,850,000		Viacom, Inc	5.750	04/30/11	Baa3		4,897
3,500,000		Viacom, Inc	6.875	04/30/36	Baa3		3,485
2,000,000		Vodafone Group plc	5.000	12/16/13	Baa1		1,924
3,650,000		Vodafone Group plc	5.625	02/27/17	Baa1		3,548
7,550,000		Vodafone Group plc	6.150	02/27/37	Baa1		7,245
		TOTAL COMMUNICATIONS					168,042
DEPOSITORY INSTITUTIONS - 5.12%
3,500,000	g	American Honda Finance Corp	5.125	12/15/10	Aa3		3,549
26,000,000	g	BA Covered Bond Issuer	5.500	06/14/12	Aaa		26,678
26,500,000	g	Banco Bilbao Vizcaya Argentaria S.A.	5.750	07/20/17	Aaa		27,036
3,500,000		Banco Nacional de Comercio Exterior SNC	3.875	01/21/09	A1		3,413
4,000,000		Bank of America Corp	6.250	04/15/12	Aa1		4,144
7,550,000		Bank of America Corp	4.875	09/15/12	Aa1		7,389
14,550,000		Bank of America NA	5.300	03/15/17	Aa1		14,114
6,500,000		Bank of America NA	6.000	10/15/36	Aa1		6,377
4,250,000		Bank One Corp	5.250	01/30/13	Aa3		4,213

253

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)
$     5,000,000		Bank One NA	3.700%	01/15/08	Aaa	$	4,980
2,500,000	i	BB&T Capital Trust IV	6.820	06/12/57	A1		2,417
5,250,000	e,g,i	BOI Capital Funding No. 2 LP	5.571	12/30/49	A1		4,697
4,000,000		Capital One Bank	5.125	02/15/14	A2		3,839
3,250,000		Citigroup, Inc	5.100	09/29/11	Aa1		3,242
4,350,000	e	Citigroup, Inc	5.250	02/27/12	Aa1		4,349
18,500,000		Citigroup, Inc	5.125	05/05/14	Aa1		18,018
6,655,000		Citigroup, Inc	5.000	09/15/14	Aa2		6,415
4,000,000	e	Citigroup, Inc	6.000	08/15/17	Aa1		4,093
3,000,000		Citigroup, Inc	5.850	12/11/34	Aa1		2,893
3,650,000	g,i	Credit Agricole S.A.	6.637	12/31/49	Aa3		3,429
45,000,000	g	Depfa ACS Bank	5.125	03/16/37	Aaa		42,067
4,000,000		FIA Card Services NA	5.375	01/15/08	Aaa		4,004
4,000,000	e	FIA Card Services NA	4.625	08/03/09	Aaa		3,978
3,500,000		Golden West Financial Corp	4.750	10/01/12	Aa3		3,419
2,000,000		Greenpoint Financial Corp	3.200	06/06/08	A3		1,974
7,000,000		HSBC Bank USA NA	4.625	04/01/14	Aa3		6,533
3,500,000	i	Huntington Capital III	6.650	05/15/37	Baa1		3,315
6,000,000	g	ICICI Bank Ltd	6.625	10/03/12	Baa2		6,004
3,600,000	e,i	ING Groep NV	5.775	12/30/49	A1		3,401
1,000,000		JPMorgan Chase & Co	7.875	06/15/10	Aa3		1,067
4,500,000	e	JPMorgan Chase & Co	4.500	01/15/12	Aa2		4,343
5,500,000		JPMorgan Chase & Co	5.750	01/02/13	Aa3		5,578
5,700,000		M&I Marshall & Ilsley Bank	4.400	03/15/10	Aa3		5,621
4,250,000	i	Manufacturers & Traders Trust Co	5.629	12/01/21	A2		4,074
15,000,000	e,g	Nationwide Building Society	5.500	07/18/12	Aaa		15,368
3,250,000		Popular North America, Inc	5.650	04/15/09	A2		3,276
4,250,000	g,i	Rabobank Capital Funding Trust	5.254	12/30/49	Aa2		3,911
2,500,000		Regions Financial Corp	6.375	05/15/12	A2		2,580
15,000,000	g	Royal Bank of Scotland Group plc	6.990	12/30/49	Aa3		15,281
2,250,000	g,i	Societe Generale	5.922	12/30/49	A1		2,131
2,000,000		Union Bank of California NA	5.950	05/11/16	A1		1,985
2,500,000		US Bank NA	5.700	12/15/08	Aa2		2,512
5,000,000		US Bank NA	6.300	02/04/14	Aa2		5,176
12,750,000		Wachovia Bank NA	4.800	11/01/14	Aa2		12,138
8,500,000		Wachovia Bank NA	4.875	02/01/15	Aa2		8,040
2,050,000		Wachovia Bank NA	5.850	02/01/37	Aa2		1,959
6,050,000		Wachovia Corp	5.300	10/15/11	Aa3		6,078
4,500,000		Wachovia Corp	4.875	02/15/14	A1		4,334
4,500,000		Washington Mutual Bank	5.500	01/15/13	A2		4,337
2,150,000		Washington Mutual, Inc	5.500	08/24/11	A2		2,123
3,500,000		Wells Fargo & Co	4.875	01/12/11	Aa1		3,467
4,000,000	e	Wells Fargo & Co	5.300	08/26/11	Aa1		4,022
8,500,000		Wells Fargo Bank NA	6.450	02/01/11	Aa1		8,821
7,500,000		Wells Fargo Bank NA	4.750	02/09/15	Aa1		7,122
6,000,000		Wells Fargo Bank NA	5.950	08/26/36	Aa1		5,863
		TOTAL DEPOSITORY INSTITUTIONS					371,187
ELECTRIC, GAS, AND SANITARY SERVICES - 1.60%
2,000,000	e	AGL Capital Corp	6.000	10/01/34	Baa1		1,871
2,500,000		Atmos Energy Corp	4.000	10/15/09	Baa3		2,454
4,500,000		Carolina Power & Light Co	5.125	09/15/13	A2		4,407
2,750,000		Carolina Power & Light Co	5.700	04/01/35	A2		2,567
4,250,000		CenterPoint Energy Resources Corp	7.875	04/01/13	Baa3		4,643
3,550,000		CenterPoint Energy Resources Corp	6.250	02/01/37	Baa3		3,485
5,350,000		Centerpoint Energy, Inc	5.950	02/01/17	Ba1		5,227

254

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	$	2,731
3,500,000		Consolidated Natural Gas Co	6.250	11/01/11	Baa2		3,599
4,250,000		Consolidated Natural Gas Co	5.000	12/01/14	Baa2		4,022
9,000,000		FirstEnergy Corp	6.450	11/15/11	Baa3		9,305
3,400,000		Florida Power & Light Co	4.850	02/01/13	Aa3		3,330
3,500,000		Florida Power Corp	4.500	06/01/10	A2		3,458
4,000,000		National Fuel Gas Co	5.250	03/01/13	Baa1		4,017
3,000,000		National Rural Utilities Cooperative Finance Corp	5.750	08/28/09	A2		3,034
3,500,000		Nevada Power Co	6.650	04/01/36	Ba1		3,474
4,750,000		Nevada Power Co	6.750	07/01/37	Ba1		4,775
2,250,000		Northern States Power Co	6.250	06/01/36	A2		2,299
2,500,000		Northern States Power-Minnesota	5.250	07/15/35	A2		2,221
2,500,000	e	Ohio Edison Co	4.000	05/01/08	Baa2		2,479
3,500,000		Ohio Power Co	5.300	11/01/10	A3		3,506
4,075,000		ONEOK Partners LP	5.900	04/01/12	Baa2		4,123
6,000,000		Pacific Gas & Electric Co	4.200	03/01/11	Baa1		5,802
2,000,000		Public Service Co of Colorado	7.875	10/01/12	A3		2,213
2,500,000		Public Service Co of Colorado	5.500	04/01/14	A3		2,469
2,250,000		Puget Sound Energy, Inc	6.274	03/15/37	Baa2		2,201
2,750,000		Southern California Edison Co	6.000	01/15/34	A2		2,708
3,250,000		Southern California Edison Co	5.350	07/15/35	A2		2,918
3,550,000		Southern California Edison Co	5.550	01/15/37	A2		3,276
2,000,000		Spectra Energy Capital LLC	6.250	02/15/13	Baa1		2,044
4,500,000		Virginia Electric and Power Co	4.750	03/01/13	Baa1		4,328
2,000,000		Waste Management, Inc	7.750	05/15/32	Baa3		2,246
1,500,000		Westar Energy, Inc	6.000	07/01/14	Baa2		1,518
3,000,000		Wisconsin Electric Power Co	5.625	05/15/33	A1		2,821
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES					115,571
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 0.03%
2,500,000		Cisco Systems, Inc	5.500	02/22/16	A1		2,483
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT					2,483
FOOD AND KINDRED PRODUCTS - 0.44%
3,278,000		Archer-Daniels-Midland Co	7.125	03/01/13	A2		3,513
4,000,000		Bottling Group LLC	4.625	11/15/12	Aa2		3,916
1,750,000		Bunge Ltd Finance Corp	5.875	05/15/13	Baa2		1,734
2,750,000		Bunge Ltd Finance Corp	5.100	07/15/15	Baa2		2,561
3,500,000		Companhia Brasileira de Bebidas	8.750	09/15/13	Baa1		4,012
5,000,000		Diageo Capital plc	5.125	01/30/12	A3		4,948
2,500,000	g	Foster's Finance Corp	4.875	10/01/14	Baa2		2,372
3,000,000		Kellogg Co	7.450	04/01/31	A3		3,392
4,000,000		Kraft Foods, Inc	6.500	11/01/31	Baa2		3,933
1,250,000		WM Wrigley Jr Co	4.650	07/15/15	A1		1,173
		TOTAL FOOD AND KINDRED PRODUCTS					31,554
FOOD STORES - 0.21%
3,500,000		Kroger Co	7.250	06/01/09	Baa2		3,621
2,500,000		Kroger Co	6.800	04/01/11	Baa2		2,616
6,400,000	e	Kroger Co	6.400	08/15/17	Baa2		6,526
2,325,000		Safeway, Inc	4.125	11/01/08	Baa2		2,307
		TOTAL FOOD STORES					15,070
FORESTRY - 0.04%
2,665,000		Weyerhaeuser Co	5.950	11/01/08	Baa2		2,678
		TOTAL FORESTRY					2,678

255

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)
GENERAL BUILDING CONTRACTORS - 0.04%
$     3,000,000		DR Horton, Inc	9.750%	09/15/10	Ba1	$	2,982
		TOTAL GENERAL BUILDING CONTRACTORS					2,982
GENERAL MERCHANDISE STORES - 0.16%
1,750,000		JC Penney Corp, Inc	5.750	02/15/18	Baa3		1,680
2,500,000		Target Corp	5.375	05/01/17	A1		2,398
7,750,000		Wal-Mart Stores, Inc	4.125	02/15/11	Aa2		7,529
		TOTAL GENERAL MERCHANDISE STORES					11,607
HEALTH SERVICES - 0.05%
3,500,000		Quest Diagnostics, Inc	6.400	07/01/17	Baa3		3,540
		TOTAL HEALTH SERVICES					3,540
HOLDING AND OTHER INVESTMENT OFFICES - 0.46%
3,750,000		Archstone-Smith Trust	5.750	03/15/16	Baa1		3,701
3,500,000		BHP Billiton Finance Ltd	5.400	03/29/17	A1		3,413
5,000,000		Brookfield Asset Management, Inc	7.125	06/15/12	Baa2		5,360
4,000,000		Colonial Properties Trust	6.250	06/15/14	Baa3		3,993
4,500,000	e	iStar Financial, Inc	5.150	03/01/12	Baa2		4,164
3,650,000		iStar Financial, Inc	5.700	03/01/14	Baa2		3,353
5,000,000		iStar Financial, Inc	5.850	03/15/17	Baa2		4,423
2,825,000		Simon Property Group LP	5.600	09/01/11	A3		2,829
2,310,000	e	Sungard Data Systems, Inc	10.250	08/15/15	Caa1		2,414
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES					33,650
HOTELS AND OTHER LODGING PLACES - 0.02%
1,750,000		MGM Mirage	6.000	10/01/09	Ba2		1,737
		TOTAL HOTELS AND OTHER LODGING PLACES					1,737
INDUSTRIAL MACHINERY AND EQUIPMENT - 0.39%
5,000,000	g	Atlas Copco AB	5.600	05/22/17	A3		4,934
4,500,000		Caterpillar Financial Services Corp	2.700	07/15/08	A2		4,416
5,500,000		Caterpillar, Inc	6.050	08/15/36	A2		5,507
2,500,000		Hewlett-Packard Co	5.250	03/01/12	A2		2,511
5,400,000		Hewlett-Packard Co	5.400	03/01/17	A2		5,249
2,000,000		John Deere Capital Corp	4.500	08/25/08	A2		1,986
1,900,000		John Deere Capital Corp	7.000	03/15/12	A2		2,031
1,500,000		Kennametal, Inc	7.200	06/15/12	Baa3		1,587
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT					28,221
INSTRUMENTS AND RELATED PRODUCTS - 0.18%
4,000,000		Emerson Electric Co	4.500	05/01/13	A2		3,864
3,000,000	e	Johnson & Johnson	3.800	05/15/13	Aaa		2,850
5,000,000		Medtronic, Inc	4.750	09/15/15	A1		4,693
2,000,000		Thermo Fisher Scientific, Inc	5.000	06/01/15	Baa2		1,868
		TOTAL INSTRUMENTS AND RELATED PRODUCTS					13,275
INSURANCE CARRIERS - 1.10%
6,250,000		Aetna, Inc	6.625	06/15/36	A3		6,357
5,000,000	g	AIG SunAmerica Global Financing VI	6.300	05/10/11	Aa2		5,156
4,250,000		Allstate Corp	5.000	08/15/14	A1		4,114
5,000,000	e	American International Group, Inc	5.050	10/01/15	Aa2		4,772
6,000,000	e,i	Chubb Corp	6.375	03/29/37	A3		5,965
3,750,000		Chubb Corp	6.000	05/11/37	A2		3,580

256

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)
$     4,000,000	g	John Hancock Global Funding II	7.900%	07/02/10	Aa1	$	4,290
3,750,000	g	Liberty Mutual Group, Inc	6.500	03/15/35	Baa2		3,421
4,000,000	g	Mantis Reef Ltd	4.799	11/03/09	A3		3,989
3,000,000		Metlife, Inc	5.375	12/15/12	A2		3,026
5,000,000		Metlife, Inc	5.000	06/15/15	A2		4,767
2,500,000		Metlife, Inc	5.700	06/15/35	A2		2,310
3,000,000	g	Pricoa Global Funding I	3.900	12/15/08	Aa3		2,951
5,500,000	g	Principal Life Global Funding I	5.125	10/15/13	Aa2		5,394
3,000,000		Prudential Financial, Inc	5.800	06/15/12	A3		3,067
3,000,000	g	Prudential Funding LLC	6.750	09/15/23	A1		3,104
4,000,000		UnitedHealth Group, Inc	5.250	03/15/11	A3		4,019
5,000,000		WellPoint, Inc	6.375	01/15/12	Baa1		5,190
1,800,000		WellPoint, Inc	5.875	06/15/17	Baa1		1,787
2,250,000		WellPoint, Inc	5.850	01/15/36	Baa1		2,070
		TOTAL INSURANCE CARRIERS					79,329
METAL MINING - 0.12%
5,900,000		Barrick Gold Finance Co	4.875	11/15/14	Baa1		5,655
3,500,000	g	Corp Nacional del Cobre de Chile - CODELCO	4.750	10/15/14	Aa3		3,345
		TOTAL METAL MINING					9,000
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.05%
3,350,000	e,g	Controladora Mabe S.A. C.V.	6.500	12/15/15	N/R		3,291
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES					3,291
MISCELLANEOUS RETAIL - 0.16%
2,500,000		CVS Caremark Corp	5.750	08/15/11	Baa2		2,533
9,000,000		CVS Caremark Corp	5.750	06/01/17	Baa2		8,784
		TOTAL MISCELLANEOUS RETAIL					11,317
MOTION PICTURES - 0.46%
2,500,000		Historic TW, Inc	6.625	05/15/29	Baa2		2,448
4,250,000		News America, Inc	7.625	11/30/28	Baa2		4,639
7,000,000	e	News America, Inc	6.150	03/01/37	Baa2		6,528
3,000,000		Time Warner, Inc	5.500	11/15/11	Baa2		2,996
16,250,000		Time Warner, Inc	6.875	05/01/12	Baa2		17,051
		TOTAL MOTION PICTURES					33,662
NONDEPOSITORY INSTITUTIONS - 2.48%
4,650,000		Boeing Capital Corp Ltd	6.100	03/01/11	A2		4,800
6,500,000		Capital One Financial Corp	5.700	09/15/11	A3		6,511
3,000,000		Capital One Financial Corp	5.500	06/01/15	A3		2,858
3,750,000		CIT Group Funding Co of Canada	5.200	06/01/15	A2		3,405
6,000,000	e	CIT Group, Inc	5.400	02/13/12	A2		5,788
4,500,000		CIT Group, Inc	5.400	03/07/13	A2		4,220
4,500,000		CIT Group, Inc	5.850	09/15/16	A2		4,239
5,000,000	e	Countrywide Home Loans, Inc	4.250	12/19/07	Baa3		4,942
1,000,000	e	Countrywide Home Loans, Inc	3.250	05/21/08	Baa3		964
9,000,000		Ford Motor Credit Co	5.700	01/15/10	B1		8,464
6,000,000		Ford Motor Credit Co	9.875	08/10/11	B1		6,077
4,000,000		Ford Motor Credit Co	7.800	06/01/12	B1		3,805
27,750,000		General Electric Capital Corp	5.500	06/04/14	Aaa		27,872
2,750,000		General Electric Capital Corp	6.150	08/07/37	Aaa		2,822
11,750,000		General Motors Acceptance Corp LLC	5.625	05/15/09	Ba1		11,439
10,500,000		General Motors Acceptance Corp LLC	6.625	05/15/12	Ba1		9,798
3,000,000	g,i	HSBC Capital Funding LP	4.610	12/30/49	A1		2,818

257

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)
$     10,000,000		HSBC Finance Corp	5.250%	01/14/11	Aa3	$	9,964
10,000,000	e	HSBC Finance Corp	5.900	06/19/12	Aa3		10,128
7,750,000	e	HSBC Finance Corp	4.750	07/15/13	Aa3		7,376
5,000,000		HSBC Finance Corp	5.000	06/30/15	Aa3		4,722
1,750,000		International Lease Finance Corp	5.450	03/24/11	A1		1,749
5,250,000		International Lease Finance Corp	5.650	06/01/14	A1		5,192
2,400,000	g	Lukoil International Finance BV	6.356	06/07/17	Baa2		2,304
4,000,000		MBNA Corp	6.125	03/01/13	Aa1		4,121
5,000,000		Residential Capital LLC	7.125	11/21/08	Ba1		4,475
3,150,000		Residential Capital LLC	7.500	06/01/12	Ba1		2,551
10,375,000		Residential Capital LLC	7.500	04/17/13	Ba1		8,378
4,750,000		SLM Corp	5.400	10/25/11	Baa1		4,435
3,500,000		Toyota Motor Credit Corp	2.875	08/01/08	Aaa		3,433
		TOTAL NONDEPOSITORY INSTITUTIONS					179,650
OIL AND GAS EXTRACTION - 1.08%
2,000,000		Anadarko Finance Co	6.750	05/01/11	Baa3		2,091
6,500,000		Apache Corp	6.000	01/15/37	A3		6,257
3,000,000		Baker Hughes, Inc	6.875	01/15/29	A2		3,298
3,500,000		BJ Services Co	5.750	06/01/11	Baa1		3,573
6,500,000	e	Chesapeake Energy Corp	6.500	08/15/17	Ba2		6,321
4,000,000	g	Empresa Nacional de Petroleo ENAP	6.750	11/15/12	A2		4,202
2,500,000		Enterprise Products Operating LP	4.625	10/15/09	Baa3		2,479
4,000,000		Equitable Resources, Inc	5.150	11/15/12	A2		3,961
1,000,000	v	Husky Energy, Inc	6.800	09/15/37	Baa2		1,026
3,000,000		Kerr-McGee Corp	6.950	07/01/24	Baa3		3,108
4,250,000		Nexen, Inc	5.050	11/20/13	Baa2		4,113
7,150,000		Nexen, Inc	5.650	05/15/17	Baa2		6,908
3,480,000		Nexen, Inc	6.400	05/15/37	Baa2		3,382
4,250,000		PC Financial Partnership	5.000	11/15/14	Baa2		4,052
3,000,000		Plains All American Pipeline LP	5.625	12/15/13	Baa3		2,956
4,500,000	g	TNK-BP Finance S.A.	6.625	03/20/17	Baa2		4,191
6,650,000	g	Weatherford International, Inc	5.950	06/15/12	Baa1		6,780
4,500,000	g	Weatherford International, Inc	6.800	06/15/37	Baa1		4,622
5,000,000		XTO Energy, Inc	6.250	04/15/13	Baa2		5,139
		TOTAL OIL AND GAS EXTRACTION					78,459
OTHER MORTGAGE BACKED SECURITIES - 7.06%
10,000,000	i	Banc of America Commercial Mortgage, Inc
		Series 2004-4 (Class A6)	4.877	07/10/42	N/R		9,670
13,955,000	i	Banc of America Commercial Mortgage, Inc
		Series 2005-1 (Class B)	5.143	11/10/42	N/R		13,405
1,630,000	i	Banc of America Commercial Mortgage, Inc
		Series 2005-5 (Class AJ)	5.330	10/10/45	Aaa		1,557
2,650,000	i	Banc of America Commercial Mortgage, Inc
		Series 2005-6 (Class AJ)	5.353	09/10/47	Aaa		2,537
3,000,000	i	Banc of America Commercial Mortgage, Inc
		Series 2006-2 (Class A4)	5.930	05/10/45	N/R		3,058
6,000,000	e	Banc of America Commercial Mortgage, Inc
		Series 2006-5 (Class A4)	5.414	09/10/47	Aaa		5,946
10,971,134		Banc of America Mortgage Securities Series 2006-1
		(Class A8)	6.000	05/01/36	Aaa		11,017
608,988		Bank of America Alternative Loan Trust Series 2004-8
		(Class 3A1)	5.500	09/25/19	Aaa		610
9,225,000	i	Bear Stearns Commercial Mortgage Securities
		Series 2005-PW10 (Class AJ)	5.615	12/11/40	Aaa		8,991

258

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)
$     8,000,000	i	Bear Stearns Commercial Mortgage Securities
		Series 2006-PW11 (Class A4)	5.624%	03/11/39	N/R	$	8,017
5,300,000	i	Bear Stearns Commercial Mortgage Securities
		Series 2006-PW12 (Class A4)	5.895	09/11/38	Aaa		5,398
13,000,000		Bear Stearns Commercial Mortgage Securities
		Series 2006-PW13 (Class A4)	5.540	09/11/41	N/R		13,006
6,000,000		Bear Stearns Commercial Mortgage Securities
		Series 2006-PW14 (Class A4)	5.201	12/11/38	N/R		5,848
3,000,000	i	Bear Stearns Commercial Mortgage Securities
		Series 2006-T22 (Class A4)	5.632	04/12/38	Aaa		3,020
8,000,000		Bear Stearns Commercial Mortgage Securities
		Series 2006-T24 (Class A4)	5.537	10/12/41	Aaa		8,005
5,000,000		Citigroup/Deutsche Bank Commercial Mortgage Trust
		Series 2006-CD3 (Class A5)	5.617	10/15/48	Aaa		5,023
39,999,562		Citimortgage Alternative Loan Trust Series 2006-A1
		(Class 2A1)	5.250	03/25/21	Aaa		39,425
11,627,975		Countrywide Home Loan Mortgage Pass Through
		Trust Series 2005-17 (Class 1A10)	5.250	09/25/35	N/R		11,576
8,000,000	i	Credit Suisse Mortgage Capital Certificates
		Series 2006-C1 (Class A4)	5.609	02/15/39	N/R		8,025
8,700,000		Credit Suisse Mortgage Capital Certificates
		Series 2006-C4 (Class A3)	5.467	09/15/39	Aaa		8,638
11,000,000		Credit Suisse Mortgage Capital Certificates
		Series 2006-C5 (Class A3)	5.311	12/15/39	Aaa		10,795
14,000,000	i	Credit Suisse/Morgan Stanley Commercial Mortgage
		Certificate Series HC1A (Class A1)	5.943	05/15/23	Aaa		13,951
14,000,000		CS First Boston Mortgage Securities Corp Series 2001-
		CP4 (Class A4)	6.180	12/15/35	Aaa		14,486
15,125,468		CS First Boston Mortgage Securities Corp Series 2005-
		5 (Class 7A1)	6.000	07/25/35	Aaa		15,092
2,617,897		First Horizon Asset Securities, Inc Series 2003-9
		(Class 1A4)	5.500	11/25/33	N/R		2,621
21,000,000		GE Capital Commercial Mortgage Corp Series 2003-
		C2 (Class A4)	5.145	07/10/37	Aaa		20,814
18,000,000	i	Greenwich Capital Commercial Funding Corp
		Series 2004-GG1 (Class A7)	5.317	06/10/36	Aaa		17,876
10,000,000	i	GS Mortgage Securities Corp II Series 2001-ROCK
		(Class BFL)	6.145	05/03/18	Aaa		10,139
6,350,000		GS Mortgage Securities Corp II Series 2006-GG8
		(Class A4)	5.560	11/10/39	Aaa		6,355
11,250,000	i	GS Mortgage Securities Corp II Series 2007-GG10
		(Class A2)	5.778	08/10/45	Aaa		11,434
14,250,000		JP Morgan Chase Commercial Mortgage Securities
		Corp Series 2002-C1 (Class A3)	5.376	07/12/37	Aaa		14,341
10,550,000		JP Morgan Chase Commercial Mortgage Securities
		Corp Series 2007-CB18 (Class A4)	5.440	06/12/47	Aaa		10,405
10,500,000	i	JP Morgan Chase Commercial Mortgage Securities
		Corp Series 2007-LD11 (Class AJ)	6.007	06/15/49	Aaa		10,315
6,400,000		LB-UBS Commercial Mortgage Trust Series 2005-C3
		(Class A2)	4.553	07/15/30	Aaa		6,330
4,000,000	i	LB-UBS Commercial Mortgage Trust Series 2005-C5
		(Class AJ)	5.057	09/15/40	N/R		3,783
3,600,000	i	LB-UBS Commercial Mortgage Trust Series 2006-C4
		(Class A4)	6.081	06/15/38	Aaa		3,706
4,514,602		MASTR Asset Securitization Trust Series 2005-2
		(Class 3A1)	5.000	10/25/20	Aaa		4,461

259

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)
$     5,400,000	i	Merrill Lynch Mortgage Trust Series 2005-LC1
		(Class A4)	5.291%	01/12/44	Aaa	$	5,341
2,500,000	i	Merrill Lynch Mortgage Trust Series 2006-C1
		(Class A4)	5.843	05/12/39	N/R		2,538
4,700,000	i	Merrill Lynch/Countrywide Commercial Mortgage
		Trust Series 2006-1 (Class A4)	5.607	02/12/39	N/R		4,698
19,000,000		Morgan Stanley Capital I Series 2005-HQ5
		(Class A2)	4.809	01/14/42	N/R		18,914
12,000,000	i	Morgan Stanley Capital I Series 2006-HE1
		(Class A2)	5.251	01/25/36	Aaa		11,925
15,600,000		Morgan Stanley Capital I Series 2006-HQ10
		(Class A4)	5.328	11/12/41	Aaa		15,359
8,000,000	i	Morgan Stanley Capital I Series 2006-HQ8
		(Class AJ)	5.641	03/12/44	Aaa		7,795
4,587,000	i	Morgan Stanley Capital I Series 2006-HQ9
		(Class A4)	5.731	07/12/44	N/R		4,647
7,500,000	i	Morgan Stanley Capital I Series 2006-IQ11
		(Class A4)	5.944	10/15/42	N/R		7,635
6,200,000	i	Morgan Stanley Capital I Series 2006-IQ11
		(Class AJ)	5.948	10/15/42	N/R		6,100
2,700,000	i	Morgan Stanley Capital I Series 2006-T21
		(Class AJ)	5.273	10/12/52	Aaa		2,578
8,000,000		Morgan Stanley Capital I Series 2007-HQ11
		(Class A31)	5.439	02/12/44	Aaa		7,915
4,000,000	i	Wachovia Bank Commercial Mortgage Trust
		Series 2005-C20 (Class A7)	5.118	07/15/42	Aaa		3,911
10,000,000	i	Wachovia Bank Commercial Mortgage Trust
		Series 2006-C24 (Class A3)	5.558	03/15/45	Aaa		10,018
5,000,000		Wachovia Bank Commercial Mortgage Trust
		Series 2007-C30 (Class AM)	5.383	12/15/43	Aaa		4,832
8,000,000		Wachovia Bank Commercial Mortgage Trust
		Series 2007-C31 (Class A2)	5.421	04/15/47	Aaa		8,008
13,493,139		Washington Mutual, Inc Series 2003-S10
		(Class A1)	4.500	10/25/18	N/R		13,058
5,675,173		Wells Fargo Mortgage Backed Securities Trust
		Series 2004-7 (Class 1A1)	4.500	07/25/19	N/R		5,429
21,221,333		Wells Fargo Mortgage Backed Securities Trust
		Series 2005-1 (Class 2A1)	5.000	01/25/20	Aaa		20,854
		TOTAL OTHER MORTGAGE BACKED SECURITIES					511,231
PAPER AND ALLIED PRODUCTS - 0.13%
3,150,000		Bemis Co, Inc	4.875	04/01/12	Baa1		3,095
2,310,000		Cenveo Corp	7.875	12/01/13	B3		2,102
4,000,000		Kimberly-Clark Corp	6.625	08/01/37	A2		4,263
		TOTAL PAPER AND ALLIED PRODUCTS					9,460
PETROLEUM AND COAL PRODUCTS - 0.19%
3,010,000		Conoco Funding Co	6.350	10/15/11	A1		3,138
3,990,000		ConocoPhillips	4.750	10/15/12	A1		3,904
2,000,000		ConocoPhillips	5.900	10/15/32	A1		1,964
2,500,000	v	Marathon Oil Corp	6.600	10/01/37	Baa1		2,556
2,500,000		Valero Energy Corp	6.625	06/15/37	Baa3		2,537
		TOTAL PETROLEUM AND COAL PRODUCTS					14,099
PIPELINES, EXCEPT NATURAL GAS - 0.36%
3,000,000		Enterprise Products Operating LP	4.000	10/15/07	Baa3		2,999

260

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)
$     3,500,000		Enterprise Products Operating LP	4.950%	06/01/10	Baa3	$	3,486
4,000,000		Enterprise Products Operating LP	5.600	10/15/14	Baa3		3,918
2,000,000		Kaneb Pipe Line Operating Partnership LP	5.875	06/01/13	Baa3		2,011
2,000,000		Panhandle Eastern Pipe Line	4.800	08/15/08	Baa3		1,985
3,000,000		Plains All American Pipeline LP	4.750	08/15/09	Baa3		2,989
3,750,000		TransCanada Pipelines Ltd	4.000	06/15/13	A2		3,478
2,750,000		TransCanada Pipelines Ltd	5.850	03/15/36	A2		2,626
2,750,000	i	TransCanada Pipelines Ltd	6.350	05/15/67	A3		2,639
		TOTAL PIPELINES, EXCEPT NATURAL GAS					26,131
PRIMARY METAL INDUSTRIES - 0.01%
1,000,000		Corning, Inc	5.900	03/15/14	Baa1		1,010
		TOTAL PRIMARY METAL INDUSTRIES					1,010
PRINTING AND PUBLISHING - 0.28%
2,500,000		Dun & Bradstreet Corp	5.500	03/15/11	N/R		2,529
2,300,000	e	Idearc, Inc	8.000	11/15/16	B2		2,294
2,806,000		Morris Publishing Group LLC	7.000	08/01/13	B1		2,196
13,500,000		Thomson Corp	5.700	10/01/14	Baa1		13,386
		TOTAL PRINTING AND PUBLISHING					20,405
RAILROAD TRANSPORTATION - 0.44%
3,750,000	e	Burlington Northern Santa Fe Corp	6.750	07/15/11	Baa1		3,953
3,700,000		Burlington Northern Santa Fe Corp	5.650	05/01/17	Baa1		3,625
4,000,000		Burlington Northern Santa Fe Corp	6.150	05/01/37	Baa1		3,863
3,500,000		Canadian National Railway Co	4.400	03/15/13	A3		3,321
3,500,000		Canadian National Railway Co	6.200	06/01/36	A3		3,423
4,000,000		CSX Corp	6.000	10/01/36	Baa3		3,745
2,056,000		Norfolk Southern Corp	5.590	05/17/25	Baa1		1,887
5,000,000		Union Pacific Corp	5.750	10/15/07	Baa2		5,000
3,000,000		Union Pacific Corp	6.500	04/15/12	Baa2		3,110
		TOTAL RAILROAD TRANSPORTATION					31,927
REAL ESTATE - 0.02%
1,750,000	g,i	USB Realty Corp	6.091	12/30/49	A1		1,681
		TOTAL REAL ESTATE					1,681
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.02%
1,750,000	g	Sealed Air Corp	5.375	04/15/08	Baa3		1,745
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS					1,745
SECURITY AND COMMODITY BROKERS - 1.66%
4,000,000		Bear Stearns Cos, Inc	5.700	11/15/14	A1		3,916
11,500,000		Bear Stearns Cos, Inc	6.400	10/02/17	A1		11,449
2,000,000		Burlington Resources Finance Co	6.400	08/15/11	A2		2,086
7,750,000		Burlington Resources Finance Co	7.200	08/15/31	A2		8,750
7,900,000		Credit Suisse USA, Inc	5.500	08/16/11	Aa1		7,980
1,500,000	v	Eaton Vance Corp	6.500	10/02/17	A3		1,510
3,000,000		Franklin Resources, Inc	3.700	04/15/08	A1		2,978
4,900,000	i	Goldman Sachs Capital II	5.793	12/30/49	A2		4,637
2,750,000		Goldman Sachs Group, Inc	5.000	01/15/11	Aa3		2,731
3,250,000	e	Goldman Sachs Group, Inc	5.300	02/14/12	Aa3		3,230
2,000,000		Goldman Sachs Group, Inc	4.750	07/15/13	Aa3		1,909
3,750,000	e	Goldman Sachs Group, Inc	5.150	01/15/14	Aa3		3,638
7,000,000		Goldman Sachs Group, Inc	5.625	01/15/17	A1		6,792
3,000,000		Goldman Sachs Group, Inc	6.750	10/01/37	A1		3,015

261

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)
$     3,150,000	i	Lehman Brothers Holdings Capital Trust V	5.857%	12/30/49	A3	$	3,001
6,750,000	e	Lehman Brothers Holdings, Inc	5.250	02/06/12	A1		6,610
2,500,000	i	Lehman Brothers Holdings, Inc	6.000	05/03/32	A2		2,288
4,250,000		Merrill Lynch & Co, Inc	5.000	02/03/14	Aa3		4,073
5,500,000	e	Merrill Lynch & Co, Inc	5.700	05/02/17	A1		5,347
10,000,000	e	Morgan Stanley	3.625	04/01/08	Aa3		9,933
9,350,000		Morgan Stanley	5.375	10/15/15	Aa3		8,974
5,000,000		Morgan Stanley	5.750	10/18/16	Aa3		4,932
3,500,000		Morgan Stanley	5.450	01/09/17	Aa3		3,375
3,750,000		Morgan Stanley	6.250	08/28/17	Aa3		3,830
3,500,000		Morgan Stanley	6.250	08/09/26	Aa3		3,447
		TOTAL SECURITY AND COMMODITY BROKERS					120,431
STONE, CLAY, AND GLASS PRODUCTS - 0.06%
4,500,000		USG Corp	7.750	01/15/18	Baa3		4,507
		TOTAL STONE, CLAY, AND GLASS PRODUCTS					4,507
TOBACCO PRODUCTS - 0.07%
5,000,000		Reynolds American, Inc	6.500	07/15/10	Ba1		5,131
		TOTAL TOBACCO PRODUCTS					5,131
TRANSPORTATION BY AIR - 0.13%
5,000,000		Continental Airlines, Inc	6.563	02/15/12	Aaa		5,174
4,510,000		FedEx Corp	5.500	08/15/09	Baa2		4,560
		TOTAL TRANSPORTATION BY AIR					9,734
TRANSPORTATION EQUIPMENT - 0.33%
4,250,000		General Dynamics Corp	3.000	05/15/08	A2		4,198
7,500,000		Honeywell International, Inc	5.700	03/15/37	A2		7,151
4,000,000		Northrop Grumman Corp	7.750	02/15/31	Baa1		4,693
2,500,000		United Technologies Corp	7.500	09/15/29	A2		2,947
4,750,000		United Technologies Corp	6.050	06/01/36	A2		4,769
		TOTAL TRANSPORTATION EQUIPMENT					23,758
WHOLESALE TRADE-DURABLE GOODS - 0.15%
3,000,000		Vale Overseas Ltd	6.250	01/11/16	Baa3		3,021
3,500,000		Vale Overseas Ltd	6.250	01/23/17	Baa3		3,539
4,050,000		Vale Overseas Ltd	6.875	11/21/36	Baa3		4,173
		TOTAL WHOLESALE TRADE-DURABLE GOODS					10,733
WHOLESALE TRADE-NONDURABLE GOODS - 0.20%
3,000,000		Procter & Gamble Co	4.950	08/15/14	Aa3		2,947
12,000,000		Procter & Gamble Co	5.550	03/05/37	Aa3		11,465
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS					14,412
		TOTAL CORPORATE BONDS					2,858,302
		(Cost $2,881,233)
GOVERNMENT BONDS - 59.09%
AGENCY SECURITIES - 7.47%
5,668,083		Cal Dive I- Title XI, Inc	4.930	02/01/27	N/R		5,514
11,200,000		Federal Farm Credit Bank (FFCB)	3.375	07/15/08	Aaa		11,086
11,200,000		FFCB	4.125	04/15/09	Aaa		11,147
7,250,000	e	FFCB	5.375	07/18/11	Aaa		7,459
7,500,000		Federal Home Loan Mortgage Corp (FHLMC)	5.125	10/24/07	Aaa		7,500

262

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)
$     9,800,000	e	FHLMC	4.375%	11/16/07	Aaa	$	9,792
15,000,000		FHLMC	3.500	05/21/08	Aaa		14,878
27,700,000		FHLMC	5.000	09/16/08	Aaa		27,802
20,000,000		FHLMC	5.000	06/11/09	Aaa		20,184
19,000,000	e	FHLMC	4.875	02/09/10	Aaa		19,194
15,900,000		FHLMC	4.750	01/18/11	Aaa		16,045
36,399,000	e	FHLMC	5.875	03/21/11	Aa2		38,040
14,000,000		FHLMC	6.000	06/15/11	Aaa		14,705
22,500,000	e	FHLMC	5.250	07/18/11	Aaa		23,060
15,000,000	e	FHLMC	5.500	08/20/12	Aaa		15,554
7,800,000		FHLMC	5.750	06/27/16	Aa2		8,119
31,500,000		Federal National Mortgage Association (FNMA)	5.250	12/03/07	Aaa		31,513
79,000,000	e	FNMA	6.000	05/15/08	Aaa		79,563
70,000,000	e	FNMA	5.000	09/15/08	Aaa		70,463
1,350,000		FNMA	4.250	01/19/10	Aaa		1,345
7,200,000	e	FNMA	7.125	06/15/10	Aaa		7,688
8,000,000	e	FNMA	5.000	10/15/11	Aaa		8,125
15,000,000	e	FNMA	5.375	06/12/17	Aaa		15,425
6,500,000		FNMA	5.625	07/15/37	Aaa		6,834
2,500,000	j,v	Overseas Private Investment Corp	0.000	07/31/11	N/R		2,576
2,990,039		Overseas Private Investment Corp	3.420	01/15/15	N/R		2,886
3,540,000		Private Export Funding Corp	5.870	07/31/08	Aaa		3,574
1,000,000		Private Export Funding Corp	7.200	01/15/10	Aaa		1,059
13,000,000		Private Export Funding Corp	4.900	12/15/11	Aaa		13,154
7,000,000		Private Export Funding Corp	4.550	05/15/15	Aaa		6,864
500,000		Private Export Funding Corp	4.950	11/15/15	Aaa		502
10,825,000		Private Export Funding Corp	5.000	12/15/16	Aaa		10,835
20,000,000	v	Private Export Funding Corp	5.450	09/15/17	Aaa		20,510
5,195,312		Totem Ocean Trailer Express, Inc	4.514	12/18/19	N/R		5,056
3,000,000		US Department of Housing and Urban Development	5.380	08/01/18	N/R		3,053
		TOTAL AGENCY SECURITIES					541,104
FOREIGN GOVERNMENT BONDS - 2.73%
3,500,000		African Development Bank	3.250	08/01/08	Aaa		3,463
10,000,000		Canada Mortgage & Housing Corp	4.800	10/01/10	Aaa		10,084
4,000,000		Chile Government International Bond	5.500	01/15/13	A2		4,067
3,500,000	e	China Development Bank	5.000	10/15/15	A1		3,381
2,000,000	e	Development Bank of Japan	4.250	06/09/15	Aaa		1,883
4,660,000		Eksportfinans A/S	5.000	02/14/12	Aaa		4,713
3,000,000	e,g	Emirate of Abu Dhabi	5.500	08/02/12	Aa2		3,052
3,500,000		European Investment Bank	4.875	02/15/36	Aaa		3,240
4,000,000	g	Federal Republic of Germany	3.875	06/01/10	Aaa		3,939
7,000,000		Federative Republic of Brazil	6.000	01/17/17	Ba1		7,095
30,000,000	g	Hypothekenbank in Essen AG.	5.000	01/20/12	Aaa		30,267
5,000,000		International Finance Corp	5.125	05/02/11	Aaa		5,102
9,000,000		Israel Government International Bond	5.500	11/09/16	A2		8,962
4,400,000		Italy Government International Bond	5.375	06/12/17	N/R		4,481
4,000,000		Italy Government International Bond	6.875	09/27/23	Aa2		4,472
5,000,000		Korea Development Bank	5.750	09/10/13	Aa3		5,020
3,500,000		Kreditanstalt fuer Wiederaufbau	5.250	05/19/09	Aaa		3,544
4,150,000		Landwirtschaftliche Rentenbank	5.250	07/02/12	Aaa		4,243
5,000,000		Landwirtschaftliche Rentenbank	5.125	02/01/17	Aaa		4,998
5,900,000		Mexico Government International Bond	6.375	01/16/13	Baa1		6,204
6,152,000		Mexico Government International Bond	5.875	01/15/14	Baa1		6,333
8,000,000	e	Mexico Government International Bond	6.750	09/27/34	Baa1		8,700
5,400,000		Oesterreichische Kontrollbank AG.	5.000	04/25/17	Aaa		5,368

263

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)
$     13,000,000		Province of British Columbia Canada	5.375%	10/29/08	Aaa	$	13,127
3,000,000		Province of Manitoba Canada	4.450	04/12/10	Aa1		2,983
7,400,000	e	Province of Manitoba Canada	5.000	02/15/12	Aa1		7,467
5,000,000		Province of Ontario	5.500	10/01/08	Aa1		5,047
7,650,000	e	Province of Ontario	4.750	01/19/16	Aa1		7,471
2,250,000		Province of Quebec Canada	5.125	11/14/16	Aa2		2,251
6,000,000		Province of Quebec Canada	7.500	09/15/29	Aa2		7,467
2,000,000		Province of Saskatchewan Canada	8.000	02/01/13	Aa1		2,264
7,680,000		Svensk Exportkredit AB	5.125	03/01/17	Aa1		7,593
		TOTAL FOREIGN GOVERNMENT BONDS					198,281
MORTGAGE BACKED SECURITIES - 33.25%
29,804,897		Federal Home Loan Mortgage Corp (FHLMC)	6.000	09/15/16			30,464
11,720,000		FHLMC	4.000	09/15/18			10,926
3,679,567		FHLMC	5.750	12/15/18			3,702
10,013,000		FHLMC	4.000	04/15/19			9,118
3,500,000		FHLMC	4.000	09/15/19			3,236
25,000,000		FHLMC	5.000	06/15/28			24,869
11,491,832		FHLMC	5.000	06/15/29			11,431
4,540,377		FHLMC	6.000	12/15/30			4,577
19,953,204		FHLMC	5.000	06/15/31			19,572
14,020,000		FHLMC	5.500	05/15/33			13,796
8,702,969		FHLMC	4.500	09/15/35			8,366
11,785,824	i	FHLMC	5.090	02/01/36			11,781
12,689,647	i	FHLMC	5.013	09/01/36			12,916
12,598,135	i	FHLMC	6.133	09/01/36			12,728
22,644,903	i	FHLMC	5.719	02/01/37			22,768
29,649,905	i	FHLMC	5.650	03/01/37			30,396
38,282,826	i	FHLMC	5.798	03/01/37			38,618
21,257,171	i	FHLMC	5.881	04/01/37			21,204
106,825		Federal Home Loan Mortgage Corp Gold (FGLMC)	7.000	09/01/10			109
230,000		FGLMC	6.000	04/01/11			234
549,913		FGLMC	7.000	07/01/13			568
2,174,398		FGLMC	6.500	12/01/16			2,230
16,577,775		FGLMC	5.000	09/01/18			16,296
6,096,414		FGLMC	4.500	10/01/18			5,884
3,562,212		FGLMC	4.500	11/01/18			3,438
3,537,968		FGLMC	5.500	01/01/19			3,535
1,670,447		FGLMC	4.000	06/01/19			1,574
5,417,571		FGLMC	4.500	07/01/20			5,216
4,097,433		FGLMC	4.500	08/01/20			3,948
677,467		FGLMC	7.000	10/01/20			706
62,179,922		FGLMC	4.500	06/01/21			59,861
19,705,184		FGLMC	4.500	06/01/21			18,970
81,184		FGLMC	7.000	05/01/23			84
1,129,932		FGLMC	6.000	10/01/23			1,140
1,106,310		FGLMC	6.000	11/01/23			1,116
451,320		FGLMC	8.000	01/01/31			478
76,386		FGLMC	7.000	11/01/31			79
282,800		FGLMC	7.000	12/01/31			294
270,417		FGLMC	7.000	12/01/31			281
111,114		FGLMC	7.000	12/01/31			115
92,544		FGLMC	7.000	12/01/31			96
75,433		FGLMC	7.000	12/01/31			78
99,095		FGLMC	7.000	12/01/31			103
44,435		FGLMC	7.000	01/01/32			46

264

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$     530,855		FGLMC	8.000%	02/01/32	$	563
4,794,979		FGLMC	5.500	11/01/33		4,709
6,094,988		FGLMC	5.500	12/01/33		5,985
29,138,288		FGLMC	5.500	12/01/33		28,623
76,821,657		FGLMC	5.000	01/01/34		73,534
25,253,468		FGLMC	4.500	10/01/34		23,504
3,061,353		FGLMC	5.500	12/01/34		3,004
12,303,021		FGLMC	4.500	04/01/35		11,432
5,440,691		FGLMC	6.000	05/01/35		5,459
2,608,471		FGLMC	6.000	05/01/35		2,614
5,565,098		FGLMC	6.000	05/01/35		5,576
10,199,320		FGLMC	6.000	05/01/35		10,220
5,860,521		FGLMC	6.000	05/01/35		5,872
5,069,003		FGLMC	6.000	05/01/35		5,079
2,539,537		FGLMC	6.000	05/01/35		2,545
2,435,995		FGLMC	5.500	06/01/35		2,388
4,428,877		FGLMC	5.500	06/01/35		4,342
6,922,891		FGLMC	5.500	06/01/35		6,787
29,694,321		FGLMC	5.500	06/01/35		29,112
6,866,710		FGLMC	6.000	06/01/35		6,880
21,122,696		FGLMC	4.500	08/01/35		19,626
3,281,825		FGLMC	5.000	10/01/35		3,136
16,539,750		FGLMC	5.000	11/01/35		15,803
892,307		FGLMC	6.500	11/01/35		909
4,066,882		FGLMC	6.000	01/01/36		4,072
5,682,080		FGLMC	7.000	01/01/36		5,880
3,523,883		FGLMC	5.500	04/01/36		3,451
4,316,983		FGLMC	6.500	05/01/36		4,395
22,017,574		FGLMC	6.500	10/01/36		22,417
3,239,188		FGLMC	6.500	12/01/36		3,273
61,958,602		FGLMC	5.500	01/01/37		60,677
37,276,718		FGLMC	5.500	04/01/37		36,501
55,401,177		FGLMC	5.500	05/01/37		54,248
8,960,000	h	FGLMC	6.000	09/01/37		8,971
62,789		Federal National Mortgage Association (FNMA)	7.500	11/01/10		64
8,348		FNMA	8.000	06/01/11		9
7,052		FNMA	8.000	06/01/11		7
5,810		FNMA	8.000	06/01/11		6
16,348		FNMA	8.000	07/01/11		17
7,646,674		FNMA	4.400	10/01/12		7,373
453,270		FNMA	5.000	06/01/13		452
2,818,780		FNMA	4.440	07/01/13		2,722
3,983,253		FNMA	4.739	10/01/13		3,871
1,655,469		FNMA	4.718	02/01/14		1,608
5,596,017		FNMA	4.440	04/01/14		5,371
1,742,181		FNMA	4.556	01/01/15		1,669
650,062		FNMA	7.500	02/01/15		675
1,592,350		FNMA	7.500	04/01/15		1,652
1,371,021		FNMA	7.500	04/01/15		1,423
40,290		FNMA	6.500	02/01/16		41
135,505		FNMA	6.500	03/01/16		139
52,968		FNMA	6.500	04/01/16		54
12,796,830		FNMA	6.000	06/25/16		12,921
1,324,023		FNMA	6.500	10/01/16		1,359
731,930		FNMA	6.500	11/01/16		751
2,516,260		FNMA	6.500	02/01/18		2,575

265

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$     6,770,256		FNMA	5.500%	03/01/18	$	6,769
1,147,519		FNMA	5.500	04/01/18		1,147
14,179,173	d	FNMA	5.500	04/01/18		14,177
1,320,063		FNMA	6.500	04/01/18		1,351
324,299		FNMA	5.500	05/01/18		324
19,358,093		FNMA	4.500	12/01/18		18,689
959,313		FNMA	6.000	01/01/19		972
150,704		FNMA	6.000	02/01/19		153
14,379,473		FNMA	5.000	04/01/19		14,121
4,668,618		FNMA	5.500	07/01/20		4,663
191,045		FNMA	8.000	03/01/23		202
7,005,244		FNMA	5.000	12/01/23		6,777
2,037,609		FNMA	5.500	02/01/24		2,016
4,144,537		FNMA	5.500	07/01/24		4,098
558,392		FNMA	8.000	07/01/24		591
5,919,482		FNMA	5.500	08/01/24		5,853
19,761,331	d	FNMA	5.000	10/01/25		19,080
111,145		FNMA	9.000	11/01/25		121
369,922		FNMA	7.000	07/01/32		385
723,232		FNMA	7.000	07/01/32		752
2,253,058		FNMA	5.000	02/01/33		2,157
10,898,471		FNMA	4.500	03/25/33		10,560
1,960,483		FNMA	5.500	06/01/33		1,926
6,446,432		FNMA	4.500	08/01/33		5,994
6,505,962		FNMA	5.000	08/01/33		6,228
11,000,000		FNMA	5.500	08/25/33		10,917
10,589,784		FNMA	4.500	10/01/33		9,846
2,092,662		FNMA	5.000	10/01/33		2,003
6,478,257		FNMA	5.000	10/01/33		6,201
2,780,351		FNMA	5.000	10/01/33		2,662
55,392,588		FNMA	5.000	11/01/33		53,025
957,429		FNMA	5.000	11/01/33		917
8,927,059		FNMA	5.000	11/01/33		8,546
9,039,344		FNMA	5.000	11/01/33		8,653
9,392,606		FNMA	5.500	12/01/33		9,226
1,555,580		FNMA	5.500	12/01/33		1,528
1,783,803	d	FNMA	5.500	12/01/33		1,752
3,871,287		FNMA	5.500	12/01/33		3,803
7,703,931		FNMA	5.500	01/01/34		7,567
3,724,883		FNMA	5.500	01/01/34		3,659
12,300,968		FNMA	5.500	02/01/34		12,083
2,617,095		FNMA	5.000	03/01/34		2,505
19,936,164		FNMA	5.000	03/01/34		19,084
2,426,818		FNMA	5.000	03/01/34		2,323
3,032,061		FNMA	5.000	03/01/34		2,902
7,386,890		FNMA	5.000	03/01/34		7,071
8,210,612		FNMA	5.500	03/01/34		8,059
19,563,696		FNMA	5.000	04/01/34		18,711
89,223,560		FNMA	5.000	08/01/34		85,334
3,956,020		FNMA	5.500	09/01/34		3,883
5,906,486		FNMA	5.500	09/01/34		5,797
5,536,876		FNMA	5.500	09/01/34		5,434
4,070,716		FNMA	5.500	10/01/34		3,995
2,753,615		FNMA	5.500	10/01/34		2,703
9,730,650		FNMA	5.500	10/25/34		9,498
19,248,765		FNMA	5.500	12/01/34		18,893

266

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$     7,307,999		FNMA	5.500%	01/01/35	$	7,173
87,552,482		FNMA	5.500	02/01/35		86,001
4,997,629		FNMA	5.500	04/01/35		4,901
31,845,279		FNMA	5.500	04/01/35		31,256
20,845,739		FNMA	5.500	05/01/35		20,443
6,905,369		FNMA	6.000	05/01/35		6,922
1,154,941		FNMA	5.500	06/01/35		1,133
3,121,007		FNMA	5.500	06/01/35		3,061
2,764,967		FNMA	5.500	06/01/35		2,712
4,716,949		FNMA	5.500	06/01/35		4,626
1,732,066		FNMA	5.500	06/01/35		1,699
688,953		FNMA	7.500	06/01/35		714
2,015,138		FNMA	5.500	07/01/35		1,976
3,229,823		FNMA	6.000	07/01/35		3,237
14,778,278	d	FNMA	5.500	09/01/35		14,493
35,236,798		FNMA	5.500	09/01/35		34,613
15,231,617		FNMA	5.000	10/01/35		14,553
9,960,497		FNMA	5.500	11/01/35		9,768
14,733,513	i	FNMA	5.736	02/01/36		14,879
12,880,814		FNMA	5.500	04/01/36		12,632
19,289,832	i	FNMA	5.801	06/01/36		19,769
2,018,720		FNMA	6.000	06/01/36		2,022
9,630,784	i	FNMA	5.971	07/01/36		9,867
16,366,479		FNMA	6.000	10/01/36		16,394
66,413,570	i	FNMA	5.884	11/01/36		67,596
11,204,350		FNMA	6.500	12/01/36		11,325
1,105,234		FNMA	6.500	03/01/37		1,125
9,769,991		FNMA	7.000	04/01/37		10,084
61,322,886		FNMA	6.000	06/01/37		61,415
63,394,415		FNMA	6.000	08/01/37		62,976
13,452,733	h	FNMA	6.000	08/01/37		13,473
17,552,431	h	FNMA	6.500	08/01/37		17,873
7,785,315	h	FNMA	6.000	09/01/37		7,797
8,246,599	h	FNMA	6.000	09/01/37		8,259
4,919,064	h	FNMA	6.000	09/01/37		4,926
6,167,069	h	FNMA	6.000	09/01/37		6,176
28,770,000	v	FNMA	6.000	09/01/37		28,673
22,400,000	h	FNMA	6.500	09/01/37		22,809
13,237,135	h	FNMA	6.500	09/01/37		13,479
10,421,523	h	FNMA	6.500	09/01/37		10,612
19,563,190	h	FNMA	6.500	09/01/37		19,920
28,714,399	h,i	FNMA	5.934	10/01/37		29,764
6,428,586	h	FNMA	6.000	10/01/37		6,438
121,000,000	h	FNMA	6.000	11/25/37		121,038
58,000,000	h	FNMA	6.500	11/25/37		58,997
18,284		Government National Mortgage Association (GNMA)	8.500	12/15/09		19
21,128		GNMA	8.500	12/15/09		22
80,088		GNMA	9.000	12/15/09		83
28,497		GNMA	8.500	01/15/10		30
10,422		GNMA	8.500	01/15/10		11
30,236		GNMA	9.000	06/15/16		32
5,578		GNMA	9.000	09/15/16		6
6,185		GNMA	9.000	09/15/16		7
17,707		GNMA	9.000	09/15/16		19
23,257		GNMA	9.000	11/15/16		25
8,855		GNMA	9.000	12/15/16		9

267

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$     12,194		GNMA	9.000%	12/15/16	$	13
182,418		GNMA	9.500	12/15/16		197
13,794		GNMA	9.000	06/15/20		15
85,349		GNMA	8.000	06/15/24		91
145,580		GNMA	8.500	11/20/30		156
104,762		GNMA	8.500	12/20/30		112
2,841,203		GNMA	5.500	11/20/33		2,796
11,162,832		GNMA	5.500	03/20/35		10,976
7,167,539		GNMA	5.500	12/20/35		7,048
68,000,000	h	GNMA	5.500	10/15/37		67,044
		TOTAL MORTGAGE BACKED SECURITIES				2,409,289
MUNICIPAL BONDS - 0.03%
2,000,000		Charlotte-Mecklenburg Hospital Authority	5.000	08/01/15		1,947
		TOTAL MUNICIPAL BONDS				1,947
U.S. TREASURY SECURITIES - 15.61%
282,505,000	d,e	United States Treasury Bond	8.000	11/15/21		372,598
58,400,000		United States Treasury Bond	5.250	02/15/29		61,210
3,861,000	e	United States Treasury Bond	5.375	02/15/31		4,133
677,000	e	United States Treasury Bond	4.500	02/15/36		642
600,000		United States Treasury Bond	4.750	02/15/37		592
38,421,433	k	United States Treasury Inflation Indexed Note	3.875	01/15/09		39,208
85,708,363	e,k	United States Treasury Inflation Indexed Note	0.875	04/15/10		82,863
900,000	e	United States Treasury Note	4.375	01/31/08		901
16,000,000	e	United States Treasury Note	5.125	06/30/08		16,114
49,435,000	e	United States Treasury Note	5.000	07/31/08		49,779
16,850,000	e	United States Treasury Note	4.875	10/31/08		16,997
14,500,000	e	United States Treasury Note	4.000	08/31/09		14,510
58,080,000	e	United States Treasury Note	4.500	05/15/10		58,810
31,969,000	e	United States Treasury Note	4.750	05/31/12		32,696
149,270,000	e	United States Treasury Note	4.625	07/31/12		151,871
47,815,000	e	United States Treasury Note	4.125	08/31/12		47,621
13,000,000		United States Treasury Note	4.250	09/30/12		13,012
61,010,000	e	United States Treasury Note	4.500	05/15/17		60,667
87,009,000	e	United States Treasury Note	4.750	08/15/17		88,178
50,000,000	j	United States Treasury Strip Principal	0.000	08/15/27		18,739
		TOTAL U.S. TREASURY SECURITIES				1,131,141
		TOTAL GOVERNMENT BONDS				4,281,762
		(Cost $4,281,094)
		TOTAL BONDS				7,140,064
		(Cost $7,162,327)
SHARES
PREFERRED STOCKS - 0.05%
DEPOSITORY INSTITUTIONS - 0.05%
134,000		Bank of America Corp				3,296
		TOTAL DEPOSITORY INSTITUTIONS				3,296
		TOTAL PREFERRED STOCKS				3,296
		(Cost $3,350)

268

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
				MATURITY		VALUE
SHARES			RATE	DATE		(000)
TIAA-CREF MUTUAL FUNDS - 0.06%
434,877	a	TIAA-CREF Institutional High Yield Fund II			$	4,323
		TOTAL TIAA-CREF MUTUAL FUNDS				4,323
		(Cost $4,092)
PRINCIPAL
SHORT-TERM INVESTMENTS - 23.85%
COMMERCIAL PAPER - 6.56%
$      25,000,000	d	Abbott Laboratories, Inc	0.000%	10/23/07		24,914
25,000,000	d	American Express Credit Corp	0.000	10/09/07		24,962
25,000,000		Anheuser-Busch Cos, Inc	0.000	10/01/07		24,990
13,400,000		BMW US Capital Corp	0.000	10/05/07		13,387
18,000,000	d	Campbell Soup Co	0.000	10/17/07		17,952
30,000,000	d	Cargill Global Funding plc	0.000	11/13/07		29,806
30,000,000	d	Ciesco LLC	0.000	10/18/07		29,911
10,000,000	d	Corporate Asset Funding Corp	0.000	10/19/07		9,969
30,000,000	d	Danske Corp	0.000	10/29/07		29,871
30,000,000	d	Eaton Corp	0.000	10/16/07		29,925
25,000,000	d	General Electric Capital Corp	0.000	10/09/07		24,962
10,000,000	d	Govco LLC	0.000	10/05/07		9,989
11,500,000	d	Govco LLC	0.000	11/15/07		11,419
4,300,000		Harley-Davidson Funding Corp	0.000	10/10/07		4,293
6,320,000	d	ING US Funding LLC	0.000	12/18/07		6,248
29,900,000		International Business Machines Corp	0.000	10/01/07		29,887
20,000,000	d	Johnson & Johnson	0.000	11/20/07		19,852
30,000,000	d	Nestle Capital Corp	0.000	10/03/07		29,979
5,000,000	d	Private Export Funding Corp	0.000	10/19/07		4,985
10,200,000	d	Rabobank USA Financial Corp	0.000	10/04/07		10,192
27,900,000	d	Societe Generale North America, Inc	0.000	10/01/07		27,888
30,000,000	d	Svensk Exportkredit AB	0.000	11/29/07		29,741
30,000,000	d	Variable Funding Capital Corp	0.000	10/02/07		29,982
		TOTAL COMMERCIAL PAPER				475,104
U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES - 0.48%
34,900,000		Federal National Mortgage Association (FNMA)	0.000	10/12/07		34,852
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES				34,852
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 16.81%
1,217,584,000		Bank of New York Institutional Cash Reserves Fund	5.524	10/01/07		1,218,320
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED				1,218,320
		TOTAL SHORT-TERM INVESTMENTS				1,728,276
		(Cost $1,728,470)
		TOTAL PORTFOLIO - 122.49%				8,875,959
		(Cost $8,898,239)
		OTHER ASSETS & LIABILITIES, NET - (22.49%)				(1,629,704	)
		NET ASSETS - 100.00%			$	7,246,255

269

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
		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
	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 September 30, 2007, the value of these securities amounted to $281,551,300 or 3.89% 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 September 30, 2007.
	j	Zero coupon
	k	Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
	m	Indicates a security that has been deemed illiquid.
	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.
		At September 30, 2007, the net unrealized depreciation on investments was $22,279,653, consisting of gross
		unrealized appreciation of $48,885,964 and gross unrealized depreciation of $71,165,617.
		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:

COLLEGE RETIREMENT EQUITIES FUND
TRANSACTIONS WITH AFFILIATED COMPANIES-BOND MARKET ACCOUNT
JANUARY 1, 2007 - SEPTEMBER 30, 2007

	Value at		Purchase				Realized		Dividend		Withholding		Shares at	Value at
Issue	December 31, 2006		Cost		Proceeds		Gain/(Loss)		Income		Expense		September 30, 2007	September 30, 2007
TIAA-CREF High-Yield Bond Fund	$	4,147,626	$	97,441	$	-	$	-	$	97,441	$	-	-	$	*
TIAA-CREF Institutional High Yield Fund II		**		139,385		-		-		139,385		-	434,878		4,322,685
			$	236,826	$	-	$	-	$	236,826	$	-		$	4,322,685

*        Not an Affiliate as of September 30, 2007
**      Not an Affiliate as of December 31, 2006

270

COLLEGE RETIREMENT EQUITIES FUND - Inflation-Linked Bond Account
COLLEGE RETIREMENT EQUITIES FUND
INFLATION-LINKED BOND ACCOUNT
STATEMENT OF INVESTMENTS (Unaudited)
September 30, 2007
				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
GOVERNMENT BONDS - 99.08%
U.S. TREASURY SECURITIES - 99.08%
$ 278,430,918	k	United States Treasury Inflation Indexed Bond	2.375%	01/15/25	$	280,889
180,512,280	k	United States Treasury Inflation Indexed Bond	2.000	01/15/26		172,389
146,260,056	k	United States Treasury Inflation Indexed Bond	2.375	01/15/27		148,043
187,397,964	k	United States Treasury Inflation Indexed Bond	3.625	04/15/28		228,274
213,967,152	e,k	United States Treasury Inflation Indexed Bond	3.875	04/15/29		271,705
57,954,779	k	United States Treasury Inflation Indexed Bond	3.375	04/15/32		70,786
174,592,070	e,k	United States Treasury Inflation Indexed Note	3.875	01/15/09		178,166
126,519,395	k	United States Treasury Inflation Indexed Note	4.250	01/15/10		132,499
299,154,624	k	United States Treasury Inflation Indexed Note	0.875	04/15/10		289,222
126,593,635	e,k	United States Treasury Inflation Indexed Note	3.500	01/15/11		132,112
187,503,445	k	United States Treasury Inflation Indexed Note	2.375	04/15/11		188,719
69,500,309	k	United States Treasury Inflation Indexed Note	3.375	01/15/12		73,084
83,147,310	e,k	United States Treasury Inflation Indexed Note	2.000	04/15/12		82,543
241,462,447	k	United States Treasury Inflation Indexed Note	3.000	07/15/12		251,310
226,691,903	k	United States Treasury Inflation Indexed Note	1.875	07/15/13		223,079
237,015,495	k	United States Treasury Inflation Indexed Note	2.000	01/15/14		233,608
212,005,761	k	United States Treasury Inflation Indexed Note	2.000	07/15/14		209,140
209,423,607	k	United States Treasury Inflation Indexed Note	1.625	01/15/15		200,360
181,410,460	k	United States Treasury Inflation Indexed Note	1.875	07/15/15		176,606
181,404,346	k	United States Treasury Inflation Indexed Note	2.000	01/15/16		177,323
174,829,080	e,k	United States Treasury Inflation Indexed Note	2.500	07/15/16		178,080
155,969,410	e,k	United States Treasury Inflation Indexed Note	2.375	01/15/17		157,091
80,302,696	e,k	United States Treasury Inflation Indexed Note	2.625	07/15/17		82,774
		TOTAL U.S. TREASURY SECURITIES				4,137,802
		TOTAL GOVERNMENT BONDS				4,137,802
		(Cost $ 4,083,473)
SHORT-TERM INVESTMENTS - 3.76%
COMMERCIAL PAPER - 0.10%
4,300,000		UBS Finance (Delaware) LLC	0.000	10/01/07		4,298
		TOTAL COMMERCIAL PAPER				4,298
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 3.66%
REPURCHASED AGREEMENTS
25,000,000		Bear Stearns & Co, Inc 4.930% Dated 09/30/2007,				25,010
		Due 10/01/2007 In the Amount of $25,010,271
		Fully Collateralized as follows:
		Federal National Mortgage Association (FNMA) 7.125%, 06/15/2010		$ 25,564,539
		Total Market Value		25,564,539
25,000,000		Credit Suisse (USA), Inc 4.950% Dated 09/30/2007,				25,011
		Due 10/01/2007 In the Amount of $25,010,313
		Fully Collateralized as follows:

271

COLLEGE RETIREMENT EQUITIES FUND - Inflation-Linked Bond Account
					VALUE
PRINCIPAL					(000)
		Federal National Mortgage Association (FNMA) 4.375% - 7.250%, 01/15/2010 - 01/15/2030	$ 25,168,851
		Total Market Value	25,168,851
$     25,000,000		Goldman Sachs & Co, Inc 4.900% Dated 09/30/2007,		$	25,010
		Due 10/01/2007 In the Amount of $25,010,208
		Fully Collateralized as follows:
		Federal National Mortgage Association (FNMA) 5.250%, 08/01/2012	25,502,371
		Total Market Value	25,502,371
25,000,000		JP Morgan Securities 4.950% Dated 09/30/2007,			25,011
		Due 10/01/2007 In the Amount of $25,010,313
		Fully Collateralized as follows:
		Federal Home Loan Mortgage Corp (FHLMC) 5.350%, 11/14/2011	25,721,063
		Total Market Value	25,721,063
10,000,000		Lehman Brothers, Inc 3.950% Dated 09/30/2007,			10,003
		Due 10/01/2007 In the Amount of $10,003,292
		Fully Collateralized as follows:
		U.S. Treasury Bond 2.375%, 01/15/2025	10,300,000
		Total Market Value	10,300,000
17,709,000		Merrill Lynch & Co, Inc 4.890% Dated 09/30/2007,			17,716
		Due 10/01/2007 In the Amount of $17,716,216
		Fully Collateralized as follows:
		Federal National Mortgage Association (FNMA) 6.000%, 04/18/2036	18,461,523
		Total Market Value	18,461,523
25,000,000		Morgan Stanley & Co, Inc 4.950% Dated 09/30/2007,			25,010
		Due 10/01/2007 In the Amount of $25,010,313
		Fully Collateralized as follows:
		Federal National Mortgage Association (FNMA) 5.350%, 11/14/2011	25,721,063
		Total Market Value	25,721,063
		TOTAL INVESTMENT OF CASH COLLATERAL
		FOR SECURITIES LOANED			152,771
		TOTAL SHORT-TERM INVESTMENTS			157,069
		(Cost $ 157,071)
		TOTAL PORTFOLIO - 102.84%			4,294,871
		(Cost $ 4,240,544)
		OTHER ASSETS & LIABILITIES, NET - (2.84%)			(118,552	)
		NET ASSETS - 100.00%		$	4,176,319
		The following abbreviations are used in portfolio descriptions:
	LLC	Limited Liability 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.

272

COLLEGE RETIREMENT EQUITIES FUND - Inflation-Linked Bond 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 September 30, 2007, the net unrealized appreciation on investments was $54,327,692, consisting of gross

unrealized appreciation of $100,507,630 and gross unrealized depreciation of $46,179,938.

273

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
COLLEGE RETIREMENT EQUITIES FUND
SOCIAL CHOICE ACCOUNT
STATEMENT OF INVESTMENTS (Unaudited)
September 30, 2007
				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)
BONDS - 39.16%
CORPORATE BONDS - 16.77%
AMUSEMENT AND RECREATION SERVICES - 0.05%
$      2,000,000		International Speedway Corp	5.400%	04/15/14	Baa2	$	1,950
3,000,000		Walt Disney Co	5.700	07/15/11	A2		3,043
		TOTAL AMUSEMENT AND RECREATION SERVICES					4,993
ASSET BACKED - 4.24%
3,400,000		AmeriCredit Automobile Receivables Trust Series 2006-AF (Class A3)	5.560	09/06/11	Aaa		3,409
10,250,000		AmeriCredit Automobile Receivables Trust Series 2006-AF (Class A4)	5.640	09/06/13	Aaa		10,345
5,000,000		AmeriCredit Automobile Receivables Trust Series 2007-BF (Class A3A)	5.160	04/06/12	Aaa		5,002
4,000,000		Capital One Auto Finance Trust Series 2007-A (Class A3A)	5.250	08/15/11	Aaa		4,006
4,000,000		Capital One Auto Finance Trust Series 2007-B (Class A3A)	5.030	04/15/12	Aaa		3,996
10,000,000	i	Centex Home Equity Series 2004-C (Class AF5)	5.980	06/25/34	Aaa		9,900
4,204,411	i	Chase Funding Loan Acquisition Trust Series 2004-OPT1 (Class M1)	5.701	06/25/34	Aa2		3,845
19,637,083	i	Chase Funding Mortgage Loan Asset-Backed Certificates
		Series 2003-6 (Class 1A7)	4.277	09/25/33	Aaa		18,406
346,653		Chase Funding Mortgage Loan Asset-Backed Certificates
		Series 2004-2 (Class 1A3)	4.209	02/25/35	Aaa		345
883,119	i	Chase Funding Mortgage Loan Asset-Backed Certificates
		Series 2004-2 (Class 1B)	5.700	02/25/35	Baa2		598
1,107,922		Chase Manhattan Auto Owner Trust Series 2004-A (Class A4)	2.830	09/15/10	Aaa		1,098
5,500,000		CIT Equipment Collateral Series 2005-VT1 (Class A4)	4.360	11/20/12	Aaa		5,480
7,000,000	i	Citicorp Mortgage Securities, Inc Series 2006-1 (Class A3)	5.706	07/25/36	Aaa		6,933
12,000,000	i	Citicorp Mortgage Securities, Inc Series 2006-2 (Class A3)	5.563	09/25/36	Aaa		11,878
2,058,864		Countrywide Asset-Backed Certificates Series 2002-S2
		(Class A5)	5.978	01/25/17	Aaa		2,037
5,000,000	i	Countrywide Asset-Backed Certificates Series 2007-S2
		(Class A3)	5.813	05/25/37	Aaa		4,945
942,077	i	Countrywide Home Equity Loan Trust Series 2004-B
		(Class 1A)	5.973	02/15/29	Aaa		929
5,406,179	i	Credit-Based Asset Servicing and Securitization LLC Series 2007-
		MX1 (Class A1)	6.159	12/25/36	Aaa		5,388
6,500,000	i	Credit-Based Asset Servicing and Securitization LLC Series 2007-
		MX1 (Class A2)	5.763	12/25/36	Aaa		6,387
12,000,000	i	Flagstar Home Equity Loan Trust Series 2007-1A (Class AF3)	5.781	01/25/35	Aaa		11,846
3,500,000		GMAC Mortgage Corporation Loan Trust 2006-HLTV A3	5.590	10/25/29	Aaa		3,471
2,282,000		GMAC Mortgage Corporation Loan Trust 2006-HLTV A4	5.810	10/25/29	Aaa		2,252
10,000,000		Hertz Vehicle Financing LLC Series 2005-1A (Class A3)	5.010	02/25/11	Aaa		9,962
2,500,000		Hertz Vehicle Financing LLC Series 2005-1A (Class A5)	5.080	11/25/11	Aaa		2,483
3,635,000		Hertz Vehicle Financing LLC Series 2005-2A (Class A2)	4.930	02/25/10	Aaa		3,625
2,021,417		HFC Home Equity Loan Asset Backed Certificates Series 2006-4
		(Class A1F)	5.790	03/20/36	Aaa		2,013

274

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)
$      4,742,334	i	HFC Home Equity Loan Asset Backed Certificates Series 2007-1
		(Class A1F)	5.910%	03/20/36	Aaa	$	4,724
4,000,000	i	HFC Home Equity Loan Asset Backed Certificates Series 2007-1
		(Class A3F)	5.730	03/20/36	Aaa		3,965
10,000,000		Honda Auto Receivables Owner Trust Series 2007-1
		(Class A4)	5.090	07/18/13	N/R		9,980
10,000,000		Household Automotive Trust Series 2006-2 (Class A3)	5.610	08/17/11	Aaa		10,036
21,000,000		Household Automotive Trust Series 2006-3 (Class A4)	5.340	09/17/13	Aaa		21,098
16,000,000		Household Credit Card Master Note Trust I Series 2006-1
		(Class A)	5.100	06/15/12	Aaa		16,086
4,459,621		Hyundai Auto Receivables Trust Series 2006-A (Class A3)	5.130	06/15/10	Aaa		4,456
20,000,000		Hyundai Auto Receivables Trust Series 2006-B (Class A4)	5.150	05/15/13	Aaa		19,950
3,000,000	i	IXIS Real Estate Capital Trust Series 2006-HE1 (Class A2)	5.271	03/25/36	Aaa		2,987
8,000,000		JPMorgan Auto Receivables Trust Series 2007-A (Class A3)	5.190	02/15/11	Aaa		8,010
3,174,918		Marriott Vacation Club Owner Trust Series 2006-2A (Class A)	5.362	10/20/28	Aaa		3,192
3,856,742	m	Marriott Vacation Club Owner Trust Series 2007-1A (Class A)	5.518	05/20/29	Aaa		3,849
16,000,000		Nissan Auto Lease Trust Series 2006-A (Class A3)	5.110	03/15/10	Aaa		15,996
8,500,000		Nissan Auto Lease Trust Series 2006-A (Class A4)	5.100	07/16/12	Aaa		8,502
5,000,000		Nissan Auto Receivables Owner Trust Series 2007-A
		(Class A3)	5.100	11/15/10	Aaa		5,003
3,250,000	i	Renaissance Home Equity Loan Trust Series 2006-3
		(Class AF3)	5.586	11/25/36	Aaa		3,223
2,893,538	i	Residential Asset Mortgage Products, Inc Series 2003-RZ5
		(Class A7)	4.970	09/25/33	Aaa		2,873
4,000,000		Residential Funding Mortgage Securities II, Inc Series 2006-H12
		(Class A2)	5.750	02/25/36	Aaa		3,974
3,000,000	i	Residential Funding Mortgage Securities II, Inc Series 2006-HI1
		(Class A3)	5.570	02/25/36	Aaa		2,934
2,000,000	i	Residential Funding Mortgage Securities II, Inc Series 2006-HI1
		(Class M1)	6.010	02/25/36	Aa1		1,651
200,000	i	Residential Funding Mortgage Securities II, Inc Series 2006-HI1
		(Class M2)	6.060	02/25/36	Aa2		159
5,700,000		Residential Funding Mortgage Securities II, Inc Series 2006-HI3
		(Class A3)	5.960	02/25/36	Aaa		5,682
7,000,000		Residential Funding Mortgage Securities II, Inc Series 2006-HI4
		(Class A2)	5.450	09/25/36	Aaa		6,907
18,000,000		Residential Funding Mortgage Securities II, Inc Series 2006-HI4
		(Class A3)	5.440	09/25/36	Aaa		17,493
5,003,000		Residential Funding Mortgage Securities II, Inc Series 2006-HI5
		(Class A2)	5.520	04/25/21	Aaa		4,916
9,000,000		Residential Funding Mortgage Securities II, Inc Series 2006-HI5
		(Class A3)	5.500	08/25/25	Aaa		8,724
4,000,000	i	Residential Funding Mortgage Securities II, Inc Series 2006-HSA2
		(Class AI3)	5.550	03/25/36	Aaa		3,931
2,420,631	m,v	Sierra Receivables Funding Co Series 2006-1A (Class A1)	5.840	05/20/18	Aaa		2,446
15,791,070	m,v	Sonic Capital LLC Series 2006-1A (Class A2)	5.096	12/20/31	Aaa		15,293
20,000,000		Volkswagen Auto Lease Trust Series 2006-A (Class A3)	5.500	09/21/09	Aaa		20,044
3,000,000	m,v	Wachovia Amortization Controlled Heloc NIM Series 2006-N1
		(Class N1)	5.683	08/12/47	A3		2,935
10,000,000		Wachovia Auto Loan Owner Trust Series 2006-2A (Class A3)	5.230	08/22/11	Aaa		10,006
2,793,017	i	Wachovia Loan Trust Series 2005-SD1 (Class A)	5.491	05/25/35	N/R		2,706
		TOTAL ASSET BACKED					394,310
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.13%
7,500,000		Home Depot, Inc	5.400	03/01/16	Baa1		7,027

275

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)
$      5,000,000		Lowe's Cos, Inc	8.250%	06/01/10	A1	$	5,402
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES					12,429
CHEMICALS AND ALLIED PRODUCTS - 0.23%
1,000,000		Abbott Laboratories	3.750	03/15/11	A1		964
4,000,000		Abbott Laboratories	5.600	05/15/11	A1		4,074
3,150,000	g	Amgen, Inc	5.850	06/01/17	A2		3,120
2,500,000		Ecolab, Inc	6.875	02/01/11	A2		2,614
3,000,000		Genentech, Inc	5.250	07/15/35	A1		2,649
2,000,000		Johnson & Johnson	5.950	08/15/37	Aaa		2,051
1,500,000		Lubrizol Corp	4.625	10/01/09	Baa3		1,488
5,000,000		Praxair, Inc	3.950	06/01/13	A2		4,651
		TOTAL CHEMICALS AND ALLIED PRODUCTS					21,611
COMMUNICATIONS - 0.54%
4,343,000		Alamosa Delaware, Inc	8.500	01/31/12	Baa3		4,534
2,205,000	g	ALLTEL Ohio LP	8.000	08/15/10	A2		2,151
1,184,000		AT&T Corp	7.300	11/15/11	A2		1,272
8,000,000		AT&T, Inc	5.100	09/15/14	A2		7,741
1,000,000		AT&T, Inc	6.150	09/15/34	A2		989
3,804,966		Bellsouth Telecommunications, Inc	6.300	12/15/15	A2		3,929
2,500,000		New Cingular Wireless Services, Inc	7.875	03/01/11	A3		2,705
1,500,000		New Cingular Wireless Services, Inc	8.750	03/01/31	A3		1,899
8,500,000		Sprint Capital Corp	8.375	03/15/12	Baa3		9,359
5,000,000	g	Time Warner Cable, Inc	5.400	07/02/12	Baa2		4,938
2,500,000	g	Time Warner Cable, Inc	5.850	05/01/17	Baa2		2,430
2,500,000	g	Time Warner Cable, Inc	6.550	05/01/37	Baa2		2,452
1,500,000		Verizon Communications, Inc	5.850	09/15/35	A3		1,433
4,000,000		Verizon New Jersey, Inc	5.875	01/17/12	A3		4,069
		TOTAL COMMUNICATIONS					49,901
DEPOSITORY INSTITUTIONS - 2.39%
1,300,000	g	Amsouth Bank	4.850	04/01/13	A1		1,260
1,000,000		Astoria Financial Corp	5.750	10/15/12	A2		993
14,300,000	g	BA Covered Bond Issuer	5.500	06/14/12	Aaa		14,673
13,000,000	g	Banco Bilbao Vizcaya Argentaria S.A.	5.750	07/20/17	Aaa		13,263
5,000,000		Bank of America Corp	4.875	09/15/12	Aa1		4,893
5,000,000		Bank of America NA	5.300	03/15/17	Aa1		4,850
5,250,000		Bank of America NA	6.000	10/15/36	Aa1		5,151
3,000,000		Bank of Hawaii	6.875	03/01/09	A1		3,085
1,000,000	i	Bank of New York Co, Inc	3.400	03/15/13	Aa3		992
1,500,000	i	BB&T Capital Trust IV	6.820	06/12/57	A1		1,450
2,500,000		Capital One Bank	4.250	12/01/08	A2		2,471
3,000,000	g	Corestates Capital Trust I	8.000	12/15/26	A1		3,109
8,800,000	g	Depfa ACS Bank	5.125	03/16/37	Aaa		8,226
6,500,000		FIA Card Services NA	7.125	11/15/12	Aa1		6,994
3,000,000		First Union National Bank of Florida	6.180	02/15/36	Aa2		3,120
5,000,000		Firstar Bank NA	7.125	12/01/09	Aa2		5,201
2,000,000		Greenpoint Financial Corp	3.200	06/06/08	A3		1,974
2,500,000		Independence Community Bank Corp	4.900	09/23/10	A3		2,438
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	A2		4,792
5,000,000		Mellon Funding Corp	6.400	05/14/11	Aa3		5,185
5,000,000		Mercantile Bankshares Corp	4.625	04/15/13	A2		4,752
1,250,000		Mercantile-Safe Deposit & Trust Co	5.700	11/15/11	N/R		1,276
1,250,000		National City Bank	7.250	07/15/10	N/R		1,312

276

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)
$      8,000,000	g	Nationwide Building Society	5.500%	07/18/12	Aaa	$	8,196
5,000,000		NB Capital Trust IV	8.250	04/15/27	Aa2		5,204
2,140,000	g	OMX Timber Finance Investments LLC Series 1	5.420	01/29/20	Aa3		2,089
3,000,000		Popular North America, Inc	3.875	10/01/08	A2		2,946
2,000,000		Popular North America, Inc	5.650	04/15/09	A2		2,016
5,000,000		Regions Bank	6.450	06/26/37	A1		5,103
1,400,000		Roslyn Bancorp, Inc	5.750	11/15/07	A3		1,399
7,185,000		Roslyn Bancorp, Inc	7.500	12/01/08	A3		7,341
4,000,000		SouthTrust Bank	6.565	12/15/27	Aa2		4,132
1,365,000		SouthTrust Bank	6.125	01/09/28	Aa2		1,379
3,000,000		Sovereign Bank	4.000	02/01/08	A2		2,985
2,000,000		State Street Bank & Trust Co	5.250	10/15/18	Aa2		1,883
7,312,000		State Street Corp	7.650	06/15/10	A2		7,771
10,228,000		SunTrust Banks, Inc	6.000	02/15/26	A1		9,963
1,475,000		SunTrust Banks, Inc	6.000	01/15/28	N/R		1,481
4,000,000		Union Bank of California NA	5.950	05/11/16	A1		3,971
1,112,000		US Bank NA	6.375	08/01/11	Aa2		1,158
3,000,000		US Bank NA	6.300	02/04/14	Aa2		3,105
4,000,000		Wachovia Bank NA	4.875	02/01/15	Aa2		3,784
2,000,000		Wachovia Bank NA	5.850	02/01/37	Aa2		1,911
6,000,000		Wachovia Corp	5.300	10/15/11	Aa3		6,028
3,000,000		Washington Mutual Bank	5.650	08/15/14	A2		2,888
5,000,000		Webster Bank	5.875	01/15/13	A3		4,965
3,500,000		Wells Fargo & Co	4.875	01/12/11	Aa1		3,467
1,500,000		Wells Fargo Bank NA	6.450	02/01/11	Aa1		1,557
5,000,000		Wells Fargo Bank NA	4.750	02/09/15	Aa1		4,748
3,000,000		Wells Fargo Bank NA	5.950	08/26/36	Aa1		2,932
5,750,000		Western Financial Bank	9.625	05/15/12	Aa2		6,173
5,000,000	i	World Savings Bank FSB	5.804	09/16/09	Aa1		5,006
		TOTAL DEPOSITORY INSTITUTIONS					222,069
EATING AND DRINKING PLACES - 0.06%
5,000,000		McDonald's Corp	5.750	03/01/12	A3		5,095
		TOTAL EATING AND DRINKING PLACES					5,095
ELECTRIC, GAS, AND SANITARY SERVICES - 0.90%
4,000,000		AGL Capital Corp	6.000	10/01/34	Baa1		3,742
5,000,000		Atmos Energy Corp	5.125	01/15/13	Baa3		4,841
2,000,000		Connecticut Light & Power	5.750	03/01/37	A3		1,807
5,000,000	g	Great River Energy	5.829	07/01/17	Aaa		5,111
5,000,000		Hawaiian Electric Industries, Inc	6.141	08/15/11	Baa2		5,167
3,000,000		Idaho Power Co	7.200	12/01/09	A3		3,134
5,000,000		Idaho Power Co	5.500	04/01/33	A3		4,593
7,500,000	g	International Transmission Co	4.450	07/15/13	A3		7,050
1,550,000		Laclede Gas Co	6.500	11/15/10	A3		1,602
2,500,000		Laclede Gas Co	6.150	06/01/36	A3		2,471
5,000,000		National Fuel Gas Co	6.000	03/01/09	Baa1		5,085
6,000,000		Nevada Power Co	6.650	04/01/36	Ba1		5,956
2,000,000		Nicor, Inc	6.580	02/15/28	A1		2,125
1,500,000		Northwest Natural Gas Co	5.620	11/21/23	A2		1,399
4,000,000		ONEOK Partners LP	5.900	04/01/12	Baa2		4,048
2,185,000	g	Pedernales Electric Cooperative	6.202	11/15/32	N/R		2,196
2,000,000		Piedmont Natural Gas Co	7.350	09/25/09	A3		2,083
2,000,000		Puget Sound Energy, Inc	6.274	03/15/37	Baa2		1,957
5,000,000		Questar Market Resources, Inc	6.050	09/01/16	Baa3		5,006
2,000,000		Questar Pipeline Co	6.570	09/26/11	A2		2,113

277

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)
$      2,500,000		Texas Eastern Transmission LP	7.300%	12/01/10	A3	$	2,665
5,000,000		Washington Gas Light Co	5.440	08/11/25	A2		4,649
5,000,000		Wisconsin Public Service Corp	6.125	08/01/11	Aa3		5,147
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES					83,947
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 0.09%
3,500,000		Cisco Systems, Inc	5.500	02/22/16	A1		3,476
5,000,000		Hubbell, Inc	6.375	05/15/12	A3		5,297
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT					8,773
FABRICATED METAL PRODUCTS - 0.07%
2,000,000		Pentair, Inc	7.850	10/15/09	Baa3		2,113
4,000,000		Stanley Works	5.000	03/15/10	A2		4,007
		TOTAL FABRICATED METAL PRODUCTS					6,120
FOOD AND KINDRED PRODUCTS - 0.40%
5,000,000		Bottling Group LLC	4.625	11/15/12	Aa2		4,895
5,000,000		Campbell Soup Co	5.000	12/03/12	A3		4,926
6,700,000		Coca-Cola Bottling Co Consolidated	5.000	11/15/12	Baa2		6,480
5,000,000		Coca-Cola Enterprises, Inc	8.500	02/01/22	A3		6,173
5,000,000		Kellogg Co	6.600	04/01/11	A3		5,219
2,500,000		Kraft Foods, Inc	6.000	02/11/13	Baa2		2,574
5,000,000		PepsiAmericas, Inc	5.625	05/31/11	Baa1		5,057
2,500,000		WM Wrigley Jr Co	4.650	07/15/15	A1		2,346
		TOTAL FOOD AND KINDRED PRODUCTS					37,670
FOOD STORES - 0.06%
5,000,000		Kroger Co	8.050	02/01/10	Baa2		5,318
		TOTAL FOOD STORES					5,318
FURNITURE AND FIXTURES - 0.04%
4,000,000		Leggett & Platt, Inc	4.700	04/01/13	A2		3,738
		TOTAL FURNITURE AND FIXTURES					3,738
GENERAL BUILDING CONTRACTORS - 0.11%
3,000,000		Lennar Corp	5.125	10/01/10	Baa2		2,821
3,000,000	e	M/I Homes, Inc	6.875	04/01/12	Ba3		2,460
3,000,000		MDC Holdings, Inc	5.375	07/01/15	Baa3		2,699
2,000,000		Ryland Group, Inc	5.375	05/15/12	Baa3		1,857
		TOTAL GENERAL BUILDING CONTRACTORS					9,837
GENERAL MERCHANDISE STORES - 0.03%
2,500,000		Target Corp	5.375	05/01/17	A1		2,398
		TOTAL GENERAL MERCHANDISE STORES					2,398
HEALTH SERVICES - 0.02%
1,500,000		Quest Diagnostics, Inc	6.400	07/01/17	Baa3		1,517
		TOTAL HEALTH SERVICES					1,517
HOLDING AND OTHER INVESTMENT OFFICES - 0.28%
2,500,000		AMB Property LP	5.450	12/01/10	Baa1		2,480
5,000,000		Archstone-Smith Trust	7.500	02/15/14	Baa1		5,350
3,000,000		Highwoods Properties, Inc	5.850	03/15/17	Ba1		2,843
5,000,000		Kimco Realty Corp	5.304	02/22/11	Baa1		4,986
2,000,000		Simon Property Group LP	5.250	12/01/16	A3		1,871
5,500,000		Washington Real Estate Investment Trust	6.898	02/25/08	Baa1		5,538

278

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)
$      3,000,000		Washington Real Estate Investment Trust	5.125%	03/15/13	Baa1	$	2,893
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES					25,961
INDUSTRIAL MACHINERY AND EQUIPMENT - 0.19%
4,340,000		Deere & Co	8.100	05/15/30	A2		5,422
2,000,000		John Deere Capital Corp	7.000	03/15/12	A2		2,138
10,065,000	g	Pall Corp	6.000	08/01/12	Baa1		10,288
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT					17,848
INSTRUMENTS AND RELATED PRODUCTS - 0.31%
5,000,000		Beckman Coulter, Inc	6.875	11/15/11	Baa3		5,209
4,500,000		Becton Dickinson & Co	7.150	10/01/09	A2		4,714
5,000,000		Boston Scientific Corp	6.250	11/15/15	Ba2		4,550
6,450,000		CR Bard, Inc	6.700	12/01/26	Baa1		6,495
3,500,000		Medtronic, Inc	4.750	09/15/15	A1		3,285
3,000,000		Thermo Fisher Scientific, Inc	7.625	10/30/08	Baa2		3,059
2,000,000		Thermo Fisher Scientific, Inc	5.000	06/01/15	Baa2		1,868
		TOTAL INSTRUMENTS AND RELATED PRODUCTS					29,180
INSURANCE CARRIERS - 0.83%
3,000,000		Aetna, Inc	6.625	06/15/36	A3		3,051
2,800,000	g	Anthem Insurance Co, Inc	9.125	04/01/10	A3		3,058
3,000,000	i	Chubb Corp	6.375	03/29/37	A3		2,982
3,500,000		Cincinnati Financial Corp	6.125	11/01/34	A2		3,350
3,000,000		First American Corp	5.700	08/01/14	Baa2		2,988
2,500,000	i	Hartford Life Global Funding Trusts	5.794	03/15/11	Aa3		2,490
5,000,000	g	Health Care Service Corp	7.750	06/15/11	A1		5,454
1,200,000	g	Jackson National Life Global Funding	6.125	05/30/12	A1		1,246
5,000,000	g,i	Jefferson-Pilot Life Funding Trust I	3.250	06/02/08	Baa3		5,004
1,945,000	g	John Hancock Global Funding II	7.900	07/02/10	Aa1		2,086
5,000,000		Markel Corp	7.000	05/15/08	Baa3		5,052
2,000,000		Markel Corp	6.800	02/15/13	Baa3		2,060
3,300,000		Markel Corp	7.350	08/15/34	Baa3		3,395
5,000,000	g	Nationwide Life Global Funding I	5.350	03/15/11	Aa3		5,098
5,000,000	g	New York Life Global Funding	4.625	08/16/10	Aaa		4,998
4,900,000	g	Ohio National Financial Services, Inc	7.000	07/15/11	Baa1		5,173
3,500,000	g	Pricoa Global Funding I	4.625	06/25/12	Aa3		3,411
2,500,000	g	Principal Life Global Funding I	5.125	10/15/13	Aa2		2,452
1,036,000		Protective Life Corp	4.300	06/01/13	A3		978
2,500,000		Protective Life Secured Trusts	4.850	08/16/10	Aa3		2,491
2,500,000		Protective Life Secured Trusts	4.000	04/01/11	Aa3		2,414
1,500,000	g	Prudential Funding LLC	6.600	05/15/08	A1		1,509
2,500,000	g	Prudential Funding LLC	6.750	09/15/23	A1		2,587
2,000,000		WellPoint, Inc	5.875	06/15/17	Baa1		1,986
1,500,000		WellPoint, Inc	5.850	01/15/36	Baa1		1,380
		TOTAL INSURANCE CARRIERS					76,693
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.05%
5,000,000		Harsco Corp	5.125	09/15/13	A3		4,964
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES					4,964
MISCELLANEOUS RETAIL - 0.08%
3,000,000		CVS Caremark Corp	5.750	06/01/17	Baa2		2,928
4,353,100	g	CVS Caremark Corp	5.298	01/11/27	Baa2		4,175
		TOTAL MISCELLANEOUS RETAIL					7,103

279

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)
MOTION PICTURES - 0.15%
$      6,000,000		Historic TW, Inc	6.625%	05/15/29	Baa2	$	5,876
5,234,000		Time Warner Entertainment Co LP	10.150	05/01/12	Baa2		6,187
2,000,000		Time Warner, Inc	5.500	11/15/11	Baa2		1,997
		TOTAL MOTION PICTURES					14,060
NONDEPOSITORY INSTITUTIONS - 0.53%
5,000,000		American Capital Strategies Ltd	6.850	08/01/12	Baa2		5,133
5,000,000	e,i	American Express Credit Corp	5.815	10/04/10	Aa3		4,967
4,000,000		Capital One Financial Corp	5.700	09/15/11	A3		4,007
5,000,000		Capital One Financial Corp	5.500	06/01/15	A3		4,764
2,000,000	e	CIT Group, Inc	5.400	02/13/12	A2		1,929
2,500,000	i	Countrywide Financial Corp	5.800	05/07/12	Baa3		2,328
4,000,000	g	IBM Canada Credit Services Co	3.750	11/30/07	A1		3,989
3,500,000	g,i	Meridian Funding Co LLC	5.590	07/21/11	Aaa		3,239
6,000,000		Residential Capital LLC	7.500	04/17/13	Ba1		4,845
10,000,000		SLM Corp	5.400	10/25/11	Baa1		9,336
5,000,000		SLM Corp	5.375	05/15/14	Baa1		4,363
		TOTAL NONDEPOSITORY INSTITUTIONS					48,900
OIL AND GAS EXTRACTION - 0.58%
5,000,000		Apache Corp	5.250	04/15/13	A3		4,972
3,000,000		Apache Corp	6.000	01/15/37	A3		2,888
3,500,000		Chesapeake Energy Corp	6.500	08/15/17	Ba2		3,404
3,900,000		Devon OEI Operating, Inc	4.375	10/01/07	Baa1		3,900
5,700,000		ENSCO International, Inc	6.750	11/15/07	Baa1		5,713
8,500,000	g	EOG Resources Canada, Inc	4.750	03/15/14	A3		8,276
5,000,000		EOG Resources, Inc	5.875	09/15/17	A3		4,998
2,000,000		Equitable Resources, Inc	5.000	10/01/15	A2		1,901
2,000,000		Noble Energy, Inc	8.000	04/01/27	Baa2		2,295
7,775,000		Smith International, Inc	6.750	02/15/11	Baa1		8,139
2,000,000		Valero Logistics Operations LP	6.050	03/15/13	Baa3		2,008
5,000,000		XTO Energy, Inc	6.250	04/15/13	Baa2		5,139
		TOTAL OIL AND GAS EXTRACTION					53,633
OTHER MORTGAGE BACKED SECURITIES - 2.92%
6,000,000		Banc of America Commercial Mortgage, Inc Series 2002-2 (Class A3)	5.118	07/11/43	N/R		5,992
10,000,000	i	Banc of America Commercial Mortgage, Inc Series 2004-4 (Class A6)	4.877	07/10/42	N/R		9,670
3,000,000	i	Banc of America Commercial Mortgage, Inc Series 2005-1 (Class B)	5.143	11/10/42	N/R		2,882
8,370,000	i	Banc of America Commercial Mortgage, Inc Series 2005-5 (Class AJ)	5.330	10/10/45	Aaa		7,997
1,375,000	i	Banc of America Commercial Mortgage, Inc Series 2005-6 (Class AJ)	5.353	09/10/47	Aaa		1,317
2,000,000	i	Banc of America Commercial Mortgage, Inc Series 2006-2 (Class A4)	5.930	05/10/45	N/R		2,038
4,800,000		Banc of America Commercial Mortgage, Inc Series 2006-4 (Class A4)	5.634	07/10/46	Aaa		4,830
3,350,000		Banc of America Commercial Mortgage, Inc Series 2006-5 (Class A4)	5.414	09/10/47	Aaa		3,320
5,119,862		Banc of America Mortgage Securities Series 2006-1
		(Class A8)	6.000	05/01/36	Aaa		5,141
2,080,709		Bank of America Alternative Loan Trust Series 2004-8 (Class 3A1)	5.500	09/25/19	Aaa		2,083

280

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)
$     4,500,000	i	Bear Stearns Commercial Mortgage Securities Series 2005-PW10
		(Class AJ)	5.615%	12/11/40	Aaa	$	4,386
4,100,000	i	Bear Stearns Commercial Mortgage Securities Series 2006-PW11
		(Class A4)	5.624	03/11/39	N/R		4,109
3,000,000	i	Bear Stearns Commercial Mortgage Securities Series 2006-PW12
		(Class A4)	5.895	09/11/38	Aaa		3,055
5,375,000		Bear Stearns Commercial Mortgage Securities Series 2006-PW13
		(Class A4)	5.540	09/11/41	N/R		5,377
3,000,000		Bear Stearns Commercial Mortgage Securities Series 2006-PW14
		(Class A4)	5.201	12/11/38	N/R		2,924
2,000,000	i	Bear Stearns Commercial Mortgage Securities Series 2006-T22
		(Class A4)	5.632	04/12/38	Aaa		2,014
4,000,000		Bear Stearns Commercial Mortgage Securities Series 2006-T24
		(Class A4)	5.537	10/12/41	Aaa		4,002
10,500,000		Citigroup/Deutsche Bank Commercial Mortgage Trust Series 2006-CD3
		(Class A5)	5.617	10/15/48	Aaa		10,549
8,799,903		Citimortgage Alternative Loan Trust Series 2006-A1 (Class 2A1)	5.250	03/25/21	Aaa		8,673
3,875,991		Countrywide Home Loan Mortgage Pass Through Trust
		Series 2005-17 (Class 1A10)	5.250	09/25/35	N/R		3,859
4,500,000	i	Credit Suisse Mortgage Capital Certificates Series 2006-C1 (Class A4)	5.609	02/15/39	N/R		4,514
4,800,000		Credit Suisse Mortgage Capital Certificates Series 2006-C4 (Class A3)	5.467	09/15/39	Aaa		4,766
5,000,000		Credit Suisse Mortgage Capital Certificates Series 2006-C5 (Class A3)	5.311	12/15/39	Aaa		4,907
7,000,000	i	Credit Suisse/Morgan Stanley Commercial Mortgage Certificate
		Series HC1A (Class A1)	5.943	05/15/23	Aaa		6,975
5,970,579		CS First Boston Mortgage Securities Corp Series 2005-5 (Class 7A1)	6.000	07/25/35	Aaa		5,958
25,000,000		GS Mortgage Securities Corp II Series 2001-ROCK (Class A2)	6.624	05/03/18	Aaa		26,485
10,000,000	i	GS Mortgage Securities Corp II Series 2001-ROCK (Class BFL)	6.145	05/03/18	Aaa		10,139
3,000,000		GS Mortgage Securities Corp II Series 2006-GG8 (Class A4)	5.560	11/10/39	Aaa		3,002
5,000,000	i	GS Mortgage Securities Corp II Series 2007-GG10 (Class A2)	5.778	08/10/45	Aaa		5,082
1,000,000		JP Morgan Chase Commercial Mortgage Securities Corp
		Series 2002-C1 (Class A3)	5.376	07/12/37	Aaa		1,006
9,000,000	i	JP Morgan Chase Commercial Mortgage Securities Corp
		Series 2003-CB6 (Class A2)	5.255	07/12/37	Aaa		8,965
6,000,000		JP Morgan Chase Commercial Mortgage Securities Corp
		Series 2007-CB18 (Class A4)	5.440	06/12/47	Aaa		5,917
5,000,000	i	JP Morgan Chase Commercial Mortgage Securities Corp
		Series 2007-LD11 (Class AJ)	6.007	06/15/49	Aaa		4,912
3,100,000		LB-UBS Commercial Mortgage Trust Series 2005-C3 (Class A2)	4.553	07/15/30	Aaa		3,066
3,000,000	i	LB-UBS Commercial Mortgage Trust Series 2005-C5 (Class AJ)	5.057	09/15/40	N/R		2,837
716,603		MASTR Asset Securitization Trust Series 2005-2 (Class 3A1)	5.000	10/25/20	Aaa		708
10,000,000	i	Merrill Lynch Mortgage Trust Series 2003-KEY1 (Class A4)	5.236	11/12/35	N/R		9,922
2,675,000	i	Merrill Lynch Mortgage Trust Series 2005-LC1 (Class A4)	5.291	01/12/44	Aaa		2,646
1,300,000	i	Merrill Lynch Mortgage Trust Series 2006-C1 (Class A4)	5.843	05/12/39	N/R		1,320
2,300,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust
		Series 2006-1 (Class A4)	5.607	02/12/39	N/R		2,299
10,000,000		Morgan Stanley Capital I Series 2005-HQ5 (Class A2)	4.809	01/14/42	N/R		9,954
5,000,000	i	Morgan Stanley Capital I Series 2006-HE1 (Class A2)	5.251	01/25/36	Aaa		4,969

281

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)
$     4,400,000		Morgan Stanley Capital I Series 2006-HQ10 (Class A4)	5.328%	11/12/41	Aaa	$	4,332
350,000	i	Morgan Stanley Capital I Series 2006-HQ8 (Class AJ)	5.641	03/12/44	Aaa		341
1,211,000	i	Morgan Stanley Capital I Series 2006-HQ9 (Class A4)	5.731	07/12/44	N/R		1,227
2,500,000	i	Morgan Stanley Capital I Series 2006-IQ11 (Class A4)	5.944	10/15/42	N/R		2,545
1,500,000	i	Morgan Stanley Capital I Series 2006-T21 (Class AJ)	5.273	10/12/52	Aaa		1,432
4,000,000		Morgan Stanley Capital I Series 2007-HQ11 (Class A31)	5.439	02/12/44	Aaa		3,958
5,605,356		Residential Funding Mortgage Security I Series 2004-S5
		(Class 2A1)	4.500	05/25/19	N/R		5,383
3,000,000	i	Wachovia Bank Commercial Mortgage Trust Series 2005-C20
		(Class A7)	5.118	07/15/42	Aaa		2,933
2,700,000	i	Wachovia Bank Commercial Mortgage Trust Series 2006-C24
		(Class A3)	5.558	03/15/45	Aaa		2,705
4,700,000		Wachovia Bank Commercial Mortgage Trust Series 2007-C30
		(Class AM)	5.383	12/15/43	Aaa		4,542
4,000,000		Wachovia Bank Commercial Mortgage Trust Series 2007-C31
		(Class A2)	5.421	04/15/47	Aaa		4,004
11,780,438		Wells Fargo Mortgage Backed Securities Trust Series 2003-16
		(Class 2A1)	4.500	12/25/18	N/R		11,291
2,754,586		Wells Fargo Mortgage Backed Securities Trust Series 2005-1
		(Class 2A1)	5.000	01/25/20	Aaa		2,707
		TOTAL OTHER MORTGAGE BACKED SECURITIES					271,967
PAPER AND ALLIED PRODUCTS - 0.13%
5,000,000		Bemis Co, Inc	4.875	04/01/12	Baa1		4,912
7,000,000		Kimberly-Clark Corp	6.625	08/01/37	A2		7,461
		TOTAL PAPER AND ALLIED PRODUCTS					12,373
PETROLEUM AND COAL PRODUCTS - 0.08%
6,500,000		Sunoco, Inc	4.875	10/15/14	Baa2		6,168
1,500,000		Valero Energy Corp	6.625	06/15/37	Baa3		1,522
		TOTAL PETROLEUM AND COAL PRODUCTS					7,690
PIPELINES, EXCEPT NATURAL GAS - 0.03%
2,500,000		Kinder Morgan Energy Partners LP	7.300	08/15/33	Baa2		2,619
		TOTAL PIPELINES, EXCEPT NATURAL GAS					2,619
PRINTING AND PUBLISHING - 0.11%
5,000,000		Dow Jones & Co, Inc	3.875	02/15/08	Baa1		4,974
2,500,000		Dun & Bradstreet Corp	5.500	03/15/11	N/R		2,529
3,000,000		EW Scripps Co	4.300	06/30/10	A2		2,943
		TOTAL PRINTING AND PUBLISHING					10,446
RAILROAD TRANSPORTATION - 0.13%
2,000,000		CSX Corp	6.000	10/01/36	Baa3		1,873
1,900,000		CSX Transportation, Inc	7.820	04/01/11	N/R		2,075
2,500,000		Norfolk Southern Corp	5.590	05/17/25	Baa1		2,295
4,815,000		Norfolk Southern Corp	5.640	05/17/29	Baa1		4,375
460,149	g	Sea-Land Service, Inc	6.600	01/02/11	Baa3		472
460,149	g	Sea-Land Service, Inc	6.600	01/02/11	Baa3		472
460,149	g	Sea-Land Service, Inc	6.600	01/02/11	Baa3		472
		TOTAL RAILROAD TRANSPORTATION					12,034
REAL ESTATE - 0.01%
1,000,000	g,i	USB Realty Corp	6.091	12/30/49	A1		960
		TOTAL REAL ESTATE					960

282

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)
SECURITY AND COMMODITY BROKERS - 0.33%
$     2,292,000		Charles Schwab Corp	8.050%	03/01/10	A2	$	2,442
1,500,000	v	Eaton Vance Corp	6.500	10/02/17	A3		1,509
3,000,000	i	Goldman Sachs Capital II	5.793	12/30/49	A2		2,839
3,000,000		Goldman Sachs Group, Inc	5.000	01/15/11	Aa3		2,979
2,500,000		Goldman Sachs Group, Inc	4.750	07/15/13	Aa3		2,386
2,000,000		Goldman Sachs Group, Inc	5.625	01/15/17	A1		1,940
1,000,000		Goldman Sachs Group, Inc	6.750	10/01/37	A1		1,005
5,000,000		Jefferies Group, Inc	6.450	06/08/27	Baa1		4,698
5,775,000		Legg Mason, Inc	6.750	07/02/08	A2		5,815
5,000,000		Merrill Lynch & Co, Inc	6.220	09/15/26	A1		4,897
		TOTAL SECURITY AND COMMODITY BROKERS					30,510
SOCIAL SERVICES - 0.12%
2,000,000		American National Red Cross	5.392	11/15/12	Aaa		2,035
4,000,000		American National Red Cross	5.567	11/15/17	Aaa		4,073
5,145,000		Salvation Army	5.637	09/01/26	Aaa		5,170
		TOTAL SOCIAL SERVICES					11,278
STONE, CLAY, AND GLASS PRODUCTS - 0.05%
2,500,000		3M Co	6.375	02/15/28	Aa1		2,659
1,000,000		Martin Marietta Materials, Inc	5.875	12/01/08	Baa1		1,004
1,000,000		Martin Marietta Materials, Inc	6.875	04/01/11	Baa1		1,051
		TOTAL STONE, CLAY, AND GLASS PRODUCTS					4,714
TRANSPORTATION BY AIR - 0.12%
3,000,000		FedEx Corp	5.500	08/15/09	Baa2		3,034
5,000,000	i	JetBlue Airways Corp	6.008	11/15/16	Aaa		4,931
3,000,000		Southwest Airlines Co	5.125	03/01/17	Baa1		2,764
		TOTAL TRANSPORTATION BY AIR					10,729
TRANSPORTATION EQUIPMENT - 0.05%
3,821,509	g	Southern Capital Corp	5.700	06/30/22	Aaa		3,863
1,000,000		Union Tank CAR Co	6.790	05/01/10	A1		1,048
		TOTAL TRANSPORTATION EQUIPMENT					4,911
TRANSPORTATION SERVICES - 0.07%
1,693,147	g	GATX Corp	5.697	01/02/25	A3		1,626
5,000,000	g	TTX Co	3.875	03/01/08	Baa1		4,961
		TOTAL TRANSPORTATION SERVICES					6,587
TRUCKING AND WAREHOUSING - 0.05%
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		1,741
2,500,000		United Parcel Service, Inc	8.375	04/01/20	Aaa		3,137
		TOTAL TRUCKING AND WAREHOUSING					4,878
WHOLESALE TRADE-DURABLE GOODS - 0.03%
3,000,000		Reliance Steel & Aluminum Co	6.200	11/15/16	Baa3		2,967
		TOTAL WHOLESALE TRADE-DURABLE GOODS					2,967
WHOLESALE TRADE-NONDURABLE GOODS - 0.18%
2,500,000		Procter & Gamble Co	8.750	06/01/22	Aa3		3,232
5,000,000		Procter & Gamble Co	5.550	03/05/37	Aa3		4,777
5,000,000		Sysco Corp	7.160	04/15/27	A1		5,539

283

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)
$     3,000,000		Sysco International Co	6.100%	06/01/12	A1	$	3,116
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS					16,664
		TOTAL CORPORATE BONDS					1,559,395
		(Cost $1,575,424)
GOVERNMENT BONDS - 22.39%
AGENCY SECURITIES - 2.70%
3,778,722		Cal Dive I- Title XI, Inc	4.930	02/01/27	N/R		3,676
4,500,000		Egypt Government AID Bonds	4.450	09/15/15	Aaa		4,365
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)	6.000	07/30/18	Aaa		2,002
7,500,000		Federal Home Loan Mortgage Corp (FHLMC)	5.125	10/24/07	Aaa		7,500
2,450,000		FHLMC	4.375	11/16/07	Aaa		2,448
13,000,000		FHLMC	3.500	05/21/08	Aaa		12,894
3,500,000		FHLMC	2.650	05/30/08	Aaa		3,452
10,000,000		FHLMC	5.000	09/16/08	Aaa		10,037
7,000,000	e	FHLMC	5.500	08/20/12	Aaa		7,258
6,500,000	e	FHLMC	4.500	07/15/13	Aaa		6,425
8,500,000		FHLMC	5.750	06/27/16	Aa2		8,847
12,500,000	e	Federal National Mortgage Association (FNMA)	5.375	06/12/17	Aaa		12,855
6,150,000		FNMA	5.625	07/15/37	Aaa		6,466
10,963,000	j	Government Trust Certificate	0.000	11/15/07	N/R		10,910
4,000,000	j	Government Trust Certificate	0.000	04/01/21	N/R		1,968
4,116,290		New Valley Generation II	5.572	05/01/20	Aaa		4,169
4,096,742		New Valley Generation III	4.929	01/15/21	Aaa		3,909
504,607		New Valley Generation III	4.687	01/15/22	Aaa		491
10,100,000	j	Overseas Private Investment Corp	0.000	09/15/08	N/R		11,803
2,500,000	j,v	Overseas Private Investment Corp	0.000	07/31/11	N/R		2,576
2,808,695	v	Overseas Private Investment Corp	5.410	12/15/11	N/R		2,841
5,878,000		Overseas Private Investment Corp	4.050	11/15/14	N/R		5,750
2,990,039		Overseas Private Investment Corp	3.420	01/15/15	N/R		2,886
7,304,129		Overseas Private Investment Corp	3.740	04/15/15	N/R		7,144
2,858,000		Private Export Funding Corp	3.400	02/15/08	Aaa		2,842
3,500,000		Private Export Funding Corp	5.870	07/31/08	Aaa		3,534
3,800,000		Private Export Funding Corp	7.200	01/15/10	Aaa		4,025
10,000,000		Private Export Funding Corp	4.900	12/15/11	Aaa		10,118
20,085,000		Private Export Funding Corp	4.974	08/15/13	Aaa		20,370
10,860,000		Private Export Funding Corp	4.950	11/15/15	Aaa		10,903
11,900,000		Private Export Funding Corp	5.000	12/15/16	Aaa		11,911
14,500,000	v	Private Export Funding Corp	5.450	09/15/17	Aaa		14,870
16,025,000		Tennessee Valley Authority	5.880	04/01/36	N/R		17,339
5,007,000		US Department of Housing and Urban Development	5.380	08/01/18	N/R		5,095
7,831,855	g	US Trade Funding Corp	4.260	11/15/14	N/R		7,800
		TOTAL AGENCY SECURITIES					251,479
FOREIGN GOVERNMENT BONDS - 1.25%
1,500,000		Development Bank of Japan	4.250	06/09/15	Aaa		1,412
2,750,000		Eksportfinans A/S	5.000	02/14/12	Aaa		2,781
5,000,000		European Investment Bank	5.125	09/13/16	Aaa		5,013
2,000,000		European Investment Bank	4.875	02/15/36	Aaa		1,852
5,000,000	g	Federal Republic of Germany	3.875	06/01/10	Aaa		4,924
6,082,000		Hydro Quebec	8.400	01/15/22	Aa2		7,861
25,000,000	g	Hypothekenbank in Essen AG.	5.000	01/20/12	Aaa		25,222

284

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)
$     5,000,000	g	International Finance Facility for Immunisation	5.000%	11/14/11	Aaa	$	5,008
2,850,000		Italy Government International Bond	5.375	06/12/17	N/R		2,903
5,000,000		Landwirtschaftliche Rentenbank	5.125	02/01/17	Aaa		4,998
5,000,000		Oesterreichische Kontrollbank AG.	5.000	04/25/17	Aaa		4,970
10,000,000		Province of Manitoba Canada	5.000	02/15/12	Aa1		10,090
5,000,000		Province of Ontario	4.750	01/19/16	Aa1		4,883
7,500,000		Province of Quebec Canada	5.125	11/14/16	Aa2		7,503
5,000,000		Province of Quebec Canada	7.500	09/15/29	Aa2		6,222
10,000,000		Province of Saskatchewan Canada	8.000	02/01/13	Aa1		11,318
5,000,000		Svensk Exportkredit AB	4.125	10/15/08	Aa1		4,983
4,800,000		Svensk Exportkredit AB	5.125	03/01/17	Aa1		4,746
		TOTAL FOREIGN GOVERNMENT BONDS					116,689
MORTGAGE BACKED SECURITIES - 13.39%
1,352,923		Federal Home Loan Mortgage Corp (FHLMC)	6.000	09/15/16			1,383
6,000,000		FHLMC	5.000	06/15/29			5,968
2,397,402		FHLMC	6.000	12/15/30			2,417
9,000,000		FHLMC	5.000	06/15/31			8,828
7,000,000		FHLMC	5.500	05/15/33			6,888
5,221,782		FHLMC	4.500	09/15/35			5,020
6,059,711	i	FHLMC	5.090	02/01/36			6,057
4,222,331	i	FHLMC	5.013	09/01/36			4,298
18,897,202	i	FHLMC	6.133	09/01/36			19,091
10,830,171	i	FHLMC	5.719	02/01/37			10,889
16,166,567	i	FHLMC	5.650	03/01/37			16,573
20,872,726	i	FHLMC	5.798	03/01/37			21,056
11,613,040	i	FHLMC	5.881	04/01/37			11,584
151,614		Federal Home Loan Mortgage Corp Gold (FGLMC)	6.000	03/01/11			153
566,287		FGLMC	6.500	12/01/16			581
922,012		FGLMC	6.000	12/01/17			936
5,727,644		FGLMC	4.500	10/01/18			5,528
6,968,354		FGLMC	4.500	11/01/18			6,725
7,861,047		FGLMC	4.500	11/01/18			7,587
8,580,288		FGLMC	4.500	01/01/19			8,267
3,668,449		FGLMC	5.500	01/01/19			3,665
3,500,666		FGLMC	5.000	02/01/19			3,438
584,371		FGLMC	4.500	07/01/20			563
564,555	d	FGLMC	7.000	10/01/20			588
5,374,141		FGLMC	4.500	06/01/21			5,174
19,863,030		FGLMC	4.500	06/01/21			19,122
32,493		FGLMC	7.000	05/01/23			34
268,267	d	FGLMC	8.000	01/01/31			284
6,200,409		FGLMC	5.500	09/01/33			6,089
5,121,742		FGLMC	5.500	09/01/33			5,029
14,907,961		FGLMC	5.500	12/01/33			14,644
15,364,331		FGLMC	5.000	01/01/34			14,707
2,335,470		FGLMC	5.500	12/01/34			2,292
16,404,029		FGLMC	4.500	04/01/35			15,243
1,394,516		FGLMC	6.000	05/01/35			1,397
2,608,923		FGLMC	6.000	05/01/35			2,614
1,858,088		FGLMC	6.000	05/01/35			1,862
3,091,320		FGLMC	6.000	05/01/35			3,097
1,223,502		FGLMC	6.000	05/01/35			1,226
1,096,569		FGLMC	6.000	05/01/35			1,099
2,596,790		FGLMC	5.500	06/01/35			2,546
2,899,363		FGLMC	6.000	08/01/35			2,905

285

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
			MATURITY		VALUE
PRINCIPAL			DATE		(000)
$     2,732,816		FGLMC	09/01/35	$	2,539
7,797,380		FGLMC	09/01/35		7,245
6,268,001		FGLMC	09/01/35		5,824
13,515,677		FGLMC	09/01/35		12,914
2,871,597		FGLMC	10/01/35		2,744
3,307,950		FGLMC	11/01/35		3,161
1,015,061		FGLMC	12/01/35		943
2,437,557		FGLMC	01/01/36		2,523
10,547,869		FGLMC	04/01/36		10,330
863,396		FGLMC	05/01/36		879
3,687,809		FGLMC	10/01/36		3,755
1,619,594		FGLMC	12/01/36		1,636
17,628,973		FGLMC	01/01/37		17,264
10,300,145		FGLMC	04/01/37		10,086
25,494,347		FGLMC	05/01/37		24,964
4,800,000	h	FGLMC	09/01/37		4,806
42,470		Federal National Mortgage Association (FNMA)	06/01/11		44
32,696		FNMA	07/01/11		34
6,125		FNMA	08/01/11		6
9,379		FNMA	09/01/11		10
1,010		FNMA	10/01/11		1
27,872		FNMA	10/01/11		29
6,205		FNMA	10/01/11		6
232,768		FNMA	04/01/12		241
13,949		FNMA	09/01/12		14
167,878		FNMA	06/01/13		168
2,818,780		FNMA	07/01/13		2,722
4,458,377		FNMA	08/01/13		4,197
2,694,554		FNMA	05/01/14		2,584
4,333,056		FNMA	06/01/14		4,112
3,138,052		FNMA	10/01/14		3,027
12,565		FNMA	11/01/14		13
7,109,350		FNMA	06/25/16		7,178
452,377		FNMA	10/01/16		464
1,652,344	d	FNMA	04/01/17		1,693
759,166		FNMA	02/01/18		777
2,992,003		FNMA	03/01/18		2,992
573,759	d	FNMA	04/01/18		574
68,047		FNMA	05/01/18		68
13,420,256		FNMA	11/01/18		13,419
5,782,173		FNMA	12/01/18		5,684
4,634,002		FNMA	01/01/19		4,555
641,203		FNMA	01/01/19		650
645,706		FNMA	02/01/19		654
600,000		FNMA	02/25/19		548
273,470		FNMA	03/01/19		263
6,278,835		FNMA	03/01/19		6,166
836,985		FNMA	05/01/19		807
52,395		FNMA	03/01/23		55
337,790		FNMA	01/01/24		327
1,018,804		FNMA	02/01/24		1,008
154,488		FNMA	07/01/24		163
28,818,608		FNMA	10/01/25		27,825
11,904,712		FNMA	03/01/32		12,019
602,285		FNMA	02/01/33		577
5,449,235		FNMA	03/25/33		5,280

286

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$     1,223,656		FNMA	5.500%	06/01/33	$	1,202
1,643,000		FNMA	5.500	07/01/33		1,614
2,748,600		FNMA	4.500	08/01/33		2,556
1,626,490		FNMA	5.000	08/01/33		1,557
2,711,193		FNMA	6.000	08/01/33		2,725
6,000,000		FNMA	5.500	08/25/33		5,955
387,639		FNMA	4.500	09/01/33		361
1,866,574		FNMA	5.000	10/01/33		1,787
1,804,421		FNMA	5.000	10/01/33		1,727
2,332,010		FNMA	5.000	11/01/33		2,232
2,060,668		FNMA	5.500	11/01/33		2,024
2,404,559		FNMA	5.500	11/01/33		2,362
3,069,379		FNMA	5.500	11/01/33		3,015
3,657,193		FNMA	5.500	11/01/33		3,592
2,701,671		FNMA	5.500	11/01/33		2,654
704,269		FNMA	5.500	12/01/33		692
473,798		FNMA	5.500	12/01/33		465
1,411,885		FNMA	5.500	12/01/33		1,387
1,862,441		FNMA	5.500	01/01/34		1,829
237,308		FNMA	7.000	01/01/34		246
606,704		FNMA	5.000	03/01/34		581
788,336		FNMA	5.000	03/01/34		755
1,720,849		FNMA	5.000	03/01/34		1,647
680,620		FNMA	5.000	03/01/34		652
9,345,077		FNMA	5.000	03/01/34		8,946
5,219,008		FNMA	5.000	04/01/34		4,991
78,549		FNMA	4.500	05/01/34		73
68,535		FNMA	4.500	05/01/34		64
1,466,893		FNMA	4.500	05/01/34		1,362
108,398		FNMA	4.500	06/01/34		101
66,344		FNMA	4.500	06/01/34		62
280,337		FNMA	4.500	06/01/34		260
70,887		FNMA	4.500	06/01/34		66
221,090		FNMA	4.500	07/01/34		205
66,030		FNMA	4.500	07/01/34		61
197,739		FNMA	4.500	07/01/34		184
1,853,680		FNMA	4.500	08/01/34		1,721
113,893		FNMA	4.500	08/01/34		106
31,299,703		FNMA	5.000	08/01/34		29,935
81,669		FNMA	4.500	09/01/34		76
5,000,000		FNMA	5.500	10/25/34		4,880
14,175,985		FNMA	5.000	11/01/34		13,570
14,990,592		FNMA	5.500	01/01/35		14,713
4,292,983		FNMA	5.500	01/01/35		4,213
25,696,183		FNMA	5.500	02/01/35		25,221
31,444,905		FNMA	5.500	02/01/35		30,888
5,793,254		FNMA	5.000	02/25/35		5,725
945,109	d	FNMA	5.500	03/01/35		927
2,578,116		FNMA	5.500	04/01/35		2,528
3,577,745		FNMA	5.500	04/01/35		3,509
17,440,923		FNMA	5.500	04/01/35		17,118
2,719,371		FNMA	5.500	04/01/35		2,667
30,638,560		FNMA	5.500	04/01/35		30,046
12,177,196		FNMA	5.500	04/01/35		11,942
848,574		FNMA	5.500	05/01/35		832
933,811		FNMA	5.500	05/01/35		916

287

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$     5,075,933		FNMA	5.500%	05/01/35	$	4,978
1,220,775		FNMA	5.500	05/01/35		1,197
5,961,492		FNMA	6.000	05/01/35		5,975
4,194,092		FNMA	5.500	06/01/35		4,113
3,371,422		FNMA	5.500	06/01/35		3,306
3,295,868		FNMA	5.500	06/01/35		3,232
349,603		FNMA	7.500	06/01/35		362
907,137		FNMA	6.000	07/01/35		909
8,634,250		FNMA	5.000	09/01/35		8,250
18,747,510		FNMA	5.500	09/01/35		18,415
11,658,964		FNMA	4.000	10/01/35		10,528
6,255,183		FNMA	5.000	10/01/35		5,976
13,359,982		FNMA	5.500	10/01/35		13,102
8,556,557		FNMA	5.500	11/01/35		8,391
3,765,231	i	FNMA	5.736	02/01/36		3,802
1,833,119		FNMA	6.500	02/01/36		1,869
1,798,496		FNMA	6.500	02/01/36		1,831
21,463,753		FNMA	6.000	03/01/36		21,499
4,293,604		FNMA	5.500	04/01/36		4,211
11,571,679	i	FNMA	5.801	06/01/36		11,859
5,688,110	i	FNMA	5.971	07/01/36		5,827
37,585,323	i	FNMA	5.739	09/01/36		37,910
9,092,488		FNMA	6.000	10/01/36		9,108
6,347,447		FNMA	6.500	12/01/36		6,416
35,322,781	i	FNMA	5.883	01/01/37		35,685
2,749,467		FNMA	7.000	02/01/37		2,838
1,953,998		FNMA	7.000	04/01/37		2,017
13,881,887		FNMA	6.000	06/01/37		13,903
7,206,821	h	FNMA	6.000	08/01/37		7,218
12,876,990		FNMA	6.000	08/01/37		12,792
1,625,224	h	FNMA	6.500	08/01/37		1,655
4,170,704	h	FNMA	6.000	09/01/37		4,177
4,417,820	h	FNMA	6.000	09/01/37		4,424
25,450,000	v	FNMA	6.000	09/01/37		25,364
3,303,787	h	FNMA	6.000	09/01/37		3,309
2,635,213	h	FNMA	6.000	09/01/37		2,639
1,225,665	h	FNMA	6.500	09/01/37		1,248
4,200,000	h	FNMA	6.500	09/01/37		4,277
1,954,036	h	FNMA	6.500	09/01/37		1,990
3,668,098	h	FNMA	6.500	09/01/37		3,735
2,672,035	h,i	FNMA	5.934	10/01/37		2,770
3,443,886	h	FNMA	6.000	10/01/37		3,449
54,000,000	h	FNMA	6.000	11/25/37		54,017
36,000,000	h	FNMA	6.500	11/25/37		36,619
24,406		Government National Mortgage Association (GNMA)	8.500	10/15/09		25
4,937		GNMA	8.500	12/15/09		5
77,435		GNMA	9.000	12/15/09		80
5,162,123		GNMA	6.250	12/15/11		5,281
4,133,455		GNMA	5.220	04/15/15		4,145
155,377		GNMA	9.000	12/15/17		167
105,312		GNMA	8.000	06/15/22		112
52,158		GNMA	6.500	08/15/23		53
13,983		GNMA	6.500	08/15/23		14
18,933		GNMA	6.500	09/15/23		19
10,000,000		GNMA	4.500	11/16/29		9,713
11,936,467		GNMA	4.385	08/16/30		11,787

288

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$     421,305	d	GNMA	6.500%	05/20/31	$	431
169,261		GNMA	5.000	06/20/33		163
4,515,200		GNMA	5.500	09/15/33		4,458
2,319,405		GNMA	5.500	11/20/33		2,282
165,034		GNMA	5.000	03/20/34		158
2,874,898		GNMA	5.000	06/20/34		2,761
277,352		GNMA	5.000	07/20/34		266
2,060,298		GNMA	5.000	02/20/35		1,978
8,941,970		GNMA	5.000	03/20/35		8,584
2,093,030		GNMA	5.500	03/20/35		2,058
11,238,512		GNMA	5.500	12/20/35		11,050
21,000,000	h	GNMA	5.500	10/15/37		20,705
		TOTAL MORTGAGE BACKED SECURITIES				1,245,026
MUNICIPAL BONDS - 1.11%
1,860,000		Allegheny County Redevelopment Authority	5.000	09/01/11		1,851
2,500,000		Atlanta Urban Residential Finance Authority	5.068	12/01/11		2,499
4,500,000		Basin Electric Power Coop	6.127	06/01/41		4,738
2,390,000		Charlotte-Mecklenburg Hospital Authority	5.000	08/01/15		2,327
3,000,000		City of Chicago IL	5.200	01/01/09		3,013
4,000,000		City of Dallas TX	5.078	02/15/22		3,804
1,500,000		City of Dallas TX	5.195	02/15/35		1,398
985,000		City of Eugene OR	6.320	08/01/22		1,037
5,000,000		City of New York NY	4.500	06/01/15		4,769
8,210,000		City of New York NY	7.550	11/15/20		8,316
1,055,000	j	City of Oakland CA	0.000	12/15/11		851
1,075,000		County of Harnett NC	5.150	05/01/12		1,073
3,000,000		County of Mercer NJ	5.380	02/01/17		2,979
585,000		County of Sacramento CA	6.875	08/15/08		595
1,680,000		Douglas County Public Utility District No 1 Wells Hydroelectric	5.112	09/01/18		1,603
1,400,000		Elkhart Redevelopment District	5.500	06/15/18		1,419
8,500,000		Fiscal Year 2005 Securitization Corp	4.760	08/15/19		8,122
2,000,000		Guadalupe Valley Electric Coop, Inc	5.671	10/01/32		1,975
1,000,000		Kansas Development Finance Authority	4.592	05/01/14		959
1,350,000		Kansas Development Finance Authority	4.722	05/01/15		1,294
3,000,000		Metropolitan Washington Airports Authority	5.690	10/01/30		2,928
1,000,000		Minnesota State Municipal Power Agency	4.510	10/01/09		994
5,000,000		Mississippi Development Bank Special Obligation	5.320	07/01/14		5,002
3,675,000		New York City Housing Development Corp	4.660	11/01/10		3,659
2,180,000		New York State Environmental Facilities Corp	6.000	03/15/09		2,215
5,000,000		New York State Environmental Facilities Corp	4.900	12/15/11		4,980
2,500,000		Newport News Economic Development Authority	5.640	01/15/29		2,454
2,500,000		Oklahoma Capital Improvement Authority	5.180	07/01/14		2,482
1,100,000		San Dieguito Public Facilities Authority	7.000	08/01/18		1,140
5,570,000		State of Illinois	4.350	06/01/18		5,094
975,000		State of New Jersey	6.450	02/01/18		995
3,265,000		State of Texas	4.900	08/01/20		3,038
6,090,000		State of Washington	5.050	01/01/18		5,934
1,033,000		State of Wisconsin	5.700	05/01/26		1,046
4,250,000		Tennessee State School Bond Authority	7.750	05/01/15		4,541
2,025,000		University Central Fl University Revenues	5.125	10/01/20		1,898
		TOTAL MUNICIPAL BONDS				103,022
U.S. TREASURY SECURITIES - 3.94%
50,000,000	e	United States Treasury Bond	8.000	11/15/21		65,945
13,700,000	e	United States Treasury Bond	5.250	02/15/29		14,359

289

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$     8,176,000	e	United States Treasury Bond	5.375%	02/15/31	$	8,752
3,550,000	e	United States Treasury Bond	4.500	02/15/36		3,366
4,748,000	e	United States Treasury Bond	4.750	02/15/37		4,682
21,592,210	k	United States Treasury Inflation Indexed Note	3.875	01/15/09		22,034
30,676,887	e,k	United States Treasury Inflation Indexed Note	0.875	04/15/10		29,658
950,000	e	United States Treasury Note	4.875	10/31/08		958
2,600,000	e	United States Treasury Note	4.500	03/31/09		2,620
11,700,000	e	United States Treasury Note	4.500	05/15/10		11,847
21,239,000	e	United States Treasury Note	4.750	05/31/12		21,722
17,375,000	e	United States Treasury Note	4.625	07/31/12		17,678
40,450,000	e	United States Treasury Note	4.125	08/31/12		40,286
25,000,000		United States Treasury Note	4.250	09/30/12		25,024
29,685,000	e	United States Treasury Note	4.500	05/15/17		29,518
57,660,000	e	United States Treasury Note	4.750	08/15/17		58,435
25,000,000	j	United States Treasury Strip Principal	0.000	08/15/27		9,370
		TOTAL U.S. TREASURY SECURITIES				366,254
		TOTAL GOVERNMENT BONDS				2,082,470
		(Cost $2,088,058)
		TOTAL BONDS				3,641,865
		(Cost $3,663,482)
SHARES
PREFERRED STOCKS - 0.07%
COMMUNICATIONS - 0.05%
200,000		Telephone & Data Systems, Inc				4,718
		TOTAL COMMUNICATIONS				4,718
DEPOSITORY INSTITUTIONS - 0.02%
84,000		Bank of America Corp				2,066
		TOTAL DEPOSITORY INSTITUTIONS				2,066
		TOTAL PREFERRED STOCKS				6,784
		(Cost $7,167)
COMMON STOCKS - 59.89%
AGRICULTURAL PRODUCTION-CROPS - 0.00% **
4,200	e*	Chiquita Brands International, Inc				66
		TOTAL AGRICULTURAL PRODUCTION-CROPS				66
AMUSEMENT AND RECREATION SERVICES - 0.54%
118,165	*	Activision, Inc				2,551
11,813		International Speedway Corp (Class A)				542
1,370,793		Walt Disney Co				47,141
		TOTAL AMUSEMENT AND RECREATION SERVICES				50,234
APPAREL AND ACCESSORY STORES - 0.38%
112,155		American Eagle Outfitters, Inc				2,951
750	*	AnnTaylor Stores Corp				24
31,689	e	Bebe Stores, Inc				464
3,300	e	Buckle, Inc				125
2,700	e*	Cache, Inc				48
3,931	e*	Casual Male Retail Group, Inc				35

290

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
14,700	e	Cato Corp (Class A)	$	300
1,800	*	Charlotte Russe Holding, Inc		26
67,100	*	Chico's FAS, Inc		943
3,400	e	Christopher & Banks Corp		41
3,973	*	Dress Barn, Inc		68
2,586	*	Finish Line, Inc (Class A)		11
88,808		Foot Locker, Inc		1,361
398,130		Gap, Inc		7,342
3,200	e*	Jo-Ann Stores, Inc		68
145,061	*	Kohl's Corp		8,316
239,620	e	Limited Brands, Inc		5,485
126,438		Nordstrom, Inc		5,929
46,984		Ross Stores, Inc		1,205
1,800	e*	Shoe Carnival, Inc		28
14,007	e	Stage Stores, Inc		255
		TOTAL APPAREL AND ACCESSORY STORES		35,025
APPAREL AND OTHER TEXTILE PRODUCTS - 0.06%
4,650	e*	Gymboree Corp		164
14,000	e	Kellwood Co		239
48,054	e	Liz Claiborne, Inc		1,649
15,280		Polo Ralph Lauren Corp		1,188
26,440	e	VF Corp		2,135
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		5,375
AUTO REPAIR, SERVICES AND PARKING - 0.02%
78,995	e*	Hertz Global Holdings, Inc		1,795
3,400	e	Ryder System, Inc		166
8,800	*	Wright Express Corp		321
		TOTAL AUTO REPAIR, SERVICES AND PARKING		2,282
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.05%
900		Advance Auto Parts		30
21,891	*	Autozone, Inc		2,542
54,400	e*	Carmax, Inc		1,106
14,532	*	Copart, Inc		500
2,200	e*	Rush Enterprises, Inc (Class A)		56
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		4,234
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.63%
15,910		Fastenal Co		722
1,130,226		Home Depot, Inc		36,665
770,808		Lowe's Cos, Inc		21,598
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		58,985
BUSINESS SERVICES - 3.68%
197,100	*	3Com Corp		974
600	e*	Acacia Research (Acacia Technologies)		9
223,445		Accenture Ltd (Class A)		8,994
4,500	e	Administaff, Inc		163
228,703	*	Adobe Systems, Inc		9,985
24,048	*	Alliance Data Systems Corp		1,862
49,392	e*	Ariba, Inc		532
225,855	e*	Art Technology Group, Inc		682
71,407	*	Autodesk, Inc		3,568
446,750		Automatic Data Processing, Inc		20,519

291

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
156,506	*	BEA Systems, Inc	$	2,171
52,912	e*	BearingPoint, Inc		214
12,256	e*	Blue Coat Systems, Inc		965
9,170	e*	Cerner Corp		548
9,200	e*	Checkfree Corp		428
29,200	e*	Ciber, Inc		228
719,664	e*	CMGI, Inc		979
72,373	e*	CNET Networks, Inc		539
76,913	*	Cogent Communications Group, Inc		1,795
39,918	e*	Cogent, Inc		626
4,800	e	Cognex Corp		85
89,838	*	Compuware Corp		721
82,701	*	Convergys Corp		1,436
6,200	e*	CSG Systems International, Inc		132
28,900		Deluxe Corp		1,065
2,603	e*	Digital River, Inc		116
68,453	e*	DST Systems, Inc		5,874
15,200	*	Earthlink, Inc		120
512,677	*	eBay, Inc		20,005
134,601	*	Electronic Arts, Inc		7,536
20,548	e*	Equinix, Inc		1,822
100,576	e*	Expedia, Inc		3,206
11,850	e	Fair Isaac Corp		428
107,614	*	Fiserv, Inc		5,473
8,443	e*	Gartner, Inc		207
12,500	e*	Getty Images, Inc		348
86,362	*	Google, Inc (Class A)		48,991
2,800	*	Hudson Highland Group, Inc		36
2,600	e*	iGate Corp		22
123,843		IMS Health, Inc		3,795
47,677	e*	Informatica Corp		748
3,920	e	infoUSA, Inc		36
208,450	e*	Innovative Solutions & Support, Inc		3,954
80,790	e*	Internap Network Services Corp		1,145
2,232	*	Interwoven, Inc		32
109,664	*	Intuit, Inc		3,323
43,824	e*	Ipass, Inc		184
58,761	e*	Iron Mountain, Inc		1,791
23,200	e	Jack Henry & Associates, Inc		600
3,011	e*	Kforce, Inc		39
28,600	e*	Kinetic Concepts, Inc		1,610
30,399	e	Lamar Advertising Co (Class A)		1,489
53,370	e*	Lionbridge Technologies		213
15,848		Manpower, Inc		1,020
15,736	e	Marchex, Inc (Class B)		150
50,960	e	Mastercard, Inc (Class A)		7,541
3,589,984		Microsoft Corp		105,761
27,800		MoneyGram International, Inc		628
46,510	*	Monster Worldwide, Inc		1,584
220,909	e	NIC, Inc		1,533
222,200	*	Novell, Inc		1,698
249,418		Omnicom Group, Inc		11,994
3,300	e*	Online Resources Corp		42
4,560	e*	Parametric Technology Corp		79
16,200	e	Pegasystems, Inc		193
1,500	e*	Radisys Corp		19

292

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
45,939	e*	RealNetworks, Inc	$	311
64,008		Robert Half International, Inc		1,911
33,306	e*	Salesforce.com, Inc		1,709
140,148	e*	Sapient Corp		940
51,141	e*	Smith Micro Software, Inc		821
18,845	e*	Sohu.com, Inc		711
3,200	*	SonicWALL, Inc		28
291,935	e*	Sonus Networks, Inc		1,781
40,437	*	Spherion Corp		334
1,659,579	*	Sun Microsystems, Inc		9,310
1,300	*	SYKES Enterprises, Inc		22
462,458	e*	Symantec Corp		8,962
17,284	e*	TeleTech Holdings, Inc		413
35,400	*	TIBCO Software, Inc		262
700	*	Tiens Biotech Group USA, Inc		2
94,572	e	Total System Services, Inc		2,627
29,020	e*	TradeStation Group, Inc		339
14,060	e*	Travelzoo, Inc		323
141,052	*	Unisys Corp		934
21,267	e	United Online, Inc		319
14,696	e*	United Rentals, Inc		473
32,414	e*	Vasco Data Security International		1,145
126,642	*	VeriSign, Inc		4,273
2,100	e*	Volt Information Sciences, Inc		37
		TOTAL BUSINESS SERVICES		342,592
CHEMICALS AND ALLIED PRODUCTS - 5.72%
60,343	e*	Abraxis BioScience, Inc		1,378
240,826		Air Products & Chemicals, Inc		23,543
4,770	e*	Alexion Pharmaceuticals, Inc		311
6,874	e*	Alkermes, Inc		126
500	e*	AMAG Pharmaceuticals, Inc		29
25,093	*	American Oriental Bioengineering, Inc		280
584,241	*	Amgen, Inc		33,051
14,752	e*	Arena Pharmaceuticals, Inc		162
4,001	e*	Array Biopharma, Inc		45
21,108	e*	Auxilium Pharmaceuticals, Inc		445
125,700		Avery Dennison Corp		7,167
203,200		Avon Products, Inc		7,626
1,200		Balchem Corp		24
81,034	*	Barr Pharmaceuticals, Inc		4,612
66,184	e*	Bentley Pharmaceuticals, Inc		826
76,640	*	Biogen Idec, Inc		5,084
38,657	e*	BioMarin Pharmaceuticals, Inc		963
14,870	e*	Bradley Pharmaceuticals, Inc		271
1,047,562		Bristol-Myers Squibb Co		30,191
48,000		Cabot Corp		1,705
36,600	e*	Calgon Carbon Corp		511
14,360	e*	Caraco Pharmaceutical Laboratories Ltd		219
19,166	*	Cell Genesys, Inc		73
11,828	e*	Cephalon, Inc		864
2,445		Church & Dwight Co, Inc		115
60,944		Clorox Co		3,717
292,100		Colgate-Palmolive Co		20,833
7,981	*	Cypress Bioscience, Inc		109
21,117		Dade Behring Holdings, Inc		1,612

293

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
77,374	e*	Dendreon Corp	$	595
324,406	e*	Durect Corp		1,778
196,600		Ecolab, Inc		9,279
487,004		Eli Lilly & Co		27,725
56,586	e*	Encysive Pharmaceuticals, Inc		85
29,757	e*	Enzon Pharmaceuticals, Inc		262
700		Estee Lauder Cos (Class A)		30
224,032	*	Forest Laboratories, Inc		8,354
284,107	*	Genentech, Inc		22,166
145,497	*	Genzyme Corp		9,015
22,156	e*	Geron Corp		162
500,172	*	Gilead Sciences, Inc		20,442
49,139		H.B. Fuller Co		1,458
60,776	e*	Human Genome Sciences, Inc		625
24,679	*	Idexx Laboratories, Inc		2,705
25,985	e*	Immucor, Inc		929
41,681	e*	Inverness Medical Innovations, Inc		2,306
13,585	e*	Invitrogen Corp		1,110
174,710	e*	King Pharmaceuticals, Inc		2,048
64,635		Lubrizol Corp		4,205
73,303	e	Mannatech, Inc		594
38,348	e*	Medarex, Inc		543
59,422	e	Medicis Pharmaceutical Corp (Class A)		1,813
1,192,943		Merck & Co, Inc		61,663
27,052	e*	MGI Pharma, Inc		752
108,616	*	Millennium Pharmaceuticals, Inc		1,102
29,899		Minerals Technologies, Inc		2,003
256,616	e*	Mylan Laboratories, Inc		4,096
108,365	e*	Nabi Biopharmaceuticals		440
46,923	e*	Nastech Pharmaceutical Co, Inc		625
71,281	e*	Neurocrine Biosciences, Inc		713
58,514	e*	Noven Pharmaceuticals, Inc		932
1,500	e*	OraSure Technologies, Inc		15
30,895	e*	Pacific Ethanol, Inc		297
31,300	*	Par Pharmaceutical Cos, Inc		581
23,161	e*	PDL BioPharma, Inc		500
63,742	e*	Penwest Pharmaceuticals Co		702
42,492	*	Pharmion Corp		1,961
73,809	e*	Pozen, Inc		816
81,160		PPG Industries, Inc		6,132
283,254		Praxair, Inc		23,725
34,117	e*	Prestige Brands Holdings, Inc		375
1,465,662		Procter & Gamble Co		103,095
23,666	e*	Progenics Pharmaceuticals, Inc		523
181,054	e	Rohm & Haas Co		10,079
58,800		RPM International, Inc		1,408
58,884	e*	Salix Pharmaceuticals Ltd		731
761,745		Schering-Plough Corp		24,094
21,362	*	Sciele Pharma, Inc		556
47,469	e	Sensient Technologies Corp		1,370
55,729	e*	Sepracor, Inc		1,532
148,152		Sigma-Aldrich Corp		7,221
4,300	e*	Somaxon Pharmaceuticals, Inc		44
37,526	e*	SuperGen, Inc		163
6,800	*	United Therapeutics Corp		452
26,481	e*	USANA Health Sciences, Inc		1,158

294

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
25,600		Valspar Corp	$	697
20,070	*	VCA Antech, Inc		838
26,431	*	Vertex Pharmaceuticals, Inc		1,015
75,139	e*	Warner Chilcott Ltd (Class A)		1,335
102,872	*	Watson Pharmaceuticals, Inc		3,333
44,333	e*	Zymogenetics, Inc		579
		TOTAL CHEMICALS AND ALLIED PRODUCTS		531,774
COMMUNICATIONS - 3.20%
3,157	e	Alaska Communications Systems Group, Inc		46
170,470		Alltel Corp		11,878
142,517	*	American Tower Corp (Class A)		6,205
2,675,545		AT&T, Inc		113,202
129,500	*	Cablevision Systems Corp (Class A)		4,525
4,030	*	Centennial Communications Corp		41
189,153	e	Citadel Broadcasting Corp		787
14,000	e	Citizens Communications Co		201
60,300	e*	Cox Radio, Inc (Class A)		787
26,700	e*	Crown Castle International Corp		1,085
117,375	e*	Crown Media Holdings, Inc (Class A)		844
51,450		Embarq Corp		2,861
33,529	e	Entercom Communications Corp (Class A)		648
29,362	e*	Entravision Communications Corp (Class A)		271
66,565	e*	FiberTower Corp		256
54,400	e	Gray Television, Inc		462
16,940	e	Hearst-Argyle Television, Inc		440
175,563	e*	IAC/InterActiveCorp		5,209
300,090	e*	Level 3 Communications, Inc		1,395
290,645	e*	Liberty Global, Inc (Class A)		11,922
125,308	*	Liberty Media Corp - Capital (Series A)		15,642
489,944	*	Liberty Media Holding Corp (Interactive A)		9,412
48,700	e*	Lin TV Corp (Class A)		634
29,120	e*	Mediacom Communications Corp (Class A)		205
48,220	*	NII Holdings, Inc		3,961
79,611	e*	Novatel Wireless, Inc		1,803
34,845	e*	Radio One, Inc (Class D)		130
37,486	e*	SAVVIS, Inc		1,454
15,960	e*	SBA Communications Corp (Class A)		563
31,532	e*	Spanish Broadcasting System, Inc (Class A)		81
1,133,702		Sprint Nextel Corp		21,540
25,756		Telephone & Data Systems, Inc		1,719
4,500	e*	Terremark Worldwide, Inc		32
208,603	*	Time Warner Cable, Inc (Class A)		6,842
122,097	e*	TiVo, Inc		775
4,756	e	USA Mobility, Inc		80
1,456,195		Verizon Communications, Inc		64,480
174,568	e	Windstream Corp		2,465
197,299	e*	XM Satellite Radio Holdings, Inc (Class A)		2,796
		TOTAL COMMUNICATIONS		297,679
DEPOSITORY INSTITUTIONS - 5.29%
1,864		Associated Banc-Corp		55
1,949		Astoria Financial Corp		52
1,858,153		Bank of America Corp		93,409
22,639	e	Bank of Hawaii Corp		1,196
564,458		Bank of New York Mellon Corp		24,915

295

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
443,324		BB&T Corp	$	17,906
17,440		Chittenden Corp		613
30,138		City National Corp		2,095
97,883		Comerica, Inc		5,019
7,378		Commerce Bancorp, Inc		286
2,000	e	Community Bank System, Inc		39
575,297	e	Fifth Third Bancorp		19,491
20,000	e	First Horizon National Corp		533
13,372	e	First Midwest Bancorp, Inc		457
145,801	e*	Fremont General Corp		569
22,979	e	Fulton Financial Corp		330
450		Imperial Capital Bancorp, Inc		13
52,715	e	IndyMac Bancorp, Inc		1,245
1,147	e	International Bancshares Corp		25
2,000	e	Irwin Financial Corp		22
317,811		Keycorp		10,275
91,297	e	M&T Bank Corp		9,445
124,479		Marshall & Ilsley Corp		5,448
540,831		National City Corp		13,569
41,200	e	New York Community Bancorp, Inc		785
22,999	e	NewAlliance Bancshares, Inc		338
121,422		Northern Trust Corp		8,047
22,638		Old National Bancorp		375
8,090		Pacific Capital Bancorp		213
6,493		People's United Financial, Inc		112
250,993		PNC Financial Services Group, Inc		17,093
98,163		Popular, Inc		1,205
48,519	e	Provident Financial Services, Inc		794
537,863	e	Regions Financial Corp		15,856
16,852	e	South Financial Group, Inc		383
84,930		Sovereign Bancorp, Inc		1,447
187,174		State Street Corp		12,758
281,482		SunTrust Banks, Inc		21,300
27,566	e*	SVB Financial Group		1,306
130,894		Synovus Financial Corp		3,672
42,292		UnionBanCal Corp		2,470
1,360,612		US Bancorp		44,261
36,937	e	Valley National Bancorp		819
15,470	e	W Holding Co, Inc		35
1,133,611		Wachovia Corp		56,851
5,478		Washington Federal, Inc		144
818,749		Washington Mutual, Inc		28,910
8,224		Webster Financial Corp		346
1,793,464		Wells Fargo & Co		63,883
19,506	e	Zions Bancorporation		1,339
		TOTAL DEPOSITORY INSTITUTIONS		491,749
EATING AND DRINKING PLACES - 0.83%
35,220	e*	AFC Enterprises		530
10,800		Applebees International, Inc		269
12,843	e	Bob Evans Farms, Inc		388
136,100		Darden Restaurants, Inc		5,697
986,571		McDonald's Corp		53,738
12,376	e	O'Charleys, Inc		188
31,128	e*	Sonic Corp		728
418,208	*	Starbucks Corp		10,957

296

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
5,700	e*	Steak N Shake Co	$	86
76,043	e	Tim Hortons, Inc		2,650
1,900	e	Triarc Cos (Class B)		24
56,151	e	Wendy's International, Inc		1,960
		TOTAL EATING AND DRINKING PLACES		77,215
EDUCATIONAL SERVICES - 0.00% **
700	e*	Corinthian Colleges, Inc		11
900	e	DeVry, Inc		33
		TOTAL EDUCATIONAL SERVICES		44
ELECTRIC, GAS, AND SANITARY SERVICES - 2.99%
615,354	*	AES Corp		12,332
138,985		AGL Resources, Inc		5,507
114,769		Alliant Energy Corp		4,398
30,294		Aqua America, Inc		687
145,521		Atmos Energy Corp		4,121
251,340	e	Avista Corp		5,115
2,700	e	California Water Service Group		104
194,252	e	Centerpoint Energy, Inc		3,114
22,932		Central Vermont Public Service Corp		838
1,200	e	CH Energy Group, Inc		57
334,981	e	Cleco Corp		8,465
112,420	e	CMS Energy Corp		1,891
396,022	e	Consolidated Edison, Inc		18,336
86,970	e	Crosstex Energy, Inc		3,297
557,082	e	El Paso Corp		9,454
319,132	e	Empire District Electric Co		7,209
44,400		Energen Corp		2,536
186,298		Energy East Corp		5,039
750	e	EnergySouth, Inc		38
406,928	e	Hawaiian Electric Industries, Inc		8,834
293,771	e	Idacorp, Inc		9,618
5,500		ITC Holdings Corp		273
41,139	e	Laclede Group, Inc		1,328
20,283	e	Markwest Hydrocarbon, Inc		1,179
48,764		Metal Management, Inc		2,643
91,293	e	MGE Energy, Inc		3,053
228,197	e	National Fuel Gas Co		10,682
27,359	e	New Jersey Resources Corp		1,357
111,362	e	Nicor, Inc		4,777
599,084		NiSource, Inc		11,466
96,476		Northeast Utilities		2,756
35,979	e	Northwest Natural Gas Co		1,644
83,049	e	NSTAR		2,891
462,148		OGE Energy Corp		15,297
96,994		Oneok, Inc		4,598
662,080		Pepco Holdings, Inc		17,929
85,907		Piedmont Natural Gas Co, Inc		2,155
51,584	e	Pinnacle West Capital Corp		2,038
705,565	e	Puget Energy, Inc		17,265
242,944		Questar Corp		12,762
34,491	e	Resource America, Inc (Class A)		545
100,720		Sempra Energy		5,854
318,938		Sierra Pacific Resources		5,017
41,900	e	SJW Corp		1,430

297

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
53,659	e	South Jersey Industries, Inc	$	1,867
30,419		Southwest Gas Corp		861
3,300	e	Southwest Water Co		42
181,646		TECO Energy, Inc		2,984
57,800		UGI Corp		1,502
21,266	e	UIL Holdings Corp		670
218,854	e	Unisource Energy Corp		6,542
45,399	e	Vectren Corp		1,239
15,260	e*	Waste Services, Inc		148
103,197	e	WGL Holdings, Inc		3,497
562,635		Williams Cos, Inc		19,163
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		278,444
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 4.07%
8,400	e*	Adaptec, Inc		32
1,523	*	Advanced Energy Industries, Inc		23
245,970	e*	Advanced Micro Devices, Inc		3,247
2,655	e*	American Superconductor Corp		54
238,433		Ametek, Inc		10,305
55,078	e*	Anadigics, Inc		996
360,694	*	Apple Computer, Inc		55,381
65,892	e*	Arris Group, Inc		814
38,995	e*	Atheros Communications, Inc		1,169
25,900	e	Baldor Electric Co		1,035
33,095	e*	C-COR, Inc		380
2,654,327	*	Cisco Systems, Inc		87,885
657,296	e*	Conexant Systems, Inc		789
2,400	e*	Cree, Inc		75
7,400	e	CTS Corp		95
57,473	e*	Ditech Networks, Inc		303
7,500	*	Dolby Laboratories, Inc (Class A)		261
1,805	e*	DTS, Inc		55
10,485	e*	Energizer Holdings, Inc		1,162
39,446	e*	Evergreen Solar, Inc		352
338,624	e*	Finisar Corp		948
27,204	e*	GrafTech International Ltd		485
13,100	e*	Greatbatch, Inc		348
24,800		Harman International Industries, Inc		2,146
108,382	e*	Harmonic, Inc		1,150
2,834,275		Intel Corp		73,294
29,012	e*	InterDigital, Inc		603
74,873	e*	InterVoice, Inc		703
3,100		Lincoln Electric Holdings, Inc		241
1,068	*	Littelfuse, Inc		38
434,610	e*	LSI Logic Corp		3,225
14,183	e*	Mattson Technology, Inc		123
30,404	e*	Medis Technologies Ltd		395
354,613	*	Micron Technology, Inc		3,936
67,684	e*	Microtune, Inc		407
91,193	e	Molex, Inc		2,456
1,305,468		Motorola, Inc		24,190
277,490	e*	MRV Communications, Inc		688
25,190	*	Novellus Systems, Inc		687
163,771	e*	ON Semiconductor Corp		2,057
7,800	e	Park Electrochemical Corp		262
38,473	e	Plantronics, Inc		1,098

298

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
6,800	e*	Plexus Corp	$	186
12,160	*	Polycom, Inc		327
15,700	e*	Power-One, Inc		80
107,344	e*	Powerwave Technologies, Inc		661
2,906	*	QLogic Corp		39
837,441		Qualcomm, Inc		35,390
43,147	e	RadioShack Corp		891
122,783	e*	RF Micro Devices, Inc		826
1,100	e*	Rogers Corp		45
109,628	e*	Silicon Storage Technology, Inc		353
10,000	e*	Sirenza Microdevices, Inc		173
1,169,119	e*	Sirius Satellite Radio, Inc		4,080
84,452	e*	Sycamore Networks, Inc		344
44,039	e*	Symmetricom, Inc		207
11,100	e	Technitrol, Inc		299
15,703	e*	Tekelec		190
56,053	e	Teleflex, Inc		4,368
265,220	e*	Tellabs, Inc		2,525
748,964		Texas Instruments, Inc		27,405
63,300	*	Thomas & Betts Corp		3,712
105,205	e*	Triquint Semiconductor, Inc		517
7,500	e*	TTM Technologies, Inc		87
176,897		Tyco Electronics Ltd		6,267
2,600	e	Vicor Corp		32
13,207	e	Whirlpool Corp		1,177
127,200		Xilinx, Inc		3,325
11,700	*	Zoltek Cos, Inc		511
19,389	*	Zoran Corp		392
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		378,302
ENGINEERING AND MANAGEMENT SERVICES - 0.43%
17,962	e*	Amylin Pharmaceuticals, Inc		898
24,675	*	Applera Corp (Celera Genomics Group)		347
61,621	e*	Ariad Pharmaceuticals, Inc		285
152,817	*	Celgene Corp		10,897
13,718	e*	CV Therapeutics, Inc		123
18,735	e	Diamond Management & Technology Consultants, Inc		172
59,278	*	Hewitt Associates, Inc (Class A)		2,078
79,816	e*	Incyte Corp		571
45,610	e*	Isis Pharmaceuticals, Inc		683
1,400	e	Landauer, Inc		71
12,351	e*	Lifecell Corp		464
145,828		Moody's Corp		7,350
214,126		Paychex, Inc		8,779
101,060	e	Quest Diagnostics, Inc		5,838
21,643	e*	Regeneron Pharmaceuticals, Inc		385
153,896	e*	Rentech, Inc		333
40,579	e*	Savient Pharmaceuticals, Inc		591
16,700	e*	Telik, Inc		49
23,930	e*	Tetra Tech, Inc		505
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		40,419
FABRICATED METAL PRODUCTS - 0.54%
900	e	Ameron International Corp		95
21,800		Aptargroup, Inc		826
125,760		Commercial Metals Co		3,980

299

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
58,048	e	Dynamic Materials Corp	$	2,780
22,906	e	Gulf Island Fabrication, Inc		879
555,200		Illinois Tool Works, Inc		33,112
2,300	e	Insteel Industries, Inc		35
25,700		Pentair, Inc		853
28,103	e	Silgan Holdings, Inc		1,511
22,346		Snap-On, Inc		1,107
81,524		Stanley Works		4,576
8,500	e	Valmont Industries, Inc		721
		TOTAL FABRICATED METAL PRODUCTS		50,475
FOOD AND KINDRED PRODUCTS - 2.02%
239,625		Campbell Soup Co		8,866
276,409		General Mills, Inc		16,035
279,050		H.J. Heinz Co		12,892
5,540	e*	Hansen Natural Corp		314
137,800		Hershey Co		6,395
34,918		J.M. Smucker Co		1,865
20,275	e*	Jones Soda Co		245
362,763		Kellogg Co		20,315
794,158		Kraft Foods, Inc (Class A)		27,406
10,103	e	Lancaster Colony Corp		386
21,000		McCormick & Co, Inc		755
50,600		Pepsi Bottling Group, Inc		1,881
49,999		PepsiAmericas, Inc		1,622
956,954		PepsiCo, Inc		70,106
213,800		Sara Lee Corp		3,568
20,097	e	Tootsie Roll Industries, Inc		533
2,759		Topps Co, Inc		27
228,099		Wrigley (Wm.) Jr Co		14,651
		TOTAL FOOD AND KINDRED PRODUCTS		187,862
FOOD STORES - 0.16%
17,760	e*	Pathmark Stores, Inc		226
269,010		Safeway, Inc		8,907
80,380		Supervalu, Inc		3,136
44,280	e	Whole Foods Market, Inc		2,168
		TOTAL FOOD STORES		14,437
FORESTRY - 0.09%
112,099	e	Weyerhaeuser Co		8,105
		TOTAL FORESTRY		8,105
FURNITURE AND FIXTURES - 0.42%
15,729	e	Herman Miller, Inc		427
74,700	e	Hillenbrand Industries, Inc		4,110
27,119	e	HNI Corp		976
211,078		Johnson Controls, Inc		24,930
62,244		Leggett & Platt, Inc		1,193
312,073	e	Masco Corp		7,231
2,100	e	Tempur-Pedic International, Inc		75
		TOTAL FURNITURE AND FIXTURES		38,942
FURNITURE AND HOME FURNISHINGS STORES - 0.05%
107,795	e*	Bed Bath & Beyond, Inc		3,678
53,694	e	Circuit City Stores, Inc		425

300

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
2,200	e	Haverty Furniture Cos, Inc	$	19
200	*	Mohawk Industries, Inc		16
800	e	Williams-Sonoma, Inc		26
		TOTAL FURNITURE AND HOME FURNISHINGS STORES		4,164
GENERAL BUILDING CONTRACTORS - 0.12%
301	e*	Avatar Holdings, Inc		15
3,524	e	Brookfield Homes Corp		65
49,500		Centex Corp		1,315
194,299		DR Horton, Inc		2,489
20,602	e*	Hovnanian Enterprises, Inc (Class A)		228
1,120		Lennar Corp (B Shares)		24
62,500		Lennar Corp (Class A)		1,416
292		M/I Homes, Inc		4
25,414	e	MDC Holdings, Inc		1,040
410	e*	NVR, Inc		193
219,436	e	Pulte Homes, Inc		2,986
24,862	e	Ryland Group, Inc		533
42,187	e	Standard-Pacific Corp		232
47,400	e*	Toll Brothers, Inc		948
13,000	e*	WCI Communities, Inc		78
		TOTAL GENERAL BUILDING CONTRACTORS		11,566
GENERAL MERCHANDISE STORES - 0.78%
1,687	e	Bon-Ton Stores, Inc		39
3,600	e*	Cabela's, Inc		85
312,078		Costco Wholesale Corp		19,152
84,497		Family Dollar Stores, Inc		2,244
141,195		JC Penney Co, Inc		8,948
10,500	e*	Retail Ventures, Inc		109
3,300	e	Stein Mart, Inc		25
539,125		Target Corp		34,272
270,921		TJX Cos, Inc		7,876
		TOTAL GENERAL MERCHANDISE STORES		72,750
HEALTH SERVICES - 0.76%
122,038	e*	Alliance Imaging, Inc		1,106
4,293	e*	Bio-Reference Labs, Inc		145
7,620	e	Brookdale Senior Living, Inc		303
109,880	*	Community Health Systems, Inc		3,455
4,670	e*	Corvel Corp		108
42,400	*	DaVita, Inc		2,679
44,118	e*	Edwards Lifesciences Corp		2,175
156,776	*	Express Scripts, Inc		8,751
281,198	e	Health Management Associates, Inc (Class A)		1,951
9,590	e*	Healthways, Inc		518
4,400	e*	Hythiam, Inc		33
72,850	*	Laboratory Corp of America Holdings		5,699
4,400	e*	LHC Group, Inc		94
15,820	e*	LifePoint Hospitals, Inc		475
88,217	*	Lincare Holdings, Inc		3,233
19,599	e*	Medcath Corp		538
63,705	e*	Nektar Therapeutics		562
60,505	e	Omnicare, Inc		2,005
6,780	*	Pediatrix Medical Group, Inc		444
16,900	e*	Psychiatric Solutions, Inc		664

301

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
29,873	*	RehabCare Group, Inc	$	525
24,070	*	Sierra Health Services, Inc		1,016
433,608	*	WellPoint, Inc		34,220
		TOTAL HEALTH SERVICES		70,699
HOLDING AND OTHER INVESTMENT OFFICES - 1.43%
2,476	e	Acadia Realty Trust		67
251,068	e	Allied Capital Corp		7,379
7,100		AMB Property Corp		425
37,900		American Financial Realty Trust		305
47,700		Annaly Mortgage Management, Inc		760
47,600		Anworth Mortgage Asset Corp		257
178,815	*	Archstone-Smith Trust		10,754
3,098	e	Ashford Hospitality Trust, Inc		31
36,567		AvalonBay Communities, Inc		4,317
68,455		Boston Properties, Inc		7,112
600	e	Brandywine Realty Trust		15
3,200	e	Capital Lease Funding, Inc		33
1,200	e	Capital Trust, Inc (Class A)		43
6,414	e	Cedar Shopping Centers, Inc		87
3,360	e	Cherokee, Inc		129
8,409		Colonial Properties Trust		288
4,700		Developers Diversified Realty Corp		263
86,371		Duke Realty Corp		2,920
5,051	e	Equity Inns, Inc		114
286,388		Equity Residential		12,131
8,247		FelCor Lodging Trust, Inc		164
12,044	e	First Industrial Realty Trust, Inc		468
134,884		General Growth Properties, Inc		7,232
2,700	e	Gladstone Capital Corp		53
40,600		HCP, Inc		1,347
34,377		Health Care REIT, Inc		1,521
20,556	e	Healthcare Realty Trust, Inc		548
7,346	e	Highwoods Properties, Inc		269
37,685		Hospitality Properties Trust		1,532
265,553		Host Marriott Corp		5,959
23,518		HRPT Properties Trust		233
816	e	Investors Real Estate Trust		9
73,200	e	iStar Financial, Inc		2,488
121,131	e	Kimco Realty Corp		5,476
23,996		Lexington Corporate Properties Trust		480
6,565	e	LTC Properties, Inc		155
105,900	e	Luminent Mortgage Capital, Inc		177
500		Macerich Co		44
23,145	e	Mack-Cali Realty Corp		951
47,300		MFA Mortgage Investments, Inc		381
2,680		Mid-America Apartment Communities, Inc		134
2,761	e	National Health Investors, Inc		85
44,367	e*	NexCen Brands, Inc		298
7,100	e	NorthStar Realty Finance Corp		71
8,050	e	Omega Healthcare Investors, Inc		125
15,279		Pennsylvania Real Estate Investment Trust		595
5,500	e	Post Properties, Inc		213
14,679	e	Potlatch Corp		661
140,624		Prologis		9,330
95,119	e	Public Storage, Inc		7,481

302

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
1,400	e	RAIT Investment Trust	$	12
15,226		Realty Income Corp		426
700		Regency Centers Corp		54
2,766	e	Senior Housing Properties Trust		61
165,395		Simon Property Group, Inc		16,540
4,500	e	Sun Communities, Inc		135
1,000		UDR, Inc		24
1,100		Universal Health Realty Income Trust		39
5,660	e	Urstadt Biddle Properties, Inc (Class A)		88
159,654	e	Virgin Media, Inc		3,875
101,503		Vornado Realty Trust		11,099
32,816		WABCO Holdings, Inc		1,534
84,207	e	Weingarten Realty Investors		3,491
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		133,288
HOTELS AND OTHER LODGING PLACES - 0.34%
5,161	e*	Bluegreen Corp		40
109,560	e	Choice Hotels International, Inc		4,127
69,389	e*	Gaylord Entertainment Co		3,693
110,458	e*	Great Wolf Resorts, Inc		1,365
274,052		Hilton Hotels Corp		12,741
54,170	e*	Lodgian, Inc		639
43,668	e	Marcus Corp		839
178,628		Marriott International, Inc (Class A)		7,765
		TOTAL HOTELS AND OTHER LODGING PLACES		31,209
INDUSTRIAL MACHINERY AND EQUIPMENT - 3.40%
79,500	*	AGCO Corp		4,036
1,300		Albany International Corp (Class A)		49
3,500	e*	Allis-Chalmers Energy, Inc		66
93,450		American Standard Cos, Inc		3,329
4,300	e	Ampco-Pittsburgh Corp		169
727,736		Applied Materials, Inc		15,064
13,569	e*	Astec Industries, Inc		780
74,230	e*	Axcelis Technologies, Inc		379
37,265		Black & Decker Corp		3,104
4,000	e	Briggs & Stratton Corp		101
15,494	*	Brooks Automation, Inc		221
3,900	e	Cascade Corp		254
5,379		CDW Corp		469
7,900	*	Columbus McKinnon Corp		197
75,600		Cummins, Inc		9,668
192,830		Deere & Co		28,620
1,119,443	*	Dell, Inc		30,897
1,000		Donaldson Co, Inc		42
18,700	*	Dril-Quip, Inc		923
1,017,840	*	EMC Corp		21,171
9,460	*	Emulex Corp		181
71,799	*	ENGlobal Corp		819
5,149	e*	Entegris, Inc		45
7,700		Flowserve Corp		587
28,312	*	FMC Technologies, Inc		1,632
14,404	e*	Gehl Co		322
82,775	e	Graco, Inc		3,237
148,463	e*	Grant Prideco, Inc		8,094
1,300,123		Hewlett-Packard Co		64,733

303

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
2,986	e*	Intermec, Inc	$	78
773,627		International Business Machines Corp		91,133
22,664	*	Intevac, Inc		344
2,300	*	Kulicke & Soffa Industries, Inc		20
56,682	*	Lam Research Corp		3,019
39,462	*	Lexmark International, Inc (Class A)		1,639
2,400	e	Lindsay Manufacturing Co		105
6,754	e	Lufkin Industries, Inc		372
77,888		Manitowoc Co, Inc		3,449
38,400	e	Modine Manufacturing Co		1,022
25,100		Nordson Corp		1,260
7,286	e*	Oil States International, Inc		352
28,310		Pall Corp		1,101
13,936	e*	Rackable Systems, Inc		181
1,000		Robbins & Myers, Inc		57
45,177	e*	Semitool, Inc		438
43,161	e*	Sigma Designs, Inc		2,082
580,186	*	Solectron Corp		2,263
166,071	e*	SourceForge, Inc		407
22,138	e	SPX Corp		2,049
31,974	e	Tennant Co		1,557
27,688	*	Terex Corp		2,465
4,026	e*	TurboChef Technologies, Inc		53
10,500	e*	Ultratech, Inc		146
39,294	*	Varian Medical Systems, Inc		1,646
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		316,427
INSTRUMENTS AND RELATED PRODUCTS - 3.53%
17,618	e*	Advanced Medical Optics, Inc		539
17,804	*	Affymetrix, Inc		452
3,704	e	Analogic Corp		236
2,600		Arrow International, Inc		118
44,094		Bard (C.R.), Inc		3,889
438,937		Baxter International, Inc		24,703
63,145		Beckman Coulter, Inc		4,658
209,372		Becton Dickinson & Co		17,179
591,388	*	Boston Scientific Corp		8,250
3,700	*	Bruker BioSciences Corp		33
10,897	e*	Cepheid, Inc		248
2,970	*	Coherent, Inc		95
500	e	Cooper Cos, Inc		26
186,377		Covidien Ltd		7,735
208,273	e*	Credence Systems Corp		644
900		Datascope Corp		30
113,277		Dentsply International, Inc		4,717
3,500	e*	DJ Orthopedics, Inc		172
880,600		Emerson Electric Co		46,865
1,100	*	Excel Technology, Inc		27
6,800	e*	Hologic, Inc		415
900	e*	ICU Medical, Inc		35
12,063	e*	Illumina, Inc		626
8,990	*	Intuitive Surgical, Inc		2,068
4,500	e	Invacare Corp		105
52,208	e*	ION Geophysical Corp		722
700	*	Itron, Inc		65
1,435,005		Johnson & Johnson		94,280

304

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
61,425		Kla-Tencor Corp	$	3,426
10,628	*	L-1 Identity Solutions, Inc		200
110,147	e*	LTX Corp		393
681,028		Medtronic, Inc		38,417
1,166	e*	Merit Medical Systems, Inc		15
2,300	*	Mettler-Toledo International, Inc		235
11,632	e*	Millipore Corp		882
5,300	*	MKS Instruments, Inc		101
3,000	e	Movado Group, Inc		96
200	e*	OYO Geospace Corp		18
1,888	e*	Palomar Medical Technologies, Inc		54
196,101		Pitney Bowes, Inc		8,907
3,100	*	Respironics, Inc		149
2,223	e*	Rudolph Technologies, Inc		31
173,852	*	St. Jude Medical, Inc		7,662
49,797		STERIS Corp		1,361
191,130		Stryker Corp		13,142
10,100	*	Techne Corp		637
32,506		Tektronix, Inc		902
217,568	*	Thermo Electron Corp		12,558
1,600	e*	Thoratec Corp		33
45,643	*	Waters Corp		3,054
404,173	e*	Xerox Corp		7,008
2,400	e*	X-Rite, Inc		35
126,090	*	Zimmer Holdings, Inc		10,212
5,140	e*	Zoll Medical Corp		133
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		328,593
INSURANCE AGENTS, BROKERS AND SERVICE - 0.26%
46,400	e	Brown & Brown, Inc		1,220
4,400	e*	Crawford & Co (Class B)		28
246,845		Hartford Financial Services Group, Inc		22,846
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		24,094
INSURANCE CARRIERS - 2.47%
371,100		Aetna, Inc		20,140
439,870		Aflac, Inc		25,090
720	e*	Alleghany Corp		292
91,600	e	Ambac Financial Group, Inc		5,762
24,600	e	American Financial Group, Inc		702
5,925		American Physicians Capital, Inc		231
28,286	*	AMERIGROUP Corp		975
60,930	e	Assurant, Inc		3,260
63,893		Axis Capital Holdings Ltd		2,486
6,800	*	Centene Corp		146
394,384		Chubb Corp		21,155
214,735		Cincinnati Financial Corp		9,300
44,018	e	Commerce Group, Inc		1,297
1,400	e	Donegal Group, Inc (Class A)		23
64,254	e	Endurance Specialty Holdings Ltd		2,670
37,568	e	Erie Indemnity Co (Class A)		2,296
36,167		Everest Re Group Ltd		3,987
1,251	e*	Fpic Insurance Group, Inc		54
300,740		Genworth Financial, Inc (Class A)		9,242
1,400		Hanover Insurance Group, Inc		62
1,200	e	Harleysville Group, Inc		38

305

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
13,900		HCC Insurance Holdings, Inc	$	398
2,616	e*	HealthExtras, Inc		73
2,200		Horace Mann Educators Corp		43
1,859		Infinity Property & Casualty Corp		75
2,100	e	LandAmerica Financial Group, Inc		82
268,127		Lincoln National Corp		17,688
6,340	e*	Markel Corp		3,069
113,799	e	MBIA, Inc		6,947
60,238	e	Mercury General Corp		3,249
69,700	e	MGIC Investment Corp		2,252
7,290	e*	Molina Healthcare, Inc		264
41,679	e	Nationwide Financial Services, Inc (Class A)		2,243
14,340	e	Odyssey Re Holdings Corp		532
22,800		Phoenix Cos, Inc		322
40,300	e	PMI Group, Inc		1,318
1,400	e	Presidential Life Corp		24
204,025	e	Principal Financial Group		12,872
583,880		Progressive Corp		11,333
28,500	e	Radian Group, Inc		663
10,128		RenaissanceRe Holdings Ltd		662
162,685		Safeco Corp		9,960
700		Tower Group, Inc		18
534,877		Travelers Cos, Inc/The		26,926
30,639		Unitrin, Inc		1,519
139,588		UnumProvident Corp		3,416
74,681		W.R. Berkley Corp		2,213
24,562	*	WellCare Health Plans, Inc		2,590
100		Wesco Financial Corp		40
120,074	e	XL Capital Ltd (Class A)		9,510
		TOTAL INSURANCE CARRIERS		229,509
LEATHER AND LEATHER PRODUCTS - 0.11%
199,600	*	Coach, Inc		9,435
400	e*	Timberland Co (Class A)		8
14,200	e	Weyco Group, Inc		446
		TOTAL LEATHER AND LEATHER PRODUCTS		9,889
LEGAL SERVICES - 0.00% **
1,800	e*	FTI Consulting, Inc		91
		TOTAL LEGAL SERVICES		91
LUMBER AND WOOD PRODUCTS - 0.01%
50,547	e*	Champion Enterprises, Inc		555
4,415	e	Skyline Corp		133
		TOTAL LUMBER AND WOOD PRODUCTS		688
METAL MINING - 0.07%
64,927	*	Apex Silver Mines Ltd		1,263
166,975	e	Royal Gold, Inc		5,468
		TOTAL METAL MINING		6,731
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.22%
19,178	e	Callaway Golf Co		307
12,100	e	Daktronics, Inc		329
9,675	e	Marine Products Corp		82
439,224		Mattel, Inc		10,304

306

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
27,261	e*	RC2 Corp	$	755
59,200	e*	Russ Berrie & Co, Inc		995
178,057		Tyco International Ltd		7,895
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		20,667
MISCELLANEOUS RETAIL - 0.67%
151,855	*	Amazon.com, Inc		14,145
2,300		Barnes & Noble, Inc		81
157,790		Best Buy Co, Inc		7,262
11,723	*	Dollar Tree Stores, Inc		475
55,413	e*	GSI Commerce, Inc		1,474
78,885	*	Office Depot, Inc		1,627
10,103	e*	Overstock.com, Inc		291
308,113		Staples, Inc		6,621
10,100	e	Systemax, Inc		207
28,676		Tiffany & Co		1,501
513,971		Walgreen Co		24,280
111,764	e	World Fuel Services Corp		4,561
		TOTAL MISCELLANEOUS RETAIL		62,525
MOTION PICTURES - 0.73%
3,931	e*	Avid Technology, Inc		106
197,077	*	Discovery Holding Co (Class A)		5,686
70,497	*	DreamWorks Animation SKG, Inc (Class A)		2,356
19,841	e	Regal Entertainment Group (Class A)		435
8,288	e*	Time Warner Telecom, Inc (Class A)		182
2,535,819		Time Warner, Inc		46,558
324,347	*	Viacom, Inc (Class B)		12,640
		TOTAL MOTION PICTURES		67,963
NONDEPOSITORY INSTITUTIONS - 1.26%
61,474		Advanta Corp (Class A)		1,498
166,075	e	American Capital Strategies Ltd		7,096
773,131		American Express Co		45,901
94,294	e*	AmeriCredit Corp		1,658
18,339	e	Asta Funding, Inc		703
257,299		Capital One Financial Corp		17,092
78,600	e	CapitalSource, Inc		1,591
20,400	e	Centerline Holding Co		313
19,600	e*	Credit Acceptance Corp		453
20,595	e	Federal Agricultural Mortgage Corp (Class C)		605
59,450	e	First Marblehead Corp		2,255
592,577		Freddie Mac		34,968
27,100	e*	INVESTools, Inc		327
125,847	e	MCG Capital Corp		1,811
18,410	e	Nelnet, Inc (Class A)		336
3,700	*	PHH Corp		97
12,483	e*	World Acceptance Corp		413
		TOTAL NONDEPOSITORY INSTITUTIONS		117,117
NONMETALLIC MINERALS, EXCEPT FUELS - 0.14%
94,768	e	AMCOL International Corp		3,136
5,200	e	Compass Minerals International, Inc		177
15,300		Florida Rock Industries, Inc		956
96,263	e	Vulcan Materials Co		8,582
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		12,851

307

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
OIL AND GAS EXTRACTION - 2.49%
43,767		Atlas America, Inc	$	2,260
18,190	*	ATP Oil & Gas Corp		855
2,970	e*	Atwood Oceanics, Inc		227
40,138	e	Berry Petroleum Co (Class A)		1,589
9,766	e*	Bronco Drilling Co, Inc		145
85,096	e*	Callon Petroleum Co		1,185
42,822	e*	Cameron International Corp		3,952
3,200	e*	Carrizo Oil & Gas, Inc		144
76,853	e*	Cheniere Energy, Inc		3,010
411,937	e	Chesapeake Energy Corp		14,525
88,652	e	Cimarex Energy Co		3,302
6,315	e*	Complete Production Services, Inc		129
31,222	e*	Contango Oil & Gas Co		1,130
28,057	e*	Delta Petroleum Corp		504
175,338	*	Denbury Resources, Inc		7,836
32,193	e*	Edge Petroleum Corp		413
30,001	e*	Encore Acquisition Co		950
177,736		ENSCO International, Inc		9,971
322,216		Equitable Resources, Inc		16,713
3,400	*	EXCO Resources, Inc		56
11,535	e*	Exterran Holdings, Inc		927
55,136	e*	Forest Oil Corp		2,373
19,800	e*	GeoGlobal Resources, Inc		71
52,104	*	Global Industries Ltd		1,342
228,906	e	GlobalSantaFe Corp		17,401
6,500	e*	GMX Resources, Inc		209
30,098	e*	Goodrich Petroleum Corp		954
45,337	e*	Grey Wolf, Inc		297
33,475	e*	Helix Energy Solutions Group, Inc		1,421
187,470	e	Helmerich & Payne, Inc		6,155
65,929	e*	McMoRan Exploration Co		887
263,284	e*	Meridian Resource Corp		653
137,118	e*	Nabors Industries Ltd		4,219
107,515	*	National Oilwell Varco, Inc		15,536
136,852		Noble Corp		6,713
14,762	*	Oceaneering International, Inc		1,119
15,629	e*	Parallel Petroleum Corp		265
138,488	e*	PetroHawk Energy Corp		2,274
15,280	e*	Petroleum Development Corp		678
29,100	e*	Petroquest Energy, Inc		312
128,017	e	Pioneer Natural Resources Co		5,758
61,817	e*	Plains Exploration & Production Co		2,734
80,100	e	Pogo Producing Co		4,254
122,390	*	Pride International, Inc		4,473
64,013	*	Quicksilver Resources, Inc		3,012
102,753		Range Resources Corp		4,178
77,900		Rowan Cos, Inc		2,850
9,820	e	RPC, Inc		140
150,786		Smith International, Inc		10,766
75,146	*	Southwestern Energy Co		3,145
20,700	e	St. Mary Land & Exploration Co		738
20,878	e*	Stone Energy Corp		835
6,000	*	Superior Energy Services		213
45,433	e*	Swift Energy Co		1,859

308

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
94,026	e	Tidewater, Inc	$	5,909
30,538	e*	Toreador Resources Corp		361
198,445	*	Transocean, Inc		22,434
7,697	e*	TXCO Resources, Inc		69
17,825	*	Unit Corp		863
38,653	e*	Venoco, Inc		663
19,400	e	W&T Offshore, Inc		473
3,800	*	Warren Resources, Inc		48
2,905	e*	W-H Energy Services, Inc		214
14,605	*	Whiting Petroleum Corp		649
366,186		XTO Energy, Inc		22,645
		TOTAL OIL AND GAS EXTRACTION		231,985
PAPER AND ALLIED PRODUCTS - 0.53%
51,000	e	Bemis Co		1,485
40,000	e	Bowater, Inc		597
31,200	*	Buckeye Technologies, Inc		472
2,600	e*	Cenveo, Inc		56
34,100	e*	Chesapeake Corp		289
25,642	*	Domtar Corporation		210
22,564		Glatfelter		335
188,245		International Paper Co		6,752
331,425		Kimberly-Clark Corp		23,286
216,149		MeadWestvaco Corp		6,383
69,697		Packaging Corp of America		2,026
8,700		Rock-Tenn Co (Class A)		251
110,950	e	Sonoco Products Co		3,349
60,796		Temple-Inland, Inc		3,200
10,800	e	Wausau Paper Corp		120
		TOTAL PAPER AND ALLIED PRODUCTS		48,811
PERSONAL SERVICES - 0.02%
55,699		Regis Corp		1,777
13,656		Unifirst Corp		512
		TOTAL PERSONAL SERVICES		2,289
PETROLEUM AND COAL PRODUCTS - 2.21%
37,600	e	Alon USA Energy, Inc		1,270
411,886		Apache Corp		37,094
4,640		Ashland, Inc		279
63,100		Cabot Oil & Gas Corp		2,219
450,574		Devon Energy Corp		37,488
264,430		EOG Resources, Inc		19,126
199,616		Frontier Oil Corp		8,312
42,962	e*	Headwaters, Inc		639
244,381	e	Hess Corp		16,259
54,670		Holly Corp		3,271
174,442		Murphy Oil Corp		12,192
119,240	*	Newfield Exploration Co		5,743
281,490		Noble Energy, Inc		19,715
150,944		Sunoco, Inc		10,684
409,796		Valero Energy Corp		27,530
87,486	e	Western Refining, Inc		3,550
		TOTAL PETROLEUM AND COAL PRODUCTS		205,371

309

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
PIPELINES, EXCEPT NATURAL GAS - 0.16%
596,683	e	Spectra Energy Corp	$	14,607
		TOTAL PIPELINES, EXCEPT NATURAL GAS		14,607
PRIMARY METAL INDUSTRIES - 0.96%
251,846		Alcoa, Inc		9,852
17,626		Allegheny Technologies, Inc		1,938
25,669	e*	Brush Engineered Materials, Inc		1,332
110,448	e*	Century Aluminum Co		5,815
10,580	*	CommScope, Inc		532
701,181		Corning, Inc		17,284
48,876	e	Gibraltar Industries, Inc		904
17,710		Hubbell, Inc (Class B)		1,012
24,557	e*	LB Foster Co (Class A)		1,067
59,078		Mueller Industries, Inc		2,135
304,136	e	Nucor Corp		18,087
38,577	e	Olympic Steel, Inc		1,048
45,667	e	Quanex Corp		2,145
117,236		Steel Dynamics, Inc		5,475
33,344	e	Tredegar Corp		575
124,733		United States Steel Corp		13,214
94,157	e*	Wheeling-Pittsburgh Corp		1,817
232,450	e	Worthington Industries, Inc		5,477
		TOTAL PRIMARY METAL INDUSTRIES		89,709
PRINTING AND PUBLISHING - 0.49%
1,300	e*	ACCO Brands Corp		29
5,100	e	Bowne & Co, Inc		85
800	e	CSS Industries, Inc		29
33,100		Dow Jones & Co, Inc		1,976
29,750		Dun & Bradstreet Corp		2,934
2,100	e	Ennis, Inc		46
109,352	e	EW Scripps Co (Class A)		4,593
49,559		Harte-Hanks, Inc		975
17,999	e	John Wiley & Sons, Inc (Class A)		809
24,900	e	Lee Enterprises, Inc		388
1,800	e	McClatchy Co (Class A)		36
284,484		McGraw-Hill Cos, Inc		14,483
50,247		Meredith Corp		2,879
238,488	e	New York Times Co (Class A)		4,712
21,328	e*	R.H. Donnelley Corp		1,195
23,349	e	Standard Register Co		297
159,567	e*	Tribune Co		4,359
7,056	e	Washington Post Co (Class B)		5,665
		TOTAL PRINTING AND PUBLISHING		45,490
RAILROAD TRANSPORTATION - 0.42%
316,610		CSX Corp		13,529
40,644	e*	Kansas City Southern Industries, Inc		1,308
467,010		Norfolk Southern Corp		24,242
		TOTAL RAILROAD TRANSPORTATION		39,079
REAL ESTATE - 0.03%
85,217	e*	CB Richard Ellis Group, Inc (Class A)		2,372
5,600		Forest City Enterprises, Inc (Class A)		309
33,399	e	Stewart Enterprises, Inc (Class A)		255
		TOTAL REAL ESTATE		2,936

310

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.24%
1,981	e*	Deckers Outdoor Corp	$	218
323,670		Nike, Inc (Class B)		18,986
63,800		Sealed Air Corp		1,631
11,100	e	Spartech Corp		189
1,800	e*	Trex Co, Inc		20
36,984	e	Tupperware Corp		1,165
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		22,209
SECURITY AND COMMODITY BROKERS - 2.05%
29,610		A.G. Edwards, Inc		2,480
86,161	e	Ameriprise Financial, Inc		5,438
15,100	e	BlackRock, Inc		2,618
595,243		Charles Schwab Corp		12,857
22,654		CME Group, Inc		13,306
169,245	e*	E*Trade Financial Corp		2,210
3,800	e	Eaton Vance Corp		152
18,379		Federated Investors, Inc (Class B)		730
173,317		Franklin Resources, Inc		22,098
1,830	e	GAMCO Investors, Inc (Class A)		100
241,276		Goldman Sachs Group, Inc		52,294
31,600	*	IntercontinentalExchange, Inc		4,800
72,720	e	Janus Capital Group, Inc		2,056
49,052		Legg Mason, Inc		4,135
609,309		Merrill Lynch & Co, Inc		43,432
36,363	*	Nasdaq Stock Market, Inc		1,370
24,050	e	Nymex Holdings, Inc		3,131
90,000		NYSE Euronext		7,125
68,569	e	SEI Investments Co		1,871
158,652		T Rowe Price Group, Inc		8,835
		TOTAL SECURITY AND COMMODITY BROKERS		191,038
SOCIAL SERVICES - 0.00% **
44,409	e*	Capital Senior Living Corp		374
		TOTAL SOCIAL SERVICES		374
SPECIAL TRADE CONTRACTORS - 0.02%
400	e	Alico, Inc		17
2,050	e	Comfort Systems USA, Inc		29
9,383	e*	Layne Christensen Co		521
47,182	e*	Quanta Services, Inc		1,248
		TOTAL SPECIAL TRADE CONTRACTORS		1,815
STONE, CLAY, AND GLASS PRODUCTS - 0.56%
514,744		3M Co		48,170
2,065		Apogee Enterprises, Inc		54
1,122	e*	Cabot Microelectronics Corp		48
7,125	e	CARBO Ceramics, Inc		361
42,148	e	Eagle Materials, Inc		1,506
83,512	e	Gentex Corp		1,791
13,303	e*	Owens Corning, Inc		333
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		52,263
TEXTILE MILL PRODUCTS - 0.00% **
1,600		Oxford Industries, Inc		58
		TOTAL TEXTILE MILL PRODUCTS		58

311

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
TRANSPORTATION BY AIR - 0.38%
13,184	e*	Air Methods Corp	$	609
74,620	e*	Airtran Holdings, Inc		734
18,300	e*	Alaska Air Group, Inc		423
102,830	e*	AMR Corp		2,292
92,958	e*	Continental Airlines, Inc (Class B)		3,070
56,600	e*	ExpressJet Holdings, Inc		175
161,924		FedEx Corp		16,962
76,683	e*	JetBlue Airways Corp		707
28,645	e	Skywest, Inc		721
627,375		Southwest Airlines Co		9,285
		TOTAL TRANSPORTATION BY AIR		34,978
TRANSPORTATION EQUIPMENT - 0.73%
3,800		A.O. Smith Corp		167
4,700	e*	Accuride Corp		57
7,885	*	Aftermarket Technology Corp		250
51,000	e	American Axle & Manufacturing Holdings, Inc		1,288
70,430	e	ArvinMeritor, Inc		1,185
117,096		Autoliv, Inc		6,996
265,688	e*	BE Aerospace, Inc		11,034
14,800	e	Federal Signal Corp		227
224,750		Genuine Parts Co		11,238
205,687		Harley-Davidson, Inc		9,505
75,456		Harsco Corp		4,472
20,829	e	Noble International Ltd		443
131,384		Paccar, Inc		11,201
177,317	*	Spirit Aerosystems Holdings, Inc (Class A)		6,905
62,300	e	Superior Industries International, Inc		1,351
25,384	e*	Tenneco, Inc		787
400		Thor Industries, Inc		18
169,570	e*	Visteon Corp		873
1,200	e	Westinghouse Air Brake Technologies Corp		45
		TOTAL TRANSPORTATION EQUIPMENT		68,042
TRANSPORTATION SERVICES - 0.02%
26,100		CH Robinson Worldwide, Inc		1,417
13,840	e	Expeditors International Washington, Inc		655
2,064	*	HUB Group, Inc (Class A)		62
		TOTAL TRANSPORTATION SERVICES		2,134
TRUCKING AND WAREHOUSING - 0.38%
465,235		United Parcel Service, Inc (Class B)		34,939
		TOTAL TRUCKING AND WAREHOUSING		34,939
WATER TRANSPORTATION - 0.04%
24,396		Alexander & Baldwin, Inc		1,223
24,700	e*	Gulfmark Offshore, Inc		1,202
23,069	e*	Hornbeck Offshore Services, Inc		847
		TOTAL WATER TRANSPORTATION		3,272
WHOLESALE TRADE-DURABLE GOODS - 0.39%
3,400		Agilysys, Inc		57
157,794	e	Barnes Group, Inc		5,037

312

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				MATURITY		VALUE
SHARES			RATE	DATE		(000)
19,700		BorgWarner, Inc			$	1,803
6,024	e	Building Material Holding Corp				64
39,080	e	Castle (A.M.) & Co				1,274
10,000	*	Cytyc Corp				477
122,900	e	IKON Office Solutions, Inc				1,579
1,278	*	Keystone Automotive Industries, Inc				61
5,070	e	Martin Marietta Materials, Inc				677
8,672	e*	MWI Veterinary Supply, Inc				327
9,158	e	Owens & Minor, Inc				349
101,785	*	Patterson Cos, Inc				3,930
2,500	e*	PSS World Medical, Inc				48
96,272		Reliance Steel & Aluminum Co				5,443
170,267	e	Ryerson Tull, Inc				5,745
3,500	*	Tech Data Corp				140
23,000	e*	Tyler Technologies, Inc				307
89,100		W.W. Grainger, Inc				8,125
14,080	e*	WESCO International, Inc				605
		TOTAL WHOLESALE TRADE-DURABLE GOODS				36,048
WHOLESALE TRADE-NONDURABLE GOODS - 0.30%
24,761	e*	Akorn, Inc				185
23,472	e*	Allscripts Healthcare Solutions, Inc				634
800		Dean Foods Co				20
87,798	*	Endo Pharmaceuticals Holdings, Inc				2,723
24,135	*	Henry Schein, Inc				1,468
72,764	e	Idearc, Inc				2,290
3,700	e	Kenneth Cole Productions, Inc (Class A)				72
6,000	e	Men's Wearhouse, Inc				303
2,100	e	Myers Industries, Inc				42
13,256	e	Nash Finch Co				528
14,982	e	Spartan Stores, Inc				338
550,943		Sysco Corp				19,608
1,900	e*	Volcom, Inc				81
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS				28,292
		TOTAL COMMON STOCKS				5,570,800
		(Cost $3,690,225)
PRINCIPAL
SHORT-TERM INVESTMENTS - 10.68%
COMMERCIAL PAPER - 5.37%
$      5,000,000		American Express Credit Corp	0.000%	10/29/07		4,979
30,000,000		American Express Credit Corp	0.000	11/02/07		29,853
15,000,000	d	Campbell Soup Co	0.000	10/17/07		14,960
23,000,000		Campbell Soup Co	0.000	11/19/07		22,830
14,000,000		Coca-Cola Co	0.000	10/16/07		13,965
25,000,000		Coca-Cola Co	0.000	12/10/07		24,743
25,000,000		Coca-Cola Enterprises, Inc	0.000	10/04/07		24,979
30,000,000		General Mills, Inc	0.000	10/03/07		29,978
20,000,000		Hershey Co	0.000	10/23/07		19,931
35,000,000		Hewlett-Packard Co	0.000	11/16/07		34,759
35,000,000		IBM Capital, Inc	0.000	12/18/07		34,599
23,110,000	d	Johnson & Johnson	0.000	10/04/07		23,091
16,000,000		Kimberly-Clark Wordwide	0.000	10/17/07		15,958
10,000,000		McGraw-Hill Cos, Inc	0.000	10/16/07		9,975

313

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
			MATURITY		VALUE
PRINCIPAL			DATE		(000)
$     28,610,000		McGraw-Hill Cos, Inc 0.000	11/19/07	$	28,399
35,000,000	d	PepsiAmericas, Inc 0.000	10/02/07		34,980
25,000,000		Pitney Bowes, Inc 0.000	10/15/07		24,941
30,000,000		Praxair, Inc 0.000	10/05/07		29,971
6,600,000		Praxair, Inc 0.000	10/11/07		6,588
35,000,000	d	Procter & Gamble Co 0.000	10/01/07		34,985
35,000,000	d	Target Corp 0.000	10/22/07		34,883
		TOTAL COMMERCIAL PAPER			499,347
U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES - 2.58%
50,000,000	d	Federal Home Loan Bank (FHLB) 0.000	10/05/07		49,975
48,191,000	d	FHLB 0.000	10/24/07		48,051
80,000,000		FHLB 0.000	10/26/07		79,748
11,700,000		FHLB 0.000	12/05/07		11,600
17,475,000		FHLB 0.000	12/17/07		17,298
25,625,000		Federal National Mortgage Association (FNMA) 0.000	10/12/07		25,590
7,600,000		FNMA 0.000	10/15/07		7,587
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES			239,849
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 2.73%
REPURCHASED AGREEMENTS
90,000,000		Bear Stearns & Co, Inc 4.930% Dated 09/30/2007,			90,037
		Due 10/01/2007 In the Amount of $90,036,975
		Fully Collateralized as follows:
		Federal Home Loan Bank (FHLB) 4.125% - 4.300%, 04/18/2008	$ 13,716,900
		Federal Home Loan Mortgage Corp (FHLMC) 6.000%,
		07/13/2015 - 09/28/2020	13,139,317
		Federal National Mortgage Association (FNMA)
		0.000% - 6.000%, 10/04/2007 - 10/03/2033	71,358,990
		Total Market Value	98,215,207
25,000,000		Credit Suisse (USA), Inc 4.950% Dated 09/30/2007,			25,010
		Due 10/01/2007 In the Amount of $25,010,313
		Fully Collateralized as follows:
		Federal National Mortgage Association (FNMA)
		4.375% - 7.250%, 01/15/2010 - 01/15/2030	25,168,851
		Total Market Value	25,168,851
60,000,000		Goldman Sachs & Co, Inc 4.900% Dated 09/30/2007,			60,024
		Due 10/01/2007 In the Amount of $60,024,500
		Fully Collateralized as follows:
		Federal National Mortgage Association (FNMA) 5.250%, 08/01/2012	61,205,690
		Total Market Value	61,205,690
75,000,000		Merrill Lynch & Co, Inc 4.890% Dated 09/30/2007,			75,031
		Due 10/01/2007 In the Amount of $75,030,563
		Fully Collateralized as follows:
		Federal National Mortgage Association (FNMA) 6.000%, 04/18/2036	78,187,038
		Total Market Value	78,187,038
4,312,000		Morgan Stanley & Co, Inc 4.9500% Dated 09/30/2007,			4,314
		Due 10/01/2007 In the Amount of $4,313,779
		Fully Collateralized as follows:
		Federal National Mortgage Association (FNMA) 5.350%, 11/14/2011	4,436,369
		Total Market Value	4,436,369
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED			254,416

314

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
				(000)
		TOTAL SHORT-TERM INVESTMENTS	$	993,612
		(Cost $993,861)
		TOTAL PORTFOLIO - 109.80%		10,213,061
		(Cost $8,354,735)
		OTHER ASSETS & LIABILITIES, NET - (9.80%)		(911,826	)
		NET ASSETS - 100.00%	$	9,301,235
		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%.
	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 September 30, 2007, the value of these securities amounted to $208,089,251 or 2.24% 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 September 30, 2007.
	j	Zero coupon.
	k	Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
	m	Indicates a security that has been deemed illiquid.
	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.
		At September 30, 2007, the net unrealized appreciation on investments was $1,858,326,516, consisting of gross
		unrealized appreciation of $2,028,595,969 and gross unrealized depreciation of $170,269,453.

315

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account
COLLEGE RETIREMENT EQUITIES FUND
MONEY MARKET ACCOUNT
STATEMENT OF INVESTMENTS (Unaudited)
September 30, 2007
			MATURITY		VALUE
PRINCIPAL		RATE	DATE		(000)
SHORT-TERM INVESTMENTS - 99.78%
ASSET BACKED - 0.16%
$      18,233,744	Honda Auto Receivables Owner Trust Series 2007-2 (Class A1)	5.326%	06/23/08	$	18,224
	TOTAL ASSET BACKED				18,224
BANKERS ACCEPTANCE - 0.94%
6,950,000	JPMorgan Chase Bank NA	0.000	10/03/07		6,947
14,517,000	JPMorgan Chase Bank NA	0.000	10/15/07		14,488
19,153,000	JPMorgan Chase Bank NA	0.000	12/21/07		18,934
25,000,000	Wachovia Bank NA	0.000	03/06/08		24,453
20,000,000	Wachovia Bank NA	0.000	03/11/08		19,540
25,000,000	Wachovia Bank NA	0.000	03/14/08		24,415
	TOTAL BANKERS ACCEPTANCE				108,777
BANK NOTE - 0.87%
25,000,000	Wells Fargo Bank NA	5.300	10/04/07		25,000
25,000,000	Wells Fargo Bank NA	5.300	10/10/07		25,000
50,000,000	Wells Fargo Bank NA	5.400	10/23/07		49,993
	TOTAL BANK NOTE				99,993
CERTIFICATES OF DEPOSIT - 13.54%
50,000,000	Abbey National plc	5.300	11/08/07		49,972
50,000,000	Abbey National plc	5.100	12/21/07		49,990
30,000,000	Abbey National plc	5.000	12/27/07		29,986
25,000,000	Abbey National plc	5.000	12/27/07		24,989
25,000,000	American Express Bank FSB	5.630	10/01/07		25,000
25,000,000	American Express Bank FSB	5.780	10/03/07		25,000
25,000,000	American Express Bank FSB	5.380	10/19/07		25,000
25,000,000	American Express Bank FSB	5.710	10/19/07		25,000
30,000,000	American Express Bank FSB	4.990	10/24/07		30,000
7,000,000	American Express Bank FSB	5.060	11/01/07		7,000
25,000,000	American Express Centurion Bank	5.050	11/08/07		25,000
50,000,000	Banco Bilbao Vizcaya Argentaria S.A.	5.580	11/08/07		49,987
50,000,000	Banco Bilbao Vizcaya Argentaria S.A.	5.500	12/20/07		50,036
25,000,000	Banco Bilbao Vizcaya Argentaria S.A.	5.350	12/27/07		25,009
50,000,000	Bank of Montreal	5.720	11/06/07		50,001
44,105,000	Bank of Montreal	5.500	11/26/07		44,126
50,000,000	Bank of Montreal	5.480	11/29/07		50,026
40,000,000	Bank of Montreal	5.650	12/11/07		40,037
15,350,000	Bank of Nova Scotia	5.490	10/25/07		15,350
50,000,000	Bank of Nova Scotia	5.450	11/01/07		49,987
50,000,000	Bank of Nova Scotia	4.950	12/20/07		49,973
25,000,000	Barclays Bank plc	5.500	11/16/07		24,996
25,000,000	Calyon	5.030	12/19/07		24,991
44,000,000	Canadian Imperial Bank of Commerce	5.440	10/29/07		43,996
50,000,000	Deutsche Bank	5.290	10/16/07		49,995
50,000,000	Deutsche Bank	5.360	10/17/07		49,996
50,000,000	Deutsche Bank	5.320	10/18/07		49,995
43,965,000	Deutsche Bank	5.390	12/17/07		43,984

316

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account
			MATURITY		VALUE
PRINCIPAL		RATE	DATE		(000)
$     50,000,000	Dexia Banque	5.295%	10/24/07	$	49,992
25,000,000	Dexia Banque	5.070	11/05/07		25,000
50,000,000	Lloyds TSB Bank plc	5.040	12/26/07		49,982
9,000,000	Lloyds TSB Bank plc	5.300	02/22/08		9,000
30,000,000	PNC Bank NA	5.330	10/17/07		29,997
20,000,000	Royal Bank of Canada	5.310	10/09/07		19,999
14,590,000	Royal Bank of Canada	5.310	10/25/07		14,588
48,900,000	Royal Bank of Canada	5.600	12/12/07		48,941
50,000,000	Royal Bank of Canada	4.900	12/18/07		49,968
50,000,000	Royal Bank of Scotland plc	5.410	11/05/07		49,980
14,000,000	Royal Bank of Scotland plc	5.460	03/14/08		14,017
50,000,000	Toronto Dominion Bank	5.450	10/18/07		50,000
30,000,000	Toronto Dominion Bank	5.450	10/24/07		29,999
30,000,000	Toronto Dominion Bank	5.520	11/06/07		29,991
30,000,000	UBS AG.	5.550	12/06/07		30,020
25,000,000	Wachovia Bank NA	5.350	10/16/07		25,000
	TOTAL CERTIFICATES OF DEPOSIT				1,555,896
COMMERCIAL PAPER - 65.21%
20,000,000	Abbey National North America LLC	0.000	11/06/07		19,883
24,000,000	Abbey National North America LLC	0.000	12/31/07		23,682
64,900,000	Abbott Laboratories, Inc	0.000	10/02/07		64,881
15,000,000	Abbott Laboratories, Inc	0.000	10/24/07		14,953
15,930,000	Abbott Laboratories, Inc	0.000	10/26/07		15,876
5,151,000	ABN Amro North America Finance	0.000	12/12/07		5,097
17,000,000	Alcon Capital Corp	0.000	10/04/07		16,990
9,750,000	American Express Credit Corp	0.000	10/09/07		9,737
28,000,000	American Express Credit Corp	0.000	10/12/07		27,950
3,360,000	American Honda Finance Corp	0.000	10/09/07		3,356
15,400,000	American Honda Finance Corp	0.000	10/10/07		15,378
35,000,000	American Honda Finance Corp	0.000	10/16/07		34,917
21,900,000	American Honda Finance Corp	0.000	10/18/07		21,842
15,000,000	American Honda Finance Corp	0.000	10/25/07		14,945
21,000,000	American Honda Finance Corp	0.000	11/19/07		20,836
24,370,000	American Honda Finance Corp	0.000	11/27/07		24,171
55,590,000	American Honda Finance Corp	0.000	11/28/07		55,131
5,500,000	American Honda Finance Corp	0.000	11/29/07		5,453
33,000,000	Anheuser-Busch Cos, Inc	0.000	10/23/07		32,895
13,000,000	Anheuser-Busch Cos, Inc	0.000	10/25/07		12,955
11,000,000	Anheuser-Busch Cos, Inc	0.000	11/26/07		10,912
19,685,000	Atlantis One Funding Corp	0.000	10/18/07		19,629
30,000,000	Atlantis One Funding Corp	0.000	10/26/07		29,870
8,290,000	Bank of America Corp	0.000	10/02/07		8,288
4,750,000	Bank of America Corp	0.000	10/04/07		4,747
17,600,000	Bank of America Corp	0.000	10/05/07		17,587
26,930,000	Bank of America Corp	0.000	11/16/07		26,732
25,000,000	Bank of America Corp	0.000	11/20/07		24,814
18,000,000	Bank of America Corp	0.000	01/15/08		17,721
21,420,000	Bank of America Corp	0.000	01/24/08		21,061
18,460,000	Bank of Nova Scotia	0.000	12/18/07		18,250
10,000,000	Bank of Nova Scotia	0.000	12/28/07		9,872
5,000,000	Barclays U.S. Funding Corp	0.000	10/05/07		4,996
25,000,000	Barclays U.S. Funding Corp	0.000	10/11/07		24,960
27,765,000	Barclays U.S. Funding Corp	0.000	10/30/07		27,640
25,000,000	Barclays U.S. Funding Corp	0.000	10/31/07		24,882
20,000,000	Barclays U.S. Funding Corp	0.000	11/05/07		19,890

317

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account
			MATURITY		VALUE
PRINCIPAL		RATE	DATE		(000)
$     10,000,000	Barclays U.S. Funding Corp	0.000%	11/13/07	$	9,930
30,000,000	Barclays U.S. Funding Corp	0.000	12/10/07		29,693
27,000,000	Becton Dickinson & Co	0.000	10/19/07		26,929
39,500,000	Beta Finance, Inc	0.000	10/22/07		39,357
19,120,000	Beta Finance, Inc	0.000	10/23/07		19,047
24,000,000	Beta Finance, Inc	0.000	11/26/07		23,799
4,533,000	BMW US Capital Corp	0.000	10/03/07		4,531
20,200,000	BMW US Capital Corp	0.000	10/04/07		20,189
24,000,000	BMW US Capital Corp	0.000	10/05/07		23,983
15,000,000	BMW US Capital Corp	0.000	10/09/07		14,980
42,000,000	BMW US Capital Corp	0.000	10/11/07		41,932
6,725,000	BMW US Capital Corp	0.000	10/12/07		6,713
25,000,000	BMW US Capital Corp	0.000	10/22/07		24,924
62,000,000	BMW US Capital Corp	0.000	11/16/07		61,567
25,000,000	Calyon North America, Inc	0.000	11/26/07		24,801
50,000,000	Canadian Imperial Holding, Inc	0.000	10/29/07		49,783
10,000,000	Canadian Imperial Holding, Inc	0.000	11/13/07		9,930
40,000,000	Canadian Imperial Holding, Inc	0.000	11/14/07		39,727
50,000,000	Canadian Imperial Holding, Inc	0.000	12/07/07		49,508
50,000,000	Canadian Wheat Board	0.000	12/07/07		49,511
50,000,000	Cargill, Inc	0.000	10/01/07		49,993
50,000,000	CC (USA), Inc	0.000	10/23/07		49,810
45,000,000	CC (USA), Inc	0.000	11/01/07		44,749
45,000,000	Ciesco LLC	0.000	10/10/07		44,922
24,000,000	Ciesco LLC	0.000	10/17/07		23,936
12,000,000	Ciesco LLC	0.000	10/18/07		11,966
20,000,000	Ciesco LLC	0.000	10/23/07		19,924
20,000,000	Ciesco LLC	0.000	11/01/07		19,894
8,500,000	Ciesco LLC	0.000	11/02/07		8,457
25,000,000	Ciesco LLC	0.000	11/05/07		24,849
13,000,000	Ciesco LLC	0.000	11/19/07		12,898
20,000,000	Ciesco LLC	0.000	12/04/07		19,803
12,000,000	Ciesco LLC	0.000	01/15/08		11,809
26,000,000	Citigroup Funding, Inc	0.000	10/18/07		25,932
25,000,000	Citigroup Funding, Inc	0.000	10/19/07		24,930
30,000,000	Citigroup Funding, Inc	0.000	10/31/07		29,858
25,000,000	Citigroup Funding, Inc	0.000	12/11/07		24,741
25,000,000	Citigroup Funding, Inc	0.000	12/13/07		24,734
19,000,000	Citigroup Funding, Inc	0.000	01/25/08		18,680
50,000,000	Citigroup Funding, Inc	0.000	02/04/08		49,091
21,000,000	Coca-Cola Co	0.000	10/04/07		20,988
15,000,000	Coca-Cola Co	0.000	10/11/07		14,976
28,000,000	Coca-Cola Co	0.000	10/29/07		27,879
46,300,000	Coca-Cola Co	0.000	12/04/07		45,864
16,355,000	Coca-Cola Co	0.000	12/06/07		16,196
43,000,000	Coca-Cola Co	0.000	12/13/07		42,539
30,000,000	Coca-Cola Co	0.000	12/14/07		29,674
4,100,000	Colgate-Palmolive Co	0.000	10/05/07		4,097
40,000,000	Colgate-Palmolive Co	0.000	11/06/07		39,767
32,815,000	Colgate-Palmolive Co	0.000	11/08/07		32,613
5,000,000	Corporate Asset Funding Corp	0.000	10/05/07		4,996
40,000,000	Corporate Asset Funding Corp	0.000	10/23/07		39,848
46,000,000	Corporate Asset Funding Corp	0.000	10/26/07		45,814
26,000,000	Corporate Asset Funding Corp	0.000	10/30/07		25,869
63,000,000	Corporate Asset Funding Corp	0.000	11/02/07		62,655
20,000,000	Corporate Asset Funding Corp	0.000	12/11/07		19,783

318

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account
			MATURITY		VALUE
PRINCIPAL		RATE	DATE		(000)
$     40,000,000	Danske Corp	0.000%	10/12/07	$	39,929
32,650,000	Danske Corp	0.000	10/30/07		32,503
50,000,000	Danske Corp	0.000	11/09/07		49,679
50,000,000	Danske Corp	0.000	12/20/07		49,416
25,000,000	Danske Corp	0.000	12/21/07		24,704
29,500,000	Dorada Finance, Inc	0.000	10/22/07		29,393
20,000,000	Dorada Finance, Inc	0.000	10/25/07		19,918
3,500,000	Edison Asset Securitization LLC	0.000	10/09/07		3,495
17,244,000	Edison Asset Securitization LLC	0.000	10/10/07		17,218
25,490,000	Edison Asset Securitization LLC	0.000	10/11/07		25,448
3,400,000	Edison Asset Securitization LLC	0.000	10/15/07		3,392
4,000,000	Edison Asset Securitization LLC	0.000	10/23/07		3,985
20,000,000	Edison Asset Securitization LLC	0.000	10/30/07		19,919
4,828,000	Edison Asset Securitization LLC	0.000	12/03/07		4,781
14,667,000	Fairway Finance Corp	0.000	10/15/07		14,633
50,000,000	General Electric Capital Corp	0.000	10/09/07		49,934
12,000,000	General Electric Capital Corp	0.000	10/18/07		11,969
13,000,000	General Electric Capital Corp	0.000	11/06/07		12,924
20,000,000	General Electric Capital Corp	0.000	01/17/08		19,686
12,000,000	General Electric Capital Corp	0.000	03/25/08		11,702
50,000,000	General Electric Co	0.000	11/28/07		49,589
24,000,000	General Electric Co	0.000	12/28/07		23,692
10,000,000	General Electric Co	0.000	12/31/07		9,867
20,000,000	Govco LLC	0.000	10/02/07		19,994
50,000,000	Govco LLC	0.000	10/17/07		49,867
5,000,000	Govco LLC	0.000	10/18/07		4,985
7,675,000	Govco LLC	0.000	10/19/07		7,653
6,500,000	Govco LLC	0.000	10/23/07		6,475
25,000,000	Govco LLC	0.000	11/02/07		24,854
5,600,000	Govco LLC	0.000	11/05/07		5,566
10,000,000	Govco LLC	0.000	11/20/07		9,922
2,000,000	Govco LLC	0.000	11/26/07		1,983
50,000,000	Govco LLC	0.000	12/03/07		49,515
19,000,000	Govco LLC	0.000	12/13/07		18,788
16,985,000	Grampian Funding LLC	0.000	10/05/07		16,973
15,000,000	Grampian Funding LLC	0.000	12/14/07		14,830
50,000,000	Greenwich Capital Holdings, Inc	0.000	11/21/07		49,640
30,000,000	Greenwich Capital Holdings, Inc	0.000	12/13/07		29,680
5,300,000	Harley-Davidson Funding Corp	0.000	10/10/07		5,292
10,000,000	Harley-Davidson Funding Corp	0.000	10/11/07		9,984
10,000,000	Harley-Davidson Funding Corp	0.000	10/12/07		9,982
5,000,000	Harley-Davidson Funding Corp	0.000	10/15/07		4,989
9,000,000	Harley-Davidson Funding Corp	0.000	11/09/07		8,953
25,000,000	HBOS Treasury Services plc	0.000	10/15/07		24,945
18,400,000	HBOS Treasury Services plc	0.000	10/17/07		18,354
12,960,000	HBOS Treasury Services plc	0.000	10/25/07		12,913
20,000,000	HBOS Treasury Services plc	0.000	10/29/07		19,914
10,600,000	HBOS Treasury Services plc	0.000	10/30/07		10,552
14,600,000	HBOS Treasury Services plc	0.000	11/01/07		14,528
40,000,000	HBOS Treasury Services plc	0.000	12/11/07		39,585
47,180,000	HSBC Finance Corp	0.000	10/15/07		47,075
75,000,000	HSBC Finance Corp	0.000	12/04/07		74,294
25,000,000	HSBC Finance Corp	0.000	12/10/07		24,743
25,000,000	IBM Capital, Inc	0.000	12/10/07		24,743
48,150,000	IBM International Group	0.000	10/15/07		48,043
106,550,000	IBM International Group	0.000	10/31/07		106,044

319

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account
			MATURITY		VALUE
PRINCIPAL		RATE	DATE		(000)
$     34,000,000	ING US Funding LLC	0.000%	10/16/07	$	33,920
32,000,000	ING US Funding LLC	0.000	10/24/07		31,890
25,000,000	ING US Funding LLC	0.000	10/25/07		24,909
20,000,000	ING US Funding LLC	0.000	11/02/07		19,898
20,000,000	ING US Funding LLC	0.000	11/16/07		19,854
40,000,000	ING US Funding LLC	0.000	11/19/07		39,690
23,680,000	ING US Funding LLC	0.000	12/18/07		23,410
20,000,000	International Business Machines Corp	0.000	12/26/07		19,747
40,000,000	Johnson & Johnson	0.000	10/12/07		39,929
26,400,000	Johnson & Johnson	0.000	10/25/07		26,304
47,000,000	Johnson & Johnson	0.000	11/19/07		46,636
20,000,000	JPMorgan Chase & Co	0.000	10/16/07		19,953
25,000,000	JPMorgan Chase & Co	0.000	11/06/07		24,853
4,400,000	JPMorgan Chase & Co	0.000	11/08/07		4,377
37,745,000	JPMorgan Chase & Co	0.000	11/16/07		37,484
10,000,000	JPMorgan Chase & Co	0.000	12/13/07		9,893
30,000,000	JPMorgan Chase & Co	0.000	01/22/08		29,505
25,000,000	JPMorgan Chase & Co	0.000	01/23/08		24,584
18,000,000	Kimberly-Clark Wordwide	0.000	10/09/07		17,976
34,300,000	Kimberly-Clark Wordwide	0.000	10/11/07		34,245
30,000,000	Kimberly-Clark Wordwide	0.000	10/12/07		29,946
26,473,000	Kitty Hawk Funding Corp	0.000	10/22/07		26,385
6,898,000	Kitty Hawk Funding Corp	0.000	10/26/07		6,868
10,830,000	Kitty Hawk Funding Corp	0.000	10/29/07		10,777
25,000,000	Kitty Hawk Funding Corp	0.000	11/26/07		24,790
22,840,000	Kitty Hawk Funding Corp	0.000	12/13/07		22,585
15,383,000	Kitty Hawk Funding Corp	0.000	12/14/07		15,209
24,010,000	Kitty Hawk Funding Corp	0.000	12/18/07		23,724
20,000,000	Lloyds TSB Bank plc	0.000	10/03/07		19,991
20,000,000	Lloyds TSB Bank plc	0.000	10/05/07		19,985
29,720,000	McGraw-Hill Cos, Inc	0.000	10/02/07		29,711
24,000,000	McGraw-Hill Cos, Inc	0.000	10/10/07		23,965
44,592,000	McGraw-Hill Cos, Inc	0.000	10/22/07		44,445
5,000,000	McGraw-Hill Cos, Inc	0.000	11/01/07		4,975
30,000,000	McGraw-Hill Cos, Inc	0.000	11/02/07		29,842
58,000,000	McGraw-Hill Cos, Inc	0.000	11/27/07		57,522
10,000,000	McGraw-Hill Cos, Inc	0.000	12/06/07		9,902
20,000,000	Merrill Lynch & Co, Inc	0.000	10/01/07		19,997
29,000,000	Nestle Capital Corp	0.000	10/10/07		28,958
29,000,000	Nestle Capital Corp	0.000	10/11/07		28,953
50,000,000	Nestle Capital Corp	0.000	11/15/07		49,648
21,900,000	Nestle Capital Corp	0.000	12/12/07		21,670
10,965,000	Nestle Capital Corp	0.000	12/19/07		10,839
30,000,000	Nestle Capital Corp	0.000	03/05/08		29,335
14,000,000	Nestle Capital Corp	0.000	03/11/08		13,678
1,555,000	Paccar Financial Corp	0.000	10/18/07		1,551
8,300,000	Paccar Financial Corp	0.000	10/25/07		8,270
15,000,000	Paccar Financial Corp	0.000	11/09/07		14,904
59,850,000	Paccar Financial Corp	0.000	11/13/07		59,431
20,400,000	Paccar Financial Corp	0.000	11/14/07		20,262
36,300,000	Paccar Financial Corp	0.000	11/15/07		36,044
4,850,000	Paccar Financial Corp	0.000	11/21/07		4,815
7,800,000	Paccar Financial Corp	0.000	11/26/07		7,738
3,500,000	Paccar Financial Corp	0.000	12/18/07		3,460
14,000,000	Park Avenue Receivables Corp	0.000	10/11/07		13,977
36,000,000	Park Avenue Receivables Corp	0.000	10/12/07		35,933

320

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account
			MATURITY		VALUE
PRINCIPAL		RATE	DATE		(000)
$     23,077,000	Park Avenue Receivables Corp	0.000%	10/22/07	$	22,999
11,013,000	Park Avenue Receivables Corp	0.000	11/02/07		10,948
1,513,000	Park Avenue Receivables Corp	0.000	11/29/07		1,499
10,000,000	Private Export Funding Corp	0.000	10/11/07		9,984
10,000,000	Private Export Funding Corp	0.000	10/16/07		9,976
50,000,000	Private Export Funding Corp	0.000	10/19/07		49,859
20,000,000	Private Export Funding Corp	0.000	10/25/07		19,927
475,000	Private Export Funding Corp	0.000	10/26/07		473
20,000,000	Private Export Funding Corp	0.000	11/09/07		19,871
27,000,000	Private Export Funding Corp	0.000	11/13/07		26,810
20,000,000	Private Export Funding Corp	0.000	11/20/07		19,851
19,500,000	Private Export Funding Corp	0.000	01/14/08		19,201
20,000,000	Private Export Funding Corp	0.000	01/29/08		19,651
28,000,000	Procter & Gamble Co	0.000	10/29/07		27,879
15,000,000	Procter & Gamble International	0.000	10/15/07		14,967
20,000,000	Procter & Gamble International	0.000	10/16/07		19,953
13,000,000	Procter & Gamble International	0.000	10/25/07		12,953
11,240,000	Procter & Gamble International	0.000	10/31/07		11,187
12,000,000	Procter & Gamble International	0.000	11/29/07		11,898
8,000,000	Procter & Gamble International	0.000	12/05/07		7,924
4,000,000	Procter & Gamble International	0.000	12/06/07		3,961
43,000,000	Procter & Gamble International	0.000	12/11/07		42,554
7,000,000	Procter & Gamble International	0.000	12/12/07		6,926
39,000,000	Procter & Gamble International	0.000	12/17/07		38,562
7,500,000	Rabobank USA Financial Corp	0.000	10/15/07		7,483
53,000,000	Rabobank USA Financial Corp	0.000	10/19/07		52,863
40,000,000	Rabobank USA Financial Corp	0.000	12/12/07		39,580
49,330,000	Rabobank USA Financial Corp	0.000	12/17/07		48,776
16,547,000	Ranger Funding Co LLC	0.000	10/03/07		16,540
34,560,000	Ranger Funding Co LLC	0.000	10/09/07		34,513
3,000,000	Ranger Funding Co LLC	0.000	10/16/07		2,992
20,000,000	Ranger Funding Co LLC	0.000	11/01/07		19,891
23,540,000	Ranger Funding Co LLC	0.000	11/27/07		23,339
11,700,000	Ranger Funding Co LLC	0.000	11/28/07		11,599
30,000,000	Ranger Funding Co LLC	0.000	12/06/07		29,696
32,495,000	Ranger Funding Co LLC	0.000	12/17/07		32,114
21,600,000	Ranger Funding Co LLC	0.000	12/18/07		21,344
4,223,000	Ranger Funding Co LLC	0.000	12/19/07		4,172
50,000,000	Royal Bank of Scotland plc	0.000	10/26/07		49,808
6,000,000	Royal Bank of Scotland plc	0.000	12/14/07		5,935
11,702,000	Scaldis Capital LLC	0.000	10/03/07		11,697
14,991,000	Scaldis Capital LLC	0.000	10/23/07		14,934
1,768,000	Scaldis Capital LLC	0.000	10/24/07		1,761
40,000,000	Scaldis Capital LLC	0.000	12/17/07		39,530
30,000,000	Sedna Finance, Inc	0.000	10/25/07		29,877
50,000,000	Sedna Finance, Inc	0.000	10/30/07		49,747
49,600,000	Sedna Finance, Inc	0.000	11/30/07		49,141
25,000,000	Sedna Finance, Inc	0.000	01/28/08		24,554
4,000,000	Sigma Finance, Inc	0.000	10/24/07		3,984
14,000,000	Sigma Finance, Inc	0.000	11/01/07		13,922
8,000,000	Sigma Finance, Inc	0.000	11/05/07		7,951
19,500,000	Sigma Finance, Inc	0.000	11/29/07		19,325
13,725,000	Sigma Finance, Inc	0.000	12/12/07		13,574
9,000,000	Societe Generale North America, Inc	0.000	10/01/07		8,999
25,450,000	Societe Generale North America, Inc	0.000	10/09/07		25,416
30,000,000	Societe Generale North America, Inc	0.000	10/19/07		29,916

321

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account
			MATURITY		VALUE
PRINCIPAL		RATE	DATE		(000)
$     20,000,000	Societe Generale North America, Inc	0.000%	11/01/07	$	19,910
10,000,000	Societe Generale North America, Inc	0.000	11/05/07		9,945
25,000,000	Societe Generale North America, Inc	0.000	12/03/07		24,770
35,000,000	Societe Generale North America, Inc	0.000	12/27/07		34,556
28,000,000	Svensk Exportkredit AB	0.000	10/03/07		27,988
36,000,000	Svensk Exportkredit AB	0.000	10/11/07		35,942
16,000,000	Svensk Exportkredit AB	0.000	11/06/07		15,907
63,000,000	Svensk Exportkredit AB	0.000	12/05/07		62,402
17,000,000	Svensk Exportkredit AB	0.000	12/10/07		16,826
15,000,000	Svensk Exportkredit AB	0.000	12/12/07		14,842
1,260,000	Svensk Exportkredit AB	0.000	01/14/08		1,241
14,000,000	Toronto-Dominion Holdings	0.000	10/15/07		13,967
25,000,000	Toronto-Dominion Holdings	0.000	10/17/07		24,939
50,000,000	Toronto-Dominion Holdings	0.000	10/18/07		49,869
29,000,000	Toyota Motor Credit Corp	0.000	10/10/07		28,958
38,000,000	Toyota Motor Credit Corp	0.000	10/15/07		37,916
26,000,000	Toyota Motor Credit Corp	0.000	10/17/07		25,937
35,000,000	Toyota Motor Credit Corp	0.000	10/24/07		34,880
35,000,000	Toyota Motor Credit Corp	0.000	10/31/07		34,835
25,000,000	Toyota Motor Credit Corp	0.000	01/14/08		24,619
12,000,000	Toyota Motor Credit Corp	0.000	01/16/08		11,813
2,000,000	UBS Finance (Delaware) LLC	0.000	10/02/07		1,999
5,000,000	UBS Finance (Delaware) LLC	0.000	10/09/07		4,993
15,000,000	UBS Finance (Delaware) LLC	0.000	10/10/07		14,978
11,000,000	UBS Finance (Delaware) LLC	0.000	10/12/07		10,980
12,705,000	UBS Finance (Delaware) LLC	0.000	10/15/07		12,677
10,015,000	UBS Finance (Delaware) LLC	0.000	10/18/07		9,989
18,000,000	UBS Finance (Delaware) LLC	0.000	10/19/07		17,949
7,000,000	UBS Finance (Delaware) LLC	0.000	10/23/07		6,976
10,000,000	UBS Finance (Delaware) LLC	0.000	11/05/07		9,945
30,000,000	UBS Finance (Delaware) LLC	0.000	11/20/07		29,778
20,000,000	UBS Finance (Delaware) LLC	0.000	12/10/07		19,796
7,500,000	UBS Finance (Delaware) LLC	0.000	12/17/07		7,416
10,000,000	UBS Finance (Delaware) LLC	0.000	12/31/07		9,867
12,500,000	UBS Finance (Delaware) LLC	0.000	02/14/08		12,256
48,850,000	Unilever Capital Corp	0.000	11/15/07		48,504
9,570,000	Unilever Capital Corp	0.000	11/16/07		9,500
16,750,000	Unilever Capital Corp	0.000	11/27/07		16,613
37,000,000	Variable Funding Capital Corp	0.000	10/01/07		36,995
10,000,000	Variable Funding Capital Corp	0.000	10/02/07		9,997
30,000,000	Variable Funding Capital Corp	0.000	10/16/07		29,924
28,620,000	Variable Funding Capital Corp	0.000	11/16/07		28,428
65,000,000	Wal-Mart Stores, Inc	0.000	10/09/07		64,914
40,000,000	Wal-Mart Stores, Inc	0.000	10/10/07		39,943
40,000,000	Wal-Mart Stores, Inc	0.000	10/30/07		39,820
6,500,000	Wal-Mart Stores, Inc	0.000	11/14/07		6,456
13,200,000	Wal-Mart Stores, Inc	0.000	12/06/07		13,073
35,000,000	Wal-Mart Stores, Inc	0.000	12/18/07		34,602
50,369,000	Yorktown Capital LLC	0.000	10/26/07		50,150
15,000,000	Yorktown Capital LLC	0.000	11/02/07		14,913
20,000,000	Yorktown Capital LLC	0.000	11/08/07		19,872
19,000,000	Yorktown Capital LLC	0.000	11/26/07		18,841
4,919,000	Yorktown Capital LLC	0.000	11/27/07		4,877
34,000,000	Yorktown Capital LLC	0.000	12/06/07		33,656
47,000,000	Yorktown Capital LLC	0.000	12/19/07		46,435

322

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account
			MATURITY		VALUE
PRINCIPAL		RATE	DATE		(000)
$     10,000,000	Yorktown Capital LLC	0.000%	12/21/07	$	9,877
	TOTAL COMMERCIAL PAPER				7,494,560
U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES - 16.17%
4,550,000	Federal Home Loan Bank (FHLB)	0.000	11/01/07		4,532
176,875,000	FHLB	0.000	11/07/07		176,032
6,363,000	FHLB	0.000	11/14/07		6,328
25,925,000	FHLB	0.000	11/20/07		25,762
30,000,000	FHLB	0.000	11/21/07		29,813
50,000,000	FHLB	0.000	11/23/07		49,666
50,000,000	FHLB	0.000	11/28/07		49,649
11,799,000	FHLB	0.000	12/13/07		11,692
57,292,000	FHLB	0.000	12/14/07		56,764
28,230,000	FHLB	0.000	12/20/07		27,949
12,055,000	FHLB	0.000	01/18/08		11,894
2,535,000	FHLB	0.000	01/23/08		2,500
21,250,000	FHLB	0.000	01/25/08		20,948
5,885,000	FHLB	0.000	01/29/08		5,798
1,344,000	FHLB	0.000	01/30/08		1,324
50,000,000	FHLB	0.000	01/31/08		49,253
64,270,000	FHLB	0.000	02/20/08		63,155
20,000,000	FHLB	0.000	02/28/08		19,633
30,660,000	Federal Home Loan Mortgage Corp (FHLMC)	0.000	10/09/07		30,622
325,000	FHLMC	0.000	10/15/07		324
30,000,000	FHLMC	0.000	10/19/07		29,925
54,211,000	FHLMC	0.000	10/22/07		54,060
15,000,000	FHLMC	0.000	10/29/07		14,941
50,000,000	FHLMC	0.000	11/05/07		49,762
32,910,000	FHLMC	0.000	11/09/07		32,739
42,206,000	FHLMC	0.000	11/13/07		41,970
74,925,000	FHLMC	0.000	11/19/07		74,464
24,910,000	FHLMC	0.000	11/26/07		24,735
80,000,000	FHLMC	0.000	12/03/07		79,373
9,436,000	FHLMC	0.000	12/06/07		9,359
17,616,000	FHLMC	0.000	12/07/07		17,469
35,800,000	FHLMC	0.000	12/10/07		35,488
30,000,000	FHLMC	0.000	12/14/07		29,724
28,414,000	FHLMC	0.000	12/24/07		28,117
7,760,000	FHLMC	0.000	12/26/07		7,677
10,816,000	FHLMC	0.000	01/07/08		10,686
10,800,000	FHLMC	0.000	01/14/08		10,661
95,000,000	FHLMC	0.000	02/19/08		93,363
7,240,000	FHLMC	0.000	03/20/08		7,089
20,000,000	Federal National Mortgage Association (FNMA)	0.000	10/10/07		19,973
28,840,000	FNMA	0.000	10/24/07		28,755
29,000,000	FNMA	0.000	11/02/07		28,875
62,264,000	FNMA	0.000	11/07/07		61,967
7,290,000	FNMA	0.000	11/09/07		7,252
141,755,000	FNMA	0.000	11/14/07		140,972
50,000,000	FNMA	0.000	11/20/07		49,687
16,375,000	FNMA	0.000	11/21/07		16,273
37,285,000	FNMA	0.000	11/27/07		37,018
15,000,000	FNMA	0.000	12/14/07		14,862
72,159,000	FNMA	0.000	12/28/07		71,369
1,300,000	FNMA	0.000	12/31/07		1,285
29,970,000	FNMA	0.000	01/03/08		29,625
41,733,000	FNMA	0.000	01/04/08		41,247

323

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account
				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$     8,700,000		FNMA	0.000%	01/09/08	$	8,593
3,000,000		FNMA	0.000	01/23/08		2,958
2,370,000		FNMA	0.000	04/25/08		2,311
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES				1,858,262
VARIABLE NOTES - 2.89%
50,000,000	i	National City Bank of Indiana	5.415	05/06/08		50,044
50,000,000	i	PNC Bank NA	5.069	01/02/08		50,004
44,000,000	i	Suntrust Bank	5.119	01/28/08		43,987
16,500,000	i	US Bank NA	5.099	11/30/07		16,500
40,000,000	i	US Bank NA	5.735	12/05/07		40,001
37,300,000	i	US Bank NA	5.755	02/08/08		37,298
18,900,000	i	Wells Fargo & Co	5.764	03/10/08		18,910
75,000,000	i	Wells Fargo & Co	5.870	03/10/08		74,989
		TOTAL VARIABLE NOTES				331,733
		TOTAL SHORT-TERM INVESTMENTS				11,467,445
		(Cost $11,468,671)
		TOTAL PORTFOLIO - 99.78%				11,467,445
		(Cost $11,468,671)
		OTHER ASSETS & LIABILITIES, NET - 0.22%				25,351
		NET ASSETS - 100.00%			$	11,492,796
		The following abbreviations are used in portfolio descriptions:
	LLC	Limited Liability Company
	plc	Public Limited Company
		Cost amounts are in thousands.
	i	Floating rate or variable rate securities reflects the rate in effect as of September 30, 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.
		At September 30, 2007, the net unrealized depreciation on investments was $1,226,272, consisting of gross
		unrealized appreciation of $1,757,248 and gross unrealized depreciation of $2,983,520.

324

COLLEGE RETIREMENT EQUITIES FUND—Notes to Statements of Investments (Unaudited)

COLLEGE RETIREMENT EQUITIES FUND

Note 1—significant accounting policies

The purpose of College Retirement Equities Fund (“CREF”), as stated in its charter, is to aid and strengthen non-profit educational and research organizations, governmental entities and other non-profit institutions by providing its employees with variable retirement benefits. CREF is registered with the Securities and Exchange Commission under the Investment Company Act of 1940 as an open-end management investment company. It consists of eight investment portfolios: the Stock, Global Equities, Growth, Equity Index, Bond Market, Inflation-Linked Bond, Social Choice and Money Market Accounts (individually referred to as the “Account” or collectively referred to as the “Accounts”). The Stock Account commenced operations on July 1, 1952; the Global Equities and Equity Index Accounts commenced operations on April 1, 1992; the Growth Account commenced operations on April 4, 1994; the Social Choice and Bond Market Accounts commenced operations on March 1, 1990; the Inflation-Linked Bond Account commenced operations on January 13, 1997; and the Money Market Account commenced operations on April 1, 1988. The following is a summary of the significant accounting policies consistently followed by the Accounts.

Valuation of investments: Equity securities listed or traded on a national securities exchange are valued based on their sale price on such market or exchange at the close of business on the date of valuation, or at the mean of closing bid and asked prices if no sale is reported. Debt securities will generally be valued using prices provided by a pricing service which may employ various indications of value including but not limited to broker-dealer quotations. Certain debt securities, other than money market instruments, are valued based on the most recent bid price, or the equivalent quoted yield for such securities (or those of comparable maturity, quality and type). Money market instruments (other than those in the Money Market Account), with maturities of one year or less, are valued in the same manner as debt securities or derived from a pricing matrix that has various types of money market instruments along one axis and various maturities along the other. Money market instruments in the Money Market Account are valued on an amortized cost basis, or at market value if market value is materially different from amortized cost. Investments in registered investment companies are valued at their net asset value including investments in affiliated registered investment companies. Foreign investments are valued at the closing values of such securities as of the date of valuation under the generally accepted valuation method in the country where traded, converted to U.S. Dollars at the prevailing rates of exchange on the date of valuation. Futures contracts are valued at the last sale price as of the close of business on the board of trade or exchange on which they are traded.

Portfolio securities for which market quotations are not readily available are valued at fair value, as determined in good faith under the direction of the Board of

325

COLLEGE RETIREMENT EQUITIES FUND—Notes to Statements of Investments (Unaudited)

Trustees. Portfolio securities may also be valued at fair value as determined in good faith under the direction of the Board if events materially affecting their value occur between the time their price is determined and the time the Account’s net asset value is calculated. The fair value of securities may be determined with the assistance of a pricing service, which attempts to calculate a fair value for securities based on numerous factors including correlations of a security’s price with securities indices and other appropriate indicators, such as American Depositary Receipts and futures contracts. Other factors may also be considered in determining fair value, such as fundamental analytical data, market and trading trends, and public trading of similar securities of the issuer or comparable issuers.

Trading in securities on most foreign exchanges and over the counter markets is normally completed before the close of the domestic stock market and may also take place on days when the domestic market is closed. If events materially affecting the value of foreign securities occur between the time when the exchange on which they are traded closes and the time when the Account’s net assets is calculated, such securities may be valued at fair value in accordance with procedures adopted by the Board. The Accounts have retained an independent fair value pricing service to assist in the fair valuation process for the Accounts that primarily invest in international securities.

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

Distributions received from Real Estate Investment Trusts (“REITs”) are recorded on ex-dividend date. Each REIT reports annually the tax character of its distributions. Dividend income, realized gains and unrealized appreciation (depreciation) reflect the amounts of taxable income, capital gain and return of capital reported by each REIT, and management’s estimates of such amounts for REIT distributions for which actual information has not been reported.

Foreign taxes: The Accounts may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Accounts will accrue such taxes and recoveries as applicable, based upon the

326

COLLEGE RETIREMENT EQUITIES FUND—Notes to Statements of Investments (Unaudited)

current interpretation of tax rules and regulations that exist in the markets in which the current Accounts invest.

Mortgage dollar roll transactions: The Accounts may enter into mortgage dollar rolls in which the Accounts sell mortgage-backed securities for delivery and contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date. During the roll period, the Account forgoes principal and interest paid on the securities. The Accounts’ policy is to record the dollar rolls using “to be announced” mortgage-backed securities as purchase and sale transactions. Any difference between the purchase and sale price is recorded as a realized gain or loss on the trade date of the sale transaction. At the time an Account enters into such transactions, it is required to have segregated assets with a current value at least equal to the amount of its dollar rolls commitments. In addition, the Accounts may receive compensation that is recorded as deferred income and amortized to income over the roll period. The counterparty receives all principal and interest payments, including prepayments, made in respect of a security subject to such a contract while it is the holder. Dollar rolls may be renewed with a new purchase and repurchase price and a cash settlement made on settlement date without physical delivery of the securities subject to the contract. The Accounts engage in dollar rolls for the purpose of enhancing their yields.

Cash: The Accounts may hold cash in its account with the Custodian. The Accounts, throughout the year, may have a cash overdraft balance. A fee is incurred on this overdraft.

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

Foreign currency transactions and translation: Portfolio investments and other assets and liabilities denominated in foreign currencies are translated into U.S. Dollars at the exchange rates prevailing at the end of the period. The effect of changes in foreign currency exchange rates on portfolio investments are included in the net realized and unrealized gains and losses on investments.

327

COLLEGE RETIREMENT EQUITIES FUND—Notes to Statements of Investments (Unaudited)

Forward foreign currency contracts: The Accounts may use forward foreign currency contracts to facilitate transactions in securities denominated in foreign currencies. Such contracts are entered into directly with a counterparty and are “marked-to-market” at the end of each day’s trading. The Accounts are also exposed to credit risk associated with counterparty nonperformance on these forward foreign currency contracts which is typically limited to the unrealized gain on each open contract. Forward foreign currency contracts will be used primarily to protect the Accounts from adverse currency movements and will generally not be entered into for terms greater than one year. The use of forward foreign currency contracts does not eliminate fluctuations in the underlying prices of an Account’s investment securities; however, it does establish a rate of exchange that can be achieved in the future. The use of forward foreign currency contracts involves the risk that anticipated currency movements will not be accurately predicted. A forward foreign currency contract would limit the risk of loss due to a decline in the value of a particular currency; however, it also would limit any potential gain that might result should the value of the currency increase instead of decrease. The use of derivative instruments involves, to varying degrees, elements of market risk in excess of the amount recognized in the Statements of assets and liabilities. There were no open forward foreign currency contracts at September 30, 2007.

Securities lending: The Accounts may lend portfolio securities to qualified institutions and brokers. By lending investment securities, the Account attempts to increase its net investment income through the receipt of interest (after rebates and fees) on collateral. Under the lending arrangement with State Street Bank & Trust Company, each Account receives a fee. The Stock and Global Equities Account (international lending only) are guaranteed a fee regardless of their securities lending activity. The other Accounts, (excluding the Money Market Account), will receive a specified percentage of the securities lending income generated by State Street Bank & Trust Company. Such income is included in interest income on the Statements of Operations. The value of the loaned securities and the liability related to the cash collateral received are reflected on the Statements of Assets and Liabilities.

The loans are secured by collateral at least equal to 102% of the market value of the securities loaned for U.S. securities and 105% of the market value of securities loaned for foreign securities. The cash collateral for Stock and Global Equities Accounts (domestic securities only) along with the Growth and Equity Index Accounts is invested in the State Street Navigator Securities Lending Portfolio according to the securities lending agreement. The cash collateral for the Stock and Global Equities Accounts (international securities) along with the Social Choice Account (equities only) is invested in short term instruments by TIAA-CREF Investment Management,

328

COLLEGE RETIREMENT EQUITIES FUND—Notes to Statements of Investments (Unaudited)

LLC according to the securities lending agreement. The cash collateral for the Social Choice Account (fixed income securities) along with the Bond Market Account and the Inflation-Linked Bond Account are invested in short term instruments by the Bank of New York according to the securities lending agreement. The market value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Accounts before the end of the following business day.

The Accounts have the right under the lending agreements to recover the securities from the borrower on demand. Although each transaction is collateralized, if a borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Accounts could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. The Accounts are indemnified by their lending agent against any losses related to borrower defaults.

Futures contracts: The Accounts may use futures contracts to manage exposure to the equity markets or for cash management purposes to remain highly invested in the equity markets while minimizing transaction costs. Buying futures contracts tends to increase exposure to the underlying instrument/index, while selling futures contracts tends to decrease exposure to the underlying instrument/index or hedge other investments. Initial margin deposits are made upon entering into a futures contract and variation margin payments are made or received reflecting changes in the value of the futures contracts. Futures contracts are valued at the last sales price as of the close of the board of trade or exchange on which they are traded. Daily changes in the value of such contracts are reflected in net unrealized gains and losses. Gains or losses are realized upon the expiration or closing of the futures contracts, or if the counterparties do not perform in accordance with contractual provisions.

Risks of investments in futures contracts include the possible adverse movement of the securities or indices underlying the contracts, the possibility that there may not be a liquid secondary market for the contracts, that a change in the value of the contract may not correlate with a change in the value of the underlying securities, or that the counterparty to a contract may default on its obligation to perform.

Securities purchased on a when-issued or delayed-delivery basis: The Accounts may purchase securities on a when-issued or delayed-delivery basis. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after trade date; interest income is not accrued until settlement date. At the time an Account enters into such transactions, it is required to have segregated assets with a current value at least equal to the amount of its when-issued or delayed-delivery purchase commitments. Credit risks exist on these commitments to the extent of any unrealized gains on the underlying securities purchased and any unrealized losses on the underlying securities sold. Market risk exists on these commitments to the same extent as if the securities were owned on a settled basis and gains and losses are recorded and reported in the same manner.

329

COLLEGE RETIREMENT EQUITIES FUND—Notes to Statements of Investments (Unaudited)

In addition to the normal credit and market risks, transactions with delayed settlement dates may expose the Accounts to greater risk that such transactions may not be consummated.

Treasury Inflation-Protected Securities: The Social Choice Account, Bond Market Account and Inflation-Linked Bond Account may invest in Treasury Inflation-Protected Securities (“TIPS”), which are specially structured bonds in which the principal amount is adjusted daily to keep pace with inflation, as measured by the U.S. Consumer Price Index (“CPI”). The adjustments for interest income due to inflation are reflected in interest income in the Statements of Operations. TIPS are backed by the full faith and credit of the U.S. Government. TIPS are subject to interest rate risk. However, because TIPS have better price protection through inflation adjustments, they tend to perform well in a rising rate environment if rates increase due to inflation.

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

Investment transactions with affiliates: The Accounts may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Board, pursuant to the Investment Company Act of 1940. These transactions are effected at market rates without incurring broker commissions.

Indemnification: In the normal course of business, each Account enters into contracts that contain a variety of representations and warranties and which provide general indemnities. An Account’s maximum exposure under these arrangements is unknown, as this would involve future claims against the Account that have not yet occurred. Also, under the Accounts’ Trust organizational documents, the Trustees and Officers of CREF are indemnified against certain liabilities that may arise out of their duties to CREF. However, based on experience, the Accounts expect the risk of loss due to these warranties and indemnities to be remote.

Note 2—new accounting pronouncements

In September 2006, FASB also issued Statement of Accounting Standards No. 157, “Fair Value Measurement” (“SFAS 157”). This new standard applies to all entities that follow US generally accepted accounting principles (“GAAP”) and their valuation techniques for assets and liabilities. SFAS 157 defines fair value, establishes a framework for measuring fair value under GAAP, and expands disclosures about fair value measurements. SFAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007. Management is currently evaluating the impact the adoption of SFAS 157.

330

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: November 28, 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: November 28, 2007	By:	/s/ Herbert M. Allison, Jr.
		Herbert M. Allison, Jr.
		President and Chief Executive Officer
		(principal executive officer)
Date: November 28, 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 (EX-99.Cert)

3(b) Section 302 certification of the principal financial officer (EX-99.Cert)