N-CSR

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number File No. 811-4415

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

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

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: December 31, 2005

Item 1. Reports to Stockholders.

2005 ANNUAL REPORT
COLLEGE RETIREMENT
EQUITIES FUND
DECEMBER 31, 2005
Audited financial statements including summary portfolios of investments
Stock
Growth
Global Equities
Money Market
Equity Index
Bond Market
Social Choice
Inflation-Linked Bond
	SIGN UP FOR ELECTRONIC DELIVERY AT
	www.tiaa-cref.org/howto/edelivery.html

PERFORMANCE OVERVIEW AS OF DECEMBER 31, 2005

		Average annual compound rates
		of total return
	Inception								Since
	date		1 year		5 years		10 years		inception
EQUITIES
CREF Stock	8/1/1952		7.49	%	1.82	%	8.48	%	10.49	%
CREF Global Equities	5/1/1992		9.62		0.92		7.04		9.07
CREF Equity Index	4/29/1994		5.67		1.19		8.89		10.76
CREF Growth	4/29/1994		5.43		–5.05		5.69		8.02
EQUITIES & FIXED INCOME
CREF Social Choice	3/1/1990		4.97		3.43		8.43		10.04
FIXED INCOME
CREF Bond Market	3/1/1990		2.25		5.71		5.99		7.30
CREF Inflation-Linked Bond	5/1/1997		2.53		8.33		—		7.17
CREF Money Market*	4/1/1988		2.90		2.03		3.76		4.71
NET ANNUALIZED YIELD			NET ANNUALIZED YIELD
(30-day period ended 12/31/2005)			(7-day period ended 12/27/2005)
	Effective						Current		Effective
CREF Bond Market	4.50%		CREF Money Market*				3.87%		3.94%

*

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

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

The CREF variable annuity accounts are not promoted or sponsored by, or affiliated with, the Frank Russell Company.

Understanding your CREF report

This report contains information about your CREF accounts and analyzes the accounts’ results for the year ended December 31, 2005. It has four main sections:

Ÿ	The performance overview on the facing page shows the accounts’ returns in a variety of time periods.
Ÿ	The letter from Scott Evans, TIAA-CREF’s chief investment officer, explains how the performance of the U.S. and foreign investment markets differed during the past year.
Ÿ	The account performance section compares each account’s return with the returns of that account’s benchmark and peer group. This section also provides information about risks and expenses.
Ÿ	The financial statements contain detailed information about the operations and financial condition of each account.

          You can get current performance information at the end of every business day from our automated telephone service or from the TIAA-CREF website.

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

Contents

Report to CREF participants	2
More information for CREF participants	4
Special terms	5
Understanding investment risk	6
Important information about expenses	8
Account performance
CREF Stock Account	9
CREF Growth Account	13
CREF Global Equities Account	17
CREF Money Market Account	21
CREF Equity Index Account	25
CREF Bond Market Account	29
CREF Social Choice Account	33
CREF Inflation-Linked Bond Account	37

Summary portfolios of investments		41
Financial statements
Statements of assets and liabilities		78
Statements of operations		81
Statements of changes in net assets		84
Notes to financial statements		90
Report of independent registered public accounting firm		110
Report of management responsibility		111
2005 CREF annual meeting		112
Management		114
How to reach us	Inside back cover

Report to CREF participants

During 2005 rising interest rates, record oil prices and a pair of catastrophic hurricanes tested the resilience of the nation’s economy and confined U.S. stock and bond returns to a narrow range.

          Gains were concentrated in several brief periods, rewarding investors who remained fully invested throughout the year.

          The Russell 3000^® Index, one of the broadest U.S. stock market barometers, posted gains in only seven months, and its 6.1% advance for the year depended largely on the 4.1% jump during July.

Bonds dip, foreign stocks soar

Increases in short-term interest rates helped push bond yields higher, and bond prices declined as a result, but interest income kept bond returns in positive territory for the year. The Lehman Brothers U.S. Aggregate Index, which measures the investment-grade bond market in the United States, was up 2.4%.

          For the third consecutive year, foreign stocks enjoyed larger gains than U.S. issues. The MSCI EAFE^® Index, which tracks 21 stock markets outside the United States, rose 13.5% in terms of dollars.

          In contrast, over the ten-year period, the Russell 3000 outperformed the EAFE index by an average of more than three percentage points per year.

All CREF accounts post solid gains

Each of the CREF accounts posted positive results for the year, and two of the three that use individual stock selection beat their benchmarks.

          The Global Equities Account, which holds both foreign and domestic stocks, benefited from successful stock choices; the account outpaced its benchmark with a 9.6% return.

          The Stock Account’s 7.5% return lagged its composite benchmark slightly, but the account outperformed the U.S. market because of a 22% allocation to foreign stocks and careful stock picking that lifted the return of its foreign segment above that of the EAFE+Canada index.

          The Growth Account was adversely affected by the market’s continued preference for value issues, but stock choices raised its return to 5.4%, ahead of its benchmark’s.

          The Equity Index Account’s return was near its benchmark’s, after allowing for expenses, and outpaced similar variable annuities. The Social Choice Account topped both its benchmark and similar variable annuities.

          The Bond Market Account returned 2.3%, slightly behind its benchmark, but far ahead of the 0.8% return of similar variable annuities. The Inflation-Linked Bond Account closely tracked its benchmark, after allowing for expenses. The Money Market Account’s 2.9% return was above the prevailing money market average.

2   | 2005 Annual Report   College Retirement Equities Fund

Scott C. Evans
Executive Vice President and
Chief Investment Officer

Is it time to check your allocations?

Over the last three years, foreign stocks, as measured by the EAFE index, returned 89.2%, versus 55.7% for U.S. stocks, as measured by the Russell 3000. And during 2005 the TIAA Real Estate Account outperformed both U.S. and foreign stocks.

          In light of this, CREF participants who have not recently rebalanced their accumulations may want to check their portfolios. Since foreign investments and real estate investments have strongly outperformed both U.S. stocks and bonds, your allocations among accounts may have changed significantly.

          It’s important to note that, as of December 31, 2005, foreign holdings made up 21.7% of the Stock Account portfolio and 49.3% of the Global Equities portfolio. If the foreign stock allocation you want to have lies somewhere in between, you can choose both accounts. For example, a participant who divides his or her equity holdings equally between these two accounts would have a 35.5% allocation to foreign stocks.

          Transfers among any of our accounts can be made without transfer fees.

Diversification can smooth out returns

While many investment companies extol the advantages of diversification, TIAA-CREF is one of the few that offers investors a way to spread their investments across all four major asset classes—stocks, bonds, cash and real estate.

          Diversifying assets may be the most important lesson we ever learn as investors, because it lowers risk while extending the range of investment opportunities. Of course, diversification does not guarantee against loss.

          For further information about finding the mix of investments best suited to your needs, we invite you to visit our website or to call us.

/s/ Scott C. Evans

Scott C. Evans
Executive Vice President and
Chief Investment Officer

College Retirement Equities Fund  2005 Annual Report  |   3

More information for CREF participants

Portfolio listings

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

          You can obtain a complete list of CREF’s holdings (called “CREF Statements of Investments”) as of the most recently completed fiscal quarter (currently for the period ended December 31, 2005) in the following ways:

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

You can also obtain a complete list of CREF’s holdings as of the most recently completed fiscal quarter, and for prior quarter-ends, from the SEC. (Form N-CSR lists holdings as of December 31 or June 30; Form N-Q lists holdings as of March 31 or September 30.) Copies of these forms are available:

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

Proxy voting

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

Contacting TIAA-CREF

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

Account management

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

4   | 2005 Annual Report  College Retirement Equities Fund

Special terms

Agency securities are bonds issued by U.S. government entities such as Fannie Mae.

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

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

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

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

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

Inception date is the first date on which investors can invest in an account. The account begins to record investment performance on that date.

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

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

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

Overweight holding is a security held by an account. In terms of market capitalization, it forms a larger percentage of the account than that same security’s percentage of the benchmark. See also “Underweight holding.”

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

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

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

Total invested assets is the dollar value of all the securities held by an account, adjusted for pending transactions and securities lending collateral, if applicable.

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

Underweight holding is a security held by an account. In terms of market capitalization, it forms a smaller percentage of the account than that same security’s percentage of the benchmark. See also “Overweight holding.”

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

College Retirement Equities Fund   2005 Annual Report  |   5

Understanding investment risk

All investing involves an element of risk. For example, investors in U.S. Treasury bonds, which are generally considered among the safest of investments, face the risk that inflation will erode their principal and interest over time.

          In general, accounts that invest in stocks are subject to market risk and company risk. Bond accounts are subject to market risk, company risk, interest-rate risk, income volatility risk and credit risk. An account that operates in a limited area of either the stock or bond markets is subject to additional, special risks. For a full explanation of the accounts’ risks, please see the prospectus.

          The glossary below describes the general risks outlined above, as well as the special risks listed in the discussion of each account.

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

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

Extension risk is the risk of decline in value for certain fixed-income securities because principal payments are not made as early as possible.

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

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

Illiquid security risk is the risk that investments in illiquid securities may be difficult to sell for their fair market value.

Income volatility risk is the risk that the level of current income from a portfolio of fixed-income securities may decline in certain interest-rate environments.

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

Interest-rate risk (a type of market risk) is the risk that bond prices or the income of an account may decline if interest rates change.

Large-cap risk is the risk that, by focusing on investments in securities of larger companies, an account may have fewer opportunities to identify securities that the

6   | 2005 Annual Report  College Retirement Equities Fund

market misprices. In addition, larger companies may grow more slowly than the economy as a whole or not at all.

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

Prepayment risk is the risk of a decline for certain fixed-income securities that allow for the prepayment of principal, and the risk that an account’s income will decline as a result.

Reorganization risk is the risk that stocks of companies involved in reorganizations and other special situations can often be more volatile than ordinary securities.

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

Risks of inflation-indexed bonds include the risk that market values of inflation-indexed bonds can be affected by changes in investors’ inflation expectations or changes in “real” rates of interest (i.e., a security’s return above the inflation rate). Also, the inflation index that a bond is intended to track may not accurately reflect the true rate of inflation. If the market perceives that an index does not accurately reflect inflation, the market value of inflation-indexed bonds could be adversely affected. In addition, an investment in an account that invests in inflation-indexed bonds is subject to certain special tax considerations.

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

Style risk is the risk that the growth-investing style of an account may be out of favor in the marketplace for various periods of time.

College Retirement Equities Fund   2005 Annual Report  |   7

Important information about expenses

DISCLOSURE

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

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

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

          The examples assume $1,000 was invested on July 1, 2005, and held for six months until December 31, 2005.

Actual expenses

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

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

Hypothetical example for comparison purposes

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

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

8   | 2005 Annual Report  College Retirement Equities Fund

CREF Stock Account  |  U.S. and foreign stocks

DISCUSSION

Performance in the twelve months ended December 31, 2005

The CREF Stock Account returned 7.49% for the year, trailing the 7.82% return of its composite benchmark, a weighted average of the Russell 3000^® Index and the MSCI EAFE^®+Canada Index.

          The account’s return exceeded the 4.68% average return of similar accounts, as measured by the Morningstar Large Blend (VA) category, which tracked 3,574 variable annuities as of December 31, 2005.

Stocks rally in second half of 2005

After posting slightly negative returns in the first half of 2005, U.S. and foreign stocks rallied in the second. Down 0.01% at midyear, the Russell 3000 rose 6.13% in the last six months of 2005, posting a 6.12% increase for the year.

          The EAFE+Canada index, which stood at –0.71% in dollar terms on June 30, climbed 15.29% in the second half of the year. For the year as a whole, the EAFE+Canada index soared 28.70% in terms of local currencies, but a surge in the value of the dollar cut this return nearly in half for U.S. investors, to 14.47%.

U.S. segment lags the market

The account’s U.S. segment trailed the Russell 3000, largely due to overweights in stocks that did not perform as expected, including home mortgage provider Fannie Mae and auto parts makers Delphi and Lear.

          A position in Northwest Airlines, which was not in the benchmark and performed poorly, and an underweight in Valero Energy, whose stock price more than doubled during the period, also detracted from returns.

          Positive contributions came from such stocks as Devon Energy, Altria (the parent company of Philip Morris) and online prescription provider Express Scripts, all of which were overweighted in the account, relative to the Russell 3000.

Foreign segment beats its benchmark

The foreign segment topped the EAFE+Canada index due to numerous successful stock selections, including underweights in weak performers such as Britain’s Vodafone and Italy’s Telecom Italia, both wireless providers, and British bank HSBC Holdings. An overweight in French construction firm Vinci and a position in Japan Steel Works, a nonindex stock, also added value.

          Detractors included overweights in three British companies: grocer Tesco, pharmaceutical company AstraZeneca and the Royal Bank of Scotland. In addition, an underweight in Japanese bank Mitsubishi UFJ Financial Group reduced returns slightly.

College Retirement Equities Fund   2005 Annual Report  |   9

CREF Stock Account  |   U.S. and foreign stocks

Investment objective

This variable annuity account seeks a favorable long-term rate of return through capital appreciation and investment income by investing primarily in a broadly diversified portfolio of common stocks.

Special investment risks

In addition to the risks of any equity investment, the account is subject to special risks, including foreign investment risks and small-cap risk. For a further discussion of risk, please see page 6.

The account’s benchmark

The account’s composite benchmark is a weighted average of the Russell 3000^® Index, for domestic stocks, and the MSCI EAFE^® (Europe, Australasia and Far East)+Canada Index, for foreign stocks. The Russell 3000 measures the performance of the 3,000 largest publicly traded U.S. companies, based on market capitalization. The MSCI EAFE+Canada Index measures the performance of the leading stocks in 22 developed countries other than the United States. (You cannot invest directly in these indexes.) The composite’s weightings are recalculated daily. As of December 31, 2005, the domestic segment was 79.1% of the composite benchmark, and the foreign segment 20.9%.

Performance as of December 31, 2005
	Average annual compound rates of total return*						Cumulative rates of total return*
	1 year		5 years		10 years		5 years		10 years
CREF Stock Account	7.49	%	1.82	%	8.48	%	9.44	%	125.82	%
Benchmarks:
Russell 3000 Index1	6.12		1.58		9.19		8.16		141.16
MSCI EAFE+Canada Index2	14.47		4.99		6.25		27.56		83.50
CREF Composite Benchmark	7.82		2.33		8.96		12.24		135.96
Peer groups:
Morningstar Large Blend (VA)	4.68		–0.95		6.76		–4.68		92.39
Morningstar Foreign Large Blend (VA)	13.64		1.60		5.13		8.27		64.85

*	The returns quoted represent past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your accumulation units. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org, or call 800 842-2252.
1	Russell 3000 is a trademark and service mark of the Frank Russell Company.
2	From May 31, 2001, through May 31, 2002, MSCI published two versions of this index, a “standard” and a “provisional,” in order to provide a transition to a new way of calculating the index. CREF adopted the provisional version on July 1, 2001, and the returns shown above include provisional data from July 1, 2001, through May 31, 2002. As of June 1, 2002, the index was once again available in only one version. EAFE is a trademark of Morgan Stanley Capital International, Inc.

10   | 2005 Annual Report  College Retirement Equities Fund

  PERFORMANCE

$ 10,000 over 10 years

An investment of $10,000 in this account on January 1, 1996, would have grown to $22,582 over the last 10 years. For the purpose of comparison, the graph also shows the change in the account’s benchmarks during the same period.

Calendar year total returns

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

College Retirement Equities Fund   2005 Annual Report  |   11

CREF Stock Account  |   U.S. and foreign stocks

  PERFORMANCE

Account expenses–six months ended December 31, 2005

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

          The examples assume $1,000 was invested on July 1, 2005, and held for six months until December 31, 2005. Please see page 8 for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

	CREF Stock Account expense example
	Starting account value (7/1/05)			Ending account value (12/31/05)			Expenses paid† (7/1/05–12/31/05)
Actual return		$	1,000.00		$	1,076.54		$	2.36
5% annual hypothetical return			1,000.00			1,022.91			2.30

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

Portfolio breakdown by company size
Capitalization as of 12/31/2005	Percent of portfolio
Large: over $5 billion		82.06
Middle: $1 billion–$5 billion		13.83
Small: under $1 billion		4.11
Total		100.00
Account facts
Inception date		8/1/1952
Net assets (12/31/2005)		$115.86 billion
2005 actual expense ratio*		0.46%

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

Diversification among world markets
Country	Percent of invested assets
United States		78.2
Japan		5.0
United Kingdom		4.3
France		2.1
Switzerland		1.7
Canada		1.5
Germany		1.5
20 other nations		5.6
Short-term investments		0.1
Total		100.0

12   |  2005 Annual Report  College Retirement Equities Fund

CREF Growth Account  |   Large-cap growth stocks

DISCUSSION

Performance in the twelve months ended December 31, 2005

The CREF Growth Account returned 5.43% for the year, outpacing the 5.26% return of its benchmark, the Russell 1000^® Growth Index, but lagging the 6.54% average return of similar accounts, as measured by the Morningstar Large Growth (VA) category. The Morningstar category tracked 4,440 variable annuities as of December 31, 2005.

Second-half recovery lifts stocks

A global stock rally enabled the Russell 1000 Growth Index to reverse the 1.72% decline it posted during the first half of 2005. However, for the full year, large-cap growth stocks trailed the broader market, which afforded more-attractive valuations.

          The broad-based Russell 3000^® Index advanced 6.12% during 2005, and foreign stocks, as measured by the MSCI EAFE^® Index, jumped 13.54% in dollar terms.

Growth lags value

Returns for the Russell 1000 Growth Index suffered from large exposure to the technology sector, which gained only 1.4% for the year, and to the consumer discretionary sector, which lost 0.4%. Together, the two sectors made up about 40% of the market capitalization of the index.

          The two main contributors to returns were the health care and “other energy” sectors of the index. The Russell 1000 Value Index outperformed its growth counterpart because its exposure to energy was considerably greater.

          For the ten-year period ended December 31, 2005, the Russell 1000 Growth Index had an average annual gain of 6.72%, versus 10.94% for the Russell 1000 Value Index.

Overweights boost results

The account’s outperformance of the benchmark was made possible by overweight holdings in many stocks that beat their peers, including Google, online prescription provider Express Scripts and Gillette. The account also benefited from a position in Israel’s Teva Pharmaceutical. Teva was held as an American Depositary Receipt (ADR), a receipt for shares of a foreign stock traded in the U.S. market.

          The positive effects of these holdings on performance were partly offset by overweight investments that did not perform as anticipated. These included Dell, orthopedic implant maker Zimmer Holdings and video game maker Electronic Arts. An underweight in UnitedHealth Group also reduced gains.

          On December 31, 2005, foreign securities held as ADRs made up 4.46% of the account’s total invested assets.

College Retirement Equities Fund   2005 Annual Report  |   13

CREF Growth Account  |   Large-cap growth stocks

Investment objective

This variable annuity account seeks a favorable long-term rate of return, mainly through capital appreciation, primarily from a diversified portfolio of common stocks that present the opportunity for exceptional growth.

Special investment risks

In addition to the risks of any equity investment, the account is subject to special risks, including large-cap risk, growth investing risks, style risk, small-cap risk, reorganization risk and foreign investment risks. For a further discussion of risk, please see page 6.

The account’s benchmark

The Russell 1000^® Growth Index is a subset of the Russell 1000 Index, which measures the performance of the 1,000 largest companies in the Russell 3000^® Index, based on market capitalization. The Russell 1000 Growth Index measures the performance of those stocks of the Russell 1000 with higher price-to-book ratios and higher relative forecasted growth rates. You cannot invest directly in these indexes.

Performance as of December 31, 2005
	Average Annual Compound Rates of Total Return*						Cumulative Rates of Total Return*
	1 year		5 years		10 years		5 years		10 years
CREF Growth Account	5.43	%	–5.05	%	5.69	%	–22.83	%	73.98	%
Benchmark :
Russell 1000 Growth Index1	5.26		–3.58		6.72		–16.68		91.79
Peer group:
Morningstar Large Growth (VA)	6.54		–3.71		5.99		–17.22		78.93

*

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

1

Russell 1000 and Russell 3000 are trademarks and service marks of the Frank Russell Company.

14   |  2005 Annual Report  College Retirement Equities Fund

  PERFORMANCE

$10,000 over 10 years

An investment of $10,000 in this account on January 1, 1996, would have grown to $17,398 over the last 10 years. For the purpose of comparison, the graph also shows the change in the account’s benchmark during the same period.

Calendar year total returns

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

College Retirement Equities Fund   2005 Annual Report  |   15

CREF Growth Account   |   Large-cap growth stocks

  PERFORMANCE

Account expenses–six months ended December 31, 2005

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

          The examples assume $1,000 was invested on July 1, 2005, and held for six months until December 31, 2005. Please see page 8 for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

	CREF Growth Account expense example
	Starting account value (7/1/05)			Ending account value (12/31/05)			Expenses paid† (7/1/05–12/31/05)
Actual return		$	1,000.00		$	1,078.65		$	2.55
5% annual hypothetical return			1,000.00			1,022.72			2.49

^† “Expenses paid” is based on the account’s actual expense ratio for the most recent fiscal half year. The account’s annualized six-month expense ratio for that period was 0.49%.

Portfolio breakdown by company size
Capitalization as of 12/31/2005	Percent of portfolio
Large: over $5 billion		98.76
Middle: $1 billion–$5 billion		1.24
Total		100.00

Account facts
Inception date	4/29/1994
Net assets (12/31/2005)	$ 12.13 billion
2005 actual expense ratio*	0.50%

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

16   | 2005 Annual Report  College Retirement Equities Fund

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

DISCUSSION

Performance in the twelve months ended December 31, 2005

The CREF Global Equities Account returned 9.62% for the year, surpassing its benchmark, the MSCI World Index^SM, which returned 9.49%. The average return of similar accounts, as measured by the Morningstar World Stock (VA) category, was 10.16%. The Morningstar category tracked 933 variable annuities as of December 31, 2005.

Strong dollar trims foreign gains

Although the MSCI World Index posted a loss at the end of June, a global stock rally during the second half of 2005 enabled the index to achieve close-to-double-digit gains for the year as a whole. In terms of local currencies, the index climbed 15.77%, but a surging dollar reduced this return to 9.49% in dollars terms.

     Even with its gains muted by currency factors, the benchmark handily beat the 6.12% return of the broad U.S. stock market, as measured by the Russell 3000® Index. Over the past ten years, however, the average annual return of the Russell 3000 surpassed that of the World index, 9.19% to 7.01%.

Pacific stocks lead the global pack

During the twelve-month period, the benchmark’s rise was led by a 22.64% gain in its Pacific segment. The European segment advanced 9.42%, while the North American segment, which represents more than half of the benchmark’s market capitalization, rose a more modest 6.36%.

Stock selections drive performance

The account outperformed its benchmark due to numerous successful stock selections. In the Pacific region, returns were buoyed by overweights that included two Japanese financial companies, Mizuho Financial Group and Daiwa Securities Group. A position in Korea Investment Holdings, a non-benchmark stock, also lifted returns.

     In Europe, overweights in German stock exchange operator Deutsche Börse and French construction firm Vinci, and an underweight in British wireless provider Vodafone, were among the many positions that boosted relative performance.

     The positive effects of these stocks were partly offset by such holdings as Swiss semiconductor maker STMicroelectronics and Italian car manufacturer Fiat, which were overweighted in the account but showed poor results.

     Performance in the North American segment was helped by overweights that included semiconductor maker Advanced Micro Devices and online prescription provider Express Scripts. However, returns were reduced by overweights such as Tenet Healthcare and home mortgage provider Fannie Mae.

College Retirement Equities Fund  2005 Annual Report   |   17

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

Investment objective

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

Special investment risks

In addition to the risks of any equity investment, the account is subject to special risks, including small-cap risk and foreign investment risks. For a further discussion of risk, please see page 6.

The account’s benchmark

The Morgan Stanley Capital International (MSCI) World Index^SM is an aggregate of 23 country indexes in developed markets, including the United States. You cannot invest directly in this index.

Performance as of December 31, 2005
	Average Annual Compound Rates of Total Return*						Cumulative Rates of Total Return*
	1 year		5 years		10 years		5 years		10 years
CREF Global Equities Account	9.62	%	0.92	%	7.04	%	4.68	%	97.61	%
Benchmark:
MSCI World Index1	9.49		2.15		7.01		11.23		97.06
Peer group:
Morningstar World Stock (VA)	10.16		0.43		7.47		2.17		105.60

*

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

1

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

18   |  2005 Annual Report   College Retirement Equities Fund

  PERFORMANCE

$10,000 over 10 years

An investment of $10,000 in this account on January 1, 1996, would have grown to $19,761 over the last 10 years. For the purpose of comparison, the graph also shows the change in the account’s benchmark during the same period.

Calendar year total returns

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

College Retirement Equities Fund  2005 Annual Report  |   19

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

  PERFORMANCE

Account expenses—six months ended December 31, 2005

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

     The examples assume $1,000 was invested on July 1, 2005, and held for six months until December 31, 2005. Please see page 8 for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

	CREF Global Equities Account expense example
	Starting account value (7/1/05)			Ending account value (12/31/05)			Expenses paid† (7/1/05–12/31/05)
Actual return		$	1,000.00		$	1,101.15		$	2.65
5% annual hypothetical return			1,000.00			1,022.66			2.55

^† “Expenses paid” is based on the account’s actual expense ratio for the most recent fiscal half year. The account’s annualized six-month expense ratio for that period was 0.50%.

Portfolio breakdown by company size
Capitalization as of 12/31/2005	Percent of portfolio
Large: over $5 billion	88.22
Middle: $1 billion–$5 billion	10.69
Small: under $1 billion	1.09
Total	100.00
Account facts
Inception date	5/1/1992
Net assets (12/31/2005)	$12.10 billion
2005 actual expense ratio*	0.50%

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

Diversification among world markets
Country	Percent of invested assets
United States	50.1
Japan	11.7
United Kingdom	8.9
Germany	4.9
France	4.6
Switzerland	3.9
Canada	2.3
Netherlands	1.9
24 other nations	11.1
Short-term investments	0.6
Total	100.0

20   |  2005 Annual Report  College Retirement Equities Fund

CREF Money Market Account  |  Cash equivalents

DISCUSSION

Performance in the twelve months ended December 31, 2005

The CREF Money Market Account returned 2.90% for the year, surpassing the 2.66% return of the iMoneyNet Money Fund Report Averages^TM—All Taxable, a simple average of over 1,000 taxable money market funds.

The Fed keeps hiking rates

In 2005 relatively low interest rates and the continuing rise in home prices kept the U.S. economy growing at a rate above the long-term average of 3% to 3.5% per year. This growth occurred despite skyrocketing oil prices and two devastating hurricanes that interrupted oil and natural gas supplies in the Gulf. Higher energy prices brought inflation to 3.4% by year’s end.

     During the period, the Federal Reserve enacted eight hikes in the federal funds rate, which together raised the rate from 2.25% to 4.25%—the highest level since May 2001. (The federal funds rate is the rate commercial U.S. banks charge each other for overnight loans.) These increases steadily pushed money market rates up throughout the year.

LIBOR curve flattens

Amid fears of higher inflation, the LIBOR (London Interbank Offered Rate) curve steepened in the first quarter of 2005. In response to the Fed’s continued rate hikes, however, the LIBOR curve became flatter, reflecting expectations that the Fed’s credit tightening would end soon.

     Because of strong demand for agency notes and a limited supply of them, the spreads between these notes and corporate and bank notes widened substantially.

Asset allocations boost returns

The account benefited from its exposure to higher-yielding commercial paper, which constituted 76% of the portfolio on December 31, 2005. The inclusion of high-quality asset-backed commercial paper further enhanced results.

     The relatively high cost of agency bonds led us to reduce their share of the portfolio at year’s end to just 7%. Certificates of deposit accounted for 14% of the portfolio, with the remaining 3% in variable notes.

     On December 31, 2005, foreign securities made up 14.9% of the account’s total invested assets.

     During the period, the weighted average maturity of the account fluc-tuated between 34 and 47 days. As of December 27, 2005, it stood at 39 days, versus 37 days for the average iMoneyNet fund.

College Retirement Equities Fund  2005 Annual Report  |   21

CREF Money Market Account  |  Cash equivalents

Investment objective

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

Special investment risks

In addition to the risks of any fixed-income investment, the account is subject to special risks, including foreign investment risks. For a further discussion of risk, please see page 6.

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

Net annualized yield for the 7 days ended December 27, 2005
	Current yield		Effective yield
CREF Money Market Account	3.87	%	3.94	%
iMoneyNet Money Fund Report AveragesTM—All Taxable	3.65		3.72
The current yield more closely reflects current earnings than does the total return.

Performance as of December 31, 2005
	Average annual compound rates of total return*						Cumulative rates of total return*
	1 year		5 years		10 years		5 years		10 years
CREF Money Market Account	2.90	%	2.03	%	3.76	%	10.60	%	44.66	%
iMoneyNet Money Fund Report
Averages—All Taxable	2.66		1.81		3.46		9.34		40.35

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

22   |  2005 Annual Report  College Retirement Equities Fund

  PERFORMANCE

$10,000 over 10 years

An investment of $10,000 in this account on January 1, 1996, would have grown to $14,466 over the last 10 years. For the purpose of comparison, the graph also shows the change in the account’s benchmark during the same period.

Calendar year total returns

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

College Retirement Equities Fund  2005 Annual Report  |   23

CREF Money Market Account  |  Cash equivalents

  PERFORMANCE

Account expenses—six months ended December 31, 2005

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

     The examples assume $1,000 was invested on July 1, 2005, and held for six months until December 31, 2005. Please see page 8 for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

	CREF Money Market Account expense example
	Starting account value (7/1/05)			Ending account value (12/31/05)			Expenses paid† (7/1/05–12/31/05)
Actual return		$	1,000.00		$	1,015.21		$	1.99
5% annual hypothetical return			1,000.00			1,023.21			2.00

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

Portfolio composition by investment sector
Sector	Percent of portfolio
Commercial paper	75.9
Certificates of deposit	14.4
U.S. government and agency securities	7.1
Floating-rate securities	2.6
Total	100.0

Account facts
Inception date	4/1/1988
Net assets (12/31/2005)	$7.41 billion
2005 actual expense ratio*	0.41%

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

24   |  2005 Annual Report  College Retirement Equities Fund

CREF Equity Index Account  |   U.S. stocks

DISCUSSION

Performance in the twelve months ended December 31, 2005

The CREF Equity Index Account returned 5.67% for the year, lagging its benchmark, the Russell 3000^® Index, which returned 6.12%. The average return of similar accounts, as measured by the Morningstar Large Blend (VA) category, was 4.68%. The Morningstar category tracked 3,574 variable annuities as of December 31, 2005.

Stocks recover after early stumbles

Stocks worldwide were helped in 2005 by low interest rates, high levels of liquidity and steady economic growth, particularly in the red-hot Chinese economy. A global rally beginning in May lifted U.S. stocks for the year. However, because U.S. equities had less-attractive valuations and growth prospects than foreign stocks, the broad-based Russell 3000 failed to keep pace with the 13.54% rise of the MSCI EAFE^® Index, which measures foreign stocks.

          Hamstrung by higher oil prices and rising short-term interest rates, the Russell 3000 fell 4.33% during the first four months of the year. The global rally pushed the index up 4.51% during May and June, 4.01% in the third quarter and 2.04% in the fourth quarter.

          For the ten-year period ended December 31, 2005, the Russell 3000 posted an average annual gain of 9.19%, versus 5.84% for the EAFE.

Oil and financial stocks drive gains

Sector returns varied greatly. Boosted by soaring oil prices, two sectors, “other energy” and integrated oils, produced double-digit gains, rising 57.2% and 18.4%, respectively. Even though these sectors made up just 8% of the Russell 3000 on December 31, 2005, they contributed more than 42% of its return for the year. The 6.6% rise of financials, the largest sector in the index, also lifted returns.

          However, the next two largest sectors, consumer discretionary and technology, languished, with respective returns of –1.1% and 2.0%.

Largest stocks post mixed results

The returns for the five largest stocks in the index reflected the divergence among sectors. Taken in order of size, beginning with the largest, those stocks performed as follows: General Electric, –1.4%; ExxonMobil, 11.7%; Citigroup, 4.6%; Microsoft, –0.9%; and Procter & Gamble, 7.2%.

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

College Retirement Equities Fund  2005 Annual Report  |   25

CREF Equity Index Account  |  U.S. stocks

Investment objective

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

Special investment risks

In addition to the risks of any equity investment, the account is subject to special risks, including index risk. For a further discussion of risk, please see page 6.

The account’s benchmark

The Russell 3000^® Index measures the performance of the 3,000 largest publicly traded U.S. companies, based on market capitalization. This index measures the performance of about 98% of the total market capitalization of the publicly traded U.S. equity market. You cannot invest directly in this index.

Performance as of December 31, 2005
	Average annual compound						Cumulative rates
	rates of total return*						of total return*
	1 year		5 years		10 years		5 years		10 years
CREF Equity Index Account	5.67	%	1.19	%	8.89	%	6.11	%	134.53	%
Benchmark :
Russell 3000 Index1	6.12		1.58		9.19		8.16		141.16
Peer group:
Morningstar Large Blend (VA)	4.68		–0.95		6.76		–4.68		92.39

*

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

1

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

26   | 2005 Annual Report   College Retirement Equities Fund

  PERFORMANCE

$10,000 over 10 years

An investment of $10,000 in this account on January 1, 1996, would have grown to $23,453 over the last 10 years. For the purpose of comparison, the graph also shows the change in the account’s benchmark during the same period.

Calendar year total returns

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

College Retirement Equities Fund  2005 Annual Report   |   27

CREF Equity Index Account  |   U.S. stocks

  PERFORMANCE

Account expenses—six months ended December 31, 2005

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

          The examples assume $1,000 was invested on July 1, 2005, and held for six months until December 31, 2005. Please see page 8 for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

	CREF Equity Index Account expense example
	Starting account value		Ending account value		Expenses paid†
	(7/1/05)		(12/31/05)		(7/1/05–12/31/05)
Actual return	$	1,000.00	$	1,057.23	$	2.07
5% annual hypothetical return		1,000.00		1,023.17		2.04

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

Portfolio breakdown by company size
	Percent of
Capitalization as of 12/31/2005	portfolio
Large: over $5 billion	81.55
Middle: $1 billion–$5 billion	14.22
Small: under $1 billion	4.23
Total	100.00

Account facts
Inception date	4/29/1994
Net assets (12/31/2005)	$9.88 billion
2005 actual expense ratio*	0.41%

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

28  |  2005 Annual Report  College Retirement Equities Fund

CREF Bond Market Account  |   Intermediate-term bonds

DISCUSSION

Performance in the twelve months ended December 31, 2005

The CREF Bond Market Account returned 2.25% for the year, trailing the 2.43% return of its benchmark, the Lehman Brothers U.S. Aggregate Index. The average return of similar accounts was 0.84%, as measured by the Morningstar Intermediate-Term Bond (VA) category. The Morningstar category tracked 1,095 variable annuities as of December 31, 2005.

Bonds endure a volatile first half

During the first quarter, the economy’s strong showing produced fears that inflation would surge and the Federal Reserve would raise short-term interest rates more sharply to counter it. These apprehensions drove bond prices down. In the second quarter, bonds rallied as a stronger dollar eased inflation worries.

Returns flatten as the yield curve inverts

During the third quarter, the benchmark declined primarily due to three factors: hurricane damage disrupted much of the country’s energy supply, oil approached $70 a barrel, and consumer prices jumped 1.2% in September—the biggest one-month rise in 25 years.

          In the fourth quarter, bonds delivered meager returns, reacting to a surge in economic growth and to the Fed’s continued increase of short-term rates, to 4.25%.

          While the Fed hiked rates eight times in 2005, the yield on 10-year Treasuries increased only modestly during the year, from 4.22% to 4.39%. In fact, by late December, the 10-year note yielded less than the 2-year note. Such an occurrence, known as an inverted yield curve, is rare because investors normally demand higher yields on bonds with longer maturities to compensate for the risk of higher inflation over the extended time period.

Strategies provide mixed results

Throughout 2005, the account held an overweight position, relative to the benchmark, in U.S. agency securities. During the first half of the year, this position improved the account’s relative performance as the limited supply of these securities helped drive up their prices. However, in the fourth quarter, speculation that the supply of agencies would increase in 2006 sent prices down, and the account’s position in them hurt performance.

          Returns for the year were helped by a modest underweight, relative to the benchmark, in bonds with 2-year maturities, and an overweight in issues with 10- and 30-year maturities. An underweight in mortgage-backed securities also boosted relative performance.

College Retirement Equities Fund  2005 Annual Report   |   29

CREF Bond Market Account  |   Intermediate-term bonds

Investment objective

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

Special investment risks

In addition to the risks of any fixed-income investment, the account is subject to special risks including prepayment risk, extension risk, illiquid security risk and foreign investment risks. For a further discussion of risk, please see page 6.

The account’s benchmark

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

Performance as of December 31, 2005
	Average annual compound						Cumulative rates
	rates of total return*						of total return*
	1 year		5 years		10 years		5 years		10 years
CREF Bond Market Account	2.25	%	5.71	%	5.99	%	32.02	%	78.93	%
Benchmark:
Lehman Brothers
U.S. Aggregate Index	2.43		5.87		6.16		33.03		81.89
Peer group:
Morningstar Intermediate-Term
Bond (VA)	0.84		4.42		4.51		24.13		55.44

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

30   | 2005 Annual Report   College Retirement Equities Fund

  PERFORMANCE

$10,000 over 10 years

An investment of $10,000 in this account on January 1, 1996, would have grown to $17,893 over the last 10 years. For the purpose of comparison, the graph also shows the change in the account’s benchmark during the same period.

Calendar year total returns

Best quarter: 4.84%, for the quarter ended September 30, 2001
Worst quarter: –2.44%, for the quarter ended June 30, 2004

College Retirement Equities Fund  2005 Annual Report   |   31

CREF Bond Market Account  |   Intermediate-term bonds

PERFORMANCE

Account expenses—six months ended December 31, 2005

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

          The examples assume $1,000 was invested on July 1, 2005, and held for six months until December 31, 2005. Please see page 8 for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

	CREF Bond Market Account expense example
	Starting account value		Ending account value		Expenses paid†
	(7/1/05)		(12/31/05)		(7/1/05–12/31/05)
Actual return	$	1,000.00	$	996.07	$	2.23
5% annual hypothetical return		1,000.00		1,022.95		2.26

^† “Expenses paid” is based on the account’s actual expense ratio for the most recent fiscal half year. The account’s annualized six-month expense ratio for that period was 0.44%.

Bond ratings (as of 12/31/2005)
	Rating	Percent
U.S. Treasury and agency securities and money-market instruments	(not rated)	35.8
Investment-grade mortgage-backed securities‡		39.3
Other long-term debt	Aaa/AAA	2.2
	Aa/AA	5.5
	A/A	7.7
	Baa/BBB	8.1
Below investment-grade	Ba/BB	1.0
	B/B	0.3
	(not rated)	0.1
Total		100.0

^‡ Includes asset-backed, mortgage-backed and commercial mortgage-backed securities.

Account facts
Inception date	3/1/1990
Net assets (12/31/2005)	$	5.80 billion
2005 actual expense ratio*	0.45%

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

Portfolio composition by sector (12/31/2005)
	Percent of
Sector	invested assets
Mortgage-backed securities‡	39.3
U.S. Treasury and agency securities	33.8
Corporate bonds	22.3
Investments maturing in less than a year	2.0
Foreign government and foreign corporate bonds (denominated in U.S. dollars)	2.6
Total	100.0

32   | 2005 Annual Report  College Retirement Equities Fund

CREF Social Choice Account  |   Socially screened stocks and bonds

DISCUSSION

Performance in the twelve months ended December 31, 2005

The CREF Social Choice Account returned 4.97%, outpacing the 4.78% gain of its composite benchmark, a weighted average of the Russell 3000^® Index and the Lehman Brothers U.S. Aggregate Index. The account also surpassed the 3.87% average return of similar accounts, as measured by the Morningstar Moderate Allocation (VA) category, which tracked 1,669 variable annuity accounts as of December 31, 2005. Unlike the account, the benchmark and the Morningstar category do not screen investments according to social criteria.

Excluded stocks boost relative returns

During 2005, the account’s social screens prevented it from investing in several stocks that are large components of the Russell 3000 in terms of market capitalization. The exclusion of these stocks had the net effect of raising the account’s return relative to the composite benchmark’s.

          Most helpful to relative returns was the exclusion of Pfizer, the largest detractor from the Russell 3000’s performance. Pfizer lost 10.6% for the year. The exclusion of General Electric and Wal-Mart also added value.

          Conversely, relative performance was reduced by the exclusion of several large index components that performed well, including ExxonMobil, ConocoPhillips and Altria, the parent company of Philip Morris.

Statistical techniques help manage risk

Because the account cannot invest in certain Russell 3000 stocks, the account’s managers use statistical techniques to ensure that the portfolio’s risk characteristics resemble those of the index. One method used is to overweight or underweight certain stocks relative to each one’s percentage of capitalization within the benchmark. During the year, relative performance benefited from overweights in three energy companies: EOG Resources, Devon Energy and Sunoco. However, returns were reduced by overweights in IBM, home mortgage provider Fannie Mae and insurer American International Group.

Fixed-income strategies add value

During the first half of the year, the account’s fixed-income segment was helped by overweights in U.S. agency securities; demand for these issues increased as issuance decreased. An underweight in mortgages also contributed positively to performance.

          The segment also benefited from underweighting 2-year securities and overweighting 10- and 30-year bonds, relative to the Lehman index. This strategy enabled the account to limit some of the price erosion experienced by securities with shorter maturities, whose yields climbed as the Fed raised short-term rates.

College Retirement Equities Fund  2005 Annual Report   |   33

CREF Social Choice Account  |  Socially screened stocks and bonds

Investment objective

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

Special investment risks

In addition to the risks of any equity or fixed-income investment, the account is subject to special risks, including the risk of socially screened investing, small-cap risk and foreign investment risks. For a further discussion of risk, please see page 6.

The account’s benchmark

The account’s benchmark is a composite index, a weighted average of the Russell 3000^® Index for stocks (60%) and the Lehman Brothers U.S. Aggregate Index for bonds (40%). The Russell 3000 measures the performance of the 3,000 largest publicly traded U.S. companies, based on market capitalization. The Lehman Brothers U.S. Aggregate Index is an unmanaged index that measures the performance of the U.S. investment-grade, fixed-rate bond market. You cannot invest directly in these indexes.

Performance as of December 31, 2005
	Average annual compound rates of total return*									Cumulative rates of total return*
	1 year			5 years			10 years			5 years			10 years
CREF Social Choice Account		4.97	%		3.43	%		8.43	%		18.35	%		124.72	%
Benchmarks:
Russell 3000 Index1		6.12			1.58			9.19			8.16			141.16
Lehman Brothers
U.S. Aggregate Index		2.43			5.87			6.16			33.03			81.89
CREF Social Choice
Composite Benchmark		4.78			3.75			8.47			20.24			125.72
Peer group:
Morningstar Moderate Allocation (VA)		3.87			1.77			6.11			9.17			80.97

*

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

1

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

34|  2005 Annual Report  College Retirement Equities Fund

  PERFORMANCE

$10,000 over 10 years

An investment of $10,000 in this account on January 1, 1996, would have grown to $22,472 over the last 10 years. For the purpose of comparison, the graph also shows the change in the account’s benchmarks during the same period.

Calendar year total returns

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

College Retirement Equities Fund  2005 Annual Report  |   35

CREF Social Choice Account  |  Socially screened stocks and bonds

  PERFORMANCE

Account expenses—six months ended December 31, 2005

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

          The examples assume $1,000 was invested on July 1, 2005, and held for six months until December 31, 2005. Please see page 8 for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

	CREF Social Choice Account expense example
	Starting account value			Ending account value			Expenses paid†
	(7/1/05)			(12/31/05)			(7/1/05–12/31/05)
Actual return		$	1,000.00		$	1,041.47		$	2.13
5% annual hypothetical return			1,000.00			1,023.10			2.11

^† “Expenses paid” is based on the account’s actual expense ratio for the most recent fiscal half year. The account’s annualized six-month expense ratio for that period was 0.41%.

Portfolio composition (as of 12/31/2005)
	Percent of invested assets
Equities		59.4
Long-term bonds		39.5
Short-term investments		1.1
Total		100.0

Account facts
Inception date	3/1/1990
Net assets (12/31/2005)	$ 7.79 billion
2005 actual expense ratio*	0.42%

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

36   | 2005 Annual Report   College Retirement Equities Fund

CREF Inflation-Linked Bond Account  |   Inflation-linked bonds

 DISCUSSION

Performance in the twelve months ended December 31, 2005

The CREF Inflation-Linked Bond Account returned 2.53% for the year, trailing the 2.84% return of its benchmark, the Lehman Brothers U.S. Treasury Inflation-Protected Securities (TIPS) Index. The lag was due primarily to the fact that the index does not deduct expenses.

TIPS extend their winning streak

In 2005 Treasury inflation-protected securities again outpaced the overall U.S. bond market, while losing much of their advantage over other market segments.

          Although the Federal Reserve raised short-term interest rates eight times during the year, from 2.25% to 4.25%, yields on bonds with longer maturities, such as TIPS, rose to a much lesser degree. Seeking higher returns, many investors turned from TIPS to high-yielding, lower-rated corporate bonds.

          The Lehman Brothers U.S. Aggregate Index, which tracks a broad range of government, corporate and mortgage-backed bonds, rose 2.43% for the year. Over the past five years, TIPS have returned an average of 8.74% annually versus 5.87% for the broader Lehman index.

Inflation rises, then subsides

Returns from TIPS fell in the first quarter on investor fears of higher interest rates. However, TIPS rebounded strongly in the second quarter as investors fled corporate bonds because of several high-profile downgrades.

          In September, skyrocketing oil prices pushed year-over-year inflation up, to 4.7%, nearly doubling the rate of twelve months earlier. In the fourth quarter, oil prices retreated, and inflation fell to 3.4% in December. The returns of TIPS for the quarter were flat.

Strategies reduce effects of expenses

During 2005, the account’s managers were able to reduce some of the effects of the account’s expense charge on performance through advantageous trades among inflation-linked securities.

          We generally kept the account’s duration, which measures the portfolio’s sensitivity to interest-rate changes, close to the benchmark’s duration to reduce the risk of under-performance. However, during the year, we occasionally lengthened the account’s duration to take advantage of market opportunities. As of December 31, 2005, the account’s overall option-adjusted duration was 8.08 years, compared with the benchmark’s 8.01 years.

College Retirement Equities Fund  2005 Annual Report  |   37

CREF Inflation-Linked Bond Account  |Inflation-linked bonds

Investment objective

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

Special investment risks

In addition to the risks of any fixed-income investment, the account is subject to special risks, including the risks of inflation-indexed bonds and foreign investment risks. For a further discussion of risk, please see page 6.

The account’s benchmark

The Lehman Brothers U.S. TIPS Index measures the performance of fixed-income securities with fixed-rate coupon payments that adjust for inflation as measured by the Consumer Price Index for All Urban Consumers. You cannot invest directly in this index.

Performance as of December 31, 2005
	Average annual compound rates of total return*								Cumulative rates of total return*
	1 year			5 years		since inception1			5 years		since inception1
CREF Inflation-Linked Bond Account		2.53	%		8.33%		7.17	%	49.25	%		82.41	%
Benchmark:
Lehman Brothers U.S. Treasury
Inflation-Protected Securities Index		2.84			8.74			7.58		52.06			88.44

*

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

1

Inception date: May 1, 1997

38 |  2005 Annual Report  College Retirement Equities Fund

  PERFORMANCE

$10,000 since May 1, 1997 inception

An investment of $10,000 in this account at inception on May 1, 1997, would have grown to $18,241 on December 31, 2005. For the purpose of comparison, the graph also shows the change in the account’s benchmark during the same period.

Calendar year total returns

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

* Partial year

College Retirement Equities Fund  2005 Annual Report  |   39

CREF Inflation-Linked Bond Account  |Inflation-linked bonds

  PERFORMANCE

Account expenses—six months ended December 31, 2005

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

          The examples assume $1,000 was invested on July 1, 2005, and held for six months until December 31, 2005. Please see page 8 for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

	CREF Inflation-Linked Bond Account expense example
	Starting account value (7/1/05)			Ending account value (12/31/05)			Expenses paid† (7/1/05–12/31/05)
Actual return		$	1,000.00		$	997.66		$	2.14
5% annual hypothetical return			1,000.00			1,023.04			2.17

^† “Expenses paid” is based on the account’s actual expense ratio for the most recent fiscal half year. The account’s annualized six-month expense ratio for that period was 0.42%.

Portfolio composition by maturity (12/31/05)
2–10 year bonds	73.4	%
Over-20-year bonds	26.6
Total	100.0	%

Account facts
Inception date	5/1/1997
Net assets (12/31/2005)	$ 4 billion
2005 actual expense ratio*	0.43 %

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

40   | 2005 Annual Report   College Retirement Equities Fund

CREF Stock Account  |   Summary portfolio of investments
December 31, 2005

	COMPANY		SHARES		VALUE (000)			% OF NET ASSETS
	BONDS
	CORPORATE BONDS
	COMMUNICATIONS				$	0			0.00	%**
	TOTAL CORPORATE BONDS	(Cost $9,950)				0			0.00	**
	GOVERNMENT BONDS
	U.S. TREASURY SECURITIES					335			0.00	**
	TOTAL GOVERNMENT BONDS	(Cost $319)				335			0.00	**
	TOTAL BONDS	(Cost $10,269)				335			0.00	**
	PREFERRED STOCKS
	APPAREL AND OTHER TEXTILE PRODUCTS					57			0.00	**
	COMMUNICATIONS					1,856			0.00	**
	HEALTH SERVICES					3,202			0.00	**
	HOLDING AND OTHER INVESTMENT OFFICES					3,728			0.00	**
	INSURANCE CARRIERS					793			0.00	**
	PRIMARY METAL INDUSTRIES					0	^		0.00	**
	TRANSPORTATION EQUIPMENT					5,261			0.01
	TOTAL PREFERRED STOCKS	(Cost $12,230)				14,897			0.01
	COMMON STOCKS
	ADMINISTRATION OF ECONOMIC PROGRAMS					4,502			0.00	**
	AGRICULTURAL PRODUCTION-CROPS					25,181			0.02
	AGRICULTURAL PRODUCTION-LIVESTOCK					23,510			0.02
	AGRICULTURAL SERVICES					1,475			0.00	**
	AMUSEMENT AND RECREATION SERVICES					204,550			0.18
	APPAREL AND ACCESSORY STORES					733,392			0.63
	APPAREL AND OTHER TEXTILE PRODUCTS					193,882			0.17
	AUTO REPAIR, SERVICES AND PARKING					73,171			0.06
	AUTOMOTIVE DEALERS AND SERVICE STATIONS					187,980			0.16
	BUILDING MATERIALS AND GARDEN SUPPLIES
	Home Depot, Inc			12,768,062		516,851			0.45
	Other					423,087			0.36
						939,938			0.81
	BUSINESS SERVICES
*	Google, Inc (Class A)			1,068,715		443,367			0.38
	Microsoft Corp			59,148,464		1,546,732			1.34
	Other					5,218,316			4.50
						7,208,415			6.22

SEE NOTES TO THE FINANCIAL STATEMENTS College Retirement Equities Fund  2005 Annual Report   |   41

CREF Stock Account  |   Summary portfolio of investments
December 31, 2005 continued

	COMPANY	SHARES		VALUE (000)		% OF NET ASSETS
	CHEMICALS AND ALLIED PRODUCTS
	Abbott Laboratories		9,260,424	$	365,139		0.32	%
*	Amgen, Inc		8,697,455		685,881		0.59
	Merck & Co, Inc		15,961,799		507,745		0.44
	Pfizer, Inc		47,112,184		1,098,656		0.95
	Procter & Gamble Co		21,082,581		1,220,260		1.05
	Wyeth		9,139,525		421,058		0.36
	Other				7,034,654		6.07
					11,333,393		9.78
	COAL MINING				289,717		0.25
	COMMUNICATIONS
	AT&T, Inc		24,541,079		601,011		0.52
	Sprint Nextel Corp		20,517,193		479,282		0.41
	Verizon Communications, Inc		18,125,814		545,950		0.47
	Other				3,400,201		2.94
					5,026,444		4.34
	DEPOSITORY INSTITUTIONS
	Bank of America Corp		28,365,480		1,309,067		1.13
	Citigroup, Inc		34,446,948		1,671,710		1.44
	JPMorgan Chase & Co		23,311,953		925,251		0.80
	US Bancorp		13,851,653		414,026		0.36
	Wachovia Corp		9,500,182		502,180		0.43
	Wells Fargo & Co		12,123,084		761,693		0.66
	Other				7,550,859		6.52
					13,134,786		11.34
	EATING AND DRINKING PLACES				842,722		0.73
	EDUCATIONAL SERVICES				137,121		0.12
	ELECTRIC, GAS, AND SANITARY SERVICES				4,182,651		3.61
	ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
*	Cisco Systems, Inc		42,974,803		735,729		0.63
	General Electric Co		68,296,989		2,393,809		2.07
	Intel Corp		40,619,485		1,013,862		0.88
e	Motorola, Inc		17,826,536		402,701		0.35
	Qualcomm, Inc		11,154,105		480,519		0.41
	Texas Instruments, Inc		11,960,428		383,571		0.33
	Other				3,980,813		3.44
					9,391,004		8.11
	ENGINEERING AND MANAGEMENT SERVICES				735,745		0.64
	ENVIRONMENTAL QUALITY AND HOUSING				1,215		0.00	**
	FABRICATED METAL PRODUCTS				480,023		0.41
	FINANCE, TAXATION AND MONETARY POLICY				1,039		0.00	**
	FISHING, HUNTING, AND TRAPPING				51		0.00	**

42   |   2005 Annual Report  College Retirement Equities Fund    SEE NOTES TO THE FINANCIAL STATEMENTS

CREF Stock Account  |   Summary portfolio of investments
December 31, 2005 continued

	COMPANY	SHARES		VALUE (000)		% OF NET ASSETS
	FOOD AND KINDRED PRODUCTS
	Coca-Cola Co		11,699,461	$	471,605		0.41	%
	PepsiCo, Inc		13,211,620		780,542		0.67
	Other				1,926,591		1.66
					3,178,738		2.74
	FOOD STORES				663,555		0.57
	FORESTRY				94,454		0.08
	FURNITURE AND FIXTURES				324,517		0.28
	FURNITURE AND HOMEFURNISHINGS STORES				423,158		0.37
	GENERAL BUILDING CONTRACTORS				653,103		0.56
	GENERAL MERCHANDISE STORES
e	Wal-Mart Stores, Inc		16,113,335		754,104		0.65
	Other				990,010		0.86
					1,744,114		1.51
	HEALTH SERVICES				1,190,192		1.03
	HEAVY CONSTRUCTION, EXCEPT BUILDING				379,425		0.33
	HOLDING AND OTHER INVESTMENT OFFICES				2,402,902		2.07
	HOTELS AND OTHER LODGING PLACES				685,312		0.59
	INDUSTRIAL MACHINERY AND EQUIPMENT
*	Apple Computer, Inc		5,403,478		388,456		0.34
*	Dell, Inc		16,235,322		486,897		0.42
e	Hewlett-Packard Co		20,075,785		574,770		0.50
d	International Business Machines Corp		10,345,955		850,438		0.73
	Other				3,351,633		2.89
					5,652,194		4.88
	INSTRUMENTS AND RELATED PRODUCTS
	Johnson & Johnson		18,240,522		1,096,255		0.94
	Medtronic, Inc		7,217,963		415,538		0.36
	Other				2,525,287		2.18
					4,037,080		3.48
	INSURANCE AGENTS, BROKERS AND SERVICE				524,607		0.45
	INSURANCE CARRIERS
	American International Group, Inc		14,617,002		997,318		0.86
	UnitedHealth Group, Inc		8,795,836		546,573		0.47
*	WellPoint, Inc		4,579,247		365,378		0.32
	Other				4,577,088		3.95
					6,486,357		5.60
	JUSTICE, PUBLIC ORDER AND SAFETY				11,991		0.01
	LEATHER AND LEATHER PRODUCTS				125,480		0.11
	LEGAL SERVICES				11,833		0.01
	LOCAL AND INTERURBAN PASSENGER TRANSIT				29,581		0.03
	LUMBER AND WOOD PRODUCTS				33,527		0.03

SEE NOTES TO THE FINANCIAL STATEMENTS College Retirement Equities Fund  2005 Annual Report   |   43

CREF Stock Account  |   Summary portfolio of investments
December 31, 2005 continued

	COMPANY	SHARES		VALUE (000)		% OF NET ASSETS
	METAL MINING			$	836,644		0.72	%
	MISCELLANEOUS MANUFACTURING INDUSTRIES				357,895		0.31
	MISCELLANEOUS RETAIL				1,261,996		1.09
	MOTION PICTURES
*	CBS Corp		12,386,421		403,797		0.35
	Time Warner, Inc		32,967,697		574,957		0.50
	Other				619,561		0.53
					1,598,315		1.38
	NONDEPOSITORY INSTITUTIONS
	American Express Co		8,491,988		436,998		0.38
	Fannie Mae		7,440,317		363,162		0.31
	Other				1,557,911		1.34
					2,358,071		2.03
	NONMETALLIC MINERALS, EXCEPT FUELS				104,182		0.09
	OIL AND GAS EXTRACTION
e	Total S.A.		1,486,721		372,127		0.32
	Other				2,981,112		2.57
					3,353,239		2.89
	PAPER AND ALLIED PRODUCTS				556,499		0.48
	PERSONAL SERVICES				127,537		0.11
	PETROLEUM AND COAL PRODUCTS
	BP plc		42,986,148		456,800		0.40
	Chevron Corp		14,688,286		833,854		0.72
	ConocoPhillips		8,592,352		499,903		0.43
	Exxon Mobil Corp		41,464,658		2,329,070		2.01
	Other				1,738,227		1.50
					5,857,854		5.06
	PIPELINES, EXCEPT NATURAL GAS				39,477		0.03
	PRIMARY METAL INDUSTRIES				1,137,038		0.98
	PRINTING AND PUBLISHING				832,146		0.72
	RAILROAD TRANSPORTATION				680,029		0.59
	REAL ESTATE				655,879		0.57
	RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS				217,293		0.19
	SECURITY AND COMMODITY BROKERS
	Morgan Stanley		7,132,858		404,718		0.35
	Other				2,039,195		1.76
					2,443,913		2.11
	SOCIAL SERVICES				11,786		0.01
	SPECIAL TRADE CONTRACTORS				50,367		0.04
	STONE, CLAY, AND GLASS PRODUCTS				413,856		0.36

44   |   2005 Annual Report  College Retirement Equities Fund   SEE NOTES TO THE FINANCIAL STATEMENTS

CREF Stock Account  |   Summary portfolio of investments
December 31, 2005 concluded

	COMPANY		SHARES		VALUE (000)		% OF NET ASSETS
	TEXTILE MILL PRODUCTS				$	22,566		0.02	%
	TOBACCO PRODUCTS
	Altria Group, Inc			14,878,101		1,111,692		0.96
	Other					300,392		0.26
						1,412,084		1.22
	TRANSPORTATION BY AIR					676,997		0.58
	TRANSPORTATION EQUIPMENT
	Boeing Co			5,801,359		407,487		0.35
	United Technologies Corp			7,393,362		413,363		0.36
	Other					2,668,058		2.30
						3,488,908		3.01
	TRANSPORTATION SERVICES					240,348		0.21
	TRUCKING AND WAREHOUSING					528,394		0.46
	WATER TRANSPORTATION					208,544		0.18
	WHOLESALE TRADE-DURABLE GOODS					745,473		0.64
	WHOLESALE TRADE-NONDURABLE GOODS					1,368,209		1.18
	TOTAL COMMON STOCKS	(Cost $96,991,265)				115,389,566		99.59
	ISSUER		PRINCIPAL
	SHORT-TERM INVESTMENTS
	CERTIFICATES OF DEPOSIT					124,993		0.11
	COMMERCIAL PAPER					2,488,232		2.15
††	U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES					37,436		0.03
	U.S. GOVERNMENT AND AGENCIES VARIABLE NOTES
	Federal Farm Credit Bank
	(FFCB) 4.250%–4.260%, 12/28/06–06/08/07		$	559,800,000		559,778		0.48
	Other					149,987		0.13
						709,765		0.61
	VARIABLE NOTES					779,994		0.68
	TOTAL SHORT-TERM INVESTMENTS	(Cost $4,140,015)				4,140,420		3.58
	TOTAL PORTFOLIO	(Cost $101,153,779)				119,545,218		103.18
	OTHER ASSETS & LIABILITIES, NET					(3,681,529)		(3.18	)
	NET ASSETS				$	115,863,689		100.00	%

*	Non-income producing
**	Percentage represents less than 0.01%
††	Notes have a rate of 3.400% and mature 01/03/06.
^	Amount is 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. The cash collateral is used in accordance with the investment guidelines contained in the securities lending agreement. Cost amounts are in thousands.

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

SEE NOTES TO THE FINANCIAL STATEMENTS College Retirement Equities Fund  2005 Annual Report   |   45

CREF Stock Account  |   Summary of market values by country
December 31, 2005

DOMESTIC	VALUE		% OF MARKET VALUE
UNITED STATES	$	94,222,756,820		78.82	%
TOTAL DOMESTIC		94,222,756,820		78.82
FOREIGN
ARGENTINA		179,746		0.00
AUSTRALIA		1,052,773,792		0.88
AUSTRIA		86,840,579		0.07
BELGIUM		192,351,561		0.16
BERMUDA		48,147		0.00
BRAZIL		64,945,147		0.05
CANADA		1,701,272,420		1.42
CAYMAN ISLANDS		9,764,146		0.01
CHILE		913,786		0.00
CHINA		11,685,078		0.01
COLUMBIA		299,832		0.00
CZECH REPUBLIC		292,490		0.00
DENMARK		167,182,049		0.14
EGYPT		372,514		0.00
FINLAND		500,643,817		0.42
FRANCE		2,539,166,667		2.12
GERMANY		1,757,436,493		1.47
GREECE		87,135,564		0.07
HONG KONG		446,509,868		0.37
HUNGARY		5,450,486		0.01
INDIA		38,472,046		0.03
INDONESIA		924,347		0.00
IRELAND		156,517,234		0.13
ITALY		853,593,592		0.71
ISRAEL		133,428,023		0.11
JAPAN		5,852,752,501		4.90
LUXEMBOURG		2,809,110		0.00
MALAYSIA		19,444,092		0.02
MEXICO		10,115,654		0.01
NETHERLANDS		989,525,345		0.83
NEW ZEALAND		32,018,741		0.03
NORWAY		132,470,998		0.11
PHILIPPINES		12,364,552		0.01
POLAND		1,287,653		0.00
PORTUGAL		46,322,148		0.04
REPUBLIC OF KOREA		40,479,538		0.03
RUSSIA		65,597,566		0.06
SINGAPORE		195,822,653		0.16
SOUTH AFRICA		11,209,796		0.01
SPAIN		662,850,349		0.56
SWEDEN		453,712,453		0.38
SWITZERLAND		1,882,307,274		1.57
TAIWAN (REPUBLIC OF CHINA)		49,790,678		0.04
THAILAND		19,243,932		0.02
TURKEY		17,543,724		0.02
UNITED KINGDOM		5,016,593,313		4.20
TOTAL FOREIGN		25,322,461,494		21.18
TOTAL PORTFOLIO	$	119,545,218,314		100.00	%

46   |   2005 Annual Report   College Retirement Equities Fund SEE NOTES TO THE FINANCIAL STATEMENTS

CREF Growth Account  |   Summary portfolio of investments
December 31, 2005

	COMPANY	SHARES		VALUE (000)		% OF NET ASSETS
	PREFERRED STOCK
	PRIMARY METAL INDUSTRIES			$	0		0.00	%
	TOTAL PREFERRED STOCK   (Cost $10)				0		0.00	**
	COMMON STOCKS
	APPAREL AND ACCESSORY STORES				17,401		0.14
	APPAREL AND OTHER TEXTILE PRODUCTS				67,939		0.56
	BUILDING MATERIALS AND GARDEN SUPPLIES
e	Lowe’s Cos, Inc		1,907,802		127,174		1.05
					127,174		1.05
	BUSINESS SERVICES
e	Adobe Systems, Inc		5,788,843		213,956		1.76
e*	eBay, Inc		5,808,576		251,221		2.07
e*	Electronic Arts, Inc		3,817,746		199,706		1.65
*	Google, Inc (Class A)		839,803		348,401		2.87
e*	Juniper Networks, Inc		5,870,397		130,910		1.08
e	Microsoft Corp		6,866,306		179,554		1.48
e*	Yahoo!, Inc		4,935,155		193,359		1.60
	Other				234,992		1.94
					1,752,099		14.45
	CHEMICALS AND ALLIED PRODUCTS
e*	Amgen, Inc		3,958,971		312,204		2.57
e	Eli Lilly & Co		2,028,981		114,820		0.95
e*	Genentech, Inc		2,083,522		192,726		1.59
e*	Genzyme Corp		1,832,070		129,674		1.07
e	Procter & Gamble Co		7,038,670		407,398		3.36
e*	Sepracor, Inc		2,650,342		136,758		1.13
e	Teva Pharmaceutical Industries Ltd (Spon ADR)		5,402,194		232,348		1.91
	Other				371,385		3.06
					1,897,313		15.64
	COMMUNICATIONS
e	Sprint Nextel Corp		4,872,471		113,821		0.94
e*	Univision Communications, Inc (Class A)		3,929,493		115,488		0.95
	Other				109,314		0.90
					338,623		2.79
	DEPOSITORY INSTITUTIONS				34,460		0.29
	EATING AND DRINKING PLACES				13,821		0.11
	EDUCATIONAL SERVICES				4,534		0.04
	ELECTRIC, GAS, AND SANITARY SERVICES				36,955		0.31
	ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
e	Analog Devices, Inc		4,182,097		150,012		1.24
e*	Broadcom Corp (Class A)		2,902,584		136,857		1.13
	General Electric Co		11,636,954		407,875		3.36
e	Intel Corp		4,925,794		122,948		1.01
e*	Marvell Technology Group Ltd		2,551,653		143,122		1.18

SEE NOTES TO THE FINANCIAL STATEMENTS College Retirement Equities Fund  2005 Annual Report   |   47

CREF Growth Account  |   Summary portfolio of investments
December 31, 2005 continued

	COMPANY	SHARES		VALUE (000)			% OF NET ASSETS
	ELECTRONIC AND OTHER ELECTRIC EQUIPMENT — (continued)
e	Motorola, Inc		8,824,903	$	199,355			1.65	%
e*	Network Appliance, Inc		5,384,055		145,369			1.20
	Qualcomm, Inc		6,901,938		297,335			2.45
	Other				351,764			2.90
					1,954,637			16.12
	ENGINEERING AND MANAGEMENT SERVICES
e	Paychex, Inc		3,538,280		134,879			1.11
	Other				49			0.00	**
					134,928			1.11
	FABRICATED METAL PRODUCTS				0	^		0.00	**
	FOOD AND KINDRED PRODUCTS
	PepsiCo, Inc		4,639,181		274,083			2.26
					274,083			2.26
	FURNITURE AND HOME FURNISHINGS STORES
e*	Bed Bath & Beyond, Inc		3,800,535		137,389			1.13
					137,389			1.13
	GENERAL BUILDING CONTRACTORS				0	^		0.00	**
	GENERAL MERCHANDISE STORES
e	Target Corp		2,914,161		160,191			1.32
	Other				79,643			0.66
					239,834			1.98
	HEALTH SERVICES
e*	Caremark Rx, Inc		3,769,240		195,209			1.61
	Other				18,005			0.15
					213,214			1.76
	HOLDING AND OTHER INVESTMENT OFFICES				65,583			0.54
	HOTELS AND OTHER LODGING PLACES				140,894			1.16
	INDUSTRIAL MACHINERY AND EQUIPMENT
e	Applied Materials, Inc		7,011,171		125,780			1.04
e*	Dell, Inc		4,335,589		130,024			1.07
*	EMC Corp		14,687,716		200,047			1.65
	Other				52,353			0.43
					508,204			4.19
	INSTRUMENTS AND RELATED PRODUCTS
e	Medtronic, Inc		4,412,356		254,019			2.09
*	St. Jude Medical, Inc		5,365,736		269,360			2.22
	Other				219,003			1.81
					742,382			6.12

48   |   2005 Annual Report   College Retirement Equities Fund SEE NOTES TO THE FINANCIAL STATEMENTS

CREF Growth Account  |   Summary portfolio of investments
December 31, 2005 continued

	COMPANY	SHARES		VALUE (000)			% OF NET ASSETS
	INSURANCE CARRIERS
	Aetna, Inc		1,982,266	$	186,948			1.54	%
e	Progressive Corp		1,232,270		143,904			1.19
e*	WellPoint, Inc		2,259,319		180,271			1.49
	Other				34,221			0.28
					545,344			4.50
	LEATHER AND LEATHER PRODUCTS				44,456			0.37
	METAL MINING				64,355			0.53
	MISCELLANEOUS RETAIL
	CVS Corp		4,785,792		126,441			1.04
	Other				70,753			0.59
					197,194			1.63
	MOTION PICTURES
e*	CBS Corp		3,393,568		110,630			0.91
	Other				63,175			0.52
					173,805			1.43
	NONDEPOSITORY INSTITUTIONS
e	American Express Co		5,151,660		265,104			2.19
	Other				128,719			1.06
					393,823			3.25
	OIL AND GAS EXTRACTION
e	Halliburton Co		1,816,464		112,548			0.93
	Other				199,072			1.64
					311,620			2.57
	PETROLEUM AND COAL PRODUCTS
e	EOG Resources, Inc		1,520,043		111,526			0.92
					111,526			0.92
	PRIMARY METAL INDUSTRIES
*	Corning, Inc		9,341,847		183,661			1.51
					183,661			1.51
	PRINTING AND PUBLISHING				13,777			0.11
	RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS				0	^		0.00	**
	SECURITY AND COMMODITY BROKERS
e	Charles Schwab Corp		9,715,455		142,526			1.18
e	Goldman Sachs Group, Inc		1,208,955		154,395			1.27
	Other				231,778			1.91
					528,699			4.36
	TRANSPORTATION BY AIR				40,179			0.33
	TRANSPORTATION EQUIPMENT
e	Boeing Co		2,337,118		164,159			1.35
e	United Technologies Corp		4,331,800		242,191			2.00
					406,350			3.35

SEE NOTES TO THE FINANCIAL STATEMENTS College Retirement Equities Fund  2005 Annual Report   |   49

CREF Growth Account  |   Summary portfolio of investments
December 31, 2005 continued

	COMPANY		SHARES		VALUE (000)			% OF NET ASSETS
	TRUCKING AND WAREHOUSING				$	105,652			0.87	%
	WATER TRANSPORTATION
e	Carnival Corp			2,593,915		138,697			1.14
						138,697			1.14
	WHOLESALE TRADE-DURABLE GOODS					0	^		0.00	**
	WHOLESALE TRADE-NONDURABLE GOODS
	Nike, Inc (Class B)			1,550,457		134,564			1.11
						134,564			1.11
	TOTAL COMMON STOCKS	(Cost $10,517,764)				12,095,169			99.73
	ISSUER
	SHORT-TERM INVESTMENTS
	CERTIFICATES OF DEPOSIT					39,873			0.33
	COMMERCIAL PAPER					306,961			2.53
	U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES					159,148			1.31
††	VARIABLE NOTES					15,002			0.13
	TOTAL SHORT-TERM INVESTMENTS	(Cost $521,115)				520,984			4.30
	TOTAL PORTFOLIO	(Cost $11,038,889)				12,616,153			104.03
	OTHER ASSETS & LIABILITIES, NET					(488,244	)		(4.03	)
	NET ASSETS				$	12,127,909			100.00	%

The following abbreviations are used in portfolio descriptions:
ADR	American Depositary Receipt
Spon	Sponsored
*	Non-income producing
**	Percentage represents less than 0.01%
††	Notes have a rate of 4.459% and mature 06/26/06.
^	Amount is less than $1,000.
e	All or a portion of these securities are out on loan. The cash collateral is used in accordance with the investment guidelines contained in the securities lending agreement.
	Cost amounts are in thousands.
	For ease of presentation, we have grouped a number of industry classification categories together in the Summary portfolio of investments. Note that the Accounts use more specific industry categories in following their investment limitations on industry concentration.

50   |   2005 Annual Report   College Retirement Equities Fund SEE NOTES TO THE FINANCIAL STATEMENTS

CREF Global Equities Account   |   Summary portfolio of investments
December 31, 2005

			SHARES		VALUE (000)		% OF NET ASSETS
	COMPANY
	PREFERRED STOCKS
	COMMUNICATIONS				$	27,619		0.23	%
	INSURANCE CARRIERS					234		0.00	**
	TRANSPORTATION EQUIPMENT					22,907		0.19
	TOTAL PREFERRED STOCKS	(Cost $49,428)				50,760		0.42
	COMMON STOCKS
	ADMINISTRATION OF ECONOMIC PROGRAMS					2,317		0.02
	AGRICULTURAL PRODUCTION-CROPS					44,787		0.37
	AGRICULTURAL PRODUCTION-LIVESTOCK					2,122		0.02
	AGRICULTURAL SERVICES					250		0.00	**
	AMUSEMENT AND RECREATION SERVICES					66,759		0.55
	APPAREL AND ACCESSORY STORES					33,378		0.28
	APPAREL AND OTHER TEXTILE PRODUCTS					14,332		0.12
	AUTO REPAIR, SERVICES AND PARKING					1,535		0.01
	AUTOMOTIVE DEALERS AND SERVICE STATIONS					8,111		0.07
	BUILDING MATERIALS AND GARDEN SUPPLIES					36,691		0.30
	BUSINESS SERVICES
*	Computer Sciences Corp			1,001,500		50,716		0.42
	Microsoft Corp			5,237,484		136,960		1.13
	Other					452,670		3.74
						640,346		5.29
	CHEMICALS AND ALLIED PRODUCTS
*	Amgen, Inc			964,764		76,081		0.63
	Astellas Pharma, Inc			1,319,400		51,421		0.42
	Novartis AG. (Regd)			1,854,539		97,163		0.80
	Procter & Gamble Co			2,416,947		139,893		1.16
	Roche Holding AG. (Genusscheine)			374,598		56,078		0.46
	Teva Pharmaceutical Industries Ltd (Spon ADR)			1,447,852		62,272		0.51
	Wyeth			1,413,400		65,115		0.54
	Other					635,926		5.26
						1,183,949		9.78
	COAL MINING					19,103		0.16
	COMMUNICATIONS
	Royal KPN NV			5,350,643		53,457		0.44
	Sprint Nextel Corp			2,491,193		58,194		0.48
	Other					423,138		3.50
						534,789		4.42
	DEPOSITORY INSTITUTIONS
	Bank of America Corp			1,180,400		54,475		0.45
	Barclays plc			5,474,318		57,422		0.47
	Citigroup, Inc			1,454,900		70,606		0.58

SEE NOTES TO THE FINANCIAL STATEMENTS College Retirement Equities Fund  2005 Annual Report   |   51

CREF Global Equities Account   |   Summary portfolio of investments
December 31, 2005 continued

		SHARES		VALUE (000)		% OF NET ASSETS
	COMPANY
	DEPOSITORY INSTITUTIONS — (continued)
	Commerzbank AG.		2,397,949	$	73,598		0.61	%
e	Julius Baer Holding AG.		716,766		50,632		0.42
	Mitsubishi UFJ Financial Group, Inc		3,823		51,824		0.43
	Mizuho Financial Group. Inc		9,552		75,749		0.63
e	Royal Bank of Canada		708,430		55,072		0.45
	UBS AG. (Regd)		689,034		65,403		0.54
	Washington Mutual, Inc		1,202,238		52,297		0.43
	Other				640,935		5.30
					1,248,013		10.31
	EATING AND DRINKING PLACES				50,460		0.42
	EDUCATIONAL SERVICES				1,365		0.01
	ELECTRIC, GAS, AND SANITARY SERVICES				306,380		2.53
	ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
*	Advanced Micro Devices, Inc		2,040,421		62,437		0.52
d	General Electric Co		6,212,800		217,759		1.80
	Intel Corp		2,332,889		58,229		0.48
	Motorola, Inc		2,499,500		56,464		0.47
	Qualcomm, Inc		1,304,338		56,191		0.46
	Other				411,600		3.40
					862,680		7.13
	ENGINEERING AND MANAGEMENT SERVICES				19,571		0.16
	FABRICATED METAL PRODUCTS				19,667		0.16
	FOOD AND KINDRED PRODUCTS
	Nestle S.A. (Regd)		189,806		56,598		0.47
	PepsiCo, Inc		1,495,600		88,360		0.73
	Other				239,071		1.97
					384,029		3.17
	FOOD STORES				99,187		0.82
	FORESTRY				3,184		0.03
	FURNITURE AND FIXTURES				5,496		0.05
	FURNITURE AND HOMEFURNISHINGS STORES				34,709		0.29
	GENERAL BUILDING CONTRACTORS				115,718		0.96
	GENERAL MERCHANDISE STORES				122,968		1.02
	HEALTH SERVICES				212,209		1.75
	HEAVY CONSTRUCTION, EXCEPT BUILDING
e	Vinci S.A.		1,029,093		88,187		0.73
	Other				15,678		0.13
					103,865		0.86
	HOLDING AND OTHER INVESTMENT OFFICES				132,045		1.09
	HOTELS AND OTHER LODGING PLACES				73,119		0.60

52   |   2005 Annual Report  College Retirement Equities Fund    SEE NOTES TO THE FINANCIAL STATEMENTS

CREF Global Equities Account   |   Summary portfolio of investments
December 31, 2005 continued

	COMPANY	SHARES		VALUE (000)		% OF NET ASSETS
	INDUSTRIAL MACHINERY AND EQUIPMENT
	Hewlett-Packard Co		2,038,058	$	58,350		0.48	%
	Other				352,714		2.92
					411,064		3.40
	INSTRUMENTS AND RELATED PRODUCTS
	Johnson & Johnson		1,498,607		90,066		0.74
	Other				300,917		2.49
					390,983		3.23
	INSURANCE AGENTS, BROKERS AND SERVICE				52,238		0.43
	INSURANCE CARRIERS
e	Allianz AG. (Regd)		388,424		58,618		0.48
	American International Group, Inc		1,310,822		89,437		0.74
	ING Groep NV		1,876,889		64,867		0.54
*	WellPoint, Inc		739,651		59,017		0.49
	Other				570,217		4.71
					842,156		6.96
	LEATHER AND LEATHER PRODUCTS				29,466		0.24
	LOCAL AND INTERURBAN PASSENGER TRANSIT				2,578		0.02
	LUMBER AND WOOD PRODUCTS				230		0.00	**
	METAL MINING				110,899		0.92
	MISCELLANEOUS MANUFACTURING INDUSTRIES				38,738		0.32
	MISCELLANEOUS RETAIL				144,064		1.19
	MOTION PICTURES				114,861		0.95
	NONDEPOSITORY INSTITUTIONS
	American Express Co		1,560,500		80,303		0.66
	Capital One Financial Corp		751,572		64,936		0.54
	Fannie Mae		1,346,200		65,708		0.54
	Freddie Mac		831,760		54,356		0.45
	Other				172,892		1.43
					438,195		3.62
	NONMETALLIC MINERALS, EXCEPT FUELS				5,891		0.05
	OIL AND GAS EXTRACTION
	BG Group plc		7,653,756		75,487		0.62
	Other				268,521		2.22
					344,008		2.84
	PAPER AND ALLIED PRODUCTS				22,711		0.19
	PERSONAL SERVICES				2,552		0.02
	PETROLEUM AND COAL PRODUCTS
	Chevron Corp		1,696,102		96,288		0.80
d	Exxon Mobil Corp		3,490,994		196,089		1.62
	Fortum Oyj		2,694,393		50,342		0.42

SEE NOTES TO THE FINANCIAL STATEMENTS College Retirement Equities Fund  2005 Annual Report   |   53

CREF Global Equities Account   |   Summary portfolio of investments
December 31, 2005 continued

	COMPANY		SHARES		VALUE (000)		% OF NET ASSETS
	PETROLEUM AND COAL PRODUCTS — (continued)
	Royal Dutch Shell plc (A Shares)			2,927,997	$	89,022		0.73	%
	Other					183,070		1.51
						614,811		5.08
	PIPELINES, EXCEPT NATURAL GAS					3,320		0.03
	PRIMARY METAL INDUSTRIES					151,456		1.25
	PRINTING AND PUBLISHING					57,049		0.47
	RAILROAD TRANSPORTATION					31,456		0.26
	REAL ESTATE					141,786		1.17
	RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS					39,168		0.32
	SECURITY AND COMMODITY BROKERS
e	Daiwa Securities Group, Inc			5,080,000		57,544		0.48
	Goldman Sachs Group, Inc			437,593		55,885		0.46
	Other					201,186		1.66
						314,615		2.60
	SPECIAL TRADE CONTRACTORS					14,453		0.12
	STONE, CLAY, AND GLASS PRODUCTS					67,835		0.56
	TEXTILE MILL PRODUCTS					29,215		0.24
	TOBACCO PRODUCTS
	Altria Group, Inc			896,200		66,964		0.55
	Other					50,175		0.42
						117,139		0.97
	TRANSPORTATION BY AIR					90,646		0.75
	TRANSPORTATION EQUIPMENT
	Lockheed Martin Corp			980,100		62,364		0.52
	Toyota Motor Corp			1,548,700		80,302		0.66
	Other					365,375		3.02
						508,041		4.20
	TRANSPORTATION SERVICES					46,150		0.38
	TRUCKING AND WAREHOUSING					58,977		0.49
	WATER TRANSPORTATION					36,647		0.30
	WHOLESALE TRADE-DURABLE GOODS					116,144		0.96
	WHOLESALE TRADE-NONDURABLE GOODS					120,438		1.00
	TOTAL COMMON STOCKS	(Cost $11,020,889)				11,893,114		98.28

54   |   2005 Annual Report  College Retirement Equities Fund    SEE NOTES TO THE FINANCIAL STATEMENTS

CREF Global Equities Account   |   Summary portfolio of investments
December 31, 2005 concluded

	ISSUER			PRINCIPAL		VALUE (000)			% OF NET ASSETS
	SHORT-TERM INVESTMENTS
	CERTIFICATES OF DEPOSIT					$	64,831			0.53	%
	COMMERCIAL PAPER						197,590			1.63
	U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES
	Federal Home Loan Mortgage Corp	3.910%, 01/03/06		$	50,000,000		50,000			0.41
	Other						64,638			0.54
							114,638			0.95
††	VARIABLE NOTES						25,003			0.21
	TOTAL SHORT-TERM INVESTMENTS		(Cost $402,297)				402,062			3.32
	TOTAL PORTFOLIO		(Cost $11,472,614)				12,345,936			102.02
	OTHER ASSETS & LIABILITIES, NET						(244,721	)		(2.02	)
	NET ASSETS					$	12,101,215			100.00	%

The following abbreviations are used in portfolio descriptions:

ADR American Depositary Receipt

Regd Registered

Spon Sponsored

*	Non-income producing
**	Percentage represents less than 0.01%
††	Notes have a rate of 4.459% and mature 06/26/06.
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. The cash collateral is used in accordance with the investment guidelines contained in the securities lending agreement.
	Cost amounts are in thousands.
	For ease of presentation, we have grouped a number of industry classification categories together in the Summary portfolio of investments. Note that the Accounts use more specific industry categories in following their investment limitations on industry concentration.

SEE NOTES TO THE FINANCIAL STATEMENTS College Retirement Equities Fund  2005 Annual Report   |   55

CREF Global Equities Account  |   Summary of market values by country  
December 31, 2005

DOMESTIC	VALUE		% OF MARKET VALUE
UNITED STATES	$	6,406,723,594		51.89	%
TOTAL DOMESTIC		6,406,723,594		51.89
FOREIGN
AUSTRALIA		138,475,831		1.12
AUSTRIA		14,118,188		0.11
BELGIUM		74,877,516		0.61
BRAZIL		15,893,210		0.13
CANADA		299,472,378		2.43
CAYMAN ISLANDS		2,353,317		0.02
DENMARK		10,996,038		0.09
FINLAND		103,725,927		0.84
FRANCE		538,735,638		4.36
GERMANY		597,734,392		4.84
GREECE		46,348,977		0.38
HONG KONG		85,970,197		0.70
HUNGARY		978,753		0.01
INDIA		38,564,429		0.31
IRELAND		53,272,940		0.43
ITALY		169,812,741		1.38
ISRAEL		62,272,115		0.50
JAPAN		1,398,215,093		11.33
LUXEMBOURG		26,601,662		0.22
MALAYSIA		5,584,670		0.05
NETHERLANDS		231,359,888		1.87
NEW ZEALAND		1,652,855		0.01
NORWAY		49,908,841		0.40
PHILIPPINES		7,351,032		0.06
PORTUGAL		2,400,938		0.02
REPUBLIC OF KOREA		78,100,844		0.63
RUSSIA		7,271,208		0.06
SINGAPORE		71,609,084		0.58
SPAIN		134,535,042		1.09
SWEDEN		73,158,623		0.59
SWITZERLAND		468,826,925		3.80
TAIWAN (REPUBLIC OF CHINA		23,261,036		0.19
THAILAND		7,828,885		0.06
TURKEY		25,231,697		0.20
UNITED KINGDOM		1,072,711,390		8.69
TOTAL FOREIGN		5,939,212,300		48.11
TOTAL PORTFOLIO	$	12,345,935,894		100.00	%

56    |  2005 Annual Report  College Retirement Equities Fund SEE NOTES TO THE FINANCIAL STATEMENTS

CREF Money Market Account   |   Summary portfolio of investments  
December 31, 2005

	ISSUER		PRINCIPAL		VALUE (000)		% OF NET ASSETS
	SHORT-TERM INVESTMENTS
	CERTIFICATES OF DEPOSIT
	Abbey National plc	4.200%–4.280%, 01/17/06–01/19/06	$	100,000,000	$	100,000		1.35	%
	American Express Centurion Bank	4.120%–4.340%, 01/17/06–01/30/06		119,615,000		119,614		1.61
	Calyon	4.100%–4.360%, 01/19/06–02/13/06		110,000,000		109,996		1.49
	Deutsche Bank	4.270%, 02/14/06–02/15/06		95,000,000		94,984		1.28
	Dexia Bank	4.330%–4.380%, 02/07/06–02/21/06		125,000,000		124,999		1.69
	Royal Bank of Canada	4.285%–4.350%, 01/31/06–03/01/06		125,000,000		124,990		1.69
	Wells Fargo	4.280%–4.320%, 01/25/06–02/09/06		149,000,000		149,000		2.01
	Other					239,410		3.23
						1,062,993		14.35
	COMMERCIAL PAPER
	American Honda Finance Corp	4.060%–4.240%, 01/05/06–01/23/06		150,180,000		149,914		2.02
c	Atlantis One Funding Corp	4.040%–4.380%, 01/11/06–04/24/06		136,129,000		135,528		1.83
c	Beta Finance, Inc	4.070%–4.320%, 01/12/06–02/28/06		140,637,000		140,012		1.89
c	CC (USA), Inc	3.890%–4.410%, 01/13/06–04/20/06		170,155,000		169,262		2.29
c	Ciesco Lp	4.090%–4.370%, 01/09/06–02/24/06		177,380,000		176,852		2.39
	Citigroup Funding, Inc	4.000%–4.230%, 01/06/06–02/13/06		150,000,000		149,597		2.02
c	Corporate Asset Funding Corp, Inc	4.140%–4.360%, 01/09/06–02/17/06		150,409,000		149,830		2.02
c	Danske Corp	4.000%–4.330%, 01/09/06–02/21/06		100,470,000		100,060		1.35
c	Depfa Bank plc	4.040%–4.270%, 01/10/06–02/17/06		89,716,000		89,427		1.21
c	Dorada Finance, Inc	3.900%–4.380%, 01/09/06–03/28/06		150,050,000		149,161		2.01
c	Edison Asset Securitization, LLC	3.720%–4.420%, 01/03/06–04/07/06		150,299,000		149,612		2.02
	Fcar Owner Trust I	4.190%–4.310%, 01/11/06–01/27/06		100,000,000		99,799		1.35
c	Gannett Co, Inc	4.150%–4.260%, 01/04/06–01/27/06		75,000,000		74,897		1.01
	General Electric Capital Corp	4.090%–4.520%, 01/19/06–06/28/06		166,165,000		164,580		2.22
	Goldman Sachs Group, Inc	4.270%–4.280%, 02/03/06–02/23/06		72,570,000		72,228		0.98
c	Govco, Inc	4.040%–4.410%, 01/09/06–04/17/06		157,725,000		157,176		2.12
c	Grampian Funding LLC	3.740%–4.360%, 01/09/06–04/11/06		96,835,000		96,436		1.30
c	Greyhawk Funding LLC	3.960%–4.270%, 01/18/06–02/16/06		149,342,000		148,742		2.01
c	Harrier Finance Funding LLC	3.930%–4.460%, 01/05/06–04/20/06		135,880,000		135,275		1.83
	HBOS Treasury Services plc	4.200%–4.390%, 02/15/06–03/15/06		95,067,000		94,367		1.27
	HSBC Finance Corp	3.950%–4.240%, 01/26/06–01/30/06		125,000,000		124,578		1.68
c	Kitty Hawk Funding Corp	3.890%–4.400%, 01/12/06–03/20/06		150,120,000		149,674		2.02
c	Links Finance LLC	4.230%–4.380%, 02/09/06–03/13/06		149,200,000		148,302		2.00
	Paccar Financial Corp	4.020%–4.380%, 01/12/06–03/14/06		127,544,000		126,962		1.71
c	Park Avenue Receivables Corp	4.270%–4.300%, 01/04/06–01/27/06		138,215,000		137,931		1.86
c	Pfizer, Inc	4.200%–4.255%, 01/23/06–02/01/06		75,788,000		75,567		1.02
c	Preferred Receivables Funding	4.130%–4.300%, 01/06/06–01/20/06		150,383,000		150,136		2.03
c	Private Export Funding Corp	4.080%–4.510%, 01/10/06–06/08/06		149,760,000		148,286		2.00

SEE NOTES TO THE FINANCIAL STATEMENTS College Retirement Equities Fund  2005 Annual Report   |   57

CREF Money Market Account   |   Summary portfolio of investments  
December 31, 2005 concluded

	ISSUER			PRINCIPAL		VALUE (000)		% OF NET ASSETS
c	Procter & Gamble Co	4.020%–4.210%, 01/03/06–01/26/06		$	100,500,000	$	100,357		1.36	%
c	Ranger Funding Co LLC	3.970%–4.370%, 01/03/06–03/10/06			150,330,000		150,024		2.03
	Royal Bank of Scotland plc	4.200%–4.290%, 01/31/06–02/06/06			100,000,000		99,600		1.35
c	Scaldis Capital LLC	4.050%–4.420%, 01/13/06–05/17/06			115,786,000		115,357		1.56
c	Sheffield Receivables Corp	4.170%–4.380%, 01/09/06–04/21/06			140,000,000		139,447		1.88
	Shell International Finance	3.970%–4.390%, 01/04/06–03/31/06			113,070,000		112,233		1.52
c	Sigma Finance, Inc	3.940%–4.420%, 01/12/06–05/08/06			175,025,000		173,764		2.35
	Societe Generale North America, Inc	4.250%–4.430%, 02/01/06–04/12/06			144,000,000		143,082		1.93
	UBS Finance, (Delaware), Inc	4.040%–4.440%, 01/13/06–04/19/06			150,660,000		149,918		2.02
c	Variable Funding Capital Corp	4.000%–4.260%, 01/05/06–02/06/06			74,860,000		74,684		1.01
c	Yorktown Capital, LLC	4.140%–4.400%, 01/03/06–05/10/06			94,073,000		93,839		1.27
	Other						596,027		8.05
							5,612,523		75.79
	U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES
	Federal Home Loan Bank (FHLB)	4.220%–4.420%, 02/10/06–06/02/06			81,250,000		80,769		1.09
	Federal Home Loan Mortgage Corp (FHLMC)	3.615%–4.450%, 01/03/06–06/30/06			198,274,000		197,210		2.66
	Federal National Mortgage Association (FNMA)	3.814%–4.370%, 01/05/06–06/30/06			250,588,000		249,462		3.37
							527,441		7.12
	VARIABLE NOTES
	US Bank NA	4.230%–4.491%, 07/28/06–09/29/06			62,000,000		62,025		0.84
	Other						130,004		1.75
							192,029		2.59
		TOTAL SHORT-TERM INVESTMENTS	(Cost $7,395,613)				7,394,986		99.85
		TOTAL PORTFOLIO	(Cost $7,395,613)				7,394,986		99.85
		OTHER ASSETS & LIABILITIES, NET					11,059		0.15
		NET ASSETS				$	7,406,045		100.00	%

The following abbreviations are used in portfolio descriptions

LLC	Limited Liability Company
LP	Limited Partnership

c	Commercial Paper issued under the private placement exemption under Section 4(2) of the Securities Act of 1933.
	Cost amounts are in thousands.

58    |  2005 Annual Report  College Retirement Equities Fund SEE NOTES TO THE FINANCIAL STATEMENTS

CREF Equity Index Account  |   Summary portfolio of investments 
December 31, 2005

	COMPANY	SHARES		VALUE (000)		% OF NET ASSETS
	COMMON STOCKS
	AGRICULTURAL PRODUCTION-CROPS			$	1,369		0.01	%
	AGRICULTURAL PRODUCTION-LIVESTOCK				685		0.01
	AMUSEMENT AND RECREATION SERVICES				18,842		0.19
	APPAREL AND ACCESSORY STORES				65,615		0.66
	APPAREL AND OTHER TEXTILE PRODUCTS				16,818		0.17
	AUTO REPAIR, SERVICES AND PARKING				5,722		0.06
	AUTOMOTIVE DEALERS AND SERVICE STATIONS				18,023		0.18
	BUILDING MATERIALS AND GARDEN SUPPLIES
	Home Depot, Inc		1,542,058		62,423		0.63
	Other				44,709		0.46
					107,132		1.09
	BUSINESS SERVICES
*	Google, Inc (Class A)		117,749		48,849		0.49
	Microsoft Corp		6,598,926		172,562		1.75
	Other				504,419		5.11
					725,830		7.35
	CHEMICALS AND ALLIED PRODUCTS
	Abbott Laboratories		1,107,252		43,659		0.44
*	Amgen, Inc		883,115		69,642		0.70
	Eli Lilly & Co		699,778		39,600		0.40
	Merck & Co, Inc		1,574,816		50,095		0.51
	Pfizer, Inc		5,279,517		123,118		1.25
	Procter & Gamble Co		2,396,044		138,683		1.40
	Wyeth		955,643		44,026		0.45
	Other				435,794		4.41
					944,617		9.56
	COAL MINING				19,665		0.20
	COMMUNICATIONS
	AT&T, Inc		2,802,081		68,623		0.69
*	Comcast Corp (Class A)		1,450,293		37,650		0.38
	Sprint Nextel Corp		1,984,104		46,349		0.47
e	Verizon Communications, Inc		1,959,985		59,035		0.60
	Other				188,627		1.91
					400,284		4.05
	DEPOSITORY INSTITUTIONS
	Bank of America Corp		2,868,665		132,389		1.34
	Citigroup, Inc		3,695,609		179,348		1.82
	JPMorgan Chase & Co		2,504,155		99,390		1.01
	US Bancorp		1,299,135		38,831		0.39
e	Wachovia Corp		1,117,157		59,053		0.60
	Wells Fargo & Co		1,203,710		75,629		0.76
	Other				403,891		4.09
					988,531		10.01

SEE NOTES TO THE FINANCIAL STATEMENTS College Retirement Equities Fund  2005 Annual Report   |   59

CREF Equity Index Account  |   Summary portfolio of investments 
December 31, 2005 continued

	COMPANY	SHARES		VALUE (000)		% OF NET ASSETS
	EATING AND DRINKING PLACES			$	72,565		0.74	%
	EDUCATIONAL SERVICES				17,487		0.18
	ELECTRIC, GAS, AND SANITARY SERVICES				381,193		3.86
	ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
*	Cisco Systems, Inc		4,618,526		79,069		0.80
	General Electric Co		7,551,377		264,676		2.68
	Intel Corp		4,406,095		109,976		1.11
	Motorola, Inc		1,749,400		39,519		0.40
	Qualcomm, Inc		1,160,931		50,013		0.51
e	Texas Instruments, Inc		1,178,730		37,802		0.38
	Other				298,785		3.03
					879,840		8.91
	ENGINEERING AND MANAGEMENT SERVICES				73,249		0.74
	FABRICATED METAL PRODUCTS				35,759		0.36
	FOOD AND KINDRED PRODUCTS
	Coca-Cola Co		1,480,159		59,665		0.60
	PepsiCo, Inc		1,188,741		70,231		0.71
	Other				140,827		1.43
					270,723		2.74
	FOOD STORES				42,904		0.43
	FORESTRY				13,430		0.14
	FURNITURE AND FIXTURES				37,312		0.38
	FURNITURE AND HOMEFURNISHINGS STORES				37,369		0.38
	GENERAL BUILDING CONTRACTORS				49,502		0.50
	GENERAL MERCHANDISE STORES
	Wal-Mart Stores, Inc		1,790,332		83,788		0.85
	Other				95,516		0.97
					179,304		1.82
	HEALTH SERVICES				117,148		1.19
	HEAVY CONSTRUCTION, EXCEPT BUILDING				854		0.01
	HOLDING AND OTHER INVESTMENT OFFICES				260,633		2.64
	HOTELS AND OTHER LODGING PLACES				41,662		0.42
	INDUSTRIAL MACHINERY AND EQUIPMENT
	3M Co		545,590		42,283		0.43
*	Apple Computer, Inc		585,480		42,090		0.42
*	Dell, Inc		1,747,000		52,393		0.53
	Hewlett-Packard Co		2,060,250		58,985		0.60
d	International Business Machines Corp		1,152,096		94,702		0.96
	Other				251,701		2.55
					542,154		5.49

60   |   2005 Annual Report  College Retirement Equities Fund SEE NOTES TO THE FINANCIAL STATEMENTS

CREF Equity Index Account  |   Summary portfolio of investments 
December 31, 2005 continued

COMPANY	SHARES		VALUE (000)		% OF NET ASSETS
INSTRUMENTS AND RELATED PRODUCTS
Johnson & Johnson		2,113,752	$	127,036		1.29	%
Medtronic, Inc		858,770		49,439		0.50
Other				258,291		2.61
				434,766		4.40
INSURANCE AGENTS, BROKERS AND SERVICE				45,190		0.46
INSURANCE CARRIERS
American International Group, Inc		1,637,553		111,730		1.13
UnitedHealth Group, Inc		967,680		60,132		0.61
Other				360,806		3.65
				532,668		5.39
JUSTICE, PUBLIC ORDER AND SAFETY				1,382		0.01
LEATHER AND LEATHER PRODUCTS				12,475		0.13
LEGAL SERVICES				1,098		0.01
LOCAL AND INTERURBAN PASSENGER TRANSIT				1,612		0.02
LUMBER AND WOOD PRODUCTS				4,166		0.04
METAL MINING				36,907		0.37
MISCELLANEOUS MANUFACTURING INDUSTRIES				20,226		0.21
MISCELLANEOUS RETAIL				113,961		1.15
MOTION PICTURES
Time Warner, Inc		3,258,659		56,831		0.57
Other				101,579		1.03
				158,410		1.60
NONDEPOSITORY INSTITUTIONS
American Express Co		777,335		40,002		0.40
Other				163,570		1.66
				203,572		2.06
NONMETALLIC MINERALS, EXCEPT FUELS				7,086		0.07
OIL AND GAS EXTRACTION				271,781		2.75
PAPER AND ALLIED PRODUCTS				53,479		0.54
PERSONAL SERVICES				16,217		0.16
PETROLEUM AND COAL PRODUCTS
Chevron Corp		1,609,614		91,378		0.93
ConocoPhillips		987,336		57,443		0.58
Exxon Mobil Corp		4,532,589		254,596		2.58
Other				81,091		0.82
				484,508		4.91
PRIMARY METAL INDUSTRIES				78,369		0.79
PRINTING AND PUBLISHING				73,684		0.75
RAILROAD TRANSPORTATION				57,691		0.58

SEE NOTES TO THE FINANCIAL STATEMENTS College Retirement Equities Fund  2005 Annual Report   |   61

CREF Equity Index Account  |   Summary portfolio of investments 
December 31, 2005 continued

	SHARES		VALUE (000)		% OF NET ASSETS
COMPANY
REAL ESTATE			$	10,946		0.11	%
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS				11,182		0.11
SECURITY AND COMMODITY BROKERS
Merrill Lynch & Co, Inc		673,759		45,634		0.46
Morgan Stanley		778,204		44,155		0.45
Other				161,484		1.63
				251,273		2.54
SOCIAL SERVICES				1,177		0.01
SPECIAL TRADE CONTRACTORS				4,589		0.05
STONE, CLAY, AND GLASS PRODUCTS				10,875		0.11
TEXTILE MILL PRODUCTS				701		0.01
TOBACCO PRODUCTS
Altria Group, Inc		1,471,471		109,948		1.12
Other				14,092		0.14
				124,040		1.26
TRANSPORTATION BY AIR				42,772		0.43
TRANSPORTATION EQUIPMENT
Boeing Co		587,215		41,246		0.42
United Technologies Corp		727,335		40,665		0.41
Other				155,400		1.57
				237,311		2.40
TRANSPORTATION SERVICES				19,334		0.20
TRUCKING AND WAREHOUSING				45,766		0.46
WATER TRANSPORTATION				4,680		0.05
WHOLESALE TRADE-DURABLE GOODS				43,323		0.44
WHOLESALE TRADE-NONDURABLE GOODS				92,993		0.94
TOTAL COMMON STOCKS (Cost $7,930,425)				9,876,431		99.99

62   |   2005 Annual Report  College Retirement Equities Fund SEE NOTES TO THE FINANCIAL STATEMENTS

CREF Equity Index Account  |   Summary portfolio of investments 
December 31, 2005 concluded

ISSUER		PRINCIPAL		VALUE (000)			% OF NET ASSETS
SHORT-TERM INVESTMENTS
CERTIFICATES OF DEPOSIT				$	29,915			0.30	%
COMMERCIAL PAPER					183,647			1.86
U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES
Federal Home Loan Bank
(FHLB)           3.400%–4.010%, 01/03/06–01/06/06		$	38,473,000		38,459			0.39
Federal National Mortgage Association
(FNMA)           3.350%–4.170%, 01/03/06–01/09/06			41,928,000		41,911			0.43
Other					29,988			0.30
					110,358			1.12
TOTAL SHORT-TERM INVESTMENTS	(Cost $324,016)				323,920			3.28
TOTAL PORTFOLIO	(Cost $8,254,441)				10,200,351			103.27
OTHER ASSETS & LIABILITIES, NET					(322,865	)		(3.27	)
NET ASSETS				$	9,877,486			100.00	%

*	Non-income producing
d	All or a portion of these securities have been segregated by the Custodian to cover margin or other requirements on open futures contracts.
e	All or a portion of these securities are out on loan. The cash collateral is used in accordance with the investment guidelines contained in the securities lending agreement.
	Cost amounts are in thousands.
	For ease of presentation, we have grouped a number of industry classification categories together in the Summary portfolio of investments. Note that the Accounts use more specific industry categories in following their investment limitations on industry concentration.

SEE NOTES TO THE FINANCIAL STATEMENTS College Retirement Equities Fund  2005 Annual Report   |   63

CREF Bond Market Account  |   Summary portfolio of investments  
December 31, 2005

	VALUE		% OF NET
ISSUER	(000)		ASSETS
BONDS
CORPORATE BONDS
AMUSEMENT AND RECREATION SERVICES	$	4,286	0.07	%
APPAREL AND OTHER TEXTILE PRODUCTS		3,243	0.06
AUTO REPAIR, SERVICES AND PARKING		6,007	0.10
ASSET BACKED		139,399	2.40
BUILDING MATERIALS AND GARDEN SUPPLIES		9,874	0.17
BUSINESS SERVICES		6,652	0.11
CHEMICALS AND ALLIED PRODUCTS		36,520	0.63
COMMUNICATIONS		139,057	2.40
DEPOSITORY INSTITUTIONS		189,331	3.27
EATING AND DRINKING PLACES		1,944	0.03
ELECTRIC, GAS, AND SANITARY SERVICES		105,735	1.82
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		7,363	0.13
FABRICATED METAL PRODUCTS		10,203	0.18
FOOD AND KINDRED PRODUCTS		31,506	0.54
FOOD STORES		10,755	0.19
FORESTRY		2,734	0.05
FURNITURE AND FIXTURES		4,644	0.08
GENERAL BUILDING CONTRACTORS		17,228	0.30
GENERAL MERCHANDISE STORES		20,867	0.36
HEALTH SERVICES		5,721	0.10
HOLDING AND OTHER INVESTMENT OFFICES		43,676	0.75
HOTELS AND OTHER LODGING PLACES		3,884	0.07
INDUSTRIAL MACHINERY AND EQUIPMENT		20,148	0.35
INSTRUMENTS AND RELATED PRODUCTS		6,785	0.12
INSURANCE CARRIERS		48,212	0.83
METAL MINING		15,198	0.26
MISCELLANEOUS MANUFACTURING INDUSTRIES		7,587	0.13
MISCELLANEOUS RETAIL		5,789	0.10
MOTION PICTURES		32,585	0.56
NONDEPOSITORY INSTITUTIONS		164,095	2.83
OIL AND GAS EXTRACTION		60,898	1.05

64   |   2005 Annual Report  College Retirement Equities Fund SEE NOTES TO THE FINANCIAL STATEMENTS

CREF Bond Market Account  |   Summary portfolio of investments  
December 31, 2005 continued

				RATING†				VALUE		% OF NET
	ISSUER			(Unaudited)		PRINCIPAL		(000)		ASSETS
	OTHER MORTGAGE BACKED SECURITIES
	Countrywide Alternative Loan Trust
	Series 2003-3T1 (Class A10)	5.500%, 05/25/33			N/R	$	30,000,000	$	29,747	0.52	%
	CS First Boston Mortgage Securities Corp
	Series 2004-8 (Class 7A1)	6.000%, 12/25/34			N/R		34,065,898		34,258	0.59
	Other								249,347	4.30
									313,352	5.41
	PAPER AND ALLIED PRODUCTS								10,134	0.17
	PERSONAL SERVICES								1,530	0.03
	PETROLEUM AND COAL PRODUCTS								4,797	0.08
	PIPELINES, EXCEPT NATURAL GAS								29,210	0.50
	PRIMARY METAL INDUSTRIES								11,226	0.19
	PRINTING AND PUBLISHING								3,787	0.07
	RAILROAD TRANSPORTATION								17,820	0.31
	RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS								1,757	0.03
	SECURITY AND COMMODITY BROKERS								74,182	1.28
	TOBACCO PRODUCTS								1,259	0.02
	TRANSPORTATION BY AIR								7,178	0.12
	TRANSPORTATION EQUIPMENT								38,066	0.66
	WHOLESALE TRADE-DURABLE GOODS								2,830	0.05
	WHOLESALE TRADE-NONDURABLE GOODS								3,948	0.07
	TOTAL CORPORATE BONDS		(Cost $1,686,659)						1,683,002	29.03
	GOVERNMENT BONDS
	AGENCY SECURITIES
d	Federal Farm Credit Bank (FFCB)	2.250%, 09/01/06			Aaa		110,050,000		108,339	1.87
e	FFCB	3.000%–4.700%, 12/17/07–08/10/15			Aaa		63,400,000		61,828	1.07
e	Federal Home Loan Mortgage Corp (FHLMC)	3.750%, 04/15/07			Aaa		46,403,000		45,874	0.79
	FHLMC	4.625%, 09/15/08			Aaa		45,500,000		45,170	0.78
	FHLMC	7.000%, 03/15/10			Aaa		138,000,000		149,758	2.58
	FHLMC	6.875%, 09/15/10			Aaa		28,000,000		30,476	0.53
e	FHLMC	4.750%, 01/18/11			Aaa		66,900,000		66,912	1.15
	FHLMC	5.875%, 03/21/11			Aa2		36,399,000		37,887	0.65
	FHLMC	6.375%, 08/01/11			Aa2		30,000,000		30,220	0.52
	FHLMC	6.250%, 03/05/12			Aa2		28,323,000		28,769	0.50
	FHLMC	5.000%, 07/15/14			Aaa		34,000,000		34,509	0.60
d,e	Federal National Mortgage Association (FNMA)	2.625%–6.210%, 07/15/06–08/06/38			Aaa		97,250,000		97,950	1.69
e	FNMA	3.875%, 05/15/07			Aaa		61,000,000		60,358	1.04
	FNMA	4.125%, 06/16/08			Aaa		39,070,000		38,487	0.66
	FNMA	3.375%, 12/15/08			Aaa		28,520,000		27,508	0.48
e	FNMA	7.125%, 06/15/10			Aaa		118,300,000		129,440	2.23
	FNMA	6.625%, 11/15/10			Aaa		30,000,000		32,404	0.56

SEE NOTES TO FINANCIAL STATEMENTS College Retirement Equities Fund  2005 Annual Report   |   65

CREF Bond Market Account  |  Summary portfolio of investments
December 31, 2005 continued

	ISSUER		RATING† (Unaudited)			PRINCIPAL		VALUE (000)	% OF NET ASSETS
	AGENCY SECURITIES — (continued)
	FNMA	5.250%, 08/01/12		Aa2	$	28,600,000	$	28,905	0.50	%
	Other							172,891	2.98
								1,227,685	21.18
	FOREIGN GOVERNMENT BONDS							173,248	2.99
	MORTGAGE BACKED SECURITIES
d	Federal Home Loan Mortgage Corp Gold
	(FGLMC)	5.500%, 12/01/33				36,195,272		35,960	0.62
	FGLMC	5.000%, 01/01/34				93,163,993		90,519	1.56
	FGLMC	4.500%, 10/01/34				27,233,855		25,724	0.44
	FGLMC	5.500%, 06/01/35				34,691,547		34,381	0.59
h	Federal National Mortgage Association
	(FNMA)	4.000%, 02/16/06				44,000,000		41,992	0.72
h	FNMA	5.500%, 02/25/18				57,000,000		57,285	0.99
d	FNMA	5.500%, 04/01/18				39,991,463		40,257	0.69
h	FNMA	4.500%, 02/25/19				104,000,000		101,140	1.75
h	FNMA	6.500%, 02/25/32				49,000,000		50,210	0.87
	FNMA	4.350%, 03/25/34				34,375,395		32,982	0.57
h	FNMA	6.000%, 02/25/35				90,000,000		90,703	1.57
	FNMA	5.500%, 03/01/35				44,040,650		43,619	0.75
	FNMA	6.000%, 10/01/35				48,465,232		48,925	0.84
h	Government National Mortgage Association
	(GNMA)	5.000%, 01/23/06				45,000,000		44,395	0.77
h	GNMA	5.500%, 01/23/06				45,000,000		45,267	0.78
	Other							1,007,423	17.38
								1,790,782	30.89
	U.S. TREASURY SECURITIES
e	United States Treasury Bond	8.000%, 11/15/21				304,399,000		419,492	7.23
e	United States Treasury Bond	5.375%, 02/15/31				57,324,000		64,427	1.11
e,k	United States Treasury Inflation Indexed Bond	3.875%, 01/15/09				35,829,520		37,677	0.65
e	United States Treasury
	Note	2.500%–4.500%, 09/30/06–12/15/10				106,621,000		105,576	1.82
e	United States Treasury Note	3.750%, 03/31/07				37,500,000		37,182	0.64
e	United States Treasury Note	4.375%, 05/15/07				27,050,000		27,029	0.47
e	United States Treasury Note	4.250%, 11/30/07				55,250,000		55,095	0.95
	Other							4,991	0.09
								751,469	12.96
	TOTAL GOVERNMENT BONDS		(Cost $3,970,603)					3,943,184	68.02
	TOTAL BONDS		(Cost $5,657,262)					5,626,186	97.05
	TOTAL TIAA-CREF MUTUAL FUNDS		(Cost $3,557)					3,782	0.06

66 | 2005 Annual Report  College Retirement Equities Fund SEE NOTES TO THE FINANCIAL STATEMENTS

CREF Bond Market Account |  Summary portfolio of investments
December 31, 2005 concluded

						VALUE			% OF NET
	ISSUER			PRINCIPAL		(000)			ASSETS
	SHORT-TERM INVESTMENTS
	COMMERCIAL PAPER
d	BellSouth Corp	4.250%, 01/19/06		$	27,200,000	$	27,148		0.47	%
c	BMW US Capital Corp	4.220%, 01/18/06			27,200,000		27,151		0.47
c,d	Govco, Inc	4.280%, 01/12/06			27,200,000		27,170		0.47
c	Kitty Hawk Funding Corp	4.300%, 01/17/06			27,200,000		27,154		0.47
c,d	Nestle Capital Corp	4.230%, 01/20/06			27,200,000		27,145		0.47
	Paccar Financial Corp	4.240%, 01/18/06			27,200,000		27,151		0.47
c,d	Preferred Receivables Funding	4.290%, 01/13/06			27,200,000		27,167		0.47
d	Rabobank USA Finance Corp	4.240%, 01/17/06			27,200,000		27,155		0.47
d	Societe Generale North America, Inc	4.250%, 01/18/06			27,200,000		27,151		0.47
c	Yorktown Capital, LLC	4.310%, 01/23/06			27,200,000		27,134		0.46
	Other						196,947		3.39
							468,473		8.08
	U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES
d	Federal National Mortgage Association
	(FNMA)	4.100%–4.170%, 01/09/06–01/19/06			60,380,000		60,296		1.04
††	Other						25,461		0.44
							85,757		1.48
	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
	Bank of New York Institutional Cash Reserves
	Fund	4.363%, 01/03/06			1,184,820		1,185,103		20.44
							1,185,103		20.44
	TOTAL SHORT-TERM INVESTMENTS		(Cost $1,739,214)				1,739,333		30.00
	TOTAL PORTFOLIO		(Cost $7,400,033)				7,369,301		127.11
	OTHER ASSETS & LIABILITIES, NET						(1,571,884	)	(27.11	)
		NET ASSETS				$	5,797,417		100.00	%

The following abbreviations are used in portfolio descriptions
LLC Limited Liability Company
NR   Not rated by Moody’s
††	Notes have a rate of 4.010% and mature 01/06/06.
c	Commercial Paper issued under the Private Placement exemption under Section 4(2) of the Securities Act of 1933.
d	All or a portion of these securities have been segregated by the Custodian to cover securities purchased on a delayed delivery basis.
e	All or a portion of these securities are out on loan. The cash collateral is used in accordance with the investment guidelines contained in the securities lending agreement.
h	These securities were purchased on a delayed delivery basis.
k	Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
†	As provided by Moody’s Investors Service.
	Cost amounts are in thousands.
	For ease of presentation, we have grouped a number of industry classification categories together in the Summary portfolio of investments. Note that the Accounts use more specific industry categories in following their investment limitations on industry concentration.

SEE NOTES TO THE FINANCIAL STATEMENTS College Retirement Equities Fund  2005 Annual Report  |   67

CREF Social Choice Account |  Summary portfolio of investments
December 31, 2005

	VALUE		% OF NET
ISSUER	(000)		ASSETS
BONDS
CORPORATE BONDS
AMUSEMENT AND RECREATION SERVICES	$	2,017	0.03	%
AUTO REPAIR, SERVICES AND PARKING		2,856	0.04
ASSET BACKED		51,906	0.67
BUILDING MATERIALS AND GARDEN SUPPLIES		10,473	0.13
BUSINESS SERVICES		4,999	0.07
CHEMICALS AND ALLIED PRODUCTS		29,882	0.38
COMMUNICATIONS		59,741	0.77
DEPOSITORY INSTITUTIONS		160,672	2.06
EATING AND DRINKING PLACES		5,202	0.07
ELECTRIC, GAS, AND SANITARY SERVICES		31,531	0.40
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		11,930	0.15
FABRICATED METAL PRODUCTS		3,056	0.04
FOOD AND KINDRED PRODUCTS		40,891	0.52
FOOD STORES		5,441	0.07
FURNITURE AND FIXTURES		3,897	0.05
GENERAL BUILDING CONTRACTORS		15,638	0.20
GENERAL MERCHANDISE STORES		944	0.01
HEALTH SERVICES		2,531	0.03
HOLDING AND OTHER INVESTMENT OFFICES		23,710	0.30
INDUSTRIAL MACHINERY AND EQUIPMENT		26,888	0.34
INSTRUMENTS AND RELATED PRODUCTS		23,758	0.31
INSURANCE CARRIERS		51,419	0.66
LUMBER AND WOOD PRODUCTS		1,072	0.01
MISCELLANEOUS MANUFACTURING		4,994	0.06
MISCELLANEOUS RETAIL		4,690	0.06
MOTION PICTURES		14,206	0.18
NONDEPOSITORY INSTITUTIONS		41,235	0.53
OIL AND GAS EXTRACTION		23,422	0.30
OTHER MORTGAGE BACKED SECURITIES		113,485	1.46
PAPER AND ALLIED PRODUCTS		9,909	0.13
PETROLEUM AND COAL PRODUCTS		4,866	0.06
PIPELINES, EXCEPT NATURAL GAS		2,857	0.04
PRIMARY METAL INDUSTRIES		5,368	0.07
PRINTING AND PUBLISHING		7,797	0.10

68 | 2005 Annual Report   College Retirement Equities Fund SEE NOTES TO THE FINANCIAL STATEMENTS

CREF Social Choice Account |  Summary portfolio of investments  
December 31, 2005 continued

	ISSUER		RATING† (Unaudited)		PRINCIPAL		VALUE (000)		% OF NET ASSETS
	RAILROAD TRANSPORTATION						$	5,073	0.07	%
	SECURITY AND COMMODITY BROKERS							16,588	0.21
	TRANSPORTATION BY AIR							7,711	0.10
	TRANSPORTATION SERVICES							1,903	0.02
	WHOLESALE TRADE-DURABLE GOODS							1,955	0.03
	WHOLESALE TRADE-NONDURABLE GOODS							2,961	0.04
		TOTAL CORPORATE BONDS	(Cost $842,001)					839,474	10.77
	GOVERNMENT BONDS
	AGENCY SECURITIES
e	Federal Home Loan Mortgage Corp (FHLMC)	4.750%, 01/18/11		Aaa	$	31,600,000		31,606	0.40
e	Federal National Mortgage Association
	(FNMA)	3.375%–6.625%, 05/15/07–08/01/12		Aaa		90,175,000		91,030	1.17
	FNMA	7.125%, 06/15/10		Aaa		44,000,000		48,143	0.62
	Other							411,038	5.27
								581,817	7.46
	FOREIGN GOVERNMENT BONDS							89,892	1.15
	MORTGAGE BACKED SECURITIES
h	Federal National Mortgage Association
	(FNMA)	5.500%, 02/25/18				40,000,000		40,200	0.52
h	FNMA	4.500%, 02/25/19				54,000,000		52,515	0.67
	FNMA	5.000%, 11/01/33				40,116,791		39,010	0.50
	FNMA	5.500%, 02/01/35				44,341,384		43,950	0.56
h	FNMA	5.000%, 02/25/35				33,000,000		31,948	0.41
h	FNMA	6.000%, 02/25/35				70,000,000		70,547	0.91
	FNMA	5.500%, 04/01/35				36,868,603		36,515	0.47
	Other							692,817	8.89
								1,007,502	12.93
	MUNICIPAL BONDS							59,732	0.77
	U.S. TREASURY SECURITIES
	United States Treasury Bond	7.000%, 07/15/06				31,200,000		31,616	0.41
e	United States Treasury Bond	8.000%, 11/15/21				101,630,000		140,056	1.80
e	United States Treasury Bond	5.375%, 02/15/31				28,040,000		31,514	0.40
	United States Treasury Note	2.375%, 08/15/06				69,950,000		69,090	0.89
e	United States Treasury Note	4.000%, 09/30/07				47,465,000		47,139	0.60
e	United States Treasury Note	4.375%, 12/15/10				56,200,000		56,257	0.72
e	United States Treasury
	Note/Bond	2.500%–4.500%, 09/30/06–11/15/15				102,393,000		101,791	1.31
	Other							19,796	0.25
								497,259	6.38
		TOTAL GOVERNMENT BONDS	(Cost $2,252,319)					2,236,202	28.69
		TOTAL BONDS	(Cost $3,094,320)					3,075,676	39.46

SEE NOTES TO THE FINANCIAL STATEMENTS College Retirement Equities Fund  2005 Annual Report  |   69

CREF Social Choice Account |  Summary portfolio of investments  
December 31, 2005 continued

	COMPANY			SHARES	VALUE (000)		% OF NET ASSETS
	PREFERRED STOCKS
	HOLDING AND OTHER INVESTMENT OFFICES				$	10	0.00	%**
		TOTAL PREFERRED STOCKS	(Cost $7)			10	0.00	**
	COMMON STOCKS
	AMUSEMENT AND RECREATION SERVICES					549	0.01
	APPAREL AND ACCESSORY STORES					34,924	0.45
	APPAREL AND OTHER TEXTILE PRODUCTS					3,088	0.04
	AUTO REPAIR, SERVICES AND PARKING					1,786	0.02
	AUTOMOTIVE DEALERS AND SERVICE STATIONS					3,346	0.04
	BUILDING MATERIALS AND GARDEN SUPPLIES
	Home Depot, Inc			1,004,126		40,647	0.52
	Other					26,158	0.34
						66,805	0.86
	BUSINESS SERVICES
	Microsoft Corp			3,840,893		100,439	1.29
	Other					206,976	2.65
						307,415	3.94
	CHEMICALS AND ALLIED PRODUCTS
*	Amgen, Inc			529,739		41,775	0.53
	Merck & Co, Inc			1,258,358		40,028	0.51
	Procter & Gamble Co			1,517,512		87,834	1.13
	Other					203,325	2.61
						372,962	4.78
	COMMUNICATIONS
	AT&T, Inc			2,217,975		54,318	0.70
e	Verizon Communications, Inc			1,455,295		43,833	0.56
	Other					135,571	1.74
						233,722	3.00
	DEPOSITORY INSTITUTIONS
	JPMorgan Chase & Co			2,016,984		80,054	1.03
e	US Bancorp			1,360,612		40,669	0.52
	Wachovia Corp			1,024,685		54,165	0.70
	Washington Mutual, Inc			821,729		35,745	0.46
	Wells Fargo & Co			930,837		58,485	0.75
	Other					187,363	2.40
						456,481	5.86
	EATING AND DRINKING PLACES
	McDonald’s Corp			889,601		29,998	0.39
	Other					11,958	0.15
						41,956	0.54
	EDUCATIONAL SERVICES					1,173	0.02
	ELECTRIC, GAS, AND SANITARY SERVICES					225,406	2.89

70 | 2005 Annual Report   College Retirement Equities Fund SEE NOTES TO THE FINANCIAL STATEMENTS

CREF Social Choice Account  |  Summary portfolio of investments
  December 31, 2005 continued

	COMPANY	SHARES		VALUE (000)		% OF NET ASSETS
	ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
*	Cisco Systems, Inc		2,594,227	$	44,413	0.57	%
	Emerson Electric Co		440,300		32,890	0.42
	Intel Corp		2,683,225		66,973	0.86
	Other				173,183	2.22
					317,459	4.07
	ENGINEERING AND MANAGEMENT SERVICES				24,916	0.32
	FABRICATED METAL PRODUCTS				32,611	0.42
	FOOD AND KINDRED PRODUCTS
e	Coca-Cola Co		1,250,500		50,408	0.65
	PepsiCo, Inc		907,304		53,604	0.69
	Other				57,155	0.73
					161,167	2.07
	FOOD STORES				29,674	0.38
	FURNITURE AND FIXTURES				38,836	0.50
	FURNITURE AND HOMEFURNISHINGS STORES				12,825	0.16
	GENERAL BUILDING CONTRACTORS				29,984	0.38
	GENERAL MERCHANDISE STORES				59,589	0.76
	HEALTH SERVICES				40,638	0.52
	HOLDING AND OTHER INVESTMENT OFFICES				114,129	1.46
	HOTELS AND OTHER LODGING PLACES				9,073	0.12
	INDUSTRIAL MACHINERY AND EQUIPMENT
	3M Co		574,944		44,558	0.57
*	Dell, Inc		1,022,039		30,651	0.39
e	Hewlett-Packard Co		1,298,523		37,177	0.48
	International Business Machines Corp		721,457		59,304	0.76
	Other				114,891	1.48
					286,581	3.68
	INSTRUMENTS AND RELATED PRODUCTS
	Johnson & Johnson		1,543,842		92,785	1.19
	Medtronic, Inc		669,862		38,564	0.49
	Other				141,814	1.82
					273,163	3.50
	INSURANCE AGENTS, BROKERS AND SERVICE				35,159	0.45
	INSURANCE CARRIERS
e	UnitedHealth Group, Inc		562,728		34,968	0.45
	Other				223,332	2.86
					258,300	3.31
	LEATHER AND LEATHER PRODUCTS				6,939	0.09
	LEGAL SERVICES				99	0.00	**
	LOCAL AND INTERURBAN PASSENGER TRANSIT				272	0.00	**

SEE NOTES TO THE FINANCIAL STATEMENTS College Retirement Equities Fund  2005 Annual Report   |71

CREF Social Choice Account  |  Summary portfolio of investments
  December 31, 2005 continued

	COMPANY	SHARES		VALUE (000)		% OF NET ASSETS
	LUMBER AND WOOD PRODUCTS			$	550	0.01	%
	METAL MINING				11,014	0.14
	MISCELLANEOUS MANUFACTURING INDUSTRIES				10,593	0.14
	MISCELLANEOUS RETAIL				58,124	0.75
	MOTION PICTURES
	Time Warner, Inc		2,268,099		39,555	0.51
e	Walt Disney Co		1,300,695		31,178	0.40
	Other				5,646	0.07
					76,379	0.98
	NONDEPOSITORY INSTITUTIONS
e	American Express Co		782,671		40,276	0.52
	Freddie Mac		476,802		31,159	0.40
	Other				111,416	1.43
					182,851	2.35
	NONMETALLIC MINERALS, EXCEPT FUELS				9,922	0.13
	OIL AND GAS EXTRACTION
	Anadarko Petroleum Corp		341,169		32,326	0.42
e	Devon Energy Corp		496,884		31,075	0.40
	Other				165,452	2.12
					228,853	2.94
	PAPER AND ALLIED PRODUCTS				35,596	0.46
	PERSONAL SERVICES				50	0.00	**
	PETROLEUM AND COAL PRODUCTS				55,962	0.72
	PRIMARY METAL INDUSTRIES				52,983	0.68
	PRINTING AND PUBLISHING				43,496	0.56
	RAILROAD TRANSPORTATION				22,413	0.29
	REAL ESTATE				87	0.00	**
	RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS				2,891	0.04
	SECURITY AND COMMODITY BROKERS
e	Goldman Sachs Group, Inc		244,176		31,184	0.40
	Merrill Lynch & Co, Inc		596,129		40,376	0.52
	Other				45,208	0.58
					116,768	1.50
	SPECIAL TRADE CONTRACTORS				149	0.00	**
	STONE, CLAY, AND GLASS PRODUCTS				5,009	0.06
	TEXTILE MILL PRODUCTS				175	0.00	**
	TRANSPORTATION BY AIR				35,445	0.45
	TRANSPORTATION EQUIPMENT				44,881	0.58
	TRANSPORTATION SERVICES				4,745	0.06

72   |   2005 Annual Report  College Retirement Equities Fund SEE NOTES TO THE FINANCIAL STATEMENTS

CREF Social Choice Account  |  Summary portfolio of investments
  December 31, 2005 continued

	COMPANY						VALUE (000)		% OF NET ASSETS
	TRUCKING AND WAREHOUSING						$	29,803	0.38	%
	WATER TRANSPORTATION							782	0.01
	WHOLESALE TRADE-DURABLE GOODS							32,858	0.42
	WHOLESALE TRADE-NONDURABLE GOODS							67,488	0.87
	TOTAL COMMON STOCKS (Cost $3,302,321)							4,610,894	59.16
	ISSUER				PRINCIPAL
	SHORT-TERM INVESTMENTS
	COMMERCIAL PAPER							147,963	1.90
	U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES
d	Federal Home Loan Mortgage Corp
	(FHLMC)	4.070%–4.190%, 01/23/06–01/30/06			$	42,170,000		42,060	0.54
d	Federal National Mortgage Association
	(FNMA)	3.350%–4.180%, 01/03/06–02/01/06				326,205,000		325,791	4.18
††	Other							22,374	0.29
								390,225	5.01
	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
	REPURCHASE AGREEMENTS
	Bear Stearns & Co, Inc, 4.250% Dated 12/30/05,					34,502,000		34,510	0.44
	Due 01/03/2006 In The Amount Of $34,510,146
	Fully Collateralized as follows:
	Federal Home Loan Bank
	(FHLB)	0.000%–4.500%, 02/17/2006–06/12/2013	$	2,260,912
	Federal Home Loan Mortgage Corp
	(FHLMC)	5.250%–5.400%, 11/10/2010–12/28/2010		11,604,126
	Federal National Mortgage Association
	(FNMA)	4.000%–7.000%, 01/26/2009–11/28/2017		21,399,899
	Total Market Value			35,264,937
	Goldman Sachs & Co. 4.270% Dated 12/30/2005,					90,000,000		90,022	1.15
	Due 01/03/2006 In The Amount Of $90,021,350
	Fully Collateralized as follows:
	Federal Home Loan Mortgage Corp
	(FHLMC) 4.110%, 02/16/2010			91,811,492
	Total Market Value			91,811,492
	Merrill Lynch & Co. Inc, 4.240% Dated 12/30/2005,					90,000,000		90,021	1.16
	Due 01/03/2006 In The Amount Of $90,021,350
	Fully Collateralized as follows:
	Federal Farm Credit Bank (FFCB)	6.000%, 05/14/2013		22,024,575
	Federal Home Loan Bank (FHLB)	5.895%, 09/02/2025		21,080,779
	Federal National Mortgage Association
	(FNMA)	6.250%, 05/15/2029		26,383,117
	Tennessee Valley Authority	7.125%, 05/01/2030		22,314,893
	Total Market Value			91,803,364

SEE NOTES TO THE FINANCIAL STATEMENTS College Retirement Equities Fund  2005 Annual Report   |   73

CREF Social Choice Account  |  Summary portfolio of investments
  December 31, 2005 concluded

ISSUER				PRINCIPAL		VALUE (000)			% OF NET ASSETS
Morgan Stanely & Co, Inc 4.250% Dated 12/30/2005,				$	50,000,000	$	50,012		0.64	%
Due 01/03/2006 In The Amount Of $50,011,806
Fully Collateralized as follows:
Federal Home Loan Mortgage Corp
(FHLMC)	0.000%, 01/15/2006		51,091,452
Total Market Value			51,091,452
							264,565		3.39
TOTAL SHORT-TERM INVESTMENTS		(Cost $802,636)					802,753		10.30
	TOTAL PORTFOLIO	(Cost $7,199,284)					8,489,333		108.92
	OTHER ASSETS & LIABILITIES, NET						(694,916	)	(8.92	)
	NET ASSETS					$	7,794,417		100.00	%

*	Non-income producing
**	Percentage represents less than 0.01%
††	Notes have a rate of 4.150% and mature 01/13/06.
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. The cash collateral is used in accordance with the investment guidelines contained in the securities lending agreement.
h	These securities were purchased on a delayed delivery basis.
†	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 Summary portfolio of investments. Note that the Accounts use more specific industry categories in following their investment limitations on industry concentration.

74   |   2005 Annual Report  College Retirement Equities Fund SEE NOTES TO THE FINANCIAL STATEMENTS

CREF Inflation-Linked Bond Account   |   Summary portfolio of investments
   December 31, 2005

							VALUE		% OF NET
	ISSUER				PRINCIPAL		(000)		ASSETS
	GOVERNMENT BONDS
	U.S. TREASURY SECURITIES
k	United States Treasury Inflation Indexed Bond	3.375%, 01/15/07			$	187,865,296	$	189,333	4.73	%
k	United States Treasury Inflation Indexed Bond	3.625%, 01/15/08				222,848,610		228,908	5.72
k	United States Treasury Inflation Indexed Bond	3.875%, 01/15/09				199,241,754		209,515	5.24
k	United States Treasury Inflation Indexed Bond	4.250%, 01/15/10				148,272,868		160,760	4.02
k	United States Treasury Inflation Indexed Bond	3.500%, 01/15/11				149,609,065		159,956	4.00
k	United States Treasury Inflation Indexed Bond	3.375%, 01/15/12				82,472,757		88,697	2.22
k	United States Treasury Inflation Indexed Bond	3.000%, 07/15/12				284,628,174		301,105	7.53
k	United States Treasury Inflation Indexed Bond	1.875%, 07/15/13				264,220,619		260,733	6.52
k	United States Treasury Inflation Indexed Bond	2.000%, 01/15/14				270,626,038		269,295	6.73
k	United States Treasury Inflation Indexed Bond	2.000%, 07/15/14				247,165,311		246,006	6.15
e,k	United States Treasury Inflation Indexed Bond	1.625%, 01/15/15				245,873,734		237,057	5.92
e,k	United States Treasury Inflation Indexed Bond	1.875%, 07/15/15				213,411,444		210,010	5.25
e,k	United States Treasury Inflation Indexed Bond	2.375%, 01/15/25				324,659,402		341,902	8.55
e,k	United States Treasury Inflation Indexed Bond	3.625%, 04/15/28				216,760,983		280,198	7.00
k	United States Treasury Inflation Indexed Bond	3.875%, 04/15/29				252,301,780		341,079	8.52
k	United States Treasury Inflation Indexed Bond	3.375%, 04/15/32				69,895,034		91,120	2.28
k	United States Treasury Inflation Indexed Note	0.875%, 04/15/10				356,301,151		338,817	8.47
								3,954,491	98.85
	TOTAL GOVERNMENT BONDS (Cost $3,858,474)							3,954,491	98.85
	SHORT-TERM INVESTMENTS
	COMMERCIAL PAPER
	Variable Funding Capital Corp	4.170%, 01/03/06				7,300,000		7,297	0.18
								7,297	0.18
	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
	REPURCHASED AGREEMENTS
	Bear Stearns & Co, Inc, 4.250% Dated 12/30/05,					8,345,000		8,347	0.21
	Due 01/03/2006 In The Amount Of $8,346,970
	Fully Collateralized as follows:
	Federal Home Loan Bank
	(FHLB)      0.000%–4.500%, 02/17/2006–06/12/2013		$	546,847
	Federal Home Loan Mortgage Corp
	(FHLMC)   5.250%–5.400%, 11/10/2010–12/28/2010			2,806,691
	Federal National Mortgage Association
	(FNMA)     4.000%–7.000%, 01/26/2009–11/28/2017			5,175,994
	Total Market Value			8,529,532
	Goldman Sachs & Co. 4.270% Dated 12/30/2005,					25,000,000		25,006	0.63
	Due 01/03/2006 In The Amount Of $25,005,931
	Fully Collateralized as follows:
	Federal Home Loan Mortgage Corp
	(FHLMC)                                     4.110%, 02/16/2010			25,503,192
	Total Market Value			25,503,192

SEE NOTES TO THE FINANCIAL STATEMENTS College Retirement Equities Fund   2005 Annual Report   |   75

CREF Inflation-Linked Bond Account    |   Summary portfolio of investments
   December 31, 2005 concluded

						VALUE			% OF NET
ISSUER				PRINCIPAL		(000)			ASSETS
Merrill Lynch & Co. Inc, 4.240% Dated 12/30/2005,				$	10,000,000	$	10,002		0.25	%
Due 01/03/2006 In The Amount Of $10,002,356
Fully Collateralized as follows:
Federal Farm Credit Bank	6.000%, 05/14/2013		2,447,175
Federal Home Loan Bank	.5.895%, 09/02/2025		2,342,309
Federal National Mortgage Association	6.250%, 05/15/2029		2,931,458
Tennessee Valley Authority	7.125%, 05/01/2030		2,479,432
Total Market Value			10,200,374
							43,355		1.09
TOTAL SHORT-TERM INVESTMENTS		(Cost $50,654)					50,652		1.27
TOTAL PORTFOLIO		(Cost $3,909,128)					4,005,143		100.12
OTHER ASSETS & LIABILITIES, NET							(4,815	)	(0.12	)
NET ASSETS						$	4,000,328		100.00	%

e	All or a portion of these securities are out on loan. The cash collateral is used in accordance with the investment guidelines contained in the securities lending agreement.
k	Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
	Cost amounts are in thousands.

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

76   |    2005 Annual Report   College Retirement Equities Fund SEE NOTES TO THE FINANCIAL STATEMENTS

[This page intentionally left blank.]

College Retirement Equities Fund   2005 Annual Report   |   77

Statements of assets and liabilities |   College Retirement Equities Fund
 December 31, 2005

(amounts in thousands, except amounts per accumulation unit)	Stock Account		Growth Account		Global Equities Account		Money Market Account		Equity Index Account		Bond Market Account
ASSETS
Portfolio investments, at cost
Unaffiliated issuers	$	101,034,665	$	11,038,889	$	11,472,614	$	7,395,613	$	8,254,441	$	7,396,476
Affiliated issuers		119,114		—		—		—		—		3,557
Total portfolio investments, at cost		101,153,779		11,038,889		11,472,614		7,395,613		8,254,441		7,400,033
Portfolio investments, at value:
Unaffiliated issuers		119,432,496		12,616,153		12,345,936		7,394,986		10,200,351		7,365,519
Affiliated issuers		112,722		—		—		—		—		3,782
Total portfolio investments, at value
(including securities loaned of $3,658,259,$483,969, $318,821, $— , $313,839 & $1,158,231, respectively)	$	119,545,218	$	12,616,153	$	12,345,936	$	7,394,986	$	10,200,351	$	7,369,301
Cash		30,053		—		—		—		275		456
Cash – foreign (cost of $48,035, $— and $55,828,$—, $— and $—, respectively)		48,057		—		55,806		—		—		—
Dividends and interest receivable		152,427		10,249		12,733		4,728		13,180		46,418
Receivable from securities transactions		142,560		6,852		28,454		28		3,598		361,453
Amounts due from TIAA		20,472		7,913		7,686		6,664		4,584		2,572
Other		57		35		49		13		12		—
Total assets		119,938,844		12,641,202		12,450,664		7,406,419		10,222,000		7,780,200
LIABILITIES
Deposits for securities loaned–Note 3		3,880,141		499,135		336,737		—		324,580		1,185,103
Amount due to banks		6,369		9,784		704		16		2		—
Amount due to investment advisor		2,706		304		312		147		205		132
Payable for securities transactions		184,670		4,070		11,197		211		19,727		797,548
Payable for variation margin on open futures contracts		1,269		—		499		—		—		—
Total liabilities		4,075,155		513,293		349,449		374		344,514		1,982,783
NET ASSETS:
Accumulation Fund	$	99,967,674	$	11,917,736	$	11,802,797	$	7,176,389	$	9,657,753	$	5,626,557
Annuity Fund		15,896,015		210,173		298,418		229,656		219,733		170,860
Total net assets	$	115,863,689	$	12,127,909	$	12,101,215	$	7,406,045	$	9,877,486	$	5,797,417
Accumulation units outstanding – Notes 4 and 5		484,028		194,004		139,042		316,665		116,883		73,664
Net asset value per accumulation unit – Note 4	$	206.53	$	61.43	$	84.89	$	22.66	$	82.63	$	76.38

78   |  2005 Annual Report   College Retirement Equities Fund  SEE NOTES TO FINANCIAL STATEMENTS  College Retirement Equities Fund  2005 Annual Report  |   79

Statements of assets and liabilities |   College Retirement Equities Fund
 December 31, 2005 concluded

(amounts in thousands, except amounts per accumulation unit)	Social Choice Account		Inflation- Linked Bond Account
ASSETS
Portfolio investments, at cost
Unaffiliated issuers	$	7,199,284	$	3,909,128
Affiliated issuers		—		—
Total portfolio investments, at cost		7,199,284		3,909,128
Portfolio investments, at value:
Unaffiliated issuers		8,489,333		4,005,143
Affiliated issuers		—		—
Total portfolio investments, at value
(including securities loaned of $447,579 & $42,535, respectively)	$	8,489,333	$	4,005,143
Cash		145		47
Dividends and interest receivable		30,619		40,045
Receivable from securities transactions		216,812		2,204
Amounts due from TIAA		3,928		1,731
Other		7		—
Total assets		8,740,844		4,049,170
LIABILITIES
Deposits for securities loaned–Note 3		459,792		43,355
Amount due to banks		298		—
Amount due to investment advisor		166		89
Payable for securities transactions		486,171		5,398
Total liabilities		946,427		48,842
NET ASSETS:
Accumulation Fund	$	7,538,737	$	3,843,780
Annuity Fund		255,680		156,548
Total net assets	$	7,794,417	$	4,000,328
Accumulation units outstanding – Notes 4 and 5		66,154		82,764
Net asset value per accumulation unit – Note 4	$	113.96	$	46.44

80   |  2005 Annual Report   College Retirement Equities Fund SEE NOTES TO FINANCIAL STATEMENTS

Statements of operations |   College Retirement Equities Fund
 For the year ended December 31, 2005

(amounts in thousands)	Stock Account			Growth Account
INVESTMENT INCOME
Interest	$	62,065		$	4,248
Dividends:
Unaffliliated issuers		2,138,741			98,019
Affiliated issuers		1,374			—
Foreign taxes withheld		(47,403	)		—
Total income		2,154,777			102,267
EXPENSES – NOTE 2:
Administrative		281,697			29,574
Distribution		84,221			8,760
Investment Advisory		137,029			18,306
Mortality and expense risk charges		5,531			572
Total expenses		508,478			57,212
Net investment income (loss)		1,646,299			45,055
REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS – NOTE 3
Net realized gain (loss) on:
Portfolio investments		11,193,117			136,012
Futures transactions		8,346			—
Foreign currency transactions		(14,719	)		—
Net realized gain (loss) on total investments		11,186,744			136,012
Net change in unrealized appreciation (depreciation) on:
Portfolio investments		(4,716,414	)		429,260
Futures transactions		(7,635	)		—
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies		(3,842	)		—
Net change in unrealized appreciation (depreciation) on total investments		(4,727,891	)		429,260
Net realized and unrealized gain (loss) on total investments		6,458,853			565,272
Net increase (decrease) in net assets resulting from operations	$	8,105,152		$	610,327

SEE NOTES TO FINANCIAL STATEMENTS College Retirement Equities Fund  2005 Annual Report  |   81

Statements of operations  |  College Retirement Equities Fund
For the year ended December 31, 2005 concluded 

(amounts in thousands)	Global Equities Account			Money Market Account			Equity Index Account			Bond Market Account			Social Choice Account		Inflation- Linked Bond Account
INVESTMENT INCOME
Interest	$	9,319		$	232,098		$	2,856		$	255,638		$	124,550	$	225,075
Dividends:
Unaffliliated issuers		224,776			—			165,246			—			73,813		—
Affiliated issuers		—			—			—			262			—		—
Foreign taxes withheld		(9,167	)		—			—			—			—		—
Total income		224,928			232,098			168,102			255,900			198,363		225,075
EXPENSES – NOTE 2:
Administrative		26,796			18,324			23,250			14,488			18,335		9,311
Distribution		8,131			5,442			7,019			4,301			5,524		2,851
Investment Advisory		18,914			4,807			7,159			6,373			6,609		4,050
Mortality and expense risk charges		542			355			465			281			366		191
Total expenses		54,383			28,928			37,893			25,443			30,834		16,403
Net investment income (loss)		170,545			203,170			130,209			230,457			167,529		208,672
REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS – NOTE 3
Net realized gain (loss) on:
Portfolio investments		1,366,309			(21	)		51,659			(31,162	)		110,087		6,130
Futures transactions		(6,312	)		—			(173	)		—			—		—
Foreign currency transactions		(5,214	)		—			—			—			—		—
Net realized gain (loss) on total investments		1,354,783			(21	)		51,486			(31,162	)		110,087		6,130
Net change in unrealized appreciation (depreciation) on:
Portfolio investments		(484,358	)		970			347,179			(75,212	)		87,343		(122,210	)
Futures transactions		(2,714	)		—			(72	)		—			—		—
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies		(1,370	)		—			—			—			—		—
Net change in unrealized appreciation (depreciation) on total investments		(488,442	)		970			347,107			(75,212	)		87,343		(122,210	)
Net realized and unrealized gain (loss) on total investments		866,341			949			398,593			(106,374	)		197,430		(116,080	)
Net increase (decrease) in net assets resulting from operations	$	1,036,886		$	204,119		$	528,802		$	124,083		$	364,959	$	92,592

82   |  2005 Annual Report   College Retirement Equities Fund SEE NOTES TO FINANCIAL STATEMENTS College Retirement Equities Fund  2005 Annual Report  |   83

Statements of changes in net assets   |   College Retirement Equities Fund  

	Stock Account						Growth Account						Global Equities Account
(amounts in thousands)	Year EndedDecember 31, 2005			Year EndedDecember 31, 2004			Year EndedDecember 31, 2005			Year EndedDecember 31, 2004			Year EndedDecember 31, 2005			Year EndedDecember 31, 2004
FROM OPERATIONS
Net investment income	$	1,646,299		$	1,655,859		$	45,055		$	85,323		$	170,545		$	144,890
Net realized gain (loss) on total investments		11,186,744			11,356,900			136,012			72,759			1,354,783			839,907
Net change in unrealized appreciation (depreciation) on total investments		(4,727,891	)		(221,394	)		429,260			524,842			(488,442	)		199,440
Net increase (decrease) in net assets resulting from operations		8,105,152			12,791,365			610,327			682,924			1,036,886			1,184,237
FROM PARTICIPANT TRANSACTIONS
Premiums		3,675,634			3,443,219			1,090,716			1,192,732			855,929			800,365
Net transfers from (to) TIAA		(641,163	)		(508,186	)		7,075			32,287			12,842			34,160
Net transfers from (to) other CREF Accounts and affiliated mutual funds		(1,384,727	)		(755,356	)		(842,299	)		(968,499	)		245,827			340,736
Annuity payments		(1,813,506	)		(1,598,328	)		(31,389	)		(30,417	)		(41,784	)		(32,705	)
Withdrawals and death benefits		(2,859,527	)		(2,215,229	)		(360,265	)		(297,015	)		(319,761	)		(219,928	)
Net increase (decrease) in net assets resulting from participant transactions		(3,023,289	)		(1,633,880	)		(136,162	)		(70,912	)		753,053			922,628
Net increase (decrease) in net assets		5,081,863			11,157,485			474,165			612,012			1,789,939			2,106,865
NET ASSETS
Beginning of year		110,781,826			99,624,341			11,653,744			11,041,732			10,311,276			8,204,411
End of year	$	115,863,689		$	110,781,826		$	12,127,909		$	11,653,744		$	12,101,215		$	10,311,276

84   |  2005 Annual Report   College Retirement Equities Fund SEE NOTES TO FINANCIAL STATEMENTS College Retirement Equities Fund  2005 Annual Report  |   85

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

	Money Market Account						Equity Index Account						Bond Market Account
(amounts in thousands)	Year EndedDecember 31, 2005			Year EndedDecember 31, 2004			Year EndedDecember 31, 2005			Year EndedDecember 31, 2004			Year EndedDecember 31, 2005			Year EndedDecember 31, 2004
FROM OPERATIONS
Net investment income	$	203,170		$	71,492		$	130,209		$	128,392		$	230,457		$	216,571
Net realized gain (loss) on total investments		(21	)		(396	)		51,486			24,693			(31,162	)		25,716
Net change in unrealized appreciation
(depreciation) on total investments		970			(1,484	)		347,107			762,244			(75,212	)		(27,144	)
Net increase (decrease) in net assets resulting from operations		204,119			69,612			528,802			915,329			124,083			215,143
FROM PARTICIPANT TRANSACTIONS
Premiums		828,783			745,562			826,227			794,664			466,865			449,155
Net transfers from (to) TIAA		75,087			(1,210	)		(30,842	)		26,172			13,303			(110,158	)
Net transfers from (to) other CREF Accounts and affiliated mutual funds		208,833			(322,099	)		(135,135	)		94,906			24,020			(320,543	)
Annuity payments		(58,520	)		(52,315	)		(38,242	)		(31,528	)		(33,114	)		(33,015	)
Withdrawals and death benefits		(633,567	)		(566,000	)		(292,313	)		(212,601	)		(213,678	)		(193,449	)
Net increase (decrease) in net assets resulting from participant transactions		420,616			(196,062	)		329,695			671,613			257,396			(208,010	)
Net increase (decrease) in net assets		624,735			(126,450	)		858,497			1,586,942			381,479			7,133
NET ASSETS
Beginning of year		6,781,310			6,907,760			9,018,989			7,432,047			5,415,938			5,408,805
End of year	$	7,406,045		$	6,781,310		$	9,877,486		$	9,018,989		$	5,797,417		$	5,415,938

86   |  2005 Annual Report   College Retirement Equities Fund SEE NOTES TO FINANCIAL STATEMENTS College Retirement Equities Fund  2005 Annual Report  |   87

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

	Social Choice Account						Inflation-Linked Bond Account
(amounts in thousands)	Year EndedDecember 31, 2005			Year EndedDecember 31, 2004			Year EndedDecember 31, 2005			Year EndedDecember 31, 2004
FROM OPERATIONS
Net investment income	$	167,529		$	156,000		$	208,672		$	128,394
Net realized gain (loss) on total investments		110,087			59,537			6,130			40,537
Net change in unrealized appreciation (depreciation) on total investments		87,343			349,256			(122,210	)		53,354
Net increase (decrease) in net assets resulting from operations		364,959			564,793			92,592			222,285
FROM PARTICIPANT TRANSACTIONS
Premiums		615,911			587,414			349,973			295,190
Net transfers from (to) TIAA		(17,999	)		(35,596	)		11,899			8,802
Net transfers from (to) other CREF Accounts and affiliated mutual funds		53,048			159,243			293,847			495,327
Annuity payments		(43,031	)		(27,288	)		(25,603	)		(20,007	)
Withdrawals and death benefits		(180,085	)		(140,274	)		(147,023	)		(99,136	)
Net increase (decrease) in net assets resulting from participant transactions		427,844			543,499			483,093			680,176
Net increase (decrease) in net assets		792,803			1,108,292			575,685			902,461
NET ASSETS
Beginning of year		7,001,614			5,893,322			3,424,643			2,522,182
End of year	$	7,794,417		$	7,001,614		$	4,000,328		$	3,424,643

88   |  2005 Annual Report   College Retirement Equities Fund SEE NOTES TO FINANCIAL STATEMENTS College Retirement Equities Fund  2005 Annual Report  |   89

Notes to financial statements   |   College Retirement Equities Fund

Note 1— significant accounting policies

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

Valuation of investments: Equity securities listed or traded on a national securities exchange are valued based on their sale price on such market or exchange at the close of business on the date of valuation, or at the mean of closing bid and asked prices if no sale is reported. Debt securities, other than money market instruments, are valued at the most recent bid price or the equivalent quoted yield for such securities (or those of comparable maturity, quality and type). Money market instruments (other than those in the Money Market Account), with maturities of one year or less, are valued in the same manner as debt securities or derived from a pricing matrix that has various types of money market instruments along one axis and various maturities along the other. Money market instruments in the Money Market Account with a remaining maturity of 60 days or less are valued on an amortized cost basis, or at market value if market value is materially different from amortized cost. Investments in registered investment companies are valued at their net asset value 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 Finance Committee of the Board of Trustees (“the Board”) and in accordance with the responsibilities of the Board as a whole. Portfolio securities may also be valued at fair value as determined in good faith under the direction of the Board 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

90   |  2005 Annual Report   College Retirement Equities Fund

Notes to financial statements continued

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 are calculated, such securities may be valued at fair value in accordance with procedures adopted by the Board. The Accounts have has retained an independent fair value pricing service to assist in the fair valuation process for the Accounts that primarily invest in international securities.

Accumulation and Annuity Fund: The Accumulation Fund represents the net assets attributable to participants in the accumulation phase of their investment. The Annuity Fund represents the net assets attributable to the participants currently receiving annuity payments. The net increase or decrease in net assets from investment operations is apportioned between the funds based upon their relative daily net asset values. Annuities bear the mortality risk under their contracts.

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

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

Accounting for Real Estate Investment Trusts: The Accounts may own shares of Real Estate Investment Trusts (“REITS”). REITS report information on the source of their distributions once per year, in January. Such distributions may include one or more of the following components: ordinary income, long-term capital gains or a return of capital. The Accounts have estimated what the components of these REITS distributions are, and have reflected these amounts accordingly in the financial statements.

Dollar roll transactions: The Accounts may enter into dollar rolls in which the Accounts sell mortgage-backed securities for delivery in the current month and simultaneously 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

College Retirement Equities Fund  2005 Annual Report  |   91

Notes to financial statements continued

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 roll 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.

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

Foreign currency transactions and translation: Portfolio investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the end of the period. Purchases and sales of securities, income receipts and expense payments made in foreign currencies are translated into U.S. dollars at the exchange rates prevailing on the respective dates of the transactions. The effect of changes in foreign currency exchange rates on portfolio investments are included in the net realized and unrealized gains and losses on investments. Net realized gains and losses on foreign currency transactions include maturities of forward foreign currency contracts, disposition of foreign currencies, and currency gains and losses between the accrual and receipt dates of portfolio investment income and between the trade and settlement dates of portfolio investment transactions.

Forward foreign currency contracts: The Accounts may use forward foreign currency contracts to facilitate transactions in securities denominated in foreign currencies. Such contracts are entered into directly with a counterparty and are “marked-to-market” at the end of each day’s trading. The Accounts are also exposed to credit risk associated with counterparty nonperformance on these forward foreign currency contracts which is typically limited to the unrealized gain on each open contract.

92   |  2005 Annual Report   College Retirement Equities Fund

Notes to financial statements continued

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 December 31, 2005.

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. Such income is included in the interest income on the Statements of operations. The loans are secured by collateral at least equal to 102% of the market value of the securities loaned for United States securities and 105% of the market value of securities loaned for foreign securities. The Accounts continue to receive income on the securities loaned and receive additional income from the lending transaction. The Accounts have the right under the lending agreement to recover the securities from the borrower on demand. CREF invests the cash collateral on behalf of the Accounts in accordance with the investment guidelines contained in the securities lending agreement. Additionally, any change in the market value of the securities loaned is recognized by the Accounts. Although each transaction is collateralized, the Accounts would bear the risk of delay in recovery of, or loss of rights in, the securities loaned should a borrower fail to return the securities in a timely manner.

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

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

College Retirement Equities Fund  2005 Annual Report  |   93

Notes to financial statements continued

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. 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 invest in Treasury Inflation-Protected Securities (“TIPS”), 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.

Federal income taxes: CREF is taxed as a life insurance company under Subchapter L of the Internal Revenue Code. CREF should incur no material federal income tax liability. Under the rules of taxation applicable to life insurance companies, CREF’s Accumulation and Annuity Funds for participants will generally be treated as life insurance reserves; therefore, any increase in such reserves will be deductible.

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

94   |  2005 Annual Report   College Retirement Equities Fund

Notes to financial statements continued

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 minimal.

Note 2—management agreements

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

Administrative services for the CREF Accounts and distribution functions for the Account’s certificates are provided by TIAA-CREF Individual & Institutional Services, LLC (“Services”) in accordance with a Principal Underwriting and Administrative Services Agreement with CREF. Services, a wholly-owned subsidiary of TIAA, is a registered broker-dealer and member of the National Association of Securities Dealers, Inc.

The services provided by Investment Management and Services are provided at cost. Investment Management and Services receive fee payments from the CREF Accounts on a daily basis according to formulas established each year with the objective of keeping the fees as close as possible to each Account’s actual expenses. Any differences between actual expenses and the management fees are adjusted quarterly.

TIAA deducts a mortality and expense charge from CREF in an amount equal to .005% on an annual basis of the net assets of each account pursuant to an Immediate Annuity Purchase Rate Guarantee Agreement. Under the terms of this agreement, TIAA guarantees that CREF participants transferring funds to TIAA for the immediate purchase of lifetime payout annuities will not be charged more than the rate stipulated in the CREF contract. There were no payments made by TIAA under this agreement for the year ended December 31, 2005.

College Retirement Equities Fund  2005 Annual Report  |   95

Notes to financial statements continued

Note 3—investments

At December 31, 2005, the market value of securities loaned and collateral received in connection therewith was comprised as follows:

	Stock Account		Growth Account		Global Equities Account
Market value of securities loaned	$	3,658,259,189	$	483,968,661	$	318,820,620
Cash collateral	$	3,880,140,649	$	499,135,368	$	336,737,425

	Equity Index Account		Bond Market Account		Social Choice Account		Inflation- Linked Bond Account
Market value of securities loaned	$	313,839,455	$	1,158,231,492	$	447,579,501	$	42,534,584
Cash collateral	$	324,580,089	$	1,185,103,260	$	459,792,201	$	43,355,256

At December 31, 2005, net unrealized appreciation (depreciation) of portfolio investments for each of the Accounts, consisting of gross unrealized appreciation and gross unrealized depreciation, were as follows:

	Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Stock Account	$	20,863,186,896	$	2,471,747,852	$	18,391,439,044
Growth Account		1,753,278,930		176,014,839		1,577,264,091
Global Equities Account		1,033,668,042		160,346,192		873,321,850
Money Market Account		178,702		805,557		(626,855	)
Equity Index Account		2,632,353,920		686,443,789		1,945,910,131
Bond Market Account		37,405,690		68,138,126		(30,732,436	)
Social Choice Account		1,539,887,043		249,838,010		1,290,049,033
Inflation-Linked Bond Account		148,789,751		52,775,100		96,014,651

At December 31, 2005, the Stock and Global Equities Accounts held open futures contracts as follows:

	Number of Contracts	Market Value		Expiration Date	Unrealized Depreciation
Stock Account
E-mini S&P 500 Index	2,135	$	133,949,900	March 2006	$	2,389,812
E-mini Russell 2000 Index	353		23,943,990	March 2006		577,808
					$	2,967,620
Global Equities Account
E-mini S&P 500 Index	960	$	60,230,400	March 2006	$	1,220,494

96   |  2005 Annual Report   College Retirement Equities Fund

Notes to financial statements continued

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

Issue	Value at 12/31/2004		Purchase Cost		Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at 12/31/2005		Value at 12/31/2005
Stock Account
Brocade Communications Systems, Inc		**	$	28,897,383	$	15,565,032	$	(7,886,340	)	$	—		17,789,450	$	72,403,062
Information Development Co		**		—		295,459		78,604			—		283,100		2,602,419
Lear Corp		**		8,866,716		74,155,935		(27,151,660	)		920,346		—		*
Max Re Capital Ltd	$	49,354,527		—		7,533,039		2,856,884			69,416		—		*
Northwest Airlines Corp		**		1,771,658		6,702,784		(22,024,744	)		—		—		*
Playmates Holdings Ltd		**		2,872,305		812,514		(327,917	)		383,872		113,249,000		15,044,266
Rhodia S.A.		**		11,538,260		28,958,964		5,659,586			—		—		*
Rhodia S.A. (Spon ADR)		**		1,744,198		245,257		(26,712	)				—		*
Sumitomo Precision Products Co Ltd		**		1,339,852		2,690,528		704,748			—		2,593,000		16,696,433
TBS International Ltd		**		—		758,142		(41,858	)		—		900,000		5,976,000
			$	57,030,372	$	137,717,654	$	(48,159,409	)	$	1,373,634			$	112,722,180
Bond Market Account
TIAA-CREF High-Yield Bond Fund	$	3,681,484	$	262,703	$	—	$	—		$	262,703		416,949	$	3,781,732
			$	262,703	$	—	$	—		$	262,703			$	3,781,732

*	Not an Affiliate as of December 31, 2005
**	Not an Affiliate as of December 31, 2004

College Retirement Equities Fund  2005 Annual Report  |   97

Notes to financial statements	continued
Purchases and sales of portfolio securities, other than short-term money market instruments, for the Accounts for the year ended December 31, 2005, were as follows:

	Stock		Growth		Global Equities		Equity Index		Bond Market		Social Choice		Inflation-Linked
	Account		Account		Account		Account		Account		Account		Bond Account
Purchases:
Unaffiliated companies	$	64,460,232,195	$	9,955,955,769	$	15,720,201,957	$	1,192,753,085	$	14,827,576,395	$	7,416,185,458	$	1,453,942,922
Affiliated companies		57,030,372		—		—		—		262,703		—		—
Total Purchases	$	64,517,262,567	$	9,955,955,769	$	15,720,201,957	$	1,192,753,085	$	14,827,839,098	$	7,416,185,458	$	1,453,942,922
Sales:
Unaffiliated companies	$	64,379,283,534	$	9,968,265,715	$	14,683,097,406	$	682,453,657	$	14,500,643,482	$	6,844,562,583	$	899,714,332
Affiliated companies		137,717,654		—		—		—		—		—		—
Total Sales	$	64,517,001,188	$	9,968,265,715	$	14,683,097,406	$	682,453,657	$	14,500,643,482	$	6,844,562,583	$	899,714,332

98   |  2005 Annual Report   College Retirement Equities Fund College Retirement Equities Fund  2005 Annual Report  |   99

Notes to financial statements continued

Note 4—financial information

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

	Stock Account
	For the Years Ended December 31,
	2005			2004			2003			2002			2001
Per Accumulation Unit Data:*
Investment income	$	3.819		$	3.564		$	2.796		$	2.476		$	2.432
Expenses		0.901			0.717			0.746			0.638			0.693
Investment income-net		2.918			2.847			2.050			1.838			1.739
Net realized and unrealized gain (loss) on total investments		11.478			19.297			39.127			(35.535	)		(27.951	)
Net increase (decrease) in Accumulation Unit Value		14.396			22.144			41.177			(33.697	)		(26.212	)
Accumulation Unit Value:
Beginning of year		192.137			169.993			128.816			162.513			188.725
End of year	$	206.533		$	192.137		$	169.993		$	128.816		$	162.513
Total Return		7.49	%		13.03	%		31.97	%		(20.73	%)		(13.89	%)
Ratios to Average Net Assets:**
Expenses		0.46	%		0.41	%		0.52	%		0.44	%		0.41	%
Investment income-net		1.49	%		1.63	%		1.43	%		1.28	%		1.03	%
Portfolio turnover rate		58.24	%		57.85	%		47.46	%		31.19	%		29.41	%
Thousands of Accumulation Units outstanding at end of year		484,028			494,584			499,306			493,295			508,889
Net Assets at end of year (in thousands)	$	115,863,689		$	110,781,826		$	99,624,341		$	75,551,091		$	99,162,021

*	Based on per accumulation unit data.
**	Based on average net assets.

100 | 2005 Annual Report   College Retirement Equities Fund

Notes to financial statements continued

	Growth Account
	For the Years Ended December 31,
	2005			2004			2003			2002			2001
Per Accumulation Unit Data:*
Investment income	$	0.520		$	0.672		$	0.606		$	0.488		$	0.387
Expenses		0.291			0.249			0.265			0.231			0.278
Investment income-net		0.229			0.423			0.341			0.257			0.109
Net realized and unrealized gain (loss) on total investments		2.935			3.005			11.572			(18.704	)		(18.345	)
Net increase (decrease) in Accumulation Unit Value		3.164			3.428			11.913			(18.447	)		(18.236	)
Accumulation Unit Value:
Beginning of year		58.266			54.838			42.925			61.372			79.608
End of year	$	61.430		$	58.266		$	54.838		$	42.925		$	61.372
Total Return		5.43	%		6.25	%		27.75	%		(30.06	)%		(22.91	)%
Ratios to Average Net Assets:**
Expenses		0.50	%		0.45	%		0.54	%		0.46	%		0.43	%
Investment income-net		0.39	%		0.77	%		0.70	%		0.51	%		0.17	%
Portfolio turnover rate		87.32	%		64.72	%		76.41	%		53.99	%		44.40	%
Thousands of Accumulation Units outstanding at end of year		194,004			196,256			197,453			176,249			171,149
Net Assets at end of year (in thousands)	$	12,127,909		$	11,653,744		$	11,041,732		$	7,743,228		$	10,774,984

*	Based on per accumulation unit data.
**	Based on average net assets.

College Retirement Equities Fund  2005 Annual Report  |   101

Notes to financial statements continued

	Global Equities Account
	For the Years Ended December 31,
	2005			2004			2003			2002			2001
Per Accumulation Unit Data:*
Investment income	$	1.641		$	1.462		$	1.249		$	0.956		$	0.985
Expenses		0.397			0.323			0.325			0.281			0.320
Investment income-net		1.244			1.139			0.924			0.675			0.665
Net realized and unrealized gain (loss) on total investments		6.205			8.064			16.227			(14.853	)		(16.493	)
Net increase (decrease) in Accumulation Unit Value		7.449			9.203			17.151			(14.178	)		(15.828	)
Accumulation Unit Value:
Beginning of year		77.438			68.235			51.084			65.262			81.090
End of year	$	84.887		$	77.438		$	68.235		$	51.084		$	65.262
Total Return		9.62	%		13.49	%		33.57	%		(21.72	%)		(19.52	%)
Ratios to Average Net Assets:**
Expenses		0.50	%		0.46	%		0.57	%		0.49	%		0.46	%
Investment income-net		1.57	%		1.62	%		1.60	%		1.18	%		0.95	%
Portfolio turnover rate		136.83	%		74.13	%		139.61	%		95.70	%		111.91	%
Thousands of Accumulation Units outstanding at end of year		139,042			129,787			117,021			104,438			99,558
Net Assets at end of year (in thousands)	$	12,101,215		$	10,311,276		$	8,204,411		$	5,497,690		$	6,714,025

*	Based on per accumulation unit data.
**	Based on average net assets.

102  | 2005 Annual Report   College Retirement Equities Fund

Notes to financial statements continued

	Money Market Account
	For the Years Ended December 31,
	2005			2004			2003			2002			2001
Per Accumulation Unit Data:*
Investment income	$	0.726		$	0.307		$	0.264		$	0.407		$	0.888
Expenses		0.090			0.078			0.097			0.082			0.069
Investment income-net		0.636			0.229			0.167			0.325			0.819
Net realized and unrealized gain (loss) on total investments		0.003			(0.006	)		(0.004	)		(0.005	)		0.009
Net increase (decrease) in
Accumulation Unit Value		0.639			0.223			0.163			0.320			0.828
Accumulation Unit Value:
Beginning of year		22.024			21.801			21.638			21.318			20.490
End of year	$	22.663		$	22.024		$	21.801		$	21.638		$	21.318
Total Return		2.90	%		1.02	%		0.75	%		1.50	%		4.04	%
Ratios to Average Net Assets:**
Expenses		0.41	%		0.36	%		0.45	%		0.38	%		0.33	%
Investment income-net		2.86	%		1.05	%		0.77	%		1.51	%		3.88	%
Thousands of Accumulation Units outstanding at end of year		316,665			297,573			305,732			334,898			338,791
Net Assets at end of year (in thousands)	$	7,406,045		$	6,781,310		$	6,907,760		$	7,500,125		$	7,479,956

*	Based on per accumulation unit data.
**	Based on average net assets.

College Retirement Equities Fund  2005 Annual Report  |    103

Notes to financial statements continued

	Equity Index Account
	For the Years Ended December 31,
	2005			2004			2003			2002			2001
Per Accumulation Unit Data:*
Investment income	$	1.441		$	1.400		$	1.073		$	1.003		$	0.973
Expenses		0.325			0.256			0.278			0.248			0.258
Investment income-net		1.116			1.144			0.795			0.755			0.715
Net realized and unrealized gain (loss) on total investments		3.320			6.954			15.521			(15.713	)		(9.849	)
Net increase (decrease) in Accumulation Unit Value		4.436			8.098			16.316			(14.958	)		(9.134	)
Accumulation Unit Value:
Beginning of year		78.191			70.093			53.777			68.735			77.869
End of year	$	82.627		$	78.191		$	70.093		$	53.777		$	68.735
Total Return		5.67	%		11.55	%		30.34	%		(21.76	%)		(11.73	%)
Ratios to Average Net Assets:**
Expenses		0.41	%		0.36	%		0.46	%		0.41	%		0.37	%
Investment income-net		1.40	%		1.60	%		1.33	%		1.26	%		1.02	%
Portfolio turnover rate		7.36	%		3.27	%		3.40	%		7.02	%		6.14	%
Thousands of Accumulation Units outstanding at end of year		116,883			112,708			103,603			86,020			75,254
Net Assets at end of year (in thousands)	$	9,877,486		$	9,018,989		$	7,432,047		$	4,751,780		$	5,322,320

*	Based on per accumulation unit data.
**	Based on average net assets.

104   |  2005 Annual Report  College Retirement Equities Fund

Notes to financial statements continued

	Bond Market Account
	For the Years Ended December 31,
	2005			2004			2003			2002			2001
Per Accumulation Unit Data:*
Investment income	$	3.437		$	3.265		$	2.946		$	3.317		$	3.258
Expenses		0.342			0.292			0.347			0.261			0.242
Investment income-net		3.095			2.973			2.599			3.056			3.016
Net realized and unrealized gain (loss) on total investments		(1.414	)		0.015			0.377			3.236			1.571
Net increase (decrease) in Accumulation Unit Value		1.681			2.988			2.976			6.292			4.587
Accumulation Unit Value:
Beginning of year		74.701			71.713			68.737			62.445			57.858
End of year	$	76.382		$	74.701		$	71.713		$	68.737		$	62.445
Total Return		2.25	%		4.17	%		4.33	%		10.08	%		7.93	%
Ratios to Average Net Assets:**
Expenses		0.45	%		0.40	%		0.49	%		0.41	%		0.43	%
Investment income-net		4.09	%		4.07	%		3.69	%		4.75	%		5.36	%
Portfolio turnover rate		275.27	%		100.40	%		163.84	%		249.41	%		257.02	%
Thousands of Accumulation Units outstanding at end of year		73,664			70,239			73,111			81,952			71,368
Net Assets at end of year (in thousands)	$	5,797,417		$	5,415,938		$	5,408,805		$	5,786,214		$	4,577,720

*	Based on per accumulation unit data.
**	Based on average net assets.

College Retirement Equities Fund   2005 Annual Report  |   105

Notes to financial statements continued

	Social Choice Account
	For the Years Ended December 31,
	2005			2004			2003			2002			2001
Per Accumulation Unit Data:*
Investment income	$	2.987		$	2.883		$	2.418		$	2.687		$	2.766
Expenses		0.465			0.377			0.422			0.337			0.352
Investment income-net		2.522			2.506			1.996			2.350			2.414
Net realized and unrealized gain (loss) on total investments		2.877			6.473			14.293			(10.756	)		(7.003	)
Net increase (decrease) in Accumulation Unit Value		5.399			8.979			16.289			(8.406	)		(4.589	)
Accumulation Unit Value:
Beginning of year		108.559			99.580			83.291			91.697			96.286
End of year	$	113.958		$	108.559		$	99.580		$	83.291		$	91.697
Total Return		4.97	%		9.02	%		19.56	%		(9.17	%)		(4.77	%)
Ratios to Average Net Assets:**
Expenses		0.42	%		0.37	%		0.47	%		0.39	%		0.40	%
Investment income-net		2.29	%		2.46	%		2.22	%		2.75	%		2.77	%
Portfolio turnover rate		96.97	%		36.51	%		40.91	%		92.82	%		68.64	%
Thousands of Accumulation Units outstanding at end of year		66,154			62,316			57,111			50,707			46,290
Net Assets at end of year (in thousands)	$	7,794,417		$	7,001,614		$	5,893,322		$	4,382,250		$	4,413,654

*	Based on per accumulation unit data.
**	Based on average net assets.

106   |  2005 Annual Report  College Retirement Equities Fund

Notes to financial statements continued

	Inflation-Linked Bond Account
	For the Years Ended December 31,
	2005			2004			2003			2002			2001
Per Accumulation Unit Data:*
Investment income	$	2.657		$	2.028		$	1.764		$	1.797		$	1.816
Expenses		0.194			0.166			0.193			0.147			0.122
Investment income-net		2.463			1.862			1.571			1.650			1.694
Net realized and unrealized gain (loss) on total investments		(1.316	)		1.497			1.395			3.817			0.692
Net increase (decrease) in Accumulation Unit Value		1.147			3.359			2.966			5.467			2.386
Accumulation Unit Value:
Beginning of year		45.296			41.937			38.971			33.504			31.118
End of year	$	46.443		$	45.296		$	41.937		$	38.971		$	33.504
Total Return		2.53	%		8.01	%		7.61	%		16.32	%		7.67	%
Ratios to Average Net Assets:**
Expenses		0.43	%		0.39	%		0.48	%		0.41	%		0.36	%
Investment income-net		5.47	%		4.34	%		3.93	%		4.56	%		4.93	%
Portfolio turnover rate		23.80	%		110.22	%		239.72	%		31.33	%		42.16	%
Thousands of Accumulation Units outstanding at end of year		82,764			72,643			57,499			63,825			35,274
Net Assets at end of year (in thousands)	$	4,000,328		$	3,424,643		$	2,522,182		$	2,570,034		$	1,232,261

*	Based on per accumulation unit data.
**	Based on average net assets.

College Retirement Equities Fund  2005 Annual Report  |   107

Notes to financial statements continued

Note 5—accumulation units

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

	Stock Account						Growth Account
	For the Year Ended December 31,
	2005			2004			2005			2004
Accumulation Units:
Credited for premiums		18,868,912			19,682,827			18,831,085			21,670,197
Cancelled for transfers, disbursements and amounts applied to the Annuity Fund		(29,424,550	)		(24,404,881	)		(21,082,643	)		(22,867,520	)
Outstanding:
Beginning of year		494,584,185			499,306,239			196,255,760			197,453,083
End of year		484,028,547			494,584,185			194,004,202			196,255,760

	Global Equities Account					Money Market Account
	For the Year Ended December 31,
	2005			2004		2005			2004
Accumulation Units:
Credited for premiums		10,857,379			11,615,737		37,076,310			34,061,295
Credited (cancelled) for transfers, disbursements and amounts applied to the Annuity Fund		(1,602,273	)		1,149,620		(17,984,295	)		(42,220,296	)
Outstanding:
Beginning of year		129,786,505			117,021,148		297,572,977			305,731,978
End of year		139,041,611			129,786,505		316,664,992			297,572,977

	Equity Index Account						Bond Market Account
	For the Year Ended December 31,
	2005			2004			2005			2004
Accumulation Units:
Credited for premiums		10,482,186			11,058,206			6,171,620			6,209,468
Cancelled for transfers, disbursements and amounts applied to the Annuity Fund		(6,307,208	)		(1,953,274	)		(2,747,172	)		(9,081,346	)
Outstanding:
Beginning of year		112,708,205			103,603,273			70,239,336			73,111,214
End of year		116,883,183			112,708,205			73,663,784			70,239,336

108   |    2005 Annual Report  College Retirement Equities Fund

Notes to financial statements concluded

	Social Choice Account						Inflation-Linked Bond Account
	For the Year Ended December 31,
	2005			2004			2005		2004
Accumulation Units:
Credited for premiums		5,610,551			5,751,257			7,634,851		6,796,162
Credited (cancelled) for transfers, disbursements and amounts applied to the Annuity Fund		(1,772,724	)		(545,998	)		2,486,624		8,347,847
Outstanding:
Beginning of year		62,315,762			57,110,503			72,642,992		57,498,983
End of year		66,153,589			62,315,762			82,764,467		72,642,992

Note 6—line of credit

Each of the Accounts, except the Bond Market and Money Market Funds, participate in a $1.75 billion unsecured revolving credit facility to be used for temporary purposes, including the funding of participant withdrawals. Certain affiliated accounts and mutual funds, each of which is managed by Investment Management, or an affiliate of Investment Management, also participate in this facility. An annual commitment fee for the credit facility is borne by the respective Accounts. Interest associated with any borrowing under the facility is charged to the borrowing accounts and mutual funds at rates which are based on the Federal Funds Rate in effect during the time of the borrowing. The Accounts are not liable for borrowings under the facility by affiliated accounts or mutual funds. For the year ended December 31, 2005, there were no borrowings under this credit facility by the Accounts.

The Bond Market and Social Choice Accounts participate in a letter of credit agreement in the amount of $15 million for the purpose of facilitating the settlement of transactions in the mortgage backed securities market. For the year ended December 31, 2005, there were no drawdowns under this agreement.

College Retirement Equities Fund  2005 Annual Report  |    109

Report of Independent Registered Public Accounting Firm

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

In our opinion, the accompanying statements of assets and liabilities, including the summary portfolios of investments, and the related statements of operations and of changes in net assets present fairly, in all material respects, the financial position of the Stock, Growth, Global Equities, Money Market, Equity Index, Bond Market, Social Choice and Inflation-Linked Bond Accounts (constituting the College Retirement Equities Fund, hereafter referred to as the “Accounts”) at December 31, 2005, and the results of each of their operations and the changes in each of their net assets for the year then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of the Accounts’ management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit, which included confirmation of securities at December 31, 2005 by correspondence with the custodians and brokers, provides a reasonable basis for our opinion. The financial statements of the Accounts as of December 31, 2004 and for the year then ended, were audited by other auditors whose report dated February 25, 2005 expressed an unqualified opinion on those statements.

PricewaterhouseCoopers LLP
New York, New York
March 10, 2006

110   |    2005 Annual Report   College Retirement Equities Fund

Report of management responsibility (unaudited)

To the Participants of College Retirement Equities Fund:

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

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

          The accompanying financial statements have been audited by an independent registered public accounting firm. To maintain auditor independence and avoid any conflict of interest, it continues to be CREF’s policy that any management advisory or consulting services be obtained from a firm other than the external financial audit firm. The report of the independent registered public accounting firm, which follows the notes to financial statements, expresses an independent opinion on the fairness of presentation of these financial statements.

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

/s/ Herbert M. Allison, Jr.	/s/ Russell G. Noles
Herbert M. Allison, Jr.	Russell G. Noles
Chairman, President and Chief Executive Officer	Acting Chief Financial Officer

College Retirement Equities Fund   2005 Annual Report |    111

2005 CREF annual meeting   |   College Retirement Equities Fund (unaudited)

Trustees

On July 19, 2005, at an annual meeting of shareholders, the following persons were elected to serve on the Board:

Nominee		Dollars for	Percent		Dollars withheld	Percent
Willard T. Carleton	$	27,674,031,848.56	97.05	$	840,871,618.50	2.95
Eugene Flood, Jr.		27,680,811,796.28	97.07		834,091,670.78	2.93
Howell E. Jackson		27,709,468,930.24	97.18		805,434,536.82	2.82
Nancy L. Jacob		27,725,084,955.87	97.23		789,818,511.19	2.77
Bevis Longstreth		27,591,672,680.08	96.76		923,230,786.98	3.24
Bridget A. Macaskill		27,704,879,555.81	97.16		810,023,911.25	2.84
Maceo K. Sloan		27,626,399,986.18	96.88		888,503,480.88	3.12
Ahmed H. Zewail		27,616,346,246.74	96.85		898,557,220.32	3.15

Eugene Flood, Jr. and Howell E. Jackson were elected to office. Willard T. Carleton, Nancy L. Jacob, Bevis Longstreth, Bridget A. Macaskill, Maceo K. Sloan and Ahmed H. Zewail continued in office.

Independent registered public accounting firm

CREF participants also ratified the selection by the Board of Trustees of PricewaterhouseCoopers LLP to serve as the Accounts’ independent registered public accounting firm:

Account		Dollars for	Percent		Dollars against	Percent		Dollars abstain	Percent
Overall CREF Accounts	$	27,367,271,359.12	95.98	$	436,817,732.39	1.53	$	710,814,375.55	2.49
Stock		20,195,257,002.72	96.38		281,816,363.69	1.34		477,111,711.27	2.28
Money Market		806,405,398.43	93.71		23,457,487.40	2.73		30,653,722.98	3.56

112    |    2005 Annual Report  College Retirement Equities Fund

Bond Market	832,717,574.26	95.79	12,139,493.20	1.40	24,416,531.80	2.81
Social Choice	938,384,555.28	93.90	20,132,188.28	2.01	40,818,070.97	4.08
Global Equities	1,459,609,910.37	95.10	30,622,112.01	2.00	44,517,963.54	2.90
Growth	1,229,549,200.82	95.04	28,395,766.91	2.19	35,738,222.13	2.76
Equity Index	1,248,376,230.48	95.10	28,323,262.13	2.16	35,943,186.83	2.74
Inflation-Linked Bond	656,971,486.76	95.14	11,931,058.77	1.73	21,614,966.03	3.13

Proposal

CREF participants voted on a participant proposal to obtain an advisory report in the event of a future restructuring.

Account		Dollars for	Percent		Dollars against	Percent		Dollars abstain	Percent
Overall CREF Accounts	$	6,286,584,893.82	22.05	$	20,128,611,886.50	70.59	$	2,099,706,686.74	7.36
Stock		4,371,852,799.93	20.86		15,063,706,701.95	71.89		1,518,625,575.80	7.25
Money Market		245,871,786.73	28.57		548,481,056.45	63.74		66,163,765.63	7.69
Bond Market		212,260,692.65	24.42		586,005,187.85	67.41		71,007,718.76	8.17
Social Choice		252,483,001.55	25.27		646,601,687.91	64.70		100,250,125.07	10.03
Global Equities		370,854,626.35	24.16		1,050,147,885.61	68.42		113,747,473.96	7.41
Growth		341,274,124.40	26.38		864,727,413.63	66.84		87,681,651.83	6.78
Equity Index		323,177,871.94	24.62		898,413,592.50	68.44		91,051,215.00	6.94
Inflation-Linked Bond		168,809,990.27	24.45		470,528,360.60	68.14		51,179,160.69	7.41

College Retirement Equities Fund  2005 Annual Report   |    113

Management  |   Trustees and officers of the College Retirement Equities Fund (unaudited)

Below are the current CREF board of trustees and officers

DISINTERESTED TRUSTEES

Name, address and age	Position(s) held with CREF	Term of office and length of time served	Principal occupation(s) during past 5 years	Number of portfolios in fund complex overseen by trustee	Other directorships held by trustee
Willard T. Carleton 4911 E. Parade Ground Loop Tucson, AZ 85712-6623 Age: 71	Trustee	One year term. Trustee since 2003.	Professor of Finance Emeritus, University of Arizona, College of Business and Public Administration, 2001–present. Formerly, Donald R. Diamond Professor of Finance, University of Arizona, 1999–2001, and Karl L. Eller Professor of Finance, University of Arizona, 1984–1999. Trustee of TIAA, 1984–2003.	60	None
Eugene Flood, Jr. Smith Breeden Associates, Inc. Chapel Hill, North Carolina 27517 Age: 50	Trustee	One year term. Trustee since 2005.	President and Chief Executive Officer (since 2000) and a Director (since 1994) of Smith Breeden Associates, Inc. (investment advisor).	60	None
Howell E. Jackson Harvard Law School Griswold 510 1525 Massachusetts Avenue Cambridge, Massachusetts 02138 Age: 52	Trustee	One year term. Trustee since 2005.	James S. Reid, Jr. Professor of Law (since 2004) and Vice Dean for Budget (since 2003) and on the faculty (since 1989) of Harvard Law School.	60	None
Nancy L. Jacob Windermere Investment Associates 121 S.W. Morrison Street Suite 925 Portland, OR 97204 Age: 63	Chairman of the Board, Trustee	One year term. Trustee since 1979.	President and Managing Principal, Windermere Investment Associates, 1997–present. Formerly, Chairman and Chief Executive Officer, CTC Consulting, Inc., 1994–1997 and Executive Vice President, U.S. Institutional Funds of the Pacific Northwest, 1993–1998.	60	Director and Chairman of the Investment Committee of the Okabena Company (financial services).

114   |  2005 Annual Report  College Retirement Equities Fund

Bevis Longstreth Debevoise & Plimpton 919 Third Avenue New York, NY 10022-6225 Age: 72	Trustee	One year term. Trustee since 1996.	Retired Partner, Debevoise & Plimpton. Formerly, Partner (1970–1981, 1984–1997) and Of Counsel (1998–2001) of Debevoise & Plimpton, Adjunct Professor at Columbia University School of Law, 1994–1999 and Commissioner of the U.S. Securities and Exchange Commission, 1981–1984.	60	Member of the Board of Directors of AMVESCAP, PLC and Grantham, Mayo & Von Otterloo & Co., LLC (GMO) (investment management) and a member of the Finance Committee of the Rockefeller Family Fund.
Bridget A. Macaskill 160 East 81st Street New York, NY 10028 Age: 56	Trustee	One year term. Trustee since 2003.	Independent Consultant for Merrill Lynch, 2003–present. Formerly, Chairman, Oppenheimer Funds, Inc., 2000–2001. Chief Executive Officer, 1995–2001; President, 1991–2000; and Chief Operating Officer, 1989–1995 of that firm.	60	Director, J Sainsbury plc (food retailer), Prudential plc, International Advisory Board, British-American Business Council, and Federal National Mortgage Association (Fannie Mae).
Maceo K. Sloan NCM Capital Management Group, Inc. 2634 Durham-Chapel Hill Boulevard Suite 206 Durham, NC 27707 Age: 56	Trustee	One year term. Trustee since 1991.	Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc., 1991–present; Chairman and Chief Executive Officer, NCM Capital Management Group, Inc., since 1991; and Chairman, CEO and CIO, NCM Capital Advisers Inc., 2003–present.	60	Director, SCANA Corporation (energy holding company) and M&F Bancorp, Inc.
Ahmed H. Zewail California Institute Of Technology Arthur Amos Noyes Laboratory of Chemical Physics Mail Code 127-72 1200 East California Boulevard Pasadena, CA 91125 Age: 59	Trustee	One year term. Trustee since 2004.	Linus Pauling Chair Professor of Chemistry and Professor of Physics, Caltech, 1996–present; and Director, NSF Laboratory for Molecular Sciences (LMS), Caltech, 1995–present.	60	None

College Retirement Equities Fund   2005 Annual Report   |   115

Management |	Trustees and officers of the College Retirement Equities Fund (unaudited)	continued
OFFICERS

Name, address and age	Position(s) held with CREF	Term of office and length of time served	Principal occupation(s) during past 5 years
Herbert M. Allison, Jr. TIAA-CREF 730 Third Avenue New York, NY 10017-3206 Age: 62	President and Chief Executive Officer	Indefinite term. President and Chief Executive Officer since 2002.	Chairman, President and Chief Executive Officer of TIAA since 2002. President and Chief Executive Officer of CREF, TIAA-CREF Mutual Funds, TIAA-CREF Institutional Mutual Funds, TIAA-CREF Life Funds and TIAA Separate Account VA-1 (these funds are collectively referred to as the “TIAA-CREF Funds”) since 2002. Formerly, President and Chief Executive Officer of Alliance for LifeLong Learning, Inc., 2000–2002. President, Chief Operating Officer and Member of the Board of Directors of Merrill Lynch & Co., Inc., 1997–1999.
Gary Chinery TIAA-CREF 730 Third Avenue New York, NY 10017-3206 Age: 56	Vice President and Treasurer of Teachers Advisors, Inc. (“Advisors”)	Indefinite term. Vice President and Treasurer since 2004.	Vice President and Treasurer of TIAA and the TIAA-CREF Funds since 2004. Vice President and Treasurer of Teachers Advisors, Inc. (“Advisors”), TIAA-CREF Investment Management, LLC (“Investment Management”), TIAA-CREF Individual and Institutional Services, LLC (“Services”), Teachers Personal Investors Services, Inc. (“TPIS”), TIAA-CREF Tuition Financing, Inc. (“Tuition Financing”) and TIAA-CREF Life Insurance Company (“TIAA-CREF Life”).
Scott C. Evans TIAA-CREF 730 Third Avenue New York, NY 10017-3206 Age: 46	Executive Vice President and Chief Investment Officer	Indefinite term. Executive Vice President since 1997. Chief Investment Officer since 2004.	Executive Vice President since 1997 and Chief Investment Officer since 2004 of TIAA and the TIAA-CREF Funds since 2003. President and Chief Executive Officer and Manager of Investment Management. President, Chief Executive Officer and Director of Advisors. Director of TIAA-CREF Life. Formerly, Executive Vice President, CREF Investments.
I. Steven Goldstein TIAA-CREF 730 Third Avenue New York, NY 10017-3206 Age: 53	Executive Vice President	Indefinite term. Executive Vice President since 2003.	Executive Vice President, Public Affairs, of TIAA and the TIAA-CREF Funds since 2003. Director of TIAA-CREF Life. Formerly, Advisor for McKinsey & Company, 2003; Vice President, Corporate Communications for Dow Jones & Co. and The Wall Street Journal, 2001–2002; and Senior Vice President and Chief Communications Officer for Insurance Information Institute, 1993–2001.

116   |   2005 Annual Report  College Retirement Equities Fund

E. Laverne Jones TIAA-CREF 730 Third Avenue New York, NY 10017-3206 Age: 56	Vice President and Corporate Secretary	Indefinite term. Vice President and Corporate Secretary since 1998.	Vice President and Corporate Secretary of TIAA and the TIAA-CREF Funds since 1998.
Susan S. Kozik TIAA-CREF 730 Third Avenue New York, NY 10017-3206 Age: 48	Executive Vice President	Indefinite term. Executive Vice President since 2003.	Executive Vice President and Chief Technology Officer of TIAA and the TIAA-CREF Funds since 2003. Formerly, Vice President of IT Operations and Services, Lucent Technologies, 2000–2003; and Senior Vice President and Chief Technology Officer, Penn Mutual Life Insurance Company, 1997–2000.
George W. Madison TIAA-CREF 730 Third Avenue New York, NY 10017-3206 Age: 52	Executive Vice President	Indefinite term. Executive Vice President since 2003.	Executive Vice President and General Counsel of TIAA and the TIAA-CREF Funds since 2003. Formerly Executive Vice President, Corporate Secretary, and General Counsel of Comerica Incorporated, 1997–2003.
Erwin W. Martens TIAA-CREF 730 Third Avenue New York, NY 10017-3206 Age: 49	Executive Vice President	Indefinite term. Executive Vice President since 2003.	Executive Vice President, Risk Management, of TIAA and the TIAA-CREF Funds since 2003. Director of Advisors, TPIS, TIAA-CREF Trust Company, FSB (“Trust Company”), Tuition Financing and TIAA-CREF Life and Manager of Services and Investment Management. Formerly, Managing Director and Chief Risk Officer, Putnam Investments, 1993–2003; and Head and Deputy Head of Global Market Risk Management, 1997–1999.
Frances Nolan TIAA-CREF 730 Third Avenue New York, NY 10017-3206 Age: 48	Executive Vice President	Indefinite term. Executive Vice President since 2000.	Executive Vice President, Client Services, of TIAA and the TIAA-CREF Funds since 2003. President, Chief Executive Officer and Manager of Services. Director of TPIS, Trust Company, Tuition Financing and TIAA-CREF Life. Formerly, Executive Vice President, Retirement Services, CREF and TIAA, 2000–2003; Vice President, Eastern Division, 1994–2000.
Russell G. Noles TIAA-CREF 730 Third Avenue New York, NY 10017-3206 Age: 47	Vice President and Acting Chief Financial Officer	Indefinite term. Acting Chief Financial Officer since 2005.	Vice President and Acting Chief Financial Officer of TIAA and the TIAA-CREF Funds, Vice President of Advisors, TPIS, Tuition Financing and Investment Management since 2005. Director of Advisors, TPIS, Tuition Financing and Manager of Investment Management and Services since 2005. Formerly Vice President, Internal Audit, of TIAA and the TIAA-CREF Funds, 2004–2005; Vice President of Internal Audit of the St. Paul Travelers Companies, 2001–2004, of Quest Communications, 2000–2001 and of US West, Inc. 1998–2000.

College Retirement Equities Fund  2005 Annual Report | 117

Management  |	Trustees and officers of the College Retirement Equities Fund (unaudited)	concluded
OFFICERS—concluded

Name, address and age	Position(s) held with CREF	Term of office and length of time served	Principal occupation(s) during past 5 years
Dermot J. O’Brien TIAA-CREF 730 Third Avenue New York, NY 10017-3206 Age: 39	Executive Vice President	Indefinite term. Executive Vice President since 2003.	Executive Vice President, Human Resources, of TIAA and the TIAA-CREF Funds since 2003. Director, TIAA-CREF Life. Formerly, First Vice President and Head of Human Resources, International Private Client Division, Merrill Lynch & Co., 1999–Feb. 2003; and Vice President and Head of Human Resources—Japan Morgan Stanley, 1998–1999.
Eric Oppenheim TIAA-CREF 730 Third Avenue New York, NY 10017-3206 Age: 57	Vice President and Acting Chief Compliance Officer	Indefinite term. Vice President and Acting Chief Compliance Officer since 2005.	Vice President and Acting Chief Compliance Officer of the TIAA-CREF Funds, Investment Management, Tuition Financing, Advisors, and Services, since 2005. Formerly, Vice President, Compliance Officer of TIAA, 2004–2005; First Vice President, Manager of Compliance and Centralized Trust Functions, Private Banking Division, 2001–2004, Manager of Compliance and Regulatory Affairs, Investment Banking Division, 1993–2001, Comerica Incorporated.
Bertram L. Scott TIAA-CREF 730 Third Avenue New York, NY 10017-3206 Age: 54	Executive Vice President	Indefinite term. Executive Vice President since 2000.	Executive Vice President, Product Management, of TIAA and the TIAA-CREF Funds since 2003. Chairman of the Board, President and Chief Executive Officer of TIAA-CREF Life. Director of TPIS, President and Director of Tuition Financing. Formerly, President and Chief Executive Officer, Horizon Mercy, 1996–2000.

CREF’s Statement of Additional Information (SAI) includes additional information about CREF’s trustees and is available, without charge, upon request, by calling 877 518-9161.

118 | 2005 Annual Report  College Retirement Equities Fund

[This page intentionally left blank.]

[This page intentionally left blank.]

HOW TO REACH US

TIAA-CREF WEBSITE Account performance, personal account information and transactions, product descriptions, and information about investment choices and income options www.tiaa-cref.org 24 hours a day, 7 days a week AUTOMATED TELEPHONE SERVICE Check account performance and accumulation balances, change allocations, transfer funds and verify credited premiums. 800 842-2252 24 hours a day, 7 days a week TELEPHONE COUNSELING CENTER Retirement saving and planning, income options and payments, and tax reporting 800 842-2776 8 a.m. to 10 p.m. ET, Monday–Friday 9 a.m. to 6 p.m. ET, Saturday

PLANNING AND SERVICE CENTER TIAA-CREF Mutual Funds, after-tax annuities and life insurance 800 223-1200 8 a.m. to 10 p.m. ET, Monday–Friday FOR HEARING- OR SPEECH-IMPAIRED PARTICIPANTS 800 842-2755 8 a.m. to 10 p.m. ET, Monday–Friday 9 a.m. to 6 p.m. ET, Saturday TIAA-CREF TRUST COMPANY, FSB Asset management, trust administration, estate planning, planned giving and endowment management 888 842-9001 8 a.m. to 5 p.m. CT, Monday–Friday TIAA-CREF TUITION FINANCING, INC. Tuition financing programs 888 381-8283 8 a.m. to 11 p.m. ET, Monday–Friday

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

TIAA-CREF Individual & Institutional Services, LLC, and Teachers Personal Investors Services, Inc., distribute securities products. You should consider the investment objectives, risks, charges and expenses carefully before investing. Please call 877 518-9161 or visit www.tiaa-cref.org for a prospectus that contains this and other information. Please read the prospectus carefully before investing. TIAA-CREF Investment Management serves as investment manager to CREF. Teachers Insurance and Annuity Association (TIAA), New York, NY, and TIAA-CREF Life Insurance Co., New York, NY, issue insurance and annuities. TIAA-CREF Trust Company, FSB, provides trust services. TIAA-CREF Tuition Financing, Inc. (TFI) is the program manager for 529 college savings plans. Investment products are not FDIC insured, may lose value and are not bank guaranteed.

©2006 Teachers Insurance and Annuity Association—College Retirement Equities Fund (TIAA-CREF), New York, NY 10017

730 Third Avenue
New York, NY 10017-3206

	Printed on recycled paper
C35076

A10922
02/06

Item 2. Code of Ethics.

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

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

Item 3. Audit Committee Financial Expert.

There is no change to the Audit Committee Financial Expert.

Item 4. Principal Accountant Fees and Services.

      PricewaterhouseCoopers LLP performs independent audits of the Registrant’s financial statements. To maintain auditor independence and avoid even the appearance of conflicts of interest, the Registrant, as a policy, does not engage PricewaterhouseCoopers for management advisory or consulting services. Ernst & Young LLP performed independent audits for the Registrant in 2004 and prior fiscal periods.

      Audit Fees. PricewaterhouseCoopers’ fees for professional services rendered for the audit of the Registrant’s annual financial statements for the fiscal year ended December 31, 2005 were $566,200. Ernst & Young’s fees for professional services rendered in fiscal year 2004 were $1,823,600.

      Tax Fees. PricewaterhouseCoopers’ fees for tax services rendered to the Registrant for the fiscal years ended December 31, 2005 were $0. Ernst & Young’s fees for tax services rendered to the Registrant for the fiscal year ended December 31, 2004 were $0.

     Other than as set forth above, PricewaterhouseCoopers had no additional fees with respect to Registrant during the fiscal year ended December 31, 2005.

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

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

      Auditor Fees for Related Entities. The aggregate non-audit fees billed by PricewaterhouseCoopers for services rendered to the Registrant and its adviser or affiliates of the adviser performing on-going services to the Registrant, including Teachers Insurance and Annuity Association (“TIAA”) (Service Providers), for the year ended December 31, 2005 were $331,500 and such fees billed by Ernst & Young for the year ended December 31, 20034 were $1,651,800.

     PricewaterhouseCoopers’ aggregate fees for professional services rendered in connection with the audit of financial statements for TIAA and the College Retirement Equities Fund (“CREF”) and their affiliated entities for the year ended December 31,

2005 were $5,709,300 and for Ernst & Young for the year ended December 31, 2004 were $12,739,400.

     PricewaterhouseCoopers’ aggregate fees for audit related-services provided to TIAA and CREF and their affiliated entities for the year ended December 31, 2005 were $322,000. Ernst & Young’s aggregate fees for audited related services provided to TIAA and CREF and their affiliated entities for the year ended December 31, 2004 were $1,312,500.

     PricewaterhouseCoopers’ aggregate fees for tax services provided to TIAA and CREF and their affiliated entities forth year ended December 31, 2005 were $166,300. Ernst & Young’s aggregate fees for tax services provided to TIAA and CREF and their affiliated entities for the year ended December 31, 2004 were $445,600.

Item 5. Audited Committee of Listed Registrants.

Not Applicable.

Item 6. Schedule of Investments.

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

COLLEGE RETIREMENT EQUITIES FUND
STOCK ACCOUNT
STATEMENT OF INVESTMENTS
December 31, 2005

				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
BONDS - 0.00% **
CORPORATE BONDS - 0.00% **
COMMUNICATIONS - 0.00% **
$     9,949,900	b,v	Exodus Communications, Inc	5.250	02/15/08	$	0	^
		TOTAL COMMUNICATIONS				0	^
		TOTAL CORPORATE BONDS				0	^
		(Cost $9,950)
GOVERNMENT BONDS - 0.00% **
U.S. TREASURY SECURITIES - 0.00% **
325,000		United States Treasury Bond	5.000	02/15/11		335
		TOTAL U.S. TREASURY SECURITIES				335
		TOTAL GOVERNMENT BONDS				335
		(Cost $319)
		TOTAL BONDS				335
		(Cost $10,269)
SHARES
PREFERRED STOCKS - 0.01%
APPAREL AND OTHER TEXTILE PRODUCTS - 0.00% **
1,644		Hugo Boss AG.				57
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS				57
COMMUNICATIONS - 0.00% **
96,232	e	ProSiebenSat.1 Media AG.				1,856
		TOTAL COMMUNICATIONS				1,856
HEALTH SERVICES - 0.00% **
34,426		Fresenius Medical Care AG.				3,202
		TOTAL HEALTH SERVICES				3,202

1

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
HOLDING AND OTHER INVESTMENT OFFICES - 0.00% **
57,984		Simon Property Group, Inc	$	3,728
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		3,728
INSURANCE CARRIERS - 0.00% **
25,127		Great-West Lifeco, Inc (Series E)		597
8,192		Great-West Lifeco, Inc (Series F)		196
		TOTAL INSURANCE CARRIERS		793
PRIMARY METAL INDUSTRIES - 0.00% **
490,350	v*	Superior Trust I		0	^
		TOTAL PRIMARY METAL INDUSTRIES		0	^
TRANSPORTATION EQUIPMENT - 0.01%
7,348	e	Porsche AG.		5,261
		TOTAL TRANSPORTATION EQUIPMENT		5,261
		TOTAL PREFERRED STOCKS		14,897
		(Cost $12,230)
COMMON STOCKS - 99.59%
ADMINISTRATION OF ECONOMIC PROGRAMS - 0.00% **
6,500		Centrais Eletricas Brasileiras S.A. (Spon ADR)		54
4,576,000	*	SP AusNet		4,448
		TOTAL ADMINISTRATION OF ECONOMIC PROGRAMS		4,502
AGRICULTURAL PRODUCTION-CROPS - 0.02%
22,992		Alico, Inc		1,039
389,355		Chiquita Brands International, Inc		7,791
190,345		Delta & Pine Land Co		4,380
750,492		Gallaher Group plc		11,306
50,583	*	John B. Sanfilippo & Son		654
9,500		PT Gudang Garam Tbk		11
		TOTAL AGRICULTURAL PRODUCTION-CROPS		25,181
AGRICULTURAL PRODUCTION-LIVESTOCK - 0.02%
544,302		Pilgrim's Pride Corp		18,049
3,614		Seaboard Corp		5,461
		TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK		23,510

2

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
AGRICULTURAL SERVICES - 0.00% **
20,889		AWB Ltd	$	94
24,000		Chaoda Modern Agriculture		10
94,482		Yara International ASA		1,371
		TOTAL AGRICULTURAL SERVICES		1,475
AMUSEMENT AND RECREATION SERVICES - 0.18%
315,027	e*	Alliance Gaming Corp		4,102
10,500		Berjaya Sports Toto Bhd		12
601	*	BetandWin.com Interactive Entertainment AG.		61
34,000		China Travel International Inv HK		8

47,901		Churchill Downs, Inc	1,759
61,367		Dover Downs Gaming & Entertainment, Inc	868
110,167		Dover Motorsports, Inc	673
163,886	*	Euro Disney S.C.A.	21
122,390		Gamesa Corp Tecnologica S.A.	1,784
823,583		Harrah's Entertainment, Inc	58,713
1,477,320		Hilton Group plc	9,219
152,983		International Speedway Corp (Class A)	7,328
303,792	e	Intrawest Corp	8,668
6,082	*	Lakes Entertainment, Inc	40
213,445	e*	Leapfrog Enterprises, Inc	2,487
120,436	*	Life Time Fitness, Inc	4,587
230,146	e*	Magna Entertainment Corp (Class A)	1,643
331,071	e*	Marvel Entertainment, Inc	5,423
10,000		Mizuno Corp	71
244,016	e*	Multimedia Games, Inc	2,257
102,219		OPAP S.A.	3,509
38,700		Oriental Land Co Ltd	2,108
57,674		Paddy Power plc	823
412,355	*	Penn National Gaming, Inc	13,587
234,674	*	Pinnacle Entertainment, Inc	5,799
9,806,000	*	Playmates Holdings Ltd	58
732,392	e	Publishing & Broadcasting Ltd	8,854
278,658		Rank Group plc	1,463
14		Round One Corp	62
295,877		Sega Sammy Holdings, Inc	9,902
530,776	e*	Six Flags, Inc	4,092
648,803	e	Sky City Entertainment Group Ltd	2,072
101,506		Speedway Motorsports, Inc	3,519
120,579	e*	Sunterra Corp	1,715
3,800		Tanjong plc	15
5,000		Tokyo Dome Corp	31
106,185		UNiTAB Ltd	1,059
222,641		Warner Music Group Corp	4,290
611,089		Westwood One, Inc	9,961
176,923		William Hill plc	1,627
719,869	e*	WMS Industries, Inc	18,062
150,453		World Wrestling Entertainment, Inc	2,209

3

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
1,000		Yomiuri Land Co Ltd	$	9
		TOTAL AMUSEMENT AND RECREATION SERVICES		204,550
APPAREL AND ACCESSORY STORES - 0.63%
586,286		Abercrombie & Fitch Co (Class A)		38,214
399,648	e*	Aeropostale, Inc		10,511
1,129,888		American Eagle Outfitters, Inc		25,965
322,635	*	AnnTaylor Stores Corp		11,137
41,800		Aoyama Trading Co Ltd		1,413
2,000		Apollo Investment Co Ltd		6
296,362		Bebe Stores, Inc		4,158
49,913		Buckle, Inc		1,609
159,994		Burberry Group plc		1,180
132,902		Burlington Coat Factory Warehouse Corp		5,344
77,588	*	Cache, Inc		1,344
84,052	*	Carter's, Inc		4,946
151,313	e*	Casual Male Retail Group, Inc		928
188,651		Cato Corp (Class A)		4,047
581		Charles Voegele Holding AG.		44
88,042	*	Charlotte Russe Holding, Inc		1,834
770,624	*	Charming Shoppes, Inc		10,172
1,244,742	*	Chico's FAS, Inc		54,682
177,310	*	Children's Place Retail Stores, Inc		8,763
222,639		Christopher & Banks Corp		4,181
19,100	*	Citi Trends, Inc		815
386,073		Claire's Stores, Inc		11,281
217,236	v	Claire's Stores, Inc (Class A)		6,348
32,702		DEB Shops, Inc		972
115,913	*	Dress Barn, Inc		4,475
63,200	*	DSW, Inc		1,657
8,233		Edgars Consolidated Stores Ltd		46
4,184	b,v*	Edison Brothers Stores, Inc Wts		0	^
49,000	e	Fast Retailing Co Ltd		4,787
246,590		Finish Line, Inc (Class A)		4,296
689,834		Foot Locker, Inc		16,273
3,488		Foschini Ltd		29
6,745,395		Gap, Inc		118,989
1,177,000		Giordano International Ltd		660
749,298		Hennes & Mauritz AB (B Shs)		25,420
270,745	e*	HOT Topic, Inc		3,858
200,734		Inditex S.A.		6,523
149,730	*	Jo-Ann Stores, Inc		1,767
78,918	e*	JOS A Bank Clothiers, Inc		3,426
2,909,795	*	Kohl's Corp		141,416
1,530,070		Limited Brands, Inc		34,197
53,800	*	New York & Co, Inc		1,141
37,600		Nishimatsuya Chain Co Ltd		1,730
1,424,142		Nordstrom, Inc		53,263
515,722	*	Pacific Sunwear Of California, Inc		12,852
849,770	*	Payless Shoesource, Inc		21,329

4

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
941,637		Ross Stores, Inc	$	27,213
65,495	*	Shoe Carnival, Inc		1,436
89,118		SSL International plc		467
163,850		Stage Stores, Inc		4,879
25,766		Syms Corp		372
131,892		Talbots, Inc		3,669
253,333	e*	The Wet Seal, Inc		1,125
296,148	*	Too, Inc		8,354
7,785		Truworths International Ltd		29
45,201	e*	Under Armour, Inc		1,732
46,800	e	United Arrows Ltd		2,958
486,052	*	Urban Outfitters, Inc		12,302
218,972	*	Wilsons The Leather Experts, Inc		795
13,295		Woolworths Holdings Ltd		30
3,000		YGM Trading		3
		TOTAL APPAREL AND ACCESSORY STORES		733,392
APPAREL AND OTHER TEXTILE PRODUCTS - 0.17%
6,000		Asics Corp		64
28,786		Benetton Group S.p.A.		327
72,183	e*	Columbia Sportswear Co		3,445
194,746	e*	DHB Industries, Inc		871
864	*	Escada AG.		28
121,196	*	Guess ?, Inc		4,315
946,662		Gunze Ltd		6,288
176,234	*	Gymboree Corp		4,124
156,077	*	Hartmarx Corp		1,219
139,788	*	Innovo Group, Inc		144
1,015,941		Jones Apparel Group, Inc		31,210
192,896		Kellwood Co		4,606
513,298		Liz Claiborne, Inc		18,386
35,300	*	Maidenform Brands, Inc		447
626,000		Mitsubishi Rayon Co Ltd		4,137
823,000	e	Nisshinbo Industries, Inc		8,988
107,000	e	Onward Kashiyama Co Ltd		2,103
234,265		Phillips-Van Heusen Corp		7,590
400		Point, Inc		33
427,635		Polo Ralph Lauren Corp		24,007
528,050	*	Quiksilver, Inc		7,308
239,636		Russell Corp		3,225
2,000		Sanyo Shokai Ltd		21
75,400		Shimamura Co Ltd		10,426
653,000		Tokyo Style Co Ltd		7,994
2,306,000		Toyobo Co Ltd		7,717
549	*	Valentino Fashion Group S.p.A.		13
454,060		VF Corp		25,128
17,500	*	Volcom, Inc		595
79,000	e	Wacoal Holdings Corp		1,070
301,372	*	Warnaco Group, Inc		8,053
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		193,882

5

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
AUTO REPAIR, SERVICES AND PARKING - 0.06%
440,500		Aisin Seiki Co Ltd	$	16,160
78,210	*	Amerco, Inc		5,635
866		Athlon Holding NV		23
2,388		Bandag, Inc		102
51,300		Bandag, Inc (Class A)		1,849
126,760	e	Central Parking Corp		1,739
165,729	*	Dollar Thrifty Automotive Group, Inc		5,978
1,988		First Technology plc		10
717		Haldex AB		14
999,000		Kayaba Industry Co Ltd		3,403
5,000		Koito Manufacturing Co Ltd		77
76,174	*	Midas, Inc		1,399
64,298		Monro Muffler, Inc		1,950
914		Montupet		16
76,200		NOK Corp		2,066
2,697		Northgate plc		45
21,580	e*	Pacific Ethanol, Inc		233
5,073		Pacifica Group Ltd		7
1,900		Park24 Co Ltd		68
389,413	*	PHH Corp		10,911
289,662		Ryder System, Inc		11,882
44,000	e	Sumitomo Rubber Industries, Inc		626
704,000	e	T RAD Co Ltd		3,692
233,346	*	Wright Express Corp		5,134
26,000		Yokohama Rubber Co Ltd		152
		TOTAL AUTO REPAIR, SERVICES AND PARKING		73,171
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.16%
640,285	*	Advance Auto Parts		27,827
42,217	e*	America's Car-Mart, Inc		697
86,366	*	Asbury Automotive Group, Inc		1,422
808,613	*	Autonation, Inc		17,571
454,784	*	Autozone, Inc		41,726
260,434	e	Canadian Tire Corp (Class A)		15,504
444,693	*	Carmax, Inc		12,309
325,348	*	Copart, Inc		7,503
502,840	*	CSK Auto Corp		7,583
964,000	e	Fuji Heavy Industries Ltd		5,227
524,162		Jardine Cycle & Carriage Ltd		3,499
148,319		Lithia Motors, Inc (Class A)		4,663
74,366	*	MarineMax, Inc		2,348
55,511		MOL Magyar Olaj- es Gazipari Rt.		5,174
6,000		Nissan Diesel Motor Co Ltd		41
1,000		Nissan Shatai Co Ltd		8
700		Nissin Kogyo Co Ltd		38
456,206	*	O'Reilly Automotive, Inc		14,603
798		Rodriguez Group		43
140,452	*	Rush Enterprises, Inc (Class A)		2,090
307,402		Sonic Automotive, Inc		6,849

6

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
239,853		Suzuki Motor Corp	$	4,440
5,000		Tonichi Carlife Group, Inc		27
8,000		Toyo Tire & Rubber Co Ltd		42
176,606		United Auto Group, Inc		6,746
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		187,980
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.81%
47,400	*	Builders FirstSource, Inc		1,013
134,173	*	Central Garden & Pet Co		6,164
601,954		Fastenal Co		23,591
376,743		Grafton Group plc		4,088
12,768,062		Home Depot, Inc		516,851
3,300		Keiyo Co Ltd		22
4,766,026		Lowe's Cos, Inc		317,703
541		Nibe Industrier AB (B Shs)		16
10,000		Nice Corp		47
2,000		Nichias Corp		13
115,893	*	RONA, Inc		2,128
1,476,406		Sherwin-Williams Co		67,058
51,751		Travis Perkins plc		1,244
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		939,938
BUSINESS SERVICES - 6.22%
2,315,739	*	3Com Corp		8,337
64,689	*	3D Systems Corp		1,164
214,076	e	Aaron Rents, Inc		4,513
229,184		ABM Industries, Inc		4,481
634,334		Accenture Ltd (Class A)		18,313
349	e*	Access Co Ltd		8,959
48,987		Acciona S.A.		5,458
1,640,362	*	Activision, Inc		22,539
546,607		Acxiom Corp		12,572
122,339		Adecco S.A. (Regd)		5,625
116,839		Administaff, Inc		4,913
4,409,806		Adobe Systems, Inc		162,986
7,067		Adsteam Marine Ltd		10
63,789		Advanced Semiconductor Engineering, Inc		58
59,280		Advanced Semiconductor Engineering, Inc (ADR)		266
122,929	*	Advent Software, Inc		3,554
165,685		Advo, Inc		4,669
1,017,138		Aegis Group plc		2,130
768,438	*	Affiliated Computer Services, Inc (Class A)		45,476
1,388,017		Aggreko plc		6,464
311,781	*	Agile Software Corp		1,864
596,350	*	Akamai Technologies, Inc		11,885
583,060	*	Alliance Data Systems Corp		20,757
145,853	*	Altiris, Inc		2,463
100	*	Amdocs Ltd		3

7

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
75,441	*	American Reprographics Co	$	1,917
264,213	*	AMICAS, Inc		1,310
96,941	*	AMN Healthcare Services, Inc		1,917
61,186	*	Ansoft Corp		2,083
218,051	*	Ansys, Inc		9,309
165,142	*	Anteon International Corp		8,975
116	*	Aplix Corp		1,435
353,894	e*	Applied Digital Solutions, Inc		1,016
413,339	*	aQuantive, Inc		10,433
191,485	*	Arbinet-thexchange, Inc		1,342
293,181		Arbitron, Inc		11,135
20,900		Argo 21 Corp		195
432,179	*	Ariba, Inc		3,177
4	*	Artist House Holdings, Inc		10
25,000		Asatsu-DK, Inc		794
355,023	*	Aspen Technology, Inc		2,787
147,487	*	Asset Acceptance Capital Corp		3,313
362,074	*	Atari, Inc		391
108,176	*	Atos Origin S.A.		7,101
142,690	e*	Audible, Inc		1,832
255,907	*	Autobytel, Inc		1,264
1,548,737		Autodesk, Inc		66,518
4,052,665		Automatic Data Processing, Inc		185,977
8,326	*	Autonomy Corp plc		56
132,503	e	Autostrade S.p.A.		3,167
326,743	*	Avocent Corp		8,884
552,710		Banco Sabadell S.A.		14,447
66,434	e*	Bankrate, Inc		1,961
8,937		Baycorp Advantage Ltd		22
2,207,286	*	BEA Systems, Inc		20,748
1,068,672	e*	BearingPoint, Inc		8,400
661		Bechtle AG.		13
702,495	*	BISYS Group, Inc		9,842
142,766		Blackbaud, Inc		2,438
152,987	*	Blackboard, Inc		4,434
70,243	*	Blue Coat Systems, Inc		3,212
1,358,526	*	BMC Software, Inc		27,836
470,651	*	Borland Software Corp		3,073
125,174	*	Bottomline Technologies, Inc		1,379
289,684		Brady Corp (Class A)		10,481
1,899,899	e	Brambles Industries Ltd		14,104
370,687		Brink's Co		17,760
8,127	e*	BroadVision, Inc		4
61,176	e*	Business Objects S.A.		2,467
76,300		CAC Corp		944
210,431	*	CACI International, Inc (Class A)		12,075
1,512,205	*	Cadence Design Systems, Inc		25,587
303,269	*	Cap Gemini S.A.		12,130
4,500		Capcom Co Ltd		53
64,995	*	Captaris, Inc		240
32,132	*	Carreker Corp		160
436,041		Catalina Marketing Corp		11,054

8

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
391,876	*	CBIZ, Inc	$	2,359
69,391	*	CCC Information Services Group, Inc		1,819
5,487,220		Cendant Corp		94,655
860,082	*	Ceridian Corp		21,373
131,042	e*	Cerner Corp		11,913
250,419		Certegy, Inc		10,157
2,643	*	CGI Group, Inc		21
824,349	*	CGI Group, Inc (Class A)		6,563
6,700	*	Check Point Software Technologies		135
390,692	*	Checkfree Corp		17,933
652,837	*	ChoicePoint, Inc		29,058
356,331	*	Ciber, Inc		2,352
89,342		Cintra Concesiones de Infraestructuras de Transporte S.A.		1,030
1,101,530	*	Citrix Systems, Inc		31,702
139,900	*	Clear Channel Outdoor Holdings, Inc		2,805
56,696	e*	Click Commerce, Inc		1,192
3,271,924	*	CMGI, Inc		4,973
760,736	*	CNET Networks, Inc		11,175
13,405		Coates Hire Ltd		51
45,779	e*	Cogent Communications Group, Inc		251
235,470	*	Cogent, Inc		5,340
249,468		Cognex Corp		7,506
1,009,227	*	Cognizant Technology Solutions Corp		50,815
148,005	*	Cognos, Inc		5,138
193,000	*	Cognos, Inc (Canada)		6,699
4,098		Comptel plc		8
2,445,828		Computer Associates International, Inc		68,948
81,503		Computer Programs & Systems, Inc		3,377
1,446,818	*	Computer Sciences Corp		73,267
1,147,622		Computershare Ltd		5,716
2,405,425	*	Compuware Corp		21,577
72,260	*	COMSYS IT Partners, Inc		798
152,872	*	Concur Technologies, Inc		1,971
619,051	*	Convergys Corp		9,812
1,710,000		COSCO Pacific Ltd		3,132
84,505	e*	CoStar Group, Inc		3,648
236,950	*	Covansys Corp		3,225
16,366	b,v*	Cross Media Marketing Corp		0	^
373,918	*	CSG Systems International, Inc		8,346
19,700		CSK Holdings Corp		983
53,211		Ctrip.com International Ltd		3,073
9		Cyber Agent Ltd		20
136,779	e*	Cyberguard Corp		1,208
168,803	*	Cybersource Corp		1,114
2		Cybird Co Ltd		4
93,234		Dassault Systemes S.A.		5,245
4,594		Datamat S.p.A.		53
12,483	*	Datastream Systems, Inc		108
70,072	*	DealerTrack Holdings, Inc		1,470
321,004		Deluxe Corp		9,675
6	*	Dena Co Ltd		17
252,790	*	Dendrite International, Inc		3,643

9

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
1,447		Dentsu, Inc	$	4,708
3,400		Diamond Lease Co Ltd		155
27,282	*	Digimarc Corp		161
194,146	*	Digital Insight Corp		6,217
206,021	e*	Digital River, Inc		6,127
267		DIS Deutscher Industrie Service AG.		16
547,543	*	DST Systems, Inc		32,803
13,507	e	eAccess Ltd		9,555
1,632,281	e*	Earthlink, Inc		18,135
6,943,221	*	eBay, Inc		300,294
190,177	e*	Echelon Corp		1,489
207,405	*	Eclipsys Corp		3,926
102,520	*	eCollege.com, Inc		1,848
270,457	*	eFunds Corp		6,339
110,858	*	Electro Rent Corp		1,653
1,868,818	*	Electronic Arts, Inc		97,758
2,420,889		Electronic Data Systems Corp		58,198
479,166	*	Electronics for Imaging, Inc		12,751
39,900	*	Elpida Memory, Inc		1,190
78,255	*	Emageon, Inc		1,244
1,773,564	e*	Emdeon Corp		15,004
5		en-japan, Inc		32
446,058	*	Entrust, Inc		2,159
400	e,v*	Envision Development Corp		0	^
317,952	*	Epicor Software Corp		4,493
91,335	*	EPIQ Systems, Inc		1,693
938,004		Equifax, Inc		35,663
89,733	e*	Equinix, Inc		3,658
73,299	e*	Escala Group, Inc		1,487
175,212	*	eSpeed, Inc (Class A)		1,351
216,915	*	F5 Networks, Inc		12,405
185,700		Factset Research Systems, Inc		7,643
321,615		Fair Isaac Corp		14,206
150,639	e*	FalconStor Software, Inc		1,113
1,799	*	Fast Search & Transfer ASA		7
473	*	Fidec Corp		3,731
226,047	*	Filenet Corp		5,843
28,772	*	First Advantage Corp		769
198,613		First Choice Holidays plc		852
4,304,326		First Data Corp		185,129
976,154	*	Fiserv, Inc		42,238
161,264	*	Focus Media Holding Ltd		5,446
104,564	*	Forrester Research, Inc		1,961
35		For-side.com Co Ltd		14
1,005		Freenet.de AG.		25
68,092	*	FTD Group, Inc		707
53,500		Fuji Soft ABC, Inc		1,790
3,658,808		Fujitsu Ltd		27,837
3		Fullcast Co Ltd		10
12		Future System Consulting Corp		48
71,000		Fuyo General Lease Co Ltd		3,308
308,020	*	Gartner, Inc (Class A)		3,973

10

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
14,389		Gemplus International S.A.	$	38
3		Geo Co Ltd		11
282,253	e	Getronics NV		3,782
263,221	*	Getty Images, Inc		23,498
144,535		Gevity HR, Inc		3,717
600		GMO internet, Inc		15
328	e	Goodwill Group, Inc		667
1,068,715	*	Google, Inc (Class A)		443,367
3,676,458		Group 4 Securicor plc		10,162
79,024	e	Gruppo Editoriale L'Espresso S.p.A.		415
941,179		GTECH Holdings Corp		29,873
16,100		Hakuhodo DY Holdings, Inc		1,134
2,661,178		Hays plc		5,734
163,402		Healthcare Services Group		3,384
34,100	*	Heartland Payment Systems, Inc		739
113,907	*	Heidrick & Struggles International, Inc		3,651
1,211,623	*	Homestore, Inc		6,179
134,101	*	Hudson Highland Group, Inc		2,328
277,090	*	Hypercom Corp		1,771
306,431	*	Hyperion Solutions Corp		10,976
140,322	*	IDX Systems Corp		6,163
662		I-Flex Solutions Ltd		16
131,756	*	iGate Corp		640
14,200	*	IHS, Inc		291
1,385,387		IMS Health, Inc		34,524
123,221		Indra Sistemas S.A.		2,400
138,152	e*	Infocrossing, Inc		1,189
9,247	*	Infogrames Entertainment S.A.		15
534,623	*	Informatica Corp		6,415
283,100	a	Information Development Co		2,602
335,010	e*	Infospace, Inc		8,650
2,400		Infosys Technologies Ltd		194
3,548		Infosys Technologies Ltd		236
224,503		infoUSA, Inc		2,454
131,463	e*	Innovative Solutions & Support, Inc		1,680
1,000		Intec, Inc		17
55,284		Integral Systems, Inc		1,043
3,985		Intelligent Wave, Inc		16,172
156,369		Interactive Data Corp		3,551
7,900	e*	Interchange Corp		44
406,068	*	Intergraph Corp		20,226
912,693	*	Internap Network Services Corp		392
230,746	*	Internet Capital Group, Inc		1,897
242,774	*	Internet Security Systems, Inc		5,086
54,386		Interpool, Inc		1,027
2,058,869	e*	Interpublic Group of Cos, Inc		19,868
96,854	*	Intervideo, Inc		1,022
232,216	*	Interwoven, Inc		1,967
184,001	*	Intrado, Inc		4,236
836,972	*	Intuit, Inc		44,611
485,328	*	Ipass, Inc		3,184
86,533	*	iPayment, Inc		3,593

11

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
870,704	*	Iron Mountain, Inc	$	36,761
175,749		iSOFT Group plc		1,175
255,869	*	iVillage, Inc		2,052
439,874		Jack Henry & Associates, Inc		8,393
67,352	*	Jamdat Mobile, Inc		1,790
202,397	*	JDA Software Group, Inc		3,443
3,257,393	*	Juniper Networks, Inc		72,640
129,839	e*	Jupitermedia Corp		1,919
54,624	*	Kana Software, Inc		73
79,030	*	Kanbay International, Inc		1,256
309,958	*	Keane, Inc		3,413
129,200		Kelly Services, Inc (Class A)		3,388
25,600	*	Kenexa Corp		540
146,488	*	Keynote Systems, Inc		1,882
220,305	*	Kforce, Inc		2,459
335,646	e*	KFX, Inc		5,743
258,934	*	Kinetic Concepts, Inc		10,295
8	*	KK DaVinci Advisors		60
115,180	e	Koei Co Ltd		3,191
179,100		Konami Corp		3,938
297,466	*	Korn/Ferry International		5,560
192,934	*	Kronos, Inc		8,076
409,929	*	Labor Ready, Inc		8,535
367,392	e*	Lamar Advertising Co		16,951
460,484	e*	Lawson Software, Inc		3,385
58,000		Lenovo Group Ltd		27
285,124	*	Lionbridge Technologies		2,002
2,400	*	Lipman Electronic Engineering Ltd		56
836,500	*	livedoor Co Ltd		5,209
860,530		LogicaCMG plc		2,619
172,352	*	LoJack Corp		4,159
13,972	*	Lottomatica S.p.A		503
360		Macromill, Inc		1,382
216,497	e*	Magma Design Automation, Inc		1,821
39,959	e*	Majesco Entertainment Co		47
225,070	*	Manhattan Associates, Inc		4,609
540,296		Manpower, Inc		25,124
116,555	*	Mantech International Corp (Class A)		3,247
1,308,212	*	Manugistics Group, Inc		2,289
118,317	*	Mapinfo Corp		1,492
123,418	e*	Marchex, Inc		2,776
36,036	*	Marlin Business Services, Inc		861
300,402	*	Matrixone, Inc		1,499
1,219,517	*	McAfee, Inc		33,085
42	*	Medical Staffing Network Holdings, Inc		0	^
436,063	*	Mentor Graphics Corp		4,509
268,795	*	Mercury Interactive Corp		7,470
10,511		Michael Page International plc		49
453,258	*	Micromuse, Inc		4,483
59,148,464		Microsoft Corp		1,546,732
98,667	e*	MicroStrategy, Inc		8,164
177,509	e*	Midway Games, Inc		3,367

12

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
537,641		Misys plc	$	2,204
152,000		Mitsuba Corp		1,624
92		Monex Beans Holdings, Inc		123
554,858		MoneyGram International, Inc		14,471
788,897	e*	Monster Worldwide, Inc		32,203
200		Moshi Moshi Hotline, Inc		24
134,211	*	Motive, Inc		415
756,729	*	MPS Group, Inc		10,344
119,802	*	MRO Software, Inc		1,682
667,682	*	NAVTEQ Corp		29,291
299,054	*	NCO Group, Inc		5,060
1,094,536	*	NCR Corp		37,149
260,367	*	NDCHealth Corp		5,007
2,885,946		NEC Corp		17,947
90,386	*	Ness Technologies, Inc		973
19,050		Nestor Healthcare Group plc		40
220,625	e*	NetFlix, Inc		5,970
325,445	*	NetIQ Corp		4,000
82,050	*	Netratings, Inc		1,012
153,699	*	Netscout Systems, Inc		838
70,254	*	Network Equipment Technologies, Inc		309
210	*	NHN Corp		56
165,558	*	NIC, Inc		1,020
711,000		Nippon System Development Co Ltd		23,192
194,200		Nomura Research Institute Ltd		23,775
2,253,300	*	Novell, Inc		19,897
2,679	e	NTT Data Corp		13,324
2,150		Obic Co Ltd		473
3,553		Observer AB		15
1,109,029		Omnicom Group, Inc		94,412
113,136	*	Online Resources Corp		1,250
111,503	*	Open Solutions, Inc		2,556
10,060	e*	Open Text Corp		142
410,375	*	Opsware, Inc		2,786
4	*	OPT, Inc		24
25,926,297	*	Oracle Corp		316,560
137,300	e	Oracle Corp Japan		6,817
56,800		Otsuka Corp		6,261
36,212	*	Overland Storage, Inc		290
247,702	*	Packeteer, Inc		1,925
2,786,671	*	Parametric Technology Corp		16,999
20,600	*	Patni Computer Systems Ltd		478
3,886,000	*	Paxys, Inc		469
544	*	PC-Tel, Inc		5
110,139	*	PDF Solutions, Inc		1,790
110,255	*	Pegasystems, Inc		806
592,546	*	Perot Systems Corp (Class A)		8,379
122,097	*	Phase Forward, Inc		1,190
175,984	*	Phoenix Technologies Ltd		1,102
16,907	*	PLATO Learning, Inc		134
57,192	*	Portal Software, Inc		132
101,742	e*	Portfolio Recovery Associates, Inc		4,725

13

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
611,900		POS Malaysia & Services Holdings Bhd	$	654
97,048	*	PRA International		2,732
878,036	*	Premiere Global Services, Inc		7,138
248,118	*	Progress Software Corp		7,042
176		Prokom Software S.A.		7
53,261		Promotora de Informaciones S.A. (PRISA)		905
2,832		Prosegur Cia de Seguridad S.A.		64
14,452	e*	Proxymed, Inc		59
49,342		Public Power Corp		1,074
74		PubliGroupe S.A.		20
80,303		QAD, Inc		613
1,100	*	Quadramed Corp		2
48,626		Quality Systems, Inc		3,733
363,004	*	Quest Software, Inc		5,296
138,787	*	Radiant Systems, Inc		1,688
106,047	*	Radisys Corp		1,839
15,738	e*	Rakuten, Inc		15,201
42,996		Randstad Holdings NV		1,861
757,054	*	RealNetworks, Inc		5,875
1,023,389	*	Red Hat, Inc		27,877
513,306	*	Redback Networks, Inc		7,217
4,912	e*	Redback Networks, Inc Wts		33
4,668	*	Redback Networks, Inc Wts		46
55,186		Renaissance Learning, Inc		1,044
431,354	*	Rent-A-Center, Inc		8,135
1,654,956		Rentokil Initial plc		4,645
156,171	*	Rent-Way, Inc		998
2,023,750		Reuters Group plc		14,957
95,934	*	Rewards Network, Inc		614
307,743		Reynolds & Reynolds Co (Class A)		8,638
53,123	*	RightNow Technologies, Inc		981
1,091,237		Robert Half International, Inc		41,347
176,991		Rollins, Inc		3,488
422,919	*	RSA Security, Inc		4,749
461,459	*	S1 Corp		2,007
149,102	e*	SafeNet, Inc		4,804
70,998	*	SAFLINK Corp		56
2,654,149		Sage Group plc		11,756
320,310	e*	Salesforce.com, Inc		10,266
531,797		SAP AG.		96,074
222,957		SAP AG. (Spon ADR)		10,049
451,325	*	Sapient Corp		2,568
3,400		Satyam Computer Services Ltd (ADR)		124
1,363		Savills plc		23
326,602		Secom Co Ltd		17,073
223,543	*	Secure Computing Corp		2,741
510,574		Securitas AB (B Shs)		8,468
285,575	*	Serena Software, Inc		6,694
1,504,358		ServiceMaster Co		17,977
4,003		SGS S.A.		3,365
24,700		Shin Corp PCL		25
51,102	*	SI International, Inc		1,562

14

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
2,873,160		Siebel Systems, Inc	$	30,398
4,393,000		Singapore Post Ltd		3,038
70,868	*	Sitel Corp		221
1,228		Skilled Group Ltd		4
25,550		Societe Des Autoroutes Paris-Rhin-Rhone		1,820
702		Software AG. (Br)		34
219,971	*	Sohu.com, Inc		4,034
3,048,000		Solomon Systech International Ltd		1,268
3	*	So-net M3, Inc		17
482,177	*	SonicWALL, Inc		3,819
1,490,695	e*	Sonus Networks, Inc		5,545
90,200		Sorun Corp		781
235,626	*	Sotheby's Holdings, Inc (Class A)		4,326
778,631	*	Spherion Corp		7,794
163,707	*	SPSS, Inc		5,063
198,900	e	Square Enix Co Ltd		5,578
127,750	*	SRA International, Inc (Class A)		3,901
4,500	*	SSA Global Technologies, Inc		82
88,513		Startek, Inc		1,593
126,891	*	Stellent, Inc		1,260
55,497	e*	Stratasys, Inc		1,388
312,600		Sumisho Computer Systems Corp		6,648
19,138,015	*	Sun Microsystems, Inc		80,188
273,780	*	SupportSoft, Inc		1,155
690,024	*	Sybase, Inc		15,084
303,157	*	SYKES Enterprises, Inc		4,053
6,776,312	*	Symantec Corp		118,585
52,273	*	SYNNEX Corp		790
805,858	*	Synopsys, Inc		16,165
48,006		Syntel, Inc		1,000
8,144,000		Taiwan-Sogo Shinkong Security Corp		5,356
15	*	Take And Give Needs Co Ltd		25
348,709	e*	Take-Two Interactive Software, Inc		6,172
700	*	Taleo Corp		9
119,085		Talx Corp		5,443
1,091		Tata Consultancy Services Ltd		41
11,106,422	e*	Telecom Italia Media S.p.A.		5,856
406,997	*	Telelogic AB		1,043
393,889	*	TeleTech Holdings, Inc		4,746
879	*	Temenos Group AG.		9
381,569	*	THQ, Inc		9,100
1,365,178	*	TIBCO Software, Inc		10,198
24,155	e*	Tiens Biotech Group USA, Inc		87
20,697	*	Tier Technologies, Inc (Class B)		152
75,296	e	Tietoenator Oyj		2,740
101,900		TIS, Inc		3,143
90,024	*	TNS, Inc		1,727
28,000	*	Tom Group Ltd		5
206,488		Total System Services, Inc		4,086
132,144	*	TradeStation Group, Inc		1,636
241,376	*	Transaction Systems Architects, Inc		6,949
24,508	e*	Travelzoo, Inc		539

15

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
325,200	e*	Trend Micro, Inc	$	12,288
350,651	*	Trizetto Group, Inc		5,958
59,997	e*	TRM Corp		447
620,824	e	TUI AG.		12,669
64,800	*	Tumbleweed Communications Corp		200
66,000		UFJ Central Leasing Co Ltd		3,277
132,133	*	Ultimate Software Group, Inc		2,520
4,147	*	Unica Corp		50
2,201,534	*	Unisys Corp		12,835
841,931		United Online, Inc		11,972
856,516	e*	United Rentals, Inc		20,034
103,734	*	Universal Compression Holdings, Inc		4,266
828		USG People NV		35
18,360	e	USS Co Ltd		1,170
612,587	*	Valueclick, Inc		11,094
156,180	e*	Vasco Data Security International		1,540
156,925		Vedior NV		2,317
191,866	*	Ventiv Health, Inc		4,532
69,251	*	Verint Systems, Inc		2,387
1,959,618	e*	VeriSign, Inc		42,955
57,813	*	Vertrue, Inc		2,042
147,178		Viad Corp		4,317
245,307	*	Vignette Corp		4,001
2,490		Visma ASA		37
65,261	*	Volt Information Sciences, Inc		1,241
1,552		Votorantim Celulose e Papel S.A.		19
6,600		Votorantim Celulose e Papel S.A. (Spon ADR)		81
4,657,085		Waste Management, Inc		141,342
71,585	*	WatchGuard Technologies, Inc		265
204,162	e*	WebEx Communications, Inc		4,416
800	*	WebMD Health Corp		23
264,011	*	webMethods, Inc		2,035
178,092	*	Websense, Inc		11,690
52,771	*	WebSideStory, Inc		957
434,713	*	Wind River Systems, Inc		6,421
148,652	*	Witness Systems, Inc		2,924
557,695		WM-Data AB (B Shs)		1,780
5,205,178		WPP Group plc		56,207
26,325		Xansa plc		41
9,239	e	Yahoo! Japan Corp		14,011
7,167,697	*	Yahoo!, Inc		280,830
		TOTAL BUSINESS SERVICES		7,208,415
CHEMICALS AND ALLIED PRODUCTS - 9.78%
645,669	e*	Aastrom Biosciences, Inc		1,362
9,260,424		Abbott Laboratories		365,139
644,583	e*	Abgenix, Inc		13,865
73,781	e*	Able Laboratories, Inc		11
116,120	*	Acadia Pharmaceuticals, Inc		1,144
1,127	*	Active Biotech AB		12

16

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
301,052	*	Adams Respiratory Therapeutics, Inc	$	12,241
36,609	*	Adeza Biomedical Corp		771
253,674	*	Adolor Corp		3,704
6,230	e*	Advancis Pharmaceutical Corp		9
619,933	*	Agrium, Inc		13,596
115,919		Air Liquide S.A.		22,219
1,396,275	e	Air Products & Chemicals, Inc		82,646
1,091,000	e	Air Water, Inc		11,600
1,581,727		Akzo Nobel NV		73,043
160,843	*	Albany Molecular Research, Inc		1,954
217,190	e	Albemarle Corp		8,329
358,141		Alberto-Culver Co		16,385
177,778	e*	Alexion Pharmaceuticals, Inc		3,600
5,059		Alfa S.A. de C.V.		28
68,200		Alfresa Holdings Corp		3,190
747	*	ALK-Abello a/s		80
769,166	*	Alkermes, Inc		14,706
573,512		Alpharma, Inc (Class A)		16,351
134,341		Altana AG.		7,289
428,317	e*	American Pharmaceutical Partners, Inc		16,614
55,036	e	American Vanguard Corp		1,293
8,697,455	*	Amgen, Inc		685,881
78	*	Amorepacific Corp		24
1,611,652	*	Andrx Corp		26,544
120,684	*	Angiotech Pharmaceuticals, Inc		1,585
97,288	e*	Aphton Corp		34
123,674		Arch Chemicals, Inc		3,698
288,910	*	Arena Pharmaceuticals, Inc		4,108
171,821	*	Arqule, Inc		1,052
206,150	*	Array Biopharma, Inc		1,445
4,000		Asahi Denka Co Ltd		62
1,808,358		Asahi Kasei Corp		12,226
1,026,800		Astellas Pharma, Inc		40,018
403,250		AstraZeneca plc (Spon ADR)		19,598
4,911,262		AstraZeneca plc (United Kingdom)		238,525
232,966	e*	Atherogenics, Inc		4,662
600,359	*	AVANIR Pharmaceuticals		2,065
18	*	Avant Immunotherapeutics, Inc		0	^
484,713		Avery Dennison Corp		26,790
37,656	e*	AVI BioPharma, Inc		130
2,915,137		Avon Products, Inc		83,227
44,449		Balchem Corp		1,325
675,105	*	Barr Pharmaceuticals, Inc		42,052
120,469	*	Barrier Therapeutics, Inc		988
1,096,858		BASF AG.		83,722
7,522		Beiersdorf AG.		923
110,645	*	Bentley Pharmaceuticals, Inc		1,816
223,708	*	Bioenvision, Inc		1,461
2,074,194	*	Biogen Idec, Inc		94,023
526,138	*	BioMarin Pharmaceuticals, Inc		5,672
80		BioMerieux		4
557,171	*	Biovail Corp International		13,131

17

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
368,060		BOC Group plc	$	7,570
9,049		Body Shop International plc		41
460		Boiron S.A.		12
2,998,267		Boots Group plc		31,141
959		BorsodChem Rt.		10
3,005		Braskem S.A.		24
2,200		Braskem S.A. (ADR)		36
9,403,005		Bristol-Myers Squibb Co		216,081
312,222	e	Cabot Corp		11,178
207,427		Calgon Carbon Corp		1,180
166,032		Cambrex Corp		3,116
29,296	e*	CancerVax Corp		40
62,382	*	Caraco Pharmaceutical Laboratories Ltd		560
479,753		Celanese Corp (Series A)		9,173
270,416	e*	Cell Genesys, Inc		1,604
387,217	e*	Cell Therapeutics, Inc		844
254,388	e*	Cephalon, Inc		16,469
213,100	e	CF Industries Holdings, Inc		3,250
355,049	*	Charles River Laboratories International, Inc		15,043
156,589	*	Chattem, Inc		5,698
998,624		Chemtura Corp		12,683
511,313	*	Chiron Corp		22,733
363,924	e	Chugai Pharmaceutical Co Ltd		7,801
364,938		Church & Dwight Co, Inc		12,054
119,670		Ciba Specialty Chemicals AG. (Regd)		7,718
1,273		Cipla Ltd		13
102,000	*	CK Life Sciences International Holdings, Inc		12
106,086		Clariant AG.		1,558
935,686		Clorox Co		53,231
7,730	e*	Coley Pharmaceutical Group, Inc		117
4,365,013		Colgate-Palmolive Co		239,421
230,901	e*	Connetics Corp		3,337
46,465	*	Conor Medsystems, Inc		899
9,796	*	Corcept Therapeutics, Inc		36
80,720	e*	Cotherix, Inc		857
5,781		Croda International plc		46
605	*	Crucell		16
413,399		CSL Ltd		12,888
314,824	*	Cubist Pharmaceuticals, Inc		6,690
315,343	*	Curis, Inc		1,123
202,723	*	Cypress Bioscience, Inc		1,172
264,887		Cytec Industries, Inc		12,617
60,846	e*	Cytogen Corp		167
500,363		Dade Behring Holdings, Inc		20,460
972,000		Daicel Chemical Industries Ltd		6,983
947,200	e	Daiichi Sankyo Co Ltd		18,257
468,000		Dainippon Ink and Chemicals, Inc		2,026
375,884	e*	Dendreon Corp		2,037
144,134		Diagnostic Products Corp		6,998
85,480	*	Digene Corp		2,493
333,349	*	Discovery Laboratories, Inc		2,227
135,554	*	Dov Pharmaceutical, Inc		1,990

18

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
6,556,862		Dow Chemical Co	$	287,322
870		Dr Reddy's Laboratories Ltd		19
6,900		Dr Reddy's Laboratories Ltd (ADR)		149
89,767		DSM NV		3,653
5,490,003		Du Pont (E.I.) de Nemours & Co		233,325
257,741	e*	Durect Corp		1,307
112,365	e*	Dusa Pharmaceuticals, Inc		1,210
473,003		Eastman Chemical Co		24,402
1,186,549		Ecolab, Inc		43,036
358,883	e	Eisai Co Ltd		15,051
525,908	*	Elan Corp plc		7,072
185,848	e*	Elan Corp plc (Spon ADR)		2,589
5,416,610		Eli Lilly & Co		306,526
133,129	*	Elizabeth Arden, Inc		2,671
337,920	*	Encysive Pharmaceuticals, Inc		2,666
612,922		Engelhard Corp		18,480
511,088	*	Enzon Pharmaceuticals, Inc		3,782
146,737	*	EPIX Pharmaceuticals, Inc		593
660,689		Estee Lauder Cos (Class A)		22,120
259,268		Ferro Corp		4,864
173,979	e*	First Horizon Pharmaceutical Corp		3,001
313,585	*	FMC Corp		16,673
2,507,702	*	Forest Laboratories, Inc		102,013
46,000		Formosa Chemicals & Fibre Corp		74
79,000		Formosa Plastics Corp		121
800		Fujimi, Inc		16
219		Gedeon Richter Rt		39
2,959,673	e*	Genentech, Inc		273,770
143,251	e*	Genitope Corp		1,139
77,042	e*	Genta, Inc		112
1,836,394	*	Genzyme Corp		129,980
213,992		Georgia Gulf Corp		6,510
374,975	e*	Geron Corp		3,229
3,264,779	*	Gilead Sciences, Inc		171,825
7,780,989		GlaxoSmithKline plc		196,229
300		GlaxoSmithKline plc (ADR)		15
1,375,000	*	Global Bio-Chem Technology Group Co Ltd Wts		3
351,305	e*	GlobeTel Communications Corp		1,296
48,610	e*	GTx, Inc		367
12,000		Gun-Ei Chemical Industry Co Ltd		49
25,733		H Lundbeck a/s		531
249,897		H.B. Fuller Co		8,014
266,000		Haw Par Corp Ltd		824
305,970		Henkel KGaA		30,677
13,470		Hindustan Lever Ltd		59
38,995	*	Hi-Tech Pharmacal Co, Inc		1,727
1,702,748	*	Hospira, Inc		72,844
788,417	*	Human Genome Sciences, Inc		6,749
701,360	*	Huntsman Corp		12,077
85,912	e*	Idenix Pharmaceuticals, Inc		1,470
183,107	*	Idexx Laboratories, Inc		13,180
305,236	e*	ImClone Systems, Inc		10,451

19

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
338,025	*	Immucor, Inc	$	7,896
258,686	*	Immunogen, Inc		1,327
71	*	Impax Laboratories, Inc		1
5,338,788		Imperial Chemical Industries plc		30,429
137,752	e*	Indevus Pharmaceuticals, Inc		742
240,131	*	Inspire Pharmaceuticals, Inc		1,220
32,810		Inter Parfums, Inc		589
159,568	e*	InterMune, Inc		2,681
414,884		International Flavors & Fragrances, Inc		13,899
114,656	e*	Introgen Therapeutics, Inc		604
111,883	*	Inverness Medical Innovations, Inc		2,653
249,334	*	Invitrogen Corp		16,616
210,171		Ishihara Sangyo Kaisha Ltd		374
71,768	e*	Isolagen, Inc		133
8,507		Israel Chemicals Ltd		34
918,937	*	IVAX Corp		28,790
1,600	*	Jilin Chemical Industrial Co Ltd		57
618,300	e	JSR Corp		16,239
312,300	e	Kaken Pharmaceutical Co Ltd		2,432
169,000		Kansai Paint Co Ltd		1,448
407,029		Kao Corp		10,897
2,758		Kemira GrowHow Oyj		19
2,485,210	*	King Pharmaceuticals, Inc		42,050
939,500		Kingboard Chemical Holdings Ltd		2,545
83,000	*	Kingboard Chemical Holdings Ltd Wts		29
112,582	e*	Kos Pharmaceuticals, Inc		5,824
24,916		Kose Corp		996
21,517		Kronos Worldwide, Inc		624
860,500		Kuraray Co Ltd		8,909
217,882	*	KV Pharmaceutical Co (Class A)		4,488
90,000		Kyowa Hakko Kogyo Co Ltd		628
29,198	e*	Lannett Co, Inc		215
22	*	Lanxess AG.		1
750	*	LG Chem Ltd		42
21	e*	Ligand Pharmaceuticals, Inc (Class B)		0	^
149,055		Linde AG.		11,563
717,972	e	Lonza Group AG. (Regd)		43,799
374,154		L'Oreal S.A.		27,716
546,111		Lubrizol Corp		23,718
2,243,621		Lyondell Chemical Co		53,443
151,441		MacDermid, Inc		4,225
4,320		Makhteshim-Agan Industries Ltd		25
156,911	e	Mannatech, Inc		2,167
129,758	e*	MannKind Corp		1,461
42,117	e*	Marshall Edwards, Inc		263
179,687	e*	Martek Biosciences Corp		4,422
1,722,096	*	Mayne Pharma Ltd		3,209
623,652	e*	Medarex, Inc		8,638
477,100		Mediceo Paltac Holdings Co Ltd		6,900
291,325	e*	Medicines Co		5,084
427,243	e	Medicis Pharmaceutical Corp (Class A)		13,693
1,604,643	*	Medimmune, Inc		56,195

20

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
15,961,799		Merck & Co, Inc	$	507,745
87,839		Merck KGaA		7,248
134,633		Meridian Bioscience, Inc		2,711
622,364		Methanex Corp		11,646
445,649	*	MGI Pharma, Inc		7,647
1,326,590	*	Millennium Pharmaceuticals, Inc		12,868
135,479		Minerals Technologies, Inc		7,572
4,300		Miraca Holdings, Inc		94
1,756,500		Mitsubishi Chemical Holdings Corp		11,057
795,540		Mitsubishi Gas Chemical Co, Inc		7,515
3,171,000	e	Mitsui Chemicals, Inc		21,305
5,000		Mochida Pharmaceutical Co Ltd		41
67,150	e*	Momenta Pharmaceuticals, Inc		1,480
2,244,235		Monsanto Co		173,996
205	*	Morphosys AG.		10
560,033	e*	Mosaic Co		8,193
1,159,833		Mylan Laboratories, Inc		23,150
181,789	*	Myogen, Inc		5,483
492,353	*	Nabi Biopharmaceuticals		1,664
375,097	*	Nalco Holding Co		6,643
91,000		Nan Ya Plastics Corp		125
122,671	e*	Nastech Pharmaceutical Co, Inc		1,806
75,176		Natures Sunshine Products, Inc		1,359
306,148	*	NBTY, Inc		4,975
209,547	*	Neurocrine Biosciences, Inc		13,145
60,804	e*	New River Pharmaceuticals, Inc		3,155
139,398	*	NewMarket Corp		3,410
510,000	e*	Nippon Chemiphar Co Ltd		3,859
935,000		Nippon Kayaku Co Ltd		7,977
762,000		Nippon Paint Co Ltd		3,396
685,562		Nippon Shokubai Co Ltd		7,754
275,000		Nissan Chemical Industries Ltd		3,910
113,612	e*	NitroMed, Inc		1,585
67,874	e	NL Industries, Inc		956
128,912	e*	Northfield Laboratories, Inc		1,727
19,506		Nova Chemicals Corp		648
225,038		Novartis AG. (ADR)		11,810
5,824,301		Novartis AG. (Regd)		305,147
128,251	*	Noven Pharmaceuticals, Inc		1,940
518,244		Novo Nordisk a/s (B Shs)		29,053
4,234	*	Novogen Ltd		15
23,965		Novozymes a/s		1,307
258,556	*	NPS Pharmaceuticals, Inc		3,061
246,891	*	Nuvelo, Inc		2,002
103,516		Octel Corp		1,684
485,075		Olin Corp		9,546
186,335	*	OM Group, Inc		3,496
9,089		Omega Pharma S.A.		472
53,300		Ono Pharmaceutical Co Ltd		2,407
235,271	*	Onyx Pharmaceuticals, Inc		6,766
59		OPG Groep NV		4
508,334	*	OraSure Technologies, Inc		4,483

21

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
625,667		Orica Ltd	$	9,363
252,187	e*	OSI Pharmaceuticals, Inc		7,071
21,694	*	Oxford Biomedica plc		11
175,483	e*	Pain Therapeutics, Inc		1,186
218,119	*	Par Pharmaceutical Cos, Inc		6,836
151,556	*	Parexel International Corp		3,070
43,807	e*	Parlux Fragrances, Inc		1,337
112,319	*	Penwest Pharmaceuticals Co		2,192
571,334		Perrigo Co		8,519
47,112,184		Pfizer, Inc		1,098,656
202,216	*	Pharmion Corp		3,593
60,799	*	Pharmos Corp		122
127,110	*	Pioneer Cos, Inc		3,809
586,574	*	PolyOne Corp		3,772
148,063	e	Potash Corp of Saskatchewan		11,800
140,238	*	Pozen, Inc		1,345
841,567		PPG Industries, Inc		48,727
25,542	*	Praecis Pharmaceuticals, Inc		102
1,647,534		Praxair, Inc		87,253
173,276	*	Prestige Brands Holdings, Inc		2,166
21,082,581		Procter & Gamble Co		1,220,260
102,489	*	Progenics Pharmaceuticals, Inc		2,563
961,114	*	Protein Design Labs, Inc		27,315
71,500		PT Kalbe Farma Tbk		7
25,000		PT Unilever Indonesia Tbk		11
85,355	*	QLT, Inc		546
2,549		Ranbaxy Laboratories Ltd		21
2,427,457		Reckitt Benckiser plc		80,013
8,884		Recordati S.p.A.		61
114,047	e*	Renovis, Inc		1,745
726,308	e*	Revlon, Inc (Class A)		2,252
4,812,223	*	Rhodia S.A.		10,274
4,015,984		Rhodia S.A. (Spon ADR)		8,474
9,570		Roche Holding AG.		1,592
1,624,568		Roche Holding AG. (Genusscheine)		243,201
853,409	*	Rockwood Holdings, Inc		16,838
1,786,402		Rohm & Haas Co		86,498
549,322		RPM International, Inc		9,542
11,000		Sakai Chemical Industry Co Ltd		51
247,136	*	Salix Pharmaceuticals Ltd		4,345
2,325,701		Sanofi-Aventis		203,003
113,600		Sanofi-Aventis (ADR)		4,987
57,300		Santen Pharmaceutical Co Ltd		1,583
82,600	e	Sawai Pharmaceutical Co Ltd		2,806
10,456,818		Schering-Plough Corp		218,025
272,180		Scotts Miracle-Gro Co (Class A)		12,313
1,100		Seikagaku Corp		12
251,362		Sensient Technologies Corp		4,499
2,383,131	*	Sepracor, Inc		122,970
216,494	e*	Serologicals Corp		4,274
7,456		Serono S.A. (B Shs)		5,923
771,916		Shin-Etsu Chemical Co Ltd		41,006

22

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
142,264		Shionogi & Co Ltd	$	2,002
264,000		Shiseido Co Ltd		4,921
2,000,000		Showa Denko KK		7,795
21,332		Sigma Pharmaceuticals Ltd		49
322,822		Sigma-Aldrich Corp		20,431
126		Sika AG.		104
40,000		Sinopec Shanghai Petrochemical Co Ltd		15
2,200		Sinopec Shanghai Petrochemical Co Ltd (Spon ADR)		83
12,528	*	Skyepharma plc		11
438,460	e*	StemCells, Inc		1,513
32,029		Stepan Co		861
63,194		Stratagene Corp		634
3,526,140		Sumitomo Chemical Co Ltd		24,199
44,722		Sun Pharmaceuticals Industries Ltd		677
284,784	e*	SuperGen, Inc		1,438
112,580	e*	SurModics, Inc		4,164
1,099,835		Symbion Health Ltd		2,848
209,382	e	Syngenta AG.		25,975
260,000	e	Taisho Pharmaceutical Co Ltd		4,868
13,000		Taiwan Fertilizer Co Ltd		15
198,000		Taiyo Nippon Sanso Corp		1,322
1,731,594		Takeda Pharmaceutical Co Ltd		93,600
702,000	e	Tanabe Seiyaku Co Ltd		6,816
135,539	e*	Tanox, Inc		2,219
3,352,000		Teijin Ltd		21,271
99,067	e*	Tercica, Inc		710
698,391	e*	Terra Industries, Inc		3,911
10,217		Teva Pharmaceutical Industries Ltd		446
3,076,413	e	Teva Pharmaceutical Industries Ltd (Spon ADR)		132,317
893,948	*	Theravance, Inc		20,132
38,011	*	Threshold Pharmaceuticals, Inc		549
1,000		Toagosei Co Ltd		5
267,000		Tokuyama Corp		3,427
1,536,255		Toray Industries, Inc		12,521
1,079,000		Tosoh Corp		4,735
14,000		Toyo Ink Manufacturing Co Ltd		63
36,100		Tronox, Inc		472
35,000		Tsumura & Co		967
261,985		UAP Holding Corp		5,350
361,381	e	UCB S.A.		16,914
23,223	*	Unifi, Inc		71
165,391		Unilever plc		6,635
7,019,756		Unilever plc		69,475
7,767		United Drug plc		33
177,151	*	United Therapeutics Corp		12,245
104,272	e*	USANA Health Sciences, Inc		4,000
754,696		USEC, Inc		9,019
405,478		Valeant Pharmaceuticals International		7,331
448,510		Valspar Corp		11,065
572,521	*	VCA Antech, Inc		16,145
581,339	*	Vertex Pharmaceuticals, Inc		16,086
6,282		Victrex plc		72

23

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
233,564	e*	Vion Pharmaceuticals, Inc	$	385
473		Virbac S.A.		22
750,326	*	Watson Pharmaceuticals, Inc		24,393
262,906		Wellman, Inc		1,782
170,526		Westlake Chemical Corp		4,913
543,212	*	WR Grace & Co		5,106
9,139,525		Wyeth		421,058
3,400	*	Xenoport, Inc		61
137,344		Zeltia S.A.		953
274		Zentiva NV		13
46,000		Zeon Corp		608
38,567	*	Zila, Inc		148
169,400	*	Zymogenetics, Inc		2,881
		TOTAL CHEMICALS AND ALLIED PRODUCTS		11,333,393
COAL MINING - 0.25%
152,262	*	Alpha Natural Resources, Inc		2,925
279,240		Arch Coal, Inc		22,199
8,594,366	e	BHP Billiton Ltd		143,425
506,977		Consol Energy, Inc		33,045
133,074		Foundation Coal Holdings, Inc		5,057
647,032	*	International Coal Group, Inc		6,147
72,620	*	James River Coal Co		2,774
336,299	e	Massey Energy Co		12,736
672,203		Peabody Energy Corp		55,403
102,339		Penn Virginia Corp		5,874
299,500		PT Bumi Resources Tbk		23
66	*	Semirara Mining Corp		0	^
34,000		Yanzhou Coal Mining Co Ltd		22
2,720		Yanzhou Coal Mining Co Ltd (Spon ADR)		87
		TOTAL COAL MINING		289,717
COMMUNICATIONS - 4.34%
595,017		Adtran, Inc		17,696
14,700	v	Advanced Info Service PCL		36
355,357		Advanced Info Service PCL		936
6,691		AFK Sistema		157
215,414	*	Airspan Networks, Inc		1,226
903,917	*	Alamosa Holdings, Inc		16,822
61,239	e	Alaska Communications Systems Group, Inc		622
10,000	e	Aliant, Inc		265
1,785,654		Alltel Corp		112,675
800	*	Alvarion Ltd		7
303,952		America Movil S.A. de C.V.		444
236,238		America Movil S.A. de C.V., Series L		6,912
2,332,094	*	American Tower Corp (Class A)		63,200
222,592	e	Anixter International, Inc		8,708
729,163		Antena 3 de Television S.A.		17,322

24

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
1,571		Ascom Holding AG.	$	22
24,541,079		AT&T, Inc		601,011
147,715	*	Audiovox Corp (Class A)		2,047
2,327,948	*	Avaya, Inc		24,839
511,930	*	BCE, Inc		12,214
46,916		Beasley Broadcast Group, Inc (Class A)		634
14,100		BEC World PCL		5
369,697	e	Belgacom S.A.		12,014
9,617,754		BellSouth Corp		260,641
18,142	*	Bezeq Israeli Telecommunication Corp Ltd		23
58,671	*	Boston Communications Group		66
317,644	*	Brightpoint, Inc		8,808
2,571,167		British Sky Broadcasting plc		21,916
7,970,861		BT Group plc		30,481
1,088,970		Cable & Wireless plc		2,229
1,039,147	e*	Cablevision Systems Corp (Class A)		24,389
17,800	*	Cbeyond Communications, Inc		183
124,854		Centennial Communications Corp		1,938
1,089,576		CenturyTel, Inc		36,130
2,822	*	Cesky Telecom AS		58
1,796,885	e*	Charter Communications, Inc (Class A)		2,192
86,000		China Mobile Hong Kong Ltd		407
15,800		China Mobile Hong Kong Ltd (Spon ADR)		380
232,000		China Telecom Corp Ltd		85
4,300		China Telecom Corp Ltd (ADR)		157
4,700		China Unicom Ltd (ADR)		38
1,972,000		Chunghwa Telecom Co Ltd		3,410
162,359		Chunghwa Telecom Co Ltd (ADR)		2,979
2,084,798	*	Cincinnati Bell, Inc		7,318
347,835	e	Citadel Broadcasting Corp		4,675
2,541,906	e	Citizens Communications Co		31,088
3,054,030		Clear Channel Communications, Inc		96,049
40,914	*	Colt Telecom Group plc		39
11,642,905	*	Comcast Corp (Class A)		302,250
455,949		Commonwealth Telephone Enterprises, Inc		15,397
1,000		Compania Anonima Nacional Telefonos de Venezuela (ADR)		14
90,245		Consolidated Communications Holdings, Inc		1,172
1,142	*	Contax Participacoes S.A.		2
5,001		Contax Participacoes S.A.		6
60,878		Cosmote Mobile Telecommunications S.A.		1,349
311,805	*	Cox Radio, Inc (Class A)		4,390
1,166,606	*	Crown Castle International Corp		31,393
91,845	*	Crown Media Holdings, Inc (Class A)		842
120,871		CT Communications, Inc		1,467
337,717	*	Cumulus Media, Inc (Class A)		4,191
4,281,379	e	Deutsche Telekom AG. (Regd)		71,105
61,862	*	Digital Generation Systems		33
3,542,423	*	DIRECTV Group, Inc		50,019
760,232	e*	Dobson Communications Corp (Class A)		5,702
1,570,705	*	EchoStar Communications Corp (Class A)		42,676
1,017,338		Eircom Group plc		2,376
1,788		Elcoteq Network Corp (A Shs)		42

25

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
305,437	e	Elisa Oyj	$	5,638
237,959	*	Emmis Communications Corp (Class A)		4,738
282,536	*	Entercom Communications Corp		8,383
399,204	*	Entravision Communications Corp (Class A)		2,842
7,000	*	Epson Toyocom Corp		55
204,701		Fairpoint Communications, Inc		2,121
43,200		Far Eastern Textile Co Ltd		29
38,638	*	Fisher Communications, Inc		1,601
2,500	v*	Focal Communications Corp		0	^
804,365	*	Foundry Networks, Inc		11,108
3,860,583		France Telecom S.A.		95,583
4,247		Fuji Television Network, Inc		10,687
294,668	*	General Communication, Inc (Class A)		3,044
120,787		Gestevision Telecinco S.A.		3,038
909,491		Global Payments, Inc		42,391
142,389	e	Golden Telecom, Inc		3,696
233,838		Gray Television, Inc		2,296
32,435		Grupo Televisa S.A.		130
2,700		Grupo Televisa S.A. (Spon ADR)		217
181,827		Hearst-Argyle Television, Inc		4,337
128,036	*	Hellenic Telecommunications Organization S.A.		2,718
19,589	e*	Hungarian Telephone & Cable		305
1,515,000	*	Hutchison Telecommunications International Ltd		2,188
958,166	*	IAC/InterActiveCorp		27,126
129,197	*	IDT Corp		1,494
304,606	*	IDT Corp (Class B)		3,564
88,706	e*	InPhonic, Inc		771
327	e	Invoice, Inc		26
137,998		Iowa Telecommunications Services, Inc		2,138
2,250	*	ITC DeltaCom, Inc		3
6,382,786		ITV plc		12,327
141,369	e*	j2 Global Communications, Inc		6,042
16,682	*	Jazztel plc		17
3,327	*	Jupiter Telecommunications Co		2,652
227,000	e	Kadokawa Holdings, Inc		7,212
3,477		KDDI Corp		20,032
10,800		KT Corp		233
2,370		KT Corp		96
4,142,747	e*	Level 3 Communications, Inc		11,890
83,739		Liberty Corp		3,920
2,502,287	*	Liberty Global, Inc		56,301
138,712	*	Liberty Global, Inc (Series C)		2,941
15,479,087	*	Liberty Media Corp (Class A)		121,820
247,307	*	Lin TV Corp (Class A)		2,755
76,516	*	Lodgenet Entertainment Corp		1,067
255,412	*	Lucent Technologies, Inc Wts		144
2,600		Magyar Telekom (Spon ADR)		57
7,577		Magyar Telekom Rt		34
3,448		Mahanagar Telephone Nigam		11
193,516	*	Marconi Corp plc		1,285
182,803	e*	Mastec, Inc		1,914
15,900		Maxis Communications Bhd		35

26

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
1,438,859		MCI, Inc	$	28,389
10,154	b,e*	McLeodUSA, Inc (Class A)		0	^
345,538	*	Mediacom Communications Corp		1,897
583,922		Mediaset S.p.A.		6,164
15,240	e*	Metro One Telecommunications, Inc		6
2,053		Mobilcom AG.		45
1,800		Mobile TeleSystems (Spon ADR)		63
31,214		MobileOne Ltd		40
12,716	e	Mobistar S.A.		1,005
64,649	*	Modern Times Group AB (B Shs)		2,693
22,519		MTN Group Ltd		221
22,100		MTN Group Ltd (Spon ADR)		223
5,066		Naspers Ltd		90
5,000		Naspers Ltd (Spon ADR)		90
171,558	*	Net2Phone, Inc		350
299,397	*	NeuStar, Inc		9,129
784,903	*	Nextel Partners, Inc (Class A)		21,930
776,308	*	NII Holdings, Inc (Class B)		33,909
10,736		Nippon Telegraph & Telephone Corp		48,755
93,990		North Pittsburgh Systems, Inc		1,774
178,115	e*	Novatel Wireless, Inc		2,157
397,910	e*	NTL, Inc		27,090
7,865	*	NTL, Inc (CW11)		5
31,589		NTT DoCoMo, Inc		48,174
1,222		Orascom Telecom Holding SAE		65
406,977		PanAmSat Holding Corp		9,971
1,122		Partner Communications		9
194,472	*	Paxson Communications Corp		175
1,374	*	Pegasus Communications Corp		5
830		Philippine Long Distance Telephone Co		29
63,610	e	Philippine Long Distance Telephone Co (Spon ADR)		2,133
1,377,535		Portugal Telecom SGPS S.A. (Regd)		13,893
12,514		Preformed Line Products Co		535
289,763	*	Price Communications Corp		4,309
41,000		PT Indosat Tbk		23
3,500	e	PT Indosat Tbk (ADR)		102
33,984		PT Multimedia Servicos de Telecomunicacoes e Multimedia SGPS S.A.		387
19,400		PT Telekomunikasi Indonesia (Spon ADR)		463
174,000		PT Telekomunikasi Indonesia Tbk		104
142,255	e	Publicis Groupe S.A.		4,933
8,077,809	*	Qwest Communications International, Inc		45,640
317,365	*	Radio One, Inc (Class A)		3,259
222,358	*	Radio One, Inc (Class D)		2,301
130,113	e*	RCN Corp		3,051
277	e,v*	RCN Corp Wts 12/21/06		0	^
232,452	*	Regent Communications, Inc		1,079
13,093	*	Retelit S.p.A		7
270,670	e	Rogers Communications, Inc		11,400
1,600		Rostelecom (ADR)		22
22,670,516		Royal KPN NV		226,496
90,635	*	Saga Communications, Inc (Class A)		985
62,335	*	Salem Communications Corp (Class A)		1,090

27

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
531,842	*	SBA Communications Corp	$	9,520
2,867,351	*	Seat Pagine Gialle S.p.A.		1,334
96,351	e	Shaw Communications, Inc		2,081
38,356		Shenandoah Telecom Co		1,528
257,994		Sinclair Broadcast Group, Inc (Class A)		2,374
6,642,060		Singapore Telecommunications Ltd		10,426
684		SK Telecom Co Ltd		123
10,700	e	SK Telecom Co Ltd (ADR)		217
282,688	*	Sky Network Television Ltd		1,213
6,828	e	SKY Perfect Communications, Inc		5,340
73,000		SmarTone Telecommunications Holding Ltd		85
104,470		Societe Television Francaise 1 (T.F.1)		2,889
18,366	*	Sogecable S.A.		734
203,329	*	Spanish Broadcasting System, Inc (Class A)		1,039
20,517,193		Sprint Nextel Corp		479,282
1,266,000		Starhub Ltd		1,561
148,508	*	SunCom Wireless Holdings, Inc		411
77,290		SureWest Communications		2,038
10,042		Swisscom AG. (Regd)		3,160
84,809	*	Syniverse Holdings, Inc		1,773
43,000		Taiwan Mobile Co Ltd		38
223,211	*	Talk America Holdings, Inc		1,926
277,093		TDC a/s		16,542
1,142		Tele Norte Leste Participacoes S.A.		26
5,001		Tele Norte Leste Participacoes S.A.		89
401,822	e	Tele2 AB (B Shs)		4,304
1,300	*	Telecom Argentina S.A.		17
3,912,373	e	Telecom Corp of New Zealand Ltd		16,014
13,359,059		Telecom Italia S.p.A.		38,764
5,876,166		Telecom Italia S.p.A. (RNC)		14,521
8,045,672		Telefonica S.A.		120,621
7,704		Telefonica S.A. (Spon ADR)		347
9,500		Telefonos de Mexico S.A. de C.V.		230
204,671		Telefonos de Mexico S.A. de C.V.		253
498,022		Telekom Austria AG.		11,161
15,000		Telekom Malaysia Bhd		38
12,198		Telekomunikacja Polska S.A.		88
1,340,923	e	Telenor ASA		13,120
1		Telephone & Data Systems, Inc		0	^
551,479		Telephone and Data Systems, Inc (Non-Vote)		19,870
4,319	*	Telesp Celular Participacoes S.A.		16
791,300		Television Broadcasts Ltd		4,205
12,122,976		TeliaSonera AB		65,043
1,300		Telkom S.A. Ltd		113
4,258		Telkom S.A. Ltd		91
201,643	e*	Telkonet, Inc		837
2,298,499		Telstra Corp Ltd		6,626
307,296		TELUS Corp		12,590
532,323		TELUS Corp (Non-Vote)		21,267
155,341	e*	Terremark Worldwide, Inc		722
72,980	*	THUS Group plc		19
101,343	e*	Tiscali S.p.A.		320

28

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
444,763	e*	TiVo, Inc	$	2,277
142,300		Tokyo Broadcasting System, Inc		3,858
6,553		Turkcell Iletisim Hizmet A.S.		40
8,100		Turkcell Iletisim Hizmetleri AS (ADR)		124
531	e	TV Asahi Corp		1,318
18,974		TV Azteca S.A. de C.V.		13
466,676	*	Ubiquitel, Inc		4,615
1,532,593	e*	Univision Communications, Inc (Class A)		45,043
1,500	v	Uralsvyazinform (ADR)		10
155,497	*	US Cellular Corp		7,682
173,210		USA Mobility, Inc		4,801
264,331	e	Valor Communications Group, Inc		3,013
18,125,814		Verizon Communications, Inc		545,950
1,038		Videsh Sanchar Nigam Ltd		9
4,600	e	Videsh Sanchar Nigam Ltd (ADR)		78
1,100	*	Vimpel-Communications (Spon ADR)		49
3,145,150		Vivendi Universal S.A.		98,163
222,921		Vivendi Universal S.A. (Spon ADR)		7,006
127,880,462		Vodafone Group plc		275,521
2,518,560		Vodafone Group plc (Spon ADR)		54,073
467	*	Wavecom S.A.		6
170,700	*	West Corp		7,195
358,989	*	Wireless Facilities, Inc		1,831
53,692	e*	WorldSpace, Inc		779
1,259,704	e*	XM Satellite Radio Holdings, Inc		34,365
11,803	*	Young Broadcasting, Inc (Class A)		31
3,570		ZEE Telefilms Ltd		12
		TOTAL COMMUNICATIONS		5,026,444
DEPOSITORY INSTITUTIONS - 11.34%
104,599		1st Source Corp		2,631
363,000	e	77 Bank Ltd		2,756
3,469,721	e	ABN AMRO Holding NV		90,408
81,969	*	ACE Cash Express, Inc		1,914
5,104		Adelaide Bank Ltd		48
7,807		African Bank Investments Ltd		30
5,400	*	Akbank T.A.S. (ADR)		88
11,084		Akbank TAS		90
83,743		Alabama National Bancorp		5,423
1,032,570		Allied Irish Banks plc		21,984
471,495		Allied Irish Banks plc (United Kingdom)		10,100
488,726		Alpha Bank S.A.		14,239
316		Amagerbanken a/s		67
151,785	e	Amcore Financial, Inc		4,616
63,458	*	AmericanWest Bancorp		1,500
69,083		Ameris Bancorp		1,371
49,582		Ames National Corp		1,275
21,700		AMMB Holdings Bhd		14
1,868,459		AmSouth Bancorp		48,972
142,898		Anchor Bancorp Wisconsin, Inc		4,336

29

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
56,005		Arrow Financial Corp	$	1,465
654,986		Associated Banc-Corp		21,320
459,684		Astoria Financial Corp		13,515
3,012,313	e	Australia & New Zealand Banking Group Ltd		52,922
78,413	*	Banc Corp		895
39,732	e	Banca Antonveneta S.p.A.		1,232
133,311	e	Banca Fideuram S.p.A.		722
7,216,914		Banca Intesa S.p.A.		38,094
1,911,893		Banca Intesa S.p.A. (Rnc)		9,415
502,025	e	Banca Monte dei Paschi di Siena S.p.A.		2,338
482,548	e*	Banca Nazionale del Lavoro S.p.A.		1,585
500		Banca Popolare dell'Etruria e del Lazio		8
2,328,348		Banca Popolare di Milano		25,418
36,858		Bancfirst Corp		2,912
1,183,454		Banche Popolari Unite Scrl		25,853
5,226,077		Banco Bilbao Vizcaya Argentaria S.A.		92,959
304,683		Banco BPI S.A. (Regd)		1,387
8,920		Banco Bradesco S.A.		259
9,800		Banco Bradesco S.A. (Spon ADR)		286
7,688,638		Banco Comercial Portugues S.A. (Regd)		21,131
3,045,600		Banco de Oro Universal Bank		1,952
95,830		Banco Espirito Santo S.A. (Regd)		1,537
10,090		Banco Itau Holding Financeira S.A.		243
10,500		Banco Itau Holding Financeira S.A. (ADR)		252
252,309		Banco Popolare di Verona e Novara Scrl		5,086
783,521		Banco Popular Espanol S.A.		9,519
10,251,049		Banco Santander Central Hispano S.A.		134,822
8,700		Banco Santander Chile S.A. (ADR)		388
10,400		BanColombia S.A. (ADR)		15
47,384	*	Bancorp, Inc		806
517,954		Bancorpsouth, Inc		11,431
47,165		BancTrust Financial Group, Inc		948
22,400		Bangkok Bank PCL (foreign)		63
14,269		Bank Hapoalim Ltd		66
13,662		Bank Leumi Le-Israel		52
478,434		Bank Mutual Corp		5,071
28,365,480		Bank of America Corp		1,309,067
101,000	*	Bank of Communications Co Ltd		46
2,420,975		Bank of East Asia Ltd		7,322
2,002,800	e	Bank of Fukuoka Ltd		17,121
101,876		Bank of Granite Corp		1,888
232,838		Bank of Hawaii Corp		12,000
609,562		Bank of Ireland (Dublin)		9,570
1,070,414		Bank of Ireland (London)		16,793
576,900	e	Bank of Kyoto Ltd		6,965
1,140,041	e	Bank of Montreal		63,436
6,822,128		Bank of New York Co, Inc		217,285
2,183,017	e	Bank of Nova Scotia		86,226
80,000		Bank of Okinawa Ltd		4,067
2,595		Bank of Queensland Ltd		28
61,712	e	Bank of the Ozarks, Inc		2,277
17,000		Bank of the Philippine Islands		17

30

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
100,500		Bank of the Ryukyus Ltd	$	3,338
1,793,600	e	Bank of Yokohama Ltd		14,664
151		Bank Przemyslowo-Handlowy BPH		35
91,500		Bank Rakyat Indonesia		28
16		Bank Sarasin & Compagnie AG.		33
1,017	v*	Bank United Corp (Contingent Payment Rts)		0	^
383		Bank Zachodni WBK S.A.		17
310,678		BankAtlantic Bancorp, Inc (Class A)		4,349
39,609	*	BankFinancial Corp		581
206,401		BankUnited Financial Corp (Class A)		5,484
60,339		Banner Corp		1,883
11,295,570		Barclays plc		118,483
2,879,848		BB&T Corp		120,694
6,300	*	BBVA Banco Frances S.A. (ADR)		45
44,905		Berkshire Hills Bancorp, Inc		1,504
152,211	*	BFC Financial Corp		840
1,639,208		BNP Paribas		132,157
5,824,500		BOC Hong Kong Holdings Ltd		11,193
98,666		BOK Financial Corp		4,482
190,543		Boston Private Financial Holdings, Inc		5,796
155	*	BRE Bank S.A.		8
314,904		Brookline Bancorp, Inc		4,462
45,584		Camden National Corp		1,499
669,859	e	Canadian Imperial Bank of Commerce		43,816
71,712		Capital City Bank Group, Inc		2,459
50,757		Capital Corp of the West		1,647
40,950	*	Capital Crossing Bank		1,368
4,766,362		Capitalia S.p.A.		27,492
65,224		Capitol Bancorp Ltd		2,442
108,580		Capitol Federal Financial		3,577
158,206		Cardinal Financial Corp		1,740
6,692	*	Cardpoint plc		8
97,713		Cascade Bancorp		2,248
95,000		Cathay Financial Holding Co Ltd		172
296,473	e	Cathay General Bancorp		10,655
10,400	e*	Centennial Bank Holdings, Inc		129
58,108		Center Financial Corp		1,462
68,372	*	Central Coast Bancorp		1,692
171,914		Central Pacific Financial Corp		6,175
8,713		Century Bancorp, Inc (Class A)		255
73,000		Chang Hwa Commercial Bank		36
23,330		Charter Financial Corp		833
146,560		Chemical Financial Corp		4,655
978,600		Chiba Bank Ltd		8,200
1,300	*	Chiba Kogyo Bank Ltd		28
10,655,000	*	China Construction Bank		3,710
98,358		Chinatrust Financial Holding Co		78
287,691		Chittenden Corp		8,001
3,500		CIMB Bhd		6
45,000		CITIC International Financial Holdings Ltd		17
34,446,948		Citigroup, Inc		1,671,710
43,273	e	Citizens & Northern Corp		1,109

31

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
245,008		Citizens Banking Corp	$	6,799
9,518		Citizens First Bancorp, Inc		224
55,486		City Bank		1,974
130,995		City Holding Co		4,709
204,750		City National Corp		14,832
81,721		Clifton Savings Bancorp, Inc		822
115,017		Close Brothers Group plc		1,792
100,657	e	Coastal Financial Corp		1,294
70,237	e	CoBiz, Inc		1,280
749,644		Colonial Bancgroup, Inc		17,857
31,886	e	Colony Bankcorp, Inc		797
39,967		Columbia Bancorp		1,649
85,162		Columbia Banking System, Inc		2,431
1,034,882		Comerica, Inc		58,740
33,300		Commerce Asset Holdings Bhd		50
703,376		Commerce Bancorp, Inc		24,203
292,175		Commerce Bancshares, Inc		15,228
24,841		Commercial Bankshares, Inc		879
301,365		Commercial Capital Bancorp, Inc		5,159
4,059		Commercial International Bank		40
2,050,594		Commerzbank AG.		62,937
1,966,143		Commonwealth Bank of Australia		61,657
22,259	*	Community Bancorp		704
192,004		Community Bank System, Inc		4,330
118,193	e	Community Banks, Inc		3,309
93,620		Community Trust Bancorp, Inc		2,879
735,324		Compass Bancshares, Inc		35,509
193,711	e	Corus Bankshares, Inc		10,900
1,256,805		Credit Agricole S.A.		39,448
226,211		Cullen/Frost Bankers, Inc		12,143
273,266		CVB Financial Corp		5,550
2,140	*	Daegu Bank		32
13,000		Daito Bank Ltd		34
1,270,474		Danske Bank a/s		44,603
1,821,723		DBS Group Holdings Ltd		18,077
660,686		Depfa Bank plc		9,734
961,616		Deutsche Bank AG. (Regd)		92,897
493,360	e	Dexia		11,336
151,154		Dime Community Bancshares		2,208
1,489,339		DNB NOR Holding ASA		15,836
182,727	e	Downey Financial Corp		12,497
44,000		E.Sun Financial Holding Co Ltd		28
252,315		East West Bancorp, Inc		9,207
226,719		EFG Eurobank Ergasias S.A.		7,146
76,104	*	Emporiki Bank of Greece S.A.		2,576
41,351		Enterprise Financial Services Corp		938
362,117	e	Erste Bank der Oesterreichischen Sparkassen AG.		20,097
83,292	*	EuroBancshares, Inc		1,180
227,975	*	Euronet Worldwide, Inc		6,338
41,000		Farmers Capital Bank Corp		1,260
121,380		Fidelity Bankshares, Inc		3,969
2,387,972		Fifth Third Bancorp		90,074

32

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
48,583		Financial Institutions, Inc	$	953
1,067,662		Fineco S.p.A.		10,239
68,346		First Bancorp (North Carolina)		1,378
590,930		First Bancorp (Puerto Rico)		7,333
74,121		First Busey Corp (Class A)		1,548
165,713		First Charter Corp		3,921
46,320		First Citizens Bancshares, Inc (Class A)		8,079
360,040		First Commonwealth Financial Corp		4,655
100,684		First Community Bancorp, Inc		5,474
59,227		First Community Bancshares, Inc		1,846
36,924		First Defiance Financial Corp		1,000
183,612		First Financial Bancorp		3,217
119,067		First Financial Bankshares, Inc		4,174
78,469		First Financial Corp (Indiana)		2,119
83,000		First Financial Holding Co Ltd		59
85,163		First Financial Holdings, Inc		2,616
951,900		First Horizon National Corp		36,591
66,539		First Indiana Corp		2,288
105,858		First Merchants Corp		2,752
332,095		First Midwest Bancorp, Inc		11,643
764,169		First Niagara Financial Group, Inc		11,058
36,947		First Oak Brook Bancshares, Inc		1,033
2,583		First of Long Island Corp		109
81,225		First Place Financial Corp		1,953
16,854	*	First Regional Bancorp		1,138
171,009		First Republic Bank		6,329
29,927	e	First South Bancorp, Inc		1,057
85,418		First State Bancorporation		2,049
131,304	*	FirstFed Financial Corp		7,159
386,263		FirstMerit Corp		10,008
47,465		FirstRand Ltd		138
348,307		Flagstar Bancorp, Inc		5,016
106,896		Flushing Financial Corp		1,664
271,924		FNB Corp		4,721
53,444		FNB Corp (Virginia)		1,639
93		Forstaedernes Bank a/s		10
1,951,420		Fortis		62,033
462,027	*	Fortis (Strip Vvpr)		33
140,038	*	Franklin Bank Corp		2,519
425,505		Fremont General Corp		9,884
156,198		Frontier Financial Corp		4,998
12,399	v	Fubon Financial Holding Co Ltd		107
71,000		Fubon Financial Holding Co Ltd		61
1,000		Fukushima Bank Ltd		2
750,740	e	Fulton Financial Corp		13,213
63,326		GB&T Bancshares, Inc		1,356
4,634		German American Bancorp		61
168,225		Glacier Bancorp, Inc		5,055
306,059		Gold Banc Corp, Inc		5,576
1,265,775		Golden West Financial Corp		83,541
62,691		Great Southern Bancorp, Inc		1,731
503,449		Greater Bay Bancorp		12,898

33

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
38,477		Greene County Bancshares, Inc	$	1,053
20,928		Grupo Financiero Banorte S.A. de C.V.		44
4,600	*	Grupo Financiero Galicia S.A. (ADR)		32
914,000		Gunma Bank Ltd		6,753
5,343		Haci Omer Sabanci Holding A.S.		30
212,455		Hancock Holding Co		8,033
1,143,894		Hang Seng Bank Ltd		14,930
226,017		Hanmi Financial Corp		4,037
123,526		Harbor Florida Bancshares, Inc		4,577
159,657		Harleysville National Corp		3,049
6,998,596		HBOS plc		119,307
3,266		HDFC Bank Ltd		51
7,400		HDFC Bank Ltd (ADR)		377
81,802		Heartland Financial USA, Inc		1,775
67,262		Heritage Commerce Corp		1,446
3,000		Hokuetsu Bank Ltd		9
819,600	e	Hokuhoku Financial Group, Inc		3,826
8,500		Hong Leong Bank Bhd		11
73,269		Horizon Financial Corp		1,600
3,971,478		HSBC Holdings plc (Hong Kong)		63,771
11,760,175		HSBC Holdings plc (United Kingdom)		188,366
62,000		Hua Nan Financial Holdings Co Ltd		41
11,641,804		Hudson City Bancorp, Inc		141,099
316,829		Hudson United Bancorp		13,205
1,330,476		Huntington Bancshares, Inc		31,599
52,884		IBERIABANK Corp		2,698
267,338		ICICI Bank Ltd (Spon ADR)		7,699
399,517		Independence Community Bank Corp		15,873
101,069		Independent Bank Corp (Massachusetts)		2,884
139,972		Independent Bank Corp (Michigan)		3,811
304,416		IndyMac Bancorp, Inc		11,878
89,222		Integra Bank Corp		1,904
94,996		Interchange Financial Services Corp		1,639
233,699		International Bancshares Corp		6,861
579		Investec Ltd		25
15,200	*	Investors Bancorp, Inc		168
291,978	e	Investors Financial Services Corp		10,754
152,747		Irwin Financial Corp		3,272
8,018	*	Israel Discount Bank Ltd		300
53,008	*	ITLA Capital Corp		2,590
1,058,914		Joyo Bank Ltd		6,298
23,311,953		JPMorgan Chase & Co		925,251
1,708,391	e	Julius Baer Holding AG.		120,681
1,700	*	Kanto Tsukuba Bank Ltd		38
924,600		Kasikornbank PCL (foreign)		1,691
136,115	e	Kearny Financial Corp		1,661
2,192,938		Keycorp		72,214
173,964		KNBT Bancorp, Inc		2,834
238		Komercni Banka a/s		33
1,365		Komercni Banka AS		64
50,810	*	Kookmin Bank		3,845
13,100	e	Kookmin Bank (Spon ADR)		979

34

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
104,558	e	Lakeland Bancorp, Inc	$	1,537
36,646		Lakeland Financial Corp		1,480
9,500,854		Lloyds TSB Group plc		79,677
342,166		M&T Bank Corp		37,313
57,754		Macatawa Bank Corp		2,101
208,817		MAF Bancorp, Inc		8,641
77,143		Main Street Banks, Inc		2,101
76,810		MainSource Financial Group, Inc		1,371
29,200		Malayan Banking Bhd		86
1,817,545		Marshall & Ilsley Corp		78,227
148,303		MB Financial, Inc		5,250
85,061	e	MBT Financial Corp		1,378
1,412,330		Mediobanca S.p.A.		26,871
2,498,543		Mellon Financial Corp		85,575
48,833		Mercantile Bank Corp		1,880
436,179		Mercantile Bankshares Corp		24,618
10,500		Metropolitan Bank & Trust		6
150,982		Mid-State Bancshares		4,039
60,068		Midwest Banc Holdings, Inc		1,337
14,726		Mitsubishi UFJ Financial Group, Inc		199,624
899,000		Mitsui Trust Holdings, Inc		10,785
2,238	*	Mizrahi Tefahot Bank Ltd		13
21,549		Mizuho Financial Group. Inc		170,888
94,131		Nara Bancorp, Inc		1,674
20,004		NASB Financial, Inc		787
2,343,516	e	National Australia Bank Ltd		55,698
421,729	e	National Bank Of Canada		21,777
246,060		National Bank of Greece S.A.		10,449
3,780,119		National City Corp		126,899
18,822,000		National Finance PCL		6,152
240,036		National Penn Bancshares, Inc		4,573
44,321		NBC Capital Corp		1,054
212,511		NBT Bancorp, Inc		4,588
3,317		Nedbank Group Ltd		52
279,025		NetBank, Inc		2,003
1,176,505	e	New York Community Bancorp, Inc		19,436
643,823	e	NewAlliance Bancshares, Inc		9,361
359,800		Nishi-Nippon City Bank Ltd		2,146
876,656		Nordea Bank AB		9,185
1,850,875		Nordea Bank AB (Sweden)		19,187
3,123,207		North Fork Bancorporation, Inc		85,451
42,246	*	Northern Empire Bancshares		1,000
1,468,357		Northern Trust Corp		76,090
115,335		Northwest Bancorp, Inc		2,452
818		Oak Hill Financial, Inc		27
66,814		OceanFirst Financial Corp		1,521
3,620		OKO Bank		51
381,945		Old National Bancorp		8,265
95,019		Old Second Bancorp, Inc		2,905
66,536		Omega Financial Corp		1,854
238,830		Oriental Financial Group, Inc		2,952
4,161		OTP Bank Rt		135

35

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
3,525,896		Oversea-Chinese Banking Corp	$	14,207
331,502		Pacific Capital Bancorp		11,795
81,861		Park National Corp		8,402
248,641		Partners Trust Financial Group, Inc		2,996
45,711	e	Peapack Gladstone Financial Corp		1,275
62,787		Pennfed Financial Services, Inc		1,157
25,015	*	Pennsylvania Commerce Bancorp, Inc		797
67,819		Peoples Bancorp, Inc		1,935
273,501		People's Bank		8,495
106,711		PFF Bancorp, Inc		3,257
35,202	*	Pinnacle Financial Partners, Inc		879
159,034		Piraeus Bank S.A.		3,395
44,226		Placer Sierra Bancshares		1,226
1,809,365		PNC Financial Services Group, Inc		111,873
1,356,218		Popular, Inc		28,684
50,770	v*	Popular, Inc		8
6,913		Powszechna Kasa Oszczednosci Bank Polski S.A.		62
30,830		Preferred Bank		1,372
81,448		Premierwest Bancorp		1,140
107,049	e	PrivateBancorp, Inc		3,808
87,101		Prosperity Bancshares, Inc		2,503
200,029		Provident Bankshares Corp		6,755
38,358		Provident Financial Holdings		1,009
565,288		Provident Financial Services, Inc		10,464
222,417		Provident New York Bancorp		2,449
95,500		PT Bank Central Asia Tbk		33
21,000		PT Bank Danamon Indonesia Tbk		10
335,500		PT Bank Internasional Indonesia Tbk		5
106,000		PT Bank Mandiri Persero Tbk		18
18,100		Public Bank Bhd		31
2,000	*	Pusan Bank		26
27,785	*	QC Holdings, Inc		320
312,844		R & G Financial Corp (Class B)		4,130
2,248,194		Regions Financial Corp		76,798
60,191		Renasant Corp		1,904
51,028		Republic Bancorp, Inc (Class A) (Kentucky)		1,095
461,505		Republic Bancorp, Inc (Michigan)		5,492
13,378	*	Resona Holdings, Inc		53,838
11,500		RHB Capital Bhd		7
580		Roskilde Bank		91
28,683		Royal Bancshares of Pennsylvania (Class A)		664
1,284,021	e	Royal Bank of Canada		99,818
67,800	*	Royal Bank Of Canada (New York)		5,287
6,613,038		Royal Bank of Scotland Group plc		199,244
153,875		S&T Bancorp, Inc		5,666
69,092		S.Y. Bancorp, Inc		1,729
83,331		Sandy Spring Bancorp, Inc		2,907
1,538,580	e	Sanpaolo IMI S.p.A.		23,974
55,906		Santander BanCorp		1,404
51,196		SCBT Financial Corp		1,711
70,510		Seacoast Banking Corp of Florida		1,618
51,522		Security Bank Corp		1,200

36

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
5,309,000		Shin Kong Financial Holding Co Ltd	$	4,130
3,300		Shinhan Financial Group Co Ltd		269
3,790	*	Shinhan Financial Group Co Ltd		154
1,840,600	e	Shinsei Bank Ltd		10,635
646,962		Shizuoka Bank Ltd		6,479
13,500		Siam Commercial Bank PCL		17
31,111	e	Sierra Bancorp		709
60,880	*	Signature Bank		1,709
98,276		Simmons First National Corp (Class A)		2,722
39,573		SinoPac Financial Holdings Co Ltd		19
877,318		Skandinaviska Enskilda Banken AB (A Shs)		18,024
482,988		Sky Financial Group, Inc		13,437
959,791		Societe Generale (A Shs)		117,627
63,900		Sound Federal Bancorp, Inc		1,221
420,480		South Financial Group, Inc		11,580
64,174	e	Southside Bancshares, Inc		1,296
84,498		Southwest Bancorp, Inc		1,690
2,174,608		Sovereign Bancorp, Inc		47,015
2,541		Sparebanken Midt-Norge		29
2,032		Sparebanken Nord-Norge		47
20,610		Standard Bank Group Ltd		246
56,269		State Bancorp, Inc		942
5,769		State Bank of India Ltd		291
1,700	*	State National Bancshares, Inc		45
1,455,089		State Street Corp		80,670
93,785		Sterling Bancorp		1,850
283,516		Sterling Bancshares, Inc		4,378
164,462		Sterling Financial Corp (Pennsylvania)		3,256
266,111		Sterling Financial Corp (Spokane)		6,648
82,891	e	Suffolk Bancorp		2,799
8,419		Sumitomo Mitsui Financial Group, Inc		89,162
3,587,709		Sumitomo Trust & Banking Co Ltd		36,628
55,244		Summit Bancshares, Inc		993
28,238	e	Summit Financial Group, Inc		649
64,164	*	Sun Bancorp, Inc (New Jersey)		1,267
2,711,830		SunTrust Banks, Inc		197,313
480,300		Suruga Bank Ltd		6,051
287,554		Susquehanna Bancshares, Inc		6,809
244,217	e*	SVB Financial Group		11,439
262,583	e	Svenska Handelsbanken		6,483
881,408		Svenska Handelsbanken AB (A Shs)		21,818
4,661		Sydbank a/s		111
1,559,165		Synovus Financial Corp		42,113
41,745		Taylor Capital Group, Inc		1,687
657,427		TCF Financial Corp		17,843
373,511	e	TD Banknorth, Inc		10,850
94,843	*	Texas Capital Bancshares, Inc		2,125
267,412		Texas Regional Bancshares, Inc (Class A)		7,568
147,168		TierOne Corp		4,328
1,900		Tokyo Tomin Bank Ltd		74
41,551		Tompkins Trustco, Inc		1,862
15,339	e	Toronto-Dominion Bank		808

37

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
70,771		Trico Bancshares	$	1,655
469,522		Trustco Bank Corp NY		5,832
308,909		Trustmark Corp		8,486
16,675	*	Turkiye Garanti Bankasi A.S.		61
17,850	v*	Turkiye Garanti Bankasi AS (ADR)		58
3,152,997	*	Turkiye Vakiflar Bankasi Tao		16,681
2,232,253		UBS AG. (Regd)		211,886
560,123		UCBH Holdings, Inc		10,015
114,222		UMB Financial Corp		7,300
336,244		Umpqua Holdings Corp		9,593
2,400		Unibanco - Uniao de Bancos Brasileiros S.A.		153
9,095		Unibanco - Uniao de Bancos Brasileiros S.A. (Units)		114
32,570,249	e	UniCredito Italiano S.p.A		223,594
58,027		Union Bankshares Corp		2,501
406,995		UnionBanCal Corp		27,969
237,177		United Bankshares, Inc		8,358
172,660		United Community Banks, Inc		4,603
158,410		United Community Financial Corp		1,871
2,361	*	United Financial Bancorp, Inc		27
1,739,361		United Overseas Bank Ltd		15,272
33,558	e	United Security Bancshares		900
69,452		Univest Corp of Pennsylvania		1,686
125,963		Unizan Financial Corp		3,346
13,851,653		US Bancorp		414,026
60,240		USB Holding Co, Inc		1,305
6,379		UTI Bank Ltd		41
1,957		UTI Bank Ltd		13
117		Valiant Holding		10
659,042		Valley National Bancorp		15,883
52,240	e	Vineyard National Bancorp		1,611
53,211	*	Virginia Commerce Bancorp		1,548
43,230		Virginia Financial Group, Inc		1,558
923		Vontobel Holding AG.		28
941,668	e	W Holding Co, Inc		7,750
9,500,182		Wachovia Corp		502,180
397,928		Washington Federal, Inc		9,148
7,289,785		Washington Mutual, Inc		317,106
76,121		Washington Trust Bancorp, Inc		1,993
240,472		Webster Financial Corp		11,278
12,123,084		Wells Fargo & Co		761,693
108,737		WesBanco, Inc		3,307
97,556	e	West Bancorporation, Inc		1,824
105,460		West Coast Bancorp		2,789
211,935		Westamerica Bancorporation		11,247
13,000	*	Western Alliance Bancorp		388
43,532	*	Western Sierra Bancorp		1,584
29,854		Westfield Financial, Inc		717
2,944,205		Westpac Banking Corp		49,134
274,154		Whitney Holding Corp		7,556
296,564		Wilmington Trust Corp		11,539
95,134		Wilshire Bancorp, Inc		1,635
398,500		Wing Hang Bank Ltd		2,868

38

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
162,516	e	Wintrust Financial Corp	$	8,922
44,554		WSFS Financial Corp		2,729
5,986	*	Yapi ve Kredi Bankasi		28
52,179		Yardville National Bancorp		1,808
552,607		Zions Bancorporation		41,755
		TOTAL DEPOSITORY INSTITUTIONS		13,134,786
EATING AND DRINKING PLACES - 0.73%
90,072		AFC Enterprises		1,362
354,811	e	Applebees International, Inc		8,015
616,783	e	Aramark Corp (Class B)		17,134
54,635	e	Autogrill S.p.A.		746
76,565	*	BJ's Restaurants, Inc		1,750
203,548		Bob Evans Farms, Inc		4,694
3,035,814	e	Brinker International, Inc		117,365
49,644	e*	Buffalo Wild Wings, Inc		1,649
24,000		Cafe de Coral Holdings Ltd		29
106,821	*	California Pizza Kitchen, Inc		3,415
320,778		CBRL Group, Inc		11,275
312,699	*	CEC Entertainment, Inc		10,644
573,473		CKE Restaurants, Inc		7,748
19,313,789		Compass Group plc		73,111
17,091		Cremonini S.p.A		41
1,183,338		Darden Restaurants, Inc		46,008
118,354	*	Dave & Buster's, Inc		2,084
497,214		Domino's Pizza, Inc		12,033
800		Doutor Coffee Co Ltd		17
826,757		Enterprise Inns plc		13,313
138,777		IHOP Corp		6,510
267,269	*	Jack in the Box, Inc		9,336
8,000		Jollibee Foods Corp		6
346,548	e*	Krispy Kreme Doughnuts, Inc		1,989
145,268		Landry's Restaurants, Inc		3,880
116,877		Lone Star Steakhouse & Saloon, Inc		2,775
132,041	*	Luby's, Inc		1,756
7,086		Luminar plc		59
70,741	*	McCormick & Schmick's Seafood Restaurants, Inc		1,599
6,776,698		McDonald's Corp		228,510
1,477,311		Mitchells & Butlers plc		10,601
6,500		MOS Food Services Inc		95
172,573	*	O'Charleys, Inc		2,677
268,086		Outback Steakhouse, Inc		11,155
138,940	*	Papa John's International, Inc		8,241
257,740	*	PF Chang's China Bistro, Inc		12,792
678,569		Punch Taverns plc		9,890
223,911	*	Rare Hospitality International, Inc		6,805
77,136	e*	Red Robin Gourmet Burgers, Inc		3,931
3,000		Royal Holdings Co Ltd		46
379,578	e	Ruby Tuesday, Inc		9,827
46,921	*	Ruth's Chris Steak House, Inc		849

39

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
283,439	*	Ryan's Restaurant Group, Inc	$	3,418
57,400		Skylark Co Ltd		914
43,405		Sodexho Alliance S.A.		1,782
262,031	*	Sonic Corp		7,730
5,082		TelePizza S.A.		11
239,540	*	Texas Roadhouse, Inc (Class A)		3,725
675,020	*	The Cheesecake Factory, Inc		25,239
123,597	*	The Steak N Shake Co		2,095
77,354	e	Triarc Cos (Class A)		1,295
131,195		Triarc Cos (Class B)		1,948
495,809		Wendy's International, Inc		27,398
3,066		Wetherspoon (J.D.) plc		18
239,592		Whitbread plc		3,903
2,079,443		Yum! Brands, Inc		97,484
		TOTAL EATING AND DRINKING PLACES		842,722
EDUCATIONAL SERVICES - 0.12%
768,664	*	Apollo Group, Inc (Class A)		46,473
49,600		Benesse Corp		1,736
698,407	*	Career Education Corp		23,550
518,564	*	Corinthian Colleges, Inc		6,109
330,312	*	DeVry, Inc		6,606
87,921	*	Educate, Inc		1,037
465,330	*	Education Management Corp		15,593
203,077	*	ITT Educational Services, Inc		12,004
220,121	*	Laureate Education, Inc		11,558
55,464	*	Learning Tree International, Inc		712
19,201	*	Lincoln Educational Services Corp		274
1,000		Raffles Education Corp Ltd		1
282		Riso Kyoiku Co Ltd		20
84,919		Strayer Education, Inc		7,957
112,823	e*	Universal Technical Institute, Inc		3,491
		TOTAL EDUCATIONAL SERVICES		137,121
ELECTRIC, GAS, AND SANITARY SERVICES - 3.61%
18,657		AEM Torino S.p.A		45
4,356,134	*	AES Corp		68,958
370,318		AGL Resources, Inc		12,891
180,105		Alinta Ltd		1,473
2,751,615	e*	Allegheny Energy, Inc		87,089
141,194		Allete, Inc		6,213
558,132		Alliant Energy Corp		15,650
1,120,984	e*	Allied Waste Industries, Inc		9,797
1,076,741		Ameren Corp		55,172
64,621		American Ecology Corp		932
1,929,945		American Electric Power Co, Inc		71,582
78,847		American States Water Co		2,428
614,739		Aqua America, Inc		16,782

40

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
2,093,786	*	Aquila, Inc	$	7,538
387,015		Atmos Energy Corp		10,124
93,000		AU Optronics Corp		139
798,302		Australian Gas Light Co Ltd		10,066
491,340		Avista Corp		8,702
386	e*	Beacon Power Corp		1
415,127		BKW FMB Energie AG.		27,718
173,617		Black Hills Corp		6,009
101,880		California Water Service Group		3,895
912,849	b,e*	Calpine Corp		190
647,906		Caltex Australia Ltd		9,211
101,678		Cascade Natural Gas Corp		1,984
106,351	*	Casella Waste Systems, Inc (Class A)		1,360
1,440,327	e	Centerpoint Energy, Inc		18,508
82,932		Central Vermont Public Service Corp		1,494
3,672,940		Centrica plc		16,063
3,540		CEZ A.S.		106
87,210		CH Energy Group, Inc		4,003
18,000		China Resources Power Holdings Co		10
984,329	e	Chubu Electric Power Co, Inc		23,434
1,400		Cia Energetica de Minas Gerais		52
1,012,364		Cinergy Corp		42,985
143,906	*	Clean Harbors, Inc		4,146
310,482		Cleco Corp		6,474
2,226,145		CLP Holdings Ltd		12,920
1,723,689	*	CMS Energy Corp		25,011
51,518		Connecticut Water Service, Inc		1,263
1,389,085	e	Consolidated Edison, Inc		64,356
1,332,041		Constellation Energy Group, Inc		76,726
316,683		Contact Energy Ltd		1,430
634,913	*	Covanta Holding Corp		9,562
15,701		Crosstex Energy, Inc		990
4,528	*	Dogan Sirketler Grubu Holdings		15
2,297,114		Dominion Resources, Inc		177,337
1,267,142		DPL, Inc		32,958
1,035,783		DTE Energy Co		44,735
5,144,225		Duke Energy Corp		141,209
440,354		Duquesne Light Holdings, Inc		7,187
73,964	*	Duratek, Inc		1,104
3,044,266	e*	Dynegy, Inc (Class A)		14,734
992,681		E.ON AG.		102,326
2,561,383	e	Edison International		111,702
3,762,928		El Paso Corp		45,757
322,945	*	El Paso Electric Co		6,795
319,500	e	Electric Power Development Co		10,963
155,347		Empire District Electric Co		3,158
54		Enagas		1
497,445	*	Enbridge, Inc		15,475
2,047,956		Endesa S.A.		53,676
3,430,874		Enel S.p.A.		26,851
554,977		Energen Corp		20,157
831,424		Energias de Portugal S.A.		2,550

41

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
4,253		Energy Developments Ltd	$	13
942,735		Energy East Corp		21,494
43,676		EnergySouth, Inc		1,170
1,166,813		Entergy Corp		80,102
3,818,691		Exelon Corp		202,925
1,576,394		First Philippine Holdings Corp		1,456
2,682,701		FirstEnergy Corp		131,425
3,306,980		FPL Group, Inc		137,438
82,996		Gas Natural SDG S.A.		2,316
358,249	e	Great Plains Energy, Inc		10,017
38,000		Guangdong Investments Ltd		14
353,064	e	Hawaiian Electric Industries, Inc		9,144
582,200	e	Hokkaido Electric Power Co, Inc		11,838
7,552,199		Hong Kong & China Gas Ltd		16,120
1,058,011		Hong Kong Electric Holdings Ltd		5,240
5,600	e	Huaneng Power International, Inc		147
52,000		Huaneng Power International, Inc		34
1,343,897		Iberdrola S.A.		36,602
227,092		Idacorp, Inc		6,654
5,755,079		International Power plc		23,663
17,880		ITC Holdings Corp		502
1,495,903		Kansai Electric Power Co, Inc		32,128
165,710		Kelda Group plc		2,202
869,358		KeySpan Corp		31,027
468,106		Kinder Morgan, Inc		43,042
22,200		Korea Electric Power Corp		433
4,330	*	Korea Electric Power Corp		162
595,104		Kyushu Electric Power Co, Inc		12,907
162,992		Laclede Group, Inc		4,761
786		Lassila & Tikanoja Oyj		14
7,300		Malakoff Bhd		16
30,250		Markwest Hydrocarbon, Inc		666
806,770		MDU Resources Group, Inc		26,414
162,339		Metal Management, Inc		3,776
110,072		MGE Energy, Inc		3,733
72,130		Middlesex Water Co		1,251
3,088,000		MMC Corp Bhd		1,626
670		Munters AB		18
464,176		National Fuel Gas Co		14,478
4,761,464		National Grid plc		46,471
258,503		New Jersey Resources Corp		10,829
360,679	e	Nicor, Inc		14,178
1,534,778		NiSource, Inc		32,015
1,087,212		Northeast Utilities		21,407
170,898		Northwest Natural Gas Co		5,841
247,196		NorthWestern Corp		7,680
913,482	e*	NRG Energy, Inc		43,043
511,135		NSTAR		14,670
7,833		Oest Elektrizitatswirts (A Shs)		2,784
621,399		OGE Energy Corp		16,647
600		Okinawa Electric Power Co, Inc		33
497,545		Oneok, Inc		13,250

42

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
49,155		Ormat Technologies, Inc	$	1,285
6,190,445	e	Osaka Gas Co Ltd		21,346
189,088		Otter Tail Corp		5,480
282,964		Peoples Energy Corp		9,924
944,785		Pepco Holdings, Inc		21,135
6,000		Petronas Gas Bhd		15
1,270,817	*	Petronet LNG Ltd		1,858
2,800,150		PG&E Corp		103,942
57,511	*	Pico Holdings, Inc		1,855
384,463		Piedmont Natural Gas Co, Inc		9,289
40,176	*	Pike Electric Corp		652
427,992		Pinnacle West Capital Corp		17,697
236,642	e*	Plug Power, Inc		1,214
312,582		PNM Resources, Inc		7,655
2,083,384		PPL Corp		61,251
496,039	v*	Progress Energy Inc (Cvo)		5
1,435,764		Progress Energy, Inc		63,059
30,000		PT Perusahaan Gas Negara		21
1,712,414		Public Service Enterprise Group, Inc		111,256
489,247		Puget Energy, Inc		9,990
15,251		Puma AG. Rudolf Dassler Sport		4,434
508,618		Questar Corp		38,502
947		Reliance Energy Ltd		13
1,513,840	*	Reliant Energy, Inc		15,623
867,581		Republic Services, Inc		32,578
109,088		Resource America, Inc (Class A)		1,860
733,416	e	RWE AG.		54,112
9,890		Sasol Ltd		353
193,300		Sasol Ltd (Spon ADR)		6,889
627,071		SCANA Corp		24,694
1,525,234		Scottish & Southern Energy plc		26,551
855,030		Scottish Power plc		7,978
2,150,449		SembCorp Industries Ltd		3,544
1,738,966		Sempra Energy		77,975
162,977		Severn Trent plc		3,033
1,063,669	*	Sierra Pacific Resources		13,870
36,173		SJW Corp		1,646
454,765		Snam Rete Gas S.p.A.		1,863
275,455		Sociedad General de Aguas de Barcelona S.A.		5,848
9,144,500	e*	Sojitz Holdings Corp		54,233
157,998		South Jersey Industries, Inc		4,604
3,905,845		Southern Co		134,869
460,152	*	Southern Union Co		10,873
335,609		Southwest Gas Corp		8,860
118,452		Southwest Water Co		1,695
192,873	*	Stericycle, Inc		11,356
149,456	*	Suez S.A.		2
1,586,418	e	Suez S.A.(France)		49,214
1,202,830		TECO Energy, Inc		20,665
13,100		Tenaga Nasional Bhd		34
331,000	e	Tohoku Electric Power Co, Inc		6,730
1,276,641		Tokyo Electric Power Co, Inc		30,989

43

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
1,711,957		Tokyo Gas Co Ltd	$	7,600
492,356	e	TransAlta Corp		10,710
2,886,650		TXU Corp		144,881
502,144		UGI Corp		10,344
104,356		UIL Holdings Corp		4,799
3,700	v	Unified Energy System		154
369,746		Union Fenosa S.A.		13,708
271,850		Unisource Energy Corp		8,482
406,012		United Utilities plc		4,677
238,700	*	Vector Ltd		426
362,428		Vectren Corp		9,844
225,647	e	Veolia Environnement		10,178
296,012	*	Waste Connections, Inc		10,201
31,159		Waste Industries USA, Inc		401
156,200		Waste Management NZ Ltd		652
321,786	e*	Waste Services, Inc		1,072
415,763		Westar Energy, Inc		8,939
291,450		Western Gas Resources, Inc		13,724
268,873		WGL Holdings, Inc		8,082
2,965,767		Williams Cos, Inc		68,717
630,277		Wisconsin Energy Corp		24,619
190,654		WPS Resources Corp		10,545
1,922,463		Xcel Energy, Inc		35,489
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		4,182,651
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 8.11%
3,414,000	*	AAC Acoustic Technology Holdings, Inc		2,091
144,422	*	Actel Corp		1,838
269,969		Acuity Brands, Inc		8,585
688,218	*	Adaptec, Inc		4,005
725,903	*	ADC Telecommunications, Inc		16,217
77,364	*	Advanced Analogic Technologies, Inc		1,071
245,595	*	Advanced Energy Industries, Inc		2,905
1,829,836	e*	Advanced Micro Devices, Inc		55,993
562,948	*	Aeroflex, Inc		6,052
836,799	*	Agere Systems, Inc		10,795
2,094,468	e*	Alcatel S.A.		25,866
136,132	e*	Alcatel S.A. (Spon ADR)		1,688
587,739		Alliance One International, Inc		2,292
69,748	*	Alliance Semiconductor Corp		181
3,400		Alpine Electronics, Inc		46
133,000		Alps Electric Co Ltd		1,851
1,673,096	*	Altera Corp		31,002
760,441		American Power Conversion Corp		16,730
150,998	e*	American Superconductor Corp		1,188
314,794		Ametek, Inc		13,391
223,809	*	AMIS Holdings, Inc		2,384
614,444	e*	Amkor Technology, Inc		3,441
714,350		Amphenol Corp (Class A)		31,617
3,216,731		Analog Devices, Inc		115,384

44

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
800,177	*	Andrew Corp	$	8,586
80,001	*	Applica, Inc		126
1,862,930	*	Applied Micro Circuits Corp		4,788
60,569		Applied Signal Technology, Inc		1,375
1,867		Arcelik A.S.		13
1,436,343		ARM Holdings plc		2,984
709,290	*	Arris Group, Inc		6,717
218,209	*	Artesyn Technologies, Inc		2,248
950,854	e*	ASML Holding NV		18,955
65,387		Asustek Computer, Inc		200
948,000		Asustek Computer, Inc		2,915
178,072	*	Atheros Communications, Inc		2,315
454,319	*	ATI Technologies, Inc		7,701
7,764,452	*	Atmel Corp		23,992
201,814	e*	ATMI, Inc		5,645
16,786		AU Optronics Corp (ADR)		252
3,411,760	*	Austar United Communications Ltd		2,966
168,500	e	Avex Group Holdings, Inc		4,326
257,161		AVX Corp		3,724
3		Axell Corp		13
163,806		Baldor Electric Co		4,202
10,956	e	Bang & Olufsen a/s		1,123
10,557		Barco NV		791
88,346		Bel Fuse, Inc (Class B)		2,809
258,537	*	Benchmark Electronics, Inc		8,695
1,737,031	*	Broadcom Corp (Class A)		81,901
340,746	e*	Broadwing Corp		2,062
17,789,450	a*	Brocade Communications Systems, Inc		72,403
227,796		C&D Technologies, Inc		1,736
74,258	*	Catapult Communications Corp		1,098
372,666	*	CCE Spinco, Inc		4,882
259,766	*	C-COR, Inc		1,262
273,657	*	Celestica, Inc		2,891
142,779	e*	Ceradyne, Inc		6,254
9,922	*	Ceva, Inc		62
1,336,000	*	Chartered Semiconductor Manufacturing Ltd		1,045
211,537	*	Checkpoint Systems, Inc		5,214
15,251	e*	China Energy Savings Technology, Inc		127
7,877,424	*	Ciena Corp		23,396
42,974,803	*	Cisco Systems, Inc		735,729
900		CMK Corp		20
68,659	*	Color Kinetics, Inc		988
5,207		Computacenter plc		23
164,184	*	Comtech Telecommunications Corp		5,014
1,365,371	*	Comverse Technology, Inc		36,305
3,038,763	*	Conexant Systems, Inc		6,868
332,362	e*	Cree, Inc		8,389
226,218		CTS Corp		2,502
83,508	e	Cubic Corp		1,667
426,449	*	Cymer, Inc		15,143
1,862,995	e*	Cypress Semiconductor Corp		26,548
157,000	e	Dainippon Screen Manufacturing Co Ltd		1,313

45

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
24,000		Datang International Power Generation Co Ltd	$	18
22,000		Delta Electronics, Inc		45
107,697	*	Diodes, Inc		3,344
328,641	*	Ditech Communications Corp		2,744
291,052	*	Dolby Laboratories, Inc (Class A)		4,962
163,181	*	DSP Group, Inc		4,089
111,704	*	DTS, Inc		1,653
827,793	e*	Eagle Broadband, Inc		75
1,100		Eizo Nanao Corp		42
164,614	*	Electro Scientific Industries, Inc		3,975
492,481		Electrolux AB (Series B)		12,778
206,046	*	Emcore Corp		1,529
2,613,374		Emerson Electric Co		195,219
21,851	*	Emerson Radio Corp		67
759,729		EMI Group plc		3,163
45,191	e*	EndWave Corp		532
337,367	*	Energizer Holdings, Inc		16,798
133,984	e*	Energy Conversion Devices, Inc		5,460
483,000	*	Energy Support Corp		1,575
277,451	*	EnerSys		3,618
600		Eneserve Corp		14
30,157,720		Ericsson (LM) (B Shs)		103,449
35,581	*	ESS Technology, Inc		122
248,864	e*	Evergreen Solar, Inc		2,650
250,048	*	Exar Corp		3,131
2,469,952	*	Fairchild Semiconductor International, Inc		41,767
274,130		Fanuc Ltd		23,249
1,086,407	e*	Finisar Corp		2,260
371,081		Fisher & Paykel Appliances Holdings Ltd		877
758,290		Fisher & Paykel Healthcare Corp		1,962
6,000		Foxconn Technology Co Ltd		30
136,091		Franklin Electric Co, Inc		5,381
2,425,850	*	Freescale Semiconductor, Inc (Class B)		61,059
18,570	*	FSI International, Inc		85
272,900	e*	FuelCell Energy, Inc		2,311
637,000		Fuji Electric Holdings Co Ltd		3,373
300,000		Fujitsu Access Ltd		2,186
1,310,584	*	Gemstar-TV Guide International, Inc		3,421
68,296,989		General Electric Co		2,393,809
177,074	*	Genlyte Group, Inc		9,486
250,000		Geodesic Information Systems Ltd		1,269
176,215		Germanos S.A.		2,972
2,803	*	GFI Informatique		21
606,096	*	Glenayre Technologies, Inc		1,970
572,400	e*	GrafTech International Ltd		3,560
119,583	*	Greatbatch, Inc		3,110
666		Groupe Steria SCA		33
17,000	*	GS Yuasa Corp		50
9,600		Hana Microelectronics PCL		6
409,141		Harman International Industries, Inc		40,034
498,085	*	Harmonic, Inc		2,416
971,124		Harris Corp		41,768

46

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
302,114	*	Hexcel Corp	$	5,453
3,000		High Tech Computer Corp		56
58,120		Hirose Electric Co Ltd		7,746
124,900		Hitachi Chemical Co Ltd		3,302
4,613,994		Hitachi Ltd		31,078
647,400		Hitachi Maxell Ltd		8,244
18,800	*	Hittite Microwave Corp		435
58,592		Hon Hai Precision Industry Co, Ltd		321
52,485		Hon Hai Precision Industry Co, Ltd (GDR)		604
6,214,060		Honeywell International, Inc		231,474
104,000		Horiba Ltd		2,996
4,000		Hosiden Corp		49
828,380		Hoya Corp		29,758
155,760	*	Hutchinson Technology, Inc		4,431
320,500	e	IBIDEN CO LTD		17,161
1,300	*	Ikanos Communications, Inc		19
275,687		Imation Corp		12,701
1,187,067	*	Infineon Technologies AG.		10,824
4,100		Information Services International-Dentsu Ltd		58
1,196,383	*	Integrated Device Technology, Inc		15,768
231,353	*	Integrated Silicon Solutions, Inc		1,490
40,619,485		Intel Corp		1,013,862
327,663	*	Interdigital Communications Corp		6,003
206,844	e*	International DisplayWorks, Inc		1,229
302,388	*	International Rectifier Corp		9,646
862,203		Intersil Corp (Class A)		21,452
130,095		Inter-Tel, Inc		2,546
239,422	*	InterVoice, Inc		1,906
76,673		Intracom S.A.		506
226,918	*	IXYS Corp		2,653
4,900		Japan Digital Laboratory Co Ltd		62
15,909,069	*	JDS Uniphase Corp		37,545
14,000		Jurong Technologies Industrial Corp Ltd		15
536,792	*	Kemet Corp		3,795
2,942,351		Koninklijke Philips Electronics NV		91,105
179	*	Koor Industries Ltd		10
3,900	*	Koor Industries Ltd (Spon ADR)		43
47,383		Kudelski S.A. (Br)		1,404
207,198		Kyocera Corp		15,097
857,866		L-3 Communications Holdings, Inc		63,782
1,999		Laird Group plc		14
685,050	*	Lattice Semiconductor Corp		2,959
169,215	*	Leadis Technology, Inc		871
85,250	*	LG Electronics, Inc		7,531
77,511	*	Lifeline Systems, Inc		2,834
226,956		Lincoln Electric Holdings, Inc		9,001
2,009,983		Linear Technology Corp		72,500
38,760		Lite-On Technology Corp		53
159,537	*	Littelfuse, Inc		4,347
112,203		LSI Industries, Inc		1,757
1,849,988	*	LSI Logic Corp		14,800
26,074,077	e*	Lucent Technologies, Inc		69,357

47

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
8,000	e	Mabuchi Motor Co Ltd	$	444
265,458	*	Marvell Technology Group Ltd		14,890
2,463,679		Matsushita Electric Industrial Co Ltd		47,487
603,350		Matsushita Electric Industrial Co Ltd (Spon ADR)		11,693
1,195,773		Matsushita Electric Works Ltd		11,164
379,521	*	Mattson Technology, Inc		3,818
1,548,603		Maxim Integrated Products, Inc		56,121
1,704,674	*	Maxtor Corp		11,830
91	*	Maxwell Technologies, Inc		1
461,637		Maytag Corp		8,688
855,746	e*	McData Corp (Class A)		3,252
331,000		MediaTek, Inc		3,900
68,442	e*	Medis Technologies Ltd		1,007
924		Melexis NV		12
612,829	*	MEMC Electronic Materials, Inc		13,586
124,846	*	Mercury Computer Systems, Inc		2,576
68	*	Merix Corp		0	^
239,801		Methode Electronics, Inc		2,391
93,428	*	Metrologic Instruments, Inc		1,799
467,952	*	Micrel, Inc		5,428
924,018		Microchip Technology, Inc		29,707
2,815,736	*	Micron Technology, Inc		37,477
29,890	*	Micronas Semiconductor Holdings, Inc		987
1,119	*	Micronic Laser Systems AB		16
366,987	*	Microsemi Corp		10,151
323,648	*	Microtune, Inc		1,350
70,843	e*	Microvision, Inc		255
900	e	Mimasu Semiconductor Industry Co Ltd		17
345,000		Minebea Co Ltd		1,839
263,581	*	MIPS Technologies, Inc		1,497
9,000	*	Mitsubishi Cable Industries Ltd		20
3,359,000		Mitsubishi Electric Corp		23,763
148,004	e*	Mobility Electronics, Inc		1,430
565,856		Molex, Inc		14,684
103,001	*	Monolithic Power Systems, Inc		1,544
329,204	*	Moog, Inc		9,343
17,826,536	e	Motorola, Inc		402,701
673,494	e*	MRV Communications, Inc		1,381
64,531	*	Multi-Fineline Electronix, Inc		3,108
278,456		Murata Manufacturing Co Ltd		17,836
30,267		National Presto Industries, Inc		1,342
2,845,365		National Semiconductor Corp		73,923
111,200	v*	NCP Litigation Trust		0	^
127,700	e	NEC Electronics Corp		4,187
147,545	e*	Netlogic Microsystems, Inc		4,019
3,113,748	e*	Network Appliance, Inc		84,071
1,000		New Japan Radio Co Ltd		7
776		Nexans S.A.		37
172,000	e	NGK Spark Plug Co Ltd		3,716
293	*	Nice Systems Ltd		14
1,400	*	Nice Systems Ltd (Spon ADR)		67
284,380		Nidec Corp		24,166

48

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
500		Nihon Dempa Kogyo Co Ltd	$	19
1,200		Nihon Unisys Ltd		17
7,000		Nippon Chemi-Con Corp		43
3,000		Nippon Signal Co Ltd		27
307,030		Nitto Denko Corp		23,906
9,414		NKT Holding a/s		430
8,750,944	e	Nokia Oyj		159,478
3,000		Nokia Oyj (Spon ADR)		55
906	*	Nordic Semiconductor ASA		9
8,962,887	*	Nortel Networks Corp		27,238
3,960,589	*	Nortel Networks Corp (U.S.)		12,119
1,108,066	e*	Novellus Systems, Inc		26,727
1,398,278	*	Nvidia Corp		51,121
410,226	e*	Omnivision Technologies, Inc		8,188
268,000		Omron Corp		6,176
1,053,781	*	ON Semiconductor Corp		5,827
353,976		Onex Corp		5,733
409,573	*	Openwave Systems, Inc		7,155
88,970	*	Oplink Communications Inc		1,290
105,413	*	Optical Communication Products, Inc		244
238,000		Origin Electric Co Ltd		1,518
94,053	*	OSI Systems, Inc		1,730
102,498		Park Electrochemical Corp		2,663
214,575	*	Pericom Semiconductor Corp		1,710
237,366	e*	Photronics, Inc		3,575
246,191	e	Pioneer Corp		3,412
261,612	*	Pixelworks, Inc		1,329
316,563		Plantronics, Inc		8,959
374,218	*	Plexus Corp		8,510
147,126	*	PLX Technology, Inc		1,265
1,134,765	*	PMC - Sierra, Inc		8,749
716,095	*	Polycom, Inc		10,956
153,076	e*	Portalplayer, Inc		4,335
42,149	*	Powell Industries, Inc		757
164,055	*	Power Integrations, Inc		3,906
438,461	*	Power-One, Inc		2,640
668,878	*	Powerwave Technologies, Inc		8,408
492,784	*	QLogic Corp		16,020
11,154,105		Qualcomm, Inc		480,519
224,081	e*	Quantum Fuel Systems Technologies Worldwide, Inc		601
555,793	e*	Rambus, Inc		8,998
94,092		Raven Industries, Inc		2,715
32,340	b,e,v*	Read-Rite Corp		0	^
2,077	*	Redflex Holdings Ltd		5
136,790		Regal-Beloit Corp		4,842
122,936		REMEC, Inc		156
337,971	*	Research In Motion Ltd		22,205
2,911		Reunert Ltd		24
1,149,288	*	RF Micro Devices, Inc		6,218
1,179,759		Ricoh Co Ltd		20,641
10,900		Rinnai Corp		258
891,743		Rockwell Collins, Inc		41,439

49

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
98,638	*	Rogers Corp	$	3,865
342,757		Rohm Co Ltd		37,258
980	*	Samsung Electro-Mechanics Co Ltd		37
4,878		Samsung Electronics Co Ltd		1,607
7,657		Samsung Electronics Co Ltd		4,992
366		Samsung Electronics Co Ltd		178
577	*	Samsung SDI Co Ltd		66
506,000		Sanken Electric Co Ltd		8,158
3,838,034	*	Sanmina-SCI Corp		16,350
6,000		Sanyo Denki Co Ltd		34
444,000	e	Sanyo Electric Co Ltd		1,204
341,771		Satyam Computer Services Ltd		5,604
361,563		Schneider Electric S.A.		32,135
787,969	e	Scientific-Atlanta, Inc		33,938
171,411	*	Seachange International, Inc		1,354
460,269	e*	Semtech Corp		8,405
3,024	*	SGL Carbon AG.		50
795,550	e	Sharp Corp		12,092
11,000	e	Shindengen Electric Manufacturing Co Ltd		56
1,100		Shinkawa Ltd		28
250,822	*	Sigmatel, Inc		3,286
614,890	*	Silicon Image, Inc		5,565
387,113	e*	Silicon Laboratories, Inc		14,192
549,910	*	Silicon Storage Technology, Inc		2,777
2,306	*	Silicon-On-Insulator Technologies		37
32,179	e	Siliconware Precision Industries Co		223
34,000		Siliconware Precision Industries Co		48
7,270,786	e*	Sirius Satellite Radio, Inc		48,714
7,304		Sirti S.p.A		20
1,016,207	*	Skyworks Solutions, Inc		5,172
1,208,770	e	Sony Corp		49,363
159,007	e*	Spatialight, Inc		552
120,415		Spectralink Corp		1,429
258,981	*	Spectrum Brands, Inc		5,260
119,401	*	Standard Microsystems Corp		3,426
42,400	e	Stanley Electric Co Ltd		689
1,000		Star Micronics Co Ltd		16
827,927		STMicroelectronics NV		14,815
41,500		Sumco Corp		2,176
38,819	e*	Sunpower Corp		1,319
1,019	*	Suntron Corp		1
65,498	*	Supertex, Inc		2,898
1,067,664	*	Sycamore Networks, Inc		4,612
281,955	*	Symmetricom, Inc		2,388
181,210	e*	Synaptics, Inc		4,480
350,000		Taiwan Semiconductor Manufacturing Co Ltd		666
96,800		Taiwan Semiconductor Manufacturing Co Ltd (Spon ADR)		959
458,060	e	Taiyo Yuden Co Ltd		6,306
2,000		Takaoka Electric Manufacturing Co Ltd		5
2,000		Tamura Taiko Holdings, Inc		17
249,625	e	Tandberg ASA		1,523
235,843		TDK Corp		16,245

50

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
610		Techem AG.	$	27
303,554		Technitrol, Inc		5,191
7,000		Teikoku Tsushin Kogyo Co Ltd		39
320,127	*	Tekelec		4,450
359,772	e	Teleflex, Inc		23,378
248,800		Telefonaktiebolaget LM Ericsson		8,559
2,992,786	*	Tellabs, Inc		32,621
414,108	*	Terayon Communication Systems, Inc		957
8,591,736		Terna S.p.A.		21,130
301,681	*	Tessera Technologies, Inc		7,799
11,960,428		Texas Instruments, Inc		383,571
265,210	*	Thomas & Betts Corp		11,128
238,590		Thomson		4,981
400	*	Three-Five Systems, Inc		0	^
100,000		Tokyo Denpa Co Ltd		1,431
585,447	*	Transwitch Corp		1,071
308,092	*	Trident Microsystems, Inc		5,546
96,885	e*	Tripath Technology, Inc		32
1,039,552	*	Triquint Semiconductor, Inc		4,626
15,020		TT electronics plc		38
300,226	*	TTM Technologies, Inc		2,822
88,583	*	Ulticom, Inc		869
68,366	*	Ultralife Batteries, Inc		820
10,314	*	UMC Japan		3,059
7,452	e*	Unaxis Holding AG. (Regd)		1,119
250,000	e	Uniden Corp		4,861
2,066,000		Unimicron Technology Corp		2,919
145,255	e	United Microelectronics Corp		453
318,000		United Microelectronics Corp		180
102,629	e*	Universal Display Corp		1,079
84,965	*	Universal Electronics, Inc		1,464
86,100	e	Ushio, Inc		2,010
630,019	e*	Utstarcom, Inc		5,078
288,987	e*	Valence Technology, Inc		445
63,654		Valeo S.A.		2,358
226,077	*	Varian Semiconductor Equipment Associates, Inc		9,932
2,000		Varitronix International Ltd		1
347,498		Venture Corp Ltd		2,884
1,613	*	Vestel Elektronik Sanayi		6
115,135	*	Viasat, Inc		3,078
116,244		Vicor Corp		1,838
82,765	*	Virage Logic Corp		818
875,242	*	Vishay Intertechnology, Inc		12,043
1,346,739	e*	Vitesse Semiconductor Corp		2,586
87,524	e*	Volterra Semiconductor Corp		1,313
6,000		Vtech Holdings Ltd		21
533,358	*	Westell Technologies, Inc		2,400
298,309		Whirlpool Corp		24,986
14,000		Wintek Corp		23
3,446		Wipro Ltd		35
2,029,424		Xilinx, Inc		51,162
15,000		Ya Hsin Industrial Co Ltd		15

51

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
1,000		Yamaichi Electronics Co Ltd	$	16
582,000	e	Yaskawa Electric Corp		5,868
3,833,000		YTL Power International		2,272
513,046	e*	Zhone Technologies, Inc		1,088
320	*	Zix Corp		1
52,782	e*	Zoltek Cos, Inc		463
293,681	*	Zoran Corp		4,761
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		9,391,004
ENGINEERING AND MANAGEMENT SERVICES - 0.64%
5,388	e*	aaiPharma, Inc		1
126,783	*	Advisory Board Co		6,044
2,906	*	Altran Technologies S.A.		32
305,273		Amec plc		1,800
677,217	e*	Amylin Pharmaceuticals, Inc		27,035
184,522	e*	Antigenics, Inc		878
491,615	*	Applera Corp (Celera Genomics Group)		5,388
296,460	*	Ariad Pharmaceuticals, Inc		1,734
661		Assystem		16
177,589	e*	Axonyx, Inc		147
11,669		Babcock International Group		46
394,343		Balfour Beatty plc		2,410
137	*	Bavarian Nordic a/s		10
607,118		Capita Group plc		4,344
77,583		CDI Corp		2,126
1,021,985	e*	Celgene Corp		66,225
42,294	e*	Ciphergen Biosystems, Inc		50
20,733	*	Cornell Cos, Inc		287
278,336		Corporate Executive Board Co		24,967
58,170	*	CRA International, Inc		2,774
259,205	e*	CuraGen Corp		798
426,381	e*	CV Therapeutics, Inc		10,544
2,310	*	Daewoo Engineering & Construction Co Ltd		31
382,362	*	deCODE genetics, Inc		3,158
296,892	*	DiamondCluster International, Inc		2,357
499,262	*	Digitas, Inc		6,251
152,739	*	Diversa Corp		733
897,584		Downer EDI Ltd		4,727
2		Dream Incubator, Inc		12
30,010	*	Dyax Corp		158
278,749	*	eResearch Technology, Inc		4,209
116,989	*	Essex Corp		1,995
582,846	*	Exelixis, Inc		5,490
51,458	*	Exponent, Inc		1,460
922,973	e	Fluor Corp		71,309
1,708		Fugro NV		55
343,378	*	Gen-Probe, Inc		16,753
99,087	*	Greenfield Online, Inc		581
329,176	*	Harris Interactive, Inc		1,419
304,445	*	Hewitt Associates, Inc		8,528

52

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
32,558	*	Huron Consulting Group, Inc	$	781
373,555	e*	ICOS Corp		10,321
403		IDB Development Corp Ltd		12
501,077	*	Incyte Corp		2,676
47,060	*	Infrasource Services, Inc		616
12,899	e*	iRobot Corp		430
333,261	*	Isis Pharmaceuticals, Inc		1,746
338,688	*	Jacobs Engineering Group, Inc		22,987
304,166		JGC Corp		5,785
140,482	*	Keryx Biopharmaceuticals, Inc		2,057
55,772		Landauer, Inc		2,571
95,155	*	LECG Corp		1,654
479,541	*	Lexicon Genetics, Inc		1,750
207,572	*	Lifecell Corp		3,958
138,149	*	Luminex Corp		1,605
116,740		MAXIMUS, Inc		4,283
157,290	*	Maxygen, Inc		1,181
27,600		Meitec Corp		893
808,970	*	Monogram Biosciences, Inc		1,513
191,788	*	Monogram Biosciences, Inc Rts		121
1,987,174		Moody's Corp		122,052
86,948	*	MTC Technologies, Inc		2,381
236,120	e*	Myriad Genetics, Inc		4,911
266,002	*	Navigant Consulting, Inc		5,847
134,141	e*	Neopharm, Inc		1,447
151,115	*	Neurogen Corp		996
32,405	*	Newtek Business Services, Inc		63
20,082	e	Nichii Gakkan Co		510
146,793	*	Orchid Cellmark, Inc		1,116
1,816,533		Paychex, Inc		69,246
21,000	*	Penta-Ocean Construction Co Ltd		48
151,838	e*	Per-Se Technologies, Inc		3,547
215,573		Pharmaceutical Product Development, Inc		13,355
298,605	*	PRG-Schultz International, Inc		182
5,220	*	Punj Lloyd Ltd		81
892,108		Quest Diagnostics, Inc		45,926
272,702	*	Regeneron Pharmaceuticals, Inc		4,350
272,996	*	Resources Connection, Inc		7,114
223,599	*	Rigel Pharmaceuticals, Inc		1,869
504,892	*	Savient Pharmaceuticals, Inc		1,888
15,401		SBM Offshore NV		1,240
203,329	*	Seattle Genetics, Inc		960
604,327		SembCorp Logistics Ltd		618
133,771	*	Senomyx, Inc		1,621
412,201		Serco Group plc		2,224
110,322	e*	SFBC International, Inc		1,766
499,882	*	Shaw Group, Inc		14,542
2,447,000		Shui On Construction		4,513
11,893		SNC-Lavalin Group, Inc		777
115,284	*	Sourcecorp		2,765
2,571,000	*	STATS ChipPAC Ltd		1,716
174,963	*	Symyx Technologies, Inc		4,775

53

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
51,036		Sypris Solutions, Inc	$	509
41,337	*	Tejon Ranch Co		1,650
295,944	e*	Telik, Inc		5,028
476,812	*	Tetra Tech, Inc		7,472
3,223,000	e	Toyo Engineering Corp		15,974
75,786	*	Trimeris, Inc		871
3,119		United Group Ltd		26
250,091	*	URS Corp		9,406
2,000	*	Venture Link Co Ltd		8
85,905	*	ViaCell, Inc		483
191,884		Washington Group International, Inc		10,164
210,949		Watson Wyatt & Co Holdings		5,886
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		735,745
ENVIRONMENTAL QUALITY AND HOUSING - 0.00% **
1,870,000	v*	Citiraya Industries Ltd		1,215
		TOTAL ENVIRONMENTAL QUALITY AND HOUSING		1,215
FABRICATED METAL PRODUCTS - 0.41%
792		Aalberts Industries NV		42
165,264	*	Alliant Techsystems, Inc		12,588
737,587	e	Amcor Ltd		4,042
54,623		Ameron International Corp		2,490
194,909		Aptargroup, Inc		10,174
695,604		Ball Corp		27,629
4,000		Bunka Shutter Co Ltd		23
111,827		CIRCOR International, Inc		2,869
410,486		Commercial Metals Co		15,410
75,905	*	Commercial Vehicle Group, Inc		1,425
9,706		Compx International, Inc		155
315,809		Crane Co		11,139
1,874,425	*	Crown Holdings, Inc		36,608
46,912	e	Dynamic Materials Corp		1,408
112,767	*	Earle M Jorgensen Co		1,041
7,344		Geberit AG. (Regd)		5,795
183,082	e*	Global Power Equipment Group, Inc		828
164,614	*	Griffon Corp		3,919
120		Grupa Kety S.A.		5
66,946		Gulf Island Fabrication, Inc		1,627
2,238,410		Illinois Tool Works, Inc		196,958
575,946	*	Jacuzzi Brands, Inc		4,838
749,878		JS Group Corp		14,994
4,000		Kitz Corp		35
45,217		Lifetime Brands, Inc		935
2,700		Mechel Steel Group OAO (ADR)		65
2,600		Miura Co Ltd		63
71,816	*	Mobile Mini, Inc		3,404

54

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
115,388	*	NCI Building Systems, Inc	$	4,902
936,000	e	NEOMAX Co Ltd		30,769
622		Norddeutsche Affinerie AG.		16
220,900		Oiles Corp		4,960
501,000	e	Sanwa Shutter Corp		3,090
210,196		Silgan Holdings, Inc		7,592
233,807		Simpson Manufacturing Co, Inc		8,499
220,501		Sims Group Ltd		2,840
14,000		Singamas Container Holdings Ltd		7
262,980		Snap-On, Inc		9,878
101,063		Ssab Svenskt Stal AB (Series A)		3,670
34,280		Ssab Svenskt Stal AB (Series B)		1,159
139,163		Sturm Ruger & Co, Inc		976
2,593,000	a	Sumitomo Precision Products Co Ltd		16,696
43,908		Sun Hydraulics Corp		849
702,000	e	Takuma Co Ltd		4,687
332,920	e*	Taser International, Inc		2,324
2,418		Tata Steel Ltd		20
8,625	b*	Tower Automotive, Inc		1
477,600		Toyo Seikan Kaisha Ltd		7,773
99,804		Valmont Industries, Inc		3,339
61,551	*	Water Pik Technologies, Inc		1,321
136,866		Watts Water Technologies, Inc (Class A)		4,146
		TOTAL FABRICATED METAL PRODUCTS		480,023
FINANCE, TAXATION AND MONETARY POLICY - 0.00% **
13,200	*	Panalpina Welttransport Holding AG.		1,039
		TOTAL FINANCE, TAXATION AND MONETARY POLICY		1,039
FISHING, HUNTING, AND TRAPPING - 0.00% **
7,657	*	Omega Protein Corp		51
		TOTAL FISHING, HUNTING, AND TRAPPING		51
FOOD AND KINDRED PRODUCTS - 2.74%
451,500		Ajinomoto Co, Inc		4,617
267,594	e	American Italian Pasta Co (Class A)		1,820
988		Anadolu Efes Biracilik Ve Malt Sanayii A.S.		28
3,996,639		Anheuser-Busch Cos, Inc		171,696
3,471,950		Archer Daniels Midland Co		85,618
13,059		Ariake Japan Co Ltd		321
776,194	e	Asahi Breweries Ltd		9,463
269,337		Bajaj Hindusthan Ltd		1,868
43		Barry Callebaut AG.		14
53,621	*	Boston Beer Co, Inc (Class A)		1,341
86,819	e	Bunge Ltd		4,915
1,924,227		Cadbury Schweppes plc		18,152

55

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
62		Cal-Maine Foods, Inc	$	0	^
2,655	*	Cambridge Antibody Technology Group plc		32
1,211,793		Campbell Soup Co		36,075
4,311		Carlsberg a/s (Class A)		215
10,176		Carlsberg a/s (Class B)		544
15,000		China Mengniu Dairy Co Ltd		13
9,630		Chipita International S.A.		36
300	*	CJ Corp		31
571,866		Coca Cola Hellenic Bottling Co S.A.		16,783
381,673		Coca-Cola Amatil Ltd		2,159
28,862		Coca-Cola Bottling Co Consolidated		1,241
11,699,461		Coca-Cola Co		471,605
2,183,437		Coca-Cola Enterprises, Inc		41,856
4,392		Coca-Cola Femsa S.A. de C.V.		12
9,200		Coca-Cola Femsa S.A. de C.V. (ADR)		248
34,000		Coca-Cola West Japan Co Ltd		794
3,600		Companhia de Bebidas das Americas (ADR)		137
2,265,624		ConAgra Foods, Inc		45,947
2,191,596	*	Constellation Brands, Inc (Class A)		57,486
462,302		Corn Products International, Inc		11,044
14,673	*	Cott Corp		216
3,136,497		CSR Ltd		8,007
1,686		Dairy Crest Group plc		16
46,480		Danisco a/s		3,547
371,686	*	Darling International, Inc		1,476
1,581,727		Del Monte Foods Co		16,497
6,637,943		Diageo plc		96,009
120,000		Diageo plc (Spon ADR)		6,996
18,699		Diamond Foods, Inc		370
17,861	e	East Asiatic Co Ltd a/s		1,678
788,087		Ebro Puleva S.A.		13,042
5,200		Embotelladora Andina S.A. (ADR)		72
46,386		Farmer Bros Co		897
51,402	*	Fjord Seafood ASA		34
325,104		Flowers Foods, Inc		8,960
11,159		Fomento Economico Mexicano S.A. de C.V.		81
3,800		Fomento Economico Mexicano S.A. de C.V. (Spon ADR)		276
22,000		Fujiya Co Ltd		57
1,514,307		General Mills, Inc		74,686
8,118		Givaudan S.A. (Regd)		5,485
361,022	*	Gold Kist, Inc		5,397
7,300		Golden Hope Plantations Bhd		8
273,515		Greencore Group plc		1,084
1,446		Groupe Bourbon S.A.		126
221,971		Groupe Danone		23,106
4,200		Gruma S.A. de C.V. (Spon ADR)		55
4,652		Grupo Bimbo S.A. de C.V.		16
8,337		Grupo Modelo S.A.		30
1,725,332		H.J. Heinz Co		58,178
89,412	e*	Hansen Natural Corp		7,047
113,036		Heineken NV		3,571
1,078,451	*	Hercules, Inc		12,186

56

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
804,511		Hershey Co	$	44,449
1,250		Hk-Ruokatalo Oyj (A Shs)		14
466,615		Hormel Foods Corp		15,249
55,300		House Foods Corp		839
133,747		Iaws Group plc		1,917
98,899	e	InBev NV		4,289
30,000	v*	International Hydron Liq Trust		1
10,700		IOI Corp Bhd		35
22,000	e	Ito En Ltd		1,316
639,143		J Sainsbury plc		3,459
41,755		J&J Snack Foods Corp		2,481
223,552		J.M. Smucker Co		9,836
10,429,000		JG Summit Holdings		678
155,000		J-Oil Mills, Inc		797
735,541		Kaneka Corp		8,880
1,063,800		Katokichi Co Ltd		7,237
1,410,365		Kellogg Co		60,956
65,000		Kerry Group plc		1,430
160,937		Kerry Group plc (Class A)		3,552
42,400		Kibun Food Chemifa Co Ltd		990
122,000		Kikkoman Corp		1,184
1,781,680	e	Kirin Brewery Co Ltd		20,756
2,824		Koninklijke Wessanen NV		43
1,276,263		Kraft Foods, Inc (Class A)		35,914
558,300		Kuala Lumpur Kepong Bhd		1,241
193,811		Lancaster Colony Corp		7,181
159,140		Lance, Inc		2,965
74,791	*	M&F Worldwide Corp		1,221
856,937		McCormick & Co, Inc (Non-Vote)		26,496
652,000		Meiji Dairies Corp		3,298
2,625,000		Meiji Seika Kaisha Ltd		13,945
7,000		Mercian Corp		25
741,000	e	Mitsui Sugar Co Ltd		3,001
287,647		Molson Coors Brewing Co (Class B)		19,269
41,215		National Beverage Corp		403
900		Nestle Malaysia Bhd		6
1,019,333		Nestle S.A. (Regd)		303,955
205,000		Nichirei Corp		854
18,000		Nippon Beet Sugar Manufacturing Co Ltd		52
128,000	e	Nippon Meat Packers, Inc		1,343
3,332,000		Nisshin Oillio Group Ltd		22,866
890,002		Nisshin Seifun Group, Inc		9,395
64,805		Nissin Food Products Co Ltd		1,872
15,000		NOF Corp		81
47,293		Northern Foods plc		123
369,000		Nosan Corp		1,201
1,518		Nutreco Holding NV		67
995,000		Olam International Ltd		904
2,313,036	e,v*	Parmalat Finanziaria S.p.A.		0	^
71,036	e*	Peet's Coffee & Tea, Inc		2,156
1,270,177		Pepsi Bottling Group, Inc		36,340
661,092		PepsiAmericas, Inc		15,377

57

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
13,211,620		PepsiCo, Inc	$	780,542
88,183		Pernod-Ricard S.A.		15,332
3,061,000		Petra Foods Ltd		1,988
350,000	v*	Power Pacific Ltd		0	^
8,300		PPB Group Bhd		9
11,712		Premier Foods plc		60
40,265		Premium Standard Farms, Inc		602
71,000		PT Indofood Sukses Makmur Tbk		7
79,000		Q.P. Corp		703
518		Quick Restaurants S.A.		14
1,919		Raisio plc		5
300,847	*	Ralcorp Holdings, Inc		12,007
16,538		Reddy Ice Holdings, Inc		361
1,039		Restaurant Group plc		3
1,000		Rock Field Co Ltd		21
6,781		Rottneros AB		6
885,376	e*	Royal Numico NV		36,531
8,069		Sadia S.A.		23
4,500	e	Sadia S.A. (ADR)		131
2,048,752		Sampo Oyj (A Shs)		35,572
97,228		Sanderson Farms, Inc		2,968
210,000	e	Sapporo Holdings Ltd		1,176
327,246		Saputo, Inc		9,522
3,554,286		Sara Lee Corp		67,176
3,494,315		Scottish & Newcastle plc		29,184
378,097	*	Smithfield Foods, Inc		11,570
11,500	*	Snow Brand Milk Products Co Ltd		50
6,000		Starzen Co Ltd		19
57,622	e	Suedzucker AG.		1,348
959,935		Swire Pacific Ltd (A Shs)		8,617
461,000	e	Takara Holdings, Inc		2,734
2,268,304		Tate & Lyle plc		21,924
855,000		Thai Union Frozen Products PCL		636
110,000		Tingyi Cayman Islands Holding Corp		54
149,107		Tootsie Roll Industries, Inc		4,314
172,222		Topps Co, Inc		1,280
583,000		Toyo Suisan Kaisha Ltd		9,405
165,725	*	TreeHouse Foods, Inc		3,102
1,322,515		Tyson Foods, Inc (Class A)		22,615
1,206		Ulker Gida Sanayi ve Ticaret A.S.		4
2,298,300		Universal Robina Corp		845
52,000		Vitasoy International Holdings Ltd		19
312,000		Want Want Holdings Ltd		310
3,900	*	Wimm-Bill-Dann Foods OJSC (ADR)		94
827,911		Wrigley (Wm.) Jr Co		55,048
84,900	e	Yakult Honsha Co Ltd		1,762
217,000		Yamazaki Baking Co Ltd		1,765
2,000		Yonekyu Corp		24
		TOTAL FOOD AND KINDRED PRODUCTS		3,178,738

58

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
FOOD STORES - 0.57%
2,544,133		Albertson's, Inc	$	54,317
9,014		Arden Group, Inc (Class A)		820
897,617		Carrefour S.A.		41,907
3,400		Cia Brasileira de Distribuicao Grupo Pao de Acucar		112
1,370,091		Coles Myer Ltd		10,261
6,978		Colruyt S.A.		960
32,408		Delhaize Group		2,110
320		Discount Investment Corp		8
2,800		Distribucion y Servicio D&S S.A. (ADR)		54
49,600		FamilyMart Co Ltd		1,677
55,110		George Weston Ltd		4,072
112,432	e*	Great Atlantic & Pacific Tea Co, Inc		3,573
73,746		Ingles Markets, Inc (Class A)		1,154
14,443		Jeronimo Martins SGPS S.A.		216
1,216,979	*	Koninklijke Ahold NV		9,087
4,951,958	e*	Kroger Co		93,493
44,300		Lawson, Inc		1,824
97,089		Loblaw Cos Ltd		4,685
1,179		Migros Turk TAS		11
118,477	*	Panera Bread Co (Class A)		7,782
117,454	*	Pantry, Inc		5,519
361,686	*	Pathmark Stores, Inc		3,613
19,271	b,v*	Penn Traffic Co		0	^
9,000		President Chain Store Corp		19
191,125		Ruddick Corp		4,067
1,532,198		Seven & I Holdings Co Ltd		65,556
4,310,242	e*	Starbucks Corp		129,350
2,484	*	Tansas Perakende Magazacilik Ticaret A.S.		4
23,214,388		Tesco plc		132,114
1,731		Valora Holding AG.		335
87,658		Weis Markets, Inc		3,773
716,342		Whole Foods Market, Inc		55,438
154,443	e*	Wild Oats Markets, Inc		1,866
523	b,e*	Winn-Dixie Stores, Inc		0	^
1,923,757	e	Woolworths Ltd		23,778
		TOTAL FOOD STORES		663,555
FORESTRY - 0.08%
10,761		Gunns Ltd		26
391,372	e	Rayonier, Inc		15,596
1,188,311		Weyerhaeuser Co		78,832
		TOTAL FORESTRY		94,454
FURNITURE AND FIXTURES - 0.28%
62,077		Bassett Furniture Industries, Inc		1,148
319,742	*	BE Aerospace, Inc		7,034
75		Beter Bed Holding NV		3

59

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
6,033	b,v*	Bush Industries, Inc (Class A)	$	1
209,448	e	Ethan Allen Interiors, Inc		7,651
439,657		Furniture Brands International, Inc		9,818
649,260		Herman Miller, Inc		18,303
263,900		Hillenbrand Industries, Inc		13,039
280,853		HNI Corp		15,427
63,080		Hooker Furniture Corp		1,082
11,000		HTL International Holdings Ltd		9
301,587	*	Interface, Inc (Class A)		2,479
830,845		Johnson Controls, Inc		60,577
11,000		Kenwood Corp		22
163,899		Kimball International, Inc (Class B)		1,742
393,592	e	La-Z-Boy, Inc		5,337
937,832		Leggett & Platt, Inc		21,533
2,931,493		Masco Corp		88,502
582,532		MFI Furniture plc		800
59,326		Neopost S.A.		5,927
2,100,466		Newell Rubbermaid, Inc		49,949
325,493	*	Select Comfort Corp		8,902
114,723		Stanley Furniture Co, Inc		2,659
15,150		Steinhoff International Holdings Ltd		45
213,285	e*	Tempur-Pedic International, Inc		2,453
2,878		Villeroy & Boch AG.		40
2,000	*	Williams Scotsman International, Inc		35
		TOTAL FURNITURE AND FIXTURES		324,517
FURNITURE AND HOMEFURNISHINGS STORES - 0.37%
3,450,638	*	Bed Bath & Beyond, Inc		124,741
227,727	e*	Bell Microproducts, Inc		1,742
2,945,323	e	Best Buy Co, Inc		128,063
866,742		Circuit City Stores, Inc		19,580
126,216	*	Cost Plus, Inc		2,165
113,800	e	Culture Convenience Club Co Ltd		4,676
62,650	*	Design Within Reach, Inc		332
862,257		DSG International plc		2,424
460,073	e*	GameStop Corp		14,640
31,484	*	GameStop Corp		910
100		Gigas K's Denki Corp		3
155,143	*	Guitar Center, Inc		7,759
130,963		Haverty Furniture Cos, Inc		1,688
3,648	b,v*	InaCom Corp		0	^
2,000		Joshin Denki Co Ltd		15
237,797		Kesa Electricals plc		1,061
72,170		Knoll, Inc		1,235
2,300		Kohnan Shoji Co Ltd		38
290,451	*	Linens 'n Things, Inc		7,726
228,654	*	Mohawk Industries, Inc		19,888
155,803	e	Movie Gallery, Inc		874
13,400		Nitori Co Ltd		1,249
5		NIWS Co HQ Ltd		7

60

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
462,301	e	Pier 1 Imports, Inc	$	4,036
645,279		RadioShack Corp		13,570
168,291	e*	Restoration Hardware, Inc		1,013
182,200		Shimachu Co Ltd		5,526
283,059		Steelcase, Inc (Class A)		4,481
231,104	*	The Bombay Co, Inc		684
211,413	*	Trans World Entertainment Corp		1,205
146,626		Tuesday Morning Corp		3,067
6,703	b,e*	Ultimate Electronics, Inc		0	^
1,142,524	*	Waterford Wedgwood plc (Units)		81
500,747	*	Williams-Sonoma, Inc		21,607
216,488	e	Yamada Denki Co Ltd		27,072
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		423,158
GENERAL BUILDING CONTRACTORS - 0.56%
1,000	v*	AC Real Estate Corp		0	^
10,037		AM NV		119
1,000	v*	Aoyama Kanzai Corp		0	^
522,000		Asunaro Aoki Construction Co Ltd		5,130
35,463	e*	Avatar Holdings, Inc		1,948
1,808,085		Barratt Developments plc		30,606
277,194	e	Beazer Homes USA, Inc		20,191
388,626		Bellway plc		7,532
101,245	*	Berkeley Group Holdings plc		1,931
133,948	e	Brookfield Homes Corp		6,661
617,787		Centex Corp		44,166
1,300		Cleanup Corp		12
28,862	*	Comstock Homebuilding Cos, Inc		407
2,571		Consorcio ARA S.A. de C.V.		11
6,338	*	Corp GEO S.A. de C.V.		22
484,662		CRH plc		14,201
400	*	Daelim Industrial Co		28
5,809,000	e*	Daikyo, Inc		35,879
65,500	e	Daito Trust Construction Co Ltd		3,385
405,221		Daiwa House Industry Co Ltd		6,331
11,795	e*	Dominion Homes, Inc		125
1,360,132		DR Horton, Inc		48,598
375,080		George Wimpey plc		3,091
1,302,000	e*	Haseko Corp		5,019
87,902		Hellenic Technodomiki Tev S.A.		566
51,587	e	Hochtief AG.		2,302
144,911	*	Hovnanian Enterprises, Inc (Class A)		7,193
1,080	*	Hyundai Development Co		49
5,700		IJM Corp Bhd		7
29,985	e	Imerys S.A.		2,161
2,184,000	e	Kajima Corp		12,546
374,019		KB Home		27,176
6,127,000	*	Kindom Construction Co		1,558
374,647		Leighton Holdings Ltd		4,914
754,859		Lennar Corp (Class A)		46,061
46,756		Lennar Corp (Class B)		2,651

61

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
98,550		Levitt Corp (Class A)	$	2,241
79,921		M/I Homes, Inc		3,246
219,500	v*	Mascotech (Escrow)		0	^
103,410		McGrath RentCorp		2,875
142,168		MDC Holdings, Inc		8,812
98,486	*	Meritage Homes Corp		6,197
3,572,572		New World Development Ltd		4,907
52,080	*	NVR, Inc		36,560
547,842		Obayashi Corp		4,034
7,696		Obrascon Huarte Lain S.A.		122
56,566	e*	Palm Harbor Homes, Inc		1,063
158,577	*	Perini Corp		3,830
1,487,239		Persimmon plc		32,119
1,268,917	e	Pulte Homes, Inc		49,945
232,878		Ryland Group, Inc		16,797
1,000		SBI Partners Co Ltd		32
1,118,000	e	Sekisui Chemical Co Ltd		7,559
432,000		Sekisui House Ltd		5,432
34,434,000		Shanghai Forte Land Co		11,769
677,000		Shimizu Corp		4,973
318,054		Standard-Pacific Corp		11,704
3,700	e*	Sumitomo Mitsui Construction Co Ltd		24
678,000	e	Taisei Corp		3,073
119,000		Takamatsu Corp		5,848
3,635,038		Taylor Woodrow plc		23,745
669,381		Technical Olympic S.A.		3,711
116,693		Technical Olympic USA, Inc		2,461
54,366		Titan Cement Co S.A.		2,212
458,000		Toda Corp		2,514
718,479	*	Toll Brothers, Inc		24,888
2,127	*	Urbi Desarrollos Urbanos S.A. de C.V		15
4,000		Wakachiku Construction Co Ltd		10
217,232		Walter Industries, Inc		10,801
208,442	*	WCI Communities, Inc		5,597
5,315		Westbury plc		51
48,016	e*	William Lyon Homes, Inc		4,845
152,839		YIT-Yhtyma Oyj		6,514
		TOTAL GENERAL BUILDING CONTRACTORS		653,103
GENERAL MERCHANDISE STORES - 1.51%
319,951	*	99 Cents Only Stores		3,347
556,300	e	Aeon Co Ltd		14,140
790,154	*	Big Lots, Inc		9,490
324,648	*	BJ's Wholesale Club, Inc		9,597
36,225		Bon-Ton Stores, Inc		693
177,096	e*	Cabela's, Inc		2,940
1,420	e	Can Do Co Ltd		1,648
396,550		Casey's General Stores, Inc		9,834
45,426	e*	Conn's, Inc		1,675
3,403,102		Costco Wholesale Corp		168,351

62

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
247,000		Daimaru, Inc	$	3,562
30,120		David Jones Ltd		51
261,764		Dillard's, Inc (Class A)		6,497
2,390,592	e	Dollar General Corp		45,589
708,388		Family Dollar Stores, Inc		17,561
1,219,873		Federated Department Stores, Inc		80,914
284,275		Fred's, Inc		4,625
224,511	e	Hankyu Department Stores, Inc		1,959
122,314	e	Hudson's Bay Co		1,552
32,020	*	Hyundai Department Store Co Ltd		2,711
507,415		Isetan Co Ltd		10,812
1,439,776		JC Penney Co, Inc		80,052
426,000		Keio Electric Railway Co Ltd		2,544
1,092,670		Kingfisher plc		4,450
1,182,000	e	Kintetsu Corp		4,727
3,898,933		Marks & Spencer Group plc		33,802
305,400	e	Marui Co Ltd		5,990
310,000	e	Mitsukoshi Ltd		2,022
48,466	e	Pinault-Printemps-Redoute S.A.		5,440
93,737	*	Retail Ventures, Inc		1,166
681,424	*	Saks, Inc		11,489
3,000	*	Seiyu Ltd		9
4,039	*	Shinsegae Co Ltd		1,770
1,582,840	v*	Sonae SGPS S.A.		747
1,582,840		Sonae SPGS S.A.		2,203
209,694		Stein Mart, Inc		3,806
1,837		Stockmann Oyj Abp		70
326,000	e	Takashimaya Co Ltd		5,204
6,512,791		Target Corp		358,008
2,577,806		TJX Cos, Inc		59,882
520,172		UNY Co Ltd		8,202
27,449		Wal-Mart de Mexico S.A. de C.V.		152
2,900		Wal-Mart de Mexico S.A. de C.V. (Spon ADR)		161
16,113,335	e	Wal-Mart Stores, Inc		754,104
218,833		Warehouse Group Ltd		529
56,031		Woolworths Group plc		37
		TOTAL GENERAL MERCHANDISE STORES		1,744,114
HEALTH SERVICES - 1.03%
60,834	*	Alliance Imaging, Inc		362
195,138	*	Allied Healthcare International, Inc		1,198
87,730	e*	Amedisys, Inc		3,706
90,282	*	America Service Group, Inc		1,432
82,005	*	American Dental Partners, Inc		1,483
187,257	*	American Healthways, Inc		8,473
152,628	*	American Retirement Corp		3,836
2,062,754		AmerisourceBergen Corp		85,398
177,595	*	Amsurg Corp		4,060
304,134	*	Apria Healthcare Group, Inc		7,333
7,590		Athens Medical Center S.A.		25

63

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
679,448	*	Beverly Enterprises, Inc	$	7,929
47,714	*	Bio-Reference Labs, Inc		897
300		Brookdale Senior Living, Inc		9
131,056	*	Capio AB		2,330
4,020,144	*	Caremark Rx, Inc		208,203
21,898	e	Coloplast a/s (B Shs)		1,354
399,585	*	Community Health Systems, Inc		15,320
44,970	*	Corvel Corp		854
278,026	*	Covance, Inc		13,498
2,150,523	*	Coventry Health Care, Inc		122,494
207,620	*	Cross Country Healthcare, Inc		3,691
675,632	*	DaVita, Inc		34,214
598,665	e	DCA Group Ltd		1,748
259,394	*	Edwards Lifesciences Corp		10,793
143,350	e*	Enzo Biochem, Inc		1,780
963,320	*	Express Scripts, Inc		80,726
477,182		Fraser and Neave Ltd		5,309
54,221	e	Fresenius Medical Care AG.		5,692
296,442		Gambro AB		3,231
160,081		Gambro AB		1,740
730		Generale de Sante		25
170,344	*	Genesis HealthCare Corp		6,221
800	*	Genomic Health, Inc		7
204,945	*	Gentiva Health Services, Inc		3,021
299,693	e	Getinge AB (B Shs)		4,123
2,501,875		HCA, Inc		126,345
1,176,673		Health Management Associates, Inc (Class A)		25,840
380,922		Hooper Holmes, Inc		971
60,983	*	Horizon Health Corp		1,380
123,479	e*	Immunomedics, Inc		361
139,877		Intertek Group plc		1,674
358,822	e*	Kindred Healthcare, Inc		9,243
624,083	*	Laboratory Corp of America Holdings		33,607
119,951		LCA-Vision, Inc		5,699
22,200	*	LHC Group, Inc		387
325,944	*	LifePoint Hospitals, Inc		12,223
519,425	*	Lincare Holdings, Inc		21,769
316,089	*	Magellan Health Services, Inc		9,941
497,904		Manor Care, Inc		19,802
107,657	*	Matria Healthcare, Inc		4,173
33,666		MDS, Inc		580
59,658	e*	Medcath Corp		1,107
1,780,361	*	Medco Health Solutions, Inc		99,344
43,003		National Healthcare Corp		1,607
795,997	e*	Nektar Therapeutics		13,102
19,939		Network Healthcare Holdings Ltd		24
1,100		Nihon Kohden Corp		18
215,000	e*	OCA, Inc		86
338,175	*	Odyssey HealthCare, Inc		6,304
110,283	e	Option Care, Inc		1,473
273,129	e*	PainCare Holdings, Inc		890
965,500		Parkway Holdings Ltd		1,225

64

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
144,228	*	Pediatrix Medical Group, Inc	$	12,774
5,794	b,v*	Physician Resource Group, Inc		0	^
132,826	*	Psychiatric Solutions, Inc		7,802
693		Q-Med AB		22
77,280	*	Radiation Therapy Services, Inc		2,729
110,661	*	RehabCare Group, Inc		2,235
318,851	*	Renal Care Group, Inc		15,085
2,616		Rhoen Klinikum AG.		99
252,447	*	Sierra Health Services, Inc		20,186
710,860		Sonic Healthcare Ltd		7,717
42,808	*	Specialty Laboratories, Inc		559
69,735	*	Stereotaxis, Inc		600
6,485		Straumann Holding AG.		1,498
192,708	e*	Sunrise Senior Living, Inc		6,496
75,481	*	Symbion, Inc		1,736
2,432,371	*	Tenet Healthcare Corp		18,632
428,946	*	Triad Hospitals, Inc		16,828
102,582	*	U.S. Physical Therapy, Inc		1,895
247,830	*	United Surgical Partners International, Inc		7,968
277,335		Universal Health Services, Inc (Class B)		12,963
54,234	*	VistaCare, Inc (Class A)		678
		TOTAL HEALTH SERVICES		1,190,192
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.33%
98,908		Abertis Infraestructuras S.A.		2,480
894,908		ACS Actividades Cons y Servicios S.A.		28,723
7,395		Alfred Mcalpine plc		50
2,764		Atkins WS plc		35
14,955	*	Autoroutes du Sud de La France		882
454,733	e	Bouygues S.A.		22,153
452,000	e	Chiyoda Corp		10,378
1,108	*	Empresas ICA Sociedad Controladora S.A. de CV		32
3,580		EYDAP Athens Water Supply & Sewage Co S.A.		30
42,465		Fomento de Construcciones y Contratas S.A.		2,399
9,500		Gamuda Bhd		8
199,362		Granite Construction, Inc		7,159
28,807		Grupo Ferrovial S.A.		1,988
600	*	GS Engineering & Construction Corp		31
640	*	Hyundai Engineering & Construction		29
1,006		JM AB		45
12,830		Michaniki S.A.		31
2,053,959		Multiplex Group		4,746
1,572		NCC AB (B Shs)		28
1,278,316	e	Nishimatsu Construction Co Ltd		5,242
140,884		Okumura Corp		791
1,382		Peab AB		18
642,669		Skanska AB (B Shs)		9,771
3,676	v*	Sociedad General de Aguas de Barcelona S.A. (Class A)		77
10,332	*	Societe des Autoroutes du Nord et de l'Est de la France		697
34,000		Toa Corp		73

65

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
1,363,000	e	Tokyu Corp	$	9,631
21,000	*	Toyo Construction Co Ltd		40
339,794	e	Transurban Group		1,645
3,137,691	e	Vinci S.A.		268,882
940,166		YTL Corp Bhd		1,331
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		379,425
HOLDING AND OTHER INVESTMENT OFFICES - 2.07%
1,659,911		3i Group plc		24,151
74,192	*	4Kids Entertainment, Inc		1,164
285,192		Aames Investment Corp		1,842
21,310		Aberdeen Asset Management plc		49
185,959		Acadia Realty Trust		3,728
1,832		Ackermans & Van Haaren		99
146,006	e*	Affiliated Managers Group, Inc		11,717
380,872	e	Affordable Residential Communities		3,630
41,650		Agree Realty Corp		1,204
82	*	Alarko Holding AS		3
12,349	*	Alexander's, Inc		3,032
123,489		Alexandria Real Estate Equities, Inc		9,941
634,903	e	Allied Capital Corp		18,647
520,360		AMB Property Corp		25,586
81,551		American Campus Communities, Inc		2,022
650,445		American Financial Realty Trust		7,805
412,922	e	American Home Mortgage Investment Corp		13,449
184,524		AMLI Residential Properties Trust		7,021
1,939,989		Amvescap plc		14,721
590,994	e	Annaly Mortgage Management, Inc		6,465
514,004		Anthracite Capital, Inc		5,412
466,778		Anworth Mortgage Asset Corp		3,407
534,469		Apartment Investment & Management Co (Class A)		20,240
367,432		Apollo Investment Corp		6,588
81,766		Arbor Realty Trust, Inc		2,119
973,976		Archstone-Smith Trust		40,800
338,582		Arden Realty, Inc		15,179
329,174		Ashford Hospitality Trust, Inc		3,453
4		Asset Managers Co Ltd		28
1,363		Associated Estates Realty Corp		12
24,894		Australian Infrastructure Fund		43
342,686		AvalonBay Communities, Inc		30,585
1,710,000		Babcock & Brown Wind Partners		2,214
158,247		Bedford Property Investors		3,472
265,735		Bimini Mortgage Management, Inc (Class A)		2,405
309,781		BioMed Realty Trust, Inc		7,559
23,908		Bodycote International		91
624,405		Boston Properties, Inc		46,287
145,570	*	Boykin Lodging Co		1,779
307,218	e	Brandywine Realty Trust		8,574
238,940		BRE Properties, Inc (Class A)		10,867
573,953	e	Brookfield Asset Management, Inc		28,797
4,094		BRT Realty Trust		98

66

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
261,402		Camden Property Trust	$	15,140
159,945		Capital Lease Funding, Inc		1,684
16,775		Capital Southwest Corp		1,518
62,741		Capital Trust, Inc		1,837
5,090,900		CapitaMall Trust		6,858
47,476	e	Capstead Mortgage Corp		276
248,590		CarrAmerica Realty Corp		8,609
360,075		CBL & Associates Properties, Inc		14,227
289,734		Cedar Shopping Centers, Inc		4,077
254,702		Centerpoint Properties Trust		12,603
102,197		CentraCore Properties Trust		2,746
2,972,907		CFS Gandel Retail Trust		4,362
30,665	v	CFS Gandel Retail Trust		44
36,095		Cherokee, Inc		1,241
1,635,000		Cheung Kong Infrastructure Holdings Ltd		5,145
935,726		China Merchants Holdings International Co Ltd		2,034
275,046		CI Financial, Inc		5,886
60,400		Cogdell Spencer, Inc		1,020
232,786		Colonial Properties Trust		9,772
20,200		Columbia Equity Trust, Inc		326
342,981		Commercial Net Lease Realty, Inc		6,987
3,973,986		Commonwealth Property Office Fund		3,717
184,528		Corporate Office Properties Trust		6,558
282,346		Cousins Properties, Inc		7,990
345,207		Crescent Real Estate Equities Co		6,842
104,464	*	Criimi MAE, Inc		2,068
85		Cross Timbers Royalty Trust		4
101,298	v	Crystal River Capital, Inc		2,532
446,800	e	Deerfield Triarc Capital Corp		6,121
2,682		Deutsche Beteiligungs AG.		44
536,029		Developers Diversified Realty Corp		25,204
43,336		DiamondRock Hospitality Co		518
108,210		Digital Realty Trust, Inc		2,449
858,842		Duke Realty Corp		28,685
127,295		EastGroup Properties, Inc		5,749
667,147		ECC Capital Corp		1,508
230,660		Education Realty Trust, Inc		2,973
19,328	*	Enstar Group, Inc		1,280
167,413		Entertainment Properties Trust		6,822
5,000		Equitable PCI Bank		6
449,378		Equity Inns, Inc		6,089
135,805		Equity Lifestyle Properties, Inc		6,043
2,110,650		Equity Office Properties Trust		64,016
191,559		Equity One, Inc		4,429
1,464,791		Equity Residential		57,303
173,142		Essex Property Trust, Inc		15,964
19,354		Evolution Group plc		47
255,647		Extra Space Storage, Inc		3,937
135,845		Fabege AB		2,586
260,110		Federal Realty Investment Trust		15,776
427,413		FelCor Lodging Trust, Inc		7,356
117,000		Feldman Mall Properties, Inc		1,405

67

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
367,453		Fieldstone Investment Corp	$	4,358
253,460	e	First Industrial Realty Trust, Inc		9,758
1,598,400		v First NIS Regional Fund SICAV		2,637
38,000		First Pacific Co		15
134,777		First Potomac Realty Trust		3,585
659,417	e	Friedman Billings Ramsey Group, Inc		6,528
1,766,441		General Growth Properties, Inc		83,005
105,485		Getty Realty Corp		2,773
732		Gimv NV		39
65,574	e	Gladstone Capital Corp		1,402
13,869		Gladstone Investment Corp		188
248,714		Glenborough Realty Trust, Inc		4,502
225,715	e	Glimcher Realty Trust		5,489
65,351		Global Signal, Inc		2,821
146,557		GMH Communities Trust		2,273
151,711		Government Properties Trust, Inc		1,415
2,168,288		GPT Group		6,521
161,608		Gramercy Capital Corp		3,681
193,384		Great Portland Estates plc		1,426
64,557		Groupe Bruxelles Lambert S.A.		6,309
1,925	*	Groupe Bruxelles Lambert S.A. (Strp Vvpr)		0	^
89,911	e	Harris & Harris Group, Inc		1,250
411,904	e	Harvey Norman Holdings Ltd		882
860,020	e	Health Care Property Investors, Inc		21,982
256,300		Health Care REIT, Inc		8,689
208,240		Healthcare Realty Trust, Inc		6,928
163,875		Heritage Property Investment Trust		5,473
118,183		Hersha Hospitality Trust		1,065
332,833		Highland Hospitality Corp		3,678
455,504		Highwoods Properties, Inc		12,959
50,400	v	HKR International Ltd		24
4,533	v	HKR International Ltd		0	^
184,365		Home Properties, Inc		7,522
591,222		HomeBanc Corp		4,422
964,000		Hopewell Holdings		2,418
332,554		Hospitality Properties Trust		13,335
1,679,076	e	Host Marriott Corp		31,818
123,145		Housing Development Finance Corp		3,302
943,877		HRPT Properties Trust		9,769
30,000		Hunet, Inc		45
3,337		Hurriyet Gazetecilik A.S.		13
571,291	e	IMPAC Mortgage Holdings, Inc		5,376
5,514		Infratil Ltd		14
2,095,493		ING Industrial Fund		3,428
82,438		ING Office Fund		80
464,457		Inland Real Estate Corp		6,869
316,969		Innkeepers U.S.A. Trust		5,072
307,653		Investors Real Estate Trust		2,840
2,824		Is Gayrimenkul Yatirim Ortakligi A.S.		6
725,000		iShares MSCI EAFE Index Fund		43,109
271,060		iShares MSCI Japan Index Fund		3,665
652,147		iStar Financial, Inc		23,249

68

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
23,700		Jafco Co Ltd	$	2,114
126		Japan Prime Realty Investment Corp		353
225		Japan Real Estate Investment Corp		1,853
75		Japan Retail Fund Investment Corp		582
102,900		JER Investors Trust, Inc		1,744
928,284		JFE Holdings, Inc		31,145
1,112		Kensington Group plc		18
157,003		Kilroy Realty Corp		9,718
968,672		Kimco Realty Corp		31,075
171,282		Kite Realty Group Trust		2,650
656,500		Kiwi Income Property Trust		568
361,000		KKR Financial Corp		8,660
3,191,100		KLCC Property Holdings Bhd		1,748
437,967		Land Securities Group plc		12,504
214,841		LaSalle Hotel Properties		7,889
335,874	e	Lexington Corporate Properties Trust		7,154
520,922		Liberty Property Trust		22,322
237,082		London Stock Exchange plc		2,523
187,698		LTC Properties, Inc		3,947
577,539		Luminent Mortgage Capital, Inc		4,337
283,093		LVMH Moet Hennessy Louis Vuitton S.A.		25,061
395,112		Macerich Co		26,528
538,175		Mack-Cali Realty Corp		23,249
1,231,650		Macquarie Communications Infrastructure Group		5,132
16,392		Macquarie CountryWide Trust		24
11,544,096		Macquarie Infrastructure Group		30,147
185,768		Maguire Properties, Inc		5,740
2,479,369		Man Group plc		81,298
111,700		Medical Properties Trust, Inc		1,092
90,873	*	Meinl European Land Ltd		1,598
666,681	*	MeriStar Hospitality Corp		6,267
934,828		MFA Mortgage Investments, Inc		5,329
178,450		Mid-America Apartment Communities, Inc		8,655
3,911,000		Midland Holdings Ltd		2,018
419,179		Mills Corp		17,580
19,524		Mission West Properties, Inc		190
274,817		MortgageIT Holdings, Inc		3,754
228		MPC Muenchmeyer Petersen Capital AG.		18
113,415		National Health Investors, Inc		2,944
40,173		National Health Realty, Inc		746
364,817	e	Nationwide Health Properties, Inc		7,807
694,389	e	New Century Financial Corp		25,047
513,039	e	New Plan Excel Realty Trust		11,892
473,945		Newcastle Investment Corp		11,778
6,200		Newkirk Realty Trust, Inc		96
511	e	Nippon Building Fund, Inc		4,308
163,488		Nobel Biocare Holding AG.		35,850
12,699,500		Noble Group Ltd		9,776
66		Nomura Real Estate Office Fund, Inc		470
123,919		NorthStar Realty Finance Corp		1,263
214,926	e	Novastar Financial, Inc		6,042
89		NTT Urban Development Corp		589

69

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
405,406		Omega Healthcare Investors, Inc	$	5,104
57,498	e	One Liberty Properties, Inc		1,059
322		Ordina NV		6
150,199		Origen Financial, Inc		1,069
45,000		Pacific Century Premium Developments Ltd		12
203,413		Pan Pacific Retail Properties, Inc		13,606
5,747		Paragon Group Cos plc		64
72,882		Parkway Properties, Inc		2,926
235,854		Pennsylvania Real Estate Investment Trust		8,812
4	v*	Pinnacle Holdings, Inc Wts 11/02/07		0	^
1,044,836	e	Plum Creek Timber Co, Inc		37,666
207,836		Post Properties, Inc		8,303
251,869		Prentiss Properties Trust		10,246
1,303,315		Prologis		60,891
134,870		PS Business Parks, Inc		6,636
31,790		PSP Swiss Property AG.		1,375
744,865		Public Storage, Inc		50,442
255,013		RAIT Investment Trust		6,610
77,955		Ramco-Gershenson Properties		2,078
384,784		Realty Income Corp		8,319
359,249		Reckson Associates Realty Corp		12,926
179,313		Redwood Trust, Inc		7,398
313,977		Regency Centers Corp		18,509
26,301	e*	Rockville Financial, Inc		343
98,746		Sacyr Vallehermoso S.A.		2,399
70,135		Saul Centers, Inc		2,532
377,366		Saxon Capital, Inc		4,276
669,301	e	SCOR		1,437
5	*	Secured Capital Japan Co Ltd		21
365,261		Senior Housing Properties Trust		6,177
7,000		Shanghai Industrial Holdings Ltd		15
225,934		Shurgard Storage Centers, Inc (Class A)		12,813
20,300		Sime Darby Bhd		33
1,003,778		Simon Property Group, Inc		76,920
97,283		Sizeler Property Investors, Inc		1,250
226,255	e	SL Green Realty Corp		17,284
4,155,892		SM Prime Holdings		619
767		Societe de la Tour Eiffel		67
1,477,320	e	Softbank Corp		62,332
84,491	e	Sovran Self Storage, Inc		3,969
208,725		Spirit Finance Corp		2,369
80,703	v	Stockland		387
1,617,691		Stockland Trust Group		7,713
277,675		Strategic Hotel Capital, Inc		5,715
134,477	e	Sun Communities, Inc		4,223
88,479		Sunset Financial Resources, Inc		750
158,881		Sunstone Hotel Investors, Inc		4,221
195,000		Suntec Real Estate Investment Trust		127
147,676		Tanger Factory Outlet Centers, Inc		4,244
69,587	e*	Tarragon Corp		1,435
377,517		Taubman Centers, Inc		13,119
1,370,623	*	Telewest Global, Inc		32,648

70

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
496,895		Thornburg Mortgage, Inc	$	13,019
129,653	e	Town & Country Trust		4,384
770,260		Trizec Properties, Inc		17,654
328,267		Trustreet Properties, Inc		4,799
775,971		United Dominion Realty Trust, Inc		18,189
83,083		Universal Health Realty Income Trust		2,604
117,933		Urstadt Biddle Properties, Inc (Class A)		1,912
273,270		U-Store-It Trust		5,752
535,936		Ventas, Inc		17,161
702,755		Vornado Realty Trust		58,659
195,604		Washington Real Estate Investment Trust		5,937
420,742	e	Weingarten Realty Investors		15,908
35,005		Wellington Underwriting plc		58
2,787,766		Wharf Holdings Ltd		9,852
756		Windrose Medical Properties Trust		11
162,688		Winston Hotels, Inc		1,611
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		2,402,902
HOTELS AND OTHER LODGING PLACES - 0.59%
4,617,481		Accor S.A.		253,047
194,832		Ameristar Casinos, Inc		4,423
198,441	*	Aztar Corp		6,031
201,812	*	Bluegreen Corp		3,189
188,590		Boyd Gaming Corp		8,988
342,956		Choice Hotels International, Inc		14,322
818	*	Club Mediterranee		38
18,100	*	Fairmont Hotels & Resorts, Inc		762
4,300		Four Seasons Hotels, Inc		213
669,000		Fujita Kanko, Inc		5,356
228,291	*	Gaylord Entertainment Co		9,951
705,000		Genting Bhd		3,992
19,000		Great Eagle Holding Co		53
1,058,947	*	Great Wolf Resorts, Inc		10,918
2,784,919		Hilton Hotels Corp		67,144
900		HIS Co Ltd		21
2,348,933		Hongkong & Shanghai Hotels		2,575
19,088		Hyatt Regency S.A.		240
549,637		Intercontinental Hotels Group plc		7,921
86,909	e*	Isle of Capri Casinos, Inc		2,117
779,935	*	Jameson Inns, Inc		1,677
1,820	*	Kangwon Land, Inc		37
1,463,323	*	La Quinta Corp		16,301
111,775	*	Las Vegas Sands Corp		4,412
184,634	*	Lodgian, Inc		1,981
102,840		Marcus Corp		2,417
1,249,580		Marriott International, Inc (Class A)		83,684
651,310	*	MGM Mirage		23,884
13,002,486		Minor International PCL		2,046
987,798	v*	Minor International PCL (Wts 05/20/07)		0	^
87,582	*	Monarch Casino & Resort, Inc		1,979

71

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
209,754	*	MTR Gaming Group, Inc	$	2,184
71,267		NH Hoteles S.A.		1,114
40,661	*	Outdoor Channel Holdings, Inc		549
511,700		Overseas Union Enterprise Ltd		3,354
225		Pierre & Vacances		18
85,000		Raffles Holdings Ltd		32
166,000		Regal Hotels International Holdings Ltd		12
8,800		Resorts World Bhd		26
54,907	*	Riviera Holdings Corp		900
4,401,930		Shangri-La Asia Ltd		7,352
1,148,555		Starwood Hotels & Resorts Worldwide, Inc		73,347
446,932		Station Casinos, Inc		30,302
640,092		TABCORP Holdings Ltd		7,311
1,187,130		United Overseas Land Ltd		1,792
169,402	*	Vail Resorts, Inc		5,595
213,403	e*	Wynn Resorts Ltd		11,705
		TOTAL HOTELS AND OTHER LODGING PLACES		685,312
INDUSTRIAL MACHINERY AND EQUIPMENT - 4.88%
4,634,294		3M Co		359,158
57,735	*	Aaon, Inc		1,035
2,587,012	*	ABB Ltd		25,027
200		ABILIT Corp		3
200	v*	ABILIT Corp		3
10,078		Acer, Inc		124
40,000		Acer, Inc		100
143,934	e	Actuant Corp		8,032
563,863	*	Advanced Digital Information Corp		5,520
577,000	e*	AGCO Corp		9,561
36,471		Alamo Group, Inc		748
200,114		Albany International Corp (Class A)		7,236
116,545		Alfa Laval AB		2,519
373,791	*	Alstom RGPT		533
885	*	Alten		26
1,406,729		Amada Co Ltd		12,395
14,200		Amano Corp		271
1,323,808		American Standard Cos, Inc		52,886
32,196		Andritz AG.		3,526
5,403,478	*	Apple Computer, Inc		388,456
10,400,027		Applied Materials, Inc		186,576
46,100		ARRK Corp		3,398
360	*	ASM International NV		6
287,500		ASM Pacific Technology Ltd		1,622
82,887	*	Astec Industries, Inc		2,707
81,434	e*	ASV, Inc		2,034
363,546	*	Asyst Technologies, Inc		2,079
424,540		Atlas Copco AB (A Shares)		9,442
266,618		Atlas Copco AB (B Shares)		5,310
16	*	Authentidate Holding Corp		0	^
658,413	*	Axcelis Technologies, Inc		3,141

72

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
2,343		Balda AG.	$	30
34,000		Benq Corp		33
673,278		Black & Decker Corp		58,548
135,755		Black Box Corp		6,432
342,869	*	Blount International, Inc		5,462
305,329	e	Briggs & Stratton Corp		11,844
683,239	*	Brooks Automation, Inc		8,561
115,119		Bucyrus International, Inc (Class A)		6,067
1,674	*	Bull S.A.		19
1,188,076	e	Canon, Inc		69,455
696		Cardo AB		17
137,613		Carlisle Cos, Inc		9,516
72,332		Cascade Corp		3,393
61,000	e	Casio Computer Co Ltd		1,020
3,642,856		Caterpillar, Inc		210,448
363,722		CDW Corp		20,939
10,719	*	Charter plc		103
62,000		Chi Mei Optoelectronics Corp		92
876,631	*	Cirrus Logic, Inc		5,856
2,184,004	e	Citizen Watch Co Ltd		18,134
1,000		CKD Corp		13
56,000		Compal Electronics, Inc		50
1,874,478	*	Cooper Cameron Corp		77,603
360,061	e*	Cray, Inc		479
375,458		Cummins, Inc		33,690
129,404		Curtiss-Wright Corp		7,065
3,000		Daifuku Co Ltd		51
4,000		Daihen Corp		19
109,600		Daikin Industries Ltd		3,204
7,031		Danieli & Co S.p.A		39
1,799,915		Deere & Co		122,592
16,235,322	*	Dell, Inc		486,897
319,050		Diebold, Inc		12,124
331,922		Donaldson Co, Inc		10,555
264,559	*	Dot Hill Systems Corp		1,833
1,021,864		Dover Corp		41,375
114,200	*	Dresser-Rand Group, Inc		2,761
34,530	*	Dril-Quip, Inc		1,630
600		DTS Corp		23
1,207,462		Eaton Corp		81,009
649,000	e	Ebara Corp		3,503
50		Econocom Group		0	^
16,911,883	*	EMC Corp		230,340
583,344	*	Emulex Corp		11,544
243,278		Engineered Support Systems, Inc		10,130
185,069	*	EnPro Industries, Inc		4,988
703,606	*	Entegris, Inc		6,628
130	*	Exabyte Corp		0	^
787,984	*	Extreme Networks, Inc		3,743
120,565	*	Fargo Electronics, Inc		2,321
95,000		Ferrotec Corp		677
62,022	e*	Flanders Corp		754

73

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
333,255	*	Flowserve Corp	$	13,184
305,314	*	FMC Technologies, Inc		13,104
945,180		Fuji Photo Film Co Ltd		31,231
10,000		Furukawa Co Ltd		27
137,388	*	Gardner Denver, Inc		6,773
1,641,359	*	Gateway, Inc		4,120
1,415,500	e*	GEA Group AG.		17,531
69,837	*	Gehl Co		1,833
73,000		Giken Seisakusho Co, Inc		348
151,445	*	Global Imaging Systems, Inc		5,245
56,700		Glory Ltd		959
59,678		Gorman-Rupp Co		1,319
306,896		Graco, Inc		11,196
933,740	*	Grant Prideco, Inc		41,197
6,872		GUD Holdings Ltd		38
269,673		Heidelberger Druckmaschinen		10,281
1,726		Hellaby Holdings Ltd		6
20,075,785	e	Hewlett-Packard Co		574,770
44,500	e	Hikari Tsushin, Inc		4,185
95,700	e	Hitachi Construction Machinery Co Ltd		2,230
4,000		Hitachi Koki Co Ltd		66
147,965	*	Hydril		9,263
226,021		IDEX Corp		9,292
167,171		IMI plc		1,444
115,876	*	InFocus Corp		465
109,200		Ingersoll-Rand Co Ltd		4,408
304,920	*	Intermec, Inc		10,306
10,345,955	d	International Business Machines Corp		850,438
1,583,602		International Game Technology		48,743
120,519	*	Intevac, Inc		1,591
2,154,000	e*	Ishikawajima-Harima Heavy Industries Co Ltd		6,807
8,600		Itochu Techno-Science Corp		412
1,184,940	*	Jabil Circuit, Inc		43,949
7,162,000	e	Japan Steel Works Ltd		39,684
779,612		Joy Global, Inc		31,184
4,000		Juki Corp		19
102,907	*	Kadant, Inc		1,904
155,744		Kaydon Corp		5,006
3,000		Keihin Corp		77
247,492		Kennametal, Inc		12,632
193,736	e*	Komag, Inc		6,715
3,082,311		Komatsu Ltd		50,950
332,415		Komori Corp		6,112
192,000		Konica Minolta Holdings, Inc		1,954
2,153,916		Kubota Corp		18,085
392,220	*	Kulicke & Soffa Industries, Inc		3,467
30,700	e	Kurita Water Industries Ltd		584
1,050,965	*	Lam Research Corp		37,498
868		Larsen & Toubro Ltd		36
427,857		Lennox International, Inc		12,066
602,012	*	Lexmark International, Inc		26,988
7,252		LG Electronics, Inc (GDR)		215

74

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
88,678		Lindsay Manufacturing Co	$	1,705
89,723	e*	Logitech International S.A. (Regd)		4,204
90,327		Lufkin Industries, Inc		4,505
6,000		Makino Milling Machine Co Ltd		66
456,100	e	Makita Corp		11,206
214		Manitou BF S.A.		9
225,972		Manitowoc Co, Inc		11,348
1,100		Mars Engineering Corp		29
3	*	MCJ Co Ltd		3
6	*	MCJ Co Ltd		5
192,557		Meggitt plc		1,197
2,928,000		Meidensha Corp		11,014
231,500		Melco Holdings, Inc		7,434
18,187	*	Mestek, Inc		238
558,299		Metso Oyj		15,225
227,563	*	Micros Systems, Inc		10,996
29,621	*	Middleby Corp		2,562
132,406	*	Mikohn Gaming Corp		1,307
15,000		Mitac International		22
5,614,160		Mitsubishi Heavy Industries Ltd		24,734
194,000	e	Mitsui Engineering & Shipbuilding Co Ltd		631
517,700	e	Mitsumi Electric Co Ltd		5,851
104,745	e	Modec, Inc		3,301
265,633		Modine Manufacturing Co		8,657
500	*	M-Systems Flash Disk Pioneers		17
37,536		Nacco Industries, Inc (Class A)		4,397
334,454	*	Netgear, Inc		6,438
1,140	e	NextCom K.K.		1,526
1,174,000	e	Nippon Electric Glass Co Ltd		25,613
1,000		Nippon Thompson Co Ltd		9
104,966		NN, Inc		1,113
224,131		Nordson Corp		9,080
112,000	e	NTN Corp		884
642,983	*	Nuance Communications, Inc		4,906
71	*	NYFIX, Inc		0	^
95,667		OCE NV		1,376
240,299	*	Oil States International, Inc		7,613
1,277,000	e	Oki Electric Industry Co Ltd		4,663
2,000		OKK Corp		8
6,000		Okuma Holdings, Inc		76
16,211	*	Omega Flex, Inc		282
12,600		OYL Industries Bhd		11
547,475		Pall Corp		14,705
375,909	e*	Palm, Inc		11,954
56,766	*	PAR Technology Corp		1,576
1,133,554		Parker Hannifin Corp		74,769
224,022	*	Paxar Corp		4,398
441,216		Pentair, Inc		15,231
175		Pfeiffer Vacuum Technology AG.		10
1,009		Pinguely-Haulotte		20
139,198	*	ProQuest Co		3,885
24,500		PT United Tractors Tbk		9

75

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
34,000		Quanta Computer, Inc	$	48
1,116,675	*	Quantum Corp		3,406
1,300	*	Rackable Systems, Inc		37
12,200	*	RBC Bearings, Inc		198
1,126,565		Rheinmetall AG.		70,774
61,288	*	Rimage Corp		1,776
87,080		Robbins & Myers, Inc		1,772
994,914		Rockwell Automation, Inc		58,859
38,725,863		Rolls-Royce Group plc		68
154,313	e	Safran S.A.		3,677
2,220	*	Samsung Corp		47
1,152,166	*	SanDisk Corp		72,379
256,231		Sandvik AB		11,912
69,241		Sauer-Danfoss, Inc		1,302
620		Saurer AG.		41
120,554		Scania AB		4,355
72,750	*	Scansource, Inc		3,978
325,471	*	Scientific Games Corp (Class A)		8,879
349,700		Seagate Technology		6,991
1,249,635	v*	Seagate Technology, Inc (Escrow)		0	^
30,800		Seiko Epson Corp		774
86,346	*	Semitool, Inc		939
3,470,000	*	Shanghai Electric Group Co Ltd		1,186
238,000		Shinmaywa Industries Ltd		1,379
2,728		SIG Holding AG.		594
684,749		SKF AB		9,593
67,000		SMC Corp		9,565
982,520	e	Smith International, Inc		36,461
1,700		Sodick Co Ltd		30
6,635,727	*	Solectron Corp		24,287
328,700		SPX Corp		15,045
66,961		Standex International Corp		1,859
432,778		Stanley Works		20,791
169,923		Stewart & Stevenson Services, Inc		3,590
13,641		Sulzer AG. (Regd)		7,204
457,000		Sumitomo Heavy Industries Ltd		3,833
95,200	b,e*	Surebeam Corp (Class A)		0	^
1,048,425		Symbol Technologies, Inc		13,441
10,000		Synnex Technology International Corp		12
803,000		Tadano Ltd		7,246
126,730		Technip S.A.		7,594
1,534,242		Techtronic Industries Co		3,651
88,091		Tecumseh Products Co (Class A)		2,018
31,300		Tecumseh Products Co (Class B)		624
91,828		Tennant Co		4,775
431,312	*	Terex Corp		25,620
28,900	e	THK Co Ltd		754
357,421		Timken Co		11,445
363,569		Tokyo Electron Ltd		22,825
170,000	e	Tokyo Seimitsu Co Ltd		9,909
82,301	e	Tomra Systems ASA		587
375,276		Toro Co		16,426

76

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
5,631,077	e	Toshiba Corp	$	33,587
4,000		Toshiba Machine Co Ltd		40
6,000		Toyo Kanetsu K K		17
166,000		Toyota Tsusho Corp		3,769
26,598	e*	Transact Technologies, Inc		210
6,000		Tsugami Corp		47
69,863	e*	TurboChef Technologies, Inc		1,003
129,200	*	Ultratech, Inc		2,122
672,991	*	Varian Medical Systems, Inc		33,878
207,034	*	VeriFone Holdings, Inc		5,238
155,840	e*	Vestas Wind Systems a/s		2,551
14		Wacom Co Ltd		31
160,636	e	Wartsila Oyj (B Shs)		4,737
135,963		Watsco, Inc		8,132
570,713		Weir Group plc		3,708
1,151,586	*	Western Digital Corp		21,431
14,152		Wincor Nixdorf AG.		1,492
51,250	*	WJ Communications		83
63,588		Woodward Governor Co		5,469
402,700	e	Yokogawa Electric Corp		6,858
312,659	e*	Zebra Technologies Corp (Class A)		13,397
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		5,652,194
INSTRUMENTS AND RELATED PRODUCTS - 3.48%
121,384	e*	Abaxis, Inc		2,000
97,909	e*	Abiomed, Inc		905
96,202	*	ADE Corp		2,315
287,828	*	Advanced Medical Optics, Inc		12,031
111,365	e	Advantest Corp		11,219
351,388	*	Affymetrix, Inc		16,779
3,039,804	*	Agilent Technologies, Inc		101,195
377,960	e*	Align Technology, Inc		2,445
657,855		Allergan, Inc		71,022
66		Amazys Holding AG.		4
431,526	*	American Medical Systems Holdings, Inc		7,694
62,898	e*	American Science & Engineering, Inc		3,923
103,872		Analogic Corp		4,970
123,628	*	Anaren, Inc		1,932
33,883	*	Angiodynamics, Inc		865
46,086	*	Animas Corp		1,113
133,000		Anritsu Corp		756
1,736,591		Applera Corp (Applied Biosystems Group)		46,124
60,632	*	ARGON ST, Inc		1,878
134,662		Arrow International, Inc		3,904
127,523	e*	Arthrocare Corp		5,374
109,016	*	Aspect Medical Systems, Inc		3,745
101,594	*	August Technology Corp		1,117
438		Bacou-Dalloz		38
25,461		Badger Meter, Inc		999
591,650		Bard (C.R.), Inc		39,002

77

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
232,758		Bausch & Lomb, Inc	$	15,804
4,062,710		Baxter International, Inc		152,961
97,100	*	Baxter International, Inc (Contingent Value Rts)		1
17,199,208	v*	BB Bioventures L.P.		15,104
371,516		Beckman Coulter, Inc		21,139
1,815,355		Becton Dickinson & Co		109,067
1,289,018		Biomet, Inc		47,139
135,408	*	Bio-Rad Laboratories, Inc (Class A)		8,861
104,278	e*	Biosite, Inc		5,870
3,566,916	e*	Boston Scientific Corp		87,354
318,022	*	Bruker BioSciences Corp		1,546
160,883	*	Caliper Life Sciences, Inc		946
186,893	*	Candela Corp		2,699
101,048	*	Cantel Medical Corp		1,813
123,109	*	Cardiodynamics International Corp		149
240,375	*	Cepheid, Inc		2,110
2,654	*	Cerus Corp		27
172,424		CNS, Inc		3,778
163,825		Cochlear Ltd		5,496
212,043	*	Coherent, Inc		6,293
127,469		Cohu, Inc		2,915
7,121	*	Concord Camera Corp		8
186,061	*	Conmed Corp		4,402
837,332		Cooper Cos, Inc		42,955
523,339	e*	Credence Systems Corp		3,642
125,809	e*	Cyberonics, Inc		4,064
1,910,928		Danaher Corp		106,592
76,560		Datascope Corp		2,530
359,380		Dentsply International, Inc		19,295
24,191	*	DexCom, Inc		361
128,320	*	Dionex Corp		6,298
167,360	*	DJ Orthopedics, Inc		4,616
192,134		DRS Technologies, Inc		9,880
4,233,794	e	Eastman Kodak Co		99,071
105,982		EDO Corp		2,868
132,000		EganaGoldpfeil Holdings Ltd		31
150,551		Elekta AB		2,232
282,869	*	Encore Medical Corp		1,400
215,232	*	ESCO Technologies, Inc		9,576
150,172	*	Esterline Technologies Corp		5,585
43,700	*	ev3, Inc		644
1,822	*	Exactech, Inc		21
78,485	*	Excel Technology, Inc		1,866
67,472	e*	FARO Technologies, Inc		1,349
132,734	*	FEI Co		2,545
392,015		Finmeccanica S.p.A.		7,560
766,710	*	Fisher Scientific International, Inc		47,429
299,141	*	Flir Systems, Inc		6,680
193,691	*	Formfactor, Inc		4,732
296,989	*	Fossil, Inc		6,388
90,856	e*	Foxhollow Technologies, Inc		2,707
1,400,000	v*	Genesoft Series C Financing		7,000

78

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
500,000	v*	Genesoft Series D Financing	$	2,000
1,700	e*	Given Imaging Ltd		44
528,718		GN Store Nord		6,898
9,670,571		Golden Meditech Co Ltd		2,320
1,946,828		Guidant Corp		126,057
204,954	*	Haemonetics Corp		10,014
174,519	*	HealthTronics, Inc		1,335
86,184	*	Herley Industries, Inc		1,423
292,624	*	Hologic, Inc		11,096
95,983	*	ICU Medical, Inc		3,763
108,234	*	I-Flow Corp		1,582
122,055	*	II-VI, Inc		2,181
214,700	*	Illumina, Inc		3,027
197,801	*	Inamed Corp		17,343
384,201	e*	Input/Output, Inc		2,701
129,663	*	Integra LifeSciences Holdings Corp		4,598
149,164	*	Intermagnetics General Corp		4,758
72,976	e*	Intralase Corp		1,301
230,824	*	Intuitive Surgical, Inc		27,069
198,069		Invacare Corp		6,237
2,776,107	*	Invensys plc		882
150,344	e*	Ionatron, Inc		1,520
99,436	*	IRIS International, Inc		2,174
68,202	e*	Ista Pharmaceuticals, Inc		434
216,029	*	Itron, Inc		8,650
261,637	*	Ixia		3,867
18,240,522		Johnson & Johnson		1,096,255
87,468		Keithley Instruments, Inc		1,223
58,347	e*	Kensey Nash Corp		1,285
73,503		Keyence Corp		20,893
1,363,648		Kla-Tencor Corp		67,269
445,255	*	Kopin Corp		2,382
35,232	*	KVH Industries, Inc		345
231,781	*	Kyphon, Inc		9,464
103,958	*	LaBarge, Inc		1,494
119,977	e*	Laserscope		2,695
70,825	*	LeCroy Corp		1,083
553,720	e*	Lexar Media, Inc		4,546
1,800	*	LG.Philips LCD Co Ltd (ADR)		39
1,500	*	LG.Philips LCD Co Ltd Wts		64
342,246	*	LTX Corp		1,540
126,452		Luxottica Group S.p.A.		3,196
58,630	*	Measurement Specialties, Inc		1,428
7,217,963		Medtronic, Inc		415,538
211,443	e	Mentor Corp		9,743
147,773	*	Merit Medical Systems, Inc		1,794
273,020	*	Mettler-Toledo International, Inc		15,071
76,161	*	Micro Therapeutics, Inc		528
408,928	*	Millipore Corp		27,006
201,703		Mine Safety Appliances Co		7,304
264,246	*	MKS Instruments, Inc		4,727
151,413	*	Molecular Devices Corp		4,380
117,116		Movado Group, Inc		2,143

79

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
21,503,204	v*	MPM Bioventures II-QP, Lp	$	13,306
194,405		MTS Systems Corp		6,734
325,348	e*	Nanogen, Inc		852
250,687		National Instruments Corp		8,035
37,763	*	Neurometrix, Inc		1,030
284,599	*	Newport Corp		3,853
307,000	e	Nikon Corp		4,840
1,526		Nobel Biocare Holding AG. (Stockholm)		334
3,419	*	Novoste Corp		8
42,346	e*	NuVasive, Inc		766
800	*	NxStage Medical, Inc		10
121,983	e	Oakley, Inc		1,792
66,286	e*	OccuLogix, Inc		477
104,441	e	Olympus Corp		2,743
667,000		Optimax Technology Corp		1,139
500	*	Orbotech Ltd		12
238,000		Osaki Electric Co Ltd		1,948
94,888	e*	Palomar Medical Technologies, Inc		3,325
6,025,117		PCCW Ltd		3,711
765,699		PerkinElmer, Inc		18,040
113,660		Phonak Holding AG.		4,881
120,093	*	Photon Dynamics, Inc		2,195
1,084,259		Pitney Bowes, Inc		45,810
132,633		PolyMedica Corp		4,439
166,791	e*	Qiagen NV		1,956
307,912	*	Resmed, Inc		11,796
358,197	*	Respironics, Inc		13,278
111,390	*	Rofin-Sinar Technologies, Inc		4,842
417,132		Roper Industries, Inc		16,481
71,417	*	Rudolph Technologies, Inc		920
198,517	*	Sirf Technology Holdings, Inc		5,916
4,062,776	v*	Skyline Venture Partners Qualified II		3,086
635,000	v*	Skyline Venture Partners Qualified III		635
954,253		Smith & Nephew plc		8,773
69,468	*	Somanetics Corp		2,223
143,205	e*	Sonic Solutions, Inc		2,164
83,797	*	SonoSite, Inc		2,934
2,844,397	*	St. Jude Medical, Inc		142,789
59	*	Staar Surgical Co		0	^
164,950	e*	Star Scientific, Inc		388
518,793		STERIS Corp		12,980
1,746,639		Stryker Corp		77,603
37,237		Swatch Group AG. (Br)		5,509
85,713		Swatch Group AG. (Regd)		2,585
238,436	*	Sybron Dental Specialties, Inc		9,492
50,200	*	Symmetry Medical, Inc		973
2,500	*	Syneron Medical Ltd		79
2,101	*	Synovis Life Technologies, Inc		21
36,915		Synthes, Inc		4,134
247,403	*	Techne Corp		13,892
574,752		Tektronix, Inc		16,214
337,175	*	Teledyne Technologies, Inc		9,812

80

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
858,259	e*	Teradyne, Inc	$	12,505
829,228		Terumo Corp		24,519
738,070	*	Thermo Electron Corp		22,238
246,528	*	ThermoGenesis Corp		1,191
324,439	*	Thoratec Corp		6,713
282,657	*	Trimble Navigation Ltd		10,031
152,209	*	TriPath Imaging, Inc		919
69,060		United Industrial Corp		2,857
33,401	e*	Urologix, Inc		129
816		Vaisala Oyj		23
280,320	*	Varian, Inc		11,154
206,204	*	Veeco Instruments, Inc		3,573
172,877	*	Ventana Medical Systems, Inc		7,321
190,666	*	Viasys Healthcare, Inc		4,900
78,962	e*	Viisage Technology, Inc		1,391
79,831	*	Vital Images, Inc		2,088
55,394		Vital Signs, Inc		2,372
43,210	*	Vnus Medical Technologies, Inc		362
780,498	*	Waters Corp		29,503
24,656	e*	William Demant Holding		1,359
156,938	*	Wright Medical Group, Inc		3,202
5,271,645	*	Xerox Corp		77,230
145,887		X-Rite, Inc		1,459
30,004		Young Innovations, Inc		1,022
123		Ypsomed Holding AG.		19
1,483,542	*	Zimmer Holdings, Inc		100,050
69,006	*	Zoll Medical Corp		1,738
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		4,037,080
INSURANCE AGENTS, BROKERS AND SERVICE - 0.45%
2,070,852		AON Corp		74,447
390		April Group		16
539,308	e	Brown & Brown, Inc		16,470
149,943		Clark, Inc		1,987
1,006		Crawford & Co (Class A)		6
146,869		Crawford & Co (Class B)		846
455,676	e	Gallagher (Arthur J.) & Co		14,071
1,622,285		Hartford Financial Services Group, Inc		139,338
176,939		Hilb Rogal & Hobbs Co		6,814
12,900	*	James River Group, Inc		256
6,718,849		Marsh & McLennan Cos, Inc		213,391
59,223		MLP AG.		1,224
202,684		National Financial Partners Corp		10,651
8,034		OAMPS Ltd		20
1,608,615	e	QBE Insurance Group Ltd		23,128
40,047		Sanlam Ltd		96
1,285,630		Suncorp-Metway Ltd		18,909
213,306	*	USI Holdings Corp		2,937
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		524,607

81

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
INSURANCE CARRIERS - 5.60%
199,960		21st Century Insurance Group	$	3,235
238,000		ABC Learning Centres Ltd		1,257
227,490		ACE Ltd		12,157
9,741		Aegon NV		159
2,154,775		Aetna, Inc		203,217
55,471		Affirmative Insurance Holdings, Inc		809
3,533,318		Aflac, Inc		164,017
2,019,000		Aioi Insurance Co Ltd		14,027
1,051		Aksigorta A.S.		8
202,665		Alfa Corp		3,263
410,927		Alleanza Assicurazioni S.p.A		5,060
23,866	*	Alleghany Corp		6,778
683,975		Allianz AG. (Regd)		103,220
3,611,142		Allstate Corp		195,254
373	*	Alm. Brand Skadesforsikring a/s		16
530,678		Ambac Financial Group, Inc		40,894
130,183		American Equity Investment Life Holding Co		1,699
378,419		American Financial Group, Inc		14,497
14,617,002		American International Group, Inc		997,318
49,444		American National Insurance Co		5,784
59,654	*	American Physicians Capital, Inc		2,732
246,328	*	AMERIGROUP Corp		4,794
270,542		AmerUs Group Co		15,332
3,704,962		AMP Ltd		20,900
161,306	*	Argonaut Group, Inc		5,286
617,504		Aspen Insurance Holdings Ltd		14,616
1,337,880		Assicurazioni Generali S.p.A.		46,585
625,271		Assurant, Inc		27,193
4,963,253		Aviva plc		60,071
2,151,295		AXA Asia Pacific Holdings Ltd		8,017
3,261,042	e	AXA S.A.		104,857
702,901		Axis Capital Holdings Ltd		21,987
54,292		Baldwin & Lyons, Inc (Class B)		1,319
71,581		Bristol West Holdings, Inc		1,362
39,951		Brit Insurance Holdings plc		61
283,684	e*	Centene Corp		7,458
217,424	*	Ceres Group, Inc		1,124
1,179,473		Challenger Financial Services Group Ltd		3,504
13,493		Chesnara plc		36
6,000	*	China Life Insurance Co Ltd (ADR)		212
117,000	*	China Life Insurance Co Ltd (H Shs)		103
1,508,838		Chubb Corp		147,338
599,991		Cigna Corp		67,019
904,031		Cincinnati Financial Corp		40,392
175,803	e*	Citizens, Inc		958
201,629	*	CNA Financial Corp		6,599
92,545	*	CNA Surety Corp		1,348
195,953		CNP Assurances		15,394
165,607		Commerce Group, Inc		9,486
756,931	e*	Conseco, Inc		17,538
141,232		Corp Mapfre S.A.		2,324

82

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
4,229,475		Credit Suisse Group	$	215,012
201,940		Delphi Financial Group, Inc (Class A)		9,291
105,921		Direct General Corp		1,790
44,686		Donegal Group, Inc		1,039
20,626		EMC Insurance Group, Inc		411
3,728		Ergo Previdenza S.p.A.		23
228,213	e	Erie Indemnity Co (Class A)		12,141
30,000		Everest Re Group Ltd		3,011
15,176	e	Fairfax Financial Holdings Ltd		2,183
549,129		FBD Holdings plc		23,746
94,063		FBL Financial Group, Inc (Class A)		3,086
793,088		Fidelity National Financial, Inc		29,178
141,118		Fidelity National Title Group, Inc		3,436
76,514	*	First Acceptance Corp		787
726,163		First American Corp		32,895
49,497	*	Fpic Insurance Group, Inc		1,718
1,762,459		Friends Provident plc		5,734
486,000		Fuji Fire & Marine Insurance Co Ltd		1,857
92		Generali Schweiz Holding AG.		24
1,740,255		Genworth Financial, Inc		60,178
56,726		Great American Financial Resources, Inc		1,125
498,282	e	Great-West Lifeco, Inc		13,095
263,098		Hanover Insurance Group, Inc		10,990
88,403		Harleysville Group, Inc		2,343
819,378		HCC Insurance Holdings, Inc		24,319
958,951	*	Health Net, Inc		49,434
131,668	*	HealthExtras, Inc		3,305
294,435		Horace Mann Educators Corp		5,582
1,336,014	*	Humana, Inc		72,586
32,653		Independence Holding Co		638
133,328		Infinity Property & Casualty Corp		4,961
4,593,472		ING Groep NV		158,754
2,829,061		Insurance Australia Group Ltd		11,248
374,947		IPC Holdings Ltd		10,266
356,961		Irish Life & Permanent plc		7,267
725,732		Jefferson-Pilot Corp		41,316
25,177		Kansas City Life Insurance Co		1,261
395,212		KBC Groep NV		36,664
120,904	*	KMG America Corp		1,110
182,154		LandAmerica Financial Group, Inc		11,366
415,703		Leucadia National Corp		19,729
2,069		Liberty Group Ltd		25
1,366,435		Lincoln National Corp		72,462
931,333		Loews Corp		88,337
1,777,070	e	Manulife Financial Corp		103,857
48,454	*	Markel Corp		15,362
472,088		Max Re Capital Ltd		12,260
703,283		MBIA, Inc		42,310
233,913	e	Mediolanum S.p.A.		1,537
130,787		Mercury General Corp		7,614
2,925,688		Metlife, Inc		143,359
10,586		Metropolitan Holdings Ltd		20

83

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
456,692		MGIC Investment Corp	$	30,059
59,924		Midland Co		2,160
3,133		Millea Holdings, Inc		53,885
1,706,525		Mitsui Sumitomo Insurance Co Ltd		20,863
605,614	*	Molina Healthcare, Inc		16,134
730,073	e	Montpelier Re Holdings Ltd		13,798
287,057		Muenchener Rueckver AG. (Regd)		38,729
24,577		National Interstate Corp		469
13,752		National Western Life Insurance Co (Class A)		2,845
422,248		Nationwide Financial Services, Inc (Class A)		18,579
57,189	*	Navigators Group, Inc		2,494
973,000	e	Nipponkoa Insurance Co Ltd		7,799
333,000		Nissay Dowa General Insurance Co Ltd		2,322
112,160	e	Odyssey Re Holdings Corp		2,813
467,515		Ohio Casualty Corp		13,240
65,371		Old Mutual plc		185
1,201,174		Old Republic International Corp		31,543
369,591		PartnerRe Ltd		24,271
112,728	*	Philadelphia Consolidated Holding Co		10,900
666,598		Phoenix Cos, Inc		9,092
42,000		PICC Property & Casualty Co Ltd		12
17,500		Ping An Insurance (Group) Co of China Ltd		32
205,240		Platinum Underwriters Holdings Ltd		6,377
192,481	*	PMA Capital Corp (Class A)		1,757
446,974		PMI Group, Inc		18,357
814,098	e	Power Corp Of Canada		22,064
632,357	e	Power Financial Corp		18,081
127,170		Presidential Life Corp		2,421
2,240,743		Principal Financial Group		106,278
173,007	*	ProAssurance Corp		8,415
1,118,431		Progressive Corp		130,610
477,272		Protective Life Corp		20,890
3,599,708		Prudential Financial, Inc		263,463
5,284,708		Prudential plc		49,899
420,193		Radian Group, Inc		24,619
153,673		Reinsurance Group Of America, Inc		7,339
14,263		Republic Cos Group, Inc		221
171,376		Resolution plc		1,906
122,493		RLI Corp		6,109
4,738,534		Royal & Sun Alliance Insurance Group plc		10,230
798,760		Safeco Corp		45,130
68,815		Safety Insurance Group, Inc		2,778
12,960		Samsung Fire & Marine Insurance Co Ltd		1,641
15,445		Schindler Holding AG. (Pt Cert)		6,106
50,757	*	SeaBright Insurance Holdings, Inc		844
191,023		Selective Insurance Group, Inc		10,143
1,765,893	e	Skandia Forsakrings AB		10,562
1,825,529		Sompo Japan Insurance, Inc		24,669
5,876,894		St. Paul Travelers Cos, Inc		262,521
396,134		Stancorp Financial Group, Inc		19,787
114,163		State Auto Financial Corp		4,162
169,313		Stewart Information Services Corp		8,240

84

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
222,373		Storebrand ASA	$	1,913
1,343,029	e	Sun Life Financial, Inc		53,726
409,877	e	Swiss Reinsurance Co (Regd)		29,918
416,150		T&D Holdings, Inc		27,572
102,831	*	Topdanmark a/s		8,895
546,507		Torchmark Corp		30,386
60,063		Tower Group, Inc		1,320
141,214		Transatlantic Holdings, Inc		9,490
53,649	*	Triad Guaranty, Inc		2,360
275,253		UICI		9,774
86,779		United Fire & Casualty Co		3,509
8,795,836		UnitedHealth Group, Inc		546,573
236,824		Unitrin, Inc		10,669
147,053	*	Universal American Financial Corp		2,218
1,547,240		UnumProvident Corp		35,200
82,441	*	Vesta Insurance Group, Inc		82
1,104,540		W.R. Berkley Corp		52,598
150,896	*	WellCare Health Plans, Inc		6,164
9,600	v*	WellChoice, Inc		759
4,579,247	*	WellPoint, Inc		365,378
6,368		Wesco Financial Corp		2,452
113,270		XL Capital Ltd (Class A)		7,632
333,449		Zenith National Insurance Corp		15,379
253,661	e	Zurich Financial Services AG.		53,891
		TOTAL INSURANCE CARRIERS		6,486,357
JUSTICE, PUBLIC ORDER AND SAFETY - 0.01%
227,544	*	Corrections Corp of America		10,233
76,093	*	Geo Group, Inc		1,745
44,225	*	PAN Fish ASA		13
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		11,991
LEATHER AND LEATHER PRODUCTS - 0.11%
69,418		Adidas-Salomon AG.		13,101
120,303		Brown Shoe Co, Inc		5,105
2,137,632	*	Coach, Inc		71,269
186,731	*	Genesco, Inc		7,243
13,643		Hermes International		3,400
30,799		Pou Chen Corp		20
122,864		Steven Madden Ltd		3,591
369,371	*	Timberland Co (Class A)		12,023
39,940		Weyco Group, Inc		763
350,971		Wolverine World Wide, Inc		7,883
387,604		Yue Yuen Industrial Holdings		1,082
		TOTAL LEATHER AND LEATHER PRODUCTS		125,480

85

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
LEGAL SERVICES - 0.01%
302,781	*	FTI Consulting, Inc	$	8,308
92,239	e	Pre-Paid Legal Services, Inc		3,525
		TOTAL LEGAL SERVICES		11,833
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.03%
151,517		Brisa-Auto Estradas de Portugal S.A.		1,280
1,742,000		ComfortDelgro Corp Ltd		1,676
311,000	e	Keihin Electric Express Railway Co Ltd		2,450
178,000	e	Keisei Electric Railway Co Ltd		1,214
467,302		Laidlaw International, Inc		10,855
475,000		SMRT Corp Ltd		309
2,253,000	e	Tobu Railway Co Ltd		11,797
		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		29,581
LUMBER AND WOOD PRODUCTS - 0.03%
54,338		American Woodmark Corp		1,347
22,200	*	Canfor Corp		255
472,056	*	Champion Enterprises, Inc		6,429
55,301		Deltic Timber Corp		2,868
528,886	v	Louisiana-Pacific Corp		14,529
68,267		Norbord, Inc		716
43,845		Skyline Corp		1,596
1,747		Tenon Ltd		4
104,659		Universal Forest Products, Inc		5,783
		TOTAL LUMBER AND WOOD PRODUCTS		33,527
METAL MINING - 0.72%
23,118		Agnico-Eagle Mines Ltd		456
865,494		Alumina Ltd		4,711
1,092		Anglo Platinum Ltd		79
2,187		AngloGold Ashanti Ltd		108
4,700		AngloGold Ashanti Ltd (Spon ADR)		232
3,503,000	*	Atlas Consolidated Mining & Development		383
870,305	e	Barrick Gold Corp (New York)		24,146
376,741	*	Barrick Gold Corp (U.S.)		10,500
11,795	*	Boliden AB		96
30,639		Caemi Mineracao e Metalurgica S.A.		45
261,644		Cameco Corp		16,528
6,481		Cia Vale do Rio Doce		265
7,989		Cia Vale do Rio Doce		286
138,493	e	Cleveland-Cliffs, Inc		12,266
1,431,144	*	Coeur d'Alene Mines Corp		5,725
552,130		Companhia Vale do Rio Doce (ADR)		22,715
272,790		Companhia Vale do Rio Doce (Spon ADR)		9,889
870,961	e	Falconbridge Ltd		25,723

86

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
1,538,458		Freeport-McMoRan Copper & Gold, Inc (Class A)	$	82,769
249,846	*	Glamis Gold Ltd		6,838
5,724		Gold Fields Ltd		101
12,200		Gold Fields Ltd (Spon ADR)		215
760,497	e	Goldcorp, Inc		16,862
12,500	*	Harmony Gold Mining Co Ltd		163
5,559	*	Harmony Gold Mining Co Ltd		74
693,009	*	Hecla Mining Co		2,814
750,360		Iluka Resources Ltd		4,315
4,300		Impala Platinum Holdings Ltd		159
1,067		Impala Platinum Holdings Ltd		157
347,298	*	Inco Ltd		15,014
751,086	e*	Inco Ltd		32,725
51,600	*	Ivanhoe Mines Ltd		369
205,428	e	Jubilee Mines NL		1,133
651,477	*	Kinross Gold Corp		5,990
178,859	*	Meridian Gold, Inc		3,901
8,801		Minara Resources Ltd		12
568,984	*	MMC Norilsk Nickel		54,053
13,200	*	MMC Norilsk Nickel (ADR)		1,251
340,520		Newcrest Mining Ltd		6,070
2,249,227		Newmont Mining Corp		120,109
29,425	*	Oxiana Ltd		38
350,866	*	Paladin Resources Ltd		508
799,024		Phelps Dodge Corp		114,955
908,834	*	Placer Dome, Inc		20,711
95,308		Placer Dome, Inc		2,185
6,015	*	Portman Ltd		23
594,124	e	Rio Tinto Ltd		30,071
2,016,001		Rio Tinto plc		91,889
145,198	e	Royal Gold, Inc		5,043
316,440		Southern Copper Corp		21,195
592,055	*	Stillwater Mining Co		6,850
607,801	e	Teck Cominco Ltd (Class B)		32,285
22,121		Umicore		2,599
13,467,000		Zijin Mining Group Co Ltd (Class H)		5,949
2,594,872		Zinifex Ltd		13,096
		TOTAL METAL MINING		836,644
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.31%
132,100		Aderans Co Ltd		3,962
32,977	e	Amer Sports Oyj		612
2,582,741		Anglo American plc		87,747
904,611	e	Aristocrat Leisure Ltd		8,175
76,000	e	Asahi Pretec Corp		1,842
254,481		Blyth, Inc		5,331
68,541		Bulgari S.p.A.		762
433,172		Callaway Golf Co		5,995
82,307	e	Charles & Colvard Ltd		1,663
83,827		Daktronics, Inc		2,479

87

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
49,427		Escalade, Inc	$	582
986,537		Fortune Brands, Inc		76,970
12,000		Fu Sheng Industrial Co Ltd		15
817		GWA International Ltd		2
1,282,484		Hasbro, Inc		25,880
98,000		Hutchison Harbour Ring Ltd		9
454,000	e*	Identix, Inc		2,275
261,410	e*	Jakks Pacific, Inc		5,474
335,863	*	K2, Inc		3,396
16,000		Magnum Corp Bhd		8
91,885		Marine Products Corp		964
1,834,317		Mattel, Inc		29,019
7,000		Mitsuboshi Belting Co Ltd		49
5,019	*	Morgan Crucible Co		21
58,200	e	Namco Bandai Holdings, Inc		850
188,762	e	Nautilus, Inc		3,522
233,433		Nintendo Co Ltd		28,183
113,249,000	a	Playmates Holdings Ltd		15,044
108,267	*	RC2 Corp		3,846
80,969		Russ Berrie & Co, Inc		925
7,000		Ryobi Ltd		49
37,230		Sankyo Co Ltd		2,154
190,676	e*	Shuffle Master, Inc		4,794
60,264	*	Steinway Musical Instruments, Inc		1,537
10,491		Turkiye Is Bankasi		91
389,045		Tyco International Ltd		11,228
764,000		Yamaha Corp		12,693
380,761		Yankee Candle Co, Inc		9,747
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		357,895
MISCELLANEOUS RETAIL - 1.09%
165,310	*	1-800-FLOWERS.COM, Inc (Class A)		1,061
76,825	*	AC Moore Arts & Crafts, Inc		1,118
1,300	*	Allion Healthcare, Inc		15
259,727	e*	Alloy, Inc		751
1,640,563	e*	Amazon.com, Inc		77,353
1,918		Avenir Telecom		7
1,003,095	e	Barnes & Noble, Inc		42,802
50		Belluna Co Ltd		2
106,803		Big 5 Sporting Goods Corp		2,338
54,137	e	Blair Corp		2,108
82		Blockbuster, Inc (Class B)		0	^
68,655	e*	Blue Nile, Inc		2,767
343,083		Borders Group, Inc		7,435
44,406	e*	Build-A-Bear Workshop, Inc		1,316
255,124		Cash America International, Inc		5,916
35,900		Circle K Sunkus Co Ltd		912
87,962	*	CKX, Inc		1,144
1,069		Clas Ohlson AB (B Shs)		20
216,511	*	Coldwater Creek, Inc		6,610

88

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
832,759		Compagnie Financiere Richemont AG. (Units) (A Shs)	$	36,142
5,064,809		CVS Corp		133,812
139,558		DCC plc		2,980
125,613	*	dELiA*s, Inc		1,043
14,486	*	dELiA*s, Inc		15
154,266	e*	Dick's Sporting Goods, Inc		5,128
1,733,700		Dickson Concepts International Ltd		2,370
893,958	*	Dollar Tree Stores, Inc		21,401
400		Don Quijote Co Ltd		33
17,029		Douglas Holding AG.		653
446,431	e*	Drugstore.com, Inc		1,272
100		EDION Corp		2
627	b,v*	FAO, Inc		0	^
67,493		Folli-Follie S.A. (Regd)		1,791
35,410	*	Golf Galaxy, Inc		678
2,560	*	Gruppo Coin S.p.A.		9
188,317	e*	GSI Commerce, Inc		2,842
1,657,608		GUS plc		29,368
104,632		Hellenic Duty Free Shops S.A.		1,839
272,193	*	Hibbett Sporting Goods, Inc		7,752
2,190,458		HMV Group plc		6,797
27,327		House Of Fraser plc		53
2,740,598		Hutchison Whampoa Ltd		26,103
647	e	Index Corp		1,173
2,000		Izumiya Co Ltd		18
33,501		Jean Coutu Group, Inc		402
111,257	*	Jill (J.) Group, Inc		2,117
29,858	e*	KarstadtQuelle AG.		452
600		Kojima Co Ltd		7
1,155,309		Lifestyle International Holdings Ltd		1,609
353,472		Longs Drug Stores Corp		12,863
31,500		Matsumotokiyoshi Co Ltd		995
856,913		Michaels Stores, Inc		30,309
311,821		MSC Industrial Direct Co (Class A)		12,541
241,740		Next plc		6,370
470		Nihon Chouzai Co Ltd		15
1,315,500		Nippon Mining Holdings, Inc		9,351
1,500		Nissen Co Ltd		25
136,687	e*	Nutri/System, Inc		4,923
1,587,529	*	Office Depot, Inc		49,848
312,864		OfficeMax, Inc		7,934
1,684,639		Origin Energy Ltd		9,281
28,000		OSIM International Ltd		27
65,434	e*	Overstock.com, Inc		1,842
3,154,170		Pacific Brands Ltd		6,155
1,000		Parco Co Ltd		12
9,617		Peacock Group plc		56
2,514,000		Pertama Holdings Ltd		506
326,988	*	Petco Animal Supplies, Inc		7,177
1,149,533		Petsmart, Inc		29,497
183,680	e*	Priceline.com, Inc		4,100
69	*	QXL Ricardo plc		14
10,606,090	e*	Rite Aid Corp		36,909

89

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
100,200		Ryohin Keikaku Co Ltd	$	8,736
982,240	*	Sears Holdings Corp		113,478
4,000		Senshukai Co Ltd		51
84,438	e*	Sharper Image Corp		822
604,762		Shoppers Drug Mart Corp		22,769
3,288,264		Signet Group plc		6,069
184,379	*	Sports Authority, Inc		5,740
108,284	*	Stamps.com, Inc		2,486
5,294,337		Staples, Inc		120,234
200		Sugi Pharmacy Co Ltd		10
83,600		Sundrug Co Ltd		4,576
67,124	*	Systemax, Inc		419
162		Ten Cate NV		16
629,880		Tiffany & Co		24,118
171,000		Tsutsumi Jewelry Co Ltd		6,520
143,022	*	Valuevision International, Inc (Class A)		1,802
5,714,757		Walgreen Co		252,935
3,106		WH Smith plc		23
145,114		World Fuel Services Corp		4,893
108,904	e	Xebio Co Ltd		5,684
325,573	*	Zale Corp		8,188
3,253	*	Zumiez, Inc		141
		TOTAL MISCELLANEOUS RETAIL		1,261,996
MOTION PICTURES - 1.38%
1,908,300		Astro All Asia Networks plc		2,651
173,504	*	Avid Technology, Inc		9,501
1,241,369	e	Blockbuster, Inc (Class A)		4,655
61,249	e	Carmike Cinemas, Inc		1,553
12,386,421	*	CBS Corp		403,797
629,081	*	Denny's Corp		2,535
1,276,245	*	Discovery Holding Co (Class A)		19,335
592,864	*	DreamWorks Animation SKG, Inc (Class A)		14,561
300,638	*	Macrovision Corp		5,030
13,634,238		News Corp (Class A)		212,012
235,000	e	News Corp (Class B)		3,903
424,009	*	Pixar		22,354
84,410	*	Premiere AG.		1,474
198,443	e	Regal Entertainment Group (Class A)		3,774
24,341		SMG plc		36
1,755		Southern Cross Broadcasting Australia Ltd		17
340,082	*	Time Warner Telecom, Inc (Class A)		3,350
32,967,697		Time Warner, Inc		574,957
105,100		Toho Co Ltd		2,351
579	*	UBISOFT Entertainment		27
12,941,872		Walt Disney Co		310,217
5,514		Wegener NV		65
26,869	e*	WPT Enterprises, Inc		160
		TOTAL MOTION PICTURES		1,598,315

90

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
NONDEPOSITORY INSTITUTIONS - 2.03%
1,026	*	Aareal Bank AG.	$	39
109,491	e*	Accredited Home Lenders Holding Co		5,429
146,505		Acom Co Ltd		9,409
472,522		Advance America Cash Advance Centers, Inc		5,859
38,878		Advanta Corp (Class A)		1,171
65,995	e	Advanta Corp (Class B)		2,141
3,111,930		Aegon NV		50,472
21,500		Aeon Credit Service Co Ltd		2,033
1,524,500		Aeon Thana Sinsap Thailand PCL (foreign)		1,255
139,278		Aiful Corp		11,623
3,305		Aktiv Kapital ASA		50
524,601	e	American Capital Strategies Ltd		18,996
8,491,988		American Express Co		436,998
999,470	*	AmeriCredit Corp		25,616
134,428		Ares Capital Corp		2,160
65,154	e	Asta Funding, Inc		1,781
69,828		Beverly Hills Bancorp, Inc		724
1,211,300		Bursa Malaysia Bhd		1,173
2,118,600		Capital One Financial Corp		183,047
332,903	e	CapitalSource, Inc		7,457
307,557		Cattles plc		1,738
305,681		CharterMac		6,474
1,027,447		CIT Group, Inc		53,201
98,554	*	Collegiate Funding Services LLC		1,946
288,778	*	CompuCredit Corp		11,112
2,875,695		Countrywide Financial Corp		98,320
2,800	*	Credit Acceptance Corp		45
241,473	e	Credit Saison Co Ltd		12,050
55,826		D Carnegie AB		821
58,621		Delta Financial Corp		491
1,575,721	e	Deutsche Postbank AG.		91,074
555,570		Doral Financial Corp		5,889
92,570	e*	Encore Capital Group, Inc		1,606
7,440,317		Fannie Mae		363,162
88,295	e	Federal Agricultural Mortgage Corp (Class C)		2,643
16		Finance All Corp		26
92,720		Financial Federal Corp		4,121
130,390	*	First Cash Financial Services, Inc		3,802
117,017	e	First Marblehead Corp		3,845
4,828,390		Freddie Mac		315,535
60,700		Hitachi Capital Corp		1,209
393,000		Hong Leong Finance Ltd		856
1,516,005		Hypo Real Estate Holding AG.		78,645
448,400		ICAP plc		3,118
96,923		ICICI Bank Ltd		1,260
169,913		IGM Financial, Inc		6,708
526,960		Industrial Development Bank of India Ltd		1,138
2,988,430	*	Infrastructure Development Finance Co Ltd		4,857
4,890		Intermediate Capital Group plc		117
2,158	*	Intrum Justitia AB		20
109,042		Irish Life & Permanent plc (London)		2,211

91

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
9,000		Jaccs Co Ltd	$	100
214,000	e	Japan Securities Finance Co Ltd		2,462
184		Kenedix, Inc		1,158
2,449,500		Krungthai Card PCL		1,195
45,000	*	LG Card Co Ltd		2,248
8,569,330		MBNA Corp		232,657
213,542		MCG Capital Corp		3,116
163,000		Mega Financial Holding Co Ltd		106
83,290	*	Nelnet, Inc		3,388
98,746		NGP Capital Resources Co		1,297
6,752,200	e	Nissin Co Ltd		16,533
287,673	e*	Ocwen Financial Corp		2,503
215,000		OMC Card, Inc		4,609
7,152,000		Orient Corp		29,873
38,437		Perpetual Trustees Australia Ltd		1,917
110,487		Promise Co Ltd		7,348
233,274		Provident Financial plc		2,193
1,100		Ricoh Leasing Co Ltd		31
30,270	e	SFCG Co Ltd		7,309
106,927		SFE Corp Ltd		1,086
2,466,230		SLM Corp		135,865
823,030		SM Investments Corp		3,725
20,986		Student Loan Corp		4,391
72,000		Taishin Financial Holdings Co Ltd		38
442,139		Takefuji Corp		30,005
31,999	*	United PanAm Financial Corp		828
151,073		Westcorp		10,063
31,052	*	WFS Financial, Inc		2,365
146,986	*	World Acceptance Corp		4,189
		TOTAL NONDEPOSITORY INSTITUTIONS		2,358,071
NONMETALLIC MINERALS, EXCEPT FUELS - 0.09%
289,295		Aber Diamond Corp		10,642
110,259		AMCOL International Corp		2,263
751		Cimsa Cimento Sanayi Ve Ticaret A.S.		5
81,558		Compass Minerals International, Inc		2,001
200,696		Florida Rock Industries, Inc		9,846
16,615		Grupo Mexico S.A. de C.V.		39
3,535,000		Itochu Corp		29,471
575,687	*	Kimberley Diamond Co NL		587
99,270	e	Solvay S.A.		10,901
567,182		Vulcan Materials Co		38,427
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		104,182
OIL AND GAS EXTRACTION - 2.89%
1,109,957		Anadarko Petroleum Corp		105,168
2,600		AOC Holdings, Inc		47
1,818,951		Apache Corp		124,635

92

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
129,886	*	Atlas America, Inc	$	7,822
103,855	e*	ATP Oil & Gas Corp		3,844
88,239	*	Atwood Oceanics, Inc		6,885
2,361,335		Baker Hughes, Inc		143,522
105,633		Berry Petroleum Co (Class A)		6,042
4,154,308		BG Group plc		40,973
95,215	*	Bill Barrett Corp		3,676
1,456,182		BJ Services Co		53,398
60,775	*	Bois d'Arc Energy, Inc		964
130,079	*	Brigham Exploration Co		1,543
25,800	*	Bronco Drilling Co, Inc		594
2,209,707		Burlington Resources, Inc		190,477
9,255		Burren Energy plc		145
388,291		Cabot Oil & Gas Corp (Class A)		17,512
459,590	*	Cal Dive International, Inc		16,495
180,789	*	Callon Petroleum Co		3,191
1,019,878		Canadian Natural Resources Ltd		50,315
109,559	*	Carrizo Oil & Gas, Inc		2,707
401,097	e*	Cheniere Energy, Inc		14,929
1,628,699	e	Chesapeake Energy Corp		51,679
523,208		Cimarex Energy Co		22,503
43,127	*	Clayton Williams Energy, Inc		1,800
213,000		CNOOC Ltd		144
3,800		CNOOC Ltd (ADR)		258
452	*	Compagnie Generale de Geophysique S.A.		40
232,303	*	Comstock Resources, Inc		7,088
5,530	*	Dana Petroleum plc		85
174,189	e*	Delta Petroleum Corp		3,792
489,732	*	Denbury Resources, Inc		11,156
1,637		DET Norske Oljeselskap		14
3,501,655	e	Devon Energy Corp		218,994
251,279	e	Diamond Offshore Drilling, Inc		17,479
106,109	*	Edge Petroleum Corp		2,643
1,713,563	e	EnCana Corp		77,100
293,706	*	Encore Acquisition Co		9,410
393,134	e*	Endeavour International Corp		1,297
186,614	*	Energy Partners Ltd		4,066
250,618	b,v*	Enron Corp		0	^
1,144,972	e	ENSCO International, Inc		50,780
1,342,924		Equitable Resources, Inc		49,272
917		Expro International Group plc		9
565,511	*	Forest Oil Corp		25,770
182,980	e*	FX Energy, Inc		1,460
1,537		GAIL India Ltd		55
4,347		GAIL India Ltd		26
372,881	e*	Gasco Energy, Inc		2,435
110,702		Gazprom (Spon ADR)		7,937
717,038	*	Global Industries Ltd		8,138
347,827		GlobalSantaFe Corp		16,748
51,524	*	Goodrich Petroleum Corp		1,296
1,373,044	*	Grey Wolf, Inc		10,614
2,543,244	e	Halliburton Co		157,579

93

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
467,707	*	Hanover Compressor Co	$	6,599
22,702	*	Hardman Resources Ltd		29
350,919	e*	Harvest Natural Resources, Inc		3,116
299,548		Helmerich & Payne, Inc		18,545
2,200	*	Hercules Offshore, Inc		63
187,194	*	Houston Exploration Co		9,884
411,128	e	Husky Energy, Inc		20,765
1,807		INPEX Corp		16,075
1,000		Kanto Natural Gas Development Ltd		7
308,318	*	KCS Energy, Inc		7,467
721,144		Kerr-McGee Corp		65,523
1,357	*	Key Energy Services, Inc		18
208,471	*	Lundin Petroleum AB		2,200
104,480	e*	McMoRan Exploration Co		2,066
596,510	*	Meridian Resource Corp		2,505
1,022,262	*	National Oilwell Varco, Inc		64,096
58,987	*	Neste Oil Oyj		1,662
839,141	*	Newfield Exploration Co		42,016
460,159	*	Newpark Resources, Inc		3,511
697,720	*	Nexen, Inc		33,102
90,000		Noble Corp		6,349
1,757,292		Noble Energy, Inc		70,819
2,799,602		Occidental Petroleum Corp		223,632
1,824	*	Ocean RIG ASA		25
164,198	*	Oceaneering International, Inc		8,174
2,717		Oil & Natural Gas Corp Ltd		71
945,715		Oil Search Ltd		2,560
189,117	*	Parallel Petroleum Corp		3,217
790,658	*	Parker Drilling Co		8,563
1,312,211		Patterson-UTI Energy, Inc		43,237
98		Penn West Energy Trust		3
1,500	*	Petrobras Energia Participaciones S.A. (ADR)		19
952,378		Petro-Canada		38,033
38,482,000		PetroChina Co Ltd (Class H)		31,516
33,900	v*	PetroCorp (Escrow)		0
317,300	*	PetroHawk Energy Corp		4,195
312,509		Petroleo Brasileiro S.A. (ADR)		22,273
148,681	*	Petroleum Development Corp		4,957
28,889	e*	Petroleum Geo-Services ASA		887
228,458	*	Petroquest Energy, Inc		1,892
121,667	*	Pioneer Drilling Co		2,181
615,824		Pioneer Natural Resources Co		31,573
344,055	*	Plains Exploration & Production Co		13,669
564,653		Pogo Producing Co		28,125
90		Precision Drilling Trust		3
2,254,485	*	Pride International, Inc		69,325
16,330	e	ProSafe ASA		691
2,500	v	PTT Exploration & Production PCL		60
99,110		PTT Exploration & Production PCL		1,141
243,616	e*	Quicksilver Resources, Inc		10,234
567,890		Range Resources Corp		14,958
192,909	*	Remington Oil & Gas Corp		7,041

94

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
19,137	*	Roc Oil Co Ltd	$	36
461,503		Rowan Cos, Inc		16,448
149,629		RPC, Inc		3,941
283,113	e	Saipem S.p.A.		4,628
1,259,192		Santos Ltd		11,315
497,981		Schlumberger Ltd		48,379
11,900		Scomi Group Bhd		3
98,763	*	SEACOR Holdings, Inc		6,726
50	v*	Serval Integrated Energy Services (Units)		0	^
180,000		Singapore Petroleum Co Ltd		515
207,019	e	Smedvig ASA		6,023
1,265,404	*	Southwestern Energy Co		45,479
413,837	e	St. Mary Land & Exploration Co		15,233
185,745	*	Stolt Offshore S.A.		2,153
159,522	*	Stone Energy Corp		7,263
1,153	*	Subsea 7, Inc		14
454,536	*	Superior Energy Services		9,568
56,334	*	Superior Well Services, Inc		1,339
7,800		Surgutneftegaz (Spon ADR)		421
222,153	*	Swift Energy Co		10,012
201,033	e*	Syntroleum Corp		1,815
932,105		Talisman Energy, Inc		49,153
4,532	*	Tap Oil Ltd		9
260,000	e	Teikoku Oil Co Ltd		3,401
181,735	*	Tetra Technologies, Inc		5,547
840	*	TGS Nopec Geophysical Co ASA		39
1,549,615		Thai Oil PCL		2,400
265,452		Tidewater, Inc		11,802
200,000		Titan Petrochemicals Group Ltd		15
291,879		Todco		11,109
85,845	e*	Toreador Resources Corp		1,809
1,486,721	e	Total S.A.		372,127
163,377	v*	Total S.A. (Strip Vvpr)		4
284,445	*	Transmontaigne, Inc		1,877
74,000	*	Transocean, Inc		5,157
143,509	e*	Tri-Valley Corp		1,117
3,900	*	Union Drilling, Inc		57
194,522	*	Unit Corp		10,705
494,388	*	Veritas DGC, Inc		17,546
255,548		Vintage Petroleum, Inc		13,628
174,262		W&T Offshore, Inc		5,123
89,200	e*	Warren Resources, Inc		1,411
6,384	e*	Weatherford International Ltd		231
156,331	*	W-H Energy Services, Inc		5,171
182,209	*	Whiting Petroleum Corp		7,288
1,112,749		Woodside Petroleum Ltd		31,989
16,624,000		Xinao Gas Holdings Ltd		13,186
1,929,990		XTO Energy, Inc		84,804
		TOTAL OIL AND GAS EXTRACTION		3,353,239

95

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
PAPER AND ALLIED PRODUCTS - 0.48%
94,400	e	Abitibi-Consolidated, Inc (Canada)	$	376
8,727		Aracruz Celulose S.A.		35
1,600		Aracruz Celulose S.A. (Spon ADR)		64
541,248		Bemis Co		15,084
64,816	e	Billerud AB		847
320,849		Bowater, Inc		9,856
211,139	*	Buckeye Technologies, Inc		1,700
327,332		Bunzl plc		3,585
183,134	*	Caraustar Industries, Inc		1,591
137,983		Chesapeake Corp		2,343
9,500		China International Marine Containers Co Ltd		8
47,000	*	Domtar, Inc		270
224,857		Glatfelter		3,191
477,091	*	Graphic Packaging Corp		1,088
132,372		Greif, Inc (Class A)		8,774
967		Grupo Empresarial Ence S.A.		30
79,822		Holmen AB (B Shs)		2,633
3,128,338		International Paper Co		105,143
3,201,942		Kimberly-Clark Corp		190,996
7,672		Kimberly-Clark de Mexico S.A. de C.V.		27
2,000		Kishu Paper Co Ltd		5
10,954		Klabin S.A.		19
58,300	e	Kokuyo Co Ltd		863
301,482		Longview Fibre Co		6,274
1,589		Mayr-Melnhof Karton AG.		221
830,334		MeadWestvaco Corp		23,274
162,317	e*	Mercer International, Inc		1,276
19,000		Mitsubishi Paper Mills Ltd		43
8,598		Nampak Ltd		23
101,929		Neenah Paper, Inc		2,854
1,868		Nippon Paper Group, Inc		7,470
189,897	e	Norske Skogindustrier ASA		3,008
615,000	e	OJI Paper Co Ltd		3,632
464,950		Packaging Corp of America		10,671
359,546	e	PaperlinX Ltd		1,013
372,090	e*	Playtex Products, Inc		5,086
152,642		Potlatch Corp		7,782
292,176		Rock-Tenn Co (Class A)		3,988
310,100		Sanrio Co Ltd		4,921
3,416		Sappi Ltd		39
29,200		Sappi Ltd (Spon ADR)		331
83,963		Schweitzer-Mauduit International, Inc		2,081
1,171,267	*	Smurfit-Stone Container Corp		16,597
473,574		Sonoco Products Co		13,923
498,922	e	Stora Enso Oyj (R Shs)		6,732
339,856		Svenska Cellulosa AB (B Shs)		12,683
1,344,485		Temple-Inland, Inc		60,300
31,800	e	Uni-Charm Corp		1,428
464,322		UPM-Kymmene Oyj		9,070
274,342		Wausau Paper Corp		3,251
		TOTAL PAPER AND ALLIED PRODUCTS		556,499

96

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
PERSONAL SERVICES - 0.11%
55,011		Angelica Corp	$	910
730,882	e	Cintas Corp		30,098
138,381	*	Coinstar, Inc		3,159
195,665		Davis Service Group plc		1,628
145,582		G & K Services, Inc (Class A)		5,714
1,687,386		H&R Block, Inc		41,425
207,840		Jackson Hewitt Tax Service, Inc		5,759
8,794		Mcbride plc		24
19,881		Photo-Me International plc		42
261,040		Regis Corp		10,068
1,679,030		Service Corp International		13,735
90,526		Unifirst Corp		2,815
245,999	*	Weight Watchers International, Inc		12,160
		TOTAL PERSONAL SERVICES		127,537
PETROLEUM AND COAL PRODUCTS - 5.06%
78,390	*	Alon USA Energy, Inc		1,540
359,695	e	Amerada Hess Corp		45,617
342,687		Ashland, Inc		19,842
42,986,148		BP plc		456,800
656,323		BP plc (Spon ADR)		42,149
14,688,286		Chevron Corp		833,854
292,000		China Petroleum & Chemical Corp		145
5,700		China Petroleum & Chemical Corp (ADR)		283
8,592,352		ConocoPhillips		499,903
12		Daiseki Co Ltd		0	^
119,419		ElkCorp		4,020
6,622,151		ENI S.p.A.		183,015
1,840,089		EOG Resources, Inc		135,007
41,464,658		Exxon Mobil Corp		2,329,070
10,911,369		Fortum Oyj		203,869
422,170		Frontier Oil Corp		15,844
8,094,784		Futuris Corp Ltd		11,520
122,536	*	Giant Industries, Inc		6,367
252,123	e*	Headwaters, Inc		8,935
237,097		Hellenic Petroleum S.A.		3,322
154,304		Holly Corp		9,084
306,610		Imperial Oil Ltd		30,292
18,340		LUKOIL (Spon ADR)		1,082
2,082,346		Marathon Oil Corp		126,961
771,738		Murphy Oil Corp		41,666
132,395		OMV AG.		7,730
4,000		PetroChina Co Ltd		328
21,668		Petroleo Brasileiro S.A.		383
356,036		Petroleo Brasileiro S.A.		5,673
8,500		Petroleo Brasileiro S.A. (ADR)		547
4,931		Polski Koncern Naftowy Orlen S.A.		95
8,375		Polski Koncern Naftowy Orlen S.A. (GDR)		327
903,744		Premier Farnell plc		2,680

97

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
270,292		PTT PCL	$	1,490
1,838,953		Repsol YPF S.A.		53,513
7,099,050		Royal Dutch Shell plc (A Shares)		215,837
4,649,923		Royal Dutch Shell plc (B Shares)		148,320
663,261	e	Shell Canada Ltd (U.S.)		23,875
2,000		Shell Refining Co (Malaysia)		5
217,000		Showa Shell Sekiyu KK		2,589
1,500	*	SK Corp		77
750		S-Oil Corp		52
790,328		Statoil ASA		18,091
872,432		Suncor Energy, Inc		54,759
1,167,483		Sunoco, Inc		91,507
3,600		Tatneft (Spon ADR)		238
626,939		Tesoro Corp		38,588
230,000	e	TonenGeneral Sekiyu KK		2,471
1,445		Tupras Turkiye Petrol Rafine		27
1,154	*	Unipetrol		11
3,408,942		Valero Energy Corp		175,901
97,219		WD-40 Co		2,553
		TOTAL PETROLEUM AND COAL PRODUCTS		5,857,854
PIPELINES, EXCEPT NATURAL GAS - 0.03%
1,258,265	e	TransCanada Corp		39,477
		TOTAL PIPELINES, EXCEPT NATURAL GAS		39,477
PRIMARY METAL INDUSTRIES - 0.98%
148,127		Acerinox S.A.		2,147
6,000		Aichi Steel Corp		51
665,285	e*	AK Steel Holding Corp		5,289
21,792		Alcan, Inc		884
606,492	*	Alcan, Inc (Paris)		24,797
3,980,695		Alcoa, Inc		117,709
203,029	*	Aleris International, Inc		6,546
498,778		Algoma Steel, Inc		10,085
750,150		Allegheny Technologies, Inc		27,065
9,758,000		Aluminum Corp of China Ltd		7,425
1,200		Aluminum Corp of China Ltd (ADR)		92
170		Aluminum of Greece S.A.I.C.		6
1,671,304		Arcelor		41,301
24,000	*	Asia Aluminum Holdings Ltd		2
110,319		Bekaert S.A.		10,274
294,485	e	Belden CDT, Inc		7,194
5,329,280		BHP Billiton plc		86,870
1,358,028		BlueScope Steel Ltd		6,943
109,163		Boehler-Uddeholm AG.		18,400
126,950	*	Brush Engineered Materials, Inc		2,019
142,340		Carpenter Technology Corp		10,031
168,127	*	Century Aluminum Co		4,407

98

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
145,664	*	Chaparral Steel Co	$	4,406
150,000		China Steel Corp		114
17,900	*	Chugai Mining Co Ltd		23
1,000		Chuo Denki Kogyo Co Ltd		5
5,000		Cia Siderurgica Nacional S.A.		107
2,781		Cia Siderurgica Nacional S.A.		60
357,486	*	CommScope, Inc		7,196
9,546,746	*	Corning, Inc		187,689
10,412,951		Corus Group plc		10,547
2,018		Cumerio		37
299,000		Daido Steel Co Ltd		2,855
46,783	e	Dofasco, Inc		2,602
209,000	e	Dowa Mining Co Ltd		2,263
104,515	*	Encore Wire Corp		2,379
4,429		Eregli Demir ve Celik Fabrikalari TAS		29
708,000		Fujikura Ltd		5,735
445,000	e	Furukawa Electric Co Ltd		3,476
240,063	*	General Cable Corp		4,729
284		Georg Fischer AG.		97
3,937		Gerdau S.A.		66
6,600		Gerdau S.A. (Spon ADR)		110
146,280		Gibraltar Industries, Inc		3,356
11,000		Godo Steel Ltd		63
132,000		Hitachi Cable Ltd		620
46,807		Hoganas AB (B Shares)		1,012
271,327	e	Hubbell, Inc (Class B)		12,242
192,804		IPSCO, Inc		15,962
21,000		Jiangxi Copper Co Ltd		10
202,544		Johnson Matthey plc		4,910
1,856		KGHM Polska Miedz S.A.		36
1,929		KGHM Polska Miedz S.A. (GDR)		75
5,368,000		Kobe Steel Ltd		17,373
233,397	*	Lone Star Technologies, Inc		12,057
30,000		Maanshan Iron & Steel		9
198,405		Matthews International Corp (Class A)		7,224
281,680	e*	Maverick Tube Corp		11,228
1,518,000	e	Mitsubishi Materials Corp		7,755
2,000		Mitsubishi Steel Manufacturing Co Ltd		14
426,000	e	Mitsui Mining & Smelting Co Ltd		2,674
58		Mittal Steel Co NV		2
3,489		Mittal Steel South Africa Ltd		34
197,088		Mueller Industries, Inc		5,404
390,000	e	Nippon Light Metal Co Ltd		1,074
3,000		Nippon Metal Industry Co Ltd		7
17,242,793	e	Nippon Steel Corp		61,357
2,000		Nippon Yakin Kogyo Co Ltd		8
3,130,000		Nisshin Steel Co Ltd		10,104
266,144	e	Norsk Hydro ASA		27,238
17,440		Novelis, Inc		364
203,287	*	NS Group, Inc		8,499
1,334,920	e	Nucor Corp		89,066
675,151		OneSteel Ltd		1,659

99

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
246,719	*	Oregon Steel Mills, Inc	$	7,258
44,703	e	Outokumpu Oyj		662
7,000		Pacific Metals Co Ltd		34
1,961,647		Pirelli & C S.p.A.		1,796
738		PKC Group Oyj		10
1,187		POSCO		237
12,600	e	POSCO (ADR)		624
565,968		Precision Castparts Corp		29,323
251,398		Quanex Corp		12,562
75,665		Roanoke Electric Steel Corp		1,786
124,381	*	RTI International Metals, Inc		4,720
23,000	*	S Science Co Ltd		12
180,985	e	Schnitzer Steel Industries, Inc (Class A)		5,536
318,827		Steel Dynamics, Inc		11,322
119,580		Steel Technologies, Inc		3,347
1,439,891	e	Sumitomo Electric Industries Ltd		21,849
5,000		Sumitomo Light Metal Industries Ltd		13
6,241,720		Sumitomo Metal Industries Ltd		24,009
1,000,067		Sumitomo Metal Mining Co Ltd		12,362
117,671	*	Superior Essex, Inc		2,372
1,131		Swiss Steel AG.		33
1,500		Tenaris S.A.		172
156,027		Texas Industries, Inc		7,776
167,257	e	ThyssenKrupp AG.		3,476
72,022	e*	Titanium Metals Corp		4,556
6,000		Toho Zinc Co Ltd		47
279,500	e	Tokyo Steel Manufacturing Co Ltd		4,049
168,242		Tredegar Corp		2,169
5,073		Tubacex S.A.		21
509,044		United States Steel Corp		24,470
2,182		Usinas Siderurgicas de Minas Gerais S.A.		52
96,919		Viohalco S.A.		777
147,668		Voestalpine AG.		14,832
82,238	*	Wheeling-Pittsburgh Corp		742
441,660		Worthington Industries, Inc		8,484
3,000		Yamato Kogyo Co Ltd		50
		TOTAL PRIMARY METAL INDUSTRIES		1,137,038
PRINTING AND PUBLISHING - 0.72%
267,423	e*	ACCO Brands Corp		6,552
561		Agora S.A.		12
2,082	v	Agora S.A. (GDR)		45
2,486	*	Alma Media		23
802,818		American Greetings Corp (Class A)		17,638
188,654		APN News & Media Ltd		664
467,709		Arnoldo Mondadori Editore S.p.A.		4,333
116,400		Asia Securities Printing Co Ltd		2,106
172,097		Banta Corp		8,570
153,426		Belo (A.H.) Corp Series A		3,285
351,800	v	Belo (A.H.) Corp Series B		7,532

100

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
252,710		Bowne & Co, Inc	$	3,750
6,319		Caltagirone Editore S.p.A		52
863,974	*	CBS Corp		28,304
304,688	*	Cenveo, Inc		4,010
143,959	*	Consolidated Graphics, Inc		6,815
61,046		Courier Corp		2,096
45,762		CSS Industries, Inc		1,406
860,845		Dai Nippon Printing Co Ltd		15,316
294,383		Daily Mail & General Trust		3,982
158,378		De La Rue plc		1,271
695,645		Dex Media, Inc		18,845
3,581	*	Dogan Yayin Holding		14
171,221		Dow Jones & Co, Inc		6,077
206,300	v	Dow Jones & Co, Inc (Class B)		7,322
452,591	*	Dun & Bradstreet Corp		30,305
200,899		Emap plc		2,976
211,832	e	Eniro AB		2,662
133,714		Ennis, Inc		2,430
357,002		EW Scripps Co		17,143
1,385,467	e	Gannett Co, Inc		83,918
595,300		Harte-Hanks, Inc		15,710
298,466		Hollinger International, Inc		2,674
5,334		Ihlas Holding		4
707,117		Independent News & Media plc		2,119
906,981		John Fairfax Holdings Ltd		2,668
243,704		John H Harland Co		9,163
341,819		John Wiley & Sons, Inc (Class A)		13,345
400,666		Journal Communications, Inc		5,589
248,573		Journal Register Co		3,716
343,478	e	Knight Ridder, Inc		21,742
205,197		Lee Enterprises, Inc		7,574
14,400	v	Lee Enterprises, Inc (Class B)		532
128,758	e*	Martha Stewart Living Omnimedia, Inc (Class A)		2,244
130,603		McClatchy Co (Class A)		7,719
2,559,623		McGraw-Hill Cos, Inc		132,153
136,024		Media General, Inc (Class A)		6,896
156,737		Meredith Corp		8,204
125,900	v	Meredith Corp (Class B)		6,590
658,786	e	New York Times Co (Class A)		17,425
6		Oricon, Inc		8
57,778		PagesJaunes Groupe S.A.		1,499
1,481,580		Pearson plc		17,487
88,920	*	Playboy Enterprises, Inc (Class B)		1,235
16,259	*	PMP Ltd		18
144,194	e*	Presstek, Inc		1,303
784,016	*	Primedia, Inc		1,262
20,280		Quebecor World, Inc		273
251,549	e*	R.H. Donnelley Corp		15,500
1,289,355		R.R. Donnelley & Sons Co		44,109
554,840		Reader's Digest Association, Inc (Class A)		8,445
859,409		Reed Elsevier NV		11,962
1,607,922		Reed Elsevier plc		15,072

101

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
66,128	e	Schawk, Inc	$	1,372
21,375	e	Schibsted ASA		634
270,797	*	Scholastic Corp		7,720
714,093		SCMP Group Ltd		265
2,018,924		Singapore Press Holdings Ltd		5,221
2,128		SR Teleperformance		66
2,486		St Ives Group plc		13
139,513		Standard Register Co		2,206
3,300		Star Publications Malaysia Bhd		6
69,911		Telefonica Publicidad e Informacion S.A.		591
81,802		Thomas Nelson, Inc		2,016
301,759	e	Thomson Corp		10,245
2,500		Toppan Forms Co Ltd		36
908,000		Toppan Printing Co Ltd		10,601
1,746,669		Tribune Co		52,854
226,593		Trinity Mirror plc		2,229
1,392,371		United Business Media plc		15,227
317,275	*	Valassis Communications, Inc		9,223
220,836	*	VistaPrint Ltd		5,025
112,309		VNU NV		3,711
26,927		Washington Post Co (Class B)		20,599
329		West Australian Newspapers Holdings Ltd		2
275,703	e	Wolters Kluwer NV		5,555
329,559		Yell Group plc		3,035
		TOTAL PRINTING AND PUBLISHING		832,146
RAILROAD TRANSPORTATION - 0.59%
2,231,351		Burlington Northern Santa Fe Corp		158,024
78,794	e	Canadian National Railway Co		6,303
685,215	*	Canadian National Railway Co (Canada)		54,634
506,562	e	Canadian Pacific Railway Ltd		21,123
1,766		Central Japan Railway Co		16,907
1,603,756		CSX Corp		81,423
7,730		East Japan Railway Co		53,114
39,445	*	Eurotunnel S.A.		12
374,411		Firstgroup plc		2,582
168,601		Florida East Coast Industries		7,144
160,124	*	Genesee & Wyoming, Inc (Class A)		6,013
1,700		Guangshen Railway Co Ltd (Spon ADR)		26
495,668	e*	Kansas City Southern Industries, Inc		12,109
2,820,570		Norfolk Southern Corp		126,446
1,591,000	e	Odakyu Electric Railway Co Ltd		9,463
1,440,842		Union Pacific Corp		116,002
2,088		West Japan Railway Co		8,704
		TOTAL RAILROAD TRANSPORTATION		680,029
REAL ESTATE - 0.57%
10,117		Acanthe Developpement S.A.		52

102

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
7,578		Aedes S.p.A	$	49
103,200		Aeon Mall Co Ltd		5,028
389,575	*	Alderwoods Group, Inc		6,183
323,000		Allgreen Properties Ltd		252
3		Apamanshop Network Co Ltd		4
7		Arealink Co Ltd		19
1,936,550		Ascendas Real Estate Investment Trust		2,271
2,000		Ayala Corp		12
82,000		Ayala Land, Inc		15
2,030		Babis Vovos International Construction S.A.		33
173		Bail Investissement Fonciere		9
14,488,000		Beijing Capital Land Ltd		4,251
95,371		Bovis Homes Group plc		1,305
807,129		British Land Co plc		14,771
1,785,996		Brixton plc		13,261
178,135		Brookfield Properties Co		5,247
128,300	*	Brookfield Properties Corp		3,775
45,276	*	California Coastal Communities, Inc		1,776
3,657,587		CapitaLand Ltd		7,567
578		Capona AB		9
68,970		Castellum AB		2,479
511,178	*	CB Richard Ellis Group, Inc		30,083
1,528,855		Centro Properties Group (New)		7,099
2,454,607		Cheung Kong Holdings Ltd		25,184
42,000		Chinese Estates Holdings Ltd		41
597,000		City Developments Ltd		3,124
5,780	*	City Developments Ltd Wts		21
5,370		Cofinimmo		847
31,984		Consolidated-Tomoka Land Co		2,268
138,265		Corio NV		7,486
3		Creed Corp		17
9,122		Crest Nicholson		73
163,000		Daibiru Corp		1,975
11,000		Daiwa Kosho Lease Co Ltd		65
5,414,712		DB RREEF Trust		5,521
4,159		Derwent Valley Holdings plc		103
6		Fadesa Inmobiliaria S.A.		0	^
5,642,041		Far East Consortium		2,056
341,550		Forest City Enterprises, Inc (Class A)		12,955
4,966		Freeport plc		40
8,317		Gecina S.A.		952
180		Goldcrest Co Ltd		16
1,101,276		Hammerson plc		19,322
1,218,000		Hang Lung Group Ltd		2,584
2,453,100		Hang Lung Properties Ltd		3,828
2,000		Heiwa Real Estate Co Ltd		16
1,165,318		Henderson Land Development Co Ltd		5,486
111,241	e*	Housevalues, Inc		1,449
1,998,754		Hysan Development Co Ltd		4,949
9	*	IDU Co		53
13,100		IGB Corp Bhd		4
309,032	*	IMMOFINANZ Immobilien Anlagen AG.		2,956

103

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
81,244		Inmobiliaria Colonial S.A.	$	4,588
1,894,289		Investa Property Group		2,758
5,600	*	IRSA Inversiones y Representaciones S.A.		68
61,663		IVG Immobilien AG.		1,288
97,700	e	J Bridge Corp		1,429
300		Japan General Estate Co Ltd		5
1,600		Joint Corp		55
275,827		Jones Lang LaSalle, Inc		13,888
94,000		Keppel Land Ltd		207
1,181,179		Kerry Properties Ltd		3,131
20,708		Klepierre		1,937
3,263		Klovern AB		10
54,405		Kungsleden AB		1,572
463,624		Lend Lease Corp Ltd		4,924
948,600		Leopalace21 Corp		34,398
228,342		Liberty International plc		3,844
1,332,500	*	Link REIT		2,526
1,442,326		Macquarie Goodman Group		5,057
1,506		McInerney Holdings plc		21
377,396		MCL Land Ltd		390
50,695		Metrovacesa S.A.		3,068
195,525	e	MI Developments, Inc		6,709
789,841		Mirvac Group		2,387
2,044,448		Mitsubishi Estate Co Ltd		42,437
1,638,198	e	Mitsui Fudosan Co Ltd		33,241
42,400		New World China Land Ltd		18
816		Nexity		41
80		Nihon Eslead Corp		2
191,891		ORIX Corp		48,855
41,694		Orleans Homebuilders, Inc		765
17		Pacific Management Corp		59
12	*	Pacific Management Corp		41
3		Recrm Research Co Ltd		7
1	*	re-plus, inc		4
2	*	re-plus, inc		7
15,000	*	Republic Property Trust		180
5,100	e	Risa Partners, Inc		23,981
14,678		Risanamento S.p.A.		66
154,515	e	Rodamco Europe NV		12,813
18,088,000		Shanghai Real Estate Ltd		2,450
300		Shoei Co Ltd		10
93,000		Singapore Land Ltd		299
2,868,250		Sino Land Co		3,477
36		Sjaelso Gruppen AS		10
381,907		Slough Estates plc		3,924
8,000		SP Setia Bhd		7
337,672	e	St. Joe Co		22,698
679,007		Stewart Enterprises, Inc (Class A)		3,673
1,910,689		Sumitomo Realty & Development Co Ltd		41,523
1,544,429		Sun Hung Kai Properties Ltd		15,039
10,000		TAI Cheung Holdings		6
20,000		Thomas Properties Group, Inc		250

104

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
40,000	*	Tian An China Investment	$	12
234,000		TOC Co Ltd		1,610
1,033,000	e	Tokyo Tatemono Co Ltd		10,284
1,166,000		Tokyu Land Corp		11,647
300		Tokyu Livable, Inc		19
1,000	*	Towa Real Estate Development Co Ltd		6
246,815	*	Trammell Crow Co		6,331
122,388	e	Unibail		16,226
9,587		Unite Group plc		62
15,643	*	United Capital Corp		386
17,760,500		United Industrial Corp Ltd		12,497
1,200		Urban Corp		129
1,355		Wallenstam Byggnads AB		16
19,432		Wereldhave NV		1,826
2,525,117		Westfield Group		33,638
29,123	*	Wihlborgs Fastigheter AB		703
1,106,333		Wing Tai Holdings Ltd		978
44,025	e*	ZipRealty, Inc		371
6,911		Zueblin Immobilien Holding AG.		54
		TOTAL REAL ESTATE		655,879
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.19%
116,840		Ansell Ltd		947
82,935	*	Applied Films Corp		1,722
1,730,530	e	Bridgestone Corp		35,995
450,896		Continental AG.		39,878
368,196		Cooper Tire & Rubber Co		5,641
69,229	e*	Deckers Outdoor Corp		1,912
918,000		Denki Kagaku Kogyo KK		4,052
2,081,316	e*	Goodyear Tire & Rubber Co		36,173
1,630	*	Hankook Tire Co Ltd		23
301,417	e*	Jarden Corp		9,088
113,254		Michelin (C.G.D.E.) (B Shs)		6,343
176,200		Nifco, Inc Japan		3,329
1,090,529	e	Nokian Renkaat Oyj		13,699
768		Nolato AB		8
109,172	*	Ryanair Holdings plc		1,069
214,143		Schulman (A.), Inc		4,608
417,616	*	Sealed Air Corp		23,457
329,786	*	Skechers U.S.A., Inc (Class A)		5,052
188,000		Spartech Corp		4,127
253,000	e	Sumitomo Bakelite Co Ltd		2,088
248,340	e	Titan International, Inc		4,284
61,704	e*	Trex Co, Inc		1,731
308,168		Tupperware Corp		6,903
29,388		Uponor Oyj		624
529		Viscofan S.A.		6
181,132		West Pharmaceutical Services, Inc		4,534
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		217,293

105

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
SECURITY AND COMMODITY BROKERS - 2.11%
588,991		A.G. Edwards. Inc	$	27,600
1,646,655		Ameriprise Financial, Inc		67,513
1,398,931	e	Ameritrade Holding Corp		33,574
181,603	e*	Archipelago Holdings, Inc		9,038
154,109	e	Australian Stock Exchange Ltd		3,674
292,368		Babcock & Brown Ltd		3,678
7,644		Bank Pekao S.A.		409
1,291		Bank Pekao S.A.		69
577,544		Bear Stearns Cos, Inc		66,724
45,396	e	BKF Capital Group, Inc		860
97,356		BlackRock, Inc		10,561
195,710		Calamos Asset Management, Inc (Class A)		6,155
29,045	e*	Cbot Holdings, Inc		2,723
5,071,137		Charles Schwab Corp		74,394
148,164	e	Chicago Mercantile Exchange Holdings, Inc		54,449
21,127		Cohen & Steers, Inc		394
17,000		Cosmo Securities Co Ltd		50
89,390	*	Daewoo Securities Co Ltd		1,645
2,610,977	e	Daiwa Securities Group, Inc		29,576
96,342		Deutsche Boerse AG.		9,837
3,484,837	*	E*Trade Financial Corp		72,694
572	e	E*Trade Securities Co Ltd		4,415
582,534		Eaton Vance Corp		15,938
186,499	e	Euronext NV		9,679
978,574		Federated Investors, Inc (Class B)		36,246
14,211		First Albany Cos, Inc		99
954,483		Franklin Resources, Inc		89,731
52,865		GAMCO Investors, Inc		2,301
126,198	*	GFI Group, Inc		5,986
2,454,911		Goldman Sachs Group, Inc		313,517
213,670	e	Greenhill & Co, Inc		12,000
2,090		Hana Financial Group, Inc		96
548,531		Hellenic Exchanges S.A.		5,797
2,584,170		Hong Kong Exchanges and Clearing Ltd		10,715
27,401	v*	Imperial Credit Industry Wts 01/31/08		0	^
41,103	*	IntercontinentalExchange, Inc		1,494
50,643	e*	International Securities Exchange, Inc		1,394
271,953	*	Investment Technology Group, Inc		9,638
1,639,318		Janus Capital Group, Inc		30,541
369,227		Jefferies Group, Inc		16,608
939,915	*	Knight Capital Group, Inc		9,296
469,478	e*	LaBranche & Co, Inc		4,746
27,045	*	Ladenburg Thalmann Financial Services, Inc		12
197,303		Lazard Ltd		6,294
15,908,379		Legal & General Group plc		33,319
596,223	e	Legg Mason, Inc		71,362
1,591,711		Lehman Brothers Holdings, Inc		204,010
518,294		Macquarie Bank Ltd		25,910
143,020	e*	MarketAxess Holdings, Inc		1,635
480,900	e	Matsui Securities Co Ltd		6,670
4,970,241		Merrill Lynch & Co, Inc		336,634

106

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
1,046,000		Mitsubishi Securities Co	$	13,116
7,132,858		Morgan Stanley		404,718
13,906	*	Morningstar, Inc		482
282,808	*	Nasdaq Stock Market, Inc		9,949
1,328,647		Nikko Cordial Corp		21,028
4,804,302		Nomura Holdings, Inc		91,991
335,601		Nuveen Investments, Inc		14,303
101,758	e*	OMX AB		1,413
126,687	e	optionsXpress Holdings, Inc		3,110
517,000	v*	Peregrine Investment Holdings		0	^
126,189	*	Piper Jaffray Cos		5,098
430,078		Raymond James Financial, Inc		16,201
6,387		Record Investments Ltd		38
149,300	b*	Refco, Inc		66
910		Samsung Securities Co Ltd		56
76,887	e	Sanders Morris Harris Group, Inc		1,260
6,764	e	SBI Holdings, Inc		4,573
488,147		Schroders plc		7,961
349,634		SEI Investments Co		12,936
1,936,000		Shinko Securities Co Ltd		9,743
2,492,600		Singapore Exchange Ltd		4,347
62,975	*	Stifel Financial Corp		2,367
91,039		SWS Group, Inc		1,906
726,635		T Rowe Price Group, Inc		52,340
404,707	*	Tower Ltd		573
59,480		TSX Group, Inc		2,385
114,000		UBS AG. (Regd) (New York)		10,847
8,746		Value Line, Inc		308
432,420		Waddell & Reed Financial, Inc (Class A)		9,068
42,822		Yuanta Core Pacific Securities Co		30
		TOTAL SECURITY AND COMMODITY BROKERS		2,443,913
SOCIAL SERVICES - 0.01%
201,462	*	Bright Horizons Family Solutions, Inc		7,464
11,475		Great Southern Plantations Ltd		25
58,678	*	Providence Service Corp		1,689
150,154	*	Res-Care, Inc		2,608
		TOTAL SOCIAL SERVICES		11,786
SPECIAL TRADE CONTRACTORS - 0.04%
282,208	*	AsiaInfo Holdings, Inc		1,123
170,162		Chemed Corp		8,454
282,234		Comfort Systems USA, Inc		2,597
246,000		COMSYS Holdings Corp		3,516
279,966	*	Dycom Industries, Inc		6,159
159,442	*	EMCOR Group, Inc		10,767
145,907	*	Insituform Technologies, Inc (Class A)		2,826
5,712		KCI Konecranes Oyj		281

107

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
312,000		Kinden Corp	$	2,815
34,634	*	Kone Oyj		1,370
3,000		Kyowa Exeo Corp		39
49,709	*	Layne Christensen Co		1,264
693,214	*	Quanta Services, Inc		9,130
8,000		Taihei Kogyo Co Ltd		26
		TOTAL SPECIAL TRADE CONTRACTORS		50,367
STONE, CLAY, AND GLASS PRODUCTS - 0.36%
605		Adana Cimento		5
789		Akcansa Cimento A.S.		5
40,551	b,e*	Anchor Glass Container Corp		8
154,475		Apogee Enterprises, Inc		2,506
377,000	e	Asahi Glass Co Ltd		4,865
154,013	e*	Cabot Microelectronics Corp		4,517
118,172		CARBO Ceramics, Inc		6,679
11,819		Cementir S.p.A		68
46,965		Cemex S.A. de C.V.		279
4,700		Cemex S.A. de C.V. (Spon ADR)		279
432,000	e	Central Glass Co Ltd		2,390
180,731		Cimpor Cimentos de Portugal S.A.		991
707,144		Compagnie de Saint-Gobain		41,914
88,522	*	Cookson Group plc		646
440,707		CRH plc (Ireland)		12,918
654		Dyckerhoff AG.		20
80,388	e	Eagle Materials, Inc		9,836
30,117		Eagle Materials, Inc (Class B)		3,547
46,993	e*	Epcos AG.		613
24,655		FLSmidth & Co a/s (B Shs)		725
707,892		Gentex Corp		13,804
12,270,000	*	Goldsun Development & Construction Co Ltd		3,415
11,292		Grupo Carso S.A. de C.V.		27
9,054		Gujarat Ambuja Cements Ltd		16
2,221,531		Hanson plc		24,370
28,360	v*	HeidelbergCement AG.		0	^
1,249,923		Holcim Ltd (Regd)		84,880
275,946	e	Italcementi S.p.A.		5,133
936,764	e	James Hardie Industries NV		6,185
7,000		Krosaki Harima Corp		38
174,481		Lafarge North America, Inc		9,600
161,126		Lafarge S.A. (Br)		14,444
93,507		Libbey, Inc		956
5,770		Marshalls plc		31
3,014,500		NGK Insulators Ltd		44,797
1,833,028	e	Nippon Sheet Glass Co Ltd		7,998
754,769	*	Owens-Illinois, Inc		15,880
13,193	v*	Paragon Trade Brands, Inc (Escrow)		0	^
2,324,532		Pilkington plc		5,946
16,000	*	PT Indocement Tunggal Prakarsa Tbk		6
699,145		Rexam plc		6,097

108

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
16,621	e*	RHI AG.	$	447
1,980,770	e	Rinker Group Ltd		23,902
7,500		Siam Cement PCL (foreign)		48
1,100		Siam City Cement PCL		9
1,700		Sociedad Quimica y Minera de Chile S.A. (Spon ADR)		186
7,469,000		Sumitomo Osaka Cement Co Ltd		21,769
678,000		Taiheiyo Cement Corp		2,752
26,250		Taiwan Cement Corp		19
217,000	e	Toto Ltd		1,833
1,469		Trakya Cam Sanayi A.S.		6
2,541		Turk Sise ve Cam Fabrikalari A.S.		9
1,263,000		UBE Industries Ltd		3,424
316,852	b,e*	USG Corp		20,595
3,120		Vidrala S.A.		68
59,076		Wienerberger AG.		2,355
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		413,856
TEXTILE MILL PRODUCTS - 0.02%
68,358	*	Dixie Group, Inc		942
12,000		Fountain SET Holdings		6
287,430	*	Gildan Activewear, Inc		12,303
18,000		Kurabo Industries Ltd		67
24,000		Nitto Boseki Co Ltd		64
75,966		Oxford Industries, Inc		4,155
257,000	e	Seiren Co Ltd		4,141
456,000		Texwinca Holdings Ltd		329
20,000	e	Unitika Ltd		41
61,532		Xerium Technologies, Inc		518
		TOTAL TEXTILE MILL PRODUCTS		22,566
TOBACCO PRODUCTS - 1.22%
264,660		Altadis S.A.		11,963
14,878,101		Altria Group, Inc		1,111,692
2,100		British American Tobacco Malaysia Bhd		22
3,725,370		British American Tobacco plc		83,142
1,524,820		Imperial Tobacco Group plc		45,470
330,100		ITC Ltd		1,042
2,932		Japan Tobacco, Inc		42,727
43,040	*	KT&G Corp		1,918
510,818		Loews Corp (Carolina Group)		22,471
10		Philip Morris CR		7
477,413	e	Reynolds American, Inc		45,512
1,422		Souza Cruz S.A.		18
562,126		Swedish Match AB		6,604
150,439		Universal Corp (Virginia)		6,523
726,683		UST, Inc		29,670
181,770	e	Vector Group Ltd		3,303
		TOTAL TOBACCO PRODUCTS		1,412,084

109

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
TRANSPORTATION BY AIR - 0.58%
501,840	*	ABX Air, Inc	$	3,929
2,700,000	*	Air China Ltd (Class H)		862
297,506	e	Air France-KLM		6,348
11,400	*	AirAsia Bhd		5
7,300		Airports of Thailand PCL		9
1,011,797	e*	Airtran Holdings, Inc		16,219
173,812	*	Alaska Air Group, Inc		6,209
27,928	*	Alitalia S.p.A		31
155,000		All Nippon Airways Co Ltd		630
1,442,078	e*	AMR Corp		32,057
1,550,576		Auckland International Airport Ltd		2,091
2,032,654		BAA plc		21,880
429,197		BBA Group plc		2,421
1,432,000		Beijing Capital International Airport Co Ltd		656
4,019,214	*	British Airways plc		23,046
294,000		Cathay Pacific Airways Ltd		514
838,075	e*	Continental Airlines, Inc (Class B)		17,851
50,050	b,e*	Delta Air Lines, Inc		38
741,138		Deutsche Lufthansa AG. (Regd)		10,936
33,656	*	Deutsche Post AG.		815
143,056	*	easyJet plc		928
309,753	e*	EGL, Inc		11,637
389,655	*	ExpressJet Holdings, Inc		3,152
1,693,985		FedEx Corp		175,141
9,412		Flughafen Wien AG.		672
191,464	b,e*	FLYi, Inc		5
197,971	*	Frontier Airlines, Inc		1,829
958		Gol Linhas Aereas Inteligentes S.A.		27
2,400		Gol Linhas Aereas Inteligentes S.A. (ADR)		68
3,868		Grupo Aeroportuario del Sureste S.A. de C.V.		12
2,100		Grupo Aeroportuario del Sureste S.A. de C.V. (ADR)		68
1,200		Hong Kong Aircraft Engineering		9
2,628,033		Iberia Lineas Aereas de Espana		7,099
186,000	e	Japan Airlines Corp		506
627,262	e*	JetBlue Airways Corp		9,647
2,500		Lan Airlines S.A.		94
1,456,172		Macquarie Airports		3,386
57,832	e*	MAIR Holdings, Inc		272
1,138,000		Malaysia Airports Holdings Bhd		581
245,721	e*	Mesa Air Group, Inc		2,570
54,759	b,e*	Northwest Airlines Corp		30
147,770	*	Offshore Logistics, Inc		4,315
127,217	e*	Pinnacle Airlines Corp		849
3,197,689		Qantas Airways Ltd		9,477
80,571	*	Republic Airways Holdings, Inc		1,225
23,315	*	Ryanair Holdings plc (Spon ADR)		1,305
2,412,026		SABMiller plc		43,934
96,938	e*	SAS AB		1,273
1,276,852	e	Siemens AG.		109,042
532,502		Singapore Airlines Ltd		3,971
503,368		Skywest, Inc		13,521

110

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
6,571,278		Southwest Airlines Co	$	107,966
96	*	Swissair Group		0	^
8,800		Thai Airways International PCL		9
2,000		Transmile Group Bhd		6
756	*	Turk Hava Yollari		5
6,700	b,e*	UAL Corp		6
366,756	e*	US Airways Group, Inc		13,621
227,833	*	World Air Holdings, Inc		2,192
		TOTAL TRANSPORTATION BY AIR		676,997
TRANSPORTATION EQUIPMENT - 3.01%
218,637		A.O. Smith Corp		7,674
218,090	e*	AAR Corp		5,223
64,794	*	Accuride Corp		836
125,720	*	Aftermarket Technology Corp		2,444
784		Aker Yards AS		38
1,809,061	*	Alstom RGPT		103,749
278,948		American Axle & Manufacturing Holdings, Inc		5,113
119,565		Arctic Cat, Inc		2,398
221,223	*	Armor Holdings, Inc		9,435
450,819		ArvinMeritor, Inc		6,487
950,000		Austal Ltd		1,575
637,623		Autoliv, Inc		28,961
9,161,245		BAE Systems plc		60,040
3,197		Bajaj Auto Ltd		144
547		Bajaj Auto Ltd		24
270,997		Bayerische Motoren Werke AG.		11,843
5,801,359		Boeing Co		407,487
1		Bombardier, Inc (Class A)		0	^
337,569		Bombardier, Inc (Class B)		798
3,300		Brilliance China Automotive Holdings Ltd (Spon ADR)		48
531,499		Brunswick Corp		21,611
184,543		CAE, Inc		1,346
314,785		Clarcor, Inc		9,352
103,331		Coachmen Industries, Inc		1,220
489,500		Cobham plc		1,424
1,620	*	Daewoo Shipbuilding & Marine Engineering Co Ltd		44
3,000		Daido Metal Co Ltd		30
3,484,121	e	DaimlerChrysler AG. (Regd)		177,292
17,259		DaimlerChrysler AG. (U.S.)		881
639,904		Dana Corp		4,595
226,573	e	Delphi Corp		66
1,065,987		Denso Corp		36,758
16,892		D'ieteren S.A.		4,633
12,098	*	Ducommun, Inc		258
329		Elbit Systems Ltd		8
30,680		ElringKlinger AG.		1,106
6,814		Empresa Brasileira de Aeronautica S.A.		67
1,600		Empresa Brasileira de Aeronautica S.A. (ADR)		63
592,064		European Aeronautic Defence and Space Co		22,278

111

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
1,200		Exedy Corp	$	34
356,447		Federal Signal Corp		5,350
5,234,916	e*	Fiat S.p.A.		45,447
322,240	*	Fleetwood Enterprises, Inc		3,980
18,612,136	e	Ford Motor Co		143,686
1,188		Ford Otomotiv Sanayi A.S.		10
87,776		Freightcar America, Inc		4,220
286,756	*	GenCorp, Inc		5,090
1,049,239		General Dynamics Corp		119,666
2,202,108	e	General Motors Corp		42,765
1,025,439		Genuine Parts Co		45,037
5,502,455		GKN plc		27,205
2,462,000		Goodpack Ltd		2,517
553,520		Goodrich Corp		22,750
39,093		Greenbrier Cos, Inc		1,110
166,636	*	Group 1 Automotive, Inc		5,237
1,817,967	e	Harley-Davidson, Inc		93,607
183,758		Harsco Corp		12,406
205,791	*	Hayes Lemmerz International, Inc		724
138,288	e	Heico Corp		3,579
16		Heico Corp (Class A)		0	^
1,429		Hero Honda Motors Ltd		27
513,500	e	Hino Motors Ltd		3,250
1,096,624		Honda Motor Co Ltd		62,529
713,000		Hongkong Land Holdings Ltd		2,239
770	*	Hyundai Heavy Industries		59
930	*	Hyundai Mobis		85
11,435	*	Hyundai Motor Co		374
38,380	*	Hyundai Motor Co		3,694
630	*	Hyundai Motor Co (Preferred)		43
473,000	e	Isuzu Motors Ltd		1,803
463,960		ITT Industries, Inc		47,704
1,999,000		Jaya Holdings Ltd		1,491
547,777		JLG Industries, Inc		25,012
1,144,500		Johnson Electric Holdings Ltd		1,085
40,000		JTEKT Corp		744
477,371	*	K&F Industries Holdings, Inc		7,332
184,026		Kaman Corp (Class A)		3,623
343,185	e	Kawasaki Heavy Industries Ltd		1,250
3,324,712		Keppel Corp Ltd		21,994
2,930	*	Kia Motors Corp		77
3,936		KOC Holding A.S.		19
95,830		Lagardere S.C.A.		7,347
2,779		Leoni AG.		88
2,798,889		Lockheed Martin Corp		178,093
365,894	e	Magna International, Inc (Class A)		26,311
130,900	*	Magna International, Inc (Class A)		9,422
1,784		Mahindra & Mahindra Ltd		20
239,259		MAN AG.		12,722
356,959		Martin Marietta Materials, Inc		27,386
1,198		Maruti Udyog Ltd		17
1,250,000		Mazda Motor Corp		5,719

112

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
166,659		Monaco Coach Corp	$	2,217
454,000		Nabtesco Corp		5,843
273,206	*	Navistar International Corp		7,819
1,218,000		NHK Spring Co Ltd		12,683
5,786,068	e	Nissan Motor Co Ltd		58,581
48,821		Noble International Ltd		1,017
2,752,284		Northrop Grumman Corp		165,440
1,305,000		NSK Ltd		8,912
318,841	*	Orbital Sciences Corp		4,094
431,966		Oshkosh Truck Corp		19,261
802,026		Paccar, Inc		55,524
881,124	*	Pactiv Corp		19,385
200,762	e	Peugeot S.A.		11,533
207,080	e	Polaris Industries, Inc		10,395
2,000		Press Kogyo Co Ltd		10
4,200		Proton Holdings Bhd		7
57,244	*	R&B, Inc		543
3,376,671		Raytheon Co		135,573
446,925		Renault S.A.		36,322
35,310		Rieter Holding AG.		10,449
1,000		Riken Corp		7
1,417,713		Rolls-Royce Group plc		10,405
2,930	*	Samsung Heavy Industries Co Ltd		52
27,000	e	Sanden Corp		125
2,414,000		SembCorp Marine Ltd		4,007
43,322	*	Sequa Corp (Class A)		2,991
92,378	e	Shimano, Inc		2,426
3,000		Showa Corp		49
2,788,300		Singapore Technologies Engineering Ltd		4,796
690,997		Smiths Group plc		12,408
96,823		Standard Motor Products, Inc		894
83		Ste Industrielle d'Aviation Latecoere S.A.		4
138,454	e	Superior Industries International, Inc		3,082
3,166		Tata Motors Ltd		46
283,649	*	Tenneco, Inc		5,562
508,109		Textron, Inc		39,114
61,107		Thales S.A.		2,761
227,359		Thor Industries, Inc		9,110
2,152		Tofas Turk Otomobil Fabrik		5
2,300		Tokai Rika Co Ltd		61
2,353,334		Tomkins plc		12,110
19,000		Topy Industries Ltd		78
49,000	e	Toyoda Gosei Co Ltd		955
386,273		Toyota Industries Corp		13,876
5,498,406	e	Toyota Motor Corp		285,099
137,659		Trelleborg AB (B Shs)		2,742
244,453		Trinity Industries, Inc		10,773
132,255	*	Triumph Group, Inc		4,842
736,626	e*	TRW Automotive Holdings Corp		19,410
7,393,362		United Technologies Corp		413,363
805,134	*	Visteon Corp		5,040
467,847	e	Volkswagen AG.		24,618

113

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
49,550		Volkswagen AG. (Vorzug)	$	1,900
45,082		Volvo AB		2,065
394,223	e	Volvo AB (B Shs)		18,551
190,375		Wabash National Corp		3,627
420,000		Weichai Power Co Ltd		710
354,479		Westinghouse Air Brake Technologies Corp		9,536
203,595	e	Winnebago Industries, Inc		6,776
612,400	e	Yamaha Motor Co Ltd		15,981
14,000		Yulon Motor Co Ltd		15
		TOTAL TRANSPORTATION EQUIPMENT		3,488,908
TRANSPORTATION SERVICES - 0.21%
616		Aker ASA		18
110,900		Ambassadors Group, Inc		2,539
201,102		Arriva plc		2,011
1,242,886		CH Robinson Worldwide, Inc		46,024
2,470		Clarkson plc		37
45,739	*	Copa Holdings S.A.		1,249
1,031,500	*	COSCO Holdings		456
70,474	*	Dynamex, Inc		1,343
923,083	e*	Expedia, Inc		22,117
492,737		Expeditors International Washington, Inc		33,265
5,592		Freightways Ltd		13
314,397		GATX Corp		11,343
3,202		Go-Ahead Group plc		90
25,000	*	Hopewell Highway Infrastructure Ltd		4
197,917	*	HUB Group, Inc		6,996
22,000		Jiangsu Express		12
600		Kintetsu World Express, Inc		16
11,345		Kuoni Reisen Holding (Regd)		4,683
1,673,399		Lear Corp		47,625
3,030,891	e,v*	McLeod (Escrow)		0	^
3,564,274		MTR Corp		7,010
124,981		National Express Group plc		1,846
18,274	e*	Navigant International, Inc		198
1,136	*	New World TMT Ltd		0	^
270,582		Pacer International, Inc		7,051
237,096	e	Patrick Corp Ltd		1,287
152,006	*	Pegasus Solutions, Inc		1,364
21,100		PLUS Expressways Bhd		17
206,870	*	RailAmerica, Inc		2,274
594,236		Sabre Holdings Corp		14,327
8,000		Senko Co Ltd		31
751,323		Stagecoach Group plc		1,490
32,097		Stolt-Nielsen S.A.		1,059
187,690		Toll Holdings Ltd		2,051
220,665		UTI Worldwide, Inc		20,487
24,000		Zhejiang Expressway Co Ltd		15
		TOTAL TRANSPORTATION SERVICES		240,348

114

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
TRUCKING AND WAREHOUSING - 0.46%
227,259		Arkansas Best Corp	$	9,927
40,080	*	Cargotec Corp		1,385
13,163		Christian Salvesen plc		15
234,488		CNF, Inc		13,106
58,094	*	Covenant Transport, Inc (Class A)		812
3,897,250		Deutsche Post AG. (Regd)		94,147
20,260		DSV a/s		2,493
182,258		Forward Air Corp		6,680
100,655	*	Frozen Food Express Industries		1,110
280,293		Heartland Express, Inc		5,687
3,135		Imperial Holdings Ltd		69
2,900	v	Imperial Holdings Ltd (Spon ADR)		64
597,801		J.B. Hunt Transport Services, Inc		13,534
402,733		Kamigumi Co Ltd		3,572
348,360		Landstar System, Inc		14,541
97,173	*	Marten Transport Ltd		1,770
7,000		Maruzen Showa Unyu Co Ltd		28
86,000		Mitsubishi Logistics Corp		1,447
6,000		Mitsui-Soko Co Ltd		40
655,000		Nippon Express Co Ltd		3,990
2,000		Nippon Konpo Unyu Soko Co Ltd		27
54		Norbert Dentressangle		3
163,638	*	Old Dominion Freight Line		4,415
47,912	*	P.A.M. Transportation Services, Inc		852
12,000		Sankyu, Inc		62
116,122	*	SCS Transportation, Inc		2,468
142,000	e	Seino Holdings Corp		1,546
118,719	*	SIRVA, Inc		950
3,000		Sumitomo Warehouse Co Ltd		26
217,150	*	Swift Transportation Co, Inc		4,408
480,287		TNT NV		14,956
80,654	*	U.S. Xpress Enterprises, Inc (Class A)		1,402
3,842,239		United Parcel Service, Inc (Class B)		288,744
28,572	*	Universal Truckload Services, Inc		657
34,743	*	USA Truck, Inc		1,012
330,234		Werner Enterprises, Inc		6,506
392,136	e	Yamato Transport Co Ltd		6,499
435,869	*	Yellow Roadway Corp		19,444
		TOTAL TRUCKING AND WAREHOUSING		528,394
WATER TRANSPORTATION - 0.18%
213,573	e	Alexander & Baldwin, Inc		11,584
3,219		AP Moller - Maersk a/s		33,191
740,000		Aries Maritime Transport Ltd		9,642
284,753		Associated British Ports Holdings plc		2,870
675,000		Bintulu Port Holdings Bhd		797
863		Brostrom AB		17
1,120		Camillo Eitzen & Co AS		12
320,200	e	Carnival Corp		17,121

115

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
569,485		Carnival plc	$	32,263
36,000		China Shipping Container Lines Co Ltd (Class H)		12
22,000		China Shipping Development Co Ltd		16
136,000		Chuan Hup Holdings Ltd		32
62,654		Compagnie Maritime Belge S.A.		2,058
1,364,000		Cosco Corp Singapore Ltd		1,772
11,700	e	D/S Torm a/s		564
19,576	e	Euronav NV		566
17,600		Evergreen Marine Corp Tawain Ltd		13
48,212	e	Frontline Ltd		1,837
1,108		Ganger Rolf a/s		95
260,000		Genco Shipping & Trading Ltd		4,534
126,810	e*	Gulfmark Offshore, Inc		3,756
920	*	Hanjin Shipping Co Ltd		21
91,810	*	Hornbeck Offshore Services, Inc		3,002
4,500		Iino Kaiun Kaisha Ltd		38
1,058		Irish Continental Group plc		13
30		Israel Corp Ltd		11
370,000	e	Kawasaki Kisen Kaisha Ltd		2,320
125,036	*	Kirby Corp		6,523
29,047		Kuehne & Nagel International AG.		8,166
294,200		Malaysia International Shipping Corp Bhd		771
46,420		Maritrans, Inc		1,208
2,623,000		Mitsui OSK Lines Ltd		22,868
280,000		Neptune Orient Lines Ltd		566
2,419,000		Nippon Yusen Kabushiki Kaisha		16,560
7,000		Nissin Corp		29
199,753	*	Odyssey Marine Exploration, Inc		707
239,100		Orient Overseas International Ltd		811
210,661		Overseas Shipholding Group, Inc		10,615
681,524		Peninsular and Oriental Steam Navigation Co		5,452
2,686		Port of Tauranga Ltd		8
3,700		Precious Shipping PCL		3
40,199		Premuda S.p.A.		81
3,000		Shinwa Kaiun Kaisha Ltd		9
900,000	a*	TBS International Ltd		5,976
553		Wilh Wilhelmsen ASA		20
21,000		Yang Ming Marine Transport		14
		TOTAL WATER TRANSPORTATION		208,544
WHOLESALE TRADE-DURABLE GOODS - 0.64%
47,727	e*	1-800 Contacts, Inc		559
21,806	b,v*	Actrade Financial Technologies Ltd		0	^
452,100		Adesa, Inc		11,040
293,610		AGFA-Gevaert NV		5,337
301,690		Agilysys, Inc		5,497
2,642	*	Aixtron AG.		9
308,194		Applied Industrial Technologies, Inc		10,383
1,166,279	*	Arrow Electronics, Inc		37,356
462,494		Assa Abloy AB (B Shs)		7,264

116

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
147,200	e	Autobacs Seven Co Ltd	$	7,720
650,054	*	Aviall, Inc		18,722
710,954	*	Avnet, Inc		17,020
2,000		Banpu PCL		6
3,673		Barloworld Ltd		64
100,487		Barnes Group, Inc		3,316
1,224,748		Bayer AG.		50,982
86,643	*	Beacon Roofing Supply, Inc		2,489
91,663		BlueLinx Holdings, Inc		1,031
862		Bobst Group AG.		34
1,217,497		Boral Ltd		7,234
249,376		BorgWarner, Inc		15,120
802,248		Brambles Industries plc		5,743
45,069		Buhrmann NV		661
11,925		Buhrmann NV		180
127,212		Building Material Holding Corp		8,677
23,000		Canon Sales Co, Inc		491
81,833	*	Castle (A.M.) & Co		1,787
87,279		Cie Generale d'Optique Essilor International S.A.		7,021
19,000		Citic Pacific Ltd		53
3,700		Citic Pacific Ltd (ADR)		51
8,939		Crane Group Ltd		64
39,650		Creative Technology Ltd		324
605,575	*	Cytyc Corp		17,095
1,372,000		Datacraft Asia Ltd		1,386
84,000		Denway Motors Ltd		28
174,425	*	Digi International, Inc		1,830
84,564	*	Drew Industries, Inc		2,384
413,507		Electrocomponents plc		1,995
380,519		Finning International, Inc		12,098
6,688,820		FKI plc		13,320
693,515	e	Fletcher Building Ltd		3,566
223,039	*	GameLoft		1,436
228,768	*	Genesis Microchip, Inc		4,138
463,165	e*	Hagemeyer NV		1,497
2,200		Hakuto Co Ltd		37
244,110	e	Hitachi Software Engineering Co Ltd		5,108
452,110		Hughes Supply, Inc		16,208
66,361	*	Huttig Building Products, Inc		557
795,300		IKON Office Solutions, Inc		8,279
1,675	*	IMS-Intl Metal Service		29
1,100		Inaba Denki Sangyo Co Ltd		40
640,885	*	Ingram Micro, Inc (Class A)		12,773
359,729	*	Insight Enterprises, Inc		7,054
15,249	*	INTAC International, Inc		88
55,573	*	Interline Brands, Inc		1,264
2,787		JD Group Ltd		34
1,100		Kaga Electronics Co Ltd		30
86,334	*	Keystone Automotive Industries, Inc		2,718
145,837		Kingspan Group plc		1,832
300,138		Knight Transportation, Inc		6,222
19,109	*	Kumho Electric Co Ltd		1,229

117

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
34,597		Lawson Products, Inc	$	1,306
417	*	Lindex AB		24
72,467	*	LKQ Corp		2,509
33,136	b,e*	MCSi, Inc		0	^
2,065,000		Melco International Development		2,464
90,558	e*	Merge Technologies, Inc		2,268
4,640,822	e	Mitsui & Co Ltd		59,568
123,000	*	Musashino Kogyo Co Ltd		337
14,051	*	MWI Veterinary Supply, Inc		363
162,742	e*	Navarre Corp		900
921	e	NET One Systems Co Ltd		2,224
11,000		Nihon Yamamura Glass Co Ltd		38
450,742		Omnicare, Inc		25,792
3,561		Orascom Construction Industries		267
43,165		Orion Oyj		796
294,459		Owens & Minor, Inc		8,106
606,175	*	Patterson Cos, Inc		20,246
1,000		Pentax Corp		6
342,638		PEP Boys-Manny Moe & Jack		5,102
4,000	e*	Privee Zurich Turnaround Group Co Ltd		10
18,697		Psion plc		53
380,434	*	PSS World Medical, Inc		5,646
41,500		PT Astra International Tbk		43
523,486		Rautaruukki Oyj		12,689
235,780		Reliance Steel & Aluminum Co		14,411
205,900		Riso Kagaku Corp		4,126
203,729	e	Ryerson Tull, Inc		4,955
36,000	*	Sakha Diamond Corp		10
254,665		SCP Pool Corp		9,479
26,173	*	Strattec Security Corp		1,058
9,000	*	Sumitomo Coal Mining Co Ltd		21
4,538,696		Sumitomo Corp		58,642
45,700	*	Suntech Power Holdings Co Ltd		1,245
3,000		Tamura Corp		14
138,163	*	Tandberg Television ASA		1,821
309,390	*	Tech Data Corp		12,277
15,859,430		Test-Rite International Co		11,589
165	*	Timco Aviation Services, Inc		1
21,169	v*	Timco Aviation Services, Inc Wts		1
22,000	e*	Tomen Corp		34
16,000		TPV Technology Ltd		16
204,872	*	Tyler Technologies, Inc		1,799
600		Ulvac, Inc		19
3,900		UMW Holdings Bhd		6
450,326		W.W. Grainger, Inc		32,018
219,370	*	WESCO International, Inc		9,374
784,824		Wesfarmers Ltd		21,284
82,715	e*	West Marine, Inc		1,156
2,744,829		Wolseley plc		57,724
5,000		Yamazen Corp		37
17,016	e	Zodiac S.A.		1,089
		TOTAL WHOLESALE TRADE-DURABLE GOODS		745,473

118

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
WHOLESALE TRADE-NONDURABLE GOODS - 1.18%
28		Aceto Corp	$	0	^
600	*	Advanced Marketing Services, Inc		2
276,498		Airgas, Inc		9,097
1,356,552		Alliance Unichem plc		18,643
193,370	e*	Allscripts Healthcare Solutions, Inc		2,591
16,860		Ashtead Group plc		53
38,714		Axfood AB		1,080
4,288		Bidvest Group Ltd		63
633,231	e	Billabong International Ltd		6,745
177,952	*	BioScrip, Inc		1,342
245,020		Brown-Forman Corp (Class B)		16,985
8,000		BSL Corp		18
349,500		C&C Group plc		2,226
4,273,385		Cardinal Health, Inc		293,795
41,749	e	Casino Guichard Perrachon S.A.		2,770
179,627		Celesio AG.		15,395
83,622	e*	Central European Distribution Corp		3,357
16,000		China Resources Enterprise		29
9,000	*	Chori Co Ltd		24
3,300		Companiai Cervecerias Unidas S.A. (ADR)		83
3,929		Corporate Express Australia Ltd		17
1,079,548	*	Dean Foods Co		40,656
5,585		DS Smith plc		16
376,255	*	Endo Pharmaceuticals Holdings, Inc		11,385
2,365,675		Esprit Holdings Ltd		16,811
672		Filtrona plc		3
3,668,568		Foster's Group Ltd		15,016
412,259		Fyffes plc		1,118
1,772,000	*	Goodman Fielder Ltd		2,717
20,247	*	Green Mountain Coffee Roasters, Inc		822
149,319	*	Hain Celestial Group, Inc		3,160
188,795		Handleman Co		2,345
433,737	*	Henry Schein, Inc		18,928
68,609		Inchcape plc		2,687
5,000		Integrated Distribution Services Group Ltd		6
112,975		Kenneth Cole Productions, Inc (Class A)		2,881
600,172	e	Kesko Oyj (B Shares)		16,955
1,271		Koninklijke Vopak NV		38
246,597		K-Swiss, Inc (Class A)		8,000
24,000		Kyokuyo Co Ltd		66
2,177,019		Li & Fung Ltd		4,198
224,779		Lion Nathan Ltd		1,260
5,623,734		Marubeni Corp		30,160
3,191		Massmart Holdings Ltd		26
21,794	*	Maui Land & Pineapple Co, Inc		739
2,634,753		McKesson Corp		135,927
320,568	*	Men's Wearhouse, Inc		9,438
23,753		Metcash Ltd		78
68,040		Metro AG.		3,274
3,282,150		Mitsubishi Corp		72,578
153,337		Myers Industries, Inc		2,236

119

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				MATURITY		VALUE
SHARES			RATE	DATE		(000)
103,360		Nash Finch Co			$	2,634
1,204,708		Nike, Inc (Class B)				104,557
3,260,490		Nippon Oil Corp				25,276
323,723		Nu Skin Enterprises, Inc (Class A)				5,691
56,103	*	Nuco2, Inc				1,564
37,614		Oriflame Cosmetics S.A. (SDR)				1,082
827,969		Orkla ASA				34,176
509,122	e*	Performance Food Group Co				14,444
52,665	*	Perry Ellis International, Inc				1,001
48,000		Prime Success International Group				24
39,848	*	Provide Commerce, Inc				1,319
2,668	*	PTT Chemical PCL				5
236,693		Reebok International, Ltd				13,783
258,855		Reliance Industries Ltd				5,114
2,701,693		Safeway, Inc				63,922
7,000		San Miguel Corp				12
289,448		Schering AG.				19,324
165,874	*	School Specialty, Inc				6,044
107,079	*	Smart & Final, Inc				1,379
28,797		Societe BIC S.A.				1,707
167,999	*	Source Interlink Cos, Inc				1,868
207,518	*	Spartan Stores, Inc				2,162
246,942		Stride Rite Corp				3,348
1,199,142		Supervalu, Inc				38,948
134,180		Suzuken Co Ltd				4,286
3,884,064		Sysco Corp				120,600
44,957		The Andersons, Inc				1,937
2,733		Tiger Brands Ltd				63
196,697	*	Tractor Supply Co				10,413
79,000		Unilever NV				5,423
1,103,371		Unilever NV (Cert)				75,291
366,981	*	United Natural Foods, Inc				9,688
257,313	*	United Stationers, Inc				12,480
41,496		Valhi, Inc				768
1,250		Vina Concha Y Toro S.A. (Spon ADR)				37
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS				1,368,209
		TOTAL COMMON STOCKS				115,389,566
		(Cost $96,991,265)
PRINCIPAL
SHORT-TERM INVESTMENTS - 3.58%
CERTIFICATES OF DEPOSIT - 0.11%
$     25,000,000		First Tennessee Bank NA	4.380	02/14/06		25,001
25,000,000		Regions Bank (Alabama)	4.220	02/06/06		24,996
50,000,000		Royal Bank of Scotland plc	4.280	01/31/06		49,996

120

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$     25,000,000		Wells Fargo	4.300	01/25/06	$	25,000
		TOTAL CERTIFICATES OF DEPOSIT				124,993
COMMERCIAL PAPER - 2.15%
25,000,000	c	Atlantis One Funding Corp	4.230	01/30/06		24,918
25,000,000		Atlantis One Funding Corp	4.320	02/01/06		24,912
25,000,000		Atlantis One Funding Corp	4.340	02/16/06		24,866
50,000,000		Barclays U.S. Funding Corp	4.275	01/17/06		49,916
50,000,000		Barclays U.S. Funding Corp	4.205	02/08/06		49,786
24,500,000		BellSouth Corp	4.250	01/19/06		24,453
50,000,000	c	Cargill Global Funding plc	4.270	01/17/06		49,916
50,000,000	c	Cargill, Inc	4.240	01/13/06		49,940
17,000,000	c	CC (USA), Inc	4.160	01/31/06		16,942
33,000,000	c	CC (USA), Inc	4.270	02/06/06		32,864
50,000,000		Citigroup Funding, Inc	4.280	01/18/06		49,911
26,500,000	c	Concentrate Manufacturing Co	4.250	01/25/06		26,429
50,000,000	c	Corporate Asset Funding Corp, Inc	4.270	01/13/06		49,939
50,000,000		Corporate Asset Funding Corp, Inc	4.350	02/22/06		49,695
50,000,000	c	Danske Corp	4.280	02/03/06		49,792
50,000,000	c	Depfa Bank plc	4.270	02/01/06		49,828
50,000,000	c	Dexia Delaware, LLC	4.285	02/28/06		49,663
50,000,000		Dresdner US Finance, Inc	4.300	01/09/06		49,964
43,865,000		Dresdner US Finance, Inc	4.260	01/27/06		43,739
35,000,000		Eaton Corp	4.260	01/03/06		35,000
45,000,000	c	Edison Asset Securitization, LLC	4.250	01/13/06		44,945
6,800,000	c	Edison Asset Securitization, LLC	4.200	02/06/06		6,772
48,000,000	c	Edison Asset Securitization, LLC	4.250	02/15/06		47,748
70,000,000		Fcar Owner Trust I	4.340	02/06/06		69,712
15,000,000		Gannett Co, Inc	4.250	01/03/06		15,000
34,500,000	c	Gannett Co, Inc	4.250	01/24/06		34,413
100,000,000		General Electric Capital Corp	4.220	02/13/06		99,510
7,000,000	c	Govco, Inc	4.250	02/15/06		6,963
50,000,000	c	Grampian Funding LLC	4.270	02/22/06		49,695
50,000,000	c	Greyhawk Funding LLC	4.210	02/06/06		49,794
14,500,000	c	Harley-Davidson Funding Corp	4.190	01/24/06		14,464
30,000,000	c	Harrier Finance Funding LLC	4.260	02/08/06		29,869
50,000,000		HBOS Treasury Services plc	4.320	02/23/06		49,694
100,000,000		HSBC Finance Corp	4.270	01/18/06		99,820
50,000,000	c	Kitty Hawk Funding Corp	4.200	01/06/06		49,982
34,530,000		Nestle Capital Corp	4.090	01/17/06		34,472
28,850,000		Nestle Capital Corp	4.260	02/06/06		28,733
35,000,000		Nestle Capital Corp	4.280	02/10/06		34,841
29,250,000		Paccar Financial Corp	4.200	02/09/06		29,121
20,000,000	c	Park Avenue Receivables Corp	4.290	01/11/06		19,980
17,792,000	c	Park Avenue Receivables Corp	4.290	01/12/06		17,772
50,000,000	c	Pfizer, Inc	4.300	02/16/06		49,733
25,000,000	c	Preferred Receivables Funding	4.380	01/03/06		25,000
11,300,000	c	Preferred Receivables Funding	4.290	01/13/06		11,286
39,000,000	c	Preferred Receivables Funding	4.290	02/28/06		38,731
13,000,000	c	Private Export Funding Corp	4.400	04/04/06		12,855

121

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$     75,000,000		Rabobank USA Finance Corp	4.050	01/03/06	$	75,000
25,000,000	c	Ranger Funding Co LLC	4.290	01/17/06		24,957
48,000,000	c	Ranger Funding Co LLC	4.280	01/19/06		47,906
15,000,000	c	Scaldis Capital LLC	4.290	02/15/06		14,921
20,224,000		Scaldis Capital LLC	4.300	02/28/06		20,085
50,000,000	c	Sheffield Receivables Corp	4.180	01/13/06		49,939
24,000,000	c	Sheffield Receivables Corp	4.200	02/03/06		23,910
47,100,000		Shell International Finance	4.290	02/09/06		46,892
10,000,000	c	Sigma Finance, Inc	4.210	02/10/06		9,954
29,000,000		Societe Generale North America, Inc	4.270	01/03/06		29,000
50,000,000		Societe Generale North America, Inc	4.310	02/21/06		49,706
50,000,000		Toronto Dominion Holdings	4.325	02/15/06		49,743
50,000,000		UBS Finance, (Delaware), Inc	4.270	01/17/06		49,917
22,900,000	c	Variable Funding Capital Corp	4.260	02/06/06		22,805
28,284,000	c	Variable Funding Capital Corp	4.200	02/10/06		28,152
35,000,000	c	Verizon Global Funding	4.280	01/24/06		34,912
19,000,000	c	Verizon Global Funding	4.300	02/06/06		18,922
45,420,000		Verizon Network Funding	4.260	01/04/06		45,415
7,598,000	c	Yorktown Capital, LLC	4.190	01/04/06		7,597
50,000,000	c	Yorktown Capital, LLC	4.350	01/06/06		49,982
15,165,000	c	Yorktown Capital, LLC	4.295	01/17/06		15,139
		TOTAL COMMERCIAL PAPER				2,488,232
U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES - 0.03%
37,450,000		Federal Home Loan Bank (FHLB)	3.400	01/03/06		37,436
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES				37,436
U.S. GOVERNMENT AND AGENCIES VARIABLE NOTES - 0.61%
35,000,000		Federal Farm Credit Bank (FFCB)	4.260	12/28/06		35,000
74,800,000		FFCB	4.250	01/22/07		74,799
50,000,000		FFCB	4.250	02/01/07		49,983
100,000,000		FFCB	4.250	03/20/07		99,994
50,000,000		FFCB	4.250	05/24/07		50,000
100,000,000		FFCB	4.250	05/25/07		100,001
100,000,000		FFCB	4.250	06/06/07		100,001
50,000,000		FFCB	4.260	06/08/07		50,000
100,000,000		FFCB	4.250	10/05/07		99,991
50,000,000		Federal National Mortgage Association (FNMA)	4.325	09/07/06		49,996
		TOTAL U.S. GOVERNMENT AND AGENCIES VARIABLE NOTES				709,765
VARIABLE NOTES - 0.68%
25,000,000		American Express Bank FSB/Salt Lake City UT	4.330	10/25/06		24,999
50,000,000		Beta Finance, Inc	4.248	08/11/06		50,004
50,000,000		Beta Finance, Inc	4.315	09/29/06		50,004
50,000,000		CC (USA), Inc	4.220	05/02/06		50,008
46,000,000		Citigroup Global Markets Holdings, Inc	4.400	02/23/07		46,065

122

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
50,000,000		Deutsche Bank AG/New York	4.240	10/13/06	$	50,016
50,000,000		Dorada Finance, Inc	4.245	11/09/06		49,920
46,000,000		Harrier Finance Funding LLC	4.330	01/22/07		45,994
25,000,000		Harrier Finance Funding LLC	4.368	06/01/07		25,000
39,000,000		Links Finance LLC	4.245	11/09/06		39,005
60,000,000		Links Finance LLC	4.335	02/15/07		59,994
49,000,000		National City Bank/Cleveland OH	4.300	03/28/07		49,000
40,000,000		Sigma Finance, Inc	4.230	03/06/06		40,002
50,000,000		Sigma Finance, Inc	4.345	01/29/07		49,996
50,000,000		Toyota Motor Credit Corp	4.340	08/02/07		49,998
50,000,000		Wachovia Bank NA/Old	4.300	10/02/06		49,993
50,000,000		Wells Fargo Bank NA	4.300	07/21/06		49,996
		TOTAL VARIABLE NOTES				779,994
		TOTAL SHORT-TERM INVESTMENTS				4,140,420
		(Cost $4,140,015)
		TOTAL PORTFOLIO - 103.18%				119,545,218
		(Cost $101,153,779)
		OTHER ASSETS & LIABILITIES, NET - (3.18%)				(3,681,529	)
		NET ASSETS - 100.00%			$	115,863,689
	*	Non-income producing
	**	Percentage represents less than 0.01%
	^	Amount represents less than $1,000
	a	Affiliated Holding
	b	In bankruptcy
	c	Commercial Paper issued under the Private Placement exemption under Section 4(2)
		of the Securities Act of 1933.
	d	All or a portion of these securities have been segregated by the Custodian to cover
		margin or other requirements on open futures contracts.
	e	All or a portion of these securities are out on loan.
	v	Security valued at fair value.
		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.

123

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

College Retirement Equities Fund
Transactions with Affliated Companies - Stock Account
January 1, 2005 - December 31, 2005

	Value at		Purchase				Realized			Dividend	Shares at		Value at
Issue	December 31, 2004		Cost		Proceeds		Gain/(Loss)			Income	December 31, 2005		December 31, 2005
Brocade Communications Systems, Inc	**	$	28,897,383	$	15,565,032	$	(7,886,340	)	$	-	17,789,450	$	72,403,062
Information Development Co	**		-		295,459		78,604			-	283,100		2,602,419
Lear Corp	**		8,866,716		74,155,935		(27,151,660	)		920,346	-		*
Max Re Capital Ltd	49,354,527		-		7,533,039		2,856,884			69,416	-		*
Northwest Airlines Corp	**		1,771,658		6,702,784		(22,024,744	)		-	-		*
Playmates Holdings Ltd	**		2,872,305		812,514		(327,917	)		383,872	113,249,000		15,044,266
Rhodia S.A.	**		11,538,260		28,958,964		5,659,586			-	-		*
Rhodia S.A. (Spon ADR)	**		1,744,198		245,257		(26,712	)			-		*
Sumitomo Precision Products Co Ltd	**		1,339,852		2,690,528		704,748			-	2,593,000		16,696,433
TBS International Ltd	**		-		758,142		(41,858	)		-	900,000		5,976,000
		$	57,030,372	$	137,717,654	$	(48,159,409	)	$	1,373,634		$	112,722,180

* Not an Affiliate as of December 31, 2005
** Not an Affiliate as of December 31, 2004

	Number of			Expiration
Open Futures Contracts:	Contracts	Market Value		Date	Unrealized Loss
E-mini Russell 2000 Index	353	$	23,943,990	March 2006	$	(577,808	)
E-mini S&P 500 Index	2,135		133,949,900	March 2006		(2,389,812	)
		$	157,893,890		$	(2,967,620	)

124

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

COLLEGE RETIREMENT EQUITIES FUND
STOCK ACCOUNT
Summary of Market Values by Country
December 31, 2005

			% OF MARKET
	VALUE		VALUE
DOMESTIC
UNITED STATES		94,222,756,820		78.82	%
TOTAL DOMESTIC		94,222,756,820		78.82
FOREIGN
ARGENTINA		179,746		0.00
AUSTRALIA		1,052,773,792		0.88
AUSTRIA		86,840,579		0.07
BELGIUM		192,351,561		0.16
BERMUDA		48,147		0.00
BRAZIL		64,945,147		0.05
CANADA		1,701,272,420		1.42
CAYMAN ISLANDS		9,764,146		0.01
CHILE		913,786		0.00
CHINA		11,685,078		0.01
COLUMBIA		299,832		0.00
CZECH REPUBLIC		292,490		0.00
DENMARK		167,182,049		0.14
EGYPT		372,514		0.00
FINLAND		500,643,817		0.42
FRANCE		2,539,166,667		2.12
GERMANY		1,757,436,493		1.47
GREECE		87,135,564		0.07
HONG KONG		446,509,868		0.37
HUNGARY		5,450,486		0.01
INDIA		38,472,046		0.03
INDONESIA		924,347		0.00
IRELAND		156,517,234		0.13
ITALY		853,593,592		0.71
IZRAEL		133,428,023		0.11
JAPAN		5,852,752,501		4.90
LUXEMBOURG		2,809,110		0.00
MALAYSIA		19,444,092		0.02
MEXICO		10,115,654		0.01
NETHERLANDS		989,525,345		0.83
NEW ZEALAND		32,018,741		0.03
NORWAY		132,470,998		0.11
PHILIPPINES		12,364,552		0.01
POLAND		1,287,653		0.00
PORTUGAL		46,322,148		0.04
REPUBLIC OF KOREA		40,479,538		0.03
RUSSIA		65,597,566		0.06
SINGAPORE		195,822,653		0.16
SOUTH AFRICA		11,209,796		0.01
SPAIN		662,850,349		0.56
SWEDEN		453,712,453		0.38
SWITZERLAND		1,882,307,274		1.57
TAIWAN (REPUBLIC OF CHINA)		49,790,678		0.04
THAILAND		19,243,932		0.02
TURKEY		17,543,724		0.02
UNITED KINGDOM		5,016,593,313		4.20
TOTAL FOREIGN		25,322,461,494		21.18
TOTAL PORTFOLIO	$	119,545,218,314		100.00	%

125

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

COLLEGE RETIREMENT EQUITIES FUND
GROWTH ACCOUNT
STATEMENT OF INVESTMENTS
December 31, 2005

				VALUE
SHARES				(000)
PREFERRED STOCK - 0.00% **
PRIMARY METAL INDUSTRIES - 0.00% **
13,200	v*	Superior Trust I	$	0	^
		TOTAL PRIMARY METAL INDUSTRIES		0	^
		TOTAL PREFERRED STOCK		0	^
		(Cost $10)
COMMON STOCKS - 99.73%
APPAREL AND ACCESSORY STORES - 0.14%
321,991	*	Kohl's Corp		15,649
45,734	e*	Under Armour, Inc		1,752
		TOTAL APPAREL AND ACCESSORY STORES		17,401
APPAREL AND OTHER TEXTILE PRODUCTS - 0.56%
1,210,179	e	Polo Ralph Lauren Corp		67,939
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		67,939
BUILDING MATERIALS AND GARDEN SUPPLIES - 1.05%
1,907,802	e	Lowe's Cos, Inc		127,174
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		127,174
BUSINESS SERVICES - 14.45%
5,788,843	e	Adobe Systems, Inc		213,956
1,694,252	e*	Cognizant Technology Solutions Corp		85,306
5,808,576	e*	eBay, Inc		251,221
3,817,746	e*	Electronic Arts, Inc		199,706
839,803	*	Google, Inc (Class A)		348,401
5,870,397	e*	Juniper Networks, Inc		130,910
6,866,306	e	Microsoft Corp		179,554
952,700	e*	Monster Worldwide, Inc		38,889
1,991,067	e	SAP AG. (Spon ADR)		89,737
874	*	Vast Solutions, Inc (Class B1)		0	^
874	v*	Vast Solutions, Inc (Class B2)		0	^
874	*	Vast Solutions, Inc (Class B3)		0	^
390,000	e	WPP Group plc		21,060
4,935,155	e*	Yahoo!, Inc		193,359
		TOTAL BUSINESS SERVICES		1,752,099

126

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES				(000)
CHEMICALS AND ALLIED PRODUCTS - 15.64%
362,493	e*	American Pharmaceutical Partners, Inc	$	14,061
3,958,971	e*	Amgen, Inc		312,204
1,140,302	e*	Biogen Idec, Inc		51,690
2,028,981	e	Eli Lilly & Co		114,820
2,083,522	e*	Genentech, Inc		192,726
1,832,070	e*	Genzyme Corp		129,674
884,100	e	Monsanto Co		68,544
12,300	e	Mylan Laboratories, Inc		246
842,402		Novartis AG. (Regd)		44,135
7,038,670	e	Procter & Gamble Co		407,398
277,400		Roche Holding AG. (Genusscheine)		41,527
3,887,420		Schering-Plough Corp		81,053
2,650,342	e*	Sepracor, Inc		136,758
5,402,194	e	Teva Pharmaceutical Industries Ltd (Spon ADR)		232,348
1,522,220		Wyeth		70,129
		TOTAL CHEMICALS AND ALLIED PRODUCTS		1,897,313
COMMUNICATIONS - 2.79%
1,655,851	e	America Movil S.A. de C.V., Series L		48,450
29,300	e*	Level 3 Communications, Inc		84
4,872,471	e	Sprint Nextel Corp		113,821
3,929,493	e*	Univision Communications, Inc (Class A)		115,488
15,200	b,v*	US Wireless Corp		0	^
2,228,024	e*	XM Satellite Radio Holdings, Inc		60,780
		TOTAL COMMUNICATIONS		338,623
DEPOSITORY INSTITUTIONS - 0.29%
746,700	e	Bank of America Corp		34,460
		TOTAL DEPOSITORY INSTITUTIONS		34,460
EATING AND DRINKING PLACES - 0.11%
357,500	e	Brinker International, Inc		13,821
		TOTAL EATING AND DRINKING PLACES		13,821
EDUCATIONAL SERVICES - 0.04%
75,000	*	Apollo Group, Inc (Class A)		4,534
		TOTAL EDUCATIONAL SERVICES		4,534
ELECTRIC, GAS, AND SANITARY SERVICES - 0.31%
118,354	e	Dominion Resources, Inc		9,137

127

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES				(000)
523,495	e	Exelon Corp	$	27,818
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		36,955
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 16.12%
4,182,097	e	Analog Devices, Inc		150,012
2,902,584	e*	Broadcom Corp (Class A)		136,857
4,728,168	e*	Cisco Systems, Inc		80,946
896,000	e*	Comverse Technology, Inc		23,825
1,216,392	e	Emerson Electric Co		90,865
530	e*	Freescale Semiconductor, Inc (Class B)		13
11,636,954		General Electric Co		407,875
623,241	e	Harman International Industries, Inc		60,984
4,925,794	e	Intel Corp		122,948
1,254,900	e	Linear Technology Corp		45,264
2,551,653	e*	Marvell Technology Group Ltd		143,122
8,824,903	e	Motorola, Inc		199,355
2,400	v*	NCP Litigation Trust		0	^
5,384,055	e*	Network Appliance, Inc		145,369
6,901,938		Qualcomm, Inc		297,335
1,554,933	e	Texas Instruments, Inc		49,867
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		1,954,637
ENGINEERING AND MANAGEMENT SERVICES - 1.11%
1,464	e*	iRobot Corp		49
3,538,280	e	Paychex, Inc		134,879
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		134,928
FABRICATED METAL PRODUCTS - 0.00% **
1	e	Illinois Tool Works, Inc		0	^
		TOTAL FABRICATED METAL PRODUCTS		0	^
FOOD AND KINDRED PRODUCTS - 2.26%
4,639,181		PepsiCo, Inc		274,083
		TOTAL FOOD AND KINDRED PRODUCTS		274,083
FURNITURE AND HOMEFURNISHINGS STORES - 1.13%
3,800,535	e*	Bed Bath & Beyond, Inc		137,389
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		137,389

128

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES				(000)
GENERAL BUILDING CONTRACTORS - 0.00% **
1,800	v*	Mascotech (Escrow)	$	0	^
		TOTAL GENERAL BUILDING CONTRACTORS		0	^
GENERAL MERCHANDISE STORES - 1.98%
2,914,161	e	Target Corp		160,191
1,701,770	e	Wal-Mart Stores, Inc		79,643
		TOTAL GENERAL MERCHANDISE STORES		239,834
HEALTH SERVICES - 1.76%
3,769,240	e*	Caremark Rx, Inc		195,209
214,860	e*	Express Scripts, Inc		18,005
		TOTAL HEALTH SERVICES		213,214
HOLDING AND OTHER INVESTMENT OFFICES - 0.54%
254,800	e	Alcon, Inc		33,022
638,318		iShares Russell 1000 Growth Index Fund		32,561
22	v*	Pinnacle Holdings, Inc Wts 11/02/07		0	^
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		65,583
HOTELS AND OTHER LODGING PLACES - 1.16%
1,543,890	e	Hilton Hotels Corp		37,223
735,611	e*	Las Vegas Sands Corp		29,035
1,168,744	e	Starwood Hotels & Resorts Worldwide, Inc		74,636
		TOTAL HOTELS AND OTHER LODGING PLACES		140,894
INDUSTRIAL MACHINERY AND EQUIPMENT - 4.19%
624,600	e*	Apple Computer, Inc		44,903
7,011,171	e	Applied Materials, Inc		125,780
128,956	e	Caterpillar, Inc		7,450
4,335,589	e*	Dell, Inc		130,024
14,687,716	*	EMC Corp		200,047
108,879	v*	Seagate Technology, Inc (Escrow)		0	^
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		508,204
INSTRUMENTS AND RELATED PRODUCTS - 6.12%
999,700	*	Agilent Technologies, Inc		33,280
200	*	Baxter International, Inc (Contingent Value Rts)		0	^
1,421,238		Johnson & Johnson		85,417
4,412,356	e	Medtronic, Inc		254,019

129

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES				(000)
5,365,736	*	St. Jude Medical, Inc	$	269,360
1,487,337	*	Zimmer Holdings, Inc		100,306
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		742,382
INSURANCE CARRIERS - 4.50%
1,982,266		Aetna, Inc		186,948
1,232,270	e	Progressive Corp		143,904
550,700	e	UnitedHealth Group, Inc		34,221
2,259,319	e*	WellPoint, Inc		180,271
		TOTAL INSURANCE CARRIERS		545,344
LEATHER AND LEATHER PRODUCTS - 0.37%
1,333,402	e*	Coach, Inc		44,456
		TOTAL LEATHER AND LEATHER PRODUCTS		44,456
METAL MINING - 0.53%
1,564,282	e	Companhia Vale do Rio Doce (ADR)		64,355
		TOTAL METAL MINING		64,355
MISCELLANEOUS RETAIL - 1.63%
1,500,600	e*	Amazon.com, Inc		70,753
4,785,792		CVS Corp		126,441
		TOTAL MISCELLANEOUS RETAIL		197,194
MOTION PICTURES - 1.43%
3,393,568	e*	CBS Corp		110,630
2,635,590	e	Walt Disney Co		63,175
		TOTAL MOTION PICTURES		173,805
NONDEPOSITORY INSTITUTIONS - 3.25%
5,151,660	e	American Express Co		265,104
687,800	e	Capital One Financial Corp		59,426
1,257,809	e	SLM Corp		69,293
		TOTAL NONDEPOSITORY INSTITUTIONS		393,823
OIL AND GAS EXTRACTION - 2.57%
438,191	e	Baker Hughes, Inc		26,633
1,816,464	e	Halliburton Co		112,548

130

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES				(000)
1,109,497	e	Schlumberger Ltd	$	107,788
927,688	e*	Transocean, Inc		64,651
		TOTAL OIL AND GAS EXTRACTION		311,620
PETROLEUM AND COAL PRODUCTS - 0.92%
1,520,043	e	EOG Resources, Inc		111,526
		TOTAL PETROLEUM AND COAL PRODUCTS		111,526
PRIMARY METAL INDUSTRIES - 1.51%
9,341,847	*	Corning, Inc		183,661
		TOTAL PRIMARY METAL INDUSTRIES		183,661
PRINTING AND PUBLISHING - 0.11%
388,200	e	Dow Jones & Co, Inc		13,777
		TOTAL PRINTING AND PUBLISHING		13,777
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.00% **
2,800	b,*	Uniroyal Technology Corp		0	^
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		0	^
SECURITY AND COMMODITY BROKERS - 4.36%
523,825	e	Ameriprise Financial, Inc		21,477
3,148,947	e	Ameritrade Holding Corp		75,575
9,715,455	e	Charles Schwab Corp		142,526
74,500	e	Chicago Mercantile Exchange Holdings, Inc		27,378
2,198,712	e*	E*Trade Financial Corp		45,865
292,700	e	Franklin Resources, Inc		27,517
1,208,955	e	Goldman Sachs Group, Inc		154,395
501,500	e	Merrill Lynch & Co, Inc		33,966
		TOTAL SECURITY AND COMMODITY BROKERS		528,699
TRANSPORTATION BY AIR - 0.33%
2,445,459	e	Southwest Airlines Co		40,179
		TOTAL TRANSPORTATION BY AIR		40,179
TRANSPORTATION EQUIPMENT - 3.35%
2,337,118	e	Boeing Co		164,159
4,331,800	e	United Technologies Corp		242,191
		TOTAL TRANSPORTATION EQUIPMENT		406,350

131

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				MATURITY		VALUE
SHARES			RATE	DATE		(000)
TRUCKING AND WAREHOUSING - 0.87%
1,405,882	e	United Parcel Service, Inc (Class B)			$	105,652
		TOTAL TRUCKING AND WAREHOUSING				105,652
WATER TRANSPORTATION - 1.14%
2,593,915	e	Carnival Corp				138,697
		TOTAL WATER TRANSPORTATION				138,697
WHOLESALE TRADE-DURABLE GOODS - 0.00% **
482	v*	Timco Aviation Services, Inc Wts				0	^
		TOTAL WHOLESALE TRADE-DURABLE GOODS				0	^
WHOLESALE TRADE-NONDURABLE GOODS - 1.11%
1,550,457		Nike, Inc (Class B)				134,564
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS				134,564
		TOTAL COMMON STOCKS				12,095,169
		(Cost $10,517,764)
PRINCIPAL
SHORT-TERM INVESTMENTS - 4.30%
CERTIFICATES OF DEPOSIT - 0.33%
$     10,000,000		BNP Paribas	4.155	03/31/06		9,992
10,000,000		Canadian Imperial Bank of Commerce	4.300	09/28/06		9,966
10,000,000		Deutsche Bank	4.105	08/25/06		9,959
10,000,000		Toronto Dominion Bank	3.853	07/05/06		9,956
		TOTAL CERTIFICATES OF DEPOSIT				39,873
COMMERCIAL PAPER - 2.53%
5,009,000	c	Atlantis One Funding Corp	4.320	01/12/06		5,003
17,000,000	c	Beta Finance, Inc	3.970	03/23/06		16,834
25,000,000		Burlington Northern Santa Fe Corp	4.200	01/03/06		24,988
25,000,000	c	Corporate Asset Funding Corp, Inc	4.140	01/12/06		24,972
25,000,000		Gannett Co, Inc	4.250	01/03/06		25,000
10,000,000	c	Harrier Finance Funding LLC	4.290	02/14/06		9,949
25,000,000	c	Johnson Controls, Inc	4.400	01/17/06		24,958
24,000,000	c	Kellogg Co	4.350	01/05/06		23,994
25,000,000	c	Kitty Hawk Funding Corp	4.220	02/10/06		24,885

132

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$     10,000,000	c	Links Finance LLC	4.180	01/03/06	$	9,995
25,000,000	c	Ranger Funding Co LLC	4.270	01/18/06		24,954
14,142,000	c	Scaldis Capital LLC	4.130	01/25/06		14,104
7,500,000	c	Scaldis Capital LLC	4.290	02/15/06		7,461
25,000,000	c	Sigma Finance, Inc	4.175	02/08/06		24,891
20,000,000		UBS Finance, (Delaware), Inc	4.190	01/03/06		19,991
25,000,000	c	Yorktown Capital, LLC	4.235	01/09/06		24,982
		TOTAL COMMERCIAL PAPER				306,961
U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES - 1.31%
7,500,000		Federal Farm Credit Bank (FFCB)	3.700	07/05/06		7,466
75,000,000		Federal Home Loan Bank (FHLB)	3.400	01/03/06		74,972
25,000,000		FHLB	4.010	01/06/06		24,991
25,000,000		Federal Home Loan Mortgage Corp (FHLMC)	3.910	01/03/06		25,000
1,736,000		Federal National Mortgage Association (FNMA)	3.350	01/03/06		1,736
25,000,000		FNMA	4.170	01/09/06		24,983
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES				159,148
VARIABLE NOTES - 0.13%
15,000,000		Harrier Finance Funding LLC	4.459	06/26/06		15,002
		TOTAL VARIABLE NOTES				15,002
		TOTAL SHORT-TERM INVESTMENTS				520,984
		(Cost $521,115)
		TOTAL PORTFOLIO - 104.03%				12,616,153
		(Cost $11,038,889)
		OTHER ASSETS & LIABILITIES, NET - (4.03%)				(488,244	)
		NET ASSETS - 100.00%			$	12,127,909
		ABBREVIATION:
	ADR	American Depositary Receipt
	Spon	Sponsored
	*	Non-income producing
	**	Percentage represents less than 0.01%
	^	Amount represents less than $1,000
	b	In bankruptcy
	c	Commercial Paper issued under the Private Placement exemption under Section 4(2)
		of the Securities Act of 1933.
	e	All or a portion of these securities are out on loan.
	v	Security valued at fair value.
		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.

133

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

COLLEGE RETIREMENT EQUITIES FUND
GLOBAL EQUITIES ACCOUNT
STATEMENT OF INVESTMENTS
December 31, 2005

				VALUE
SHARES				(000)
PREFERRED STOCKS - 0.42%
COMMUNICATIONS - 0.23%
1,432,112	e	ProSiebenSat.1 Media AG.	$	27,619
		TOTAL COMMUNICATIONS		27,619
INSURANCE CARRIERS - 0.00% **
7,402		Great-West Lifeco, Inc (Series E)		176
2,413		Great-West Lifeco, Inc (Series F)		58
		TOTAL INSURANCE CARRIERS		234
TRANSPORTATION EQUIPMENT - 0.19%
31,995	e	Porsche AG.		22,907
		TOTAL TRANSPORTATION EQUIPMENT		22,907
		TOTAL PREFERRED STOCKS		50,760
		(Cost $49,428)
COMMON STOCKS - 98.28%
ADMINISTRATION OF ECONOMIC PROGRAMS - 0.02%
2,384,000	*	SP AusNet		2,317
		TOTAL ADMINISTRATION OF ECONOMIC PROGRAMS		2,317
AGRICULTURAL PRODUCTION-CROPS - 0.37%
2,973,034		Gallaher Group plc		44,787
		TOTAL AGRICULTURAL PRODUCTION-CROPS		44,787
AGRICULTURAL PRODUCTION-LIVESTOCK - 0.02%
64,000		Pilgrim's Pride Corp		2,122
		TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK		2,122
AGRICULTURAL SERVICES - 0.00% **
17,197		Yara International ASA		250
		TOTAL AGRICULTURAL SERVICES		250

134

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
AMUSEMENT AND RECREATION SERVICES - 0.55%
12,700		Gamesa Corp Tecnologica S.A.	$	185
31,622		Harrah's Entertainment, Inc		2,254
209,046		Hilton Group plc		1,305
534,722	e	Intrawest Corp		15,257
776,760		OPAP S.A.		26,662
6,200		Oriental Land Co Ltd		338
3,730		Paddy Power plc		53
249,121	e	Publishing & Broadcasting Ltd		3,012
78,132		Rank Group plc		410
148,100		Sega Sammy Holdings, Inc		4,956
34,589	e	Sky City Entertainment Group Ltd		110
9,940		UNiTAB Ltd		99
1,318,108		William Hill plc		12,118
		TOTAL AMUSEMENT AND RECREATION SERVICES		66,759
APPAREL AND ACCESSORY STORES - 0.28%
36,400		Abercrombie & Fitch Co (Class A)		2,373
33,900		American Eagle Outfitters, Inc		779
7,300		Aoyama Trading Co Ltd		247
42,000		Bebe Stores, Inc		589
45,454		Burberry Group plc		335
69,200	*	Chico's FAS, Inc		3,040
6,900		Fast Retailing Co Ltd		674
20,500		Foot Locker, Inc		484
77,900		Gap, Inc		1,374
123,205		Giordano International Ltd		69
53,011		Hennes & Mauritz AB (B Shs)		1,798
341,769		Inditex S.A.		11,106
84,900	*	Kohl's Corp		4,126
44,700		Limited Brands, Inc		999
24,900		Nishimatsuya Chain Co Ltd		1,146
63,800	*	Payless Shoesource, Inc		1,601
17,888		Ross Stores, Inc		517
29,548		SSL International plc		155
31,100		United Arrows Ltd		1,966
		TOTAL APPAREL AND ACCESSORY STORES		33,378
APPAREL AND OTHER TEXTILE PRODUCTS - 0.12%
5,263		Benetton Group S.p.A.		60
35,000		Gunze Ltd		232
26,300		Jones Apparel Group, Inc		808
14,200		Liz Claiborne, Inc		509
96,000		Mitsubishi Rayon Co Ltd		634
335,000		Nisshinbo Industries, Inc		3,658
20,000	e	Onward Kashiyama Co Ltd		393
28,300		Polo Ralph Lauren Corp		1,589
35,200		Shimamura Co Ltd		4,867

135

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
19,000		Tokyo Style Co Ltd	$	233
107,000		Toyobo Co Ltd		358
11,300		VF Corp		625
27,000	e	Wacoal Holdings Corp		366
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		14,332
AUTO REPAIR, SERVICES AND PARKING - 0.01%
24,400		Aisin Seiki Co Ltd		895
13,100		NOK Corp		355
20,000	e	Sumitomo Rubber Industries, Inc		285
		TOTAL AUTO REPAIR, SERVICES AND PARKING		1,535
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.07%
14,050	*	Advance Auto Parts		610
23,300	*	Autonation, Inc		506
7,300	*	Autozone, Inc		670
17,296	e	Canadian Tire Corp (Class A)		1,030
13,800	*	Carmax, Inc		382
129,000		Jardine Cycle & Carriage Ltd		861
10,500		MOL Magyar Olaj- es Gazipari Rt.		979
166,000		Suzuki Motor Corp		3,073
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		8,111
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.30%
16,480		Fastenal Co		646
17,669		Grafton Group plc		192
456,300		Home Depot, Inc		18,471
227,900		Lowe's Cos, Inc		15,192
27,342	*	RONA, Inc		502
29,500		Sherwin-Williams Co		1,340
14,509		Travis Perkins plc		348
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		36,691
BUSINESS SERVICES - 5.29%
340,300		Accenture Ltd (Class A)		9,824
54	*	Access Co Ltd		1,386
2,369		Acciona S.A.		264
10,873		Adecco S.A. (Regd)		500
852,580		Adobe Systems, Inc		31,511
92,878		Aegis Group plc		195
96,800	*	Affiliated Computer Services, Inc (Class A)		5,729
21,837		Aggreko plc		102
16,300	*	Alliance Data Systems Corp		580
384,600	*	Amdocs Ltd		10,577

136

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
3,355		Asatsu-DK, Inc	$	107
8,015	*	Atos Origin S.A.		526
61,900		Autodesk, Inc		2,659
150,900		Automatic Data Processing, Inc		6,925
23,676	e	Autostrade S.p.A.		566
374,194		Banco Sabadell S.A.		9,781
209,700	*	BEA Systems, Inc		1,971
83,900	*	BMC Software, Inc		1,719
326,321	e	Brambles Industries Ltd		2,422
8,537	e*	Business Objects S.A.		344
46,550	*	Cadence Design Systems, Inc		788
15,898	*	Cap Gemini S.A.		636
248,360		Cendant Corp		4,284
29,500	*	Ceridian Corp		733
14,000		Certegy, Inc		568
62,880	*	CGI Group, Inc (Class A)		501
9,500	*	ChoicePoint, Inc		423
2,135,670		Cintra Concesiones de Infraestructuras de Transporte S.A.		24,612
22,262	*	Citrix Systems, Inc		641
37,464	*	Cognizant Technology Solutions Corp		1,886
20,558	*	Cognos, Inc		714
61,600		Computer Associates International, Inc		1,737
1,001,500	*	Computer Sciences Corp		50,716
399,227		Computershare Ltd		1,988
51,325	*	Compuware Corp		460
32,800	*	Convergys Corp		520
9,600		CSK Holdings Corp		479
10,556		Dassault Systemes S.A.		594
30,265	*	DealerTrack Holdings, Inc		635
14,100		Deluxe Corp		425
150		Dentsu, Inc		488
612,300	*	DST Systems, Inc		36,683
100		eAccess Ltd		71
148,321	*	Earthlink, Inc		1,648
184,373	*	eBay, Inc		7,974
41,454	*	Electronic Arts, Inc		2,168
75,200		Electronic Data Systems Corp		1,808
7,600	*	Elpida Memory, Inc		227
54,000	*	Emdeon Corp		457
67,600		Equifax, Inc		2,570
253,100		Fair Isaac Corp		11,179
63	*	Fidec Corp		497
55,966		First Choice Holidays plc		240
855,400		First Data Corp		36,791
290,175	*	Fiserv, Inc		12,556
59,600	*	Focus Media Holding Ltd		2,013
5,700		Fuji Soft ABC, Inc		191
5,277,300		Fujitsu Ltd		40,151
15,886	e	Getronics NV		213
6,700	*	Getty Images, Inc		598
32,100	*	Google, Inc (Class A)		13,317
123,730		Group 4 Securicor plc		342

137

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
14,357	e	Gruppo Editoriale L'Espresso S.p.A.	$	75
11,300		GTECH Holdings Corp		359
2,600		Hakuhodo DY Holdings, Inc		183
131,928		Hays plc		284
30,200		IMS Health, Inc		753
10,787		Indra Sistemas S.A.		210
30,000		Information Development Co		276
291		Intelligent Wave, Inc		1,181
22,400	*	Intergraph Corp		1,116
39,100	*	Interpublic Group of Cos, Inc		377
271,970	*	Intuit, Inc		14,496
31,821		iSOFT Group plc		213
40,405	*	Juniper Networks, Inc		901
13,600		Konami Corp		299
7,298	*	Lamar Advertising Co		337
168,569		LogicaCMG plc		513
2,580	*	Lottomatica S.p.A		93
7,216		Manpower, Inc		336
35,000	*	McAfee, Inc		950
11,284	*	Mercury Interactive Corp		314
5,237,484		Microsoft Corp		136,960
74,509		Misys plc		305
438,100		NEC Corp		2,724
109,900		Nippon System Development Co Ltd		3,585
34,200		Nomura Research Institute Ltd		4,187
231		NTT Data Corp		1,149
2,100		Obic Co Ltd		462
15,094		Omnicom Group, Inc		1,285
12,998	e*	Open Text Corp		183
717,900	*	Oracle Corp		8,766
7,500	e	Oracle Corp Japan		372
169,956	*	Parametric Technology Corp		1,037
8,850	*	Patni Computer Systems Ltd		205
2,705,000	*	Paxys, Inc		326
420,200		POS Malaysia & Services Holdings Bhd		449
123,000	*	Premiere Global Services, Inc		1,000
6,343		Promotora de Informaciones S.A. (PRISA)		108
8,647		Public Power Corp		188
2,396	e*	Rakuten, Inc		2,314
3,832		Randstad Holdings NV		166
149,947		Rentokil Initial plc		421
179,509		Reuters Group plc		1,327
13,508		Robert Half International, Inc		512
229,650		Sage Group plc		1,017
133,944		SAP AG.		24,198
75		SAP AG. (Spon ADR)		3
17,679		Secom Co Ltd		924
24,493		Securitas AB (B Shs)		406
30,300		ServiceMaster Co		362
358		SGS S.A.		301
117,993		Siebel Systems, Inc		1,248
110,573		Singapore Post Ltd		76

138

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
551,600	*	Sohu.com, Inc	$	10,116
155,878		Solomon Systech International Ltd		65
1,258,838	*	Sun Microsystems, Inc		5,275
49,800	*	Sybase, Inc		1,089
1	*	Symantec Corp		0	^
19,550	*	Synopsys, Inc		392
4,417,017	e*	Telecom Italia Media S.p.A.		2,329
20,045	*	Telelogic AB		51
15,878	e	Tietoenator Oyj		578
6,300		TIS, Inc		194
76,000	e*	Trend Micro, Inc		2,872
61,321	e	TUI AG.		1,251
44,600		UFJ Central Leasing Co Ltd		2,214
49,800	*	Unisys Corp		290
2,800	e	USS Co Ltd		178
18,000		Vedior NV		266
39,193	*	VeriSign, Inc		859
180,664		Waste Management, Inc		5,483
60,906		WM-Data AB (B Shs)		194
2,153,316		WPP Group plc		23,252
980	e	Yahoo! Japan Corp		1,486
226,392	*	Yahoo!, Inc		8,870
		TOTAL BUSINESS SERVICES		640,346
CHEMICALS AND ALLIED PRODUCTS - 9.78%
286,637		Abbott Laboratories		11,302
29,172	*	Agrium, Inc		640
9,026		Air Liquide S.A.		1,730
52,000		Air Products & Chemicals, Inc		3,078
379,600	e	Akzo Nobel NV		17,530
3,900		Alfresa Holdings Corp		182
13,752		Altana AG.		746
964,764	*	Amgen, Inc		76,081
22,001	*	Angiotech Pharmaceuticals, Inc		289
126,600		Asahi Kasei Corp		856
1,319,400		Astellas Pharma, Inc		51,421
716,711		AstraZeneca plc (United Kingdom)		34,808
7,805		Avery Dennison Corp		431
129,991		Avon Products, Inc		3,711
529,711		BASF AG.		40,432
1,391		Beiersdorf AG.		171
80,800	*	Biogen Idec, Inc		3,663
30,023	*	Biovail Corp International		708
60,019		BOC Group plc		1,234
97,678		Boots Group plc		1,015
252,058		Bristol-Myers Squibb Co		5,792
7,000		Cabot Corp		251
89,000		Celanese Corp (Series A)		1,702
25,477	*	Chiron Corp		1,133
49,100	e	Chugai Pharmaceutical Co Ltd		1,052

139

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
5,573		Ciba Specialty Chemicals AG. (Regd)	$	359
20,983		Clariant AG.		308
18,700		Clorox Co		1,064
212,900		Colgate-Palmolive Co		11,678
407,119		CSL Ltd		12,692
35,000		Daicel Chemical Industries Ltd		251
1,313,874		Daiichi Sankyo Co Ltd		25,325
81,000		Dainippon Ink and Chemicals, Inc		351
312,713		Dow Chemical Co		13,703
507,445		DSM NV		20,650
229,800		Du Pont (E.I.) de Nemours & Co		9,767
20,000		Eastman Chemical Co		1,032
16,031		Ecolab, Inc		581
38,500	e	Eisai Co Ltd		1,615
35,160	*	Elan Corp plc		473
160,500		Eli Lilly & Co		9,083
33,000		Engelhard Corp		995
10,600		Estee Lauder Cos (Class A)		355
31,300	*	FMC Corp		1,664
99,600	*	Genentech, Inc		9,213
62,185	*	Genzyme Corp		4,401
107,487	*	Gilead Sciences, Inc		5,657
876,954		GlaxoSmithKline plc		22,116
8,000,000	*	Global Bio-Chem Technology Group Co Ltd Wts		20
7,711		H Lundbeck a/s		159
104,000		Haw Par Corp Ltd		322
15,687		Henkel KGaA		1,573
129,575	*	Hospira, Inc		5,543
57,000	*	Huntsman Corp		982
137,736		Imperial Chemical Industries plc		785
6,608		International Flavors & Fragrances, Inc		221
10,914	*	Invitrogen Corp		727
23,879		Ishihara Sangyo Kaisha Ltd		42
16,200		JSR Corp		425
22,000	e	Kaken Pharmaceutical Co Ltd		171
26,000		Kansai Paint Co Ltd		223
77,700		Kao Corp		2,080
70,000	*	King Pharmaceuticals, Inc		1,184
45,490		Kingboard Chemical Holdings Ltd		123
5,440		Kose Corp		218
58,500		Kuraray Co Ltd		606
121,000		Kyowa Hakko Kogyo Co Ltd		844
21,021		Linde AG.		1,631
4,561	e	Lonza Group AG. (Regd)		278
405,619	e	L'Oreal S.A.		30,047
146,200		Lyondell Chemical Co		3,482
81,238	*	Mayne Pharma Ltd		151
25,200		Mediceo Paltac Holdings Co Ltd		364
31,916	*	Medimmune, Inc		1,118
628,000	d	Merck & Co, Inc		19,977
11,496		Merck KGaA		949
28,744		Methanex Corp		538
39,531	*	Millennium Pharmaceuticals, Inc		383

140

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
4,557,000		Mitsubishi Chemical Holdings Corp	$	28,686
39,000		Mitsubishi Gas Chemical Co, Inc		368
63,000		Mitsui Chemicals, Inc		423
75,000		Monsanto Co		5,815
24,000		Nippon Kayaku Co Ltd		205
17,000		Nippon Shokubai Co Ltd		192
18,000		Nissan Chemical Industries Ltd		256
19,989		Nova Chemicals Corp		664
32,500		Novartis AG. (ADR)		1,706
1,854,539		Novartis AG. (Regd)		97,163
31,561		Novo Nordisk a/s (B Shs)		1,769
4,921		Novozymes a/s		269
1,640		Omega Pharma S.A.		85
205,726		Orica Ltd		3,079
1,942,500		Pfizer, Inc		45,299
24,198	e	Potash Corp of Saskatchewan		1,929
17,400		PPG Industries, Inc		1,007
33,600		Praxair, Inc		1,779
2,416,947		Procter & Gamble Co		139,893
20,175	*	QLT, Inc		129
89,038		Reckitt Benckiser plc		2,935
15,750,000	e*	Rhodia S.A.		33,626
374,598		Roche Holding AG. (Genusscheine)		56,078
78,200		Rohm & Haas Co		3,786
209,041		Sanofi-Aventis		18,247
45,000		Sanofi-Aventis (ADR)		1,976
15,600		Santen Pharmaceutical Co Ltd		431
57,000		Sawai Pharmaceutical Co Ltd		1,937
592,600		Schering-Plough Corp		12,356
30,000	*	Sepracor, Inc		1,548
43,756	e	Serono S.A. (B Shs)		34,761
129,200		Shin-Etsu Chemical Co Ltd		6,863
43,000		Shionogi & Co Ltd		605
30,266		Shiseido Co Ltd		564
94,000		Showa Denko KK		366
16,891		Sigma-Aldrich Corp		1,069
2,082,000		Sumitomo Chemical Co Ltd		14,288
29,053		Sun Pharmaceuticals Industries Ltd		440
408,464		Symbion Health Ltd		1,058
8,857	e	Syngenta AG.		1,099
36,000	e	Taisho Pharmaceutical Co Ltd		674
28,000		Taiyo Nippon Sanso Corp		187
154,700		Takeda Pharmaceutical Co Ltd		8,362
35,000		Tanabe Seiyaku Co Ltd		340
845,000		Teijin Ltd		5,362
1,447,852		Teva Pharmaceutical Industries Ltd (Spon ADR)		62,272
19,822		Tokuyama Corp		255
2,618,364		Toray Industries, Inc		21,341
41,000		Tosoh Corp		180
9,720	e	UCB S.A.		455
369,504		Unilever plc		3,657
53,000	*	Watson Pharmaceuticals, Inc		1,723

141

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
16,600		Westlake Chemical Corp	$	478
1,413,400		Wyeth		65,115
13,136		Zeltia S.A.		91
19,000		Zeon Corp		251
		TOTAL CHEMICALS AND ALLIED PRODUCTS		1,183,949
COAL MINING - 0.16%
912,186	e	BHP Billiton Ltd		15,223
14,300		Consol Energy, Inc		932
74,275	*	International Coal Group, Inc		705
13,300		Massey Energy Co		504
21,100		Peabody Energy Corp		1,739
		TOTAL COAL MINING		19,103
COMMUNICATIONS - 4.42%
235,500		Advanced Info Service PCL		620
11,428	e	Aliant, Inc		302
15,800		Alltel Corp		997
92,000	*	American Tower Corp (Class A)		2,493
6,442		Antena 3 de Television S.A.		153
895,858		AT&T, Inc		21,940
36,182	*	Avaya, Inc		386
97,559	*	BCE, Inc		2,328
31,078	e	Belgacom S.A.		1,010
415,900		BellSouth Corp		11,271
150,466		British Sky Broadcasting plc		1,283
1,342,288		BT Group plc		5,133
380,895		Cable & Wireless plc		780
47,900	*	Cablevision Systems Corp (Class A)		1,124
33,000		CenturyTel, Inc		1,094
320,000		Chunghwa Telecom Co Ltd		553
115,500	*	Cincinnati Bell, Inc		405
544,100		Clear Channel Communications, Inc		17,112
488,946	*	Comcast Corp (Class A)		12,693
47,228	*	Comcast Corp (Special Class A)		1,213
30,700		Commonwealth Telephone Enterprises, Inc		1,037
83,060		Cosmote Mobile Telecommunications S.A.		1,840
91,900	*	Crown Castle International Corp		2,473
399,456	e	Deutsche Telekom AG. (Regd)		6,634
95,800	*	DIRECTV Group, Inc		1,353
137,835	*	EchoStar Communications Corp (Class A)		3,745
74,751		Eircom Group plc		175
36,866	e	Elisa Oyj		681
300,000	e*	Fastweb		13,659
218,098		France Telecom S.A.		5,400
516		Fuji Television Network, Inc		1,298
19,400		Global Payments, Inc		904
81,550	*	Hellenic Telecommunications Organization S.A.		1,732

142

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
243,000	*	Hutchison Telecommunications International Ltd	$	351
935,949	*	IAC/InterActiveCorp		26,497
515,902		ITV plc		996
2,313	*	Jupiter Telecommunications Co		1,844
2,264		KDDI Corp		13,043
22,000	*	Level 3 Communications, Inc		63
26,256	*	Liberty Global, Inc		591
46,756	*	Liberty Global, Inc (Series C)		991
455,700	*	Liberty Media Corp (Class A)		3,586
17,872	*	Marconi Corp plc		119
213,000		Maxis Communications Bhd		473
79,322		Mediaset S.p.A.		837
6,808	e	Mobistar S.A.		538
4,210	*	Modern Times Group AB (B Shs)		175
22,288	*	NII Holdings, Inc (Class B)		974
7,198		Nippon Telegraph & Telephone Corp		32,688
415,673	*	NTL, Inc		28,299
2,555		NTT DoCoMo, Inc		3,897
39,000		Philippine Long Distance Telephone Co (Spon ADR)		1,308
64,985		Portugal Telecom SGPS S.A. (Regd)		655
6,497		PT Multimedia Servicos de Telecomunicacoes e Multimedia SGPS S.A.		74
929,279	e	Publicis Groupe S.A.		32,226
218,500	*	Qwest Communications International, Inc		1,235
45,089	e	Rogers Communications, Inc		1,899
5,350,643		Royal KPN NV		53,457
348,948	*	Seat Pagine Gialle S.p.A.		162
1,524,840		SES Global S.A.		26,602
41,895	e	Shaw Communications, Inc		905
1,967,900		Singapore Telecommunications Ltd		3,089
16,114	*	Sky Network Television Ltd		69
322,000		SmarTone Telecommunications Holding Ltd		376
12,250		Societe Television Francaise 1 (T.F.1)		339
3,319	*	Sogecable S.A.		133
2,491,193		Sprint Nextel Corp		58,194
879,000		Starhub Ltd		1,084
7,663		Swisscom AG. (Regd)		2,412
379,000		Taiwan Mobile Co Ltd		331
34,311		TDC a/s		2,048
70,893	e	Tele2 AB (B Shs)		759
176,803	e	Telecom Corp of New Zealand Ltd		724
2,416,211		Telecom Italia S.p.A.		7,011
137,500		Telecom Italia S.p.A. (RNC)		340
374,471		Telefonica S.A.		5,614
67,852		Telekom Austria AG.		1,521
205,121	e	Telenor ASA		2,007
13,501		Telephone & Data Systems, Inc		467
39,414		Telephone and Data Systems, Inc (Non-Vote)		1,420
24,478		Television Broadcasts Ltd		130
301,344		TeliaSonera AB		1,617
600,006		Telstra Corp Ltd		1,730
18,700		TELUS Corp		766
44,412		TELUS Corp (Non-Vote)		1,774

143

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
19,717	e*	Tiscali S.p.A.	$	62
40,800		Tokyo Broadcasting System, Inc		1,106
368		TV Asahi Corp		914
28,100	*	Univision Communications, Inc (Class A)		826
743,300		Verizon Communications, Inc		22,388
666,115		Vivendi Universal S.A.		20,790
15,297,348		Vodafone Group plc		32,959
117,253		Vodafone Group plc (Spon ADR)		2,517
4,886	*	West Corp		206
27,870	*	XM Satellite Radio Holdings, Inc		760
		TOTAL COMMUNICATIONS		534,789
DEPOSITORY INSTITUTIONS - 10.31%
38,000		77 Bank Ltd		288
218,916	e	ABN AMRO Holding NV		5,704
72,428		Allied Irish Banks plc		1,542
34,410		Alpha Bank S.A.		1,003
44,400		AmSouth Bancorp		1,164
216,200	v*	Ashikaga Financial Group, Inc		0	^
15,593		Associated Banc-Corp		508
150,260	e	Australia & New Zealand Banking Group Ltd		2,640
11,633	e	Banca Antonveneta S.p.A.		361
24,356	e	Banca Fideuram S.p.A.		132
507,434		Banca Intesa S.p.A.		2,678
100,093	e	Banca Monte dei Paschi di Siena S.p.A.		466
93,516	e*	Banca Nazionale del Lavoro S.p.A.		307
1,120,683		Banca Popolare di Milano		12,234
34,082		Banche Popolari Unite Scrl		745
279,039		Banco Bilbao Vizcaya Argentaria S.A.		4,963
25,179		Banco BPI S.A. (Regd)		115
161,873		Banco Comercial Portugues S.A. (Regd)		445
2,119,000		Banco de Oro Universal Bank		1,358
8,696		Banco Espirito Santo S.A. (Regd)		140
36,450		Banco Popolare di Verona e Novara Scrl		735
70,467		Banco Popular Espanol S.A.		856
1,040,033		Banco Santander Central Hispano S.A.		13,678
1,180,400		Bank of America Corp		54,475
124,400		Bank of East Asia Ltd		376
83,000	e	Bank of Fukuoka Ltd		710
80,407		Bank of Ireland (London)		1,261
50,000	e	Bank of Kyoto Ltd		604
108,562	e	Bank of Montreal		6,041
355,000		Bank of New York Co, Inc		11,307
217,086	e	Bank of Nova Scotia		8,575
157,000		Bank of Yokohama Ltd		1,284
5,474,318		Barclays plc		57,422
93,800		BB&T Corp		3,931
99,918		BNP Paribas		8,056
307,090		BOC Hong Kong Holdings Ltd		590
73,693	e	Canadian Imperial Bank of Commerce		4,820
174,747		Capitalia S.p.A.		1,008

144

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
91,000		Chiba Bank Ltd	$	763
33,858,000	*	China Construction Bank		11,790
1,454,900		Citigroup, Inc		70,606
16,489		Close Brothers Group plc		257
54,500		Comerica, Inc		3,093
20,456		Commerce Bancorp, Inc		704
2,397,949		Commerzbank AG.		73,598
113,496		Commonwealth Bank of Australia		3,559
15,026		Compass Bancshares, Inc		726
71,937		Credit Agricole S.A.		2,258
57,659		Danske Bank a/s		2,024
357,700		DBS Group Holdings Ltd		3,549
56,135		Depfa Bank plc		827
78,192		Deutsche Bank AG. (Regd)		7,554
60,926	e	Dexia		1,400
101,556		DNB NOR Holding ASA		1,080
24,830		EFG Eurobank Ergasias S.A.		783
9,315	*	Emporiki Bank of Greece S.A.		315
177,073	e	Erste Bank der Oesterreichischen Sparkassen AG.		9,827
73,930		Fifth Third Bancorp		2,789
13,073		Fineco S.p.A.		125
14,800		First Horizon National Corp		569
141,380		Fortis		4,494
217,500		Golden West Financial Corp		14,355
66,000		Gunma Bank Ltd		488
63,973		Hang Seng Bank Ltd		835
1,227,706		HBOS plc		20,929
139,000		Hokuhoku Financial Group, Inc		649
2,036,981		HSBC Holdings plc (United Kingdom)		32,627
196,200		Hudson City Bancorp, Inc		2,378
29,094		Huntington Bancshares, Inc		691
120,769		ICICI Bank Ltd (Spon ADR)		3,478
8,400		Investors Financial Services Corp		309
112,000		Joyo Bank Ltd		666
940,400		JPMorgan Chase & Co		37,324
716,766	e	Julius Baer Holding AG.		50,632
624,600		Kasikornbank PCL (foreign)		1,143
89,500		Keycorp		2,947
30,090	*	Kookmin Bank		2,277
2,157,399		Lloyds TSB Group plc		18,093
8,700		M&T Bank Corp		949
25,100		Marshall & Ilsley Corp		1,080
607,269		Mediobanca S.p.A.		11,554
96,500		Mellon Financial Corp		3,305
11,600		Mercantile Bankshares Corp		655
3,823		Mitsubishi UFJ Financial Group, Inc		51,824
68,000		Mitsui Trust Holdings, Inc		816
9,552		Mizuho Financial Group. Inc		75,749
129,366	e	National Australia Bank Ltd		3,075
36,426	e	National Bank Of Canada		1,881
36,556		National Bank of Greece S.A.		1,552
147,309		National City Corp		4,945

145

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
2,795,300		National Finance PCL	$	914
31,400		New York Community Bancorp, Inc		519
60,000		Nishi-Nippon City Bank Ltd		358
266,154		Nordea Bank AB (Sweden)		2,759
96,300		North Fork Bancorporation, Inc		2,635
293,316		Northern Trust Corp		15,200
746,800		Oversea-Chinese Banking Corp		3,009
21,780		Piraeus Bank S.A.		465
110,500		PNC Financial Services Group, Inc		6,832
57,500		Regions Financial Corp		1,964
595	*	Resona Holdings, Inc		2,394
708,430	e	Royal Bank of Canada		55,072
1,012	*	Royal Bank Of Canada (New York)		79
1,298,925		Royal Bank of Scotland Group plc		39,135
135,024	e	Sanpaolo IMI S.p.A.		2,104
122,000	e	Shinsei Bank Ltd		705
90,000		Shizuoka Bank Ltd		901
49,105		Skandinaviska Enskilda Banken AB (A Shs)		1,009
207,429		Societe Generale (A Shs)		25,421
48,200		Sovereign Bancorp, Inc		1,042
42,400		State Street Corp		2,351
902		Sumitomo Mitsui Financial Group, Inc		9,553
1,423,900		Sumitomo Trust & Banking Co Ltd		14,537
95,505		SunTrust Banks, Inc		6,949
25,000		Suruga Bank Ltd		315
55,706		Svenska Handelsbanken AB (A Shs)		1,379
32,800		Synovus Financial Corp		886
16,100		TCF Financial Corp		437
10,500		TD Banknorth, Inc		305
4,769,320	*	Turkiye Vakiflar Bankasi Tao		25,232
689,034		UBS AG. (Regd)		65,403
5,638,943	e	UniCredito Italiano S.p.A		38,711
37,200		UnionBanCal Corp		2,556
342,000		United Overseas Bank Ltd		3,003
486,200		US Bancorp		14,532
905,915		Wachovia Corp		47,887
1,202,238		Washington Mutual, Inc		52,297
527,600		Wells Fargo & Co		33,149
153,576		Westpac Banking Corp		2,563
14,609		Wing Hang Bank Ltd		105
12,279		Zions Bancorporation		928
		TOTAL DEPOSITORY INSTITUTIONS		1,248,013
EATING AND DRINKING PLACES - 0.42%
39,400		Aramark Corp (Class B)		1,094
9,481	e	Autogrill S.p.A.		129
705,747		Brinker International, Inc		27,284
270,693		Compass Group plc		1,025
59,900		Darden Restaurants, Inc		2,329
66,200		Domino's Pizza, Inc		1,602

146

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
45,864		Enterprise Inns plc	$	739
297,500		McDonald's Corp		10,032
64,129		Mitchells & Butlers plc		460
32,701		Punch Taverns plc		477
9,700		Skylark Co Ltd		154
7,903		Sodexho Alliance S.A.		324
21,000	*	The Cheesecake Factory, Inc		785
11,200		Wendy's International, Inc		619
33,550		Whitbread plc		547
61,000		Yum! Brands, Inc		2,860
		TOTAL EATING AND DRINKING PLACES		50,460
EDUCATIONAL SERVICES - 0.01%
12,730	*	Apollo Group, Inc (Class A)		770
8,000		Benesse Corp		280
9,350	*	Career Education Corp		315
		TOTAL EDUCATIONAL SERVICES		1,365
ELECTRIC, GAS, AND SANITARY SERVICES - 2.53%
128,400	*	AES Corp		2,033
25,504		Alinta Ltd		209
47,000	*	Allegheny Energy, Inc		1,488
57,867		Ameren Corp		2,965
72,200		American Electric Power Co, Inc		2,678
37,815		Australian Gas Light Co Ltd		477
250,613		Caltex Australia Ltd		3,563
26,200		Centerpoint Energy, Inc		337
358,221		Centrica plc		1,567
59,800		Chubu Electric Power Co, Inc		1,424
32,549		Cinergy Corp		1,382
149,594		CLP Holdings Ltd		868
66,500		Consolidated Edison, Inc		3,081
32,800		Constellation Energy Group, Inc		1,889
23,879		Contact Energy Ltd		108
67,300		Dominion Resources, Inc		5,196
54,600		DTE Energy Co		2,358
192,400		Duke Energy Corp		5,281
100,000	*	Dynegy, Inc (Class A)		484
447,256		E.ON AG.		46,103
74,300		Edison International		3,240
54,647		El Paso Corp		665
466,000	e	Electric Power Development Co		15,990
1,802,400		Enagas		33,591
72,773	*	Enbridge, Inc		2,264
78,920		Endesa S.A.		2,068
396,437		Enel S.p.A.		3,103
151,425		Energias de Portugal S.A.		464
37,217		Energy East Corp		849

147

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
52,992		Entergy Corp	$	3,638
144,400		Exelon Corp		7,673
1,095,000		First Philippine Holdings Corp		1,012
171,900		FirstEnergy Corp		8,421
49,002		FPL Group, Inc		2,036
14,835		Gas Natural SDG S.A.		414
16,746		Hokkaido Electric Power Co, Inc		340
300,553		Hong Kong & China Gas Ltd		641
122,500		Hong Kong Electric Holdings Ltd		607
67,202		Iberdrola S.A.		1,830
147,672		International Power plc		607
69,100		Kansai Electric Power Co, Inc		1,484
31,113		Kelda Group plc		413
15,900		KeySpan Corp		567
9,028		Kinder Morgan, Inc		830
32,169		Kyushu Electric Power Co, Inc		698
290,505		National Grid plc		2,835
22,569		NiSource, Inc		471
7,000	*	NRG Energy, Inc		330
638		Oest Elektrizitatswirts (A Shs)		227
169,351	e	Osaka Gas Co Ltd		584
15,667		Pepco Holdings, Inc		350
13,692,879	*	Petronet LNG Ltd		20,018
1,121,043		PG&E Corp		41,613
9,000		Pinnacle West Capital Corp		372
53,900		PPL Corp		1,585
33,467		Progress Energy, Inc		1,470
70,200		Public Service Enterprise Group, Inc		4,561
2,841		Puma AG. Rudolf Dassler Sport		826
33,213		Questar Corp		2,514
38,400	*	Reliant Energy, Inc		396
12,962		Republic Services, Inc		487
60,364	e	RWE AG.		4,454
8,973		SCANA Corp		353
81,561		Scottish & Southern Energy plc		1,420
210,758		Scottish Power plc		1,966
235,000		SembCorp Industries Ltd		387
284,375		Sempra Energy		12,751
28,792		Severn Trent plc		536
80,974	e	Snam Rete Gas S.p.A.		332
4,756		Sociedad General de Aguas de Barcelona S.A.		101
423,500	e*	Sojitz Holdings Corp		2,512
89,600		Southern Co		3,094
12,168	*	Suez S.A.		0	^
82,413	e	Suez S.A.(France)		2,557
36,481		Tohoku Electric Power Co, Inc		742
129,100		Tokyo Electric Power Co, Inc		3,134
189,774		Tokyo Gas Co Ltd		842
42,835	e	TransAlta Corp		932
134,700		TXU Corp		6,761
17,664		Union Fenosa S.A.		655
78,496		United Utilities plc		904

148

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
17,900	*	Vector Ltd	$	32
28,655	e	Veolia Environnement		1,292
8,306		Waste Management NZ Ltd		35
10,000		Western Gas Resources, Inc		471
125,412		Williams Cos, Inc		2,906
21,389		Wisconsin Energy Corp		835
43,400		Xcel Energy, Inc		801
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		306,380
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 7.13%
2,374,000	*	AAC Acoustic Technology Holdings, Inc		1,454
10,189	*	ADC Telecommunications, Inc		228
2,040,421	*	Advanced Micro Devices, Inc		62,437
103,362	e*	Alcatel S.A.		1,277
26,800		Alps Electric Co Ltd		373
47,300	*	Altera Corp		876
22,586		American Power Conversion Corp		497
14,600		Amphenol Corp (Class A)		646
143,000		Analog Devices, Inc		5,129
6	*	Applied Micro Circuits Corp		0	^
174,209		ARM Holdings plc		362
56,452	e*	ASML Holding NV		1,125
603,000		Asustek Computer, Inc		1,854
63,912	*	ATI Technologies, Inc		1,083
96	*	Atmel Corp		0	^
2,351,893	*	Austar United Communications Ltd		2,044
115,100		Avex Group Holdings, Inc		2,955
935	e	Bang & Olufsen a/s		96
935		Barco NV		70
35,374	*	Broadcom Corp (Class A)		1,668
66,668	*	CCE Spinco, Inc		873
48,607	*	Celestica, Inc		513
315,000	*	Chartered Semiconductor Manufacturing Ltd		246
1,554,645	*	Cisco Systems, Inc		26,616
17,042	*	Comverse Technology, Inc		453
11,200		Cooper Industries Ltd (Class A)		818
28,000	e	Dainippon Screen Manufacturing Co Ltd		234
28,378		Electrolux AB (Series B)		736
60,600		Emerson Electric Co		4,527
7,404,992		EMI Group plc		30,828
8,200	*	Energizer Holdings, Inc		408
11,672,848	e	Ericsson (LM) (B Shs)		40,041
74,000	*	Fairchild Semiconductor International, Inc		1,251
48,600		Fanuc Ltd		4,122
20,763		Fisher & Paykel Appliances Holdings Ltd		49
39,948		Fisher & Paykel Healthcare Corp		103
98,801	*	Flextronics International Ltd		1,031
51,000		Fuji Electric Holdings Co Ltd		270
6,212,800	d	General Electric Co		217,759
4,695		Germanos S.A.		79

149

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
8,000		Harman International Industries, Inc	$	783
490,000		Harris Corp		21,075
12,000		High Tech Computer Corp		225
5,100		Hirose Electric Co Ltd		680
8,585		Hitachi Chemical Co Ltd		227
478,100		Hitachi Ltd		3,220
237,300		Honeywell International, Inc		8,839
71,000		Horiba Ltd		2,045
888,600		Hoya Corp		31,921
482,700	*	Hynix Semiconductor, Inc		16,856
123,100		IBIDEN CO LTD		6,591
125,132	*	Infineon Technologies AG.		1,141
2,332,889		Intel Corp		58,229
7,066		Intracom S.A.		47
408,312	*	JDS Uniphase Corp		964
155,212		Koninklijke Philips Electronics NV		4,806
4,054		Kudelski S.A. (Br)		120
26,700		Kyocera Corp		1,945
36,075		L-3 Communications Holdings, Inc		2,682
11,410	*	LG Electronics, Inc		1,008
43,521		Linear Technology Corp		1,570
51,100	*	LSI Logic Corp		409
5,121,208	*	Lucent Technologies, Inc		13,622
7,400	e	Mabuchi Motor Co Ltd		411
65,376	*	Marvell Technology Group Ltd		3,667
403,700		Matsushita Electric Industrial Co Ltd		7,781
44,000		Matsushita Electric Works Ltd		411
81,083		Maxim Integrated Products, Inc		2,939
212,000		MediaTek, Inc		2,498
28,088		Microchip Technology, Inc		903
159,900	*	Micron Technology, Inc		2,128
3,693	*	Micronas Semiconductor Holdings, Inc		122
28,135		Minebea Co Ltd		150
242,000		Mitsubishi Electric Corp		1,712
2,499,500		Motorola, Inc		56,464
29,200		Murata Manufacturing Co Ltd		1,870
102,300		National Semiconductor Corp		2,658
4,700	e	NEC Electronics Corp		154
44,164	*	Network Appliance, Inc		1,193
103,000	e	NGK Spark Plug Co Ltd		2,225
63,800		Nidec Corp		5,422
102,500		Nitto Denko Corp		7,981
1,623		NKT Holding a/s		74
630,201	e	Nokia Oyj		11,485
944,788	*	Nortel Networks Corp		2,871
390,000	*	Nortel Networks Corp (U.S.)		1,193
93,325	*	Novellus Systems, Inc		2,251
21,042	*	Nvidia Corp		769
39,700		Omron Corp		915
26,298		Onex Corp		426
19,500	e	Pioneer Corp		270
65,000	*	PMC - Sierra, Inc		501

150

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
12,059	*	QLogic Corp	$	392
1,304,338		Qualcomm, Inc		56,191
35,725	*	Research In Motion Ltd		2,347
104,000		Ricoh Co Ltd		1,820
2,963		Rinnai Corp		70
173,000	*	Ritek Corp		58
20,700		Rockwell Collins, Inc		962
27,200		Rohm Co Ltd		2,957
24,032		Samsung Electronics Co Ltd		15,667
23,000		Sanken Electric Co Ltd		371
329,775	*	Sanmina-SCI Corp		1,405
204,000	e	Sanyo Electric Co Ltd		553
27,282		Schneider Electric S.A.		2,425
26,598		Scientific-Atlanta, Inc		1,146
120,300		Sharp Corp		1,829
18,200	*	Silicon Laboratories, Inc		667
228,896	*	Sirius Satellite Radio, Inc		1,534
123,800	e	Sony Corp		5,056
122,700	e	Stanley Electric Co Ltd		1,993
82,751		STMicroelectronics NV		1,481
11,400		Sumco Corp		598
16,000	e	Taiyo Yuden Co Ltd		220
11,534	e	Tandberg ASA		70
1,547,000	*	Tatung Co Ltd		433
17,400		TDK Corp		1,199
46,400		Teleflex, Inc		3,015
36,240	*	Tellabs, Inc		395
99,385		Terna S.p.A.		245
1,048,900		Texas Instruments, Inc		33,638
29,692		Thomson		620
485	e*	Unaxis Holding AG. (Regd)		73
129,767	e	Uniden Corp		2,523
1,384,000		Unimicron Technology Corp		1,955
245		United Microelectronics Corp		0	^
9,252	e	Ushio, Inc		216
7,890		Valeo S.A.		292
73,000		Venture Corp Ltd		606
8,400		Whirlpool Corp		704
959		Wintek Corp		2
45,633		Xilinx, Inc		1,150
22,000	e	Yaskawa Electric Corp		222
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		862,680
ENGINEERING AND MANAGEMENT SERVICES - 0.16%
42,239		Amec plc		249
54,093		Balfour Beatty plc		331
54,905		Capita Group plc		393
51,088	*	Celgene Corp		3,310
22,950		Downer EDI Ltd		121
48,100		Fluor Corp		3,716

151

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
1,700	*	Hewitt Associates, Inc	$	48
26,000		JGC Corp		495
2,923		Meitec Corp		95
98,200		Moody's Corp		6,031
3,300	e	Nichii Gakkan Co		84
50,438		Paychex, Inc		1,923
3,481	*	Punj Lloyd Ltd		54
22,400		Quest Diagnostics, Inc		1,153
2,836		SBM Offshore NV		228
24,293		SembCorp Logistics Ltd		25
38,724		Serco Group plc		209
12,085		SNC-Lavalin Group, Inc		789
475,000	*	STATS ChipPAC Ltd		317
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		19,571
FABRICATED METAL PRODUCTS - 0.16%
72,743	e	Amcor Ltd		399
10,559		Ball Corp		419
60,000	*	Crown Holdings, Inc		1,172
439		Geberit AG. (Regd)		346
81,900		Illinois Tool Works, Inc		7,206
34,000		JS Group Corp		680
32,000		Sanwa Shutter Corp		197
5,995		Ssab Svenskt Stal AB (Series A)		218
1,362,000		Sumitomo Precision Products Co Ltd		8,770
6,111		Takuma Co Ltd		41
13,454		Toyo Seikan Kaisha Ltd		219
		TOTAL FABRICATED METAL PRODUCTS		19,667
FOOD AND KINDRED PRODUCTS - 3.17%
95,000		Ajinomoto Co, Inc		971
168,400		Anheuser-Busch Cos, Inc		7,234
173,700		Archer Daniels Midland Co		4,283
3,600		Ariake Japan Co Ltd		89
49,400		Asahi Breweries Ltd		602
24,200		Bunge Ltd		1,370
294,497		Cadbury Schweppes plc		2,778
44,600		Campbell Soup Co		1,328
3,448		Carlsberg a/s (Class B)		184
11,920		Coca Cola Hellenic Bottling Co S.A.		350
55,838		Coca-Cola Amatil Ltd		316
546,800		Coca-Cola Co		22,042
22,000		Coca-Cola Enterprises, Inc		422
7,200		Coca-Cola West Japan Co Ltd		168
64,200		ConAgra Foods, Inc		1,302
93,400	*	Constellation Brands, Inc (Class A)		2,450
13,347	*	Cott Corp		197
87,624		CSR Ltd		224
4,736		Danisco a/s		361

152

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
2,023,459		Diageo plc	$	29,267
1,593	e	East Asiatic Co Ltd a/s		150
7,008		Ebro Puleva S.A.		116
867,500		General Mills, Inc		42,785
552		Givaudan S.A. (Regd)		373
12,883		Greencore Group plc		51
27,446		Groupe Danone		2,857
42,100		H.J. Heinz Co		1,420
23,695		Heineken NV		748
79,000	*	Hercules, Inc		893
21,500		Hershey Co		1,188
24,100		House Foods Corp		365
8,797		Iaws Group plc		126
810,785	e	InBev NV		35,165
3,800	e	Ito En Ltd		227
181,337		J Sainsbury plc		981
6,398,000		JG Summit Holdings		416
504,000		J-Oil Mills, Inc		2,592
458,695		Kaneka Corp		5,538
20,800		Katokichi Co Ltd		142
30,800		Kellogg Co		1,331
10,847		Kerry Group plc (Class A)		239
29,000		Kibun Food Chemifa Co Ltd		677
55,000		Kikkoman Corp		534
112,700	e	Kirin Brewery Co Ltd		1,313
56,400		Kraft Foods, Inc (Class A)		1,587
384,900		Kuala Lumpur Kepong Bhd		855
9,896		McCormick & Co, Inc (Non-Vote)		306
36,000		Meiji Dairies Corp		182
68,000		Meiji Seika Kaisha Ltd		361
57	*	Molson Coors Brewing Co (Class B) (Canada)		4
189,806		Nestle S.A. (Regd)		56,598
38,000		Nichirei Corp		158
21,000	e	Nippon Meat Packers, Inc		220
45,300		Nisshin Seifun Group, Inc		478
40,700		Nissin Food Products Co Ltd		1,176
206,000		Olam International Ltd		187
23,900		PepsiAmericas, Inc		556
1,495,600		PepsiCo, Inc		88,360
74,182		Pernod-Ricard S.A.		12,898
2,129,000		Petra Foods Ltd		1,383
49,500		Q.P. Corp		441
422,035	e*	Royal Numico NV		17,413
939,566		Sampo Oyj (A Shs)		16,314
38,000	e	Sapporo Holdings Ltd		213
10,113		Saputo, Inc		294
97,500		Sara Lee Corp		1,843
116,002		Scottish & Newcastle plc		969
28,910	e	Suedzucker AG.		676
80,735		Swire Pacific Ltd (A Shs)		725
17,000	e	Takara Holdings, Inc		101
74,549		Tate & Lyle plc		721

153

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
10,000		Toyo Suisan Kaisha Ltd	$	161
27,600		Tyson Foods, Inc (Class A)		472
1,598,000		Universal Robina Corp		588
32,027		Want Want Holdings Ltd		32
16,400		Wrigley (Wm.) Jr Co		1,090
13,600	e	Yakult Honsha Co Ltd		282
27,000		Yamazaki Baking Co Ltd		220
		TOTAL FOOD AND KINDRED PRODUCTS		384,029
FOOD STORES - 0.82%
111,200		Albertson's, Inc		2,374
65,289		Carrefour S.A.		3,048
104,200		Coles Myer Ltd		781
1,315		Colruyt S.A.		181
5,883		Delhaize Group		383
8,000		FamilyMart Co Ltd		271
11,333		George Weston Ltd		837
3,127		Jeronimo Martins SGPS S.A.		47
171,996	*	Koninklijke Ahold NV		1,284
1,884,761	*	Kroger Co		35,584
7,300		Lawson, Inc		301
25,529		Loblaw Cos Ltd		1,232
203,480		Seven & I Holdings Co Ltd		8,706
167,042	*	Starbucks Corp		5,013
6,417,687		Tesco plc		36,523
507		Valora Holding AG.		98
16,776		Whole Foods Market, Inc		1,298
99,202	e	Woolworths Ltd		1,226
		TOTAL FOOD STORES		99,187
FORESTRY - 0.03%
48,000		Weyerhaeuser Co		3,184
		TOTAL FORESTRY		3,184
FURNITURE AND FIXTURES - 0.05%
8,400		Hillenbrand Industries, Inc		415
23,500		Johnson Controls, Inc		1,713
18,700		Leggett & Platt, Inc		429
55,800		Masco Corp		1,685
49,258		MFI Furniture plc		68
4,011		Neopost S.A.		401
33,000		Newell Rubbermaid, Inc		785
		TOTAL FURNITURE AND FIXTURES		5,496

154

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
FURNITURE AND HOMEFURNISHINGS STORES - 0.29%
368,024	*	Bed Bath & Beyond, Inc	$	13,304
126,650		Best Buy Co, Inc		5,507
78,800	e	Culture Convenience Club Co Ltd		3,238
246,733		DSG International plc		694
67,302		Kesa Electricals plc		300
5,700	*	Mohawk Industries, Inc		496
1,545		Nitori Co Ltd		144
14,100		RadioShack Corp		296
6,700		Shimachu Co Ltd		203
388	*	Waterford Wedgwood plc (Units)		0	^
12,400	*	Williams-Sonoma, Inc		535
79,900	e	Yamada Denki Co Ltd		9,992
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		34,709
GENERAL BUILDING CONTRACTORS - 0.96%
40,747		Barratt Developments plc		690
15,300		Beazer Homes USA, Inc		1,114
22,205		Bellway plc		430
13,694	*	Berkeley Group Holdings plc		261
281,800		Centex Corp		20,146
44,419		CRH plc		1,301
10,000		Daito Trust Construction Co Ltd		517
67,000		Daiwa House Industry Co Ltd		1,047
593,366		DR Horton, Inc		21,201
50,117		George Wimpey plc		413
884,000	e*	Haseko Corp		3,408
7,977		Hellenic Technodomiki Tev S.A.		51
13,545	e	Hochtief AG.		604
3,177	e	Imerys S.A.		229
861,600	e	Kajima Corp		4,949
17,800		KB Home		1,293
11,293		Leighton Holdings Ltd		148
36,900		Lennar Corp (Class A)		2,252
237,000		New World Development Ltd		326
2,100	*	NVR, Inc		1,474
1,750,000		Obayashi Corp		12,884
40,622		Persimmon plc		877
48,900		Pulte Homes, Inc		1,925
37,982		Sekisui Chemical Co Ltd		257
93,000		Sekisui House Ltd		1,169
1,666,000		Shanghai Forte Land Co		569
74,000		Shimizu Corp		544
7,184,300	e	Taisei Corp		32,565
97,341		Taylor Woodrow plc		636
6,583		Technical Olympic S.A.		37
4,756		Titan Cement Co S.A.		194
26,000		Toda Corp		143
34,600	*	Toll Brothers, Inc		1,199
6,400	*	William Lyon Homes, Inc		646

155

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
5,146		YIT-Yhtyma Oyj	$	219
		TOTAL GENERAL BUILDING CONTRACTORS		115,718
GENERAL MERCHANDISE STORES - 1.02%
82,100		Aeon Co Ltd		2,087
123,482		Costco Wholesale Corp		6,109
27,000		Daimaru, Inc		389
62,300		Dollar General Corp		1,188
13,900		Family Dollar Stores, Inc		345
58,698		Federated Department Stores, Inc		3,893
14,000		Hankyu Department Stores, Inc		122
16,122	e	Hudson's Bay Co		204
21,790	*	Hyundai Department Store Co Ltd		1,845
284,200		Isetan Co Ltd		6,056
93,000		JC Penney Co, Inc		5,171
81,000		Keio Electric Railway Co Ltd		484
307,693		Kingfisher plc		1,253
209,000	e	Kintetsu Corp		836
207,471		Marks & Spencer Group plc		1,799
40,000	e	Marui Co Ltd		785
55,000	e	Mitsukoshi Ltd		359
271,088	e	Pinault-Printemps-Redoute S.A.		30,425
2,635	*	Shinsegae Co Ltd		1,155
74,541	v*	Sonae SGPS S.A.		35
74,541		Sonae SPGS S.A.		104
36,000	e	Takashimaya Co Ltd		575
208,933		Target Corp		11,485
165,700		TJX Cos, Inc		3,849
20,000		UNY Co Ltd		315
898,996		Wal-Mart Stores, Inc		42,073
11,389		Warehouse Group Ltd		27
		TOTAL GENERAL MERCHANDISE STORES		122,968
HEALTH SERVICES - 1.75%
664,000		AmerisourceBergen Corp		27,490
62,939	*	Capio AB		1,119
477,300	*	Caremark Rx, Inc		24,719
3,239	e	Coloplast a/s (B Shs)		200
78,700	*	Coventry Health Care, Inc		4,483
24,700	*	DaVita, Inc		1,251
498,736	e	DCA Group Ltd		1,456
240,846	*	Express Scripts, Inc		20,183
61,000		Fraser and Neave Ltd		679
11,558	e	Fresenius Medical Care AG.		1,213
11,791		Gambro AB		128
22,274		Gambro AB		243
19,195	e	Getinge AB (B Shs)		264
818,800		HCA, Inc		41,349

156

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
1,710,800		Health Management Associates, Inc (Class A)	$	37,569
13,131		Intertek Group plc		157
34,500	*	Kindred Healthcare, Inc		889
17,100	*	Laboratory Corp of America Holdings		921
909,500	*	Lincare Holdings, Inc		38,117
31,292		MDS, Inc		539
54,000	*	Medco Health Solutions, Inc		3,013
1,159,000		Parkway Holdings Ltd		1,471
135,043		Sonic Healthcare Ltd		1,466
1,127		Straumann Holding AG.		260
208,500	*	Tenet Healthcare Corp		1,597
24,600	*	Triad Hospitals, Inc		965
10,000		Universal Health Services, Inc (Class B)		468
		TOTAL HEALTH SERVICES		212,209
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.86%
18,185		Abertis Infraestructuras S.A.		456
20,458		ACS Actividades Cons y Servicios S.A.		657
8,231	*	Autoroutes du Sud de La France		486
41,896	e	Bouygues S.A.		2,041
264,000		Chiyoda Corp		6,062
3,785		Fomento de Construcciones y Contratas S.A.		214
5,228		Grupo Ferrovial S.A.		361
52,055		Multiplex Group		120
39,000	e	Nishimatsu Construction Co Ltd		160
26,000		Okumura Corp		146
37,169		Skanska AB (B Shs)		565
147	v*	Sociedad General de Aguas de Barcelona S.A. (Class A)		3
2,019	*	Societe des Autoroutes du Nord et de l'Est de la France		136
555,000	e	Tokyu Corp		3,922
72,207	e	Transurban Group		349
1,029,093	e	Vinci S.A.		88,187
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		103,865
HOLDING AND OTHER INVESTMENT OFFICES - 1.09%
83,122		3i Group plc		1,209
415,900		Allied Capital Corp		12,215
35,000		American Home Mortgage Investment Corp		1,140
95,587		Amvescap plc		725
9,200		Apartment Investment & Management Co (Class A)		348
26,800		Archstone-Smith Trust		1,123
9,300		AvalonBay Communities, Inc		830
21,000		Boston Properties, Inc		1,557
51,583	e	Brookfield Asset Management, Inc		2,588
432,800		CapitaMall Trust		583
135,265		CFS Gandel Retail Trust		198
2,171	v	CFS Gandel Retail Trust		3
3,718,000		Cheung Kong Infrastructure Holdings Ltd		11,700

157

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
636,000		China Merchants Holdings International Co Ltd	$	1,382
34,724		CI Financial, Inc		743
182,930		Commonwealth Property Office Fund		171
8,849		Crescent Real Estate Equities Co		175
75,000		Deerfield Triarc Capital Corp		1,028
10,600		Developers Diversified Realty Corp		498
15,972		Duke Realty Corp		533
106,100		Equity Office Properties Trust		3,218
68,200		Equity Residential		2,668
6,368		Fabege AB		121
94,920		General Growth Properties, Inc		4,460
154,329		GPT Group		464
59,690		Great Portland Estates plc		440
130,127		Groupe Bruxelles Lambert S.A.		12,717
43,802	e	Harvey Norman Holdings Ltd		94
12,400		Health Care Property Investors, Inc		317
52,061		Hopewell Holdings		131
41,300		Host Marriott Corp		783
95,378		ING Industrial Fund		156
36,400		iStar Financial, Inc		1,298
4,100		Jafco Co Ltd		366
124		Japan Prime Realty Investment Corp		348
46		Japan Real Estate Investment Corp		379
50		Japan Retail Fund Investment Corp		388
65,000		JFE Holdings, Inc		2,181
20,500		Kimco Realty Corp		658
63,100		Kiwi Income Property Trust		55
41,315		KKR Financial Corp		991
73,868		Land Securities Group plc		2,109
16,500		Liberty Property Trust		707
32,912		London Stock Exchange plc		350
28,479		LVMH Moet Hennessy Louis Vuitton S.A.		2,521
6,000		Macerich Co		403
24,600		Mack-Cali Realty Corp		1,063
29,519		Macquarie Communications Infrastructure Group		123
1,441,064		Macquarie Infrastructure Group		3,763
39,755		Man Group plc		1,304
11,875	*	Meinl European Land Ltd		209
29,600		Newcastle Investment Corp		736
53	e	Nippon Building Fund, Inc		447
3,076		Nobel Biocare Holding AG.		674
5,092,534		Noble Group Ltd		3,920
14		Nomura Real Estate Office Fund, Inc		100
10		NTT Urban Development Corp		66
24,800		Plum Creek Timber Co, Inc		894
39,000		Prologis		1,822
5,402		PSP Swiss Property AG.		234
32,100		Public Storage, Inc		2,174
9,093		Sacyr Vallehermoso S.A.		221
93,039	e	SCOR		200
36,700		Simon Property Group, Inc		2,812
2,841,000		SM Prime Holdings		423

158

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
123,900	e	Softbank Corp	$	5,228
6,083	v	Stockland		29
106,009		Stockland Trust Group		505
513,000		Suntec Real Estate Investment Trust		333
903,600	*	Telewest Global, Inc		21,524
73,200		Trizec Properties, Inc		1,678
48,300		Vornado Realty Trust		4,032
130,000		Wharf Holdings Ltd		459
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		132,045
HOTELS AND OTHER LODGING PLACES - 0.60%
638,641		Accor S.A.		34,999
15,800		Choice Hotels International, Inc		660
16,272	e*	Fairmont Hotels & Resorts, Inc		685
5,243		Four Seasons Hotels, Inc		260
240,700		Genting Bhd		1,363
45,600		Hilton Hotels Corp		1,099
1,590,500		Hongkong & Shanghai Hotels		1,744
853,478		Hyatt Regency S.A.		10,752
54,733		Intercontinental Hotels Group plc		789
24,100		Marriott International, Inc (Class A)		1,614
16,000	*	MGM Mirage		587
8,668,400		Minor International PCL		1,364
6,435		NH Hoteles S.A.		100
158,000		Overseas Union Enterprise Ltd		1,036
1,236,000		Shangri-La Asia Ltd		2,064
52,400		Starwood Hotels & Resorts Worldwide, Inc		3,346
863,392		TABCORP Holdings Ltd		9,861
302,200		United Overseas Land Ltd		456
6,200	*	Wynn Resorts Ltd		340
		TOTAL HOTELS AND OTHER LODGING PLACES		73,119
INDUSTRIAL MACHINERY AND EQUIPMENT - 3.40%
174,350		3M Co		13,512
246,563	*	ABB Ltd		2,385
4,993,000		Acer, Inc		12,542
7,862		Alfa Laval AB		170
43,000		Amada Co Ltd		379
5,155		Amano Corp		98
93,000		American Standard Cos, Inc		3,715
754		Andritz AG.		83
256,007	*	Apple Computer, Inc		18,404
1,929,679		Applied Materials, Inc		34,618
14,359		ASM Pacific Technology Ltd		81
27,808		Atlas Copco AB (A Shares)		618
20,703		Atlas Copco AB (B Shares)		412
41,400		Black & Decker Corp		3,600
103,500		Canon, Inc		6,051

159

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
24,200	e	Casio Computer Co Ltd	$	405
86,600		Caterpillar, Inc		5,003
7,755		CDW Corp		446
511		Chi Mei Optoelectronics Corp		1
188,457	e	Citizen Watch Co Ltd		1,565
517,000		Compal Electronics, Inc		466
147,371	*	Cooper Cameron Corp		6,101
31,600		Daikin Industries Ltd		924
82,500		Deere & Co		5,619
1,118,837	*	Dell, Inc		33,554
68,400		Dover Corp		2,770
471,317	*	Dresser-Rand Group, Inc		11,396
73,600		Eaton Corp		4,938
35,000	e	Ebara Corp		189
1,645,700	*	EMC Corp		22,414
81,400	*	Emulex Corp		1,611
143,300		Fuji Photo Film Co Ltd		4,735
7,800		Glory Ltd		132
14,820		Heidelberger Druckmaschinen		565
2,038,058		Hewlett-Packard Co		58,350
20,400	e	Hikari Tsushin, Inc		1,918
11,700	e	Hitachi Construction Machinery Co Ltd		273
45,967		IMI plc		397
86,600		Ingersoll-Rand Co Ltd		3,496
553,120	d	International Business Machines Corp		45,466
72,600		International Game Technology		2,235
1,425,000		Inventec Co Ltd		961
1,095,000	e*	Ishikawajima-Harima Heavy Industries Co Ltd		3,460
4,500		Itochu Techno-Science Corp		215
55,100	*	Jabil Circuit, Inc		2,044
3,476,000		Japan Steel Works Ltd		19,260
457,000		Komatsu Ltd		7,554
4,849		Komori Corp		89
74,100		Konica Minolta Holdings, Inc		754
580,000		Kubota Corp		4,870
15,000	e	Kurita Water Industries Ltd		285
43,484	*	Lam Research Corp		1,552
15,400	*	Lexmark International, Inc		690
8,306	e*	Logitech International S.A. (Regd)		389
19,500		Makita Corp		479
54,817		Meggitt plc		341
11,174		Metso Oyj		305
388,000		Mitsubishi Heavy Industries Ltd		1,709
86,000	e	Mitsui Engineering & Shipbuilding Co Ltd		280
9,900	e	Mitsumi Electric Co Ltd		112
63,200		Modec, Inc		1,992
255,000	e	Nippon Electric Glass Co Ltd		5,563
49,000	e	NTN Corp		387
6,505		OCE NV		94
65,900	e	Oki Electric Industry Co Ltd		241
119,600		Pall Corp		3,212
49,100		Parker Hannifin Corp		3,239

160

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
8,900		Pentair, Inc	$	307
409,000		Quanta Computer, Inc		574
22,700		Rockwell Automation, Inc		1,343
15,424,788		Rolls-Royce Group plc		27
54,372	e	Safran S.A.		1,296
60,381	*	SanDisk Corp		3,793
20,810		Sandvik AB		968
9,299		Scania AB		336
174,600		Seagate Technology		3,490
26,262	v*	Seagate Technology, Inc (Escrow)		0	^
19,300		Seiko Epson Corp		485
2,414,000	*	Shanghai Electric Group Co Ltd		825
514		SIG Holding AG.		112
32,750		SKF AB		459
31,800		SMC Corp		4,540
19,328		Smith International, Inc		717
432,000	*	Solectron Corp		1,581
9,700		SPX Corp		444
10,000		Stanley Works		480
427		Sulzer AG. (Regd)		226
68,000		Sumitomo Heavy Industries Ltd		570
30,400		Symbol Technologies, Inc		390
67,231		Technip S.A.		4,029
98,000		Techtronic Industries Co		233
9,100	e	THK Co Ltd		238
62,300		Tokyo Electron Ltd		3,911
14,782	e	Tomra Systems ASA		106
798,000	e	Toshiba Corp		4,760
21,000		Toyota Tsusho Corp		477
17,500	*	Varian Medical Systems, Inc		881
21,102	e*	Vestas Wind Systems a/s		345
5,895	e	Wartsila Oyj (B Shs)		174
5,724		Wincor Nixdorf AG.		603
37,000	e	Yokogawa Electric Corp		630
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		411,064
INSTRUMENTS AND RELATED PRODUCTS - 3.23%
146,100	e	Advantest Corp		14,718
10,900	*	Affymetrix, Inc		520
898,500	*	Agilent Technologies, Inc		29,911
11,000		Allergan, Inc		1,188
7,953		Anritsu Corp		45
120,700		Applera Corp (Applied Biosystems Group)		3,206
13,800		Bard (C.R.), Inc		910
6,700		Bausch & Lomb, Inc		455
190,500		Baxter International, Inc		7,172
13,800		Beckman Coulter, Inc		785
94,500		Becton Dickinson & Co		5,678
31,174		Biomet, Inc		1,140
1,835,500	*	Boston Scientific Corp		44,951

161

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
25,636		Cochlear Ltd	$	860
31,400		Cooper Cos, Inc		1,611
61,000		Danaher Corp		3,403
13,257		Dentsply International, Inc		712
36,000		Eastman Kodak Co		842
11,886		Elekta AB		176
1,220,613	e	Finmeccanica S.p.A.		23,540
37,800	*	Fisher Scientific International, Inc		2,338
27,784		GN Store Nord		362
71,400		Guidant Corp		4,623
665,917	*	Invensys plc		212
1,498,607		Johnson & Johnson		90,066
18,051		Keyence Corp		5,131
27,090		Kla-Tencor Corp		1,336
11,345		Luxottica Group S.p.A.		287
794,200		Medtronic, Inc		45,722
129,000	e	Nikon Corp		2,034
400,943	e	Olympus Corp		10,531
455,000		Optimax Technology Corp		777
15,718,000		PCCW Ltd		9,680
6,103		Phonak Holding AG.		262
336,600		Pitney Bowes, Inc		14,221
17,741	e*	Qiagen NV		208
150,829		Smith & Nephew plc		1,387
80,000	*	St. Jude Medical, Inc		4,016
34,300		Stryker Corp		1,524
3,690		Swatch Group AG. (Br)		546
5,201		Synthes, Inc		583
24,300	*	Teradyne, Inc		354
162,200		Terumo Corp		4,796
798,400	*	Thermo Electron Corp		24,056
466,774	*	TomTom		15,967
38,400	*	Waters Corp		1,452
6,824	e*	William Demant Holding		376
280,400	*	Xerox Corp		4,108
32,700	*	Zimmer Holdings, Inc		2,205
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		390,983
INSURANCE AGENTS, BROKERS AND SERVICE - 0.43%
892,725		AON Corp		32,094
38,100		Hartford Financial Services Group, Inc		3,272
200		Hilb Rogal & Hobbs Co		8
241,500		Marsh & McLennan Cos, Inc		7,670
37,542		MLP AG.		776
83		Promina Group Ltd		0	^
350,707	e	QBE Insurance Group Ltd		5,042
229,557		Suncorp-Metway Ltd		3,376
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		52,238

162

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
INSURANCE CARRIERS - 6.96%
86,700		ACE Ltd	$	4,633
122,900		Aetna, Inc		11,591
523,266		Aflac, Inc		24,290
35,049		Alleanza Assicurazioni S.p.A		432
388,424	e	Allianz AG. (Regd)		58,618
101,800		Allstate Corp		5,504
13,900		Ambac Financial Group, Inc		1,071
1,310,822		American International Group, Inc		89,437
18,700		AmerUs Group Co		1,060
550,008	e	AMP Ltd		3,103
50,000		Aspen Insurance Holdings Ltd		1,183
113,570	e	Assicurazioni Generali S.p.A.		3,955
307,872		Aviva plc		3,726
466,363		AXA Asia Pacific Holdings Ltd		1,738
721,163	e	AXA S.A.		23,189
258,741		Challenger Financial Services Group Ltd		769
397,400		Chubb Corp		38,806
36,000		Cigna Corp		4,021
20,221		Cincinnati Financial Corp		903
21	*	CNA Financial Corp		1
2,871		CNP Assurances		226
8,904		Corp Mapfre S.A.		146
972,190	e	Credit Suisse Group		49,423
8,000		Everest Re Group Ltd		803
4,126	e	Fairfax Financial Holdings Ltd		593
371,771		FBD Holdings plc		16,076
514,500		Fidelity National Financial, Inc		18,928
1,265		Fidelity National Title Group, Inc		31
10,600		First American Corp		480
269,809		Friends Provident plc		878
1,187,957		Genworth Financial, Inc		41,079
55,899	e	Great-West Lifeco, Inc		1,469
19,000		HCC Insurance Holdings, Inc		564
55,000	*	Health Net, Inc		2,835
1,876,889		ING Groep NV		64,867
132,082		Insurance Australia Group Ltd		525
39,854		IPC Holdings Ltd		1,091
22,391		Irish Life & Permanent plc		456
29,900		Jefferson-Pilot Corp		1,702
181,883		KBC Groep NV		16,874
70,800		Lincoln National Corp		3,755
50,300		Loews Corp		4,771
189,085	e	Manulife Financial Corp		11,051
225,037		MBIA, Inc		13,538
21,724	e	Mediolanum S.p.A.		143
845,275		Metlife, Inc		41,418
207,600		MGIC Investment Corp		13,664
364		Millea Holdings, Inc		6,260
393,500		Mitsui Sumitomo Insurance Co Ltd		4,811
27,481		Muenchener Rueckver AG. (Regd)		3,708
22,800		Old Republic International Corp		599

163

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
37,000		PartnerRe Ltd	$	2,430
29,930		Platinum Underwriters Holdings Ltd		930
12,000		PMI Group, Inc		493
70,509	e	Power Corp Of Canada		1,911
53,769	e	Power Financial Corp		1,537
40,800		Principal Financial Group		1,935
24,100		Progressive Corp		2,814
618,200		Prudential Financial, Inc		45,246
1,888,118		Prudential plc		17,828
141,700		Radian Group, Inc		8,302
11,687		RenaissanceRe Holdings Ltd		515
29,568		Resolution plc		329
384,852		Royal & Sun Alliance Insurance Group plc		831
16,418		Safeco Corp		928
8,508		Samsung Fire & Marine Insurance Co Ltd		1,077
607		Schindler Holding AG. (Pt Cert)		240
273,696	e	Skandia Forsakrings AB		1,637
108,000		Sompo Japan Insurance, Inc		1,459
1,067,501		St. Paul Travelers Cos, Inc		47,685
47,296		Storebrand ASA		407
128,878	e	Sun Life Financial, Inc		5,156
38,578	e	Swiss Reinsurance Co (Regd)		2,816
41,500		T&D Holdings, Inc		2,750
2,333	*	Topdanmark a/s		202
12,000		Torchmark Corp		667
323,490		UnitedHealth Group, Inc		20,102
87,400		UnumProvident Corp		1,988
59,200		W.R. Berkley Corp		2,819
739,651	*	WellPoint, Inc		59,017
20,600		XL Capital Ltd (Class A)		1,388
45,900		Zenith National Insurance Corp		2,117
17,913	e	Zurich Financial Services AG.		3,806
		TOTAL INSURANCE CARRIERS		842,156
LEATHER AND LEATHER PRODUCTS - 0.24%
133,508		Adidas-Salomon AG.		25,197
117,200	*	Coach, Inc		3,908
1,000		Hermes International		249
40,249		Yue Yuen Industrial Holdings		112
		TOTAL LEATHER AND LEATHER PRODUCTS		29,466
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.02%
27,332		Brisa-Auto Estradas de Portugal S.A.		231
331,000		ComfortDelgro Corp Ltd		318
83,000	e	Keihin Electric Express Railway Co Ltd		654
41,000	e	Keisei Electric Railway Co Ltd		280
541,000		SMRT Corp Ltd		351
142,000	e	Tobu Railway Co Ltd		744
		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		2,578

164

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
LUMBER AND WOOD PRODUCTS - 0.00% **
20,026	*	Canfor Corp	$	230
		TOTAL LUMBER AND WOOD PRODUCTS		230
METAL MINING - 0.92%
19,810		Agnico-Eagle Mines Ltd		390
96,395		Alumina Ltd		525
2,438,000	*	Atlas Consolidated Mining & Development		267
115,498	e	Barrick Gold Corp (New York)		3,204
1,045	*	Barrick Gold Corp (U.S.)		29
45,140		Cameco Corp		2,851
64,594	e	Falconbridge Ltd		1,908
182,800		Freeport-McMoRan Copper & Gold, Inc (Class A)		9,835
32,916	*	Glamis Gold Ltd		901
74,015	e	Goldcorp, Inc		1,641
19,290		Iluka Resources Ltd		111
303,189	*	Inco Ltd		13,107
48,000	e*	Inco Ltd		2,091
55,181	*	Ivanhoe Mines Ltd		394
143,008	e	Jubilee Mines NL		789
86,424	*	Kinross Gold Corp		795
22,040	*	Meridian Gold, Inc		481
32,200	*	MMC Norilsk Nickel		3,059
7,200	*	MMC Norilsk Nickel (ADR)		683
32,913		Newcrest Mining Ltd		587
536,000		Newmont Mining Corp		28,622
233,439	*	Paladin Resources Ltd		338
48,300		Phelps Dodge Corp		6,949
102,287	*	Placer Dome, Inc		2,331
23,529	e	Rio Tinto Ltd		1,191
437,402		Rio Tinto plc		19,937
45,028	e	Teck Cominco Ltd (Class B)		2,392
2,003		Umicore		235
2,760,000		Zijin Mining Group Co Ltd (Class H)		1,219
799,944		Zinifex Ltd		4,037
		TOTAL METAL MINING		110,899
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.32%
3,191		Aderans Co Ltd		96
5,915	e	Amer Sports Oyj		110
458,145		Anglo American plc		15,565
254,972	e	Aristocrat Leisure Ltd		2,304
12,321		Bulgari S.p.A.		137
16,600		Fortune Brands, Inc		1,295
34,200		Hasbro, Inc		690
41,600		Mattel, Inc		658
80,950	e	Namco Bandai Holdings, Inc		1,183
15,500		Nintendo Co Ltd		1,871

165

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
1,300		Sankyo Co Ltd	$	75
498,270		Tyco International Ltd		14,380
22,500		Yamaha Corp		374
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		38,738
MISCELLANEOUS RETAIL - 1.19%
46,372	*	Amazon.com, Inc		2,186
109,900		Barnes & Noble, Inc		4,689
5,900		Circle K Sunkus Co Ltd		150
568,623		Compagnie Financiere Richemont AG. (Units) (A Shs)		24,679
176,000		CVS Corp		4,650
6,660		DCC plc		142
1,206,500		Dickson Concepts International Ltd		1,649
17,333		Douglas Holding AG.		664
1,364		Folli-Follie S.A. (Regd)		36
110,507		GUS plc		1,958
1,527		Hellenic Duty Free Shops S.A.		27
51,144		HMV Group plc		159
178,028		Hutchison Whampoa Ltd		1,696
120	e	Index Corp		218
30,482		Jean Coutu Group, Inc		365
2,447,912	e*	KarstadtQuelle AG.		37,046
803,000		Lifestyle International Holdings Ltd		1,119
12,700		Longs Drug Stores Corp		462
3,399		Matsumotokiyoshi Co Ltd		107
90,600		Michaels Stores, Inc		3,204
842,143		Next plc		22,192
100,000		Nippon Mining Holdings, Inc		711
130,100	*	Office Depot, Inc		4,085
261,588		Origin Energy Ltd		1,441
66,470		Pacific Brands Ltd		130
1,749,000		Pertama Holdings Ltd		352
18,923		Petsmart, Inc		486
2,900		Ryohin Keikaku Co Ltd		253
43,191	*	Sears Holdings Corp		4,990
42,226		Shoppers Drug Mart Corp		1,590
220,887		Signet Group plc		408
183,268		Staples, Inc		4,162
57,000		Sundrug Co Ltd		3,120
19,100		Tiffany & Co		731
232,900		Walgreen Co		10,308
74,700		Xebio Co Ltd		3,899
		TOTAL MISCELLANEOUS RETAIL		144,064
MOTION PICTURES - 0.95%
1,162,852	*	CBS Corp		37,909
49,600	*	Discovery Holding Co (Class A)		751
36,200	*	DreamWorks Animation SKG, Inc (Class A)		889

166

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
577,199		News Corp (Class A)	$	8,976
197,400		News Corp (Class B)		3,279
20,414	*	Premiere AG.		356
1,243,700		Time Warner, Inc		21,690
18,900		Toho Co Ltd		423
1,693,300		Walt Disney Co		40,588
		TOTAL MOTION PICTURES		114,861
NONDEPOSITORY INSTITUTIONS - 3.62%
9,420		Acom Co Ltd		605
173,244		Aegon NV		2,810
182,800		Aeon Credit Service Co Ltd		17,284
473,000		Aeon Thana Sinsap Thailand PCL (foreign)		389
46,750		Aiful Corp		3,901
1,560,500		American Express Co		80,303
839,400		Bursa Malaysia Bhd		813
751,572		Capital One Financial Corp		64,936
41,703		Cattles plc		236
26,800		CIT Group, Inc		1,388
13,000	*	CompuCredit Corp		500
98,620		Countrywide Financial Corp		3,372
105,200		Credit Saison Co Ltd		5,250
3,590		D Carnegie AB		53
596,600	e	Deutsche Postbank AG.		34,482
1,346,200		Fannie Mae		65,708
831,760		Freddie Mac		54,356
7,600		Hitachi Capital Corp		151
271,000		Hong Leong Finance Ltd		590
858,390		Hypo Real Estate Holding AG.		44,530
61,818		ICAP plc		430
622,075		IGM Financial, Inc		24,560
146,000		Japan Securities Finance Co Ltd		1,680
31,120	*	LG Card Co Ltd		1,555
344,760		MBNA Corp		9,360
1,306,000		Nissin Co Ltd		3,198
149,400		OMC Card, Inc		3,202
3,336		Perpetual Trustees Australia Ltd		166
11,550		Promise Co Ltd		768
45,414		Provident Financial plc		427
10,990	e	SFCG Co Ltd		2,654
11,239		SFE Corp Ltd		114
52,700		SLM Corp		2,903
365,240		SM Investments Corp		1,653
56,990		Takefuji Corp		3,868
		TOTAL NONDEPOSITORY INSTITUTIONS		438,195
NONMETALLIC MINERALS, EXCEPT FUELS - 0.05%
10,775		Aber Diamond Corp		396

167

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
200,000		Itochu Corp	$	1,668
395,301	*	Kimberley Diamond Co NL		403
5,257	e	Solvay S.A.		577
42,025		Vulcan Materials Co		2,847
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		5,891
OIL AND GAS EXTRACTION - 2.84%
399,800	*	Aker Kvaerner ASA		24,474
28,700		Anadarko Petroleum Corp		2,719
52,000		Apache Corp		3,563
77,800		Baker Hughes, Inc		4,729
7,653,756		BG Group plc		75,487
34,000		BJ Services Co		1,247
111,977		Burlington Resources, Inc		9,652
126,529		Canadian Natural Resources Ltd		6,242
40,100		Chesapeake Energy Corp		1,272
121,500		Devon Energy Corp		7,599
211,651	e	EnCana Corp		9,523
15,500		ENSCO International, Inc		687
9,638		Equitable Resources, Inc		353
17,600	*	Forest Oil Corp		802
49,228		Gazprom (Spon ADR)		3,530
78,200		GlobalSantaFe Corp		3,765
107,400		Halliburton Co		6,654
27,997	e	Husky Energy, Inc		1,414
533		INPEX Corp		4,741
23,555		Kerr-McGee Corp		2,140
18,259	*	Lundin Petroleum AB		193
17,400	*	Nabors Industries Ltd		1,318
75,800	*	National Oilwell Varco, Inc		4,753
10,618	*	Neste Oil Oyj		299
68,100	*	Newfield Exploration Co		3,410
56,803	*	Nexen, Inc		2,695
59,400		Noble Corp		4,190
132,500		Noble Energy, Inc		5,340
127,800		Occidental Petroleum Corp		10,209
474,100		Oil & Natural Gas Corp Ltd		12,369
658,363		Oil Search Ltd		1,782
82,182		Patterson-UTI Energy, Inc		2,708
113,453		Petro-Canada		4,531
2,458,000		PetroChina Co Ltd (Class H)		2,013
223,000		Petroleo Brasileiro S.A. (ADR)		15,893
7,285	e*	Petroleum Geo-Services ASA		224
17,800		Pioneer Natural Resources Co		913
86,000	*	Pride International, Inc		2,645
3,450	e	ProSafe ASA		146
65,300		PTT Exploration & Production PCL		752
9,112		Rowan Cos, Inc		325
191,672	e	Saipem S.p.A.		3,133
48,981		Santos Ltd		440

168

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
92,200		Schlumberger Ltd	$	8,957
192,600		Scomi Group Bhd		51
40,000		Singapore Petroleum Co Ltd		114
134,542	e	Smedvig ASA		3,914
28,400	*	Southwestern Energy Co		1,021
36,110	*	Stolt Offshore S.A.		419
80,087		Talisman Energy, Inc		4,223
27,000	e	Teikoku Oil Co Ltd		353
1,078,100		Thai Oil PCL		1,670
13,000		Todco		495
146,180	e	Total S.A.		36,589
97,800	*	Transocean, Inc		6,816
19,300	*	Ultra Petroleum Corp		1,077
86,600	*	Veritas DGC, Inc		3,073
34,681	e*	Weatherford International Ltd		1,255
157,669		Woodside Petroleum Ltd		4,533
17,637,200		Xinao Gas Holdings Ltd		13,989
104,339		XTO Energy, Inc		4,585
		TOTAL OIL AND GAS EXTRACTION		344,008
PAPER AND ALLIED PRODUCTS - 0.19%
87,310	e	Abitibi-Consolidated, Inc (Canada)		348
4,410	e	Billerud AB		58
59,444		Bunzl plc		651
43,139	*	Domtar, Inc		248
4,374		Holmen AB (B Shs)		144
51,300		International Paper Co		1,724
148,600		Kimberly-Clark Corp		8,864
7,322		Kokuyo Co Ltd		109
348		Mayr-Melnhof Karton AG.		49
17,200		MeadWestvaco Corp		482
78		Nippon Paper Group, Inc		312
13,390	e	Norske Skogindustrier ASA		212
71,500	e	OJI Paper Co Ltd		422
12,000		Packaging Corp of America		275
36,951	e	PaperlinX Ltd		104
155,400		Sanrio Co Ltd		2,466
21,131	*	Smurfit-Stone Container Corp		299
59,962	e	Stora Enso Oyj (R Shs)		809
16,118		Svenska Cellulosa AB (B Shs)		602
70,100		Temple-Inland, Inc		3,144
5,600	e	Uni-Charm Corp		252
58,214		UPM-Kymmene Oyj		1,137
		TOTAL PAPER AND ALLIED PRODUCTS		22,711
PERSONAL SERVICES - 0.02%
11,903		Cintas Corp		490
13,996		Davis Service Group plc		116

169

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
57,100		H&R Block, Inc	$	1,402
11,000	*	Weight Watchers International, Inc		544
		TOTAL PERSONAL SERVICES		2,552
PETROLEUM AND COAL PRODUCTS - 5.08%
7,700		Amerada Hess Corp		977
3,803,792		BP plc		40,422
263,836		BP plc (Spon ADR)		16,944
1,696,102		Chevron Corp		96,288
194,100		ConocoPhillips		11,293
310,601		ENI S.p.A.		8,584
52,300		EOG Resources, Inc		3,837
3,490,994	d	Exxon Mobil Corp		196,089
2,694,393		Fortum Oyj		50,342
69,914		Futuris Corp Ltd		99
8,856		Hellenic Petroleum S.A.		124
26,416		Imperial Oil Ltd		2,610
109,300		Marathon Oil Corp		6,664
19,773		OMV AG.		1,154
72,619		Premier Farnell plc		215
177,400		PTT PCL		978
75,837		Repsol YPF S.A.		2,207
2,927,997		Royal Dutch Shell plc (A Shares)		89,022
1,458,280		Royal Dutch Shell plc (B Shares)		46,515
45,523	e	Shell Canada Ltd (U.S.)		1,639
21,800		Showa Shell Sekiyu KK		260
80,895	e	Statoil ASA		1,852
105,183		Suncor Energy, Inc		6,602
26,900		Sunoco, Inc		2,108
38,200	e	TonenGeneral Sekiyu KK		410
534,426		Valero Energy Corp		27,576
		TOTAL PETROLEUM AND COAL PRODUCTS		614,811
PIPELINES, EXCEPT NATURAL GAS - 0.03%
105,827	e	TransCanada Corp		3,320
		TOTAL PIPELINES, EXCEPT NATURAL GAS		3,320
PRIMARY METAL INDUSTRIES - 1.25%
15,045		Acerinox S.A.		218
82,943	*	Alcan, Inc (Paris)		3,391
105,700		Alcoa, Inc		3,126
8,624		Algoma Steel, Inc		174
487,876		Arcelor		12,056
1,156		Bekaert S.A.		108
1,477,002		BHP Billiton plc		24,076
70,991		BlueScope Steel Ltd		363

170

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
845		Boehler-Uddeholm AG.	$	142
800		China Steel Corp		1
335,000	*	Corning, Inc		6,586
565,069		Corus Group plc		572
29,217		Daido Steel Co Ltd		279
16,669	e	Dofasco, Inc		927
34,000		Dowa Mining Co Ltd		368
26,490		Fujikura Ltd		215
4,850,000	e	Furukawa Electric Co Ltd		37,886
13,941		Hitachi Cable Ltd		65
2,260		Hoganas AB (B Shares)		49
11,585		IPSCO, Inc		959
18,183		Johnson Matthey plc		441
272,000		Kobe Steel Ltd		880
85,000	e	Mitsubishi Materials Corp		434
347,000	e	Mitsui Mining & Smelting Co Ltd		2,178
38,254	e	Nippon Light Metal Co Ltd		105
693,400	e	Nippon Steel Corp		2,467
70,014		Nisshin Steel Co Ltd		226
19,088	e	Norsk Hydro ASA		1,954
16,229		Novelis, Inc		339
63,784		Nucor Corp		4,256
46,716		OneSteel Ltd		115
8,256	e	Outokumpu Oyj		122
312,421		Pirelli & C S.p.A.		286
103,000	e	Sumitomo Electric Industries Ltd		1,563
4,145,570		Sumitomo Metal Industries Ltd		15,946
68,000		Sumitomo Metal Mining Co Ltd		841
78,533	e	ThyssenKrupp AG.		1,632
8,990	e	Tokyo Steel Manufacturing Co Ltd		130
535,500		United States Steel Corp		25,742
9,086		Viohalco S.A.		73
1,640		Voestalpine AG.		165
		TOTAL PRIMARY METAL INDUSTRIES		151,456
PRINTING AND PUBLISHING - 0.47%
1,258	*	ACCO Brands Corp		31
23,871		APN News & Media Ltd		84
9,669		Arnoldo Mondadori Editore S.p.A.		90
79,800		Asia Securities Printing Co Ltd		1,443
135,000		Dai Nippon Printing Co Ltd		2,402
47,558		Daily Mail & General Trust		643
13,733		De La Rue plc		110
30,000		Dow Jones & Co, Inc		1,065
5,809	*	Dun & Bradstreet Corp		389
32,794		Emap plc		486
17,320	e	Eniro AB		218
307,000		Gannett Co, Inc		18,595
46,389		Independent News & Media plc		139
94,031		John Fairfax Holdings Ltd		277

171

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
24,700		John Wiley & Sons, Inc (Class A)	$	964
6,162		Knight Ridder, Inc		390
80,400		McGraw-Hill Cos, Inc		4,151
11,365		New York Times Co (Class A)		301
10,453		PagesJaunes Groupe S.A.		271
105,206		Pearson plc		1,242
18,643		Quebecor World, Inc		251
31,800	*	R.H. Donnelley Corp		1,959
81,893		R.R. Donnelley & Sons Co		2,801
65,573		Reed Elsevier NV		913
670,244		Reed Elsevier plc		6,282
4,015	e	Schibsted ASA		119
78,000		SCMP Group Ltd		29
542,000		Singapore Press Holdings Ltd		1,402
13,455		Telefonica Publicidad e Informacion S.A.		114
50,546	e	Thomson Corp		1,716
130,000		Toppan Printing Co Ltd		1,518
116,251		Tribune Co		3,518
37,040		Trinity Mirror plc		364
34,928		United Business Media plc		382
20,209		VNU NV		668
500		Washington Post Co (Class B)		382
24,391	e	Wolters Kluwer NV		491
92,204		Yell Group plc		849
		TOTAL PRINTING AND PUBLISHING		57,049
RAILROAD TRANSPORTATION - 0.26%
92,100		Burlington Northern Santa Fe Corp		6,523
21,565	e	Canadian National Railway Co		1,725
39,305	*	Canadian National Railway Co (Canada)		3,134
35,070	e	Canadian Pacific Railway Ltd		1,462
195		Central Japan Railway Co		1,867
28,300		CSX Corp		1,437
471		East Japan Railway Co		3,236
50,142		Firstgroup plc		346
119,000		Norfolk Southern Corp		5,335
146,000	e	Odakyu Electric Railway Co Ltd		868
57,000		Union Pacific Corp		4,589
224		West Japan Railway Co		934
		TOTAL RAILROAD TRANSPORTATION		31,456
REAL ESTATE - 1.17%
70,500		Aeon Mall Co Ltd		3,435
983,000		Allgreen Properties Ltd		769
458,450		Ascendas Real Estate Investment Trust		538
16,570		Bovis Homes Group plc		227
74,395		British Land Co plc		1,361
57,756		Brixton plc		429

172

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
29,300		Brookfield Properties Co	$	863
1,545,000		CapitaLand Ltd		3,196
4,265		Castellum AB		153
10,000	*	CB Richard Ellis Group, Inc		588
70,367		Centro Properties Group (New)		327
128,074		Cheung Kong Holdings Ltd		1,314
164,000		City Developments Ltd		858
561		Cofinimmo		88
4,972		Corio NV		269
109,900		Daibiru Corp		1,331
221,395		DB RREEF Trust		226
539,100		Fadesa Inmobiliaria S.A.		17,703
3,919,000		Far East Consortium		1,428
1,061		Gecina S.A.		121
47,018		Hammerson plc		825
172,000		Hang Lung Properties Ltd		268
67,000		Henderson Land Development Co Ltd		315
56,247		Hysan Development Co Ltd		139
44,548	*	IMMOFINANZ Immobilien Anlagen AG.		426
2,667		Inmobiliaria Colonial S.A.		151
126,344		Investa Property Group		184
33,770		IVG Immobilien AG.		705
139,000		Keppel Land Ltd		306
42,132		Kerry Properties Ltd		112
2,053		Klepierre		192
29,718		Lend Lease Corp Ltd		316
15,500		Leopalace21 Corp		562
54,099		Liberty International plc		911
99,810		Macquarie Goodman Group		350
92,880		MCL Land Ltd		96
4,752		Metrovacesa S.A.		288
11,815	e	MI Developments, Inc		405
70,716		Mirvac Group		214
857,000		Mitsubishi Estate Co Ltd		17,789
2,329,900		Mitsui Fudosan Co Ltd		47,277
52,670		ORIX Corp		13,410
3,788	e	Rodamco Europe NV		314
83,000		Singapore Land Ltd		267
133,406		Sino Land Co		162
80,084		Slough Estates plc		823
8,000		St. Joe Co		538
456,000		Sumitomo Realty & Development Co Ltd		9,910
120,000		Sun Hung Kai Properties Ltd		1,168
30,000		Tokyo Tatemono Co Ltd		299
368,000		Tokyu Land Corp		3,676
4,548	e	Unibail		603
1,974,000		United Industrial Corp Ltd		1,389
2,536		Wereldhave NV		238
123,436		Westfield Group		1,644
1,273	*	Wihlborgs Fastigheter AB		31
293,000		Wing Tai Holdings Ltd		259
		TOTAL REAL ESTATE		141,786

173

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.32%
11,962		Ansell Ltd	$	97
256,600	e	Bridgestone Corp		5,337
274,011		Continental AG.		24,234
1,700		Cooper Tire & Rubber Co		26
38,741		Denki Kagaku Kogyo KK		171
73,356	*	Goodyear Tire & Rubber Co		1,275
14,244		Michelin (C.G.D.E.) (B Shs)		798
499,864	e	Nokian Renkaat Oyj		6,280
10,900	*	Sealed Air Corp		612
21,000		Sumitomo Bakelite Co Ltd		173
7,747		Uponor Oyj		165
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		39,168
SECURITY AND COMMODITY BROKERS - 2.60%
17,000		A.G. Edwards. Inc		797
28,880		Ameriprise Financial, Inc		1,184
41,131	e	Australian Stock Exchange Ltd		981
12,433		Babcock & Brown Ltd		156
145,900		Charles Schwab Corp		2,140
4,300		Chicago Mercantile Exchange Holdings, Inc		1,580
60,180	*	Daewoo Securities Co Ltd		1,107
5,080,000	e	Daiwa Securities Group, Inc		57,544
19,483		Deutsche Boerse AG.		1,989
30,300	*	E*Trade Financial Corp		632
20	e	E*Trade Securities Co Ltd		154
7,093	e	Euronext NV		368
402,600		Federated Investors, Inc (Class B)		14,912
49,200		Franklin Resources, Inc		4,625
437,593		Goldman Sachs Group, Inc		55,885
3,826		Hellenic Exchanges S.A.		41
798,000		Hong Kong Exchanges and Clearing Ltd		3,309
1,012,900		Janus Capital Group, Inc		18,870
11,700		Jefferies Group, Inc		526
733,840		Korea Investment Holdings Co Ltd		31,216
682,700		Lazard Ltd		21,778
962,634		Legal & General Group plc		2,016
28,100		Legg Mason, Inc		3,363
71,363		Lehman Brothers Holdings, Inc		9,147
81,755		Macquarie Bank Ltd		4,087
13,200	e	Matsui Securities Co Ltd		183
218,900		Merrill Lynch & Co, Inc		14,826
35,000		Mitsubishi Securities Co		439
511,600		Morgan Stanley		29,028
1,062,000		Nikko Cordial Corp		16,808
511,700		Nomura Holdings, Inc		9,798
6,379	e*	OMX AB		89
7,100		Raymond James Financial, Inc		268
657	e	SBI Holdings, Inc		444
23,114		Schroders plc		377

174

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
75,000		Shinko Securities Co Ltd	$	378
954,000		Singapore Exchange Ltd		1,664
16,674		T Rowe Price Group, Inc		1,201
23,748	*	Tower Ltd		34
16,726		TSX Group, Inc		671
		TOTAL SECURITY AND COMMODITY BROKERS		314,615
SPECIAL TRADE CONTRACTORS - 0.12%
16,000		COMSYS Holdings Corp		229
1,100		KCI Konecranes Oyj		54
21,000		Kinden Corp		189
353,487	*	Kone Oyj		13,981
		TOTAL SPECIAL TRADE CONTRACTORS		14,453
STONE, CLAY, AND GLASS PRODUCTS - 0.56%
275,000	e	Asahi Glass Co Ltd		3,548
30,000	e	Central Glass Co Ltd		166
16,697		Cimpor Cimentos de Portugal S.A.		92
36,405		Compagnie de Saint-Gobain		2,158
15,686	*	Cookson Group plc		114
1,042,500		CRH plc (Ireland)		30,558
44,838	e*	Epcos AG.		585
2,286		FLSmidth & Co a/s (B Shs)		67
81,927		Hanson plc		899
194,259		Holcim Ltd (Regd)		13,192
5,867	e	Italcementi S.p.A.		109
49,208	e	James Hardie Industries NV		325
15,863		Lafarge S.A. (Br)		1,422
425,000		NGK Insulators Ltd		6,316
40,000	e	Nippon Sheet Glass Co Ltd		174
19,200	*	Owens-Illinois, Inc		404
132,687		Pilkington plc		339
45,731		Rexam plc		399
1,700	e*	RHI AG.		46
422,026	e	Rinker Group Ltd		5,093
61,600		Sumitomo Osaka Cement Co Ltd		180
76,000		Taiheiyo Cement Corp		308
43,000	e	Toto Ltd		363
102,000		UBE Industries Ltd		276
7,600	b,*	USG Corp		494
5,221		Wienerberger AG.		208
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		67,835
TEXTILE MILL PRODUCTS - 0.24%
14,814	*	Gildan Activewear, Inc		634
5,000,000	*	Safilo S.p.A		28,545

175

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
49,432		Texwinca Holdings Ltd	$	36
		TOTAL TEXTILE MILL PRODUCTS		29,215
TOBACCO PRODUCTS - 0.97%
23,457		Altadis S.A.		1,060
896,200		Altria Group, Inc		66,964
213,721		British American Tobacco plc		4,770
835,466		Imperial Tobacco Group plc		24,914
215,828		ITC Ltd		681
463		Japan Tobacco, Inc		6,747
26,970	*	KT&G Corp		1,202
300		Reynolds American, Inc		29
916,885		Swedish Match AB		10,772
		TOTAL TOBACCO PRODUCTS		117,139
TRANSPORTATION BY AIR - 0.75%
15,340	e	Air France-KLM		327
325,100	*	AirAsia Bhd		137
69,000		All Nippon Airways Co Ltd		281
46,800	*	AMR Corp		1,040
81,020		Auckland International Airport Ltd		109
89,160		BAA plc		960
40,190		BBA Group plc		227
994,000		Beijing Capital International Airport Co Ltd		455
5,439,498	*	British Airways plc		31,190
83,965		Cathay Pacific Airways Ltd		147
72,100	*	Continental Airlines, Inc (Class B)		1,536
78,042		Deutsche Lufthansa AG. (Regd)		1,152
8,711	*	Deutsche Post AG.		211
61,900		FedEx Corp		6,400
870		Flughafen Wien AG.		62
39,058		Iberia Lineas Aereas de Espana		105
83,000	e	Japan Airlines Corp		226
81,512		Macquarie Airports		190
791,700		Malaysia Airports Holdings Bhd		404
78,304		Qantas Airways Ltd		232
2,664	*	Ryanair Holdings plc (Spon ADR)		149
2,107,302		SABMiller plc		38,384
6,131	e*	SAS AB		80
177,000		Singapore Airlines Ltd		1,320
57,011		Skywest, Inc		1,531
176,500		Southwest Airlines Co		2,900
24,000	*	US Airways Group, Inc		891
		TOTAL TRANSPORTATION BY AIR		90,646
TRANSPORTATION EQUIPMENT - 4.20%
127,226	*	Alstom RGPT		7,296

176

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
410,459		BAE Systems plc	$	2,690
799,968		Bayerische Motoren Werke AG.		34,960
236,300		Boeing Co		16,598
1,476		Bombardier, Inc (Class A)		3
334,147		Bombardier, Inc (Class B)		789
9,100		Brunswick Corp		370
66,685		CAE, Inc		486
380		China Motor Corp		0	^
93,052		Cobham plc		271
140,274	e	DaimlerChrysler AG. (Regd)		7,138
74,800		Delphi Corp		22
69,400		Denso Corp		2,393
229		D'ieteren S.A.		63
1,069,311		European Aeronautic Defence and Space Co		40,236
47,117	e*	Fiat S.p.A.		409
492,200		Ford Motor Co		3,800
230,300		General Dynamics Corp		26,266
56,800		General Motors Corp		1,103
22,900		Genuine Parts Co		1,006
91,880		GKN plc		454
693,000		Goodpack Ltd		709
35,300		Harley-Davidson, Inc		1,818
28,000	e	Hino Motors Ltd		177
102,400		Honda Motor Co Ltd		5,839
23,860	*	Hyundai Motor Co		2,297
328,000	e	Isuzu Motors Ltd		1,251
10,000		ITT Industries, Inc		1,028
1,391,000		Jaya Holdings Ltd		1,037
46,600		JLG Industries, Inc		2,128
121,867		Johnson Electric Holdings Ltd		116
14,000		JTEKT Corp		260
96,056	*	K&F Industries Holdings, Inc		1,475
153,000	e	Kawasaki Heavy Industries Ltd		557
3,691,000		Keppel Corp Ltd		24,417
12,103		Lagardere S.C.A.		928
980,100		Lockheed Martin Corp		62,364
23,823	e	Magna International, Inc (Class A)		1,713
8,140	*	Magna International, Inc (Class A)		586
30,965		MAN AG.		1,647
23,500		Martin Marietta Materials, Inc		1,803
315,000		Nabtesco Corp		4,054
22,000		NHK Spring Co Ltd		229
287,700	e	Nissan Motor Co Ltd		2,913
718,515		Northrop Grumman Corp		43,190
57,000		NSK Ltd		389
20,855		Paccar, Inc		1,444
29,700	*	Pactiv Corp		653
17,248	e	Peugeot S.A.		991
468,800		Raytheon Co		18,822
23,145		Renault S.A.		1,881
587		Rieter Holding AG.		174
203,046		Rolls-Royce Group plc		1,490

177

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
9,713	e	Sanden Corp	$	45
946,000		SembCorp Marine Ltd		1,570
9,900		Shimano, Inc		260
179,564	e	Siemens AG.		15,335
1,340,000		Singapore Technologies Engineering Ltd		2,305
75,703		Smiths Group plc		1,359
14,700		Textron, Inc		1,132
274,270		Thales S.A.		12,391
98,285		Tomkins plc		506
8,100		Toyoda Gosei Co Ltd		158
25,900		Toyota Industries Corp		930
1,548,700		Toyota Motor Corp		80,302
6,446		Trelleborg AB (B Shs)		128
123,400	*	TRW Automotive Holdings Corp		3,252
864,800		United Technologies Corp		48,351
48,637	e	Volkswagen AG.		2,559
34,024	e	Volvo AB (B Shs)		1,601
292,000		Weichai Power Co Ltd		493
24,200		Yamaha Motor Co Ltd		631
		TOTAL TRANSPORTATION EQUIPMENT		508,041
TRANSPORTATION SERVICES - 0.38%
35,720		Arriva plc		357
12,509	*	Copa Holdings S.A.		342
1,689,399	*	Expedia, Inc		40,478
11,560		Expeditors International Washington, Inc		780
236		Kuoni Reisen Holding (Regd)		97
76,300		Lear Corp		2,172
132,808		MTR Corp		261
17,321		National Express Group plc		256
54,096	e	Patrick Corp Ltd		294
20,800		Sabre Holdings Corp		502
109,055		Stagecoach Group plc		216
5,183		Stolt-Nielsen S.A.		171
20,522		Toll Holdings Ltd		224
		TOTAL TRANSPORTATION SERVICES		46,150
TRUCKING AND WAREHOUSING - 0.49%
7,022	*	Cargotec Corp		243
211,900		CNF, Inc		11,843
582,436		Deutsche Post AG. (Regd)		14,070
2,705		DSV a/s		333
32,000		Kamigumi Co Ltd		284
9,583		Mitsubishi Logistics Corp		161
117,000		Nippon Express Co Ltd		713
24,000	e	Seino Holdings Corp		261
433,794		TNT NV		13,508
222,648		United Parcel Service, Inc (Class B)		16,732

178

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
50,000	e	Yamato Transport Co Ltd	$	829
		TOTAL TRUCKING AND WAREHOUSING		58,977
WATER TRANSPORTATION - 0.30%
162		AP Moller - Maersk a/s		1,670
270,000		Aries Maritime Transport Ltd		3,518
25,365		Associated British Ports Holdings plc		256
452,000		Bintulu Port Holdings Bhd		533
97,500		Carnival Corp		5,213
252,877		Carnival plc		14,326
1,450		Compagnie Maritime Belge S.A.		48
311,000		Cosco Corp Singapore Ltd		404
6,318	e	D/S Torm a/s		305
8,325	e	Euronav NV		241
6,580	e	Frontline Ltd		251
114,669		Genco Shipping & Trading Ltd		2,000
76,000	e	Kawasaki Kisen Kaisha Ltd		476
193,000		Malaysia International Shipping Corp Bhd		505
154,000		Mitsui OSK Lines Ltd		1,343
164,000		Nippon Yusen Kabushiki Kaisha		1,123
18,141		Orient Overseas International Ltd		61
10,300		Overseas Shipholding Group, Inc		519
62,740		Peninsular and Oriental Steam Navigation Co		502
24,100		Royal Caribbean Cruises Ltd		1,086
337,000	*	TBS International Ltd		2,238
46,094		Wan Hai Lines Ltd		29
		TOTAL WATER TRANSPORTATION		36,647
WHOLESALE TRADE-DURABLE GOODS - 0.96%
8,007		AGFA-Gevaert NV		146
154,600	*	Arrow Electronics, Inc		4,952
31,138		Assa Abloy AB (B Shs)		489
2,259	e	Autobacs Seven Co Ltd		118
108,761		Bayer AG.		4,527
59,510		Boral Ltd		354
60,032		Brambles Industries plc		430
9,673		Buhrmann NV		142
19,000		Canon Sales Co, Inc		406
11,779		Cie Generale d'Optique Essilor International S.A.		948
27,497		Ciments Francais		3,561
36,300		Creative Technology Ltd		297
421,749		Datacraft Asia Ltd		426
97,197		Electrocomponents plc		469
21,071		Finning International, Inc		670
48,226		FKI plc		96
38,441	e	Fletcher Building Ltd		198
43,408	e*	Hagemeyer NV		140
15,800		Hitachi Software Engineering Co Ltd		331

179

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
9,750		Kingspan Group plc	$	122
13,029	*	Kumho Electric Co Ltd		838
1,436,000		Melco International Development		1,713
621,600	e	Mitsui & Co Ltd		7,979
42	e	NET One Systems Co Ltd		101
628,300		Omnicare, Inc		35,951
6,130		Orion Oyj		113
13,438	*	Patterson Cos, Inc		449
6,902		Rautaruukki Oyj		167
1,135,800		Sumitomo Corp		14,675
12,500	*	Suntech Power Holdings Co Ltd		341
6,263	*	Tandberg Television ASA		82
10,000		W.W. Grainger, Inc		711
31,171		Wesfarmers Ltd		845
1,571,591		Wolseley plc		33,051
4,788	e	Zodiac S.A.		306
		TOTAL WHOLESALE TRADE-DURABLE GOODS		116,144
WHOLESALE TRADE-NONDURABLE GOODS - 1.00%
1,144,634		Alliance Unichem plc		15,730
2,482		Axfood AB		69
216,228	e	Billabong International Ltd		2,303
22,943		C&C Group plc		146
169,800		Cardinal Health, Inc		11,674
3,874	e	Casino Guichard Perrachon S.A.		257
12,431		Celesio AG.		1,065
45,100	*	Dean Foods Co		1,698
568,996		Esprit Holdings Ltd		4,044
50		Filtrona plc		0	^
165,804		Foster's Group Ltd		679
25,976		Fyffes plc		70
9,405		Inchcape plc		368
5,321	e	Kesko Oyj (B Shares)		150
145,882		Li & Fung Ltd		281
24,336		Lion Nathan Ltd		136
1,538,300		Marubeni Corp		8,250
389,800		McKesson Corp		20,110
45,046		Metro AG.		2,168
697,900		Mitsubishi Corp		15,433
23,800		Nike, Inc (Class B)		2,066
161,000		Nippon Oil Corp		1,248
2,458		Oriflame Cosmetics S.A. (SDR)		71
294,898		Orkla ASA		12,173
17,500	*	Performance Food Group Co		497
69,521		Reliance Industries Ltd		1,374
257,600		Safeway, Inc		6,095
32,115		Schering AG.		2,144
2,533		Societe BIC S.A.		150
9,300		Suzuken Co Ltd		297
75,500		Sysco Corp		2,344

180

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				MATURITY		VALUE
SHARES			RATE	DATE		(000)
38,500		Unilever NV			$	2,643
68,945	e	Unilever NV (Cert)				4,705
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS				120,438
		TOTAL COMMON STOCKS				11,893,114
		(Cost $11,020,889)
PRINCIPAL
SHORT-TERM INVESTMENTS - 3.32%
CERTIFICATES OF DEPOSIT - 0.53%
$     15,000,000		BNP Paribas	4.155	03/31/06		14,988
20,000,000		Canadian Imperial Bank of Commerce	4.300	09/28/06		19,931
10,000,000		Deutsche Bank	4.105	08/25/06		9,959
10,000,000		Suntrust Bank	4.220	02/27/06		9,997
10,000,000		Toronto Dominion Bank	3.853	07/05/06		9,956
		TOTAL CERTIFICATES OF DEPOSIT				64,831
COMMERCIAL PAPER - 1.63%
25,000,000	c	Atlantis One Funding Corp	4.250	04/24/06		24,654
20,000,000	c	Beta Finance, Inc	3.970	03/23/06		19,805
15,000,000		Burlington Northern Santa Fe Corp	4.200	01/03/06		14,993
16,000,000	c	Kitty Hawk Funding Corp	4.220	02/10/06		15,926
13,915,000	c	Kitty Hawk Funding Corp	3.890	02/15/06		13,842
15,212,000	c	Links Finance LLC	4.180	01/03/06		15,205
25,000,000	c	Ranger Funding Co LLC	4.270	01/18/06		24,954
8,428,000	c	Scaldis Capital LLC	4.290	02/15/06		8,384
20,000,000	c	Sigma Finance, Inc	4.175	02/08/06		19,913
10,000,000	c	Sigma Finance, Inc	3.460	02/24/06		9,936
30,000,000	c	Yorktown Capital, LLC	4.235	01/09/06		29,978
		TOTAL COMMERCIAL PAPER				197,590
U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES - 0.95%
10,000,000		Federal Farm Credit Bank (FFCB)	3.700	07/05/06		9,955
50,000,000		Federal Home Loan Bank (FHLB)	3.400	01/03/06		49,981
50,000,000		Federal Home Loan Mortgage Corp (FHLMC)	3.910	01/03/06		50,000
4,702,000		Federal National Mortgage Association (FNMA)	3.350	01/03/06		4,702
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES				114,638
VARIABLE NOTES - 0.21%
25,000,000		Harrier Finance Funding LLC	4.459	06/26/06		25,003
		TOTAL VARIABLE NOTES				25,003

181

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
PRINCIPAL				(000)
		TOTAL SHORT-TERM INVESTMENTS	$	402,062
		(Cost $402,297)
		TOTAL PORTFOLIO - 102.02%		12,345,936
		(Cost $11,472,614)
		OTHER ASSETS & LIABILITIES, NET - (2.02%)		(244,721	)
		NET ASSETS - 100.00%	$	12,101,215
		ABBREVIATION:
	ADR	American Depositary Receipt
	Regd	Registered
	Spon	Sponsored
	*	Non-income producing
	**	Percentage represents less than 0.01%
	^	Amount represents less than $1,000
	b	In bankruptcy
	c	Commercial Paper issued under the Private Placement exemption under Section 4(2)
		of the Securities Act of 1933.
	d	All or a portion of these securities have been segregated by the Custodian to cover
		margin or other requirements on open futures contracts.
	e	All or a portion of these securities are out on loan.
	v	Security valued at fair value.
		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.

	Number of			Unrealized
Open Futures Contracts:	Contracts	Market Value	Expiration Date	Loss
E-mini S&P 500 Index	960	$     60,230,400	March 2006	(1,220,494	)

182

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

COLLEGE RETIREMENT EQUITIES FUND
GLOBAL EQUITIES ACCOUNT
Summary of Market Values By Country
December 31, 2005

			% OF MARKET
	VALUE		VALUE
DOMESTIC
UNITED STATES	$	6,406,723,594		51.89	%
TOTAL DOMESTIC		6,406,723,594		51.89
FOREIGN
AUSTRALIA		138,475,831		1.12
AUSTRIA		14,118,188		0.11
BELGIUM		74,877,516		0.61
BRAZIL		15,893,210		0.13
CANADA		299,472,378		2.43
CAYMAN ISLANDS		2,353,317		0.02
DENMARK		10,996,038		0.09
FINLAND		103,725,927		0.84
FRANCE		538,735,638		4.36
GERMANY		597,734,392		4.84
GREECE		46,348,977		0.38
HONG KONG		85,970,197		0.70
HUNGARY		978,753		0.01
INDIA		38,564,429		0.31
IRELAND		53,272,940		0.43
ITALY		169,812,741		1.38
IZRAEL		62,272,115		0.50
JAPAN		1,398,215,093		11.33
LUXEMBOURG		26,601,662		0.22
MALAYSIA		5,584,670		0.05
NETHERLANDS		231,359,888		1.87
NEW ZEALAND		1,652,855		0.01
NORWAY		49,908,841		0.40
PHILIPPINES		7,351,032		0.06
PORTUGAL		2,400,938		0.02
REPUBLIC OF KOREA		78,100,844		0.63
RUSSIA		7,271,208		0.06
SINGAPORE		71,609,084		0.58
SPAIN		134,535,042		1.09
SWEDEN		73,158,623		0.59
SWITZERLAND		468,826,925		3.80
TAIWAN (REPUBLIC OF CHINA		23,261,036		0.19
THAILAND		7,828,885		0.06
TURKEY		25,231,697		0.20
UNITED KINGDOM		1,072,711,390		8.69
TOTAL FOREIGN		5,939,212,300		48.11
TOTAL PORTFOLIO	$	12,345,935,894		100.00	%

183

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

COLLEGE RETIREMENT EQUITIES FUND
MONEY MARKET ACCOUNT
STATEMENT OF INVESTMENTS
December 31, 2005

				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
SHORT-TERM INVESTMENTS - 99.85%
CERTIFICATES OF DEPOSIT - 14.35%
$     25,000,000		Abbey National plc	4.280	01/17/06	$	25,000
25,000,000		Abbey National plc	4.280	01/18/06		25,000
50,000,000		Abbey National plc	4.200	01/19/06		50,000
16,500,000		American Express Centurion Bank	4.120	01/17/06		16,499
48,115,000		American Express Centurion Bank	4.310	01/19/06		48,115
30,000,000		American Express Centurion Bank	4.130	01/23/06		30,000
25,000,000		American Express Centurion Bank	4.340	01/30/06		25,000
40,000,000		Bank Of Montreal	4.285	01/25/06		40,000
30,000,000		Barclays Bank, plc	4.420	03/14/06		29,998
30,000,000		Calyon	4.100	01/19/06		29,997
50,000,000		Calyon	4.345	02/09/06		50,001
30,000,000		Calyon	4.360	02/13/06		29,998
50,000,000		Deutsche Bank	4.270	02/14/06		49,992
45,000,000		Deutsche Bank	4.270	02/15/06		44,992
50,000,000		Dexia Bank	4.330	02/07/06		49,998
50,000,000		Dexia Bank	4.365	02/13/06		50,001
25,000,000		Dexia Bank	4.380	02/21/06		25,000
47,000,000		First Tennessee Bank NA	4.220	01/17/06		47,000
20,000,000		Regions Bank (Alabama)	4.320	02/28/06		19,999
25,000,000		Royal Bank of Canada	4.285	01/31/06		25,000
50,000,000		Royal Bank of Canada	4.340	02/28/06		49,999
50,000,000		Royal Bank of Canada	4.350	03/01/06		49,991
46,220,000		Suntrust Bank	4.220	02/27/06		46,203
30,000,000		Toronto Dominion Bank	3.935	01/19/06		29,995
26,235,000		Toronto Dominion Bank	4.000	02/27/06		26,215
25,000,000		Wells Fargo	4.280	01/25/06		25,000
24,000,000		Wells Fargo	4.300	01/27/06		24,000
50,000,000		Wells Fargo	4.310	02/01/06		50,000
50,000,000		Wells Fargo	4.320	02/09/06		50,000
		TOTAL CERTIFICATES OF DEPOSIT				1,062,993
COMMERCIAL PAPER - 75.79%
13,000,000		Abbey National North America LLC	4.310	02/21/06		12,919
12,000,000		Abbey National North America LLC	4.330	02/23/06		11,925
25,000,000		Abbey National North America LLC	4.375	04/06/06		24,713
15,000,000	c	Alabama Power Co	4.250	01/12/06		14,979
25,000,000		American Honda Finance Corp	4.090	01/05/06		24,986
7,500,000		American Honda Finance Corp	4.240	01/09/06		7,492
17,250,000		American Honda Finance Corp	4.240	01/11/06		17,228
49,755,000		American Honda Finance Corp	4.060	01/18/06		49,656
20,000,000		American Honda Finance Corp	4.080	01/19/06		19,957
30,675,000		American Honda Finance Corp	4.090	01/23/06		30,595
30,139,000	c	Atlantis One Funding Corp	4.040	01/11/06		30,102
23,000,000	c	Atlantis One Funding Corp	4.040	01/17/06		22,955
20,990,000	c	Atlantis One Funding Corp	4.140	01/24/06		20,931
12,000,000	c	Atlantis One Funding Corp	4.205	02/08/06		11,946

184

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$     40,000,000	c	Atlantis One Funding Corp	4.380	02/24/06	$	39,732
10,000,000	c	Atlantis One Funding Corp	4.250	04/24/06		9,862
2,650,000		Barclays U.S. Funding Corp	4.275	01/17/06		2,645
7,700,000		Barclays U.S. Funding Corp	4.270	02/21/06		7,653
9,300,000		Barclays U.S. Funding Corp	4.370	02/24/06		9,240
16,201,000		Becton Dickinson & Co	4.250	01/20/06		16,163
15,860,000		Becton Dickinson & Co	4.210	01/24/06		15,815
3,500,000	c	Beta Finance, Inc	4.160	01/12/06		3,495
16,000,000	c	Beta Finance, Inc	4.070	01/17/06		15,969
40,000,000	c	Beta Finance, Inc	4.100	01/20/06		39,908
8,000,000	c	Beta Finance, Inc	4.170	02/02/06		7,970
18,137,000	c	Beta Finance, Inc	4.310	02/14/06		18,039
25,000,000	c	Beta Finance, Inc	4.300	02/21/06		24,844
30,000,000	c	Beta Finance, Inc	4.320	02/28/06		29,787
15,000,000		Calyon North America, Inc	4.120	01/09/06		14,985
15,000,000		Calyon North America, Inc	4.380	03/21/06		14,859
25,000,000		Canadian Imperial Holding, Inc	4.320	03/06/06		24,812
12,200,000		Caterpillar Financial Services Corp	4.090	01/03/06		12,196
34,500,000	c	CC (USA), Inc	4.000	01/13/06		34,448
14,700,000	c	CC (USA), Inc	3.890	01/20/06		14,666
10,400,000	c	CC (USA), Inc	4.180	01/30/06		10,363
25,000,000	c	CC (USA), Inc	4.160	01/31/06		24,909
8,500,000	c	CC (USA), Inc	3.890	02/15/06		8,455
8,000,000	c	CC (USA), Inc	4.260	02/17/06		7,954
7,000,000	c	CC (USA), Inc	4.270	02/21/06		6,956
35,000,000	c	CC (USA), Inc	4.410	02/28/06		34,751
18,000,000	c	CC (USA), Inc	4.380	03/22/06		17,826
9,055,000	c	CC (USA), Inc	4.200	04/20/06		8,934
29,000,000	c	Ciesco Lp	4.090	01/09/06		28,970
11,500,000	c	Ciesco Lp	4.120	01/10/06		11,487
4,880,000		Ciesco Lp	4.200	01/11/06		4,874
50,000,000		Ciesco Lp	4.200	01/13/06		49,924
10,000,000	c	Ciesco Lp	4.280	01/23/06		9,973
45,000,000	c	Ciesco Lp	4.300	02/06/06		44,804
27,000,000	c	Ciesco Lp	4.370	02/24/06		26,820
50,000,000		Citigroup Funding, Inc	4.000	01/06/06		49,966
20,000,000		Citigroup Funding, Inc	4.140	01/10/06		19,979
35,000,000		Citigroup Funding, Inc	4.140	01/27/06		34,891
45,000,000		Citigroup Funding, Inc	4.230	02/13/06		44,761
32,800,000	c	Concentrate Manufacturing Co	4.240	01/12/06		32,754
14,000,000	c	Corporate Asset Funding Corp, Inc	4.140	01/09/06		13,986
27,500,000	c	Corporate Asset Funding Corp, Inc	4.150	01/18/06		27,445
24,000,000	c	Corporate Asset Funding Corp, Inc	4.210	01/25/06		23,933
19,000,000	c	Corporate Asset Funding Corp, Inc	4.300	02/02/06		18,925
36,900,000	c	Corporate Asset Funding Corp, Inc	4.330	02/14/06		36,700
3,009,000	c	Corporate Asset Funding Corp, Inc	4.350	02/16/06		2,992
26,000,000	c	Corporate Asset Funding Corp, Inc	4.360	02/17/06		25,849
16,245,000	c	Danske Corp	4.000	01/09/06		16,228
33,525,000	c	Danske Corp	4.190	01/26/06		33,427
16,100,000		Danske Corp	4.340	02/06/06		16,030
5,500,000	c	Danske Corp	4.220	02/07/06		5,475
10,200,000	c	Danske Corp	4.330	02/13/06		10,146

185

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$     35,000,000		Danske Corp	4.320	02/21/06	$	34,784
20,000,000	c	Depfa Bank plc	4.155	01/10/06		19,979
7,091,000	c	Depfa Bank plc	4.060	01/12/06		7,082
5,180,000	c	Depfa Bank plc	4.040	01/13/06		5,172
20,000,000	c	Depfa Bank plc	4.090	01/18/06		19,961
37,445,000	c	Depfa Bank plc	4.270	02/17/06		37,233
6,000,000	c	Dorada Finance, Inc	4.210	01/09/06		5,994
8,000,000	c	Dorada Finance, Inc	3.900	01/23/06		7,979
10,000,000	c	Dorada Finance, Inc	4.130	01/25/06		9,972
10,000,000	c	Dorada Finance, Inc	4.190	02/06/06		9,956
50,000,000	c	Dorada Finance, Inc	4.250	02/16/06		49,723
20,000,000	c	Dorada Finance, Inc	4.290	02/23/06		19,874
28,000,000	c	Dorada Finance, Inc	4.315	03/02/06		27,801
18,050,000	c	Dorada Finance, Inc	4.380	03/28/06		17,862
11,009,000	c	Edison Asset Securitization, LLC	4.130	01/03/06		11,005
12,000,000	c	Edison Asset Securitization, LLC	3.720	01/04/06		11,995
45,525,000	c	Edison Asset Securitization, LLC	4.190	01/17/06		45,435
9,600,000	c	Edison Asset Securitization, LLC	3.870	01/20/06		9,578
4,569,000	c	Edison Asset Securitization, LLC	4.130	01/23/06		4,557
8,960,000	c	Edison Asset Securitization, LLC	4.250	02/01/06		8,927
5,500,000	c	Edison Asset Securitization, LLC	4.160	02/03/06		5,478
4,636,000	c	Edison Asset Securitization, LLC	4.260	03/08/06		4,600
33,000,000	c	Edison Asset Securitization, LLC	4.370	03/13/06		32,719
15,500,000	c	Edison Asset Securitization, LLC	4.420	04/07/06		15,318
30,000,000		Fcar Owner Trust I	4.190	01/11/06		29,962
35,000,000		Fcar Owner Trust I	4.270	01/12/06		34,950
35,000,000		Fcar Owner Trust I	4.310	01/27/06		34,887
50,000,000		Fcar Owner Trust I	4.290	02/03/06		49,791
50,000,000	c	Gannett Co, Inc	4.150	01/04/06		49,977
25,000,000	c	Gannett Co, Inc	4.260	01/27/06		24,920
15,000,000		General Electric Capital Corp	4.090	01/19/06		14,968
7,165,000		General Electric Capital Corp	4.210	02/01/06		7,139
20,000,000		General Electric Capital Corp	4.230	02/02/06		19,924
20,000,000		General Electric Capital Corp	4.220	02/14/06		19,894
14,000,000		General Electric Capital Corp	4.250	02/16/06		13,924
30,000,000		General Electric Capital Corp	4.340	02/22/06		29,821
20,000,000		General Electric Capital Corp	4.400	03/22/06		19,810
10,000,000		General Electric Capital Corp	4.520	06/27/06		9,778
30,000,000		General Electric Capital Corp	4.520	06/28/06		29,322
50,000,000		Goldman Sachs Group, Inc	4.280	02/03/06		49,798
22,570,000		Goldman Sachs Group, Inc	4.270	02/23/06		22,430
27,500,000	c	Govco, Inc	4.040	01/09/06		27,472
6,000,000	c	Govco, Inc	4.230	01/11/06		5,992
12,000,000	c	Govco, Inc	4.060	01/19/06		11,974
24,300,000	c	Govco, Inc	4.100	01/20/06		24,244
13,000,000	c	Govco, Inc	4.110	01/23/06		12,966
32,300,000	c	Govco, Inc	4.300	01/26/06		32,200
11,000,000	c	Govco, Inc	4.290	01/27/06		10,965
12,500,000	c	Govco, Inc	4.250	02/15/06		12,433
5,000,000	c	Govco, Inc	4.390	03/14/06		4,957
9,125,000	c	Govco, Inc	4.410	03/21/06		9,038
5,000,000	c	Govco, Inc	4.210	04/17/06		4,935
2,000,000	c	Grampian Funding LLC	3.740	01/09/06		1,998

186

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$     24,000,000	c	Grampian Funding LLC	4.060	01/18/06	$	23,952
17,000,000	c	Grampian Funding LLC	4.110	01/26/06		16,949
23,000,000	c	Grampian Funding LLC	4.040	02/01/06		22,916
8,000,000	c	Grampian Funding LLC	4.170	02/02/06		7,969
21,500,000	c	Grampian Funding LLC	4.360	03/07/06		21,333
1,335,000	c	Grampian Funding LLC	4.210	04/11/06		1,319
1,370,000	c	Greyhawk Funding LLC	4.200	01/18/06		1,367
25,000,000	c	Greyhawk Funding LLC	3.960	01/20/06		24,942
16,500,000	c	Greyhawk Funding LLC	4.140	01/23/06		16,456
25,000,000	c	Greyhawk Funding LLC	3.980	01/26/06		24,926
25,000,000	c	Greyhawk Funding LLC	4.210	02/06/06		24,890
23,472,000	c	Greyhawk Funding LLC	4.270	02/14/06		23,345
33,000,000	c	Greyhawk Funding LLC	4.270	02/16/06		32,816
7,000,000	c	Harley-Davidson Funding Corp	4.130	01/12/06		6,990
11,000,000	c	Harley-Davidson Funding Corp	4.190	01/23/06		10,971
8,990,000	c	Harley-Davidson Funding Corp	4.260	02/01/06		8,956
13,400,000	c	Harley-Davidson Funding Corp	4.270	02/08/06		13,338
10,000,000	c	Harrier Finance Funding LLC	4.190	01/05/06		9,994
20,000,000	c	Harrier Finance Funding LLC	4.250	01/11/06		19,974
24,500,000	c	Harrier Finance Funding LLC	3.930	01/25/06		24,431
22,500,000	c	Harrier Finance Funding LLC	4.190	02/01/06		22,418
9,000,000	c	Harrier Finance Funding LLC	4.340	02/02/06		8,964
9,150,000	c	Harrier Finance Funding LLC	4.290	02/14/06		9,101
12,683,000	c	Harrier Finance Funding LLC	4.200	02/15/06		12,615
8,702,000	c	Harrier Finance Funding LLC	3.880	03/01/06		8,642
8,475,000	c	Harrier Finance Funding LLC	4.370	03/06/06		8,411
10,870,000	c	Harrier Finance Funding LLC	4.460	04/20/06		10,725
9,880,000		HBOS Treasury Services plc	4.200	02/15/06		9,828
15,000,000		HBOS Treasury Services plc	4.270	02/21/06		14,908
6,600,000		HBOS Treasury Services plc	4.320	02/23/06		6,559
25,000,000		HBOS Treasury Services plc	4.350	03/06/06		24,813
6,587,000		HBOS Treasury Services plc	4.380	03/09/06		6,535
32,000,000		HBOS Treasury Services plc	4.390	03/15/06		31,724
25,000,000		HSBC Finance Corp	3.950	01/26/06		24,926
100,000,000		HSBC Finance Corp	4.240	01/30/06		99,652
60,800,000	c	IBM Capital, Inc	4.360	03/08/06		60,327
50,000,000		JP Morgan Chase & Co	4.160	01/11/06		49,940
9,035,000	c	Kimberley-Clark Worldwide, Inc	4.240	01/19/06		9,015
18,260,000	c	Kitty Hawk Funding Corp	4.295	01/12/06		18,234
33,000,000	c	Kitty Hawk Funding Corp	4.300	01/17/06		32,933
43,550,000	c	Kitty Hawk Funding Corp	4.220	01/20/06		43,448
3,548,000	c	Kitty Hawk Funding Corp	4.160	01/25/06		3,538
27,707,000	c	Kitty Hawk Funding Corp	4.160	01/27/06		27,620
13,000,000	c	Kitty Hawk Funding Corp	3.890	02/15/06		12,930
5,055,000	c	Kitty Hawk Funding Corp	4.260	02/16/06		5,027
6,000,000	c	Kitty Hawk Funding Corp	4.400	03/20/06		5,944
34,000,000	c	Links Finance LLC	4.230	02/09/06		33,841
47,700,000	c	Links Finance LLC	4.300	02/10/06		47,467
31,500,000	c	Links Finance LLC	4.320	02/27/06		31,280
32,000,000	c	Links Finance LLC	4.380	03/08/06		31,748
4,000,000	c	Links Finance LLC	4.380	03/13/06		3,966
44,805,000	c	Nestle Capital Corp	4.220	02/02/06		44,636

187

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$     10,000,000		Paccar Financial Corp	4.020	01/12/06	$	9,987
2,000,000		Paccar Financial Corp	4.080	01/17/06		1,996
19,259,000		Paccar Financial Corp	4.240	01/18/06		19,220
23,100,000		Paccar Financial Corp	4.150	02/02/06		23,013
5,300,000		Paccar Financial Corp	4.190	02/14/06		5,272
10,200,000		Paccar Financial Corp	4.230	02/15/06		10,146
36,935,000		Paccar Financial Corp	4.230	02/16/06		36,734
1,590,000		Paccar Financial Corp	4.270	02/27/06		1,579
10,025,000		Paccar Financial Corp	4.340	02/28/06		9,954
2,545,000		Paccar Financial Corp	4.360	03/03/06		2,527
6,590,000		Paccar Financial Corp	4.380	03/14/06		6,534
10,000,000	c	Park Avenue Receivables Corp	4.290	01/04/06		9,995
57,215,000	c	Park Avenue Receivables Corp	4.270	01/09/06		57,154
22,000,000	c	Park Avenue Receivables Corp	4.300	01/24/06		21,937
24,000,000	c	Park Avenue Receivables Corp	4.300	01/26/06		23,925
25,000,000	c	Park Avenue Receivables Corp	4.270	01/27/06		24,920
29,242,000	c	Pfizer, Inc	4.200	01/23/06		29,164
30,000,000	c	Pfizer, Inc	4.255	01/24/06		29,917
16,546,000	c	Pfizer, Inc	4.220	02/01/06		16,486
33,745,000	c	Preferred Receivables Funding	4.130	01/06/06		33,722
25,324,000	c	Preferred Receivables Funding	4.260	01/11/06		25,291
22,314,000	c	Preferred Receivables Funding	4.290	01/12/06		22,282
19,000,000	c	Preferred Receivables Funding	4.300	01/17/06		18,961
50,000,000	c	Preferred Receivables Funding	4.200	01/20/06		49,880
22,705,000	c	Private Export Funding Corp	4.120	01/10/06		22,679
17,000,000	c	Private Export Funding Corp	4.080	02/13/06		16,910
12,500,000	c	Private Export Funding Corp	4.270	03/07/06		12,405
18,000,000	c	Private Export Funding Corp	4.300	03/09/06		17,859
19,555,000	c	Private Export Funding Corp	4.110	03/16/06		19,384
5,000,000	c	Private Export Funding Corp	4.240	03/23/06		4,952
20,000,000	c	Private Export Funding Corp	4.400	04/04/06		19,777
15,000,000	c	Private Export Funding Corp	4.510	06/06/06		14,711
20,000,000	c	Private Export Funding Corp	4.460	06/08/06		19,609
23,500,000	c	Procter & Gamble Co	4.200	01/03/06		23,492
15,000,000	c	Procter & Gamble Co	4.210	01/05/06		14,991
25,000,000	c	Procter & Gamble Co	4.025	01/10/06		24,973
9,000,000	c	Procter & Gamble Co	4.020	01/17/06		8,983
28,000,000	c	Procter & Gamble Co	4.090	01/26/06		27,918
25,000,000		Rabobank USA Finance Corp	4.450	05/15/06		24,589
10,940,000		Rabobank USA Finance Corp	4.460	05/22/06		10,750
8,700,000	c	Ranger Funding Co LLC	3.970	01/03/06		8,697
3,000,000	c	Ranger Funding Co LLC	4.190	01/04/06		2,999
13,000,000	c	Ranger Funding Co LLC	4.190	01/05/06		12,992
20,000,000	c	Ranger Funding Co LLC	4.230	01/10/06		19,977
28,000,000	c	Ranger Funding Co LLC	4.230	01/12/06		27,961
52,330,000	c	Ranger Funding Co LLC	4.290	01/17/06		52,225
13,300,000	c	Ranger Funding Co LLC	4.280	01/19/06		13,270
12,000,000	c	Ranger Funding Co LLC	4.370	03/10/06		11,903
50,000,000		Royal Bank of Scotland plc	4.200	01/31/06		49,820
50,000,000		Royal Bank of Scotland plc	4.290	02/06/06		49,780
25,264,000	c	Scaldis Capital LLC	4.050	01/13/06		25,226
52,821,000	c	Scaldis Capital LLC	4.130	01/25/06		52,672
2,190,000	c	Scaldis Capital LLC	4.220	01/30/06		2,182

188

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$     9,316,000	c	Scaldis Capital LLC	4.200	02/03/06	$	9,279
9,365,000	c	Scaldis Capital LLC	4.270	02/13/06		9,315
4,900,000	c	Scaldis Capital LLC	4.290	02/15/06		4,874
5,641,000	c	Scaldis Capital LLC	4.210	02/21/06		5,606
3,000,000	c	Scaldis Capital LLC	4.210	03/27/06		2,969
3,289,000	c	Scaldis Capital LLC	4.420	05/17/06		3,234
6,500,000	c	Sheffield Receivables Corp	4.170	01/09/06		6,493
30,000,000	c	Sheffield Receivables Corp	4.300	01/10/06		29,964
33,000,000	c	Sheffield Receivables Corp	4.180	01/13/06		32,950
7,500,000	c	Sheffield Receivables Corp	4.300	01/19/06		7,483
28,000,000	c	Sheffield Receivables Corp	4.305	01/23/06		27,923
10,000,000	c	Sheffield Receivables Corp	4.310	01/24/06		9,971
25,000,000	c	Sheffield Receivables Corp	4.380	04/21/06		24,663
13,500,000		Shell International Finance	3.970	01/04/06		13,494
25,000,000		Shell International Finance	4.160	01/13/06		24,962
74,570,000		Shell International Finance	4.390	03/31/06		73,777
28,500,000	c	Sigma Finance, Inc	4.030	01/12/06		28,461
10,500,000	c	Sigma Finance, Inc	4.220	01/31/06		10,462
12,150,000	c	Sigma Finance, Inc	4.120	02/01/06		12,106
38,000,000	c	Sigma Finance, Inc	4.310	02/22/06		37,770
5,000,000	c	Sigma Finance, Inc	4.340	02/27/06		4,965
12,675,000	c	Sigma Finance, Inc	3.940	03/01/06		12,588
19,000,000	c	Sigma Finance, Inc	4.390	03/08/06		18,851
8,000,000	c	Sigma Finance, Inc	4.250	03/30/06		7,915
25,000,000	c	Sigma Finance, Inc	4.420	04/07/06		24,699
16,200,000	c	Sigma Finance, Inc	4.400	05/08/06		15,947
40,000,000		Societe Generale North America, Inc	4.290	02/01/06		39,848
25,600,000		Societe Generale North America, Inc	4.250	02/03/06		25,499
4,100,000		Societe Generale North America, Inc	4.300	02/06/06		4,082
3,000,000		Societe Generale North America, Inc	4.350	02/15/06		2,984
5,500,000		Societe Generale North America, Inc	4.310	02/21/06		5,466
9,500,000		Societe Generale North America, Inc	4.340	02/22/06		9,443
10,000,000		Societe Generale North America, Inc	4.370	03/01/06		9,933
33,300,000		Societe Generale North America, Inc	4.400	03/20/06		32,992
13,000,000		Societe Generale North America, Inc	4.430	04/12/06		12,835
5,083,000	c	Stanley Works	4.370	01/10/06		5,077
40,000,000		Toronto Dominion Holdings	4.285	01/24/06		39,886
13,000,000		UBS Finance, (Delaware), Inc	4.200	01/13/06		12,980
1,000,000		UBS Finance, (Delaware), Inc	4.230	01/18/06		998
40,000,000		UBS Finance, (Delaware), Inc	4.270	01/26/06		39,877
26,500,000		UBS Finance, (Delaware), Inc	4.240	01/27/06		26,417
13,600,000		UBS Finance, (Delaware), Inc	4.040	01/30/06		13,553
8,000,000		UBS Finance, (Delaware), Inc	4.250	02/21/06		7,951
10,960,000		UBS Finance, (Delaware), Inc	4.250	02/23/06		10,892
5,000,000		UBS Finance, (Delaware), Inc	4.260	03/02/06		4,965
16,500,000		UBS Finance, (Delaware), Inc	4.240	03/07/06		16,374
14,000,000		UBS Finance, (Delaware), Inc	4.370	04/07/06		13,838
2,100,000		UBS Finance, (Delaware), Inc	4.440	04/19/06		2,073
25,000,000	c	Variable Funding Capital Corp	4.000	01/05/06		24,986
27,000,000	c	Variable Funding Capital Corp	4.260	01/19/06		26,939
22,860,000	c	Variable Funding Capital Corp	4.260	02/06/06		22,759
5,300,000		Washington Gas Light	4.200	01/10/06		5,294

189

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$     8,515,000		Washington Gas Light	4.240	01/19/06	$	8,496
4,500,000		Washington Gas Light	4.180	01/20/06		4,489
5,093,000		Washington Gas Light	4.300	02/07/06		5,070
6,757,000		Washington Gas Light	4.300	02/10/06		6,724
2,174,000	c	Yorktown Capital, LLC	4.350	01/03/06		2,173
25,000,000	c	Yorktown Capital, LLC	4.190	01/04/06		24,988
4,697,000	c	Yorktown Capital, LLC	4.140	01/05/06		4,694
11,183,000	c	Yorktown Capital, LLC	4.350	01/06/06		11,175
15,500,000	c	Yorktown Capital, LLC	4.235	01/09/06		15,484
18,856,000	c	Yorktown Capital, LLC	4.170	01/30/06		18,790
12,451,000	c	Yorktown Capital, LLC	4.280	02/10/06		12,390
4,212,000	c	Yorktown Capital, LLC	4.400	05/10/06		4,145
		TOTAL COMMERCIAL PAPER				5,612,523
U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES - 7.12%
65,000,000		Federal Home Loan Bank (FHLB)	4.220	02/10/06		64,693
9,490,000		FHLB	4.235	02/15/06		9,441
200,000		FHLB	4.390	05/25/06		197
6,560,000		FHLB	4.420	06/02/06		6,438
20,000,000		Federal Home Loan Mortgage Corp (FHLMC)	3.910	01/03/06		19,993
6,620,000		FHLMC	3.615	01/10/06		6,613
3,040,000		FHLMC	3.750	01/17/06		3,034
6,200,000		FHLMC	4.220	01/24/06		6,183
50,000,000		FHLMC	4.210	01/31/06		49,825
41,950,000		FHLMC	4.190	02/07/06		41,765
25,000,000		FHLMC	4.210	02/08/06		24,886
10,200,000		FHLMC	4.300	03/07/06		10,124
12,466,000		FHLMC	3.890	03/15/06		12,361
4,263,000		FHLMC	3.894	04/10/06		4,213
770,000		FHLMC	4.240	04/11/06		761
8,275,000		FHLMC	4.360	05/02/06		8,154
2,195,000		FHLMC	4.360	05/16/06		2,159
4,600,000		FHLMC	4.450	06/20/06		4,504
1,265,000		FHLMC	4.330	06/27/06		1,237
1,430,000		FHLMC	4.150	06/30/06		1,398
10,000,000		Federal National Mortgage Association (FNMA)	4.160	01/05/06		9,994
14,230,000		FNMA	4.140	01/06/06		14,220
23,000,000		FNMA	4.170	01/24/06		22,936
34,098,000		FNMA	4.110	02/01/06		33,970
50,000,000		FNMA	4.210	02/08/06		49,772
53,425,000		FNMA	3.960	02/15/06		53,149
20,000,000		FNMA	4.240	02/17/06		19,887
42,674,000		FNMA	4.250	02/22/06		42,423
305,000		FNMA	4.200	03/13/06		303
70,000		FNMA	4.250	04/28/06		69
2,290,000		FNMA	4.370	05/10/06		2,254
496,000		FNMA	3.814	06/30/06		485
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES				527,441

190

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

			MATURITY		VALUE
PRINCIPAL		RATE	DATE		(000)
VARIABLE NOTES - 2.59%
$     8,000,000	Barclays Bank plc (NY)	4.329	08/30/06	$	8,000
22,000,000	Paccar Financial Corp	4.420	12/20/06		22,001
25,000,000	Suntrust Bank	4.350	05/17/06		25,001
50,000,000	Toyota Motor Credit Corp	4.300	10/10/06		50,003
20,000,000	US Bank NA	4.230	07/28/06		20,003
42,000,000	US Bank NA	4.491	09/29/06		42,022
25,000,000	Wachovia Bank NA/Old	4.244	12/04/06		24,999
	TOTAL VARIABLE NOTES				192,029
	TOTAL SHORT-TERM INVESTMENTS				7,394,986
	(Cost $7,395,613)
	TOTAL PORTFOLIO - 99.85%				7,394,986
	(Cost $7,395,613)
	OTHER ASSETS & LIABILITIES, NET - 0.15%				11,059
	NET ASSETS - 100.00%			$	7,406,045

	ABBREVIATION:
LLC	Limited Liability Company
LP	Limited Partnership
	Cost amounts are in thousands.
c	Commercial Paper issued under the private placement exemption under Section 4(2)
	of the Securities Act of 1933.

191

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

COLLEGE RETIREMENT EQUITIES FUND
EQUITY INDEX ACCOUNT
STATEMENT OF INVESTMENTS
December 31, 2005

				VALUE
SHARES				(000)
COMMON STOCKS - 99.99%
AGRICULTURAL PRODUCTION-CROPS - 0.01%
2,319		Alico, Inc	$	105
28,477		Chiquita Brands International, Inc		570
27,864		Delta & Pine Land Co		641
4,084	*	John B. Sanfilippo & Son		53
		TOTAL AGRICULTURAL PRODUCTION-CROPS		1,369
AGRICULTURAL PRODUCTION-LIVESTOCK - 0.01%
10,215		Pilgrim's Pride Corp		339
229		Seaboard Corp		346
		TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK		685
AMUSEMENT AND RECREATION SERVICES - 0.19%
36,482	*	Alliance Gaming Corp		475
5,242		Churchill Downs, Inc		193
6,566		Dover Downs Gaming & Entertainment, Inc		93
9,773		Dover Motorsports, Inc		60
130,627		Harrah's Entertainment, Inc		9,312
25,827		International Speedway Corp (Class A)		1,237
22,402	e*	Leapfrog Enterprises, Inc		261
16,119	*	Life Time Fitness, Inc		614
26,149	e*	Magna Entertainment Corp (Class A)		187
50,012	*	Marvel Entertainment, Inc		819
19,119	e*	Multimedia Games, Inc		177
49,648	*	Penn National Gaming, Inc		1,636
30,402	*	Pinnacle Entertainment, Inc		751
65,344	e*	Six Flags, Inc		504
13,437		Speedway Motorsports, Inc		466
12,190	*	Sunterra Corp		173
22,577		Warner Music Group Corp		435
53,876		Westwood One, Inc		878
14,426	e*	WMS Industries, Inc		362
14,269		World Wrestling Entertainment, Inc		209
		TOTAL AMUSEMENT AND RECREATION SERVICES		18,842
APPAREL AND ACCESSORY STORES - 0.66%
60,814		Abercrombie & Fitch Co (Class A)		3,964
38,061	*	Aeropostale, Inc		1,001
83,316		American Eagle Outfitters, Inc		1,915
54,340	*	AnnTaylor Stores Corp		1,876
13,023		Bebe Stores, Inc		183
4,896		Buckle, Inc		158
12,020		Burlington Coat Factory Warehouse Corp		483

192

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
8,748	*	Cache, Inc	$	151
12,702	*	Carter's, Inc		747
19,783	*	Casual Male Retail Group, Inc		121
21,208		Cato Corp (Class A)		455
10,401	*	Charlotte Russe Holding, Inc		217
84,814	*	Charming Shoppes, Inc		1,120
128,070	*	Chico's FAS, Inc		5,626
14,418	*	Children's Place Retail Stores, Inc		712
24,359		Christopher & Banks Corp		457
2,778	*	Citi Trends, Inc		119
62,316		Claire's Stores, Inc		1,821
2,900		DEB Shops, Inc		86
14,600	*	Dress Barn, Inc		564
8,500	*	DSW, Inc		223
28,742		Finish Line, Inc (Class A)		501
113,139		Foot Locker, Inc		2,669
418,934		Gap, Inc		7,390
31,627	*	HOT Topic, Inc		451
15,736	*	Jo-Ann Stores, Inc		186
10,243	*	JOS A Bank Clothiers, Inc		445
216,746	*	Kohl's Corp		10,534
246,100		Limited Brands, Inc		5,500
9,075	*	New York & Co, Inc		192
155,252		Nordstrom, Inc		5,806
51,957	*	Pacific Sunwear Of California, Inc		1,295
46,317	*	Payless Shoesource, Inc		1,162
106,148		Ross Stores, Inc		3,068
5,056	*	Shoe Carnival, Inc		111
20,532		Stage Stores, Inc		611
4,570		Syms Corp		66
15,617		Talbots, Inc		434
45,927	e*	The Wet Seal, Inc		204
26,898	*	Too, Inc		759
8,125	e*	Under Armour, Inc		311
73,992	*	Urban Outfitters, Inc		1,873
13,300	*	Wilsons The Leather Experts, Inc		48
		TOTAL APPAREL AND ACCESSORY STORES		65,615
APPAREL AND OTHER TEXTILE PRODUCTS - 0.17%
11,458	e*	Columbia Sportswear Co		547
22,006	*	DHB Industries, Inc		98
11,457	*	Guess ?, Inc		408
26,849	e*	Gymboree Corp		628
17,824	*	Hartmarx Corp		139
16,865	*	Innovo Group, Inc		17
85,722		Jones Apparel Group, Inc		2,633
20,358		Kellwood Co		486
77,439		Liz Claiborne, Inc		2,774
13,600	*	Maidenform Brands, Inc		172
23,573		Phillips-Van Heusen Corp		764

193

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
38,007		Polo Ralph Lauren Corp	$	2,134
88,264	*	Quiksilver, Inc		1,222
24,108		Russell Corp		325
62,519		VF Corp		3,460
3,600	*	Volcom, Inc		123
33,246	*	Warnaco Group, Inc		888
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		16,818
AUTO REPAIR, SERVICES AND PARKING - 0.06%
7,870	*	Amerco, Inc		567
7,500		Bandag, Inc		320
18,386		Central Parking Corp		252
18,371	*	Dollar Thrifty Automotive Group, Inc		663
10,010	*	Midas, Inc		184
7,028		Monro Muffler, Inc		213
36,846	*	PHH Corp		1,032
45,649		Ryder System, Inc		1,873
28,100	e*	Wright Express Corp		618
		TOTAL AUTO REPAIR, SERVICES AND PARKING		5,722
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.18%
75,964	*	Advance Auto Parts		3,301
5,463	e*	America's Car-Mart, Inc		90
9,627	*	Asbury Automotive Group, Inc		159
127,505	*	Autonation, Inc		2,771
40,967	e*	Autozone, Inc		3,759
75,672	e*	Carmax, Inc		2,095
46,377	*	Copart, Inc		1,069
32,325	*	CSK Auto Corp		487
12,002		Lithia Motors, Inc (Class A)		377
9,373	*	MarineMax, Inc		296
69,507	*	O'Reilly Automotive, Inc		2,225
14,443	*	Rush Enterprises, Inc (Class A)		215
21,187		Sonic Automotive, Inc		472
18,502		United Auto Group, Inc		707
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		18,023
BUILDING MATERIALS AND GARDEN SUPPLIES - 1.09%
9,000	*	Builders FirstSource, Inc		192
15,227	*	Central Garden & Pet Co		700
89,346	e	Fastenal Co		3,501
1,542,058		Home Depot, Inc		62,423
549,017		Lowe's Cos, Inc		36,597
81,872		Sherwin-Williams Co		3,719
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		107,132

194

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
BUSINESS SERVICES - 7.35%
264,139	*	3Com Corp	$	951
8,307	*	3D Systems Corp		150
26,859		Aaron Rents, Inc		566
27,339		ABM Industries, Inc		534
169,897	*	Activision, Inc		2,334
60,725		Acxiom Corp		1,397
16,260		Administaff, Inc		684
422,896		Adobe Systems, Inc		15,630
17,823	*	Advent Software, Inc		515
21,459		Advo, Inc		605
86,013	e*	Affiliated Computer Services, Inc (Class A)		5,090
33,812	*	Agile Software Corp		202
95,402	*	Akamai Technologies, Inc		1,901
59,811	*	Alliance Data Systems Corp		2,129
16,184	*	Altiris, Inc		273
8,987	*	American Reprographics Co		228
31,343	*	AMICAS, Inc		155
11,399	*	AMN Healthcare Services, Inc		225
4,645	*	Ansoft Corp		158
21,881	*	Ansys, Inc		934
20,870	*	Anteon International Corp		1,134
41,839	e*	Applied Digital Solutions, Inc		120
39,210	e*	aQuantive, Inc		990
4,813	*	Arbinet-thexchange, Inc		34
22,433		Arbitron, Inc		852
48,947	*	Ariba, Inc		360
33,163	*	Aspen Technology, Inc		260
5,092	*	Asset Acceptance Capital Corp		114
34,752	*	Atari, Inc		38
21,488	e*	Audible, Inc		276
26,919	*	Autobytel, Inc		133
161,922		Autodesk, Inc		6,955
416,234		Automatic Data Processing, Inc		19,101
35,025	*	Avocent Corp		952
9,803	e*	Bankrate, Inc		289
255,276	*	BEA Systems, Inc		2,400
125,578	*	BearingPoint, Inc		987
86,266	*	BISYS Group, Inc		1,209
6,450		Blackbaud, Inc		110
12,662	*	Blackboard, Inc		367
8,392	*	Blue Coat Systems, Inc		384
156,574	*	BMC Software, Inc		3,208
52,351	*	Borland Software Corp		342
12,774	*	Bottomline Technologies, Inc		141
28,197		Brady Corp (Class A)		1,020
39,120		Brink's Co		1,874
20,536	*	CACI International, Inc (Class A)		1,178
196,496	e*	Cadence Design Systems, Inc		3,325
36,094		Catalina Marketing Corp		915
46,548	*	CBIZ, Inc		280
4,633	*	CCC Information Services Group, Inc		121

195

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
741,390		Cendant Corp	$	12,789
107,162	*	Ceridian Corp		2,663
20,551	e*	Cerner Corp		1,868
40,066		Certegy, Inc		1,625
58,214	*	Checkfree Corp		2,672
64,733	*	ChoicePoint, Inc		2,881
36,800	*	Ciber, Inc		243
120,090	*	Citrix Systems, Inc		3,456
25,900	*	Clear Channel Outdoor Holdings, Inc		519
5,869	e*	Click Commerce, Inc		123
331,660	*	CMGI, Inc		504
89,393	*	CNET Networks, Inc		1,313
5,230	*	Cogent Communications Group, Inc		29
18,543	*	Cogent, Inc		421
29,787		Cognex Corp		896
94,777	*	Cognizant Technology Solutions Corp		4,772
329,743		Computer Associates International, Inc		9,295
5,248		Computer Programs & Systems, Inc		217
135,553	*	Computer Sciences Corp		6,864
269,635	*	Compuware Corp		2,419
8,577	*	COMSYS IT Partners, Inc		95
24,465	*	Concur Technologies, Inc		315
98,532	*	Convergys Corp		1,562
11,471	*	CoStar Group, Inc		495
21,438	*	Covansys Corp		292
35,280	*	CSG Systems International, Inc		787
15,130	e*	Cyberguard Corp		134
17,707	*	Cybersource Corp		117
37,676		Deluxe Corp		1,136
29,125	*	Dendrite International, Inc		420
26,936	*	Digital Insight Corp		862
23,606	e*	Digital River, Inc		702
46,477	e*	DST Systems, Inc		2,784
89,790	*	Earthlink, Inc		998
773,889	*	eBay, Inc		33,471
18,386	*	Echelon Corp		144
26,431	*	Eclipsys Corp		500
17,209	*	eCollege.com, Inc		310
31,021	*	eFunds Corp		727
11,677	*	Electro Rent Corp		174
218,081	*	Electronic Arts, Inc		11,408
366,064		Electronic Data Systems Corp		8,800
39,428	*	Electronics for Imaging, Inc		1,049
9,680	*	Emageon, Inc		154
245,311	e*	Emdeon Corp		2,075
41,212	*	Entrust, Inc		199
42,487	*	Epicor Software Corp		600
8,841	*	EPIQ Systems, Inc		164
91,569		Equifax, Inc		3,481
10,642	*	Equinix, Inc		434
3,271	e*	Escala Group, Inc		66
15,409	*	eSpeed, Inc (Class A)		119

196

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
25,946	*	F5 Networks, Inc	$	1,484
23,664		Factset Research Systems, Inc		974
48,668		Fair Isaac Corp		2,150
22,225	e*	FalconStor Software, Inc		164
28,881	*	Filenet Corp		747
5,700	*	First Advantage Corp		152
550,589		First Data Corp		23,681
136,159	*	Fiserv, Inc		5,892
9,100	*	Forrester Research, Inc		171
9,437	*	FTD Group, Inc		98
39,457	*	Gartner, Inc (Class A)		509
34,222	*	Getty Images, Inc		3,055
19,091		Gevity HR, Inc		491
2,500	*	Global Cash Access, Inc		36
117,749	*	Google, Inc (Class A)		48,849
87,961		GTECH Holdings Corp		2,792
18,495		Healthcare Services Group		383
5,400	*	Heartland Payment Systems, Inc		117
14,300	*	Heidrick & Struggles International, Inc		458
130,632	*	Homestore, Inc		666
17,722	*	Hudson Highland Group, Inc		308
33,040	*	Hypercom Corp		211
41,697	*	Hyperion Solutions Corp		1,494
17,154	*	IDX Systems Corp		753
12,987	*	iGate Corp		63
10,800	*	IHS, Inc		222
159,448		IMS Health, Inc		3,973
14,150	e*	Infocrossing, Inc		122
62,644	*	Informatica Corp		752
23,086	*	Infospace, Inc		596
20,612		infoUSA, Inc		225
11,821	*	Innovative Solutions & Support, Inc		151
7,121		Integral Systems, Inc		134
25,164		Interactive Data Corp		571
21,871	*	Intergraph Corp		1,089
36,576	*	Internet Capital Group, Inc		301
26,357	*	Internet Security Systems, Inc		552
5,413		Interpool, Inc		102
299,288	e*	Interpublic Group of Cos, Inc		2,888
5,555	*	Intervideo, Inc		59
26,296	*	Interwoven, Inc		223
11,196	*	Intrado, Inc		258
112,110	*	Intuit, Inc		5,975
37,527	*	Ipass, Inc		246
8,476	*	iPayment, Inc		352
77,948	*	Iron Mountain, Inc		3,291
33,229	*	iVillage, Inc		266
54,563		Jack Henry & Associates, Inc		1,041
8,462	*	Jamdat Mobile, Inc		225
18,698	*	JDA Software Group, Inc		318
385,594	*	Juniper Networks, Inc		8,599
15,435	*	Jupitermedia Corp		228

197

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
17,172	*	Kanbay International, Inc	$	273
34,016	*	Keane, Inc		375
12,654		Kelly Services, Inc (Class A)		332
300	*	Kenexa Corp		6
12,200	*	Keynote Systems, Inc		157
21,985	*	Kforce, Inc		245
47,412	e*	KFX, Inc		811
35,326	*	Kinetic Concepts, Inc		1,405
27,700	*	Korn/Ferry International		518
22,157	*	Kronos, Inc		927
37,895	*	Labor Ready, Inc		789
60,403	*	Lamar Advertising Co		2,787
43,055	e*	Lawson Software, Inc		316
43,208	*	Lionbridge Technologies		303
11,455	*	LoJack Corp		276
23,625	*	Magma Design Automation, Inc		199
11,428	*	Majesco Entertainment Co		13
19,563	*	Manhattan Associates, Inc		401
64,225		Manpower, Inc		2,986
10,910	*	Mantech International Corp (Class A)		304
13,097	*	Mapinfo Corp		165
13,399	e*	Marchex, Inc		301
3,847	*	Marlin Business Services, Inc		92
31,524	*	Matrixone, Inc		157
114,462	*	McAfee, Inc		3,105
53,708	*	Mentor Graphics Corp		555
47,170	*	Mercury Interactive Corp		1,311
58,739	*	Micromuse, Inc		581
6,598,926		Microsoft Corp		172,562
9,807	*	MicroStrategy, Inc		811
15,186	e*	Midway Games, Inc		288
60,872		MoneyGram International, Inc		1,588
72,817	e*	Monster Worldwide, Inc		2,972
15,428	*	Motive, Inc		48
73,891	*	MPS Group, Inc		1,010
12,659	*	MRO Software, Inc		178
63,925	*	NAVTEQ Corp		2,804
21,970	*	NCO Group, Inc		372
130,841	*	NCR Corp		4,441
28,747	*	NDCHealth Corp		553
12,631	*	Ness Technologies, Inc		136
25,309	e*	NetFlix, Inc		685
37,676	*	NetIQ Corp		463
7,961	*	Netratings, Inc		98
15,388	*	Netscout Systems, Inc		84
20,183	*	NIC, Inc		124
273,516	*	Novell, Inc		2,415
130,851		Omnicom Group, Inc		11,139
14,464	*	Online Resources Corp		160
13,382	*	Open Solutions, Inc		307
51,942	*	Opsware, Inc		353
2,694,514	*	Oracle Corp		32,900

198

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
25,857	*	Packeteer, Inc	$	201
190,899	*	Parametric Technology Corp		1,165
13,662	*	PDF Solutions, Inc		222
7,322	*	Pegasystems, Inc		54
56,420	*	Perot Systems Corp (Class A)		798
15,217	*	Phase Forward, Inc		148
16,585	*	Phoenix Technologies Ltd		104
10,816	*	Portfolio Recovery Associates, Inc		502
7,813	*	PRA International		220
49,575	*	Premiere Global Services, Inc		403
28,939	*	Progress Software Corp		821
8,302		QAD, Inc		64
5,760		Quality Systems, Inc		442
43,983	*	Quest Software, Inc		642
15,387	*	Radiant Systems, Inc		187
12,390	*	Radisys Corp		215
87,162	*	RealNetworks, Inc		676
127,427	*	Red Hat, Inc		3,471
29,008	*	Redback Networks, Inc		408
5,893	e	Renaissance Learning, Inc		112
54,784	*	Rent-A-Center, Inc		1,033
17,000	*	Rent-Way, Inc		109
44,118		Reynolds & Reynolds Co (Class A)		1,238
7,282	*	RightNow Technologies, Inc		135
120,048		Robert Half International, Inc		4,549
20,193		Rollins, Inc		398
48,634	*	RSA Security, Inc		546
47,690	*	S1 Corp		208
17,942	*	SafeNet, Inc		578
50,012	e*	Salesforce.com, Inc		1,603
55,315	*	Sapient Corp		315
27,721	*	Secure Computing Corp		340
19,187	*	Serena Software, Inc		450
205,113		ServiceMaster Co		2,451
6,537	*	SI International, Inc		200
365,996		Siebel Systems, Inc		3,872
18,198	*	Sohu.com, Inc		334
38,536	*	SonicWALL, Inc		305
191,771	e*	Sonus Networks, Inc		713
29,603	*	Sotheby's Holdings, Inc (Class A)		544
42,038	*	Spherion Corp		421
12,303	*	SPSS, Inc		381
20,112	*	SRA International, Inc (Class A)		614
6,412	*	SSA Global Technologies, Inc		117
7,046		Startek, Inc		127
13,149	*	Stellent, Inc		131
7,178	*	Stratasys, Inc		180
2,417,570	*	Sun Microsystems, Inc		10,130
30,185	*	SupportSoft, Inc		127
62,826	*	Sybase, Inc		1,373
15,600	*	SYKES Enterprises, Inc		209
776,799	*	Symantec Corp		13,594

199

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
4,247	*	SYNNEX Corp	$	64
100,030	*	Synopsys, Inc		2,007
4,749		Syntel, Inc		99
48,339	e*	Take-Two Interactive Software, Inc		856
3,200	*	TAL International Group, Inc		66
13,008		Talx Corp		595
24,393	*	TeleTech Holdings, Inc		294
45,528	e*	THQ, Inc		1,086
146,332	*	TIBCO Software, Inc		1,093
8,788	*	TNS, Inc		169
25,671		Total System Services, Inc		508
12,167	*	TradeStation Group, Inc		151
28,073	*	Transaction Systems Architects, Inc		808
2,800	e*	Travelzoo, Inc		62
28,864	*	Trizetto Group, Inc		490
18,710	*	TRM Corp		139
15,759	*	Ultimate Software Group, Inc		301
232,720	*	Unisys Corp		1,357
42,307		United Online, Inc		602
50,674	*	United Rentals, Inc		1,185
12,346	*	Universal Compression Holdings, Inc		508
62,984	*	Valueclick, Inc		1,141
23,271	e*	Vasco Data Security International		230
18,544	*	Ventiv Health, Inc		438
9,078	*	Verint Systems, Inc		313
185,486	*	VeriSign, Inc		4,066
5	*	Versata, Inc		-	^
5,226	*	Vertrue, Inc		185
15,178		Viad Corp		445
18,715	*	Vignette Corp		305
5,200	*	Volt Information Sciences, Inc		99
404,170		Waste Management, Inc		12,267
22,569	e*	WebEx Communications, Inc		488
2,953	e*	WebMD Health Corp		86
38,958	*	webMethods, Inc		300
16,770	*	Websense, Inc		1,101
6,340	*	WebSideStory, Inc		115
47,480	*	Wind River Systems, Inc		701
19,609	*	Witness Systems, Inc		386
858,428	*	Yahoo!, Inc		33,633
		TOTAL BUSINESS SERVICES		725,830
CHEMICALS AND ALLIED PRODUCTS - 9.56%
103,834	e*	Aastrom Biosciences, Inc		219
1,107,252		Abbott Laboratories		43,659
66,130	*	Abgenix, Inc		1,422
11,227	*	Acadia Pharmaceuticals, Inc		111
5,579	*	Adams Respiratory Therapeutics, Inc		227
3,049	*	Adeza Biomedical Corp		64
31,936	*	Adolor Corp		466

200

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
163,411		Air Products & Chemicals, Inc	$	9,672
17,349	*	Albany Molecular Research, Inc		211
27,116		Albemarle Corp		1,040
52,670		Alberto-Culver Co		2,410
20,806	*	Alexion Pharmaceuticals, Inc		421
62,381	*	Alkermes, Inc		1,193
30,787		Alpharma, Inc (Class A)		878
13,985	e*	American Pharmaceutical Partners, Inc		542
6,484		American Vanguard Corp		152
883,115	*	Amgen, Inc		69,642
50,851	*	Andrx Corp		838
16,685		Arch Chemicals, Inc		499
24,842	*	Arena Pharmaceuticals, Inc		353
21,813	*	Arqule, Inc		133
22,005	*	Array Biopharma, Inc		154
27,606	e*	Atherogenics, Inc		552
74,967	*	AVANIR Pharmaceuticals		258
79,293		Avery Dennison Corp		4,383
333,592		Avon Products, Inc		9,524
5,320		Balchem Corp		159
72,758	*	Barr Pharmaceuticals, Inc		4,532
10,343	e*	Barrier Therapeutics, Inc		85
10,191	*	Bentley Pharmaceuticals, Inc		167
27,226	*	Bioenvision, Inc		178
244,314	*	Biogen Idec, Inc		11,075
53,117	*	BioMarin Pharmaceuticals, Inc		573
1,383,239		Bristol-Myers Squibb Co		31,787
44,523		Cabot Corp		1,594
21,400		Calgon Carbon Corp		122
20,927		Cambrex Corp		393
5,883	*	Caraco Pharmaceutical Laboratories Ltd		53
35,200		Celanese Corp (Series A)		673
28,958	e*	Cell Genesys, Inc		172
53,284	e*	Cell Therapeutics, Inc		116
41,346	e*	Cephalon, Inc		2,677
28,900		CF Industries Holdings, Inc		441
50,525	*	Charles River Laboratories International, Inc		2,141
12,829	*	Chattem, Inc		467
169,387		Chemtura Corp		2,151
77,164	*	Chiron Corp		3,431
46,317		Church & Dwight Co, Inc		1,530
110,094		Clorox Co		6,263
7,672	e*	Coley Pharmaceutical Group, Inc		116
372,362		Colgate-Palmolive Co		20,424
25,200	*	Connetics Corp		364
5,761	*	Conor Medsystems, Inc		111
16,097	*	Cotherix, Inc		171
39,198	*	Cubist Pharmaceuticals, Inc		833
26,872	*	Curis, Inc		96
38,840	*	Cypress Bioscience, Inc		224
27,668		Cytec Industries, Inc		1,318
62,566		Dade Behring Holdings, Inc		2,558

201

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
42,749	*	Dendreon Corp	$	232
16,184		Diagnostic Products Corp		786
10,394	*	Digene Corp		303
42,175	*	Discovery Laboratories, Inc		282
15,681	*	Dov Pharmaceutical, Inc		230
687,562		Dow Chemical Co		30,129
651,710		Du Pont (E.I.) de Nemours & Co		27,698
30,568	e*	Durect Corp		155
9,709	*	Dusa Pharmaceuticals, Inc		105
56,083		Eastman Chemical Co		2,893
131,306		Ecolab, Inc		4,762
699,778		Eli Lilly & Co		39,600
17,426	*	Elizabeth Arden, Inc		350
42,677	*	Encysive Pharmaceuticals, Inc		337
86,535		Engelhard Corp		2,609
28,467	*	Enzon Pharmaceuticals, Inc		211
14,772	*	EPIX Pharmaceuticals, Inc		60
95,412		Estee Lauder Cos (Class A)		3,194
28,545		Ferro Corp		536
19,065	e*	First Horizon Pharmaceutical Corp		329
26,890	*	FMC Corp		1,430
249,468	*	Forest Laboratories, Inc		10,148
331,084	*	Genentech, Inc		30,625
16,478	e*	Genitope Corp		131
178,681	*	Genzyme Corp		12,647
23,497		Georgia Gulf Corp		715
51,960	e*	Geron Corp		447
319,479	*	Gilead Sciences, Inc		16,814
51,990	e*	GlobeTel Communications Corp		192
3,519	*	GTx, Inc		27
22,507		H.B. Fuller Co		722
3,526	*	Hi-Tech Pharmacal Co, Inc		156
110,761	*	Hospira, Inc		4,738
102,084	*	Human Genome Sciences, Inc		874
41,900	*	Huntsman Corp		721
8,798	*	Idenix Pharmaceuticals, Inc		150
23,187	*	Idexx Laboratories, Inc		1,669
49,238	e*	ImClone Systems, Inc		1,686
30,772	*	Immucor, Inc		719
27,300	*	Immunogen, Inc		140
24,514	*	Inspire Pharmaceuticals, Inc		125
3,281		Inter Parfums, Inc		59
19,810	e*	InterMune, Inc		333
68,676		International Flavors & Fragrances, Inc		2,301
13,120	e*	Introgen Therapeutics, Inc		69
15,810	*	Inverness Medical Innovations, Inc		375
33,729	*	Invitrogen Corp		2,248
141,876	e*	IVAX Corp		4,445
169,461	*	King Pharmaceuticals, Inc		2,867
10,896	*	Kos Pharmaceuticals, Inc		564
2,620		Kronos Worldwide, Inc		76
28,944	*	KV Pharmaceutical Co (Class A)		596

202

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
47,866		Lubrizol Corp	$	2,079
139,725		Lyondell Chemical Co		3,328
23,300		MacDermid, Inc		650
9,202	e	Mannatech, Inc		127
19,053	e*	MannKind Corp		215
4,648	e*	Marshall Edwards, Inc		29
21,562	e*	Martek Biosciences Corp		531
83,079	e*	Medarex, Inc		1,151
33,866	*	Medicines Co		591
37,378	e	Medicis Pharmaceutical Corp (Class A)		1,198
173,275	*	Medimmune, Inc		6,068
1,574,816		Merck & Co, Inc		50,095
11,203		Meridian Bioscience, Inc		226
53,947	*	MGI Pharma, Inc		926
211,719	*	Millennium Pharmaceuticals, Inc		2,054
14,800		Minerals Technologies, Inc		827
9,461	*	Momenta Pharmaceuticals, Inc		208
189,396		Monsanto Co		14,684
89,883	*	Mosaic Co		1,315
153,243		Mylan Laboratories, Inc		3,059
16,446	*	Myogen, Inc		496
40,164	*	Nabi Biopharmaceuticals		136
57,431	*	Nalco Holding Co		1,017
12,152	e*	Nastech Pharmaceutical Co, Inc		179
6,100		Natures Sunshine Products, Inc		110
39,147	*	NBTY, Inc		636
25,107	*	Neurocrine Biosciences, Inc		1,575
4,286	*	New River Pharmaceuticals, Inc		222
11,820	*	NewMarket Corp		289
14,638	e*	NitroMed, Inc		204
4,943		NL Industries, Inc		70
18,316	e*	Northfield Laboratories, Inc		245
15,161	*	Noven Pharmaceuticals, Inc		229
36,372	*	NPS Pharmaceuticals, Inc		431
28,770	*	Nuvelo, Inc		233
8,064		Octel Corp		131
48,874		Olin Corp		962
20,315	*	OM Group, Inc		381
28,523	*	Onyx Pharmaceuticals, Inc		820
30,922	*	OraSure Technologies, Inc		273
38,155	e*	OSI Pharmaceuticals, Inc		1,070
16,715	e*	Pain Therapeutics, Inc		113
23,128	*	Par Pharmaceutical Cos, Inc		725
17,955	*	Parexel International Corp		364
4,147	e*	Parlux Fragrances, Inc		127
14,839	*	Penwest Pharmaceuticals Co		290
57,816		Perrigo Co		862
5,279,517		Pfizer, Inc		123,118
16,760	*	Pharmion Corp		298
7,693	*	Pioneer Cos, Inc		232
67,684	*	PolyOne Corp		435
15,548	*	Pozen, Inc		149

203

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
121,313		PPG Industries, Inc	$	7,024
231,138		Praxair, Inc		12,241
20,200	*	Prestige Brands Holdings, Inc		252
2,396,044		Procter & Gamble Co		138,683
12,022	*	Progenics Pharmaceuticals, Inc		301
79,296	*	Protein Design Labs, Inc		2,254
18,760	*	Renovis, Inc		287
94,597	*	Revlon, Inc (Class A)		293
13,000	*	Rockwood Holdings, Inc		256
114,298		Rohm & Haas Co		5,534
82,623		RPM International, Inc		1,435
32,161	*	Salix Pharmaceuticals Ltd		565
1,048,196		Schering-Plough Corp		21,855
32,166		Scotts Miracle-Gro Co (Class A)		1,455
33,451		Sensient Technologies Corp		599
73,990	e*	Sepracor, Inc		3,818
24,785	*	Serologicals Corp		489
49,225	e	Sigma-Aldrich Corp		3,115
43,975	e*	StemCells, Inc		152
3,400		Stepan Co		91
5,401		Stratagene Corp		54
36,010	*	SuperGen, Inc		182
10,427	e*	SurModics, Inc		386
15,482	e*	Tanox, Inc		253
7,588	e*	Tercica, Inc		54
64,462	*	Terra Industries, Inc		361
8,500	*	Threshold Pharmaceuticals, Inc		123
12,400		Tronox, Inc		162
22,748		UAP Holding Corp		464
15,614	*	United Therapeutics Corp		1,079
9,413	e*	USANA Health Sciences, Inc		361
60,102		USEC, Inc		718
63,856		Valeant Pharmaceuticals International		1,154
74,134		Valspar Corp		1,829
60,046	*	VCA Antech, Inc		1,693
69,633	*	Vertex Pharmaceuticals, Inc		1,927
75,904	*	Watson Pharmaceuticals, Inc		2,468
26,644		Wellman, Inc		181
9,000		Westlake Chemical Corp		259
47,789	*	WR Grace & Co		449
955,643		Wyeth		44,026
600	*	Xenoport, Inc		11
18,432	*	Zymogenetics, Inc		313
		TOTAL CHEMICALS AND ALLIED PRODUCTS		944,617
COAL MINING - 0.20%
20,700	*	Alpha Natural Resources, Inc		398
44,925	e	Arch Coal, Inc		3,571
64,551		Consol Energy, Inc		4,207
16,700		Foundation Coal Holdings, Inc		635

204

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
8,985	e*	James River Coal Co	$	343
55,393		Massey Energy Co		2,098
92,171		Peabody Energy Corp		7,597
14,219		Penn Virginia Corp		816
		TOTAL COAL MINING		19,665
COMMUNICATIONS - 4.05%
45,207		Adtran, Inc		1,344
37,050	*	Airspan Networks, Inc		211
91,391	*	Alamosa Holdings, Inc		1,701
6,373		Alaska Communications Systems Group, Inc		65
266,362	e	Alltel Corp		16,807
283,307	*	American Tower Corp (Class A)		7,678
21,775		Anixter International, Inc		852
2,802,081		AT&T, Inc		68,623
10,900	*	Audiovox Corp (Class A)		151
337,639	*	Avaya, Inc		3,603
3,494		Beasley Broadcast Group, Inc (Class A)		47
1,293,688		BellSouth Corp		35,059
18,769	*	Brightpoint, Inc		520
140,705	e*	Cablevision Systems Corp (Class A)		3,302
15,110		Centennial Communications Corp		235
92,016		CenturyTel, Inc		3,051
177,593	e*	Charter Communications, Inc (Class A)		217
180,973	*	Cincinnati Bell, Inc		635
32,049		Citadel Broadcasting Corp		431
242,314		Citizens Communications Co		2,964
388,453	e	Clear Channel Communications, Inc		12,217
1,450,293	*	Comcast Corp (Class A)		37,650
15,381		Commonwealth Telephone Enterprises, Inc		519
14,680		Consolidated Communications Holdings, Inc		191
24,768	*	Cox Radio, Inc (Class A)		349
154,710	*	Crown Castle International Corp		4,163
13,062	*	Crown Media Holdings, Inc (Class A)		120
12,239		CT Communications, Inc		149
39,520	*	Cumulus Media, Inc (Class A)		490
496,072	*	DIRECTV Group, Inc		7,005
107,468	*	Dobson Communications Corp (Class A)		806
165,455	*	EchoStar Communications Corp (Class A)		4,495
26,966	*	Emmis Communications Corp (Class A)		537
26,175	*	Entercom Communications Corp		777
52,691	*	Entravision Communications Corp (Class A)		375
19,917		Fairpoint Communications, Inc		206
4,284	*	Fisher Communications, Inc		177
300	e,v*	Focal Communications Corp		-	^
84,061	*	Foundry Networks, Inc		1,161
38,028	*	General Communication, Inc (Class A)		393
47,416		Global Payments, Inc		2,210
14,920		Golden Telecom, Inc		387
29,084		Gray Television, Inc		286

205

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
23,613		Hearst-Argyle Television, Inc	$	563
2,578	*	Hungarian Telephone & Cable		40
126,781	e*	IAC/InterActiveCorp		3,589
39,942	*	IDT Corp (Class B)		467
10,890	e*	InPhonic, Inc		95
18,200		Iowa Telecommunications Services, Inc		282
16,286	e*	j2 Global Communications, Inc		696
500,217	e*	Level 3 Communications, Inc		1,436
10,858		Liberty Corp		508
332,309	*	Liberty Global, Inc		7,477
1,980,575	*	Liberty Media Corp (Class A)		15,587
17,509	*	Lin TV Corp (Class A)		195
11,186	*	Lodgenet Entertainment Corp		156
20,944	*	Mastec, Inc		219
196,482		MCI, Inc		3,877
42,748	*	Mediacom Communications Corp		235
17,000	*	NeuStar, Inc		518
108,296	*	Nextel Partners, Inc (Class A)		3,026
87,410	*	NII Holdings, Inc (Class B)		3,818
9,887		North Pittsburgh Systems, Inc		186
20,547	e*	Novatel Wireless, Inc		249
52,662	*	NTL, Inc		3,585
34,520		PanAmSat Holding Corp		846
1,619		Preformed Line Products Co		69
32,678	*	Price Communications Corp		486
1,076,264	*	Qwest Communications International, Inc		6,081
57,767	*	Radio One, Inc (Class D)		598
15,748	e*	RCN Corp		369
27	e,v*	RCN Corp Wts 12/21/06		-	^
22,221	*	Regent Communications, Inc		103
10,586	*	Saga Communications, Inc (Class A)		115
8,327	*	Salem Communications Corp (Class A)		146
59,888	*	SBA Communications Corp		1,072
4,430		Shenandoah Telecom Co		176
29,018		Sinclair Broadcast Group, Inc (Class A)		267
23,949	*	Spanish Broadcasting System, Inc (Class A)		122
1,984,104		Sprint Nextel Corp		46,349
9,587		SureWest Communications		253
11,859	*	Syniverse Holdings, Inc		248
28,001	*	Talk America Holdings, Inc		242
76,879		Telephone and Data Systems, Inc (Non-Vote)		2,770
29,464	e*	Telkonet, Inc		122
24,161	e*	Terremark Worldwide, Inc		112
50,624	e*	TiVo, Inc		259
59,409	*	Ubiquitel, Inc		587
157,082	*	Univision Communications, Inc (Class A)		4,617
11,370	*	US Cellular Corp		562
18,421		USA Mobility, Inc		511
21,100		Valor Communications Group, Inc		240
1,959,985	e	Verizon Communications, Inc		59,035
14,180	*	West Corp		598
38,447	*	Wireless Facilities, Inc		196

206

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
7,747	e*	WorldSpace, Inc	$	112
148,755	*	XM Satellite Radio Holdings, Inc		4,058
		TOTAL COMMUNICATIONS		400,284
DEPOSITORY INSTITUTIONS - 10.01%
8,438		1st Source Corp		212
7,930	*	ACE Cash Express, Inc		185
11,027		Alabama National Bancorp		714
16,250		Amcore Financial, Inc		494
6,684	*	AmericanWest Bancorp		158
7,905		Ameris Bancorp		157
5,808	e	Ames National Corp		149
250,458		AmSouth Bancorp		6,565
19,000		Anchor Bancorp Wisconsin, Inc		576
7,163		Arrow Financial Corp		187
99,439		Associated Banc-Corp		3,237
71,412		Astoria Financial Corp		2,100
9,642	*	Banc Corp		110
2,308		Bancfirst Corp		182
5,125	*	Bancorp, Inc		87
55,303		Bancorpsouth, Inc		1,221
5,589		BancTrust Financial Group, Inc		112
48,672		Bank Mutual Corp		516
2,868,665		Bank of America Corp		132,389
8,708		Bank of Granite Corp		161
36,876		Bank of Hawaii Corp		1,901
554,223		Bank of New York Co, Inc		17,652
6,903		Bank of the Ozarks, Inc		255
29,894		BankAtlantic Bancorp, Inc (Class A)		419
8,800	*	BankFinancial Corp		129
18,700		BankUnited Financial Corp (Class A)		497
6,670		Banner Corp		208
386,410		BB&T Corp		16,194
3,588		Berkshire Hills Bancorp, Inc		120
13,613	*	BFC Financial Corp		75
16,366		BOK Financial Corp		744
24,206		Boston Private Financial Holdings, Inc		736
49,152		Brookline Bancorp, Inc		696
5,218		Camden National Corp		172
7,125		Capital City Bank Group, Inc		244
6,231		Capital Corp of the West		202
3,920	*	Capital Crossing Bank		131
8,466		Capitol Bancorp Ltd		317
16,280		Capitol Federal Financial		536
16,258		Cardinal Financial Corp		179
11,088		Cascade Bancorp		255
33,498		Cathay General Bancorp		1,204
40,600	e*	Centennial Bank Holdings, Inc		502
7,848		Center Financial Corp		197
6,901	*	Central Coast Bancorp		171

207

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
20,935		Central Pacific Financial Corp	$	752
2,526		Charter Financial Corp		90
16,601		Chemical Financial Corp		527
32,874		Chittenden Corp		914
3,695,609		Citigroup, Inc		179,348
5,668	e	Citizens & Northern Corp		145
31,916		Citizens Banking Corp		886
5,270		City Bank		187
12,921		City Holding Co		465
30,438		City National Corp		2,205
8,907		Clifton Savings Bancorp, Inc		90
10,056		Coastal Financial Corp		129
10,291		CoBiz, Inc		188
108,466		Colonial Bancgroup, Inc		2,584
3,648	e	Colony Bankcorp, Inc		91
3,557		Columbia Bancorp		147
10,948		Columbia Banking System, Inc		313
119,507		Comerica, Inc		6,783
122,807		Commerce Bancorp, Inc		4,226
45,263		Commerce Bancshares, Inc		2,359
3,243		Commercial Bankshares, Inc		115
30,592		Commercial Capital Bancorp, Inc		524
3,531	*	Community Bancorp		112
20,690		Community Bank System, Inc		467
13,579		Community Banks, Inc		380
9,922		Community Trust Bancorp, Inc		305
89,530		Compass Bancshares, Inc		4,323
12,923		Corus Bankshares, Inc		727
37,326		Cullen/Frost Bankers, Inc		2,004
32,538		CVB Financial Corp		661
19,824		Dime Community Bancshares		290
15,167		Downey Financial Corp		1,037
40,290		East West Bancorp, Inc		1,470
5,234		Enterprise Financial Services Corp		119
6,608	*	EuroBancshares, Inc		94
21,502	*	Euronet Worldwide, Inc		598
4,024		Farmers Capital Bank Corp		124
15,386		Fidelity Bankshares, Inc		503
335,987	e	Fifth Third Bancorp		12,673
5,668		Financial Institutions, Inc		111
7,060		First Bancorp (North Carolina)		142
48,962		First Bancorp (Puerto Rico)		608
8,442		First Busey Corp (Class A)		176
23,638		First Charter Corp		559
4,516		First Citizens Bancshares, Inc (Class A)		788
51,852		First Commonwealth Financial Corp		670
10,130		First Community Bancorp, Inc		551
6,565		First Community Bancshares, Inc		205
4,691		First Defiance Financial Corp		127
23,858		First Financial Bancorp		418
11,782	e	First Financial Bankshares, Inc		413
8,954		First Financial Corp (Indiana)		242

208

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
8,300		First Financial Holdings, Inc	$	255
87,417		First Horizon National Corp		3,360
7,128		First Indiana Corp		245
12,330		First Merchants Corp		321
34,833		First Midwest Bancorp, Inc		1,221
86,553		First Niagara Financial Group, Inc		1,252
4,259		First Oak Brook Bancshares, Inc		119
10,172		First Place Financial Corp		245
1,655	*	First Regional Bancorp		112
14,991		First Republic Bank		555
3,438	e	First South Bancorp, Inc		121
9,990		First State Bancorporation		240
13,119	*	FirstFed Financial Corp		715
59,714		FirstMerit Corp		1,547
25,530		Flagstar Bancorp, Inc		368
12,979		Flushing Financial Corp		202
43,167	e	FNB Corp		749
4,667		FNB Corp (Virginia)		143
13,950	*	Franklin Bank Corp		251
45,925		Fremont General Corp		1,067
16,824		Frontier Financial Corp		538
113,336		Fulton Financial Corp		1,995
8,916		GB&T Bancshares, Inc		191
21,613		Glacier Bancorp, Inc		649
25,980		Gold Banc Corp, Inc		473
181,376		Golden West Financial Corp		11,971
7,290		Great Southern Bancorp, Inc		201
34,453		Greater Bay Bancorp		883
4,469		Greene County Bancshares, Inc		122
19,896		Hancock Holding Co		752
27,371		Hanmi Financial Corp		489
16,296		Harbor Florida Bancshares, Inc		604
18,776		Harleysville National Corp		359
6,171		Heartland Financial USA, Inc		134
8,209		Heritage Commerce Corp		176
6,837		Horizon Financial Corp		149
418,300		Hudson City Bancorp, Inc		5,070
33,108		Hudson United Bancorp		1,380
163,764		Huntington Bancshares, Inc		3,889
6,056		IBERIABANK Corp		309
60,482		Independence Community Bank Corp		2,403
9,704		Independent Bank Corp (Massachusetts)		277
15,249		Independent Bank Corp (Michigan)		415
45,100		IndyMac Bancorp, Inc		1,760
9,790		Integra Bank Corp		209
11,376		Interchange Financial Services Corp		196
32,243		International Bancshares Corp		947
24,252	*	Investors Bancorp, Inc		267
48,251	e	Investors Financial Services Corp		1,777
15,442		Irwin Financial Corp		331
3,467	*	ITLA Capital Corp		169
2,504,155		JPMorgan Chase & Co		99,390

209

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
14,732		Kearny Financial Corp	$	180
289,057		Keycorp		9,519
22,471		KNBT Bancorp, Inc		366
12,511	e	Lakeland Bancorp, Inc		184
3,244		Lakeland Financial Corp		131
54,494		M&T Bank Corp		5,943
6,557		Macatawa Bank Corp		239
23,701		MAF Bancorp, Inc		981
10,609		Main Street Banks, Inc		289
6,112		MainSource Financial Group, Inc		109
162,830		Marshall & Ilsley Corp		7,008
16,529		MB Financial, Inc		585
9,839		MBT Financial Corp		159
301,090		Mellon Financial Corp		10,312
4,881		Mercantile Bank Corp		188
57,531	e	Mercantile Bankshares Corp		3,247
15,609		Mid-State Bancshares		418
11,521	e	Midwest Banc Holdings, Inc		256
12,456		Nara Bancorp, Inc		221
1,893		NASB Financial, Inc		74
401,131		National City Corp		13,466
29,572		National Penn Bancshares, Inc		563
4,550		NBC Capital Corp		108
21,738		NBT Bancorp, Inc		469
31,499		NetBank, Inc		226
189,972	e	New York Community Bancorp, Inc		3,138
78,754	e	NewAlliance Bancshares, Inc		1,145
335,699		North Fork Bancorporation, Inc		9,185
5,438	*	Northern Empire Bancshares		129
140,280		Northern Trust Corp		7,269
12,217		Northwest Bancorp, Inc		260
6,026		OceanFirst Financial Corp		137
50,588		Old National Bancorp		1,095
8,710	e	Old Second Bancorp, Inc		266
8,719		Omega Financial Corp		243
17,777		Oriental Financial Group, Inc		220
33,369		Pacific Capital Bancorp		1,187
9,214		Park National Corp		946
34,547		Partners Trust Financial Group, Inc		416
4,851		Peapack Gladstone Financial Corp		135
5,884		Pennfed Financial Services, Inc		108
3,021	*	Pennsylvania Commerce Bancorp, Inc		96
6,808		Peoples Bancorp, Inc		194
41,197	e	People's Bank		1,280
13,870		PFF Bancorp, Inc		423
5,176	*	Pinnacle Financial Partners, Inc		129
4,569		Placer Sierra Bancshares		127
200,115		PNC Financial Services Group, Inc		12,373
196,685		Popular, Inc		4,160
7,284	v*	Popular, Inc		1
2,891		Preferred Bank		129
9,126		Premierwest Bancorp		128

210

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
12,613		PrivateBancorp, Inc	$	449
14,805		Prosperity Bancshares, Inc		425
25,227		Provident Bankshares Corp		852
3,385		Provident Financial Holdings		89
53,846		Provident Financial Services, Inc		997
26,481		Provident New York Bancorp		291
4,843	*	QC Holdings, Inc		56
20,438		R & G Financial Corp (Class B)		270
329,158		Regions Financial Corp		11,244
7,272		Renasant Corp		230
5,539		Republic Bancorp, Inc (Class A) (Kentucky)		119
53,343		Republic Bancorp, Inc (Michigan)		635
3,186		Royal Bancshares of Pennsylvania (Class A)		74
20,998		S&T Bancorp, Inc		773
7,808		S.Y. Bancorp, Inc		195
9,617		Sandy Spring Bancorp, Inc		335
4,873		Santander BanCorp		122
5,559		SCBT Financial Corp		186
7,521		Seacoast Banking Corp of Florida		173
6,062		Security Bank Corp		141
3,786		Sierra Bancorp		86
7,720	*	Signature Bank		217
9,660		Simmons First National Corp (Class A)		268
70,064		Sky Financial Group, Inc		1,949
7,864		Sound Federal Bancorp, Inc		150
49,906		South Financial Group, Inc		1,374
7,585		Southside Bancshares, Inc		153
9,257		Southwest Bancorp, Inc		185
254,996		Sovereign Bancorp, Inc		5,513
6,434		State Bancorp, Inc		108
235,942		State Street Corp		13,081
13,290		Sterling Bancorp		262
29,268		Sterling Bancshares, Inc		452
17,306		Sterling Financial Corp (Pennsylvania)		343
23,685		Sterling Financial Corp (Spokane)		592
7,140		Suffolk Bancorp		241
7,043		Summit Bancshares, Inc		127
3,510	e	Summit Financial Group, Inc		81
7,938	*	Sun Bancorp, Inc (New Jersey)		157
256,372		SunTrust Banks, Inc		18,654
34,534		Susquehanna Bancshares, Inc		818
24,315	*	SVB Financial Group		1,139
220,445		Synovus Financial Corp		5,954
4,565		Taylor Capital Group, Inc		184
96,618		TCF Financial Corp		2,622
55,961		TD Banknorth, Inc		1,626
13,823	*	Texas Capital Bancshares, Inc		310
29,400		Texas Regional Bancshares, Inc (Class A)		832
14,873		TierOne Corp		437
5,830		Tompkins Trustco, Inc		261
7,259		Trico Bancshares		170
51,426		Trustco Bank Corp NY		639

211

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
34,436		Trustmark Corp	$	946
63,746		UCBH Holdings, Inc		1,140
12,516		UMB Financial Corp		800
30,388		Umpqua Holdings Corp		867
5,944		Union Bankshares Corp		256
40,389		UnionBanCal Corp		2,775
27,662		United Bankshares, Inc		975
21,754		United Community Banks, Inc		580
18,456		United Community Financial Corp		218
4,028	e	United Security Bancshares		108
7,380		Univest Corp of Pennsylvania		179
14,142		Unizan Financial Corp		376
1,299,135		US Bancorp		38,831
8,850		USB Holding Co, Inc		192
77,907		Valley National Bancorp		1,878
5,377	e	Vineyard National Bancorp		166
5,162	*	Virginia Commerce Bancorp		150
4,624		Virginia Financial Group, Inc		167
75,924	e	W Holding Co, Inc		625
1,117,157	e	Wachovia Corp		59,053
62,928		Washington Federal, Inc		1,447
698,798		Washington Mutual, Inc		30,398
8,575		Washington Trust Bancorp, Inc		224
38,487		Webster Financial Corp		1,805
1,203,710		Wells Fargo & Co		75,629
15,679		WesBanco, Inc		477
11,085	e	West Bancorporation, Inc		207
10,009		West Coast Bancorp		265
23,845		Westamerica Bancorporation		1,265
500	*	Western Alliance Bancorp		15
4,176	*	Western Sierra Bancorp		152
3,341		Westfield Financial, Inc		80
44,900		Whitney Holding Corp		1,237
49,013		Wilmington Trust Corp		1,907
9,638		Wilshire Bancorp, Inc		166
16,422		Wintrust Financial Corp		902
4,467		WSFS Financial Corp		274
5,372		Yardville National Bancorp		186
79,887		Zions Bancorporation		6,036
		TOTAL DEPOSITORY INSTITUTIONS		988,531
EATING AND DRINKING PLACES - 0.74%
13,518		AFC Enterprises		204
57,358		Applebees International, Inc		1,296
53,216	e	Aramark Corp (Class B)		1,478
9,771	*	BJ's Restaurants, Inc		223
24,778		Bob Evans Farms, Inc		571
60,962		Brinker International, Inc		2,357
4,688	e*	Buffalo Wild Wings, Inc		156
13,696	*	California Pizza Kitchen, Inc		438

212

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
35,140		CBRL Group, Inc	$	1,235
24,364	*	CEC Entertainment, Inc		829
40,445		CKE Restaurants, Inc		547
110,063		Darden Restaurants, Inc		4,279
9,489	*	Dave & Buster's, Inc		167
21,847		Domino's Pizza, Inc		529
13,878		IHOP Corp		651
25,157	*	Jack in the Box, Inc		879
39,881	e*	Krispy Kreme Doughnuts, Inc		229
12,903		Landry's Restaurants, Inc		345
15,749		Lone Star Steakhouse & Saloon, Inc		374
15,891	*	Luby's, Inc		211
5,396	*	McCormick & Schmick's Seafood Restaurants, Inc		122
901,325		McDonald's Corp		30,393
14,289	*	O'Charleys, Inc		222
43,407		Outback Steakhouse, Inc		1,806
7,537	*	Papa John's International, Inc		447
18,015	*	PF Chang's China Bistro, Inc		894
25,931	*	Rare Hospitality International, Inc		788
9,659	e*	Red Robin Gourmet Burgers, Inc		492
44,296		Ruby Tuesday, Inc		1,147
10,929	*	Ruth's Chris Steak House, Inc		198
28,133	*	Ryan's Restaurant Group, Inc		339
45,231	*	Sonic Corp		1,334
28,804	e*	Texas Roadhouse, Inc (Class A)		448
56,182	*	The Cheesecake Factory, Inc		2,101
19,171	*	The Steak N Shake Co		325
28,503		Triarc Cos (Class B)		423
80,507		Wendy's International, Inc		4,449
205,618		Yum! Brands, Inc		9,639
		TOTAL EATING AND DRINKING PLACES		72,565
EDUCATIONAL SERVICES - 0.18%
101,420	*	Apollo Group, Inc (Class A)		6,132
72,873	*	Career Education Corp		2,457
62,840	e*	Corinthian Colleges, Inc		740
40,565	*	DeVry, Inc		811
12,416	*	Educate, Inc		147
54,427	*	Education Management Corp		1,824
33,537	*	ITT Educational Services, Inc		1,982
36,014	*	Laureate Education, Inc		1,891
5,840	*	Learning Tree International, Inc		75
10,353		Strayer Education, Inc		970
14,801	*	Universal Technical Institute, Inc		458
		TOTAL EDUCATIONAL SERVICES		17,487
ELECTRIC, GAS, AND SANITARY SERVICES - 3.86%
461,353	*	AES Corp		7,303

213

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
53,700		AGL Resources, Inc	$	1,869
115,451	*	Allegheny Energy, Inc		3,654
17,427		Allete, Inc		767
82,853		Alliant Energy Corp		2,323
145,094	e*	Allied Waste Industries, Inc		1,268
138,415		Ameren Corp		7,092
8,401		American Ecology Corp		121
272,137		American Electric Power Co, Inc		10,094
11,397		American States Water Co		351
88,125		Aqua America, Inc		2,406
257,136	*	Aquila, Inc		926
55,777		Atmos Energy Corp		1,459
35,312		Avista Corp		625
22,470		Black Hills Corp		778
11,807		California Water Service Group		451
8,600		Cascade Natural Gas Corp		168
13,533	*	Casella Waste Systems, Inc (Class A)		173
219,360		Centerpoint Energy, Inc		2,819
12,431		Central Vermont Public Service Corp		224
13,300		CH Energy Group, Inc		610
140,802		Cinergy Corp		5,978
14,056	*	Clean Harbors, Inc		405
34,284		Cleco Corp		715
152,425	*	CMS Energy Corp		2,212
5,094		Connecticut Water Service, Inc		125
171,882	e	Consolidated Edison, Inc		7,963
125,639		Constellation Energy Group, Inc		7,237
80,375	*	Covanta Holding Corp		1,210
4,147		Crosstex Energy, Inc		262
240,543		Dominion Resources, Inc		18,570
90,909		DPL, Inc		2,365
124,122		DTE Energy Co		5,361
653,715	e	Duke Energy Corp		17,944
55,546		Duquesne Light Holdings, Inc		907
9,642	*	Duratek, Inc		144
221,440	e*	Dynegy, Inc (Class A)		1,072
229,589		Edison International		10,012
457,709		El Paso Corp		5,566
37,424	*	El Paso Electric Co		787
21,443		Empire District Electric Co		436
51,695		Energen Corp		1,878
105,644		Energy East Corp		2,409
4,326		EnergySouth, Inc		116
149,692		Entergy Corp		10,276
478,212		Exelon Corp		25,412
233,022		FirstEnergy Corp		11,416
278,706		FPL Group, Inc		11,583
55,500		Great Plains Energy, Inc		1,552
59,766	e	Hawaiian Electric Industries, Inc		1,548
31,800		Idacorp, Inc		932
9,000		ITC Holdings Corp		253
125,281		KeySpan Corp		4,471

214

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
66,358		Kinder Morgan, Inc	$	6,102
14,800		Laclede Group, Inc		432
3,898		Markwest Hydrocarbon, Inc		86
81,475		MDU Resources Group, Inc		2,667
15,052		Metal Management, Inc		350
14,002		MGE Energy, Inc		475
7,096		Middlesex Water Co		123
57,617	e	National Fuel Gas Co		1,797
20,377		New Jersey Resources Corp		854
31,841		Nicor, Inc		1,252
192,386		NiSource, Inc		4,013
89,153	e	Northeast Utilities		1,755
19,700		Northwest Natural Gas Co		673
24,616		NorthWestern Corp		765
57,069	*	NRG Energy, Inc		2,689
74,992		NSTAR		2,152
63,181		OGE Energy Corp		1,693
71,807		Oneok, Inc		1,912
4,962		Ormat Technologies, Inc		130
19,998		Otter Tail Corp		580
28,241		Peoples Energy Corp		990
135,856		Pepco Holdings, Inc		3,039
261,561		PG&E Corp		9,709
5,490	*	Pico Holdings, Inc		177
58,056		Piedmont Natural Gas Co, Inc		1,403
9,700	*	Pike Electric Corp		157
69,890		Pinnacle West Capital Corp		2,890
33,299	e*	Plug Power, Inc		171
49,642		PNM Resources, Inc		1,216
268,142		PPL Corp		7,883
34,100	v*	Progress Energy Inc (Cvo)		-	^
175,445	e	Progress Energy, Inc		7,706
168,312		Public Service Enterprise Group, Inc		10,935
81,607		Puget Energy, Inc		1,666
59,935		Questar Corp		4,537
210,935	e*	Reliant Energy, Inc		2,177
99,308		Republic Services, Inc		3,729
10,949		Resource America, Inc (Class A)		187
82,739		SCANA Corp		3,258
182,518		Sempra Energy		8,184
129,900	*	Sierra Pacific Resources		1,694
5,218		SJW Corp		237
19,254		South Jersey Industries, Inc		561
527,330		Southern Co		18,209
67,487	*	Southern Union Co		1,595
26,697		Southwest Gas Corp		705
12,300		Southwest Water Co		176
32,405	*	Stericycle, Inc		1,908
141,775		TECO Energy, Inc		2,436
345,520		TXU Corp		17,342
71,702		UGI Corp		1,477
10,146		UIL Holdings Corp		467

215

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
24,650		Unisource Energy Corp	$	769
55,079		Vectren Corp		1,496
33,150	*	Waste Connections, Inc		1,142
3,755		Waste Industries USA, Inc		48
44,719	e*	Waste Services, Inc		149
59,746		Westar Energy, Inc		1,284
40,248		Western Gas Resources, Inc		1,895
34,425		WGL Holdings, Inc		1,035
405,570	e	Williams Cos, Inc		9,397
83,226		Wisconsin Energy Corp		3,251
29,082		WPS Resources Corp		1,609
281,648	e	Xcel Energy, Inc		5,199
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		381,193
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 8.91%
22,958	*	Actel Corp		292
30,385		Acuity Brands, Inc		966
82,321	*	Adaptec, Inc		479
84,290	*	ADC Telecommunications, Inc		1,883
10,500	*	Advanced Analogic Technologies, Inc		145
23,059	*	Advanced Energy Industries, Inc		273
281,079	*	Advanced Micro Devices, Inc		8,601
50,885	*	Aeroflex, Inc		547
129,279	*	Agere Systems, Inc		1,668
59,409		Alliance One International, Inc		232
265,480	*	Altera Corp		4,919
119,382		American Power Conversion Corp		2,626
22,354	e*	American Superconductor Corp		176
47,907		Ametek, Inc		2,038
30,350	*	AMIS Holdings, Inc		323
71,143	e*	Amkor Technology, Inc		398
62,152		Amphenol Corp (Class A)		2,751
260,833		Analog Devices, Inc		9,356
113,149	*	Andrew Corp		1,214
239,058	*	Applied Micro Circuits Corp		614
6,254		Applied Signal Technology, Inc		142
72,829	*	Arris Group, Inc		690
22,286	*	Artesyn Technologies, Inc		230
23,842	*	Atheros Communications, Inc		310
328,653	*	Atmel Corp		1,016
25,930	*	ATMI, Inc		725
34,410		AVX Corp		498
25,562		Baldor Electric Co		656
7,316		Bel Fuse, Inc (Class B)		233
28,767	*	Benchmark Electronics, Inc		967
195,452	*	Broadcom Corp (Class A)		9,216
49,930	e*	Broadwing Corp		302
170,937	*	Brocade Communications Systems, Inc		696
16,467		C&D Technologies, Inc		125
6,565	*	Catapult Communications Corp		97

216

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
48,556	*	CCE Spinco, Inc	$	636
33,107	e*	C-COR, Inc		161
17,949	*	Ceradyne, Inc		786
25,221	*	Checkpoint Systems, Inc		622
435,445	*	Ciena Corp		1,293
4,618,526	*	Cisco Systems, Inc		79,069
9,288	*	Color Kinetics, Inc		134
15,327	*	Comtech Telecommunications Corp		468
140,964	*	Comverse Technology, Inc		3,748
326,709	*	Conexant Systems, Inc		738
52,959	e*	Cree, Inc		1,337
23,637		CTS Corp		261
14,434	e	Cubic Corp		288
24,200	*	Cymer, Inc		859
90,831	e*	Cypress Semiconductor Corp		1,294
10,027	*	Diodes, Inc		311
32,747	*	Ditech Communications Corp		273
18,900	*	Dolby Laboratories, Inc (Class A)		322
21,955	*	DSP Group, Inc		550
10,894	*	DTS, Inc		161
23,062	*	Electro Scientific Industries, Inc		557
25,991	*	Emcore Corp		193
295,211		Emerson Electric Co		22,052
6,612	e*	EndWave Corp		78
51,454	*	Energizer Holdings, Inc		2,562
16,329	e*	Energy Conversion Devices, Inc		665
31,307	*	EnerSys		408
27,978	e*	Evergreen Solar, Inc		298
25,111	*	Exar Corp		314
82,256	*	Fairchild Semiconductor International, Inc		1,391
107,194	*	Finisar Corp		223
15,195		Franklin Electric Co, Inc		601
283,368	*	Freescale Semiconductor, Inc (Class B)		7,132
37,000	e*	FuelCell Energy, Inc		313
168,527	*	Gemstar-TV Guide International, Inc		440
7,551,377		General Electric Co		264,676
17,954	*	Genlyte Group, Inc		962
46,901	*	Glenayre Technologies, Inc		152
69,879	*	GrafTech International Ltd		435
16,954	*	Greatbatch, Inc		441
48,291		Harman International Industries, Inc		4,725
54,755	*	Harmonic, Inc		266
94,562		Harris Corp		4,067
41,488	*	Hexcel Corp		749
1,000	*	Hittite Microwave Corp		23
602,731		Honeywell International, Inc		22,452
16,902	*	Hutchinson Technology, Inc		481
3,548	*	Ikanos Communications, Inc		52
24,375		Imation Corp		1,123
136,513	*	Integrated Device Technology, Inc		1,799
29,333	*	Integrated Silicon Solutions, Inc		189

217

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
4,406,095		Intel Corp	$	109,976
37,611	*	Interdigital Communications Corp		689
21,961	e*	International DisplayWorks, Inc		130
49,848	*	International Rectifier Corp		1,590
107,563		Intersil Corp (Class A)		2,676
13,338		Inter-Tel, Inc		261
28,293	*	InterVoice, Inc		225
16,725	*	IXYS Corp		196
1,126,234	*	JDS Uniphase Corp		2,658
57,438	*	Kemet Corp		406
84,515		L-3 Communications Holdings, Inc		6,284
73,339	*	Lattice Semiconductor Corp		317
11,944	*	Leadis Technology, Inc		62
10,481	*	Lifeline Systems, Inc		383
25,105		Lincoln Electric Holdings, Inc		996
217,481		Linear Technology Corp		7,845
17,104	*	Littelfuse, Inc		466
12,960		LSI Industries, Inc		203
273,821	*	LSI Logic Corp		2,191
3,111,268	e*	Lucent Technologies, Inc		8,276
31,859	*	Mattson Technology, Inc		321
231,122		Maxim Integrated Products, Inc		8,376
178,532	*	Maxtor Corp		1,239
55,102		Maytag Corp		1,037
116,831	*	McData Corp (Class A)		444
8,691	e*	Medis Technologies Ltd		128
100,239	*	MEMC Electronic Materials, Inc		2,222
13,858	*	Mercury Computer Systems, Inc		286
23,004		Methode Electronics, Inc		229
6,806	*	Metrologic Instruments, Inc		131
44,348	*	Micrel, Inc		514
145,907		Microchip Technology, Inc		4,691
408,321	*	Micron Technology, Inc		5,435
43,438	*	Microsemi Corp		1,201
51,088	*	Microtune, Inc		213
33,720	*	MIPS Technologies, Inc		192
21,021	*	Mobility Electronics, Inc		203
99,796		Molex, Inc		2,590
11,543	*	Monolithic Power Systems, Inc		173
25,239	*	Moog, Inc		716
1,749,400		Motorola, Inc		39,519
68,179	e*	MRV Communications, Inc		140
5,200	*	Multi-Fineline Electronix, Inc		250
3,138		National Presto Industries, Inc		139
244,369		National Semiconductor Corp		6,349
12,200	v*	NCP Litigation Trust		-	^
7,091	e*	Netlogic Microsystems, Inc		193
258,453	*	Network Appliance, Inc		6,978
87,771	*	Novellus Systems, Inc		2,117
120,295	*	Nvidia Corp		4,398
45,061	e*	Omnivision Technologies, Inc		899
98,235	*	ON Semiconductor Corp		543

218

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
53,848	e*	Openwave Systems, Inc	$	941
9,902	*	Oplink Communications Inc		144
11,903	*	Optical Communication Products, Inc		28
8,504	*	OSI Systems, Inc		156
13,852		Park Electrochemical Corp		360
14,362	*	Pericom Semiconductor Corp		115
26,807	*	Photronics, Inc		404
43,950	*	Pixelworks, Inc		223
33,768		Plantronics, Inc		956
32,507	*	Plexus Corp		739
15,100	*	PLX Technology, Inc		130
125,097	*	PMC - Sierra, Inc		964
67,575	*	Polycom, Inc		1,034
13,900	e*	Portalplayer, Inc		394
3,961	*	Powell Industries, Inc		71
20,292	*	Power Integrations, Inc		483
51,516	*	Power-One, Inc		310
78,307	*	Powerwave Technologies, Inc		984
63,267	*	QLogic Corp		2,057
1,160,931		Qualcomm, Inc		50,013
42,142	e*	Quantum Fuel Systems Technologies Worldwide, Inc		113
75,139	e*	Rambus, Inc		1,217
10,032		Raven Industries, Inc		290
17,995		Regal-Beloit Corp		637
143,032	*	RF Micro Devices, Inc		774
126,362		Rockwell Collins, Inc		5,872
12,342	*	Rogers Corp		484
385,770	*	Sanmina-SCI Corp		1,643
107,776		Scientific-Atlanta, Inc		4,642
15,855	*	Seachange International, Inc		125
52,119	*	Semtech Corp		952
30,308	*	Sigmatel, Inc		397
56,384	*	Silicon Image, Inc		510
29,307	*	Silicon Laboratories, Inc		1,074
75,067	*	Silicon Storage Technology, Inc		379
939,174	e*	Sirius Satellite Radio, Inc		6,293
129,419	*	Skyworks Solutions, Inc		659
15,217	e*	Spatialight, Inc		53
12,943		Spectralink Corp		154
25,415	*	Spectrum Brands, Inc		516
14,503	*	Standard Microsystems Corp		416
5,600	*	Sunpower Corp		190
6,187	*	Supertex, Inc		274
113,168	*	Sycamore Networks, Inc		489
35,188	*	Symmetricom, Inc		298
17,207	*	Synaptics, Inc		425
32,161		Technitrol, Inc		550
38,663	*	Tekelec		537
26,704		Teleflex, Inc		1,735
314,158	*	Tellabs, Inc		3,424
80,448	*	Terayon Communication Systems, Inc		186

219

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
30,258	*	Tessera Technologies, Inc	$	782
1,178,730	e	Texas Instruments, Inc		37,802
43,626	*	Thomas & Betts Corp		1,831
71,856	e*	Transwitch Corp		132
35,494	*	Trident Microsystems, Inc		639
105,731	*	Triquint Semiconductor, Inc		471
33,125	*	TTM Technologies, Inc		311
6,706	*	Ulticom, Inc		66
9,200	*	Ultralife Batteries, Inc		110
13,484	e*	Universal Display Corp		142
8,900	*	Universal Electronics, Inc		153
81,181	e*	Utstarcom, Inc		654
35,497	e*	Valence Technology, Inc		55
24,506	*	Varian Semiconductor Equipment Associates, Inc		1,077
13,862	*	Viasat, Inc		371
12,845		Vicor Corp		203
9,190	*	Virage Logic Corp		91
120,423	e*	Vishay Intertechnology, Inc		1,657
186,009	*	Vitesse Semiconductor Corp		357
10,333	*	Volterra Semiconductor Corp		155
31,906	*	Westell Technologies, Inc		144
43,472		Whirlpool Corp		3,641
247,000		Xilinx, Inc		6,227
61,727	*	Zhone Technologies, Inc		131
7,276	e*	Zoltek Cos, Inc		64
32,664	*	Zoran Corp		530
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		879,840
ENGINEERING AND MANAGEMENT SERVICES - 0.74%
13,465	*	Advisory Board Co		642
76,975	e*	Amylin Pharmaceuticals, Inc		3,073
16,445	e*	Antigenics, Inc		78
50,400	*	Applera Corp (Celera Genomics Group)		552
40,510	*	Ariad Pharmaceuticals, Inc		237
7,981		CDI Corp		219
116,746	*	Celgene Corp		7,565
30,031		Corporate Executive Board Co		2,694
8,400	*	CRA International, Inc		401
27,533	e*	CuraGen Corp		85
29,388	e*	CV Therapeutics, Inc		727
48,651	*	deCODE genetics, Inc		402
20,365	*	DiamondCluster International, Inc		162
60,988	*	Digitas, Inc		764
16,593	*	Diversa Corp		80
35,921	*	eResearch Technology, Inc		542
11,717	*	Essex Corp		200
65,884	*	Exelixis, Inc		621
5,618	*	Exponent, Inc		159
60,432		Fluor Corp		4,669
36,978	*	Gen-Probe, Inc		1,804

220

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
11,605	*	Greenfield Online, Inc	$	68
31,752	*	Harris Interactive, Inc		137
26,647	*	Hewitt Associates, Inc		746
4,623	*	Huron Consulting Group, Inc		111
44,080	*	ICOS Corp		1,218
60,816	*	Incyte Corp		325
9,019	*	Infrasource Services, Inc		118
5,052	e*	iRobot Corp		168
46,982	*	Isis Pharmaceuticals, Inc		246
40,764	*	Jacobs Engineering Group, Inc		2,767
18,029	*	Keryx Biopharmaceuticals, Inc		264
6,175		Landauer, Inc		285
10,160	*	LECG Corp		177
41,063	*	Lexicon Genetics, Inc		150
23,119	*	Lifecell Corp		441
17,384	*	Luminex Corp		202
12,795		MAXIMUS, Inc		469
16,427	*	Maxygen, Inc		123
82,896	*	Monogram Biosciences, Inc		155
180,132		Moody's Corp		11,064
7,000	*	MTC Technologies, Inc		192
28,265	e*	Myriad Genetics, Inc		588
35,057	*	Navigant Consulting, Inc		770
11,157	e*	Neopharm, Inc		120
16,290	*	Neurogen Corp		107
16,815	*	Orchid Cellmark, Inc		128
234,748		Paychex, Inc		8,949
17,567	*	Per-Se Technologies, Inc		410
34,632		Pharmaceutical Product Development, Inc		2,145
25,516	*	PRG-Schultz International, Inc		16
114,326		Quest Diagnostics, Inc		5,885
24,599	*	Regeneron Pharmaceuticals, Inc		392
32,857	*	Resources Connection, Inc		856
17,806	e*	Rigel Pharmaceuticals, Inc		149
41,760	*	Savient Pharmaceuticals, Inc		156
25,064	*	Seattle Genetics, Inc		118
17,432	*	Senomyx, Inc		211
14,609	e*	SFBC International, Inc		234
54,124	*	Shaw Group, Inc		1,574
11,041	*	Sourcecorp		265
22,338	*	Symyx Technologies, Inc		610
4,446		Sypris Solutions, Inc		44
5,934	*	Tejon Ranch Co		237
35,223	*	Telik, Inc		598
38,899	*	Tetra Tech, Inc		610
10,112	*	Trimeris, Inc		116
28,051	*	URS Corp		1,055
5,810	*	ViaCell, Inc		33
17,825		Washington Group International, Inc		944
29,646		Watson Wyatt & Co Holdings		827
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		73,249

221

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
FABRICATED METAL PRODUCTS - 0.36%
27,498	*	Alliant Techsystems, Inc	$	2,095
6,162		Ameron International Corp		281
25,885		Aptargroup, Inc		1,351
78,875		Ball Corp		3,133
9,943		CIRCOR International, Inc		255
41,626		Commercial Metals Co		1,563
13,231	*	Commercial Vehicle Group, Inc		248
2,198		Compx International, Inc		35
35,668		Crane Co		1,258
115,665	*	Crown Holdings, Inc		2,259
4,058	e	Dynamic Materials Corp		122
12,681	*	Earle M Jorgensen Co		117
21,921	*	Global Power Equipment Group, Inc		99
20,133	*	Griffon Corp		479
9,089		Gulf Island Fabrication, Inc		221
179,276		Illinois Tool Works, Inc		15,774
53,208	*	Jacuzzi Brands, Inc		447
4,624		Lifetime Brands, Inc		96
11,405	*	Mobile Mini, Inc		541
16,444	*	NCI Building Systems, Inc		699
15,206		Silgan Holdings, Inc		549
27,492		Simpson Manufacturing Co, Inc		999
41,402	e	Snap-On, Inc		1,555
14,300		Sturm Ruger & Co, Inc		100
4,534	e	Sun Hydraulics Corp		88
42,718	e*	Taser International, Inc		298
11,761		Valmont Industries, Inc		394
8,415	*	Water Pik Technologies, Inc		181
17,244		Watts Water Technologies, Inc (Class A)		522
		TOTAL FABRICATED METAL PRODUCTS		35,759
FOOD AND KINDRED PRODUCTS - 2.74%
12,845	e	American Italian Pasta Co (Class A)		87
552,558		Anheuser-Busch Cos, Inc		23,738
464,831		Archer Daniels Midland Co		11,463
6,482	*	Boston Beer Co, Inc (Class A)		162
166,175		Campbell Soup Co		4,947
2,568		Coca-Cola Bottling Co Consolidated		110
1,480,159		Coca-Cola Co		59,665
212,382		Coca-Cola Enterprises, Inc		4,071
369,100		ConAgra Foods, Inc		7,485
137,072	*	Constellation Brands, Inc (Class A)		3,595
55,811		Corn Products International, Inc		1,333
43,973	*	Darling International, Inc		175
142,985		Del Monte Foods Co		1,491
5,320		Farmer Bros Co		103
34,780		Flowers Foods, Inc		959
208,989		General Mills, Inc		10,307
35,476	*	Gold Kist, Inc		530

222

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
248,717		H.J. Heinz Co	$	8,387
10,598	e*	Hansen Natural Corp		835
81,444	*	Hercules, Inc		920
122,531		Hershey Co		6,770
53,755		Hormel Foods Corp		1,757
4,179		J&J Snack Foods Corp		248
38,312		J.M. Smucker Co		1,686
179,257		Kellogg Co		7,747
175,446	e	Kraft Foods, Inc (Class A)		4,937
19,910		Lancaster Colony Corp		738
20,449		Lance, Inc		381
6,664	*	M&F Worldwide Corp		109
96,220		McCormick & Co, Inc (Non-Vote)		2,975
32,903		Molson Coors Brewing Co (Class B)		2,204
4,670		National Beverage Corp		46
9,395	*	Peet's Coffee & Tea, Inc		285
98,582		Pepsi Bottling Group, Inc		2,820
51,346		PepsiAmericas, Inc		1,194
1,188,741		PepsiCo, Inc		70,231
9,300		Premium Standard Farms, Inc		139
21,712	*	Ralcorp Holdings, Inc		867
9,100		Reddy Ice Holdings, Inc		199
12,303		Sanderson Farms, Inc		376
556,469		Sara Lee Corp		10,517
60,699	*	Smithfield Foods, Inc		1,857
18,185		Tootsie Roll Industries, Inc		526
24,314		Topps Co, Inc		181
20,712	*	TreeHouse Foods, Inc		388
169,212		Tyson Foods, Inc (Class A)		2,894
124,644	e	Wrigley (Wm.) Jr Co		8,288
		TOTAL FOOD AND KINDRED PRODUCTS		270,723
FOOD STORES - 0.43%
262,339		Albertson's, Inc		5,601
837		Arden Group, Inc (Class A)		76
11,979	e*	Great Atlantic & Pacific Tea Co, Inc		381
6,684		Ingles Markets, Inc (Class A)		105
515,699	*	Kroger Co		9,736
18,686	*	Panera Bread Co (Class A)		1,227
11,583	*	Pantry, Inc		544
32,134	*	Pathmark Stores, Inc		321
23,667		Ruddick Corp		504
550,752	*	Starbucks Corp		16,528
10,553		Weis Markets, Inc		454
92,894	e	Whole Foods Market, Inc		7,189
19,665	e*	Wild Oats Markets, Inc		238
		TOTAL FOOD STORES		42,904

223

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
FORESTRY - 0.14%
51,828	e	Rayonier, Inc	$	2,065
171,305		Weyerhaeuser Co		11,365
		TOTAL FORESTRY		13,430
FURNITURE AND FIXTURES - 0.38%
7,089		Bassett Furniture Industries, Inc		131
40,652	*	BE Aerospace, Inc		894
23,968	e	Ethan Allen Interiors, Inc		876
34,472		Furniture Brands International, Inc		770
49,639		Herman Miller, Inc		1,399
39,944		Hillenbrand Industries, Inc		1,974
39,144		HNI Corp		2,150
7,413		Hooker Furniture Corp		127
33,100	*	Interface, Inc (Class A)		272
134,677		Johnson Controls, Inc		9,819
18,600		Kimball International, Inc (Class B)		198
36,828	e	La-Z-Boy, Inc		499
134,293		Leggett & Platt, Inc		3,083
304,265		Masco Corp		9,186
192,698		Newell Rubbermaid, Inc		4,582
26,076	*	Select Comfort Corp		713
8,845		Stanley Furniture Co, Inc		205
29,515	e*	Tempur-Pedic International, Inc		340
5,411	*	Williams Scotsman International, Inc		94
		TOTAL FURNITURE AND FIXTURES		37,312
FURNITURE AND HOMEFURNISHINGS STORES - 0.38%
207,547	*	Bed Bath & Beyond, Inc		7,503
19,801	*	Bell Microproducts, Inc		152
285,840		Best Buy Co, Inc		12,428
133,973		Circuit City Stores, Inc		3,026
18,188	*	Cost Plus, Inc		312
8,015	*	Design Within Reach, Inc		42
37,406	e*	GameStop Corp		1,190
17,889	*	Guitar Center, Inc		895
12,729		Haverty Furniture Cos, Inc		164
7,565		Knoll, Inc		130
31,141	*	Linens 'n Things, Inc		828
36,112	*	Mohawk Industries, Inc		3,141
17,242	e	Movie Gallery, Inc		97
59,455	e	Pier 1 Imports, Inc		519
95,116		RadioShack Corp		2,000
32,572	*	Restoration Hardware, Inc		196
44,377		Steelcase, Inc (Class A)		703
23,041	*	The Bombay Co, Inc		68
15,057	*	Trans World Entertainment Corp		86
17,635		Tuesday Morning Corp		369

224

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
81,576	*	Williams-Sonoma, Inc	$	3,520
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		37,369
GENERAL BUILDING CONTRACTORS - 0.50%
3,890	*	Avatar Holdings, Inc		214
30,128	e	Beazer Homes USA, Inc		2,195
10,297		Brookfield Homes Corp		512
89,614		Centex Corp		6,406
2,956	*	Comstock Homebuilding Cos, Inc		42
192,690		DR Horton, Inc		6,885
24,447	*	Hovnanian Enterprises, Inc (Class A)		1,214
57,634		KB Home		4,188
94,459		Lennar Corp (Class A)		5,764
13,102		Levitt Corp (Class A)		298
9,603		M/I Homes, Inc		390
14,500	v*	Mascotech (Escrow)		-	^
14,037		McGrath RentCorp		390
22,434		MDC Holdings, Inc		1,390
16,766	*	Meritage Homes Corp		1,055
3,899	*	NVR, Inc		2,737
11,355	e*	Palm Harbor Homes, Inc		213
13,552	*	Perini Corp		327
152,686	e	Pulte Homes, Inc		6,010
33,896		Ryland Group, Inc		2,445
48,228		Standard-Pacific Corp		1,775
11,826		Technical Olympic USA, Inc		249
74,668	*	Toll Brothers, Inc		2,586
27,152		Walter Industries, Inc		1,350
24,050	*	WCI Communities, Inc		646
2,195	*	William Lyon Homes, Inc		221
		TOTAL GENERAL BUILDING CONTRACTORS		49,502
GENERAL MERCHANDISE STORES - 1.82%
31,592	*	99 Cents Only Stores		330
78,552	*	Big Lots, Inc		943
51,134	*	BJ's Wholesale Club, Inc		1,512
3,353		Bon-Ton Stores, Inc		64
21,144	e*	Cabela's, Inc		351
38,436		Casey's General Stores, Inc		953
4,489	e*	Conn's, Inc		166
339,727	e	Costco Wholesale Corp		16,806
48,325		Dillard's, Inc (Class A)		1,199
232,920	e	Dollar General Corp		4,442
116,117	e	Family Dollar Stores, Inc		2,879
192,736		Federated Department Stores, Inc		12,784
29,664		Fred's, Inc		483
146,051		JC Penney Co, Inc		8,120

225

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
17,729	*	Retail Ventures, Inc	$	221
87,135	*	Saks, Inc		1,469
17,973		Stein Mart, Inc		326
627,925		Target Corp		34,517
342,281		TJX Cos, Inc		7,951
1,790,332		Wal-Mart Stores, Inc		83,788
		TOTAL GENERAL MERCHANDISE STORES		179,304
HEALTH SERVICES - 1.19%
10,862	*	Alliance Imaging, Inc		65
20,542	*	Allied Healthcare International, Inc		126
10,737	e*	Amedisys, Inc		454
6,892	*	America Service Group, Inc		109
8,265	*	American Dental Partners, Inc		149
23,258	*	American Healthways, Inc		1,052
22,429	*	American Retirement Corp		564
149,462		AmerisourceBergen Corp		6,188
22,231	*	Amsurg Corp		508
34,626	*	Apria Healthcare Group, Inc		835
76,217	*	Beverly Enterprises, Inc		889
7,094	*	Bio-Reference Labs, Inc		133
6,700		Brookdale Senior Living, Inc		200
320,524	*	Caremark Rx, Inc		16,600
62,556	*	Community Health Systems, Inc		2,398
4,011	*	Corvel Corp		76
45,928	*	Covance, Inc		2,230
112,833	*	Coventry Health Care, Inc		6,427
22,090	*	Cross Country Healthcare, Inc		393
71,275	*	DaVita, Inc		3,609
43,322	*	Edwards Lifesciences Corp		1,803
18,855	*	Enzo Biochem, Inc		234
87,588	*	Express Scripts, Inc		7,340
15,831	*	Genesis HealthCare Corp		578
16,401	*	Gentiva Health Services, Inc		242
315,539		HCA, Inc		15,935
175,836		Health Management Associates, Inc (Class A)		3,861
37,552		Hooper Holmes, Inc		96
7,118	*	Horizon Health Corp		161
19,960	e*	Kindred Healthcare, Inc		514
96,268	*	Laboratory Corp of America Holdings		5,184
14,253		LCA-Vision, Inc		677
39,831	*	LifePoint Hospitals, Inc		1,494
65,338	*	Lincare Holdings, Inc		2,738
21,532	*	Magellan Health Services, Inc		677
56,881		Manor Care, Inc		2,262
13,215	*	Matria Healthcare, Inc		512
3,907	*	Medcath Corp		72
213,036	*	Medco Health Solutions, Inc		11,887
4,992		National Healthcare Corp		187
59,557	e*	Nektar Therapeutics		980

226

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
25,907	*	Odyssey HealthCare, Inc	$	483
19,390		Option Care, Inc		259
29,320	e*	PainCare Holdings, Inc		96
17,464	*	Pediatrix Medical Group, Inc		1,547
18,247	e*	Psychiatric Solutions, Inc		1,072
7,616	*	Radiation Therapy Services, Inc		269
12,730	*	RehabCare Group, Inc		257
49,517	*	Renal Care Group, Inc		2,343
17,307	*	Sierra Health Services, Inc		1,384
5,230	*	Specialty Laboratories, Inc		68
9,605	*	Stereotaxis, Inc		83
24,284	e*	Sunrise Senior Living, Inc		819
11,929	*	Symbion, Inc		274
330,586	*	Tenet Healthcare Corp		2,532
60,435	*	Triad Hospitals, Inc		2,371
7,967	*	U.S. Physical Therapy, Inc		147
32,574	*	United Surgical Partners International, Inc		1,047
33,473		Universal Health Services, Inc (Class B)		1,565
7,404	*	VistaCare, Inc (Class A)		93
		TOTAL HEALTH SERVICES		117,148
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.01%
23,788		Granite Construction, Inc		854
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		854
HOLDING AND OTHER INVESTMENT OFFICES - 2.64%
8,966	*	4Kids Entertainment, Inc		141
29,400		Aames Investment Corp		190
23,371		Acadia Realty Trust		469
24,146	e*	Affiliated Managers Group, Inc		1,938
19,264	e	Affordable Residential Communities		184
5,860		Agree Realty Corp		169
1,423	*	Alexander's, Inc		349
16,550		Alexandria Real Estate Equities, Inc		1,332
93,876	e	Allied Capital Corp		2,757
58,186		AMB Property Corp		2,861
11,828		American Campus Communities, Inc		293
85,131		American Financial Realty Trust		1,022
30,607		American Home Mortgage Investment Corp		997
19,804		AMLI Residential Properties Trust		754
84,531	e	Annaly Mortgage Management, Inc		925
40,991		Anthracite Capital, Inc		432
38,245		Anworth Mortgage Asset Corp		279
67,057		Apartment Investment & Management Co (Class A)		2,539
42,583		Apollo Investment Corp		764
8,687		Arbor Realty Trust, Inc		225
147,362		Archstone-Smith Trust		6,173
46,104		Arden Realty, Inc		2,067
23,871		Ashford Hospitality Trust, Inc		250

227

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
51,438	e	AvalonBay Communities, Inc	$	4,591
11,415		Bedford Property Investors		250
21,800		Bimini Mortgage Management, Inc (Class A)		197
29,208		BioMed Realty Trust, Inc		713
78,216		Boston Properties, Inc		5,798
12,391	*	Boykin Lodging Co		151
38,557		Brandywine Realty Trust		1,076
35,274		BRE Properties, Inc (Class A)		1,604
31,966		Camden Property Trust		1,851
14,669		Capital Lease Funding, Inc		154
1,773		Capital Southwest Corp		160
8,296		Capital Trust, Inc		243
41,480		CarrAmerica Realty Corp		1,436
30,694		CBL & Associates Properties, Inc		1,213
21,293		Cedar Shopping Centers, Inc		300
35,800		Centerpoint Properties Trust		1,771
7,117		CentraCore Properties Trust		191
4,486		Cherokee, Inc		154
31,781	e	Colonial Properties Trust		1,334
5,100		Columbia Equity Trust, Inc		82
40,991		Commercial Net Lease Realty, Inc		835
23,432		Corporate Office Properties Trust		833
28,724		Cousins Properties, Inc		813
53,181		Crescent Real Estate Equities Co		1,054
10,679	*	Criimi MAE, Inc		211
15,000		Deerfield Triarc Capital Corp		206
77,042		Developers Diversified Realty Corp		3,623
21,233		DiamondRock Hospitality Co		254
11,264		Digital Realty Trust, Inc		255
104,578		Duke Realty Corp		3,493
15,783		EastGroup Properties, Inc		713
38,510		ECC Capital Corp		87
15,039		Education Realty Trust, Inc		194
2,066	*	Enstar Group, Inc		137
18,156		Entertainment Properties Trust		740
42,886		Equity Inns, Inc		581
15,082		Equity Lifestyle Properties, Inc		671
287,896		Equity Office Properties Trust		8,732
26,061		Equity One, Inc		603
202,443		Equity Residential		7,920
16,215		Essex Property Trust, Inc		1,495
26,065		Extra Space Storage, Inc		401
36,004		Federal Realty Investment Trust		2,184
35,842		FelCor Lodging Trust, Inc		617
41,367		Fieldstone Investment Corp		491
32,241	e	First Industrial Realty Trust, Inc		1,241
14,075		First Potomac Realty Trust		374
97,828	e	Friedman Billings Ramsey Group, Inc		968
124,147		General Growth Properties, Inc		5,834
11,498		Getty Realty Corp		302
7,828	e	Gladstone Capital Corp		167
2,600		Gladstone Investment Corp		35

228

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
22,843		Glenborough Realty Trust, Inc	$	413
26,916	e	Glimcher Realty Trust		655
10,299		Global Signal, Inc		445
27,800		GMH Communities Trust		431
23,708		Government Properties Trust, Inc		221
13,599		Gramercy Capital Corp		310
17,945		Harris & Harris Group, Inc		249
94,322		Health Care Property Investors, Inc		2,411
40,949		Health Care REIT, Inc		1,388
35,640		Healthcare Realty Trust, Inc		1,186
18,169		Heritage Property Investment Trust		607
41,626		Highland Hospitality Corp		460
37,150		Highwoods Properties, Inc		1,057
23,718		Home Properties, Inc		968
45,217		HomeBanc Corp		338
50,355		Hospitality Properties Trust		2,019
250,060		Host Marriott Corp		4,739
147,442		HRPT Properties Trust		1,526
56,391	e	IMPAC Mortgage Holdings, Inc		531
48,741		Inland Real Estate Corp		721
29,188		Innkeepers U.S.A. Trust		467
27,187		Investors Real Estate Trust		251
74,100	e	iShares Russell 2000 Index Fund		4,942
11,300		iShares Russell Midcap Index Fund		994
81,467		iStar Financial, Inc		2,904
6,700		JER Investors Trust, Inc		114
19,903		Kilroy Realty Corp		1,232
138,912		Kimco Realty Corp		4,456
20,224		Kite Realty Group Trust		313
26,000		KKR Financial Corp		624
24,368		LaSalle Hotel Properties		895
36,183	e	Lexington Corporate Properties Trust		771
61,781	e	Liberty Property Trust		2,647
17,555		LTC Properties, Inc		369
31,753		Luminent Mortgage Capital, Inc		238
41,167	e	Macerich Co		2,764
42,932		Mack-Cali Realty Corp		1,855
24,613		Maguire Properties, Inc		761
5,500		Medical Properties Trust, Inc		54
61,177	*	MeriStar Hospitality Corp		575
61,319		MFA Mortgage Investments, Inc		349
13,455		Mid-America Apartment Communities, Inc		653
39,586		Mills Corp		1,660
24,600		MortgageIT Holdings, Inc		336
18,515		National Health Investors, Inc		481
4,864		National Health Realty, Inc		90
46,089		Nationwide Health Properties, Inc		986
35,571		New Century Financial Corp		1,283
74,227		New Plan Excel Realty Trust		1,721
31,289		Newcastle Investment Corp		777
10,700		Newkirk Realty Trust, Inc		166
12,797		NorthStar Realty Finance Corp		130

229

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
21,755	e	Novastar Financial, Inc	$	611
38,341		Omega Healthcare Investors, Inc		483
5,242		One Liberty Properties, Inc		97
11,507		Origen Financial, Inc		82
29,688		Pan Pacific Retail Properties, Inc		1,986
11,623		Parkway Properties, Inc		467
25,029		Pennsylvania Real Estate Investment Trust		935
129,344		Plum Creek Timber Co, Inc		4,663
27,819		Post Properties, Inc		1,111
32,117		Prentiss Properties Trust		1,307
171,882		Prologis		8,030
13,682		PS Business Parks, Inc		673
58,753		Public Storage, Inc		3,979
20,254		RAIT Investment Trust		525
11,548		Ramco-Gershenson Properties		308
61,400		Realty Income Corp		1,327
58,125		Reckson Associates Realty Corp		2,091
15,491		Redwood Trust, Inc		639
48,023		Regency Centers Corp		2,831
6,115	*	Rockville Financial, Inc		80
8,737		Saul Centers, Inc		315
39,317		Saxon Capital, Inc		445
42,780		Senior Housing Properties Trust		723
32,244		Shurgard Storage Centers, Inc (Class A)		1,829
121,663		Simon Property Group, Inc		9,323
12,509	e	Sizeler Property Investors, Inc		161
29,536		SL Green Realty Corp		2,256
13,156		Sovran Self Storage, Inc		618
249,600	e	SPDR Trust Series 1		31,078
46,400		Spirit Finance Corp		527
32,028		Strategic Hotel Capital, Inc		659
12,790		Sun Communities, Inc		402
22,400		Sunstone Hotel Investors, Inc		595
22,030		Tanger Factory Outlet Centers, Inc		633
11,598	e*	Tarragon Corp		239
35,822		Taubman Centers, Inc		1,245
171,461	*	Telewest Global, Inc		4,084
73,407		Thornburg Mortgage, Inc		1,923
12,690	e	Town & Country Trust		429
63,641		Trizec Properties, Inc		1,459
39,592		Trustreet Properties, Inc		579
93,649		United Dominion Realty Trust, Inc		2,195
10,285		Universal Health Realty Income Trust		322
20,029		Urstadt Biddle Properties, Inc (Class A)		325
29,300		U-Store-It Trust		617
70,884		Ventas, Inc		2,270
83,921		Vornado Realty Trust		7,005
30,712		Washington Real Estate Investment Trust		932
54,481		Weingarten Realty Investors		2,060
18,615		Winston Hotels, Inc		184
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		260,633

230

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
HOTELS AND OTHER LODGING PLACES - 0.42%
18,496		Ameristar Casinos, Inc	$	420
25,115	*	Aztar Corp		763
15,345	*	Bluegreen Corp		242
29,227		Boyd Gaming Corp		1,393
23,196		Choice Hotels International, Inc		969
29,868	*	Gaylord Entertainment Co		1,302
17,562	*	Great Wolf Resorts, Inc		181
271,266		Hilton Hotels Corp		6,540
9,907	*	Isle of Capri Casinos, Inc		241
142,278	*	La Quinta Corp		1,585
15,760	*	Las Vegas Sands Corp		622
14,891		Marcus Corp		350
124,293		Marriott International, Inc (Class A)		8,324
85,616	*	MGM Mirage		3,140
8,692	*	Monarch Casino & Resort, Inc		196
14,684	*	MTR Gaming Group, Inc		153
3,889	*	Outdoor Channel Holdings, Inc		53
10,185	*	Riviera Holdings Corp		167
151,767		Starwood Hotels & Resorts Worldwide, Inc		9,692
39,329		Station Casinos, Inc		2,666
23,308	*	Vail Resorts, Inc		770
34,512	e*	Wynn Resorts Ltd		1,893
		TOTAL HOTELS AND OTHER LODGING PLACES		41,662
INDUSTRIAL MACHINERY AND EQUIPMENT - 5.49%
545,590		3M Co		42,283
5,902	*	Aaon, Inc		106
18,069		Actuant Corp		1,008
41,597	*	Advanced Digital Information Corp		407
62,956	*	AGCO Corp		1,043
4,419		Alamo Group, Inc		91
21,965		Albany International Corp (Class A)		794
133,184		American Standard Cos, Inc		5,321
585,480	*	Apple Computer, Inc		42,090
1,178,384		Applied Materials, Inc		21,140
11,700	*	Astec Industries, Inc		382
12,006	e*	ASV, Inc		300
39,136	*	Asyst Technologies, Inc		224
73,014	*	Axcelis Technologies, Inc		348
56,485		Black & Decker Corp		4,912
11,587		Black Box Corp		549
20,484	*	Blount International, Inc		326
36,704		Briggs & Stratton Corp		1,424
52,087	*	Brooks Automation, Inc		653
14,025		Bucyrus International, Inc (Class A)		739
23,046		Carlisle Cos, Inc		1,594
8,415		Cascade Corp		395
483,102		Caterpillar, Inc		27,909
43,649		CDW Corp		2,513

231

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
54,695	*	Cirrus Logic, Inc	$	365
76,652	e*	Cooper Cameron Corp		3,173
32,898		Cummins, Inc		2,952
16,394		Curtiss-Wright Corp		895
174,354		Deere & Co		11,875
1,747,000	*	Dell, Inc		52,393
49,096		Diebold, Inc		1,866
54,586		Donaldson Co, Inc		1,736
28,117	*	Dot Hill Systems Corp		195
143,133		Dover Corp		5,795
19,500	*	Dresser-Rand Group, Inc		472
6,245	*	Dril-Quip, Inc		295
105,079		Eaton Corp		7,050
1,697,694	*	EMC Corp		23,123
57,587	*	Emulex Corp		1,140
30,998		Engineered Support Systems, Inc		1,291
16,559	*	EnPro Industries, Inc		446
86,737	*	Entegris, Inc		817
89,895	*	Extreme Networks, Inc		427
8,492	*	Fargo Electronics, Inc		163
8,475	*	Flanders Corp		103
39,214	*	Flowserve Corp		1,551
49,558	*	FMC Technologies, Inc		2,127
17,256	*	Gardner Denver, Inc		851
177,313	e*	Gateway, Inc		445
10,783	*	Gehl Co		283
17,220	*	Global Imaging Systems, Inc		596
6,143		Gorman-Rupp Co		136
48,455		Graco, Inc		1,768
87,923	*	Grant Prideco, Inc		3,879
2,060,250		Hewlett-Packard Co		58,985
14,542	*	Hydril		910
36,153		IDEX Corp		1,486
34,872	*	Intermec, Inc		1,179
1,152,096	d	International Business Machines Corp		94,702
243,899		International Game Technology		7,507
14,156	*	Intevac, Inc		187
115,799	*	Jabil Circuit, Inc		4,295
85,167		Joy Global, Inc		3,407
9,545	*	Kadant, Inc		177
21,080		Kaydon Corp		678
27,624		Kennametal, Inc		1,410
20,645	*	Komag, Inc		716
40,500	*	Kulicke & Soffa Industries, Inc		358
97,320	*	Lam Research Corp		3,472
40,242		Lennox International, Inc		1,135
88,343	*	Lexmark International, Inc		3,960
7,700		Lindsay Manufacturing Co		148
10,534		Lufkin Industries, Inc		525
22,406		Manitowoc Co, Inc		1,125
2,088	*	Mestek, Inc		27
26,059	*	Micros Systems, Inc		1,259

232

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
4,193	*	Middleby Corp	$	363
27,397	*	Mikohn Gaming Corp		270
26,742		Modine Manufacturing Co		872
3,596		Nacco Industries, Inc (Class A)		421
22,120	*	Netgear, Inc		426
11,481		NN, Inc		122
19,992		Nordson Corp		810
80,111	*	Nuance Communications, Inc		611
28,785	*	Oil States International, Inc		912
2,088	*	Omega Flex, Inc		36
86,703		Pall Corp		2,329
29,097	e*	Palm, Inc		925
5,442	e*	PAR Technology Corp		151
84,890		Parker Hannifin Corp		5,599
23,812	*	Paxar Corp		467
71,324		Pentair, Inc		2,462
17,519	*	ProQuest Co		489
117,629	*	Quantum Corp		359
6,400	*	Rackable Systems, Inc		182
3,353	*	RBC Bearings, Inc		54
6,419	*	Rimage Corp		186
6,900		Robbins & Myers, Inc		140
129,272		Rockwell Automation, Inc		7,648
128,287	*	SanDisk Corp		8,059
6,258		Sauer-Danfoss, Inc		118
9,926	*	Scansource, Inc		543
42,395	*	Scientific Games Corp (Class A)		1,157
86,617	v*	Seagate Technology, Inc (Escrow)		-	^
10,800	*	Semitool, Inc		118
150,032		Smith International, Inc		5,568
692,202	*	Solectron Corp		2,533
51,912	e	SPX Corp		2,376
8,469		Standex International Corp		235
59,457		Stanley Works		2,856
20,650		Stewart & Stevenson Services, Inc		436
176,104		Symbol Technologies, Inc		2,258
10,545		Tecumseh Products Co (Class A)		242
5,600		Tennant Co		291
33,915	*	Terex Corp		2,015
55,820		Timken Co		1,787
30,279		Toro Co		1,325
9,007	e*	TurboChef Technologies, Inc		129
18,851	*	Ultratech, Inc		309
93,406	e*	Varian Medical Systems, Inc		4,702
17,066	*	VeriFone Holdings, Inc		432
14,432		Watsco, Inc		863
150,486	*	Western Digital Corp		2,801
6,723		Woodward Governor Co		578
50,912	*	Zebra Technologies Corp (Class A)		2,182
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		542,154

233

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
INSTRUMENTS AND RELATED PRODUCTS - 4.40%
17,419	*	Abaxis, Inc	$	287
13,149	e*	Abiomed, Inc		121
6,126	*	ADE Corp		147
44,404	*	Advanced Medical Optics, Inc		1,856
46,944	*	Affymetrix, Inc		2,242
347,250	*	Agilent Technologies, Inc		11,560
42,246	e*	Align Technology, Inc		273
92,182		Allergan, Inc		9,952
47,352	*	American Medical Systems Holdings, Inc		844
5,636	*	American Science & Engineering, Inc		352
11,692		Analogic Corp		559
14,600	*	Anaren, Inc		228
1,746	*	Angiodynamics, Inc		45
8,282	*	Animas Corp		200
140,977		Applera Corp (Applied Biosystems Group)		3,744
7,835	*	ARGON ST, Inc		243
15,128		Arrow International, Inc		439
16,914	e*	Arthrocare Corp		713
11,116	*	Aspect Medical Systems, Inc		382
11,512	*	August Technology Corp		127
3,797		Badger Meter, Inc		149
75,116		Bard (C.R.), Inc		4,952
38,459		Bausch & Lomb, Inc		2,611
439,379		Baxter International, Inc		16,543
2,200	*	Baxter International, Inc (Contingent Value Rts)		-	^
44,454		Beckman Coulter, Inc		2,529
178,729		Becton Dickinson & Co		10,738
178,469		Biomet, Inc		6,527
12,755	*	Bio-Rad Laboratories, Inc (Class A)		835
11,552	e*	Biosite, Inc		650
467,982	*	Boston Scientific Corp		11,461
26,702	*	Bruker BioSciences Corp		130
18,361	*	Caliper Life Sciences, Inc		108
19,456	*	Candela Corp		281
7,583	*	Cantel Medical Corp		136
32,340	*	Cepheid, Inc		284
9,829		CNS, Inc		215
21,088	*	Coherent, Inc		626
13,701		Cohu, Inc		313
22,053	*	Conmed Corp		522
31,206		Cooper Cos, Inc		1,601
70,483	*	Credence Systems Corp		491
14,634	e*	Cyberonics, Inc		473
168,010	e	Danaher Corp		9,372
7,100		Datascope Corp		235
57,196		Dentsply International, Inc		3,071
3,084	*	DexCom, Inc		46
15,633	*	Dionex Corp		767
14,984	*	DJ Orthopedics, Inc		413
19,214		DRS Technologies, Inc		988
200,110	e	Eastman Kodak Co		4,683

234

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
13,856		EDO Corp	$	375
27,427	*	Encore Medical Corp		136
17,538	*	ESCO Technologies, Inc		780
18,700	*	Esterline Technologies Corp		695
5,027	*	ev3, Inc		74
7,765	*	Excel Technology, Inc		185
9,461	e*	FARO Technologies, Inc		189
16,016	*	FEI Co		307
85,385	*	Fisher Scientific International, Inc		5,282
42,641	*	Flir Systems, Inc		952
22,772	*	Formfactor, Inc		556
33,331	*	Fossil, Inc		717
9,433	e*	Foxhollow Technologies, Inc		281
233,253		Guidant Corp		15,103
17,714	*	Haemonetics Corp		866
23,435	*	HealthTronics, Inc		179
7,204	*	Herley Industries, Inc		119
31,484	*	Hologic, Inc		1,194
9,395	*	ICU Medical, Inc		368
13,461	*	I-Flow Corp		197
14,538	*	II-VI, Inc		260
24,880	*	Illumina, Inc		351
24,857	e*	Inamed Corp		2,179
52,711	e*	Input/Output, Inc		371
15,289	*	Integra LifeSciences Holdings Corp		542
19,980	*	Intermagnetics General Corp		637
9,047	e*	Intralase Corp		161
24,999	*	Intuitive Surgical, Inc		2,932
22,994		Invacare Corp		724
17,103	e*	Ionatron, Inc		173
11,074	*	IRIS International, Inc		242
9,482	e*	Ista Pharmaceuticals, Inc		60
16,205	*	Itron, Inc		649
21,812	*	Ixia		322
2,113,752		Johnson & Johnson		127,036
8,152		Keithley Instruments, Inc		114
6,174	*	Kensey Nash Corp		136
137,228		Kla-Tencor Corp		6,769
45,800	*	Kopin Corp		245
19,943	*	Kyphon, Inc		814
10,104	*	LaBarge, Inc		145
14,197	e*	Laserscope		319
8,470	*	LeCroy Corp		129
56,594	e*	Lexar Media, Inc		465
54,978	*	LTX Corp		247
6,925	*	Measurement Specialties, Inc		169
858,770		Medtronic, Inc		49,439
22,169	e	Mentor Corp		1,022
18,330	*	Merit Medical Systems, Inc		223
30,675	*	Mettler-Toledo International, Inc		1,693
7,594	*	Micro Therapeutics, Inc		53
34,680	*	Millipore Corp		2,290

235

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
20,946		Mine Safety Appliances Co	$	758
23,665	*	MKS Instruments, Inc		423
11,845	*	Molecular Devices Corp		343
12,667		Movado Group, Inc		232
13,932		MTS Systems Corp		483
39,665	*	Nanogen, Inc		104
39,105		National Instruments Corp		1,253
3,737	*	Neurometrix, Inc		102
27,910	*	Newport Corp		378
10,659	e*	NuVasive, Inc		193
16,400	e	Oakley, Inc		241
8,254	e*	OccuLogix, Inc		59
13,324	e*	Palomar Medical Technologies, Inc		467
92,691		PerkinElmer, Inc		2,184
13,914	*	Photon Dynamics, Inc		254
163,404		Pitney Bowes, Inc		6,904
18,948		PolyMedica Corp		634
50,588	*	Resmed, Inc		1,938
51,817	*	Respironics, Inc		1,921
9,751	*	Rofin-Sinar Technologies, Inc		424
60,320		Roper Industries, Inc		2,383
8,333	*	Rudolph Technologies, Inc		107
24,406	*	Sirf Technology Holdings, Inc		727
7,141	e*	Somanetics Corp		229
16,954	*	Sonic Solutions, Inc		256
10,559	*	SonoSite, Inc		370
257,362	*	St. Jude Medical, Inc		12,920
24,116	e*	Star Scientific, Inc		57
47,592		STERIS Corp		1,191
206,914		Stryker Corp		9,193
30,027	*	Sybron Dental Specialties, Inc		1,195
5,712	*	Symmetry Medical, Inc		111
27,552	*	Techne Corp		1,547
61,390		Tektronix, Inc		1,732
25,935	*	Teledyne Technologies, Inc		755
142,153	e*	Teradyne, Inc		2,071
114,177	*	Thermo Electron Corp		3,440
28,916	*	ThermoGenesis Corp		140
32,720	*	Thoratec Corp		677
35,955	*	Trimble Navigation Ltd		1,276
17,832	*	TriPath Imaging, Inc		108
8,981		United Industrial Corp		371
24,196	*	Varian, Inc		963
20,673	*	Veeco Instruments, Inc		358
21,331	*	Ventana Medical Systems, Inc		903
23,354	*	Viasys Healthcare, Inc		600
11,710	*	Viisage Technology, Inc		206
8,467	*	Vital Images, Inc		221
3,821		Vital Signs, Inc		164
2,000	*	Vnus Medical Technologies, Inc		17
80,330	*	Waters Corp		3,036
19,885	*	Wright Medical Group, Inc		406

236

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
673,934	e*	Xerox Corp	$	9,873
13,259		X-Rite, Inc		133
3,046		Young Innovations, Inc		104
177,211	*	Zimmer Holdings, Inc		11,951
5,962	*	Zoll Medical Corp		150
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		434,766
INSURANCE AGENTS, BROKERS AND SERVICE - 0.46%
223,290		AON Corp		8,027
75,776		Brown & Brown, Inc		2,314
10,229		Clark, Inc		136
14,025		Crawford & Co (Class B)		81
67,596		Gallagher (Arthur J.) & Co		2,087
209,498		Hartford Financial Services Group, Inc		17,994
22,008		Hilb Rogal & Hobbs Co		848
376,849		Marsh & McLennan Cos, Inc		11,969
24,836		National Financial Partners Corp		1,305
31,178	*	USI Holdings Corp		429
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		45,190
INSURANCE CARRIERS - 5.39%
21,838		21st Century Insurance Group		353
205,223		Aetna, Inc		19,355
6,908		Affirmative Insurance Holdings, Inc		101
355,819		Aflac, Inc		16,517
21,901		Alfa Corp		353
3,465	*	Alleghany Corp		984
472,108		Allstate Corp		25,527
77,083		Ambac Financial Group, Inc		5,940
22,730		American Equity Investment Life Holding Co		297
33,817		American Financial Group, Inc		1,296
1,637,553		American International Group, Inc		111,730
5,984		American National Insurance Co		700
5,463	*	American Physicians Capital, Inc		250
35,074	*	AMERIGROUP Corp		683
27,021	e	AmerUs Group Co		1,531
22,573	*	Argonaut Group, Inc		740
80,878		Assurant, Inc		3,517
4,897		Baldwin & Lyons, Inc (Class B)		119
11,795		Bristol West Holdings, Inc		224
28,867	*	Centene Corp		759
19,544	*	Ceres Group, Inc		101
137,932		Chubb Corp		13,469
92,911		Cigna Corp		10,378
125,030		Cincinnati Financial Corp		5,586
23,025	e*	Citizens, Inc		125
16,347	*	CNA Financial Corp		535
10,118	*	CNA Surety Corp		147

237

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
19,931		Commerce Group, Inc	$	1,142
108,499	*	Conseco, Inc		2,514
21,437		Delphi Financial Group, Inc (Class A)		986
14,969		Direct General Corp		253
5,412		Donegal Group, Inc		126
4,503		EMC Insurance Group, Inc		90
30,862		Erie Indemnity Co (Class A)		1,642
10,036		FBL Financial Group, Inc (Class A)		329
114,656		Fidelity National Financial, Inc		4,218
19,609		Fidelity National Title Group, Inc		477
13,254	e*	First Acceptance Corp		136
57,724		First American Corp		2,615
6,887	*	Fpic Insurance Group, Inc		239
159,453		Genworth Financial, Inc		5,514
4,433		Great American Financial Resources, Inc		88
39,485		Hanover Insurance Group, Inc		1,649
13,027		Harleysville Group, Inc		345
78,339		HCC Insurance Holdings, Inc		2,325
79,463	*	Health Net, Inc		4,096
14,728	*	HealthExtras, Inc		370
33,145		Horace Mann Educators Corp		628
113,585	e*	Humana, Inc		6,171
3,952		Independence Holding Co		77
16,217		Infinity Property & Casualty Corp		603
96,127		Jefferson-Pilot Corp		5,473
2,078		Kansas City Life Insurance Co		104
14,379	*	KMG America Corp		132
12,576		LandAmerica Financial Group, Inc		785
58,212		Leucadia National Corp		2,763
123,144		Lincoln National Corp		6,530
105,161		Loews Corp		9,975
7,160	*	Markel Corp		2,270
94,805	e	MBIA, Inc		5,703
19,709		Mercury General Corp		1,147
295,480		Metlife, Inc		14,479
66,054		MGIC Investment Corp		4,348
7,293		Midland Co		263
7,622	*	Molina Healthcare, Inc		203
3,129		National Interstate Corp		60
1,551		National Western Life Insurance Co (Class A)		321
39,318		Nationwide Financial Services, Inc (Class A)		1,730
8,155	*	Navigators Group, Inc		356
9,757	e	Odyssey Re Holdings Corp		245
44,462		Ohio Casualty Corp		1,259
128,104		Old Republic International Corp		3,364
12,365	*	Philadelphia Consolidated Holding Co		1,196
62,731		Phoenix Cos, Inc		856
22,267	*	PMA Capital Corp (Class A)		203
65,891		PMI Group, Inc		2,706
13,808		Presidential Life Corp		263
208,164		Principal Financial Group		9,873
19,772	*	ProAssurance Corp		962

238

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
140,787		Progressive Corp	$	16,441
48,849		Protective Life Corp		2,138
365,928		Prudential Financial, Inc		26,782
61,095		Radian Group, Inc		3,580
21,524		Reinsurance Group Of America, Inc		1,028
16,861		RLI Corp		841
91,298		Safeco Corp		5,158
8,011		Safety Insurance Group, Inc		323
5,765	*	SeaBright Insurance Holdings, Inc		96
20,200		Selective Insurance Group, Inc		1,073
476,034		St. Paul Travelers Cos, Inc		21,264
40,694		Stancorp Financial Group, Inc		2,033
9,480		State Auto Financial Corp		346
13,333		Stewart Information Services Corp		649
75,605		Torchmark Corp		4,204
11,467		Tower Group, Inc		252
19,325		Transatlantic Holdings, Inc		1,299
6,045	*	Triad Guaranty, Inc		266
24,418		UICI		867
12,993		United Fire & Casualty Co		525
967,680		UnitedHealth Group, Inc		60,132
35,353		Unitrin, Inc		1,593
17,138	*	Universal American Financial Corp		258
210,371		UnumProvident Corp		4,786
76,966		W.R. Berkley Corp		3,665
14,555	*	WellCare Health Plans, Inc		595
448,343	*	WellPoint, Inc		35,773
921		Wesco Financial Corp		355
17,941		Zenith National Insurance Corp		827
		TOTAL INSURANCE CARRIERS		532,668
JUSTICE, PUBLIC ORDER AND SAFETY - 0.01%
27,679	*	Corrections Corp of America		1,245
5,992	*	Geo Group, Inc		137
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		1,382
LEATHER AND LEATHER PRODUCTS - 0.13%
12,803		Brown Shoe Co, Inc		543
265,648	*	Coach, Inc		8,857
15,524	*	Genesco, Inc		602
11,514		Steven Madden Ltd		337
36,258	*	Timberland Co (Class A)		1,180
3,210		Weyco Group, Inc		61
39,829		Wolverine World Wide, Inc		895
		TOTAL LEATHER AND LEATHER PRODUCTS		12,475

239

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
LEGAL SERVICES - 0.01%
29,832	*	FTI Consulting, Inc	$	818
7,324	e	Pre-Paid Legal Services, Inc		280
		TOTAL LEGAL SERVICES		1,098
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.02%
69,405		Laidlaw International, Inc		1,612
		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		1,612
LUMBER AND WOOD PRODUCTS - 0.04%
7,280	e	American Woodmark Corp		180
55,061	*	Champion Enterprises, Inc		750
7,514		Deltic Timber Corp		390
75,880	v	Louisiana-Pacific Corp		2,084
4,307		Skyline Corp		157
10,940		Universal Forest Products, Inc		605
		TOTAL LUMBER AND WOOD PRODUCTS		4,166
METAL MINING - 0.37%
15,468	e	Cleveland-Cliffs, Inc		1,370
176,062	*	Coeur d'Alene Mines Corp		704
126,602	e	Freeport-McMoRan Copper & Gold, Inc (Class A)		6,811
87,163	e*	Hecla Mining Co		354
293,247		Newmont Mining Corp		15,660
68,521		Phelps Dodge Corp		9,858
16,317	e	Royal Gold, Inc		567
18,618	e	Southern Copper Corp		1,247
29,044	*	Stillwater Mining Co		336
		TOTAL METAL MINING		36,907
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.21%
19,692		Blyth, Inc		413
52,436		Callaway Golf Co		726
12,245	e	Charles & Colvard Ltd		247
11,620		Daktronics, Inc		344
5,091		Escalade, Inc		60
102,299		Fortune Brands, Inc		7,981
110,550		Hasbro, Inc		2,231
67,721	*	Identix, Inc		339
19,429	*	Jakks Pacific, Inc		407
33,584	*	K2, Inc		340
8,407		Marine Products Corp		88
287,400		Mattel, Inc		4,547
22,811	e	Nautilus, Inc		426

240

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
12,364	*	RC2 Corp	$	439
6,000		Russ Berrie & Co, Inc		68
25,227	e*	Shuffle Master, Inc		634
4,356	*	Steinway Musical Instruments, Inc		111
32,225		Yankee Candle Co, Inc		825
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		20,226
MISCELLANEOUS RETAIL - 1.15%
14,742	*	1-800-FLOWERS.COM, Inc (Class A)		95
11,957	*	AC Moore Arts & Crafts, Inc		174
22,029	e*	Alloy, Inc		64
215,227	e*	Amazon.com, Inc		10,148
34,769		Barnes & Noble, Inc		1,484
13,168		Big 5 Sporting Goods Corp		288
3,683		Blair Corp		143
10,266	*	Blue Nile, Inc		414
50,097		Borders Group, Inc		1,086
8,100	e*	Build-A-Bear Workshop, Inc		240
20,077		Cash America International, Inc		466
18,538	*	CKX, Inc		241
25,032	*	Coldwater Creek, Inc		764
572,581		CVS Corp		15,128
11,014	*	dELiA*s, Inc		91
1,270	*	dELiA*s, Inc		1
23,900	e*	Dick's Sporting Goods, Inc		794
79,711	*	Dollar Tree Stores, Inc		1,908
48,030	e*	Drugstore.com, Inc		137
900	*	Golf Galaxy, Inc		17
21,051	e*	GSI Commerce, Inc		318
24,778	*	Hibbett Sporting Goods, Inc		706
17,929	*	Jill (J.) Group, Inc		341
21,241		Longs Drug Stores Corp		773
96,467		Michaels Stores, Inc		3,412
34,122		MSC Industrial Direct Co (Class A)		1,372
17,260	e*	Nutri/System, Inc		622
223,693	*	Office Depot, Inc		7,024
48,639		OfficeMax, Inc		1,233
8,052	e*	Overstock.com, Inc		227
4,400	v*	Party City Corp		75
39,765	*	Petco Animal Supplies, Inc		873
103,378		Petsmart, Inc		2,653
17,397	*	Priceline.com, Inc		388
370,721	e*	Rite Aid Corp		1,290
70,679	*	Sears Holdings Corp		8,165
7,595	*	Sharper Image Corp		74
18,171	e*	Sports Authority, Inc		566
12,380	*	Stamps.com, Inc		284
521,957		Staples, Inc		11,854
6,238	*	Systemax, Inc		39
102,292		Tiffany & Co		3,917

241

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
18,910	*	Valuevision International, Inc (Class A)	$	238
727,899		Walgreen Co		32,217
18,913		World Fuel Services Corp		638
35,110	*	Zale Corp		883
2,221	*	Zumiez, Inc		96
		TOTAL MISCELLANEOUS RETAIL		113,961
MOTION PICTURES - 1.60%
30,176	*	Avid Technology, Inc		1,652
131,585	e	Blockbuster, Inc (Class A)		493
8,585	e	Carmike Cinemas, Inc		218
1,015,569	*	CBS Corp		33,108
75,312	*	Denny's Corp		303
193,637	*	Discovery Holding Co (Class A)		2,934
27,802	*	DreamWorks Animation SKG, Inc (Class A)		683
34,565	*	Macrovision Corp		578
1,646,633		News Corp (Class A)		25,605
36,901	*	Pixar		1,945
30,375		Regal Entertainment Group (Class A)		578
43,253	*	Time Warner Telecom, Inc (Class A)		426
3,258,659		Time Warner, Inc		56,831
1,378,050		Walt Disney Co		33,032
3,982	e*	WPT Enterprises, Inc		24
		TOTAL MOTION PICTURES		158,410
NONDEPOSITORY INSTITUTIONS - 2.06%
12,134	e*	Accredited Home Lenders Holding Co		602
46,200		Advance America Cash Advance Centers, Inc		573
12,951		Advanta Corp (Class B)		420
76,932		American Capital Strategies Ltd		2,786
777,335		American Express Co		40,002
101,634	*	AmeriCredit Corp		2,605
15,700		Ares Capital Corp		252
9,451	e	Asta Funding, Inc		258
8,568		Beverly Hills Bancorp, Inc		89
212,014	e	Capital One Financial Corp		18,318
52,991	e	CapitalSource, Inc		1,187
28,111		CharterMac		595
146,985		CIT Group, Inc		7,611
10,193	*	Collegiate Funding Services LLC		201
17,085	*	CompuCredit Corp		657
415,837		Countrywide Financial Corp		14,217
7,803	e	Delta Financial Corp		65
59,418	e	Doral Financial Corp		630
10,314	e*	Encore Capital Group, Inc		179
691,494		Fannie Mae		33,752
7,676		Federal Agricultural Mortgage Corp (Class C)		230
13,887		Financial Federal Corp		617

242

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
9,204	*	First Cash Financial Services, Inc	$	268
17,831	e	First Marblehead Corp		586
488,040		Freddie Mac		31,893
905,976		MBNA Corp		24,597
38,917		MCG Capital Corp		568
11,907	*	Nelnet, Inc		484
12,077		NGP Capital Resources Co		159
25,500	e*	Ocwen Financial Corp		222
297,025		SLM Corp		16,363
3,200		Student Loan Corp		670
2,729	*	United PanAm Financial Corp		71
16,657		Westcorp		1,110
4,804	*	WFS Financial, Inc		366
12,929	*	World Acceptance Corp		369
		TOTAL NONDEPOSITORY INSTITUTIONS		203,572
NONMETALLIC MINERALS, EXCEPT FUELS - 0.07%
13,959		AMCOL International Corp		286
13,996	e	Compass Minerals International, Inc		344
32,146		Florida Rock Industries, Inc		1,577
72,013		Vulcan Materials Co		4,879
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		7,086
OIL AND GAS EXTRACTION - 2.75%
167,591		Anadarko Petroleum Corp		15,879
235,498		Apache Corp		16,136
7,990	*	Atlas America, Inc		481
15,594	*	ATP Oil & Gas Corp		577
10,334	*	Atwood Oceanics, Inc		806
238,835	e	Baker Hughes, Inc		14,516
12,786		Berry Petroleum Co (Class A)		731
9,100	*	Bill Barrett Corp		351
228,764	e	BJ Services Co		8,389
9,257	e*	Bois d'Arc Energy, Inc		147
22,523	*	Brigham Exploration Co		267
4,000	*	Bronco Drilling Co, Inc		92
272,284		Burlington Resources, Inc		23,471
34,234		Cabot Oil & Gas Corp (Class A)		1,544
54,148	*	Cal Dive International, Inc		1,943
11,727	*	Callon Petroleum Co		207
13,134	*	Carrizo Oil & Gas, Inc		325
36,160	e*	Cheniere Energy, Inc		1,346
257,897	e	Chesapeake Energy Corp		8,183
56,713		Cimarex Energy Co		2,439
3,369	e*	Clayton Williams Energy, Inc		141
27,966	*	Comstock Resources, Inc		853
25,701	e*	Delta Petroleum Corp		560
80,090	*	Denbury Resources, Inc		1,824

243

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
313,856		Devon Energy Corp	$	19,629
41,319		Diamond Offshore Drilling, Inc		2,874
11,397	*	Edge Petroleum Corp		284
33,810	*	Encore Acquisition Co		1,083
38,976	e*	Endeavour International Corp		129
25,559	*	Energy Partners Ltd		557
107,179		ENSCO International, Inc		4,753
86,292		Equitable Resources, Inc		3,166
38,504	*	Forest Oil Corp		1,755
23,447	e*	FX Energy, Inc		187
45,406	*	Gasco Energy, Inc		297
58,536	*	Global Industries Ltd		664
7,197	*	Goodrich Petroleum Corp		181
135,981	*	Grey Wolf, Inc		1,051
314,527		Halliburton Co		19,488
65,337	*	Hanover Compressor Co		922
29,621	e*	Harvest Natural Resources, Inc		263
36,905		Helmerich & Payne, Inc		2,285
7,538	*	Hercules Offshore, Inc		214
21,181	*	Houston Exploration Co		1,118
35,853	*	KCS Energy, Inc		868
80,505		Kerr-McGee Corp		7,315
15,667	e*	McMoRan Exploration Co		310
78,560	*	Meridian Resource Corp		330
121,560	*	National Oilwell Varco, Inc		7,622
90,232	*	Newfield Exploration Co		4,518
64,229	*	Newpark Resources, Inc		490
123,416		Noble Energy, Inc		4,974
282,943		Occidental Petroleum Corp		22,601
19,672	*	Oceaneering International, Inc		979
28,738	*	Parallel Petroleum Corp		489
67,649	*	Parker Drilling Co		733
120,352		Patterson-UTI Energy, Inc		3,966
3,037	v*	PetroCorp (Escrow)		-	^
37,870	*	PetroHawk Energy Corp		501
12,730	*	Petroleum Development Corp		424
28,296	*	Petroquest Energy, Inc		234
13,986	*	Pioneer Drilling Co		251
92,526		Pioneer Natural Resources Co		4,744
54,017	*	Plains Exploration & Production Co		2,146
43,929		Pogo Producing Co		2,188
112,760	*	Pride International, Inc		3,467
38,715	e*	Quicksilver Resources, Inc		1,626
91,018		Range Resources Corp		2,397
15,796	*	Remington Oil & Gas Corp		577
75,803		Rowan Cos, Inc		2,702
15,075		RPC, Inc		397
13,271	*	SEACOR Holdings, Inc		904
116,854	e*	Southwestern Energy Co		4,200
39,351		St. Mary Land & Exploration Co		1,448
18,090	*	Stone Energy Corp		824
53,385	*	Superior Energy Services		1,124

244

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
6,200	*	Superior Well Services, Inc	$	147
20,350	*	Swift Energy Co		917
29,896	e*	Syntroleum Corp		270
26,396	*	Tetra Technologies, Inc		806
42,894		Tidewater, Inc		1,907
33,487		Todco		1,275
13,427	e*	Toreador Resources Corp		283
39,269	*	Transmontaigne, Inc		259
16,701	e*	Tri-Valley Corp		130
7,100	*	Union Drilling, Inc		103
33,016	*	Unit Corp		1,817
24,948	*	Veritas DGC, Inc		885
38,400		Vintage Petroleum, Inc		2,048
8,839		W&T Offshore, Inc		260
20,335	*	Warren Resources, Inc		322
20,558	*	W-H Energy Services, Inc		680
25,320	*	Whiting Petroleum Corp		1,013
254,947		XTO Energy, Inc		11,202
		TOTAL OIL AND GAS EXTRACTION		271,781
PAPER AND ALLIED PRODUCTS - 0.54%
76,541		Bemis Co		2,133
38,686		Bowater, Inc		1,189
21,735	*	Buckeye Technologies, Inc		175
18,440	*	Caraustar Industries, Inc		160
12,643		Chesapeake Corp		215
30,362		Glatfelter		431
43,223	*	Graphic Packaging Corp		99
10,559		Greif, Inc (Class A)		700
350,880		International Paper Co		11,793
340,306		Kimberly-Clark Corp		20,299
34,400		Longview Fibre Co		716
129,492		MeadWestvaco Corp		3,630
20,151	e*	Mercer International, Inc		158
10,278		Neenah Paper, Inc		288
43,757		Packaging Corp of America		1,004
1		Packaging Dynamics Corp		-	^
27,555	*	Playtex Products, Inc		377
20,149		Potlatch Corp		1,027
19,151		Rock-Tenn Co (Class A)		261
9,960		Schweitzer-Mauduit International, Inc		247
182,775	*	Smurfit-Stone Container Corp		2,590
71,238		Sonoco Products Co		2,094
78,891		Temple-Inland, Inc		3,538
29,954		Wausau Paper Corp		355
		TOTAL PAPER AND ALLIED PRODUCTS		53,479
PERSONAL SERVICES - 0.16%
5,708		Angelica Corp		95

245

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
98,577		Cintas Corp	$	4,059
20,600	*	Coinstar, Inc		470
15,088		G & K Services, Inc (Class A)		592
234,860		H&R Block, Inc		5,766
25,900		Jackson Hewitt Tax Service, Inc		718
31,111		Regis Corp		1,200
219,055		Service Corp International		1,792
6,886		Unifirst Corp		214
26,530	*	Weight Watchers International, Inc		1,311
		TOTAL PERSONAL SERVICES		16,217
PETROLEUM AND COAL PRODUCTS - 4.91%
7,500	*	Alon USA Energy, Inc		147
55,033		Amerada Hess Corp		6,979
44,740		Ashland, Inc		2,590
1,609,614		Chevron Corp		91,378
987,336		ConocoPhillips		57,443
13,996		ElkCorp		471
169,035		EOG Resources, Inc		12,402
4,532,589		Exxon Mobil Corp		254,596
38,611		Frontier Oil Corp		1,449
10,087	*	Giant Industries, Inc		524
29,562	e*	Headwaters, Inc		1,048
15,005		Holly Corp		883
257,388		Marathon Oil Corp		15,693
115,772		Murphy Oil Corp		6,251
97,720		Sunoco, Inc		7,659
48,442		Tesoro Corp		2,982
420,722		Valero Energy Corp		21,709
11,564		WD-40 Co		304
		TOTAL PETROLEUM AND COAL PRODUCTS		484,508
PRIMARY METAL INDUSTRIES - 0.79%
88,630	*	AK Steel Holding Corp		705
618,006		Alcoa, Inc		18,274
21,938	*	Aleris International, Inc		707
66,893		Allegheny Technologies, Inc		2,413
32,575		Belden CDT, Inc		796
12,468	*	Brush Engineered Materials, Inc		198
17,447		Carpenter Technology Corp		1,229
16,537	*	Century Aluminum Co		433
15,641	*	Chaparral Steel Co		473
37,612	*	CommScope, Inc		757
1,082,693	*	Corning, Inc		21,286
12,102	*	Encore Wire Corp		276
29,558	*	General Cable Corp		582
20,138		Gibraltar Industries, Inc		462
44,303		Hubbell, Inc (Class B)		1,999

246

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
22,046	*	Lone Star Technologies, Inc	$	1,139
21,924		Matthews International Corp (Class A)		798
29,622	*	Maverick Tube Corp		1,181
25,216		Mueller Industries, Inc		691
16,177	*	NS Group, Inc		676
112,076	e	Nucor Corp		7,478
25,709	*	Oregon Steel Mills, Inc		756
94,204		Precision Castparts Corp		4,881
17,026		Quanex Corp		851
7,497		Roanoke Electric Steel Corp		177
17,522	*	RTI International Metals, Inc		665
16,399		Schnitzer Steel Industries, Inc (Class A)		502
28,237	e	Steel Dynamics, Inc		1,003
10,403		Steel Technologies, Inc		291
11,670	*	Superior Essex, Inc		235
15,641		Texas Industries, Inc		780
8,864	e*	Titanium Metals Corp		561
19,782		Tredegar Corp		255
80,814		United States Steel Corp		3,885
6,089	*	Wheeling-Pittsburgh Corp		55
47,825		Worthington Industries, Inc		919
		TOTAL PRIMARY METAL INDUSTRIES		78,369
PRINTING AND PUBLISHING - 0.75%
27,779	*	ACCO Brands Corp		681
44,211		American Greetings Corp (Class A)		971
17,090		Banta Corp		851
65,821		Belo (A.H.) Corp Series A		1,409
22,675		Bowne & Co, Inc		336
41,603	*	Cenveo, Inc		547
8,210	*	Consolidated Graphics, Inc		389
6,267		Courier Corp		215
3,924		CSS Industries, Inc		121
107,000		Dex Media, Inc		2,899
36,696		Dow Jones & Co, Inc		1,302
48,868	*	Dun & Bradstreet Corp		3,272
17,307		Ennis, Inc		314
57,593	e	EW Scripps Co		2,766
175,464		Gannett Co, Inc		10,628
41,244		Harte-Hanks, Inc		1,088
40,689		Hollinger International, Inc		365
19,320		John H Harland Co		726
34,409		John Wiley & Sons, Inc (Class A)		1,343
19,040		Journal Communications, Inc		266
32,392		Journal Register Co		484
52,489		Knight Ridder, Inc		3,323
33,495		Lee Enterprises, Inc		1,236
15,558	e*	Martha Stewart Living Omnimedia, Inc (Class A)		271
14,830		McClatchy Co (Class A)		876
265,076		McGraw-Hill Cos, Inc		13,686

247

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
16,286		Media General, Inc (Class A)	$	826
31,047		Meredith Corp		1,625
102,658	e	New York Times Co (Class A)		2,715
12,663	*	Playboy Enterprises, Inc (Class B)		176
19,405	*	Presstek, Inc		176
99,645	*	Primedia, Inc		161
18,955	e*	R.H. Donnelley Corp		1,168
149,442		R.R. Donnelley & Sons Co		5,112
68,509	e	Reader's Digest Association, Inc (Class A)		1,043
8,465		Schawk, Inc		176
22,666	*	Scholastic Corp		646
10,680		Standard Register Co		169
8,103		Thomas Nelson, Inc		200
166,613		Tribune Co		5,042
35,061	*	Valassis Communications, Inc		1,019
4,007		Washington Post Co (Class B)		3,065
		TOTAL PRINTING AND PUBLISHING		73,684
RAILROAD TRANSPORTATION - 0.58%
267,269		Burlington Northern Santa Fe Corp		18,928
153,438		CSX Corp		7,790
22,211		Florida East Coast Industries		941
16,025	*	Genesee & Wyoming, Inc (Class A)		602
58,902	*	Kansas City Southern Industries, Inc		1,439
289,255		Norfolk Southern Corp		12,967
186,610		Union Pacific Corp		15,024
		TOTAL RAILROAD TRANSPORTATION		57,691
REAL ESTATE - 0.11%
27,927	*	Alderwoods Group, Inc		443
5,314	*	California Coastal Communities, Inc		209
34,433	*	CB Richard Ellis Group, Inc		2,026
4,977		Consolidated-Tomoka Land Co		353
47,042		Forest City Enterprises, Inc (Class A)		1,784
4,596	e*	Housevalues, Inc		60
23,573		Jones Lang LaSalle, Inc		1,187
5,276		Orleans Homebuilders, Inc		97
53,649		St. Joe Co		3,606
82,710		Stewart Enterprises, Inc (Class A)		448
25,105	*	Trammell Crow Co		644
1,916	*	United Capital Corp		47
5,023	*	ZipRealty, Inc		42
		TOTAL REAL ESTATE		10,946
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.11%
12,459	*	Applied Films Corp		259

248

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
48,400		Cooper Tire & Rubber Co	$	741
8,856	e*	Deckers Outdoor Corp		245
111,661	e*	Goodyear Tire & Rubber Co		1,941
48,099	*	Jarden Corp		1,450
21,213		Schulman (A.), Inc		456
59,534	*	Sealed Air Corp		3,344
19,301	*	Skechers U.S.A., Inc (Class A)		296
25,932		Spartech Corp		569
11,898	e	Titan International, Inc		205
7,903	e*	Trex Co, Inc		222
40,623		Tupperware Corp		910
21,720		West Pharmaceutical Services, Inc		544
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		11,182
SECURITY AND COMMODITY BROKERS - 2.54%
54,121		A.G. Edwards. Inc		2,536
154,327		Ameriprise Financial, Inc		6,327
169,978		Ameritrade Holding Corp		4,079
20,183	*	Archipelago Holdings, Inc		1,005
81,769		Bear Stearns Cos, Inc		9,447
3,966	e	BKF Capital Group, Inc		75
13,604		BlackRock, Inc		1,476
16,951		Calamos Asset Management, Inc (Class A)		533
2,800	*	Cbot Holdings, Inc		263
747,134		Charles Schwab Corp		10,960
24,908		Chicago Mercantile Exchange Holdings, Inc		9,153
5,993		Cohen & Steers, Inc		112
259,710	*	E*Trade Financial Corp		5,418
92,455		Eaton Vance Corp		2,530
58,727		Federated Investors, Inc (Class B)		2,175
115,504		Franklin Resources, Inc		10,859
6,584		GAMCO Investors, Inc		287
4,027	*	GFI Group, Inc		191
278,538		Goldman Sachs Group, Inc		35,572
8,211	e	Greenhill & Co, Inc		461
14,500	*	IntercontinentalExchange, Inc		527
7,776	*	International Securities Exchange, Inc		214
29,004	*	Investment Technology Group, Inc		1,028
161,131		Janus Capital Group, Inc		3,002
35,617		Jefferies Group, Inc		1,602
75,614	e*	Knight Capital Group, Inc		748
38,204	e*	LaBranche & Co, Inc		386
81,404		Legg Mason, Inc		9,743
195,234		Lehman Brothers Holdings, Inc		25,023
15,523	e*	MarketAxess Holdings, Inc		177
673,759		Merrill Lynch & Co, Inc		45,634
778,204		Morgan Stanley		44,155
5,949	*	Morningstar, Inc		206
30,463	*	Nasdaq Stock Market, Inc		1,072
35,515		Nuveen Investments, Inc		1,514

249

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
14,505	e	optionsXpress Holdings, Inc	$	356
14,076	*	Piper Jaffray Cos		569
45,743		Raymond James Financial, Inc		1,723
8,937		Sanders Morris Harris Group, Inc		146
44,676		SEI Investments Co		1,653
7,776	*	Stifel Financial Corp		292
9,972		SWS Group, Inc		209
92,862		T Rowe Price Group, Inc		6,689
800		Value Line, Inc		28
53,316		Waddell & Reed Financial, Inc (Class A)		1,118
		TOTAL SECURITY AND COMMODITY BROKERS		251,273
SOCIAL SERVICES - 0.01%
20,451	*	Bright Horizons Family Solutions, Inc		758
6,310	*	Providence Service Corp		181
13,704	*	Res-Care, Inc		238
		TOTAL SOCIAL SERVICES		1,177
SPECIAL TRADE CONTRACTORS - 0.05%
22,878	*	AsiaInfo Holdings, Inc		91
17,320		Chemed Corp		861
25,526		Comfort Systems USA, Inc		235
38,157	*	Dycom Industries, Inc		839
12,311	*	EMCOR Group, Inc		831
20,939	*	Insituform Technologies, Inc (Class A)		406
6,386	*	Layne Christensen Co		162
88,378	*	Quanta Services, Inc		1,164
		TOTAL SPECIAL TRADE CONTRACTORS		4,589
STONE, CLAY, AND GLASS PRODUCTS - 0.11%
18,958		Apogee Enterprises, Inc		307
19,390	e*	Cabot Microelectronics Corp		569
13,327		CARBO Ceramics, Inc		753
12,644	e	Eagle Materials, Inc		1,547
107,472		Gentex Corp		2,096
24,680		Lafarge North America, Inc		1,358
16,251		Libbey, Inc		166
108,535	*	Owens-Illinois, Inc		2,284
27,614	b,e*	USG Corp		1,795
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		10,875
TEXTILE MILL PRODUCTS - 0.01%
7,482	*	Dixie Group, Inc		103

250

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
9,513		Oxford Industries, Inc	$	520
9,249		Xerium Technologies, Inc		78
		TOTAL TEXTILE MILL PRODUCTS		701
TOBACCO PRODUCTS - 1.26%
1,471,471		Altria Group, Inc		109,948
48,767		Loews Corp (Carolina Group)		2,145
61,362	e	Reynolds American, Inc		5,850
18,667		Universal Corp (Virginia)		810
119,037		UST, Inc		4,860
23,518	e	Vector Group Ltd		427
		TOTAL TOBACCO PRODUCTS		124,040
TRANSPORTATION BY AIR - 0.43%
39,511	*	ABX Air, Inc		309
65,497	*	Airtran Holdings, Inc		1,050
19,378	*	Alaska Air Group, Inc		692
126,943	e*	AMR Corp		2,822
59,764	e*	Continental Airlines, Inc (Class B)		1,273
25,587	e*	EGL, Inc		961
30,417	*	ExpressJet Holdings, Inc		246
214,133		FedEx Corp		22,139
29,374	*	Frontier Airlines, Inc		271
95,887	e*	JetBlue Airways Corp		1,475
7,997	*	MAIR Holdings, Inc		38
29,655	e*	Mesa Air Group, Inc		310
18,390	*	Offshore Logistics, Inc		537
12,573	*	Pinnacle Airlines Corp		84
14,320	*	Republic Airways Holdings, Inc		218
39,432		Skywest, Inc		1,059
551,486		Southwest Airlines Co		9,061
23,563	*	World Air Holdings, Inc		227
		TOTAL TRANSPORTATION BY AIR		42,772
TRANSPORTATION EQUIPMENT - 2.40%
11,927		A.O. Smith Corp		419
24,652	*	AAR Corp		590
7,897	*	Accuride Corp		102
14,702	*	Aftermarket Technology Corp		286
30,109		American Axle & Manufacturing Holdings, Inc		552
9,760		Arctic Cat, Inc		196
24,490	*	Armor Holdings, Inc		1,044
53,089		ArvinMeritor, Inc		764
65,438		Autoliv, Inc		2,972
587,215		Boeing Co		41,246
67,593		Brunswick Corp		2,748

251

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
34,974		Clarcor, Inc	$	1,039
9,152		Coachmen Industries, Inc		108
113,365		Dana Corp		814
31,335		Federal Signal Corp		470
41,202	*	Fleetwood Enterprises, Inc		509
1,249,561		Ford Motor Co		9,647
5,554		Freightcar America, Inc		267
42,477	*	GenCorp, Inc		754
141,523		General Dynamics Corp		16,141
325,400	e	General Motors Corp		6,319
124,071		Genuine Parts Co		5,449
83,578		Goodrich Corp		3,435
3,737		Greenbrier Cos, Inc		106
16,220	*	Group 1 Automotive, Inc		510
203,695		Harley-Davidson, Inc		10,488
29,665		Harsco Corp		2,003
24,452	*	Hayes Lemmerz International, Inc		86
14,627	e	Heico Corp		379
64,622		ITT Industries, Inc		6,644
37,975		JLG Industries, Inc		1,734
14,200	*	K&F Industries Holdings, Inc		218
17,547		Kaman Corp (Class A)		346
263,682		Lockheed Martin Corp		16,778
32,342		Martin Marietta Materials, Inc		2,481
21,622		Monaco Coach Corp		288
45,740	*	Navistar International Corp		1,309
4,114		Noble International Ltd		86
253,680		Northrop Grumman Corp		15,249
40,694	*	Orbital Sciences Corp		523
52,050		Oshkosh Truck Corp		2,321
122,904		Paccar, Inc		8,509
107,399	*	Pactiv Corp		2,363
28,868		Polaris Industries, Inc		1,449
6,542	*	R&B, Inc		62
320,716		Raytheon Co		12,877
4,141	*	Sequa Corp (Class A)		286
7,858		Standard Motor Products, Inc		72
17,715	e	Superior Industries International, Inc		394
32,438	*	Tenneco, Inc		636
82,726		Textron, Inc		6,368
23,700		Thor Industries, Inc		950
30,718		Trinity Industries, Inc		1,354
12,081	*	Triumph Group, Inc		442
29,638	*	TRW Automotive Holdings Corp		781
727,335		United Technologies Corp		40,665
101,976	*	Visteon Corp		638
22,100		Wabash National Corp		421
32,022		Westinghouse Air Brake Technologies Corp		861
22,926		Winnebago Industries, Inc		763
		TOTAL TRANSPORTATION EQUIPMENT		237,311

252

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
TRANSPORTATION SERVICES - 0.20%
12,886		Ambassadors Group, Inc	$	295
120,350		CH Robinson Worldwide, Inc		4,457
8,003	*	Dynamex, Inc		153
126,877	*	Expedia, Inc		3,040
75,181		Expeditors International Washington, Inc		5,075
31,095		GATX Corp		1,122
13,350	*	HUB Group, Inc		472
49,737		Lear Corp		1,416
245,815	e,v*	McLeod (Escrow)		-	^
40	v*	Nucentrix Broadband, Inc Wts		-	^
25,488		Pacer International, Inc		664
15,823	*	Pegasus Solutions, Inc		142
26,768	*	RailAmerica, Inc		294
91,432		Sabre Holdings Corp		2,204
		TOTAL TRANSPORTATION SERVICES		19,334
TRUCKING AND WAREHOUSING - 0.46%
17,410		Arkansas Best Corp		760
37,550		CNF, Inc		2,099
5,739	*	Covenant Transport, Inc (Class A)		80
22,119		Forward Air Corp		811
10,314	*	Frozen Food Express Industries		114
35,092		Heartland Express, Inc		712
80,821		J.B. Hunt Transport Services, Inc		1,830
41,640		Landstar System, Inc		1,738
14,139	*	Marten Transport Ltd		258
19,477	*	Old Dominion Freight Line		525
4,234	*	P.A.M. Transportation Services, Inc		75
9,635	*	SCS Transportation, Inc		205
19,862	*	SIRVA, Inc		159
29,891	*	Swift Transportation Co, Inc		607
6,846	*	U.S. Xpress Enterprises, Inc (Class A)		119
437,719		United Parcel Service, Inc (Class B)		32,895
3,884	*	Universal Truckload Services, Inc		89
5,986	*	USA Truck, Inc		174
35,401		Werner Enterprises, Inc		697
40,766	*	Yellow Roadway Corp		1,819
		TOTAL TRUCKING AND WAREHOUSING		45,766
WATER TRANSPORTATION - 0.05%
30,756		Alexander & Baldwin, Inc		1,668
11,794	*	Gulfmark Offshore, Inc		349
6,300		Horizon Lines, Inc		76
13,142	*	Hornbeck Offshore Services, Inc		430
16,554	*	Kirby Corp		864
5,963		Maritrans, Inc		155
24,498	*	Odyssey Marine Exploration, Inc		87

253

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
20,862		Overseas Shipholding Group, Inc	$	1,051
		TOTAL WATER TRANSPORTATION		4,680
WHOLESALE TRADE-DURABLE GOODS - 0.44%
4,709	e*	1-800 Contacts, Inc		55
61,384		Adesa, Inc		1,499
23,674		Agilysys, Inc		431
20,596		Applied Industrial Technologies, Inc		694
82,479	*	Arrow Electronics, Inc		2,642
23,135	*	Aviall, Inc		666
100,293	*	Avnet, Inc		2,401
11,989		Barnes Group, Inc		396
11,271	*	Beacon Roofing Supply, Inc		324
7,060		BlueLinx Holdings, Inc		79
39,742		BorgWarner, Inc		2,410
10,932	e	Building Material Holding Corp		746
7,176	*	Castle (A.M.) & Co		157
82,295	*	Cytyc Corp		2,323
13,898	*	Digi International, Inc		146
9,862	*	Drew Industries, Inc		278
24,302	*	Genesis Microchip, Inc		440
45,500		Hughes Supply, Inc		1,631
9,335	*	Huttig Building Products, Inc		78
82,188		IKON Office Solutions, Inc		856
88,576	*	Ingram Micro, Inc (Class A)		1,765
34,716	*	Insight Enterprises, Inc		681
8,643	*	Interline Brands, Inc		197
13,159	*	Keystone Automotive Industries, Inc		414
42,424	e	Knight Transportation, Inc		879
3,000		Lawson Products, Inc		113
12,255	*	LKQ Corp		424
15,714	*	Merge Technologies, Inc		393
701	*	MWI Veterinary Supply, Inc		18
20,159	e*	Navarre Corp		111
83,915		Omnicare, Inc		4,802
28,836		Owens & Minor, Inc		794
98,252	*	Patterson Cos, Inc		3,282
37,424		PEP Boys-Manny Moe & Jack		557
44,376	*	PSS World Medical, Inc		658
20,987		Reliance Steel & Aluminum Co		1,283
19,445	e	Ryerson Tull, Inc		473
36,075		SCP Pool Corp		1,343
2,112	*	Strattec Security Corp		85
40,746	*	Tech Data Corp		1,617
808	v*	Timco Aviation Services, Inc Wts		-	^
26,379	*	Tyler Technologies, Inc		232
54,621		W.W. Grainger, Inc		3,884
22,138	*	WESCO International, Inc		946
8,587	e*	West Marine, Inc		120
		TOTAL WHOLESALE TRADE-DURABLE GOODS		43,323

254

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
WHOLESALE TRADE-NONDURABLE GOODS - 0.94%
44,938		Airgas, Inc	$	1,478
23,336	e*	Allscripts Healthcare Solutions, Inc		313
25,671	*	BioScrip, Inc		194
39,296		Brown-Forman Corp (Class B)		2,724
303,792		Cardinal Health, Inc		20,886
14,261	e*	Central European Distribution Corp		572
99,160	*	Dean Foods Co		3,734
35,024	*	Endo Pharmaceuticals Holdings, Inc		1,060
2,908	*	Green Mountain Coffee Roasters, Inc		118
20,113	*	Hain Celestial Group, Inc		426
15,400		Handleman Co		191
61,629	*	Henry Schein, Inc		2,689
6,203		Kenneth Cole Productions, Inc (Class A)		158
19,366		K-Swiss, Inc (Class A)		628
2,095	*	Maui Land & Pineapple Co, Inc		71
212,548		McKesson Corp		10,965
35,930	*	Men's Wearhouse, Inc		1,058
18,114		Myers Industries, Inc		264
8,977		Nash Finch Co		229
132,587		Nike, Inc (Class B)		11,507
38,826		Nu Skin Enterprises, Inc (Class A)		683
7,344	*	Nuco2, Inc		205
33,123	e*	Performance Food Group Co		940
6,666	*	Perry Ellis International, Inc		127
5,629	*	Provide Commerce, Inc		186
35,027		Reebok International, Ltd		2,040
316,697		Safeway, Inc		7,493
17,687	*	School Specialty, Inc		645
8,100	*	Smart & Final, Inc		104
22,616	*	Source Interlink Cos, Inc		251
14,127	*	Spartan Stores, Inc		147
25,507		Stride Rite Corp		346
95,937		Supervalu, Inc		3,116
451,031		Sysco Corp		14,005
4,522		The Andersons, Inc		195
22,463	*	Tractor Supply Co		1,189
28,143	*	United Natural Foods, Inc		743
24,630	*	United Stationers, Inc		1,195
6,399		Valhi, Inc		118
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		92,993
		TOTAL COMMON STOCKS		9,876,431
		(Cost $7,930,425)

255

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
SHORT-TERM INVESTMENTS - 3.28%
CERTIFICATES OF DEPOSIT - 0.30%
$     5,000,000		Deutsche Bank	4.160	08/07/06	$	4,982
5,000,000		Deutsche Bank	4.105	08/25/06		4,979
10,000,000		Suntrust Bank	4.220	02/27/06		9,998
10,000,000		Toronto Dominion Bank	3.853	07/05/06		9,956
		TOTAL CERTIFICATES OF DEPOSIT				29,915
COMMERCIAL PAPER - 1.86%
13,000,000	c	Beta Finance, Inc	3.970	03/23/06		12,873
17,178,000	c	BMW US Capital Corp	4.100	01/03/06		17,170
17,000,000		Burlington Northern Santa Fe Corp	4.200	01/03/06		16,992
17,000,000	c	Corporate Asset Funding Corp, Inc	4.140	01/12/06		16,981
17,000,000	c	Honeywell International, Inc	4.250	01/04/06		16,998
16,000,000	c	Ranger Funding Co LLC	4.270	01/18/06		15,971
19,000,000	c	Scaldis Capital LLC	4.040	03/20/06		18,821
17,000,000	c	Sigma Finance, Inc	4.175	02/08/06		16,926
17,000,000		UBS Finance, (Delaware), Inc	4.190	01/03/06		16,992
17,000,000	c	Variable Funding Capital Corp	4.150	02/03/06		16,936
17,000,000	c	Yorktown Capital, LLC	4.235	01/09/06		16,987
		TOTAL COMMERCIAL PAPER				183,647
U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES - 1.12%
25,000,000		Federal Home Loan Bank (FHLB)	3.400	01/03/06		24,991
13,473,000		FHLB	4.010	01/06/06		13,468
5,000,000		FHLB	2.500	02/13/06		4,988
25,000,000		Federal Home Loan Mortgage Corp (FHLMC)	3.910	01/03/06		25,000
16,928,000		Federal National Mortgage Association (FNMA)	3.350	01/03/06		16,928
25,000,000		FNMA	4.170	01/09/06		24,983
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES				110,358
		TOTAL SHORT-TERM INVESTMENTS				323,920
		(Cost $324,016)
		TOTAL PORTFOLIO - 103.27%				10,200,351
		(Cost $8,254,441)
		OTHER ASSETS & LIABILITIES, NET - (3.27%)				(322,865	)
		NET ASSETS - 100.00%			$	9,877,486

256

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

*	Non-income producing
^	Amount represents less than $1,000
b	In bankruptcy
c	Commercial Paper issued under the Private Placement exemption under Section 4(2)
	of the Securities Act of 1933.
d	All or a portion of these securities have been segregated by the Custodian to cover
	margin or other requirements on open futures contracts.
e	All or a portion of these securities are out on loan.
v	Security valued at fair value.
	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.

257

COLLEGE RETIREMENT EQUITIES FUND - Bond Account

COLLEGE RETIREMENT EQUITIES FUND
BOND MARKET ACCOUNT
STATEMENT OF INVESTMENTS
December 31, 2005

				MATURITY	RATING+		VALUE
PRINCIPAL			RATE	DATE	(Unaudited)		(000)
BONDS - 97.05%
CORPORATE BONDS - 29.03%
AMUSEMENT AND RECREATION SERVICES - 0.07%
$     2,000,000	e	Caesars Entertainment, Inc	7.875	03/15/10	Ba1	$	2,150
2,000,000		Caesars Entertainment, Inc	7.000	04/15/13	Baa3		2,136
		TOTAL AMUSEMENT AND RECREATION SERVICES					4,286
APPAREL AND OTHER TEXTILE PRODUCTS - 0.06%
3,250,000	e,g	Controladora Mabe SA CV	6.500	12/15/15	N/R		3,243
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS					3,243
AUTO REPAIR, SERVICES AND PARKING - 0.10%
3,000,000		PHH Corp	7.125	03/01/13	Baa3		3,151
3,000,000		Ryder System, Inc	5.000	06/15/12	Baa1		2,856
		TOTAL AUTO REPAIR, SERVICES AND PARKING					6,007
ASSET BACKED - 2.40%
708,705		AQ Finance NIM Trust Series 2004-RN2	4.579	04/25/09	Aaa		709
675,613	v	AQ Finance NIM Trust Series 2004-RN3	4.559	05/25/09	Aaa		676
10,000,000		Centex Home Equity Series 2004-C (Class AF5)	5.980	06/25/34	Aaa		9,941
1,100,000		Centex Home Equity Series 2004-D (Class MF2)	5.560	09/25/34	A2		1,090
7,600,000		Chase Funding Mortgage Loan Asset-Backed Certificates Series 2004-2 (Class 1A2)	3.777	01/25/22	Aaa		7,558
1,375,000		Chase Funding Mortgage Loan Asset-Backed Certificates Series 2004-2 (Class 1B)	5.700	02/25/34	Baa2		1,311
3,500,000		Chase Funding Mortgage Loan Asset-Backed Certificates Series 2004-2 (Class 1M1)	5.700	02/25/34	Aa2		3,500
1,750,000		Chase Funding Mortgage Loan Asset-Backed Certificates Series 2004-2 (Class 1M2)	5.700	02/25/34	A2		1,727
2,300,000		Chase Manhattan Auto Owner Trust Series 2004-A (Class A4)	2.830	09/15/10	Aaa		2,229
10,000,000		CIT Equipment Collateral Series 2005-VT1 (Class A4)	4.360	11/20/12	Aaa		9,895
5,944,024		CIT Group Home Equity Loan Trust Series 2002-1 (Class AF6)	6.200	02/25/30	Aaa		6,042
1,311,200		Countrywide Asset-Backed Certificates Series 2004-3N	4.579	05/25/09	Aaa		1,311
3,306,642		Countrywide Home Equity Loan Trust Series 2004-B (Class 1A)	4.589	02/15/29	Aaa		3,311
8,557,907		Detroit Edison Securitization Funding LLC Series 2001-1 (Class A3)	5.875	03/01/10	Aaa		8,655
10,000,000		Golden Securities Corp Series 2003-A (Class A1)	4.591	12/02/13	Aaa		10,020
5,000,000		GSAMP Trust Series 2004-WF (Class M1)	4.959	10/25/34	Aa2		5,022
8,078,000		Household Automotive Trust Series 2003-2 (Class A4)	3.020	12/17/10	Aaa		7,908

258

COLLEGE RETIREMENT EQUITIES FUND - Bond Account

				MATURITY	RATING+		VALUE
PRINCIPAL			RATE	DATE	(Unaudited)		(000)
$     6,386,782		Peco Energy Transition Trust Series 1999-A (Class A6)	6.050	03/01/09	Aaa	$	6,440
10,000,000		Peco Energy Transition Trust Series 1999-A (Class A7)	6.130	03/01/09	Aaa		10,248
7,437,102		Public Service New Hampshire Funding LLC Series 2001-1 (Class A2)	5.730	11/01/10	Aaa		7,535
12,000,000		Residential Asset Mortgage Products, Inc Series 2004-RS11 (Class M1)	4.999	11/25/34	Aa1		12,023
6,456,841		Residential Asset Securities Corp Series 2000-KS4 (Class AI6)	7.435	09/25/31	Aaa		6,464
1,518,645		Residential Asset Securities Corp Series 2001-KS2 (Class AI6)	6.489	10/25/30	Aaa		1,541
4,000,000		Wachovia Bank Commercial Mortgage Trust Series 2005-C20 (Class AJ)	5.124	07/15/42	Aaa		3,970
10,274,502		Wachovia Loan Trust Series 2005-SD1 (Class A)	4.739	05/25/35	N/R		10,273
		TOTAL ASSET BACKED					139,399
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.17%
3,500,000		Home Depot, Inc	3.750	09/15/09	Aa3		3,375
5,750,000		Lowe's Cos, Inc	8.250	06/01/10	A2		6,499
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES					9,874
BUSINESS SERVICES - 0.11%
2,000,000		Advanstar Communications, Inc	10.750	08/15/10	B3		2,192
4,000,000	e	Cendant Corp	7.375	01/15/13	Baa1		4,460
		TOTAL BUSINESS SERVICES					6,652
CHEMICALS AND ALLIED PRODUCTS - 0.63%
10,000,000		Abbott Laboratories	5.625	07/01/06	A1		10,047
2,000,000		Equistar Chemicals Lp/Equistar Funding Corp	10.625	05/01/11	B2		2,200
2,750,000		Genentech, Inc	5.250	07/15/35	A1		2,626
1,500,000	e	Gillette Co	4.125	08/30/07	Aa3		1,485
2,000,000		ISP Chemco, Inc	10.250	07/01/11	B1		2,130
2,500,000		Lubrizol Corp	4.625	10/01/09	Baa3		2,451
5,650,000	e	Lubrizol Corp	5.500	10/01/14	Baa3		5,673
5,000,000	e	Merck & Co, Inc	4.750	03/01/15	Aa3		4,788
3,000,000	e	Procter & Gamble Co	4.950	08/15/14	Aa3		2,996
2,000,000	e	Procter & Gamble Co	5.800	08/15/34	Aa3		2,124
		TOTAL CHEMICALS AND ALLIED PRODUCTS					36,520
COMMUNICATIONS - 2.40%
3,750,000		America Movil SA de CV	6.375	03/01/35	A3		3,688
2,000,000	e	AT&T, Inc	4.125	09/15/09	A2		1,932
9,500,000		AT&T, Inc	5.100	09/15/14	A2		9,278
2,000,000		AT&T, Inc	6.150	09/15/34	A2		2,010
7,500,000		British Telecommunications plc	8.875	12/15/30	Baa1		10,063
11,521,001	e	Comcast Cable Communications Holdings, Inc	8.375	03/15/13	Baa2		13,350
5,000,000	e	Comcast Corp	5.850	11/15/15	Baa2		5,063
2,750,000	e	Comcast Corp	7.050	03/15/33	Baa2		2,970
6,000,000	e	Comcast Corp	5.650	06/15/35	Baa2		5,486
2,000,000		COX Communications, Inc	4.625	01/15/10	Baa3		1,934

259

COLLEGE RETIREMENT EQUITIES FUND - Bond Account

				MATURITY	RATING+		VALUE
PRINCIPAL			RATE	DATE	(Unaudited)		(000)
$     5,250,000		COX Communications, Inc	4.625	06/01/13	Baa3	$	4,885
7,000,000		COX Communications, Inc	5.450	12/15/14	Baa3		6,826
2,500,000	g	COX Enterprises, Inc	4.375	05/01/08	Baa3		2,441
4,000,000	e	Deutsche Telekom International Finance BV	8.250	06/15/30	A3		5,084
4,250,000		France Telecom SA	7.750	03/01/11	A3		4,745
1,750,000		Gray Television, Inc	9.250	12/15/11	Ba3		1,868
1,150,000		GTE Corp	6.840	04/15/18	Baa1		1,234
4,000,000		New Cingular Wireless Services, Inc	7.875	03/01/11	Baa2		4,490
4,750,000		New Cingular Wireless Services, Inc	8.750	03/01/31	Baa2		6,296
2,000,000		Quebecor Media, Inc	11.125	07/15/11	B2		2,165
500,000	e	Rogers Cable, Inc	6.750	03/15/15	Ba3		508
2,500,000	e	Rogers Wireless, Inc	7.500	03/15/15	Ba3		2,700
2,750,000		Sprint Capital Corp	7.625	01/30/11	Baa2		3,031
10,000,000		Sprint Capital Corp	8.375	03/15/12	Baa2		11,596
4,000,000		Telecom Italia Capital SA	4.875	10/01/10	Baa2		3,930
13,500,000		Verizon Virginia, Inc	4.625	03/15/13	Baa1		12,531
5,000,000		Verizon Wireless Capital LLC	5.375	12/15/06	A3		5,022
2,000,000		Vodafone Group plc	3.950	01/30/08	A2		1,962
2,000,000		Vodafone Group plc	5.000	12/16/13	A2		1,969
		TOTAL COMMUNICATIONS					139,057
DEPOSITORY INSTITUTIONS - 3.27%
3,000,000		Bank of America Corp	3.375	02/17/09	Aa2		2,869
4,000,000		Bank of America Corp	7.400	01/15/11	Aa3		4,408
8,750,000	e	Bank of America Corp	4.875	01/15/13	Aa2		8,666
6,500,000		Bank of America Corp	4.750	08/15/13	Aa3		6,350
7,000,000		Bank One Corp	5.900	11/15/11	A1		7,277
2,750,000		Bank One Corp	5.250	01/30/13	A1		2,758
7,000,000		Bank One NA/Chicago IL	5.500	03/26/07	Aa2		7,056
5,000,000	e	Bank One NA/Chicago IL	3.700	01/15/08	Aa2		4,892
4,000,000		BB&T Corp	6.500	08/01/11	A1		4,287
4,500,000	e	Citigroup, Inc	4.625	08/03/10	Aa1		4,438
15,000,000		Citigroup, Inc	5.125	05/05/14	Aa1		15,015
10,165,000		Citigroup, Inc	5.000	09/15/14	Aa2		10,003
3,000,000		Citigroup, Inc	5.875	02/22/33	Aa2		3,079
3,000,000		Golden West Financial Corp	4.125	08/15/07	A1		2,966
3,500,000		Golden West Financial Corp	4.750	10/01/12	A1		3,433
4,000,000	e	HSBC Bank USA NA/New York NY	5.625	08/15/35	Aa3		3,905
1,000,000		JPMorgan Chase & Co	7.875	06/15/10	A1		1,109
4,500,000	e	JPMorgan Chase & Co	4.500	01/15/12	Aa3		4,359
4,500,000	e	JPMorgan Chase & Co	5.125	09/15/14	A1		4,458
4,000,000		KeyBank NA	5.000	07/17/07	A1		4,006
2,000,000		M&I Marshall & Ilsley Bank	4.125	09/04/07	Aa3		1,977
5,700,000		M&I Marshall & Ilsley Bank	4.400	03/15/10	Aa3		5,582
4,000,000		MBNA America Bank NA	4.625	08/03/09	Aa1		3,957
5,000,000		Mellon Funding Corp	4.875	06/15/07	A1		5,001
5,000,000		PNC Funding Corp	5.750	08/01/06	A2		5,024
3,250,000		Popular North America, Inc	3.875	10/01/08	A3		3,144
2,500,000		Regions Financial Corp/Old	6.375	05/15/12	A2		2,669
4,500,000		Suntrust Bank	7.250	09/15/06	Aa3		4,555

260

COLLEGE RETIREMENT EQUITIES FUND - Bond Account

				MATURITY	RATING+		VALUE
PRINCIPAL			RATE	DATE	(Unaudited)		(000)
$     2,500,000		US Bancorp	4.500	07/29/10	Aa2	$	2,455
5,000,000		US Bank NA	6.300	02/04/14	Aa2		5,390
12,750,000		Wachovia Bank NA/Old	4.800	11/01/14	Aa3		12,401
4,500,000		Wachovia Corp	5.250	08/01/14	A1		4,503
7,000,000	e	Washington Mutual Bank/Seattle WA	4.500	08/25/08	A2		6,929
8,000,000	e	Wells Fargo & Co	4.625	08/09/10	Aa1		7,900
5,000,000		Wells Fargo & Co	4.950	10/16/13	Aa2		4,965
7,500,000		Zions Bancorporation	5.500	11/16/15	Baa1		7,545
		TOTAL DEPOSITORY INSTITUTIONS					189,331
EATING AND DRINKING PLACES - 0.03%
2,000,000		Aramark Services, Inc	5.000	06/01/12	Baa3		1,944
		TOTAL EATING AND DRINKING PLACES					1,944
ELECTRIC, GAS, AND SANITARY SERVICES - 1.82%
2,500,000		Atmos Energy Corp	4.000	10/15/09	Baa3		2,401
3,500,000		Carolina Power & Light Co	5.125	09/15/13	A3		3,490
2,750,000		Carolina Power & Light Co	5.700	04/01/35	A3		2,751
4,250,000		CenterPoint Energy Resources Corp	7.875	04/01/13	Baa3		4,863
4,750,000	e	Consolidated Edison Co of New York	5.375	12/15/15	A1		4,817
3,500,000		Consolidated Natural Gas Co	6.250	11/01/11	A3		3,693
4,250,000		Consolidated Natural Gas Co	5.000	12/01/14	A3		4,149
2,000,000		Duke Energy Corp	4.500	04/01/10	A3		1,961
5,750,000	e	FirstEnergy Corp	6.450	11/15/11	Baa3		6,098
3,400,000		Florida Power & Light Co	4.850	02/01/13	Aa3		3,362
3,500,000	e	Florida Power Corp	4.500	06/01/10	A2		3,431
4,000,000		KeySpan Corp	4.900	05/16/08	A3		3,998
7,500,000	e	Kinder Morgan Energy Partners Lp	5.125	11/15/14	Baa1		7,335
4,000,000		National Fuel Gas Co	5.250	03/01/13	Baa1		4,012
3,000,000	e	National Rural Utilities Cooperative Finance Corp	5.750	08/28/09	A2		3,077
1,250,000		Nisource Finance Corp	7.875	11/15/10	Baa3		1,386
4,500,000		Northern Border Pipeline Co	6.250	05/01/07	A3		4,561
2,500,000		Northern States Power-Minnesota	5.250	07/15/35	A2		2,377
2,500,000		Ohio Edison Co	4.000	05/01/08	Baa2		2,439
3,500,000		Ohio Power Co	5.300	11/01/10	A3		3,521
6,000,000	e	Pacific Gas & Electric Co	4.200	03/01/11	Baa1		5,757
2,000,000		Public Service Co of Colorado	7.875	10/01/12	A3		2,327
2,500,000	e	Public Service Co of Colorado	5.500	04/01/14	A3		2,568
2,750,000		Southern California Edison Co	6.000	01/15/34	A3		2,928
3,250,000		Southern California Edison Co	5.350	07/15/35	A3		3,159
4,500,000		Virginia Electric and Power Co	4.750	03/01/13	A3		4,383
3,650,000		Washington Gas Light	7.310	10/30/07	A2		3,802
2,000,000		Waste Management, Inc	7.750	05/15/32	Baa3		2,456
1,500,000		Westar Energy, Inc	6.000	07/01/14	Baa3		1,577
3,000,000		Wisconsin Electric Power	5.625	05/15/33	A1		3,056
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES					105,735

261

COLLEGE RETIREMENT EQUITIES FUND - Bond Account

				MATURITY	RATING+		VALUE
PRINCIPAL			RATE	DATE	(Unaudited)		(000)
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 0.13%
$     4,000,000	e	Emerson Electric Co	4.500	05/01/13	A2	$	3,869
3,500,000		General Electric Co	5.000	02/01/13	Aaa		3,494
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT					7,363
FABRICATED METAL PRODUCTS - 0.18%
3,000,000		Crane Co	5.500	09/15/13	Baa2		3,011
3,250,000		CRH America, Inc	6.400	10/15/33	Baa1		3,544
3,750,000		Fortune Brands, Inc	4.875	12/01/13	Baa2		3,648
		TOTAL FABRICATED METAL PRODUCTS					10,203
FOOD AND KINDRED PRODUCTS - 0.54%
3,000,000	e	Anheuser-Busch Cos, Inc	6.000	04/15/11	A1		3,150
4,000,000		Bottling Group LLC	4.625	11/15/12	Aa3		3,943
1,750,000		Bunge Ltd Finance Corp	5.875	05/15/13	Baa2		1,796
2,750,000		Bunge Ltd Finance Corp	5.100	07/15/15	Baa2		2,661
5,000,000		Coors Brewing Co	6.375	05/15/12	Baa2		5,276
2,500,000	g	Foster's Finance Corp	4.875	10/01/14	Baa2		2,404
3,000,000	e	Kellogg Co	7.450	04/01/31	Baa1		3,711
4,000,000	e	Kraft Foods, Inc	6.500	11/01/31	A3		4,394
3,000,000		PepsiAmericas, Inc	4.875	01/15/15	Baa1		2,947
1,250,000	e	WM Wrigley Jr Co	4.650	07/15/15	A1		1,224
		TOTAL FOOD AND KINDRED PRODUCTS					31,506
FOOD STORES - 0.19%
2,000,000		Delhaize America, Inc	8.125	04/15/11	Ba1		2,180
3,500,000		Kroger Co	7.250	06/01/09	Baa2		3,700
2,500,000		Kroger Co	6.800	04/01/11	Baa2		2,624
2,325,000		Safeway, Inc	4.125	11/01/08	Baa2		2,251
		TOTAL FOOD STORES					10,755
FORESTRY - 0.05%
2,665,000		Weyerhaeuser Co	5.950	11/01/08	Baa2		2,734
		TOTAL FORESTRY					2,734
FURNITURE AND FIXTURES - 0.08%
5,000,000		Masco Corp	4.800	06/15/15	Baa1		4,644
		TOTAL FURNITURE AND FIXTURES					4,644
GENERAL BUILDING CONTRACTORS - 0.30%
2,500,000		Centex Corp	5.450	08/15/12	Baa2		2,457

262

COLLEGE RETIREMENT EQUITIES FUND - Bond Account

				MATURITY	RATING+		VALUE
PRINCIPAL			RATE	DATE	(Unaudited)		(000)
$     6,000,000	e	Centex Corp	5.250	06/15/15	Baa2	$	5,691
1,500,000	e	DR Horton, Inc	5.000	01/15/09	Baa3		1,480
3,000,000		DR Horton, Inc	9.750	09/15/10	Ba1		3,392
4,500,000	e	DR Horton, Inc	5.250	02/15/15	Baa3		4,208
		TOTAL GENERAL BUILDING CONTRACTORS					17,228
GENERAL MERCHANDISE STORES - 0.36%
7,000,000	e	Target Corp	4.000	06/15/13	A2		6,606
7,000,000	e	Wal-Mart Stores, Inc	4.000	01/15/10	Aa2		6,774
7,750,000		Wal-Mart Stores, Inc	4.125	02/15/11	Aa2		7,487
		TOTAL GENERAL MERCHANDISE STORES					20,867
HEALTH SERVICES - 0.10%
5,650,000	e	Laboratory Corp of America Holdings	5.625	12/15/15	Baa3		5,721
		TOTAL HEALTH SERVICES					5,721
HOLDING AND OTHER INVESTMENT OFFICES - 0.75%
4,750,000		Archstone-Smith Operating Trust	5.250	05/01/15	Baa1		4,702
3,000,000		Boston Properties Lp	6.250	01/15/13	Baa2		3,159
5,000,000	e	Brookfield Asset Management, Inc	7.125	06/15/12	Baa3		5,454
5,000,000		Camden Property Trust	5.875	06/01/07	Baa2		5,043
4,000,000		Colonial Properties Trust	6.250	06/15/14	Baa3		4,135
2,000,000		Greenpoint Financial Corp	3.200	06/06/08	A2		1,914
3,350,000		Health Care REIT, Inc	6.200	06/01/16	Baa3		3,360
4,500,000		iStar Financial, Inc	5.150	03/01/12	Baa3		4,367
3,650,000		iStar Financial, Inc	5.700	03/01/14	Baa3		3,610
4,000,000	g	Mantis Reef Ltd	4.799	11/03/09	A3		3,919
4,000,000		Simon Property Group Lp	5.375	06/01/11	Baa1		4,013
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES					43,676
HOTELS AND OTHER LODGING PLACES - 0.07%
2,000,000	e	Boyd Gaming Corp	8.750	04/15/12	B1		2,145
1,750,000		MGM Mirage	6.000	10/01/09	Ba2		1,739
		TOTAL HOTELS AND OTHER LODGING PLACES					3,884
INDUSTRIAL MACHINERY AND EQUIPMENT - 0.35%
2,250,000	e	Caterpillar Financial Services Corp	5.050	12/01/10	A2		2,260
8,250,000	e	Dover Corp	4.875	10/15/15	A2		8,114
3,500,000		Hewlett-Packard Co	6.500	07/01/12	A3		3,770
4,000,000		International Business Machines Corp	6.220	08/01/27	A1		4,370
1,500,000		Kennametal, Inc	7.200	06/15/12	Baa3		1,634
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT					20,148

263

COLLEGE RETIREMENT EQUITIES FUND - Bond Account

				MATURITY	RATING+		VALUE
PRINCIPAL			RATE	DATE	(Unaudited)		(000)
INSTRUMENTS AND RELATED PRODUCTS - 0.12%
$     5,000,000	g	Medtronic, Inc	4.750	09/15/15	A1	$	4,856
2,000,000		Thermo Electron Corp	5.000	06/01/15	Baa1		1,929
		TOTAL INSTRUMENTS AND RELATED PRODUCTS					6,785
INSURANCE CARRIERS - 0.83%
5,000,000	g	AIG SunAmerica Global Financing VI	6.300	05/10/11	Aa2		5,312
4,250,000	e	Allstate Corp	5.000	08/15/14	A1		4,195
5,000,000		American International Group, Inc	5.050	10/01/15	Aa2		4,909
3,600,000		ING Groep NV	5.775	12/01/49	A2		3,658
4,000,000	g	John Hancock Global Funding II	7.900	07/02/10	Aa2		4,498
3,000,000		Metlife, Inc	5.375	12/15/12	A2		3,041
5,000,000	e	Metlife, Inc	5.000	06/15/15	A2		4,908
2,500,000	e	Metlife, Inc	5.700	06/15/35	A2		2,499
2,500,000	e,g	Pricoa Global Funding I	4.625	06/25/12	Aa3		2,435
6,000,000		UnitedHealth Group, Inc	3.300	01/30/08	A2		5,829
1,000,000		UnitedHealth Group, Inc	3.750	02/10/09	A2		969
1,000,000	e	UnitedHealth Group, Inc	4.125	08/15/09	A2		976
1,000,000		WellPoint Health Networks	6.375	01/15/12	Baa1		1,066
2,000,000		WellPoint, Inc	3.500	09/01/07	Baa1		1,951
2,000,000		WellPoint, Inc	5.000	12/15/14	Baa1		1,966
		TOTAL INSURANCE CARRIERS					48,212
METAL MINING - 0.26%
6,250,000		Barrick Gold Corp	5.800	11/15/34	Baa1		6,091
5,900,000		Barrick Gold Finance Co	4.875	11/15/14	Baa1		5,716
3,500,000	g	Corp Nacional del Cobre de Chile - CODELCO	4.750	10/15/14	Aa3		3,391
		TOTAL METAL MINING					15,198
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.13%
3,500,000	e	Tyco International Group SA	5.800	08/01/06	Baa3		3,515
4,000,000	e	Tyco International Group SA	6.000	11/15/13	Baa3		4,072
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES					7,587
MISCELLANEOUS RETAIL - 0.10%
2,500,000		CVS Corp	4.000	09/15/09	A3		2,413
3,500,000	e	CVS Corp	4.875	09/15/14	A3		3,376
		TOTAL MISCELLANEOUS RETAIL					5,789
MOTION PICTURES - 0.56%
2,500,000		Historic TW, Inc	6.625	05/15/29	Baa1		2,495
4,250,000		News America, Inc	7.625	11/30/28	Baa2		4,819

264

COLLEGE RETIREMENT EQUITIES FUND - Bond Account

				MATURITY	RATING+		VALUE
PRINCIPAL			RATE	DATE	(Unaudited)		(000)
$     5,000,000	e	News America, Inc	6.200	12/15/34	Baa2	$	4,952
16,250,000	e	Time Warner, Inc	6.875	05/01/12	Baa1		17,305
3,000,000		Walt Disney Co	5.500	12/29/06	Baa1		3,014
		TOTAL MOTION PICTURES					32,585
NONDEPOSITORY INSTITUTIONS - 2.83%
2,000,000		AGL Capital Corp	6.000	10/01/34	Baa1		2,029
3,500,000		American Honda Finance Corp	5.125	12/15/10	A1		3,511
3,000,000	e	Capital One Financial Corp	5.500	06/01/15	Baa1		2,980
3,000,000		CIT Group, Inc	4.750	08/15/08	A2		2,982
4,250,000	e	CIT Group, Inc	5.200	11/03/10	A2		4,260
4,250,000		CIT Group, Inc	5.125	09/30/14	A2		4,184
3,250,000	e	Countrywide Home Loans, Inc	4.000	03/22/11	A3		3,056
2,000,000		Falconbridge Ltd/Old	7.350	06/05/12	Baa3		2,182
16,250,000		Ford Motor Credit Co	5.700	01/15/10	Baa3		13,813
1,500,000		Ford Motor Credit Co	7.375	02/01/11	Baa3		1,316
8,000,000		General Electric Capital Corp	4.125	03/04/08	Aaa		7,887
3,000,000		General Electric Capital Corp	3.500	05/01/08	Aaa		2,914
3,000,000		General Electric Capital Corp	3.250	06/15/09	Aaa		2,851
15,000,000	e	General Electric Capital Corp	6.125	02/22/11	Aaa		15,789
7,250,000		General Electric Capital Corp	4.375	11/21/11	Aaa		7,042
3,500,000		General Electric Capital Corp	5.875	02/15/12	Aaa		3,662
11,750,000	e	General Motors Acceptance Corp	5.625	05/15/09	Ba1		10,454
3,000,000	e	HSBC Capital Funding Lp/Jersey Channel Islands	4.610	12/29/49	A1		2,829
3,500,000		HSBC Finance Capital Trust IX	5.911	11/30/35	A2		3,540
5,000,000		HSBC Finance Corp	5.875	02/01/09	A1		5,116
13,150,000		HSBC Finance Corp	4.125	11/16/09	A1		12,703
2,000,000	e	HSBC Finance Corp	4.750	04/15/10	A1		1,969
12,630,000		HSBC Finance Corp	6.375	11/27/12	A1		13,452
1,620,000		HSBC Finance Corp	4.750	07/15/13	A1		1,568
4,000,000		HSBC Finance Corp	5.250	04/15/15	A1		3,965
4,250,000		HSBC Finance Corp	5.000	06/30/15	A1		4,131
1,500,000		John Deere Capital Corp	3.625	05/25/07	A3		1,474
2,000,000		John Deere Capital Corp	4.500	08/25/08	A3		1,985
4,000,000		MBNA America Bank NA	5.375	01/15/08	Aa1		4,038
4,250,000	g	Rabobank Capital Funding Trust	5.254	12/21/49	Aa2		4,167
5,000,000	e	Residential Capital Corp	6.125	11/21/08	Baa3		5,017
4,000,000		SLM Corp	4.000	01/15/09	A2		3,889
3,500,000	e	Toyota Motor Credit Corp	2.875	08/01/08	Aaa		3,340
		TOTAL NONDEPOSITORY INSTITUTIONS					164,095
OIL AND GAS EXTRACTION - 1.05%
2,000,000		Anadarko Finance Co	6.750	05/01/11	Baa1		2,156
2,000,000		Burlington Resources Finance Co	6.400	08/15/11	A3		2,142
7,750,000		Burlington Resources Finance Co	7.200	08/15/31	A3		9,570
4,000,000	e	Canadian Natural Resources Ltd	5.850	02/01/35	Baa1		4,032
6,500,000		Chesapeake Energy Corp	6.500	08/15/17	Ba2		6,532
7,000,000		Conoco Funding Co	6.350	10/15/11	A1		7,499

265

COLLEGE RETIREMENT EQUITIES FUND - Bond Account

				MATURITY	RATING+		VALUE
PRINCIPAL			RATE	DATE	(Unaudited)		(000)
$     2,500,000		Devon Energy Corp	2.750	08/01/06	Baa2	$	2,466
4,000,000	g	Empresa Nacional de Petroleo ENAP	6.750	11/15/12	A2		4,307
4,000,000		Equitable Resources, Inc	5.150	11/15/12	A2		4,047
4,250,000		Nexen, Inc	5.050	11/20/13	Baa2		4,212
4,250,000		PC Financial Partnership	5.000	11/15/14	Baa2		4,166
3,750,000	g	Pemex Project Funding Master Trust	5.750	12/15/15	Baa1		3,724
4,000,000	e	Petro-Canada	5.950	05/15/35	Baa2		4,043
2,000,000		XTO Energy, Inc	5.300	06/30/15	Baa3		2,002
		TOTAL OIL AND GAS EXTRACTION					60,898
OTHER MORTGAGE BACKED SECURITIES - 5.41%
10,000,000		Banc of America Commercial Mortgage, Inc Series 2004-4 (Class A6)	4.877	07/10/42	N/R		9,785
13,955,000		Banc of America Commercial Mortgage, Inc Series 2005-1 (Class B)	4.999	11/10/42	N/R		13,853
1,630,000		Banc of America Commercial Mortgage, Inc Series 2005-5 (Class AJ)	5.159	10/10/45	Aaa		1,631
2,650,000		Banc of America Commercial Mortgage, Inc Series 2005-6 (Class AJ)	5.182	09/10/47	Aaa		2,655
10,000,000	e	Bear Stearns Commercial Mortgage Securities Series 2004-PWR5 (Class A5)	4.978	07/11/42	Aaa		9,847
9,225,000		Bear Stearns Commercial Mortgage Securities Series 2005-PW10 (Class AJ)	5.464	12/11/40	N/R		9,380
30,000,000		Countrywide Alternative Loan Trust Series 2003-3T1 (Class A10)	5.500	05/25/33	N/R		29,747
16,000,000		Countrywide Alternative Loan Trust Series 2005-37T1 (Class A4)	5.500	09/25/35	Aaa		15,598
10,000,000		Countrywide Alternative Loan Trust Series 2005-J8 (Class 1A5)	5.500	07/25/35	Aaa		9,759
14,700,228		Countrywide Home Loan Mortgage Pass Through Trust Series 2005-17 (Class 1A10)	5.250	09/25/35	N/R		14,566
14,000,000		CS First Boston Mortgage Securities Corp Series 2001-CP4 (Class A4)	6.180	12/15/35	N/R		14,693
34,065,898		CS First Boston Mortgage Securities Corp Series 2004-8 (Class 7A1)	6.000	12/25/34	N/R		34,258
22,116,544		CS First Boston Mortgage Securities Corp Series 2005-5 (Class 7A1)	6.000	07/25/35	Aaa		22,220
3,350,163		First Horizon Asset Securities, Inc Series 2003-9 (Class 1A4)	5.500	11/25/33	N/R		3,351
21,000,000		Ge Capital Commercial Mortgage Corp Series 2003-C2 (Class A4)	5.145	07/10/37	Aaa		21,012
18,000,000		Greenwich Capital Commercial Funding Corp Series 2004-GG1 (Class A7)	5.317	06/10/36	Aaa		18,169
14,250,000		JP Morgan Chase Commercial Mortgage Securities Corp Series 2002-C1 (Class A3)	5.376	07/12/37	Aaa		14,448
6,400,000		LB-UBS Commercial Mortgage Trust Series 2005-C3 (Class A2)	4.553	07/15/30	Aaa		6,270
4,000,000		LB-UBS Commercial Mortgage Trust Series 2005-C5 (Class AJ)	5.057	09/15/40	N/R		3,923
19,002,315		MASTR Alternative Loans Trust Series 2004-8 (Class 5A1)	6.000	09/25/34	N/R		19,032
6,239,683		MASTR Asset Securitization Trust Series 2005-2 (Class 3A1)	5.000	10/25/20	Aaa		6,148
5,400,000	v	Merrill Lynch Mortgage Trust Series 2005-LC1 (Class A4)	5.291	01/12/44	Aaa		5,429
14,000,000		Wachovia Bank Commercial Mortgage Trust Series 2002-C2 (Class A4)	4.980	11/15/34	Aaa		13,902
11,869,956	v	Washington Mutual, Inc Series 2005-AR15 (Class A1A1)	4.639	11/25/45	Aaa		11,866
1,842,483		Wells Fargo Mortgage Backed Securities Trust Series 2005-5 (Class 1A1)	5.000	05/25/20	Aaa		1,810
		TOTAL OTHER MORTGAGE BACKED SECURITIES					313,352
PAPER AND ALLIED PRODUCTS - 0.17%
3,150,000	e	Bemis Co	4.875	04/01/12	Baa1		3,073
3,000,000	e	Kimberly-Clark Corp	5.000	08/15/13	Aa2		3,002
4,250,000	g	Sappi Papier Holding AG	6.750	06/15/12	Baa3		4,059
		TOTAL PAPER AND ALLIED PRODUCTS					10,134

266

COLLEGE RETIREMENT EQUITIES FUND - Bond Account

				MATURITY	RATING+		VALUE
PRINCIPAL			RATE	DATE	(Unaudited)		(000)
PERSONAL SERVICES - 0.03%
$     1,461,000		Coinmach Corp	9.000	02/01/10	B3	$	1,530
		TOTAL PERSONAL SERVICES					1,530
PETROLEUM AND COAL PRODUCTS - 0.08%
2,000,000		ConocoPhillips	5.900	10/15/32	A1		2,148
2,750,000	e,g	PTT PCL	5.875	08/03/35	A2		2,649
		TOTAL PETROLEUM AND COAL PRODUCTS					4,797
PIPELINES, EXCEPT NATURAL GAS - 0.50%
3,000,000		Enterprise Products Operating Lp	4.000	10/15/07	Baa3		2,946
2,500,000		Enterprise Products Operating Lp	4.625	10/15/09	Baa3		2,443
3,500,000		Enterprise Products Operating Lp	4.950	06/01/10	Baa3		3,432
4,000,000		Enterprise Products Operating Lp	5.600	10/15/14	Baa3		3,989
3,000,000	e	Enterprise Products Operating Lp	5.000	03/01/15	Baa3		2,860
2,000,000		Kaneb Pipe Line Operating Partnership Lp	5.875	06/01/13	Baa3		2,053
2,000,000		Panhandle Eastern Pipe Line	4.800	08/15/08	Baa3		1,982
3,000,000		Plains All American Pipeline Lp/PAA Finance Corp	4.750	08/15/09	Baa3		2,949
3,000,000	e	Plains All American Pipeline Lp/PAA Finance Corp	5.625	12/15/13	Baa3		3,026
3,750,000		TransCanada Pipelines Ltd	4.000	06/15/13	A2		3,530
		TOTAL PIPELINES, EXCEPT NATURAL GAS					29,210
PRIMARY METAL INDUSTRIES - 0.19%
4,000,000		Alcan, Inc	5.000	06/01/15	Baa1		3,886
1,750,000		Alcan, Inc	6.125	12/15/33	Baa1		1,798
4,250,000		Alcoa, Inc	6.500	06/01/11	A2		4,532
1,000,000	e	Corning, Inc	5.900	03/15/14	Baa3		1,010
		TOTAL PRIMARY METAL INDUSTRIES					11,226
PRINTING AND PUBLISHING - 0.07%
1,500,000		CBS Corp	7.700	07/30/10	Baa3		1,627
2,000,000	e	Cenveo Corp	9.625	03/15/12	B1		2,160
		TOTAL PRINTING AND PUBLISHING					3,787
RAILROAD TRANSPORTATION - 0.31%
3,750,000		Burlington Northern Santa Fe Corp	5.900	07/01/12	Baa2		3,927
3,500,000		Canadian National Railway Co	4.400	03/15/13	A3		3,368
956,000	e	Norfolk Southern Corp	5.590	05/17/25	Baa1		956
1,044,000	e	Norfolk Southern Corp	7.250	02/15/31	Baa1		1,271
5,000,000		Union Pacific Corp	5.750	10/15/07	Baa2		5,071
3,000,000		Union Pacific Corp	6.500	04/15/12	Baa2		3,227
		TOTAL RAILROAD TRANSPORTATION					17,820

267

COLLEGE RETIREMENT EQUITIES FUND - Bond Account

				MATURITY	RATING+		VALUE
PRINCIPAL			RATE	DATE	(Unaudited)		(000)
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.03%
$     1,750,000		Sealed Air Corp	5.375	04/15/08	Baa3	$	1,757
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS					1,757
SECURITY AND COMMODITY BROKERS - 1.28%
4,000,000		Bear Stearns Cos, Inc	5.700	11/15/14	A1		4,118
7,000,000	e	Credit Suisse First Boston USA, Inc	4.875	08/15/10	Aa3		6,944
3,000,000		Franklin Resources, Inc	3.700	04/15/08	A2		2,923
2,750,000		Goldman Sachs Group Lp	4.500	06/15/10	Aa3		2,688
2,000,000		Goldman Sachs Group, Inc	6.875	01/15/11	Aa3		2,155
3,750,000		Goldman Sachs Group, Inc	5.500	11/15/14	Aa3		3,805
5,000,000		Lehman Brothers Holdings, Inc	6.250	05/15/06	A1		5,025
10,000,000		Lehman Brothers Holdings, Inc	4.000	01/22/08	A1		9,823
9,000,000	e	Lehman Brothers Holdings, Inc	6.625	01/18/12	A1		9,712
3,750,000	e	Merrill Lynch & Co, Inc	4.790	08/04/10	Aa3		3,710
4,250,000		Merrill Lynch & Co, Inc	5.000	02/03/14	Aa3		4,197
6,000,000		Morgan Stanley	4.000	01/15/10	Aa3		5,770
8,500,000		Morgan Stanley	5.300	03/01/13	Aa3		8,520
5,000,000		Morgan Stanley	4.750	04/01/14	A1		4,792
		TOTAL SECURITY AND COMMODITY BROKERS					74,182
TOBACCO PRODUCTS - 0.02%
1,250,000		RJ Reynolds Tobacco Holdings, Inc/OLD	6.500	06/01/07	Ba2		1,259
		TOTAL TOBACCO PRODUCTS					1,259
TRANSPORTATION BY AIR - 0.12%
5,000,000		Continental Airlines, Inc	6.563	02/15/12	Aaa		5,170
2,000,000		Southwest Airlines Co	5.496	11/01/06	Aa2		2,008
		TOTAL TRANSPORTATION BY AIR					7,178
TRANSPORTATION EQUIPMENT - 0.66%
7,500,000		DaimlerChrysler NA Holding Corp	4.875	06/15/10	A3		7,316
4,000,000	e	DaimlerChrysler NA Holding Corp	6.500	11/15/13	A3		4,183
3,500,000	e	DaimlerChrysler NA Holding Corp	8.500	01/18/31	A3		4,239
4,250,000		General Dynamics Corp	3.000	05/15/08	A2		4,075
3,500,000		Lockheed Martin Corp	8.500	12/01/29	Baa2		4,764
4,000,000		Northrop Grumman Corp	7.750	02/15/31	Baa2		5,080
3,000,000		United Technologies Corp	4.875	11/01/06	A2		3,007
2,500,000		United Technologies Corp	7.500	09/15/29	A2		3,160
2,250,000	e	United Technologies Corp	5.400	05/01/35	A2		2,242
		TOTAL TRANSPORTATION EQUIPMENT					38,066

268

COLLEGE RETIREMENT EQUITIES FUND - Bond Account

				MATURITY	RATING+		VALUE
PRINCIPAL			RATE	DATE	(Unaudited)		(000)
WHOLESALE TRADE-DURABLE GOODS - 0.05%
$     3,000,000	e	Johnson & Johnson	3.800	05/15/13	Aaa	$	2,830
		TOTAL WHOLESALE TRADE-DURABLE GOODS					2,830
WHOLESALE TRADE-NONDURABLE GOODS - 0.07%
4,000,000	e	Sysco Corp	5.375	09/21/35	A1		3,948
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS					3,948
		TOTAL CORPORATE BONDS					1,683,002
		(Cost $1,686,659)
GOVERNMENT BONDS - 68.02%
AGENCY SECURITIES - 21.18%
10,000,000		Cal Dive International, Inc	4.930	02/01/27	N/R		9,886
13,000,000		Egypt Government AID Bonds	4.450	09/15/15	Aaa		12,692
110,050,000	d	Federal Farm Credit Bank (FFCB)	2.250	09/01/06	Aaa		108,339
17,000,000	e	FFCB	3.000	12/17/07	Aaa		16,473
11,200,000	e	FFCB	3.375	07/15/08	Aaa		10,859
20,000,000		FFCB	3.875	01/12/09	Aaa		19,532
11,200,000		FFCB	4.125	04/15/09	Aaa		11,005
4,000,000		FFCB	4.700	08/10/15	Aaa		3,959
12,900,000		FFCB	4.875	12/16/15	Aaa		12,950
8,000,000		Federal Home Loan Bank (FHLB)	4.000	04/05/07	Aaa		7,929
5,000,000		FHLB	4.125	10/19/07	Aaa		4,953
3,000,000		Federal Home Loan Mortgage Corp (FHLMC)	7.100	04/10/07	Aaa		3,086
46,403,000	e	FHLMC	3.750	04/15/07	Aaa		45,874
16,555,000		FHLMC	3.550	11/15/07	Aaa		16,200
4,518,000		FHLMC	3.500	02/13/08	Aaa		4,400
6,705,000		FHLMC	3.500	04/28/08	Aaa		6,524
15,000,000	e	FHLMC	3.500	05/21/08	Aaa		14,581
7,000,000		FHLMC	3.600	05/22/08	Aaa		6,822
9,250,000	e	FHLMC	3.875	06/15/08	Aaa		9,081
45,500,000		FHLMC	4.625	09/15/08	Aaa		45,170
138,000,000		FHLMC	7.000	03/15/10	Aaa		149,758
28,000,000		FHLMC	6.875	09/15/10	Aaa		30,476
66,900,000	e	FHLMC	4.750	01/18/11	Aaa		66,912
36,399,000		FHLMC	5.875	03/21/11	Aa2		37,887
30,000,000		FHLMC	6.375	08/01/11	Aa2		30,220
28,323,000		FHLMC	6.250	03/05/12	Aa2		28,769
34,000,000		FHLMC	5.000	07/15/14	Aaa		34,509
16,000,000	d	Federal National Mortgage Association (FNMA)	3.125	07/15/06	Aaa		15,875
26,000,000		FNMA	2.625	11/15/06	Aaa		25,539
61,000,000	e	FNMA	3.875	05/15/07	Aaa		60,358
17,000,000		FNMA	4.000	05/23/07	Aaa		16,802
5,000,000		FNMA	3.750	07/06/07	Aaa		4,928
8,280,000		FNMA	3.750	08/15/07	Aaa		8,151

269

COLLEGE RETIREMENT EQUITIES FUND - Bond Account

				MATURITY	RATING+		VALUE
PRINCIPAL			RATE	DATE	(Unaudited)		(000)
$     25,000,000	e	FNMA	4.625	01/15/08	Aaa	$	24,982
39,070,000		FNMA	4.125	06/16/08	Aaa		38,487
28,520,000		FNMA	3.375	12/15/08	Aaa		27,508
12,000,000		FNMA	2.600	04/28/09	Aaa		11,920
1,350,000		FNMA	4.250	01/19/10	Aaa		1,317
118,300,000	e	FNMA	7.125	06/15/10	Aaa		129,440
30,000,000		FNMA	6.625	11/15/10	Aaa		32,404
13,854,833		FNMA	4.330	11/01/11	N/R		13,400
8,000,000		FNMA	4.125	01/30/12	Aaa		7,654
28,600,000		FNMA	5.250	08/01/12	Aa2		28,905
4,250,000		FNMA	6.470	09/25/12	Aaa		4,639
7,870,710		FNMA	4.400	10/01/12	N/R		7,573
8,250,000		FNMA	6.210	08/06/38	Aaa		9,824
4,000,000		Private Export Funding Corp	5.340	03/15/06	Aaa		4,005
5,250,000		Totem Ocean Trailer Express, Inc	4.514	12/18/19	N/R		5,128
		TOTAL AGENCY SECURITIES					1,227,685
FOREIGN GOVERNMENT BONDS - 2.99%
2,500,000	e	Brazilian Government International Bond	10.500	07/14/14	Ba3		3,064
5,500,000	e	Canada Government International Bond	6.750	08/28/06	Aaa		5,574
10,000,000		Canada Mortgage & Housing Corp	4.800	10/01/10	Aaa		10,042
4,000,000		Chile Government International Bond	5.500	01/15/13	Baa1		4,101
3,500,000	e	China Development Bank	5.000	10/15/15	A2		3,428
2,000,000	e	Development Bank of Japan	4.250	06/09/15	Aaa		1,919
10,600,000		Eksportfinans A/S	4.750	12/15/08	Aaa		10,607
3,000,000		European Investment Bank	4.000	03/03/10	Aaa		2,926
5,000,000		Federal Republic of Germany	3.875	06/01/10	Aaa		4,881
3,500,000		Inter-American Development Bank	4.375	09/20/12	Aaa		3,425
3,000,000		International Finance Corp	3.750	06/30/09	Aaa		2,915
4,500,000	e	Italy Government International Bond	4.500	01/21/15	N/R		4,363
4,000,000		Italy Government International Bond	6.875	09/27/23	Aa2		4,774
5,000,000	e	Korea Development Bank	5.750	09/10/13	A3		5,179
3,000,000	e	Mexico Government International Bond	4.625	10/08/08	Baa1		2,969
10,000,000		Mexico Government International Bond	6.375	01/16/13	Baa1		10,630
6,152,000	e	Mexico Government International Bond	5.875	01/15/14	Baa1		6,377
8,000,000	e	Mexico Government International Bond	6.750	09/27/34	Baa1		8,720
5,000,000		Province of British Columbia Canada	4.625	10/03/06	Aa1		4,999
13,000,000		Province of British Columbia Canada	5.375	10/29/08	Aa1		13,252
5,000,000		Province of Manitoba Canada	4.250	11/20/06	Aa2		4,981
7,000,000	e	Province of Manitoba Canada	4.450	04/12/10	Aa2		6,945
15,000,000	e	Province of Ontario	2.650	12/15/06	Aa2		14,722
5,000,000		Province of Ontario	5.500	10/01/08	Aa2		5,100
7,650,000	e	Province of Ontario	4.500	02/03/15	Aa2		7,477
7,000,000	e	Province of Quebec Canada	4.600	05/26/15	A1		6,833
6,000,000		Province of Quebec Canada	7.500	09/15/29	A1		7,875
2,000,000		Province of Saskatchewan Canada	7.375	07/15/13	Aa2		2,331
2,750,000		Turkey Government International Bond	7.375	02/05/25	Ba3		2,839
		TOTAL FOREIGN GOVERNMENT BONDS					173,248

270

COLLEGE RETIREMENT EQUITIES FUND - Bond Account

				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
MORTGAGE BACKED SECURITIES - 30.89%
$     25,000,000		Federal Home Loan Mortgage Corp (FHLMC)	5.000	06/15/28	$	24,730
9,827,560		FHLMC	6.000	04/15/30		9,853
8,260,699		FHLMC	6.000	12/15/30		8,378
218,366		Federal Home Loan Mortgage Corp Gold (FGLMC)	7.000	09/01/10		226
456,843		FGLMC	6.000	04/01/11		466
946,770		FGLMC	7.000	07/01/13		983
3,590,050		FGLMC	6.500	12/01/16		3,689
11,577,307		FGLMC	5.000	05/01/18		11,478
20,515,510	d	FGLMC	5.000	06/01/18		20,340
22,526,948		FGLMC	5.000	09/01/18		22,335
7,945,779		FGLMC	4.500	10/01/18		7,750
4,490,094		FGLMC	4.500	11/01/18		4,379
5,158,647		FGLMC	5.500	01/01/19		5,191
2,748,383		FGLMC	4.500	02/01/19		2,678
3,183,220		FGLMC	4.500	04/01/19		3,102
2,523,066		FGLMC	4.500	04/01/19		2,459
2,081,090		FGLMC	4.000	06/01/19		1,986
5,241,567		FGLMC	4.500	08/01/20		5,108
1,033,888		FGLMC	7.000	10/01/20		1,080
113,887		FGLMC	7.000	05/01/23		119
1,873,511		FGLMC	6.000	10/01/23		1,906
1,539,161		FGLMC	6.000	11/01/23		1,566
910,798		FGLMC	8.000	01/01/31		971
187,886		FGLMC	7.000	11/01/31		196
686,102		FGLMC	7.000	12/01/31		715
208,023		FGLMC	7.000	12/01/31		217
178,458		FGLMC	7.000	12/01/31		186
77,039		FGLMC	7.000	12/01/31		80
101,123		FGLMC	7.000	12/01/31		105
288,939		FGLMC	7.000	12/01/31		301
91,074		FGLMC	7.000	01/01/32		95
611,380		FGLMC	8.000	02/01/32		652
5,951,912		FGLMC	5.500	11/01/33		5,912
11,596,956		FGLMC	6.000	11/01/33		11,726
3,799,929		FGLMC	6.500	11/01/33		3,895
36,195,272	d	FGLMC	5.500	12/01/33		35,960
7,354,191		FGLMC	5.500	12/01/33		7,305
93,163,993		FGLMC	5.000	01/01/34		90,519
5,423,641		FGLMC	6.000	02/01/34		5,478
27,233,855		FGLMC	4.500	10/01/34		25,724
3,621,894		FGLMC	5.500	12/01/34		3,592
14,398,809		FGLMC	4.500	04/01/35		13,576
7,361,377		FGLMC	6.000	05/01/35		7,436
3,714,211		FGLMC	6.000	05/01/35		3,752
6,996,742		FGLMC	6.000	05/01/35		7,067
3,238,046		FGLMC	6.000	05/01/35		3,271
7,663,553		FGLMC	6.000	05/01/35		7,741
13,068,021		FGLMC	6.000	05/01/35		13,200
7,349,838		FGLMC	6.000	05/01/35		7,424
3,066,927		FGLMC	5.500	06/01/35		3,039
5,579,732		FGLMC	5.500	06/01/35		5,530

271

COLLEGE RETIREMENT EQUITIES FUND - Bond Account

				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$     8,070,139		FGLMC	5.500	06/01/35	$	7,998
34,691,547		FGLMC	5.500	06/01/35		34,381
9,476,481		FGLMC	6.000	06/01/35		9,572
6,503,889	h	FGLMC	5.000	07/01/35		6,297
23,798,569		FGLMC	4.500	08/01/35		22,390
6,000,000	h	Federal National Mortgage Association (FNMA)	5.000	02/25/35		5,809
90,000,000	h	FNMA	6.000	02/25/35		90,703
44,000,000	h	FNMA	4.000	02/16/06		41,992
3,426,000		FNMA	3.550	01/30/07		3,379
7,814,000		FNMA	3.000	03/02/07		7,661
131,830		FNMA	7.500	11/01/10		137
57,568		FNMA	8.000	06/01/11		61
13,048		FNMA	8.000	06/01/11		14
11,636		FNMA	8.000	06/01/11		12
8,031		FNMA	8.000	06/01/11		8
33,578		FNMA	8.000	07/01/11		35
714,853		FNMA	5.000	06/01/13		713
2,900,103		FNMA	4.440	07/01/13		2,801
4,607,262		FNMA	4.735	10/01/13		4,529
2,150,846		FNMA	4.772	02/01/14		2,121
5,758,390		FNMA	4.440	04/01/14		5,549
1,006,020		FNMA	7.500	02/01/15		1,058
2,361,648		FNMA	7.500	04/01/15		2,483
2,346,123		FNMA	7.500	04/01/15		2,467
47,303		FNMA	6.500	02/01/16		49
162,515		FNMA	6.500	03/01/16		168
85,797		FNMA	6.500	04/01/16		89
2,011,627		FNMA	6.500	10/01/16		2,069
1,200,514		FNMA	6.500	11/01/16		1,235
1,004,680		FNMA	6.000	11/01/17		1,027
3,330,084		FNMA	6.000	12/01/17		3,404
7,196,402		FNMA	6.000	01/01/18		7,356
2,458,390		FNMA	6.000	02/01/18		2,513
4,602,625		FNMA	6.500	02/01/18		4,733
57,000,000	h	FNMA	5.500	02/25/18		57,285
9,550,921		FNMA	5.500	03/01/18		9,614
39,991,463	d	FNMA	5.500	04/01/18		40,257
1,585,537		FNMA	5.500	04/01/18		1,596
2,157,288		FNMA	6.500	04/01/18		2,218
431,904		FNMA	5.500	05/01/18		435
24,717,051		FNMA	4.500	12/01/18		24,107
1,383,309		FNMA	6.000	01/01/19		1,410
216,483		FNMA	6.000	02/01/19		221
104,000,000	h	FNMA	4.500	02/25/19		101,140
20,389,698		FNMA	5.000	04/01/19		20,182
18,471,237		FNMA	4.500	11/01/19		18,001
5,864,433		FNMA	5.500	07/01/20		5,903
344,073		FNMA	8.000	03/01/23		368
8,839,987		FNMA	5.000	12/01/23		8,652
2,737,271		FNMA	5.500	02/01/24		2,738
5,500,242		FNMA	5.500	07/01/24		5,493
818,999		FNMA	8.000	07/01/24		875

272

COLLEGE RETIREMENT EQUITIES FUND - Bond Account

				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$     7,852,038		FNMA	5.500	08/01/24	$	7,842
167,735		FNMA	9.000	11/01/25		184
49,000,000	h	FNMA	6.500	02/25/32		50,210
3,618,177		FNMA	6.500	05/01/32		3,718
4,638,278		FNMA	6.500	06/01/32		4,767
873,125		FNMA	7.000	07/01/32		911
816,126		FNMA	7.000	07/01/32		852
3,674,407		FNMA	6.500	08/01/32		3,776
7,126,574		FNMA	6.500	12/01/32		7,324
2,787,312		FNMA	5.000	02/01/33		2,710
2,684,936		FNMA	5.500	06/01/33		2,665
14,215,954		FNMA	5.500	07/01/33		14,112
7,413,534		FNMA	4.500	08/01/33		7,008
7,999,352		FNMA	5.000	08/01/33		7,779
20,641,300		FNMA	4.500	10/01/33		19,512
7,954,013		FNMA	5.000	10/01/33		7,735
3,441,732		FNMA	5.000	10/01/33		3,347
2,590,304		FNMA	5.000	10/01/33		2,519
21,395,622		FNMA	5.000	11/01/33		20,806
1,237,690		FNMA	5.000	11/01/33		1,204
9,630,872		FNMA	5.000	11/01/33		9,365
11,142,041		FNMA	5.000	11/01/33		10,835
2,392,606		FNMA	6.500	11/01/33		2,455
12,382,615		FNMA	5.500	12/01/33		12,292
2,056,444		FNMA	5.500	12/01/33		2,041
2,600,733	d	FNMA	5.500	12/01/33		2,582
5,138,114		FNMA	5.500	12/01/33		5,100
6,067,541		FNMA	5.500	12/01/33		6,023
4,708,138		FNMA	5.500	01/01/34		4,674
9,444,489		FNMA	5.500	01/01/34		9,375
3,509,853		FNMA	6.500	01/01/34		3,608
16,317,301		FNMA	5.500	02/01/34		16,198
3,717,436		FNMA	5.000	03/01/34		3,615
9,049,460		FNMA	5.000	03/01/34		8,800
3,205,381		FNMA	5.000	03/01/34		3,117
2,968,677		FNMA	5.000	03/01/34		2,887
10,956,776		FNMA	5.500	03/01/34		10,860
34,375,395		FNMA	4.350	03/25/34		32,982
23,382,166		FNMA	5.000	04/01/34		22,702
7,458,956		FNMA	5.500	09/01/34		7,393
7,525,029		FNMA	5.500	09/01/34		7,459
4,911,033		FNMA	5.500	09/01/34		4,868
4,721,009		FNMA	5.500	10/01/34		4,679
2,962,528		FNMA	5.500	10/01/34		2,936
6,981,088		FNMA	6.500	11/01/34		7,162
11,577,857		FNMA	5.000	12/01/34		11,241
24,463,031		FNMA	5.500	12/01/34		24,247
9,596,367		FNMA	5.500	01/01/35		9,512
22,170,692		FNMA	5.500	02/01/35		21,975
24,678,347		FNMA	5.500	02/01/35		24,460
44,040,650		FNMA	5.500	03/01/35		43,619
6,493,149		FNMA	5.500	04/01/35		6,431

273

COLLEGE RETIREMENT EQUITIES FUND - Bond Account

				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$     9,413,513		FNMA	5.500	04/01/35	$	9,323
14,033,426		FNMA	5.500	05/01/35		13,899
1,058,973		FNMA	5.500	05/01/35		1,050
24,445,188		FNMA	5.500	05/01/35		24,211
9,410,308		FNMA	6.000	05/01/35		9,500
3,324,803		FNMA	5.500	06/01/35		3,293
3,281,033		FNMA	5.500	06/01/35		3,250
6,299,265		FNMA	5.500	06/01/35		6,239
2,662,884		FNMA	5.500	06/01/35		2,637
10,679,753		FNMA	5.500	06/01/35		10,577
1,561,697		FNMA	5.500	06/01/35		1,547
1,470,057		FNMA	7.500	06/01/35		1,540
2,862,305		FNMA	5.500	07/01/35		2,835
3,920,955		FNMA	6.000	07/01/35		3,958
17,833,468		FNMA	5.500	09/01/35		17,663
14,881,064		FNMA	5.000	10/01/35		14,419
48,465,232		FNMA	6.000	10/01/35		48,925
10,304,652	e	Freddie Mac Reference REMIC	5.125	10/15/15		10,231
45,000,000	h	Government National Mortgage Association (GNMA)	5.000	01/23/06		44,395
45,000,000	h	GNMA	5.500	01/23/06		45,267
15,016		GNMA	8.500	10/15/09		16
40,529		GNMA	8.500	12/15/09		43
66,234		GNMA	8.500	12/15/09		70
282,444		GNMA	9.000	12/15/09		297
48,438		GNMA	8.500	01/15/10		51
33,497		GNMA	8.500	01/15/10		35
33,957		GNMA	9.000	06/15/16		37
14,590		GNMA	9.000	09/15/16		16
6,365		GNMA	9.000	09/15/16		7
26,736		GNMA	9.000	09/15/16		29
27,089		GNMA	9.000	11/15/16		29
18,401		GNMA	9.000	12/15/16		20
13,546		GNMA	9.000	12/15/16		15
266,092		GNMA	9.500	12/15/16		292
14,852		GNMA	9.000	06/15/20		16
623,969		GNMA	6.500	01/15/24		653
174,897		GNMA	8.000	06/15/24		187
217,128		GNMA	8.500	11/20/30		234
142,100		GNMA	8.500	12/20/30		153
3,876,321		GNMA	5.500	11/20/33		3,897
14,612,814		GNMA	5.500	03/20/35		14,677
		TOTAL MORTGAGE BACKED SECURITIES				1,790,782
U.S. TREASURY SECURITIES - 12.96%
1,000,000	e	United States Treasury Bond	6.500	02/15/10		1,079
2,835,000	e	United States Treasury Bond	5.000	02/15/11		2,921
965,000		United States Treasury Bond	4.875	02/15/12		991
304,399,000	e	United States Treasury Bond	8.000	11/15/21		419,492
57,324,000	e	United States Treasury Bond	5.375	02/15/31		64,427
35,829,520	e,k	United States Treasury Inflation Indexed Bond	3.875	01/15/09		37,677

274

COLLEGE RETIREMENT EQUITIES FUND - Bond Account

				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$     4,400,000	e	United States Treasury Note	2.500	09/30/06	$	4,338
8,150,000	e	United States Treasury Note	2.875	11/30/06		8,037
37,500,000	e	United States Treasury Note	3.750	03/31/07		37,182
5,000,000	e	United States Treasury Note	3.625	04/30/07		4,948
27,050,000	e	United States Treasury Note	4.375	05/15/07		27,029
9,650,000	e	United States Treasury Note	2.750	08/15/07		9,402
16,510,000	e	United States Treasury Note	3.250	08/15/07		16,213
22,891,000	e	United States Treasury Note	4.000	09/30/07		22,734
2,450,000	e	United States Treasury Note	4.250	10/31/07		2,443
55,250,000	e	United States Treasury Note	4.250	11/30/07		55,095
3,750,000	e	United States Treasury Note	3.375	02/15/08		3,673
1,900,000	e	United States Treasury Note	4.375	11/15/08		1,900
1,700,000	e	United States Treasury Note	3.375	09/15/09		1,643
4,320,000	e	United States Treasury Note	4.250	10/15/10		4,299
4,200,000	e	United States Treasury Note	4.500	11/15/10		4,224
21,700,000	e	United States Treasury Note	4.375	12/15/10		21,722
		TOTAL U.S. TREASURY SECURITIES				751,469
		TOTAL GOVERNMENT BONDS				3,943,184
		(Cost $3,970,603)
		TOTAL BONDS				5,626,186
		(Cost $5,657,262)
SHARES
TIAA-CREF MUTUAL FUNDS - 0.06%
416,949	a	TIAA-CREF High-Yield Bond Fund				3,782
		TOTAL TIAA-CREF MUTUAL FUNDS				3,782
		(Cost $3,557)
PRINCIPAL
SHORT-TERM INVESTMENTS - 30.00%
COMMERCIAL PAPER - 8.08%
$     27,200,000	d	BellSouth Corp	4.250	01/19/06		27,148
27,200,000	c	BMW US Capital Corp	4.220	01/18/06		27,151
22,200,000	c	Edison Asset Securitization, LLC	4.130	01/03/06		22,200
15,300,000		General Electric Co	4.280	02/13/06		15,225
20,260,000	d	Goldman Sachs Group, Inc	4.260	01/10/06		20,243
27,200,000	c,d	Govco, Inc	4.280	01/12/06		27,170
20,000,000	c,d	Greyhawk Funding LLC	4.230	01/03/06		20,000
27,200,000	c	Kitty Hawk Funding Corp	4.300	01/17/06		27,154
27,200,000	c,d	Nestle Capital Corp	4.230	01/20/06		27,145
27,200,000		Paccar Financial Corp	4.240	01/18/06		27,151
15,900,000	c	Park Avenue Receivables Corp	4.290	01/04/06		15,898
24,720,000	c	Pfizer, Inc	4.200	01/11/06		24,696
27,200,000	c,d	Preferred Receivables Funding	4.290	01/13/06		27,167
27,200,000	d	Rabobank USA Finance Corp	4.240	01/17/06		27,155
27,200,000	d	Societe Generale North America, Inc	4.250	01/18/06		27,151
10,990,000		United Parcel Service, Inc	4.000	01/09/06		10,982
18,300,000	c	United Technologies Corp	4.300	01/03/06		18,300

275

COLLEGE RETIREMENT EQUITIES FUND - Bond Account

				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$     25,000,000	c,d	Variable Funding Capital Corp	4.150	01/12/06	$	24,972
24,490,000	c,d	Verizon Global Funding	4.290	01/23/06		24,431
27,200,000	c	Yorktown Capital, LLC	4.310	01/23/06		27,134
		TOTAL COMMERCIAL PAPER				468,473
U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES - 1.48%
25,470,000		Federal Home Loan Bank (FHLB)	4.010	01/06/06		25,461
3,570,000		Federal National Mortgage Association (FNMA)	4.170	01/09/06		3,568
23,100,000		FNMA	4.100	01/12/06		23,076
30,710,000	d	FNMA	4.170	01/18/06		30,657
3,000,000		FNMA	4.170	01/19/06		2,995
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES				85,757
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 20.44%
1,184,820		Bank of New York Institutional Cash Reserves Fund	4.363	01/03/06		1,185,103
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED				1,185,103
		TOTAL SHORT-TERM INVESTMENTS				1,739,333
		(Cost $1,739,214)
		TOTAL PORTFOLIO -127.11%				7,369,301
		(Cost $7,400,033)
		OTHER ASSETS & LIABILITIES, NET - (27.11%)				(1,571,884	)
		NET ASSETS -100.00%			$	5,797,417
		ABBREVIATION:
	LLC	Limited Liability Company
	N/R	Not rated by Moody's

a	Affiliated Holding
c	Commercial Paper issued under the Private Placement exemption under Section 4(2) of the Securities Act of 1933.
d	All or a portion of these securities have been segregated by the Custodian to cover securities purchased on a delayed delivery basis.
e	All or a portion of these securities are out on loan.
g	Security is exempt from registration under Rule 144 (A) of the Securities Act of 1933 and may be resold in transactions exempt from registration to qualified institutional buyers.
	At December 31, 2005, the value of these securities amounted to $51,404,941 or 0.89% of net assets.
h	These securities were purchased on a delayed delivery basis.
k	Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
v	Security valued at fair value.
+	As provided by Moody's Investors Service (Unaudited).
	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.

276

COLLEGE RETIREMENT EQUITIES FUND - Bond Account

College Retirement Equities Fund
Transactions with Affiliated Companies - Bond Market
January 1, 2005 - December 31, 2005

		Value at		Purchase				Realized			Dividend	Shares at		Value at
Issue		December 31, 2004		Cost	Proceeds			Gain/(Loss)			Income	December 31, 2005		December 31, 2005
TIAA-CREF High-Yield Bond Fund	$	3,681,484	$	262,703	$	-	$		-	$	262,703	416,949	$	3,781,732
			$	262,703	$	-	$		-	$	262,703		$	3,781,732

277

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

COLLEGE RETIREMENT EQUITIES FUND
SOCIAL CHOICE ACCOUNT
STATEMENT OF INVESTMENTS
December 31, 2005

				MOODYS
			MATURITY	RATING+		VALUE
PRINCIPAL		RATE	DATE	(Unaudited)		(000)
BONDS - 39.46%
CORPORATE BONDS - 10.77%
AMUSEMENT AND RECREATION SERVICES - 0.03%
$     2,000,000	International Speedway Corp	5.400	04/15/14	Baa2	$	2,017
	TOTAL AMUSEMENT AND RECREATION SERVICES					2,017
AUTO REPAIR, SERVICES AND PARKING - 0.04%
3,000,000	Ryder System, Inc	5.000	06/15/12	Baa1		2,856
	TOTAL AUTO REPAIR, SERVICES AND PARKING					2,856
ASSET BACKED - 0.67%
10,000,000	Centex Home Equity Series 2004-C (Class AF5)	5.980	06/25/34	Aaa		9,941
7,000,000	Chase Funding Loan Acquisition Trust Series 2004-OPT1 (Class M1)	4.949	06/25/34	Aa2		7,033
1,380,158	Chase Funding Mortgage Loan Asset-Backed Certificates Series 2002-1 (Class 1A4)	5.742	09/25/28	Aaa		1,377
5,000,000	Chase Funding Mortgage Loan Asset-Backed Certificates Series 2004-2 (Class 1A2)	3.777	01/25/22	Aaa		4,972
5,000,000	Chase Funding Mortgage Loan Asset-Backed Certificates Series 2004-2 (Class 1A3)	4.209	09/25/26	Aaa		4,952
1,000,000	Chase Funding Mortgage Loan Asset-Backed Certificates Series 2004-2 (Class 1B)	5.700	02/25/34	Baa2		954
2,000,000	Chase Manhattan Auto Owner Trust Series 2004-A (Class A4)	2.830	09/15/10	Aaa		1,938
5,500,000	CIT Equipment Collateral Series 2005-VT1 (Class A4)	4.360	11/20/12	Aaa		5,443
2,679,354	Countrywide Asset-Backed Certificates Series 2002-S2 (Class A5)	5.978	01/25/17	Aaa		2,671
1,311,199	Countrywide Asset-Backed Certificates Series 2004-3N	4.579	05/25/09	Aaa		1,311
3,006,038	Countrywide Home Equity Loan Trust Series 2004-B (Class 1A)	4.589	02/15/29	Aaa		3,010
3,000,000	Wachovia Bank Commercial Mortgage Trust Series 2005-C20 (Class AJ)	5.124	07/15/42	Aaa		2,977
5,327,519	Wachovia Loan Trust Series 2005-SD1 (Class A)	4.739	05/25/35	N/R		5,327
	TOTAL ASSET BACKED					51,906
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.13%
5,000,000	Home Depot, Inc	3.750	09/15/09	Aa3		4,822
5,000,000	Lowe's Cos, Inc	8.250	06/01/10	A2		5,651
	TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES					10,473
BUSINESS SERVICES - 0.07%
5,000,000	Certegy, Inc	4.750	09/15/08	Baa2		4,999
	TOTAL BUSINESS SERVICES					4,999

278

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

					MOODYS
				MATURITY	RATING+		VALUE
PRINCIPAL			RATE	DATE	(Unaudited)		(000)
CHEMICALS AND ALLIED PRODUCTS - 0.38%
$     5,000,000		Clorox Co	4.614	12/14/07	A3	$	5,009
3,000,000		Genentech, Inc	5.250	07/15/35	A1		2,865
5,000,000		Gillette Co	4.125	08/30/07	Aa3		4,949
1,500,000		Lubrizol Corp	4.625	10/01/09	Baa3		1,471
5,000,000		Praxair, Inc	3.950	06/01/13	A3		4,666
6,000,000		Procter & Gamble Co	5.800	08/15/34	Aa3		6,372
4,500,000		Valspar Corp	6.000	05/01/07	Baa2		4,550
		TOTAL CHEMICALS AND ALLIED PRODUCTS					29,882
COMMUNICATIONS - 0.77%
1,050,000		360 Communications Co	6.650	01/15/08	A2		1,084
4,650,000	g	ALLTEL Ohio Lp	8.000	08/15/10	A2		5,174
1,184,000		AT&T Corp	9.050	11/15/11	A2		1,309
3,500,000		AT&T, Inc	4.125	09/15/09	A2		3,381
3,000,000		AT&T, Inc	5.100	09/15/14	A2		2,930
1,000,000		AT&T, Inc	6.150	09/15/34	A2		1,005
2,926,260		Bellsouth Telecommunications	6.300	12/15/15	A2		3,045
3,170,000		Comcast Cable Communications Holdings, Inc	8.375	03/15/13	Baa2		3,673
2,000,000		Comcast Corp	7.050	03/15/33	Baa2		2,160
5,000,000		COX Communications, Inc	4.625	01/15/10	Baa3		4,834
1,949,000		Hearst-Argyle Television, Inc	7.000	01/15/18	Baa3		2,080
2,500,000		New Cingular Wireless Services, Inc	7.875	03/01/11	Baa2		2,806
1,500,000		New Cingular Wireless Services, Inc	8.750	03/01/31	Baa2		1,988
5,000,000		New England Telephone & Tele	7.650	06/15/07	Baa1		5,160
1,500,000		Sprint Capital Corp	6.000	01/15/07	Baa2		1,514
8,500,000		Sprint Capital Corp	8.375	03/15/12	Baa2		9,857
1,000,000		Tele-Communications-TCI Group	9.800	02/01/12	Baa2		1,213
6,500,000		Verizon Wireless Capital LLC	5.375	12/15/06	A3		6,528
		TOTAL COMMUNICATIONS					59,741
DEPOSITORY INSTITUTIONS - 2.06%
6,000,000		AmSouth Bancorp	6.750	11/01/25	A3		6,691
1,530,000		Charter One Bank NA	6.375	05/15/12	Aa3		1,634
5,000,000		Fifth Third Bank	4.750	02/01/15	Aa2		4,842
5,000,000		First Chicago Corp	6.375	01/30/09	A1		5,198
3,000,000		First Union National Bank of Florida	6.180	02/15/36	Aa3		3,324
3,450,000		Frost National Bank/San Antonio TX	6.875	08/01/11	A3		3,712
5,000,000		Hudson United Bank/Mahwah NJ	7.000	05/15/12	Baa3		5,480
2,500,000		Independence Community Bank Corp	4.900	09/23/10	Baa3		2,453
3,000,000		JPMorgan Chase & Co	7.875	06/15/10	A1		3,328
2,000,000		KeyBank NA	5.000	07/17/07	A1		2,003
5,000,000		M&I Marshall & Ilsley Bank	3.544	06/16/10	Aa3		5,001
5,000,000		Mellon Funding Corp	6.400	05/14/11	A2		5,318
5,000,000		Mercantile Bankshares Corp	4.625	04/15/13	A2		4,830
3,000,000		National City Bank of Indiana	4.875	07/20/07	Aa3		3,001
3,500,000		Northern Trust Co	4.600	02/01/13	A1		3,421

279

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

					MOODYS
				MATURITY	RATING+		VALUE
PRINCIPAL			RATE	DATE	(Unaudited)		(000)
$     5,000,000		NTC Capital Trust	4.670	01/15/27	A2	$	4,799
3,000,000		PNC Bank NA	4.875	09/21/17	A2		2,872
5,000,000		Popular North America, Inc	3.875	10/01/08	A3		4,837
5,000,000		Regions Financial Corp	4.380	08/08/08	A1		4,999
2,380,000		Regions Financial Corp/Old	7.000	03/01/11	A2		2,588
2,401,000		Regions Financial Corp/Old	7.750	09/15/24	A2		3,044
3,000,000		Sovereign Bank	4.000	02/01/08	Baa1		2,941
6,000,000		State Street Corp	7.650	06/15/10	A2		6,628
10,228,000		SunTrust Banks, Inc	6.000	02/15/26	A1		10,748
1,475,000		SunTrust Banks, Inc	6.000	01/15/28	N/R		1,583
1,768,000		Union Planters Bank NA	5.125	06/15/07	Aa3		1,775
4,750,000		UnionBanCal Corp	5.750	12/01/06	A2		4,759
3,560,000		UnionBanCal Corp	5.250	12/16/13	A3		3,546
5,000,000		US Bancorp	4.500	07/29/10	Aa2		4,910
1,112,000		US Bank NA	6.375	08/01/11	Aa2		1,184
3,000,000		US Bank NA	6.300	02/04/14	Aa2		3,234
3,000,000		Washington Mutual Bank/Henderson NV	5.650	08/15/14	A3		3,041
5,000,000		Washington Mutual Bank/Seattle WA	4.490	08/25/08	A2		5,003
2,000,000		Webster Bank	5.875	01/15/13	Baa3		2,050
5,000,000		Wells Fargo & Co	4.200	01/15/10	Aa1		4,869
5,000,000	e	Wells Fargo & Co	4.430	10/28/15	Aa1		4,996
4,678,000		Wells Fargo Capital I	7.960	12/15/26	Aa2		4,967
1,000,000		Wells Fargo Financial, Inc	5.500	08/01/12	Aa1		1,028
5,000,000	e	World Savings Bank FSB	4.601	09/16/09	Aa3		5,005
5,000,000		Zions Bancorporation	5.500	11/16/15	Baa1		5,030
		TOTAL DEPOSITORY INSTITUTIONS					160,672
EATING AND DRINKING PLACES - 0.07%
5,000,000		McDonald's Corp	5.750	03/01/12	A2		5,202
		TOTAL EATING AND DRINKING PLACES					5,202
ELECTRIC, GAS, AND SANITARY SERVICES - 0.40%
5,000,000		Atmos Energy Corp	5.125	01/15/13	Baa3		4,938
5,000,000		Energen Corp	4.690	11/15/07	Baa2		5,005
5,000,000		KeySpan Corp	4.900	05/16/08	A3		4,998
5,000,000		National Fuel Gas Co	5.250	03/01/13	Baa1		5,015
1,000,000		Nisource Finance Corp	3.200	11/01/06	Baa3		986
5,000,000		UGI Utilities, Inc	7.250	11/01/17	A3		5,655
5,000,000		Washington Gas Light	5.440	08/11/25	A2		4,934
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES					31,531
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 0.15%
4,000,000		Emerson Electric Co	5.750	11/01/11	A2		4,131
5,000,000		Idaho Power Co	6.000	11/15/32	A3		5,401
2,185,000		Pedernales Electric Cooperative	6.202	11/15/32	N/R		2,398
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT					11,930

280

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				MOODYS
			MATURITY	RATING+		VALUE
PRINCIPAL		RATE	DATE	(Unaudited)		(000)
FABRICATED METAL PRODUCTS - 0.04%
$     3,000,000	Illinois Tool Works, Inc	5.750	03/01/09	Aa3	$	3,056
	TOTAL FABRICATED METAL PRODUCTS					3,056
FOOD AND KINDRED PRODUCTS - 0.52%
5,000,000	Bottling Group LLC	4.625	11/15/12	Aa3		4,929
5,000,000	Campbell Soup Co	5.000	12/03/12	A3		4,960
5,000,000	Coca-Cola Enterprises, Inc	8.500	02/01/22	A2		6,599
5,000,000	General Mills, Inc	5.125	02/15/07	Baa2		5,009
2,500,000	Hershey Co	4.850	08/15/15	A1		2,464
4,000,000	HJ Heinz Finance Co	6.625	07/15/11	Baa1		4,228
5,000,000	Kellogg Co	6.600	04/01/11	Baa1		5,343
5,000,000	PepsiAmericas, Inc	4.875	01/15/15	Baa1		4,912
2,500,000	WM Wrigley Jr Co	4.650	07/15/15	A1		2,447
	TOTAL FOOD AND KINDRED PRODUCTS					40,891
FOOD STORES - 0.07%
5,000,000	Kroger Co	8.050	02/01/10	Baa2		5,441
	TOTAL FOOD STORES					5,441
FURNITURE AND FIXTURES - 0.05%
4,000,000	Leggett & Platt, Inc	4.700	04/01/13	A2		3,897
	TOTAL FURNITURE AND FIXTURES					3,897
GENERAL BUILDING CONTRACTORS - 0.20%
2,000,000	Centex Corp	5.450	08/15/12	Baa2		1,965
1,000,000	Centex Corp	5.250	06/15/15	Baa2		948
3,000,000	Lennar Corp	5.125	10/01/10	Baa3		2,947
3,000,000	M/I Homes, Inc	6.875	04/01/12	Ba2		2,700
3,000,000	MDC Holdings, Inc	5.375	07/01/15	Baa3		2,816
2,140,000	Pulte Homes, Inc	7.875	08/01/11	Baa3		2,345
2,000,000	Ryland Group, Inc	5.375	05/15/12	Baa3		1,917
	TOTAL GENERAL BUILDING CONTRACTORS					15,638
GENERAL MERCHANDISE STORES - 0.01%
1,000,000	Target Corp	4.000	06/15/13	A2		944
	TOTAL GENERAL MERCHANDISE STORES					944
HEALTH SERVICES - 0.03%
2,500,000	Laboratory Corp of America Holdings	5.625	12/15/15	Baa3		2,531
	TOTAL HEALTH SERVICES					2,531

281

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

					MOODYS
				MATURITY	RATING+		VALUE
PRINCIPAL			RATE	DATE	(Unaudited)		(000)
HOLDING AND OTHER INVESTMENT OFFICES - 0.30%
$     2,500,000		AMB Property Lp	5.450	12/01/10	Baa1	$	2,516
2,000,000		EOP Operating Lp	5.875	01/15/13	Baa2		2,039
2,000,000		Greenpoint Financial Corp	3.200	06/06/08	A2		1,915
2,000,000		Health Care REIT, Inc	6.200	06/01/16	Baa3		2,006
5,711,000		Healthcare Realty Trust, Inc	8.125	05/01/11	Baa3		6,331
2,500,000		HRPT Properties Trust	5.750	11/01/15	Baa2		2,493
2,500,000		Pan Pacific Retail Properties, Inc	5.250	09/01/15	Baa2		2,456
2,000,000		Simon Property Group Lp	5.100	06/15/15	Baa1		1,943
2,000,000		Vornado Realty Lp	5.625	06/15/07	Baa2		2,011
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES					23,710
INDUSTRIAL MACHINERY AND EQUIPMENT - 0.34%
5,880,000		Deere & Co	8.500	01/09/22	A3		7,787
5,000,000		Hewlett-Packard Co	6.500	07/01/12	A3		5,386
4,000,000	g	IBM Canada Credit Services Co	3.750	11/30/07	A1		3,916
3,000,000		International Business Machines Corp	6.220	08/01/27	A1		3,278
5,000,000	g	Pall Corp	6.000	08/01/12	Baa2		5,225
1,255,000		Smith International, Inc	7.000	09/15/07	Baa1		1,296
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT					26,888
INSTRUMENTS AND RELATED PRODUCTS - 0.31%
5,000,000		Beckman Coulter, Inc	6.875	11/15/11	Baa3		5,405
4,500,000		Becton Dickinson & Co	7.150	10/01/09	A2		4,853
5,000,000		Boston Scientific Corp	5.450	06/15/14	A3		4,980
3,500,000	g	Medtronic, Inc	4.750	09/15/15	A1		3,399
3,000,000		Thermo Electron Corp	7.625	10/30/08	Baa1		3,192
2,000,000		Thermo Electron Corp	5.000	06/01/15	Baa1		1,929
		TOTAL INSTRUMENTS AND RELATED PRODUCTS					23,758
INSURANCE CARRIERS - 0.66%
3,500,000		Cincinnati Financial Corp	6.125	11/01/34	A2		3,637
3,000,000		First American Corp	5.700	08/01/14	Baa2		3,002
5,000,000	g	Health Care Service Corp	7.750	06/15/11	A2		5,596
1,200,000	g	Jackson National Life Global Funding	6.125	05/30/12	A1		1,280
5,000,000		Jefferson-Pilot Life Funding Trust I	3.250	06/02/08	N/R		5,000
1,945,000	g	John Hancock Global Funding II	7.900	07/02/10	Aa2		2,187
2,000,000		Markel Corp	6.800	02/15/13	Baa3		2,093
3,000,000		Markel Corp	7.350	08/15/34	Baa3		3,228
2,500,000		Nationwide Financial Services	5.100	10/01/15	A3		2,453
2,000,000	g	Nationwide Life Global Funding I	2.750	05/15/07	Aa3		1,935
5,000,000	g	New York Life Global Funding	4.625	08/16/10	Aaa		4,948
3,500,000	g	Pricoa Global Funding I	4.625	06/25/12	Aa3		3,409
2,500,000		Protective Life Secured Trust	4.850	08/16/10	Aa3		2,484
2,500,000		Protective Life Secured Trust	4.000	04/01/11	Aa3		2,380
2,200,000		UnitedHealth Group, Inc	3.750	02/10/09	A2		2,131

282

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

					MOODYS
				MATURITY	RATING+		VALUE
PRINCIPAL			RATE	DATE	(Unaudited)		(000)
$     2,800,000		UnitedHealth Group, Inc	4.125	08/15/09	A2	$	2,733
3,000,000		WellPoint, Inc	4.250	12/15/09	Baa1		2,923
		TOTAL INSURANCE CARRIERS					51,419
LUMBER AND WOOD PRODUCTS - 0.01%
1,000,000		Union Tank CAR Co	6.790	05/01/10	A1		1,072
		TOTAL LUMBER AND WOOD PRODUCTS					1,072
MISCELLANEOUS MANUFACTURING - 0.06%
5,000,000		Harsco Corp	5.125	09/15/13	A3		4,994
		TOTAL MISCELLANEOUS MANUFACTURING					4,994
MISCELLANEOUS RETAIL - 0.06%
4,795,516	g	CVS Corp	5.298	01/11/27	A3		4,690
		TOTAL MISCELLANEOUS RETAIL					4,690
MOTION PICTURES - 0.18%
6,000,000		Historic TW, Inc	6.625	05/15/29	Baa1		5,987
3,000,000		Time Warner, Inc	6.875	05/01/12	Baa1		3,195
5,000,000		Walt Disney Co	5.500	12/29/06	Baa1		5,024
		TOTAL MOTION PICTURES					14,206
NONDEPOSITORY INSTITUTIONS - 0.53%
4,000,000		AGL Capital Corp	6.000	10/01/34	Baa1		4,059
5,000,000		American Express Credit Corp	4.535	10/04/10	Aa3		4,999
2,500,000		Capital One Bank	4.250	12/01/08	A3		2,444
5,000,000		Capital One Financial Corp	5.500	06/01/15	Baa1		4,967
4,000,000		CIT Group, Inc	5.200	11/03/10	A2		4,010
2,500,000		Countrywide Home Loans, Inc	4.000	03/22/11	A3		2,351
2,000,000		John Deere Capital Corp	3.625	05/25/07	A3		1,965
5,000,000	g	MBNA Europe Funding plc	4.550	09/07/07	Aa1		5,002
1,500,000		Prudential Funding LLC	6.600	05/15/08	A1		1,559
5,000,000		SLM Corp	4.340	07/27/09	A2		4,994
5,000,000		SLM Corp	4.500	07/26/10	A2		4,885
		TOTAL NONDEPOSITORY INSTITUTIONS					41,235
OIL AND GAS EXTRACTION - 0.30%
5,000,000		Anadarko Finance Co	7.500	05/01/31	Baa1		6,134
2,500,000		Chesapeake Energy Corp	6.500	08/15/17	Ba2		2,512
5,000,000	g	Eog Resources Canada, Inc	4.750	03/15/14	Baa1		4,859

283

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

					MOODYS
				MATURITY	RATING+		VALUE
PRINCIPAL			RATE	DATE	(Unaudited)		(000)
$     2,000,000		Equitable Resources, Inc	5.000	10/01/15	A2	$	1,981
3,900,000		Ocean Energy, Inc	4.375	10/01/07	Baa3		3,857
2,000,000		Valero Logistics Operations Lp	6.050	03/15/13	Baa3		2,077
2,000,000		XTO Energy, Inc	5.300	06/30/15	Baa3		2,002
		TOTAL OIL AND GAS EXTRACTION					23,422
OTHER MORTGAGE BACKED SECURITIES - 1.46%
6,000,000		Banc of America Commercial Mortgage, Inc Series 2002-2 (Class A3)	5.118	07/11/43	N/R		6,011
10,000,000		Banc of America Commercial Mortgage, Inc Series 2004-4 (Class A6)	4.877	07/10/42	N/R		9,785
3,000,000		Banc of America Commercial Mortgage, Inc Series 2005-1 (Class B)	4.999	11/10/42	N/R		2,978
8,370,000		Banc of America Commercial Mortgage, Inc Series 2005-5 (Class AJ)	5.159	10/10/45	Aaa		8,376
1,375,000		Banc of America Commercial Mortgage, Inc Series 2005-6 (Class AJ)	5.182	09/10/47	Aaa		1,378
4,500,000		Bear Stearns Commercial Mortgage Securities Series 2005-PW10 (Class AJ)	5.464	12/11/40	N/R		4,576
12,000,000		Countrywide Alternative Loan Trust Series 2005-37T1 (Class A4)	5.500	09/25/35	Aaa		11,698
2,500,000		Countrywide Alternative Loan Trust Series 2005-J8 (Class 1A5)	5.500	07/25/35	Aaa		2,440
4,900,076		Countrywide Home Loan Mortgage Pass Through Trust Series 2005-17 (Class 1A10)	5.250	09/25/35	N/R		4,855
1,362,635		CS First Boston Mortgage Securities Corp Series 2004-8 (Class 7A1)	6.000	12/25/34	N/R		1,370
8,730,215		CS First Boston Mortgage Securities Corp Series 2005-5 (Class 7A1)	6.000	07/25/35	Aaa		8,771
1,000,000		JP Morgan Chase Commercial Mortgage Securities Corp Series 2002-C1 (Class A3)	5.376	07/12/37	Aaa		1,014
9,000,000		JP Morgan Chase Commercial Mortgage Securities Corp Series 2003-CB6 (Class A2)	5.255	07/12/37	Aaa		9,062
3,100,000		LB-UBS Commercial Mortgage Trust Series 2005-C3 (Class A2)	4.553	07/15/30	Aaa		3,037
3,000,000		LB-UBS Commercial Mortgage Trust Series 2005-C5 (Class AJ)	5.057	09/15/40	N/R		2,943
6,577,724		MASTR Alternative Loans Trust Series 2004-8 (Class 5A1)	6.000	09/25/34	N/R		6,588
990,426		MASTR Asset Securitization Trust Series 2005-2 (Class 3A1)	5.000	10/25/20	Aaa		976
10,000,000		Merrill Lynch Mortgage Trust Series 2003-KEY1 (Class A4)	5.236	11/12/35	N/R		10,033
2,675,000	v	Merrill Lynch Mortgage Trust Series 2005-LC1 (Class A4)	5.291	01/12/44	Aaa		2,690
6,723,326		Residential Funding Mortgage Security I Series 2004-S5 (Class 2A1)	4.500	05/25/19	N/R		6,525
4,000,000		Wachovia Bank Commercial Mortgage Trust Series 2002-C2 (Class A4)	4.980	11/15/34	Aaa		3,972
3,956,652	v	Washington Mutual, Inc Series 2005-AR15 (Class A1A1)	4.639	11/25/45	Aaa		3,955
460,620		Wells Fargo Mortgage Backed Securities Trust Series 2005-5 (Class 1A1)	5.000	05/25/20	Aaa		452
		TOTAL OTHER MORTGAGE BACKED SECURITIES					113,485
PAPER AND ALLIED PRODUCTS - 0.13%
5,000,000		Bemis Co	4.875	04/01/12	Baa1		4,877
3,000,000		Kimberly-Clark Corp	5.000	08/15/13	Aa2		3,002
2,000,000		Rock-Tenn Co	8.200	08/15/11	Ba3		2,030
		TOTAL PAPER AND ALLIED PRODUCTS					9,909
PETROLEUM AND COAL PRODUCTS - 0.06%
5,000,000		Sunoco, Inc	4.875	10/15/14	Baa2		4,866
		TOTAL PETROLEUM AND COAL PRODUCTS					4,866

284

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				MOODYS
			MATURITY	RATING+		VALUE
PRINCIPAL		RATE	DATE	(Unaudited)		(000)
PIPELINES, EXCEPT NATURAL GAS - 0.04%
$     2,500,000	Kinder Morgan Energy Partners Lp	7.300	08/15/33	Baa1	$	2,857
	TOTAL PIPELINES, EXCEPT NATURAL GAS					2,857
PRIMARY METAL INDUSTRIES - 0.07%
5,000,000	Hubbell, Inc	6.375	05/15/12	A3		5,368
	TOTAL PRIMARY METAL INDUSTRIES					5,368
PRINTING AND PUBLISHING - 0.10%
5,000,000	Dow Jones & Co, Inc	3.875	02/15/08	A2		4,901
3,000,000	EW Scripps Co	4.300	06/30/10	A2		2,896
	TOTAL PRINTING AND PUBLISHING					7,797
RAILROAD TRANSPORTATION - 0.07%
185,000	Norfolk Southern Corp	7.800	05/15/27	Baa1		235
4,815,000	Norfolk Southern Corp	5.640	05/17/29	Baa1		4,838
	TOTAL RAILROAD TRANSPORTATION					5,073
SECURITY AND COMMODITY BROKERS - 0.21%
3,000,000	Goldman Sachs Group Lp	4.500	06/15/10	Aa3		2,932
2,500,000	Goldman Sachs Group, Inc	6.875	01/15/11	Aa3		2,694
5,775,000	Legg Mason, Inc	6.750	07/02/08	A3		6,015
5,000,000	Merrill Lynch & Co, Inc	4.790	08/04/10	Aa3		4,947
	TOTAL SECURITY AND COMMODITY BROKERS					16,588
TRANSPORTATION BY AIR - 0.10%
5,000,000	JetBlue Airways Corp	4.790	11/15/16	Aaa		4,906
3,000,000	Southwest Airlines Co	5.125	03/01/17	Baa1		2,805
	TOTAL TRANSPORTATION BY AIR					7,711
TRANSPORTATION SERVICES - 0.02%
1,937,944	GATX Corp	5.697	01/02/25	Baa2		1,903
	TOTAL TRANSPORTATION SERVICES					1,903
WHOLESALE TRADE-DURABLE GOODS - 0.03%
2,000,000	Johnson & Johnson	4.950	05/15/33	Aaa		1,955
	TOTAL WHOLESALE TRADE-DURABLE GOODS					1,955

285

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

					MOODYS
				MATURITY	RATING+		VALUE
PRINCIPAL			RATE	DATE	(Unaudited)		(000)
WHOLESALE TRADE-NONDURABLE GOODS - 0.04%
$     3,000,000		Sysco Corp	5.375	09/21/35	A1	$	2,961
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS					2,961
		TOTAL CORPORATE BONDS					839,474
		(Cost $842,001)
GOVERNMENT BONDS - 28.69%
AGENCY SECURITIES - 7.46%
7,000,000		Cal Dive International, Inc	4.930	02/01/27	N/R		6,920
4,500,000		Egypt Government AID Bonds	4.450	09/15/15	Aaa		4,394
20,000,000		Federal Farm Credit Bank (FFCB)	3.875	01/12/09	Aaa		19,532
20,000,000		FFCB	4.700	08/10/15	Aaa		19,795
12,900,000		FFCB	4.875	12/16/15	Aaa		12,950
5,340,000		FFCB	5.250	08/13/19	Aaa		5,450
2,500,000		Federal Home Loan Bank (FHLB)	3.625	02/16/07	Aaa		2,466
2,750,000		Federal Home Loan Mortgage Corp (FHLMC)	2.500	11/28/06	Aaa		2,695
4,035,000	e	FHLMC	3.750	04/15/07	Aaa		3,989
9,250,000		FHLMC	3.500	04/01/08	Aaa		9,007
6,000,000		FHLMC	3.500	04/28/08	Aaa		5,838
13,000,000		FHLMC	3.500	05/21/08	Aaa		12,637
1,500,000		FHLMC	3.600	05/22/08	Aaa		1,462
15,000,000		FHLMC	3.875	06/15/08	Aaa		14,726
19,000,000		FHLMC	4.625	09/15/08	Aaa		18,862
11,000,000		FHLMC	7.000	03/15/10	Aaa		11,937
8,000,000	e	FHLMC	6.875	09/15/10	Aaa		8,707
31,600,000	e	FHLMC	4.750	01/18/11	Aaa		31,606
21,910,000		FHLMC	5.875	03/21/11	Aa2		22,805
11,200,000		FHLMC	6.250	03/05/12	Aa2		11,376
15,500,000		FHLMC	5.000	07/15/14	Aaa		15,732
1,850,000		Federal National Mortgage Association (FNMA)	3.375	05/15/07	Aaa		1,815
10,000,000		FNMA	3.875	05/15/07	Aaa		9,895
15,100,000	e	FNMA	4.625	01/15/08	Aaa		15,089
6,000,000		FNMA	4.125	06/16/08	Aaa		5,911
17,225,000		FNMA	3.375	12/15/08	Aaa		16,614
10,000,000		FNMA	2.600	04/28/09	Aaa		9,934
44,000,000		FNMA	7.125	06/15/10	Aaa		48,143
5,000,000		FNMA	6.625	11/15/10	Aaa		5,401
20,000,000		FNMA	6.000	05/15/11	Aaa		21,145
4,000,000		FNMA	4.125	01/30/12	Aaa		3,827
15,000,000		FNMA	5.250	08/01/12	Aa2		15,160
3,224,805		FNMA	4.530	10/01/14	N/R		3,126
16,570,000		FNMA	5.240	08/07/18	Aaa		16,511
600,000		FNMA	4.000	02/25/19	N/R		549
12,000,000		Government National Mortgage Association (GNMA)	4.385	08/16/30	N/R		11,775
5,150,000	j	Government Trust Certificate	0.000	05/15/06	N/R		5,067
5,061,662	j	Overseas Private Investment Corp	0.000	12/16/06	N/R		5,181
5,063,381	j	Overseas Private Investment Corp	0.000	12/16/06	N/R		5,183
1,586,685	j	Overseas Private Investment Corp	0.000	12/16/06	N/R		1,624

286

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

					MOODYS
				MATURITY	RATING+		VALUE
PRINCIPAL			RATE	DATE	(Unaudited)		(000)
$     11,689,749	j	Overseas Private Investment Corp	0.000	12/16/06	N/R	$	11,966
2,231,261	j	Overseas Private Investment Corp	0.000	12/16/06	N/R		2,284
23,053,496	j	Overseas Private Investment Corp	0.000	12/16/06	N/R		23,598
10,100,000	j	Overseas Private Investment Corp	0.000	09/15/08	N/R		10,843
7,252,000		Overseas Private Investment Corp	4.050	11/15/14	N/R		6,961
8,888,073		Overseas Private Investment Corp	3.740	04/15/15	N/R		8,487
4,000,000		Private Export Funding Corp	5.340	03/15/06	Aaa		4,005
2,550,000		Private Export Funding Corp	5.685	05/15/12	Aaa		2,621
14,200,000		Private Export Funding Corp	4.974	08/15/13	Aaa		14,310
5,000,000		Private Export Funding Corp	4.550	05/15/15	Aaa		4,869
15,000,000		Private Export Funding Corp	4.950	11/15/15	Aaa		15,051
20,025,000		Tennessee Valley Authority	5.880	04/01/36	N/R		22,838
9,350,709	g	US Trade Funding Corp	4.260	11/15/14	N/R		9,148
		TOTAL AGENCY SECURITIES					581,817
FOREIGN GOVERNMENT BONDS - 1.15%
5,750,000		Canada Mortgage & Housing Corp	4.800	10/01/10	Aaa		5,774
1,500,000		Development Bank of Japan	4.250	06/09/15	Aaa		1,439
7,500,000		Eksportfinans A/S	4.750	12/15/08	Aaa		7,505
5,000,000		Federal Republic of Germany	3.875	06/01/10	Aaa		4,881
6,082,000		Hydro Quebec	8.400	01/15/22	A1		8,228
3,000,000	e	Italy Government International Bond	4.500	01/21/15	N/R		2,909
5,000,000		Japan Bank for International Cooperation/Japan	4.750	05/25/11	Aaa		4,999
4,750,000		Province of Manitoba Canada	4.450	04/12/10	Aa2		4,713
5,000,000	e	Province of Ontario	4.500	02/03/15	Aa2		4,887
10,000,000	e	Province of Quebec Canada	4.600	05/26/15	A1		9,761
5,000,000		Province of Quebec Canada	7.500	09/15/29	A1		6,562
20,000,000		Province of Saskatchewan Canada	7.375	07/15/13	Aa2		23,309
5,000,000		Svensk Exportkredit AB	4.125	10/15/08	Aa1		4,925
		TOTAL FOREIGN GOVERNMENT BONDS					89,892
MORTGAGE BACKED SECURITIES - 12.93%
3,500,000		Federal Home Loan Mortgage Corp (FHLMC)	2.650	05/30/08			3,334
5,168,459		FHLMC	6.000	04/15/30			5,182
4,361,802		FHLMC	6.000	12/15/30			4,424
310,950		Federal Home Loan Mortgage Corp Gold (FGLMC)	6.000	03/01/11			317
934,971		FGLMC	6.500	12/01/16			961
1,311,776		FGLMC	6.000	12/01/17			1,339
3,593,958		FGLMC	5.000	06/01/18			3,563
7,509,842		FGLMC	4.500	10/01/18			7,324
9,076,747		FGLMC	4.500	11/01/18			8,853
9,908,687		FGLMC	4.500	11/01/18			9,664
11,482,373		FGLMC	4.500	01/01/19			11,191
5,034,212	d	FGLMC	5.500	01/01/19			5,066
4,203,421		FGLMC	5.000	02/01/19			4,164
861,574	d	FGLMC	7.000	10/01/20			900
45,582		FGLMC	7.000	05/01/23			48
541,383	d	FGLMC	8.000	01/01/31			577

287

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$     9,282,832		FGLMC	6.000	06/01/33	$	9,386
8,316,663		FGLMC	5.500	09/01/33		8,261
6,482,496		FGLMC	5.500	09/01/33		6,439
1,747,849		FGLMC	6.000	11/01/33		1,767
2,265,115		FGLMC	6.500	11/01/33		2,322
18,518,511		FGLMC	5.500	12/01/33		18,398
18,632,799		FGLMC	5.000	01/01/34		18,104
3,623,207		FGLMC	6.000	02/01/34		3,660
6,415,176		FGLMC	6.000	02/01/34		6,480
3,940,701		FGLMC	6.500	08/01/34		4,039
2,763,100		FGLMC	5.500	12/01/34		2,740
19,198,412		FGLMC	4.500	04/01/35		18,102
1,807,389		FGLMC	6.000	05/01/35		1,826
3,259,551		FGLMC	6.000	05/01/35		3,292
2,531,804		FGLMC	6.000	05/01/35		2,557
3,545,612		FGLMC	6.000	05/01/35		3,581
1,502,074		FGLMC	6.000	05/01/35		1,517
1,537,883		FGLMC	6.000	05/01/35		1,553
3,578,422		FGLMC	5.500	06/01/35		3,546
5,118,971		FGLMC	6.000	08/01/35		5,171
15,190,743		FGLMC	5.000	09/01/35		14,707
33,000,000	h	Federal National Mortgage Association (FNMA)	5.000	02/25/35		31,948
70,000,000	h	FNMA	6.000	02/25/35		70,547
10,000,000	h	FNMA	4.000	02/16/06		9,544
7,813,000		FNMA	3.000	03/02/07		7,660
82,759		FNMA	7.500	06/01/11		87
8,677		FNMA	8.000	06/01/11		9
67,156		FNMA	8.000	07/01/11		71
8,362		FNMA	7.500	08/01/11		9
19,086		FNMA	7.500	09/01/11		20
2,550		FNMA	7.500	09/01/11		3
1,944		FNMA	7.500	10/01/11		2
51,011		FNMA	7.500	10/01/11		54
11,956		FNMA	7.500	10/01/11		13
435,341		FNMA	7.000	04/01/12		452
64,591		FNMA	6.500	09/01/12		66
264,760		FNMA	5.000	06/01/13		264
2,900,103		FNMA	4.440	07/01/13		2,801
5,030,924		FNMA	4.019	08/01/13		4,749
3,366,142		FNMA	4.518	05/01/14		3,264
4,454,463		FNMA	4.265	06/01/14		4,242
23,794		FNMA	8.500	11/01/14		26
687,309		FNMA	6.500	10/01/16		707
2,551,845	d	FNMA	6.500	04/01/17		2,622
4,286,124		FNMA	6.000	11/01/17		4,381
5,081,351		FNMA	6.000	11/01/17		5,194
2,503,165		FNMA	6.000	01/01/18		2,559
1,639,879		FNMA	6.000	02/01/18		1,676
1,388,632		FNMA	6.500	02/01/18		1,428
40,000,000	h	FNMA	5.500	02/25/18		40,200
4,727,141		FNMA	5.500	03/01/18		4,759
12,864,734	d	FNMA	5.500	04/01/18		12,950

288

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$     792,768		FNMA	5.500	04/01/18	$	798
90,625		FNMA	5.500	05/01/18		91
17,965,466		FNMA	5.000	07/01/18		17,799
17,955,786		FNMA	5.500	11/01/18		18,075
7,794,303		FNMA	5.000	12/01/18		7,722
5,990,968		FNMA	5.000	01/01/19		5,935
908,339		FNMA	6.000	01/01/19		926
927,545		FNMA	6.000	02/01/19		945
54,000,000	h	FNMA	4.500	02/25/19		52,515
8,741,613		FNMA	5.000	03/01/19		8,653
1,050,403		FNMA	4.500	05/01/19		1,024
94,365		FNMA	8.000	03/01/23		101
1,368,635		FNMA	5.500	02/01/24		1,369
226,589		FNMA	8.000	07/01/24		242
6,000,000	h	FNMA	6.500	02/25/32		6,148
15,898,165		FNMA	6.000	03/01/32		16,106
5,438,784		FNMA	6.500	11/01/32		5,590
745,101		FNMA	5.000	02/01/33		725
1,675,831		FNMA	5.500	06/01/33		1,664
1,826,635		FNMA	5.500	07/01/33		1,813
2,272,528		FNMA	5.500	07/01/33		2,256
3,160,948		FNMA	4.500	08/01/33		2,988
1,999,838		FNMA	5.000	08/01/33		1,945
4,013,253		FNMA	6.000	08/01/33		4,055
2,291,782		FNMA	5.000	10/01/33		2,229
2,233,519		FNMA	5.000	10/01/33		2,172
40,116,791		FNMA	5.000	11/01/33		39,010
2,953,537		FNMA	5.000	11/01/33		2,872
2,739,674		FNMA	5.500	11/01/33		2,720
2,990,881		FNMA	5.500	11/01/33		2,969
3,747,371		FNMA	5.500	11/01/33		3,720
4,303,937		FNMA	5.500	11/01/33		4,272
3,116,892		FNMA	5.500	11/01/33		3,094
24,332,526	d	FNMA	5.500	11/01/33		24,154
931,029		FNMA	5.500	12/01/33		924
690,784		FNMA	5.500	12/01/33		686
1,873,906		FNMA	5.500	12/01/33		1,860
2,354,069		FNMA	5.500	01/01/34		2,337
7,784,184		FNMA	6.500	01/01/34		8,002
966,533		FNMA	5.000	03/01/34		940
2,108,161		FNMA	5.000	03/01/34		2,050
833,614		FNMA	5.000	03/01/34		811
742,169		FNMA	5.000	03/01/34		722
2,713,847		FNMA	4.350	03/25/34		2,604
6,237,662		FNMA	5.000	04/01/34		6,056
1,581,774		FNMA	4.500	05/01/34		1,493
90,216		FNMA	4.500	05/01/34		85
79,914		FNMA	4.500	05/01/34		75
84,829		FNMA	4.500	06/01/34		80
130,408		FNMA	4.500	06/01/34		123
77,563		FNMA	4.500	06/01/34		73
347,544		FNMA	4.500	06/01/34		328

289

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$     219,186		FNMA	4.500	07/01/34	$	207
259,239		FNMA	4.500	07/01/34		245
76,616		FNMA	4.500	07/01/34		72
125,969		FNMA	4.500	08/01/34		119
1,931,585		FNMA	4.500	08/01/34		1,823
952,680		FNMA	6.500	08/01/34		977
108,046		FNMA	4.500	09/01/34		102
6,478,949		FNMA	6.500	09/01/34		6,647
17,257,207		FNMA	5.000	11/01/34		16,781
19,002,774		FNMA	5.500	01/01/35		18,835
5,637,253		FNMA	5.500	01/01/35		5,587
44,341,384		FNMA	5.500	02/01/35		43,950
11,516,562		FNMA	5.500	02/01/35		11,415
6,705,193		FNMA	5.000	02/25/35		6,642
990,468		FNMA	5.500	03/01/35		981
14,463,901		FNMA	5.500	04/01/35		14,325
3,615,097		FNMA	5.500	04/01/35		3,580
4,119,946		FNMA	5.500	04/01/35		4,080
3,468,522		FNMA	5.500	04/01/35		3,435
36,868,603		FNMA	5.500	04/01/35		36,515
6,754,246		FNMA	5.500	05/01/35		6,690
1,457,571		FNMA	5.500	05/01/35		1,444
1,170,456		FNMA	5.500	05/01/35		1,159
1,453,269		FNMA	5.500	05/01/35		1,439
8,458,722		FNMA	6.000	05/01/35		8,539
5,448,434		FNMA	5.500	06/01/35		5,396
4,350,913		FNMA	5.500	06/01/35		4,309
4,153,543		FNMA	5.500	06/01/35		4,114
745,968		FNMA	7.500	06/01/35		781
1,101,250		FNMA	6.000	07/01/35		1,112
9,792,997		FNMA	5.000	09/01/35		9,489
11,904,851		FNMA	5.000	10/01/35		11,535
15,795,701		FNMA	6.000	10/01/35		15,945
5,234,724		Freddie Mac Reference REMIC	5.125	10/15/15		5,197
5,000,000	h	Government National Mortgage Association (GNMA)	5.000	01/23/06		4,933
10,000,000	h	GNMA	5.500	01/23/06		10,059
10,164		GNMA	8.500	09/15/09		11
53,624		GNMA	8.500	10/15/09		57
8,145		GNMA	8.500	12/15/09		9
273,086		GNMA	9.000	12/15/09		287
4,867,887		GNMA	5.220	04/15/15		4,883
241,261		GNMA	9.000	12/15/17		262
6,894		GNMA	9.000	08/15/20		8
172,324		GNMA	8.000	06/15/22		184
65,448		GNMA	6.500	08/15/23		69
57,746		GNMA	6.500	08/15/23		60
39,873		GNMA	6.500	09/15/23		42
10,000,000		GNMA	4.500	11/16/29		9,706
652,797	d	GNMA	6.500	05/20/31		678
231,439		GNMA	5.000	06/20/33		228
6,093,856		GNMA	5.500	09/15/33		6,142
3,164,420		GNMA	5.500	11/20/33		3,181

290

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$     224,358		GNMA	5.000	03/20/34	$	221
3,719,118		GNMA	5.000	06/20/34		3,660
352,972		GNMA	5.000	07/20/34		347
2,627,271		GNMA	5.000	02/20/35		2,584
11,250,051		GNMA	5.000	03/20/35		11,064
2,739,902		GNMA	5.500	03/20/35		2,752
		TOTAL MORTGAGE BACKED SECURITIES				1,007,502
MUNICIPAL BONDS - 0.77%
1,860,000		Allegheny County Redevelopment Authority	5.000	09/01/11		1,867
4,000,000		City of Dallas TX	5.078	02/15/22		3,977
5,000,000		City of New York NY	4.500	06/01/15		4,785
1,055,000	j	City of Oakland CA	0.000	12/15/11		788
5,345,000		City of Pembroke Pines FL	4.750	10/01/19		5,136
1,500,000		City of Santa Rosa CA	4.900	09/01/18		1,456
5,000,000		Contra Costa County CA	5.010	06/01/16		4,960
1,945,000		County of Marin CA	4.970	08/01/17		1,925
8,500,000		Fiscal Year 2005 Securitization Corp	4.760	08/15/19		8,404
3,000,000		Metropolitan Washington Airports Authority	5.690	10/01/30		3,097
5,000,000		New York City Housing Development Corp	4.660	11/01/10		4,942
2,500,000		Newport News Economic Development Authority	5.640	01/15/29		2,527
2,000,000		State of Illinois	4.350	06/01/18		1,882
6,190,000		State of Mississippi	5.350	12/01/21		6,232
3,660,000		State of South Carolina	4.750	12/01/19		3,533
2,270,000		State of Texas	4.900	08/01/20		2,228
2,025,000		University Central Fl University Revenues	5.125	10/01/20		1,993
		TOTAL MUNICIPAL BONDS				59,732
U.S. TREASURY SECURITIES - 6.38%
31,200,000		United States Treasury Bond	7.000	07/15/06		31,616
12,360,000	e	United States Treasury Bond	4.125	05/15/15		12,095
22,563,000	e	United States Treasury Bond	4.500	11/15/15		22,761
101,630,000	e	United States Treasury Bond	8.000	11/15/21		140,056
28,040,000	e	United States Treasury Bond	5.375	02/15/31		31,514
18,825,680	k	United States Treasury Inflation Indexed Bond	3.875	01/15/09		19,796
69,950,000		United States Treasury Note	2.375	08/15/06		69,090
2,850,000	e	United States Treasury Note	2.500	09/30/06		2,810
1,000,000	e	United States Treasury Note	2.625	11/15/06		985
1,000,000	e	United States Treasury Note	2.875	11/30/06		986
6,100,000	e	United States Treasury Note	3.125	01/31/07		6,015
10,440,000	e	United States Treasury Note	3.750	03/31/07		10,352
3,750,000	e	United States Treasury Note	3.625	04/30/07		3,711
3,000,000	e	United States Treasury Note	3.625	06/30/07		2,966
2,950,000	e	United States Treasury Note	2.750	08/15/07		2,874
47,465,000	e	United States Treasury Note	4.000	09/30/07		47,139
6,130,000	e	United States Treasury Note	3.375	02/15/08		6,004
2,000,000	e	United States Treasury Note	4.375	11/15/08		2,001
8,100,000		United States Treasury Note	4.130	04/15/10		7,984

291

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$     1,700,000	e	United States Treasury Note	4.250	10/15/10	$	1,692
18,450,000	e	United States Treasury Note	4.500	11/15/10		18,555
56,200,000	e	United States Treasury Note	4.375	12/15/10		56,257
		TOTAL U.S. TREASURY SECURITIES				497,259
		TOTAL GOVERNMENT BONDS				2,236,202
		(Cost $2,252,319)
		TOTAL BONDS				3,075,676
		(Cost $3,094,320)
SHARES
PREFERRED STOCKS - 0.00% **
HOLDING AND OTHER INVESTMENT OFFICES - 0.00% **
150		Simon Property Group, Inc				10
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES				10
		TOTAL PREFERRED STOCKS				10
		(Cost $7)
COMMON STOCKS - 59.16%
AMUSEMENT AND RECREATION SERVICES - 0.01%
7,413	e	International Speedway Corp (Class A)				355
2,400	e*	Leapfrog Enterprises, Inc				28
11,648	e*	Sunterra Corp				166
		TOTAL AMUSEMENT AND RECREATION SERVICES				549
APPAREL AND ACCESSORY STORES - 0.45%
4,300	*	Aeropostale, Inc				113
74,770	e	American Eagle Outfitters, Inc				1,718
750	e*	AnnTaylor Stores Corp				26
35,889	e	Bebe Stores, Inc				503
4,400	e	Buckle, Inc				142
10,900	e	Burlington Coat Factory Warehouse Corp				438
2,700	*	Cache, Inc				47
7,731	e*	Casual Male Retail Group, Inc				47
21,300	e	Cato Corp (Class A)				457
3,600	*	Charlotte Russe Holding, Inc				75
67,100	*	Chico's FAS, Inc				2,948
6,700	e	Christopher & Banks Corp				126
3,900	*	Dress Barn, Inc				151
2,586	e	Finish Line, Inc (Class A)				45
88,808	e	Foot Locker, Inc				2,095
398,130	e	Gap, Inc				7,023

292

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES				(000)
6,200	e*	Jo-Ann Stores, Inc	$	73
145,061	*	Kohl's Corp		7,050
239,620	e	Limited Brands, Inc		5,355
126,438	e	Nordstrom, Inc		4,729
46,984	e	Ross Stores, Inc		1,358
1,800	e*	Shoe Carnival, Inc		39
9,338	e	Stage Stores, Inc		278
24,120	e*	Wilsons The Leather Experts, Inc		88
		TOTAL APPAREL AND ACCESSORY STORES		34,924
APPAREL AND OTHER TEXTILE PRODUCTS - 0.04%
13,000	*	Gymboree Corp		304
39,016	*	Hartmarx Corp		305
48,512	e*	Innovo Group, Inc		50
14,000	e	Kellwood Co		334
48,054		Liz Claiborne, Inc		1,721
27,771	e	Russell Corp		374
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		3,088
AUTO REPAIR, SERVICES AND PARKING - 0.02%
27,900	e	Bandag, Inc		1,190
23,295	e*	Midas, Inc		428
3,400		Ryder System, Inc		139
1,300	*	Wright Express Corp		29
		TOTAL AUTO REPAIR, SERVICES AND PARKING		1,786
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.04%
900	*	Advance Auto Parts		39
1,293	e*	America's Car-Mart, Inc		21
23,591	e*	Autozone, Inc		2,165
27,200	e*	Carmax, Inc		753
14,532	e*	Copart, Inc		335
2,200	*	Rush Enterprises, Inc (Class A)		33
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		3,346
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.86%
15,910	e	Fastenal Co		624
1,004,126		Home Depot, Inc		40,647
383,054	e	Lowe's Cos, Inc		25,534
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		66,805

293

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES				(000)
BUSINESS SERVICES - 3.94%
213,900	e*	3Com Corp	$	770
4,500	e	Administaff, Inc		189
214,103		Adobe Systems, Inc		7,913
15,700	e*	Agile Software Corp		94
66,744	e*	Akamai Technologies, Inc		1,330
15,325	e*	aQuantive, Inc		387
12,367	e*	Arbinet-thexchange, Inc		87
49,392	e*	Ariba, Inc		363
30,351	e*	Audible, Inc		390
99,115	e*	Autobytel, Inc		490
70,407		Autodesk, Inc		3,024
438,750		Automatic Data Processing, Inc		20,134
26,363	e*	Bankrate, Inc		778
89,457	e*	BEA Systems, Inc		841
52,912	e*	BearingPoint, Inc		416
39,452	e*	BISYS Group, Inc		553
12,256	e*	Blue Coat Systems, Inc		560
35,799	e*	BMC Software, Inc		733
60,862	*	Cadence Design Systems, Inc		1,030
71,007	*	Ceridian Corp		1,764
9,200	*	Checkfree Corp		422
29,200	e*	Ciber, Inc		193
17,571	*	Citrix Systems, Inc		506
34,118	e*	Click Commerce, Inc		717
214,916	e*	CMGI, Inc		327
72,373	e*	CNET Networks, Inc		1,063
99,628	e*	Cogent Communications Group, Inc		547
4,800		Cognex Corp		144
60,912	*	Cognizant Technology Solutions Corp		3,067
89,838	*	Compuware Corp		806
104,201	e*	Convergys Corp		1,652
6,200	e*	CSG Systems International, Inc		138
19,671	e*	Cybersource Corp		130
30,500	e	Deluxe Corp		919
2,603	e*	Digital River, Inc		77
75,453	e*	DST Systems, Inc		4,520
21,400	e*	Earthlink, Inc		238
415,844	*	eBay, Inc		17,985
8,599	e*	eFunds Corp		202
90,878	e*	Electronic Arts, Inc		4,754
368,927	e	Electronic Data Systems Corp		8,869
4,175	e*	Equinix, Inc		170
4,310	e*	Escala Group, Inc		87
4,900	e*	eSpeed, Inc (Class A)		38
17,086	e*	F5 Networks, Inc		977
11,850		Fair Isaac Corp		523
107,614	e*	Fiserv, Inc		4,656
14,043	e*	Gartner, Inc (Class A)		181
12,500	e*	Getty Images, Inc		1,116
54,908	*	Google, Inc (Class A)		22,779
2,800	e*	Hudson Highland Group, Inc		49

294

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES				(000)
2,600	e*	iGate Corp	$	13
123,843		IMS Health, Inc		3,086
8,442	e*	Infocrossing, Inc		73
9,400	e*	Informatica Corp		113
175,228	e*	Innovative Solutions & Support, Inc		2,239
8,109	*	Internet Security Systems, Inc		170
4,432	e*	Interwoven, Inc		38
3,900	e*	Intrado, Inc		90
54,832	*	Intuit, Inc		2,923
43,824	e*	Ipass, Inc		287
3,034	*	iPayment, Inc		126
39,174	*	Iron Mountain, Inc		1,654
78,613	e*	iVillage, Inc		630
25,783	e	Jack Henry & Associates, Inc		492
186,353	e*	Juniper Networks, Inc		4,156
7,057	e*	Jupitermedia Corp		104
10,569	*	Kanbay International, Inc		168
3,011	e*	Kforce, Inc		34
29,700	e*	Kinetic Concepts, Inc		1,181
30,399	e*	Lamar Advertising Co		1,403
53,370	e*	Lionbridge Technologies		375
6,548	e	Manpower, Inc		304
15,736	e*	Marchex, Inc		354
69,719	e*	Matrixone, Inc		348
38,313	e*	Mercury Interactive Corp		1,065
3,840,893		Microsoft Corp		100,439
46,510	e*	Monster Worldwide, Inc		1,899
19,500	*	NAVTEQ Corp		855
13,144	e*	NCO Group, Inc		222
38,748	e*	NCR Corp		1,315
2,900	*	NDCHealth Corp		56
2,000	e*	Netratings, Inc		25
220,909	e*	NIC, Inc		1,361
222,200	e*	Novell, Inc		1,962
124,709		Omnicom Group, Inc		10,616
6,600	*	Online Resources Corp		73
1,535,349	*	Oracle Corp		18,747
33,209	e*	Packeteer, Inc		258
11,400	e*	Parametric Technology Corp		70
16,200	e*	Pegasystems, Inc		118
19,700	e*	Perot Systems Corp (Class A)		279
1,500	e*	Radisys Corp		26
32,799	e*	Red Hat, Inc		893
64,008	e	Robert Half International, Inc		2,425
4,600	e*	RSA Security, Inc		52
26,353	e*	Sapient Corp		150
1,300	e*	Secure Computing Corp		16
156,600	e	Siebel Systems, Inc		1,657
6,300	e*	SonicWALL, Inc		50
40,437	*	Spherion Corp		405
13,900		Startek, Inc		250
2,700	e*	Stellent, Inc		27

295

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES				(000)
1,543,479	e*	Sun Microsystems, Inc	$	6,467
7,100	e*	SupportSoft, Inc		30
1,300	e*	SYKES Enterprises, Inc		17
409,594	*	Symantec Corp		7,168
1,500	*	SYNNEX Corp		23
13,290	*	Synopsys, Inc		267
9,384	e*	TeleTech Holdings, Inc		113
35,400	e*	TIBCO Software, Inc		264
94,572		Total System Services, Inc		1,872
19,460	e*	Travelzoo, Inc		428
141,052	e*	Unisys Corp		822
21,267	e	United Online, Inc		302
7,706	e*	United Rentals, Inc		180
13,535	e*	Universal Compression Holdings, Inc		557
32,414	e*	Vasco Data Security International		320
7,496	*	Ventiv Health, Inc		177
126,642	*	VeriSign, Inc		2,776
1,400	*	Volt Information Sciences, Inc		27
8,300	*	WebEx Communications, Inc		179
3,800	e*	Wind River Systems, Inc		56
		TOTAL BUSINESS SERVICES		307,415
CHEMICALS AND ALLIED PRODUCTS - 4.78%
242,398	e*	Aastrom Biosciences, Inc		511
20,443	e*	Abgenix, Inc		440
23,736	e*	Adolor Corp		347
240,826		Air Products & Chemicals, Inc		14,254
4,000	e*	Albany Molecular Research, Inc		49
8,770	e*	Alexion Pharmaceuticals, Inc		178
6,874	e*	Alkermes, Inc		131
31,521	e*	American Pharmaceutical Partners, Inc		1,223
529,739	*	Amgen, Inc		41,775
12,652	e*	Arena Pharmaceuticals, Inc		180
4,700	e*	Arqule, Inc		29
4,001	e*	Array Biopharma, Inc		28
7,705	e*	Atherogenics, Inc		154
20,827	e*	AVANIR Pharmaceuticals		72
136,200	e	Avery Dennison Corp		7,528
203,200	e	Avon Products, Inc		5,801
77,934	*	Barr Pharmaceuticals, Inc		4,855
66,184	e*	Bentley Pharmaceuticals, Inc		1,086
70,160	e*	Bioenvision, Inc		458
144,334	e*	Biogen Idec, Inc		6,543
45,257	e*	BioMarin Pharmaceuticals, Inc		488
60,300	e	Cabot Corp		2,159
35,000	e	Calgon Carbon Corp		199
19,166	e*	Cell Genesys, Inc		114
65,817	e*	Cell Therapeutics, Inc		143
11,828	e*	Cephalon, Inc		766
11,600	e*	Charles River Laboratories International, Inc		491

296

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES				(000)
24,996	e*	Chattem, Inc	$	910
84,244	e	Clorox Co		4,793
258,600		Colgate-Palmolive Co		14,184
41,500	e*	Connetics Corp		600
10,938	e*	Cotherix, Inc		116
15,500	e*	Cubist Pharmaceuticals, Inc		329
48,064	e*	Curis, Inc		171
10,381	e*	Cypress Bioscience, Inc		60
3,800	e	Dade Behring Holdings, Inc		155
56,374	e*	Dendreon Corp		306
45,503		Diagnostic Products Corp		2,209
15,999	e*	Digene Corp		467
9,791	e*	Discovery Laboratories, Inc		65
84,779	e*	Dov Pharmaceutical, Inc		1,245
324,406	e*	Durect Corp		1,645
7,541	e*	Dusa Pharmaceuticals, Inc		81
196,600	e	Ecolab, Inc		7,131
90,786	e*	Encysive Pharmaceuticals, Inc		716
159,100	e	Engelhard Corp		4,797
18,757	*	Enzon Pharmaceuticals, Inc		139
12,727	e*	EPIX Pharmaceuticals, Inc		51
700		Estee Lauder Cos (Class A)		23
155,208	e*	First Horizon Pharmaceutical Corp		2,677
222,932	*	Forest Laboratories, Inc		9,069
3,700	*	Genitope Corp		29
145,497	e*	Genzyme Corp		10,298
22,156	e*	Geron Corp		191
250,086	e*	Gilead Sciences, Inc		13,162
41,590		H.B. Fuller Co		1,334
4,600	*	Hi-Tech Pharmacal Co, Inc		204
60,776	e*	Human Genome Sciences, Inc		520
35,884	*	Idexx Laboratories, Inc		2,583
30,057	*	Immucor, Inc		702
47,200	e*	Immunogen, Inc		242
24,513	e*	Inspire Pharmaceuticals, Inc		125
6,900	e*	InterMune, Inc		116
41,681	e*	Inverness Medical Innovations, Inc		988
13,585	*	Invitrogen Corp		905
162,950	*	King Pharmaceuticals, Inc		2,757
16,217	e*	Kos Pharmaceuticals, Inc		839
45,000	e*	KV Pharmaceutical Co (Class A)		927
8,200		Lubrizol Corp		356
37,436	e	Mannatech, Inc		517
34,085	e*	Martek Biosciences Corp		839
47,348	e*	Medarex, Inc		656
59,422	e	Medicis Pharmaceutical Corp (Class A)		1,904
100,322	e*	Medimmune, Inc		3,513
1,258,358		Merck & Co, Inc		40,028
33,600	e*	MGI Pharma, Inc		577
108,616	*	Millennium Pharmaceuticals, Inc		1,054
4,200	e	Minerals Technologies, Inc		235
256,616	e	Mylan Laboratories, Inc		5,122

297

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES				(000)
3,254	e*	Myogen, Inc	$	98
108,365	e*	Nabi Biopharmaceuticals		366
46,923	e*	Nastech Pharmaceutical Co, Inc		691
8,325	e	Natures Sunshine Products, Inc		150
32,567	e*	NBTY, Inc		529
4,000	e*	Neurocrine Biosciences, Inc		251
34,047	e*	NitroMed, Inc		475
7,009	e*	Northfield Laboratories, Inc		94
48,105	*	Noven Pharmaceuticals, Inc		728
3,412	*	NPS Pharmaceuticals, Inc		40
5,567	*	Nuvelo, Inc		45
1,500	e*	OraSure Technologies, Inc		13
18,505	e*	OSI Pharmaceuticals, Inc		519
119,787	e*	Pain Therapeutics, Inc		810
20,700	e*	Par Pharmaceutical Cos, Inc		649
900	e*	Parexel International Corp		18
63,742	e*	Penwest Pharmaceuticals Co		1,244
126,765	e	Perrigo Co		1,890
44,692	e*	Pharmion Corp		794
2,200	*	Pioneer Cos, Inc		66
83,891	e*	Pozen, Inc		804
251,254	e	Praxair, Inc		13,306
1,517,512		Procter & Gamble Co		87,834
23,666	*	Progenics Pharmaceuticals, Inc		592
23,161	e*	Protein Design Labs, Inc		658
30,887	e*	Renovis, Inc		473
176,554	e	Rohm & Haas Co		8,549
58,800	e	RPM International, Inc		1,021
58,884	e*	Salix Pharmaceuticals Ltd		1,035
5,200	e	Sensient Technologies Corp		93
55,729	e*	Sepracor, Inc		2,876
86,075	e	Sigma-Aldrich Corp		5,448
156,363	e*	StemCells, Inc		539
41,426	e*	SuperGen, Inc		209
16,038	e*	Tanox, Inc		263
11,300	e*	United Therapeutics Corp		781
20,881	e*	USANA Health Sciences, Inc		801
25,600	e	Valspar Corp		632
26,431	e*	Vertex Pharmaceuticals, Inc		731
101,172	e*	Watson Pharmaceuticals, Inc		3,289
52,533	e*	Zymogenetics, Inc		894
		TOTAL CHEMICALS AND ALLIED PRODUCTS		372,962
COMMUNICATIONS - 3.00%
6,097	e	Alaska Communications Systems Group, Inc		62
168,840		Alltel Corp		10,654
55,200	*	American Tower Corp (Class A)		1,496
2,217,975		AT&T, Inc		54,318
171,941	e*	Avaya, Inc		1,835
999,029	e	BellSouth Corp		27,074

298

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES				(000)
17,200	e	Citadel Broadcasting Corp	$	231
17,100	e	Citizens Communications Co		209
825,257	*	Comcast Corp (Class A)		21,424
365,769	*	Comcast Corp (Special Class A)		9,397
14,100	*	Cox Radio, Inc (Class A)		198
13,409	e*	Dobson Communications Corp (Class A)		100
3,500	*	Entercom Communications Corp		104
15,600	e*	Entravision Communications Corp (Class A)		111
12,515	e*	Foundry Networks, Inc		173
23,700		Gray Television, Inc		233
7,700	e	Hearst-Argyle Television, Inc		184
175,563	e*	IAC/InterActiveCorp		4,970
7,649	e*	j2 Global Communications, Inc		327
217,890	e*	Liberty Global, Inc		4,902
2,387,092	e*	Liberty Media Corp (Class A)		18,786
16,400	e*	Lin TV Corp (Class A)		183
12,400	*	NII Holdings, Inc (Class B)		542
23,261	e*	Novatel Wireless, Inc		282
28,235	*	NTL, Inc		1,922
10,200	e*	Radio One, Inc (Class D)		105
1,600	e*	Regent Communications, Inc		7
3,500	e*	Saga Communications, Inc (Class A)		38
16,900	e*	Spanish Broadcasting System, Inc (Class A)		86
1,026,402		Sprint Nextel Corp		23,977
17,443		Telephone and Data Systems, Inc (Non-Vote)		628
4,500	*	Terremark Worldwide, Inc		21
39,962	e*	TiVo, Inc		205
99,826	e*	Univision Communications, Inc (Class A)		2,934
1,455,295	e	Verizon Communications, Inc		43,833
5,100	*	West Corp		215
71,693	e*	XM Satellite Radio Holdings, Inc		1,956
		TOTAL COMMUNICATIONS		233,722
DEPOSITORY INSTITUTIONS - 5.86%
154,855	e	AmSouth Bancorp		4,059
3,664	e	Associated Banc-Corp		119
3,749		Astoria Financial Corp		110
443,324	e	BB&T Corp		18,580
754	e*	Capital Crossing Bank		25
93,683	e	Comerica, Inc		5,317
1,423		Commerce Bancorp, Inc		49
1,077	e	Commercial Capital Bancorp, Inc		18
2,000		Community Bank System, Inc		45
500,071	e	Fifth Third Bancorp		18,863
42,100		First Bancorp (Puerto Rico)		522
24,900	e	First Horizon National Corp		957
36,914	e	Fremont General Corp		858
178,870	e	Golden West Financial Corp		11,805
21,300	e	IndyMac Bancorp, Inc		831
1,952		International Bancshares Corp		57

299

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES				(000)
2,000	e	Irwin Financial Corp	$	43
2,016,984		JPMorgan Chase & Co		80,054
317,811		Keycorp		10,466
49,800	e	M&T Bank Corp		5,431
77,200	e	Marshall & Ilsley Corp		3,323
252,683		Mellon Financial Corp		8,654
540,831		National City Corp		18,156
41,200	e	New York Community Bancorp, Inc		681
225,652		North Fork Bancorporation, Inc		6,174
121,422		Northern Trust Corp		6,292
4,991		Partners Trust Financial Group, Inc		60
6,092	e	People's Bank		189
229,663	e	PNC Financial Services Group, Inc		14,200
69,724		Popular, Inc		1,475
1,812	v*	Popular, Inc		0	^
39,800	e	R & G Financial Corp (Class B)		525
381,415	e	Regions Financial Corp		13,029
42,600	e	Sovereign Bancorp, Inc		921
166,374		State Street Corp		9,224
275,972	e	SunTrust Banks, Inc		20,080
130,894		Synovus Financial Corp		3,535
10,100	e	TD Banknorth, Inc		293
27,032		UnionBanCal Corp		1,858
1,360,612	e	US Bancorp		40,669
6,670	e	W Holding Co, Inc		55
1,024,685		Wachovia Corp		54,165
821,729		Washington Mutual, Inc		35,745
930,837		Wells Fargo & Co		58,485
6,400	e	Zions Bancorporation		484
		TOTAL DEPOSITORY INSTITUTIONS		456,481
EATING AND DRINKING PLACES - 0.54%
9,730	e	AFC Enterprises		147
10,800		Applebees International, Inc		244
14,843	e	Bob Evans Farms, Inc		342
154,400	e	Darden Restaurants, Inc		6,003
13,700	e*	Dave & Buster's, Inc		241
6,600	*	Jack in the Box, Inc		231
18,600	e*	Krispy Kreme Doughnuts, Inc		107
5,027	e	Lone Star Steakhouse & Saloon, Inc		119
889,601		McDonald's Corp		29,998
12,376	*	O'Charleys, Inc		192
22,500		Outback Steakhouse, Inc		936
10,875	e*	Ryan's Restaurant Group, Inc		131
7,900	*	The Steak N Shake Co		134
1,900	e	Triarc Cos (Class B)		28
56,151	e	Wendy's International, Inc		3,103
		TOTAL EATING AND DRINKING PLACES		41,956

300

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES				(000)
EDUCATIONAL SERVICES - 0.02%
30,563	e*	Career Education Corp	$	1,031
700	e*	Corinthian Colleges, Inc		8
1,700	e*	DeVry, Inc		34
1,900	e*	Laureate Education, Inc		100
		TOTAL EDUCATIONAL SERVICES		1,173
ELECTRIC, GAS, AND SANITARY SERVICES - 2.89%
492,654	e*	AES Corp		7,799
116,931		AGL Resources, Inc		4,070
112,032	e	Allete, Inc		4,929
30,158		Aqua America, Inc		823
642,931	*	Aquila, Inc		2,315
50,506		Atmos Energy Corp		1,321
244,440		Avista Corp		4,329
124,737		Black Hills Corp		4,317
5,300	e	California Water Service Group		203
16,100	e	Cascade Natural Gas Corp		314
28,923	*	Casella Waste Systems, Inc (Class A)		370
293,371		Cleco Corp		6,117
3,400	e	Connecticut Water Service, Inc		83
19,600		Crosstex Energy, Inc		1,236
453,255	e	DPL, Inc		11,789
313,032	e	Empire District Electric Co		6,364
28,400	e	Energen Corp		1,031
750	e	EnergySouth, Inc		20
400,340	e	Hawaiian Electric Industries, Inc		10,369
251,400	e	Idacorp, Inc		7,366
296,657	e	KeySpan Corp		10,588
265,532		Kinder Morgan, Inc		24,416
12,500		Laclede Group, Inc		365
35,264	e	Metal Management, Inc		820
89,393		MGE Energy, Inc		3,031
2,666	e	Middlesex Water Co		46
235,097	e	National Fuel Gas Co		7,333
2,900	e	New Jersey Resources Corp		121
140,770	e	Nicor, Inc		5,534
563,115		NiSource, Inc		11,747
8,300	e	Northwest Natural Gas Co		284
512,348	e	OGE Energy Corp		13,726
53,015	e	Otter Tail Corp		1,536
103,254	e	Peoples Energy Corp		3,621
645,280	e	Pepco Holdings, Inc		14,435
24,871		Piedmont Natural Gas Co, Inc		601
592,300	e	Puget Energy, Inc		12,095
124,072		Questar Corp		9,392
34,491		Resource America, Inc (Class A)		588
245,817	e*	Sierra Pacific Resources		3,205
22,200	e	SJW Corp		1,010
15,400		South Jersey Industries, Inc		449

301

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES				(000)
14,803	*	Southern Union Co	$	350
57,800	e	UGI Corp		1,191
187,001	e	Unisource Energy Corp		5,834
31,958	e*	Waste Connections, Inc		1,101
84,414	e	Western Gas Resources, Inc		3,975
41,700		WGL Holdings, Inc		1,254
500,335		Williams Cos, Inc		11,593
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		225,406
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 4.07%
8,400	e*	Adaptec, Inc		49
56,642	e*	ADC Telecommunications, Inc		1,265
3,023	*	Advanced Energy Industries, Inc		36
210,195	e*	Advanced Micro Devices, Inc		6,432
14,619	*	Agere Systems, Inc		189
162,200	e*	Altera Corp		3,006
77,993	e	American Power Conversion Corp		1,716
4,555	e*	American Superconductor Corp		36
172,690		Ametek, Inc		7,346
5,400	e*	Amkor Technology, Inc		30
119,618	e	Analog Devices, Inc		4,291
54,420	e*	Andrew Corp		584
6,411	e*	Arris Group, Inc		61
53,100	e*	Artesyn Technologies, Inc		547
30,000	e	Baldor Electric Co		770
700	e	Bel Fuse, Inc (Class B)		22
79,519	e*	Broadcom Corp (Class A)		3,749
34,720	e*	Broadwing Corp		210
81,599	e*	Brocade Communications Systems, Inc		332
23,300	e	C&D Technologies, Inc		178
46,995	e*	C-COR, Inc		228
355,116	e*	Ciena Corp		1,055
2,594,227	*	Cisco Systems, Inc		44,413
132,544	e*	Comverse Technology, Inc		3,524
27,847	e*	Conexant Systems, Inc		63
7,400	e	CTS Corp		82
57,473	e*	Ditech Communications Corp		480
5,400	e*	DSP Group, Inc		135
3,505	e*	DTS, Inc		52
82,112	e*	Emcore Corp		609
440,300		Emerson Electric Co		32,890
3,411	e*	EndWave Corp		40
10,485	e*	Energizer Holdings, Inc		522
3,600	*	Exar Corp		45
28,195	e*	Finisar Corp		59
73,300	e*	Freescale Semiconductor, Inc (Class B)		1,845
16,700	*	Greatbatch, Inc		434
24,800	e	Harman International Industries, Inc		2,427
15,041	e*	Harmonic, Inc		73
5,700	e*	Integrated Device Technology, Inc		75

302

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES				(000)
2,683,225		Intel Corp	$	66,973
29,012	*	Interdigital Communications Corp		531
12,700	e	Intersil Corp (Class A)		316
2,800	e	Inter-Tel, Inc		55
59,373	e*	InterVoice, Inc		473
5,722	e*	IXYS Corp		67
12,500	e*	Kemet Corp		88
2,000	e*	Lifeline Systems, Inc		73
3,100		Lincoln Electric Holdings, Inc		123
2,068	*	Littelfuse, Inc		56
229,966	e*	LSI Logic Corp		1,840
1,975,312	e*	Lucent Technologies, Inc		5,254
25,583	*	Mattson Technology, Inc		257
102,718	e	Maxim Integrated Products, Inc		3,723
65,200	e*	Maxtor Corp		452
66,429	e*	McData Corp (Class A)		252
2,500	e	Methode Electronics, Inc		25
18,700	e	Microchip Technology, Inc		601
265,591	e*	Micron Technology, Inc		3,535
5,651	e*	Mobility Electronics, Inc		55
91,193		Molex, Inc		2,366
1,011,468	e	Motorola, Inc		22,849
235,717	e*	MRV Communications, Inc		483
157,400	e	National Semiconductor Corp		4,089
135,913	e*	Network Appliance, Inc		3,670
25,190	e*	Novellus Systems, Inc		608
3,266	e*	Openwave Systems, Inc		57
129,014	e*	Optical Communication Products, Inc		298
6,900	e	Park Electrochemical Corp		179
172,972	e*	Pixelworks, Inc		879
2,700		Plantronics, Inc		76
5,200	e*	Plexus Corp		118
5,600	e*	Polycom, Inc		86
15,700	e*	Power-One, Inc		95
8,800	e*	Powerwave Technologies, Inc		111
1,453	e*	QLogic Corp		47
693,566		Qualcomm, Inc		29,879
103,044	e*	Quantum Fuel Systems Technologies Worldwide, Inc		276
2,100	e*	Rogers Corp		82
31,424	e	Scientific-Atlanta, Inc		1,353
6,870	e*	Seachange International, Inc		54
2,100	*	Sigmatel, Inc		28
528,449	e*	Sirius Satellite Radio, Inc		3,541
5,696	e*	Spatialight, Inc		20
3,600	e	Spectralink Corp		43
11,400	*	Standard Microsystems Corp		327
84,452	e*	Sycamore Networks, Inc		365
24,461	e*	Symmetricom, Inc		207
11,100		Technitrol, Inc		190
15,703	*	Tekelec		218
56,053		Teleflex, Inc		3,642
265,220	*	Tellabs, Inc		2,891

303

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES				(000)
125,172	e*	Terayon Communication Systems, Inc	$	289
734,264	e	Texas Instruments, Inc		23,548
63,300	*	Thomas & Betts Corp		2,656
75,359	e*	Transwitch Corp		138
9,638	e*	Trident Microsystems, Inc		174
5,500	e*	Triquint Semiconductor, Inc		25
7,500	e*	TTM Technologies, Inc		71
43,094	e*	Utstarcom, Inc		347
2,600		Vicor Corp		41
95,428	e*	Vishay Intertechnology, Inc		1,313
104,900	e*	Vitesse Semiconductor Corp		201
50,461	e*	Westell Technologies, Inc		227
13,207		Whirlpool Corp		1,106
127,200		Xilinx, Inc		3,207
138,795	e*	Zhone Technologies, Inc		294
5,200	e*	Zoltek Cos, Inc		46
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		317,459
ENGINEERING AND MANAGEMENT SERVICES - 0.32%
16,862	e*	Amylin Pharmaceuticals, Inc		673
42,902	e*	Antigenics, Inc		204
24,675	e*	Applera Corp (Celera Genomics Group)		270
86,121	e*	Ariad Pharmaceuticals, Inc		504
49,165	e*	CuraGen Corp		151
9,318	e*	CV Therapeutics, Inc		231
130,985	e*	deCODE genetics, Inc		1,082
20,235	*	DiamondCluster International, Inc		161
3,288	e*	Digitas, Inc		41
1,420	e*	Hewitt Associates, Inc		40
18,436	e*	ICOS Corp		509
92,116	e*	Incyte Corp		492
40,810	e*	Isis Pharmaceuticals, Inc		214
800		Landauer, Inc		37
28,041	e*	Lexicon Genetics, Inc		102
16,090	e*	Lifecell Corp		307
25,220	e*	Luminex Corp		293
145,828	e	Moody's Corp		8,957
28,840	e*	Neopharm, Inc		311
3,200	*	Orchid Cellmark, Inc		24
214,126		Paychex, Inc		8,163
5,500		Pharmaceutical Product Development, Inc		341
50,944	e*	PRG-Schultz International, Inc		31
21,643	e*	Regeneron Pharmaceuticals, Inc		345
9,996	*	Rigel Pharmaceuticals, Inc		84
63,430	*	Savient Pharmaceuticals, Inc		237
88,520	e*	Seattle Genetics, Inc		418
3,100	*	Sourcecorp		74
26,200	e*	Telik, Inc		445
15,200	e*	Trimeris, Inc		175
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		24,916

304

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES				(000)
FABRICATED METAL PRODUCTS - 0.42%
900		Ameron International Corp	$	41
2,700	e	Aptargroup, Inc		141
62,880		Commercial Metals Co		2,360
60,548	e	Dynamic Materials Corp		1,818
152,900	e*	Global Power Equipment Group, Inc		691
15,906	e	Gulf Island Fabrication, Inc		387
283,100	e	Illinois Tool Works, Inc		24,910
11,067	e*	Jacuzzi Brands, Inc		93
22,796	e	Silgan Holdings, Inc		823
27,846	e	Snap-On, Inc		1,046
5,700	e	Sun Hydraulics Corp		110
5,700	e	Valmont Industries, Inc		191
		TOTAL FABRICATED METAL PRODUCTS		32,611
FOOD AND KINDRED PRODUCTS - 2.07%
46,600	e	American Italian Pasta Co (Class A)		317
180,625	e	Campbell Soup Co		5,377
1,250,500	e	Coca-Cola Co		50,408
185,000	e	Coca-Cola Enterprises, Inc		3,546
217,709		General Mills, Inc		10,737
283,450		H.J. Heinz Co		9,558
137,800		Hershey Co		7,613
3,000	e	Hormel Foods Corp		98
216,963		Kellogg Co		9,377
21,000	e	McCormick & Co, Inc (Non-Vote)		649
50,600	e	Pepsi Bottling Group, Inc		1,448
907,304		PepsiCo, Inc		53,604
2,759	e	Topps Co, Inc		21
126,545	e	Wrigley (Wm.) Jr Co		8,414
		TOTAL FOOD AND KINDRED PRODUCTS		161,167
FOOD STORES - 0.38%
320,221	e	Albertson's, Inc		6,837
436,276	*	Kroger Co		8,237
17,760	e*	Pathmark Stores, Inc		177
412,008	*	Starbucks Corp		12,364
26,600	e	Whole Foods Market, Inc		2,059
		TOTAL FOOD STORES		29,674
FURNITURE AND FIXTURES - 0.50%
257,551	e*	BE Aerospace, Inc		5,666
60,102		Hillenbrand Industries, Inc		2,970
213,478		Johnson Controls, Inc		15,565
62,244	e	Leggett & Platt, Inc		1,429
312,073		Masco Corp		9,421

305

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES				(000)
158,910	e	Newell Rubbermaid, Inc	$	3,779
500	e*	Tempur-Pedic International, Inc		6
		TOTAL FURNITURE AND FIXTURES		38,836
FURNITURE AND HOMEFURNISHINGS STORES - 0.16%
107,795	*	Bed Bath & Beyond, Inc		3,897
138,750		Best Buy Co, Inc		6,033
61,694	e	Circuit City Stores, Inc		1,394
4,200	e*	Cost Plus, Inc		72
3,933	*	Design Within Reach, Inc		21
4,400		Haverty Furniture Cos, Inc		57
200	e*	Mohawk Industries, Inc		17
27,700	e	Movie Gallery, Inc		155
53,247	e	RadioShack Corp		1,120
4,200	e*	Restoration Hardware, Inc		25
800	*	Williams-Sonoma, Inc		34
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		12,825
GENERAL BUILDING CONTRACTORS - 0.38%
301	e*	Avatar Holdings, Inc		16
9,654	e	Beazer Homes USA, Inc		703
6,924	e	Brookfield Homes Corp		344
30,700	e	Centex Corp		2,195
127,399	e	DR Horton, Inc		4,552
48,400	e	KB Home		3,517
37,000	e	Lennar Corp (Class A)		2,258
3,520	e	Lennar Corp (Class B)		200
3,300		Levitt Corp (Class A)		75
292	e	M/I Homes, Inc		12
29,214	e	MDC Holdings, Inc		1,811
228,636	e	Pulte Homes, Inc		8,999
29,562	e	Ryland Group, Inc		2,132
46,600		Standard-Pacific Corp		1,715
42,000	e*	Toll Brothers, Inc		1,455
		TOTAL GENERAL BUILDING CONTRACTORS		29,984
GENERAL MERCHANDISE STORES - 0.76%
19,200	*	BJ's Wholesale Club, Inc		568
1,687	e	Bon-Ton Stores, Inc		32
7,200	e*	Cabela's, Inc		120
297,716	e	Costco Wholesale Corp		14,728
93,865	e	Dollar General Corp		1,790
84,497	e	Family Dollar Stores, Inc		2,095
141,195		JC Penney Co, Inc		7,850
12,800	e*	Retail Ventures, Inc		159
53,000	*	Saks, Inc		894

306

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES				(000)
2,600		Stein Mart, Inc	$	47
455,025		Target Corp		25,013
270,921	e	TJX Cos, Inc		6,293
		TOTAL GENERAL MERCHANDISE STORES		59,589
HEALTH SERVICES - 0.52%
8,252	e*	Amedisys, Inc		349
4,293	e*	Bio-Reference Labs, Inc		81
160,936	*	Caremark Rx, Inc		8,335
5,000	*	Covance, Inc		243
76,539	*	Coventry Health Care, Inc		4,360
39,300	*	DaVita, Inc		1,990
16,080	*	Edwards Lifesciences Corp		669
44,688	*	Express Scripts, Inc		3,745
12,500	*	Gentiva Health Services, Inc		184
117,248	e	Health Management Associates, Inc (Class A)		2,575
21,400	e*	Laboratory Corp of America Holdings		1,152
6,276	e	LCA-Vision, Inc		298
15,820	*	LifePoint Hospitals, Inc		593
46,490	e*	Lincare Holdings, Inc		1,948
34,964	e	Manor Care, Inc		1,390
1,200	e*	Matria Healthcare, Inc		46
1,111	e*	Medcath Corp		21
155,052	*	Medco Health Solutions, Inc		8,652
47,505	e*	Nektar Therapeutics		782
8,388	e	Option Care, Inc		112
2,400	*	RehabCare Group, Inc		48
40,858	*	Specialty Laboratories, Inc		533
46,520	*	Triad Hospitals, Inc		1,825
14,518	e	Universal Health Services, Inc (Class B)		679
2,200	*	VistaCare, Inc (Class A)		28
		TOTAL HEALTH SERVICES		40,638
HOLDING AND OTHER INVESTMENT OFFICES - 1.46%
3,900	*	4Kids Entertainment, Inc		61
4,876	e	Acadia Realty Trust		98
207,368	e	Allied Capital Corp		6,090
7,100	e	AMB Property Corp		349
37,900	e	American Financial Realty Trust		455
47,700	e	Annaly Mortgage Management, Inc		522
15,600		Anthracite Capital, Inc		164
54,800	e	Anworth Mortgage Asset Corp		400
2,900		Arbor Realty Trust, Inc		75
178,815		Archstone-Smith Trust		7,491
8,800	e	Arden Realty, Inc		395
5,998	e	Ashford Hospitality Trust, Inc		63
36,567	e	AvalonBay Communities, Inc		3,264
5,800		Bedford Property Investors		127

307

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES				(000)
20,900	e	Bimini Mortgage Management, Inc (Class A)	$	189
68,455		Boston Properties, Inc		5,075
600	e	Brandywine Realty Trust		17
6,300		Capital Lease Funding, Inc		66
1,200		Capital Trust, Inc		35
12,714	e	Cedar Shopping Centers, Inc		179
4,675		Colonial Properties Trust		196
80,458	e	Crescent Real Estate Equities Co		1,595
1,200	e	Developers Diversified Realty Corp		56
79,164		Duke Realty Corp		2,644
10,051		Equity Inns, Inc		136
548,414		Equity Office Properties Trust		16,633
286,388	e	Equity Residential		11,203
18,247	e	FelCor Lodging Trust, Inc		314
50,546	e	Friedman Billings Ramsey Group, Inc		500
88,351	e	General Growth Properties, Inc		4,152
2,700	e	Gladstone Capital Corp		58
12,011	e	Glenborough Realty Trust, Inc		217
7,621		Government Properties Trust, Inc		71
25,208	e	Harris & Harris Group, Inc		350
32,500	e	Health Care Property Investors, Inc		831
905		Health Care REIT, Inc		31
5,594	e	Highland Hospitality Corp		62
15,546	e	Highwoods Properties, Inc		442
15,500	e	HomeBanc Corp		116
16,250	e	Hospitality Properties Trust		652
112,900	e	Host Marriott Corp		2,139
23,518	e	HRPT Properties Trust		243
2,200	e	Investors Real Estate Trust		20
73,200		iStar Financial, Inc		2,610
121,000		Kimco Realty Corp		3,882
9,265	e	LTC Properties, Inc		195
77,700	e	Luminent Mortgage Capital, Inc		584
1,000		Macerich Co		67
900	e	Mack-Cali Realty Corp		39
47,300		MFA Mortgage Investments, Inc		270
2,680		Mid-America Apartment Communities, Inc		130
11,900	e	MortgageIT Holdings, Inc		163
5,061	e	National Health Investors, Inc		131
38,004		New Plan Excel Realty Trust		881
11,150	e	Omega Healthcare Investors, Inc		140
600	e	Pan Pacific Retail Properties, Inc		40
5,500	e	Post Properties, Inc		220
102,124		Prologis		4,771
95,119	e	Public Storage, Inc		6,441
2,700	e	RAIT Investment Trust		70
5,373		Redwood Trust, Inc		222
700		Regency Centers Corp		41
5,366		Senior Housing Properties Trust		91
150,278	e	Simon Property Group, Inc		11,516
7,800		Sun Communities, Inc		245
1,300	e	Town & Country Trust		44

308

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES				(000)
21,806	e	Trustreet Properties, Inc	$	319
1,900		United Dominion Realty Trust, Inc		45
4,600		Universal Health Realty Income Trust		144
6,860	e	Urstadt Biddle Properties, Inc (Class A)		111
98,503		Vornado Realty Trust		8,222
120,825		Weingarten Realty Investors		4,568
15,216		Winston Hotels, Inc		151
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		114,129
HOTELS AND OTHER LODGING PLACES - 0.12%
7,561	e*	Bluegreen Corp		120
109,560		Choice Hotels International, Inc		4,575
65,089	e*	Gaylord Entertainment Co		2,837
21,467	e*	Great Wolf Resorts, Inc		221
26,388	e*	La Quinta Corp		294
43,668		Marcus Corp		1,026
		TOTAL HOTELS AND OTHER LODGING PLACES		9,073
INDUSTRIAL MACHINERY AND EQUIPMENT - 3.68%
574,944		3M Co		44,558
79,500	e*	AGCO Corp		1,317
1,300	e	Alamo Group, Inc		27
2,600		Albany International Corp (Class A)		94
67,600		American Standard Cos, Inc		2,701
318,894	e*	Apple Computer, Inc		22,925
649,716		Applied Materials, Inc		11,656
6,000	e*	Astec Industries, Inc		196
9,500	e*	Axcelis Technologies, Inc		45
28,525		Black & Decker Corp		2,480
4,000	e	Briggs & Stratton Corp		155
15,494	e*	Brooks Automation, Inc		194
8,500	e	Carlisle Cos, Inc		588
6,579	e	CDW Corp		379
7,200	e*	Cirrus Logic, Inc		48
16,222	*	Cooper Cameron Corp		672
37,800	e	Cummins, Inc		3,392
192,830		Deere & Co		13,134
1,022,039	*	Dell, Inc		30,651
1,000	e	Donaldson Co, Inc		32
17,350	e*	Dril-Quip, Inc		819
958,140	*	EMC Corp		13,050
9,460	*	Emulex Corp		187
6,494	e*	EnPro Industries, Inc		175
5,149	e*	Entegris, Inc		48
7,700	*	Flowserve Corp		305
5,556	e*	FMC Technologies, Inc		238
3,394	e*	Gehl Co		89
118,575	e	Graco, Inc		4,326

309

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES				(000)
157,563	e*	Grant Prideco, Inc	$	6,952
1,298,523	e	Hewlett-Packard Co		37,177
8,764	e*	Hydril		549
2,986	e*	Intermec, Inc		101
721,457		International Business Machines Corp		59,304
40,769	*	Jabil Circuit, Inc		1,512
2,300	e*	Kulicke & Soffa Industries, Inc		20
9,944	e*	Lam Research Corp		355
39,462	e*	Lexmark International, Inc		1,769
4,800		Lindsay Manufacturing Co		92
6,754	e	Lufkin Industries, Inc		337
42,800	e	Modine Manufacturing Co		1,395
8,038	e	NN, Inc		85
28,000	e	Nordson Corp		1,134
20,684	e*	Nuance Communications, Inc		158
7,286	*	Oil States International, Inc		231
43,650	e*	Palm, Inc		1,388
5,200	e*	Paxar Corp		102
21,800	e	Pentair, Inc		752
43,700	e*	Quantum Corp		133
1,900	e	Robbins & Myers, Inc		39
39,232	e*	SanDisk Corp		2,464
45,177	e*	Semitool, Inc		491
150,786	e	Smith International, Inc		5,596
503,386	*	Solectron Corp		1,842
22,138	e	SPX Corp		1,013
86,524	e	Stanley Works		4,157
6,100		Tennant Co		317
8,326	e*	TurboChef Technologies, Inc		120
10,500	e*	Ultratech, Inc		172
39,294	*	Varian Medical Systems, Inc		1,978
19,592	e*	Western Digital Corp		365
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		286,581
INSTRUMENTS AND RELATED PRODUCTS - 3.50%
6,600	e*	ADE Corp		159
22,218	e*	Advanced Medical Optics, Inc		929
17,804	e*	Affymetrix, Inc		850
35,872	e*	Align Technology, Inc		232
131,585	e	Allergan, Inc		14,206
3,704	e	Analogic Corp		177
1,500	*	Animas Corp		36
188,825	e	Applera Corp (Applied Biosystems Group)		5,015
5,200	e	Arrow International, Inc		151
3,533	e*	August Technology Corp		39
37,194		Bard (C.R.), Inc		2,452
30,955	e	Bausch & Lomb, Inc		2,102
438,937		Baxter International, Inc		16,526
16,896		Beckman Coulter, Inc		961
214,472		Becton Dickinson & Co		12,885

310

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES				(000)
158,905	e	Biomet, Inc	$	5,811
18,512	e*	Biosite, Inc		1,042
335,990	*	Boston Scientific Corp		8,228
3,700	e*	Bruker BioSciences Corp		18
3,100	*	Candela Corp		45
5,797	e*	Cepheid, Inc		51
5,170	*	Coherent, Inc		153
500		Cooper Cos, Inc		26
4,791	e*	Credence Systems Corp		33
49,038	e	Dentsply International, Inc		2,633
3,500	e*	DJ Orthopedics, Inc		97
4,900	e*	Encore Medical Corp		24
7,094	e*	FARO Technologies, Inc		142
49,497	e*	Fisher Scientific International, Inc		3,062
152,032		Guidant Corp		9,844
6,800	e*	Hologic, Inc		258
1,700	e*	ICU Medical, Inc		67
5,331	e*	I-Flow Corp		78
14,163	*	Illumina, Inc		200
8,400	e*	Input/Output, Inc		59
3,000	e*	Integra LifeSciences Holdings Corp		106
8,990	e*	Intuitive Surgical, Inc		1,054
8,900	e	Invacare Corp		280
19,861	e*	Ista Pharmaceuticals, Inc		126
1,300	*	Itron, Inc		52
1,543,842		Johnson & Johnson		92,785
2,900	e	Keithley Instruments, Inc		41
48,670		Kla-Tencor Corp		2,401
4,317	e*	Laserscope		97
3,300	e*	LeCroy Corp		50
25,500	e*	Lexar Media, Inc		209
28,700	*	LTX Corp		129
2,579	e*	Measurement Specialties, Inc		63
669,862		Medtronic, Inc		38,564
6,400	e*	Mettler-Toledo International, Inc		353
11,632	*	Millipore Corp		768
5,300	e*	MKS Instruments, Inc		95
1,900	e*	Molecular Devices Corp		55
5,900	e	Movado Group, Inc		108
83,569	e*	Nanogen, Inc		219
3,164	e	Oakley, Inc		46
3,688	e*	Palomar Medical Technologies, Inc		129
102,828		PerkinElmer, Inc		2,423
2,200	e*	Photon Dynamics, Inc		40
207,301		Pitney Bowes, Inc		8,758
6,200	*	Respironics, Inc		230
2,100	e*	Rudolph Technologies, Inc		27
173,852	*	St. Jude Medical, Inc		8,727
4,600		STERIS Corp		115
191,130	e	Stryker Corp		8,492
11,200	*	Techne Corp		629
32,506		Tektronix, Inc		917

311

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES				(000)
88,074	*	Thermo Electron Corp	$	2,654
1,600	*	Thoratec Corp		33
26,444	e*	TriPath Imaging, Inc		160
1,600		Vital Signs, Inc		69
45,643	*	Waters Corp		1,725
303,173	e*	Xerox Corp		4,442
109,320	*	Zimmer Holdings, Inc		7,373
1,100	*	Zoll Medical Corp		28
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		273,163
INSURANCE AGENTS, BROKERS AND SERVICE - 0.45%
28,200	e	Brown & Brown, Inc		861
5,700	e	Clark, Inc		76
4,400	e	Crawford & Co (Class B)		25
81,210	e	Gallagher (Arthur J.) & Co		2,508
203,245		Hartford Financial Services Group, Inc		17,457
1,100	e	Hilb Rogal & Hobbs Co		42
444,960		Marsh & McLennan Cos, Inc		14,132
4,200	e*	USI Holdings Corp		58
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		35,159
INSURANCE CARRIERS - 3.31%
150,900		Aetna, Inc		14,231
349,570	e	Aflac, Inc		16,227
100	*	Alleghany Corp		28
90,600		Ambac Financial Group, Inc		6,982
7,500		American Financial Group, Inc		287
850	*	American Physicians Capital, Inc		39
7,900	*	AMERIGROUP Corp		154
186,957	e	Chubb Corp		18,256
89,000		Cigna Corp		9,941
162,584		Cincinnati Financial Corp		7,264
1,800		Commerce Group, Inc		103
30,842		Erie Indemnity Co (Class A)		1,641
75,982		Fidelity National Financial, Inc		2,795
24,900		First American Corp		1,128
1,251	*	Fpic Insurance Group, Inc		43
54,972	*	Health Net, Inc		2,834
2,616	*	HealthExtras, Inc		66
4,400		Horace Mann Educators Corp		83
91,014	*	Humana, Inc		4,945
3,506	e	Infinity Property & Casualty Corp		131
95,760	e	Jefferson-Pilot Corp		5,452
172,330		Lincoln National Corp		9,139
1,400	e*	Markel Corp		444
113,799	e	MBIA, Inc		6,846
5,900	e	Mercury General Corp		344
69,700	e	MGIC Investment Corp		4,588

312

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES				(000)
1,500	*	Molina Healthcare, Inc	$	40
22,800	e	Phoenix Cos, Inc		311
13,997	e*	PMA Capital Corp (Class A)		128
40,300	e	PMI Group, Inc		1,655
1,400		Presidential Life Corp		27
194,525	e	Principal Financial Group		9,226
113,070	e	Progressive Corp		13,204
370,706	e	Prudential Financial, Inc		27,132
26,100	e	Radian Group, Inc		1,529
118,800	e	Safeco Corp		6,712
507,177		St. Paul Travelers Cos, Inc		22,656
3,500	e*	Triad Guaranty, Inc		154
562,728	e	UnitedHealth Group, Inc		34,968
147,488	e	UnumProvident Corp		3,355
17,600	e	W.R. Berkley Corp		838
280,408	*	WellPoint, Inc		22,374
		TOTAL INSURANCE CARRIERS		258,300
LEATHER AND LEATHER PRODUCTS - 0.09%
199,600	e*	Coach, Inc		6,655
400	*	Timberland Co (Class A)		13
14,200		Weyco Group, Inc		271
		TOTAL LEATHER AND LEATHER PRODUCTS		6,939
LEGAL SERVICES - 0.00% **
3,600	e*	FTI Consulting, Inc		99
		TOTAL LEGAL SERVICES		99
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.00% **
11,695	e	Laidlaw International, Inc		272
		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		272
LUMBER AND WOOD PRODUCTS - 0.01%
28,547	e*	Champion Enterprises, Inc		389
4,415		Skyline Corp		161
		TOTAL LUMBER AND WOOD PRODUCTS		550
METAL MINING - 0.14%
52,496	e	Cleveland-Cliffs, Inc		4,649
183,261	e	Royal Gold, Inc		6,365
		TOTAL METAL MINING		11,014

313

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES				(000)
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.14%
19,178		Callaway Golf Co	$	265
10,758	e	Charles & Colvard Ltd		217
58,200	*	Identix, Inc		292
10,946	e*	Jakks Pacific, Inc		229
39,060	e*	K2, Inc		395
9,675	e	Marine Products Corp		102
463,424	e	Mattel, Inc		7,331
28,761	e*	RC2 Corp		1,022
59,200	e	Russ Berrie & Co, Inc		676
2,500	e*	Steinway Musical Instruments, Inc		64
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		10,593
MISCELLANEOUS RETAIL - 0.75%
152,855	e*	Amazon.com, Inc		7,207
4,500		Barnes & Noble, Inc		192
600		Blair Corp		23
403,342		CVS Corp		10,656
15,723	e*	Dollar Tree Stores, Inc		376
62,013	e*	GSI Commerce, Inc		936
13,700		Michaels Stores, Inc		485
77,755	e*	Office Depot, Inc		2,442
16,503	e*	Overstock.com, Inc		465
308,113		Staples, Inc		6,997
30,376	e	Tiffany & Co		1,163
521,071	e	Walgreen Co		23,063
122,164	e	World Fuel Services Corp		4,119
		TOTAL MISCELLANEOUS RETAIL		58,124
MOTION PICTURES - 0.98%
3,931	e*	Avid Technology, Inc		215
3,300	e	Carmike Cinemas, Inc		84
176,089	e*	Discovery Holding Co (Class A)		2,668
22,100	*	DreamWorks Animation SKG, Inc (Class A)		543
28,034	e*	Pixar		1,478
26,141	e	Regal Entertainment Group (Class A)		497
16,388	e*	Time Warner Telecom, Inc (Class A)		161
2,268,099		Time Warner, Inc		39,555
1,300,695	e	Walt Disney Co		31,178
		TOTAL MOTION PICTURES		76,379
NONDEPOSITORY INSTITUTIONS - 2.35%
42,023		Advanta Corp (Class A)		1,266
85,626	e	American Capital Strategies Ltd		3,100
782,671	e	American Express Co		40,276
22,500	e*	AmeriCredit Corp		577

314

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES				(000)
148,454		Capital One Financial Corp	$	12,826
78,600	e	CapitalSource, Inc		1,761
17,400	e	CharterMac		369
166,983		CIT Group, Inc		8,646
800	*	Collegiate Funding Services LLC		16
9,173	e*	CompuCredit Corp		353
305,568		Countrywide Financial Corp		10,447
203,300	e	Doral Financial Corp		2,155
566,646		Fannie Mae		27,658
8,675	e	Federal Agricultural Mortgage Corp (Class C)		260
6,300	e	Financial Federal Corp		280
26,300	e	First Marblehead Corp		864
476,802		Freddie Mac		31,159
742,385		MBNA Corp		20,156
59,072	e	MCG Capital Corp		862
351,951		SLM Corp		19,389
705		Westcorp		47
3,300	*	WFS Financial, Inc		251
4,660	e*	World Acceptance Corp		133
		TOTAL NONDEPOSITORY INSTITUTIONS		182,851
NONMETALLIC MINERALS, EXCEPT FUELS - 0.13%
99,868	e	AMCOL International Corp		2,049
12,900	e	Compass Minerals International, Inc		317
15,000		Florida Rock Industries, Inc		736
100,663		Vulcan Materials Co		6,820
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		9,922
OIL AND GAS EXTRACTION - 2.94%
341,169		Anadarko Petroleum Corp		32,326
414,426	e	Apache Corp		28,396
20,476	*	Atlas America, Inc		1,233
4,085	e*	Atwood Oceanics, Inc		319
11,519	e	Berry Petroleum Co (Class A)		659
12,550	e	Cabot Oil & Gas Corp (Class A)		566
22,974	e*	Cal Dive International, Inc		825
27,184	e*	Callon Petroleum Co		480
54,968	e*	Cheniere Energy, Inc		2,046
203,497	e	Chesapeake Energy Corp		6,457
46,152	e	Cimarex Energy Co		1,985
21,613	*	Clayton Williams Energy, Inc		902
20,725	e*	Comstock Resources, Inc		632
15,757	e*	Delta Petroleum Corp		343
175,338	e*	Denbury Resources, Inc		3,994
496,884	e	Devon Energy Corp		31,075
17,038	*	Edge Petroleum Corp		424
7,201	*	Encore Acquisition Co		231
68,159	*	Energy Partners Ltd		1,485

315

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES				(000)
186,136	e	ENSCO International, Inc	$	8,255
341,716		Equitable Resources, Inc		12,538
55,136	e*	Forest Oil Corp		2,513
8,897	e*	FX Energy, Inc		71
16,582	e*	Global Industries Ltd		188
45,337	e*	Grey Wolf, Inc		350
55,116	e*	Harvest Natural Resources, Inc		489
103,835	e	Helmerich & Payne, Inc		6,428
11,390	*	Houston Exploration Co		601
54,692	e*	KCS Energy, Inc		1,325
140,689	e*	Meridian Resource Corp		591
80,389	e*	National Oilwell Varco, Inc		5,040
119,240	*	Newfield Exploration Co		5,970
289,790		Noble Energy, Inc		11,679
8,831	*	Oceaneering International, Inc		440
48,248	*	PetroHawk Energy Corp		638
10,571	*	Petroleum Development Corp		352
16,300	e*	Petroquest Energy, Inc		135
128,017		Pioneer Natural Resources Co		6,563
61,817	*	Plains Exploration & Production Co		2,456
75,300	e	Pogo Producing Co		3,751
122,390	e*	Pride International, Inc		3,764
64,013	e*	Quicksilver Resources, Inc		2,689
102,753	e	Range Resources Corp		2,707
8,000	*	Remington Oil & Gas Corp		292
77,900	e	Rowan Cos, Inc		2,776
9,480		RPC, Inc		250
7,000	e	St. Mary Land & Exploration Co		258
16,278	e*	Stone Energy Corp		741
45,433	*	Swift Energy Co		2,048
3,887	e*	Syntroleum Corp		35
13,207	e*	Tetra Technologies, Inc		403
105,526	e	Tidewater, Inc		4,692
19,558	e*	Toreador Resources Corp		412
422,299	*	Transmontaigne, Inc		2,787
12,425	e*	Unit Corp		684
37,825	*	Veritas DGC, Inc		1,342
73,997		Vintage Petroleum, Inc		3,946
8,105	e*	W-H Energy Services, Inc		268
5,505	*	Whiting Petroleum Corp		220
313,786		XTO Energy, Inc		13,788
		TOTAL OIL AND GAS EXTRACTION		228,853
PAPER AND ALLIED PRODUCTS - 0.46%
60,200		Bemis Co		1,678
40,000	e	Bowater, Inc		1,229
25,800	e*	Buckeye Technologies, Inc		208
18,600		Chesapeake Corp		316
30,700	e	Glatfelter		435
278,889		Kimberly-Clark Corp		16,636

316

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES				(000)
6,600		Longview Fibre Co	$	137
233,349	e	MeadWestvaco Corp		6,541
47,600		Packaging Corp of America		1,092
11,200	e	Potlatch Corp		571
5,700		Rock-Tenn Co (Class A)		78
129,950	e	Sonoco Products Co		3,820
60,796		Temple-Inland, Inc		2,727
10,800	e	Wausau Paper Corp		128
		TOTAL PAPER AND ALLIED PRODUCTS		35,596
PERSONAL SERVICES - 0.00% **
1,616	e	Unifirst Corp		50
		TOTAL PERSONAL SERVICES		50
PETROLEUM AND COAL PRODUCTS - 0.72%
269,430		EOG Resources, Inc		19,768
99,808		Frontier Oil Corp		3,746
21,091	*	Giant Industries, Inc		1,096
68,902	e*	Headwaters, Inc		2,442
150,944		Sunoco, Inc		11,831
330,996	e	Valero Energy Corp		17,079
		TOTAL PETROLEUM AND COAL PRODUCTS		55,962
PRIMARY METAL INDUSTRIES - 0.68%
61,885	e*	Aleris International, Inc		1,995
135,325	*	Century Aluminum Co		3,547
6,900	e*	CommScope, Inc		139
553,400	*	Corning, Inc		10,880
4,400	*	General Cable Corp		87
43,376	e	Gibraltar Industries, Inc		995
12,300		Hubbell, Inc (Class B)		555
42,084	e*	Lone Star Technologies, Inc		2,174
32,200	e*	Maverick Tube Corp		1,283
53,678		Mueller Industries, Inc		1,472
70,846	e*	NS Group, Inc		2,962
162,218	e	Nucor Corp		10,823
30,445	e	Quanex Corp		1,521
130,793	e	Schnitzer Steel Industries, Inc (Class A)		4,001
58,618	e	Steel Dynamics, Inc		2,081
88,373	e	Steel Technologies, Inc		2,474
3,300	*	Superior Essex, Inc		67
15,200		Tredegar Corp		196
58,789	e*	Wheeling-Pittsburgh Corp		530
270,750	e	Worthington Industries, Inc		5,201
		TOTAL PRIMARY METAL INDUSTRIES		52,983

317

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES				(000)
PRINTING AND PUBLISHING - 0.56%
1,300	e*	ACCO Brands Corp	$	32
10,100	e	Bowne & Co, Inc		150
5,200	e*	Cenveo, Inc		68
800		CSS Industries, Inc		25
15,900		Dex Media, Inc		431
41,000	e	Dow Jones & Co, Inc		1,455
29,750	*	Dun & Bradstreet Corp		1,992
4,200	e	Ennis, Inc		76
51,552	e	EW Scripps Co		2,476
10,200		Harte-Hanks, Inc		269
6,800		Lee Enterprises, Inc		251
3,600		McClatchy Co (Class A)		213
284,484		McGraw-Hill Cos, Inc		14,688
3,113		Media General, Inc (Class A)		158
6,500		Meredith Corp		340
87,236	e	New York Times Co (Class A)		2,307
10,500	e*	Presstek, Inc		95
17,488	e*	R.H. Donnelley Corp		1,078
122,229		R.R. Donnelley & Sons Co		4,181
23,349		Standard Register Co		369
2,400	e	Thomas Nelson, Inc		59
271,862	e	Tribune Co		8,227
5,956	e	Washington Post Co (Class B)		4,556
		TOTAL PRINTING AND PUBLISHING		43,496
RAILROAD TRANSPORTATION - 0.29%
19,164	e*	Kansas City Southern Industries, Inc		468
489,510		Norfolk Southern Corp		21,945
		TOTAL RAILROAD TRANSPORTATION		22,413
REAL ESTATE - 0.00% **
16,099	e	Stewart Enterprises, Inc (Class A)		87
		TOTAL REAL ESTATE		87
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.04%
1,800	*	Applied Films Corp		38
70,651	e	Cooper Tire & Rubber Co		1,082
5,481	e*	Deckers Outdoor Corp		151
18,500	e*	Sealed Air Corp		1,039
7,251	*	Skechers U.S.A., Inc (Class A)		111
11,100		Spartech Corp		244
1,800	e*	Trex Co, Inc		51
7,000	e	West Pharmaceutical Services, Inc		175
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		2,891

318

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES				(000)
SECURITY AND COMMODITY BROKERS - 1.50%
29,610	e	A.G. Edwards. Inc	$	1,387
67,631		Ameritrade Holding Corp		1,623
7,600	e	BKF Capital Group, Inc		144
570,443	e	Charles Schwab Corp		8,368
14,136		Chicago Mercantile Exchange Holdings, Inc		5,195
3,200	e	Eaton Vance Corp		87
27,941		Federated Investors, Inc (Class B)		1,035
148,417	e	Franklin Resources, Inc		13,953
3,630	e	GAMCO Investors, Inc		158
244,176	e	Goldman Sachs Group, Inc		31,184
72,720	e	Janus Capital Group, Inc		1,355
35,052	e	Legg Mason, Inc		4,195
596,129		Merrill Lynch & Co, Inc		40,376
16,805	e*	Piper Jaffray Cos		679
36,392		SEI Investments Co		1,347
1,900		SWS Group, Inc		40
78,326		T Rowe Price Group, Inc		5,642
		TOTAL SECURITY AND COMMODITY BROKERS		116,768
SPECIAL TRADE CONTRACTORS - 0.00% **
4,050	e	Comfort Systems USA, Inc		37
3,000	e*	Layne Christensen Co		76
2,700	e*	Quanta Services, Inc		36
		TOTAL SPECIAL TRADE CONTRACTORS		149
STONE, CLAY, AND GLASS PRODUCTS - 0.06%
2,065	e	Apogee Enterprises, Inc		34
1,122	e*	Cabot Microelectronics Corp		33
12,525	e	CARBO Ceramics, Inc		708
19,154	e	Eagle Materials, Inc		2,344
1,862	e	Eagle Materials, Inc (Class B)		219
83,512	e	Gentex Corp		1,628
4,200	e	Libbey, Inc		43
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		5,009
TEXTILE MILL PRODUCTS - 0.00% **
3,200		Oxford Industries, Inc		175
		TOTAL TEXTILE MILL PRODUCTS		175
TRANSPORTATION BY AIR - 0.45%
2,600	e*	Airtran Holdings, Inc		42
18,300	e*	Alaska Air Group, Inc		653
122,125	e*	AMR Corp		2,715

319

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES				(000)
92,958	e*	Continental Airlines, Inc (Class B)	$	1,980
47,100	e*	ExpressJet Holdings, Inc		381
164,124		FedEx Corp		16,969
45,006	e*	Frontier Airlines, Inc		416
71,083	e*	JetBlue Airways Corp		1,093
60,245	e*	Mesa Air Group, Inc		630
12,100	e*	Pinnacle Airlines Corp		81
6,600		Skywest, Inc		177
627,375	e	Southwest Airlines Co		10,308
		TOTAL TRANSPORTATION BY AIR		35,445
TRANSPORTATION EQUIPMENT - 0.58%
10,800		A.O. Smith Corp		379
4,700	e*	Accuride Corp		61
8,885	e*	Aftermarket Technology Corp		173
51,000	e	American Axle & Manufacturing Holdings, Inc		935
70,430	e	ArvinMeritor, Inc		1,013
117,096	e	Autoliv, Inc		5,319
53,585		Brunswick Corp		2,179
10,005		Coachmen Industries, Inc		118
177,709	e	Dana Corp		1,276
21,900		Federal Signal Corp		329
125,054	e*	Fleetwood Enterprises, Inc		1,544
224,750		Genuine Parts Co		9,871
46,368	e	Greenbrier Cos, Inc		1,317
205,687	e	Harley-Davidson, Inc		10,591
36,928	e	Harsco Corp		2,493
23,100	e	JLG Industries, Inc		1,055
13,886	e	Noble International Ltd		289
3,100	e*	R&B, Inc		29
59,956	e	Standard Motor Products, Inc		553
64,900	e	Superior Industries International, Inc		1,445
25,384	*	Tenneco, Inc		498
400	e	Thor Industries, Inc		16
44,061	e*	TRW Automotive Holdings Corp		1,161
217,570	e*	Visteon Corp		1,362
41,471	e	Wabash National Corp		790
1,200	e	Westinghouse Air Brake Technologies Corp		32
1,600	e	Winnebago Industries, Inc		53
		TOTAL TRANSPORTATION EQUIPMENT		44,881
TRANSPORTATION SERVICES - 0.06%
77,532	e	GATX Corp		2,798
1,898	*	HUB Group, Inc		67
27,046	e*	RailAmerica, Inc		297
65,665		Sabre Holdings Corp		1,583
		TOTAL TRANSPORTATION SERVICES		4,745

320

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES				(000)
TRUCKING AND WAREHOUSING - 0.38%
1,600	e*	SCS Transportation, Inc	$	34
49,700	e*	SIRVA, Inc		398
390,835	e	United Parcel Service, Inc (Class B)		29,371
		TOTAL TRUCKING AND WAREHOUSING		29,803
WATER TRANSPORTATION - 0.01%
1,700	e*	Gulfmark Offshore, Inc		50
22,369	e*	Hornbeck Offshore Services, Inc		732
		TOTAL WATER TRANSPORTATION		782
WHOLESALE TRADE-DURABLE GOODS - 0.42%
158,300		Adesa, Inc		3,866
3,400		Agilysys, Inc		62
118,700	e*	Aviall, Inc		3,419
68,947	e	Barnes Group, Inc		2,275
19,700		BorgWarner, Inc		1,194
6,012	e	Building Material Holding Corp		410
39,080	e*	Castle (A.M.) & Co		853
10,000	e*	Cytyc Corp		282
140,200	e	IKON Office Solutions, Inc		1,459
21,600	e*	Ingram Micro, Inc (Class A)		430
2,400	e*	Keystone Automotive Industries, Inc		76
17,066	e*	Navarre Corp		94
29,884		Omnicare, Inc		1,710
1,400	e	Owens & Minor, Inc		39
58,324	e*	Patterson Cos, Inc		1,948
2,500	e*	PSS World Medical, Inc		37
48,136		Reliance Steel & Aluminum Co		2,942
198,467	e	Ryerson Tull, Inc		4,827
3,500	*	Tech Data Corp		139
25,700	e*	Tyler Technologies, Inc		226
92,400	e	W.W. Grainger, Inc		6,570
		TOTAL WHOLESALE TRADE-DURABLE GOODS		32,858
WHOLESALE TRADE-NONDURABLE GOODS - 0.87%
29,572	e*	Allscripts Healthcare Solutions, Inc		396
298,435	e	Cardinal Health, Inc		20,517
800	*	Dean Foods Co		30
87,798	e*	Endo Pharmaceuticals Holdings, Inc		2,657
28,000	e	Handleman Co		348
21,570	e*	Henry Schein, Inc		941
4,800	e	Kenneth Cole Productions, Inc (Class A)		122
267,603		McKesson Corp		13,806
6,600	e*	Men's Wearhouse, Inc		194
4,100	e	Myers Industries, Inc		60
122,300		Nike, Inc (Class B)		10,615

321

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				MATURITY		VALUE
SHARES			RATE	DATE		(000)
2,220		Reebok International, Ltd			$	129
269,010	e	Safeway, Inc				6,365
700	*	Smart & Final, Inc				9
17,900	e	Stride Rite Corp				243
10,500		Supervalu, Inc				341
345,100		Sysco Corp				10,715
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS				67,488
		TOTAL COMMON STOCKS				4,610,894
		(Cost $3,302,321)

PRINCIPAL
SHORT-TERM INVESTMENTS - 10.30%
COMMERCIAL PAPER - 1.90%
$     24,600,000	c,d	BellSouth Corp	4.250	01/24/06	24,538
24,600,000		Goldman Sachs Group, Inc	4.230	01/04/06	24,597
15,000,000	c	Hershey Co	4.220	01/23/06	14,964
14,800,000	c,d	Kimberley-Clark Worldwide, Inc	4.220	01/17/06	14,775
24,600,000	c	Pfizer, Inc	4.140	01/09/06	24,582
20,000,000		United Parcel Service, Inc	4.030	01/25/06	19,948
24,600,000	d	Verizon Network Funding	4.270	01/17/06	24,559
		TOTAL COMMERCIAL PAPER			147,963
U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES - 5.01%
22,400,000	d	Federal Home Loan Bank (FHLB)	4.150	01/13/06	22,374
25,000,000	d	Federal Home Loan Mortgage Corp (FHLMC)	4.190	01/23/06	24,943
17,170,000		FHLMC	4.070	01/30/06	17,117
32,840,000		Federal National Mortgage Association (FNMA)	3.350	01/03/06	32,840
25,000,000		FNMA	4.160	01/05/06	24,994
25,000,000		FNMA	4.140	01/06/06	24,992
20,860,000	d	FNMA	4.150	01/10/06	20,843
23,000,000		FNMA	4.100	01/11/06	22,979
48,850,000	d	FNMA	4.100	01/12/06	48,800
17,190,000		FNMA	4.180	01/17/06	17,162
76,105,000	d	FNMA	4.170	01/18/06	75,974
27,000,000		FNMA	4.170	01/19/06	26,950
30,360,000		FNMA	4.110	02/01/06	30,257
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES			390,225

322

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

					VALUE
PRINCIPAL					(000)
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 3.39%
REPURCHASE AGREEMENTS - 3.39%
$     34,502,000	Bear Stearns & Co, Inc, 4.250% Dated 12/30/05,			$	34,510
	Due 01/03/2006 In the Amount of $34,510,146
	Fully Collateralized as follows:
	Federal Home Loan Bank (FHLB) 0.000% - 4.500%, 02/17/2006 - 06/12/2013	$	2,260,912
	Federal Home Loan Mortgage Corp (FHLMC) 5.250% - 5.400% , 11/10/2010 - 12/28/2010		11,604,126
	Federal National Mortgage Association (FNMA) 4.000% - 7.000%, 01/26/2009 - 11/28/2017		21,399,899
	Total Market Value		35,264,937
90,000,000	Goldman Sachs & Co. 4.270% Dated 12/30/2005,				90,022
	Due 01/03/2006 In The Amount Of $90,021,350
	Fully Collateralized as follows:
	Federal Home Loan Mortgage Corp (FHLMC) 4.110% , 02/16/2010		91,811,492
	Total Market Value		91,811,492
90,000,000	Merrill Lynch & Co. Inc, 4.240% Dated 12/30/2005,				90,021
	Due 01/03/2006 In The Amount Of $90,021,350
	Fully Collateralized as follows:
	Federal Farm Credit Bank (FFCB) 6.000%, 05/14/2013		22,024,575
	Federal Home Loan Bank (FHLB) 5.895%, 09/02/2025		21,080,779
	Federal National Mortgage Association (FNMA) 6.250%, 05/15/2029		26,383,117
	Tennessee Valley Authority 7.125%, 05/01/2030		22,314,893
	Total Market Value		91,803,364
50,000,000	Morgan Stanely & Co, Inc 4.250% Dated 12/30/2005,				50,012
	Due 01/03/2006 In The Amount Of $50,011,806
	Fully Collateralized as follows:
	Federal Home Loan Mortgage Corp (FHLMC) 0.000% , 01/15/2006		51,091,452
	Total Market Value		51,091,452
	TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED				264,565
	TOTAL SHORT-TERM INVESTMENTS				802,753
	(Cost $802,636)
	TOTAL PORTFOLIO - 108.92%				8,489,333
	(Cost $7,199,284)
	OTHER ASSETS & LIABILITIES, NET - (8.92%)				(694,916	)
	NET ASSETS - 100.00%			$	7,794,417

323

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

*	Non-income producing
**	Percentage represents less than 0.01%
^	Amount represents less than $1,000
c	Commercial Paper issued under the Private Placement exemption
	under Section 4(2) of the Securities Act of 1933.
d	All or a portion of these securities have been segregated by the custodian to cover securities
	purchased on a delayed delivery basis.
e	All or a portion of these securities are out on loan.
g	Security is exempt from registration under Rule 144 (A) of the Securities Act of 1933
	and may be resold in transactions exempt from registration
	to qualified institutional buyers.
	At December 31, 2005, the value of these securities amounted to $61,828,105 or 0.79% of net assets.
h	These securities were purchased on a delayed delivery basis.
j	Zero coupon
k	Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
v	Security valued at fair value.
+	As provided by Moody's Investors Service (Unaudited)
	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.

324

COLLEGE RETIREMENT EQUITIES FUND - Inflation-Linked Bond Account

COLLEGE RETIREMENT EQUITIES FUND
INFLATION-LINKED BOND ACCOUNT
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2005

				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
GOVERNMENT BONDS - 98.85%
U.S. TREASURY SECURITIES - 98.85%
$     187,865,296	k	United States Treasury Inflation Indexed Bond	3.375	01/15/07	$	189,333
222,848,610	k	United States Treasury Inflation Indexed Bond	3.625	01/15/08		228,908
199,241,754	k	United States Treasury Inflation Indexed Bond	3.875	01/15/09		209,515
148,272,868	k	United States Treasury Inflation Indexed Bond	4.250	01/15/10		160,760
149,609,065	k	United States Treasury Inflation Indexed Bond	3.500	01/15/11		159,956
82,472,757	k	United States Treasury Inflation Indexed Bond	3.375	01/15/12		88,697
284,628,174	k	United States Treasury Inflation Indexed Bond	3.000	07/15/12		301,105
264,220,619	k	United States Treasury Inflation Indexed Bond	1.875	07/15/13		260,733
270,626,038	k	United States Treasury Inflation Indexed Bond	2.000	01/15/14		269,295
247,165,311	k	United States Treasury Inflation Indexed Bond	2.000	07/15/14		246,006
245,873,734	e,k	United States Treasury Inflation Indexed Bond	1.625	01/15/15		237,057
213,411,444	e,k	United States Treasury Inflation Indexed Bond	1.875	07/15/15		210,010
324,659,402	e,k	United States Treasury Inflation Indexed Bond	2.375	01/15/25		341,902
216,760,983	e,k	United States Treasury Inflation Indexed Bond	3.625	04/15/28		280,198
252,301,780	k	United States Treasury Inflation Indexed Bond	3.875	04/15/29		341,079
69,895,034	k	United States Treasury Inflation Indexed Bond	3.375	04/15/32		91,120
356,301,151	k	United States Treasury Inflation Indexed Note	0.875	04/15/10		338,817
		TOTAL U.S. TREASURY SECURITIES				3,954,491
		TOTAL GOVERNMENT BONDS				3,954,491
		(Cost $3,858,474)
SHORT-TERM INVESTMENTS - 1.27%
COMMERCIAL PAPER - 0.18%
7,300,000		Variable Funding Capital Corp	4.170	01/03/06		7,297
		TOTAL COMMERCIAL PAPER				7,297
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED- 1.09%
REPURCHASED AGREEMENTS - 1.09%
8,345,000		Bear Stearns & Co, Inc, 4.250% Dated 12/30/05,				8,347
		Due 01/03/2006 In the Amount of $8,346,970
		Fully Collateralized as follows:
		Federal Home Loan Bank (FHLB) 0.000% - 4.500%, 02/17/2006 - 06/12/2013		$          546,847
		Federal Home Loan Mortgage Corp (FHLMC) 5.250% - 5.400% , 11/10/2010 - 12/28/2010		2,806,691
		Federal National Mortgage Association (FNMA) 4.000% - 7.000%, 01/26/2009 - 11/28/2017		5,175,994
		Total Market Value		8,529,532
25,000,000		Goldman Sachs & Co. 4.270% Dated 12/30/2005,				25,006
		Due 01/03/2006 In The Amount Of $25,005,931
		Fully Collateralized as follows:
		Federal Home Loan Mortgage Corp (FHLMC) 4.110% , 02/16/2010		25,503,192
		Total Market Value		25,503,192

325

COLLEGE RETIREMENT EQUITIES FUND - Inflation-Linked Bond Account

					VALUE
PRINCIPAL					(000)
$     10,000,000		Merrill Lynch & Co. Inc, 4.240% Dated 12/30/2005,		$	10,002
		Due 01/03/2006 In The Amount Of $10,002,356
		Fully Collateralized as follows:
		Federal Farm Credit Bank (FFCB) 6.000%, 05/14/2013	$     2,447,175
		Federal Home Loan Bank (FHLB) 5.895%, 09/02/2025	2,342,309
		Federal National Mortgage Association (FNMA) 6.250%, 05/15/2029	2,931,458
		Tennessee Valley Authority 7.125%, 05/01/2030	2,479,432
		Total Market Value	10,200,374
		TOTAL INVESTMENT OF CASH COLLATERAL
		FOR SECURITIES LOANED			43,355
		TOTAL SHORT-TERM INVESTMENTS			50,652
		(Cost $50,654)
		TOTAL PORTFOLIO - 100.12%			4,005,143
		(Cost $3,909,128)
		OTHER ASSETS & LIABILITIES, NET - (0.12%)			(4,815	)
		NET ASSETS - 100.00%		$	4,000,328
	e	All or a portion of these securities are out on loan.
	k	Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
		Cost amounts are in thousands.
		For ease of presentation, we have grouped a number of industry classification categories together in
		the Statement of Investments. Note that the Accounts use more specific industry categories in following
		their investment limitations on industry concentration.

326

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies.

Not Applicable.

Item 8. Portfolio Mangers of Closed-End Management Investment Companies.

Not Applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment
Company and Affiliated Purchasers.

Not Applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

Not Applicable.

Item 11. Controls and Procedures.

     (a) Evaluation of disclosure controls and procedures. An evaluation was performed within 90 days from the date hereof under the supervision of the registrant’s management, including the principal executive officer and principal financial officer, of the effectiveness of the design and operation of the registrant’s disclosure controls and procedures. Based on that evaluation, the registrant’s management, including the principal executive officer and principal financial officer, concluded that the registrant’s disclosure controls and procedures were effective for this semi-annual reporting period.

     (b) Changes in internal controls. There were no changes in the registrant’s internal controls over financial reporting that occurred during the registrant's first fiscal half-year that materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 12. Exhibits.

12(a)(1) Code of Ethics (EX-99.COD ETH)

12(a)(2)(i) Section 302 certification of the principal executive officer (EX-99.CERT)

12(a)(2)(ii) Section 302 certification of the principal financial officer (EX-99.CERT)

12(b) Section 906 certification.(EX-99.906CERT)

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		COLLEGE RETIREMENT EQUITIES FUND
Date:	February 9, 2006	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:	February 9, 2006	By: /s/Herbert M. Allison, Jr.
		Herbert M. Allison, Jr.
		President and Chief Executive Officer
		(principal executive officer)
Date:	February 9, 2006	By: /s/Russell Noles
		Russell Noles
		Vice President and Acting Chief Financial
		Officer, Teachers Insurance and Annuity
		Association of America
		(acting principal financial officer)

EXHIBIT LIST

Item 12. Exhibits.

12(a)(1) Code of Ethics (EX-99.COD ETH)

12(a)(2)(i) Section 302 certification of the principal executive officer (EX-99.CERT)

12(a)(2)(ii) Section 302 certification of the principal financial officer (EX-99.CERT)

12(b) Section 906 certification.(EX-99.906CERT)

EX-99.CERT

EX-99.CERT

CERTIFICATION

I, Herbert M. Allison, Jr., certify that:

1. I have reviewed this report on Form N-CSR of the College Retirement Equities Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)	Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d)	Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:	February 9, 2006	By:	/s/ Herbert M. Allison, Jr.
			Herbert M. Allison, Jr.
			President and Chief Executive Officer
			(principal executive officer)

EX-99.CERT

CERTIFICATION

I, Russell Noles, certify that:

1. I have reviewed this report on Form N-CSR of the College Retirement Equities Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)	Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d)	Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)	significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:	February 9, 2006	By:	/s/ Russell Noles
			Russell Noles
			(acting principal financial officer)

EX-99.906CERT

EX-99.906CERT

CERTIFICATION

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

     Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), each of the undersigned officers of the College Retirement Equities Fund does hereby certify, to such officer’s knowledge, that:

The annual report on Form N-CSR of the College Retirement Equities Fund (the “Funds”) for the fiscal year ended December 31, 2005 (the “Form N-CSR”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Funds.

Dated:	February 9, 2006	By:	/s/ Herbert M. Allison, Jr.
			Herbert M. Allison, Jr.
			President and Chief Executive Officer
			(principal executive officer)
			College Retirement Equities Fund
Dated:	February 9, 2006	By:	/s/ Russell Noles
			Russell Noles
			Vice President and Acting Chief Financial Officer
			(acting principal financial officer)
			College Retirement Equities Fund