N-CSRS

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: January 1, 2006 - June 30, 2006

Item 1. Reports to Stockholders.

2006 SEMIANNUAL REPORT
COLLEGE RETIREMENT
EQUITIES FUND
JUNE 30, 2006
Financial statements (unaudited) including summary portfolios of investments
Stock	Bond Market
Global Equities	Inflation-Linked Bond
Growth	Social Choice
Equity Index	Money Market
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PERFORMANCE OVERVIEW AS OF JUNE 30, 2006

			Average annual compound rates of total return
	Inception date		1 year			5 years			10 years			Since inception
EQUITIES
CREF Stock		8/1/1952		12.56	%		4.47	%		8.00	%		10.47	%
CREF Global Equities		5/1/1992		15.60			4.77			6.61			9.10
CREF Growth		4/29/1994		4.69			–2.41			4.16			7.39
CREF Equity Index		4/29/1994		9.14			3.12			8.23			10.57
EQUITIES & FIXED INCOME
CREF Social Choice		3/1/1990		5.60			4.48			7.99			9.80
FIXED INCOME
CREF Bond Market		3/1/1990		–0.98			4.87			6.07			7.02
CREF Inflation-Linked Bond		5/1/1997		–2.03			6.57			—			6.54
CREF Money Market*		4/1/1988		3.90			1.96			3.72			4.70
NET ANNUALIZED YIELD				NET ANNUALIZED YIELD
(30-day period ended 6/30/2006)				(7-day period ended 6/27/2006)
		Effective								Current			Effective
CREF Bond Market		5.07%		CREF Money Market*						4.64%			4.75%

* 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.

Contents

Understanding your CREF report	2
Keeping pace with your evolving needs	3
Report to CREF participants	4
More information for CREF participants	6
Special terms	7
Understanding investment risk	8
Important information about expenses	10
Account performance
CREF Stock Account	11
CREF Global Equities Account	15
CREF Growth Account	19
CREF Equity Index Account	23
CREF Bond Market Account	27
CREF Inflation-Linked Bond Account	31
CREF Social Choice Account	35
CREF Money Market Account	39
Summary portfolios of investments	43
Financial statements
Statements of assets and liabilities	80
Statements of operations	83
Statements of changes in net assets	86
Notes to financial statements	92
Board approval of investment management agreement	120
How to reach us	Inside back cover

Understanding your CREF report

This report contains information about your CREF accounts and analyzes the accounts’ results for the six-month period ended June 30, 2006. The report contains six main sections:

• The performance overview on the inside front cover shows the accounts’ returns over a variety of time periods.

• The letter from Scott Evans, executive vice president and head of Asset Management, describes how CREF is evolving to serve you better.

• The letter from Edward Grzybowski, the chief investment officer of TIAA-CREF Investment Management, LLC, the accounts’ investment adviser, explains how returns from various asset classes differed during the six-month period.

• The account performance section compares each account’s return with the returns of that account’s benchmark index and peer group. This section also provides information about risks and expenses.

• The summary portfolios of investments list the industries or types of securities in which each account had investments as of June 30, 2006 and the largest individual issues the account held on that date.

• 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.

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Keeping pace with your evolving needs

I am pleased to provide you with the 2006 CREF Semiannual Report, which will tell you how each of the CREF accounts performed during the first six months of 2006.

          More than ever before, finding value in the global marketplace is a demanding task. To meet that challenge, we are increasing the size of our analyst team by 50% in order to give our research capacity a more global reach. We will continue to deploy all of our resources in a diligent, efficient and risk-controlled manner. Because we are committed to providing expert investment management while restraining expenses, we are obsessive about spending each dollar wisely.

          As I focus my attention on leading Asset Management at TIAA-CREF, I am pleased to turn over investment policy responsibilities to Edward Grzybowski, who brings to his new position nearly two decades of experience at the company.

          As the chief investment officer of TIAA-CREF Investment Management, the investment adviser for CREF, Ed is charged with building on our heritage of helping to provide financial security through disciplined, low-priced investment management.

          Ed and I will work with the Asset Management staff with one clear objective: to help maximize the ending balance in your accounts, while remaining conscious of risk. That is what our 3.2 million customers in the academic, medical, cultural and research fields expect from TIAA-CREF.

Scott C. Evans
Executive Vice President

          Whether you are decades away from retirement and are primarily seeking growth or are already enjoying retirement and are seeking to maximize your income, we can offer you choices intended to help build value and suit your personal goals.

by: /s/ Scott C. Evans

Scott C. Evans
Executive Vice President

College Retirement Equities Fund   2006 Semiannual Report   |   3

Report to CREF participants

Returns from U.S. stocks fluctuated widely during the first half of 2006, but their overall trend fit a pattern that has been in place since 2002. After underperforming foreign stocks for four consecutive calendar years, U.S. stocks continued to lag them in the first six months of 2006.

          The Russell 3000^® Index, which measures the broad U.S. market, returned 3.2% for the period, versus the 8.5% average annual return of the index over the decade that ended on June 30.

          Boosted by a stronger euro and pound, the MSCI EAFE^® Index, which tracks 21 stock markets outside North America, returned 10.2% in terms of U.S. dollars. The EAFE’s average annual return for the 10-year period was 6.4% in dollar terms.

Bonds fall as interest rates rise

The Federal Reserve raised short-term interest rates four times during the six-month period, pushing yields on longer-term bonds higher. These rate hikes reduced the market value of the bonds already held by many investment portfolios. Income from interest on bond holdings offset some of that decline, but the Lehman Brothers U.S. Aggregate Index, which measures the investment-grade bond market in the United States, posted a 0.7% loss for the period.

Foreign holdings boost some returns

During the six-month period, returns varied widely among individual categories of stocks and bonds, and these diverging returns were reflected in the CREF accounts.

          The Global Equities Account, which holds both foreign and domestic stocks, returned 4.7% for the period, helped by its foreign stock allocation. The account lagged its benchmark, however.

          The Stock Account returned 4.3%. The account trailed its composite index, but its large foreign stock segment enabled the account to outperform the broad U.S. market.

          The Growth Account’s –3.2% return lagged that of its benchmark.

          The Equity Index Account’s 3.0% return kept it close to its benchmark, allowing for expenses, and outpaced the average return of similar variable annuities in the Morningstar Large Blend (VA) category.

          The Social Choice Account returned 1.2%, lagging its composite index.

          The Bond Market Account and the Inflation-Linked Bond Account were both affected by the decline in U.S. bond prices, and posted returns of –0.8% and –2.0%, respectively. Both accounts were in line with their benchmarks, after expenses.

          The Money Market Account’s 2.2% return was above the prevailing money market average.

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Inflation-linked bonds decline

Participants may wonder why the Inflation-Linked Bond Account had a loss for the six-month period covered by this report, considering that the bonds in which the account invests are guaranteed by the federal government.

          While the government guarantees both the interest payments and the eventual payback of principal of each inflation-linked bond it issues, the market value of individual bonds can go up or down each business day, in response to changes in interest rates and to other market conditions.

          The returns from inflation-linked bonds come from two sources: changes in bond prices and interest income on the bonds. For the first half of 2006, inflation-linked bonds posted negative returns because rising interest rates resulted in a decline in bond prices. At the same time, interest income from the bonds increased, because it is linked to the Consumer Price Index. However, higher interest income was not enough to offset the decline in bond prices.

          It is worth noting, however, that during the last five years the average annual return of inflation-linked bonds has been 7.0%—double the 3.5% average return of the broad U.S. stock market, as measured by the Russell 3000 Index.

Edward J. Grzybowski
Chief Investment Officer
TIAA-CREF Investment Management, LLC

Rebalancing and diversification: key parts of your investment strategy

Because the CREF accounts produced a wide range of returns in the twelve months ended June 30, your allocations among them may have changed significantly in percentage terms. You may want to check your accounts and rebalance them to keep your portfolio properly diversified. While diversification and rebalancing do not guarantee against loss or ensure that your investment objectives will be met, they may help lower risk and smooth out returns over time.

          For more information about diversifying among the CREF accounts in a way that suits your needs, please visit our website or call us.

by: /s/ Edward J. Grzybowski

Edward J. Grzybowski
Chief Investment Officer
TIAA-CREF Investment Management, LLC

College Retirement Equities Fund  2006 Semiannual Report   |   5

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 June 30, 2006) in the following ways:

• by visiting the TIAA-CREF website at www.tiaa-cref.org; or

• by calling TIAA-CREF at 800 842-2776 to request a copy, which will be provided free of charge.

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:

• through the Electronic Data Gathering and Retrieval System (EDGAR) on the SEC’s website at www.sec.gov; or

• at the SEC’s Public Reference Room. (Call 800 SEC-0330 for more information.)

Proxy voting

CREF’s ownership of stock gives it the right to vote on proxy issues of companies in which it invests. A description of our proxy voting policies and procedures can be found at our 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.

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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, whose performance can be used as a standard by which to judge 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 account. 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 usually issued by Ginnie Mae, Fannie Mae or other federal entities.

Overweight holding is a security held by an account. In terms of market capitalization, its percentage of the account is larger 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 can be 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 securities”) or other investments.

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

Underweight holding is a security held by an account. In terms of market capitalization, its percentage of the account is smaller 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. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company. S&P 500 is a registered trademark and service mark of the McGraw-Hill Companies, Inc.

College Retirement Equities Fund  2006 Semiannual Report   |   7

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.

          Some kinds of risk apply to all investments; other risks only apply to certain types of securities. For example, the price of any publicly traded security, such as a stock or bond, may decline in response to general market or economic conditions. This is referred to as “market risk.” An example of a risk that applies only to bonds is “credit risk”—the possibility that a company may be unable to repay the principal of its bonds or pay interest on them.

          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 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 described in the discussions of each account. We hope this information will help you make the investment choices best suited to your financial situation.

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 that the value of certain fixed-income securities will decline because principal payments have not been 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, the value of growth stocks is generally a function of their expected earnings growth. If that growth fails to occur or to be sustained, share prices can be adversely affected.

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.

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Index risk is the risk that an account’s performance will not match the performance of its benchmark index for any particular period of time. Although certain accounts attempt to closely track the investment performance of their indexes, they may not duplicate the composition of these indexes. In addition, an account’s 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 an account’s income 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 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 that certain fixed-income securities that allow for the prepayment of principal will decline in value and that an account’s income will decline as a result.

Reorganization risk is the risk that the stock of a company will lose value because the company is involved in a reorganization or some other special situation.

Risk of socially screened investing is the possibility that, because its social screens exclude some investments, an account will 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 possibility that market values of inflation-indexed bonds may be affected by changes in investors’ inflation expectations or changes in “real” rates of interest (i.e., a security’s return above the inflation rate). 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 an account’s style—whether growth-investing or value-investing—will pass out of favor in the marketplace for various periods of time.

College Retirement Equities Fund  2006 Semiannual Report   |   9

Important information about expenses

DISCLOSURE

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

• You incur no transaction costs, including sales charges (loads) on purchases, on reinvested dividends or on other distributions. There are also no redemption fees or exchange fees.

• However, you do incur ongoing costs, including investment advisory fees, administrative expenses, distribution (12b-1) fees, and mortality and expense risk charges.

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

          The examples assume $1,000 was invested on January 1, 2006, and held for six months until June 30, 2006.

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.

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CREF Stock Account  |  U.S. and foreign stocks

DISCUSSION

Performance in the six months ended June 30, 2006

The CREF Stock Account returned 4.33%, trailing the 4.66% return of its composite benchmark, a weighted average of the Russell 3000^® Index, the MSCI EAFE^®+Canada Index and the MSCI Emerging Markets Index^SM. The account’s return substantially exceeded the 1.42% average return of similar accounts, as measured by the Morningstar Large Blend (VA) category, which tracked 3,879 variable annuities as of June 30, 2006.

Stocks suffer second-quarter slump

Lifted by a strong global economy and robust corporate earnings growth, both U.S. and foreign stocks posted healthy gains in the first quarter of 2006. The broad-based Russell 3000 Index climbed 5.31%, and the EAFE+Canada index, which measures stocks in developed foreign countries, rose 9.33%. The MSCI Emerging Markets Index, which measures stocks in 25 emerging nations, jumped 12.02%.

          Stocks reversed course in the second quarter, however, in reaction to worldwide concerns about higher energy prices and tightening credit. The Russell 3000 fell 1.98%, giving back more than a third of its first-quarter gain, while the EAFE+Canada index returned a mere 0.67%. Emerging-market stocks suffered the sharpest reversal, declining 4.34% for the quarter.

Foreign stocks boost returns

By maintaining nearly a quarter of its total assets in foreign stocks, the account produced a return that was higher than the 3.23% gain of the broad U.S. stock market, as measured by the Russell 3000. However, the account lagged its composite benchmark primarily due to several stocks that did not perform as anticipated.

          The largest detractors from relative performance included an overweight in medical-device maker Boston Scientific and positions in three nonbenchmark stocks that underperformed: Japanese industrial holding company Sojitz and two health care companies, HealthSouth and Israel’s Teva Pharmaceutical. Teva was held as an American Depositary Receipt (a receipt for shares of a foreign stock traded on a U.S. exchange).

          The negative effects of these holdings were partly offset by positive contributions from overweights in well-performing stocks such as Finnish energy company Fortum, French industrial giant Alstom and Italian car maker Fiat.

          The MSCI Emerging Markets Index was added to the account’s composite benchmark on May 1, 2006. For the six-month period, the account’s small exposure to emerging markets did not materially affect its return.

College Retirement Equities Fund  2006 Semiannual Report   |   11

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 8.

The account’s benchmark

The account’s composite benchmark is a weighted average of three indexes: the Russell 3000^® Index, which measures the performance of the broad U.S. stock market; the MSCI EAFE^®+Canada Index, which measures stocks in 22 developed nations outside the United States; and the MSCI Emerging Markets Index^SM, which measures stocks in 25 emerging-market nations. (You cannot invest directly in these indexes.) The composite benchmark’s weightings are recalculated daily: on June 30, 2006, the U.S. segment was 77.8%, the foreign developed-markets segment 21.9% and the emerging-markets segment 0.3%.

Performance as of June 30, 2006

	Average annual compound rates of total return*									Cumulative rates of total return*
	1 year			5 years			10 years			6 months			5 years			10 years
CREF Stock Account		12.56	%		4.47	%		8.00	%		4.33	%		24.45	%		116.02	%
Benchmarks:
CREF Composite Benchmark		12.99			4.98			8.51			4.66			27.53			126.32
Russell 3000 Index1		9.56			3.52			8.52			3.23			18.92			126.60
MSCI EAFE+Canada Index2		26.89			10.47			6.79			10.06			64.55			92.90
MSCI Emerging Markets Index3		35.47			21.17			—			7.16			161.36			—
Peer groups:
Morningstar Large Blend (VA)		7.46			1.00			6.01			1.42			5.10			79.25
Morningstar Foreign Large Blend (VA)		24.89			6.67			4.92			7.70			38.13			61.67

*	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. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company.
2	From May 31, 2001 through May 31, 2002, MSCI published both a “standard” and a “provisional” version of this index while its composition was being revised. CREF used the provisional version from July 1, 2001 through May 31, 2002, and the returns shown above reflect this. EAFE is a trademark of Morgan Stanley Capital International, Inc.
3	This index was added to the account’s composite benchmark on May 1, 2006. MSCI Emerging Markets Index is a service mark of Morgan Stanley Capital International, Inc.

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  PERFORMANCE

$10,000 over 10 years

An investment of $10,000 in this account on July 1, 1996, would have grown to $21,602 over the next 10 years, including reinvestment of dividends and distributions. 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: 21.56%, for the quarter ended December 31, 1998
Worst quarter: –17.44%, for the quarter ended September 30, 2002

*
Partial year

College Retirement Equities Fund  2006 Semiannual Report   |   13

CREF Stock Account  |  U.S. and foreign stocks

  PERFORMANCE

Account expenses—six months ended June 30, 2006

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 January 1, 2006, and held for six months until June 30, 2006. Please see page 10 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 (1/1/06)		Ending account value (6/30/06)		Expenses paid† (1/1/06–6/30/06)
Actual return		$ 1,000.00		$    979.87		$ 2.43
5% annual hypothetical return		1,000.00		1,022.31		2.48

^† “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%. We estimate expenses for the coming year based on projected expenses, asset levels and other relevant factors. At the end of each quarter, we compare these projections with the account’s actual experience and adjust the account’s expenses upward or downward to reflect any difference. These adjustments are made in equal daily installments over the remaining days of the new quarter.

Portfolio breakdown by company size

Capitalization as of 6/30/2006	Percent of portfolio investments
Large: over $5 billion		81.65
Middle: $1 billion–$5 billion		14.59
Small: under $1 billion		3.76
Total		100.00
Account facts
Inception date	8/1/1952
Net assets (6/30/2006)	$	118.84 billion

Diversification among world markets

Holdings by country as of 6/30/2006	Percent of portfolio investments
United States		76.3
Japan		4.8
United Kingdom		4.2
France		2.4
Canada		1.8
Germany		1.7
Switzerland		1.7
44 other nations		6.4
Short-term investments		0.7
Total		100.0

14   |  2006 Semiannual Report  College Retirement Equities Fund

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

DISCUSSION

Performance in the six months ended June 30, 2006

The CREF Global Equities Account returned 4.73% for the period, lagging the 6.06% return of its benchmark, the MSCI World Index^SM, but topping the 4.64% average return of similar accounts, as measured by the Morningstar World Stock (VA) category. The Morningstar category tracked 1,035 variable annuities as of June 30, 2006.

A weaker dollar amplifies gains

Global stocks posted strong returns in the first quarter of 2006, when the account’s benchmark rose 6.60%. In the second quarter, higher interest rates and fears of inflation sent the index into negative territory.

          A weaker dollar cushioned this second-quarter decline. In terms of local currencies, the index dropped 3.04%, but in dollar terms the loss was 0.51%. For the six months, the dollar’s weakness versus the euro, pound and yen more than doubled the benchmark’s gain, from 2.86% in local currencies to 6.06% in dollars.

European stocks drive the index

The benchmark’s European segment jumped 13.58% in the period, fueled by healthy gains in France, Germany and the United Kingdom. The Pacific segment was up a modest 3.53%, and the North American segment, making up more than half of the benchmark’s market capitalization, returned just 2.64%.

Stock selections detract from the account’s returns

The account trailed its benchmark due to numerous stock selections that did not perform as expected. Among the largest detractors was Israel’s Teva Pharmaceutical, a stock that was not in the benchmark. Teva was held as an American Depositary Receipt (a receipt for shares of a foreign stock traded on a U.S. exchange).

          In Europe, returns were reduced by overweight positions in weak performers such as Dutch bank ABN AMRO and Swiss drug maker Serono. Positive contributions came from overweights that included German department store KarstadtQuelle and Finnish energy company Fortum.

          In the Pacific segment, returns were hampered by overweights that included two Japanese companies, Aeon Credit Service and construction firm Taisei, and by a position in Korea Investment Holdings, a non-benchmark stock. However, returns were helped by other overweights such as Japanese pharmaceutical company Daiichi Sankyo.

          In North America, overweights that included travel company Expedia and a position in HealthSouth, a nonbenchmark stock, lowered the account’s performance. The negative effects of these holdings were partly offset by underweights in Intel and UnitedHealth Group, an HMO.

College Retirement Equities Fund   2006 Semiannual Report   |   15

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 foreign investment risks and small-cap risk. For a further discussion of risk, please see page 8.

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 June 30, 2006

	Average Annual Compound Rates of Total Return*					Cumulative Rates of Total Return*
	1 year		5 years		10 years	6 months	5 years		10 years
CREF Global Equities Account	15.60	%	4.77	%	6.61%	4.73%	26.25	%	89.70%
Benchmark:
MSCI World Index1	16.93		5.69		6.91	6.06	31.87		95.17
Peer group:
Morningstar World Stock (VA)	16.59		3.95		6.69	4.64	21.37		91.14

*

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 both a “standard” and a “provisional” version of this index while its composition was being revised. CREF used the provisional version from July 1, 2001 through May 31, 2002, and the returns shown above reflect this. MSCI World Index is a service mark of Morgan Stanley Capital International, Inc.

16   |  2006 Semiannual Report  College Retirement Equities Fund

PERFORMANCE

$10,000 over 10 years

An investment of $10,000 in this account on July 1, 1996, would have grown to $18,970 over the next 10 years, including reinvestment of dividends and distributions. 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

* Partial year

College Retirement Equities Fund   2006 Semiannual Report   |   17

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

PERFORMANCE

Account expenses—six months ended June 30, 2006

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 January 1, 2006, and held for six months until June 30, 2006. Please see page 10 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 (1/1/06)	Ending account value (6/30/06)		Expenses paid† (1/1/06–6/30/06)
Actual return	$ 1,000.00	$	977.56	$ 2.54
5% annual hypothetical return	1,000.00		1,022.19	2.60

^† “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 0.52%. We estimate expenses for the coming year based on projected expenses, asset levels and other relevant factors. At the end of each quarter, we compare these projections with the account’s actual experience and adjust the account’s expenses upward or downward to reflect any difference. These adjustments are made in equal daily installments over the remaining days of the new quarter.

Portfolio breakdown by company size

Capitalization as of 6/30/2006	Percent of portfolio investments
Large: over $5 billion	86.36
Middle: $1 billion–$5 billion	12.27
Small: under $1 billion	1.37
Total	100.00

Account facts

Inception date	5/1/1992
Net assets (6/30/2006)	$13.44 billion

Diversification among world markets

Holdings by country as of 6/30/2006	Percent of portfolio investments
United States	47.2
Japan	10.8
United Kingdom	10.1
France	5.1
Germany	4.9
Switzerland	2.6
Netherlands	2.6
Spain	2.3
Canada	1.9
30 other nations	11.8
Short-term investments	0.7
Total	100.0

18   |  2006 Semiannual Report  College Retirement Equities Fund

CREF Growth Account  |  Large-cap growth stocks

DISCUSSION

Performance in the six months ended June 30, 2006

The CREF Growth Account returned –3.17% for the period, underperforming the –0.93% return of the account’s benchmark, the Russell 1000^® Growth Index, and the –1.51% average return of similar variable annuities, as measured by the Morningstar Large Growth (VA) category, which tracked 4,688 variable annuities as of June 30, 2006.

Growth sharply lags value

A global stock rally helped lift large-cap growth stocks 3.09% in the first quarter. However, they declined 3.90% in the second quarter when a spike in the U.S. inflation rate rattled investors and caused a sell-off that hit technology stocks hardest. For the six-month period, large-cap growth stocks, as measured by the Russell 1000 Growth Index, trailed the 6.56% gain of the Russell 1000 Value Index and the 3.23% rise of the broad-market Russell 3000^® Index.

          For the ten years ended June 30, 2006, the gap between the average annual returns of large-cap growth and large-cap value stocks widened to almost five and one-half percentage points.

Largest sectors stifle returns

The decline in large-cap growth stocks for the six-month period was driven by losses in the benchmark’s two largest sectors, technology and health care. Comprising more than 40% of the Russell 1000 Growth Index, these sectors fell 6.7% and 5.7%, respectively, and lagged all the other sectors of the benchmark. In contrast, the two largest sectors of the Russell 1000 Value Index, financials and utilities, advanced 4.4% and 9.4%, respectively.

Declining stocks lead to losses

Overweight positions in several stocks that did not perform as anticipated explain much of the account’s underperformance. The stocks included St. Jude Medical, the largest detractor, as well as eBay and software maker Adobe Systems. A position in Israel’s Teva Pharmaceutical, a stock not included in the benchmark, also hurt performance. Teva was held as an American Depositary Receipt (a receipt for shares of a foreign stock traded on a U.S. exchange).

          These declines were partly offset by the positive effects of underweights such as chip maker Intel and UnitedHealth Group, an HMO. A position in oil field services provider Schlumberger Limited, a stock not held in the benchmark, and an overweight in computer company Network Appliance also added value.

          On June 30, 2006, foreign securities made up 4.69% of the account’s total portfolio investments. Many of these securities were held as American Depositary Receipts.

College Retirement Equities Fund   2006 Semiannual Report   |   19

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 8.

The account’s benchmark

The Russell 1000^® Growth Index is a subset of the Russell 1000 Index, which measures the performance of the stocks 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 June 30, 2006

	Average Annual Compound Rates of Total Return*							Cumulative Rates of Total Return*
		1 year		5 years		10 years		6 months		5 years		10 years
CREF Growth Account		4.69	%	–2.41	%	4.16	%	–3.17	%	–11.50	%	50.30	%
Benchmark:
Russell 1000 Growth Index1		6.12		–0.76		5.42		–0.93		–3.75		69.54
Peer group:
Morningstar Large Growth (VA)		6.88		–1.04		5.01		–1.51		–5.11		63.11

*

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. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company.

20   |  2006 Semiannual Report  College Retirement Equities Fund

PERFORMANCE

$10,000 over 10 years

An investment of $10,000 in this account on July 1, 1996, would have grown to $15,030 over the next 10 years, including reinvestment of dividends and distributions. 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

*
Partial year

College Retirement Equities Fund   2006 Semiannual Report   |   21

CREF Growth Account  |  Large-cap growth stocks

PERFORMANCE

Account expenses—six months ended June 30, 2006

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 January 1, 2006, and held for six months until June 30, 2006. Please see page 10 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 (1/1/06)			Ending account value (6/30/06)			Expenses paid† (1/1/06–6/30/06)
Actual return		$	1,000.00		$	939.21		$	2.49
5% annual hypothetical return			1,000.00			1,022.19			2.60

^† “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 0.52%. We estimate expenses for the coming year based on projected expenses, asset levels and other relevant factors. At the end of each quarter, we compare these projections with the account’s actual experience and adjust the account’s expenses upward or downward to reflect any difference. These adjustments are made in equal daily installments over the remaining days of the new quarter.

Portfolio breakdown by company size
Capitalization as of 6/30/2006	Percent of portfolio investments
Large: over $5 billion		96.70
Middle: $1 billion–$5 billion		3.04
Small: under $1 billion		0.26
Total		100.00

Account facts
Inception date	4/29/1994
Net assets (6/30/2006)	$11.48 billion

22   |  2006 Semiannual Report  College Retirement Equities Fund

CREF Equity Index Account  |  U.S. stocks

DISCUSSION

Performance in the six months ended June 30, 2006

The CREF Equity Index Account returned 3.03% for the period, lagging the 3.23% return of its benchmark, the Russell 3000^® Index, but outpacing the 1.42% average return of similar variable annuities, as measured by the Morningstar Large Blend (VA) category. The Morningstar category tracked 3,879 variable annuities as of June 30, 2006.

Second-quarter slide erodes gains

In response to a strong global economy and healthy corporate earnings growth, the broad U.S. stock market, as measured by the Russell 3000 Index, climbed 5.31% in the first quarter of 2006. Stocks reversed course in the second quarter, however, in reaction to rising interest rates and the threat of inflation. The Russell 3000 fell 1.98%, giving back more than a third of its first-quarter gain. For the six months, the Russell 3000 failed to keep pace with the 10.16% advance of foreign stocks, as measured by the MSCI EAFE^® Index.

Technology and health care dampen returns

Nine of the benchmark’s twelve sectors showed positive returns for the six months, and five sectors—utilities, autos and transportation, materials and processing, integrated oils, and “other energy”—produced double-digit gains. However, the benchmark’s overall return was trimmed by losses in technology and health care. These two sectors, which represented more than a quarter of the Russell 3000’s market capitalization on June 30, 2006, fell 4% and 3.3%, respectively. Financials, the largest sector in the benchmark, rose 4.4%, while the second-largest, consumer discretionary, returned just 1%.

Two of the largest stocks post losses

Returns for the benchmark’s five largest companies varied widely, reflecting the divergent performance of their industry sectors. In descending order according to cap size, these stocks performed as follows:

ExxonMobil, 10.4%; General Electric, –4.5%; Citigroup, 1.5%; Bank of America, 6.5%; and Microsoft, –10.3%.

          Returns for the Russell 3000 were boosted by the 8.21% return of small-cap stocks and the 4.84% return of mid caps. Together, small- and mid-cap stocks made up about one-third of the index on June 30, 2006. Large-cap stocks gained just 2.76%.

          For the period, the account’s return was comparable to that 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   2006 Semiannual Report   |   23

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 8.

The account’s benchmark

The Russell 3000^® Index measures the performance of the stocks 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 June 30, 2006

	Average annual compound rates of total return*						Cumulative rates of total return*
	1 year		5 years		10 years		6 months		5 years		10 years
CREF Equity Index Account	9.14	%	3.12	%	8.23	%	3.03	%	16.59	%	120.60	%
Benchmark:
Russell 3000 Index1	9.56		3.52		8.52		3.23		18.92		126.60
Peer group:
Morningstar Large Blend (VA)	7.46		1.00		6.01		1.42		5.10		79.25

*

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. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company.

24   |  2006 Semiannual Report  College Retirement Equities Fund

PERFORMANCE

$10,000 over 10 years

An investment of $10,000 in this account on July 1, 1996, would have grown to $22,060 over the next 10 years, including reinvestment of dividends and distributions. 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
*	Partial year

College Retirement Equities Fund   2006 Semiannual Report   |   25

CREF Equity Index Account  |  U.S. stocks

PERFORMANCE

Account expenses—six months ended June 30, 2006

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 January 1, 2006, and held for six months until June 30, 2006. Please see page 10 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 (1/1/06)			Ending account value (6/30/06)			Expenses paid† (1/1/06–6/30/06)
Actual return		$	1,000.00		$	977.09		$	2.11
5% annual hypothetical return			1,000.00			1,022.63			2.16

^† “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 0.43%. We estimate expenses for the coming year based on projected expenses, asset levels and other relevant factors. At the end of each quarter, we compare these projections with the account’s actual experience and adjust the account’s expenses upward or downward to reflect any difference. These adjustments are made in equal daily installments over the remaining days of the new quarter.

Portfolio breakdown by company size

Capitalization as of 6/30/2006	Percent of portfolio investments
Large: over $5 billion	81.48
Middle: $1 billion–$5 billion	14.74
Small: under $1 billion	3.78
Total	100.00

Account facts

Inception date	4/29/1994
Net assets (6/30/2006)	$10.10 billion

26   |  2006 Semiannual Report  College Retirement Equities Fund

CREF Bond Market Account  |  Intermediate-term bonds

DISCUSSION

Performance in the six months ended June 30, 2006

The CREF Bond Market Account returned –0.81% for the period, lagging the –0.72% return of its benchmark, the Lehman Brothers U.S. Aggregate Index. The average return of similar accounts was –1.25%, as measured by the Morningstar Intermediate-Term Bond (VA) category. The Morningstar category tracked 1,207 variable annuities as of June 30, 2006.

Short-term rates keep rising

On January 31, the Federal Reserve met for the final time under Alan Greenspan and continued its slow-but-steady tightening of credit, raising the federal funds rate (the rate that banks charge one another for overnight loans) by a quarter point, to 4.50%. Many observers expected the economy to weaken, making further increases unnecessary.

          Instead, the economy got stronger. On March 28, with Ben Bernanke at the helm, the Fed mandated another quarter-point boost. At both its January and March meetings, the central bank expressed concerns about the effects of high energy prices and the surging economy.

          On May 10, the Fed raised rates yet again, and investors feared that this campaign to subdue inflation would end up tipping the economy into recession. Stock prices tumbled worldwide.

Short-term and long-term yields zigzag

Purchasers of longer-dated bonds usually receive higher yields, which compensate them for the risk that inflation will erode the value of their interest payments. However, when 2006 began, 10-year Treasuries yielded 4.39%—less than the 4.40% for 2-year Treasuries. During the six-month period, both yields advanced, and each took the lead in turn. The 2-year note was ahead in early June and finished with a 5.15% to 5.14% advantage over the 10-year note.

          Bond prices, which move inversely to yields, fell during the period, and this drop was only partly offset by rising interest income. Nearly all of the benchmark’s decline came from two sectors: Treasuries, which made up about one-quarter of the index, and corporate bonds, which constituted roughly one-fifth.

The account trails the benchmark

For the period, performance relative to the benchmark was reduced by underweighting the mortgage-backed security sector. However, relative performance was helped by individual holdings in mortgage-backed securities and automobile bonds.

College Retirement Equities Fund   2006 Semiannual Report   |   27

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 income volatility risk, prepayment risk, extension risk, illiquid security risk and foreign investment risks. For a further discussion of risk, please see page 8.

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 June 30, 2006

	Average annual compound rates of total return*						Cumulative rates of total return*
	1 year		5 years		10 years		6 months		5 years		10 years
CREF Bond Market Account	–0.98	%	4.87	%	6.07	%	–0.81	%	26.84	%	80.41	%
Benchmark:
Lehman Brothers
U.S. Aggregate Index	–0.81		4.97		6.21		–0.72		27.46		82.80
Peer group:
Morningstar Intermediate-Term
Bond (VA)	–1.95		3.64		4.61		–1.25		19.55		56.93

* 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.

28   |  2006 Semiannual Report   College Retirement Equities Fund

PERFORMANCE

$10,000 over 10 years

An investment of $10,000 in this account on July 1, 1996, would have grown to $18,041 over the next 10 years, including reinvestment of dividends and distributions. 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

*
Partial year

College Retirement Equities Fund  2006 Semiannual Report   |   29

CREF Bond Market Account  |  Intermediate-term bonds

PERFORMANCE

Account expenses—six months ended June 30, 2006

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 January 1, 2006, and held for six months until June 30, 2006. Please see page 10 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 (1/1/06)			Ending account value (6/30/06)			Expenses paid† (1/1/06–6/30/06)
Actual return		$	1,000.00		$	995.95		$	2.45
5% annual hypothetical return			1,000.00			1,022.31			2.48

^† “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%. We estimate expenses for the coming year based on projected expenses, asset levels and other relevant factors. At the end of each quarter, we compare these projections with the account’s actual experience and adjust the account’s expenses upward or downward to reflect any difference. These adjustments are made in equal daily installments over the remaining days of the new quarter.

Bond ratings (6/30/2006)
	Rating	Percent of total net assets
U.S. Treasury and agency securities	(not rated)		33.2
Investment-grade mortgage-backed securities‡			40.2
Other long-term debt	Aaa/AAA		2.1
	Aa/AA		5.7
	A/A		8.0
	Baa/BBB		7.8
Below investment-grade	Ba/BB		1.0
	B/B		0.1
	(not rated)		0.1
Short-term investments			10.7
Other assets and liabilities-net			–8.9
Total			100.0

Account facts
Inception date Net assets (6/30/2006)	3/1/1990 $5.81 billion
Portfolio breakdown by sector (6/30/2006)
Sector	Percent of total net assets
Mortgage-backed securities‡		40.2
U.S. Treasury and agency securities		33.2
Corporate bonds		22.8
Foreign government and foreign corporate bonds (denominated in U.S. dollars)		2.0
Short-term investments		10.7
Other assets and liabilities-net		–8.9
Total		100.0

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

30   |   2006 Semiannual Report   College Retirement Equities Fund

CREF Inflation-Linked Bond Account  |  Inflation-linked bonds

DISCUSSION

Performance in the six months ended June 30, 2006

The Inflation-Linked Bond Account returned –2.01% for the period, trailing the –1.76% return of its benchmark, the Lehman Brothers U.S. Treasury Inflation-Protected Securities (TIPS) Index. The average return of similar variable annuities, as measured by the Morningstar Inflation-Protected Bond (VA) category, was –1.82%. The Morningstar category tracked 235 variable annuities as of June 30, 2006.

Short-term rates keep climbing

During the six-month period, the Federal Reserve mandated four quarter-point hikes in the federal funds rate (the rate that banks charge one another for overnight loans). With yields increasing, many bond prices fell during the period. (Bond yields and prices move in opposite directions.)

          After losing 2.25% in the first quarter—their second-worst quarter ever—TIPS eked out a 0.49% gain in the next three months. For the six-month period, TIPS underperformed the –0.72% return of the Lehman Brothers U.S. Aggregate Index, a proxy for the U.S. investment-grade, fixed-income market.

          For the five-year period ended June 30, 2006, however, the 7.00% average annual return of TIPS topped both the 4.97% gain of the broad Lehman index, and the 3.52% return of the broad U.S. stock market, as measured by the Russell 3000^® Index.

Demand for TIPS dips, then rises

During the period, inflation remained largely under control, but the gradual rise in the Consumer Price Index had investors looking more closely at TIPS. The CPI, excluding food and energy, was up 2.6% at the end of June, on a year-over-year basis, compared with 2.2% at the end of 2005.

          As expected in a rising-rate environment, investors sold TIPS ahead of the January and April auctions and then bought them back at lower prices. In the first quarter, moderating oil prices reduced demand for TIPS, but in the second, geopolitical concerns and higher prices for oil boosted demand.

Strategies mitigate expense charges

By making relative-value trades among inflation-linked securities, the account’s managers were able to reduce the effects the account’s expense charge had on performance during the period. (The benchmark does not include an expense charge.)

          On June 30, 2006, the account’s overall option-adjusted duration was 7.93 years, compared with the benchmark’s 7.95 years. We generally keep the account’s duration—a measure of its sensitivity to interest-rate changes—close to the benchmark’s to reduce the risk that the account will underperform the benchmark.

College Retirement Equities Fund   2006 Semiannual Report   |   31

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 8.

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 June 30, 2006

	Average annual compound rates of total return*						Cumulative rates of total return*
	1 year		5 years		since inception1		6 months		5 years		since inception1
CREF Inflation-Linked Bond Account	–2.03	%	6.57	%	6.54	%	–2.01	%	37.46	%	78.75
Benchmark:
Lehman Brothers U.S. Treasury Inflation-Protected Securities Index	–1.64		7.00		6.94		–1.76		40.25		85.11
Morningstar Inflation-Protected Bond (VA)	–2.81		5.57		N/A		–1.82		28.24		N/A

*

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

32   |   2006 Semiannual 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 $17,875 as of June 30, 2006, including reinvestment of dividends and distributions. 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   2006 Semiannual Report   |   33

CREF Inflation-Linked Bond Account  |  Inflation-linked bonds

PERFORMANCE

Account expenses—six months ended June 30, 2006

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 January 1, 2006, and held for six months until June 30, 2006. Please see page 10 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 (1/1/06)			Ending account value (6/30/06)			Expenses paid† (1/1/06–6/30/06)
Actual return		$	1,000.00		$	1,001.21		$	2.39
5% annual hypothetical return			1,000.00			1,022.37			2.42

^† “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 0.48%. We estimate expenses for the coming year based on projected expenses, asset levels and other relevant factors. At the end of each quarter, we compare these projections with the account’s actual experience and adjust the account’s expenses upward or downward to reflect any difference. These adjustments are made in equal daily installments over the remaining days of the new quarter.

Portfolio breakdown by maturity (6/30/2006)
	Percent of total net assets
2–10 year bonds		72.7	%
10–20 year bonds		7.7
Over-20-year bonds		18.5
Other assets and liabilities-net		1.1
Total		100.0	%

Account facts
Inception date    Net assets (6/30/2006)	5/1/1997 $3.67 billion

34   |  2006 Semiannual Report  College Retirement Equities Fund

CREF Social Choice Account  |  Socially screened stocks and bonds
	DISCUSSION

Performance in the six months ended June 30, 2006

The CREF Social Choice Account returned 1.19% for the period, lagging the 1.71% return of its composite benchmark, a weighted average of the Russell 3000^® Index and the Lehman Brothers U.S. Aggregate Index. The account also trailed the 1.22% average return of similar variable annuities, as measured by the Morningstar Moderate Allocation (VA) category, which tracked 1,945 accounts as of June 30, 2006. Unlike the account, the benchmark and the Morningstar category do not screen investments according to social criteria.

Social screens hinder performance

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. During the period, the net effect of these exclusions was to reduce the account’s return in relation to the return of its benchmark.

          The largest drag on relative performance was the exclusion of ExxonMobil, which gained 10.4%. The omission of Caterpillar, Chevron and agricultural giant Archer Daniels Midland also reduced returns.

          However, avoiding General Electric helped returns because the stock fell 4.5%. The omission of Yahoo!, insurer American International Group and drug maker Genentech also had positive effects on performance.

          Coca-Cola and JPMorgan Chase were dropped from the portfolio during the second quarter because they failed the qualitative social screens used to evaluate stocks. Bank of America was added to the list of major holdings.

Statistical techniques help manage risk

The account’s managers use statistical techniques to ensure that the portfolio’s risk characteristics resemble those of the index. One method is to overweight or underweight certain stocks relative to each one’s percentage of capitalization within the benchmark.

          During the period, relative performance suffered from overweight holdings in chip maker Intel and Microsoft. However, other overweights, including Disney and steel producer Nucor, helped returns.

Bonds reduce returns

In the account’s fixed-income segment, performance relative to the Lehman index for the period was reduced by underweighting the mortgage-backed security sector. However, relative performance was helped by individual holdings in mortgage-backed securities and automobile bonds. The account’s social screens prevented it from investing in some of the period’s top corporate issuers.

College Retirement Equities Fund   2006 Semiannual Report   |   35

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 8.

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 stocks 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 June 30, 2006

	Average annual compound rates of total return*									Cumulative rates of total return*
	1 year			5 years			10 years			6 months			5 years			10 years
CREF Social Choice Account		5.60	%		4.48	%		7.99	%		1.19	%		24.51	%		115.75	%
Benchmarks:
CREF Social Choice Composite Benchmark		5.45			4.52			8.09			1.71			24.74			117.89
Russell 3000 Index1		9.56			3.52			8.52			3.23			18.92			126.60
Lehman Brothers U.S. Aggregate Index		–0.81			4.97			6.21			–0.72			27.46			82.80
Peer group:
Morningstar Moderate Allocation (VA)		5.18			2.67			5.71			1.22			14.09			74.29

*

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. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company.

36   |   2006 Semiannual Report   College Retirement Equities Fund

PERFORMANCE

$10,000 over 10 years

An investment of $10,000 in this account on July 1, 1996, would have grown to $21,575 over the next 10 years, including reinvestment of dividends and distributions. 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

*
Partial year

College Retirement Equities Fund   2006 Semiannual Report   |   37

CREF Social Choice Account  |  Socially screened stocks and bonds
	PERFORMANCE

Account expenses—six months ended June 30, 2006

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 January 1, 2006, and held for six months until June 30, 2006. Please see page 10 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 (1/1/06)			Ending account value (6/30/06)			Expenses paid† (1/1/06–6/30/06)
Actual return		$	1,000.00		$	983.19		$	2.21
5% annual hypothetical return			1,000.00			1,022.53			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 0.45%. We estimate expenses for the coming year based on projected expenses, asset levels and other relevant factors. At the end of each quarter, we compare these projections with the account’s actual experience and adjust the account’s expenses upward or downward to reflect any difference. These adjustments are made in equal daily installments over the remaining days of the new quarter.

Portfolio breakdown (6/30/2006)
	Percent of portfolio investments
Equities	57.6
Long-term bonds	37.5
Short-term investments	4.9
Total	100.0

Account facts
Inception date	3/1/1990
Net assets (6/30/2006)	$ 7.96 billion

38   |   2006 Semiannual Report   College Retirement Equities Fund

CREF Money Market Account  |  Cash equivalents

DISCUSSION

Performance in the six months ended June 30, 2006

The CREF Money Market Account returned 2.15% for the period, topping the 2.05% return of the iMoneyNet Money Fund Report Averages™—All Taxable, a simple average of over 1,000 taxable money market funds.

Fed keeps boosting rates

The year started with the federal funds rate at 4.25%, after a series of quarter-point hikes that began in June 2004. (The federal funds rate is the rate commercial U.S. banks charge one another for overnight loans.) Over the first half of 2006, the Federal Reserve raised the rate four more times, lifting it to 5.25%, its highest level since March 2001.

          The Fed said it was reacting to the inflation threat posed by higher prices for energy and other commodities and to signs that the nation was using a high percentage of its productive capacity. Fuller use of capacity often leads to price increases.

LIBOR turns volatile

During the six-month period, the prospect of additional rate increases caused a wide fluctuation in the shape of the LIBOR curve, indicating that market participants were uncertain about future interest rates. (The LIBOR, the interest rate that banks charge one another for loans on the London market, is the most widely used benchmark for short-term rates.) By the end of June, however, the LIBOR curve had flattened considerably.

Asset allocations boost results

The account maintained a sizable exposure to commercial paper, despite a decline in its supply in the second quarter. Commercial paper generally offered higher returns without appreciably higher risk. On June 30, 2006, securities of this type accounted for 78.6% of the portfolio.

          On June 30, 2006, certificates of deposits and bank notes made up 13.3% of the account’s investments, down from 14.4% at the end of 2005. The account also ended the six-month period with 6.1% in government agency securities and 2.0% in floating-rate investments, versus 7.1% and 2.6%, respectively, six months earlier.

          On June 30, 2006, foreign securities made up 17.10% of the account’s total portfolio investments.

          During the period, the weighted average maturity of the account fluctuated between 36 and 44 days. As of June 27, 2006, it stood at 44 days, versus 38 for the average iMoneyNet fund.

College Retirement Equities Fund  2006 Semiannual Report  |   39

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 8.

          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 June 27, 2006
	Current yield		Effective yield
CREF Money Market Account	4.64	%	4.75	%
iMoneyNet Money Fund Report AveragesTM—All Taxable	4.48		4.59

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

Performance as of June 30, 2006
	Average annual compound rates of total return*									Cumulative rates of total return*
	1 year			5 years			10 years			6 months			5 years			10 years
CREF Money Market Account		3.90	%		1.96	%		3.72	%		2.15	%		10.22	%		44.06	%
iMoneyNet Money Fund Report Averages—All Taxable		3.67			1.76			3.43			2.05			9.06			39.84

* 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.

40   |  2006 Semiannual Report   College Retirement Equities Fund

PERFORMANCE

$10,000 over 10 years

An investment of $10,000 in this account on July 1, 1996, would have grown to $14,406 over the next 10 years, including reinvestment of dividends and distributions. 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

*
Partial year

College Retirement Equities Fund  2006 Semiannual Report  |   41

CREF Money Market Account  |  Cash equivalents

PERFORMANCE

Account expenses—six months ended June 30, 2006

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 January 1, 2006, and held for six months until June 30, 2006. Please see page 10 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 (1/1/06)			Ending account value (6/30/06)			Expenses paid† (1/1/06–6/30/06)
Actual return		$	1,000.00		$	1,009.12		$	2.18
5% annual hypothetical return			1,000.00			1,022.59			2.20

† “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%. We estimate expenses for the coming year based on projected expenses, asset levels and other relevant factors. At the end of each quarter, we compare these projections with the account’s actual experience and adjust the account’s expenses upward or downward to reflect any difference. These adjustments are made in equal daily installments over the remaining days of the new quarter.

Portfolio breakdown by sector (6/30/2006)
Sector	Percent of portfolio investments
Commercial paper	78.6
Certificates of deposit	12.7
U.S. government and agency securities	6.1
Floating-rate securities	2.0
Bank notes	0.6
Total	100.0

Account facts
Inception date	4/1/1988
Net assets (6/30/2006)	$	8.51 billion

42   |  2006 Semiannual Report   College Retirement Equities Fund

	|	Summary portfolio of investments (unaudited)
CREF Stock Account		June 30, 2006

					VALUE		% OF NET
	COMPANY		SHARES		(000)		ASSETS
	BONDS
	CORPORATE BONDS
	COMMUNICATIONS			$	0	^	0.00	%**
	TOTAL CORPORATE BONDS	(Cost $9,950)			0	^	0.00	**
	GOVERNMENT BONDS
	U.S. TREASURY SECURITIES				324		0.00	**
	TOTAL GOVERNMENT BONDS	(Cost $320)			324		0.00	**
	TOTAL BONDS	(Cost $10,270)			324		0.00	**
	PREFERRED STOCKS
	COMMUNICATIONS				1,878		0.00	**
	INSURANCE CARRIERS				669		0.00	**
	PRIMARY METAL INDUSTRIES				0	^	0.00	**
	TRANSPORTATION EQUIPMENT				5,082		0.01
	TOTAL PREFERRED STOCKS	(Cost $6,803)			7,629		0.01
	COMMON STOCKS
	ADMINISTRATION OF ECONOMIC PROGRAMS				130		0.00	**
	AGRICULTURAL PRODUCTION-CROPS				12,483		0.01
	AGRICULTURAL PRODUCTION-LIVESTOCK				6,636		0.01
	AGRICULTURAL SERVICES				3,030		0.00	**
	AMUSEMENT AND RECREATION SERVICES				282,505		0.24
	APPAREL AND ACCESSORY STORES				799,687		0.67
	APPAREL AND OTHER TEXTILE PRODUCTS				209,806		0.18
	AUTO REPAIR, SERVICES AND PARKING				77,643		0.07
	AUTOMOTIVE DEALERS AND SERVICE STATIONS				179,289		0.15
	BUILDING MATERIALS AND GARDEN SUPPLIES
	Home Depot, Inc		11,798,526		422,269		0.35
	Other				378,916		0.32
					801,185		0.67
	BUSINESS SERVICES
*	Google, Inc (Class A)		1,293,122		542,245		0.46
	Microsoft Corp		56,479,270		1,315,967		1.11
	Other				5,149,666		4.33
					7,007,878		5.90
	CHEMICALS AND ALLIED PRODUCTS
	Abbott Laboratories		10,517,025		458,647		0.39
*	Amgen, Inc		8,936,991		582,960		0.49
	Merck & Co, Inc		12,190,656		444,106		0.37
	Pfizer, Inc		45,134,720		1,059,312		0.89

SEE NOTES TO FINANCIAL STATEMENTS  College Retirement Equities Fund  2006 Semiannual Report |  43 

	|	Summary portfolio of investments (unaudited)
CREF Stock Account		June 30, 2006	continued

				VALUE	% OF NET
	COMPANY	SHARES		(000)	ASSETS
	CHEMICALS AND ALLIED PRODUCTS — (continued)
	Procter & Gamble Co	19,330,622	$	1,074,783	0.90	%
	Roche Holding AG.	2,116,957		349,255	0.29
	Wyeth	10,565,031		469,193	0.40
	Other			6,518,055	5.49
				10,956,311	9.22
	COAL MINING			471,733	0.40
	COMMUNICATIONS
	AT&T, Inc	22,709,204		633,360	0.53
	BellSouth Corp	11,425,060		413,587	0.35
	Sprint Nextel Corp	24,662,421		493,002	0.42
	Verizon Communications, Inc	17,048,146		570,942	0.48
	Other			3,349,962	2.82
				5,460,853	4.60
	DEPOSITORY INSTITUTIONS
	Bank of America Corp	30,489,945		1,466,566	1.23
	Citigroup, Inc	31,589,052		1,523,856	1.28
	JPMorgan Chase & Co	23,906,522		1,004,074	0.85
	US Bancorp	11,575,457		357,450	0.30
	Wachovia Corp	9,769,697		528,345	0.45
	Wells Fargo & Co	11,051,410		741,329	0.62
	Other			7,715,619	6.49
				13,337,239	11.22
	EATING AND DRINKING PLACES			1,128,059	0.95
	EDUCATIONAL SERVICES			115,844	0.10
	ELECTRIC, GAS, AND SANITARY SERVICES			4,717,023	3.97
	ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
*	Cisco Systems, Inc	42,681,254		833,565	0.70
	Intel Corp	42,345,130		802,440	0.68
	Motorola, Inc	17,474,962		352,120	0.30
	Qualcomm, Inc	10,968,117		439,492	0.37
	Other			4,592,125	3.86
				7,019,742	5.91
	ENGINEERING AND MANAGEMENT SERVICES			837,636	0.70
	ENVIRONMENTAL QUALITY AND HOUSING			2,469	0.00	**
	FABRICATED METAL PRODUCTS			576,854	0.49
	FISHING, HUNTING, AND TRAPPING			1,920	0.00	**
	FOOD AND KINDRED PRODUCTS
	Coca-Cola Co	10,537,315		453,315	0.38
	PepsiCo, Inc	12,793,553		768,125	0.65
	Other			2,131,158	1.79
				3,352,598	2.82

44  | 2006 Semiannual Report  College Retirement Equities Fund  SEE NOTES TO FINANCIAL STATEMENTS 

	|	Summary portfolio of investments (unaudited)
CREF Stock Account		June 30, 2006	continued

				VALUE	% OF NET
	COMPANY	SHARES		(000)	ASSETS
	FOOD STORES		$	714,404	0.60	%
	FORESTRY			103,684	0.09
	FURNITURE AND FIXTURES			278,366	0.23
	FURNITURE AND HOMEFURNISHINGS STORES			444,594	0.37
	GENERAL BUILDING CONTRACTORS			488,149	0.41
	GENERAL MERCHANDISE STORES
	Wal-Mart Stores, Inc	15,296,911		736,852	0.62
	Other			1,006,078	0.85
				1,742,930	1.47
	HEALTH SERVICES			1,609,583	1.35
	HEAVY CONSTRUCTION, EXCEPT BUILDING			416,940	0.35
	HOLDING AND OTHER INVESTMENT OFFICES			2,958,644	2.49
	HOTELS AND OTHER LODGING PLACES
	Accor S.A.	6,756,426		411,135	0.34
	Other			506,331	0.43
				917,466	0.77
	INDUSTRIAL MACHINERY AND EQUIPMENT
	3M Co	4,412,608		356,406	0.30
*	Dell, Inc	16,009,975		390,803	0.33
	Hewlett-Packard Co	20,336,009		644,245	0.54
	International Business Machines Corp	10,199,462		783,523	0.66
	Other			3,765,320	3.17
				5,940,297	5.00
	INSTRUMENTS AND RELATED PRODUCTS
	Johnson & Johnson	16,245,784		973,447	0.82
	Other			2,751,529	2.31
				3,724,976	3.13
	INSURANCE AGENTS, BROKERS AND SERVICE			611,975	0.52
	INSURANCE CARRIERS
	American International Group, Inc	14,040,917		829,116	0.70
	UnitedHealth Group, Inc	8,078,361		361,749	0.30
	Other			4,863,686	4.09
				6,054,551	5.09
	JUSTICE, PUBLIC ORDER AND SAFETY			15,091	0.01
	LEATHER AND LEATHER PRODUCTS			156,232	0.13
	LEGAL SERVICES			9,852	0.01
	LOCAL AND INTERURBAN PASSENGER TRANSIT			26,029	0.02
	LUMBER AND WOOD PRODUCTS			55,055	0.05
	METAL MINING			941,109	0.79
	MISCELLANEOUS MANUFACTURING INDUSTRIES			432,021	0.36

SEE NOTES TO FINANCIAL STATEMENTS  College Retirement Equities Fund  2006 Semiannual Report |  45 

	|	Summary portfolio of investments (unaudited)
CREF Stock Account		June 30, 2006	continued

			VALUE	% OF NET
COMPANY	SHARES		(000)	ASSETS
MISCELLANEOUS RETAIL		$	1,295,015	1.09	%
MOTION PICTURES
Time Warner, Inc	23,625,407		408,720	0.34
Walt Disney Co	13,175,077		395,252	0.33
Other			362,026	0.31
			1,165,998	0.98
NONDEPOSITORY INSTITUTIONS
American Express Co	8,034,982		427,622	0.36
Fannie Mae	7,825,634		376,413	0.32
Other			1,225,293	1.03
			2,029,328	1.71
NONMETALLIC MINERALS, EXCEPT FUELS			109,481	0.09
OIL AND GAS EXTRACTION			3,403,128	2.86
PAPER AND ALLIED PRODUCTS			529,462	0.45
PERSONAL SERVICES			120,590	0.10
PETROLEUM AND COAL PRODUCTS
Chevron Corp	12,993,395		806,370	0.68
ConocoPhillips	8,992,016		589,247	0.50
Exxon Mobil Corp	33,449,610		2,052,134	1.73
Occidental Petroleum Corp	4,347,002		445,785	0.37
Other			2,191,437	1.84
			6,084,973	5.12
PIPELINES, EXCEPT NATURAL GAS			26,056	0.02
PRIMARY METAL INDUSTRIES			1,518,710	1.28
PRINTING AND PUBLISHING			709,812	0.60
RAILROAD TRANSPORTATION			773,324	0.65
REAL ESTATE			681,359	0.57
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS			282,506	0.24
SECURITY AND COMMODITY BROKERS
Goldman Sachs Group, Inc	2,335,169		351,279	0.29
Merrill Lynch & Co, Inc	5,108,431		355,343	0.30
Morgan Stanley	8,228,095		520,098	0.44
Other			1,594,162	1.34
			2,820,882	2.37
SOCIAL SERVICES			18,303	0.02
SPECIAL TRADE CONTRACTORS			57,939	0.05
STONE, CLAY, AND GLASS PRODUCTS			489,811	0.41
TEXTILE MILL PRODUCTS			14,038	0.01
TOBACCO PRODUCTS
Altria Group, Inc	16,601,357		1,219,038	1.03
Other			226,967	0.19
			1,446,005	1.22
TRANSPORTATION BY AIR			667,737	0.56

46  | 2006 Semiannual Report  College Retirement Equities Fund  SEE NOTES TO FINANCIAL STATEMENTS 

	|	Summary portfolio of investments (unaudited)
CREF Stock Account		June 30, 2006	concluded

					VALUE		% OF NET
	COMPANY		SHARES		(000)		ASSETS
	TRANSPORTATION EQUIPMENT
	Boeing Co		5,771,155	$	472,715		0.40	%
	United Technologies Corp		7,129,219		452,135		0.38
	Other				2,756,717		2.32
					3,681,567		3.10
	TRANSPORTATION SERVICES				282,560		0.24
	TRUCKING AND WAREHOUSING				646,524		0.54
	WATER TRANSPORTATION				138,442		0.12
	WHOLESALE TRADE-DURABLE GOODS
d	General Electric Co		63,456,771		2,091,535		1.76
	Other				856,142		0.72
					2,947,677		2.48
	WHOLESALE TRADE-NONDURABLE GOODS				1,298,598		1.09
	TOTAL COMMON STOCKS	(Cost $103,272,220)			118,240,326		99.49
	WARRANTS
	BUSINESS SERVICES				126		0.00	**
	CHEMICALS AND ALLIED PRODUCTS				3		0.00	**
	COMMUNICATIONS				69		0.00	**
	GENERAL BUILDING CONTRACTORS				0	^	0.00	**
	HOTELS AND OTHER LODGING PLACES				180		0.00	**
	SECURITY AND COMMODITY BROKERS				0	^	0.00	**
	TRANSPORTATION SERVICES				5		0.00	**
	TOTAL WARRANTS	(Cost $7,525)			383		0.00	**
	ISSUER
	SHORT-TERM INVESTMENTS
	COMMERCIAL PAPER				577,756		0.48
†	U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES				197,538		0.17
††	VARIABLE NOTES				49,999		0.04
	TOTAL SHORT-TERM INVESTMENTS	(Cost $825,197)			825,293		0.69
	TOTAL PORTFOLIO	(Cost $104,122,015)			119,073,955		100.19
	OTHER ASSETS & LIABILITIES, NET				(230,960	)	(0.19	)
	NET ASSETS			$	118,842,995		100.00	%

________
*   Non-income producing
** Percentage represents less than 0.01%
^   Amount represents less than $1,000
†   Notes have a rate of 4.950% –5.200% and mature 07/05/06–08/11/06 Notes have a rate of 5.300% and mature 07/21/06
d   All or a portion of these securities have been segregated by the Custodian to cover margin or other requirements on open futures contracts.

________
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 FINANCIAL STATEMENTS  College Retirement Equities Fund  2006 Semiannual Report |  47 

	|	Summary of market values by country (unaudited)
CREF Stock Account		June 30, 2006

				% OF
				MARKET
DOMESTIC			VALUE	VALUE
UNITED STATES		$	91,905,304,333	77.18	%
	TOTAL DOMESTIC		91,905,304,333	77.18
FOREIGN
ARGENTINA			882,540	0.00
AUSTRALIA			1,091,034,321	0.92
AUSTRIA			112,812,864	0.09
BELGIUM			190,177,870	0.16
BERMUDA			55,605	0.00
BRAZIL			82,009,112	0.07
CANADA			1,915,812,267	1.61
CAYMAN ISLANDS			7,608,423	0.01
CHILE			4,856,038	0.00
CHINA			13,635,496	0.01
COLUMBIA			915,559	0.00
CZECH REPUBLIC			2,092,799	0.00
DENMARK			164,705,981	0.14
EGYPT			1,986,394	0.00
FINLAND			631,395,505	0.53
FRANCE			2,889,696,216	2.43
GERMANY			2,045,201,143	1.72
GREECE			90,717,635	0.08
HONG KONG			511,226,991	0.43
HUNGARY			23,345,063	0.02
INDIA			95,098,317	0.08
INDONESIA			20,049,039	0.02
IRELAND			151,594,891	0.13
ISRAEL			53,656,931	0.05
ITALY			949,614,757	0.80
JAPAN			5,675,213,610	4.77
LUXEMBOURG			3,461,537	0.00
MALAYSIA			34,261,095	0.03
MEXICO			29,579,615	0.02
NETHERLANDS			1,273,877,214	1.07
NEW ZEALAND			48,934,086	0.04
NORWAY			187,062,886	0.16
PERU			1,327,103	0.00
PHILIPPINES			15,690,456	0.01
POLAND			4,762,468	0.00
PORTUGAL			48,507,694	0.04
REPUBLIC OF KOREA			162,115,853	0.14
RUSSIA			98,165,604	0.08
SINGAPORE			256,701,632	0.22
SOUTH AFRICA			101,194,227	0.08
SPAIN			641,488,937	0.54
SWEDEN			468,250,409	0.39
SWITZERLAND			1,957,042,543	1.64
TAIWAN (REPUBLIC OF CHINA)			93,592,402	0.08
THAILAND			21,441,257	0.02
TURKEY			4,094,222	0.00
UNITED KINGDOM			4,991,703,809	4.19
	TOTAL FOREIGN		27,168,650,416	22.82
	TOTAL PORTFOLIO	$	119,073,954,749	100.00	%

48  | 2006 Semiannual Report  College Retirement Equities Fund  SEE NOTES TO FINANCIAL STATEMENTS 

	|	Summary portfolio of investments (unaudited)
CREF Global Equities Account		June 30, 2006

					VALUE	% OF NET
	COMPANY		SHARES		(000)	ASSETS
	PREFERRED STOCKS
	COMMUNICATIONS			$	144	0.00	%**
	INSURANCE CARRIERS				246	0.00	**
	TRANSPORTATION EQUIPMENT				55,849	0.42
	TOTAL PREFERRED STOCKS	(Cost $48,290)			56,239	0.42
	COMMON STOCKS
	AGRICULTURAL PRODUCTION-CROPS				826	0.01
	AGRICULTURAL SERVICES				18	0.00	**
	AMUSEMENT AND RECREATION SERVICES				122,699	0.91
	APPAREL AND ACCESSORY STORES				69,910	0.52
	APPAREL AND OTHER TEXTILE PRODUCTS				12,864	0.10
	AUTO REPAIR, SERVICES AND PARKING				539	0.00	**
	AUTOMOTIVE DEALERS AND SERVICE STATIONS				25,108	0.19
	BUILDING MATERIALS AND GARDEN SUPPLIES				22,906	0.17
	BUSINESS SERVICES				525,996	3.91
	CHEMICALS AND ALLIED PRODUCTS
*	Amgen, Inc		1,015,922		66,269	0.49
	AstraZeneca plc		1,663,584		100,429	0.75
	Daiichi Sankyo Co Ltd		2,651,625		73,067	0.54
	Roche Holding AG.		562,980		92,880	0.69
	Sumitomo Chemical Co Ltd		7,672,000		64,026	0.48
	Wyeth		1,790,422		79,513	0.59
	Other				784,794	5.84
					1,260,978	9.38
	COAL MINING				64,707	0.48
	COMMUNICATIONS
	CBS Corp		3,368,950		91,130	0.68
	Sprint Nextel Corp		3,280,068		65,569	0.49
	Other				497,470	3.70
					654,169	4.87
	DEPOSITORY INSTITUTIONS
	ABN AMRO Holding NV		3,488,887		95,422	0.71
	Bank of America Corp		1,297,338		62,402	0.46
	Citigroup, Inc		1,346,946		64,977	0.48
	Commerzbank AG.		2,274,073		82,696	0.62
	HSBC Holdings plc		3,738,237		65,787	0.49
	Societe Generale (A Shs)		470,489		69,183	0.51
	Wells Fargo & Co		1,381,227		92,653	0.69
	Other				676,689	5.04
					1,209,809	9.00
	EATING AND DRINKING PLACES				76,966	0.57

SEE NOTES TO FINANCIAL STATEMENTS  College Retirement Equities Fund  2006 Semiannual Report |  49 

	|	Summary portfolio of investments (unaudited)
CREF Global Equities Account		June 30, 2006	continued

				VALUE	% OF NET
	COMPANY	SHARES		(000)	ASSETS
	EDUCATIONAL SERVICES		$	668	0.00	%**
	ELECTRIC, GAS, AND SANITARY SERVICES
	Endesa S.A.	2,537,226		88,210	0.66
	Fortum Oyj	3,958,220		101,224	0.75
	Sempra Energy	1,348,524		61,331	0.46
	Other			240,764	1.79
				491,529	3.66
	ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
*	Cisco Systems, Inc	4,214,562		82,310	0.61
	Intel Corp	5,594,885		106,023	0.79
	Other			578,861	4.31
				767,194	5.71
	ENGINEERING AND MANAGEMENT SERVICES			62,737	0.47
	FABRICATED METAL PRODUCTS
	Vallourec S.A.	60,058		72,186	0.54
	Other			18,996	0.14
				91,182	0.68
	FOOD AND KINDRED PRODUCTS
	Diageo plc	9,031,038		151,917	1.13
	Kellogg Co	1,760,356		85,254	0.63
	Other			249,367	1.86
				486,538	3.62
	FOOD STORES
	Supervalu, Inc	2,618,522		80,389	0.60
	Other			50,004	0.37
				130,393	0.97
	FORESTRY			2,476	0.02
	FURNITURE AND FIXTURES			1,314	0.01
	FURNITURE AND HOMEFURNISHINGS STORES			19,977	0.15
	GENERAL BUILDING CONTRACTORS			76,784	0.57
	GENERAL MERCHANDISE STORES			104,193	0.78
	HEALTH SERVICES
	AmerisourceBergen Corp	1,780,660		74,645	0.55
	Other			233,720	1.74
				308,365	2.29
	HEAVY CONSTRUCTION, EXCEPT BUILDING
	Vinci S.A.	1,225,616		126,233	0.94
	Other			56,623	0.42
				182,856	1.36
	HOLDING AND OTHER INVESTMENT OFFICES
	NTL, Inc	3,197,758		79,624	0.59
	Other			93,644	0.70
				173,268	1.29

50  | 2006 Semiannual Report  College Retirement Equities Fund  SEE NOTES TO FINANCIAL STATEMENTS 

	|	Summary portfolio of investments (unaudited)
CREF Global Equities Account		June 30, 2006	continued

			VALUE	% OF NET
COMPANY	SHARES		(000)	ASSETS
HOTELS AND OTHER LODGING PLACES
Accor S.A.	1,546,258	$	94,091	0.70	%
Other			22,990	0.17
			117,081	0.87
INDUSTRIAL MACHINERY AND EQUIPMENT
Hewlett-Packard Co	3,019,651		95,662	0.71
Other			310,257	2.31
			405,919	3.02
INSTRUMENTS AND RELATED PRODUCTS
Johnson & Johnson	2,645,479		158,517	1.18
Other			242,690	1.81
			401,207	2.99
INSURANCE AGENTS, BROKERS AND SERVICE			117,151	0.87
INSURANCE CARRIERS
Aetna, Inc	1,678,035		67,004	0.50
Metlife, Inc	1,510,571		77,356	0.58
Other			399,311	2.97
			543,671	4.05
LEATHER AND LEATHER PRODUCTS			51,164	0.38
LOCAL AND INTERURBAN PASSENGER TRANSIT			575	0.00	**
LUMBER AND WOOD PRODUCTS			916	0.01
METAL MINING			91,270	0.68
MISCELLANEOUS MANUFACTURING INDUSTRIES			52,126	0.39
MISCELLANEOUS RETAIL
CVS Corp	3,321,768		101,978	0.76
Other			135,190	1.00
			237,168	1.76
MOTION PICTURES			74,570	0.55
NONDEPOSITORY INSTITUTIONS
American Express Co	1,467,453		78,098	0.58
Capital One Financial Corp	1,007,637		86,103	0.64
Deutsche Postbank AG.	1,102,444		79,306	0.59
Fannie Mae	2,555,600		122,924	0.92
Other			214,189	1.59
			580,620	4.32
NONMETALLIC MINERALS, EXCEPT FUELS			17,243	0.13
OIL AND GAS EXTRACTION
BG Group plc	7,090,225		94,747	0.71
Other			297,442	2.21
			392,189	2.92
PAPER AND ALLIED PRODUCTS			43,253	0.32

SEE NOTES TO FINANCIAL STATEMENTS  College Retirement Equities Fund  2006 Semiannual Report |  51 

	|	Summary portfolio of investments (unaudited)
CREF Global Equities Account		June 30, 2006	continued

				VALUE	% OF NET
	COMPANY	SHARES		(000)	ASSETS
	PERSONAL SERVICES		$	3,056	0.02	%
	PETROLEUM AND COAL PRODUCTS
	Chevron Corp	1,612,312		100,060	0.74
	ConocoPhillips	1,071,606		70,222	0.52
	Exxon Mobil Corp	3,209,067		196,876	1.46
	Royal Dutch Shell plc (A Shares)	3,054,917		102,834	0.77
	Other			191,550	1.43
				661,542	4.92
	PIPELINES, EXCEPT NATURAL GAS			3,020	0.02
	PRIMARY METAL INDUSTRIES			59,911	0.45
	PRINTING AND PUBLISHING			53,491	0.40
	RAILROAD TRANSPORTATION			30,573	0.23
	REAL ESTATE			154,027	1.15
	RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS			6,873	0.05
	SECURITY AND COMMODITY BROKERS
	Goldman Sachs Group, Inc	445,200		66,971	0.50
	Janus Capital Group, Inc	3,567,798		63,864	0.48
	Morgan Stanley	2,173,770		137,404	1.02
	Other			347,031	2.58
				615,270	4.58
	SOCIAL SERVICES			90	0.00	**
	SPECIAL TRADE CONTRACTORS			26,238	0.20
	STONE, CLAY, AND GLASS PRODUCTS			124,317	0.93
	TEXTILE MILL PRODUCTS			5	0.00	**
	TOBACCO PRODUCTS			166,099	1.24
	TRANSPORTATION BY AIR			22,263	0.17
	TRANSPORTATION EQUIPMENT
	Raytheon Co	1,835,010		81,786	0.61
	Renault S.A.	751,508		80,717	0.60
	Other			425,890	3.17
				588,393	4.38
	TRANSPORTATION SERVICES			2,922	0.02
	TRUCKING AND WAREHOUSING			50,794	0.38
	WATER TRANSPORTATION			63,445	0.47
	WHOLESALE TRADE-DURABLE GOODS
d	General Electric Co	6,220,288		205,021	1.53
	Other			112,937	0.84
				317,958	2.37

52  | 2006 Semiannual Report  College Retirement Equities Fund  SEE NOTES TO FINANCIAL STATEMENTS 

	|	Summary portfolio of investments (unaudited)
CREF Global Equities Account		June 30, 2006	concluded

						VALUE	% OF NET
	COMPANY			SHARES		(000)	ASSETS
	WHOLESALE TRADE-NONDURABLE GOODS
	Alliance Unichem plc			4,842,474	$	91,534	0.68	%
	Other					120,561	0.90
						212,095	1.58
		TOTAL COMMON STOCKS	(Cost $12,824,854)			13,235,474	98.51
	WARRANTS
	HOTELS AND OTHER LODGING PLACES					181	0.00	**
		TOTAL WARRANTS	(Cost $0)			181	0.00	**
	ISSUER			PRINCIPAL
	SHORT-TERM INVESTMENTS
	U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES
d	Federal Home Loan Bank
	(FHLB)	4.950%–5.200%, 07/03/06–08/11/06		$94,790,000		94,559	0.70
						94,559	0.70
	TOTAL SHORT-TERM INVESTMENTS		(Cost $94,531)			94,559	0.70
	TOTAL PORTFOLIO		(Cost $12,967,675)			13,386,453	99.63
	OTHER ASSETS & LIABILITIES, NET					50,120	0.37
		NET ASSETS			$	13,436,573	100.00	%

________

*	Non-income producing
**	Percentage represents less than 0.01%
d	All or a portion of these securities have been segregated by the Custodian to cover margin or other requirements on open futures contracts.

________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 FINANCIAL STATEMENTS  College Retirement Equities Fund  2006 Semiannual Report |  53 

	|	Summary of market values by country (unaudited)
CREF Global Equities Account		June 30, 2006

				% OF
				MARKET
DOMESTIC			VALUE	VALUE
UNITED STATES		$	6,441,302,719	48.12	%
	TOTAL DOMESTIC		6,441,302,719	48.12
FOREIGN
AUSTRALIA			220,513,968	1.65
AUSTRIA			653,744	0.00
BELGIUM			874,059	0.01
BRAZIL			24,375,645	0.18
CANADA			237,808,499	1.78
CAYMAN ISLANDS			7,562,382	0.06
DENMARK			41,529,538	0.31
FINLAND			197,832,898	1.48
FRANCE			686,297,263	5.13
GERMANY			670,879,129	5.01
GREECE			51,069,485	0.38
HONG KONG			171,061,590	1.28
HUNGARY			14,357,219	0.11
INDIA			24,733,843	0.18
INDONESIA			3,379,259	0.02
IRELAND			27,712,237	0.21
ISRAEL			38,596,125	0.29
ITALY			195,344,401	1.46
JAPAN			1,447,301,620	10.81
MALAYSIA			11,278,272	0.08
NETHERLANDS			346,739,145	2.59
NEW ZEALAND			124,504	0.00
NORWAY			75,855,227	0.57
PHILIPPINES			14,167,768	0.10
PORTUGAL			449,032	0.00
REPUBLIC OF KOREA			79,861,641	0.60
RUSSIA			18,009,593	0.13
SINGAPORE			165,531,465	1.24
SOUTH AFRICA			3,651,480	0.03
SPAIN			305,319,142	2.28
SWEDEN			145,539,046	1.09
SWITZERLAND			347,348,572	2.59
TAIWAN (REPUBLIC OF CHINA)			8,034,175	0.06
THAILAND			11,066,777	0.08
UNITED KINGDOM			1,350,291,567	10.09
	TOTAL FOREIGN		6,945,150,310	51.88
	TOTAL PORTFOLIO	$	13,386,453,029	100.00	%

54  | 2006 Semiannual Report  College Retirement Equities Fund  SEE NOTES TO FINANCIAL STATEMENTS 

	|	Summary portfolio of investments (unaudited)
CREF Growth Account		June 30, 2006

					VALUE		% OF NET
	COMPANY		SHARES		(000)		ASSETS
	PREFERRED STOCK
	PRIMARY METAL INDUSTRIES			$	0	^	0.00	%**
	TOTAL PREFERRED STOCK	(Cost $10)			0	^	0.00	**
	COMMON STOCKS
	APPAREL AND ACCESSORY STORES				89,741		0.78
	APPAREL AND OTHER TEXTILE PRODUCTS				28,520		0.25
	BUILDING MATERIALS AND GARDEN SUPPLIES
	Lowe’s Cos, Inc		1,898,002		115,152		1.00
					115,152		1.00
	BUSINESS SERVICES
*	Adobe Systems, Inc		6,253,232		189,848		1.65
*	Cognizant Technology Solutions Corp		1,423,388		95,894		0.83
*	eBay, Inc		6,584,088		192,848		1.68
*	Electronic Arts, Inc		3,626,314		156,076		1.36
*	Google, Inc (Class A)		878,298		368,297		3.21
	Microsoft Corp		5,050,103		117,667		1.02
*	Yahoo!, Inc		5,520,128		182,164		1.59
	Other				301,693		2.63
					1,604,487		13.97
	CHEMICALS AND ALLIED PRODUCTS
	Abbott Laboratories		4,747,568		207,041		1.80
*	Amgen, Inc		4,056,126		264,581		2.31
*	Gilead Sciences, Inc		1,750,818		103,578		0.90
	Monsanto Co		2,083,160		175,381		1.53
e*	Sepracor, Inc		2,378,089		135,884		1.18
	Wyeth		3,348,867		148,723		1.30
	Other				383,861		3.34
					1,419,049		12.36
	COAL MINING				49,391		0.43
	COMMUNICATIONS
	AT&T, Inc		5,426,708		151,351		1.32
	Other				259,360		2.26
					410,711		3.58
	DEPOSITORY INSTITUTIONS				31,649		0.28
	EATING AND DRINKING PLACES
*	Starbucks Corp		2,472,352		93,356		0.81
					93,356		0.81
	ELECTRIC, GAS, AND SANITARY SERVICES				62,398		0.54
	ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
*	Cisco Systems, Inc		9,781,855		191,040		1.66
	Emerson Electric Co		2,075,914		173,982		1.51
	Harman International Industries, Inc		1,267,401		108,198		0.94
	Intel Corp		8,474,310		160,588		1.40

SEE NOTES TO FINANCIAL STATEMENTS  College Retirement Equities Fund  2006 Semiannual Report |  55 

	|	Summary portfolio of investments (unaudited)
CREF Growth Account		June 30, 2006	continued

				VALUE		% OF NET
	COMPANY	SHARES		(000)		ASSETS
	ELECTRONIC AND OTHER ELECTRIC EQUIPMENT — (continued)
*	Lucent Technologies, Inc	40,057,065	$	96,938		0.84	%
*	Marvell Technology Group Ltd	2,521,469		111,777		0.97
	Motorola, Inc	5,728,279		115,425		1.01
*	Network Appliance, Inc	4,093,329		144,495		1.26
	Qualcomm, Inc	6,721,048		269,312		2.35
	Other			318,774		2.78
				1,690,529		14.72
	ENGINEERING AND MANAGEMENT SERVICES
*	Celgene Corp	1,954,420		92,698		0.81
	Paychex, Inc	4,180,160		162,943		1.42
	Other			29,252		0.25
				284,893		2.48
	FOOD AND KINDRED PRODUCTS
	PepsiCo, Inc	3,343,881		200,767		1.75
				200,767		1.75
	FURNITURE AND HOME FURNISHINGS STORES			109,659		0.95
	GENERAL BUILDING CONTRACTORS			0	^	0.00	**
	GENERAL MERCHANDISE STORES
	Target Corp	3,278,257		160,208		1.40
	Other			85,150		0.74
				245,358		2.14
	HEALTH SERVICES
*	Medco Health Solutions, Inc	1,639,885		93,933		0.82
	Other			29,790		0.26
				123,723		1.08
	HOLDING AND OTHER INVESTMENT OFFICES
	Alcon, Inc	1,093,620		107,776		0.94
	Other			728		0.00	**
				108,504		0.94
	HOTELS AND OTHER LODGING PLACES
	Starwood Hotels & Resorts Worldwide, Inc	2,567,379		154,916		1.35
	Other			100,808		0.88
				255,724		2.23
	INDUSTRIAL MACHINERY AND EQUIPMENT
*	Apple Computer, Inc	2,701,365		154,302		1.34
	Applied Materials, Inc	5,676,023		92,406		0.81
	Other			253,006		2.20
				499,714		4.35
	INSTRUMENTS AND RELATED PRODUCTS
*	St. Jude Medical, Inc	3,463,770		112,295		0.98
*	Zimmer Holdings, Inc	1,742,163		98,816		0.86
	Other			218,880		1.90
				429,991		3.74

56  | 2006 Semiannual Report  College Retirement Equities Fund  SEE NOTES TO FINANCIAL STATEMENTS 

	|	Summary portfolio of investments (unaudited)
CREF Growth Account		June 30, 2006	continued

				VALUE	% OF NET
	COMPANY	SHARES		(000)	ASSETS
	INSURANCE CARRIERS
	Aetna, Inc	4,177,632	$	166,813	1.45	%
	Progressive Corp	3,553,080		91,349	0.80
	Other			23,584	0.20
				281,746	2.45
	LEATHER AND LEATHER PRODUCTS			84,617	0.74
	METAL MINING			48,869	0.43
	MISCELLANEOUS RETAIL
	CVS Corp	7,750,908		237,953	2.07
	Other			50,687	0.44
				288,640	2.51
	MOTION PICTURES			88,813	0.77
	NONDEPOSITORY INSTITUTIONS
	American Express Co	4,999,323		266,064	2.32
				266,064	2.32
	OIL AND GAS EXTRACTION
	Halliburton Co	1,862,068		138,184	1.20
	Schlumberger Ltd	1,558,267		101,459	0.89
	Other			140,051	1.22
				379,694	3.31
	PETROLEUM AND COAL PRODUCTS			46,011	0.40
	PRIMARY METAL INDUSTRIES
*	Corning, Inc	10,722,504		259,377	2.26
				259,377	2.26
	RAILROAD TRANSPORTATION			27,496	0.24
	SECURITY AND COMMODITY BROKERS
	Charles Schwab Corp	12,600,746		201,360	1.75
	Chicago Mercantile Exchange Holdings, Inc	391,556		192,313	1.67
	Merrill Lynch & Co, Inc	1,924,218		133,849	1.17
	Other			237,599	2.07
				765,121	6.66
	TOBACCO PRODUCTS
	Altria Group, Inc	3,074,160		225,736	1.97
				225,736	1.97
	TRANSPORTATION BY AIR			39,824	0.35
	TRANSPORTATION EQUIPMENT
	Boeing Co	2,323,776		190,341	1.66
	United Technologies Corp	4,178,433		264,996	2.31
				455,337	3.97
	TRANSPORTATION SERVICES			88,560	0.77

SEE NOTES TO FINANCIAL STATEMENTS  College Retirement Equities Fund  2006 Semiannual Report |  57 

	|	Summary portfolio of investments (unaudited)
CREF Growth Account		June 30, 2006	concluded

				VALUE	% OF NET
COMPANY		SHARES		(000)	ASSETS
TRUCKING AND WAREHOUSING
United Parcel Service, Inc (Class B)		1,865,372	$	153,576	1.34	%
				153,576	1.34
WHOLESALE TRADE-DURABLE GOODS				60,301	0.52
TOTAL COMMON STOCKS	(Cost $10,729,143)			11,413,098	99.39
ISSUER
SHORT-TERM INVESTMENTS
U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES				3,679	0.03
TOTAL SHORT-TERM INVESTMENTS	(Cost $3,678)			3,679	0.03
TOTAL PORTFOLIO	(Cost $10,732,831)			11,416,777	99.42
OTHER ASSETS & LIABILITIES, NET				66,047	0.58
NET ASSETS			$	11,482,824	100.00	%

________
*   Non-income producing
** Percentage represents less than 0.01%
^   Amount represents less than $1,000
e   All or a portion of these securities are out on loan.

________
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.

58  | 2006 Semiannual Report  College Retirement Equities Fund  SEE NOTES TO FINANCIAL STATEMENTS 

	|	Summary of market values by country (unaudited)
CREF Growth Account		June 30, 2006

				% OF
				MARKET
DOMESTIC			VALUE	VALUE
UNITED STATES		$	10,923,716,460	95.68	%
	TOTAL DOMESTIC		10,923,716,460	95.68
FOREIGN
BRAZIL			43,543,267	0.38
FINLAND			62,398,108	0.55
FRANCE			71,491,030	0.63
GERMANY			96,288,031	0.84
ISRAEL			77,213,542	0.68
JAPAN			28,701,745	0.25
MEXICO			54,790,894	0.48
REPUBLIC OF KOREA			188,959	0.00
SOUTH AFRICA			11,166,960	0.10
SWITZERLAND			47,277,707	0.41
	TOTAL FOREIGN		493,060,243	4.32
	TOTAL PORTFOLIO	$	11,416,776,703	100.00	%

SEE NOTES TO FINANCIAL STATEMENTS  College Retirement Equities Fund  2006 Semiannual Report |  59 

	|	Summary portfolio of investments (unaudited)
CREF Equity Index Account		June 30, 2006

				VALUE	% OF NET
	COMPANY	SHARES		(000)	ASSETS
	COMMON STOCKS
	AGRICULTURAL PRODUCTION-CROPS		$	408	0.00	%**
	AGRICULTURAL PRODUCTION-LIVESTOCK			1,063	0.01
	AMUSEMENT AND RECREATION SERVICES			25,424	0.25
	APPAREL AND ACCESSORY STORES			69,305	0.69
	APPAREL AND OTHER TEXTILE PRODUCTS			18,355	0.18
	AUTO REPAIR, SERVICES AND PARKING			6,955	0.07
	AUTOMOTIVE DEALERS AND SERVICE STATIONS			17,213	0.17
	BUILDING MATERIALS AND GARDEN SUPPLIES
	Home Depot, Inc	1,505,026		53,865	0.54
	Other			41,694	0.41
				95,559	0.95
	BUSINESS SERVICES
*	Google, Inc (Class A)	148,361		62,212	0.62
	Microsoft Corp	6,306,507		146,942	1.46
*	Oracle Corp	2,824,453		40,926	0.40
	Other			464,448	4.60
				714,528	7.08
	CHEMICALS AND ALLIED PRODUCTS
	Abbott Laboratories	1,084,609		47,300	0.47
*	Amgen, Inc	840,089		54,799	0.54
	Eli Lilly & Co	698,748		38,620	0.38
	Merck & Co, Inc	1,550,939		56,501	0.56
	Pfizer, Inc	5,206,729		122,202	1.21
	Procter & Gamble Co	2,331,861		129,651	1.28
	Wyeth	956,348		42,471	0.42
	Other			432,769	4.29
				924,313	9.15
	COAL MINING			27,239	0.27
	COMMUNICATIONS
e	AT&T, Inc	2,762,740		77,053	0.76
	BellSouth Corp	1,285,229		46,525	0.46
e*	Comcast Corp (Class A)	1,384,598		45,332	0.45
	Sprint Nextel Corp	2,055,140		41,082	0.41
	Verizon Communications, Inc	2,073,036		69,426	0.69
	Other			191,073	1.89
				470,491	4.66

60  | 2006 Semiannual Report  College Retirement Equities Fund  SEE NOTES TO FINANCIAL STATEMENTS 

	|	Summary portfolio of investments (unaudited)
CREF Equity Index Account		June 30, 2006	continued

				VALUE	% OF NET
	COMPANY	SHARES		(000)	ASSETS
	DEPOSITORY INSTITUTIONS
	Bank of America Corp	3,242,888	$	155,983	1.54	%
	Citigroup, Inc	3,532,540		170,410	1.69
	JPMorgan Chase & Co	2,469,154		103,704	1.03
	US Bancorp	1,264,853		39,059	0.39
	Wachovia Corp	1,142,923		61,809	0.61
	Wells Fargo & Co	1,193,764		80,078	0.79
	Other			421,072	4.17
				1,032,115	10.22
	EATING AND DRINKING PLACES			94,470	0.94
	EDUCATIONAL SERVICES			14,019	0.14
	ELECTRIC, GAS, AND SANITARY SERVICES			410,013	4.06
	ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
*	Cisco Systems, Inc	4,339,871		84,758	0.84
	Intel Corp	4,133,752		78,335	0.77
	Qualcomm, Inc	1,189,718		47,672	0.47
	Other			386,346	3.83
				597,111	5.91
	ENGINEERING AND MANAGEMENT SERVICES			82,546	0.82
	ENVIRONMENTAL QUALITY AND HOUSING			163	0.00	**
	FABRICATED METAL PRODUCTS			41,149	0.41
	FOOD AND KINDRED PRODUCTS
	Coca-Cola Co	1,448,134		62,299	0.62
	PepsiCo, Inc	1,174,283		70,504	0.70
	Other			164,051	1.62
				296,854	2.94
	FOOD STORES			26,647	0.26
	FORESTRY			12,845	0.13
	FURNITURE AND FIXTURES			34,402	0.34
	FURNITURE AND HOMEFURNISHINGS STORES			36,247	0.36
	GENERAL BUILDING CONTRACTORS			36,676	0.36
	GENERAL MERCHANDISE STORES
	Wal-Mart Stores, Inc	1,748,986		84,249	0.83
	Other			96,370	0.96
				180,619	1.79
	HEALTH SERVICES			161,652	1.60
	HEAVY CONSTRUCTION, EXCEPT BUILDING			1,419	0.01
	HOLDING AND OTHER INVESTMENT OFFICES			273,668	2.71
	HOTELS AND OTHER LODGING PLACES			51,268	0.51

SEE NOTES TO FINANCIAL STATEMENTS  College Retirement Equities Fund  2006 Semiannual Report |  61 

	|	Summary portfolio of investments (unaudited)
CREF Equity Index Account		June 30, 2006	continued

				VALUE	% OF NET
	COMPANY	SHARES		(000)	ASSETS
	INDUSTRIAL MACHINERY AND EQUIPMENT
	3M Co	535,802	$	43,277	0.43	%
*	Dell, Inc	1,642,181		40,086	0.40
	Hewlett-Packard Co	1,991,450		63,089	0.62
	International Business Machines Corp	1,101,679		84,631	0.84
	Other			306,403	3.03
				537,486	5.32
	INSTRUMENTS AND RELATED PRODUCTS
	Johnson & Johnson	2,104,074		126,076	1.25
	Medtronic, Inc	860,928		40,395	0.40
	Other			245,310	2.43
				411,781	4.08
	INSURANCE AGENTS, BROKERS AND SERVICE			43,376	0.43
	INSURANCE CARRIERS
	American International Group, Inc	1,565,282		92,430	0.92
	UnitedHealth Group, Inc	957,192		42,863	0.42
	Other			324,497	3.21
				459,790	4.55
	JUSTICE, PUBLIC ORDER AND SAFETY			1,872	0.02
	LEATHER AND LEATHER PRODUCTS			11,712	0.12
	LEGAL SERVICES			1,051	0.01
	LOCAL AND INTERURBAN PASSENGER TRANSIT			1,748	0.02
	LUMBER AND WOOD PRODUCTS			3,916	0.04
	METAL MINING			38,859	0.38
	MISCELLANEOUS MANUFACTURING INDUSTRIES			20,252	0.20
	MISCELLANEOUS RETAIL			120,333	1.19
	MOTION PICTURES
	Time Warner, Inc	2,981,966		51,588	0.51
	Walt Disney Co	1,557,708		46,731	0.47
	Other			39,529	0.39
				137,848	1.37
	NONDEPOSITORY INSTITUTIONS
	American Express Co	775,568		41,276	0.41
	Other			136,483	1.35
				177,759	1.76
	NONMETALLIC MINERALS, EXCEPT FUELS			8,422	0.08
	OIL AND GAS EXTRACTION			243,800	2.41
	PAPER AND ALLIED PRODUCTS			52,646	0.52
	PERSONAL SERVICES			15,942	0.16
	PETROLEUM AND COAL PRODUCTS
	Chevron Corp	1,575,052		97,748	0.97
	ConocoPhillips	1,172,898		76,860	0.76

62  | 2006 Semiannual Report  College Retirement Equities Fund  SEE NOTES TO FINANCIAL STATEMENTS 

	|	Summary portfolio of investments (unaudited)
CREF Equity Index Account		June 30, 2006	continued

					VALUE		% OF NET
	COMPANY		SHARES		(000)		ASSETS
	PETROLEUM AND COAL PRODUCTS — (continued)
	Exxon Mobil Corp		4,305,088	$	264,117		2.61	%
	Other				141,214		1.40
					579,939		5.74
	PRIMARY METAL INDUSTRIES				104,508		1.04
	PRINTING AND PUBLISHING				64,356		0.64
	RAILROAD TRANSPORTATION				68,446		0.68
	REAL ESTATE				13,065		0.13
	RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS				15,385		0.15
	SECURITY AND COMMODITY BROKERS
	Goldman Sachs Group, Inc		271,075		40,778		0.40
	Merrill Lynch & Co, Inc		654,693		45,540		0.45
	Morgan Stanley		761,119		48,110		0.48
	Other				150,588		1.49
					285,016		2.82
	SOCIAL SERVICES				1,476		0.01
	SPECIAL TRADE CONTRACTORS				5,664		0.06
	STONE, CLAY, AND GLASS PRODUCTS				8,876		0.09
	TEXTILE MILL PRODUCTS				531		0.01
	TOBACCO PRODUCTS
	Altria Group, Inc		1,483,868		108,960		1.08
	Other				9,511		0.09
					118,471		1.17
	TRANSPORTATION BY AIR				53,601		0.53
	TRANSPORTATION EQUIPMENT
	Boeing Co		568,146		46,537		0.46
	United Technologies Corp		718,291		45,554		0.45
	Other				172,023		1.71
					264,114		2.62
	TRANSPORTATION SERVICES				22,290		0.22
	TRUCKING AND WAREHOUSING				52,772		0.52
	WATER TRANSPORTATION				6,687		0.07
	WHOLESALE TRADE-DURABLE GOODS
d	General Electric Co		7,389,636		243,562		2.41
	Other				41,667		0.42
					285,229		2.83
	WHOLESALE TRADE-NONDURABLE GOODS				79,491		0.79
	TOTAL COMMON STOCKS	(Cost $7,984,363)			10,073,246		99.77
	WARRANTS
	COMMUNICATIONS				0	^	0.00	**
	TOTAL WARRANTS	(Cost $0)			0	^	0.00	**

SEE NOTES TO FINANCIAL STATEMENTS  College Retirement Equities Fund  2006 Semiannual Report |  63 

	|	Summary portfolio of investments (unaudited)
CREF Equity Index Account		June 30, 2006	concluded

							VALUE		% OF NET
	ISSUER				PRINCIPAL		(000)		ASSETS
	SHORT-TERM INVESTMENTS
	COMMERCIAL PAPER						56,864		0.57
	U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES
d	Federal Home Loan Bank
	(FHLB)	4.950%–5.200%, 07/03/06–08/11/06		$	286,260,000	$	285,943		2.83	%
							285,943		2.83
	TOTAL SHORT-TERM INVESTMENTS		(Cost $342,765)				342,807		3.40
	TOTAL PORTFOLIO		(Cost $8,327,128)				10,416,053		103.17
	OTHER ASSETS & LIABILITIES, NET						(319,749	)	(3.17	)
		NET ASSETS				$	10,096,304		100.00	%

________

*	Non-income producing
**	Percentage represents less than 0.01%
^	Amount represents less than $1,000
d	All or a portion of these securities have been segregated by the Custodian to cover margin or other requirements on open futures contracts.
e	All or a portion of these securities are out on loan.

________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.

64  | 2006 Semiannual Report  College Retirement Equities Fund  SEE NOTES TO FINANCIAL STATEMENTS 

	|	Summary portfolio of investments (unaudited)
CREF Bond Market Account		June 30, 2006

						VALUE	% OF NET
ISSUER		RATING†		PRINCIPAL		(000)	ASSETS
BONDS
CORPORATE BONDS
AMUSEMENT AND RECREATION SERVICES					$	5,517	0.09	%
AUTO REPAIR, SERVICES AND PARKING						3,013	0.05
ASSET BACKED						152,068	2.62
BUILDING MATERIALS AND GARDEN SUPPLIES						13,923	0.24
BUSINESS SERVICES						6,520	0.11
CHEMICALS AND ALLIED PRODUCTS						34,464	0.59
COMMUNICATIONS						134,408	2.31
DEPOSITORY INSTITUTIONS						208,246	3.58
EATING AND DRINKING PLACES						1,786	0.03
ELECTRIC, GAS, AND SANITARY SERVICES						100,632	1.73
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT						17,469	0.30
FABRICATED METAL PRODUCTS						9,631	0.17
FOOD AND KINDRED PRODUCTS						30,581	0.53
FOOD STORES						10,515	0.18
FORESTRY						2,663	0.05
GENERAL BUILDING CONTRACTORS						24,798	0.43
GENERAL MERCHANDISE STORES						20,260	0.35
HEALTH SERVICES						5,401	0.09
HOLDING AND OTHER INVESTMENT OFFICES						36,580	0.63
HOTELS AND OTHER LODGING PLACES						3,797	0.06
INDUSTRIAL MACHINERY AND EQUIPMENT						9,206	0.16
INSTRUMENTS AND RELATED PRODUCTS						9,116	0.16
INSURANCE CARRIERS						53,292	0.92
METAL MINING						11,512	0.20
MISCELLANEOUS MANUFACTURING INDUSTRIES						6,620	0.11
MISCELLANEOUS RETAIL						5,567	0.10
MOTION PICTURES						31,242	0.54
NONDEPOSITORY INSTITUTIONS
General Electric Capital Corp	6.000%, 06/15/12	Aaa	$	28,000,000		28,308	0.49
Other						124,216	2.13
						152,524	2.62
OIL AND GAS EXTRACTION						65,119	1.12

SEE NOTES TO FINANCIAL STATEMENTS  College Retirement Equities Fund  2006 Semiannual Report |  65 

	|	Summary portfolio of investments (unaudited)
CREF Bond Market Account		June 30, 2006	continued

								VALUE	% OF NET
	ISSUER			RATING†		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	$	29,461	0.51	%
	CS First Boston Mortgage Securities Corp
	Series 2004-8 (Class 7A1)	6.000%, 12/25/34		N/R		29,749,122		29,424	0.50
	Other							411,086	7.07
								469,971	8.08
	PAPER AND ALLIED PRODUCTS							2,930	0.05
	PETROLEUM AND COAL PRODUCTS							1,918	0.03
	PIPELINES, EXCEPT NATURAL GAS							27,135	0.47
	PRIMARY METAL INDUSTRIES							10,616	0.18
	PRINTING AND PUBLISHING							2,463	0.04
	RAILROAD TRANSPORTATION							20,755	0.36
	RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS							1,735	0.03
	SECURITY AND COMMODITY BROKERS							83,526	1.44
	STONE, CLAY, AND GLASS PRODUCTS							3,130	0.05
	TOBACCO PRODUCTS							1,245	0.02
	TRANSPORTATION BY AIR							7,089	0.12
	TRANSPORTATION EQUIPMENT							34,871	0.60
	WHOLESALE TRADE-NONDURABLE GOODS							9,808	0.17
	TOTAL CORPORATE BONDS		(Cost $1,899,625)					1,843,662	31.71
	GOVERNMENT BONDS
	AGENCY SECURITIES
e	Federal Home Loan Mortgage Corp
	(FHLMC)	3.750%–6.000%, 04/15/07–06/27/16		Aaa		88,732,000		88,156	1.52
e	FHLMC	4.625%, 02/21/08		Aaa		46,750,000		46,137	0.79
	FHLMC	5.125%, 04/18/08		N/R		42,268,000		42,034	0.72
	FHLMC	4.625%, 09/15/08		Aaa		45,500,000		44,682	0.77
d,e	FHLMC	7.000%, 03/15/10		Aaa		118,400,000		124,348	2.14
	FHLMC	4.750%, 01/18/11		Aaa		61,900,000		60,116	1.03
e	FHLMC	5.875%, 03/21/11		Aa2		36,399,000		36,746	0.63
e	FHLMC	6.375%, 08/01/11		Aa2		30,000,000		30,024	0.52
	FHLMC	6.250%, 03/05/12		Aaa		66,823,000		66,916	1.15
e	Federal National Mortgage Association
	(FNMA)	3.000%–6.625%, 01/02/07–08/06/38		Aaa		62,740,000		63,872	1.10
	FNMA	5.250%, 12/03/07		Aaa		31,500,000		31,383	0.54
	FNMA	4.125%, 06/16/08		Aaa		39,070,000		38,060	0.65
	FNMA	5.210%, 03/16/09		Aaa		40,000,000		39,606	0.68
e	FNMA	7.125%, 06/15/10		Aaa		120,700,000		127,626	2.20
	FNMA	5.800%, 06/07/11		Aaa		63,250,000		62,989	1.08
	FNMA	5.250%, 08/01/12		Aa2		28,600,000		27,953	0.48
	Other							242,878	4.18
								1,173,526	20.18

66  | 2006 Semiannual Report  College Retirement Equities Fund  SEE NOTES TO FINANCIAL STATEMENTS 

	|	Summary portfolio of investments (unaudited)
CREF Bond Market Account		June 30, 2006	continued

							VALUE	% OF NET
	ISSUER				PRINCIPAL		(000)	ASSETS
	FOREIGN GOVERNMENT BONDS					$	186,431	3.21	%
	MORTGAGE BACKED SECURITIES
d	Federal Home Loan Mortgage Corp Gold
	(FGLMC)	5.500%, 12/01/33		$	33,852,481		32,652	0.56
	FGLMC	5.000%, 01/01/34			87,891,036		82,477	1.42
	FGLMC	4.500%–6.000%, 10/01/34–05/01/35			62,474,892		59,606	1.03
	FGLMC	5.500%, 06/01/35			33,604,656		32,298	0.56
h	Federal National Mortgage Association (FNMA) 5.000%, 07/25/21				132,000,000		127,091	2.19
h	FNMA	6.000%, 08/25/21			78,000,000		78,195	1.34
	FNMA	4.350%, 03/25/34			31,619,785		30,021	0.52
	FNMA	5.000%, 05/01/36			32,840,687		30,550	0.53
h	FNMA	5.500%, 07/25/36			108,000,000		103,714	1.78
h	FNMA	6.000%, 07/25/36			124,000,000		122,024	2.10
h	FNMA	6.500%, 07/25/36			36,000,000		36,180	0.62
h	Government National Mortgage Association
	(GNMA)	5.000%, 07/15/36			70,000,000		66,238	1.14
h	GNMA	6.000%, 07/20/36			29,000,000		28,755	0.49
	Other						954,748	16.42
							1,784,549	30.70
	U.S. TREASURY SECURITIES
e	United States Treasury Bond	8.000%, 11/15/21			301,155,000		385,225	6.63
e	United States Treasury Bond	5.375%, 02/15/31			42,095,000		42,838	0.74
e	United States Treasury
	Note	2.500%–5.125%, 09/30/06–05/15/16			67,749,000		66,897	1.15
e	United States Treasury Note	3.750%, 03/31/07			34,940,000		34,548	0.59
e	United States Treasury Note	4.375%, 05/15/07			27,050,000		26,842	0.46
e	United States Treasury Note	4.375%, 01/31/08			74,900,000		73,964	1.27
e	United States Treasury Note	4.875%, 05/31/08			26,000,000		25,855	0.45
e	United States Treasury Note	4.875%, 05/15/09			28,500,000		28,306	0.49
	Other						33,298	0.57
							717,773	12.35
	TOTAL GOVERNMENT BONDS		(Cost $3,964,828)				3,862,279	66.44
		TOTAL BONDS	(Cost $5,864,453)				5,705,941	98.15
	TIAA-CREF MUTUAL FUNDS		(Cost $3,697)				3,849	0.06
	SHORT-TERM INVESTMENTS
	COMMERCIAL PAPER
	ABN Amro North America Finance, Inc	5.110%, 07/14/06			29,880,000		29,832	0.51
c,d	AT&T, Inc	5.120%, 07/13/06			35,000,000		34,949	0.60
c,d	BellSouth Corp	5.170%, 07/12/06			35,000,000		34,954	0.60
c,d	Cargill Global Funding plc	5.270%, 07/13/06			35,000,000		34,949	0.60
c,d	Govco, Inc	5.140%, 07/13/06			35,000,000		34,948	0.60
c,d	Greyhawk Funding LLC	5.140%, 07/18/06			35,000,000		34,922	0.60
d	Merrill Lynch & Co, Inc	5.120%, 07/19/06–07/20/06			35,200,000		35,115	0.61
c,d	Park Avenue Receivables
	Corp	5.040%–5.080%, 07/05/06–07/11/06			35,000,000		34,976	0.60
c,d	Preferred Receivables Funding
	Corp	5.080%–5.200%, 07/10/06–07/20/06			34,000,000		33,932	0.58

SEE NOTES TO FINANCIAL STATEMENTS  College Retirement Equities Fund  2006 Semiannual Report |  67 

	|	Summary portfolio of investments (unaudited)
CREF Bond Market Account		June 30, 2006	concluded

							VALUE		% OF NET
	ISSUER				PRINCIPAL		(000)		ASSETS
	COMMERCIAL PAPER — (continued)
c,d	Ranger Funding Co
	LLC	5.130%–5.165%, 07/14/06–07/17/06		$	28,132,000	$	28,078		0.48	%
c,d	Variable Funding Capital
	Corp	4.930%–5.060%, 07/06/06–07/07/06			34,700,000		34,681		0.60
c,d	Verizon Communications,
	Inc	5.130%–5.160%, 07/12/06–07/13/06			29,370,000		29,327		0.51
c,d	Yorktown Capital, LLC	5.240%–5.300%, 07/05/06–07/07/06			35,010,000		34,995		0.60
	Other						124,704		2.15
							560,362		9.64
	U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES
d	Federal Home Loan Bank
	(FHLB)	4.950%–5.120%, 07/03/06–07/12/06			49,850,000		49,812		0.86
	Other						13,601		0.23
							63,413		1.09
	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
	Bank of New York Institutional Cash Reserves
	Fund	5.298%, 07/03/06			971,534,000		972,642		16.73
	TOTAL SHORT-TERM INVESTMENTS		(Cost $1,596,275)				1,596,417		27.46
		TOTAL PORTFOLIO	(Cost $7,464,425)				7,306,207		125.67
	OTHER ASSETS & LIABILITIES, NET						(1,492,558	)	(25.67	)
		NET ASSETS				$	5,813,649		100.00	%

________
The following abbreviations are used in portfolio descriptions:
LLC Limited Liability Company
N/R Not rated by Moody’s

_______

c	Commercial Paper issued under the Private Placement exemption under Section 4(2) of the Securities Act of 1933.
d	All or a portion of these securities have been segregated by the Custodian to cover securities purchased on a delayed delivery basis.
e	All or a portion of these securities are out on loan.
h	These securities were purchased on a delayed delivery basis.
†	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.

68  | 2006 Semiannual Report  College Retirement Equities Fund  SEE NOTES TO FINANCIAL STATEMENTS 

	|	Summary portfolio of investments (unaudited)
CREF Inflation-Linked Bond Account		June 30, 2006

								VALUE	% OF NET
	ISSUER					PRINCIPAL		(000)	ASSETS
	GOVERNMENT BONDS
	U.S. TREASURY SECURITIES
k	United States Treasury Inflation Indexed Bond	2.375%, 01/15/25			$	290,104,740	$	282,292	7.69	%
e,k	United States Treasury Inflation Indexed Bond	2.000%, 01/15/26				110,882,557		101,475	2.77
k	United States Treasury Inflation Indexed Bond	3.625%, 04/15/28				193,248,096		229,271	6.25
k	United States Treasury Inflation Indexed Bond	3.875%, 04/15/29				222,405,402		275,053	7.50
k	United States Treasury Inflation Indexed Bond	3.375%, 04/15/32				58,685,265		69,249	1.89
k	United States Treasury Inflation Indexed Note	3.625%, 01/15/08				202,616,866		206,067	5.62
e,k	United States Treasury Inflation Indexed Note	3.875%, 01/15/09				183,135,324		189,688	5.17
k	United States Treasury Inflation Indexed Note	4.250%, 01/15/10				132,291,910		140,538	3.83
k	United States Treasury Inflation Indexed Note	0.875%, 04/15/10				315,677,047		297,750	8.12
k	United States Treasury Inflation Indexed Note	3.500%, 01/15/11				134,405,385		140,538	3.83
k	United States Treasury Inflation Indexed Note	2.375%, 04/15/11				121,483,053		120,980	3.30
k	United States Treasury Inflation Indexed Note	3.375%, 01/15/12				73,962,399		77,464	2.11
k	United States Treasury Inflation Indexed Note	3.000%, 07/15/12				252,560,415		260,019	7.09
e,k	United States Treasury Inflation Indexed Note	1.875%, 07/15/13				236,064,363		226,714	6.18
k	United States Treasury Inflation Indexed Note	2.000%, 01/15/14				243,384,729		234,847	6.40
e,k	United States Treasury Inflation Indexed Note	2.000%, 07/15/14				221,965,499		213,711	5.83
k	United States Treasury Inflation Indexed Note	1.625%, 01/15/15				218,459,989		203,611	5.55
k	United States Treasury Inflation Indexed Note	1.875%, 07/15/15				190,766,143		180,930	4.93
k	United States Treasury Inflation Indexed Note	2.000%, 01/15/16				184,415,200		176,059	4.80
								3,626,256	98.86
		TOTAL GOVERNMENT BONDS	(Cost $3,668,241)					3,626,256	98.86
	SHORT-TERM INVESTMENTS
	COMMERCIAL PAPER
	UBS Finance, (Delaware), Inc	5.270%, 07/03/06				2,040,000		2,039	0.05
								2,039	0.05
	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
	REPURCHASED AGREEMENTS
	Bear Stearns & Co, Inc, 5.230% Dated 06/30/2006,					25,000,000		25,004	0.68
	Due 07/03/2006 In the Amount of $25,003,632
	Fully Collateralized as follows:
	Federal Home Loan Mortgage Corp
	(FHLMC)	3.600%–6.625%, 10/15/2008–03/17/2021		$10,097,294
	Federal National Mortgage Association
	(FNMA)	3.250%–6.625%, 10/15/2006–09/14/2012		15,454,353
	Total Market Value			25,551,647
	Citigroup Global Markets, Inc, 5.200% Dated 06/30/2006,					20,691,000		20,694	0.57
	Due 07/03/2006 In The Amount Of $20,693,989
	Fully Collateralized as follows:
	Federal National Mortgage Association
	(FNMA) 4.750%, 01/02/2007			20,625,197
	Total Market Value			20,625,197

SEE NOTES TO FINANCIAL STATEMENTS  College Retirement Equities Fund  2006 Semiannual Report |  69 

	|	Summary portfolio of investments (unaudited)
CREF Inflation-Linked Bond Account		June 30, 2006	concluded

							VALUE		% OF NET
ISSUER					PRINCIPAL		(000)		ASSETS
J P Morgan Securities, 5.200% Dated 06/30/2006,				$	25,000,000	$	25,004		0.68	%
Due 07/03/2006 In The Amount Of $25,003,611
Fully Collateralized as follows:
Federal Home Loan Bank
(FHLB)	3.000%–5.000%, 09/12/2008–03/11/2016		$25,500,063
Total Market Value			25,500,063
Merrill Lynch & Co. Inc, 5.240% Dated 06/30/2006,					10,313,000		10,314		0.28
Due 07/03/2006 In The Amount Of $10,314,501
Fully Collateralized as follows:
Federal Home Loan Bank (FHLB)	6.493%, 12/19/2025		2,462,229
Federal Home Loan Mortgage Corp
(FHLMC)	4.875%–5.750%, 03/15/2007–06/27/2016		5,463,189
Federal National Mortgage Association
(FNMA)	4.375%, 10/15/2006		2,594,364
Total Market Value			10,519,782
							81,016		2.21
TOTAL SHORT-TERM INVESTMENTS		(Cost $83,055)					83,055		2.26
	TOTAL PORTFOLIO	(Cost $3,751,296)					3,709,311		101.12
OTHER ASSETS & LIABILITIES, NET							(41,122	)	(1.12	)
	NET ASSETS					$	3,668,189		100.00	%

________
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 Summary portfolio of investments. Note that the Accounts use more specific industry categories in following their investment limitations on industry concentration.

70  | 2006 Semiannual Report  College Retirement Equities Fund  SEE NOTES TO FINANCIAL STATEMENTS 

	|	Summary portfolio of investments (unaudited)
CREF Social Choice Account		June 30, 2006

		VALUE	% OF NET
ISSUER		(000)	ASSETS
BONDS
CORPORATE BONDS
AMUSEMENT AND RECREATION SERVICES	$	1,910	0.02	%
ASSET BACKED		66,451	0.84
BUILDING MATERIALS AND GARDEN SUPPLIES		12,628	0.16
BUSINESS SERVICES		4,660	0.06
CHEMICALS AND ALLIED PRODUCTS		23,016	0.29
COMMUNICATIONS		59,219	0.74
DEPOSITORY INSTITUTIONS		143,655	1.81
EATING AND DRINKING PLACES		4,964	0.06
ELECTRIC, GAS, AND SANITARY SERVICES		46,340	0.58
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		13,975	0.18
FABRICATED METAL PRODUCTS		3,004	0.04
FOOD AND KINDRED PRODUCTS		39,240	0.49
FOOD STORES		5,308	0.07
FURNITURE AND FIXTURES		3,711	0.05
GENERAL BUILDING CONTRACTORS		21,004	0.26
GENERAL MERCHANDISE STORES		904	0.01
HEALTH SERVICES		2,390	0.03
HOLDING AND OTHER INVESTMENT OFFICES		28,188	0.35
INDUSTRIAL MACHINERY AND EQUIPMENT		27,222	0.34
INSTRUMENTS AND RELATED PRODUCTS		28,229	0.36
INSURANCE CARRIERS		66,405	0.83
MISCELLANEOUS MANUFACTURING INDUSTRIES		4,788	0.06
MISCELLANEOUS RETAIL		4,311	0.06
MOTION PICTURES		16,883	0.21
NONDEPOSITORY INSTITUTIONS		40,903	0.51
OIL AND GAS EXTRACTION		30,690	0.39
OTHER MORTGAGE BACKED SECURITIES		189,467	2.38
PAPER AND ALLIED PRODUCTS		6,651	0.08
PETROLEUM AND COAL PRODUCTS		5,893	0.07
PIPELINES, EXCEPT NATURAL GAS		2,546	0.03
PRINTING AND PUBLISHING		10,156	0.13
RAILROAD TRANSPORTATION		6,695	0.08
SECURITY AND COMMODITY BROKERS		23,659	0.30
STONE, CLAY AND GLASS PRODUCTS		1,002	0.01

SEE NOTES TO FINANCIAL STATEMENTS  College Retirement Equities Fund  2006 Semiannual Report |  71 

	|	Summary portfolio of investments (unaudited)
CREF Social Choice Account		June 30, 2006	continued

								VALUE	% OF NET
	ISSUER			RATING†		PRINCIPAL		(000)	ASSETS
	TRANSPORTATION BY AIR						$	9,316	0.12	%
	TRANSPORTATION EQUIPMENT							5,664	0.07
	TRANSPORTATION SERVICES							6,552	0.08
	WHOLESALE TRADE-DURABLE GOODS							1,771	0.02
	WHOLESALE TRADE-NONDURABLE GOODS							15,878	0.20
	TOTAL CORPORATE BONDS		(Cost $1,017,017)					985,248	12.37
	GOVERNMENT BONDS
	AGENCY SECURITIES
	Federal National Mortgage Association
	(FNMA)	3.000%–6.625%, 01/02/07–08/01/12		Aaa	$	108,905,000		108,680	1.36
	FNMA	7.125%, 06/15/10		Aaa		43,700,000		46,208	0.58
	Private Export Funding Corp	4.974%, 08/15/13		Aaa		30,385,000		29,331	0.37
	Private Export Funding Corp	4.550%, 05/15/15		Aaa		37,425,000		34,644	0.44
	Other							419,160	5.26
								638,023	8.01
	FOREIGN GOVERNMENT BONDS							86,002	1.08
	MORTGAGE BACKED SECURITIES
h	Federal National Mortgage Association
	(FNMA)	5.000%, 07/25/21				36,000,000		34,661	0.43
h	FNMA	6.000%, 08/25/21				57,000,000		57,142	0.72
	FNMA	5.000%, 10/01/25				33,324,023		31,562	0.39
	FNMA	5.000%, 11/01/33				37,859,934		35,562	0.45
	FNMA	5.500%, 04/01/35				34,067,880		32,745	0.41
h	FNMA	5.500%, 07/25/36				34,000,000		32,651	0.41
h	FNMA	6.000%, 07/25/36				54,000,000		53,139	0.67
	Other							761,709	9.57
								1,039,171	13.05
	MUNICIPAL BONDS							76,078	0.96
	U.S. TREASURY SECURITIES
e	United States Treasury Bond	8.000%, 11/15/21				99,986,000		127,898	1.61
e	United States Treasury Note	7.000%, 07/15/06				31,200,000		31,212	0.39
e	United States Treasury Note	4.875%, 05/31/11				30,720,000		30,410	0.38
	Other							92,108	1.16
								281,628	3.54
	TOTAL GOVERNMENT BONDS		(Cost $2,180,230)					2,120,902	26.64
	TOTAL BONDS		(Cost $3,197,247)					3,106,150	39.01

72  | 2006 Semiannual Report  College Retirement Equities Fund  SEE NOTES TO FINANCIAL STATEMENTS 

	|	Summary portfolio of investments (unaudited)
CREF Social Choice Account		June 30, 2006	continued

					VALUE	% OF NET
	COMPANY		SHARES		(000)	ASSETS
	PREFERRED STOCKS
	COMMUNICATIONS			$	2,467	0.03	%
	TOTAL PREFERRED STOCKS	(Cost $2,563)			2,467	0.03
	COMMON STOCKS
	AMUSEMENT AND RECREATION SERVICES				813	0.01
	APPAREL AND ACCESSORY STORES				37,013	0.46
	APPAREL AND OTHER TEXTILE PRODUCTS				3,381	0.04
	AUTO REPAIR, SERVICES AND PARKING				1,291	0.02
	AUTOMOTIVE DEALERS AND SERVICE STATIONS				3,494	0.04
	BUILDING MATERIALS AND GARDEN SUPPLIES
	Home Depot, Inc		1,004,126		35,938	0.45
	Other				23,881	0.30
					59,819	0.75
	BUSINESS SERVICES
e*	Google, Inc (Class A)		80,052		33,568	0.42
	Microsoft Corp		3,840,893		89,493	1.13
	Other				153,905	1.93
					276,966	3.48
	CHEMICALS AND ALLIED PRODUCTS
	Abbott Laboratories		867,816		37,845	0.48
e*	Amgen, Inc		576,041		37,575	0.47
	Merck & Co, Inc		1,341,193		48,860	0.61
	Procter & Gamble Co		1,517,512		84,374	1.06
	Other				237,940	2.99
					446,594	5.61
	COMMUNICATIONS
e	AT&T, Inc		2,217,975		61,859	0.78
	BellSouth Corp		999,029		36,165	0.46
	Verizon Communications, Inc		1,455,295		48,738	0.61
	Other				96,660	1.21
					243,422	3.06
	DEPOSITORY INSTITUTIONS
	Bank of America Corp		1,514,253		72,836	0.92
	US Bancorp		1,360,612		42,016	0.53
	Wachovia Corp		1,030,420		55,725	0.70
	Washington Mutual, Inc		821,729		37,454	0.47
	Wells Fargo & Co		930,837		62,441	0.78
	Other				230,285	2.89
					500,757	6.29
	EATING AND DRINKING PLACES
	McDonald’s Corp		934,701		31,406	0.40
	Other				27,975	0.35
					59,381	0.75

SEE NOTES TO FINANCIAL STATEMENTS  College Retirement Equities Fund  2006 Semiannual Report |  73 

	|	Summary portfolio of investments (unaudited)
CREF Social Choice Account		June 30, 2006	continued

				VALUE	% OF NET
	COMPANY	SHARES		(000)	ASSETS
	EDUCATIONAL SERVICES		$	128	0.00	%**
	ELECTRIC, GAS, AND SANITARY SERVICES			267,412	3.36
	ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
*	Cisco Systems, Inc	2,594,227		50,665	0.64
	Emerson Electric Co	440,300		36,902	0.46
	Intel Corp	2,683,225		50,847	0.64
	Other			163,127	2.05
				301,541	3.79
	ENGINEERING AND MANAGEMENT SERVICES			30,435	0.38
	FABRICATED METAL PRODUCTS			37,202	0.47
	FOOD AND KINDRED PRODUCTS
	PepsiCo, Inc	936,304		56,216	0.71
	Other			86,787	1.09
				143,003	1.80
	FOOD STORES			13,535	0.17
	FURNITURE AND FIXTURES			41,528	0.52
	FURNITURE AND HOMEFURNISHINGS STORES			13,066	0.16
	GENERAL BUILDING CONTRACTORS			19,874	0.25
	GENERAL MERCHANDISE STORES			59,334	0.75
	HEALTH SERVICES			64,468	0.81
	HOLDING AND OTHER INVESTMENT OFFICES			145,877	1.83
	HOTELS AND OTHER LODGING PLACES			11,176	0.14
	INDUSTRIAL MACHINERY AND EQUIPMENT
	3M Co	574,944		46,438	0.58
	Hewlett-Packard Co	1,298,523		41,137	0.52
	International Business Machines Corp	787,557		60,500	0.76
	Other			143,469	1.80
				291,544	3.66
	INSTRUMENTS AND RELATED PRODUCTS
	Johnson & Johnson	1,731,495		103,751	1.30
	Medtronic, Inc	796,428		37,368	0.47
	Other			116,704	1.47
				257,823	3.24
	INSURANCE AGENTS, BROKERS AND SERVICE			20,371	0.26
	INSURANCE CARRIERS
	Prudential Financial, Inc	405,806		31,531	0.40
	Other			177,950	2.23
				209,481	2.63
	LEATHER AND LEATHER PRODUCTS			6,308	0.08
	LEGAL SERVICES			96	0.00	**
	LUMBER AND WOOD PRODUCTS			504	0.01

74  | 2006 Semiannual Report  College Retirement Equities Fund  SEE NOTES TO FINANCIAL STATEMENTS 

	|	Summary portfolio of investments (unaudited)
CREF Social Choice Account		June 30, 2006	continued

			VALUE	% OF NET
COMPANY	SHARES		(000)	ASSETS
METAL MINING		$	5,098	0.06	%
MISCELLANEOUS MANUFACTURING INDUSTRIES			10,728	0.14
MISCELLANEOUS RETAIL			61,088	0.77
MOTION PICTURES
Time Warner, Inc	2,780,199		48,098	0.60
Walt Disney Co	1,365,173		40,955	0.51
Other			5,975	0.08
			95,028	1.19
NONDEPOSITORY INSTITUTIONS
American Express Co	782,671		41,654	0.52
Freddie Mac	671,667		38,292	0.48
Other			70,730	0.89
			150,676	1.89
NONMETALLIC MINERALS, EXCEPT FUELS			11,550	0.15
OIL AND GAS EXTRACTION
Anadarko Petroleum Corp	682,338		32,541	0.41
Devon Energy Corp	496,884		30,017	0.38
Other			176,412	2.21
			238,970	3.00
PAPER AND ALLIED PRODUCTS			45,834	0.58
PERSONAL SERVICES			3,083	0.04
PETROLEUM AND COAL PRODUCTS			63,967	0.80
PRIMARY METAL INDUSTRIES			77,587	0.97
PRINTING AND PUBLISHING			52,745	0.66
RAILROAD TRANSPORTATION			32,617	0.41
REAL ESTATE			925	0.01
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS			4,064	0.05
SECURITY AND COMMODITY BROKERS
Goldman Sachs Group, Inc	244,176		36,731	0.46
Merrill Lynch & Co, Inc	628,629		43,727	0.55
Other			60,741	0.76
			141,199	1.77
SPECIAL TRADE CONTRACTORS			1,064	0.01
STONE, CLAY, AND GLASS PRODUCTS			4,844	0.06
TEXTILE MILL PRODUCTS			126	0.00	**
TRANSPORTATION BY AIR			36,616	0.46
TRANSPORTATION EQUIPMENT			47,575	0.60
TRANSPORTATION SERVICES			2,771	0.04

SEE NOTES TO FINANCIAL STATEMENTS  College Retirement Equities Fund  2006 Semiannual Report |  75 

	|	Summary portfolio of investments (unaudited)
CREF Social Choice Account		June 30, 2006	continued

								VALUE	% OF NET
	COMPANY					SHARES		(000)	ASSETS
	TRUCKING AND WAREHOUSING
	United Parcel Service, Inc (Class B)					404,035	$	33,264	0.42	%
	Other							44	0.00	**
								33,308	0.42
	WATER TRANSPORTATION							2,552	0.03
	WHOLESALE TRADE-DURABLE GOODS							37,371	0.47
	WHOLESALE TRADE-NONDURABLE GOODS							44,611	0.56
	TOTAL COMMON STOCKS		(Cost $3,479,936)					4,773,634	59.96
	ISSUER					PRINCIPAL
	SHORT-TERM INVESTMENTS
	COMMERCIAL PAPER							250,969	3.15
	U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES
d,e	Federal Home Loan Bank
	(FHLB)	5.060%–5.120%, 07/05/06–07/19/06			$	74,380,000		74,276	0.93
d	Federal Home Loan Mortgage Corp
	(FHLMC)	4.930%–5.200%, 07/11/06–08/08/06				69,830,000		69,605	0.88
	Other							10,327	0.13
								154,208	1.94
	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
	REPURCHASE AGREEMENTS
	Bear Stearns & Co, Inc, 5.230% Dated 06/30/2006,					9,646,000		9,647	0.12
	Due 07/03/2006 In the Amount of $9,647,401
	Fully Collateralized as follows:
	Federal Home Loan Mortgage Corp
	(FHLMC)	3.600%–6.625% , 10/15/2008–03/17/2021		$  3,895,940
	Federal National Mortgage Association
	(FNMA)	3.250%–6.625%, 10/15/2006–09/14/2012		5,962,907
	Total Market Value			9,858,847
	Citigroup Global Markets, Inc, 5.200% Dated 06/30/2006,					29,309,000		29,313	0.37
	Due 07/03/2006 In The Amount Of $29,313,234
	Fully Collateralized as follows:
	Federal National Mortgage Association
	(FNMA)	4.750%, 01/02/2007		29,215,790
	Total Market Value			29,215,790
	Goldman Sachs & Co. 5.230% Dated 06/30/2006,					25,000,000		25,004	0.31
	Due 07/03/2006 In The Amount Of $25,003,632
	Fully Collateralized as follows:
	Federal National Mortgage Association
	(FNMA)	6.250%, 05/15/2029		25,500,891
	Total Market Value			25,500,891

76  | 2006 Semiannual Report  College Retirement Equities Fund  SEE NOTES TO FINANCIAL STATEMENTS 

	|	Summary portfolio of investments (unaudited)
CREF Social Choice Account		June 30, 2006	concluded

								VALUE	% OF NET
	ISSUER					PRINCIPAL		(000)	ASSETS
	J P Morgan Securities, 5.200% Dated 06/30/2006,				$	25,000,000	$	25,004	0.31	%
	Due 07/03/2006 In The Amount Of $25,003,611
	Fully Collateralized as follows:
	Federal Home Loan Bank
	(FHLB)	3.000%–5.000%, 09/12/2008–03/11/2016		$25,500,063
	Total Market Value			25,500,063
	Merrill Lynch & Co. Inc, 5.240% Dated 06/30/2006,					89,687,000		89,700	1.13
	Due 07/03/2006 In The Amount Of $89,700,054
	Fully Collateralized as follows:
	Federal Home Loan Bank (FHLB)	6.493%, 12/19/2025		21,412,772
	Federal Home Loan Mortgage Corp
	(FHLMC)	4.875%–5.750% , 03/15/2007–06/27/2016		47,510,624
	Federal National Mortgage Association
	(FNMA)	4.375%, 10/15/2006		22,561,886
	Total Market Value			91,485,282
	Morgan Stanley & Co, Inc 5.230% Dated 06/30/2006,					85,000,000		85,012	1.07
	Due 07/03/2006 In The Amount Of $85,012,349
	Fully Collateralized as follows:
	Federal Home Loan Bank
	(FHLB)	0.000%–6.000%, 12/22/2006–11/15/2024		27,092,505
	Federal Home Loan Mortgage Corp
	(FHLMC)	0.000%–5.750% , 07/18/2007–04/08/2019		38,907,076
	Federal National Mortgage Association
	(FNMA)	0.000%–6.930%, 11/15/2006–02/26/2024		20,705,565
	Total Market Value			86,705,146
	TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED							263,680	3.31
TOTAL SHORT-TERM INVESTMENTS			(Cost $668,770)					668,857	8.40
TOTAL PORTFOLIO			(Cost $7,348,516)					8,551,108	107.40
OTHER ASSETS & LIABILITIES, NET								(589,218	(7.40	)
		NET ASSETS					$	7,961,890	100.00	%

________

*	Non-income producing
**	Percentage represents less than 0.01%
d	All or a portion of these securities have been segregated by the custodian to cover securities purchased on a delayed delivery basis.
e	All or a portion of these securities are out on loan.
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.

SEE NOTES TO FINANCIAL STATEMENTS  College Retirement Equities Fund  2006 Semiannual Report |  77 

	|	Summary portfolio of investments (unaudited)
CREF Money Market Account		June 30, 2006

						VALUE	% OF NET
	ISSUER			PRINCIPAL		(000)	ASSETS
	SHORT-TERM INVESTMENTS
	BANK NOTES				$	49,999	0.59	%
	CERTIFICATES OF DEPOSIT
	Abbey National plc	5.000%–5.080%, 07/14/06–07/18/06	$	115,000,000		114,996	1.35
	American Express
	Centurion Bank	4.950%– 5.440%, 07/06/06–09/26/06		199,680,000		199,668	2.35
	Bank Of Montreal	4.990%–5.050%, 07/13/06–09/20/06		100,000,000		99,938	1.17
	Deutsche Bank	4.925%–5.050%, 07/05/06–07/17/06		145,000,000		144,998	1.70
	Dexia Bank	5.030%–5.305%, 07/10/06–08/23/06		125,000,000		124,996	1.47
	Royal Bank of Canada	4.850%–5.360%, 07/28/06–09/21/06		148,000,000		147,954	1.74
	Other					249,765	2.93
						1,082,315	12.71
	COMMERCIAL PAPER
	American Honda
	Finance Corp	5.000%–5.250%, 07/10/06–08/16/06		148,419,000		147,822	1.74
c	Beta Finance, Inc	4.965%–5.320%, 07/14/06–08/31/06		145,400,000		144,633	1.70
	Canadian Imperial
	Holding, Inc	5.110%–5.170%, 08/08/06–08/15/06		147,285,000		146,395	1.72
c	CC (USA), Inc	4.910%–5.350%, 07/07/06–08/31/06		199,935,000		199,015	2.34
c	Ciesco Lp	5.020%–5.290%, 07/11/06–08/17/06		200,400,000		199,624	2.34
	Citigroup Funding, Inc	4.955%–5.310%, 07/13/06–11/16/06		150,700,000		149,572	1.76
c	Corporate Asset Funding
	Corp, Inc	4.930%–5.320%, 07/10/06–08/25/06		150,300,000		149,660	1.76
c	Danske Corp	4.705%–5.370%, 07/13/06–10/23/06		151,024,000		149,572	1.76
c	Dorada Finance, Inc	4.960%–5.390%, 07/10/06–10/25/06		147,030,000		145,677	1.71
c	Edison Asset
	Securitization, LLC	4.970%–5.250%, 07/13/06–10/30/06		199,815,000		198,577	2.33
	General Electric
	Capital Corp	4.740%–5.330%, 07/19/06–10/23/06		170,895,000		169,733	1.99
c	Govco, Inc	4.830%–5.430%, 07/10/06–12/26/06		201,155,000		199,659	2.34
c	Grampian Funding LLC	4.960%–5.310%, 08/16/06–11/17/06		97,630,000		96,553	1.13
c	Greenwich Capital
	Holdings, Inc	5.350%–5.430%, 09/22/06–10/23/06		150,245,000		147,820	1.74
c	Greyhawk Funding LLC	4.960%–5.290%, 07/11/06–08/28/06		114,844,000		114,030	1.34
c	Harrier Finance
	Funding LLC	4.970%–5.400%, 07/07/06–09/22/06		170,479,000		169,889	2.00
	HBOS Treasury
	Services plc	5.045%–5.260%, 07/26/06–09/15/06		90,535,000		89,732	1.05
	HSBC Finance Corp	5.050%–5.290%, 07/27/06–09/12/06		151,000,000		149,844	1.76
	ING Finance	5.040%–5.310%, 07/24/06–08/28/06		131,670,000		130,881	1.54
c	Kitty Hawk Funding Corp	.4.860%–5.330%, 07/24/06–09/20/06		151,204,000		150,170	1.76
c	Links Finance LLC	4.935%–5.370%, 07/06/06–09/22/06		111,175,000		110,282	1.30
	Merrill Lynch & Co, Inc	5.210%–5.270%, 08/10/06–08/14/06		84,000,000		83,488	0.98
	Morgan Stanley
	Dean Witter	5.240%–5.280%, 08/16/06–08/17/06		100,000,000		99,300	1.17
c	Nestle Capital Corp	4.990%–5.310%, 07/11/06–12/01/06		123,268,000		121,338	1.42
	Paccar Financial Corp	4.910%–5.120%, 07/05/06–08/31/06		137,785,000		137,273	1.61
c	Park Avenue
	Receivables Corp	5.110%–5.290%, 07/12/06–08/11/06		187,736,000		186,863	2.19

78  | 2006 Semiannual Report  College Retirement Equities Fund  SEE NOTES TO FINANCIAL STATEMENTS 

	|	Summary portfolio of investments (unaudited)
CREF Money Market Account		June 30, 2006	concluded

							VALUE	% OF NET
	ISSUER				PRINCIPAL		(000)	ASSETS
c	Preferred Receivables
	Funding Corp	5.070%–5.200%, 07/14/06–08/21/06		$	130,037,000	$	129,608	1.52	%
c	Private Export
	Funding Corp	4.800%–5.200%, 07/05/06–09/06/06			199,490,000		198,269	2.33
	Rabobank USA
	Finance Corp	4.580%–4.970%, 07/05/06–09/29/06			83,945,000		83,530	0.98
c	Ranger Funding Co LLC	5.050%–5.330%, 07/11/06–09/11/06			200,674,000		199,637	2.34
c	Scaldis Capital LLC	4.580%–5.420%, 07/12/06–12/18/06			193,130,000		191,529	2.25
c	Sedna Finance, Inc	5.150%–5.330%, 07/31/06–10/03/06			137,223,000		135,971	1.60
c	Sheffield Receivables
	Corp	4.810%–5.390%, 07/25/06–09/27/06			102,957,000		102,387	1.20
c	Shell International
	Finance B.V.	4.990%–5.300%, 07/03/06–09/29/06			108,668,000		108,219	1.27
c	Sigma Finance, Inc	4.920%–5.190%, 07/18/06–11/30/06			125,875,000		124,640	1.46
	Societe Generale
	North America, Inc	4.810%–5.260%, 07/11/06–11/21/06			149,808,000		148,738	1.75
	Swedish Export
	Credit Corp	4.990%–5.315%, 07/06/06–09/12/06			199,825,000		199,033	2.34
c	Toronto-Dominion
	Holdings USA, Inc	4.800%–5.130%, 07/19/06–10/27/06			106,000,000		105,344	1.24
	Toyota Motor
	Credit Corp	5.090%–5.290%, 08/09/06–08/25/06			149,765,000		148,628	1.75
	UBS Finance, (Delaware),
	Inc	4.820%–5.330%, 07/06/06–08/31/06			150,550,000		149,773	1.76
c	Variable Funding
	Capital Corp	4.920%–5.160%, 07/03/06–07/26/06			124,916,000		124,706	1.46
	Other						641,160	7.53
							6,578,574	77.26
	U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES
	Federal Home Loan Bank
	(FHLB)	4.950%–5.350%, 07/21/06–12/13/06			130,442,000		129,570	1.52
	Federal Home Loan Mortgage Corp
	(FHLMC)	4.790%–5.350%, 07/11/06–11/28/06			119,019,000		118,274	1.39
	Federal National Mortgage Association
	(FNMA)	4.920%–5.300%, 07/18/06–12/01/06			234,415,000		232,792	2.74
	Other						40,016	0.47
							520,652	6.12
	VARIABLE NOTES						274,956	3.23
		TOTAL SHORT-TERM INVESTMENTS	(Cost $8,507,882)				8,506,496	99.91
		TOTAL PORTFOLIO	(Cost $8,507,882)				8,506,496	99.91
	OTHER ASSETS & LIABILITIES, NET						7,871	0.09
		NET ASSETS				$	8,514,367	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.

SEE NOTES TO FINANCIAL STATEMENTS  College Retirement Equities Fund  2006 Semiannual Report |  79 

	|	College Retirement Equities Fund
Statements of assets and liabilities (unaudited)		June 30, 2006

(amounts in thousands, except amounts per accumulation unit)		Stock Account		Global Equities Account		Growth Account		Equity Index Account		Bond Market Account		Inflation- Linked Bond Account
ASSETS
Portfolio investments, at cost
Unaffiliated issuers	$	104,046,981	$	12,967,675	$	10,732,831	$	8,327,128	$	7,460,728	$	3,751,296
Affiliated issuers		75,034		—		—		—		3,697		—
Total portfolio investments, at cost		104,122,015		12,967,675		10,732,831		8,327,128		7,464,425		3,751,296
Portfolio investments, at value:
Unaffiliated issuers		119,018,439		13,386,453		11,416,777		10,416,053		7,302,358		3,709,311
Affiliated issuers		55,516		—		—		—		3,849		—
Total portfolio investments, at value
(including securities loaned of
$662,556, $51,355, $4,641, $331,020,
$956,023, & $79,545, respectively)	$	119,073,955	$	13,386,453	$	11,416,777	$	10,416,053	$	7,306,207	$	3,709,311
Cash		3,860		5,770		1,449		6,067		32,430		—
Cash – foreign (cost of $131,586,
$72,972, $252,  $—, $— and    $—, respectively)		132,812		72,950		253		—		—		—
Dividends and interest receivable		166,163		16,735		6,191		11,423		49,304		36,491
Receivable from securities transactions		3,069,458		266,555		291,714		219,181		97,228		—
Amounts due from TIAA		41,931		13,390		14,490		13,164		3,705		4,901
Other		56		50		36		13		1		—
Total assets		122,488,235		13,761,903		11,730,910		10,665,901		7,488,875		3,750,703
LIABILITIES
Deposits for securities loaned-Note 3		725,480		56,086		4,846		343,625		972,642		81,016
Amount due to banks		—		—		16,187		114		—		4
Amount due to investment advisor		3,067		2,133		412		1,044		471		323
Payable for securities transactions		2,916,574		266,972		226,641		224,807		702,113		1,171
Payable for variation margin on open    futures contracts		119		139		—		7		—		—
Total liabilities		3,645,240		325,330		248,086		569,597		1,675,226		82,514
NET ASSETS:
Accumulation Fund	$	102,783,267	$	13,103,420	$	11,286,344	$	9,873,015	$	5,646,182	$	3,523,939
Annuity Fund		16,059,728		333,153		196,480		223,289		167,467		144,250
Total net assets	$	118,842,995	$	13,436,573	$	11,482,824	$	10,096,304	$	5,813,649	$	3,668,189
Accumulation units outstanding –    Notes 4 and 5		477,005		147,395		189,742		115,972		74,527		77,431
Net asset value per accumulation    unit – Note 4	$	215.48	$	88.90	$	59.48	$	85.13	$	75.76	$	45.51

80  | 2006 Semiannual Report  College Retirement Equities Fund  SEE NOTES TO FINANCIAL STATEMENTS  College Retirement Equities Fund  2006 Semiannual Report |  81 

	|	College Retirement Equities Fund
Statements of assets and liabilities (unaudited)		June 30, 2006	concluded

	Social Choice		Money Market
(amounts in thousands, except amounts per accumulation unit)	Account		Account
ASSETS
Portfolio investments, at cost
Unaffiliated issuers	$	7,348,516	$	8,507,882
Affiliated issuers		—		—
Total portfolio investments, at cost		7,348,516		8,507,882
Portfolio investments, at value:
Unaffiliated issuers		8,551,108		8,506,496
Affiliated issuers		—		—
Total portfolio investments, at value
(including securities loaned of
$422,862 & $—, respectively)	$	8,551,108	$	8,506,496
Cash		6,109		—
Dividends and interest receivable		31,836		9,409
Receivable from securities transactions		622,123		—
Amounts due from TIAA		8,490		7,729
Other		7		13
Total assets		9,219,673		8,523,647
LIABILITIES
Deposits for securities loaned-Note 3		430,175		—
Amount due to banks		—		505
Amount due to investment advisor		1,225		7,442
Payable for securities transactions		826,383		1,333
Payable for variation margin on open futures contracts		—		—
Total liabilities		1,257,783		9,280
NET ASSETS:
Accumulation Fund	$	7,706,359	$	8,279,440
Annuity Fund		255,531		234,927
Total net assets	$	7,961,890	$	8,514,367
Accumulation units outstanding – Notes 4 and 5		66,827		357,663
Net asset value per accumulation unit – Note 4	$	115.32	$	23.15

82  | 2006 Semiannual Report  College Retirement Equities Fund  SEE NOTES TO FINANCIAL STATEMENTS 

	|	College Retirement Equities Fund
Statements of operations (unaudited)		June 30, 2006

	Stock			Global Equities
(amounts in thousands)	Account			Account
INVESTMENT INCOME
Interest	$	18,460		$	3,082
Dividends:
Unaffiliated issuers		1,313,607			161,851
Affiliated issuers		440			—
Foreign taxes withheld:
Unaffiliated issuers		(42,312	)		(10,011	)
Affiliated issuers		(5	)		—
Total income		1,290,190			154,922
EXPENSES – NOTE 2:
Administrative		170,373			17,952
Distribution		48,628			5,249
Investment Advisory		72,162			10,558
Mortality and expense risk charges		2,980			329
Total expenses		294,143			34,088
Net investment income (loss)		996,047			120,834
REALIZED AND UNREALIZED GAIN (LOSS) ON
TOTAL INVESTMENTS – NOTE 3
Net realized gain (loss) on:
Portfolio investments		7,444,314			888,498
Futures transactions		(8,036	)		(5,133	)
Foreign currency transactions		165			(870	)
Net realized gain (loss) on total investments		7,436,443			882,495
Net change in unrealized appreciation (depreciation) on:
Portfolio investments		(3,427,178	)		(454,240	)
Futures transactions		4,484			1,477
Translation of assets (other than portfolio investments)
and liabilities denominated in foreign currencies		2,712			735
Net change in unrealized appreciation (depreciation)
on total investments		(3,419,982	)		(452,028	)
Net realized and unrealized gain (loss) on total investments		4,016,461			430,467
Net increase (decrease) in net assets resulting
from operations	$	5,012,508		$	551,301

SEE NOTES TO FINANCIAL STATEMENTS  College Retirement Equities Fund  2006 Semiannual Report |  83 

	|	College Retirement Equities Fund
Statements of operations (unaudited)		June 30, 2006	concluded

										Inflation-
	Growth			Equity Index			Bond Market			Linked Bond			Social Choice			Money Market
(amounts in thousands)	Account			Account			Account			Account			Account			Account
INVESTMENT INCOME
Interest	$	597		$	945		$	145,672		$	78,964		$	78,208		$	183,803
Dividends:
Unaffiliated issuers		66,150			91,159			—			—			40,400			—
Affiliated issuers		—			—			140			—			—			—
Foreign taxes withheld:
Unaffiliated issuers		(662	)		(5	)		—			—			(2	)		—
Affiliated issuers		—			—			—			—			—			—
Total income		66,085			92,099			145,812			78,964			118,606			183,803
EXPENSES – NOTE 2:
Administrative		17,402			14,246			8,420			5,369			11,186			11,122
Distribution		4,920			4,120			2,382			1,580			3,234			3,173
Investment Advisory		8,520			3,106			3,258			2,049			3,183			2,451
Mortality and expense risk charges		301			253			144			94			198			193
Total expenses		31,143			21,725			14,204			9,092			17,801			16,939
Net investment income (loss)		34,942			70,374			131,608			69,872			100,805			166,864
REALIZED AND UNREALIZED GAIN    (LOSS) ON TOTAL    INVESTMENTS – NOTE 3
Net realized gain (loss) on:
Portfolio investments		486,419			85,775			(51,731	)		(12,136	)		78,628			(36	)
Futures transactions		—			(731	)		—			—			—			—
Foreign currency transactions		(541	)		—			—			—			—			—
Net realized gain (loss) on    total investments		485,878			85,044			(51,731	)		(12,136	)		78,628			(36	)
Net change in unrealized    appreciation (depreciation) on:
Portfolio investments		(893,318	)		144,295			(127,485	)		(138,000	)		(87,202	)		(759	)
Futures transactions		—			58			—			—			—			—
Translation of assets (other than        portfolio investments) and liabilities        denominated in foreign currencies		18			—			—			—			—			—
Net change in unrealized    appreciation (depreciation)
on total investments		(893,300	)		144,353			(127,485	)		(138,000	)		(87,202	)		(759	)
Net realized and unrealized gain (loss)    on total investments		(407,422	)		229,397			(179,216	)		(150,136	)		(8,574	)		(795	)
Net increase (decrease) in    net assets resulting
from operations	$	(372,480	)	$	299,771		$	(47,608	)	$	(80,264	)	$	92,231		$	166,069

84  | 2006 Semiannual Report  College Retirement Equities Fund  SEE NOTES TO FINANCIAL STATEMENTS  College Retirement Equities Fund  2006 Semiannual Report |  85 

	|
Statements of changes in net assets		College Retirement Equities Fund

	Stock Account						Global Equities Account						Growth Account
	For the			For the			For the			For the			For the			For the
	Six Months Ended			Year Ended			Six Months Ended			Year Ended			Six Months Ended			Year Ended
	June 30,			December 31,			June 30,			December 31,			June 30,			December 31,
(amounts in thousands)	2006			2005			2006			2005			2006			2005
	(Unaudited)						(Unaudited)						(Unaudited)
FROM OPERATIONS
Net investment income	$	996,047		$	1,646,299		$	120,834		$	170,545		$	34,942		$	45,055
Net realized gain (loss) on total investments		7,436,443			11,186,744			882,495			1,354,783			485,878			136,012
Net change in unrealized appreciation
(depreciation) on total investments		(3,419,982	)		(4,727,891	)		(452,028	)		(488,442	)		(893,300	)		429,260
Net increase (decrease) in net assets        resulting from operations		5,012,508			8,105,152			551,301			1,036,886			(372,480	)		610,327
FROM PARTICIPANT TRANSACTIONS
Premiums		1,953,639			3,675,634			475,693			855,929			527,164			1,090,716
Net transfers from (to) TIAA		(311,900	)		(641,163	)		24,142			12,842			6,137			7,075
Net transfers from (to) other CREF    Accounts and affiliated mutual funds		(976,724	)		(1,384,727	)		561,027			245,827			(561,143	)		(842,299	)
Annuity payments		(920,214	)		(1,813,506	)		(23,051	)		(41,784	)		(14,497	)		(31,389	)
Withdrawals and death benefits		(1,778,003	)		(2,859,527	)		(253,754	)		(319,761	)		(230,266	)		(360,265	)
Net increase (decrease) in net assets    resulting from participant transactions		(2,033,202	)		(3,023,289	)		784,057			753,053			(272,605	)		(136,162	)
Net increase (decrease) in net assets		2,979,306			5,081,863			1,335,358			1,789,939			(645,085	)		474,165
NET ASSETS
Beginning of year		115,863,689			110,781,826			12,101,215			10,311,276			12,127,909			11,653,744
End of period	$	118,842,995		$	115,863,689		$	13,436,573		$	12,101,215		$	11,482,824		$	12,127,909

86  | 2006 Semiannual Report  College Retirement Equities Fund  SEE NOTES TO FINANCIAL STATEMENTS  College Retirement Equities Fund  2006 Semiannual Report |  87 

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

	Equity Index Account						Bond Market Account						Inflation-Linked Bond Account
	For the			For the			For the			For the			For the			For the
	Six Months Ended			Year Ended			Six Months Ended			Year Ended			Six Months Ended			Year Ended
	June 30,			December 31,			June 30,			December 31,			June 30,			December 31,
(amounts in thousands)	2006			2005			2006			2005			2006			2005
	(Unaudited)						(Unaudited)						(Unaudited)
FROM OPERATIONS
Net investment income	$	70,374		$	130,209		$	131,608		$	230,457		$	69,872		$	208,672
Net realized gain (loss) on total investments		85,044			51,486			(51,731	)		(31,162	)		(12,136	)		6,130
Net change in unrealized appreciation
(depreciation) on total investments		144,353			347,107			(127,485	)		(75,212	)		(138,000	)		(122,210	)
Net increase (decrease) in net assets        resulting from operations		299,771			528,802			(47,608	)		124,083			(80,264	)		92,592
FROM PARTICIPANT TRANSACTIONS
Premiums		417,067			826,227			241,382			466,865			169,403			349,973
Net transfers from (to) TIAA		(4,377	)		(30,842	)		3,077			13,303			(23,707	)		11,899
Net transfers from (to) other CREF Accounts    and affiliated mutual funds		(263,088	)		(135,135	)		(32,562	)		24,020			(274,245	)		293,847
Annuity payments		(18,854	)		(38,242	)		(16,240	)		(33,114	)		(12,936	)		(25,603	)
Withdrawals and death benefits		(211,701	)		(292,313	)		(131,817	)		(213,678	)		(110,390	)		(147,023	)
Net increase (decrease) in net assets        resulting from participant transactions		(80,953	)		329,695			63,840			257,396			(251,875	)		483,093
Net increase (decrease) in net assets		218,818			858,497			16,232			381,479			(332,139	)		575,685
NET ASSETS
Beginning of year		9,877,486			9,018,989			5,797,417			5,415,938			4,000,328			3,424,643
End of period	$	10,096,304		$	9,877,486		$	5,813,649		$	5,797,417		$	3,668,189		$	4,000,328

88  | 2006 Semiannual Report  College Retirement Equities Fund  SEE NOTES TO FINANCIAL STATEMENTS  College Retirement Equities Fund  2006 Semiannual Report |  89 

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

	Social Choice Account						Money Market Account
	For the			For the			For the			For the
	Six Months Ended			Year Ended			Six Months Ended			Year Ended
	June 30,			December 31,			June 30,			December 31,
(amounts in thousands)	2006			2005			2006			2005
		(Unaudited)					(Unaudited)
FROM OPERATIONS
Net investment income	$	100,805		$	167,529		$	166,864		$	203,170
Net realized gain (loss) on total investments		78,628			110,087			(36	)		(21	)
Net change in unrealized appreciation
(depreciation) on total investments		(87,202	)		87,343			(759	)		970
Net increase (decrease) in net assets resulting
from operations		92,231			364,959			166,069			204,119
FROM PARTICIPANT TRANSACTIONS
Premiums		316,635			615,911			487,775			828,783
Net transfers from (to) TIAA		(9,756	)		(17,999	)		206,573			75,087
Net transfers from (to) other CREF Accounts and
affiliated mutual funds		(97,044	)		53,048			655,869			208,833
Annuity payments		(17,102	)		(43,031	)		(25,346	)		(58,520	)
Withdrawals and death benefits		(117,491	)		(180,085	)		(382,618	)		(633,567	)
Net increase (decrease) in net assets resulting from
participant transactions		75,242			427,844			942,253			420,616
Net increase (decrease) in net assets		167,473			792,803			1,108,322			624,735
NET ASSETS
Beginning of year		7,794,417			7,001,614			7,406,045			6,781,310
End of period	$	7,961,890		$	7,794,417		$	8,514,367		$	7,406,045

90  | 2006 Semiannual Report  College Retirement Equities Fund  SEE NOTES TO FINANCIAL STATEMENTS  College Retirement Equities Fund  2006 Semiannual Report |  91 

Notes to financial statements (unaudited) |  College Retirement Equities Fund

Note 1—significant accounting policies

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

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Notes to financial statements (unaudited) continued

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

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

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. Annuitants 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.

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Notes to financial statements (unaudited) continued

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 price is recorded as a realized gain or loss on the trade date of the sale transaction. At the time an Account enters into such transactions, it is required to have segregated assets with a current value at least equal to the amount of its dollar rolls commitments. In addition, the Accounts may receive compensation that is recorded as deferred income and amortized to income over the roll period. The counterparty receives all principal and interest payments, including prepayments, made in respect of a security subject to such a contract while it is the holder. Dollar rolls may be renewed with a new purchase and repurchase price and a cash settlement made on settlement date without physical delivery of the securities subject to the contract. The Accounts engage in dollar rolls for the purpose of enhancing their yields.

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.

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Notes to financial statements (unaudited) continued

Forward foreign currency contracts: The Accounts may use forward foreign currency contracts to facilitate transactions in securities denominated in foreign currencies. Such contracts are entered into directly with a counterparty and are “marked-to-market” at the end of each day’s trading. The Accounts are also exposed to credit risk associated with counterparty nonperformance on these forward foreign currency contracts which is typically limited to the unrealized gain on each open contract. Forward foreign currency contracts will be used primarily to protect the Accounts from adverse currency movements and will generally not be entered into for terms greater than one year. The use of forward foreign currency contracts does not eliminate fluctuations in the underlying prices of an Account’s investment securities; however, it does establish a rate of exchange that can be achieved in the future. The use of forward foreign currency contracts involves the risk that anticipated currency movements will not be accurately predicted. A forward foreign currency contract would limit the risk of loss due to a decline in the value of a particular currency; however, it also would limit any potential gain that might result should the value of the currency increase instead of decrease. The use of derivative instruments involves, to varying degrees, elements of market risk in excess of the amount recognized in the Statements of assets and liabilities. There were no open forward foreign currency contracts at June 30, 2006.

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.

On July 27, 2006, the Accounts entered into a four year securities lending agreement with State Street Bank and Trust Company (“SSB”). Under this arrangement the Stock and Global Equities Accounts will receive guaranteed income while the other six Accounts will receive a percentage of securities lending income generated by SSB.

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

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Notes to financial statements (unaudited) continued

investments. Initial margin deposits are made upon entering into a futures contract and variation margin payments are made or received reflecting changes in the value of the futures contracts. Futures contracts are valued at the last sales price as of the close of the board of trade or exchange on which they are traded. Daily changes in the value of such contracts are reflected in net unrealized gains and losses. Gains or losses are realized upon the expiration or closing of the futures contracts, or if the counterparties do not perform in accordance with contractual provisions.

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

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

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Notes to financial statements (unaudited) continued

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

Indemnification: In the normal course of business, each Account enters into contracts that contain a variety of representations and warranties and which provide general indemnities. An Account’s maximum exposure under these arrangements is unknown, as this would involve future claims against the Account that have not yet occurred. Also, under the Accounts’ Trust organizational documents, the Trustees and Officers of CREF are indemnified against certain liabilities that may arise out of their duties to CREF. However, based on experience, the Accounts expect the risk of loss due to these warranties and indemnities to be 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 and distribution functions for the CREF Accounts 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 0.005% 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 six months ended June 30, 2006.

Note 3—investments

At June 30, 2006, the market value of securities loaned and collateral received in connection therewith was comprised as follows:

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Notes to financial statements (unaudited) continued

		Stock	Global Equities	Growth
		Account	Account	Account
Market value of securities loaned		$662,555,625	$51,354,602	$4,641,399
Cash collateral		$725,480,166	$56,086,618	$4,846,010
			Inflation-
	Equity Index	Bond Market	Linked	Social Choice
	Account	Account	Account	Account
Market value of securities loaned	$331,019,875	$956,023,351	$79,545,042	$422,862,422
Cash collateral	$343,624,507	$972,641,866	$81,015,733	$430,175,615

At June 30, 2006, net unrealized appreciation (depreciation) of portfolio investments for each of the Accounts, consisting of gross unrealized appreciation and gross unrealized depreciation, were as follows:

					Net Unrealized
	Gross Unrealized		Gross Unrealized		Appreciation
	Appreciation		Depreciation		(Depreciation)
Stock Account	$	17,903,478,686	$	2,951,539,401	$	14,951,939,285
Global Equities Account	$	811,898,721	$	393,120,955	$	418,777,766
Growth Account	$	1,117,556,823	$	433,611,179	$	683,945,644
Equity Index Account	$	2,730,701,390	$	641,777,045	$	2,088,924,345
Bond Market Account	$	9,409,789	$	167,628,021	$	(158,218,232	)
Inflation-Linked Bond Account	$	80,510,744	$	122,495,711	$	(41,984,967	)
Social Choice Account	$	1,447,334,194	$	244,741,885	$	1,202,592,309
Money Market Account	$	192,894	$	1,578,604	$	(1,385,710	)

At June 30, 2006, Stock, Global Equities and Equity Index Accounts held the following open futures contracts:

	Number of	Market		Expiration	Unrealized
	Contracts	Value		Date	Appreciation
Stock Account
E-mini S&P 500 Index	741	$	47,401,770	September 2006	$	660,687
E-mini Russell 2000 Index	319	$	23,334,850	September 2006	$	855,925
					$	1,516,612
Global Equities Account
E-mini S&P 500 Index	657	$	42,028,290	September 2006	$	256,415
Equity Index Account
E-mini S&P 500 Index	44	$	2,814,680	September 2006	$	37,792
E-mini Russell 2000 Index	6	$	438,900	September 2006	$	20,027
					$	57,819

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Notes to financial statements (unaudited) continued

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

	Value at		Purchase				Realized			Dividend		Withholding		Shares at	Value at
Issue	December 31, 2005		Cost		Proceeds		Gain/(Loss)			Income		Expense		June 30, 2006	June 30, 2006
Stock Account
Brocade Communications Systems, Inc	$	72,403,062	$	2,971,153	$	33,591,082	$	7,461,073		$	—	$	—	—	$	*
Digital Garage, Inc		**		6,779,253		—		—			—		—	5,428		21,889,586
Hagemeyer NV		**		64,517		8,993,408		3,157,994			—		—	—		*
Information Development Co		**		—		242		123			74,924		5,245	416,300		3,648,975
Intelligent Wave, Inc		**		1,139,246		1,434,882		(130,195	)		—		—	16,226		18,026,523
Lear Corp		**		14,882,163		54,071,865		(4,416,800	)		—		—	—		*
Playmates Holdings Ltd		15,044,266		—		5,634		(3,208	)		364,992		—	113,203,000		11,951,392
Risa Partners, Inc		**		1,579,239		14,467		4,833			—		—	—		*
TBS International Ltd		5,976,000		—		1,657,055		(842,945	)		—		—	—		*
			$	27,415,571	$	99,768,635	$	5,230,875		$	439,916	$	5,245		$	55,516,476
	Value at		Purchase				Realized			Dividend		Withholding		Shares at	Value at
Issue	December 31, 2005		Cost		Proceeds		Gain/(Loss)			Income		Expense		June 30, 2006	June 30, 2006
Bond Market Account
TIAA-CREF High-Yield Bond Fund	$	3,781,732	$	140,504	$	—	$	—		$	140,504	$	—	432,491	$	3,849,176
			$	140,504	$	—	$	—		$	140,504	$	—		$	3,849,176

*   Not an Affiliate as of June 30, 2006
**  Not an Affiliate as of December 31, 2005

Purchases and sales of portfoliosecurities, other than short-term money marketinstruments, for the Accounts for the six months ended June 30, 2006, were as follows:

	Stock		Global Equities		Growth		Equity Index		Bond Market		Inflation-Linked		Social Choice
	Account		Account		Account		Account		Account		Bond Account		Account
Purchases:
Unaffiliated companies	$	33,402,251,183	$	10,035,298,743	$	6,826,418,293	$	665,730,196	$	6,783,151,290	$	498,965,745	$	4,048,072,610
Affiliated companies		27,415,571		—		—		—		140,504		—		—
Total Purchases	$	33,429,666,754	$	10,035,298,743	$	6,826,418,293	$	665,730,196	$	6,783,291,794	$	498,965,745	$	4,048,072,610
Sales:
Unaffiliated companies	$	35,871,510,655	$	9,197,498,139	$	7,153,853,988	$	718,479,352	$	6,459,017,130	$	708,626,061	$	3,857,639,100
Affiliated companies		99,768,635		—		—		—		—		—		—
Total Sales	$	35,971,279,290	$	9,197,498,139	$	7,153,853,988	$	718,479,352	$	6,459,017,130	$	708,626,061	$	3,857,639,100

100 | 2006 Semiannual Report  College Retirement Equities Fund  College Retirement Equities Fund  2006 Semiannual Report | 101

Notes to financial statements (unaudited) continued

Note 4—financialinformation

Selectedfinancialinformation for an Accumulation Unit of each Account is presented below:

			Stock Account
		For the Six
		Months Ended				For the Years Ended December 31,
		June 30, 2006 (a)				2005			2004			2003			2002			2001
		(Unaudited)
Per Accumulation Unit Data:*
	Investment income	$	2.333		$	3.819		$	3.564		$	2.796		$	2.476		$	2.432
	Expenses		0.532			0.901			0.717			0.746			0.638			0.693
	Investment income-net		1.801			2.918			2.847			2.050			1.838			1.739
	Net realized and unrealized gain (loss) on total investments		7.142			11.478			19.297			39.127			(35.535	)		(27.951	)
	Net increase (decrease) in Accumulation Unit Value		8.943			14.396			22.144			41.177			(33.697	)		(26.212	)
	Accumulation Unit Value:
	Beginning of year		206.533			192.137			169.993			128.816			162.513			188.725
	End of period	$	215.476		$	206.533		$	192.137		$	169.993		$	128.816		$	162.513
Total Return			4.33	%		7.49	%		13.03	%		31.97	%		(20.73	%)		(13.89	%)
Ratios to Average Net Assets:**
	Expenses		0.24	%		0.46	%		0.41	%		0.52	%		0.44	%		0.41	%
	Investment income-net		0.83	%		1.49	%		1.63	%		1.43	%		1.28	%		1.03	%
Portfolio turnover rate			27.87	%		58.24	%		57.85	%		47.46	%		31.19	%		29.41	%
Accumulation Units outstanding at end of period (in thousands)			477,005			484,028			494,584			499,306			493,295			508,889
Net Assets at end of period (in thousands)		$	118,842,995		$	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.
(a)	The percentages shown for this period are not annualized.

102 | 2006 Semiannual Report  College Retirement Equities Fund  College Retirement Equities Fund  2006 Semiannual Report | 103

Notes to financial statements (unaudited) continued

			Global Equities Account
		For the Six
		Months Ended				For the Years Ended December 31,
		June 30, 2006 (a)				2005			2004			2003			2002			2001
			(Unaudited)
Per Accumulation Unit Data:*
	Investment income	$	1.035		$	1.641		$	1.462		$	1.249		$	0.956		$	0.985
	Expenses		0.228			0.397			0.323			0.325			0.281			0.320
	Investment income-net		0.807			1.244			1.139			0.924			0.675			0.665
	Net realized and unrealized gain (loss) on total investments		3.206			6.205			8.064			16.227			(14.853	)		(16.493	)
	Net increase (decrease) in Accumulation Unit Value		4.013			7.449			9.203			17.151			(14.178	)		(15.828	)
	Accumulation Unit Value:
	Beginning of year		84.887			77.438			68.235			51.084			65.262			81.090
	End of period	$	88.900		$	84.887		$	77.438		$	68.235		$	51.084		$	65.262
Total Return			4.73	%		9.62	%		13.49	%		33.57	%		(21.72	%)		(19.52	%)
Ratios to Average Net Assets:**
	Expenses		0.26	%		0.50	%		0.46	%		0.57	%		0.49	%		0.46	%
	Investment income-net		0.91	%		1.57	%		1.62	%		1.60	%		1.18	%		0.95	%
Portfolio turnover rate			70.24	%		136.83	%		74.13	%		139.61	%		95.70	%		111.91	%
Accumulation Units outstanding at end of period (in thousands)			147,395			139,042			129,787			117,021			104,438			99,558
Net Assets at end of period (in thousands)		$	13,436,573		$	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.
(a)	The percentages shown for this period are not annualized.

104 | 2006 Semiannual Report  College Retirement Equities Fund  College Retirement Equities Fund  2006 Semiannual Report | 105

Notes to financial statements (unaudited) (continued)

		Growth Account
		For the Six
		Months Ended			For the Years Ended December 31,
		June 30, 2006 (a)			2005			2004			2003			2002			2001
		(Unaudited)
Per Accumulation Unit Data:*
	Investment income	$	0.336		$	0.520		$	0.672		$	0.606		$	0.488		$	0.387
	Expenses		0.158			0.291			0.249			0.265			0.231			0.278
	Investment income-net		0.178			0.229			0.423			0.341			0.257			0.109
	Net realized and unrealized gain (loss) on total investments		(2.126	)		2.935			3.005			11.572			(18.704	)		(18.345	)
	Net increase (decrease) in Accumulation Unit Value		(1.948	)		3.164			3.428			11.913			(18.447	)		(18.236	)
	Accumulation Unit Value:
	Beginning of year		61.430			58.266			54.838			42.925			61.372			79.608
	End of period	$	59.482		$	61.430		$	58.266		$	54.838		$	42.925		$	61.372
Total Return			(3.17	%)		5.43	%		6.25	%		27.75	%		(30.06	%)		(22.91	%)
Ratios to Average Net Assets:**
	Expenses		0.26	%		0.50	%		0.45	%		0.54	%		0.46	%		0.43	%
	Investment income-net		0.29	%		0.39	%		0.77	%		0.70	%		0.51	%		0.17	%
Portfolio turnover rate			56.72	%		87.32	%		64.72	%		76.41	%		53.99	%		44.40	%
Accumulation Units outstanding at end of period (in thousands)			189,742			194,004			196,256			197,453			176,249			171,149
Net Assets at end of period (in thousands)		$	11,482,824		$	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.
(a)	The percentages shown for this period are not annualized.

106 | 2006 Semiannual Report  College Retirement Equities Fund  College Retirement Equities Fund  2006 Semiannual Report | 107

Notes to financial statements (unaudited) (continued)

		Equity Index Account
		For the Six
		Months Ended			For the Years Ended December 31,
		June 30, 2006 (a)			2005			2004			2003			2002			2001
		(Unaudited)
Per Accumulation Unit Data:*
	Investment income	$	0.781		$	1.441		$	1.400		$	1.073		$	1.003		$	0.973
	Expenses		0.184			0.325			0.256			0.278			0.248			0.258
	Investment income-net		0.597			1.116			1.144			0.795			0.755			0.715
	Net realized and unrealized gain (loss) on total investments		1.908			3.320			6.954			15.521			(15.713	)		(9.849	)
	Net increase (decrease) in Accumulation Unit Value		2.505			4.436			8.098			16.316			(14.958	)		(9.134	)
	Accumulation Unit Value:
	Beginning of year		82.627			78.191			70.093			53.777			68.735			77.869
	End of period	$	85.132		$	82.627		$	78.191		$	70.093		$	53.777		$	68.735
	Total Return		3.03	%		5.67	%		11.55	%		30.34	%		(21.76	%)		(11.73	%)
Ratios to Average Net Assets:**
	Expenses		0.21	%		0.41	%		0.36	%		0.46	%		0.41	%		0.37	%
	Investment income-net		0.69	%		1.40	%		1.60	%		1.33	%		1.26	%		1.02	%
Portfolio turnover rate			6.55	%		7.36	%		3.27	%		3.40	%		7.02	%		6.14	%
Accumulation Units outstanding at end of period (in thousands)			115,972			116,883			112,708			103,603			86,020			75,254
Net Assets at end of period (in thousands)		$	10,096,304		$	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.
(a)	The percentages shown for this period are not annualized.

108 | 2006 Semiannual Report  College Retirement Equities Fund  College Retirement Equities Fund  2006 Semiannual Report | 109

Notes to financial statements (unaudited) (continued)

		Bond Market Account
		For the Six
		Months Ended			For the Years Ended December 31,
		June 30, 2006 (a)				2005			2004			2003			2002			2001
		(Unaudited)
Per Accumulation Unit Data:*
	Investment income	$	1.910		$	3.437		$	3.265		$	2.946		$	3.317		$	3.258
	Expenses		0.186			0.342			0.292			0.347			0.261			0.242
	Investment income-net		1.724			3.095			2.973			2.599			3.056			3.016
	Net realized and unrealized gain (loss) on total investments		(2.345	)		(1.414	)		0.015			0.377			3.236			1.571
	Net increase (decrease) in Accumulation Unit Value		(0.621	)		1.681			2.988			2.976			6.292			4.587
	Accumulation Unit Value:
	Beginning of year		76.382			74.701			71.713			68.737			62.445			57.858
	End of period	$	75.761		$	76.382		$	74.701		$	71.713		$	68.737		$	62.445
	Total Return		(0.81	%)		2.25	%		4.17	%		4.33	%		10.08	%		7.93	%
Ratios to Average Net Assets:**
	Expenses		0.24	%		0.45	%		0.40	%		0.49	%		0.41	%		0.43	%
	Investment income-net		2.27	%		4.09	%		4.07	%		3.69	%		4.75	%		5.36	%
Portfolio turnover rate			116.22	%		275.27	%		100.40	%		163.84	%		249.41	%		257.02	%
Accumulation Units outstanding at end of period (in thousands)			74,527			73,664			70,239			73,111			81,952			71,368
Net Assets at end of period (in thousands)		$	5,813,649		$	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.
(a)	The percentages shown for this period are not annualized.

110 | 2006 Semiannual Report  College Retirement Equities Fund  College Retirement Equities Fund  2006 Semiannual Report | 111

Notes to financial statements (unaudited) (continued)

		Inflation-Linked Bond Account
		For the Six
		Months Ended			For the Years Ended December 31,
		June 30, 2006 (a)			2005			2004			2003			2002			2001
		(Unaudited)
Per Accumulation Unit Data:*
	Investment income	$	0.980		$	2.657		$	2.028		$	1.764		$	1.797		$	1.816
	Expenses		0.113			0.194			0.166			0.193			0.147			0.122
	Investment income-net		0.867			2.463			1.862			1.571			1.650			1.694
	Net realized and unrealized gain (loss)     on total investments		(1.799	)		(1.316	)		1.497			1.395			3.817			0.692
	Net increase (decrease) in     Accumulation Unit Value		(0.932	)		1.147			3.359			2.966			5.467			2.386
	Accumulation Unit Value:
	Beginning of year		46.443			45.296			41.937			38.971			33.504			31.118
	End of period	$	45.511		$	46.443		$	45.296		$	41.937		$	38.971		$	33.504
	Total Return		(2.01	%)		2.53	%		8.01	%		7.61	%		16.32	%		7.67	%
Ratios to Average Net Assets:**
	Expenses		0.24	%		0.43	%		0.39	%		0.48	%		0.41	%		0.36	%
	Investment income-net		1.83	%		5.47	%		4.34	%		3.93	%		4.56	%		4.93	%
Portfolio turnover rate			13.17	%		23.80	%		110.22	%		239.72	%		31.33	%		42.16	%
Accumulation Units outstanding at     end of period (in thousands)			77,431			82,764			72,643			57,499			63,825			35,274
Net Assets at end of period (in thousands)		$	3,668,189		$	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.
(a)	The percentages shown for this period are not annualized.

112 | 2006 Semiannual Report  College Retirement Equities Fund  College Retirement Equities Fund  2006 Semiannual Report | 113

Notes to financial statements (unaudited) (continued)

		Social Choice Account
		For the Six
		Months Ended			For the Years Ended December 31,
		June 30, 2006 (a)			2005			2004			2003			2002			2001
		(Unaudited)
Per Accumulation Unit Data:*
	Investment income	$	1.726		$	2.987		$	2.883		$	2.418		$	2.687		$	2.766
	Expenses		0.259			0.465			0.377			0.422			0.337			0.352
	Investment income-net		1.467			2.522			2.506			1.996			2.350			2.414
	Net realized and unrealized gain (loss)     on total investments		(0.107	)		2.877			6.473			14.293			(10.756	)		(7.003	)
	Net increase (decrease) in     Accumulation Unit Value		1.360			5.399			8.979			16.289			(8.406	)		(4.589	)
	Accumulation Unit Value:
	Beginning of year		113.958			108.559			99.580			83.291			91.697			96.286
	End of period	$	115.318		$	113.958		$	108.559		$	99.580		$	83.291		$	91.697
	Total Return		1.19	%		4.97	%		9.02	%		19.56	%		(9.17	%)		(4.77	%)
Ratios to Average Net Assets:**
	Expenses		0.22	%		0.42	%		0.37	%		0.47	%		0.39	%		0.40	%
	Investment income-net		1.26	%		2.29	%		2.46	%		2.22	%		2.75	%		2.77	%
Portfolio turnover rate			49.90	%		96.97	%		36.51	%		40.91	%		92.82	%		68.64	%
Accumulation Units outstanding at         end of period (in thousands)			66,827			66,154			62,316			57,111			50,707			46,290
Net Assets at end of period (in thousands)		$	7,961,890		$	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.
(a)	The percentages shown for this period are not annualized.

114 | 2006 Semiannual Report  College Retirement Equities Fund  College Retirement Equities Fund  2006 Semiannual Report | 115

Notes to financial statements (unaudited) (continued)

		Money Market Account
		For the Six
		Months Ended			For the Years Ended December 31,
		June 30, 2006 (a)			2005			2004			2003			2002			2001
		(Unaudited)
Per Accumulation Unit Data:*
	Investment income	$	0.538		$	0.726		$	0.307		$	0.264		$	0.407		$	0.888
	Expenses		0.050			0.090			0.078			0.097			0.082			0.069
	Investment income-net		0.488			0.636			0.229			0.167			0.325			0.819
	Net realized and unrealized gain (loss)     on total investments		(0.002	)		0.003			(0.006	)		(0.004	)		(0.005	)		0.009
	Net increase (decrease) in     Accumulation Unit Value		0.486			0.639			0.223			0.163			0.320			0.828
	Accumulation Unit Value:
	Beginning of year		22.663			22.024			21.801			21.638			21.318			20.490
	End of period	$	23.149		$	22.663		$	22.024		$	21.801		$	21.638		$	21.318
Total Return			2.15	%		2.90	%		1.02	%		0.75	%		1.50	%		4.04	%
Ratios to Average Net Assets:**
	Expenses		0.22	%		0.41	%		0.36	%		0.45	%		0.38	%		0.33	%
	Investment income-net		2.14	%		2.86	%		1.05	%		0.77	%		1.51	%		3.88	%
Accumulation Units outstanding at     end of period (in thousands)			357,663			316,665			297,573			305,732			334,898			338,791
Net Assets at end of period (in thousands)		$	8,514,367		$	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.
(a)	The percentages shown for this period are not annualized.

116 | 2006 Semiannual Report  College Retirement Equities Fund  College Retirement Equities Fund  2006 Semiannual Report | 117

Notes to financial statements (unaudited) continued

Note 5—accumulation units

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

	Stock Account				Global Equities Account
	For the		For the		For the		For the
	Six Months		Year Ended		Six Months		Year Ended
	Ended		December 31,		Ended		December 31,
	June 30, 2006		2005		June 30, 2006		2005
	(Unaudited)				(Unaudited)
Accumulation Units:
Credited for premiums	8,783,394		18,868,912		5,199,954		10,857,379
Credited (cancelled) for transfers,
disbursements and amounts
applied to the Annuity Fund	(15,807,188	)	(29,424,550	)	3,153,156		(1,602,273	)
Outstanding:
Beginning of year	484,028,547		494,584,185		139,041,611		129,786,505
End of period	477,004,753		484,028,547		147,394,721		139,041,611
	Growth Account				Equity Index Account
	For the		For the		For the		For the
	Six Months		Year Ended		Six Months		Year Ended
	Ended		December 31,		Ended		December 31,
	June 30, 2006		2005		June 30, 2006		2005
	(Unaudited)				(Unaudited)
Accumulation Units:
Credited for premiums	8,390,243		18,831,085		4,736,952		10,482,186
Credited (cancelled) for transfers,
disbursements and amounts
applied to the Annuity Fund	(12,652,187	)	(21,082,643	)	(5,647,799	)	(6,307,208	)
Outstanding:
Beginning of year	194,004,202		196,255,760		116,883,183		112,708,205
End of period	189,742,258		194,004,202		115,972,336		116,883,183
	Bond Market Account				Inflation-Linked Bond Account
	For the		For the		For the		For the
	Six Months		Year Ended		Six Months		Year Ended
	Ended		December 31,		Ended		December 31,
	June 30, 2006		2005		June 30, 2006		2005
	(Unaudited)				(Unaudited)
Accumulation Units:
Credited for premiums	3,073,267		6,171,620		3,588,541		7,634,851
Credited (cancelled) for transfers,
disbursements and amounts
applied to the Annuity Fund	(2,210,430	)	(2,747,172	)	(8,922,178	)	2,486,624
Outstanding:
Beginning of year	73,663,784		70,239,336		82,764,467		72,642,992
End of period	74,526,621		73,663,784		77,430,830		82,764,467

118 | 2006 Semiannual Report College Retirement Equities Fund

Notes to financial statements (unaudited) continued

	Social Choice Account				Money Market Account
	For the		For the		For the	For the
	Six Months		Year Ended		Six Months	Year Ended
	Ended		December 31,		Ended	December 31,
	June 30, 2006		2005		June 30, 2006	2005
	(Unaudited)				(Unaudited)
Accumulation Units:
Credited for premiums	2,667,872		5,610,551		19,986,827	37,076,310
Credited (cancelled) for transfers,
disbursements and amounts
applied to the Annuity Fund	(1,994,727	)	(1,772,724	)	21,011,469	(17,984,295	)
Outstanding:
Beginning of year	66,153,589		62,315,762		316,664,992	297,572,977
End of period	66,826,734		66,153,589		357,663,288	316,664,992

Note 6—line of credit

Each of the Accounts, except the Bond Market and Money Market Accounts, 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 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 six months ended June 30, 2006, 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 six months ended June 30, 2006, there were no drawdowns under this agreement.

College Retirement Equities Fund 2006 Semiannual Report | 119

Board approval of investment management agreement

CREF’s trustees are responsible for overseeing CREF’s corporate policies and for adhering to fiduciary standards under the Investment Company Act of 1940 (“1940 Act”). The Board is responsible for the annual renewal of CREF’s investment management agreement (the “Management Agreement”) with TIAA-CREF Investment Management, LLC (“Investment Management”). Under the Management Agreement, Investment Management assumes responsibility for providing to, or obtaining for, CREF investment advisory services.

In considering whether to renew the Management Agreement the Board, at its April 3, and May, 16, 2006 meetings, reviewed the following factors with respect to each Account: (1) the nature, extent and quality of services provided by Investment Management to each Account; (2) the investment performance of each Account; (3) the costs of the services provided to each Account and the profits realized or to be realized by Investment Management and its affiliates from their relationship with the Accounts; (4) the extent to which economies of scale have been realized as each Account grows; (5) whether the level of fees reflects those economies of scale for the benefit of Account investors; (6) comparisons of services and fees with contracts entered into by Investment Management with other clients; and (7) other benefits derived or anticipated to be derived by Investment Management from its relationship with the Accounts. Investment Management provides services to each of the CREF Accounts “at cost” and, as such, the Management Agreement is not governed by Section 15(c) of the 1940 Act. This unique “at cost” structure is an essential factor that the trustees considered in reviewing the investment advisory arrangements with Investment Management.

Set forth below are the general factors the Board considered for all of the Accounts, followed by an outline of the specific factors the Board considered for each particular Account.

The Nature, Extent and Quality of Services. The Board considered that Investment Management is an experienced investment adviser whose investment professionals have managed the various CREF Accounts since their inception. Under the Management Agreement, Investment Management is responsible for managing the assets of the Accounts, including conducting research, recommending investments and placing orders to buy and sell securities for the Accounts’ investment portfolios; active and extensive monitoring of the investment portfolios daily by various personnel with specific responsibility for the particular type of investment in question; and reporting on the investment performance of the Accounts to the Boards at their scheduled quarterly meetings. The Board considered that Investment Management has carried out these responsibilities in a highly professional manner over the years.

The Board considered, among other things, the performance of each of the Accounts, as discussed below.

Performance. The Board considered the performance of each Account over the past year, three years, five years and ten years and the Accounts’ performance as compared to their peer groups and benchmark indices. The Board considered the

120 | 2006 Semiannual Report College Retirement Equities Fund

Board approval of investment management agreement  continued

comparative performance and expense data for each Account prepared by an independent third party, Lipper, Inc.’s Global Fiduciary Review unit (“Lipper”) for each pertinent Account, as well as performance against its performance benchmark. For the most part, the Accounts’ returns over the long-term have been very close to their benchmarks, after factoring in the effect of fees. The Board considered that when that was not the case, Investment Management had taken remedial action. For additional detail about the considerations for each CREF Account, see Account-by-Account synopsis below.

Cost and Profitability. The Board considered the various fees paid by the CREF Accounts during 2005, including investment advisory fees paid to Investment Management, expressed in dollar terms and as a percentage of assets, as well as a reconciliation and analysis of those expenses. The Board considered that Investment Management charges expenses “at cost,” and expenses are adjusted quarterly. The Board considered the rationale for Investment Management’s anticipated costs in providing the services to CREF and considered whether these anticipated costs are reasonable in relation to the nature and quality of Investment Management’s services. The Board noted that while overall CREF costs have gone up, the investment management costs have in some cases gone down.

Fees Charged by Other Advisers. The Board considered information regarding fees paid to other advisers for managing similar investment portfolios. The Board received comparative fee information for comparable peer group funds prepared by Lipper, as well as data produced internally. The Board considered that the projected at-cost advisory fee to be paid to Investment Management for its services to each Account compared favorably to the advisory fees charged to other comparable portfolios. The Board considered that, for the most part, the fees under Investment Management’s current management agreements with the Accounts are lower than those of the peer group variable annuities identified by Lipper. See the Account-by-Account detail below.

Economies of Scale. The Board considered that Investment Management’s fees are at-cost, so economies of scale are already integrated into the expense formulation. As costs go down, fees go down and, as assets increase, assuming costs remain level, the fees go down.

Fee Comparison with Other Clients. The Board considered that the CREF Accounts are Investment Management’s only clients. The Board considered information about portfolios managed by Teachers Advisors, Inc., an investment adviser affiliated with Investment Management (“Teachers Advisors”). These fees, however, are not at-cost, and have historically been quite low, though they have recently been increased for some products.

Other Benefits. The Board considered that Investment Management and its affiliates may benefit from the advisory relationship with CREF to the extent this relationship results in potential investors viewing the TIAA-CREF group of companies as a leading retirement plan provider in the academic and nonprofit market and a single source for all their financial service needs. A major benefit that

College Retirement Equities Fund 2006 Semiannual Report | 121

Board approval of investment management agreement  continued

accrues to the Accounts is that Investment Management provides its services at cost — resulting in lower fees as costs go down.

The CREF trustees considered the following specific factors during their determination to renew the investment advisory agreements for each Account listed below:

Account-by-Account Factors

CREF Stock Account

• The Account is operated as an at-cost arrangement, with no profits to Investment Management. The investment management fee is 0.12%.
• The Account’s actual and pro forma management fees are in the 1st quintile of its Expense Universe.
• The Account underperformed its benchmark over all prior periods, but most of the time the performance differential was slight.
• For the one-, two-, three- and four-year periods ended 12/31/05, the Account was in the 2nd quintile of its Performance Universe.
• For the five- and ten-year periods, the Account was in the 3rd quintile of its Performance Universe.
• The Account received an Overall Morningstar Rating of 5 stars for the one-year period ended 12/31/05.
• The Adviser is building out the research team to add 14 more analysts over the next two years. The Account is also looking to increase its international exposure with an aim to move to 75% domestic/ 25% international (including 3% emerging markets) by 2007.

CREF Growth Account

• The Account is operated as an at-cost arrangement, with no profits to Investment Management. The investment management fee is 0.14%.
• The Account’s actual and pro forma management fees are in the 1st quintile of its Expense Universe.
• The Account outperformed its benchmark over the one-year period, but underperformed its benchmark over the three-, five- and ten-year periods.
• For the one-, two-, three-, four-, five- and ten-year periods ended 12/31/05, the Account was in the 4th quintile of its Performance Universe.
• The Account received an Overall Morningstar Rating of 3 stars for the one-year period ended 12/31/05.
• Longer-term performance of the Account was impacted negatively by poor stock selection, so the portfolio team was dismissed and management was taken over by Greg Luttrell and Susan Hirsch.

CREF Equity Index Account

• The Account is operated as an at-cost arrangement, with no profits to Investment Management. The investment management fee is 0.08%.
• The Account’s actual and pro forma management fees are in the 1st and 4th quintile of its Expense Universe.

122 | 2006 Semiannual Report College Retirement Equities Fund

Board approval of investment management agreement  continued

• For the 1, 3 and 5 year periods ended 12/31/05, the Account was in the 4th quintile of its Performance Universe.
• For the 2, 4 and 10 year periods, the Account was in the 3rd quintile of its Performance Universe.
• The Account received an Overall Morningstar Rating of 5 stars for the one-year period ended 12/31/05.
• The longer-term performance was affected by amounts of cash held. The new account manager introduced a maximum cash balance target of 10 basis points in late 2004.

CREF Social Choice Account

• The Account is operated as an at-cost arrangement, with no profits to Investment Management. The investment management fee is 0.09%.
• The Account’s actual and pro forma management fees are in the 1st quintile of its Expense Universe.
• The Account has generally matched the performance of its benchmark over the one-, three-, five- and ten-year periods.
• For the one-, four- and five-year periods ended 12/31/05, the Account was in the 3rd quintile of its Performance Universe.
• For the 2, 3 and 10 year periods ended 12/31/05, the Account was in the 2nd quintile of its Performance Universe.
• The Account received an Overall Morningstar Rating of 5 stars for the one-year period ended 12/31/05.

CREF Global Equities Account

• The Account is operated as an at-cost arrangement, with no profits to Investment Management. The investment management fee is 0.16%.
• The Account’s actual and pro forma management fees are in the 1st quintile of its Expense Universe.
• The Account outperformed its benchmark over the one- and ten-year periods, but underperformed its benchmark over the three- and five-year periods.
• For the one-, four-, five- and ten-year periods ended 12/31/05, the Account was in the 4th quintile of its Performance Universe.
• For the two- and three-year periods, the Account was in the 3rd and 2nd quintile of its Performance Universe, respectively.
• The Account received an Overall Morningstar Rating of 3 stars for the one-year period ended 12/31/05.

CREF Inflation-Linked Bond Account

• The Account is operated as an at-cost arrangement, with no profits to Investment Management. The investment management fee is 0.11%.
• The Account’s actual and pro forma management fees are in the 1st quintile of its Expense Universe.
• Over the one-, three- and five-year and since inception periods, the Account has marginally underperformed its benchmark.
• For the one-year period ended 12/31/05, the Account was in the 2nd quintile of its Performance Universe.

College Retirement Equities Fund 2006 Semiannual Report | 123

Board approval of investment management agreement  concluded

• For the two-, three-, four- and five-year periods, the Account was in the 1st quintile of its Performance Universe.
• Note: The Account is not rated by Morningstar.
• Longer-term performance suffered as a result of the portfolio manager’s more active management strategy. As a result, the previous manager of the Account was reassigned back to the account in March 2004 and the Account’s performance has continually improved as a result of the change in management.

CREF Bond Market Account

• The Account is operated as an at-cost arrangement, with no profits to Investment Management. The investment management fee is 0.11%.
• The Account’s actual and pro forma management fees are in the 1st quintile of its Expense Universe.
• Over the one-, three-, five- and ten-year periods, the Account has marginally underperformed its benchmark.
• For the one- and ten-year periods ended 12/31/05, the Account was in the 2nd quintile of its Performance Universe.
• For the two-, three-, four- and five-year periods ended 12/31/05, the Account was in the 3rd quintile of its Performance Universe.
• The Account received an Overall Morningstar Rating of 5 stars for the one-year period ended 12/31/05.

CREF Money Market Account

• The Account is operated as an at-cost arrangement, with no profits to Investment Management. The investment management fee is 0.06%.
• The Account’s actual and pro forma management fees are in the 1st and 2nd quintile of its Expense Universe, respectively.

The Account outperformed its benchmark over the one-year, three-year and five-year periods, but has underperformed its benchmark since inception.

• For the one-, two-, three-, four-, five- and ten-year periods ended 12/31/05, the Account was in the 1st quintile of its Performance Universe.
• Money market funds are not rated by Morningstar.

Based on these factors, and the information provided, the Board approved the continuation of the Management Agreement covering each of the Accounts. No single factor reviewed by the Board was identified as the principal factor in determining whether to approve the Management Agreement. The trustees were advised by separate independent legal counsel throughout the review process.

124 | 2006 Semiannual Report College Retirement Equities Fund

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HOW TO REACH US

TIAA-CREF WEBSITE	PLANNING AND SERVICE CENTER
Account performance, personal account	TIAA-CREF Mutual Funds, after-tax annuities
information and transactions, product	and life insurance
descriptions, and information about	800 223-1200
investment choices and income options	8 a.m. to 10 p.m. ET, Monday–Friday
www.tiaa-cref.org
24 hours a day, 7 days a week	FOR HEARING- OR SPEECH-IMPAIRED
	PARTICIPANTS
AUTOMATED TELEPHONE SERVICE	800 842-2755
Check account performance and accumula-	8 a.m. to 10 p.m. ET, Monday–Friday
tion balances, change allocations, transfer	9 a.m. to 6 p.m. ET, Saturday
funds and verify credited premiums.
800 842-2252	TIAA-CREF TRUST COMPANY, FSB
24 hours a day, 7 days a week	Asset management, trust administration,
	estate planning, planned giving and
TELEPHONE COUNSELING CENTER	endowment management
Retirement saving and planning, income	888 842-9001
options and payments, and tax reporting	8 a.m. to 5 p.m. CT, Monday–Friday
800 842-2776
8 a.m. to 10 p.m. ET, Monday–Friday	TIAA-CREF TUITION FINANCING, INC.
9 a.m. to 6 p.m. ET, Saturday	Tuition financing programs
	888 381-8283
	8 a.m. to 11 p.m. ET, Monday–Friday

For historical and current performance information for CREF variable annuity accounts, for the TIAA Real Estate Account, or 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	A10939
	C36287		8/06

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

		Printed on recycled paper	A10939
	C36287		8/06

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.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

Not Applicable.

Item 6. Schedule of Investments.

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
COLLEGE RETIREMENT EQUITIES FUND
STOCK ACCOUNT
Summary of Market Values by Country
June 30, 2006
			% OF MARKET
DOMESTIC		VALUE	VALUE
UNITED STATES	$	91,905,304,333	77.18	%
TOTAL DOMESTIC		91,905,304,333	77.18
FOREIGN
ARGENTINA		882,540	0.00
AUSTRALIA		1,091,034,321	0.92
AUSTRIA		112,812,864	0.09
BELGIUM		190,177,870	0.16
BERMUDA		55,605	0.00
BRAZIL		82,009,112	0.07
CANADA		1,915,812,267	1.61
CAYMAN ISLANDS		7,608,423	0.01
CHILE		4,856,038	0.00
CHINA		13,635,496	0.01
COLUMBIA		915,559	0.00
CZECH REPUBLIC		2,092,799	0.00
DENMARK		164,705,981	0.14
EGYPT		1,986,394	0.00
FINLAND		631,395,505	0.53
FRANCE		2,889,696,216	2.43
GERMANY		2,045,201,143	1.72
GREECE		90,717,635	0.08
HONG KONG		511,226,991	0.43
HUNGARY		23,345,063	0.02
INDIA		95,098,317	0.08
INDONESIA		20,049,039	0.02
IRELAND		151,594,891	0.13
ISRAEL		53,656,931	0.05
ITALY		949,614,757	0.80
JAPAN		5,675,213,610	4.77
LUXEMBOURG		3,461,537	0.00
MALAYSIA		34,261,095	0.03
MEXICO		29,579,615	0.02
NETHERLANDS		1,273,877,214	1.07
NEW ZEALAND		48,934,086	0.04
NORWAY		187,062,886	0.16
PERU		1,327,103	0.00
PHILIPPINES		15,690,456	0.01
POLAND		4,762,468	0.00
PORTUGAL		48,507,694	0.04
REPUBLIC OF KOREA		162,115,853	0.14
RUSSIA		98,165,604	0.08
SINGAPORE		256,701,632	0.22
SOUTH AFRICA		101,194,227	0.08
SPAIN		641,488,937	0.54
SWEDEN		468,250,409	0.39
SWITZERLAND		1,957,042,543	1.64
TAIWAN (REPUBLIC OF CHINA)		93,592,402	0.08
THAILAND		21,441,257	0.02
TURKEY		4,094,222	0.00
UNITED KINGDOM		4,991,703,809	4.19
TOTAL FOREIGN		27,168,650,416	22.82
TOTAL PORTFOLIO	$	119,073,954,749	100.00	%

1

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
COLLEGE RETIREMENT EQUITIES FUND
STOCK ACCOUNT
STATEMENT OF INVESTMENTS (Unaudited)
June 30, 2006
				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	$	-	^
		TOTAL COMMUNICATIONS				-	^
		TOTAL CORPORATE BONDS				-	^
		(Cost $9,950)
GOVERNMENT BONDS - 0.00% **
U.S. TREASURY SECURITIES - 0.00% **
325,000		United States Treasury Bond	5.000	02/15/11		324
		TOTAL U.S. TREASURY SECURITIES				324
		TOTAL GOVERNMENT BONDS				324
		(Cost $320)
		TOTAL BONDS				324
		(Cost $10,270)
SHARES
PREFERRED STOCKS - 0.01%
COMMUNICATIONS - 0.00% **
75,187		ProSiebenSat.1 Media AG.				1,878
		TOTAL COMMUNICATIONS				1,878
INSURANCE CARRIERS - 0.00% **
24,827		Great-West Lifeco, Inc (Series E)				603
2,692		Great-West Lifeco, Inc (Series F)				66
		TOTAL INSURANCE CARRIERS				669
PRIMARY METAL INDUSTRIES - 0.00% **
490,350	v*	Superior Trust I				-	^
		TOTAL PRIMARY METAL INDUSTRIES				-	^
TRANSPORTATION EQUIPMENT - 0.01% **
5,259		Porsche AG.				5,082
		TOTAL TRANSPORTATION EQUIPMENT				5,082
		TOTAL PREFERRED STOCKS				7,629
		(Cost $6,803)
COMMON STOCKS - 99.49%
ADMINISTRATION OF ECONOMIC PROGRAMS - 0.00% **
2,691,258		Centrais Eletricas Brasileiras S.A.				56
3,398,163		Centrais Eletricas Brasileiras S.A.				74
		TOTAL ADMINISTRATION OF ECONOMIC PROGRAMS				130

2

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
AGRICULTURAL PRODUCTION-CROPS - 0.01%
244,089		Chiquita Brands International, Inc	$	3,364
9,100		Cresud S.A. (ADR)		123
574,366		Gallaher Group plc		8,977
19,000		PT Gudang Garam Tbk		19
		TOTAL AGRICULTURAL PRODUCTION-CROPS		12,483
AGRICULTURAL PRODUCTION-LIVESTOCK - 0.01%
92,936		Pilgrim's Pride Corp		2,398
3,311		Seaboard Corp		4,238
		TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK		6,636
AGRICULTURAL SERVICES - 0.00% **
315,998		AWB Ltd		1,017
1,628,000		Chaoda Modern Agriculture		1,017
74,704		Yara International ASA		996
		TOTAL AGRICULTURAL SERVICES		3,030
AMUSEMENT AND RECREATION SERVICES - 0.24%
665,195	e	Aristocrat Leisure Ltd		6,365
123,800		Aruze Corp		2,697
329,091	*	Bally Technologies, Inc		5,420
188,922	*	Bally Total Fitness Holding Corp		1,281
22,200		Berjaya Sports Toto Bhd		29
6,941	*	BetandWin.com Interactive Entertainment AG.		550
44,428		BETonSPORTS plc		122
62,004	*	Century Casinos, Inc		664
76,000		China Travel International Inv HK		18
50,028		Churchill Downs, Inc		1,874
170,459		Dover Downs Gaming & Entertainment, Inc		3,348
180,986		Dover Motorsports, Inc		1,062
363,544	*	GameLoft		2,691
525,394		GTECH Holdings Corp		18,273
951,592		Harrah's Entertainment, Inc		67,734
147,597		International Speedway Corp (Class A)		6,844
3,532,196		Ladbrokes plc		26,622
76,019	*	Lakes Entertainment, Inc		919
194,538	e*	Leapfrog Enterprises, Inc		1,965
171,703	*	Life Time Fitness, Inc		7,945
332,001	*	Live Nation, Inc		6,760
23,302		Lottomatica S.p.A		884
222,398	*	Magna Entertainment Corp (Class A)		1,170
639,842	*	Marvel Entertainment, Inc		12,797
18,000		Mizuno Corp		124
135,591	*	MTR Gaming Group, Inc		1,272
342,188	*	Multimedia Games, Inc		3,466
86,199		OPAP S.A.		3,119
31,400		Oriental Land Co Ltd		1,769
54,905		Paddy Power plc		951
323,784		PartyGaming plc		692
455,342	*	Penn National Gaming, Inc		17,658
278,854	*	Pinnacle Entertainment, Inc		8,547
420,508		Publishing & Broadcasting Ltd		5,689
258,299		Rank Group plc		953
169		Round One Corp		603
5		Sammy NetWorks Co Ltd		34
286,977		Sega Sammy Holdings, Inc		10,644
538,276	e*	Six Flags, Inc		3,025

3

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
91,379		Speedway Motorsports, Inc	$	3,449
132,224		Sportingbet plc		962
116,660	*	Sunterra Corp		1,195
989,758		TABCORP Holdings Ltd		11,177
7,300		Tanjong plc		27
73,879		UNiTAB Ltd		810
83,100		Valor Co Ltd		1,516
453,344		Warner Music Group Corp		13,365
801,507		Westwood One, Inc		6,011
151,073		William Hill plc		1,750
129,781	*	WMS Industries, Inc		3,555
124,837		World Wrestling Entertainment, Inc		2,108
		TOTAL AMUSEMENT AND RECREATION SERVICES		282,505
APPAREL AND ACCESSORY STORES - 0.67%
624,118		Abercrombie & Fitch Co (Class A)		34,595
393,603	*	Aeropostale, Inc		11,371
1,172,321		American Eagle Outfitters, Inc		39,906
516,230	*	AnnTaylor Stores Corp		22,394
362,800		Aoyama Trading Co Ltd		11,362
148,817		Bebe Stores, Inc		2,295
237,529		Brown Shoe Co, Inc		8,095
45,968		Buckle, Inc		1,925
170,424		Burberry Group plc		1,355
73,191	*	Cache, Inc		1,269
730		Camaieu		141
195,850	*	Carter's, Inc		5,176
168,701	*	Casual Male Retail Group, Inc		1,696
184,059		Cato Corp (Class A)		4,758
84,393	*	Charlotte Russe Holding, Inc		2,020
716,124	*	Charming Shoppes, Inc		8,049
2,894,637	*	Chico's FAS, Inc		78,097
128,012	*	Children's Place Retail Stores, Inc		7,687
230,039		Christopher & Banks Corp		6,671
36,515	*	Citi Trends, Inc		1,559
565,047		Claire's Stores, Inc		14,414
32,728		DEB Shops, Inc		789
309,623	*	Dress Barn, Inc		7,849
93,669	*	DSW, Inc		3,412
15,414		Edgars Consolidated Stores Ltd		63
31,900		Fast Retailing Co Ltd		2,609
251,940		Finish Line, Inc (Class A)		2,981
689,729		Foot Locker, Inc		16,892
139,359		Foschini Ltd		894
7,692,361		Gap, Inc		133,847
963,000		Giordano International Ltd		456
1,182,871		Hennes & Mauritz AB (B Shs)		45,814
289,507	*	HOT Topic, Inc		3,332
197,677		Inditex S.A.		8,336
22,447	*	J Crew Group, Inc		616
131,006	*	Jo-Ann Stores, Inc		1,919
104,601	*	JOS A Bank Clothiers, Inc		2,506
2,211,340	*	Kohl's Corp		130,735
1,951,195		Limited Brands, Inc		49,931
6,957		Lindex AB		99
267		Lotte Shopping Co Ltd		104
77,818	*	New York & Co, Inc		760
149,400		Nishimatsuya Chain Co Ltd		2,895
1,109,700		Nordstrom, Inc		40,504

4

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
450,317	*	Pacific Sunwear Of California, Inc	$	8,074
546,219	*	Payless Shoesource, Inc		14,841
714,543		Ross Stores, Inc		20,043
64,959	*	Shoe Carnival, Inc		1,550
69,119		SSL International plc		380
164,013		Stage Stores, Inc		5,413
33,667	*	Syms Corp		620
139,355		Talbots, Inc		2,571
565,910	*	The Wet Seal, Inc		2,762
241,917	*	Too, Inc		9,287
14,642		Truworths International Ltd		44
75,462	*	Under Armour, Inc		3,216
469,686	*	Urban Outfitters, Inc		8,215
108,635	*	Wilsons The Leather Experts, Inc		445
25,178		Woolworths Holdings Ltd		48
		TOTAL APPAREL AND ACCESSORY STORES		799,687
APPAREL AND OTHER TEXTILE PRODUCTS - 0.18%
86,000		Asics Corp		877
65,000		Atsugi Co Ltd		96
23,769		Benetton Group S.p.A.		355
88,312	*	Columbia Sportswear Co		3,997
299,546	v*	DHB Industries, Inc		575
1,920		Gerry Weber International AG.		42
167,243	*	Guess ?, Inc		6,982
127,000		Gunze Ltd		758
279,749	*	Gymboree Corp		9,724
164,569	*	Hartmarx Corp		988
46,670	*	Innovo Group, Inc		38
982,929		Jones Apparel Group, Inc		31,247
296,884		Kellwood Co		8,690
8,000		Li Ning Co Ltd		8
533,927		Liz Claiborne, Inc		19,787
67,801	*	Maidenform Brands, Inc		836
862,100		Mitsubishi Rayon Co Ltd		7,029
1,558,669		Nisshinbo Industries, Inc		17,071
86,100		Onward Kashiyama Co Ltd		1,326
272,165		Phillips-Van Heusen Corp		10,386
553,177		Polo Ralph Lauren Corp		30,369
645,720	*	Quiksilver, Inc		7,865
10,400	*	Renown, Inc		120
200,500		Russell Corp		3,641
57,500		Shimamura Co Ltd		6,308
452		Ten Cate NV		13
51,000		Tokyo Style Co Ltd		607
2,220,000		Toyobo Co Ltd		6,292
85,089	*	True Religion Apparel, Inc		1,506
385,025		VF Corp		26,151
66,000		Wacoal Holdings Corp		926
278,176	*	Warnaco Group, Inc		5,196
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		209,806
AUTO REPAIR, SERVICES AND PARKING - 0.07%
638,500		Aisin Seiki Co Ltd		18,991
61,557	*	Amerco, Inc		6,196
18,740		Bandag, Inc		686
49,175		Bandag, Inc (Class A)		1,524
103,395		Central Parking Corp		1,654
158,166	*	Dollar Thrifty Automotive Group, Inc		7,128

5

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
717		Haldex AB	$	15
35,000		Ichikoh Industries Ltd		99
96,774	*	Midas, Inc		1,781
70,996		Monro Muffler, Inc		2,312
60,800		NOK Corp		1,766
23,300		Park24 Co Ltd		687
286,525	*	PHH Corp		7,891
258,366		Ryder System, Inc		15,096
2,838		Sixt AG.		112
26,599	*	Standard Parking Corp		720
96,400		Sumitomo Rubber Industries, Inc		1,062
722,000		T RAD Co Ltd		2,893
244,610	*	Wright Express Corp		7,030
		TOTAL AUTO REPAIR, SERVICES AND PARKING		77,643
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.15%
468,514		Advance Auto Parts		13,540
46,136	e*	America's Car-Mart, Inc		937
74,909	*	Asbury Automotive Group, Inc		1,569
1,312,418	*	Autonation, Inc		28,138
364,086	*	Autozone, Inc		32,112
209,883		Canadian Tire Corp (Class A)		12,490
453,039	*	Carmax, Inc		16,065
315,350	*	Copart, Inc		7,745
485,294	*	CSK Auto Corp		5,809
391,000		Jardine Cycle & Carriage Ltd		2,473
114,178		Lithia Motors, Inc (Class A)		3,462
72,666	*	MarineMax, Inc		1,906
201,454		MOL Hungarian Oil and Gas plc		20,689
30,000		Nissan Diesel Motor Co Ltd		153
475,354	*	O'Reilly Automotive, Inc		14,826
121,399	*	Rush Enterprises, Inc (Class A)		2,206
171,196		Sonic Automotive, Inc		3,797
227,553		Suzuki Motor Corp		4,927
30,000		Toyo Tire & Rubber Co Ltd		117
296,404		United Auto Group, Inc		6,328
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		179,289
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.67%
6,000		Anhui Conch Cement Co Ltd		10
103,427	*	Builders FirstSource, Inc		2,106
125,015	*	Central Garden & Pet Co		5,382
646,308		Fastenal Co		26,040
339,389		Grafton Group plc		4,274
11,798,526		Home Depot, Inc		422,269
885,979		Kingfisher plc		3,908
4,687,165		Lowe's Cos, Inc		284,370
2,000		Nichias Corp		14
366,294	*	RONA, Inc		6,604
946,939		Sherwin-Williams Co		44,961
44,575		Travis Perkins plc		1,247
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		801,185
BUSINESS SERVICES - 5.90%
315,796	*	@Road, Inc		1,743
282,271	*	24/7 Real Media, Inc		2,478
2,282,770	*	3Com Corp		11,688
66,944	*	3D Systems Corp		1,345
234,976		Aaron Rents, Inc		6,316

6

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
222,476		ABM Industries, Inc	$	3,804
150,618	*	Acacia Research (Acacia Technologies)		2,118
914,000		Accenture Ltd (Class A)		25,884
793	*	Access Co Ltd		5,688
72,587	*	Access Integrated Technologies, Inc		712
23,217		Acciona S.A.		3,605
1,069,844	*	Activision, Inc		12,175
292,329	*	Actuate Corp		1,181
844,534		Acxiom Corp		21,113
110,992		Adecco S.A.		6,551
195,141		Administaff, Inc		6,988
3,936,074	*	Adobe Systems, Inc		119,499
142		Adsteam Marine Ltd		-	^
6,905,789		Advanced Semiconductor Engineering, Inc		6,825
250,980		Advanced Semiconductor Engineering, Inc (ADR)		1,247
135,641	*	Advent Software, Inc		4,893
189,592		Advo, Inc		4,666
801,689		Aegis Group plc		1,931
590,683	*	Affiliated Computer Services, Inc (Class A)		30,485
467,930		Aggreko plc		2,486
323,021	*	Agile Software Corp		2,048
995,411	*	Akamai Technologies, Inc		36,024
700	*	Aladdin Knowledge Systems		14
429,779	*	Alliance Data Systems Corp		25,280
95,000		Alpha Systems Inc		2,726
251,209	*	Altiris, Inc		4,532
98	*	Amdocs Ltd		4
151,582	*	American Reprographics Co		5,495
189,331	*	AMICAS, Inc		612
130,869	*	AMN Healthcare Services, Inc		2,657
130,667	*	Ansoft Corp		2,676
221,842	*	Ansys, Inc		10,608
317,553	e*	Applied Digital Solutions, Inc		600
434,036	*	aQuantive, Inc		10,994
132,179	*	Arbinet-thexchange, Inc		742
191,427		Arbitron, Inc		7,337
131,800		Argo 21 Corp		1,329
409,524	*	Ariba, Inc		3,370
623,617	*	Art Technology Group, Inc		1,858
20,100		Asatsu-DK, Inc		651
484,117	*	Aspen Technology, Inc		6,352
115,641	*	Asset Acceptance Capital Corp		2,290
341,006	*	Atari, Inc		194
185,327	*	Atos Origin S.A.		12,121
143,404	e*	Audible, Inc		1,304
160,332	*	Autobytel, Inc		566
1,519,649	*	Autodesk, Inc		52,367
4,206,003		Automatic Data Processing, Inc		190,742
9,877	*	Autonomy Corp plc		75
113,453		Autostrade S.p.A.		3,187
293,509	*	Avocent Corp		7,705
63,108	*	Bankrate, Inc		2,383
36,406	*	Barrett Business Services		668
2,324,517	*	BEA Systems, Inc		30,428
1,093,828	*	BearingPoint, Inc		9,155
755,947	*	BISYS Group, Inc		10,356
334,010		Blackbaud, Inc		7,582
161,040	*	Blackboard, Inc		4,664
162,457	*	Blue Coat Systems, Inc		2,739

7

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
1,261,848	*	BMC Software, Inc	$	30,158
471,578	*	Borland Software Corp		2,490
95,857	*	Bottomline Technologies, Inc		780
245,432		Brady Corp (Class A)		9,042
1,100,579	e	Brambles Industries Ltd		8,994
228,990		Brink's Co		12,917
8,127	e*	BroadVision, Inc		4
98,541	*	Business Objects S.A.		2,688
2,206,826		CA, Inc		45,350
693,700		CAC Corp		7,852
150,175	*	CACI International, Inc (Class A)		8,760
1,264,967	*	Cadence Design Systems, Inc		21,694
292,799		Cap Gemini S.A.		16,709
4,100		Capcom Co Ltd		49
34,808	*	Captaris, Inc		162
28,582	*	Carreker Corp		204
290,931		Catalina Marketing Corp		8,280
400,337	*	CBIZ, Inc		2,966
4,667,956		Cendant Corp		76,041
822,942	*	Ceridian Corp		20,113
356,512	*	Cerner Corp		13,230
2,212	*	CGI Group, Inc		14
687,834	*	CGI Group, Inc (Class A)		4,305
16,900	*	Check Point Software Technologies		297
413,497	*	Checkfree Corp		20,493
108		Cheil Communications, Inc		22
932,110	*	ChoicePoint, Inc		38,934
414,496	*	Chordiant Software, Inc		1,256
403,419	*	Ciber, Inc		2,659
79,183		Cintra Concesiones de Infraestructuras de Transporte S.A.		1,035
1,236,844	*	Citrix Systems, Inc		49,647
9,588	*	Clayton Holdings, Inc		125
190,156	*	Clear Channel Outdoor Holdings, Inc		3,986
59,675	e*	Click Commerce, Inc		1,177
2,933,881	*	CMGI, Inc		3,550
870,499	*	CNET Networks, Inc		6,947
24,905		Coates Hire Ltd		118
120,648	*	Cogent Communications Group, Inc		1,130
174,031	*	Cogent, Inc		2,623
253,447		Cognex Corp		6,597
921,310	*	Cognizant Technology Solutions Corp		62,069
165,506	*	Cognos, Inc		4,675
52,800		Computer Programs & Systems, Inc		2,110
1,384,356	*	Computer Sciences Corp		67,058
1,070,372		Computershare Ltd		6,243
1,935,865	*	Compuware Corp		12,970
78,963	*	COMSYS IT Partners, Inc		1,194
176,339	*	Concur Technologies, Inc		2,728
129,161	*	Convera Corp		868
1,006,053	*	Convergys Corp		19,618
36,000		COSCO Pacific Ltd		80
95,247	*	CoStar Group, Inc		5,699
218,864	*	Covansys Corp		2,751
7,125	b,v*	Cross Media Marketing Corp		-	^
545,666	*	CSG Systems International, Inc		13,500
240,700		CSK Holdings Corp		10,991
180,168	*	Cybersource Corp		2,108
22,447		Dassault Systemes S.A.		1,203
61,720	*	DealerTrack Holdings, Inc		1,365

8

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
369,178		Deluxe Corp	$	6,453
314,548	*	Dendrite International, Inc		2,906
1,764		Dentsu, Inc		4,876
22,824	*	Digimarc Corp		141
210,381	*	Digital Insight Corp		7,214
243,809	*	Digital River, Inc		9,847
15		Dip Corp		21
325,103	*	DST Systems, Inc		19,344
1,262,006	*	DynCorp International, Inc		13,100
13,292	e	eAccess Ltd		8,732
1,463,764	*	Earthlink, Inc		12,676
6,913,953	*	eBay, Inc		202,510
168,885	*	Echelon Corp		1,265
262,542	*	Eclipsys Corp		4,768
107,823	*	eCollege.com, Inc		2,279
1,053	*	Econtext, Inc		3,077
274,757	*	eFunds Corp		6,058
108,502	*	Electro Rent Corp		1,738
1,993,545	*	Electronic Arts, Inc		85,802
2,304,205		Electronic Data Systems Corp		55,439
40,300	*	Elpida Memory, Inc		1,516
95,176	*	Emageon, Inc		1,389
23,916	*	Emblaze Ltd		71
1,293,860	*	Emdeon Corp		16,057
359,092	*	Entrust, Inc		1,225
400	e,v*	Envision Development Corp		-	^
325,838	*	Epicor Software Corp		3,431
87,069	*	EPIQ Systems, Inc		1,449
861,734		Equifax, Inc		29,592
162,257	*	Equinix, Inc		8,901
91,201	e*	Escala Group, Inc		427
291,112	*	eSpeed, Inc (Class A)		2,425
1,130,284	*	Expedia, Inc		16,920
213,804	*	F5 Networks, Inc		11,434
232,285		Factset Research Systems, Inc		10,987
313,815		Fair Isaac Corp		11,395
177,614	*	FalconStor Software, Inc		1,238
1,743		Fidec Corp		3,202
676,917		Fidelity National Information Services, Inc		23,963
244,373	*	Filenet Corp		6,581
38,219	*	First Advantage Corp		889
186,424		First Choice Holidays plc		789
4,503,126		First Data Corp		202,821
1,135,009	*	Fiserv, Inc		51,484
83,578	*	Focus Media Holding Ltd (ADR)		5,446
134,409	*	Forrester Research, Inc		3,761
242		For-side.com Co Ltd		26
183,449	*	FTD Group, Inc		2,477
6,300		Fuji Soft ABC, Inc		208
3,375,808		Fujitsu Ltd		26,194
39		Future System Consulting Corp		34
71,000		Fuyo General Lease Co Ltd		2,826
316,449	*	Gartner, Inc (Class A)		4,494
64		Geo Co Ltd		113
53,271	*	Gerber Scientific, Inc		693
104,309		Getronics NV		1,122
257,933	*	Getty Images, Inc		16,381
154,131		Gevity HR, Inc		4,092
65,869	*	Global Cash Access, Inc		1,030

9

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
11	*	GMO Payment Gateway, Inc	$	31
327,105		GN Store Nord		3,757
757		Goodwill Group, Inc		560
1,293,122	*	Google, Inc (Class A)		542,245
6,427,719		Group 4 Securicor plc		19,943
63,069	e	Gruppo Editoriale L'Espresso S.p.A.		337
66,839	*	H&E Equipment Services, Inc		1,968
14,230		Hakuhodo DY Holdings, Inc		1,048
4,134,570		Hays plc		10,324
178,301		Healthcare Services Group		3,735
50,591	*	Heartland Payment Systems, Inc		1,410
110,636	*	Heidrick & Struggles International, Inc		3,744
1,799		Hellaby Holdings Ltd		5
141,126	*	Hudson Highland Group, Inc		1,523
309,230	*	Hypercom Corp		2,891
364,350	*	Hyperion Solutions Corp		10,056
10,966	*	i2 Technologies, Inc		139
38,477	*	ICT Group, Inc		944
662		I-Flex Solutions Ltd		16
145,756	*	iGate Corp		931
69,660	*	IHS, Inc		2,064
1,278,693		IMS Health, Inc		34,333
113,353		Indra Sistemas S.A.		2,225
129,357	e*	Infocrossing, Inc		1,494
517,444	*	Informatica Corp		6,810
416,300	a	Information Development Co		3,649
372,529	*	Infospace, Inc		8,445
51,341		Infosys Technologies Ltd		3,433
3,200		Infosys Technologies Ltd (ADR)		245
250,348		infoUSA, Inc		2,581
61,958	*	Innovation Group plc		34
75,886	*	Innovative Solutions & Support, Inc		1,067
66,384		Integral Systems, Inc		1,781
16,226	a	Intelligent Wave, Inc		18,027
221,485	*	Interactive Data Corp		4,450
265,631	*	Intergraph Corp		8,365
1,977,809	*	Internap Network Services Corp		2,077
228,340	*	Internet Capital Group, Inc		2,055
237,070	*	Internet Security Systems, Inc		4,469
51,618		Interpool, Inc		1,147
2,593,450	*	Interpublic Group of Cos, Inc		21,655
80,943	*	Intervideo, Inc		791
243,909	*	Interwoven, Inc		2,093
1,009,338	*	Intuit, Inc		60,954
190,091	*	inVentiv Health, Inc		5,471
399,629	*	Ipass, Inc		2,238
1,305,094	*	Iron Mountain, Inc		48,784
86,007		iSOFT Group plc		123
12		IXI Co Ltd		35
443,453		Jack Henry & Associates, Inc		8,718
171,871	*	JDA Software Group, Inc		2,411
3,422,792	*	Juniper Networks, Inc		54,730
128,265	*	Jupitermedia Corp		1,667
1,245		Kakaku.com, Inc		3,943
54,624	*	Kana Software, Inc		101
132,511	*	Kanbay International, Inc		1,927
286,941	*	Keane, Inc		3,587
87,192		Kelly Services, Inc (Class A)		2,369
116,223	*	Kenexa Corp		3,702

10

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
96,399	*	Keynote Systems, Inc	$	994
227,776	*	Kforce, Inc		3,528
409,087	*	KFX, Inc		6,251
339,935	*	Kinetic Concepts, Inc		15,008
91	*	KK DaVinci Advisors		90
78,926	*	Knot, Inc		1,652
308,900		Konami Corp		6,823
321,129	*	Korn/Ferry International		6,291
191,581	*	Kronos, Inc		6,937
438,571	*	Labor Ready, Inc		9,934
365,229	*	Lamar Advertising Co		19,671
421,278	*	Lawson Software, Inc		2,823
58,000		Lenovo Group Ltd		19
346,516	*	Lionbridge Technologies		1,916
2,400	*	Lipman Electronic Engineering Ltd		68
41,031	*	Liquidity Services, Inc		639
3,245,233		LogicaCMG plc		10,474
178,845	*	LoJack Corp		3,373
360		Macromill, Inc		913
339,024	*	Magma Design Automation, Inc		2,492
39,084	*	Majesco Entertainment Co		64
265,566	*	Manhattan Associates, Inc		5,388
565,716		Manpower, Inc		36,545
102,400	*	Mantech International Corp (Class A)		3,160
39,915	*	Manugistics Group, Inc		100
119,522	*	Mapinfo Corp		1,560
130,880	e*	Marchex, Inc		2,150
53,281	*	Marlin Business Services, Inc		1,202
63,170	*	Mastercard, Inc		3,032
1,022,812	*	McAfee, Inc		24,824
437,959	*	Mentor Graphics Corp		5,685
318,786		Michael Page International plc		2,067
56,479,270		Microsoft Corp		1,315,967
111,219	*	MicroStrategy, Inc		10,846
199,919	e*	Midway Games, Inc		1,617
199,637		Misys plc		794
152,000		Mitsuba Corp		1,643
92		Monex Beans Holdings, Inc		87
545,842		MoneyGram International, Inc		18,531
699,261	*	Monster Worldwide, Inc		29,830
26,668		Morse plc		39
61,958	*	Motive, Inc		208
871,986	*	Move, Inc		4,778
769,581	*	MPS Group, Inc		11,590
117,164	*	MRO Software, Inc		2,351
3,500	*	Napster, Inc		11
449,202	*	NAVTEQ Corp		20,070
239,969	*	NCO Group, Inc		6,345
1,007,301	*	NCR Corp		36,908
50,040	*	NCSoft Corp		2,875
2,497,946		NEC Corp		13,329
118,325	*	Neoware, Inc		1,454
93,130	*	Ness Technologies, Inc		1,001
49,283		Nestor Healthcare Group plc		100
229,996	e*	NetFlix, Inc		6,258
234,440	*	NetIQ Corp		2,858
100,950	*	Netratings, Inc		1,402
155,075	*	Netscout Systems, Inc		1,383
30,754	*	Network Equipment Technologies, Inc		97

11

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
246	*	NHN Corp	$	86
264,163	*	NIC, Inc		1,910
558,300		Nippon System Development Co Ltd		19,389
340,800		Nippon Systemware Co Ltd		2,346
144,300		Nomura Research Institute Ltd		17,874
4,398,266	*	Novell, Inc		29,161
4,530		NTT Data Corp		19,616
766,460	*	Nuance Communications, Inc		7,711
23,000		Obic Co Ltd		4,656
1,312,434		Omnicom Group, Inc		116,925
140,998	*	On Assignment, Inc		1,296
128,062	*	Online Resources Corp		1,324
125,139	*	Open Solutions, Inc		3,330
81,098	e*	Open Text Corp		1,168
70,742	*	Opnet Technologies, Inc		917
475,087	*	Opsware, Inc		3,915
22,215,386	*	Oracle Corp		321,901
176,000		Oracle Corp Japan		8,237
47,600		Otsuka Corp		5,371
22,942	*	Overland Storage, Inc		154
281,906	*	Packeteer, Inc		3,197
653,274	*	Parametric Technology Corp		8,303
150,000		PCA Corp		3,149
2,244	*	PC-Tel, Inc		19
108,653	*	PDF Solutions, Inc		1,348
152,312		Pegasystems, Inc		978
25,672	*	PeopleSupport, Inc		346
97,097	*	Perficient, Inc		1,200
492,115	*	Perot Systems Corp (Class A)		7,126
192,046	*	Phase Forward, Inc		2,212
146,192	*	Phoenix Technologies Ltd		703
288,000		Pico Far East Holdings Ltd		57
14,145	*	PLATO Learning, Inc		88
122,195	*	Portfolio Recovery Associates, Inc		5,584
1,573,100		POS Malaysia & Services Holdings Bhd		1,918
1,300	*	Possis Medical, Inc		11
64,454	*	PRA International		1,435
630,657	*	Premiere Global Services, Inc		4,761
244,438	*	Progress Software Corp		5,722
7,189		Prokom Software S.A.		279
1,949		Prokom Software S.A. (GDR)		38
30,142		Promotora de Informaciones S.A.		484
4,218		Prosegur Cia de Seguridad S.A.		105
12,952	*	Proxymed, Inc		94
34,242		Public Power Corp		811
157,076		QAD, Inc		1,217
921	*	Quadramed Corp		2
99,578		Quality Systems, Inc		3,666
379,733	*	Quest Software, Inc		5,331
141,163	*	Radiant Systems, Inc		1,492
144,908	*	Radisys Corp		3,182
10,097		Rakuten, Inc		6,006
36,747		Randstad Holdings NV		2,154
823,780	*	RealNetworks, Inc		8,814
1,387,468	*	Red Hat, Inc		32,467
1,496,950	*	Redback Networks, Inc		27,454
55,495		Renaissance Learning, Inc		752
445,862	*	Rent-A-Center, Inc		11,084
1,578,273		Rentokil Initial plc		4,554

12

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
143,463	*	Rent-Way, Inc	$	1,059
257	*	Retalix Ltd		6
1,195,244		Reuters Group plc		8,511
158,741	*	Rewards Network, Inc		1,297
294,457		Reynolds & Reynolds Co (Class A)		9,031
87,074	*	RightNow Technologies, Inc		1,452
39,365		Ritchie Bros Auctioneers, Inc		2,104
1,105,467		Robert Half International, Inc		46,430
186,320		Rollins, Inc		3,659
438,335	*	RSA Security, Inc		11,918
526,023	*	S1 Corp		2,525
580		S1 Corp		26
151,539	*	SafeNet, Inc		2,685
55,716	*	SAFLINK Corp		21
606,045		Sage Group plc		2,587
619,859	*	Salesforce.com, Inc		16,525
506,947		SAP AG.		106,954
377,600		SAP AG. (ADR)		19,832
477,759	*	Sapient Corp		2,532
3,400		Satyam Computer Services Ltd (ADR)		113
293,602		Secom Co Ltd		13,895
280,278	*	Secure Computing Corp		2,410
478,175		Securitas AB (B Shs)		9,161
1,404,479		ServiceMaster Co		14,508
3,559		SGS S.A.		3,370
60,634	*	SI International, Inc		1,859
367		SimCorp A/S		60
1,048,732		Singapore Post Ltd		716
311,814	*	Sitel Corp		1,222
129,842	*	Smith Micro Software, Inc		2,080
12,516		Societe Des Autoroutes Paris-Rhin-Rhone		858
1,305		Software AG.		68
151,630	*	Sohu.com, Inc		3,911
30,970,000		Solomon Systech International Ltd		7,815
536,843	*	SonicWALL, Inc		4,826
1,470,917	*	Sonus Networks, Inc		7,281
370,200		Sorun Corp		3,656
336,691	*	Sotheby's Holdings, Inc (Class A)		8,838
723,049	*	Spherion Corp		6,594
155,296	*	SPSS, Inc		4,991
167,000		Square Enix Co Ltd		3,477
167,146	*	SRA International, Inc (Class A)		4,451
55,566	*	SSA Global Technologies, Inc		1,077
65,187		Startek, Inc		975
159,116		Stellent, Inc		1,520
61,545	*	Stratasys, Inc		1,813
635		Submarino S.A.		13
18,689,364	*	Sun Microsystems, Inc		77,561
96,500		SUNeVision Holdings Ltd		16
177,248	*	SupportSoft, Inc		698
556,095	*	Sybase, Inc		10,788
266,848	*	SYKES Enterprises, Inc		4,312
5,859,540	*	Symantec Corp		91,057
70,107	*	SYNNEX Corp		1,329
627,205	*	Synopsys, Inc		11,773
48,612		Syntel, Inc		995
8,000		Taiwan Secom Co Ltd		15
10,644,000		Taiwan-Sogo Shinkong Security Corp		9,369
477,982	e*	Take-Two Interactive Software, Inc		5,095

13

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
45,570	*	TAL International Group, Inc	$	1,098
59,818	*	Taleo Corp		705
187,726		Talx Corp		4,106
31,541		Tata Consultancy Services Ltd		1,191
5,812		Tecnomen Oyj		15
55,454	e	Telecom Italia Media S.p.A.		26
62,614		Telefonica Publicidad e Informacion S.A.		678
275,106	*	Telelogic AB		611
220,881	*	TeleTech Holdings, Inc		2,796
4,571	*	Temenos Group AG.		42
106,173		TheStreet.com, Inc		1,361
370,803	*	THQ, Inc		8,009
1,242,646	*	TIBCO Software, Inc		8,761
10,336	*	Tiens Biotech Group USA, Inc		44
20,697	*	Tier Technologies, Inc (Class B)		130
65,915		Tietoenator Oyj		1,903
94,900		TIS, Inc		2,657
165,000		TKC Corp		3,551
88,570	*	TNS, Inc		1,833
198,863		Total System Services, Inc		3,828
150,850	*	TradeStation Group, Inc		1,911
61,463	*	Traffic.com, Inc		344
1,100		Trans Cosmos, Inc		27
241,666	*	Transaction Systems Architects, Inc		10,075
24,297	*	Travelzoo, Inc		737
911,900		Trend Micro, Inc		30,792
321,404	*	Trizetto Group, Inc		4,754
57,625	*	TRM Corp		399
1,772	*	TVN S.A.		53
66,000		UFJ Central Leasing Co Ltd		3,325
136,977	*	Ultimate Software Group, Inc		2,624
25,050	*	Unica Corp		248
2,517,622	*	Unisys Corp		15,811
904,115		United Online, Inc		10,849
1,441,596	*	United Rentals, Inc		46,102
208,121	*	Universal Compression Holdings, Inc		13,105
14,720		USS Co Ltd		973
350,426	*	VA Software Corp		1,360
567,603	*	Valueclick, Inc		8,713
157,970	*	Vasco Data Security International		1,319
72,351	*	Verint Systems, Inc		2,112
1,506,375	*	VeriSign, Inc		34,903
54,333	*	Vertrue, Inc		2,338
142,316		Viad Corp		4,454
238,709	*	Vignette Corp		3,480
65,690	*	Volt Information Sciences, Inc		3,061
2,963		Votorantim Celulose e Papel S.A.		46
7,400		Votorantim Celulose e Papel S.A. (ADR)		115
4,626,652		Waste Management, Inc		166,004
47,286	*	WatchGuard Technologies, Inc		192
244,665	*	WebEx Communications, Inc		8,695
38,928	e*	WebMD Health Corp		1,841
313,754	*	webMethods, Inc		3,097
393,174	*	Websense, Inc		8,076
107,945	*	WebSideStory, Inc		1,317
430,559	*	Wind River Systems, Inc		3,832
4,100		Wipro Ltd (ADR)		53
194,136	*	Witness Systems, Inc		3,916
513,382		WM-Data AB (B Shs)		1,582

14

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
4,809,149		WPP Group plc	$	58,216
12,950		Yahoo! Japan Corp		6,865
8,004,611	*	Yahoo!, Inc		264,152
		TOTAL BUSINESS SERVICES		7,007,878
CHEMICALS AND ALLIED PRODUCTS - 9.22%
621,454	e*	Aastrom Biosciences, Inc		827
10,517,025		Abbott Laboratories		458,647
73,781	e*	Able Laboratories, Inc		6
154,794	*	Abraxis BioScience, Inc		3,690
231,001	*	Acadia Pharmaceuticals, Inc		1,950
751,056	*	Adams Respiratory Therapeutics, Inc		33,512
57,194	*	Adeza Biomedical Corp		802
253,987	*	Adolor Corp		6,352
51,524	*	Advanced Magnetics, Inc		1,557
5,212	*	Advancis Pharmaceutical Corp		15
301,969	*	ADVENTRX Pharmaceuticals, Inc		957
178,482	*	Agrium, Inc		4,160
118,653		Air Liquide S.A.		23,106
1,580,925		Air Products & Chemicals, Inc		101,053
639,000		Air Water, Inc		6,445
150,121	*	Albany Molecular Research, Inc		1,603
157,114		Albemarle Corp		7,523
345,197		Alberto-Culver Co		16,818
178,145	*	Alexion Pharmaceuticals, Inc		6,435
90,800		Alfresa Holdings Corp		5,647
650	*	ALK-Abello A/S		89
720,630	*	Alkermes, Inc		13,634
172,940	*	Alnylam Pharmaceuticals, Inc		2,608
505,956		Alpharma, Inc (Class A)		12,163
235,843		Altana AG.		13,136
7,480,000		Aluminum Corp of China Ltd		5,538
1,200		Aluminum Corp of China Ltd (ADR)		90
288,713	*	American Oriental Bioengineering, Inc		1,597
102,734		American Vanguard Corp		1,590
8,936,991	*	Amgen, Inc		582,960
95	*	Amorepacific Corp		41
57		Amorepacific Corp		9
147,537	*	Anadys Pharmaceuticals, Inc		431
771,448	*	Andrx Corp		17,890
186,727	*	Angiotech Pharmaceuticals, Inc		2,186
97,288	b,e*	Aphton Corp		4
135,249		Arch Chemicals, Inc		4,876
254,910	*	Arena Pharmaceuticals, Inc		2,952
45,216	*	Arkema		1,764
110,389	*	Arqule, Inc		623
240,510	*	Array Biopharma, Inc		2,068
1,236,358		Asahi Kasei Corp		8,079
6,772		Aspen Pharmacare Holdings Ltd		35
750,400		Astellas Pharma, Inc		27,570
2,491,881		AstraZeneca plc		150,433
75,000		AstraZeneca plc (ADR)		4,487
235,266	e*	Atherogenics, Inc		3,070
113,602	*	Auxilium Pharmaceuticals, Inc		884
174,456	e*	AVANIR Pharmaceuticals		1,193
567,199		Avery Dennison Corp		32,932
305,024	e*	AVI BioPharma, Inc		1,144
2,676,364		Avon Products, Inc		82,967
67,843		Balchem Corp		1,526

15

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
690,717	*	Barr Pharmaceuticals, Inc	$	32,940
81,027	*	Barrier Therapeutics, Inc		530
959,059		BASF AG.		76,987
285	*	Basilea Pharmaceutica		41
4,446,056		Bayer AG.		204,317
114,489		Beiersdorf AG.		17,246
112,595	*	Bentley Pharmaceuticals, Inc		1,234
140,466	*	BioCryst Pharmaceuticals, Inc		2,013
238,908	*	Bioenvision, Inc		1,273
1,712,223	*	Biogen Idec, Inc		79,327
487,702	*	BioMarin Pharmaceuticals, Inc		7,008
1,048		Biotest AG.		31
419,778	*	Biovail Corp International		9,837
328,944		BOC Group plc		9,619
2,083,927		Boots Group plc		29,659
1,808		BorsodChem Rt.		21
84,740	*	Bradley Pharmaceuticals, Inc		864
5,668		Braskem S.A.		35
2,200		Braskem S.A. (ADR)		27
8,966,275		Bristol-Myers Squibb Co		231,868
303,125		Cabot Corp		10,464
211,117		Calgon Carbon Corp		1,286
153,663		Cambrex Corp		3,201
60,881	*	Caraco Pharmaceutical Laboratories Ltd		557
522,911		Celanese Corp (Series A)		10,678
273,545	e*	Cell Genesys, Inc		1,373
507,896	e*	Cell Therapeutics, Inc		731
277,568	*	Cephalon, Inc		16,682
245,970		CF Industries Holdings, Inc		3,508
312,290	*	Charles River Laboratories International, Inc		11,492
170,696	*	Chattem, Inc		5,184
967,967		Chemtura Corp		9,041
524,624		Chugai Pharmaceutical Co Ltd		10,716
357,696		Church & Dwight Co, Inc		13,027
78,977		Ciba Specialty Chemicals AG.		4,394
412,162		Cipla Ltd		1,934
153,000	*	CK Life Sciences International Holdings, Inc		13
82,474		Clariant AG.		1,168
1,162,028		Clorox Co		70,849
115,750	*	Coley Pharmaceutical Group, Inc		1,337
4,879,740		Colgate-Palmolive Co		292,296
126,491	*	Combinatorx, Inc		1,112
205,014	*	Connetics Corp		2,411
247,755	*	Conor Medsystems, Inc		6,836
112,403	*	Cotherix, Inc		968
2,912	*	Crucell		61
384,899		CSL Ltd		15,370
318,307	*	Cubist Pharmaceuticals, Inc		8,015
294,576	*	Curis, Inc		398
197,131	*	Cypress Bioscience, Inc		1,210
1,022,016		Cytec Industries, Inc		54,841
52,759	e*	Cytogen Corp		132
133,564	*	Cytokinetics, Inc		840
563,019		Dade Behring Holdings, Inc		23,444
383,000		Daicel Chemical Industries Ltd		3,133
970,500		Daiichi Sankyo Co Ltd		26,743
428,099		Dainippon Ink and Chemicals, Inc		1,607
397,065	*	Dendreon Corp		1,922
141,134		Diagnostic Products Corp		8,210

16

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
137,319	*	Digene Corp	$	5,320
333,437	*	Discovery Laboratories, Inc		697
139,568	*	Dov Pharmaceutical, Inc		296
5,528,283		Dow Chemical Co		215,769
112,079		Dr Reddy's Laboratories Ltd		3,087
4,900		Dr Reddy's Laboratories Ltd (ADR)		136
119,333		DSM NV		4,968
5,652,682		Du Pont (E.I.) de Nemours & Co		235,152
322,372	*	Durect Corp		1,248
111,750	*	Dusa Pharmaceuticals, Inc		631
1,937,700	*	Dyno Nobel Ltd		3,541
527,082		Eastman Chemical Co		28,462
1,124,127		Ecolab, Inc		45,617
57,783		Eisai Co Ltd		2,603
492,759	*	Elan Corp plc		8,191
185,848	*	Elan Corp plc (ADR)		3,104
4,818,254		Eli Lilly & Co		266,305
142,672	*	Elizabeth Arden, Inc		2,551
131,715	*	Emisphere Technologies, Inc		1,124
359,727	*	Encysive Pharmaceuticals, Inc		2,493
477,774	*	Enzon Pharmaceuticals, Inc		3,602
140,679	*	EPIX Pharmaceuticals, Inc		612
698,947		Estee Lauder Cos (Class A)		27,028
15,000		Eternal Chemical Co Ltd		22
238,719		Ferro Corp		3,810
228,101		FMC Corp		14,687
2,172,840	*	Forest Laboratories, Inc		84,067
211,879		Formosa Plastics Corp		321
5,554		Gedeon Richter Rt		1,020
2,773,725	*	Genentech, Inc		226,891
155,813	e*	Genitope Corp		985
683,099	*	Genta, Inc		1,120
1,456,566	*	Genzyme Corp		88,923
354,344		Georgia Gulf Corp		8,866
379,451	*	Geron Corp		2,618
3,423,949	*	Gilead Sciences, Inc		202,561
810		GlaxoSmithkline Pharmaceuticals Ltd		18
6,928,944		GlaxoSmithKline plc		193,641
284		GlaxoSmithKline plc (ADR)		16
788		Glenmark Pharmaceuticals Ltd		5
40,000		Global Bio-Chem Technology Group Co Ltd		17
369,605	e*	GlobeTel Communications Corp		447
73,734	*	GTx, Inc		671
19,079		H Lundbeck A/S		435
233,613		H.B. Fuller Co		10,179
151,939	*	Hana Biosciences, Inc		1,378
1,561		Hanmi Pharm Co Ltd		156
1,710		Hanwha Chemical Corp		16
375,000		Haw Par Corp Ltd		1,352
22,898		Henkel KGaA		2,616
2,527,581	*	Hercules, Inc		38,571
23,791		Hindustan Lever Ltd		118
247,500		Hitachi Chemical Co Ltd		6,495
46,793	*	Hi-Tech Pharmacal Co, Inc		775
2,120		Honam Petrochemical Corp		103
1,406,838	*	Hospira, Inc		60,410
786,194	*	Human Genome Sciences, Inc		8,412
1,226,043	*	Huntsman Corp		21,235
98,193	*	Idenix Pharmaceuticals, Inc		923

17

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
182,401	*	Idexx Laboratories, Inc	$	13,704
567,969	*	ImClone Systems, Inc		21,946
501,258	*	Immucor, Inc		9,639
133,762	*	Immunogen, Inc		419
71	*	Impax Laboratories, Inc		-	^
1,510,481		Imperial Chemical Industries plc		10,141
252,045	*	Indevus Pharmaceuticals, Inc		1,379
1,328		Indian Petrochemicals Co		8
78,685		Innospec, Inc		2,000
199,787	*	Inspire Pharmaceuticals, Inc		929
29,792		Inter Parfums, Inc		513
153,127	*	InterMune, Inc		2,519
464,170		International Flavors & Fragrances, Inc		16,357
87,814	e*	Introgen Therapeutics, Inc		373
158,919	*	Inverness Medical Innovations, Inc		4,486
215,602	*	Invitrogen Corp		14,245
300,000		Ipsen		12,122
14,039	*	Ishihara Sangyo Kaisha Ltd		22
60,041	e*	Isolagen, Inc		237
16,387		Israel Chemicals Ltd		67
856,700		JSR Corp		21,658
300,300		Kaken Pharmaceutical Co Ltd		2,257
313,000		Kansai Paint Co Ltd		2,500
317,029		Kao Corp		8,306
1,410,008	*	King Pharmaceuticals, Inc		23,970
859,000		Kingboard Chemical Holdings Ltd		2,422
57,978		Koppers Holdings, Inc		1,159
124,958	*	Kos Pharmaceuticals, Inc		4,701
20,377		Kose Corp		642
22,159		Kronos Worldwide, Inc		648
960,500		Kuraray Co Ltd		10,755
222,815	*	KV Pharmaceutical Co (Class A)		4,158
519,000		Kyowa Hakko Kogyo Co Ltd		3,500
28,098	*	Lannett Co, Inc		160
1,390		LG Chem Ltd		48
330		LG Household & Health Care Ltd		28
460		LG Petrochemical Co Ltd		9
21	*	Ligand Pharmaceuticals, Inc (Class B)		-	^
272,162	*	Linde AG.		1,051
83,311		Linde AG.		6,418
84,193		Lonza Group AG.		5,763
169,913		L'Oreal S.A.		16,045
466,764		Lubrizol Corp		18,601
2,522,621		Lyondell Chemical Co		57,163
167,224		MacDermid, Inc		4,816
8,721		Makhteshim-Agan Industries Ltd		47
152,378	e	Mannatech, Inc		1,921
134,981	e*	MannKind Corp		2,876
41,117	e*	Marshall Edwards, Inc		139
181,826	e*	Martek Biosciences Corp		5,264
1,243		Matrix Laboratories Ltd		7
540,187	*	Mayne Pharma Ltd		1,043
702,398	*	Medarex, Inc		6,750
1,005,900		Mediceo Paltac Holdings Co Ltd		17,995
290,703	*	Medicines Co		5,683
332,405		Medicis Pharmaceutical Corp (Class A)		7,978
75,003	*	Medifast, Inc		1,340
1,253,759	*	Medimmune, Inc		33,977
12,190,656		Merck & Co, Inc		444,106

18

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
575,174		Merck KGaA	$	52,290
124,232		Meridian Bioscience, Inc		3,100
103,473	*	Metabasis Therapeutics, Inc		789
222,877		Methanex Corp		4,716
456,067	*	MGI Pharma, Inc		9,805
1,319,588	*	Millennium Pharmaceuticals, Inc		13,156
132,203		Minerals Technologies, Inc		6,875
6,600		Miraca Holdings, Inc		162
3,851,000		Mitsubishi Chemical Holdings Corp		24,087
679,540		Mitsubishi Gas Chemical Co, Inc		7,799
1,091,000		Mitsui Chemicals, Inc		7,129
125,576	*	Momenta Pharmaceuticals, Inc		1,596
1,756,181		Monsanto Co		147,853
322	*	Morphosys AG.		17
537,569	*	Mosaic Co		8,413
1,309,416		Mylan Laboratories, Inc		26,188
275,111	*	Myogen, Inc		7,978
606,950	*	Nabi Biopharmaceuticals		3,484
643,432	*	Nalco Holding Co		11,344
274,322		Nan Ya Plastics Corp		405
125,909	*	Nastech Pharmaceutical Co, Inc		1,989
3,650		Natura Cosmeticos S.A.		38
20,834		Natures Sunshine Products, Inc		194
440,519	*	NBTY, Inc		10,533
221,746	*	Neurocrine Biosciences, Inc		2,351
142,443	e*	New River Pharmaceuticals, Inc		4,060
98,680		NewMarket Corp		4,841
510,000	*	Nippon Chemiphar Co Ltd		2,748
839,000		Nippon Kayaku Co Ltd		6,994
1,088,000		Nippon Paint Co Ltd		5,159
361,000		Nippon Shokubai Co Ltd		4,418
76,000		Nissan Chemical Industries Ltd		948
110,902	e*	NitroMed, Inc		536
68,956		NL Industries, Inc		741
139,178	e*	Northfield Laboratories, Inc		1,376
112,250		Nova Chemicals Corp		3,236
5,265,618		Novartis AG.		284,558
369,440		Novartis AG. (ADR)		19,920
360,290	*	Novavax, Inc		1,816
139,097	*	Noven Pharmaceuticals, Inc		2,490
266,497		Novo Nordisk A/S (B Shs)		16,971
20,222	*	Novogen Ltd		36
18,098		Novozymes A/S		1,222
253,452	*	NPS Pharmaceuticals, Inc		1,237
392,549	*	Nuvelo, Inc		6,536
740,281		Olin Corp		13,273
250,977	*	OM Group, Inc		7,743
103,113		Omega Pharma S.A.		7,199
90,011	*	Omnova Solutions, Inc		511
363,093	*	Onyx Pharmaceuticals, Inc		6,111
1,559		OPG Groep NV		136
262,566	*	OraSure Technologies, Inc		2,500
1,012,323		Orica Ltd		17,968
416,513	*	OSI Pharmaceuticals, Inc		13,728
73,698	*	Oxford Biomedica plc		34
116,526	e*	Pacific Ethanol, Inc		2,694
301,316	e*	Pain Therapeutics, Inc		2,516
271,532	*	Panacos Pharmaceuticals, Inc		1,499
206,888	*	Par Pharmaceutical Cos, Inc		3,819

19

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
198,548	*	Parexel International Corp	$	5,728
89,306	e*	Parlux Fragrances, Inc		865
558,077	*	PDL BioPharma, Inc		10,274
129,614	*	Penwest Pharmaceuticals Co		2,829
952,829	*	Peregrine Pharmaceuticals, Inc		1,515
599,377		Perrigo Co		9,650
116,254	*	PetMed Express, Inc		1,275
45,134,720		Pfizer, Inc		1,059,312
145,605	*	Pharmion Corp		2,480
56,799	*	Pharmos Corp		120
92,559	*	Pioneer Cos, Inc		2,525
548,135	*	PolyOne Corp		4,813
192,119	e	Potash Corp of Saskatchewan		16,515
142,900	*	Pozen, Inc		1,006
1,197,040		PPG Industries, Inc		79,005
1,558,503		Praxair, Inc		84,159
184,633	*	Prestige Brands Holdings, Inc		1,841
19,330,622		Procter & Gamble Co		1,074,783
189,145	*	Progenics Pharmaceuticals, Inc		4,551
18,151,500		PT Bakrie Sumatera Plantations Tbk		1,744
71,500		PT Kalbe Farma Tbk		10
577,000		PT Unilever Indonesia Tbk		257
9,000		PTT Chemical PCL		20
125,810	*	QLT, Inc		885
148,522	*	Quidel Corp		1,411
4,987		Ranbaxy Laboratories Ltd		39
3,008,985		Reckitt Benckiser plc		112,418
221,031	*	Renovis, Inc		3,384
959,139	*	Revlon, Inc (Class A)		1,209
59	*	Rhodia S.A.		-	^
9,570		Roche Holding AG.		1,684
2,116,957		Roche Holding AG.		349,255
148,247	*	Rockwood Holdings, Inc		3,411
1,390,980		Rohm & Haas Co		69,716
546,826		RPM International, Inc		9,843
25,000		Sakai Chemical Industry Co Ltd		127
268,258	*	Salix Pharmaceuticals Ltd		3,300
1,861,565		Sanofi-Aventis		181,616
3,390		Sanofi-Aventis (ADR)		165
255,705	*	Santarus, Inc		1,700
9,700		Santen Pharmaceutical Co Ltd		231
74,500		Sawai Pharmaceutical Co Ltd		3,767
9,405,183		Schering-Plough Corp		178,981
165,941	*	Sciele Pharma, Inc		3,848
202,343		Scotts Miracle-Gro Co (Class A)		8,563
4,200		Seikagaku Corp		46
277,824		Sensient Technologies Corp		5,809
1,736,044	*	Sepracor, Inc		99,197
216,190	*	Serologicals Corp		6,797
11,413		Serono S.A. (B Shs)		7,868
680,300		Shin-Etsu Chemical Co Ltd		37,016
91,264		Shionogi & Co Ltd		1,629
212,000		Shiseido Co Ltd		4,163
1,813,000		Showa Denko KK		8,072
1,289,087		Sigma Pharmaceuticals Ltd		2,490
478,002		Sigma-Aldrich Corp		34,722
4,174,000		Sinochem Hong Kong Holding Ltd		1,639
78,000		Sinopec Shanghai Petrochemical Co Ltd		38
2,200		Sinopec Shanghai Petrochemical Co Ltd (ADR)		108

20

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
24,000	*	Sinopec Yizheng Chemical Fibre Co Ltd	$	5
225,726	*	Sirna Therapeutics, Inc		1,287
3,925		Sociedad Quimica y Minera de Chile S.A.		41
900		Sociedad Quimica y Minera de Chile S.A. (ADR)		94
125,627	*	Solexa, Inc		1,068
39,591	*	Somaxon Pharmaceuticals, Inc		618
9	*	Sosei Co Ltd		22
409,706	e*	StemCells, Inc		840
30,989		Stepan Co		979
37,676		Stratagene Corp		232
4,651,140		Sumitomo Chemical Co Ltd		38,815
45,516		Sun Pharmaceuticals Industries Ltd		779
297,784	*	SuperGen, Inc		1,081
94,037	e*	SurModics, Inc		3,396
571,780		Symbion Health Ltd		1,300
48,725		Syngenta AG.		6,463
79,800		Taisho Pharmaceutical Co Ltd		1,567
56,000		Taiwan Fertilizer Co Ltd		93
107,127		Taiyo Nippon Sanso Corp		851
1,526,094		Takeda Pharmaceutical Co Ltd		95,051
145,000		Tanabe Seiyaku Co Ltd		1,786
142,945	*	Tanox, Inc		1,977
1,503,000		Teijin Ltd		9,545
62,401	e*	Tercica, Inc		330
68,422		Teva Pharmaceutical Industries Ltd		2,162
1,479,063		Teva Pharmaceutical Industries Ltd (ADR)		46,724
893,948	*	Theravance, Inc		20,453
9,658	*	Threshold Pharmaceuticals, Inc		34
161,000		Tokuyama Corp		2,394
1,355,976		Toray Industries, Inc		11,779
108,000		Tosoh Corp		431
195,191		Tronox, Inc		2,571
96		Tronox, Inc		1
354,995		UAP Holding Corp		7,742
54,115		UCB S.A.		2,927
3,595,783		Unilever plc		80,871
1,036,303		Unilever plc (ADR)		23,358
26,390		United Drug plc		113
194,143	*	United Therapeutics Corp		11,216
110,784	e*	USANA Health Sciences, Inc		4,199
506,479		USEC, Inc		6,002
482,260		Valeant Pharmaceuticals International		8,160
798,352		Valspar Corp		21,084
476,252	*	VCA Antech, Inc		15,207
568,764	*	Vertex Pharmaceuticals, Inc		20,879
10,945		Victrex plc		156
194,940	*	Vion Pharmaceuticals, Inc		279
390,979	*	Viropharma, Inc		3,370
41,487	*	Visicu, Inc		732
633,363	*	Watson Pharmaceuticals, Inc		14,745
39,787		Wellman, Inc		161
159,113		Westlake Chemical Corp		4,742
407,691	*	WR Grace & Co		4,770
10,565,031		Wyeth		469,193
108,158	*	Xenoport, Inc		1,959
213		Yuhan Corp		33
57,444		Zeltia S.A.		422
1,097		Zentiva NV		52
471,000		Zeon Corp		5,612

21

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
32,265	*	Zila, Inc	$	104
211,039	*	Zymogenetics, Inc		4,003
		TOTAL CHEMICALS AND ALLIED PRODUCTS		10,956,311
COAL MINING - 0.40%
183,362	*	Alpha Natural Resources, Inc		3,598
629,249		Arch Coal, Inc		26,661
8,382,375		BHP Billiton Ltd		180,603
1,581,500		China Shenhua Energy Co Ltd		2,922
917,495		Consol Energy, Inc		42,866
247,024		Foundation Coal Holdings, Inc		11,593
30,954		Gloucester Coal Ltd		84
534,032	*	International Coal Group, Inc		3,840
77,932	*	James River Coal Co		2,065
34,879		MacArthur Coal Ltd		116
363,872		Massey Energy Co		13,099
1,694,998		Peabody Energy Corp		94,496
148,056		Penn Virginia Corp		10,346
299,500		PT Bumi Resources Tbk		25
99,074		Sasol Ltd		3,820
1,696,172		Sasol Ltd (ADR)		65,540
9,330	*	Westmoreland Coal Co		221
255,198		Xstrata plc		9,676
34,000		Yanzhou Coal Mining Co Ltd		25
3,720		Yanzhou Coal Mining Co Ltd (ADR)		137
		TOTAL COAL MINING		471,733
COMMUNICATIONS - 4.60%
45,300		Advanced Info Service PCL		107
698,157		Advanced Info Service PCL		1,647
14,700	v	Advanced Info Service PCL (ADR)		35
13,163		AFK Sistema (GDR)		265
222,550	*	Airspan Networks, Inc		556
208,757		Alaska Communications Systems Group, Inc		2,641
72,140		Aliant, Inc		2,152
1,606,488		Alltel Corp		102,542
800	*	Alvarion Ltd		5
2,864,842		America Movil S.A. de C.V.		4,792
403,138		America Movil S.A. de C.V. (ADR)		13,408
2,433,026	*	American Tower Corp (Class A)		75,716
191,771		Anixter International, Inc		9,101
152,987		Antena 3 de Television S.A.		3,494
22,709,204		AT&T, Inc		633,360
23,407		Atlantic Tele-Network, Inc		488
115,498	*	Audiovox Corp (Class A)		1,578
9,117,060	*	Austar United Communications Ltd		8,298
2,564,517	*	Avaya, Inc		29,287
760,692	*	BCE, Inc		18,044
14,662		Beasley Broadcast Group, Inc (Class A)		103
1,308,753		Belgacom S.A.		43,392
11,425,060		BellSouth Corp		413,587
32,579		Bezeq Israeli Telecommunication Corp Ltd		38
6,570,103		Brasil Telecom Participacoes S.A.		43
986,628		Brasil Telecom Participacoes S.A.		13
441,546	*	Brightpoint, Inc		5,974
831,537		British Sky Broadcasting plc		8,820
15,425,985		BT Group plc		68,261
881,133		Cable & Wireless plc		1,874
1,311,756		Cablevision Systems Corp (Class A)		28,137

22

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
132,897		Carphone Warehouse Group plc	$	780
49,307	*	Cbeyond Communications, Inc		1,075
6,052,602		CBS Corp		163,723
143,433		Centennial Communications Corp		746
2,941	*	Central European Media Enterprises Ltd		184
1,126,632		CenturyTel, Inc		41,854
9,029		Cesky Telecom AS		194
2,822	*	Cesky Telecom AS (GDR)		60
2,405,955	*	Charter Communications, Inc (Class A)		2,719
806,000		China Mobile Hong Kong Ltd		4,607
15,800		China Mobile Hong Kong Ltd (ADR)		452
342,000		China Telecom Corp Ltd		110
4,700		China Unicom Ltd (ADR)		42
164,000		Chunghwa Telecom Co Ltd		296
17,100		Chunghwa Telecom Co Ltd (ADR)		316
15,383		Cia de Telecomunicaciones de Chile S.A.		27
2,287,774	*	Cincinnati Bell, Inc		9,380
215,445		Citadel Broadcasting Corp		1,917
1,626,290		Citizens Communications Co		21,223
2,145,030		Clear Channel Communications, Inc		66,389
9,731,294	*	Comcast Corp (Class A)		318,603
155,999		Commonwealth Telephone Enterprises, Inc		5,173
7,100		Comstar United Telesystems (GDR)		43
86,405		Consolidated Communications Holdings, Inc		1,437
35,228		Cosmote Mobile Telecommunications S.A.		793
1,524,333	*	Covad Communications Group, Inc		3,064
239,485	*	Cox Radio, Inc (Class A)		3,453
1,194,712	*	Crown Castle International Corp		41,265
109,648	*	Crown Media Holdings, Inc (Class A)		452
120,019		CT Communications, Inc		2,745
411,105	*	Cumulus Media, Inc (Class A)		4,386
2,469,868		Deutsche Telekom AG.		39,729
4,808,396	*	DIRECTV Group, Inc		79,339
869,974	*	Dobson Communications Corp (Class A)		6,725
1,919,046	*	EchoStar Communications Corp (Class A)		59,126
17	*	Ectel Ltd		-	^
1,128		Egyptian Co for Mobile Services		25
657,159		Eircom Group plc		1,823
2,052		Elcoteq Network Corp (A Shs)		41
53,413		Elisa Oyj		1,017
1,304,549	*	Embarq Corp		53,473
11,439,993		Embratel Participacoes S.A.		35
191,047	*	Emmis Communications Corp (Class A)		2,988
16,872		Empresa Nacional de Telecomunicaciones S.A.		163
192,662		Entercom Communications Corp		5,040
358,074	*	Entravision Communications Corp (Class A)		3,069
48,581	*	Eschelon Telecom, Inc		752
517,596	*	Eutelsat Communications		8,074
196,582		Fairpoint Communications, Inc		2,831
255,418	*	First Avenue Networks, Inc		2,779
39,623	*	Fisher Communications, Inc		1,669
841,840	*	Foundry Networks, Inc		8,974
4,283,199		France Telecom S.A.		92,064
1,305		Fuji Television Network, Inc		2,900
324,938	*	General Communication, Inc (Class A)		4,003
202,689		Gestevision Telecinco S.A.		4,859
746,373		Global Payments, Inc		36,236
43,360		Globe Telecom, Inc		759
132,525		Golden Telecom, Inc		3,360

23

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
259,150		Gray Television, Inc	$	1,500
78,839		Grupo Televisa S.A.		306
27,900		Grupo Televisa S.A. (ADR)		539
129,687		Hearst-Argyle Television, Inc		2,861
118,326	*	Hellenic Telecommunications Organization S.A.		2,605
18,880	e*	Hungarian Telephone & Cable		284
798,000	*	Hutchison Telecommunications International Ltd		1,284
910,552	*	IAC/InterActiveCorp		24,121
55,584	*	IDT Corp		734
322,630	*	IDT Corp (Class B)		4,449
2,594,386		Informa plc		20,693
107,042	e*	InPhonic, Inc		674
176,530	*	ION Media Networks, Inc		162
156,490		Iowa Telecommunications Services, Inc		2,961
75,607	*	iPCS, Inc		3,652
1,883	*	ITC DeltaCom, Inc		3
2,780,619		ITV plc		5,554
15,000		Iwatsu Electric Co Ltd		29
290,918	*	j2 Global Communications, Inc		9,082
227,000		Kadokawa Holdings, Inc		8,122
2,455		KDDI Corp		15,097
7,589		KT Corp		313
10,800		KT Corp (ADR)		232
34,238		KT Freetel Co Ltd		1,072
49,920	*	Leap Wireless International, Inc		2,369
3,958,987	e*	Level 3 Communications, Inc		17,578
2,092,110	*	LG Telecom Ltd		27,345
2,703,172	e*	Liberty Global, Inc		58,118
85,407	*	Liberty Global, Inc (Series C)		1,757
781,573	*	Liberty Media Holding Corp (Capital)		65,472
3,492,047	*	Liberty Media Holding Corp (Interactive)		60,273
51,814	*	Lightbridge, Inc		671
181,207	*	Lin TV Corp (Class A)		1,368
131,412	*	Lodgenet Entertainment Corp		2,451
28,690		LS Cable Ltd		1,013
21,747		M6-Metropole Television		680
5,900	*	Magyar Telekom (ADR)		112
22,474	*	Magyar Telekom Rt		85
3,448		Mahanagar Telephone Nigam		12
6,600		Mahanagar Telephone Nigam (ADR)		45
233,600	*	Mastec, Inc		3,086
126,000		Maxis Communications Bhd		293
10,154	b,e,v*	McLeodUSA, Inc (Class A)		-	^
58,200		Media Prima Bhd		26
359,419	*	Mediacom Communications Corp		2,239
1,078,399		Mediaset S.p.A.		12,713
12,750	*	Metro One Telecommunications, Inc		8
2,053	*	Mobilcom AG.		44
6,711	*	Mobile TeleSystems (ADR)		198
31,290		MobileOne Ltd		41
10,861		Mobistar S.A.		862
56,004	v*	Modern Times Group AB		237
56,004	*	Modern Times Group AB		2,943
214,288		MTN Group Ltd		1,589
22,100		MTN Group Ltd (ADR)		166
16,428		Naspers Ltd		281
5,000		Naspers Ltd (ADR)		85
5,100		NET Servicos de Comunicacao S.A. (ADR)		28
296,829	*	NeuStar, Inc		10,018

24

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
283,750		News Corp	$	5,734
721,307	*	NII Holdings, Inc (Class B)		40,667
12,218		Nippon Telegraph & Telephone Corp		59,960
110,044		North Pittsburgh Systems, Inc		3,033
184,960	*	Novatel Wireless, Inc		1,920
68,973	*	NTELOS Holdings Corp		997
19,291		NTT DoCoMo, Inc		28,351
932		Okinawa Cellular Telephone Co		2,324
10,394		Orascom Telecom Holding SAE		432
322,150		PanAmSat Holding Corp		8,047
92,459		Partner Communications		779
4,900		Partner Communications (ADR)		40
9,103,000	*	Paxys, Inc		2,056
1,374	*	Pegasus Communications Corp		3
247,696	*	Pegasus Wireless Corp		2,214
4,632		Philippine Long Distance Telephone Co		160
60,710		Philippine Long Distance Telephone Co (ADR)		2,096
307,217		Portugal Telecom SGPS S.A.		3,708
4,981		Preformed Line Products Co		189
287,284	*	Price Communications Corp		4,869
71,000		PT Indosat Tbk		33
5,800		PT Indosat Tbk (ADR)		135
30,388		PT Multimedia Servicos de Telecomunicacoes e Multimedia SGPS S.A.		352
11,400		PT Telekomunikasi Indonesia (ADR)		366
825,000		PT Telekomunikasi Indonesia Tbk		655
54,179		Publicis Groupe S.A.		2,092
6,980,985	*	Qwest Communications International, Inc		56,476
308,365	*	Radio One, Inc (Class A)		2,313
203,119	*	Radio One, Inc (Class D)		1,503
165,490	*	RCN Corp		4,126
124,118	*	Regent Communications, Inc		508
31,115	*	Retelit S.p.A		14
484,442		Rogers Communications, Inc		19,563
7,844	e	Rostelecom (ADR)		227
22,368,177		Royal KPN NV		251,403
14,887	*	Saga Communications, Inc (Class A)		135
65,057		Salem Communications Corp (Class A)		846
65,357	*	SAVVIS, Inc		1,935
629,973	*	SBA Communications Corp		16,467
1,593,058		Seat Pagine Gialle S.p.A.		741
437,700		Seven Network Ltd		2,634
257,511		Shaw Communications, Inc		7,306
39,904		Shenandoah Telecom Co		1,875
10,711	v*	Sibirtelecom (ADR)		565
258,427		Sinclair Broadcast Group, Inc (Class A)		2,212
7,582,689		Singapore Telecommunications Ltd		12,179
7,818		SK Telecom Co Ltd		1,681
12,200		SK Telecom Co Ltd (ADR)		286
247,143		Sky Network Television Ltd		867
6,828		SKY Perfect Communications, Inc		4,408
14,988		SmarTone Telecommunications Holding Ltd		15
86,703		Societe Television Francaise 1		2,827
15,213	*	Sogecable S.A.		437
217,673	*	Spanish Broadcasting System, Inc (Class A)		1,112
24,662,421		Sprint Nextel Corp		493,002
15,008	*	SunCom Wireless Holdings, Inc		23
85,209		SureWest Communications		1,646
11,542		Swisscom AG.		3,792
175,390	*	Syniverse Holdings, Inc		2,578

25

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
149,000		Taiwan Mobile Co Ltd	$	148
178,765	*	Talk America Holdings, Inc		1,107
2,111		Tele Norte Leste Participacoes S.A.		57
7,787		Tele Norte Leste Participacoes S.A.		100
351,498	e	Tele2 AB (B Shs)		3,550
13,300	*	Telecom Argentina S.A. (ADR)		154
11,830,187		Telecom Corp of New Zealand Ltd		29,161
4,344		Telecom Egypt		10
4,610,589		Telecom Italia S.p.A.		11,909
7,416,117		Telecom Italia S.p.A.		20,648
6,054,785		Telefonica S.A.		100,800
7,704		Telefonica S.A. (ADR)		383
1,968,225		Telefonos de Mexico S.A. de C.V.		2,068
9,500		Telefonos de Mexico S.A. de C.V. (ADR)		197
1,332,976		Telekom Austria AG.		29,674
13,700		Telekom Malaysia Bhd		34
142,404		Telekomunikacja Polska S.A.		894
3,743,938		Telemig Celular Participacoes S.A.		7
2,689,411		Telenor ASA		32,523
1		Telephone & Data Systems, Inc		-	^
529,471		Telephone & Data Systems, Inc		21,920
15,199	*	Telesp Celular Participacoes S.A.		37
198,300		Television Broadcasts Ltd		1,225
2,051,084		TeliaSonera AB		11,646
38,832		Telkom S.A. Ltd		719
1,700		Telkom S.A. Ltd (ADR)		126
203,351	e*	Telkonet, Inc		639
1,593,290		Telstra Corp Ltd		4,356
88,128		TELUS Corp		3,648
274,131		TELUS Corp		11,105
173,353	*	Terremark Worldwide, Inc		624
19,536	*	THUS Group plc		49
17,275,143		Tim Participacoes S.A.		48
102,912	*	Tiscali S.p.A.		306
589,011	*	TiVo, Inc		4,211
104,100		Tokyo Broadcasting System, Inc		2,509
225,900	*	True Corp PCL		50
36,956		Turkcell Iletisim Hizmet A.S.		169
12,453		Turkcell Iletisim Hizmetleri AS (ADR)		148
531		TV Asahi Corp		1,268
155,901		TV Azteca S.A. de C.V.		106
462,915	*	Ubiquitel, Inc		4,787
1,262,299	*	Univision Communications, Inc (Class A)		42,287
3,000	v*	Uralsvyazinform (ADR)		19
77,713	*	US Cellular Corp		4,709
208,886		USA Mobility, Inc		3,467
384,389	e	Valor Communications Group, Inc		4,401
17,048,146		Verizon Communications, Inc		570,942
5,709,673	*	Viacom, Inc		204,635
1,038		Videsh Sanchar Nigam Ltd		9
1,900		Videsh Sanchar Nigam Ltd (ADR)		33
4,050	*	Vimpel-Communications (ADR)		186
1,738,514		Vivendi Universal S.A.		60,909
222,921		Vivendi Universal S.A. (ADR)		7,782
78,988,288		Vodafone Group plc		168,372
760,164		Vodafone Group plc (ADR)		16,191
160,897	*	Vonage Holdings Corp		1,382
1,121	*	Wavecom S.A.		12
188,370	*	West Corp		9,025

26

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
339,657	*	Wireless Facilities, Inc	$	934
105,844	e*	WorldSpace, Inc		379
1,191,782	*	XM Satellite Radio Holdings, Inc		17,460
6,013		ZEE Telefilms Ltd		31
		TOTAL COMMUNICATIONS		5,460,853
DEPOSITORY INSTITUTIONS - 11.22%
118,002		1st Source Corp		3,992
1,242,000		77 Bank Ltd		8,659
25,168		Abington Community Bancorp, Inc		377
5,552,069		ABN AMRO Holding NV		151,851
71,643	*	ACE Cash Express, Inc		2,097
8,408		Adelaide Bank Ltd		81
14,563		African Bank Investments Ltd		57
6,599		Akbank T.A.S. (ADR)		61
23,892		Akbank TAS		114
90,188		Alabama National Bancorp		6,146
471,495		Allied Irish Banks plc		11,364
763,450		Allied Irish Banks plc		18,313
464,227		Alpha Bank S.A.		11,563
1,305		Amagerbanken A/S		82
141,362		Amcore Financial, Inc		4,143
64,137		AmericanWest Bancorp		1,453
68,865		Ameris Bancorp		1,594
13,045	e	Ames National Corp		285
43,900		AMMB Holdings Bhd		30
1,510,239		AmSouth Bancorp		39,946
127,335		Anchor Bancorp Wisconsin, Inc		3,842
6,530		Arab Bank plc		231
59,405		Arrow Financial Corp		1,629
578,705		Associated Banc-Corp		18,247
425,391		Astoria Financial Corp		12,953
1,546		Attijariwafa Bank		328
2,382,255		Australia & New Zealand Banking Group Ltd		47,062
247,376	e	Banca Fideuram S.p.A.		1,439
7,069,125		Banca Intesa S.p.A.		41,398
2,355,893		Banca Intesa S.p.A.		12,787
960,465		Banca Monte dei Paschi di Siena S.p.A.		5,772
2,222,540		Banca Popolare di Milano		28,319
53,753		Bancfirst Corp		2,405
868,221		Banche Popolari Unite Scpa		22,458
4,142,441		Banco Bilbao Vizcaya Argentaria S.A.		85,171
260,835		Banco BPI S.A.		1,981
91,632		Banco Bradesco S.A.		2,866
9,800		Banco Bradesco S.A. (ADR)		305
2,085,404		Banco Comercial Portugues S.A.		5,920
1,024		Banco de Chile (ADR)		39
445		Banco de Credito e Inversiones		12
3,628,500		Banco de Oro Universal Bank		2,117
161,675		Banco Espirito Santo S.A.		2,179
41,728		Banco Itau Holding Financeira S.A.		1,217
10,500		Banco Itau Holding Financeira S.A. (ADR)		306
26,860		Banco Nossa Caixa S.A.		571
317,704		Banco Popolare di Verona e Novara Scrl		8,511
334,880		Banco Popular Espanol S.A.		4,988
9,839,739		Banco Santander Central Hispano S.A.		143,682
1,493,032		Banco Santander Chile S.A.		58
8,000		Banco Santander Chile S.A. (ADR)		323
37,990		BanColombia S.A. (ADR)		916

27

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
60,385	*	Bancorp, Inc	$	1,510
455,525		Bancorpsouth, Inc		12,413
51,699		BancTrust Financial Group, Inc		1,213
31,900		Bangkok Bank PCL		89
11,800		Bangkok Bank PCL		32
568		Banif SGPS S.A.		19
283,183		Bank Hapoalim Ltd		1,234
108,444		Bank Leumi Le-Israel		393
357,992		Bank Mutual Corp		4,375
30,489,945		Bank of America Corp		1,466,566
10,059,000	*	Bank of China Ltd		4,565
337,874		Bank of Communications Co Ltd		220
2,413,140		Bank of East Asia Ltd		9,927
1,045,800		Bank of Fukuoka Ltd		7,959
139,306		Bank of Granite Corp		2,902
234,234		Bank of Hawaii Corp		11,618
583,177		Bank of Ireland		10,402
965,380		Bank of Ireland		17,220
413,900		Bank of Kyoto Ltd		4,472
985,620		Bank of Montreal		53,229
6,320,949		Bank of New York Co, Inc		203,535
2,028,404	e	Bank of Nova Scotia		80,655
87,200		Bank of Okinawa Ltd		3,700
2,631		Bank of Queensland Ltd		27
65,250		Bank of the Ozarks, Inc		2,173
39,600		Bank of the Philippine Islands		37
170,500	*	Bank of the Ryukyus Ltd		4,012
1,594,600		Bank of Yokohama Ltd		12,345
300		Bank Przemyslowo-Handlowy Bph		66
2,425,500		Bank Rakyat Indonesia		1,074
33		Bank Sarasin & Compagnie AG.		87
16,630		Bank Zachodni WBK S.A.		934
271,504		BankAtlantic Bancorp, Inc (Class A)		4,029
135,908		BankFinancial Corp		2,351
241,090		BankUnited Financial Corp (Class A)		7,358
59,519		Banner Corp		2,294
155		Banque Marocaine du Commerce Exterieur		18
11,801,765		Barclays plc		134,133
2,952,573		BB&T Corp		122,798
7,000		BBVA Banco Frances S.A. (ADR)		51
44,106		Berkshire Hills Bancorp, Inc		1,565
187,962	*	BFC Financial Corp		1,301
1,473,846		BNP Paribas		141,057
4,147,000		BOC Hong Kong Holdings Ltd		8,116
88,039		BOK Financial Corp		4,373
219,645		Boston Private Financial Holdings, Inc		6,128
1,458	*	BRE Bank S.A.		82
374,005		Brookline Bancorp, Inc		5,150
46,506		Cadence Financial Corp		1,036
46,154		Camden National Corp		1,842
650,211	e	Canadian Imperial Bank of Commerce		43,681
71,318		Capital City Bank Group, Inc		2,154
53,699		Capital Corp of the West		1,718
16,106	*	Capital Crossing Bank		396
3,665,592		Capitalia S.p.A.		30,067
67,247		Capitol Bancorp Ltd		2,619
95,708		Capitol Federal Financial		3,282
146,858		Cardinal Financial Corp		1,706
137,183		Cascade Bancorp		3,911

28

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
17,678		Cass Information Systems, Inc	$	861
272,325		Cathay Financial Holding Co Ltd		596
280,136		Cathay General Bancorp		10,191
294,246	*	Centennial Bank Holdings, Inc		3,043
63,425		Center Financial Corp		1,499
35,759		Centerstate Banks of Florida, Inc		733
225,533		Central Pacific Financial Corp		8,728
139,000		Chang Hwa Commercial Bank		99
23,828		Charter Financial Corp		940
143,567		Chemical Financial Corp		4,393
2,211,600		Chiba Bank Ltd		20,701
2,700	*	Chiba Kogyo Bank Ltd		50
1,206,545		China Construction Bank		551
3,297,773	*	China Development Financial Holding Corp		1,334
161,880		Chinatrust Financial Holding Co		134
279,237		Chittenden Corp		7,218
31,589,052		Citigroup, Inc		1,523,856
9,958	e	Citizens & Northern Corp		235
265,535		Citizens Banking Corp		6,482
46,405		Citizens First Bancorp, Inc		1,239
48,985		City Bank		2,286
124,033		City Holding Co		4,483
171,844		City National Corp		11,185
80,148		Clifton Savings Bancorp, Inc		868
119,780		Close Brothers Group plc		2,018
99,320		Coastal Financial Corp		1,295
76,813		CoBiz, Inc		1,730
881,399		Colonial Bancgroup, Inc		22,634
8,317	e	Colony Bankcorp, Inc		186
41,763		Columbia Bancorp		1,047
87,798		Columbia Banking System, Inc		3,282
907,952		Comerica, Inc		47,204
70,848		Commerce Asset Holdings Bhd		115
783,871		Commerce Bancorp, Inc		27,961
258,992		Commerce Bancshares, Inc		12,963
9,421		Commercial Bankshares, Inc		348
265,832		Commercial Capital Bancorp, Inc		4,187
3,160		Commercial International Bank		32
10,782		Commercial International Bank (GDR)		107
1,414,064		Commerzbank AG.		51,422
1,185,010		Commonwealth Bank of Australia		39,099
26,420	*	Community Bancorp		821
28,388		Community Bancorp, Inc		1,201
180,160		Community Bank System, Inc		3,634
125,856		Community Banks, Inc		3,272
122,685		Community Trust Bancorp, Inc		4,285
957,388		Compass Bancshares, Inc		53,231
2,303,348		CorpBanca S.A.		11
295,662	e	Corus Bankshares, Inc		7,740
2,923		Credicorp Ltd		87
1,388,206		Credit Agricole S.A.		52,807
228,089		Cullen/Frost Bankers, Inc		13,069
351,323		CVB Financial Corp		5,502
70,320		Daegu Bank		1,260
671,419		Danske Bank A/S		25,550
1,646,723		DBS Group Holdings Ltd		18,848
902,718		Depfa Bank plc		14,959
999,907		Deutsche Bank AG.		112,511
1,387,329		Dexia		33,349

29

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
161,473		Dime Community Bancshares	$	2,191
581,359		DNB NOR Holding ASA		7,217
52,591	*	Dollar Financial Corp		947
180,779		Downey Financial Corp		12,266
85,000		E.Sun Financial Holding Co Ltd		57
285,160		East West Bancorp, Inc		10,810
191,572		EFG Eurobank Ergasias S.A.		5,311
102,043	*	Egyptian Financial Group-Hermes Holding		449
67,864	*	Emporiki Bank of Greece S.A.		2,350
43,425		Enterprise Financial Services Corp		1,105
68,267		Erste Bank der Oesterreichischen Sparkassen AG.		3,841
15,317	*	EuroBancshares, Inc		148
200,770	*	Euronet Worldwide, Inc		7,704
37,435		Farmers Capital Bank Corp		1,226
134,712		Fidelity Bankshares, Inc		4,287
1,963,373		Fifth Third Bancorp		72,547
23,455		Financial Institutions, Inc		489
64,318		First Bancorp		1,351
870,801		First Bancorp		8,098
82,068		First Busey Corp (Class A)		1,680
167,847		First Charter Corp		4,117
41,467		First Citizens Bancshares, Inc (Class A)		8,314
420,096		First Commonwealth Financial Corp		5,335
135,875		First Community Bancorp, Inc		8,027
56,471		First Community Bancshares, Inc		1,863
15,676		First Defiance Financial Corp		413
186,110		First Financial Bancorp		2,775
114,279		First Financial Bankshares, Inc		4,176
78,240		First Financial Corp		2,348
73,430		First Financial Holdings, Inc		2,350
848,630		First Horizon National Corp		34,115
82,872		First Indiana Corp		2,157
137,818		First Merchants Corp		3,350
304,160		First Midwest Bancorp, Inc		11,278
644,799		First Niagara Financial Group, Inc		9,040
38,544		First Oak Brook Bancshares, Inc		1,426
85,246		First Place Financial Corp		1,962
18,019	*	First Regional Bancorp		1,586
194,401		First Republic Bank		8,904
52,168	e	First South Bancorp, Inc		1,786
104,700		First State Bancorporation		2,490
147,618	*	FirstFed Financial Corp		8,513
461,470		FirstMerit Corp		9,663
94,003		FirstRand Ltd		223
79,709		Flag Financial Corp		1,550
358,436		Flagstar Bancorp, Inc		5,721
100,126		Flushing Financial Corp		1,798
305,001		FNB Corp		4,810
76,970		FNB Corp		2,848
529		Forstaedernes Bank A/S		68
814,654		Fortis		27,729
462,027	*	Fortis		30
130,631	*	Franklin Bank Corp		2,637
385,117		Fremont General Corp		7,148
148,776		Frontier Financial Corp		5,057
110,818		Fubon Financial Holding Co Ltd		96
12,399		Fubon Financial Holding Co Ltd (GDR)		108
32,000		Fuhwa Financial Holdings Co Ltd		15
712,903		Fulton Financial Corp		11,349

30

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
70,905		GB&T Bancshares, Inc	$	1,543
180,344		Glacier Bancorp, Inc		5,279
1,649,330		Golden West Financial Corp		122,380
61,055		Great Southern Bancorp, Inc		1,864
489,605		Greater Bay Bancorp		14,076
45,080		Greene County Bancshares, Inc		1,396
50,186		Grupo Financiero Banorte S.A. de C.V.		117
4,600	*	Grupo Financiero Galicia S.A. (ADR)		29
2,859,000		Gunma Bank Ltd		21,258
15,909		Haci Omer Sabanci Holding A.S.		43
185,662		Hancock Holding Co		10,397
709,594		Hang Seng Bank Ltd		8,999
253,484		Hanmi Financial Corp		4,928
126,208		Harbor Florida Bancshares, Inc		4,687
158,040		Harleysville National Corp		3,352
6,484		HDFC Bank Ltd		112
6,200		HDFC Bank Ltd (ADR)		338
83,584		Heartland Financial USA, Inc		2,228
68,225		Heritage Commerce Corp		1,691
3,025,600		Hokuhoku Financial Group, Inc		12,651
20,874		Home Federal Bancorp, Inc		285
16,800		Hong Leong Bank Bhd		23
4,300		Hong Leong Credit Bhd		5
57,940		Horizon Financial Corp		1,589
729		Housing Bank for Trade and Finance		8
4,044,684		HSBC Holdings plc		70,874
14,471,378		HSBC Holdings plc		254,674
118,000		Hua Nan Financial Holdings Co Ltd		84
10,532,079		Hudson City Bancorp, Inc		140,393
1,367,805		Huntington Bancshares, Inc		32,253
54,884		IBERIABANK Corp		3,158
1,512,347		ICICI Bank Ltd (ADR)		35,767
82,659		Independent Bank Corp		2,684
121,215		Independent Bank Corp		3,188
395,501		IndyMac Bancorp, Inc		18,134
87,295		Integra Bank Corp		1,899
99,709		Interchange Financial Services Corp		2,243
250,666		International Bancshares Corp		6,888
24,139	*	Intervest Bancshares Corp		978
22,256		Investec Ltd		998
171,943		Investec plc		8,205
291,056	*	Investors Bancorp, Inc		3,944
299,641		Investors Financial Services Corp		13,454
188,526		Irwin Financial Corp		3,656
15,080	*	Israel Discount Bank Ltd		26
37,393		ITLA Capital Corp		1,966
1,330,000		Joyo Bank Ltd		8,074
23,906,522		JPMorgan Chase & Co		1,004,074
1,460,809		Julius Baer Holding AG.		126,643
47,537	*	Jyske Bank		2,754
1,142,700		Kasikornbank PCL		1,827
171,000		Kasikornbank PCL		264
15,700		Kasikornbank PCL		24
137,211		Kearny Financial Corp		2,031
1,981,491		Keycorp		70,700
176,586		KNBT Bancorp, Inc		2,917
2,779		Komercni Banka AS		406
1,365		Komercni Banka AS (GDR)		75
200,740		Kookmin Bank		16,504

31

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
13,400		Kookmin Bank (ADR)	$	1,113
71,910	*	Korea Exchange Bank		860
3,511,700		Krung Thai Bank PCL		930
81,000	*	Kyushu-Shinwa Holdings, Inc		119
94,580	e	Lakeland Bancorp, Inc		1,482
71,920		Lakeland Financial Corp		1,747
5,874,512		Lloyds TSB Group plc		57,749
337,582		M&T Bank Corp		39,808
104,899		Macatawa Bank Corp		2,454
224,313		MAF Bancorp, Inc		9,610
67,720		MainSource Financial Group, Inc		1,180
58,600		Malayan Banking Bhd		171
2,293,558		Marshall & Ilsley Corp		104,907
163,415		MB Financial, Inc		5,778
84,727		MBT Financial Corp		1,356
1,248,226		Mediobanca S.p.A.		24,435
2,088,255		Mellon Financial Corp		71,899
68,660		Mercantile Bank Corp		2,736
536,969		Mercantile Bankshares Corp		19,154
18,273		MetroCorp Bancshares, Inc		535
1,194,500		Metropolitan Bank & Trust		764
137,609		Mid-State Bancshares		3,853
72,694		Midwest Banc Holdings, Inc		1,617
15,546		Mitsubishi UFJ Financial Group, Inc		217,588
319,000		Mitsui Trust Holdings, Inc		3,837
4,190	*	Mizrahi Tefahot Bank Ltd		25
18,029		Mizuho Financial Group. Inc		152,824
160,544		Nara Bancorp, Inc		3,010
19,104		NASB Financial, Inc		645
1,411,672	e	National Australia Bank Ltd		36,876
399,809	e	National Bank Of Canada		20,492
168,785		National Bank of Greece S.A.		6,664
164,745	*	National Bank of Greece S.A.		520
3,638,315		National City Corp		131,671
6,793,000		National Finance PCL		2,564
258,787		National Penn Bancshares, Inc		5,140
189,591		NBT Bancorp, Inc		4,404
75,801		Nedbank Group Ltd		1,201
218,610	*	Net 1 UEPS Technologies, Inc		5,979
408,869		NetBank, Inc		2,711
1,216,749		New York Community Bancorp, Inc		20,089
639,957		NewAlliance Bancshares, Inc		9,158
310,800		Nishi-Nippon City Bank Ltd		1,490
876,656		Nordea Bank AB		10,444
2,542,986		Nordea Bank AB		30,360
2,386,306		North Fork Bancorporation, Inc		71,995
46,808	*	Northern Empire Bancshares		1,123
1,420,260		Northern Trust Corp		78,540
116,234		Northwest Bancorp, Inc		3,080
685		Oak Hill Financial, Inc		17
63,284		OceanFirst Financial Corp		1,406
72,964		OKO Bank		1,073
464,144		Old National Bancorp		9,269
99,589		Old Second Bancorp, Inc		3,087
72,939		Omega Financial Corp		2,284
263,121		Oriental Financial Group, Inc		3,357
50,092		OTP Bank Rt		1,418
3,152,769		Oversea-Chinese Banking Corp		13,159
310,637		Pacific Capital Bancorp		9,667

32

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
80,257		Park National Corp	$	7,930
287,420		Partners Trust Financial Group, Inc		3,279
22,373		Peapack Gladstone Financial Corp		579
60,679		Pennfed Financial Services, Inc		1,132
12,434	*	Pennsylvania Commerce Bancorp, Inc		398
88,466		Peoples Bancorp, Inc		2,640
281,997		People's Bank		9,264
121,949		PFF Bancorp, Inc		4,044
78,623	*	Pinnacle Financial Partners, Inc		2,392
1,086,337		Piraeus Bank S.A.		25,836
51,329		Placer Sierra Bancshares		1,190
1,694,820		PNC Financial Services Group, Inc		118,926
1,445,413		Popular, Inc		27,752
12,296		Powszechna Kasa Oszczednosci Bank Polski S.A.		143
34,006		Preferred Bank		1,823
86,446		Premierwest Bancorp		1,247
105,954		PrivateBancorp, Inc		4,388
109,794		Prosperity Bancshares, Inc		3,611
189,595		Provident Bankshares Corp		6,899
18,035		Provident Financial Holdings		541
551,745		Provident Financial Services, Inc		9,904
222,285		Provident New York Bancorp		2,939
178,500		PT Bank Central Asia Tbk		79
43,500		PT Bank Danamon Indonesia Tbk		19
192,320,500		PT Bank Internasional Indonesia Tbk		3,841
12,638,000		PT Bank Mandiri Persero Tbk		2,347
132,400		Public Bank Bhd		227
80,990		Pusan Bank		1,033
28,385	*	QC Holdings, Inc		383
429,472		R & G Financial Corp (Class B)		3,689
30,541		Raiffeisen International Bank Holding AG.		2,652
1,952,011		Regions Financial Corp		64,651
60,891		Renasant Corp		2,457
441,916		Republic Bancorp, Inc		5,475
93,972		Republic Bancorp, Inc (Class A)		1,936
6,033		Resona Holdings, Inc		19,052
1,093,200		RHB Capital Bhd		818
182		Roskilde Bank		36
64,532		Royal Bancshares of Pennsylvania (Class A)		1,567
2,608,914	e	Royal Bank of Canada		106,318
135,600	*	Royal Bank Of Canada		5,519
7,525,249		Royal Bank of Scotland Group plc		247,468
154,353		S&T Bancorp, Inc		5,129
74,407		S.Y. Bancorp, Inc		2,045
85,681		Sandy Spring Bancorp, Inc		3,090
1,725,356		Sanpaolo IMI S.p.A.		30,511
49,933		Santander BanCorp		1,229
412		Sapporo Hokuyo Holdings, Inc		4,325
49,677		SCBT Financial Corp		1,771
72,859		Seacoast Banking Corp of Florida		1,940
67,477		Security Bank Corp		1,503
8,683,000		Shin Kong Financial Holding Co Ltd		9,547
248,140		Shinhan Financial Group Co Ltd		11,639
4,200		Shinhan Financial Group Co Ltd (ADR)		397
785,000		Shinsei Bank Ltd		4,979
1,424,300		Shizuoka Bank Ltd		15,400
52,540		Shore Bancshares, Inc		1,425
95,800		Siam Commercial Bank PCL		144
34,099		Sierra Bancorp		894

33

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
77,809	*	Signature Bank	$	2,519
82,757		Simmons First National Corp (Class A)		2,401
163,947		SinoPac Financial Holdings Co Ltd		83
736,727		Skandinaviska Enskilda Banken AB (A Shs)		17,540
477,434		Sky Financial Group, Inc		11,272
36,181		Smithtown Bancorp, Inc		874
813,123		Societe Generale (A Shs)		119,565
66,026		Sound Federal Bancorp, Inc		1,373
2,354,384		South Financial Group, Inc		62,179
68,912		Southside Bancshares, Inc		1,538
118,356		Southwest Bancorp, Inc		3,018
2,353,274		Sovereign Bancorp, Inc		47,795
2,541		Sparebanken Midt-Norge		31
334		St Galler Kantonalbank		115
88,979		Standard Bank Group Ltd		961
23,975		State Bancorp, Inc		414
4,176		State Bank of India Ltd (GDR)		167
46,595		State National Bancshares, Inc		1,776
1,811,094		State Street Corp		105,206
109,872		Sterling Bancorp		2,143
435,044		Sterling Bancshares, Inc		8,157
214,454		Sterling Financial Corp		4,697
211,021		Sterling Financial Corp		6,438
75,991		Suffolk Bancorp		2,489
11,262		Sumitomo Mitsui Financial Group, Inc		119,206
2,395,692		Sumitomo Trust & Banking Co Ltd		26,196
59,544		Summit Bancshares, Inc		1,263
10,965	e	Summit Financial Group, Inc		263
101,778	*	Sun Bancorp, Inc		1,653
3,398,271		SunTrust Banks, Inc		259,152
95,478	*	Superior Bancorp		1,050
122,300		Suruga Bank Ltd		1,650
316,983		Susquehanna Bancshares, Inc		7,576
218,074	*	SVB Financial Group		9,914
262,583	e	Svenska Handelsbanken		6,835
557,024		Svenska Handelsbanken AB (A Shs)		14,344
86,289		Sydbank A/S		2,862
1,478,328		Synovus Financial Corp		39,590
30,382		Taylor Capital Group, Inc		1,240
1,310,555		TCF Financial Corp		34,664
783,722		TD Banknorth, Inc		23,081
108,951	*	Texas Capital Bancshares, Inc		2,539
281,024		Texas Regional Bancshares, Inc (Class A)		10,656
34,395		Texas United Bancshares, Inc		968
132,007		TierOne Corp		4,458
16,000		Tochigi Bank Ltd		117
44,682		Tompkins Trustco, Inc		1,921
103,814		Trico Bancshares		2,842
487,565		Trustco Bank Corp NY		5,373
304,219		Trustmark Corp		9,422
32,941		Turkiye Garanti Bankasi AS		82
17,850	v	Turkiye Garanti Bankasi AS (ADR)		53
233,159		Turkiye Is Bankasi		1,145
18,280		Turkiye Vakiflar Bankasi Tao		71
114,000	*	UBS AG.		12,506
1,784,435	*	UBS AG.		195,195
554,127		UCBH Holdings, Inc		9,165
192,985		UMB Financial Corp		6,434
364,039		Umpqua Holdings Corp		9,338

34

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
70,426		Unibanco - Uniao de Bancos Brasileiros S.A.	$	928
14,692,497		UniCredito Italiano S.p.A		114,974
51,854		Union Bankshares Corp		2,237
396,270		UnionBanCal Corp		25,595
240,549		United Bankshares, Inc		8,811
176,491		United Community Banks, Inc		5,372
153,641		United Community Financial Corp		1,844
13,291		United Financial Bancorp, Inc		177
1,637,361		United Overseas Bank Ltd		16,152
29,154		United Security Bancshares		624
11,198	e	United Security Bancshares		331
76,043		Univest Corp of Pennsylvania		2,100
11,575,457		US Bancorp		357,450
65,260		USB Holding Co, Inc		1,468
3,855		UTI Bank Ltd		22
6,379		UTI Bank Ltd (GDR)		36
611		Valiant Holding		67
524,333		Valley National Bancorp		13,481
152		Verwalt & Privat-Bank AG.		32
52,432		Vineyard National Bancorp		1,410
95,202	*	Virginia Commerce Bancorp		2,275
42,830		Virginia Financial Group, Inc		1,808
688,073		W Holding Co, Inc		4,576
9,769,697		Wachovia Corp		528,345
373,177		Washington Federal, Inc		8,654
7,236,966		Washington Mutual, Inc		329,861
91,977		Washington Trust Bancorp, Inc		2,550
29,000		Waterland Financial Holdings		9
49,533	*	Wauwatosa Holdings, Inc		845
230,972		Webster Financial Corp		10,957
11,051,410		Wells Fargo & Co		741,329
117,307		WesBanco, Inc		3,635
110,419	e	West Bancorporation, Inc		2,062
91,595		West Coast Bancorp		2,699
222,293		Westamerica Bancorporation		10,886
23,549	*	Western Alliance Bancorp		819
29,125		Westfield Financial, Inc		845
2,124,432		Westpac Banking Corp		36,744
270,331		Whitney Holding Corp		9,562
75,497		Willow Grove Bancorp, Inc		1,201
286,723		Wilmington Trust Corp		12,094
97,030		Wilshire Bancorp, Inc		1,748
438,000		Wing Hang Bank Ltd		3,835
142,088		Wintrust Financial Corp		7,225
1,400		Woori Finance Holdings Co Ltd (ADR)		78
37,619		WSFS Financial Corp		2,312
29,710	*	Yapi ve Kredi Bankasi		45
52,114		Yardville National Bancorp		1,862
2,610,498	*	Yes Bank Ltd		4,445
451,808		Zions Bancorporation		35,214
		TOTAL DEPOSITORY INSTITUTIONS		13,337,239
EATING AND DRINKING PLACES - 0.95%
127,369	*	AFC Enterprises		1,624
396,423		Applebees International, Inc		7,619
769,699		Aramark Corp (Class B)		25,485
42,200		Autogrill S.p.A.		649
84,865	*	BJ's Restaurants, Inc		1,896
208,677		Bob Evans Farms, Inc		6,262

35

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
2,169,674		Brinker International, Inc	$	78,759
56,682	*	Buffalo Wild Wings, Inc		2,171
117,260	*	California Pizza Kitchen, Inc		3,222
256,627		CBRL Group, Inc		8,705
212,189	*	CEC Entertainment, Inc		6,816
77,374	*	Chipotle Mexican Grill, Inc		4,716
453,008		CKE Restaurants, Inc		7,524
25,766,218		Compass Group plc		124,978
184,772	*	Cosi, Inc		1,151
1,187,394		Darden Restaurants, Inc		46,783
902,115	*	Denny's Corp		3,329
505,068		Domino's Pizza, Inc		12,495
1,616,951		Enterprise Inns plc		28,351
138,299		IHOP Corp		6,649
356,477	*	Jack in the Box, Inc		13,974
8,000		Jollibee Foods Corp		5
340,248	e*	Krispy Kreme Doughnuts, Inc		2,770
101,703		Landry's Restaurants, Inc		3,300
107,675		Lone Star Steakhouse & Saloon, Inc		2,824
136,194	*	Luby's, Inc		1,421
70,490	*	McCormick & Schmick's Seafood Restaurants, Inc		1,678
7,469,383		McDonald's Corp		250,971
2,471,078		Mitchells & Butlers plc		23,560
113,100	*	Morton's Restaurant Group, Inc		1,733
142,690	*	O'Charleys, Inc		2,426
280,819		Onex Corp		5,621
275,771		OSI Restaurant Partners, Inc		9,542
283,350	*	Papa John's International, Inc		9,407
159,680	*	PF Chang's China Bistro, Inc		6,071
1,659,249		Punch Taverns plc		26,853
220,254	*	Rare Hospitality International, Inc		6,334
89,921	*	Red Robin Gourmet Burgers, Inc		3,827
339,829		Ruby Tuesday, Inc		8,295
94,114	*	Ruth's Chris Steak House, Inc		1,922
263,276	*	Ryan's Restaurant Group, Inc		3,136
49,200		Skylark Co Ltd		1,074
140,762		Sodexho Alliance S.A.		6,762
434,529	*	Sonic Corp		9,034
4,968,633	*	Starbucks Corp		187,616
40,387	*	TelePizza S.A.		141
248,503	*	Texas Roadhouse, Inc (Class A)		3,360
712,357	*	The Cheesecake Factory, Inc		19,198
152,860	*	The Steak N Shake Co		2,314
49,655		Triarc Cos (Class A)		811
208,265		Triarc Cos (Class B)		3,255
475,255		Wendy's International, Inc		27,703
19,646		Wetherspoon (J.D.) plc		156
77,554		Whitbread plc		1,672
95,777	v*	Whitbread plc (B shrs)		275
1,985,961		Yum! Brands, Inc		99,834
		TOTAL EATING AND DRINKING PLACES		1,128,059
EDUCATIONAL SERVICES - 0.10%
747,954	*	Apollo Group, Inc (Class A)		38,647
36,800		Benesse Corp		1,272
556,181		CAE, Inc		4,251
651,805	*	Career Education Corp		19,482
541,740	*	Corinthian Colleges, Inc		7,779
345,218	*	DeVry, Inc		7,584

36

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
92,392	*	Educate, Inc	$	708
209,369	*	ITT Educational Services, Inc		13,779
219,365	*	Laureate Education, Inc		9,352
12,599	*	Learning Tree International, Inc		110
12,728	*	Lincoln Educational Services Corp		218
28,000		Raffles Education Corp Ltd		43
92,651		Strayer Education, Inc		8,998
136,750	*	Universal Technical Institute, Inc		3,011
86,900		UP, Inc		610
		TOTAL EDUCATIONAL SERVICES		115,844
ELECTRIC, GAS, AND SANITARY SERVICES - 3.97%
33,162		AEM Torino S.p.A		86
4,055,563	*	AES Corp		74,825
372,774		AGL Resources, Inc		14,210
800,803		Alinta Ltd		6,205
1,356,138	*	Allegheny Energy, Inc		50,272
163,594		Allete, Inc		7,746
1,031,901		Alliant Energy Corp		35,394
1,030,223	*	Allied Waste Industries, Inc		11,703
912,755		Ameren Corp		46,094
90,388		American Ecology Corp		2,395
3,476,172		American Electric Power Co, Inc		119,059
99,700		American States Water Co		3,554
619,898		Aqua America, Inc		14,127
2,435,666	*	Aquila, Inc		10,254
381,781		Atmos Energy Corp		10,656
460,000		AU Optronics Corp		649
308,795		Australian Gas Light Co Ltd		4,017
318,101		Avista Corp		7,262
1,622,515	*	Babcock & Brown Environmental Investments Ltd		3,014
386	e*	Beacon Power Corp		-	^
173,181		BKW FMB Energie AG.		15,099
184,511		Black Hills Corp		6,334
103,880		California Water Service Group		3,713
722,333		Caltex Australia Ltd		12,665
95,503		Cascade Natural Gas Corp		2,014
116,108	*	Casella Waste Systems, Inc (Class A)		1,520
1,434,913		Centerpoint Energy, Inc		17,936
60,334		Central Vermont Public Service Corp		1,115
5,374,017		Centrica plc		28,352
32,305		CEZ		1,088
121,982		CH Energy Group, Inc		5,855
1,300,000		China Resources Power Holdings Co		1,088
350,000		Chubu Electric Power Co, Inc		9,461
5,379,086		Cia de Gas de Sao Paulo		674
425,035		Cia de Saneamento Basico do Estado de Sao Paulo		40
4,032,320		Cia Energetica de Minas Gerais		171
114,512,937		Cia Paranaense de Energia		1,079
139,014	*	Clean Harbors, Inc		5,604
295,798		Cleco Corp		6,877
2,044,145		CLP Holdings Ltd		11,962
1,076,575	*	CMS Energy Corp		13,931
88,056		Colbun S.A.		14
14,656		Connecticut Water Service, Inc		343
1,344,023		Consolidated Edison, Inc		59,728
1,030,940		Constellation Energy Group, Inc		56,207
251,783		Contact Energy Ltd		1,094
746,712	*	Covanta Holding Corp		13,179

37

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
50,927		Crosstex Energy, Inc	$	4,842
241,843		Dogan Sirketler Grubu Holdings		891
1,689,501		Dominion Resources, Inc		126,358
2,026,369		DPL, Inc		54,307
716,871		DTE Energy Co		29,205
6,294,852		Duke Energy Corp		184,880
448,191		Duquesne Light Holdings, Inc		7,368
2,400,602	*	Dynegy, Inc (Class A)		13,131
1,029,997		E.ON AG.		118,557
1,657,338		Edison International		64,636
9,240		EDP - Energias do Brasil S.A.		115
3,304,607		El Paso Corp		49,569
287,124	*	El Paso Electric Co		5,788
102,620		Electric Power Development Co		3,914
155,369		Empire District Electric Co		3,193
96,395		Empresa Nacional de Electricidad S.A.		85
592,628	*	Enbridge, Inc		18,102
2,491,554		Endesa S.A.		86,623
3,700,543		Enel S.p.A.		31,892
573,534		Energen Corp		22,029
7,857,272		Energias de Portugal S.A.		30,843
14,743		Energy Developments Ltd		42
781,663		Energy East Corp		18,705
42,215		EnergySouth, Inc		1,318
386,526		Enersis S.A.		87
2,700		Enersis S.A. (ADR)		30
1,765,063		Entergy Corp		124,878
4,839,507		Exelon Corp		275,029
2,640,212		First Philippine Holdings Corp		2,236
3,099,287		FirstEnergy Corp		168,012
351,534		Fortis, Inc		7,046
13,388,525		Fortum Oyj		342,385
2,101,333		FPL Group, Inc		86,953
552,941		Gas Natural SDG S.A.		16,877
67,865		Gaz de France		2,278
390,000		Glow Energy PCL		271
323,924		Great Plains Energy, Inc		9,025
78,000		Guangdong Investments Ltd		30
341,658		Hawaiian Electric Industries, Inc		9,536
109,800		Hokkaido Electric Power Co, Inc		2,608
5,687,199		Hong Kong & China Gas Ltd		12,484
1,359,011		Hong Kong Electric Holdings Ltd		6,150
22,000		Huadian Power International Co		6
102,000		Huaneng Power International, Inc		68
5,900		Huaneng Power International, Inc (ADR)		156
17,065		Hunting plc		123
1,160,937		Iberdrola S.A.		39,976
241,312		Idacorp, Inc		8,275
5,835,866		International Power plc		30,708
54,804		ITC Holdings Corp		1,457
1,386,703		Kansai Electric Power Co, Inc		31,054
138,283		Kelda Group plc		1,958
832,080		KeySpan Corp		33,616
608,950		Kinder Morgan, Inc		60,828
25,577		Korea Electric Power Corp		948
19,600		Korea Electric Power Corp (ADR)		372
273,004		Kyushu Electric Power Co, Inc		6,353
177,134		Laclede Group, Inc		6,086
15,200		Malakoff Bhd		40

38

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
35,864		Markwest Hydrocarbon, Inc	$	888
515,831		MDU Resources Group, Inc		18,885
217,855		Metal Management, Inc		6,671
113,560		MGE Energy, Inc		3,537
36,304		Middlesex Water Co		687
225,874	*	Mirant Corp		6,053
2,000,000		MMC Corp Bhd		1,742
670		Munters AB		22
414,538		National Fuel Gas Co		14,567
4,929,095		National Grid plc		53,332
218,028		New Jersey Resources Corp		10,199
373,833		Nicor, Inc		15,514
1,243,521		NiSource, Inc		27,158
1,010,135		Northeast Utilities		20,879
166,777		Northwest Natural Gas Co		6,176
248,162		NorthWestern Corp		8,524
1,300,858	*	NRG Energy, Inc		62,675
498,733		NSTAR		14,264
27,181		Oest Elektrizitatswirts		1,307
602,966		OGE Energy Corp		21,122
75,600		Okinawa Electric Power Co, Inc		4,524
861,597		Oneok, Inc		29,329
48,801		Ormat Technologies, Inc		1,862
4,495,445		Osaka Gas Co Ltd		14,472
169,738		Otter Tail Corp		4,639
214,704	e	Peoples Energy Corp		7,710
884,287		Pepco Holdings, Inc		20,851
12,300		Petronas Gas Bhd		29
965,000	*	Petronet LNG Ltd		927
2,107,268		PG&E Corp		82,773
49,467	*	Pico Holdings, Inc		1,595
418,547		Piedmont Natural Gas Co, Inc		10,171
88,405	*	Pike Electric Corp		1,703
401,972		Pinnacle West Capital Corp		16,043
301,936	e*	Plug Power, Inc		1,410
306,667		PNM Resources, Inc		7,654
39,935		Portland General Electric Co		997
2,826,401		PPL Corp		91,293
1,212,587		Progress Energy, Inc		51,984
496,039	v*	Progress Energy, Inc		5
60,500		PT Perusahaan Gas Negara		73
1,779,659		Public Service Enterprise Group, Inc		117,671
479,403		Puget Energy, Inc		10,298
12,537		Puma AG. Rudolf Dassler Sport		4,872
579,034		Questar Corp		46,607
1,940		Reliance Energy Ltd		19
1,197		Reliance Energy Ltd (GDR)		37
1,393,425	*	Reliant Energy, Inc		16,693
981,812		Republic Services, Inc		39,606
100,869		Resource America, Inc (Class A)		1,922
253,695	e	RWE AG.		21,101
531,532		SCANA Corp		20,507
821,225		Scottish & Southern Energy plc		17,483
598,068		Scottish Power plc		6,449
1,611,351		SembCorp Industries Ltd		3,302
2,134,009		Sempra Energy		97,055
131,695		Severn Trent plc		2,850
1,079,589	*	Sierra Pacific Resources		15,114
80,726		SJW Corp		2,055

39

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
351,753		Snam Rete Gas S.p.A.	$	1,546
33,495		Sociedad General de Aguas de Barcelona S.A.		931
219	*	Sociedad General de Aguas de Barcelona S.A.		6
11,799,700	*	Sojitz Holdings Corp		46,656
148,535		South Jersey Industries, Inc		4,068
3,548,628		Southern Co		113,734
454,136		Southern Union Co		12,289
357,009		Southwest Gas Corp		11,189
118,341	e	Southwest Water Co		1,417
205,250	*	Stericycle, Inc		13,362
31,795	v*	Suez S.A.		-	^
1,441,059		Suez S.A.		59,885
143,233		Synagro Technologies, Inc		563
785		Tata Power Co Ltd		8
841,041		TECO Energy, Inc		12,565
376,675		Tenaga Nasional Bhd		943
554,500		Tohoku Electric Power Co, Inc		12,175
2,224,300		Tokyo Electric Power Co, Inc		61,486
1,339,158		Tokyo Gas Co Ltd		6,314
53,875		Tractebel Energia S.A.		428
274,469	e	TransAlta Corp		5,691
2,810,006		TXU Corp		168,010
496,325		UGI Corp		12,220
114,428		UIL Holdings Corp		6,441
10,379		Unified Energy System (ADR)		696
162,968		Union Fenosa S.A.		6,306
318,580		Unisource Energy Corp		9,924
336,828		United Utilities plc		3,997
197,700		Vector Ltd		294
316,381		Vectren Corp		8,621
115,556		Veolia Environnement		5,971
282,809	*	Waste Connections, Inc		10,294
55,868		Waste Industries USA, Inc		1,267
132,599	*	Waste Services, Inc		1,192
353,000		Wellypower Optronics Corp		1,695
433,840		Westar Energy, Inc		9,132
273,758		Western Gas Resources, Inc		16,385
282,238		WGL Holdings, Inc		8,171
2,909,385		Williams Cos, Inc		67,963
632,197		Wisconsin Energy Corp		25,478
178,029		WPS Resources Corp		8,830
1,676,608		Xcel Energy, Inc		32,157
16,624,000		Xinao Gas Holdings Ltd		15,839
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		4,717,023
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 5.91%
263,276	*	AAC Acoustic Technology Holdings, Inc		236
172		ABB Ltd India		9
1,760,262	*	Accuris Co Ltd		1,225
172,966	*	Actel Corp		2,482
313,069		Acuity Brands, Inc		12,182
804,540	*	Adaptec, Inc		3,492
511,913	*	ADC Telecommunications, Inc		8,631
488,852		Adtran, Inc		10,965
91,402	*	Advanced Analogic Technologies, Inc		958
218,210	*	Advanced Energy Industries, Inc		2,889
2,561,403	*	Advanced Micro Devices, Inc		62,549
427,474	*	Aeroflex, Inc		4,989
825,762	*	Agere Systems, Inc		12,139

40

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
6,869,824		Alcatel S.A.	$	87,138
136,132	*	Alcatel S.A. (ADR)		1,717
24,296	*	Alliance Semiconductor Corp		66
477,900		Alps Electric Co Ltd		5,978
2,073,122	*	Altera Corp		36,383
731,679		American Power Conversion Corp		14,260
177,411	e*	American Superconductor Corp		1,567
311,995		Ametek, Inc		14,782
270,945	*	AMIS Holdings, Inc		2,709
595,868	*	Amkor Technology, Inc		5,637
597,191		Amphenol Corp (Class A)		33,419
251,663	*	Anadigics, Inc		1,691
1,686,462		Analog Devices, Inc		54,203
1,008,982	*	Andrew Corp		8,940
77,290	*	Applica, Inc		342
2,394,698	*	Applied Micro Circuits Corp		6,538
48,661		Applied Signal Technology, Inc		829
3,594		Arcelik A.S.		20
1,571,360		ARM Holdings plc		3,291
728,940	*	Arris Group, Inc		9,564
1,035,000		Asustek Computer, Inc		2,541
48,873		Asustek Computer, Inc (GDR)		108
281,854	*	Atheros Communications, Inc		5,344
501,275	*	ATI Technologies, Inc		7,311
4,169,731	*	Atmel Corp		23,142
225,597	*	ATMI, Inc		5,554
500	*	AudioCodes Ltd		5
1,044,893	*	Avanex Corp		1,839
167,400		Avex Group Holdings, Inc		3,961
740,719	*	Avnet, Inc		14,829
235,256		AVX Corp		3,715
195,930		Baldor Electric Co		6,131
9,648		Bang & Olufsen A/S		1,067
57,255		Barco NV		5,289
73,556		Bel Fuse, Inc (Class B)		2,413
371,318	*	Benchmark Electronics, Inc		8,956
270		Bharat Electronics Ltd		6
311,980	*	Bookham, Inc		1,048
3,278,889	*	Broadcom Corp (Class A)		98,531
424,232	*	Broadwing Corp		4,391
9,262,100	*	Brocade Communications Systems, Inc		56,869
146,176		C&D Technologies, Inc		1,099
175,831	*	CalAmp Corp		1,563
526,192	*	Capstone Turbine Corp		1,200
163,008	*	Carrier Access Corp		1,348
61,217	*	Catapult Communications Corp		667
408,291	*	C-COR, Inc		3,152
413,456	*	Celestica, Inc		3,930
154,912	*	Ceradyne, Inc		7,667
4,391,000	*	Chartered Semiconductor Manufacturing Ltd		3,749
226,245	*	Checkpoint Systems, Inc		5,025
2,847		Cheng Uei Precision Industry Co Ltd		12
56,000		Chi Mei Optoelectronics Corp		62
68,168	*	China BAK Battery, Inc		580
11,538	e*	China Energy Savings Technology, Inc		5
96,000		Chunghwa Picture Tubes Ltd		22
6,240,989	*	Ciena Corp		30,019
42,681,254	*	Cisco Systems, Inc		833,565
78,139	*	Color Kinetics, Inc		1,478

41

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
14,000	*	Compeq Manufacturing Co	$	6
10,967	*	Computacenter plc		48
135,223	*	Comtech Telecommunications Corp		3,958
1,400,151	*	Comverse Technology, Inc		27,681
2,725,853	*	Conexant Systems, Inc		6,815
206,703		Cooper Industries Ltd (Class A)		19,207
11,649	*	CPI International, Inc		169
334,842	*	Cree, Inc		7,956
51,122	*	CSR plc		1,191
215,400		CTS Corp		3,207
114,454		Cubic Corp		2,244
595,142	*	Cypress Semiconductor Corp		8,653
239,000		Daiichikosho Co Ltd		2,676
189,000		Dainippon Screen Manufacturing Co Ltd		1,733
11,000		Daiwa Industries Ltd		115
46,000		Datang International Power Generation Co Ltd		32
1,088,500		Delta Electronics Thai PCL		471
109,784	*	Diodes, Inc		4,549
54,400	*	Directed Electronics, Inc		714
209,869	*	Ditech Networks, Inc		1,830
234,735	*	Dolby Laboratories, Inc (Class A)		5,469
176,227	*	DSP Group, Inc		4,379
113,052	*	DTS, Inc		2,202
19,786	*	Eagle Broadband, Inc		22
700	*	ECI Telecom Ltd		6
170,357	*	Electro Scientific Industries, Inc		3,065
431,776		Electrolux AB (Series B)		6,234
227,677	*	Emcore Corp		2,186
2,800,697		Emerson Electric Co		234,726
516,560		EMI Group plc		2,902
34,918	*	EMS Technologies, Inc		627
43,699	e*	EndWave Corp		543
413,689	*	Energizer Holdings, Inc		24,230
207,670	*	Energy Conversion Devices, Inc		7,565
783,000		Energy Support Corp		2,137
272,107	*	EnerSys		5,687
35,291,256		Ericsson (LM) (B Shs)		116,601
360,110	e*	Evergreen Solar, Inc		4,674
205,104	*	Exar Corp		2,722
1,753,039	*	Fairchild Semiconductor International, Inc		31,853
170,500		Fanuc Ltd		15,333
1,323,718	*	Finisar Corp		4,329
347,281		Fisher & Paykel Appliances Holdings Ltd		977
1,458,990		Fisher & Paykel Healthcare Corp		3,837
2,771,000	*	Foxconn International Holdings Ltd		5,922
6,000		Foxconn Technology Co Ltd		48
128,244		Franklin Electric Co, Inc		6,623
2,461,101	*	Freescale Semiconductor, Inc (Class B)		72,356
15,536	*	FSI International, Inc		107
296,398	*	FuelCell Energy, Inc		2,839
467,000		Fuji Electric Holdings Co Ltd		2,447
300,000	*	Fujitsu Access Ltd		1,834
434,153		Gamesa Corp Tecnologica S.A.		9,304
20,000	e	Garmin Ltd		2,109
1,458,813	*	Gemstar-TV Guide International, Inc		5,135
186,589	*	Genlyte Group, Inc		13,515
850,000		Geodesic Information Systems Ltd		2,858
16,642		Germanos S.A.		398
4,971		GFI Informatique		39

42

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
583,547	*	Glenayre Technologies, Inc	$	1,541
599,759	*	GrafTech International Ltd		3,479
129,183	*	Greatbatch, Inc		3,049
1,071		Groupe Steria SCA		56
54,000		GS Yuasa Corp		138
9,600		Hana Microelectronics PCL		6
80,000	*	HannStar Display Corp		13
434,407		Harman International Industries, Inc		37,085
500,676	*	Harmonic, Inc		2,243
670,498		Harris Corp		27,832
517,222	*	Hexcel Corp		8,126
9,000		High Tech Computer Corp		247
51,820		Hirose Electric Co Ltd		6,301
35,300		Hitachi High-Technologies Corp		1,075
3,588,994		Hitachi Ltd		23,735
248,300		Hitachi Maxell Ltd		3,425
33,416	*	Hittite Microwave Corp		1,208
536,592		Hon Hai Precision Industry Co, Ltd		3,315
42,651		Hon Hai Precision Industry Co, Ltd (GDR)		517
7,587,335		Honeywell International, Inc		305,770
105,700		Horiba Ltd		3,495
721,280		Hoya Corp		25,680
155,035	*	Hutchinson Technology, Inc		3,353
45,800	*	Hynix Semiconductor, Inc		1,485
1,238	*	Hyundai Autonet Co Ltd		14
463,900		Ibiden Co Ltd		22,319
59,937	*	ID Systems, Inc		1,063
121,471	*	Ikanos Communications, Inc		1,845
205,172		Imation Corp		8,422
2,951		Imtech NV		143
2,021,605	*	Infineon Technologies AG.		22,515
1,663,473	*	Infineon Technologies AG. (ADR)		18,564
3,000		Information Services International-Dentsu Ltd		32
941,113	*	Integrated Device Technology, Inc		13,345
169,767	*	Integrated Silicon Solutions, Inc		935
42,345,130		Intel Corp		802,440
334,569	*	Interdigital Communications Corp		11,680
233,575	*	International DisplayWorks, Inc		1,215
290,712	*	International Rectifier Corp		11,361
39	*	Internet Research Institute, Inc		44
627,089		Intersil Corp (Class A)		14,580
129,905		Inter-Tel, Inc		2,736
226,833	*	InterVoice, Inc		1,615
20,733		Intracom S.A.		138
38,794	e*	iRobot Corp		965
207,391	*	IXYS Corp		1,991
20,823,230	*	JDS Uniphase Corp		52,683
630,321	*	Kemet Corp		5,812
2,615,790		Koninklijke Philips Electronics NV		81,711
333	*	Koor Industries Ltd		18
3,900	*	Koor Industries Ltd (ADR)		41
13,617		Kudelski S.A.		328
279,298		Kyocera Corp		21,647
1,015,940		L-3 Communications Holdings, Inc		76,622
9,111		Laird Group plc		66
69,885	*	Lamson & Sessions Co		1,982
665,985	*	Lattice Semiconductor Corp		4,116
149,330	*	Leadis Technology, Inc		824
496,890		LG Electronics, Inc		30,116

43

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
6,800	*	LG.Philips LCD Co Ltd (ADR)	$	123
1,500	*	LG.Philips LCD Co Ltd Wts		56
267,985		Lincoln Electric Holdings, Inc		16,789
2,494,302		Linear Technology Corp		83,534
214,424	*	Littelfuse, Inc		7,372
6,712	*	Loewe AG.		116
41,388	*	Loral Space & Communications, Inc		1,174
113,026		LSI Industries, Inc		1,920
1,802,191	*	LSI Logic Corp		16,130
39,602,959	*	Lucent Technologies, Inc		95,839
4,000		Mabuchi Motor Co Ltd		239
45,529	*	Macronix International		12
1,200		Malaysian Pacific Industries		3
15,752	*	Maroc Telecom		212
411,700	*	Marvell Technology Group Ltd		18,251
2,979,679		Matsushita Electric Industrial Co Ltd		62,948
603,350		Matsushita Electric Industrial Co Ltd (ADR)		12,749
2,109,773		Matsushita Electric Works Ltd		23,457
505,470	*	Mattson Technology, Inc		4,938
1,524,148		Maxim Integrated Products, Inc		48,940
69,682	*	Maxwell Technologies, Inc		1,368
902,369	*	McData Corp (Class A)		3,682
174,000		MediaTek, Inc		1,612
119,278	e*	Medis Technologies Ltd		2,419
1,536		Melexis NV		26
1,041,547	*	MEMC Electronic Materials, Inc		39,058
132,761	*	Mercury Computer Systems, Inc		2,043
237,263		Methode Electronics, Inc		2,494
69,152	*	Metrologic Instruments, Inc		1,038
423,456	*	Micrel, Inc		4,239
937,815		Microchip Technology, Inc		31,464
4,692,418	*	Micron Technology, Inc		70,668
13,146		Micronas Semiconductor Holdings, Inc		354
3,970	*	Micronic Laser Systems AB		44
383,136	*	Microsemi Corp		9,341
311,582	*	Microtune, Inc		1,951
59,267	*	Microvision, Inc		114
554,058	*	Mindspeed Technologies, Inc		1,335
31,000		Minebea Co Ltd		169
250,425	*	MIPS Technologies, Inc		1,520
70,000		Mitsubishi Cable Industries Ltd		112
3,301,000		Mitsubishi Electric Corp		26,480
163,085	*	Mobility Electronics, Inc		1,184
633,822		Molex, Inc		21,277
183,490	*	Monolithic Power Systems, Inc		2,171
310,374	*	Moog, Inc		10,621
103,592	*	MoSys, Inc		810
17,474,962		Motorola, Inc		352,120
692,217	e*	MRV Communications, Inc		2,153
51,035	e*	Multi-Fineline Electronix, Inc		1,694
343,356		Murata Manufacturing Co Ltd		22,317
31,898		National Presto Industries, Inc		1,668
2,357,657		National Semiconductor Corp		56,230
111,200	v*	NCP Litigation Trust		-	^
52,100	*	NEC Electronics Corp		1,673
85,838	*	Netlogic Microsystems, Inc		2,768
2,716,349	*	Network Appliance, Inc		95,887
2,261		Nexans S.A.		161
197,000		NGK Spark Plug Co Ltd		3,964

44

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
586	*	Nice Systems Ltd	$	17
2,800	*	Nice Systems Ltd (ADR)		79
37,680		Nidec Corp		2,703
1,300		Nihon Dempa Kogyo Co Ltd		40
9,000		Nippon Chemi-Con Corp		57
3,500		Nissho Electronics Corp		29
202,630		Nitto Denko Corp		14,446
135,984		NKT Holding A/S		8,496
6,812,080		Nokia Oyj		139,016
2,826		Nokia Oyj (ADR)		57
9,013,343	*	Nortel Networks Corp		20,100
725,000	*	Nortel Networks Corp		1,624
679,107	*	Novellus Systems, Inc		16,774
2,166,869	*	Nvidia Corp		46,133
678		Olympic Group Financial Investments		5
352,938	*	Omnivision Technologies, Inc		7,454
81,300		Omron Corp		2,073
1,432,761	*	ON Semiconductor Corp		8,425
548,029	*	Openwave Systems, Inc		6,324
92,705	*	Oplink Communications Inc		1,697
109,431	*	Optical Communication Products, Inc		220
416,000		Origin Electric Co Ltd		2,398
92,894	*	OSI Systems, Inc		1,651
118,784		Park Electrochemical Corp		3,059
98,744	*	Parkervision, Inc		899
167,783	*	Pericom Semiconductor Corp		1,393
253,800		Phoenix Electric Co Ltd		1,847
6,000		Phoenixtec Power Co Ltd		6
239,331	*	Photronics, Inc		3,542
19,900		Pioneer Corp		321
269,455	*	Pixelworks, Inc		736
294,154		Plantronics, Inc		6,533
363,843	*	Plexus Corp		12,447
145,465	*	PLX Technology, Inc		1,778
2,106,114	*	PMC - Sierra, Inc		19,797
724,919	*	Polycom, Inc		15,890
240,499	*	Portalplayer, Inc		2,359
42,250	*	Powell Industries, Inc		1,011
176,661	*	Power Integrations, Inc		3,088
445,473	*	Power-One, Inc		2,940
663,413	*	Powerwave Technologies, Inc		6,050
868,344	*	QLogic Corp		14,970
10,968,117		Qualcomm, Inc		439,492
48,000		Quanta Display, Inc		18
268,392	e*	Quantum Fuel Systems Technologies Worldwide, Inc		913
2,180,273		RadioShack Corp		30,524
26,329	*	Radyne Corp		300
461,990	*	Rambus, Inc		10,538
94,668		Raven Industries, Inc		2,982
763,000		Realtek Semiconductor Corp		801
10,319	*	Redflex Holdings Ltd		13
224,993		Regal-Beloit Corp		9,933
77,346	*	Reliance Communication Ventures Ltd		418
122,936		REMEC, Inc		135
333,347	*	Research In Motion Ltd		23,320
17,992		Reunert Ltd		164
1,126,277	*	RF Micro Devices, Inc		6,724
1,061,759		Ricoh Co Ltd		20,852
4,800		Rinnai Corp		127

45

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
37,000	*	Ritek Corp	$	9
300,000		River Eletec Corp		2,105
861,162		Rockwell Collins, Inc		48,113
100,221	*	Rogers Corp		5,646
259,857		Rohm Co Ltd		23,254
1,218		SAES Getters S.p.A.		28
4,220	*	Samsung Electro-Mechanics Co Ltd		145
20,080		Samsung Electronics Co Ltd		12,763
2,545		Samsung Electronics Co Ltd		1,242
4,450		Samsung Electronics Co Ltd (GDR)		1,398
577		Samsung SDI Co Ltd		40
640,000		Sanken Electric Co Ltd		8,152
3,207,688	*	Sanmina-SCI Corp		14,755
215,000	*	Sanyo Electric Co Ltd		465
2,114,000		Sanyo Electric Taiwan Co Ltd		1,763
274,352		Satyam Computer Services Ltd		4,229
60,813		Schindler Holding AG.		3,150
424,158		Schneider Electric S.A.		44,201
162,736	*	Seachange International, Inc		1,133
120,000	*	Semiconductor Manufacturing International Corp		17
447,194	*	Semtech Corp		6,462
606,000		Sharp Corp		9,584
8,000		Shindengen Electric Manufacturing Co Ltd		40
1,700		Shinkawa Ltd		45
101,700		Shinko Electric Industries		2,954
60,498	*	Sigmatel, Inc		249
733,116	*	Silicon Image, Inc		7,903
325,791	*	Silicon Laboratories, Inc		11,452
512,665	*	Silicon Storage Technology, Inc		2,081
918,000		Siliconware Precision Industries Co		1,128
32,179	e	Siliconware Precision Industries Co (ADR)		192
58,000		SIM Technology Group Ltd		28
147,260	*	Sirenza Microdevices, Inc		1,788
8,215,600	e*	Sirius Satellite Radio, Inc		39,024
7,304		Sirti S.p.A		21
947,251	*	Skyworks Solutions, Inc		5,219
1,176,070		Sony Corp		51,954
398,403	*	Spansion, Inc		6,351
159,793	e*	Spatialight, Inc		368
114,615		Spectralink Corp		1,011
282,305	*	Spectrum Brands, Inc		3,647
56,374	*	Staktek Holdings, Inc		274
127,929	*	Standard Microsystems Corp		2,793
20,500		Stanley Electric Co Ltd		423
2,441,357	*	STATS ChipPAC Ltd		1,536
703,890		STMicroelectronics NV		11,331
452,706	*	Stratex Networks, Inc		1,535
269,000		Sumco Corp		15,343
61,077	e*	Sunpower Corp		1,711
76,548	*	Suntech Power Holdings Co Ltd (ADR)		2,162
853	*	Suntron Corp		1
70,894	*	Supertex, Inc		2,832
1,034,945	*	Sycamore Networks, Inc		4,202
275,177	*	Symmetricom, Inc		1,946
212,661	*	Synaptics, Inc		4,551
2,416,416		Taiwan Semiconductor Manufacturing Co Ltd		4,359
72,408		Taiwan Semiconductor Manufacturing Co Ltd (ADR)		665
516,060		Taiyo Yuden Co Ltd		6,559
58,013		Tandberg ASA		480

46

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
94,000	*	Tatung Co Ltd	$	39
306,443		TDK Corp		23,322
292,318		Technitrol, Inc		6,767
27,000		Teco Electric and Machinery Co Ltd		10
7,000		Teikoku Tsushin Kogyo Co Ltd		35
323,415	*	Tekelec		3,994
444,073		Teleflex, Inc		23,989
3,037		Telent plc		29
2,253,284	*	Tellabs, Inc		29,991
73,065	*	Terayon Communication Systems, Inc		101
3,184,042	e	Terna S.p.A.		8,489
270,098	*	Tessera Technologies, Inc		7,428
9,892,958		Texas Instruments, Inc		299,658
607,804	*	Thomas & Betts Corp		31,180
217,012	e	Thomson		3,588
12,000		Toko, Inc		40
415,000		Tokyo Denpa Co Ltd		5,511
1,103,843	*	Transmeta Corp		1,788
746,234	*	Transwitch Corp		1,575
409,987	*	Trident Microsystems, Inc		7,781
96,885	e*	Tripath Technology, Inc		29
830,730	*	Triquint Semiconductor, Inc		3,705
326,050	*	TTM Technologies, Inc		4,718
91,994	*	Ulticom, Inc		963
72,266	*	Ultralife Batteries, Inc		732
10,314	*	UMC Japan		3,505
11,000		Uniden Corp		122
4,500	*	United Capital Corp		119
605,000		United Microelectronics Corp		363
97,055		United Microelectronics Corp (ADR)		302
60,000	*	United Test and Assembly Center Ltd		30
133,063	*	Universal Display Corp		1,771
82,535	*	Universal Electronics, Inc		1,462
95,200		Ushio, Inc		2,011
828,106	*	Utstarcom, Inc		6,451
202,214	e*	Valence Technology, Inc		350
24,268		Valeo S.A.		864
325,153	*	Varian Semiconductor Equipment Associates, Inc		10,603
241,498		Venture Corp Ltd		1,619
1,613	*	Vestel Elektronik Sanayi		3
143,000	*	Via Technologies, Inc		124
124,138	*	Viasat, Inc		3,188
117,778		Vicor Corp		1,952
83,474	*	Virage Logic Corp		784
744,325	*	Vishay Intertechnology, Inc		11,708
96,038	*	Volterra Semiconductor Corp		1,466
11,000		Vtech Holdings Ltd		57
5,877		Weg S.A.		23
193,070	*	Westell Technologies, Inc		423
290,575		Whirlpool Corp		24,016
56,000	*	Winbond Electronics Corp		16
225,712		Wintek Corp		206
3,446		Wipro Ltd		38
1,570,245		Xilinx, Inc		35,566
15,000		Ya Hsin Industrial Co Ltd		12
5,493,000	*	Yageo Corp		1,900
3,200		Yamaichi Electronics Co Ltd		34
116,000		Yaskawa Electric Corp		1,350
2,500,000		YTL Power International		1,327

47

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
627,031	*	Zhone Technologies, Inc	$	1,279
320	*	Zix Corp		-	^
82,048	e*	Zoltek Cos, Inc		2,452
533,506	*	Zoran Corp		12,985
2,600		ZTE Corp		8
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		7,019,742
ENGINEERING AND MANAGEMENT SERVICES - 0.70%
5,388	b,e,v*	aaiPharma, Inc		-	^
153,342	*	Advisory Board Co		7,374
1,183	*	Altran Technologies S.A.		15
285,838		Amec plc		1,682
616,696	*	Amylin Pharmaceuticals, Inc		30,446
165,922	*	Antigenics, Inc		352
447,648	*	Applera Corp (Celera Genomics Group)		5,797
502,184	*	Ariad Pharmaceuticals, Inc		2,265
152,589	*	Axonyx, Inc		130
26,138		Babcock International Group		160
569,292		Capita Group plc		4,859
76,078		CDI Corp		2,206
1,890,253	*	Celgene Corp		89,655
27,468	*	Cornell Cos, Inc		422
272,236		Corporate Executive Board Co		27,278
61,551	*	CRA International, Inc		2,778
247,153	*	CuraGen Corp		865
257,059	*	CV Therapeutics, Inc		3,591
76,350		Daewoo Engineering & Construction Co Ltd		1,086
363,660	*	deCODE genetics, Inc		2,251
177,888	*	DiamondCluster International, Inc		1,409
5,428	a*	Digital Garage, Inc		21,890
511,884	*	Digitas, Inc		5,948
252,443	*	Diversa Corp		2,439
2,177,714		Downer EDI Ltd		12,037
295,301	*	eResearch Technology, Inc		2,687
113,435	*	Essex Corp		2,089
634,789	*	Exelixis, Inc		6,380
104,195	*	Exponent, Inc		1,761
70,213	*	First Consulting Group, Inc		621
522,866		Fluor Corp		48,590
166,748		Fugro NV		7,190
250,161	*	Gen-Probe, Inc		13,504
35,660	*	GPC Biotech AG.		507
1,397,144		GRD Ltd		2,553
135,927	*	Greenfield Online, Inc		1,007
332,115	*	Harris Interactive, Inc		1,893
453,396	*	Hewitt Associates, Inc		10,192
89,584	*	Huron Consulting Group, Inc		3,144
378,538	*	ICOS Corp		8,324
10,364		IDB Development Corp Ltd		307
510,869	*	Incyte Corp		2,350
1,281,127	*	Infrasource Services, Inc		23,329
4,873		Interserve plc		34
434,892	*	Isis Pharmaceuticals, Inc		2,631
448,346	*	Jacobs Engineering Group, Inc		35,706
28,166		JGC Corp		485
69,849	*	Kendle International, Inc		2,566
658,387	*	Keryx Biopharmaceuticals, Inc		9,349
54,851		Landauer, Inc		2,627
102,186	*	LECG Corp		1,887

48

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
512,305	*	Lexicon Genetics, Inc	$	2,249
194,399	*	Lifecell Corp		6,011
241,668	*	Luminex Corp		4,203
118,633		MAXIMUS, Inc		2,746
158,173	*	Maxygen, Inc		1,183
22,100		Meitec Corp		721
986,011	*	Monogram Biosciences, Inc		1,952
2,057,013		Moody's Corp		112,025
77,386	*	MTC Technologies, Inc		1,829
272,918	*	Myriad Genetics, Inc		6,891
279,813	*	Navigant Consulting, Inc		6,338
103,341	*	Neopharm, Inc		551
76,289	*	Neurogen Corp		391
11,504		Nichii Gakkan Co		212
2,984	*	Novabase SGPS S.A.		22
144,811	*	Omnicell, Inc		2,001
133,693	*	Orchid Cellmark, Inc		373
821,575	*	Oscient Pharmaceuticals Corp		707
1,856,797		Paychex, Inc		72,378
199,464	*	Per-Se Technologies, Inc		5,023
674,018		Pharmaceutical Product Development, Inc		23,672
108,923	e*	PRG-Schultz International, Inc		49
931,703		QinetiQ plc		3,046
782,580		Quest Diagnostics, Inc		46,892
263,596	*	Regeneron Pharmaceuticals, Inc		3,379
696,821	*	Rentech, Inc		3,240
275,772	*	Resources Connection, Inc		6,900
135,523	*	Rigel Pharmaceuticals, Inc		1,319
432		Samsung Engineering Co Ltd		19
135,656	*	Sangamo Biosciences, Inc		800
432,574	*	Savient Pharmaceuticals, Inc		2,271
268,014		SBM Offshore NV		7,142
146,167	*	Seattle Genetics, Inc		672
173,131	*	Senomyx, Inc		2,498
411,423		Serco Group plc		2,435
112,187	e*	SFBC International, Inc		1,701
359,605	*	Shaw Group, Inc		9,997
14,000		Shenzhen Expressway Co Ltd		7
12,900		Sho-Bond Corp		113
2,581,000		Shui On Construction		4,918
206,434		SNC-Lavalin Group, Inc		5,454
129,697	*	Sourcecorp		3,215
187,008	*	Symyx Technologies, Inc		4,516
35,170		Sypris Solutions, Inc		332
800,000		Taylor Nelson Sofres plc		3,448
53,077	*	Tejon Ranch Co		2,185
308,908	e*	Telik, Inc		5,097
479,880	*	Tetra Tech, Inc		8,513
1,753,000		Toyo Engineering Corp		9,124
97,120	*	Trimeris, Inc		1,116
209,955	*	URS Corp		8,818
5,300	*	Venture Link Co Ltd		17
79,082	*	ViaCell, Inc		360
171,289		Washington Group International, Inc		9,136
249,881		Watson Wyatt & Co Holdings		8,781
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		837,636
ENVIRONMENTAL QUALITY AND HOUSING - 0.00% **
1,870,000	v*	Citiraya Industries Ltd		1,277

49

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
193,197	*	Home Solutions of America, Inc	$	1,192
		TOTAL ENVIRONMENTAL QUALITY AND HOUSING		2,469
FABRICATED METAL PRODUCTS - 0.49%
154,571	*	Alliant Techsystems, Inc		11,801
527,228		Amcor Ltd		2,617
50,379		Ameron International Corp		3,376
169,831		Aptargroup, Inc		8,425
843,095		Ball Corp		31,228
3,265		Bharat Forge Ltd		22
28,521		Bharat Heavy Electricals		1,208
94,469		CIRCOR International, Inc		2,880
539,656		Commercial Metals Co		13,869
85,238	*	Commercial Vehicle Group, Inc		1,763
57,018		Compx International, Inc		1,021
308,765		Crane Co		12,845
1,731,112	*	Crown Holdings, Inc		26,953
65,558		Dynamic Materials Corp		2,211
7,139		Geberit AG.		8,240
24,626	e*	Global Power Equipment Group, Inc		78
167,993	*	Griffon Corp		4,385
120		Grupa Kety S.A.		5
61,173		Gulf Island Fabrication, Inc		1,226
4,705,209		Illinois Tool Works, Inc		223,497
85,506		Insteel Industries, Inc		2,069
565,157	*	Jacuzzi Brands, Inc		4,973
203		Jindal Steel & Power Ltd		6
155,516		JS Group Corp		3,272
71,282	*	Ladish Co, Inc		2,671
53,623		Lifetime Brands, Inc		1,162
3,300		Mechel Steel Group OAO (ADR)		74
207,578	*	Mobile Mini, Inc		6,074
43,315	*	Mueller Water Products, Inc		754
219,640	*	NCI Building Systems, Inc		11,678
497,000		NEOMAX Co Ltd		10,521
5,211		Norddeutsche Affinerie AG.		128
125,000		Oiles Corp		2,559
455,859		Pentair, Inc		15,586
620,129		Rexam plc		6,056
476,000		Sanwa Shutter Corp		2,806
12,758	*	Shiloh Industries, Inc		192
189,367		Silgan Holdings, Inc		7,008
258,115		Simpson Manufacturing Co, Inc		9,305
546,687		Sims Group Ltd		8,123
161,209	*	Smith & Wesson Holding Corp		1,325
257,924		Snap-On, Inc		10,425
1,939		Socotherm S.p.A.		31
87,218		Ssab Svenskt Stal AB		1,647
251,464		Ssab Svenskt Stal AB		5,009
136,263		Sturm Ruger & Co, Inc		852
1,539,000		Sumitomo Precision Products Co Ltd		9,182
45,071		Sun Hydraulics Corp		937
3,777		Takuma Co Ltd		26
362,015	e*	Taser International, Inc		2,864
416,906		Tata Steel Ltd		4,832
8,625	b*	Tower Automotive, Inc		1
97,764		Toyo Seikan Kaisha Ltd		1,775
60,737		Vallourec S.A.		73,002
152,965		Valmont Industries, Inc		7,111

50

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
5,815		Wagon plc	$	25
153,079		Watts Water Technologies, Inc (Class A)		5,136
17,000		Yieh Phui Enterprise		7
		TOTAL FABRICATED METAL PRODUCTS		576,854
FISHING, HUNTING, AND TRAPPING - 0.00% **
1,200,000		China Fishery Group Ltd		1,920
		TOTAL FISHING, HUNTING, AND TRAPPING		1,920
FOOD AND KINDRED PRODUCTS - 2.82%
699,500		Ajinomoto Co, Inc		7,753
65,467	*	Altus Pharmaceuticals, Inc		1,208
198,881	e*	American Italian Pasta Co (Class A)		1,702
11,018		Anadolu Efes Biracilik Ve Malt Sanayii A.S.		298
3,467,410		Anheuser-Busch Cos, Inc		158,079
3,377,006		Archer Daniels Midland Co		139,403
10,103		Ariake Japan Co Ltd		224
942,294		Asahi Breweries Ltd		13,246
5,248		AVI Ltd		10
701,161		Bajaj Hindusthan Ltd		5,979
62,021	*	Boston Beer Co, Inc (Class A)		1,817
19,650	*	Burger King Holdings, Inc		309
4,545,014		Cadbury Schweppes plc		43,838
3,041	*	Cambridge Antibody Technology Group plc		75
1,836,290		Campbell Soup Co		68,145
2,672		Carlsberg A/S (Class A)		183
116,488		Carlsberg A/S (Class B)		8,516
53,200		Charoen Pokphand Foods PCL		8
24,050		Chipita International S.A.		110
654,227		Cia de Bebidas das Americas		272
560		CJ Corp		61
440,202		Coca Cola Hellenic Bottling Co S.A.		13,115
311,330		Coca-Cola Amatil Ltd		1,640
27,476		Coca-Cola Bottling Co Consolidated		1,395
10,537,315		Coca-Cola Co		453,315
2,462,110		Coca-Cola Enterprises, Inc		50,153
8,371		Coca-Cola Femsa S.A. de C.V.		25
2,800		Coca-Cola Femsa S.A. de C.V. (ADR)		83
355,100		Coca-Cola West Japan Co Ltd		7,533
10,000		Cofco International Ltd		6
1,400		Companhia de Bebidas das Americas (ADR)		58
2,122,964		ConAgra Foods, Inc		46,939
2,260,743	*	Constellation Brands, Inc (Class A)		56,519
422,476		Corn Products International, Inc		12,928
24,245	*	Cosan SA Industria e Comercio		1,563
97,728	*	Cott Corp		1,283
4,394,792		CSR Ltd		10,938
41,622		Danisco A/S		3,032
359,321	*	Darling International, Inc		1,628
1,694,277		Del Monte Foods Co		19,027
4,922,637		Diageo plc		82,807
80,000		Diageo plc (ADR)		5,404
49,920		Diamond Foods, Inc		802
15,580		East Asiatic Co Ltd A/S		588
194,944		Ebro Puleva S.A.		4,001
114,064		Embotelladora Andina S.A.		256
377,381		Embotelladora Andina S.A.		913
1,400		Embotelladora Andina S.A. (ADR)		21
45,506		Farmer Bros Co		987

51

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
304,716		Flowers Foods, Inc	$	8,727
47,927		Fomento Economico Mexicano S.A. de C.V.		403
2,600		Fomento Economico Mexicano S.A. de C.V. (ADR)		218
2,228,529		General Mills, Inc		115,126
9,195		Givaudan S.A.		7,225
310,997	*	Gold Kist, Inc		4,158
14,500		Golden Hope Plantations Bhd		16
243,336		Greencore Group plc		1,145
573,784		Groupe Danone		72,890
4,200		Gruma S.A. de C.V. (ADR)		45
8,890		Grupo Bimbo S.A. de C.V.		27
15,927		Grupo Modelo S.A.		61
2,032,709		H.J. Heinz Co		83,788
90,581	*	Hansen Natural Corp		17,244
452,761		Heineken NV		19,191
765,294		Hershey Co		42,145
3		Hiestand Holding AG.		3
2,900		Highlands & Lowlands Bhd		3
301		Hite Brewery Co Ltd		30
420,338		Hormel Foods Corp		15,611
525,100		House Foods Corp		7,947
113,646		Iaws Group plc		2,005
59,495		Imperial Sugar Co		1,411
651,738		InBev NV		31,959
30,000	v*	International Hydron Liq Trust		1
38,000		IOI Corp Bhd		148
257,100		Ito En Ltd		9,424
539,754		J Sainsbury plc		3,339
85,223		J&J Snack Foods Corp		2,818
214,085		J.M. Smucker Co		9,570
14,357,000		JG Summit Holdings		1,621
42,659	*	John B. Sanfilippo & Son		565
1,053,000		J-Oil Mills, Inc		4,928
124,706	*	Jones Soda Co		1,122
80,341		Kaneka Corp		731
80,300		Katokichi Co Ltd		808
1,091,326		Kellogg Co		52,853
65,000		Kerry Group plc		1,380
143,591		Kerry Group plc (Class A)		3,085
3,897,500		Khon Kaen Sugar Industry PCL		991
57,100		Kibun Food Chemifa Co Ltd		962
93,000		Kikkoman Corp		1,160
971,680		Kirin Brewery Co Ltd		15,292
1,290,736		Kraft Foods, Inc (Class A)		39,884
2,200,000	*	Kulim Malaysia Bhd		1,940
181,891		Lancaster Colony Corp		7,179
170,823		Lance, Inc		3,932
463,349		Lion Nathan Ltd		2,685
739		Lotte Confectionery Co Ltd		931
123,320	*	M&F Worldwide Corp		1,985
720,153		McCormick & Co, Inc		24,161
141,000		Meiji Dairies Corp		985
3,533,000		Meiji Seika Kaisha Ltd		18,018
53,669		MGP Ingredients, Inc		1,246
584,000		Mitsui Sugar Co Ltd		2,212
191,426		Molson Coors Brewing Co (Class B)		12,994
42,653		National Beverage Corp		612
3,389		Nestle India Ltd		73
852,061		Nestle S.A.		267,095

52

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
586,500		Nichirei Corp	$	3,140
27,000		Nippon Flour Mills Co Ltd		125
1,081,000		Nippon Formula Feed Manufacturing Co Ltd		1,891
102,000		Nippon Meat Packers, Inc		1,183
3,251,000		Nisshin Oillio Group Ltd		20,760
114,600		Nisshin Seifun Group, Inc		1,278
53,105		Nissin Food Products Co Ltd		1,877
98		Nong Shim Co Ltd		26
606,000		Nosan Corp		1,813
75		Nutreco Holding NV		5
404,000		Oenon Holdings, Inc		1,573
2,548,708		Olam International Ltd		2,321
47		Orion Corp		13
2,313,036	e,v*	Parmalat Finanziaria S.p.A.		-	^
82,316	*	Peet's Coffee & Tea, Inc		2,485
1,799,494		Pepsi Bottling Group, Inc		57,854
708,159		PepsiAmericas, Inc		15,657
12,793,553		PepsiCo, Inc		768,125
31,814		Perdigao S.A.		316
4,500		Perdigao S.A. (ADR)		86
28,383		Pernod-Ricard S.A.		5,625
3,061,000		Petra Foods Ltd		2,691
350,000	v*	Power Pacific Ltd		-	^
16,400		PPB Group Bhd		18
28,727		Premier Foods plc		162
77,096		Premium Standard Farms, Inc		1,251
331,500		PT Astra Agro Lestari Tbk		233
71,000		PT Indofood Sukses Makmur Tbk		7
712,900		Q.P. Corp		6,779
190,759	*	Ralcorp Holdings, Inc		8,113
91,003		Reddy Ice Holdings, Inc		1,852
416,047		Reynolds American, Inc		47,970
695,640		Royal Numico NV		31,212
377,502		Sadia S.A.		1,003
4,500	e	Sadia S.A. (ADR)		118
161,883		Sampo Oyj (A Shs)		3,088
105,798		Sanderson Farms, Inc		2,961
169,000		Sapporo Holdings Ltd		856
63,807		Saputo, Inc		2,026
3,226,147		Sara Lee Corp		51,683
3,187,584		Scottish & Newcastle plc		30,053
549,416	*	Smithfield Foods, Inc		15,840
64,377		Suedzucker AG.		1,427
578,499		Swire Pacific Ltd (A Shs)		5,970
104,000		Takara Holdings, Inc		609
59,286		Tata TEA Ltd		986
629,957		Tate & Lyle plc		7,055
855,000		Thai Union Frozen Products PCL		545
906		Tongaat-Hulett Group Ltd		12
169,380		Tootsie Roll Industries, Inc		4,934
204,543		Topps Co, Inc		1,681
639,000		Toyo Suisan Kaisha Ltd		10,017
150,223	*	TreeHouse Foods, Inc		3,589
972,045		Tyson Foods, Inc (Class A)		14,445
1,206		Ulker Gida Sanayi ve Ticaret A.S.		2
18,179		United Breweries Co, Inc		80
5,900		United Breweries Co, Inc (ADR)		130
6,418,045		Universal Robina Corp		2,174
11,595		Vina Concha Y Toro S.A.		16

53

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
1,250		Vina Concha Y Toro S.A. (ADR)	$	35
98,000		Vitasoy International Holdings Ltd		35
983,000		Want Want Holdings Ltd		1,327
983,463		Wrigley (Wm.) Jr Co		44,610
69,600		Yakult Honsha Co Ltd		1,893
73,000		Yamazaki Baking Co Ltd		654
		TOTAL FOOD AND KINDRED PRODUCTS		3,352,598
FOOD STORES - 0.60%
415,929		Alimentation Couche Tard, Inc		8,972
9,810		Arden Group, Inc (Class A)		1,110
405,734		Carrefour S.A.		23,781
422,094		Centros Comerciales Sudamericanos S.A.		1,032
863,666		Cia Brasileira de Distribuicao Grupo Pao de Acucar		27
1,500		Cia Brasileira de Distribuicao Grupo Pao de Acucar (ADR)		47
1,939,383		Coles Myer Ltd		16,368
5,587		Colruyt S.A.		872
29,362		Delhaize Group		2,035
599		Discount Investment Corp		14
40,747		Distribucion y Servicio D&S S.A.		11
2,800		Distribucion y Servicio D&S S.A. (ADR)		45
39,800		FamilyMart Co Ltd		1,149
148,985		George Weston Ltd		10,691
890,804	*	Goodman Fielder Ltd		1,416
107,604		Great Atlantic & Pacific Tea Co, Inc		2,445
58,359		Ingles Markets, Inc (Class A)		992
10,381		Jeronimo Martins SGPS S.A.		177
677,566		Kesko Oyj (B Shares)		25,974
594,111	*	Koninklijke Ahold NV		5,158
5,176,629		Kroger Co		113,161
36,100		Lawson, Inc		1,317
164,535		Loblaw Cos Ltd		7,619
2,702	*	Migros Turk TAS		22
118,525	*	Panera Bread Co (Class A)		7,970
132,672	*	Pantry, Inc		7,634
298,980	*	Pathmark Stores, Inc		2,813
6,759		Pick'n Pay Stores Ltd		28
360,000		President Chain Store Corp		789
189,325		Ruddick Corp		4,640
634,098		Seven & I Holdings Co Ltd		20,912
12,767		Shoprite Holdings Ltd		46
686,440		Sonae SPGS S.A.		1,027
71,245	*	Super-Sol Ltd		198
3,051,726		Supervalu, Inc		93,688
43,578,214		Tesco plc		269,204
212		Valora Holding AG.		46
13,819		Village Super Market		903
77,973		Weis Markets, Inc		3,213
681,203		Whole Foods Market, Inc		44,033
178,004	*	Wild Oats Markets, Inc		3,489
523	b*	Winn-Dixie Stores, Inc		-	^
1,959,605		Woolworths Ltd		29,336
		TOTAL FOOD STORES		714,404
FORESTRY - 0.09%
10,415		Great Southern Plantations Ltd		26
765,646		Rayonier, Inc		29,026
1,198,911		Weyerhaeuser Co		74,632
		TOTAL FORESTRY		103,684

54

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
FURNITURE AND FIXTURES - 0.23%
18,538		Bassett Furniture Industries, Inc	$	343
523,477	*	BE Aerospace, Inc		11,967
6,033	b,v*	Bush Industries, Inc (Class A)		1
197,045		Ethan Allen Interiors, Inc		7,202
284,818	e	Furniture Brands International, Inc		5,936
365,429		Herman Miller, Inc		9,417
237,623		Hillenbrand Industries, Inc		11,525
242,199		HNI Corp		10,984
65,512		Hooker Furniture Corp		1,099
309,724	*	Interface, Inc (Class A)		3,546
868,783		Johnson Controls, Inc		71,431
228,464		Kimball International, Inc (Class B)		4,503
297,359	e	La-Z-Boy, Inc		4,163
1,091,394		Leggett & Platt, Inc		27,263
2,894,126		Masco Corp		85,782
590,949		MFI Furniture plc		1,180
12,489		Neopost S.A.		1,423
29,006		Sealy Corp		385
464,141	*	Select Comfort Corp		10,661
90,598		Stanley Furniture Co, Inc		2,172
28,037		Steinhoff International Holdings Ltd		84
267,394	e*	Tempur-Pedic International, Inc		3,612
18,000		Uchida Yoko Co Ltd		113
163,665	*	Williams Scotsman International, Inc		3,574
		TOTAL FURNITURE AND FIXTURES		278,366
FURNITURE AND HOMEFURNISHINGS STORES - 0.37%
3,937,242	*	Bed Bath & Beyond, Inc		130,598
210,919	*	Bell Microproducts, Inc		1,143
2,900,585		Best Buy Co, Inc		159,068
5,000,000		China Paradise Electronics Retail Ltd		1,304
1,185,496		Circuit City Stores, Inc		32,269
135,121	*	Cost Plus, Inc		1,981
113,800		Culture Convenience Club Co Ltd		1,313
14,492	*	Design Within Reach, Inc		99
675,802		DSG International plc		2,387
38,146		Ellerine Holdings Ltd		350
326,727	*	GameStop Corp		13,723
152,543	*	Guitar Center, Inc		6,784
331,947		Harvey Norman Holdings Ltd		972
150,366		Haverty Furniture Cos, Inc		2,359
199,569		Kesa Electricals plc		1,067
79,040		Knoll, Inc		1,451
334,786	*	Mohawk Industries, Inc		23,552
150,764	e	Movie Gallery, Inc		936
791,000		Nien Made Enterprises		889
78,250		Nitori Co Ltd		3,813
494,318		Pier 1 Imports, Inc		3,450
173,681	*	Restoration Hardware, Inc		1,247
346,700		Shimachu Co Ltd		9,068
274,303		Steelcase, Inc (Class A)		4,512
221,491	*	The Bombay Co, Inc		536
39,288	*	Trans World Entertainment Corp		284
161,955	e	Tuesday Morning Corp		2,130
1,005,284	*	Waterford Wedgwood plc		58
572,660		Williams-Sonoma, Inc		19,499
173,888		Yamada Denki Co Ltd		17,752
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		444,594

55

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
GENERAL BUILDING CONTRACTORS - 0.41%
8,366		Amrep Corp	$	454
1,000	v*	Aoyama Kanzai Corp		-	^
542,000		Asunaro Aoki Construction Co Ltd		4,059
36,782	e*	Avatar Holdings, Inc		2,095
12,847		Aveng Ltd		39
362,819		Balfour Beatty plc		2,305
384,737		Barratt Developments plc		6,746
291,904		Beazer Homes USA, Inc		13,390
200,521		Bellway plc		4,302
102,045	*	Berkeley Group Holdings plc		2,289
28,207		Bilfinger Berger AG.		1,533
87,189	e	Brookfield Homes Corp		2,873
30,719	*	Cavco Industries, Inc		1,365
539,504		Centex Corp		27,137
1,486,000		Cheung Kong Infrastructure Holdings Ltd		4,295
40,590	*	Comstock Homebuilding Cos, Inc		257
226,975		Consorcio ARA S.A. de C.V.		936
12,181	*	Corp GEO S.A. de C.V.		41
441,147		CRH plc		14,378
4,760,082	*	Daikyo, Inc		20,987
167,600		Daito Trust Construction Co Ltd		9,295
591,000		Daiwa House Industry Co Ltd		9,461
9,868	e*	Dominion Homes, Inc		89
1,332,373		DR Horton, Inc		31,737
599,515		Fletcher Building Ltd		3,347
654,391		George Wimpey plc		5,504
1,200		Hanjin Heavy Industries & Construction Co Ltd		32
1,597,500	*	Haseko Corp		5,436
90,572		Hellenic Technodomiki Tev S.A.		871
46,035		Hochtief AG.		2,560
214,865	*	Hovnanian Enterprises, Inc (Class A)		6,463
24,870		Hyundai Development Co		1,075
1,372,100		IJM Corp Bhd		2,091
11,550		Imerys S.A.		923
3,756		JM AB		60
565,000		Kajima Corp		2,595
344		Kaufman & Broad S.A.		19
376,327		KB Home		17,255
37,000		Keppel Land Ltd		95
11,127,000	*	Kindom Construction Co		3,368
7,222,538		Lalin Property PCL		890
289,517		Leighton Holdings Ltd		3,732
286,603		Lend Lease Corp Ltd		2,979
731,074		Lennar Corp (Class A)		32,438
42,556		Lennar Corp (Class B)		1,736
98,597		Levitt Corp (Class A)		1,578
79,695		M/I Homes, Inc		2,796
219,500	v*	Mascotech (Escrow)		-	^
3,748		McCarthy & Stone plc		64
119,104		McGrath RentCorp		3,312
140,024		MDC Holdings, Inc		7,271
108,876	*	Meritage Homes Corp		5,144
45,467	*	NVR, Inc		22,336
1,480,000		Obayashi Corp		10,189
1,880		Obrascon Huarte Lain S.A.		35
62,311	e*	Palm Harbor Homes, Inc		1,096

56

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
119,907	*	Perini Corp	$	2,698
453,030		Persimmon plc		10,340
1,018,374		Pulte Homes, Inc		29,319
96,000		PYI Corp Ltd		35
6,300		Road Builder M Holdings Bhd		4
277,414		Ryland Group, Inc		12,087
1,174,000		Sekisui Chemical Co Ltd		10,147
617,000		Sekisui House Ltd		8,479
39,708,000		Shanghai Forte Land Co		16,104
2,103,000		Shimizu Corp		11,792
208		Sjaelso Gruppen		70
309,268		Standard-Pacific Corp		7,948
553,000		Taisei Corp		2,022
288,000		Takamatsu Corp		5,555
951,088		Taylor Woodrow plc		5,875
38,898	*	Team, Inc		974
890,600		Technical Olympic S.A.		4,008
103,035		Technical Olympic USA, Inc		1,479
128,374		Titan Cement Co S.A.		6,021
121,000		Toda Corp		585
823,554	*	Toll Brothers, Inc		21,058
12,282	*	Urbi Desarrollos Urbanos S.A. de C.V		29
287,775		Walter Industries, Inc		16,590
216,042	*	WCI Communities, Inc		4,351
131,611		YIT OYJ		3,226
		TOTAL GENERAL BUILDING CONTRACTORS		488,149
GENERAL MERCHANDISE STORES - 1.47%
264,350	*	99 Cents Only Stores		2,765
918,300		Aeon Co Ltd		20,163
882,088	*	Big Lots, Inc		15,066
312,643	*	BJ's Wholesale Club, Inc		8,863
36,502		Bon-Ton Stores, Inc		799
188,792	e*	Cabela's, Inc		3,636
425,322		Casey's General Stores, Inc		10,637
80,226	*	Conn's, Inc		2,130
2,957,490		Costco Wholesale Corp		168,961
129,200		Daimaru, Inc		1,713
252,775		Dillard's, Inc (Class A)		8,051
1,813,209		Dollar General Corp		25,349
744,430		Family Dollar Stores, Inc		18,186
2,942,255		Federated Department Stores, Inc		107,687
240,388		Fred's, Inc		3,209
80,400		Hankyu Department Stores, Inc		625
13,000		Hanshin Electric Railway Co Ltd		93
49,709		Hyundai Department Store Co Ltd		3,841
400,515		Isetan Co Ltd		6,832
1,219,627		JC Penney Co, Inc		82,337
345,000		Keio Electric Railway Co Ltd		2,236
961,000		Kintetsu Corp		3,211
1,073,492		Lojas Americanas S.A.		39
322		Lojas Renner S.A.		17
3,129,130		Marks & Spencer Group plc		33,973
387,000		Marui Co Ltd		6,033
249,400		Mitsukoshi Ltd		1,141
145,741		Pinault-Printemps-Redoute S.A.		18,579
116,515	*	Retail Ventures, Inc		2,076
52,100		SACI Falabella		159
526,032		Saks, Inc		8,506

57

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
4,243		Shinsegae Co Ltd	$	2,124
198,625		Stein Mart, Inc		2,940
165,900		Takashimaya Co Ltd		2,084
6,332,908		Target Corp		309,489
4,005,169		TJX Cos, Inc		91,558
1,242,000		Tokyu Corp		7,258
1,525,172		UNY Co Ltd		22,508
108,804		Wal-Mart de Mexico S.A. de C.V.		301
6,500		Wal-Mart de Mexico S.A. de C.V. (ADR)		180
15,296,911		Wal-Mart Stores, Inc		736,852
192,133		Warehouse Group Ltd		581
242,967		Woolworths Group plc		142
		TOTAL GENERAL MERCHANDISE STORES		1,742,930
HEALTH SERVICES - 1.35%
115,477	*	Alliance Imaging, Inc		739
61,457	*	Allied Healthcare International, Inc		165
95,238	*	Amedisys, Inc		3,610
60,356	*	America Service Group, Inc		937
70,955	*	American Dental Partners, Inc		1,083
198,592	*	American Retirement Corp		6,508
1,944,167		AmerisourceBergen Corp		81,499
185,898	*	Amsurg Corp		4,229
269,468	*	Apria Healthcare Group, Inc		5,093
52,481	*	Bio-Reference Labs, Inc		1,142
25,550		Brookdale Senior Living, Inc		1,143
140,573	*	Capio AB		2,517
2,424,319		Caremark Rx, Inc		120,901
512,516		Cigna Corp		50,488
19,963		Coloplast A/S (B Shs)		1,482
400,634	*	Community Health Systems, Inc		14,723
41,433	*	Corvel Corp		1,036
263,607	*	Covance, Inc		16,138
1,715,375	*	Coventry Health Care, Inc		94,243
181,300	*	Cross Country Healthcare, Inc		3,298
618,335	*	DaVita, Inc		30,731
1,888,659		DCA Group Ltd		3,915
826	*	Diagnosticos da America S.A.		16
368,921	*	Edwards Lifesciences Corp		16,760
24,638	*	Emeritus Corp		462
162,479	*	Enzo Biochem, Inc		2,450
769,554	*	Express Scripts, Inc		55,208
159,057	*	Five Star Quality Care, Inc		1,761
2,245,910		Fraser and Neave Ltd		5,681
54,074		Fresenius Medical Care AG.		6,214
3,961		Generale de Sante		139
122,982	*	Genesis HealthCare Corp		5,826
78,192	*	Genomic Health, Inc		920
152,995	*	Gentiva Health Services, Inc		2,453
266,492		Getinge AB (B Shs)		4,532
1,791,374		HCA, Inc		77,298
1,010,953		Health Management Associates, Inc (Class A)		19,926
19,798,935	*	Healthsouth Corp		76,226
201,274	*	Healthways, Inc		10,595
372,543		Hooper Holmes, Inc		1,136
67,761	*	Horizon Health Corp		1,415
146,173	*	Hythiam, Inc		1,019
119,295	e*	Immunomedics, Inc		315
137,516		Intertek Group plc		1,780

58

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
400,000		Japan Care Service Corp	$	962
1,045		Japan Longlife Co Ltd		1,737
202,192	*	Kindred Healthcare, Inc		5,257
587,331	*	Laboratory Corp of America Holdings		36,550
124,451		LCA-Vision, Inc		6,585
47,784	*	LHC Group, Inc		952
240,316	*	LifePoint Hospitals, Inc		7,721
431,215	*	Lincare Holdings, Inc		16,317
278,505	*	Magellan Health Services, Inc		12,619
440,942		Manor Care, Inc		20,689
118,480	*	Matria Healthcare, Inc		2,538
2,951,533		McKesson Corp		139,548
194,892		MDS, Inc		3,566
80,916	*	Medcath Corp		1,524
2,900,784	*	Medco Health Solutions, Inc		166,157
44,678		National Healthcare Corp		1,990
1,123,053	*	Nektar Therapeutics		20,597
195,225		Network Healthcare Holdings Ltd		263
36,447	*	Nighthawk Radiology Holdings, Inc		654
6,600		Nihon Kohden Corp		108
314,044	*	Odyssey HealthCare, Inc		5,518
130,486		Option Care, Inc		1,563
255,721	e*	PainCare Holdings, Inc		524
1,742,128		Parkway Holdings Ltd		2,721
251,590	*	Pediatrix Medical Group, Inc		11,397
302,019	*	Psychiatric Solutions, Inc		8,656
76,805	*	Radiation Therapy Services, Inc		2,067
102,492	*	RehabCare Group, Inc		1,781
674,050	*	Sierra Health Services, Inc		30,352
385,289		Sonic Healthcare Ltd		4,065
135,252	*	Stereotaxis, Inc		1,459
5,726		Straumann Holding AG.		1,457
108,538	*	Sun Healthcare Group, Inc		943
237,208	*	Sunrise Senior Living, Inc		6,559
81,966	*	Symbion, Inc		1,702
2,028,596	*	Tenet Healthcare Corp		14,160
376,770	*	Triad Hospitals, Inc		14,913
64,243	*	U.S. Physical Therapy, Inc		940
262,771	*	United Surgical Partners International, Inc		7,901
237,099		Universal Health Services, Inc (Class B)		11,917
62,306	*	VistaCare, Inc (Class A)		754
4,042,156	*	WellPoint, Inc		294,148
		TOTAL HEALTH SERVICES		1,609,583
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.35%
84,993		Abertis Infraestructuras S.A.		1,990
359,142		ACS Actividades Cons y Servicios S.A.		14,975
17,228		Alfred Mcalpine plc		142
424,881		Bouygues S.A.		21,840
29,328		Carillion plc		170
12,000,000	*	China Water Affairs Group Ltd		2,951
593,000		Chiyoda Corp		12,139
740		Daelim Industrial Co		46
4,866	*	Empresas ICA Sociedad Controladora S.A. de C.V.		14
2,708	*	Empresas ICA Sociedad Controladora S.A. de C.V. (ADR)		92
223,646		Fomento de Construcciones y Contratas S.A.		17,001
18,600		Gamuda Bhd		17
350,000		Giken Seisakusho Co, Inc		1,638
225,624		Granite Construction, Inc		10,214

59

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
22,932		Grupo Ferrovial S.A.	$	1,751
1,430		GS Engineering & Construction Corp		93
54,000		Guangzhou Investment Co Ltd		10
15,670	*	Hyundai Engineering & Construction		719
14,517		Inversiones Aguas Metropolitanas S.A.		15
117,109	*	Matrix Service Co		1,340
28,310		Michaniki S.A.		106
2,147,450		Multiplex Group		5,217
9,441		Murray & Roberts Holdings Ltd		34
1,286,716	e	Nishimatsu Construction Co Ltd		4,806
118,884		Okumura Corp		661
1,382		Peab AB		22
591,785		Skanska AB (B Shs)		9,119
49,510	*	Sterling Construction Co, Inc		1,366
109,000	*	Toyo Construction Co Ltd		115
226,981		Transurban Group		1,172
2,965,193		Vinci S.A.		305,401
1,333,766		YTL Corp Bhd		1,764
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		416,940
HOLDING AND OTHER INVESTMENT OFFICES - 2.49%
2,223,981		3i Group plc		37,082
72,592	*	4Kids Entertainment, Inc		1,177
251,187		Aames Investment Corp		1,253
23,638		Aberdeen Asset Management plc		67
220,601		Acadia Realty Trust		5,217
1,832		Ackermans & Van Haaren		133
152,049	*	Affiliated Managers Group, Inc		13,212
265,815	*	Affordable Residential Communities		2,858
54,750		Agree Realty Corp		1,860
902		Alarko Holding AS		2
12,636	*	Alexander's, Inc		3,434
145,600		Alexandria Real Estate Equities, Inc		12,912
616,665	e	Allied Capital Corp		17,741
594,539		AMB Property Corp		30,054
104,129		American Campus Communities, Inc		2,588
588,645		American Financial Realty Trust		5,698
368,058		American Home Mortgage Investment Corp		13,567
631,070		Amvescap plc		5,781
666,942		Annaly Mortgage Management, Inc		8,544
540,155		Anthracite Capital, Inc		6,568
435,300		Anworth Mortgage Asset Corp		3,613
436,140		Apartment Investment & Management Co (Class A)		18,950
364,128		Apollo Investment Corp		6,729
122,603		Arbor Realty Trust, Inc		3,071
322,309		ARC Energy Trust		8,115
1,095,328		Archstone-Smith Trust		55,719
353,981		Ashford Hospitality Trust, Inc		4,467
1,141		Associated Estates Realty Corp		14
380,168		AvalonBay Communities, Inc		42,054
2,135,000		Babcock & Brown Wind Partners		2,395
109		Befimmo SCA Sicafi		11
434,972		BioMed Realty Trust, Inc		13,023
111,835	*	Blackrock International Land plc		53
35,210		Bodycote International		165
726,630		Boston Properties, Inc		65,687
119,632	*	Boykin Lodging Co		1,303
482,319		Brandywine Realty Trust		15,516
229,703		BRE Properties, Inc (Class A)		12,634

60

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
779,854	e	Brookfield Asset Management, Inc	$	31,458
3,994		BRT Realty Trust		102
452,653		Camden Property Trust		33,293
202,237		Capital Lease Funding, Inc		2,308
16,375		Capital Southwest Corp		1,710
93,702		Capital Trust, Inc		3,338
6,786,900		CapitaMall Trust		9,099
37,269		Capstead Mortgage Corp		283
247,249		CarrAmerica Realty Corp		11,015
372,585		CBL & Associates Properties, Inc		14,505
322,970		Cedar Shopping Centers, Inc		4,754
83,695		CentraCore Properties Trust		2,071
4,198,434		CFS Gandel Retail Trust		5,802
77,755	v	CFS Gandel Retail Trust		110
49,239		Cherokee, Inc		2,037
867,726		China Merchants Holdings International Co Ltd		2,642
223,256	*	CI Financial, Inc		5,930
58,247		Cia de Concessoes Rodoviarias		476
249		Cie du Bois Sauvage		86
84,852		Cogdell Spencer, Inc		1,655
4,513,848		Collins Stewart Tullett plc		63,366
234,820		Colonial Properties Trust		11,600
94,080		Columbia Equity Trust, Inc		1,445
878,407		Commonwealth Property Office Fund		907
59,055		Compass Diversified Trust		843
292,212		Corporate Office Properties Trust		12,296
276,936		Cousins Properties, Inc		8,566
427,700		Crescent Real Estate Equities Co		7,938
85		Cross Timbers Royalty Trust		4
101,298	v	Crystal River Capital, Inc		2,532
155,850		Deerfield Triarc Capital Corp		2,023
555,475		Developers Diversified Realty Corp		28,985
321,504		DiamondRock Hospitality Co		4,761
106,813		Digital Realty Trust, Inc		2,637
615,710		Duke Realty Corp		21,642
179,883		EastGroup Properties, Inc		8,397
400,393		ECC Capital Corp		488
248,320		Education Realty Trust, Inc		4,135
19,167	*	Enstar Group, Inc		1,767
238,378		Entertainment Properties Trust		10,262
10,000	*	Equitable PCI Bank		14
563,117		Equity Inns, Inc		9,325
178,554		Equity Lifestyle Properties, Inc		7,826
2,404,056		Equity Office Properties Trust		87,772
308,950		Equity One, Inc		6,457
1,535,532		Equity Residential		68,684
181,539		Essex Property Trust, Inc		20,271
326,147		Extra Space Storage, Inc		5,297
124,859		Fabege AB		2,323
253,067		Federal Realty Investment Trust		17,715
511,339		FelCor Lodging Trust, Inc		11,117
117,000		Feldman Mall Properties, Inc		1,282
315,225		Fieldstone Investment Corp		2,887
251,485		First Industrial Realty Trust, Inc		9,541
1,598,400	v	First NIS Regional Fund SICAV		2,158
154,717		First Potomac Realty Trust		4,609
166,842		Franklin Street Properties Corp		3,283
811,846	e	Friedman Billings Ramsey Group, Inc		8,906
6,364,035		GEA Group AG.		109,041

61

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
1,680,602		General Growth Properties, Inc	$	75,728
107,256		Getty Realty Corp		3,050
72,102	e	Gladstone Capital Corp		1,542
68,814		Gladstone Investment Corp		1,032
358,683		Glenborough Realty Trust, Inc		7,726
218,635		Glimcher Realty Trust		5,424
362,075		Global Signal, Inc		16,771
271,259		GMH Communities Trust		3,575
9,000		GOME Electrical Appliances Holdings Ltd		8
114,891		Government Properties Trust, Inc		1,090
2,884,209		GPT Group		9,300
96,821		Gramercy Capital Corp		2,508
149,195		Great Portland Estates plc		1,380
61,378		Groupe Bruxelles Lambert S.A.		6,428
5,920	*	Groupe Bruxelles Lambert S.A.		-	^
2,435,386		Guinness Peat Group plc		3,745
122,895		Harris & Harris Group, Inc		1,357
582,578		Health Care Property Investors, Inc		15,578
361,105		Health Care REIT, Inc		12,621
217,464		Healthcare Realty Trust, Inc		6,926
162,678		Heritage Property Investment Trust		5,681
170,894		Hersha Hospitality Trust		1,588
579,054		Highland Hospitality Corp		8,153
370,393		Highwoods Properties, Inc		13,401
174,419		Home Properties, Inc		9,682
387,318		HomeBanc Corp		3,075
302,347		Hospitality Properties Trust		13,279
2,467,938		Host Marriott Corp		53,974
5,560		Housing Development Finance Corp		138
915,915		HRPT Properties Trust		10,588
21,021		Hugoton Royalty Trust		624
6,529		Hurriyet Gazetecilik A.S.		13
84,698	*	Immoeast Immobilien Anlagen AG.		909
471,993	e	IMPAC Mortgage Holdings, Inc		5,277
3,232,649		ING Industrial Fund		5,356
92,241		ING Office Fund		97
436,285		Inland Real Estate Corp		6,492
420,320		Innkeepers U.S.A. Trust		7,263
276,923		Investors Real Estate Trust		2,501
2,824		Is Gayrimenkul Yatirim Ortakligi A.S.		4
19,700		iShares Dow Jones US Utilities Sector Index Fund		1,555
690,200		iShares MSCI EAFE Index Fund		45,132
658,709		iShares MSCI Japan Index Fund		8,985
678,801		iStar Financial, Inc		25,625
44,300		Jafco Co Ltd		2,658
177		Japan Prime Realty Investment Corp		533
190		Japan Real Estate Investment Corp		1,695
34		Japan Retail Fund Investment Corp		268
68,260		JER Investors Trust, Inc		1,061
179,784		JFE Holdings, Inc		7,628
218,800		Kilroy Realty Corp		15,808
1,180,030		Kimco Realty Corp		43,059
201,502		Kite Realty Group Trust		3,141
593,800		Kiwi Income Property Trust		496
331,200		KKR Financial Corp		6,892
5,191,100		KLCC Property Holdings Bhd		2,981
6,000	*	K-REIT Asia		5
410,679		Land Securities Group plc		13,627
223,910		LaSalle Hotel Properties		10,367

62

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
354,274		Lexington Corporate Properties Trust	$	7,652
374,306	e	Liberty Property Trust		16,544
997,000		Link Real Estate Investment Trust		1,996
230,476		LTC Properties, Inc		5,151
415,914		Luminent Mortgage Capital, Inc		3,851
369,588		Macerich Co		25,945
326,683		Mack-Cali Realty Corp		15,001
203,742		Macquarie Communications Infrastructure Group		895
11,853,599		Macquarie Infrastructure Group		29,590
361,400	*	Macquarie Korea Infrastructure Fund		2,590
191,788		Maguire Properties, Inc		6,745
3,116,085		Man Group plc		146,850
181,405		Medical Properties Trust, Inc		2,003
165,138	*	Meinl European Land Ltd		3,364
498,493		MFA Mortgage Investments, Inc		3,430
184,739		Mid-America Apartment Communities, Inc		10,299
3,895,000		Midland Holdings Ltd		1,730
322,755		Mills Corp		8,634
166,200		Mission West Properties, Inc		1,841
185,080		MortgageIT Holdings, Inc		2,232
17,800	*	Mulpha International Bhd		6
137,011		National Health Investors, Inc		3,684
23,285		National Health Realty, Inc		441
302,235		National Retail Properties, Inc		6,030
380,730		Nationwide Health Properties, Inc		8,570
978,535		New Century Financial Corp		44,768
467,686		New Plan Excel Realty Trust		11,547
299,332		Newcastle Investment Corp		7,579
62,836		Newkirk Realty Trust, Inc		1,091
186		Nippon Building Fund, Inc		1,806
15,018		Nobel Biocare Holding AG.		3,558
9,192,100		Noble Group Ltd		6,336
30		Nomura Real Estate Office Fund, Inc		238
316,265		NorthStar Realty Finance Corp		3,798
190,684	e	Novastar Financial, Inc		6,028
7,865	*	NTL, Inc		5
1,210,700		NTL, Inc		30,146
716		NTT Urban Development Corp		5,587
574,514		Omega Healthcare Investors, Inc		7,595
38,394		One Liberty Properties, Inc		729
2,448		Opteum, Inc		22
2,319		Ordina NV		54
50,876		Origen Financial, Inc		327
315,976		Pan Pacific Retail Properties, Inc		21,919
7,460		Paragon Group Cos plc		90
114,090		Parkway Properties, Inc		5,191
218,833		Pennsylvania Real Estate Investment Trust		8,834
1,431,719		Plum Creek Timber Co, Inc		50,826
249,131		Post Properties, Inc		11,296
242,423		Potlatch Corp		9,151
260,771		PrimeWest Energy Trust		7,855
1,381,510		Prologis		72,004
110,388		PS Business Parks, Inc		6,513
36,966		PSP Swiss Property AG.		1,907
5,847,500		PT Summarecon Agung Tbk		739
527,029		Public Storage, Inc		40,002
204,017		RAIT Investment Trust		5,957
87,460		Ramco-Gershenson Properties		2,355
453,519		Realty Income Corp		9,932

63

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
418,286		Reckson Associates Realty Corp	$	17,309
182,345		Redwood Trust, Inc		8,904
519,256		Regency Centers Corp		32,272
136,525		Republic Property Trust		1,349
21,205		Resource Capital Corp		273
51,572	*	Rockville Financial, Inc		759
164,221		Rodamco Europe NV		16,095
90,257		Sacyr Vallehermoso S.A.		3,016
68,122		Saul Centers, Inc		2,778
387,524		Saxon Capital, Inc		4,433
322,847		SCOR		706
424,776		Senior Housing Properties Trust		7,608
14,000		Shanghai Industrial Holdings Ltd		27
2,710,000	v*	Shimao Property Holdings Ltd		2,181
238,542		Shurgard Storage Centers, Inc (Class A)		14,909
40,300		Sime Darby Bhd		60
998,695		Simon Property Group, Inc		82,832
105,395		Sizeler Property Investors, Inc		1,693
427,192		SL Green Realty Corp		46,765
60,046		SM Prime Holdings		9
767		Societe de la Tour Eiffel		91
1,159,574	e	Softbank Corp		26,019
82,691		Sovran Self Storage, Inc		4,200
800,000		SPDR Trust Series 1		101,824
412,648		Spirit Finance Corp		4,646
12,170		Sponda OYJ		124
86,658	*	Star Maritime Acquisition Corp		880
483,570		Strategic Hotel Capital, Inc		10,029
162,376		Sun Communities, Inc		5,282
292,199		Sunstone Hotel Investors, Inc		8,491
109,317		Suntec Real Estate Investment Trust		86
192,033		Tanger Factory Outlet Centers, Inc		6,216
75,012		Tarragon Corp		1,039
455,419		Taubman Centers, Inc		18,627
508,313		Thornburg Mortgage, Inc		14,167
444,997		Trizec Properties, Inc		12,745
418,547		Trustreet Properties, Inc		5,521
3,129		United Arab Investors		14
681,967		United Dominion Realty Trust, Inc		19,102
81,607		Universal Health Realty Income Trust		2,558
120,583		Urstadt Biddle Properties, Inc (Class A)		1,964
270,548		U-Store-It Trust		5,103
506,791		Ventas, Inc		17,170
729,759		Vornado Realty Trust		71,188
238,644		Washington Real Estate Investment Trust		8,758
342,551		Weingarten Realty Investors		13,113
1,787,766		Wharf Holdings Ltd		6,353
37,253		Windrose Medical Properties Trust		544
233,314		Winston Hotels, Inc		2,858
109,667		Winthrop Realty Trust		652
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		2,958,644
HOTELS AND OTHER LODGING PLACES - 0.77%
6,756,426		Accor S.A.		411,135
149,971		Ameristar Casinos, Inc		2,917
233,034	*	Aztar Corp		12,108
3,995,000	*	Banyan Tree Holdings Ltd		2,349
129,846	*	Bluegreen Corp		1,488
186,538		Boyd Gaming Corp		7,529

64

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
355,517		Choice Hotels International, Inc	$	21,544
36,011		Four Seasons Hotels, Inc		2,198
949,000		Fujita Kanko, Inc		7,007
229,801	*	Gaylord Entertainment Co		10,029
1,040,908		Genting Bhd		6,714
39,000		Great Eagle Holding Co		134
82,866	*	Great Wolf Resorts, Inc		995
3,337,630		Hilton Hotels Corp		94,388
2,406,433		Hongkong & Shanghai Hotels		2,665
101,729		Indian Hotels Co Ltd		2,529
776,212		Intercontinental Hotels Group plc		13,574
66,473		Intrawest Corp		2,109
86,117	*	Isle of Capri Casinos, Inc		2,209
3,360		Kangwon Land, Inc		57
651,198	*	Las Vegas Sands Corp		50,702
117,615	*	Lodgian, Inc		1,676
115,510		Marcus Corp		2,412
2,014,816		Marriott International, Inc (Class A)		76,805
842,787	*	MGM Mirage		34,386
9,829,118		Minor International PCL		2,434
99,119	*	Monarch Casino & Resort, Inc		2,787
104,576	*	Morgans Hotel Group Co		1,627
24,764		NH Hoteles S.A.		444
946		Orbis S.A.		13
46,335	*	Outdoor Channel Holdings, Inc		478
28,700		Overseas Union Enterprise Ltd		183
195,000		Raffles Holdings Ltd		86
17,400		Resorts World Bhd		55
98,603	*	Riviera Holdings Corp		1,992
4,341,930		Shangri-La Asia Ltd		8,357
563,562	e	Sky City Entertainment Group Ltd		1,857
1,082,861		Starwood Hotels & Resorts Worldwide, Inc		65,340
315,487		Station Casinos, Inc		21,478
132,469	*	Trump Entertainment Resorts, Inc		2,669
434,130		United Overseas Land Ltd		785
183,711	*	Vail Resorts, Inc		6,816
414,814	e*	Wynn Resorts Ltd		30,406
		TOTAL HOTELS AND OTHER LODGING PLACES		917,466
INDUSTRIAL MACHINERY AND EQUIPMENT - 5.00%
4,412,608		3M Co		356,406
58,481		Aaon, Inc		1,501
2,923,811		ABB Ltd		37,950
125,000		Acer, Inc		220
10,078		Acer, Inc (GDR)		89
154,301		Actuant Corp		7,707
52,198	*	Adamind Ltd		35
474,659	*	Advanced Digital Information Corp		5,587
4,000		Advantech Co Ltd		11
421,782	*	AGCO Corp		11,101
25,922		Alamo Group, Inc		546
172,343		Albany International Corp (Class A)		7,306
101,870		Alfa Laval AB		3,048
80,343	*	Allis-Chalmers Energy, Inc		1,092
1,209,252	*	Alstom RGPT		110,477
1,088,729		Amada Co Ltd		11,429
8,300		Amano Corp		123
1,376,961		American Standard Cos, Inc		59,581
35,485		Ampco-Pittsburgh Corp		1,017

65

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
10,624		Andritz AG.	$	1,756
5,781,216	*	Apple Computer, Inc		330,223
8,642,724		Applied Materials, Inc		140,704
158,700		ARRK Corp		3,755
3,395	*	ASM International NV		53
183,500		ASM Pacific Technology Ltd		894
448,030	*	ASML Holding NV		9,074
101,427	*	Astec Industries, Inc		3,461
100,934	*	ASV, Inc		2,326
651,767	*	Asyst Technologies, Inc		4,908
983,612		Atlas Copco AB (A Shares)		27,309
333,727		Atlas Copco AB (B Shares)		8,663
611,301	*	Axcelis Technologies, Inc		3,607
3,713		Balda AG.		44
9,244	*	Basin Water, Inc		93
34,000	*	Benq Corp		21
449,124		Black & Decker Corp		37,933
116,407		Black Box Corp		4,462
281,094	*	Blount International, Inc		3,379
309,122		Briggs & Stratton Corp		9,617
452,904	*	Brooks Automation, Inc		5,344
179,981		Bucyrus International, Inc (Class A)		9,089
1,516,194	*	Cameron International Corp		72,429
1,795,514		Canon, Inc		88,115
696		Cardo AB		23
208,313		Carlisle Cos, Inc		16,519
68,290		Cascade Corp		2,701
29,100		Casio Computer Co Ltd		556
3,990,179		Caterpillar, Inc		297,189
287,668		CDW Corp		15,721
144,258	*	Charter plc		2,152
2,779	*	Christ Water Technology AG.		51
821,681	*	Cirrus Logic, Inc		6,688
1,343,752		Citizen Watch Co Ltd		12,190
100,206	*	Columbus McKinnon Corp		2,178
56,000		Compal Electronics, Inc		53
15,015	*	Cray, Inc		149
481,006		Cummins, Inc		58,803
260,048		Curtiss-Wright Corp		8,030
265,803	*	Cymer, Inc		12,349
38,500		Daifuku Co Ltd		636
27,000		Daihen Corp		136
72,700		Daikin Industries Ltd		2,525
41	*	Daum Commerce Co Ltd		1
1,277,880		Deere & Co		106,690
16,009,975	*	Dell, Inc		390,803
431,958		Delta Electronics, Inc		1,227
306,624		Diebold, Inc		12,455
348,109		Donaldson Co, Inc		11,790
1,830		Doosan Infracore Co Ltd		30
241,147	*	Dot Hill Systems Corp		825
1,450,337		Dover Corp		71,690
138,970	*	Dresser-Rand Group, Inc		3,263
60,265	*	Dril-Quip, Inc		4,968
1,646,890		Eaton Corp		124,176
1,595,000		Ebara Corp		6,809
5,754		Econocom Group		46
327,863	*	Electronics for Imaging, Inc		6,846
15,148,346	*	EMC Corp		166,177

66

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
651,941	*	Emulex Corp	$	10,607
93,564	*	ENGlobal Corp		729
125,445	*	EnPro Industries, Inc		4,215
737,455	*	Entegris, Inc		7,028
130	*	Exabyte Corp		-	^
714,248	*	Extreme Networks, Inc		2,971
105,369	*	Fargo Electronics, Inc		2,675
195,000		Ferrotec Corp		1,305
72,235	*	Flanders Corp		725
187,047	*	Flow International Corp		2,632
266,785	*	Flowserve Corp		15,180
312,393	*	FMC Technologies, Inc		21,074
1,616,580		Fuji Photo Film Co Ltd		54,303
66,000		Furukawa Co Ltd		130
304,160	*	Gardner Denver, Inc		11,710
1,588,108	*	Gateway, Inc		3,017
65,063	*	Gehl Co		1,661
9,000		Gigabyte Technology Co Ltd		5
142,216	*	Global Imaging Systems, Inc		5,871
8,900		Glory Ltd		171
7,200	*	Goodman Global, Inc		109
59,878		Gorman-Rupp Co		1,593
313,926		Graco, Inc		14,434
697,986	*	Grant Prideco, Inc		31,235
20,333		GUD Holdings Ltd		119
22,771		Heidelberger Druckmaschinen		1,035
20,336,009		Hewlett-Packard Co		644,245
12,800		Hikari Tsushin, Inc		692
263,400		Hitachi Construction Machinery Co Ltd		6,348
427,987	*	Husqvarna AB		5,154
153,266	*	Hydril		12,034
242,917		IDEX Corp		11,466
2,710,920		IMI plc		25,032
5,200		Ines Corp		36
83,445	*	InFocus Corp		239
298,251	*	Intermec, Inc		6,842
10,199,462		International Business Machines Corp		783,523
1,859,007		International Game Technology		70,531
122,129	*	Intevac, Inc		2,648
1,484,000		Inventec Co Ltd		956
1,151,000		Ishikawajima-Harima Heavy Industries Co Ltd		3,645
3,700		Itochu Techno-Science Corp		171
1,020,276		Jabil Circuit, Inc		26,119
4,470,000		Japan Steel Works Ltd		30,656
771,591		Joy Global, Inc		40,192
114,466	*	Kadant, Inc		2,633
11,000		Kato Works Co Ltd		44
186,113		Kaydon Corp		6,944
5,800		Keihin Corp		125
221,111		Kennametal, Inc		13,764
17,000		Kinpo Electronics		6
179,232	*	Komag, Inc		8,277
2,237,311		Komatsu Ltd		44,525
445,415		Komori Corp		9,488
67,000		Konica Minolta Holdings, Inc		847
1,015,916		Kubota Corp		9,642
594,645	*	Kulicke & Soffa Industries, Inc		4,406
15,400		Kurita Water Industries Ltd		317
15,712		Kyro Oyj Abp		84

67

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
1,152,523	*	Lam Research Corp	$	53,731
1,745		Larsen & Toubro Ltd		85
49,534	*	LB Foster Co		1,202
326,257		Lennox International, Inc		8,639
920,298	*	Lexmark International, Inc		51,380
490		LG Electronics, Inc		17
4,784		LG Electronics, Inc (GDR)		84
75,660		Lindsay Manufacturing Co		2,052
1,128,460		Lite-On Technology Corp		1,671
71,209	*	Logitech International S.A.		2,744
86,150		Lufkin Industries, Inc		5,120
12,000		Makino Milling Machine Co Ltd		133
253,300		Makita Corp		8,021
515,996		Manitowoc Co, Inc		22,962
165,309		Meggitt plc		976
231,000		Melco Holdings, Inc		6,082
17,687	*	Mestek, Inc		294
493,307		Metso Oyj		17,895
81,300		Micron Machinery Co Ltd		3,912
236,576	*	Micros Systems, Inc		10,334
57,263	*	Middleby Corp		4,957
960,000		Mitac International		918
10,700,160		Mitsubishi Heavy Industries Ltd		46,240
96,000		Mitsui Engineering & Shipbuilding Co Ltd		294
497,900		Mitsumi Electric Co Ltd		5,897
141,245		Modec, Inc		3,163
283,348		Modine Manufacturing Co		6,619
17,800	*	M-Systems Flash Disk Pioneers		527
30,645		Nacco Industries, Inc (Class A)		4,211
73,774	*	NATCO Group, Inc		2,966
196,963	*	Netgear, Inc		4,264
1,140		NextCom K.K.		439
1,151,000		Nippon Electric Glass Co Ltd		23,108
131,464		NN, Inc		1,624
251,316		Nordson Corp		12,360
53,000		NTN Corp		420
450,092		OCE NV		6,607
63,630	*	Ocean RIG ASA		447
268,703	*	Oil States International, Inc		9,211
52,000		Oki Electric Industry Co Ltd		123
77,000		Okuma Holdings, Inc		870
5,465	*	Omega Flex, Inc		110
108		ONA S.A.		16
39,600		OSG Corp		668
24,600		OYL Industries Bhd		37
529,671		Pall Corp		14,831
704,616	*	Palm, Inc		11,344
42,589	*	PAR Technology Corp		544
1,274,421		Parker Hannifin Corp		98,895
213,134	*	Paxar Corp		4,384
4,285		Pinguely-Haulotte		123
151,371	*	ProQuest Co		1,860
14,368		Psion plc		41
24,500		PT United Tractors Tbk		14
30,000		Quanta Computer, Inc		48
1,262,076	*	Quantum Corp		3,307
232,682	*	Rackable Systems, Inc		9,189
116,463	*	RBC Bearings, Inc		2,644
1,559,960		Rheinmetall AG.		108,728

68

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
75,735	*	Rimage Corp	$	1,547
70,384		Robbins & Myers, Inc		1,840
916,254		Rockwell Automation, Inc		65,979
232,859,799		Rolls-Royce Group plc		439
562,885	*	Safeguard Scientifics, Inc		1,216
59,724		Safran S.A.		1,300
4,110		Samsung Corp		113
1,248,337	*	SanDisk Corp		63,640
1,685,406		Sandvik AB		19,595
1,275		Sartorius AG.		49
62,502		Sauer-Danfoss, Inc		1,589
106,396		Scania AB		4,830
155,595	*	Scansource, Inc		4,562
281,948	*	Scientific Games Corp (Class A)		10,043
218,000		Seagate Technology		4,935
1,249,635	v*	Seagate Technology, Inc		-	^
15,300		Seiko Epson Corp		418
96,176	*	Semitool, Inc		867
94,000		Shanghai Electric Group Co Ltd		33
238,000		Shinmaywa Industries Ltd		1,249
2,408		SIG Holding AG.		529
117,094	*	Sigma Designs, Inc		1,104
437,201		SKF AB		6,889
60,800		SMC Corp		8,611
949,466		Smith International, Inc		42,223
29,024		Solarworld AG.		1,821
4,893,150	*	Solectron Corp		16,735
261,925		SPX Corp		14,655
67,186		Standex International Corp		2,039
503,292		Stanley Works		23,765
13,588		Sulzer AG.		10,160
874,000		Sumitomo Heavy Industries Ltd		8,089
1,065,762		Symbol Technologies, Inc		11,500
10,000		Synnex Technology International Corp		11
881	*	T-3 Energy Services, Inc		17
1,055,000		Tadano Ltd		8,869
770,748		Technip S.A.		42,673
605,500		Techtronic Industries Co		819
108,459	*	Tecumseh Products Co (Class A)		2,082
48,188		Tennant Co		2,423
541,451	*	Terex Corp		53,441
14,900		THK Co Ltd		444
488,790		Timken Co		16,379
294,769		Tokyo Electron Ltd		20,628
193,300		Tokyo Seimitsu Co Ltd		10,044
66,054		Tomra Systems ASA		536
210,477		Toro Co		9,829
3,835,077		Toshiba Corp		25,061
13,000		Toshiba Machine Co Ltd		147
6,000		Toyo Kanetsu K K		15
436,700		Toyota Tsusho Corp		10,486
80,102	e*	TurboChef Technologies, Inc		891
2,500,000		Tutt Bryant Group Ltd		3,510
145,912	*	Ultratech, Inc		2,297
7,373	*	Unaxis Holding AG.		2,046
3,571,250		Unisteel Technology Ltd		4,133
583,999	*	Varian Medical Systems, Inc		27,652
233,537	*	VeriFone Holdings, Inc		7,118
150,160	*	Vestas Wind Systems A/S		4,105

69

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
290,679		Wartsila Oyj (Series B)	$	12,265
141,133		Watsco, Inc		8,442
291,178		Weir Group plc		2,332
1,282,802	*	Western Digital Corp		25,412
13,698		Wincor Nixdorf AG.		1,751
180,875		Woodward Governor Co		5,518
27,500		Yokogawa Electric Corp		392
341,918	*	Zebra Technologies Corp (Class A)		11,680
5,000		Zyxel Communications Corp		8
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		5,940,297
INSTRUMENTS AND RELATED PRODUCTS - 3.13%
117,609	*	Abaxis, Inc		2,631
110,915	*	Abiomed, Inc		1,439
61,662	*	ADE Corp		2,003
968,054	*	Advanced Medical Optics, Inc		49,080
115,365		Advantest Corp		11,767
329,490	*	Affymetrix, Inc		8,435
2,703,336	*	Agilent Technologies, Inc		85,317
84		Aksys Ltd		-	^
354,028	*	Align Technology, Inc		2,616
707,664		Allergan, Inc		75,904
405,444	*	American Medical Systems Holdings, Inc		6,751
91,192	*	American Science & Engineering, Inc		5,282
83,774		Analogic Corp		3,905
119,418	*	Anaren, Inc		2,447
65,274	*	Angiodynamics, Inc		1,766
4,537		Anritsu Corp		24
1,494,811		Applera Corp (Applied Biosystems Group)		48,357
59,375	*	Argon ST, Inc		1,581
131,758		Arrow International, Inc		4,331
149,771	*	Arthrocare Corp		6,292
4,000		Asia Optical Co, Inc		19
96,775	*	Aspect Medical Systems, Inc		1,688
1,087		Bacou-Dalloz		129
62,622		Badger Meter, Inc		1,691
8,129,764		BAE Systems plc		55,597
533,559		Bard (C.R.), Inc		39,089
275,365	e	Bausch & Lomb, Inc		13,504
4,441,048		Baxter International, Inc		163,253
17,199,208	v*	BB Bioventures L.P.		10,597
267,443		Beckman Coulter, Inc		14,856
1,748,048		Becton Dickinson & Co		106,858
1,800	*	Biolase Technology, Inc		15
1,091,490		Biomet, Inc		34,153
105,184	*	Bio-Rad Laboratories, Inc (Class A)		6,831
121,469	*	Biosite, Inc		5,546
9,674,686	*	Boston Scientific Corp		162,922
304,497	*	Bruker BioSciences Corp		1,632
140,474	*	Caliper Life Sciences, Inc		701
245,175	*	Candela Corp		3,888
109,948	*	Cantel Medical Corp		1,566
117,009	*	Cardiodynamics International Corp		147
316,310	*	Cepheid, Inc		3,071
149,572	*	Cerus Corp		1,066
124,332		CNS, Inc		3,046
151,562		Cochlear Ltd		6,151
243,240	*	Coherent, Inc		8,204
123,991		Cohu, Inc		2,176

70

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
5,958	*	Concord Camera Corp	$	4
174,462	*	Conmed Corp		3,611
197,227		Cooper Cos, Inc		8,735
558,648	*	Credence Systems Corp		1,955
133,557	*	Cyberonics, Inc		2,847
2,029,701		Danaher Corp		130,550
76,999		Datascope Corp		2,375
343,636		Dentsply International, Inc		20,824
196,030	*	Depomed, Inc		1,151
97,636	*	DexCom, Inc		1,326
124,751	*	Dionex Corp		6,819
208,941	*	DJ Orthopedics, Inc		7,695
8,522	*	Dmatek Ltd		19
197,178		DRS Technologies, Inc		9,612
7,564	*	DXP Enterprises, Inc		235
468,546	*	Eagle Test Systems, Inc		6,569
3,196,409	e	Eastman Kodak Co		76,011
298,115		EDO Corp		7,256
134,808		Elekta AB		2,283
345,289	*	Encore Medical Corp		1,661
151,040	*	ESCO Technologies, Inc		8,073
148,552	*	Esterline Technologies Corp		6,178
97,246	*	ev3, Inc		1,440
1,525	*	Exactech, Inc		21
76,117	*	Excel Technology, Inc		2,277
64,472	*	FARO Technologies, Inc		1,093
195,056	*	FEI Co		4,424
501,722		Finmeccanica S.p.A.		11,137
649,400	*	Fisher Scientific International, Inc		47,439
331,619	*	Flir Systems, Inc		7,316
254,552	*	Formfactor, Inc		11,361
292,786	*	Fossil, Inc		5,273
108,315	e*	Foxhollow Technologies, Inc		2,959
1,700	*	Given Imaging Ltd		26
9,670,571		Golden Meditech Co Ltd		2,864
221,231	*	Haemonetics Corp		10,289
244,129	*	HealthTronics, Inc		1,868
80,822	*	Herley Industries, Inc		906
265,166	*	Hologic, Inc		13,089
82,958	*	ICU Medical, Inc		3,504
120,521	*	I-Flow Corp		1,304
134,316	*	II-VI, Inc		2,458
242,090	*	Illumina, Inc		7,180
310		Inficon Holding AG.		37
425,937	*	Input/Output, Inc		4,025
118,519	*	Integra LifeSciences Holdings Corp		4,600
251,951	*	Intermagnetics General Corp		6,798
124,465	*	Intralase Corp		2,084
197,274	*	Intuitive Surgical, Inc		23,272
184,694		Invacare Corp		4,595
1,958,211	*	Invensys plc		147
2,179,910	*	Invensys plc		776
156,824	e*	Ionatron, Inc		996
100,232	*	IRIS International, Inc		1,319
61,356	*	Ista Pharmaceuticals, Inc		443
202,451	*	Itron, Inc		11,997
216,227	*	Ixia		1,946
16,245,784		Johnson & Johnson		973,447
76,030		Keithley Instruments, Inc		968

71

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
59,731	*	Kensey Nash Corp	$	1,762
54,343		Keyence Corp		13,891
1,574,438		Kla-Tencor Corp		65,449
461,088	*	Kopin Corp		1,665
21,632	*	KVH Industries, Inc		252
335,157	*	Kyphon, Inc		12,857
53,411	*	LaBarge, Inc		709
122,656	*	Laserscope		3,779
46,621	*	LeCroy Corp		669
373,890	*	LTX Corp		2,621
111,723		Luxottica Group S.p.A.		3,034
70,796	*	Measurement Specialties, Inc		1,577
46,520	*	Medical Action Industries, Inc		1,028
6,277,135		Medtronic, Inc		294,523
201,280		Mentor Corp		8,756
156,738	*	Merit Medical Systems, Inc		2,157
323,314	*	Mettler-Toledo International, Inc		19,583
700		Micronics Japan Co Ltd		18
304,793	*	Millipore Corp		19,199
173,886		Mine Safety Appliances Co		6,990
251,912	*	MKS Instruments, Inc		5,068
180,482	*	Molecular Devices Corp		5,516
108,019		Movado Group, Inc		2,479
21,683,612	v*	MPM Bioventures II-QP, Lp		12,019
163,993		MTS Systems Corp		6,479
317,008	e*	Nanogen, Inc		602
260,724		National Instruments Corp		7,144
101,892	*	Natus Medical, Inc		1,008
76,771	*	Neurometrix, Inc		2,338
232,590	*	Newport Corp		3,749
32,331	*	Nextest Systems Corp		524
172,000		Nikon Corp		3,006
944		Nobel Biocare Holding AG.		224
16,424	*	Northstar Neuroscience, Inc		170
3,419	*	Novoste Corp		9
192,239	*	NuVasive, Inc		3,505
74,721	*	NxStage Medical, Inc		652
146,468		Oakley, Inc		2,468
53,043	e*	OccuLogix, Inc		115
448,692		Olympus Corp		12,011
6,000		Optimax Technology Corp		5
500	*	Orbotech Ltd		11
238,000		Osaki Electric Co Ltd		2,482
21,298	*	OYO Geospace Corp		1,216
115,006	*	Palomar Medical Technologies, Inc		5,248
8,535,117		PCCW Ltd		6,099
771,980		PerkinElmer, Inc		16,134
47,144	*	Petrojarl ASA		311
276,505		Phonak Holding AG.		17,256
107,123	*	Photon Dynamics, Inc		1,341
1,046,025		Pitney Bowes, Inc		43,201
142,712		PolyMedica Corp		5,132
603,000		Premier Image Technology Corp		903
125,645	e*	Qiagen NV		1,695
2,772		Q-Med AB		36
217,059	*	RAE Systems, Inc		868
763,000	*	Resmed, Inc		3,515
361,445	*	Resmed, Inc		16,970
332,697	*	Respironics, Inc		11,385

72

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
87,554	*	Rofin-Sinar Technologies, Inc	$	5,032
376,475		Roper Industries, Inc		17,600
155,897	*	Rudolph Technologies, Inc		2,261
617		Samsung Techwin Co Ltd		17
790,000		Shimadzu Corp		5,605
277,675	*	Sirf Technology Holdings, Inc		8,947
90,489		Sirona Dental Systems, Inc		3,585
4,062,776	v*	Skyline Venture Partners Qualified II		2,402
715,000	v*	Skyline Venture Partners Qualified III		715
529,493		Smith & Nephew plc		4,079
63,702	*	Somanetics Corp		1,217
153,041	*	Sonic Solutions, Inc		2,525
92,886	*	SonoSite, Inc		3,626
163,425	*	Spectranetics Corp		1,752
2,110,052	*	St. Jude Medical, Inc		68,408
185,680	e*	Star Scientific, Inc		479
722,396		STERIS Corp		16,514
1,581,371		Stryker Corp		66,592
24,313		Swatch Group AG.		4,098
63,400		Swatch Group AG.		2,210
76,430	*	Symmetry Medical, Inc		1,177
2,500	*	Syneron Medical Ltd		52
1,758	*	Synovis Life Technologies, Inc		17
26,544		Synthes, Inc		3,196
400,456		Tecan Group AG.		21,543
246,173	*	Techne Corp		12,535
754,491		Tektronix, Inc		22,197
391,497	*	Teledyne Technologies, Inc		12,826
2,151,949	*	Teradyne, Inc		29,977
656,428		Terumo Corp		21,935
695,821	*	Thermo Electron Corp		25,217
267,120	*	ThermoGenesis Corp		1,101
295,091	*	Thoratec Corp		4,093
310,202	*	Trimble Navigation Ltd		13,848
169,380	*	TriPath Imaging, Inc		1,121
93,518		United Industrial Corp		4,232
31,201	*	Urologix, Inc		98
211,578	*	Varian, Inc		8,783
168,140	*	Veeco Instruments, Inc		4,009
182,222	*	Ventana Medical Systems, Inc		8,597
186,311	*	Viasys Healthcare, Inc		4,770
128,504	e*	Viisage Technology, Inc		1,948
79,127	*	Vital Images, Inc		1,955
45,915		Vital Signs, Inc		2,274
40,217	*	Vnus Medical Technologies, Inc		337
620,989	*	Waters Corp		27,572
23,350	*	William Demant Holding		1,745
181,421	*	Wright Medical Group, Inc		3,797
4,852,986	*	Xerox Corp		67,505
136,275	e	X-Rite, Inc		1,498
29,231		Young Innovations, Inc		1,030
1,393,712	*	Zimmer Holdings, Inc		79,051
92,186	*	Zoll Medical Corp		3,020
64,200	*	Zygo Corp		1,052
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		3,724,976
INSURANCE AGENTS, BROKERS AND SERVICE - 0.52%
10,679		Alexander Forbes Ltd		22
2,247,957		AON Corp		78,274

73

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
135		April Group	$	7
537,725		Brown & Brown, Inc		15,712
182,270		Clark, Inc		2,406
212,606		Crawford & Co (Class B)		1,527
549,129		FBD Holdings plc		25,909
443,407		Gallagher (Arthur J.) & Co		11,236
1,688,083		Hartford Financial Services Group, Inc		142,812
6,730,423		HBOS plc		117,014
191,539		Hilb Rogal & Hobbs Co		7,139
39,709	*	James River Group, Inc		989
5,503,915		Marsh & McLennan Cos, Inc		148,000
52,847		MLP AG.		1,088
213,245		National Financial Partners Corp		9,449
8,217		OAMPS Ltd		21
2,031,110		QBE Insurance Group Ltd		30,935
117,040		Sanlam Ltd		238
954,799		Suncorp-Metway Ltd		13,726
2,000		Tsuruha Holdings, Inc		78
683,221		Unipol S.p.A.		1,987
253,989	*	USI Holdings Corp		3,406
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		611,975
INSURANCE CARRIERS - 5.09%
173,519		21st Century Insurance Group		2,499
2,045,688		ABC Learning Centres Ltd		9,727
1,023,829		ACE Ltd		51,796
9,069		Aegon NV		155
2,327,959		Aegon NV		39,798
8,483,167		Aetna, Inc		338,733
99,729		Affirmative Insurance Holdings, Inc		1,561
3,526,476		Aflac, Inc		163,452
2,330,000		Aioi Insurance Co Ltd		17,488
3,205		Aksigorta A.S.		9
205,300		Alfa Corp		3,400
174,653		Alleanza Assicurazioni S.p.A		1,979
20,102	*	Alleghany Corp		5,555
528,831		Allianz AG.		83,523
3,269,777		Allstate Corp		178,955
1,290	*	Alm. Brand Skadesforsikring A/S		65
473,086		Ambac Financial Group, Inc		38,367
248,219		American Equity Investment Life Holding Co		2,646
388,165		American Financial Group, Inc		16,652
14,040,917		American International Group, Inc		829,116
73,147		American National Insurance Co		9,489
61,224	*	American Physicians Capital, Inc		3,220
497,121	*	AMERIGROUP Corp		15,431
168,227		AmerUs Group Co		9,850
4,627,942		AMP Ltd		31,392
169,284	*	Argonaut Group, Inc		5,085
525,980		Aspen Insurance Holdings Ltd		12,250
449,504	e	Assicurazioni Generali S.p.A.		16,369
617,693		Assurant, Inc		29,896
1,286,234		Aviva plc		18,211
1,563,477		AXA Asia Pacific Holdings Ltd		7,283
3,821,134		AXA S.A.		125,372
3,574,579	*	AXA S.A.		3,017
1,845,402		Axis Capital Holdings Ltd		52,797
63,348		Baldwin & Lyons, Inc (Class B)		1,615
160,900		Baloise Holding AG.		12,340

74

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
87,881		Bristol West Holdings, Inc	$	1,406
12,574		Brit Insurance Holdings plc		61
18,399		Capital Title Group, Inc		136
249,881	*	Centene Corp		5,880
185,363	*	Ceres Group, Inc		1,153
25,898		Chesnara plc		86
8,600		China Life Insurance Co Ltd (ADR)		544
2,665,836		China Life Insurance Co Ltd (H Shs)		4,205
3,115,174		Chubb Corp		155,447
962,097		Cincinnati Financial Corp		45,228
81,401	e*	Citizens, Inc		408
7,199		Clal Insurance		142
125,655	*	CNA Financial Corp		4,142
96,233	*	CNA Surety Corp		1,663
161,144		CNP Assurances		15,320
9,542		Codan A/S		689
389,642		Commerce Group, Inc		11,510
853,484	*	Conseco, Inc		19,715
576,716		Corp Mapfre S.A.		10,641
3,117,433		Credit Suisse Group		174,067
337,941		Delphi Financial Group, Inc (Class A)		12,288
89,038		Direct General Corp		1,507
70,100		Donegal Group, Inc		1,361
33,717		Dongbu Insurance Co Ltd		846
32,418		EMC Insurance Group, Inc		932
187,926		Erie Indemnity Co (Class A)		9,772
293,675		Everest Re Group Ltd		25,423
23,347	e	Fairfax Financial Holdings Ltd		2,229
115,401		FBL Financial Group, Inc (Class A)		3,739
678,186		Fidelity National Financial, Inc		26,415
144,527	e	Fidelity National Title Group, Inc		2,843
83,314	*	First Acceptance Corp		981
808,541		First American Corp		34,177
1,836,191		Fondiaria-Sai S.p.A		75,037
55,227	*	Fpic Insurance Group, Inc		2,140
5,045,382		Friends Provident plc		16,680
782,000		Fuji Fire & Marine Insurance Co Ltd		3,236
2,031,448		Genworth Financial, Inc		70,776
51,351		Great American Financial Resources, Inc		1,075
434,256	e	Great-West Lifeco, Inc		11,113
231,655		Hanover Insurance Group, Inc		10,994
109,925		Harleysville Group, Inc		3,487
793,527		HCC Insurance Holdings, Inc		23,361
835,274	*	Health Net, Inc		37,729
147,962	*	HealthExtras, Inc		4,471
109,066	*	Healthspring, Inc		2,045
366,633		Horace Mann Educators Corp		6,214
1,642,702	*	Humana, Inc		88,213
954		Hyundai Marine & Fire Insurance Co Ltd		13
33,053		Independence Holding Co		741
130,762		Infinity Property & Casualty Corp		5,361
4,378,337		ING Groep NV		172,038
2,618,657		Insurance Australia Group Ltd		10,409
4,037		IPC Holdings Ltd		100
186,133		Irish Life & Permanent plc		4,427
24,169		Kansas City Life Insurance Co		1,019
96,120		KBC Groep NV		10,312
99,685	*	KMG America Corp		884
976		Korean Reinsurance Co		11

75

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
2,182,100		Kurnia Asia Bhd	$	742
175,129		LandAmerica Financial Group, Inc		11,313
853,764		Leucadia National Corp		24,921
3,965		Liberty Group Ltd		40
1,238,121		Lincoln National Corp		69,880
3,317,673		Loews Corp		117,612
3,368,763	e	Manulife Financial Corp		107,142
41,850	*	Markel Corp		14,522
408,375		Max Re Capital Ltd		8,919
576,698		MBIA, Inc		33,766
86,834	*	Meadowbrook Insurance Group, Inc		722
224,924		Mediolanum S.p.A.		1,579
148,068		Mercury General Corp		8,347
3,086,409		Metlife, Inc		158,055
491,534		Metropolitan Holdings Ltd		813
406,847		MGIC Investment Corp		26,445
57,916		Midland Co		2,200
3,380		Millea Holdings, Inc		62,979
2,252,525		Mitsui Sumitomo Insurance Co Ltd		28,315
483,129	*	Molina Healthcare, Inc		18,383
1,109,756		Montpelier Re Holdings Ltd		19,188
343,952		Muenchener Rueckver AG.		46,974
72,165		National Interstate Corp		1,957
14,752		National Western Life Insurance Co (Class A)		3,535
429,488		Nationwide Financial Services, Inc (Class A)		18,932
59,442	*	Navigators Group, Inc		2,605
973,000		Nipponkoa Insurance Co Ltd		8,409
983,000		Nissay Dowa General Insurance Co Ltd		6,312
11,696		NYMAGIC, Inc		340
83,019	e	Odyssey Re Holdings Corp		2,188
393,734		Ohio Casualty Corp		11,706
5,257,900		Old Mutual plc		15,876
970,172		Old Republic International Corp		20,733
570,278		PartnerRe Ltd		36,526
448,288	*	Philadelphia Consolidated Holding Co		13,610
827,716		Phoenix Cos, Inc		11,654
82,000		PICC Property & Casualty Co Ltd		30
35,000		Ping An Insurance (Group) Co of China Ltd		106
281,204		Platinum Underwriters Holdings Ltd		7,868
191,393	*	PMA Capital Corp (Class A)		1,971
425,466		PMI Group, Inc		18,967
781,964	e	Power Corp Of Canada		20,679
563,414	e	Power Financial Corp		15,872
120,600		Presidential Life Corp		2,964
2,296,837		Principal Financial Group		127,819
174,293	*	ProAssurance Corp		8,397
4,852,879		Progressive Corp		124,768
355,085		Protective Life Corp		16,554
3,268,393		Prudential Financial, Inc		253,954
952,357		Prudential plc		10,762
509,525		Radian Group, Inc		31,478
131,717		Reinsurance Group Of America, Inc		6,474
15,589		Republic Cos Group, Inc		276
1,380,760		Resolution plc		17,110
146,726		RLI Corp		7,069
12,499,042		Royal & Sun Alliance Insurance Group plc		31,093
732,374		Safeco Corp		41,269
78,750		Safety Insurance Group, Inc		3,745
16,712		Samsung Fire & Marine Insurance Co Ltd		2,246

76

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
30,814	*	SCPIE Holdings, Inc	$	717
98,467	*	SeaBright Insurance Holdings, Inc		1,586
200,700		Selective Insurance Group, Inc		11,213
1,383,529		Sompo Japan Insurance, Inc		19,365
4,594,785		St. Paul Travelers Cos, Inc		204,836
371,782		Stancorp Financial Group, Inc		18,928
85,948		State Auto Financial Corp		2,797
177,342		Stewart Information Services Corp		6,439
202,507		Storebrand ASA		2,091
1,131,706		Sun Life Financial, Inc		45,132
130,838		Swiss Reinsurance Co		9,127
550,900		T&D Holdings, Inc		44,577
7,190	*	Topdanmark A/S		1,002
512,718		Torchmark Corp		31,132
160,871		Tower Group, Inc		4,866
112,447		Transatlantic Holdings, Inc		6,286
55,968	*	Triad Guaranty, Inc		2,736
9,199		TrygVesta AS		574
107,885		United Fire & Casualty Co		3,251
8,078,361		UnitedHealth Group, Inc		361,749
229,735		Unitrin, Inc		10,014
166,018	*	Universal American Financial Corp		2,183
1,606,720		UnumProvident Corp		29,130
82,441	*	Vesta Insurance Group, Inc		7
2,004,219		W.R. Berkley Corp		68,404
351,411	*	WellCare Health Plans, Inc		17,237
6,064		Wesco Financial Corp		2,310
10,546		Wiener Staedtische Allgemeine Versicherung AG.		620
446,235		XL Capital Ltd (Class A)		27,354
374,481		Zenith National Insurance Corp		14,856
728,536		Zurich Financial Services AG.		159,386
		TOTAL INSURANCE CARRIERS		6,054,551
JUSTICE, PUBLIC ORDER AND SAFETY - 0.01%
235,222	*	Corrections Corp of America		12,453
75,276	*	Geo Group, Inc		2,638
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		15,091
LEATHER AND LEATHER PRODUCTS - 0.13%
175,428		Adidas-Salomon AG.		8,385
2,644,787	*	Coach, Inc		79,079
57,652	e*	CROCS, Inc		1,450
235,086	*	Genesco, Inc		7,962
56,322		Hermes International		4,980
174,547	*	Iconix Brand Group, Inc		2,852
281,342		LVMH Moet Hennessy Louis Vuitton S.A.		27,916
77,799		Pou Chen Corp		68
124,768		Steven Madden Ltd		3,696
371,093	*	Timberland Co (Class A)		9,686
53,886		Weyco Group, Inc		1,251
327,212		Wolverine World Wide, Inc		7,634
463,104		Yue Yuen Industrial Holdings		1,273
		TOTAL LEATHER AND LEATHER PRODUCTS		156,232
LEGAL SERVICES - 0.01%
252,090	*	FTI Consulting, Inc		6,748
89,958	e	Pre-Paid Legal Services, Inc		3,104
		TOTAL LEGAL SERVICES		9,852

77

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.02%
120,522		Brisa-Auto Estradas de Portugal S.A.	$	1,257
1,382,000		ComfortDelgro Corp Ltd		1,337
263,000		Keihin Electric Express Railway Co Ltd		1,864
153,000		Keisei Electric Railway Co Ltd		865
415,246		Laidlaw International, Inc		10,464
413,168		SMRT Corp Ltd		293
2,083,000		Tobu Railway Co Ltd		9,949
		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		26,029
LUMBER AND WOOD PRODUCTS - 0.05%
65,815		American Woodmark Corp		2,306
626,696	*	Champion Enterprises, Inc		6,919
57,237		Deltic Timber Corp		3,227
109,017		Duratex S.A.		982
1,446,547		Louisiana-Pacific Corp		31,679
45,678		Masisa S.A.		7
49,907		Nobia AB		1,621
40,461		Skyline Corp		1,731
63,353	*	Sonae Industria SGPS S.A.		545
1,747	*	Tenon Ltd		4
96,193		Universal Forest Products, Inc		6,034
		TOTAL LUMBER AND WOOD PRODUCTS		55,055
METAL MINING - 0.79%
244,548		Agnico-Eagle Mines Ltd		8,138
283,333		Alumina Ltd		1,421
13,204		Anglo Platinum Ltd		1,398
16,691		AngloGold Ashanti Ltd		831
1,700		AngloGold Ashanti Ltd (ADR)		82
1,644,319		Barrick Gold Corp		48,748
465,073	*	Barrick Gold Corp		13,766
962,142	*	Bema Gold Corp		4,819
437,904		Boliden AB		8,055
738,907		Cameco Corp		29,547
2,865		CAP S.A.		38
22,395		Cia de Minas Buenaventura S.A.		617
5,600		Cia de Minas Buenaventura S.A. (ADR)		153
148,846		Cia Vale do Rio Doce		3,596
69,758		Cia Vale do Rio Doce		1,421
156,620	e	Cleveland-Cliffs, Inc		12,418
2,207,213	*	Coeur d'Alene Mines Corp		10,617
26,600		Companhia Vale do Rio Doce (ADR)		547
382,346		Companhia Vale do Rio Doce (ADR)		9,192
710,448	*	Eldorado Gold Corp		3,462
215,800		Energy Resources of Australia Ltd		2,059
674,668	e	Falconbridge Ltd		35,672
139,653		First Quantum Minerals Ltd		6,284
1,574,382		Freeport-McMoRan Copper & Gold, Inc (Class A)		87,237
344,573	*	Glamis Gold Ltd		13,112
232,228		Gold Fields Ltd		5,275
352,307		Gold Fields Ltd (ADR)		8,068
747,080		Goldcorp, Inc		22,605
42,147	*	Harmony Gold Mining Co Ltd		674
7,900	*	Harmony Gold Mining Co Ltd (ADR)		129
729,275	*	Hecla Mining Co		3,829
29,809		Iluka Resources Ltd		145
1,391		Impala Platinum Holdings Ltd		257
4,900		Impala Platinum Holdings Ltd (ADR)		226

78

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
379,220	*	Inco Ltd	$	25,063
1,246,245	e	Inco Ltd		82,127
318,622	*	Ivanhoe Mines Ltd		2,166
719,125	*	Kinross Gold Corp		7,870
58,400		Kumba Resources Ltd		1,048
4,000,000		Lanna Resources PCL		1,258
210,167	*	Meridian Gold, Inc		6,656
6,159		Minsur S.A.		8
352,226		MMC Norilsk Nickel (ADR)		45,789
37,000		MMC Norilsk Nickel (ADR)		4,801
329,732		Newcrest Mining Ltd		5,164
1,858,900		Newmont Mining Corp		98,392
4		Newmont Mining Corp		-	^
2,943		Novolipetsk Steel (GDR)		65
2,575,994		Oxiana Ltd		6,048
8,884	*	Oxus Gold plc		9
364,691	*	Paladin Resources Ltd		1,114
96,609	*	PAN American Silver Corp		1,747
6,643,800	*	Pan Australian Resources Ltd		1,481
1,398,413		Phelps Dodge Corp		114,894
463,956	v*	Polyus Gold Co (LON ADR)		7,711
13,200	v*	Polyus Gold Co (US ADR)		215
24,328	*	Portman Ltd		89
2,660,500		PT International Nickel Indonesia Tbk		5,615
451,344		Rio Tinto Ltd		26,088
1,337,150		Rio Tinto plc		70,707
117,413	e	Royal Gold, Inc		3,266
5,182		Southern Copper Corp		462
127,220	e	Southern Copper Corp		11,339
35,344	*	St Barbara Ltd		26
383,049	*	Stillwater Mining Co		4,857
9,100		Sumitomo Titanium Corp		1,442
545,990		Teck Cominco Ltd (Class B)		32,884
1,605,000	*	Toro Energy Ltd		543
19,252		Umicore		2,570
431,600	*	Yamana Gold, Inc		4,253
8,072,000		Zijin Mining Group Co Ltd (Class H)		4,027
1,998,464		Zinifex Ltd		14,877
		TOTAL METAL MINING		941,109
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.36%
258,120		Aderans Co Ltd		6,977
26,830		Amer Sports Oyj		560
4,273,660		Anglo American plc		175,318
86,000		Asahi Pretec Corp		2,746
168,313		Blyth, Inc		3,107
56,455		Bulgari S.p.A.		640
451,303		Callaway Golf Co		5,862
98,914	e	Charles & Colvard Ltd		1,042
227,661		Daktronics, Inc		6,573
20,509		Escalade, Inc		267
801,007		Fortune Brands, Inc		56,880
22,880		Fu Sheng Industrial Co Ltd		22
5,318,412		Futuris Corp Ltd		8,298
1,028,674		Hasbro, Inc		18,629
524,540	*	Identix, Inc		3,666
249,842	*	Jakks Pacific, Inc		5,019
288,963	*	K2, Inc		3,161
31,300		Magnum Corp Bhd		16

79

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
93,592		Marine Products Corp	$	911
2,803,949		Mattel, Inc		46,293
17,000		Mitsuboshi Belting Co Ltd		105
27,925		Namco Bandai Holdings, Inc		425
196,538	e	Nautilus, Inc		3,088
251,633		Nintendo Co Ltd		42,264
113,203,000	a	Playmates Holdings Ltd		11,951
207,322	*	Progressive Gaming International Corp		1,617
109,833	*	RC2 Corp		4,246
82,769	*	Russ Berrie & Co, Inc		1,015
32,230		Sankyo Co Ltd		2,050
212,119	e*	Shuffle Master, Inc		6,953
45,059	*	Steinway Musical Instruments, Inc		1,105
87,000		Tasaki Shinju Co Ltd		434
104,400		Yamaha Corp		1,963
352,595		Yankee Candle Co, Inc		8,818
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		432,021
MISCELLANEOUS RETAIL - 1.09%
164,694	*	1-800-FLOWERS.COM, Inc (Class A)		950
88,652	*	AC Moore Arts & Crafts, Inc		1,446
21,441	*	Allion Healthcare, Inc		186
62,856	*	Alloy, Inc		659
1,608,329	*	Amazon.com, Inc		62,210
6,200		AOKI Holdings, Inc		108
2,976	*	Aygaz AS		7
854,910		Barnes & Noble, Inc		31,204
5,809		Beate Uhse AG.		42
33,000		Best Denki Co Ltd		116
123,797		Big 5 Sporting Goods Corp		2,414
27,746		Blair Corp		825
100,533	e*	Blue Nile, Inc		3,233
68,895		Books-A-Million, Inc		1,149
319,653		Borders Group, Inc		5,901
66,230	e*	Build-A-Bear Workshop, Inc		1,425
335,522		Cash America International, Inc		10,737
84,150		Cima Co Ltd		116
27,200		Circle K Sunkus Co Ltd		589
229,562	*	CKX, Inc		3,115
1,069		Clas Ohlson AB (B Shs)		22
335,881	*	Coldwater Creek, Inc		8,988
438,245		Compagnie Financiere Richemont AG. (Units) (A Shs)		20,034
5,947,199		CVS Corp		182,579
167	*	Daum Communications Corp		7
128,999		DCC plc		3,101
147,939	*	dELiA*s, Inc		1,195
152,220	*	Dick's Sporting Goods, Inc		6,028
1,284,700		Dickson Concepts International Ltd		1,389
1,572,185	*	Dollar Tree Stores, Inc		41,663
10,956		Douglas Holding AG.		506
497,297	*	Drugstore.com, Inc		1,442
37,000		EDION Corp		735
72,606	*	Ezcorp, Inc		2,737
7,935		Folli-Follie S.A.		185
26,806	*	Gmarket, Inc (ADR)		412
25,634	*	Golf Galaxy, Inc		345
22,985	*	Gruppo Coin S.p.A.		116
222,876	*	GSI Commerce, Inc		3,016
743,781		GUS plc		13,289

80

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
1,006		Hellenic Duty Free Shops S.A.	$	15
240,638	*	Hibbett Sporting Goods, Inc		5,751
150,950		HMV Group plc		480
2,492,598		Hutchison Whampoa Ltd		22,753
720,000		Ichitaka Co Ltd		3,137
639		Index Corp		632
15,000		Izumiya Co Ltd		118
194,846		Jean Coutu Group, Inc		2,050
24,550	e*	KarstadtQuelle AG.		651
40,000		Largan Precision Co Ltd		856
1,155,309		Lifestyle International Holdings Ltd		2,112
321,280		Longs Drug Stores Corp		14,657
26,200		Matsumotokiyoshi Co Ltd		667
942,927		Michaels Stores, Inc		38,886
224,576		MSC Industrial Direct Co (Class A)		10,683
3		MTI Ltd		11
241,453		Next plc		7,288
467,000		Nippon Mining Holdings, Inc		3,934
178,530	e*	Nutri/System, Inc		11,092
1,777,831	*	Office Depot, Inc		67,558
370,997		OfficeMax, Inc		15,118
824,340		Origin Energy Ltd		4,508
72,384	e*	Overstock.com, Inc		1,539
2,911,618		Pacific Brands Ltd		4,651
11,600		Parco Co Ltd		119
345,317	*	Petco Animal Supplies, Inc		7,055
1,786,229		Petsmart, Inc		45,728
149,750	*	Priceline.com, Inc		4,472
13,704	*	Pricesmart, Inc		137
6,065,277	*	Rite Aid Corp		25,717
55,700		Ryohin Keikaku Co Ltd		4,570
20,293		Sanoma-WSOY Oyj		488
914,376	*	Sears Holdings Corp		141,582
71,322	e*	Sharper Image Corp		792
375,906		Shoppers Drug Mart Corp		13,690
678,919		Signet Group plc		1,206
8,683		Spar Group Ltd		42
38,719	*	Sportsman's Guide, Inc		1,181
110,866	*	Stamps.com, Inc		3,084
4,636,423		Staples, Inc		112,758
67,724	*	Systemax, Inc		528
613,949		Tiffany & Co		20,273
462,000		Tsutsumi Jewelry Co Ltd		18,146
159,045	*	Valuevision International, Inc (Class A)		1,754
5,207,884		Walgreen Co		233,522
19,516		WH Smith plc		176
158,814		World Fuel Services Corp		7,256
200,706		Xebio Co Ltd		6,865
297,391	*	Zale Corp		7,164
88,963	*	Zumiez, Inc		3,342
		TOTAL MISCELLANEOUS RETAIL		1,295,015
MOTION PICTURES - 0.98%
65,445		Astral Media, Inc		2,053
15,400		Astro All Asia Networks plc		19
210,013	*	Avid Technology, Inc		7,000
1,141,828	*	Blockbuster, Inc (Class A)		5,686
68,675	e	Carmike Cinemas, Inc		1,448
1,175,627	*	Discovery Holding Co (Class A)		17,199

81

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
179,927	*	DreamWorks Animation SKG, Inc (Class A)	$	4,120
84,728	*	Gaiam, Inc		1,188
298,970	*	Macrovision Corp		6,434
15,426,338		News Corp (Class A)		295,877
259,000		News Corp (Class B)		5,227
27,379	*	Premiere AG.		265
296,935	e	Regal Entertainment Group (Class A)		6,034
442,662	*	Time Warner Telecom, Inc (Class A)		6,573
23,625,407		Time Warner, Inc		408,720
15,000		Toei Animation Co Ltd		892
84,600		Toho Co Ltd		1,691
13,175,077		Walt Disney Co		395,252
53,103	e*	WPT Enterprises, Inc		320
		TOTAL MOTION PICTURES		1,165,998
NONDEPOSITORY INSTITUTIONS - 1.71%
1,730	*	Aareal Bank AG.		65
106,012	*	Accredited Home Lenders Holding Co		5,068
42,270		Acom Co Ltd		2,296
451,666		Advance America Cash Advance Centers, Inc		7,922
10,752		Advanta Corp (Class A)		353
79,835		Advanta Corp (Class B)		2,870
221,200		Aeon Credit Service Co Ltd		5,379
1,524,500	v	Aeon Thana Sinsap Thailand PCL		1,838
1,100		AFP Provida S.A. (ADR)		27
160,678		Aiful Corp		8,588
784,143		American Capital Strategies Ltd		26,253
8,034,982		American Express Co		427,622
1,063,967	*	AmeriCredit Corp		29,706
212,880		Ares Capital Corp		3,604
65,311		Asta Funding, Inc		2,446
31,749		Australian Wealth Management Ltd		58
46,601		Beverly Hills Bancorp, Inc		448
1,162,700		Bursa Malaysia Bhd		1,819
2,486,150		Capital One Financial Corp		212,442
479,167		CapitalSource, Inc		11,241
283,405		Cattles plc		1,726
1,270,131		Challenger Financial Services Group Ltd		2,982
281,980		CharterMac		5,276
967,286		CIT Group, Inc		50,579
275,846	*	CompuCredit Corp		10,604
2,759,292		Countrywide Financial Corp		105,074
31,002	*	Credit Acceptance Corp		841
232,173		Credit Saison Co Ltd		11,008
89,562		D Carnegie AB		1,641
55,842		Delta Financial Corp		550
2,004,946		Deutsche Postbank AG.		144,229
511,268		Doral Financial Corp		3,277
79,393	*	Encore Capital Group, Inc		974
7,825,634		Fannie Mae		376,413
120,766		Federal Agricultural Mortgage Corp (Class C)		3,345
157,477		Financial Federal Corp		4,379
194,196	*	First Cash Financial Services, Inc		3,835
129,976		First Financial Holding Co Ltd		98
128,766		First Marblehead Corp		7,332
4,118,403		Freddie Mac		234,790
30,000		Hitachi Capital Corp		525
146,000		Hong Leong Finance Ltd		303
1,356,810		Hypo Real Estate Holding AG.		82,390

82

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
425,364		ICAP plc	$	3,918
802,125		ICICI Bank Ltd		8,500
249,061		IGM Financial, Inc		9,968
4,918		Infrastructure Development Finance Co Ltd		6
6,151		Intermediate Capital Group plc		153
2,158		Intrum Justitia AB		21
240,839	*	INVESTools, Inc		1,912
109,042		Irish Life & Permanent plc		2,610
7,000		Japan Securities Finance Co Ltd		83
518		Kenedix, Inc		2,252
1,739,000		Kim Eng Holdings Ltd		1,540
1,601		Kotak Mahindra Bank Ltd		9
2,810,300		Krungthai Card PCL		1,230
305,045		MCG Capital Corp		4,850
35,725		Medallion Financial Corp		463
515,360		Mega Financial Holding Co Ltd		381
131,070	*	Nelnet, Inc		5,315
101,728		NGP Capital Resources Co		1,488
4,801,660		Nissin Co Ltd		3,360
449,993	*	Ocwen Financial Corp		5,719
270,600		OMC Card, Inc		3,859
2,320,000		Orient Corp		7,590
1,469		OZ Holding AG.		111
42,786	*	Penson Worldwide, Inc		736
58,653		Perpetual Trustees Australia Ltd		3,188
20,000		Polaris Securities Co Ltd		10
52,550		Promise Co Ltd		3,048
226,446		Provident Financial plc		2,576
52,691		Reliance Capital Ltd		561
3,410		SFCG Co Ltd		776
84,975		SFE Corp Ltd		1,042
2,493,623		SLM Corp		131,963
4,780		SM Investments Corp		19
18,835		Student Loan Corp		3,805
138,000		Taishin Financial Holdings Co Ltd		85
103,720		Takefuji Corp		6,188
88,720		Technology Investment Capital Corp		1,300
108,600		Thanachart Capital PCL		41
30,533	*	United PanAm Financial Corp		928
155,068	*	World Acceptance Corp		5,508
		TOTAL NONDEPOSITORY INSTITUTIONS		2,029,328
NONMETALLIC MINERALS, EXCEPT FUELS - 0.09%
79,027		Aber Diamond Corp		2,431
127,888		AMCOL International Corp		3,370
86,475		Cimsa Cimento Sanayi Ve Ticaret A.S.		351
147,561		Compass Minerals International, Inc		3,682
333,154		Florida Rock Industries, Inc		16,548
299,418		Grupo Mexico S.A. de C.V.		857
3,324,000		Itochu Corp		29,223
22,710		Solvay S.A.		2,612
2,118,100	*	Tiberon Minerals Ltd		5,295
578,358		Vulcan Materials Co		45,112
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		109,481
OIL AND GAS EXTRACTION - 2.86%
49,848		Aker Kvaerner ASA		4,678
2,224,232		Anadarko Petroleum Corp		106,074
3,100		AOC Holdings, Inc		53

83

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
4,275,428		Apache Corp	$	291,798
56,135	*	Arena Resources, Inc		1,925
189,763	*	Atlas America, Inc		8,503
110,240	*	ATP Oil & Gas Corp		4,622
163,678	*	Atwood Oceanics, Inc		8,118
350,642	*	Aurora Oil & Gas Corp		1,403
1,843,543		Baker Hughes, Inc		150,894
69,971	*	Basic Energy Services, Inc		2,139
202,726		Berry Petroleum Co (Class A)		6,720
7,279,265		BG Group plc		97,273
147,276	*	Bill Barrett Corp		4,361
1,422,468		BJ Services Co		53,001
81,938	*	Bois d'Arc Energy, Inc		1,350
169,362	*	Brigham Exploration Co		1,340
70,885	*	Bronco Drilling Co, Inc		1,481
254,101		Cabot Oil & Gas Corp (Class A)		12,451
152,489	*	Callon Petroleum Co		2,949
1,050,576		Canadian Natural Resources Ltd		58,306
466,663		Canadian Oil Sands Trust		15,106
412,660		Canetic Resources Trust		8,572
117,922	*	Carrizo Oil & Gas, Inc		3,692
398,755	*	Cheniere Energy, Inc		15,551
1,492,229		Chesapeake Energy Corp		45,140
374,665		Cimarex Energy Co		16,111
31,831	*	Clayton Williams Energy, Inc		1,099
8,647,000		CNOOC Ltd		6,902
4,100		CNOOC Ltd (ADR)		330
4,923	*	CNX Gas Corp		148
114,147	*	Complete Production Services, Inc		2,698
245,817	*	Comstock Resources, Inc		7,340
9,300	*	Dana Petroleum plc		194
35,580	*	Dawson Geophysical Co		1,095
223,560		Delta & Pine Land Co		6,573
290,147	*	Delta Petroleum Corp		4,970
536,558	*	Denbury Resources, Inc		16,993
647,513	*	DET Norske Oljeselskap		1,301
2,842,251		Devon Energy Corp		171,700
273,009		Diamond Offshore Drilling, Inc		22,914
55,749	*	Duvernay Oil Corp		1,965
103,872	*	Edge Petroleum Corp		2,075
1,827,101		EnCana Corp		96,571
300,718	*	Encore Acquisition Co		8,068
266,014	*	Endeavour International Corp		636
195,811	*	Energy Partners Ltd		3,711
309,017		Enerplus Resources Fund		17,506
250,618	b,v*	Enron Corp		-	^
766,410		ENSCO International, Inc		35,270
175,546		Ensign Energy Services, Inc		3,621
958,488		Equitable Resources, Inc		32,109
287,455	*	EXCO Resources, Inc		3,277
166,262	*	Exploration Co of Delaware, Inc		1,772
2,772		Expro International Group plc		35
298,363	*	First Calgary Petroleums Ltd		2,656
342,630	*	Forest Oil Corp		11,362
178,457	e*	FX Energy, Inc		824
8,570		GAIL India Ltd		48
1,319		GAIL India Ltd (GDR)		44
450,181	*	Gasco Energy, Inc		2,003
175,878	*	GeoGlobal Resources, Inc		860

84

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
505,739	*	Global Industries Ltd	$	8,446
40,185		GlobalSantaFe Corp		2,321
43,270	*	GMX Resources, Inc		1,338
62,890	*	Goodrich Petroleum Corp		1,785
1,561,494	*	Grey Wolf, Inc		12,024
67,538	*	Gulfport Energy Corp		746
2,834,221		Halliburton Co		210,328
571,849	*	Hanover Compressor Co		10,739
300,967		Harvest Energy Trust		8,988
479,908	*	Harvest Natural Resources, Inc		6,498
452,114	*	Helix Energy Solutions Group, Inc		18,247
244,678		Helmerich & Payne, Inc		14,744
97,076	*	Hercules Offshore, Inc		3,398
168,949	*	Houston Exploration Co		10,338
315,277		Husky Energy, Inc		19,862
2,163	*	Inpex Holdings, Inc		19,111
291,614	*	KCS Energy, Inc		8,661
1,357	*	Key Energy Services, Inc		21
261,174	*	Lundin Petroleum AB		3,163
70,522	*	Mariner Energy, Inc		1,295
134,773	e*	McMoRan Exploration Co		2,372
825,525	*	Meridian Resource Corp		2,889
92,867	*	Metretek Technologies, Inc		1,595
1,076,813	*	National Oilwell Varco, Inc		68,184
1,076,589		Neste Oil Oyj		37,911
756,700	*	Newfield Exploration Co		37,033
511,724	*	Newpark Resources, Inc		3,147
484,284	*	Nexen, Inc		27,391
44,362		Niko Resources Ltd		2,515
30,000		Noble Corp		2,233
2,091,975		Noble Energy, Inc		98,030
11,268		NovaTek OAO (GDR)		496
326,005	*	Oceaneering International, Inc		14,947
51,669		Oil & Natural Gas Corp Ltd		1,244
214,000	*	OPTI Canada, Inc		4,397
200,652	*	Parallel Petroleum Corp		4,958
991,705	*	Parker Drilling Co		7,120
1,240,280		Patterson-UTI Energy, Inc		35,112
243,389		Penn West Energy Trust		9,827
1,000,026		Petro-Canada		47,623
30,623,790		PetroChina Co Ltd (Class H)		32,725
33,900	v*	PetroCorp		-	^
366,394		Petrofund Energy Trust		8,813
337,061	*	PetroHawk Energy Corp		4,247
348,548		Petroleo Brasileiro S.A. (ADR)		31,129
158,429	*	Petroleum Development Corp		5,973
47,144	*	Petroleum Geo-Services ASA		2,659
252,980	*	Petroquest Energy, Inc		3,107
209,922	*	Pioneer Drilling Co		3,241
555,297		Pioneer Natural Resources Co		25,771
352,930	*	Plains Exploration & Production Co		14,308
299,285		Pogo Producing Co		13,797
216,360		Precision Drilling Trust		7,218
1,451,620	*	Pride International, Inc		45,334
3,219	*	PrimeEnergy Corp		248
32,098		ProSafe ASA		1,960
557,400		Provident Energy Trust		6,837
2,680,500		PT Medco Energi Internasional Tbk		1,078
44,300		PTT Exploration & Production PCL		123

85

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
12,500	v	PTT Exploration & Production PCL (ADR)	$	59
100,818	*	Quest Resource Corp		1,366
279,650	*	Quicksilver Resources, Inc		10,294
92,617	*	RAM Energy Resources, Inc		530
595,371		Range Resources Corp		16,188
143,373	*	Remington Oil & Gas Corp		6,304
2,144,200	*	Renewable Energy Corp AS		30,668
21,958	*	Roc Oil Co Ltd		69
284,478	e*	Rosetta Resources, Inc		4,728
472,385		Rowan Cos, Inc		16,812
140,293		RPC, Inc		3,406
2,791,713		Saipem S.p.A.		63,504
902,529		Santos Ltd		8,113
701,872		Schlumberger Ltd		45,699
11,900		Scomi Group Bhd		3
90,277	*	SEACOR Holdings, Inc		7,412
155,738	*	SeaDrill Ltd		2,052
50	v*	Serval Integrated Energy Services		-	^
511,742		Singapore Petroleum Co Ltd		1,634
1,357,670	*	Southwestern Energy Co		42,305
408,017		St. Mary Land & Exploration Co		16,423
176,086	*	Stolt Offshore S.A.		2,681
159,431	*	Stone Energy Corp		7,422
3,178	*	Subsea 7, Inc		51
201,971	*	Sulphco, Inc		1,446
450,428	*	Superior Energy Services		15,270
63,326	*	Superior Well Services, Inc		1,577
42,200		Surgutneftegaz (ADR)		3,105
230,038	*	Swift Energy Co		9,875
246,665	e*	Syntroleum Corp		1,497
2,220,141		Talisman Energy, Inc		38,889
376,463	*	Tetra Technologies, Inc		11,403
448,147	*	TGS Nopec Geophysical Co ASA		7,922
322,151		Tidewater, Inc		15,850
467,089		Todco		19,081
86,101	e*	Toreador Resources Corp		2,422
653,508	*	Total S.A.		8
3,642,070		Total S.A.		239,599
353,052	*	Transmeridian Exploration, Inc		2,012
257,773	*	Transmontaigne, Inc		2,890
28,000	*	Transocean, Inc		2,249
196,452		Trican Well Service Ltd		3,939
51,905	*	Trico Marine Services, Inc		1,765
131,395	e*	Tri-Valley Corp		1,084
70,299	*	Union Drilling, Inc		1,045
321,594	*	Unit Corp		18,295
578,008	*	UTS Energy Corp		3,051
344,120	*	Vaalco Energy, Inc		3,359
358,883	*	Veritas DGC, Inc		18,511
241,434		W&T Offshore, Inc		9,389
287,895	*	Warren Resources, Inc		4,134
50,429	*	Warrior Energy Service Corp		1,227
23	*	Weatherford International Ltd		1
196,230	*	Western Oil Sands, Inc		5,459
170,635	*	W-H Energy Services, Inc		8,673
194,174	*	Whiting Petroleum Corp		8,130
906,561		Woodside Petroleum Ltd		29,635
120,163		WorleyParsons Ltd		1,794
5,622,164		XTO Energy, Inc		248,893
		TOTAL OIL AND GAS EXTRACTION		3,403,128

86

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
PAPER AND ALLIED PRODUCTS - 0.45%
19	*	Abitibi-Consolidated, Inc	$	-	^
543,758		Abitibi-Consolidated, Inc		1,472
16,608		Aracruz Celulose S.A.		87
2,400		Aracruz Celulose S.A. (ADR)		126
454,096		Bemis Co		13,904
55,092		Billerud AB		730
335,976		Bowater, Inc		7,643
197,899	*	Buckeye Technologies, Inc		1,512
106,814	*	Canfor Corp		1,249
184,614	*	Caraustar Industries, Inc		1,662
318,524	*	Cenveo, Inc		5,718
189,365		Chesapeake Corp		3,107
17,600	v	China International Marine Containers Co Ltd		26
284,555	*	Domtar, Inc		1,763
2,949		Empresas CMPC S.A.		81
245,466		Glatfelter		3,896
629,427	*	Graphic Packaging Corp		2,386
157,543		Greif, Inc (Class A)		11,809
60,447		Holmen AB (B Shs)		2,442
2,311,310		International Paper Co		74,655
2,733,124		Kimberly-Clark Corp		168,634
14,574		Kimberly-Clark de Mexico S.A. de C.V.		46
53,000		Kishu Paper Co Ltd		103
20,798		Klabin S.A.		49
370,100		Kokuyo Co Ltd		6,197
305,017		Longview Fibre Co		5,823
1,872		Mayr-Melnhof Karton AG.		301
915,249		MeadWestvaco Corp		25,563
160,838	e*	Mercer International, Inc		1,396
65,000		Mitsubishi Paper Mills Ltd		127
1,027,475		M-real OYJ		5,084
15,762		Nampak Ltd		40
97,619		Neenah Paper, Inc		2,972
2,390		Nippon Paper Group, Inc		9,785
96,177		Norske Skogindustrier ASA		1,410
492,000		OJI Paper Co Ltd		2,802
327,509		Packaging Corp of America		7,212
2,975,210		PaperlinX Ltd		6,897
252,386	*	Playtex Products, Inc		2,632
294,584		Rock-Tenn Co (Class A)		4,699
505,700		Sanrio Co Ltd		7,043
6,488		Sappi Ltd		80
24,600		Sappi Ltd (ADR)		307
85,619		Schweitzer-Mauduit International, Inc		1,854
1,250,239	*	Smurfit-Stone Container Corp		13,678
421,992		Sonoco Products Co		13,356
495,517		Stora Enso Oyj (R Shs)		6,919
300,114		Svenska Cellulosa AB (B Shs)		12,395
1,548,202		Temple-Inland, Inc		66,371
25,400		Uni-Charm Corp		1,404
796,573		UPM-Kymmene Oyj		17,162
228,550		Wausau Paper Corp		2,845
20,000		Yuen Foong Yu Paper Manufacturing Co Ltd		8
		TOTAL PAPER AND ALLIED PRODUCTS		529,462

87

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
PERSONAL SERVICES - 0.10%
52,808		Angelica Corp	$	926
654,475		Cintas Corp		26,022
51,000		Coinmach Service Corp		523
162,689	*	Coinstar, Inc		3,895
142,035		Davis Service Group plc		1,239
121,741		G & K Services, Inc (Class A)		4,176
1,578,354		H&R Block, Inc		37,660
221,081		Jackson Hewitt Tax Service, Inc		6,931
967,900		Kuala Lumpur Kepong Bhd		2,568
6,414		Mcbride plc		21
265,107		Regis Corp		9,440
1,359,389		Service Corp International		11,065
55,254		Unifirst Corp		1,906
347,704		Weight Watchers International, Inc		14,218
		TOTAL PERSONAL SERVICES		120,590
PETROLEUM AND COAL PRODUCTS - 5.12%
112,598		Alon USA Energy, Inc		3,543
328,100		Ashland, Inc		21,884
979	*	Bharat Petroleum Corp Ltd		7
27,414,124		BP plc		319,687
329,527		BP plc (ADR)		22,938
12,993,395		Chevron Corp		806,370
788,764		China Petroleum & Chemical Corp		452
5,700		China Petroleum & Chemical Corp (ADR)		326
8,992,016		ConocoPhillips		589,247
12		Daiseki Co Ltd		-	^
17,755	*	Delek US Holdings, Inc		270
118,505		ElkCorp		3,291
6,495,096	e	ENI S.p.A.		191,263
1,619,176		EOG Resources, Inc		112,274
33,449,610		Exxon Mobil Corp		2,052,134
689,571		Frontier Oil Corp		22,342
98,086	*	Giant Industries, Inc		6,528
254,155	*	Headwaters, Inc		6,496
282,323		Hellenic Petroleum S.A.		3,754
1,339,531		Hess Corp		70,794
273,228		Holly Corp		13,170
801,778		Imperial Oil Ltd		29,401
1,453,372		Kerr-McGee Corp		100,791
74,032		LUKOIL (ADR)		6,159
2,380,238		Marathon Oil Corp		198,274
31,400		Motor Oil Hellas Corinth Refineries S.A.		837
822,190		Murphy Oil Corp		45,928
4,347,002		Occidental Petroleum Corp		445,785
145,895		OMV AG.		8,684
1,500	*	Petrobras Energia Participaciones S.A. (ADR)		17
4,200		PetroChina Co Ltd (ADR)		453
614,847		Petroleo Brasileiro S.A.		12,267
228,456		Petroleo Brasileiro S.A.		5,109
2,600		Petroleo Brasileiro S.A. (ADR)		208
49,300		PGG Wrightson Ltd		67
4,931		Polski Koncern Naftowy Orlen S.A.		82
8,584		Polski Koncern Naftowy Orlen S.A. (GDR)		280
1,930,605		Premier Farnell plc		6,329
199,800		PTT PCL		1,183
1,534,302		Repsol YPF S.A.		43,925
6,583,193		Royal Dutch Shell plc (A Shares)		221,602
3,516,772		Royal Dutch Shell plc (B Shares)		122,999

88

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
63		Samir	$	6
347,537		Shell Canada Ltd		12,969
2,000		Shell Refining Co		5
483,800		Showa Shell Sekiyu KK		5,684
10,629		SK Corp		684
2,620		S-Oil Corp		185
679,639		Statoil ASA		19,278
1,257,000	*	Suncor Energy, Inc		101,830
989,528		Suncor Energy, Inc		80,383
744,194		Sunoco, Inc		51,565
14,294		Tatneft (ADR)		1,101
520,550		Tesoro Corp		38,708
179,000		TonenGeneral Sekiyu KK		1,842
1,445		Tupras Turkiye Petrol Rafine		24
2,410	*	Unipetrol		22
4,034,588		Valero Energy Corp		268,381
102,109		WD-40 Co		3,428
80,093		Western Refining, Inc		1,728
		TOTAL PETROLEUM AND COAL PRODUCTS		6,084,973
PIPELINES, EXCEPT NATURAL GAS - 0.02%
909,784	e	TransCanada Corp		26,056
		TOTAL PIPELINES, EXCEPT NATURAL GAS		26,056
PRIMARY METAL INDUSTRIES - 1.28%
71,936		Acerinox S.A.		1,247
17,000		Aichi Steel Corp		121
667,136	*	AK Steel Holding Corp		9,226
21,792		Alcan, Inc		1,030
808,624	*	Alcan, Inc		38,021
3,684,459		Alcoa, Inc		119,229
181,421	*	Aleris International, Inc		8,318
185,112		Algoma Steel, Inc		5,901
580,110		Allegheny Technologies, Inc		40,167
14,000		Angang New Steel Co Ltd		13
588,834		Arcelor		28,415
25,123		Bekaert S.A.		2,412
277,212		Belden CDT, Inc		9,162
6,687,435		BHP Billiton plc		129,748
1,003,713		BlueScope Steel Ltd		5,928
326,981		Boehler-Uddeholm AG.		17,874
114,078	*	Brush Engineered Materials, Inc		2,379
133,746		Carpenter Technology Corp		15,448
86,000		Catcher Technology Co Ltd		911
136,974	*	Century Aluminum Co		4,889
134,701	*	Chaparral Steel Co		9,701
1,597,000		China Steel Corp		1,583
2,284		Cia Siderurgica Nacional S.A.		73
3,300		Cia Siderurgica Nacional S.A. (ADR)		106
382,401	*	CommScope, Inc		12,015
10,114,051	*	Corning, Inc		244,659
3,122,968		Corus Group plc		26,368
4,086		Cumerio		82
567		Daewoo International Corp		20
424,000		Daido Steel Co Ltd		3,331
650		Dongkuk Steel Mill Co Ltd		11
162,000		Dowa Mining Co Ltd		1,434
3,127		EL Ezz Aldekhela Steel Alexandria		486
498	*	El Ezz Steel Rebars SAE		3

89

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
128,677	*	Encore Wire Corp	$	4,625
3,253		Eregli Demir ve Celik Fabrikalari TAS		15
956,000		Fujikura Ltd		10,562
711,100		Furukawa Electric Co Ltd		4,603
306,577	*	General Cable Corp		10,730
26,167	*	Generale Industrie Metallurgiche S.p.A.		23
78,438		Gerdau S.A.		969
8,699		Gerdau S.A.		131
7,050		Gerdau S.A. (ADR)		105
188,456		Gibraltar Industries, Inc		5,465
21,000		Godo Steel Ltd		126
4,600	*	Grupo Simec S.A. de C.V. (ADR)		36
1,600		Highveld Steel and Vanadium Corp Ltd (ADR)		17
330,992		Hindalco Industries Ltd		1,262
2,531,000		Hitachi Cable Ltd		11,735
49,859		Hoganas AB (B Shares)		1,239
257,446		Hubbell, Inc (Class B)		12,267
140,770		Industrias Penoles S.A. de C.V.		910
132,284		IPSCO, Inc		12,712
1,208,000		Jiangxi Copper Co Ltd		1,120
186,813		Johnson Matthey plc		4,585
42,017		KGHM Polska Miedz S.A.		1,424
1,929		KGHM Polska Miedz S.A. (GDR)		131
4,150,151		Kobe Steel Ltd		12,997
1,242,489	*	Lone Star Technologies, Inc		67,119
30,000		Maanshan Iron & Steel		10
195,866		Matthews International Corp (Class A)		6,752
232,402	*	Maverick Tube Corp		14,685
5,256,000		Mitsubishi Materials Corp		22,437
34,000		Mitsubishi Shindoh Co Ltd		105
15,000		Mitsubishi Steel Manufacturing Co Ltd		82
343,000		Mitsui Mining & Smelting Co Ltd		2,025
58		Mittal Steel Co NV		2
3,489		Mittal Steel South Africa Ltd		37
220,531		Mueller Industries, Inc		7,284
274,000		Nippon Light Metal Co Ltd		750
13,878,793		Nippon Steel Corp		52,570
4,275,876		Nisshin Steel Co Ltd		13,765
1,461,073		Norsk Hydro ASA		38,742
100,430		Novelis, Inc		2,155
189,264	*	NS Group, Inc		10,425
2,192,700		Nucor Corp		118,954
36,612		Olympic Steel, Inc		1,296
1,684,499		OneSteel Ltd		5,094
295,136	*	Oregon Steel Mills, Inc		14,952
39,091		Outokumpu Oyj		915
738		PKC Group Oyj		12
5,270		Poongsan Corp		107
17,883		POSCO		4,797
9,900		POSCO (ADR)		662
582,568		Precision Castparts Corp		34,814
422,129		Quanex Corp		18,181
134,540	*	RTI International Metals, Inc		7,513
172,000		S Science Co Ltd		65
45,508		Salzgitter AG.		3,862
128,477		Schnitzer Steel Industries, Inc (Class A)		4,558
7,900	v	Siderar SAIC (ADR)		423
350		Sonasid		73
285,131		Steel Dynamics, Inc		18,745

90

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
117,843		Steel Technologies, Inc	$	2,291
1,142,591		Sumitomo Electric Industries Ltd		16,752
5,367,384		Sumitomo Metal Industries Ltd		22,162
1,735,067		Sumitomo Metal Mining Co Ltd		22,645
114,969	*	Superior Essex, Inc		3,441
32,198		Tenaris S.A. (ADR)		1,304
176,823		Texas Industries, Inc		9,389
252,319		ThyssenKrupp AG.		8,637
385,941	e*	Titanium Metals Corp		13,269
13,800		Toho Titanium Co Ltd		746
64,700		Tokyo Steel Manufacturing Co Ltd		1,418
273,000		Tori Holdings Co Ltd		119
177,812		Tredegar Corp		2,813
844,108		United States Steel Corp		59,189
34,213		Usinas Siderurgicas de Minas Gerais S.A.		1,228
95,079		Viohalco S.A.		871
189,860		Voestalpine AG.		28,840
1,926,150		Walsin Lihwa Corp		827
44,591	*	Wheeling-Pittsburgh Corp		887
461,299		Worthington Industries, Inc		9,664
6,700		Yamato Kogyo Co Ltd		150
		TOTAL PRIMARY METAL INDUSTRIES		1,518,710
PRINTING AND PUBLISHING - 0.60%
234,451	*	ACCO Brands Corp		5,134
1,059		Agora S.A.		12
2,082		Agora S.A. (GDR)		22
684,644		American Greetings Corp (Class A)		14,384
176,839		APN News & Media Ltd		667
46,421		Arnoldo Mondadori Editore S.p.A.		448
232,800		Asia Securities Printing Co Ltd		2,206
158,653		Banta Corp		7,350
533,003		Belo (A.H.) Corp Series A		8,315
231,249		Bowne & Co, Inc		3,307
13,358		Caltagirone Editore S.p.A		113
148,710	*	Consolidated Graphics, Inc		7,742
60,523		Courier Corp		2,422
37,171		CSS Industries, Inc		1,069
208,400		Dai Nippon Printing Co Ltd		3,227
259,205		Daily Mail & General Trust		2,944
150,484		De La Rue plc		1,521
7,205	*	Dogan Yayin Holding		24
323,257		Dow Jones & Co, Inc		11,317
426,352	*	Dun & Bradstreet Corp		29,708
120,993		Emap plc		1,906
198,066		Eniro AB		2,083
147,912		Ennis, Inc		2,911
346,768		EW Scripps Co		14,960
1,530,493		Gannett Co, Inc		85,600
369,961		Harte-Hanks, Inc		9,486
375,440		Hollinger International, Inc		3,015
5,334	*	Ihlas Holding		2
620,397		Independent News & Media plc		1,817
729,193		John Fairfax Holdings Ltd		2,032
291,500		John H Harland Co		12,680
310,342		John Wiley & Sons, Inc (Class A)		10,303
208,642		Journal Communications, Inc		2,345
383,573		Journal Register Co		3,437
311,643		Lee Enterprises, Inc		8,399

91

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
140,013	e*	Martha Stewart Living Omnimedia, Inc (Class A)	$	2,340
307,513	e	McClatchy Co (Class A)		12,337
2,879,908		McGraw-Hill Cos, Inc		144,658
128,233		Media General, Inc (Class A)		5,372
429,083		Meredith Corp		21,257
607,328		New York Times Co (Class A)		14,904
45,896		PagesJaunes Groupe S.A.		1,441
459,804		Pearson plc		6,263
167,105	*	Playboy Enterprises, Inc (Class B)		1,668
169,507	e*	Presstek, Inc		1,578
943,812	*	Primedia, Inc		1,727
63,790	*	Private Media Group Ltd		284
115,756		Quebecor World, Inc		1,291
285,020		R.H. Donnelley Corp		15,411
917,664		R.R. Donnelley & Sons Co		29,319
583,190		Reader's Digest Association, Inc (Class A)		8,141
480,843		Reed Elsevier NV		7,230
649,418		Reed Elsevier plc		6,558
77,710		Schawk, Inc		1,360
18,933		Schibsted ASA		505
209,714	*	Scholastic Corp		5,446
524,206		SCMP Group Ltd		177
1,576,447		Singapore Press Holdings Ltd		4,107
3,769		SR Teleperformance		151
102,657		Standard Register Co		1,216
6,600		Star Publications Malaysia Bhd		6
464,158	e	Thomson Corp		17,951
1,271,000		Toppan Printing Co Ltd		14,387
1,453,120	e	Tribune Co		47,125
115,527		Trinity Mirror plc		1,043
21,848	*	Triple Crown Media, Inc		189
160,026		United Business Media plc		1,917
304,998	*	Valassis Communications, Inc		7,195
193,206	*	VistaPrint Ltd		5,166
24,664		Washington Post Co (Class B)		19,238
148,885		Wolters Kluwer NV		3,516
3,156,771		Yell Group plc		29,865
315,303		Yellow Pages Income Fund		4,565
		TOTAL PRINTING AND PUBLISHING		709,812
RAILROAD TRANSPORTATION - 0.65%
2,080,428		Burlington Northern Santa Fe Corp		164,874
1,192,069	*	Canadian National Railway Co		52,266
390,547		Canadian Pacific Railway Ltd		19,986
941		Central Japan Railway Co		9,384
1,642,932		CSX Corp		115,728
6,456		East Japan Railway Co		48,004
343,755		Firstgroup plc		2,982
185,001		Florida East Coast Industries		9,681
250,252	*	Genesee & Wyoming, Inc (Class A)		8,876
26,000		Guangshen Railway Co Ltd		10
1,700		Guangshen Railway Co Ltd (ADR)		32
47,665	*	Jarvis plc		56
366,402	*	Kansas City Southern Industries, Inc		10,149
3,627,733		Norfolk Southern Corp		193,068
403,000		Odakyu Electric Railway Co Ltd		2,602
1,353,840		Union Pacific Corp		125,853
2,352		West Japan Railway Co		9,773
		TOTAL RAILROAD TRANSPORTATION		773,324

92

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
REAL ESTATE - 0.57%
103,200		Aeon Mall Co Ltd	$	4,342
5,803		Africa Israel Investments Ltd		273
1,794,000		Agile Property Holdings Ltd		1,074
303,721	*	Alderwoods Group, Inc		5,910
70,045		Allan Gray Property Trust		47
1,232,000		Allgreen Properties Ltd		982
134		Arealink Co Ltd		94
494,550		Ascendas Real Estate Investment Trust		600
2,735		Ayala Corp		19
7,324,303		Ayala Land, Inc		1,585
2,090		Babis Vovos International Construction S.A.		48
14,072,000		Beijing Capital Land Ltd		4,122
209,609		Bovis Homes Group plc		3,113
1,506,636		British Land Co plc		35,195
253,703		Brixton plc		2,249
157,103		Brookfield Properties Co		5,004
128,400	*	Brookfield Properties Corp		4,131
50,210	*	California Coastal Communities, Inc		1,607
3,881,587		CapitaLand Ltd		11,046
578		Capona AB		9
257,260		Castellum AB		2,634
15,000	*	Cathay Real Estate Development Co Ltd		11
1,319,590	*	CB Richard Ellis Group, Inc		32,858
1,044,704		Centro Properties Group		5,193
12,053,166	*	Champion Real Estate Investment Trust		5,975
1,784,607		Cheung Kong Holdings Ltd		19,335
214,000		China Overseas Land & Investment Ltd		130
90,000		China Resources Land Ltd		49
1,015,780		City Developments Ltd		6,006
12,349		Cofinimmo		2,135
33,553		Consolidated-Tomoka Land Co		1,850
96,059		Corio NV		5,973
748		Countrywide plc		7
3,038		Crest Nicholson		29
2,278		Cyrela Brazil Realty S.A.		38
158,000		Daibiru Corp		1,754
1,711,328		DB RREEF Trust		1,863
2,470		Derwent Valley Holdings plc		72
172,283	*	Desarrolladora Homex S.A. de C.V.		943
300		Diamond City Co Ltd		12
40,859		Fadesa Inmobiliaria S.A.		1,401
14,406,664		Far East Consortium		6,167
356,923		Forest City Enterprises, Inc (Class A)		17,814
10,340		Gecina S.A.		1,354
486	*	Globe Trade Centre S.A.		40
610		Goldcrest Co Ltd		30
2,584		Guangzhou R&F Properties Co Ltd		12
32,000		Guocoland Ltd		49
720,669		Hammerson plc		15,782
2,087,000		Hang Lung Group Ltd		4,514
2,739,100		Hang Lung Properties Ltd		4,902
1,493,318		Henderson Land Development Co Ltd		7,758
594,000		Hopewell Holdings		1,675
7,274		Hopson Development Holdings Ltd		15
91,343	e*	Housevalues, Inc		633
2,837,754		Hysan Development Co Ltd		8,001
13,100		IGB Corp Bhd		5

93

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
336,097	*	IMMOFINANZ Immobilien Anlagen AG.	$	3,730
28,847		Inmobiliaria Colonial S.A.		2,291
1,047,122		Investa Property Group		1,704
86,100		IOI Properties Bhd		189
7,600	*	IRSA Inversiones y Representaciones S.A. (GDR)		85
71,718		IVG Immobilien AG.		2,166
95,000	*	J Bridge Corp		502
500		Japan General Estate Co Ltd		10
1,300		Joint Corp		42
213,316		Jones Lang LaSalle, Inc		18,676
1,186,179		Kerry Properties Ltd		4,039
17,766		Klepierre		2,057
3,263		Klovern AB		10
218,355		Kungsleden AB		2,561
33,200		Land and Houses PCL		6
94,600		Leopalace21 Corp		3,269
212,349		Liberty International plc		4,183
1,055,691		Macquarie Goodman Group		4,706
4,475,100	*	Malaysian Resources Corp Bhd		938
1,506		McInerney Holdings plc		21
63,001		Metrovacesa S.A.		5,687
124,952	e	MI Developments, Inc		4,253
549,888		Mirvac Group		1,777
1,693,448		Mitsubishi Estate Co Ltd		35,998
1,086,198		Mitsui Fudosan Co Ltd		23,612
223,000	*	Musashino Kogyo Co Ltd		591
22,000		New World China Land Ltd		8
6,037,795		New World Development Ltd		9,950
871		Nexity		51
109		Nordicom A/S		19
3,419	*	NorGani Hotels ASA		35
191,651		ORIX Corp		46,859
30,749		Orleans Homebuilders, Inc		500
6,340		Risa Partners, Inc		25,290
13,753		Risanamento S.p.A.		105
2,794		Shaftesbury plc		27
19,154,000		Shanghai Real Estate Ltd		3,502
3,138,000		Shenzhen Investment Ltd		848
224,950		Shoei Co Ltd		6,828
62,000		Shun TAK Holdings Ltd		81
81,720		Singapore Land Ltd		326
1,888,859		Sino Land Co		3,015
353,819		Slough Estates plc		4,002
16,500		SP Setia Bhd		17
342,728	e	St. Joe Co		15,951
660,437		Stewart Enterprises, Inc (Class A)		3,797
46,543	v	Stockland		239
2,463,565		Stockland Trust Group		12,849
2,052,689		Sumitomo Realty & Development Co Ltd		50,637
1,576,429		Sun Hung Kai Properties Ltd		16,075
110,000		Suruga Corp		8,660
30,000		Thomas Properties Group, Inc		353
234,000		TOC Co Ltd		1,240
1,969,000		Tokyo Tatemono Co Ltd		21,117
1,107,000		Tokyu Land Corp		8,628
1,100		Tokyu Livable, Inc		70
202,388	*	Trammell Crow Co		7,118
129,129		Unibail		22,505
19,618		Unite Group plc		146

94

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
13,317,000		United Industrial Corp Ltd	$	12,463
919		Vastned Retail NV		75
1,355		Wallenstam Byggnads AB		18
16,821		Wereldhave NV		1,636
2,404,076		Westfield Group		30,953
50,450		Wihlborgs Fastigheter AB		868
2,939,333		Wing Tai Holdings Ltd		2,639
33,866	e*	ZipRealty, Inc		287
		TOTAL REAL ESTATE		681,359
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.24%
21,153	*	AEP Industries, Inc		707
91,599		Ansell Ltd		658
89,574	*	Applied Films Corp		2,552
1,364,030		Bridgestone Corp		26,311
18,000		Cheng Shin Rubber Industry Co Ltd		16
394,897		Continental AG.		40,354
374,125	e	Cooper Tire & Rubber Co		4,168
78,945	*	Deckers Outdoor Corp		3,044
140,000		Denki Kagaku Kogyo KK		583
82,000		Formosa Chemicals & Fibre Corp		127
1,178,069	*	Goodyear Tire & Rubber Co		13,077
3,010		Hankook Tire Co Ltd		35
321,055	*	Jarden Corp		9,776
506,203		Michelin (C.G.D.E.) (Class B)		30,421
1,394,659		Newell Rubbermaid, Inc		36,024
817,500		Nifco, Inc		16,198
169,979		Nokian Renkaat Oyj		2,234
768		Nolato AB		8
6,615,710		Pirelli & C S.p.A.		5,756
6,418,500		PT Gajah Tunggal Tbk		360
67,180		PW Eagle, Inc		2,032
197,738	*	Ryanair Holdings plc		1,795
177,762		Schulman (A.), Inc		4,069
445,546		Sealed Air Corp		23,204
216,240	*	Skechers U.S.A., Inc (Class A)		5,214
346,997		Spartech Corp		7,842
2,698,000		Sumitomo Bakelite Co Ltd		25,348
112,545		Titan International, Inc		2,106
69,604	e*	Trex Co, Inc		1,802
493,315		Tupperware Corp		9,713
21,097		Uponor Oyj		571
3,705		Viscofan S.A.		55
174,926		West Pharmaceutical Services, Inc		6,346
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		282,506
SECURITY AND COMMODITY BROKERS - 2.37%
404,839		A.G. Edwards, Inc		22,396
1,553,221		Ameriprise Financial, Inc		69,382
394,634		Australian Stock Exchange Ltd		9,552
887,776		Babcock & Brown Ltd		14,306
35,692		Banca Finnat Euramerica S.p.A.		47
2,324		Bank Pekao S.A.		139
2,093		Bank Pekao S.A. (GDR)		128
686,731		Bear Stearns Cos, Inc		96,197
67,376	e	BKF Capital Group, Inc		421
98,410		BlackRock, Inc		13,696
202,729		Calamos Asset Management, Inc (Class A)		5,877
154,849	e*	Cbot Holdings, Inc		18,518

95

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
6,138,340		Charles Schwab Corp	$	98,091
180,457		Chicago Mercantile Exchange Holdings, Inc		88,631
10,000	*	China Everbright Ltd		6
75,207		Cohen & Steers, Inc		1,775
28,000		Cosmo Securities Co Ltd		54
154,470		Daewoo Securities Co Ltd		2,377
1,130		Daishin Securities Co Ltd		21
2,207,977		Daiwa Securities Group, Inc		26,345
90,617		Deutsche Boerse AG.		12,340
2,461,569	*	E*Trade Financial Corp		56,173
940		E*Trade Securities Co Ltd		1,258
597,878		Eaton Vance Corp		14,923
75,189		Euronext NV		7,047
574,664		Federated Investors, Inc (Class B)		18,102
1,272,437		Franklin Resources, Inc		110,460
43,365		GAMCO Investors, Inc		1,594
60,200	*	GFI Group, Inc		3,248
2,335,169		Goldman Sachs Group, Inc		351,279
131,490		Greenhill & Co, Inc		7,989
79,700		Hana Financial Group, Inc		3,747
35,848		Hellenic Exchanges S.A.		577
2,615,970		Hong Kong Exchanges and Clearing Ltd		16,823
50,760		Hyundai Securities Co		583
173,164		Indiabulls Financial Services Ltd		1,000
112,790	*	IntercontinentalExchange, Inc		6,535
200,743		International Securities Exchange, Inc		7,642
252,591	*	Investment Technology Group, Inc		12,847
445,400		iShares Asia Trust - iShares FTSE/Xinhua A50 China Tracker		3,616
974,932		Janus Capital Group, Inc		17,451
873,549		Jefferies Group, Inc		25,883
723,319	*	Knight Capital Group, Inc		11,016
15,820		Korea Investment Holdings Co Ltd		517
343,867	e*	LaBranche & Co, Inc		4,164
22,626	*	Ladenburg Thalmann Financial Services, Inc		23
343,946		Lazard Ltd		13,895
15,374,639		Legal & General Group plc		36,469
603,403		Legg Mason, Inc		60,051
3,671,838		Lehman Brothers Holdings, Inc		239,220
167,419		London Stock Exchange Group plc		3,524
364,611		Macquarie Bank Ltd		18,691
147,542	*	MarketAxess Holdings, Inc		1,624
6,800		Marusan Securities Co Ltd		104
72,400		Matsui Securities Co Ltd		686
5,108,431		Merrill Lynch & Co, Inc		355,343
199		Mirae Asset Securities Co Ltd		11
1,321,600		Mitsubishi Securities Co		17,064
8,228,095		Morgan Stanley		520,098
75,065	*	Morningstar, Inc		3,114
531,599	*	Nasdaq Stock Market, Inc		15,895
751,900		Nikko Cordial Corp		9,629
5,075,856		Nomura Holdings, Inc		95,243
23,000		Numis Corp plc		116
331,852		Nuveen Investments, Inc		14,286
230,166	e*	NYSE Group, Inc		15,762
123,895		OMX AB		2,219
180,988		optionsXpress Holdings, Inc		4,219
517,000	v*	Peregrine Investment Holdings		-	^
157,530	*	Piper Jaffray Cos		9,643
785,143		Raymond James Financial, Inc		23,766

96

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
13,989		Record Investments Ltd	$	128
1,670		Samsung Securities Co Ltd		90
77,691		Sanders Morris Harris Group, Inc		1,174
28,072		SBI Holdings, Inc		12,401
101,731		Schroders plc		1,900
364,941		SEI Investments Co		17,838
5,237,000		Shinko Securities Co Ltd		22,173
1,706,600		Singapore Exchange Ltd		3,799
48,120	*	Stifel Financial Corp		1,699
86,719		SWS Group, Inc		2,092
1,522,409		T Rowe Price Group, Inc		57,562
1,725,183		TD Ameritrade Holding Corp		25,550
42,973	*	Thomas Weisel Partners Group, Inc		817
1,087	*	Tong Yang Investment Bank		14
387,637	*	Tower Ltd		814
216,440		TSX Group, Inc		8,719
8,746		Value Line, Inc		374
1,670,691		Waddell & Reed Financial, Inc (Class A)		34,349
2,940		Woori Investment & Securities Co Ltd		62
5,838,822		Yuanta Core Pacific Securities Co		3,859
		TOTAL SECURITY AND COMMODITY BROKERS		2,820,882
SOCIAL SERVICES - 0.02%
172,831	*	Bright Horizons Family Solutions, Inc		6,514
99,305	*	Capital Senior Living Corp		1,021
71,465	*	Providence Service Corp		1,946
122,345	*	Res-Care, Inc		2,447
303,632		Vedior NV		6,375
		TOTAL SOCIAL SERVICES		18,303
SPECIAL TRADE CONTRACTORS - 0.05%
23,292		Alico, Inc		1,284
192,628	*	AsiaInfo Holdings, Inc		826
514		Asian Paints Ltd		7
12,243	*	Carso Infraestructura y Construccion S.A. de C.V.		7
166,280		Chemed Corp		9,067
171,231		Chicago Bridge & Iron Co NV		4,135
279,457		Comfort Systems USA, Inc		3,994
71,000		COMSYS Holdings Corp		877
267,517	*	Dycom Industries, Inc		5,695
255,019	*	EMCOR Group, Inc		12,412
152,995	*	Insituform Technologies, Inc (Class A)		3,502
55,609	*	Integrated Electrical Services, Inc		972
27,117		KCI Konecranes Oyj		488
179,000		Kinden Corp		1,536
26,051		Kone Oyj		1,083
12,000		Kyowa Exeo Corp		155
60,179	*	Layne Christensen Co		1,706
588,162	*	Quanta Services, Inc		10,193
		TOTAL SPECIAL TRADE CONTRACTORS		57,939
STONE, CLAY, AND GLASS PRODUCTS - 0.41%
698		Adana Cimento		3
5,807		Akcansa Cimento A.S.		23
40,551	b,e,v*	Anchor Glass Container Corp		-	^
162,994		Apogee Enterprises, Inc		2,396
367,000		Asahi Glass Co Ltd		4,658
1,362,000		Asia Cement Corp		1,022
6,899		Associated Cement Co Ltd		117

97

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
152,539	*	Cabot Microelectronics Corp	$	4,623
113,385		CARBO Ceramics, Inc		5,571
260,873	*	Cemex S.A. de C.V.		1,500
4,164	*	Cemex S.A. de C.V. (ADR)		237
111,000		Central Glass Co Ltd		661
71,619		Cimpor Cimentos de Portugal S.A.		477
343,332		Compagnie de Saint-Gobain		24,540
5,429		Consol Ltd		10
74,141		Cookson Group plc		720
231,150		CRH plc		7,513
3,256		Dyckerhoff AG.		122
288,548		Eagle Materials, Inc		13,706
25,381	*	Epcos AG.		358
156,237		FLSmidth & Co A/S (B Shs)		5,892
709,919		Gentex Corp		9,939
12,270,000	*	Goldsun Development & Construction Co Ltd		5,552
1,219	*	Grasim Industries Ltd		51
78,106		Grupo Carso S.A. de C.V.		185
448,326		Gujarat Ambuja Cements Ltd		968
2,540,494		Hanson plc		30,847
28,360	v*	HeidelbergCement AG.		-	^
1,611,303		Holcim Ltd		123,248
75		Holcim Maroc S.A.		16
347,791		Italcementi S.p.A.		8,796
275,819		James Hardie Industries NV		1,578
286,000		Krosaki Harima Corp		1,158
31		Lafarge Ciments		14
20,600		Lafarge Malayan Cement Bhd		4
250,205		Lafarge S.A.		31,401
77,307		Libbey, Inc		568
7,253		Marshalls plc		42
2,738,500		NGK Insulators Ltd		32,053
297,000		Nippon Sheet Glass Co Ltd		1,652
3,261,262	*	Owens-Illinois, Inc		54,659
13,193	v*	Paragon Trade Brands, Inc		-	^
236		Pretoria Portland Cement Co Ltd		12
16,000		PT Indocement Tunggal Prakarsa Tbk		7
158,500		PT Semen Gresik Persero Tbk		407
198,440	e*	RHI AG.		6,420
3,354,696		Rinker Group Ltd		40,850
75,126		Rinker Group Ltd (ADR)		4,554
10,200		Siam Cement PCL		62
4,400		Siam Cement PCL		25
2,000		Siam City Cement PCL		12
8,269,000		Sumitomo Osaka Cement Co Ltd		25,462
1,304,000		Taiheiyo Cement Corp		4,814
203,250		Taiwan Cement Corp		149
20,000		Taiwan Glass Industrial Corp		16
178,000		Toto Ltd		1,704
1,469		Trakya Cam Sanayi A.S.		4
4,992	*	Turk Sise ve Cam Fabrikalari A.S.		14
1,932,600		UBE Industries Ltd		5,596
530		Ultra Tech Cement Ltd		9
182,050	*	US Concrete, Inc		2,012
263,004	b*	USG Corp		19,181
34,126		Wienerberger AG.		1,621
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		489,811

98

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
TEXTILE MILL PRODUCTS - 0.01%
9,651		Alfa S.A. de C.V.	$	48
27,680		Cheil Industries, Inc		966
33,381	*	Dixie Group, Inc		444
257,200		Far Eastern Textile Co Ltd		210
216,000		Formosa Taffeta Co Ltd		113
280,000		Fountain SET Holdings		95
420	*	Hyosung Corp		7
18,000		Kurabo Industries Ltd		57
85,291		Oxford Industries, Inc		3,361
427,000		Seiren Co Ltd		5,790
1,946,000		Texwinca Holdings Ltd		1,303
652,000		Weiqiao Textile Co		835
85,894		Xerium Technologies, Inc		809
		TOTAL TEXTILE MILL PRODUCTS		14,038
TOBACCO PRODUCTS - 1.22%
233,062		Altadis S.A.		11,014
16,601,357		Altria Group, Inc		1,219,038
4,200		British American Tobacco Malaysia Bhd		45
3,356,135		British American Tobacco plc		84,544
385		Eastern Tobacco		20
677,730		Imperial Tobacco Group plc		20,921
554,998		ITC Ltd		2,199
9,845		Japan Tobacco, Inc		35,913
417,885		Loews Corp (Carolina Group)		21,467
21		Philip Morris CR		11
2,726		Souza Cruz S.A.		41
512,528		Swedish Match AB		8,253
153,813		Universal Corp		5,725
745,942		UST, Inc		33,709
191,070	e	Vector Group Ltd		3,105
		TOTAL TOBACCO PRODUCTS		1,446,005
TRANSPORTATION BY AIR - 0.56%
568,218	*	ABX Air, Inc		3,432
259,494	*	ACE Aviation Holdings, Inc		7,268
82,000		Air China Ltd (Class H)		34
750,889		Air France-KLM		17,647
61,102	*	Air Methods Corp		1,600
11,400	*	AirAsia Bhd		5
14,400		Airports of Thailand PCL		21
1,176,344	*	Airtran Holdings, Inc		17,480
245,503	*	Alaska Air Group, Inc		9,678
376,000		All Nippon Airways Co Ltd		1,447
1,858,902	*	AMR Corp		47,253
107,626	*	Asiana Airlines		760
84,368	*	Atlas Air Worldwide Holdings, Inc		4,137
1,341,276		Auckland International Airport Ltd		1,776
948,567		BAA plc		16,369
410,491		BBA Group plc		2,006
104,000		Beijing Capital International Airport Co Ltd		66
139,641	*	Bristow Group, Inc		5,027
4,253,699	*	British Airways plc		26,966
639,000		Cathay Pacific Airways Ltd		1,119
17,000		China Airlines		8
1,000		China Eastern Airlines Corp Ltd (ADR)		14
18,000	*	China Southern Airlines Co Ltd		4
1,400	*	China Southern Airlines Co Ltd (ADR)		16
682,125	*	Continental Airlines, Inc (Class B)		20,327

99

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
762,308		Deutsche Lufthansa AG.	$	14,036
309,139	*	EGL, Inc		15,519
20,000		Eva Airways Corp		9
264,113	*	ExpressJet Holdings, Inc		1,825
1,751,364		FedEx Corp		204,664
7,835		Flughafen Wien AG.		598
191,464	b,e*	FLYi, Inc		2
277,292	*	Frontier Airlines Holdings, Inc		1,999
1,844		Gol Linhas Aereas Inteligentes S.A.		66
7,400		Gol Linhas Aereas Inteligentes S.A. (ADR)		263
12,525		Grupo Aeroportuario del Sureste S.A. de C.V.		42
4,800		Grupo Aeroportuario del Sureste S.A. de C.V. (ADR)		161
4,800		Hong Kong Aircraft Engineering		56
403,051		Iberia Lineas Aereas de Espana		1,041
367,000	*	Japan Airlines Corp		921
288		Jet Airways India Ltd		4
2,174,191	e*	JetBlue Airways Corp		26,395
4,370		Korean Air Lines Co Ltd		161
117,600		Lan Airlines S.A.		767
3,700		Lan Airlines S.A. (ADR)		120
2,800,988		Macquarie Airports		6,389
42,734	*	MAIR Holdings, Inc		265
4,100		Malaysian Airline System Bhd		3
203,652	*	Mesa Air Group, Inc		2,006
43,442	*	PHI, Inc		1,442
112,585	*	Pinnacle Airlines Corp		793
545,671		Qantas Airways Ltd		1,200
136,981	*	Republic Airways Holdings, Inc		2,331
17,797	*	Ryanair Holdings plc (ADR)		938
2,775,464		SABMiller plc		50,025
116,588	*	SAS AB		1,226
842,928		Singapore Airlines Ltd		6,770
727,034		Skywest, Inc		18,031
5,701,643		Southwest Airlines Co		93,336
96	v*	Swissair Group		-	^
4,884		Tam S.A.		134
8,800		Thai Airways International PCL		9
17,100		Thai Airways International PCL		18
2,000		Transmile Group Bhd		7
460,000		Travelsky Technology Ltd		527
756	*	Turk Hava Yollari		3
139,811	*	UAL Corp		4,337
6,700	b,e,v*	UAL Corp		-	^
609		Unique Zurich Airport		133
488,823	*	US Airways Group, Inc		24,705
		TOTAL TRANSPORTATION BY AIR		667,737
TRANSPORTATION EQUIPMENT - 3.10%
307,732		A.O. Smith Corp		14,266
209,875	*	AAR Corp		4,666
85,141	*	Accuride Corp		1,062
127,772	*	Aftermarket Technology Corp		3,175
1,875		Aker Yards AS		132
255,442		American Axle & Manufacturing Holdings, Inc		4,371
52,298		American Railcar Industries, Inc		1,732
145,896		Arctic Cat, Inc		2,846
208,305	*	Armor Holdings, Inc		11,421
516,889		ArvinMeritor, Inc		8,885
118,105		Ashok Leyland Ltd		96

100

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
1,500,000		Austal Ltd	$	3,332
1,068,905		Autoliv, Inc		60,468
211,538	*	Aviall, Inc		10,052
2,219		Bajaj Auto Ltd		132
838		Bajaj Auto Ltd (GDR)		49
1		Bayerische Motoren Werke AG.		-	^
5,771,155		Boeing Co		472,715
1	*	Bombardier, Inc		-	^
1,947,397	*	Bombardier, Inc (Class B)		5,446
36,000	*	Brilliance China Automotive Holdings Ltd		6
3,300	*	Brilliance China Automotive Holdings Ltd (ADR)		56
429,322		Brunswick Corp		14,275
2,822,000		Calsonic Kansei Corp		18,021
18,000		China Motor Corp		18
320,614		Clarcor, Inc		9,551
94,331		Coachmen Industries, Inc		1,126
432,767		Cobham plc		1,337
94,410	*	Comtech Group, Inc		1,051
1,769,125		Cosco Corp Singapore Ltd		1,410
2,990		Daewoo Shipbuilding & Marine Engineering Co Ltd		88
2,290,515	e	DaimlerChrysler AG.		113,138
139,053		DaimlerChrysler AG.		6,864
7,900	b	Dana Corp		21
394,157	e*	Delphi Corp		670
1,262,187		Denso Corp		41,294
868		D'ieteren S.A.		280
21,412	*	Dorman Products, Inc		252
616		Elbit Systems Ltd		17
12,153		Empresa Brasileira de Aeronautica S.A.		111
4,200		Empresa Brasileira de Aeronautica S.A. (ADR)		153
787,832		European Aeronautic Defence and Space Co		22,625
900		Exedy Corp		28
319,324		Federal Signal Corp		4,835
11,499,482	e*	Fiat S.p.A.		153,067
359,957	*	Fleetwood Enterprises, Inc		2,714
9,447,129		Ford Motor Co		65,469
2,392		Ford Otomotiv Sanayi A.S.		16
103,944		Freightcar America, Inc		5,770
327,273	*	GenCorp, Inc		5,246
2,004,987		General Dynamics Corp		131,246
2,033,689	e	General Motors Corp		60,584
47,054	*	GenTek, Inc		1,263
758,752		Genuine Parts Co		31,610
391		Georg Fischer AG.		168
267,365		GKN plc		1,350
3,149,000	*	Goodpack Ltd		3,246
527,365		Goodrich Corp		21,248
66,842		Greenbrier Cos, Inc		2,188
312,798		Group 1 Automotive, Inc		17,623
1,608,706		Harley-Davidson, Inc		88,302
237,611		Harsco Corp		18,524
42,036	*	Hayes Lemmerz International, Inc		133
125,579	e	Heico Corp		3,560
9,200		Hero Honda Motors Ltd		159
875,500		Hino Motors Ltd		5,101
2,708,548		Honda Motor Co Ltd		86,008
763,000		Hongkong Land Holdings Ltd		2,793
7,813		Hyundai Heavy Industries		877
390		Hyundai Mipo Dockyard		39

101

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
1,720		Hyundai Mobis	$	146
4,780		Hyundai Motor Co		239
68,533		Hyundai Motor Co		5,822
7,875	*	Hyundai Motor Co (GDR)		189
132,910	*	IMPCO Technologies, Inc		1,418
473,000		Isuzu Motors Ltd		1,535
830,129		ITT Industries, Inc		41,091
114,500		Japan Tecseed Co Ltd		2,965
1,378,000		Jaya Holdings Ltd		1,168
896,818		JLG Industries, Inc		20,178
843,500		Johnson Electric Holdings Ltd		614
23,800		JTEKT Corp		460
543,155	*	K&F Industries Holdings, Inc		9,630
134,764		Kaman Corp (Class A)		2,453
166,185		Kawasaki Heavy Industries Ltd		560
5,867,712		Keppel Corp Ltd		54,545
5,420		Kia Motors Corp		93
8,642	*	KOC Holding A.S.		26
390		KTM Power Sports AG.		22
250,063		Lagardere S.C.A.		18,449
4,132		Leoni AG.		155
2,290,337		Lockheed Martin Corp		164,309
184,133	*	Magna International, Inc (Class A)		13,252
280,405	e	Magna International, Inc (Class A)		20,080
86,639		Mahindra & Mahindra Ltd		1,170
115,500		Malaysian Bulk Carriers Bhd		67
132,793		MAN AG.		9,614
295,070		Martin Marietta Materials, Inc		26,896
2,379		Maruti Udyog Ltd		41
54,680	*	Miller Industries, Inc		1,132
160,049		Monaco Coach Corp		2,033
454,000		Nabtesco Corp		5,088
661,244	*	Navistar International Corp		16,273
695,000		NHK Spring Co Ltd		8,007
44,000		Nippon Piston Ring Co Ltd		109
51,703		Noble International Ltd		740
2,242,734		Northrop Grumman Corp		143,670
95,000		Novatek Microelectronics Corp Ltd		461
1,619,000		NSK Ltd		13,440
630,048	*	Orbital Sciences Corp		10,169
413,293		Oshkosh Truck Corp		19,640
777,794		Paccar, Inc		64,075
964,612	*	Pactiv Corp		23,874
74,704		Peugeot S.A.		4,647
248,171		Polaris Industries, Inc		10,746
24,000		Press Kogyo Co Ltd		121
4,200		Proton Holdings Bhd		6
3,205,793		Raytheon Co		142,882
911,923		Renault S.A.		97,947
29,839		Rieter Holding AG.		11,449
674,159		Rolls-Royce Group plc		5,162
5,420		Samsung Heavy Industries Co Ltd		125
5,663		Sanden Corp		24
4,215,631		SembCorp Marine Ltd		7,998
38,394	*	Sequa Corp (Class A)		3,129
82,778		Shimano, Inc		2,534
1,268,897		Siemens AG.		110,377
3,376,741		Singapore Technologies Engineering Ltd		6,171
1,230,431		Smiths Group plc		20,277

102

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
31,286		Standard Motor Products, Inc	$	261
135,781	e	Superior Industries International, Inc		2,484
9,156		Tata Motors Ltd		158
264,509	*	Tenneco, Inc		6,877
533,560		Textron, Inc		49,184
30,278		Thales S.A.		1,182
228,221		Thor Industries, Inc		11,057
2,152		Tofas Turk Otomobil Fabrik		6
26,800		Tokai Rika Co Ltd		591
285,077		Tomkins plc		1,517
238,300		Toyoda Gosei Co Ltd		4,784
461,800		Toyota Industries Corp		18,259
5,260,306		Toyota Motor Corp		275,635
202,974	*	TransDigm Group, Inc		4,861
86,277		Trelleborg AB (B Shs)		1,473
382,248		Trinity Industries, Inc		15,443
99,667	*	Triumph Group, Inc		4,784
396,763	*	TRW Automotive Holdings Corp		10,824
7,129,219		United Technologies Corp		452,135
1,111,738	*	Visteon Corp		8,016
595,647		Volkswagen AG.		41,760
6,650		Volkswagen AG.		336
90,882		Volvo AB		4,378
582,124		Volvo AB (B Shs)		28,607
3,578		VT Group plc		32
187,006		Wabash National Corp		2,872
379,204		Westinghouse Air Brake Technologies Corp		14,182
211,377	e	Winnebago Industries, Inc		6,561
1,277,200		Yamaha Motor Co Ltd		33,406
27,000		Yulon Motor Co Ltd		32
		TOTAL TRANSPORTATION EQUIPMENT		3,681,567
TRANSPORTATION SERVICES - 0.24%
5,123		All America Latina Logistica S.A.		348
134,157		Ambassadors Group, Inc		3,874
22,501		Ambassadors International, Inc		523
167,788		Arriva plc		1,851
1,370,999		CH Robinson Worldwide, Inc		73,074
349		Dfds A/S		25
86,302	*	Dynamex, Inc		1,882
1,137,907		Expeditors International Washington, Inc		63,734
5,592		Freightways Ltd		13
238,176		GATX Corp		10,122
334,868	*	HUB Group, Inc		8,214
42,000		Jiangsu Express		24
1,097		Kuoni Reisen Holding		614
1,753,686	e	Lear Corp		38,949
3,374,752		MTR Corp		8,147
116,696		National Express Group plc		1,917
66,302	*	Navigant International, Inc		1,063
305,118		Pacer International, Inc		9,941
5,559		Panalpina Welttransport Holding AG.		516
43,200		PLUS Expressways Bhd		31
212,570	*	RailAmerica, Inc		2,223
567,015		Sabre Holdings Corp		12,474
53,000		Sinotrans Ltd		17
731,720		Stagecoach Group plc		1,560
33,011		Stolt-Nielsen S.A.		775
350,913		Toll Holdings Ltd		3,663

103

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
1,246,671		TUI AG.	$	24,692
486,111		UTI Worldwide, Inc		12,265
48,000		Zhejiang Expressway Co Ltd		29
		TOTAL TRANSPORTATION SERVICES		282,560
TRUCKING AND WAREHOUSING - 0.54%
197,582		Arkansas Best Corp		9,921
120,015	*	Celadon Group, Inc		2,645
264,148		Con-way, Inc		15,302
44,994	*	Covenant Transport, Inc (Class A)		685
4,833,001		Deutsche Post AG.		129,527
262,954		DSV A/S		43,948
197,741		Forward Air Corp		8,054
82,506	*	Frozen Food Express Industries		909
424,992		Grindrod Ltd		694
369,293		Heartland Express, Inc		6,607
36,505		Imperial Holdings Ltd		691
2,689	v	Imperial Holdings Ltd (ADR)		57
606,968		J.B. Hunt Transport Services, Inc		15,120
391,433		Kamigumi Co Ltd		2,976
382,797		Landstar System, Inc		18,079
86,400	*	Marten Transport Ltd		1,878
68,500		Mitsubishi Logistics Corp		1,074
485,000		Nippon Express Co Ltd		2,622
839		Norbert Dentressangle		59
169,551	*	Old Dominion Freight Line		6,373
40,939	*	P.A.M. Transportation Services, Inc		1,183
6,020	*	Patriot Transportation Holding, Inc		522
46,739	*	Quality Distribution, Inc		621
27,000		Sankyu, Inc		152
91,565	*	SCS Transportation, Inc		2,521
97,000		Seino Holdings Corp		1,025
247,236	*	SIRVA, Inc		1,600
282,454	*	Swift Transportation Co, Inc		8,971
364,835		TNT NV		13,052
59,118	*	U.S. Xpress Enterprises, Inc (Class A)		1,597
3,602,342		United Parcel Service, Inc (Class B)		296,581
32,886	*	Universal Truckload Services, Inc		1,122
33,387	*	USA Truck, Inc		595
313,533		Werner Enterprises, Inc		6,355
337,136		Yamato Transport Co Ltd		5,987
888,607	*	YRC Worldwide, Inc		37,419
		TOTAL TRUCKING AND WAREHOUSING		646,524
WATER TRANSPORTATION - 0.12%
209,245		Alexander & Baldwin, Inc		9,263
151,304	*	American Commercial Lines, Inc		9,116
2,207		AP Moller - Maersk A/S		17,175
422,624		Aries Maritime Transport Ltd		4,501
270,437		Associated British Ports Holdings plc		4,517
863		Brostrom AB		17
122,154		Cargotec Corp		5,350
64,511		Carnival plc		2,629
70,000		China Shipping Container Lines Co Ltd (Class H)		20
42,000		China Shipping Development Co Ltd		30
188,288		Compagnie Maritime Belge S.A.		5,468
873		Concordia Maritime AB		5
2,039,500		COSCO Holdings		1,050
35,686		D/S Torm A/S		1,701

104

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
33,400		Euronav NV	$	1,028
594,600		Evergreen Marine Corp Tawain Ltd		415
43,087	e	Frontline Ltd		1,610
888		Ganger Rolf A/S		26
11,862		Genco Shipping & Trading Ltd		206
91,436	*	Gulfmark Offshore, Inc		2,362
4,739		Hanjin Shipping Co Ltd		113
74,965		Horizon Lines, Inc		1,201
131,038	*	Hornbeck Offshore Services, Inc		4,654
180		Israel Corp Ltd		66
67,000	e	Kawasaki Kisen Kaisha Ltd		388
281,612	*	Kirby Corp		11,124
253,067		Kuehne & Nagel International AG.		18,386
140,600		Malaysia International Shipping Corp Bhd		295
64,536		Maritrans, Inc		1,607
131,000		Mitsui OSK Lines Ltd		891
263,000		Neptune Orient Lines Ltd		301
674,000		Nippon Yusen Kabushiki Kaisha		4,387
142,818	*	Odyssey Marine Exploration, Inc		354
170,000	*	Omega Navigation Enterprises, Inc		2,451
125,000		Orient Overseas International Ltd		453
340,072		Overseas Shipholding Group, Inc		20,115
42,056		Premuda S.p.A.		82
4,502,500		PT Berlian Laju Tanker Tbk		841
68,000		Royal Caribbean Cruises Ltd		2,601
1,935	e	Ship Finance International Ltd		33
213,055	*	TBS International Ltd		1,340
115,000		U-Ming Marine Transport Corp		133
24,000		Wan Hai Lines Ltd		16
2,955		Wilh Wilhelmsen ASA		96
40,000		Yang Ming Marine Transport		25
		TOTAL WATER TRANSPORTATION		138,442
WHOLESALE TRADE-DURABLE GOODS - 2.48%
24,848	e*	1-800 Contacts, Inc		373
383,140		Adesa, Inc		8,521
37,080		AGFA-Gevaert NV		898
279,601		Agilysys, Inc		5,033
446,552		Applied Industrial Technologies, Inc		10,856
165,000		Argo Graphics, Inc		4,143
1,030,029	*	Arrow Electronics, Inc		33,167
557,988		Assa Abloy AB (B Shs)		9,373
29,686		AU Optronics Corp (ADR)		423
103,900		Autobacs Seven Co Ltd		4,526
34,800		Banpu PCL		118
6,893		Barloworld Ltd		117
197,440		Barnes Group, Inc		3,939
242,313	*	Beacon Roofing Supply, Inc		5,333
202,525		BlueLinx Holdings, Inc		2,639
679,886		Boral Ltd		4,112
239,504		BorgWarner, Inc		15,592
283,994		Brambles Industries plc		2,259
120,016		Buhrmann NV		1,740
7,390		Buhrmann NV		107
355,034		Building Material Holding Corp		9,895
300,991		Bunzl plc		3,438
287,800		Canon Sales Co, Inc		5,942
68,792		Castle (A.M.) & Co		2,219
76,442		Cie Generale d'Optique Essilor International S.A.		7,692

105

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
37,000		Citic Pacific Ltd	$	109
3,700		Citic Pacific Ltd (ADR)		54
42,000	*	CMC Magnetics Corp		12
123,659	*	Conceptus, Inc		1,687
13,898		Crane Group Ltd		126
34,200		Creative Technology Ltd		190
712,880	*	Cytyc Corp		18,079
2,191,560	*	Datacraft Asia Ltd		2,060
166,000		Denway Motors Ltd		56
129,756	*	Digi International, Inc		1,626
8,000		D-Link Corp		9
109,835		Dogus Otomotiv Servis ve Ticaret AS		380
80,000	*	Dongfeng Motor Group Co Ltd		37
103,770	*	Drew Industries, Inc		3,362
374,861		Electrocomponents plc		1,607
122,249		Finning International, Inc		4,089
993,932		FKI plc		1,967
63,456,771	d	General Electric Co		2,091,535
209,010	e*	Genesis Microchip, Inc		2,416
13,721,220	*	Hagemeyer NV		63,336
1,300		Hakuto Co Ltd		18
29,688		Hitachi Software Engineering Co Ltd		504
65,367	*	Huttig Building Products, Inc		529
719,218		IKON Office Solutions, Inc		9,062
1,500		IMS-Intl Metal Service		34
1,822,304		Inchcape plc		15,925
596,912	*	Ingram Micro, Inc (Class A)		10,822
292,979	*	Insight Enterprises, Inc		5,581
12,758	*	INTAC International, Inc		90
99,168	*	Interline Brands, Inc		2,318
5,277		JD Group Ltd		49
2,100		Kaga Electronics Co Ltd		43
3,450		KCC Corp		836
89,578	*	Keystone Automotive Industries, Inc		3,782
130,820		Kingspan Group plc		2,283
348,517		Knight Transportation, Inc		7,040
800		Kuroda Electric Co Ltd		9
31,110		Lawson Products, Inc		1,226
101,465		Lewis Group Ltd		657
37,240		LG International Corp		871
78,200	*	livedoor auto Co Ltd		105
258,972	*	LKQ Corp		4,920
3,214,000		Melco International Development		8,069
114,033	*	Merge Technologies, Inc		1,404
5,770,822		Mitsui & Co Ltd		81,578
21,586	*	MWI Veterinary Supply, Inc		786
3,720		Mytilineos Holdings S.A.		91
157,838	e*	Navarre Corp		786
85		NET One Systems Co Ltd		158
6,006,568		Nissan Motor Co Ltd		65,680
65,700		Nissan Motor Co Ltd (ADR)		1,444
2,373,910		Omnicare, Inc		112,571
4,974		Orascom Construction Industries		152
4,216		Orascom Construction Industries (GDR)		265
29,750		Orion Oyj		591
239,256		Owens & Minor, Inc		6,843
613,409	*	Patterson Cos, Inc		21,426
349,272		PEP Boys-Manny Moe & Jack		4,097
275,647		Phoenix Precision Technology Corp		403

106

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
242,319		Pool Corp	$	10,572
448,126	*	PSS World Medical, Inc		7,909
68,703		PT Astra International Tbk		72
127,907		Rautaruukki Oyj		3,863
214,489		Reliance Steel & Aluminum Co		17,792
194,600		Riso Kagaku Corp		3,405
195,706		Ryerson Tull, Inc		5,284
4,000		Sanshin Electronics Co Ltd		43
5,564	*	Strattec Security Corp		277
5,411,491		Sumitomo Corp		71,434
9,000		Tamura Corp		37
76,359	*	Tandberg Television ASA		1,267
5,500,000		Tat Hong Holdings Ltd		3,652
490,746	*	Tech Data Corp		18,800
15,859,430		Test-Rite International Co		10,409
165	*	Timco Aviation Services, Inc		1
21,169	v*	Timco Aviation Services, Inc		-	^
120,000		TPV Technology Ltd		114
401,141	*	Tyler Technologies, Inc		4,493
400		Ulvac, Inc		14
1,857,100		UMW Holdings Bhd		3,816
360,960		W.W. Grainger, Inc		27,155
373,110	*	WESCO International, Inc		25,745
607,877		Wesfarmers Ltd		15,956
83,445	*	West Marine, Inc		1,125
237,089		Wolseley plc		5,231
19,000		Yamazen Corp		115
7,000		Yuasa Trading Co Ltd		14
14,971		Zodiac S.A.		842
		TOTAL WHOLESALE TRADE-DURABLE GOODS		2,947,677
WHOLESALE TRADE-NONDURABLE GOODS - 1.09%
600	*	Advanced Marketing Services, Inc		2
365,788		Airgas, Inc		13,626
233,548	*	Akorn, Inc		930
3,883,492		Akzo Nobel NV		209,351
638,702		Alliance One International, Inc		2,836
224,364		Alliance Unichem plc		4,241
268,695	*	Allscripts Healthcare Solutions, Inc		4,716
45,815		Ashtead Group plc		142
33,489		Axfood AB		962
8,113		Bidvest Group Ltd		112
386,586		Billabong International Ltd		4,409
185,248	*	BioScrip, Inc		995
306,093		Brown-Forman Corp (Class B)		21,870
318,169		C&C Group plc		2,762
3,937,275		Cardinal Health, Inc		253,285
14,818		Casino Guichard Perrachon S.A.		1,126
147,086		Celesio AG.		13,366
177,998	*	Central European Distribution Corp		4,478
118,000		China Mengniu Dairy Co Ltd		148
164,000		China Resources Enterprise		335
345,498		Controladora Comercial Mexicana S.A. de C.V.		590
900		Controladora Comercial Mexicana S.A. de C.V. (GDR)		31
37,059	*	Core-Mark Holding Co, Inc		1,327
731,332	*	Dean Foods Co		27,198
5,125		DS Smith plc		14
13,102		Empresas COPEC S.A.		120
775,319	*	Endo Pharmaceuticals Holdings, Inc		25,570

107

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
2,207,175		Esprit Holdings Ltd	$	18,017
381		Filtrona plc		2
1,814,597		Foster's Group Ltd		7,374
346,354		Fyffes plc		611
623,936		Gazprom (ADR)		26,237
191,083	*	Gildan Activewear, Inc		9,070
25,815	*	Green Mountain Coffee Roasters, Inc		1,037
153,953	*	Hain Celestial Group, Inc		3,966
26,476		Handleman Co		216
501,840	*	Henry Schein, Inc		23,451
587,000	*	I B Daiwa Corp		1,058
52,304		Kenneth Cole Productions, Inc (Class A)		1,168
266,651		K-Swiss, Inc (Class A)		7,120
34,280		KT&G Corp		2,002
31,000		Kyokuyo Co Ltd		78
3,465,120		Li & Fung Ltd		7,004
8,023,734		Marubeni Corp		42,816
5,996		Massmart Holdings Ltd		40
18,643	*	Maui Land & Pineapple Co, Inc		705
261,379		Men's Wearhouse, Inc		7,920
55,279		Metro AG.		3,133
3,508,450		Mitsubishi Corp		70,129
225,479		Myers Industries, Inc		3,876
76,722		Nash Finch Co		1,633
1,012,202		Nike, Inc (Class B)		81,988
1,719,490		Nippon Oil Corp		12,575
337,313		Nu Skin Enterprises, Inc (Class A)		5,009
63,733	*	Nuco2, Inc		1,532
45,608		Oriflame Cosmetics S.A.		1,516
529,518		Orkla ASA		24,550
367,464	*	Performance Food Group Co		11,164
61,672	*	Perry Ellis International, Inc		1,561
3,575		Pescanova S.A.		106
28,212		Reliance Industries Ltd		649
2,616,253		Safeway, Inc		68,023
290		Samsung Fine Chemicals Co Ltd		7
13,000		San Miguel Corp		18
195,242	*	School Specialty, Inc		6,218
18,300		Siam Makro PCL		30
76,616	*	Smart & Final, Inc		1,290
38,601		Societe BIC S.A.		2,497
194,233	*	Source Interlink Cos, Inc		2,311
161,678		Spartan Stores, Inc		2,365
300,284		Stride Rite Corp		3,961
382,280		Suzuken Co Ltd		15,182
3,255,345		Sysco Corp		99,483
540,397	*	Terra Industries, Inc		3,442
17,798,000	*	Thai Beverage PCL		2,983
10,411,400	*	Thai Petrochemical Industry PCL		1,883
77,540		The Andersons, Inc		3,226
59,953		Tiger Brands Ltd		1,206
198,277	*	Tractor Supply Co		10,959
2,851,965		Unilever NV		64,655
464,368		Unilever NV		10,471
85,000		Uni-President Enterprises Corp		74
241,824	*	United Natural Foods, Inc		7,985
276,621	*	United Stationers, Inc		13,643
46,365		Valhi, Inc		1,138
9,526		Valley National Gases, Inc		249

108

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				MATURITY		VALUE
SHARES			RATE	DATE		(000)
34,838	*	Volcom, Inc			$	1,114
5,500		Wimm-Bill-Dann Foods OJSC (ADR)				215
64,000		Yamatane Corp				115
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS				1,298,598
		TOTAL COMMON STOCKS				118,240,326
		(Cost $103,272,220)
WARRANTS 0.00% **
BUSINESS SERVICES - 0.00% **
4,668	*	Redback Networks, Inc Wts				69
4,912	*	Redback Networks, Inc Wts				57
		TOTAL BUSINESS SERVICES				126
CHEMICALS AND ALLIED PRODUCTS - 0.00% **
8,800	*	Kingboard Chemical Holdings Ltd Wts				3
		TOTAL CHEMICALS AND ALLIED PRODUCTS				3
COMMUNICATIONS - 0.00% **
255,412	*	Lucent Technologies, Inc Wts				69
277	e,v*	RCN Corp Wts				-	^
		TOTAL COMMUNICATIONS				69
GENERAL BUILDING CONTRACTORS - 0.00% **
26,750	v*	China Overseas Wts				-	^
		TOTAL GENERAL BUILDING CONTRACTORS				-	^
HOTELS AND OTHER LODGING PLACES - 0.00% **
1,400,451	*	Minor International PCL				180
		TOTAL HOTELS AND OTHER LODGING PLACES				180
SECURITY AND COMMODITY BROKERS - 0.00% **
27,401	v*	Imperial Credit Industry Wts				-	^
		TOTAL SECURITY AND COMMODITY BROKERS				-	^
TRANSPORTATION SERVICES - 0.00% **
25,000	*	Hopewell Highway Infrastructure Ltd				5
		TOTAL TRANSPORTATION SERVICES				5
		TOTAL WARRANTS				383
		(Cost $7,525)
PRINCIPAL
SHORT-TERM INVESTMENTS - 0.69%
COMMERCIAL PAPER - 0.48%
$      25,000,000	c	Atlantis One Funding Corp	5.090	07/10/06		24,974
25,000,000	d	Canadian Imperial Holding, Inc	5.030	07/17/06		24,949
50,000,000	c	Cargill Global Funding plc	5.280	07/12/06		49,934
43,000,000	c	Honeywell International	5.250	07/06/06		42,962
75,000,000		IBM Corp	5.250	07/03/06		74,967
25,000,000		ING Finance	5.075	07/10/06		24,975
40,100,000	c	Pitney Bowes, Inc	5.240	07/06/06		40,082
25,000,000	c	Private Export Funding Corp	4.990	07/05/06		24,993
75,000,000		Rabobank USA Finance Corp	5.240	07/03/06		75,000
75,000,000		Societe Generale North America, Inc	5.260	07/03/06		74,967
75,000,000		UBS Finance, (Delaware), Inc	5.270	07/03/06		74,967
45,000,000	c	Verizon Communications, Inc	5.110	07/05/06		44,986
		TOTAL COMMERCIAL PAPER				577,756

109

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
						VALUE
PRINCIPAL						(000)
U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES - 0.17%
$     14,910,000		Federal Home Loan Bank (FHLB)	5.060	07/05/06	$	14,905
2,700,000		FHLB	5.200	08/11/06		2,685
100,000,000	d	Federal Home Loan Mortgage Corp (FHLMC)	4.980	07/05/06		99,971
80,000,000		Federal National Mortgage Association (FNMA)	4.950	07/05/06		79,977
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES				197,538
VARIABLE NOTES - 0.04%
50,000,000	d	Wells Fargo Bank NA	5.300	07/21/06		49,999
		TOTAL VARIABLE NOTES				49,999
		TOTAL SHORT-TERM INVESTMENTS				825,293
		(Cost $825,197)
		TOTAL PORTFOLIO - 100.19%				119,073,955
		(Cost $104,122,015)
		OTHER ASSETS & LIABILITIES, NET - (0.19%)				(230,960)
		NET ASSETS - 100.00%			$	118,842,995
		ABBREVIATION:
	ADR	American Depositary Receipt
	GDR	Global Depositary Receipt
	LP	Limted Partnership
	*	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.

	NUMBER OF		MARKET	EXPIRATION		UNREALIZED
OPEN FUTURES CONTRACTS:	CONTRACTS		VALUE	DATE		GAIN
E-mini Russell 2000 Index	319	$	23,334,850	September 2006	$	855,925
E-mini S&P 500 Index	741		47,401,770	September 2006		660,687
		$	70,736,620		$	1,516,612

110

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

     COLLEGE RETIREMENT EQUITIES FUND
TRANSACTIONS WITH AFFILIATED COMPANIES-STOCK ACCOUNT
JANUARY 1, 2006 - JUNE 30, 2006

	Value at	Purchase		Realized	Dividend	Withholding	Shares at	Value at
Issue	December 31, 2005	Cost	Proceeds	Gain/(Loss)	Income	Expense	June 30, 2006	June 30, 2006
Brocade Communications Systems, Inc	$ 72,403,062	$ 2,971,153	$ 33,591,082	$ 7,461,073	$ -	$ -	-	$ *
Digital Garage, Inc	**	6,779,253	-	-	-	-	5,428	21,889,586
Hagemeyer NV	**	64,517	8,993,408	3,157,994	-	-	-	*
Information Development Co	**	-	242	123	74,924	5,245	416,300	3,648,975
Intelligent Wave, Inc	**	1,139,246	1,434,882	(130,195)	-	-	16,226	18,026,523
Lear Corp	**	14,882,163	54,071,865	(4,416,800)	-	-	-	*
Playmates Holdings Ltd	15,044,266	-	5,634	(3,208)	364,992	-	113,203,000	11,951,392
Risa Partners, Inc	**	1,579,239	14,467	4,833	-	-	-	*
TBS International Ltd	5,976,000	-	1,657,055	(842,945)	-	-	-	*
		$ 27,415,571	$ 99,768,635	$ 5,230,875	$ 439,916	$ 5,245		$ 55,516,476
* Not an Affiliate as of June 30, 2006
** Not an Affiliate as of December 31, 2005

111

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
COLLEGE RETIREMENT EQUITIES FUND
GLOBAL EQUITIES ACCOUNT
Summary of Market Values by Country
June 30, 2006
			% OF MARKET
DOMESTIC		VALUE	VALUE
UNITED STATES	$	6,441,302,719	48.12	%
TOTAL DOMESTIC		6,441,302,719	48.12
FOREIGN
AUSTRALIA		220,513,968	1.65
AUSTRIA		653,744	0.00
BELGIUM		874,059	0.01
BRAZIL		24,375,645	0.18
CANADA		237,808,499	1.78
CAYMAN ISLANDS		7,562,382	0.06
DENMARK		41,529,538	0.31
FINLAND		197,832,898	1.48
FRANCE		686,297,263	5.13
GERMANY		670,879,129	5.01
GREECE		51,069,485	0.38
HONG KONG		171,061,590	1.28
HUNGARY		14,357,219	0.11
INDIA		24,733,843	0.18
INDONESIA		3,379,259	0.02
IRELAND		27,712,237	0.21
ISRAEL		38,596,125	0.29
ITALY		195,344,401	1.46
JAPAN		1,447,301,620	10.81
MALAYSIA		11,278,272	0.08
NETHERLANDS		346,739,145	2.59
NEW ZEALAND		124,504	0.00
NORWAY		75,855,227	0.57
PHILIPPINES		14,167,768	0.10
PORTUGAL		449,032	0.00
REPUBLIC OF KOREA		79,861,641	0.60
RUSSIA		18,009,593	0.13
SINGAPORE		165,531,465	1.24
SOUTH AFRICA		3,651,480	0.03
SPAIN		305,319,142	2.28
SWEDEN		145,539,046	1.09
SWITZERLAND		347,348,572	2.59
TAIWAN (REPUBLIC OF CHINA)		8,034,175	0.06
THAILAND		11,066,777	0.08
UNITED KINGDOM		1,350,291,567	10.09
TOTAL FOREIGN		6,945,150,310	51.88
TOTAL PORTFOLIO	$	13,386,453,029	100.00	%

112

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
COLLEGE RETIREMENT EQUITIES FUND
GLOBAL EQUITIES ACCOUNT
STATEMENT OF INVESTMENTS (Unaudited)
June 30, 2006
				VALUE
SHARES				(000)
PREFERRED STOCKS - 0.42%
COMMUNICATIONS - 0.00% **
5,755		ProSiebenSat.1 Media AG.	$	144
		TOTAL COMMUNICATIONS		144
INSURANCE CARRIERS - 0.00% **
7,402		Great-West Lifeco, Inc (Series E)		180
2,713		Great-West Lifeco, Inc (Series F)		66
		TOTAL INSURANCE CARRIERS		246
TRANSPORTATION EQUIPMENT - 0.42%
57,793		Porsche AG.		55,849
		TOTAL TRANSPORTATION EQUIPMENT		55,849
		TOTAL PREFERRED STOCKS		56,239
		(Cost $48,290)
COMMON STOCKS - 98.51%
AGRICULTURAL PRODUCTION-CROPS - 0.01%
52,864		Gallaher Group plc		826
		TOTAL AGRICULTURAL PRODUCTION-CROPS		826
AGRICULTURAL SERVICES - 0.00% **
1,365		Yara International ASA		18
		TOTAL AGRICULTURAL SERVICES		18
AMUSEMENT AND RECREATION SERVICES - 0.91%
300,281		Aristocrat Leisure Ltd		2,873
128,005		Aruze Corp		2,788
194	*	BetandWin.com Interactive Entertainment AG.		15
2,214		GTECH Holdings Corp		77
29,091		Harrah's Entertainment, Inc		2,071
1,105,684		Ladbrokes plc		8,333
861,170	*	Live Nation, Inc		17,533
778,372		Lottomatica S.p.A		29,520
26,000	*	Marvel Entertainment, Inc		520
1,562		OPAP S.A.		57
2,001		Oriental Land Co Ltd		113
521		Paddy Power plc		9
6,672		PartyGaming plc		14
363,726		Publishing & Broadcasting Ltd		4,921
25,080		Rank Group plc		93
2		Round One Corp		7
205,173		Sega Sammy Holdings, Inc		7,610
6,090,574		Sportingbet plc		44,327
3,503		TABCORP Holdings Ltd		40
801		UNiTAB Ltd		9
85,754		Valor Co Ltd		1,564
17,685		William Hill plc		205
		TOTAL AMUSEMENT AND RECREATION SERVICES		122,699

113

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
APPAREL AND ACCESSORY STORES - 0.52%
29,071		Abercrombie & Fitch Co (Class A)	$	1,611
44,900		American Eagle Outfitters, Inc		1,528
6,000	*	AnnTaylor Stores Corp		260
2,428		Aoyama Trading Co Ltd		76
7,000		Bebe Stores, Inc		108
27,214		Burberry Group plc		216
101,764	*	Chico's FAS, Inc		2,746
2,394		Fast Retailing Co Ltd		196
3,467		Foot Locker, Inc		85
434,702		Gap, Inc		7,564
17,118		Giordano International Ltd		8
531,941		Hennes & Mauritz AB (B Shs)		20,603
578,505		Inditex S.A.		24,395
91,156	*	Kohl's Corp		5,389
11,797		Limited Brands, Inc		302
154,087		Nishimatsuya Chain Co Ltd		2,986
15,000		Nordstrom, Inc		548
42,000	*	Payless Shoesource, Inc		1,141
2,869		Ross Stores, Inc		81
12,225		SSL International plc		67
		TOTAL APPAREL AND ACCESSORY STORES		69,910
APPAREL AND OTHER TEXTILE PRODUCTS - 0.10%
1,000		Asics Corp		10
424		Benetton Group S.p.A.		6
16,737		Gunze Ltd		100
29,891		Jones Apparel Group, Inc		950
2,063		Liz Claiborne, Inc		76
27,495		Mitsubishi Rayon Co Ltd		224
381,449		Nisshinbo Industries, Inc		4,178
8,229		Onward Kashiyama Co Ltd		127
27,900		Polo Ralph Lauren Corp		1,532
47,409		Shimamura Co Ltd		5,201
5,036		Tokyo Style Co Ltd		60
47,659		Toyobo Co Ltd		135
2,123		VF Corp		144
8,627		Wacoal Holdings Corp		121
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		12,864
AUTO REPAIR, SERVICES AND PARKING - 0.00% **
11,042		Aisin Seiki Co Ltd		328
4,351		NOK Corp		126
400		Park24 Co Ltd		12
6,602		Sumitomo Rubber Industries, Inc		73
		TOTAL AUTO REPAIR, SERVICES AND PARKING		539
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.19%
4,688		Advance Auto Parts		135
7,134	*	Autonation, Inc		153
18,941	*	Autozone, Inc		1,671
16,883		Canadian Tire Corp (Class A)		1,005
4,775	*	Carmax, Inc		169
405,903		Jardine Cycle & Carriage Ltd		2,567
139,800		MOL Hungarian Oil and Gas plc		14,357
233,296		Suzuki Motor Corp		5,051
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		25,108

114

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.17%
15,022		Fastenal Co	$	605
1,502		Grafton Group plc		19
249,275		Home Depot, Inc		8,922
105,216		Kingfisher plc		464
182,855		Lowe's Cos, Inc		11,094
26,941	*	RONA, Inc		486
24,988		Sherwin-Williams Co		1,186
4,637		Travis Perkins plc		130
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		22,906
BUSINESS SERVICES - 3.91%
493,551		Accenture Ltd (Class A)		13,977
1	*	Access Co Ltd		7
191		Acciona S.A.		30
1,900	*	Activision, Inc		22
22,000		Acxiom Corp		550
881		Adecco S.A.		52
47,063	*	Adobe Systems, Inc		1,429
2,725,801		Advanced Semiconductor Engineering, Inc		2,694
5,644		Aegis Group plc		14
53,369	*	Affiliated Computer Services, Inc (Class A)		2,754
1,700		Aggreko plc		9
30,900	*	Akamai Technologies, Inc		1,118
286		Asatsu-DK, Inc		9
2,385	*	Atos Origin S.A.		156
10,195	*	Autodesk, Inc		351
237,718		Automatic Data Processing, Inc		10,781
1,907		Autostrade S.p.A.		54
157,608	*	BEA Systems, Inc		2,063
100,139	*	BMC Software, Inc		2,393
6,507		Brambles Industries Ltd		53
2,894	*	Business Objects S.A.		79
22,343		CA, Inc		459
22,883	*	Cadence Design Systems, Inc		392
5,189		Cap Gemini S.A.		296
6,787		Cendant Corp		111
15,915	*	Ceridian Corp		389
60,267	*	CGI Group, Inc (Class A)		377
600	*	Checkfree Corp		30
2,058	*	ChoicePoint, Inc		86
1,311		Cintra Concesiones de Infraestructuras de Transporte S.A.		17
23,688	*	Citrix Systems, Inc		951
25,760	*	Cognizant Technology Solutions Corp		1,735
22,882	*	Cognos, Inc		646
504,669	*	Computer Sciences Corp		24,446
536,430		Computershare Ltd		3,129
19,112	*	Compuware Corp		128
10,434	*	Convergys Corp		203
5,994		CSK Holdings Corp		274
1,827		Dassault Systemes S.A.		98
805		Dentsu, Inc		2,225
938,775	*	DST Systems, Inc		55,857
1,531,909	*	DynCorp International, Inc		15,901
34,818		eAccess Ltd		22,874
117,250	*	Earthlink, Inc		1,015
34,516	*	eBay, Inc		1,011
15,062	*	Electronic Arts, Inc		648
29,068		Electronic Data Systems Corp		699

115

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
3,908	*	Elpida Memory, Inc	$	147
11,091		Equifax, Inc		381
10,782	*	Expedia, Inc		161
523		Fidec Corp		961
5,294		Fidelity National Information Services, Inc		187
18,217		First Choice Holidays plc		77
323,872		First Data Corp		14,587
520,866	*	Fiserv, Inc		23,626
83,122	*	Focus Media Holding Ltd (ADR)		5,416
2,787		Fuji Soft ABC, Inc		92
216,406		Fujitsu Ltd		1,679
11,942,318		Gemplus International S.A.		26,570
5,314	e	Getronics NV		57
2,251	*	Getty Images, Inc		143
1,474		GN Store Nord		17
8		Goodwill Group, Inc		6
41,662	*	Google, Inc (Class A)		17,470
7,701		Group 4 Securicor plc		24
1,158	e	Gruppo Editoriale L'Espresso S.p.A.		6
675		Hakuhodo DY Holdings, Inc		50
9,928		Hays plc		25
15,055		IMS Health, Inc		404
821		Indra Sistemas S.A.		16
30,937		Infosys Technologies Ltd		2,069
22,400	*	Intergraph Corp		705
111,926	*	Interpublic Group of Cos, Inc		935
537,929	*	Intuit, Inc		32,486
800	*	Iron Mountain, Inc		30
51,474		iSOFT Group plc		74
12,451	*	Juniper Networks, Inc		199
7	*	KK DaVinci Advisors		7
5,488		Konami Corp		121
587	*	Lamar Advertising Co		32
65,921		LogicaCMG plc		213
18,110		Manpower, Inc		1,170
99,600	*	McAfee, Inc		2,417
4,110	*	Mercury Interactive Corp		144
2,219		Michael Page International plc		14
2,448,754		Microsoft Corp		57,056
30,653		Misys plc		122
10,800	*	Monster Worldwide, Inc		461
600	*	NAVTEQ Corp		27
51,443	*	NCSoft Corp		2,955
215,328		NEC Corp		1,149
157,263		Nippon System Development Co Ltd		5,462
44,253		Nomura Research Institute Ltd		5,482
393,000	*	Novell, Inc		2,606
109		NTT Data Corp		472
1,247		Obic Co Ltd		252
41,596		Omnicom Group, Inc		3,706
12,095	e*	Open Text Corp		174
875,023	*	Oracle Corp		12,679
4,103		Oracle Corp Japan		192
100		Otsuka Corp		11
1,553,200		POS Malaysia & Services Holdings Bhd		1,894
511		Promotora de Informaciones S.A.		8
700		Public Power Corp		17
5,400		Rakuten, Inc		3,212
309		Randstad Holdings NV		18

116

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
12,187		Rentokil Initial plc	$	35
57,474		Reuters Group plc		409
6,300		Ritchie Bros Auctioneers, Inc		337
1,170		Robert Half International, Inc		49
106,104		Sage Group plc		453
169,337		SAP AG.		35,726
1,413		Secom Co Ltd		67
2,089		Securitas AB (B Shs)		40
6,814		ServiceMaster Co		70
29		SGS S.A.		27
9,386		Singapore Post Ltd		6
23,093		Solomon Systech International Ltd		6
959,617	*	Sun Microsystems, Inc		3,982
24,800	*	Sybase, Inc		481
6,926	*	Synopsys, Inc		130
1,674,510	e	Telecom Italia Media S.p.A.		782
1,084		Telefonica Publicidad e Informacion S.A.		12
2,819	*	Telelogic AB		6
21,711		Tietoenator Oyj		627
2,926		TIS, Inc		82
634,378		Trend Micro, Inc		21,421
67,949		UFJ Central Leasing Co Ltd		3,424
51,405	*	Unisys Corp		323
116,452	*	United Rentals, Inc		3,724
802		USS Co Ltd		53
100,069	*	VeriSign, Inc		2,319
302,683		Waste Management, Inc		10,860
2,135		WM-Data AB (B Shs)		7
2,914,227		WPP Group plc		35,278
662		Yahoo! Japan Corp		351
49,809	*	Yahoo!, Inc		1,644
		TOTAL BUSINESS SERVICES		525,996
CHEMICALS AND ALLIED PRODUCTS - 9.38%
244,854		Abbott Laboratories		10,678
848,960	*	Adams Respiratory Therapeutics, Inc		37,881
28,332	*	Agrium, Inc		660
1,670		Air Liquide S.A.		325
100,811		Air Products & Chemicals, Inc		6,444
600		Alberto-Culver Co		29
3,183		Alfresa Holdings Corp		198
15,000	*	Alkermes, Inc		284
6,749		Altana AG.		376
1,015,922	*	Amgen, Inc		66,269
21,182	*	Angiotech Pharmaceuticals, Inc		248
11,120	*	Arkema		434
58,177		Asahi Kasei Corp		380
30,029		Astellas Pharma, Inc		1,103
1,663,584		AstraZeneca plc		100,429
574		Avery Dennison Corp		33
3,078		Avon Products, Inc		95
736,488		BASF AG.		59,121
29,266	*	Basilea Pharmaceutica		4,241
128,905		Bayer AG.		5,924
904		Beiersdorf AG.		136
71,006	*	Biogen Idec, Inc		3,290
35,481	*	Biovail Corp International		831
29,138		BOC Group plc		852
18,095		Boots Group plc		258

117

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
99,271		Bristol-Myers Squibb Co	$	2,567
10,000		Cabot Corp		345
75,000		Celanese Corp (Series A)		1,532
500	*	Cephalon, Inc		30
500	*	Charles River Laboratories International, Inc		18
29,564		Chugai Pharmaceutical Co Ltd		604
473		Ciba Specialty Chemicals AG.		26
213,744		Cipla Ltd		1,003
3,056		Clariant AG.		43
68,500		Clorox Co		4,176
351,900		Colgate-Palmolive Co		21,079
1,061,721		CSL Ltd		42,398
134,000		Cytec Industries, Inc		7,190
10,630		Daicel Chemical Industries Ltd		87
2,651,625		Daiichi Sankyo Co Ltd		73,067
26,010		Dainippon Ink and Chemicals, Inc		98
4,467,000		Dainippon Sumitomo Pharma Co Ltd		50,213
142,428		Dow Chemical Co		5,559
1,031		DSM NV		43
275,386		Du Pont (E.I.) de Nemours & Co		11,456
38,000		Eastman Chemical Co		2,052
1,285		Ecolab, Inc		52
856,966		Eisai Co Ltd		38,607
2,846	*	Elan Corp plc		47
47,248		Eli Lilly & Co		2,611
37,886		Estee Lauder Cos (Class A)		1,465
17,000		FMC Corp		1,095
56,795	*	Genentech, Inc		4,646
10,743	*	Genzyme Corp		656
8,000		Georgia Gulf Corp		200
49,178	*	Gilead Sciences, Inc		2,909
450,689		GlaxoSmithKline plc		12,595
3,212,000	*	Grifols S.A.		26,408
2,760		H Lundbeck A/S		63
37,125		Haw Par Corp Ltd		134
8,345		Henkel KGaA		954
161,700	*	Hercules, Inc		2,468
4,352		Hitachi Chemical Co Ltd		114
119,842	*	Hospira, Inc		5,146
110,000	*	Huntsman Corp		1,905
38,846		Imperial Chemical Industries plc		261
586		International Flavors & Fragrances, Inc		21
6,487	*	Invitrogen Corp		429
300,000		Ipsen		12,122
7,257		JSR Corp		183
34,554		Kaken Pharmaceutical Co Ltd		260
6,480		Kansai Paint Co Ltd		52
33,861		Kao Corp		887
63,000	*	King Pharmaceuticals, Inc		1,071
29,528		Kingboard Chemical Holdings Ltd		83
283		Kose Corp		9
25,087		Kuraray Co Ltd		281
95,736		Kyowa Hakko Kogyo Co Ltd		646
18,527	*	Linde AG.		71
14,775		Linde AG.		1,138
1,381		Lonza Group AG.		95
6,291		L'Oreal S.A.		594
190,600		Lyondell Chemical Co		4,319
4,245	*	Mayne Pharma Ltd		8

118

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
10,912		Mediceo Paltac Holdings Co Ltd	$	195
10,844	*	Medimmune, Inc		294
323,973		Merck & Co, Inc		11,802
291,457		Merck KGaA		26,497
26,873		Methanex Corp		569
13,115	*	Millennium Pharmaceuticals, Inc		131
51,714		Mitsubishi Chemical Holdings Corp		323
16,868		Mitsubishi Gas Chemical Co, Inc		194
30,162		Mitsui Chemicals, Inc		197
47,732		Monsanto Co		4,019
14,500	*	Nalco Holding Co		256
20,003		Nippon Kayaku Co Ltd		167
6,572		Nippon Shokubai Co Ltd		80
5,455		Nissan Chemical Industries Ltd		68
19,407		Nova Chemicals Corp		559
562,301		Novartis AG.		30,387
69,000		Novartis AG. (ADR)		3,720
3,600		Novo Nordisk A/S (B Shs)		229
930		Novozymes A/S		63
26,000		Olin Corp		466
132		Omega Pharma S.A.		9
279,157		Orica Ltd		4,955
800	*	PDL BioPharma, Inc		15
2,082,544		Pfizer, Inc		48,877
35,407	e	Potash Corp of Saskatchewan		3,044
19,334		PPG Industries, Inc		1,276
9,190		Praxair, Inc		496
603,747		Procter & Gamble Co		33,568
18,724,273		PT Bakrie Sumatera Plantations Tbk		1,799
20,559	*	QLT, Inc		145
783,245		Reckitt Benckiser plc		29,263
562,980		Roche Holding AG.		92,880
131,255		Rohm & Haas Co		6,578
408,250		Sanofi-Aventis		39,829
12,465		Santen Pharmaceutical Co Ltd		297
74,012		Sawai Pharmaceutical Co Ltd		3,742
50,000	*	Sepracor, Inc		2,857
45		Serono S.A. (B Shs)		31
145,147		Shin-Etsu Chemical Co Ltd		7,898
22,073		Shionogi & Co Ltd		394
3,148		Shiseido Co Ltd		62
42,867		Showa Denko KK		191
39,651		Sigma-Aldrich Corp		2,880
4,141,585		Sinochem Hong Kong Holding Ltd		1,626
7,672,000		Sumitomo Chemical Co Ltd		64,026
44,314		Sun Pharmaceuticals Industries Ltd		758
4,275		Symbion Health Ltd		10
33,179		Syngenta AG.		4,401
27,154		Taisho Pharmaceutical Co Ltd		533
6,897		Taiyo Nippon Sanso Corp		55
50,509		Takeda Pharmaceutical Co Ltd		3,146
23,895		Tanabe Seiyaku Co Ltd		294
48,807		Teijin Ltd		310
1,221,783		Teva Pharmaceutical Industries Ltd (ADR)		38,596
9,605		Tokuyama Corp		143
412,936		Toray Industries, Inc		3,587
22,647		Tosoh Corp		90
622		Tronox, Inc		8
584		UCB S.A.		32

119

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
1,338,922		Unilever plc	$	30,113
94,000		Valspar Corp		2,483
800	*	Vertex Pharmaceuticals, Inc		29
187,500	*	Wacker Chemie AG.		20,175
20,000	*	Watson Pharmaceuticals, Inc		466
16,600		Westlake Chemical Corp		495
1,790,422		Wyeth		79,513
1,079		Zeltia S.A.		8
5,798		Zeon Corp		69
		TOTAL CHEMICALS AND ALLIED PRODUCTS		1,260,978
COAL MINING - 0.48%
900		Arch Coal, Inc		38
2,401,956		BHP Billiton Ltd		51,751
1,563,558		China Shenhua Energy Co Ltd		2,889
11,087		Consol Energy, Inc		518
3,245		Massey Energy Co		117
100,921		Peabody Energy Corp		5,626
94,500		Sasol Ltd (ADR)		3,652
3,057		Xstrata plc		116
		TOTAL COAL MINING		64,707
COMMUNICATIONS - 4.87%
693,266		Advanced Info Service PCL		1,635
23,984		Aliant, Inc		715
60,881		Alltel Corp		3,886
56,937	*	American Tower Corp (Class A)		1,772
519		Antena 3 de Television S.A.		12
772,724		AT&T, Inc		21,551
2,092,894	*	Austar United Communications Ltd		1,905
2,847	*	Avaya, Inc		33
123,255	*	BCE, Inc		2,924
1,086		Belgacom S.A.		36
494,638		BellSouth Corp		17,906
47,883		British Sky Broadcasting plc		508
723,762		BT Group plc		3,203
158,147		Cable & Wireless plc		336
106,953		Cablevision Systems Corp (Class A)		2,294
2,653		Carphone Warehouse Group plc		16
3,368,950		CBS Corp		91,130
42,000		CenturyTel, Inc		1,560
9,571,500		China Mobile Hong Kong Ltd		54,715
369,277		Clear Channel Communications, Inc		11,429
437,837	*	Comcast Corp (Class A)		14,335
30,494	*	Comcast Corp (Special Class A)		1,000
7,815		Cosmote Mobile Telecommunications S.A.		176
69,375	*	Crown Castle International Corp		2,396
167,156		Deutsche Telekom AG.		2,689
154,569	*	DIRECTV Group, Inc		2,550
1,268,076	*	EchoStar Communications Corp (Class A)		39,069
3,579		Eircom Group plc		10
52,432		Elisa Oyj		998
22,313	*	Embarq Corp		915
73,129		France Telecom S.A.		1,572
1,007		Fuji Television Network, Inc		2,237
1,341,514		Gestevision Telecinco S.A.		32,162
31,000		Global Payments, Inc		1,505
15,048	*	Hellenic Telecommunications Organization S.A.		331
10,733	*	Hutchison Telecommunications International Ltd		17

120

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
902,964	*	IAC/InterActiveCorp	$	23,920
166,781		ITV plc		333
136		KDDI Corp		836
17,406	e*	Level 3 Communications, Inc		77
193,219	*	LG Telecom Ltd		2,525
6,819	*	Liberty Global, Inc		147
6,600	*	Liberty Global, Inc (Series C)		136
23,313	*	Liberty Media Holding Corp (Capital)		1,953
119,570	*	Liberty Media Holding Corp (Interactive)		2,064
440		M6-Metropole Television		14
5,162		Mediaset S.p.A.		61
211		Mobistar S.A.		17
339	*	Modern Times Group AB		18
339	v*	Modern Times Group AB		1
224,660		News Corp		4,540
10,565	*	NII Holdings, Inc (Class B)		596
3,884		Nippon Telegraph & Telephone Corp		19,061
1,221		NTT DoCoMo, Inc		1,794
963		Okinawa Cellular Telephone Co		2,401
10,288,485	*	Paxys, Inc		2,324
59,672		Philippine Long Distance Telephone Co (ADR)		2,060
21,747		Portugal Telecom SGPS S.A.		262
523		PT Multimedia Servicos de Telecomunicacoes e Multimedia SGPS S.A.		6
843,142		Publicis Groupe S.A.		32,558
81,038	*	Qwest Communications International, Inc		656
47,444		Rogers Communications, Inc		1,916
5,334,752		Royal KPN NV		59,959
37,378		Seat Pagine Gialle S.p.A.		17
433,750		Seven Network Ltd		2,610
37,928		Shaw Communications, Inc		1,076
1,640,391		Singapore Telecommunications Ltd		2,635
2,237		Sky Network Television Ltd		8
39,163		SmarTone Telecommunications Holding Ltd		39
2,756		Societe Television Francaise 1		90
461	*	Sogecable S.A.		13
3,280,068		Sprint Nextel Corp		65,569
1,553		Swisscom AG.		510
2,174		Tele2 AB (B Shs)		22
13,090		Telecom Corp of New Zealand Ltd		32
109,415		Telecom Italia S.p.A.		283
692,637		Telecom Italia S.p.A.		1,928
30,344		Telefonica S.A.		505
12,169		Telekom Austria AG.		271
689,495		Telenor ASA		8,338
8,242		Telephone & Data Systems, Inc		321
28,860		Telephone & Data Systems, Inc		1,195
2,272		Television Broadcasts Ltd		14
40,481		TeliaSonera AB		230
14,113		Telstra Corp Ltd		39
21,695		TELUS Corp		898
45,907		TELUS Corp		1,860
2,966	*	Tiscali S.p.A.		9
57,300		Tokyo Broadcasting System, Inc		1,381
561		TV Asahi Corp		1,340
29,057	*	Univision Communications, Inc (Class A)		973
764,648		Verizon Communications, Inc		25,608
1,019,176	*	Viacom, Inc		36,527
43,616		Vivendi Universal S.A.		1,528
7,581,797		Vodafone Group plc		16,161

121

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
94,194		Vodafone Group plc (ADR)	$	2,006
4,886	*	West Corp		234
9,246	*	XM Satellite Radio Holdings, Inc		136
		TOTAL COMMUNICATIONS		654,169
DEPOSITORY INSTITUTIONS - 9.00%
13,083		77 Bank Ltd		91
3,488,887		ABN AMRO Holding NV		95,422
5,832		Allied Irish Banks plc		140
2,698		Alpha Bank S.A.		67
14,401		AmSouth Bancorp		381
5,118		Associated Banc-Corp		161
12,448		Australia & New Zealand Banking Group Ltd		246
1,962		Banca Fideuram S.p.A.		11
111,702		Banca Intesa S.p.A.		654
7,405		Banca Monte dei Paschi di Siena S.p.A.		45
1,683,643		Banca Popolare di Milano		21,453
2,381		Banche Popolari Unite Scpa		62
23,068		Banco Bilbao Vizcaya Argentaria S.A.		474
2,028		Banco BPI S.A.		15
14,364		Banco Comercial Portugues S.A.		41
3,321,093		Banco de Oro Universal Bank		1,938
1,334		Banco Espirito Santo S.A.		18
2,567		Banco Popolare di Verona e Novara Scrl		69
5,676		Banco Popular Espanol S.A.		85
40,421		Banco Santander Central Hispano S.A.		590
1,297,338		Bank of America Corp		62,402
10,401,091	*	Bank of China Ltd		4,720
9,863		Bank of East Asia Ltd		41
33,489		Bank of Fukuoka Ltd		255
6,484		Bank of Ireland		116
24,039		Bank of Kyoto Ltd		260
119,592		Bank of Montreal		6,459
564,093		Bank of New York Co, Inc		18,164
241,586	e	Bank of Nova Scotia		9,606
17,709		Bank of Okinawa Ltd		751
28,970	*	Bank of the Ryukyus Ltd		682
63,150		Bank of Yokohama Ltd		489
323,729		Barclays plc		3,679
28,411		BB&T Corp		1,182
35,688		BNP Paribas		3,416
25,030		BOC Hong Kong Holdings Ltd		49
82,106	e	Canadian Imperial Bank of Commerce		5,516
42,056		Capitalia S.p.A.		345
32,635		Chiba Bank Ltd		305
1,346,946		Citigroup, Inc		64,977
5,392		Close Brothers Group plc		91
1,000		Colonial Bancgroup, Inc		26
40,244		Comerica, Inc		2,092
7,136		Commerce Bancorp, Inc		255
2,274,073		Commerzbank AG.		82,696
8,767		Commonwealth Bank of Australia		289
35,905		Compass Bancshares, Inc		1,996
24,899		Credit Agricole S.A.		947
2,803		Danske Bank A/S		107
289,668		DBS Group Holdings Ltd		3,315
782,141		Depfa Bank plc		12,961
33,298		Deutsche Bank AG.		3,747
3,694		Dexia		89

122

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
4,536		DNB NOR Holding ASA	$	56
1,620		EFG Eurobank Ergasias S.A.		45
1,899	*	Emporiki Bank of Greece S.A.		66
1,283		Erste Bank der Oesterreichischen Sparkassen AG.		72
18,879		Fifth Third Bancorp		698
28,805		First Horizon National Corp		1,158
7,966		Fortis		271
32,000		Golden West Financial Corp		2,374
30,160		Gunma Bank Ltd		224
5,189		Hang Seng Bank Ltd		66
353,744		Hokuhoku Financial Group, Inc		1,479
3,738,237		HSBC Holdings plc		65,787
339,586		Hudson City Bancorp, Inc		4,527
11,247		Huntington Bancshares, Inc		265
88,944		ICICI Bank Ltd (ADR)		2,103
23,000		IndyMac Bancorp, Inc		1,054
448		Investec plc		21
967		Investors Financial Services Corp		43
46,338		Joyo Bank Ltd		281
861,816		JPMorgan Chase & Co		36,196
191,509		Julius Baer Holding AG.		16,603
400	*	Jyske Bank		23
1,136,931		Kasikornbank PCL		1,818
128,000		Kasikornbank PCL		198
85,705		Keycorp		3,058
59,229		Kookmin Bank		4,870
279,838		Lloyds TSB Group plc		2,751
9,143		M&T Bank Corp		1,078
10,235		Marshall & Ilsley Corp		468
867,853		Mediobanca S.p.A.		16,989
64,839		Mellon Financial Corp		2,232
6,243		Mercantile Bankshares Corp		223
319		Mitsubishi UFJ Financial Group, Inc		4,465
22,750		Mitsui Trust Holdings, Inc		274
2,515		Mizuho Financial Group. Inc		21,319
10,902		National Australia Bank Ltd		285
35,680	e	National Bank Of Canada		1,829
1,177,606		National Bank of Greece S.A.		46,497
1,140,576	*	National Bank of Greece S.A.		3,602
532,097		National City Corp		19,257
11,012		New York Community Bancorp, Inc		182
19,045		Nishi-Nippon City Bank Ltd		91
14,454		Nordea Bank AB		172
62,388		North Fork Bancorporation, Inc		1,882
293,620		Northern Trust Corp		16,237
28,438		OKO Bank		418
696,083		Oversea-Chinese Banking Corp		2,905
1,482		Piraeus Bank S.A.		35
107,200		PNC Financial Services Group, Inc		7,522
238		Raiffeisen International Bank Holding AG.		21
22,252		Regions Financial Corp		737
203		Resona Holdings, Inc		641
322,356	e	Royal Bank of Canada		13,137
2,224	*	Royal Bank Of Canada		90
1,512,992		Royal Bank of Scotland Group plc		49,755
10,126		Sanpaolo IMI S.p.A.		179
2		Sapporo Hokuyo Holdings, Inc		21
8,732,065		Shinsei Bank Ltd		55,380
36,727		Shizuoka Bank Ltd		397

123

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
3,130		Skandinaviska Enskilda Banken AB (A Shs)	$	74
470,489		Societe Generale (A Shs)		69,183
21,566		Sovereign Bancorp, Inc		438
44,991		State Street Corp		2,614
3,626		Sumitomo Mitsui Financial Group, Inc		38,380
4,826,602		Sumitomo Trust & Banking Co Ltd		52,777
152,580		SunTrust Banks, Inc		11,636
8,738		Suruga Bank Ltd		118
3,556		Svenska Handelsbanken AB (A Shs)		92
420		Sydbank A/S		14
11,161		Synovus Financial Corp		299
2,368		TCF Financial Corp		63
8,622		TD Banknorth, Inc		254
180,779	*	UBS AG.		19,775
1,293,642		UniCredito Italiano S.p.A		10,123
32,262		UnionBanCal Corp		2,084
2,671,118		United Overseas Bank Ltd		26,350
499,055		US Bancorp		15,411
384,867		Wachovia Corp		20,814
388,630		Washington Mutual, Inc		17,714
1,381,227		Wells Fargo & Co		92,653
12,218		Westpac Banking Corp		211
1,527		Wing Hang Bank Ltd		13
3,898		Zions Bancorporation		304
		TOTAL DEPOSITORY INSTITUTIONS		1,209,809
EATING AND DRINKING PLACES - 0.57%
40,300		Aramark Corp (Class B)		1,334
679		Autogrill S.p.A.		10
729,233		Brinker International, Inc		26,471
5,688,010		Compass Group plc		27,589
47,977		Darden Restaurants, Inc		1,890
66,200		Domino's Pizza, Inc		1,638
15,596		Enterprise Inns plc		274
280,947		McDonald's Corp		9,440
35,659		Mitchells & Butlers plc		340
25,430		Onex Corp		509
10,461		Punch Taverns plc		169
2,911		Skylark Co Ltd		64
637		Sodexho Alliance S.A.		31
101,002	*	Starbucks Corp		3,814
3,466		Wendy's International, Inc		202
14,336		Whitbread plc		309
21,319	v*	Whitbread plc (B shrs)		61
56,119		Yum! Brands, Inc		2,821
		TOTAL EATING AND DRINKING PLACES		76,966
EDUCATIONAL SERVICES - 0.00% **
991	*	Apollo Group, Inc (Class A)		51
2,582		Benesse Corp		89
63,676		CAE, Inc		487
1,380	*	Career Education Corp		41
		TOTAL EDUCATIONAL SERVICES		668
ELECTRIC, GAS, AND SANITARY SERVICES - 3.66%
77,746	*	AES Corp		1,434
1,747		Alinta Ltd		14
112,800	*	Allegheny Energy, Inc		4,181
74,800		Alliant Energy Corp		2,566

124

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
1,447		Ameren Corp	$	73
2,625		American Electric Power Co, Inc		90
900		Aqua America, Inc		21
3,046		Australian Gas Light Co Ltd		40
359,878		Caltex Australia Ltd		6,310
4,389		Centerpoint Energy, Inc		55
5,230,710		Centrica plc		27,596
14,159		Chubu Electric Power Co, Inc		383
5,278,680		CLP Holdings Ltd		30,889
47,783		Consolidated Edison, Inc		2,123
18,253		Constellation Energy Group, Inc		995
2,014		Contact Energy Ltd		9
19,482		Dominion Resources, Inc		1,457
2,885		DTE Energy Co		118
38,790		Duke Energy Corp		1,139
184,826		E.ON AG.		21,274
19,151		Edison International		747
59,696		El Paso Corp		895
3,139		Electric Power Development Co		120
1,819,416		Enagas		38,804
71,833	*	Enbridge, Inc		2,194
2,537,226		Endesa S.A.		88,210
28,772		Enel S.p.A.		248
35,378		Energen Corp		1,359
13,417		Energias de Portugal S.A.		53
23,208		Energy East Corp		555
140,385		Entergy Corp		9,932
171,097		Exelon Corp		9,723
2,703,302		First Philippine Holdings Corp		2,290
193,791		FirstEnergy Corp		10,505
22,300		Fortis, Inc		447
3,958,220		Fortum Oyj		101,224
47,966		FPL Group, Inc		1,985
1,195		Gas Natural SDG S.A.		36
1,313		Gaz de France		44
1,303		Hokkaido Electric Power Co, Inc		31
24,155		Hong Kong & China Gas Ltd		53
16,044		Hong Kong Electric Holdings Ltd		73
5,413		Iberdrola S.A.		186
25,155		International Power plc		132
13,922		Kansai Electric Power Co, Inc		312
2,486		Kelda Group plc		35
2,471		KeySpan Corp		100
740		Kinder Morgan, Inc		74
2,560		Kyushu Electric Power Co, Inc		60
79,201		National Grid plc		857
1,833		NiSource, Inc		40
50,175	*	NRG Energy, Inc		2,417
514		Oest Elektrizitatswirts		25
14,125		Osaka Gas Co Ltd		45
1,284		Pepco Holdings, Inc		30
5,324,969	*	Petronet LNG Ltd		5,118
10,199		PG&E Corp		401
1,387		Pinnacle West Capital Corp		55
51,570		PPL Corp		1,666
15,351		Progress Energy, Inc		658
31,287		Public Service Enterprise Group, Inc		2,069
1,243		Puma AG. Rudolf Dassler Sport		483
55,583		Questar Corp		4,474

125

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
2,110	*	Reliant Energy, Inc	$	25
107,983		Republic Services, Inc		4,356
24,136		RWE AG.		2,008
757		SCANA Corp		29
22,129		Scottish & Southern Energy plc		471
48,673		Scottish Power plc		525
10,118,988		SembCorp Industries Ltd		20,733
1,348,524		Sempra Energy		61,331
2,367		Severn Trent plc		51
6,524		Snam Rete Gas S.p.A.		29
248		Sociedad General de Aguas de Barcelona S.A.		7
147	*	Sociedad General de Aguas de Barcelona S.A.		4
831,811	*	Sojitz Holdings Corp		3,289
5,025		Southern Co		161
7,005		Suez S.A.		291
4,013		Tohoku Electric Power Co, Inc		88
36,200		Tokyo Electric Power Co, Inc		1,001
15,838		Tokyo Gas Co Ltd		75
43,209	e	TransAlta Corp		896
65,756		TXU Corp		3,932
915		Union Fenosa S.A.		35
5,903		United Utilities plc		70
2,874		Vector Ltd		4
1,947		Veolia Environnement		101
53,892		Williams Cos, Inc		1,259
25,345		Wisconsin Energy Corp		1,021
10,687		Xcel Energy, Inc		205
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		491,529
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 5.71%
410	*	AAC Acoustic Technology Holdings, Inc		-	^
14,000		Acuity Brands, Inc		545
842	*	ADC Telecommunications, Inc		14
18,740	*	Advanced Micro Devices, Inc		458
1,434,908		Alcatel S.A.		18,201
11,114		Alps Electric Co Ltd		139
15,440	*	Altera Corp		271
3,204		American Power Conversion Corp		62
6,665		Amphenol Corp (Class A)		373
16,636		Analog Devices, Inc		535
56,649		ARM Holdings plc		119
62,072	*	ATI Technologies, Inc		905
175,550		Avex Group Holdings, Inc		4,154
900	*	Avnet, Inc		18
72		Bang & Olufsen A/S		8
75		Barco NV		7
80,804	*	Broadcom Corp (Class A)		2,428
48,308	*	Celestica, Inc		459
2,723,098	*	Chartered Semiconductor Manufacturing Ltd		2,325
4,214,562	*	Cisco Systems, Inc		82,310
1,422	*	Comverse Technology, Inc		28
71,770		Cooper Industries Ltd (Class A)		6,669
855	*	CSR plc		20
20,733		Dainippon Screen Manufacturing Co Ltd		190
1,817		Electrolux AB (Series B)		26
6,923		Emerson Electric Co		580
33,248		EMI Group plc		187
895	*	Energizer Holdings, Inc		52
17,972,941		Ericsson (LM) (B Shs)		59,382

126

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
150,000	*	Fairchild Semiconductor International, Inc	$	2,726
55,864		Fanuc Ltd		5,024
2,891		Fisher & Paykel Appliances Holdings Ltd		8
3,452		Fisher & Paykel Healthcare Corp		9
27,528	*	Flextronics International Ltd		292
14,000	*	Foxconn International Holdings Ltd		30
838,400	*	Freescale Semiconductor, Inc		24,314
26,800	*	Freescale Semiconductor, Inc (Class B)		788
9,822		Fuji Electric Holdings Co Ltd		51
1,136		Gamesa Corp Tecnologica S.A.		24
11,490	e	Garmin Ltd		1,212
306		Germanos S.A.		7
1,773		Harman International Industries, Inc		151
3,263		Hirose Electric Co Ltd		397
500		Hitachi High-Technologies Corp		15
205,548		Hitachi Ltd		1,359
390,949		Honeywell International, Inc		15,755
108,275		Horiba Ltd		3,580
1,499,100		Hoya Corp		53,373
47,247	*	Hynix Semiconductor, Inc		1,531
139,208		Ibiden Co Ltd		6,698
62,398	*	Infineon Technologies AG.		695
287,628	*	Infineon Technologies AG. (ADR)		3,210
5,594,885		Intel Corp		106,023
1,000		Intersil Corp (Class A)		23
1,039		Intracom S.A.		7
1,151,265	*	JDS Uniphase Corp		2,913
8,558		Koninklijke Philips Electronics NV		267
1,280		Kudelski S.A.		31
11,638		Kyocera Corp		902
740,026		L-3 Communications Holdings, Inc		55,813
17,291		Linear Technology Corp		579
54,471	*	LSI Logic Corp		488
1,127,163	*	Lucent Technologies, Inc		2,728
4,230		Mabuchi Motor Co Ltd		253
37,426	*	Marvell Technology Group Ltd		1,659
484,469		Matsushita Electric Industrial Co Ltd		10,235
8,956		Matsushita Electric Works Ltd		100
15,205		Maxim Integrated Products, Inc		488
31,200	*	MEMC Electronic Materials, Inc		1,170
9,964		Microchip Technology, Inc		334
263,171	*	Micron Technology, Inc		3,963
1,172		Micronas Semiconductor Holdings, Inc		32
2,900		Minebea Co Ltd		16
68,661		Mitsubishi Electric Corp		551
2,997,437		Motorola, Inc		60,398
12,356		Murata Manufacturing Co Ltd		803
45,836		National Semiconductor Corp		1,093
1,617	*	NEC Electronics Corp		52
977,973	*	Network Appliance, Inc		34,523
60,988		NGK Spark Plug Co Ltd		1,227
5,706		Nidec Corp		409
121,939		Nitto Denko Corp		8,694
131		NKT Holding A/S		8
2,837,726		Nokia Oyj		57,910
1,007,002	*	Nortel Networks Corp		2,246
750,000	*	Nortel Networks Corp		1,680
66,344	*	Novellus Systems, Inc		1,639
46,532	*	Nvidia Corp		991

127

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
19,111		Omron Corp	$	487
1,291		Pioneer Corp		21
8,349	*	QLogic Corp		144
328,414		Qualcomm, Inc		13,160
76,272		RadioShack Corp		1,068
36,095	*	Research In Motion Ltd		2,525
48,595		Ricoh Co Ltd		954
305		Rinnai Corp		8
20,818		Rockwell Collins, Inc		1,163
6,144		Rohm Co Ltd		550
5,996		Samsung Electronics Co Ltd		3,811
12,434		Sanken Electric Co Ltd		158
184,865	*	Sanmina-SCI Corp		850
36,755	*	Sanyo Electric Co Ltd		79
353		Schindler Holding AG.		18
1,540		Schneider Electric S.A.		161
40,803		Sharp Corp		645
500		Shinko Electric Industries		15
18,200	*	Silicon Laboratories, Inc		640
66,041	e*	Sirius Satellite Radio, Inc		314
41,088		Sony Corp		1,815
68,935		Stanley Electric Co Ltd		1,423
444,169	*	STATS ChipPAC Ltd		279
28,513		STMicroelectronics NV		459
941,150		Sumco Corp		53,679
75,970	*	Suntech Power Holdings Co Ltd (ADR)		2,146
18,601		Taiyo Yuden Co Ltd		236
937		Tandberg ASA		8
6,766		TDK Corp		515
43,000		Teleflex, Inc		2,323
41,918	*	Tellabs, Inc		558
8,006		Terna S.p.A.		21
378,661		Texas Instruments, Inc		11,470
1,801		Thomson		30
653		Uniden Corp		7
784		Ushio, Inc		17
2,138		Valeo S.A.		76
104,590		Venture Corp Ltd		701
1,280		Whirlpool Corp		106
16,004		Xilinx, Inc		363
5,421,256	*	Yageo Corp		1,875
7,384		Yaskawa Electric Corp		86
11,000	*	Zoran Corp		268
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		767,194
ENGINEERING AND MANAGEMENT SERVICES - 0.47%
13,833		Amec plc		81
700	*	Amylin Pharmaceuticals, Inc		35
4,327		Capita Group plc		37
73,651	*	Celgene Corp		3,493
300		Corporate Executive Board Co		30
1,963		Downer EDI Ltd		11
43,741		Fluor Corp		4,065
387		Fugro NV		17
85,000	*	Infrasource Services, Inc		1,548
400	*	Jacobs Engineering Group, Inc		32
9,142		JGC Corp		157
302		Meitec Corp		10
75,968		Moody's Corp		4,137

128

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
1,164		Nichii Gakkan Co	$	21
21,839		Paychex, Inc		851
5,154,976		QinetiQ plc		16,852
7,555		Quest Diagnostics, Inc		453
1,125		SBM Offshore NV		30
3,126		Serco Group plc		19
35,115		SNC-Lavalin Group, Inc		928
6,945,203		Taylor Nelson Sofres plc		29,930
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		62,737
FABRICATED METAL PRODUCTS - 0.68%
5,872		Amcor Ltd		29
2,696		Ball Corp		100
292,000	*	Crown Holdings, Inc		4,546
36		Geberit AG.		42
239,202		Illinois Tool Works, Inc		11,362
11,339		JS Group Corp		239
1,409		Pentair, Inc		48
25,244		Rexam plc		247
2,612		Sanwa Shutter Corp		15
484		Ssab Svenskt Stal AB		9
1,059		Ssab Svenskt Stal AB		21
372,465		Sumitomo Precision Products Co Ltd		2,222
6,389		Toyo Seikan Kaisha Ltd		116
60,058		Vallourec S.A.		72,186
		TOTAL FABRICATED METAL PRODUCTS		91,182
FOOD AND KINDRED PRODUCTS - 3.62%
42,337		Ajinomoto Co, Inc		469
31,583		Anheuser-Busch Cos, Inc		1,440
112,794		Archer Daniels Midland Co		4,656
1,429		Ariake Japan Co Ltd		32
17,371		Asahi Breweries Ltd		244
2,974		Bunge Ltd		149
120,821		Cadbury Schweppes plc		1,165
131,971		Campbell Soup Co		4,897
860		Carlsberg A/S (Class B)		63
3,205		Coca Cola Hellenic Bottling Co S.A.		95
3,493		Coca-Cola Amatil Ltd		18
524,391		Coca-Cola Co		22,559
58,400		Coca-Cola Enterprises, Inc		1,190
6,971		Coca-Cola West Japan Co Ltd		148
16,194		ConAgra Foods, Inc		358
13,649	*	Constellation Brands, Inc (Class A)		341
15,566	*	Cott Corp		204
6,087		CSR Ltd		15
818		Danisco A/S		60
47,400		Del Monte Foods Co		532
9,031,038		Diageo plc		151,917
217		East Asiatic Co Ltd A/S		8
565		Ebro Puleva S.A.		12
850,110		General Mills, Inc		43,917
42		Givaudan S.A.		33
1,797		Greencore Group plc		8
7,719		Groupe Danone		981
55,719		H.J. Heinz Co		2,297
758,393		Heineken NV		32,146
4,728		Hershey Co		260
6,690		House Foods Corp		101

129

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
712		Iaws Group plc	$	13
1,214		InBev NV		60
213,954		Ito En Ltd		7,842
45,286		J Sainsbury plc		280
14,252,776		JG Summit Holdings		1,610
1,016,596		J-Oil Mills, Inc		4,758
15,944		Kaneka Corp		145
9,118		Katokichi Co Ltd		92
1,760,356		Kellogg Co		85,254
874		Kerry Group plc (Class A)		19
4,019,054		Khon Kaen Sugar Industry PCL		1,022
105,195		Kibun Food Chemifa Co Ltd		1,772
21,795		Kikkoman Corp		272
55,796		Kirin Brewery Co Ltd		878
6,648		Kraft Foods, Inc (Class A)		205
1,960		Lion Nathan Ltd		11
4,569		McCormick & Co, Inc		153
15,630		Meiji Dairies Corp		109
17,763		Meiji Seika Kaisha Ltd		91
57	*	Molson Coors Brewing Co (Class B)		4
150,313		Nestle S.A.		47,119
15,264		Nichirei Corp		82
7,357		Nippon Meat Packers, Inc		85
25,089		Nisshin Seifun Group, Inc		280
15,071		Nissin Food Products Co Ltd		533
416,737		Oenon Holdings, Inc		1,622
234,500		Olam International Ltd		214
61,000		Pepsi Bottling Group, Inc		1,961
23,900		PepsiAmericas, Inc		528
487,960		PepsiCo, Inc		29,297
2,049		Pernod-Ricard S.A.		406
3,077,884		Petra Foods Ltd		2,705
28,873		Q.P. Corp		275
461,331		Royal Numico NV		20,699
45,582		Sampo Oyj (A Shs)		870
12,855		Sapporo Holdings Ltd		65
9,404		Saputo, Inc		299
24,631		Sara Lee Corp		395
64,999		Scottish & Newcastle plc		613
22,026		Suedzucker AG.		488
6,693		Swire Pacific Ltd (A Shs)		69
3,692		Takara Holdings, Inc		22
20,784		Tate & Lyle plc		233
3,377		Toyo Suisan Kaisha Ltd		53
8,618		Tyson Foods, Inc (Class A)		128
6,934,382		Universal Robina Corp		2,349
5,184		Want Want Holdings Ltd		7
1,426		Wrigley (Wm.) Jr Co		65
4,326		Yakult Honsha Co Ltd		118
5,918		Yamazaki Baking Co Ltd		53
		TOTAL FOOD AND KINDRED PRODUCTS		486,538
FOOD STORES - 0.97%
30,000		Alimentation Couche Tard, Inc		647
16,086		Carrefour S.A.		943
7,911		Coles Myer Ltd		67
107		Colruyt S.A.		17
507		Delhaize Group		35
2,555		FamilyMart Co Ltd		74

130

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
11,204		George Weston Ltd	$	804
7,072	*	Goodman Fielder Ltd		11
434		Jeronimo Martins SGPS S.A.		7
434		Kesko Oyj (B Shares)		17
10,389	*	Koninklijke Ahold NV		90
377,996		Kroger Co		8,263
2,390		Lawson, Inc		87
24,946		Loblaw Cos Ltd		1,155
31,436		Seven & I Holdings Co Ltd		1,037
5,337		Sonae SPGS S.A.		8
2,618,522		Supervalu, Inc		80,389
5,884,243		Tesco plc		36,350
186		Valora Holding AG.		40
3,642		Whole Foods Market, Inc		235
7,833		Woolworths Ltd		117
		TOTAL FOOD STORES		130,393
FORESTRY - 0.02%
11,000		Rayonier, Inc		417
33,079		Weyerhaeuser Co		2,059
		TOTAL FORESTRY		2,476
FURNITURE AND FIXTURES - 0.01%
4,901		Hillenbrand Industries, Inc		238
7,387		Johnson Controls, Inc		607
3,733		Leggett & Platt, Inc		93
7,574		Masco Corp		224
3,968		MFI Furniture plc		8
1,261		Neopost S.A.		144
		TOTAL FURNITURE AND FIXTURES		1,314
FURNITURE AND HOMEFURNISHINGS STORES - 0.15%
49,446	*	Bed Bath & Beyond, Inc		1,640
17,550		Best Buy Co, Inc		963
17,200		Circuit City Stores, Inc		468
117,540		Culture Convenience Club Co Ltd		1,356
85,573		DSG International plc		302
3,528		Harvey Norman Holdings Ltd		10
45,455		Kesa Electricals plc		243
1,425	*	Mohawk Industries, Inc		100
56,005		Nitori Co Ltd		2,729
2,491		Shimachu Co Ltd		65
4,081		Williams-Sonoma, Inc		139
117,171		Yamada Denki Co Ltd		11,962
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		19,977
GENERAL BUILDING CONTRACTORS - 0.57%
5,505		Balfour Beatty plc		35
20,615		Barratt Developments plc		361
29,600		Beazer Homes USA, Inc		1,358
11,156		Bellway plc		239
4,315	*	Berkeley Group Holdings plc		97
245		Bilfinger Berger AG.		13
5,714		Centex Corp		287
4,216,747		Cheung Kong Infrastructure Holdings Ltd		12,188
3,575		CRH plc		117
3,343		Daito Trust Construction Co Ltd		185
24,014		Daiwa House Industry Co Ltd		384
12,018		DR Horton, Inc		286

131

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
3,161		Fletcher Building Ltd	$	18
25,715		George Wimpey plc		216
1,353,398	*	Haseko Corp		4,606
799		Hellenic Technodomiki Tev S.A.		8
797,955		Hochtief AG.		44,373
1,345,269		IJM Corp Bhd		2,050
637		Imerys S.A.		51
37,104		Kajima Corp		170
10,915		KB Home		501
151,510		Keppel Land Ltd		387
7,172,087		Lalin Property PCL		884
927		Leighton Holdings Ltd		12
2,397		Lend Lease Corp Ltd		25
50,492		Lennar Corp (Class A)		2,240
1,585	*	NVR, Inc		779
25,977		Obayashi Corp		179
16,080		Persimmon plc		367
9,226		Pulte Homes, Inc		266
22,260		Sekisui Chemical Co Ltd		192
32,826		Sekisui House Ltd		451
2,302,000		Shanghai Forte Land Co		934
24,452		Shimizu Corp		137
38,136		Taisei Corp		140
42,285		Taylor Woodrow plc		261
914		Technical Olympic S.A.		4
392		Titan Cement Co S.A.		18
8,844		Toda Corp		43
61,270	*	Toll Brothers, Inc		1,567
14,476		YIT OYJ		355
		TOTAL GENERAL BUILDING CONTRACTORS		76,784
GENERAL MERCHANDISE STORES - 0.78%
26,001		Aeon Co Ltd		571
217,432		Costco Wholesale Corp		12,422
8,545		Daimaru, Inc		113
93,347		Dollar General Corp		1,305
2,350		Family Dollar Stores, Inc		57
21,958		Federated Department Stores, Inc		804
3,973		Hankyu Department Stores, Inc		31
38,095		Hyundai Department Store Co Ltd		2,943
309,113		Isetan Co Ltd		5,273
75,303		JC Penney Co, Inc		5,084
18,386		Keio Electric Railway Co Ltd		119
47,914		Kintetsu Corp		160
83,168		Marks & Spencer Group plc		903
201,088		Marui Co Ltd		3,135
19,191		Mitsukoshi Ltd		88
154,210		Pinault-Printemps-Redoute S.A.		19,659
4,017		Shinsegae Co Ltd		2,011
13,162		Takashimaya Co Ltd		165
162,525		Target Corp		7,943
294,898		TJX Cos, Inc		6,741
699,051		Tokyu Corp		4,085
2,220		UNY Co Ltd		33
634,076		Wal-Mart Stores, Inc		30,543
1,580		Warehouse Group Ltd		5
		TOTAL GENERAL MERCHANDISE STORES		104,193

132

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
HEALTH SERVICES - 2.29%
1,780,660		AmerisourceBergen Corp	$	74,645
42,229	*	Capio AB		756
19,364		Caremark Rx, Inc		966
18,226		Cigna Corp		1,795
223		Coloplast A/S (B Shs)		17
700	*	Community Health Systems, Inc		26
500	*	Covance, Inc		31
177,671	*	Coventry Health Care, Inc		9,761
36,655	*	DaVita, Inc		1,822
4,897		DCA Group Ltd		10
18,397	*	Express Scripts, Inc		1,320
151,940		Fraser and Neave Ltd		384
6,481		Fresenius Medical Care AG.		745
1,196		Getinge AB (B Shs)		20
57,164		HCA, Inc		2,467
3,078,520		Health Management Associates, Inc (Class A)		60,678
13,564,544	*	Healthsouth Corp		52,223
1,037		Intertek Group plc		13
5,516	*	Laboratory Corp of America Holdings		343
4,574	*	Lincare Holdings, Inc		173
524,387		McKesson Corp		24,793
31,065		MDS, Inc		568
116,179	*	Medco Health Solutions, Inc		6,655
2,291,337	*	Nektar Therapeutics		42,023
2,181,193		Parkway Holdings Ltd		3,407
50,000	*	Sierra Health Services, Inc		2,251
1,765		Sonic Healthcare Ltd		19
113		Straumann Holding AG.		29
74,071	*	Tenet Healthcare Corp		517
20,176	*	Triad Hospitals, Inc		799
262,590	*	WellPoint, Inc		19,109
		TOTAL HEALTH SERVICES		308,365
HEAVY CONSTRUCTION, EXCEPT BUILDING - 1.36%
1,524		Abertis Infraestructuras S.A.		36
1,648		ACS Actividades Cons y Servicios S.A.		69
16,816		Bouygues S.A.		864
292,736		Chiyoda Corp		5,992
305		Fomento de Construcciones y Contratas S.A.		23
6,200		Granite Construction, Inc		281
421		Grupo Ferrovial S.A.		32
4,190		Multiplex Group		10
15,966		Nishimatsu Construction Co Ltd		60
10,403		Okumura Corp		58
1,718,121		Skanska AB (B Shs)		26,475
1,000,000	*	Tecnicas Reunidas S.A.		22,696
5,321		Transurban Group		27
1,225,616		Vinci S.A.		126,233
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		182,856
HOLDING AND OTHER INVESTMENT OFFICES - 1.29%
32,740		3i Group plc		546
380,264	e	Allied Capital Corp		10,940
600		AMB Property Corp		30
32,657		Amvescap plc		299
1,419		Apartment Investment & Management Co (Class A)		62
21,100		ARC Energy Trust		531
25,529		Archstone-Smith Trust		1,299
13,798		AvalonBay Communities, Inc		1,526

133

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
34,574		Boston Properties, Inc	$	3,125
83,813	e	Brookfield Asset Management, Inc		3,381
12,700		Camden Property Trust		934
281,486		CapitaMall Trust		377
5,146		CFS Gandel Retail Trust		7
3,866	v	CFS Gandel Retail Trust		5
856,572		China Merchants Holdings International Co Ltd		2,608
38,904	*	CI Financial, Inc		1,033
1,417		Collins Stewart Tullett plc		20
9,707		Commonwealth Property Office Fund		10
709		Crescent Real Estate Equities Co		13
2,117		Developers Diversified Realty Corp		110
946		Duke Realty Corp		33
12,075		Equity Office Properties Trust		441
92,230		Equity Residential		4,125
513		Fabege AB		10
400		Federal Realty Investment Trust		28
93,440		General Growth Properties, Inc		4,210
12,939		GPT Group		42
16,821		Great Portland Estates plc		156
493		Groupe Bruxelles Lambert S.A.		52
575	*	Groupe Bruxelles Lambert S.A.		-	^
1,464		Health Care Property Investors, Inc		39
74,245		Host Marriott Corp		1,624
671		Hugoton Royalty Trust		20
1,853	*	Immoeast Immobilien Anlagen AG.		20
5,723		ING Industrial Fund		9
220,000		iShares MSCI Japan Index Fund		3,001
801		iStar Financial, Inc		30
19,275		Jafco Co Ltd		1,157
22		Japan Prime Realty Investment Corp		66
39		Japan Real Estate Investment Corp		348
42		Japan Retail Fund Investment Corp		331
22,480		JFE Holdings, Inc		954
50,136		Kimco Realty Corp		1,829
8,146		Kiwi Income Property Trust		7
371,280	*	K-REIT Asia		298
33,940		Land Securities Group plc		1,126
1,329	e	Liberty Property Trust		59
14,567		Link Real Estate Investment Trust		29
1,169		Macerich Co		82
12,300		Mack-Cali Realty Corp		565
2,108		Macquarie Communications Infrastructure Group		9
1,956,770		Macquarie Infrastructure Group		4,885
321,263	*	Macquarie Korea Infrastructure Fund		2,303
12,773		Macquarie Office Trust		13
14,117		Man Group plc		665
1,035	*	Meinl European Land Ltd		21
45		Nippon Building Fund, Inc		437
669		Nobel Biocare Holding AG.		159
2,946,976		Noble Group Ltd		2,031
14		Nomura Real Estate Office Fund, Inc		111
3,197,758		NTL, Inc		79,624
10		NTT Urban Development Corp		78
26,776		Plum Creek Timber Co, Inc		951
17,300		PrimeWest Energy Trust		521
35,428		Prologis		1,847
347		PSP Swiss Property AG.		18
6,029,688		PT Summarecon Agung Tbk		762

134

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
30,580		Public Storage, Inc	$	2,321
10,115,499		RAB Capital plc		15,622
600		Reckson Associates Realty Corp		25
500		Regency Centers Corp		31
408		Rodamco Europe NV		40
665		Sacyr Vallehermoso S.A.		22
25,146		SCOR		55
2,040,000	v*	Shimao Property Holdings Ltd		1,642
58,689		Simon Property Group, Inc		4,868
5,700		SL Green Realty Corp		624
31,110		Softbank Corp		698
360,556		Suntec Real Estate Investment Trust		283
900		United Dominion Realty Trust, Inc		25
51,203		Vornado Realty Trust		4,995
9,827		Wharf Holdings Ltd		35
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		173,268
HOTELS AND OTHER LODGING PLACES - 0.87%
1,546,258		Accor S.A.		94,091
3,962,000	*	Banyan Tree Holdings Ltd		2,330
15,800		Choice Hotels International, Inc		957
5,378		Four Seasons Hotels, Inc		328
501,096		Genting Bhd		3,232
11,524		Hilton Hotels Corp		326
2,424,868		Hongkong & Shanghai Hotels		2,685
15,052		Intercontinental Hotels Group plc		263
10,477		Intrawest Corp		332
10,500	*	Las Vegas Sands Corp		818
12,293		Marriott International, Inc (Class A)		469
3,152	*	MGM Mirage		129
9,551,538		Minor International PCL		2,366
439		NH Hoteles S.A.		8
116,619		Overseas Union Enterprise Ltd		745
1,746,950		Shangri-La Asia Ltd		3,363
2,819		Sky City Entertainment Group Ltd		9
62,092		Starwood Hotels & Resorts Worldwide, Inc		3,747
400		Station Casinos, Inc		27
209,237		United Overseas Land Ltd		378
6,518	*	Wynn Resorts Ltd		478
		TOTAL HOTELS AND OTHER LODGING PLACES		117,081
INDUSTRIAL MACHINERY AND EQUIPMENT - 3.02%
62,705		3M Co		5,065
66,945		ABB Ltd		869
633		Alfa Laval AB		19
3,330	*	Alstom RGPT		304
14,498		Amada Co Ltd		152
503		Amano Corp		7
135,273		American Standard Cos, Inc		5,853
65		Andritz AG.		11
1,059,482	*	Apple Computer, Inc		60,518
1,800,880		Applied Materials, Inc		29,318
400		ARRK Corp		9
1,492		ASM Pacific Technology Ltd		7
5,053	*	ASML Holding NV		102
2,240		Atlas Copco AB (A Shares)		62
4,126		Atlas Copco AB (B Shares)		107
9,042		Black & Decker Corp		764
68,958	*	Cameron International Corp		3,294

135

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
137,583		Canon, Inc	$	6,752
6,394		Casio Computer Co Ltd		122
73,656		Caterpillar, Inc		5,486
3,936		CDW Corp		215
1,101	*	Charter plc		16
2,648		Citizen Watch Co Ltd		24
19,400		Cummins, Inc		2,372
500		Daifuku Co Ltd		8
8,605		Daikin Industries Ltd		299
6,442		Deere & Co		538
690,935	*	Dell, Inc		16,866
34,138		Dover Corp		1,687
36,876		Eaton Corp		2,780
11,890		Ebara Corp		51
389,222	*	EMC Corp		4,270
61,000	*	Emulex Corp		992
500	*	FMC Technologies, Inc		34
242,728		Fuji Photo Film Co Ltd		8,154
2,705		Glory Ltd		52
900	*	Grant Prideco, Inc		40
8,749		Heidelberger Druckmaschinen		398
3,019,651		Hewlett-Packard Co		95,662
868		Hikari Tsushin, Inc		47
3,522		Hitachi Construction Machinery Co Ltd		85
1,817	*	Husqvarna AB		22
2,284		IMI plc		21
3,514		Ingersoll-Rand Co Ltd		150
493,529		International Business Machines Corp		37,913
43,630		International Game Technology		1,655
36,114		Ishikawajima-Harima Heavy Industries Co Ltd		114
1,965		Itochu Techno-Science Corp		91
50,975		Jabil Circuit, Inc		1,305
829,737		Japan Steel Works Ltd		5,691
11,400		Joy Global, Inc		594
417,869		Komatsu Ltd		8,316
686		Komori Corp		15
38,842		Konica Minolta Holdings, Inc		491
502,257		Kubota Corp		4,767
827		Kurita Water Industries Ltd		17
41,700	*	Lam Research Corp		1,944
54,150	*	Lexmark International, Inc		3,023
733	*	Logitech International S.A.		28
2,401		Makita Corp		76
4,636		Meggitt plc		27
10,758		Metso Oyj		390
129,506		Mitsubishi Heavy Industries Ltd		560
26,875		Mitsui Engineering & Shipbuilding Co Ltd		82
15,441		Mitsumi Electric Co Ltd		183
96,437		Modec, Inc		2,160
341,174		Nippon Electric Glass Co Ltd		6,849
6,948		NTN Corp		55
586		OCE NV		9
1,200	*	Ocean RIG ASA		8
22,368		Oki Electric Industry Co Ltd		53
1,000		Okuma Holdings, Inc		11
600		OSG Corp		10
106,148		Pall Corp		2,972
56,376		Parker Hannifin Corp		4,375
240		Rheinmetall AG.		17

136

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
31,306		Rockwell Automation, Inc	$	2,254
5,363,053		Rolls-Royce Group plc		10
27,694		Safran S.A.		603
40,603	*	SanDisk Corp		2,070
6,762		Sandvik AB		79
1,826		Scania AB		83
116,407		Seagate Technology		2,635
26,262	v*	Seagate Technology, Inc		-	^
9,173		Seiko Epson Corp		250
41		SIG Holding AG.		9
2,700		SKF AB		43
45,580		SMC Corp		6,455
9,395		Smith International, Inc		418
242		Solarworld AG.		15
49,581	*	Solectron Corp		170
1,279		SPX Corp		72
1,106		Stanley Works		52
124		Sulzer AG.		93
22,821		Sumitomo Heavy Industries Ltd		211
9,844		Symbol Technologies, Inc		106
116,159		Technip S.A.		6,431
13,135		Techtronic Industries Co		18
4,800	*	Terex Corp		474
898		THK Co Ltd		27
617,000		Tokyo Electron Ltd		43,179
300		Tokyo Seimitsu Co Ltd		16
1,191		Tomra Systems ASA		10
163,542		Toshiba Corp		1,069
7,562		Toyota Tsusho Corp		182
42	*	Unaxis Holding AG.		12
7,648	*	Varian Medical Systems, Inc		362
1,267	*	Vestas Wind Systems A/S		35
6,064		Wartsila Oyj (Series B)		256
1,500	*	Western Digital Corp		30
3,584		Wincor Nixdorf AG.		458
22,933		Yokogawa Electric Corp		327
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		405,919
INSTRUMENTS AND RELATED PRODUCTS - 2.99%
4,021		Advantest Corp		410
164,673	*	Agilent Technologies, Inc		5,197
3,500		Allergan, Inc		375
14,242		Anritsu Corp		76
97,944		Applera Corp (Applied Biosystems Group)		3,168
135,713		BAE Systems plc		928
6,375		Bard (C.R.), Inc		467
2,201		Bausch & Lomb, Inc		108
140,620		Baxter International, Inc		5,169
2,931		Beckman Coulter, Inc		163
73,006		Becton Dickinson & Co		4,463
13,185		Biomet, Inc		413
127,386	*	Boston Scientific Corp		2,145
59,085		Cochlear Ltd		2,398
1,813		Cooper Cos, Inc		80
90,748		Danaher Corp		5,837
5,647		Dentsply International, Inc		342
90,000	*	Eagle Test Systems, Inc		1,262
35,414		Eastman Kodak Co		842
4,305		Elekta AB		73

137

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
2,476,436		Finmeccanica S.p.A.	$	54,970
18,135	*	Fisher Scientific International, Inc		1,325
98,179	*	Invensys plc		7
204,753	*	Invensys plc		73
2,645,479		Johnson & Johnson		158,517
25,021		Keyence Corp		6,396
93,925		Kla-Tencor Corp		3,904
917		Luxottica Group S.p.A.		25
57,702		Medtronic, Inc		2,707
21,000	*	Mettler-Toledo International, Inc		1,272
5,400	*	Millipore Corp		340
64,020		Nikon Corp		1,119
831,910		Olympus Corp		22,269
26,447		PCCW Ltd		19
744	*	Petrojarl ASA		5
341		Phonak Holding AG.		21
24,775		Pitney Bowes, Inc		1,023
5,778	*	Qiagen NV		78
750,380	*	Resmed, Inc		3,457
600		Roper Industries, Inc		28
6,977,439	*	Safilo S.p.A		32,877
75,613		Smith & Nephew plc		582
51,656	*	St. Jude Medical, Inc		1,675
7,298		STERIS Corp		167
11,916		Stryker Corp		502
359		Swatch Group AG.		61
377		Synthes, Inc		45
97,711	*	Teradyne, Inc		1,361
204,112		Terumo Corp		6,821
550,586	*	Thermo Electron Corp		19,953
1,005,222	*	TomTom		39,087
22,106	*	Waters Corp		982
239	*	William Demant Holding		18
232,050	*	Xerox Corp		3,228
41,912	*	Zimmer Holdings, Inc		2,377
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		401,207
INSURANCE AGENTS, BROKERS AND SERVICE - 0.87%
284,145		AON Corp		9,894
800		Brown & Brown, Inc		23
574,315		FBD Holdings plc		27,097
353,852		Hartford Financial Services Group, Inc		29,936
1,822,998		HBOS plc		31,694
419,105		Marsh & McLennan Cos, Inc		11,270
22,256		MLP AG.		459
440,377		QBE Insurance Group Ltd		6,707
3,693		Suncorp-Metway Ltd		53
6,002		Unipol S.p.A.		18
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		117,151
INSURANCE CARRIERS - 4.05%
2,361		ABC Learning Centres Ltd		11
351,361		ACE Ltd		17,775
33,118		Aegon NV		566
1,678,035		Aetna, Inc		67,004
766,991		Aflac, Inc		35,550
2,823		Alleanza Assicurazioni S.p.A		32
23,186		Allianz AG.		3,662
25,464		Allstate Corp		1,394

138

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
3,437		Ambac Financial Group, Inc	$	279
37,600		American Financial Group, Inc		1,613
487,882		American International Group, Inc		28,809
616,183		AMP Ltd		4,180
11,000		Aspen Insurance Holdings Ltd		256
6,581	e	Assicurazioni Generali S.p.A.		240
115,921		Aviva plc		1,641
1,068,692		AXA Asia Pacific Holdings Ltd		4,978
316,164		AXA S.A.		10,373
331,361	*	AXA S.A.		280
69,400		Axis Capital Holdings Ltd		1,986
2,306,548		China Life Insurance Co Ltd (H Shs)		3,638
156,217		Chubb Corp		7,795
17,842		Cincinnati Financial Corp		839
307		CNP Assurances		29
90		Codan A/S		7
55,000	*	Conseco, Inc		1,271
717		Corp Mapfre S.A.		13
744,364		Credit Suisse Group		41,563
1,185		Everest Re Group Ltd		103
4,033	e	Fairfax Financial Holdings Ltd		385
470,793		Fidelity National Financial, Inc		18,337
1,001	e	Fidelity National Title Group, Inc		20
46,600		First American Corp		1,970
378,578		Fondiaria-Sai S.p.A		15,471
101,044		Friends Provident plc		334
262,466		Genworth Financial, Inc		9,144
55,180	e	Great-West Lifeco, Inc		1,412
40,376	*	Health Net, Inc		1,824
53,000	*	Humana, Inc		2,846
879,708		ING Groep NV		34,566
10,641		Insurance Australia Group Ltd		42
1,812		Irish Life & Permanent plc		43
1,222		KBC Groep NV		131
44		LandAmerica Financial Group, Inc		3
33,300		Leucadia National Corp		972
31,528		Lincoln National Corp		1,779
154,000		Loews Corp		5,459
391,510	e	Manulife Financial Corp		12,452
6,398		MBIA, Inc		375
2,289		Mediolanum S.p.A.		16
1,510,571		Metlife, Inc		77,356
4,242		MGIC Investment Corp		276
434		Millea Holdings, Inc		8,087
56,589		Mitsui Sumitomo Insurance Co Ltd		711
13,033		Muenchener Rueckver AG.		1,780
271,750		Old Mutual plc		820
10,918		Old Republic International Corp		233
76,249		PartnerRe Ltd		4,884
16,300	*	Philadelphia Consolidated Holding Co		495
4,095		PMI Group, Inc		182
69,335		Power Corp Of Canada		1,834
53,405		Power Financial Corp		1,505
126,900		Principal Financial Group		7,062
31,255		Progressive Corp		804
172,300		Prudential Financial, Inc		13,388
111,012		Prudential plc		1,254
4,138		Radian Group, Inc		256
481		RenaissanceRe Holdings Ltd		23

139

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
11,707		Resolution plc	$	145
135,359		Royal & Sun Alliance Insurance Group plc		337
3,020		Safeco Corp		170
12,972		Samsung Fire & Marine Insurance Co Ltd		1,743
35,709		Sompo Japan Insurance, Inc		500
320,776		St. Paul Travelers Cos, Inc		14,300
1,565		Storebrand ASA		16
141,085		Sun Life Financial, Inc		5,626
7,821		Swiss Reinsurance Co		545
80,466		T&D Holdings, Inc		6,511
751	*	Topdanmark A/S		105
951		Torchmark Corp		58
181		TrygVesta AS		11
278,876		UnitedHealth Group, Inc		12,488
67,820		UnumProvident Corp		1,230
126,580		W.R. Berkley Corp		4,320
33,000	*	WellCare Health Plans, Inc		1,619
210		Wiener Staedtische Allgemeine Versicherung AG.		12
54,203		XL Capital Ltd (Class A)		3,323
51,400		Zenith National Insurance Corp		2,039
110,409		Zurich Financial Services AG.		24,155
		TOTAL INSURANCE CARRIERS		543,671
LEATHER AND LEATHER PRODUCTS - 0.38%
1,001,079		Adidas-Salomon AG.		47,847
82,487	*	Coach, Inc		2,466
435		Hermes International		39
8,078		LVMH Moet Hennessy Louis Vuitton S.A.		802
3,584		Yue Yuen Industrial Holdings		10
		TOTAL LEATHER AND LEATHER PRODUCTS		51,164
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.00% **
2,002		Brisa-Auto Estradas de Portugal S.A.		21
16,474		ComfortDelgro Corp Ltd		16
17,581		Keihin Electric Express Railway Co Ltd		124
2,772		Keisei Electric Railway Co Ltd		16
268,873		SMRT Corp Ltd		190
43,521		Tobu Railway Co Ltd		208
		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		575
LUMBER AND WOOD PRODUCTS - 0.01%
41,000		Louisiana-Pacific Corp		898
328		Nobia AB		11
805	*	Sonae Industria SGPS S.A.		7
		TOTAL LUMBER AND WOOD PRODUCTS		916
METAL MINING - 0.68%
27,209		Agnico-Eagle Mines Ltd		905
7,765		Alumina Ltd		39
761,703		Barrick Gold Corp		22,582
7,145	*	Barrick Gold Corp		211
98,600	*	Bema Gold Corp		494
1,931		Boliden AB		35
93,926		Cameco Corp		3,756
40,000		Companhia Vale do Rio Doce (ADR)		962
72,600	*	Eldorado Gold Corp		354
69,556		Falconbridge Ltd		3,678
14,500		First Quantum Minerals Ltd		652
94,840		Freeport-McMoRan Copper & Gold, Inc (Class A)		5,255

140

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
38,988	*	Glamis Gold Ltd	$	1,484
91,499		Goldcorp, Inc		2,769
1,554		Iluka Resources Ltd		8
45,145	*	Inco Ltd		2,984
168,000		Inco Ltd		11,071
56,197	*	Ivanhoe Mines Ltd		382
84,087	*	Kinross Gold Corp		920
25,461	*	Meridian Gold, Inc		806
52,761		MMC Norilsk Nickel (ADR)		6,859
2,218		Newcrest Mining Ltd		35
20,168		Newmont Mining Corp		1,067
898,535		Oxiana Ltd		2,109
2,817	*	Paladin Resources Ltd		9
14,300	*	PAN American Silver Corp		259
6,972,214	*	Pan Australian Resources Ltd		1,554
85,175		Phelps Dodge Corp		6,998
15,700	v*	Polyus Gold Co (LON ADR)		261
7,200	v*	Polyus Gold Co (US ADR)		117
387,864		PT International Nickel Indonesia Tbk		819
1,906		Rio Tinto Ltd		110
47,061		Rio Tinto plc		2,488
100		Sumitomo Titanium Corp		16
60,315		Teck Cominco Ltd (Class B)		3,633
164		Umicore		22
54,700	*	Yamana Gold, Inc		539
675,480		Zinifex Ltd		5,028
		TOTAL METAL MINING		91,270
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.39%
307		Aderans Co Ltd		8
6,998		Amer Sports Oyj		146
810,405		Anglo American plc		33,245
994		Bulgari S.p.A.		11
981		Fortune Brands, Inc		70
4,071		Futuris Corp Ltd		6
107,864		Hasbro, Inc		1,953
9,432		Mattel, Inc		156
52,373	e	Namco Bandai Holdings, Inc		797
48,128		Nintendo Co Ltd		8,083
1,029		Sankyo Co Ltd		66
270,747		Tyco International Ltd		7,446
7,375		Yamaha Corp		139
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		52,126
MISCELLANEOUS RETAIL - 1.76%
12,676	*	Amazon.com, Inc		490
121,000		Barnes & Noble, Inc		4,417
2,140		Circle K Sunkus Co Ltd		46
14,190		Compagnie Financiere Richemont AG. (Units) (A Shs)		649
3,321,768		CVS Corp		101,978
538		DCC plc		13
1,320,950		Dickson Concepts International Ltd		1,429
168,000	*	Dollar Tree Stores, Inc		4,452
14,357		Douglas Holding AG.		663
500		EDION Corp		10
189		Folli-Follie S.A.		4
2,896	*	Gmarket, Inc (ADR)		44
44,415		GUS plc		794
16,870		HMV Group plc		54

141

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
14,506		Hutchison Whampoa Ltd	$	132
45		Index Corp		44
30,836		Jean Coutu Group, Inc		324
1,121,237	e*	KarstadtQuelle AG.		29,749
1,224,706		Lifestyle International Holdings Ltd		2,239
12,700		Longs Drug Stores Corp		579
362		Matsumotokiyoshi Co Ltd		9
17,696		Michaels Stores, Inc		730
1,956,747		Next plc		59,064
34,843		Nippon Mining Holdings, Inc		294
99,811	*	Office Depot, Inc		3,793
13,000		OfficeMax, Inc		530
5,285		Origin Energy Ltd		29
5,781		Pacific Brands Ltd		9
3,492		Petsmart, Inc		89
894		Ryohin Keikaku Co Ltd		73
428		Sanoma-WSOY Oyj		10
42,689	*	Sears Holdings Corp		6,610
41,564		Shoppers Drug Mart Corp		1,514
72,554		Signet Group plc		129
228,983		Staples, Inc		5,569
4,153		Tiffany & Co		137
42,348		Tsutsumi Jewelry Co Ltd		1,663
38,241		Walgreen Co		1,715
207,310		Xebio Co Ltd		7,091
		TOTAL MISCELLANEOUS RETAIL		237,168
MOTION PICTURES - 0.55%
10,900		Astral Media, Inc		342
10,687	*	Discovery Holding Co (Class A)		156
455,208		News Corp (Class A)		8,731
255,194		News Corp (Class B)		5,150
18,749	*	Premiere AG.		182
886,797		Time Warner, Inc		15,341
5,880		Toho Co Ltd		118
1,485,017		Walt Disney Co		44,550
		TOTAL MOTION PICTURES		74,570
NONDEPOSITORY INSTITUTIONS - 4.32%
3,232		Acom Co Ltd		175
1,458,123		Aeon Credit Service Co Ltd		35,460
534,828	v	Aeon Thana Sinsap Thailand PCL		645
122,504		Aiful Corp		6,548
900		American Capital Strategies Ltd		30
1,467,453		American Express Co		78,098
35,000	*	AmeriCredit Corp		977
1,020,861		Bursa Malaysia Bhd		1,597
1,007,637		Capital One Financial Corp		86,103
31,984		Cattles plc		195
2,696		Challenger Financial Services Group Ltd		6
880,279		CIT Group, Inc		46,030
13,000	*	CompuCredit Corp		500
25,016		Countrywide Financial Corp		953
147,536		Credit Saison Co Ltd		6,995
415		D Carnegie AB		8
1,102,444		Deutsche Postbank AG.		79,306
2,555,600		Fannie Mae		122,924
939,715		Freddie Mac		53,573
8,669		Hitachi Capital Corp		152

142

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
145,000		Hong Leong Finance Ltd	$	301
730,710		Hypo Real Estate Holding AG.		44,371
30,522		ICAP plc		281
25,812		IGM Financial, Inc		1,033
499		Kenedix, Inc		2,169
1,243,192		Kim Eng Holdings Ltd		1,101
1,046,500		Krungthai Card PCL		458
3,982,578		Nissin Co Ltd		2,787
279,301		OMC Card, Inc		3,982
271		Perpetual Trustees Australia Ltd		15
3,974		Promise Co Ltd		230
20,897		Provident Financial plc		238
241		SFCG Co Ltd		55
903		SFE Corp Ltd		11
17,177		SLM Corp		909
40,301		Takefuji Corp		2,404
		TOTAL NONDEPOSITORY INSTITUTIONS		580,620
NONMETALLIC MINERALS, EXCEPT FUELS - 0.13%
12,572		Aber Diamond Corp		387
1,677,663		Itochu Corp		14,749
424		Solvay S.A.		49
26,391		Vulcan Materials Co		2,058
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		17,243
OIL AND GAS EXTRACTION - 2.92%
156,464		Aker Kvaerner ASA		14,684
66,555		Anadarko Petroleum Corp		3,174
12,781		Apache Corp		872
52,758		Baker Hughes, Inc		4,318
7,090,225		BG Group plc		94,747
14,366		BJ Services Co		535
132,987		Canadian Natural Resources Ltd		7,381
49,100		Canadian Oil Sands Trust		1,589
43,400		Canetic Resources Trust		901
13,771		Chesapeake Energy Corp		417
600		Cimarex Energy Co		26
16,275,000		CNOOC Ltd		12,992
800	*	Denbury Resources, Inc		25
5,433	*	DET Norske Oljeselskap		11
73,712		Devon Energy Corp		4,453
10,500		Diamond Offshore Drilling, Inc		881
8,800	*	Duvernay Oil Corp		310
211,103		EnCana Corp		11,158
26,400		Enerplus Resources Fund		1,496
6,911		ENSCO International, Inc		318
27,900		Ensign Energy Services, Inc		576
811		Equitable Resources, Inc		27
47,300	*	First Calgary Petroleums Ltd		421
17,600	*	Forest Oil Corp		584
62,853		GlobalSantaFe Corp		3,630
141,155		Halliburton Co		10,475
20,500		Harvest Energy Trust		612
27,518		Husky Energy, Inc		1,734
2,213	*	Inpex Holdings, Inc		19,552
4,662	*	Lundin Petroleum AB		56
13,449	*	Nabors Industries Ltd		454
114,611	*	National Oilwell Varco, Inc		7,257
27,950		Neste Oil Oyj		984

143

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
33,299	*	Newfield Exploration Co	$	1,630
63,311	*	Nexen, Inc		3,581
7,100		Niko Resources Ltd		402
38,582		Noble Corp		2,871
160,164		Noble Energy, Inc		7,505
501,116		Oil & Natural Gas Corp Ltd		12,060
34,000	*	OPTI Canada, Inc		699
18,751		Patterson-UTI Energy, Inc		531
17,400		Penn West Energy Trust		703
125,162		Petro-Canada		5,960
4,577,366		PetroChina Co Ltd (Class H)		4,891
25,300		Petrofund Energy Trust		609
262,166		Petroleo Brasileiro S.A. (ADR)		23,414
668	*	Petroleum Geo-Services ASA		38
2,281		Pioneer Natural Resources Co		106
13,200		Precision Drilling Trust		440
216,100	*	Pride International, Inc		6,749
317		ProSafe ASA		19
40,900		Provident Energy Trust		502
900		Range Resources Corp		25
2,411,100	*	Renewable Energy Corp AS		34,485
5,116		Rowan Cos, Inc		182
296,098		Saipem S.p.A.		6,735
3,965		Santos Ltd		36
125,804		Schlumberger Ltd		8,191
1,327	*	SeaDrill Ltd		18
5,563,815		Singapore Petroleum Co Ltd		17,768
45,200	*	Southwestern Energy Co		1,408
1,313	*	Stolt Offshore S.A.		20
263,624		Talisman Energy, Inc		4,618
1,200	*	TGS Nopec Geophysical Co ASA		21
23,000		Todco		940
268,595		Total S.A.		17,670
75,521	*	Transocean, Inc		6,066
24,800		Trican Well Service Ltd		497
6,217	*	Ultra Petroleum Corp		368
91,900	*	UTS Energy Corp		485
41,500	*	Veritas DGC, Inc		2,141
13,500		W&T Offshore, Inc		525
25,954	*	Weatherford International Ltd		1,288
31,300	*	Western Oil Sands, Inc		871
163,043		Woodside Petroleum Ltd		5,330
957		WorleyParsons Ltd		14
70,623		XTO Energy, Inc		3,127
		TOTAL OIL AND GAS EXTRACTION		392,189
PAPER AND ALLIED PRODUCTS - 0.32%
79,034		Abitibi-Consolidated, Inc		214
490		Billerud AB		6
16,103	*	Canfor Corp		188
43,008	*	Domtar, Inc		266
352		Holmen AB (B Shs)		14
13,232		International Paper Co		427
106,549		Kimberly-Clark Corp		6,574
567		Kokuyo Co Ltd		10
48		Mayr-Melnhof Karton AG.		8
30,528		MeadWestvaco Corp		853
971,300		M-real OYJ		4,806
48		Nippon Paper Group, Inc		197

144

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
1,206		Norske Skogindustrier ASA	$	18
36,701		OJI Paper Co Ltd		209
2,977		PaperlinX Ltd		7
374,678		Sanrio Co Ltd		5,218
1,720	*	Smurfit-Stone Container Corp		19
36,977		Stora Enso Oyj (R Shs)		516
1,279		Svenska Cellulosa AB (B Shs)		53
531,344		Temple-Inland, Inc		22,779
1,941		Uni-Charm Corp		107
35,462		UPM-Kymmene Oyj		764
		TOTAL PAPER AND ALLIED PRODUCTS		43,253
PERSONAL SERVICES - 0.02%
1,041		Cintas Corp		41
1,138		Davis Service Group plc		10
2,077		H&R Block, Inc		50
944,025		Kuala Lumpur Kepong Bhd		2,505
11,000		Weight Watchers International, Inc		450
		TOTAL PERSONAL SERVICES		3,056
PETROLEUM AND COAL PRODUCTS - 4.92%
3,580,895		BP plc		41,758
72,706		BP plc (ADR)		5,061
1,612,312		Chevron Corp		100,060
1,071,606		ConocoPhillips		70,222
64,840		ENI S.p.A.		1,909
31,862		EOG Resources, Inc		2,209
3,209,067		Exxon Mobil Corp		196,876
719		Hellenic Petroleum S.A.		10
58,000		Hess Corp		3,065
80,618		Imperial Oil Ltd		2,956
154,553		Kerr-McGee Corp		10,718
157,017		Marathon Oil Corp		13,080
300		Motor Oil Hellas Corinth Refineries S.A.		8
52,000		Murphy Oil Corp		2,905
160,415		Occidental Petroleum Corp		16,451
1,123		OMV AG.		67
36,092		Premier Farnell plc		118
6,109		Repsol YPF S.A.		175
3,054,917		Royal Dutch Shell plc (A Shares)		102,834
1,268,375		Royal Dutch Shell plc (B Shares)		44,362
44,719		Shell Canada Ltd		1,669
15,981		Showa Shell Sekiyu KK		188
4,421		Statoil ASA		125
112,982		Suncor Energy, Inc		9,178
14,046		Sunoco, Inc		973
6,700		Tesoro Corp		498
31,457		TonenGeneral Sekiyu KK		324
507,255		Valero Energy Corp		33,743
		TOTAL PETROLEUM AND COAL PRODUCTS		661,542
PIPELINES, EXCEPT NATURAL GAS - 0.02%
105,457		TransCanada Corp		3,020
		TOTAL PIPELINES, EXCEPT NATURAL GAS		3,020
PRIMARY METAL INDUSTRIES - 0.45%
1,212		Acerinox S.A.		21
89,438	*	Alcan, Inc		4,205
33,664		Alcoa, Inc		1,089

145

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
7,863		Algoma Steel, Inc	$	251
600		Allegheny Technologies, Inc		42
14,881		Arcelor		718
86		Bekaert S.A.		8
1,489,601		BHP Billiton plc		28,901
4,688		BlueScope Steel Ltd		28
272		Boehler-Uddeholm AG.		15
376,728	*	Corning, Inc		9,113
37,063		Corus Group plc		313
11,698		Daido Steel Co Ltd		92
10,913		Dowa Mining Co Ltd		97
3,108		Fujikura Ltd		34
12,458		Furukawa Electric Co Ltd		81
1,934		Hitachi Cable Ltd		9
294		Hoganas AB (B Shares)		7
11,236		IPSCO, Inc		1,080
16,044		Johnson Matthey plc		394
105,723		Kobe Steel Ltd		331
9,500	*	Lone Star Technologies, Inc		513
48,844		Mitsubishi Materials Corp		208
182,239		Mitsui Mining & Smelting Co Ltd		1,076
3,308		Nippon Light Metal Co Ltd		9
255,818		Nippon Steel Corp		969
5,715		Nisshin Steel Co Ltd		18
4,836		Norsk Hydro ASA		128
16,060		Novelis, Inc		345
77,168		Nucor Corp		4,186
3,784		OneSteel Ltd		11
4,938		Outokumpu Oyj		116
19,200		Quanex Corp		827
273		Salzgitter AG.		23
25,856		Sumitomo Electric Industries Ltd		379
165,567		Sumitomo Metal Industries Ltd		684
22,449		Sumitomo Metal Mining Co Ltd		293
7,097		Texas Industries, Inc		377
35,874		ThyssenKrupp AG.		1,228
200		Toho Titanium Co Ltd		11
748		Tokyo Steel Manufacturing Co Ltd		16
23,342		United States Steel Corp		1,637
666		Viohalco S.A.		6
145		Voestalpine AG.		22
		TOTAL PRIMARY METAL INDUSTRIES		59,911
PRINTING AND PUBLISHING - 0.40%
996	*	ACCO Brands Corp		22
1,894		APN News & Media Ltd		7
779		Arnoldo Mondadori Editore S.p.A.		7
243,498		Asia Securities Printing Co Ltd		2,307
78,645		Dai Nippon Printing Co Ltd		1,218
11,751		Daily Mail & General Trust		133
1,104		De La Rue plc		11
1,448		Dow Jones & Co, Inc		51
471	*	Dun & Bradstreet Corp		33
10,750		Emap plc		169
3,522		Eniro AB		37
566,132		Gannett Co, Inc		31,664
3,765		Independent News & Media plc		11
6,227		John Fairfax Holdings Ltd		17
241		McClatchy Co (Class A)		10

146

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
113,186		McGraw-Hill Cos, Inc	$	5,685
976		New York Times Co (Class A)		24
837		PagesJaunes Groupe S.A.		26
36,003		Pearson plc		490
18,276		Quebecor World, Inc		204
1,497		R.R. Donnelley & Sons Co		48
4,763		Reed Elsevier NV		72
62,063		Reed Elsevier plc		627
323		Schibsted ASA		9
578,834		Singapore Press Holdings Ltd		1,508
56,133		Thomson Corp		2,171
61,613		Toppan Printing Co Ltd		697
147,998		Tribune Co		4,800
12,241		Trinity Mirror plc		110
11,411		United Business Media plc		137
115		Washington Post Co (Class B)		90
1,995		Wolters Kluwer NV		47
31,947		Yell Group plc		302
51,600		Yellow Pages Income Fund		747
		TOTAL PRINTING AND PUBLISHING		53,491
RAILROAD TRANSPORTATION - 0.23%
62,259		Burlington Northern Santa Fe Corp		4,934
17,177	e	Canadian National Railway Co		751
100,166	*	Canadian National Railway Co		4,392
34,291		Canadian Pacific Railway Ltd		1,755
72		Central Japan Railway Co		718
37,071		CSX Corp		2,611
360		East Japan Railway Co		2,677
16,485		Firstgroup plc		143
82,123		Norfolk Southern Corp		4,371
9,105		Odakyu Electric Railway Co Ltd		59
84,363		Union Pacific Corp		7,842
77		West Japan Railway Co		320
		TOTAL RAILROAD TRANSPORTATION		30,573
REAL ESTATE - 1.15%
107,505		Aeon Mall Co Ltd		4,523
919,258		Allgreen Properties Ltd		732
309,367		Ascendas Real Estate Investment Trust		376
7,379,318		Ayala Land, Inc		1,597
6,201		Bovis Homes Group plc		92
27,789		British Land Co plc		649
28,735		Brixton plc		255
24,996		Brookfield Properties Co		796
2,398,718		CapitaLand Ltd		6,826
4,284		Castellum AB		44
57,400	*	CB Richard Ellis Group, Inc		1,429
5,468		Centro Properties Group		27
10,303		Cheung Kong Holdings Ltd		112
118,184		City Developments Ltd		699
43		Cofinimmo		7
293		Corio NV		18
167,561		Daibiru Corp		1,860
17,530		DB RREEF Trust		19
337		Fadesa Inmobiliaria S.A.		12
9,951,393		Far East Consortium		4,260
83		Gecina S.A.		11
19,719		Hammerson plc		432

147

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
26,683		Hang Lung Properties Ltd	$	48
10,789		Henderson Land Development Co Ltd		56
4,228		Hopewell Holdings		12
4,263		Hysan Development Co Ltd		12
3,028	*	IMMOFINANZ Immobilien Anlagen AG.		34
219		Inmobiliaria Colonial S.A.		17
10,178		Investa Property Group		16
18,495		IVG Immobilien AG.		559
3,593		Kerry Properties Ltd		12
123		Klepierre		14
911		Kungsleden AB		11
5,113		Leopalace21 Corp		177
22,300		Liberty International plc		439
9,061		Macquarie Goodman Group		40
306		Metrovacesa S.A.		28
10,888	e	MI Developments, Inc		371
5,837		Mirvac Group		19
49,473		Mitsubishi Estate Co Ltd		1,052
1,480,613		Mitsui Fudosan Co Ltd		32,186
55,200		New World Development Ltd		91
76,379		ORIX Corp		18,675
700,000	*	Parquesol Inmobiliaria y Proyectos S.A.		16,496
1,504,293	*	Patrizia Immobilien AG.		36,815
8,000		Shun TAK Holdings Ltd		10
34,652		Singapore Land Ltd		138
8,871		Sino Land Co		14
37,456		Slough Estates plc		424
1,700	e	St. Joe Co		79
3,503	v	Stockland		18
5,577		Stockland Trust Group		29
675,766		Sumitomo Realty & Development Co Ltd		16,670
10,436		Sun Hung Kai Properties Ltd		106
9,572		Tokyo Tatemono Co Ltd		103
503,307		Tokyu Land Corp		3,923
418		Unibail		73
784		Wereldhave NV		76
9,918		Westfield Group		128
377		Wihlborgs Fastigheter AB		6
304,767		Wing Tai Holdings Ltd		274
		TOTAL REAL ESTATE		154,027
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.05%
1,068		Ansell Ltd		8
28,161		Bridgestone Corp		543
17,142		Continental AG.		1,752
1,700	e	Cooper Tire & Rubber Co		19
24,738		Denki Kagaku Kogyo KK		103
117,400	*	Goodyear Tire & Rubber Co		1,303
4,360		Michelin (C.G.D.E.) (Class B)		262
97,364		Newell Rubbermaid, Inc		2,515
4,074		Nokian Renkaat Oyj		53
79,482		Pirelli & C S.p.A.		69
2,088		Sealed Air Corp		109
6,983		Sumitomo Bakelite Co Ltd		66
2,638		Uponor Oyj		71
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		6,873
SECURITY AND COMMODITY BROKERS - 4.58%
16,000		A.G. Edwards, Inc		885

148

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
9,738		Ameriprise Financial, Inc	$	435
107,174		Australian Stock Exchange Ltd		2,594
1,822,236		Babcock & Brown Ltd		29,365
132,500		Bear Stearns Cos, Inc		18,561
434,300		BlackRock, Inc		60,442
49,137		Charles Schwab Corp		785
1,435		Chicago Mercantile Exchange Holdings, Inc		705
137,793		Daewoo Securities Co Ltd		2,121
4,031,421		Daiwa Securities Group, Inc		48,103
9,686		Deutsche Boerse AG.		1,319
37,600	*	E*Trade Financial Corp		858
58		E*Trade Securities Co Ltd		78
3,140		Euronext NV		294
32,692		Franklin Resources, Inc		2,838
445,200		Goldman Sachs Group, Inc		66,971
525		Hellenic Exchanges S.A.		8
809,738		Hong Kong Exchanges and Clearing Ltd		5,207
478,631		iShares Asia Trust - iShares FTSE/Xinhua A50 China Tracker		3,885
3,567,798		Janus Capital Group, Inc		63,864
66,000		Jefferies Group, Inc		1,956
1,473,980		Korea Investment Holdings Co Ltd		48,164
11,774,732		Legal & General Group plc		27,930
4,558		Legg Mason, Inc		454
139,046		Lehman Brothers Holdings, Inc		9,059
13,230		London Stock Exchange Group plc		278
80,371		Macquarie Bank Ltd		4,120
4,324		Matsui Securities Co Ltd		41
163,581		Merrill Lynch & Co, Inc		11,379
18,494		Mitsubishi Securities Co		239
2,173,770		Morgan Stanley		137,404
42,492		Nikko Cordial Corp		544
2,898,500		Nomura Holdings, Inc		54,387
514		OMX AB		9
65,700		Raymond James Financial, Inc		1,989
214		SBI Holdings, Inc		94
10,969		Schroders plc		205
30,956		Shinko Securities Co Ltd		131
1,383,154		Singapore Exchange Ltd		3,079
9,532		T Rowe Price Group, Inc		360
3,308	*	Tower Ltd		7
16,341		TSX Group, Inc		658
5,242,000		Yuanta Core Pacific Securities Co		3,465
		TOTAL SECURITY AND COMMODITY BROKERS		615,270
SOCIAL SERVICES - 0.00% **
4,306		Vedior NV		90
		TOTAL SOCIAL SERVICES		90
SPECIAL TRADE CONTRACTORS - 0.20%
6,349		COMSYS Holdings Corp		78
1,438,701		KCI Konecranes Oyj		25,902
9,131		Kinden Corp		78
4,325		Kone Oyj		180
		TOTAL SPECIAL TRADE CONTRACTORS		26,238
STONE, CLAY, AND GLASS PRODUCTS - 0.93%
151,298		Asahi Glass Co Ltd		1,920
14,447		Central Glass Co Ltd		86
245,106		Ciments Francais		40,711

149

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
1,569		Cimpor Cimentos de Portugal S.A.	$	11
2,083		Compagnie de Saint-Gobain		149
1,270		Cookson Group plc		12
32,266	*	Epcos AG.		455
284		FLSmidth & Co A/S (B Shs)		11
43,508		Hanson plc		528
768,486		Holcim Ltd		58,781
473		Italcementi S.p.A.		12
3,086		James Hardie Industries NV		18
6,194		Lafarge S.A.		777
410,821		NGK Insulators Ltd		4,809
9,058		Nippon Sheet Glass Co Ltd		50
263,058	*	Owens-Illinois, Inc		4,409
285	*	RHI AG.		9
837,364		Rinker Group Ltd		10,197
26,952		Sumitomo Osaka Cement Co Ltd		83
34,391		Taiheiyo Cement Corp		127
5,977		Toto Ltd		57
31,260		UBE Industries Ltd		91
13,600	b*	USG Corp		992
470		Wienerberger AG.		22
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		124,317
TEXTILE MILL PRODUCTS - 0.00% **
6,858		Texwinca Holdings Ltd		5
		TOTAL TEXTILE MILL PRODUCTS		5
TOBACCO PRODUCTS - 1.24%
1,134,341		Altadis S.A.		53,608
747,499		Altria Group, Inc		54,889
85,913		British American Tobacco plc		2,164
1,093,493		Imperial Tobacco Group plc		33,755
409,430		ITC Ltd		1,622
1,197		Japan Tobacco, Inc		4,366
10,000		Loews Corp (Carolina Group)		514
942,740		Swedish Match AB		15,181
		TOTAL TOBACCO PRODUCTS		166,099
TRANSPORTATION BY AIR - 0.17%
16,700	*	ACE Aviation Holdings, Inc		468
809		Air France-KLM		19
23,000		All Nippon Airways Co Ltd		88
62,000	*	AMR Corp		1,576
6,557		Auckland International Airport Ltd		9
9,683		BAA plc		167
3,247		BBA Group plc		16
8,323	*	British Airways plc		53
7,655		Cathay Pacific Airways Ltd		13
38,000	*	Continental Airlines, Inc (Class B)		1,132
48,270		Deutsche Lufthansa AG.		889
53,018		FedEx Corp		6,196
121		Flughafen Wien AG.		9
3,146		Iberia Lineas Aereas de Espana		8
28,000	*	Japan Airlines Corp		70
827,741		Macquarie Airports		1,888
6,312		Qantas Airways Ltd		14
221	*	Ryanair Holdings plc (ADR)		12
50,910		SABMiller plc		917
851	*	SAS AB		9

150

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
146,876		Singapore Airlines Ltd	$	1,180
151,729		Skywest, Inc		3,763
154,282		Southwest Airlines Co		2,526
40,000	*	UAL Corp		1,241
		TOTAL TRANSPORTATION BY AIR		22,263
TRANSPORTATION EQUIPMENT - 4.38%
37,000		A.O. Smith Corp		1,715
10,000	*	Armor Holdings, Inc		548
404,100		Autoliv, Inc		22,860
489,400		Bayerische Motoren Werke AG.		24,443
164,543		Boeing Co		13,478
1,476	*	Bombardier, Inc		4
100	*	Bombardier, Inc (Class A)		-	^
325,177	*	Bombardier, Inc (Class B)		909
1,838		Brunswick Corp		61
641,948		Calsonic Kansei Corp		4,099
47,385		Cobham plc		146
554,412		Cosco Corp Singapore Ltd		442
64,115	e	DaimlerChrysler AG.		3,167
38,400		DaimlerChrysler AG.		1,895
74,800	e*	Delphi Corp		127
29,302		Denso Corp		959
18		D'ieteren S.A.		6
2,224		European Aeronautic Defence and Space Co		64
3,675	*	Fiat S.p.A.		49
341,759		Ford Motor Co		2,368
850,349		General Dynamics Corp		55,664
18,395	e	General Motors Corp		548
5,120		Genuine Parts Co		213
30,417		GKN plc		154
1,667,459	*	Goodpack Ltd		1,719
18,000		Group 1 Automotive, Inc		1,014
9,123		Harley-Davidson, Inc		501
300		Harsco Corp		23
7,182		Hino Motors Ltd		42
72,804		Honda Motor Co Ltd		2,312
36,381		Hyundai Motor Co		3,091
500,469		Isuzu Motors Ltd		1,624
1,217		ITT Industries, Inc		60
1,314,256		Jaya Holdings Ltd		1,114
83,000		JLG Industries, Inc		1,868
9,890		Johnson Electric Holdings Ltd		7
2,995		JTEKT Corp		58
80,000	*	K&F Industries Holdings, Inc		1,418
27,044		Kawasaki Heavy Industries Ltd		91
4,100,000		Keppel Corp Ltd		38,113
2,495		Lagardere S.C.A.		184
816,101		Lockheed Martin Corp		58,547
25,500	*	Magna International, Inc (Class A)		1,835
24,623	e	Magna International, Inc (Class A)		1,763
13,663		MAN AG.		989
22,400		Martin Marietta Materials, Inc		2,042
480,258		Nabtesco Corp		5,382
2,421		NHK Spring Co Ltd		28
465,738		Northrop Grumman Corp		29,835
7,401		NSK Ltd		61
500		Oshkosh Truck Corp		24
331,285		Paccar, Inc		27,291

151

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
17,643	*	Pactiv Corp	$	437
4,503		Peugeot S.A.		280
1,835,010		Raytheon Co		81,786
751,508		Renault S.A.		80,717
203		Rieter Holding AG.		78
70,448		Rolls-Royce Group plc		539
3,150,000		SembCorp Marine Ltd		5,976
3,161		Shimano, Inc		97
47,086		Siemens AG.		4,096
2,148,526		Singapore Technologies Engineering Ltd		3,926
257,080		Smiths Group plc		4,237
187,022		Textron, Inc		17,240
783		Thales S.A.		31
400		Tokai Rika Co Ltd		9
15,164		Tomkins plc		81
2,596		Toyoda Gosei Co Ltd		52
8,894		Toyota Industries Corp		352
907,542		Toyota Motor Corp		47,554
25,000	*	TransDigm Group, Inc		599
548		Trelleborg AB (B Shs)		9
60,000	*	TRW Automotive Holdings Corp		1,637
345,247		United Technologies Corp		21,896
20,151		Volkswagen AG.		1,413
2,152		Volvo AB (B Shs)		106
11,089		Yamaha Motor Co Ltd		290
		TOTAL TRANSPORTATION EQUIPMENT		588,393
TRANSPORTATION SERVICES - 0.02%
16,552		Arriva plc		183
23,872		Expeditors International Washington, Inc		1,337
19		Kuoni Reisen Holding		11
9,118	e	Lear Corp		202
17,955		MTR Corp		43
922		National Express Group plc		15
9,056		Sabre Holdings Corp		199
35,247		Stagecoach Group plc		75
1,786		Stolt-Nielsen S.A.		42
3,497		Toll Holdings Ltd		37
39,290		TUI AG.		778
		TOTAL TRANSPORTATION SERVICES		2,922
TRUCKING AND WAREHOUSING - 0.38%
4,797		Deutsche Post AG.		128
240,606		DSV A/S		40,213
10,323		Kamigumi Co Ltd		78
1,262		Mitsubishi Logistics Corp		20
24,343		Nippon Express Co Ltd		132
1,991		Seino Holdings Corp		21
2,812		TNT NV		101
118,949		United Parcel Service, Inc (Class B)		9,793
17,378		Yamato Transport Co Ltd		308
		TOTAL TRUCKING AND WAREHOUSING		50,794
WATER TRANSPORTATION - 0.47%
57		AP Moller - Maersk A/S		444
265,000		Aries Maritime Transport Ltd		2,822
2,016		Associated British Ports Holdings plc		34
17,922		Cargotec Corp		785
44,489		Carnival Corp		1,857

152

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
7,590		Carnival plc	$	309
181		Compagnie Maritime Belge S.A.		5
179		D/S Torm A/S		9
211		Euronav NV		6
2,123	e	Frontline Ltd		79
2,842,186		Kawasaki Kisen Kaisha Ltd		16,459
1,618		Kuehne & Nagel International AG.		118
47,145		Mitsui OSK Lines Ltd		321
141,102		Neptune Orient Lines Ltd		162
5,244,288		Nippon Yusen Kabushiki Kaisha		34,132
175,000	*	Omega Navigation Enterprises, Inc		2,523
2,517		Orient Overseas International Ltd		9
34,665		Royal Caribbean Cruises Ltd		1,326
89		Ship Finance International Ltd		1
325,000	*	TBS International Ltd		2,044
		TOTAL WATER TRANSPORTATION		63,445
WHOLESALE TRADE-DURABLE GOODS - 2.37%
645		AGFA-Gevaert NV		16
134,900	*	Arrow Electronics, Inc		4,344
1,278,054		Assa Abloy AB (B Shs)		21,468
2,192		Autobacs Seven Co Ltd		95
3,910		Boral Ltd		24
4,893		Brambles Industries plc		39
718		Buhrmann NV		10
16,700		Building Material Holding Corp		465
19,557		Bunzl plc		223
6,271		Canon Sales Co, Inc		129
5,225		Cie Generale d'Optique Essilor International S.A.		526
48,699		Creative Technology Ltd		271
800	*	Cytyc Corp		20
1,242,283	*	Datacraft Asia Ltd		1,168
51,285		Electrocomponents plc		220
20,425		Finning International, Inc		683
3,889		FKI plc		8
6,220,288	d	General Electric Co		205,021
5,491,528	*	Hagemeyer NV		25,348
10,249		Hitachi Software Engineering Co Ltd		174
18,525		Inchcape plc		162
847		Kingspan Group plc		15
2,677,697		Melco International Development		6,723
733,737		Mitsui & Co Ltd		10,372
37		NET One Systems Co Ltd		69
741,092		Nissan Motor Co Ltd		8,104
86,880		Omnicare, Inc		4,120
11,386		Orion Oyj		226
3,916	*	Patterson Cos, Inc		137
6,912		Rautaruukki Oyj		209
1,855,520		Sumitomo Corp		24,494
547	*	Tandberg Television ASA		9
41,000	*	Tech Data Corp		1,571
1,481		W.W. Grainger, Inc		111
7,500	*	WESCO International, Inc		517
2,522		Wesfarmers Ltd		66
35,605		Wolseley plc		786
274		Zodiac S.A.		15
		TOTAL WHOLESALE TRADE-DURABLE GOODS		317,958

153

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				MATURITY		VALUE
SHARES			RATE	DATE		(000)
WHOLESALE TRADE-NONDURABLE GOODS - 1.58%
574,628		Akzo Nobel NV			$	30,977
4,842,474		Alliance Unichem plc				91,534
200		Axfood AB				6
313,825		Billabong International Ltd				3,579
15,000		Brown-Forman Corp (Class B)				1,072
2,061		C&C Group plc				18
200,119		Cardinal Health, Inc				12,874
907		Casino Guichard Perrachon S.A.				69
10,369		Celesio AG.				942
2,387	*	Dean Foods Co				89
753,031		Esprit Holdings Ltd				6,147
13,436		Foster's Group Ltd				55
3,616		Fyffes plc				6
256,180		Gazprom (ADR)				10,772
14,559	*	Gildan Activewear, Inc				691
605,375	*	I B Daiwa Corp				1,091
29,932		KT&G Corp				1,748
14,266		Li & Fung Ltd				29
2,143,236		Marubeni Corp				11,436
24,831		Metro AG.				1,407
63,582		Mitsubishi Corp				1,271
6,758		Nike, Inc (Class B)				547
67,400		Nippon Oil Corp				493
278		Oriflame Cosmetics S.A.				9
381,503		Orkla ASA				17,688
202,699		Safeway, Inc				5,270
184		Societe BIC S.A.				12
3,871		Suzuken Co Ltd				154
13,451		Sysco Corp				411
17,643,444	*	Thai Beverage PCL				2,957
10,292,602	*	Thai Petrochemical Industry PCL				1,861
13,885		Unilever NV				315
291,150		Unilever NV				6,565
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS				212,095
		TOTAL COMMON STOCKS				13,235,474
		(Cost $12,824,854)
WARRANTS - 0.00% **
HOTELS AND OTHER LODGING PLACES - 0.00% **
1,408,348	*	Minor International PCL				181
		TOTAL HOTELS AND OTHER LODGING PLACES				181
		TOTAL WARRANTS				181
		(Cost $0)
PRINCIPAL
SHORT-TERM INVESTMENTS - 0.70%
U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES - 0.70%
$      11,140,000		Federal Home Loan Bank (FHLB)	4.950	07/03/06		11,140
32,120,000		FHLB	5.060	07/05/06		32,111
4,870,000		FHLB	5.060	07/06/06		4,868
10,250,000	d	FHLB	5.130	07/14/06		10,234
36,410,000	d	FHLB	5.200	08/11/06		36,206
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES				94,559

154

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
				(000)
		TOTAL SHORT-TERM INVESTMENTS	$	94,559
		(Cost $94,531)
		TOTAL PORTFOLIO - 99.63%		13,386,453
		(Cost $12,967,675)
		OTHER ASSETS & LIABILITIES, NET - 0.37%		50,120
		NET ASSETS - 100.00%	$	13,436,573
		ABBREVIATION:
	ADR	American Depositary Receipt
	*	Non-income producing
	**	Percentage represents less than 0.01%
	^	Amount represents less than $1,000
	b	In bankruptcy
	d	All or a portion of these securities have been segregated by the Custodian to cover
		margin or other requirements on open futures contracts.
	e	All or a portion of these securities are out on loan.
	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	MARKET	EXPIRATION	UNREALIZED
OPEN FUTURES CONTRACTS:	CONTRACTS	VALUE	DATE	GAIN
E-mini S&P 500 Index	657	$           42,028,290	September 2006	$           256,415

155

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
COLLEGE RETIREMENT EQUITIES FUND
GROWTH ACCOUNT
Summary of Market Values by Country
June 30, 2006
			% OF MARKET
DOMESTIC		VALUE	VALUE
UNITED STATES	$	10,923,716,460	95.68	%
TOTAL DOMESTIC		10,923,716,460	95.68
FOREIGN
BRAZIL		43,543,267	0.38
FINLAND		62,398,108	0.55
FRANCE		71,491,030	0.63
GERMANY		96,288,031	0.84
ISRAEL		77,213,542	0.68
JAPAN		28,701,745	0.25
MEXICO		54,790,894	0.48
REPUBLIC OF KOREA		188,959	0.00
SOUTH AFRICA		11,166,960	0.10
SWITZERLAND		47,277,707	0.41
TOTAL FOREIGN		493,060,243	4.32
TOTAL PORTFOLIO	$	11,416,776,703	100.00	%

156

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
COLLEGE RETIREMENT EQUITIES FUND
GROWTH ACCOUNT
STATEMENT OF INVESTMENTS (Unaudited)
June 30, 2006
				VALUE
SHARES				(000)
PREFERRED STOCK - 0.00% **
PRIMARY METAL INDUSTRIES - 0.00% **
13,200	v*	Superior Trust I	$	-	^
		TOTAL PRIMARY METAL INDUSTRIES		-	^
		TOTAL PREFERRED STOCK		-	^
		(Cost $10)
COMMON STOCKS - 99.39%
APPAREL AND ACCESSORY STORES - 0.78%
3,022,690	*	Chico's FAS, Inc		81,552
298,324	*	J Crew Group, Inc		8,189
		TOTAL APPAREL AND ACCESSORY STORES		89,741
APPAREL AND OTHER TEXTILE PRODUCTS - 0.25%
519,486		Polo Ralph Lauren Corp		28,520
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		28,520
BUILDING MATERIALS AND GARDEN SUPPLIES - 1.00%
1,898,002		Lowe's Cos, Inc		115,152
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		115,152
BUSINESS SERVICES - 13.97%
6,253,232	*	Adobe Systems, Inc		189,848
1,485,400	*	Akamai Technologies, Inc		53,757
1,423,388	*	Cognizant Technology Solutions Corp		95,894
6,584,088	*	eBay, Inc		192,848
3,626,314	*	Electronic Arts, Inc		156,076
1,030,623		First Data Corp		46,419
500,000	*	Gartner, Inc (Class A)		7,100
878,298	*	Google, Inc (Class A)		368,297
5,050,103		Microsoft Corp		117,667
668,068		Omnicom Group, Inc		59,518
1,904,177	*	Red Hat, Inc		44,558
1,674,595		SAP AG. (ADR)		87,950
91,100	*	Sotheby's Holdings, Inc (Class A)		2,391
5,520,128	*	Yahoo!, Inc		182,164
		TOTAL BUSINESS SERVICES		1,604,487
CHEMICALS AND ALLIED PRODUCTS - 12.36%
4,747,568		Abbott Laboratories		207,041
4,056,126	*	Amgen, Inc		264,581
548,450		Colgate-Palmolive Co		32,852
1,041,600		Daiichi Sankyo Co Ltd		28,702
695,064		Eli Lilly & Co		38,416
848,278	*	Forest Laboratories, Inc		32,820
1,429,935	*	Genzyme Corp		87,298

157

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
				VALUE
SHARES				(000)
1,750,818	*	Gilead Sciences, Inc	$	103,578
975,859	*	Medimmune, Inc		26,446
2,083,160		Monsanto Co		175,381
286,567		Roche Holding AG.		47,278
131,558		Sanofi-Aventis		12,835
2,378,089	e*	Sepracor, Inc		135,884
2,444,240		Teva Pharmaceutical Industries Ltd (ADR)		77,214
3,348,867		Wyeth		148,723
		TOTAL CHEMICALS AND ALLIED PRODUCTS		1,419,049
COAL MINING - 0.43%
685,628		Peabody Energy Corp		38,224
289,000		Sasol Ltd (ADR)		11,167
		TOTAL COAL MINING		49,391
COMMUNICATIONS - 3.58%
1,647,351		America Movil S.A. de C.V. (ADR)		54,791
5,426,708		AT&T, Inc		151,351
2,239,847	*	Comcast Corp (Class A)		73,332
161,757	*	NII Holdings, Inc (Class B)		9,120
2,591,407		Sprint Nextel Corp		51,802
2,098,947	*	Univision Communications, Inc (Class A)		70,315
		TOTAL COMMUNICATIONS		410,711
DEPOSITORY INSTITUTIONS - 0.28%
694,362		Washington Mutual, Inc		31,649
		TOTAL DEPOSITORY INSTITUTIONS		31,649
EATING AND DRINKING PLACES - 0.81%
2,472,352	*	Starbucks Corp		93,356
		TOTAL EATING AND DRINKING PLACES		93,356
ELECTRIC, GAS, AND SANITARY SERVICES - 0.54%
2,440,000		Fortum Oyj		62,398
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		62,398
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 14.72%
2,410,423	*	Broadcom Corp (Class A)		72,433
9,781,855	*	Cisco Systems, Inc		191,040
832,880		Cooper Industries Ltd (Class A)		77,391
2,075,914		Emerson Electric Co		173,982
1,267,401		Harman International Industries, Inc		108,198
616,965		Honeywell International, Inc		24,864
748,700	*	Infineon Technologies AG.		8,338
8,474,310		Intel Corp		160,588
1,767,228		Linear Technology Corp		59,184
40,057,065	*	Lucent Technologies, Inc		96,938
2,521,469	*	Marvell Technology Group Ltd		111,777
5,728,279		Motorola, Inc		115,425
2,400	v*	NCP Litigation Trust		-	^
4,093,329	*	Network Appliance, Inc		144,495
6,721,048		Qualcomm, Inc		269,312
4,871,496	e*	Sirius Satellite Radio, Inc		23,140
1,763,740		Texas Instruments, Inc		53,424
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		1,690,529

158

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
				VALUE
SHARES				(000)
ENGINEERING AND MANAGEMENT SERVICES - 2.48%
1,954,420	*	Celgene Corp	$	92,698
2,060,000	*	Keryx Biopharmaceuticals, Inc		29,252
4,180,160		Paychex, Inc		162,943
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		284,893
FOOD AND KINDRED PRODUCTS - 1.75%
3,343,881		PepsiCo, Inc		200,767
		TOTAL FOOD AND KINDRED PRODUCTS		200,767
FURNITURE AND HOMEFURNISHINGS STORES - 0.95%
2,288,931	*	Bed Bath & Beyond, Inc		75,924
615,153		Best Buy Co, Inc		33,735
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		109,659
GENERAL BUILDING CONTRACTORS - 0.00% **
1,800	v*	Mascotech (Escrow)		-	^
		TOTAL GENERAL BUILDING CONTRACTORS		-	^
GENERAL MERCHANDISE STORES - 2.14%
3,278,257		Target Corp		160,208
1,767,693		Wal-Mart Stores, Inc		85,150
		TOTAL GENERAL MERCHANDISE STORES		245,358
HEALTH SERVICES - 1.08%
597,364		Caremark Rx, Inc		29,790
1,639,885	*	Medco Health Solutions, Inc		93,933
		TOTAL HEALTH SERVICES		123,723
HOLDING AND OTHER INVESTMENT OFFICES - 0.94%
1,093,620		Alcon, Inc		107,776
44		Global Signal, Inc		2
24,436		Hugoton Royalty Trust		726
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		108,504
HOTELS AND OTHER LODGING PLACES - 2.23%
2,306,126		Hilton Hotels Corp		65,217
2,567,379		Starwood Hotels & Resorts Worldwide, Inc		154,916
485,561	*	Wynn Resorts Ltd		35,591
		TOTAL HOTELS AND OTHER LODGING PLACES		255,724
INDUSTRIAL MACHINERY AND EQUIPMENT - 4.35%
642,036	*	Alstom RGPT		58,656
2,701,365	*	Apple Computer, Inc		154,302
5,676,023		Applied Materials, Inc		92,406
823,972		Caterpillar, Inc		61,369
242,070		Deere & Co		20,210
1,172,350		International Game Technology		44,479
649,152	*	Rackable Systems, Inc		25,635
592,369		Rockwell Automation, Inc		42,657
108,879	v*	Seagate Technology, Inc		-	^
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		499,714
INSTRUMENTS AND RELATED PRODUCTS - 3.74%
1,680,043	*	Advanced Medical Optics, Inc		85,178
2,293,421	*	Agilent Technologies, Inc		72,380

159

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
				VALUE
SHARES				(000)
1,011,276		Medtronic, Inc	$	47,449
3,463,770	*	St. Jude Medical, Inc		112,295
329,439		Stryker Corp		13,873
1,742,163	*	Zimmer Holdings, Inc		98,816
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		429,991
INSURANCE CARRIERS - 2.45%
4,177,632		Aetna, Inc		166,813
676,916		Genworth Financial, Inc		23,584
3,553,080		Progressive Corp		91,349
		TOTAL INSURANCE CARRIERS		281,746
LEATHER AND LEATHER PRODUCTS - 0.74%
2,829,989	e*	Coach, Inc		84,617
		TOTAL LEATHER AND LEATHER PRODUCTS		84,617
METAL MINING - 0.43%
1,811,284		Companhia Vale do Rio Doce (ADR)		43,543
80,813		Inco Ltd		5,326
		TOTAL METAL MINING		48,869
MISCELLANEOUS RETAIL - 2.51%
7,750,908		CVS Corp		237,953
12,294	*	Gmarket, Inc (ADR)		189
595,299		Petsmart, Inc		15,239
1,449,783		Staples, Inc		35,259
		TOTAL MISCELLANEOUS RETAIL		288,640
MOTION PICTURES - 0.77%
2,052,897		News Corp (Class A)		39,374
1,647,960		Walt Disney Co		49,439
		TOTAL MOTION PICTURES		88,813
NONDEPOSITORY INSTITUTIONS - 2.32%
4,999,323		American Express Co		266,064
		TOTAL NONDEPOSITORY INSTITUTIONS		266,064
OIL AND GAS EXTRACTION - 3.31%
1,862,068		Halliburton Co		138,184
1,203,384		Noble Energy, Inc		56,391
1,558,267		Schlumberger Ltd		101,459
450,613		Todco		18,407
1,473,988		XTO Energy, Inc		65,253
		TOTAL OIL AND GAS EXTRACTION		379,694
PETROLEUM AND COAL PRODUCTS - 0.40%
663,552		EOG Resources, Inc		46,011
		TOTAL PETROLEUM AND COAL PRODUCTS		46,011
PRIMARY METAL INDUSTRIES - 2.26%
10,722,504	*	Corning, Inc		259,377
		TOTAL PRIMARY METAL INDUSTRIES		259,377
RAILROAD TRANSPORTATION - 0.24%
390,342		CSX Corp		27,496
		TOTAL RAILROAD TRANSPORTATION		27,496

160

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
				MATURITY		VALUE
SHARES			RATE	DATE		(000)
SECURITY AND COMMODITY BROKERS - 6.66%
12,600,746		Charles Schwab Corp			$	201,360
391,556		Chicago Mercantile Exchange Holdings, Inc				192,313
2,704,831	*	E*Trade Financial Corp				61,724
595,803		Goldman Sachs Group, Inc				89,627
305,617		Legg Mason, Inc				30,415
1,924,218		Merrill Lynch & Co, Inc				133,849
410,106	*	Nasdaq Stock Market, Inc				12,262
2,942,017		TD Ameritrade Holding Corp				43,571
		TOTAL SECURITY AND COMMODITY BROKERS				765,121
TOBACCO PRODUCTS - 1.97%
3,074,160		Altria Group, Inc				225,736
		TOTAL TOBACCO PRODUCTS				225,736
TRANSPORTATION BY AIR - 0.35%
2,432,759		Southwest Airlines Co				39,824
		TOTAL TRANSPORTATION BY AIR				39,824
TRANSPORTATION EQUIPMENT - 3.97%
2,323,776		Boeing Co				190,341
4,178,433		United Technologies Corp				264,996
		TOTAL TRANSPORTATION EQUIPMENT				455,337
TRANSPORTATION SERVICES - 0.77%
1,525,260		CH Robinson Worldwide, Inc				81,296
287,906		UTI Worldwide, Inc				7,264
		TOTAL TRANSPORTATION SERVICES				88,560
TRUCKING AND WAREHOUSING - 1.34%
1,865,372		United Parcel Service, Inc (Class B)				153,576
		TOTAL TRUCKING AND WAREHOUSING				153,576
WHOLESALE TRADE-DURABLE GOODS - 0.52%
1,569,357		General Electric Co				51,726
482	v*	Timco Aviation Services, Inc				-	^
124,272	*	WESCO International, Inc				8,575
		TOTAL WHOLESALE TRADE-DURABLE GOODS				60,301
		TOTAL COMMON STOCKS				11,413,098
		(Cost $10,729,143)
PRINCIPAL
SHORT-TERM INVESTMENTS - 0.03%
U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES - 0.03%
$      1,580,000		Federal Home Loan Bank (FHLB)	5.060	07/05/06		1,580
2,100,000		FHLB	5.060	07/06/06		2,099
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES				3,679
		TOTAL SHORT-TERM INVESTMENTS				3,679
		(Cost $3,678)

161

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
				VALUE
				(000)
		TOTAL PORTFOLIO - 99.42%	$	11,416,777
		(Cost $10,732,831)
		OTHER ASSETS & LIABILITIES, NET - 0.58%		66,047
		NET ASSETS - 100.00%	$	11,482,824
		ABBREVIATION:
	ADR	American Depositary Receipt
	*	Non-income producing
	**	Percentage represents less than 0.01%
	^	Amount represents less than $1,000
	e	All or a portion of these securities are out on loan.
	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.

162

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
COLLEGE RETIREMENT EQUITIES FUND
EQUITY INDEX ACCOUNT
STATEMENT OF INVESTMENTS (Unaudited)
June 30, 2006
				VALUE
SHARES				(000)
COMMON STOCKS - 99.77%
AGRICULTURAL PRODUCTION-CROPS - 0.00% **
29,630		Chiquita Brands International, Inc	$	408
		TOTAL AGRICULTURAL PRODUCTION-CROPS		408
AGRICULTURAL PRODUCTION-LIVESTOCK - 0.01%
27,871		Pilgrim's Pride Corp		719
269		Seaboard Corp		344
		TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK		1,063
AMUSEMENT AND RECREATION SERVICES - 0.25%
36,482	e*	Bally Technologies, Inc		601
26,714	*	Bally Total Fitness Holding Corp		181
14,248	*	Century Casinos, Inc		153
5,242		Churchill Downs, Inc		196
9,373		Dover Downs Gaming & Entertainment, Inc		184
9,773		Dover Motorsports, Inc		57
90,461		GTECH Holdings Corp		3,146
130,527		Harrah's Entertainment, Inc		9,291
25,827		International Speedway Corp (Class A)		1,198
16,338	*	Lakes Entertainment, Inc		198
22,402	e*	Leapfrog Enterprises, Inc		226
21,679	*	Life Time Fitness, Inc		1,003
45,511	*	Live Nation, Inc		927
26,149	*	Magna Entertainment Corp (Class A)		138
35,735	*	Marvel Entertainment, Inc		715
14,684	*	MTR Gaming Group, Inc		138
19,119	e*	Multimedia Games, Inc		194
51,372	*	Penn National Gaming, Inc		1,992
34,254	e*	Pinnacle Entertainment, Inc		1,050
51,146	e*	Six Flags, Inc		287
13,437		Speedway Motorsports, Inc		507
63,436		Warner Music Group Corp		1,870
53,876		Westwood One, Inc		404
19,258	*	WMS Industries, Inc		527
14,269		World Wrestling Entertainment, Inc		241
		TOTAL AMUSEMENT AND RECREATION SERVICES		25,424
APPAREL AND ACCESSORY STORES - 0.69%
61,914		Abercrombie & Fitch Co (Class A)		3,432
38,830	*	Aeropostale, Inc		1,122
81,208		American Eagle Outfitters, Inc		2,764
51,439	*	AnnTaylor Stores Corp		2,231
16,896		Bebe Stores, Inc		260
21,404		Brown Shoe Co, Inc		729
6,879		Buckle, Inc		288
8,748	*	Cache, Inc		152
34,498	*	Carter's, Inc		912
19,783	*	Casual Male Retail Group, Inc		199
21,208		Cato Corp (Class A)		548

163

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
10,401	*	Charlotte Russe Holding, Inc	$	249
84,814	*	Charming Shoppes, Inc		953
128,070	*	Chico's FAS, Inc		3,455
16,047	e*	Children's Place Retail Stores, Inc		964
27,159		Christopher & Banks Corp		788
4,455	*	Citi Trends, Inc		190
70,403		Claire's Stores, Inc		1,796
2,900		DEB Shops, Inc		70
33,000	*	Dress Barn, Inc		836
11,582	*	DSW, Inc		422
28,742		Finish Line, Inc (Class A)		340
110,542		Foot Locker, Inc		2,707
382,229		Gap, Inc		6,651
31,627	*	HOT Topic, Inc		364
15,736	*	Jo-Ann Stores, Inc		230
12,803	e*	JOS A Bank Clothiers, Inc		307
244,902	*	Kohl's Corp		14,479
242,326		Limited Brands, Inc		6,201
15,006	*	New York & Co, Inc		147
167,163		Nordstrom, Inc		6,101
51,957	*	Pacific Sunwear Of California, Inc		932
46,317	*	Payless Shoesource, Inc		1,258
101,922		Ross Stores, Inc		2,859
5,056	*	Shoe Carnival, Inc		121
20,532		Stage Stores, Inc		678
3,565	*	Syms Corp		66
15,617		Talbots, Inc		288
45,927	e*	The Wet Seal, Inc		224
24,376	*	Too, Inc		936
14,824	*	Under Armour, Inc		632
81,421	*	Urban Outfitters, Inc		1,424
		TOTAL APPAREL AND ACCESSORY STORES		69,305
APPAREL AND OTHER TEXTILE PRODUCTS - 0.18%
9,339	*	Columbia Sportswear Co		423
22,006	v*	DHB Industries, Inc		42
14,887	e*	Guess ?, Inc		621
24,603	*	Gymboree Corp		855
17,824	*	Hartmarx Corp		107
80,042		Jones Apparel Group, Inc		2,545
18,458		Kellwood Co		540
74,332		Liz Claiborne, Inc		2,755
13,600	*	Maidenform Brands, Inc		168
39,335		Phillips-Van Heusen Corp		1,501
41,818		Polo Ralph Lauren Corp		2,296
84,864	*	Quiksilver, Inc		1,034
24,108		Russell Corp		438
9,215	*	True Religion Apparel, Inc		163
62,519		VF Corp		4,246
33,246	*	Warnaco Group, Inc		621
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		18,355
AUTO REPAIR, SERVICES AND PARKING - 0.07%
7,541	e*	Amerco, Inc		759
7,500	e	Bandag, Inc		275
13,199		Central Parking Corp		211
17,758	*	Dollar Thrifty Automotive Group, Inc		800
10,010	*	Midas, Inc		184
8,304		Monro Muffler, Inc		270

164

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
36,846	*	PHH Corp	$	1,015
43,349		Ryder System, Inc		2,533
3,701	*	Standard Parking Corp		100
28,100	*	Wright Express Corp		808
		TOTAL AUTO REPAIR, SERVICES AND PARKING		6,955
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.17%
75,964		Advance Auto Parts		2,195
5,463	e*	America's Car-Mart, Inc		111
9,627	*	Asbury Automotive Group, Inc		202
105,066	*	Autonation, Inc		2,253
38,793	*	Autozone, Inc		3,421
75,672	*	Carmax, Inc		2,683
50,363	*	Copart, Inc		1,237
32,325	*	CSK Auto Corp		387
12,002	e	Lithia Motors, Inc (Class A)		364
11,554	*	MarineMax, Inc		303
80,048	*	O'Reilly Automotive, Inc		2,497
14,443	*	Rush Enterprises, Inc (Class A)		262
21,187		Sonic Automotive, Inc		470
38,791		United Auto Group, Inc		828
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		17,213
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.95%
9,000	*	Builders FirstSource, Inc		183
15,227	*	Central Garden & Pet Co		655
89,346	e	Fastenal Co		3,600
1,505,026		Home Depot, Inc		53,865
551,356		Lowe's Cos, Inc		33,451
80,137		Sherwin-Williams Co		3,805
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		95,559
BUSINESS SERVICES - 7.08%
44,232	*	@Road, Inc		244
34,168	*	24/7 Real Media, Inc		300
283,639	*	3Com Corp		1,452
8,307	*	3D Systems Corp		167
30,587		Aaron Rents, Inc		822
30,959		ABM Industries, Inc		529
19,911	*	Acacia Research (Acacia Technologies)		280
9,477	*	Access Integrated Technologies, Inc		93
195,885	e*	Activision, Inc		2,229
40,528	*	Actuate Corp		164
62,425		Acxiom Corp		1,561
16,260	e	Administaff, Inc		582
426,196	*	Adobe Systems, Inc		12,939
17,568	*	Advent Software, Inc		634
21,459		Advo, Inc		528
80,076	*	Affiliated Computer Services, Inc (Class A)		4,133
40,281	*	Agile Software Corp		255
109,822	e*	Akamai Technologies, Inc		3,974
57,994	*	Alliance Data Systems Corp		3,411
16,184	*	Altiris, Inc		292
18,475	*	American Reprographics Co		670
23,326	*	AMN Healthcare Services, Inc		474
11,435	*	Ansoft Corp		234
24,352	*	Ansys, Inc		1,165
54,177	*	aQuantive, Inc		1,372
22,433	e	Arbitron, Inc		860

165

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
48,947	*	Ariba, Inc	$	403
79,212	*	Art Technology Group, Inc		236
33,163	*	Aspen Technology, Inc		435
11,658	*	Asset Acceptance Capital Corp		231
21,488	e*	Audible, Inc		195
164,160	*	Autodesk, Inc		5,657
417,565		Automatic Data Processing, Inc		18,937
35,025	*	Avocent Corp		919
8,158	e*	Bankrate, Inc		308
4,811	*	Barrett Business Services		88
276,849	*	BEA Systems, Inc		3,624
135,178	*	BearingPoint, Inc		1,131
86,266	*	BISYS Group, Inc		1,182
31,258		Blackbaud, Inc		710
19,831	e*	Blackboard, Inc		574
8,392	*	Blue Coat Systems, Inc		141
152,885	e*	BMC Software, Inc		3,654
52,351	*	Borland Software Corp		276
12,774	*	Bottomline Technologies, Inc		104
29,566		Brady Corp (Class A)		1,089
34,369		Brink's Co		1,939
322,414		CA, Inc		6,626
21,836	*	CACI International, Inc (Class A)		1,274
200,644	*	Cadence Design Systems, Inc		3,441
34,489		Catalina Marketing Corp		982
46,548	*	CBIZ, Inc		345
711,038		Cendant Corp		11,583
107,162	*	Ceridian Corp		2,619
45,571	*	Cerner Corp		1,691
58,214	e*	Checkfree Corp		2,885
64,733	*	ChoicePoint, Inc		2,704
55,253	*	Chordiant Software, Inc		167
36,800	*	Ciber, Inc		243
129,500	*	Citrix Systems, Inc		5,198
5,919	*	Clayton Holdings, Inc		77
25,900	*	Clear Channel Outdoor Holdings, Inc		543
5,869	e*	Click Commerce, Inc		116
331,660	e*	CMGI, Inc		401
106,270	*	CNET Networks, Inc		848
14,652	*	Cogent Communications Group, Inc		137
30,867	*	Cogent, Inc		465
33,274	e	Cognex Corp		866
99,826	*	Cognizant Technology Solutions Corp		6,725
6,637		Computer Programs & Systems, Inc		265
132,600	*	Computer Sciences Corp		6,423
269,635	*	Compuware Corp		1,807
11,985	*	COMSYS IT Partners, Inc		181
24,465	*	Concur Technologies, Inc		378
19,768	*	Convera Corp		133
98,532	*	Convergys Corp		1,921
11,471	*	CoStar Group, Inc		686
21,438	*	Covansys Corp		269
35,280	*	CSG Systems International, Inc		873
22,032	*	Cybersource Corp		258
5,800	*	DealerTrack Holdings, Inc		128
37,676		Deluxe Corp		659
29,125	*	Dendrite International, Inc		269
26,440	*	Digital Insight Corp		907
28,179	*	Digital River, Inc		1,138

166

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
42,841	*	DST Systems, Inc	$	2,549
94,764	e*	Earthlink, Inc		821
836,768	*	eBay, Inc		24,509
18,386	e*	Echelon Corp		138
31,866	*	Eclipsys Corp		579
15,642	e*	eCollege.com, Inc		331
33,247	*	eFunds Corp		733
11,677	*	Electro Rent Corp		187
215,964	*	Electronic Arts, Inc		9,295
369,864		Electronic Data Systems Corp		8,899
14,917	*	Emageon, Inc		218
199,788	e*	Emdeon Corp		2,479
42,487	*	Epicor Software Corp		447
8,841	*	EPIQ Systems, Inc		147
93,669	e	Equifax, Inc		3,217
20,424	e*	Equinix, Inc		1,120
15,409	*	eSpeed, Inc (Class A)		128
162,971	*	Expedia, Inc		2,440
28,246	e*	F5 Networks, Inc		1,511
29,706		Factset Research Systems, Inc		1,405
47,026		Fair Isaac Corp		1,708
22,225	e*	FalconStor Software, Inc		155
70,884		Fidelity National Information Services, Inc		2,509
28,881	*	Filenet Corp		778
5,700	e*	First Advantage Corp		133
544,076		First Data Corp		24,505
127,931	*	Fiserv, Inc		5,803
9,100	*	Forrester Research, Inc		255
9,437	*	FTD Group, Inc		127
39,457	*	Gartner, Inc (Class A)		560
15,914	*	Gerber Scientific, Inc		207
36,892	e*	Getty Images, Inc		2,343
19,091		Gevity HR, Inc		507
23,628	*	Global Cash Access, Inc		369
148,361	*	Google, Inc (Class A)		62,212
8,150	*	H&E Equipment Services, Inc		240
18,495		Healthcare Services Group		387
10,050	e*	Heartland Payment Systems, Inc		280
14,300	*	Heidrick & Struggles International, Inc		484
17,722	*	Hudson Highland Group, Inc		191
37,591	*	Hypercom Corp		351
43,012	*	Hyperion Solutions Corp		1,187
10,436	*	i2 Technologies, Inc		132
4,942	*	ICT Group, Inc		121
12,987	*	iGate Corp		83
16,530	*	IHS, Inc		490
145,523		IMS Health, Inc		3,907
14,150	e*	Infocrossing, Inc		163
62,644	*	Informatica Corp		824
23,086	*	Infospace, Inc		523
20,612		infoUSA, Inc		213
11,821	*	Innovative Solutions & Support, Inc		166
7,121		Integral Systems, Inc		191
25,164	*	Interactive Data Corp		506
21,871	*	Intergraph Corp		689
215,656	*	Internap Network Services Corp		226
32,107	*	Internet Capital Group, Inc		289
26,357	*	Internet Security Systems, Inc		497
8,416		Interpool, Inc		187

167

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
308,762	e*	Interpublic Group of Cos, Inc	$	2,578
26,296	*	Interwoven, Inc		226
123,661	*	Intuit, Inc		7,468
20,768	*	inVentiv Health, Inc		598
45,508	*	Ipass, Inc		255
81,459	*	Iron Mountain, Inc		3,045
54,563		Jack Henry & Associates, Inc		1,073
18,698	*	JDA Software Group, Inc		262
399,522	*	Juniper Networks, Inc		6,388
15,435	*	Jupitermedia Corp		201
23,902	*	Kanbay International, Inc		348
34,016	*	Keane, Inc		425
13,656		Kelly Services, Inc (Class A)		371
11,281	*	Kenexa Corp		359
21,985	*	Kforce, Inc		341
51,812	e*	KFX, Inc		792
31,337	*	Kinetic Concepts, Inc		1,384
10,111	*	Knot, Inc		212
30,104	e*	Korn/Ferry International		590
22,157	*	Kronos, Inc		802
37,895	*	Labor Ready, Inc		858
60,403	e*	Lamar Advertising Co		3,253
87,730	*	Lawson Software, Inc		588
43,208	*	Lionbridge Technologies		239
4,800	*	Liquidity Services, Inc		75
11,455	*	LoJack Corp		216
23,625	*	Magma Design Automation, Inc		174
19,563	*	Manhattan Associates, Inc		397
62,308		Manpower, Inc		4,025
12,905	*	Mantech International Corp (Class A)		398
13,097	*	Mapinfo Corp		171
16,386	e*	Marchex, Inc		269
8,536	*	Marlin Business Services, Inc		193
42,600	*	Mastercard, Inc		2,045
114,462	e*	McAfee, Inc		2,778
56,676	*	Mentor Graphics Corp		736
6,306,507		Microsoft Corp		146,942
7,146	*	MicroStrategy, Inc		697
25,516	e*	Midway Games, Inc		206
60,872		MoneyGram International, Inc		2,067
87,911	*	Monster Worldwide, Inc		3,750
76,340	*	Move, Inc		418
73,891	*	MPS Group, Inc		1,113
12,659	*	MRO Software, Inc		254
65,955	*	NAVTEQ Corp		2,947
21,970	*	NCO Group, Inc		581
129,410	*	NCR Corp		4,742
13,908	*	Neoware, Inc		171
19,249	*	Ness Technologies, Inc		207
28,086	e*	NetFlix, Inc		764
37,676	*	NetIQ Corp		459
7,961	*	Netratings, Inc		111
15,388	*	Netscout Systems, Inc		137
27,305	*	NIC, Inc		197
240,507	*	Novell, Inc		1,595
89,300	*	Nuance Communications, Inc		898
122,421		Omnicom Group, Inc		10,906
18,437	*	On Assignment, Inc		169
14,464	*	Online Resources Corp		150

168

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
13,382	*	Open Solutions, Inc	$	356
9,205	*	Opnet Technologies, Inc		119
57,994	*	Opsware, Inc		478
2,824,453	*	Oracle Corp		40,926
25,857	*	Packeteer, Inc		293
76,359	*	Parametric Technology Corp		971
13,662	*	PDF Solutions, Inc		170
7,322		Pegasystems, Inc		47
13,179	*	PeopleSupport, Inc		177
12,203	*	Perficient, Inc		151
61,125	*	Perot Systems Corp (Class A)		885
23,907	*	Phase Forward, Inc		275
10,816	e*	Portfolio Recovery Associates, Inc		494
12,518	*	PRA International		279
49,575	*	Premiere Global Services, Inc		374
28,939	*	Progress Software Corp		677
8,302		QAD, Inc		64
11,520		Quality Systems, Inc		424
47,410	*	Quest Software, Inc		666
15,387	*	Radiant Systems, Inc		163
15,185	*	Radisys Corp		334
76,360	*	RealNetworks, Inc		817
129,832	e*	Red Hat, Inc		3,038
39,601	*	Redback Networks, Inc		726
5,893		Renaissance Learning, Inc		80
49,265	*	Rent-A-Center, Inc		1,225
19,226	*	Rewards Network, Inc		157
46,818		Reynolds & Reynolds Co (Class A)		1,436
10,621	e*	RightNow Technologies, Inc		177
106,764		Robert Half International, Inc		4,484
20,193		Rollins, Inc		397
54,218	*	RSA Security, Inc		1,474
47,690	*	S1 Corp		229
17,942	e*	SafeNet, Inc		318
60,056	*	Salesforce.com, Inc		1,601
55,315	*	Sapient Corp		293
35,286	*	Secure Computing Corp		304
205,113		ServiceMaster Co		2,119
8,963	*	SI International, Inc		275
41,569	*	Sitel Corp		163
14,344	*	Smith Micro Software, Inc		230
18,198	*	Sohu.com, Inc		469
45,445	*	SonicWALL, Inc		409
183,400	e*	Sonus Networks, Inc		908
43,115	*	Sotheby's Holdings, Inc (Class A)		1,132
42,038	*	Spherion Corp		383
13,651	*	SPSS, Inc		439
27,379	*	SRA International, Inc (Class A)		729
6,412	*	SSA Global Technologies, Inc		124
7,046		Startek, Inc		105
19,979		Stellent, Inc		191
7,178	e*	Stratasys, Inc		212
2,481,258	*	Sun Microsystems, Inc		10,297
62,826	*	Sybase, Inc		1,219
20,941	*	SYKES Enterprises, Inc		338
741,160	*	Symantec Corp		11,518
8,784	*	SYNNEX Corp		167
103,427	*	Synopsys, Inc		1,941
4,749		Syntel, Inc		97

169

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
52,739	e*	Take-Two Interactive Software, Inc	$	562
11,400	*	TAL International Group, Inc		275
9,690	*	Taleo Corp		114
22,604		Talx Corp		494
24,393	*	TeleTech Holdings, Inc		309
12,795		TheStreet.com, Inc		164
45,528	*	THQ, Inc		983
150,494	*	TIBCO Software, Inc		1,061
16,913	*	TNS, Inc		350
25,671	e	Total System Services, Inc		494
18,504	*	TradeStation Group, Inc		235
27,282	*	Transaction Systems Architects, Inc		1,137
2,800	*	Travelzoo, Inc		85
28,864	*	Trizetto Group, Inc		427
15,759	*	Ultimate Software Group, Inc		302
244,520	*	Unisys Corp		1,536
42,307		United Online, Inc		508
45,981	e*	United Rentals, Inc		1,470
21,468	*	Universal Compression Holdings, Inc		1,352
44,258	*	VA Software Corp		172
72,727	*	Valueclick, Inc		1,116
23,271	e*	Vasco Data Security International		194
9,078	*	Verint Systems, Inc		265
174,376	e*	VeriSign, Inc		4,040
5,226	e*	Vertrue, Inc		225
15,178		Viad Corp		475
20,615	*	Vignette Corp		301
5,200	*	Volt Information Sciences, Inc		242
387,382		Waste Management, Inc		13,899
29,788	*	WebEx Communications, Inc		1,059
4,946	e*	WebMD Health Corp		234
38,958	*	webMethods, Inc		385
33,540	e*	Websense, Inc		689
12,203	e*	WebSideStory, Inc		149
53,517	*	Wind River Systems, Inc		476
23,793	*	Witness Systems, Inc		480
1,000,955	e*	Yahoo!, Inc		33,032
		TOTAL BUSINESS SERVICES		714,528
CHEMICALS AND ALLIED PRODUCTS - 9.15%
1,084,609		Abbott Laboratories		47,300
18,485	*	Abraxis BioScience, Inc		441
16,937	e*	Acadia Pharmaceuticals, Inc		143
5,579	*	Adams Respiratory Therapeutics, Inc		249
10,982	*	Adeza Biomedical Corp		154
31,936	*	Adolor Corp		799
5,786	*	Advanced Magnetics, Inc		175
38,357	*	ADVENTRX Pharmaceuticals, Inc		122
159,282		Air Products & Chemicals, Inc		10,181
17,349	*	Albany Molecular Research, Inc		185
27,116	e	Albemarle Corp		1,298
54,470		Alberto-Culver Co		2,654
23,078	*	Alexion Pharmaceuticals, Inc		834
62,565	e*	Alkermes, Inc		1,184
22,480	*	Alnylam Pharmaceuticals, Inc		339
30,087		Alpharma, Inc (Class A)		723
31,268	*	American Oriental Bioengineering, Inc		173
12,379	e	American Vanguard Corp		192
840,089	*	Amgen, Inc		54,799

170

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
21,429	*	Anadys Pharmaceuticals, Inc	$	63
53,003	*	Andrx Corp		1,229
16,685		Arch Chemicals, Inc		601
33,925	*	Arena Pharmaceuticals, Inc		393
27,489	*	Array Biopharma, Inc		236
27,606	e*	Atherogenics, Inc		360
15,864	*	Auxilium Pharmaceuticals, Inc		123
18,741	e*	AVANIR Pharmaceuticals		128
67,006		Avery Dennison Corp		3,890
36,608	*	AVI BioPharma, Inc		137
319,872		Avon Products, Inc		9,916
7,980		Balchem Corp		180
74,758	*	Barr Pharmaceuticals, Inc		3,565
10,191	*	Bentley Pharmaceuticals, Inc		112
16,244	*	BioCryst Pharmaceuticals, Inc		233
27,226	*	Bioenvision, Inc		145
244,250	*	Biogen Idec, Inc		11,316
60,488	*	BioMarin Pharmaceuticals, Inc		869
9,920	*	Bradley Pharmaceuticals, Inc		101
1,398,039	e	Bristol-Myers Squibb Co		36,153
45,134		Cabot Corp		1,558
28,512	e	Calgon Carbon Corp		174
20,927		Cambrex Corp		436
5,883	*	Caraco Pharmaceutical Laboratories Ltd		54
52,048		Celanese Corp (Series A)		1,063
28,958	e*	Cell Genesys, Inc		145
42,746	e*	Cephalon, Inc		2,569
38,831		CF Industries Holdings, Inc		554
51,302	*	Charles River Laboratories International, Inc		1,888
12,829	*	Chattem, Inc		390
169,387		Chemtura Corp		1,582
46,317		Church & Dwight Co, Inc		1,687
107,265		Clorox Co		6,540
13,144	e*	Coley Pharmaceutical Group, Inc		152
365,755		Colgate-Palmolive Co		21,909
17,022	*	Combinatorx, Inc		150
25,200	e*	Connetics Corp		296
19,301	*	Conor Medsystems, Inc		533
16,097	e*	Cotherix, Inc		139
39,198	*	Cubist Pharmaceuticals, Inc		987
34,138	*	Cypress Bioscience, Inc		210
29,068		Cytec Industries, Inc		1,560
18,758	*	Cytokinetics, Inc		118
62,010		Dade Behring Holdings, Inc		2,582
42,749	e*	Dendreon Corp		207
17,584		Diagnostic Products Corp		1,023
12,457	*	Digene Corp		483
683,348		Dow Chemical Co		26,671
654,560		Du Pont (E.I.) de Nemours & Co		27,230
30,568	e*	Durect Corp		118
57,683	e	Eastman Chemical Co		3,115
128,950	e	Ecolab, Inc		5,233
698,748		Eli Lilly & Co		38,620
17,426	*	Elizabeth Arden, Inc		312
16,357	*	Emisphere Technologies, Inc		140
42,677	e*	Encysive Pharmaceuticals, Inc		296
28,467	e*	Enzon Pharmaceuticals, Inc		215
88,465		Estee Lauder Cos (Class A)		3,421
28,545		Ferro Corp		456

171

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
26,890		FMC Corp	$	1,731
231,556	*	Forest Laboratories, Inc		8,959
332,925	*	Genentech, Inc		27,233
16,478	e*	Genitope Corp		104
95,847	*	Genta, Inc		157
185,078	*	Genzyme Corp		11,299
24,319		Georgia Gulf Corp		608
51,960	e*	Geron Corp		359
323,717	*	Gilead Sciences, Inc		19,151
5,819	*	GTx, Inc		53
22,631		H.B. Fuller Co		986
20,149	*	Hana Biosciences, Inc		183
81,444	*	Hercules, Inc		1,243
5,289	*	Hi-Tech Pharmacal Co, Inc		88
111,366	*	Hospira, Inc		4,782
93,140	*	Human Genome Sciences, Inc		997
62,547	*	Huntsman Corp		1,083
17,140	*	Idenix Pharmaceuticals, Inc		161
23,187	*	Idexx Laboratories, Inc		1,742
49,238	e*	ImClone Systems, Inc		1,903
46,158	*	Immucor, Inc		888
33,132	*	Indevus Pharmaceuticals, Inc		181
8,064		Innospec, Inc		205
3,281		Inter Parfums, Inc		56
19,810	e*	InterMune, Inc		326
64,690		International Flavors & Fragrances, Inc		2,280
19,768	*	Inverness Medical Innovations, Inc		558
37,219	*	Invitrogen Corp		2,459
174,061	*	King Pharmaceuticals, Inc		2,959
5,472		Koppers Holdings, Inc		109
12,823	*	Kos Pharmaceuticals, Inc		482
2,620		Kronos Worldwide, Inc		77
28,944	*	KV Pharmaceutical Co (Class A)		540
48,599		Lubrizol Corp		1,937
149,538		Lyondell Chemical Co		3,389
20,639		MacDermid, Inc		594
9,202	e	Mannatech, Inc		116
17,575	e*	MannKind Corp		375
23,199	e*	Martek Biosciences Corp		672
83,079	*	Medarex, Inc		798
33,866	*	Medicines Co		662
38,713		Medicis Pharmaceutical Corp (Class A)		929
8,237	*	Medifast, Inc		147
177,375	*	Medimmune, Inc		4,807
1,550,939		Merck & Co, Inc		56,501
14,765		Meridian Bioscience, Inc		368
15,117	*	Metabasis Therapeutics, Inc		115
55,982	*	MGI Pharma, Inc		1,204
223,744	*	Millennium Pharmaceuticals, Inc		2,231
14,800		Minerals Technologies, Inc		770
15,457	*	Momenta Pharmaceuticals, Inc		196
191,345		Monsanto Co		16,109
89,883	e*	Mosaic Co		1,407
149,169		Mylan Laboratories, Inc		2,983
29,919	e*	Myogen, Inc		868
40,164	e*	Nabi Biopharmaceuticals		231
75,501	*	Nalco Holding Co		1,331
15,424	e*	Nastech Pharmaceutical Co, Inc		244
39,147	*	NBTY, Inc		936

172

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
26,156	e*	Neurocrine Biosciences, Inc	$	277
11,087	e*	New River Pharmaceuticals, Inc		316
12,540		NewMarket Corp		615
4,943		NL Industries, Inc		53
18,316	e*	Northfield Laboratories, Inc		181
43,468	*	Novavax, Inc		219
15,161	*	Noven Pharmaceuticals, Inc		271
36,372	*	NPS Pharmaceuticals, Inc		177
36,517	*	Nuvelo, Inc		608
51,638		Olin Corp		926
20,515	*	OM Group, Inc		633
29,263	*	Omnova Solutions, Inc		166
28,523	*	Onyx Pharmaceuticals, Inc		480
30,922	*	OraSure Technologies, Inc		294
40,655	e*	OSI Pharmaceuticals, Inc		1,340
15,359	e*	Pacific Ethanol, Inc		355
24,948	e*	Pain Therapeutics, Inc		208
35,301	*	Panacos Pharmaceuticals, Inc		195
26,028	*	Par Pharmaceutical Cos, Inc		480
17,955	*	Parexel International Corp		518
8,294	e*	Parlux Fragrances, Inc		80
81,333	*	PDL BioPharma, Inc		1,497
14,839	*	Penwest Pharmaceuticals Co		324
122,099	*	Peregrine Pharmaceuticals, Inc		194
54,947		Perrigo Co		885
13,027	*	PetMed Express, Inc		143
5,206,729		Pfizer, Inc		122,202
16,760	*	Pharmion Corp		285
7,693	*	Pioneer Cos, Inc		210
67,684	*	PolyOne Corp		594
15,548	e*	Pozen, Inc		109
117,731		PPG Industries, Inc		7,770
229,620		Praxair, Inc		12,399
20,200	*	Prestige Brands Holdings, Inc		201
2,331,861		Procter & Gamble Co		129,651
15,641	*	Progenics Pharmaceuticals, Inc		376
21,781	*	Quidel Corp		207
18,760	*	Renovis, Inc		287
104,595	e*	Revlon, Inc (Class A)		132
23,386	*	Rockwood Holdings, Inc		538
114,245		Rohm & Haas Co		5,726
82,623		RPM International, Inc		1,487
32,161	*	Salix Pharmaceuticals Ltd		396
32,144	*	Santarus, Inc		214
1,052,695		Schering-Plough Corp		20,033
20,521	*	Sciele Pharma, Inc		476
32,166	e	Scotts Miracle-Gro Co (Class A)		1,361
33,451		Sensient Technologies Corp		699
77,025	e*	Sepracor, Inc		4,401
24,785	*	Serologicals Corp		779
47,633	e	Sigma-Aldrich Corp		3,460
27,941	*	Sirna Therapeutics, Inc		159
16,553	*	Solexa, Inc		141
3,797	*	Somaxon Pharmaceuticals, Inc		59
3,400		Stepan Co		107
36,010	e*	SuperGen, Inc		131
10,427	e*	SurModics, Inc		377
15,482	*	Tanox, Inc		214
1		Teva Pharmaceutical Industries Ltd (ADR)		-	^

173

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
31,857		Tronox, Inc	$	420
36,392		UAP Holding Corp		794
16,914	*	United Therapeutics Corp		977
8,287	e*	USANA Health Sciences, Inc		314
63,360		USEC, Inc		751
66,194		Valeant Pharmaceuticals International		1,120
72,315		Valspar Corp		1,910
60,046	*	VCA Antech, Inc		1,917
79,233	*	Vertex Pharmaceuticals, Inc		2,909
47,837	*	Viropharma, Inc		412
4,689	*	Visicu, Inc		83
72,293	*	Watson Pharmaceuticals, Inc		1,683
9,000		Westlake Chemical Corp		268
49,789	e*	WR Grace & Co		582
956,348		Wyeth		42,471
11,683	*	Xenoport, Inc		212
26,437	*	Zymogenetics, Inc		501
		TOTAL CHEMICALS AND ALLIED PRODUCTS		924,313
COAL MINING - 0.27%
36,921	*	Alpha Natural Resources, Inc		724
102,050		Arch Coal, Inc		4,324
130,132		Consol Energy, Inc		6,080
31,979		Foundation Coal Holdings, Inc		1,501
80,635	*	International Coal Group, Inc		580
11,662	e*	James River Coal Co		309
58,293		Massey Energy Co		2,098
188,642	e	Peabody Energy Corp		10,517
14,219		Penn Virginia Corp		993
4,756	*	Westmoreland Coal Co		113
		TOTAL COAL MINING		27,239
COMMUNICATIONS - 4.66%
30,232		Alaska Communications Systems Group, Inc		382
273,608		Alltel Corp		17,464
298,220	*	American Tower Corp (Class A)		9,281
23,675		Anixter International, Inc		1,124
2,762,740	e	AT&T, Inc		77,053
3,924		Atlantic Tele-Network, Inc		82
10,900	*	Audiovox Corp (Class A)		149
327,767	*	Avaya, Inc		3,743
1,285,229		BellSouth Corp		46,525
37,143	*	Brightpoint, Inc		503
149,416		Cablevision Systems Corp (Class A)		3,205
11,624	*	Cbeyond Communications, Inc		254
478,173		CBS Corp		12,935
15,110		Centennial Communications Corp		79
82,816		CenturyTel, Inc		3,077
284,093	e*	Charter Communications, Inc (Class A)		321
180,973	*	Cincinnati Bell, Inc		742
26,654		Citadel Broadcasting Corp		237
231,164		Citizens Communications Co		3,017
357,536		Clear Channel Communications, Inc		11,066
1,384,598	e*	Comcast Corp (Class A)		45,332
15,381		Commonwealth Telephone Enterprises, Inc		510
14,680		Consolidated Communications Holdings, Inc		244
206,879	*	Covad Communications Group, Inc		416
32,384	*	Cox Radio, Inc (Class A)		467
152,821	*	Crown Castle International Corp		5,278

174

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
13,062	*	Crown Media Holdings, Inc (Class A)	$	54
12,239		CT Communications, Inc		280
39,520	e*	Cumulus Media, Inc (Class A)		422
572,117	*	DIRECTV Group, Inc		9,440
107,468	*	Dobson Communications Corp (Class A)		831
146,385	*	EchoStar Communications Corp (Class A)		4,510
103,294	*	Embarq Corp		4,234
26,410	*	Emmis Communications Corp (Class A)		413
22,831	e	Entercom Communications Corp		597
52,691	*	Entravision Communications Corp (Class A)		452
6,340	*	Eschelon Telecom, Inc		98
19,917		Fairpoint Communications, Inc		287
38,815	*	First Avenue Networks, Inc		422
5,404	*	Fisher Communications, Inc		228
101,515	*	Foundry Networks, Inc		1,082
38,028	*	General Communication, Inc (Class A)		469
47,416		Global Payments, Inc		2,302
14,920		Golden Telecom, Inc		378
29,084		Gray Television, Inc		168
18,785		Hearst-Argyle Television, Inc		414
127,572	e*	IAC/InterActiveCorp		3,379
39,942	e*	IDT Corp (Class B)		551
16,276	e*	InPhonic, Inc		103
22,094		Iowa Telecommunications Services, Inc		418
11,781	*	iPCS, Inc		569
35,358	e*	j2 Global Communications, Inc		1,104
31,262	*	Leap Wireless International, Inc		1,483
598,117	e*	Level 3 Communications, Inc		2,656
326,770	*	Liberty Global, Inc		7,026
99,806	*	Liberty Media Holding Corp (Capital)		8,361
499,105	*	Liberty Media Holding Corp (Interactive)		8,614
19,340	*	Lightbridge, Inc		250
17,509	*	Lin TV Corp (Class A)		132
11,186	*	Lodgenet Entertainment Corp		209
28,940	*	Mastec, Inc		382
42,748	*	Mediacom Communications Corp		266
44,363	*	NeuStar, Inc		1,497
97,150	*	NII Holdings, Inc (Class B)		5,477
9,887		North Pittsburgh Systems, Inc		272
20,547	*	Novatel Wireless, Inc		213
10,300	*	NTELOS Holdings Corp		149
40,587		PanAmSat Holding Corp		1,014
39,017	*	Pegasus Wireless Corp		349
32,678	*	Price Communications Corp		554
1,123,682	e*	Qwest Communications International, Inc		9,091
57,767	*	Radio One, Inc (Class D)		427
20,736	e*	RCN Corp		517
8,327		Salem Communications Corp (Class A)		108
5,830	*	SAVVIS, Inc		173
72,986	*	SBA Communications Corp		1,908
5,360		Shenandoah Telecom Co		252
29,018		Sinclair Broadcast Group, Inc (Class A)		248
31,566	*	Spanish Broadcasting System, Inc (Class A)		161
2,055,140		Sprint Nextel Corp		41,082
9,587		SureWest Communications		185
16,874	*	Syniverse Holdings, Inc		248
28,001	*	Talk America Holdings, Inc		173
77,410		Telephone & Data Systems, Inc		3,205
24,161	*	Terremark Worldwide, Inc		87

175

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
54,997	e*	TiVo, Inc	$	393
59,409	*	Ubiquitel, Inc		614
151,868	*	Univision Communications, Inc (Class A)		5,088
11,370	*	US Cellular Corp		689
18,421	e	USA Mobility, Inc		306
28,599	e	Valor Communications Group, Inc		327
2,073,036		Verizon Communications, Inc		69,426
450,960	*	Viacom, Inc		16,162
21,965	*	Vonage Holdings Corp		189
21,299	*	West Corp		1,020
38,447	e*	Wireless Facilities, Inc		106
185,055	*	XM Satellite Radio Holdings, Inc		2,711
		TOTAL COMMUNICATIONS		470,491
DEPOSITORY INSTITUTIONS - 10.22%
8,438		1st Source Corp		285
5,043		Abington Community Bancorp, Inc		76
7,930	*	ACE Cash Express, Inc		232
10,688		Alabama National Bancorp		728
16,250		Amcore Financial, Inc		476
6,684		AmericanWest Bancorp		151
7,905		Ameris Bancorp		183
248,799		AmSouth Bancorp		6,581
16,200		Anchor Bancorp Wisconsin, Inc		489
7,163		Arrow Financial Corp		196
96,885		Associated Banc-Corp		3,055
64,928		Astoria Financial Corp		1,977
5,016		Bancfirst Corp		224
7,613	*	Bancorp, Inc		190
55,303		Bancorpsouth, Inc		1,507
5,589		BancTrust Financial Group, Inc		131
48,672		Bank Mutual Corp		595
3,242,888		Bank of America Corp		155,983
8,708		Bank of Granite Corp		181
38,376		Bank of Hawaii Corp		1,903
541,390		Bank of New York Co, Inc		17,433
8,348	e	Bank of the Ozarks, Inc		278
33,271		BankAtlantic Bancorp, Inc (Class A)		494
17,629		BankFinancial Corp		305
22,200	e	BankUnited Financial Corp (Class A)		678
8,647	e	Banner Corp		333
388,335		BB&T Corp		16,151
6,060		Berkshire Hills Bancorp, Inc		215
13,613	*	BFC Financial Corp		94
16,366		BOK Financial Corp		813
24,206	e	Boston Private Financial Holdings, Inc		675
49,152		Brookline Bancorp, Inc		677
6,621		Cadence Financial Corp		147
5,218	e	Camden National Corp		208
9,158	e	Capital City Bank Group, Inc		277
6,231		Capital Corp of the West		199
9,528		Capitol Bancorp Ltd		371
16,280		Capitol Federal Financial		558
16,258		Cardinal Financial Corp		189
15,878		Cascade Bancorp		453
2,669		Cass Information Systems, Inc		130
36,547		Cathay General Bancorp		1,330
40,600	e*	Centennial Bank Holdings, Inc		420
7,848		Center Financial Corp		186

176

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
6,230		Centerstate Banks of Florida, Inc	$	128
20,935		Central Pacific Financial Corp		810
2,526		Charter Financial Corp		100
16,601		Chemical Financial Corp		508
32,874		Chittenden Corp		850
3,532,540		Citigroup, Inc		170,410
31,916	e	Citizens Banking Corp		779
6,091		Citizens First Bancorp, Inc		163
6,207		City Bank		290
12,921		City Holding Co		467
30,438		City National Corp		1,981
8,907		Clifton Savings Bancorp, Inc		96
10,056		Coastal Financial Corp		131
10,291		CoBiz, Inc		232
111,410		Colonial Bancgroup, Inc		2,861
6,977		Columbia Bancorp		175
10,948		Columbia Banking System, Inc		409
115,438		Comerica, Inc		6,002
130,698		Commerce Bancorp, Inc		4,662
47,443	e	Commerce Bancshares, Inc		2,375
33,232		Commercial Capital Bancorp, Inc		523
3,531	*	Community Bancorp		110
3,594		Community Bancorp, Inc		152
20,690		Community Bank System, Inc		417
17,049	e	Community Banks, Inc		443
9,922		Community Trust Bancorp, Inc		347
91,713		Compass Bancshares, Inc		5,099
27,635	e	Corus Bankshares, Inc		723
40,426		Cullen/Frost Bankers, Inc		2,316
43,491		CVB Financial Corp		681
19,824		Dime Community Bancshares		269
7,041	*	Dollar Financial Corp		127
15,167		Downey Financial Corp		1,029
42,390		East West Bancorp, Inc		1,607
5,234		Enterprise Financial Services Corp		133
24,890	*	Euronet Worldwide, Inc		955
4,024		Farmers Capital Bank Corp		132
17,767		Fidelity Bankshares, Inc		565
339,233	e	Fifth Third Bancorp		12,535
7,060		First Bancorp		148
48,962	e	First Bancorp		455
10,765	e	First Busey Corp (Class A)		220
23,638		First Charter Corp		580
4,516		First Citizens Bancshares, Inc (Class A)		905
51,852	e	First Commonwealth Financial Corp		659
13,330		First Community Bancorp, Inc		788
6,565		First Community Bancshares, Inc		217
23,858		First Financial Bancorp		356
14,678	e	First Financial Bankshares, Inc		536
8,954		First Financial Corp		269
8,300		First Financial Holdings, Inc		266
87,681	e	First Horizon National Corp		3,525
8,910		First Indiana Corp		232
12,330		First Merchants Corp		300
34,833		First Midwest Bancorp, Inc		1,292
79,187	e	First Niagara Financial Group, Inc		1,110
4,259		First Oak Brook Bancshares, Inc		158
10,172		First Place Financial Corp		234
1,655	*	First Regional Bancorp		146

177

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
14,991		First Republic Bank	$	687
5,157	e	First South Bancorp, Inc		177
12,414		First State Bancorporation		295
11,872	e*	FirstFed Financial Corp		685
59,714		FirstMerit Corp		1,250
10,052		Flag Financial Corp		196
25,530	e	Flagstar Bancorp, Inc		407
12,979		Flushing Financial Corp		233
43,167		FNB Corp		681
4,667		FNB Corp		173
16,647	*	Franklin Bank Corp		336
46,892		Fremont General Corp		870
18,925		Frontier Financial Corp		643
123,318		Fulton Financial Corp		1,963
8,916	e	GB&T Bancshares, Inc		194
22,852	e	Glacier Bancorp, Inc		669
187,087		Golden West Financial Corp		13,882
7,290	e	Great Southern Bancorp, Inc		223
36,753		Greater Bay Bancorp		1,057
6,221		Greene County Bancshares, Inc		193
19,896		Hancock Holding Co		1,114
27,371		Hanmi Financial Corp		532
16,296		Harbor Florida Bancshares, Inc		605
18,775		Harleysville National Corp		398
10,342		Heartland Financial USA, Inc		276
8,209		Heritage Commerce Corp		204
4,522		Home Federal Bancorp, Inc		62
6,837		Horizon Financial Corp		188
412,175		Hudson City Bancorp, Inc		5,494
177,731		Huntington Bancshares, Inc		4,191
6,962		IBERIABANK Corp		401
9,704		Independent Bank Corp		315
15,249		Independent Bank Corp		401
45,100		IndyMac Bancorp, Inc		2,068
12,591		Integra Bank Corp		274
11,376		Interchange Financial Services Corp		256
32,243		International Bancshares Corp		886
3,408	*	Intervest Bancshares Corp		138
37,852	*	Investors Bancorp, Inc		513
47,994		Investors Financial Services Corp		2,155
15,442		Irwin Financial Corp		299
3,467		ITLA Capital Corp		182
2,469,154		JPMorgan Chase & Co		103,704
14,732		Kearny Financial Corp		218
287,342		Keycorp		10,252
22,471		KNBT Bancorp, Inc		371
12,511	e	Lakeland Bancorp, Inc		196
8,565		Lakeland Financial Corp		208
54,060	e	M&T Bank Corp		6,375
10,326		Macatawa Bank Corp		242
23,701		MAF Bancorp, Inc		1,015
10,957		MainSource Financial Group, Inc		191
174,840		Marshall & Ilsley Corp		7,997
16,529		MB Financial, Inc		584
9,839	e	MBT Financial Corp		157
293,956		Mellon Financial Corp		10,121
5,125		Mercantile Bank Corp		204
87,493		Mercantile Bankshares Corp		3,121
3,325		MetroCorp Bancshares, Inc		97

178

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
15,609		Mid-State Bancshares	$	437
11,521	e	Midwest Banc Holdings, Inc		256
15,140		Nara Bancorp, Inc		284
1,893		NASB Financial, Inc		64
406,231		National City Corp		14,701
33,242	e	National Penn Bancshares, Inc		660
24,427		NBT Bancorp, Inc		567
34,157	*	Net 1 UEPS Technologies, Inc		934
31,499		NetBank, Inc		209
209,850		New York Community Bancorp, Inc		3,465
78,754	e	NewAlliance Bancshares, Inc		1,127
330,674		North Fork Bancorporation, Inc		9,976
5,709	e*	Northern Empire Bancshares		137
154,976		Northern Trust Corp		8,570
12,217		Northwest Bancorp, Inc		324
6,026		OceanFirst Financial Corp		134
50,588		Old National Bancorp		1,010
8,710		Old Second Bancorp, Inc		270
8,719	e	Omega Financial Corp		273
17,777		Oriental Financial Group, Inc		227
33,369		Pacific Capital Bancorp		1,038
9,214	e	Park National Corp		910
34,547		Partners Trust Financial Group, Inc		394
5,884		Pennfed Financial Services, Inc		110
6,808		Peoples Bancorp, Inc		203
41,197		People's Bank		1,353
17,415		PFF Bancorp, Inc		577
10,869	*	Pinnacle Financial Partners, Inc		331
8,230		Placer Sierra Bancshares		191
204,755		PNC Financial Services Group, Inc		14,368
197,685		Popular, Inc		3,796
2,891		Preferred Bank		155
9,582	e	Premierwest Bancorp		138
12,613		PrivateBancorp, Inc		522
17,101		Prosperity Bancshares, Inc		562
25,227		Provident Bankshares Corp		918
53,846		Provident Financial Services, Inc		967
30,181		Provident New York Bancorp		399
4,843	*	QC Holdings, Inc		65
20,438		R & G Financial Corp (Class B)		176
323,990		Regions Financial Corp		10,731
7,272		Renasant Corp		293
53,343		Republic Bancorp, Inc		661
5,815		Republic Bancorp, Inc (Class A)		120
3,186		Royal Bancshares of Pennsylvania (Class A)		77
20,998		S&T Bancorp, Inc		698
8,198		S.Y. Bancorp, Inc		225
9,617		Sandy Spring Bancorp, Inc		347
4,873	e	Santander BanCorp		120
5,559		SCBT Financial Corp		198
9,460		Seacoast Banking Corp of Florida		252
10,334		Security Bank Corp		230
6,056		Shore Bancshares, Inc		164
3,786		Sierra Bancorp		99
20,862	*	Signature Bank		676
9,660		Simmons First National Corp (Class A)		280
70,064		Sky Financial Group, Inc		1,654
5,534		Smithtown Bancorp, Inc		134
7,864		Sound Federal Bancorp, Inc		163

179

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
53,177		South Financial Group, Inc	$	1,404
7,964	e	Southside Bancshares, Inc		178
9,257		Southwest Bancorp, Inc		236
273,100		Sovereign Bancorp, Inc		5,547
7,406		State National Bancshares, Inc		282
236,157		State Street Corp		13,718
13,290		Sterling Bancorp		259
32,398		Sterling Bancshares, Inc		607
17,306		Sterling Financial Corp		379
23,685		Sterling Financial Corp		723
7,140		Suffolk Bancorp		234
7,043		Summit Bancshares, Inc		149
8,334	*	Sun Bancorp, Inc		135
258,391		SunTrust Banks, Inc		19,705
9,642	*	Superior Bancorp		106
34,534		Susquehanna Bancshares, Inc		825
25,915	*	SVB Financial Group		1,178
203,083		Synovus Financial Corp		5,439
4,565		Taylor Capital Group, Inc		186
98,216		TCF Financial Corp		2,598
71,665		TD Banknorth, Inc		2,111
16,293	*	Texas Capital Bancshares, Inc		380
32,340		Texas Regional Bancshares, Inc (Class A)		1,226
6,541		Texas United Bancshares, Inc		184
14,873		TierOne Corp		502
6,413		Tompkins Trustco, Inc		276
9,919		Trico Bancshares		272
51,426	e	Trustco Bank Corp NY		567
34,436		Trustmark Corp		1,067
67,163		UCBH Holdings, Inc		1,111
24,432		UMB Financial Corp		815
39,940		Umpqua Holdings Corp		1,025
5,944		Union Bankshares Corp		256
40,776		UnionBanCal Corp		2,634
27,662		United Bankshares, Inc		1,013
24,124		United Community Banks, Inc		734
18,456		United Community Financial Corp		222
5,067		United Security Bancshares		108
7,380	e	Univest Corp of Pennsylvania		204
1,264,853		US Bancorp		39,059
8,850		USB Holding Co, Inc		199
81,802		Valley National Bancorp		2,103
5,377	e	Vineyard National Bancorp		145
11,237	e*	Virginia Commerce Bancorp		269
4,624		Virginia Financial Group, Inc		195
75,924		W Holding Co, Inc		505
1,142,923		Wachovia Corp		61,809
62,928		Washington Federal, Inc		1,459
682,656		Washington Mutual, Inc		31,116
8,575		Washington Trust Bancorp, Inc		238
7,507	*	Wauwatosa Holdings, Inc		128
38,342		Webster Financial Corp		1,819
1,193,764		Wells Fargo & Co		80,078
15,679		WesBanco, Inc		486
11,085	e	West Bancorporation, Inc		207
10,009		West Coast Bancorp		295
23,845		Westamerica Bancorporation		1,168
9,370	*	Western Alliance Bancorp		326
3,341		Westfield Financial, Inc		97

180

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
46,684		Whitney Holding Corp	$	1,651
10,590		Willow Grove Bancorp, Inc		167
49,013		Wilmington Trust Corp		2,067
9,638		Wilshire Bancorp, Inc		174
17,249		Wintrust Financial Corp		877
4,467		WSFS Financial Corp		275
6,959		Yardville National Bancorp		249
75,374		Zions Bancorporation		5,875
		TOTAL DEPOSITORY INSTITUTIONS		1,032,115
EATING AND DRINKING PLACES - 0.94%
18,260	e*	AFC Enterprises		233
52,629		Applebees International, Inc		1,012
80,217		Aramark Corp (Class B)		2,656
9,771	*	BJ's Restaurants, Inc		218
24,778		Bob Evans Farms, Inc		744
60,177		Brinker International, Inc		2,184
4,688	*	Buffalo Wild Wings, Inc		180
13,696	*	California Pizza Kitchen, Inc		376
22,046		CBRL Group, Inc		748
24,364	*	CEC Entertainment, Inc		783
5,700	*	Chipotle Mexican Grill, Inc		347
43,748	e	CKE Restaurants, Inc		727
23,913	*	Cosi, Inc		149
105,389		Darden Restaurants, Inc		4,152
75,312	*	Denny's Corp		278
26,859		Domino's Pizza, Inc		664
13,878		IHOP Corp		667
25,157	e*	Jack in the Box, Inc		986
39,881	e*	Krispy Kreme Doughnuts, Inc		325
12,903		Landry's Restaurants, Inc		419
15,749		Lone Star Steakhouse & Saloon, Inc		413
15,891	*	Luby's, Inc		166
8,310	*	McCormick & Schmick's Seafood Restaurants, Inc		198
885,526		McDonald's Corp		29,754
7,205	*	Morton's Restaurant Group, Inc		110
14,289	*	O'Charleys, Inc		243
45,407		OSI Restaurant Partners, Inc		1,571
17,432	*	Papa John's International, Inc		579
18,015	*	PF Chang's China Bistro, Inc		685
25,931	*	Rare Hospitality International, Inc		746
11,853	e*	Red Robin Gourmet Burgers, Inc		504
43,367		Ruby Tuesday, Inc		1,059
10,929	*	Ruth's Chris Steak House, Inc		223
28,133	*	Ryan's Restaurant Group, Inc		335
67,846	*	Sonic Corp		1,410
545,272	*	Starbucks Corp		20,589
37,299	*	Texas Roadhouse, Inc (Class A)		504
56,182	e*	The Cheesecake Factory, Inc		1,514
19,171	*	The Steak N Shake Co		290
20,980	*	Tim Hortons, Inc		540
43,886		Triarc Cos (Class B)		686
82,207		Wendy's International, Inc		4,792
193,168		Yum! Brands, Inc		9,711
		TOTAL EATING AND DRINKING PLACES		94,470
EDUCATIONAL SERVICES - 0.14%
99,088	*	Apollo Group, Inc (Class A)		5,120
69,330	*	Career Education Corp		2,072

181

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
62,840	e*	Corinthian Colleges, Inc	$	902
44,265	*	DeVry, Inc		973
12,416	*	Educate, Inc		95
31,812	e*	ITT Educational Services, Inc		2,094
32,368	*	Laureate Education, Inc		1,380
3,041	*	Lincoln Educational Services Corp		52
10,353		Strayer Education, Inc		1,005
14,801	*	Universal Technical Institute, Inc		326
		TOTAL EDUCATIONAL SERVICES		14,019
ELECTRIC, GAS, AND SANITARY SERVICES - 4.06%
469,905	*	AES Corp		8,670
55,295		AGL Resources, Inc		2,108
117,851	*	Allegheny Energy, Inc		4,369
17,427		Allete, Inc		825
83,591		Alliant Energy Corp		2,867
171,684	e*	Allied Waste Industries, Inc		1,950
140,154	e	Ameren Corp		7,078
10,902		American Ecology Corp		289
272,137		American Electric Power Co, Inc		9,321
11,397		American States Water Co		406
91,321	e	Aqua America, Inc		2,081
276,036	*	Aquila, Inc		1,162
55,777		Atmos Energy Corp		1,557
35,312		Avista Corp		806
23,485	e	Black Hills Corp		806
11,807		California Water Service Group		422
8,600		Cascade Natural Gas Corp		181
13,533	*	Casella Waste Systems, Inc (Class A)		177
219,360	e	Centerpoint Energy, Inc		2,742
13,300		CH Energy Group, Inc		638
11,577	*	Clean Harbors, Inc		467
34,284		Cleco Corp		797
158,525	*	CMS Energy Corp		2,051
174,182	e	Consolidated Edison, Inc		7,741
127,339		Constellation Energy Group, Inc		6,943
80,375	*	Covanta Holding Corp		1,419
6,259		Crosstex Energy, Inc		595
244,375		Dominion Resources, Inc		18,277
93,492		DPL, Inc		2,506
124,122	e	DTE Energy Co		5,057
878,214		Duke Energy Corp		25,793
55,546	e	Duquesne Light Holdings, Inc		913
271,740	*	Dynegy, Inc (Class A)		1,486
231,450		Edison International		9,027
464,751	e	El Paso Corp		6,971
37,424	*	El Paso Electric Co		754
21,443		Empire District Electric Co		441
51,695		Energen Corp		1,986
105,644	e	Energy East Corp		2,528
4,326		EnergySouth, Inc		135
147,811		Entergy Corp		10,458
474,964		Exelon Corp		26,992
234,359		FirstEnergy Corp		12,705
281,606	e	FPL Group, Inc		11,653
58,400	e	Great Plains Energy, Inc		1,627
59,766	e	Hawaiian Electric Industries, Inc		1,668
31,800	e	Idacorp, Inc		1,090
9,000		ITC Holdings Corp		239

182

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
124,443		KeySpan Corp	$	5,027
74,758		Kinder Morgan, Inc		7,468
14,800		Laclede Group, Inc		509
4,287		Markwest Hydrocarbon, Inc		106
84,275		MDU Resources Group, Inc		3,085
17,794		Metal Management, Inc		545
14,002		MGE Energy, Inc		436
213,069	*	Mirant Corp		5,710
60,017		National Fuel Gas Co		2,109
20,377		New Jersey Resources Corp		953
31,841	e	Nicor, Inc		1,321
192,386	e	NiSource, Inc		4,202
110,953	e	Northeast Utilities		2,293
19,700		Northwest Natural Gas Co		729
24,616		NorthWestern Corp		846
97,458	*	NRG Energy, Inc		4,696
77,992		NSTAR		2,231
65,881		OGE Energy Corp		2,308
83,507		Oneok, Inc		2,843
4,962		Ormat Technologies, Inc		189
19,998		Otter Tail Corp		547
28,241		Peoples Energy Corp		1,014
135,856		Pepco Holdings, Inc		3,203
246,602		PG&E Corp		9,687
5,490	*	Pico Holdings, Inc		177
54,420		Piedmont Natural Gas Co, Inc		1,322
9,700	*	Pike Electric Corp		187
69,890		Pinnacle West Capital Corp		2,789
51,193	e*	Plug Power, Inc		239
49,642		PNM Resources, Inc		1,239
18,623		Portland General Electric Co		465
268,142		PPL Corp		8,661
179,245	e	Progress Energy, Inc		7,684
34,100	v*	Progress Energy, Inc		-	^
178,649		Public Service Enterprise Group, Inc		11,812
81,607		Puget Energy, Inc		1,753
60,286		Questar Corp		4,852
218,035	*	Reliant Energy, Inc		2,612
84,543		Republic Services, Inc		3,410
10,949		Resource America, Inc (Class A)		209
82,839		SCANA Corp		3,196
182,518		Sempra Energy		8,301
144,680	*	Sierra Pacific Resources		2,025
10,436		SJW Corp		266
20,851		South Jersey Industries, Inc		571
527,200		Southern Co		16,897
70,887		Southern Union Co		1,918
28,345		Southwest Gas Corp		888
16,033	e	Southwest Water Co		192
32,405	*	Stericycle, Inc		2,110
43,822		Synagro Technologies, Inc		172
147,575		TECO Energy, Inc		2,205
324,570		TXU Corp		19,406
75,102		UGI Corp		1,849
10,146		UIL Holdings Corp		571
27,250		Unisource Energy Corp		849
55,079		Vectren Corp		1,501
34,090	e*	Waste Connections, Inc		1,241
3,755		Waste Industries USA, Inc		85

183

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
19,254	*	Waste Services, Inc	$	173
63,646		Westar Energy, Inc		1,340
44,155		Western Gas Resources, Inc		2,643
34,425		WGL Holdings, Inc		997
420,384	e	Williams Cos, Inc		9,820
85,326		Wisconsin Energy Corp		3,439
32,582	e	WPS Resources Corp		1,616
286,748		Xcel Energy, Inc		5,500
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		410,013
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 5.91%
22,958	*	Actel Corp		329
32,485		Acuity Brands, Inc		1,264
82,321	*	Adaptec, Inc		357
84,290	*	ADC Telecommunications, Inc		1,421
48,307		Adtran, Inc		1,084
25,828	*	Advanced Analogic Technologies, Inc		271
23,059	*	Advanced Energy Industries, Inc		305
343,904	*	Advanced Micro Devices, Inc		8,398
50,885	*	Aeroflex, Inc		594
120,128	*	Agere Systems, Inc		1,766
257,396	*	Altera Corp		4,517
121,330		American Power Conversion Corp		2,365
22,354	e*	American Superconductor Corp		197
49,807		Ametek, Inc		2,360
30,350	*	AMIS Holdings, Inc		304
73,099	*	Amkor Technology, Inc		692
63,552		Amphenol Corp (Class A)		3,556
34,135	*	Anadigics, Inc		229
257,160		Analog Devices, Inc		8,265
115,349	*	Andrew Corp		1,022
215,447	*	Applied Micro Circuits Corp		588
78,929	*	Arris Group, Inc		1,036
36,600	e*	Atheros Communications, Inc		694
305,367	*	Atmel Corp		1,695
25,930	*	ATMI, Inc		638
119,087	*	Avanex Corp		210
91,286	*	Avnet, Inc		1,828
34,410		AVX Corp		543
25,562		Baldor Electric Co		800
7,316		Bel Fuse, Inc (Class B)		240
46,750	*	Benchmark Electronics, Inc		1,128
39,879	*	Bookham, Inc		134
322,478	*	Broadcom Corp (Class A)		9,690
54,936	e*	Broadwing Corp		569
192,337	*	Brocade Communications Systems, Inc		1,181
15,961	*	CalAmp Corp		142
74,524	*	Capstone Turbine Corp		170
14,680	*	Carrier Access Corp		121
33,107	*	C-COR, Inc		256
19,182	e*	Ceradyne, Inc		949
27,817	*	Checkpoint Systems, Inc		618
19,747	*	China BAK Battery, Inc		168
413,063	e*	Ciena Corp		1,987
4,339,871	*	Cisco Systems, Inc		84,758
9,288	*	Color Kinetics, Inc		176
15,327	e*	Comtech Telecommunications Corp		449
141,341	*	Comverse Technology, Inc		2,794
352,109	*	Conexant Systems, Inc		880

184

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
5,037	*	CPI International, Inc	$	73
54,881	e*	Cree, Inc		1,304
23,637		CTS Corp		352
14,434	e	Cubic Corp		283
99,731	e*	Cypress Semiconductor Corp		1,450
14,124	*	Diodes, Inc		585
6,977	*	Directed Electronics, Inc		92
31,325	*	Ditech Networks, Inc		273
24,777	*	Dolby Laboratories, Inc (Class A)		577
21,955	*	DSP Group, Inc		546
10,894	*	DTS, Inc		212
23,062	*	Electro Scientific Industries, Inc		415
25,991	e*	Emcore Corp		250
291,729		Emerson Electric Co		24,450
10,542	*	EMS Technologies, Inc		189
43,912	e*	Energizer Holdings, Inc		2,572
27,809	*	Energy Conversion Devices, Inc		1,013
31,307	*	EnerSys		654
47,369	e*	Evergreen Solar, Inc		615
25,111	*	Exar Corp		333
85,596	e*	Fairchild Semiconductor International, Inc		1,555
166,394	e*	Finisar Corp		544
16,105		Franklin Electric Co, Inc		832
288,068	*	Freescale Semiconductor, Inc (Class B)		8,469
37,000	e*	FuelCell Energy, Inc		354
168,527	*	Gemstar-TV Guide International, Inc		593
17,954	*	Genlyte Group, Inc		1,300
69,879	*	GrafTech International Ltd		405
16,954	*	Greatbatch, Inc		400
47,595		Harman International Industries, Inc		4,063
54,755	*	Harmonic, Inc		245
95,854		Harris Corp		3,979
66,363	e*	Hexcel Corp		1,043
9,138	*	Hittite Microwave Corp		330
588,353		Honeywell International, Inc		23,711
16,902	*	Hutchinson Technology, Inc		366
8,150	*	ID Systems, Inc		144
14,709	*	Ikanos Communications, Inc		223
24,375		Imation Corp		1,001
142,327	*	Integrated Device Technology, Inc		2,018
4,133,752		Intel Corp		78,335
38,828	*	Interdigital Communications Corp		1,355
31,824	e*	International DisplayWorks, Inc		165
50,270	*	International Rectifier Corp		1,965
100,792		Intersil Corp (Class A)		2,343
13,338		Inter-Tel, Inc		281
28,293	*	InterVoice, Inc		201
7,978	e*	iRobot Corp		198
16,725	*	IXYS Corp		161
1,168,934	e*	JDS Uniphase Corp		2,957
66,338	*	Kemet Corp		612
84,515		L-3 Communications Holdings, Inc		6,374
9,858	*	Lamson & Sessions Co		280
81,127	*	Lattice Semiconductor Corp		501
29,989		Lincoln Electric Holdings, Inc		1,879
217,933	e	Linear Technology Corp		7,299
17,104	*	Littelfuse, Inc		588
8,072	*	Loral Space & Communications, Inc		229
12,960		LSI Industries, Inc		220

185

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
273,821	*	LSI Logic Corp	$	2,451
3,163,448	e*	Lucent Technologies, Inc		7,656
37,299	*	Mattson Technology, Inc		364
227,883		Maxim Integrated Products, Inc		7,317
10,311	*	Maxwell Technologies, Inc		202
116,831	e*	McData Corp (Class A)		477
14,709	e*	Medis Technologies Ltd		298
98,675	*	MEMC Electronic Materials, Inc		3,700
13,858	*	Mercury Computer Systems, Inc		213
23,004		Methode Electronics, Inc		242
9,176	*	Metrologic Instruments, Inc		138
52,075	*	Micrel, Inc		521
152,345		Microchip Technology, Inc		5,111
512,374	e*	Micron Technology, Inc		7,716
50,054	e*	Microsemi Corp		1,220
45,471	*	Microtune, Inc		285
78,136	*	Mindspeed Technologies, Inc		188
33,720	*	MIPS Technologies, Inc		205
21,021	*	Mobility Electronics, Inc		153
98,307		Molex, Inc		3,300
15,444	*	Monolithic Power Systems, Inc		183
25,239	*	Moog, Inc		864
16,612	*	MoSys, Inc		130
1,755,381		Motorola, Inc		35,371
89,555	e*	MRV Communications, Inc		279
6,600	e*	Multi-Fineline Electronix, Inc		219
3,138		National Presto Industries, Inc		164
239,772		National Semiconductor Corp		5,719
12,200	v*	NCP Litigation Trust		-	^
11,165	e*	Netlogic Microsystems, Inc		360
265,461	*	Network Appliance, Inc		9,371
90,589	*	Novellus Systems, Inc		2,238
248,585	*	Nvidia Corp		5,292
38,261	e*	Omnivision Technologies, Inc		808
107,891	*	ON Semiconductor Corp		634
68,043	e*	Openwave Systems, Inc		785
9,902	*	Oplink Communications Inc		181
11,903	*	Optical Communication Products, Inc		24
8,504	*	OSI Systems, Inc		151
13,852		Park Electrochemical Corp		357
13,058	*	Parkervision, Inc		119
14,362	*	Pericom Semiconductor Corp		119
29,346	*	Photronics, Inc		434
33,939		Plantronics, Inc		754
32,750	*	Plexus Corp		1,120
15,100	*	PLX Technology, Inc		185
149,597	*	PMC - Sierra, Inc		1,406
63,037	*	Polycom, Inc		1,382
18,026	e*	Portalplayer, Inc		177
3,961	*	Powell Industries, Inc		95
20,292	*	Power Integrations, Inc		355
51,516	*	Power-One, Inc		340
80,035	*	Powerwave Technologies, Inc		730
114,551	*	QLogic Corp		1,975
1,189,718		Qualcomm, Inc		47,672
42,142	e*	Quantum Fuel Systems Technologies Worldwide, Inc		143
95,116	e	RadioShack Corp		1,332
12,522	*	Radyne Corp		142
62,606	*	Rambus, Inc		1,428

186

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
11,399		Raven Industries, Inc	$	359
21,863		Regal-Beloit Corp		965
136,611	*	RF Micro Devices, Inc		816
121,502		Rockwell Collins, Inc		6,788
12,342	*	Rogers Corp		695
385,770	*	Sanmina-SCI Corp		1,775
52,119	e*	Semtech Corp		753
56,384	*	Silicon Image, Inc		608
35,139	*	Silicon Laboratories, Inc		1,235
72,899	*	Silicon Storage Technology, Inc		296
17,679	*	Sirenza Microdevices, Inc		215
997,235	e*	Sirius Satellite Radio, Inc		4,737
114,187	*	Skyworks Solutions, Inc		629
29,816	e*	Spansion, Inc		475
28,315	e*	Spectrum Brands, Inc		366
7,603	*	Staktek Holdings, Inc		37
14,503	*	Standard Microsystems Corp		317
67,907	*	Stratex Networks, Inc		230
7,800	e*	Sunpower Corp		219
8,595	e*	Supertex, Inc		343
129,793	*	Sycamore Networks, Inc		527
35,188	*	Symmetricom, Inc		249
17,207	e*	Synaptics, Inc		368
30,703		Technitrol, Inc		711
38,663	*	Tekelec		477
26,817		Teleflex, Inc		1,449
318,617	*	Tellabs, Inc		4,241
32,712	*	Tessera Technologies, Inc		900
1,107,035		Texas Instruments, Inc		33,532
43,626	*	Thomas & Betts Corp		2,238
141,203	*	Transmeta Corp		229
71,856	e*	Transwitch Corp		152
41,394	*	Trident Microsystems, Inc		786
105,731	*	Triquint Semiconductor, Inc		472
32,309	*	TTM Technologies, Inc		467
6,706	*	Ulticom, Inc		70
16,474	e*	Universal Display Corp		219
8,900	*	Universal Electronics, Inc		158
81,181	e*	Utstarcom, Inc		632
40,586	e*	Varian Semiconductor Equipment Associates, Inc		1,323
15,575	e*	Viasat, Inc		400
12,845		Vicor Corp		213
9,190	*	Virage Logic Corp		86
120,423	*	Vishay Intertechnology, Inc		1,894
13,179	e*	Volterra Semiconductor Corp		201
50,062		Whirlpool Corp		4,138
244,357		Xilinx, Inc		5,535
61,727	e*	Zhone Technologies, Inc		126
9,976	e*	Zoltek Cos, Inc		298
35,864	*	Zoran Corp		873
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		597,111
ENGINEERING AND MANAGEMENT SERVICES - 0.82%
13,465	*	Advisory Board Co		648
75,904	e*	Amylin Pharmaceuticals, Inc		3,747
54,636	*	Applera Corp (Celera Genomics Group)		708
40,510	*	Ariad Pharmaceuticals, Inc		183
7,981		CDI Corp		231
246,734	e*	Celgene Corp		11,703

187

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
8,356	*	Cornell Cos, Inc	$	128
29,566		Corporate Executive Board Co		2,963
8,400	*	CRA International, Inc		379
33,088	e*	CV Therapeutics, Inc		462
47,351	e*	deCODE genetics, Inc		293
20,365	*	DiamondCluster International, Inc		161
64,377	e*	Digitas, Inc		748
21,511	*	Diversa Corp		208
35,921	e*	eResearch Technology, Inc		327
11,717	*	Essex Corp		216
65,374	*	Exelixis, Inc		657
11,236	*	Exponent, Inc		190
15,341	*	First Consulting Group, Inc		136
61,832	e	Fluor Corp		5,746
36,978	e*	Gen-Probe, Inc		1,996
31,752	*	Harris Interactive, Inc		181
32,958	*	Hewitt Associates, Inc		741
12,264	*	Huron Consulting Group, Inc		430
47,580	*	ICOS Corp		1,046
60,816	*	Incyte Corp		280
18,937	*	Infrasource Services, Inc		345
46,982	*	Isis Pharmaceuticals, Inc		284
41,580	*	Jacobs Engineering Group, Inc		3,311
8,794	*	Kendle International, Inc		323
18,029	*	Keryx Biopharmaceuticals, Inc		256
6,175		Landauer, Inc		296
17,070	*	LECG Corp		315
41,063	*	Lexicon Genetics, Inc		180
23,119	*	Lifecell Corp		715
22,750	*	Luminex Corp		396
15,124		MAXIMUS, Inc		350
16,427	*	Maxygen, Inc		123
82,896	*	Monogram Biosciences, Inc		164
173,645		Moody's Corp		9,457
7,000	e*	MTC Technologies, Inc		165
28,265	*	Myriad Genetics, Inc		714
32,376	*	Navigant Consulting, Inc		733
19,062	*	Omnicell, Inc		263
238,852		Paychex, Inc		9,310
24,043	*	Per-Se Technologies, Inc		605
69,863		Pharmaceutical Product Development, Inc		2,454
112,464		Quest Diagnostics, Inc		6,739
32,524	e*	Regeneron Pharmaceuticals, Inc		417
97,295	*	Rentech, Inc		452
32,857	*	Resources Connection, Inc		822
17,806	*	Rigel Pharmaceuticals, Inc		173
19,255	*	Sangamo Biosciences, Inc		114
41,760	*	Savient Pharmaceuticals, Inc		219
21,388	*	Senomyx, Inc		309
14,301	e*	SFBC International, Inc		217
56,724	*	Shaw Group, Inc		1,577
11,041	*	Sourcecorp		274
24,068	*	Symyx Technologies, Inc		581
7,624	*	Tejon Ranch Co		314
35,223	e*	Telik, Inc		581
38,899	*	Tetra Tech, Inc		690
10,112	*	Trimeris, Inc		116
36,325	*	URS Corp		1,526
20,925		Washington Group International, Inc		1,116

188

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
29,646		Watson Wyatt & Co Holdings	$	1,042
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		82,546
ENVIRONMENTAL QUALITY AND HOUSING - 0.00% **
26,488	*	Home Solutions of America, Inc		163
		TOTAL ENVIRONMENTAL QUALITY AND HOUSING		163
FABRICATED METAL PRODUCTS - 0.41%
25,734	*	Alliant Techsystems, Inc		1,965
6,162		Ameron International Corp		413
25,208		Aptargroup, Inc		1,251
74,682		Ball Corp		2,766
11,232		CIRCOR International, Inc		342
86,652		Commercial Metals Co		2,227
13,231	*	Commercial Vehicle Group, Inc		274
2,198		Compx International, Inc		39
37,768		Crane Co		1,571
120,265	*	Crown Holdings, Inc		1,873
8,340		Dynamic Materials Corp		281
20,133	*	Griffon Corp		525
9,089		Gulf Island Fabrication, Inc		182
354,861		Illinois Tool Works, Inc		16,856
10,094		Insteel Industries, Inc		244
53,208	*	Jacuzzi Brands, Inc		468
9,968	*	Ladish Co, Inc		374
8,117		Lifetime Brands, Inc		176
25,129	e*	Mobile Mini, Inc		735
17,532	*	Mueller Water Products, Inc		305
15,669	*	NCI Building Systems, Inc		833
71,324		Pentair, Inc		2,439
3,628	*	Shiloh Industries, Inc		55
16,406		Silgan Holdings, Inc		607
26,264		Simpson Manufacturing Co, Inc		947
20,492	*	Smith & Wesson Holding Corp		168
41,402		Snap-On, Inc		1,674
44,785	e*	Taser International, Inc		354
13,461		Valmont Industries, Inc		626
17,244	e	Watts Water Technologies, Inc (Class A)		579
		TOTAL FABRICATED METAL PRODUCTS		41,149
FOOD AND KINDRED PRODUCTS - 2.94%
5,017	*	Altus Pharmaceuticals, Inc		93
551,503		Anheuser-Busch Cos, Inc		25,143
465,024		Archer Daniels Midland Co		19,196
6,482	*	Boston Beer Co, Inc (Class A)		190
17,919	*	Burger King Holdings, Inc		282
168,980		Campbell Soup Co		6,271
2,568		Coca-Cola Bottling Co Consolidated		130
1,448,134		Coca-Cola Co		62,299
216,848	e	Coca-Cola Enterprises, Inc		4,417
368,963		ConAgra Foods, Inc		8,158
139,583	*	Constellation Brands, Inc (Class A)		3,490
52,660		Corn Products International, Inc		1,611
43,973	*	Darling International, Inc		199
142,985		Del Monte Foods Co		1,606
11,033		Diamond Foods, Inc		177
5,320		Farmer Bros Co		115
36,792		Flowers Foods, Inc		1,054
245,661		General Mills, Inc		12,691

189

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
35,476	e*	Gold Kist, Inc	$	474
238,160		H.J. Heinz Co		9,817
10,655	e*	Hansen Natural Corp		2,028
125,445		Hershey Co		6,908
53,755		Hormel Foods Corp		1,996
8,158		Imperial Sugar Co		194
9,626		J&J Snack Foods Corp		318
41,124		J.M. Smucker Co		1,838
15,444	*	Jones Soda Co		139
178,764		Kellogg Co		8,658
149,858		Kraft Foods, Inc (Class A)		4,631
19,910		Lancaster Colony Corp		786
20,449		Lance, Inc		471
6,664	*	M&F Worldwide Corp		107
97,428		McCormick & Co, Inc		3,269
6,584		MGP Ingredients, Inc		153
32,903		Molson Coors Brewing Co (Class B)		2,233
4,670		National Beverage Corp		67
9,395	*	Peet's Coffee & Tea, Inc		284
99,240		Pepsi Bottling Group, Inc		3,191
46,280		PepsiAmericas, Inc		1,023
1,174,283		PepsiCo, Inc		70,504
9,865		Premium Standard Farms, Inc		160
20,114	*	Ralcorp Holdings, Inc		855
11,750		Reddy Ice Holdings, Inc		239
60,975	e	Reynolds American, Inc		7,030
12,303	e	Sanderson Farms, Inc		344
540,459		Sara Lee Corp		8,658
69,511	e*	Smithfield Foods, Inc		2,004
25,397		Tootsie Roll Industries, Inc		740
24,314		Topps Co, Inc		200
20,712	*	TreeHouse Foods, Inc		495
158,121		Tyson Foods, Inc (Class A)		2,350
166,834	e	Wrigley (Wm.) Jr Co		7,568
		TOTAL FOOD AND KINDRED PRODUCTS		296,854
FOOD STORES - 0.26%
837		Arden Group, Inc (Class A)		95
12,523		Great Atlantic & Pacific Tea Co, Inc		285
6,684		Ingles Markets, Inc (Class A)		114
513,621		Kroger Co		11,228
21,379	*	Panera Bread Co (Class A)		1,437
15,939	*	Pantry, Inc		917
36,728	*	Pathmark Stores, Inc		346
26,048		Ruddick Corp		638
143,682		Supervalu, Inc		4,411
1,163		Village Super Market		76
6,734		Weis Markets, Inc		277
99,595		Whole Foods Market, Inc		6,438
19,665	*	Wild Oats Markets, Inc		385
		TOTAL FOOD STORES		26,647
FORESTRY - 0.13%
53,928		Rayonier, Inc		2,045
173,496		Weyerhaeuser Co		10,800
		TOTAL FORESTRY		12,845
FURNITURE AND FIXTURES - 0.34%
55,230	*	BE Aerospace, Inc		1,262

190

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
23,968		Ethan Allen Interiors, Inc	$	876
32,047	e	Furniture Brands International, Inc		668
49,639		Herman Miller, Inc		1,279
43,634		Hillenbrand Industries, Inc		2,116
37,699	e	HNI Corp		1,710
7,413		Hooker Furniture Corp		124
33,100	*	Interface, Inc (Class A)		379
136,972		Johnson Controls, Inc		11,262
18,600		Kimball International, Inc (Class B)		367
36,828	e	La-Z-Boy, Inc		515
129,694	e	Leggett & Platt, Inc		3,240
282,309		Masco Corp		8,368
14,380		Sealy Corp		191
39,114	e*	Select Comfort Corp		898
8,845		Stanley Furniture Co, Inc		212
35,213	e*	Tempur-Pedic International, Inc		476
21,020	*	Williams Scotsman International, Inc		459
		TOTAL FURNITURE AND FIXTURES		34,402
FURNITURE AND HOMEFURNISHINGS STORES - 0.36%
200,462	*	Bed Bath & Beyond, Inc		6,649
284,813		Best Buy Co, Inc		15,619
126,367		Circuit City Stores, Inc		3,440
18,188	*	Cost Plus, Inc		267
46,205	e*	GameStop Corp		1,941
19,589	*	Guitar Center, Inc		871
16,062		Haverty Furniture Cos, Inc		252
23,773		Knoll, Inc		436
37,412	*	Mohawk Industries, Inc		2,632
64,355	e	Pier 1 Imports, Inc		449
32,572	e*	Restoration Hardware, Inc		234
51,283		Steelcase, Inc (Class A)		844
21,617	e	Tuesday Morning Corp		284
68,390		Williams-Sonoma, Inc		2,329
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		36,247
GENERAL BUILDING CONTRACTORS - 0.36%
1,271		Amrep Corp		69
3,890	e*	Avatar Holdings, Inc		222
28,744		Beazer Homes USA, Inc		1,318
9,928	e	Brookfield Homes Corp		327
4,552	*	Cavco Industries, Inc		202
86,220		Centex Corp		4,337
219,211		DR Horton, Inc		5,222
35,317	*	Hovnanian Enterprises, Inc (Class A)		1,062
57,634		KB Home		2,642
94,690		Lennar Corp (Class A)		4,201
13,102		Levitt Corp (Class A)		210
9,603		M/I Homes, Inc		337
14,500	v*	Mascotech (Escrow)		-	^
15,428		McGrath RentCorp		429
24,302		MDC Holdings, Inc		1,262
16,766	*	Meritage Homes Corp		792
3,299	e*	NVR, Inc		1,621
11,355	e*	Palm Harbor Homes, Inc		200
15,587	*	Perini Corp		351
151,231	e	Pulte Homes, Inc		4,354
32,537		Ryland Group, Inc		1,418
48,228		Standard-Pacific Corp		1,239

191

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
4,378	*	Team, Inc	$	110
11,826		Technical Olympic USA, Inc		170
91,725	*	Toll Brothers, Inc		2,345
30,509		Walter Industries, Inc		1,759
23,672	e*	WCI Communities, Inc		477
		TOTAL GENERAL BUILDING CONTRACTORS		36,676
GENERAL MERCHANDISE STORES - 1.79%
31,592	*	99 Cents Only Stores		331
78,552	*	Big Lots, Inc		1,342
47,906	*	BJ's Wholesale Club, Inc		1,358
3,353		Bon-Ton Stores, Inc		73
21,144	e*	Cabela's, Inc		407
35,721		Casey's General Stores, Inc		893
4,489	e*	Conn's, Inc		119
334,928		Costco Wholesale Corp		19,134
45,125		Dillard's, Inc (Class A)		1,437
224,362		Dollar General Corp		3,137
110,537		Family Dollar Stores, Inc		2,700
387,672		Federated Department Stores, Inc		14,189
29,664		Fred's, Inc		396
165,570	e	JC Penney Co, Inc		11,178
17,729	e*	Retail Ventures, Inc		316
92,033		Saks, Inc		1,488
17,973		Stein Mart, Inc		266
617,233		Target Corp		30,164
325,525		TJX Cos, Inc		7,442
1,748,986		Wal-Mart Stores, Inc		84,249
		TOTAL GENERAL MERCHANDISE STORES		180,619
HEALTH SERVICES - 1.60%
10,862	*	Alliance Imaging, Inc		70
10,737	*	Amedisys, Inc		407
24,550	*	American Retirement Corp		805
149,462		AmerisourceBergen Corp		6,265
22,231	*	Amsurg Corp		506
31,771	e*	Apria Healthcare Group, Inc		600
7,094	*	Bio-Reference Labs, Inc		154
7,794	e	Brookdale Senior Living, Inc		349
314,294		Caremark Rx, Inc		15,674
85,132		Cigna Corp		8,386
69,924	*	Community Health Systems, Inc		2,570
4,011	*	Corvel Corp		100
34,480	*	Covance, Inc		2,111
114,014	*	Coventry Health Care, Inc		6,264
22,090	*	Cross Country Healthcare, Inc		402
72,875	e*	DaVita, Inc		3,622
42,598	e*	Edwards Lifesciences Corp		1,935
3,311	*	Emeritus Corp		62
18,855	*	Enzo Biochem, Inc		284
87,441	*	Express Scripts, Inc		6,273
22,485	*	Five Star Quality Care, Inc		249
14,431	*	Genesis HealthCare Corp		684
8,923	*	Genomic Health, Inc		105
18,949	*	Gentiva Health Services, Inc		304
275,140		HCA, Inc		11,872
171,006		Health Management Associates, Inc (Class A)		3,371
24,588	e*	Healthways, Inc		1,294
10,654	*	Horizon Health Corp		222

192

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
18,980	*	Hythiam, Inc	$	132
25,060	*	Kindred Healthcare, Inc		652
88,834	*	Laboratory Corp of America Holdings		5,528
14,843		LCA-Vision, Inc		785
8,098	*	LHC Group, Inc		161
39,831	*	LifePoint Hospitals, Inc		1,280
67,438	e*	Lincare Holdings, Inc		2,552
24,894	*	Magellan Health Services, Inc		1,128
56,881		Manor Care, Inc		2,669
13,215	e*	Matria Healthcare, Inc		283
216,048		McKesson Corp		10,215
3,907	*	Medcath Corp		74
214,836	*	Medco Health Solutions, Inc		12,306
4,992		National Healthcare Corp		222
64,157	e*	Nektar Therapeutics		1,177
4,537	*	Nighthawk Radiology Holdings, Inc		81
25,907	*	Odyssey HealthCare, Inc		455
19,390		Option Care, Inc		232
34,928	*	Pediatrix Medical Group, Inc		1,582
37,571	*	Psychiatric Solutions, Inc		1,077
7,616	*	Radiation Therapy Services, Inc		205
12,730	*	RehabCare Group, Inc		221
39,070	*	Sierra Health Services, Inc		1,759
16,786	*	Stereotaxis, Inc		181
16,347	*	Sun Healthcare Group, Inc		142
31,082	*	Sunrise Senior Living, Inc		859
11,929	*	Symbion, Inc		248
339,486	*	Tenet Healthcare Corp		2,370
62,435	*	Triad Hospitals, Inc		2,471
32,574	e*	United Surgical Partners International, Inc		980
32,474		Universal Health Services, Inc (Class B)		1,632
7,404	*	VistaCare, Inc (Class A)		90
452,976	*	WellPoint, Inc		32,963
		TOTAL HEALTH SERVICES		161,652
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.01%
23,788		Granite Construction, Inc		1,077
14,573	*	Matrix Service Co		167
6,353	*	Sterling Construction Co, Inc		175
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		1,419
HOLDING AND OTHER INVESTMENT OFFICES - 2.71%
29,400		Aames Investment Corp		147
23,371		Acadia Realty Trust		553
22,240	e*	Affiliated Managers Group, Inc		1,932
24,372	*	Affordable Residential Communities		262
5,860		Agree Realty Corp		199
1,423	*	Alexander's, Inc		387
16,550		Alexandria Real Estate Equities, Inc		1,468
96,767	e	Allied Capital Corp		2,784
61,696		AMB Property Corp		3,119
11,828		American Campus Communities, Inc		294
91,931		American Financial Realty Trust		890
30,707		American Home Mortgage Investment Corp		1,132
113,531		Annaly Mortgage Management, Inc		1,454
40,991		Anthracite Capital, Inc		498
38,245		Anworth Mortgage Asset Corp		317
68,857		Apartment Investment & Management Co (Class A)		2,992
57,479		Apollo Investment Corp		1,062

193

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
8,687		Arbor Realty Trust, Inc	$	218
151,962		Archstone-Smith Trust		7,730
34,624	e	Ashford Hospitality Trust, Inc		437
52,862	e	AvalonBay Communities, Inc		5,848
39,509		BioMed Realty Trust, Inc		1,183
79,564		Boston Properties, Inc		7,193
63,417		Brandywine Realty Trust		2,040
36,774		BRE Properties, Inc (Class A)		2,023
39,065		Camden Property Trust		2,873
23,807		Capital Lease Funding, Inc		272
1,773		Capital Southwest Corp		185
8,296		Capital Trust, Inc		296
41,480		CarrAmerica Realty Corp		1,848
43,695		CBL & Associates Properties, Inc		1,701
21,293		Cedar Shopping Centers, Inc		313
7,117	e	CentraCore Properties Trust		176
5,581		Cherokee, Inc		231
32,461	e	Colonial Properties Trust		1,604
9,262		Compass Diversified Trust		132
23,432		Corporate Office Properties Trust		986
28,724		Cousins Properties, Inc		888
57,581	e	Crescent Real Estate Equities Co		1,069
36,580		Deerfield Triarc Capital Corp		475
77,042		Developers Diversified Realty Corp		4,020
45,663		DiamondRock Hospitality Co		676
13,254		Digital Realty Trust, Inc		327
95,841		Duke Realty Corp		3,369
15,783		EastGroup Properties, Inc		737
18,827		Education Realty Trust, Inc		313
2,066	*	Enstar Group, Inc		190
18,156	e	Entertainment Properties Trust		782
42,886		Equity Inns, Inc		710
15,082		Equity Lifestyle Properties, Inc		661
260,097		Equity Office Properties Trust		9,496
26,061		Equity One, Inc		545
207,035		Equity Residential		9,261
16,786	e	Essex Property Trust, Inc		1,874
32,947		Extra Space Storage, Inc		535
37,204		Federal Realty Investment Trust		2,604
43,274		FelCor Lodging Trust, Inc		941
37,304		Fieldstone Investment Corp		342
32,241	e	First Industrial Realty Trust, Inc		1,223
14,075		First Potomac Realty Trust		419
35,150		Franklin Street Properties Corp		692
106,628	e	Friedman Billings Ramsey Group, Inc		1,170
122,206		General Growth Properties, Inc		5,507
11,498		Getty Realty Corp		327
7,828	e	Gladstone Capital Corp		167
9,325		Gladstone Investment Corp		140
22,843		Glenborough Realty Trust, Inc		492
26,916	e	Glimcher Realty Trust		668
12,117		Global Signal, Inc		561
27,800		GMH Communities Trust		366
12,400		Gramercy Capital Corp		321
17,945	e	Harris & Harris Group, Inc		198
97,008	e	Health Care Property Investors, Inc		2,594
44,862		Health Care REIT, Inc		1,568
34,028		Healthcare Realty Trust, Inc		1,084
20,001	e	Heritage Property Investment Trust		698

194

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
19,444		Hersha Hospitality Trust	$	181
41,626		Highland Hospitality Corp		586
38,542		Highwoods Properties, Inc		1,394
25,947		Home Properties, Inc		1,440
45,217	e	HomeBanc Corp		359
51,190	e	Hospitality Properties Trust		2,248
367,731		Host Marriott Corp		8,042
147,442		HRPT Properties Trust		1,704
3		Hugoton Royalty Trust		-	^
56,391	e	IMPAC Mortgage Holdings, Inc		630
48,741		Inland Real Estate Corp		725
29,188		Innkeepers U.S.A. Trust		504
32,947	e	Investors Real Estate Trust		298
56,603	e	iShares Russell 2000 Index Fund		4,070
9,953		iShares Russell Midcap Index Fund		913
81,467		iStar Financial, Inc		3,075
18,553		JER Investors Trust, Inc		288
22,726		Kilroy Realty Corp		1,642
151,312		Kimco Realty Corp		5,521
20,224		Kite Realty Group Trust		315
51,683		KKR Financial Corp		1,076
29,268		LaSalle Hotel Properties		1,355
36,183	e	Lexington Corporate Properties Trust		782
61,781	e	Liberty Property Trust		2,731
17,555		LTC Properties, Inc		392
31,753		Luminent Mortgage Capital, Inc		294
50,125		Macerich Co		3,519
44,732		Mack-Cali Realty Corp		2,054
26,913		Maguire Properties, Inc		947
28,111		Medical Properties Trust, Inc		310
61,319		MFA Mortgage Investments, Inc		422
16,824		Mid-America Apartment Communities, Inc		938
40,344		Mills Corp		1,079
21,344	e	MortgageIT Holdings, Inc		257
18,515		National Health Investors, Inc		498
42,272		National Retail Properties, Inc		843
54,389		Nationwide Health Properties, Inc		1,224
32,451		New Century Financial Corp		1,485
74,227		New Plan Excel Realty Trust		1,833
31,289		Newcastle Investment Corp		792
13,641		Newkirk Realty Trust, Inc		237
21,985		NorthStar Realty Finance Corp		264
21,755	e	Novastar Financial, Inc		688
184,224		NTL, Inc		4,587
38,341		Omega Healthcare Investors, Inc		507
29,688		Pan Pacific Retail Properties, Inc		2,060
11,623		Parkway Properties, Inc		529
25,930	e	Pennsylvania Real Estate Investment Trust		1,047
132,044		Plum Creek Timber Co, Inc		4,688
30,566		Post Properties, Inc		1,386
27,492	e	Potlatch Corp		1,038
171,882		Prologis		8,959
13,682		PS Business Parks, Inc		807
59,853	e	Public Storage, Inc		4,543
20,254		RAIT Investment Trust		591
11,548		Ramco-Gershenson Properties		311
59,883		Realty Income Corp		1,312
58,125		Reckson Associates Realty Corp		2,405
14,014		Redwood Trust, Inc		684

195

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
49,323		Regency Centers Corp	$	3,065
17,800		Republic Property Trust		176
6,115	e*	Rockville Financial, Inc		90
8,737		Saul Centers, Inc		356
35,144		Saxon Capital, Inc		402
43,061		Senior Housing Properties Trust		771
33,644		Shurgard Storage Centers, Inc (Class A)		2,103
156,874		Simon Property Group, Inc		13,011
12,509		Sizeler Property Investors, Inc		201
30,209	e	SL Green Realty Corp		3,307
13,156		Sovran Self Storage, Inc		668
94,400	e	SPDR Trust Series 1		12,015
58,567		Spirit Finance Corp		660
13,165	*	Star Maritime Acquisition Corp		134
52,099		Strategic Hotel Capital, Inc		1,081
12,790		Sun Communities, Inc		416
40,487		Sunstone Hotel Investors, Inc		1,177
22,030		Tanger Factory Outlet Centers, Inc		713
11,598	e	Tarragon Corp		161
37,922		Taubman Centers, Inc		1,551
76,380		Thornburg Mortgage, Inc		2,129
69,787		Trizec Properties, Inc		1,999
47,792		Trustreet Properties, Inc		630
95,310		United Dominion Realty Trust, Inc		2,670
10,285		Universal Health Realty Income Trust		323
19,529		Urstadt Biddle Properties, Inc (Class A)		318
33,533		U-Store-It Trust		632
73,784		Ventas, Inc		2,500
85,821		Vornado Realty Trust		8,372
30,712		Washington Real Estate Investment Trust		1,127
56,881		Weingarten Realty Investors		2,177
14,415		Windrose Medical Properties Trust		210
18,615		Winston Hotels, Inc		228
16,365		Winthrop Realty Trust		97
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		273,668
HOTELS AND OTHER LODGING PLACES - 0.51%
18,496		Ameristar Casinos, Inc		360
25,115	*	Aztar Corp		1,305
15,345	*	Bluegreen Corp		176
31,169		Boyd Gaming Corp		1,258
23,196		Choice Hotels International, Inc		1,406
29,868	e*	Gaylord Entertainment Co		1,303
17,562	*	Great Wolf Resorts, Inc		211
272,047		Hilton Hotels Corp		7,694
9,907	*	Isle of Capri Casinos, Inc		254
98,662	*	Las Vegas Sands Corp		7,682
14,595	*	Lodgian, Inc		208
14,891		Marcus Corp		311
243,539		Marriott International, Inc (Class A)		9,284
85,616	*	MGM Mirage		3,493
8,692	*	Monarch Casino & Resort, Inc		244
10,400	*	Morgans Hotel Group Co		162
9,051	*	Outdoor Channel Holdings, Inc		93
10,185	*	Riviera Holdings Corp		206
154,167		Starwood Hotels & Resorts Worldwide, Inc		9,302
36,990		Station Casinos, Inc		2,518
19,819	*	Trump Entertainment Resorts, Inc		399
23,411	e*	Vail Resorts, Inc		869

196

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
34,512	e*	Wynn Resorts Ltd	$	2,530
		TOTAL HOTELS AND OTHER LODGING PLACES		51,268
INDUSTRIAL MACHINERY AND EQUIPMENT - 5.32%
535,802		3M Co		43,277
5,902		Aaon, Inc		151
19,469		Actuant Corp		972
41,597	*	Advanced Digital Information Corp		490
62,956	e*	AGCO Corp		1,657
18,980		Albany International Corp (Class A)		805
9,869	*	Allis-Chalmers Energy, Inc		134
126,531		American Standard Cos, Inc		5,475
5,232		Ampco-Pittsburgh Corp		150
603,704	*	Apple Computer, Inc		34,484
1,113,860		Applied Materials, Inc		18,134
11,700	*	Astec Industries, Inc		399
14,997	e*	ASV, Inc		346
39,136	*	Asyst Technologies, Inc		295
73,014	*	Axcelis Technologies, Inc		431
4,302	*	Basin Water, Inc		43
53,992		Black & Decker Corp		4,560
11,587		Black Box Corp		444
27,159	*	Blount International, Inc		326
36,704		Briggs & Stratton Corp		1,142
52,087	*	Brooks Automation, Inc		615
22,637		Bucyrus International, Inc (Class A)		1,143
82,652	*	Cameron International Corp		3,948
21,843		Carlisle Cos, Inc		1,732
8,415		Cascade Corp		333
475,802		Caterpillar, Inc		35,438
41,687	e	CDW Corp		2,278
62,093	*	Cirrus Logic, Inc		505
12,813	*	Columbus McKinnon Corp		279
32,898	e	Cummins, Inc		4,022
32,788		Curtiss-Wright Corp		1,012
27,900	*	Cymer, Inc		1,296
166,697		Deere & Co		13,918
1,642,181	*	Dell, Inc		40,086
47,936		Diebold, Inc		1,947
53,537		Donaldson Co, Inc		1,813
144,796		Dover Corp		7,157
22,065	*	Dresser-Rand Group, Inc		518
7,879	e*	Dril-Quip, Inc		650
106,679		Eaton Corp		8,044
39,428	*	Electronics for Imaging, Inc		823
1,679,885	*	EMC Corp		18,428
59,005	*	Emulex Corp		960
10,817	*	ENGlobal Corp		84
15,889	*	EnPro Industries, Inc		534
97,823	*	Entegris, Inc		932
89,895	*	Extreme Networks, Inc		374
8,492	*	Fargo Electronics, Inc		216
8,475	*	Flanders Corp		85
24,888	*	Flow International Corp		350
40,195	*	Flowserve Corp		2,287
49,081	*	FMC Technologies, Inc		3,311
36,812	*	Gardner Denver, Inc		1,417
202,596	e*	Gateway, Inc		385
10,307	*	Gehl Co		263

197

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
17,220	*	Global Imaging Systems, Inc	$	711
16,573	*	Goodman Global, Inc		252
6,143		Gorman-Rupp Co		163
48,455		Graco, Inc		2,228
93,094	*	Grant Prideco, Inc		4,166
1,991,450		Hewlett-Packard Co		63,089
13,976	*	Hydril		1,097
37,515		IDEX Corp		1,771
34,872	*	Intermec, Inc		800
1,101,679		International Business Machines Corp		84,631
240,970		International Game Technology		9,142
14,156	*	Intevac, Inc		307
127,540		Jabil Circuit, Inc		3,265
87,399		Joy Global, Inc		4,553
9,545	*	Kadant, Inc		220
21,080		Kaydon Corp		786
27,811		Kennametal, Inc		1,731
22,645	*	Komag, Inc		1,046
40,500	*	Kulicke & Soffa Industries, Inc		300
99,553	*	Lam Research Corp		4,641
7,262	*	LB Foster Co		176
40,888		Lennox International, Inc		1,083
74,824	*	Lexmark International, Inc		4,177
7,700		Lindsay Manufacturing Co		209
10,534		Lufkin Industries, Inc		626
43,929	e	Manitowoc Co, Inc		1,955
26,959	*	Micros Systems, Inc		1,178
4,740	*	Middleby Corp		410
24,902		Modine Manufacturing Co		582
3,910		Nacco Industries, Inc (Class A)		537
10,325	*	NATCO Group, Inc		415
22,120	*	Netgear, Inc		479
11,481		NN, Inc		142
20,847		Nordson Corp		1,025
35,190	*	Oil States International, Inc		1,206
89,903	e	Pall Corp		2,517
64,985	e*	Palm, Inc		1,046
84,890		Parker Hannifin Corp		6,588
29,246	*	Paxar Corp		602
17,519	*	ProQuest Co		215
134,455	*	Quantum Corp		352
19,643	*	Rackable Systems, Inc		776
14,719	*	RBC Bearings, Inc		334
6,900		Robbins & Myers, Inc		180
126,089		Rockwell Automation, Inc		9,080
85,950	*	Safeguard Scientifics, Inc		186
138,833	e*	SanDisk Corp		7,078
6,258		Sauer-Danfoss, Inc		159
19,852	*	Scansource, Inc		582
46,890	*	Scientific Games Corp (Class A)		1,670
86,617	v*	Seagate Technology, Inc		-	^
15,689	*	Semitool, Inc		142
15,705	*	Sigma Designs, Inc		148
152,118		Smith International, Inc		6,765
638,839	*	Solectron Corp		2,185
42,419	e	SPX Corp		2,373
8,469		Standex International Corp		257
57,713	e	Stanley Works		2,725
178,119		Symbol Technologies, Inc		1,922

198

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
10,545	*	Tecumseh Products Co (Class A)	$	203
5,600		Tennant Co		282
35,215	*	Terex Corp		3,476
58,771		Timken Co		1,969
30,279		Toro Co		1,414
9,007	e*	TurboChef Technologies, Inc		100
18,851	*	Ultratech, Inc		297
93,375	e*	Varian Medical Systems, Inc		4,421
27,601	*	VeriFone Holdings, Inc		841
19,779		Watsco, Inc		1,183
154,835	*	Western Digital Corp		3,067
20,169		Woodward Governor Co		615
50,912	*	Zebra Technologies Corp (Class A)		1,739
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		537,486
INSTRUMENTS AND RELATED PRODUCTS - 4.08%
15,924	e*	Abaxis, Inc		356
16,958	*	Abiomed, Inc		220
7,326	*	ADE Corp		238
49,304	*	Advanced Medical Optics, Inc		2,500
46,944	*	Affymetrix, Inc		1,202
302,752	*	Agilent Technologies, Inc		9,555
42,246	e*	Align Technology, Inc		312
105,494		Allergan, Inc		11,315
47,352	*	American Medical Systems Holdings, Inc		788
6,336	e*	American Science & Engineering, Inc		367
11,392		Analogic Corp		531
14,600	*	Anaren, Inc		299
8,528	*	Angiodynamics, Inc		231
131,637		Applera Corp (Applied Biosystems Group)		4,258
7,835	*	Argon ST, Inc		209
15,128		Arrow International, Inc		497
18,626	e*	Arthrocare Corp		782
11,116	*	Aspect Medical Systems, Inc		194
9,964		Badger Meter, Inc		269
73,583		Bard (C.R.), Inc		5,391
38,459		Bausch & Lomb, Inc		1,886
465,377		Baxter International, Inc		17,107
44,454		Beckman Coulter, Inc		2,469
176,336		Becton Dickinson & Co		10,779
176,722		Biomet, Inc		5,530
12,755	e*	Bio-Rad Laboratories, Inc (Class A)		828
11,552	*	Biosite, Inc		527
877,356	*	Boston Scientific Corp		14,775
26,702	*	Bruker BioSciences Corp		143
18,291	*	Candela Corp		290
39,114	*	Cepheid, Inc		380
19,483	*	Cerus Corp		139
9,829		CNS, Inc		241
21,088	*	Coherent, Inc		711
15,857		Cohu, Inc		278
22,053	*	Conmed Corp		456
31,206		Cooper Cos, Inc		1,382
70,483	*	Credence Systems Corp		247
14,634	e*	Cyberonics, Inc		312
168,672		Danaher Corp		10,849
9,120		Datascope Corp		281
57,390	e	Dentsply International, Inc		3,478
25,632	*	Depomed, Inc		150

199

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
12,113	*	DexCom, Inc	$	164
15,633	*	Dionex Corp		855
17,084	*	DJ Orthopedics, Inc		629
28,960		DRS Technologies, Inc		1,412
1,263	*	DXP Enterprises, Inc		39
5,088	*	Eagle Test Systems, Inc		71
204,510		Eastman Kodak Co		4,863
13,856		EDO Corp		337
42,890	*	Encore Medical Corp		206
19,238	*	ESCO Technologies, Inc		1,028
18,700	*	Esterline Technologies Corp		778
11,693	e*	ev3, Inc		173
7,765	*	Excel Technology, Inc		232
16,016	*	FEI Co		363
86,868	e*	Fisher Scientific International, Inc		6,346
49,225	*	Flir Systems, Inc		1,086
32,473	*	Formfactor, Inc		1,449
33,331	*	Fossil, Inc		600
13,416	e*	Foxhollow Technologies, Inc		367
19,314	*	Haemonetics Corp		898
23,435	*	HealthTronics, Inc		179
7,204	*	Herley Industries, Inc		81
32,231	e*	Hologic, Inc		1,591
9,395	*	ICU Medical, Inc		397
13,461	*	I-Flow Corp		146
16,744	*	II-VI, Inc		307
29,719	*	Illumina, Inc		882
52,711	e*	Input/Output, Inc		498
14,613	*	Integra LifeSciences Holdings Corp		567
29,970	e*	Intermagnetics General Corp		809
14,938	e*	Intralase Corp		250
26,199	*	Intuitive Surgical, Inc		3,091
22,994	e	Invacare Corp		572
17,103	e*	Ionatron, Inc		109
11,074	*	IRIS International, Inc		146
18,441	e*	Itron, Inc		1,093
30,992	*	Ixia		279
2,104,074		Johnson & Johnson		126,076
8,260	*	Kensey Nash Corp		244
141,203		Kla-Tencor Corp		5,870
45,800	*	Kopin Corp		165
31,309	*	Kyphon, Inc		1,201
14,197	e*	Laserscope		438
49,063	*	LTX Corp		344
9,778	*	Measurement Specialties, Inc		218
6,418	*	Medical Action Industries, Inc		142
860,928		Medtronic, Inc		40,395
27,576		Mentor Corp		1,200
18,330	*	Merit Medical Systems, Inc		252
30,130	*	Mettler-Toledo International, Inc		1,825
38,180	*	Millipore Corp		2,405
22,060		Mine Safety Appliances Co		887
26,024	e*	MKS Instruments, Inc		524
11,845	*	Molecular Devices Corp		362
12,667		Movado Group, Inc		291
13,932		MTS Systems Corp		551
39,105		National Instruments Corp		1,072
13,063	*	Natus Medical, Inc		129
8,825	*	Neurometrix, Inc		269

200

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
27,910	e*	Newport Corp	$	450
4,391	*	Nextest Systems Corp		71
7,829	*	Northstar Neuroscience, Inc		81
23,547	*	NuVasive, Inc		429
8,757	*	NxStage Medical, Inc		77
16,400	e	Oakley, Inc		276
2,713	*	OYO Geospace Corp		155
12,302	*	Palomar Medical Technologies, Inc		561
90,162		PerkinElmer, Inc		1,884
13,914	*	Photon Dynamics, Inc		174
157,850		Pitney Bowes, Inc		6,519
17,140		PolyMedica Corp		616
28,107	*	RAE Systems, Inc		112
54,088	e*	Resmed, Inc		2,540
51,817	*	Respironics, Inc		1,773
10,882	*	Rofin-Sinar Technologies, Inc		625
61,736		Roper Industries, Inc		2,886
15,579	*	Rudolph Technologies, Inc		226
36,644	*	Sirf Technology Holdings, Inc		1,181
11,900		Sirona Dental Systems, Inc		471
16,954	*	Sonic Solutions, Inc		280
11,650	e*	SonoSite, Inc		455
21,581	*	Spectranetics Corp		231
256,494	*	St. Jude Medical, Inc		8,316
49,670		STERIS Corp		1,136
212,675		Stryker Corp		8,956
24,549	*	Symmetry Medical, Inc		378
27,552	e*	Techne Corp		1,403
60,491		Tektronix, Inc		1,780
25,935	*	Teledyne Technologies, Inc		850
142,153	*	Teradyne, Inc		1,980
116,377	*	Thermo Electron Corp		4,218
37,925	*	ThermoGenesis Corp		156
37,720	*	Thoratec Corp		523
38,006	*	Trimble Navigation Ltd		1,697
17,832	*	TriPath Imaging, Inc		118
7,539		United Industrial Corp		341
23,832	e*	Varian, Inc		989
20,673	*	Veeco Instruments, Inc		493
21,331	*	Ventana Medical Systems, Inc		1,006
23,354	*	Viasys Healthcare, Inc		598
15,577	e*	Viisage Technology, Inc		236
8,467	*	Vital Images, Inc		209
4,907		Vital Signs, Inc		243
74,230	*	Waters Corp		3,296
24,247	*	Wright Medical Group, Inc		508
652,719	e*	Xerox Corp		9,079
13,259		X-Rite, Inc		146
3,046		Young Innovations, Inc		107
176,911	*	Zimmer Holdings, Inc		10,034
5,962	*	Zoll Medical Corp		195
12,959	*	Zygo Corp		212
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		411,781
INSURANCE AGENTS, BROKERS AND SERVICE - 0.43%
226,590		AON Corp		7,890
79,949		Brown & Brown, Inc		2,336
10,229		Clark, Inc		135
14,025		Crawford & Co (Class B)		101

201

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
67,596	e	Gallagher (Arthur J.) & Co	$	1,713
213,298		Hartford Financial Services Group, Inc		18,045
25,750		Hilb Rogal & Hobbs Co		960
6,308	*	James River Group, Inc		157
388,046	e	Marsh & McLennan Cos, Inc		10,434
26,792		National Financial Partners Corp		1,187
31,178	*	USI Holdings Corp		418
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		43,376
INSURANCE CARRIERS - 4.55%
21,838		21st Century Insurance Group		314
402,876		Aetna, Inc		16,087
6,908		Affirmative Insurance Holdings, Inc		108
354,373		Aflac, Inc		16,425
21,901		Alfa Corp		363
3,534	*	Alleghany Corp		977
451,529		Allstate Corp		24,712
75,230		Ambac Financial Group, Inc		6,101
39,900	e	American Equity Investment Life Holding Co		425
40,449	e	American Financial Group, Inc		1,735
1,565,282		American International Group, Inc		92,430
10,060		American National Insurance Co		1,305
5,463	*	American Physicians Capital, Inc		287
36,765	e*	AMERIGROUP Corp		1,141
27,021	e	AmerUs Group Co		1,582
22,573	*	Argonaut Group, Inc		678
91,492	e	Assurant, Inc		4,428
4,897		Baldwin & Lyons, Inc (Class B)		125
11,795		Bristol West Holdings, Inc		189
18,112		Capital Title Group, Inc		133
31,767	e*	Centene Corp		747
294,838		Chubb Corp		14,712
112,801		Cincinnati Financial Corp		5,303
17,362	*	CNA Financial Corp		572
10,118	*	CNA Surety Corp		175
39,862		Commerce Group, Inc		1,178
108,499	*	Conseco, Inc		2,506
32,155		Delphi Financial Group, Inc (Class A)		1,169
14,969		Direct General Corp		253
9,364		Donegal Group, Inc		182
4,503		EMC Insurance Group, Inc		130
38,103	e	Erie Indemnity Co (Class A)		1,981
10,036		FBL Financial Group, Inc (Class A)		325
118,987		Fidelity National Financial, Inc		4,635
22,118	e	Fidelity National Title Group, Inc		435
13,254	*	First Acceptance Corp		156
59,724		First American Corp		2,525
6,887	*	Fpic Insurance Group, Inc		267
323,959		Genworth Financial, Inc		11,287
6,247		Great American Financial Resources, Inc		131
36,085		Hanover Insurance Group, Inc		1,713
12,827		Harleysville Group, Inc		407
78,339		HCC Insurance Holdings, Inc		2,306
81,263	*	Health Net, Inc		3,671
19,293	*	HealthExtras, Inc		583
13,250	*	Healthspring, Inc		248
33,145		Horace Mann Educators Corp		562
115,485	*	Humana, Inc		6,202
3,952		Independence Holding Co		89

202

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
16,217		Infinity Property & Casualty Corp	$	665
2,078		Kansas City Life Insurance Co		88
12,281		LandAmerica Financial Group, Inc		793
116,424	e	Leucadia National Corp		3,398
199,862		Lincoln National Corp		11,280
314,942		Loews Corp		11,165
7,160	*	Markel Corp		2,485
95,732		MBIA, Inc		5,605
18,349	*	Meadowbrook Insurance Group, Inc		153
19,709		Mercury General Corp		1,111
324,185		Metlife, Inc		16,602
62,178		MGIC Investment Corp		4,042
8,179		Midland Co		311
8,801	*	Molina Healthcare, Inc		335
11,286		National Interstate Corp		306
1,551		National Western Life Insurance Co (Class A)		372
34,746		Nationwide Financial Services, Inc (Class A)		1,532
9,235	*	Navigators Group, Inc		405
4,145		NYMAGIC, Inc		120
9,757	e	Odyssey Re Holdings Corp		257
44,462		Ohio Casualty Corp		1,322
164,330		Old Republic International Corp		3,512
38,987	*	Philadelphia Consolidated Holding Co		1,184
79,793		Phoenix Cos, Inc		1,123
22,267	*	PMA Capital Corp (Class A)		229
62,991		PMI Group, Inc		2,808
13,808		Presidential Life Corp		339
196,843		Principal Financial Group		10,954
22,072	*	ProAssurance Corp		1,063
556,204		Progressive Corp		14,300
48,849		Protective Life Corp		2,277
349,681		Prudential Financial, Inc		27,170
58,511		Radian Group, Inc		3,615
21,524		Reinsurance Group Of America, Inc		1,058
16,861		RLI Corp		812
84,743		Safeco Corp		4,775
10,157		Safety Insurance Group, Inc		483
7,120	*	SCPIE Holdings, Inc		166
11,016	*	SeaBright Insurance Holdings, Inc		177
20,200		Selective Insurance Group, Inc		1,129
487,405		St. Paul Travelers Cos, Inc		21,729
40,132		Stancorp Financial Group, Inc		2,043
9,480		State Auto Financial Corp		308
12,744		Stewart Information Services Corp		463
74,406		Torchmark Corp		4,518
11,467		Tower Group, Inc		347
19,325		Transatlantic Holdings, Inc		1,080
8,107	*	Triad Guaranty, Inc		396
14,738		United Fire & Casualty Co		444
957,192		UnitedHealth Group, Inc		42,863
34,889		Unitrin, Inc		1,521
27,267	*	Universal American Financial Corp		359
210,371	e	UnumProvident Corp		3,814
115,449		W.R. Berkley Corp		3,940
21,621	*	WellCare Health Plans, Inc		1,060
921		Wesco Financial Corp		351
26,173		Zenith National Insurance Corp		1,038
		TOTAL INSURANCE CARRIERS		459,790

203

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
JUSTICE, PUBLIC ORDER AND SAFETY - 0.02%
29,279	*	Corrections Corp of America	$	1,550
9,174	*	Geo Group, Inc		322
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		1,872
LEATHER AND LEATHER PRODUCTS - 0.12%
272,806	*	Coach, Inc		8,157
7,400	e*	CROCS, Inc		186
15,524	*	Genesco, Inc		526
25,167	*	Iconix Brand Group, Inc		411
16,270		Steven Madden Ltd		482
36,258	*	Timberland Co (Class A)		946
3,210		Weyco Group, Inc		75
39,829		Wolverine World Wide, Inc		929
		TOTAL LEATHER AND LEATHER PRODUCTS		11,712
LEGAL SERVICES - 0.01%
29,832	*	FTI Consulting, Inc		798
7,324	e	Pre-Paid Legal Services, Inc		253
		TOTAL LEGAL SERVICES		1,051
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.02%
69,383		Laidlaw International, Inc		1,748
		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		1,748
LUMBER AND WOOD PRODUCTS - 0.04%
8,518		American Woodmark Corp		298
55,061	e*	Champion Enterprises, Inc		608
7,514		Deltic Timber Corp		424
75,407		Louisiana-Pacific Corp		1,651
4,307		Skyline Corp		184
11,966		Universal Forest Products, Inc		751
		TOTAL LUMBER AND WOOD PRODUCTS		3,916
METAL MINING - 0.38%
15,468	e	Cleveland-Cliffs, Inc		1,226
198,135	*	Coeur d'Alene Mines Corp		953
133,192		Freeport-McMoRan Copper & Gold, Inc (Class A)		7,380
87,163	*	Hecla Mining Co		458
296,238	e	Newmont Mining Corp		15,680
144,834		Phelps Dodge Corp		11,900
15,917		Royal Gold, Inc		443
4,819	e	Southern Copper Corp		429
30,773	*	Stillwater Mining Co		390
		TOTAL METAL MINING		38,859
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.20%
19,692		Blyth, Inc		364
52,436		Callaway Golf Co		681
27,651		Daktronics, Inc		798
104,599		Fortune Brands, Inc		7,428
117,139		Hasbro, Inc		2,121
67,721	*	Identix, Inc		473
19,429	*	Jakks Pacific, Inc		390
33,584	*	K2, Inc		367
8,407		Marine Products Corp		82
276,950		Mattel, Inc		4,572
26,637	e	Nautilus, Inc		419
27,397	e*	Progressive Gaming International Corp		214

204

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
14,785	*	RC2 Corp	$	572
6,000	*	Russ Berrie & Co, Inc		74
25,055	e*	Shuffle Master, Inc		821
4,356	*	Steinway Musical Instruments, Inc		107
30,751	e	Yankee Candle Co, Inc		769
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		20,252
MISCELLANEOUS RETAIL - 1.19%
14,742	*	1-800-FLOWERS.COM, Inc (Class A)		85
11,957	e*	AC Moore Arts & Crafts, Inc		195
221,427	e*	Amazon.com, Inc		8,565
35,225		Barnes & Noble, Inc		1,286
15,894		Big 5 Sporting Goods Corp		310
10,266	e*	Blue Nile, Inc		330
10,157		Books-A-Million, Inc		169
46,130		Borders Group, Inc		852
10,668	e*	Build-A-Bear Workshop, Inc		229
20,077		Cash America International, Inc		643
36,440	*	CKX, Inc		494
42,468	*	Coldwater Creek, Inc		1,136
580,581		CVS Corp		17,824
12,284	e*	dELiA*s, Inc		99
25,853	*	Dick's Sporting Goods, Inc		1,024
75,165	e*	Dollar Tree Stores, Inc		1,992
48,030	e*	Drugstore.com, Inc		139
8,530	*	Ezcorp, Inc		322
28,117	e*	GSI Commerce, Inc		381
24,778	*	Hibbett Sporting Goods, Inc		592
23,041		Longs Drug Stores Corp		1,051
93,887		Michaels Stores, Inc		3,872
26,978		MSC Industrial Direct Co (Class A)		1,283
22,599	e*	Nutri/System, Inc		1,404
204,553	*	Office Depot, Inc		7,773
51,139		OfficeMax, Inc		2,084
8,052	e*	Overstock.com, Inc		171
39,765	*	Petco Animal Supplies, Inc		812
99,602		Petsmart, Inc		2,550
17,397	e*	Priceline.com, Inc		520
5,324	*	Pricesmart, Inc		53
370,721	e*	Rite Aid Corp		1,572
60,625	e*	Sears Holdings Corp		9,387
5,178	*	Sportsman's Guide, Inc		158
12,380	*	Stamps.com, Inc		344
517,474		Staples, Inc		12,585
6,238	*	Systemax, Inc		49
102,292		Tiffany & Co		3,378
18,910	*	Valuevision International, Inc (Class A)		209
719,380		Walgreen Co		32,257
20,188		World Fuel Services Corp		922
35,110	*	Zale Corp		846
10,280	*	Zumiez, Inc		386
		TOTAL MISCELLANEOUS RETAIL		120,333
MOTION PICTURES - 1.37%
30,176	e*	Avid Technology, Inc		1,006
143,498	e*	Blockbuster, Inc (Class A)		714
8,585	e	Carmike Cinemas, Inc		181
199,837	*	Discovery Holding Co (Class A)		2,924
28,760	*	DreamWorks Animation SKG, Inc (Class A)		659

205

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
11,202	*	Gaiam, Inc	$	157
36,572	*	Macrovision Corp		787
1,636,103		News Corp (Class A)		31,380
44,387	e	Regal Entertainment Group (Class A)		902
55,153	*	Time Warner Telecom, Inc (Class A)		819
2,981,966		Time Warner, Inc		51,588
1,557,708		Walt Disney Co		46,731
		TOTAL MOTION PICTURES		137,848
NONDEPOSITORY INSTITUTIONS - 1.76%
12,842	*	Accredited Home Lenders Holding Co		614
46,200		Advance America Cash Advance Centers, Inc		810
12,951		Advanta Corp (Class B)		466
94,632	e	American Capital Strategies Ltd		3,168
775,568		American Express Co		41,276
92,334	*	AmeriCredit Corp		2,578
27,000		Ares Capital Corp		457
9,451		Asta Funding, Inc		354
213,906		Capital One Financial Corp		18,278
67,455	e	CapitalSource, Inc		1,582
36,971		CharterMac		692
141,664		CIT Group, Inc		7,408
14,089	*	CompuCredit Corp		541
426,288		Countrywide Financial Corp		16,233
6,770	*	Credit Acceptance Corp		184
66,518	e	Doral Financial Corp		426
689,357		Fannie Mae		33,158
7,676		Federal Agricultural Mortgage Corp (Class C)		213
20,830		Financial Federal Corp		579
18,408	*	First Cash Financial Services, Inc		363
21,651		First Marblehead Corp		1,233
492,340		Freddie Mac		28,068
32,585	*	INVESTools, Inc		259
38,917		MCG Capital Corp		619
10,197		Medallion Financial Corp		132
13,901	*	Nelnet, Inc		564
12,077		NGP Capital Resources Co		177
25,500	*	Ocwen Financial Corp		324
5,510	*	Penson Worldwide, Inc		95
292,021		SLM Corp		15,454
2,846		Student Loan Corp		575
13,834		Technology Investment Capital Corp		203
7,131	*	United PanAm Financial Corp		217
12,929	*	World Acceptance Corp		459
		TOTAL NONDEPOSITORY INSTITUTIONS		177,759
NONMETALLIC MINERALS, EXCEPT FUELS - 0.08%
15,670		AMCOL International Corp		413
22,877		Compass Minerals International, Inc		571
34,034		Florida Rock Industries, Inc		1,691
73,685		Vulcan Materials Co		5,747
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		8,422
OIL AND GAS EXTRACTION - 2.41%
325,849		Anadarko Petroleum Corp		15,540
234,298		Apache Corp		15,991
7,665	*	Arena Resources, Inc		263
11,985	*	Atlas America, Inc		537
15,008	e*	ATP Oil & Gas Corp		629

206

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
19,668	*	Atwood Oceanics, Inc	$	976
47,479	*	Aurora Oil & Gas Corp		190
242,157		Baker Hughes, Inc		19,821
9,892	*	Basic Energy Services, Inc		302
25,572		Berry Petroleum Co (Class A)		848
20,277	*	Bill Barrett Corp		600
228,764		BJ Services Co		8,524
11,997	*	Bois d'Arc Energy, Inc		198
32,124	*	Brigham Exploration Co		254
9,812	*	Bronco Drilling Co, Inc		205
34,234		Cabot Oil & Gas Corp (Class A)		1,677
14,536	*	Callon Petroleum Co		281
14,847	*	Carrizo Oil & Gas, Inc		465
38,266	e*	Cheniere Energy, Inc		1,492
241,240	e	Chesapeake Energy Corp		7,298
58,913		Cimarex Energy Co		2,533
3,369	*	Clayton Williams Energy, Inc		116
19,768	*	CNX Gas Corp		593
13,165	*	Complete Production Services, Inc		311
30,766	*	Comstock Resources, Inc		919
5,228	*	Dawson Geophysical Co		161
27,514		Delta & Pine Land Co		809
37,868	e*	Delta Petroleum Corp		649
84,625	*	Denbury Resources, Inc		2,680
312,953		Devon Energy Corp		18,905
41,643	e	Diamond Offshore Drilling, Inc		3,495
11,397	*	Edge Petroleum Corp		228
39,610	*	Encore Acquisition Co		1,063
25,559	e*	Energy Partners Ltd		484
108,704		ENSCO International, Inc		5,003
86,292		Equitable Resources, Inc		2,891
35,600	*	EXCO Resources, Inc		406
20,290	*	Exploration Co of Delaware, Inc		216
38,504	*	Forest Oil Corp		1,277
45,406	e*	Gasco Energy, Inc		202
21,487	*	GeoGlobal Resources, Inc		105
63,236	*	Global Industries Ltd		1,056
5,673	*	GMX Resources, Inc		175
8,875	*	Goodrich Petroleum Corp		252
135,981	*	Grey Wolf, Inc		1,047
9,397	*	Gulfport Energy Corp		104
366,652		Halliburton Co		27,209
72,258	e*	Hanover Compressor Co		1,357
29,621	*	Harvest Natural Resources, Inc		401
56,648	e*	Helix Energy Solutions Group, Inc		2,286
36,905		Helmerich & Payne, Inc		2,224
14,276	*	Hercules Offshore, Inc		500
21,181	e*	Houston Exploration Co		1,296
35,853	*	KCS Energy, Inc		1,065
51,788	*	Mariner Energy, Inc		951
15,667	e*	McMoRan Exploration Co		276
76,660	*	Meridian Resource Corp		268
11,279	*	Metretek Technologies, Inc		194
124,006	*	National Oilwell Varco, Inc		7,852
91,300	*	Newfield Exploration Co		4,468
64,229	*	Newpark Resources, Inc		395
125,895		Noble Energy, Inc		5,899
38,292	*	Oceaneering International, Inc		1,756
27,407	*	Parallel Petroleum Corp		677

207

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
80,330	*	Parker Drilling Co	$	577
121,906		Patterson-UTI Energy, Inc		3,451
3,037	v*	PetroCorp		-	^
42,226	e*	PetroHawk Energy Corp		532
12,730	*	Petroleum Development Corp		480
28,296	*	Petroquest Energy, Inc		347
29,554	*	Pioneer Drilling Co		456
92,526		Pioneer Natural Resources Co		4,294
56,117	*	Plains Exploration & Production Co		2,275
41,194		Pogo Producing Co		1,899
114,266	*	Pride International, Inc		3,569
490	*	PrimeEnergy Corp		38
13,678	*	Quest Resource Corp		185
44,339	e*	Quicksilver Resources, Inc		1,632
14,607	*	RAM Energy Resources, Inc		84
93,918		Range Resources Corp		2,554
20,587	*	Remington Oil & Gas Corp		905
35,943	e*	Rosetta Resources, Inc		597
77,603		Rowan Cos, Inc		2,762
15,638		RPC, Inc		380
14,455	*	SEACOR Holdings, Inc		1,187
119,572	*	Southwestern Energy Co		3,726
40,711		St. Mary Land & Exploration Co		1,639
19,310	*	Stone Energy Corp		899
23,906	*	Sulphco, Inc		171
56,185	*	Superior Energy Services		1,905
6,200	*	Superior Well Services, Inc		154
20,350	*	Swift Energy Co		874
29,896	e*	Syntroleum Corp		181
50,920	*	Tetra Technologies, Inc		1,542
42,894	e	Tidewater, Inc		2,110
43,127		Todco		1,762
11,158	e*	Toreador Resources Corp		314
49,232	*	Transmeridian Exploration, Inc		281
37,181	*	Transmontaigne, Inc		417
8,324	*	Trico Marine Services, Inc		283
7,100	*	Union Drilling, Inc		105
33,016	*	Unit Corp		1,878
40,557	*	Vaalco Energy, Inc		396
25,309	e*	Veritas DGC, Inc		1,305
12,738		W&T Offshore, Inc		495
37,871	*	Warren Resources, Inc		544
6,823	*	Warrior Energy Service Corp		166
21,404	*	W-H Energy Services, Inc		1,088
25,320	*	Whiting Petroleum Corp		1,060
258,766		XTO Energy, Inc		11,456
		TOTAL OIL AND GAS EXTRACTION		243,800
PAPER AND ALLIED PRODUCTS - 0.52%
74,376		Bemis Co		2,277
39,870	e	Bowater, Inc		907
26,323	*	Buckeye Technologies, Inc		201
18,440	*	Caraustar Industries, Inc		166
40,746	*	Cenveo, Inc		731
12,643		Chesapeake Corp		207
30,362		Glatfelter		482
55,065	*	Graphic Packaging Corp		209
11,733		Greif, Inc (Class A)		879
350,880		International Paper Co		11,333

208

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
326,671		Kimberly-Clark Corp	$	20,156
37,600		Longview Fibre Co		718
129,492		MeadWestvaco Corp		3,617
20,151	e*	Mercer International, Inc		175
10,278		Neenah Paper, Inc		313
57,688		Packaging Corp of America		1,270
39,917	*	Playtex Products, Inc		416
22,737		Rock-Tenn Co (Class A)		363
9,960		Schweitzer-Mauduit International, Inc		216
182,775	*	Smurfit-Stone Container Corp		2,000
71,238		Sonoco Products Co		2,255
78,891		Temple-Inland, Inc		3,382
29,954		Wausau Paper Corp		373
		TOTAL PAPER AND ALLIED PRODUCTS		52,646
PERSONAL SERVICES - 0.16%
100,477		Cintas Corp		3,995
3,800		Coinmach Service Corp		39
20,600	*	Coinstar, Inc		493
15,088		G & K Services, Inc (Class A)		517
234,860		H&R Block, Inc		5,604
25,900		Jackson Hewitt Tax Service, Inc		812
33,311		Regis Corp		1,186
210,040		Service Corp International		1,710
6,886		Unifirst Corp		238
32,980		Weight Watchers International, Inc		1,348
		TOTAL PERSONAL SERVICES		15,942
PETROLEUM AND COAL PRODUCTS - 5.74%
7,500		Alon USA Energy, Inc		236
44,740		Ashland, Inc		2,984
1,575,052		Chevron Corp		97,748
1,172,898		ConocoPhillips		76,860
7,530	*	Delek US Holdings, Inc		115
13,996		ElkCorp		389
172,371		EOG Resources, Inc		11,952
4,305,088		Exxon Mobil Corp		264,117
78,130		Frontier Oil Corp		2,531
10,546	*	Giant Industries, Inc		702
29,562	e*	Headwaters, Inc		756
171,423		Hess Corp		9,060
32,702		Holly Corp		1,576
161,308		Kerr-McGee Corp		11,187
257,520		Marathon Oil Corp		21,451
132,049		Murphy Oil Corp		7,376
302,226		Occidental Petroleum Corp		30,993
94,298		Sunoco, Inc		6,534
48,442		Tesoro Corp		3,602
435,952		Valero Energy Corp		29,000
11,564		WD-40 Co		388
17,700		Western Refining, Inc		382
		TOTAL PETROLEUM AND COAL PRODUCTS		579,939
PRIMARY METAL INDUSTRIES - 1.04%
78,830	*	AK Steel Holding Corp		1,090
619,419		Alcoa, Inc		20,044
21,938	*	Aleris International, Inc		1,006
70,811		Allegheny Technologies, Inc		4,903
30,281		Belden CDT, Inc		1,001

209

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
12,468	*	Brush Engineered Materials, Inc	$	260
17,893		Carpenter Technology Corp		2,067
16,537	*	Century Aluminum Co		590
16,841	e*	Chaparral Steel Co		1,213
41,012	*	CommScope, Inc		1,289
1,106,856	*	Corning, Inc		26,775
16,654	e*	Encore Wire Corp		599
36,458	*	General Cable Corp		1,276
20,138		Gibraltar Industries, Inc		584
43,293		Hubbell, Inc (Class B)		2,063
21,646	*	Lone Star Technologies, Inc		1,169
21,924		Matthews International Corp (Class A)		756
26,522	e*	Maverick Tube Corp		1,676
25,216		Mueller Industries, Inc		833
16,177	e*	NS Group, Inc		891
221,448		Nucor Corp		12,013
5,831		Olympic Steel, Inc		206
25,709	*	Oregon Steel Mills, Inc		1,303
94,782		Precision Castparts Corp		5,664
26,576		Quanex Corp		1,145
16,800	*	RTI International Metals, Inc		938
16,399		Schnitzer Steel Industries, Inc (Class A)		582
34,044		Steel Dynamics, Inc		2,238
10,403		Steel Technologies, Inc		202
14,234	*	Superior Essex, Inc		426
17,041		Texas Industries, Inc		905
52,076	e*	Titanium Metals Corp		1,790
24,156		Tredegar Corp		382
77,368		United States Steel Corp		5,425
6,089	*	Wheeling-Pittsburgh Corp		121
51,686		Worthington Industries, Inc		1,083
		TOTAL PRIMARY METAL INDUSTRIES		104,508
PRINTING AND PUBLISHING - 0.64%
31,906	*	ACCO Brands Corp		699
37,939		American Greetings Corp (Class A)		797
17,090		Banta Corp		792
65,821		Belo (A.H.) Corp Series A		1,027
22,675		Bowne & Co, Inc		324
8,210	*	Consolidated Graphics, Inc		427
6,267		Courier Corp		251
3,924		CSS Industries, Inc		113
41,293		Dow Jones & Co, Inc		1,446
48,868	*	Dun & Bradstreet Corp		3,405
17,307		Ennis, Inc		341
59,393		EW Scripps Co		2,562
168,968		Gannett Co, Inc		9,450
41,244		Harte-Hanks, Inc		1,058
53,732		Hollinger International, Inc		431
21,320		John H Harland Co		927
34,409		John Wiley & Sons, Inc (Class A)		1,142
30,943		Journal Communications, Inc		348
32,392		Journal Register Co		290
33,495		Lee Enterprises, Inc		903
19,558	e*	Martha Stewart Living Omnimedia, Inc (Class A)		327
40,158	e	McClatchy Co (Class A)		1,611
254,223		McGraw-Hill Cos, Inc		12,770
16,461		Media General, Inc (Class A)		690
22,074		Meredith Corp		1,094

210

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
94,018	e	New York Times Co (Class A)	$	2,307
12,663	*	Playboy Enterprises, Inc (Class B)		126
19,405	*	Presstek, Inc		181
138,914	*	Primedia, Inc		254
18,728	*	Private Media Group Ltd		83
36,500		R.H. Donnelley Corp		1,974
154,442		R.R. Donnelley & Sons Co		4,934
68,509		Reader's Digest Association, Inc (Class A)		956
10,767		Schawk, Inc		188
24,827	*	Scholastic Corp		645
10,680		Standard Register Co		127
166,613	e	Tribune Co		5,403
35,061	*	Valassis Communications, Inc		827
4,007		Washington Post Co (Class B)		3,126
		TOTAL PRINTING AND PUBLISHING		64,356
RAILROAD TRANSPORTATION - 0.68%
259,070		Burlington Northern Santa Fe Corp		20,531
155,467		CSX Corp		10,951
25,004		Florida East Coast Industries		1,309
26,537	*	Genesee & Wyoming, Inc (Class A)		941
53,587	*	Kansas City Southern Industries, Inc		1,484
293,344		Norfolk Southern Corp		15,612
189,517		Union Pacific Corp		17,618
		TOTAL RAILROAD TRANSPORTATION		68,446
REAL ESTATE - 0.13%
27,927	*	Alderwoods Group, Inc		543
7,127	*	California Coastal Communities, Inc		228
131,323	*	CB Richard Ellis Group, Inc		3,270
4,977		Consolidated-Tomoka Land Co		274
49,948		Forest City Enterprises, Inc (Class A)		2,493
10,086	e*	Housevalues, Inc		70
25,773		Jones Lang LaSalle, Inc		2,256
5,276		Orleans Homebuilders, Inc		86
53,649	e	St. Joe Co		2,497
80,810		Stewart Enterprises, Inc (Class A)		465
25,105	*	Trammell Crow Co		883
		TOTAL REAL ESTATE		13,065
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.15%
5,113	*	AEP Industries, Inc		171
12,459	*	Applied Films Corp		355
43,633	e	Cooper Tire & Rubber Co		486
8,335	*	Deckers Outdoor Corp		321
122,433	e*	Goodyear Tire & Rubber Co		1,359
34,377	e*	Jarden Corp		1,047
196,198		Newell Rubbermaid, Inc		5,068
7,498		PW Eagle, Inc		227
21,213		Schulman (A.), Inc		485
57,963		Sealed Air Corp		3,019
8,488	*	Skechers U.S.A., Inc (Class A)		205
25,932		Spartech Corp		586
11,898	e	Titan International, Inc		223
7,903	e*	Trex Co, Inc		204
40,623		Tupperware Corp		800
22,867		West Pharmaceutical Services, Inc		829
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		15,385

211

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
SECURITY AND COMMODITY BROKERS - 2.82%
54,121		A.G. Edwards, Inc	$	2,994
152,689		Ameriprise Financial, Inc		6,821
84,969		Bear Stearns Cos, Inc		11,902
14,204		BlackRock, Inc		1,977
16,951		Calamos Asset Management, Inc (Class A)		491
37,559	e*	Cbot Holdings, Inc		4,492
748,668		Charles Schwab Corp		11,964
24,614		Chicago Mercantile Exchange Holdings, Inc		12,089
9,422		Cohen & Steers, Inc		222
300,881	*	E*Trade Financial Corp		6,866
88,574		Eaton Vance Corp		2,211
65,091		Federated Investors, Inc (Class B)		2,050
120,358		Franklin Resources, Inc		10,448
6,584		GAMCO Investors, Inc		242
8,396	*	GFI Group, Inc		453
271,075		Goldman Sachs Group, Inc		40,778
12,503		Greenhill & Co, Inc		760
14,500	*	IntercontinentalExchange, Inc		840
26,869		International Securities Exchange, Inc		1,023
30,749	e*	Investment Technology Group, Inc		1,564
150,501		Janus Capital Group, Inc		2,694
84,211		Jefferies Group, Inc		2,495
75,614	*	Knight Capital Group, Inc		1,152
37,720	e*	LaBranche & Co, Inc		457
90,610		Legg Mason, Inc		9,017
380,549		Lehman Brothers Holdings, Inc		24,793
21,429	e*	MarketAxess Holdings, Inc		236
654,693		Merrill Lynch & Co, Inc		45,540
761,119		Morgan Stanley		48,110
10,065	*	Morningstar, Inc		417
66,994	e*	Nasdaq Stock Market, Inc		2,003
56,209		Nuveen Investments, Inc		2,420
110,746	*	NYSE Group, Inc		7,584
15,817		optionsXpress Holdings, Inc		369
14,814	*	Piper Jaffray Cos		907
66,932		Raymond James Financial, Inc		2,026
8,937		Sanders Morris Harris Group, Inc		135
44,676		SEI Investments Co		2,184
7,776	*	Stifel Financial Corp		275
9,972		SWS Group, Inc		241
187,924		T Rowe Price Group, Inc		7,105
223,167		TD Ameritrade Holding Corp		3,305
4,803	*	Thomas Weisel Partners Group, Inc		91
800		Value Line, Inc		34
60,258		Waddell & Reed Financial, Inc (Class A)		1,239
		TOTAL SECURITY AND COMMODITY BROKERS		285,016
SOCIAL SERVICES - 0.01%
20,451	*	Bright Horizons Family Solutions, Inc		771
15,384	*	Capital Senior Living Corp		158
8,598	*	Providence Service Corp		234
15,649	*	Res-Care, Inc		313
		TOTAL SOCIAL SERVICES		1,476
SPECIAL TRADE CONTRACTORS - 0.06%
2,319		Alico, Inc		128
18,820	e	Chemed Corp		1,026
28,901		Comfort Systems USA, Inc		413

212

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
32,076	*	Dycom Industries, Inc	$	683
23,437	e*	EMCOR Group, Inc		1,141
20,939	*	Insituform Technologies, Inc (Class A)		479
10,880	*	Integrated Electrical Services, Inc		190
8,579	*	Layne Christensen Co		243
78,543	e*	Quanta Services, Inc		1,361
		TOTAL SPECIAL TRADE CONTRACTORS		5,664
STONE, CLAY, AND GLASS PRODUCTS - 0.09%
18,958		Apogee Enterprises, Inc		279
18,807	*	Cabot Microelectronics Corp		570
14,827		CARBO Ceramics, Inc		728
35,971		Eagle Materials, Inc		1,709
110,968		Gentex Corp		1,553
108,535	*	Owens-Illinois, Inc		1,819
23,708	*	US Concrete, Inc		262
26,814	b,e*	USG Corp		1,956
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		8,876
TEXTILE MILL PRODUCTS - 0.01%
10,106		Oxford Industries, Inc		398
14,120		Xerium Technologies, Inc		133
		TOTAL TEXTILE MILL PRODUCTS		531
TOBACCO PRODUCTS - 1.17%
1,483,868		Altria Group, Inc		108,960
63,218		Loews Corp (Carolina Group)		3,248
18,667		Universal Corp		695
114,760		UST, Inc		5,186
23,518	e	Vector Group Ltd		382
		TOTAL TOBACCO PRODUCTS		118,471
TRANSPORTATION BY AIR - 0.53%
39,511	*	ABX Air, Inc		239
7,464	*	Air Methods Corp		195
65,497	e*	Airtran Holdings, Inc		973
28,126	*	Alaska Air Group, Inc		1,109
148,978	*	AMR Corp		3,787
14,233	*	Atlas Air Worldwide Holdings, Inc		698
18,390	e*	Bristow Group, Inc		662
61,877	*	Continental Airlines, Inc (Class B)		1,844
23,319	*	EGL, Inc		1,171
30,417	*	ExpressJet Holdings, Inc		210
215,904		FedEx Corp		25,230
29,374	e*	Frontier Airlines Holdings, Inc		212
123,072	e*	JetBlue Airways Corp		1,494
29,055	*	Mesa Air Group, Inc		286
9,723	*	PHI, Inc		323
23,015	*	Republic Airways Holdings, Inc		392
45,222		Skywest, Inc		1,121
567,939		Southwest Airlines Co		9,297
70,070	*	UAL Corp		2,174
43,209	*	US Airways Group, Inc		2,184
		TOTAL TRANSPORTATION BY AIR		53,601
TRANSPORTATION EQUIPMENT - 2.62%
13,757		A.O. Smith Corp		638
26,152	e*	AAR Corp		581
16,459	*	Accuride Corp		205

213

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
14,702	*	Aftermarket Technology Corp	$	365
35,109		American Axle & Manufacturing Holdings, Inc		601
5,300		American Railcar Industries, Inc		175
9,760		Arctic Cat, Inc		190
21,305	e*	Armor Holdings, Inc		1,168
50,366		ArvinMeritor, Inc		866
58,854		Autoliv, Inc		3,329
24,835	*	Aviall, Inc		1,180
568,146		Boeing Co		46,537
67,593		Brunswick Corp		2,247
36,782		Clarcor, Inc		1,096
10,359	*	Comtech Group, Inc		115
34,017		Federal Signal Corp		515
41,202	*	Fleetwood Enterprises, Inc		311
1,271,861		Ford Motor Co		8,814
8,920		Freightcar America, Inc		495
42,477	*	GenCorp, Inc		681
284,646		General Dynamics Corp		18,633
332,855	e	General Motors Corp		9,916
7,281	*	GenTek, Inc		195
122,658		Genuine Parts Co		5,110
85,978		Goodrich Corp		3,464
9,575		Greenbrier Cos, Inc		313
17,491		Group 1 Automotive, Inc		985
190,849	e	Harley-Davidson, Inc		10,476
29,665		Harsco Corp		2,313
14,627	e	Heico Corp		415
15,634	*	IMPCO Technologies, Inc		167
131,644		ITT Industries, Inc		6,516
73,750	e	JLG Industries, Inc		1,659
14,200	*	K&F Industries Holdings, Inc		252
17,547		Kaman Corp (Class A)		319
260,243		Lockheed Martin Corp		18,670
32,342		Martin Marietta Materials, Inc		2,948
6,589	*	Miller Industries, Inc		136
21,622		Monaco Coach Corp		275
44,233	*	Navistar International Corp		1,089
6,171		Noble International Ltd		88
244,204		Northrop Grumman Corp		15,644
40,694	*	Orbital Sciences Corp		657
52,050		Oshkosh Truck Corp		2,473
118,424		Paccar, Inc		9,756
100,239	*	Pactiv Corp		2,481
30,275	e	Polaris Industries, Inc		1,311
317,139		Raytheon Co		14,135
4,792	*	Sequa Corp (Class A)		391
17,715	e	Superior Industries International, Inc		324
32,438	*	Tenneco, Inc		843
91,202		Textron, Inc		8,407
25,200	e	Thor Industries, Inc		1,221
7,965	*	TransDigm Group, Inc		191
54,046		Trinity Industries, Inc		2,184
12,081	*	Triumph Group, Inc		580
30,832	*	TRW Automotive Holdings Corp		841
718,291		United Technologies Corp		45,554
93,062	e*	Visteon Corp		671
22,100		Wabash National Corp		340
34,522		Westinghouse Air Brake Technologies Corp		1,291
24,826	e	Winnebago Industries, Inc		771
		TOTAL TRANSPORTATION EQUIPMENT		264,114

214

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
TRANSPORTATION SERVICES - 0.22%
14,656		Ambassadors Group, Inc	$	423
4,915		Ambassadors International, Inc		114
122,858		CH Robinson Worldwide, Inc		6,548
8,003	*	Dynamex, Inc		175
152,562	e	Expeditors International Washington, Inc		8,545
31,095		GATX Corp		1,322
28,305	*	HUB Group, Inc		694
48,010	e	Lear Corp		1,066
11,010	*	Navigant International, Inc		177
26,631		Pacer International, Inc		868
26,768	*	RailAmerica, Inc		280
94,462		Sabre Holdings Corp		2,078
		TOTAL TRANSPORTATION SERVICES		22,290
TRUCKING AND WAREHOUSING - 0.52%
17,410		Arkansas Best Corp		874
16,346	*	Celadon Group, Inc		360
37,065		Con-way, Inc		2,147
22,919		Forward Air Corp		933
46,789		Heartland Express, Inc		837
80,351		J.B. Hunt Transport Services, Inc		2,002
43,462		Landstar System, Inc		2,053
14,139	*	Marten Transport Ltd		307
19,477	*	Old Dominion Freight Line		732
4,234	*	P.A.M. Transportation Services, Inc		122
1,137	*	Patriot Transportation Holding, Inc		99
6,236	*	Quality Distribution, Inc		83
9,635	*	SCS Transportation, Inc		265
35,619	*	SIRVA, Inc		230
36,993	e*	Swift Transportation Co, Inc		1,175
6,846	*	U.S. Xpress Enterprises, Inc (Class A)		185
457,826		United Parcel Service, Inc (Class B)		37,693
3,884	*	Universal Truckload Services, Inc		133
5,986	*	USA Truck, Inc		107
35,401	e	Werner Enterprises, Inc		718
40,766	e*	YRC Worldwide, Inc		1,717
		TOTAL TRUCKING AND WAREHOUSING		52,772
WATER TRANSPORTATION - 0.07%
30,756		Alexander & Baldwin, Inc		1,361
21,923	*	American Commercial Lines, Inc		1,321
11,494	*	Gulfmark Offshore, Inc		297
9,884		Horizon Lines, Inc		158
17,478	*	Hornbeck Offshore Services, Inc		621
37,552	*	Kirby Corp		1,483
8,500		Maritrans, Inc		212
20,862		Overseas Shipholding Group, Inc		1,234
		TOTAL WATER TRANSPORTATION		6,687
WHOLESALE TRADE-DURABLE GOODS - 2.83%
61,384		Adesa, Inc		1,365
23,674		Agilysys, Inc		426
30,894		Applied Industrial Technologies, Inc		751
85,479	*	Arrow Electronics, Inc		2,752
26,755	e	Barnes Group, Inc		534
30,944	e*	Beacon Roofing Supply, Inc		681

215

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
7,060		BlueLinx Holdings, Inc	$	92
39,742		BorgWarner, Inc		2,587
21,864	e	Building Material Holding Corp		609
7,176		Castle (A.M.) & Co		231
15,920	*	Conceptus, Inc		217
82,295	*	Cytyc Corp		2,087
13,898	*	Digi International, Inc		174
13,174	*	Drew Industries, Inc		427
7,389,636	d	General Electric Co		243,562
26,458	e*	Genesis Microchip, Inc		306
78,096		IKON Office Solutions, Inc		984
95,160	*	Ingram Micro, Inc (Class A)		1,725
34,716	*	Insight Enterprises, Inc		661
19,381	*	Interline Brands, Inc		453
13,159	*	Keystone Automotive Industries, Inc		556
42,424		Knight Transportation, Inc		857
3,000		Lawson Products, Inc		118
31,919	*	LKQ Corp		607
15,714	*	Merge Technologies, Inc		194
3,818	*	MWI Veterinary Supply, Inc		139
85,615		Omnicare, Inc		4,060
28,836		Owens & Minor, Inc		825
99,949	e*	Patterson Cos, Inc		3,491
37,424	e	PEP Boys-Manny Moe & Jack		439
37,580	e	Pool Corp		1,640
47,725	e*	PSS World Medical, Inc		842
23,096		Reliance Steel & Aluminum Co		1,916
19,445	e	Ryerson Tull, Inc		525
39,380	*	Tech Data Corp		1,509
808	v*	Timco Aviation Services, Inc		-	^
26,379	*	Tyler Technologies, Inc		296
54,621		W.W. Grainger, Inc		4,109
34,294	*	WESCO International, Inc		2,366
8,587	e*	West Marine, Inc		116
		TOTAL WHOLESALE TRADE-DURABLE GOODS		285,229
WHOLESALE TRADE-NONDURABLE GOODS - 0.79%
48,102		Airgas, Inc		1,792
31,521	*	Akorn, Inc		125
59,409		Alliance One International, Inc		264
32,869	*	Allscripts Healthcare Solutions, Inc		577
43,792		Brown-Forman Corp (Class B)		3,129
296,809		Cardinal Health, Inc		19,094
21,391	e*	Central European Distribution Corp		538
7,034	*	Core-Mark Holding Co, Inc		252
96,667	*	Dean Foods Co		3,595
92,892	*	Endo Pharmaceuticals Holdings, Inc		3,064
2,908	*	Green Mountain Coffee Roasters, Inc		117
21,948	*	Hain Celestial Group, Inc		565
62,653	*	Henry Schein, Inc		2,928
6,203		Kenneth Cole Productions, Inc (Class A)		139
19,366		K-Swiss, Inc (Class A)		517
2,095	*	Maui Land & Pineapple Co, Inc		79
35,438		Men's Wearhouse, Inc		1,074
18,114		Myers Industries, Inc		311
8,977	e	Nash Finch Co		191
135,817		Nike, Inc (Class B)		11,001
38,826		Nu Skin Enterprises, Inc (Class A)		577
11,120	*	Nuco2, Inc		267

216

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				MATURITY		VALUE
SHARES			RATE	DATE		(000)
24,523	e*	Performance Food Group Co			$	745
6,666	*	Perry Ellis International, Inc				169
320,997		Safeway, Inc				8,346
17,687	*	School Specialty, Inc				563
8,100	*	Smart & Final, Inc				136
22,616	e*	Source Interlink Cos, Inc				269
14,127		Spartan Stores, Inc				207
25,507		Stride Rite Corp				336
445,087	e	Sysco Corp				13,602
67,174	*	Terra Industries, Inc				428
9,068		The Andersons, Inc				377
25,451	*	Tractor Supply Co				1,407
30,443	e*	United Natural Foods, Inc				1,005
24,300	*	United Stationers, Inc				1,199
6,399		Valhi, Inc				157
1,903		Valley National Gases, Inc				50
9,361	*	Volcom, Inc				299
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS				79,491
		TOTAL COMMON STOCKS				10,073,246
		(Cost $7,984,363)
WARRANTS - 0.00% **
		COMMUNICATIONS - 0.00% **
27	e,v*	RCN Corp Wts				-	^
		TOTAL COMMUNICATIONS				-	^
		TOTAL WARRANTS				-	^
		(Cost $0)
PRINCIPAL
SHORT-TERM INVESTMENTS - 3.40%
COMMERCIAL PAPER - 0.57%
$      17,000,000	c,d	CC (USA), Inc	5.030	07/10/06		16,982
5,000,000	c,d	Concentrate Manufacturing Co	5.070	07/10/06		4,995
13,900,000	c	Govco, Inc	5.320	09/18/06		13,739
17,000,000	c	Kitty Hawk Funding Corp	5.280	07/20/06		16,950
4,200,000	c,d	Yorktown Capital, LLC	5.300	07/07/06		4,198
		TOTAL COMMERCIAL PAPER				56,864
U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES - 2.83%
112,200,000		Federal Home Loan Bank (FHLB)	4.950	07/03/06		112,200
40,220,000		FHLB	5.060	07/05/06		40,208
26,650,000		FHLB	5.060	07/06/06		26,639
100,000,000	d	FHLB	5.070	07/18/06		99,746
7,190,000		FHLB	5.200	08/11/06		7,150
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES				285,943
		TOTAL SHORT-TERM INVESTMENTS				342,807
		(Cost $342,765)
		TOTAL PORTFOLIO - 103.17%				10,416,053
		(Cost $8,327,128)
		OTHER ASSETS & LIABILITIES, NET - (3.17%)				(319,749)
		NET ASSETS - 100.00%			$	10,096,304

217

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

*	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	MARKET	EXPIRATION	UNREALIZED
OPEN FUTURES CONTRACTS:	CONTRACTS	VALUE	DATE	GAIN
E-mini Russell 2000 Index	6	$      438,900	September 2006	$ 20,027
E-mini S&P 500 Index	44	2,814,680	September 2006	37,792
		$   3,253,580		$ 57,819

218

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
COLLEGE RETIREMENT EQUITIES FUND
BOND MARKET ACCOUNT
STATEMENT OF INVESTMENTS (Unaudited)
June 30, 2006
					MOODYS
				MATURITY	RATING +		VALUE
PRINCIPAL			RATE	DATE	(Unaudited)		(000)
BONDS - 98.15%
CORPORATE BONDS - 31.71%
AMUSEMENT AND RECREATION SERVICES - 0.09%
$      2,000,000	e	Caesars Entertainment, Inc	7.875	03/15/10	Ba2	$	2,075
2,000,000		Caesars Entertainment, Inc	7.000	04/15/13	Baa3		2,028
1,450,000		Harrah's Operating Co, Inc	6.500	06/01/16	Baa3		1,414
		TOTAL AMUSEMENT AND RECREATION SERVICES					5,517
AUTO REPAIR, SERVICES AND PARKING - 0.05%
3,000,000		PHH Corp	7.125	03/01/13	Baa1		3,013
		TOTAL AUTO REPAIR, SERVICES AND PARKING					3,013
ASSET BACKED - 2.62%
435,322		AQ Finance NIM Trust Series 2004-RN2	5.523	04/25/09	Aaa		435
385,702	v	AQ Finance NIM Trust Series 2004-RN3	5.503	05/25/09	Aaa		386
206,161		Asset Backed Funding Corp NIM Trust Series 2005-WMC1 (Class N1)	5.900	07/26/35	N/R		206
10,000,000		Centex Home Equity Series 2004-C (Class AF5)	5.980	06/25/34	Aaa		9,540
1,100,000		Centex Home Equity Series 2004-D (Class MF2)	5.560	09/25/34	A2		1,070
422,023		Chase Funding Mortgage Loan Asset-Backed Certificates Series 2004-2 (Class 1A2)	3.777	01/25/22	Aaa		421
1,375,000		Chase Funding Mortgage Loan Asset-Backed Certificates Series 2004-2 (Class 1B)	5.700	02/25/34	Baa2		1,318
3,500,000		Chase Funding Mortgage Loan Asset-Backed Certificates Series 2004-2 (Class 1M1)	5.700	02/25/34	Aa2		3,446
1,750,000		Chase Funding Mortgage Loan Asset-Backed Certificates Series 2004-2 (Class 1M2)	5.700	02/25/34	Aa2		1,713
2,300,000	e	Chase Manhattan Auto Owner Trust Series 2004-A (Class A4)	2.830	09/15/10	Aaa		2,230
10,000,000		CIT Equipment Collateral Series 2005-VT1 (Class A4)	4.360	11/20/12	Aaa		9,801
5,749,374		CIT Group Home Equity Loan Trust Series 2002-1 (Class AF6)	6.200	02/25/30	Aaa		5,774
613,536		CIT Group Home Equity Loan Trust Series 2002-2 (Class MF2)	6.390	12/25/30	A2		610
17,416		Countrywide Asset-Backed Certificates Series 2004-3N	5.523	05/25/09	Aaa		17
2,107,544		Countrywide Home Equity Loan Trust Series 2004-B (Class 1A)	5.419	02/15/29	Aaa		2,110
6,872,438		Detroit Edison Securitization Funding LLC Series 2001-1 (Class A3)	5.875	03/01/10	Aaa		6,891
6,372,000		GMAC Mortgage Corporation Loan Trust 2006-HLTV A3	5.590	10/25/29	Aaa		6,304
2,600,000		GMAC Mortgage Corporation Loan Trust 2006-HLTV A4	5.810	10/25/29	Aaa		2,554
7,751,672		Golden Securities Corp Series 2003-A (Class A1)	5.409	12/02/13	Aaa		7,685
5,000,000		GSAMP Trust Series 2004-WF (Class M1)	5.903	10/25/34	Aa2		5,038
8,078,000		Household Automotive Trust Series 2003-2 (Class A4)	3.020	12/17/10	Aaa		7,870
3,000,000		IXIS Real Estate Capital Trust Series 2006-HE1 (Class A2)	5.463	03/25/36	Aaa		3,001
350,000	v	Long Beach Asset Holdings Corp Series 2006-4 (Class N1)	5.877	06/25/46	N/R		350
4,511,085		Peco Energy Transition Trust Series 1999-A (Class A6)	6.050	03/01/09	Aaa		4,521
10,000,000		Peco Energy Transition Trust Series 1999-A (Class A7)	6.130	03/01/09	Aaa		10,068
6,286,656		Public Service New Hampshire Funding LLC Series 2001-1 (Class A2)	5.730	11/01/10	Aaa		6,304
12,000,000		Residential Asset Mortgage Products, Inc Series 2004-RS11 (Class M1)	5.943	11/25/34	Aa1		12,079
1,403,070		Residential Asset Securities Corp Series 2001-KS2 (Class AI6)	6.489	10/25/30	Aaa		1,404
8,000,000		Residential Funding Mortgage Securities II, Inc Series 2006-H12 (Class A2)	5.750	02/25/36	Aaa		7,967
5,014,000		Residential Funding Mortgage Securities II, Inc Series 2006-HI1 (Class A3)	5.570	02/25/36	Aaa		4,956
2,500,000		Residential Funding Mortgage Securities II, Inc Series 2006-HI1 (Class M1)	6.010	02/25/36	Aa1		2,455
250,000		Residential Funding Mortgage Securities II, Inc Series 2006-HI1 (Class M2)	6.060	02/25/36	Aa2		246
9,862,000		Residential Funding Mortgage Securities II, Inc Series 2006-HSA2 (Class AI3)	5.550	03/25/36	Aaa		9,752
5,000,000	h,v	Sierra Receivables Funding Co Series 2006-1A (Class A1)	5.840	05/20/18	Aaa		4,999
8,542,643		Wachovia Loan Trust Series 2005-SD1 (Class A)	5.683	05/25/35	N/R		8,547
		TOTAL ASSET BACKED					152,068
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.24%
8,000,000		Home Depot, Inc	5.400	03/01/16	Aa3		7,669

219

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
					MOODYS
				MATURITY	RATING +		VALUE
PRINCIPAL			RATE	DATE	(Unaudited)		(000)
$     5,750,000		Lowe's Cos, Inc	8.250	06/01/10	A2	$	6,254
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES					13,923
BUSINESS SERVICES - 0.11%
2,000,000		Advanstar Communications, Inc	10.750	08/15/10	B3		2,145
4,000,000		Cendant Corp	7.375	01/15/13	Baa1		4,375
		TOTAL BUSINESS SERVICES					6,520
CHEMICALS AND ALLIED PRODUCTS - 0.59%
10,000,000		Abbott Laboratories	5.625	07/01/06	Aa3		10,000
6,500,000		Abbott Laboratories	5.600	05/15/11	Aa3		6,462
3,500,000		Chemtura Corp	6.875	06/01/16	Ba1		3,382
2,750,000	e	Genentech, Inc	5.250	07/15/35	A1		2,368
2,500,000		Lubrizol Corp	4.625	10/01/09	Baa3		2,388
5,650,000		Lubrizol Corp	5.500	10/01/14	Baa3		5,297
5,000,000		Merck & Co, Inc	4.750	03/01/15	Aa3		4,567
		TOTAL CHEMICALS AND ALLIED PRODUCTS					34,464
COMMUNICATIONS - 2.31%
3,750,000		America Movil S.A. de C.V.	6.375	03/01/35	A3		3,296
9,500,000		AT&T, Inc	5.100	09/15/14	A2		8,813
2,000,000	e	AT&T, Inc	6.150	09/15/34	A2		1,836
11,521,001		Comcast Cable Communications Holdings, Inc	8.375	03/15/13	Baa3		12,785
2,500,000		Comcast Corp	5.900	03/15/16	Baa2		2,400
6,000,000	e	Comcast Corp	5.650	06/15/35	Baa2		5,101
2,750,000		Comcast Corp	6.500	11/15/35	Baa2		2,597
2,000,000		COX Communications, Inc	4.625	01/15/10	Baa3		1,910
5,250,000		COX Communications, Inc	4.625	06/01/13	Baa2		4,709
2,000,000		COX Communications, Inc	5.450	12/15/14	Baa3		1,854
2,500,000	g	COX Enterprises, Inc	4.375	05/01/08	Baa1		2,420
4,000,000		Deutsche Telekom International Finance BV	8.250	06/15/30	Aa2		4,620
4,250,000		France Telecom SA	7.750	03/01/11	Baa2		4,568
1,750,000		Gray Television, Inc	9.250	12/15/11	B2		1,820
1,150,000		GTE Corp	6.840	04/15/18	Baa1		1,164
4,000,000		New Cingular Wireless Services, Inc	7.875	03/01/11	Baa2		4,311
4,750,000		New Cingular Wireless Services, Inc	8.750	03/01/31	Baa2		5,793
500,000		Rogers Cable, Inc	6.750	03/15/15	Ba3		476
2,500,000	e	Rogers Wireless, Inc	7.500	03/15/15	Ba3		2,525
12,750,000		Sprint Capital Corp	8.375	03/15/12	Baa3		14,097
4,000,000		Telecom Italia Capital S.A.	4.875	10/01/10	Baa2		3,822
7,500,000		Telecom Italia Capital S.A.	6.375	11/15/33	Baa2		6,767
10,000,000		Verizon Communications, Inc	5.550	02/15/16	A3		9,403
4,250,000		Verizon Global Funding Corp	7.375	09/01/12	A2		4,520
2,250,000		Verizon Global Funding Corp	5.850	09/15/35	A3		1,948
6,500,000		Verizon Virginia, Inc	4.625	03/15/13	Aa3		5,833
5,000,000		Verizon Wireless Capital LLC	5.375	12/15/06	A2		4,994
4,850,000		Viacom, Inc	5.750	04/30/11	Baa3		4,766
3,500,000	e	Viacom, Inc	6.875	04/30/36	Baa3		3,417
2,000,000	e	Vodafone Group plc	5.000	12/16/13	A3		1,843
		TOTAL COMMUNICATIONS					134,408
DEPOSITORY INSTITUTIONS - 3.58%
4,000,000	e	Bank of America Corp	6.250	04/15/12	Aa2		4,091
8,750,000	e	Bank of America Corp	4.875	01/15/13	Aa2		8,302
5,000,000	e	Bank of America Corp	4.750	08/15/13	Aa3		4,672
1,500,000		Bank of America Corp	5.375	06/15/14	Aa2		1,453
9,500,000		Bank of America NA	6.000	06/15/16	Aa2e		9,530
1,500,000	e	Bank One Corp	5.900	11/15/11	A1		1,505
2,750,000	e	Bank One Corp	5.250	01/30/13	A1		2,641

220

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
					MOODYS
				MATURITY	RATING +		VALUE
PRINCIPAL			RATE	DATE	(Unaudited)		(000)
$     7,000,000		Bank One NA	5.500	03/26/07	Aa2	$	6,991
5,000,000	e	Bank One NA	3.700	01/15/08	Aa2		4,859
4,000,000		BB&T Corp	6.500	08/01/11	A2		4,125
5,250,000	g	BOI Capital Funding No. 2 LP	5.571	12/30/49	A2		4,847
4,000,000		Capital One Bank	5.125	02/15/14	Baa2		3,763
4,500,000	e	Citigroup, Inc	5.125	02/14/11	Aa1		4,394
18,500,000		Citigroup, Inc	5.125	05/05/14	Aa1		17,621
6,655,000		Citigroup, Inc	5.000	09/15/14	Aa2		6,225
3,000,000		Citigroup, Inc	5.875	02/22/33	Aa2		2,790
3,000,000		Golden West Financial Corp	4.125	08/15/07	A1		2,951
3,500,000		Golden West Financial Corp	4.750	10/01/12	A1		3,303
2,000,000		Greenpoint Financial Corp	3.200	06/06/08	Baa1		1,904
5,000,000		International Finance Corp	5.125	05/02/11	Aaa		4,942
1,000,000	e	JPMorgan Chase & Co	7.875	06/15/10	A2		1,073
4,500,000		JPMorgan Chase & Co	4.500	01/15/12	Aa3		4,220
5,500,000	e	JPMorgan Chase & Co	6.625	03/15/12	A1		5,693
4,000,000		KeyBank NA	5.000	07/17/07	A1		3,975
2,000,000		M&I Marshall & Ilsley Bank	4.125	09/04/07	Aa3		1,965
5,700,000		M&I Marshall & Ilsley Bank	4.400	03/15/10	Aa3		5,450
4,000,000		MBNA America Bank NA	4.625	08/03/09	Baa1		3,884
5,000,000		Mellon Funding Corp	4.875	06/15/07	A1		4,962
5,000,000		PNC Funding Corp	5.750	08/01/06	A2		5,000
3,250,000		Popular North America, Inc	5.650	04/15/09	A3		3,222
4,250,000	e,g	Rabobank Capital Funding Trust	5.254	12/30/49	Aa2		3,893
2,500,000		Regions Financial Corp	6.375	05/15/12	A2		2,557
4,500,000		Suntrust Bank	7.250	09/15/06	Aa3		4,512
2,000,000		Union Bank of California NA	5.950	05/11/16	A2		1,975
2,500,000		US Bank NA	5.700	12/15/08	Aa2		2,500
5,000,000		US Bank NA	6.300	02/04/14	Aa3		5,121
12,750,000	e	Wachovia Bank N.A.	4.800	11/01/14	Aa3		11,751
5,000,000		Wachovia Capital Trust III	5.800	12/30/49	A2		4,852
4,500,000		Wachovia Corp	5.250	08/01/14	A1		4,278
7,000,000		Washington Mutual Bank	4.500	08/25/08	A2		6,825
4,500,000		Washington Mutual Bank	5.500	01/15/13	A3		4,359
8,000,000		Wells Fargo & Co	4.200	01/15/10	Aa1		7,638
3,000,000		Wells Fargo & Co	4.875	01/12/11	Aa1		2,904
5,000,000		Wells Fargo & Co	4.950	10/16/13	Aa2		4,728
		TOTAL DEPOSITORY INSTITUTIONS					208,246
EATING AND DRINKING PLACES - 0.03%
2,000,000		Aramark Services, Inc	5.000	06/01/12	Baa3		1,786
		TOTAL EATING AND DRINKING PLACES					1,786
ELECTRIC, GAS, AND SANITARY SERVICES - 1.73%
2,000,000	e	AGL Capital Corp	6.000	10/01/34	Baa1		1,836
2,500,000		Atmos Energy Corp	4.000	10/15/09	Baa3		2,377
4,500,000		Carolina Power & Light Co	5.125	09/15/13	A3		4,260
2,750,000	e	Carolina Power & Light Co	5.700	04/01/35	A3		2,492
4,250,000		CenterPoint Energy Resources Corp	7.875	04/01/13	Ba1		4,623
4,750,000	e	Consolidated Edison Co of New York	5.375	12/15/15	A1		4,555
3,500,000		Consolidated Natural Gas Co	6.250	11/01/11	A3		3,568
4,250,000		Consolidated Natural Gas Co	5.000	12/01/14	A3		3,920
2,000,000	e	Duke Capital LLC	6.250	02/15/13	Baa2		2,001
9,000,000	e	FirstEnergy Corp	6.450	11/15/11	Baa2		9,163
3,400,000	e	Florida Power & Light Co	4.850	02/01/13	Aa3		3,227
3,500,000		Florida Power Corp	4.500	06/01/10	A2		3,370
4,000,000		National Fuel Gas Co	5.250	03/01/13	A3		3,826
3,000,000		National Rural Utilities Cooperative Finance Corp	5.750	08/28/09	A2		3,025
3,500,000		Nevada Power Co	6.650	04/01/36	Ba1		3,306

221

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
					MOODYS
				MATURITY	RATING +		VALUE
PRINCIPAL			RATE	DATE	(Unaudited)		(000)
$     4,500,000		Northern Border Pipeline Co	6.250	05/01/07	A3	$	4,510
2,250,000	e	Northern States Power Co	6.250	06/01/36	A2		2,233
2,500,000		Northern States Power-Minnesota	5.250	07/15/35	A2		2,165
2,500,000		Ohio Edison Co	4.000	05/01/08	Baa2		2,418
3,500,000		Ohio Power Co	5.300	11/01/10	A3		3,423
6,000,000	e	Pacific Gas & Electric Co	4.200	03/01/11	Baa1		5,610
2,000,000	e	Public Service Co of Colorado	7.875	10/01/12	A3		2,207
2,500,000	e	Public Service Co of Colorado	5.500	04/01/14	Baa1		2,431
2,750,000		Southern California Edison Co	6.000	01/15/34	Baa2		2,637
3,250,000		Southern California Edison Co	5.350	07/15/35	A3		2,815
4,500,000		Virginia Electric and Power Co	4.750	03/01/13	A3		4,174
2,000,000		Waste Management, Inc	7.750	05/15/32	Ba1		2,271
1,500,000		Westar Energy, Inc	6.000	07/01/14	Baa2		1,485
3,000,000		Wisconsin Electric Power	5.625	05/15/33	Aa3		2,744
4,000,000		Xcel Energy, Inc	6.500	07/01/36	Baa1		3,960
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES					100,632
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 0.30%
7,500,000	e	Cisco Systems, Inc	5.250	02/22/11	A1		7,358
2,500,000	e	Cisco Systems, Inc	5.500	02/22/16	A1		2,395
4,000,000	e	Emerson Electric Co	4.500	05/01/13	A2		3,714
4,000,000		International Business Machines Corp	6.220	08/01/27	A1		4,002
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT					17,469
FABRICATED METAL PRODUCTS - 0.17%
3,000,000		Crane Co	5.500	09/15/13	Baa2		2,850
3,500,000		Fortune Brands, Inc	5.125	01/15/11	Baa2		3,352
3,750,000		Fortune Brands, Inc	4.875	12/01/13	A2		3,429
		TOTAL FABRICATED METAL PRODUCTS					9,631
FOOD AND KINDRED PRODUCTS - 0.53%
3,000,000	e	Anheuser-Busch Cos, Inc	4.700	04/15/12	A1		2,847
4,000,000	e	Bottling Group LLC	4.625	11/15/12	A3		3,753
1,750,000		Bunge Ltd Finance Corp	5.875	05/15/13	Baa3		1,705
2,750,000	e	Bunge Ltd Finance Corp	5.100	07/15/15	Baa2		2,501
3,500,000		Cia Brasileira de Bebidas	8.750	09/15/13	Baa3		3,887
5,000,000		Coors Brewing Co	6.375	05/15/12	Baa2		5,082
2,500,000	g	Foster's Finance Corp	4.875	10/01/14	Baa2		2,285
3,000,000		Kellogg Co	7.450	04/01/31	Baa1		3,394
4,000,000	e	Kraft Foods, Inc	6.500	11/01/31	A3		3,982
1,250,000		WM Wrigley Jr Co	4.650	07/15/15	A1		1,145
		TOTAL FOOD AND KINDRED PRODUCTS					30,581
FOOD STORES - 0.18%
2,000,000		Delhaize America, Inc	8.125	04/15/11	Ba1		2,103
3,500,000		Kroger Co	7.250	06/01/09	Baa3		3,621
2,500,000		Kroger Co	6.800	04/01/11	Baa3		2,558
2,325,000		Safeway, Inc	4.125	11/01/08	Baa2		2,233
		TOTAL FOOD STORES					10,515
FORESTRY - 0.05%
2,665,000		Weyerhaeuser Co	5.950	11/01/08	Baa2		2,663
		TOTAL FORESTRY					2,663
GENERAL BUILDING CONTRACTORS - 0.43%
3,250,000	e	Centex Corp	5.250	06/15/15	Baa2		2,903
3,000,000		DR Horton, Inc	9.750	09/15/10	Ba2		3,306
5,000,000	e	DR Horton, Inc	5.375	06/15/12	Baa3		4,644
4,500,000		DR Horton, Inc	6.500	04/15/16	Baa3		4,315

222

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
					MOODYS
				MATURITY	RATING +		VALUE
PRINCIPAL			RATE	DATE	(Unaudited)		(000)
$     4,850,000		KB Home	6.250	06/15/15	Ba1	$	4,312
5,500,000	e	Lennar Corp	6.500	04/15/16	Baa2		5,318
		TOTAL GENERAL BUILDING CONTRACTORS					24,798
GENERAL MERCHANDISE STORES - 0.35%
7,000,000		Target Corp	4.000	06/15/13	A2		6,325
7,000,000	e	Wal-Mart Stores, Inc	4.000	01/15/10	Aa2		6,645
7,750,000	e	Wal-Mart Stores, Inc	4.125	02/15/11	Aa2		7,290
		TOTAL GENERAL MERCHANDISE STORES					20,260
HEALTH SERVICES - 0.09%
5,650,000		Laboratory Corp of America Holdings	5.625	12/15/15	Baa3		5,401
		TOTAL HEALTH SERVICES					5,401
HOLDING AND OTHER INVESTMENT OFFICES - 0.63%
3,750,000	e	Archstone-Smith Trust	5.750	03/15/16	Baa1		3,631
5,000,000	e	Brookfield Asset Management, Inc	7.125	06/15/12	Baa3		5,187
5,000,000		Camden Property Trust	5.875	06/01/07	Baa2		5,005
4,000,000		Colonial Properties Trust	6.250	06/15/14	Baa3		3,958
3,350,000		Health Care REIT, Inc	6.200	06/01/16	Baa3		3,209
4,500,000	e	iStar Financial, Inc	5.150	03/01/12	Baa3		4,267
3,650,000	e	iStar Financial, Inc	5.700	03/01/14	Ba1		3,519
4,000,000	g	Mantis Reef Ltd	4.799	11/03/09	A3		3,841
4,000,000		Simon Property Group Lp	5.750	05/01/12	Baa1		3,963
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES					36,580
HOTELS AND OTHER LODGING PLACES - 0.06%
2,000,000		Boyd Gaming Corp	8.750	04/15/12	B1		2,095
1,750,000		MGM Mirage	6.000	10/01/09	Ba1		1,702
		TOTAL HOTELS AND OTHER LODGING PLACES					3,797
INDUSTRIAL MACHINERY AND EQUIPMENT - 0.16%
8,250,000	e	Dover Corp	4.875	10/15/15	A2		7,646
1,500,000		Kennametal, Inc	7.200	06/15/12	Ba1		1,560
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT					9,206
INSTRUMENTS AND RELATED PRODUCTS - 0.16%
3,000,000	e	Johnson & Johnson	3.800	05/15/13	Aaa		2,710
5,000,000		Medtronic, Inc	4.750	09/15/15	A1		4,583
2,000,000		Thermo Electron Corp	5.000	06/01/15	Baa1		1,823
		TOTAL INSTRUMENTS AND RELATED PRODUCTS					9,116
INSURANCE CARRIERS - 0.92%
6,250,000		Aetna, Inc	6.625	06/15/36	A3		6,225
5,000,000	g	AIG SunAmerica Global Financing VI	6.300	05/10/11	Aaa		5,109
4,250,000	e	Allstate Corp	5.000	08/15/14	A1		3,996
5,000,000	e	American International Group, Inc	5.050	10/01/15	Aa2		4,660
3,600,000		ING Groep NV	5.775	12/30/49	A2		3,372
4,000,000	g	John Hancock Global Funding II	7.900	07/02/10	Aa3		4,342
3,750,000	e,g	Liberty Mutual Group, Inc	6.500	03/15/35	Baa3		3,274
3,000,000	e	Metlife, Inc	5.375	12/15/12	A2		2,910
5,000,000		Metlife, Inc	5.000	06/15/15	A2		4,628
2,500,000		Metlife, Inc	5.700	06/15/35	A2		2,233
4,000,000		UnitedHealth Group, Inc	5.250	03/15/11	A2		3,901
2,000,000		WellPoint, Inc	5.000	01/15/11	Baa1		1,930
5,000,000	e	WellPoint, Inc	5.250	01/15/16	Baa1		4,690
2,250,000		WellPoint, Inc	5.850	01/15/36	Baa1		2,022
		TOTAL INSURANCE CARRIERS					53,292

223

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
					MOODYS
				MATURITY	RATING +		VALUE
PRINCIPAL			RATE	DATE	(Unaudited)		(000)
METAL MINING - 0.20%
$     5,900,000		Barrick Gold Finance Co	4.875	11/15/14	Baa1	$	5,435
3,500,000	e,g	Corp Nacional del Cobre de Chile - CODELCO	4.750	10/15/14	Aa3		3,199
3,000,000		Vale Overseas Ltd	6.250	01/11/16	Baa3		2,878
		TOTAL METAL MINING					11,512
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.11%
3,250,000	g	Controladora Mabe SA CV	6.500	12/15/15	N/R		3,120
3,500,000		Tyco International Group SA	5.800	08/01/06	Baa3		3,500
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES					6,620
MISCELLANEOUS RETAIL - 0.10%
2,500,000		CVS Corp	4.000	09/15/09	Baa2		2,368
3,500,000		CVS Corp	4.875	09/15/14	Baa2		3,199
		TOTAL MISCELLANEOUS RETAIL					5,567
MOTION PICTURES - 0.54%
2,500,000		Historic TW, Inc	6.625	05/15/29	Baa1		2,411
4,250,000		News America, Inc	7.625	11/30/28	Baa3		4,500
5,000,000		News America, Inc	6.200	12/15/34	Baa3		4,551
16,250,000	e	Time Warner, Inc	6.875	05/01/12	Baa1		16,780
3,000,000		Walt Disney Co	5.500	12/29/06	A3		3,000
		TOTAL MOTION PICTURES					31,242
NONDEPOSITORY INSTITUTIONS - 2.62%
3,500,000		American Honda Finance Corp	5.125	12/15/10	A1		3,414
3,000,000	e	Capital One Financial Corp	5.500	06/01/15	Baa3		2,840
4,500,000		Caterpillar Financial Services Corp	2.700	07/15/08	A2		4,249
5,750,000		CIT Group Funding Co of Canada	4.650	07/01/10	A2		5,507
5,000,000		CIT Group, Inc	5.200	11/03/10	A2		4,875
4,250,000		CIT Group, Inc	5.125	09/30/14	A2		3,974
1,750,000	e	Countrywide Home Loans, Inc	4.000	03/22/11	A3		1,606
9,000,000		Ford Motor Credit Co	5.700	01/15/10	Ba2		7,884
28,000,000		General Electric Capital Corp	6.000	06/15/12	Aaa		28,308
11,750,000		General Motors Acceptance Corp	5.625	05/15/09	A3		11,176
3,000,000		HSBC Capital Funding Lp	4.610	12/30/49	A2		2,695
10,000,000		HSBC Finance Corp	5.250	01/14/11	Aa3		9,768
11,750,000	e	HSBC Finance Corp	5.700	06/01/11	Aa3		11,671
4,000,000		HSBC Finance Corp	5.250	04/15/15	A1		3,764
6,500,000		HSBC Finance Corp	5.500	01/19/16	A1		6,199
1,750,000	e	International Lease Finance Corp	5.450	03/24/11	A1		1,715
2,000,000		John Deere Capital Corp	4.500	08/25/08	A3		1,954
1,900,000		John Deere Capital Corp	7.000	03/15/12	A3		1,999
4,000,000		MBNA America Bank NA	5.375	01/15/08	Baa1		3,983
4,000,000		MBNA Corp	6.125	03/01/13	Aa2		4,053
6,000,000		MBNA Corp	5.000	06/15/15	Aa2		5,601
3,000,000	g	Pricoa Global Funding I	3.900	12/15/08	Aa3		2,876
5,000,000		Residential Capital Corp	6.125	11/21/08	Baa3		4,934
10,375,000		Residential Capital Corp	6.500	04/17/13	Baa3		10,158
4,250,000		SLM Corp	4.000	01/15/10	A2		4,015
3,500,000	e	Toyota Motor Credit Corp	2.875	08/01/08	Aaa		3,306
		TOTAL NONDEPOSITORY INSTITUTIONS					152,524
OIL AND GAS EXTRACTION - 1.12%
2,000,000		Anadarko Finance Co	6.750	05/01/11	Baa1		2,057
3,000,000		Baker Hughes, Inc	6.875	01/15/29	A2		3,215
3,500,000		BJ Services Co	5.750	06/01/11	Baa1		3,466
2,000,000		Burlington Resources Finance Co	6.400	08/15/11	A2		2,059
7,750,000		Burlington Resources Finance Co	7.200	08/15/31	A2		8,607

224

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
					MOODYS
				MATURITY	RATING +		VALUE
PRINCIPAL			RATE	DATE	(Unaudited)		(000)
$     6,500,000		Chesapeake Energy Corp	6.500	08/15/17	Ba2	$	5,931
7,000,000		Conoco Funding Co	6.350	10/15/11	Baa1		7,170
2,500,000		Devon Energy Corp	2.750	08/01/06	Baa2		2,494
4,000,000	g	Empresa Nacional de Petroleo ENAP	6.750	11/15/12	Baa1		4,129
2,500,000		Enterprise Products Operating Lp	4.625	10/15/09	Baa3		2,396
4,000,000		Equitable Resources, Inc	5.150	11/15/12	A2		3,855
4,250,000	e	Nexen, Inc	5.050	11/20/13	Baa2		3,998
4,250,000		PC Financial Partnership	5.000	11/15/14	Baa2		3,910
3,750,000	e	Pemex Project Funding Master Trust	5.750	12/15/15	Baa1		3,482
4,000,000	e	Petro-Canada	5.950	05/15/35	Baa2		3,668
3,000,000		Plains All American Pipeline Lp	5.625	12/15/13	Baa3		2,866
2,000,000	e	XTO Energy, Inc	6.100	04/01/36	Baa3		1,816
		TOTAL OIL AND GAS EXTRACTION					65,119
OTHER MORTGAGE BACKED SECURITIES - 8.08%
10,000,000		Banc of America Commercial Mortgage, Inc Series 2004-4 (Class A6)	4.877	07/10/42	N/R		9,358
13,955,000		Banc of America Commercial Mortgage, Inc Series 2005-1 (Class B)	4.999	11/10/42	N/R		13,285
1,630,000		Banc of America Commercial Mortgage, Inc Series 2005-5 (Class AJ)	5.331	10/10/45	A		1,545
2,650,000		Banc of America Commercial Mortgage, Inc Series 2005-6 (Class AJ)	5.354	09/10/47	Aaa		2,515
3,000,000		Banc of America Commercial Mortgage, Inc Series 2006-2 (Class A4)	5.741	05/10/45	N/R		2,982
14,756,093		Banc of America Mortgage Securities Series 2006-1 (Class A8)	6.000	05/01/36	Aaa		14,709
804,152		Bank of America Alternative Loan Trust Series 2004-8 (Class 3A1)	5.500	09/25/19	Aaa		788
10,000,000		Bear Stearns Commercial Mortgage Securities Series 2004-PWR5 (Class A5)	4.978	07/11/42	Aaa		9,423
9,225,000		Bear Stearns Commercial Mortgage Securities Series 2005-PW10 (Class AJ)	5.614	12/11/40	Aaa		8,942
8,000,000		Bear Stearns Commercial Mortgage Securities Series 2006-PW11 (Class A4)	5.625	03/11/39	N/R		7,801
5,300,000		Bear Stearns Commercial Mortgage Securities Series 2006-PW12 (Class A4)	5.712	09/11/38	Aaa		5,261
3,000,000		Bear Stearns Commercial Mortgage Securities Series 2006-T22 (Class A4)	5.634	04/12/38	Aaa		2,934
30,000,000		Countrywide Alternative Loan Trust Series 2003-3T1 (Class A10)	5.500	05/25/33	N/R		29,461
6,295,134		Countrywide Alternative Loan Trust Series 2004-31T1 (Class A2)	5.673	09/25/34	N/R		6,306
16,000,000		Countrywide Alternative Loan Trust Series 2005-37T1 (Class A4)	5.500	09/25/35	Aaa		14,924
10,000,000		Countrywide Alternative Loan Trust Series 2005-J8 (Class 1A5)	5.500	07/25/35	Aaa		9,379
10,840,100		Countrywide Alternative Loan Trust Series 2006-12CB (Class A10)	5.673	05/25/36	Aaa		10,744
14,113,104		Countrywide Home Loan Mortgage Pass Through Trust Series 2005-17 (Class 1A10)	5.250	09/25/35	N/R		13,827
8,000,000		Credit Suisse Mortgage Capital Certificates Series 2006-C1 (Class A4)	5.609	02/15/39	N/R		7,806
5,400,000		Credit Suisse Mortgage Capital Certificates Series 2006-C2 (Class A3)	5.848	03/15/39	Aaa		5,333
14,000,000		Credit Suisse/Morgan Stanley Commerical Mortgage Certificate Series HC1A (Class A1)	5.389	05/15/23	Aaa		14,004
14,000,000		CS First Boston Mortgage Securities Corp Series 2001-CP4 (Class A4)	6.180	12/15/35	Aaa		14,222
29,749,122		CS First Boston Mortgage Securities Corp Series 2004-8 (Class 7A1)	6.000	12/25/34	N/R		29,424
19,196,466		CS First Boston Mortgage Securities Corp Series 2005-5 (Class 7A1)	6.000	07/25/35	Aaa		18,818
3,148,069		First Horizon Asset Securities, Inc Series 2003-9 (Class 1A4)	5.500	11/25/33	N/R		3,105
21,000,000		Ge Capital Commercial Mortgage Corp Series 2003-C2 (Class A4)	5.145	07/10/37	Aaa		20,179
18,000,000		Greenwich Capital Commercial Funding Corp Series 2004-GG1 (Class A7)	5.317	06/10/36	Aaa		17,382
14,250,000		JP Morgan Chase Commercial Mortgage Securities Corp Series 2002-C1 (Class A3)	5.376	07/12/37	Aaa		13,958
6,400,000		LB-UBS Commercial Mortgage Trust Series 2005-C3 (Class A2)	4.553	07/15/30	Aaa		6,155
4,000,000		LB-UBS Commercial Mortgage Trust Series 2005-C5 (Class AJ)	5.057	09/15/40	N/R		3,749
3,600,000		LB-UBS Commercial Mortgage Trust Series 2006-C4 (Class A4)	5.900	06/15/38	Aaa		3,622
16,009,974		MASTR Alternative Loans Trust Series 2004-8 (Class 5A1)	6.000	09/25/34	N/R		15,645
5,517,538		MASTR Asset Securitization Trust Series 2005-2 (Class 3A1)	5.000	10/25/20	AaA		5,359
5,400,000		Merrill Lynch Mortgage Trust Series 2005-LC1 (Class A4)	5.291	01/12/44	Aaa		5,168
2,500,000		Merrill Lynch Mortgage Trust Series 2006-C1 (Class A4)	5.844	05/12/39	N/R		2,474
4,700,000		Merrill Lynch/Countrywide Commercial Mortgage Trust Series 2006-1 (Class A4)	5.620	02/12/39	N/R		4,576
19,000,000		Morgan Stanley Capital I Series 2005-HQ5 (Class A2)	4.809	01/14/42	N/R		18,456
12,000,000		Morgan Stanley Capital I Series 2006-HE1 (Class A2)	5.443	01/25/36	Aaa		12,006
8,000,000		Morgan Stanley Capital I Series 2006-HQ8 (Class AJ)	5.641	03/12/44	Aaa		7,763
7,500,000		Morgan Stanley Capital I Series 2006-IQ11 (Class A4)	5.775	10/15/42	N/R		7,458
6,200,000		Morgan Stanley Capital I Series 2006-IQ11 (Class AJ)	5.779	10/15/42	N/R		6,129
2,700,000		Morgan Stanley Capital I Series 2006-T21 (Class AJ)	5.273	10/12/52	Aaa		2,567
4,000,000		Wachovia Bank Commercial Mortgage Trust Series 2005-C20 (Class A7)	5.118	07/15/42	Aaa		3,785
10,000,000		Wachovia Bank Commercial Mortgage Trust Series 2006-C24 (Class A3)	5.558	03/15/45	A		9,743

225

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
					MOODYS
				MATURITY	RATING +		VALUE
PRINCIPAL			RATE	DATE	(Unaudited)		(000)
$     15,907,741		Washington Mutual, Inc Series 2003-S10 (Class A1)	4.500	10/25/18	N/R	$	15,083
6,486,055		Wells Fargo Mortgage Backed Securities Trust Series 2004-7 (Class 1A1)	4.500	07/25/19	N/R		6,040
24,790,536		Wells Fargo Mortgage Backed Securities Trust Series 2005-1 (Class 2A1)	5.000	01/25/20	Aaa		24,124
1,737,868		Wells Fargo Mortgage Backed Securities Trust Series 2005-5 (Class 1A1)	5.000	05/25/20	Aaa		1,654
		TOTAL OTHER MORTGAGE BACKED SECURITIES					469,971
PAPER AND ALLIED PRODUCTS - 0.05%
3,150,000		Bemis Co	4.875	04/01/12	Baa1		2,930
		TOTAL PAPER AND ALLIED PRODUCTS					2,930
PETROLEUM AND COAL PRODUCTS - 0.03%
2,000,000	e	ConocoPhillips	5.900	10/15/32	A1		1,918
		TOTAL PETROLEUM AND COAL PRODUCTS					1,918
PIPELINES, EXCEPT NATURAL GAS - 0.47%
3,000,000		Enterprise Products Operating Lp	4.000	10/15/07	Baa3		2,936
3,500,000		Enterprise Products Operating Lp	4.950	06/01/10	Baa3		3,360
4,000,000		Enterprise Products Operating Lp	5.600	10/15/14	Baa3		3,787
2,000,000		Kaneb Pipe Line Operating Partnership Lp	5.875	06/01/13	Ba1		1,938
5,000,000		Kinder Morgan Finance Co ULC	5.700	01/05/16	Baa2		4,323
2,000,000		Panhandle Eastern Pipe Line	4.800	08/15/08	Baa3		1,959
3,000,000		Plains All American Pipeline Lp	4.750	08/15/09	Ba1		2,899
2,750,000		TransCanada Corp	5.850	03/15/36	A2		2,575
3,750,000	e	TransCanada Pipelines Ltd	4.000	06/15/13	A2		3,358
		TOTAL PIPELINES, EXCEPT NATURAL GAS					27,135
PRIMARY METAL INDUSTRIES - 0.18%
4,000,000		Alcan, Inc	5.000	06/01/15	Baa1		3,691
1,750,000		Alcan, Inc	5.750	06/01/35	Baa1		1,566
4,250,000	e	Alcoa, Inc	6.500	06/01/11	A1		4,370
1,000,000		Corning, Inc	5.900	03/15/14	Baa3		989
		TOTAL PRIMARY METAL INDUSTRIES					10,616
PRINTING AND PUBLISHING - 0.04%
2,500,000	e	Dun & Bradstreet Corp	5.500	03/15/11	N/R		2,463
		TOTAL PRINTING AND PUBLISHING					2,463
RAILROAD TRANSPORTATION - 0.36%
3,750,000		Burlington Northern Santa Fe Corp	6.750	07/15/11	Baa2		3,900
3,500,000		Canadian National Railway Co	4.400	03/15/13	Baa1		3,224
3,500,000		Canadian National Railway Co	6.200	06/01/36	A3		3,497
956,000		Norfolk Southern Corp	5.590	05/17/25	Baa1		885
1,044,000	e	Norfolk Southern Corp	7.250	02/15/31	Baa1		1,159
5,000,000		Union Pacific Corp	5.750	10/15/07	Baa2		5,001
3,000,000		Union Pacific Corp	6.500	04/15/12	Baa3		3,089
		TOTAL RAILROAD TRANSPORTATION					20,755
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.03%
1,750,000		Sealed Air Corp	5.375	04/15/08	Baa3		1,735
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS					1,735
SECURITY AND COMMODITY BROKERS - 1.44%
4,000,000		Bear Stearns Cos, Inc	5.700	11/15/14	A2		3,904
7,000,000	e	Credit Suisse First Boston USA, Inc	5.250	03/02/11	Aa3		6,833
3,000,000		Franklin Resources, Inc	3.700	04/15/08	A2		2,899
2,750,000	e	Goldman Sachs Group Lp	4.500	06/15/10	Aa3		2,627
3,250,000		Goldman Sachs Group, Inc	6.600	01/15/12	Aa3		3,347
2,000,000		Goldman Sachs Group, Inc	4.750	07/15/13	Aa3		1,857
3,750,000		Goldman Sachs Group, Inc	5.500	11/15/14	Aa3		3,602

226

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
					MOODYS
				MATURITY	RATING +		VALUE
PRINCIPAL			RATE	DATE	(Unaudited)		(000)
$     4,900,000		Goldman Sachs Group, Inc	5.350	01/15/16	Aa3	$	4,624
5,650,000		Goldman Sachs Group, Inc	6.450	05/01/36	A1		5,401
9,000,000		Lehman Brothers Holdings, Inc	6.625	01/18/12	A1		9,301
9,000,000	e	Lehman Brothers Holdings, Inc	5.500	04/04/16	A1		8,607
3,750,000		Merrill Lynch & Co, Inc	4.790	08/04/10	Aa3		3,619
4,250,000		Merrill Lynch & Co, Inc	5.000	02/03/14	Aa3		3,997
5,500,000	e	Merrill Lynch & Co, Inc	6.050	05/16/16	A1		5,464
10,000,000	e	Morgan Stanley	3.625	04/01/08	A		9,664
8,500,000		Morgan Stanley	4.750	04/01/14	A1		7,780
		TOTAL SECURITY AND COMMODITY BROKERS					83,526
STONE, CLAY, AND GLASS PRODUCTS - 0.05%
3,250,000		CRH America, Inc	6.400	10/15/33	Baa1		3,130
		TOTAL STONE, CLAY, AND GLASS PRODUCTS					3,130
TOBACCO PRODUCTS - 0.02%
1,250,000		RJ Reynolds Tobacco Holdings, Inc	6.500	06/01/07	B1		1,245
		TOTAL TOBACCO PRODUCTS					1,245
TRANSPORTATION BY AIR - 0.12%
5,000,000		Continental Airlines, Inc	6.563	02/15/12	Aaa		5,089
2,000,000		Southwest Airlines Co	5.496	11/01/06	Aa2		2,000
		TOTAL TRANSPORTATION BY AIR					7,089
TRANSPORTATION EQUIPMENT - 0.60%
4,000,000	e	Boeing Capital Corp	5.800	01/15/13	A3		4,002
3,250,000		DaimlerChrysler NA Holding Corp	5.875	03/15/11	A3		3,197
4,000,000		DaimlerChrysler NA Holding Corp	6.500	11/15/13	A3		3,995
4,250,000	e	General Dynamics Corp	3.000	05/15/08	A2		4,051
3,500,000		Lockheed Martin Corp	8.500	12/01/29	Baa2		4,403
4,000,000		Northrop Grumman Corp	7.750	02/15/31	Baa3		4,683
3,000,000		United Technologies Corp	4.875	11/01/06	A2		2,993
2,500,000		United Technologies Corp	7.500	09/15/29	A2		2,898
4,750,000		United Technologies Corp	6.050	06/01/36	A2		4,649
		TOTAL TRANSPORTATION EQUIPMENT					34,871
WHOLESALE TRADE-NONDURABLE GOODS - 0.17%
1,500,000		Gillette Co	4.125	08/30/07	Aa3		1,476
3,000,000	e	Procter & Gamble Co	4.950	08/15/14	Aa3		2,850
2,000,000	e	Procter & Gamble Co	5.800	08/15/34	Aa3		1,923
4,000,000	e	Sysco Corp	5.375	09/21/35	A1		3,559
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS					9,808
		TOTAL CORPORATE BONDS					1,843,662
		(Cost $1,899,625)
GOVERNMENT BONDS - 66.44%
AGENCY SECURITIES - 20.18%
9,866,711		Cal Dive International, Inc	4.930	02/01/27	N/R		9,096
13,000,000		Egypt Government AID Bonds	4.450	09/15/15	Aaa		12,067
11,200,000		Federal Farm Credit Bank (FFCB)	3.375	07/15/08	Aaa		10,760
11,200,000	e	FFCB	4.125	04/15/09	N/R		10,829
19,150,000		FFCB	5.375	07/18/11	Aaa		19,095
13,000,000		Federal Home Loan Bank (FHLB)	5.375	07/17/09	Aaa		12,984
3,000,000	e	Federal Home Loan Mortgage Corp (FHLMC)	7.100	04/10/07	Aaa		3,034
16,472,000		FHLMC	3.750	04/15/07	Aaa		16,247
5,000,000		FHLMC	4.625	06/01/07	Aaa		4,959
26,160,000		FHLMC	4.000	08/17/07	Aaa		25,726

227

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
					MOODYS
				MATURITY	RATING +		VALUE
PRINCIPAL			RATE	DATE	(Unaudited)		(000)
$     7,500,000		FHLMC	5.125	10/24/07	Aaa	$	7,460
12,000,000	e	FHLMC	4.375	11/16/07	Aaa		11,825
20,000,000		FHLMC	4.830	11/28/07	Aaa		19,992
46,750,000	e	FHLMC	4.625	02/21/08	Aaa		46,137
42,268,000		FHLMC	5.125	04/18/08	N/R		42,034
6,205,000		FHLMC	3.500	04/28/08	Aaa		5,995
15,000,000		FHLMC	3.500	05/21/08	Aaa		14,473
7,000,000		FHLMC	3.600	05/22/08	Aaa		6,763
45,500,000		FHLMC	4.625	09/15/08	Aaa		44,682
19,500,000		FHLMC	5.250	05/21/09	N/R		19,402
118,400,000	d,e	FHLMC	7.000	03/15/10	Aaa		124,348
61,900,000		FHLMC	4.750	01/18/11	Aaa		60,116
36,399,000	e	FHLMC	5.875	03/21/11	Aa2		36,746
4,000,000	e	FHLMC	5.125	04/18/11	Aaa		3,939
14,000,000		FHLMC	6.000	06/15/11	Aaa		14,309
22,500,000		FHLMC	5.250	07/18/11	N/R		22,271
30,000,000	e	FHLMC	6.375	08/01/11	Aa2		30,024
66,823,000		FHLMC	6.250	03/05/12	Aaa		66,916
3,811,000		FHLMC	8.250	06/01/16	N/R		4,524
20,100,000		FHLMC	5.750	06/27/16	Aa2		20,049
18,250,000		Federal National Mortgage Association (FNMA)	4.750	01/02/07	Aa2		18,171
3,426,000		FNMA	3.550	01/30/07	Aaa		3,386
7,814,000		FNMA	3.000	03/02/07	Aaa		7,685
5,000,000		FNMA	3.750	07/06/07	Aaa		4,912
8,280,000		FNMA	3.750	08/15/07	Aaa		8,123
5,000,000		FNMA	3.375	09/07/07	Aaa		4,879
31,500,000		FNMA	5.250	12/03/07	Aaa		31,383
39,070,000		FNMA	4.125	06/16/08	Aaa		38,060
40,000,000		FNMA	5.210	03/16/09	Aaa		39,606
1,350,000		FNMA	4.250	01/19/10	Aaa		1,296
120,700,000	e	FNMA	7.125	06/15/10	Aaa		127,626
15,000,000		FNMA	6.625	11/15/10	Aaa		15,659
5,000,000	e	FNMA	6.000	05/15/11	Aaa		5,106
63,250,000		FNMA	5.800	06/07/11	Aaa		62,989
18,000,000		FNMA	4.125	01/30/12	Aaa		16,794
28,600,000		FNMA	5.250	08/01/12	Aa2		27,953
4,250,000		FNMA	6.470	09/25/12	Aaa		4,453
7,808,663		FNMA	4.400	10/01/12	N/R		7,279
8,250,000		FNMA	6.210	08/06/38	Aaa		8,953
4,000,000		Private Export Funding Corp	4.974	08/15/13	Aaa		3,861
4,000,000		Private Export Funding Corp	4.950	11/15/15	Aaa		3,803
5,062,500		Totem Ocean Trailer Express, Inc	4.514	12/18/19	N/R		4,747
		TOTAL AGENCY SECURITIES					1,173,526
FOREIGN GOVERNMENT BONDS - 3.21%
3,500,000		African Development Bank	3.250	08/01/08	Aaa		3,350
2,500,000		Brazilian Government International Bond	10.500	07/14/14	Ba3		3,010
5,500,000	e	Canada Government International Bond	6.750	08/28/06	Aaa		5,512
10,000,000	e	Canada Mortgage & Housing Corp	4.800	10/01/10	Aaa		9,775
4,000,000		Chile Government International Bond	5.500	01/15/13	Baa1		3,932
3,500,000	e	China Development Bank	5.000	10/15/15	A2		3,268
2,000,000	e	Development Bank of Japan	4.250	06/09/15	Aaa		1,811
8,000,000		Eksportfinans A/S	5.500	05/25/16	Aaa		7,922
2,750,000	e	European Investment Bank	5.250	06/15/11	Aaa		2,733
3,500,000		European Investment Bank	4.875	02/15/36	Aaa		3,105
5,000,000		Federal Republic of Germany	3.875	06/01/10	Aaa		4,763
4,500,000	e	Italy Government International Bond	4.500	01/21/15	Aa2		4,159
4,000,000		Italy Government International Bond	6.875	09/27/23	Aa3		4,420
5,000,000	e	Korea Development Bank	5.750	09/10/13	A3		4,937

228

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
					MOODYS
				MATURITY	RATING +		VALUE
PRINCIPAL			RATE	DATE	(Unaudited)		(000)
$     3,500,000		Kreditanstalt fuer Wiederaufbau	5.250	05/19/09	Aaa	$	3,482
6,500,000	e	Kreditanstalt fuer Wiederaufbau	5.125	03/14/16	Aaa		6,309
5,000,000		Landwirtschaftliche Rentenbank	5.250	07/15/11	Aaa		4,947
5,900,000	e	Mexico Government International Bond	6.375	01/16/13	Baa1		5,949
6,152,000		Mexico Government International Bond	5.875	01/15/14	Baa1		5,981
10,500,000		Mexico Government International Bond	5.625	01/15/17	Baa1		9,831
8,000,000	e	Mexico Government International Bond	6.750	09/27/34	Baa1		7,780
5,000,000		Province of British Columbia Canada	4.625	10/03/06	Aa2		4,991
13,000,000	e	Province of British Columbia Canada	5.375	10/29/08	Aa2		12,986
5,000,000		Province of Manitoba Canada	4.250	11/20/06	Aa2		4,976
3,000,000		Province of Manitoba Canada	4.450	04/12/10	Aa2		2,902
15,000,000	e	Province of Ontario	2.650	12/15/06	Aa2		14,813
5,000,000		Province of Ontario	5.500	10/01/08	Aa2		5,004
7,650,000		Province of Ontario	4.750	01/19/16	Aa2		7,180
11,500,000		Province of Quebec Canada	5.000	03/01/16	A1		10,892
6,000,000		Province of Quebec Canada	7.500	09/15/29	Aa3		7,234
2,000,000		Province of Saskatchewan Canada	8.000	02/01/13	A3		2,267
2,750,000	e	Turkey Government International Bond	7.375	02/05/25	Ba3		2,475
4,500,000	e	Turkey Government International Bond	6.875	03/17/36	Ba3		3,735
		TOTAL FOREIGN GOVERNMENT BONDS					186,431
MORTGAGE BACKED SECURITIES - 30.70%
18,000,000	v	Fannie Mae Benchmark REMIC	6.000	06/25/16			17,945
11,720,000		Federal Home Loan Mortgage Corp (FHLMC)	4.000	09/15/18			10,374
10,013,000		FHLMC	4.000	04/15/19			8,672
3,500,000		FHLMC	4.000	09/15/19			3,074
25,000,000		FHLMC	5.000	06/15/28			24,226
11,491,832		FHLMC	5.000	06/15/29			11,126
3,756,344		FHLMC	6.000	04/15/30			3,753
7,084,722		FHLMC	6.000	12/15/30			7,095
19,953,204		FHLMC	5.000	06/15/31			19,009
10,257,819		FHLMC	5.500	09/15/32			9,656
14,020,000		FHLMC	5.500	05/15/33			13,434
9,525,315		FHLMC	4.500	09/15/35			8,963
175,696		Federal Home Loan Mortgage Corp Gold (FGLMC)	7.000	09/01/10			179
376,957		FGLMC	6.000	04/01/11			377
808,401		FGLMC	7.000	07/01/13			829
3,087,935		FGLMC	6.500	12/01/16			3,125
20,630,837		FGLMC	5.000	09/01/18			19,904
7,341,937		FGLMC	4.500	10/01/18			6,944
4,166,724		FGLMC	4.500	11/01/18			3,941
4,649,296		FGLMC	5.500	01/01/19			4,568
1,947,839		FGLMC	4.000	06/01/19			1,798
4,920,660		FGLMC	4.500	08/01/20			4,651
910,250		FGLMC	7.000	10/01/20			936
104,152		FGLMC	7.000	05/01/23			107
1,794,361		FGLMC	6.000	10/01/23			1,787
1,396,335		FGLMC	6.000	11/01/23			1,390
643,430		FGLMC	8.000	01/01/31			679
186,876		FGLMC	7.000	11/01/31			192
431,211		FGLMC	7.000	12/01/31			442
205,981		FGLMC	7.000	12/01/31			211
177,083		FGLMC	7.000	12/01/31			182
76,604		FGLMC	7.000	12/01/31			79
100,574		FGLMC	7.000	12/01/31			103
287,406		FGLMC	7.000	12/01/31			295
72,031		FGLMC	7.000	01/01/32			74
600,788		FGLMC	8.000	02/01/32			633
5,601,707		FGLMC	5.500	11/01/33			5,404

229

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$     33,852,481	d	FGLMC	5.500	12/01/33	$	32,652
7,013,812		FGLMC	5.500	12/01/33		6,766
87,891,036		FGLMC	5.000	01/01/34		82,477
26,497,467		FGLMC	4.500	10/01/34		24,161
3,575,701		FGLMC	5.500	12/01/34		3,443
13,740,241		FGLMC	4.500	04/01/35		12,497
6,689,118		FGLMC	6.000	05/01/35		6,599
3,441,201		FGLMC	6.000	05/01/35		3,390
7,164,854		FGLMC	6.000	05/01/35		7,059
11,865,641		FGLMC	6.000	05/01/35		11,690
7,029,634		FGLMC	6.000	05/01/35		6,926
6,825,525		FGLMC	6.000	05/01/35		6,724
3,091,771		FGLMC	6.000	05/01/35		3,046
3,041,785		FGLMC	5.500	06/01/35		2,924
5,096,366		FGLMC	5.500	06/01/35		4,898
7,535,031		FGLMC	5.500	06/01/35		7,242
33,604,656		FGLMC	5.500	06/01/35		32,298
8,709,433		FGLMC	6.000	06/01/35		8,581
23,156,371		FGLMC	4.500	08/01/35		21,008
3,755,950		FGLMC	5.000	10/01/35		3,510
19,026,866		FGLMC	5.000	11/01/35		17,783
1,181,763		FGLMC	6.500	11/01/35		1,189
4,351,169		FGLMC	6.500	12/01/35		4,336
4,838,442		FGLMC	6.000	01/01/36		4,765
9,485,984		FGLMC	7.000	01/01/36		9,708
4,995,651		FGLMC	6.500	05/01/36		5,025
111,253		Federal National Mortgage Association (FNMA)	7.500	11/01/10		114
49,926		FNMA	8.000	06/01/11		52
10,243		FNMA	8.000	06/01/11		11
7,432		FNMA	8.000	06/01/11		8
8,088		FNMA	8.000	06/01/11		8
29,711		FNMA	8.000	07/01/11		31
631,181		FNMA	5.000	06/01/13		614
2,877,395		FNMA	4.440	07/01/13		2,684
4,567,326		FNMA	4.735	10/01/13		4,330
2,122,021		FNMA	4.777	02/01/14		2,016
5,712,993		FNMA	4.440	04/01/14		5,299
872,587		FNMA	7.500	02/01/15		906
2,135,208		FNMA	7.500	04/01/15		2,216
2,004,572		FNMA	7.500	04/01/15		2,074
45,389		FNMA	6.500	02/01/16		46
155,238		FNMA	6.500	03/01/16		157
81,638		FNMA	6.500	04/01/16		83
1,710,542		FNMA	6.500	10/01/16		1,735
1,069,171		FNMA	6.500	11/01/16		1,085
3,796,984		FNMA	6.500	02/01/18		3,853
8,687,690		FNMA	5.500	03/01/18		8,540
1,443,596		FNMA	5.500	04/01/18		1,419
17,669,233	d	FNMA	5.500	04/01/18		17,370
2,074,689		FNMA	6.500	04/01/18		2,105
418,668		FNMA	5.500	05/01/18		412
23,185,766		FNMA	4.500	12/01/18		21,966
1,218,755		FNMA	6.000	01/01/19		1,215
193,436		FNMA	6.000	02/01/19		193
18,246,529		FNMA	5.000	04/01/19		17,600
5,570,369		FNMA	5.500	07/01/20		5,472
132,000,000	h	FNMA	5.000	07/25/21		127,091
78,000,000	h	FNMA	6.000	08/25/21		78,195
316,767		FNMA	8.000	03/01/23		334

230

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$     8,232,801		FNMA	5.000	12/01/23	$	7,828
2,496,420		FNMA	5.500	02/01/24		2,430
5,062,436		FNMA	5.500	07/01/24		4,921
703,404		FNMA	8.000	07/01/24		743
7,261,919		FNMA	5.500	08/01/24		7,059
22,850,759		FNMA	5.000	10/01/25		21,642
147,386		FNMA	9.000	11/01/25		160
662,269		FNMA	7.000	07/01/32		678
809,385		FNMA	7.000	07/01/32		829
2,554,081		FNMA	5.000	02/01/33		2,399
12,000,000		FNMA	4.500	03/25/33		11,359
2,450,751		FNMA	5.500	06/01/33		2,364
13,463,326		FNMA	5.500	07/01/33		12,988
7,065,529		FNMA	4.500	08/01/33		6,438
7,332,361		FNMA	5.000	08/01/33		6,887
11,000,000		FNMA	5.500	08/25/33		10,647
11,859,480		FNMA	4.500	10/01/33		10,806
7,540,354		FNMA	5.000	10/01/33		7,083
3,286,406		FNMA	5.000	10/01/33		3,087
2,467,212		FNMA	5.000	10/01/33		2,317
10,458,918		FNMA	5.000	11/01/33		9,824
1,149,986		FNMA	5.000	11/01/33		1,080
9,548,844		FNMA	5.000	11/01/33		8,969
20,191,965		FNMA	5.000	11/01/33		18,966
5,887,478		FNMA	5.500	12/01/33		5,680
4,771,445		FNMA	5.500	12/01/33		4,603
11,354,674		FNMA	5.500	12/01/33		10,954
2,255,919	d	FNMA	5.500	12/01/33		2,176
1,851,017		FNMA	5.500	12/01/33		1,786
4,317,570		FNMA	5.500	01/01/34		4,165
9,022,430		FNMA	5.500	01/01/34		8,704
15,224,615		FNMA	5.500	02/01/34		14,687
3,018,125		FNMA	5.000	03/01/34		2,835
3,492,155		FNMA	5.000	03/01/34		3,280
8,514,462		FNMA	5.000	03/01/34		7,998
2,796,933		FNMA	5.000	03/01/34		2,627
10,036,846		FNMA	5.500	03/01/34		9,666
31,619,785		FNMA	4.350	03/25/34		30,021
22,452,937		FNMA	5.000	04/01/34		21,055
7,223,623		FNMA	5.500	09/01/34		6,957
4,693,526		FNMA	5.500	09/01/34		4,520
6,866,925		FNMA	5.500	09/01/34		6,613
2,940,094		FNMA	5.500	10/01/34		2,832
4,360,804		FNMA	5.500	10/01/34		4,200
9,730,650		FNMA	5.500	10/25/34		9,260
22,545,702		FNMA	5.500	12/01/34		21,713
9,243,159		FNMA	5.500	01/01/35		8,902
6,062,075		FNMA	5.500	04/01/35		5,827
23,187,853		FNMA	5.500	05/01/35		22,288
8,942,348		FNMA	6.000	05/01/35		8,808
1,550,606		FNMA	5.500	06/01/35		1,490
3,176,229		FNMA	5.500	06/01/35		3,053
3,045,196		FNMA	5.500	06/01/35		2,927
6,038,217		FNMA	5.500	06/01/35		5,804
2,147,590		FNMA	5.500	06/01/35		2,064
1,060,719		FNMA	7.500	06/01/35		1,097
2,845,391		FNMA	5.500	07/01/35		2,735
3,736,480		FNMA	6.000	07/01/35		3,681
17,198,399		FNMA	5.500	09/01/35		16,531

231

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$     16,770,130		FNMA	5.000	10/01/35	$	15,686
3,401,079		FNMA	6.500	02/01/36		3,419
14,182,361		FNMA	6.500	02/01/36		14,258
7,598,157		FNMA	6.500	02/01/36		7,639
6,160,069		FNMA	6.500	02/01/36		6,193
14,320,431		FNMA	6.500	02/01/36		14,397
5,681,687		FNMA	5.000	03/01/36		5,285
3,995,773		FNMA	5.500	04/01/36		3,818
32,840,687		FNMA	5.000	05/01/36		30,550
24,620,777	h	FNMA	5.875	06/01/36		24,680
2,200,000	h	FNMA	6.000	06/01/36		2,166
108,000,000	h	FNMA	5.500	07/25/36		103,714
124,000,000	h	FNMA	6.000	07/25/36		122,024
36,000,000	h	FNMA	6.500	07/25/36		36,180
4,864,206		Freddie Mac Reference REMIC	5.750	12/15/18		4,811
13,131		Government National Mortgage Association (GNMA)	8.500	10/15/09		14
33,044		GNMA	8.500	12/15/09		34
59,066		GNMA	8.500	12/15/09		61
211,121		GNMA	9.000	12/15/09		218
43,057		GNMA	8.500	01/15/10		45
16,946		GNMA	8.500	01/15/10		18
32,957		GNMA	9.000	06/15/16		35
6,701		GNMA	9.000	09/15/16		7
6,152		GNMA	9.000	09/15/16		7
25,588		GNMA	9.000	09/15/16		27
26,058		GNMA	9.000	11/15/16		28
9,606		GNMA	9.000	12/15/16		10
13,182		GNMA	9.000	12/15/16		14
227,913		GNMA	9.500	12/15/16		247
14,567		GNMA	9.000	06/15/20		16
165,358		GNMA	8.000	06/15/24		175
185,943		GNMA	8.500	11/20/30		199
131,000		GNMA	8.500	12/20/30		140
3,527,427		GNMA	5.500	11/20/33		3,409
13,539,480		GNMA	5.500	03/20/35		13,075
8,104,191		GNMA	5.500	12/20/35		7,826
70,000,000	h	GNMA	5.000	07/15/36		66,238
29,000,000	h	GNMA	6.000	07/20/36		28,755
		TOTAL MORTGAGE BACKED SECURITIES				1,784,549
U.S. TREASURY SECURITIES - 12.35%
301,155,000	e	United States Treasury Bond	8.000	11/15/21		385,225
42,095,000	e	United States Treasury Bond	5.375	02/15/31		42,838
14,494,569	e,k	United States Treasury Inflation Indexed Note	3.375	01/15/07		14,532
18,117,573	e,k	United States Treasury Inflation Indexed Note	3.875	01/15/09		18,766
4,400,000	e	United States Treasury Note	2.500	09/30/06		4,371
34,940,000	e	United States Treasury Note	3.750	03/31/07		34,548
27,050,000	e	United States Treasury Note	4.375	05/15/07		26,842
22,891,000	e	United States Treasury Note	4.000	09/30/07		22,549
2,450,000	e	United States Treasury Note	4.250	10/31/07		2,420
11,690,000	e	United States Treasury Note	4.375	12/31/07		11,550
74,900,000	e	United States Treasury Note	4.375	01/31/08		73,964
1,850,000	e	United States Treasury Note	4.625	02/29/08		1,833
26,000,000	e	United States Treasury Note	4.875	05/31/08		25,855
1,400,000	e	United States Treasury Note	4.500	02/15/09		1,378
28,500,000	e	United States Treasury Note	4.875	05/15/09		28,306
16,250,000	e	United States Treasury Note	4.875	04/30/11		16,083
940,000	e	United States Treasury Note	4.875	05/31/11		931
1,908,000	e	United States Treasury Note	4.500	02/15/16		1,816

232

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$     3,970,000	e	United States Treasury Note	5.125	05/15/16	$	3,966
		TOTAL U.S. TREASURY SECURITIES				717,773
		TOTAL GOVERNMENT BONDS				3,862,279
		(Cost $3,964,828)
		TOTAL BONDS				5,705,941
		(Cost $5,864,453)
TIAA-CREF MUTUAL FUNDS - 0.06%
432,491	a	TIAA-CREF High-Yield Bond Fund				3,849
						3,849
		TOTAL TIAA-CREF MUTUAL FUNDS				3,849
		(Cost $3,697)
SHORT-TERM INVESTMENTS - 27.46%
COMMERCIAL PAPER - 9.64%
29,880,000		ABN Amro North America Finance, Inc	5.110	07/14/06		29,832
10,000,000	c,d	Air Products & Chemicals, Inc	5.200	07/17/06		9,979
35,000,000	c,d	AT&T, Inc	5.120	07/13/06		34,949
35,000,000	c,d	BellSouth Corp	5.170	07/12/06		34,954
35,000,000	c,d	Cargill Global Funding plc	5.270	07/13/06		34,949
16,500,000	c,d	CC (USA), Inc	5.050	07/17/06		16,466
24,358,000	d	Florida Power & Light Co	5.200	07/11/06		24,329
35,000,000	c,d	Govco, Inc	5.140	07/13/06		34,948
35,000,000	c,d	Greyhawk Funding LLC	5.140	07/18/06		34,922
15,000,000	c,d	Harrier Finance Funding LLC	5.320	08/04/06		14,929
21,080,000		IBM Corp	5.250	07/03/06		21,071
24,640,000	c,d	Kitty Hawk Funding Corp	5.130	07/10/06		24,614
17,600,000		Merrill Lynch & Co, Inc	5.120	07/19/06		17,559
17,600,000	d	Merrill Lynch & Co, Inc	5.120	07/20/06		17,556
13,320,000	d	Paccar Financial Corp	4.910	07/05/06		13,316
20,000,000	c	Park Avenue Receivables Corp	5.040	07/05/06		19,994
15,000,000	c,d	Park Avenue Receivables Corp	5.080	07/11/06		14,982
12,000,000	c,d	Preferred Receivables Funding Corp	5.080	07/10/06		11,988
22,000,000	c,d	Preferred Receivables Funding Corp	5.200	07/20/06		21,944
9,132,000	c,d	Ranger Funding Co LLC	5.130	07/14/06		9,117
19,000,000	c	Ranger Funding Co LLC	5.165	07/17/06		18,961
14,700,000	c,d	Variable Funding Capital Corp	4.930	07/06/06		14,693
20,000,000	c,d	Variable Funding Capital Corp	5.060	07/07/06		19,988
16,370,000	c,d	Verizon Communications, Inc	5.160	07/12/06		16,347
13,000,000	c,d	Verizon Communications, Inc	5.130	07/13/06		12,980
21,970,000	c,d	Yorktown Capital, LLC	5.240	07/05/06		21,963
13,040,000	c	Yorktown Capital, LLC	5.300	07/07/06		13,032
		TOTAL COMMERCIAL PAPER				560,362
U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES - 1.09%
20,350,000		Federal Home Loan Bank (FHLB)	4.950	07/03/06		20,350
29,500,000	d	FHLB	5.120	07/12/06		29,462
13,630,000	d	Federal Home Loan Mortgage Corp (FHLMC)	4.930	07/18/06		13,601
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES				63,413
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 16.73%
971,534,000		Bank of New York Institutional Cash Reserves Fund	5.298	07/03/06		972,642
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED				972,642

233

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
				VALUE
				(000)
		TOTAL SHORT-TERM INVESTMENTS	$	1,596,417
		(Cost $1,596,275)
		TOTAL PORTFOLIO - 125.67%		7,306,207
		(Cost $7,464,425)
		OTHER ASSETS & LIABILITIES, NET - (25.67%)		(1,492,558)
		NET ASSETS - 100.00%	$	5,813,649
		ABBREVIATION:
	LLC	Limited Liability Company
	LP	Limited Partnership
	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 June 30, 2006, the value of these securities amounted to $43,335,190 or 0.75% 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.
		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.

COLLEGE RETIREMENT EQUITIES FUND
TRANSACTIONS WITH AFFILIATED COMPANIES-BOND MARKET ACCOUNT
JANUARY 1, 2006 - JUNE 30, 2006

	Value at	Purchase		Realized	Dividend	Withholding	Shares at	Value at
Issue	December 31, 2005	Cost	Proceeds	Gain/(Loss)	Income	Expense	June 30, 2006	June 30, 2006
TIAA-CREF High-Yield Bond Fund	$ 3,781,732	$ 140,504	$           -	$          -	$ 140,504	$           -	432,491	$ 3,849,176
		$ 140,504	$           -	$          -	$ 140,504	$           -		$ 3,849,176

234

COLLEGE RETIREMENT EQUITIES FUND - Inflation Linked Bond Account
COLLEGE RETIREMENT EQUITIES FUND
INFLATION LINKED BOND ACCOUNT
STATEMENT OF INVESTMENTS (Unaudited)
June 30, 2006
				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
GOVERNMENT BONDS - 98.86%
U.S. TREASURY SECURITIES - 98.86%
$      290,104,740	k	United States Treasury Inflation Indexed Bond	2.375	01/15/25	$	282,292
110,882,557	e,k	United States Treasury Inflation Indexed Bond	2.000	01/15/26		101,475
193,248,096	k	United States Treasury Inflation Indexed Bond	3.625	04/15/28		229,271
222,405,402	k	United States Treasury Inflation Indexed Bond	3.875	04/15/29		275,053
58,685,265	k	United States Treasury Inflation Indexed Bond	3.375	04/15/32		69,249
202,616,866	k	United States Treasury Inflation Indexed Note	3.625	01/15/08		206,067
183,135,324	e,k	United States Treasury Inflation Indexed Note	3.875	01/15/09		189,688
132,291,910	k	United States Treasury Inflation Indexed Note	4.250	01/15/10		140,538
315,677,047	k	United States Treasury Inflation Indexed Note	0.875	04/15/10		297,750
134,405,385	k	United States Treasury Inflation Indexed Note	3.500	01/15/11		140,538
121,483,053	k	United States Treasury Inflation Indexed Note	2.375	04/15/11		120,980
73,962,399	k	United States Treasury Inflation Indexed Note	3.375	01/15/12		77,464
252,560,415	k	United States Treasury Inflation Indexed Note	3.000	07/15/12		260,019
236,064,363	e,k	United States Treasury Inflation Indexed Note	1.875	07/15/13		226,714
243,384,729	k	United States Treasury Inflation Indexed Note	2.000	01/15/14		234,847
221,965,499	e,k	United States Treasury Inflation Indexed Note	2.000	07/15/14		213,711
218,459,989	k	United States Treasury Inflation Indexed Note	1.625	01/15/15		203,611
190,766,143	k	United States Treasury Inflation Indexed Note	1.875	07/15/15		180,930
184,415,200	k	United States Treasury Inflation Indexed Note	2.000	01/15/16		176,059
		TOTAL U.S. TREASURY SECURITIES				3,626,256
		TOTAL GOVERNMENT BONDS				3,626,256
		(Cost $3,668,241)
SHORT-TERM INVESTMENTS - 2.26%
COMMERCIAL PAPER - 0.05%
2,040,000		UBS Finance, (Delaware), Inc	5.270	07/03/06		2,039
		TOTAL COMMERCIAL PAPER				2,039
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 2.21%
REPURCHASED AGREEMENTS - 2.21%
25,000,000		Bear Stearns & Co, Inc, 5.230% Dated 6/30/2006,				25,004
		Due 07/03/2006 In the Amount of $25,003,632
		Fully Collateralized as follows:
		Federal Home Loan Mortgage Corp (FHLMC) 3.600% - 6.625%, 10/15/2008 - 03/17/2021		$    10,097,294
		Federal National Mortgage Association (FNMA) 3.250% - 6.625%, 10/15/2006 - 09/14/2012		15,454,353
		Total Market Value		25,551,647
20,691,000		Citigroup Global Markets, Inc, 5.200% Dated 6/30/2006,				20,694
		Due 07/03/2006 In The Amount Of $20,693,989
		Fully Collateralized as follows:
		Federal National Mortgage Association (FNMA) 4.750%, 01/02/2007		20,625,197
		Total Market Value		20,625,197
25,000,000		J P Morgan Securities, 5.200% Dated 6/30/2006,				25,004
		Due 07/03/2006 In The Amount Of $25,003,611
		Fully Collateralized as follows:
		Federal Home Loan Bank (FHLB) 3.000% - 5.000%, 09/12/2008 - 03/11/2016		25,500,063
		Total Market Value		25,500,063

235

COLLEGE RETIREMENT EQUITIES FUND - Inflation Linked Bond Account
					VALUE
PRINCIPAL					(000)
$     10,313,000		Merrill Lynch & Co. Inc, 5.240% Dated 6/30/2006,		$	10,314
		Due 07/03/2006 In The Amount Of $10,314,501
		Fully Collateralized as follows:
		Federal Home Loan Bank (FHLB) 6.493%, 12/19/2025	$   2,462,229
		Federal Home Loan Mortgage Corp (FHLMC) 4.875% - 5.750% , 03/15/2007 - 06/27/2016	5,463,189
		Federal National Mortgage Association (FNMA) 4.375%, 10/15/2006	2,594,364
		Total Market Value	10,519,782
		TOTAL INVESTMENT OF CASH COLLATERAL
		FOR SECURITIES LOANED			81,016
		TOTAL SHORT-TERM INVESTMENTS			83,055
		(Cost $83,055)
		TOTAL PORTFOLIO - 101.12%			3,709,311
		(Cost $3,751,296)
		OTHER ASSETS & LIABILITIES, NET - (1.12%)			(41,122)
		NET ASSETS - 100.00%		$	3,668,189
	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.

236

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
COLLEGE RETIREMENT EQUITIES FUND
SOCIAL CHOICE ACCOUNT
STATEMENT OF INVESTMENTS (Unaudited)
June 30, 2006
					MOODYS
				MATURITY	RATING +		VALUE
PRINCIPAL			RATE	DATE	(Unaudited)		(000)
BONDS - 39.01%
CORPORATE BONDS - 12.37%
AMUSEMENT AND RECREATION SERVICES - 0.02%
$      2,000,000		International Speedway Corp	5.400	04/15/14	Baa2	$	1,910
		TOTAL AMUSEMENT AND RECREATION SERVICES					1,910
ASSET BACKED - 0.84%
10,000,000		Centex Home Equity Series 2004-C (Class AF5)	5.980	06/25/34	Aaa		9,540
7,000,000		Chase Funding Loan Acquisition Trust Series 2004-OPT1 (Class M1)	5.893	06/25/34	Aa2		7,045
184,599		Chase Funding Mortgage Loan Asset-Backed Certificates Series 2002-1 (Class 1A4)	5.742	09/25/28	Aaa		184
277,647		Chase Funding Mortgage Loan Asset-Backed Certificates Series 2004-2 (Class 1A2)	3.777	01/25/22	Aaa		277
5,000,000		Chase Funding Mortgage Loan Asset-Backed Certificates Series 2004-2 (Class 1A3)	4.209	09/25/26	Aaa		4,961
1,000,000		Chase Funding Mortgage Loan Asset-Backed Certificates Series 2004-2 (Class 1B)	5.700	02/25/34	Baa2		958
2,000,000		Chase Manhattan Auto Owner Trust Series 2004-A (Class A4)	2.830	09/15/10	Aaa		1,939
5,500,000		CIT Equipment Collateral Series 2005-VT1 (Class A4)	4.360	11/20/12	Aaa		5,390
2,679,354		Countrywide Asset-Backed Certificates Series 2002-S2 (Class A5)	5.978	01/25/17	Aaa		2,670
17,419		Countrywide Asset-Backed Certificates Series 2004-3N	5.523	05/25/09	Aaa		17
1,915,949		Countrywide Home Equity Loan Trust Series 2004-B (Class 1A)	5.419	02/15/29	Aaa		1,918
3,500,000		GMAC Mortgage Corporation Loan Trust 2006-HLTV A3	5.590	10/25/29	Aaa		3,463
2,282,000		GMAC Mortgage Corporation Loan Trust 2006-HLTV A4	5.810	10/25/29	Aaa		2,242
3,000,000		IXIS Real Estate Capital Trust Series 2006-HE1 (Class A2)	5.463	03/25/36	Aaa		3,001
350,000	v	Long Beach Asset Holdings Corp Series 2006-4 (Class N1)	5.877	06/25/46	N/R		350
4,000,000		Residential Funding Mortgage Securities II, Inc Series 2006-H12 (Class A2)	5.750	02/25/36	Aaa		3,984
3,000,000		Residential Funding Mortgage Securities II, Inc Series 2006-HI1 (Class A3)	5.570	02/25/36	Aaa		2,965
2,000,000		Residential Funding Mortgage Securities II, Inc Series 2006-HI1 (Class M1)	6.010	02/25/36	Aa1		1,964
200,000		Residential Funding Mortgage Securities II, Inc Series 2006-HI1 (Class M2)	6.060	02/25/36	Aa2		196
4,000,000		Residential Funding Mortgage Securities II, Inc Series 2006-HSA2 (Class AI3)	5.550	03/25/36	Aaa		3,955
5,000,000	h,v	Sierra Receivables Funding Co Series 2006-1A (Class A1)	5.840	05/20/18	Aaa		5,000
4,429,518		Wachovia Loan Trust Series 2005-SD1 (Class A)	5.683	05/25/35	N/R		4,432
		TOTAL ASSET BACKED					66,451
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.16%
7,500,000		Home Depot, Inc	5.400	03/01/16	Aa3		7,190
5,000,000		Lowe's Cos, Inc	8.250	06/01/10	A2		5,438
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES					12,628
BUSINESS SERVICES - 0.06%
5,000,000		Certegy, Inc	4.750	09/15/08	Baa2		4,660
		TOTAL BUSINESS SERVICES					4,660
CHEMICALS AND ALLIED PRODUCTS - 0.29%
5,000,000		Abbott Laboratories	5.600	05/15/11	Aa3		4,970
2,500,000		Ecolab, Inc	6.875	02/01/11	A2		2,600
3,000,000		Genentech, Inc	5.250	07/15/35	A1		2,584
1,500,000		Lubrizol Corp	4.625	10/01/09	Baa3		1,433
5,000,000		Praxair, Inc	3.950	06/01/13	A3		4,443
2,366,000		Rohm & Haas Co	7.400	07/15/09	A3		2,481
4,500,000		Valspar Corp	6.000	05/01/07	Baa2		4,505
		TOTAL CHEMICALS AND ALLIED PRODUCTS					23,016
COMMUNICATIONS - 0.74%
1,050,000		360 Communications Co	6.650	01/15/08	A2		1,063

237

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
					MOODYS
				MATURITY	RATING +		VALUE
PRINCIPAL			RATE	DATE	(Unaudited)		(000)
$     4,650,000	g	ALLTEL Ohio Lp	8.000	08/15/10	A2	$	4,982
1,184,000		AT&T Corp	7.300	11/15/11	Baa2		1,258
3,000,000		AT&T, Inc	5.100	09/15/14	A2		2,783
1,000,000	e	AT&T, Inc	6.150	09/15/34	A2		918
4,134,570		Bellsouth Telecommunications	6.300	12/15/15	A2		4,127
5,000,000		COX Communications, Inc	4.625	01/15/10	Baa3		4,775
2,500,000		New Cingular Wireless Services, Inc	7.875	03/01/11	Baa2		2,694
1,500,000		New Cingular Wireless Services, Inc	8.750	03/01/31	Baa2		1,829
5,000,000		New England Telephone & Tele	7.650	06/15/07	Baa1		5,074
1,500,000		Sprint Capital Corp	6.000	01/15/07	Baa2		1,502
8,500,000		Sprint Capital Corp	8.375	03/15/12	Baa3		9,398
4,725,000		Telephone & Data Systems, Inc	7.000	08/01/06	Baa3		4,727
5,000,000		Verizon Communications, Inc	5.550	02/15/16	A3		4,702
1,500,000		Verizon Global Funding Corp	7.375	09/01/12	A2		1,595
1,500,000		Verizon Global Funding Corp	5.850	09/15/35	A3		1,299
6,500,000		Verizon Wireless Capital LLC	5.375	12/15/06	A2		6,493
		TOTAL COMMUNICATIONS					59,219
DEPOSITORY INSTITUTIONS - 1.81%
6,000,000		AmSouth Bancorp	6.750	11/01/25	A3		6,217
3,000,000		Bank of Hawaii	6.875	03/01/09	A3		3,060
2,500,000		Capital One Bank	4.250	12/01/08	A3		2,415
3,000,000		First Union National Bank of Florida	6.180	02/15/36	Aa3		3,052
2,000,000		Greenpoint Financial Corp	3.200	06/06/08	Baa1		1,904
2,500,000		Independence Community Bank Corp	4.900	09/23/10	Baa1		2,398
2,000,000		KeyBank NA	5.000	07/17/07	A1		1,987
5,000,000		M&I Marshall & Ilsley Bank	3.544	06/16/10	Aa3		5,006
1,000,000		Mellon Capital I	7.720	12/01/26	A2		1,038
5,000,000		Mellon Funding Corp	6.400	05/14/11	A2		5,138
5,000,000		Mercantile Bankshares Corp	4.625	04/15/13	A2		4,624
1,250,000		Mercantile-Safe Deposit & Trust Co	5.700	11/15/11	N/R		1,249
3,000,000		National City Bank of Indiana	4.875	07/20/07	Aa3		2,975
3,500,000		Northern Trust Co	4.600	02/01/13	A1		3,271
3,000,000		PNC Bank NA	4.875	09/21/17	A2		2,705
2,500,000		PNC Institutional Capital Trust A	7.950	12/15/26	A2		2,614
3,000,000		Popular North America, Inc	3.875	10/01/08	A3		2,868
2,000,000		Popular North America, Inc	5.650	04/15/09	A3		1,983
2,380,000		Regions Financial Corp	7.000	03/01/11	A2		2,498
2,401,000		Regions Financial Corp	7.750	09/15/24	A2		2,818
4,700,000		Republic New York Corp	7.530	12/04/26	A1		4,897
1,400,000		Roslyn Bancorp, Inc	5.750	11/15/07	Baa1		1,388
7,185,000		Roslyn Bancorp, Inc	7.500	12/01/08	Baa1		7,427
3,000,000		Sovereign Bank	4.000	02/01/08	A3		2,922
7,312,000		State Street Corp	7.650	06/15/10	A2		7,808
10,228,000		SunTrust Banks, Inc	6.000	02/15/26	A1		9,987
1,475,000		SunTrust Banks, Inc	6.000	01/15/28	N/R		1,486
4,000,000		Union Bank of California NA	5.950	05/11/16	A2		3,950
3,268,000		Union Planters Bank NA	5.125	06/15/07	A1		3,250
5,000,000		US Bank NA	5.700	12/15/08	Aa2		5,000
1,112,000		US Bank NA	6.375	08/01/11	A1		1,142
3,000,000		US Bank NA	6.300	02/04/14	Aa3		3,073
3,250,000		Wachovia Capital Trust III	5.800	12/30/49	A2		3,154
3,000,000		Washington Mutual Bank	5.650	08/15/14	A3		2,889
5,000,000		Webster Bank	5.875	01/15/13	Baa3		4,896
3,125,000		Wells Fargo & Co	4.200	01/15/10	Aa1		2,984
1,875,000		Wells Fargo & Co	4.875	01/12/11	Aa1		1,815
5,000,000		Wells Fargo Bank NA	5.750	05/16/16	Aa1		4,912
4,678,000		Wells Fargo Capital I	7.960	12/15/26	Aa2		4,866
1,000,000		Wells Fargo Financial, Inc	5.500	08/01/12	Aa1		985

238

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				MOODYS
			MATURITY	RATING +		VALUE
PRINCIPAL		RATE	DATE	(Unaudited)		(000)
$     5,000,000	World Savings Bank FSB	5.451	09/16/09	Aa3	$	5,004
	TOTAL DEPOSITORY INSTITUTIONS					143,655
EATING AND DRINKING PLACES - 0.06%
5,000,000	McDonald's Corp	5.750	03/01/12	A2		4,964
	TOTAL EATING AND DRINKING PLACES					4,964
ELECTRIC, GAS, AND SANITARY SERVICES - 0.58%
4,000,000	AGL Capital Corp	6.000	10/01/34	Baa1		3,672
5,000,000	Atmos Energy Corp	5.125	01/15/13	A3		4,692
5,000,000	Energen Corp	5.520	11/15/07	Baa2		4,999
2,500,000	Laclede Gas Co	6.150	06/01/36	A3		2,467
5,000,000	National Fuel Gas Co	5.250	03/01/13	A3		4,783
6,000,000	Nevada Power Co	6.650	04/01/36	Ba1		5,667
1,000,000	Nisource Finance Corp	3.200	11/01/06	Baa3		992
2,185,000	Pedernales Electric Cooperative	6.202	11/15/32	N/R		2,185
2,000,000	Piedmont Natural Gas Co	7.350	09/25/09	A3		2,087
5,000,000	Questar Market Resources, Inc	6.050	09/01/16	Baa3		4,912
5,000,000	UGI Utilities, Inc	7.250	11/01/17	A3		5,353
5,000,000	Washington Gas Light	5.440	08/11/25	A2		4,531
	TOTAL ELECTRIC, GAS, AND SANITARY SERVICES					46,340
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 0.18%
2,500,000	Cisco Systems, Inc	5.250	02/22/11	A1		2,453
3,500,000	Cisco Systems, Inc	5.500	02/22/16	A1		3,353
5,000,000	Hubbell, Inc	6.375	05/15/12	A3		5,168
3,000,000	International Business Machines Corp	6.220	08/01/27	A1		3,001
	TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT					13,975
FABRICATED METAL PRODUCTS - 0.04%
3,000,000	Illinois Tool Works, Inc	5.750	03/01/09	Aa3		3,004
	TOTAL FABRICATED METAL PRODUCTS					3,004
FOOD AND KINDRED PRODUCTS - 0.49%
5,000,000	Bottling Group LLC	4.625	11/15/12	A3		4,691
5,000,000	Campbell Soup Co	5.000	12/03/12	A3		4,752
6,700,000	Coca-Cola Bottling Co Consolidated	5.000	11/15/12	Baa2		6,354
5,000,000	Coca-Cola Enterprises, Inc	8.500	02/01/22	A2		6,056
5,000,000	General Mills, Inc	5.125	02/15/07	Baa2		4,983
5,000,000	Kellogg Co	6.600	04/01/11	Baa1		5,157
5,000,000	PepsiAmericas, Inc	5.625	05/31/11	Baa1		4,957
2,500,000	WM Wrigley Jr Co	4.650	07/15/15	A1		2,290
	TOTAL FOOD AND KINDRED PRODUCTS					39,240
FOOD STORES - 0.07%
5,000,000	Kroger Co	8.050	02/01/10	Baa3		5,308
	TOTAL FOOD STORES					5,308
FURNITURE AND FIXTURES - 0.05%
4,000,000	Leggett & Platt, Inc	4.700	04/01/13	A2		3,711
	TOTAL FURNITURE AND FIXTURES					3,711
GENERAL BUILDING CONTRACTORS - 0.26%
2,500,000	Centex Corp	5.250	06/15/15	Baa2		2,232
5,000,000	DR Horton, Inc	5.375	06/15/12	Baa3		4,644
3,000,000	Lennar Corp	5.125	10/01/10	Baa2		2,848
2,000,000	Lennar Corp	6.500	04/15/16	Baa2		1,934
3,000,000	M/I Homes, Inc	6.875	04/01/12	Ba2		2,595
3,000,000	MDC Holdings, Inc	5.375	07/01/15	Baa3		2,635

239

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
					MOODYS
				MATURITY	RATING +		VALUE
PRINCIPAL			RATE	DATE	(Unaudited)		(000)
$     2,140,000		Pulte Homes, Inc	7.875	08/01/11	Baa3	$	2,265
2,000,000		Ryland Group, Inc	5.375	05/15/12	Baa3		1,851
		TOTAL GENERAL BUILDING CONTRACTORS					21,004
GENERAL MERCHANDISE STORES - 0.01%
1,000,000		Target Corp	4.000	06/15/13	A2		904
		TOTAL GENERAL MERCHANDISE STORES					904
HEALTH SERVICES - 0.03%
2,500,000		Laboratory Corp of America Holdings	5.625	12/15/15	Baa3		2,390
		TOTAL HEALTH SERVICES					2,390
HOLDING AND OTHER INVESTMENT OFFICES - 0.35%
2,500,000		AMB Property Lp	5.450	12/01/10	Baa2		2,470
2,000,000		EOP Operating Lp	5.875	01/15/13	Baa1		1,969
2,000,000		Health Care REIT, Inc	6.200	06/01/16	Baa3		1,916
2,500,000		HRPT Properties Trust	5.750	11/01/15	Baa2		2,375
5,000,000		Kimco Realty Corp	5.304	02/22/11	Baa1		4,870
2,500,000		Kimco Realty Corp	5.783	03/15/16	Baa1		2,423
2,500,000		Pan Pacific Retail Properties, Inc	5.250	09/01/15	Baa1		2,308
2,000,000		Simon Property Group Lp	6.100	05/01/16	Baa1		1,987
2,275,000		Washington Real Estate Investment Trust	7.250	08/13/06	Baa1		2,277
5,500,000		Washington Real Estate Investment Trust	6.898	02/25/08	Baa1		5,593
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES					28,188
INDUSTRIAL MACHINERY AND EQUIPMENT - 0.34%
9,220,000		Cooper Cameron Corp	2.650	04/15/07	Baa1		8,962
281,000		Deere & Co	8.500	01/09/22	A3		351
10,000,000	g	Pall Corp	6.000	08/01/12	Baa2		9,899
7,775,000		Smith International, Inc	6.750	02/15/11	Baa1		8,010
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT					27,222
INSTRUMENTS AND RELATED PRODUCTS - 0.36%
5,000,000		Beckman Coulter, Inc	6.875	11/15/11	Baa3		5,189
4,500,000		Becton Dickinson & Co	7.150	10/01/09	A2		4,696
5,000,000		Boston Scientific Corp	5.500	11/15/15	Baa3		4,815
5,200,000		CR Bard, Inc	6.700	12/01/26	Baa1		5,393
3,500,000		Medtronic, Inc	4.750	09/15/15	A1		3,208
3,000,000		Thermo Electron Corp	7.625	10/30/08	Baa1		3,104
2,000,000		Thermo Electron Corp	5.000	06/01/15	Baa1		1,824
		TOTAL INSTRUMENTS AND RELATED PRODUCTS					28,229
INSURANCE CARRIERS - 0.83%
3,000,000		Aetna, Inc	6.625	06/15/36	A3		2,988
3,500,000		Cincinnati Financial Corp	6.125	11/01/34	A2		3,289
3,000,000		First American Corp	5.700	08/01/14	Baa2		2,863
2,500,000		Hartford Life Global Funding Trusts	5.429	03/15/11	Aa3		2,499
5,000,000	g	Health Care Service Corp	7.750	06/15/11	A2		5,378
1,200,000	g	Jackson National Life Global Funding	6.125	05/30/12	A1		1,227
2,500,000		Jefferson-Pilot Corp	4.750	01/30/14	N/R		2,306
5,000,000		Jefferson-Pilot Life Funding Trust I	3.250	06/02/08	Baa3		4,991
1,945,000	g	John Hancock Global Funding II	7.900	07/02/10	Aa3		2,112
2,000,000		Markel Corp	6.800	02/15/13	Baa3		2,002
3,000,000		Markel Corp	7.350	08/15/34	Baa3		2,930
2,230,000		Nationwide Financial Services	6.250	11/15/11	A3		2,262
1,000,000		Nationwide Financial Services	5.900	07/01/12	A3		995
2,000,000	g	Nationwide Life Global Funding I	2.750	05/15/07	Aa3		1,947
5,000,000		Nationwide Life Global Funding I	5.350	03/15/11	Aa3		4,921
5,000,000	g	New York Life Global Funding	4.625	08/16/10	Aa1		4,805

240

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
					MOODYS
				MATURITY	RATING +		VALUE
PRINCIPAL			RATE	DATE	(Unaudited)		(000)
$     4,900,000		Ohio National Financial Services, Inc	7.000	07/15/11	Baa1	$	5,100
3,500,000	g	Pricoa Global Funding I	4.625	06/25/12	Aa3		3,285
2,500,000		Protective Life Secured Trust	4.850	08/16/10	Aa3		2,421
2,500,000		Protective Life Secured Trust	4.000	04/01/11	Aa3		2,318
1,500,000		Prudential Funding LLC	6.600	05/15/08	A1		1,523
3,000,000		WellPoint, Inc	5.000	01/15/11	Baa1		2,895
1,500,000		WellPoint, Inc	5.850	01/15/36	Baa1		1,348
		TOTAL INSURANCE CARRIERS					66,405
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.06%
5,000,000		Harsco Corp	5.125	09/15/13	A3		4,788
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES					4,788
MISCELLANEOUS RETAIL - 0.06%
4,673,260	g	CVS Corp	5.298	01/11/27	A3		4,311
		TOTAL MISCELLANEOUS RETAIL					4,311
MOTION PICTURES - 0.21%
6,000,000		Historic TW, Inc	6.625	05/15/29	Baa1		5,787
5,234,000		Time Warner Entertainment Co Lp	10.150	05/01/12	Baa2		6,096
5,000,000		Walt Disney Co	5.500	12/29/06	A3		5,000
		TOTAL MOTION PICTURES					16,883
NONDEPOSITORY INSTITUTIONS - 0.51%
5,000,000		American Express Credit Corp	5.496	10/04/10	Aa3		5,006
5,000,000		Capital One Financial Corp	5.500	06/01/15	Baa3		4,734
4,000,000		CIT Group Funding Co of Canada	4.650	07/01/10	A2		3,831
1,000,000		Countrywide Home Loans, Inc	4.000	03/22/11	A3		918
4,000,000	g	IBM Canada Credit Services Co	3.750	11/30/07	A1		3,882
2,000,000		John Deere Capital Corp	7.000	03/15/12	A3		2,104
6,000,000		Residential Capital Corp	6.500	04/17/13	Baa3		5,875
5,000,000		SLM Corp	5.240	07/27/09	A2		5,004
5,000,000		SLM Corp	4.500	07/26/10	A2		4,767
5,000,000		SLM Corp	5.375	05/15/14	A2		4,782
		TOTAL NONDEPOSITORY INSTITUTIONS					40,903
OIL AND GAS EXTRACTION - 0.39%
5,000,000		Anadarko Finance Co	7.500	05/01/31	Baa1		5,356
3,500,000		Chesapeake Energy Corp	6.500	08/15/17	Ba2		3,193
5,700,000		ENSCO International, Inc	6.750	11/15/07	Baa1		5,775
5,000,000	g	Eog Resources Canada, Inc	4.750	03/15/14	A3		4,652
2,000,000		Equitable Resources, Inc	5.000	10/01/15	A2		1,861
2,000,000		Noble Energy, Inc	8.000	04/01/27	Baa2		2,255
3,900,000		Ocean Energy, Inc	4.375	10/01/07	Baa3		3,824
2,000,000		Valero Logistics Operations Lp	6.050	03/15/13	Baa3		1,958
2,000,000		XTO Energy, Inc	6.100	04/01/36	Baa3		1,816
		TOTAL OIL AND GAS EXTRACTION					30,690
OTHER MORTGAGE BACKED SECURITIES - 2.38%
6,000,000		Banc of America Commercial Mortgage, Inc Series 2002-2 (Class A3)	5.118	07/11/43	N/R		5,815
10,000,000		Banc of America Commercial Mortgage, Inc Series 2004-4 (Class A6)	4.877	07/10/42	N/R		9,358
3,000,000		Banc of America Commercial Mortgage, Inc Series 2005-1 (Class B)	4.999	11/10/42	N/R		2,856
8,370,000		Banc of America Commercial Mortgage, Inc Series 2005-5 (Class AJ)	5.331	10/10/45	A		7,934
1,375,000		Banc of America Commercial Mortgage, Inc Series 2005-6 (Class AJ)	5.354	09/10/47	Aaa		1,305
2,000,000		Banc of America Commercial Mortgage, Inc Series 2006-2 (Class A4)	5.741	05/10/45	N/R		1,988
6,886,177		Banc of America Mortgage Securities Series 2006-1 (Class A8)	6.000	05/01/36	Aaa		6,864
2,747,522		Bank of America Alternative Loan Trust Series 2004-8 (Class 3A1)	5.500	09/25/19	Aaa		2,692
4,500,000		Bear Stearns Commercial Mortgage Securities Series 2005-PW10 (Class AJ)	5.614	12/11/40	Aaa		4,362
4,100,000		Bear Stearns Commercial Mortgage Securities Series 2006-PW11 (Class A4)	5.625	03/11/39	N/R		3,998

241

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				MOODYS
			MATURITY	RATING +		VALUE
PRINCIPAL		RATE	DATE	(Unaudited)		(000)
$     3,000,000	Bear Stearns Commercial Mortgage Securities Series 2006-PW12 (Class A4)	5.712	09/11/38	Aaa	$	2,978
2,000,000	Bear Stearns Commercial Mortgage Securities Series 2006-T22 (Class A4)	5.634	04/12/38	Aaa		1,956
3,264,079	Countrywide Alternative Loan Trust Series 2004-31T1 (Class A2)	5.673	09/25/34	N/R		3,270
12,000,000	Countrywide Alternative Loan Trust Series 2005-37T1 (Class A4)	5.500	09/25/35	Aaa		11,193
2,500,000	Countrywide Alternative Loan Trust Series 2005-J8 (Class 1A5)	5.500	07/25/35	Aaa		2,345
4,927,318	Countrywide Alternative Loan Trust Series 2006-12CB (Class A10)	5.673	05/25/36	Aaa		4,884
4,704,368	Countrywide Home Loan Mortgage Pass Through Trust Series 2005-17 (Class 1A10)	5.250	09/25/35	N/R		4,609
4,500,000	Credit Suisse Mortgage Capital Certificates Series 2006-C1 (Class A4)	5.609	02/15/39	N/R		4,391
3,000,000	Credit Suisse Mortgage Capital Certificates Series 2006-C2 (Class A3)	5.848	03/15/39	Aaa		2,963
7,000,000	Credit Suisse/Morgan Stanley Commerical Mortgage Certificate Series HC1A (Class A1)	5.389	05/15/23	Aaa		7,002
1,189,964	CS First Boston Mortgage Securities Corp Series 2004-8 (Class 7A1)	6.000	12/25/34	N/R		1,177
7,577,552	CS First Boston Mortgage Securities Corp Series 2005-5 (Class 7A1)	6.000	07/25/35	Aaa		7,428
1,000,000	JP Morgan Chase Commercial Mortgage Securities Corp Series 2002-C1 (Class A3)	5.376	07/12/37	Aaa		980
9,000,000	JP Morgan Chase Commercial Mortgage Securities Corp Series 2003-CB6 (Class A2)	5.255	07/12/37	Aaa		8,689
3,100,000	LB-UBS Commercial Mortgage Trust Series 2005-C3 (Class A2)	4.553	07/15/30	Aaa		2,981
3,000,000	LB-UBS Commercial Mortgage Trust Series 2005-C5 (Class AJ)	5.057	09/15/40	N/R		2,812
5,541,914	MASTR Alternative Loans Trust Series 2004-8 (Class 5A1)	6.000	09/25/34	N/R		5,415
875,799	MASTR Asset Securitization Trust Series 2005-2 (Class 3A1)	5.000	10/25/20	Aaa		851
10,000,000	Merrill Lynch Mortgage Trust Series 2003-KEY1 (Class A4)	5.236	11/12/35	N/R		9,619
2,675,000	Merrill Lynch Mortgage Trust Series 2005-LC1 (Class A4)	5.291	01/12/44	Aaa		2,560
1,300,000	Merrill Lynch Mortgage Trust Series 2006-C1 (Class A4)	5.844	05/12/39	N/R		1,287
2,300,000	Merrill Lynch/Countrywide Commercial Mortgage Trust Series 2006-1 (Class A4)	5.620	02/12/39	N/R		2,239
10,000,000	Morgan Stanley Capital I Series 2005-HQ5 (Class A2)	4.809	01/14/42	N/R		9,714
5,000,000	Morgan Stanley Capital I Series 2006-HE1 (Class A2)	5.443	01/25/36	Aaa		5,002
4,000,000	Morgan Stanley Capital I Series 2006-HQ8 (Class AJ)	5.641	03/12/44	Aaa		3,881
2,500,000	Morgan Stanley Capital I Series 2006-IQ11 (Class A4)	5.775	10/15/42	N/R		2,486
1,500,000	Morgan Stanley Capital I Series 2006-T21 (Class AJ)	5.273	10/12/52	Aaa		1,426
6,432,900	Residential Funding Mortgage Security I Series 2004-S5 (Class 2A1)	4.500	05/25/19	N/R		6,166
3,000,000	Wachovia Bank Commercial Mortgage Trust Series 2005-C20 (Class A7)	5.118	07/15/42	Aaa		2,839
2,700,000	Wachovia Bank Commercial Mortgage Trust Series 2006-C24 (Class A3)	5.558	03/15/45	A		2,631
13,906,970	Wells Fargo Mortgage Backed Securities Trust Series 2003-16 (Class 2A1)	4.500	12/25/18	N/R		12,977
3,217,878	Wells Fargo Mortgage Backed Securities Trust Series 2005-1 (Class 2A1)	5.000	01/25/20	Aaa		3,131
434,467	Wells Fargo Mortgage Backed Securities Trust Series 2005-5 (Class 1A1)	5.000	05/25/20	Aaa		413
	TOTAL OTHER MORTGAGE BACKED SECURITIES					189,467
PAPER AND ALLIED PRODUCTS - 0.08%
5,000,000	Bemis Co	4.875	04/01/12	Baa1		4,651
2,000,000	Rock-Tenn Co	8.200	08/15/11	Ba3		2,000
	TOTAL PAPER AND ALLIED PRODUCTS					6,651
PETROLEUM AND COAL PRODUCTS - 0.07%
6,500,000	Sunoco, Inc	4.875	10/15/14	Baa2		5,893
	TOTAL PETROLEUM AND COAL PRODUCTS					5,893
PIPELINES, EXCEPT NATURAL GAS - 0.03%
2,500,000	Kinder Morgan Energy Partners Lp	7.300	08/15/33	Baa1		2,546
	TOTAL PIPELINES, EXCEPT NATURAL GAS					2,546
PRINTING AND PUBLISHING - 0.13%
5,000,000	Dow Jones & Co, Inc	3.875	02/15/08	Baa1		4,864
2,500,000	Dun & Bradstreet Corp	5.500	03/15/11	N/R		2,463
3,000,000	EW Scripps Co	4.300	06/30/10	A2		2,829
	TOTAL PRINTING AND PUBLISHING					10,156
RAILROAD TRANSPORTATION - 0.08%
1,900,000	CSX Transportation, Inc	7.820	04/01/11	N/R		2,053
185,000	Norfolk Southern Corp	7.800	05/15/27	Baa1		218
4,815,000	Norfolk Southern Corp	5.640	05/17/29	Baa1		4,424
	TOTAL RAILROAD TRANSPORTATION					6,695

242

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
					MOODYS
				MATURITY	RATING +		VALUE
PRINCIPAL			RATE	DATE	(Unaudited)		(000)
SECURITY AND COMMODITY BROKERS - 0.30%
$     3,000,000		Goldman Sachs Group Lp	4.500	06/15/10	Aa3	$	2,866
2,500,000		Goldman Sachs Group, Inc	4.750	07/15/13	Aa3		2,322
2,000,000		Goldman Sachs Group, Inc	6.450	05/01/36	A1		1,912
3,156,000		Jefferies Group, Inc	6.250	01/15/36	Baa1		2,864
5,775,000		Legg Mason, Inc	6.750	07/02/08	A3		5,890
5,000,000		Merrill Lynch & Co, Inc	4.790	08/04/10	Aa3		4,825
3,000,000		Merrill Lynch & Co, Inc	6.050	05/16/16	A1		2,980
		TOTAL SECURITY AND COMMODITY BROKERS					23,659
STONE, CLAY AND GLASS PRODUCTS - 0.01%
1,000,000		Martin Marietta Materials, Inc	5.875	12/01/08	A3		1,002
		TOTAL STONE, CLAY AND GLASS PRODUCTS					1,002
TRANSPORTATION BY AIR - 0.12%
5,000,000		JetBlue Airways Corp	5.620	11/15/16	Aaa		4,911
1,700,000		Southwest Airlines Co	5.496	11/01/06	Aa2		1,700
3,000,000		Southwest Airlines Co	5.125	03/01/17	Baa1		2,705
		TOTAL TRANSPORTATION BY AIR					9,316
TRANSPORTATION EQUIPMENT - 0.07%
4,745,657	g	Southern Capital Corp	5.700	06/30/22	Aaa		4,625
1,000,000		Union Tank CAR Co	6.790	05/01/10	A1		1,039
		TOTAL TRANSPORTATION EQUIPMENT					5,664
TRANSPORTATION SERVICES - 0.08%
1,868,464		GATX Corp	5.697	01/02/25	Baa2		1,723
5,000,000		TTX Co	3.875	03/01/08			4,829
		TOTAL TRANSPORTATION SERVICES					6,552
WHOLESALE TRADE-DURABLE GOODS - 0.02%
2,000,000		Johnson & Johnson	4.950	05/15/33	Aaa		1,771
		TOTAL WHOLESALE TRADE-DURABLE GOODS					1,771
WHOLESALE TRADE-NONDURABLE GOODS - 0.20%
5,000,000		Gillette Co	4.125	08/30/07	Aa3		4,919
1,800,000		Nike, Inc	5.150	10/15/15	A2		1,702
2,500,000		Procter & Gamble Co	8.750	06/01/22	Aa3		3,222
3,500,000		Procter & Gamble Co	5.800	08/15/34	Aa3		3,366
3,000,000	e	Sysco Corp	5.375	09/21/35	A1		2,669
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS					15,878
		TOTAL CORPORATE BONDS					985,248
		(Cost $1,017,017)
GOVERNMENT BONDS - 26.64%
AGENCY SECURITIES - 8.01%
6,906,697		Cal Dive International, Inc	4.930	02/01/27	N/R		6,367
4,500,000		Egypt Government AID Bonds	4.450	09/15/15	Aaa		4,177
11,000,000	e	Federal Farm Credit Bank (FFCB)	5.375	07/18/11	Aaa		10,968
4,900,000	e	FFCB	4.875	12/16/15	N/R		4,672
5,340,000		FFCB	5.250	08/13/19	Aaa		5,127
2,000,000		Federal Home Loan Bank (FHLB)	4.000	07/30/18	Aaa		1,919
2,750,000		Federal Home Loan Mortgage Corp (FHLMC)	2.500	11/28/06	Aaa		2,718
3,750,000		FHLMC	4.625	06/01/07	Aaa		3,719
2,950,000		FHLMC	4.000	08/17/07	Aaa		2,901
7,500,000		FHLMC	5.125	10/24/07	Aaa		7,460

243

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
					MOODYS
				MATURITY	RATING +		VALUE
PRINCIPAL			RATE	DATE	(Unaudited)		(000)
$     2,450,000		FHLMC	4.375	11/16/07	Aaa	$	2,414
20,000,000		FHLMC	4.830	11/28/07	Aaa		19,992
11,750,000		FHLMC	5.125	04/18/08	N/R		11,685
6,000,000		FHLMC	3.500	04/28/08	Aaa		5,797
13,000,000		FHLMC	3.500	05/21/08	Aaa		12,543
1,500,000		FHLMC	3.600	05/22/08	Aaa		1,449
3,500,000		FHLMC	2.650	05/30/08	Aaa		3,323
19,000,000		FHLMC	4.625	09/15/08	Aaa		18,659
10,000,000		FHLMC	5.250	05/21/09	N/R		9,950
2,400,000		FHLMC	7.000	03/15/10	Aaa		2,521
13,600,000		FHLMC	4.750	01/18/11	Aaa		13,208
21,910,000		FHLMC	5.875	03/21/11	Aa2		22,119
3,000,000	e	FHLMC	5.125	04/18/11	Aa2		2,954
15,575,000		FHLMC	5.250	07/18/11	N/R		15,416
22,200,000		FHLMC	6.250	03/05/12	Aaa		22,231
9,300,000		FHLMC	8.250	06/01/16	N/R		11,040
8,500,000		FHLMC	5.750	06/27/16	Aa2		8,479
28,242,000		Federal National Mortgage Association (FNMA)	4.750	01/02/07	Aa2		28,120
7,813,000		FNMA	3.000	03/02/07	Aaa		7,684
1,850,000		FNMA	3.375	05/15/07	Aaa		1,816
6,000,000		FNMA	4.125	06/16/08	Aaa		5,845
20,000,000		FNMA	5.210	03/16/09	Aaa		19,803
43,700,000		FNMA	7.125	06/15/10	Aaa		46,208
5,000,000		FNMA	6.625	11/15/10	Aaa		5,220
25,000,000		FNMA	6.000	05/15/11	Aaa		25,531
7,580,000		FNMA	4.125	01/30/12	Aaa		7,072
15,000,000		FNMA	5.250	08/01/12	Aa2		14,661
16,570,000		FNMA	5.240	08/07/18	Aaa		15,719
10,963,000	j	Government Trust Certificate	0.000	11/15/07	N/R		10,199
4,000,000	j	Government Trust Certificate	0.000	04/01/21	N/R		1,746
517,792		New Valley Generation III	4.687	01/15/22	Aaa		502
23,053,496	j	Overseas Private Investment Corp	0.000	12/16/06	N/R		24,085
1,586,685	j	Overseas Private Investment Corp	0.000	12/16/06	N/R		1,658
5,063,381	j	Overseas Private Investment Corp	0.000	12/16/06	N/R		5,290
11,689,749	j	Overseas Private Investment Corp	0.000	12/16/06	N/R		12,213
2,231,261	j	Overseas Private Investment Corp	0.000	12/16/06	N/R		2,331
5,061,662	j	Overseas Private Investment Corp	0.000	12/16/06	N/R		5,288
10,100,000	j	Overseas Private Investment Corp	0.000	09/15/08	N/R		10,913
6,794,000		Overseas Private Investment Corp	4.050	11/15/14	N/R		6,359
8,360,092		Overseas Private Investment Corp	3.740	04/15/15	N/R		7,826
4,688,000		Private Export Funding Corp	6.490	07/15/07	Aaa		4,728
2,850,000		Private Export Funding Corp	3.375	02/15/09	Aaa		2,711
5,000,000		Private Export Funding Corp	6.070	04/30/11	Aaa		5,120
8,707,000		Private Export Funding Corp	5.685	05/15/12	Aaa		8,677
30,385,000		Private Export Funding Corp	4.974	08/15/13	Aaa		29,331
37,425,000		Private Export Funding Corp	4.550	05/15/15	Aaa		34,644
24,930,000		Private Export Funding Corp	4.950	11/15/15	Aaa		23,704
20,025,000		Tennessee Valley Authority	5.880	04/01/36	N/R		20,735
8,844,424	g	US Trade Funding Corp	4.260	11/15/14	N/R		8,476
		TOTAL AGENCY SECURITIES					638,023
FOREIGN GOVERNMENT BONDS - 1.08%
5,750,000		Canada Mortgage & Housing Corp	4.800	10/01/10	Aaa		5,620
1,500,000		Development Bank of Japan	4.250	06/09/15	Aaa		1,358
5,000,000		Eksportfinans A/S	5.500	05/25/16	Aaa		4,951
1,500,000	e	European Investment Bank	5.250	06/15/11	Aaa		1,491
2,000,000		European Investment Bank	4.875	02/15/36	Aaa		1,774
5,000,000		Federal Republic of Germany	3.875	06/01/10	Aaa		4,763
6,082,000		Hydro Quebec	8.400	01/15/22	Aa3		7,561

244

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
					MOODYS
				MATURITY	RATING +		VALUE
PRINCIPAL			RATE	DATE	(Unaudited)		(000)
$     3,000,000	e	Italy Government International Bond	4.500	01/21/15	Aa2	$	2,773
5,000,000		Japan Bank for International Cooperation	4.750	05/25/11	Aaa		4,814
5,000,000	e	Kreditanstalt fuer Wiederaufbau	5.125	03/14/16	Aaa		4,853
2,700,000		Landwirtschaftliche Rentenbank	5.250	07/15/11	Aaa		2,672
5,000,000		Oesterreichische Kontrollbank AG.	4.875	02/16/16	Aaa		4,762
4,750,000		Province of Manitoba Canada	4.450	04/12/10	Aa2		4,594
5,000,000		Province of Ontario	4.750	01/19/16	Aa2		4,693
7,500,000		Province of Quebec Canada	5.000	03/01/16	A1		7,104
5,000,000		Province of Quebec Canada	7.500	09/15/29	Aa3		6,028
10,000,000		Province of Saskatchewan Canada	8.000	02/01/13	A3		11,336
5,000,000		Svensk Exportkredit AB	4.125	10/15/08	Aa1		4,855
		TOTAL FOREIGN GOVERNMENT BONDS					86,002
MORTGAGE BACKED SECURITIES - 13.05%
10,000,000	v	Fannie Mae Benchmark REMIC	6.000	06/25/16			9,969
6,000,000		Federal Home Loan Mortgage Corp (FHLMC)	5.000	06/15/29			5,809
1,975,517		FHLMC	6.000	04/15/30			1,974
3,740,864		FHLMC	6.000	12/15/30			3,746
9,000,000		FHLMC	5.000	06/15/31			8,574
614,240		FHLMC	5.500	09/15/32			578
7,000,000		FHLMC	5.500	05/15/33			6,707
5,715,189		FHLMC	4.500	09/15/35			5,378
261,818		Federal Home Loan Mortgage Corp Gold (FGLMC)	6.000	03/01/11			262
804,203		FGLMC	6.500	12/01/16			814
1,156,281		FGLMC	6.000	12/01/17			1,159
6,974,192		FGLMC	4.500	10/01/18			6,596
9,195,079		FGLMC	4.500	11/01/18			8,697
8,370,743		FGLMC	4.500	11/01/18			7,917
10,288,103		FGLMC	4.500	01/01/19			9,725
4,709,663	d	FGLMC	5.500	01/01/19			4,627
4,024,400		FGLMC	5.000	02/01/19			3,879
758,542	d	FGLMC	7.000	10/01/20			780
41,685		FGLMC	7.000	05/01/23			43
382,458	d	FGLMC	8.000	01/01/31			403
6,083,084		FGLMC	5.500	09/01/33			5,868
7,937,651		FGLMC	5.500	09/01/33			7,658
2,033,168		FGLMC	6.500	11/01/33			2,050
17,319,874		FGLMC	5.500	12/01/33			16,706
17,578,207		FGLMC	5.000	01/01/34			16,495
3,562,113		FGLMC	6.500	08/01/34			3,584
2,727,860		FGLMC	5.500	12/01/34			2,627
18,320,322		FGLMC	4.500	04/01/35			16,662
1,670,461		FGLMC	6.000	05/01/35			1,646
3,521,402		FGLMC	6.000	05/01/35			3,469
2,887,263		FGLMC	6.000	05/01/35			2,844
2,259,506		FGLMC	6.000	05/01/35			2,226
1,364,031		FGLMC	6.000	05/01/35			1,344
1,398,961		FGLMC	6.000	05/01/35			1,378
3,270,204		FGLMC	5.500	06/01/35			3,143
4,832,203		FGLMC	6.000	08/01/35			4,761
8,543,906		FGLMC	4.500	09/01/35			7,751
7,129,938		FGLMC	4.500	09/01/35			6,468
2,973,897		FGLMC	4.500	09/01/35			2,698
14,430,774		FGLMC	5.000	09/01/35			13,487
3,286,456		FGLMC	5.000	10/01/35			3,072
3,805,373		FGLMC	5.000	11/01/35			3,557
1,108,194		FGLMC	4.500	12/01/35			1,005
9,676,885		FGLMC	6.000	01/01/36			9,529
4,069,394		FGLMC	7.000	01/01/36			4,165

245

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$     999,130		FGLMC	6.500	05/01/36	$	1,005
69,109		Federal National Mortgage Association (FNMA)	7.500	06/01/11		71
5,379		FNMA	8.000	06/01/11		6
59,421		FNMA	8.000	07/01/11		62
7,754		FNMA	7.500	08/01/11		8
15,096		FNMA	7.500	09/01/11		15
1,086		FNMA	7.500	09/01/11		1
1,623		FNMA	7.500	10/01/11		2
43,514		FNMA	7.500	10/01/11		45
7,841		FNMA	7.500	10/01/11		8
361,445		FNMA	7.000	04/01/12		369
58,002		FNMA	6.500	09/01/12		59
233,770		FNMA	5.000	06/01/13		227
2,877,395		FNMA	4.440	07/01/13		2,684
4,980,099		FNMA	4.019	08/01/13		4,543
3,338,092		FNMA	4.518	05/01/14		3,112
4,420,526		FNMA	4.265	06/01/14		4,051
3,200,553		FNMA	4.530	10/01/14		2,987
19,801		FNMA	8.500	11/01/14		21
584,438		FNMA	6.500	10/01/16		593
2,230,477	d	FNMA	6.500	04/01/17		2,263
1,145,566		FNMA	6.500	02/01/18		1,162
4,173,413		FNMA	5.500	03/01/18		4,103
721,798		FNMA	5.500	04/01/18		710
87,848		FNMA	5.500	05/01/18		86
16,443,351		FNMA	5.000	07/01/18		15,872
16,500,785		FNMA	5.500	11/01/18		16,221
7,177,666		FNMA	5.000	12/01/18		6,928
5,647,022		FNMA	5.000	01/01/19		5,451
822,800		FNMA	6.000	01/01/19		820
828,796		FNMA	6.000	02/01/19		826
600,000		FNMA	4.000	02/25/19		521
7,966,812		FNMA	5.000	03/01/19		7,685
970,739		FNMA	4.500	05/01/19		919
36,000,000	h	FNMA	5.000	07/25/21		34,661
57,000,000	h	FNMA	6.000	08/25/21		57,142
86,876		FNMA	8.000	03/01/23		92
1,248,210		FNMA	5.500	02/01/24		1,215
194,608		FNMA	8.000	07/01/24		206
33,324,023		FNMA	5.000	10/01/25		31,562
14,615,715		FNMA	6.000	03/01/32		14,456
682,754		FNMA	5.000	02/01/33		641
6,000,000		FNMA	4.500	03/25/33		5,679
1,529,662		FNMA	5.500	06/01/33		1,476
1,729,928		FNMA	5.500	07/01/33		1,669
1,895,286		FNMA	5.500	07/01/33		1,828
3,012,568		FNMA	4.500	08/01/33		2,745
1,833,090		FNMA	5.000	08/01/33		1,722
3,402,315		FNMA	6.000	08/01/33		3,359
6,000,000		FNMA	5.500	08/25/33		5,807
2,172,595		FNMA	5.000	10/01/33		2,041
2,127,382		FNMA	5.000	10/01/33		1,998
37,859,934		FNMA	5.000	11/01/33		35,562
2,589,394		FNMA	5.000	11/01/33		2,432
2,828,246		FNMA	5.500	11/01/33		2,728
3,587,665		FNMA	5.500	11/01/33		3,461
4,069,214		FNMA	5.500	11/01/33		3,926
2,818,037		FNMA	5.500	11/01/33		2,719
2,453,748		FNMA	5.500	11/01/33		2,367

246

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$     838,024		FNMA	5.500	12/01/33	$	808
1,740,179		FNMA	5.500	12/01/33		1,679
599,197		FNMA	5.500	12/01/33		578
2,158,785		FNMA	5.500	01/01/34		2,083
784,915		FNMA	5.000	03/01/34		737
699,233		FNMA	5.000	03/01/34		657
907,960		FNMA	5.000	03/01/34		853
1,983,528		FNMA	5.000	03/01/34		1,863
2,496,298		FNMA	4.350	03/25/34		2,370
5,989,771		FNMA	5.000	04/01/34		5,617
1,514,601		FNMA	4.500	05/01/34		1,377
86,447		FNMA	4.500	05/01/34		79
79,127		FNMA	4.500	05/01/34		72
335,091		FNMA	4.500	06/01/34		305
75,424		FNMA	4.500	06/01/34		69
123,914		FNMA	4.500	06/01/34		113
80,119		FNMA	4.500	06/01/34		73
248,992		FNMA	4.500	07/01/34		226
217,427		FNMA	4.500	07/01/34		198
71,516		FNMA	4.500	07/01/34		65
119,664		FNMA	4.500	08/01/34		109
1,911,848		FNMA	4.500	08/01/34		1,738
107,121		FNMA	4.500	09/01/34		97
5,000,000		FNMA	5.500	10/25/34		4,758
16,026,580		FNMA	5.000	11/01/34		15,054
5,429,766		FNMA	5.500	01/01/35		5,229
17,426,381		FNMA	5.500	01/01/35		16,783
29,255,329		FNMA	5.500	02/01/35		28,174
6,451,955		FNMA	5.000	02/25/35		6,247
981,772	d	FNMA	5.500	03/01/35		944
3,307,987		FNMA	5.500	04/01/35		3,180
4,086,306		FNMA	5.500	04/01/35		3,928
34,067,880		FNMA	5.500	04/01/35		32,745
13,785,566		FNMA	5.500	04/01/35		13,250
3,253,578		FNMA	5.500	04/01/35		3,127
1,039,260		FNMA	5.500	05/01/35		999
1,163,099		FNMA	5.500	05/01/35		1,118
6,421,437		FNMA	5.500	05/01/35		6,172
1,342,103		FNMA	5.500	05/01/35		1,290
7,637,975		FNMA	6.000	05/01/35		7,524
3,833,047		FNMA	5.500	06/01/35		3,684
4,134,423		FNMA	5.500	06/01/35		3,974
5,306,698		FNMA	5.500	06/01/35		5,101
538,253		FNMA	7.500	06/01/35		557
1,049,438		FNMA	6.000	07/01/35		1,034
9,556,337		FNMA	5.000	09/01/35		8,939
12,954,009		FNMA	4.000	10/01/35		11,411
6,887,006		FNMA	5.000	10/01/35		6,442
15,687,706		FNMA	5.500	10/01/35		15,079
1,981,597		FNMA	6.500	02/01/36		1,992
3,027,208		FNMA	6.500	02/01/36		3,043
24,344,040		FNMA	6.000	03/01/36		23,964
11,521,081		FNMA	5.500	04/01/36		11,009
12,521,718		FNMA	5.000	05/01/36		11,648
14,769,633	h	FNMA	5.875	06/01/36		14,805
34,000,000	h	FNMA	5.500	07/25/36		32,651
54,000,000	h	FNMA	6.000	07/25/36		53,139
28,000,000	h	FNMA	6.500	07/25/36		28,140
6,970		Government National Mortgage Association (GNMA)	8.500	09/15/09		7

247

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$       45,179		GNMA	8.500	10/15/09	$	47
7,280		GNMA	8.500	12/15/09		7
204,126		GNMA	9.000	12/15/09		211
6,428,827		GNMA	6.250	12/15/11		6,393
4,665,157		GNMA	5.220	04/15/15		4,533
213,287		GNMA	9.000	12/15/17		228
2,919		GNMA	9.000	08/15/20		3
146,995		GNMA	8.000	06/15/22		156
55,468		GNMA	6.500	08/15/23		56
29,663		GNMA	6.500	08/15/23		30
38,761		GNMA	6.500	09/15/23		39
10,000,000		GNMA	4.500	11/16/29		9,441
12,000,000		GNMA	4.385	08/16/30		11,604
550,578	d	GNMA	6.500	05/20/31		556
210,166		GNMA	5.000	06/20/33		198
5,486,904		GNMA	5.500	09/15/33		5,325
2,879,601		GNMA	5.500	11/20/33		2,783
205,181		GNMA	5.000	03/20/34		193
3,462,273		GNMA	5.000	06/20/34		3,260
329,584		GNMA	5.000	07/20/34		310
2,467,817		GNMA	5.000	02/20/35		2,322
10,674,367		GNMA	5.000	03/20/35		10,042
2,538,651		GNMA	5.500	03/20/35		2,452
12,707,158		GNMA	5.500	12/20/35		12,271
17,000,000	h	GNMA	5.000	07/15/36		16,086
5,000,000	h	GNMA	6.000	07/20/36		4,958
		TOTAL MORTGAGE BACKED SECURITIES				1,039,171
MUNICIPAL BONDS - 0.96%
1,860,000		Allegheny County Redevelopment Authority	5.000	09/01/11		1,804
4,500,000		Basin Electric Power Coop	6.127	06/01/41		4,516
3,000,000		City of Chicago IL	5.200	01/01/09		2,978
4,000,000		City of Dallas TX	5.078	02/15/22		3,686
1,000,000		City of Eugene OR	6.320	08/01/22		1,038
5,000,000		City of New York NY	4.500	06/01/15		4,543
7,410,000		City of New York NY	7.550	11/15/20		7,683
1,055,000		City of Oakland CA		12/15/11		778
1,680,000		Douglas County Public Utility District No 1 Wells Hydroelectric	5.112	09/01/18		1,562
8,500,000		Fiscal Year 2005 Securitization Corp	4.760	08/15/19		7,921
1,000,000		Kansas Development Finance Authority	4.592	05/01/14		928
1,350,000		Kansas Development Finance Authority	4.722	05/01/15		1,252
3,000,000		Metropolitan Washington Airports Authority	5.690	10/01/30		2,871
4,610,000		New York City Housing Development Corp	4.660	11/01/10		4,511
5,000,000		New York State Environmental Facilities Corp	4.900	12/15/11		4,885
2,500,000		Newport News Economic Development Authority	5.640	01/15/29		2,311
2,500,000		Oklahoma Capital Improvement Authority	5.180	07/01/14		2,411
5,570,000		State of Illinois	4.350	06/01/18		4,927
3,265,000		State of Texas	4.900	08/01/20		2,959
6,370,000		State of Washington	5.050	01/01/18		6,089
4,250,000		Tennessee State School Bond Authority	7.750	05/01/15		4,575
2,025,000		University Central Fl University Revenues	5.125	10/01/20		1,850
		TOTAL MUNICIPAL BONDS				76,078
U.S. TREASURY SECURITIES - 3.54%
99,986,000	e	United States Treasury Bond	8.000	11/15/21		127,898
20,146,000	e	United States Treasury Bond	5.375	02/15/31		20,502
9,408,755	k	United States Treasury Inflation Indexed Note	3.375	01/15/07		9,433
9,519,403	k	United States Treasury Inflation Indexed Note	3.875	01/15/09		9,860
31,200,000	e	United States Treasury Note	7.000	07/15/06		31,212

248

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$     2,850,000	e	United States Treasury Note	2.500	09/30/06	$	2,832
1,000,000		United States Treasury Note	2.625	11/15/06		990
6,100,000	e	United States Treasury Note	3.125	01/31/07		6,025
3,000,000	e	United States Treasury Note	3.625	06/30/07		2,952
4,000,000	e	United States Treasury Note	4.875	04/30/08		3,978
8,100,000	e	United States Treasury Note	4.130	04/15/10		7,792
30,720,000	e	United States Treasury Note	4.875	05/31/11		30,410
220,000	e	United States Treasury Note	4.500	02/15/16		209
27,565,000	e	United States Treasury Note	5.125	05/15/16		27,535
		TOTAL U.S. TREASURY SECURITIES				281,628
		TOTAL GOVERNMENT BONDS				2,120,902
		(Cost $2,180,230)
		TOTAL BONDS				3,106,150
		(Cost $3,197,247)
SHARES
PREFERRED STOCKS - 0.03%
COMMUNICATIONS - 0.03%
100,000		Telephone & Data Systems, Inc				2,467
		TOTAL COMMUNICATIONS				2,467
		TOTAL PREFERRED STOCKS				2,467
		(Cost $2,563)
COMMON STOCKS - 59.96%
AMUSEMENT AND RECREATION SERVICES - 0.01%
17,522		International Speedway Corp (Class A)				813
		TOTAL AMUSEMENT AND RECREATION SERVICES				813
APPAREL AND ACCESSORY STORES - 0.46%
74,770		American Eagle Outfitters, Inc				2,545
750	*	AnnTaylor Stores Corp				33
35,889		Bebe Stores, Inc				553
4,400		Buckle, Inc				184
2,700	*	Cache, Inc				47
7,731	*	Casual Male Retail Group, Inc				78
21,300		Cato Corp (Class A)				551
3,600	*	Charlotte Russe Holding, Inc				86
67,100	*	Chico's FAS, Inc				1,810
6,700		Christopher & Banks Corp				194
7,800	*	Dress Barn, Inc				198
2,586		Finish Line, Inc (Class A)				31
88,808		Foot Locker, Inc				2,175
398,130		Gap, Inc				6,927
6,200	e*	Jo-Ann Stores, Inc				91
145,061	*	Kohl's Corp				8,576
239,620		Limited Brands, Inc				6,132
126,438		Nordstrom, Inc				4,615
46,984		Ross Stores, Inc				1,318
1,800	*	Shoe Carnival, Inc				43
9,338	e	Stage Stores, Inc				308
29,646	*	Urban Outfitters, Inc				518
		TOTAL APPAREL AND ACCESSORY STORES				37,013

249

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
APPAREL AND OTHER TEXTILE PRODUCTS - 0.04%
13,000	*	Gymboree Corp	$	452
39,016	*	Hartmarx Corp		234
14,000		Kellwood Co		410
48,054		Liz Claiborne, Inc		1,781
27,771		Russell Corp		504
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		3,381
AUTO REPAIR, SERVICES AND PARKING - 0.02%
27,900	e	Bandag, Inc		1,021
3,400		Ryder System, Inc		198
2,500	*	Wright Express Corp		72
		TOTAL AUTO REPAIR, SERVICES AND PARKING		1,291
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.04%
900		Advance Auto Parts		26
1,293	e*	America's Car-Mart, Inc		26
23,591	e*	Autozone, Inc		2,081
27,200	*	Carmax, Inc		964
14,532	*	Copart, Inc		357
2,200	*	Rush Enterprises, Inc (Class A)		40
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		3,494
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.75%
15,910		Fastenal Co		641
1,004,126		Home Depot, Inc		35,938
383,054		Lowe's Cos, Inc		23,240
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		59,819
BUSINESS SERVICES - 3.48%
95,445	*	24/7 Real Media, Inc		838
213,900	*	3Com Corp		1,095
118,165	*	Activision, Inc		1,345
4,500		Administaff, Inc		161
214,103	e*	Adobe Systems, Inc		6,500
15,700	e*	Agile Software Corp		100
82,490	e*	Akamai Technologies, Inc		2,985
15,325	*	aQuantive, Inc		388
49,392	e*	Ariba, Inc		406
234,955	*	Art Technology Group, Inc		700
30,351	e*	Audible, Inc		276
70,407	*	Autodesk, Inc		2,426
438,750		Automatic Data Processing, Inc		19,897
156,506	*	BEA Systems, Inc		2,049
52,912	e*	BearingPoint, Inc		443
39,452	*	BISYS Group, Inc		540
12,256	*	Blue Coat Systems, Inc		207
9,200	*	Checkfree Corp		456
29,200	e*	Ciber, Inc		192
34,118	e*	Click Commerce, Inc		673
793,764	*	CMGI, Inc		960
72,373	e*	CNET Networks, Inc		578
99,628	e*	Cogent Communications Group, Inc		934
39,918	*	Cogent, Inc		602
4,800		Cognex Corp		125
89,838	*	Compuware Corp		602
104,201	*	Convergys Corp		2,032
6,200	*	CSG Systems International, Inc		153
30,500		Deluxe Corp		533
2,603	e*	Digital River, Inc		105

250

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
75,453	*	DST Systems, Inc	$	4,489
21,400	*	Earthlink, Inc		185
498,777	*	eBay, Inc		14,609
8,599	*	eFunds Corp		190
125,701	*	Electronic Arts, Inc		5,410
20,548	e*	Equinix, Inc		1,127
100,576	*	Expedia, Inc		1,506
11,850		Fair Isaac Corp		430
107,614	*	Fiserv, Inc		4,881
14,043	*	Gartner, Inc (Class A)		199
12,500	*	Getty Images, Inc		794
80,052	e*	Google, Inc (Class A)		33,568
2,800	*	Hudson Highland Group, Inc		30
2,600	*	iGate Corp		17
123,843		IMS Health, Inc		3,325
12,242	e*	Infocrossing, Inc		141
47,677	*	Informatica Corp		628
3,920		infoUSA, Inc		40
185,150	e*	Innovative Solutions & Support, Inc		2,603
998,907	*	Internap Network Services Corp		1,049
8,109	*	Internet Security Systems, Inc		153
4,432	*	Interwoven, Inc		38
54,832	*	Intuit, Inc		3,311
43,824	e*	Ipass, Inc		245
39,174	*	Iron Mountain, Inc		1,464
25,783		Jack Henry & Associates, Inc		507
7,057	e*	Jupitermedia Corp		92
10,569	e*	Kanbay International, Inc		154
3,011	*	Kforce, Inc		47
80,277	*	KFX, Inc		1,227
29,700	*	Kinetic Concepts, Inc		1,311
30,399	*	Lamar Advertising Co		1,637
53,370	*	Lionbridge Technologies		295
7,348		Manpower, Inc		475
15,736	e*	Marchex, Inc		259
3,840,893		Microsoft Corp		89,493
46,510	*	Monster Worldwide, Inc		1,984
2,000	e*	Netratings, Inc		28
220,909	e*	NIC, Inc		1,597
222,200	*	Novell, Inc		1,473
92,228	e*	Nuance Communications, Inc		928
124,709		Omnicom Group, Inc		11,110
6,600	*	Online Resources Corp		68
81,471	*	Opsware, Inc		671
4,560	*	Parametric Technology Corp		58
16,200		Pegasystems, Inc		104
1,500	*	Radisys Corp		33
45,939	*	RealNetworks, Inc		492
71,798		Reynolds & Reynolds Co (Class A)		2,202
64,008		Robert Half International, Inc		2,688
33,608	*	RSA Security, Inc		914
33,306	*	Salesforce.com, Inc		888
140,148	*	Sapient Corp		743
48,983	*	Smith Micro Software, Inc		785
24,145	*	Sohu.com, Inc		623
6,300	*	SonicWALL, Inc		57
239,598	*	Sonus Networks, Inc		1,186
40,437	*	Spherion Corp		369
26,681		Startek, Inc		399

251

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
2,700		Stellent, Inc	$	26
1,543,479	*	Sun Microsystems, Inc		6,405
1,300	*	SYKES Enterprises, Inc		21
462,458	*	Symantec Corp		7,187
1,500	e*	SYNNEX Corp		29
9,384	*	TeleTech Holdings, Inc		119
35,400	e*	TIBCO Software, Inc		250
94,572		Total System Services, Inc		1,821
35,035	*	TradeStation Group, Inc		444
19,460	e*	Travelzoo, Inc		590
141,052	*	Unisys Corp		886
21,267		United Online, Inc		255
7,706	*	United Rentals, Inc		247
13,535	*	Universal Compression Holdings, Inc		852
164,671	*	VA Software Corp		639
32,414	e*	Vasco Data Security International		271
126,642	*	VeriSign, Inc		2,934
1,400	*	Volt Information Sciences, Inc		65
8,300	e*	WebEx Communications, Inc		295
		TOTAL BUSINESS SERVICES		276,966
CHEMICALS AND ALLIED PRODUCTS - 5.61%
867,816		Abbott Laboratories		37,845
54,421	e*	Abraxis BioScience, Inc		1,297
23,736	e*	Adolor Corp		594
240,826		Air Products & Chemicals, Inc		15,394
8,770	e*	Alexion Pharmaceuticals, Inc		317
6,874	e*	Alkermes, Inc		130
576,041	e*	Amgen, Inc		37,575
12,652	e*	Arena Pharmaceuticals, Inc		147
4,001	*	Array Biopharma, Inc		34
7,705	e*	Atherogenics, Inc		101
5,206	e*	AVANIR Pharmaceuticals		36
136,200	e	Avery Dennison Corp		7,908
116,919	*	AVI BioPharma, Inc		438
203,200		Avon Products, Inc		6,299
800		Balchem Corp		18
81,034	*	Barr Pharmaceuticals, Inc		3,865
66,184	e*	Bentley Pharmaceuticals, Inc		725
70,160	*	Bioenvision, Inc		374
45,257	*	BioMarin Pharmaceuticals, Inc		650
725,472		Bristol-Myers Squibb Co		18,761
60,300		Cabot Corp		2,082
35,000		Calgon Carbon Corp		213
19,166	*	Cell Genesys, Inc		96
11,828	*	Cephalon, Inc		711
11,600	*	Charles River Laboratories International, Inc		427
23,945		Church & Dwight Co, Inc		872
84,244		Clorox Co		5,136
292,100		Colgate-Palmolive Co		17,497
41,500	*	Connetics Corp		488
10,938	*	Cotherix, Inc		94
10,381	*	Cypress Bioscience, Inc		64
11,107		Dade Behring Holdings, Inc		462
56,374	e*	Dendreon Corp		273
45,503		Diagnostic Products Corp		2,647
15,999	*	Digene Corp		620
324,406	*	Durect Corp		1,255
196,600		Ecolab, Inc		7,978

252

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
90,786	e*	Encysive Pharmaceuticals, Inc	$	629
29,757	*	Enzon Pharmaceuticals, Inc		224
700		Estee Lauder Cos (Class A)		27
222,932	*	Forest Laboratories, Inc		8,625
162,427	*	Genentech, Inc		13,287
7,600	e*	Genitope Corp		48
145,497	*	Genzyme Corp		8,883
22,156	*	Geron Corp		153
250,086	*	Gilead Sciences, Inc		14,795
41,822		H.B. Fuller Co		1,822
60,776	*	Human Genome Sciences, Inc		650
35,884	*	Idexx Laboratories, Inc		2,696
45,085	*	Immucor, Inc		867
41,681	e*	Inverness Medical Innovations, Inc		1,177
13,585	e*	Invitrogen Corp		898
162,950	*	King Pharmaceuticals, Inc		2,770
16,217	*	Kos Pharmaceuticals, Inc		610
68,638		Lubrizol Corp		2,735
78,264		Mannatech, Inc		987
47,348	*	Medarex, Inc		455
59,422		Medicis Pharmaceutical Corp (Class A)		1,426
100,322	*	Medimmune, Inc		2,719
1,341,193		Merck & Co, Inc		48,860
33,600	*	MGI Pharma, Inc		722
108,616	*	Millennium Pharmaceuticals, Inc		1,083
34,099		Minerals Technologies, Inc		1,773
256,616		Mylan Laboratories, Inc		5,132
3,254	e*	Myogen, Inc		94
108,365	*	Nabi Biopharmaceuticals		622
46,923	*	Nastech Pharmaceutical Co, Inc		741
32,567	*	NBTY, Inc		779
71,281	*	Neurocrine Biosciences, Inc		756
5,266	*	Northfield Laboratories, Inc		52
58,514	*	Noven Pharmaceuticals, Inc		1,047
3,412	e*	NPS Pharmaceuticals, Inc		17
5,567	*	Nuvelo, Inc		93
1,500	e*	OraSure Technologies, Inc		14
34,195	*	Pacific Ethanol, Inc		791
31,300	e*	Par Pharmaceutical Cos, Inc		578
23,161	e*	PDL BioPharma, Inc		426
63,742	*	Penwest Pharmaceuticals Co		1,391
126,765		Perrigo Co		2,041
44,692	e*	Pharmion Corp		761
2,200	*	Pioneer Cos, Inc		60
83,891	e*	Pozen, Inc		591
283,254	e	Praxair, Inc		15,296
1,517,512		Procter & Gamble Co		84,374
23,666	*	Progenics Pharmaceuticals, Inc		569
30,887	*	Renovis, Inc		473
181,054		Rohm & Haas Co		9,074
58,800		RPM International, Inc		1,058
58,884	*	Salix Pharmaceuticals Ltd		724
447,745		Schering-Plough Corp		8,521
55,119	e	Sensient Technologies Corp		1,153
55,729	*	Sepracor, Inc		3,184
86,075		Sigma-Aldrich Corp		6,252
91,042	*	Sirna Therapeutics, Inc		519
41,426	*	SuperGen, Inc		150
16,038	e*	Tanox, Inc		222

253

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
11,300	e*	United Therapeutics Corp	$	653
26,481	e*	USANA Health Sciences, Inc		1,004
25,600		Valspar Corp		676
26,431	e*	Vertex Pharmaceuticals, Inc		970
102,872	*	Watson Pharmaceuticals, Inc		2,395
52,533	e*	Zymogenetics, Inc		997
		TOTAL CHEMICALS AND ALLIED PRODUCTS		446,594
COMMUNICATIONS - 3.06%
6,097		Alaska Communications Systems Group, Inc		77
168,840		Alltel Corp		10,777
142,517	e*	American Tower Corp (Class A)		4,435
2,217,975	e	AT&T, Inc		61,859
999,029		BellSouth Corp		36,165
85,960		Cablevision Systems Corp (Class A)		1,844
8,000		Centennial Communications Corp		42
82,524	e	Citadel Broadcasting Corp		734
17,100		Citizens Communications Co		223
65,800	*	Cox Radio, Inc (Class A)		949
26,700	*	Crown Castle International Corp		922
117,375	*	Crown Media Holdings, Inc (Class A)		484
51,450	*	Embarq Corp		2,109
35,429		Entercom Communications Corp		927
46,600	*	Entravision Communications Corp (Class A)		399
62,289	*	First Avenue Networks, Inc		678
54,400		Gray Television, Inc		315
20,240		Hearst-Argyle Television, Inc		446
175,563	e*	IAC/InterActiveCorp		4,651
15,298	e*	j2 Global Communications, Inc		478
171,190	*	Level 3 Communications, Inc		760
290,645	*	Liberty Global, Inc		6,249
121,598	*	Liberty Media Holding Corp (Capital)		10,186
596,773	*	Liberty Media Holding Corp (Interactive)		10,300
44,900	*	Lin TV Corp (Class A)		339
29,120	*	Mediacom Communications Corp		181
35,120	e*	NII Holdings, Inc (Class B)		1,980
81,608	e*	Novatel Wireless, Inc		847
27,938	*	Price Communications Corp		474
34,845	*	Radio One, Inc (Class D)		258
27,585	*	SAVVIS, Inc		817
19,760	*	SBA Communications Corp		516
31,532	*	Spanish Broadcasting System, Inc (Class A)		161
1,100,002		Sprint Nextel Corp		21,989
56,801		Telephone & Data Systems, Inc		2,352
4,500	*	Terremark Worldwide, Inc		16
145,497	*	TiVo, Inc		1,040
137,426	*	Univision Communications, Inc (Class A)		4,604
5,656		USA Mobility, Inc		94
1,455,295		Verizon Communications, Inc		48,738
5,100	*	West Corp		244
11,642	e*	Wireless Facilities, Inc		32
186,399	*	XM Satellite Radio Holdings, Inc		2,731
		TOTAL COMMUNICATIONS		243,422
DEPOSITORY INSTITUTIONS - 6.29%
186,555		AmSouth Bancorp		4,934
3,664		Associated Banc-Corp		115
3,749		Astoria Financial Corp		114
1,514,253		Bank of America Corp		72,836

254

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
49,939		Bank of Hawaii Corp	$	2,477
443,324		BB&T Corp		18,438
31,640		Chittenden Corp		818
57,538		City National Corp		3,745
97,883		Comerica, Inc		5,089
1,432		Commerce Bancorp, Inc		51
1,077		Commercial Capital Bancorp, Inc		17
2,000		Community Bank System, Inc		40
1,200	e	Compass Bancshares, Inc		67
674,746		Fifth Third Bancorp		24,932
24,900		First Horizon National Corp		1,001
22,108		First Midwest Bancorp, Inc		820
66,571		Fremont General Corp		1,236
27,879		Fulton Financial Corp		444
178,870		Golden West Financial Corp		13,272
21,300		IndyMac Bancorp, Inc		977
1,952		International Bancshares Corp		54
2,000		Irwin Financial Corp		39
450		ITLA Capital Corp		24
317,811		Keycorp		11,339
100,097	e	M&T Bank Corp		11,803
124,479		Marshall & Ilsley Corp		5,694
252,683		Mellon Financial Corp		8,700
540,831		National City Corp		19,573
41,200		New York Community Bancorp, Inc		680
65,399		NewAlliance Bancshares, Inc		936
249,752		North Fork Bancorporation, Inc		7,535
121,422		Northern Trust Corp		6,715
32,238		Old National Bancorp		644
13,629		Pacific Capital Bancorp		424
6,092		People's Bank		200
229,663		PNC Financial Services Group, Inc		16,115
94,230		Popular, Inc		1,809
56,219		Provident Financial Services, Inc		1,009
39,800		R & G Financial Corp (Class B)		342
381,415		Regions Financial Corp		12,632
27,364		South Financial Group, Inc		723
53,630		Sovereign Bancorp, Inc		1,089
181,474		State Street Corp		10,542
275,972		SunTrust Banks, Inc		21,046
35,066	*	SVB Financial Group		1,594
130,894		Synovus Financial Corp		3,505
10,100		TD Banknorth, Inc		297
38,732		UnionBanCal Corp		2,502
1,360,612		US Bancorp		42,016
44,798		Valley National Bancorp		1,152
6,670		W Holding Co, Inc		44
1,030,420		Wachovia Corp		55,725
24,471		Washington Federal, Inc		567
821,729		Washington Mutual, Inc		37,454
17,924		Webster Financial Corp		850
930,837		Wells Fargo & Co		62,441
19,506		Zions Bancorporation		1,520
		TOTAL DEPOSITORY INSTITUTIONS		500,757
EATING AND DRINKING PLACES - 0.75%
16,530	e*	AFC Enterprises		211
10,800		Applebees International, Inc		207
14,843		Bob Evans Farms, Inc		445

255

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
154,400		Darden Restaurants, Inc	$	6,083
18,592		Lone Star Steakhouse & Saloon, Inc		488
934,701		McDonald's Corp		31,406
12,376	*	O'Charleys, Inc		210
4,448	e	OSI Restaurant Partners, Inc		154
46,258	*	Sonic Corp		962
418,208	*	Starbucks Corp		15,792
7,900	*	The Steak N Shake Co		120
1,900		Triarc Cos (Class B)		30
56,151		Wendy's International, Inc		3,273
		TOTAL EATING AND DRINKING PLACES		59,381
EDUCATIONAL SERVICES - 0.00% **
700	*	Corinthian Colleges, Inc		10
1,700	*	DeVry, Inc		37
1,900	*	Laureate Education, Inc		81
		TOTAL EDUCATIONAL SERVICES		128
ELECTRIC, GAS, AND SANITARY SERVICES - 3.36%
492,654	*	AES Corp		9,089
192,785		AGL Resources, Inc		7,349
138,648		Allete, Inc		6,565
30,192		Aqua America, Inc		688
145,521		Atmos Energy Corp		4,061
251,340	e	Avista Corp		5,738
5,300		California Water Service Group		189
27,000		Cascade Natural Gas Corp		569
354,481		Cleco Corp		8,242
19,800		Crosstex Energy, Inc		1,883
85,318		Duquesne Light Holdings, Inc		1,403
314,282		El Paso Corp		4,714
319,132		Empire District Electric Co		6,558
44,400		Energen Corp		1,705
102,238		Energy East Corp		2,447
750		EnergySouth, Inc		23
445,328		Hawaiian Electric Industries, Inc		12,429
299,771		Idacorp, Inc		10,279
296,657		KeySpan Corp		11,985
265,532		Kinder Morgan, Inc		26,524
42,539		Laclede Group, Inc		1,462
40,964		Metal Management, Inc		1,254
91,293	e	MGE Energy, Inc		2,844
235,097		National Fuel Gas Co		8,261
33,059		New Jersey Resources Corp		1,547
159,362		Nicor, Inc		6,614
599,084		NiSource, Inc		13,084
42,079		Northwest Natural Gas Co		1,558
62,876	*	NRG Energy, Inc		3,029
58,439		NSTAR		1,671
512,348		OGE Energy Corp		17,948
60,815		Otter Tail Corp		1,662
662,080		Pepco Holdings, Inc		15,612
82,239		Piedmont Natural Gas Co, Inc		1,998
714,165		Puget Energy, Inc		15,340
124,072		Questar Corp		9,987
34,491		Resource America, Inc (Class A)		657
245,817	*	Sierra Pacific Resources		3,442
44,400		SJW Corp		1,130
57,959		South Jersey Industries, Inc		1,588

256

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
37,719		Southwest Gas Corp	$	1,182
3,300		Southwest Water Co		40
57,800		UGI Corp		1,423
12,760		UIL Holdings Corp		718
238,954		Unisource Energy Corp		7,443
45,399		Vectren Corp		1,237
84,414		Western Gas Resources, Inc		5,052
115,397		WGL Holdings, Inc		3,341
500,335		Williams Cos, Inc		11,688
43,539		WPS Resources Corp		2,160
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		267,412
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 3.79%
8,400	e*	Adaptec, Inc		36
3,023	*	Advanced Energy Industries, Inc		40
232,270	e*	Advanced Micro Devices, Inc		5,672
94,743	e*	Agere Systems, Inc		1,393
77,993	e	American Power Conversion Corp		1,520
4,555	e*	American Superconductor Corp		40
172,690		Ametek, Inc		8,182
92,300	*	Anadigics, Inc		620
65,892	*	Arris Group, Inc		865
48,695	*	Atheros Communications, Inc		923
30,000		Baldor Electric Co		939
116,255	*	Bookham, Inc		391
161,463	*	Brocade Communications Systems, Inc		991
53,989	*	CalAmp Corp		480
303,019	*	Capstone Turbine Corp		691
46,995	*	C-COR, Inc		363
2,594,227	*	Cisco Systems, Inc		50,665
692,996	*	Conexant Systems, Inc		1,732
7,400		CTS Corp		110
57,473	e*	Ditech Networks, Inc		501
5,400	e*	DSP Group, Inc		134
3,505	*	DTS, Inc		68
82,112	*	Emcore Corp		788
440,300		Emerson Electric Co		36,902
10,485	e*	Energizer Holdings, Inc		614
58,646	*	Evergreen Solar, Inc		761
361,324	e*	Finisar Corp		1,182
120,200	*	Freescale Semiconductor, Inc (Class B)		3,534
16,700	*	Greatbatch, Inc		394
24,800		Harman International Industries, Inc		2,117
148,527	*	Harmonic, Inc		665
2,683,225		Intel Corp		50,847
29,012	*	Interdigital Communications Corp		1,013
2,800		Inter-Tel, Inc		59
74,873	*	InterVoice, Inc		533
5,722	e*	IXYS Corp		55
3,100		Lincoln Electric Holdings, Inc		194
2,068	*	Littelfuse, Inc		71
229,966	*	LSI Logic Corp		2,058
2,310,197	*	Lucent Technologies, Inc		5,591
25,583	*	Mattson Technology, Inc		250
66,429	*	McData Corp (Class A)		271
30,404	*	Medis Technologies Ltd		617
354,613	*	Micron Technology, Inc		5,340
67,684	*	Microtune, Inc		424
5,651	e*	Mobility Electronics, Inc		41

257

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
91,193		Molex, Inc	$	3,061
1,041,768		Motorola, Inc		20,992
235,717	*	MRV Communications, Inc		733
157,400		National Semiconductor Corp		3,754
25,190	*	Novellus Systems, Inc		622
49,397	*	Omnivision Technologies, Inc		1,043
163,771	*	ON Semiconductor Corp		963
129,014	e*	Optical Communication Products, Inc		259
7,800		Park Electrochemical Corp		201
38,473		Plantronics, Inc		854
5,200	*	Plexus Corp		178
5,600	*	Polycom, Inc		123
15,700	*	Power-One, Inc		104
83,206	*	Powerwave Technologies, Inc		759
2,906	*	QLogic Corp		50
719,529		Qualcomm, Inc		28,832
103,044	e*	Quantum Fuel Systems Technologies Worldwide, Inc		350
53,247		RadioShack Corp		746
122,783	*	RF Micro Devices, Inc		733
2,100	*	Rogers Corp		118
116,028	*	Silicon Storage Technology, Inc		471
933,619	e*	Sirius Satellite Radio, Inc		4,435
84,452	*	Sycamore Networks, Inc		343
44,039	*	Symmetricom, Inc		311
11,100		Technitrol, Inc		257
15,703	*	Tekelec		194
56,053		Teleflex, Inc		3,028
265,220	*	Tellabs, Inc		3,530
734,264		Texas Instruments, Inc		22,241
63,300	*	Thomas & Betts Corp		3,247
562,873	*	Transmeta Corp		912
319,876	*	Transwitch Corp		675
55,601	*	Trident Microsystems, Inc		1,055
130,205	e*	Triquint Semiconductor, Inc		581
7,500	*	TTM Technologies, Inc		109
2,600		Vicor Corp		43
13,207		Whirlpool Corp		1,092
127,200		Xilinx, Inc		2,881
138,795	e*	Zhone Technologies, Inc		283
5,200	e*	Zoltek Cos, Inc		156
22,389	*	Zoran Corp		545
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		301,541
ENGINEERING AND MANAGEMENT SERVICES - 0.38%
16,862	e*	Amylin Pharmaceuticals, Inc		832
24,675	*	Applera Corp (Celera Genomics Group)		320
86,121	e*	Ariad Pharmaceuticals, Inc		388
113,117	*	Celgene Corp		5,365
9,318	*	CV Therapeutics, Inc		130
20,235	e*	DiamondCluster International, Inc		160
3,288	*	Digitas, Inc		38
92,078	*	Hewitt Associates, Inc		2,070
18,436	*	ICOS Corp		405
92,116	e*	Incyte Corp		424
40,810	*	Isis Pharmaceuticals, Inc		247
2,700		Landauer, Inc		129
28,041	*	Lexicon Genetics, Inc		123
16,090	*	Lifecell Corp		498
257,910	*	Monogram Biosciences, Inc		511

258

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
145,828		Moody's Corp	$	7,942
214,126		Paychex, Inc		8,347
653	*	Per-Se Technologies, Inc		17
11,000		Pharmaceutical Product Development, Inc		386
21,643	*	Regeneron Pharmaceuticals, Inc		278
173,796	*	Rentech, Inc		808
63,430	*	Savient Pharmaceuticals, Inc		333
3,100	*	Sourcecorp		77
26,200	e*	Telik, Inc		432
15,200	*	Trimeris, Inc		175
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		30,435
FABRICATED METAL PRODUCTS - 0.47%
900		Ameron International Corp		60
19,700		Aptargroup, Inc		977
125,760		Commercial Metals Co		3,232
60,548		Dynamic Materials Corp		2,042
22,906		Gulf Island Fabrication, Inc		459
566,200		Illinois Tool Works, Inc		26,895
11,067	*	Jacuzzi Brands, Inc		97
25,700		Pentair, Inc		879
28,103		Silgan Holdings, Inc		1,040
27,846		Snap-On, Inc		1,126
8,500		Valmont Industries, Inc		395
		TOTAL FABRICATED METAL PRODUCTS		37,202
FOOD AND KINDRED PRODUCTS - 1.80%
239,625		Campbell Soup Co		8,892
185,000		Coca-Cola Enterprises, Inc		3,768
276,409		General Mills, Inc		14,279
283,450		H.J. Heinz Co		11,684
137,800		Hershey Co		7,589
44,718		J.M. Smucker Co		1,999
438,753		Kellogg Co		21,249
11,403		Lancaster Colony Corp		450
21,000		McCormick & Co, Inc		705
50,600		Pepsi Bottling Group, Inc		1,627
62,299		PepsiAmericas, Inc		1,377
936,304		PepsiCo, Inc		56,216
25,240		Tootsie Roll Industries, Inc		735
2,759		Topps Co, Inc		23
273,599		Wrigley (Wm.) Jr Co		12,410
		TOTAL FOOD AND KINDRED PRODUCTS		143,003
FOOD STORES - 0.17%
436,276		Kroger Co		9,537
17,760	*	Pathmark Stores, Inc		167
68,780		Supervalu, Inc		2,112
26,600		Whole Foods Market, Inc		1,719
		TOTAL FOOD STORES		13,535
FURNITURE AND FIXTURES - 0.52%
257,551	*	BE Aerospace, Inc		5,888
28,929		Herman Miller, Inc		745
100,800		Hillenbrand Industries, Inc		4,889
36,219		HNI Corp		1,642
213,478		Johnson Controls, Inc		17,552
62,244		Leggett & Platt, Inc		1,555
312,073		Masco Corp		9,250

259

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
500	e*	Tempur-Pedic International, Inc	$	7
		TOTAL FURNITURE AND FIXTURES		41,528
FURNITURE AND HOMEFURNISHINGS STORES - 0.16%
107,795	*	Bed Bath & Beyond, Inc		3,576
138,750		Best Buy Co, Inc		7,609
61,694		Circuit City Stores, Inc		1,679
4,200	*	Cost Plus, Inc		62
4,400		Haverty Furniture Cos, Inc		69
200	*	Mohawk Industries, Inc		14
4,200	*	Restoration Hardware, Inc		30
800		Williams-Sonoma, Inc		27
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		13,066
GENERAL BUILDING CONTRACTORS - 0.25%
301	e*	Avatar Holdings, Inc		17
9,654	e	Beazer Homes USA, Inc		443
6,924		Brookfield Homes Corp		228
38,500		Centex Corp		1,936
127,399		DR Horton, Inc		3,035
15,402	*	Hovnanian Enterprises, Inc (Class A)		463
42,500		Lennar Corp (Class A)		1,886
3,520		Lennar Corp (Class B)		144
3,300	e	Levitt Corp (Class A)		53
292	e	M/I Homes, Inc		10
29,214		MDC Holdings, Inc		1,517
228,636		Pulte Homes, Inc		6,582
29,562		Ryland Group, Inc		1,288
46,600	e	Standard-Pacific Corp		1,198
42,000	*	Toll Brothers, Inc		1,074
		TOTAL GENERAL BUILDING CONTRACTORS		19,874
GENERAL MERCHANDISE STORES - 0.75%
19,200	*	BJ's Wholesale Club, Inc		544
1,687	e	Bon-Ton Stores, Inc		37
7,200	*	Cabela's, Inc		139
297,716		Costco Wholesale Corp		17,009
93,865		Dollar General Corp		1,312
84,497		Family Dollar Stores, Inc		2,064
141,195		JC Penney Co, Inc		9,532
12,800	e*	Retail Ventures, Inc		228
2,600		Stein Mart, Inc		39
455,025		Target Corp		22,237
270,921		TJX Cos, Inc		6,193
		TOTAL GENERAL MERCHANDISE STORES		59,334
HEALTH SERVICES - 0.81%
19,435	*	American Retirement Corp		637
4,293	e*	Bio-Reference Labs, Inc		93
126,797	*	Community Health Systems, Inc		4,660
39,300	*	DaVita, Inc		1,953
75,118	*	Edwards Lifesciences Corp		3,413
44,688	*	Express Scripts, Inc		3,206
401,998		Health Management Associates, Inc (Class A)		7,923
52,600	*	Laboratory Corp of America Holdings		3,273
15,820	*	LifePoint Hospitals, Inc		508
109,806	*	Lincare Holdings, Inc		4,155
1,200	*	Matria Healthcare, Inc		26
1,111	e*	Medcath Corp		21

260

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
47,505	*	Nektar Therapeutics	$	871
8,388		Option Care, Inc		101
2,400	*	RehabCare Group, Inc		42
164,956	e*	Triad Hospitals, Inc		6,529
111,395		Universal Health Services, Inc (Class B)		5,599
2,200	e*	VistaCare, Inc (Class A)		27
294,508	*	WellPoint, Inc		21,431
		TOTAL HEALTH SERVICES		64,468
HOLDING AND OTHER INVESTMENT OFFICES - 1.83%
4,876		Acadia Realty Trust		115
251,068	e	Allied Capital Corp		7,223
7,100		AMB Property Corp		359
37,900		American Financial Realty Trust		367
47,700		Annaly Mortgage Management, Inc		611
54,800		Anworth Mortgage Asset Corp		455
2,900	e	Arbor Realty Trust, Inc		73
178,815		Archstone-Smith Trust		9,096
5,998	e	Ashford Hospitality Trust, Inc		76
36,567		AvalonBay Communities, Inc		4,045
68,455		Boston Properties, Inc		6,188
600		Brandywine Realty Trust		19
6,300		Capital Lease Funding, Inc		72
1,200	e	Capital Trust, Inc		43
12,714		Cedar Shopping Centers, Inc		187
2,460		Cherokee, Inc		102
4,675		Colonial Properties Trust		231
80,458		Crescent Real Estate Equities Co		1,493
1,200		Developers Diversified Realty Corp		63
81,338		Duke Realty Corp		2,859
10,051		Equity Inns, Inc		166
548,414		Equity Office Properties Trust		20,023
286,388	e	Equity Residential		12,810
18,247		FelCor Lodging Trust, Inc		397
40,244		First Industrial Realty Trust, Inc		1,527
88,351		General Growth Properties, Inc		3,981
2,700		Gladstone Capital Corp		58
12,011	e	Glenborough Realty Trust, Inc		259
35,711		Harris & Harris Group, Inc		394
32,500		Health Care Property Investors, Inc		869
57,615		Health Care REIT, Inc		2,014
40,080		Healthcare Realty Trust, Inc		1,277
5,594		Highland Hospitality Corp		79
15,546		Highwoods Properties, Inc		562
15,500	e	HomeBanc Corp		123
71,785		Hospitality Properties Trust		3,153
147,300	e	Host Marriott Corp		3,221
23,518	e	HRPT Properties Trust		272
2,200		Investors Real Estate Trust		20
73,200		iStar Financial, Inc		2,763
121,000		Kimco Realty Corp		4,415
50,527		Lexington Corporate Properties Trust		1,091
9,265		LTC Properties, Inc		207
77,700		Luminent Mortgage Capital, Inc		720
1,000		Macerich Co		70
43,045		Mack-Cali Realty Corp		1,977
47,300		MFA Mortgage Investments, Inc		325
2,680		Mid-America Apartment Communities, Inc		149
11,900	e	MortgageIT Holdings, Inc		144

261

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
5,061		National Health Investors, Inc	$	136
78,727		Nationwide Health Properties, Inc		1,772
38,004		New Plan Excel Realty Trust		938
70,587		NTL, Inc		1,758
11,150		Omega Healthcare Investors, Inc		147
6,998		Pan Pacific Retail Properties, Inc		485
40,179		Pennsylvania Real Estate Investment Trust		1,622
5,500		Post Properties, Inc		249
14,679		Potlatch Corp		554
102,124		Prologis		5,323
95,119		Public Storage, Inc		7,220
2,700		RAIT Investment Trust		79
44,126		Realty Income Corp		966
700		Regency Centers Corp		44
5,366		Senior Housing Properties Trust		96
150,395		Simon Property Group, Inc		12,474
7,800		Sun Communities, Inc		254
21,806		Trustreet Properties, Inc		288
1,900		United Dominion Realty Trust, Inc		53
4,600		Universal Health Realty Income Trust		144
6,860		Urstadt Biddle Properties, Inc (Class A)		112
98,503		Vornado Realty Trust		9,609
120,825		Weingarten Realty Investors		4,625
15,216		Winston Hotels, Inc		186
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		145,877
HOTELS AND OTHER LODGING PLACES - 0.14%
7,561	*	Bluegreen Corp		87
109,560		Choice Hotels International, Inc		6,639
65,089	*	Gaylord Entertainment Co		2,841
50,463	*	Great Wolf Resorts, Inc		606
6,400	*	Lodgian, Inc		91
43,668		Marcus Corp		912
		TOTAL HOTELS AND OTHER LODGING PLACES		11,176
INDUSTRIAL MACHINERY AND EQUIPMENT - 3.66%
574,944		3M Co		46,438
79,500	e*	AGCO Corp		2,092
2,600		Albany International Corp (Class A)		110
86,200		American Standard Cos, Inc		3,730
318,894	*	Apple Computer, Inc		18,215
727,736		Applied Materials, Inc		11,848
10,769	*	Astec Industries, Inc		367
68,987	*	Asyst Technologies, Inc		519
81,730	e*	Axcelis Technologies, Inc		482
30,625		Black & Decker Corp		2,587
4,000		Briggs & Stratton Corp		124
15,494	*	Brooks Automation, Inc		183
27,122	*	Cameron International Corp		1,296
6,579	e	CDW Corp		360
37,800		Cummins, Inc		4,621
192,830		Deere & Co		16,099
1,022,039	*	Dell, Inc		24,948
1,000		Donaldson Co, Inc		34
17,350	*	Dril-Quip, Inc		1,430
967,240	*	EMC Corp		10,611
9,460	*	Emulex Corp		154
76,599	*	ENGlobal Corp		597
5,149	e*	Entegris, Inc		49

262

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
9,383	*	Flanders Corp	$	94
7,700	e*	Flowserve Corp		438
14,156	e*	FMC Technologies, Inc		955
12,704	*	Gehl Co		324
118,575		Graco, Inc		5,452
157,563	*	Grant Prideco, Inc		7,051
1,298,523		Hewlett-Packard Co		41,137
2,986	*	Intermec, Inc		68
787,557		International Business Machines Corp		60,500
27,864	*	Intevac, Inc		604
2,300	*	Kulicke & Soffa Industries, Inc		17
56,682	*	Lam Research Corp		2,643
39,462	*	Lexmark International, Inc		2,203
4,800		Lindsay Manufacturing Co		130
6,754		Lufkin Industries, Inc		401
37,844		Manitowoc Co, Inc		1,684
42,800		Modine Manufacturing Co		1,000
9,838		NN, Inc		121
28,000		Nordson Corp		1,377
7,286	*	Oil States International, Inc		250
11,400		Pall Corp		319
5,200	*	Paxar Corp		107
11,536	*	Rackable Systems, Inc		456
1,900		Robbins & Myers, Inc		50
45,177	*	Semitool, Inc		407
43,161	*	Sigma Designs, Inc		407
150,786		Smith International, Inc		6,706
503,386	*	Solectron Corp		1,722
22,138		SPX Corp		1,239
86,524		Stanley Works		4,086
11,587		Tennant Co		583
8,326	*	TurboChef Technologies, Inc		93
10,500	*	Ultratech, Inc		165
39,294	*	Varian Medical Systems, Inc		1,861
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		291,544
INSTRUMENTS AND RELATED PRODUCTS - 3.24%
6,600	*	ADE Corp		214
22,218	e*	Advanced Medical Optics, Inc		1,126
17,804	e*	Affymetrix, Inc		456
3,704	e	Analogic Corp		173
5,200	e	Arrow International, Inc		171
44,094		Bard (C.R.), Inc		3,230
30,955	e	Bausch & Lomb, Inc		1,518
438,937		Baxter International, Inc		16,135
94,654		Beckman Coulter, Inc		5,258
214,472		Becton Dickinson & Co		13,111
158,905		Biomet, Inc		4,972
591,388	*	Boston Scientific Corp		9,959
3,700	*	Bruker BioSciences Corp		20
3,100	*	Candela Corp		49
5,797	e*	Cepheid, Inc		56
1,900		CNS, Inc		47
5,170	*	Coherent, Inc		174
500		Cooper Cos, Inc		22
220,973	*	Credence Systems Corp		773
1,600		Datascope Corp		49
85,036		Dentsply International, Inc		5,153
3,500	e*	DJ Orthopedics, Inc		129

263

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
4,900	*	Encore Medical Corp	$	24
1,100	*	Excel Technology, Inc		33
49,497	*	Fisher Scientific International, Inc		3,616
6,800	*	Hologic, Inc		336
1,700	e*	ICU Medical, Inc		72
14,163	*	Illumina, Inc		420
56,208	*	Input/Output, Inc		531
8,990	*	Intuitive Surgical, Inc		1,061
8,900		Invacare Corp		222
1,300	*	Itron, Inc		77
1,731,495		Johnson & Johnson		103,751
61,425		Kla-Tencor Corp		2,553
4,317	*	Laserscope		133
117,947	*	LTX Corp		827
796,428		Medtronic, Inc		37,368
1,166	*	Merit Medical Systems, Inc		16
6,400	*	Mettler-Toledo International, Inc		388
11,632	*	Millipore Corp		733
5,300	e*	MKS Instruments, Inc		107
1,900	*	Molecular Devices Corp		58
5,900		Movado Group, Inc		135
3,688	*	Palomar Medical Technologies, Inc		168
2,200	*	Photon Dynamics, Inc		28
207,301		Pitney Bowes, Inc		8,562
6,200	*	Respironics, Inc		212
4,323	*	Rudolph Technologies, Inc		63
173,852	*	St. Jude Medical, Inc		5,636
94,297		STERIS Corp		2,156
191,130		Stryker Corp		8,049
11,200	*	Techne Corp		570
32,506		Tektronix, Inc		956
88,074	*	Thermo Electron Corp		3,192
1,600	*	Thoratec Corp		22
26,444	*	TriPath Imaging, Inc		175
1,600		Vital Signs, Inc		79
45,643	*	Waters Corp		2,027
303,173	*	Xerox Corp		4,217
2,400		X-Rite, Inc		26
110,420	e*	Zimmer Holdings, Inc		6,263
5,070	*	Zoll Medical Corp		166
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		257,823
INSURANCE AGENTS, BROKERS AND SERVICE - 0.26%
37,200		Brown & Brown, Inc		1,087
19,600		Clark, Inc		259
4,400		Crawford & Co (Class B)		32
223,845		Hartford Financial Services Group, Inc		18,937
4,200	e*	USI Holdings Corp		56
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		20,371
INSURANCE CARRIERS - 2.63%
301,800		Aetna, Inc		12,051
2,700		Affirmative Insurance Holdings, Inc		42
439,870		Aflac, Inc		20,388
902	*	Alleghany Corp		249
91,600		Ambac Financial Group, Inc		7,429
16,400		American Financial Group, Inc		704
3,950	*	American Physicians Capital, Inc		208
7,900	*	AMERIGROUP Corp		245

264

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
380,314		Chubb Corp	$	18,978
214,735		Cincinnati Financial Corp		10,095
55,518		Commerce Group, Inc		1,640
1,400		Donegal Group, Inc		27
37,568		Erie Indemnity Co (Class A)		1,953
1,251	*	Fpic Insurance Group, Inc		48
1,200		Harleysville Group, Inc		38
13,900		HCC Insurance Holdings, Inc		409
2,616	*	HealthExtras, Inc		79
4,400		Horace Mann Educators Corp		75
3,506	e	Infinity Property & Casualty Corp		144
268,127		Lincoln National Corp		15,133
6,640	*	Markel Corp		2,304
113,799	e	MBIA, Inc		6,663
63,638		Mercury General Corp		3,587
69,700		MGIC Investment Corp		4,530
1,500	e*	Molina Healthcare, Inc		57
45,479		Nationwide Financial Services, Inc (Class A)		2,005
23,340		Odyssey Re Holdings Corp		615
5,300		Ohio Casualty Corp		158
22,800		Phoenix Cos, Inc		321
13,997	*	PMA Capital Corp (Class A)		144
40,300	e	PMI Group, Inc		1,797
1,400		Presidential Life Corp		34
204,025	e	Principal Financial Group		11,354
583,880		Progressive Corp		15,012
405,806		Prudential Financial, Inc		31,531
26,100		Radian Group, Inc		1,612
167,985		Safeco Corp		9,466
534,477		St. Paul Travelers Cos, Inc		23,827
30,639		Unitrin, Inc		1,336
69,651		W.R. Berkley Corp		2,377
15,862	*	WellCare Health Plans, Inc		778
100		Wesco Financial Corp		38
		TOTAL INSURANCE CARRIERS		209,481
LEATHER AND LEATHER PRODUCTS - 0.08%
199,600	*	Coach, Inc		5,968
400	*	Timberland Co (Class A)		10
14,200		Weyco Group, Inc		330
		TOTAL LEATHER AND LEATHER PRODUCTS		6,308
LEGAL SERVICES - 0.00% **
3,600	*	FTI Consulting, Inc		96
		TOTAL LEGAL SERVICES		96
LUMBER AND WOOD PRODUCTS - 0.01%
28,547	*	Champion Enterprises, Inc		315
4,415		Skyline Corp		189
		TOTAL LUMBER AND WOOD PRODUCTS		504
METAL MINING - 0.06%
183,261		Royal Gold, Inc		5,098
		TOTAL METAL MINING		5,098
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.14%
19,178		Callaway Golf Co		249
58,200	*	Identix, Inc		407
39,060	*	K2, Inc		428

265

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
9,675		Marine Products Corp	$	94
463,424		Mattel, Inc		7,651
28,761	*	RC2 Corp		1,112
59,200	*	Russ Berrie & Co, Inc		726
2,500	*	Steinway Musical Instruments, Inc		61
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		10,728
MISCELLANEOUS RETAIL - 0.77%
152,855	e*	Amazon.com, Inc		5,912
4,500		Barnes & Noble, Inc		164
403,342		CVS Corp		12,383
15,723	*	Dollar Tree Stores, Inc		417
62,013	e*	GSI Commerce, Inc		839
13,700		Michaels Stores, Inc		565
77,755	*	Office Depot, Inc		2,955
16,503	*	Overstock.com, Inc		351
308,113		Staples, Inc		7,493
30,376		Tiffany & Co		1,003
521,071		Walgreen Co		23,365
123,464		World Fuel Services Corp		5,641
		TOTAL MISCELLANEOUS RETAIL		61,088
MOTION PICTURES - 1.19%
3,931	e*	Avid Technology, Inc		131
197,077	e*	Discovery Holding Co (Class A)		2,883
95,497	*	DreamWorks Animation SKG, Inc (Class A)		2,187
26,141		Regal Entertainment Group (Class A)		531
16,388	*	Time Warner Telecom, Inc (Class A)		243
2,780,199		Time Warner, Inc		48,098
1,365,173		Walt Disney Co		40,955
		TOTAL MOTION PICTURES		95,028
NONDEPOSITORY INSTITUTIONS - 1.89%
9,919	*	Accredited Home Lenders Holding Co		474
42,023		Advanta Corp (Class A)		1,378
166,075	e	American Capital Strategies Ltd		5,560
782,671		American Express Co		41,654
40,300	e*	AmeriCredit Corp		1,125
24,191		Ares Capital Corp		410
160,854		Capital One Financial Corp		13,745
78,600	e	CapitalSource, Inc		1,844
20,400		CharterMac		382
166,983		CIT Group, Inc		8,731
9,173	e*	CompuCredit Corp		353
316,654		Countrywide Financial Corp		12,058
203,300	e	Doral Financial Corp		1,303
18,375		Federal Agricultural Mortgage Corp (Class C)		509
26,300		First Marblehead Corp		1,497
671,667		Freddie Mac		38,292
117,147	e	MCG Capital Corp		1,863
10,600	e*	Nelnet, Inc		430
351,951		SLM Corp		18,625
12,483	*	World Acceptance Corp		443
		TOTAL NONDEPOSITORY INSTITUTIONS		150,676
NONMETALLIC MINERALS, EXCEPT FUELS - 0.15%
99,868	e	AMCOL International Corp		2,631
12,900	e	Compass Minerals International, Inc		322
15,000		Florida Rock Industries, Inc		745

266

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
100,663		Vulcan Materials Co	$	7,852
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		11,550
OIL AND GAS EXTRACTION - 3.00%
682,338		Anadarko Petroleum Corp		32,541
414,426		Apache Corp		28,285
30,714	e*	Atlas America, Inc		1,376
7,984	*	ATP Oil & Gas Corp		335
8,170	*	Atwood Oceanics, Inc		405
34,230		Baker Hughes, Inc		2,802
40,138	e	Berry Petroleum Co (Class A)		1,331
21,450		Cabot Oil & Gas Corp (Class A)		1,051
43,584	*	Callon Petroleum Co		843
54,968	e*	Cheniere Energy, Inc		2,144
219,197		Chesapeake Energy Corp		6,631
88,652		Cimarex Energy Co		3,812
15,757	*	Delta Petroleum Corp		270
175,338	*	Denbury Resources, Inc		5,553
496,884		Devon Energy Corp		30,017
20,711	*	Edge Petroleum Corp		414
30,001	*	Encore Acquisition Co		805
68,159	*	Energy Partners Ltd		1,292
186,136	e	ENSCO International, Inc		8,566
341,716		Equitable Resources, Inc		11,447
55,136	*	Forest Oil Corp		1,828
128,663	*	Gasco Energy, Inc		572
16,582	*	Global Industries Ltd		277
17,300	*	Goodrich Petroleum Corp		491
45,337	*	Grey Wolf, Inc		349
24,974	e*	Helix Energy Solutions Group, Inc		1,008
103,835		Helmerich & Payne, Inc		6,257
21,290	*	Houston Exploration Co		1,303
54,692	*	KCS Energy, Inc		1,624
173,084	*	Meridian Resource Corp		606
96,165	*	National Oilwell Varco, Inc		6,089
119,240	*	Newfield Exploration Co		5,836
289,790		Noble Energy, Inc		13,580
17,662	*	Oceaneering International, Inc		810
48,248	*	PetroHawk Energy Corp		608
16,580	*	Petroleum Development Corp		625
16,300	*	Petroquest Energy, Inc		200
128,017		Pioneer Natural Resources Co		5,941
61,817	*	Plains Exploration & Production Co		2,506
80,100		Pogo Producing Co		3,693
122,390	*	Pride International, Inc		3,822
64,013	e*	Quicksilver Resources, Inc		2,356
102,753	e	Range Resources Corp		2,794
19,500	*	Remington Oil & Gas Corp		857
77,900		Rowan Cos, Inc		2,772
9,480		RPC, Inc		230
33,046	*	Southwestern Energy Co		1,030
20,700		St. Mary Land & Exploration Co		833
16,278	*	Stone Energy Corp		758
45,433	*	Swift Energy Co		1,950
3,887	*	Syntroleum Corp		24
105,526		Tidewater, Inc		5,192
27,071	*	Toreador Resources Corp		761
426,899	*	Transmontaigne, Inc		4,786
17,825	*	Unit Corp		1,014

267

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
19,400	e	W&T Offshore, Inc	$	754
8,105	*	W-H Energy Services, Inc		412
14,605	*	Whiting Petroleum Corp		611
313,786		XTO Energy, Inc		13,891
		TOTAL OIL AND GAS EXTRACTION		238,970
PAPER AND ALLIED PRODUCTS - 0.58%
60,200		Bemis Co		1,843
40,000		Bowater, Inc		910
25,800	*	Buckeye Technologies, Inc		197
5,200	*	Cenveo, Inc		93
34,100		Chesapeake Corp		560
30,700		Glatfelter		487
23,515		International Paper Co		760
402,225		Kimberly-Clark Corp		24,817
233,349		MeadWestvaco Corp		6,518
122,797		Packaging Corp of America		2,704
5,700		Rock-Tenn Co (Class A)		91
129,950		Sonoco Products Co		4,113
60,796		Temple-Inland, Inc		2,606
10,800		Wausau Paper Corp		135
		TOTAL PAPER AND ALLIED PRODUCTS		45,834
PERSONAL SERVICES - 0.04%
71,999		Regis Corp		2,564
15,056		Unifirst Corp		519
		TOTAL PERSONAL SERVICES		3,083
PETROLEUM AND COAL PRODUCTS - 0.80%
269,430		EOG Resources, Inc		18,682
199,616	e	Frontier Oil Corp		6,468
68,902	e*	Headwaters, Inc		1,761
54,499		Hess Corp		2,880
30,421		Murphy Oil Corp		1,699
150,944		Sunoco, Inc		10,459
330,996		Valero Energy Corp		22,018
		TOTAL PETROLEUM AND COAL PRODUCTS		63,967
PRIMARY METAL INDUSTRIES - 0.97%
61,885	*	Aleris International, Inc		2,838
25,669	*	Brush Engineered Materials, Inc		535
135,325	*	Century Aluminum Co		4,830
18,163	*	Chaparral Steel Co		1,308
6,900	*	CommScope, Inc		217
671,481	*	Corning, Inc		16,243
48,876		Gibraltar Industries, Inc		1,417
17,000		Hubbell, Inc (Class B)		810
42,084	*	Lone Star Technologies, Inc		2,273
32,200	*	Maverick Tube Corp		2,035
59,078		Mueller Industries, Inc		1,951
70,846	*	NS Group, Inc		3,902
324,436		Nucor Corp		17,601
26,377		Olympic Steel, Inc		934
45,667		Quanex Corp		1,967
58,618		Steel Dynamics, Inc		3,854
88,373		Steel Technologies, Inc		1,718
27,944		Tredegar Corp		442
83,733		United States Steel Corp		5,871
58,789	*	Wheeling-Pittsburgh Corp		1,169

268

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
270,750		Worthington Industries, Inc	$	5,672
		TOTAL PRIMARY METAL INDUSTRIES		77,587
PRINTING AND PUBLISHING - 0.66%
1,300	e*	ACCO Brands Corp		28
20,540		Banta Corp		952
10,100		Bowne & Co, Inc		144
800		CSS Industries, Inc		23
41,000		Dow Jones & Co, Inc		1,435
29,750	*	Dun & Bradstreet Corp		2,073
4,200		Ennis, Inc		83
109,352		EW Scripps Co		4,717
57,979		Harte-Hanks, Inc		1,487
21,999		John Wiley & Sons, Inc (Class A)		730
37,500		Lee Enterprises, Inc		1,011
3,600		McClatchy Co (Class A)		144
284,484		McGraw-Hill Cos, Inc		14,290
38		Media General, Inc (Class A)		2
65,159		Meredith Corp		3,228
266,888		New York Times Co (Class A)		6,549
10,500	*	Presstek, Inc		98
21,328	e	R.H. Donnelley Corp		1,153
23,349		Standard Register Co		277
271,862		Tribune Co		8,817
7,056		Washington Post Co (Class B)		5,504
		TOTAL PRINTING AND PUBLISHING		52,745
RAILROAD TRANSPORTATION - 0.41%
85,665		CSX Corp		6,034
19,164	*	Kansas City Southern Industries, Inc		531
489,510		Norfolk Southern Corp		26,052
		TOTAL RAILROAD TRANSPORTATION		32,617
REAL ESTATE - 0.01%
33,417	*	CB Richard Ellis Group, Inc		832
16,099		Stewart Enterprises, Inc (Class A)		93
		TOTAL REAL ESTATE		925
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.05%
1,800	e*	Applied Films Corp		51
70,651		Cooper Tire & Rubber Co		787
5,481	*	Deckers Outdoor Corp		211
31,900	e	Sealed Air Corp		1,662
11,100		Spartech Corp		251
1,800	e*	Trex Co, Inc		47
53,584		Tupperware Corp		1,055
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		4,064
SECURITY AND COMMODITY BROKERS - 1.77%
29,610		A.G. Edwards, Inc		1,638
31,721		Ameriprise Financial, Inc		1,417
4,757	*	Cbot Holdings, Inc		569
570,443		Charles Schwab Corp		9,116
14,136		Chicago Mercantile Exchange Holdings, Inc		6,943
169,245	*	E*Trade Financial Corp		3,862
3,200		Eaton Vance Corp		80
27,941		Federated Investors, Inc (Class B)		880
173,317		Franklin Resources, Inc		15,046
3,630		GAMCO Investors, Inc		133

269

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
244,176		Goldman Sachs Group, Inc	$	36,731
7,600	*	IntercontinentalExchange, Inc		440
31,028		International Securities Exchange, Inc		1,181
72,720		Janus Capital Group, Inc		1,302
49,052		Legg Mason, Inc		4,882
628,629		Merrill Lynch & Co, Inc		43,727
39,546	*	Nasdaq Stock Market, Inc		1,182
62,000	*	NYSE Group, Inc		4,246
36,392		SEI Investments Co		1,779
1,900		SWS Group, Inc		46
158,652	e	T Rowe Price Group, Inc		5,999
		TOTAL SECURITY AND COMMODITY BROKERS		141,199
SPECIAL TRADE CONTRACTORS - 0.01%
400		Alico, Inc		22
4,050		Comfort Systems USA, Inc		58
7,834	*	Layne Christensen Co		222
43,982	e*	Quanta Services, Inc		762
		TOTAL SPECIAL TRADE CONTRACTORS		1,064
STONE, CLAY, AND GLASS PRODUCTS - 0.06%
2,065	e	Apogee Enterprises, Inc		31
1,122	e*	Cabot Microelectronics Corp		34
12,525		CARBO Ceramics, Inc		615
63,048		Eagle Materials, Inc		2,995
83,512		Gentex Corp		1,169
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		4,844
TEXTILE MILL PRODUCTS - 0.00% **
3,200		Oxford Industries, Inc		126
		TOTAL TEXTILE MILL PRODUCTS		126
TRANSPORTATION BY AIR - 0.46%
55,220	e*	Airtran Holdings, Inc		821
18,300	*	Alaska Air Group, Inc		721
92,958	*	Continental Airlines, Inc (Class B)		2,770
48,300	e*	ExpressJet Holdings, Inc		334
164,124		FedEx Corp		19,180
124,879	*	Frontier Airlines Holdings, Inc		900
71,083	*	JetBlue Airways Corp		863
60,245	*	Mesa Air Group, Inc		593
6,600		Skywest, Inc		164
627,375		Southwest Airlines Co		10,270
		TOTAL TRANSPORTATION BY AIR		36,616
TRANSPORTATION EQUIPMENT - 0.60%
10,800		A.O. Smith Corp		501
4,700	*	Accuride Corp		59
8,885	e*	Aftermarket Technology Corp		221
51,000	e	American Axle & Manufacturing Holdings, Inc		872
70,430	e	ArvinMeritor, Inc		1,211
117,096		Autoliv, Inc		6,624
122,200	*	Aviall, Inc		5,807
53,585		Brunswick Corp		1,782
21,900		Federal Signal Corp		331
224,750		Genuine Parts Co		9,363
205,687		Harley-Davidson, Inc		11,290
36,928		Harsco Corp		2,879
73,547		JLG Industries, Inc		1,655

270

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
20,829		Noble International Ltd	$	298
64,900		Superior Industries International, Inc		1,187
25,384	*	Tenneco, Inc		660
400		Thor Industries, Inc		19
44,061	*	TRW Automotive Holdings Corp		1,202
217,570	*	Visteon Corp		1,569
1,200		Westinghouse Air Brake Technologies Corp		45
		TOTAL TRANSPORTATION EQUIPMENT		47,575
TRANSPORTATION SERVICES - 0.04%
13,840		Expeditors International Washington, Inc		775
3,796	*	HUB Group, Inc		93
43,746	*	RailAmerica, Inc		458
65,665		Sabre Holdings Corp		1,445
		TOTAL TRANSPORTATION SERVICES		2,771
TRUCKING AND WAREHOUSING - 0.42%
1,600	e*	SCS Transportation, Inc		44
404,035		United Parcel Service, Inc (Class B)		33,264
		TOTAL TRUCKING AND WAREHOUSING		33,308
WATER TRANSPORTATION - 0.03%
29,196		Alexander & Baldwin, Inc		1,292
18,000	*	Gulfmark Offshore, Inc		465
22,369	*	Hornbeck Offshore Services, Inc		795
		TOTAL WATER TRANSPORTATION		2,552
WHOLESALE TRADE-DURABLE GOODS - 0.47%
158,300		Adesa, Inc		3,521
3,400	e	Agilysys, Inc		61
137,894		Barnes Group, Inc		2,751
19,700		BorgWarner, Inc		1,282
12,024		Building Material Holding Corp		335
39,080		Castle (A.M.) & Co		1,260
10,000	*	Cytyc Corp		254
140,200		IKON Office Solutions, Inc		1,767
2,400	*	Keystone Automotive Industries, Inc		101
35,293	*	Merge Technologies, Inc		434
45,705		Omnicare, Inc		2,167
46,458		Owens & Minor, Inc		1,329
131,627	*	Patterson Cos, Inc		4,598
2,500	e*	PSS World Medical, Inc		44
48,136		Reliance Steel & Aluminum Co		3,993
198,467	e	Ryerson Tull, Inc		5,359
3,500	*	Tech Data Corp		134
25,700	*	Tyler Technologies, Inc		288
92,400		W.W. Grainger, Inc		6,951
10,750	*	WESCO International, Inc		742
		TOTAL WHOLESALE TRADE-DURABLE GOODS		37,371
WHOLESALE TRADE-NONDURABLE GOODS - 0.56%
29,572	e*	Allscripts Healthcare Solutions, Inc		519
800	*	Dean Foods Co		30
87,798	*	Endo Pharmaceuticals Holdings, Inc		2,896
30,235	*	Henry Schein, Inc		1,413
4,800		Kenneth Cole Productions, Inc (Class A)		107
6,600		Men's Wearhouse, Inc		200
4,100		Myers Industries, Inc		70
10,656		Nash Finch Co		227

271

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				MATURITY		VALUE
SHARES			RATE	DATE		(000)
155,800		Nike, Inc (Class B)			$	12,620
269,010		Safeway, Inc				6,994
700	*	Smart & Final, Inc				12
10,419		Spartan Stores, Inc				152
17,900		Stride Rite Corp				236
626,143		Sysco Corp				19,135
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS				44,611
		TOTAL COMMON STOCKS				4,773,634
		(Cost $3,479,936)
PRINCIPAL
SHORT-TERM INVESTMENTS - 8.40%
COMMERCIAL PAPER - 3.15%
$      20,000,000	c,d	Air Products & Chemicals, Inc	5.200	07/17/06		19,959
27,000,000	c,d	AT&T, Inc	5.120	07/13/06		26,960
16,000,000	c,d	BellSouth Corp	5.120	07/11/06		15,981
11,000,000	c	BellSouth Corp	5.170	07/12/06		10,986
12,000,000	c,d	Harley-Davidson Funding Corp	5.000	07/03/06		12,000
10,000,000	c	Harley-Davidson Funding Corp	5.020	07/07/06		9,994
19,810,000	c,d	Harrier Finance Funding LLC	5.060	07/06/06		19,801
13,500,000	c	Kimberley-Clark Worldwide, Inc	5.150	07/11/06		13,484
27,000,000	d	McGraw-Hill, Inc	5.040	07/17/06		26,944
25,000,000	d	New York Times Co	5.140	07/06/06		24,989
22,969,000	c,d	Scaldis Capital LLC	5.230	07/17/06		22,921
20,000,000	c,d	Sedna Finance, Inc	5.110	07/10/06		19,979
10,000,000	c,d	Verizon Communications, Inc	5.110	07/05/06		9,997
17,000,000	c	Verizon Communications, Inc	5.130	07/13/06		16,974
		TOTAL COMMERCIAL PAPER				250,969
U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES - 1.94%
6,630,000	e	Federal Home Loan Bank (FHLB)	5.060	07/05/06		6,628
52,750,000	d	FHLB	5.120	07/12/06		52,682
15,000,000		FHLB	5.100	07/19/06		14,966
17,740,000		Federal Home Loan Mortgage Corp (FHLMC)	5.010	07/11/06		17,720
25,530,000	d	FHLMC	4.930	07/18/06		25,475
26,560,000		FHLMC	5.200	08/08/06		26,410
10,340,000		Federal National Mortgage Association (FNMA)	5.000	07/12/06		10,327
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES				154,208
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 3.31%
REPURCHASE AGREEMENTS - 3.31%
9,646,000		Bear Stearns & Co, Inc, 5.230% Dated 6/30/2006,				9,647
		Due 07/03/2006 In the Amount of $9,647,401
		Fully Collateralized as follows:
		Federal Home Loan Mortgage Corp (FHLMC) 3.600% - 6.625% , 10/15/2008 - 03/17/2021		$    3,895,940
		Federal National Mortgage Association (FNMA) 3.250% - 6.625%, 10/15/2006 - 09/14/2012		5,962,907
		Total Market Value		9,858,847
29,309,000		Citigroup Global Markets, Inc, 5.200% Dated 6/30/2006,				29,313
		Due 07/03/2006 In The Amount Of $29,313,234
		Fully Collateralized as follows:
		Federal National Mortgage Association (FNMA) 4.750%, 01/02/2007		29,215,790
		Total Market Value		29,215,790

272

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
PRINCIPAL				(000)
$     25,000,000	Goldman Sachs & Co. 5.230% Dated 6/30/2006,		$	25,004
	Due 07/03/2006 In The Amount Of $25,003,632
	Fully Collateralized as follows:
	Federal National Mortgage Association (FNMA) 6.250%, 05/15/2029	$   25,500,891
	Total Market Value	25,500,891
25,000,000	J P Morgan Securities, 5.200% Dated 6/30/2006,			25,004
	Due 07/03/2006 In The Amount Of $25,003,611
	Fully Collateralized as follows:
	Federal Home Loan Bank (FHLB) 3.000% - 5.000%, 09/12/2008 - 03/11/2016	25,500,063
	Total Market Value	25,500,063
89,687,000	Merrill Lynch & Co. Inc, 5.240% Dated 6/30/2006,			89,700
	Due 07/03/2006 In The Amount Of $89,700,054
	Fully Collateralized as follows:
	Federal Home Loan Bank (FHLB) 6.493%, 12/19/2025	21,412,772
	Federal Home Loan Mortgage Corp (FHLMC) 4.875% - 5.750% , 03/15/2007 - 06/27/2016	47,510,624
	Federal National Mortgage Association (FNMA) 4.375%, 10/15/2006	22,561,886
	Total Market Value	91,485,282
85,000,000	Morgan Stanley & Co, Inc 5.230% Dated 6/30/2006,			85,012
	Due 07/03/2006 In The Amount Of $85,012,349
	Fully Collateralized as follows:
	Federal Home Loan Bank (FHLB) 0.000% - 6.000%, 12/22/2006 - 11/15/2024	27,092,505
	Federal Home Loan Mortgage Corp (FHLMC) 0.000% - 5.750% , 07/18/2007 - 04/08/2019	38,907,076
	Federal National Mortgage Association (FNMA) 0.000% - 6.930%, 11/15/2006 - 02/26/2024	20,705,565
	Total Market Value	86,705,146
	TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED			263,680
	TOTAL SHORT-TERM INVESTMENTS			668,857
	(Cost $668,770)
	TOTAL PORTFOLIO - 107.40%			8,551,108
	(Cost $7,348,516)
	OTHER ASSETS & LIABILITIES, NET - (7.40%)			(589,218)
	NET ASSETS - 100.00%		$	7,961,890

273

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account 

	ABBREVIATION:
LLC	Limited Liability Company
LP	Limited Partnership
N/R	Not rated by Moody's
*	Non-income producing
**	Percentage represents less than 0.01%
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 June 30, 2006, the value of these securities amounted to $59,580,422 or 0.75% 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.
	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.

274

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account
COLLEGE RETIREMENT EQUITIES FUND
MONEY MARKET ACCOUNT
STATEMENT OF INVESTMENTS (Unaudited)
June 30, 2006
				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
SHORT-TERM INVESTMENTS - 99.91%
BANK NOTES - 0.59%
$      50,000,000		Harris Trust and Savings Bank	5.170	08/07/06	$	49,999
		TOTAL BANK NOTES				49,999
CERTIFICATES OF DEPOSIT - 12.71%
50,000,000		Abbey National plc	5.000	07/14/06		49,998
25,000,000		Abbey National plc	5.000	07/18/06		24,998
40,000,000		Abbey National plc	5.080	07/18/06		40,000
20,000,000		American Express Centurion Bank	4.950	07/06/06		20,000
49,680,000		American Express Centurion Bank	5.020	07/20/06		49,677
30,000,000		American Express Centurion Bank	5.300	07/28/06		30,000
50,000,000		American Express Centurion Bank	5.120	08/16/06		49,987
25,000,000		American Express Centurion Bank	5.440	09/25/06		25,002
25,000,000		American Express Centurion Bank	5.440	09/26/06		25,002
25,000,000		Bank Of Montreal	5.050	07/13/06		25,000
25,000,000		Bank Of Montreal	5.050	08/18/06		24,990
50,000,000		Bank Of Montreal	4.990	09/20/06		49,948
30,000,000		Bank of Nova Scotia	5.420	09/27/06		30,001
48,000,000		Barclays Bank, plc	5.110	08/14/06		47,990
50,000,000		Calyon	5.070	07/21/06		49,999
30,000,000		Calyon	5.160	08/09/06		29,998
50,000,000		Deutsche Bank	4.925	07/05/06		49,999
50,000,000		Deutsche Bank	5.050	07/12/06		50,000
45,000,000		Deutsche Bank	5.050	07/17/06		44,999
50,000,000		Dexia Bank	5.030	07/10/06		49,999
24,000,000		Dexia Bank	5.070	07/17/06		24,000
21,000,000		Dexia Bank	5.070	07/18/06		21,000
30,000,000		Dexia Bank	5.305	08/23/06		29,997
47,000,000		First Tennessee Bank N.A.	5.310	08/22/06		46,996
50,000,000		Royal Bank of Canada	4.850	07/28/06		49,987
25,000,000		Royal Bank of Canada	5.110	08/01/06		24,998
23,000,000		Royal Bank of Canada	5.360	09/18/06		22,997
50,000,000		Royal Bank of Canada	5.170	09/21/06		49,972
15,800,000		Toronto Dominion Bank	5.330	09/15/06		15,797
29,000,000		Toronto Dominion Bank	5.180	09/22/06		28,984
		TOTAL CERTIFICATES OF DEPOSIT				1,082,315
COMMERCIAL PAPER - 77.26%
10,000,000		Abbey National North America LLC	4.960	07/24/06		9,967
25,000,000		Abbey National North America LLC	4.830	09/07/06		24,756
20,000,000		ABN Amro North America Finance, Inc	5.110	07/14/06		19,960
47,000,000		ABN Amro North America Finance, Inc	4.890	08/03/06		46,781
1,115,000	c	Alcon Capital Corp	5.060	07/03/06		1,115
11,084,000		American Honda Finance Corp	5.000	07/10/06		11,069
37,325,000		American Honda Finance Corp	5.020	07/11/06		37,268
4,185,000		American Honda Finance Corp	5.100	07/24/06		4,171
3,000,000		American Honda Finance Corp	5.250	07/25/06		2,989
42,650,000		American Honda Finance Corp	5.010	08/03/06		42,450

275

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account
				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$     28,000,000		American Honda Finance Corp	5.230	08/07/06	$	27,845
22,175,000		American Honda Finance Corp	5.090	08/16/06		22,030
50,000,000		Atlantis One Funding Corp	4.965	07/17/06		49,882
20,000,000	c	Atlantis One Funding Corp	5.100	08/24/06		19,842
5,750,000		Bank of Montreal	4.850	07/06/06		5,745
20,000,000		Barclays U.S. Funding Corp	5.055	08/17/06		19,864
5,000,000		Barclays U.S. Funding Corp	5.270	08/21/06		4,963
25,000,000		Barclays U.S. Funding Corp	5.210	08/22/06		24,808
7,300,000		Barclays U.S. Funding Corp	5.350	09/05/06		7,231
24,700,000	c	Beta Finance, Inc	4.965	07/14/06		24,652
18,000,000	c	Beta Finance, Inc	5.040	07/24/06		17,940
20,000,000	c	Beta Finance, Inc	5.070	07/25/06		19,930
21,100,000	c	Beta Finance, Inc	5.040	07/28/06		21,019
21,600,000	c	Beta Finance, Inc	5.320	08/18/06		21,444
40,000,000	c	Beta Finance, Inc	5.125	08/31/06		39,648
24,200,000	c	BMW US Capital Corp	5.220	08/17/06		24,032
16,675,000		Calyon	4.955	08/11/06		16,576
19,500,000		Calyon North America, Inc	4.835	07/21/06		19,444
33,500,000		Calyon North America, Inc	5.285	09/19/06		33,111
50,000,000		Canadian Imperial Holding, Inc	5.110	08/08/06		49,723
47,285,000		Canadian Imperial Holding, Inc	5.145	08/10/06		47,003
50,000,000		Canadian Imperial Holding, Inc	5.170	08/15/06		49,669
8,993,000		Caterpillar Financial Services Corp	4.900	07/24/06		8,963
15,995,000	c	Caterpillar, Inc	5.210	07/14/06		15,963
20,000,000	c	CC (USA), Inc	4.910	07/07/06		19,981
24,525,000	c	CC (USA), Inc	5.030	07/10/06		24,491
32,370,000	c	CC (USA), Inc	5.050	07/17/06		32,293
10,000,000	c	CC (USA), Inc	4.980	07/20/06		9,973
15,000,000	c	CC (USA), Inc	5.000	07/21/06		14,956
9,540,000	c	CC (USA), Inc	5.010	07/24/06		9,508
31,500,000	c	CC (USA), Inc	5.200	08/18/06		31,277
26,000,000	c	CC (USA), Inc	5.115	08/23/06		25,802
7,000,000	c	CC (USA), Inc	5.270	08/24/06		6,945
24,000,000	c	CC (USA), Inc	5.350	08/31/06		23,789
22,000,000	c	Ciesco Lp	5.020	07/11/06		21,967
25,000,000	c	Ciesco Lp	5.040	07/12/06		24,958
25,400,000	c	Ciesco Lp	5.050	07/14/06		25,350
29,000,000	c	Ciesco Lp	5.040	07/25/06		28,899
7,000,000	c	Ciesco Lp	5.100	07/26/06		6,974
29,500,000	c	Ciesco Lp	5.130	07/28/06		29,382
20,500,000	c	Ciesco Lp	5.190	08/08/06		20,385
17,000,000	c	Ciesco Lp	5.280	08/15/06		16,885
25,000,000	c	Ciesco Lp	5.290	08/17/06		24,824
25,000,000		Citigroup Funding, Inc	4.955	07/13/06		24,956
50,000,000		Citigroup Funding, Inc	5.060	07/26/06		49,829
27,000,000		Citigroup Funding, Inc	5.100	08/24/06		26,789
25,000,000		Citigroup Funding, Inc	5.100	08/28/06		24,786
23,700,000		Citigroup Funding, Inc	5.310	11/16/06		23,212
14,400,000		Coca-Cola Bottling Co	5.220	08/14/06		14,306
10,000,000	c	Concentrate Manufacturing Co	5.250	07/24/06		9,965
30,500,000	c	Corporate Asset Funding Corp, Inc	4.930	07/10/06		30,458
13,000,000	c	Corporate Asset Funding Corp, Inc	5.030	07/13/06		12,976
15,500,000	c	Corporate Asset Funding Corp, Inc	5.030	07/18/06		15,461
5,500,000	c	Corporate Asset Funding Corp, Inc	5.040	07/21/06		5,484
29,000,000	c	Corporate Asset Funding Corp, Inc	5.130	07/27/06		28,888
15,500,000	c	Corporate Asset Funding Corp, Inc	5.135	08/02/06		15,427

276

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account
				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$     12,800,000	c	Corporate Asset Funding Corp, Inc	5.270	08/17/06	$	12,710
28,500,000	c	Corporate Asset Funding Corp, Inc	5.320	08/25/06		28,256
8,700,000	c	Danske Corp	4.880	07/13/06		8,685
5,000,000	c	Danske Corp	5.150	07/26/06		4,981
11,000,000	c	Danske Corp	4.705	07/28/06		10,958
20,000,000	c	Danske Corp	5.280	08/08/06		19,886
16,576,000	c	Danske Corp	5.160	08/14/06		16,468
4,248,000	c	Danske Corp	5.130	08/24/06		4,215
30,000,000	c	Danske Corp	5.200	09/14/06		29,675
32,500,000	c	Danske Corp	5.370	09/25/06		32,092
23,000,000	c	Danske Corp	5.080	10/23/06		22,612
14,000,000	c	Dorada Finance, Inc	5.010	07/10/06		13,981
2,500,000	c	Dorada Finance, Inc	4.960	07/14/06		2,495
3,815,000	c	Dorada Finance, Inc	5.050	08/02/06		3,798
35,000,000	c	Dorada Finance, Inc	5.290	08/21/06		34,736
25,000,000	c	Dorada Finance, Inc	5.100	08/25/06		24,796
18,000,000	c	Dorada Finance, Inc	5.160	09/08/06		17,820
17,215,000	c	Dorada Finance, Inc	5.220	09/14/06		17,026
17,500,000	c	Dorada Finance, Inc	5.390	09/29/06		17,267
14,000,000	c	Dorada Finance, Inc	5.330	10/25/06		13,758
13,410,000	c	Edison Asset Securitization, LLC	5.020	07/13/06		13,386
8,500,000	c	Edison Asset Securitization, LLC	4.970	07/19/06		8,478
23,500,000	c	Edison Asset Securitization, LLC	5.250	07/25/06		23,414
26,455,000	c	Edison Asset Securitization, LLC	5.030	08/02/06		26,336
29,000,000	c	Edison Asset Securitization, LLC	5.040	08/09/06		28,841
14,800,000	c	Edison Asset Securitization, LLC	5.180	08/14/06		14,704
45,000,000	c	Edison Asset Securitization, LLC	5.000	08/23/06		44,657
33,900,000	c	Edison Asset Securitization, LLC	5.150	08/30/06		33,606
5,250,000	c	Edison Asset Securitization, LLC	5.230	10/30/06		5,155
25,000,000	c	Fairway Finance Co, LLC	5.300	08/17/06		24,823
2,221,000	c	Fairway Finance Co, LLC	5.350	08/21/06		2,204
14,384,000	c	Fairway Finance Co, LLC	5.360	09/05/06		14,246
14,000,000		General Electric Capital Corp	5.030	07/19/06		13,963
25,500,000		General Electric Capital Corp	5.040	07/24/06		25,416
20,000,000		General Electric Capital Corp	5.030	08/04/06		19,902
26,000,000		General Electric Capital Corp	5.030	08/07/06		25,862
20,000,000		General Electric Capital Corp	4.740	08/14/06		19,873
17,000,000		General Electric Capital Corp	5.330	08/31/06		16,852
24,380,000		General Electric Capital Corp	5.310	09/01/06		24,164
10,250,000		General Electric Capital Corp	4.870	09/18/06		10,133
8,000,000		General Electric Capital Corp	5.320	09/25/06		7,900
5,765,000		General Electric Capital Corp	4.795	10/23/06		5,668
6,285,000		Goldman Sachs Group, Inc	4.730	10/23/06		6,178
15,580,000		Goldman Sachs Group, Inc	4.810	11/01/06		15,293
10,000,000		Goldman Sachs Group, Inc	4.810	11/02/06		9,815
29,000,000	c	Govco, Inc	4.935	07/10/06		28,960
17,500,000	c	Govco, Inc	4.960	07/18/06		17,456
22,500,000	c	Govco, Inc	5.000	07/25/06		22,422
44,750,000	c	Govco, Inc	5.030	07/31/06		44,556
9,000,000	c	Govco, Inc	5.050	08/04/06		8,956
28,800,000	c	Govco, Inc	5.310	08/15/06		28,605
11,700,000	c	Govco, Inc	5.080	08/18/06		11,617
7,300,000	c	Govco, Inc	4.830	09/05/06		7,230
5,000,000	c	Govco, Inc	5.320	09/18/06		4,942
4,350,000	c	Govco, Inc	5.340	12/18/06		4,238
21,255,000	c	Govco, Inc	5.430	12/26/06		20,677

277

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account
				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$     10,000,000	c	Grampian Funding LLC	5.080	08/16/06	$	9,934
43,065,000	c	Grampian Funding LLC	5.150	08/29/06		42,684
10,000,000	c	Grampian Funding LLC	4.960	09/05/06		9,904
3,990,000	c	Grampian Funding LLC	5.310	09/15/06		3,946
8,885,000	c	Grampian Funding LLC	5.040	09/20/06		8,779
2,000,000	c	Grampian Funding LLC	5.160	10/02/06		1,972
15,690,000	c	Grampian Funding LLC	5.240	10/25/06		15,418
4,000,000	c	Grampian Funding LLC	5.150	11/17/06		3,916
20,000,000		Greenwich Capital Holdings, Inc	5.350	09/22/06		19,758
25,000,000	c	Greenwich Capital Holdings, Inc	5.340	10/19/06		24,594
105,245,000	c	Greenwich Capital Holdings, Inc	5.430	10/23/06		103,468
14,844,000	c	Greyhawk Funding LLC	4.960	07/11/06		14,821
43,000,000	c	Greyhawk Funding LLC	5.270	08/21/06		42,675
30,000,000	c	Greyhawk Funding LLC	5.290	08/22/06		29,768
27,000,000	c	Greyhawk Funding LLC	5.160	08/28/06		26,766
9,000,000	c	Harley-Davidson Funding Corp	5.100	07/21/06		8,973
7,200,000	c	Harley-Davidson Funding Corp	5.150	08/10/06		7,158
3,825,000	c	Harley-Davidson Funding Corp	5.250	08/14/06		3,800
2,587,000	c	Harley-Davidson Funding Corp	5.260	08/29/06		2,564
26,706,000	c	Harrier Finance Funding LLC	5.010	07/07/06		26,680
23,500,000	c	Harrier Finance Funding LLC	4.970	07/12/06		23,462
18,715,000	c	Harrier Finance Funding LLC	5.020	07/13/06		18,682
2,950,000	c	Harrier Finance Funding LLC	5.050	07/14/06		2,944
21,595,000	c	Harrier Finance Funding LLC	5.020	07/17/06		21,544
46,013,000	c	Harrier Finance Funding LLC	5.230	07/25/06		45,849
4,000,000	c	Harrier Finance Funding LLC	5.320	08/04/06		3,979
17,000,000	c	Harrier Finance Funding LLC	5.360	08/21/06		16,871
10,000,000	c	Harrier Finance Funding LLC	5.400	09/22/06		9,878
5,800,000		HBOS Treasury Services plc	5.060	07/26/06		5,780
2,935,000		HBOS Treasury Services plc	5.045	08/08/06		2,918
10,000,000		HBOS Treasury Services plc	5.050	08/11/06		9,941
5,000,000		HBOS Treasury Services plc	5.060	08/16/06		4,967
6,800,000		HBOS Treasury Services plc	5.260	08/23/06		6,749
30,000,000		HBOS Treasury Services plc	5.190	09/07/06		29,707
30,000,000		HBOS Treasury Services plc	5.235	09/15/06		29,670
50,000,000		HSBC Finance Corp	5.050	07/27/06		49,811
27,000,000		HSBC Finance Corp	5.290	08/23/06		26,795
24,000,000		HSBC Finance Corp	5.100	09/06/06		23,768
50,000,000		HSBC Finance Corp	5.200	09/12/06		49,470
50,000,000		ING Finance	5.040	07/24/06		49,832
25,000,000		ING Finance	5.155	08/11/06		24,850
31,670,000		ING Finance	5.100	08/25/06		31,413
25,000,000		ING Finance	5.310	08/28/06		24,786
6,000,000	c	Kimberley-Clark Worldwide, Inc	5.230	07/25/06		5,978
5,606,000	c	Kitty Hawk Funding Corp	5.280	07/24/06		5,586
4,390,000	c	Kitty Hawk Funding Corp	5.290	07/26/06		4,373
43,865,000	c	Kitty Hawk Funding Corp	5.020	07/27/06		43,705
20,270,000	c	Kitty Hawk Funding Corp	5.225	08/04/06		20,167
46,000,000	c	Kitty Hawk Funding Corp	5.330	08/23/06		45,632
25,793,000	c	Kitty Hawk Funding Corp	5.320	09/19/06		25,490
5,280,000	c	Kitty Hawk Funding Corp	4.860	09/20/06		5,217
20,000,000	c	Links Finance LLC	4.935	07/06/06		19,984
40,860,000	c	Links Finance LLC	5.100	08/15/06		40,589
50,000,000	c	Links Finance LLC	5.350	09/21/06		49,398
315,000	c	Links Finance LLC	5.370	09/22/06		311
21,800,000		McGraw-Hill, Inc	5.230	07/26/06		21,718

278

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account
				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$     17,000,000		McGraw-Hill, Inc	5.260	07/28/06	$	16,933
50,000,000		Merrill Lynch & Co, Inc	5.210	08/10/06		49,703
20,000,000		Merrill Lynch & Co, Inc	5.270	08/11/06		19,877
14,000,000		Merrill Lynch & Co, Inc	5.270	08/14/06		13,908
50,000,000		Morgan Stanley Dean Witter	5.280	08/16/06		49,655
50,000,000		Morgan Stanley Dean Witter	5.240	08/17/06		49,645
30,000,000	c	Nestle Capital Corp	4.990	07/11/06		29,954
12,500,000	c	Nestle Capital Corp	5.220	07/25/06		12,455
34,768,000	c	Nestle Capital Corp	5.220	11/29/06		33,983
46,000,000	c	Nestle Capital Corp	5.310	12/01/06		44,946
20,280,000		Paccar Financial Corp	4.910	07/05/06		20,267
31,325,000		Paccar Financial Corp	4.910	07/07/06		31,295
6,650,000		Paccar Financial Corp	4.920	07/11/06		6,640
11,130,000		Paccar Financial Corp	4.940	07/12/06		11,112
13,300,000		Paccar Financial Corp	4.960	07/20/06		13,264
8,900,000		Paccar Financial Corp	5.040	08/14/06		8,843
20,000,000		Paccar Financial Corp	5.060	08/15/06		19,868
6,200,000		Paccar Financial Corp	5.060	08/17/06		6,158
20,000,000		Paccar Financial Corp	5.120	08/31/06		19,826
8,370,000	c	Park Avenue Receivables Corp	5.110	07/12/06		8,356
7,875,000	c	Park Avenue Receivables Corp	5.120	07/13/06		7,860
14,000,000	c	Park Avenue Receivables Corp	5.160	07/17/06		13,966
29,101,000	c	Park Avenue Receivables Corp	5.260	07/24/06		28,999
23,300,000	c	Park Avenue Receivables Corp	5.280	07/26/06		23,211
2,266,000	c	Park Avenue Receivables Corp	5.290	07/28/06		2,257
32,824,000	c	Park Avenue Receivables Corp	5.250	08/08/06		32,637
20,000,000	c	Park Avenue Receivables Corp	5.250	08/09/06		19,883
50,000,000	c	Park Avenue Receivables Corp	5.250	08/11/06		49,694
44,287,000	c	Preferred Receivables Funding Corp	5.160	07/14/06		44,199
15,000,000	c	Preferred Receivables Funding Corp	5.160	07/17/06		14,963
10,000,000	c	Preferred Receivables Funding Corp	5.200	07/20/06		9,971
40,000,000	c	Preferred Receivables Funding Corp	5.070	07/21/06		39,882
20,750,000	c	Preferred Receivables Funding Corp	5.090	08/21/06		20,593
8,000,000	c	Private Export Funding Corp	4.990	07/05/06		7,995
10,000,000	c	Private Export Funding Corp	4.810	07/11/06		9,985
10,000,000	c	Private Export Funding Corp	4.800	07/12/06		9,984
20,000,000	c	Private Export Funding Corp	4.810	07/13/06		19,965
13,485,000	c	Private Export Funding Corp	4.890	08/01/06		13,425
30,700,000	c	Private Export Funding Corp	5.020	08/09/06		30,532
14,485,000	c	Private Export Funding Corp	5.200	08/16/06		14,390
23,500,000	c	Private Export Funding Corp	5.190	08/29/06		23,294
47,000,000	c	Private Export Funding Corp	5.150	08/30/06		46,595
22,320,000	c	Private Export Funding Corp	5.140	09/06/06		22,104
18,200,000		Rabobank USA Finance Corp	4.580	07/05/06		18,188
40,500,000		Rabobank USA Finance Corp	4.960	07/13/06		40,429
25,245,000		Rabobank USA Finance Corp	4.970	09/29/06		24,913
4,534,000	c	Ranger Funding Co LLC	5.050	07/11/06		4,527
20,000,000	c	Ranger Funding Co LLC	5.130	07/19/06		19,946
27,000,000	c	Ranger Funding Co LLC	5.120	07/20/06		26,923
20,000,000	c	Ranger Funding Co LLC	5.070	07/21/06		19,941
29,440,000	c	Ranger Funding Co LLC	5.120	07/24/06		29,340
6,000,000	c	Ranger Funding Co LLC	5.100	07/25/06		5,979
15,000,000	c	Ranger Funding Co LLC	5.290	08/09/06		14,912
24,900,000	c	Ranger Funding Co LLC	5.300	08/11/06		24,746
24,800,000	c	Ranger Funding Co LLC	5.330	08/16/06		24,627
29,000,000	c	Ranger Funding Co LLC	5.220	09/11/06		28,696

279

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account
				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$     1,222,000	c	Scaldis Capital LLC	4.580	07/12/06	$	1,220
15,164,000	c	Scaldis Capital LLC	5.230	07/17/06		15,128
13,178,000	c	Scaldis Capital LLC	4.960	07/18/06		13,145
9,418,000	c	Scaldis Capital LLC	5.030	07/27/06		9,384
40,000,000	c	Scaldis Capital LLC	5.055	08/08/06		39,778
15,852,000	c	Scaldis Capital LLC	5.050	08/10/06		15,761
20,561,000	c	Scaldis Capital LLC	5.075	08/14/06		20,429
570,000	c	Scaldis Capital LLC	5.120	08/18/06		566
6,931,000	c	Scaldis Capital LLC	4.850	08/23/06		6,878
1,586,000	c	Scaldis Capital LLC	5.160	08/31/06		1,572
4,528,000	c	Scaldis Capital LLC	5.150	09/01/06		4,487
32,000,000	c	Scaldis Capital LLC	5.110	09/15/06		31,644
7,425,000	c	Scaldis Capital LLC	4.970	09/29/06		7,326
9,739,000	c	Scaldis Capital LLC	5.240	10/17/06		9,582
5,831,000	c	Scaldis Capital LLC	5.400	10/19/06		5,734
1,325,000	c	Scaldis Capital LLC	5.150	11/20/06		1,297
7,800,000	c	Scaldis Capital LLC	5.420	12/18/06		7,598
19,300,000	c	Sedna Finance, Inc	5.150	07/31/06		19,214
10,000,000	c	Sedna Finance, Inc	5.290	08/16/06		9,931
39,620,000	c	Sedna Finance, Inc	5.170	08/30/06		39,278
20,000,000	c	Sedna Finance, Inc	5.190	09/08/06		19,800
39,303,000	c	Sedna Finance, Inc	5.330	09/14/06		38,873
9,000,000	c	Sedna Finance, Inc	5.250	10/03/06		8,875
6,035,000	c	Sheffield Receivables Corp	5.110	07/25/06		6,014
37,125,000	c	Sheffield Receivables Corp	5.210	07/27/06		36,980
10,000,000	c	Sheffield Receivables Corp	5.260	08/08/06		9,943
20,000,000	c	Sheffield Receivables Corp	5.160	08/09/06		19,885
22,062,000	c	Sheffield Receivables Corp	4.815	09/05/06		21,851
7,735,000	c	Sheffield Receivables Corp	5.390	09/27/06		7,714
20,000,000		Shell International Finance B.V.	5.260	07/03/06		19,991
26,900,000		Shell International Finance B.V.	5.000	07/31/06		26,784
22,000,000	c	Shell International Finance B.V.	4.990	08/01/06		21,902
35,642,000		Shell International Finance B.V.	5.020	08/07/06		35,471
4,126,000		Shell International Finance B.V.	5.300	09/29/06		4,071
18,770,000	c	Sigma Finance, Inc	5.050	07/18/06		18,723
32,465,000	c	Sigma Finance, Inc	5.030	07/19/06		32,382
4,040,000	c	Sigma Finance, Inc	5.030	07/20/06		4,029
2,500,000	c	Sigma Finance, Inc	4.920	08/10/06		2,486
8,100,000	c	Sigma Finance, Inc	5.190	09/14/06		8,011
25,000,000	c	Sigma Finance, Inc	5.190	09/15/06		24,722
10,000,000	c	Sigma Finance, Inc	4.970	10/04/06		9,859
25,000,000	c	Sigma Finance, Inc	5.140	11/30/06		24,428
6,000,000		Societe Generale North America, Inc	4.960	07/11/06		5,991
7,400,000		Societe Generale North America, Inc	4.960	07/12/06		7,388
14,225,000		Societe Generale North America, Inc	4.950	07/19/06		14,189
33,000,000		Societe Generale North America, Inc	4.810	07/20/06		32,911
6,000,000		Societe Generale North America, Inc	5.040	08/01/06		5,973
15,700,000		Societe Generale North America, Inc	5.260	08/08/06		15,611
14,400,000		Societe Generale North America, Inc	5.030	08/22/06		14,290
1,600,000		Societe Generale North America, Inc	5.230	08/24/06		1,587
11,000,000		Societe Generale North America, Inc	5.190	09/13/06		10,882
28,000,000		Societe Generale North America, Inc	4.980	09/19/06		27,675
3,483,000		Societe Generale North America, Inc	4.825	10/06/06		3,433
9,000,000		Societe Generale North America, Inc	4.820	11/21/06		8,808
10,000,000	c	Stanley Works	5.080	07/25/06		9,965
12,000,000	c	Stanley Works	5.120	08/01/06		11,945

280

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account
				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$     10,000,000	c	Stanley Works	5.120	08/07/06	$	9,946
50,000,000		Swedish Export Credit Corp	5.000	07/06/06		49,960
37,000,000		Swedish Export Credit Corp	5.000	07/11/06		36,944
32,000,000		Swedish Export Credit Corp	5.000	07/12/06		31,949
21,150,000		Swedish Export Credit Corp	4.990	07/13/06		21,112
3,000,000		Swedish Export Credit Corp	5.250	08/22/06		2,977
6,675,000		Swedish Export Credit Corp	5.315	08/28/06		6,618
50,000,000		Swedish Export Credit Corp	5.200	09/12/06		49,473
50,000,000	c	Toronto-Dominion Holdings USA, Inc	4.960	07/19/06		49,874
3,500,000	c	Toronto-Dominion Holdings USA, Inc	5.045	07/24/06		3,488
26,000,000		Toronto-Dominion Holdings USA, Inc	5.130	08/10/06		25,852
25,000,000	c	Toronto-Dominion Holdings USA, Inc	4.810	10/03/06		24,656
1,500,000		Toronto-Dominion Holdings USA, Inc	4.800	10/27/06		1,474
9,765,000		Toyota Motor Credit Corp	5.090	08/09/06		9,712
15,000,000		Toyota Motor Credit Corp	5.280	08/17/06		14,894
30,000,000		Toyota Motor Credit Corp	5.250	08/21/06		29,775
25,000,000		Toyota Motor Credit Corp	5.260	08/22/06		24,808
50,000,000		Toyota Motor Credit Corp	5.100	08/24/06		49,609
20,000,000		Toyota Motor Credit Corp	5.290	08/25/06		19,830
14,750,000		UBS Finance, (Delaware), Inc	4.910	07/06/06		14,738
18,425,000		UBS Finance, (Delaware), Inc	5.020	07/07/06		18,407
11,500,000		UBS Finance, (Delaware), Inc	4.925	07/10/06		11,484
21,500,000		UBS Finance, (Delaware), Inc	4.820	08/07/06		21,385
20,000,000		UBS Finance, (Delaware), Inc	5.295	08/14/06		19,868
30,000,000		UBS Finance, (Delaware), Inc	5.295	08/15/06		29,797
12,000,000		UBS Finance, (Delaware), Inc	5.100	08/21/06		11,910
8,600,000		UBS Finance, (Delaware), Inc	5.060	08/22/06		8,534
4,575,000		UBS Finance, (Delaware), Inc	5.330	08/29/06		4,534
9,200,000		UBS Finance, (Delaware), Inc	5.305	08/31/06		9,116
25,000,000	c	Variable Funding Capital Corp	4.920	07/03/06		24,990
50,000,000	c	Variable Funding Capital Corp	4.930	07/06/06		49,959
30,416,000	c	Variable Funding Capital Corp	5.080	07/20/06		30,330
19,500,000	c	Variable Funding Capital Corp	5.160	07/26/06		19,427
25,000,000	c	Wal-Mart Stores	4.970	07/11/06		24,962
25,000,000	c	Wal-Mart Stores	4.980	07/18/06		24,938
10,000,000	c	Yorktown Capital, LLC	5.200	07/17/06		9,975
5,226,000	c	Yorktown Capital, LLC	5.250	07/19/06		5,212
8,800,000	c	Yorktown Capital, LLC	5.130	07/20/06		8,775
9,701,000	c	Yorktown Capital, LLC	5.290	07/27/06		9,663
9,000,000	c	Yorktown Capital, LLC	5.090	11/10/06		8,822
		TOTAL COMMERCIAL PAPER				6,578,574
U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES - 6.12%
8,000,000		Federal Home Loan Bank (FHLB)	4.975	07/21/06		7,977
33,458,000		FHLB	5.220	08/09/06		33,266
20,000,000		FHLB	5.200	08/11/06		19,879
50,000,000		FHLB	4.950	08/18/06		49,646
6,999,000		FHLB	5.200	08/25/06		6,943
11,215,000		FHLB	5.190	09/08/06		11,106
178,000		FHLB	5.140	11/15/06		174
164,000		FHLB	5.140	11/17/06		161
169,000		FHLB	5.140	11/22/06		165
259,000		FHLB	5.350	12/13/06		253
7,179,000		Federal Home Loan Mortgage Corp (FHLMC)	5.010	07/11/06		7,168
17,560,000		FHLMC	4.930	07/18/06		17,517
950,000		FHLMC	4.865	07/25/06		947

281

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account
				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$     11,597,000		FHLMC	4.955	08/01/06	$	11,546
26,202,000		FHLMC	4.935	08/15/06		26,032
14,313,000		FHLMC	4.940	08/16/06		14,222
21,185,000		FHLMC	4.940	08/21/06		21,029
5,380,000		FHLMC	5.250	08/22/06		5,338
9,965,000		FHLMC	4.800	09/12/06		9,862
1,609,000		FHLMC	4.790	09/18/06		1,591
2,199,000		FHLMC	5.290	10/24/06		2,161
880,000		FHLMC	5.350	11/28/06		861
40,040,000		Federal National Mortgage Association (FNMA)	3.250	07/12/06		40,016
11,039,000		FNMA	4.960	07/18/06		11,012
54,351,000		FNMA	4.920	07/19/06		54,213
4,135,000		FNMA	4.970	07/20/06		4,124
1,630,000		FNMA	5.220	08/09/06		1,621
50,000,000		FNMA	5.190	08/10/06		49,704
17,260,000		FNMA	5.240	08/16/06		17,142
44,645,000		FNMA	5.250	08/28/06		44,261
6,860,000		FNMA	4.930	09/01/06		6,800
7,015,000		FNMA	5.230	09/13/06		6,942
27,920,000		FNMA	4.985	09/29/06		27,563
8,155,000		FNMA	5.130	10/11/06		8,037
1,405,000		FNMA	5.300	12/01/06		1,373
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES				520,652
VARIABLE NOTES - 3.23%
8,000,000		Barclays Bank, plc	5.290	08/30/06		8,000
38,000,000		National City Bank	5.093	07/26/06		38,000
20,000,000		National City Bank	5.330	05/11/07		19,950
22,000,000		Paccar Financial Corp	5.334	12/20/06		22,000
50,000,000		Suntrust Bank	5.079	05/01/07		50,002
50,000,000		Toyota Motor Credit Corp	5.090	10/10/06		50,002
20,000,000		US Bank N.A.	5.126	07/28/06		19,999
42,000,000		US Bank N.A.	5.470	09/29/06		42,002
25,000,000		Wachovia Bank N.A.	5.079	12/04/06		25,001
		TOTAL VARIABLE NOTES				274,956
		TOTAL SHORT-TERM INVESTMENTS				8,506,496
		(Cost $8,507,882)
		TOTAL PORTFOLIO - 99.91%				8,506,496
		(Cost $8,507,882)
		OTHER ASSETS & LIABILITIES, NET - 0.09%				7,871
		NET ASSETS - 100.00%			$	8,514,367
		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.

282

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies.

Not Applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not Applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Company and
Affiliated Purchasers.

Not Applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

None.

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)(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:	August 28, 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:	August 28, 2006	By:	/s/Herbert M. Allison. Jr.
			Herbert M. Allison, Jr.
			President and Chief Executive Officer
			(principal executive officer)
Date:	August 23, 2006	By:	/s/Georganne C. Proctor
			Georganne C. Proctor
			Executive Vice President and Chief Financial
			Officer
			(principal financial officer)

EXHIBIT LIST

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-99.906CERT

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 semi-annual report on Form N-CSR of the College Retirement Equities Fund (the “Funds”) for the six months ended June 30, 2006 (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:	August 28, 2006	By:	/s/Herbert M. Allison. Jr.
			Herbert M. Allison, Jr.
			President and Chief Executive Officer
			(principal executive officer)
Dated:	August 23, 2006	By:	/s/Georganne C. Proctor
			Georganne C. Proctor
			Executive Vice President and Chief Financial
			Officer
			(principal financial officer)