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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number File No. 811-4415

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

730 Third Avenue, New York, New York 10017
(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: July 1, 2006 – September 30, 2006

Item 1. Schedule of Investments.

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
COLLEGE RETIREMENT EQUITIES FUND
STOCK ACCOUNT
STATEMENT OF INVESTMENTS (Unaudited)
September 30, 2006
				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
BONDS - 0.00%**
CORPORATE BONDS - 0.00%**
COMMUNICATIONS - 0.00%**
$     9,949,900	b,n,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		331
		TOTAL U.S. TREASURY SECURITIES				331
		(Cost $320)
		TOTAL GOVERNMENT BONDS				331
		(Cost $320)
		TOTAL BONDS				331
		(Cost $10,270)
SHARES
MUTUAL FUNDS - 0.00%**
1,598,400	a,v	First NIS Regional Fund SICAV				2,158
		TOTAL MUTUAL FUNDS				2,158
		(Cost $2,797)
PREFERRED STOCKS - 0.01%
COMMUNICATIONS - 0.00%**
190,544		ProSiebenSat.1 Media AG.				5,279
		TOTAL COMMUNICATIONS				5,279
INSURANCE CARRIERS - 0.00%**
24,827		Great-West Lifeco, Inc (Series E)				610
2,692		Great-West Lifeco, Inc (Series F)				66
		TOTAL INSURANCE CARRIERS				676
TRANSPORTATION EQUIPMENT - 0.01%
6,261		Porsche AG.				6,485
		TOTAL TRANSPORTATION EQUIPMENT				6,485
		TOTAL PREFERRED STOCKS				12,440
		(Cost $10,708)

1

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
COMMON STOCKS - 99.77%
ADMINISTRATION OF ECONOMIC PROGRAMS - 0.00%**
21,996,094		Centrais Eletricas Brasileiras S.A.	$	486
2,691,258		Centrais Eletricas Brasileiras S.A.		56
		TOTAL ADMINISTRATION OF ECONOMIC PROGRAMS		542
AGRICULTURAL PRODUCTION-CROPS - 0.01%
315,998		AWB Ltd		770
241,189	e	Chiquita Brands International, Inc		3,227
3,600		Cresud S.A. (ADR)		49
558,084		Gallaher Group plc		9,133
19,000		PT Gudang Garam Tbk		21
		TOTAL AGRICULTURAL PRODUCTION-CROPS		13,200
AGRICULTURAL PRODUCTION-LIVESTOCK - 0.01%
233,136	e	Pilgrim's Pride Corp		6,376
2,264		Seaboard Corp		2,728
		TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK		9,104
AGRICULTURAL SERVICES - 0.00%**
1,666,000		Chaoda Modern Agriculture		1,020
81,885		Yara International ASA		1,242
		TOTAL AGRICULTURAL SERVICES		2,262
AMUSEMENT AND RECREATION SERVICES - 0.28%
1,352,441		Aristocrat Leisure Ltd		14,212
202,500		Aruze Corp		3,771
330,691	e*	Bally Technologies, Inc		5,820
216,522	e*	Bally Total Fitness Holding Corp		327
703,100		Berjaya Sports Toto Bhd		892
7,171	*	BetandWin.com Interactive Entertainment AG.		189
44,428	v	BETonSPORTS plc		102
87,904	*	Century Casinos, Inc		874
76,000		China Travel International Inv HK		17
46,925		Churchill Downs, Inc		1,974
169,959	e	Dover Downs Gaming & Entertainment, Inc		2,065
159,686		Dover Motorsports, Inc		865
855,992		Harrah's Entertainment, Inc		56,864
145,797		International Speedway Corp (Class A)		7,267
2,012,195		Ladbrokes plc		14,656
105,919	e*	Lakes Entertainment, Inc		1,023
192,538	*	Leapfrog Enterprises, Inc		1,527
175,403	e*	Life Time Fitness, Inc		8,119
584,664	*	Live Nation, Inc		11,939
16,707		Lottomatica S.p.A.		629
12,665		Luminar plc		135
226,598	*	Magna Entertainment Corp (Class A)		1,063
483,317	e*	Marvel Entertainment, Inc		11,667
18,000		Mizuno Corp		127
133,849	*	MTR Gaming Group, Inc		1,257
227,161	e*	Multimedia Games, Inc		2,063
257,333		Nintendo Co Ltd		53,024
79,999		OPAP S.A.		2,688
31,200		Oriental Land Co Ltd		1,751
20,391		Paddy Power plc		383
727,093		PartyGaming plc		1,457
434,874	*	Penn National Gaming, Inc		15,882
280,354	e*	Pinnacle Entertainment, Inc		7,884
459,937		Publishing & Broadcasting Ltd		6,390
234,735		Rank Group plc		1,032

2

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
188		Round One Corp	$	681
5		Sammy NetWorks Co Ltd		26
297,377		Sega Sammy Holdings, Inc		9,566
443,476	e*	Six Flags, Inc		2,319
477,188		Sky City Entertainment Group Ltd		1,651
9,604	*	Snai S.p.A.		74
87,179		Speedway Motorsports, Inc		3,174
5,072,762		Sportingbet plc		17,500
215,500	*	Sunterra Corp		2,442
856,454		TABCORP Holdings Ltd		9,977
174,100		Tanjong plc		595
17,401	*	Tattersall's Ltd		46
1,300	*	Town Sports International Holdings, Inc		17
72,515	v	UNiTAB Ltd		805
83,100		Valor Co Ltd		1,442
586,077		Warner Music Group Corp		15,209
407,936		Westwood One, Inc		2,888
2,155,535		William Hill plc		25,971
152,481	e*	WMS Industries, Inc		4,454
120,237		World Wrestling Entertainment, Inc		1,975
		TOTAL AMUSEMENT AND RECREATION SERVICES		340,747
APPAREL AND ACCESSORY STORES - 0.77%
886,087		Abercrombie & Fitch Co (Class A)		61,565
1,384,408	*	Aeropostale, Inc		40,466
941,938		American Eagle Outfitters, Inc		41,285
597,430	*	AnnTaylor Stores Corp		25,008
341,800		Aoyama Trading Co Ltd		10,909
129,517		Bebe Stores, Inc		3,209
337,929		Brown Shoe Co, Inc		12,111
53,868		Buckle, Inc		2,044
169,224		Burberry Group plc		1,635
72,391	*	Cache, Inc		1,295
730		Camaieu		172
284,150	e*	Carter's, Inc		7,499
167,656	e*	Casual Male Retail Group, Inc		2,302
182,859	e	Cato Corp (Class A)		4,006
139,193	*	Charlotte Russe Holding, Inc		3,833
710,124	e*	Charming Shoppes, Inc		10,141
2,575,437	e*	Chico's FAS, Inc		55,449
130,244	*	Children's Place Retail Stores, Inc		8,340
230,339	e	Christopher & Banks Corp		6,790
36,613	e*	Citi Trends, Inc		1,264
622,747		Claire's Stores, Inc		18,159
28,528		DEB Shops, Inc		731
405,994	e*	Dress Barn, Inc		8,859
100,469	*	DSW, Inc		3,165
119,031		Edgars Consolidated Stores Ltd		458
32,800		Fast Retailing Co Ltd		3,079
254,435		Finish Line, Inc (Class A)		3,211
646,729		Foot Locker, Inc		16,330
139,359		Foschini Ltd		823
8,065,400	e	Gap, Inc		152,839
927,000		Giordano International Ltd		452
531,668	e*	Hanesbrands, Inc		11,968
831,639		Hennes & Mauritz AB (B Shs)		34,783
278,657	e*	HOT Topic, Inc		3,104
177,888		Inditex S.A.		8,292
182,249	e*	J Crew Group, Inc		5,480
133,206	e*	Jo-Ann Stores, Inc		2,227

3

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
103,501	e*	JOS A Bank Clothiers, Inc	$	3,101
2,390,859	*	Kohl's Corp		155,215
1,507,495		Limited Brands, Inc		39,934
6,957		Lindex AB		105
2,066		Lotte Shopping Co Ltd		731
94,618	e*	New York & Co, Inc		1,238
1,741,569	e	Nordstrom, Inc		73,668
435,292	e*	Pacific Sunwear Of California, Inc		6,564
607,619	*	Payless Shoesource, Inc		15,130
793,570		Ross Stores, Inc		20,165
83,286	*	Shoe Carnival, Inc		2,100
163,213	e	Stage Stores, Inc		4,789
37,367	*	Syms Corp		761
137,755	e	Talbots, Inc		3,754
546,510	e*	The Wet Seal, Inc		3,356
143,984		Truworths International Ltd		431
623,424	e*	Tween Brands, Inc		23,441
230,176	e*	Under Armour, Inc		9,212
506,897	*	Urban Outfitters, Inc		8,967
67,006	*	Wilsons The Leather Experts, Inc		178
25,178		Woolworths Holdings Ltd		44
		TOTAL APPAREL AND ACCESSORY STORES		946,167
APPAREL AND OTHER TEXTILE PRODUCTS - 0.20%
88,000		Asics Corp		1,147
42,327		Benetton Group S.p.A.		728
83,738	e*	Columbia Sportswear Co		4,675
1,600,000	*	Debenhams plc		5,445
1,920		Gerry Weber International AG.		41
155,043	e*	Guess ?, Inc		7,524
1,924,000		Gunze Ltd		10,880
282,547	e*	Gymboree Corp		11,918
160,669	*	Hartmarx Corp		1,088
1,076,629	e	Jones Apparel Group, Inc		34,926
288,684	e	Kellwood Co		8,323
16,000		Li Ning Co Ltd		18
461,711	e	Liz Claiborne, Inc		18,242
220,201	*	Maidenform Brands, Inc		4,250
194,514		Mitsubishi Rayon Co Ltd		1,284
1,483,904		Nisshinbo Industries, Inc		15,665
84,100		Onward Kashiyama Co Ltd		1,209
372,065		Phillips-Van Heusen Corp		15,541
555,077	e	Polo Ralph Lauren Corp		35,908
723,520	*	Quiksilver, Inc		8,791
47,700		Shimamura Co Ltd		4,660
452		Ten Cate NV		11
50,000		Tokyo Style Co Ltd		602
2,071,000		Toyobo Co Ltd		5,453
76,489	e*	True Religion Apparel, Inc		1,615
441,833		VF Corp		32,232
66,000		Wacoal Holdings Corp		831
274,076	e*	Warnaco Group, Inc		5,301
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		238,308
AUTO REPAIR, SERVICES AND PARKING - 0.05%
369,800		Aisin Seiki Co Ltd		10,801
59,357	*	Amerco, Inc		4,401
19,840	e	Bandag, Inc		814
49,175		Bandag, Inc (Class A)		1,709

4

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
68,595	e	Central Parking Corp	$	1,132
149,866	*	Dollar Thrifty Automotive Group, Inc		6,680
717		Haldex AB		14
93,074	*	Midas, Inc		1,925
63,496	e	Monro Muffler, Inc		2,159
16,100		NOK Corp		397
26,100		Park24 Co Ltd		857
303,925	*	PHH Corp		8,328
244,566	e	Ryder System, Inc		12,639
2,579		Sixt AG.		119
2,838		Sixt AG.		97
39,199	e*	Standard Parking Corp		1,230
94,700		Sumitomo Rubber Industries, Inc		1,042
633,000		T RAD Co Ltd		2,754
237,410	*	Wright Express Corp		5,712
		TOTAL AUTO REPAIR, SERVICES AND PARKING		62,810
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.18%
1,340,214		Advance Auto Parts		44,147
48,136	e*	America's Car-Mart, Inc		792
66,609		Asbury Automotive Group, Inc		1,372
1,316,118	*	Autonation, Inc		27,507
424,786	e*	Autozone, Inc		43,880
232,781		Canadian Tire Corp (Class A)		14,614
466,839	*	Carmax, Inc		19,472
326,053	e*	Copart, Inc		9,191
467,394	e*	CSK Auto Corp		6,590
37,619		Jardine Cycle & Carriage Ltd		284
95,303	e	Lithia Motors, Inc (Class A)		2,356
91,566	e*	MarineMax, Inc		2,330
83,013		MOL Hungarian Oil and Gas plc		7,569
524,881	e*	O'Reilly Automotive, Inc		17,431
120,499	e*	Rush Enterprises, Inc (Class A)		2,010
174,996	e	Sonic Automotive, Inc		4,041
227,553		Suzuki Motor Corp		5,779
30,000		Toyo Tire & Rubber Co Ltd		129
248,683	e	United Auto Group, Inc		5,819
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		215,313
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.61%
10,000		Anhui Conch Cement Co Ltd		20
100,125	e*	Builders FirstSource, Inc		1,525
124,215	e*	Central Garden & Pet Co		5,995
654,365	e	Fastenal Co		25,239
230,291		Grafton Group plc		3,037
11,187,126		Home Depot, Inc		405,757
851,383		Kingfisher plc		3,909
7,833,030		Lowe's Cos, Inc		219,795
2,000		Nichias Corp		14
266,476	*	RONA, Inc		5,047
1,288,239		Sherwin-Williams Co		71,858
99,961		Travis Perkins plc		3,249
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		745,445
BUSINESS SERVICES - 6.00%
354,503	e*	@Road, Inc		2,070
279,580	e*	24/7 Real Media, Inc		2,388
2,271,370	*	3Com Corp		10,017
69,744	e*	3D Systems Corp		1,279

5

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
259,876	e	Aaron Rents, Inc	$	5,972
257,276	e	ABM Industries, Inc		4,826
160,718	*	Acacia Research (Acacia Technologies)		1,824
614,000		Accenture Ltd (Class A)		19,470
742	*	Access Co Ltd		5,276
77,606	e*	Access Integrated Technologies, Inc		735
22,247		Acciona S.A.		3,385
1,219,009	*	Activision, Inc		18,407
324,010	*	Actuate Corp		1,432
643,401		Acxiom Corp		15,866
108,490		Adecco S.A.		6,546
183,341		Administaff, Inc		6,179
4,320,671	*	Adobe Systems, Inc		161,809
68,875		Adsteam Marine Ltd		120
143,752	*	Advent Software, Inc		5,205
189,192	e	Advo, Inc		5,294
810,652		Aegis Group plc		2,030
487,783	e*	Affiliated Computer Services, Inc (Class A)		25,296
245,017		Aggreko plc		1,537
321,021	*	Agile Software Corp		2,096
1,065,581	e*	Akamai Technologies, Inc		53,268
2,500	e*	Aladdin Knowledge Systems		42
415,579	*	Alliance Data Systems Corp		22,936
95,000		Alpha Systems Inc		2,469
187,133	*	Altiris, Inc		3,947
98	*	Amdocs Ltd		4
150,282	e*	American Reprographics Co		4,818
2,100	e*	AMICAS, Inc		6
234,938	e*	AMN Healthcare Services, Inc		5,580
128,667	*	Ansoft Corp		3,205
191,443	*	Ansys, Inc		8,458
232,111	*	Applied Digital Solutions, Inc		376
439,836	e*	aQuantive, Inc		10,389
400	*	Arbinet-thexchange, Inc		2
183,127		Arbitron, Inc		6,778
132,400		Argo 21 Corp		1,188
409,524	e*	Ariba, Inc		3,067
642,086	*	Art Technology Group, Inc		1,644
20,600		Asatsu-DK, Inc		626
375,301	e*	Aspen Technology, Inc		4,098
114,649	*	Asset Acceptance Capital Corp		1,863
22,436	*	Atari, Inc		13
57,607	*	Atos Origin S.A.		3,175
141,504	e*	Audible, Inc		1,027
76,872	*	Autobytel, Inc		225
1,522,431	*	Autodesk, Inc		52,950
3,965,513		Automatic Data Processing, Inc		187,727
9,877	*	Autonomy Corp plc		86
260,026		Autostrade S.p.A.		7,712
1,054,657	*	Avis Budget Group, Inc		19,290
345,614	e*	Avocent Corp		10,410
60,208	e*	Bankrate, Inc		1,599
46,714	*	Barrett Business Services		1,003
2,852,217	*	BEA Systems, Inc		43,354
1,083,028	e*	BearingPoint, Inc		8,513
714,647	e*	BISYS Group, Inc		7,761
320,044		Blackbaud, Inc		7,038
159,940	e*	Blackboard, Inc		4,238
131,026	e*	Blue Coat Systems, Inc		2,360

6

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
1,339,948	*	BMC Software, Inc	$	36,473
468,478	*	Borland Software Corp		2,684
101,557	e*	Bottomline Technologies, Inc		991
266,132		Brady Corp (Class A)		9,357
1,367,185		Brambles Industries Ltd		12,992
228,090		Brink's Co		12,102
8,127	e*	BroadVision, Inc		6
176,610	*	Business Objects S.A.		5,977
2,126,026		CA, Inc		50,366
740,000		CAC Corp		6,590
180,875	*	CACI International, Inc (Class A)		9,950
1,345,760	*	Cadence Design Systems, Inc		22,824
287,654		Cap Gemini S.A.		15,258
4,100		Capcom Co Ltd		60
2,700	*	Captaris, Inc		16
2,100	*	Carreker Corp		13
286,431	e	Catalina Marketing Corp		7,877
457,037	e*	CBIZ, Inc		3,336
646,942	*	Ceridian Corp		14,466
290,202	e*	Cerner Corp		13,175
1,012	*	CGI Group, Inc		7
493,189	*	CGI Group, Inc (Class A)		3,230
66,900	e*	Check Point Software Technologies		1,274
458,240	e*	Checkfree Corp		18,934
108		Cheil Communications, Inc		24
445,803	*	ChoicePoint, Inc		15,960
489,625	*	Chordiant Software, Inc		1,503
431,019	e*	Ciber, Inc		2,858
155,684		Cintra Concesiones de Infraestructuras de Transporte S.A.		2,193
1,420,212	*	Citrix Systems, Inc		51,426
14,888	*	Clayton Holdings, Inc		187
176,047	*	Clear Channel Outdoor Holdings, Inc		3,591
54,142	e*	Click Commerce, Inc		1,225
2,827,681	e*	CMGI, Inc		2,997
950,624	e*	CNET Networks, Inc		9,107
33,374		Coates Hire Ltd		142
120,248	e*	Cogent Communications Group, Inc		1,394
182,831	e*	Cogent, Inc		2,510
274,347	e	Cognex Corp		6,930
830,279	*	Cognizant Technology Solutions Corp		61,490
167,906	*	Cognos, Inc		6,099
9,139	*	Computacenter Plc		43
50,200		Computer Programs & Systems, Inc		1,645
888,576	*	Computer Sciences Corp		43,647
1,094,663		Computershare Ltd		6,290
2,100,840	*	Compuware Corp		16,366
109,956	*	COMSYS IT Partners, Inc		1,890
175,139	e*	Concur Technologies, Inc		2,548
163,161	e*	Convera Corp		863
1,031,053	*	Convergys Corp		21,291
200,000		COSCO Pacific Ltd		400
95,247	e*	CoStar Group, Inc		3,936
178,515	*	Covansys Corp		3,060
524,651	*	CSG Systems International, Inc		13,867
168,400		CSK Holdings Corp		7,043
172,068	*	Cybersource Corp		2,036
49,710		Dassault Systemes S.A.		2,797
61,720	*	DealerTrack Holdings, Inc		1,365
400,478		Deluxe Corp		6,848

7

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
302,248	*	Dendrite International, Inc	$	2,956
1,810		Dentsu, Inc		4,919
9,024	*	Digimarc Corp		70
209,781	*	Digital Insight Corp		6,151
238,653	e*	Digital River, Inc		12,200
344,703	*	DST Systems, Inc		21,258
1,120,406	*	DynCorp International, Inc		14,106
13,276		eAccess Ltd		8,013
1,188,256	*	Earthlink, Inc		8,639
6,228,574	*	eBay, Inc		176,642
169,685	e*	Echelon Corp		1,395
261,042	*	Eclipsys Corp		4,675
106,729	e*	eCollege.com, Inc		1,707
1,053	*	Econtext, Inc		2,478
279,282	*	eFunds Corp		6,753
104,902	*	Electro Rent Corp		1,784
1,861,138	*	Electronic Arts, Inc		103,628
3,958,983		Electronic Data Systems Corp		97,074
151,700	*	Elpida Memory, Inc		6,883
114,576	e*	Emageon, Inc		1,786
23,916	*	Emblaze Ltd		63
1,250,060	*	Emdeon Corp		14,638
218,187	*	Entrust, Inc		755
400	e,v*	Envision Development Corp		-	^
322,738	e*	Epicor Software Corp		4,231
82,169	e*	EPIQ Systems, Inc		1,209
942,483		Equifax, Inc		34,599
164,414	e*	Equinix, Inc		9,881
4,252		Erinaceous Group plc		25
12,577	e*	Escala Group, Inc		68
259,845	e*	eSpeed, Inc (Class A)		2,391
405,687	*	Evergreen Energy, Inc		4,264
1,235,018	*	Expedia, Inc		19,365
221,312	*	F5 Networks, Inc		11,889
299,685		Factset Research Systems, Inc		14,556
305,315		Fair Isaac Corp		11,165
188,669	e*	FalconStor Software, Inc		1,451
2,332		Fidec Corp		5,153
436,917		Fidelity National Information Services, Inc		16,166
241,954	*	Filenet Corp		8,427
38,219	e*	First Advantage Corp		797
187,982		First Choice Holidays plc		702
4,678,200		First Data Corp		196,484
1,136,860	*	Fiserv, Inc		53,535
83,578	*	Focus Media Holding Ltd (ADR)		4,841
116,682	e*	Forrester Research, Inc		3,070
242		For-side.com Co Ltd		29
139,549	e*	FTD Group, Inc		2,156
10,000		Fuji Soft ABC, Inc		261
2,208,808		Fujitsu Ltd		18,213
39		Future System Consulting Corp		31
71,000		Fuyo General Lease Co Ltd		1,996
325,049	*	Gartner, Inc (Class A)		5,718
215,700	e*	Gerber Scientific, Inc		3,231
774,826		Getronics NV		5,227
248,833	e*	Getty Images, Inc		12,362
152,331	e	Gevity HR, Inc		3,470
107,269	e*	Global Cash Access, Inc		1,619
11	*	GMO Payment Gateway, Inc		23

8

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
97,142		GN Store Nord	$	1,487
742		Goodwill Group, Inc		448
1,311,535	*	Google, Inc (Class A)		527,106
1,114,435		Group 4 Securicor plc		3,526
63,744		Gruppo Editoriale L'Espresso S.p.A.		326
66,839	e*	H&E Equipment Services, Inc		1,630
15,740		Hakuhodo DY Holdings, Inc		1,027
1,370,366		Hays plc		3,708
159,512		Healthcare Services Group		4,013
77,191	e	Heartland Payment Systems, Inc		2,007
144,823	*	Heidrick & Struggles International, Inc		5,214
1,799		Hellaby Holdings Ltd		6
5,000,000	*	Huabao International Holdings Ltd		2,022
139,426	e*	Hudson Highland Group, Inc		1,366
297,730	*	Hypercom Corp		2,019
484,451	*	Hyperion Solutions Corp		16,704
34,308	e*	i2 Technologies, Inc		643
63,838	e*	ICT Group, Inc		2,009
4,773		I-Flex Solutions Ltd		149
130,656	*	iGate Corp		645
83,160	e*	IHS, Inc		2,668
1,073,093	e	IMS Health, Inc		28,587
312,613		Indra Sistemas S.A.		6,802
113,579	e*	Infocrossing, Inc		1,523
513,194	e*	Informatica Corp		6,974
416,300	a	Information Development Co		2,960
362,551	e*	Infospace, Inc		6,685
245,495		Infosys Technologies Ltd		9,887
6,400	e	Infosys Technologies Ltd (ADR)		305
240,148		infoUSA, Inc		1,993
61,958	*	Innovation Group plc		35
75,886	e*	Innovative Solutions & Support, Inc		1,103
58,484		Integral Systems, Inc		1,828
16,226	a	Intelligent Wave, Inc		14,698
227,785	*	Interactive Data Corp		4,544
168,446	e*	Intergraph Corp		7,223
292,930	*	Internap Network Services Corp		4,458
228,340	*	Internet Capital Group, Inc		2,158
235,570	*	Internet Security Systems, Inc		6,539
51,518	e	Interpool, Inc		1,157
2,516,250	e*	Interpublic Group of Cos, Inc		24,911
3,142	*	Intervideo, Inc		40
243,909	*	Interwoven, Inc		2,690
1,819,469	*	Intuit, Inc		58,387
203,424	*	inVentiv Health, Inc		6,516
312,312	e*	Ipass, Inc		1,462
1,152,594	e*	Iron Mountain, Inc		49,492
11,007		iSOFT Group plc		10
12		IXI Co Ltd		37
461,753	e	Jack Henry & Associates, Inc		10,052
171,671	*	JDA Software Group, Inc		2,647
4,690,944	e*	Juniper Networks, Inc		81,060
126,665	e*	Jupitermedia Corp		1,097
1,000		Kakaku.com, Inc		3,225
54,624	*	Kana Software, Inc		170
131,411	e*	Kanbay International, Inc		2,702
284,041	e*	Keane, Inc		4,093
104,405		Kelly Services, Inc (Class A)		2,862
91,044	*	Kenexa Corp		2,296

9

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
8,105	*	Keynote Systems, Inc	$	85
251,572	*	Kforce, Inc		3,001
391,135	e*	Kinetic Concepts, Inc		12,305
3,158	*	KK DaVinci Advisors		3,021
84,526	e*	Knot, Inc		1,871
42,100		Konami Corp		1,069
417,429	*	Korn/Ferry International		8,741
190,481	e*	Kronos, Inc		6,493
472,071	e*	Labor Ready, Inc		7,520
367,742	*	Lamar Advertising Co		19,641
608,178	e*	Lawson Software, Inc		4,409
876,000		Lenovo Group Ltd		344
345,616	e*	Lionbridge Technologies		2,637
2,600	*	Lipman Electronic Engineering Ltd		73
41,431	*	Liquidity Services, Inc		646
3,158,015		LogicaCMG plc		9,165
103,332	*	LoJack Corp		2,024
360		Macromill, Inc		783
325,034	*	Magma Design Automation, Inc		2,958
3,598	*	Majesco Entertainment Co		5
250,197	e*	Manhattan Associates, Inc		6,040
516,916		Manpower, Inc		31,671
101,600	*	Mantech International Corp (Class A)		3,354
132,727	*	Mapinfo Corp		1,703
122,880	e*	Marchex, Inc		1,885
58,281	e*	Marlin Business Services, Inc		1,218
322,920	e	Mastercard, Inc		22,717
1,468,810	*	McAfee, Inc		35,927
459,259	e*	Mentor Graphics Corp		6,466
291,500		Michael Page International plc		2,100
55,142,922		Microsoft Corp		1,507,056
90,219	e*	MicroStrategy, Inc		9,187
206,719	e*	Midway Games, Inc		1,815
192,463		Misys plc		815
92		Monex Beans Holdings, Inc		77
732,564		MoneyGram International, Inc		21,288
734,517	*	Monster Worldwide, Inc		26,582
624,050	*	Move, Inc		3,064
763,081	e*	MPS Group, Inc		11,530
124,164	*	MRO Software, Inc		3,187
3,500	e*	Napster, Inc		15
563,302	*	NAVTEQ Corp		14,708
234,569	e*	NCO Group, Inc		6,150
851,709	*	NCR Corp		33,625
3,687	*	NCSoft Corp		227
3,759,946		NEC Corp		20,658
115,725	e*	Neoware, Inc		1,573
92,230	*	Ness Technologies, Inc		1,231
224,896	e*	NetFlix, Inc		5,123
81,550	*	Netratings, Inc		1,160
140,475	*	Netscout Systems, Inc		912
13,854	*	Network Equipment Technologies, Inc		57
1,140		NextCom K.K.		332
8,962	*	NHN Corp		940
302,217	*	NIC, Inc		1,556
286,500		Nippon System Development Co Ltd		11,666
383,800		Nippon Systemware Co Ltd		2,557
132,100		Nomura Research Institute Ltd		18,340
4,152,246	*	Novell, Inc		25,412

10

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
8,008		NTT Data Corp	$	36,947
748,545	e*	Nuance Communications, Inc		6,116
26,490		Obic Co Ltd		5,600
1,310,634		Omnicom Group, Inc		122,675
2,100	*	Omniture, Inc		17
170,904	*	On Assignment, Inc		1,677
124,662	*	Online Resources Corp		1,527
117,039	e*	Open Solutions, Inc		3,372
167,238	*	Open Text Corp		2,992
91,242	*	Opnet Technologies, Inc		1,196
473,537	e*	Opsware, Inc		4,267
24,737,786	*	Oracle Corp		438,848
269,600		Oracle Corp Japan		11,663
9,000		Otsuka Corp		957
400	*	Overland Storage, Inc		3
307,887	*	Packeteer, Inc		2,651
647,874	*	Parametric Technology Corp		11,312
177,000		PCA Corp		3,214
1,700	*	PC-Tel, Inc		18
111,253	e*	PDF Solutions, Inc		1,219
128,227	e	Pegasystems, Inc		1,119
32,072	e*	PeopleSupport, Inc		593
133,015	*	Perficient, Inc		2,086
491,215	e*	Perot Systems Corp (Class A)		6,774
194,975	*	Phase Forward, Inc		2,328
55,892	*	Phoenix Technologies Ltd		240
288,000		Pico Far East Holdings Ltd		58
100	*	PLATO Learning, Inc		1
119,664	e*	Portfolio Recovery Associates, Inc		5,250
1,942,300		POS Malaysia & Services Holdings Bhd		2,560
1,300	*	Possis Medical, Inc		13
64,454	e*	PRA International		1,720
492,357	*	Premiere Global Services, Inc		4,274
240,138	e*	Progress Software Corp		6,244
17,228		Prokom Software S.A.		718
1,949	v	Prokom Software S.A. (GDR)		43
26,119		Promotora de Informaciones S.A.		428
4,218		Prosegur Cia de Seguridad S.A.		127
12,952	*	Proxymed, Inc		60
85,242		Public Power Corp		2,054
139,108		QAD, Inc		1,124
521	*	Quadramed Corp		1
94,388	e	Quality Systems, Inc		3,661
376,333	*	Quest Software, Inc		5,374
141,163	*	Radiant Systems, Inc		1,705
150,708	e*	Radisys Corp		3,203
4,100	*	RADWARE Ltd		56
16,022		Rakuten, Inc		6,280
53,445		Randstad Holdings NV		3,044
11,736	e*	Raser Technologies, Inc		65
897,180	e*	RealNetworks, Inc		9,519
1,206,968	e*	Red Hat, Inc		25,443
1,711,527	e*	Redback Networks, Inc		23,756
47,464	e	Renaissance Learning, Inc		679
402,618	*	Rent-A-Center, Inc		11,793
1,534,623		Rentokil Initial plc		4,209
5,243	*	Rent-Way, Inc		55
257	*	Retalix Ltd		5
1,176,603		Reuters Group plc		9,572

11

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
343,441	*	Rewards Network, Inc	$	1,673
394,757		Reynolds & Reynolds Co (Class A)		15,597
87,074	e*	RightNow Technologies, Inc		1,359
40,165		Ritchie Bros Auctioneers, Inc		2,149
1,067,167	e	Robert Half International, Inc		36,252
173,220		Rollins, Inc		3,657
511,919	e*	S1 Corp		2,360
580		S1 Corp		23
148,839	*	SafeNet, Inc		2,707
55,716	*	SAFLINK Corp		21
670,638		Sage Group plc		3,155
670,559	e*	Salesforce.com, Inc		24,060
458,759		SAP AG.		90,983
472,659	e*	Sapient Corp		2,576
3,400		Satyam Computer Services Ltd (ADR)		132
296,702		Secom Co Ltd		14,694
275,578	e*	Secure Computing Corp		1,744
247,995		Securitas AB (B Shs)		3,113
1,472,379		ServiceMaster Co		16,505
3,494		SGS S.A.		3,518
60,634	e*	SI International, Inc		1,939
367		SimCorp A/S		64
1,047,732		Singapore Post Ltd		666
340,114	e*	Sitel Corp		1,024
115,542	e*	Smith Micro Software, Inc		1,661
20,104		Societe Des Autoroutes Paris-Rhin-Rhone		1,496
1,305		Software AG.		80
152,230	e*	Sohu.com, Inc		3,352
184,644,000	a	Solomon Systech International Ltd		32,233
583,302	*	SonicWALL, Inc		6,370
1,487,817	*	Sonus Networks, Inc		7,826
300,000		Sorun Corp		2,740
362,891		Sotheby's Holdings, Inc (Class A)		11,700
508,465	*	Spherion Corp		3,636
165,757	*	SPSS, Inc		4,132
167,000		Square Enix Co Ltd		4,050
223,946	e*	SRA International, Inc (Class A)		6,732
62,687		Startek, Inc		782
166,316	e	Stellent, Inc		1,803
60,945	e*	Stratasys, Inc		1,610
635		Submarino S.A.		12
25,497,250	*	Sun Microsystems, Inc		126,721
96,500		SUNeVision Holdings Ltd		23
900	*	SupportSoft, Inc		4
709,695	*	Sybase, Inc		17,203
245,891	e*	SYKES Enterprises, Inc		5,004
5,558,338	e*	Symantec Corp		118,281
1,200	*	Synchronoss Technologies, Inc		11
91,807	*	SYNNEX Corp		2,112
672,082	*	Synopsys, Inc		13,253
45,012	e	Syntel, Inc		1,020
8,080		Taiwan Secom Co Ltd		13
12,386,200		Taiwan-Sogo Shinkong Security Corp		10,610
416,165	e*	Take-Two Interactive Software, Inc		5,935
53,670		TAL International Group, Inc		1,138
53,718	*	Taleo Corp		544
186,926		Talx Corp		4,583
71,880		Tata Consultancy Services Ltd		1,600
26,014		Tecnomen Oyj		50

12

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
55,454	e	Telecom Italia Media S.p.A.	$	26
99,253	*	Telelogic AB		191
213,281	*	TeleTech Holdings, Inc		3,334
3,679	*	Temenos Group AG.		47
185,474		TheStreet.com, Inc		1,973
642,437	e*	THQ, Inc		18,740
1,231,846	*	TIBCO Software, Inc		11,062
8,436	*	Tiens Biotech Group USA, Inc		24
20,697	*	Tier Technologies, Inc (Class B)		141
62,130		Tietoenator Oyj		1,826
5,200		TIS, Inc		123
165,000		TKC Corp		3,136
94,870	*	TNS, Inc		1,429
259,563	e	Total System Services, Inc		5,926
150,550	e*	TradeStation Group, Inc		2,269
1,100		Trans Cosmos, Inc		22
222,913	*	Transaction Systems Architects, Inc		7,650
21,197	e*	Travelzoo, Inc		611
915,900		Trend Micro, Inc		26,828
250,342	*	Trizetto Group, Inc		3,790
12,894	*	TRM Corp		29
1,772		TVN S.A.		60
80,900		UFJ Central Leasing Co Ltd		3,705
134,377	*	Ultimate Software Group, Inc		3,162
200	*	Unica Corp		2
1,585,654	*	Unisys Corp		8,975
565,138		United Online, Inc		6,883
1,448,654	e*	United Rentals, Inc		33,681
237,521	e*	Universal Compression Holdings, Inc		12,695
14,780		USS Co Ltd		950
576,303	e*	Valueclick, Inc		10,685
145,570	e*	Vasco Data Security International		1,508
71,451	*	Verint Systems, Inc		2,147
1,745,423	*	VeriSign, Inc		35,258
53,744	e*	Vertrue, Inc		2,113
155,416		Viad Corp		5,503
223,121	e*	Vignette Corp		3,021
90,590	*	Volt Information Sciences, Inc		3,220
2,636		Votorantim Celulose e Papel S.A.		45
7,400	e	Votorantim Celulose e Papel S.A. (ADR)		125
4,416,930		Waste Management, Inc		162,013
7,286	*	WatchGuard Technologies, Inc		31
243,365	e*	WebEx Communications, Inc		9,496
31,530	e*	WebMD Health Corp		1,083
345,672	*	webMethods, Inc		2,644
410,848	*	Websense, Inc		8,878
101,545	e*	WebSideStory, Inc		1,341
427,958	*	Wind River Systems, Inc		4,583
4,100	e	Wipro Ltd (ADR)		54
288,593	*	Witness Systems, Inc		5,059
261,200		WM-Data AB (B Shs)		909
8,954,989		WPP Group plc		110,996
13,703		Yahoo! Japan Corp		5,156
8,505,356	*	Yahoo!, Inc		215,015
		TOTAL BUSINESS SERVICES		7,366,626
CHEMICALS AND ALLIED PRODUCTS - 9.85%
339,145	e*	Aastrom Biosciences, Inc		393
10,776,466		Abbott Laboratories		523,305

13

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
73,781	b,v*	Able Laboratories, Inc	$	-	^
127,712	e*	Abraxis BioScience, Inc		3,548
204,803	e*	Acadia Pharmaceuticals, Inc		1,769
78,000	*	Acambis plc		224
3,000	*	Actelion Ltd		430
1,357,774	e*	Adams Respiratory Therapeutics, Inc		49,681
63,294	*	Adeza Biomedical Corp		1,039
254,687	e*	Adolor Corp		3,533
46,324	*	Advanced Magnetics, Inc		1,580
316,069	e*	ADVENTRX Pharmaceuticals, Inc		866
178,882	*	Agrium, Inc		4,833
116,246		Air Liquide S.A.		23,718
1,574,725		Air Products & Chemicals, Inc		104,514
639,000		Air Water, Inc		5,999
3,675,673		Akzo Nobel NV		226,429
143,921	*	Albany Molecular Research, Inc		1,347
161,214	e	Albemarle Corp		8,759
324,597		Alberto-Culver Co		16,421
3,940	*	Alexandria Mineral Oils Co		60
181,545	*	Alexion Pharmaceuticals, Inc		6,169
63,400		Alfresa Holdings Corp		4,020
1,071	*	ALK-Abello A/S		166
537,546	e*	Alkermes, Inc		8,520
197,453	e*	Alnylam Pharmaceuticals, Inc		2,845
288,713		Alpharma, Inc (Class A)		6,753
253,150		Altana AG.		13,983
2,238,000		Aluminum Corp of China Ltd		1,422
1,200		Aluminum Corp of China Ltd (ADR)		76
259,513	*	American Oriental Bioengineering, Inc		1,578
101,534	e	American Vanguard Corp		1,421
9,041,739	*	Amgen, Inc		646,756
95	*	Amorepacific Corp		44
15,299		Amorepacific Corp		2,094
234,566	e*	Anadys Pharmaceuticals, Inc		680
593,958	*	Andrx Corp		14,510
114,049	*	Angiotech Pharmaceuticals, Inc		1,000
97,288	b,m*	Aphton Corp		1
139,749	e	Arch Chemicals, Inc		3,976
262,010	e*	Arena Pharmaceuticals, Inc		3,139
85,496	*	Arkema		4,034
3,893	*	Arqule, Inc		16
227,410	e*	Array Biopharma, Inc		1,938
1,546,358		Asahi Kasei Corp		9,897
38,227		Aspen Pharmacare Holdings Ltd		171
501,075		Astellas Pharma, Inc		20,149
2,280,533		AstraZeneca plc		142,531
75,000		AstraZeneca plc (ADR)		4,688
235,077	e*	Atherogenics, Inc		3,096
125,738	e*	Auxilium Pharmaceuticals, Inc		1,272
174,456	e*	AVANIR Pharmaceuticals		1,207
4,600	*	Aventine Renewable Energy Holdings, Inc		98
461,099		Avery Dennison Corp		27,744
291,824	e*	AVI BioPharma, Inc		1,059
2,710,264		Avon Products, Inc		83,097
64,843		Balchem Corp		1,283
32,657	*	Bare Escentuals, Inc		887
525,417	*	Barr Pharmaceuticals, Inc		27,290
702	*	Barrier Therapeutics, Inc		5
1,002,000		BASF AG.		80,238

14

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
285	*	Basilea Pharmaceutica	$	45
5,910,172		Bayer AG.		301,276
302,495		Beiersdorf AG.		16,099
112,595	e*	Bentley Pharmaceuticals, Inc		1,351
13,861		Biocon Ltd		113
225,034	e*	BioCryst Pharmaceuticals, Inc		2,806
232,108	*	Bioenvision, Inc		1,279
1,713,245	*	Biogen Idec, Inc		76,548
488,002	e*	BioMarin Pharmaceuticals, Inc		6,944
1,048		Biotest AG.		29
453,661	*	Biovail Corp International		6,900
2,795,171		Boots Group plc		40,560
10,047		BorsodChem Rt.		138
136,940	e*	Bradley Pharmaceuticals, Inc		2,180
43,181		Braskem S.A.		269
2,200	e	Braskem S.A. (ADR)		28
9,102,770		Bristol-Myers Squibb Co		226,841
275,825		Cabot Corp		10,261
211,117	e	Calgon Carbon Corp		933
159,563		Cambrex Corp		3,305
52,081	*	Caraco Pharmaceutical Laboratories Ltd		529
1,029,311		Celanese Corp (Series A)		18,425
261,449	e*	Cell Genesys, Inc		1,195
240,962	e*	Cell Therapeutics, Inc		412
268,068	e*	Cephalon, Inc		16,553
320,370	e	CF Industries Holdings, Inc		5,469
308,090	*	Charles River Laboratories International, Inc		13,374
232,388	e*	Chattem, Inc		8,161
957,767		Chemtura Corp		8,304
165,024		Chugai Pharmaceutical Co Ltd		3,548
298,996	e	Church & Dwight Co, Inc		11,694
48,637		Ciba Specialty Chemicals AG.		2,937
713,668		Cipla Ltd		4,079
153,000	*	CK Life Sciences International Holdings, Inc		15
78,317		Clariant AG.		1,058
1,204,428		Clorox Co		75,879
130,172	e*	Coley Pharmaceutical Group, Inc		1,487
4,713,088		Colgate-Palmolive Co		292,683
142,952	e*	Combinatorx, Inc		891
249,568	e*	Connetics Corp		2,720
236,281	e*	Conor Medsystems, Inc		5,569
111,903	e*	Cotherix, Inc		790
2,912	*	Crucell		70
390,333		CSL Ltd		15,718
317,207	e*	Cubist Pharmaceuticals, Inc		6,896
125,439	*	Curis, Inc		172
182,256	*	Cypress Bioscience, Inc		1,330
1,085,116		Cytec Industries, Inc		60,322
52,759	e*	Cytogen Corp		123
189,345	*	Cytokinetics, Inc		1,217
552,206		Dade Behring Holdings, Inc		22,177
347,000		Daicel Chemical Industries Ltd		2,406
959,100		Daiichi Sankyo Co Ltd		27,200
158,099		Dainippon Ink and Chemicals, Inc		576
393,765	e*	Dendreon Corp		1,760
136,509	*	Digene Corp		5,890
84,162	e*	Dov Pharmaceutical, Inc		76
5,024,881	e	Dow Chemical Co		195,870
223,774		Dr Reddy's Laboratories Ltd		3,564

15

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
9,800	e	Dr Reddy's Laboratories Ltd (ADR)	$	155
61,552		DSM NV		2,700
6,361,786		Du Pont (E.I.) de Nemours & Co		272,539
318,716	e*	Durect Corp		1,307
18,444	e*	Dusa Pharmaceuticals, Inc		77
1,937,700	*	Dyno Nobel Ltd		3,452
365,082		Eastman Chemical Co		19,722
971,827		Ecolab, Inc		41,614
255,800		Eisai Co Ltd		12,365
437,826	*	Elan Corp plc		6,773
80,140	e*	Elan Corp plc (ADR)		1,233
4,416,260		Eli Lilly & Co		251,727
179,412	e*	Elizabeth Arden, Inc		2,899
210,897	e*	Emisphere Technologies, Inc		1,782
349,527	e*	Encysive Pharmaceuticals, Inc		1,503
448,057	e*	Enzon Pharmaceuticals, Inc		3,696
48,009	*	EPIX Pharmaceuticals, Inc		199
946,647		Estee Lauder Cos (Class A)		38,178
88,000		Eternal Chemical Co Ltd		133
244,219		Ferro Corp		4,342
161,901		FMC Corp		10,373
2,143,940	*	Forest Laboratories, Inc		108,505
1,201,235		Formosa Plastics Corp		1,715
11,365		Gedeon Richter Nyrt		2,347
2,887,725	*	Genentech, Inc		238,815
144,613	e*	Genitope Corp		422
8,328	*	Genmab A/S		347
1,227,047	e*	Genta, Inc		957
1,250,139	*	Genzyme Corp		84,347
298,344		Georgia Gulf Corp		8,181
379,951	e*	Geron Corp		2,382
3,247,525	e*	Gilead Sciences, Inc		223,105
1,078		GlaxoSmithkline Pharmaceuticals Ltd		29
7,111,758		GlaxoSmithKline plc		189,349
271	e	GlaxoSmithKline plc (ADR)		14
788		Glenmark Pharmaceuticals Ltd		5
40,000		Global Bio-Chem Technology Group Co Ltd		11
31,760	e*	GlobeTel Communications Corp		17
73,234	e*	GTx, Inc		677
16,687		H Lundbeck A/S		389
614,964		H.B. Fuller Co		14,415
166,299	e*	Hana Biosciences, Inc		1,141
1,639		Hanmi Pharm Co Ltd		169
1,710		Hanwha Chemical Corp		18
293,000		Haw Par Corp Ltd		1,171
42,798		Henkel KGaA		5,951
2,375,360	*	Hercules, Inc		37,459
371,466		Hindustan Lever Ltd		2,080
283,500		Hitachi Chemical Co Ltd		6,864
47,543	*	Hi-Tech Pharmacal Co, Inc		601
440		Honam Petrochemical Corp		27
1,202,438	*	Hospira, Inc		46,017
892,594	e*	Human Genome Sciences, Inc		10,301
1,163,443	*	Huntsman Corp		21,175
98,193	e*	Idenix Pharmaceuticals, Inc		952
184,001	*	Idexx Laboratories, Inc		16,770
383,068	e*	ImClone Systems, Inc		10,848
497,258	*	Immucor, Inc		11,144
75,652	*	Immunogen, Inc		268

16

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
71	*	Impax Laboratories, Inc	$	-	^
1,621,573		Imperial Chemical Industries plc		12,061
286,193	*	Indevus Pharmaceuticals, Inc		1,694
333,162		Indian Petrochemicals Co		2,231
71,749		Innospec, Inc		2,131
2,400	e*	Inspire Pharmaceuticals, Inc		12
43,646	e	Inter Parfums, Inc		831
241,628	e*	InterMune, Inc		3,968
392,778		International Flavors & Fragrances, Inc		15,530
51,365	e*	Introgen Therapeutics, Inc		231
161,319	e*	Inverness Medical Innovations, Inc		5,607
218,816	e*	Invitrogen Corp		13,875
300,000		Ipsen		11,755
29,039	*	Ishihara Sangyo Kaisha Ltd		44
36,141	e*	Isolagen, Inc		125
15,214		Israel Chemicals Ltd		74
836,100		JSR Corp		18,403
300,300		Kaken Pharmaceutical Co Ltd		2,044
288,000		Kansai Paint Co Ltd		2,177
323,029		Kao Corp		8,614
1,155,937	e*	Keryx Biopharmaceuticals, Inc		13,675
1,192,708	*	King Pharmaceuticals, Inc		20,312
821,500		Kingboard Chemical Holdings Ltd		2,958
57,878		Koppers Holdings, Inc		1,098
185,447	*	Kos Pharmaceuticals, Inc		9,165
20,377		Kose Corp		657
20,559	e	Kronos Worldwide, Inc		592
1,105,500		Kuraray Co Ltd		12,297
222,415	*	KV Pharmaceutical Co (Class A)		5,271
44,000		Kyowa Hakko Kogyo Co Ltd		310
6,498	*	Lannett Co, Inc		34
7,360		LG Chem Ltd		292
330		LG Household & Health Care Ltd		26
810		LG Petrochemical Co Ltd		18
21	e*	Ligand Pharmaceuticals, Inc (Class B)		-	^
58,276		Linde AG.		5,490
61,333		Lonza Group AG.		4,248
158,733		L'Oreal S.A.		16,123
284,440		Lubrizol Corp		13,007
2,344,721		Lyondell Chemical Co		59,486
166,924		MacDermid, Inc		5,445
8,721		Makhteshim-Agan Industries Ltd		43
94,692	e	Mannatech, Inc		1,678
132,681	e*	MannKind Corp		2,521
25,466	e*	Marshall Edwards, Inc		75
182,611	e*	Martek Biosciences Corp		3,928
1,243		Matrix Laboratories Ltd (GDR)		7
548,092	*	Mayne Pharma Ltd		1,752
698,398	e*	Medarex, Inc		7,501
808,800		Mediceo Paltac Holdings Co Ltd		16,570
291,003	*	Medicines Co		6,565
316,140	e	Medicis Pharmaceutical Corp (Class A)		10,227
67,403	e*	Medifast, Inc		585
1,840,656	*	Medimmune, Inc		53,766
14,564,789		Merck & Co, Inc		610,265
641,510		Merck KGaA		68,022
147,297	e	Meridian Bioscience, Inc		3,463
127,904	e*	Metabasis Therapeutics, Inc		719
265,950		Methanex Corp		6,446

17

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
455,867	e*	MGI Pharma, Inc	$	7,845
1,323,497	e*	Millennium Pharmaceuticals, Inc		13,169
122,003	e	Minerals Technologies, Inc		6,515
5,600		Miraca Holdings, Inc		139
3,674,000		Mitsubishi Chemical Holdings Corp		23,016
685,540		Mitsubishi Gas Chemical Co, Inc		7,446
125,576	e*	Momenta Pharmaceuticals, Inc		1,698
3,496,062		Monsanto Co		164,350
540,569	e*	Mosaic Co		9,136
1,175,016	e	Mylan Laboratories, Inc		23,653
291,247	e*	Myogen, Inc		10,217
357,393	e*	Nabi Biopharmaceuticals		2,066
764,732	*	Nalco Holding Co		14,163
1,461,821		Nan Ya Plastics Corp		2,045
124,909	e*	Nastech Pharmaceutical Co, Inc		1,906
172,745		Natura Cosmeticos S.A.		2,120
20,834		Natures Sunshine Products, Inc		218
760,619	*	NBTY, Inc		22,263
220,346	e*	Neurocrine Biosciences, Inc		2,369
113,253	e*	New River Pharmaceuticals, Inc		2,914
99,480		NewMarket Corp		5,786
510,000	*	Nippon Chemiphar Co Ltd		2,936
41,000		Nippon Kayaku Co Ltd		347
1,088,000		Nippon Paint Co Ltd		5,665
434,000		Nippon Shokubai Co Ltd		5,254
28,000		Nissan Chemical Industries Ltd		331
1,300	e*	NitroMed, Inc		4
46,856	e	NL Industries, Inc		466
139,778	e*	Northfield Laboratories, Inc		2,007
112,850		Nova Chemicals Corp		3,458
4,660,639		Novartis AG.		272,083
273,794		Novartis AG. (ADR)		16,001
352,690	e*	Novavax, Inc		1,337
195,845	*	Noven Pharmaceuticals, Inc		4,724
201,975		Novo Nordisk A/S (B Shs)		15,011
20,222	*	Novogen Ltd		47
16,840		Novozymes A/S		1,285
245,952	e*	NPS Pharmaceuticals, Inc		937
418,251	e*	Nuvelo, Inc		7,629
419,562		Olin Corp		6,444
317,377	*	OM Group, Inc		13,946
13,007		Omega Pharma S.A.		750
123,911	e*	Omnova Solutions, Inc		518
242,493	e*	Onyx Pharmaceuticals, Inc		4,193
1,559		OPG Groep NV		150
374,266	e*	OraSure Technologies, Inc		3,009
832,875		Orica Ltd		13,948
3,708	*	Oriola-KD Oyj		11
29,750	*	Orion Oyj		566
329,216	e*	OSI Pharmaceuticals, Inc		12,355
1,000	*	Osiris Therapeutics, Inc		10
73,698	*	Oxford Biomedica plc		41
154,726	e*	Pacific Ethanol, Inc		2,172
273,748	e*	Pain Therapeutics, Inc		2,360
289,821	e*	Panacos Pharmaceuticals, Inc		1,438
206,188	e*	Par Pharmaceutical Cos, Inc		3,761
157,545	*	Parexel International Corp		5,213
75,006	e*	Parlux Fragrances, Inc		382
506,121	*	PDL BioPharma, Inc		9,718

18

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
131,714	e*	Penwest Pharmaceuticals Co	$	2,193
1,025,929	e*	Peregrine Pharmaceuticals, Inc		1,303
588,748		Perrigo Co		9,991
123,054	e*	PetMed Express, Inc		1,285
45,064,365		Pfizer, Inc		1,278,025
143,405	e*	Pharmion Corp		3,090
46,799	*	Pharmos Corp		82
92,705	*	Pioneer Cos, Inc		2,272
4,996		Polska Grupa Farmaceutyczna S.A.		112
544,635	*	PolyOne Corp		4,537
180,596		Potash Corp of Saskatchewan		18,745
140,100	e*	Pozen, Inc		1,802
1,228,440	e	PPG Industries, Inc		82,404
1,529,577		Praxair, Inc		90,490
184,733	e*	Prestige Brands Holdings, Inc		2,058
19,929,484		Procter & Gamble Co		1,235,229
171,645	*	Progenics Pharmaceuticals, Inc		4,027
131,500	*	PT Kalbe Farma Tbk		19
9,000	*	PTT Chemical PCL		18
218,929	*	QLT, Inc		1,653
246,286	e*	Quidel Corp		3,478
67,016		Ranbaxy Laboratories Ltd		641
3,078,308		Reckitt Benckiser plc		127,607
395,325	e*	Renovis, Inc		5,440
800	*	Replidyne, Inc		8
922,839	*	Revlon, Inc (Class A)		1,043
59		Rhodia S.A.		-	^
9,570		Roche Holding AG.		1,821
2,063,230		Roche Holding AG.		356,728
195,897	e*	Rockwood Holdings, Inc		3,914
1,277,589		Rohm & Haas Co		60,494
492,526	e	RPM International, Inc		9,353
25,000		Sakai Chemical Industry Co Ltd		127
265,258	*	Salix Pharmaceuticals Ltd		3,597
1,850,924		Sanofi-Aventis		164,764
3,228	e	Sanofi-Aventis (ADR)		144
265,484	e*	Santarus, Inc		1,970
9,700		Santen Pharmaceutical Co Ltd		246
2,600		Sawai Pharmaceutical Co Ltd		123
8,751,099		Schering-Plough Corp		193,312
164,941	e*	Sciele Pharma, Inc		3,107
207,043	e	Scotts Miracle-Gro Co (Class A)		9,211
4,200		Seikagaku Corp		45
276,624		Sensient Technologies Corp		5,414
1,268,606	e*	Sepracor, Inc		61,451
8,824		Serono S.A. (B Shs)		7,621
995,300		Shin-Etsu Chemical Co Ltd		63,531
94,264		Shionogi & Co Ltd		1,732
221,000		Shiseido Co Ltd		4,415
2,037,000		Showa Denko KK		8,777
347	*	Sidi Kerir Petrochemicals Co		6
487,687		Sigma-Aldrich Corp		36,903
78,000		Sinopec Shanghai Petrochemical Co Ltd		39
2,200		Sinopec Shanghai Petrochemical Co Ltd (ADR)		109
24,000	*	Sinopec Yizheng Chemical Fibre Co Ltd		5
288,538	e*	Sirna Therapeutics, Inc		1,607
21,623		Sociedad Quimica y Minera de Chile S.A.		250
900		Sociedad Quimica y Minera de Chile S.A. (ADR)		104
136,316	e*	Solexa, Inc		1,202

19

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
26,626	e*	Somaxon Pharmaceuticals, Inc	$	328
9	*	Sosei Co Ltd		16
2,000	*	Speedel Holding AG		293
65,320		SSL International plc		428
56,014	*	StemCells, Inc		119
30,389		Stepan Co		888
300		Stratagene Corp		2
3,452,000		Sumitomo Chemical Co Ltd		25,775
1,616		Sun Pharmaceuticals Industries Ltd		33
293,484	e*	SuperGen, Inc		1,368
91,837	e*	SurModics, Inc		3,225
1,486,388		Symbion Health Ltd		3,789
66,083		Syngenta AG.		9,967
220,800		Taisho Pharmaceutical Co Ltd		4,234
24,000		Taiwan Fertilizer Co Ltd		39
126,127		Taiyo Nippon Sanso Corp		1,071
1,577,494		Takeda Pharmaceutical Co Ltd		98,422
549,000		Tanabe Seiyaku Co Ltd		6,878
144,745	e*	Tanox, Inc		1,711
1,330,000		Teijin Ltd		7,161
600	e*	Tercica, Inc		3
162,055		Teva Pharmaceutical Industries Ltd		5,414
122,831		Teva Pharmaceutical Industries Ltd (ADR)		4,187
893,948	*	Theravance, Inc		24,172
241,000		Tokai Carbon Co Ltd		1,534
96,000		Tokuyama Corp		1,284
1,497,789		Toray Industries, Inc		11,272
79,000		Tosoh Corp		320
217,091	e	Tronox, Inc		2,772
293,669	e	UAP Holding Corp		6,276
30,896		UCB S.A.		1,965
3,880,682		Unilever plc		95,693
1,004,761	e	Unilever plc (ADR)		24,928
26,390		United Drug plc		117
191,643	e*	United Therapeutics Corp		10,069
105,399	e*	USANA Health Sciences, Inc		4,700
501,479		USEC, Inc		4,834
543,460	e	Valeant Pharmaceuticals International		10,750
867,218		Valspar Corp		23,068
398,608	*	VCA Antech, Inc		14,374
2,800	*	Verasun Energy Corp		45
943,902	e*	Vertex Pharmaceuticals, Inc		31,762
10,945		Victrex plc		162
119,940	*	Vion Pharmaceuticals, Inc		131
477,579	*	Viropharma, Inc		5,812
40,004	e*	Visicu, Inc		359
1,849,478	e*	Warner Chilcott Ltd		24,598
707,363	*	Watson Pharmaceuticals, Inc		18,512
1,363		Wellman, Inc		5
304,013	e	Westlake Chemical Corp		9,731
405,591	e*	WR Grace & Co		5,378
10,524,922		Wyeth		535,087
132,856	*	Xenoport, Inc		2,706
213		Yuhan Corp		33
57,550	*	Zeltia S.A.		428
5,642		Zentiva NV		329
27,000		Zeon Corp		273
500	e*	Zila, Inc		1
217,844	e*	Zymogenetics, Inc		3,675
		TOTAL CHEMICALS AND ALLIED PRODUCTS		12,094,864

20

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
COAL MINING - 0.34%
288,062	e*	Alpha Natural Resources, Inc	$	4,540
699,527		Arch Coal, Inc		20,223
8,578,145		BHP Billiton Ltd		163,860
1,581,500		China Shenhua Energy Co Ltd		2,546
911,215		Consol Energy, Inc		28,913
38,288		Gloucester Coal Ltd		102
656,632	e*	International Coal Group, Inc		2,771
82,538	e*	James River Coal Co		871
34,879		MacArthur Coal Ltd		120
380,177		Massey Energy Co		7,961
2,536,438		Peabody Energy Corp		93,290
201,056	e	Penn Virginia Corp		12,749
2,530,500		PT Bumi Resources Tbk		203
220,587		Sasol Ltd		7,250
1,795,037		Sasol Ltd (ADR)		59,039
11,530	*	Westmoreland Coal Co		227
359,653		Xstrata plc		14,862
316,000		Yanzhou Coal Mining Co Ltd		217
3,720	e	Yanzhou Coal Mining Co Ltd (ADR)		127
		TOTAL COAL MINING		419,871
COMMUNICATIONS - 4.58%
313,700		Advanced Info Service PCL		752
898,357		Advanced Info Service PCL		2,152
14,700	v	Advanced Info Service PCL (ADR)		37
27,830		AFK Sistema (GDR)		728
125,781	*	Airspan Networks, Inc		338
243,611		Alaska Communications Systems Group, Inc		3,233
2,109,788		Alltel Corp		117,093
13,400	*	Alvarion Ltd		86
6,048,645		America Movil S.A. de C.V.		11,944
222,941		America Movil S.A. de C.V. (ADR)		8,777
2,531,526	e*	American Tower Corp (Class A)		92,401
193,971	e	Anixter International, Inc		10,954
26,587		Antena 3 de Television S.A.		544
22,586,179		AT&T, Inc		735,406
32,459		Atlantic Tele-Network, Inc		600
100,219	*	Audiovox Corp (Class A)		1,395
8,976,160		Austar United Communications Ltd		7,827
2,857,917	*	Avaya, Inc		32,695
730,663	e*	BCE Inc		19,820
12,000		BEC World PCL		5
939,009		Belgacom S.A.		36,603
18,392	*	Bell Aliant Regional Communications Income Fund		575
11,622,660		BellSouth Corp		496,869
32,579		Bezeq Israeli Telecommunication Corp Ltd		41
14,682,634		Brasil Telecom Participacoes S.A.		171
39,317,193		Brasil Telecom Participacoes S.A.		235
469,939	e*	Brightpoint, Inc		6,683
952,504		British Sky Broadcasting plc		9,737
13,086,734		BT Group plc		65,668
878,105		Cable & Wireless plc		2,277
3,677,326		Cablevision Systems Corp (Class A)		83,512
132,732		Carphone Warehouse Group plc		764
53,907	e*	Cbeyond Communications, Inc		1,480
129,733		Centennial Communications Corp		691

21

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
4,922	*	Central European Media Enterprises Ltd	$	334
858,432		CenturyTel, Inc		34,054
30,673		Cesky Telecom A.S.		607
2,822	v	Cesky Telecom A.S. (GDR)		61
2,274,655	e*	Charter Communications, Inc (Class A)		3,457
1,784,500		China Mobile Hong Kong Ltd		12,610
15,800		China Mobile Hong Kong Ltd (ADR)		559
4,566,000		China Telecom Corp Ltd		1,653
4,700		China Unicom Ltd (ADR)		46
1,483,080		Chunghwa Telecom Co Ltd		2,460
17,442		Chunghwa Telecom Co Ltd (ADR)		302
282,341		Cia de Telecomunicaciones de Chile S.A.		501
2,274,974	*	Cincinnati Bell, Inc		10,965
401,145	e	Citadel Broadcasting Corp		3,771
1,625,390		Citizens Communications Co		22,820
2,032,430		Clear Channel Communications, Inc		58,636
26,834	*	Colt Telecom Group S.A.		63
9,037,094	*	Comcast Corp (Class A)		333,017
145,412		Commonwealth Telephone Enterprises, Inc		5,995
14,000		Comstar United Telesystems (GDR)		95
97,205	e	Consolidated Communications Holdings, Inc		1,819
21,818		Cosmote Mobile Telecommunications S.A.		523
1,679,633	e*	Covad Communications Group, Inc		2,503
245,885	*	Cox Radio, Inc (Class A)		3,774
1,152,312	e*	Crown Castle International Corp		40,607
101,748	e*	Crown Media Holdings, Inc (Class A)		457
123,147	e	CT Communications, Inc		2,675
347,097	e*	Cumulus Media, Inc (Class A)		3,318
2,166,150		Deutsche Telekom AG.		34,445
5,993,196	*	DIRECTV Group, Inc		117,946
913,814	e*	Dobson Communications Corp (Class A)		6,415
2,142,656	*	EchoStar Communications Corp (Class A)		70,151
13	*	Ectel Ltd		-	^
1,128		Egyptian Co for Mobile Services		31
48,407		Elisa Oyj		1,068
1,382,479	e	Embarq Corp		66,871
209,439,183		Embratel Participacoes S.A.		664
191,047	*	Emmis Communications Corp (Class A)		2,340
16,872		Empresa Nacional de Telecomunicaciones S.A.		163
191,662	e	Entercom Communications Corp		4,830
363,674	e*	Entravision Communications Corp (Class A)		2,706
72,222	*	Eschelon Telecom, Inc		1,227
693,984	*	Eutelsat Communications		11,959
196,382		Fairpoint Communications, Inc		3,417
314,818	e*	FiberTower Corp		2,975
39,620	*	Fisher Communications, Inc		1,646
838,240	e*	Foundry Networks, Inc		11,023
4,028,817		France Telecom S.A.		92,469
1,297		Fuji Television Network, Inc		2,932
322,338	*	General Communication, Inc (Class A)		3,994
696,773		Global Payments, Inc		30,665
43,360		Globe Telecom, Inc		933
126,025		Golden Telecom, Inc		3,812
256,550		Gray Television, Inc		1,644
707,923		Grupo Televisa S.A.		3,023
27,900	e	Grupo Televisa S.A. (ADR)		593
144,187		Hearst-Argyle Television, Inc		3,309
111,856		Hellenic Telecommunications Organization S.A.		2,743
10,616	e*	Hungarian Telephone & Cable		168

22

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
1,129,000	*	Hutchison Telecommunications International Ltd	$	1,997
889,070	e*	IAC/InterActiveCorp		25,570
55,584	*	IDT Corp		786
297,930	e*	IDT Corp (Class B)		4,296
1,497,933		Informa plc		13,876
106,498	e*	InPhonic, Inc		843
174,330	*	ION Media Networks, Inc		141
181,990		Iowa Telecommunications Services, Inc		3,602
98,307	*	iPCS, Inc		5,264
1,883	*	ITC DeltaCom, Inc		3
2,716,895		ITV plc		4,922
15,000		Iwatsu Electric Co Ltd		24
289,218	e*	j2 Global Communications, Inc		7,858
202,000		Kadokawa Holdings, Inc		7,764
3,679		KDDI Corp		22,923
43,779		KT Corp		1,888
10,800		KT Corp (ADR)		232
75,667		KT Freetel Co Ltd		2,319
187,228	*	Leap Wireless International, Inc		9,079
6,520,727	e*	Level 3 Communications, Inc		34,886
1,117,360	*	LG Telecom Ltd		13,048
2,880,234	e*	Liberty Global, Inc		74,137
85,407	*	Liberty Global, Inc (Series C)		2,140
870,620	*	Liberty Media Holding Corp (Capital)		72,758
3,915,045	*	Liberty Media Holding Corp (Interactive)		79,789
125,895	e*	Lightbridge, Inc		1,475
235,007	*	Lin TV Corp (Class A)		1,828
127,009	e*	Lodgenet Entertainment Corp		2,398
28,690		LS Cable Ltd		1,061
21,750		M6-Metropole Television		667
5,900	*	Magyar Telekom (ADR)		118
65,654	*	Magyar Telekom Rt		264
3,448		Mahanagar Telephone Nigam		12
6,600		Mahanagar Telephone Nigam (ADR)		44
14,134	*	Maroc Telecom		218
231,600	e*	Mastec, Inc		2,564
298,200		Maxis Communications Bhd		720
7,700		Media Prima Bhd		4
358,295	e*	Mediacom Communications Corp		2,551
475,490		Mediaset S.p.A.		5,110
3,187	*	Metro One Telecommunications, Inc		8
72,811		Mobile TeleSystems (ADR)		2,750
31,290		MobileOne Ltd		42
10,276		Mobistar S.A.		851
17,020	*	Modern Times Group AB		880
450,623		MTN Group Ltd		3,645
22,100	v	MTN Group Ltd (ADR)		182
96,355		Naspers Ltd		1,480
5,000		Naspers Ltd (ADR)		77
3,400		Net Servicos de Comunicacao S.A. (ADR)		31
311,890	e*	NeuStar, Inc		8,655
358,050	e	News Corp		7,245
678,479	*	NII Holdings, Inc (Class B)		42,174
12,305		Nippon Telegraph & Telephone Corp		60,418
88,985	e	North Pittsburgh Systems, Inc		2,240
183,560	e*	Novatel Wireless, Inc		1,768
75,873	*	NTELOS Holdings Corp		969
19,670		NTT DoCoMo, Inc		30,306
932		Okinawa Cellular Telephone Co		2,470

23

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
27,943		Orascom Telecom Holding SAE	$	1,597
125,630		Partner Communications		1,245
4,900		Partner Communications (ADR)		48
9,103,000	*	Paxys, Inc		1,950
1,374	*	Pegasus Communications Corp		3
304,394	e*	Pegasus Wireless Corp		186
11,582		Philippine Long Distance Telephone Co		524
57,598	e	Philippine Long Distance Telephone Co (ADR)		2,509
267,369	*	Portugal Telecom SGPS S.A.		3,340
700	*	Price Communications Corp		14
71,000		PT Indosat Tbk		40
5,800		PT Indosat Tbk (ADR)		158
30,426		PT Multimedia Servicos de Telecomunicacoes e Multimedia SGPS S.A.		368
11,400		PT Telekomunikasi Indonesia (ADR)		412
4,423,500		PT Telekomunikasi Indonesia Tbk		4,052
313,636		Publicis Groupe S.A.		12,353
6,534,663	e*	Qwest Communications International, Inc		56,982
308,065	*	Radio One, Inc (Class A)		1,922
203,119	*	Radio One, Inc (Class D)		1,269
168,990	e*	RCN Corp		4,782
53,604	*	Regent Communications, Inc		203
31,115	*	Retelit S.p.A		14
464,816		Rogers Communications, Inc		25,450
10,100	e	Rostelecom (ADR)		304
17,925,974		Royal KPN NV		228,675
65,057		Salem Communications Corp (Class A)		736
167,063	e*	SAVVIS, Inc		4,761
575,561	*	SBA Communications Corp		14,003
1,674,648		Seat Pagine Gialle S.p.A.		838
387,450		Seven Network Ltd		2,544
394,955		Shaw Communications, Inc		11,827
40,655		Shenandoah Telecom Co		1,767
19,300	v*	Sibirtelecom (ADR)		1,337
259,248		Sinclair Broadcast Group, Inc (Class A)		2,035
7,465,254		Singapore Telecommunications Ltd		11,469
16,379		SK Telecom Co Ltd		3,488
12,200		SK Telecom Co Ltd (ADR)		288
110,289		Sky Network Television Ltd		389
6,585		SKY Perfect Communications, Inc		3,685
14,988		SmarTone Telecommunications Holding Ltd		14
78,649		Societe Television Francaise 1		2,512
15,028	*	Sogecable S.A.		536
225,473	*	Spanish Broadcasting System, Inc (Class A)		985
24,815,089		Sprint Nextel Corp		425,579
14,908	e*	SunCom Wireless Holdings, Inc		14
87,209		SureWest Communications		1,698
7,887		Swisscom AG.		2,625
215,590	*	Syniverse Holdings, Inc		3,234
263,000		Taiwan Mobile Co Ltd		252
176,565	e*	Talk America Holdings, Inc		1,677
14,657		Tele Norte Leste Participacoes S.A.		452
73,582		Tele Norte Leste Participacoes S.A.		1,005
106,881		Tele2 AB (B Shs)		1,079
27,000	*	Telecom Argentina S.A. (ADR)		371
11,186,212		Telecom Corp of New Zealand Ltd		31,765
4,344		Telecom Egypt		11
4,823,853		Telecom Italia S.p.A.		11,622
8,815,678		Telecom Italia S.p.A.		25,040
6,962,049		Telefonica S.A.		120,682

24

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
7,704		Telefonica S.A. (ADR)	$	399
3,802,959		Telefonos de Mexico S.A. de C.V.		4,884
9,500		Telefonos de Mexico S.A. de C.V. (ADR)		242
1,895,688		Telekom Austria AG.		47,836
444,300		Telekom Malaysia Bhd		1,102
190,814		Telekomunikacja Polska S.A.		1,213
3,743,938		Telemig Celular Participacoes S.A.		7
2,215,304		Telenor ASA		28,885
1		Telephone & Data Systems, Inc		-	^
581,571		Telephone & Data Systems, Inc		24,484
129,516	*	Telesp Celular Participacoes S.A.		399
198,300		Television Broadcasts Ltd		1,069
1,308,404		TeliaSonera AB		8,392
125,115		Telkom S.A. Ltd		2,161
1,700	e	Telkom S.A. Ltd (ADR)		118
143,151	e*	Telkonet, Inc		408
2,881,818		Telstra Corp Ltd		7,968
88,578		TELUS Corp		4,985
282,199		TELUS Corp		15,805
193,253	e*	Terremark Worldwide, Inc		1,073
89,167,646		Tim Participacoes S.A.		246
97,422	*	Tiscali S.p.A.		276
443,867	e*	TiVo, Inc		3,369
22,000		Tokyo Broadcasting System, Inc		513
185,900	*	True Corp PCL		47
183,304		Turkcell Iletisim Hizmet A.S.		932
12,453		Turkcell Iletisim Hizmetleri A.S. (ADR)		166
68,435		TV Azteca S.A. de C.V.		44
1,104,399	*	Univision Communications, Inc (Class A)		37,925
13,900	e,v	Uralsvyazinform (ADR)		108
77,213	*	US Cellular Corp		4,610
201,714		USA Mobility, Inc		4,607
16,820,046		Verizon Communications, Inc		624,528
4,043,758	*	Viacom, Inc		150,347
1,038		Videsh Sanchar Nigam Ltd		9
1,900	e	Videsh Sanchar Nigam Ltd (ADR)		33
33,150	e*	Vimpel-Communications (ADR)		2,009
78,265,078	*	Vodafone Group Plc		179,144
535,100	e	Vodafone Group plc (ADR)		12,232
10,400	v*	VolgaTelecom (ADR)		84
214,797	e*	Vonage Holdings Corp		1,478
222,978	*	West Corp		10,770
1,799,551	e	Windstream Corp		23,736
328,857	e*	Wireless Facilities, Inc		704
41,944	e*	WorldSpace, Inc		144
1,324,182	e*	XM Satellite Radio Holdings, Inc		17,069
23,414	*	ZEE Telefilms Ltd		156
		TOTAL COMMUNICATIONS		5,626,743
DEPOSITORY INSTITUTIONS - 11.40%
116,752		1st Source Corp		3,447
702,000		77 Bank Ltd		4,867
27,660	e	Abington Community Bancorp, Inc		415
6,006,905		ABN AMRO Holding NV		175,193
66,843	*	ACE Cash Express, Inc		1,998
8,408		Adelaide Bank Ltd		81
66,443		African Bank Investments Ltd		189
6,599		Akbank T.A.S. (ADR)		62
228,158		Akbank TAS		1,168

25

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
89,598		Alabama National Bancorp	$	6,115
471,495		Allied Irish Banks plc		12,538
1,197,999		Allied Irish Banks plc		31,902
537,189		Alpha Bank S.A.		14,332
1,305		Amagerbanken A/S		83
147,062		Amcore Financial, Inc		4,455
59,037		AmericanWest Bancorp		1,255
70,065		Ameris Bancorp		1,906
11,345	e	Ames National Corp		243
43,900		AMMB Holdings Bhd		30
1,438,567		AmSouth Bancorp		41,776
124,995		Anchor Bancorp Wisconsin, Inc		3,570
15,830		Arab Bank plc		533
61,496		Arrow Financial Corp		1,560
593,326		Associated Banc-Corp		19,283
404,891		Astoria Financial Corp		12,479
3,670		Attijariwafa Bank		841
2,134,137		Australia & New Zealand Banking Group Ltd		42,723
239,041		Banca Fideuram S.p.A.		1,523
3,683,037		Banca Intesa S.p.A.		24,239
1,168,467		Banca Intesa S.p.A.		7,157
930,422		Banca Monte dei Paschi di Siena S.p.A.		5,640
360,279		Banca Popolare di Milano		4,765
43,585		Bancfirst Corp		2,036
292,068		Banche Popolari Unite Scpa		7,859
3,651,559		Banco Bilbao Vizcaya Argentaria S.A.		84,504
235,173		Banco BPI S.A.		1,753
143,800		Banco Bradesco S.A.		4,761
9,800	e	Banco Bradesco S.A. (ADR)		327
1,508,794		Banco Comercial Portugues S.A.		4,687
1,024		Banco de Chile (ADR)		43
54,568		Banco de Credito e Inversiones		1,510
4,275,800		Banco de Oro Universal Bank		3,408
160,380		Banco Espirito Santo S.A.		2,451
154,329		Banco Itau Holding Financeira S.A.		4,621
10,500	e	Banco Itau Holding Financeira S.A. (ADR)		315
81,268		Banco Nossa Caixa S.A.		1,620
316,187		Banco Popolare di Verona e Novara Scrl		8,737
321,068		Banco Popular Espanol S.A.		5,264
9,228,908		Banco Santander Central Hispano S.A.		145,933
6,834,603		Banco Santander Chile S.A.		300
8,000		Banco Santander Chile S.A. (ADR)		362
91,390	e	BanColombia S.A. (ADR)		2,614
59,785	e*	Bancorp, Inc		1,524
321,954		Bancorpsouth, Inc		8,937
52,999		BancTrust Financial Group, Inc		1,478
11,800		Bangkok Bank PCL		34
214,100		Bangkok Bank PCL		627
568		Banif SGPS S.A.		19
603,233		Bank Hapoalim Ltd		2,851
558,726		Bank Leumi Le-Israel		2,191
355,992		Bank Mutual Corp		4,318
30,363,314		Bank of America Corp		1,626,563
8,265,000	*	Bank of China Ltd		3,554
1,499,874		Bank of Communications Co Ltd		1,057
2,397,540		Bank of East Asia Ltd		10,940
921,800		Bank of Fukuoka Ltd		6,766
167,246	e	Bank of Granite Corp		2,932
231,734		Bank of Hawaii Corp		11,160

26

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
382,857		Bank of Ireland	$	7,486
273,331		Bank of Ireland		5,348
10,999	*	Bank of Jordan		45
417,900		Bank of Kyoto Ltd		4,224
1,101,484		Bank of Montreal		66,616
6,362,573		Bank of New York Co, Inc		224,344
1,941,300	e	Bank of Nova Scotia		83,436
99,000		Bank of Okinawa Ltd		3,889
2,631		Bank of Queensland Ltd		30
67,450	e	Bank of the Ozarks, Inc		2,285
34,700		Bank of the Philippine Islands		40
172,900		Bank of the Ryukyus Ltd		3,579
1,886,600		Bank of Yokohama Ltd		14,853
1,236		Bank Przemyslowo-Handlowy Bph		319
4,765,000		Bank Rakyat Indonesia		2,531
33		Bank Sarasin & Compagnie AG.		97
31,801		Bank Zachodni WBK S.A.		1,955
269,304		BankAtlantic Bancorp, Inc (Class A)		3,830
141,608		BankFinancial Corp		2,477
240,190		BankUnited Financial Corp (Class A)		6,262
63,719	e	Banner Corp		2,615
588		Banque Marocaine du Commerce Exterieur		73
13,655,968		Barclays plc		172,333
195		Basler Kantonalbank		17
2,517,173		BB&T Corp		110,202
7,000		BBVA Banco Frances S.A. (ADR)		52
44,406		Berkshire Hills Bancorp, Inc		1,580
161,812	*	BFC Financial Corp		945
1,748,751		BNP Paribas		188,156
4,064,000		BOC Hong Kong Holdings Ltd		9,129
90,672		BOK Financial Corp		4,769
231,244	e	Boston Private Financial Holdings, Inc		6,447
307	*	BRE Bank S.A.		24
364,905		Brookline Bancorp, Inc		5,017
46,406		Cadence Financial Corp		941
46,354		Camden National Corp		1,863
745,060	e	Canadian Imperial Bank of Commerce		56,159
13,905	*	Capital Bank of Jordan		40
71,218	e	Capital City Bank Group, Inc		2,215
52,299	e	Capital Corp of the West		1,622
100	*	Capital Crossing Bank		3
4,060,523		Capitalia S.p.A.		33,623
80,347		Capitol Bancorp Ltd		3,575
97,614	e	Capitol Federal Financial		3,471
138,858		Cardinal Financial Corp		1,522
136,587	e	Cascade Bancorp		5,129
30,717	e	Cass Information Systems, Inc		1,017
1,904,864		Cathay Financial Holding Co Ltd		3,816
308,296	e	Cathay General Bancorp		11,129
337,529	*	Centennial Bank Holdings, Inc		3,267
62,825	e	Center Financial Corp		1,494
38,259		Centerstate Banks of Florida, Inc		769
224,333	e	Central Pacific Financial Corp		8,206
722,000	*	Chang Hwa Commercial Bank		435
23,728	e	Charter Financial Corp		949
147,371		Chemical Financial Corp		4,374
1,183,855		Chiba Bank Ltd		10,553
10,245,545		China Construction Bank		4,432
6,550,566		China Development Financial Holding Corp		2,721

27

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
1,077,000	*	China Merchants Bank Co Ltd	$	1,518
1,875,305		Chinatrust Financial Holding Co		1,400
322,837		Chittenden Corp		9,262
30,775,058		Citigroup, Inc		1,528,597
7,558	e	Citizens & Northern Corp		170
281,552	e	Citizens Banking Corp		7,394
54,405		Citizens First Bancorp, Inc		1,385
48,984		City Bank		2,304
112,637		City Holding Co		4,491
170,244		City National Corp		11,417
78,248		Clifton Savings Bancorp, Inc		878
209,401		Close Brothers Group plc		4,001
103,242	e	Coastal Financial Corp		1,301
79,313	e	CoBiz, Inc		1,813
650,599		Colonial Bancgroup, Inc		15,940
5,745	e	Colony Bankcorp, Inc		120
43,563	e	Columbia Bancorp		1,071
90,898		Columbia Banking System, Inc		2,910
896,852		Comerica, Inc		51,049
283,248		Commerce Asset Holdings Bhd		511
895,463		Commerce Bancorp, Inc		32,872
279,822		Commerce Bancshares, Inc		14,151
3,240		Commercial Bankshares, Inc		116
272,132		Commercial Capital Bancorp, Inc		4,338
20,740		Commercial International Bank		166
16,173		Commercial International Bank (GDR)		127
1,569,702		Commerzbank AG.		52,847
1,041,419		Commonwealth Bank of Australia		35,510
33,320	*	Community Bancorp		1,017
30,260		Community Bancorp, Inc		1,237
189,992		Community Bank System, Inc		4,210
132,806	e	Community Banks, Inc		3,559
117,785		Community Trust Bancorp, Inc		4,435
669,812		Compass Bancshares, Inc		38,166
2,303,348		CorpBanca S.A.		11
222,153	e	Corus Bankshares, Inc		4,967
30,232		Credicorp Ltd		1,259
1,415,837		Credit Agricole S.A.		62,191
229,289	e	Cullen/Frost Bankers, Inc		13,257
346,923		CVB Financial Corp		5,124
120,610		Daegu Bank		2,020
903,668		Danske Bank A/S		35,541
1,668,723		DBS Group Holdings Ltd		20,173
992,939		Depfa Bank plc		18,332
976,166		Deutsche Bank AG.		117,792
1,374,431		Dexia		35,606
168,373		Dime Community Bancshares		2,480
562,615		DNB NOR Holding ASA		6,888
60,391	*	Dollar Financial Corp		1,318
144,879	e	Downey Financial Corp		9,640
567,700		E.Sun Financial Holding Co Ltd		340
291,860		East West Bancorp, Inc		11,561
77,322		EFG Eurobank Ergasias S.A.		2,369
110,058	*	Egyptian Financial Group-Hermes Holding		805
47,225	e	Enterprise Financial Services Corp		1,457
10,000	*	Equitable PCI Bank		15
66,029		Erste Bank der Oesterreichischen Sparkassen AG.		4,111
201,606	e*	Euronet Worldwide, Inc		4,949
36,935		Farmers Capital Bank Corp		1,251

28

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
137,112	e	Fidelity Bankshares, Inc	$	5,349
2,027,795		Fifth Third Bancorp		77,218
100		Financial Institutions, Inc		2
66,826	e	First Bancorp		1,362
655,921	e	First Bancorp		7,254
78,514		First Busey Corp (Class A)		1,783
176,531		First Charter Corp		4,247
29,492		First Citizens Bancshares, Inc (Class A)		5,636
419,196	e	First Commonwealth Financial Corp		5,462
135,775		First Community Bancorp, Inc		7,597
58,669		First Community Bancshares, Inc		1,958
100		First Defiance Financial Corp		3
200,943		First Financial Bancorp		3,197
113,679		First Financial Bankshares, Inc		4,337
79,140		First Financial Corp		2,525
75,130	e	First Financial Holdings, Inc		2,571
848,627	e	First Horizon National Corp		32,256
82,171		First Indiana Corp		2,137
134,596		First Merchants Corp		3,183
314,159		First Midwest Bancorp, Inc		11,903
641,999	e	First Niagara Financial Group, Inc		9,360
90,628	e	First Place Financial Corp		2,054
53,960	*	First Regional Bancorp		1,838
148,301	e	First Republic Bank		6,312
51,668	e	First South Bancorp, Inc		1,581
109,367		First State Bancorporation		2,840
141,518	e*	FirstFed Financial Corp		8,027
533,646	e	FirstMerit Corp		12,365
866,572		FirstRand Ltd		1,969
93,209		Flag Financial Corp		2,334
370,436		Flagstar Bancorp, Inc		5,390
106,476	e	Flushing Financial Corp		1,863
326,001		FNB Corp		5,431
75,070	e	FNB Corp		2,703
93		Forstaedernes Bank A/S		12
937,858		Fortis		38,068
462,027	*	Fortis		23
123,131	e*	Franklin Bank Corp		2,448
383,417	e	Fremont General Corp		5,364
223,314	e	Frontier Financial Corp		5,793
1,105,818		Fubon Financial Holding Co Ltd		917
12,399		Fubon Financial Holding Co Ltd (GDR)		104
48,000		Fuhwa Financial Holdings Co Ltd		21
742,337		Fulton Financial Corp		12,018
71,005	e	GB&T Bancshares, Inc		1,495
185,554	e	Glacier Bancorp, Inc		6,340
1,546,030		Golden West Financial Corp		119,431
62,155	e	Great Southern Bancorp, Inc		1,747
476,974		Greater Bay Bancorp		13,455
43,480		Greene County Bancshares, Inc		1,590
214,873		Grupo Financiero Banorte S.A. de C.V.		677
5,800	*	Grupo Financiero Galicia S.A. (ADR)		38
2,832,000		Gunma Bank Ltd		20,930
14,012		Haci Omer Sabanci Holding A.S.		49
179,062	e	Hancock Holding Co		9,589
750,994		Hang Seng Bank Ltd		9,490
230,917		Hanmi Financial Corp		4,526
125,885		Harbor Florida Bancshares, Inc		5,578
170,123		Harleysville National Corp		3,419

29

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
61,194		HDFC Bank Ltd	$	1,233
6,200	e	HDFC Bank Ltd (ADR)		379
83,408	e	Heartland Financial USA, Inc		2,142
62,125		Heritage Commerce Corp		1,438
1,284,600		Hokuhoku Financial Group, Inc		4,839
1,700		Home Bancshares, Inc		38
23,874		Home Federal Bancorp, Inc		371
16,800		Hong Leong Bank Bhd		24
4,300		Hong Leong Credit Bhd		5
57,740	e	Horizon Financial Corp		1,724
729		Housing Bank for Trade and Finance		9
4,079,167		HSBC Holdings plc		74,403
14,829,750		HSBC Holdings plc		270,583
550,000		Hua Nan Financial Holdings Co Ltd		361
9,543,110		Hudson City Bancorp, Inc		126,446
1,119,080		Huntington Bancshares, Inc		26,780
55,184		IBERIABANK Corp		3,366
578,309		ICICI Bank Ltd (ADR)		17,760
87,960		Independent Bank Corp		2,860
132,058		Independent Bank Corp		3,206
397,501		IndyMac Bancorp, Inc		16,361
91,495		Integra Bank Corp		2,313
99,609		Interchange Financial Services Corp		2,253
312,680		International Bancshares Corp		9,280
43,644	e*	Intervest Bancshares Corp		1,901
223,040	*	Investec Ltd		2,085
588,754	*	Investec Plc		5,782
309,056	*	Investors Bancorp, Inc		4,664
331,322	e	Investors Financial Services Corp		14,273
181,426		Irwin Financial Corp		3,549
15,080	*	Israel Discount Bank Ltd		28
33,093		ITLA Capital Corp		1,779
2,881,000		Joyo Bank Ltd		17,097
23,649,272		JPMorgan Chase & Co		1,110,570
1,460,809		Julius Baer Holding AG.		145,912
44,248	*	Jyske Bank		2,551
1,319,700		Kasikornbank PCL		2,424
432,000		Kasikornbank PCL		771
15,700		Kasikornbank PCL		28
127,009	e	Kearny Financial Corp		1,928
1,892,247		Keycorp		70,846
83,000	*	Kiyo Holdings Inc (GDR)		134
179,048		KNBT Bancorp, Inc		2,879
4,865		Komercni Banka A.S.		721
1,365		Komercni Banka A.S. (GDR)		69
248,389		Kookmin Bank		19,582
13,400		Kookmin Bank (ADR)		1,046
154,710	*	Korea Exchange Bank		1,978
36,100		Krung Thai Bank PCL		11
4,335,300		Krung Thai Bank PCL		1,316
103,667	e	Lakeland Bancorp, Inc		1,480
69,220		Lakeland Financial Corp		1,627
5,618,896		Lloyds TSB Group plc		56,758
311,682		M&T Bank Corp		37,389
85,881		Macatawa Bank Corp		1,966
220,166		MAF Bancorp, Inc		9,091
75,920	e	MainSource Financial Group, Inc		1,288
415,800		Malayan Banking Bhd		1,263
2,235,311		Marshall & Ilsley Corp		107,697

30

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
204,871		MB Financial, Inc	$	7,554
86,227	e	MBT Financial Corp		1,280
1,233,795		Mediobanca S.p.A.		26,910
2,146,159		Mellon Financial Corp		83,915
62,560		Mercantile Bank Corp		2,474
566,446		Mercantile Bankshares Corp		20,545
31,311		MetroCorp Bancshares, Inc		710
1,553,600		Metropolitan Bank & Trust		1,269
136,609	e	Mid-State Bancshares		3,738
83,736	e	Midwest Banc Holdings, Inc		2,045
17,228		Mitsubishi UFJ Financial Group, Inc		221,685
550,000		Mitsui Trust Holdings, Inc		6,258
4,190		Mizrahi Tefahot Bank Ltd		26
20,205		Mizuho Financial Group. Inc		156,680
158,944		Nara Bancorp, Inc		2,907
20,266		NASB Financial, Inc		806
1,280,147		National Australia Bank Ltd		35,015
309,663	e	National Bank Of Canada		16,900
819,133		National Bank of Greece S.A.		35,254
3,622,487		National City Corp		132,583
6,793,000		National Finance PCL		2,694
277,817	e	National Penn Bancshares, Inc		5,451
196,324		NBT Bancorp, Inc		4,566
154,292		Nedbank Group Ltd		2,262
277,410	e*	Net 1 UEPS Technologies, Inc		6,342
374,160	e	NetBank, Inc		2,264
1,192,249	e	New York Community Bancorp, Inc		19,529
661,757	e	NewAlliance Bancshares, Inc		9,695
342,800		Nishi-Nippon City Bank Ltd		1,680
876,656		Nordea Bank AB		11,480
3,015,748		Nordea Bank AB		39,507
2,215,737		North Fork Bancorporation, Inc		63,459
47,508	e*	Northern Empire Bancshares		1,331
1,516,109		Northern Trust Corp		88,586
111,134		Northwest Bancorp, Inc		2,834
61,082		OceanFirst Financial Corp		1,310
71,964		OKO Bank		1,148
468,044		Old National Bancorp		8,940
90,589		Old Second Bancorp, Inc		2,714
73,539	e	Omega Financial Corp		2,211
220,121	e	Oriental Financial Group, Inc		2,624
78,542		OTP Bank Rt		2,477
2,981,769		Oversea-Chinese Banking Corp		12,297
326,098	e	Pacific Capital Bancorp		8,795
75,057	e	Park National Corp		7,512
284,920	e	Partners Trust Financial Group, Inc		3,051
19,373	e	Peapack Gladstone Financial Corp		474
59,057		Pennfed Financial Services, Inc		990
6,247	*	Pennsylvania Commerce Bancorp, Inc		165
87,366		Peoples Bancorp, Inc		2,554
277,988		People's Bank		11,011
137,549		PFF Bancorp, Inc		5,095
86,023	e*	Pinnacle Financial Partners, Inc		3,080
888,395		Piraeus Bank S.A.		23,026
59,020		Placer Sierra Bancshares		1,311
1,617,556		PNC Financial Services Group, Inc		117,176
1,259,578		Popular, Inc		24,486
121,488		Powszechna Kasa Oszczednosci Bank Polski S.A.		1,416
33,506		Preferred Bank		2,009

31

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
81,916	e	Premierwest Bancorp	$	1,310
102,754	e	PrivateBancorp, Inc		4,698
127,380	e	Prosperity Bancshares, Inc		4,336
206,214		Provident Bankshares Corp		7,640
524,945	e	Provident Financial Services, Inc		9,717
239,413	e	Provident New York Bancorp		3,275
1,070,500		PT Bank Central Asia Tbk		560
43,500		PT Bank Danamon Indonesia Tbk		25
192,320,500		PT Bank Internasional Indonesia Tbk		4,065
16,481,000		PT Bank Mandiri Persero Tbk		4,154
462,300		Public Bank Bhd		840
156,050		Pusan Bank		1,929
25,785	e*	QC Holdings, Inc		308
367,572		R & G Financial Corp (Class B)		2,738
29,382		Raiffeisen International Bank Holding AG.		3,130
1,926,511	e	Regions Financial Corp		70,876
90,036	e	Renasant Corp		2,527
473,358	e	Republic Bancorp, Inc		6,310
90,172		Republic Bancorp, Inc (Class A)		1,907
3,303		Resona Holdings, Inc		9,899
1,093,200		RHB Capital Bhd		842
51,072		Rockville Financial, Inc		740
1,500	*	Roma Financial Corp		23
182		Roskilde Bank		38
62,632		Royal Bancshares of Pennsylvania (Class A)		1,697
2,430,985	e	Royal Bank of Canada		107,679
135,600	*	Royal Bank Of Canada		6,029
7,184,726		Royal Bank of Scotland Group plc		247,387
152,553		S&T Bancorp, Inc		4,958
72,707	e	S.Y. Bancorp, Inc		2,157
87,580	e	Sandy Spring Bancorp, Inc		3,097
1,608,132		Sanpaolo IMI S.p.A.		33,953
41,133		Santander BanCorp		777
1,000		Sapporo Hokuyo Holdings, Inc		10,921
400	v	Sberbank (GDR)		101
49,477		SCBT Financial Corp		1,850
72,458		Seacoast Banking Corp of Florida		2,188
72,577		Security Bank Corp		1,641
9,242,212		Shin Kong Financial Holding Co Ltd		8,503
287,390		Shinhan Financial Group Co Ltd		12,953
4,200		Shinhan Financial Group Co Ltd (ADR)		377
831,000		Shinsei Bank Ltd		5,065
2,000,300		Shizuoka Bank Ltd		21,743
54,836		Shore Bancshares, Inc		1,577
175,800		Siam Commercial Bank PCL		281
36,899	e	Sierra Bancorp		1,153
113,421	e*	Signature Bank		3,508
85,357		Simmons First National Corp (Class A)		2,476
1,247,947		SinoPac Financial Holdings Co Ltd		596
394,615		Skandinaviska Enskilda Banken AB (A Shs)		10,608
474,834		Sky Financial Group, Inc		11,823
42,878	e	Smithtown Bancorp, Inc		1,157
832,711		Societe Generale (A Shs)		132,518
2,443,890		South Financial Group, Inc		63,614
66,414	e	Southside Bancshares, Inc		1,773
105,083		Southwest Bancorp, Inc		2,713
1,592,651		Sovereign Bancorp, Inc		34,258
2,541		Sparebanken Midt-Norge		30
334		St Galler Kantonalbank		128

32

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
403,039		Standard Bank Group Ltd	$	4,026
100		State Bancorp, Inc		2
4,176		State Bank of India Ltd (GDR)		232
54,195		State National Bancshares, Inc		2,059
1,911,794	e	State Street Corp		119,296
108,372		Sterling Bancorp		2,131
374,376		Sterling Bancshares, Inc		7,581
205,808		Sterling Financial Corp		4,526
205,721	e	Sterling Financial Corp		6,672
73,791		Suffolk Bancorp		2,355
10,919		Sumitomo Mitsui Financial Group, Inc		114,621
2,810,692		Sumitomo Trust & Banking Co Ltd		29,410
57,644		Summit Bancshares, Inc		1,621
3,865	e	Summit Financial Group, Inc		71
90,479	*	Sun Bancorp, Inc		1,704
3,728,460		SunTrust Banks, Inc		288,135
84,978	e*	Superior Bancorp		977
124,300		Suruga Bank Ltd		1,553
326,983		Susquehanna Bancshares, Inc		7,991
208,274	e*	SVB Financial Group		9,297
211,283	e	Svenska Handelsbanken		5,766
443,206		Svenska Handelsbanken AB (A Shs)		11,975
45,020		Sydbank A/S		1,658
1,510,528		Synovus Financial Corp		44,364
28,482		Taylor Capital Group, Inc		842
1,674,091		TCF Financial Corp		44,012
720,022		TD Banknorth, Inc		20,794
113,351	e*	Texas Capital Bancshares, Inc		2,122
277,140		Texas Regional Bancshares, Inc (Class A)		10,656
46,700	e	Texas United Bancshares, Inc		1,541
134,904		TierOne Corp		4,577
16,000		Tochigi Bank Ltd		99
44,282		Tompkins Trustco, Inc		2,013
99,682	e	Trico Bancshares		2,467
467,634		Trustco Bank Corp NY		5,069
294,974	e	Trustmark Corp		9,271
258,696		Turkiye Garanti Bankasi A.S.		765
17,850	v	Turkiye Garanti Bankasi A.S. (ADR)		52
234,093		Turkiye Is Bankasi		1,244
55,707		Turkiye Vakiflar Bankasi Tao		246
3,269,444	*	UBS A.G.		195,573
549,527	e	UCBH Holdings, Inc		9,595
194,485		UMB Financial Corp		7,112
359,039	e	Umpqua Holdings Corp		10,269
282,135		Unibanco - Uniao de Bancos Brasileiros S.A.		2,089
15,632,718		UniCredito Italiano S.p.A		129,742
51,654		Union Bankshares Corp		2,289
358,870		UnionBanCal Corp		21,855
236,396		United Bankshares, Inc		8,799
180,591	e	United Community Banks, Inc		5,427
157,633		United Community Financial Corp		1,942
1,572		United Financial Bancorp, Inc		20
1,644,361		United Overseas Bank Ltd		16,876
37,962	e	United Security Bancshares		856
66,327	e	Univest Corp of Pennsylvania		1,916
12,502,991	e	US Bancorp		415,349
70,060		USB Holding Co, Inc		1,546
3,855		UTI Bank Ltd		32
6,379		UTI Bank Ltd (GDR)		53

33

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
611		Valiant Holding	$	66
529,233	e	Valley National Bancorp		13,532
152		Verwalt & Privat-Bank AG.		36
47,432	e	Vineyard National Bancorp		1,231
90,016	e*	Virginia Commerce Bancorp		1,998
63,595		Virginia Financial Group, Inc		1,746
652,173		W Holding Co, Inc		3,854
10,082,573		Wachovia Corp		562,608
376,377		Washington Federal, Inc		8,446
7,502,182		Washington Mutual, Inc		326,120
88,281		Washington Trust Bancorp, Inc		2,340
29,000		Waterland Financial Holdings		9
53,634	e*	Wauwatosa Holdings, Inc		947
224,972		Webster Financial Corp		10,598
21,218,892		Wells Fargo & Co		767,700
120,641	e	WesBanco, Inc		3,525
109,773	e	West Bancorporation, Inc		1,878
90,564	e	West Coast Bancorp		2,766
189,915	e	Westamerica Bancorporation		9,593
34,249	e*	Western Alliance Bancorp		1,127
28,125		Westfield Financial, Inc		894
1,850,118		Westpac Banking Corp		31,315
285,270		Whitney Holding Corp		10,204
79,992		Willow Grove Bancorp, Inc		1,253
283,723		Wilmington Trust Corp		12,640
89,330	e	Wilshire Bancorp, Inc		1,701
414,000		Wing Hang Bank Ltd		4,044
143,388	e	Wintrust Financial Corp		7,191
1,400		Woori Finance Holdings Co Ltd (ADR)		88
34,719		WSFS Financial Corp		2,159
149,141	*	Yapi ve Kredi Bankasi		258
51,414	e	Yardville National Bancorp		1,833
3,362,909	*	Yes Bank Ltd		6,770
497,908		Zions Bancorporation		39,738
		TOTAL DEPOSITORY INSTITUTIONS		13,998,943
EATING AND DRINKING PLACES - 0.96%
126,869	e*	AFC Enterprises		1,832
430,208		Applebees International, Inc		9,254
851,399	e	Aramark Corp (Class B)		27,977
25,924		Autogrill S.p.A.		413
79,537	e*	BJ's Restaurants, Inc		1,751
207,977		Bob Evans Farms, Inc		6,298
1,558,486		Brinker International, Inc		62,480
41,882	e*	Buffalo Wild Wings, Inc		1,602
116,260	e*	California Pizza Kitchen, Inc		3,480
209,740		CBRL Group, Inc		8,480
210,889	e*	CEC Entertainment, Inc		6,645
45,718	e*	Chipotle Mexican Grill, Inc		2,271
402,608	e	CKE Restaurants, Inc		6,732
28,680,479		Compass Group plc		144,049
198,572	*	Cosi, Inc		1,064
1,181,894		Darden Restaurants, Inc		50,195
716,886	*	Denny's Corp		2,445
305,385		Domino's Pizza, Inc		7,833
143,870		Enterprise Inns plc		2,842
137,399		IHOP Corp		6,368
297,700	*	Jack in the Box, Inc		15,534
8,000		Jollibee Foods Corp		6

34

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
332,748	e*	Krispy Kreme Doughnuts, Inc	$	2,695
100,503	e	Landry's Restaurants, Inc		3,030
99,842		Lone Star Steakhouse & Saloon, Inc		2,773
132,994	e*	Luby's, Inc		1,313
77,790	*	McCormick & Schmick's Seafood Restaurants, Inc		1,749
8,884,037		McDonald's Corp		347,544
1,748,187		Mitchells & Butlers plc		19,296
90,250	*	Morton's Restaurant Group, Inc		1,391
134,090	*	O'Charleys, Inc		2,544
294,163		Onex Corp		6,585
287,671		OSI Restaurant Partners, Inc		9,122
284,850	e*	Papa John's International, Inc		10,286
158,680	e*	PF Chang's China Bistro, Inc		5,508
1,341,832		Punch Taverns plc		24,357
202,776	e*	Rare Hospitality International, Inc		6,197
97,021	e*	Red Robin Gourmet Burgers, Inc		4,474
340,229	e	Ruby Tuesday, Inc		9,591
145,898	*	Ruth's Chris Steak House, Inc		2,746
252,176	*	Ryan's Restaurant Group, Inc		4,002
275,203		Sodexho Alliance S.A.		15,250
502,329	*	Sonic Corp		11,358
4,054,213	e*	Starbucks Corp		138,046
273,903	e*	Texas Roadhouse, Inc (Class A)		3,364
912,457	e*	The Cheesecake Factory, Inc		24,810
165,960	e*	The Steak N Shake Co		2,803
125,600	e	Tim Hortons, Inc		3,303
49,255		Triarc Cos (Class A)		817
238,665		Triarc Cos (Class B)		3,609
487,555		Wendy's International, Inc		32,666
18,055		Wetherspoon (J.D.) plc		173
75,479		Whitbread plc		1,830
1,946,161		Yum! Brands, Inc		101,298
		TOTAL EATING AND DRINKING PLACES		1,174,081
EDUCATIONAL SERVICES - 0.09%
750,354	*	Apollo Group, Inc (Class A)		36,947
37,200		Benesse Corp		1,376
367,507		CAE, Inc		3,133
575,138	*	Career Education Corp		12,941
517,040	e*	Corinthian Colleges, Inc		5,589
351,918	e*	DeVry, Inc		7,485
92,392	e*	Educate, Inc		738
220,869	*	ITT Educational Services, Inc		14,644
16,628	*	Lincoln Educational Services Corp		272
197,866	*	Laureate Education, Inc		9,470
72,000		Raffles Education Corp Ltd		115
88,151		Strayer Education, Inc		9,539
86,900		UP, Inc		566
130,650	e*	Universal Technical Institute, Inc		2,337
		TOTAL EDUCATIONAL SERVICES		105,152
ELECTRIC, GAS, AND SANITARY SERVICES - 4.12%
33,162		AEM Torino S.p.A		96
4,197,513	*	AES Corp		85,587
356,976	e	AGL Resources, Inc		13,030
809,984	*	Alinta Ltd		6,882
1,019,040	*	Allegheny Energy, Inc		40,935
160,394		Allete, Inc		6,969
1,075,401	e	Alliant Energy Corp		38,424

35

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
1,050,323	*	Allied Waste Industries, Inc	$	11,837
928,505	e	Ameren Corp		49,016
89,288		American Ecology Corp		1,763
3,635,147		American Electric Power Co, Inc		132,210
98,700	e	American States Water Co		3,775
542,634		Aqua America, Inc		11,905
2,210,502	*	Aquila, Inc		9,571
378,681		Atmos Energy Corp		10,811
1,850,800		AU Optronics Corp		2,620
343,355		Australian Gas Light Co Ltd		5,489
289,639		Avista Corp		6,859
1,622,515	*	Babcock & Brown Environmental Investments Ltd		2,267
386	*	Beacon Power Corp		-	^
148,181		BKW FMB Energie AG.		14,457
196,311	e	Black Hills Corp		6,598
100,780	e	California Water Service Group		3,722
528,599		Caltex Australia Ltd		9,416
101,003		Cascade Natural Gas Corp		2,635
119,508	e*	Casella Waste Systems, Inc (Class A)		1,236
1,426,913	e	Centerpoint Energy, Inc		20,433
1,200		Central Vermont Public Service Corp		27
3,715,464		Centrica plc		22,626
72,768		CEZ		2,577
125,982	e	CH Energy Group, Inc		6,484
2,282,000		China Resources Power Holdings Co		2,414
410,900		Chubu Electric Power Co, Inc		10,679
8,709,220		Cia de Gas de Sao Paulo		1,204
19,796,555		Cia de Saneamento Basico do Estado de Sao Paulo		2,367
20,009,311		Cia Energetica de Minas Gerais		785
114,512,937		Cia Paranaense de Energia		1,290
133,721	e*	Clean Harbors, Inc		5,824
300,598		Cleco Corp		7,587
2,136,145		CLP Holdings Ltd		12,942
1,056,632	*	CMS Energy Corp		15,258
382,343		Colbun S.A.		70
3,545		Connecticut Water Service, Inc		78
1,172,123	e	Consolidated Edison, Inc		54,152
939,510		Constellation Energy Group, Inc		55,619
322,165		Contact Energy Ltd		1,504
721,651	*	Covanta Holding Corp		15,537
54,184	e	Crosstex Energy, Inc		4,853
246,206		Dogan Sirketler Grubu Holdings		951
1,757,511		Dominion Resources, Inc		134,432
2,376,574	e	DPL, Inc		64,453
715,871		DTE Energy Co		29,716
5,830,991		Duke Energy Corp		176,096
458,291	e	Duquesne Light Holdings, Inc		9,010
3,234,106	*	Dynegy, Inc (Class A)		17,917
809,849		E.ON AG.		95,998
2,802,397		Edison International		116,692
1,661		EDP - Energias do Brasil S.A.		21
3,463,107	e	El Paso Corp		47,237
285,024	*	El Paso Electric Co		6,367
104,220		Electric Power Development Co		3,714
344,100		Electricity Generating PCL		733
156,569	e	Empire District Electric Co		3,504
793,956		Empresa Nacional de Electricidad S.A.		803
589,618	*	Enbridge, Inc		19,027
1,996,511		Endesa S.A.		84,938

36

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
7,762,995		Enel S.p.A.	$	70,827
418,087	e	Energen Corp		17,505
8,540,004		Energias de Portugal S.A.		37,036
14,743		Energy Developments Ltd		50
669,213	e	Energy East Corp		15,874
39,707		EnergySouth, Inc		1,340
2,851,308		Enersis S.A.		758
2,700		Enersis S.A. (ADR)		36
2,468,881		Entergy Corp		193,141
4,426,582	e	Exelon Corp		267,985
2,470,312		First Philippine Holdings Corp		2,461
1,974,997	e	FirstEnergy Corp		110,323
293,292		Fortis, Inc		6,413
11,394,744		Fortum Oyj		303,577
2,077,083		FPL Group, Inc		93,469
641,329		Gas Natural SDG S.A.		23,381
64,232		Gaz de France		2,558
1,625,800		Glow Energy PCL		1,223
321,224	e	Great Plains Energy, Inc		9,964
413,400		Guangdong Electric Power Development Co Ltd		203
78,000		Guangdong Investments Ltd		32
337,758	e	Hawaiian Electric Industries, Inc		9,140
109,600		Hokkaido Electric Power Co, Inc		2,658
7,191,199		Hong Kong & China Gas Ltd		16,855
1,518,011		Hong Kong Electric Holdings Ltd		7,102
22,000		Huadian Power International Co		6
236,000		Huaneng Power International, Inc		170
5,900	e	Huaneng Power International, Inc (ADR)		171
17,065		Hunting plc		142
1,111,893		Iberdrola S.A.		49,771
250,112	e	Idacorp, Inc		9,457
5,881,218		International Power plc		34,466
19,545		Inversiones Aguas Metropolitanas S.A.		22
75,704		ITC Holdings Corp		2,362
1,019,103		Kansai Electric Power Co, Inc		23,509
315,564		Kelda Group plc		5,025
1,007,149		KeySpan Corp		41,434
622,950		Kinder Morgan, Inc		65,316
83,747		Korea Electric Power Corp		3,261
19,600	e	Korea Electric Power Corp (ADR)		383
647,200		Kyushu Electric Power Co, Inc		15,286
157,234		Laclede Group, Inc		5,044
15,200		Malakoff Bhd		40
35,864		Markwest Hydrocarbon, Inc		1,004
764,246		MDU Resources Group, Inc		17,073
149,799		Metal Management, Inc		4,170
119,191		MGE Energy, Inc		3,859
20,331		Middlesex Water Co		391
2,000,508	*	Mirant Corp		54,634
2,000,000		MMC Corp Bhd		1,649
670		Munters AB		26
619,138		National Fuel Gas Co		22,506
4,794,629		National Grid plc		59,923
165,756	e	New Jersey Resources Corp		8,172
367,233	e	Nicor, Inc		15,703
1,220,921		NiSource, Inc		26,543
1,121,685		Northeast Utilities		26,102
165,677	e	Northwest Natural Gas Co		6,508
262,097	e	NorthWestern Corp		9,168

37

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
1,712,123	e*	NRG Energy, Inc	$	77,559
689,283		NSTAR		22,994
65,032		Oest Elektrizitatswirts		3,146
751,766		OGE Energy Corp		27,146
107,300		Okinawa Electric Power Co, Inc		6,304
870,547		Oneok, Inc		32,898
47,901	e	Ormat Technologies, Inc		1,567
4,589,445		Osaka Gas Co Ltd		16,007
190,329	e	Otter Tail Corp		5,565
224,404	e	Peoples Energy Corp		9,122
870,937		Pepco Holdings, Inc		21,051
152,400		Petronas Gas Bhd		362
965,000	*	Petronet LNG Ltd		1,011
1,599,168		PG&E Corp		66,605
48,667	*	Pico Holdings, Inc		1,584
456,844		Piedmont Natural Gas Co, Inc		11,563
90,305	*	Pike Electric Corp		1,346
397,672	e	Pinnacle West Capital Corp		17,915
348,644	e*	Plug Power, Inc		1,419
402,067	e	PNM Resources, Inc		11,085
1,271,483	*	Polish Oil & Gas Co		1,283
59,435	e	Portland General Electric Co		1,451
2,496,349		PPL Corp		82,130
1,134,381	e	Progress Energy, Inc		51,478
496,039	v*	Progress Energy, Inc		5
407,500		PT Perusahaan Gas Negara		532
1,663,810		Public Service Enterprise Group, Inc		101,809
639,803		Puget Energy, Inc		14,543
18,948		Puma AG. Rudolf Dassler Sport		6,463
521,484		Questar Corp		42,642
40,058		Reliance Energy Ltd		423
1,197		Reliance Energy Ltd (GDR)		38
1,420,475	*	Reliant Energy, Inc		17,486
873,094		Republic Services, Inc		35,107
92,369		Resource America, Inc (Class A)		1,921
19,000		RWE AG.		1,593
511,495		RWE AG.		47,186
528,182		SCANA Corp		21,270
828,999		Scottish & Southern Energy plc		20,458
3,884,731		Scottish Power plc		47,387
2,006,351		SembCorp Industries Ltd		4,245
2,378,209	e	Sempra Energy		119,505
295,332	*	Severn Trent plc		7,388
995,201	e*	Sierra Pacific Resources		14,271
84,826		SJW Corp		2,537
727,532		Snam Rete Gas S.p.A.		3,533
50,262		Sociedad General de Aguas de Barcelona S.A.		1,632
10,886,100	*	Sojitz Holdings Corp		35,388
170,635		South Jersey Industries, Inc		5,104
3,525,878		Southern Co		121,502
458,586		Southern Union Co		12,111
359,009		Southwest Gas Corp		11,962
122,141	e	Southwest Water Co		1,494
210,572	e*	Stericycle, Inc		14,696
31,795	v*	Suez S.A.		-	^
1,781,917		Suez S.A.		78,362
216,833	e	Synagro Technologies, Inc		915
1,666		Tata Power Co Ltd		21
834,241		TECO Energy, Inc		13,056

38

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
1,188,575		Tenaga Nasional Bhd	$	3,126
515,400		Tohoku Electric Power Co, Inc		11,279
2,212,900		Tokyo Electric Power Co, Inc		63,694
1,362,158		Tokyo Gas Co Ltd		6,827
53,875		Tractebel Energia S.A.		436
329,606		TransAlta Corp		6,995
2,895,806		TXU Corp		181,046
494,475		UGI Corp		12,090
204,613		UIL Holdings Corp		7,673
13,091	*	Unified Energy System		956
19,879		Unified Energy System (ADR)		1,445
159,812		Union Fenosa S.A.		8,163
318,780		Unisource Energy Corp		10,625
743,158		United Utilities plc		9,817
161,209		Vector Ltd		249
312,481		Vectren Corp		8,390
249,856		Veolia Environnement		15,084
277,009	e*	Waste Connections, Inc		10,501
57,431		Waste Industries USA, Inc		1,552
136,099	e*	Waste Services, Inc		1,244
381,240		Wellypower Optronics Corp		2,027
501,826		Westar Energy, Inc		11,798
304,938	e	WGL Holdings, Inc		9,557
2,942,935		Williams Cos, Inc		70,248
562,297	e	Wisconsin Energy Corp		24,257
176,529		WPS Resources Corp		8,761
1,635,508	e	Xcel Energy, Inc		33,773
15,882,000		Xinao Gas Holdings Ltd		16,309
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		5,058,334
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 6.11%
1,283,276	*	AAC Acoustic Technology Holdings, Inc		1,482
302		ABB Ltd India		19
1,760,262	v*	Accuris Co Ltd		800
185,933	*	Actel Corp		2,891
386,869		Acuity Brands, Inc		17,564
797,240	*	Adaptec, Inc		3,516
520,913	e*	ADC Telecommunications, Inc		7,814
450,978		Adtran, Inc		10,751
112,250	e*	Advanced Analogic Technologies, Inc		616
243,806	e*	Advanced Energy Industries, Inc		4,154
2,724,103	*	Advanced Micro Devices, Inc		67,694
5,399,789		Advanced Semiconductor Engineering, Inc		5,017
110,080	e	Advanced Semiconductor Engineering, Inc (ADR)		514
434,224	*	Aeroflex, Inc		4,464
2,320,437	e*	Agere Systems, Inc		34,644
7,821,679		Alcatel S.A.		95,513
136,132	e	Alcatel S.A. (ADR)		1,658
406,300		Alps Electric Co Ltd		4,244
2,335,891	*	Altera Corp		42,934
726,079		American Power Conversion Corp		15,945
185,511	e*	American Superconductor Corp		1,718
317,595		Ametek, Inc		13,831
323,902	e*	AMIS Holdings, Inc		3,074
590,829	e*	Amkor Technology, Inc		3,049
678,991	e	Amphenol Corp (Class A)		42,050
271,963	e*	Anadigics, Inc		1,947
1,610,662		Analog Devices, Inc		47,337
918,869	*	Andrew Corp		8,481

39

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
6,090	*	Applica, Inc	$	33
1,757,321	*	Applied Micro Circuits Corp		5,079
1,479		Applied Signal Technology, Inc		22
3,594		Arcelik A.S.		22
1,544,236		ARM Holdings plc		3,397
829,996	e*	Arris Group, Inc		9,512
2,656,500		Asustek Computer, Inc		6,236
53,760		Asustek Computer, Inc (GDR)		125
298,241	e*	Atheros Communications, Inc		5,407
506,511	*	ATI Technologies, Inc		10,830
2,194,321	*	Atmel Corp		13,254
224,397	e*	ATMI, Inc		6,523
7,400	e*	AudioCodes Ltd		69
1,484,557	e*	Avanex Corp		2,568
205,900		Avex Group Holdings, Inc		4,349
592,019	*	Avnet, Inc		11,615
410,556		AVX Corp		7,263
208,830		Baldor Electric Co		6,438
8,539		Bang & Olufsen A/S		916
13,561		Barco NV		1,241
65,548		Bel Fuse, Inc (Class B)		2,103
376,818	e*	Benchmark Electronics, Inc		10,129
270		Bharat Electronics Ltd		7
336,380	e*	Bookham, Inc		1,083
3,600,586	*	Broadcom Corp (Class A)		109,242
446,832	e*	Broadwing Corp		5,639
2,365,595	*	Brocade Communications Systems, Inc		16,701
2,300	e	C&D Technologies, Inc		16
209,231	e*	CalAmp Corp		1,274
596,592	e*	Capstone Turbine Corp		841
211,664	e*	Carrier Access Corp		1,503
12,652	*	Catapult Communications Corp		106
370,874	*	C-COR, Inc		3,182
346,064	*	Celestica, Inc		3,709
154,812	e*	Ceradyne, Inc		6,361
4,454,000	*	Chartered Semiconductor Manufacturing Ltd		3,393
228,445	*	Checkpoint Systems, Inc		3,772
3,122		Cheng Uei Precision Industry Co Ltd		11
1,055,688		Chi Mei Optoelectronics Corp		1,167
97,780	e*	China BAK Battery, Inc		657
11,538	e,v*	China Energy Savings Technology, Inc		2
1,138,000	*	Chunghwa Picture Tubes Ltd		234
895,953	e*	Ciena Corp		24,415
40,712,180	*	Cisco Systems, Inc		936,380
77,939	e*	Color Kinetics, Inc		1,323
110,000		Compal Communications, Inc		489
14,000	*	Compeq Manufacturing Co		6
133,823	e*	Comtech Telecommunications Corp		4,480
1,951,244	*	Comverse Technology, Inc		41,835
2,731,353	e*	Conexant Systems, Inc		5,463
216,677		Cooper Industries Ltd (Class A)		18,465
24,612	*	CPI International, Inc		324
348,842	e*	Cree, Inc		7,015
41,589	*	CSR plc		656
212,500	e	CTS Corp		2,928
118,654		Cubic Corp		2,323
690,092	e*	Cypress Semiconductor Corp		12,263
485,600		Daiichikosho Co Ltd		5,862
767,000		Dainippon Screen Manufacturing Co Ltd		6,974

40

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
14,000		Daiwa Industries Ltd	$	97
46,000		Datang International Power Generation Co Ltd		35
1,653,800		Delta Electronics Thai PCL		788
115,184	e*	Diodes, Inc		4,972
54,400	*	Directed Electronics, Inc		821
190,769	*	Ditech Networks, Inc		1,471
234,335	*	Dolby Laboratories, Inc (Class A)		4,652
175,227	*	DSP Group, Inc		4,004
104,252	e*	DTS, Inc		2,208
12,486	*	Eagle Broadband, Inc		8
16,200	*	ECI Telecom Ltd		134
169,457	*	Electro Scientific Industries, Inc		3,491
224,891		Electrolux AB (Series B)		3,652
222,375	e*	Emcore Corp		1,316
2,767,964		Emerson Electric Co		232,121
692,497		EMI Group plc		3,449
71,185	e*	EMS Technologies, Inc		1,337
26,209	*	EndWave Corp		317
314,589	e*	Energizer Holdings, Inc		22,647
224,470	e*	Energy Conversion Devices, Inc		8,314
270,207	*	EnerSys		4,334
34,660,357		Ericsson (LM) (B Shs)		120,136
385,210	e*	Evergreen Solar, Inc		3,197
203,554	*	Exar Corp		2,705
1,977,103	*	Fairchild Semiconductor International, Inc		36,972
156,200		Fanuc Ltd		12,192
35,000		Far EasTone Telecommunications Co Ltd		38
1,309,318	e*	Finisar Corp		4,753
1,454,099		Fisher & Paykel Appliances Holdings Ltd		3,427
1,159,265		Fisher & Paykel Healthcare Corp		3,141
2,843,000	*	Foxconn International Holdings Ltd		8,758
48,900		Foxconn Technology Co Ltd		440
127,844		Franklin Electric Co, Inc		6,794
295,654	e*	Freescale Semiconductor, Inc		11,250
2,559,041	*	Freescale Semiconductor, Inc (Class B)		97,269
200	*	FSI International, Inc		1
301,498	e*	FuelCell Energy, Inc		2,294
315,000		Fuji Electric Holdings Co Ltd		1,624
300,000	*	Fujitsu Access Ltd		1,948
377,214		Gamesa Corp Tecnologica S.A.		8,266
40,000	e	Garmin Ltd		1,951
1,454,113	*	Gemstar-TV Guide International, Inc		4,828
183,345	e*	Genlyte Group, Inc		13,054
64		Geo Co Ltd		121
850,000		Geodesic Information Systems Ltd		2,814
103,645		Germanos S.A.		2,471
4,971		GFI Informatique		35
213,521	*	Glenayre Technologies, Inc		470
594,659	*	GrafTech International Ltd		3,473
131,283	*	Greatbatch, Inc		2,970
1,071		Groupe Steria SCA		57
54,000		GS Yuasa Corp		130
9,600		Hana Microelectronics PCL		7
1,207,000	*	HannStar Display Corp		184
457,007		Harman International Industries, Inc		38,133
781,791	*	Harmonic, Inc		5,746
616,057		Harris Corp		27,408
539,822	e*	Hexcel Corp		7,638
92,800		High Tech Computer Corp		2,456

41

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
44,120		Hirose Electric Co Ltd	$	5,845
36,049		Hitachi High-Technologies Corp		1,019
3,545,994		Hitachi Ltd		20,683
193,900		Hitachi Maxell Ltd		2,515
38,731	e*	Hittite Microwave Corp		1,724
1,320,710		Hon Hai Precision Industry Co, Ltd		8,041
51,181		Hon Hai Precision Industry Co, Ltd (GDR)		630
8,497,941		Honeywell International, Inc		347,566
105,700		Horiba Ltd		3,221
904,380		Hoya Corp		34,070
154,035	e*	Hutchinson Technology, Inc		3,239
137,360	*	Hynix Semiconductor, Inc		5,415
1,238		Hyundai Autonet Co Ltd		13
379,000		Ibiden Co Ltd		20,021
65,237	*	ID Systems, Inc		1,542
117,671	e*	Ikanos Communications, Inc		1,385
202,972		Imation Corp		8,149
2,951		Imtech NV		155
595,000	*	Infineon Technologies AG.		7,055
553,000	e*	Infineon Technologies AG. (ADR)		6,542
3,000		Information Services International-Dentsu Ltd		30
995,083	*	Integrated Device Technology, Inc		15,981
800	e*	Integrated Silicon Solutions, Inc		4
41,210,885		Intel Corp		847,708
379,172	e*	Interdigital Communications Corp		12,930
223,115	e*	International DisplayWorks, Inc		1,421
629,712	*	International Rectifier Corp		21,939
39		Internet Research Institute, Inc		27
647,133	e	Intersil Corp (Class A)		15,887
126,205		Inter-Tel, Inc		2,726
220,733	*	InterVoice, Inc		1,399
20,753		Intracom S.A.		133
40,094	e*	iRobot Corp		804
156,595	*	IXYS Corp		1,314
2,500		Japan Digital Laboratory Co Ltd		39
19,485,730	e*	JDS Uniphase Corp		42,674
554,421	*	Kemet Corp		4,474
1,666,932		Koninklijke Philips Electronics NV		58,488
333	*	Koor Industries Ltd		18
3,900	*	Koor Industries Ltd (ADR)		41
212,428		Kudelski S.A.		6,286
266,498		Kyocera Corp		22,809
875,122		L-3 Communications Holdings, Inc		68,548
9,111		Laird Group plc		64
94,685	*	Lamson & Sessions Co		2,255
663,385	e*	Lattice Semiconductor Corp		4,524
1,300	*	Leadis Technology, Inc		5
1,109,505		LG Electronics, Inc		71,524
240,431	e*	LG.Philips LCD Co Ltd (ADR)		3,989
240,176	e	Lincoln Electric Holdings, Inc		13,078
2,167,563		Linear Technology Corp		67,455
245,519	*	Littelfuse, Inc		8,520
6,712	*	Loewe AG.		103
49,308	e*	Loral Space & Communications, Inc		1,298
112,126	e	LSI Industries, Inc		1,822
1,785,291	*	LSI Logic Corp		14,675
24,359,729	*	Lucent Technologies, Inc		57,002
3,700		Mabuchi Motor Co Ltd		226
45,529	*	Macronix International		14

42

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
98,000		Malaysian Pacific Industries	$	266
1,839,863	*	Marvell Technology Group Ltd		35,638
2,862,679		Matsushita Electric Industrial Co Ltd		60,586
603,350		Matsushita Electric Industrial Co Ltd (ADR)		12,749
204,344		Matsushita Electric Works Ltd		2,159
485,847	*	Mattson Technology, Inc		4,033
1,421,335		Maxim Integrated Products, Inc		39,897
83,271	e*	Maxwell Technologies, Inc		1,694
893,269	e*	McData Corp (Class A)		4,493
271,400		MediaTek, Inc		2,575
119,172	e*	Medis Technologies Ltd		2,945
1,536		Melexis NV		26
1,047,747	e*	MEMC Electronic Materials, Inc		38,379
128,561	e*	Mercury Computer Systems, Inc		1,523
218,860	e	Methode Electronics, Inc		2,081
69,052	*	Metrologic Instruments, Inc		1,254
472,256	*	Micrel, Inc		4,529
963,563		Microchip Technology, Inc		31,239
4,900,863	*	Micron Technology, Inc		85,275
13,342		Micronas Semiconductor Holdings, Inc		299
3,970	*	Micronic Laser Systems AB		40
417,236	e*	Microsemi Corp		7,865
302,582	e*	Microtune, Inc		1,471
800	*	Microvision, Inc		1
632,194	e*	Mindspeed Technologies, Inc		1,094
31,000		Minebea Co Ltd		170
248,225	*	MIPS Technologies, Inc		1,676
3,586,000		Mitsubishi Electric Corp		30,206
159,885	e*	Mobility Electronics, Inc		889
654,163	e	Molex, Inc		25,493
152,502	e*	Monolithic Power Systems, Inc		1,443
288,474	e*	Moog, Inc		9,999
15,752	*	Maroc Telecom		243
130,692	e*	MoSys, Inc		880
16,999,512		Motorola, Inc		424,988
680,917	e*	MRV Communications, Inc		1,879
49,635	e*	Multi-Fineline Electronix, Inc		1,259
291,856		Murata Manufacturing Co Ltd		20,260
30,000	*	Nan Ya Printed Circuit Board Corp		208
28,198		National Presto Industries, Inc		1,559
3,358,557		National Semiconductor Corp		79,027
111,200	v*	NCP Litigation Trust		-	^
129,000		NEC Electronics Corp		4,434
92,338	e*	Netlogic Microsystems, Inc		2,343
2,674,781	*	Network Appliance, Inc		98,994
2,261		Nexans S.A.		197
220,000		NGK Spark Plug Co Ltd		4,367
586	*	Nice Systems Ltd		17
2,800	*	Nice Systems Ltd (ADR)		77
93,180		Nidec Corp		7,028
1,300		Nihon Dempa Kogyo Co Ltd		55
278,700		Nihon Unisys Ltd		4,990
9,000		Nippon Chemi-Con Corp		64
14,600		Nippon Signal Co Ltd		100
3,500		Nissho Electronics Corp		26
117,430		Nitto Denko Corp		6,959
61,618		NKT Holding A/S		4,653
7,402,857		Nokia Oyj		147,004
2,691		Nokia Oyj (ADR)		53

43

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
8,975,883	*	Nortel Networks Corp	$	20,477
747,498	*	Novellus Systems, Inc		20,676
3,376,933	*	Nvidia Corp		99,923
678		Olympic Group Financial Investments		6
444,691	e*	Omnivision Technologies, Inc		6,346
83,900		Omron Corp		2,060
1,132,049	e*	ON Semiconductor Corp		6,656
545,229	e*	Openwave Systems, Inc		5,103
91,105	e*	Oplink Communications Inc		1,820
102,131	*	Optical Communication Products, Inc		201
416,000		Origin Electric Co Ltd		2,514
89,194	e*	OSI Systems, Inc		1,748
157,884		Park Electrochemical Corp		5,002
109,219	e*	Parkervision, Inc		794
157,357	*	Pericom Semiconductor Corp		1,534
253,800		Phoenix Electric Co Ltd		1,669
6,000		Phoenixtec Power Co Ltd		7
243,231	e*	Photronics, Inc		3,437
114,500		Pioneer Corp		2,016
133,655	*	Pixelworks, Inc		394
284,554	e	Plantronics, Inc		4,988
399,843	e*	Plexus Corp		7,677
135,765	*	PLX Technology, Inc		1,408
1,006,877	e*	PMC - Sierra, Inc		5,981
800,256	*	Polycom, Inc		19,630
490,490	*	Portalplayer, Inc		5,533
40,450	e*	Powell Industries, Inc		895
13,569	*	Power Integrations, Inc		266
428,241	e*	Power-One, Inc		3,100
677,013	e*	Powerwave Technologies, Inc		5,145
408,324	*	Qimonda AG (ADR)		6,942
741,057	*	QLogic Corp		14,006
11,384,125		Qualcomm, Inc		413,813
48,000	v*	Quanta Display, Inc		20
264,292	e*	Quantum Fuel Systems Technologies Worldwide, Inc		523
2,168,734	e	RadioShack Corp		41,857
64,670	*	Radyne Corp		792
527,815	e*	Rambus, Inc		9,205
92,468	e	Raven Industries, Inc		2,775
801,150		Realtek Semiconductor Corp		985
10,319	*	Redflex Holdings Ltd		18
237,993	e	Regal-Beloit Corp		10,353
210,799	*	Reliance Communication Ventures Ltd		1,591
122,936	*	REMEC, Inc		213
23,093	*	Research In Motion Ltd		2,371
335,008	*	Research In Motion Ltd		34,345
41,246		Reunert Ltd		361
1,121,177	e*	RF Micro Devices, Inc		8,499
700,759		Ricoh Co Ltd		13,941
4,800		Rinnai Corp		137
37,000	*	Ritek Corp		9
300,000		River Eletec Corp		1,933
839,262	e	Rockwell Collins, Inc		46,025
103,221	e*	Rogers Corp		6,374
231,357		Rohm Co Ltd		21,486
1,218		SAES Getters S.p.A.		31
980		Samsung Electro-Mechanics Co Ltd		40
49,029		Samsung Electronics Co Ltd		34,404
6,796		Samsung Electronics Co Ltd		3,569

44

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
4,450		Samsung Electronics Co Ltd (GDR)	$	1,562
8,902		Samsung SDI Co Ltd		734
1,373,000		Sanken Electric Co Ltd		17,760
2,621,788	*	Sanmina-SCI Corp		9,805
240,000	*	Sanyo Electric Co Ltd		488
2,114,000		Sanyo Electric Taiwan Co Ltd		1,428
283,158		Satyam Computer Services Ltd		5,046
60,753		Schindler Holding AG.		3,168
494,480		Schneider Electric S.A.		55,147
19,638	*	Seachange International, Inc		175
7,834,000	*	Semiconductor Manufacturing International Corp		1,036
434,884	*	Semtech Corp		5,549
632,000		Sharp Corp		10,834
8,000		Shindengen Electric Manufacturing Co Ltd		39
1,700		Shinkawa Ltd		38
179,200		Shinko Electric Industries		4,991
529	*	Siemens India Ltd		12
685,716	*	Silicon Image, Inc		8,722
245,588	e*	Silicon Laboratories, Inc		7,618
634,087	*	Silicon Storage Technology, Inc		2,612
2,083,824		Siliconware Precision Industries Co		2,484
35,273	e	Siliconware Precision Industries Co (ADR)		210
58,000		SIM Technology Group Ltd		23
144,060	e*	Sirenza Microdevices, Inc		1,138
7,019,600	e*	Sirius Satellite Radio, Inc		27,447
945,927	*	Skyworks Solutions, Inc		4,909
1,450,970		Sony Corp		58,714
259,616	e*	Spansion, Inc		4,328
8,818	e*	Spatialight, Inc		18
5,458		Spectralink Corp		45
216,180	e*	Spectrum Brands, Inc		1,825
69,174	*	Staktek Holdings, Inc		414
127,129	e*	Standard Microsystems Corp		3,613
20,300		Stanley Electric Co Ltd		419
2,549,357	*	STATS ChipPAC Ltd		1,565
735,334		STMicroelectronics NV		12,746
554,906	e*	Stratex Networks, Inc		2,464
345,800		Sumco Corp		25,615
59,278	e*	Sunpower Corp		1,644
76,548	e*	Suntech Power Holdings Co Ltd (ADR)		1,977
853	*	Suntron Corp		1
70,494	e*	Supertex, Inc		2,740
1,034,445	*	Sycamore Networks, Inc		3,910
275,877	e*	Symmetricom, Inc		2,226
171,172	e*	Synaptics, Inc		4,171
6,812,417		Taiwan Semiconductor Manufacturing Co Ltd		12,288
72,408	e	Taiwan Semiconductor Manufacturing Co Ltd (ADR)		695
433,060		Taiyo Yuden Co Ltd		6,504
56,618		Tandberg ASA		605
54,000	*	Tatung Co Ltd		19
244,943		TDK Corp		19,616
243,954		Technitrol, Inc		7,282
800	*	Techwell, Inc		12
5,400,000		Teco Electric and Machinery Co Ltd		1,884
7,000		Teikoku Tsushin Kogyo Co Ltd		37
332,715	*	Tekelec		4,312
522,773		Teleflex, Inc		29,087
3,037		Telent plc		29
2,406,436	*	Tellabs, Inc		26,375

45

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
72,665	*	Terayon Communication Systems, Inc	$	72
784,237		Terna S.p.A.		2,282
262,148	e*	Tessera Technologies, Inc		9,118
8,738,023		Texas Instruments, Inc		290,539
413,264	*	Thomas & Betts Corp		19,717
210,732		Thomson		3,311
415,000		Tokyo Denpa Co Ltd		6,327
1,377,222	e*	Transmeta Corp		1,584
704,034	e*	Transwitch Corp		993
420,489	e*	Trident Microsystems, Inc		9,781
96,885	*	Tripath Technology, Inc		7
823,930	*	Triquint Semiconductor, Inc		4,284
354,601	*	TTM Technologies, Inc		4,149
76,302	*	Ulticom, Inc		794
800	e*	Ultralife Batteries, Inc		8
10,314	*	UMC Japan		3,060
10,000		Uniden Corp		105
4,300	*	United Capital Corp		115
5,610,188		United Microelectronics Corp		3,144
98,047	e	United Microelectronics Corp (ADR)		302
60,000	*	United Test and Assembly Center Ltd		28
133,063	e*	Universal Display Corp		1,468
80,735	e*	Universal Electronics, Inc		1,534
70,000		Ushio, Inc		1,508
1,252,494	e*	Utstarcom, Inc		11,110
57,485	e*	Valence Technology, Inc		112
440,098		Valeo S.A.		15,698
451,824	*	Varian Semiconductor Equipment Associates, Inc		16,582
245,498		Venture Corp Ltd		1,948
1,613	*	Vestel Elektronik Sanayi		4
15,000	*	Via Technologies, Inc		12
127,538	e*	Viasat, Inc		3,199
116,593	e	Vicor Corp		1,345
81,974	e*	Virage Logic Corp		747
773,825	e*	Vishay Intertechnology, Inc		10,865
2,230,253		Vivendi Universal S.A.		80,402
96,038	e*	Volterra Semiconductor Corp		1,561
11,000		Vtech Holdings Ltd		56
5,877		Weg S.A.		27
317,275	e	Whirlpool Corp		26,686
56,000	*	Winbond Electronics Corp		17
225,711		Wintek Corp		205
48,597		Wipro Ltd		555
2,370	*	Wolfson Microelectronics plc		21
1,502,245		Xilinx, Inc		32,974
112,347		Ya Hsin Industrial Co Ltd		85
35,000	*	Yageo Corp		12
3,200		Yamaichi Electronics Co Ltd		36
442,000		Yaskawa Electric Corp		4,340
2,500,000		YTL Power International		1,329
687,426	e*	Zhone Technologies, Inc		736
82,048	e*	Zoltek Cos, Inc		2,096
442,371	*	Zoran Corp		7,113
2,600		ZTE Corp		10
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		7,502,879
ENGINEERING AND MANAGEMENT SERVICES - 0.63%
145,742	*	Advisory Board Co		7,363
291,179		Amec plc		1,952

46

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
503,326	e*	Amylin Pharmaceuticals, Inc	$	22,182
69,102	e*	Antigenics, Inc		107
443,648	*	Applera Corp (Celera Genomics Group)		6,176
397,223	e*	Ariad Pharmaceuticals, Inc		1,732
152,589	*	Axonyx, Inc		137
26,138		Babcock International Group		171
551,195		Capita Group plc		5,650
76,078	e	CDI Corp		1,576
2,378,893	e*	Celgene Corp		103,006
41,268	e*	Cornell Cos, Inc		713
273,296		Corporate Executive Board Co		24,572
62,751	e*	CRA International, Inc		2,991
121,359	*	CuraGen Corp		417
255,359	e*	CV Therapeutics, Inc		2,845
75,180		Daewoo Engineering & Construction Co Ltd		1,430
328,380	e*	deCODE genetics, Inc		1,806
219,957	*	Diamond Management & Technology Consultants, Inc		2,450
5,501	a*	Digital Garage, Inc		21,236
522,284	*	Digitas, Inc		5,024
233,124	*	Diversa Corp		1,870
1,577,238		Downer EDI Ltd		7,053
293,301	e*	eResearch Technology, Inc		2,379
111,948	*	Essex Corp		1,948
471,228	e*	Exelixis, Inc		4,104
93,202	*	Exponent, Inc		1,554
96,726	*	First Consulting Group, Inc		943
559,608		Fluor Corp		43,028
216,995		Fugro NV		9,144
233,656	*	Gen-Probe, Inc		10,956
44,850	*	GPC Biotech AG.		849
1,397,144		GRD Ltd		2,093
1,001	*	Greenfield Online, Inc		10
308,269	e*	Harris Interactive, Inc		1,880
622,696	*	Hewitt Associates, Inc		15,107
100,650	e*	Huron Consulting Group, Inc		3,945
378,830	e*	ICOS Corp		9,493
26,439		IDB Development Corp Ltd		752
500,669	*	Incyte Corp		2,118
1,250,298	e*	Infrasource Services, Inc		21,943
4,873		Interserve plc		33
425,383	e*	Isis Pharmaceuticals, Inc		3,054
315,446	e*	Jacobs Engineering Group, Inc		23,573
590	*	Jaiprakash Associates Ltd		6
32,166		JGC Corp		538
111,092	e*	Kendle International, Inc		3,557
52,151		Landauer, Inc		2,647
99,586	*	LECG Corp		1,868
468,715	*	Lexicon Genetics, Inc		1,767
197,699	e*	Lifecell Corp		6,370
237,764	e*	Luminex Corp		4,334
120,433		MAXIMUS, Inc		3,143
155,773	*	Maxygen, Inc		1,294
22,200		Meitec Corp		682
811,014	e*	Monogram Biosciences, Inc		1,241
1,510,363		Moody's Corp		98,748
75,928	*	MTC Technologies, Inc		1,825
227,830	e*	Myriad Genetics, Inc		5,616
251,513	e*	Navigant Consulting, Inc		5,045
13,514	e*	Neopharm, Inc		66

47

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
600	*	Neurogen Corp	$	4
11,504		Nichii Gakkan Co		180
2,984	*	Novabase SGPS S.A.		22
156,172	e*	Omnicell, Inc		2,794
43,690	e*	Orchid Cellmark, Inc		101
821,575	*	Oscient Pharmaceuticals Corp		846
1,946,431		Paychex, Inc		71,726
198,164	e*	Per-Se Technologies, Inc		4,514
111,287	e*	PharmaNet Development Group, Inc		2,162
1,357,955		QinetiQ plc		4,424
698,380		Quest Diagnostics, Inc		42,713
334,015	*	Regeneron Pharmaceuticals, Inc		5,241
794,748	e*	Rentech, Inc		3,680
279,972	e*	Resources Connection, Inc		7,500
160,285	e*	Rigel Pharmaceuticals, Inc		1,646
432		Samsung Engineering Co Ltd		21
195,266	e*	Sangamo Biosciences, Inc		1,086
315,725	e*	Savient Pharmaceuticals, Inc		2,055
304,130		SBM Offshore NV		8,265
71,246	e*	Seattle Genetics, Inc		346
172,931	e*	Senomyx, Inc		2,658
402,835		Serco Group plc		2,832
339,167	e*	Shaw Group, Inc		8,018
816,000		Shenzhen Expressway Co Ltd		455
4,127,000		Shui On Construction		7,946
207,534		SNC-Lavalin Group, Inc		5,340
191,208	*	Symyx Technologies, Inc		4,052
11,762		Sypris Solutions, Inc		98
54,477	*	Tejon Ranch Co		2,311
307,508	e*	Telik, Inc		5,471
476,387	e*	Tetra Tech, Inc		8,299
1,753,000		Toyo Engineering Corp		7,301
104,642	e*	Trimeris, Inc		921
256,155	*	URS Corp		9,962
5,300	*	Venture Link Co Ltd		14
9,554	*	ViaCell, Inc		40
3,578		VT Group plc		32
221,724		Washington Group International, Inc		13,051
247,181		Watson Wyatt & Co Holdings		10,115
98,589		WorleyParsons Ltd		1,234
6,947		WS Atkins plc		114
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		769,702
ENVIRONMENTAL QUALITY AND HOUSING - 0.00%**
1,870,000	v*	Citiraya Industries Ltd		1,272
215,997	e*	Home Solutions of America, Inc		1,184
		TOTAL ENVIRONMENTAL QUALITY AND HOUSING		2,456
FABRICATED METAL PRODUCTS - 0.39%
153,271	*	Alliant Techsystems, Inc		12,424
1,411,189		Amcor Ltd		7,815
49,779		Ameron International Corp		3,307
207,631		Aptargroup, Inc		10,564
520,448		Ball Corp		21,052
25,402		Bharat Forge Ltd		198
48,608		Bharat Heavy Electricals		2,539
1,900	*	Chart Industries, Inc		23
91,569		CIRCOR International, Inc		2,797
559,428		Commercial Metals Co		11,373

48

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
97,038	*	Commercial Vehicle Group, Inc	$	1,869
55,018		Compx International, Inc		858
292,462		Crane Co		12,225
1,870,012	*	Crown Holdings, Inc		34,782
67,958	e	Dynamic Materials Corp		2,203
9,799		Geberit AG.		11,943
174,693	e*	Griffon Corp		4,170
120		Grupa Kety S.A.		7
58,273	e	Gulf Island Fabrication, Inc		1,520
279,000		Hitachi Cable Ltd		1,259
4,004,183		Illinois Tool Works, Inc		179,788
162,606		Insteel Industries, Inc		3,231
462,157	*	Jacuzzi Brands, Inc		4,617
203		Jindal Steel & Power Ltd		8
159,716		JS Group Corp		3,340
80,381	*	Ladish Co, Inc		2,321
49,823	e	Lifetime Brands, Inc		923
18,600		Mechel Steel Group OAO (ADR)		378
206,578	*	Mobile Mini, Inc		5,869
148,215	e*	Mueller Water Products, Inc		2,165
123,804	*	NCI Building Systems, Inc		7,202
359,000		NEOMAX Co Ltd		6,154
5,211		Norddeutsche Affinerie AG.		126
125,000		Oiles Corp		2,852
755,628		Pentair, Inc		19,790
1,500	*	PGT, Inc		21
466,666		Rexam plc		4,994
108,000		Sanwa Shutter Corp		613
18,058	*	Shiloh Industries, Inc		243
204,504		Silgan Holdings, Inc		7,681
217,115	e	Simpson Manufacturing Co, Inc		5,869
546,687		Sims Group Ltd		8,434
169,509	e*	Smith & Wesson Holding Corp		2,353
255,824		Snap-On, Inc		11,397
398,988		Ssab Svenskt Stal AB		7,078
547,746		Ssab Svenskt Stal AB		10,203
3,300	*	Sturm Ruger & Co, Inc		26
808,000		Sumitomo Precision Products Co Ltd		4,159
500		Sun Hydraulics Corp		10
4,777		Takuma Co Ltd		25
369,515	e*	Taser International, Inc		2,830
235,593		Tata Steel Ltd		2,748
8,625	m,b*	Tower Automotive, Inc		1
894,264		Toyo Seikan Kaisha Ltd		17,109
129,465	e	Valmont Industries, Inc		6,765
16,622		Wagon plc		63
151,379		Watts Water Technologies, Inc (Class A)		4,808
18,190		Yieh Phui Enterprise		7
		TOTAL FABRICATED METAL PRODUCTS		479,129
FISHING, HUNTING, AND TRAPPING - 0.00%**
1,200,000		China Fishery Group Ltd		2,252
		TOTAL FISHING, HUNTING, AND TRAPPING		2,252
FOOD AND KINDRED PRODUCTS - 2.92%
541,500		Ajinomoto Co, Inc		5,831
57,170	e*	Altus Pharmaceuticals, Inc		913
1,500	e*	American Italian Pasta Co (Class A)		12
10,789		Anadolu Efes Biracilik Ve Malt Sanayii A.S.		267

49

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
4,402,907		Anheuser-Busch Cos, Inc	$	209,182
3,188,721		Archer Daniels Midland Co		120,789
10,103		Ariake Japan Co Ltd		204
324,399		Asahi Breweries Ltd		4,729
9,522		AVI Ltd		19
702,078		Bajaj Hindusthan Ltd		4,955
204		Barry Callebaut AG		97
4,000		Beijing Enterprises Holdings Ltd		8
67,521	e*	Boston Beer Co, Inc (Class A)		2,218
86,222	*	Burger King Holdings, Inc		1,376
305,827		C&C Group plc		4,153
1,015,680		Cadbury Schweppes plc		10,811
1,782,690		Campbell Soup Co		65,068
2,672		Carlsberg A/S (Class A)		210
300,597		Carlsberg A/S (Class B)		25,280
53,200		Charoen Pokphand Foods PCL		7
5,709,627		Cia de Bebidas das Americas		2,587
560		CJ Corp		62
36,837		Coca Cola Hellenic Bottling Co S.A.		1,270
315,153		Coca-Cola Amatil Ltd		1,571
26,376		Coca-Cola Bottling Co Consolidated		1,635
10,362,793		Coca-Cola Co		463,010
2,719,110		Coca-Cola Enterprises, Inc		56,639
8,371		Coca-Cola Femsa S.A. de C.V.		26
2,800		Coca-Cola Femsa S.A. de C.V. (ADR)		88
240,800		Coca-Cola West Japan Co Ltd		4,811
18,000		Cofco International Ltd		12
1,400	e	Companhia de Bebidas das Americas (ADR)		64
2,100,469		ConAgra Foods, Inc		51,419
1,460,699	e*	Constellation Brands, Inc (Class A)		42,039
302,697	e	Corn Products International, Inc		9,850
72,735		Cosan SA Industria e Comercio		1,172
97,928	*	Cott Corp		1,673
38,630		Danisco A/S		3,134
379,621	*	Darling International, Inc		1,591
1,342,977		Del Monte Foods Co		14,034
4,906,051		Diageo plc		86,668
80,000		Diageo plc (ADR)		5,683
54,842		Diamond Foods, Inc		785
29,120		East Asiatic Co Ltd A.S.		1,367
846,756		Ebro Puleva S.A.		17,309
142,758		Embotelladora Andina S.A.		314
588,943		Embotelladora Andina S.A.		1,398
1,400		Embotelladora Andina S.A. (ADR)		20
741,321		Empresas Iansa S.A.		116
43,806		Farmer Bros Co		900
301,516		Flowers Foods, Inc		8,105
178,790		Fomento Economico Mexicano S.A. de C.V.		1,736
2,600		Fomento Economico Mexicano S.A. de C.V. (ADR)		252
2,561,809		General Mills, Inc		144,998
9,324		Givaudan S.A.		7,464
301,797	*	Gold Kist, Inc		6,289
14,500		Golden Hope Plantations Bhd		18
123,561		Greencore Group plc		611
1,050,783		Groupe Danone		147,502
4,200	e	Gruma S.A. de C.V. (ADR)		51
99,667		Grupo Bimbo S.A. de C.V.		349
15,927		Grupo Modelo S.A.		69
1,771,313		H.J. Heinz Co		74,271

50

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
294,312	e*	Hansen Natural Corp	$	9,559
439,441		Heineken NV		20,099
948,187		Hershey Co		50,681
2,900		Highlands & Lowlands Bhd		3
301		Hite Brewery Co Ltd		37
473,038	e	Hormel Foods Corp		17,020
394,000		House Foods Corp		6,504
68,565		Iaws Group plc		1,273
64,995		Imperial Sugar Co		2,023
521,644		InBev NV		28,721
30,000	m,v*	International Hydron Liq Trust		1
70,900		IOI Corp Bhd		311
258,200		Ito En Ltd		8,896
516,042		J Sainsbury plc		3,628
81,023		J&J Snack Foods Corp		2,520
287,385		J.M. Smucker Co		13,780
14,357,000		JG Summit Holdings		1,716
7,137	*	John B. Sanfilippo & Son		73
27,000		J-Oil Mills, Inc		113
128,306	e*	Jones Soda Co		1,148
71,341		Kaneka Corp		675
1,396,900		Katokichi Co Ltd		11,412
1,193,826		Kellogg Co		59,118
133,500		Kerry Group plc (Class A)		3,166
91,000		Kikkoman Corp		1,061
728,680		Kirin Brewery Co Ltd		9,728
1,565,036	e	Kraft Foods, Inc (Class A)		55,809
2,200,000		Kulim Malaysia Bhd		2,505
144,934	e	Lancaster Colony Corp		6,487
172,623		Lance, Inc		3,801
306,987		Lion Nathan Ltd		1,853
8		Lotte Chilsung Beverage Co Ltd		11
739		Lotte Confectionery Co Ltd		901
102,920	*	M&F Worldwide Corp		1,513
846,063		McCormick & Co, Inc		32,133
1,398,000		Meiji Dairies Corp		9,444
2,149,000		Meiji Seika Kaisha Ltd		10,916
55,280	e	MGP Ingredients, Inc		1,176
584,000		Mitsui Sugar Co Ltd		1,933
348,374		Molson Coors Brewing Co (Class B)		24,003
42,572	e	National Beverage Corp		507
734		Nestle India Ltd		17
828,369		Nestle S.A.		288,831
793,500		Nichirei Corp		4,185
27,000		Nippon Flour Mills Co Ltd		114
1,081,000		Nippon Formula Feed Manufacturing Co Ltd		1,839
107,000		Nippon Meat Packers, Inc		1,202
3,251,000		Nisshin Oillio Group Ltd		18,852
819,100		Nisshin Seifun Group, Inc		8,543
53,805		Nissin Food Products Co Ltd		1,713
98		Nong Shim Co Ltd		28
606,000		Nosan Corp		1,734
404,000		Oenon Holdings, Inc		1,498
2,558,708		Olam International Ltd		2,739
515		Orion Corp		119
2,313,036	e,m,v*	Parmalat Finanziaria S.p.A.		-	^
81,716	e*	Peet's Coffee & Tea, Inc		2,044
700		Penford Corp		11
1,726,436		Pepsi Bottling Group, Inc		61,288

51

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
383,679		PepsiAmericas, Inc	$	8,188
12,866,672		PepsiCo, Inc		839,679
117,290		Perdigao S.A.		1,196
4,500	e	Perdigao S.A. (ADR)		91
232,248	e*	Performance Food Group Co		6,524
27,512		Pernod-Ricard S.A.		5,725
3,061,000		Petra Foods Ltd		3,103
350,000	m,v*	Power Pacific Ltd		-	^
16,400		PPB Group Bhd		20
40,914		Premier Foods plc		204
71,410	e	Premium Standard Farms, Inc		1,360
1,074,500		PT Astra Agro Lestari Tbk		1,060
128,500		PT Indofood Sukses Makmur Tbk		17
797,300		Q.P. Corp		7,533
215,859	*	Ralcorp Holdings, Inc		10,411
87,003		Reddy Ice Holdings, Inc		2,105
520,033		Royal Numico NV		23,410
492,508		Sadia S.A.		1,339
4,500	e	Sadia S.A. (ADR)		125
150,638		Sampo Oyj (A Shs)		3,140
104,498	e	Sanderson Farms, Inc		3,382
171,000		Sapporo Holdings Ltd		812
67,207		Saputo, Inc		2,177
3,452,047		Sara Lee Corp		55,474
2,857,875		Scottish & Newcastle plc		30,500
1,109,976	*	Smithfield Foods, Inc		29,992
51,350		Suedzucker AG.		1,268
694,999		Swire Pacific Ltd (A Shs)		7,262
110,000		Takara Holdings, Inc		646
134,752		Tata TEA Ltd		2,202
1,560,313		Tate & Lyle plc		21,020
855,000		Thai Union Frozen Products PCL		542
73,586		Tongaat-Hulett Group Ltd		841
205,480	e	Tootsie Roll Industries, Inc		6,023
204,443	e	Topps Co, Inc		1,832
61,000		Toyo Suisan Kaisha Ltd		879
179,923	*	TreeHouse Foods, Inc		4,255
1,366,053		Tyson Foods, Inc (Class A)		21,693
1,206		Ulker Gida Sanayi ve Ticaret A.S.		3
4,361		United Breweries Co, Inc		23
5,900		United Breweries Co, Inc (ADR)		155
6,418,045		Universal Robina Corp		2,302
11,595		Vina Concha Y Toro S.A.		17
1,250		Vina Concha Y Toro S.A. (ADR)		37
98,000		Vitasoy International Holdings Ltd		39
7,982		Vivartia S.A.		122
1,092,000		Want Want Holdings Ltd		1,693
1,036,963		Wrigley (Wm.) Jr Co		47,763
70,200		Yakult Honsha Co Ltd		2,062
139,000		Yamazaki Baking Co Ltd		1,347
		TOTAL FOOD AND KINDRED PRODUCTS		3,581,699
FOOD STORES - 0.49%
231,504		Alimentation Couche Tard, Inc		4,942
9,810		Arden Group, Inc (Class A)		1,142
487,528		Carrefour S.A.		30,805
446,269		Centros Comerciales Sudamericanos S.A.		1,168
863,666		Cia Brasileira de Distribuicao Grupo Pao de Acucar		22
1,500	e	Cia Brasileira de Distribuicao Grupo Pao de Acucar (ADR)		39

52

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
1,189,413		Coles Myer Ltd	$	12,756
5,425		Colruyt S.A.		926
281,623		Delhaize Group		23,659
599		Discount Investment Corp		14
74,104		Distribucion y Servicio D&S S.A.		21
2,800	e	Distribucion y Servicio D&S S.A. (ADR)		48
39,200		FamilyMart Co Ltd		1,072
183,438		George Weston Ltd		11,639
578,965	*	Goodman Fielder Ltd		932
109,404	e	Great Atlantic & Pacific Tea Co, Inc		2,634
63,759	e	Ingles Markets, Inc (Class A)		1,682
25,144		Jeronimo Martins SGPS S.A.		449
329,527		Kesko Oyj (B Shares)		13,856
581,236	*	Koninklijke Ahold NV		6,176
5,400,729		Kroger Co		124,973
37,800		Lawson, Inc		1,328
154,119		Loblaw Cos Ltd		6,533
2,702	*	Migros Turk TAS		27
136,725	e*	Panera Bread Co (Class A)		7,964
174,439	*	Pantry, Inc		9,833
297,880	*	Pathmark Stores, Inc		2,964
6,759		Pick'n Pay Stores Ltd		25
867,000		President Chain Store Corp		1,868
226,825	e	Ruddick Corp		5,904
671,342		Seven & I Holdings Co Ltd		21,597
12,767		Shoprite Holdings Ltd		40
653,858		Sonae SPGS S.A.		1,136
145,812	*	Super-Sol Ltd		462
1,187,574		Supervalu, Inc		35,212
28,870,089		Tesco plc		194,597
212		Valora Holding AG.		49
15,019		Village Super Market		1,005
62,073	e	Weis Markets, Inc		2,471
686,623		Whole Foods Market, Inc		40,806
176,804	e*	Wild Oats Markets, Inc		2,859
523	b,m*	Winn-Dixie Stores, Inc		-	^
1,865,259		Woolworths Ltd		28,165
		TOTAL FOOD STORES		603,800
FORESTRY - 0.08%
106,814	*	Canfor Corp		1,066
10,415		Great Southern Plantations Ltd		19
737,605		Rayonier, Inc		27,881
1,172,811		Weyerhaeuser Co		72,163
		TOTAL FORESTRY		101,129
FURNITURE AND FIXTURES - 0.23%
966		Bassett Furniture Industries, Inc		16
686,109	e*	BE Aerospace, Inc		14,470
6,033	b,m,v*	Bush Industries, Inc (Class A)		1
209,745	e	Ethan Allen Interiors, Inc		7,270
265,130	e	Furniture Brands International, Inc		5,048
464,157		Herman Miller, Inc		15,879
253,423		Hillenbrand Industries, Inc		14,440
239,699	e	HNI Corp		9,967
56,581		Hooker Furniture Corp		829
278,965	*	Interface, Inc (Class A)		3,593
1,142,883		Johnson Controls, Inc		81,990
196,587		Kimball International, Inc (Class B)		3,794

53

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
302,959	e	La-Z-Boy, Inc	$	4,229
837,186		Leggett & Platt, Inc		20,955
2,576,726		Masco Corp		70,654
510,086		MFI Furniture plc		917
11,968		Neopost S.A.		1,428
74,306		Sealy Corp		970
409,881	e*	Select Comfort Corp		8,968
73,220	e	Stanley Furniture Co, Inc		1,560
412,964		Steinhoff International Holdings Ltd		1,331
296,346	e*	Tempur-Pedic International, Inc		5,088
18,000		Uchida Yoko Co Ltd		100
171,907	e*	Williams Scotsman International, Inc		3,672
		TOTAL FURNITURE AND FIXTURES		277,169
FURNITURE AND HOMEFURNISHINGS STORES - 0.31%
2,039,663	*	Bed Bath & Beyond, Inc		78,038
2,339	*	Bell Microproducts, Inc		12
3,047,710		Best Buy Co, Inc		163,235
825,996	e	Circuit City Stores, Inc		20,741
130,721	e*	Cost Plus, Inc		1,565
645,801		DSG International plc		2,648
48,968		Ellerine Holdings Ltd		410
283,818	e*	GameStop Corp		13,135
20,333		GUD Holdings Ltd		106
154,543	e*	Guitar Center, Inc		6,905
1,787,707		Harvey Norman Holdings Ltd		4,717
122,211	e	Haverty Furniture Cos, Inc		1,949
18,000		Joshin Denki Co Ltd		110
941,977		Kesa Electricals plc		5,745
129,540		Knoll, Inc		2,617
407,286	e*	Mohawk Industries, Inc		30,322
16,491	e*	Movie Gallery, Inc		32
894,010		Nien Made Enterprises		732
102,000		Nitori Co Ltd		4,620
705		NIWS Co HQ Ltd		509
488,918	e	Pier 1 Imports, Inc		3,628
173,681	e*	Restoration Hardware, Inc		1,506
66,106		Shimachu Co Ltd		1,942
336,503		Steelcase, Inc (Class A)		5,280
6,760	e*	The Bombay Co, Inc		9
177,155	e	Tuesday Morning Corp		2,459
364,800		Waterford Wedgwood plc		17
436,560	e	Williams-Sonoma, Inc		14,140
180,838		Yamada Denki Co Ltd		18,126
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		385,255
GENERAL BUILDING CONTRACTORS - 0.44%
20,436	e	Amrep Corp		999
1,000	v*	Aoyama Kanzai Corp		-	^
542,000		Asunaro Aoki Construction Co Ltd		3,808
34,082	e*	Avatar Holdings, Inc		2,013
12,847		Aveng Ltd		45
362,166		Balfour Beatty plc		2,792
414,132		Barratt Developments plc		8,266
297,204	e	Beazer Homes USA, Inc		11,603
174,504		Bellway plc		4,208
94,001	*	Berkeley Group Holdings plc		2,367
28,857		Bilfinger Berger AG.		1,712
82,389	e	Brookfield Homes Corp		2,320

54

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
19,854		Carillion plc	$	136
39,606	*	Cavco Industries, Inc		1,248
523,161		Centex Corp		27,529
1,607,000		Cheung Kong Infrastructure Holdings Ltd		4,920
13,500	*	China Overseas Land & Investment Ltd		3
200	e*	Comstock Homebuilding Cos, Inc		1
279,390		Consorcio ARA S.A. de C.V.		1,367
78,874	*	Corp GEO S.A. de C.V.		332
277,767		CRH plc		9,401
4,726,082	*	Daikyo, Inc		24,686
163,100		Daito Trust Construction Co Ltd		8,851
631,000		Daiwa House Industry Co Ltd		10,924
9,868	e*	Dominion Homes, Inc		60
1,561,786		DR Horton, Inc		37,405
1,478,129		Fletcher Building Ltd		8,279
706,879		George Wimpey plc		6,856
1,200		Hanjin Heavy Industries & Construction Co Ltd		33
1,911,000	*	Haseko Corp		6,584
135,889		Hellenic Technodomiki Tev S.A.		1,330
44,470		Hochtief AG.		2,784
273,554	e*	Hovnanian Enterprises, Inc (Class A)		8,026
27,630		Hyundai Development Co		1,232
1,634,600		IJM Corp Bhd		2,748
11,409		Imerys S.A.		955
928,200		Italian-Thai Development PCL		140
3,756		JM AB		66
577,000		Kajima Corp		2,638
344		Kaufman & Broad S.A.		20
369,027	e	KB Home		16,163
31,000		Keppel Land Ltd		97
11,127,000	*	Kindom Construction Co		3,251
313,723		Leighton Holdings Ltd		4,522
883,283		Lend Lease Corp Ltd		10,546
793,524		Lennar Corp (Class A)		35,907
96,497	e	Levitt Corp (Class A)		1,135
74,695	e	M/I Homes, Inc		2,640
219,500	v*	Mascotech		-	^
3,748		McCarthy & Stone plc		75
119,237		McGrath RentCorp		3,052
146,624	e	MDC Holdings, Inc		6,811
135,676	e*	Meritage Homes Corp		5,645
32,397	e*	NVR, Inc		17,332
1,825,000		Obayashi Corp		12,854
4,765		Obrascon Huarte Lain S.A.		105
60,011	e*	Palm Harbor Homes, Inc		898
122,607	*	Perini Corp		2,560
471,448		Persimmon plc		11,811
899,881	e	Pulte Homes, Inc		28,670
96,000		PYI Corp Ltd		35
6,300		Road Builder M Holdings Bhd		4
259,949	e	Ryland Group, Inc		11,232
1,380,000		Sekisui Chemical Co Ltd		11,636
1,046,000		Sekisui House Ltd		15,824
63,650,000	a	Shanghai Forte Land Co		22,223
2,111,000		Shimizu Corp		12,063
208		Sjaelso Gruppen		62
1,006,343		Skanska AB (B Shs)		17,028
304,668	e	Standard-Pacific Corp		7,160
596,000		Taisei Corp		2,139

55

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
288,000		Takamatsu Corp	$	4,998
823,395		Taylor Woodrow plc		5,469
36,798	*	Team, Inc		922
62,669		Technical Olympic S.A.		211
107,335	e	Technical Olympic USA, Inc		1,055
215,370		Titan Cement Co S.A.		10,209
134,000		Toda Corp		627
731,924	e*	Toll Brothers, Inc		20,552
9,926	*	Urbi Desarrollos Urbanos S.A. de C.V		28
271,360	e	Walter Industries, Inc		11,582
205,842	e*	WCI Communities, Inc		3,590
103,867		YIT OYJ		2,406
		TOTAL GENERAL BUILDING CONTRACTORS		533,816
GENERAL MERCHANDISE STORES - 1.49%
273,250	e*	99 Cents Only Stores		3,233
1,011,700		Aeon Co Ltd		24,795
1,241,288	e*	Big Lots, Inc		24,590
308,943	*	BJ's Wholesale Club, Inc		9,015
36,402	e	Bon-Ton Stores, Inc		1,083
183,892	e*	Cabela's, Inc		3,996
379,244		Casey's General Stores, Inc		8,446
79,806	e*	Conn's, Inc		1,666
2,975,971		Costco Wholesale Corp		147,846
130,200		Daimaru, Inc		1,608
250,675	e	Dillard's, Inc (Class A)		8,205
1,381,894		Dollar General Corp		18,835
684,930	e	Family Dollar Stores, Inc		20,027
4,552,655		Federated Department Stores, Inc		196,720
238,688	e	Fred's, Inc		3,012
1,060,279		GUS plc		19,177
86,400		Hankyu Department Stores, Inc		731
26,564		Hyundai Department Store Co Ltd		1,909
584,415		Isetan Co Ltd		9,860
1,323,827		JC Penney Co, Inc		90,537
350,000		Keio Electric Railway Co Ltd		2,335
1,008,000		Kintetsu Corp		3,157
1,073,492		Lojas Americanas S.A.		44
322		Lojas Renner S.A.		19
1,403,846		Marks & Spencer Group plc		16,888
195,900		Marui Co Ltd		2,867
249,400		Mitsukoshi Ltd		1,119
73,504		Pinault-Printemps-Redoute S.A.		10,896
115,715	e*	Retail Ventures, Inc		1,783
150,469		SACI Falabella		464
549,432	e	Saks, Inc		9,494
8,097		Shinsegae Co Ltd		4,193
151,109		Stein Mart, Inc		2,298
167,900		Takashimaya Co Ltd		2,132
5,509,495		Target Corp		304,400
3,513,351		TJX Cos, Inc		98,479
1,485,000		Tokyu Corp		10,208
1,365,172		UNY Co Ltd		18,098
950,035		Wal-Mart de Mexico S.A. de C.V.		3,233
6,500		Wal-Mart de Mexico S.A. de C.V. (ADR)		221
15,119,094		Wal-Mart Stores, Inc		745,674
81,100		Warehouse Group Ltd		340
225,970		Woolworths Group plc		150
		TOTAL GENERAL MERCHANDISE STORES		1,833,783

56

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
HEALTH SERVICES - 1.47%
79,277	*	Alliance Imaging, Inc	$	619
94,938	e*	Amedisys, Inc		3,766
700	*	America Service Group, Inc		9
400	*	American Dental Partners, Inc		7
2,193,067		AmerisourceBergen Corp		99,127
180,098	e*	Amsurg Corp		4,009
261,068	e*	Apria Healthcare Group, Inc		5,153
57,581	e*	Bio-Reference Labs, Inc		1,293
30,000	*	Biovitrum AB		471
51,750	e	Brookdale Senior Living, Inc		2,402
82,128	*	Capio AB		1,877
2,296,819		Caremark Rx, Inc		130,161
476,520		Cigna Corp		55,429
19,075		Coloplast A/S (B Shs)		1,533
424,934	e*	Community Health Systems, Inc		15,871
43,435	e*	Corvel Corp		1,524
211,707	*	Covance, Inc		14,053
1,830,369	*	Coventry Health Care, Inc		94,301
194,602	*	Cross Country Healthcare, Inc		3,308
667,618	*	DaVita, Inc		38,635
343,977		DCA Group Ltd		879
826		Diagnosticos da America S.A.		16
406,121	e*	Edwards Lifesciences Corp		18,921
28,638	*	Emeritus Corp		617
162,479	e*	Enzo Biochem, Inc		1,981
711,954	*	Express Scripts, Inc		53,745
204,657	*	Five Star Quality Care, Inc		2,202
879,649		Fraser and Neave Ltd		2,293
49,245		Fresenius Medical Care AG.		6,397
3,961		Generale de Sante		134
118,272	*	Genesis HealthCare Corp		5,633
72,152	e*	Genomic Health, Inc		1,043
152,194	*	Gentiva Health Services, Inc		2,502
132,029		Getinge AB (B Shs)		2,414
1,748,974		HCA, Inc		87,256
1,006,353		Health Management Associates, Inc (Class A)		21,033
24,003,533	a,e*	Healthsouth Corp		119,058
199,774	*	Healthways, Inc		8,910
13,722		Hooper Holmes, Inc		46
67,761	e*	Horizon Health Corp		1,035
152,055	*	Hythiam, Inc		1,098
49,295	e*	Immunomedics, Inc		88
133,483		Intertek Group plc		1,949
400,000		Japan Care Service Corp		880
2,090		Japan Longlife Co Ltd		1,097
191,192	*	Kindred Healthcare, Inc		5,684
585,731	*	Laboratory Corp of America Holdings		38,406
125,051	e	LCA-Vision, Inc		5,166
63,318	*	LHC Group, Inc		1,413
256,483	e*	LifePoint Hospitals, Inc		9,059
413,828	*	Lincare Holdings, Inc		14,335
278,471	e*	Magellan Health Services, Inc		11,863
346,942		Manor Care, Inc		18,138
117,880	e*	Matria Healthcare, Inc		3,276
3,064,933		McKesson Corp		161,583
193,887		MDS, Inc		3,322
101,111	*	Medcath Corp		3,042

57

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
3,072,074	*	Medco Health Solutions, Inc	$	184,662
37,498		National Healthcare Corp		2,015
1,400,051	e*	Nektar Therapeutics		20,175
578,189		Network Healthcare Holdings Ltd		920
36,447	e*	Nighthawk Radiology Holdings, Inc		697
6,600		Nihon Kohden Corp		117
333,995	e*	Odyssey HealthCare, Inc		4,736
1,250,616		Omnicare, Inc		53,889
142,686		Option Care, Inc		1,911
156,762	e*	PainCare Holdings, Inc		226
2,285,128		Parkway Holdings Ltd		4,029
228,176	*	Pediatrix Medical Group, Inc		10,405
723,964		Pharmaceutical Product Development, Inc		25,838
299,419	*	Psychiatric Solutions, Inc		10,207
70,722	*	Radiation Therapy Services, Inc		2,067
106,292	*	RehabCare Group, Inc		1,392
514,385	*	Sierra Health Services, Inc		19,464
201,325		Sonic Healthcare Ltd		1,978
136,252	e*	Stereotaxis, Inc		1,410
5,676		Straumann Holding AG.		1,222
132,921	*	Sun Healthcare Group, Inc		1,428
263,408	e*	Sunrise Senior Living, Inc		7,868
92,866	e*	Symbion, Inc		1,705
2,040,096	*	Tenet Healthcare Corp		16,606
389,770	*	Triad Hospitals, Inc		17,162
261,271	e*	United Surgical Partners International, Inc		6,487
341,930		Universal Health Services, Inc (Class B)		20,492
64,506	e*	VistaCare, Inc (Class A)		671
3,874,056	*	WellPoint, Inc		298,496
		TOTAL HEALTH SERVICES		1,808,337
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.32%
195,951		Abertis Infraestructuras S.A.		5,143
215,963		ACS Actividades Cons y Servicios S.A.		10,242
15,933		Alfred Mcalpine plc		149
107,136		Bouygues S.A.		5,730
33,500,000	*	China Water Affairs Group Ltd		8,944
544,000		Chiyoda Corp		10,638
4,020		Daelim Industrial Co		274
75,144	*	Empresas ICA Sociedad Controladora S.A. de C.V.		271
2,708	*	Empresas ICA Sociedad Controladora S.A. de C.V. (ADR)		116
216,471		Fomento de Construcciones y Contratas S.A.		17,293
18,600		Gamuda Bhd		20
350,000		Giken Seisakusho Co, Inc		1,407
435,424		Granite Construction, Inc		23,230
54,516		Grupo Ferrovial S.A.		4,383
32,820		GS Engineering & Construction Corp		2,296
98,000		Guangzhou Investment Co Ltd		19
25,000		Hopewell Highway Infrastructure Ltd		19
23,070	*	Hyundai Engineering & Construction		1,241
47,665	*	Jarvis plc		47
182,709	e*	Matrix Service Co		2,392
23,640		Michaniki S.A.		91
1,954,762		Multiplex Group		5,128
9,441		Murray & Roberts Holdings Ltd		39
169,400		Nishimatsu Construction Co Ltd		632
119,884		Okumura Corp		659
1,382		Peab AB		23
78,978	e*	Sterling Construction Co, Inc		1,584

58

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
109,000	*	Toyo Construction Co Ltd	$	91
506,526		Transurban Group		2,756
2,520,397		Vinci S.A.		280,609
1,250,666		YTL Corp Bhd		1,797
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		387,263
HOLDING AND OTHER INVESTMENT OFFICES - 2.68%
384,912	*	3i Group Plc		6,742
6,311	*	4Kids Entertainment, Inc		104
248,487		Aames Investment Corp		875
23,638		Aberdeen Asset Management plc		72
263,325		Acadia Realty Trust		6,715
2,077		Ackermans & Van Haaren		150
228,749	e*	Affiliated Managers Group, Inc		22,900
296,915	*	Affordable Residential Communities		2,877
43,850		Agree Realty Corp		1,440
300,959		Alarko Holding A.S.		795
11,836	*	Alexander's, Inc		3,672
136,432	e	Alexandria Real Estate Equities, Inc		12,797
690,265	e	Allied Capital Corp		20,853
577,939		AMB Property Corp		31,850
106,929		American Campus Communities, Inc		2,728
788,345	e	American Financial Realty Trust		8,798
373,658		American Home Mortgage Investment Corp		13,029
3,133,304		Amvescap plc		34,026
737,497	e	Annaly Mortgage Management, Inc		9,691
550,255		Anthracite Capital, Inc		7,076
282,600		Anworth Mortgage Asset Corp		2,360
641,094		Apartment Investment & Management Co (Class A)		34,882
461,346		Apollo Investment Corp		9,462
123,803		Arbor Realty Trust, Inc		3,164
379,757		ARC Energy Trust		9,245
1,115,228		Archstone-Smith Trust		60,713
523,281		Ashford Hospitality Trust, Inc		6,243
503,468		AvalonBay Communities, Inc		60,618
2,215,062		Babcock & Brown Wind Partners		2,386
109		Befimmo SCA Sicafi		12
376,772	e	BioMed Realty Trust, Inc		11,431
47,981	*	Blackrock International Land plc		23
35,210		Bodycote International		157
826,875	e	Boston Properties, Inc		85,449
372,494		Brandywine Realty Trust		12,125
276,059		BRE Properties, Inc (Class A)		16,489
774,871		Brookfield Asset Management, Inc		34,260
3,994		BRT Realty Trust		113
414,553		Camden Property Trust		31,510
191,537	e	Capital Lease Funding, Inc		2,124
16,275		Capital Southwest Corp		1,939
101,602		Capital Trust, Inc		4,138
5,983,900		CapitaMall Trust		9,570
600	e	Capstead Mortgage Corp		5
448,785	e	CBL & Associates Properties, Inc		18,809
177,070	e	Cedar Shopping Centers, Inc		2,863
63,122	e	CentraCore Properties Trust		2,004
5,384,733		CFS Gandel Retail Trust		8,107
131,741	*	CFS Retail Property Trust		194
41,534	e	Cherokee, Inc		1,521
175,726		China Merchants Holdings International Co Ltd		515
106,956	*	CI Financial Income Fund		2,849

59

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
53,765		Cia de Concessoes Rodoviarias	$	519
249		Cie du Bois Sauvage		90
11,300		Cogdell Spencer, Inc		234
8,451,912		Collins Stewart Tullett plc		137,676
187,831		Colonial Properties Trust		8,980
800		Columbia Equity Trust, Inc		13
3,191,773		Commonwealth Property Office Fund		3,354
72,403		Compass Diversified Trust		1,108
294,712	e	Corporate Office Properties Trust		13,191
228,036		Cousins Properties, Inc		7,801
583,500		Crescent Real Estate Equities Co		12,726
80	e	Cross Timbers Royalty Trust		4
1,100		Crystal River Capital, Inc		25
101,298	v	Crystal River Capital, Inc		2,318
188,250		Deerfield Triarc Capital Corp		2,468
468,096		Developers Diversified Realty Corp		26,101
371,104		DiamondRock Hospitality Co		6,164
105,613		Digital Realty Trust, Inc		3,308
609,174		Duke Realty Corp		22,753
182,683		EastGroup Properties, Inc		9,109
19,746		ECC Capital Corp		20
152,320	e	Education Realty Trust, Inc		2,248
20,222	e*	Enstar Group, Inc		1,932
233,178	e	Entertainment Properties Trust		11,500
478,717		Equity Inns, Inc		7,621
158,148	e	Equity Lifestyle Properties, Inc		7,229
1,688,321		Equity Office Properties Trust		67,128
260,350	e	Equity One, Inc		6,241
1,456,032		Equity Residential		73,646
116,009		Essex Property Trust, Inc		14,083
289,625		Extra Space Storage, Inc		5,013
655,828		Fabege AB		14,498
307,367		Federal Realty Investment Trust		22,837
621,939		FelCor Lodging Trust, Inc		12,470
83,474		Feldman Mall Properties, Inc		921
290,225	e	Fieldstone Investment Corp		2,534
259,585	e	First Industrial Realty Trust, Inc		11,422
132,117		First Potomac Realty Trust		3,993
190,339		Franklin Street Properties Corp		3,780
844,481	e	Friedman Billings Ramsey Group, Inc		6,781
7,627,507		GEA Group AG.		137,537
1,194,282		General Growth Properties, Inc		56,908
103,456	e	Getty Realty Corp		3,029
67,202	e	Gladstone Capital Corp		1,479
76,079		Gladstone Investment Corp		1,111
192,783		Glenborough Realty Trust, Inc		4,960
211,335	e	Glimcher Realty Trust		5,237
338,375		Global Signal, Inc		17,115
218,959		GMH Communities Trust		2,763
1,502,000		GOME Electrical Appliances Holdings Ltd		1,218
1,100		Government Properties Trust, Inc		10
1,429,294		GPT Group		5,007
129,121	e	Gramercy Capital Corp		3,255
142,510		Great Portland Estates plc		1,614
105,369		Groupe Bruxelles Lambert S.A.		11,244
5,874	*	Groupe Bruxelles Lambert S.A.		-	^
4,785,386		Guinness Peat Group plc		7,497
121,495	e	Harris & Harris Group, Inc		1,492
589,878		Health Care Property Investors, Inc		18,316

60

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
412,421		Health Care REIT, Inc	$	16,501
275,264	e	Healthcare Realty Trust, Inc		10,573
163,278		Heritage Property Investment Trust		5,953
67,094		Hersha Hospitality Trust		644
570,354	e	Highland Hospitality Corp		8,173
320,293		Highwoods Properties, Inc		11,918
202,888		Home Properties, Inc		11,597
330,718		HomeBanc Corp		2,034
298,147		Hospitality Properties Trust		14,073
2,540,838	e	Host Marriott Corp		58,261
47,936		Housing Development Finance Corp		1,600
901,215		HRPT Properties Trust		10,770
5,656		Hugoton Royalty Trust		149
6,529		Hurriyet Gazetecilik A.S.		16
155,654	*	Immoeast Immobilien Anlagen AG.		1,893
454,102	e	IMPAC Mortgage Holdings, Inc		4,255
3,978,748		ING Industrial Fund		6,998
93,990		ING Office Fund		110
401,985		Inland Real Estate Corp		7,043
387,520		Innkeepers U.S.A. Trust		6,313
10,000	*	Intercell AG. (GDR)		190
267,723	e	Investors Real Estate Trust		2,613
2,824		Is Gayrimenkul Yatirim Ortakligi A.S.		5
19,700		iShares Dow Jones US Utilities Sector Index Fund		1,633
690,200		iShares MSCI EAFE Index Fund		46,761
379,900		iShares MSCI Japan Index Fund		5,144
325,000	e	iShares Russell 2000 Index Fund		23,400
598,201		iStar Financial, Inc		24,945
20,400		Jafco Co Ltd		1,029
1,650		Japan Prime Realty Investment Corp		4,931
178		Japan Real Estate Investment Corp		1,507
39		Japan Retail Fund Investment Corp		287
75,660		JER Investors Trust, Inc		1,298
183,203		JFE Holdings, Inc		7,181
169,429	e	Kilroy Realty Corp		12,765
1,055,487		Kimco Realty Corp		45,249
165,302		Kite Realty Group Trust		2,817
396,309		Kiwi Income Property Trust		357
326,500		KKR Financial Corp		8,012
5,191,100		KLCC Property Holdings Bhd		3,097
6,000	*	K-REIT Asia		7
732,682		Land Securities Group plc		26,998
232,810	e	LaSalle Hotel Properties		10,090
311,874		Lexington Corporate Properties Trust		6,605
371,706	e	Liberty Property Trust		17,764
1,915,000		Link Real Estate Investment Trust		3,987
165,476		LTC Properties, Inc		4,013
412,214	e	Luminent Mortgage Capital, Inc		4,242
401,688		Macerich Co		30,673
410,383		Mack-Cali Realty Corp		21,258
195,992		Macquarie Communications Infrastructure Group		906
8,138,223		Macquarie Infrastructure Group		19,409
131,500		Macquarie Office Trust		147
218,788	e	Maguire Properties, Inc		8,913
18,403,586	*	Man Group Plc		154,371
239,705		Medical Properties Trust, Inc		3,210
156,240	*	Meinl European Land Ltd		3,404
498,393		MFA Mortgage Investments, Inc		3,713
138,363		Mid-America Apartment Communities, Inc		8,471

61

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
3,895,000		Midland Holdings Ltd	$	1,840
330,455		Mills Corp		5,522
195,792		Mission West Properties, Inc		2,234
146,448	e	MortgageIT Holdings, Inc		2,062
17,800	*	Mulpha International Bhd		6
17,500		MVC Capital, Inc		227
135,811		National Health Investors, Inc		3,848
9,115	e	National Health Realty, Inc		181
336,580		National Retail Properties, Inc		7,270
485,230	e	Nationwide Health Properties, Inc		12,975
336,044	e	New Century Financial Corp		13,210
435,986	e	New Plan Excel Realty Trust		11,793
258,632		Newcastle Investment Corp		7,089
83,536		Newkirk Realty Trust, Inc		1,377
481		Nippon Building Fund, Inc		4,886
7,365		Nobel Biocare Holding AG.		1,813
9,005,100		Noble Group Ltd		5,897
41		Nomura Real Estate Office Fund, Inc		329
463,365	e	NorthStar Realty Finance Corp		5,885
188,984	e	Novastar Financial, Inc		5,516
1,300,050		NTL, Inc		33,060
227		NTT Urban Development Corp		1,814
582,108		Omega Healthcare Investors, Inc		8,737
2,319		Ordina NV		43
20,069		Origen Financial, Inc		114
406,326		Pan Pacific Retail Properties, Inc		28,207
7,460		Paragon Group Cos plc		94
154,690		Parkway Properties, Inc		7,192
217,233		Pennsylvania Real Estate Investment Trust		9,248
1,435,119		Plum Creek Timber Co, Inc		48,851
247,131		Post Properties, Inc		11,744
237,123		Potlatch Corp		8,797
342,520		PrimeWest Energy Trust		8,381
1,201,673		Prologis		68,567
97,488		PS Business Parks, Inc		5,879
38,590		PSP Swiss Property AG.		1,960
15,839,500		PT Summarecon Agung Tbk		1,889
767,071		Public Storage, Inc		65,960
164,717	e	RAIT Investment Trust		4,752
88,260	e	Ramco-Gershenson Properties		2,820
1,085,225	*	Realogy Corp		24,613
501,701	e	Realty Income Corp		12,397
369,586	e	Reckson Associates Realty Corp		15,818
111,632		Redwood Trust, Inc		5,623
571,456		Regency Centers Corp		39,293
149,625		Republic Property Trust		1,649
60,805	e	Resource Capital Corp		939
212,460		Rodamco Europe NV		24,745
89,955		Sacyr Vallehermoso S.A.		4,089
63,922		Saul Centers, Inc		2,876
301,024	e	Saxon Capital, Inc		4,226
324,564		SCOR		790
448,176	e	Senior Housing Properties Trust		9,564
14,000		Shanghai Industrial Holdings Ltd		26
5,839,000	*	Shimao Property Holdings Ltd		6,251
583,000		Sime Darby Bhd		948
1,305,046		Simon Property Group, Inc		118,263
105,395		Sizeler Property Investors, Inc		1,584
361,594	e	SL Green Realty Corp		40,390

62

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
2,253,046		SM Prime Holdings	$	377
1,179		Societe de la Tour Eiffel		187
821,793		Softbank Corp		17,010
99,091	e	Sovran Self Storage, Inc		5,505
1,000,000	e	SPDR Trust Series 1		133,580
563,105		Spirit Finance Corp		6,538
12,170		Sponda OYJ		137
103,858	e*	Star Maritime Acquisition Corp		998
467,370	e	Strategic Hotels & Resorts, Inc		9,291
126,163		Sun Communities, Inc		4,032
391,299	e	Sunstone Hotel Investors, Inc		11,629
437,317		Suntec Real Estate Investment Trust		408
181,533	e	Tanger Factory Outlet Centers, Inc		6,466
67,812	e	Tarragon Corp		706
747,194		Taubman Centers, Inc		33,190
514,977		Thornburg Mortgage, Inc		13,116
442,297		Trizec Properties, Inc		12,787
381,547		Trustreet Properties, Inc		4,773
3,129		United Arab Investors		14
613,067	e	United Dominion Realty Trust, Inc		18,515
68,907		Universal Health Realty Income Trust		2,470
125,583		Urstadt Biddle Properties, Inc (Class A)		2,282
294,348	e	U-Store-It Trust		6,317
697,891		Ventas, Inc		26,897
700,291		Vornado Realty Trust		76,332
261,544	e	Washington Real Estate Investment Trust		10,409
334,551		Weingarten Realty Investors		14,392
1,133,766		Wharf Holdings Ltd		3,886
58,297	e	Windrose Medical Properties Trust		1,031
237,614		Winston Hotels, Inc		2,927
139,667		Winthrop Realty Trust		901
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		3,289,633
HOTELS AND OTHER LODGING PLACES - 0.75%
6,415,194		Accor S.A.		437,246
145,471		Ameristar Casinos, Inc		3,158
210,541	*	Aztar Corp		11,161
7,711,000	*	Banyan Tree Holdings Ltd		4,127
128,546	e*	Bluegreen Corp		1,474
195,638	e	Boyd Gaming Corp		7,520
391,517		Choice Hotels International, Inc		16,013
35,611		Four Seasons Hotels, Inc		2,275
500		Fujita Kanko, Inc		4
234,101	e*	Gaylord Entertainment Co		10,265
984,808		Genting Bhd		6,435
39,215		Great Eagle Holding Co		143
82,466	*	Great Wolf Resorts, Inc		986
3,284,530		Hilton Hotels Corp		91,474
2,406,433		Hongkong & Shanghai Hotels		3,058
132,044		Indian Hotels Co Ltd		3,982
449,263		Intercontinental Hotels Group plc		7,869
64,973		Intrawest Corp		2,241
86,117	e*	Isle of Capri Casinos, Inc		1,814
17,440		Kangwon Land, Inc		369
693,698	e*	Las Vegas Sands Corp		47,414
117,415	e*	Lodgian, Inc		1,559
126,510	e	Marcus Corp		2,906
1,904,116		Marriott International, Inc (Class A)		73,575
531,705	*	MGM Mirage		20,997

63

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
9,829,118		Minor International PCL	$	2,499
93,219	*	Monarch Casino & Resort, Inc		1,808
104,576	*	Morgans Hotel Group Co		1,307
13,452		NH Hoteles S.A.		286
946		Orbis S.A.		14
37,200	*	Orient-Express Hotels Ltd		1,391
54,185	e*	Outdoor Channel Holdings, Inc		590
58,000		Raffles Holdings Ltd		27
15,400		Resorts World Bhd		46
67,603	e*	Riviera Holdings Corp		1,381
4,015,930		Shangri-La Asia Ltd		8,928
1,228,361		Starwood Hotels & Resorts Worldwide, Inc		70,250
223,887	e	Station Casinos, Inc		12,947
162,433	*	Trump Entertainment Resorts, Inc		2,755
1,481,130		United Overseas Land Ltd		3,264
253,511	e*	Vail Resorts, Inc		10,146
927,680	e*	Wyndham Worldwide Corp		25,947
217,071	e*	Wynn Resorts Ltd		14,763
		TOTAL HOTELS AND OTHER LODGING PLACES		916,414
INDUSTRIAL MACHINERY AND EQUIPMENT - 6.61%
3,812,645		3M Co		283,737
55,381		Aaon, Inc		1,263
2,649,777		ABB Ltd		34,859
519,740		Acer, Inc		881
10,279		Acer, Inc (GDR)		86
182,401	e	Actuant Corp		9,138
52,198	*	Adamind Ltd		21
4,079		Advantech Co Ltd		12
387,982	*	AGCO Corp		9,835
2,614		Alamo Group, Inc		59
168,343	e	Albany International Corp (Class A)		5,357
26,783		Alfa Laval AB		899
79,343	e*	Allis-Chalmers Energy, Inc		1,162
1,149,634	*	Alstom RGPT		104,014
407,729		Amada Co Ltd		4,094
8,800		Amano Corp		113
1,213,490	e	American Standard Cos, Inc		50,930
92,785		Ampco-Pittsburgh Corp		2,870
3,826		Andritz AG.		584
6,033,024	*	Apple Computer, Inc		464,724
7,575,006		Applied Materials, Inc		134,305
400,500		ARRK Corp		5,259
3,395	*	ASM International NV		62
313,000		ASM Pacific Technology Ltd		1,643
602,648	*	ASML Holding NV		14,092
94,178	e*	Astec Industries, Inc		2,378
108,779	e*	ASV, Inc		1,622
612,792	*	Asyst Technologies, Inc		4,142
1,332,847		Atlas Copco AB (A Shares)		35,012
249,774		Atlas Copco AB (B Shares)		6,254
606,101	e*	Axcelis Technologies, Inc		4,279
3,713		Balda AG.		30
10,336	e*	Basin Water, Inc		85
693,000		Benq Corp		407
490,641		Black & Decker Corp		38,932
132,084		Black Box Corp		5,141
207,703	*	Blount International, Inc		2,081
307,922		Briggs & Stratton Corp		8,483

64

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
449,004	*	Brooks Automation, Inc	$	5,860
181,681	e	Bucyrus International, Inc (Class A)		7,707
2,224,114		Canon, Inc		115,983
696		Cardo AB		21
234,013		Carlisle Cos, Inc		19,680
67,890	e	Cascade Corp		3,099
31,500		Casio Computer Co Ltd		635
3,852,647		Caterpillar, Inc		253,504
285,468	e	CDW Corp		17,608
611,858	*	Charter plc		9,772
2,779	*	Christ Water Technology AG.		45
620,245	e*	Cirrus Logic, Inc		4,522
1,347,553		Citizen Watch Co Ltd		11,088
162,543	e*	Columbus McKinnon Corp		2,931
273,645		Compal Electronics, Inc		242
200	*	Cray, Inc		2
551,720	e	Cummins, Inc		65,782
258,648	e	Curtiss-Wright Corp		7,850
240,605	e*	Cymer, Inc		10,565
4,500		Daifuku Co Ltd		57
27,000		Daihen Corp		136
34,400		Daikin Industries Ltd		1,019
41		Daum Commerce Co Ltd		1
1,247,247	e	Deere & Co		104,656
13,768,638	*	Dell, Inc		314,476
918,958		Delta Electronics, Inc		2,638
306,624	e	Diebold, Inc		13,347
357,609		Donaldson Co, Inc		13,196
1,830		Doosan Infracore Co Ltd		36
2,700	*	Dot Hill Systems Corp		11
1,255,165		Dover Corp		59,545
137,470	e*	Dresser-Rand Group, Inc		2,804
69,165	e*	Dril-Quip, Inc		4,681
17,971	*	Duro Felguera S.A.		108
1,433,606		Eaton Corp		98,704
1,599,000		Ebara Corp		5,794
5,754		Econocom Group		42
325,963	*	Electronics for Imaging, Inc		7,458
14,225,492	*	EMC Corp		170,421
649,941	*	Emulex Corp		11,809
93,464	*	ENGlobal Corp		579
124,345	e*	EnPro Industries, Inc		3,738
759,255	e*	Entegris, Inc		8,283
130	*	Exabyte Corp		-	^
705,348	e*	Extreme Networks, Inc		2,560
195,000		Ferrotec Corp		1,286
7,181,556		FKI plc		12,135
74,335	*	Flanders Corp		636
306,935	e*	Flow International Corp		3,981
235,075	*	Flowserve Corp		11,892
309,093	*	FMC Technologies, Inc		16,598
1,565,080		Fuji Photo Film Co Ltd		57,105
57,000		Furukawa Co Ltd		143
230,379	*	Gardner Denver, Inc		7,621
1,648,908	*	Gateway, Inc		3,116
64,363	*	Gehl Co		1,724
63,774,230		General Electric Co		2,251,230
9,000		Gigabyte Technology Co Ltd		7
356,942	e*	Global Imaging Systems, Inc		7,878

65

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
8,300		Glory Ltd	$	161
733,139	*	GMR Infrastructure Ltd		3,759
124,800	e*	Goodman Global, Inc		1,666
55,378		Gorman-Rupp Co		1,811
347,426		Graco, Inc		13,570
844,886	*	Grant Prideco, Inc		32,131
22,477		Heidelberger Druckmaschinen		927
20,503,890		Hewlett-Packard Co		752,288
13,300		Hikari Tsushin, Inc		695
60,000		Hitachi Construction Machinery Co Ltd		1,341
229,417	*	Husqvarna AB		2,700
151,966	*	Hydril		8,519
244,617		IDEX Corp		10,531
2,500,783		IMI plc		23,728
5,200		Ines Corp		35
7,245	*	InFocus Corp		21
304,251	*	Intermec, Inc		8,020
9,840,328		International Business Machines Corp		806,316
2,138,707		International Game Technology		88,756
148,989	e*	Intevac, Inc		2,503
2,000	*	Inventec Appliances Corp		6
3,135,360		Inventec Co Ltd		2,041
1,418,000		Ishikawajima-Harima Heavy Industries Co Ltd		4,334
3,900		Itochu Techno-Science Corp		198
1,083,776		Jabil Circuit, Inc		30,963
5,035,000		Japan Steel Works Ltd		34,440
720,421		Joy Global, Inc		27,095
102,266	*	Kadant, Inc		2,512
11,000		Kato Works Co Ltd		43
184,413	e	Kaydon Corp		6,827
5,800		Keihin Corp		148
164,396		Kennametal, Inc		9,313
17,340		Kinpo Electronics		6
176,772	e*	Komag, Inc		5,650
1,587,749		Komatsu Ltd		27,420
249,415		Komori Corp		5,078
292,500		Konica Minolta Holdings, Inc		3,917
869,218		Kubota Corp		7,138
325,914	e*	Kulicke & Soffa Industries, Inc		2,881
16,300		Kurita Water Industries Ltd		316
840,215	e*	Lam Research Corp		38,087
9,996		Larsen & Toubro Ltd		277
59,234	e*	LB Foster Co		954
1,187,000	v*	Lee Kee Holdings Ltd		407
276,064		Lennox International, Inc		6,322
942,198	*	Lexmark International, Inc		54,327
490		LG Electronics, Inc		19
4,784		LG Electronics, Inc (GDR)		90
69,260	e	Lindsay Manufacturing Co		1,991
996,334		Lite-On Technology Corp		1,230
140,751	*	Logitech International S.A.		3,056
85,350		Lufkin Industries, Inc		4,517
12,000		Makino Milling Machine Co Ltd		102
17,800		Makita Corp		523
372,943		Manitowoc Co, Inc		16,704
312,349		Meggitt plc		1,825
112,400		Melco Holdings, Inc		3,283
14,387	*	Mestek, Inc		209
703,305		Metso Oyj		25,881

66

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
81,300		Micron Machinery Co Ltd	$	2,608
300,812	*	Micros Systems, Inc		14,716
52,463	e*	Middleby Corp		4,043
1,443,492		Mitac International		1,522
5,137,890		Mitsubishi Heavy Industries Ltd		21,269
5,078,822		Mitsui & Co Ltd		64,579
103,000		Mitsui Engineering & Shipbuilding Co Ltd		335
428,900		Mitsumi Electric Co Ltd		5,918
160,445		Modec, Inc		3,328
309,048		Modine Manufacturing Co		7,519
23,400	*	M-Systems Flash Disk Pioneers		942
36,445		Nacco Industries, Inc (Class A)		4,953
132,174	e*	NATCO Group, Inc		3,807
195,263	*	Netgear, Inc		4,020
115,764		NN, Inc		1,369
243,716		Nordson Corp		9,715
1,010,000		NTN Corp		7,986
392,227		OCE NV		6,297
60,717	*	Ocean RIG ASA		379
292,403	*	Oil States International, Inc		8,041
54,000		Oki Electric Industry Co Ltd		122
104,000		Okuma Holdings, Inc		920
3,157		ONA S.A.		481
5,800		OSG Corp		83
24,600		OYL Industries Bhd		37
529,971		Pall Corp		16,328
607,026	e*	Palm, Inc		8,838
6,524	e*	PAR Technology Corp		59
1,277,121		Parker Hannifin Corp		99,271
231,934	*	Paxar Corp		4,634
4,285		Pinguely-Haulotte		111
1,100	*	Planar Systems, Inc		12
150,171	*	ProQuest Co		1,955
41,500		PT United Tractors Tbk		27
30,596		Quanta Computer, Inc		44
1,078,894	*	Quantum Corp		2,352
159,207	e*	Rackable Systems, Inc		4,357
118,163	e*	RBC Bearings, Inc		2,854
1,458,043		Rheinmetall AG.		106,126
8,521	*	Rimage Corp		191
194,600		Riso Kagaku Corp		3,517
70,284	e	Robbins & Myers, Inc		2,173
880,654		Rockwell Automation, Inc		51,166
667,085	*	Safeguard Scientifics, Inc		1,307
59,154		Safran S.A.		1,196
18,340		Samsung Corp		581
1,070,455	*	SanDisk Corp		57,312
1,580,742		Sandvik AB		18,119
2,270		Sartorius AG.		89
60,802		Sauer-Danfoss, Inc		1,458
34,166		Scania AB		2,037
203,906	e*	Scansource, Inc		6,184
296,148	e*	Scientific Games Corp (Class A)		9,418
183,000	e	Seagate Technology, Inc		4,225
1,249,635	v*	Seagate Technology, Inc		-	^
18,100		Seiko Epson Corp		493
106,076	e*	Semitool, Inc		1,097
94,000		Shanghai Electric Group Co Ltd		32
238,000		Shinmaywa Industries Ltd		1,140

67

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
2,526		SIG Holding AG.	$	729
131,137	e*	Sigma Designs, Inc		1,960
1,033,025		SKF AB		15,119
129,700		SMC Corp		17,162
936,866		Smith International, Inc		36,350
28,706		Solarworld AG.		1,577
4,413,450	e*	Solectron Corp		14,388
244,725		SPX Corp		13,078
72,186		Standex International Corp		2,013
491,736		Stanley Works		24,513
5,082		Sulzer AG.		4,050
2,303,000		Sumitomo Heavy Industries Ltd		19,282
1,115,362		Symbol Technologies, Inc		16,574
11,000		Synnex Technology International Corp		10
3,687	*	T-3 Energy Services, Inc		74
468,000		Tadano Ltd		4,307
808,230		Technip S.A.		45,935
606,000		Techtronic Industries Co		895
95,423	*	Tecumseh Products Co (Class A)		1,451
94,776		Tennant Co		2,307
674,080	*	Terex Corp		30,482
16,400		THK Co Ltd		387
427,090		Timken Co		12,719
47,000		Tokimec, Inc		107
170,669		Tokyo Electron Ltd		12,613
188,300		Tokyo Seimitsu Co Ltd		9,883
59,179		Tomra Systems ASA		361
248,777	e	Toro Co		10,491
3,687,077		Toshiba Corp		23,909
10,000		Toshiba Machine Co Ltd		79
6,000		Toyo Kanetsu K K		14
456,700		Toyota Tsusho Corp		12,024
80,002	e*	TurboChef Technologies, Inc		1,112
2,500,000		Tutt Bryant Group Ltd		3,093
144,912	*	Ultratech, Inc		1,930
27,656	*	Unaxis Holding AG.		9,267
3,901,250		Unisteel Technology Ltd		5,035
384,509	e*	VA Software Corp		1,546
602,499	e*	Varian Medical Systems, Inc		32,167
189,893	e*	VeriFone Holdings, Inc		5,421
63,028	*	Vestas Wind Systems A/S		1,683
516,209		Wartsila Oyj (Series B)		20,947
165,433	e	Watsco, Inc		7,612
11,586		Weir Group plc		104
963,972	*	Western Digital Corp		17,448
14,361		Wincor Nixdorf AG.		2,088
173,875		Woodward Governor Co		5,832
6,030		Woongjin Coway Co Ltd		147
28,700		Yokogawa Electric Corp		377
324,393	e*	Zebra Technologies Corp (Class A)		11,594
5,650		Zyxel Communications Corp		7
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		8,112,745
INSTRUMENTS AND RELATED PRODUCTS - 3.09%
116,209	e*	Abaxis, Inc		2,718
113,815	e*	Abiomed, Inc		1,683
58,331	*	ADE Corp		1,868
381,569	e*	Advanced Medical Optics, Inc		15,091
241,630		Advantest Corp		11,987

68

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
381,394	e*	Affymetrix, Inc	$	8,223
2,509,288	*	Agilent Technologies, Inc		82,029
350,128	e*	Align Technology, Inc		3,984
664,164	e	Allergan, Inc		74,792
403,444	e*	American Medical Systems Holdings, Inc		7,435
91,992	e*	American Science & Engineering, Inc		4,463
80,574	e	Analogic Corp		4,135
115,442	*	Anaren, Inc		2,432
70,874	*	Angiodynamics, Inc		1,468
4,537		Anritsu Corp		24
1,497,774		Applera Corp (Applied Biosystems Group)		49,591
59,375	e*	Argon ST, Inc		1,423
209,433	e*	Armor Holdings, Inc		12,007
126,758		Arrow International, Inc		4,032
153,171	e*	Arthrocare Corp		7,178
4,200		Asia Optical Co, Inc		20
95,575	e*	Aspect Medical Systems, Inc		1,631
1,087		Bacou-Dalloz		127
59,522	e	Badger Meter, Inc		1,499
3,328,280		BAE Systems plc		24,631
463,459	e	Bard (C.R.), Inc		34,759
220,665	e	Bausch & Lomb, Inc		11,062
4,001,148		Baxter International, Inc		181,892
17,199,208	m,v*	BB Bioventures L.P.		8,548
291,143		Beckman Coulter, Inc		16,758
1,645,170		Becton Dickinson & Co		116,264
1,800	e*	Biolase Technology, Inc		11
1,308,540		Biomet, Inc		42,122
105,284	*	Bio-Rad Laboratories, Inc (Class A)		7,447
151,438	*	Biosite, Inc		7,001
5,931,953	*	Boston Scientific Corp		87,734
281,530	*	Bruker BioSciences Corp		1,974
27,941	*	Caliper Life Sciences, Inc		136
211,947	*	Candela Corp		2,312
800	*	Cantel Medical Corp		11
107,009	*	Cardiodynamics International Corp		76
314,210	e*	Cepheid, Inc		2,269
161,032	e*	Cerus Corp		894
102,278	e	CNS, Inc		2,887
67,440		Cochlear Ltd		2,664
241,940	e*	Coherent, Inc		8,386
130,378	e	Cohu, Inc		2,325
5,958	*	Concord Camera Corp		3
173,587	*	Conmed Corp		3,664
195,527		Cooper Cos, Inc		10,461
528,648	e*	Credence Systems Corp		1,507
129,157	e*	Cyberonics, Inc		2,264
1,668,807		Danaher Corp		114,597
90,799		Datascope Corp		3,039
737,896		Dentsply International, Inc		22,218
295,597	e*	Depomed, Inc		1,206
97,636	e*	DexCom, Inc		1,087
120,351	*	Dionex Corp		6,131
131,564	e*	DJ Orthopedics, Inc		5,464
8,522	*	Dmatek Ltd		21
188,755	e	DRS Technologies, Inc		8,243
9,964	e*	DXP Enterprises, Inc		233
358,919	e*	Eagle Test Systems, Inc		5,929
3,226,639	e	Eastman Kodak Co		72,277

69

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
212,091		EDO Corp	$	4,853
67,855		Elekta AB		1,278
343,489	*	Encore Medical Corp		2,164
150,540	e*	ESCO Technologies, Inc		6,931
150,152	e*	Esterline Technologies Corp		5,069
93,146	*	ev3, Inc		1,584
1,525	*	Exactech, Inc		21
70,017	*	Excel Technology, Inc		2,072
300	e*	FARO Technologies, Inc		6
143,786	e*	FEI Co		3,035
1,531,494		Finmeccanica S.p.A.		34,199
631,400	*	Fisher Scientific International, Inc		49,401
403,436	e*	Flir Systems, Inc		10,957
263,345	e*	Formfactor, Inc		11,095
264,016	e*	Fossil, Inc		5,687
107,315	e*	Foxhollow Technologies, Inc		3,669
1,700	e*	Given Imaging Ltd		32
9,670,571	*	Golden Meditech Co Ltd		2,445
220,031	e*	Haemonetics Corp		10,297
196,956	*	HealthTronics, Inc		1,215
74,822	*	Herley Industries, Inc		926
306,416	*	Hologic, Inc		13,335
95,820	e*	ICU Medical, Inc		4,358
120,821	e*	I-Flow Corp		1,452
137,216	*	II-VI, Inc		3,419
263,190	e*	Illumina, Inc		8,696
310		Inficon Holding AG.		41
422,437	e*	Input/Output, Inc		4,195
118,519	*	Integra LifeSciences Holdings Corp		4,442
250,751	*	Intermagnetics General Corp		6,783
124,465	*	Intralase Corp		2,453
184,129	e*	Intuitive Surgical, Inc		19,416
183,294		Invacare Corp		4,311
337,286	*	Invensys Plc		1,312
158,670	e*	Ionatron, Inc		763
98,032	*	IRIS International, Inc		1,127
600	*	Ista Pharmaceuticals, Inc		4
172,636	*	Itron, Inc		9,633
247,827	*	Ixia		2,208
16,422,284		Johnson & Johnson		1,066,463
2,113		Keithley Instruments, Inc		27
59,931	e*	Kensey Nash Corp		1,754
46,743		Keyence Corp		10,763
1,534,838		Kla-Tencor Corp		68,254
416,888	*	Kopin Corp		1,397
300	*	KVH Industries, Inc		4
338,453	e*	Kyphon, Inc		12,665
375,648	e*	L-1 Identity Solutions, Inc		4,902
700	e*	LaBarge, Inc		7
5,883	*	LeCroy Corp		81
370,990	e*	LTX Corp		1,859
110,449		Luxottica Group S.p.A.		3,253
400	*	Lydall, Inc		4
79,196	e*	Measurement Specialties, Inc		1,477
64,535	*	Medical Action Industries, Inc		1,735
6,981,435		Medtronic, Inc		324,218
280,380	e	Mentor Corp		14,128
156,238	*	Merit Medical Systems, Inc		2,122
311,744	*	Mettler-Toledo International, Inc		20,622

70

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
700		Micronics Japan Co Ltd	$	19
233,494	*	Millipore Corp		14,313
179,086		Mine Safety Appliances Co		6,383
254,907	*	MKS Instruments, Inc		5,177
164,089	e*	Molecular Devices Corp		3,034
107,619	e	Movado Group, Inc		2,736
21,683,612	m,v*	MPM Bioventures II-QP, Lp		10,703
152,893	e	MTS Systems Corp		4,945
263,814	e	National Instruments Corp		7,213
106,492	e*	Natus Medical, Inc		1,454
72,371	e*	Neurometrix, Inc		1,376
234,690	*	Newport Corp		3,825
34,871	*	Nextest Systems Corp		459
349,000		Nikon Corp		7,209
1,503,000		Nippon Electric Glass Co Ltd		33,146
944		Nobel Biocare Holding AG.		230
18,524	e*	Northstar Neuroscience, Inc		245
3,419	*	Novoste Corp		8
191,039	e*	NuVasive, Inc		3,842
70,021	e*	NxStage Medical, Inc		614
146,468	e	Oakley, Inc		2,497
576,182		Olympus Corp		16,975
6,000		Optimax Technology Corp		4
500	*	Orbotech Ltd		12
200,000		Osaki Electric Co Ltd		1,967
23,098	*	OYO Geospace Corp		1,311
114,306	e*	Palomar Medical Technologies, Inc		4,824
8,827,397		PCCW Ltd		5,393
626,680		PerkinElmer, Inc		11,863
185,135		Phonak Holding AG.		11,711
106,023	*	Photon Dynamics, Inc		1,407
1,009,225		Pitney Bowes, Inc		44,779
142,012	e	PolyMedica Corp		6,080
621,090		Premier Image Technology Corp		1,092
80,538	*	Qiagen NV		1,261
2,772		Q-Med AB		40
223,759	e*	RAE Systems, Inc		682
926,700	*	Resmed, Inc		3,730
354,345	e*	Resmed, Inc		14,262
346,308	*	Respironics, Inc		13,371
110,939	*	Rofin-Sinar Technologies, Inc		6,742
387,375		Roper Industries, Inc		17,331
153,997	e*	Rudolph Technologies, Inc		2,823
617		Samsung Techwin Co Ltd		25
295,776	e*	Sirf Technology Holdings, Inc		7,096
104,189		Sirona Dental Systems, Inc		3,431
4,126,206	m,v*	Skyline Venture Partners Qualified II		2,343
755,000	m,v*	Skyline Venture Partners Qualified III		755
416,770		Smith & Nephew plc		3,833
6,066	*	Somanetics Corp		121
151,741	e*	Sonic Solutions, Inc		2,313
92,886	*	SonoSite, Inc		2,638
177,625	*	Spectranetics Corp		2,078
1,809,352	*	St. Jude Medical, Inc		63,852
127,727	e*	Star Scientific, Inc		395
720,244		STERIS Corp		17,329
1,469,671	e	Stryker Corp		72,881
146,186		Swatch Group AG.		28,245
62,851		Swatch Group AG.		2,438

71

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
202,031	*	Symmetry Medical, Inc	$	3,049
9,900	e*	Syneron Medical Ltd		229
1,758	*	Synovis Life Technologies, Inc		13
15,476		Synthes, Inc		1,720
373,478		Tecan Group AG.		18,637
216,146	*	Techne Corp		10,993
384,422		Tektronix, Inc		11,121
363,097	*	Teledyne Technologies, Inc		14,379
1,838,763	*	Teradyne, Inc		24,198
636,928		Terumo Corp		24,156
701,221	*	Thermo Electron Corp		27,579
278,520	*	ThermoGenesis Corp		1,078
292,981	e*	Thoratec Corp		4,573
357,329	*	Trimble Navigation Ltd		16,823
176,280	e*	TriPath Imaging, Inc		1,592
108,518	e	United Industrial Corp		5,806
31,201	*	Urologix, Inc		88
201,778	*	Varian, Inc		9,256
175,840	e*	Veeco Instruments, Inc		3,543
172,922	*	Ventana Medical Systems, Inc		7,060
191,311	*	Viasys Healthcare, Inc		5,211
106,616	*	Vital Images, Inc		3,367
43,514		Vital Signs, Inc		2,463
300	e*	Vnus Medical Technologies, Inc		2
1,200	*	Volcano Corp		14
690,289	*	Waters Corp		31,256
20,957	*	William Demant Holding		1,609
186,721	e*	Wright Medical Group, Inc		4,528
4,599,801	*	Xerox Corp		71,573
135,625	e	X-Rite, Inc		1,457
27,823		Young Innovations, Inc		1,001
1,400,112	*	Zimmer Holdings, Inc		94,508
145,212	*	Zoll Medical Corp		5,212
85,375	e*	Zygo Corp		1,089
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		3,797,010
INSURANCE AGENTS, BROKERS AND SERVICE - 0.57%
10,679		Alexander Forbes Ltd		22
2,250,755		AON Corp		76,233
551,733	e	Brown & Brown, Inc		16,861
153,670		Clark, Inc		1,732
186,406	e	Crawford & Co (Class B)		1,266
549,129		FBD Holdings plc		26,251
399,834	e	Gallagher (Arthur J.) & Co		10,664
2,404,956		Hartford Financial Services Group, Inc		208,630
6,579,373		HBOS plc		130,210
213,739		Hilb Rogal & Hobbs Co		9,116
46,009	*	James River Group, Inc		1,350
5,296,424		Marsh & McLennan Cos, Inc		149,094
53,540		MLP AG.		1,199
218,145	e	National Financial Partners Corp		8,950
8,217		OAMPS Ltd		28
1,959,858		QBE Insurance Group Ltd		35,787
625,136		Sanlam Ltd		1,372
961,413		Suncorp-Metway Ltd		15,721
2,000		Tsuruha Holdings, Inc		82
1,781,483		Unipol S.p.A.		5,275
255,486	e*	USI Holdings Corp		3,462
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		703,305

72

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
INSURANCE CARRIERS - 5.26%
173,519	e	21st Century Insurance Group	$	2,594
1,539,807		ABC Learning Centres Ltd		7,184
1,100,829		ACE Ltd		60,248
1,317,494	*	Admiral Group Plc		20,450
1,666,092		Aegon NV		31,247
7,060		Aegon NV		133
9,798,739		Aetna, Inc		387,540
75,731	e	Affirmative Insurance Holdings, Inc		1,109
3,214,227		Aflac, Inc		147,083
1,772,000		Aioi Insurance Co Ltd		12,196
3,205		Aksigorta A.S.		12
204,264		Alfa Corp		3,528
165,888		Alleanza Assicurazioni S.p.A		1,939
21,502	e*	Alleghany Corp		6,214
461,602		Allianz AG.		79,887
80,000	e*	Allied World Assurance Holdings Ltd		3,232
3,025,877		Allstate Corp		189,813
1,290	*	Alm. Brand Skadesforsikring A/S		68
433,633		Ambac Financial Group, Inc		35,883
326,119	e	American Equity Investment Life Holding Co		4,001
533,065		American Financial Group, Inc		25,017
14,376,361		American International Group, Inc		952,578
72,947		American National Insurance Co		8,455
61,924	*	American Physicians Capital, Inc		2,996
759,021	*	AMERIGROUP Corp		22,429
164,627		AmerUs Group Co		11,196
5,064,638		AMP Ltd		33,746
178,484	*	Argonaut Group, Inc		5,538
427,001		Aspen Insurance Holdings Ltd		11,029
422,304		Assicurazioni Generali S.p.A.		15,797
482,432	e	Assurant, Inc		25,767
3,645,367		Aviva plc		53,443
1,685,563		AXA Asia Pacific Holdings Ltd		8,166
6,223,399		AXA S.A.		229,488
1,608,315		Axis Capital Holdings Ltd		55,792
61,742	e	Baldwin & Lyons, Inc (Class B)		1,495
88,281		Bristol West Holdings, Inc		1,284
12,574		Brit Insurance Holdings plc		71
251,881	e*	Centene Corp		4,141
28,995		Chesnara plc		96
8,600	e	China Life Insurance Co Ltd (ADR)		672
4,402,836		China Life Insurance Co Ltd (H Shs)		8,613
2,706,160		Chubb Corp		140,612
839,197		Cincinnati Financial Corp		40,332
11,945	e*	Citizens, Inc		69
13,006		Clal Insurance		261
124,355	*	CNA Financial Corp		4,479
92,733	e*	CNA Surety Corp		1,873
264,094		CNP Assurances		25,619
9,415		Codan A/S		669
377,294	e	Commerce Group, Inc		11,338
1,986,355	e*	Conseco, Inc		41,694
132,437		Corp Mapfre S.A.		2,768
2,635,996		Credit Suisse Group		152,517
7,400	*	Darwin Professional Underwriters, Inc		164
335,041		Delphi Financial Group, Inc (Class A)		13,361
91,738	e	Direct General Corp		1,235

73

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
74,800		Donegal Group, Inc	$	1,512
84,187		Dongbu Insurance Co Ltd		1,993
34,525	e	EMC Insurance Group, Inc		996
185,975		Erie Indemnity Co (Class A)		9,740
286,159		Everest Re Group Ltd		27,909
30,347	e	Fairfax Financial Holdings Ltd		3,938
109,701	e	FBL Financial Group, Inc (Class A)		3,672
708,686		Fidelity National Financial, Inc		29,517
120,167	e	Fidelity National Title Group, Inc		2,519
94,214	e*	First Acceptance Corp		1,083
871,541	e	First American Corp		36,901
479,209		Fondiaria-Sai S.p.A		21,019
58,197	*	Fpic Insurance Group, Inc		2,305
679,518		Friends Provident plc		2,462
782,000		Fuji Fire & Marine Insurance Co Ltd		3,138
3,057,114		Genworth Financial, Inc		107,030
46,251		Great American Financial Resources, Inc		968
545,853		Great-West Lifeco, Inc		14,704
227,855		Hanover Insurance Group, Inc		10,169
108,725		Harleysville Group, Inc		3,804
725,190	e	HCC Insurance Holdings, Inc		23,844
773,874	*	Health Net, Inc		33,679
155,762	*	HealthExtras, Inc		4,410
109,066	*	Healthspring, Inc		2,100
364,933		Horace Mann Educators Corp		7,018
1,411,147	*	Humana, Inc		93,263
954		Hyundai Marine & Fire Insurance Co Ltd		13
31,953		Independence Holding Co		695
123,962		Infinity Property & Casualty Corp		5,099
4,447,109		ING Groep NV		195,623
1,973,705		Insurance Australia Group Ltd		7,767
4,037	e	IPC Holdings Ltd		123
97,798		Irish Life & Permanent plc		2,450
24,169		Kansas City Life Insurance Co		1,101
78,433		KBC Groep NV		8,260
15,115	*	KMG America Corp		111
7,566		Korean Reinsurance Co		94
2,182,100		Kurnia Asia Bhd		675
172,161	e	LandAmerica Financial Group, Inc		11,326
731,514		Leucadia National Corp		19,144
3,965		Liberty Group Ltd		37
1,151,944		Lincoln National Corp		71,513
3,341,173		Loews Corp		126,630
3,317,948		Manulife Financial Corp		106,863
41,450	e*	Markel Corp		17,022
381,375	e	Max Re Capital Ltd		8,756
547,473		MBIA, Inc		33,637
160,334	e*	Meadowbrook Insurance Group, Inc		1,805
214,923		Mediolanum S.p.A.		1,597
115,365		Mercury General Corp		5,723
3,043,509	e	Metlife, Inc		172,506
491,534		Metropolitan Holdings Ltd		773
410,147		MGIC Investment Corp		24,597
56,916		Midland Co		2,466
1,347,000	v	Millea Holdings, Inc		46,810
1,917,525		Mitsui Sumitomo Insurance Co Ltd		23,976
193,505	e*	Molina Healthcare, Inc		6,842
1,015,604	e	Montpelier Re Holdings Ltd		19,693
349,876		Muenchener Rueckver AG.		55,329

74

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
87,108	e	National Interstate Corp	$	2,143
14,752	e	National Western Life Insurance Co (Class A)		3,391
269,088		Nationwide Financial Services, Inc (Class A)		12,943
60,742	*	Navigators Group, Inc		2,916
880,000		Nipponkoa Insurance Co Ltd		7,018
983,000		Nissay Dowa General Insurance Co Ltd		6,291
18,396		NYMAGIC, Inc		583
88,619	e	Odyssey Re Holdings Corp		2,994
392,434	e	Ohio Casualty Corp		10,152
1,785,366		Old Mutual plc		5,599
936,672		Old Republic International Corp		20,747
567,661	e	PartnerRe Ltd		38,357
473,142	*	Philadelphia Consolidated Holding Co		18,822
822,016		Phoenix Cos, Inc		11,508
82,000	*	PICC Property & Casualty Co Ltd		30
180,000		Ping An Insurance (Group) Co of China Ltd		647
267,076		Platinum Underwriters Holdings Ltd		8,234
182,293	*	PMA Capital Corp (Class A)		1,608
548,066	e	PMI Group, Inc		24,011
829,893		Power Corp Of Canada		23,633
456,904		Power Financial Corp		13,866
124,000		Presidential Life Corp		2,774
2,051,296	e	Principal Financial Group		111,344
178,393	e*	ProAssurance Corp		8,791
4,750,237		Progressive Corp		116,571
386,985		Protective Life Corp		17,705
3,127,309		Prudential Financial, Inc		238,457
4,782,916		Prudential plc		59,418
471,825		Radian Group, Inc		28,310
129,317	e	Reinsurance Group Of America, Inc		6,715
8,611		Republic Cos Group, Inc		171
2,553,578		Resolution plc		29,524
145,726		RLI Corp		7,401
10,947,868		Royal & Sun Alliance Insurance Group plc		30,542
720,406	e	Safeco Corp		42,454
95,816		Safety Insurance Group, Inc		4,662
22,548		Samsung Fire & Marine Insurance Co Ltd		3,467
43,214	*	SCPIE Holdings, Inc		1,017
66,673	e*	SeaBright Insurance Holdings, Inc		931
199,700		Selective Insurance Group, Inc		10,506
1,188,529		Sompo Japan Insurance, Inc		15,565
4,625,042		St. Paul Travelers Cos, Inc		216,868
376,782		Stancorp Financial Group, Inc		16,816
550,500	*	Standard Life Plc		2,791
82,748		State Auto Financial Corp		2,528
176,242		Stewart Information Services Corp		6,128
80,333		Storebrand ASA		848
1,119,547		Sun Life Financial, Inc		45,924
124,513		Swiss Reinsurance Co		9,529
741,200		T&D Holdings, Inc		53,649
6,983	*	Topdanmark A/S		964
405,927		Torchmark Corp		25,618
159,254		Tower Group, Inc		5,311
117,747		Transatlantic Holdings, Inc		7,113
56,768	*	Triad Guaranty, Inc		2,905
15,201		TrygVesta A.S.		906
120,185	e	United Fire & Casualty Co		3,762
7,865,661		UnitedHealth Group, Inc		386,991
226,435		Unitrin, Inc		10,002

75

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
176,718	e*	Universal American Financial Corp	$	2,840
2,108,726	e	UnumProvident Corp		40,888
82,441	*	Vesta Insurance Group, Inc		1
1,778,419		W.R. Berkley Corp		62,938
425,611	*	WellCare Health Plans, Inc		24,102
5,964		Wesco Financial Corp		2,606
10,546		Wiener Staedtische Allgemeine Versicherung AG.		662
561,567	e	XL Capital Ltd (Class A)		38,580
381,677		Zenith National Insurance Corp		15,225
759,306		Zurich Financial Services AG.		186,570
		TOTAL INSURANCE CARRIERS		6,462,793
JUSTICE, PUBLIC ORDER AND SAFETY - 0.02%
362,489	*	Corrections Corp of America		15,678
74,476	*	Geo Group, Inc		3,147
1,955,715	*	PAN Fish ASA		1,540
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		20,365
LEATHER AND LEATHER PRODUCTS - 0.15%
224,846		Adidas-Salomon AG.		10,578
2,786,587	*	Coach, Inc		95,859
57,652	e*	CROCS, Inc		1,957
136,438	e*	Genesco, Inc		4,703
54,960		Hermes International		5,081
202,166	e*	Iconix Brand Group, Inc		3,255
298,390		LVMH Moet Hennessy Louis Vuitton S.A.		30,743
60,687		Pou Chen Corp		50
120,768		Steven Madden Ltd		4,739
339,093	*	Timberland Co (Class A)		9,756
54,090		Weyco Group, Inc		1,210
375,012	e	Wolverine World Wide, Inc		10,617
756,104		Yue Yuen Industrial Holdings		2,349
		TOTAL LEATHER AND LEATHER PRODUCTS		180,897
LEGAL SERVICES - 0.01%
246,370	e*	FTI Consulting, Inc		6,174
89,558		Pre-Paid Legal Services, Inc		3,553
		TOTAL LEGAL SERVICES		9,727
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.02%
268,874		Brisa-Auto Estradas de Portugal S.A.		2,980
1,382,000		ComfortDelgro Corp Ltd		1,471
269,000		Keihin Electric Express Railway Co Ltd		1,965
164,000		Keisei Electric Railway Co Ltd		1,005
397,546		Laidlaw International, Inc		10,865
413,168		SMRT Corp Ltd		289
946,000		Tobu Railway Co Ltd		4,773
		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		23,348
LUMBER AND WOOD PRODUCTS - 0.04%
126,419	e	American Woodmark Corp		4,259
445,664	*	Champion Enterprises, Inc		3,075
59,937		Deltic Timber Corp		2,857
109,017		Duratex S.A.		1,241
1,260,047		Louisiana-Pacific Corp		23,651
1,440,406		Masisa S.A.		246
58,015		Nobia AB		1,940
40,161		Skyline Corp		1,535
66,661	*	Sonae Industria SGPS S.A.		604

76

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
1,747	*	Tenon Ltd	$	4
122,911	e	Universal Forest Products, Inc		6,029
		TOTAL LUMBER AND WOOD PRODUCTS		45,441
METAL MINING - 0.67%
244,029		Agnico-Eagle Mines Ltd		7,556
267,111		Alumina Ltd		1,232
21,160		Anglo Platinum Ltd		2,138
54,232		AngloGold Ashanti Ltd		2,028
1,700	e	AngloGold Ashanti Ltd (ADR)		64
1,671,902		Barrick Gold Corp		51,350
387,155	*	Barrick Gold Corp		11,893
913,916	*	Bema Gold Corp		4,023
1,114,973		Boliden AB		21,149
673,800		Cameco Corp		24,553
1,384		CAP S.A.		18
21,103		Cia de Minas Buenaventura S.A.		582
5,600		Cia de Minas Buenaventura S.A. (ADR)		151
276,451		Cia Vale do Rio Doce		5,126
259,073		Cia Vale do Rio Doce		5,582
283,040	e	Cleveland-Cliffs, Inc		10,787
1,609,851	e*	Coeur d'Alene Mines Corp		7,582
26,600	e	Companhia Vale do Rio Doce (ADR)		492
658,592	*	Eldorado Gold Corp		2,858
228,244		First Quantum Minerals Ltd		10,667
411,524		Foundation Coal Holdings, Inc		13,321
1,692,841	e	Freeport-McMoRan Copper & Gold, Inc (Class A)		90,161
337,010	*	Glamis Gold Ltd		13,248
172,870		Gold Fields Ltd		3,052
7,300		Gold Fields Ltd (ADR)		130
753,799		Goldcorp, Inc		17,777
99,924	*	Harmony Gold Mining Co Ltd		1,290
7,900	e*	Harmony Gold Mining Co Ltd (ADR)		102
721,375	e*	Hecla Mining Co		4,141
38,486		Iluka Resources Ltd		204
15,567		Impala Platinum Holdings Ltd		2,568
4,900		Impala Platinum Holdings Ltd (ADR)		204
374,804	*	Inco Ltd		28,573
561,992		Inco Ltd		42,863
319,322	*	Ivanhoe Mines Ltd		1,991
707,825	*	Kinross Gold Corp		8,859
102,723		Kumba Resources Ltd		1,741
4,000,000		Lanna Resources PCL		1,171
200,549	*	Meridian Gold, Inc		4,970
6,159		Minsur S.A.		9
24,100		MMC Norilsk Nickel (ADR)		3,079
375,337		MMC Norilsk Nickel (ADR)		48,794
570,347		Newcrest Mining Ltd		9,564
4		Newmont Mining Corp		-	^
2,022,670	e	Newmont Mining Corp		86,469
26,243		Novolipetsk Steel (GDR)		508
2,575,994		Oxiana Ltd		5,568
8,884	*	Oxus Gold plc		3
368,143	*	Paladin Resources Ltd		1,303
98,209	*	PAN American Silver Corp		1,909
1,020,862		Phelps Dodge Corp		86,467
513,036	e*	Polyus Gold (ADR)		21,804
24,328	*	Portman Ltd		86
1,658,500		PT International Nickel Indonesia Tbk		4,135

77

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
392,803		Rio Tinto Ltd	$	20,522
1,140,132		Rio Tinto plc		53,944
113,513	e	Royal Gold, Inc		3,080
40,595	e	Southern Copper Corp		3,755
13,129		Southern Copper Corp		1,221
35,344	*	St Barbara Ltd		13
235,961	e*	Stillwater Mining Co		1,982
40,416		Sumitomo Titanium Corp		4,807
482,288		Teck Cominco Ltd (Class B)		30,204
19,317		Umicore		2,859
320,578	*	Volcan Cia Minera S.A.		515
504,543		Yamana Gold, Inc		4,649
700,000		Zijin Mining Group Co Ltd (Class H)		349
2,069,728		Zinifex Ltd		18,125
		TOTAL METAL MINING		821,920
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.35%
116,620		Aderans Co Ltd		3,021
26,830		Amer Sports Oyj		602
5,405,863		Anglo American plc		226,016
260,313		Blyth, Inc		6,333
60,314		Bulgari S.p.A.		768
449,003	e	Callaway Golf Co		5,886
1,100	e	Charles & Colvard Ltd		13
226,597	e	Daktronics, Inc		4,688
100		Escalade, Inc		1
756,938		Fortune Brands, Inc		56,854
22,880		Fu Sheng Industrial Co Ltd		21
6,533,992		Futuris Corp Ltd		9,886
1,115,352		Hasbro, Inc		25,374
210,017	e*	Jakks Pacific, Inc		3,745
280,563	*	K2, Inc		3,291
31,300		Magnum Corp Bhd		18
91,792	e	Marine Products Corp		892
1,632,772		Mattel, Inc		32,166
17,000		Mitsuboshi Belting Co Ltd		107
30,625		Namco Bandai Holdings, Inc		481
194,038	e	Nautilus, Inc		2,668
113,203,000	a	Playmates Holdings Ltd		12,060
205,522	e*	Progressive Gaming International Corp		1,685
117,589	*	RC2 Corp		3,943
70,569	*	Russ Berrie & Co, Inc		1,075
188,830		Sankyo Co Ltd		10,087
210,519	e*	Shuffle Master, Inc		5,686
40,759	*	Steinway Musical Instruments, Inc		1,141
87,000		Tasaki Shinju Co Ltd		433
278,100		Yamaha Corp		5,850
344,095	e	Yankee Candle Co, Inc		10,072
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		434,863
MISCELLANEOUS RETAIL - 1.05%
147,294	*	1-800-FLOWERS.COM, Inc (Class A)		775
87,552	e*	AC Moore Arts & Crafts, Inc		1,666
800	e*	Alloy, Inc		9
1,522,629	e*	Amazon.com, Inc		48,907
6,200		AOKI Holdings, Inc		107
117,526	*	Aygaz A.S.		262
548,090	e	Barnes & Noble, Inc		20,795
5,809		Beate Uhse AG.		34

78

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
123,097		Big 5 Sporting Goods Corp	$	2,807
13,305		Blair Corp		343
106,137	e*	Blue Nile, Inc		3,858
100,638	e	Books-A-Million, Inc		1,796
373,953	e	Borders Group, Inc		7,629
78,530	e*	Build-A-Bear Workshop, Inc		1,788
237,722	e	Cash America International, Inc		9,290
78,700		Circle K Sunkus Co Ltd		1,479
292,890	e*	CKX, Inc		3,646
263,271	e*	Coldwater Creek, Inc		7,572
542,593		Compagnie Financiere Richemont AG. (Units) (A Shs)		26,122
6,023,520	e	CVS Corp		193,475
167	*	Daum Communications Corp		8
65,329		DCC plc		1,632
139,439	e*	dELiA*s, Inc		1,074
164,020	e*	Dick's Sporting Goods, Inc		7,466
591,200		Dickson Concepts International Ltd		592
1,462,377	*	Dollar Tree Stores, Inc		45,275
8,082		Douglas Holding AG.		378
518,453	*	Drugstore.com, Inc		1,789
40,000		EDION Corp		686
117,020	e*	Ezcorp, Inc		4,526
83,485		Folli-Follie S.A.		2,424
1,364,710		Game Group plc		2,255
300	e*	Golf Galaxy, Inc		4
22,985	*	Gruppo Coin S.p.A.		119
225,876	e*	GSI Commerce, Inc		3,352
1,006		Hellenic Duty Free Shops S.A.		17
214,000	e*	Hibbett Sporting Goods, Inc		5,603
1,419,369		HMV Group plc		4,305
2,501,598		Hutchison Whampoa Ltd		22,092
720,000		Ichitaka Co Ltd		2,146
672		Index Corp		487
15,000		Izumiya Co Ltd		101
207,930		Jean Coutu Group, Inc		2,212
380,929	*	KarstadtQuelle AG.		9,057
9,000		Kojima Co Ltd		107
42,000		Largan Precision Co Ltd		860
1,155,309		Lifestyle International Holdings Ltd		2,284
248,051		Longs Drug Stores Corp		11,413
4,647		Majestic Wine Plc		26
25,300		Matsumotokiyoshi Co Ltd		608
648,141		Michaels Stores, Inc		28,220
190,326		MSC Industrial Direct Co (Class A)		7,754
3		MTI Ltd		6
85,116		Next plc		3,022
957,000		Nippon Mining Holdings, Inc		6,765
160,933	e*	Nutri/System, Inc		10,025
2,116,431	*	Office Depot, Inc		84,022
398,397	e	OfficeMax, Inc		16,231
467,626		Origin Energy Ltd		2,325
70,284	e*	Overstock.com, Inc		1,232
1,511,019		Pacific Brands Ltd		2,849
11,600		Parco Co Ltd		145
340,017	*	Petco Animal Supplies, Inc		9,738
821,545		Petsmart, Inc		22,798
154,363	e*	Priceline.com, Inc		5,679
18,404	*	Pricesmart, Inc		278
9,144,082	e*	Rite Aid Corp		41,514

79

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
55,700		Ryohin Keikaku Co Ltd	$	3,937
1,148,000		Sa Sa International Holdings Ltd		404
204,577		Sanoma-WSOY Oyj		5,248
589,464	*	Sears Holdings Corp		93,188
11,000		Senshukai Co Ltd		124
32,381	e*	Sharper Image Corp		334
443,193		Shoppers Drug Mart Corp		18,104
643,668		Signet Group plc		1,332
29,205		Spar Group Ltd		136
109,266	*	Stamps.com, Inc		2,083
5,065,558		Staples, Inc		123,245
53,824	e*	Systemax, Inc		862
613,349	e	Tiffany & Co		20,363
519,600		Tsutsumi Jewelry Co Ltd		16,495
162,045	*	Valuevision International, Inc (Class A)		1,878
6,122,084		Walgreen Co		271,759
7,765	*	Wh Smith plc		52
159,614	e	World Fuel Services Corp		6,456
200,706		Xebio Co Ltd		6,202
294,591	e*	Zale Corp		8,172
83,013	e*	Zumiez, Inc		2,241
		TOTAL MISCELLANEOUS RETAIL		1,290,476
MOTION PICTURES - 1.13%
61,445		Astral Media, Inc		2,212
718,800		Astro All Asia Networks plc		967
249,407	e*	Avid Technology, Inc		9,083
1,132,428	e*	Blockbuster, Inc (Class A)		4,349
71,675	e	Carmike Cinemas, Inc		1,231
5,913,679		CBS Corp		166,588
1,168,848	e*	Discovery Holding Co (Class A)		16,902
332,056	*	DreamWorks Animation SKG, Inc (Class A)		8,272
93,928	*	Gaiam, Inc		1,213
295,970	e*	Macrovision Corp		7,012
15,164,250		News Corp (Class A)		297,978
259,000		News Corp (Class B)		5,346
29,194	*	Premiere AG.		389
302,735	e	Regal Entertainment Group (Class A)		6,000
437,614	*	Time Warner Telecom, Inc (Class A)		8,319
24,341,420		Time Warner, Inc		443,744
30,000		Toei Animation Co Ltd		649
88,200		Toho Co Ltd		1,792
13,195,498	e	Walt Disney Co		407,873
20,357	e*	WPT Enterprises, Inc		77
		TOTAL MOTION PICTURES		1,389,996
NONDEPOSITORY INSTITUTIONS - 1.76%
1,730		Aareal Bank AG.		77
105,293	e*	Accredited Home Lenders Holding Co		3,784
43,590		Acom Co Ltd		1,860
507,566	e	Advance America Cash Advance Centers, Inc		7,319
5,498		Advanta Corp (Class A)		187
89,735	e	Advanta Corp (Class B)		3,311
271,300		Aeon Credit Service Co Ltd		6,488
1,524,500		Aeon Thana Sinsap Thailand PCL		1,786
1,100		AFP Provida S.A. (ADR)		29
139,728		Aiful Corp		5,406
884,471	e	American Capital Strategies Ltd		34,910
7,430,066		American Express Co		416,678

80

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
1,339,867	e*	AmeriCredit Corp	$	33,483
225,227		Ares Capital Corp		3,923
64,611	e	Asta Funding, Inc		2,422
39,889		Australian Wealth Management Ltd		74
400		Beverly Hills Bancorp, Inc		3
1,279,600		Bursa Malaysia Bhd		1,978
2,514,750		Capital One Financial Corp		197,810
628,317	e	CapitalSource, Inc		16,223
277,516		Cattles plc		1,973
1,483,063		Challenger Financial Services Group Ltd		3,835
286,580	e	CharterMac		5,720
921,236		CIT Group, Inc		44,800
243,754	e*	CompuCredit Corp		7,364
3,744,242		Countrywide Financial Corp		131,198
43,550	*	Credit Acceptance Corp		1,293
236,573		Credit Saison Co Ltd		9,974
578,000		D Carnegie AB		12,186
400		Delta Financial Corp		4
2,476,124		Deutsche Postbank AG.		187,921
512,368	e	Doral Financial Corp		3,377
1,000	*	Encore Capital Group, Inc		13
7,151,102		Fannie Mae		399,818
99,566		Federal Agricultural Mortgage Corp (Class C)		2,636
156,177		Financial Federal Corp		4,186
173,326	e*	First Cash Financial Services, Inc		3,569
674,225		First Financial Holding Co Ltd		458
145,866	e	First Marblehead Corp		10,103
4,003,069		Freddie Mac		265,524
30,000		Hitachi Capital Corp		571
729,000		Hong Leong Finance Ltd		1,496
1,353,766		Hypo Real Estate Holding AG.		84,459
412,343		ICAP plc		3,984
308,962		ICICI Bank Ltd		4,707
177,230		IGM Financial, Inc		7,460
4,918		Infrastructure Development Finance Co Ltd		7
4,754		Intermediate Capital Group plc		127
332,888	*	INVESTools, Inc		3,539
7,000		Japan Securities Finance Co Ltd		83
518		Kenedix, Inc		2,890
2,415,000		Kim Eng Holdings Ltd		2,129
63,981		Kotak Mahindra Bank Ltd		464
308,662		MCG Capital Corp		5,040
53,425		Medallion Financial Corp		589
2,123,360		Mega Financial Holding Co Ltd		1,504
171,170	*	Nelnet, Inc		5,262
101,328	e	NGP Capital Resources Co		1,478
5,588,360		Nissin Co Ltd		3,501
451,693	e*	Ocwen Financial Corp		6,730
1,263		OZ Holding AG.		88
48,086	*	Penson Worldwide, Inc		863
59,243		Perpetual Trustees Australia Ltd		3,228
39,018	*	Polaris Securities Co Ltd		17
54,100		Promise Co Ltd		2,153
213,998		Provident Financial plc		2,506
54,133		Reliance Capital Ltd		673
40,650		SFCG Co Ltd		7,712
2,459,572		SLM Corp		127,849
29,200		SM Investments Corp		145
19,516	*	Smiths News plc		44

81

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
18,785		Student Loan Corp	$	3,610
1,535,000		Taishin Financial Holdings Co Ltd		777
699,890		Takefuji Corp		32,113
112,079	e	Technology Investment Capital Corp		1,640
108,600		Thanachart Capital PCL		43
38,133	*	United PanAm Financial Corp		590
165,492	*	World Acceptance Corp		7,278
		TOTAL NONDEPOSITORY INSTITUTIONS		2,161,052
NONMETALLIC MINERALS, EXCEPT FUELS - 0.08%
80,927		Aber Diamond Corp		2,574
132,588	e	AMCOL International Corp		3,303
86,475		Cimsa Cimento Sanayi Ve Ticaret A.S.		500
185,961		Compass Minerals International, Inc		5,265
263,054		Florida Rock Industries, Inc		10,183
770,395		Grupo Mexico S.A. de C.V.		2,409
3,647,000		Itochu Corp		28,250
33,284		Solvay S.A.		4,305
2,118,100	*	Tiberon Minerals Ltd		4,396
529,358		Vulcan Materials Co		41,422
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		102,607
OIL AND GAS EXTRACTION - 2.24%
78,736		Aker Kvaerner ASA		6,997
2,669,024		Anadarko Petroleum Corp		116,983
63,837	e*	Arena Resources, Inc		2,050
105,589		Atlas America, Inc		4,507
113,740	*	ATP Oil & Gas Corp		4,202
162,378	*	Atwood Oceanics, Inc		7,302
348,842	*	Aurora Oil & Gas Corp		1,067
1,688,994		Baker Hughes, Inc		115,189
151,371	*	Basic Energy Services, Inc		3,693
205,226	e	Berry Petroleum Co (Class A)		5,779
3,892,993		BG Group plc		47,306
164,276	e*	Bill Barrett Corp		4,035
1,358,738		BJ Services Co		40,939
97,638	*	Bois d'Arc Energy, Inc		1,494
203,062	*	Brigham Exploration Co		1,375
78,743	e*	Bronco Drilling Co, Inc		1,384
239,322		Cabot Oil & Gas Corp (Class A)		11,471
112,401	e*	Callon Petroleum Co		1,524
1,268,345	*	Cameron International Corp		61,274
1,199,982		Canadian Natural Resources Ltd		54,688
535,130		Canadian Oil Sands Trust		14,277
277,152		Canetic Resources Trust		4,689
120,022	e*	Carrizo Oil & Gas, Inc		3,095
267,116	e*	Cheniere Energy, Inc		7,936
1,510,529	e	Chesapeake Energy Corp		43,775
402,761	e	Cimarex Energy Co		14,173
31,831	*	Clayton Williams Energy, Inc		964
5,155,000		CNOOC Ltd		4,288
4,100		CNOOC Ltd (ADR)		341
127,573	*	CNX Gas Corp		2,956
149,447	e*	Complete Production Services, Inc		2,950
260,817	*	Comstock Resources, Inc		7,081
7,483	*	Dana Petroleum plc		166
43,166	*	Dawson Geophysical Co		1,282
222,060	e	Delta & Pine Land Co		8,993
305,447	e*	Delta Petroleum Corp		6,879

82

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
2,204,158	*	Denbury Resources, Inc	$	63,700
655,994	*	DET Norske Oljeselskap		913
2,380,704		Devon Energy Corp		150,341
258,009	e	Diamond Offshore Drilling, Inc		18,672
55,849	*	Duvernay Oil Corp		1,688
105,772	*	Edge Petroleum Corp		1,742
1,679,756		EnCana Corp		78,161
310,518	*	Encore Acquisition Co		7,558
227,543	*	Endeavour International Corp		610
211,211	e*	Energy Partners Ltd		5,206
337,205		Enerplus Resources Fund		16,924
250,618	b,m,v*	Enron Corp		-	^
691,510		ENSCO International, Inc		30,309
314,883		Ensign Energy Services, Inc		5,226
709,016		Equitable Resources, Inc		24,801
298,355	*	EXCO Resources, Inc		3,703
188,462	e*	Exploration Co of Delaware, Inc		1,804
3,762		Expro International Group plc		47
300,363	*	First Calgary Petroleums Ltd		1,889
232,330	e*	Forest Oil Corp		7,339
904,000		Formosa Petrochemical Corp		1,748
1,500	e*	FX Energy, Inc		8
7,598		GAIL India Ltd		44
1,319		GAIL India Ltd (GDR)		45
445,081	e*	Gasco Energy, Inc		1,202
172,978	e*	GeoGlobal Resources, Inc		1,014
1,500	*	Geomet, Inc		14
495,481	e*	Global Industries Ltd		7,710
185		GlobalSantaFe Corp		9
46,570	e*	GMX Resources, Inc		1,462
68,590	e	Goodrich Petroleum Corp		2,066
1,566,794	e*	Grey Wolf, Inc		10,466
74,638	*	Gulfport Energy Corp		865
6,307,600		Halliburton Co		179,451
589,449	e*	Hanover Compressor Co		10,740
372,675		Harvest Energy Trust		10,086
467,308	e*	Harvest Natural Resources, Inc		4,837
408,476	e*	Helix Energy Solutions Group, Inc		13,643
461,756		Helmerich & Payne, Inc		10,634
116,776	e*	Hercules Offshore, Inc		3,626
168,349	*	Houston Exploration Co		9,284
331,564		Husky Energy, Inc		21,346
2,232	*	Inpex Holdings, Inc		17,724
53,400		Japan Petroleum Exploration Co		3,246
544,700	v*	Kazmu Gas Exploration (ADR)		7,974
1,357	*	Key Energy Services, Inc		18
142,064	*	Lundin Petroleum AB		1,498
388,622	e*	Mariner Energy, Inc		7,139
133,173	e*	McMoRan Exploration Co		2,362
794,125	*	Meridian Resource Corp		2,430
91,067	e*	Metretek Technologies, Inc		1,087
1,227,473	e*	National Oilwell Varco, Inc		71,869
1,176,636		Neste Oil Oyj		34,198
505,524	e*	Newpark Resources, Inc		2,694
480,041	*	Nexen, Inc		25,661
47,362		Niko Resources Ltd		2,818
26,468		NovaTek OAO (GDR)		1,317
332,185	*	Oceaneering International, Inc		10,231
67,793		Oil & Natural Gas Corp Ltd		1,727

83

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
215,800	*	OPTI Canada, Inc	$	3,456
199,352	e*	Parallel Petroleum Corp		3,999
627,029	e*	Parker Drilling Co		4,439
1,024,240		Patterson-UTI Energy, Inc		24,336
630,936		Penn West Energy Trust		23,087
972,720		Petro-Canada		39,170
35,283,790		PetroChina Co Ltd (Class H)		37,953
33,900	v*	PetroCorp		-	^
814,124	e*	PetroHawk Energy Corp		8,451
364,823		Petroleo Brasileiro S.A. (ADR)		30,583
100,975	*	Petroleum Development Corp		4,028
46,318	*	Petroleum Geo-Services ASA		2,257
250,380	*	Petroquest Energy, Inc		2,611
238,922	e*	Pioneer Drilling Co		3,068
525,197	e	Pioneer Natural Resources Co		20,546
402,830	*	Plains Exploration & Production Co		17,285
290,785		Pogo Producing Co		11,908
140,214		Precision Drilling Trust		4,306
1,177,126	*	Pride International, Inc		32,277
3,719	*	PrimeEnergy Corp		265
33,147		ProSafe ASA		2,032
262,388		Provident Energy Trust		3,056
404,800		PTT Exploration & Production PCL		1,142
12,500	v	PTT Exploration & Production PCL (ADR)		75
115,318	*	Quest Resource Corp		1,024
283,350	e*	Quicksilver Resources, Inc		9,039
121,017	e*	RAM Energy Resources, Inc		581
624,771	e	Range Resources Corp		15,769
1,565,400	*	Renewable Energy Corp A.S.		24,225
21,958	*	Roc Oil Co Ltd		60
342,389	e*	Rosetta Resources, Inc		5,879
479,285		Rowan Cos, Inc		15,160
134,293	e	RPC, Inc		2,460
2,876,713		Saipem S.p.A.		62,524
1,065,592		Santos Ltd		8,887
583,036		Schlumberger Ltd		36,166
11,900		Scomi Group Bhd		3
142,077	*	SEACOR Holdings, Inc		11,721
153,030	*	SeaDrill Ltd		2,007
50	v*	Serval Integrated Energy Services		-	^
74,742		Singapore Petroleum Co Ltd		221
1,129,520	*	Southwestern Energy Co		33,739
422,791		St. Mary Land & Exploration Co		15,521
162,939	*	Stolt Offshore S.A.		2,784
160,931	*	Stone Energy Corp		6,514
4,122	*	Subsea 7, Inc		67
201,871	e*	Sulphco, Inc		1,254
378,468	*	Superior Energy Services		9,939
63,326	e*	Superior Well Services, Inc		1,254
77,600	e	Surgutneftegaz (ADR)		5,056
10,500		Surgutneftegaz OJSC		681
232,638	e*	Swift Energy Co		9,729
233,974	e*	Syntroleum Corp		1,121
2,093,872		Talisman Energy, Inc		34,169
331,301	*	Tetra Technologies, Inc		8,004
46,032	*	TGS Nopec Geophysical Co ASA		728
488,851		Tidewater, Inc		21,602
410,887	e*	Todco		14,217
82,910	e*	Toreador Resources Corp		1,527

84

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
653,508	*	Total S.A.	$	8
3,552,807		Total S.A.		233,142
398,552	e*	Transmeridian Exploration, Inc		1,574
159,181		Trican Well Service Ltd		2,682
95,097	*	Trico Marine Services, Inc		3,210
93,432	e*	Tri-Valley Corp		676
77,899	*	Union Drilling, Inc		857
208,594	*	Unit Corp		9,589
584,408	*	UTS Energy Corp		2,013
651,820	e*	Vaalco Energy, Inc		4,680
1,723	*	Venture Production plc		24
362,383	e*	Veritas DGC, Inc		23,852
147,373		W&T Offshore, Inc		4,305
307,595	e*	Warren Resources, Inc		3,747
71,013	e*	Warrior Energy Service Corp		1,829
23	*	Weatherford International Ltd		1
199,330	*	Western Oil Sands, Inc		5,100
174,835	e*	W-H Energy Services, Inc		7,250
215,174	e*	Whiting Petroleum Corp		8,628
907,325		Woodside Petroleum Ltd		26,542
5,674,164		XTO Energy, Inc		239,053
4,700		YPF S.A. (ADR)		205
		TOTAL OIL AND GAS EXTRACTION		2,744,959
PAPER AND ALLIED PRODUCTS - 0.46%
3,019	*	Abitibi-Consolidated, Inc		7
551,658		Abitibi-Consolidated, Inc		1,367
138,589		Aracruz Celulose S.A.		685
2,400	e	Aracruz Celulose S.A. (ADR)		119
428,196		Bemis Co		14,071
41,452		Billerud AB		631
330,876	e	Bowater, Inc		6,806
197,799	*	Buckeye Technologies, Inc		1,681
900	v*	Canfor Corp		9
681	*	Canfor Plus Income Fund		7
167,932	e*	Caraustar Industries, Inc		1,338
312,524	e*	Cenveo, Inc		5,882
182,065	e	Chesapeake Corp		2,605
184,860		China International Marine Containers Co Ltd		233
288,455	*	Domtar, Inc		1,693
27,464		Empresas CMPC S.A.		790
258,566		Glatfelter		3,504
392,418	*	Graphic Packaging Corp		1,436
144,743		Greif, Inc (Class A)		11,595
45,910		Holmen AB (B Shs)		1,917
2,485,757		International Paper Co		86,082
2,834,001		Kimberly-Clark Corp		185,230
84,551		Kimberly-Clark de Mexico S.A. de C.V.		340
101,533		Klabin S.A.		216
528,100		Kokuyo Co Ltd		8,396
597,293		Longview Fibre Co		12,137
4,145		Mayr-Melnhof Karton AG.		712
891,949	e	MeadWestvaco Corp		23,646
163,138	e*	Mercer International, Inc		1,540
57,000		Mitsubishi Paper Mills Ltd		104
80,229		Nampak Ltd		187
112,730		Neenah Paper, Inc		3,859
581,000	*	Nine Dragons Paper Holdings Ltd		657
4,827		Nippon Paper Group, Inc		17,490

85

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
150,624		Norske Skogindustrier ASA	$	2,264
507,000		OJI Paper Co Ltd		2,777
345,909		Packaging Corp of America		8,025
2,882,771		PaperlinX Ltd		8,272
328,286	*	Playtex Products, Inc		4,399
309,784		Rock-Tenn Co (Class A)		6,134
555,700		Sanrio Co Ltd		9,310
68,367		Sappi Ltd		880
24,600	e	Sappi Ltd (ADR)		313
91,519		Schweitzer-Mauduit International, Inc		1,737
1,232,288	*	Smurfit-Stone Container Corp		13,802
513,792		Sonoco Products Co		17,284
503,774		Stora Enso Oyj (R Shs)		7,640
157,084		Svenska Cellulosa AB (B Shs)		7,202
1,550,417		Temple-Inland, Inc		62,172
24,000		Tomoku Co Ltd		54
25,300		Uni-Charm Corp		1,405
695,131		UPM-Kymmene Oyj		16,519
255,550	e	Wausau Paper Corp		3,450
20,760		Yuen Foong Yu Paper Manufacturing Co Ltd		7
		TOTAL PAPER AND ALLIED PRODUCTS		570,618
PERSONAL SERVICES - 0.10%
1,400		Angelica Corp		24
710,772		Cintas Corp		29,021
45,800		Coinmach Service Corp		455
158,069	e*	Coinstar, Inc		4,549
400		CPI Corp		19
702,596		Davis Service Group plc		6,321
119,441	e	G & K Services, Inc (Class A)		4,351
1,567,154		H&R Block, Inc		34,070
219,081		Jackson Hewitt Tax Service, Inc		6,575
655,085		Kuala Lumpur Kepong Bhd		1,936
6,414		Mcbride plc		21
262,707	e	Regis Corp		9,418
1,223,189		Service Corp International		11,425
54,954	e	Unifirst Corp		1,717
294,504		Weight Watchers International, Inc		13,058
		TOTAL PERSONAL SERVICES		122,960
PETROLEUM AND COAL PRODUCTS - 5.15%
128,798	e	Alon USA Energy, Inc		3,798
3,100		AOC Holdings, Inc		55
4,440,106		Apache Corp		280,615
428,985	e	Ashland, Inc		27,361
979	*	Bharat Petroleum Corp Ltd		8
27,100,605		BP plc		295,316
358,863		BP plc (ADR)		23,534
12,259,461		Chevron Corp		795,149
6,024,764		China Petroleum & Chemical Corp		3,743
5,700	e	China Petroleum & Chemical Corp (ADR)		353
9,010,616		ConocoPhillips		536,402
12		Daiseki Co Ltd		-	^
159,955	*	Delek US Holdings, Inc		2,959
122,405		ElkCorp		3,323
7,664,890		ENI S.p.A.		227,145
1,293,676		EOG Resources, Inc		84,154
33,503,121		Exxon Mobil Corp		2,248,059
901,627	e	Frontier Oil Corp		23,965

86

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
86,256	e*	Giant Industries, Inc	$	7,004
280,455	e*	Headwaters, Inc		6,549
66,563		Hellenic Petroleum S.A.		798
1,115,179		Hess Corp		46,191
238,393		Holly Corp		10,330
624,462		Imperial Oil Ltd		20,934
166,673		LUKOIL (ADR)		12,584
2,386,521		Marathon Oil Corp		183,523
30,980		Motor Oil Hellas Corinth Refineries S.A.		786
889,890		Murphy Oil Corp		42,314
519,243	*	Newfield Exploration Co		20,012
2,114,688		Noble Energy, Inc		96,409
9,269,144		Occidental Petroleum Corp		445,939
106,045		OMV AG.		5,494
71,900	*	Petrobras Energia Participaciones S.A. (ADR)		724
4,200	e	PetroChina Co Ltd (ADR)		452
1,007,727		Petroleo Brasileiro S.A.		18,812
409,330		Petroleo Brasileiro S.A.		8,538
2,600		Petroleo Brasileiro S.A. (ADR)		195
49,300		PGG Wrightson Ltd		53
60,329		Polski Koncern Naftowy Orlen S.A.		944
8,584		Polski Koncern Naftowy Orlen S.A. (GDR)		269
1,389,589		Premier Farnell plc		4,709
285,900		PTT PCL		1,644
800		Quaker Chemical Corp		16
302,800	*	Rayong Refinery PCL		154
732,523		Repsol YPF S.A.		21,801
6,556,755		Royal Dutch Shell plc (A Shares)		216,312
3,715,342		Royal Dutch Shell plc (B Shares)		126,119
1,597		Samir		159
321,361		Shell Canada Ltd		9,013
2,000		Shell Refining Co		6
110,900		Showa Shell Sekiyu KK		1,236
34,801		SK Corp		2,313
11,954		S-Oil Corp		800
1,191,104		Statoil ASA		28,151
1,272,000	*	Suncor Energy, Inc		91,648
1,006,057		Suncor Energy, Inc		72,177
723,847		Sunoco, Inc		45,016
27,394	e,v	Tatneft (ADR)		2,467
402,664	e	Tesoro Corp		23,346
181,000		TonenGeneral Sekiyu KK		1,635
21,922		Tupras Turkiye Petrol Rafine		337
21,488	*	Unipetrol		189
3,578,657		Valero Energy Corp		184,193
100,109	e	WD-40 Co		3,571
252,093	e	Western Refining, Inc		5,859
		TOTAL PETROLEUM AND COAL PRODUCTS		6,327,664
PIPELINES, EXCEPT NATURAL GAS - 0.02%
898,373		TransCanada Corp		28,251
		TOTAL PIPELINES, EXCEPT NATURAL GAS		28,251
PRIMARY METAL INDUSTRIES - 1.17%
69,390		Acerinox S.A.		1,338
17,000		Aichi Steel Corp		118
739,936	e*	AK Steel Holding Corp		8,983
21,792		Alcan, Inc		867
665,783	*	Alcan, Inc		26,536

87

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
4,068,604		Alcoa, Inc	$	114,084
184,621	e*	Aleris International, Inc		9,331
222,258	*	Algoma Steel, Inc		6,226
499,810	e	Allegheny Technologies, Inc		31,083
26,000		Angang New Steel Co Ltd		21
4,787		Bekaert S.A.		471
256,712	e	Belden CDT, Inc		9,814
7,202,294		BHP Billiton plc		124,333
207,890		BlueScope Steel Ltd		1,004
325,603		Boehler-Uddeholm AG.		18,315
113,378	*	Brush Engineered Materials, Inc		2,820
275,896	e	Carpenter Technology Corp		29,662
124,335		Catcher Technology Co Ltd		1,067
136,774	e*	Century Aluminum Co		4,602
271,202		Chaparral Steel Co		9,237
1,652,895		China Steel Corp		1,423
14,136		Cia Siderurgica Nacional S.A.		403
3,300		Cia Siderurgica Nacional S.A. (ADR)		94
418,901	*	CommScope, Inc		13,765
10,493,551	*	Corning, Inc		256,148
321,004		Corus Group plc		2,332
997		Cumerio		21
4,417		Daewoo International Corp		167
205,464		Daido Steel Co Ltd		1,501
650		Dongkuk Steel Mill Co Ltd		12
350,000		Dowa Mining Co Ltd		3,019
346,000	v*	Dowa Mining Co Ltd		3
7,268		EL Ezz Aldekhela Steel Alexandria		1,280
498	*	El Ezz Steel Rebars SAE		6
134,077	e*	Encore Wire Corp		4,732
3,253	*	Eregli Demir ve Celik Fabrikalari TAS		14
806,000		Fujikura Ltd		8,823
1,462,100		Furukawa Electric Co Ltd		9,655
305,377	e*	General Cable Corp		11,668
114,038	*	Generale Industrie Metallurgiche S.p.A.		108
146,477		Gerdau S.A.		1,970
149,406		Gerdau S.A.		1,664
7,050	e	Gerdau S.A. (ADR)		96
188,862	e	Gibraltar Industries, Inc		4,189
21,000		Godo Steel Ltd		113
4,600	e*	Grupo Simec S.A. de C.V. (ADR)		65
1,600		Highveld Steel and Vanadium Corp Ltd (ADR)		13
330,992		Hindalco Industries Ltd		1,236
26,057		Hoganas AB (B Shares)		690
259,546		Hubbell, Inc (Class B)		12,432
140,770		Industrias Penoles S.A. de C.V.		1,090
150,689		IPSCO, Inc		13,062
2,058,711		Jiangxi Copper Co Ltd		1,961
183,311		Johnson Matthey plc		4,733
63,624		KGHM Polska Miedz S.A.		2,046
1,929		KGHM Polska Miedz S.A. (GDR)		123
4,188,151		Kobe Steel Ltd		13,154
1,325,303	*	Lone Star Technologies, Inc		64,118
30,000		Maanshan Iron & Steel		11
188,775	e	Matthews International Corp (Class A)		6,949
220,702	e*	Maverick Tube Corp		14,308
5,113,000		Mitsubishi Materials Corp		21,080
9,000		Mitsubishi Shindoh Co Ltd		29
15,000		Mitsubishi Steel Manufacturing Co Ltd		76

88

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
356,000		Mitsui Mining & Smelting Co Ltd	$	1,835
29,778		Mittal Steel Co NV		1,039
239,726	*	Mittal Steel Co NV		8,372
58		Mittal Steel Co NV		2
18,266		Mittal Steel South Africa Ltd		184
218,331	e	Mueller Industries, Inc		7,679
378,000		Nippon Light Metal Co Ltd		950
12,052,793		Nippon Steel Corp		49,589
742,178		Nisshin Steel Co Ltd		2,199
1,394,363		Norsk Hydro ASA		31,138
103,430		Novelis, Inc		2,648
133,437	*	NS Group, Inc		8,613
2,236,154	e	Nucor Corp		110,667
48,512	e	Olympic Steel, Inc		1,206
1,131,075		OneSteel Ltd		3,541
265,275	e*	Oregon Steel Mills, Inc		12,964
36,512		Outokumpu Oyj		932
360		Poongsan Corp		8
20,979		POSCO		5,432
9,900	e	POSCO (ADR)		643
602,768		Precision Castparts Corp		38,071
408,629	e	Quanex Corp		12,402
134,140	e*	RTI International Metals, Inc		5,846
172,000		S Science Co Ltd		51
12,108		Salzgitter AG.		1,138
130,477		Schnitzer Steel Industries, Inc (Class A)		4,115
81,000		Showa Electric Wire & Cable Co Ltd		114
8,900	v	Siderar SAIC (ADR)		543
1,800		Sonasid		403
596,036		Steel Dynamics, Inc		30,070
116,983		Steel Technologies, Inc		2,296
1,225,991		Sumitomo Electric Industries Ltd		16,596
2,712,188		Sumitomo Metal Industries Ltd		10,401
1,655,067		Sumitomo Metal Mining Co Ltd		21,689
115,669	e*	Superior Essex, Inc		3,962
80,834		Tenaris S.A. (ADR)		2,860
139,077	e	Texas Industries, Inc		7,240
356,904		ThyssenKrupp AG.		12,025
415,872	e*	Titanium Metals Corp		10,513
15,608		Toho Titanium Co Ltd		963
265,300		Tokyo Steel Manufacturing Co Ltd		4,175
178,112		Tredegar Corp		2,982
865,215		United States Steel Corp		49,906
34,019		Usinas Siderurgicas de Minas Gerais S.A.		1,017
206,450	*	Vallourec		48,143
91,659		Viohalco S.A.		930
216,526		Voestalpine AG.		8,943
1,926,150	*	Walsin Lihwa Corp		864
61,170	e*	Wheeling-Pittsburgh Corp		1,047
486,996	e	Worthington Industries, Inc		8,308
6,700		Yamato Kogyo Co Ltd		144
		TOTAL PRIMARY METAL INDUSTRIES		1,437,692
PRINTING AND PUBLISHING - 0.59%
263,211	*	ACCO Brands Corp		5,859
19,321		Agora S.A.		183
2,082		Agora S.A. (GDR)		21
7,203	*	Alma Media		69
468,699	e	American Greetings Corp (Class A)		10,836

89

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
226,418		APN News & Media Ltd	$	857
63,880		Arnoldo Mondadori Editore S.p.A.		592
321,400		Asia Securities Printing Co Ltd		3,238
143,953		Banta Corp		6,852
527,729	e	Belo (A.H.) Corp Series A		8,343
203,249		Bowne & Co, Inc		2,902
158,310	*	Consolidated Graphics, Inc		9,526
57,523		Courier Corp		2,136
35,671		CSS Industries, Inc		1,060
134,400		Dai Nippon Printing Co Ltd		2,074
1,248,548		Daily Mail & General Trust		14,178
138,609		De La Rue plc		1,484
7,205		Dogan Yayin Holding		22
280,757	e	Dow Jones & Co, Inc		9,417
424,052	*	Dun & Bradstreet Corp		31,800
96,297	*	Emap Plc		1,356
113,295	v*	Emap plc (B Shares)		233
656,400		Eniro AB		8,062
147,912	e	Ennis, Inc		3,202
391,268		EW Scripps Co		18,753
32,000		Gakken Co Ltd		72
1,936,891		Gannett Co, Inc		110,074
360,318		Harte-Hanks, Inc		9,494
5,334	*	Ihlas Holding		2
190,619		Independent News & Media plc		575
1,600	*	Innerworkings, Inc		19
739,660		John Fairfax Holdings Ltd		2,326
326,850	e	John H Harland Co		11,914
305,842		John Wiley & Sons, Inc (Class A)		11,013
198,242		Journal Communications, Inc		2,234
243,779	e	Journal Register Co		1,382
263,689		Lee Enterprises, Inc		6,656
142,013	e	Martha Stewart Living Omnimedia, Inc (Class A)		2,522
234,547		McClatchy Co (Class A)		9,896
2,650,108		McGraw-Hill Cos, Inc		153,786
130,602		Media General, Inc (Class A)		4,926
350,683		Meredith Corp		17,299
6,897	*	Metro International S.A.		8
12,936	*	Metro International S.A. (A Shares)		15
541,628	e	New York Times Co (Class A)		12,447
26,179		PagesJaunes Groupe S.A.		744
371,643		Pearson plc		5,292
115,505	e*	Playboy Enterprises, Inc (Class B)		1,087
169,207	e*	Presstek, Inc		912
963,412	e*	Primedia, Inc		1,464
76,090	*	Private Media Group Ltd		307
113,756		Quebecor World, Inc		1,186
235,020	e	R.H. Donnelley Corp		12,433
965,964		R.R. Donnelley & Sons Co		31,838
576,390	e	Reader's Digest Association, Inc (Class A)		7,470
621,025		Reed Elsevier NV		10,356
689,398		Reed Elsevier plc		7,648
77,710	e	Schawk, Inc		1,416
15,913		Schibsted ASA		478
297,256	*	Scholastic Corp		9,260
524,206		SCMP Group Ltd		186
2,298,447		Singapore Press Holdings Ltd		5,933
3,226		SR Teleperformance		120
117,057		Standard Register Co		1,545

90

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
6,600		Star Publications Malaysia Bhd	$	6
375,440		Sun-Times Media Group, Inc		2,470
404,968		Thomson Corp		16,304
2,310,000		Toppan Printing Co Ltd		25,618
1,071,016	e	Tribune Co		35,044
111,117		Trinity Mirror plc		990
16,495	*	Triple Crown Media, Inc		120
159,076		United Business Media plc		1,973
426,698	*	Valassis Communications, Inc		7,531
24,464		Washington Post Co (Class B)		18,030
184,461		Wolters Kluwer NV		4,811
325,205		Yell Group plc		3,626
678,673		Yellow Pages Income Fund		8,561
		TOTAL PRINTING AND PUBLISHING		724,474
RAILROAD TRANSPORTATION - 0.61%
2,188,228		Burlington Northern Santa Fe Corp		160,703
1,140,502	*	Canadian National Railway Co		47,702
358,181		Canadian Pacific Railway Ltd		17,804
1,437		Central Japan Railway Co		15,328
4,035,975		CSX Corp		132,501
6,424		East Japan Railway Co		44,920
329,870		Firstgroup plc		3,031
203,501	e	Florida East Coast Industries		11,616
207,307	e*	Genesee & Wyoming, Inc (Class A)		4,814
44,000		Guangshen Railway Co Ltd		19
1,700		Guangshen Railway Co Ltd (ADR)		37
739,000		Hankyu Hanshin Holdings, Inc		4,636
327,751	e*	Kansas City Southern Industries, Inc		8,951
3,461,776		Norfolk Southern Corp		152,491
416,000		Odakyu Electric Railway Co Ltd		2,645
1,457,940		Union Pacific Corp		128,299
2,379		West Japan Railway Co		10,171
		TOTAL RAILROAD TRANSPORTATION		745,668
REAL ESTATE - 0.60%
604,449		Ascendas Real Estate Investment Trust		818
120,600		Aeon Mall Co Ltd		6,371
15,527		Africa Israel Investments Ltd		962
258,000		Agile Property Holdings Ltd (GDR)		210
295,221	e*	Alderwoods Group, Inc		5,854
378,681		Allan Gray Property Trust		251
4,584,000		Allgreen Properties Ltd		4,589
134		Arealink Co Ltd		78
14,465		Ayala Corp		137
6,696,703		Ayala Land, Inc		1,901
2,090		Babis Vovos International Construction S.A.		55
14,072,000		Beijing Capital Land Ltd		5,455
253,327		Bovis Homes Group plc		4,395
1,184,282		British Land Co plc		30,245
215,979		Brixton plc		2,139
156,503		Brookfield Properties Co		5,507
121,400	*	Brookfield Properties Corp		4,288
49,710	e	California Coastal Communities, Inc		1,022
3,587,587		CapitaLand Ltd		11,407
141,636		Castellum AB		1,595
26,000		Cathay Real Estate Development Co Ltd		16
1,427,901	*	CB Richard Ellis Group, Inc		35,126
1,569,525		Centro Properties Group		9,417

91

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
12,053,166	*	Champion Real Estate Investment Trust	$	6,003
1,889,607		Cheung Kong Holdings Ltd		20,289
562,000		China Overseas Land & Investment Ltd		434
32,000		China Resources Land Ltd		22
1,301,780		City Developments Ltd		8,770
5,314		Cofinimmo		1,007
33,253	e	Consolidated-Tomoka Land Co		2,134
36,168		Corio NV		2,635
3,743		Countrywide plc		37
3,038		Crest Nicholson		31
2,278		Cyrela Brazil Realty S.A.		39
3,014,174		DB RREEF Trust		3,594
3,641		Derwent Valley Holdings plc		124
198,184	*	Desarrolladora Homex S.A. de C.V.		1,250
43,933		Fadesa Inmobiliaria S.A.		1,953
14,406,664		Far East Consortium		5,955
393,967		Forest City Enterprises, Inc (Class A)		21,392
9,683	*	Gafisa S.A.		125
44,989		Gecina S.A.		6,001
28,650	*	Globe Trade Centre S.A.		274
610		Goldcrest Co Ltd		33
700,000	*	Greentown China Holdings Ltd		934
25,000	*	Grubb & Ellis Co		242
10,336	*	Guangzhou R&F Properties Co Ltd		15
47,000		Guocoland Ltd		71
245,164		Hammerson plc		6,022
557,000		Hang Lung Group Ltd		1,433
892,100		Hang Lung Properties Ltd		1,905
1,144,318		Henderson Land Development Co Ltd		6,433
1,688,000		Hopewell Holdings		4,810
537,274		Hopson Development Holdings Ltd		1,084
41,340	e*	Housevalues, Inc		241
2,419,754		Hysan Development Co Ltd		6,206
13,100		IGB Corp Bhd		5
23,731	*	Immobiliare Grande Distribuzione		85
304,426	*	IMMOFINANZ Immobilien Anlagen AG.		3,667
28,778		Inmobiliaria Colonial S.A.		2,231
1,040,416		Investa Property Group		1,908
99,600		IOI Properties Bhd		221
8,100	e*	IRSA Inversiones y Representaciones S.A. (GDR)		103
72,092		IVG Immobilien AG.		2,609
500		Japan General Estate Co Ltd		12
1,300		Joint Corp		44
203,326		Jones Lang LaSalle, Inc		17,380
768,504		Kerry Properties Ltd		2,811
17,569		Klepierre		2,631
24,976		Klovern AB		78
1,500,000		Kowloon Development Co Ltd		2,611
114,502		Kungsleden AB		1,305
60,200		Land and Houses PCL		12
314,900		Leopalace21 Corp		11,490
478,985		Liberty International plc		10,986
1,111,403		Macquarie Goodman Group		5,401
6,188,700	*	Malaysian Resources Corp Bhd		1,309
1,506		McInerney Holdings plc		24
67,050,000		Megaworld Corp		2,565
165,068	*	MI Developments Inc		6,017
119,626		MI Developments, Inc		4,345
559,976		Mirvac Group		1,978

92

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
973,448		Mitsubishi Estate Co Ltd	$	21,261
1,263,198		Mitsui Fudosan Co Ltd		28,713
198,000	*	Musashino Kogyo Co Ltd		508
2,408,000		New World China Land Ltd		986
6,250,482		New World Development Ltd		10,767
871		Nexity		55
109		Nordicom A/S		15
1,662	*	NorGani Hotels ASA (GDR)		16
224,391		ORIX Corp		62,022
24,849	e	Orleans Homebuilders, Inc		291
7,057	a	Risa Partners, Inc		30,887
5,390,000		Robinsons Land Corp		1,396
27,232,000		Shanghai Real Estate Ltd		6,082
3,266,000		Shenzhen Investment Ltd		1,153
261,450		Shoei Co Ltd		8,079
7,891,000	v*	Shui On Land Ltd		5,419
64,000		Shun TAK Holdings Ltd		75
81,720		Singapore Land Ltd		404
2,809,953		Sino Land Co		4,977
353,555		Slough Estates plc		4,402
16,500		SP Setia Bhd		17
329,385	e	St. Joe Co		18,073
625,137		Stewart Enterprises, Inc (Class A)		3,663
26,420	*	Stockland		143
1,711,012		Stockland Trust Group		9,437
2,044,689		Sumitomo Realty & Development Co Ltd		60,064
1,488,429		Sun Hung Kai Properties Ltd		16,249
90,000		Suruga Corp		6,971
234,000		TOC Co Ltd		1,232
664,000		Tokyo Tatemono Co Ltd		7,465
1,250,000		Tokyu Land Corp		11,852
1,100		Tokyu Livable, Inc		89
208,188	e*	Trammell Crow Co		7,601
47,321		Unibail		9,943
17,171		Unite Group plc		149
12,652,500		United Industrial Corp Ltd		12,985
1,438,500		Urban Corp		17,999
919		Vastned Retail NV		75
1,355		Wallenstam Byggnads AB		20
16,674		Wereldhave NV		1,820
2,228,286		Westfield Group		31,255
98,288		Wihlborgs Fastigheter AB		1,770
2,086,098	*	Wing Tai Holdings Ltd		2,482
300	e*	ZipRealty, Inc		2
1,517		Zueblin Immobilien Holding A.G.		13
1,517	*	Zueblin Immobilient Holding AG.		-	^
		TOTAL REAL ESTATE		734,041
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.19%
43,830	*	AEP Industries, Inc		1,839
893,257		Ansell Ltd		7,050
945,099		Bridgestone Corp		19,082
19,260		Cheng Shin Rubber Industry Co Ltd		19
208,504		Continental AG.		24,176
369,125	e	Cooper Tire & Rubber Co		3,713
114,738	e*	Deckers Outdoor Corp		5,429
72,000		Denki Kagaku Kogyo KK		279
765,460		Formosa Chemicals & Fibre Corp		1,133
845,369	e*	Goodyear Tire & Rubber Co		12,258

93

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
15,640		Hankook Tire Co Ltd	$	206
244,259	e*	Jarden Corp		8,053
121,844		Michelin (C.G.D.E.) (Class B)		8,930
331,000		Mitsui Chemicals, Inc		2,382
1,343,057		Newell Rubbermaid, Inc		38,035
675,500		Nifco, Inc		14,639
126,623		Nokian Renkaat Oyj		2,278
3,032		Nolato AB		29
1,055,872		Pirelli & C S.p.A.		908
3,429,500		PT Gajah Tunggal Tbk		223
115,280	e	PW Eagle, Inc		3,460
86,735	*	Ryanair Holdings plc		928
172,862	e	Schulman (A.), Inc		4,064
414,446		Sealed Air Corp		22,430
79,554	e*	Skechers U.S.A., Inc (Class A)		1,870
332,697		Spartech Corp		8,906
3,007,000		Sumitomo Bakelite Co Ltd		22,707
90,526	e	Titan International, Inc		1,637
70,304	e*	Trex Co, Inc		1,699
519,515	e	Tupperware Corp		10,110
20,396		Uponor Oyj		553
3,705		Viscofan S.A.		57
187,126	e	West Pharmaceutical Services, Inc		7,348
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		236,430
SECURITY AND COMMODITY BROKERS - 2.45%
357,434	e	A.G. Edwards, Inc		19,044
136,017		AllianceBernstein Holding Lp		9,384
1,505,122		Ameriprise Financial, Inc		70,590
234,692		Australian Stock Exchange Ltd		5,685
1,046,678		Babcock & Brown Ltd		15,711
35,692		Banca Finnat Euramerica S.p.A.		48
13,143		Bank Pekao S.A.		819
2,093		Bank Pekao S.A. (GDR)		130
795,843	e	Bear Stearns Cos, Inc		111,498
24,854	e	BKF Capital Group, Inc		97
106,810		BlackRock, Inc		15,915
197,362	e	Calamos Asset Management, Inc (Class A)		5,787
262,399	e*	Cbot Holdings, Inc		31,695
7,133,364		Charles Schwab Corp		127,687
172,307		Chicago Mercantile Exchange Holdings, Inc		82,406
10,000	*	China Everbright Ltd		7
75,207	e	Cohen & Steers, Inc		2,434
28,000		Cosmo Securities Co Ltd		47
201,240		Daewoo Securities Co Ltd		3,498
1,130		Daishin Securities Co Ltd		25
2,383,977		Daiwa Securities Group, Inc		27,811
128,232		Deutsche Boerse AG.		19,285
2,278,019	*	E*Trade Financial Corp		54,490
964		E*Trade Securities Co Ltd		1,094
682,378		Eaton Vance Corp		19,693
77,360		Euronext NV		7,519
542,364		Federated Investors, Inc (Class B)		18,337
1,159,637		Franklin Resources, Inc		122,632
39,065		GAMCO Investors, Inc		1,487
68,365	e*	GFI Group, Inc		3,780
2,169,969		Goldman Sachs Group, Inc		367,094
101,338	e	Greenhill & Co, Inc		6,792
79,880		Hana Financial Group, Inc		3,655

94

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
35,588		Hellenic Exchanges S.A.	$	564
2,414,470		Hong Kong Exchanges and Clearing Ltd		17,619
179,710		Hyundai Securities Co		2,279
178,812		Indiabulls Financial Services Ltd		1,607
99,305	*	IntercontinentalExchange, Inc		7,455
224,743	e	International Securities Exchange, Inc		10,538
342,494	*	Investment Technology Group, Inc		15,327
445,400		iShares Asia Trust - iShares FTSE/Xinhua A50 China Tracker		3,582
1,119,014		Janus Capital Group, Inc		22,067
713,499		Jefferies Group, Inc		20,335
691,619	*	Knight Capital Group, Inc		12,587
17,340		Korea Investment Holdings Co Ltd		750
332,367	e*	LaBranche & Co, Inc		3,447
2,626	*	Ladenburg Thalmann Financial Services, Inc		3
343,946	e	Lazard Ltd		13,751
3,184,773		Legal & General Group plc		8,497
615,803	e	Legg Mason, Inc		62,110
3,243,888		Lehman Brothers Holdings, Inc		239,594
162,499		London Stock Exchange Group plc		3,761
411,659		Macquarie Bank Ltd		21,216
146,142	e*	MarketAxess Holdings, Inc		1,530
6,800		Marusan Securities Co Ltd		92
75,300		Matsui Securities Co Ltd		628
4,907,315		Merrill Lynch & Co, Inc		383,850
16,857		MFS Ltd		50
199		Mirae Asset Securities Co Ltd		13
692,249		Mitsubishi Securities Co		8,673
7,571,343		Morgan Stanley		552,027
80,631	*	Morningstar, Inc		2,975
533,167	e*	Nasdaq Stock Market, Inc		16,123
570,400		Nikko Cordial Corp		6,615
3,919,356		Nomura Holdings, Inc		69,014
20,458		Numis Corp plc		102
492,852	e	Nuveen Investments, Inc		25,249
714,966	e*	NYSE Group, Inc		53,444
60,714		OMX AB		1,176
184,189	e	optionsXpress Holdings, Inc		5,135
517,000	v*	Peregrine Investment Holdings		-	^
122,872	e*	Piper Jaffray Cos		7,449
613,921		Raymond James Financial, Inc		17,951
256		Record Investments Ltd		2
5,333		Samsung Securities Co Ltd		303
74,991		Sanders Morris Harris Group, Inc		938
40,240		SBI Holdings, Inc		14,393
99,277		Schroders plc		1,729
379,904	e	SEI Investments Co		21,347
2,323,000		Shinko Securities Co Ltd		9,184
2,477,600		Singapore Exchange Ltd		6,926
48,120	e*	Stifel Financial Corp		1,527
89,419		SWS Group, Inc		2,226
1,590,937		T Rowe Price Group, Inc		76,126
2,369,094		TD Ameritrade Holding Corp		44,657
71,866	e*	Thomas Weisel Partners Group, Inc		1,153
41,307	*	Tong Yang Investment Bank		495
190,984	*	Tower Ltd		404
231,360		TSX Group, Inc		10,147
8,746		Value Line, Inc		408
1,578,685	e	Waddell & Reed Financial, Inc (Class A)		39,072
4,100		Woori Investment & Securities Co Ltd		87

95

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
5,793,822		Yuanta Core Pacific Securities Co	$	3,860
		TOTAL SECURITY AND COMMODITY BROKERS		3,010,345
SOCIAL SERVICES - 0.01%
161,087	e*	Bright Horizons Family Solutions, Inc		6,722
124,705	*	Capital Senior Living Corp		1,154
69,065	e*	Providence Service Corp		1,906
121,645	*	Res-Care, Inc		2,444
141,163		Vedior NV		2,644
		TOTAL SOCIAL SERVICES		14,870
SPECIAL TRADE CONTRACTORS - 0.04%
21,270	e	Alico, Inc		1,245
8,694	*	AsiaInfo Holdings, Inc		39
939		Asian Paints Ltd		14
29,769	*	Carso Infraestructura y Construccion S.A. de C.V.		21
184,880	e	Chemed Corp		5,964
148,573		Chicago Bridge & Iron Co NV		3,575
233,136		Comfort Systems USA, Inc		2,672
74,000		COMSYS Holdings Corp		812
355,317	e*	Dycom Industries, Inc		7,639
247,719	*	EMCOR Group, Inc		13,585
157,395	*	Insituform Technologies, Inc (Class A)		3,822
75,030	*	Integrated Electrical Services, Inc		1,186
29,822		KCI Konecranes Oyj		566
184,000		Kinden Corp		1,519
25,800		Kone Oyj		1,251
12,000		Kyowa Exeo Corp		125
62,179	*	Layne Christensen Co		1,776
479,136	*	Quanta Services, Inc		8,078
		TOTAL SPECIAL TRADE CONTRACTORS		53,889
STONE, CLAY, AND GLASS PRODUCTS - 0.40%
698		Adana Cimento		4
907		Akcansa Cimento A.S.		4
40,551	b,e,m,v*	Anchor Glass Container Corp		-	^
164,294		Apogee Enterprises, Inc		2,499
381,000		Asahi Glass Co Ltd		4,699
1,480,680		Asia Cement Corp		1,074
106,366		Associated Cement Co Ltd		2,301
149,139	e*	Cabot Microelectronics Corp		4,298
116,785	e	CARBO Ceramics, Inc		4,208
2,052,022	*	Cemex S.A. de C.V.		6,187
8,328	*	Cemex S.A. de C.V. (ADR)		251
111,000		Central Glass Co Ltd		615
71,619		Cimpor Cimentos de Portugal S.A.		513
519,850		Compagnie de Saint-Gobain		37,706
9,585		Consol Ltd		19
2,142,743		Cookson Group plc		22,768
229,377		CRH plc		7,746
4,475,505		CSR Ltd		9,940
2,483		Dyckerhoff AG.		101
579,848		Eagle Materials, Inc		19,529
24,931	*	Epcos AG.		380
32,035		FLSmidth & Co A/S (B Shs)		1,485
714,181		Gentex Corp		10,149
12,515,400		Goldsun Development & Construction Co Ltd		5,029
1,082		Grasim Industries Ltd		59
348,096		Grupo Carso S.A. de C.V.		1,011

96

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
876,684		Gujarat Ambuja Cements Ltd	$	2,231
382,873		Hanson plc		5,545
28,360	v*	HeidelbergCement AG.		-	^
1,503,869		Holcim Ltd		122,912
75		Holcim Maroc S.A.		17
42,587		Italcementi S.p.A.		1,078
283,516		James Hardie Industries NV		1,576
286,000		Krosaki Harima Corp		1,014
31		Lafarge Ciments		16
20,600		Lafarge Malayan Cement Bhd		5
392,699		Lafarge S.A.		50,693
2,200		Libbey, Inc		25
7,253		Marshalls plc		44
2,740,500		NGK Insulators Ltd		38,512
4,535,000		Nippon Sheet Glass Co Ltd		21,307
775,209	*	Owens-Illinois, Inc		11,954
13,193	v*	Paragon Trade Brands, Inc		-	^
18,033		Pretoria Portland Cement Co Ltd		805
28,000		PT Indocement Tunggal Prakarsa Tbk		15
158,500		PT Semen Gresik Persero Tbk		466
199,148	*	RHI AG.		7,791
2,146,657		Rinker Group Ltd		22,239
4,400		Siam Cement PCL		28
60,500		Siam Cement PCL		412
2,000		Siam City Cement PCL		12
7,859,000		Sumitomo Osaka Cement Co Ltd		23,286
4,435,000		Taiheiyo Cement Corp		16,407
444,893		Taiwan Cement Corp		333
21,600		Taiwan Glass Industrial Corp		16
178,000		Toto Ltd		1,679
1,892		Trakya Cam Sanayi A.S.		5
98,619	*	Turk Sise ve Cam Fabrikalari A.S.		318
1,113,600		UBE Industries Ltd		3,158
951		Ultra Tech Cement Ltd		18
191,550	e*	US Concrete, Inc		1,247
341,212	b,e,m*	USG Corp		16,051
20,880		Wienerberger AG.		986
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		494,776
TEXTILE MILL PRODUCTS - 0.01%
93,906		Alfa S.A. de C.V.		512
51,540		Cheil Industries, Inc		2,236
5,025	*	Dixie Group, Inc		75
180,952		Far Eastern Textile Co Ltd		134
35,440		Formosa Taffeta Co Ltd		19
280,000		Fountain SET Holdings		75
720		Hyosung Corp		16
18,000		Kurabo Industries Ltd		49
41,000		Nitto Boseki Co Ltd		135
85,991		Oxford Industries, Inc		3,690
427,000		Seiren Co Ltd		5,252
390,000		Texwinca Holdings Ltd		255
843,500		Weiqiao Textile Co		1,117
89,594	e	Xerium Technologies, Inc		993
		TOTAL TEXTILE MILL PRODUCTS		14,558
TOBACCO PRODUCTS - 1.31%
228,059		Altadis S.A.		10,827
16,918,008		Altria Group, Inc		1,295,074

97

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
170,900		British American Tobacco Malaysia Bhd	$	1,981
3,151,932		British American Tobacco plc		85,218
2,421		Eastern Tobacco		127
1,211,869		Imperial Tobacco Group plc		40,389
443,815		ITC Ltd		1,814
11,549		Japan Tobacco, Inc		44,876
638,112		Loews Corp (Carolina Group)		35,345
353		Philip Morris CR		155
740,494	e	Reynolds American, Inc		45,888
2,726		Souza Cruz S.A.		42
270,390		Swedish Match AB		4,400
151,313	e	Universal Corp		5,527
703,642		UST, Inc		38,581
229,333	e	Vector Group Ltd		3,720
		TOTAL TOBACCO PRODUCTS		1,613,964
TRANSPORTATION BY AIR - 0.50%
331,414	*	ABX Air, Inc		1,863
224,198	*	ACE Aviation Holdings, Inc		6,932
82,000		Air China Ltd (Class H)		35
823,049		Air France-KLM		24,818
59,696	e*	Air Methods Corp		1,409
654,700	*	AirAsia Bhd		272
14,400		Airports of Thailand PCL		22
530,186	e*	Airtran Holdings, Inc		5,259
228,690	e*	Alaska Air Group, Inc		8,699
396,000		All Nippon Airways Co Ltd		1,602
1,706,478	e*	AMR Corp		39,488
108,776	*	Asiana Airlines		794
134,067	*	Atlas Air Worldwide Holdings, Inc		5,835
552,839		Auckland International Airport Ltd		733
403,081		BBA Group plc		2,009
104,000		Beijing Capital International Airport Co Ltd		68
138,641	e*	Bristow Group, Inc		4,769
3,502,805	*	British Airways plc		28,005
2,622,000		Cathay Pacific Airways Ltd		5,371
32,839		China Airlines		14
1,000	*	China Eastern Airlines Corp Ltd (ADR)		17
18,000	*	China Southern Airlines Co Ltd		5
1,400	*	China Southern Airlines Co Ltd (ADR)		20
734,292	e*	Continental Airlines, Inc (Class B)		20,788
1,254,438		Deutsche Lufthansa AG.		26,581
282,828	e*	EGL, Inc		10,306
35,000		Eva Airways Corp		14
431,913	*	ExpressJet Holdings, Inc		2,855
1,765,064		FedEx Corp		191,827
7,734		Flughafen Wien AG.		641
191,464	b,m*	FLYi, Inc		1
210,994	e*	Frontier Airlines Holdings, Inc		1,741
5,192		Gol Linhas Aereas Inteligentes S.A.		179
7,400	e	Gol Linhas Aereas Inteligentes S.A. (ADR)		254
168,822		Grupo Aeroportuario del Sureste S.A. de C.V.		631
4,800		Grupo Aeroportuario del Sureste S.A. de C.V. (ADR)		179
6,800		Hong Kong Aircraft Engineering		97
408,163		Iberia Lineas Aereas de Espana		1,097
527,000		Japan Airlines Corp		1,031
11,242		Jet Airways India Ltd		158
2,240,718	e*	JetBlue Airways Corp		20,771
2,420		Korean Air Lines Co Ltd		89

98

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
208,850		Lan Airlines S.A.	$	1,604
3,700		Lan Airlines S.A. (ADR)		141
1,970,604		Macquarie Airports		4,509
300	*	MAIR Holdings, Inc		2
4,100		Malaysian Airline System Bhd		4
202,052	e*	Mesa Air Group, Inc		1,568
61,142	*	PHI, Inc		1,863
1,100	*	Pinnacle Airlines Corp		8
1,478,838		Qantas Airways Ltd		4,310
179,503	*	Republic Airways Holdings, Inc		2,786
9,788	e*	Ryanair Holdings plc (ADR)		619
3,000,391		SABMiller plc		56,065
59,934	*	SAS AB		783
856,928		Singapore Airlines Ltd		7,877
641,651	e	Skywest, Inc		15,733
4,596,593		Southwest Airlines Co		76,579
96	v*	Swissair Group		-	^
77,754		Tam S.A.		2,460
1,177,200		Thai Airways International PCL		1,481
8,800		Thai Airways International PCL		11
2,000		Transmile Group Bhd		6
481,000		Travelsky Technology Ltd		606
756	*	Turk Hava Yollari		3
334,711	*	UAL Corp		8,893
6,700	b,m,v*	UAL Corp		-	^
537		Unique Zurich Airport		129
328,569	e*	US Airways Group, Inc		14,565
		TOTAL TRANSPORTATION BY AIR		619,884
TRANSPORTATION EQUIPMENT - 3.06%
363,132	e	A.O. Smith Corp		14,318
217,075	e*	AAR Corp		5,175
95,141	*	Accuride Corp		1,048
124,472	e*	Aftermarket Technology Corp		2,211
1,875		Aker Yards A.S.		144
287,342	e	American Axle & Manufacturing Holdings, Inc		4,796
51,698		American Railcar Industries, Inc		1,505
103,451		Arctic Cat, Inc		1,717
476,089	e	ArvinMeritor, Inc		6,780
75,418		Ashok Leyland Ltd		74
1,500,000		Austal Ltd		3,600
1,220,380		Autoliv, Inc		67,255
2,097		Bajaj Auto Ltd		137
838		Bajaj Auto Ltd (GDR)		55
1		Bayerische Motoren Werke AG.		-	^
5,684,808		Boeing Co		448,247
601	*	Bombardier, Inc		2
1,975,097	*	Bombardier, Inc (Class B)		6,167
36,000		Brilliance China Automotive Holdings Ltd		6
3,300	*	Brilliance China Automotive Holdings Ltd (ADR)		52
476,563		Brunswick Corp		14,864
1,306,000		Calsonic Kansei Corp		8,215
18,270		China Motor Corp		16
308,014	e	Clarcor, Inc		9,391
14,512		Coachmen Industries, Inc		157
429,292		Cobham plc		1,459
84,710	e*	Comtech Group, Inc		1,268
586,740		Cosco Corp Singapore Ltd		613
24,900		Daewoo Shipbuilding & Marine Engineering Co Ltd		805

99

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
1,845,882		DaimlerChrysler AG.	$	92,246
104,259	e	DaimlerChrysler AG.		5,209
7,900	b,m*	Dana Corp		8
394,157		Delphi Corp		631
1,623,587		Denso Corp		57,040
812		D'ieteren S.A.		271
20,088	*	Dorman Products, Inc		203
616		Elbit Systems Ltd		19
112,832		Empresa Brasileira de Aeronautica S.A.		1,105
4,200		Empresa Brasileira de Aeronautica S.A. (ADR)		165
187,392		European Aeronautic Defence and Space Co		5,389
900		Exedy Corp		24
347,324		Federal Signal Corp		5,297
11,010,117		Fiat S.p.A.		175,495
356,357	*	Fleetwood Enterprises, Inc		2,398
11,313,536	e	Ford Motor Co		91,527
2,392	*	Ford Otomotiv Sanayi A.S.		16
137,502	e	Freightcar America, Inc		7,288
64,931	e*	Fuel Systems Solutions, Inc		826
398,373	e*	GenCorp, Inc		5,115
2,170,487		General Dynamics Corp		155,559
2,151,389	e	General Motors Corp		71,555
58,626	*	GenTek, Inc		1,619
737,990		Genuine Parts Co		31,830
331		Georg Fischer AG.		155
3,606,608		GKN plc		19,397
3,335,000		Goodpack Ltd		3,612
541,365		Goodrich Corp		21,936
77,542		Greenbrier Cos, Inc		2,249
330,198	e	Group 1 Automotive, Inc		16,477
1,598,106	e	Harley-Davidson, Inc		100,281
220,211		Harsco Corp		17,099
122,003	e	Heico Corp		4,185
8,884		Hero Honda Motors Ltd		150
38,923		Hino Motors Ltd		211
2,917,948		Honda Motor Co Ltd		98,068
763,000		Hongkong Land Holdings Ltd		2,960
23,052		Hyundai Heavy Industries		3,191
1,838		Hyundai Mipo Dockyard		229
31,426		Hyundai Mobis		3,231
7,990		Hyundai Motor Co		417
91,511		Hyundai Motor Co		7,833
7,875	*	Hyundai Motor Co (GDR)		199
755,000		Isuzu Motors Ltd		2,474
795,229		ITT Industries, Inc		40,771
229,000		Japan Tecseed Co Ltd		2,016
52,000		Jaya Holdings Ltd		46
854,987		JLG Industries, Inc		16,937
843,500		Johnson Electric Holdings Ltd		737
231,600		JTEKT Corp		4,490
287,048	*	K&F Industries Holdings, Inc		5,391
135,052		Kaman Corp (Class A)		2,432
1,329,185		Kawasaki Heavy Industries Ltd		4,400
5,882,712		Keppel Corp Ltd		54,818
42,090		Kia Motors Corp		683
108,320	*	KOC Holding A.S.		348
390		KTM Power Sports AG.		22
267,883		Lagardere S.C.A.		19,328
3,519		Leoni AG.		123

100

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
2,385,437		Lockheed Martin Corp	$	205,291
129,033	*	Magna International, Inc (Class A)		9,423
227,769	e	Magna International, Inc (Class A)		16,536
177,683		Mahindra & Mahindra Ltd		2,631
352,561		MAN AG.		29,837
2,103		Maruti Udyog Ltd		45
82,080	*	Miller Industries, Inc		1,500
152,000		Mitsuba Corp		1,186
163,549		Monaco Coach Corp		1,822
454,000		Nabtesco Corp		5,150
367,475	e*	Navistar International Corp		9,488
525,000		NHK Spring Co Ltd		6,076
44,000		Nippon Piston Ring Co Ltd		102
60,783	e	Noble International Ltd		760
40,000		Norstar Founders Group Ltd		13
1,683,888		Northrop Grumman Corp		114,622
215,317		Novatek Microelectronics Corp Ltd		1,018
1,624,000		NSK Ltd		13,707
651,948	e*	Orbital Sciences Corp		12,237
422,993		Oshkosh Truck Corp		21,348
1,124,154	e	Paccar, Inc		64,099
1,104,112	e*	Pactiv Corp		31,379
58,994		Peugeot S.A.		3,327
244,166	e	Polaris Industries, Inc		10,047
24,000		Press Kogyo Co Ltd		105
119,100		Proton Holdings Bhd		157
3,922,582		Raytheon Co		188,323
885,610		Renault S.A.		101,575
40,837		Rieter Holding AG.		17,586
688,628		Rolls-Royce Group plc		5,841
45,050		Samsung Heavy Industries Co Ltd		1,100
5,663		Sanden Corp		23
5,060,631		SembCorp Marine Ltd		10,642
37,294	e*	Sequa Corp (Class A)		3,500
44,278		Shimano, Inc		1,237
1,234,151		Siemens AG.		107,670
3,027,741		Singapore Technologies Engineering Ltd		5,433
1,278,078		Smiths Group plc		21,453
1,000		Standard Motor Products, Inc		12
131,881	e	Superior Industries International, Inc		2,214
30,747		Tata Motors Ltd		577
263,309	*	Tenneco, Inc		6,159
627,960		Textron, Inc		54,947
29,682		Thales S.A.		1,317
156,445	e	Thor Industries, Inc		6,441
2,152		Tofas Turk Otomobil Fabrik		6
29,100		Tokai Rika Co Ltd		565
276,694		Tomkins plc		1,227
94,500		Toyoda Gosei Co Ltd		2,080
370,500		Toyota Industries Corp		15,714
5,326,806		Toyota Motor Corp		289,508
193,674	*	TransDigm Group, Inc		4,730
250,490		Trelleborg AB (B Shs)		4,717
346,473	e	Trinity Industries, Inc		11,146
93,567	e	Triumph Group, Inc		3,963
323,063	*	TRW Automotive Holdings Corp		7,776
6,690,313		United Technologies Corp		423,831
756,293		Visteon Corp		6,164
337,422		Volkswagen AG.		28,744

101

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
6,650		Volkswagen AG.	$	393
90,882		Volvo AB		5,630
490,230		Volvo AB (B Shs)		29,200
247,806	e	Wabash National Corp		3,392
377,904	e	Westinghouse Air Brake Technologies Corp		10,253
215,577	e	Winnebago Industries, Inc		6,765
1,315,400		Yamaha Motor Co Ltd		34,855
27,405		Yulon Motor Co Ltd		28
		TOTAL TRANSPORTATION EQUIPMENT		3,756,451
TRANSPORTATION SERVICES - 0.19%
51,230		All America Latina Logistica S.A.		398
132,257	e	Ambassadors Group, Inc		3,740
31,651		Ambassadors International, Inc		1,000
161,621		Arriva plc		1,997
1,412,802		CH Robinson Worldwide, Inc		62,983
349		Dfds A/S		31
76,802	*	Dynamex, Inc		1,594
1,031,327	e	Expeditors International Washington, Inc		45,977
5,592		Freightways Ltd		14
217,244	e	GATX Corp		8,987
333,945	*	HUB Group, Inc		7,607
42,000		Jiangsu Express		24
1,072		Kuoni Reisen Holding		551
435,774	e	Lear Corp		9,021
3,373,752		MTR Corp		8,470
114,223		National Express Group plc		2,008
307,961	e	Pacer International, Inc		8,549
5,559		Panalpina Welttransport Holding AG.		598
1,115,400		PLUS Expressways Bhd		847
219,170	*	RailAmerica, Inc		2,393
862,115		Sabre Holdings Corp		20,165
53,000		Sinotrans Ltd		18
713,192		Stagecoach Group plc		1,696
359,841		Stolt-Nielsen S.A.		9,373
2,407,001	*	Sydney Roads Group		1,991
473,154		Toll Holdings Ltd		5,427
457,425		TUI AG.		9,443
667,207		UTI Worldwide, Inc		18,662
48,000		Zhejiang Expressway Co Ltd		32
		TOTAL TRANSPORTATION SERVICES		233,596
TRUCKING AND WAREHOUSING - 0.55%
200,424		Arkansas Best Corp		8,624
133,217	e*	Celadon Group, Inc		2,217
237,848		Con-way, Inc		10,660
500	*	Covenant Transport, Inc (Class A)		6
7,241,513		Deutsche Post AG.		190,080
307,010		DSV A/S		53,676
191,641	e	Forward Air Corp		6,341
900	e*	Frozen Food Express Industries		7
1,084,524		Grindrod Ltd		1,963
395,687		Heartland Express, Inc		6,204
48,250		Imperial Holdings Ltd		801
2,689	v	Imperial Holdings Ltd (ADR)		44
514,035		J.B. Hunt Transport Services, Inc		10,677
392,433		Kamigumi Co Ltd		3,060
367,509		Landstar System, Inc		15,693
85,400	e*	Marten Transport Ltd		1,459

102

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
68,500		Mitsubishi Logistics Corp	$	1,094
1,968,000		Nippon Express Co Ltd		10,546
839		Norbert Dentressangle		66
167,551	e*	Old Dominion Freight Line		5,032
34,739	*	P.A.M. Transportation Services, Inc		871
6,920	e*	Patriot Transportation Holding, Inc		523
52,963	*	Quality Distribution, Inc		780
101,765	*	Saia, Inc		3,318
27,000		Sankyu, Inc		155
1,176,000		Seino Holdings Corp		13,828
529,336	e*	SIRVA, Inc		1,408
302,454	e*	Swift Transportation Co, Inc		7,174
1,062,365		TNT NV		40,293
51,654	e*	U.S. Xpress Enterprises, Inc (Class A)		1,196
3,483,142		United Parcel Service, Inc (Class B)		250,577
32,886	e*	Universal Truckload Services, Inc		854
41,087	*	USA Truck, Inc		783
304,133	e	Werner Enterprises, Inc		5,690
344,136		Yamato Transport Co Ltd		4,979
340,193	*	YRC Worldwide, Inc		12,601
		TOTAL TRUCKING AND WAREHOUSING		673,280
WATER TRANSPORTATION - 0.12%
227,845		Alexander & Baldwin, Inc		10,109
177,743	e*	American Commercial Lines, Inc		10,567
1,463		AP Moller - Maersk A/S		12,540
422,624		Aries Maritime Transport Ltd		4,395
3,905		Brostrom AB		80
14,214		Cargotec Corp		601
62,256		Carnival plc		2,978
978,000		China Shipping Container Lines Co Ltd (Class H)		236
42,000		China Shipping Development Co Ltd		40
18,045		Compagnie Maritime Belge S.A.		615
4,587		Compania SudAmericana de Vapores S.A.		6
2,920,500		COSCO Holdings		1,342
119,877		D/S Torm A/S		6,198
971	v	Eurokai KGaA		35
149,285		Euronav NV		4,844
636,222		Evergreen Marine Corp Tawain Ltd		362
1,239,000		Ezra Holdings Ltd		2,325
41,498		Frontline Ltd		1,583
888		Ganger Rolf A/S		25
91,936	*	Gulfmark Offshore, Inc		2,927
1,680		Hanjin Shipping Co Ltd		42
92,665	e	Horizon Lines, Inc		1,548
141,738	*	Hornbeck Offshore Services, Inc		4,748
60		Israel Corp Ltd		25
411,000		Kawasaki Kisen Kaisha Ltd		2,596
265,987	*	Kirby Corp		8,333
74,511		Kuehne & Nagel International AG.		5,154
346,000		Malaysia International Shipping Corp Bhd		807
64,536	e	Maritrans, Inc		2,362
1,773,000		Mitsui OSK Lines Ltd		13,103
312,279		Neptune Orient Lines Ltd		399
784,000		Nippon Yusen Kabushiki Kaisha		4,772
1,800	*	Odyssey Marine Exploration, Inc		5
170,000	*	Omega Navigation Enterprises, Inc		2,613
122,000		Orient Overseas International Ltd		496
510,572		Overseas Shipholding Group, Inc		31,538

103

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
49,344	*	Petrojarl ASA	$	530
42,056		Premuda S.p.A.		79
8,909,000		PT Berlian Laju Tanker Tbk		2,052
1,909		Ship Finance International Ltd		39
3,900	*	TBS International Ltd		30
105,000		U-Ming Marine Transport Corp		115
26,400		Wan Hai Lines Ltd		15
2,955		Wilh Wilhelmsen ASA		93
40,000		Yang Ming Marine Transport		21
		TOTAL WATER TRANSPORTATION		143,323
WHOLESALE TRADE-DURABLE GOODS - 0.52%
200	*	1-800 Contacts, Inc		3
379,240	e	Adesa, Inc		8,764
37,151		AGFA-Gevaert NV		881
246,865		Agilysys, Inc		3,466
387,585	e	Applied Industrial Technologies, Inc		9,457
210,000		Argo Graphics, Inc		4,124
987,529	e*	Arrow Electronics, Inc		27,088
334,057		Assa Abloy AB (B Shs)		6,211
30,576	e	AU Optronics Corp (ADR)		436
32,096		Autobacs Seven Co Ltd		1,206
34,800		Banpu PCL		135
27,489		Barloworld Ltd		457
222,640	e	Barnes Group, Inc		3,910
251,436	e*	Beacon Roofing Supply, Inc		5,089
67,140		BlueLinx Holdings, Inc		639
340,841		Boral Ltd		1,837
239,804	e	BorgWarner, Inc		13,710
255,542		Brambles Industries plc		2,292
7,390		Buhrmann NV		109
208,088		Buhrmann NV		3,137
321,836	e	Building Material Holding Corp		8,374
291,377		Bunzl plc		3,647
346,500		Canon Sales Co, Inc		8,301
96,492	e	Castle (A.M.) & Co		2,590
76,867		Cie Generale d'Optique Essilor International S.A.		7,871
244,000		Citic Pacific Ltd		752
3,700		Citic Pacific Ltd (ADR)		56
42,000	*	CMC Magnetics Corp		12
132,116	e*	Conceptus, Inc		2,337
13,898		Crane Group Ltd		124
34,200		Creative Technology Ltd		224
677,820	*	Cytyc Corp		16,593
2,191,560	*	Datacraft Asia Ltd		2,192
1,390,000		Denway Motors Ltd		503
134,116	*	Digi International, Inc		1,811
8,800		D-Link Corp		9
280,550	*	Dogus Otomotiv Servis ve Ticaret A.S.		1,306
106,000	*	Dongfeng Motor Group Co Ltd		43
107,270	*	Drew Industries, Inc		2,710
367,161		Electrocomponents plc		1,913
783,000		Energy Support Corp		1,909
237,646		Finning International, Inc		7,954
213,410	e*	Genesis Microchip, Inc		2,512
2,064,310	*	Hagemeyer NV		10,052
1,300		Hakuto Co Ltd		18
1,688		Hitachi Software Engineering Co Ltd		30
3,900	*	Houston Wire & Cable Co		73

104

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
400	*	Huttig Building Products, Inc	$	2
671,585		IKON Office Solutions, Inc		9,026
1,500		IMS-Intl Metal Service		33
2,835,293		Inchcape plc		27,804
725,612	*	Ingram Micro, Inc (Class A)		13,903
286,443	*	Insight Enterprises, Inc		5,904
200	*	INTAC International, Inc		1
111,468	*	Interline Brands, Inc		2,751
29,387		JD Group Ltd		245
2,100		Kaga Electronics Co Ltd		39
5,049		KCC Corp		1,446
90,978	e*	Keystone Automotive Industries, Inc		3,459
42,442		Kingspan Group plc		875
348,317	e	Knight Transportation, Inc		5,904
28,310		Lawson Products, Inc		1,187
102,706		Lewis Group Ltd		626
37,240		LG International Corp		895
78,200		Livedoor Auto Co Ltd		82
261,972	*	LKQ Corp		5,756
344,430		Martin Marietta Materials, Inc		29,146
3,019,000		Melco International Development		6,464
113,133	e*	Merge Technologies, Inc		778
21,686	*	MWI Veterinary Supply, Inc		727
3,720		Mytilineos Holdings S.A.		94
94,803	e*	Navarre Corp		381
79		NET One Systems Co Ltd		110
7,929,368		Nissan Motor Co Ltd		88,809
37,400	e	Nissan Motor Co Ltd (ADR)		840
20,394		Orascom Construction Industries		889
4,226		Orascom Construction Industries (GDR)		367
236,756		Owens & Minor, Inc		7,787
710,183	e*	Patterson Cos, Inc		23,869
346,072	e	PEP Boys-Manny Moe & Jack		4,447
880,647		Phoenix Precision Technology Corp		1,171
241,536	e	Pool Corp		9,299
451,704	*	PSS World Medical, Inc		9,030
1,944,703		PT Astra International Tbk		2,625
24,692		Rautaruukki Oyj		709
269,106		Reliance Steel & Aluminum Co		8,649
155,262	e	Ryerson Tull, Inc		3,399
4,000		Sanshin Electronics Co Ltd		41
244,126	*	Securitas Direct AB		613
244,126	*	Securitas Systems AB		916
4,551,691		Sumitomo Corp		56,759
9,000		Tamura Corp		31
260,552	*	Tandberg Television ASA		2,120
5,500,000		Tat Hong Holdings Ltd		3,844
525,747	*	Tech Data Corp		19,206
16,632,379		Test-Rite International Co		8,895
165	*	Timco Aviation Services, Inc		1
120,000		TPV Technology Ltd		114
325,712	e*	Tyler Technologies, Inc		4,211
400		Ulvac, Inc		14
1,859,800		UMW Holdings Bhd		3,656
368,060	e	W.W. Grainger, Inc		24,667
491,084	*	WESCO International, Inc		28,498
477,432		Wesfarmers Ltd		12,429
84,445	e*	West Marine, Inc		1,182
952,784		Wolseley plc		20,087

105

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
19,000		Yamazen Corp	$	112
7,000		Yuasa Trading Co Ltd		12
14,843		Zodiac S.A.		880
		TOTAL WHOLESALE TRADE-DURABLE GOODS		644,683
WHOLESALE TRADE-NONDURABLE GOODS - 0.91%
600	*	Advanced Marketing Services, Inc		2
411,788		Airgas, Inc		14,894
258,148	*	Akorn, Inc		932
753,002		Alliance One International, Inc		3,087
267,095	e*	Allscripts Healthcare Solutions, Inc		5,996
196,097		Axfood AB		5,954
63,974		Bidvest Group Ltd		928
435,836		Billabong International Ltd		4,759
2,000	*	BioScrip, Inc		6
327,493		Brown-Forman Corp (Class B)		25,102
3,538,210		Cardinal Health, Inc		232,602
13,342		Casino Guichard Perrachon S.A.		1,075
99,298		Celesio AG.		5,176
182,674	e*	Central European Distribution Corp		4,276
659,000	*	China BlueChemical Ltd		191
118,000		China Mengniu Dairy Co Ltd		198
226,000		China Resources Enterprise		490
333,082		Controladora Comercial Mexicana S.A. de C.V.		667
900		Controladora Comercial Mexicana S.A. de C.V. (GDR)		36
49,673	*	Core-Mark Holding Co, Inc		1,557
1,021,998	*	Dean Foods Co		42,944
5,125		DS Smith plc		15
91,950		Empresas COPEC S.A.		925
774,935	*	Endo Pharmaceuticals Holdings, Inc		25,224
2,177,175		Esprit Holdings Ltd		19,856
381		Filtrona plc		2
3,445,001		Foster's Group Ltd		16,535
1,800,899		Fyffes plc		3,494
1,349,353		Gazprom (ADR)		58,427
92,804	*	Gildan Activewear, Inc		4,512
23,815	*	Green Mountain Coffee Roasters, Inc		876
172,853	*	Hain Celestial Group, Inc		4,418
515,995	e*	Henry Schein, Inc		25,872
841,000	*	I B Daiwa Corp		641
51,704		Kenneth Cole Productions, Inc (Class A)		1,260
268,661		K-Swiss, Inc (Class A)		8,076
67,955		KT&G Corp		4,129
38,000		Kyokuyo Co Ltd		86
2,043,120		Li & Fung Ltd		5,077
5,923,734		Marubeni Corp		29,487
40,051		Massmart Holdings Ltd		293
19,443	*	Maui Land & Pineapple Co, Inc		577
281,679		Men's Wearhouse, Inc		10,481
52,085		Metro AG.		3,044
3,990,850		Mitsubishi Corp		75,003
269,579		Myers Industries, Inc		4,583
75,722	e	Nash Finch Co		1,782
1,051,902		Nike, Inc (Class B)		92,168
1,570,490		Nippon Oil Corp		11,567
335,213	e	Nu Skin Enterprises, Inc (Class A)		5,873
70,643	e*	Nuco2, Inc		1,900
16,727		Oriflame Cosmetics S.A.		555
74,884		Orkla ASA		3,563

106

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
69,769	e*	Perry Ellis International, Inc	$	2,154
1,758		Pescanova S.A.		60
366,800		Petronas Dagangan Bhd		428
596,500		PT Unilever Indonesia Tbk		297
183,216		Reliance Industries Ltd		4,675
2,521,893		Safeway, Inc		76,539
510		Samsung Fine Chemicals Co Ltd		15
283,300		San Miguel Corp		429
22,700		San-A Co Ltd		713
189,392	*	School Specialty, Inc		6,684
18,300		Siam Makro PCL		33
1,279,400		Sigma Pharmaceuticals Ltd		2,489
4,486,000		Sinochem Hong Kong Holding Ltd		1,612
76,516	*	Smart & Final, Inc		1,306
25,126		Societe BIC S.A.		1,562
193,933	e*	Source Interlink Cos, Inc		1,842
129,118		Spartan Stores, Inc		2,182
294,584		Stride Rite Corp		4,112
233,880		Suzuken Co Ltd		8,771
3,519,816		Sysco Corp		117,738
547,897	e*	Terra Industries, Inc		4,224
13,053,000	*	Thai Beverage PCL		2,424
10,411,400	*	Thai Petrochemical Industry PCL		1,899
74,590	e	The Andersons, Inc		2,547
69,232		Tiger Brands Ltd		1,258
161,180	*	Tractor Supply Co		7,779
2,393,627		Unilever NV		58,884
464,368		Unilever NV		11,396
76,000		Uni-President Enterprises Corp		67
249,217	e*	United Natural Foods, Inc		7,723
253,873		United Stationers, Inc		11,808
46,315		Valhi, Inc		1,077
11,326		Valley National Gases, Inc		283
51,638	*	Volcom, Inc		1,164
5,200		Wimm-Bill-Dann Foods OJSC (ADR)		232
64,000		Yamatane Corp		99
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		1,117,678
		TOTAL COMMON STOCKS		122,513,827
		(Cost $105,028,858)
WARRANTS - 0.00%**
BUSINESS SERVICES - 0.00%**
3,633	*	Redback Networks, Inc		37
4,912	*	Redback Networks, Inc		40
		TOTAL BUSINESS SERVICES		77
COMMUNICATIONS - 0.00%**
202,839	*	Lucent Technologies, Inc		39
277	e,v*	RCN Corp Wts		-	^
		TOTAL COMMUNICATIONS		39
CHEMICALS AND ALLIED PRODUCTS - 0.00%**
8,800	*	Kingboard Chemical Holdings Ltd		9
		TOTAL CHEMICALS AND ALLIED PRODUCTS		9
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 0.00%**
26,770	*	LG.Philips LCD Co Ltd		888
				888

107

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
					MATURITY		VALUE
SHARES			RATE		DATE		(000)
HOLDING AND OTHER INVESTMENT OFFICES - 0.00%**
7,865	*	NTL, Inc				$	4
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES					4
HOTELS AND OTHER LODGING PLACES - 0.00%**
1,400,451	v*	Minor International PCL					176
		TOTAL HOTELS AND OTHER LODGING PLACES					176
PRINTING AND PUBLISHING - 0.00%**
-	*	Singapore Press Holdings Ltd					-	^
		TOTAL PRINTING AND PUBLISHING					-	^
SECURITY AND COMMODITY BROKERS - 0.00%**
27,401	m,v*	Imperial Credit Industry					-	^
		TOTAL SECURITY AND COMMODITY BROKERS					-	^
WHOLESALE TRADE-DURABLE GOODS - 0.00%**
21,169	v*	Timco Aviation Services, Inc					-	^
		TOTAL WHOLESALE TRADE-DURABLE GOODS					-	^
		TOTAL WARRANTS					1,193
		(Cost $33,733)
PRINCIPAL
SHORT-TERM INVESTMENTS - 2.19%
U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES - 0.10%
$     26,500,000		Federal Home Loan Bank (FHLB)	4.750	%	10/02/06		26,500
5,000,000		FHLB	5.020		10/18/06		4,987
55,000,000		Federal Home Loan Mortgage Corp (FHLMC)	5.160		12/27/06		54,335
41,450,000		Federal National Mortgage Association (FNMA)	5.090		10/16/06		41,368
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES					127,190
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 2.09%
2,559,773,290	v	Navigator Fund					2,559,773
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED					2,559,773
		TOTAL SHORT-TERM INVESTMENTS					2,686,963
		(Cost $2,686,945)
		TOTAL PORTFOLIO - 101.97%					125,216,912
		(Cost $107,773,311)
		OTHER ASSETS & LIABILITIES, NET - (1.97%)					(2,415,167	)
		NET ASSETS - 100.00%				$	122,801,745
	The following abbreviations are used in portfolio descriptions:
	ADR	American Depositary Receipt
	GDR	Global Depositary Receipt
	LP	Limited Partnership
	PLC	Public Limited Company
	*	Non-income producing
	**	Percentage represents less than 0.01%
	^	Amount represents less than $1,000
	a	Affiliated Holding

108

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

b	In bankruptcy
e	All or a portion of these securities are out on loan.
m	Indicates a security that has been deemed illiquid.
n	Represents issuer in default on interest payments and/or principal payment.
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.

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

		Value at		Purchase				Realized			Dividend	Withholding		Shares at		Value at
Issue		December 31, 2005		Cost		Proceeds		Gain/(Loss)			Income	Expense		September 30, 2006		September 30, 2006
Brocade Communications Systems, Inc	$	72,403,062	$	2,971,153	$	33,591,082	$	7,461,073		$	-	$	-	-	$	*
Digital Garage, Inc		**		7,059,203		-		-			-		-	5,501		21,235,606
First NIS Regional Fund SICAV		**		-		-		-			-		-	1,598,400		2,157,840
Hagemeyer NV		**		64,517		8,993,408		3,157,994			-		-	-		*
Healthsouth Corp		**		113,615,313		1,976,000		11,120			-		-	24,003,533		119,057,524
Information Development Co		**		-		242		123			37,147		2,601	416,300		2,960,356
Intelligent Wave, Inc		**		1,139,246		1,434,882		(130,195	)		69,081		4,836	16,226		14,697,837
Lear Corp		**		14,882,163		54,071,865		(4,416,800	)		-		-	-		*
Playmates Holdings Ltd		15,044,266		-		5,634		(3,208	)		655,787		-	113,203,000		12,060,417
Risa Partners, Inc		**		4,349,696		14,467		4,833			-		-	7,057		30,886,510
Shanghai Forte Land Co		**		609,485		-		-			-		-	63,650,000		22,222,536
Solomon Systech International Ltd		**		2,767,747		136,110		(189,663	)		438,050		-	184,644,000		32,232,977
TBS International Ltd		5,976,000		-		1,657,055		(842,945	)		-		-	-		*
			$	147,458,523	$	101,880,745	$	5,052,332		$	1,200,065	$	7,437		$	257,511,603

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

109

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
COLLEGE RETIREMENT EQUITIES FUND
STOCK ACCOUNT
Summary of Market Values by Country
September 30, 2006
			% OF MARKET
	VALUE		VALUE
DOMESTIC
UNITED STATES	$	97,085,445,290	77.53	%
TOTAL DOMESTIC		97,085,445,290	77.53
FOREIGN
ARGENTINA		2,084,858	0.00
AUSTRALIA		1,050,884,529	0.84
AUSTRIA		111,759,167	0.09
BELGIUM		203,519,772	0.16
BERMUDA		52,041	0.00
BRAZIL		115,044,045	0.09
CANADA		1,860,212,160	1.49
CAYMAN ISLANDS		6,818,073	0.01
CHILE		12,473,536	0.01
CHINA		9,797,601	0.01
COLUMBIA		2,613,754	0.00
CZECH REPUBLIC		5,043,927	0.00
DENMARK		187,111,617	0.15
EGYPT		5,477,157	0.00
FINLAND		592,838,136	0.47
FRANCE		3,074,708,569	2.46
GERMANY		2,234,741,743	1.79
GREECE		104,493,772	0.08
HONG KONG		619,319,957	0.50
HUNGARY		12,913,628	0.01
INDIA		111,059,609	0.09
INDONESIA		29,578,360	0.02
IRELAND		119,495,332	0.10
ISRAEL		21,479,075	0.02
ITALY		965,753,091	0.77
JAPAN		5,684,932,205	4.54
LUXEMBOURG		5,017,747	0.00
MALAYSIA		49,458,500	0.04
MEXICO		52,973,182	0.04
NETHERLANDS		1,190,192,042	0.95
NEW ZEALAND		59,812,740	0.05
NORWAY		162,301,561	0.13
PERU		3,737,362	0.00
PHILIPPINES		24,083,375	0.02
POLAND		11,971,770	0.01
PORTUGAL		55,357,435	0.04
REPUBLIC OF KOREA		262,219,453	0.21
RUSSIA		165,240,612	0.13
SINGAPORE		277,480,488	0.22
SOUTH AFRICA		115,369,888	0.09
SPAIN		656,759,016	0.53
SWEDEN		496,621,238	0.40
SWITZERLAND		2,002,294,502	1.60
TAIWAN (REPUBLIC OF CHINA)		142,362,987	0.11
THAILAND		27,370,073	0.02
TURKEY		10,192,693	0.01
UNITED KINGDOM		5,216,444,801	4.17
TOTAL FOREIGN		28,131,467,179	22.47
TOTAL PORTFOLIO	$	125,216,912,469	100.00	%

110

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
COLLEGE RETIREMENT EQUITIES FUND
GLOBAL EQUITIES ACCOUNT
STATEMENT OF INVESTMENTS (Unaudited)
September 30, 2006
				VALUE
SHARES				(000)
PREFERRED STOCKS - 0.50%
COMMUNICATIONS - 0.00%**
5,755		ProSiebenSat.1 Media AG.	$	159
		TOTAL COMMUNICATIONS		159
INSURANCE CARRIERS - 0.00%**
7,402		Great-West Lifeco, Inc (Series E)		182
2,713		Great-West Lifeco, Inc (Series F)		66
		TOTAL INSURANCE CARRIERS		248
TRANSPORTATION EQUIPMENT - 0.50%
67,618		Porsche AG.		70,039
		TOTAL TRANSPORTATION EQUIPMENT		70,039
		TOTAL PREFERRED STOCKS		70,446
		(Cost $57,360)
COMMON STOCKS - 98.79%
AGRICULTURAL PRODUCTION-CROPS - 0.01%
52,200		Gallaher Group plc		854
		TOTAL AGRICULTURAL PRODUCTION-CROPS		854
AGRICULTURAL SERVICES - 0.00%**
1,365		Yara International ASA		21
		TOTAL AGRICULTURAL SERVICES		21
AMUSEMENT AND RECREATION SERVICES - 0.53%
390,531		Aristocrat Leisure Ltd		4,104
163,405		Aruze Corp		3,043
194	*	BetandWin.com Interactive Entertainment AG.		5
22,891	e	Harrah's Entertainment, Inc		1,521
48,062		Ladbrokes plc		350
855,807	*	Live Nation, Inc		17,476
538,386		Lottomatica S.p.A.		20,283
26,000	e*	Marvel Entertainment, Inc		628
59,510		Nintendo Co Ltd		12,262
1,319		OPAP S.A.		44
2,001		Oriental Land Co Ltd		112
736	*	Pacific Golf Group International Holdings		1,122
521		Paddy Power plc		10
6,672		PartyGaming plc		13
363,726		Publishing & Broadcasting Ltd		5,053
25,080		Rank Group plc		110
2		Round One Corp		7
204,973		Sega Sammy Holdings, Inc		6,594
2,819		Sky City Entertainment Group Ltd		10
2,531		Sportingbet plc		9
2,972		TABCORP Holdings Ltd		35
801	v	UNiTAB Ltd		9
85,754		Valor Co Ltd		1,488
17,685		William Hill plc		213

111

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
197,000		Yomiuri Land Co Ltd	$	1,161
		TOTAL AMUSEMENT AND RECREATION SERVICES		75,662
APPAREL AND ACCESSORY STORES - 0.45%
28,971	e	Abercrombie & Fitch Co (Class A)		2,013
44,800	e	American Eagle Outfitters, Inc		1,964
14,000	*	AnnTaylor Stores Corp		586
2,428		Aoyama Trading Co Ltd		77
27,214		Burberry Group plc		263
7,464	e*	Chico's FAS, Inc		161
2,294		Fast Retailing Co Ltd		215
3,467		Foot Locker, Inc		88
497,527	e	Gap, Inc		9,428
9,118		Giordano International Ltd		4
2,964	*	Hanesbrands, Inc		67
531,442		Hennes & Mauritz AB (B Shs)		22,228
351,884		Inditex S.A.		16,403
126,456	*	Kohl's Corp		8,210
11,397		Limited Brands, Inc		302
87		Nishimatsuya Chain Co Ltd		2
15,000	e	Nordstrom, Inc		635
42,000	e*	Payless Shoesource, Inc		1,046
2,669	e	Ross Stores, Inc		68
		TOTAL APPAREL AND ACCESSORY STORES		63,760
APPAREL AND OTHER TEXTILE PRODUCTS - 0.09%
1,000		Asics Corp		13
424		Benetton Group S.p.A.		7
15,737		Gunze Ltd		89
49,391	e	Jones Apparel Group, Inc		1,602
2,063		Liz Claiborne, Inc		82
26,495		Mitsubishi Rayon Co Ltd		175
381,449		Nisshinbo Industries, Inc		4,027
8,229		Onward Kashiyama Co Ltd		118
11,400	e	Polo Ralph Lauren Corp		737
36,009		Shimamura Co Ltd		3,518
5,036		Tokyo Style Co Ltd		61
47,659		Toyobo Co Ltd		125
22,023	e	VF Corp		1,607
8,627		Wacoal Holdings Corp		109
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		12,270
AUTO REPAIR, SERVICES AND PARKING - 0.00%**
10,842		Aisin Seiki Co Ltd		317
4,351		NOK Corp		107
400		Park24 Co Ltd		13
6,602		Sumitomo Rubber Industries, Inc		73
		TOTAL AUTO REPAIR, SERVICES AND PARKING		510
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.23%
4,688		Advance Auto Parts		154
7,134	e*	Autonation, Inc		149
217,541	e*	Autozone, Inc		22,472
16,783		Canadian Tire Corp (Class A)		1,054
4,775	*	Carmax, Inc		199
43,522		Jardine Cycle & Carriage Ltd		329
22,983		MOL Hungarian Oil and Gas plc		2,096
233,296		Suzuki Motor Corp		5,925
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		32,378

112

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.12%
14,922	e	Fastenal Co	$	576
1,502		Grafton Group plc		20
187,258	e	Home Depot, Inc		6,792
102,835		Kingfisher plc		472
110,256	e	Lowe's Cos, Inc		3,094
26,941	*	RONA, Inc		510
92,888		Sherwin-Williams Co		5,181
4,637		Travis Perkins plc		151
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		16,796
BUSINESS SERVICES - 3.95%
264,651		Accenture Ltd (Class A)		8,392
1	*	Access Co Ltd		7
191		Acciona S.A.		29
1,900	e*	Activision, Inc		29
19,969		Acxiom Corp		492
748		Adecco S.A.		45
93,426	*	Adobe Systems, Inc		3,499
5,644		Aegis Group plc		14
8,633	*	Affiliated Computer Services, Inc (Class A)		448
1,700		Aggreko plc		11
30,800	e*	Akamai Technologies, Inc		1,540
286		Asatsu-DK, Inc		9
2,385	*	Atos Origin S.A.		131
46,995	*	Autodesk, Inc		1,634
241,622		Automatic Data Processing, Inc		11,438
1,907		Autostrade S.p.A.		57
678	*	Avis Budget Group, Inc		12
157,208	e*	BEA Systems, Inc		2,390
104,039	e*	BMC Software, Inc		2,832
5,521		Brambles Industries Ltd		52
2,894	*	Business Objects S.A.		98
20,696	e	CA, Inc		490
20,113	e*	Cadence Design Systems, Inc		341
5,062		Cap Gemini S.A.		269
14,459	*	Ceridian Corp		323
60,238	*	CGI Group, Inc (Class A)		394
500	*	Checkfree Corp		21
2,058	*	ChoicePoint, Inc		74
1,311		Cintra Concesiones de Infraestructuras de Transporte S.A.		18
7,488	*	Citrix Systems, Inc		271
5,896	*	Cognizant Technology Solutions Corp		437
22,882	*	Cognos, Inc		831
10,555	e*	Computer Sciences Corp		518
536,430		Computershare Ltd		3,082
85,642	*	Compuware Corp		667
10,434	*	Convergys Corp		215
5,994		CSK Holdings Corp		251
1,827		Dassault Systemes S.A.		103
803		Dentsu, Inc		2,182
872,400	e*	DST Systems, Inc		53,801
2,353,909	*	DynCorp International, Inc		29,636
34,818		eAccess Ltd		21,016
117,250	e*	Earthlink, Inc		852
85,811	*	eBay, Inc		2,434
14,665	*	Electronic Arts, Inc		817
125,354	e	Electronic Data Systems Corp		3,074

113

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
3,908	*	Elpida Memory, Inc	$	177
48,206	e	Equifax, Inc		1,770
66,782	e*	Expedia, Inc		1,047
1,133		Fidec Corp		2,503
5,294		Fidelity National Information Services, Inc		196
18,217		First Choice Holidays plc		68
270,012		First Data Corp		11,341
507,176	e*	Fiserv, Inc		23,883
83,122	e*	Focus Media Holding Ltd (ADR)		4,814
2,787		Fuji Soft ABC, Inc		73
214,406		Fujitsu Ltd		1,768
5,314	e	Getronics NV		36
2,151	*	Getty Images, Inc		107
1,458		GN Store Nord		22
8		Goodwill Group, Inc		5
41,929	e*	Google, Inc (Class A)		16,851
7,685		Group 4 Securicor plc		24
1,158		Gruppo Editoriale L'Espresso S.p.A.		6
675		Hakuhodo DY Holdings, Inc		44
9,928		Hays plc		27
5,000,000	*	Huabao International Holdings Ltd		2,022
14,296		IMS Health, Inc		381
821		Indra Sistemas S.A.		18
104,563		Infosys Technologies Ltd		4,211
5,926	e*	Interpublic Group of Cos, Inc		59
2,138,558	*	Intuit, Inc		68,626
600	*	Iron Mountain, Inc		26
51,474		iSOFT Group plc		48
100,651	e*	Juniper Networks, Inc		1,739
7	*	KK DaVinci Advisors		7
5,488		Konami Corp		139
487	e*	Lamar Advertising Co		26
65,921		LogicaCMG plc		191
18,010		Manpower, Inc		1,103
148,300	*	McAfee, Inc		3,627
3,252	*	Mercury Interactive Corp		168
2,219		Michael Page International plc		16
2,221,610		Microsoft Corp		60,717
30,653		Misys plc		130
51,500		MoneyGram International, Inc		1,497
10,700	e*	Monster Worldwide, Inc		387
875,600	e*	NAVTEQ Corp		22,862
213,328		NEC Corp		1,172
161,063		Nippon System Development Co Ltd		6,558
50,653		Nomura Research Institute Ltd		7,032
410,500	e*	Novell, Inc		2,512
107		NTT Data Corp		494
1,247		Obic Co Ltd		264
57,496		Omnicom Group, Inc		5,382
12,095	*	Open Text Corp		216
993,919	*	Oracle Corp		17,632
4,103		Oracle Corp Japan		177
100		Otsuka Corp		11
2,017,500		POS Malaysia & Services Holdings Bhd		2,659
511		Promotora de Informaciones S.A.		8
700		Public Power Corp		17
5,152		Rakuten, Inc		2,019
309		Randstad Holdings NV		18
10,335		Rentokil Initial plc		28

114

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
56,105		Reuters Group plc	$	456
26,000		Reynolds & Reynolds Co (Class A)		1,027
6,300		Ritchie Bros Auctioneers, Inc		337
970		Robert Half International, Inc		33
104,804		Sage Group plc		493
169,080		SAP AG.		33,533
1,213		Secom Co Ltd		60
1,772		Securitas AB (B Shs)		22
6,814	e	ServiceMaster Co		76
29		SGS S.A.		29
9,386		Singapore Post Ltd		6
126		Societe Des Autoroutes Paris-Rhin-Rhone		9
23,093		Solomon Systech International Ltd		4
1,486,071	*	Sun Microsystems, Inc		7,386
6,926	*	Synopsys, Inc		137
1,674,510	e	Telecom Italia Media S.p.A.		772
2,819	*	Telelogic AB		5
21,683		Tietoenator Oyj		637
2,926		TIS, Inc		69
604,878		Trend Micro, Inc		17,717
81,049		UFJ Central Leasing Co Ltd		3,712
19,405	*	Unisys Corp		110
121,652	e*	United Rentals, Inc		2,828
802		USS Co Ltd		52
96,030	*	VeriSign, Inc		1,940
346,183		Waste Management, Inc		12,698
2,125		WM-Data AB (B Shs)		7
3,119,729		WPP Group plc		38,669
647		Yahoo! Japan Corp		243
87,336	*	Yahoo!, Inc		2,208
		TOTAL BUSINESS SERVICES		559,512
CHEMICALS AND ALLIED PRODUCTS - 9.77%
1,302,349		Abbott Laboratories		63,242
1,507,160	e*	Adams Respiratory Therapeutics, Inc		55,147
28,332	*	Agrium, Inc		765
1,548		Air Liquide S.A.		316
100,711	e	Air Products & Chemicals, Inc		6,684
671,837		Akzo Nobel NV		41,387
500		Alberto-Culver Co		25
3,183		Alfresa Holdings Corp		202
6,749		Altana AG.		373
1,379,469	*	Amgen, Inc		98,673
21,182	*	Angiotech Pharmaceuticals, Inc		186
11,120	*	Arkema		525
56,177		Asahi Kasei Corp		360
29,483		Astellas Pharma, Inc		1,186
1,154,317		AstraZeneca plc		72,143
574		Avery Dennison Corp		35
64,578	e	Avon Products, Inc		1,980
6,011	*	Bare Escentuals, Inc		163
41,235		BASF AG.		3,302
220,000	*	Basilea Pharmaceutica		34,835
128,367		Bayer AG.		6,544
2,712		Beiersdorf AG.		144
39,106	*	Biogen Idec, Inc		1,747
35,481	*	Biovail Corp International		540
6,467,234		Boots Group plc		93,844
86,253		Bristol-Myers Squibb Co		2,149

115

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
73,100		Celanese Corp (Series A)	$	1,308
400	e*	Cephalon, Inc		25
500	e*	Charles River Laboratories International, Inc		22
29,264		Chugai Pharmaceutical Co Ltd		629
473		Ciba Specialty Chemicals AG.		29
341,143		Cipla Ltd		1,950
3,056		Clariant AG.		41
146,605	e	Clorox Co		9,236
278,100		Colgate-Palmolive Co		17,270
98,110		CSL Ltd		3,951
165,100		Cytec Industries, Inc		9,178
6,500		Dade Behring Holdings, Inc		261
10,630		Daicel Chemical Industries Ltd		74
1,904,748		Daiichi Sankyo Co Ltd		54,018
26,010		Dainippon Ink and Chemicals, Inc		95
5,983,000		Dainippon Sumitomo Pharma Co Ltd		71,872
142,928	e	Dow Chemical Co		5,571
873		DSM NV		38
284,067		Du Pont (E.I.) de Nemours & Co		12,169
1,085	e	Ecolab, Inc		46
23,170		Eisai Co Ltd		1,120
2,415	*	Elan Corp plc		37
45,394		Eli Lilly & Co		2,587
71,686	e	Estee Lauder Cos (Class A)		2,891
91,995	*	Genentech, Inc		7,608
10,443	e*	Genzyme Corp		705
20,278	e*	Gilead Sciences, Inc		1,393
933,705		GlaxoSmithKline plc		24,860
2,884,425	*	Grifols S.A.		29,224
2,760		H Lundbeck A/S		64
24,040		H.B. Fuller Co		563
37,125		Haw Par Corp Ltd		148
8,285		Henkel KGaA		1,152
140,000	e*	Hercules, Inc		2,208
157,968		Hindustan Lever Ltd		885
4,152		Hitachi Chemical Co Ltd		101
131,742	e*	Hospira, Inc		5,042
88,000	*	Huntsman Corp		1,602
37,641		Imperial Chemical Industries plc		280
486	e	International Flavors & Fragrances, Inc		19
6,387	e*	Invitrogen Corp		405
720,000		Ipsen		28,212
7,057		JSR Corp		155
34,554		Kaken Pharmaceutical Co Ltd		235
6,480		Kansai Paint Co Ltd		49
33,861		Kao Corp		903
10,000	e*	King Pharmaceuticals, Inc		170
29,528		Kingboard Chemical Holdings Ltd		106
283		Kose Corp		9
24,587		Kuraray Co Ltd		274
95,736		Kyowa Hakko Kogyo Co Ltd		674
18,888		Linde AG.		1,779
1,381		Lonza Group AG.		96
5,984		L'Oreal S.A.		608
178,000	e	Lyondell Chemical Co		4,516
4,245	*	Mayne Pharma Ltd		14
10,912		Mediceo Paltac Holdings Co Ltd		224
10,544	e*	Medimmune, Inc		308
440,073		Merck & Co, Inc		18,439

116

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
193,805		Merck KGaA	$	20,550
26,873		Methanex Corp		651
13,115	e*	Millennium Pharmaceuticals, Inc		130
50,714		Mitsubishi Chemical Holdings Corp		318
15,868		Mitsubishi Gas Chemical Co, Inc		172
95,964		Monsanto Co		4,511
48,000	e	Mylan Laboratories, Inc		966
28,000	*	Nalco Holding Co		519
63,000	e*	NBTY, Inc		1,844
20,003		Nippon Kayaku Co Ltd		170
6,572		Nippon Shokubai Co Ltd		80
5,455		Nissan Chemical Industries Ltd		65
19,307		Nova Chemicals Corp		592
559,610		Novartis AG.		32,669
71,039		Novartis AG. (ADR)		4,152
3,349		Novo Nordisk A/S (B Shs)		249
930		Novozymes A/S		71
15,000	*	OM Group, Inc		659
132		Omega Pharma S.A.		8
236,141		Orica Ltd		3,955
11,357	*	Oriola-KD Oyj		35
11,357	*	Orion Oyj		216
800	e*	PDL BioPharma, Inc		15
1,882,844		Pfizer, Inc		53,397
22,307		Potash Corp of Saskatchewan		2,315
3,634		PPG Industries, Inc		244
8,890	e	Praxair, Inc		526
662,952		Procter & Gamble Co		41,090
20,559	*	QLT, Inc		155
885,004		Reckitt Benckiser plc		36,687
442,573		Roche Holding AG.		76,520
50,290	e	Rohm & Haas Co		2,381
257,979		Sanofi-Aventis		22,965
12,465		Santen Pharmaceutical Co Ltd		317
40,000	e*	Sepracor, Inc		1,938
45		Serono S.A. (B Shs)		39
160,347		Shin-Etsu Chemical Co Ltd		10,235
22,073		Shionogi & Co Ltd		405
2,148		Shiseido Co Ltd		43
40,867		Showa Denko KK		176
41,351	e	Sigma-Aldrich Corp		3,129
12,225		SSL International plc		80
6,640,569		Sumitomo Chemical Co Ltd		49,583
4,275		Symbion Health Ltd		11
638		Syngenta AG.		96
27,154		Taisho Pharmaceutical Co Ltd		521
6,897		Taiyo Nippon Sanso Corp		59
49,497		Takeda Pharmaceutical Co Ltd		3,088
23,895		Tanabe Seiyaku Co Ltd		299
48,807		Teijin Ltd		263
1,146,745		Teva Pharmaceutical Industries Ltd (ADR)		39,093
242,000		Tokai Carbon Co Ltd		1,541
9,605		Tokuyama Corp		128
477,936		Toray Industries, Inc		3,597
22,647		Tosoh Corp		92
622	e	Tronox, Inc		8
496		UCB S.A.		32
1,337,648		Unilever plc		32,985
98,200	e	Valspar Corp		2,612

117

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
700	*	Vertex Pharmaceuticals, Inc	$	24
187,500	*	Wacker Chemie AG.		22,064
346,563	e*	Warner Chilcott Ltd		4,609
63,000	e*	Watson Pharmaceuticals, Inc		1,649
35,000	e	Westlake Chemical Corp		1,120
1,593,922		Wyeth		81,035
1,079	*	Zeltia S.A.		8
5,798		Zeon Corp		59
		TOTAL CHEMICALS AND ALLIED PRODUCTS		1,383,760
COAL MINING - 0.38%
800	e	Arch Coal, Inc		23
2,064,941		BHP Billiton Ltd		39,445
1,563,558		China Shenhua Energy Co Ltd		2,517
10,887		Consol Energy, Inc		345
3,245	e	Massey Energy Co		68
230,521		Peabody Energy Corp		8,479
98,723	e	Sasol Ltd (ADR)		3,247
2,593		Xstrata plc		107
		TOTAL COAL MINING		54,231
COMMUNICATIONS - 3.67%
693,266		Advanced Info Service PCL		1,661
141,691		Alltel Corp		7,864
56,437	*	American Tower Corp (Class A)		2,060
519		Antena 3 de Television S.A.		11
759,423		AT&T, Inc		24,727
2,532,094		Austar United Communications Ltd		2,208
94,847	*	Avaya, Inc		1,085
112,374	*	BCE Inc		3,048
921		Belgacom S.A.		36
32,476	*	Bell Aliant Regional Communications Income Fund		1,015
527,846		BellSouth Corp		22,565
46,688		British Sky Broadcasting plc		477
714,205		BT Group plc		3,584
160,898		Cable & Wireless plc		417
221,553		Cablevision Systems Corp (Class A)		5,031
2,653		Carphone Warehouse Group plc		15
15,000	e	CenturyTel, Inc		595
5,678,000		China Mobile Hong Kong Ltd		40,122
16,372	e	Clear Channel Communications, Inc		472
75,934	*	Comcast Corp (Class A)		2,798
27,983	e*	Comcast Corp (Special Class A)		1,030
7,771		Cosmote Mobile Telecommunications S.A.		186
69,175	e*	Crown Castle International Corp		2,438
164,004		Deutsche Telekom AG.		2,608
1,329,169	e*	DIRECTV Group, Inc		26,158
1,999,876	*	EchoStar Communications Corp (Class A)		65,476
52,384		Elisa Oyj		1,156
6,513	e	Embarq Corp		315
71,197		France Telecom S.A.		1,634
1,007		Fuji Television Network, Inc		2,276
1,023,600		Gestevision Telecinco S.A.		26,089
31,000		Global Payments, Inc		1,364
14,688		Hellenic Telecommunications Organization S.A.		360
10,661	*	Hutchison Telecommunications International Ltd		19
123,792	e*	IAC/InterActiveCorp		3,560
162,604		ITV plc		295
133		KDDI Corp		829

118

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
17,406	e*	Level 3 Communications, Inc	$	93
66,819	e*	Liberty Global, Inc		1,720
6,200	*	Liberty Global, Inc (Series C)		155
52,813	*	Liberty Media Holding Corp		4,414
119,761	*	Liberty Media Holding Corp		2,441
440		M6-Metropole Television		14
4,377		Mediaset S.p.A.		47
211		Mobistar S.A.		17
339	*	Modern Times Group AB		18
224,660		News Corp		4,546
10,456	e*	NII Holdings, Inc (Class B)		650
378		Nippon Telegraph & Telephone Corp		1,856
1,202		NTT DoCoMo, Inc		1,852
963		Okinawa Cellular Telephone Co		2,552
10,288,485	*	Paxys, Inc		2,204
56,456		Philippine Long Distance Telephone Co (ADR)		2,459
20,948	*	Portugal Telecom SGPS S.A.		262
523		PT Multimedia Servicos de Telecomunicacoes e Multimedia SGPS S.A.		6
2,012		Publicis Groupe S.A.		79
77,875	e*	Qwest Communications International, Inc		679
47,244		Rogers Communications, Inc		2,587
4,926,293		Royal KPN NV		62,843
37,378		Seat Pagine Gialle S.p.A.		19
389,700		Seven Network Ltd		2,560
37,728		Shaw Communications, Inc		1,130
1,551,721		Singapore Telecommunications Ltd		2,384
2,237		Sky Network Television Ltd		8
39,163		SmarTone Telecommunications Holding Ltd		38
2,756		Societe Television Francaise 1		88
227	*	Sogecable S.A.		8
4,217,268		Sprint Nextel Corp		72,326
1,402		Swisscom AG.		467
2,163		Tele2 AB (B Shs)		22
1,107,990		Telecom Corp of New Zealand Ltd		3,146
108,786		Telecom Italia S.p.A.		262
672,109		Telecom Italia S.p.A.		1,909
25,246		Telefonica S.A.		438
11,815		Telekom Austria AG.		298
1,346,318		Telenor ASA		17,555
6,841	e	Telephone & Data Systems, Inc		279
23,864		Telephone & Data Systems, Inc		1,005
2,272		Television Broadcasts Ltd		12
38,451		TeliaSonera AB		247
11,973		Telstra Corp Ltd		33
21,595		TELUS Corp		1,215
45,807		TELUS Corp		2,565
2,966	*	Tiscali S.p.A.		8
400		Tokyo Broadcasting System, Inc		9
28,857	*	Univision Communications, Inc (Class A)		991
768,830	e	Verizon Communications, Inc		28,547
318,224	*	Viacom, Inc		11,832
9,090,468	*	Vodafone Group Plc		20,808
81,732	e	Vodafone Group plc (ADR)		1,868
4,886	e*	West Corp		236
54,188	e	Windstream Corp		715
9,246	e*	XM Satellite Radio Holdings, Inc		119
		TOTAL COMMUNICATIONS		520,225

119

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
DEPOSITORY INSTITUTIONS - 9.37%
13,083		77 Bank Ltd	$	91
3,304,570		ABN AMRO Holding NV		96,379
4,948		Allied Irish Banks plc		132
2,286		Alpha Bank S.A.		61
14,001		AmSouth Bancorp		407
4,918		Associated Banc-Corp		160
10,357		Australia & New Zealand Banking Group Ltd		207
1,962		Banca Fideuram S.p.A.		13
106,650		Banca Intesa S.p.A.		702
6,279		Banca Monte dei Paschi di Siena S.p.A.		38
2,410		Banca Popolare di Milano		32
2,016		Banche Popolari Unite Scpa		54
19,193		Banco Bilbao Vizcaya Argentaria S.A.		444
2,028		Banco BPI S.A.		15
12,187		Banco Comercial Portugues S.A.		38
3,321,093		Banco de Oro Universal Bank		2,647
1,334		Banco Espirito Santo S.A.		20
2,174		Banco Popolare di Verona e Novara Scrl		60
4,816		Banco Popular Espanol S.A.		79
33,630		Banco Santander Central Hispano S.A.		532
1,758,687		Bank of America Corp		94,213
8,428		Bank of East Asia Ltd		38
32,489		Bank of Fukuoka Ltd		238
5,520		Bank of Ireland		108
24,039		Bank of Kyoto Ltd		243
119,042		Bank of Montreal		7,199
594,062		Bank of New York Co, Inc		20,947
240,495	e	Bank of Nova Scotia		10,336
29,909		Bank of Okinawa Ltd		1,175
28,970		Bank of the Ryukyus Ltd		600
62,150		Bank of Yokohama Ltd		489
2,651,616		Barclays plc		33,462
992,300		Bayerische Hypo-und Vereinsbank AG.		43,411
25,112	e	BB&T Corp		1,099
307,622		BNP Paribas		33,098
21,030		BOC Hong Kong Holdings Ltd		47
81,773	e	Canadian Imperial Bank of Commerce		6,164
40,275		Capitalia S.p.A.		333
31,635		Chiba Bank Ltd		282
1,147,000	*	China Merchants Bank Co Ltd		1,617
1,278,602		Citigroup, Inc		63,508
5,392		Close Brothers Group plc		103
800		Colonial Bancgroup, Inc		20
40,044		Comerica, Inc		2,279
6,969		Commerce Bancorp, Inc		256
1,884,803		Commerzbank AG.		63,455
7,294		Commonwealth Bank of Australia		249
30,205		Compass Bancshares, Inc		1,721
24,262		Credit Agricole S.A.		1,066
2,383		Danske Bank A/S		94
288,377		DBS Group Holdings Ltd		3,486
23,279		Depfa Bank plc		430
32,695		Deutsche Bank AG.		3,945
3,134		Dexia		81
3,859		DNB NOR Holding ASA		47
1,364		EFG Eurobank Ergasias S.A.		42
1,096		Erste Bank der Oesterreichischen Sparkassen AG.		68
18,379	e	Fifth Third Bancorp		700
28,605	e	First Horizon National Corp		1,087

120

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
6,628		Fortis	$	269
31,700	e	Golden West Financial Corp		2,449
29,160		Gunma Bank Ltd		216
4,389		Hang Seng Bank Ltd		55
553,744		Hokuhoku Financial Group, Inc		2,086
1,514,853		HSBC Holdings plc		27,640
353,686	e	Hudson City Bancorp, Inc		4,686
9,897	e	Huntington Bancshares, Inc		237
88,944	e	ICICI Bank Ltd (ADR)		2,731
23,000	e	IndyMac Bancorp, Inc		947
2,240	*	Investec Plc		22
967	e	Investors Financial Services Corp		42
46,338		Joyo Bank Ltd		275
894,296	e	JPMorgan Chase & Co		41,996
191,509		Julius Baer Holding AG.		19,129
400	*	Jyske Bank		23
450,800		Kasikornbank PCL		804
1,136,931		Kasikornbank PCL		2,088
87,132	e	Keycorp		3,262
67,539		Kookmin Bank		5,325
273,349		Lloyds TSB Group plc		2,761
2,843		M&T Bank Corp		341
9,935		Marshall & Ilsley Corp		479
867,363		Mediobanca S.p.A.		18,918
57,929		Mellon Financial Corp		2,265
6,043	e	Mercantile Bankshares Corp		219
309		Mitsubishi UFJ Financial Group, Inc		3,976
2,641,750		Mitsui Trust Holdings, Inc		30,057
2,596		Mizuho Financial Group. Inc		20,131
9,070		National Australia Bank Ltd		248
35,480	e	National Bank Of Canada		1,936
1,936,574		National Bank of Greece S.A.		83,346
532,978	e	National City Corp		19,507
10,712	e	New York Community Bancorp, Inc		175
19,045		Nishi-Nippon City Bank Ltd		93
12,263		Nordea Bank AB		161
59,628		North Fork Bancorporation, Inc		1,708
648,654	e	Northern Trust Corp		37,901
28,322		OKO Bank		452
693,026		Oversea-Chinese Banking Corp		2,858
1,262		Piraeus Bank S.A.		33
100,700		PNC Financial Services Group, Inc		7,295
8,433,500		PT Bank Mandiri Persero Tbk		2,126
238		Raiffeisen International Bank Holding AG.		25
21,852	e	Regions Financial Corp		804
199		Resona Holdings, Inc		596
320,456	e	Royal Bank of Canada		14,194
2,224	*	Royal Bank Of Canada		99
1,509,318		Royal Bank of Scotland Group plc		51,969
8,893		Sanpaolo IMI S.p.A.		188
2		Sapporo Hokuyo Holdings, Inc		22
7,325,253		Shinsei Bank Ltd		44,649
35,727		Shizuoka Bank Ltd		388
2,654		Skandinaviska Enskilda Banken AB (A Shs)		71
395,471		Societe Generale (A Shs)		62,936
21,166	e	Sovereign Bancorp, Inc		455
31,593		State Street Corp		1,971
3,734		Sumitomo Mitsui Financial Group, Inc		39,197
2,531,887		Sumitomo Trust & Banking Co Ltd		26,492

121

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
185,446		SunTrust Banks, Inc	$	14,331
7,738		Suruga Bank Ltd		97
3,012		Svenska Handelsbanken AB (A Shs)		81
420		Sydbank A/S		15
35,661	e	Synovus Financial Corp		1,047
2,168	e	TCF Financial Corp		57
7,624	e	TD Banknorth, Inc		220
359,145	*	UBS A.G.		21,484
2,643,223		UniCredito Italiano S.p.A		21,937
2,362		UnionBanCal Corp		144
1,975,467		United Overseas Bank Ltd		20,274
550,832	e	US Bancorp		18,299
340,267	e	Wachovia Corp		18,987
313,595	e	Washington Mutual, Inc		13,632
2,778,516	e	Wells Fargo & Co		100,527
10,366		Westpac Banking Corp		175
1,027		Wing Hang Bank Ltd		10
3,798	e	Zions Bancorporation		303
		TOTAL DEPOSITORY INSTITUTIONS		1,326,791
EATING AND DRINKING PLACES - 0.58%
40,100		Aramark Corp (Class B)		1,318
679		Autogrill S.p.A.		11
654,185		Brinker International, Inc		26,226
6,314,113		Compass Group plc		31,713
47,777		Darden Restaurants, Inc		2,029
26,000	e	Domino's Pizza, Inc		667
15,261		Enterprise Inns plc		301
360,723		McDonald's Corp		14,111
35,162		Mitchells & Butlers plc		388
25,430		Onex Corp		569
10,461		Punch Taverns plc		190
540		Sodexho Alliance S.A.		30
29,563	e*	Starbucks Corp		1,007
3,366	e	Wendy's International, Inc		226
14,038		Whitbread plc		340
58,019		Yum! Brands, Inc		3,020
		TOTAL EATING AND DRINKING PLACES		82,146
EDUCATIONAL SERVICES - 0.01%
891	*	Apollo Group, Inc (Class A)		44
2,582		Benesse Corp		96
63,676		CAE, Inc		543
1,380	e*	Career Education Corp		31
		TOTAL EDUCATIONAL SERVICES		714
ELECTRIC, GAS, AND SANITARY SERVICES - 3.15%
76,360	e*	AES Corp		1,557
1,747	*	Alinta Ltd		15
96,100	*	Allegheny Energy, Inc		3,860
78,200	e	Alliant Energy Corp		2,794
1,247		Ameren Corp		66
2,325	e	American Electric Power Co, Inc		85
900		Aqua America, Inc		20
2,584		Australian Gas Light Co Ltd		41
295,728		Caltex Australia Ltd		5,268
4,389	e	Centerpoint Energy, Inc		63
95,277		Centrica plc		580
13,461		Chubu Electric Power Co, Inc		350

122

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
5,126,739		CLP Holdings Ltd	$	31,061
2,578		Consolidated Edison, Inc		119
18,053		Constellation Energy Group, Inc		1,069
2,014		Contact Energy Ltd		9
51,531	e	Dominion Resources, Inc		3,942
2,685	e	DTE Energy Co		111
37,490		Duke Energy Corp		1,132
47,251		Edison International		1,968
3,996	e	El Paso Corp		55
2,939		Electric Power Development Co		105
71,533	*	Enbridge, Inc		2,308
2,610,969		Endesa S.A.		111,079
24,409		Enel S.p.A.		223
11,383		Energias de Portugal S.A.		49
999	e	Energy East Corp		24
154,485		Entergy Corp		12,085
177,597	e	Exelon Corp		10,752
2,555,202		First Philippine Holdings Corp		2,546
207,891	e	FirstEnergy Corp		11,613
22,300		Fortis, Inc		488
3,840,381		Fortum Oyj		102,315
62,711	e	FPL Group, Inc		2,822
1,014		Gas Natural SDG S.A.		37
1,114		Gaz de France		44
1,103		Hokkaido Electric Power Co, Inc		27
21,155		Hong Kong & China Gas Ltd		50
13,957		Hong Kong Electric Holdings Ltd		65
4,593		Iberdrola S.A.		206
23,663		International Power plc		139
13,053		Kansai Electric Power Co, Inc		301
2,109		Kelda Group plc		34
2,266	e	KeySpan Corp		93
640	e	Kinder Morgan, Inc		67
2,160		Kyushu Electric Power Co, Inc		51
76,409		National Grid plc		955
1,633		NiSource, Inc		36
52,375	e*	NRG Energy, Inc		2,373
514		Oest Elektrizitatswirts		25
33,000		Okinawa Electric Power Co, Inc		1,939
12,125		Osaka Gas Co Ltd		42
1,084	e	Pepco Holdings, Inc		26
9,799	e	PG&E Corp		408
1,287	e	Pinnacle West Capital Corp		58
104,370		PPL Corp		3,434
1,451	e	Progress Energy, Inc		66
31,087		Public Service Enterprise Group, Inc		1,902
1,243		Puma AG. Rudolf Dassler Sport		424
58,083		Questar Corp		4,749
539,466		Red Electrica de Espana		20,939
2,110	e*	Reliant Energy, Inc		26
105,301	e	Republic Services, Inc		4,234
23,575		RWE AG.		2,175
657		SCANA Corp		26
21,259		Scottish & Southern Energy plc		525
47,110		Scottish Power plc		575
134,950		SembCorp Industries Ltd		285
1,458,467	e	Sempra Energy		73,288
2,006	*	Severn Trent plc		50
6,524		Snam Rete Gas S.p.A.		32

123

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
395		Sociedad General de Aguas de Barcelona S.A.	$	13
1,165,311	*	Sojitz Holdings Corp		3,788
4,225	e	Southern Co		146
5,825		Suez S.A.		256
711,400		Tenaga Nasional Bhd		1,871
3,463		Tohoku Electric Power Co, Inc		76
34,828		Tokyo Electric Power Co, Inc		1,002
12,838		Tokyo Gas Co Ltd		64
43,009		TransAlta Corp		913
72,956		TXU Corp		4,561
776		Union Fenosa S.A.		40
5,019		United Utilities plc		66
2,874		Vector Ltd		4
1,650		Veolia Environnement		100
44,992		Williams Cos, Inc		1,074
25,245	e	Wisconsin Energy Corp		1,089
10,287	e	Xcel Energy, Inc		212
472,000		Xinao Gas Holdings Ltd		485
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		446,040
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 6.52%
20,000	e	Acuity Brands, Inc		908
842	e*	ADC Telecommunications, Inc		13
3,135,540	e*	Advanced Micro Devices, Inc		77,918
2,725,801		Advanced Semiconductor Engineering, Inc		2,532
21,374		Alcatel S.A.		261
11,114		Alps Electric Co Ltd		116
15,140	*	Altera Corp		278
3,204		American Power Conversion Corp		70
6,253	e	Amphenol Corp (Class A)		387
16,236		Analog Devices, Inc		477
56,649		ARM Holdings plc		125
847,000		Asustek Computer, Inc		1,988
61,872	*	ATI Technologies, Inc		1,323
204,750		Avex Group Holdings, Inc		4,325
900	e*	Avnet, Inc		18
72		Bang & Olufsen A/S		8
75		Barco NV		7
80,304	e*	Broadcom Corp (Class A)		2,436
48,308	*	Celestica, Inc		518
3,839,098	*	Chartered Semiconductor Manufacturing Ltd		2,925
4,952,473	*	Cisco Systems, Inc		113,907
1,222	e*	Comverse Technology, Inc		26
72,770		Cooper Industries Ltd (Class A)		6,201
855	*	CSR plc		13
20,733		Dainippon Screen Manufacturing Co Ltd		189
28,592		E.ON AG.		3,389
1,814		Electrolux AB (Series B)		29
6,523		Emerson Electric Co		547
33,248		EMI Group plc		166
710	e*	Energizer Holdings, Inc		51
17,064,261		Ericsson (LM) (B Shs)		59,146
156,700	e*	Fairchild Semiconductor International, Inc		2,930
47,064		Fanuc Ltd		3,673
2,891		Fisher & Paykel Appliances Holdings Ltd		7
3,452		Fisher & Paykel Healthcare Corp		9
24,613	e*	Flextronics International Ltd		311
12,000	*	Foxconn International Holdings Ltd		37
856,200	e*	Freescale Semiconductor, Inc		32,578

124

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
26,600	*	Freescale Semiconductor, Inc (Class B)	$	1,011
8,822		Fuji Electric Holdings Co Ltd		45
1,136		Gamesa Corp Tecnologica S.A.		25
22,680	e	Garmin Ltd		1,106
8	*	Gemalto NV		-	^
306		Germanos S.A.		7
1,773		Harman International Industries, Inc		148
3,263		Hirose Electric Co Ltd		432
500		Hitachi High-Technologies Corp		14
202,548		Hitachi Ltd		1,181
450,504	e	Honeywell International, Inc		18,426
108,275		Horiba Ltd		3,300
209,434		Hoya Corp		7,890
143,107	*	Hynix Semiconductor, Inc		5,641
108,008		Ibiden Co Ltd		5,706
61,635	*	Infineon Technologies AG.		731
366,688	e*	Infineon Technologies AG. (ADR)		4,338
1,180,763		Intel Corp		24,288
800	e	Intersil Corp (Class A)		20
1,029		Intracom S.A.		7
1,202,165	e*	JDS Uniphase Corp		2,633
7,151		Koninklijke Philips Electronics NV		251
1,280		Kudelski S.A.		38
11,438		Kyocera Corp		979
1,113,626		L-3 Communications Holdings, Inc		87,230
8,500	e	Lincoln Electric Holdings, Inc		463
16,195	e	Linear Technology Corp		504
17,471	e*	LSI Logic Corp		144
1,149,263	e*	Lucent Technologies, Inc		2,689
4,230		Mabuchi Motor Co Ltd		259
74,452	*	Marvell Technology Group Ltd		1,442
458,296		Matsushita Electric Industrial Co Ltd		9,699
8,956		Matsushita Electric Works Ltd		95
14,639		Maxim Integrated Products, Inc		411
36,500	*	MEMC Electronic Materials, Inc		1,337
9,764	e	Microchip Technology, Inc		317
262,071	*	Micron Technology, Inc		4,560
1,172		Micronas Semiconductor Holdings, Inc		26
2,900		Minebea Co Ltd		16
66,661		Mitsubishi Electric Corp		562
5,229,137		Motorola, Inc		130,728
12,156		Murata Manufacturing Co Ltd		844
125,436	e	National Semiconductor Corp		2,952
1,617		NEC Electronics Corp		56
2,185,373	*	Network Appliance, Inc		80,881
59,988		NGK Spark Plug Co Ltd		1,191
5,606		Nidec Corp		423
177,700		Nihon Unisys Ltd		3,182
15,639		Nitto Denko Corp		927
131		NKT Holding A/S		10
1,168,518		Nokia Oyj		23,204
1,002,702	*	Nortel Networks Corp		2,288
68,959	e*	Novellus Systems, Inc		1,907
46,232	*	Nvidia Corp		1,368
18,811		Omron Corp		462
1,291		Pioneer Corp		23
8,349	*	QLogic Corp		158
304,844		Qualcomm, Inc		11,081
3,670	e	RadioShack Corp		71

125

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
35,995	*	Research In Motion Ltd	$	3,690
48,595		Ricoh Co Ltd		967
305		Rinnai Corp		9
20,618	e	Rockwell Collins, Inc		1,131
6,044		Rohm Co Ltd		561
7,386		Samsung Electronics Co Ltd		5,183
12,434		Sanken Electric Co Ltd		161
23,988	e*	Sanmina-SCI Corp		90
36,755	*	Sanyo Electric Co Ltd		75
351		Schindler Holding AG.		18
1,311		Schneider Electric S.A.		146
39,803		Sharp Corp		682
500		Shinko Electric Industries		14
66,041	e*	Sirius Satellite Radio, Inc		258
40,088		Sony Corp		1,622
68,935		Stanley Electric Co Ltd		1,424
444,169	*	STATS ChipPAC Ltd		273
27,824		STMicroelectronics NV		482
1,126,450		Sumco Corp		83,441
75,970	e*	Suntech Power Holdings Co Ltd (ADR)		1,962
18,601		Taiyo Yuden Co Ltd		279
920		Tandberg ASA		10
6,666		TDK Corp		534
50,200		Teleflex, Inc		2,793
41,518	*	Tellabs, Inc		455
8,006		Terna S.p.A.		23
1,331,461	e	Texas Instruments, Inc		44,271
1,801		Thomson		28
653		Uniden Corp		7
784		Ushio, Inc		17
2,138		Valeo S.A.		76
104,590		Venture Corp Ltd		830
42,281		Vivendi Universal S.A.		1,524
1,180	e	Whirlpool Corp		99
15,165	e	Xilinx, Inc		333
256	*	Yageo Corp		-	^
6,384		Yaskawa Electric Corp		63
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		923,100
ENGINEERING AND MANAGEMENT SERVICES - 0.15%
13,833		Amec plc		93
600	e*	Amylin Pharmaceuticals, Inc		26
3,671		Capita Group plc		38
73,451	e*	Celgene Corp		3,180
300	e	Corporate Executive Board Co		27
1,963		Downer EDI Ltd		9
34,641	e	Fluor Corp		2,664
387		Fugro NV		16
400	*	Jacobs Engineering Group, Inc		30
8,142		JGC Corp		136
302		Meitec Corp		9
25,768		Moody's Corp		1,685
1,164		Nichii Gakkan Co		18
19,474		Paychex, Inc		718
3,565,876		QinetiQ plc		11,617
7,455	e	Quest Diagnostics, Inc		456
1,125		SBM Offshore NV		31
3,126		Serco Group plc		22
35,115		SNC-Lavalin Group, Inc		904

126

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
957		WorleyParsons Ltd	$	12
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		21,691
FABRICATED METAL PRODUCTS - 0.14%
594,272		Amcor Ltd		3,291
2,602		Ball Corp		105
15,955		Bharat Heavy Electricals		833
305,400	*	Crown Holdings, Inc		5,680
36		Geberit AG.		44
1,934		Hitachi Cable Ltd		9
191,802	e	Illinois Tool Works, Inc		8,612
11,039		JS Group Corp		231
1,409		Pentair, Inc		37
25,000	*	Praktiker Bau- und Heimwerkermaerkte AG		828
24,684		Rexam plc		264
2,612		Sanwa Shutter Corp		15
1,059		Ssab Svenskt Stal AB		20
484		Ssab Svenskt Stal AB		9
6,389		Toyo Seikan Kaisha Ltd		122
		TOTAL FABRICATED METAL PRODUCTS		20,100
FOOD AND KINDRED PRODUCTS - 3.31%
41,337		Ajinomoto Co, Inc		445
150,380		Anheuser-Busch Cos, Inc		7,145
108,194		Archer Daniels Midland Co		4,098
1,429		Ariake Japan Co Ltd		29
16,884		Asahi Breweries Ltd		246
2,874		Bunge Ltd		167
2,138		C&C Group plc		29
118,713		Cadbury Schweppes plc		1,264
83,671	e	Campbell Soup Co		3,054
849		Carlsberg A/S (Class B)		71
3,131		Coca Cola Hellenic Bottling Co S.A.		108
3,493		Coca-Cola Amatil Ltd		17
484,548		Coca-Cola Co		21,650
167,800		Coca-Cola Enterprises, Inc		3,495
6,971		Coca-Cola West Japan Co Ltd		139
15,489		ConAgra Foods, Inc		379
13,449	e*	Constellation Brands, Inc (Class A)		387
15,566	*	Cott Corp		266
818		Danisco A/S		66
7,180,257		Diageo plc		126,843
217		East Asiatic Co Ltd A.S.		10
565		Ebro Puleva S.A.		12
712,814		General Mills, Inc		40,345
42		Givaudan S.A.		34
1,797		Greencore Group plc		9
7,478		Groupe Danone		1,050
40,809	e	H.J. Heinz Co		1,711
970,511		Heineken NV		44,390
4,628		Hershey Co		247
15,000	e	Hormel Foods Corp		540
6,690		House Foods Corp		110
712		Iaws Group plc		13
1,030		InBev NV		57
213,954		Ito En Ltd		7,372
43,823		J Sainsbury plc		308
14,252,776		JG Summit Holdings		1,704
15,944		Kaneka Corp		151

127

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
9,118		Katokichi Co Ltd	$	74
1,631,542	e	Kellogg Co		80,794
874		Kerry Group plc (Class A)		21
21,795		Kikkoman Corp		254
53,902		Kirin Brewery Co Ltd		720
42,448	e	Kraft Foods, Inc (Class A)		1,514
1,960		Lion Nathan Ltd		12
26,759	e	McCormick & Co, Inc		1,016
15,630		Meiji Dairies Corp		106
17,763		Meiji Seika Kaisha Ltd		90
57	*	Molson Coors Brewing Co (Class B)		4
149,845		Nestle S.A.		52,247
15,264		Nichirei Corp		81
7,357		Nippon Meat Packers, Inc		83
24,589		Nisshin Seifun Group, Inc		256
15,071		Nissin Food Products Co Ltd		480
416,737		Oenon Holdings, Inc		1,545
234,500		Olam International Ltd		251
61,000	e	Pepsi Bottling Group, Inc		2,166
527,849		PepsiCo, Inc		34,447
1,970		Pernod-Ricard S.A.		410
3,077,884		Petra Foods Ltd		3,120
28,873		Q.P. Corp		273
281,858		Royal Numico NV		12,688
45,041		Sampo Oyj (A Shs)		939
12,855		Sapporo Holdings Ltd		61
9,404		Saputo, Inc		305
93,716		Sara Lee Corp		1,506
64,134		Scottish & Newcastle plc		684
22,026		Suedzucker AG.		544
5,693		Swire Pacific Ltd (A Shs)		59
2,692		Takara Holdings, Inc		16
44,831		Tata TEA Ltd		732
20,290		Tate & Lyle plc		273
3,377		Toyo Suisan Kaisha Ltd		49
8,618	e	Tyson Foods, Inc (Class A)		137
6,934,382		Universal Robina Corp		2,487
5,184		Want Want Holdings Ltd		8
1,245	e	Wrigley (Wm.) Jr Co		57
4,326		Yakult Honsha Co Ltd		127
5,918		Yamazaki Baking Co Ltd		57
		TOTAL FOOD AND KINDRED PRODUCTS		468,654
FOOD STORES - 0.91%
30,000		Alimentation Couche Tard, Inc		640
15,393		Carrefour S.A.		973
6,712		Coles Myer Ltd		72
107		Colruyt S.A.		18
430		Delhaize Group		36
2,555		FamilyMart Co Ltd		70
11,104		George Weston Ltd		705
7,072	*	Goodman Fielder Ltd		11
434		Jeronimo Martins SGPS S.A.		8
434		Kesko Oyj (B Shares)		18
8,814	*	Koninklijke Ahold NV		94
413,796	e	Kroger Co		9,575
2,390		Lawson, Inc		84
24,757		Loblaw Cos Ltd		1,049
30,536		Seven & I Holdings Co Ltd		982

128

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
5,337		Sonae SPGS S.A.	$	9
2,477,435		Supervalu, Inc		73,456
5,987,957		Tesco plc		40,361
186		Valora Holding AG.		43
3,442	e	Whole Foods Market, Inc		205
6,655		Woolworths Ltd		100
		TOTAL FOOD STORES		128,509
FORESTRY - 0.02%
16,103	*	Canfor Corp		161
11,400	e	Rayonier, Inc		431
33,879	e	Weyerhaeuser Co		2,085
		TOTAL FORESTRY		2,677
FURNITURE AND FIXTURES - 0.01%
4,801	e	Hillenbrand Industries, Inc		274
7,187	e	Johnson Controls, Inc		516
3,533	e	Leggett & Platt, Inc		88
7,174	e	Masco Corp		197
3,968		MFI Furniture plc		7
1,261		Neopost S.A.		150
		TOTAL FURNITURE AND FIXTURES		1,232
FURNITURE AND HOME FURNISHINGS STORES - 0.15%
8,940	*	Bed Bath & Beyond, Inc		342
17,150		Best Buy Co, Inc		919
17,100	e	Circuit City Stores, Inc		429
83,726		DSG International plc		343
3,528		Harvey Norman Holdings Ltd		9
45,455		Kesa Electricals plc		277
22,225	e*	Mohawk Industries, Inc		1,655
78,555		Nitori Co Ltd		3,558
2,491		Shimachu Co Ltd		73
3,981		Williams-Sonoma, Inc		129
134,391		Yamada Denki Co Ltd		13,470
		TOTAL FURNITURE AND HOME FURNISHINGS STORES		21,204
GENERAL BUILDING CONTRACTORS - 1.01%
5,505		Balfour Beatty plc		42
20,615		Barratt Developments plc		411
29,600	e	Beazer Homes USA, Inc		1,156
11,156		Bellway plc		269
4,315	*	Berkeley Group Holdings plc		109
245		Bilfinger Berger AG.		15
5,514	e	Centex Corp		290
4,092,747		Cheung Kong Infrastructure Holdings Ltd		12,529
3,041		CRH plc		103
3,343		Daito Trust Construction Co Ltd		181
24,014		Daiwa House Industry Co Ltd		416
11,718	e	DR Horton, Inc		281
3,161		Fletcher Building Ltd		18
25,715		George Wimpey plc		249
1,353,398	*	Haseko Corp		4,663
799		Hellenic Technodomiki Tev S.A.		8
710,298		Hochtief AG.		44,467
1,690,469		IJM Corp Bhd		2,842
637		Imerys S.A.		53
36,104		Kajima Corp		165
10,815	e	KB Home		474

129

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
150,584		Keppel Land Ltd	$	470
927		Leighton Holdings Ltd		13
2,397		Lend Lease Corp Ltd		29
52,392	e	Lennar Corp (Class A)		2,371
685	e*	NVR, Inc		366
25,977		Obayashi Corp		183
15,797		Persimmon plc		396
9,026		Pulte Homes, Inc		288
22,260		Sekisui Chemical Co Ltd		188
31,826		Sekisui House Ltd		481
2,302,000		Shanghai Forte Land Co		804
23,452		Shimizu Corp		134
1,717,738		Skanska AB (B Shs)		29,066
37,136		Taisei Corp		133
5,680,485		Taylor Woodrow plc		37,731
914		Technical Olympic S.A.		3
392		Titan Cement Co S.A.		19
8,844		Toda Corp		41
62,870	e*	Toll Brothers, Inc		1,765
14,442		YIT OYJ		335
		TOTAL GENERAL BUILDING CONTRACTORS		143,557
GENERAL MERCHANDISE STORES - 1.07%
107,301		Aeon Co Ltd		2,630
103,000	e*	Big Lots, Inc		2,040
224,596	e	Costco Wholesale Corp		11,158
8,545		Daimaru, Inc		106
7,347	e	Dollar General Corp		100
2,350	e	Family Dollar Stores, Inc		69
101,458		Federated Department Stores, Inc		4,384
43,529		GUS plc		787
3,973		Hankyu Department Stores, Inc		34
309,113		Isetan Co Ltd		5,215
83,303	e	JC Penney Co, Inc		5,697
17,386		Keio Electric Railway Co Ltd		116
45,914		Kintetsu Corp		144
81,480		Marks & Spencer Group plc		980
19,909		Marui Co Ltd		291
18,191		Mitsukoshi Ltd		82
434,943		Pinault-Printemps-Redoute S.A.		64,474
6,047		Shinsegae Co Ltd		3,131
13,162		Takashimaya Co Ltd		167
34,359		Target Corp		1,898
381,940		TJX Cos, Inc		10,706
698,051		Tokyu Corp		4,798
2,220		UNY Co Ltd		29
649,858		Wal-Mart Stores, Inc		32,051
1,580		Warehouse Group Ltd		7
		TOTAL GENERAL MERCHANDISE STORES		151,094
HEALTH SERVICES - 2.69%
1,590,810		AmerisourceBergen Corp		71,905
42,229	*	Capio AB		965
18,964	e	Caremark Rx, Inc		1,075
18,026		Cigna Corp		2,097
223		Coloplast A/S (B Shs)		18
600	*	Community Health Systems, Inc		22
400	e*	Covance, Inc		27
209,071	*	Coventry Health Care, Inc		10,771

130

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
501,580	e*	DaVita, Inc	$	29,026
4,897		DCA Group Ltd		13
6,897	e*	Express Scripts, Inc		521
119,180		Fraser and Neave Ltd		311
325,518		Fresenius Medical Care AG.		42,285
1,196		Getinge AB (B Shs)		22
52,237	e	HCA, Inc		2,606
1,501,856		Health Management Associates, Inc (Class A)		31,389
16,041,467	e*	Healthsouth Corp		79,566
1,037		Intertek Group plc		15
5,416	*	Laboratory Corp of America Holdings		355
4,474	*	Lincare Holdings, Inc		155
246,153		McKesson Corp		12,977
31,118		MDS, Inc		533
120,479	*	Medco Health Solutions, Inc		7,242
49,005	*	Mindray Medical International Ltd (ADR)		818
3,695,499	e*	Nektar Therapeutics		53,252
93,180	e	Omnicare, Inc		4,015
3,398,193		Parkway Holdings Ltd		5,991
52,300	*	Sierra Health Services, Inc		1,979
1,765		Sonic Healthcare Ltd		17
113		Straumann Holding AG.		24
66,235	e*	Tenet Healthcare Corp		539
18,383	*	Triad Hospitals, Inc		809
244,206	*	WellPoint, Inc		18,816
		TOTAL HEALTH SERVICES		380,156
HEAVY CONSTRUCTION, EXCEPT BUILDING - 1.29%
1,293		Abertis Infraestructuras S.A.		34
1,398		ACS Actividades Cons y Servicios S.A.		66
16,611		Bouygues S.A.		888
374,736		Chiyoda Corp		7,328
305		Fomento de Construcciones y Contratas S.A.		24
32,000	e	Granite Construction, Inc		1,707
357		Grupo Ferrovial S.A.		29
4,190		Multiplex Group		11
15,966		Nishimatsu Construction Co Ltd		60
9,403		Okumura Corp		52
1,000,000	*	Tecnicas Reunidas S.A.		30,611
5,593		Transurban Group		30
1,267,391		Vinci S.A.		141,105
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		181,945
HOLDING AND OTHER INVESTMENT OFFICES - 2.00%
27,217	*	3i Group Plc		477
6,115	e	Allied Capital Corp		185
500		AMB Property Corp		28
31,911		Amvescap plc		347
10,719	e	Apartment Investment & Management Co (Class A)		583
21,100		ARC Energy Trust		514
25,329	e	Archstone-Smith Trust		1,379
13,698	e	AvalonBay Communities, Inc		1,649
35,074	e	Boston Properties, Inc		3,625
83,350		Brookfield Asset Management, Inc		3,685
12,700	e	Camden Property Trust		965
281,486		CapitaMall Trust		450
9,012		CFS Gandel Retail Trust		14
333	*	CFS Retail Property Trust		-	^
572		China Merchants Holdings International Co Ltd		2

131

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
18,204	*	CI Financial Income Fund	$	485
1,417		Collins Stewart Tullett plc		23
9,707		Commonwealth Property Office Fund		10
709	e	Crescent Real Estate Equities Co		15
2,017		Developers Diversified Realty Corp		112
857		Duke Realty Corp		32
24,675	e	Equity Office Properties Trust		981
95,530	e	Equity Residential		4,832
513		Fabege AB		11
300	e	Federal Realty Investment Trust		22
6,620	e	General Growth Properties, Inc		315
1,330,000		GOME Electrical Appliances Holdings Ltd		1,079
10,978		GPT Group		38
16,821		Great Portland Estates plc		191
418		Groupe Bruxelles Lambert S.A.		45
575	*	Groupe Bruxelles Lambert S.A.		-	^
1,364		Health Care Property Investors, Inc		42
84,745	e	Host Marriott Corp		1,943
671	e	Hugoton Royalty Trust		18
1,853	*	Immoeast Immobilien Anlagen AG.		23
5,795		ING Industrial Fund		10
208,900		iShares MSCI Japan Index Fund		2,829
701		iStar Financial, Inc		29
1,476		Jafco Co Ltd		74
22		Japan Prime Realty Investment Corp		66
39		Japan Real Estate Investment Corp		330
40		Japan Retail Fund Investment Corp		295
21,880		JFE Holdings, Inc		858
37,736	e	Kimco Realty Corp		1,618
8,146		Kiwi Income Property Trust		7
371,280	*	K-REIT Asia		416
1,083,465		Land Securities Group plc		39,923
1,229	e	Liberty Property Trust		59
12,567		Link Real Estate Investment Trust		26
1,069	e	Macerich Co		82
12,300	e	Mack-Cali Realty Corp		637
2,108		Macquarie Communications Infrastructure Group		10
14,011		Macquarie Infrastructure Group		33
12,773		Macquarie Office Trust		14
2,344,915	*	Man Group Plc		19,669
1,035	*	Meinl European Land Ltd		23
45		Nippon Building Fund, Inc		457
2,500	*	Nippon Commerical Investment Corp		10,095
645		Nobel Biocare Holding AG.		159
10,976		Noble Group Ltd		7
12		Nomura Real Estate Office Fund, Inc		96
5,008,559		NTL, Inc		127,368
8		NTT Urban Development Corp		64
50,576		Plum Creek Timber Co, Inc		1,722
17,300		PrimeWest Energy Trust		423
34,367	e	Prologis		1,961
347		PSP Swiss Property AG.		18
16,529,563		PT Summarecon Agung Tbk		1,971
31,880	e	Public Storage, Inc		2,741
16,704,443		RAB Capital plc		28,149
1,496	*	Realogy Corp		34
500		Reckson Associates Realty Corp		21
400		Regency Centers Corp		28
353		Rodamco Europe NV		41

132

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
665		Sacyr Vallehermoso S.A.	$	30
25,146		SCOR		61
83,468	e	Simon Property Group, Inc		7,564
5,700	e	SL Green Realty Corp		637
30,310		Softbank Corp		627
360,556		Suntec Real Estate Investment Trust		336
24,000	e	Taubman Centers, Inc		1,066
900	e	United Dominion Realty Trust, Inc		27
52,448	e	Vornado Realty Trust		5,717
7,827		Wharf Holdings Ltd		27
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		282,575
HOTELS AND OTHER LODGING PLACES - 1.14%
1,554,373		Accor S.A.		105,943
3,962,000	*	Banyan Tree Holdings Ltd		2,120
15,800	e	Choice Hotels International, Inc		646
5,378		Four Seasons Hotels, Inc		344
501,096		Genting Bhd		3,275
164,824		Hilton Hotels Corp		4,590
11,761,868		Hongkong & Shanghai Hotels		14,946
30,436		Indian Hotels Co Ltd		918
14,669		Intercontinental Hotels Group plc		257
10,477		Intrawest Corp		361
18,700	e*	Las Vegas Sands Corp		1,278
11,893		Marriott International, Inc (Class A)		460
3,052	e*	MGM Mirage		121
9,551,538		Minor International PCL		2,428
439		NH Hoteles S.A.		9
1,746,950		Shangri-La Asia Ltd		3,884
6,892		Starwood Hotels & Resorts Worldwide, Inc		394
400	e	Station Casinos, Inc		23
209,237		United Overseas Land Ltd		461
1,157	*	Wyndham Worldwide Corp		32
283,218	e*	Wynn Resorts Ltd		19,262
		TOTAL HOTELS AND OTHER LODGING PLACES		161,752
INDUSTRIAL MACHINERY AND EQUIPMENT - 4.49%
22,231		3M Co		1,654
64,949		ABB Ltd		854
633		Alfa Laval AB		21
3,219	*	Alstom RGPT		291
13,498		Amada Co Ltd		136
503		Amano Corp		6
120,273	e	American Standard Cos, Inc		5,048
65		Andritz AG.		10
1,521,686	*	Apple Computer, Inc		117,215
68,152	e	Applied Materials, Inc		1,208
146,100		ARRK Corp		1,918
1,492		ASM Pacific Technology Ltd		8
4,563	*	ASML Holding NV		107
380,000		Atlas Copco AB (A Shares)		9,982
3,862		Atlas Copco AB (B Shares)		97
1,942	e	Black & Decker Corp		154
227,554		Canon, Inc		11,867
6,394		Casio Computer Co Ltd		129
70,391	e	Caterpillar, Inc		4,632
3,936	e	CDW Corp		243
1,101	*	Charter plc		18
2,563		Citizen Watch Co Ltd		21

133

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
31,400	e	Cummins, Inc	$	3,744
500		Daifuku Co Ltd		6
8,405		Daikin Industries Ltd		249
6,242	e	Deere & Co		524
504,054	*	Dell, Inc		11,513
20,238		Dover Corp		960
49,376	e	Eaton Corp		3,400
10,890		Ebara Corp		39
254,522	*	EMC Corp		3,049
61,000	e*	Emulex Corp		1,108
3,889		FKI plc		7
400	*	FMC Technologies, Inc		21
271,428		Fuji Photo Film Co Ltd		9,904
5,082,117	d	General Electric Co		179,399
2,705		Glory Ltd		52
148,550	*	GMR Infrastructure Ltd		762
800	e*	Grant Prideco, Inc		30
8,749		Heidelberger Druckmaschinen		361
2,891,462		Hewlett-Packard Co		106,088
868		Hikari Tsushin, Inc		45
3,522		Hitachi Construction Machinery Co Ltd		79
1,814	*	Husqvarna AB		21
2,283		IMI plc		22
3,114		Ingersoll-Rand Co Ltd		118
511,229		International Business Machines Corp		41,890
43,330	e	International Game Technology		1,798
427,114		Ishikawajima-Harima Heavy Industries Co Ltd		1,305
1,965		Itochu Techno-Science Corp		100
7,175		Jabil Circuit, Inc		205
957,737		Japan Steel Works Ltd		6,551
11,200		Joy Global, Inc		421
36,481		Komatsu Ltd		630
686		Komori Corp		14
38,342		Konica Minolta Holdings, Inc		513
44,546		Kubota Corp		366
821		Kurita Water Industries Ltd		16
19,700	*	Lam Research Corp		893
339,000	v*	Lee Kee Holdings Ltd		116
78,050	e*	Lexmark International, Inc		4,500
1,466	*	Logitech International S.A.		32
2,371		Makita Corp		70
4,636		Meggitt plc		27
10,721		Metso Oyj		395
126,506		Mitsubishi Heavy Industries Ltd		524
430,565		Mitsui & Co Ltd		5,475
26,875		Mitsui Engineering & Shipbuilding Co Ltd		87
15,441		Mitsumi Electric Co Ltd		213
122,537		Modec, Inc		2,542
5,948		NTN Corp		47
586		OCE NV		9
1,200	*	Ocean RIG ASA		7
22,368		Oki Electric Industry Co Ltd		50
1,000		Okuma Holdings, Inc		9
600		OSG Corp		9
86,766		Pall Corp		2,673
58,776	e	Parker Hannifin Corp		4,569
240		Rheinmetall AG.		17
31,206		Rockwell Automation, Inc		1,813
27,694		Safran S.A.		560

134

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
40,403	e*	SanDisk Corp	$	2,163
5,735		Sandvik AB		66
1,800		Scania AB		107
104,907	e	Seagate Technology, Inc		2,422
26,262	v*	Seagate Technology, Inc		-	^
8,973		Seiko Epson Corp		245
41		SIG Holding AG.		12
2,291		SKF AB		34
1,688		SMC Corp		223
9,195	e	Smith International, Inc		357
242		Solarworld AG.		13
43,587	e*	Solectron Corp		142
1,279		SPX Corp		68
1,006		Stanley Works		50
124		Sulzer AG.		99
208,821		Sumitomo Heavy Industries Ltd		1,748
9,844	e	Symbol Technologies, Inc		146
116,066		Technip S.A.		6,597
13,135		Techtronic Industries Co		19
20,600	*	Terex Corp		932
898		THK Co Ltd		21
832,181		Tokyo Electron Ltd		61,502
200		Tokyo Seimitsu Co Ltd		10
1,191		Tomra Systems ASA		7
160,542		Toshiba Corp		1,041
7,362		Toyota Tsusho Corp		194
42	*	Unaxis Holding AG.		14
7,548	e*	Varian Medical Systems, Inc		403
1,079	*	Vestas Wind Systems A/S		29
6,043		Wartsila Oyj (Series B)		245
1,500	*	Western Digital Corp		27
3,584		Wincor Nixdorf AG.		521
22,933		Yokogawa Electric Corp		301
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		635,324
INSTRUMENTS AND RELATED PRODUCTS - 2.26%
7,842		Advantest Corp		389
179,273	*	Agilent Technologies, Inc		5,860
14,242		Anritsu Corp		76
93,844	e	Applera Corp (Applied Biosystems Group)		3,107
10,000	*	Armor Holdings, Inc		573
132,458		BAE Systems plc		980
6,275	e	Bard (C.R.), Inc		471
2,101	e	Bausch & Lomb, Inc		105
115,387		Baxter International, Inc		5,245
2,931	e	Beckman Coulter, Inc		169
79,384		Becton Dickinson & Co		5,610
12,985	e	Biomet, Inc		418
55,786	*	Boston Scientific Corp		825
366		Cochlear Ltd		14
1,813		Cooper Cos, Inc		97
111,448	e	Danaher Corp		7,653
11,094	e	Dentsply International, Inc		334
90,000	*	Eagle Test Systems, Inc		1,487
87,358	e	Eastman Kodak Co		1,957
4,305		Elekta AB		81
1,779,222		Finmeccanica S.p.A.		39,731
17,935	*	Fisher Scientific International, Inc		1,403
27,720	*	Invensys Plc		108

135

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
1,266,379		Johnson & Johnson	$	82,239
18,321		Keyence Corp		4,219
97,425	e	Kla-Tencor Corp		4,332
917		Luxottica Group S.p.A.		27
146,402		Medtronic, Inc		6,799
21,900	e*	Mettler-Toledo International, Inc		1,449
400	e*	Millipore Corp		25
64,020		Nikon Corp		1,322
274,174		Nippon Electric Glass Co Ltd		6,046
1,494,910		Olympus Corp		44,041
26,249		PCCW Ltd		16
341		Phonak Holding AG.		22
21,456		Pitney Bowes, Inc		952
5,778	*	Qiagen NV		90
914,680	*	Resmed, Inc		3,681
500		Roper Industries, Inc		22
10,265,864	*	Safilo S.p.A		46,603
74,663		Smith & Nephew plc		687
18,366	*	St. Jude Medical, Inc		648
34,800	e	STERIS Corp		837
11,616	e	Stryker Corp		576
312		Swatch Group AG.		60
330		Synthes, Inc		37
160,711	e*	Teradyne, Inc		2,115
203,612		Terumo Corp		7,722
550,300	e*	Thermo Electron Corp		21,643
21,106	*	Waters Corp		956
239	*	William Demant Holding		18
239,650	*	Xerox Corp		3,729
41,612	*	Zimmer Holdings, Inc		2,809
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		320,415
INSURANCE AGENTS, BROKERS AND SERVICE - 1.05%
209,136		AON Corp		7,083
800	e	Brown & Brown, Inc		24
574,315		FBD Holdings plc		27,455
641,052		Hartford Financial Services Group, Inc		55,611
1,995,583		HBOS plc		39,494
383,748		Marsh & McLennan Cos, Inc		10,803
22,256		MLP AG.		498
439,574		QBE Insurance Group Ltd		8,027
3,133		Suncorp-Metway Ltd		51
6,002		Unipol S.p.A.		18
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		149,064
INSURANCE CARRIERS - 4.27%
2,392		ABC Learning Centres Ltd		11
353,001	e	ACE Ltd		19,320
1,023,000	*	Admiral Group Plc		15,879
32,196		Aegon NV		604
1,670,156		Aetna, Inc		66,055
696,506		Aflac, Inc		31,872
2,395		Alleanza Assicurazioni S.p.A		28
22,716		Allianz AG.		3,931
24,763		Allstate Corp		1,553
3,337		Ambac Financial Group, Inc		276
74,000		American Financial Group, Inc		3,473
405,494		American International Group, Inc		26,868
54,000	*	AMERIGROUP Corp		1,596

136

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
614,292		AMP Ltd	$	4,093
5,473		Assicurazioni Generali S.p.A.		205
113,973		Aviva plc		1,671
1,185,192		AXA Asia Pacific Holdings Ltd		5,742
615,030		AXA S.A.		22,679
94,000	e	Axis Capital Holdings Ltd		3,261
2,306,548		China Life Insurance Co Ltd (H Shs)		4,512
103,217		Chubb Corp		5,363
2,642	e	Cincinnati Financial Corp		127
307		CNP Assurances		30
90		Codan A/S		6
57,400	e*	Conseco, Inc		1,205
717		Corp Mapfre S.A.		15
742,991		Credit Suisse Group		42,989
42,985	e	Everest Re Group Ltd		4,192
3,933	e	Fairfax Financial Holdings Ltd		510
470,487		Fidelity National Financial, Inc		19,596
1,001	e	Fidelity National Title Group, Inc		21
46,500	e	First American Corp		1,969
378,578		Fondiaria-Sai S.p.A		16,605
99,345		Friends Provident plc		360
263,401		Genworth Financial, Inc		9,222
54,880		Great-West Lifeco, Inc		1,478
33,836	e*	Health Net, Inc		1,473
76,300	e*	Humana, Inc		5,043
877,541		ING Groep NV		38,602
9,028		Insurance Australia Group Ltd		36
1,538		Irish Life & Permanent plc		39
1,037		KBC Groep NV		109
1,100		Leucadia National Corp		29
11,310	e	Lincoln National Corp		702
161,100		Loews Corp		6,106
388,910		Manulife Financial Corp		12,526
6,298	e	MBIA, Inc		387
2,207		Mediolanum S.p.A.		16
1,367,369	e	Metlife, Inc		77,502
4,142		MGIC Investment Corp		248
216,000	v	Millea Holdings, Inc		7,506
54,589		Mitsui Sumitomo Insurance Co Ltd		683
12,831		Muenchener Rueckver AG.		2,029
266,313		Old Mutual plc		835
9,623		Old Republic International Corp		213
58,853	e	PartnerRe Ltd		3,977
31,000	*	Philadelphia Consolidated Holding Co		1,233
3,995	e	PMI Group, Inc		175
69,035		Power Corp Of Canada		1,966
53,105		Power Financial Corp		1,612
132,300		Principal Financial Group		7,181
28,077		Progressive Corp		689
122,426	e	Prudential Financial, Inc		9,335
108,583		Prudential plc		1,349
4,138	e	Radian Group, Inc		248
481	e	RenaissanceRe Holdings Ltd		27
22,113		Resolution plc		256
132,392		Royal & Sun Alliance Insurance Group plc		369
2,820	e	Safeco Corp		166
12,972		Samsung Fire & Marine Insurance Co Ltd		1,995
35,709		Sompo Japan Insurance, Inc		468
330,779		St. Paul Travelers Cos, Inc		15,510

137

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
11,877	*	Standard Life Plc	$	60
1,563		Storebrand ASA		17
140,507		Sun Life Financial, Inc		5,764
84,800		Swiss Life Holding		19,836
7,480		Swiss Reinsurance Co		572
80,216		T&D Holdings, Inc		5,806
751	*	Topdanmark A/S		104
797	e	Torchmark Corp		50
181		TrygVesta A.S.		11
285,841		UnitedHealth Group, Inc		14,063
12,520		UnumProvident Corp		243
140,180		W.R. Berkley Corp		4,961
39,000	*	WellCare Health Plans, Inc		2,209
210		Wiener Staedtische Allgemeine Versicherung AG.		13
56,203	e	XL Capital Ltd (Class A)		3,861
44,400	e	Zenith National Insurance Corp		1,771
110,244		Zurich Financial Services AG.		27,088
		TOTAL INSURANCE CARRIERS		604,386
LEATHER AND LEATHER PRODUCTS - 0.03%
16,745		Adidas-Salomon AG.		788
85,287	e*	Coach, Inc		2,934
369		Hermes International		34
7,826		LVMH Moet Hennessy Louis Vuitton S.A.		806
3,584		Yue Yuen Industrial Holdings		11
		TOTAL LEATHER AND LEATHER PRODUCTS		4,573
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.00%**
2,002		Brisa-Auto Estradas de Portugal S.A.		22
16,474		ComfortDelgro Corp Ltd		18
17,581		Keihin Electric Express Railway Co Ltd		128
2,772		Keisei Electric Railway Co Ltd		17
268,873		SMRT Corp Ltd		188
42,521		Tobu Railway Co Ltd		215
		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		588
LUMBER AND WOOD PRODUCTS - 0.00%**
7,000	e	Louisiana-Pacific Corp		131
328		Nobia AB		11
805	*	Sonae Industria SGPS S.A.		7
		TOTAL LUMBER AND WOOD PRODUCTS		149
METAL MINING - 0.62%
28,709		Agnico-Eagle Mines Ltd		889
6,588		Alumina Ltd		30
212,903		Barrick Gold Corp		6,539
1,145	*	Barrick Gold Corp		35
98,600	*	Bema Gold Corp		434
1,638		Boliden AB		31
93,526		Cameco Corp		3,408
72,600	*	Eldorado Gold Corp		315
14,400		First Quantum Minerals Ltd		673
94,640		Freeport-McMoRan Copper & Gold, Inc (Class A)		5,041
38,888	*	Glamis Gold Ltd		1,529
91,099		Goldcorp, Inc		2,148
1,554		Iluka Resources Ltd		8
167,300		Inco Ltd		12,760
56,197	*	Ivanhoe Mines Ltd		350
83,687	*	Kinross Gold Corp		1,047

138

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
25,361	*	Meridian Gold, Inc	$	628
76,661		MMC Norilsk Nickel (ADR)		9,966
1,882		Newcrest Mining Ltd		32
19,668	e	Newmont Mining Corp		841
898,535		Oxiana Ltd		1,942
2,817	*	Paladin Resources Ltd		10
14,300	*	PAN American Silver Corp		278
34,995	e	Phelps Dodge Corp		2,964
574,900	*	Polyus Gold (ADR)		24,433
1,617		Rio Tinto Ltd		84
45,838		Rio Tinto plc		2,169
200		Sumitomo Titanium Corp		24
48,115		Teck Cominco Ltd (Class B)		3,013
164		Umicore		24
54,700		Yamana Gold, Inc		504
675,480		Zinifex Ltd		5,915
		TOTAL METAL MINING		88,064
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.40%
307		Aderans Co Ltd		8
6,965		Amer Sports Oyj		156
1,093,240		Anglo American plc		45,708
994		Bulgari S.p.A.		13
881	e	Fortune Brands, Inc		66
4,071		Futuris Corp Ltd		6
76,098		Hasbro, Inc		1,731
8,728		Mattel, Inc		172
52,348		Namco Bandai Holdings, Inc		823
1,029		Sankyo Co Ltd		55
269,942		Tyco International Ltd		7,556
7,375		Yamaha Corp		155
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		56,449
MISCELLANEOUS RETAIL - 1.92%
12,376	e*	Amazon.com, Inc		398
67,454	e	Barnes & Noble, Inc		2,559
2,140		Circle K Sunkus Co Ltd		40
270,000		Clas Ohlson AB (B Shs)		5,517
13,662		Compagnie Financiere Richemont AG. (A Shs)		658
3,657,960		CVS Corp		117,494
538		DCC plc		13
607,950		Dickson Concepts International Ltd		609
175,621	e*	Dollar Tree Stores, Inc		5,437
14,357		Douglas Holding AG.		672
500		EDION Corp		9
189		Folli-Follie S.A.		5
16,870		HMV Group plc		51
12,506		Hutchison Whampoa Ltd		110
45		Index Corp		33
30,836		Jean Coutu Group, Inc		328
1,793,137	*	KarstadtQuelle AG.		42,634
1,224,706		Lifestyle International Holdings Ltd		2,421
12,700		Longs Drug Stores Corp		584
362		Matsumotokiyoshi Co Ltd		9
17,457		Michaels Stores, Inc		760
1,632,201		Next plc		57,943
34,343		Nippon Mining Holdings, Inc		243
103,611	*	Office Depot, Inc		4,113
24,000	e	OfficeMax, Inc		978

139

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
5,285		Origin Energy Ltd	$	26
2,847		Pacific Brands Ltd		5
3,292		Petsmart, Inc		91
894		Ryohin Keikaku Co Ltd		63
1,184,000		Sa Sa International Holdings Ltd		416
428		Sanoma-WSOY Oyj		11
38,389	e*	Sears Holdings Corp		6,069
41,364		Shoppers Drug Mart Corp		1,690
10,246	*	Shutterfly, Inc		159
72,554		Signet Group plc		150
265,756	e	Staples, Inc		6,466
3,953	e	Tiffany & Co		131
71,048		Tsutsumi Jewelry Co Ltd		2,255
90,247		Walgreen Co		4,006
207,310		Xebio Co Ltd		6,406
		TOTAL MISCELLANEOUS RETAIL		271,562
MOTION PICTURES - 1.21%
10,900		Astral Media, Inc		392
4,163,563		CBS Corp		117,288
10,687	*	Discovery Holding Co (Class A)		155
470,708		News Corp (Class A)		9,249
263,588	e	News Corp (Class B)		5,440
18,749	*	Premiere AG.		250
1,106,560	e	Time Warner, Inc		20,173
5,680		Toho Co Ltd		115
573,624		Walt Disney Co		17,731
		TOTAL MOTION PICTURES		170,793
NONDEPOSITORY INSTITUTIONS - 3.74%
3,232		Acom Co Ltd		138
770,323		Aeon Credit Service Co Ltd		18,423
534,828		Aeon Thana Sinsap Thailand PCL		626
98,404		Aiful Corp		3,807
900	e	American Capital Strategies Ltd		36
1,646,792		American Express Co		92,352
15,000	e*	AmeriCredit Corp		375
1,312,261		Bursa Malaysia Bhd		2,028
926,326		Capital One Financial Corp		72,865
31,984		Cattles plc		227
2,696		Challenger Financial Services Group Ltd		7
879,973		CIT Group, Inc		42,793
13,000	e*	CompuCredit Corp		393
24,417		Countrywide Financial Corp		856
147,336		Credit Saison Co Ltd		6,211
415		D Carnegie AB		9
1,010,048		Deutsche Postbank AG.		76,656
2,750,510		Fannie Mae		153,781
602,072		Freddie Mac		39,935
8,669		Hitachi Capital Corp		165
725,000		Hong Leong Finance Ltd		1,488
16,941		Hypo Real Estate Holding AG.		1,057
30,522		ICAP plc		295
25,701		IGM Financial, Inc		1,082
499		Kenedix, Inc		2,784
2,422,192		Kim Eng Holdings Ltd		2,135
1,046,500		Krungthai Card PCL		571
5,555,178		Nissin Co Ltd		3,480
271		Perpetual Trustees Australia Ltd		15

140

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
3,874		Promise Co Ltd	$	154
20,897		Provident Financial plc		245
241		SFCG Co Ltd		46
16,677		SLM Corp		867
81,595		Takefuji Corp		3,744
		TOTAL NONDEPOSITORY INSTITUTIONS		529,646
NONMETALLIC MINERALS, EXCEPT FUELS - 0.02%
12,472		Aber Diamond Corp		397
68,663		Itochu Corp		532
360		Solvay S.A.		47
26,291	e	Vulcan Materials Co		2,057
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		3,033
OIL AND GAS EXTRACTION - 2.07%
184		Aker Kvaerner ASA		16
50,655		Anadarko Petroleum Corp		2,220
100,158	e	Baker Hughes, Inc		6,831
6,323,373		BG Group plc		76,839
14,066		BJ Services Co		424
63,658	e*	Cameron International Corp		3,075
132,349		Canadian Natural Resources Ltd		6,032
48,800		Canadian Oil Sands Trust		1,302
43,200		Canetic Resources Trust		731
474,471	e	Chesapeake Energy Corp		13,750
500		Cimarex Energy Co		18
800	e*	Denbury Resources, Inc		23
5,433	*	DET Norske Oljeselskap		8
75,912		Devon Energy Corp		4,794
400	e	Diamond Offshore Drilling, Inc		29
8,800	*	Duvernay Oil Corp		266
210,229		EnCana Corp		9,782
26,200		Enerplus Resources Fund		1,315
6,811	e	ENSCO International, Inc		299
27,900		Ensign Energy Services, Inc		463
711	e	Equitable Resources, Inc		25
47,300	*	First Calgary Petroleums Ltd		297
30,353	e	GlobalSantaFe Corp		1,517
163,510	e	Halliburton Co		4,652
20,500		Harvest Energy Trust		555
27,418		Husky Energy, Inc		1,765
649	*	Inpex Holdings, Inc		5,154
77,300	v*	Kazmu Gas Exploration		1,132
4,662	*	Lundin Petroleum AB		49
13,149	e*	Nabors Industries Ltd		391
96,816	*	National Oilwell Varco, Inc		5,669
27,913		Neste Oil Oyj		811
63,071	*	Nexen, Inc		3,371
7,000		Niko Resources Ltd		416
6,482		Noble Corp		416
34,000	*	OPTI Canada, Inc		544
6,651		Patterson-UTI Energy, Inc		158
50,380		Penn West Energy Trust		1,843
124,504		Petro-Canada		5,014
5,187,366		PetroChina Co Ltd (Class H)		5,580
57,458		Petroleo Brasileiro S.A. (ADR)		4,817
668	*	Petroleum Geo-Services ASA		33
2,181	e	Pioneer Natural Resources Co		85
13,100		Precision Drilling Trust		402

141

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
189,100	e*	Pride International, Inc	$	5,185
317		ProSafe ASA		19
40,900		Provident Energy Trust		476
900	e	Range Resources Corp		23
1,555,100	*	Renewable Energy Corp A.S.		24,065
5,116	e	Rowan Cos, Inc		162
296,098		Saipem S.p.A.		6,436
3,364		Santos Ltd		28
127,904		Schlumberger Ltd		7,934
12,800	e*	SEACOR Holdings, Inc		1,056
1,327	*	SeaDrill Ltd		17
63,815		Singapore Petroleum Co Ltd		189
32,000	e*	Southwestern Energy Co		956
1,308	*	Stolt Offshore S.A.		22
262,356		Talisman Energy, Inc		4,281
717	*	TGS Nopec Geophysical Co ASA		11
23,000	e*	Todco		796
266,045		Total S.A.		17,458
23,221	e*	Transocean, Inc		1,700
24,800		Trican Well Service Ltd		418
6,017	*	Ultra Petroleum Corp		289
91,900	*	UTS Energy Corp		317
43,400	*	Veritas DGC, Inc		2,857
13,500		W&T Offshore, Inc		394
15,554	*	Weatherford International Ltd		649
31,300	*	Western Oil Sands, Inc		801
162,571		Woodside Petroleum Ltd		4,756
921,823		XTO Energy, Inc		38,836
		TOTAL OIL AND GAS EXTRACTION		293,044
PAPER AND ALLIED PRODUCTS - 0.61%
79,034		Abitibi-Consolidated, Inc		196
490		Billerud AB		7
1,610	*	Canfor Plus Income Fund		17
43,008	*	Domtar, Inc		252
352		Holmen AB (B Shs)		15
70,732		International Paper Co		2,449
202,349		Kimberly-Clark Corp		13,226
567		Kokuyo Co Ltd		9
48		Mayr-Melnhof Karton AG.		8
31,528	e	MeadWestvaco Corp		836
48		Nippon Paper Group, Inc		174
1,206		Norske Skogindustrier ASA		18
35,701		OJI Paper Co Ltd		196
2,977		PaperlinX Ltd		9
374,678		Sanrio Co Ltd		6,277
1,720	e*	Smurfit-Stone Container Corp		19
36,326		Stora Enso Oyj (R Shs)		551
1,090		Svenska Cellulosa AB (B Shs)		50
1,533,244	e	Temple-Inland, Inc		61,483
1,941		Uni-Charm Corp		108
34,908		UPM-Kymmene Oyj		830
		TOTAL PAPER AND ALLIED PRODUCTS		86,730
PERSONAL SERVICES - 0.02%
841	e	Cintas Corp		34
1,138		Davis Service Group plc		10
1,777	e	H&R Block, Inc		39
944,025		Kuala Lumpur Kepong Bhd		2,790
		TOTAL PERSONAL SERVICES		2,873

142

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
PETROLEUM AND COAL PRODUCTS - 4.87%
12,381		Apache Corp	$	782
3,559,903		BP plc		38,792
72,245		BP plc (ADR)		4,738
1,518,382	e	Chevron Corp		98,482
801,123		ConocoPhillips		47,691
1,110,468		ENI S.p.A.		32,908
24,562	e	EOG Resources, Inc		1,598
3,267,335		Exxon Mobil Corp		219,238
719		Hellenic Petroleum S.A.		9
59,500		Hess Corp		2,464
80,140		Imperial Oil Ltd		2,687
163,017	e	Marathon Oil Corp		12,536
300		Motor Oil Hellas Corinth Refineries S.A.		8
53,200	e	Murphy Oil Corp		2,530
3,199	e*	Newfield Exploration Co		123
166,364		Noble Energy, Inc		7,585
332,630		Occidental Petroleum Corp		16,003
956		OMV AG.		50
36,092		Premier Farnell plc		122
5,183		Repsol YPF S.A.		154
3,147,991		Royal Dutch Shell plc (A Shares)		103,854
1,267,548		Royal Dutch Shell plc (B Shares)		43,028
44,419		Shell Canada Ltd		1,246
15,981		Showa Shell Sekiyu KK		178
3,757		Statoil ASA		89
611,323		Suncor Energy, Inc		43,858
5,946	e	Sunoco, Inc		370
33,400	e	Tesoro Corp		1,937
31,457		TonenGeneral Sekiyu KK		284
126,634		Valero Energy Corp		6,518
		TOTAL PETROLEUM AND COAL PRODUCTS		689,862
PIPELINES, EXCEPT NATURAL GAS - 0.02%
104,957		TransCanada Corp		3,301
		TOTAL PIPELINES, EXCEPT NATURAL GAS		3,301
PRIMARY METAL INDUSTRIES - 0.84%
1,212		Acerinox S.A.		23
89,038	*	Alcan, Inc		3,549
31,480	e	Alcoa, Inc		883
7,039	*	Algoma Steel, Inc		197
500		Allegheny Technologies, Inc		31
86		Bekaert S.A.		8
334,980		BHP Billiton plc		5,783
4,688		BlueScope Steel Ltd		23
272		Boehler-Uddeholm AG.		15
243,162	*	Corning, Inc		5,936
36,163		Corus Group plc		263
10,698		Daido Steel Co Ltd		78
10,913		Dowa Mining Co Ltd		94
10,913	v*	Dowa Mining Co Ltd		-	^
2,108		Fujikura Ltd		23
636,458		Furukawa Electric Co Ltd		4,203
294		Hoganas AB (B Shares)		8
11,236		IPSCO, Inc		974
15,821		Johnson Matthey plc		408

143

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
102,723		Kobe Steel Ltd	$	323
24,000	e*	Lone Star Technologies, Inc		1,161
47,844		Mitsubishi Materials Corp		197
181,239		Mitsui Mining & Smelting Co Ltd		934
11,073	*	Mittal Steel Co NV		387
3,933		Mittal Steel Co NV		137
3,308		Nippon Light Metal Co Ltd		8
249,818		Nippon Steel Corp		1,028
5,715		Nisshin Steel Co Ltd		17
4,099		Norsk Hydro ASA		92
16,060		Novelis, Inc		411
77,668	e	Nucor Corp		3,844
3,784		OneSteel Ltd		12
4,938		Outokumpu Oyj		126
19,200		Quanex Corp		583
273		Salzgitter AG.		26
25,056		Sumitomo Electric Industries Ltd		339
161,567		Sumitomo Metal Industries Ltd		620
21,449		Sumitomo Metal Mining Co Ltd		281
610,000		Tenaris S.A. (ADR)		21,582
35,509		ThyssenKrupp AG.		1,196
200		Toho Titanium Co Ltd		12
748		Tokyo Steel Manufacturing Co Ltd		12
23,242	e	United States Steel Corp		1,341
267,210	*	Vallourec		62,312
666		Viohalco S.A.		7
580		Voestalpine AG.		24
		TOTAL PRIMARY METAL INDUSTRIES		119,511
PRINTING AND PUBLISHING - 0.37%
996	e*	ACCO Brands Corp		22
1,894		APN News & Media Ltd		7
779		Arnoldo Mondadori Editore S.p.A.		7
323,198		Asia Securities Printing Co Ltd		3,256
78,138		Dai Nippon Printing Co Ltd		1,206
11,751		Daily Mail & General Trust		133
1,104		De La Rue plc		12
1,448	e	Dow Jones & Co, Inc		49
471	e*	Dun & Bradstreet Corp		35
8,958	*	Emap Plc		126
10,750	v*	Emap plc (B Shares)		22
3,522		Eniro AB		43
511,347	e	Gannett Co, Inc		29,060
3,765		Independent News & Media plc		11
6,227		John Fairfax Holdings Ltd		20
241		McClatchy Co (Class A)		10
117,486		McGraw-Hill Cos, Inc		6,818
474	*	Metro International S.A.		1
237	*	Metro International S.A. (A Shares)		-	^
976	e	New York Times Co (Class A)		22
837		PagesJaunes Groupe S.A.		24
35,190		Pearson plc		501
18,276		Quebecor World, Inc		190
1,297		R.R. Donnelley & Sons Co		43
4,038		Reed Elsevier NV		67
60,773		Reed Elsevier plc		674
323		Schibsted ASA		10
577,975		Singapore Press Holdings Ltd		1,492
55,833		Thomson Corp		2,248

144

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
60,540		Toppan Printing Co Ltd	$	671
126,243	e	Tribune Co		4,131
12,241		Trinity Mirror plc		109
11,411		United Business Media plc		142
84		Washington Post Co (Class B)		62
1,703		Wolters Kluwer NV		44
31,162		Yell Group plc		347
51,600		Yellow Pages Income Fund		651
		TOTAL PRINTING AND PUBLISHING		52,266
RAILROAD TRANSPORTATION - 0.24%
64,158	e	Burlington Northern Santa Fe Corp		4,712
16,677		Canadian National Railway Co		699
100,166	*	Canadian National Railway Co		4,189
34,091		Canadian Pacific Railway Ltd		1,695
70		Central Japan Railway Co		747
175,742	e	CSX Corp		5,770
145		East Japan Railway Co		1,014
16,485		Firstgroup plc		151
723,200		Hankyu Hanshin Holdings, Inc		4,537
84,723		Norfolk Southern Corp		3,732
9,105		Odakyu Electric Railway Co Ltd		58
76,063		Union Pacific Corp		6,694
75		West Japan Railway Co		321
		TOTAL RAILROAD TRANSPORTATION		34,319
REAL ESTATE - 2.38%
124,605		Aeon Mall Co Ltd		6,582
2,560,258		Allgreen Properties Ltd		2,563
309,367		Ascendas Real Estate Investment Trust		419
6,794,318		Ayala Land, Inc		1,929
6,201		Bovis Homes Group plc		108
27,264		British Land Co plc		696
28,735		Brixton plc		285
24,896		Brookfield Properties Co		876
2,396,072		CapitaLand Ltd		7,619
4,284		Castellum AB		48
57,400	*	CB Richard Ellis Group, Inc		1,412
5,468		Centro Properties Group		33
9,303		Cheung Kong Holdings Ltd		100
117,205		City Developments Ltd		790
43		Cofinimmo		8
293		Corio NV		21
18,409		DB RREEF Trust		22
337		Fadesa Inmobiliaria S.A.		15
9,951,393		Far East Consortium		4,113
83		Gecina S.A.		11
19,431		Hammerson plc		477
24,683		Hang Lung Properties Ltd		53
9,789		Henderson Land Development Co Ltd		55
4,228		Hopewell Holdings		12
4,263		Hysan Development Co Ltd		11
2,567	*	IMMOFINANZ Immobilien Anlagen AG.		31
219		Inmobiliaria Colonial S.A.		17
10,178		Investa Property Group		19
18,495		IVG Immobilien AG.		669
230,000	e	Jones Lang LaSalle, Inc		19,660
3,593		Kerry Properties Ltd		13
123		Klepierre		18

145

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
911		Kungsleden AB	$	10
5,013		Leopalace21 Corp		183
22,044		Liberty International plc		506
7,958		Macquarie Goodman Group		39
69,875,000		Megaworld Corp		2,673
10,888		MI Developments, Inc		395
5,977		Mirvac Group		21
2,886,473		Mitsubishi Estate Co Ltd		63,044
34,853		Mitsui Fudosan Co Ltd		792
53,228		New World Development Ltd		92
78,462		ORIX Corp		21,687
10,000		Pacific Management Corp		23,704
1,859,113	*	Patrizia Immobilien AG.		49,695
721		Risa Partners, Inc		3,156
8,783,400		Robinsons Land Corp		2,275
4,267,000	v*	Shui On Land Ltd		2,930
8,000		Shun TAK Holdings Ltd		9
34,652		Singapore Land Ltd		171
8,871		Sino Land Co		16
37,028		Slough Estates plc		461
1,600	e	St. Joe Co		88
331	*	Stockland		2
7,634		Stockland Trust Group		42
2,298,766		Sumitomo Realty & Development Co Ltd		67,528
9,436		Sun Hung Kai Properties Ltd		103
3,527,572		Tokyo Tatemono Co Ltd		39,658
364,000		Tokyotokeiba Co Ltd		1,097
502,307		Tokyu Land Corp		4,763
372		Unibail		78
231,500		Urban Corp		2,897
784		Wereldhave NV		86
8,414		Westfield Group		118
377		Wihlborgs Fastigheter AB		7
304,767	*	Wing Tai Holdings Ltd		363
		TOTAL REAL ESTATE		337,374
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.06%
1,068		Ansell Ltd		8
221,561		Bridgestone Corp		4,473
12,963		Continental AG.		1,503
1,700	e	Cooper Tire & Rubber Co		17
24,738		Denki Kagaku Kogyo KK		96
4,215		Michelin (C.G.D.E.) (Class B)		309
30,162		Mitsui Chemicals, Inc		217
52,064		Newell Rubbermaid, Inc		1,474
4,074		Nokian Renkaat Oyj		73
79,482		Pirelli & C S.p.A.		68
1,988	e	Sealed Air Corp		108
5,983		Sumitomo Bakelite Co Ltd		45
2,603		Uponor Oyj		71
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		8,462
SECURITY AND COMMODITY BROKERS - 5.40%
81,438		Ameriprise Financial, Inc		3,819
107,461		Australian Stock Exchange Ltd		2,603
3,472,266		Babcock & Brown Ltd		52,120
495,200	e	Bear Stearns Cos, Inc		69,378
416,100		BlackRock, Inc		61,999
315,313		Charles Schwab Corp		5,644

146

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
1,335		Chicago Mercantile Exchange Holdings, Inc	$	638
117,636	*	Cowen Group, Inc		1,860
187,413		Daewoo Securities Co Ltd		3,258
3,454,716		Daiwa Securities Group, Inc		40,301
9,574		Deutsche Boerse AG.		1,440
2,200	e*	E*Trade Financial Corp		53
58		E*Trade Securities Co Ltd		66
3,049		Euronext NV		296
6,492		Franklin Resources, Inc		687
592,300		Goldman Sachs Group, Inc		100,199
525		Hellenic Exchanges S.A.		8
807,738		Hong Kong Exchanges and Clearing Ltd		5,894
478,631		iShares Asia Trust - iShares FTSE/Xinhua A50 China Tracker		3,849
3,884,674		Janus Capital Group, Inc		76,606
40,000	e	Jefferies Group, Inc		1,140
1,739,350		Korea Investment Holdings Co Ltd		75,272
11,767,896		Legal & General Group plc		31,398
4,358	e	Legg Mason, Inc		440
116,932		Lehman Brothers Holdings, Inc		8,637
13,230		London Stock Exchange Group plc		306
80,125		Macquarie Bank Ltd		4,129
4,324		Matsui Securities Co Ltd		36
116,081	e	Merrill Lynch & Co, Inc		9,080
18,494		Mitsubishi Securities Co		232
2,023,509		Morgan Stanley		147,534
41,393		Nikko Cordial Corp		480
2,473,299		Nomura Holdings, Inc		43,551
514		OMX AB		10
38,850	e	Raymond James Financial, Inc		1,136
214		SBI Holdings, Inc		77
10,969		Schroders plc		191
30,956		Shinko Securities Co Ltd		122
1,709,042		Singapore Exchange Ltd		4,778
9,332		T Rowe Price Group, Inc		447
3,308	*	Tower Ltd		7
16,341		TSX Group, Inc		717
5,242,000		Yuanta Core Pacific Securities Co		3,492
		TOTAL SECURITY AND COMMODITY BROKERS		763,930
SOCIAL SERVICES - 0.00%**
4,306		Vedior NV		81
		TOTAL SOCIAL SERVICES		81
SPECIAL TRADE CONTRACTORS - 0.25%
6,349		COMSYS Holdings Corp		70
1,813,521		KCI Konecranes Oyj		34,426
9,131		Kinden Corp		75
4,301		Kone Oyj		209
		TOTAL SPECIAL TRADE CONTRACTORS		34,780
STONE, CLAY, AND GLASS PRODUCTS - 1.01%
150,298		Asahi Glass Co Ltd		1,854
13,447		Central Glass Co Ltd		74
215,900		Ciments Francais		34,249
1,569		Cimpor Cimentos de Portugal S.A.		11
1,767		Compagnie de Saint-Gobain		128
1,270		Cookson Group plc		13
6,087		CSR Ltd		14
32,266	*	Epcos AG.		491

147

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
284		FLSmidth & Co A/S (B Shs)	$	13
42,781		Hanson plc		620
578,184		Holcim Ltd		47,255
473		Italcementi S.p.A.		12
3,086		James Hardie Industries NV		17
6,038		Lafarge S.A.		779
410,821		NGK Insulators Ltd		5,773
8,851,058		Nippon Sheet Glass Co Ltd		41,586
1,058	e*	Owens-Illinois, Inc		16
285	*	RHI AG.		11
889,837		Rinker Group Ltd		9,218
26,952		Sumitomo Osaka Cement Co Ltd		80
34,391		Taiheiyo Cement Corp		127
5,977		Toto Ltd		56
31,260		UBE Industries Ltd		89
470		Wienerberger AG.		22
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		142,508
TEXTILE MILL PRODUCTS - 0.00%**
6,858		Texwinca Holdings Ltd		4
		TOTAL TEXTILE MILL PRODUCTS		4
TOBACCO PRODUCTS - 1.26%
972,024		Altadis S.A.		46,148
824,812		Altria Group, Inc		63,139
84,065		British American Tobacco plc		2,273
1,413,727		Imperial Tobacco Group plc		47,116
203,372		ITC Ltd		831
1,192		Japan Tobacco, Inc		4,632
838,131		Swedish Match AB		13,639
		TOTAL TOBACCO PRODUCTS		177,778
TRANSPORTATION BY AIR - 0.16%
16,700	*	ACE Aviation Holdings, Inc		516
809		Air France-KLM		24
23,000		All Nippon Airways Co Ltd		93
62,000	e*	AMR Corp		1,435
6,557		Auckland International Airport Ltd		9
3,247		BBA Group plc		16
8,323	*	British Airways plc		67
2,018,655		Cathay Pacific Airways Ltd		4,135
35,000	e*	Continental Airlines, Inc (Class B)		991
48,270		Deutsche Lufthansa AG.		1,023
49,718	e	FedEx Corp		5,403
121		Flughafen Wien AG.		10
3,146		Iberia Lineas Aereas de Espana		8
28,000		Japan Airlines Corp		55
4,745		Macquarie Airports		11
6,312		Qantas Airways Ltd		18
221	e*	Ryanair Holdings plc (ADR)		14
49,955		SABMiller plc		933
419	*	SAS AB		5
145,379		Singapore Airlines Ltd		1,336
144,300	e	Skywest, Inc		3,538
117,282	e	Southwest Airlines Co		1,954
41,700	e*	UAL Corp		1,108
		TOTAL TRANSPORTATION BY AIR		22,702

148

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
TRANSPORTATION EQUIPMENT - 4.67%
37,000	e	A.O. Smith Corp	$	1,459
433,882	e	Autoliv, Inc		23,911
999,500		Bayerische Motoren Werke AG.		53,536
168,057		Boeing Co		13,251
1,476	*	Bombardier, Inc		5
325,177	*	Bombardier, Inc (Class B)		1,015
18,837	e	Brunswick Corp		588
304,948		Calsonic Kansei Corp		1,918
47,385		Cobham plc		161
554,412		Cosco Corp Singapore Ltd		579
61,214		DaimlerChrysler AG.		3,059
40,116		DaimlerChrysler AG.		2,004
59,180	e	Delphi Corp		95
151,935		Denso Corp		5,338
18		D'ieteren S.A.		6
1,893		European Aeronautic Defence and Space Co		54
3,116		Fiat S.p.A.		50
236,659		Ford Motor Co		1,915
902,649		General Dynamics Corp		64,693
17,895	e	General Motors Corp		595
4,920	e	Genuine Parts Co		212
30,417		GKN plc		164
1,853,459		Goodpack Ltd		2,007
27,000	e	Group 1 Automotive, Inc		1,347
8,923	e	Harley-Davidson, Inc		560
300		Harsco Corp		23
7,182		Hino Motors Ltd		39
71,096		Honda Motor Co Ltd		2,389
42,441		Hyundai Motor Co		3,633
755,469		Isuzu Motors Ltd		2,475
1,017		ITT Industries, Inc		52
66,000	e	JLG Industries, Inc		1,307
9,890		Johnson Electric Holdings Ltd		9
929,995		JTEKT Corp		18,029
38,000	*	K&F Industries Holdings, Inc		714
27,044		Kawasaki Heavy Industries Ltd		90
4,910,000		Keppel Corp Ltd		45,754
2,373		Lagardere S.C.A.		171
814,801		Lockheed Martin Corp		70,122
24,431		Magna International, Inc (Class A)		1,774
26,600	*	Magna International, Inc (Class A)		1,943
13,527		MAN AG.		1,145
480,258		Nabtesco Corp		5,448
2,421		NHK Spring Co Ltd		28
440,438		Northrop Grumman Corp		29,981
7,401		NSK Ltd		62
500		Oshkosh Truck Corp		25
402,964	e	Paccar, Inc		22,977
17,443	e*	Pactiv Corp		496
4,349		Peugeot S.A.		245
1,451,010	e	Raytheon Co		69,663
466,814		Renault S.A.		53,541
203		Rieter Holding AG.		87
68,658		Rolls-Royce Group plc		582
16,823,000		SembCorp Marine Ltd		35,378
3,161		Shimano, Inc		88
46,119		Siemens AG.		4,024
2,148,526		Singapore Technologies Engineering Ltd		3,855
304,022		Smiths Group plc		5,103

149

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
186,922		Textron, Inc	$	16,356
783		Thales S.A.		35
400		Tokai Rika Co Ltd		8
15,164		Tomkins plc		67
2,596		Toyoda Gosei Co Ltd		57
8,694		Toyota Industries Corp		369
839,018		Toyota Motor Corp		45,600
548		Trelleborg AB (B Shs)		10
40,000	*	TRW Automotive Holdings Corp		963
363,719		United Technologies Corp		23,042
19,899		Volkswagen AG.		1,695
1,840		Volvo AB (B Shs)		110
486,189		Yamaha Motor Co Ltd		12,883
		TOTAL TRANSPORTATION EQUIPMENT		660,969
TRANSPORTATION SERVICES - 0.02%
16,552		Arriva plc		205
28,472	e	Expeditors International Washington, Inc		1,269
19		Kuoni Reisen Holding		10
3,118	e	Lear Corp		65
17,955		MTR Corp		45
919		National Express Group plc		16
8,781	e	Sabre Holdings Corp		205
35,247		Stagecoach Group plc		84
1,786		Stolt-Nielsen S.A.		47
5,505	*	Sydney Roads Group		5
3,004		Toll Holdings Ltd		34
39,290		TUI AG.		811
		TOTAL TRANSPORTATION SERVICES		2,796
TRUCKING AND WAREHOUSING - 0.47%
4,069		Deutsche Post AG.		107
195,611		DSV A/S		34,200
10,323		Kamigumi Co Ltd		80
1,262		Mitsubishi Logistics Corp		20
23,343		Nippon Express Co Ltd		125
1,991		Seino Holdings Corp		23
710,094		TNT NV		26,932
61,849		United Parcel Service, Inc (Class B)		4,449
16,378		Yamato Transport Co Ltd		237
		TOTAL TRUCKING AND WAREHOUSING		66,173
WATER TRANSPORTATION - 0.41%
56		AP Moller - Maersk A/S		480
265,000	e	Aries Maritime Transport Ltd		2,756
17,898		Cargotec Corp		757
43,989	e	Carnival Corp		2,069
7,418		Carnival plc		355
181		Compagnie Maritime Belge S.A.		6
177		D/S Torm A/S		9
211		Euronav NV		7
1,239,000		Ezra Holdings Ltd		2,325
2,123		Frontline Ltd		81
2,842,186		Kawasaki Kisen Kaisha Ltd		17,949
1,618		Kuehne & Nagel International AG.		112
46,145		Mitsui OSK Lines Ltd		341
141,102		Neptune Orient Lines Ltd		180
3,976,636		Nippon Yusen Kabushiki Kaisha		24,205
175,000	e*	Omega Navigation Enterprises, Inc		2,690

150

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
1,517		Orient Overseas International Ltd	$	6
28,000		Overseas Shipholding Group, Inc		1,730
668	*	Petrojarl ASA		7
	e	Royal Caribbean Cruises Ltd		682
89		Ship Finance International Ltd		2
100,000	e*	TBS International Ltd		766
		TOTAL WATER TRANSPORTATION		57,515
WHOLESALE TRADE-DURABLE GOODS - 0.41%
645		AGFA-Gevaert NV		15
124,700	*	Arrow Electronics, Inc		3,421
1,414,388		Assa Abloy AB (B Shs)		26,297
2,192		Autobacs Seven Co Ltd		82
3,910		Boral Ltd		21
4,149		Brambles Industries plc		37
718		Buhrmann NV		11
41,000	e	Building Material Holding Corp		1,067
19,557		Bunzl plc		245
6,271		Canon Sales Co, Inc		150
5,127		Cie Generale d'Optique Essilor International S.A.		525
48,699		Creative Technology Ltd		319
800	*	Cytyc Corp		20
1,242,283	*	Datacraft Asia Ltd		1,242
51,285		Electrocomponents plc		267
20,425		Finning International, Inc		684
3,444	*	Hagemeyer NV		17
10,249		Hitachi Software Engineering Co Ltd		183
18,525		Inchcape plc		182
847		Kingspan Group plc		17
19,300	e	Martin Marietta Materials, Inc		1,633
2,677,697		Melco International Development		5,733
37		NET One Systems Co Ltd		51
805,329		Nissan Motor Co Ltd		9,020
3,916	e*	Patterson Cos, Inc		132
1,808,500		PT Astra International Tbk		2,441
6,886		Rautaruukki Oyj		198
1,772	*	Securitas Direct AB		4
1,772	*	Securitas Systems AB		7
49,947		Sumitomo Corp		623
544	*	Tandberg Television ASA		4
41,000	e*	Tech Data Corp		1,498
1,381	e	W.W. Grainger, Inc		93
7,500	e*	WESCO International, Inc		435
2,140		Wesfarmers Ltd		56
35,003		Wolseley plc		738
274		Zodiac S.A.		16
		TOTAL WHOLESALE TRADE-DURABLE GOODS		57,484
WHOLESALE TRADE-NONDURABLE GOODS - 0.52%
200		Axfood AB		6
391,725		Billabong International Ltd		4,277
15,000	e	Brown-Forman Corp (Class B)		1,150
202,719	e	Cardinal Health, Inc		13,327
907		Casino Guichard Perrachon S.A.		73
20,738		Celesio AG.		1,081
2,287	*	Dean Foods Co		96
752,031		Esprit Holdings Ltd		6,858
11,399		Foster's Group Ltd		55
3,616		Fyffes plc		7

151

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
					MATURITY		VALUE
SHARES			RATE		DATE		(000)
256,180		Gazprom (ADR)				$	11,093
14,459	*	Gildan Activewear, Inc					703
963,375	*	I B Daiwa Corp					734
36,982		KT&G Corp					2,247
38,266		Li & Fung Ltd					95
1,485,236		Marubeni Corp					7,393
24,675		Metro AG.					1,442
62,198		Mitsubishi Corp					1,169
6,558		Nike, Inc (Class B)					575
66,400		Nippon Oil Corp					489
278		Oriflame Cosmetics S.A.					9
1,140		Orkla ASA					54
150,799	e	Safeway, Inc					4,577
23,700		San-A Co Ltd					744
4,141,585		Sinochem Hong Kong Holding Ltd					1,489
184		Societe BIC S.A.					11
3,871		Suzuken Co Ltd					145
12,751	e	Sysco Corp					427
16,193,444	*	Thai Beverage PCL					3,008
10,292,602	*	Thai Petrochemical Industry PCL					1,877
11,940		Unilever NV					294
304,162		Unilever NV					7,464
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS					72,969
		TOTAL COMMON STOCKS					13,985,393
		(Cost $13,065,074)
WARRANTS - 0.00%**
HOTELS AND OTHER LODGING PLACES - 0.00%**
1,408,348	v*	Minor International PCL Wts					177
		TOTAL HOTELS AND OTHER LODGING PLACES					177
		TOTAL WARRANTS					177
		(Cost $0)
PRINCIPAL
SHORT-TERM INVESTMENTS - 4.36%
U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES - 0.73%
$     80,000,000	d	Federal Home Loan Bank (FHLB)	4.750	%	10/02/06		80,000
8,600,000		FHLB	5.020		10/18/06		8,577
15,640,000	d	Federal National Mortgage Association (FNMA)	5.080		12/27/06		15,451
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES					104,028
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 3.63%
513,502,202	v	Navigator Fund					513,502
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED					513,502
		TOTAL SHORT-TERM INVESTMENTS					617,530
		(Cost $617,519)
		TOTAL PORTFOLIO - 103.65%					14,673,546
		(Cost $13,739,953)
		OTHER ASSETS & LIABILITIES, NET - (3.65%)					(516,161	)
		NET ASSETS - 100.00%				$	14,157,385

152

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

The following abbreviation is used in portfolio descriptions:
ADR	American Depositary Receipt
*	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.
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	LOSS
E-mini S&P 500 Index	450	$ 30,271,500	December 2006	$ (5,646)

153

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
COLLEGE RETIREMENT EQUITIES FUND
GLOBAL EQUITIES ACCOUNT
Summary of Market Values by Country
September 30, 2006
			% OF MARKET
	VALUE		VALUE
DOMESTIC
UNITED STATES	$	7,723,374,848	52.63	%
TOTAL DOMESTIC		7,723,374,848	52.63
FOREIGN
AUSTRALIA		186,508,703	1.27
AUSTRIA		661,211	0.01
BELGIUM		836,304	0.01
BRAZIL		4,816,704	0.03
CANADA		247,483,389	1.69
CAYMAN ISLANDS		7,594,625	0.05
DENMARK		35,592,111	0.25
FINLAND		168,164,336	1.15
FRANCE		671,950,133	4.58
GERMANY		625,144,197	4.26
GREECE		84,276,984	0.57
HONG KONG		161,108,673	1.10
HUNGARY		2,095,584	0.01
INDIA		13,853,611	0.09
INDONESIA		6,537,261	0.05
IRELAND		28,038,785	0.19
ISRAEL		39,092,537	0.27
ITALY		208,659,912	1.42
JAPAN		1,515,005,619	10.32
LUXEMBOURG		21,581,800	0.15
MALAYSIA		15,464,401	0.11
NETHERLANDS		332,686,316	2.27
NEW ZEALAND		3,241,355	0.02
NORWAY		42,259,271	0.29
PHILIPPINES		20,923,136	0.14
PORTUGAL		448,450	0.00
REPUBLIC OF KOREA		105,685,150	0.72
RUSSIA		45,491,774	0.31
SINGAPORE		165,934,586	1.13
SOUTH AFRICA		3,246,999	0.02
SPAIN		282,843,682	1.93
SWEDEN		168,443,109	1.15
SWITZERLAND		382,018,419	2.60
TAIWAN (REPUBLIC OF CHINA)		8,013,274	0.05
THAILAND		10,232,940	0.07
UNITED KINGDOM		1,334,235,698	9.09
TOTAL FOREIGN		6,950,171,039	47.37
TOTAL PORTFOLIO	$	14,673,545,887	100.00	%

154

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
COLLEGE RETIREMENT EQUITIES FUND
GROWTH ACCOUNT
STATEMENT OF INVESTMENTS (Unaudited)
September 30, 2006
				VALUE
SHARES				(000)
COMMON STOCKS - 99.54%
APPAREL AND ACCESSORY STORES - 0.51%
1,974,042	e*	J Crew Group, Inc	$	59,359
		TOTAL APPAREL AND ACCESSORY STORES		59,359
APPAREL AND OTHER TEXTILE PRODUCTS - 0.52%
928,154		Polo Ralph Lauren Corp		60,042
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		60,042
BUSINESS SERVICES - 10.88%
6,734,298	*	Adobe Systems, Inc		252,200
675,917	e*	Cognizant Technology Solutions Corp		50,059
3,514,361	*	eBay, Inc		99,667
3,742,421	e*	Electronic Arts, Inc		208,378
1,740,811	e	First Data Corp		73,114
711,031	e*	Gartner, Inc (Class A)		12,507
819,694	e*	Google, Inc (Class A)		329,435
5,608,900		Microsoft Corp		153,291
403,163		Omnicom Group, Inc		37,736
1,849,551	*	Oracle Corp		32,811
3,321,359	*	Sun Microsystems, Inc		16,507
		TOTAL BUSINESS SERVICES		1,265,705
CHEMICALS AND ALLIED PRODUCTS - 13.86%
5,389,223	e	Abbott Laboratories		261,701
4,432,567	*	Amgen, Inc		317,062
51,333	*	Bare Escentuals, Inc		1,394
680,100		Daiichi Sankyo Co Ltd		19,287
714,380	*	Genentech, Inc		59,079
278,305	e*	Genzyme Corp		18,777
1,885,344	e*	Gilead Sciences, Inc		129,523
2,060,000	e*	Keryx Biopharmaceuticals, Inc		24,370
1,037,296	e*	Medimmune, Inc		30,299
871,996		Merck & Co, Inc		36,537
3,672,110		Monsanto Co		172,626
3,410,386		Procter & Gamble Co		211,376
672,267		Roche Holding AG.		116,233
1,351,290	e*	Warner Chilcott Ltd		17,972
3,872,719		Wyeth		196,889
		TOTAL CHEMICALS AND ALLIED PRODUCTS		1,613,125
COAL MINING - 0.08%
289,000		Sasol Ltd (ADR)		9,505
		TOTAL COAL MINING		9,505
COMMUNICATIONS - 3.34%
1,647,351	e	America Movil S.A. de C.V. (ADR)		64,856
5,426,708	e	AT&T, Inc		176,694
3,242,151	e*	Comcast Corp (Class A)		119,473

155

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
				VALUE
SHARES				(000)
298,558	e*	NII Holdings, Inc (Class B)	$	18,559
252,133	e*	Univision Communications, Inc (Class A)		8,658
		TOTAL COMMUNICATIONS		388,240
EATING AND DRINKING PLACES - 1.26%
848,492		McDonald's Corp		33,193
3,314,521	e*	Starbucks Corp		112,859
		TOTAL EATING AND DRINKING PLACES		146,052
ELECTRIC, GAS, AND SANITARY SERVICES - 0.56%
2,440,000		Fortum Oyj		65,006
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		65,006
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 13.83%
3,727,855	*	Broadcom Corp (Class A)		113,103
12,745,402	*	Cisco Systems, Inc		293,144
929,923		Cooper Industries Ltd (Class A)		79,248
2,152,033		Emerson Electric Co		180,469
6,781,372	e	Intel Corp		139,493
2,092,487	*	Marvell Technology Group Ltd		40,532
6,494,185		Motorola, Inc		162,355
2,400	v*	NCP Litigation Trust		-	^
3,816,857	*	Network Appliance, Inc		141,262
710,621	*	Nvidia Corp		21,027
486,700	*	Qimonda AG. (ADR)		8,274
6,660,752	e	Qualcomm, Inc		242,118
696,339	e*	Research In Motion Ltd		71,486
4,399,675	e*	Sirius Satellite Radio, Inc		17,203
2,083,296		Texas Instruments, Inc		69,270
1,366,787		Xilinx, Inc		30,001
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		1,608,985
ENGINEERING AND MANAGEMENT SERVICES - 2.77%
3,191,720	e*	Celgene Corp		138,202
4,984,994	e	Paychex, Inc		183,697
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		321,899
FOOD AND KINDRED PRODUCTS - 1.91%
3,410,026		PepsiCo, Inc		222,538
		TOTAL FOOD AND KINDRED PRODUCTS		222,538
FURNITURE AND HOME FURNISHINGS STORES - 0.86%
1,571,579	e*	Bed Bath & Beyond, Inc		60,129
736,855	e	Best Buy Co, Inc		39,466
		TOTAL FURNITURE AND HOME FURNISHINGS STORES		99,595
GENERAL BUILDING CONTRACTORS - 0.00%**
1,800	v*	Mascotech		-	^
		TOTAL GENERAL BUILDING CONTRACTORS		-	^
GENERAL MERCHANDISE STORES - 2.52%
1,596,899	e	Federated Department Stores, Inc		69,002
2,716,661	e	Target Corp		150,096
1,503,124	e	Wal-Mart Stores, Inc		74,134
		TOTAL GENERAL MERCHANDISE STORES		293,232

156

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
				VALUE
SHARES				(000)
HEALTH SERVICES - 1.68%
923,527	e	Caremark Rx, Inc	$	52,336
2,378,291	*	Medco Health Solutions, Inc		142,959
		TOTAL HEALTH SERVICES		195,295
HOLDING AND OTHER INVESTMENT OFFICES - 0.99%
1,005,046		Alcon, Inc		115,078
24,436	e	Hugoton Royalty Trust		644
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		115,722
HOTELS AND OTHER LODGING PLACES - 1.75%
2,115,726	e	Hilton Hotels Corp		58,923
2,531,420		Starwood Hotels & Resorts Worldwide, Inc		144,772
		TOTAL HOTELS AND OTHER LODGING PLACES		203,695
INDUSTRIAL MACHINERY AND EQUIPMENT - 6.95%
642,036	*	Alstom RGPT		58,088
3,296,569	e*	Apple Computer, Inc		253,935
2,569,922		Applied Materials, Inc		45,565
4,346,904		General Electric Co		153,446
2,225,565		Hewlett-Packard Co		81,656
4,197,823	e	International Game Technology		174,210
731,024		Rockwell Automation, Inc		42,472
108,879	v*	Seagate Technology, Inc		-	^
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		809,372
INSTRUMENTS AND RELATED PRODUCTS - 5.67%
2,927,130	e*	Agilent Technologies, Inc		95,688
274,196		Allergan, Inc		30,877
3,022,394	e	Johnson & Johnson		196,274
842,212	e	Kla-Tencor Corp		37,453
899,961	e	Medtronic, Inc		41,794
4,317,118	e*	St. Jude Medical, Inc		152,351
1,564,736	e*	Zimmer Holdings, Inc		105,620
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		660,057
INSURANCE CARRIERS - 2.40%
1,483,893	e	Aetna, Inc		58,688
1,767,891		American International Group, Inc		117,140
3,553,080		Progressive Corp		87,193
1,290,400		Prudential plc		16,031
		TOTAL INSURANCE CARRIERS		279,052
LEATHER AND LEATHER PRODUCTS - 1.00%
3,395,134	e*	Coach, Inc		116,793
		TOTAL LEATHER AND LEATHER PRODUCTS		116,793
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.75%
2,093,005		Anglo American plc		87,507
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		87,507
MISCELLANEOUS RETAIL - 1.96%
5,576,025	e	CVS Corp		179,102
2,032,401		Staples, Inc		49,448
		TOTAL MISCELLANEOUS RETAIL		228,550

157

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
				VALUE
SHARES				(000)
MOTION PICTURES - 0.83%
2,352,897		News Corp (Class A)	$	46,234
1,647,960	e	Walt Disney Co		50,939
		TOTAL MOTION PICTURES		97,173
NONDEPOSITORY INSTITUTIONS - 2.06%
4,267,213	e	American Express Co		239,305
		TOTAL NONDEPOSITORY INSTITUTIONS		239,305
OIL AND GAS EXTRACTION - 2.02%
1,714,433	e	Halliburton Co		48,776
1,558,267		Schlumberger Ltd		96,659
2,137,083	e	XTO Energy, Inc		90,035
		TOTAL OIL AND GAS EXTRACTION		235,470
PETROLEUM AND COAL PRODUCTS - 0.85%
429,103	e	Apache Corp		27,120
663,552	e	EOG Resources, Inc		43,164
402,445	*	Suncor Energy, Inc		28,996
		TOTAL PETROLEUM AND COAL PRODUCTS		99,280
PRIMARY METAL INDUSTRIES - 2.47%
3,506,542		BHP Billiton plc		60,534
9,300,505	*	Corning, Inc		227,025
		TOTAL PRIMARY METAL INDUSTRIES		287,559
RAILROAD TRANSPORTATION - 0.27%
969,036		CSX Corp		31,813
		TOTAL RAILROAD TRANSPORTATION		31,813
SECURITY AND COMMODITY BROKERS - 7.95%
12,600,746		Charles Schwab Corp		225,554
377,179		Chicago Mercantile Exchange Holdings, Inc		180,386
3,253,428	*	E*Trade Financial Corp		77,822
709,853	e	Goldman Sachs Group, Inc		120,086
1,826,723	e	Merrill Lynch & Co, Inc		142,886
491,020		Morgan Stanley		35,800
881,682	e*	Nasdaq Stock Market, Inc		26,662
6,127,231	e	TD Ameritrade Holding Corp		115,498
		TOTAL SECURITY AND COMMODITY BROKERS		924,694
TOBACCO PRODUCTS - 1.93%
2,932,255	e	Altria Group, Inc		224,464
		TOTAL TOBACCO PRODUCTS		224,464
TRANSPORTATION EQUIPMENT - 3.43%
2,323,776		Boeing Co		183,230
3,405,623		United Technologies Corp		215,746
		TOTAL TRANSPORTATION EQUIPMENT		398,976
TRANSPORTATION SERVICES - 0.65%
1,691,678	e	CH Robinson Worldwide, Inc		75,415
		TOTAL TRANSPORTATION SERVICES		75,415
TRUCKING AND WAREHOUSING - 0.69%
1,112,975	e	United Parcel Service, Inc (Class B)		80,067
		TOTAL TRUCKING AND WAREHOUSING		80,067

158

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
					MATURITY		VALUE
SHARES			RATE		DATE		(000)
WHOLESALE TRADE-DURABLE GOODS - 0.34%
683,639	e*	WESCO International, Inc				$	39,672
		TOTAL WHOLESALE TRADE-DURABLE GOODS					39,672
		TOTAL COMMON STOCKS					11,583,214
		(Cost $10,413,931)
WARRANTS - 0.00%**
WHOLESALE TRADE-DURABLE GOODS - 0.00%**
482	v*	Timco Aviation Services, Inc Wts					-	^
		TOTAL WHOLESALE TRADE-DURABLE GOODS					-	^
		TOTAL WARRANTS					-	^
		(Cost $0)
PRINCIPAL
SHORT-TERM INVESTMENTS - 3.18%
U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES - 0.72%
$     50,700,000		Federal National Mortgage Association (FNMA)	5.160	%	12/27/06		50,087
33,250,000		FNMA	5.090		10/16/06		33,185
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES					83,272
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 2.46%
286,854,495	v	Navigator Fund					286,854
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED					286,854
		TOTAL SHORT-TERM INVESTMENTS					370,126
		(Cost $370,112)
		TOTAL PORTFOLIO - 102.72%					11,953,340
		(Cost $10,784,043)
		OTHER ASSETS & LIABILITIES, NET - (2.72%)					(316,699	)
		NET ASSETS - 100.00%				$	11,636,641
	The following abbreviation is used in portfolio descriptions:
	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.

159

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
COLLEGE RETIREMENT EQUITIES FUND
GROWTH ACCOUNT
Summary of Market Values by Country
September 30, 2006
			% OF MARKET
	VALUE		VALUE
DOMESTIC
UNITED STATES	$	11,448,017,709	95.77	%
TOTAL DOMESTIC		11,448,017,709	95.77
FOREIGN
FINLAND		65,006,023	0.55
FRANCE		58,088,623	0.49
GERMANY		8,273,900	0.07
JAPAN		19,287,492	0.16
MEXICO		64,856,209	0.54
SOUTH AFRICA		9,505,210	0.08
SWITZERLAND		116,233,456	0.97
UNITED KINGDOM		164,071,454	1.37
TOTAL FOREIGN		505,322,367	4.23
TOTAL PORTFOLIO	$	11,953,340,076	100.00	%

160

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
COLLEGE RETIREMENT EQUITIES FUND
EQUITY INDEX ACCOUNT
STATEMENT OF INVESTMENTS (Unaudited)
September 30, 2006
				VALUE
SHARES				(000)
COMMON STOCKS - 99.85%
AGRICULTURAL PRODUCTION-CROPS - 0.00%**
29,630		Chiquita Brands International, Inc	$	396
		TOTAL AGRICULTURAL PRODUCTION-CROPS		396
AGRICULTURAL PRODUCTION-LIVESTOCK - 0.01%
27,871		Pilgrim's Pride Corp		762
269		Seaboard Corp		324
		TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK		1,086
AMUSEMENT AND RECREATION SERVICES - 0.20%
36,482	*	Bally Technologies, Inc		642
26,714	*	Bally Total Fitness Holding Corp		40
14,248	*	Century Casinos, Inc		142
5,242		Churchill Downs, Inc		220
9,373		Dover Downs Gaming & Entertainment, Inc		114
9,773		Dover Motorsports, Inc		53
130,527		Harrah's Entertainment, Inc		8,671
25,827		International Speedway Corp (Class A)		1,287
16,338	*	Lakes Entertainment, Inc		158
22,402	*	Leapfrog Enterprises, Inc		178
21,679	*	Life Time Fitness, Inc		1,004
45,511	*	Live Nation, Inc		929
26,149	*	Magna Entertainment Corp (Class A)		123
35,735	*	Marvel Entertainment, Inc		863
14,684	*	MTR Gaming Group, Inc		138
19,119	*	Multimedia Games, Inc		174
51,372	*	Penn National Gaming, Inc		1,876
34,254	*	Pinnacle Entertainment, Inc		963
51,146	*	Six Flags, Inc		267
13,437		Speedway Motorsports, Inc		489
67,536		Warner Music Group Corp		1,753
53,876		Westwood One, Inc		381
19,258	*	WMS Industries, Inc		563
14,269		World Wrestling Entertainment, Inc		234
		TOTAL AMUSEMENT AND RECREATION SERVICES		21,262
APPAREL AND ACCESSORY STORES - 0.71%
61,914		Abercrombie & Fitch Co (Class A)		4,302
38,830	*	Aeropostale, Inc		1,135
81,208		American Eagle Outfitters, Inc		3,559
51,439	*	AnnTaylor Stores Corp		2,153
16,896		Bebe Stores, Inc		419
21,404		Brown Shoe Co, Inc		767
6,879		Buckle, Inc		261
8,748	*	Cache, Inc		157
34,498	*	Carter's, Inc		910
19,783	*	Casual Male Retail Group, Inc		272
21,208		Cato Corp (Class A)		465

161

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
10,401	*	Charlotte Russe Holding, Inc	$	286
84,814	*	Charming Shoppes, Inc		1,211
128,070	*	Chico's FAS, Inc		2,757
16,047	*	Children's Place Retail Stores, Inc		1,027
27,159		Christopher & Banks Corp		801
4,455	*	Citi Trends, Inc		154
70,403		Claire's Stores, Inc		2,053
2,900		DEB Shops, Inc		74
33,000	*	Dress Barn, Inc		720
11,582	*	DSW, Inc		365
28,742		Finish Line, Inc (Class A)		363
110,542		Foot Locker, Inc		2,791
382,229		Gap, Inc		7,243
67,557	*	Hanesbrands, Inc		1,521
31,627	*	HOT Topic, Inc		352
11,900	*	J Crew Group, Inc		358
15,736	*	Jo-Ann Stores, Inc		263
12,803	*	JOS A Bank Clothiers, Inc		384
236,402	*	Kohl's Corp		15,347
242,326		Limited Brands, Inc		6,419
15,006	*	New York & Co, Inc		196
167,163		Nordstrom, Inc		7,071
51,957	*	Pacific Sunwear Of California, Inc		784
46,317	*	Payless Shoesource, Inc		1,153
101,922		Ross Stores, Inc		2,590
5,056	*	Shoe Carnival, Inc		128
20,532		Stage Stores, Inc		602
3,565	*	Syms Corp		73
15,617		Talbots, Inc		426
45,927	*	The Wet Seal, Inc		282
24,376	*	Tween Brands, Inc		917
14,824	*	Under Armour, Inc		593
81,421	*	Urban Outfitters, Inc		1,440
		TOTAL APPAREL AND ACCESSORY STORES		75,144
APPAREL AND OTHER TEXTILE PRODUCTS - 0.19%
9,339	*	Columbia Sportswear Co		521
14,887	*	Guess ?, Inc		722
24,603	*	Gymboree Corp		1,038
17,824	*	Hartmarx Corp		121
80,042		Jones Apparel Group, Inc		2,597
18,458		Kellwood Co		532
74,332		Liz Claiborne, Inc		2,937
13,600	*	Maidenform Brands, Inc		262
39,335		Phillips-Van Heusen Corp		1,643
41,818		Polo Ralph Lauren Corp		2,705
84,864	*	Quiksilver, Inc		1,031
9,215	*	True Religion Apparel, Inc		195
62,519		VF Corp		4,561
33,246	*	Warnaco Group, Inc		643
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		19,508
AUTO REPAIR, SERVICES AND PARKING - 0.06%
7,541	*	Amerco, Inc		559
7,500		Bandag, Inc		308
13,199		Central Parking Corp		218

162

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
17,758	*	Dollar Thrifty Automotive Group, Inc	$	791
10,010	*	Midas, Inc		207
8,304		Monro Muffler, Inc		282
36,846	*	PHH Corp		1,011
43,349		Ryder System, Inc		2,240
3,701	*	Standard Parking Corp		116
28,100	*	Wright Express Corp		676
		TOTAL AUTO REPAIR, SERVICES AND PARKING		6,408
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.18%
75,964		Advance Auto Parts		2,502
5,463	*	America's Car-Mart, Inc		90
9,627		Asbury Automotive Group, Inc		198
105,066	*	Autonation, Inc		2,196
38,793	*	Autozone, Inc		4,007
75,672	*	Carmax, Inc		3,156
50,363	*	Copart, Inc		1,420
32,325	*	CSK Auto Corp		456
12,002		Lithia Motors, Inc (Class A)		297
11,554	*	MarineMax, Inc		294
80,048	*	O'Reilly Automotive, Inc		2,658
14,443	*	Rush Enterprises, Inc (Class A)		241
21,187		Sonic Automotive, Inc		489
38,791		United Auto Group, Inc		908
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		18,912
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.90%
9,000	*	Builders FirstSource, Inc		137
15,227	*	Central Garden & Pet Co		735
89,346		Fastenal Co		3,446
1,513,126		Home Depot, Inc		54,881
1,102,712		Lowe's Cos, Inc		30,942
80,137		Sherwin-Williams Co		4,470
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		94,611
BUSINESS SERVICES - 7.07%
44,232	*	@Road, Inc		258
34,168	*	24/7 Real Media, Inc		292
283,639	*	3Com Corp		1,251
8,307	*	3D Systems Corp		152
30,587		Aaron Rents, Inc		703
30,959		ABM Industries, Inc		581
19,911	*	Acacia Research (Acacia Technologies)		226
9,477	*	Access Integrated Technologies, Inc		90
195,885	*	Activision, Inc		2,958
40,528	*	Actuate Corp		179
56,661		Acxiom Corp		1,397
16,260		Administaff, Inc		548
426,196	*	Adobe Systems, Inc		15,961
17,568	*	Advent Software, Inc		636
21,459		Advo, Inc		600
80,076	*	Affiliated Computer Services, Inc (Class A)		4,153
40,281	*	Agile Software Corp		263
109,822	*	Akamai Technologies, Inc		5,490
57,994	*	Alliance Data Systems Corp		3,201
16,184	*	Altiris, Inc		341

163

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
18,475	*	American Reprographics Co	$	592
23,326	*	AMN Healthcare Services, Inc		554
11,435	*	Ansoft Corp		285
24,352	*	Ansys, Inc		1,076
54,177	*	aQuantive, Inc		1,280
22,433		Arbitron, Inc		830
48,947	*	Ariba, Inc		367
79,212	*	Art Technology Group, Inc		203
33,163	*	Aspen Technology, Inc		362
11,658	*	Asset Acceptance Capital Corp		189
21,488	*	Audible, Inc		156
164,160	*	Autodesk, Inc		5,709
407,265		Automatic Data Processing, Inc		19,280
71,103	*	Avis Budget Group, Inc		1,300
35,025	*	Avocent Corp		1,055
8,158	*	Bankrate, Inc		218
4,811	*	Barrett Business Services		103
276,849	*	BEA Systems, Inc		4,208
135,178	*	BearingPoint, Inc		1,062
86,266	*	BISYS Group, Inc		937
31,258		Blackbaud, Inc		687
19,831	*	Blackboard, Inc		526
8,392	*	Blue Coat Systems, Inc		151
152,885	*	BMC Software, Inc		4,162
52,351	*	Borland Software Corp		300
12,774	*	Bottomline Technologies, Inc		125
29,566		Brady Corp (Class A)		1,040
34,369		Brink's Co		1,824
322,414		CA, Inc		7,638
21,836	*	CACI International, Inc (Class A)		1,201
200,644	*	Cadence Design Systems, Inc		3,403
34,489		Catalina Marketing Corp		948
46,548	*	CBIZ, Inc		340
107,162	*	Ceridian Corp		2,396
45,571	*	Cerner Corp		2,069
58,214	*	Checkfree Corp		2,405
64,733	*	ChoicePoint, Inc		2,317
55,253	*	Chordiant Software, Inc		170
36,800	*	Ciber, Inc		244
129,500	*	Citrix Systems, Inc		4,689
5,919	*	Clayton Holdings, Inc		74
25,900	*	Clear Channel Outdoor Holdings, Inc		528
5,869	*	Click Commerce, Inc		133
331,660	*	CMGI, Inc		352
106,270	*	CNET Networks, Inc		1,018
14,652	*	Cogent Communications Group, Inc		170
30,867	*	Cogent, Inc		424
33,274		Cognex Corp		841
99,826	*	Cognizant Technology Solutions Corp		7,393
6,637		Computer Programs & Systems, Inc		217
122,000	*	Computer Sciences Corp		5,993
269,635	*	Compuware Corp		2,100
11,985	*	COMSYS IT Partners, Inc		206
24,465	*	Concur Technologies, Inc		356
19,768	*	Convera Corp		105
98,532	*	Convergys Corp		2,035

164

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
11,471	*	CoStar Group, Inc	$	474
21,438	*	Covansys Corp		367
35,280	*	CSG Systems International, Inc		932
22,032	*	Cybersource Corp		261
5,800	*	DealerTrack Holdings, Inc		128
37,676		Deluxe Corp		644
29,125	*	Dendrite International, Inc		285
26,440	*	Digital Insight Corp		775
28,179	*	Digital River, Inc		1,441
42,841	*	DST Systems, Inc		2,642
94,764	*	Earthlink, Inc		689
837,668	*	eBay, Inc		23,756
18,386	*	Echelon Corp		151
31,866	*	Eclipsys Corp		571
15,642	*	eCollege.com, Inc		250
33,247	*	eFunds Corp		804
11,677	*	Electro Rent Corp		199
215,964	*	Electronic Arts, Inc		12,025
369,864		Electronic Data Systems Corp		9,069
14,917	*	Emageon, Inc		233
199,788	*	Emdeon Corp		2,340
42,487	*	Epicor Software Corp		557
8,841	*	EPIQ Systems, Inc		130
93,669		Equifax, Inc		3,439
20,424	*	Equinix, Inc		1,227
15,409	*	eSpeed, Inc (Class A)		142
51,812	*	Evergreen Energy, Inc		545
162,971	*	Expedia, Inc		2,555
28,246	*	F5 Networks, Inc		1,517
29,706		Factset Research Systems, Inc		1,443
47,026		Fair Isaac Corp		1,720
22,225	*	FalconStor Software, Inc		171
70,884		Fidelity National Information Services, Inc		2,623
28,881	*	Filenet Corp		1,006
5,700	*	First Advantage Corp		119
543,176		First Data Corp		22,813
124,231	*	Fiserv, Inc		5,850
9,100	*	Forrester Research, Inc		239
9,437	*	FTD Group, Inc		146
39,457	*	Gartner, Inc (Class A)		694
15,914	*	Gerber Scientific, Inc		238
36,892	*	Getty Images, Inc		1,833
19,091		Gevity HR, Inc		435
23,628	*	Global Cash Access, Inc		357
148,461	*	Google, Inc (Class A)		59,666
8,150	*	H&E Equipment Services, Inc		199
18,495		Healthcare Services Group		465
10,050		Heartland Payment Systems, Inc		261
14,300	*	Heidrick & Struggles International, Inc		515
17,722	*	Hudson Highland Group, Inc		174
37,591	*	Hypercom Corp		255
43,012	*	Hyperion Solutions Corp		1,483
10,436	*	i2 Technologies, Inc		195
4,942	*	ICT Group, Inc		156
12,987	*	iGate Corp		64
16,530	*	IHS, Inc		530

165

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
141,823		IMS Health, Inc	$	3,778
14,150	*	Infocrossing, Inc		190
62,644	*	Informatica Corp		851
23,086	*	Infospace, Inc		426
20,612		infoUSA, Inc		171
11,821	*	Innovative Solutions & Support, Inc		172
7,121		Integral Systems, Inc		223
25,164	*	Interactive Data Corp		502
21,871	*	Intergraph Corp		938
21,565	*	Internap Network Services Corp		328
32,107	*	Internet Capital Group, Inc		303
26,357	*	Internet Security Systems, Inc		732
8,416		Interpool, Inc		189
308,762	*	Interpublic Group of Cos, Inc		3,057
26,296	*	Interwoven, Inc		290
247,322	*	Intuit, Inc		7,937
20,768	*	inVentiv Health, Inc		665
45,508	*	Ipass, Inc		213
81,459	*	Iron Mountain, Inc		3,498
54,563		Jack Henry & Associates, Inc		1,188
18,698	*	JDA Software Group, Inc		288
399,522	*	Juniper Networks, Inc		6,904
15,435	*	Jupitermedia Corp		134
23,902	*	Kanbay International, Inc		491
34,016	*	Keane, Inc		490
13,656		Kelly Services, Inc (Class A)		374
11,281	*	Kenexa Corp		285
21,985	*	Kforce, Inc		262
31,337	*	Kinetic Concepts, Inc		986
10,111	*	Knot, Inc		224
30,104	*	Korn/Ferry International		630
22,157	*	Kronos, Inc		755
37,895	*	Labor Ready, Inc		604
60,403	*	Lamar Advertising Co		3,226
87,730	*	Lawson Software, Inc		636
43,208	*	Lionbridge Technologies		330
4,800	*	Liquidity Services, Inc		75
11,455	*	LoJack Corp		224
23,625	*	Magma Design Automation, Inc		215
19,563	*	Manhattan Associates, Inc		472
62,308		Manpower, Inc		3,818
12,905	*	Mantech International Corp (Class A)		426
13,097	*	Mapinfo Corp		168
16,386	*	Marchex, Inc		251
8,536	*	Marlin Business Services, Inc		178
44,900		Mastercard, Inc		3,159
114,462	*	McAfee, Inc		2,800
56,676	*	Mentor Graphics Corp		798
6,327,942		Microsoft Corp		172,943
7,146	*	MicroStrategy, Inc		728
25,516	*	Midway Games, Inc		224
60,872		MoneyGram International, Inc		1,769
87,911	*	Monster Worldwide, Inc		3,181
76,340	*	Move, Inc		375
73,891	*	MPS Group, Inc		1,116
12,659	*	MRO Software, Inc		325

166

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
65,955	*	NAVTEQ Corp	$	1,722
21,970	*	NCO Group, Inc		576
129,410	*	NCR Corp		5,109
13,908	*	Neoware, Inc		189
19,249	*	Ness Technologies, Inc		257
32,486	*	NetFlix, Inc		740
7,961	*	Netratings, Inc		113
15,388	*	Netscout Systems, Inc		100
27,305	*	NIC, Inc		141
240,507	*	Novell, Inc		1,472
89,300	*	Nuance Communications, Inc		730
120,021		Omnicom Group, Inc		11,234
18,437	*	On Assignment, Inc		181
14,464	*	Online Resources Corp		177
13,382	*	Open Solutions, Inc		386
9,205	*	Opnet Technologies, Inc		121
57,994	*	Opsware, Inc		523
2,824,053	*	Oracle Corp		50,099
25,857	*	Packeteer, Inc		223
76,359	*	Parametric Technology Corp		1,333
13,662	*	PDF Solutions, Inc		150
7,322		Pegasystems, Inc		64
13,179	*	PeopleSupport, Inc		244
12,203	*	Perficient, Inc		191
61,125	*	Perot Systems Corp (Class A)		843
23,907	*	Phase Forward, Inc		285
10,816	*	Portfolio Recovery Associates, Inc		474
12,518	*	PRA International		334
49,575	*	Premiere Global Services, Inc		430
28,939	*	Progress Software Corp		752
8,302		QAD, Inc		67
11,520		Quality Systems, Inc		447
47,410	*	Quest Software, Inc		677
15,387	*	Radiant Systems, Inc		186
15,185	*	Radisys Corp		323
76,360	*	RealNetworks, Inc		810
129,832	*	Red Hat, Inc		2,737
46,999	*	Redback Networks, Inc		652
5,893		Renaissance Learning, Inc		84
49,265	*	Rent-A-Center, Inc		1,443
19,226	*	Rewards Network, Inc		94
46,818		Reynolds & Reynolds Co (Class A)		1,850
10,621	*	RightNow Technologies, Inc		166
106,764		Robert Half International, Inc		3,627
20,193		Rollins, Inc		426
47,690	*	S1 Corp		220
17,942	*	SafeNet, Inc		326
60,056	*	Salesforce.com, Inc		2,155
55,315	*	Sapient Corp		301
35,286	*	Secure Computing Corp		223
205,113		ServiceMaster Co		2,299
8,963	*	SI International, Inc		287
41,569	*	Sitel Corp		125
14,344	*	Smith Micro Software, Inc		206
18,198	*	Sohu.com, Inc		401
45,445	*	SonicWALL, Inc		496

167

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
183,400	*	Sonus Networks, Inc	$	965
43,115		Sotheby's Holdings, Inc (Class A)		1,390
42,038	*	Spherion Corp		301
13,651	*	SPSS, Inc		340
27,379	*	SRA International, Inc (Class A)		823
7,046		Startek, Inc		88
19,979		Stellent, Inc		217
7,178	*	Stratasys, Inc		190
2,481,258	*	Sun Microsystems, Inc		12,332
62,826	*	Sybase, Inc		1,523
20,941	*	SYKES Enterprises, Inc		426
702,114	*	Symantec Corp		14,941
8,784	*	SYNNEX Corp		202
103,427	*	Synopsys, Inc		2,040
4,749		Syntel, Inc		108
52,739	*	Take-Two Interactive Software, Inc		752
11,400		TAL International Group, Inc		242
9,690	*	Taleo Corp		98
22,604		Talx Corp		554
24,393	*	TeleTech Holdings, Inc		381
12,795		TheStreet.com, Inc		136
45,528	*	THQ, Inc		1,328
150,494	*	TIBCO Software, Inc		1,351
16,913	*	TNS, Inc		255
25,671		Total System Services, Inc		586
18,504	*	TradeStation Group, Inc		279
27,282	*	Transaction Systems Architects, Inc		936
2,800	*	Travelzoo, Inc		81
28,864	*	Trizetto Group, Inc		437
15,759	*	Ultimate Software Group, Inc		371
244,520	*	Unisys Corp		1,384
42,307		United Online, Inc		515
45,981	*	United Rentals, Inc		1,069
21,468	*	Universal Compression Holdings, Inc		1,147
72,727	*	Valueclick, Inc		1,348
23,271	*	Vasco Data Security International		241
9,078	*	Verint Systems, Inc		273
174,376	*	VeriSign, Inc		3,522
5,226	*	Vertrue, Inc		205
15,178		Viad Corp		537
20,615	*	Vignette Corp		279
8,100	*	Volt Information Sciences, Inc		288
387,382		Waste Management, Inc		14,209
29,788	*	WebEx Communications, Inc		1,162
4,946	*	WebMD Health Corp		170
38,958	*	webMethods, Inc		298
33,540	*	Websense, Inc		725
12,203	*	WebSideStory, Inc		161
53,517	*	Wind River Systems, Inc		573
23,793	*	Witness Systems, Inc		417
1,003,055	*	Yahoo!, Inc		25,357
		TOTAL BUSINESS SERVICES		742,313
CHEMICALS AND ALLIED PRODUCTS - 9.59%
1,083,209		Abbott Laboratories		52,601
18,485	*	Abraxis BioScience, Inc		514

168

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
16,937	*	Acadia Pharmaceuticals, Inc	$	146
5,579	*	Adams Respiratory Therapeutics, Inc		204
10,982	*	Adeza Biomedical Corp		180
31,936	*	Adolor Corp		443
5,786	*	Advanced Magnetics, Inc		197
38,357	*	ADVENTRX Pharmaceuticals, Inc		105
159,282		Air Products & Chemicals, Inc		10,572
17,349	*	Albany Molecular Research, Inc		162
27,116		Albemarle Corp		1,473
54,470		Alberto-Culver Co		2,756
23,078	*	Alexion Pharmaceuticals, Inc		784
62,565	*	Alkermes, Inc		992
22,480	*	Alnylam Pharmaceuticals, Inc		324
30,087		Alpharma, Inc (Class A)		704
31,268	*	American Oriental Bioengineering, Inc		190
12,379		American Vanguard Corp		173
841,489	*	Amgen, Inc		60,192
21,429	*	Anadys Pharmaceuticals, Inc		62
53,003	*	Andrx Corp		1,295
16,685		Arch Chemicals, Inc		475
33,925	*	Arena Pharmaceuticals, Inc		406
27,489	*	Array Biopharma, Inc		234
27,606	*	Atherogenics, Inc		364
15,864	*	Auxilium Pharmaceuticals, Inc		161
18,741	*	AVANIR Pharmaceuticals		130
10,000	*	Aventine Renewable Energy Holdings, Inc		214
67,006		Avery Dennison Corp		4,032
36,608	*	AVI BioPharma, Inc		133
319,872		Avon Products, Inc		9,807
7,980		Balchem Corp		158
74,758	*	Barr Pharmaceuticals, Inc		3,883
10,191	*	Bentley Pharmaceuticals, Inc		122
16,244	*	BioCryst Pharmaceuticals, Inc		203
27,226	*	Bioenvision, Inc		150
244,250	*	Biogen Idec, Inc		10,913
60,488	*	BioMarin Pharmaceuticals, Inc		861
9,920	*	Bradley Pharmaceuticals, Inc		158
1,397,139		Bristol-Myers Squibb Co		34,817
45,134		Cabot Corp		1,679
28,512		Calgon Carbon Corp		126
20,927		Cambrex Corp		433
5,883	*	Caraco Pharmaceutical Laboratories Ltd		60
52,048		Celanese Corp (Series A)		932
28,958	*	Cell Genesys, Inc		132
42,746	*	Cephalon, Inc		2,640
38,831		CF Industries Holdings, Inc		663
51,302	*	Charles River Laboratories International, Inc		2,227
12,829	*	Chattem, Inc		451
169,387		Chemtura Corp		1,469
46,317		Church & Dwight Co, Inc		1,811
107,265		Clorox Co		6,758
13,144	*	Coley Pharmaceutical Group, Inc		150
365,255		Colgate-Palmolive Co		22,682
17,022	*	Combinatorx, Inc		106
25,200	*	Connetics Corp		275
19,301	*	Conor Medsystems, Inc		455

169

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
16,097	*	Cotherix, Inc	$	114
39,198	*	Cubist Pharmaceuticals, Inc		852
34,138	*	Cypress Bioscience, Inc		249
29,068		Cytec Industries, Inc		1,616
18,758	*	Cytokinetics, Inc		121
62,010		Dade Behring Holdings, Inc		2,490
42,749	*	Dendreon Corp		191
12,457	*	Digene Corp		538
683,348		Dow Chemical Co		26,637
654,560		Du Pont (E.I.) de Nemours & Co		28,041
30,568	*	Durect Corp		125
57,683		Eastman Chemical Co		3,116
128,950		Ecolab, Inc		5,522
697,648		Eli Lilly & Co		39,766
17,426	*	Elizabeth Arden, Inc		282
16,357	*	Emisphere Technologies, Inc		138
42,677	*	Encysive Pharmaceuticals, Inc		184
28,467	*	Enzon Pharmaceuticals, Inc		235
88,465		Estee Lauder Cos (Class A)		3,568
28,545		Ferro Corp		508
26,890		FMC Corp		1,723
231,556	*	Forest Laboratories, Inc		11,719
334,225	*	Genentech, Inc		27,640
16,478	*	Genitope Corp		48
95,847	*	Genta, Inc		75
183,478	*	Genzyme Corp		12,379
24,319		Georgia Gulf Corp		667
51,960	*	Geron Corp		326
323,717	*	Gilead Sciences, Inc		22,239
5,819	*	GTx, Inc		54
45,332		H.B. Fuller Co		1,063
20,149	*	Hana Biosciences, Inc		138
81,444	*	Hercules, Inc		1,284
5,289	*	Hi-Tech Pharmacal Co, Inc		67
111,366	*	Hospira, Inc		4,262
93,140	*	Human Genome Sciences, Inc		1,075
62,547	*	Huntsman Corp		1,138
17,140	*	Idenix Pharmaceuticals, Inc		166
23,187	*	Idexx Laboratories, Inc		2,113
49,238	*	ImClone Systems, Inc		1,394
46,158	*	Immucor, Inc		1,034
33,132	*	Indevus Pharmaceuticals, Inc		196
8,064		Innospec, Inc		240
3,281		Inter Parfums, Inc		62
19,810	*	InterMune, Inc		325
64,690		International Flavors & Fragrances, Inc		2,558
19,768	*	Inverness Medical Innovations, Inc		687
37,219	*	Invitrogen Corp		2,360
18,029	*	Keryx Biopharmaceuticals, Inc		213
174,061	*	King Pharmaceuticals, Inc		2,964
5,472		Koppers Holdings, Inc		104
12,823	*	Kos Pharmaceuticals, Inc		634
2,620		Kronos Worldwide, Inc		75
28,944	*	KV Pharmaceutical Co (Class A)		686
48,599		Lubrizol Corp		2,222
154,338		Lyondell Chemical Co		3,916

170

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
20,639		MacDermid, Inc	$	673
9,202		Mannatech, Inc		163
17,575	*	MannKind Corp		334
23,199	*	Martek Biosciences Corp		499
83,079	*	Medarex, Inc		892
33,866	*	Medicines Co		764
38,713		Medicis Pharmaceutical Corp (Class A)		1,252
8,237	*	Medifast, Inc		71
177,375	*	Medimmune, Inc		5,181
1,549,039		Merck & Co, Inc		64,905
14,765		Meridian Bioscience, Inc		347
15,117	*	Metabasis Therapeutics, Inc		85
55,982	*	MGI Pharma, Inc		963
223,744	*	Millennium Pharmaceuticals, Inc		2,226
14,800		Minerals Technologies, Inc		790
15,457	*	Momenta Pharmaceuticals, Inc		209
382,690		Monsanto Co		17,990
104,583	*	Mosaic Co		1,767
149,169		Mylan Laboratories, Inc		3,003
29,919	*	Myogen, Inc		1,050
40,164	*	Nabi Biopharmaceuticals		232
75,501	*	Nalco Holding Co		1,398
15,424	*	Nastech Pharmaceutical Co, Inc		235
39,147	*	NBTY, Inc		1,146
26,156	*	Neurocrine Biosciences, Inc		281
11,087	*	New River Pharmaceuticals, Inc		285
12,540		NewMarket Corp		729
4,943		NL Industries, Inc		49
18,316	e*	Northfield Laboratories, Inc		263
43,468	*	Novavax, Inc		165
15,161	*	Noven Pharmaceuticals, Inc		366
36,372	*	NPS Pharmaceuticals, Inc		139
36,517	*	Nuvelo, Inc		666
51,638		Olin Corp		793
20,515	*	OM Group, Inc		901
29,263	*	Omnova Solutions, Inc		122
28,523	*	Onyx Pharmaceuticals, Inc		493
30,922	*	OraSure Technologies, Inc		249
40,655	*	OSI Pharmaceuticals, Inc		1,526
21,959	*	Pacific Ethanol, Inc		308
24,948	*	Pain Therapeutics, Inc		215
35,301	*	Panacos Pharmaceuticals, Inc		175
26,028	*	Par Pharmaceutical Cos, Inc		475
17,955	*	Parexel International Corp		594
8,294	*	Parlux Fragrances, Inc		42
81,333	*	PDL BioPharma, Inc		1,562
14,839	*	Penwest Pharmaceuticals Co		247
122,099	*	Peregrine Pharmaceuticals, Inc		155
54,947		Perrigo Co		932
13,027	*	PetMed Express, Inc		136
5,206,729		Pfizer, Inc		147,663
16,760	*	Pharmion Corp		361
7,693	*	Pioneer Cos, Inc		189
67,684	*	PolyOne Corp		564
15,548	*	Pozen, Inc		200
117,731		PPG Industries, Inc		7,897

171

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
229,620		Praxair, Inc	$	13,584
20,200	*	Prestige Brands Holdings, Inc		225
2,329,861		Procter & Gamble Co		144,405
15,641	*	Progenics Pharmaceuticals, Inc		367
21,781	*	Quidel Corp		308
18,760	*	Renovis, Inc		258
104,595	*	Revlon, Inc (Class A)		118
23,386	*	Rockwood Holdings, Inc		467
114,245		Rohm & Haas Co		5,410
82,623		RPM International, Inc		1,569
32,161	*	Salix Pharmaceuticals Ltd		436
32,144	*	Santarus, Inc		239
1,046,495		Schering-Plough Corp		23,117
20,521	*	Sciele Pharma, Inc		387
32,166		Scotts Miracle-Gro Co (Class A)		1,431
33,451		Sensient Technologies Corp		655
77,025	*	Sepracor, Inc		3,731
47,633		Sigma-Aldrich Corp		3,604
27,941	*	Sirna Therapeutics, Inc		156
16,553	*	Solexa, Inc		146
3,797	*	Somaxon Pharmaceuticals, Inc		47
3,400		Stepan Co		99
36,010	*	SuperGen, Inc		168
10,427	*	SurModics, Inc		366
15,482	*	Tanox, Inc		183
1		Teva Pharmaceutical Industries Ltd (ADR)		-	^
31,857		Tronox, Inc		407
36,392		UAP Holding Corp		778
16,914	*	United Therapeutics Corp		889
8,287	*	USANA Health Sciences, Inc		370
63,360		USEC, Inc		611
66,194		Valeant Pharmaceuticals International		1,309
72,315		Valspar Corp		1,924
60,046	*	VCA Antech, Inc		2,165
79,233	*	Vertex Pharmaceuticals, Inc		2,666
47,837	*	Viropharma, Inc		582
4,689	*	Visicu, Inc		42
72,293	*	Watson Pharmaceuticals, Inc		1,892
9,000		Westlake Chemical Corp		288
49,789	*	WR Grace & Co		660
961,048		Wyeth		48,860
11,683	*	Xenoport, Inc		238
26,437	*	Zymogenetics, Inc		446
		TOTAL CHEMICALS AND ALLIED PRODUCTS		1,006,998
COAL MINING - 0.16%
36,921	*	Alpha Natural Resources, Inc		582
101,350		Arch Coal, Inc		2,930
130,132		Consol Energy, Inc		4,129
80,635	*	International Coal Group, Inc		340
11,662	*	James River Coal Co		123
58,293		Massey Energy Co		1,221
186,442		Peabody Energy Corp		6,857
14,219		Penn Virginia Corp		902
4,756	*	Westmoreland Coal Co		94
		TOTAL COAL MINING		17,178

172

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
COMMUNICATIONS - 4.74%
30,232		Alaska Communications Systems Group, Inc	$	401
276,108		Alltel Corp		15,324
298,520	*	American Tower Corp (Class A)		10,896
23,675		Anixter International, Inc		1,337
2,759,840		AT&T, Inc		89,860
3,924		Atlantic Tele-Network, Inc		73
10,900	*	Audiovox Corp (Class A)		152
327,767	*	Avaya, Inc		3,750
1,285,329		BellSouth Corp		54,948
37,143	*	Brightpoint, Inc		528
153,216		Cablevision Systems Corp (Class A)		3,480
11,624	*	Cbeyond Communications, Inc		319
15,110		Centennial Communications Corp		81
82,816		CenturyTel, Inc		3,285
284,093	*	Charter Communications, Inc (Class A)		432
180,973	*	Cincinnati Bell, Inc		872
26,654		Citadel Broadcasting Corp		251
231,164		Citizens Communications Co		3,246
357,536		Clear Channel Communications, Inc		10,315
1,381,298	*	Comcast Corp (Class A)		50,901
15,381		Commonwealth Telephone Enterprises, Inc		634
14,680		Consolidated Communications Holdings, Inc		275
206,879	*	Covad Communications Group, Inc		308
32,384	*	Cox Radio, Inc (Class A)		497
142,921	*	Crown Castle International Corp		5,037
13,062	*	Crown Media Holdings, Inc (Class A)		59
12,239		CT Communications, Inc		266
10,054	*	CTC Media, Inc		224
39,520	*	Cumulus Media, Inc (Class A)		378
572,117	*	DIRECTV Group, Inc		11,259
107,468	*	Dobson Communications Corp (Class A)		754
146,385	*	EchoStar Communications Corp (Class A)		4,793
106,094		Embarq Corp		5,132
26,410	*	Emmis Communications Corp (Class A)		324
22,831		Entercom Communications Corp		575
52,691	*	Entravision Communications Corp (Class A)		392
6,340	*	Eschelon Telecom, Inc		108
19,917		Fairpoint Communications, Inc		347
38,815	*	FiberTower Corp		367
5,404	*	Fisher Communications, Inc		225
101,515	*	Foundry Networks, Inc		1,335
38,028	*	General Communication, Inc (Class A)		471
47,416		Global Payments, Inc		2,087
14,920		Golden Telecom, Inc		451
29,084		Gray Television, Inc		186
18,785		Hearst-Argyle Television, Inc		431
127,572	*	IAC/InterActiveCorp		3,669
39,942	*	IDT Corp (Class B)		576
16,276	*	InPhonic, Inc		129
22,094		Iowa Telecommunications Services, Inc		437
11,781	*	iPCS, Inc		631
35,358	*	j2 Global Communications, Inc		961
31,262	*	Leap Wireless International, Inc		1,516
851,417	*	Level 3 Communications, Inc		4,555

173

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
326,770	*	Liberty Global, Inc	$	8,411
99,806	*	Liberty Media Holding Corp (Capital)		8,341
499,105	*	Liberty Media Holding Corp (Interactive)		10,172
19,340	*	Lightbridge, Inc		227
17,509	*	Lin TV Corp (Class A)		136
11,186	*	Lodgenet Entertainment Corp		211
28,940	*	Mastec, Inc		320
42,748	*	Mediacom Communications Corp		304
44,363	*	NeuStar, Inc		1,231
97,150	*	NII Holdings, Inc (Class B)		6,039
9,887		North Pittsburgh Systems, Inc		249
20,547	*	Novatel Wireless, Inc		198
10,300	*	NTELOS Holdings Corp		132
39,017	*	Pegasus Wireless Corp		24
1,123,682	*	Qwest Communications International, Inc		9,799
57,767	*	Radio One, Inc (Class D)		361
20,736	*	RCN Corp		587
8,327		Salem Communications Corp (Class A)		94
12,986	*	SAVVIS, Inc		370
77,086	*	SBA Communications Corp		1,876
5,360		Shenandoah Telecom Co		233
29,018		Sinclair Broadcast Group, Inc (Class A)		228
31,566	*	Spanish Broadcasting System, Inc (Class A)		138
2,060,340		Sprint Nextel Corp		35,335
9,587		SureWest Communications		187
16,874	*	Syniverse Holdings, Inc		253
28,001	*	Talk America Holdings, Inc		266
77,410		Telephone & Data Systems, Inc		3,259
24,161	*	Terremark Worldwide, Inc		134
54,997	*	TiVo, Inc		417
155,568	*	Univision Communications, Inc (Class A)		5,342
11,370	*	US Cellular Corp		679
18,421		USA Mobility, Inc		421
2,078,836		Verizon Communications, Inc		77,187
450,960	*	Viacom, Inc		16,767
21,965	*	Vonage Holdings Corp		151
21,299	*	West Corp		1,029
316,659		Windstream Corp		4,177
38,447	*	Wireless Facilities, Inc		82
185,055	*	XM Satellite Radio Holdings, Inc		2,385
		TOTAL COMMUNICATIONS		497,592
DEPOSITORY INSTITUTIONS - 10.37%
9,281		1st Source Corp		274
5,043		Abington Community Bancorp, Inc		76
7,930	*	ACE Cash Express, Inc		237
10,688		Alabama National Bancorp		729
16,250		Amcore Financial, Inc		492
6,684		AmericanWest Bancorp		142
7,905		Ameris Bancorp		215
248,799		AmSouth Bancorp		7,225
16,200		Anchor Bancorp Wisconsin, Inc		463
7,377		Arrow Financial Corp		187
96,885		Associated Banc-Corp		3,149
64,928		Astoria Financial Corp		2,001
5,016		Bancfirst Corp		234

174

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
7,613	*	Bancorp, Inc	$	194
55,303		Bancorpsouth, Inc		1,535
5,589		BancTrust Financial Group, Inc		156
48,672		Bank Mutual Corp		590
3,239,159		Bank of America Corp		173,522
10,885		Bank of Granite Corp		191
38,376		Bank of Hawaii Corp		1,848
537,990		Bank of New York Co, Inc		18,971
8,348		Bank of the Ozarks, Inc		283
33,271		BankAtlantic Bancorp, Inc (Class A)		473
17,629		BankFinancial Corp		308
22,200		BankUnited Financial Corp (Class A)		579
8,647		Banner Corp		355
388,335		BB&T Corp		17,001
6,060		Berkshire Hills Bancorp, Inc		217
13,613	*	BFC Financial Corp		79
16,366		BOK Financial Corp		861
24,206		Boston Private Financial Holdings, Inc		675
49,152		Brookline Bancorp, Inc		676
6,621		Cadence Financial Corp		134
5,218		Camden National Corp		210
9,158		Capital City Bank Group, Inc		285
6,231		Capital Corp of the West		193
9,528		Capitol Bancorp Ltd		424
16,280		Capitol Federal Financial		579
16,258		Cardinal Financial Corp		178
15,878		Cascade Bancorp		596
4,003		Cass Information Systems, Inc		133
36,547		Cathay General Bancorp		1,319
40,600	*	Centennial Bank Holdings, Inc		393
7,848		Center Financial Corp		187
6,230		Centerstate Banks of Florida, Inc		125
20,935		Central Pacific Financial Corp		766
2,526		Charter Financial Corp		101
16,601		Chemical Financial Corp		493
32,874		Chittenden Corp		943
3,529,040		Citigroup, Inc		175,287
31,916		Citizens Banking Corp		838
6,091		Citizens First Bancorp, Inc		155
6,207		City Bank		292
12,921		City Holding Co		515
30,438		City National Corp		2,041
8,907		Clifton Savings Bancorp, Inc		100
11,061		Coastal Financial Corp		139
10,291		CoBiz, Inc		235
111,410		Colonial Bancgroup, Inc		2,730
6,977		Columbia Bancorp		173
10,948		Columbia Banking System, Inc		350
115,438		Comerica, Inc		6,571
131,187		Commerce Bancorp, Inc		4,816
47,443		Commerce Bancshares, Inc		2,399
33,232		Commercial Capital Bancorp, Inc		530
3,531	*	Community Bancorp		108
3,594		Community Bancorp, Inc		147
20,690		Community Bank System, Inc		458
17,049		Community Banks, Inc		457

175

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
9,922		Community Trust Bancorp, Inc	$	374
91,713		Compass Bancshares, Inc		5,226
27,635		Corus Bankshares, Inc		618
40,426		Cullen/Frost Bankers, Inc		2,337
43,491		CVB Financial Corp		642
19,824		Dime Community Bancshares		292
7,041	*	Dollar Financial Corp		154
15,167		Downey Financial Corp		1,009
42,390		East West Bancorp, Inc		1,679
5,234		Enterprise Financial Services Corp		162
24,890	*	Euronet Worldwide, Inc		611
4,024		Farmers Capital Bank Corp		136
17,767		Fidelity Bankshares, Inc		693
339,233		Fifth Third Bancorp		12,918
7,060		First Bancorp		144
48,962		First Bancorp		542
10,765		First Busey Corp (Class A)		244
23,638		First Charter Corp		569
4,516		First Citizens Bancshares, Inc (Class A)		863
51,852		First Commonwealth Financial Corp		676
13,330		First Community Bancorp, Inc		746
6,565		First Community Bancshares, Inc		219
23,858		First Financial Bancorp		380
14,678		First Financial Bankshares, Inc		560
8,954		First Financial Corp		286
8,300		First Financial Holdings, Inc		284
87,681		First Horizon National Corp		3,333
8,910		First Indiana Corp		232
12,330		First Merchants Corp		292
34,833		First Midwest Bancorp, Inc		1,320
79,187		First Niagara Financial Group, Inc		1,155
10,172		First Place Financial Corp		230
4,965	*	First Regional Bancorp		169
14,991		First Republic Bank		638
5,157		First South Bancorp, Inc		158
12,414		First State Bancorporation		322
11,872	*	FirstFed Financial Corp		673
59,714		FirstMerit Corp		1,384
10,052		Flag Financial Corp		252
25,530		Flagstar Bancorp, Inc		371
12,979		Flushing Financial Corp		227
43,167		FNB Corp		719
4,667		FNB Corp		168
16,647	*	Franklin Bank Corp		331
46,892		Fremont General Corp		656
28,387		Frontier Financial Corp		736
123,318		Fulton Financial Corp		1,997
8,916		GB&T Bancshares, Inc		188
22,852		Glacier Bancorp, Inc		781
187,087		Golden West Financial Corp		14,452
7,290		Great Southern Bancorp, Inc		205
36,753		Greater Bay Bancorp		1,037
6,221		Greene County Bancshares, Inc		227
19,896		Hancock Holding Co		1,065
27,371		Hanmi Financial Corp		536
16,296		Harbor Florida Bancshares, Inc		722

176

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
19,713		Harleysville National Corp	$	396
10,342		Heartland Financial USA, Inc		266
8,209		Heritage Commerce Corp		190
4,522		Home Federal Bancorp, Inc		70
6,837		Horizon Financial Corp		204
412,175		Hudson City Bancorp, Inc		5,461
177,731		Huntington Bancshares, Inc		4,253
6,962		IBERIABANK Corp		425
9,704		Independent Bank Corp		316
16,011		Independent Bank Corp		389
45,100		IndyMac Bancorp, Inc		1,856
12,591		Integra Bank Corp		318
11,376		Interchange Financial Services Corp		257
32,243		International Bancshares Corp		957
3,408	*	Intervest Bancshares Corp		148
37,852	*	Investors Bancorp, Inc		571
47,994		Investors Financial Services Corp		2,068
15,442		Irwin Financial Corp		302
3,467		ITLA Capital Corp		186
2,478,054		JPMorgan Chase & Co		116,369
14,732		Kearny Financial Corp		224
287,342		Keycorp		10,758
22,471		KNBT Bancorp, Inc		361
13,136		Lakeland Bancorp, Inc		188
8,565		Lakeland Financial Corp		201
54,060		M&T Bank Corp		6,485
10,326		Macatawa Bank Corp		236
23,701		MAF Bancorp, Inc		979
10,957		MainSource Financial Group, Inc		186
175,240		Marshall & Ilsley Corp		8,443
20,931		MB Financial, Inc		772
9,839		MBT Financial Corp		146
293,956		Mellon Financial Corp		11,494
5,125		Mercantile Bank Corp		203
87,493		Mercantile Bankshares Corp		3,173
4,987		MetroCorp Bancshares, Inc		113
15,609		Mid-State Bancshares		427
11,521		Midwest Banc Holdings, Inc		281
15,140		Nara Bancorp, Inc		277
1,893		NASB Financial, Inc		75
406,231		National City Corp		14,868
34,239		National Penn Bancshares, Inc		672
24,427		NBT Bancorp, Inc		568
34,157	*	Net 1 UEPS Technologies, Inc		781
31,499		NetBank, Inc		191
209,850		New York Community Bancorp, Inc		3,437
78,754		NewAlliance Bancshares, Inc		1,154
330,674		North Fork Bancorporation, Inc		9,471
5,709	*	Northern Empire Bancshares		160
154,976		Northern Trust Corp		9,055
12,217		Northwest Bancorp, Inc		312
6,026		OceanFirst Financial Corp		129
50,588		Old National Bancorp		966
8,710		Old Second Bancorp, Inc		261
8,719		Omega Financial Corp		262
17,777		Oriental Financial Group, Inc		212

177

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
33,369		Pacific Capital Bancorp	$	900
9,214		Park National Corp		922
34,547		Partners Trust Financial Group, Inc		370
5,884		Pennfed Financial Services, Inc		99
6,808		Peoples Bancorp, Inc		199
41,197		People's Bank		1,632
17,415		PFF Bancorp, Inc		645
10,869	*	Pinnacle Financial Partners, Inc		389
8,230		Placer Sierra Bancshares		183
209,955		PNC Financial Services Group, Inc		15,209
199,298		Popular, Inc		3,874
2,891		Preferred Bank		173
9,582		Premierwest Bancorp		153
12,613		PrivateBancorp, Inc		577
17,101		Prosperity Bancshares, Inc		582
25,227		Provident Bankshares Corp		935
53,846		Provident Financial Services, Inc		997
30,181		Provident New York Bancorp		413
4,843	*	QC Holdings, Inc		58
20,438		R & G Financial Corp (Class B)		152
323,990		Regions Financial Corp		11,920
10,908		Renasant Corp		306
53,343		Republic Bancorp, Inc		711
5,815		Republic Bancorp, Inc (Class A)		123
6,115		Rockville Financial, Inc		89
3,186		Royal Bancshares of Pennsylvania (Class A)		86
20,998		S&T Bancorp, Inc		682
8,198		S.Y. Bancorp, Inc		243
9,617		Sandy Spring Bancorp, Inc		340
4,873		Santander BanCorp		92
5,559		SCBT Financial Corp		208
9,460		Seacoast Banking Corp of Florida		286
10,334		Security Bank Corp		234
6,056		Shore Bancshares, Inc		174
3,786		Sierra Bancorp		118
20,862	*	Signature Bank		645
9,660		Simmons First National Corp (Class A)		280
70,064		Sky Financial Group, Inc		1,745
5,534		Smithtown Bancorp, Inc		149
53,177		South Financial Group, Inc		1,384
7,964		Southside Bancshares, Inc		213
9,257		Southwest Bancorp, Inc		239
277,900		Sovereign Bancorp, Inc		5,978
7,406		State National Bancshares, Inc		281
234,357		State Street Corp		14,624
13,290		Sterling Bancorp		261
32,398		Sterling Bancshares, Inc		656
17,306		Sterling Financial Corp		381
23,685		Sterling Financial Corp		768
7,140		Suffolk Bancorp		228
7,043		Summit Bancshares, Inc		198
8,334	*	Sun Bancorp, Inc		157
256,991		SunTrust Banks, Inc		19,860
9,642	*	Superior Bancorp		111
34,534		Susquehanna Bancshares, Inc		844
25,915	*	SVB Financial Group		1,157

178

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
193,183		Synovus Financial Corp	$	5,674
4,565		Taylor Capital Group, Inc		135
98,216		TCF Financial Corp		2,582
71,665		TD Banknorth, Inc		2,070
16,293	*	Texas Capital Bancshares, Inc		305
32,340		Texas Regional Bancshares, Inc (Class A)		1,243
6,541		Texas United Bancshares, Inc		216
14,873		TierOne Corp		505
6,413		Tompkins Trustco, Inc		291
9,919		Trico Bancshares		245
51,426		Trustco Bank Corp NY		557
34,436		Trustmark Corp		1,082
67,163		UCBH Holdings, Inc		1,173
24,432		UMB Financial Corp		893
39,940		Umpqua Holdings Corp		1,142
5,944		Union Bankshares Corp		263
40,776		UnionBanCal Corp		2,483
27,662		United Bankshares, Inc		1,030
24,124		United Community Banks, Inc		725
18,456		United Community Financial Corp		227
5,067		United Security Bancshares		114
7,380		Univest Corp of Pennsylvania		213
1,262,753		US Bancorp		41,949
8,850		USB Holding Co, Inc		195
81,802		Valley National Bancorp		2,092
5,377		Vineyard National Bancorp		140
11,237	*	Virginia Commerce Bancorp		249
6,936		Virginia Financial Group, Inc		190
75,924		W Holding Co, Inc		449
1,143,323		Wachovia Corp		63,797
62,928		Washington Federal, Inc		1,412
678,556		Washington Mutual, Inc		29,497
8,575		Washington Trust Bancorp, Inc		227
7,507	*	Wauwatosa Holdings, Inc		132
38,342		Webster Financial Corp		1,806
2,396,228		Wells Fargo & Co		86,696
15,679		WesBanco, Inc		458
11,639		West Bancorporation, Inc		199
10,009		West Coast Bancorp		306
23,845		Westamerica Bancorporation		1,204
9,370	*	Western Alliance Bancorp		308
3,341		Westfield Financial, Inc		106
46,684		Whitney Holding Corp		1,670
10,590		Willow Grove Bancorp, Inc		166
49,013		Wilmington Trust Corp		2,184
9,638		Wilshire Bancorp, Inc		184
17,249		Wintrust Financial Corp		865
4,467		WSFS Financial Corp		278
6,959		Yardville National Bancorp		248
75,374		Zions Bancorporation		6,016
		TOTAL DEPOSITORY INSTITUTIONS		1,089,225
EATING AND DRINKING PLACES - 0.95%
18,260	*	AFC Enterprises		264
52,629		Applebees International, Inc		1,132
80,217		Aramark Corp (Class B)		2,636

179

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
9,771	*	BJ's Restaurants, Inc	$	215
24,778		Bob Evans Farms, Inc		750
60,177		Brinker International, Inc		2,412
4,688	*	Buffalo Wild Wings, Inc		179
13,696	*	California Pizza Kitchen, Inc		410
22,046		CBRL Group, Inc		891
24,364	*	CEC Entertainment, Inc		768
5,700	*	Chipotle Mexican Grill, Inc		283
43,748		CKE Restaurants, Inc		731
23,913	*	Cosi, Inc		128
105,389		Darden Restaurants, Inc		4,476
75,312	*	Denny's Corp		257
26,859		Domino's Pizza, Inc		689
13,878		IHOP Corp		643
25,157	*	Jack in the Box, Inc		1,313
39,881	*	Krispy Kreme Doughnuts, Inc		323
12,903		Landry's Restaurants, Inc		389
15,749		Lone Star Steakhouse & Saloon, Inc		437
15,891	*	Luby's, Inc		157
8,310	*	McCormick & Schmick's Seafood Restaurants, Inc		187
885,526		McDonald's Corp		34,642
7,205	*	Morton's Restaurant Group, Inc		111
14,289	*	O'Charleys, Inc		271
45,407		OSI Restaurant Partners, Inc		1,440
17,432	*	Papa John's International, Inc		629
18,015	*	PF Chang's China Bistro, Inc		625
25,931	*	Rare Hospitality International, Inc		792
11,853	*	Red Robin Gourmet Burgers, Inc		547
43,367		Ruby Tuesday, Inc		1,223
10,929	*	Ruth's Chris Steak House, Inc		206
28,133	*	Ryan's Restaurant Group, Inc		446
65,546	*	Sonic Corp		1,482
541,772	*	Starbucks Corp		18,447
37,299	*	Texas Roadhouse, Inc (Class A)		458
56,182	*	The Cheesecake Factory, Inc		1,528
19,171	*	The Steak N Shake Co		324
20,980		Tim Hortons, Inc		552
43,886		Triarc Cos (Class B)		664
82,207		Wendy's International, Inc		5,508
193,168		Yum! Brands, Inc		10,054
		TOTAL EATING AND DRINKING PLACES		99,619
EDUCATIONAL SERVICES - 0.13%
99,088	*	Apollo Group, Inc (Class A)		4,879
69,330	*	Career Education Corp		1,560
62,840	*	Corinthian Colleges, Inc		679
44,265	*	DeVry, Inc		942
12,416	*	Educate, Inc		99
31,812	*	ITT Educational Services, Inc		2,109
32,368	*	Laureate Education, Inc		1,549
3,041	*	Lincoln Educational Services Corp		50
10,353		Strayer Education, Inc		1,120
14,801	*	Universal Technical Institute, Inc		265
		TOTAL EDUCATIONAL SERVICES		13,252

180

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
ELECTRIC, GAS, AND SANITARY SERVICES - 4.06%
469,905	*	AES Corp	$	9,581
55,295		AGL Resources, Inc		2,018
117,851	*	Allegheny Energy, Inc		4,734
17,427		Allete, Inc		757
83,591		Alliant Energy Corp		2,987
171,684	*	Allied Waste Industries, Inc		1,935
146,154		Ameren Corp		7,715
10,902		American Ecology Corp		215
272,937		American Electric Power Co, Inc		9,927
11,397		American States Water Co		436
91,379		Aqua America, Inc		2,005
276,036	*	Aquila, Inc		1,195
55,777		Atmos Energy Corp		1,592
35,312		Avista Corp		836
23,485		Black Hills Corp		789
11,807		California Water Service Group		436
8,600		Cascade Natural Gas Corp		224
13,533	*	Casella Waste Systems, Inc (Class A)		140
219,360		Centerpoint Energy, Inc		3,141
13,300		CH Energy Group, Inc		685
11,577	*	Clean Harbors, Inc		504
34,284		Cleco Corp		865
158,525	*	CMS Energy Corp		2,289
174,182		Consolidated Edison, Inc		8,047
127,339		Constellation Energy Group, Inc		7,538
85,275	*	Covanta Holding Corp		1,836
7,459		Crosstex Energy, Inc		668
246,013		Dominion Resources, Inc		18,818
81,392		DPL, Inc		2,207
124,122		DTE Energy Co		5,152
874,614		Duke Energy Corp		26,413
55,546		Duquesne Light Holdings, Inc		1,092
271,740	*	Dynegy, Inc (Class A)		1,505
231,450		Edison International		9,638
490,451		El Paso Corp		6,690
37,424	*	El Paso Electric Co		836
21,443		Empire District Electric Co		480
51,695		Energen Corp		2,164
105,644		Energy East Corp		2,506
4,326		EnergySouth, Inc		146
147,811		Entergy Corp		11,563
474,564		Exelon Corp		28,730
234,359		FirstEnergy Corp		13,091
287,406		FPL Group, Inc		12,933
58,400		Great Plains Energy, Inc		1,812
59,766		Hawaiian Electric Industries, Inc		1,617
31,800		Idacorp, Inc		1,202
9,000		ITC Holdings Corp		281
124,443		KeySpan Corp		5,120
74,758		Kinder Morgan, Inc		7,838
14,800		Laclede Group, Inc		475
4,287		Markwest Hydrocarbon, Inc		120
126,412		MDU Resources Group, Inc		2,824
17,794		Metal Management, Inc		495
14,002		MGE Energy, Inc		453
212,946	*	Mirant Corp		5,816

181

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
60,017		National Fuel Gas Co	$	2,182
20,377		New Jersey Resources Corp		1,005
31,841		Nicor, Inc		1,362
192,386		NiSource, Inc		4,182
110,953		Northeast Utilities		2,582
19,700		Northwest Natural Gas Co		774
24,616		NorthWestern Corp		861
97,458	*	NRG Energy, Inc		4,415
77,992		NSTAR		2,602
65,881		OGE Energy Corp		2,379
83,507		Oneok, Inc		3,156
4,962		Ormat Technologies, Inc		162
19,998		Otter Tail Corp		585
28,241		Peoples Energy Corp		1,148
135,856		Pepco Holdings, Inc		3,284
246,602		PG&E Corp		10,271
5,490	*	Pico Holdings, Inc		179
55,022		Piedmont Natural Gas Co, Inc		1,393
9,700	*	Pike Electric Corp		145
69,890		Pinnacle West Capital Corp		3,149
51,193	*	Plug Power, Inc		208
49,642		PNM Resources, Inc		1,369
18,623		Portland General Electric Co		455
268,142		PPL Corp		8,822
179,245		Progress Energy, Inc		8,134
34,100	v*	Progress Energy, Inc		-	^
178,649		Public Service Enterprise Group, Inc		10,932
81,607		Puget Energy, Inc		1,855
60,286		Questar Corp		4,930
218,035	*	Reliant Energy, Inc		2,684
84,543		Republic Services, Inc		3,399
10,949		Resource America, Inc (Class A)		228
82,839		SCANA Corp		3,336
182,518		Sempra Energy		9,172
156,780	*	Sierra Pacific Resources		2,248
10,436		SJW Corp		312
20,851		South Jersey Industries, Inc		624
527,200		Southern Co		18,167
70,887		Southern Union Co		1,872
28,345		Southwest Gas Corp		944
16,033		Southwest Water Co		196
32,405	*	Stericycle, Inc		2,262
43,822		Synagro Technologies, Inc		185
147,575		TECO Energy, Inc		2,310
324,570		TXU Corp		20,293
75,102		UGI Corp		1,836
16,909		UIL Holdings Corp		634
27,250		Unisource Energy Corp		908
55,079		Vectren Corp		1,479
34,090	*	Waste Connections, Inc		1,292
3,755		Waste Industries USA, Inc		101
19,253	*	Waste Services, Inc		176
63,646		Westar Energy, Inc		1,497
34,425		WGL Holdings, Inc		1,079
420,384		Williams Cos, Inc		10,035
85,326		Wisconsin Energy Corp		3,681

182

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
32,582		WPS Resources Corp	$	1,617
286,748		Xcel Energy, Inc		5,921
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		426,121
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 5.99%
22,958	*	Actel Corp		357
32,485		Acuity Brands, Inc		1,475
82,321	*	Adaptec, Inc		363
84,290	*	ADC Telecommunications, Inc		1,264
48,307		Adtran, Inc		1,152
25,828	*	Advanced Analogic Technologies, Inc		142
23,059	*	Advanced Energy Industries, Inc		393
344,104	*	Advanced Micro Devices, Inc		8,551
50,885	*	Aeroflex, Inc		523
120,128	*	Agere Systems, Inc		1,794
257,396	*	Altera Corp		4,731
121,330		American Power Conversion Corp		2,664
22,354	*	American Superconductor Corp		207
49,807		Ametek, Inc		2,169
30,350	*	AMIS Holdings, Inc		288
73,099	*	Amkor Technology, Inc		377
63,552		Amphenol Corp (Class A)		3,936
34,135	*	Anadigics, Inc		244
257,160		Analog Devices, Inc		7,558
115,349	*	Andrew Corp		1,065
215,447	*	Applied Micro Circuits Corp		623
78,929	*	Arris Group, Inc		905
36,600	*	Atheros Communications, Inc		664
305,367	*	Atmel Corp		1,844
25,930	*	ATMI, Inc		754
119,087	*	Avanex Corp		206
91,286	*	Avnet, Inc		1,791
34,410		AVX Corp		609
25,562		Baldor Electric Co		788
7,316		Bel Fuse, Inc (Class B)		235
46,750	*	Benchmark Electronics, Inc		1,257
39,879	*	Bookham, Inc		128
323,478	*	Broadcom Corp (Class A)		9,814
54,936	*	Broadwing Corp		693
192,337	*	Brocade Communications Systems, Inc		1,358
15,961	*	CalAmp Corp		97
74,524	*	Capstone Turbine Corp		105
14,680	*	Carrier Access Corp		104
33,107	*	C-COR, Inc		284
19,182	*	Ceradyne, Inc		788
27,817	*	Checkpoint Systems, Inc		459
19,747	*	China BAK Battery, Inc		133
59,823	*	Ciena Corp		1,630
4,357,896	*	Cisco Systems, Inc		100,232
9,288	*	Color Kinetics, Inc		158
15,327	*	Comtech Telecommunications Corp		513
141,341	*	Comverse Technology, Inc		3,030
352,109	*	Conexant Systems, Inc		704
5,037	*	CPI International, Inc		66
54,881	*	Cree, Inc		1,104
23,637		CTS Corp		326

183

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
14,434		Cubic Corp	$	283
99,731	*	Cypress Semiconductor Corp		1,772
14,124	*	Diodes, Inc		610
6,977	*	Directed Electronics, Inc		105
31,325	*	Ditech Networks, Inc		242
24,777	*	Dolby Laboratories, Inc (Class A)		492
21,955	*	DSP Group, Inc		502
10,894	*	DTS, Inc		231
23,062	*	Electro Scientific Industries, Inc		475
25,991	*	Emcore Corp		154
292,429		Emerson Electric Co		24,523
10,542	*	EMS Technologies, Inc		198
43,912	*	Energizer Holdings, Inc		3,161
27,809	*	Energy Conversion Devices, Inc		1,030
31,307	*	EnerSys		502
47,369	*	Evergreen Solar, Inc		393
25,111	*	Exar Corp		334
85,596	*	Fairchild Semiconductor International, Inc		1,601
166,394	*	Finisar Corp		604
16,105		Franklin Electric Co, Inc		856
288,068	*	Freescale Semiconductor, Inc (Class B)		10,949
37,000	*	FuelCell Energy, Inc		282
168,527	*	Gemstar-TV Guide International, Inc		560
17,954	*	Genlyte Group, Inc		1,278
69,879	*	GrafTech International Ltd		408
16,954	*	Greatbatch, Inc		383
47,595		Harman International Industries, Inc		3,971
54,755	*	Harmonic, Inc		402
95,854		Harris Corp		4,265
66,363	*	Hexcel Corp		939
9,138	*	Hittite Microwave Corp		407
585,253		Honeywell International, Inc		23,937
16,902	*	Hutchinson Technology, Inc		355
8,150	*	ID Systems, Inc		193
14,709	*	Ikanos Communications, Inc		173
24,375		Imation Corp		979
142,327	*	Integrated Device Technology, Inc		2,286
4,131,652		Intel Corp		84,988
38,828	*	Interdigital Communications Corp		1,324
31,824	*	International DisplayWorks, Inc		203
50,270	*	International Rectifier Corp		1,751
100,792		Intersil Corp (Class A)		2,474
13,338		Inter-Tel, Inc		288
28,293	*	InterVoice, Inc		179
7,978	*	iRobot Corp		160
16,725	*	IXYS Corp		140
1,168,934	*	JDS Uniphase Corp		2,560
66,338	*	Kemet Corp		535
87,515		L-3 Communications Holdings, Inc		6,855
9,858	*	Lamson & Sessions Co		235
81,127	*	Lattice Semiconductor Corp		553
29,989		Lincoln Electric Holdings, Inc		1,633
217,933		Linear Technology Corp		6,782
17,104	*	Littelfuse, Inc		594
8,072	*	Loral Space & Communications, Inc		212
12,960		LSI Industries, Inc		211

184

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
273,821	*	LSI Logic Corp	$	2,251
3,163,448	*	Lucent Technologies, Inc		7,402
37,299	*	Mattson Technology, Inc		310
227,883		Maxim Integrated Products, Inc		6,397
10,311	*	Maxwell Technologies, Inc		210
116,831	*	McData Corp (Class A)		588
14,709	*	Medis Technologies Ltd		363
104,275	*	MEMC Electronic Materials, Inc		3,820
13,858	*	Mercury Computer Systems, Inc		164
23,004		Methode Electronics, Inc		219
9,176	*	Metrologic Instruments, Inc		167
52,075	*	Micrel, Inc		499
152,345		Microchip Technology, Inc		4,939
514,474	*	Micron Technology, Inc		8,952
50,054	*	Microsemi Corp		944
45,471	*	Microtune, Inc		221
78,136	*	Mindspeed Technologies, Inc		135
33,720	*	MIPS Technologies, Inc		228
21,021	*	Mobility Electronics, Inc		117
98,307		Molex, Inc		3,831
15,444	*	Monolithic Power Systems, Inc		146
25,239	*	Moog, Inc		875
16,612	*	MoSys, Inc		112
1,755,381		Motorola, Inc		43,885
89,555	*	MRV Communications, Inc		247
6,600	*	Multi-Fineline Electronix, Inc		167
3,138		National Presto Industries, Inc		173
239,672		National Semiconductor Corp		5,639
12,200	v*	NCP Litigation Trust		-	^
11,165	*	Netlogic Microsystems, Inc		283
265,461	*	Network Appliance, Inc		9,825
90,589	*	Novellus Systems, Inc		2,506
254,885	*	Nvidia Corp		7,542
38,261	*	Omnivision Technologies, Inc		546
107,891	*	ON Semiconductor Corp		634
68,043	*	Openwave Systems, Inc		637
9,902	*	Oplink Communications Inc		198
11,903	*	Optical Communication Products, Inc		23
8,504	*	OSI Systems, Inc		167
13,852		Park Electrochemical Corp		439
13,058	*	Parkervision, Inc		95
14,362	*	Pericom Semiconductor Corp		140
29,346	*	Photronics, Inc		415
33,939		Plantronics, Inc		595
32,750	*	Plexus Corp		629
15,100	*	PLX Technology, Inc		157
149,597	*	PMC - Sierra, Inc		889
63,037	*	Polycom, Inc		1,546
18,026	*	Portalplayer, Inc		203
3,961	*	Powell Industries, Inc		88
51,516	*	Power-One, Inc		373
80,035	*	Powerwave Technologies, Inc		608
114,551	*	QLogic Corp		2,165
1,189,318		Qualcomm, Inc		43,232
42,142	*	Quantum Fuel Systems Technologies Worldwide, Inc		83
95,116		RadioShack Corp		1,836

185

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
12,522	*	Radyne Corp	$	153
67,206	*	Rambus, Inc		1,172
11,399		Raven Industries, Inc		342
21,863		Regal-Beloit Corp		951
136,611	*	RF Micro Devices, Inc		1,036
121,502		Rockwell Collins, Inc		6,663
12,342	*	Rogers Corp		762
385,770	*	Sanmina-SCI Corp		1,443
52,119	*	Semtech Corp		665
56,384	*	Silicon Image, Inc		717
35,139	*	Silicon Laboratories, Inc		1,090
72,899	*	Silicon Storage Technology, Inc		300
17,679	*	Sirenza Microdevices, Inc		140
999,035	*	Sirius Satellite Radio, Inc		3,906
114,187	*	Skyworks Solutions, Inc		593
29,816	*	Spansion, Inc		497
28,315	*	Spectrum Brands, Inc		239
7,603	*	Staktek Holdings, Inc		45
14,503	*	Standard Microsystems Corp		412
67,907	*	Stratex Networks, Inc		302
7,800	*	Sunpower Corp		216
8,595	*	Supertex, Inc		334
129,793	*	Sycamore Networks, Inc		491
35,188	*	Symmetricom, Inc		284
17,207	*	Synaptics, Inc		419
30,703		Technitrol, Inc		916
38,663	*	Tekelec		501
26,817		Teleflex, Inc		1,492
318,617	*	Tellabs, Inc		3,492
32,712	*	Tessera Technologies, Inc		1,138
1,110,835		Texas Instruments, Inc		36,935
43,626	*	Thomas & Betts Corp		2,081
141,203	*	Transmeta Corp		162
71,856	*	Transwitch Corp		101
41,394	*	Trident Microsystems, Inc		963
105,731	*	Triquint Semiconductor, Inc		550
32,309	*	TTM Technologies, Inc		378
6,706	*	Ulticom, Inc		70
16,474	*	Universal Display Corp		182
8,900	*	Universal Electronics, Inc		169
92,381	*	Utstarcom, Inc		819
40,586	*	Varian Semiconductor Equipment Associates, Inc		1,490
15,575	*	Viasat, Inc		391
12,845		Vicor Corp		148
9,190	*	Virage Logic Corp		84
120,423	*	Vishay Intertechnology, Inc		1,691
13,179	*	Volterra Semiconductor Corp		214
51,562		Whirlpool Corp		4,337
244,357		Xilinx, Inc		5,364
61,727	*	Zhone Technologies, Inc		66
9,976	*	Zoltek Cos, Inc		255
35,864	*	Zoran Corp		577
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		628,760
ENGINEERING AND MANAGEMENT SERVICES - 0.74%
13,465	*	Advisory Board Co		680

186

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
75,904	*	Amylin Pharmaceuticals, Inc	$	3,345
54,636	*	Applera Corp (Celera Genomics Group)		761
40,510	*	Ariad Pharmaceuticals, Inc		177
7,981		CDI Corp		165
246,734	*	Celgene Corp		10,684
8,356	*	Cornell Cos, Inc		144
29,566		Corporate Executive Board Co		2,658
8,400	*	CRA International, Inc		400
33,088	*	CV Therapeutics, Inc		369
47,351	*	deCODE genetics, Inc		260
20,365	*	Diamond Management & Technology Consultants, Inc		227
64,377	*	Digitas, Inc		619
21,511	*	Diversa Corp		173
35,921	*	eResearch Technology, Inc		291
11,717	*	Essex Corp		204
65,374	*	Exelixis, Inc		569
11,236	*	Exponent, Inc		187
15,341	*	First Consulting Group, Inc		150
61,832		Fluor Corp		4,754
36,978	*	Gen-Probe, Inc		1,734
31,752	*	Harris Interactive, Inc		194
37,758	*	Hewitt Associates, Inc		916
12,264	*	Huron Consulting Group, Inc		481
47,580	*	ICOS Corp		1,192
60,816	*	Incyte Corp		257
18,937	*	Infrasource Services, Inc		332
46,982	*	Isis Pharmaceuticals, Inc		337
41,580	*	Jacobs Engineering Group, Inc		3,107
8,794	*	Kendle International, Inc		282
6,175		Landauer, Inc		313
17,070	*	LECG Corp		320
41,063	*	Lexicon Genetics, Inc		155
26,264	*	Lifecell Corp		846
22,750	*	Luminex Corp		415
15,124		MAXIMUS, Inc		395
16,427	*	Maxygen, Inc		137
82,896	*	Monogram Biosciences, Inc		127
172,245		Moody's Corp		11,261
7,000	*	MTC Technologies, Inc		168
28,265	*	Myriad Genetics, Inc		697
32,376	*	Navigant Consulting, Inc		649
19,062	*	Omnicell, Inc		341
238,852		Paychex, Inc		8,802
24,043	*	Per-Se Technologies, Inc		548
14,301	*	PharmaNet Development Group, Inc		279
112,464		Quest Diagnostics, Inc		6,878
32,524	*	Regeneron Pharmaceuticals, Inc		510
97,295	*	Rentech, Inc		450
32,857	*	Resources Connection, Inc		880
17,806	*	Rigel Pharmaceuticals, Inc		183
19,255	*	Sangamo Biosciences, Inc		107
36,415	*	Savient Pharmaceuticals, Inc		237
21,388	*	Senomyx, Inc		329
56,724	*	Shaw Group, Inc		1,341
24,068	*	Symyx Technologies, Inc		510
7,624	*	Tejon Ranch Co		323

187

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
35,223	*	Telik, Inc	$	627
38,899	*	Tetra Tech, Inc		678
10,112	*	Trimeris, Inc		89
36,325	*	URS Corp		1,413
20,925		Washington Group International, Inc		1,232
29,646		Watson Wyatt & Co Holdings		1,213
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		78,102
ENVIRONMENTAL QUALITY AND HOUSING - 0.00%**
40,288	*	Home Solutions of America, Inc		221
		TOTAL ENVIRONMENTAL QUALITY AND HOUSING		221
FABRICATED METAL PRODUCTS - 0.38%
25,734	*	Alliant Techsystems, Inc		2,086
6,162		Ameron International Corp		409
25,208		Aptargroup, Inc		1,283
74,872		Ball Corp		3,029
11,232		CIRCOR International, Inc		343
86,652		Commercial Metals Co		1,762
13,231	*	Commercial Vehicle Group, Inc		255
2,198		Compx International, Inc		34
37,768		Crane Co		1,579
120,265	*	Crown Holdings, Inc		2,237
8,340		Dynamic Materials Corp		270
20,133	*	Griffon Corp		481
9,089		Gulf Island Fabrication, Inc		237
352,361		Illinois Tool Works, Inc		15,821
10,094		Insteel Industries, Inc		201
53,208	*	Jacuzzi Brands, Inc		532
9,968	*	Ladish Co, Inc		288
8,117		Lifetime Brands, Inc		150
25,129	*	Mobile Mini, Inc		714
17,532	*	Mueller Water Products, Inc		256
15,669	*	NCI Building Systems, Inc		911
71,324		Pentair, Inc		1,868
3,628	*	Shiloh Industries, Inc		49
16,406		Silgan Holdings, Inc		616
26,264		Simpson Manufacturing Co, Inc		710
20,492	*	Smith & Wesson Holding Corp		284
41,402		Snap-On, Inc		1,844
44,785	*	Taser International, Inc		343
13,461		Valmont Industries, Inc		703
17,244		Watts Water Technologies, Inc (Class A)		548
		TOTAL FABRICATED METAL PRODUCTS		39,843
FOOD AND KINDRED PRODUCTS - 2.89%
5,017	*	Altus Pharmaceuticals, Inc		80
548,403		Anheuser-Busch Cos, Inc		26,055
465,024		Archer Daniels Midland Co		17,615
6,482	*	Boston Beer Co, Inc (Class A)		213
17,919	*	Burger King Holdings, Inc		286
168,980		Campbell Soup Co		6,168
2,568		Coca-Cola Bottling Co Consolidated		159
1,452,934		Coca-Cola Co		64,917
216,848		Coca-Cola Enterprises, Inc		4,517
368,963		ConAgra Foods, Inc		9,032

188

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
139,583	*	Constellation Brands, Inc (Class A)	$	4,017
52,660		Corn Products International, Inc		1,714
43,973	*	Darling International, Inc		184
142,985		Del Monte Foods Co		1,494
11,033		Diamond Foods, Inc		158
5,320		Farmer Bros Co		109
36,792		Flowers Foods, Inc		989
253,361		General Mills, Inc		14,340
35,476	*	Gold Kist, Inc		739
238,160		H.J. Heinz Co		9,986
45,520	*	Hansen Natural Corp		1,478
125,445		Hershey Co		6,705
53,755		Hormel Foods Corp		1,934
8,158		Imperial Sugar Co		254
9,626		J&J Snack Foods Corp		299
41,124		J.M. Smucker Co		1,972
15,444	*	Jones Soda Co		138
175,464		Kellogg Co		8,689
149,858		Kraft Foods, Inc (Class A)		5,344
17,410		Lancaster Colony Corp		779
20,449		Lance, Inc		450
6,664	*	M&F Worldwide Corp		98
94,128		McCormick & Co, Inc		3,576
6,584		MGP Ingredients, Inc		140
32,903		Molson Coors Brewing Co (Class B)		2,267
4,670		National Beverage Corp		56
9,395	*	Peet's Coffee & Tea, Inc		235
99,240		Pepsi Bottling Group, Inc		3,523
46,280		PepsiAmericas, Inc		988
1,174,383		PepsiCo, Inc		76,640
24,523	*	Performance Food Group Co		689
9,865		Premium Standard Farms, Inc		188
20,114	*	Ralcorp Holdings, Inc		970
11,750		Reddy Ice Holdings, Inc		284
12,303		Sanderson Farms, Inc		398
540,459		Sara Lee Corp		8,685
69,511	*	Smithfield Foods, Inc		1,878
25,397		Tootsie Roll Industries, Inc		744
24,314		Topps Co, Inc		219
20,712	*	TreeHouse Foods, Inc		490
158,121		Tyson Foods, Inc (Class A)		2,511
166,834		Wrigley (Wm.) Jr Co		7,684
		TOTAL FOOD AND KINDRED PRODUCTS		303,077
FOOD STORES - 0.25%
837		Arden Group, Inc (Class A)		97
12,523		Great Atlantic & Pacific Tea Co, Inc		302
6,684		Ingles Markets, Inc (Class A)		176
513,621		Kroger Co		11,885
21,379	*	Panera Bread Co (Class A)		1,245
15,939	*	Pantry, Inc		898
36,728	*	Pathmark Stores, Inc		365
26,048		Ruddick Corp		679
143,682		Supervalu, Inc		4,260
1,163		Village Super Market		78
6,734		Weis Markets, Inc		268

189

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
99,595		Whole Foods Market, Inc	$	5,919
19,665	*	Wild Oats Markets, Inc		318
		TOTAL FOOD STORES		26,490
FORESTRY - 0.12%
53,928		Rayonier, Inc		2,038
173,496		Weyerhaeuser Co		10,675
		TOTAL FORESTRY		12,713
FURNITURE AND FIXTURES - 0.31%
55,230	*	BE Aerospace, Inc		1,165
23,968		Ethan Allen Interiors, Inc		831
32,047		Furniture Brands International, Inc		610
49,639		Herman Miller, Inc		1,698
43,634		Hillenbrand Industries, Inc		2,486
37,699		HNI Corp		1,568
7,413		Hooker Furniture Corp		109
33,100	*	Interface, Inc (Class A)		426
136,972		Johnson Controls, Inc		9,826
18,600		Kimball International, Inc (Class B)		359
36,828		La-Z-Boy, Inc		514
129,694		Leggett & Platt, Inc		3,246
282,309		Masco Corp		7,741
14,380		Sealy Corp		188
39,114	*	Select Comfort Corp		856
8,845		Stanley Furniture Co, Inc		188
35,213	*	Tempur-Pedic International, Inc		605
21,020	*	Williams Scotsman International, Inc		449
		TOTAL FURNITURE AND FIXTURES		32,865
FURNITURE AND HOME FURNISHINGS STORES - 0.35%
200,462	*	Bed Bath & Beyond, Inc		7,670
284,813		Best Buy Co, Inc		15,255
126,367		Circuit City Stores, Inc		3,173
18,188	*	Cost Plus, Inc		218
46,205	*	GameStop Corp		2,138
19,589	*	Guitar Center, Inc		875
16,062		Haverty Furniture Cos, Inc		256
23,773		Knoll, Inc		480
37,412	*	Mohawk Industries, Inc		2,785
64,355		Pier 1 Imports, Inc		478
32,572	*	Restoration Hardware, Inc		282
51,283		Steelcase, Inc (Class A)		805
21,617		Tuesday Morning Corp		300
68,390		Williams-Sonoma, Inc		2,215
		TOTAL FURNITURE AND HOME FURNISHINGS STORES		36,930
GENERAL BUILDING CONTRACTORS - 0.35%
1,271		Amrep Corp		62
3,890	*	Avatar Holdings, Inc		230
28,744		Beazer Homes USA, Inc		1,122
9,928		Brookfield Homes Corp		280
4,552	*	Cavco Industries, Inc		143
88,263		Centex Corp		4,644
219,211		DR Horton, Inc		5,250
35,317	*	Hovnanian Enterprises, Inc (Class A)		1,036

190

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
57,634		KB Home	$	2,524
94,690		Lennar Corp (Class A)		4,285
13,102		Levitt Corp (Class A)		154
9,603		M/I Homes, Inc		339
14,500	v*	Mascotech (Escrow)		-	^
15,428		McGrath RentCorp		395
24,302		MDC Holdings, Inc		1,129
16,766	*	Meritage Homes Corp		698
3,299	*	NVR, Inc		1,765
11,355	*	Palm Harbor Homes, Inc		170
15,587	*	Perini Corp		325
151,231		Pulte Homes, Inc		4,818
32,537		Ryland Group, Inc		1,406
48,228		Standard-Pacific Corp		1,133
4,378	*	Team, Inc		110
11,826		Technical Olympic USA, Inc		116
91,725	*	Toll Brothers, Inc		2,576
30,509		Walter Industries, Inc		1,302
23,672	*	WCI Communities, Inc		413
		TOTAL GENERAL BUILDING CONTRACTORS		36,425
GENERAL MERCHANDISE STORES - 1.81%
31,592	*	99 Cents Only Stores		374
78,552	*	Big Lots, Inc		1,556
47,906	*	BJ's Wholesale Club, Inc		1,398
3,353		Bon-Ton Stores, Inc		100
21,144	*	Cabela's, Inc		459
35,721		Casey's General Stores, Inc		796
4,489	*	Conn's, Inc		94
334,928		Costco Wholesale Corp		16,639
45,125		Dillard's, Inc (Class A)		1,477
224,362		Dollar General Corp		3,058
110,537		Family Dollar Stores, Inc		3,232
391,372		Federated Department Stores, Inc		16,911
29,664		Fred's, Inc		374
165,570		JC Penney Co, Inc		11,323
17,729	*	Retail Ventures, Inc		273
98,533		Saks, Inc		1,703
17,973		Stein Mart, Inc		273
611,933		Target Corp		33,809
325,525		TJX Cos, Inc		9,124
1,758,386		Wal-Mart Stores, Inc		86,724
		TOTAL GENERAL MERCHANDISE STORES		189,697
HEALTH SERVICES - 1.69%
10,862	*	Alliance Imaging, Inc		85
10,737	*	Amedisys, Inc		426
149,462		AmerisourceBergen Corp		6,756
22,231	*	Amsurg Corp		495
31,771	*	Apria Healthcare Group, Inc		627
7,094	*	Bio-Reference Labs, Inc		159
8,794		Brookdale Senior Living, Inc		408
313,794		Caremark Rx, Inc		17,783
78,728		Cigna Corp		9,158
69,924	*	Community Health Systems, Inc		2,612
4,011	*	Corvel Corp		141

191

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
34,480	*	Covance, Inc	$	2,289
114,014	*	Coventry Health Care, Inc		5,874
22,090	*	Cross Country Healthcare, Inc		376
72,875	*	DaVita, Inc		4,217
42,598	*	Edwards Lifesciences Corp		1,985
3,311	*	Emeritus Corp		71
18,855	*	Enzo Biochem, Inc		230
81,841	*	Express Scripts, Inc		6,178
22,485	*	Five Star Quality Care, Inc		242
14,431	*	Genesis HealthCare Corp		687
8,923	*	Genomic Health, Inc		129
18,949	*	Gentiva Health Services, Inc		312
275,140		HCA, Inc		13,727
171,006		Health Management Associates, Inc (Class A)		3,574
24,588	*	Healthways, Inc		1,097
10,654	*	Horizon Health Corp		163
18,980	*	Hythiam, Inc		137
25,060	*	Kindred Healthcare, Inc		745
88,834	*	Laboratory Corp of America Holdings		5,825
14,843		LCA-Vision, Inc		613
8,098	*	LHC Group, Inc		181
39,831	*	LifePoint Hospitals, Inc		1,407
67,438	*	Lincare Holdings, Inc		2,336
24,894	*	Magellan Health Services, Inc		1,060
56,881		Manor Care, Inc		2,974
13,215	*	Matria Healthcare, Inc		367
216,048		McKesson Corp		11,390
3,907	*	Medcath Corp		118
214,836	*	Medco Health Solutions, Inc		12,914
4,992		National Healthcare Corp		268
64,157	*	Nektar Therapeutics		925
4,537	*	Nighthawk Radiology Holdings, Inc		87
25,907	*	Odyssey HealthCare, Inc		367
85,615		Omnicare, Inc		3,689
19,390		Option Care, Inc		260
34,928	*	Pediatrix Medical Group, Inc		1,593
69,863		Pharmaceutical Product Development, Inc		2,493
37,571	*	Psychiatric Solutions, Inc		1,281
7,616	*	Radiation Therapy Services, Inc		223
12,730	*	RehabCare Group, Inc		167
39,070	*	Sierra Health Services, Inc		1,478
16,786	*	Stereotaxis, Inc		174
16,347	*	Sun Healthcare Group, Inc		176
31,082	*	Sunrise Senior Living, Inc		928
11,929	*	Symbion, Inc		219
339,486	*	Tenet Healthcare Corp		2,763
62,435	*	Triad Hospitals, Inc		2,749
32,574	*	United Surgical Partners International, Inc		809
32,474		Universal Health Services, Inc (Class B)		1,946
7,404	*	VistaCare, Inc (Class A)		77
452,476	*	WellPoint, Inc		34,863
		TOTAL HEALTH SERVICES		177,403
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.02%
23,788		Granite Construction, Inc		1,269
14,573	*	Matrix Service Co		191

192

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
6,353	*	Sterling Construction Co, Inc	$	127
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		1,587
HOLDING AND OTHER INVESTMENT OFFICES - 3.00%
29,400		Aames Investment Corp		103
23,371		Acadia Realty Trust		596
22,240	*	Affiliated Managers Group, Inc		2,226
24,372	*	Affordable Residential Communities		236
5,860		Agree Realty Corp		193
1,423	*	Alexander's, Inc		441
17,950		Alexandria Real Estate Equities, Inc		1,684
96,767		Allied Capital Corp		2,923
61,696		AMB Property Corp		3,400
11,828		American Campus Communities, Inc		302
91,931		American Financial Realty Trust		1,026
30,707		American Home Mortgage Investment Corp		1,071
141,031		Annaly Mortgage Management, Inc		1,853
40,991		Anthracite Capital, Inc		527
38,245		Anworth Mortgage Asset Corp		319
68,857		Apartment Investment & Management Co (Class A)		3,747
57,479		Apollo Investment Corp		1,179
8,687		Arbor Realty Trust, Inc		222
151,962		Archstone-Smith Trust		8,273
34,624		Ashford Hospitality Trust, Inc		413
52,862		AvalonBay Communities, Inc		6,365
46,209		BioMed Realty Trust, Inc		1,402
79,664		Boston Properties, Inc		8,232
63,417		Brandywine Realty Trust		2,064
36,774		BRE Properties, Inc (Class A)		2,197
39,065		Camden Property Trust		2,969
23,807		Capital Lease Funding, Inc		264
1,773		Capital Southwest Corp		211
8,296		Capital Trust, Inc		338
43,695		CBL & Associates Properties, Inc		1,831
21,293		Cedar Shopping Centers, Inc		344
7,117		CentraCore Properties Trust		226
5,581		Cherokee, Inc		204
32,461		Colonial Properties Trust		1,552
9,262		Compass Diversified Trust		142
23,432		Corporate Office Properties Trust		1,049
28,724		Cousins Properties, Inc		983
57,581		Crescent Real Estate Equities Co		1,256
36,580		Deerfield Triarc Capital Corp		480
77,042		Developers Diversified Realty Corp		4,296
45,663		DiamondRock Hospitality Co		758
13,254		Digital Realty Trust, Inc		415
97,034		Duke Realty Corp		3,624
15,783		EastGroup Properties, Inc		787
18,827		Education Realty Trust, Inc		278
2,066	*	Enstar Group, Inc		197
18,156		Entertainment Properties Trust		895
42,886		Equity Inns, Inc		683
15,082		Equity Lifestyle Properties, Inc		689
260,097		Equity Office Properties Trust		10,341
26,061		Equity One, Inc		625
207,035		Equity Residential		10,472

193

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
			VALUE
SHARES			(000)
15,886	Essex Property Trust, Inc	$	1,929
32,947	Extra Space Storage, Inc		570
37,204	Federal Realty Investment Trust		2,764
43,274	FelCor Lodging Trust, Inc		868
37,304	Fieldstone Investment Corp		326
32,241	First Industrial Realty Trust, Inc		1,419
14,075	First Potomac Realty Trust		425
35,150	Franklin Street Properties Corp		698
106,628	Friedman Billings Ramsey Group, Inc		856
122,206	General Growth Properties, Inc		5,823
11,498	Getty Realty Corp		337
7,828	Gladstone Capital Corp		172
9,325	Gladstone Investment Corp		136
22,843	Glenborough Realty Trust, Inc		588
26,916	Glimcher Realty Trust		667
12,117	Global Signal, Inc		613
27,800	GMH Communities Trust		351
12,400	Gramercy Capital Corp		313
17,945	Harris & Harris Group, Inc		220
97,008	Health Care Property Investors, Inc		3,012
45,650	Health Care REIT, Inc		1,826
34,028	Healthcare Realty Trust, Inc		1,307
20,001	Heritage Property Investment Trust		729
19,444	Hersha Hospitality Trust		187
41,626	Highland Hospitality Corp		597
38,542	Highwoods Properties, Inc		1,434
26,244	Home Properties, Inc		1,500
45,217	HomeBanc Corp		278
51,190	Hospitality Properties Trust		2,416
367,731	Host Marriott Corp		8,432
147,442	HRPT Properties Trust		1,762
56,391	IMPAC Mortgage Holdings, Inc		528
48,741	Inland Real Estate Corp		854
29,188	Innkeepers U.S.A. Trust		475
32,947	Investors Real Estate Trust		322
54,003	iShares Russell 2000 Index Fund		3,888
21,353	iShares Russell Midcap Index Fund		1,991
81,467	iStar Financial, Inc		3,397
18,553	JER Investors Trust, Inc		318
22,726	Kilroy Realty Corp		1,712
151,312	Kimco Realty Corp		6,487
20,224	Kite Realty Group Trust		345
51,683	KKR Financial Corp		1,268
29,268	LaSalle Hotel Properties		1,268
36,183	Lexington Corporate Properties Trust		766
61,781	Liberty Property Trust		2,953
17,555	LTC Properties, Inc		426
31,753	Luminent Mortgage Capital, Inc		327
50,125	Macerich Co		3,828
44,732	Mack-Cali Realty Corp		2,317
29,713	Maguire Properties, Inc		1,211
28,111	Medical Properties Trust, Inc		376
61,319	MFA Mortgage Investments, Inc		457
16,824	Mid-America Apartment Communities, Inc		1,030
40,344	Mills Corp		674
21,344	MortgageIT Holdings, Inc		301

194

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
18,515		National Health Investors, Inc	$	525
42,961		National Retail Properties, Inc		928
54,389		Nationwide Health Properties, Inc		1,454
34,751		New Century Financial Corp		1,366
74,227		New Plan Excel Realty Trust		2,008
31,289		Newcastle Investment Corp		858
13,641		Newkirk Realty Trust, Inc		225
21,985		NorthStar Realty Finance Corp		279
24,855		Novastar Financial, Inc		726
206,324		NTL, Inc		5,247
38,341		Omega Healthcare Investors, Inc		575
29,688		Pan Pacific Retail Properties, Inc		2,061
11,623		Parkway Properties, Inc		540
25,930		Pennsylvania Real Estate Investment Trust		1,104
132,044		Plum Creek Timber Co, Inc		4,495
30,566		Post Properties, Inc		1,452
27,492		Potlatch Corp		1,020
174,182		Prologis		9,939
13,682		PS Business Parks, Inc		825
87,441		Public Storage, Inc		7,519
20,254		RAIT Investment Trust		584
11,548		Ramco-Gershenson Properties		369
177,759	*	Realogy Corp		4,032
59,883		Realty Income Corp		1,480
58,125		Reckson Associates Realty Corp		2,488
14,220		Redwood Trust, Inc		716
49,323		Regency Centers Corp		3,391
17,800		Republic Property Trust		196
8,737		Saul Centers, Inc		393
35,144		Saxon Capital, Inc		493
43,061		Senior Housing Properties Trust		919
156,874		Simon Property Group, Inc		14,216
12,509		Sizeler Property Investors, Inc		188
32,609		SL Green Realty Corp		3,642
13,156		Sovran Self Storage, Inc		731
218,900		SPDR Trust Series 1		29,241
58,567		Spirit Finance Corp		680
13,165	*	Star Maritime Acquisition Corp		127
52,099		Strategic Hotels & Resorts, Inc		1,036
12,790		Sun Communities, Inc		409
40,487		Sunstone Hotel Investors, Inc		1,203
22,030		Tanger Factory Outlet Centers, Inc		785
11,598		Tarragon Corp		121
37,922		Taubman Centers, Inc		1,684
82,292		Thornburg Mortgage, Inc		2,096
69,787		Trizec Properties, Inc		2,018
47,792		Trustreet Properties, Inc		598
95,310		United Dominion Realty Trust, Inc		2,878
10,285		Universal Health Realty Income Trust		369
19,529		Urstadt Biddle Properties, Inc (Class A)		355
33,533		U-Store-It Trust		720
73,784		Ventas, Inc		2,844
85,821		Vornado Realty Trust		9,354
30,712		Washington Real Estate Investment Trust		1,222
56,881		Weingarten Realty Investors		2,447
14,415		Windrose Medical Properties Trust		255

195

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
18,615		Winston Hotels, Inc	$	229
16,365		Winthrop Realty Trust		106
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		314,738
HOTELS AND OTHER LODGING PLACES - 0.50%
18,496		Ameristar Casinos, Inc		402
25,115	*	Aztar Corp		1,331
15,345	*	Bluegreen Corp		176
31,169		Boyd Gaming Corp		1,198
23,196		Choice Hotels International, Inc		949
29,868	*	Gaylord Entertainment Co		1,310
17,562	*	Great Wolf Resorts, Inc		210
275,747		Hilton Hotels Corp		7,680
9,907	*	Isle of Capri Casinos, Inc		209
98,662	*	Las Vegas Sands Corp		6,744
14,595	*	Lodgian, Inc		194
14,891		Marcus Corp		342
243,539		Marriott International, Inc (Class A)		9,410
85,616	*	MGM Mirage		3,381
8,692	*	Monarch Casino & Resort, Inc		169
10,400	*	Morgans Hotel Group Co		130
9,051	*	Outdoor Channel Holdings, Inc		99
10,185	*	Riviera Holdings Corp		208
152,267		Starwood Hotels & Resorts Worldwide, Inc		8,708
36,990		Station Casinos, Inc		2,139
19,819	*	Trump Entertainment Resorts, Inc		336
23,411	*	Vail Resorts, Inc		937
142,207	*	Wyndham Worldwide Corp		3,978
34,512	*	Wynn Resorts Ltd		2,347
		TOTAL HOTELS AND OTHER LODGING PLACES		52,587
INDUSTRIAL MACHINERY AND EQUIPMENT - 7.69%
535,002		3M Co		39,815
5,902		Aaon, Inc		135
19,469		Actuant Corp		975
62,956	*	AGCO Corp		1,596
18,980		Albany International Corp (Class A)		604
9,869	*	Allis-Chalmers Energy, Inc		144
126,531		American Standard Cos, Inc		5,311
5,232		Ampco-Pittsburgh Corp		162
603,704	*	Apple Computer, Inc		46,503
1,109,060		Applied Materials, Inc		19,664
11,700	*	Astec Industries, Inc		295
14,997	*	ASV, Inc		224
39,136	*	Asyst Technologies, Inc		265
73,014	*	Axcelis Technologies, Inc		515
4,302	*	Basin Water, Inc		35
53,992		Black & Decker Corp		4,284
11,587		Black Box Corp		451
27,159	*	Blount International, Inc		272
36,704		Briggs & Stratton Corp		1,011
52,087	*	Brooks Automation, Inc		680
22,637		Bucyrus International, Inc (Class A)		960
21,843		Carlisle Cos, Inc		1,837
8,415		Cascade Corp		384
475,802		Caterpillar, Inc		31,308

196

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
41,687		CDW Corp	$	2,571
62,093	*	Cirrus Logic, Inc		453
12,813	*	Columbus McKinnon Corp		231
37,198		Cummins, Inc		4,435
32,788		Curtiss-Wright Corp		995
27,900	*	Cymer, Inc		1,225
165,097		Deere & Co		13,853
1,648,981	*	Dell, Inc		37,663
47,936		Diebold, Inc		2,087
53,537		Donaldson Co, Inc		1,976
144,796		Dover Corp		6,869
22,065	*	Dresser-Rand Group, Inc		450
7,879	*	Dril-Quip, Inc		533
106,679		Eaton Corp		7,345
39,428	*	Electronics for Imaging, Inc		902
1,678,285	*	EMC Corp		20,106
59,005	*	Emulex Corp		1,072
10,817	*	ENGlobal Corp		67
15,889	*	EnPro Industries, Inc		478
97,823	*	Entegris, Inc		1,067
89,895	*	Extreme Networks, Inc		326
8,475	*	Flanders Corp		73
24,888	*	Flow International Corp		323
40,195	*	Flowserve Corp		2,033
49,081	*	FMC Technologies, Inc		2,636
36,812	*	Gardner Denver, Inc		1,218
202,596	*	Gateway, Inc		383
10,307	*	Gehl Co		276
7,389,936		General Electric Co		260,865
34,440	*	Global Imaging Systems, Inc		760
16,573	*	Goodman Global, Inc		221
6,143		Gorman-Rupp Co		201
48,455		Graco, Inc		1,893
93,094	*	Grant Prideco, Inc		3,540
1,988,150		Hewlett-Packard Co		72,945
13,976	*	Hydril		783
37,515		IDEX Corp		1,615
34,872	*	Intermec, Inc		919
1,099,979		International Business Machines Corp		90,132
240,970		International Game Technology		10,000
14,156	*	Intevac, Inc		238
127,540		Jabil Circuit, Inc		3,644
87,399		Joy Global, Inc		3,287
9,545	*	Kadant, Inc		234
21,080		Kaydon Corp		780
27,916		Kennametal, Inc		1,581
22,645	*	Komag, Inc		724
40,500	*	Kulicke & Soffa Industries, Inc		358
99,553	*	Lam Research Corp		4,513
7,262	*	LB Foster Co		117
40,888		Lennox International, Inc		936
75,224	*	Lexmark International, Inc		4,337
7,700		Lindsay Manufacturing Co		221
10,534		Lufkin Industries, Inc		557
43,929		Manitowoc Co, Inc		1,968
26,959	*	Micros Systems, Inc		1,319

197

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
4,740	*	Middleby Corp	$	365
24,902		Modine Manufacturing Co		606
3,910		Nacco Industries, Inc (Class A)		531
10,325	*	NATCO Group, Inc		297
22,120	*	Netgear, Inc		455
11,481		NN, Inc		136
20,847		Nordson Corp		831
35,190	*	Oil States International, Inc		968
89,903		Pall Corp		2,770
64,985	*	Palm, Inc		946
84,890		Parker Hannifin Corp		6,598
29,246	*	Paxar Corp		584
17,519	*	ProQuest Co		228
134,455	*	Quantum Corp		293
19,643	*	Rackable Systems, Inc		538
14,719	*	RBC Bearings, Inc		355
6,900		Robbins & Myers, Inc		213
126,089		Rockwell Automation, Inc		7,326
85,950	*	Safeguard Scientifics, Inc		168
138,833	*	SanDisk Corp		7,433
6,258		Sauer-Danfoss, Inc		150
19,852	*	Scansource, Inc		602
46,890	*	Scientific Games Corp (Class A)		1,491
86,617	v*	Seagate Technology, Inc		-	^
15,689	*	Semitool, Inc		162
15,705	*	Sigma Designs, Inc		235
149,718		Smith International, Inc		5,809
638,839	*	Solectron Corp		2,083
42,419		SPX Corp		2,267
8,469		Standex International Corp		236
57,713		Stanley Works		2,877
178,119		Symbol Technologies, Inc		2,647
10,545	*	Tecumseh Products Co (Class A)		160
11,200		Tennant Co		273
72,830	*	Terex Corp		3,293
58,771		Timken Co		1,750
30,279		Toro Co		1,277
9,007	*	TurboChef Technologies, Inc		125
18,851	*	Ultratech, Inc		251
44,258	*	VA Software Corp		178
93,375	*	Varian Medical Systems, Inc		4,985
27,601	*	VeriFone Holdings, Inc		788
19,779		Watsco, Inc		910
154,835	*	Western Digital Corp		2,803
20,169		Woodward Governor Co		676
50,912	*	Zebra Technologies Corp (Class A)		1,820
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		807,253
INSTRUMENTS AND RELATED PRODUCTS - 4.14%
15,924	*	Abaxis, Inc		372
16,958	*	Abiomed, Inc		251
7,326	*	ADE Corp		235
42,004	*	Advanced Medical Optics, Inc		1,661
46,944	*	Affymetrix, Inc		1,012
302,752	*	Agilent Technologies, Inc		9,897
42,246	*	Align Technology, Inc		481

198

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
106,194		Allergan, Inc	$	11,959
47,352	*	American Medical Systems Holdings, Inc		873
6,336	*	American Science & Engineering, Inc		307
11,392		Analogic Corp		585
14,600	*	Anaren, Inc		308
8,528	*	Angiodynamics, Inc		177
131,637		Applera Corp (Applied Biosystems Group)		4,359
7,835	*	Argon ST, Inc		188
21,305	*	Armor Holdings, Inc		1,221
15,128		Arrow International, Inc		481
18,626	*	Arthrocare Corp		873
11,116	*	Aspect Medical Systems, Inc		190
9,964		Badger Meter, Inc		251
73,583		Bard (C.R.), Inc		5,519
38,459		Bausch & Lomb, Inc		1,928
462,377		Baxter International, Inc		21,020
44,454		Beckman Coulter, Inc		2,559
176,336		Becton Dickinson & Co		12,462
176,722		Biomet, Inc		5,689
12,755	*	Bio-Rad Laboratories, Inc (Class A)		902
11,552	*	Biosite, Inc		534
877,356	*	Boston Scientific Corp		12,976
26,702	*	Bruker BioSciences Corp		187
18,291	*	Candela Corp		200
39,114	*	Cepheid, Inc		282
19,483	*	Cerus Corp		108
9,829		CNS, Inc		277
21,088	*	Coherent, Inc		731
15,857		Cohu, Inc		283
22,053	*	Conmed Corp		466
31,206		Cooper Cos, Inc		1,670
70,483	*	Credence Systems Corp		201
14,634	*	Cyberonics, Inc		257
168,672		Danaher Corp		11,583
9,120		Datascope Corp		305
114,780		Dentsply International, Inc		3,456
25,632	*	Depomed, Inc		105
12,113	*	DexCom, Inc		135
15,633	*	Dionex Corp		796
17,084	*	DJ Orthopedics, Inc		709
28,960		DRS Technologies, Inc		1,265
1,263	*	DXP Enterprises, Inc		30
5,088	*	Eagle Test Systems, Inc		84
204,510		Eastman Kodak Co		4,581
13,856		EDO Corp		317
42,890	*	Encore Medical Corp		270
19,238	*	ESCO Technologies, Inc		886
18,700	*	Esterline Technologies Corp		631
11,693	*	ev3, Inc		199
7,765	*	Excel Technology, Inc		230
16,016	*	FEI Co		338
89,168	*	Fisher Scientific International, Inc		6,977
49,225	*	Flir Systems, Inc		1,337
32,473	*	Formfactor, Inc		1,368
33,331	*	Fossil, Inc		718
13,416	*	Foxhollow Technologies, Inc		459

199

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
19,314	*	Haemonetics Corp	$	904
23,435	*	HealthTronics, Inc		145
7,204	*	Herley Industries, Inc		89
37,331	*	Hologic, Inc		1,625
9,395	*	ICU Medical, Inc		427
13,461	*	I-Flow Corp		162
16,744	*	II-VI, Inc		417
32,701	*	Illumina, Inc		1,080
52,711	*	Input/Output, Inc		523
14,613	*	Integra LifeSciences Holdings Corp		548
29,970	*	Intermagnetics General Corp		811
14,938	*	Intralase Corp		294
26,199	*	Intuitive Surgical, Inc		2,763
22,994		Invacare Corp		541
17,103	e*	Ionatron, Inc		82
11,074	*	IRIS International, Inc		127
18,441	*	Itron, Inc		1,029
30,992	*	Ixia		276
2,111,374		Johnson & Johnson		137,113
8,260	*	Kensey Nash Corp		242
141,203		Kla-Tencor Corp		6,279
45,800	*	Kopin Corp		153
31,309	*	Kyphon, Inc		1,172
47,609	*	L-1 Identity Solutions, Inc		621
49,063	*	LTX Corp		246
9,778	*	Measurement Specialties, Inc		182
6,418	*	Medical Action Industries, Inc		173
857,628		Medtronic, Inc		39,828
27,576		Mentor Corp		1,390
18,330	*	Merit Medical Systems, Inc		249
30,130	*	Mettler-Toledo International, Inc		1,993
38,180	*	Millipore Corp		2,340
22,060		Mine Safety Appliances Co		786
26,024	*	MKS Instruments, Inc		529
11,845	*	Molecular Devices Corp		219
12,667		Movado Group, Inc		322
13,932		MTS Systems Corp		451
39,105		National Instruments Corp		1,069
13,063	*	Natus Medical, Inc		178
8,825	*	Neurometrix, Inc		168
27,910	*	Newport Corp		455
4,391	*	Nextest Systems Corp		58
7,829	*	Northstar Neuroscience, Inc		103
23,547	*	NuVasive, Inc		474
8,757	*	NxStage Medical, Inc		77
16,400		Oakley, Inc		280
2,713	*	OYO Geospace Corp		154
12,302	*	Palomar Medical Technologies, Inc		519
90,162		PerkinElmer, Inc		1,707
13,914	*	Photon Dynamics, Inc		185
157,850		Pitney Bowes, Inc		7,004
17,140		PolyMedica Corp		734
28,107	*	RAE Systems, Inc		86
54,088	*	Resmed, Inc		2,177
51,817	*	Respironics, Inc		2,001
10,882	*	Rofin-Sinar Technologies, Inc		661

200

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
61,736		Roper Industries, Inc	$	2,762
15,579	*	Rudolph Technologies, Inc		286
36,644	*	Sirf Technology Holdings, Inc		879
11,900		Sirona Dental Systems, Inc		392
16,954	*	Sonic Solutions, Inc		258
11,650	*	SonoSite, Inc		331
21,581	*	Spectranetics Corp		252
256,194	*	St. Jude Medical, Inc		9,041
49,670		STERIS Corp		1,195
212,675		Stryker Corp		10,547
24,549	*	Symmetry Medical, Inc		370
27,552	*	Techne Corp		1,401
60,491		Tektronix, Inc		1,750
25,935	*	Teledyne Technologies, Inc		1,027
142,153	*	Teradyne, Inc		1,871
116,377	*	Thermo Electron Corp		4,577
37,925	*	ThermoGenesis Corp		147
37,720	*	Thoratec Corp		589
38,006	*	Trimble Navigation Ltd		1,789
17,832	*	TriPath Imaging, Inc		161
7,539		United Industrial Corp		403
23,832	*	Varian, Inc		1,093
20,673	*	Veeco Instruments, Inc		417
21,331	*	Ventana Medical Systems, Inc		871
23,354	*	Viasys Healthcare, Inc		636
8,467	*	Vital Images, Inc		267
4,907		Vital Signs, Inc		278
74,230	*	Waters Corp		3,361
24,247	*	Wright Medical Group, Inc		588
652,719	*	Xerox Corp		10,156
13,259		X-Rite, Inc		142
3,046		Young Innovations, Inc		110
174,411	*	Zimmer Holdings, Inc		11,773
5,962	*	Zoll Medical Corp		214
12,959	*	Zygo Corp		165
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		435,031
INSURANCE AGENTS, BROKERS AND SERVICE - 0.42%
226,590		AON Corp		7,675
79,949		Brown & Brown, Inc		2,443
10,229		Clark, Inc		115
14,025		Crawford & Co (Class B)		95
67,596		Gallagher (Arthur J.) & Co		1,803
214,998		Hartford Financial Services Group, Inc		18,651
25,750		Hilb Rogal & Hobbs Co		1,098
6,308	*	James River Group, Inc		185
388,046		Marsh & McLennan Cos, Inc		10,923
26,792		National Financial Partners Corp		1,099
31,178	*	USI Holdings Corp		422
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		44,509
INSURANCE CARRIERS - 4.64%
21,838		21st Century Insurance Group		326
402,876		Aetna, Inc		15,934
6,908		Affirmative Insurance Holdings, Inc		101
354,373		Aflac, Inc		16,216

201

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
21,901		Alfa Corp	$	378
3,534	*	Alleghany Corp		1,021
449,129		Allstate Corp		28,174
75,230		Ambac Financial Group, Inc		6,225
39,900		American Equity Investment Life Holding Co		490
40,449		American Financial Group, Inc		1,898
1,565,582		American International Group, Inc		103,735
10,060		American National Insurance Co		1,166
5,463	*	American Physicians Capital, Inc		264
36,765	*	AMERIGROUP Corp		1,086
27,021		AmerUs Group Co		1,838
22,573	*	Argonaut Group, Inc		700
91,492		Assurant, Inc		4,887
4,897		Baldwin & Lyons, Inc (Class B)		119
11,795		Bristol West Holdings, Inc		172
31,767	*	Centene Corp		522
294,838		Chubb Corp		15,320
112,801		Cincinnati Financial Corp		5,421
17,362	*	CNA Financial Corp		625
10,118	*	CNA Surety Corp		204
39,862		Commerce Group, Inc		1,198
108,499	*	Conseco, Inc		2,277
32,155		Delphi Financial Group, Inc (Class A)		1,282
14,969		Direct General Corp		201
9,364		Donegal Group, Inc		189
4,503		EMC Insurance Group, Inc		130
38,103		Erie Indemnity Co (Class A)		1,995
10,036		FBL Financial Group, Inc (Class A)		336
124,387		Fidelity National Financial, Inc		5,181
22,118		Fidelity National Title Group, Inc		464
13,254	*	First Acceptance Corp		152
59,724		First American Corp		2,529
6,887	*	Fpic Insurance Group, Inc		273
323,959		Genworth Financial, Inc		11,342
6,247		Great American Financial Resources, Inc		131
36,085		Hanover Insurance Group, Inc		1,610
12,827		Harleysville Group, Inc		449
78,339		HCC Insurance Holdings, Inc		2,576
81,263	*	Health Net, Inc		3,537
19,293	*	HealthExtras, Inc		546
13,250	*	Healthspring, Inc		255
33,145		Horace Mann Educators Corp		637
117,085	*	Humana, Inc		7,738
3,952		Independence Holding Co		86
16,217		Infinity Property & Casualty Corp		667
2,078		Kansas City Life Insurance Co		95
12,281		LandAmerica Financial Group, Inc		808
116,424		Leucadia National Corp		3,047
199,862		Lincoln National Corp		12,407
314,942		Loews Corp		11,936
7,060	*	Markel Corp		2,899
95,732		MBIA, Inc		5,882
18,349	*	Meadowbrook Insurance Group, Inc		207
19,709		Mercury General Corp		978
324,185		Metlife, Inc		18,375
62,178		MGIC Investment Corp		3,729

202

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
8,179		Midland Co	$	354
8,801	*	Molina Healthcare, Inc		311
11,286		National Interstate Corp		278
1,551		National Western Life Insurance Co (Class A)		357
34,746		Nationwide Financial Services, Inc (Class A)		1,671
9,235	*	Navigators Group, Inc		443
4,145		NYMAGIC, Inc		131
9,757		Odyssey Re Holdings Corp		330
44,462		Ohio Casualty Corp		1,150
164,330		Old Republic International Corp		3,640
38,987	*	Philadelphia Consolidated Holding Co		1,551
79,793		Phoenix Cos, Inc		1,117
22,267	*	PMA Capital Corp (Class A)		196
62,991		PMI Group, Inc		2,760
13,808		Presidential Life Corp		309
196,843		Principal Financial Group		10,685
22,072	*	ProAssurance Corp		1,088
556,204		Progressive Corp		13,649
48,849		Protective Life Corp		2,235
348,181		Prudential Financial, Inc		26,549
58,511		Radian Group, Inc		3,511
21,524		Reinsurance Group Of America, Inc		1,118
16,861		RLI Corp		856
84,743		Safeco Corp		4,994
10,157		Safety Insurance Group, Inc		494
7,120	*	SCPIE Holdings, Inc		168
11,016	*	SeaBright Insurance Holdings, Inc		154
20,200		Selective Insurance Group, Inc		1,063
494,905		St. Paul Travelers Cos, Inc		23,206
40,132		Stancorp Financial Group, Inc		1,791
9,480		State Auto Financial Corp		290
12,744		Stewart Information Services Corp		443
74,006		Torchmark Corp		4,671
11,467		Tower Group, Inc		382
19,325		Transatlantic Holdings, Inc		1,167
8,107	*	Triad Guaranty, Inc		415
14,738		United Fire & Casualty Co		461
955,592		UnitedHealth Group, Inc		47,015
34,889		Unitrin, Inc		1,541
27,267	*	Universal American Financial Corp		438
243,171		UnumProvident Corp		4,715
115,449		W.R. Berkley Corp		4,086
23,721	*	WellCare Health Plans, Inc		1,343
921		Wesco Financial Corp		402
26,173		Zenith National Insurance Corp		1,044
		TOTAL INSURANCE CARRIERS		487,538
JUSTICE, PUBLIC ORDER AND SAFETY - 0.02%
43,918	*	Corrections Corp of America		1,899
9,174	*	Geo Group, Inc		388
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		2,287
LEATHER AND LEATHER PRODUCTS - 0.13%
272,806	*	Coach, Inc		9,385
7,400	*	CROCS, Inc		251
15,524	*	Genesco, Inc		535

203

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
25,167	*	Iconix Brand Group, Inc	$	405
16,270		Steven Madden Ltd		638
36,258	*	Timberland Co (Class A)		1,043
3,210		Weyco Group, Inc		72
39,829		Wolverine World Wide, Inc		1,128
		TOTAL LEATHER AND LEATHER PRODUCTS		13,457
LEGAL SERVICES - 0.01%
29,832	*	FTI Consulting, Inc		748
7,324		Pre-Paid Legal Services, Inc		291
		TOTAL LEGAL SERVICES		1,039
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.02%
59,083		Laidlaw International, Inc		1,615
		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		1,615
LUMBER AND WOOD PRODUCTS - 0.03%
8,518		American Woodmark Corp		287
55,061	*	Champion Enterprises, Inc		380
7,514		Deltic Timber Corp		358
75,407		Louisiana-Pacific Corp		1,415
4,307		Skyline Corp		165
11,966		Universal Forest Products, Inc		587
		TOTAL LUMBER AND WOOD PRODUCTS		3,192
METAL MINING - 0.35%
30,936		Cleveland-Cliffs, Inc		1,179
198,135	*	Coeur d'Alene Mines Corp		933
31,979		Foundation Coal Holdings, Inc		1,035
133,192		Freeport-McMoRan Copper & Gold, Inc (Class A)		7,094
87,163	*	Hecla Mining Co		500
296,238		Newmont Mining Corp		12,664
144,734		Phelps Dodge Corp		12,259
15,917		Royal Gold, Inc		432
6,519		Southern Copper Corp		603
30,773	*	Stillwater Mining Co		258
		TOTAL METAL MINING		36,957
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.20%
19,692		Blyth, Inc		479
52,436		Callaway Golf Co		687
27,651		Daktronics, Inc		572
104,599		Fortune Brands, Inc		7,856
117,139		Hasbro, Inc		2,665
19,429	*	Jakks Pacific, Inc		346
33,584	*	K2, Inc		394
8,407		Marine Products Corp		82
276,950		Mattel, Inc		5,456
26,637		Nautilus, Inc		366
27,397	*	Progressive Gaming International Corp		225
14,785	*	RC2 Corp		496
6,000	*	Russ Berrie & Co, Inc		91
25,055	*	Shuffle Master, Inc		677
4,356	*	Steinway Musical Instruments, Inc		122
30,751		Yankee Candle Co, Inc		900
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		21,414

204

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
MISCELLANEOUS RETAIL - 1.16%
14,742	*	1-800-FLOWERS.COM, Inc (Class A)	$	78
11,957	*	AC Moore Arts & Crafts, Inc		228
221,427	*	Amazon.com, Inc		7,112
35,225		Barnes & Noble, Inc		1,336
15,894		Big 5 Sporting Goods Corp		362
10,266	*	Blue Nile, Inc		373
10,157		Books-A-Million, Inc		181
46,130		Borders Group, Inc		941
10,668	*	Build-A-Bear Workshop, Inc		243
20,077		Cash America International, Inc		785
36,440	*	CKX, Inc		454
42,468	*	Coldwater Creek, Inc		1,221
580,581		CVS Corp		18,648
12,284	*	dELiA*s, Inc		95
25,853	*	Dick's Sporting Goods, Inc		1,177
75,165	*	Dollar Tree Stores, Inc		2,327
48,030	*	Drugstore.com, Inc		166
8,530	*	Ezcorp, Inc		330
28,117	*	GSI Commerce, Inc		417
24,778	*	Hibbett Sporting Goods, Inc		649
23,041		Longs Drug Stores Corp		1,060
93,887		Michaels Stores, Inc		4,088
26,978		MSC Industrial Direct Co (Class A)		1,099
22,599	*	Nutri/System, Inc		1,408
204,553	*	Office Depot, Inc		8,121
51,139		OfficeMax, Inc		2,083
8,052	*	Overstock.com, Inc		141
39,765	*	Petco Animal Supplies, Inc		1,139
99,602		Petsmart, Inc		2,764
17,397	*	Priceline.com, Inc		640
5,324	*	Pricesmart, Inc		80
370,721	*	Rite Aid Corp		1,683
60,625	*	Sears Holdings Corp		9,584
12,380	*	Stamps.com, Inc		236
517,474		Staples, Inc		12,590
6,238	*	Systemax, Inc		100
102,292		Tiffany & Co		3,396
18,910	*	Valuevision International, Inc (Class A)		219
717,080		Walgreen Co		31,831
20,188		World Fuel Services Corp		817
35,110	*	Zale Corp		974
10,280	*	Zumiez, Inc		278
		TOTAL MISCELLANEOUS RETAIL		121,454
MOTION PICTURES - 1.47%
30,176	*	Avid Technology, Inc		1,099
143,498	*	Blockbuster, Inc (Class A)		551
8,585		Carmike Cinemas, Inc		147
478,173		CBS Corp		13,470
199,837	*	Discovery Holding Co (Class A)		2,890
28,760	*	DreamWorks Animation SKG, Inc (Class A)		716
11,202	*	Gaiam, Inc		145
36,572	*	Macrovision Corp		866
1,630,103		News Corp (Class A)		32,032

205

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
44,387		Regal Entertainment Group (Class A)	$	880
75,153	*	Time Warner Telecom, Inc (Class A)		1,429
2,828,066		Time Warner, Inc		51,556
1,557,508		Walt Disney Co		48,143
		TOTAL MOTION PICTURES		153,924
NONDEPOSITORY INSTITUTIONS - 1.78%
12,842	*	Accredited Home Lenders Holding Co		462
46,200		Advance America Cash Advance Centers, Inc		666
12,951		Advanta Corp (Class B)		478
100,432		American Capital Strategies Ltd		3,964
767,868		American Express Co		43,062
92,334	*	AmeriCredit Corp		2,307
27,000		Ares Capital Corp		470
9,451		Asta Funding, Inc		354
217,206		Capital One Financial Corp		17,085
67,455		CapitalSource, Inc		1,742
36,971		CharterMac		738
141,664		CIT Group, Inc		6,889
14,089	*	CompuCredit Corp		426
430,967		Countrywide Financial Corp		15,101
6,770	*	Credit Acceptance Corp		201
66,518		Doral Financial Corp		438
690,157		Fannie Mae		38,587
7,676		Federal Agricultural Mortgage Corp (Class C)		203
20,830		Financial Federal Corp		558
18,408	*	First Cash Financial Services, Inc		379
21,651		First Marblehead Corp		1,500
492,340		Freddie Mac		32,657
32,585	*	INVESTools, Inc		346
38,917		MCG Capital Corp		636
10,197		Medallion Financial Corp		112
13,901	*	Nelnet, Inc		427
12,077		NGP Capital Resources Co		176
25,500	*	Ocwen Financial Corp		380
5,510	*	Penson Worldwide, Inc		99
292,021		SLM Corp		15,179
2,846		Student Loan Corp		547
13,834		Technology Investment Capital Corp		202
7,131	*	United PanAm Financial Corp		110
12,929	*	World Acceptance Corp		569
		TOTAL NONDEPOSITORY INSTITUTIONS		187,050
NONMETALLIC MINERALS, EXCEPT FUELS - 0.08%
15,670		AMCOL International Corp		390
22,877		Compass Minerals International, Inc		648
34,034		Florida Rock Industries, Inc		1,317
71,485		Vulcan Materials Co		5,594
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		7,949
OIL AND GAS EXTRACTION - 1.88%
325,149		Anadarko Petroleum Corp		14,251
7,665	*	Arena Resources, Inc		246
11,985	*	Atlas America, Inc		512
15,008	*	ATP Oil & Gas Corp		554
19,668	*	Atwood Oceanics, Inc		884

206

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
47,479	*	Aurora Oil & Gas Corp	$	145
241,857		Baker Hughes, Inc		16,495
9,892	*	Basic Energy Services, Inc		241
25,572		Berry Petroleum Co (Class A)		720
20,277	*	Bill Barrett Corp		498
212,064		BJ Services Co		6,389
11,997	*	Bois d'Arc Energy, Inc		184
32,124	*	Brigham Exploration Co		217
9,812	*	Bronco Drilling Co, Inc		172
34,234		Cabot Oil & Gas Corp (Class A)		1,641
14,536	*	Callon Petroleum Co		197
82,652	*	Cameron International Corp		3,993
14,847	*	Carrizo Oil & Gas, Inc		383
41,066	*	Cheniere Energy, Inc		1,220
264,840		Chesapeake Energy Corp		7,675
58,913		Cimarex Energy Co		2,073
3,369	*	Clayton Williams Energy, Inc		102
19,768	*	CNX Gas Corp		458
13,165	*	Complete Production Services, Inc		260
30,766	*	Comstock Resources, Inc		835
5,228	*	Dawson Geophysical Co		155
27,514		Delta & Pine Land Co		1,114
37,868	*	Delta Petroleum Corp		853
84,625	*	Denbury Resources, Inc		2,446
312,153		Devon Energy Corp		19,712
41,643		Diamond Offshore Drilling, Inc		3,014
11,397	*	Edge Petroleum Corp		188
39,610	*	Encore Acquisition Co		964
29,759	*	Energy Partners Ltd		734
108,704		ENSCO International, Inc		4,764
86,292		Equitable Resources, Inc		3,018
35,600	*	EXCO Resources, Inc		442
20,290	*	Exploration Co of Delaware, Inc		194
38,504	*	Forest Oil Corp		1,216
45,406	*	Gasco Energy, Inc		123
21,487	*	GeoGlobal Resources, Inc		126
63,236	*	Global Industries Ltd		984
5,673	*	GMX Resources, Inc		178
8,875	*	Goodrich Petroleum Corp		267
135,981	*	Grey Wolf, Inc		908
9,397	*	Gulfport Energy Corp		109
734,704		Halliburton Co		20,902
72,258	*	Hanover Compressor Co		1,317
29,621	*	Harvest Natural Resources, Inc		307
65,623	*	Helix Energy Solutions Group, Inc		2,192
73,810		Helmerich & Payne, Inc		1,700
14,276	*	Hercules Offshore, Inc		443
21,181	*	Houston Exploration Co		1,168
51,788	*	Mariner Energy, Inc		951
15,667	*	McMoRan Exploration Co		278
76,660	*	Meridian Resource Corp		235
11,279	*	Metretek Technologies, Inc		135
124,206	*	National Oilwell Varco, Inc		7,272
64,229	*	Newpark Resources, Inc		342
38,292	*	Oceaneering International, Inc		1,179
27,407	*	Parallel Petroleum Corp		550

207

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
80,330	*	Parker Drilling Co	$	569
121,906		Patterson-UTI Energy, Inc		2,896
3,037	v*	PetroCorp		-	^
101,383	*	PetroHawk Energy Corp		1,052
12,730	*	Petroleum Development Corp		508
28,296	*	Petroquest Energy, Inc		295
29,554	*	Pioneer Drilling Co		379
90,126		Pioneer Natural Resources Co		3,526
56,117	*	Plains Exploration & Production Co		2,408
41,194		Pogo Producing Co		1,687
114,266	*	Pride International, Inc		3,133
490	*	PrimeEnergy Corp		35
13,678	*	Quest Resource Corp		121
44,339	*	Quicksilver Resources, Inc		1,414
14,607	*	RAM Energy Resources, Inc		70
93,918		Range Resources Corp		2,370
35,943	*	Rosetta Resources, Inc		617
77,603		Rowan Cos, Inc		2,455
15,638		RPC, Inc		286
16,155	*	SEACOR Holdings, Inc		1,333
119,572	*	Southwestern Energy Co		3,572
40,711		St. Mary Land & Exploration Co		1,495
19,310	*	Stone Energy Corp		782
23,906	*	Sulphco, Inc		148
56,185	*	Superior Energy Services		1,475
6,200	*	Superior Well Services, Inc		123
20,350	*	Swift Energy Co		851
29,896	*	Syntroleum Corp		143
50,920	*	Tetra Technologies, Inc		1,230
42,894		Tidewater, Inc		1,895
43,127	*	Todco		1,492
11,158	*	Toreador Resources Corp		206
49,232	*	Transmeridian Exploration, Inc		194
8,324	*	Trico Marine Services, Inc		281
7,100	*	Union Drilling, Inc		78
33,016	*	Unit Corp		1,518
40,557	*	Vaalco Energy, Inc		291
25,309	*	Veritas DGC, Inc		1,666
12,738		W&T Offshore, Inc		372
37,871	*	Warren Resources, Inc		461
6,823	*	Warrior Energy Service Corp		176
21,404	*	W-H Energy Services, Inc		888
25,320	*	Whiting Petroleum Corp		1,015
255,266		XTO Energy, Inc		10,754
		TOTAL OIL AND GAS EXTRACTION		197,085
PAPER AND ALLIED PRODUCTS - 0.52%
74,376		Bemis Co		2,444
39,870		Bowater, Inc		820
26,323	*	Buckeye Technologies, Inc		224
18,440	*	Caraustar Industries, Inc		147
40,746	*	Cenveo, Inc		767
12,643		Chesapeake Corp		181
30,362		Glatfelter		411
55,065	*	Graphic Packaging Corp		202
11,733		Greif, Inc (Class A)		940

208

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
350,880		International Paper Co	$	12,151
324,871		Kimberly-Clark Corp		21,234
51,102		Longview Fibre Co		1,038
129,492		MeadWestvaco Corp		3,433
20,151	*	Mercer International, Inc		190
10,278		Neenah Paper, Inc		352
57,688		Packaging Corp of America		1,338
39,917	*	Playtex Products, Inc		535
22,737		Rock-Tenn Co (Class A)		450
9,960		Schweitzer-Mauduit International, Inc		189
182,775	*	Smurfit-Stone Container Corp		2,047
71,238		Sonoco Products Co		2,396
78,891		Temple-Inland, Inc		3,164
29,954		Wausau Paper Corp		404
		TOTAL PAPER AND ALLIED PRODUCTS		55,057
PERSONAL SERVICES - 0.15%
100,477		Cintas Corp		4,102
3,800		Coinmach Service Corp		38
20,600	*	Coinstar, Inc		593
15,088		G & K Services, Inc (Class A)		550
234,860		H&R Block, Inc		5,106
25,900		Jackson Hewitt Tax Service, Inc		777
33,311		Regis Corp		1,194
210,040		Service Corp International		1,962
6,886		Unifirst Corp		215
32,980		Weight Watchers International, Inc		1,462
		TOTAL PERSONAL SERVICES		15,999
PETROLEUM AND COAL PRODUCTS - 5.72%
11,300		Alon USA Energy, Inc		333
237,098		Apache Corp		14,985
44,740		Ashland, Inc		2,854
1,583,252		Chevron Corp		102,690
1,171,298		ConocoPhillips		69,727
7,530	*	Delek US Holdings, Inc		139
13,996		ElkCorp		380
172,371		EOG Resources, Inc		11,213
4,308,788		Exxon Mobil Corp		289,120
81,230		Frontier Oil Corp		2,159
10,546	*	Giant Industries, Inc		856
29,562	*	Headwaters, Inc		690
172,023		Hess Corp		7,125
32,702		Holly Corp		1,417
257,520		Marathon Oil Corp		19,803
132,049		Murphy Oil Corp		6,279
91,300	*	Newfield Exploration Co		3,519
125,895		Noble Energy, Inc		5,740
604,452		Occidental Petroleum Corp		29,080
94,198		Sunoco, Inc		5,858
50,342		Tesoro Corp		2,919
437,852		Valero Energy Corp		22,536
11,564		WD-40 Co		412
17,700		Western Refining, Inc		411
		TOTAL PETROLEUM AND COAL PRODUCTS		600,245

209

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
PRIMARY METAL INDUSTRIES - 0.94%
78,830	*	AK Steel Holding Corp	$	957
611,419		Alcoa, Inc		17,144
21,938	*	Aleris International, Inc		1,109
70,811		Allegheny Technologies, Inc		4,404
30,281		Belden CDT, Inc		1,158
12,468	*	Brush Engineered Materials, Inc		310
17,893		Carpenter Technology Corp		1,924
16,537	*	Century Aluminum Co		556
33,682		Chaparral Steel Co		1,147
41,012	*	CommScope, Inc		1,348
1,106,856	*	Corning, Inc		27,018
16,654	*	Encore Wire Corp		588
36,458	*	General Cable Corp		1,393
20,138		Gibraltar Industries, Inc		447
43,293		Hubbell, Inc (Class B)		2,074
21,646	*	Lone Star Technologies, Inc		1,047
21,924		Matthews International Corp (Class A)		807
26,522	*	Maverick Tube Corp		1,719
25,216		Mueller Industries, Inc		887
16,177	*	NS Group, Inc		1,044
221,448		Nucor Corp		10,959
5,831		Olympic Steel, Inc		145
25,709	*	Oregon Steel Mills, Inc		1,256
94,782		Precision Castparts Corp		5,986
26,576		Quanex Corp		807
16,800	*	RTI International Metals, Inc		732
16,399		Schnitzer Steel Industries, Inc (Class A)		517
34,044		Steel Dynamics, Inc		1,718
10,403		Steel Technologies, Inc		204
14,234	*	Superior Essex, Inc		488
17,041		Texas Industries, Inc		887
59,876	*	Titanium Metals Corp		1,514
24,156		Tredegar Corp		404
87,268		United States Steel Corp		5,034
6,089	*	Wheeling-Pittsburgh Corp		104
51,686		Worthington Industries, Inc		882
		TOTAL PRIMARY METAL INDUSTRIES		98,718
PRINTING AND PUBLISHING - 0.62%
31,906	*	ACCO Brands Corp		710
37,939		American Greetings Corp (Class A)		877
17,090		Banta Corp		813
65,821		Belo (A.H.) Corp Series A		1,041
22,675		Bowne & Co, Inc		324
8,210	*	Consolidated Graphics, Inc		494
6,267		Courier Corp		233
3,924		CSS Industries, Inc		117
41,293		Dow Jones & Co, Inc		1,385
47,168	*	Dun & Bradstreet Corp		3,537
17,307		Ennis, Inc		375
59,393		EW Scripps Co		2,847
168,968		Gannett Co, Inc		9,602
41,244		Harte-Hanks, Inc		1,087
18,920		John H Harland Co		690
34,409		John Wiley & Sons, Inc (Class A)		1,239
30,943		Journal Communications, Inc.		349
32,392		Journal Register Co		184

210

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
33,495		Lee Enterprises, Inc	$	845
19,558		Martha Stewart Living Omnimedia, Inc (Class A)		347
40,158		McClatchy Co (Class A)		1,694
253,923		McGraw-Hill Cos, Inc		14,735
16,558		Media General, Inc (Class A)		625
22,074		Meredith Corp		1,089
94,018		New York Times Co (Class A)		2,161
12,663	*	Playboy Enterprises, Inc (Class B)		119
19,405	*	Presstek, Inc		105
138,914	*	Primedia, Inc		211
18,728	*	Private Media Group Ltd		76
36,500		R.H. Donnelley Corp		1,931
154,442		R.R. Donnelley & Sons Co		5,090
68,509		Reader's Digest Association, Inc (Class A)		888
10,767		Schawk, Inc		196
24,827	*	Scholastic Corp		773
10,680		Standard Register Co		141
53,732		Sun-Times Media Group, Inc		354
136,556		Tribune Co		4,468
35,061	*	Valassis Communications, Inc		619
4,007		Washington Post Co (Class B)		2,953
		TOTAL PRINTING AND PUBLISHING		65,324
RAILROAD TRANSPORTATION - 0.60%
259,370		Burlington Northern Santa Fe Corp		19,048
312,934		CSX Corp		10,274
25,004		Florida East Coast Industries		1,427
26,537	*	Genesee & Wyoming, Inc (Class A)		616
53,587	*	Kansas City Southern Industries, Inc		1,463
293,344		Norfolk Southern Corp		12,922
191,317		Union Pacific Corp		16,836
		TOTAL RAILROAD TRANSPORTATION		62,586
REAL ESTATE - 0.13%
27,927	*	Alderwoods Group, Inc		554
7,127		California Coastal Communities, Inc		147
131,323	*	CB Richard Ellis Group, Inc		3,231
4,977		Consolidated-Tomoka Land Co		319
49,948		Forest City Enterprises, Inc (Class A)		2,712
10,086	*	Housevalues, Inc		59
25,773		Jones Lang LaSalle, Inc		2,203
5,276		Orleans Homebuilders, Inc		62
53,649		St. Joe Co		2,944
80,810		Stewart Enterprises, Inc (Class A)		474
25,105	*	Trammell Crow Co		917
		TOTAL REAL ESTATE		13,622
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.16%
5,113	*	AEP Industries, Inc		214
43,633		Cooper Tire & Rubber Co		439
8,335	*	Deckers Outdoor Corp		394
132,433	*	Goodyear Tire & Rubber Co		1,920
34,377	*	Jarden Corp		1,133
196,198		Newell Rubbermaid, Inc		5,556

211

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
7,498		PW Eagle, Inc	$	225
21,213		Schulman (A.), Inc		499
57,963		Sealed Air Corp		3,137
8,488	*	Skechers U.S.A., Inc (Class A)		200
25,932		Spartech Corp		694
11,898		Titan International, Inc		215
7,903	*	Trex Co, Inc		192
40,623		Tupperware Corp		791
22,867		West Pharmaceutical Services, Inc		898
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		16,507
SECURITY AND COMMODITY BROKERS - 3.01%
54,121		A.G. Edwards, Inc		2,884
152,689		Ameriprise Financial, Inc		7,161
84,969		Bear Stearns Cos, Inc		11,904
14,204		BlackRock, Inc		2,116
16,951		Calamos Asset Management, Inc (Class A)		497
37,559	*	Cbot Holdings, Inc		4,537
738,968		Charles Schwab Corp		13,228
25,214		Chicago Mercantile Exchange Holdings, Inc		12,059
9,422		Cohen & Steers, Inc		305
300,881	*	E*Trade Financial Corp		7,197
82,774		Eaton Vance Corp		2,389
65,091		Federated Investors, Inc (Class B)		2,201
120,358		Franklin Resources, Inc		12,728
6,584		GAMCO Investors, Inc		251
8,396	*	GFI Group, Inc		464
271,075		Goldman Sachs Group, Inc		45,858
12,503		Greenhill & Co, Inc		838
14,500	*	IntercontinentalExchange, Inc		1,089
26,869		International Securities Exchange, Inc		1,260
30,749	*	Investment Technology Group, Inc		1,376
150,501		Janus Capital Group, Inc		2,968
84,211		Jefferies Group, Inc		2,400
75,614	*	Knight Capital Group, Inc		1,376
37,720	*	LaBranche & Co, Inc		391
89,210		Legg Mason, Inc		8,998
380,549		Lehman Brothers Holdings, Inc		28,107
21,429	*	MarketAxess Holdings, Inc		224
654,693		Merrill Lynch & Co, Inc		51,210
761,119		Morgan Stanley		55,493
10,065	*	Morningstar, Inc		371
66,994	*	Nasdaq Stock Market, Inc		2,026
56,209		Nuveen Investments, Inc		2,880
110,246	*	NYSE Group, Inc		8,241
15,817		optionsXpress Holdings, Inc		441
14,814	*	Piper Jaffray Cos		898
66,932		Raymond James Financial, Inc		1,957
8,937		Sanders Morris Harris Group, Inc		112
44,676		SEI Investments Co		2,510
7,776	*	Stifel Financial Corp		247
9,972		SWS Group, Inc		248
187,924		T Rowe Price Group, Inc		8,992
223,167		TD Ameritrade Holding Corp		4,207
4,803	*	Thomas Weisel Partners Group, Inc		77
800		Value Line, Inc		37
60,258		Waddell & Reed Financial, Inc (Class A)		1,491

212

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
		TOTAL SECURITY AND COMMODITY BROKERS	$	316,244
SOCIAL SERVICES - 0.01%
20,451	*	Bright Horizons Family Solutions, Inc		853
15,384	*	Capital Senior Living Corp		142
8,598	*	Providence Service Corp		237
15,649	*	Res-Care, Inc		314
		TOTAL SOCIAL SERVICES		1,546
SPECIAL TRADE CONTRACTORS - 0.05%
2,319		Alico, Inc		136
18,820		Chemed Corp		607
28,901		Comfort Systems USA, Inc		331
32,076	*	Dycom Industries, Inc		690
23,437	*	EMCOR Group, Inc		1,285
20,939	*	Insituform Technologies, Inc (Class A)		508
10,880	*	Integrated Electrical Services, Inc		172
8,579	*	Layne Christensen Co		245
78,543	*	Quanta Services, Inc		1,324
		TOTAL SPECIAL TRADE CONTRACTORS		5,298
STONE, CLAY, AND GLASS PRODUCTS - 0.08%
18,958		Apogee Enterprises, Inc		288
18,807	*	Cabot Microelectronics Corp		542
14,827		CARBO Ceramics, Inc		534
35,971		Eagle Materials, Inc		1,212
110,968		Gentex Corp		1,577
108,535	*	Owens-Illinois, Inc		1,674
23,708	*	US Concrete, Inc		154
54,528	b,m*	USG Corp		2,565
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		8,546
TEXTILE MILL PRODUCTS - 0.01%
10,106		Oxford Industries, Inc		434
14,120		Xerium Technologies, Inc		156
		TOTAL TEXTILE MILL PRODUCTS		590
TOBACCO PRODUCTS - 1.26%
1,486,068		Altria Group, Inc		113,759
66,418		Loews Corp (Carolina Group)		3,679
121,950		Reynolds American, Inc		7,557
18,667		Universal Corp		682
114,760		UST, Inc		6,292
24,693		Vector Group Ltd		401
		TOTAL TOBACCO PRODUCTS		132,370
TRANSPORTATION BY AIR - 0.47%
39,511	*	ABX Air, Inc		222
7,464	*	Air Methods Corp		176
65,497	*	Airtran Holdings, Inc		650
28,126	*	Alaska Air Group, Inc		1,070
148,678	*	AMR Corp		3,440
14,233	*	Atlas Air Worldwide Holdings, Inc		619
18,390	*	Bristow Group, Inc		633
61,877	*	Continental Airlines, Inc (Class B)		1,752

213

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
23,319	*	EGL, Inc	$	850
30,417	*	ExpressJet Holdings, Inc		201
215,904		FedEx Corp		23,464
29,374	*	Frontier Airlines Holdings, Inc		242
123,072	*	JetBlue Airways Corp		1,141
29,055	*	Mesa Air Group, Inc		225
9,723	*	PHI, Inc		296
23,015	*	Republic Airways Holdings, Inc		357
45,222		Skywest, Inc		1,109
574,339		Southwest Airlines Co		9,568
74,170	*	UAL Corp		1,971
43,209	*	US Airways Group, Inc		1,915
		TOTAL TRANSPORTATION BY AIR		49,901
TRANSPORTATION EQUIPMENT - 2.55%
13,757		A.O. Smith Corp		542
26,152	*	AAR Corp		623
16,459	*	Accuride Corp		181
14,702	*	Aftermarket Technology Corp		261
35,109		American Axle & Manufacturing Holdings, Inc		586
5,300		American Railcar Industries, Inc		154
9,760		Arctic Cat, Inc		162
50,366		ArvinMeritor, Inc		717
58,854		Autoliv, Inc		3,243
567,446		Boeing Co		44,743
67,593		Brunswick Corp		2,108
36,782		Clarcor, Inc		1,121
10,359	*	Comtech Group, Inc		155
34,017		Federal Signal Corp		519
41,202	*	Fleetwood Enterprises, Inc		277
1,282,261		Ford Motor Co		10,373
8,920		Freightcar America, Inc		473
7,817	*	Fuel Systems Solutions, Inc		99
42,477	*	GenCorp, Inc		545
284,646		General Dynamics Corp		20,401
336,455		General Motors Corp		11,190
7,281		GenTek, Inc		202
122,658		Genuine Parts Co		5,290
85,978		Goodrich Corp		3,484
9,575		Greenbrier Cos, Inc		278
17,491		Group 1 Automotive, Inc		873
190,849		Harley-Davidson, Inc		11,976
29,665		Harsco Corp		2,303
14,627		Heico Corp		502
131,644		ITT Industries, Inc		6,749
73,750		JLG Industries, Inc		1,461
14,200	*	K&F Industries Holdings, Inc		267
17,547		Kaman Corp (Class A)		317
260,243		Lockheed Martin Corp		22,397
6,589	*	Miller Industries, Inc		120
21,622		Monaco Coach Corp		241
44,233	*	Navistar International Corp		1,142
6,171		Noble International Ltd		77
244,204		Northrop Grumman Corp		16,623
40,694	*	Orbital Sciences Corp		764
52,050		Oshkosh Truck Corp		2,627

214

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
177,636		Paccar, Inc	$	10,129
100,239	*	Pactiv Corp		2,849
30,275		Polaris Industries, Inc		1,246
317,139		Raytheon Co		15,226
4,792	*	Sequa Corp (Class A)		450
17,715		Superior Industries International, Inc		297
32,438	*	Tenneco, Inc		759
91,202		Textron, Inc		7,980
25,200		Thor Industries, Inc		1,037
7,965	*	TransDigm Group, Inc		195
54,046		Trinity Industries, Inc		1,739
12,081		Triumph Group, Inc		512
30,832	*	TRW Automotive Holdings Corp		742
718,291		United Technologies Corp		45,504
93,062		Visteon Corp		758
22,100		Wabash National Corp		303
34,522		Westinghouse Air Brake Technologies Corp		937
24,826		Winnebago Industries, Inc		779
		TOTAL TRANSPORTATION EQUIPMENT		267,608
TRANSPORTATION SERVICES - 0.18%
14,656		Ambassadors Group, Inc		414
4,915		Ambassadors International, Inc		155
122,858		CH Robinson Worldwide, Inc		5,477
8,003	*	Dynamex, Inc		166
152,762		Expeditors International Washington, Inc		6,810
31,095		GATX Corp		1,286
28,305	*	HUB Group, Inc		645
48,010		Lear Corp		994
26,631		Pacer International, Inc		739
26,768	*	RailAmerica, Inc		292
94,462		Sabre Holdings Corp		2,209
		TOTAL TRANSPORTATION SERVICES		19,187
TRUCKING AND WAREHOUSING - 0.43%
17,410		Arkansas Best Corp		749
16,346	*	Celadon Group, Inc		272
37,065		Con-way, Inc		1,661
22,919		Forward Air Corp		758
46,789		Heartland Express, Inc		734
80,351		J.B. Hunt Transport Services, Inc		1,669
43,462		Landstar System, Inc		1,856
14,139	*	Marten Transport Ltd		242
19,477	*	Old Dominion Freight Line		585
4,234	*	P.A.M. Transportation Services, Inc		106
1,137	*	Patriot Transportation Holding, Inc		86
6,236	*	Quality Distribution, Inc		92
9,635	*	Saia, Inc		314
35,619	*	SIRVA, Inc		95
36,993	*	Swift Transportation Co, Inc		877
6,846	*	U.S. Xpress Enterprises, Inc (Class A)		158
456,426		United Parcel Service, Inc (Class B)		32,835
3,884	*	Universal Truckload Services, Inc		101
5,986	*	USA Truck, Inc		114
35,401		Werner Enterprises, Inc		662
40,766	*	YRC Worldwide, Inc		1,510
		TOTAL TRUCKING AND WAREHOUSING		45,476

215

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
WATER TRANSPORTATION - 0.06%
30,756		Alexander & Baldwin, Inc	$	1,365
21,923	*	American Commercial Lines, Inc		1,303
11,494	*	Gulfmark Offshore, Inc		366
9,884		Horizon Lines, Inc		165
17,478	*	Hornbeck Offshore Services, Inc		586
37,552	*	Kirby Corp		1,177
8,500		Maritrans, Inc		311
20,862		Overseas Shipholding Group, Inc		1,289
		TOTAL WATER TRANSPORTATION		6,562
WHOLESALE TRADE-DURABLE GOODS - 0.36%
61,384		Adesa, Inc		1,419
23,674		Agilysys, Inc		332
30,894		Applied Industrial Technologies, Inc		754
85,479	*	Arrow Electronics, Inc		2,345
26,755		Barnes Group, Inc		470
30,944	*	Beacon Roofing Supply, Inc		626
7,060		BlueLinx Holdings, Inc		67
39,742		BorgWarner, Inc		2,272
21,864		Building Material Holding Corp		569
7,176		Castle (A.M.) & Co		193
15,920	*	Conceptus, Inc		282
82,295	*	Cytyc Corp		2,015
13,898	*	Digi International, Inc		188
13,174		Drew Industries, Inc		333
26,458		Genesis Microchip, Inc		311
78,096		IKON Office Solutions, Inc		1,050
95,160	*	Ingram Micro, Inc (Class A)		1,823
34,716	*	Insight Enterprises, Inc		715
19,381	*	Interline Brands, Inc		478
13,159	*	Keystone Automotive Industries, Inc		500
42,424		Knight Transportation, Inc		719
3,000		Lawson Products, Inc		126
31,919	*	LKQ Corp		701
32,342		Martin Marietta Materials, Inc		2,737
15,714	*	Merge Technologies, Inc		108
3,818	*	MWI Veterinary Supply, Inc		128
28,836		Owens & Minor, Inc		948
99,949	*	Patterson Cos, Inc		3,359
37,424		PEP Boys-Manny Moe & Jack		481
37,580		Pool Corp		1,447
47,725	*	PSS World Medical, Inc		954
46,192		Reliance Steel & Aluminum Co		1,485
19,445		Ryerson Tull, Inc		426
39,380	*	Tech Data Corp		1,439
26,379	*	Tyler Technologies, Inc		341
54,621		W.W. Grainger, Inc		3,661
34,294	*	WESCO International, Inc		1,990
8,587	*	West Marine, Inc		120
		TOTAL WHOLESALE TRADE-DURABLE GOODS		37,912
WHOLESALE TRADE-NONDURABLE GOODS - 0.80%
48,102		Airgas, Inc		1,740

216

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
31,521	*	Akorn, Inc	$	114
59,409		Alliance One International, Inc		244
32,869	*	Allscripts Healthcare Solutions, Inc		738
43,792		Brown-Forman Corp (Class B)		3,357
295,209		Cardinal Health, Inc		19,407
21,391	*	Central European Distribution Corp		501
7,034	*	Core-Mark Holding Co, Inc		220
96,667	*	Dean Foods Co		4,062
96,092	*	Endo Pharmaceuticals Holdings, Inc		3,128
2,908	*	Green Mountain Coffee Roasters, Inc		107
21,948	*	Hain Celestial Group, Inc		561
62,653	*	Henry Schein, Inc		3,141
6,203		Kenneth Cole Productions, Inc (Class A)		151
19,366		K-Swiss, Inc (Class A)		582
2,095	*	Maui Land & Pineapple Co, Inc		62
35,438		Men's Wearhouse, Inc		1,319
18,114		Myers Industries, Inc		308
8,977		Nash Finch Co		211
137,217		Nike, Inc (Class B)		12,023
38,826		Nu Skin Enterprises, Inc (Class A)		680
11,120	*	Nuco2, Inc		299
6,666	*	Perry Ellis International, Inc		206
320,997		Safeway, Inc		9,742
17,687	*	School Specialty, Inc		624
8,100	*	Smart & Final, Inc		138
22,616	*	Source Interlink Cos, Inc		215
14,127		Spartan Stores, Inc		239
25,507		Stride Rite Corp		356
445,087		Sysco Corp		14,888
67,174	*	Terra Industries, Inc		518
9,068		The Andersons, Inc		310
25,451	*	Tractor Supply Co		1,228
30,443	*	United Natural Foods, Inc		943
24,300		United Stationers, Inc		1,130
6,399		Valhi, Inc		149
1,903		Valley National Gases, Inc		48
9,361	*	Volcom, Inc		211
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		83,900
		TOTAL COMMON STOCKS		10,486,015
		(Cost $8,003,102)
WARRANTS - 0.00%**
COMMUNICATIONS - 0.00%**
27	e,v*	RCN Corp Wts		-	^
		TOTAL COMMUNICATIONS		-	^
WHOLESALE TRADE-DURABLE GOODS - 0.00%**
808	v*	Timco Aviation Services, Inc Wts		-	^
		TOTAL WHOLESALE TRADE-DURABLE GOODS		-	^
		TOTAL WARRANTS		-	^
		(Cost $0)

217

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
SHORT-TERM INVESTMENTS - 0.00%**
U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES - 0.00%**
$     300,000		Federal Home Loan Bank (FHLB)	4.750%	10/02/06	$	300
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES				300
		TOTAL SHORT-TERM INVESTMENTS				300
		(Cost $300)
		TOTAL PORTFOLIO - 99.85%				10,486,315
		(Cost $8,003,402)
		OTHER ASSETS & LIABILITIES, NET - 0.15%				16,270
		NET ASSETS - 100.00%			$	10,502,585
	The following abbreviation is used in portfolio descriptions:
	ADR	American Depositary Receipt
	*	Non-income producing
	**	Percentage represents less than 0.01%
	^	Amount represents less than $1,000
	b	In bankruptcy
	e	All or a portion of these securities are out on loan.
	m	Indicates a security that has been deemed illiquid.
	v	Security valued at fair value.
		Cost amounts are in thousands.
		For ease of presentation, we have grouped a number of industry classification categories together in
		the Statement of Investments. Note that the Accounts use more specific industry categories in following
		their investment limitations on industry concentration.

218

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
COLLEGE RETIREMENT EQUITIES FUND
BOND MARKET ACCOUNT
STATEMENT OF INVESTMENTS (Unaudited)
September 30, 2006
					MATURITY			VALUE
PRINCIPAL			RATE		DATE	RATING +		(000)
BONDS - 98.46%
CORPORATE BONDS - 36.22%
AMUSEMENT AND RECREATION SERVICES - 0.09%
$     2,000,000	e	Caesars Entertainment, Inc	7.875	%	03/15/10	Ba1	$	2,080
2,000,000		Caesars Entertainment, Inc	7.000		04/15/13	Baa3		2,072
1,450,000	e	Harrah's Operating Co, Inc	6.500		06/01/16	Baa3		1,435
		TOTAL AMUSEMENT AND RECREATION SERVICES						5,587
ASSET BACKED - 5.28%
20,000,000		AmeriCredit Automobile Receivables Trust Series 2006-AF
		(Class A4)	5.640		09/06/13	Aaa		20,321
413,268	i	AQ Finance NIM Trust Series 2004-RN2	5.530		04/25/09	Aaa		413
335,971	i,v	AQ Finance NIM Trust Series 2004-RN3	5.510		05/25/09	Aaa		336
134,423		Asset Backed Funding Corp NIM Trust Series 2005-WMC1
		(Class N1)	5.900		07/26/35	N/R		134
10,000,000	i	Centex Home Equity Series 2004-C (Class AF5)	5.980		06/25/34	Aaa		10,029
1,100,000	i	Centex Home Equity Series 2004-D (Class MF2)	5.560		09/25/34	A2		1,080
1,375,000	i	Chase Funding Mortgage Loan Asset-Backed Certificates
		Series 2004-2 (Class 1B)	5.700		02/25/34	Baa2		1,336
3,500,000	i	Chase Funding Mortgage Loan Asset-Backed Certificates
		Series 2004-2 (Class 1M1)	5.700		02/25/34	Aa2		3,484
1,750,000	i	Chase Funding Mortgage Loan Asset-Backed Certificates
		Series 2004-2 (Class 1M2)	5.700		02/25/34	A2		1,732
2,300,000		Chase Manhattan Auto Owner Trust Series 2004-A (Class	2.830		09/15/10	Aaa		2,251
10,000,000		CIT Equipment Collateral Series 2005-VT1 (Class A4)	4.360		11/20/12	Aaa		9,888
5,653,741	i	CIT Group Home Equity Loan Trust Series 2002-1 (Class
		AF6)	6.200		02/25/30	Aaa		5,691
576,116	i	CIT Group Home Equity Loan Trust Series 2002-2 (Class
		MF2)	6.390		12/25/30	A3		576
28,400,000	i	Citicorp Mortgage Securities, Inc Series 2006-1 (Class A3)	5.706		07/25/36	Aaa		28,531
20,812,000	i,v	Citicorp Mortgage Securities, Inc Series 2006-2 (Class A3)	5.563		09/25/36	Aaa		20,812
1,691,265	i	Countrywide Home Equity Loan Trust Series 2004-B (Class
		1A)	5.550		02/15/29	Aaa		1,693
5,320,589		Detroit Edison Securitization Funding LLC Series 2001-1
		(Class A3)	5.875		03/01/10	Aaa		5,351
6,372,000		GMAC Mortgage Corporation Loan Trust 2006-HLTV A3	5.590		03/01/30	Aaa		6,386
2,600,000		GMAC Mortgage Corporation Loan Trust 2006-HLTV A4	5.810		03/01/36	Aaa		2,611
6,836,676	i	Golden Securities Corp Series 2003-A (Class A1)	5.630		12/02/13	Aaa		6,816
5,000,000	i	GSAMP Trust Series 2004-WF (Class M1)	5.910		10/25/34	Aa2		5,036
6,564,637		Household Automotive Trust Series 2003-2 (Class A4)	3.020		12/17/10	Aaa		6,458
25,000,000		Household Automotive Trust Series 2006-2 (Class A3)	5.610		08/17/11	Aaa		25,275
24,000,000		Household Credit Card Master Note Trust I Series 2006-1
		(Class A)	5.100		06/15/12	Aaa		24,131
3,000,000	i	IXIS Real Estate Capital Trust Series 2006-HE1 (Class A2)	5.470		03/25/36	Aaa		3,002
294,651		Long Beach Asset Holdings Corp Series 2006-4 (Class N1)	5.877		06/25/46	N/R		294
5,259,000	v	Long Beach Asset Holdings Corp Series 2006-6 (Class N1)	6.072		09/25/46	N/R		5,259
1,050,000	v	New York City Tax Lien Series 2006-AA (Class A)	5.930		07/01/36	Aaa		1,050

219

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
					MATURITY			VALUE
PRINCIPAL			RATE		DATE	RATING +		(000)
$     2,562,720		Peco Energy Transition Trust Series 1999-A (Class A6)	6.050	%	03/01/09	Aaa	$	2,570
10,000,000		Peco Energy Transition Trust Series 1999-A (Class A7)	6.130		03/01/09	Aaa		10,115
5,726,986		Public Service New Hampshire Funding LLC Series 2001-1
		(Class A2)	5.730		11/01/10	Aaa		5,762
6,500,000	i,v	Renaissance Home Equity Loan Trust Series 2006-3 (Class
		AF3)	5.586		11/25/36	Aaa		6,522
12,000,000	i	Residential Asset Mortgage Products, Inc Series 2004-RS11
		(Class M1)	5.950		11/25/34	Aa1		12,078
1,324,461		Residential Asset Securities Corp Series 2001-KS2 (Class	6.489		10/25/30	Aaa		1,326
8,000,000		Residential Funding Mortgage Securities II, Inc Series 2006-
		H12 (Class A2)	5.750		02/25/36	Aaa		8,027
5,014,000	i	Residential Funding Mortgage Securities II, Inc Series 2006-
		HI1 (Class A3)	5.570		02/25/36	Aaa		5,021
2,500,000	i	Residential Funding Mortgage Securities II, Inc Series 2006-
		HI1 (Class M1)	6.010		02/25/36	Aa1		2,516
250,000	i	Residential Funding Mortgage Securities II, Inc Series 2006-
		HI1 (Class M2)	6.060		02/25/36	Aa2		251
2,000,000		Residential Funding Mortgage Securities II, Inc Series 2006-
		HI3 (Class A2)	5.950		02/25/36	Aaa		2,013
6,000,000		Residential Funding Mortgage Securities II, Inc Series 2006-
		HI3 (Class A3)	5.960		02/25/36	Aaa		6,067
9,628,000	v	Residential Funding Mortgage Securities II, Inc Series 2006-
		HI4 (Class A2)	5.450		09/25/36	Aaa		9,628
30,000,000	v	Residential Funding Mortgage Securities II, Inc Series 2006-
		HI4 (Class A3)	5.440		09/25/36	Aaa		29,991
9,862,000	i	Residential Funding Mortgage Securities II, Inc Series 2006-
		HSA2 (Class AI3)	5.550		03/25/36	Aaa		9,875
4,254,980	v	Sierra Receivables Funding Co Series 2006-1A (Class A1)	5.840		05/20/18	Aaa		4,309
8,113,333	i	Wachovia Loan Trust Series 2005-SD1 (Class A)	5.690		05/25/35	N/R		8,118
		TOTAL ASSET BACKED						324,165
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.22%
7,000,000		Home Depot, Inc	5.400		03/01/16	Aa3		6,948
5,750,000		Lowe's Cos, Inc	8.250		06/01/10	A1		6,323
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES						13,271
BUSINESS SERVICES - 0.04%
2,000,000		Advanstar Communications, Inc	10.750		08/15/10	B1		2,155
		TOTAL BUSINESS SERVICES						2,155
CHEMICALS AND ALLIED PRODUCTS - 0.46%
6,500,000		Abbott Laboratories	5.600		05/15/11	A1		6,617
3,500,000		Chemtura Corp	6.875		06/01/16	Ba1		3,452
2,750,000		Genentech, Inc	5.250		07/15/35	A1		2,571
2,500,000		Lubrizol Corp	4.625		10/01/09	Baa3		2,429
5,650,000	e	Lubrizol Corp	5.500		10/01/14	Baa3		5,496
5,000,000	e	Merck & Co, Inc	4.750		03/01/15	Aa3		4,779
3,000,000		Procter & Gamble Co	4.950		08/15/14	Aa3		2,946
		TOTAL CHEMICALS AND ALLIED PRODUCTS						28,290
COMMUNICATIONS - 2.30%
3,750,000		America Movil S.A. de C.V.	6.375		03/01/35	A3		3,581
9,500,000	e	AT&T, Inc	5.100		09/15/14	A2		9,156
2,000,000	e	AT&T, Inc	6.150		09/15/34	A2		1,942
11,521,001	e	Comcast Cable Communications Holdings, Inc	8.375		03/15/13	Baa2		13,138

220

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
					MATURITY			VALUE
PRINCIPAL			RATE		DATE	RATING +		(000)
$     9,000,000	e	Comcast Corp	6.500	%	01/15/17	Baa2	$	9,389
6,000,000	e	Comcast Corp	5.650		06/15/35	Baa2		5,439
2,750,000		Comcast Corp	6.500		11/15/35	Baa2		2,763
2,000,000		COX Communications, Inc	4.625		01/15/10	Baa3		1,949
2,000,000		COX Communications, Inc	5.450		12/15/14	Baa3		1,930
2,500,000	g	COX Enterprises, Inc	4.375		05/01/08	Baa3		2,453
4,000,000		Deutsche Telekom International Finance BV	8.250		06/15/30	A3		4,895
4,250,000	i	France Telecom S.A.	7.750		03/01/11	A3		4,658
1,750,000		Gray Television, Inc	9.250		12/15/11	B1		1,831
1,150,000	e	GTE Corp	6.840		04/15/18	Baa1		1,217
4,000,000		New Cingular Wireless Services, Inc	7.875		03/01/11	Baa1		4,380
4,750,000		New Cingular Wireless Services, Inc	8.750		03/01/31	Baa1		6,089
500,000	e	Rogers Cable, Inc	6.750		03/15/15	Ba2		505
2,500,000	e	Rogers Wireless, Inc	7.500		03/15/15	Ba2		2,669
12,750,000		Sprint Capital Corp	8.375		03/15/12	Baa3		14,278
4,000,000	e	Telecom Italia Capital S.A.	5.250		11/15/13	Baa2		3,794
7,500,000	e	Telecom Italia Capital S.A.	6.375		11/15/33	Baa2		7,026
10,000,000	e	Verizon Communications, Inc	5.550		02/15/16	A3		9,855
4,250,000	e	Verizon Global Funding Corp	7.375		09/01/12	A3		4,654
2,250,000	e	Verizon Global Funding Corp	5.850		09/15/35	A3		2,115
6,500,000		Verizon Virginia, Inc	4.625		03/15/13	Baa1		6,060
5,000,000		Verizon Wireless Capital LLC	5.375		12/15/06	A2		4,998
4,850,000	g	Viacom, Inc	5.750		04/30/11	Baa3		4,841
3,500,000	g	Viacom, Inc	6.875		04/30/36	Baa3		3,462
2,000,000	e	Vodafone Group plc	5.000		12/16/13	A3		1,920
		TOTAL COMMUNICATIONS						140,987
DEPOSITORY INSTITUTIONS - 3.43%
5,000,000		Bank of America Corp	7.400		01/15/11	Aa3		5,412
7,550,000	e	Bank of America Corp	5.375		08/15/11	Aa2		7,617
4,000,000		Bank of America Corp	6.250		04/15/12	Aa2		4,193
8,750,000	e	Bank of America Corp	4.875		01/15/13	Aa2		8,561
3,550,000		Bank of America Corp	5.750		08/15/16	Aa3		3,614
1,500,000		Bank One Corp	5.900		11/15/11	A1		1,541
2,750,000		Bank One Corp	5.250		01/30/13	A1		2,732
7,000,000		Bank One NA	5.500		03/26/07	Aa2		7,003
5,000,000	e	Bank One NA	3.700		01/15/08	Aa2		4,907
5,250,000	g,i	BOI Capital Funding No. 2 Lp	5.571		12/30/49	A2		5,064
3,500,000		Branch Banking & Trust Co	5.625		09/15/16	Aa3		3,543
4,000,000	e	Capital One Bank	5.125		02/15/14	A3		3,895
4,850,000		Citigroup, Inc	5.100		09/29/11	Aa1		4,838
18,500,000	e	Citigroup, Inc	5.125		05/05/14	Aa1		18,274
6,655,000		Citigroup, Inc	5.000		09/15/14	Aa2		6,480
3,000,000		Citigroup, Inc	5.850		12/11/34	Aa1		3,032
4,000,000		FIA Card Services NA	4.625		08/03/09	Aa1		3,953
3,000,000		Golden West Financial Corp	4.125		08/15/07	Aa3		2,967
3,500,000		Golden West Financial Corp	4.750		10/01/12	Aa3		3,398
2,000,000		Greenpoint Financial Corp	3.200		06/06/08	A2		1,932
5,000,000		International Finance Corp	5.125		05/02/11	Aaa		5,057
1,000,000		JPMorgan Chase & Co	7.875		06/15/10	A1		1,087
4,500,000	e	JPMorgan Chase & Co	4.500		01/15/12	Aa3		4,353
5,500,000		JPMorgan Chase & Co	5.750		01/02/13	A1		5,609
4,000,000		KeyBank NA	5.000		07/17/07	A1		3,982
2,000,000		M&I Marshall & Ilsley Bank	4.125		09/04/07	Aa3		1,979
5,700,000		M&I Marshall & Ilsley Bank	4.400		03/15/10	Aa3		5,562

221

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
					MATURITY			VALUE
PRINCIPAL			RATE		DATE	RATING +		(000)
$     5,000,000		Mellon Funding Corp	4.875	%	06/15/07	A1	$	4,984
3,250,000		Popular North America, Inc	5.650		04/15/09	A3		3,265
4,250,000	e,g,i	Rabobank Capital Funding Trust	5.254		12/30/49	Aa2		4,102
2,500,000		Regions Financial Corp	6.375		05/15/12	A2		2,627
2,000,000		Union Bank of California NA	5.950		05/11/16	A2		2,057
2,500,000		US Bank NA	5.700		12/15/08	Aa2		2,526
5,000,000		US Bank NA	6.300		02/04/14	Aa2		5,294
12,750,000		Wachovia Bank NA	4.800		11/01/14	Aa3		12,220
5,000,000	i	Wachovia Capital Trust III	5.800		12/30/49	A2		5,014
4,500,000		Wachovia Corp	5.250		08/01/14	A1		4,445
4,500,000		Washington Mutual Bank	5.500		01/15/13	A3		4,492
7,150,000		Washington Mutual, Inc	5.500		08/24/11	A3		7,185
7,500,000	e	Wells Fargo & Co	5.300		08/26/11	Aa1		7,543
6,000,000		Wells Fargo Bank NA	6.450		02/01/11	Aa1		6,291
1,500,000		Wells Fargo Bank NA	4.750		02/09/15	Aa1		1,437
6,000,000		Wells Fargo Bank NA	5.950		08/26/36	Aa1		6,142
		TOTAL DEPOSITORY INSTITUTIONS						210,209
EATING AND DRINKING PLACES - 0.03%
2,000,000		Aramark Services, Inc	5.000		06/01/12	B2		1,637
		TOTAL EATING AND DRINKING PLACES						1,637
ELECTRIC, GAS, AND SANITARY SERVICES - 1.83%
2,000,000	e	AGL Capital Corp	6.000		10/01/34	Baa1		1,944
2,500,000		Atmos Energy Corp	4.000		10/15/09	Baa3		2,403
4,500,000		Carolina Power & Light Co	5.125		09/15/13	A3		4,395
2,750,000	e	Carolina Power & Light Co	5.700		04/01/35	A3		2,669
4,250,000		CenterPoint Energy Resources Corp	7.875		04/01/13	Baa3		4,726
2,375,000		Consolidated Edison Co of New York	5.500		09/15/16	A1		2,384
3,500,000		Consolidated Natural Gas Co	6.250		11/01/11	Baa1		3,630
4,250,000		Consolidated Natural Gas Co	5.000		12/01/14	Baa1		4,073
2,000,000	e	Duke Capital LLC	6.250		02/15/13	Baa2		2,055
9,000,000	e	FirstEnergy Corp	6.450		11/15/11	Baa3		9,379
3,400,000	e	Florida Power & Light Co	4.850		02/01/13	Aa3		3,331
3,500,000		Florida Power Corp	4.500		06/01/10	A2		3,397
4,000,000	i	FPL Group Capital, Inc	6.350		10/01/66	A3		4,055
4,000,000		National Fuel Gas Co	5.250		03/01/13	Baa1		3,950
3,000,000		National Rural Utilities Cooperative Finance Corp	5.750		08/28/09	A2		3,048
3,500,000	g	Nevada Power Co	6.650		04/01/36	Ba1		3,617
4,500,000		Northern Border Pipeline Co	6.250		05/01/07	A3		4,519
2,250,000	e	Northern States Power Co	6.250		06/01/36	A2		2,388
2,500,000		Northern States Power-Minnesota	5.250		07/15/35	A2		2,285
2,500,000		Ohio Edison Co	4.000		05/01/08	Baa2		2,447
3,500,000		Ohio Power Co	5.300		11/01/10	A3		3,491
4,075,000		ONEOK Partners Lp	5.900		04/01/12	Baa2		4,091
6,000,000	e	Pacific Gas & Electric Co	4.200		03/01/11	Baa1		5,744
2,000,000	e	Public Service Co of Colorado	7.875		10/01/12	A3		2,258
2,500,000		Public Service Co of Colorado	5.500		04/01/14	A3		2,514
2,250,000		Puget Sound Energy, Inc	6.274		03/15/37	Baa2		2,294
2,750,000	e	Southern California Edison Co	6.000		01/15/34	A2		2,828
3,250,000	e	Southern California Edison Co	5.350		07/15/35	A2		3,033
4,500,000		Virginia Electric and Power Co	4.750		03/01/13	Baa1		4,300
2,000,000		Waste Management, Inc	7.750		05/15/32	Baa3		2,392
1,500,000		Westar Energy, Inc	6.000		07/01/14	Baa2		1,539
3,000,000		Wisconsin Electric Power	5.625		05/15/33	A1		2,893

222

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
					MATURITY			VALUE
PRINCIPAL			RATE		DATE	RATING +		(000)
$     4,000,000		Xcel Energy, Inc	6.500	%	07/01/36	Baa1	$	4,228
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES						112,300
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 0.30%
7,500,000		Cisco Systems, Inc	5.250		02/22/11	A1		7,536
2,500,000	e	Cisco Systems, Inc	5.500		02/22/16	A1		2,516
4,000,000		Emerson Electric Co	4.500		05/01/13	A2		3,828
4,000,000		International Business Machines Corp	6.220		08/01/27	A1		4,245
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT						18,125
FABRICATED METAL PRODUCTS - 0.16%
3,000,000		Crane Co	5.500		09/15/13	Baa2		2,939
3,500,000		Fortune Brands, Inc	5.125		01/15/11	Baa2		3,431
3,750,000		Fortune Brands, Inc	4.875		12/01/13	Baa2		3,542
		TOTAL FABRICATED METAL PRODUCTS						9,912
FOOD AND KINDRED PRODUCTS - 0.63%
3,000,000		Anheuser-Busch Cos, Inc	4.700		04/15/12	A1		2,926
4,000,000		Bottling Group LLC	4.625		11/15/12	Aa3		3,870
1,750,000		Bunge Ltd Finance Corp	5.875		05/15/13	Baa2		1,740
2,750,000		Bunge Ltd Finance Corp	5.100		07/15/15	Baa2		2,568
3,500,000	e	Cia Brasileira de Bebidas	8.750		09/15/13	Baa3		4,055
5,000,000		Coors Brewing Co	6.375		05/15/12	Baa2		5,199
6,875,000		Diageo Capital plc	5.125		01/30/12	A3		6,806
2,500,000	g	Foster's Finance Corp	4.875		10/01/14	Baa2		2,367
3,000,000		Kellogg Co	7.450		04/01/31	A3		3,611
4,000,000		Kraft Foods, Inc	6.500		11/01/31	A3		4,322
1,250,000		WM Wrigley Jr Co	4.650		07/15/15	A1		1,188
		TOTAL FOOD AND KINDRED PRODUCTS						38,652
FOOD STORES - 0.17%
2,000,000		Delhaize America, Inc	8.125		04/15/11	Ba1		2,147
3,500,000		Kroger Co	7.250		06/01/09	Baa2		3,655
2,500,000		Kroger Co	6.800		04/01/11	Baa2		2,614
2,325,000		Safeway, Inc	4.125		11/01/08	Baa2		2,265
		TOTAL FOOD STORES						10,681
FORESTRY - 0.04%
2,665,000		Weyerhaeuser Co	5.950		11/01/08	Baa2		2,687
		TOTAL FORESTRY						2,687
GENERAL BUILDING CONTRACTORS - 0.34%
3,250,000		Centex Corp	5.250		06/15/15	Baa2		3,034
5,500,000		Centex Corp	6.500		05/01/16	Baa2		5,557
3,000,000	e	DR Horton, Inc	9.750		09/15/10	Ba1		3,296
5,000,000	e	DR Horton, Inc	5.375		06/15/12	Baa3		4,787
4,500,000	e	DR Horton, Inc	6.500		04/15/16	Baa3		4,412
		TOTAL GENERAL BUILDING CONTRACTORS						21,086
GENERAL MERCHANDISE STORES - 0.41%
10,550,000	e	Target Corp	5.875		07/15/16	A1		10,925
7,000,000		Wal-Mart Stores, Inc	4.000		01/15/10	Aa2		6,768
7,750,000	e	Wal-Mart Stores, Inc	4.125		02/15/11	Aa2		7,464
		TOTAL GENERAL MERCHANDISE STORES						25,157

223

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
					MATURITY			VALUE
PRINCIPAL			RATE		DATE	RATING +		(000)
HEALTH SERVICES - 0.09%
$     5,650,000		Laboratory Corp of America Holdings	5.625	%	12/15/15	Baa3	$	5,599
		TOTAL HEALTH SERVICES						5,599
HOLDING AND OTHER INVESTMENT OFFICES - 0.47%
3,750,000	e	Archstone-Smith Trust	5.750		03/15/16	Baa1		3,760
5,000,000		Brookfield Asset Management, Inc	7.125		06/15/12	Baa3		5,347
5,000,000		Camden Property Trust	5.875		06/01/07	Baa2		5,014
4,000,000		Colonial Properties Trust	6.250		06/15/14	Baa3		4,085
4,500,000	e	iStar Financial, Inc	5.150		03/01/12	Baa2		4,387
3,650,000		iStar Financial, Inc	5.700		03/01/14	Baa2		3,629
2,825,000		Simon Property Group Lp	5.600		09/01/11	Baa1		2,841
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES						29,063
HOTELS AND OTHER LODGING PLACES - 0.06%
2,000,000		Boyd Gaming Corp	8.750		04/15/12	Ba3		2,100
1,750,000	e	MGM Mirage	6.000		10/01/09	Ba2		1,728
		TOTAL HOTELS AND OTHER LODGING PLACES						3,828
INDUSTRIAL MACHINERY AND EQUIPMENT - 0.12%
5,500,000		Caterpillar, Inc	6.050		08/15/36	A2		5,756
1,500,000		Kennametal, Inc	7.200		06/15/12	Baa3		1,594
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT						7,350
INSTRUMENTS AND RELATED PRODUCTS - 0.15%
3,000,000	e	Johnson & Johnson	3.800		05/15/13	Aaa		2,797
5,000,000		Medtronic, Inc	4.750		09/15/15	A1		4,757
2,000,000		Thermo Electron Corp	5.000		06/01/15	Baa1		1,882
		TOTAL INSTRUMENTS AND RELATED PRODUCTS						9,436
INSURANCE CARRIERS - 1.02%
6,250,000		Aetna, Inc	6.625		06/15/36	A3		6,597
5,000,000	g	AIG SunAmerica Global Financing VI	6.300		05/10/11	Aa2		5,217
4,250,000	e	Allstate Corp	5.000		08/15/14	A1		4,134
5,000,000	e	American International Group, Inc	5.050		10/01/15	Aa2		4,859
3,600,000	i	ING Groep NV	5.775		12/30/49	A2		3,548
4,000,000	g	John Hancock Global Funding II	7.900		07/02/10	Aa2		4,384
3,750,000	g	Liberty Mutual Group, Inc	6.500		03/15/35	Baa3		3,577
4,000,000	g	Mantis Reef Ltd	4.799		11/03/09	A3		3,907
3,000,000	e	Metlife, Inc	5.375		12/15/12	A2		3,007
5,000,000		Metlife, Inc	5.000		06/15/15	A2		4,835
2,500,000	e	Metlife, Inc	5.700		06/15/35	A2		2,410
3,000,000	e,g	Pricoa Global Funding I	3.900		12/15/08	Aa3		2,914
4,000,000		UnitedHealth Group, Inc	5.250		03/15/11	A3		3,988
2,000,000		WellPoint, Inc	5.000		01/15/11	Baa1		1,974
5,000,000		WellPoint, Inc	5.250		01/15/16	Baa1		4,895
2,250,000	e	WellPoint, Inc	5.850		01/15/36	Baa1		2,173
		TOTAL INSURANCE CARRIERS						62,419
METAL MINING - 0.19%
5,900,000		Barrick Gold Finance Co	4.875		11/15/14	Baa1		5,627
3,500,000	e,g	Corp Nacional del Cobre de Chile - CODELCO	4.750		10/15/14	Aa3		3,302
3,000,000		Vale Overseas Ltd	6.250		01/11/16	Baa3		2,970
		TOTAL METAL MINING						11,899

224

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
					MATURITY			VALUE
PRINCIPAL			RATE		DATE	RATING +		(000)
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.05%
$     3,250,000	g	Controladora Mabe S.A. C.V.	6.500	%	12/15/15	N/R	$	3,280
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES						3,280
MISCELLANEOUS RETAIL - 0.06%
2,500,000		CVS Corp	5.750		08/15/11	Baa2		2,532
1,250,000		CVS Corp	6.125		08/15/16	Baa2		1,278
		TOTAL MISCELLANEOUS RETAIL						3,810
MOTION PICTURES - 0.59%
2,500,000		Historic TW, Inc	6.625		05/15/29	Baa2		2,489
4,250,000		News America, Inc	7.625		11/30/28	Baa2		4,687
5,000,000		News America, Inc	6.200		12/15/34	Baa2		4,787
16,250,000		Time Warner, Inc	6.875		05/01/12	Baa2		17,142
3,000,000		Walt Disney Co	5.500		12/29/06	A3		3,002
3,750,000		Walt Disney Co	5.700		07/15/11	A3		3,819
		TOTAL MOTION PICTURES						35,926
NONDEPOSITORY INSTITUTIONS - 2.72%
3,500,000	e,g	American Honda Finance Corp	5.125		12/15/10	A1		3,492
6,500,000		Capital One Financial Corp	5.700		09/15/11	Baa1		6,554
3,000,000	e	Capital One Financial Corp	5.500		06/01/15	Baa1		2,943
1,750,000	e	Capital One Financial Corp	6.150		09/01/16	Baa2		1,770
4,500,000		Caterpillar Financial Services Corp	2.700		07/15/08	A2		4,315
5,750,000		CIT Group Funding Co of Canada	4.650		07/01/10	A2		5,626
5,000,000	e	CIT Group, Inc	5.200		11/03/10	A2		4,977
4,250,000		CIT Group, Inc	5.125		09/30/14	A2		4,121
4,000,000		FIA Card Services NA	5.375		01/15/08	Aa1		4,007
9,000,000		Ford Motor Credit Co	5.700		01/15/10	B1		8,315
6,000,000		Ford Motor Credit Co	9.875		08/10/11	B1		6,209
20,000,000		General Electric Capital Corp	6.000		06/15/12	Aaa		20,774
8,000,000		General Electric Capital Corp	5.650		06/09/14	Aaa		8,173
11,750,000		General Motors Acceptance Corp	5.625		05/15/09	Ba1		11,458
3,000,000	g,i	HSBC Capital Funding Lp	4.610		12/30/49	A1		2,781
10,000,000		HSBC Finance Corp	5.250		01/14/11	Aa3		9,997
11,750,000		HSBC Finance Corp	5.700		06/01/11	Aa3		11,958
4,000,000		HSBC Finance Corp	5.250		04/15/15	Aa3		3,940
6,500,000	e	HSBC Finance Corp	5.500		01/19/16	Aa3		6,499
1,750,000		International Lease Finance Corp	5.450		03/24/11	A1		1,758
2,000,000		John Deere Capital Corp	4.500		08/25/08	A3		1,977
1,900,000		John Deere Capital Corp	7.000		03/15/12	A3		2,041
4,000,000		MBNA Corp	6.125		03/01/13	Aa2		4,166
6,000,000		MBNA Corp	5.000		06/15/15	Aa2		5,822
5,000,000		Residential Capital Corp	6.125		11/21/08	Baa3		5,020
10,375,000		Residential Capital Corp	6.500		04/17/13	Baa3		10,550
4,250,000		SLM Corp	4.000		01/15/10	A2		4,096
3,500,000	e	Toyota Motor Credit Corp	2.875		08/01/08	Aaa		3,355
		TOTAL NONDEPOSITORY INSTITUTIONS						166,694
OIL AND GAS EXTRACTION - 1.13%
2,000,000	e	Anadarko Finance Co	6.750		05/01/11	Baa2		2,101
3,750,000		Anadarko Petroleum Corp	5.950		09/15/16	Baa2		3,795
3,000,000	e	Anadarko Petroleum Corp	6.450		09/15/36	Baa2		3,068
3,000,000		Baker Hughes, Inc	6.875		01/15/29	A2		3,375
3,500,000		BJ Services Co	5.750		06/01/11	Baa1		3,532

225

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
					MATURITY			VALUE
PRINCIPAL			RATE		DATE	RATING +		(000)
$     2,000,000		Burlington Resources Finance Co	6.400	%	08/15/11	A2	$	2,101
7,750,000		Burlington Resources Finance Co	7.200		08/15/31	A2		9,155
6,500,000	e	Chesapeake Energy Corp	6.500		08/15/17	Ba2		6,094
4,000,000	g	Empresa Nacional de Petroleo ENAP	6.750		11/15/12	A2		4,223
2,500,000		Enterprise Products Operating Lp	4.625		10/15/09	Baa3		2,443
4,000,000		Equitable Resources, Inc	5.150		11/15/12	A2		3,931
4,250,000	e	Nexen, Inc	5.050		11/20/13	Baa2		4,130
4,250,000		PC Financial Partnership	5.000		11/15/14	Baa2		4,047
3,750,000	e	Pemex Project Funding Master Trust	5.750		12/15/15	Baa1		3,655
4,000,000	e	Petro-Canada	5.950		05/15/35	Baa2		3,809
3,000,000		Plains All American Pipeline Lp	5.625		12/15/13	Baa3		2,981
4,500,000		Weatherford International Ltd	6.500		08/01/36	Baa1		4,594
2,000,000		XTO Energy, Inc	6.100		04/01/36	Baa2		1,981
		TOTAL OIL AND GAS EXTRACTION						69,015
OTHER MORTGAGE BACKED SECURITIES - 10.00%
10,000,000	i	Banc of America Commercial Mortgage, Inc Series 2004-4
		(Class A6)	4.877		07/10/42	N/R		9,715
13,955,000	i	Banc of America Commercial Mortgage, Inc Series 2005-1
		(Class B)	5.158		11/10/42	N/R		13,822
1,630,000	i	Banc of America Commercial Mortgage, Inc Series 2005-5
		(Class AJ)	5.331		10/10/45	Aaa		1,608
2,650,000	i	Banc of America Commercial Mortgage, Inc Series 2005-6
		(Class AJ)	5.354		09/10/47	Aaa		2,620
3,000,000	i	Banc of America Commercial Mortgage, Inc Series 2006-2
		(Class A4)	5.930		05/10/45	N/R		3,106
6,000,000	h,v	Banc of America Commercial Mortgage, Inc Series 2006-5
		(Class A4)	5.460		09/10/16	Aaa		6,030
14,265,538		Banc of America Mortgage Securities Series 2006-1 (Class	6.000		05/01/36	Aaa		14,321
775,602		Bank of America Alternative Loan Trust Series 2004-8
		(Class 3A1)	5.500		09/25/19	Aaa		776
10,000,000	i	Bear Stearns Commercial Mortgage Securities Series 2004-
		PWR5 (Class A5)	4.978		07/11/42	Aaa		9,786
9,225,000	i	Bear Stearns Commercial Mortgage Securities Series 2005-
		PW10 (Class AJ)	5.614		12/11/40	N/R		9,309
8,000,000	i	Bear Stearns Commercial Mortgage Securities Series 2006-
		PW11 (Class A4)	5.625		03/11/39	N/R		8,113
5,300,000	i	Bear Stearns Commercial Mortgage Securities Series 2006-
		PW12 (Class A4)	5.896		09/11/38	Aaa		5,481
13,000,000	e	Bear Stearns Commercial Mortgage Securities Series 2006-
		PW13 (Class A4)	5.540		09/11/41	N/R		13,179
3,000,000	i	Bear Stearns Commercial Mortgage Securities Series 2006-
		T22 (Class A4)	5.634		04/12/38	Aaa		3,052
48,509,425		Citimortgage Alternative Loan Trust Series 2006-A1 (ClassA1)	5.250		03/25/21	Aaa		47,888
30,000,000		Countrywide Alternative Loan Trust Series 2003-3T1 (Class A10)	5.500		05/25/33	N/R		29,758
5,851,997	i	Countrywide Alternative Loan Trust Series 2004-31T1
		(Class A2)	5.680		09/25/34	N/R		5,861
16,000,000		Countrywide Alternative Loan Trust Series 2005-37T1
		(Class A4)	5.500		09/25/35	Aaa		15,753
10,000,000		Countrywide Alternative Loan Trust Series 2005-J8 (Class 1A5)	5.500		07/25/35	Aaa		9,766
10,473,906	i	Countrywide Alternative Loan Trust Series 2006-12CB
		(Class A10)	5.680		05/25/36	Aaa		10,456

226

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
					MATURITY			VALUE
PRINCIPAL			RATE		DATE	RATING +		(000)
$     13,728,849		Countrywide Home Loan Mortgage Pass Through Trust
		Series 2005-17 (Class 1A10)	5.250	%	09/25/35	N/R	$	13,664
8,000,000	i	Credit Suisse Mortgage Capital Certificates Series 2006-C1
		(Class A4)	5.609		02/15/39	N/R		8,123
5,400,000	i	Credit Suisse Mortgage Capital Certificates Series 2006-C2
		(Class A3)	5.848		03/15/39	Aaa		5,544
8,700,000		Credit Suisse Mortgage Capital Certificates Series 2006-C4
		(Class A3)	5.467		09/15/39	Aaa		8,768
14,000,000	i	Credit Suisse/Morgan Stanley Commerical Mortgage
		Certificate Series HC1A (Class A1)	5.520		05/15/23	Aaa		14,005
14,000,000		CS First Boston Mortgage Securities Corp Series 2001-CP4
		(Class A4)	6.180		12/15/35	N/R		14,541
27,854,077		CS First Boston Mortgage Securities Corp Series 2004-8
		(Class 7A1)	6.000		12/25/34	N/R		27,918
18,212,918		CS First Boston Mortgage Securities Corp Series 2005-5
		(Class 7A1)	6.000		07/25/35	Aaa		18,219
3,044,924		First Horizon Asset Securities, Inc Series 2003-9 (Class	5.500		11/25/33	N/R		3,044
21,000,000		Ge Capital Commercial Mortgage Corp Series 2003-C2
		(Class A4)	5.145		07/10/37	Aaa		20,869
18,000,000	i	Greenwich Capital Commercial Funding Corp Series 2004-
		GG1 (Class A7)	5.317		06/10/36	Aaa		18,010
10,000,000	i	GS Mortgage Securities Corp II Series 2001-ROCK (Class
		BFL)	5.810		05/03/18	Aaa		10,244
14,250,000		JP Morgan Chase Commercial Mortgage Securities Corp
		Series 2002-C1 (Class A3)	5.376		07/12/37	Aaa		14,357
6,400,000		LB-UBS Commercial Mortgage Trust Series 2005-C3 (Class
		A2 )	4.553		07/15/30	Aaa		6,286
4,000,000	i	LB-UBS Commercial Mortgage Trust Series 2005-C5 (Class
		AJ)	5.057		09/15/40	N/R		3,904
3,600,000	i	LB-UBS Commercial Mortgage Trust Series 2006-C4 (Class
		A4)	6.098		06/15/38	Aaa		3,767
15,116,199		MASTR Alternative Loans Trust Series 2004-8 (Class 5A1)	6.000		09/25/34	N/R		15,074
5,281,479		MASTR Asset Securitization Trust Series 2005-2 (Class	5.000		10/25/20	Aaa		5,228
17,426,552		MASTR Asset Securitization Trust Series 2005-2 (Class	5.500		11/25/33	Aaa		17,055
5,400,000	i	Merrill Lynch Mortgage Trust Series 2005-LC1 (Class A4)	5.291		01/12/44	Aaa		5,374
2,500,000	i	Merrill Lynch Mortgage Trust Series 2006-C1 (Class A4)	5.844		05/12/39	N/R		2,571
4,700,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust
		Series 2006-1 (Class A4)	5.619		02/12/39	N/R		4,760
19,000,000		Morgan Stanley Capital I Series 2005-HQ5 (Class A2)	4.809		01/14/42	N/R		18,826
12,000,000	i	Morgan Stanley Capital I Series 2006-HE1 (Class A2)	5.450		01/25/36	Aaa		12,007
8,000,000	i	Morgan Stanley Capital I Series 2006-HQ8 (Class AJ)	5.641		03/12/44	Aaa		8,107
4,587,000	i	Morgan Stanley Capital I Series 2006-HQ9 (Class A4)	5.731		07/12/44	N/R		4,711
7,500,000	i	Morgan Stanley Capital I Series 2006-IQ11 (Class A4)	5.946		10/15/42	N/R		7,748
6,200,000	i	Morgan Stanley Capital I Series 2006-IQ11 (Class AJ)	5.950		10/15/42	N/R		6,384
2,700,000	i	Morgan Stanley Capital I Series 2006-T21 (Class AJ)	5.273		10/12/52	Aaa		2,675
5,000,000	i	Morgan Stanley Capital I Series 2006-T23 (Class A4)	5.983		08/12/41	N/R		5,200
4,000,000	i	Wachovia Bank Commercial Mortgage Trust Series 2005-
		C20 (Class A7)	5.118		07/15/42	Aaa		3,930
10,000,000	e,i	Wachovia Bank Commercial Mortgage Trust Series 2006-
		C24 (Class A3)	5.558		03/15/45	Aaa		10,134
25,006,071		Wamu Alternative Mortgage Pass-Through Certificates
		Series 2006-2 (Class 2CB)	6.500		03/25/36	Aaa		25,311
15,394,538		Washington Mutual, Inc Series 2003-S10 (Class A1)	4.500		10/25/18	N/R		14,896
6,299,396		Wells Fargo Mortgage Backed Securities Trust Series 2004-
		7 (Class 1A1)	4.500		07/25/19	N/R		6,024

227

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
					MATURITY	RATING +		VALUE
PRINCIPAL			RATE		DATE	(Unaudited)		(000)
$     24,280,211		Wells Fargo Mortgage Backed Securities Trust Series 2005-
		1 (Class 2A1)	5.000	%	01/25/20	Aaa	$	24,054
1,689,541		Wells Fargo Mortgage Backed Securities Trust Series 2005-
		5 (Class 1A1)	5.000		05/25/20	Aaa		1,648
		TOTAL OTHER MORTGAGE BACKED SECURITIES						613,380
PAPER AND ALLIED PRODUCTS - 0.05%
3,150,000		Bemis Co	4.875		04/01/12	Baa1		3,059
		TOTAL PAPER AND ALLIED PRODUCTS						3,059
PETROLEUM AND COAL PRODUCTS - 0.15%
7,000,000	e	Conoco Funding Co	6.350		10/15/11	A1		7,360
2,000,000	e	ConocoPhillips	5.900		10/15/32	A1		2,051
		TOTAL PETROLEUM AND COAL PRODUCTS						9,411
PIPELINES, EXCEPT NATURAL GAS - 0.38%
3,000,000		Enterprise Products Operating Lp	4.000		10/15/07	Baa3		2,956
3,500,000		Enterprise Products Operating Lp	4.950		06/01/10	Baa3		3,426
4,000,000		Enterprise Products Operating Lp	5.600		10/15/14	Baa3		3,916
2,000,000		Kaneb Pipe Line Operating Partnership Lp	5.875		06/01/13	Baa3		2,010
2,000,000		Panhandle Eastern Pipe Line	4.800		08/15/08	Baa3		1,980
3,000,000		Plains All American Pipeline Lp	4.750		08/15/09	Baa3		2,938
2,750,000		TransCanada Corp	5.850		03/15/36	A2		2,738
3,750,000	e	TransCanada Pipelines Ltd	4.000		06/15/13	A2		3,465
		TOTAL PIPELINES, EXCEPT NATURAL GAS						23,429
PRIMARY METAL INDUSTRIES - 0.18%
4,000,000		Alcan, Inc	5.000		06/01/15	Baa1		3,818
1,750,000		Alcan, Inc	5.750		06/01/35	Baa1		1,651
4,250,000		Alcoa, Inc	6.000		01/15/12	A2		4,362
1,000,000		Corning, Inc	5.900		03/15/14	Baa2		1,020
		TOTAL PRIMARY METAL INDUSTRIES						10,851
PRINTING AND PUBLISHING - 0.04%
2,500,000	e	Dun & Bradstreet Corp	5.500		03/15/11	N/R		2,513
		TOTAL PRINTING AND PUBLISHING						2,513
RAILROAD TRANSPORTATION - 0.41%
3,750,000		Burlington Northern Santa Fe Corp	6.750		07/15/11	Baa1		3,971
3,500,000		Canadian National Railway Co	4.400		03/15/13	A3		3,322
3,500,000		Canadian National Railway Co	6.200		06/01/36	A3		3,737
4,000,000		CSX Corp	6.000		10/01/36	Baa2		4,066
956,000		Norfolk Southern Corp	5.590		05/17/25	Baa1		937
1,044,000	e	Norfolk Southern Corp	7.250		02/15/31	Baa1		1,231
5,000,000		Union Pacific Corp	5.750		10/15/07	Baa2		5,023
3,000,000	e	Union Pacific Corp	6.500		04/15/12	Baa2		3,157
		TOTAL RAILROAD TRANSPORTATION						25,444
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.03%
1,750,000	g	Sealed Air Corp	5.375		04/15/08	Baa3		1,748
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS						1,748
SECURITY AND COMMODITY BROKERS - 1.52%
4,000,000	e	Bear Stearns Cos, Inc	5.700		11/15/14	A1		4,056
7,900,000		Credit Suisse USA, Inc	5.500		08/16/11	Aa3		7,972

228

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
					MATURITY			VALUE
PRINCIPAL			RATE		DATE	RATING +		(000)
$     3,000,000		Franklin Resources, Inc	3.700	%	04/15/08	A2	$	2,933
2,750,000	e	Goldman Sachs Group Lp	4.500		06/15/10	Aa3		2,681
3,250,000	e	Goldman Sachs Group, Inc	6.600		01/15/12	Aa3		3,432
2,000,000		Goldman Sachs Group, Inc	4.750		07/15/13	Aa3		1,919
3,750,000		Goldman Sachs Group, Inc	5.500		11/15/14	Aa3		3,737
5,000,000		Goldman Sachs Group, Inc	5.750		10/01/16	Aa3		5,048
3,000,000		Goldman Sachs Group, Inc	6.125		02/15/33	Aa3		2,993
2,650,000		Goldman Sachs Group, Inc	6.450		05/01/36	A1		2,709
9,000,000	e	Lehman Brothers Holdings, Inc	6.625		01/18/12	A1		9,525
9,000,000		Lehman Brothers Holdings, Inc	5.500		04/04/16	A1		8,960
3,750,000		Merrill Lynch & Co, Inc	5.770		07/25/11	Aa3		3,825
4,250,000	e	Merrill Lynch & Co, Inc	5.000		02/03/14	Aa3		4,137
7,500,000		Merrill Lynch & Co, Inc	6.220		09/15/26	A1		7,653
10,000,000		Morgan Stanley	3.625		04/01/08	Aa3		9,773
8,500,000		Morgan Stanley	4.750		04/01/14	A1		8,092
3,500,000		Morgan Stanley	6.250		08/09/26	Aa3		3,616
		TOTAL SECURITY AND COMMODITY BROKERS						93,061
STONE, CLAY, AND GLASS PRODUCTS - 0.05%
3,250,000		CRH America, Inc	6.400		10/15/33	Baa1		3,200
		TOTAL STONE, CLAY, AND GLASS PRODUCTS						3,200
TOBACCO PRODUCTS - 0.02%
1,250,000	g	Reynolds American, Inc	6.500		06/01/07	Ba3		1,253
		TOTAL TOBACCO PRODUCTS						1,253
TRANSPORTATION BY AIR - 0.19%
5,000,000		Continental Airlines, Inc	6.563		02/15/12	Aaa		5,203
4,600,000		FedEx Corp	5.500		08/15/09	Baa2		4,621
2,000,000		Southwest Airlines Co	5.496		11/01/06	Aa2		2,001
		TOTAL TRANSPORTATION BY AIR						11,825
TRANSPORTATION EQUIPMENT - 0.70%
4,000,000	e	Boeing Capital Corp	5.800		01/15/13	A2		4,120
3,250,000	e	DaimlerChrysler NA Holding Corp	5.875		03/15/11	Baa1		3,259
7,400,000	e	DaimlerChrysler NA Holding Corp	5.750		09/08/11	Baa1		7,379
4,000,000		DaimlerChrysler NA Holding Corp	6.500		11/15/13	Baa1		4,100
4,250,000		General Dynamics Corp	3.000		05/15/08	A2		4,103
3,500,000	g	Lockheed Martin Corp	6.150		09/01/36	Baa1		3,682
4,000,000		Northrop Grumman Corp	7.750		02/15/31	Baa2		4,991
3,000,000		United Technologies Corp	4.875		11/01/06	A2		2,998
2,500,000		United Technologies Corp	7.500		09/15/29	A2		3,086
4,750,000		United Technologies Corp	6.050		06/01/36	A2		5,063
		TOTAL TRANSPORTATION EQUIPMENT						42,781
WHOLESALE TRADE-NONDURABLE GOODS - 0.12%
1,500,000		Gillette Co	4.125		08/30/07	Aa3		1,479
2,000,000	e	Procter & Gamble Co	5.800		08/15/34	Aa3		2,067
4,000,000	e	Sysco Corp	5.375		09/21/35	A1		3,783
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS						7,329
		TOTAL CORPORATE BONDS						2,222,504
		(Cost $2,219,877)

229

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
					MATURITY			VALUE
PRINCIPAL			RATE		DATE	RATING +		(000)
GOVERNMENT BONDS - 62.24%
AGENCY SECURITIES - 17.38%
$     9,730,136		Cal Dive International, Inc	4.930	%	02/01/27	N/R	$	9,406
11,200,000		Federal Farm Credit Bank (FFCB)	3.375		07/15/08	Aaa		10,902
11,200,000		FFCB	4.125		04/15/09	Aaa		10,998
19,150,000		FFCB	5.375		07/18/11	Aaa		19,544
2,325,000		FFCB	5.125		08/25/16	Aaa		2,348
18,000,000		Federal Home Loan Bank (FHLB)	5.375		08/19/11	Aaa		18,356
3,000,000		Federal Home Loan Mortgage Corp (FHLMC)	7.100		04/10/07	Aaa		3,027
16,472,000		FHLMC	3.750		04/15/07	Aaa		16,339
5,000,000		FHLMC	4.625		06/01/07	Aaa		4,979
26,160,000		FHLMC	4.000		08/17/07	Aaa		25,897
7,500,000		FHLMC	5.125		10/24/07	Aaa		7,496
9,800,000	e	FHLMC	4.375		11/16/07	Aaa		9,719
20,000,000	i	FHLMC	4.830		11/28/07	Aaa		20,001
27,400,000	e	FHLMC	4.625		02/21/08	Aaa		27,247
42,268,000	e	FHLMC	5.125		04/18/08	Aaa		42,346
15,000,000		FHLMC	3.500		05/21/08	Aaa		14,651
7,000,000		FHLMC	3.600		05/22/08	Aaa		6,844
48,500,000	e	FHLMC	5.000		09/16/08	Aaa		48,555
88,400,000	d,e	FHLMC	7.000		03/15/10	Aaa		94,250
15,900,000		FHLMC	4.750		01/18/11	Aaa		15,807
36,399,000	e	FHLMC	5.875		03/21/11	Aa2		37,589
14,000,000	e	FHLMC	6.000		06/15/11	Aaa		14,638
22,500,000		FHLMC	5.250		07/18/11	Aaa		22,821
66,823,000		FHLMC	6.250		03/05/12	Aa2		67,070
3,811,000		FHLMC	8.250		06/01/16	N/R		4,688
20,100,000	e	FHLMC	5.750		06/27/16	Aa2		20,936
5,000,000	e	FHLMC	5.500		07/18/16	Aaa		5,193
3,426,000		Federal National Mortgage Association (FNMA)	3.550		01/30/07	Aaa		3,406
7,814,000	e	FNMA	3.000		03/02/07	Aaa		7,740
5,000,000		FNMA	3.750		07/06/07	Aaa		4,945
8,280,000		FNMA	3.750		08/15/07	Aaa		8,180
5,000,000		FNMA	3.375		09/07/07	Aaa		4,920
31,500,000		FNMA	5.250		12/03/07	Aaa		31,549
39,070,000		FNMA	4.125		06/16/08	Aaa		38,478
25,000,000		FNMA	5.000		09/15/08	Aaa		25,030
40,000,000		FNMA	5.210		03/16/09	Aaa		39,920
1,350,000		FNMA	4.250		01/19/10	Aaa		1,321
121,200,000	e	FNMA	7.125		06/15/10	Aaa		130,241
15,000,000		FNMA	6.625		11/15/10	Aaa		15,952
5,000,000	e	FNMA	6.000		05/15/11	Aaa		5,223
63,250,000		FNMA	5.800		06/07/11	Aaa		63,423
18,000,000		FNMA	4.125		01/30/12	Aaa		17,246
28,600,000		FNMA	5.250		08/01/12	Aa2		28,801
4,250,000		FNMA	6.470		09/25/12	Aaa		4,570
7,777,061		FNMA	4.400		10/01/12	N/R		7,459
2,700,000	e	FNMA	5.250		09/15/16	Aaa		2,753
8,250,000	e	FNMA	6.210		08/06/38	Aaa		9,612
3,000,000	v	Housing Urban Development	5.380		08/01/18	N/R		3,033
2,500,000	g	Private Export Funding Corp	7.170		05/15/07	Aaa		2,528
3,540,000		Private Export Funding Corp	5.870		07/31/08	Aaa		3,595
1,000,000		Private Export Funding Corp	7.200		01/15/10	Aaa		1,066
2,000,000		Private Export Funding Corp	4.974		08/15/13	Aaa		2,006
13,785,000		Private Export Funding Corp	4.550		05/15/15	Aaa		13,284

230

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
					MATURITY			VALUE
PRINCIPAL			RATE		DATE	RATING +		(000)
$     4,000,000		Private Export Funding Corp	4.950	%	11/15/15	Aaa	$	3,961
5,062,500		Totem Ocean Trailer Express, Inc	4.514		12/18/19	N/R		4,893
		TOTAL AGENCY SECURITIES						1,066,782
FOREIGN GOVERNMENT BONDS - 3.13%
3,500,000		African Development Bank	3.250		08/01/08	Aaa		3,397
2,500,000	e	Brazilian Government International Bond	10.500		07/14/14	Ba2		3,141
10,000,000	e	Canada Mortgage & Housing Corp	4.800		10/01/10	Aaa		9,980
4,000,000		Chile Government International Bond	5.500		01/15/13	A2		4,031
3,500,000	e	China Development Bank	5.000		10/15/15	A2		3,393
2,000,000	e	Development Bank of Japan	4.250		06/09/15	Aaa		1,873
8,000,000		Eksportfinans A/S	5.500		05/25/16	Aaa		8,246
2,750,000		European Investment Bank	5.250		06/15/11	N/R		2,792
3,500,000		European Investment Bank	4.875		02/15/36	Aaa		3,349
5,000,000	g	Federal Republic of Germany	3.875		06/01/10	Aaa		4,859
6,500,000		Inter-American Development Bank	5.125		09/13/16	Aaa		6,588
4,500,000	e	Italy Government International Bond	5.250		09/20/16	N/R		4,545
4,000,000		Italy Government International Bond	6.875		09/27/23	Aa2		4,665
5,000,000	e	Korea Development Bank	5.750		09/10/13	A3		5,118
3,500,000		Kreditanstalt fuer Wiederaufbau	5.250		05/19/09	Aaa		3,533
5,000,000	e	Landwirtschaftliche Rentenbank	5.250		07/15/11	Aaa		5,070
5,900,000		Mexico Government International Bond	6.375		01/16/13	Baa1		6,196
6,152,000	e	Mexico Government International Bond	5.875		01/15/14	Baa1		6,288
10,500,000	e	Mexico Government International Bond	5.625		01/15/17	Baa1		10,405
8,000,000	e	Mexico Government International Bond	6.750		09/27/34	Baa1		8,501
5,000,000		Province of British Columbia Canada	4.625		10/03/06	N/R		5,000
13,000,000		Province of British Columbia Canada	5.375		10/29/08	Aaa		13,100
5,000,000		Province of Manitoba Canada	4.250		11/20/06	Aa2		4,994
3,000,000		Province of Manitoba Canada	4.450		04/12/10	Aa2		2,958
15,000,000		Province of Ontario	2.650		12/15/06	Aa2		14,925
5,000,000		Province of Ontario	5.500		10/01/08	Aa2		5,047
7,650,000		Province of Ontario	4.750		01/19/16	Aa2		7,474
11,500,000	e	Province of Quebec Canada	5.000		03/01/16	Aa3		11,379
6,000,000		Province of Quebec Canada	7.500		09/15/29	Aa3		7,654
2,000,000		Province of Saskatchewan Canada	8.000		02/01/13	Aa2		2,315
4,500,000		Republic of Colombia	7.375		09/18/37	Ba2		4,556
2,750,000		Turkey Government International Bond	7.375		02/05/25	Ba3		2,716
4,500,000		Turkey Government International Bond	6.875		03/17/36	Ba3		4,084
		TOTAL FOREIGN GOVERNMENT BONDS						192,172
MORTGAGE BACKED SECURITIES - 29.37%
16,959,182		Fannie Mae Benchmark REMIC	6.000		06/25/16			17,065
11,720,000		Federal Home Loan Mortgage Corp (FHLMC)	4.000		09/15/18			10,691
10,013,000		FHLMC	4.000		04/15/19			9,040
3,500,000		FHLMC	4.000		09/15/19			3,188
25,000,000		FHLMC	5.000		06/15/28			24,634
11,491,832		FHLMC	5.000		06/15/29			11,322
879,893		FHLMC	6.000		04/15/30			878
6,529,307		FHLMC	6.000		12/15/30			6,577
19,953,204		FHLMC	5.000		06/15/31			19,475
14,020,000		FHLMC	5.500		05/15/33			13,826
9,363,529		FHLMC	4.500		09/15/35			8,984
157,951		Federal Home Loan Mortgage Corp Gold (FGLMC)	7.000		09/01/10			160
349,462		FGLMC	6.000		04/01/11			352
753,207		FGLMC	7.000		07/01/13			773

231

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
					MATURITY		VALUE
PRINCIPAL			RATE		DATE		(000)
$     2,964,451		FGLMC	6.500	%	12/01/16	$	3,027
19,601,598		FGLMC	5.000		09/01/18		19,311
7,162,703		FGLMC	4.500		10/01/18		6,920
4,020,125		FGLMC	4.500		11/01/18		3,884
4,308,378		FGLMC	5.500		01/01/19		4,315
1,885,451		FGLMC	4.000		06/01/19		1,782
4,753,049		FGLMC	4.500		08/01/20		4,586
843,081		FGLMC	7.000		10/01/20		872
71,286,150		FGLMC	4.500		06/01/21		68,698
99,892		FGLMC	7.000		05/01/23		103
1,779,967		FGLMC	6.000		10/01/23		1,804
1,328,620		FGLMC	6.000		11/01/23		1,347
590,684		FGLMC	8.000		01/01/31		621
186,355		FGLMC	7.000		11/01/31		192
100,291		FGLMC	7.000		12/01/31		103
286,615		FGLMC	7.000		12/01/31		295
114,419		FGLMC	7.000		12/01/31		118
429,525		FGLMC	7.000		12/01/31		442
76,379		FGLMC	7.000		12/01/31		79
94,451		FGLMC	7.000		12/01/31		97
55,244		FGLMC	7.000		01/01/32		57
595,206		FGLMC	8.000		02/01/32		626
5,494,369		FGLMC	5.500		11/01/33		5,434
6,700,640		FGLMC	5.500		12/01/33		6,627
32,714,163	d	FGLMC	5.500		12/01/33		32,376
85,176,785		FGLMC	5.000		01/01/34		82,196
26,210,848		FGLMC	4.500		10/01/34		24,586
3,416,784		FGLMC	5.500		12/01/34		3,376
13,487,912		FGLMC	4.500		04/01/35		12,634
6,296,323		FGLMC	6.000		05/01/35		6,339
3,157,931		FGLMC	6.000		05/01/35		3,175
6,670,893		FGLMC	6.000		05/01/35		6,708
11,693,126		FGLMC	6.000		05/01/35		11,757
6,871,491		FGLMC	6.000		05/01/35		6,909
6,251,947		FGLMC	6.000		05/01/35		6,286
3,080,826		FGLMC	6.000		05/01/35		3,098
3,030,595		FGLMC	5.500		06/01/35		2,990
5,077,556		FGLMC	5.500		06/01/35		5,010
7,508,114		FGLMC	5.500		06/01/35		7,408
33,048,832		FGLMC	5.500		06/01/35		32,608
8,208,602		FGLMC	6.000		06/01/35		8,254
22,750,056		FGLMC	4.500		08/01/35		21,269
3,707,477		FGLMC	5.000		10/01/35		3,568
18,707,392		FGLMC	5.000		11/01/35		18,002
1,094,946		FGLMC	6.500		11/01/35		1,115
4,227,615		FGLMC	6.500		12/01/35		4,267
4,674,058		FGLMC	6.000		01/01/36		4,699
8,589,862		FGLMC	7.000		01/01/36		8,827
8,177,435	v	FGLMC	5.500		03/01/36		8,034
4,982,612		FGLMC	6.500		05/01/36		5,076
4,553,591	v	FGLMC	5.500		06/01/36		4,474
49,590,306		FGLMC	6.000		07/01/36		49,850
101,967		Federal National Mortgage Association (FNMA)	7.500		11/01/10		105
38,340		FNMA	8.000		06/01/11		40
9,642		FNMA	8.000		06/01/11		10

232

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
					MATURITY		VALUE
PRINCIPAL			RATE		DATE		(000)
$     7,123		FNMA	8.000	%	06/01/11	$	7
6,756		FNMA	8.000		06/01/11		7
24,655		FNMA	8.000		07/01/11		25
593,145		FNMA	5.000		06/01/13		590
2,866,232		FNMA	4.440		07/01/13		2,757
4,546,982		FNMA	4.736		10/01/13		4,433
2,113,425		FNMA	4.777		02/01/14		2,069
5,690,649		FNMA	4.440		04/01/14		5,454
808,040		FNMA	7.500		02/01/15		838
2,056,823		FNMA	7.500		04/01/15		2,134
1,898,194		FNMA	7.500		04/01/15		1,972
44,406		FNMA	6.500		02/01/16		46
151,401		FNMA	6.500		03/01/16		156
79,475		FNMA	6.500		04/01/16		82
1,647,266		FNMA	6.500		10/01/16		1,684
1,023,789		FNMA	6.500		11/01/16		1,047
3,563,678		FNMA	6.500		02/01/18		3,644
8,094,926		FNMA	5.500		03/01/18		8,109
16,839,445	d	FNMA	5.500		04/01/18		16,869
1,374,410		FNMA	5.500		04/01/18		1,377
1,769,306		FNMA	6.500		04/01/18		1,809
412,026		FNMA	5.500		05/01/18		413
22,308,883		FNMA	4.500		12/01/18		21,591
1,159,525		FNMA	6.000		01/01/19		1,179
184,585		FNMA	6.000		02/01/19		188
17,407,088		FNMA	5.000		04/01/19		17,129
5,210,010		FNMA	5.500		07/01/20		5,214
75,000,000	h	FNMA	6.000		10/25/21		76,125
291,707		FNMA	8.000		03/01/23		308
7,989,965		FNMA	5.000		12/01/23		7,773
2,404,964		FNMA	5.500		02/01/24		2,393
4,896,778		FNMA	5.500		07/01/24		4,869
673,438		FNMA	8.000		07/01/24		712
6,962,622		FNMA	5.500		08/01/24		6,923
22,234,025	d	FNMA	5.000		10/01/25		21,584
141,552		FNMA	9.000		11/01/25		154
547,705		FNMA	7.000		07/01/32		564
806,006		FNMA	7.000		07/01/32		830
2,460,503		FNMA	5.000		02/01/33		2,373
12,000,000		FNMA	4.500		03/25/33		11,565
2,365,671		FNMA	5.500		06/01/33		2,337
6,922,707		FNMA	4.500		08/01/33		6,491
7,200,806		FNMA	5.000		08/01/33		6,944
11,000,000		FNMA	5.500		08/25/33		10,903
11,560,077		FNMA	4.500		10/01/33		10,840
7,190,606		FNMA	5.000		10/01/33		6,934
3,129,427		FNMA	5.000		10/01/33		3,018
2,413,813		FNMA	5.000		10/01/33		2,328
10,026,732		FNMA	5.000		11/01/33		9,669
9,214,041		FNMA	5.000		11/01/33		8,885
1,112,819		FNMA	5.000		11/01/33		1,073
19,616,446		FNMA	5.000		11/01/33		18,916
4,572,415		FNMA	5.500		12/01/33		4,517
10,719,701		FNMA	5.500		12/01/33		10,591
2,139,283	d	FNMA	5.500		12/01/33		2,114

233

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
					MATURITY		VALUE
PRINCIPAL			RATE		DATE		(000)
$     1,813,162		FNMA	5.500	%	12/01/33	$	1,791
4,217,766		FNMA	5.500		01/01/34		4,167
8,864,085		FNMA	5.500		01/01/34		8,758
14,962,793		FNMA	5.500		02/01/34		14,783
2,925,321		FNMA	5.000		03/01/34		2,821
3,384,175		FNMA	5.000		03/01/34		3,263
8,249,715		FNMA	5.000		03/01/34		7,955
2,717,310		FNMA	5.000		03/01/34		2,620
9,722,805		FNMA	5.500		03/01/34		9,597
21,846,362		FNMA	5.000		04/01/34		21,035
6,928,348		FNMA	5.500		09/01/34		6,839
4,572,918		FNMA	5.500		09/01/34		4,514
6,536,981		FNMA	5.500		09/01/34		6,453
2,928,455		FNMA	5.500		10/01/34		2,891
4,253,497		FNMA	5.500		10/01/34		4,199
9,730,650		FNMA	5.500		10/25/34		9,534
21,881,509		FNMA	5.500		12/01/34		21,599
9,068,016		FNMA	5.500		01/01/35		8,951
5,836,259		FNMA	5.500		04/01/35		5,753
23,103,396		FNMA	5.500		05/01/35		22,773
8,516,433		FNMA	6.000		05/01/35		8,558
1,351,461		FNMA	5.500		06/01/35		1,332
3,165,750		FNMA	5.500		06/01/35		3,120
3,034,950		FNMA	5.500		06/01/35		2,991
5,420,072		FNMA	5.500		06/01/35		5,342
1,879,875		FNMA	5.500		06/01/35		1,853
888,612		FNMA	7.500		06/01/35		918
2,654,104		FNMA	5.500		07/01/35		2,616
3,725,627		FNMA	6.000		07/01/35		3,744
16,840,726	d	FNMA	5.500		09/01/35		16,600
16,438,792		FNMA	5.000		10/01/35		15,806
11,357,136		FNMA	5.500		11/01/35		11,195
3,391,986		FNMA	6.500		02/01/36		3,454
13,865,026		FNMA	6.500		02/01/36		14,120
7,000,227		FNMA	6.500		02/01/36		7,130
5,491,367		FNMA	6.500		02/01/36		5,592
13,085,531		FNMA	6.500		02/01/36		13,326
5,680,793		FNMA	5.000		03/01/36		5,435
9,058,007		FNMA	6.000		03/01/36		9,060
3,945,664		FNMA	5.500		04/01/36		3,867
31,971,453		FNMA	5.000		05/01/36		30,587
23,781,608	i	FNMA	5.864		06/01/36		24,053
2,177,310		FNMA	6.000		06/01/36		2,187
4,582,039		FNMA	6.500		07/01/36		4,666
70,000,000	h	FNMA	5.000		10/25/36		67,266
74,000,000	h	FNMA	5.500		10/25/36		72,890
166,000,000	h	FNMA	6.000		10/25/36		166,726
58,000,000	h	FNMA	6.500		10/25/36		59,051
4,626,955		Freddie Mac Reference REMIC	5.750		12/15/18		4,639
12,156		Government National Mortgage Association (GNMA)	8.500		10/15/09		13
30,628		GNMA	8.500		12/15/09		32
55,315		GNMA	8.500		12/15/09		57
181,265		GNMA	9.000		12/15/09		187
40,277		GNMA	8.500		01/15/10		42
15,699		GNMA	8.500		01/15/10		16

234

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
					MATURITY		VALUE
PRINCIPAL			RATE		DATE		(000)
$     32,439		GNMA	9.000	%	06/15/16	$	35
6,603		GNMA	9.000		09/15/16		7
6,044		GNMA	9.000		09/15/16		6
24,972		GNMA	9.000		09/15/16		27
25,524		GNMA	9.000		11/15/16		27
9,467		GNMA	9.000		12/15/16		10
12,994		GNMA	9.000		12/15/16		14
216,982		GNMA	9.500		12/15/16		235
14,420		GNMA	9.000		06/15/20		15
127,732		GNMA	8.000		06/15/24		135
175,867		GNMA	8.500		11/20/30		188
115,359		GNMA	8.500		12/20/30		123
3,355,924		GNMA	5.500		11/20/33		3,326
13,034,565		GNMA	5.500		03/20/35		12,908
7,951,919		GNMA	5.500		12/20/35		7,875
54,000,000	h	GNMA	5.000		11/15/36		52,431
		TOTAL MORTGAGE BACKED SECURITIES					1,802,036
MUNICIPAL BONDS - 0.03%
2,000,000		Charlotte-Mecklenburg Hospital Authority	5.000		08/01/15		1,964
		TOTAL MUNICIPAL BONDS					1,964
U.S. TREASURY SECURITIES - 12.33%
338,705,000	e	United States Treasury Bond	8.000		11/15/21		453,259
15,295,000	e	United States Treasury Bond	5.375		02/15/31		16,530
16,550,000	e	United States Treasury Bond	4.500		02/15/36		15,867
14,641,114	k	United States Treasury Inflation Indexed Note	3.375		01/15/07		14,517
18,300,768	e,k	United States Treasury Inflation Indexed Note	3.875		01/15/09		18,830
11,690,000	e	United States Treasury Note	4.375		12/31/07		11,621
58,900,000	e	United States Treasury Note	4.375		01/31/08		58,549
16,000,000	e	United States Treasury Note	5.125		06/30/08		16,102
87,898,000	e	United States Treasury Note	5.000		07/31/08		88,309
2,500,000	e	United States Treasury Note	4.875		08/15/09		2,517
2,155,000		United States Treasury Note	4.875		07/31/11		2,181
45,013,000	e	United States Treasury Note	4.625		08/31/11		45,070
2,000,000		United States Treasury Note	4.500		09/30/11		1,992
10,851,000	e	United States Treasury Note	4.875		08/15/16		11,058
		TOTAL U.S. TREASURY SECURITIES					756,402
		TOTAL GOVERNMENT BONDS					3,819,356
		(Cost $3,834,062)
		TOTAL BONDS					6,041,860
		(Cost $6,053,939)
SHARES
PREFERRED STOCKS - 0.06%
DEPOSITORY INSTITUTIONS - 0.06%
134,000		Bank of America Corp					3,420
		TOTAL DEPOSITORY INSTITUTIONS					3,420
		TOTAL PREFERRED STOCKS					3,420
		(Cost $3,350)

235

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
					MATURITY		VALUE
SHARES			RATE		DATE		(000)
TIAA-CREF MUTUAL FUNDS - 0.07%
440,827	a	TIAA-CREF High-Yield Bond Fund				$	4,003
		TOTAL TIAA-CREF MUTUAL FUNDS					4,003
		(Cost $3,772)
PRINCIPAL
SHORT-TERM INVESTMENTS - 26.04%
COMMERCIAL PAPER - 8.39%
$     12,700,000		American Honda Finance Corp	5.210	%	10/06/06		12,692
20,400,000	c	Anheuser-Busch Cos, Inc	5.250		10/02/06		20,391
31,000,000	c,d	AT&T, Inc	5.260		10/03/06		30,995
31,000,000	c,d	BellSouth Corp	5.230		10/11/06		30,959
23,200,000	d	Credit Suisse	5.260		10/11/06		23,169
31,000,000	c,d	Fairway Finance Co, LLC	5.255		10/10/06		30,963
17,300,000		Florida Power & Light Co	5.230		10/02/06		17,300
31,000,000	c,d	Greyhawk Funding LLC	5.260		10/12/06		30,954
31,000,000	c,d	Harrier Finance Funding LLC	5.270		10/12/06		30,954
30,000,000	d	ING Finance	5.250		11/27/06		29,756
21,300,000	d	International Lease Finance Corp	5.235		10/12/06		21,269
31,000,000	d	Merrill Lynch & Co, Inc	5.230		10/06/06		30,982
19,100,000	c,d	Park Avenue Receivables Corp	5.260		10/05/06		19,091
20,845,000	c,d	Preferred Receivables Funding Corp	5.250		10/04/06		20,839
23,000,000	c	Ranger Funding Co LLC	5.260		10/03/06		22,997
8,000,000	c,d	Ranger Funding Co LLC	5.260		10/23/06		7,975
31,000,000	d	Societe Generale North America, Inc	5.310		10/10/06		30,964
10,400,000	c	Toronto-Dominion Holdings USA, Inc	5.250		10/04/06		10,397
30,000,000	d	Toyota Motor Credit Corp	5.260		11/20/06		29,786
13,500,000	c,d	Variable Funding Capital Corp	5.250		10/11/06		13,482
17,707,000	c,d	Variable Funding Capital Corp	5.250		10/12/06		17,681
31,000,000	c,d	Yorktown Capital, LLC	5.250		10/05/06		30,986
		TOTAL COMMERCIAL PAPER					514,582
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 17.65%
1,082,977,000		Bank of New York Institutional Cash Reserves Fund	5.415		10/02/06		1,083,297
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED					1,083,297
		TOTAL SHORT-TERM INVESTMENTS					1,597,879
		(Cost $1,597,817)
		TOTAL PORTFOLIO - 124.63%					7,647,162
		(Cost $7,658,878)
		OTHER ASSETS & LIABILITIES, NET - (24.63%)					(1,511,092	)
		NET ASSETS - 100.00%				$	6,136,070
	The following abbreviations are used in portfolio descriptions:
	LLC	Limited Liability Company
	Lp	Limited Partnership
	N/R	Not rated by Moody's
	plc	Public Limited Company

236

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

a	Affiliated Holding
c	Commercial Paper issued under the Private Placement exemption under Section 4(2) of the Securities Act of 1933.
d	All or a portion of these securities have been segregated by the Custodian to cover securities purchased on a delayed delivery
	basis.
e	All or a portion of these securities are out on loan.
g	Security is exempt from registration under Rule 144 (A) of the Securities Act of 1933 and may be resold in transactions exempt
	from registration to qualified institutional buyers.
	At September 30, 2006, the value of these securities amounted to $77,055,462 or 1.26% of net assets.
h	These securities were purchased on a delayed delivery basis.
i	Floating rate or variable rate securities reflects the rate as of September 30, 2006.
k	Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
v	Security valued at fair value.
+	As provided by Moody's Investors Service (Unaudited).
	Cost amounts are in thousands.
	For ease of presentation,we have grouped a number of industry classification categories together in the
	Statement of Investments. Note that the Accounts use more specific industry categories in following
	their investment limitations on industry concentration.

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

		Value at		Purchase			Realized				Dividend	Withholding		Shares at		Value at
Issue		December 31, 2005		Cost		Proceeds	Gain/(Loss)				Income	Expense		September 30, 2006		September 30, 2006
TIAA-CREF High-Yield Bond Fund	$	3,781,732	$	215,407	$	-		$	-	$	215,407	$	-	440,827	$	4,002,712
			$	215,407	$	-		$	-	$	215,407	$	-		$	4,002,712

237

COLLEGE RETIREMENT EQUITIES FUND - Inflation Linked Bond Account
COLLEGE RETIREMENT EQUITIES FUND
INFLATION LINKED BOND ACCOUNT
STATEMENT OF INVESTMENTS (Unaudited)
September 30, 2006
					MATURITY		VALUE
PRINCIPAL			RATE		DATE		(000)
GOVERNMENT BONDS - 99.21%
U.S. TREASURY SECURITIES - 99.21%
$     283,862,163	k	United States Treasury Inflation Indexed Bond	2.375	%	01/15/25	$	288,918
184,536,861	k	United States Treasury Inflation Indexed Bond	2.000		01/15/26		177,329
190,169,635	k	United States Treasury Inflation Indexed Bond	3.625		04/15/28		236,196
217,227,426	k	United States Treasury Inflation Indexed Bond	3.875		04/15/29		281,277
57,731,002	k	United States Treasury Inflation Indexed Bond	3.375		04/15/32		71,862
189,412,730	k	United States Treasury Inflation Indexed Note	3.625		01/15/08		190,996
178,162,869	k	United States Treasury Inflation Indexed Note	3.875		01/15/09		183,314
127,279,948	k	United States Treasury Inflation Indexed Note	4.250		01/15/10		134,677
309,309,317	k	United States Treasury Inflation Indexed Note	0.875		04/15/10		293,265
128,749,544	e,k	United States Treasury Inflation Indexed Note	3.500		01/15/11		134,926
119,635,822	k	United States Treasury Inflation Indexed Note	2.375		04/15/11		119,843
72,131,801	k	United States Treasury Inflation Indexed Note	3.375		01/15/12		75,964
247,191,986	k	United States Treasury Inflation Indexed Note	3.000		07/15/12		256,612
230,972,811	k	United States Treasury Inflation Indexed Note	1.875		07/15/13		225,090
237,916,543	k	United States Treasury Inflation Indexed Note	2.000		01/15/14		233,489
216,005,547	k	United States Treasury Inflation Indexed Note	2.000		07/15/14		211,787
214,807,649	k	United States Treasury Inflation Indexed Note	1.625		01/15/15		204,437
186,941,215	k	United States Treasury Inflation Indexed Note	1.875		07/15/15		181,116
186,125,928	k	United States Treasury Inflation Indexed Note	2.000		01/15/16		181,981
95,718,970	e,k	United States Treasury Inflation Indexed Note	2.500		07/15/16		97,686
		TOTAL U.S. TREASURY SECURITIES					3,780,765
		TOTAL GOVERNMENT BONDS					3,780,765
		(Cost $3,743,971)
SHORT-TERM INVESTMENTS - 0.55%
COMMERCIAL PAPER - 0.06%
2,500,000		UBS Finance, (Delaware), Inc	5.340		10/02/06		2,499
		TOTAL COMMERCIAL PAPER					2,499
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 0.49%
REPURCHASED AGREEMENTS - 0.49%
5,407,000		Bear Stearns & Co, Inc, 5.350% Dated 9/30/2006,					5,408
		Due 10/02/2006 In the Amount of $5,407,804
		Fully Collateralized as follows:
		Federal Home Loan Mortgage Corp (FHLMC) 5.325% - 6.537%, 04/01/2032 - 08/01/2036			$          937,620
		Federal National Mortgage Association (FNMA) 4.902% - 7.066%, 09/01/2017 - 10/01/2036			4,556,689
		Total Market Value			5,494,309
13,112,000		Morgan Stanley & Co, Inc 5.350% Dated 9/30/2006,					13,114
		Due 10/02/2006 In the Amount of $13,113,949
		Fully Collateralized as follows:
		Federal Home Loan Mortgage Corp (FHLMC) 2.450% - 6.300%, 03/05/2007 - 09/02/2025			13,239,460
		Total Market Value			13,239,460

238

COLLEGE RETIREMENT EQUITIES FUND - Inflation Linked Bond Account
				VALUE
				(000)
		TOTAL INVESTMENT OF CASH COLLATERAL
		FOR SECURITIES LOANED	$	18,522
		TOTAL SHORT-TERM INVESTMENTS		21,021
		(Cost $21,021)
		TOTAL PORTFOLIO - 99.76%		3,801,786
		(Cost $3,764,992)
		OTHER ASSETS & LIABILITIES, NET - 0.24%		9,286
		NET ASSETS - 100.00%	$	3,811,072
	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.

239

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

COLLEGE RETIREMENT EQUITIES FUND

SOCIAL CHOICE ACCOUNT

STATEMENT OF INVESTMENTS (Unaudited)

September 30, 2006

					MATURITY			VALUE
PRINCIPAL			RATE		DATE	RATING +		(000)
BONDS - 39.91%
CORPORATE BONDS - 14.19%
AMUSEMENT AND RECREATION SERVICES - 0.06%
$    3,000,000		International Speedway Corp	4.200	%	04/15/09	Baa2	$	2,914
2,000,000		International Speedway Corp	5.400		04/15/14	Baa2		1,943
		TOTAL AMUSEMENT AND RECREATION SERVICES						4,857
ASSET BACKED - 1.89%
10,250,000		AmeriCredit Automobile Receivables Trust Series 2006-AF (Class A4)	5.640		09/06/13	Aaa		10,415
10,000,000	i	Centex Home Equity Series 2004-C (Class AF5)	5.980		06/25/34	Aaa		10,029
7,000,000	i	Chase Funding Loan Acquisition Trust Series 2004-OPT1 (Class M1)	5.900		06/25/34	Aa2		7,041
3,808,353		Chase Funding Mortgage Loan Asset-Backed Certificates Series
		2004-2 (Class 1A3)	4.209		09/25/26	Aaa		3,785
1,000,000	i	Chase Funding Mortgage Loan Asset-Backed Certificates Series
		2004-2 (Class 1B)	5.700		02/25/34	Baa2		972
2,000,000		Chase Manhattan Auto Owner Trust Series 2004-A (Class A4)	2.830		09/15/10	Aaa		1,957
5,500,000		CIT Equipment Collateral Series 2005-VT1 (Class A4)	4.360		11/20/12	Aaa		5,438
7,000,000	i	Citicorp Mortgage Securities, Inc Series 2006-1 (Class A3)	5.706		07/25/36	Aaa		7,032
12,000,000	v	Citicorp Mortgage Securities, Inc Series 2006-2 (Class A3)	5.563		09/25/36	Aaa		12,000
2,679,354		Countrywide Asset-Backed Certificates Series 2002-S2 (Class A5)	5.978		01/25/17	Aaa		2,670
1,537,513	i	Countrywide Home Equity Loan Trust Series 2004-B (Class 1A)	5.550		02/15/29	Aaa		1,539
3,500,000		GMAC Mortgage Corporation Loan Trust 2006-HLTV A3	5.590		03/01/30	Aaa		3,508
2,282,000		GMAC Mortgage Corporation Loan Trust 2006-HLTV A4	5.810		03/01/36	Aaa		2,292
10,000,000		Household Automotive Trust Series 2006-2 (Class A3)	5.610		08/17/11	Aaa		10,110
16,000,000		Household Credit Card Master Note Trust I Series 2006-1 (Class A)	5.100		06/15/12	Aaa		16,087
3,000,000	i	IXIS Real Estate Capital Trust Series 2006-HE1 (Class A2)	5.470		03/25/36	Aaa		3,002
294,651		Long Beach Asset Holdings Corp Series 2006-4 (Class N1)	5.877		06/25/46	N/R		294
2,536,903	v	Long Beach Asset Holdings Corp Series 2006-6 (Class N1)	6.072		09/25/46	N/R		2,537
3,250,000	i,v	Renaissance Home Equity Loan Trust Series 2006-3 (Class AF3)	5.586		11/25/36	Aaa		3,261
4,000,000		Residential Funding Mortgage Securities II, Inc Series 2006-H12
		(Class A2)	5.750		02/25/36	Aaa		4,014
3,000,000	i	Residential Funding Mortgage Securities II, Inc Series 2006-HI1
		(Class A3)	5.570		02/25/36	Aaa		3,005

240

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
					MATURITY			VALUE
PRINCIPAL			RATE		DATE	RATING +		(000)
$     2,000,000	i	Residential Funding Mortgage Securities II, Inc Series 2006-HI1
		(Class M1)	6.010	%	02/25/36	Aa1	$	2,013
200,000	i	Residential Funding Mortgage Securities II, Inc Series 2006-HI1
		(Class M2)	6.060		02/25/36	Aa2		201
5,700,000		Residential Funding Mortgage Securities II, Inc Series 2006-HI3
		(Class A3)	5.960		02/25/36	Aaa		5,764
7,000,000	v	Residential Funding Mortgage Securities II, Inc Series 2006-HI4
		(Class A2)	5.450		09/25/36	Aaa		7,000
18,000,000	v	Residential Funding Mortgage Securities II, Inc Series 2006-HI4
		(Class A3)	5.440		09/25/36	Aaa		17,994
4,000,000	i	Residential Funding Mortgage Securities II, Inc Series 2006-HSA2
		(Class AI3)	5.550		03/25/36	Aaa		4,005
4,254,980	v	Sierra Receivables Funding Co Series 2006-1A (Class A1)	5.840		05/20/18	Aaa		4,309
4,206,913	i	Wachovia Loan Trust Series 2005-SD1 (Class A)	5.690		05/25/35	N/R		4,209
		TOTAL ASSET BACKED						156,483
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.16%
7,500,000		Home Depot, Inc	5.400		03/01/16	Aa3		7,444
5,000,000		Lowe's Cos, Inc	8.250		06/01/10	A1		5,498
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES						12,942
CHEMICALS AND ALLIED PRODUCTS - 0.25%
5,000,000		Abbott Laboratories	5.600		05/15/11	A1		5,090
2,500,000		Ecolab, Inc	6.875		02/01/11	A2		2,645
3,000,000		Genentech, Inc	5.250		07/15/35	A1		2,805
1,500,000		Lubrizol Corp	4.625		10/01/09	Baa3		1,458
5,000,000		Praxair, Inc	3.950		06/01/13	A2		4,588
4,500,000		Valspar Corp	6.000		05/01/07	Baa2		4,511
		TOTAL CHEMICALS AND ALLIED PRODUCTS						21,097
COMMUNICATIONS - 0.62%
2,205,000	g	ALLTEL Ohio Lp	8.000		08/15/10	A2		2,394
1,184,000	i	AT&T Corp	7.300		11/15/11	A2		1,284
3,000,000		AT&T, Inc	5.100		09/15/14	A2		2,891
1,000,000	e	AT&T, Inc	6.150		09/15/34	A2		971
4,134,570		Bellsouth Telecommunications	6.300		12/15/15	A2		4,196
5,000,000		COX Communications, Inc	4.625		01/15/10	Baa3		4,872
2,500,000		New Cingular Wireless Services, Inc	7.875		03/01/11	Baa1		2,737
1,500,000		New Cingular Wireless Services, Inc	8.750		03/01/31	Baa1		1,923
5,000,000		New England Telephone & Tele	7.650		06/15/07	Baa1		5,073
1,500,000		Sprint Capital Corp	6.000		01/15/07	Baa3		1,502
8,500,000		Sprint Capital Corp	8.375		03/15/12	Baa3		9,519
5,000,000		Verizon Communications, Inc	5.550		02/15/16	A3		4,927
1,500,000		Verizon Global Funding Corp	7.375		09/01/12	A3		1,643
1,500,000		Verizon Global Funding Corp	5.850		09/15/35	A3		1,410
6,500,000		Verizon Wireless Capital LLC	5.375		12/15/06	A2		6,498
		TOTAL COMMUNICATIONS						51,840
DEPOSITORY INSTITUTIONS - 1.75%
5,000,000		Bank of America Corp	5.375		08/15/11	Aa2		5,044
3,000,000		Bank of Hawaii	6.875		03/01/09	A3		3,085
1,000,000	i	Bank of New York Co, Inc	3.400		03/15/13	A1		973
2,500,000		Capital One Bank	4.250		12/01/08	A3		2,447
1,000,000	g	Corestates Capital Trust I	8.000		12/15/26	A1		1,042

241

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
					MATURITY			VALUE
PRINCIPAL			RATE		DATE	RATING +		(000)
$    3,000,000		First Union National Bank of Florida	6.180	%	02/15/36	Aa3	$	3,194
2,000,000		Greenpoint Financial Corp	3.200		06/06/08	A2		1,932
2,500,000		Independence Community Bank Corp	4.900		09/23/10	Baa1		2,456
2,000,000		KeyBank NA	5.000		07/17/07	A1		1,991
5,000,000		M&I Marshall & Ilsley Bank	5.300		09/08/11	Aa3		5,035
1,000,000		Mellon Capital I	7.720		12/01/26	A2		1,040
5,000,000		Mellon Funding Corp	6.400		05/14/11	A2		5,244
5,000,000		Mercantile Bankshares Corp	4.625		04/15/13	A2		4,775
1,250,000		Mercantile-Safe Deposit & Trust Co	5.700		11/15/11	N/R		1,276
1,250,000		National City Bank	7.250		07/15/10	N/R		1,335
3,000,000		National City Bank of Indiana	4.875		07/20/07	Aa3		2,985
3,500,000		Northern Trust Co	4.600		02/01/13	A1		3,374
2,500,000	g	PNC Institutional Capital Trust A	7.950		12/15/26	A3		2,607
3,000,000		Popular North America, Inc	3.875		10/01/08	A3		2,907
2,000,000		Popular North America, Inc	5.650		04/15/09	A3		2,009
2,401,000		Regions Financial Corp	7.750		09/15/24	A2		2,951
4,700,000		Republic New York Corp	7.530		12/04/26	A1		4,887
1,400,000		Roslyn Bancorp, Inc	5.750		11/15/07	Baa1		1,392
7,185,000		Roslyn Bancorp, Inc	7.500		12/01/08	Baa1		7,470
3,000,000		Sovereign Bank	4.000		02/01/08	A3		2,949
7,312,000		State Street Corp	7.650		06/15/10	A1		7,909
10,228,000		SunTrust Banks, Inc	6.000		02/15/26	A1		10,565
1,475,000		SunTrust Banks, Inc	6.000		01/15/28	N/R		1,545
4,000,000		Union Bank of California NA	5.950		05/11/16	A2		4,114
3,268,000		Union Planters Bank NA	5.125		06/15/07	Aa3		3,264
5,000,000		US Bank NA	5.700		12/15/08	Aa2		5,052
1,112,000		US Bank NA	6.375		08/01/11	Aa2		1,166
3,000,000		US Bank NA	6.300		02/04/14	Aa2		3,176
3,250,000	i	Wachovia Capital Trust III	5.800		12/30/49	A2		3,259
3,000,000		Washington Mutual Bank	5.650		08/15/14	A3		2,999
5,000,000		Webster Bank	5.875		01/15/13	Baa3		5,029
3,500,000		Wells Fargo & Co	5.300		08/26/11	Aa1		3,520
1,500,000		Wells Fargo Bank NA	6.450		02/01/11	Aa1		1,573
5,000,000		Wells Fargo Bank NA	4.750		02/09/15	Aa1		4,789
3,000,000		Wells Fargo Bank NA	5.950		08/26/36	Aa1		3,071
4,678,000		Wells Fargo Capital I	7.960		12/15/26	Aa2		4,876
5,000,000	i	World Savings Bank FSB	5.500		09/16/09	Aa2		5,005
		TOTAL DEPOSITORY INSTITUTIONS						145,312
EATING AND DRINKING PLACES - 0.06%
5,000,000		McDonald's Corp	5.750		03/01/12	A2		5,076
		TOTAL EATING AND DRINKING PLACES						5,076
ELECTRIC, GAS, AND SANITARY SERVICES - 0.65%
4,000,000		AGL Capital Corp	6.000		10/01/34	Baa1		3,888
5,000,000		Atmos Energy Corp	5.125		01/15/13	Baa3		4,841
5,000,000	i	Energen Corp	5.755		11/15/07	Baa2		5,004
5,000,000		Hawaiian Electric Industries, Inc	6.141		08/15/11	Baa2		5,060
2,500,000		Laclede Gas Co	6.150		06/01/36	A3		2,624
5,000,000		National Fuel Gas Co	5.250		03/01/13	Baa1		4,938
6,000,000	g	Nevada Power Co	6.650		04/01/36	Ba1		6,201
1,000,000		Nisource Finance Corp	3.200		11/01/06	Baa3		998
4,000,000		ONEOK Partners Lp	5.900		04/01/12	Baa2		4,016
2,185,000	g	Pedernales Electric Cooperative	6.202		11/15/32	N/R		2,328
2,000,000		Piedmont Natural Gas Co	7.350		09/25/09	A3		2,112

242

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
					MATURITY			VALUE
PRINCIPAL			RATE		DATE	RATING +		(000)
$     2,000,000		Puget Sound Energy, Inc	6.274	%	03/15/37	Baa2	$	2,039
5,000,000		Questar Market Resources, Inc	6.050		09/01/16	Baa3		5,096
5,000,000		Washington Gas Light	5.440		08/11/25	A2		4,775
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES						53,920
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 0.17%
2,500,000		Cisco Systems, Inc	5.250		02/22/11	A1		2,512
3,500,000		Cisco Systems, Inc	5.500		02/22/16	A1		3,522
5,000,000		Hubbell, Inc	6.375		05/15/12	A3		5,288
3,000,000		International Business Machines Corp	6.220		08/01/27	A1		3,184
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT						14,506
FABRICATED METAL PRODUCTS - 0.04%
3,000,000		Illinois Tool Works, Inc	5.750		03/01/09	Aa3		3,043
		TOTAL FABRICATED METAL PRODUCTS						3,043
FOOD AND KINDRED PRODUCTS - 0.49%
5,000,000		Bottling Group LLC	4.625		11/15/12	Aa3		4,838
5,000,000		Campbell Soup Co	5.000		12/03/12	A3		4,901
6,700,000		Coca-Cola Bottling Co Consolidated	5.000		11/15/12	Baa2		6,540
5,000,000		Coca-Cola Enterprises, Inc	8.500		02/01/22	A2		6,322
5,000,000		General Mills, Inc	5.125		02/15/07	Baa1		4,994
5,000,000		Kellogg Co	6.600		04/01/11	A3		5,262
5,000,000	e	PepsiAmericas, Inc	5.625		05/31/11	Baa1		5,044
2,500,000		WM Wrigley Jr Co	4.650		07/15/15	A1		2,376
		TOTAL FOOD AND KINDRED PRODUCTS						40,277
FOOD STORES - 0.06%
5,000,000		Kroger Co	8.050		02/01/10	Baa2		5,373
		TOTAL FOOD STORES						5,373
FURNITURE AND FIXTURES - 0.05%
4,000,000		Leggett & Platt, Inc	4.700		04/01/13	A2		3,832
		TOTAL FURNITURE AND FIXTURES						3,832
GENERAL BUILDING CONTRACTORS - 0.23%
2,000,000		Centex Corp	6.500		05/01/16	Baa2		2,021
5,000,000		DR Horton, Inc	5.375		06/15/12	Baa3		4,787
3,000,000		Lennar Corp	5.125		10/01/10	Baa2		2,927
3,000,000		M/I Homes, Inc	6.875		04/01/12	Ba2		2,587
3,000,000		MDC Holdings, Inc	5.375		07/01/15	Baa3		2,706
2,140,000		Pulte Homes, Inc	7.875		08/01/11	Baa3		2,302
2,000,000		Ryland Group, Inc	5.375		05/15/12	Baa3		1,890
		TOTAL GENERAL BUILDING CONTRACTORS						19,220
GENERAL MERCHANDISE STORES - 0.06%
5,000,000		Target Corp	5.875		07/15/16	A1		5,178
		TOTAL GENERAL MERCHANDISE STORES						5,178
HEALTH SERVICES - 0.07%
2,800,000	g	Anthem Insurance Co, Inc	9.125		04/01/10	A3		3,134
2,500,000		Laboratory Corp of America Holdings	5.625		12/15/15	Baa3		2,477
		TOTAL HEALTH SERVICES						5,611

243

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
					MATURITY			VALUE
PRINCIPAL			RATE		DATE	RATING +		(000)
HOLDING AND OTHER INVESTMENT OFFICES - 0.21%
$     2,500,000		AMB Property Lp	5.450	%	12/01/10	Baa1	$	2,522
2,000,000		EOP Operating Lp	5.875		01/15/13	Baa2		2,018
5,000,000		Kimco Realty Corp	5.304		02/22/11	Baa1		4,983
2,000,000		Simon Property Group Lp	5.875		03/01/17	Baa1		2,022
5,500,000		Washington Real Estate Investment Trust	6.898		02/25/08	Baa1		5,617
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES						17,162
INDUSTRIAL MACHINERY AND EQUIPMENT - 0.44%
2,500,000		3M Co	6.375		02/15/28	Aa1		2,736
9,220,000		Cooper Cameron Corp	2.650		04/15/07	Baa1		9,081
281,000		Deere & Co	8.500		01/09/22	A3		365
4,340,000		Deere & Co	8.100		05/15/30	A3		5,667
10,000,000	g	Pall Corp	6.000		08/01/12	Baa2		10,154
7,775,000		Smith International, Inc	6.750		02/15/11	Baa1		8,134
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT						36,137
INSTRUMENTS AND RELATED PRODUCTS - 0.35%
5,000,000		Beckman Coulter, Inc	6.875		11/15/11	Baa3		5,274
4,500,000		Becton Dickinson & Co	7.150		10/01/09	A2		4,750
5,000,000		Boston Scientific Corp	5.500		11/15/15	Baa3		4,978
5,200,000		CR Bard, Inc	6.700		12/01/26	Baa1		5,674
3,500,000		Medtronic, Inc	4.750		09/15/15	A1		3,330
3,000,000		Thermo Electron Corp	7.625		10/30/08	Baa1		3,121
2,000,000		Thermo Electron Corp	5.000		06/01/15	Baa1		1,882
		TOTAL INSTRUMENTS AND RELATED PRODUCTS						29,009
INSURANCE CARRIERS - 0.76%
3,000,000		Aetna, Inc	6.625		06/15/36	A3		3,167
3,500,000		Cincinnati Financial Corp	6.125		11/01/34	A2		3,543
3,000,000		First American Corp	5.700		08/01/14	Baa2		2,960
2,500,000	i	Hartford Life Global Funding Trusts	5.490		03/15/11	Aa3		2,501
5,000,000	g	Health Care Service Corp	7.750		06/15/11	A2		5,470
1,200,000	g	Jackson National Life Global Funding	6.125		05/30/12	A1		1,244
5,000,000	g,i	Jefferson-Pilot Life Funding Trust I	3.250		06/02/08	N/R		4,996
1,945,000	g	John Hancock Global Funding II	7.900		07/02/10	Aa2		2,132
2,000,000		Markel Corp	6.800		02/15/13	Baa3		2,064
3,000,000		Markel Corp	7.350		08/15/34	Baa3		3,103
2,000,000	g	Nationwide Life Global Funding I	2.750		05/15/07	Aa3		1,966
5,000,000	g	Nationwide Life Global Funding I	5.350		03/15/11	Aa3		5,027
5,000,000	g	New York Life Global Funding	4.625		08/16/10	Aaa		4,908
4,900,000	g	Ohio National Financial Services, Inc	7.000		07/15/11	Baa1		5,201
3,500,000	g	Pricoa Global Funding I	4.625		06/25/12	Aa3		3,375
1,036,000		Protective Life Corp	4.300		06/01/13	A3		971
2,500,000	e	Protective Life Secured Trust	4.850		08/16/10	Aa3		2,472
2,500,000		Protective Life Secured Trust	4.000		04/01/11	Aa3		2,377
1,500,000	g	Prudential Funding LLC	6.600		05/15/08	A1		1,531
3,000,000		WellPoint, Inc	5.000		01/15/11	Baa1		2,962
1,500,000		WellPoint, Inc	5.850		01/15/36	Baa1		1,449
		TOTAL INSURANCE CARRIERS						63,419
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.06%
5,000,000		Harsco Corp	5.125		09/15/13	A3		4,939
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES						4,939

244

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
					MATURITY			VALUE
PRINCIPAL			RATE		DATE	RATING +		(000)
MISCELLANEOUS RETAIL - 0.05%
$     4,610,909	g	CVS Corp	5.298	%	01/11/27	Baa2	$	4,396
		TOTAL MISCELLANEOUS RETAIL						4,396
MOTION PICTURES - 0.24%
6,000,000		Historic TW, Inc	6.625		05/15/29	Baa2		5,974
5,234,000		Time Warner Entertainment Co Lp	10.150		05/01/12	Baa2		6,202
5,000,000		Walt Disney Co	5.500		12/29/06	A3		5,003
3,000,000		Walt Disney Co	5.700		07/15/11	A3		3,055
		TOTAL MOTION PICTURES						20,234
NONDEPOSITORY INSTITUTIONS - 0.63%
5,000,000	i	American Express Credit Corp	5.480		10/04/10	Aa3		5,007
4,000,000		Capital One Financial Corp	5.700		09/15/11	Baa1		4,033
5,000,000		Capital One Financial Corp	5.500		06/01/15	Baa1		4,905
1,500,000		Capital One Financial Corp	6.150		09/01/16	Baa2		1,517
4,000,000		CIT Group Funding Co of Canada	4.650		07/01/10	A2		3,913
4,000,000	g	IBM Canada Credit Services Co	3.750		11/30/07	A1		3,928
2,000,000		John Deere Capital Corp	7.000		03/15/12	A3		2,148
6,000,000		Residential Capital Corp	6.500		04/17/13	Baa3		6,101
5,000,000		SLM Corp	4.500		07/26/10	A2		4,871
5,000,000	i	SLM Corp	5.505		07/26/10	A2		5,000
5,000,000		SLM Corp	5.375		05/15/14	A2		4,955
5,000,000		Western Financial Bank	9.625		05/15/12	Aa3		5,532
		TOTAL NONDEPOSITORY INSTITUTIONS						51,910
OIL AND GAS EXTRACTION - 0.46%
5,000,000		Anadarko Finance Co	7.500		05/01/31	Baa2		5,709
2,000,000		Anadarko Petroleum Corp	6.450		09/15/36	Baa2		2,045
4,610,000		Apache Finance Canada Corp	4.375		05/15/15	A3		4,263
3,500,000		Chesapeake Energy Corp	6.500		08/15/17	Ba2		3,281
5,700,000		ENSCO International, Inc	6.750		11/15/07	Baa1		5,794
5,000,000	g	Eog Resources Canada, Inc	4.750		03/15/14	A3		4,811
2,000,000		Equitable Resources, Inc	5.000		10/01/15	A2		1,919
2,000,000		Noble Energy, Inc	8.000		04/01/27	Baa2		2,380
3,900,000		Ocean Energy, Inc	4.375		10/01/07	Baa3		3,855
2,000,000		Valero Logistics Operations Lp	6.050		03/15/13	Baa3		2,011
2,000,000		XTO Energy, Inc	6.100		04/01/36	Baa2		1,981
		TOTAL OIL AND GAS EXTRACTION						38,049
OTHER MORTGAGE BACKED SECURITIES - 2.97%
6,000,000		Banc of America Commercial Mortgage, Inc Series 2002-2 (Class A3)	5.118		07/11/43	N/R		5,978
10,000,000	i	Banc of America Commercial Mortgage, Inc Series 2004-4 (Class A6)	4.877		07/10/42	N/R		9,715
3,000,000	i	Banc of America Commercial Mortgage, Inc Series 2005-1 (Class B)	5.158		11/10/42	N/R		2,971
8,370,000	i	Banc of America Commercial Mortgage, Inc Series 2005-5 (Class AJ)	5.331		10/10/45	Aaa		8,259
1,375,000	i	Banc of America Commercial Mortgage, Inc Series 2005-6 (Class AJ)	5.354		09/10/47	Aaa		1,359
2,000,000	i	Banc of America Commercial Mortgage, Inc Series 2006-2 (Class A4)	5.930		05/10/45	N/R		2,071
4,800,000		Banc of America Commercial Mortgage, Inc Series 2006-4 (Class A4)	5.634		07/10/46	Aaa		4,897

245

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
					MATURITY			VALUE
PRINCIPAL			RATE		DATE	RATING +		(000)
$     3,350,000	h,v	Banc of America Commercial Mortgage, Inc Series 2006-5 (Class A4)	5.460	%	09/10/16	Aaa	$	3,367
6,657,251		Banc of America Mortgage Securities Series 2006-1 (Class A8)	6.000		05/01/36	Aaa		6,683
2,649,974		Bank of America Alternative Loan Trust Series 2004-8 (Class 3A1)	5.500		09/25/19	Aaa		2,652
4,500,000	i	Bear Stearns Commercial Mortgage Securities Series 2005-PW10
		(Class AJ)	5.614		12/11/40	N/R		4,541
4,100,000	i	Bear Stearns Commercial Mortgage Securities Series 2006-PW11
		(Class A4)	5.625		03/11/39	N/R		4,158
3,000,000	i	Bear Stearns Commercial Mortgage Securities Series 2006-PW12
		(Class A4)	5.896		09/11/38	Aaa		3,103
5,375,000	e	Bear Stearns Commercial Mortgage Securities Series 2006-PW13
		(Class A4)	5.540		09/11/41	N/R		5,449
2,000,000	i	Bear Stearns Commercial Mortgage Securities Series 2006-T22
		(Class A4)	5.634		04/12/38	Aaa		2,035
10,672,073		Citimortgage Alternative Loan Trust Series 2006-A1 (Class 2A1)	5.250		03/25/21	Aaa		10,535
3,034,309	i	Countrywide Alternative Loan Trust Series 2004-31T1 (Class A2)	5.680		09/25/34	N/R		3,039
12,000,000		Countrywide Alternative Loan Trust Series 2005-37T1 (Class A4)	5.500		09/25/35	Aaa		11,814
2,500,000		Countrywide Alternative Loan Trust Series 2005-J8 (Class 1A5)	5.500		07/25/35	Aaa		2,441
4,760,866	i	Countrywide Alternative Loan Trust Series 2006-12CB (Class A10)	5.680		05/25/36	Aaa		4,753
4,576,283		Countrywide Home Loan Mortgage Pass Through Trust Series 2005-
		17 (Class 1A10)	5.250		09/25/35	N/R		4,555
4,500,000	i	Credit Suisse Mortgage Capital Certificates Series 2006-C1 (Class A4)	5.609		02/15/39	N/R		4,569
3,000,000	i	Credit Suisse Mortgage Capital Certificates Series 2006-C2 (Class A3)	5.848		03/15/39	Aaa		3,080
4,800,000		Credit Suisse Mortgage Capital Certificates Series 2006-C4 (Class A3)	5.467		09/15/39	Aaa		4,837
7,000,000	i	Credit Suisse/Morgan Stanley Commerical Mortgage Certificate
		Series HC1A (Class A1)	5.520		05/15/23	Aaa		7,002
1,114,163		CS First Boston Mortgage Securities Corp Series 2004-8 (Class 7A1)	6.000		12/25/34	N/R		1,117
7,189,310		CS First Boston Mortgage Securities Corp Series 2005-5 (Class 7A1)	6.000		07/25/35	Aaa		7,192
10,000,000	i	GS Mortgage Securities Corp II Series 2001-ROCK (Class BFL)	5.810		05/03/18	Aaa		10,244
1,000,000		JP Morgan Chase Commercial Mortgage Securities Corp Series
		2002-C1 (Class A3)	5.376		07/12/37	Aaa		1,008
9,000,000		JP Morgan Chase Commercial Mortgage Securities Corp Series
		2003-CB6 (Class A2)	5.255		07/12/37	Aaa		8,996
3,100,000		LB-UBS Commercial Mortgage Trust Series 2005-C3 (Class A2)	4.553		07/15/30	Aaa		3,045
3,000,000	i	LB-UBS Commercial Mortgage Trust Series 2005-C5 (Class AJ)	5.057		09/15/40	N/R		2,928
5,232,530		MASTR Alternative Loans Trust Series 2004-8 (Class 5A1)	6.000		09/25/34	N/R		5,218
838,330		MASTR Asset Securitization Trust Series 2005-2 (Class 3A1)	5.000		10/25/20	Aaa		830

246

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
					MATURITY		VALUE
PRINCIPAL			RATE		DATE	RATING +	(000)
$     2,788,248		MASTR Asset Securitization Trust Series 2005-2 (Class 3A1)	5.500	%	11/25/33	Aaa	$	2,729
10,000,000	i	Merrill Lynch Mortgage Trust Series 2003-KEY1 (Class A4)	5.236		11/12/35	N/R		9,959
2,675,000	i	Merrill Lynch Mortgage Trust Series 2005-LC1 (Class A4)	5.291		01/12/44	Aaa		2,662
1,300,000	i	Merrill Lynch Mortgage Trust Series 2006-C1 (Class A4)	5.844		05/12/39	N/R		1,337
2,300,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust Series 2006
		1 (Class A4)	5.619		02/12/39	N/R		2,330
10,000,000		Morgan Stanley Capital I Series 2005-HQ5 (Class A2)	4.809		01/14/42	N/R		9,908
5,000,000	i	Morgan Stanley Capital I Series 2006-HE1 (Class A2)	5.450		01/25/36	Aaa		5,003
4,000,000	i	Morgan Stanley Capital I Series 2006-HQ8 (Class AJ)	5.641		03/12/44	Aaa		4,053
4,000,000	i	Morgan Stanley Capital I Series 2006-HQ9 (Class A4)	5.731		07/12/44	N/R		4,109
2,500,000	i	Morgan Stanley Capital I Series 2006-IQ11 (Class A4)	5.946		10/15/42	N/R		2,583
1,500,000	i	Morgan Stanley Capital I Series 2006-T21 (Class AJ)	5.273		10/12/52	Aaa		1,486
4,700,000	i	Morgan Stanley Capital I Series 2006-T23 (Class A4)	5.983		08/12/41	N/R		4,888
6,256,723		Residential Funding Mortgage Security I Series 2004-S5 (Class 2A1)	4.500		05/25/19	N/R		6,097
3,000,000	i	Wachovia Bank Commercial Mortgage Trust Series 2005-C20
		(Class A7)	5.118		07/15/42	Aaa		2,948
2,700,000	i	Wachovia Bank Commercial Mortgage Trust Series 2006-C24
		(Class A3)	5.558		03/15/45	Aaa		2,736
2,679,221		Wamu Alternative Mortgage Pass-Through Certificates Series 2006-
		2 (Class 2CB)	6.500		03/25/36	Aaa		2,712
13,527,099		Wells Fargo Mortgage Backed Securities Trust Series 2003-16
		(Class 2A1)	4.500		12/25/18	N/R		12,961
3,151,637		Wells Fargo Mortgage Backed Securities Trust Series 2005-1 (Class 2A1)	5.000		01/25/20	Aaa		3,122
422,385		Wells Fargo Mortgage Backed Securities Trust Series 2005-5 (Class 1A1)	5.000		05/25/20	Aaa		412
		TOTAL OTHER MORTGAGE BACKED SECURITIES						246,476
PAPER AND ALLIED PRODUCTS - 0.06%
5,000,000		Bemis Co	4.875		04/01/12	Baa1		4,855
		TOTAL PAPER AND ALLIED PRODUCTS						4,855
PETROLEUM AND COAL PRODUCTS - 0.07%
6,500,000		Sunoco, Inc	4.875		10/15/14	Baa2		6,133
		TOTAL PETROLEUM AND COAL PRODUCTS						6,133
PIPELINES, EXCEPT NATURAL GAS - 0.03%
2,500,000		Kinder Morgan Energy Partners Lp	7.300		08/15/33	Baa1		2,698
		TOTAL PIPELINES, EXCEPT NATURAL GAS						2,698
PRINTING AND PUBLISHING - 0.12%
5,000,000		Dow Jones & Co, Inc	3.875		02/15/08	Baa1		4,903
2,500,000		Dun & Bradstreet Corp	5.500		03/15/11	N/R		2,513
3,000,000		EW Scripps Co	4.300		06/30/10	A2		2,887
		TOTAL PRINTING AND PUBLISHING						10,303
RAILROAD TRANSPORTATION - 0.13%
2,000,000		CSX Corp	6.000		10/01/36	Baa2		2,033
1,900,000		CSX Transportation, Inc	7.820		04/01/11	N/R		2,087
185,000		Norfolk Southern Corp	7.800		05/15/27	Baa1		229

247

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
					MATURITY			VALUE
PRINCIPAL			RATE		DATE	RATING +		(000)
$   4,815,000		Norfolk Southern Corp	5.640	%	05/17/29	Baa1	$	4,711
685,239	g	Sea-Land Service, Inc	6.600		01/02/11	Baa2		696
685,239	g	Sea-Land Service, Inc	6.600		01/02/11	Baa2		696
685,239	g	Sea-Land Service, Inc	6.600		01/02/11	Baa2		696
		TOTAL RAILROAD TRANSPORTATION						11,148
SECURITY AND COMMODITY BROKERS - 0.35%
2,292,000		Charles Schwab Corp	8.050		03/01/10	A2		2,486
3,000,000		Goldman Sachs Group Lp	4.500		06/15/10	Aa3		2,924
2,500,000		Goldman Sachs Group, Inc	4.750		07/15/13	Aa3		2,399
2,000,000		Goldman Sachs Group, Inc	6.125		02/15/33	Aa3		1,996
3,156,000		Jefferies Group, Inc	6.250		01/15/36	Baa1		3,060
5,775,000		Legg Mason, Inc	6.750		07/02/08	A2		5,930
5,000,000		Merrill Lynch & Co, Inc	5.770		07/25/11	Aa3		5,099
5,000,000		Merrill Lynch & Co, Inc	6.220		09/15/26	A1		5,102
		TOTAL SECURITY AND COMMODITY BROKERS						28,996
SOCIAL SERVICES - 0.06%
5,145,000		Salvation Army	5.637		09/01/26	Aaa		5,232
		TOTAL SOCIAL SERVICES						5,232
STONE, CLAY, AND GLASS PRODUCTS - 0.01%
1,000,000		Martin Marietta Materials, Inc	5.875		12/01/08	A3		1,011
		TOTAL STONE, CLAY, AND GLASS PRODUCTS						1,011
TRANSPORTATION BY AIR - 0.15%
3,000,000		FedEx Corp	5.500		08/15/09	Baa2		3,013
5,000,000	i	JetBlue Airways Corp	5.855		11/15/16	Aaa		4,909
1,700,000		Southwest Airlines Co	5.496		11/01/06	Aa2		1,701
3,000,000		Southwest Airlines Co	5.125		03/01/17	Baa1		2,841
		TOTAL TRANSPORTATION BY AIR						12,464
TRANSPORTATION EQUIPMENT - 0.07%
4,362,707	g	Southern Capital Corp	5.700		06/30/22	Aaa		4,344
1,000,000		Union Tank CAR Co	6.790		05/01/10	A1		1,055
		TOTAL TRANSPORTATION EQUIPMENT						5,399
TRANSPORTATION SERVICES - 0.08%
1,800,728	g	GATX Corp	5.697		01/02/25	Baa2		1,738
5,000,000	g	TTX Co	3.875		03/01/08	Baa1		4,876
		TOTAL TRANSPORTATION SERVICES						6,614
WHOLESALE TRADE-DURABLE GOODS - 0.04%
2,000,000		Johnson & Johnson	4.950		05/15/33	Aaa		1,876
1,000,000		Martin Marietta Materials, Inc	6.875		04/01/11	A3		1,056
		TOTAL WHOLESALE TRADE-DURABLE GOODS						2,932
WHOLESALE TRADE-NONDURABLE GOODS - 0.24%
5,000,000		Gillette Co	4.125		08/30/07	Aa3		4,931
1,800,000		Nike, Inc	5.150		10/15/15	A2		1,758
2,500,000		Procter & Gamble Co	8.750		06/01/22	Aa3		3,373
3,500,000		Procter & Gamble Co	5.800		08/15/34	Aa3		3,617
5,000,000		Sysco Corp	7.160		04/15/27	A1		5,830
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS						19,509

248

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
					MATURITY			VALUE
PRINCIPAL			RATE		DATE	RATING +		(000)
		TOTAL CORPORATE BONDS					$	1,177,592
		(Cost $1,179,476)
GOVERNMENT BONDS - 25.72%
AGENCY SECURITIES - 7.24%
$     6,811,095		Cal Dive International, Inc	4.930	%	02/01/27	N/R		6,584
4,500,000		Egypt Government AID Bonds	4.450		09/15/15	Aaa		4,356
11,000,000		Federal Farm Credit Bank (FFCB)	5.375		07/18/11	Aaa		11,226
11,900,000		FFCB	5.125		08/25/16	Aaa		12,018
15,000,000	e	Federal Home Loan Bank (FHLB)	5.375		08/19/11	Aaa		15,297
2,000,000		FHLB (Step Bond 4.000% until 07/30/07, 6.000% until 07/30/12,
		8.000% until 07/30/16, 10.000% until 07/30/18)	4.000		07/30/18	Aaa		1,959
2,750,000		Federal Home Loan Mortgage Corp (FHLMC)	2.500		11/28/06	Aaa		2,738
3,750,000		FHLMC	4.625		06/01/07	Aaa		3,734
2,950,000		FHLMC	4.000		08/17/07	Aaa		2,920
7,500,000		FHLMC	5.125		10/24/07	Aaa		7,496
2,450,000		FHLMC	4.375		11/16/07	Aaa		2,430
20,000,000	i	FHLMC	4.830		11/28/07	Aaa		20,001
11,750,000		FHLMC	5.125		04/18/08	Aaa		11,772
13,000,000		FHLMC	3.500		05/21/08	Aaa		12,697
1,500,000		FHLMC	3.600		05/22/08	Aaa		1,467
3,500,000		FHLMC	2.650		05/30/08	Aaa		3,371
19,500,000	e	FHLMC	5.000		09/16/08	Aaa		19,522
21,910,000		FHLMC	5.875		03/21/11	Aa2		22,627
10,000,000		FHLMC	5.250		07/18/11	Aaa		10,143
22,200,000		FHLMC	6.250		03/05/12	Aa2		22,282
9,300,000		FHLMC	8.250		06/01/16	N/R		11,440
8,500,000		FHLMC	5.750		06/27/16	Aa2		8,854
3,000,000	e	FHLMC	5.500		07/18/16	Aaa		3,116
7,813,000		Federal National Mortgage Association (FNMA)	3.000		03/02/07	Aaa		7,739
1,850,000		FNMA	3.375		05/15/07	Aaa		1,829
6,000,000		FNMA	4.125		06/16/08	Aaa		5,909
12,000,000	e	FNMA	5.000		09/15/08	Aaa		12,014
20,000,000		FNMA	5.210		03/16/09	Aaa		19,960
30,600,000		FNMA	7.125		06/15/10	Aaa		32,882
5,000,000		FNMA	6.625		11/15/10	Aaa		5,317
25,000,000		FNMA	6.000		05/15/11	Aaa		26,115
7,580,000		FNMA	4.125		01/30/12	Aaa		7,262
15,000,000		FNMA	5.250		08/01/12	Aa2		15,105
2,200,000	e	FNMA	5.250		09/15/16	Aaa		2,243
10,963,000	j	Government Trust Certificate	0.000		11/15/07	N/R		10,369
4,000,000	j	Government Trust Certificate	0.000		04/01/21	N/R		1,896
5,007,000	v	Housing Urban Development	5.380		08/01/18	N/R		5,063
517,775		New Valley Generation III	4.687		01/15/22	Aaa		507
2,231,261	j	Overseas Private Investment Corp	0.000		12/16/06	N/R		2,364
11,689,749	j	Overseas Private Investment Corp	0.000		12/16/06	N/R		12,384
1,586,685	j	Overseas Private Investment Corp	0.000		12/16/06	N/R		1,681
5,061,662	j	Overseas Private Investment Corp	0.000		12/16/06	N/R		5,362
5,063,381	j	Overseas Private Investment Corp	0.000		12/16/06	N/R		5,364
23,053,496	j	Overseas Private Investment Corp	0.000		12/16/06	N/R		24,423
10,100,000	j	Overseas Private Investment Corp	0.000		09/15/08	N/R		11,159
6,794,000		Overseas Private Investment Corp	4.050		11/15/14	N/R		6,492
8,360,092		Overseas Private Investment Corp	3.740		04/15/15	N/R		7,989
1,000,000		Private Export Funding Corp	7.110		04/15/07	Aaa		1,010

249

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
					MATURITY			VALUE
PRINCIPAL			RATE		DATE	RATING +		(000)
$    2,500,000	g	Private Export Funding Corp	7.170	%	05/15/07	Aaa	$	2,528
4,688,000		Private Export Funding Corp	6.490		07/15/07	Aaa		4,729
2,858,000		Private Export Funding Corp	3.400		02/15/08	Aaa		2,797
3,500,000		Private Export Funding Corp	5.870		07/31/08	Aaa		3,554
2,850,000		Private Export Funding Corp	3.375		02/15/09	Aaa		2,751
3,800,000		Private Export Funding Corp	7.200		01/15/10	Aaa		4,051
5,000,000		Private Export Funding Corp	6.070		04/30/11	Aaa		5,224
8,707,000		Private Export Funding Corp	5.685		05/15/12	Aaa		8,918
22,970,000		Private Export Funding Corp	4.974		08/15/13	Aaa		23,042
38,125,000		Private Export Funding Corp	4.550		05/15/15	Aaa		36,740
24,960,000		Private Export Funding Corp	4.950		11/15/15	Aaa		24,717
20,025,000		Tennessee Valley Authority	5.880		04/01/36	N/R		22,191
8,844,424	g	US Trade Funding Corp	4.260		11/15/14	N/R		8,623
		TOTAL AGENCY SECURITIES						600,353
FOREIGN GOVERNMENT BONDS - 1.14%
5,750,000	e	Canada Mortgage & Housing Corp	4.800		10/01/10	Aaa		5,739
1,500,000		Development Bank of Japan	4.250		06/09/15	Aaa		1,405
5,000,000		Eksportfinans A/S	5.500		05/25/16	Aaa		5,154
1,500,000		European Investment Bank	5.250		06/15/11	N/R		1,523
5,000,000		European Investment Bank	5.125		09/13/16	Aaa		5,063
2,000,000		European Investment Bank	4.875		02/15/36	Aaa		1,914
5,000,000	g	Federal Republic of Germany	3.875		06/01/10	Aaa		4,859
6,082,000		Hydro Quebec	8.400		01/15/22	Aa3		7,880
3,000,000	e	Italy Government International Bond	5.250		09/20/16	N/R		3,030
5,000,000		Japan Bank for International Cooperation	4.750		05/25/11	Aaa		4,956
5,000,000		Kreditanstalt fuer Wiederaufbau	5.125		03/14/16	Aaa		5,057
2,700,000		Landwirtschaftliche Rentenbank	5.250		07/15/11	Aaa		2,738
5,000,000		Oesterreichische Kontrollbank AG.	4.875		02/16/16	Aaa		4,968
4,750,000		Province of Manitoba Canada	4.450		04/12/10	Aa2		4,684
5,000,000		Province of Ontario	4.750		01/19/16	Aa2		4,885
7,500,000		Province of Quebec Canada	5.000		03/01/16	Aa3		7,421
5,000,000		Province of Quebec Canada	7.500		09/15/29	Aa3		6,378
10,000,000		Province of Saskatchewan Canada	8.000		02/01/13	Aa2		11,574
5,000,000		Svensk Exportkredit AB	4.125		10/15/08	Aa1		4,915
		TOTAL FOREIGN GOVERNMENT BONDS						94,143
MORTGAGE BACKED SECURITIES - 13.12%
9,421,767		Fannie Mae Benchmark REMIC	6.000		06/25/16			9,481
6,000,000		Federal Home Loan Mortgage Corp (FHLMC)	5.000		06/15/29			5,911
462,748		FHLMC	6.000		04/15/30			462
3,447,594		FHLMC	6.000		12/15/30			3,473
9,000,000		FHLMC	5.000		06/15/31			8,784
7,000,000		FHLMC	5.500		05/15/33			6,903
5,618,117		FHLMC	4.500		09/15/35			5,390
239,058		Federal Home Loan Mortgage Corp Gold (FGLMC)	6.000		03/01/11			240
772,044		FGLMC	6.500		12/01/16			788
1,117,269		FGLMC	6.000		12/01/17			1,133
6,763,427		FGLMC	4.500		10/01/18			6,535
8,871,564		FGLMC	4.500		11/01/18			8,571
8,122,006		FGLMC	4.500		11/01/18			7,847
9,819,188		FGLMC	4.500		01/01/19			9,474
4,318,275	d	FGLMC	5.500		01/01/19			4,325
3,925,887		FGLMC	5.000		02/01/19			3,862
702,568	d	FGLMC	7.000		10/01/20			726

250

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
					MATURITY		VALUE
PRINCIPAL			RATE		DATE		(000)
$     22,771,964		FGLMC	4.500	%	06/01/21	$	21,945
39,980		FGLMC	7.000		05/01/23		41
351,106	d	FGLMC	8.000		01/01/31		369
7,453,535		FGLMC	5.500		09/01/33		7,372
5,866,715		FGLMC	5.500		09/01/33		5,802
1,924,915		FGLMC	6.500		11/01/33		1,965
16,737,479		FGLMC	5.500		12/01/33		16,564
17,035,357		FGLMC	5.000		01/01/34		16,439
3,479,855		FGLMC	6.500		08/01/34		3,548
2,606,624		FGLMC	5.500		12/01/34		2,576
17,983,882		FGLMC	4.500		04/01/35		16,846
3,365,716		FGLMC	6.000		05/01/35		3,384
2,733,079		FGLMC	6.000		05/01/35		2,748
1,416,119		FGLMC	6.000		05/01/35		1,424
2,133,083		FGLMC	6.000		05/01/35		2,145
1,359,447		FGLMC	6.000		05/01/35		1,367
1,395,042		FGLMC	6.000		05/01/35		1,403
3,257,839		FGLMC	5.500		06/01/35		3,214
4,465,513		FGLMC	6.000		08/01/35		4,490
2,928,506		FGLMC	4.500		09/01/35		2,738
8,379,093		FGLMC	4.500		09/01/35		7,834
6,905,525		FGLMC	4.500		09/01/35		6,456
13,994,174		FGLMC	5.000		09/01/35		13,466
3,244,042		FGLMC	5.000		10/01/35		3,122
3,741,478		FGLMC	5.000		11/01/35		3,600
1,074,264		FGLMC	4.500		12/01/35		1,004
9,348,116		FGLMC	6.000		01/01/36		9,397
3,684,967		FGLMC	7.000		01/01/36		3,787
2,482,171	v	FGLMC	5.500		03/01/36		2,439
996,522		FGLMC	6.500		05/01/36		1,015
14,877,091		FGLMC	6.000		07/01/36		14,955
62,285		Federal National Mortgage Association (FNMA)	7.500		06/01/11		64
4,493		FNMA	8.000		06/01/11		5
49,310		FNMA	8.000		07/01/11		51
7,440		FNMA	7.500		08/01/11		8
14,055		FNMA	7.500		09/01/11		14
610		FNMA	7.500		09/01/11		1
1,514		FNMA	7.500		10/01/11		2
38,168		FNMA	7.500		10/01/11		39
7,527		FNMA	7.500		10/01/11		8
324,187		FNMA	7.000		04/01/12		333
54,511		FNMA	6.500		09/01/12		56
219,683		FNMA	5.000		06/01/13		219
2,866,232		FNMA	4.440		07/01/13		2,757
4,954,884		FNMA	4.019		08/01/13		4,661
3,324,271		FNMA	4.518		05/01/14		3,201
4,403,851		FNMA	4.265		06/01/14		4,174
3,184,806		FNMA	4.530		10/01/14		3,069
19,266		FNMA	8.500		11/01/14		21
562,819		FNMA	6.500		10/01/16		575
2,075,197	d	FNMA	6.500		04/01/17		2,122
1,075,177		FNMA	6.500		02/01/18		1,099
3,805,014		FNMA	5.500		03/01/18		3,812
687,205		FNMA	5.500		04/01/18		688
86,454		FNMA	5.500		05/01/18		87

251

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
					MATURITY		VALUE
PRINCIPAL			RATE		DATE		(000)
$     15,778,864		FNMA	5.000	%	07/01/18	$	15,548
15,914,654		FNMA	5.500		11/01/18		15,942
6,907,046		FNMA	5.000		12/01/18		6,806
5,465,664		FNMA	5.000		01/01/19		5,386
784,336		FNMA	6.000		01/01/19		797
790,876		FNMA	6.000		02/01/19		804
600,000		FNMA	4.000		02/25/19		543
7,477,158		FNMA	5.000		03/01/19		7,358
938,603		FNMA	4.500		05/01/19		907
50,000,000	h	FNMA	6.000		10/25/21		50,750
80,003		FNMA	8.000		03/01/23		84
1,202,482		FNMA	5.500		02/01/24		1,197
186,317		FNMA	8.000		07/01/24		197
32,424,620		FNMA	5.000		10/01/25		31,477
14,216,023		FNMA	6.000		03/01/32		14,363
657,739		FNMA	5.000		02/01/33		634
6,000,000		FNMA	4.500		03/25/33		5,783
1,476,558		FNMA	5.500		06/01/33		1,459
1,887,578		FNMA	5.500		07/01/33		1,865
2,951,672		FNMA	4.500		08/01/33		2,768
1,800,201		FNMA	5.000		08/01/33		1,736
2,972,326		FNMA	6.000		08/01/33		2,993
6,000,000		FNMA	5.500		08/25/33		5,947
2,071,822		FNMA	5.000		10/01/33		1,998
2,081,338		FNMA	5.000		10/01/33		2,007
36,780,838		FNMA	5.000		11/01/33		35,467
2,576,530		FNMA	5.000		11/01/33		2,485
4,002,140		FNMA	5.500		11/01/33		3,954
2,290,537		FNMA	5.500		11/01/33		2,263
3,494,916		FNMA	5.500		11/01/33		3,453
2,749,530		FNMA	5.500		11/01/33		2,716
2,735,969		FNMA	5.500		11/01/33		2,703
1,667,592		FNMA	5.500		12/01/33		1,648
568,217		FNMA	5.500		12/01/33		561
820,886		FNMA	5.500		12/01/33		811
2,108,883		FNMA	5.500		01/01/34		2,084
760,779		FNMA	5.000		03/01/34		734
879,885		FNMA	5.000		03/01/34		848
1,921,853		FNMA	5.000		03/01/34		1,853
679,327		FNMA	5.000		03/01/34		655
5,827,955		FNMA	5.000		04/01/34		5,612
1,505,541		FNMA	4.500		05/01/34		1,410
78,749		FNMA	4.500		05/01/34		74
84,254		FNMA	4.500		05/01/34		79
321,779		FNMA	4.500		06/01/34		301
73,819		FNMA	4.500		06/01/34		69
77,885		FNMA	4.500		06/01/34		73
122,143		FNMA	4.500		06/01/34		114
70,802		FNMA	4.500		07/01/34		66
243,661		FNMA	4.500		07/01/34		228
216,538		FNMA	4.500		07/01/34		203
117,753		FNMA	4.500		08/01/34		110
1,900,640		FNMA	4.500		08/01/34		1,780
83,274		FNMA	4.500		09/01/34		78
5,000,000		FNMA	5.500		10/25/34		4,899

252

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
					MATURITY		VALUE
PRINCIPAL			RATE		DATE		(000)
$    15,640,103		FNMA	5.000	%	11/01/34	$	15,082
5,326,881		FNMA	5.500		01/01/35		5,258
16,938,956		FNMA	5.500		01/01/35		16,720
28,467,889		FNMA	5.500		02/01/35		28,101
6,306,336		FNMA	5.000		02/25/35		6,204
967,633	d	FNMA	5.500		03/01/35		954
3,209,045		FNMA	5.500		04/01/35		3,163
4,067,483		FNMA	5.500		04/01/35		4,009
33,207,440		FNMA	5.500		04/01/35		32,732
13,636,524		FNMA	5.500		04/01/35		13,441
3,147,963		FNMA	5.500		04/01/35		3,103
1,159,308		FNMA	5.500		05/01/35		1,143
6,222,389		FNMA	5.500		05/01/35		6,133
1,337,376		FNMA	5.500		05/01/35		1,318
1,035,954		FNMA	5.500		05/01/35		1,021
7,221,519		FNMA	6.000		05/01/35		7,257
3,820,573		FNMA	5.500		06/01/35		3,766
3,922,692		FNMA	5.500		06/01/35		3,867
5,189,506		FNMA	5.500		06/01/35		5,115
450,919		FNMA	7.500		06/01/35		466
1,046,390		FNMA	6.000		07/01/35		1,051
9,373,311		FNMA	5.000		09/01/35		9,013
12,728,920		FNMA	4.000		10/01/35		11,556
6,750,935		FNMA	5.000		10/01/35		6,491
15,131,312		FNMA	5.500		10/01/35		14,915
9,756,338		FNMA	5.500		11/01/35		9,617
3,018,699		FNMA	6.500		02/01/36		3,075
1,976,621		FNMA	6.500		02/01/36		2,013
24,166,100		FNMA	6.000		03/01/36		24,278
93,631		FNMA	6.000		03/01/36		94
11,376,599	d	FNMA	5.500		04/01/36		11,150
12,190,291		FNMA	5.000		05/01/36		11,662
14,266,228	i	FNMA	5.864		06/01/36		14,429
6,881,714		FNMA	6.500		07/01/36		7,008
17,000,000	h	FNMA	5.000		10/25/36		16,336
44,000,000	h	FNMA	5.500		10/25/36		43,340
67,000,000	h	FNMA	6.000		10/25/36		67,293
36,000,000	h	FNMA	6.500		10/25/36		36,653
6,489		Government National Mortgage Association (GNMA)	8.500		09/15/09		7
41,490		GNMA	8.500		10/15/09		43
6,832		GNMA	8.500		12/15/09		7
175,260		GNMA	9.000		12/15/09		181
6,183,631		GNMA	6.250		12/15/11		6,228
4,561,698		GNMA	5.220		04/15/15		4,525
199,126		GNMA	9.000		12/15/17		213
1,289		GNMA	9.000		08/15/20		1
125,533		GNMA	8.000		06/15/22		133
54,755		GNMA	6.500		08/15/23		56
14,521		GNMA	6.500		08/15/23		15
38,258		GNMA	6.500		09/15/23		39
10,000,000		GNMA	4.500		11/16/29		9,640
12,000,000		GNMA	4.385		08/16/30		11,776
515,241	d	GNMA	6.500		05/20/31		528
199,270		GNMA	5.000		06/20/33		193
5,246,691		GNMA	5.500		09/15/33		5,217

253

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
					MATURITY		VALUE
PRINCIPAL			RATE		DATE		(000)
$     2,739,596		GNMA	5.500	%	11/20/33	$	2,715
195,046		GNMA	5.000		03/20/34		189
3,326,717		GNMA	5.000		06/20/34		3,220
319,437		GNMA	5.000		07/20/34		309
2,389,673		GNMA	5.000		02/20/35		2,312
10,296,925		GNMA	5.000		03/20/35		9,961
2,443,980		GNMA	5.500		03/20/35		2,420
12,468,399		GNMA	5.500		12/20/35		12,347
17,000,000	h	GNMA	5.000		11/15/36		16,506
		TOTAL MORTGAGE BACKED SECURITIES					1,088,714
MUNICIPAL BONDS - 1.02%
1,860,000		Allegheny County Redevelopment Authority	5.000		09/01/11		1,846
4,500,000		Basin Electric Power Coop	6.127		06/01/41		4,788
2,390,000		Charlotte-Mecklenburg Hospital Authority	5.000		08/01/15		2,347
3,000,000		City of Chicago IL	5.200		01/01/09		3,012
4,000,000		City of Dallas TX	5.078		02/15/22		3,838
1,500,000		City of Dallas TX	5.195		02/15/35		1,440
995,000		City of Eugene OR	6.320		08/01/22		1,068
5,000,000		City of New York NY	4.500		06/01/15		4,718
7,410,000		City of New York NY	7.550		11/15/20		7,668
1,055,000	j	City of Oakland CA	0.000		12/15/11		809
1,680,000		Douglas County Public Utility District No 1 Wells Hydroelectric	5.112		09/01/18		1,629
1,400,000		Elkhart Redevelopment District	5.500		06/15/18		1,429
8,500,000		Fiscal Year 2005 Securitization Corp	4.760		08/15/19		8,193
1,000,000		Kansas Development Finance Authority	4.592		05/01/14		963
1,350,000		Kansas Development Finance Authority	4.722		05/01/15		1,304
3,000,000		Metropolitan Washington Airports Authority	5.690		10/01/30		3,017
4,610,000		New York City Housing Development Corp	4.660		11/01/10		4,548
5,000,000		New York State Environmental Facilities Corp	4.900		12/15/11		4,967
2,500,000		Newport News Economic Development Authority	5.640		01/15/29		2,435
2,500,000		Oklahoma Capital Improvement Authority	5.180		07/01/14		2,500
5,570,000		State of Illinois	4.350		06/01/18		5,135
3,265,000		State of Texas	4.900		08/01/20		3,095
6,370,000		State of Washington	5.050		01/01/18		6,256
1,033,000		State of Wisconsin	5.700		05/01/26		1,054
4,250,000		Tennessee State School Bond Authority	7.750		05/01/15		4,631
2,025,000		University Central Fl University Revenues	5.125		10/01/20		1,934
		TOTAL MUNICIPAL BONDS					84,624
U.S. TREASURY SECURITIES - 3.20%
109,986,000	e	United States Treasury Bond	8.000		11/15/21		147,184
10,696,000	e	United States Treasury Bond	5.375		02/15/31		11,559
6,580,000	e	United States Treasury Bond	4.500		02/15/36		6,309
9,503,881	e,k	United States Treasury Inflation Indexed Note	3.375		01/15/07		9,423
9,615,658	k	United States Treasury Inflation Indexed Note	3.875		01/15/09		9,894
4,000,000		United States Treasury Note	4.875		04/30/08		4,006
13,812,000	e	United States Treasury Note	5.000		07/31/08		13,877
2,585,000	e	United States Treasury Note	4.875		08/15/09		2,603
8,100,000	e	United States Treasury Note	4.000		04/15/10		7,945
12,220,000	e	United States Treasury Note	4.875		07/31/11		12,364
20,410,000	e	United States Treasury Note	4.625		08/31/11		20,436
19,810,000	e	United States Treasury Note	4.875		08/15/16		20,188
		TOTAL U.S. TREASURY SECURITIES					265,788

254

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
				(000)
		TOTAL GOVERNMENT BONDS	$	2,133,622
		(Cost $2,139,995)
		TOTAL BONDS		3,311,214
		(Cost $3,319,471)
SHARES
PREFERRED STOCKS - 0.06%
COMMUNICATIONS - 0.03%
100,000		Telephone and Data Systems		2,501
		TOTAL COMMUNICATIONS		2,501
DEPOSITORY INSTITUTIONS - 0.03%
84,000		Bank of America Corp		2,144
		TOTAL DEPOSITORY INSTITUTIONS		2,144
		TOTAL PREFERRED STOCKS		4,645
		(Cost $4,663)
COMMON STOCKS - 59.47%
AMUSEMENT AND RECREATION SERVICES - 0.01%
17,522		International Speedway Corp (Class A)		873
		TOTAL AMUSEMENT AND RECREATION SERVICES		873
APPAREL AND ACCESSORY STORES - 0.48%
74,770		American Eagle Outfitters, Inc		3,277
750	*	AnnTaylor Stores Corp		31
35,889	e	Bebe Stores, Inc		889
4,400		Buckle, Inc		167
2,700	*	Cache, Inc		48
7,731	e*	Casual Male Retail Group, Inc		106
21,300		Cato Corp (Class A)		467
3,600	e*	Charlotte Russe Holding, Inc		99
67,100	e*	Chico's FAS, Inc		1,445
6,700	e	Christopher & Banks Corp		198
7,800	e*	Dress Barn, Inc		170
2,586		Finish Line, Inc (Class A)		33
88,808		Foot Locker, Inc		2,243
398,130		Gap, Inc		7,545
6,200	e*	Jo-Ann Stores, Inc		104
145,061	*	Kohl's Corp		9,417
239,620		Limited Brands, Inc		6,348
126,438		Nordstrom, Inc		5,348
46,984		Ross Stores, Inc		1,194
1,800	*	Shoe Carnival, Inc		45
9,338	e	Stage Stores, Inc		274
29,646	e*	Urban Outfitters, Inc		524
		TOTAL APPAREL AND ACCESSORY STORES		39,972
APPAREL AND OTHER TEXTILE PRODUCTS - 0.04%
13,000	e*	Gymboree Corp		548
39,016	*	Hartmarx Corp		264
14,000		Kellwood Co		404

255

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
48,054	e	Liz Claiborne, Inc	$	1,899
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		3,115
AUTO REPAIR, SERVICES AND PARKING - 0.02%
27,900	e	Bandag, Inc		1,145
3,400	e	Ryder System, Inc		176
2,500	*	Wright Express Corp		60
		TOTAL AUTO REPAIR, SERVICES AND PARKING		1,381
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.05%
900	e	Advance Auto Parts		29
1,293	e*	America's Car-Mart, Inc		21
23,591	*	Autozone, Inc		2,437
27,200	*	Carmax, Inc		1,135
14,532	e*	Copart, Inc		410
2,200	e*	Rush Enterprises, Inc (Class A)		37
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		4,069
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.71%
15,910	e	Fastenal Co		613
1,004,126	e	Home Depot, Inc		36,420
766,108		Lowe's Cos, Inc		21,497
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		58,530
BUSINESS SERVICES - 3.51%
95,445	e*	24/7 Real Media, Inc		815
213,900	e*	3Com Corp		943
118,165	*	Activision, Inc		1,784
4,500	e	Administaff, Inc		152
214,103	*	Adobe Systems, Inc		8,018
15,700	e*	Agile Software Corp		103
82,490	e*	Akamai Technologies, Inc		4,124
15,325	e*	aQuantive, Inc		362
49,392	e*	Ariba, Inc		370
234,955	*	Art Technology Group, Inc		601
30,351	e*	Audible, Inc		220
70,407	*	Autodesk, Inc		2,449
438,750		Automatic Data Processing, Inc		20,770
156,506	*	BEA Systems, Inc		2,379
52,912	e*	BearingPoint, Inc		416
39,452	*	BISYS Group, Inc		428
12,256	e*	Blue Coat Systems, Inc		221
9,200	*	Checkfree Corp		380
29,200	*	Ciber, Inc		194
34,118	e*	Click Commerce, Inc		772
793,764	e*	CMGI, Inc		841
72,373	*	CNET Networks, Inc		693
99,628	e*	Cogent Communications Group, Inc		1,155
39,918	*	Cogent, Inc		548
4,800		Cognex Corp		121
89,838	*	Compuware Corp		700
104,201	*	Convergys Corp		2,152
6,200	*	CSG Systems International, Inc		164
30,500		Deluxe Corp		522
2,603	e*	Digital River, Inc		133

256

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
75,453	*	DST Systems, Inc	$	4,653
21,400	*	Earthlink, Inc		156
498,777	e*	eBay, Inc		14,145
8,599	*	eFunds Corp		208
125,701	*	Electronic Arts, Inc		6,999
20,548	e*	Equinix, Inc		1,235
80,277	*	Evergreen Energy, Inc		844
100,576	*	Expedia, Inc		1,577
11,850		Fair Isaac Corp		433
107,614	*	Fiserv, Inc		5,068
14,043	e*	Gartner, Inc (Class A)		247
12,500	*	Getty Images, Inc		621
80,052	*	Google, Inc (Class A)		32,173
2,800	e*	Hudson Highland Group, Inc		27
2,600	*	iGate Corp		13
123,843		IMS Health, Inc		3,299
12,242	e*	Infocrossing, Inc		164
47,677	e*	Informatica Corp		648
3,920		infoUSA, Inc		33
185,150	e*	Innovative Solutions & Support, Inc		2,690
99,890	*	Internap Network Services Corp		1,520
8,109	e*	Internet Security Systems, Inc		225
4,432	*	Interwoven, Inc		49
109,664	*	Intuit, Inc		3,519
43,824	*	Ipass, Inc		205
39,174	*	Iron Mountain, Inc		1,682
25,783	e	Jack Henry & Associates, Inc		561
7,057	e*	Jupitermedia Corp		61
10,569	e*	Kanbay International, Inc		217
3,011	*	Kforce, Inc		36
29,700	e*	Kinetic Concepts, Inc		934
30,399	e*	Lamar Advertising Co		1,624
53,370	e*	Lionbridge Technologies		407
7,348		Manpower, Inc		450
15,736	e*	Marchex, Inc		241
3,533,622		Microsoft Corp		96,574
46,510	e*	Monster Worldwide, Inc		1,683
2,000	e*	Netratings, Inc		28
220,909	e*	NIC, Inc		1,138
222,200	*	Novell, Inc		1,360
92,228	e*	Nuance Communications, Inc		754
124,709		Omnicom Group, Inc		11,673
6,600	e*	Online Resources Corp		81
81,471	e*	Opsware, Inc		734
4,560	e*	Parametric Technology Corp		80
16,200	e	Pegasystems, Inc		141
1,500	e*	Radisys Corp		32
45,939	*	RealNetworks, Inc		487
71,798		Reynolds & Reynolds Co (Class A)		2,837
64,008		Robert Half International, Inc		2,174
33,306	e*	Salesforce.com, Inc		1,195
140,148	e*	Sapient Corp		764
48,983	e*	Smith Micro Software, Inc		704
24,145	*	Sohu.com, Inc		532
6,300	e*	SonicWALL, Inc		69

257

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
239,598	e*	Sonus Networks, Inc	$	1,260
40,437	e*	Spherion Corp		289
26,681	e	Startek, Inc		333
2,700	e	Stellent, Inc		29
1,543,479	*	Sun Microsystems, Inc		7,671
1,300	e*	SYKES Enterprises, Inc		27
462,458	*	Symantec Corp		9,841
1,500	e*	SYNNEX Corp		35
9,384	e*	TeleTech Holdings, Inc		147
35,400	e*	TIBCO Software, Inc		318
94,572		Total System Services, Inc		2,159
35,035	e*	TradeStation Group, Inc		528
19,460	*	Travelzoo, Inc		561
141,052	*	Unisys Corp		798
21,267		United Online, Inc		259
7,706	e*	United Rentals, Inc		179
13,535	e*	Universal Compression Holdings, Inc		724
32,414	e*	Vasco Data Security International		336
126,642	*	VeriSign, Inc		2,558
1,400	e*	Volt Information Sciences, Inc		50
8,300	e*	WebEx Communications, Inc		324
		TOTAL BUSINESS SERVICES		290,960
CHEMICALS AND ALLIED PRODUCTS - 5.82%
867,816		Abbott Laboratories		42,141
54,421	e*	Abraxis BioScience, Inc		1,512
23,736	e*	Adolor Corp		329
240,826		Air Products & Chemicals, Inc		15,984
8,770	e*	Alexion Pharmaceuticals, Inc		298
6,874	e*	Alkermes, Inc		109
576,041	*	Amgen, Inc		41,204
12,652	e*	Arena Pharmaceuticals, Inc		152
4,001	*	Array Biopharma, Inc		34
7,705	*	Atherogenics, Inc		101
5,206	e*	AVANIR Pharmaceuticals		36
136,200	e	Avery Dennison Corp		8,195
116,919	e*	AVI BioPharma, Inc		424
203,200		Avon Products, Inc		6,230
800		Balchem Corp		16
81,034	*	Barr Pharmaceuticals, Inc		4,209
66,184	e*	Bentley Pharmaceuticals, Inc		794
70,160	e*	Bioenvision, Inc		387
45,257	e*	BioMarin Pharmaceuticals, Inc		644
725,472		Bristol-Myers Squibb Co		18,079
60,300	e	Cabot Corp		2,243
35,000	e	Calgon Carbon Corp		155
19,166	e*	Cell Genesys, Inc		88
11,828	e*	Cephalon, Inc		730
11,600	*	Charles River Laboratories International, Inc		504
23,945		Church & Dwight Co, Inc		936
84,244		Clorox Co		5,307
292,100		Colgate-Palmolive Co		18,139
41,500	e*	Connetics Corp		452
10,938	e*	Cotherix, Inc		77
10,381	e*	Cypress Bioscience, Inc		76

258

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
11,107		Dade Behring Holdings, Inc	$	446
56,374	e*	Dendreon Corp		252
15,999	*	Digene Corp		690
324,406	e*	Durect Corp		1,330
196,600		Ecolab, Inc		8,418
90,786	e*	Encysive Pharmaceuticals, Inc		390
29,757	e*	Enzon Pharmaceuticals, Inc		246
700		Estee Lauder Cos (Class A)		28
222,932	e*	Forest Laboratories, Inc		11,283
162,427	*	Genentech, Inc		13,433
7,600	e*	Genitope Corp		22
145,497	*	Genzyme Corp		9,817
22,156	e*	Geron Corp		139
250,086	*	Gilead Sciences, Inc		17,181
83,773		H.B. Fuller Co		1,964
60,776	e*	Human Genome Sciences, Inc		701
35,884	e*	Idexx Laboratories, Inc		3,271
45,085	*	Immucor, Inc		1,010
41,681	e*	Inverness Medical Innovations, Inc		1,449
13,585	e*	Invitrogen Corp		861
162,950	*	King Pharmaceuticals, Inc		2,775
16,217	*	Kos Pharmaceuticals, Inc		802
68,638		Lubrizol Corp		3,139
78,264	e	Mannatech, Inc		1,387
47,348	e*	Medarex, Inc		509
59,422	e	Medicis Pharmaceutical Corp (Class A)		1,922
100,322	*	Medimmune, Inc		2,930
1,341,193		Merck & Co, Inc		56,196
33,600	e*	MGI Pharma, Inc		578
108,616	e*	Millennium Pharmaceuticals, Inc		1,081
34,099		Minerals Technologies, Inc		1,821
256,616		Mylan Laboratories, Inc		5,166
3,254	e*	Myogen, Inc		114
108,365	e*	Nabi Biopharmaceuticals		626
46,923	e*	Nastech Pharmaceutical Co, Inc		716
32,567	*	NBTY, Inc		953
71,281	e*	Neurocrine Biosciences, Inc		766
58,514	e*	Noven Pharmaceuticals, Inc		1,411
3,412	*	NPS Pharmaceuticals, Inc		13
5,567	e*	Nuvelo, Inc		102
1,500	e*	OraSure Technologies, Inc		12
34,195	e*	Pacific Ethanol, Inc		480
31,300	e*	Par Pharmaceutical Cos, Inc		571
23,161	*	PDL BioPharma, Inc		445
63,742	e*	Penwest Pharmaceuticals Co		1,061
126,765		Perrigo Co		2,151
44,692	e*	Pharmion Corp		963
2,200	*	Pioneer Cos, Inc		54
83,891	e*	Pozen, Inc		1,079
283,254		Praxair, Inc		16,757
1,517,512		Procter & Gamble Co		94,055
23,666	*	Progenics Pharmaceuticals, Inc		555
30,887	e*	Renovis, Inc		425
181,054		Rohm & Haas Co		8,573
58,800		RPM International, Inc		1,117

259

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
58,884	e*	Salix Pharmaceuticals Ltd	$	799
447,745		Schering-Plough Corp		9,891
55,119		Sensient Technologies Corp		1,079
55,729	e*	Sepracor, Inc		2,700
86,075		Sigma-Aldrich Corp		6,513
91,042	e*	Sirna Therapeutics, Inc		507
41,426	e*	SuperGen, Inc		193
16,038	e*	Tanox, Inc		190
11,300	e*	United Therapeutics Corp		594
26,481	e*	USANA Health Sciences, Inc		1,181
25,600		Valspar Corp		681
26,431	e*	Vertex Pharmaceuticals, Inc		889
102,872	*	Watson Pharmaceuticals, Inc		2,692
52,533	e*	Zymogenetics, Inc		886
		TOTAL CHEMICALS AND ALLIED PRODUCTS		482,616
COMMUNICATIONS - 3.23%
6,097	e	Alaska Communications Systems Group, Inc		81
168,840		Alltel Corp		9,371
142,517	*	American Tower Corp (Class A)		5,202
2,217,975		AT&T, Inc		72,217
999,029		BellSouth Corp		42,708
85,960		Cablevision Systems Corp (Class A)		1,952
8,000		Centennial Communications Corp		43
82,524	e	Citadel Broadcasting Corp		776
17,100		Citizens Communications Co		240
65,800	e*	Cox Radio, Inc (Class A)		1,010
26,700	*	Crown Castle International Corp		941
117,375	e*	Crown Media Holdings, Inc (Class A)		527
51,450	e	Embarq Corp		2,489
35,429		Entercom Communications Corp		893
46,600	*	Entravision Communications Corp (Class A)		347
62,289	e*	FiberTower Corp		589
54,400	e	Gray Television, Inc		349
20,240		Hearst-Argyle Television, Inc		464
175,563	e*	IAC/InterActiveCorp		5,049
15,298	e*	j2 Global Communications, Inc		416
171,190	e*	Level 3 Communications, Inc		916
290,645	*	Liberty Global, Inc		7,481
121,598	*	Liberty Media Holding Corp (Capital)		10,162
596,773	*	Liberty Media Holding Corp (Interactive)		12,162
44,900	e*	Lin TV Corp (Class A)		349
29,120	*	Mediacom Communications Corp		207
35,120	*	NII Holdings, Inc (Class B)		2,183
81,608	e*	Novatel Wireless, Inc		786
34,845	e*	Radio One, Inc (Class D)		218
27,585	e*	SAVVIS, Inc		786
19,760	e*	SBA Communications Corp		481
31,532	e*	Spanish Broadcasting System, Inc (Class A)		138
1,100,002		Sprint Nextel Corp		18,865
56,801		Telephone & Data Systems, Inc		2,391
4,500	e*	Terremark Worldwide, Inc		25
145,497	e*	TiVo, Inc		1,104
137,426	*	Univision Communications, Inc (Class A)		4,719
5,656		USA Mobility, Inc		129

260

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
1,455,295		Verizon Communications, Inc	$	54,035
5,100	*	West Corp		246
174,568	e	Windstream Corp		2,303
11,642	e*	Wireless Facilities, Inc		25
186,399	e*	XM Satellite Radio Holdings, Inc		2,403
		TOTAL COMMUNICATIONS		267,778
DEPOSITORY INSTITUTIONS - 6.34%
186,555		AmSouth Bancorp		5,418
3,664		Associated Banc-Corp		119
3,749		Astoria Financial Corp		116
1,514,253		Bank of America Corp		81,119
49,939		Bank of Hawaii Corp		2,405
443,324		BB&T Corp		19,409
31,640		Chittenden Corp		908
57,538		City National Corp		3,858
97,883		Comerica, Inc		5,572
1,437		Commerce Bancorp, Inc		53
1,077		Commercial Capital Bancorp, Inc		17
2,000		Community Bank System, Inc		44
1,200		Compass Bancshares, Inc		68
674,746	e	Fifth Third Bancorp		25,694
24,900	e	First Horizon National Corp		946
22,108	e	First Midwest Bancorp, Inc		838
66,571	e	Fremont General Corp		931
27,879	e	Fulton Financial Corp		451
178,870		Golden West Financial Corp		13,818
21,300		IndyMac Bancorp, Inc		877
1,952		International Bancshares Corp		58
2,000		Irwin Financial Corp		39
450		ITLA Capital Corp		24
317,811	e	Keycorp		11,899
100,097	e	M&T Bank Corp		12,008
124,479		Marshall & Ilsley Corp		5,997
252,683		Mellon Financial Corp		9,880
540,831		National City Corp		19,794
41,200	e	New York Community Bancorp, Inc		675
65,399	e	NewAlliance Bancshares, Inc		958
249,752		North Fork Bancorporation, Inc		7,153
121,422		Northern Trust Corp		7,095
32,238		Old National Bancorp		616
13,629		Pacific Capital Bancorp		368
6,092		People's Bank		241
229,663		PNC Financial Services Group, Inc		16,637
94,829		Popular, Inc		1,843
56,219	e	Provident Financial Services, Inc		1,041
39,800	e	R & G Financial Corp (Class B)		297
381,415		Regions Financial Corp		14,032
27,364	e	South Financial Group, Inc		712
53,630	e	Sovereign Bancorp, Inc		1,154
181,474		State Street Corp		11,324
275,972		SunTrust Banks, Inc		21,327
35,066	e*	SVB Financial Group		1,565
130,894		Synovus Financial Corp		3,844
10,100		TD Banknorth, Inc		292

261

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
38,732		UnionBanCal Corp	$	2,359
1,360,612		US Bancorp		45,200
44,798		Valley National Bancorp		1,145
6,670		W Holding Co, Inc		39
1,030,420		Wachovia Corp		57,497
24,471	e	Washington Federal, Inc		549
821,729	e	Washington Mutual, Inc		35,721
17,924	e	Webster Financial Corp		844
1,861,674		Wells Fargo & Co		67,355
19,506	e	Zions Bancorporation		1,557
		TOTAL DEPOSITORY INSTITUTIONS		525,800
EATING AND DRINKING PLACES - 0.77%
16,530	e*	AFC Enterprises		239
10,800		Applebees International, Inc		232
14,843		Bob Evans Farms, Inc		450
154,400		Darden Restaurants, Inc		6,557
18,592		Lone Star Steakhouse & Saloon, Inc		516
934,701		McDonald's Corp		36,566
12,376	e*	O'Charleys, Inc		235
46,258	*	Sonic Corp		1,046
418,208	*	Starbucks Corp		14,240
7,900	e*	The Steak N Shake Co		133
1,900	e	Triarc Cos (Class B)		29
56,151		Wendy's International, Inc		3,762
		TOTAL EATING AND DRINKING PLACES		64,005
EDUCATIONAL SERVICES - 0.00% **
700	e*	Corinthian Colleges, Inc		8
1,700	*	DeVry, Inc		36
1,900	*	Laureate Education, Inc		91
		TOTAL EDUCATIONAL SERVICES		135
ELECTRIC, GAS, AND SANITARY SERVICES - 3.26%
492,654	*	AES Corp		10,045
192,785		AGL Resources, Inc		7,037
138,648		Allete, Inc		6,024
30,213		Aqua America, Inc		663
145,521		Atmos Energy Corp		4,155
251,340		Avista Corp		5,952
5,300		California Water Service Group		196
27,000	e	Cascade Natural Gas Corp		704
354,481		Cleco Corp		8,947
19,800	e	Crosstex Energy, Inc		1,773
85,318	e	Duquesne Light Holdings, Inc		1,677
314,282	e	El Paso Corp		4,287
319,132	e	Empire District Electric Co		7,142
44,400	e	Energen Corp		1,859
102,238		Energy East Corp		2,425
750	e	EnergySouth, Inc		25
445,328	e	Hawaiian Electric Industries, Inc		12,051
299,771		Idacorp, Inc		11,334
296,657		KeySpan Corp		12,205
265,532		Kinder Morgan, Inc		27,841
42,539		Laclede Group, Inc		1,365

262

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
40,964		Metal Management, Inc	$	1,140
91,293	e	MGE Energy, Inc		2,956
235,097	e	National Fuel Gas Co		8,546
33,059	e	New Jersey Resources Corp		1,630
159,362	e	Nicor, Inc		6,814
599,084		NiSource, Inc		13,024
42,079	e	Northwest Natural Gas Co		1,653
62,876	*	NRG Energy, Inc		2,848
58,439		NSTAR		1,950
512,348	e	OGE Energy Corp		18,501
60,815	e	Otter Tail Corp		1,778
662,080		Pepco Holdings, Inc		16,003
82,626		Piedmont Natural Gas Co, Inc		2,091
714,165		Puget Energy, Inc		16,233
124,072		Questar Corp		10,145
34,491		Resource America, Inc (Class A)		717
245,817	e*	Sierra Pacific Resources		3,525
44,400	e	SJW Corp		1,328
57,959		South Jersey Industries, Inc		1,734
37,719	e	Southwest Gas Corp		1,257
3,300	e	Southwest Water Co		40
57,800	e	UGI Corp		1,413
21,266	e	UIL Holdings Corp		798
238,954		Unisource Energy Corp		7,964
45,399		Vectren Corp		1,219
115,397		WGL Holdings, Inc		3,617
500,335		Williams Cos, Inc		11,943
43,539		WPS Resources Corp		2,161
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		270,735
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 3.83%
8,400	e*	Adaptec, Inc		37
3,023	*	Advanced Energy Industries, Inc		52
232,270	e*	Advanced Micro Devices, Inc		5,772
94,743	e*	Agere Systems, Inc		1,415
77,993	e	American Power Conversion Corp		1,713
4,555	e*	American Superconductor Corp		42
172,690		Ametek, Inc		7,521
92,300	e*	Anadigics, Inc		661
65,892	*	Arris Group, Inc		755
48,695	e*	Atheros Communications, Inc		883
30,000		Baldor Electric Co		925
116,255	e*	Bookham, Inc		374
161,463	e*	Brocade Communications Systems, Inc		1,140
53,989	e*	CalAmp Corp		329
303,019	e*	Capstone Turbine Corp		427
46,995	e*	C-COR, Inc		403
2,594,227	*	Cisco Systems, Inc		59,667
692,996	e*	Conexant Systems, Inc		1,386
7,400	e	CTS Corp		102
57,473	e*	Ditech Networks, Inc		443
5,400	*	DSP Group, Inc		123
3,505	e*	DTS, Inc		74
82,112	e*	Emcore Corp		486
440,300		Emerson Electric Co		36,924

263

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
10,485	*	Energizer Holdings, Inc	$	755
58,646	e*	Evergreen Solar, Inc		487
361,324	e*	Finisar Corp		1,312
120,200	*	Freescale Semiconductor, Inc (Class B)		4,569
16,700	e*	Greatbatch, Inc		378
24,800		Harman International Industries, Inc		2,069
148,527	e*	Harmonic, Inc		1,092
2,683,225	e	Intel Corp		55,194
29,012	e*	Interdigital Communications Corp		989
2,800		Inter-Tel, Inc		60
74,873	e*	InterVoice, Inc		475
5,722	e*	IXYS Corp		48
3,100	e	Lincoln Electric Holdings, Inc		169
2,068	e*	Littelfuse, Inc		72
229,966	e*	LSI Logic Corp		1,890
2,310,197	e*	Lucent Technologies, Inc		5,406
25,583	*	Mattson Technology, Inc		212
66,429	e*	McData Corp (Class A)		334
30,404	e*	Medis Technologies Ltd		751
354,613	*	Micron Technology, Inc		6,170
67,684	e*	Microtune, Inc		329
5,651	e*	Mobility Electronics, Inc		31
91,193		Molex, Inc		3,554
1,041,768		Motorola, Inc		26,044
235,717	e*	MRV Communications, Inc		651
157,400		National Semiconductor Corp		3,704
25,190	e*	Novellus Systems, Inc		697
49,397	e*	Omnivision Technologies, Inc		705
163,771	e*	ON Semiconductor Corp		963
129,014	e*	Optical Communication Products, Inc		254
7,800	e	Park Electrochemical Corp		247
38,473	e	Plantronics, Inc		674
5,200	e*	Plexus Corp		100
5,600	*	Polycom, Inc		137
15,700	e*	Power-One, Inc		114
83,206	*	Powerwave Technologies, Inc		632
2,906	*	QLogic Corp		55
719,529		Qualcomm, Inc		26,155
103,044	e*	Quantum Fuel Systems Technologies Worldwide, Inc		204
53,247	e	RadioShack Corp		1,028
122,783	*	RF Micro Devices, Inc		931
2,100	*	Rogers Corp		130
116,028	*	Silicon Storage Technology, Inc		478
933,619	e*	Sirius Satellite Radio, Inc		3,650
84,452	*	Sycamore Networks, Inc		319
44,039	e*	Symmetricom, Inc		355
11,100	e	Technitrol, Inc		331
15,703	*	Tekelec		204
56,053		Teleflex, Inc		3,119
265,220	*	Tellabs, Inc		2,907
734,264		Texas Instruments, Inc		24,414
63,300	*	Thomas & Betts Corp		3,020
562,873	e*	Transmeta Corp		647
319,876	e*	Transwitch Corp		451
55,601	e*	Trident Microsystems, Inc		1,293

264

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
130,205	e*	Triquint Semiconductor, Inc	$	677
7,500	*	TTM Technologies, Inc		88
2,600	e	Vicor Corp		30
13,207		Whirlpool Corp		1,111
127,200	e	Xilinx, Inc		2,792
138,795	e*	Zhone Technologies, Inc		148
5,200	e*	Zoltek Cos, Inc		133
22,389	*	Zoran Corp		360
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		317,952
ENGINEERING AND MANAGEMENT SERVICES - 0.37%
16,862	*	Amylin Pharmaceuticals, Inc		743
24,675	*	Applera Corp (Celera Genomics Group)		343
86,121	e*	Ariad Pharmaceuticals, Inc		375
113,117	e*	Celgene Corp		4,898
9,318	e*	CV Therapeutics, Inc		104
20,235	e*	Diamond Management & Technology Consultants, Inc		225
3,288	*	Digitas, Inc		32
92,078	e*	Hewitt Associates, Inc		2,234
18,436	e*	ICOS Corp		462
92,116	e*	Incyte Corp		390
40,810	e*	Isis Pharmaceuticals, Inc		293
2,700		Landauer, Inc		137
28,041	*	Lexicon Genetics, Inc		106
16,090	e*	Lifecell Corp		518
257,910	e*	Monogram Biosciences, Inc		395
145,828		Moody's Corp		9,534
214,126		Paychex, Inc		7,890
653	e*	Per-Se Technologies, Inc		15
21,643	e*	Regeneron Pharmaceuticals, Inc		340
173,796	*	Rentech, Inc		805
55,312	*	Savient Pharmaceuticals, Inc		360
26,200	e*	Telik, Inc		466
15,200	e*	Trimeris, Inc		134
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		30,799
FABRICATED METAL PRODUCTS - 0.42%
900	e	Ameron International Corp		60
19,700		Aptargroup, Inc		1,002
125,760		Commercial Metals Co		2,557
60,548	e	Dynamic Materials Corp		1,963
22,906	e	Gulf Island Fabrication, Inc		598
566,200	e	Illinois Tool Works, Inc		25,422
11,067	e*	Jacuzzi Brands, Inc		111
25,700		Pentair, Inc		673
28,103	e	Silgan Holdings, Inc		1,056
27,846	e	Snap-On, Inc		1,240
8,500	e	Valmont Industries, Inc		444
		TOTAL FABRICATED METAL PRODUCTS		35,126
FOOD AND KINDRED PRODUCTS - 1.81%
239,625		Campbell Soup Co		8,746
185,000	e	Coca-Cola Enterprises, Inc		3,854
276,409		General Mills, Inc		15,645
283,450		H.J. Heinz Co		11,885

265

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
137,800		Hershey Co	$	7,365
44,718		J.M. Smucker Co		2,144
438,753		Kellogg Co		21,727
11,403		Lancaster Colony Corp		510
21,000		McCormick & Co, Inc		798
50,600		Pepsi Bottling Group, Inc		1,796
62,299		PepsiAmericas, Inc		1,330
936,304		PepsiCo, Inc		61,103
25,240	e	Tootsie Roll Industries, Inc		740
2,759	e	Topps Co, Inc		25
273,599		Wrigley (Wm.) Jr Co		12,602
		TOTAL FOOD AND KINDRED PRODUCTS		150,270
FOOD STORES - 0.17%
436,276		Kroger Co		10,095
17,760	*	Pathmark Stores, Inc		177
68,780		Supervalu, Inc		2,039
26,600		Whole Foods Market, Inc		1,581
		TOTAL FOOD STORES		13,892
FURNITURE AND FIXTURES - 0.47%
257,551	*	BE Aerospace, Inc		5,432
28,929		Herman Miller, Inc		990
100,800		Hillenbrand Industries, Inc		5,743
36,219		HNI Corp		1,506
213,478	e	Johnson Controls, Inc		15,315
62,244	e	Leggett & Platt, Inc		1,558
312,073	e	Masco Corp		8,557
500	e*	Tempur-Pedic International, Inc		8
		TOTAL FURNITURE AND FIXTURES		39,109
FURNITURE AND HOMEFURNISHINGS STORES - 0.16%
107,795	*	Bed Bath & Beyond, Inc		4,124
138,750		Best Buy Co, Inc		7,432
61,694		Circuit City Stores, Inc		1,549
4,200	e*	Cost Plus, Inc		50
4,400		Haverty Furniture Cos, Inc		70
200	e*	Mohawk Industries, Inc		15
4,200	e*	Restoration Hardware, Inc		36
800		Williams-Sonoma, Inc		26
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		13,302
GENERAL BUILDING CONTRACTORS - 0.25%
301	e*	Avatar Holdings, Inc		18
9,654	e	Beazer Homes USA, Inc		377
6,924	e	Brookfield Homes Corp		195
38,500		Centex Corp		2,026
127,399		DR Horton, Inc		3,051
15,402	e*	Hovnanian Enterprises, Inc (Class A)		452
42,500		Lennar Corp (Class A)		1,923
3,520	e	Lennar Corp (Class B)		148
3,300	e	Levitt Corp (Class A)		39
292	e	M/I Homes, Inc		10
29,214	e	MDC Holdings, Inc		1,357
228,636		Pulte Homes, Inc		7,284

266

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
29,562	e	Ryland Group, Inc	$	1,277
46,600	e	Standard-Pacific Corp		1,095
42,000	e*	Toll Brothers, Inc		1,180
		TOTAL GENERAL BUILDING CONTRACTORS		20,432
GENERAL MERCHANDISE STORES - 0.75%
19,200	*	BJ's Wholesale Club, Inc		560
1,687	e	Bon-Ton Stores, Inc		50
7,200	e*	Cabela's, Inc		157
297,716		Costco Wholesale Corp		14,791
93,865	e	Dollar General Corp		1,279
84,497	e	Family Dollar Stores, Inc		2,471
141,195		JC Penney Co, Inc		9,656
12,800	*	Retail Ventures, Inc		197
2,600	e	Stein Mart, Inc		40
455,025		Target Corp		25,140
270,921		TJX Cos, Inc		7,594
		TOTAL GENERAL MERCHANDISE STORES		61,935
HEALTH SERVICES - 0.85%
4,293	e*	Bio-Reference Labs, Inc		96
126,797	*	Community Health Systems, Inc		4,736
39,300	*	DaVita, Inc		2,274
75,118	*	Edwards Lifesciences Corp		3,500
44,688	*	Express Scripts, Inc		3,374
401,998		Health Management Associates, Inc (Class A)		8,402
52,600	*	Laboratory Corp of America Holdings		3,449
15,820	*	LifePoint Hospitals, Inc		559
109,806	*	Lincare Holdings, Inc		3,804
1,200	e*	Matria Healthcare, Inc		33
1,111	e*	Medcath Corp		33
47,505	e*	Nektar Therapeutics		685
45,705	e	Omnicare, Inc		1,969
8,388	e	Option Care, Inc		112
11,000		Pharmaceutical Product Development, Inc		393
2,400	*	RehabCare Group, Inc		31
164,956	e*	Triad Hospitals, Inc		7,263
111,395		Universal Health Services, Inc (Class B)		6,676
2,200	e*	VistaCare, Inc (Class A)		23
294,508	*	WellPoint, Inc		22,692
		TOTAL HEALTH SERVICES		70,104
HOLDING AND OTHER INVESTMENT OFFICES - 1.93%
4,876		Acadia Realty Trust		124
251,068	e	Allied Capital Corp		7,585
7,100	e	AMB Property Corp		391
37,900	e	American Financial Realty Trust		423
47,700	e	Annaly Mortgage Management, Inc		627
54,800		Anworth Mortgage Asset Corp		458
2,900		Arbor Realty Trust, Inc		74
178,815	e	Archstone-Smith Trust		9,735
5,998	e	Ashford Hospitality Trust, Inc		72
36,567		AvalonBay Communities, Inc		4,403
68,455	e	Boston Properties, Inc		7,074
600		Brandywine Realty Trust		20

267

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
6,300	e	Capital Lease Funding, Inc	$	70
1,200	e	Capital Trust, Inc		49
12,714	e	Cedar Shopping Centers, Inc		206
2,460	e	Cherokee, Inc		90
4,675		Colonial Properties Trust		224
80,458		Crescent Real Estate Equities Co		1,755
1,200		Developers Diversified Realty Corp		67
82,350		Duke Realty Corp		3,076
10,051	e	Equity Inns, Inc		160
548,414	e	Equity Office Properties Trust		21,805
286,388	e	Equity Residential		14,486
18,247		FelCor Lodging Trust, Inc		366
40,244	e	First Industrial Realty Trust, Inc		1,771
88,351		General Growth Properties, Inc		4,210
2,700	e	Gladstone Capital Corp		59
12,011		Glenborough Realty Trust, Inc		309
35,711	e	Harris & Harris Group, Inc		439
32,500		Health Care Property Investors, Inc		1,009
58,636		Health Care REIT, Inc		2,346
40,080		Healthcare Realty Trust, Inc		1,539
5,594	e	Highland Hospitality Corp		80
15,546		Highwoods Properties, Inc		578
15,500	e	HomeBanc Corp		95
71,785		Hospitality Properties Trust		3,388
147,300	e	Host Marriott Corp		3,378
23,518	e	HRPT Properties Trust		281
2,200	e	Investors Real Estate Trust		21
73,200		iStar Financial, Inc		3,052
121,000		Kimco Realty Corp		5,187
50,527	e	Lexington Corporate Properties Trust		1,070
9,265		LTC Properties, Inc		225
77,700	e	Luminent Mortgage Capital, Inc		800
1,000		Macerich Co		76
43,045		Mack-Cali Realty Corp		2,230
47,300		MFA Mortgage Investments, Inc		352
2,680		Mid-America Apartment Communities, Inc		164
11,900	e	MortgageIT Holdings, Inc		168
5,061		National Health Investors, Inc		143
78,727		Nationwide Health Properties, Inc		2,105
38,004		New Plan Excel Realty Trust		1,028
70,587		NTL, Inc		1,795
11,150	e	Omega Healthcare Investors, Inc		167
6,998		Pan Pacific Retail Properties, Inc		486
40,179	e	Pennsylvania Real Estate Investment Trust		1,710
5,500	e	Post Properties, Inc		261
14,679	e	Potlatch Corp		545
102,124	e	Prologis		5,827
95,119		Public Storage, Inc		8,179
2,700		RAIT Investment Trust		78
44,126		Realty Income Corp		1,090
700		Regency Centers Corp		48
5,366	e	Senior Housing Properties Trust		114
150,395		Simon Property Group, Inc		13,629
7,800		Sun Communities, Inc		249
21,806	e	Trustreet Properties, Inc		273

268

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
1,900	e	United Dominion Realty Trust, Inc	$	57
4,600		Universal Health Realty Income Trust		165
6,860	e	Urstadt Biddle Properties, Inc (Class A)		125
98,503		Vornado Realty Trust		10,737
120,825		Weingarten Realty Investors		5,198
15,216	e	Winston Hotels, Inc		187
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		160,363
HOTELS AND OTHER LODGING PLACES - 0.11%
7,561	e*	Bluegreen Corp		87
109,560		Choice Hotels International, Inc		4,481
65,089	*	Gaylord Entertainment Co		2,854
50,463	e*	Great Wolf Resorts, Inc		603
6,400	*	Lodgian, Inc		85
43,668	e	Marcus Corp		1,003
		TOTAL HOTELS AND OTHER LODGING PLACES		9,113
INDUSTRIAL MACHINERY AND EQUIPMENT - 3.63%
574,944		3M Co		42,787
79,500	e*	AGCO Corp		2,015
2,600	e	Albany International Corp (Class A)		83
86,200		American Standard Cos, Inc		3,618
318,894	e*	Apple Computer, Inc		24,565
727,736		Applied Materials, Inc		12,903
10,769	*	Astec Industries, Inc		272
68,987	*	Asyst Technologies, Inc		466
81,730	*	Axcelis Technologies, Inc		577
30,625		Black & Decker Corp		2,430
4,000		Briggs & Stratton Corp		110
15,494	*	Brooks Automation, Inc		202
6,579	e	CDW Corp		406
37,800		Cummins, Inc		4,507
192,830		Deere & Co		16,180
1,022,039	e*	Dell, Inc		23,343
1,000		Donaldson Co, Inc		37
17,350	*	Dril-Quip, Inc		1,174
967,240	e*	EMC Corp		11,588
9,460	*	Emulex Corp		172
76,599	*	ENGlobal Corp		474
5,149	e*	Entegris, Inc		56
9,383	e*	Flanders Corp		80
7,700	*	Flowserve Corp		390
14,156	*	FMC Technologies, Inc		760
12,704	e*	Gehl Co		340
118,575		Graco, Inc		4,632
157,563	*	Grant Prideco, Inc		5,992
1,298,523		Hewlett-Packard Co		47,643
2,986	*	Intermec, Inc		79
787,557		International Business Machines Corp		64,533
27,864	*	Intevac, Inc		468
2,300	e*	Kulicke & Soffa Industries, Inc		20
56,682	*	Lam Research Corp		2,569
39,462	*	Lexmark International, Inc		2,275
4,800	e	Lindsay Manufacturing Co		138
6,754		Lufkin Industries, Inc		358

269

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
37,844		Manitowoc Co, Inc	$	1,695
42,800		Modine Manufacturing Co		1,041
9,838		NN, Inc		116
28,000	e	Nordson Corp		1,116
7,286	*	Oil States International, Inc		200
11,400		Pall Corp		351
5,200	*	Paxar Corp		104
11,536	e*	Rackable Systems, Inc		316
1,900	e	Robbins & Myers, Inc		59
45,177	e*	Semitool, Inc		467
43,161	e*	Sigma Designs, Inc		645
150,786		Smith International, Inc		5,851
503,386	e*	Solectron Corp		1,641
22,138		SPX Corp		1,183
86,524		Stanley Works		4,313
23,174		Tennant Co		564
8,326	e*	TurboChef Technologies, Inc		116
10,500	e*	Ultratech, Inc		140
164,671	e*	VA Software Corp		662
39,294	*	Varian Medical Systems, Inc		2,098
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		300,920
INSTRUMENTS AND RELATED PRODUCTS - 3.33%
6,600	e*	ADE Corp		211
22,218	e*	Advanced Medical Optics, Inc		879
17,804	*	Affymetrix, Inc		384
3,704		Analogic Corp		190
5,200	e	Arrow International, Inc		165
44,094		Bard (C.R.), Inc		3,307
30,955	e	Bausch & Lomb, Inc		1,552
438,937		Baxter International, Inc		19,954
94,654		Beckman Coulter, Inc		5,448
214,472		Becton Dickinson & Co		15,157
158,905		Biomet, Inc		5,115
591,388	*	Boston Scientific Corp		8,747
3,700	*	Bruker BioSciences Corp		26
3,100	*	Candela Corp		34
5,797	e*	Cepheid, Inc		42
1,900	e	CNS, Inc		54
5,170	*	Coherent, Inc		179
500		Cooper Cos, Inc		27
220,973	e*	Credence Systems Corp		630
1,600		Datascope Corp		54
170,072	e	Dentsply International, Inc		5,121
3,500	e*	DJ Orthopedics, Inc		145
4,900	*	Encore Medical Corp		31
1,100	*	Excel Technology, Inc		32
49,497	*	Fisher Scientific International, Inc		3,873
6,800	*	Hologic, Inc		296
1,700	e*	ICU Medical, Inc		77
14,163	e*	Illumina, Inc		468
56,208	e*	Input/Output, Inc		558
8,990	*	Intuitive Surgical, Inc		948
8,900	e	Invacare Corp		209
1,300	e*	Itron, Inc		72

270

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
1,731,495		Johnson & Johnson	$	112,443
61,425		Kla-Tencor Corp		2,732
27,528	e*	L-1 Identity Solutions, Inc		359
117,947	*	LTX Corp		591
796,428		Medtronic, Inc		36,986
1,166	e*	Merit Medical Systems, Inc		16
6,400	*	Mettler-Toledo International, Inc		423
11,632	*	Millipore Corp		713
5,300	e*	MKS Instruments, Inc		108
1,900	*	Molecular Devices Corp		35
5,900		Movado Group, Inc		150
3,688	*	Palomar Medical Technologies, Inc		156
2,200	e*	Photon Dynamics, Inc		29
207,301		Pitney Bowes, Inc		9,198
6,200	*	Respironics, Inc		239
4,323	e*	Rudolph Technologies, Inc		79
173,852	*	St. Jude Medical, Inc		6,135
94,297		STERIS Corp		2,269
191,130	e	Stryker Corp		9,478
11,200	*	Techne Corp		570
32,506		Tektronix, Inc		940
88,074	*	Thermo Electron Corp		3,464
1,600	e*	Thoratec Corp		25
26,444	e*	TriPath Imaging, Inc		239
1,600		Vital Signs, Inc		91
45,643	e*	Waters Corp		2,067
303,173	*	Xerox Corp		4,717
2,400	e	X-Rite, Inc		26
110,420	*	Zimmer Holdings, Inc		7,453
5,070	*	Zoll Medical Corp		182
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		275,898
INSURANCE AGENTS, BROKERS AND SERVICE - 0.25%
37,200		Brown & Brown, Inc		1,137
19,600		Clark, Inc		221
4,400		Crawford & Co (Class B)		30
223,845	e	Hartford Financial Services Group, Inc		19,418
4,200	e*	USI Holdings Corp		57
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		20,863
INSURANCE CARRIERS - 2.56%
301,800		Aetna, Inc		11,936
2,700		Affirmative Insurance Holdings, Inc		40
439,870		Aflac, Inc		20,128
902	e*	Alleghany Corp		261
91,600		Ambac Financial Group, Inc		7,580
16,400		American Financial Group, Inc		770
3,950	*	American Physicians Capital, Inc		191
7,900	*	AMERIGROUP Corp		233
380,314	e	Chubb Corp		19,761
214,735	e	Cincinnati Financial Corp		10,320
55,518	e	Commerce Group, Inc		1,668
1,400		Donegal Group, Inc		28
37,568		Erie Indemnity Co (Class A)		1,967
1,251	*	Fpic Insurance Group, Inc		50

271

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
1,200		Harleysville Group, Inc	$	42
13,900		HCC Insurance Holdings, Inc		457
2,616	*	HealthExtras, Inc		74
4,400		Horace Mann Educators Corp		85
3,506		Infinity Property & Casualty Corp		144
268,127		Lincoln National Corp		16,645
6,640	e*	Markel Corp		2,727
113,799	e	MBIA, Inc		6,992
63,638	e	Mercury General Corp		3,157
69,700		MGIC Investment Corp		4,180
1,500	e*	Molina Healthcare, Inc		53
45,479		Nationwide Financial Services, Inc (Class A)		2,188
23,340	e	Odyssey Re Holdings Corp		788
5,300		Ohio Casualty Corp		137
22,800	e	Phoenix Cos, Inc		319
13,997	e*	PMA Capital Corp (Class A)		124
40,300	e	PMI Group, Inc		1,766
1,400		Presidential Life Corp		31
204,025		Principal Financial Group		11,075
583,880		Progressive Corp		14,328
405,806		Prudential Financial, Inc		30,943
26,100		Radian Group, Inc		1,566
167,985	e	Safeco Corp		9,899
534,477		St. Paul Travelers Cos, Inc		25,062
30,639		Unitrin, Inc		1,353
69,651		W.R. Berkley Corp		2,465
15,862	*	WellCare Health Plans, Inc		898
100		Wesco Financial Corp		44
		TOTAL INSURANCE CARRIERS		212,475
LEATHER AND LEATHER PRODUCTS - 0.09%
199,600	*	Coach, Inc		6,866
400	e*	Timberland Co (Class A)		11
14,200	e	Weyco Group, Inc		318
		TOTAL LEATHER AND LEATHER PRODUCTS		7,195
LEGAL SERVICES - 0.00% **
3,600	e*	FTI Consulting, Inc		90
		TOTAL LEGAL SERVICES		90
LUMBER AND WOOD PRODUCTS - 0.00% **
28,547	*	Champion Enterprises, Inc		197
4,415	e	Skyline Corp		169
		TOTAL LUMBER AND WOOD PRODUCTS		366
METAL MINING - 0.06%
183,261	e	Royal Gold, Inc		4,972
		TOTAL METAL MINING		4,972
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.14%
19,178	e	Callaway Golf Co		252
39,060	*	K2, Inc		458
9,675	e	Marine Products Corp		94
463,424		Mattel, Inc		9,130
28,761	*	RC2 Corp		964

272

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
59,200	e*	Russ Berrie & Co, Inc	$	902
2,500	*	Steinway Musical Instruments, Inc		70
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		11,870
MISCELLANEOUS RETAIL - 0.72%
152,855	*	Amazon.com, Inc		4,910
4,500		Barnes & Noble, Inc		171
403,342		CVS Corp		12,955
15,723	*	Dollar Tree Stores, Inc		487
62,013	e*	GSI Commerce, Inc		920
13,700		Michaels Stores, Inc		597
77,755	*	Office Depot, Inc		3,087
16,503	e*	Overstock.com, Inc		289
308,113		Staples, Inc		7,496
30,376	e	Tiffany & Co		1,009
521,071		Walgreen Co		23,130
123,464	e	World Fuel Services Corp		4,994
		TOTAL MISCELLANEOUS RETAIL		60,045
MOTION PICTURES - 1.19%
3,931	e*	Avid Technology, Inc		143
197,077	*	Discovery Holding Co (Class A)		2,850
95,497	e*	DreamWorks Animation SKG, Inc (Class A)		2,379
26,141	e	Regal Entertainment Group (Class A)		518
16,388	*	Time Warner Telecom, Inc (Class A)		312
2,780,199	e	Time Warner, Inc		50,683
1,365,173		Walt Disney Co		42,197
		TOTAL MOTION PICTURES		99,082
NONDEPOSITORY INSTITUTIONS - 1.90%
9,919	e*	Accredited Home Lenders Holding Co		357
42,023		Advanta Corp (Class A)		1,428
166,075	e	American Capital Strategies Ltd		6,555
782,671		American Express Co		43,892
40,300	*	AmeriCredit Corp		1,007
24,191		Ares Capital Corp		421
160,854		Capital One Financial Corp		12,653
78,600		CapitalSource, Inc		2,030
20,400	e	CharterMac		407
166,983		CIT Group, Inc		8,120
9,173	*	CompuCredit Corp		277
318,103		Countrywide Financial Corp		11,146
203,300	e	Doral Financial Corp		1,340
18,375	e	Federal Agricultural Mortgage Corp (Class C)		486
26,300	e	First Marblehead Corp		1,822
671,667	e	Freddie Mac		44,552
117,147	e	MCG Capital Corp		1,913
10,600	e*	Nelnet, Inc		326
351,951		SLM Corp		18,294
12,483	*	World Acceptance Corp		549
		TOTAL NONDEPOSITORY INSTITUTIONS		157,575
NONMETALLIC MINERALS, EXCEPT FUELS - 0.14%
99,868	e	AMCOL International Corp		2,488
12,900	e	Compass Minerals International, Inc		365

273

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
15,000		Florida Rock Industries, Inc	$	580
100,663		Vulcan Materials Co		7,877
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		11,310
OIL AND GAS EXTRACTION - 2.11%
682,338	e	Anadarko Petroleum Corp		29,907
30,714	*	Atlas America, Inc		1,311
7,984	*	ATP Oil & Gas Corp		295
8,170	*	Atwood Oceanics, Inc		367
34,230	e	Baker Hughes, Inc		2,334
40,138		Berry Petroleum Co (Class A)		1,130
21,450		Cabot Oil & Gas Corp (Class A)		1,028
43,584	*	Callon Petroleum Co		591
27,122	*	Cameron International Corp		1,310
54,968	e*	Cheniere Energy, Inc		1,633
219,197	e	Chesapeake Energy Corp		6,352
88,652	e	Cimarex Energy Co		3,120
15,757	e*	Delta Petroleum Corp		355
175,338	*	Denbury Resources, Inc		5,067
496,884		Devon Energy Corp		31,378
20,711	*	Edge Petroleum Corp		341
30,001	*	Encore Acquisition Co		730
68,159	e*	Energy Partners Ltd		1,680
186,136		ENSCO International, Inc		8,158
341,716		Equitable Resources, Inc		11,953
55,136	e*	Forest Oil Corp		1,742
128,663	e*	Gasco Energy, Inc		347
16,582	e*	Global Industries Ltd		258
17,300	e*	Goodrich Petroleum Corp		521
45,337	e*	Grey Wolf, Inc		303
33,475	*	Helix Energy Solutions Group, Inc		1,118
207,670		Helmerich & Payne, Inc		4,783
21,290	*	Houston Exploration Co		1,174
173,084	*	Meridian Resource Corp		530
96,165	e*	National Oilwell Varco, Inc		5,630
17,662	*	Oceaneering International, Inc		544
138,488	e*	PetroHawk Energy Corp		1,438
16,580	e*	Petroleum Development Corp		661
16,300	e*	Petroquest Energy, Inc		170
128,017	e	Pioneer Natural Resources Co		5,008
61,817	*	Plains Exploration & Production Co		2,653
80,100		Pogo Producing Co		3,280
122,390	*	Pride International, Inc		3,356
64,013	e*	Quicksilver Resources, Inc		2,042
102,753	e	Range Resources Corp		2,594
77,900		Rowan Cos, Inc		2,464
9,480	e	RPC, Inc		174
33,046	*	Southwestern Energy Co		987
20,700		St. Mary Land & Exploration Co		760
16,278	*	Stone Energy Corp		659
45,433	e*	Swift Energy Co		1,900
3,887	e*	Syntroleum Corp		19
105,526	e	Tidewater, Inc		4,663
27,071	e*	Toreador Resources Corp		499
17,825	e*	Unit Corp		819

274

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
19,400	e	W&T Offshore, Inc	$	567
8,105	e*	W-H Energy Services, Inc		336
14,605	*	Whiting Petroleum Corp		586
313,786		XTO Energy, Inc		13,220
		TOTAL OIL AND GAS EXTRACTION		174,845
PAPER AND ALLIED PRODUCTS - 0.57%
60,200		Bemis Co		1,978
40,000		Bowater, Inc		823
25,800	e*	Buckeye Technologies, Inc		219
5,200	*	Cenveo, Inc		98
34,100		Chesapeake Corp		488
30,700	e	Glatfelter		416
23,515		International Paper Co		814
402,225		Kimberly-Clark Corp		26,289
233,349		MeadWestvaco Corp		6,186
122,797		Packaging Corp of America		2,849
5,700		Rock-Tenn Co (Class A)		113
129,950		Sonoco Products Co		4,372
60,796		Temple-Inland, Inc		2,438
10,800	e	Wausau Paper Corp		146
		TOTAL PAPER AND ALLIED PRODUCTS		47,229
PERSONAL SERVICES - 0.04%
71,999		Regis Corp		2,581
15,056	e	Unifirst Corp		471
		TOTAL PERSONAL SERVICES		3,052
PETROLEUM AND COAL PRODUCTS - 1.19%
414,426		Apache Corp		26,192
269,430		EOG Resources, Inc		17,526
199,616	e	Frontier Oil Corp		5,306
68,902	e*	Headwaters, Inc		1,609
54,499		Hess Corp		2,257
30,421		Murphy Oil Corp		1,447
119,240	*	Newfield Exploration Co		4,595
289,790		Noble Energy, Inc		13,212
150,944	e	Sunoco, Inc		9,387
330,996		Valero Energy Corp		17,036
		TOTAL PETROLEUM AND COAL PRODUCTS		98,567
PRIMARY METAL INDUSTRIES - 0.87%
61,885	*	Aleris International, Inc		3,128
25,669	*	Brush Engineered Materials, Inc		638
135,325	e*	Century Aluminum Co		4,554
36,326		Chaparral Steel Co		1,237
6,900	*	CommScope, Inc		227
671,481	*	Corning, Inc		16,391
48,876		Gibraltar Industries, Inc		1,084
17,000		Hubbell, Inc (Class B)		814
42,084	*	Lone Star Technologies, Inc		2,036
32,200	*	Maverick Tube Corp		2,087
59,078	e	Mueller Industries, Inc		2,078
70,846	*	NS Group, Inc		4,573
324,436	e	Nucor Corp		16,056

275

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
26,377	e	Olympic Steel, Inc	$	656
45,667	e	Quanex Corp		1,386
58,618	e	Steel Dynamics, Inc		2,957
88,373	e	Steel Technologies, Inc		1,735
27,944	e	Tredegar Corp		468
83,733	e	United States Steel Corp		4,830
58,789	e*	Wheeling-Pittsburgh Corp		1,006
270,750	e	Worthington Industries, Inc		4,619
		TOTAL PRIMARY METAL INDUSTRIES		72,560
PRINTING AND PUBLISHING - 0.64%
1,300	e*	ACCO Brands Corp		29
20,540		Banta Corp		978
10,100	e	Bowne & Co, Inc		144
800		CSS Industries, Inc		24
41,000	e	Dow Jones & Co, Inc		1,375
29,750	*	Dun & Bradstreet Corp		2,231
4,200		Ennis, Inc		91
109,352		EW Scripps Co		5,241
57,979		Harte-Hanks, Inc		1,528
21,999	e	John Wiley & Sons, Inc (Class A)		792
37,500	e	Lee Enterprises, Inc		946
3,600		McClatchy Co (Class A)		152
284,484		McGraw-Hill Cos, Inc		16,509
65,159		Meredith Corp		3,214
266,888	e	New York Times Co (Class A)		6,133
10,500	e*	Presstek, Inc		57
21,328		R.H. Donnelley Corp		1,128
23,349	e	Standard Register Co		308
224,286	e	Tribune Co		7,339
7,056		Washington Post Co (Class B)		5,200
		TOTAL PRINTING AND PUBLISHING		53,419
RAILROAD TRANSPORTATION - 0.33%
171,330		CSX Corp		5,625
19,164	*	Kansas City Southern Industries, Inc		523
489,510		Norfolk Southern Corp		21,563
		TOTAL RAILROAD TRANSPORTATION		27,711
REAL ESTATE - 0.01%
33,417	*	CB Richard Ellis Group, Inc		822
16,099		Stewart Enterprises, Inc (Class A)		94
		TOTAL REAL ESTATE		916
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.05%
70,651	e	Cooper Tire & Rubber Co		711
5,481	e*	Deckers Outdoor Corp		259
31,900		Sealed Air Corp		1,726
11,100		Spartech Corp		297
1,800	e*	Trex Co, Inc		44
53,584		Tupperware Corp		1,043
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		4,080
SECURITY AND COMMODITY BROKERS - 1.91%
29,610		A.G. Edwards, Inc		1,578

276

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
31,721		Ameriprise Financial, Inc	$	1,488
4,757	*	Cbot Holdings, Inc		575
570,443		Charles Schwab Corp		10,211
14,136		Chicago Mercantile Exchange Holdings, Inc		6,761
169,245	*	E*Trade Financial Corp		4,048
3,200		Eaton Vance Corp		92
27,941		Federated Investors, Inc (Class B)		945
173,317		Franklin Resources, Inc		18,328
3,630	e	GAMCO Investors, Inc		138
244,176	e	Goldman Sachs Group, Inc		41,307
7,600	*	IntercontinentalExchange, Inc		571
31,028	e	International Securities Exchange, Inc		1,455
72,720		Janus Capital Group, Inc		1,434
49,052		Legg Mason, Inc		4,947
628,629		Merrill Lynch & Co, Inc		49,171
39,546	*	Nasdaq Stock Market, Inc		1,196
62,000	e*	NYSE Group, Inc		4,635
36,392		SEI Investments Co		2,045
1,900		SWS Group, Inc		47
158,652		T Rowe Price Group, Inc		7,591
		TOTAL SECURITY AND COMMODITY BROKERS		158,563
SPECIAL TRADE CONTRACTORS - 0.01%
400	e	Alico, Inc		23
4,050		Comfort Systems USA, Inc		46
7,834	*	Layne Christensen Co		224
43,982	*	Quanta Services, Inc		742
		TOTAL SPECIAL TRADE CONTRACTORS		1,035
STONE, CLAY, AND GLASS PRODUCTS - 0.05%
2,065	e	Apogee Enterprises, Inc		31
1,122	e*	Cabot Microelectronics Corp		32
12,525	e	CARBO Ceramics, Inc		451
63,048		Eagle Materials, Inc		2,124
83,512		Gentex Corp		1,187
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		3,825
TEXTILE MILL PRODUCTS - 0.00% **
3,200		Oxford Industries, Inc		137
		TOTAL TEXTILE MILL PRODUCTS		137
TRANSPORTATION BY AIR - 0.42%
55,220	e*	Airtran Holdings, Inc		548
18,300	*	Alaska Air Group, Inc		696
92,958	e*	Continental Airlines, Inc (Class B)		2,632
48,300	e*	ExpressJet Holdings, Inc		319
164,124		FedEx Corp		17,837
124,879	e*	Frontier Airlines Holdings, Inc		1,030
71,083	e*	JetBlue Airways Corp		659
60,245	e*	Mesa Air Group, Inc		467
6,600	e	Skywest, Inc		162
627,375		Southwest Airlines Co		10,452
		TOTAL TRANSPORTATION BY AIR		34,802

277

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
TRANSPORTATION EQUIPMENT - 0.52%
10,800	e	A.O. Smith Corp	$	426
4,700	e*	Accuride Corp		52
8,885	e*	Aftermarket Technology Corp		158
51,000	e	American Axle & Manufacturing Holdings, Inc		851
70,430		ArvinMeritor, Inc		1,003
117,096	e	Autoliv, Inc		6,453
53,585		Brunswick Corp		1,671
21,900	e	Federal Signal Corp		334
224,750		Genuine Parts Co		9,693
205,687		Harley-Davidson, Inc		12,907
36,928		Harsco Corp		2,867
73,547		JLG Industries, Inc		1,457
20,829	e	Noble International Ltd		261
64,900	e	Superior Industries International, Inc		1,090
25,384	e*	Tenneco, Inc		594
400		Thor Industries, Inc		16
44,061	*	TRW Automotive Holdings Corp		1,060
217,570		Visteon Corp		1,773
1,200	e	Westinghouse Air Brake Technologies Corp		33
		TOTAL TRANSPORTATION EQUIPMENT		42,699
TRANSPORTATION SERVICES - 0.03%
13,840		Expeditors International Washington, Inc		617
3,796	*	HUB Group, Inc		86
43,746	*	RailAmerica, Inc		478
65,665		Sabre Holdings Corp		1,536
		TOTAL TRANSPORTATION SERVICES		2,717
TRUCKING AND WAREHOUSING - 0.35%
1,600	e*	Saia, Inc		52
404,035		United Parcel Service, Inc (Class B)		29,066
		TOTAL TRUCKING AND WAREHOUSING		29,118
WATER TRANSPORTATION - 0.03%
29,196	e	Alexander & Baldwin, Inc		1,296
18,000	*	Gulfmark Offshore, Inc		573
22,369	e*	Hornbeck Offshore Services, Inc		749
		TOTAL WATER TRANSPORTATION		2,618
WHOLESALE TRADE-DURABLE GOODS - 0.38%
158,300		Adesa, Inc		3,658
3,400	e	Agilysys, Inc		48
137,894		Barnes Group, Inc		2,421
19,700		BorgWarner, Inc		1,126
12,024	e	Building Material Holding Corp		313
39,080		Castle (A.M.) & Co		1,049
10,000	*	Cytyc Corp		245
140,200		IKON Office Solutions, Inc		1,884
2,400	*	Keystone Automotive Industries, Inc		91
35,293	e*	Merge Technologies, Inc		243
46,458		Owens & Minor, Inc		1,528
131,627	e*	Patterson Cos, Inc		4,424
2,500	*	PSS World Medical, Inc		50
96,272		Reliance Steel & Aluminum Co		3,094
198,467	e	Ryerson Tull, Inc		4,345

278

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
					MATURITY		VALUE
SHARES			RATE		DATE		(000)
3,500	e*	Tech Data Corp				$	128
25,700	e*	Tyler Technologies, Inc					332
92,400	e	W.W. Grainger, Inc					6,193
10,750	*	WESCO International, Inc					624
		TOTAL WHOLESALE TRADE-DURABLE GOODS					31,796
WHOLESALE TRADE-NONDURABLE GOODS - 0.59%
29,572	e*	Allscripts Healthcare Solutions, Inc					664
800	*	Dean Foods Co					34
87,798	*	Endo Pharmaceuticals Holdings, Inc					2,858
30,235	*	Henry Schein, Inc					1,516
4,800		Kenneth Cole Productions, Inc (Class A)					117
6,600		Men's Wearhouse, Inc					246
4,100		Myers Industries, Inc					70
10,656	e	Nash Finch Co					251
155,800		Nike, Inc (Class B)					13,651
269,010		Safeway, Inc					8,164
700	e*	Smart & Final, Inc					12
10,419		Spartan Stores, Inc					176
17,900		Stride Rite Corp					250
626,143	e	Sysco Corp					20,944
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS					48,953
		TOTAL COMMON STOCKS					4,933,669
		(Cost $3,460,837)
PRINCIPAL
SHORT-TERM INVESTMENTS - 7.66%
COMMERCIAL PAPER - 1.92%
$    20,000,000	c	BellSouth Corp	5.210	%	12/01/06		19,825
20,000,000	c,d	Coca-Cola Enterprises, Inc	5.210		10/10/06		19,976
20,000,000	c,d	Fairway Finance Co, LLC	5.255		10/10/06		19,976
10,000,000	c,d	Harley-Davidson Funding Corp	5.200		10/12/06		9,985
20,000,000	c,d	Harrier Finance Funding LLC	5.270		10/10/06		19,976
20,000,000	d	Merrill Lynch & Co, Inc	5.230		10/06/06		19,988
20,000,000	c,d	Pitney Bowes, Inc	5.200		10/11/06		19,974
10,000,000	c,d	Stanley Works	5.210		10/11/06		9,987
20,000,000	d	United Parcel Service, Inc	5.180		10/02/06		20,000
		TOTAL COMMERCIAL PAPER					159,687
U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES - 1.17%
19,000,000	d	Federal Home Loan Bank (FHLB)	5.155		10/04/06		18,995
25,773,000	d	FHLB	5.115		10/11/06		25,740
25,000,000	d	FHLB	5.142		10/13/06		24,961
24,600,000	d	Federal Home Loan Mortgage Corp (FHLMC)	5.150		10/03/06		24,597
2,700,000		Federal National Mortgage Association (FNMA)	5.095		10/11/06		2,697
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES					96,990
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 4.57%
167,396,450	v	Navigator Fund					167,397
		REPURCHASED AGREEMENTS
24,593,000		Bear Stearns & Co, Inc, 5.350% Dated 9/30/2006,					24,596
		Due 10/02/2006 In the Amount of $24,596,655

279

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
						VALUE
PRINCIPAL						(000)
		Fully Collateralized as follows:
		Federal Home Loan Mortgage Corp (FHLMC) 5.320% - 6.535%, 04/01/2032 - 08/01/2036	$	4,264,636
		Federal National Mortgage Association (FNMA) 4.904% - 7.169%, 09/01/2017 - 10/01/2036	20,725,475
		Total Market Value	24,990,111
$     25,000,000		Goldman Sachs & Co. 5.330% Dated 9/30/2006,			$	25,004
		Due 10/02/2006 In The Amount Of $25,003,701
		Fully Collateralized as follows:
		Abacus Ltd 5.770%, 03/28/2046	6,327,511
		Broadwick Funding Ltd 5.530%, 07/13/2041	8,744,225
		Iowa Student Loan Liquidity Corp 5.420%, 06/25/2014	8,606,157
		Wells Fargo Mortgage Backed Securities Trust 5.560%, 03/25/2036	2,549,629
		Total Market Value	26,227,522
75,000,000		Merrill Lynch & Co. Inc, 5.360% Dated 9/30/2006,				75,011
		Due 10/02/2006 In The Amount Of $75,011,167
		Fully Collateralized as follows:
		Federal Home Loan Bank (FHLB) 0.000% - 5.500%, 01/13/2033 - 07/15/2036	30,382,989
		U.S. Treasury Note 4.130%, 08/15/2008	45,756,563
		Total Market Value	76,139,552
86,707,000		Morgan Stanley & Co, Inc 5.350% Dated 9/30/2006,				86,720
		Due 10/02/2006 In The Amount Of $86,719,886
		Fully Collateralized as follows:
		Federal Home Loan Bank (FHLB) 2.450% - 6.300%, 03/05/2007 - 09/02/2025	87,549,868
		Total Market Value	87,549,868
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED				378,728
		TOTAL SHORT-TERM INVESTMENTS				635,405
		(Cost $635,370)
		TOTAL PORTFOLIO - 107.10%				8,884,933
		(Cost $7,420,341)
		OTHER ASSETS & LIABILITIES, NET - (7.10%)				(588,741	)
		NET ASSETS - 100.00%			$	8,296,192
	The following abbreviations are used in portfolio descriptions:
	LLC	Limited Liability Company
	Lp	Limited Partnership
	N/R	Not rated by Moody's
	*	Non-income producing
	**	Percentage represents less than 0.01%
	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

280

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

	and may be resold in transactions exempt from registration
	to qualified institutional buyers.
	At September 30, 2006, the value of these securities amounted to $105,902,188 or 1.28% of net assets.
h	These securities were purchased on a delayed delivery basis.
i	Floating rate or variable rate securities reflects the rate as of September 30, 2006.
j	Zero coupon
k	Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
v	Security valued at fair value.
+	As provided by Moody's Investors Service (Unaudited)
	Cost amounts are in thousands.
	For ease of presentation, we have grouped a number of industry classification categories together in
	the Statement of Investments. Note that the Accounts use more specific industry categories in following
	their investment limitations on industry concentration.

281

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account
COLLEGE RETIREMENT EQUITIES FUND
MONEY MARKET ACCOUNT
STATEMENT OF INVESTMENTS (Unaudited)
September 30, 2006
					MATURITY		VALUE
PRINCIPAL			RATE		DATE		(000)
SHORT-TERM INVESTMENTS - 99.73%
CERTIFICATES OF DEPOSIT - 10.60%
$     50,000,000		Abbey National plc	5.290	%	11/06/06	$	50,001
39,500,000		Abbey National plc	5.320		12/06/06		39,499
50,000,000		Abbey National plc	5.320		12/13/06		50,000
20,000,000		American Express Bank FSB	5.565		01/08/07		20,010
25,000,000		American Express Bank FSB	5.550		01/16/07		25,012
29,500,000		American Express Centurion Bank	5.270		10/06/06		29,500
25,000,000		American Express Centurion Bank	5.270		10/20/06		25,000
25,000,000		American Express Centurion Bank	5.460		10/20/06		25,002
50,000,000		Bank Of Montreal	5.270		11/28/06		49,998
40,000,000		Barclays Bank, plc	5.345		11/16/06		40,000
50,000,000		Calyon	5.275		10/02/06		50,000
50,000,000		Deutsche Bank	5.440		10/11/06		50,001
49,000,000		Deutsche Bank	5.410		10/16/06		49,001
50,000,000		Deutsche Bank	5.280		12/21/06		49,996
46,000,000		Dexia Bank	5.425		10/27/06		46,002
29,000,000		Dexia Bank	5.295		10/31/06		29,000
50,000,000		Dexia Bank	5.290		11/14/06		50,001
47,000,000		First Tennessee Bank NA	5.340		11/21/06		47,001
31,925,000		Harris Trust and Savings Bank	5.280		10/18/06		31,925
25,000,000		Royal Bank of Canada	5.310		10/11/06		25,000
50,000,000		Royal Bank of Canada	5.400		11/01/06		49,999
50,000,000		Wells Fargo & Co	5.270		10/02/06		50,000
87,250,000		Wells Fargo & Co	5.270		11/07/06		87,250
		TOTAL CERTIFICATES OF DEPOSIT					969,198
COMMERCIAL PAPER - 84.63%
8,500,000		Abbey National North America LLC	5.210		11/30/06		8,427
1,500,000		Abbey National North America LLC	5.240		01/08/07		1,479
25,000,000	c	Alcon Capital Corp	5.220		11/01/06		24,884
10,800,000		American Honda Finance Corp	5.250		10/03/06		10,795
53,500,000		American Honda Finance Corp	5.240		10/05/06		53,461
7,000,000		American Honda Finance Corp	5.250		10/10/06		6,990
41,627,000		American Honda Finance Corp	5.230		10/12/06		41,554
10,500,000		American Honda Finance Corp	5.250		10/27/06		10,459
15,000,000		American Honda Finance Corp	5.230		11/06/06		14,920
62,000,000		American Honda Finance Corp	5.230		11/09/06		61,647
25,000,000	c	Atlantis One Funding Corp	5.320		10/04/06		24,985
40,000,000	c	Atlantis One Funding Corp	5.370		10/11/06		39,938
6,570,000	c	Atlantis One Funding Corp	5.400		10/13/06		6,557
20,000,000	c	Atlantis One Funding Corp	5.265		10/26/06		19,926
2,000,000		Bank of America Corp	5.250		11/20/06		1,985
31,910,000		Bank of America Corp	5.245		12/01/06		31,630
8,000,000		Bank Of Montreal	5.220		11/06/06		7,958
30,000,000		Bank of Nova Scotia	5.250		10/13/06		29,943
30,000,000		Bank of Nova Scotia	5.245		10/18/06		29,921
50,000,000		Bank of Nova Scotia	5.250		12/18/06		49,441
25,415,000		Barclays U.S. Funding Corp	5.260		10/26/06		25,321

282

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account
					MATURITY		VALUE
PRINCIPAL			RATE		DATE		(000)
$     20,000,000		Barclays U.S. Funding Corp	5.265	%	10/31/06	$	19,911
25,000,000		Barclays U.S. Funding Corp	5.280		11/22/06		24,817
19,000,000		Barclays U.S. Funding Corp	5.260		11/27/06		18,842
3,500,000	c	Beta Finance, Inc	5.280		10/12/06		3,494
6,585,000	c	Beta Finance, Inc	5.270		10/16/06		6,570
63,000,000	c	Beta Finance, Inc	5.390		10/18/06		62,841
30,000,000	c	Beta Finance, Inc	5.270		10/23/06		29,899
20,000,000	c	Beta Finance, Inc	5.390		10/24/06		19,930
24,000,000	c	Beta Finance, Inc	5.270		11/17/06		23,834
23,000,000	c	Beta Finance, Inc	5.255		01/11/07		22,661
42,500,000	c	BMW US Capital Corp	5.220		10/05/06		42,469
14,810,000	c	BMW US Capital Corp	5.220		10/30/06		14,747
119,000,000	c	BMW US Capital Corp	5.220		11/13/06		118,243
15,000,000		Calyon North America, Inc	5.230		11/13/06		14,904
100,000,000		Canadian Imperial Holding, Inc	5.300		10/13/06		99,811
49,000,000		Canadian Imperial Holding, Inc	5.250		10/17/06		48,879
1,740,000		Canadian Imperial Holding, Inc	5.320		11/08/06		1,731
77,600,000	c	Cargill Global Funding plc	5.250		10/05/06		77,543
50,000,000		Caterpillar Financial Services Corp	5.220		10/16/06		49,884
39,000,000	c	CC (USA), Inc	5.370		10/10/06		38,943
2,260,000	c	CC (USA), Inc	5.370		10/18/06		2,254
62,000,000	c	CC (USA), Inc	5.370		10/25/06		61,782
46,000,000	c	CC (USA), Inc	5.265		10/30/06		45,799
21,000,000	c	CC (USA), Inc	5.280		11/22/06		20,844
20,000,000	c	CC (USA), Inc	5.260		11/29/06		19,833
9,500,000	c	CC (USA), Inc	5.260		01/11/07		9,360
27,500,000	c	Ciesco Lp	5.360		10/10/06		27,460
24,500,000	c	Ciesco Lp	5.260		10/18/06		24,438
14,500,000	c	Ciesco Lp	5.370		11/02/06		14,433
52,000,000	c	Ciesco Lp	5.250		11/06/06		51,721
37,685,000	c	Ciesco Lp	5.270		11/17/06		37,424
44,500,000	c	Ciesco Lp	5.260		12/14/06		44,024
26,500,000		Citigroup Funding, Inc	5.250		10/13/06		26,450
25,000,000		Citigroup Funding, Inc	5.250		11/02/06		24,885
50,000,000		Citigroup Funding, Inc	5.250		11/14/06		49,677
23,700,000		Citigroup Funding, Inc	5.310		11/16/06		23,543
24,500,000		Citigroup Funding, Inc	5.260		11/27/06		24,297
52,685,000	c	Corporate Asset Funding Corp, Inc	5.260		10/24/06		52,500
5,162,000	c	Corporate Asset Funding Corp, Inc	5.250		10/31/06		5,139
13,000,000	c	Corporate Asset Funding Corp, Inc	5.260		11/02/06		12,937
15,000,000	c	Corporate Asset Funding Corp, Inc	5.320		11/07/06		14,918
34,200,000	c	Corporate Asset Funding Corp, Inc	5.250		11/08/06		34,005
30,500,000	c	Corporate Asset Funding Corp, Inc	5.260		12/07/06		30,205
21,000,000	c	Danske Corp	5.300		10/10/06		20,970
23,000,000	c	Danske Corp	5.080		10/23/06		22,924
9,500,000	c	Danske Corp	5.340		10/26/06		9,465
15,000,000	c	Danske Corp	5.280		11/06/06		14,921
5,000,000	c	Danske Corp	5.370		11/27/06		4,959
9,000,000	c	Danske Corp	5.270		12/11/06		8,908
5,000,000	c	Danske Corp	5.270		12/21/06		4,942
33,000,000	c	Danske Corp	5.225		12/28/06		32,583
30,000,000	c	Danske Corp	5.255		01/18/07		29,529
3,300,000	c	Dorada Finance, Inc	5.270		10/10/06		3,295
40,000,000		Dorada Finance, Inc	5.370		10/12/06		39,931
10,000,000	c	Dorada Finance, Inc	5.390		10/19/06		9,973
1,860,000	c	Dorada Finance, Inc	5.270		10/20/06		1,855

283

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account
					MATURITY		VALUE
PRINCIPAL			RATE		DATE		(000)
$     30,000,000	c	Dorada Finance, Inc	5.270	%	10/25/06	$	29,894
33,000,000	c	Dorada Finance, Inc	5.270		11/22/06		32,756
22,520,000	c	Dorada Finance, Inc	5.270		12/04/06		22,312
30,000,000	c	Dorada Finance, Inc	5.250		01/22/07		29,510
50,000,000		Dresdner US Finance, Inc	5.250		12/06/06		49,525
43,000,000	c	Edison Asset Securitization, LLC	5.300		10/17/06		42,893
38,250,000	c	Edison Asset Securitization, LLC	5.250		10/30/06		38,083
30,000,000	c	Edison Asset Securitization, LLC	5.270		11/07/06		29,835
13,500,000	c	Edison Asset Securitization, LLC	5.270		11/21/06		13,399
46,000,000	c	Edison Asset Securitization, LLC	5.270		11/28/06		45,606
3,633,000	c	Edison Asset Securitization, LLC	5.250		01/05/07		3,582
50,000,000	c	Fairway Finance Co, LLC	5.255		10/05/06		49,963
8,895,000	c	Fairway Finance Co, LLC	5.255		10/06/06		8,887
9,505,000	c	Fairway Finance Co, LLC	5.260		10/12/06		9,488
39,727,000	c	Fairway Finance Co, LLC	5.260		10/16/06		39,634
19,257,000	c	Fairway Finance Co, LLC	5.260		10/19/06		19,205
15,000,000	c	Fairway Finance Co, LLC	5.260		10/20/06		14,956
20,000,000	c	Fairway Finance Co, LLC	5.260		10/26/06		19,924
2,955,000	c	Fairway Finance Co, LLC	5.280		11/20/06		2,933
3,516,000	c	Fairway Finance Co, LLC	5.260		11/21/06		3,489
10,124,000	c	Fairway Finance Co, LLC	5.260		12/04/06		10,030
15,000,000	c	Fairway Finance Co, LLC	5.240		12/05/06		14,859
3,045,000	c	Gannett Co, Inc	5.240		10/03/06		3,044
20,000,000		General Electric Capital Corp	5.280		10/17/06		19,951
45,000,000		General Electric Capital Corp	5.290		10/18/06		44,887
5,765,000		General Electric Capital Corp	4.795		10/23/06		5,746
25,500,000		General Electric Capital Corp	5.350		10/24/06		25,412
13,000,000		General Electric Capital Corp	5.230		11/10/06		12,923
25,000,000		General Electric Capital Corp	5.250		11/29/06		24,793
18,000,000		General Electric Capital Corp	5.250		12/04/06		17,835
10,000,000		General Electric Capital Corp	5.250		12/15/06		9,892
8,000,000		General Electric Capital Corp	5.200		12/26/06		7,901
6,285,000		Goldman Sachs Group, Inc	4.730		10/23/06		6,264
15,580,000		Goldman Sachs Group, Inc	4.810		11/01/06		15,511
10,000,000		Goldman Sachs Group, Inc	4.810		11/02/06		9,954
27,000,000	c	Govco, Inc	5.380		10/10/06		26,961
2,300,000	c	Govco, Inc	5.390		10/12/06		2,296
17,400,000	c	Govco, Inc	5.390		10/19/06		17,353
22,500,000	c	Govco, Inc	5.370		10/25/06		22,421
40,874,000	c	Govco, Inc	5.360		10/27/06		40,714
4,310,000	c	Govco, Inc	5.320		11/02/06		4,290
9,000,000	c	Govco, Inc	5.280		11/13/06		8,943
26,000,000	c	Govco, Inc	5.290		11/15/06		25,833
14,000,000	c	Govco, Inc	5.270		11/20/06		13,897
7,000,000	c	Govco, Inc	5.260		12/07/06		6,932
9,350,000	c	Govco, Inc	5.265		12/18/06		9,245
21,255,000	c	Govco, Inc	5.430		12/26/06		20,991
2,000,000	c	Grampian Funding LLC	5.160		10/02/06		1,999
8,000,000	c	Grampian Funding LLC	5.390		10/17/06		7,981
15,690,000	c	Grampian Funding LLC	5.240		10/25/06		15,635
4,000,000	c	Grampian Funding LLC	5.150		11/17/06		3,972
20,000,000	c	Grampian Funding LLC	5.250		01/02/07		19,725
2,000,000	c	Grampian Funding LLC	5.220		02/20/07		1,959
25,000,000	c	Greenwich Capital Holdings, Inc	5.340		10/19/06		24,933
105,245,000	c	Greenwich Capital Holdings, Inc	5.430		10/23/06		104,895
20,000,000		Greenwich Capital Holdings, Inc	5.240		12/01/06		19,826

284

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account
					MATURITY		VALUE
PRINCIPAL			RATE		DATE		(000)
$     4,000,000	c	Greyhawk Funding LLC	5.260	%	10/06/06	$	3,996
25,000,000	c	Greyhawk Funding LLC	5.260		10/12/06		24,956
10,000,000	c	Greyhawk Funding LLC	5.270		10/30/06		9,956
14,000,000	c	Greyhawk Funding LLC	5.260		10/31/06		13,938
50,000,000	c	Greyhawk Funding LLC	5.275		11/20/06		49,631
15,000,000	c	Greyhawk Funding LLC	5.240		01/19/07		14,761
20,000,000	c	Greyhawk Funding LLC	5.250		01/25/07		19,664
28,000,000	c	Greyhawk Funding LLC	5.225		01/26/07		27,525
27,900,000	c	Greyhawk Funding LLC	5.190		03/19/07		27,220
8,935,000	c	Harley-Davidson Funding Corp	5.230		10/13/06		8,918
4,000,000	c	Harley-Davidson Funding Corp	5.200		10/31/06		3,982
20,000,000	c	Harrier Finance Funding LLC	5.320		10/03/06		19,991
75,140,000	c	Harrier Finance Funding LLC	5.265		10/04/06		75,096
15,000,000	c	Harrier Finance Funding LLC	5.275		10/11/06		14,977
34,189,000	c	Harrier Finance Funding LLC	5.270		10/23/06		34,074
27,000,000	c	Harrier Finance Funding LLC	5.260		11/02/06		26,870
28,645,000	c	Harrier Finance Funding LLC	5.275		11/13/06		28,463
3,400,000		HBOS Treasury Services plc	5.270		10/25/06		3,388
2,000,000		HBOS Treasury Services plc	5.270		11/01/06		1,991
20,000,000		HBOS Treasury Services plc	5.265		11/21/06		19,851
4,000,000		HBOS Treasury Services plc	5.270		11/29/06		3,967
2,605,000		HBOS Treasury Services plc	5.240		12/05/06		2,581
970,000		HBOS Treasury Services plc	5.255		12/06/06		961
7,000,000		HBOS Treasury Services plc	5.250		12/07/06		6,933
20,000,000		HBOS Treasury Services plc	5.260		12/12/06		19,794
25,370,000		HBOS Treasury Services plc	5.255		12/15/06		25,097
7,000,000		HBOS Treasury Services plc	5.260		12/19/06		6,921
27,000,000		HSBC Finance Corp	5.250		10/26/06		26,900
25,000,000		HSBC Finance Corp	5.240		11/03/06		24,876
25,000,000		HSBC Finance Corp	5.240		11/16/06		24,870
23,000,000		HSBC Finance Corp	5.240		12/11/06		22,765
18,000,000		ING Finance	5.360		10/10/06		17,974
25,000,000		ING Finance	5.260		10/11/06		24,960
20,000,000		ING Finance	5.350		10/24/06		19,931
50,000,000		ING Finance	5.255		10/30/06		49,784
25,000,000	c	International Business Machines Corp	5.210		10/10/06		24,967
31,794,000	c	Kitty Hawk Funding Corp	5.270		10/16/06		31,720
25,000,000	c	Kitty Hawk Funding Corp	5.260		10/26/06		24,905
50,000,000	c	Kitty Hawk Funding Corp	5.375		10/27/06		49,803
30,000,000	c	Kitty Hawk Funding Corp	5.270		11/10/06		29,822
25,000,000	c	Kitty Hawk Funding Corp	5.250		12/19/06		24,714
3,830,000	c	Kitty Hawk Funding Corp	5.300		02/15/07		3,754
30,000,000	c	Links Finance LLC	5.320		10/06/06		29,973
50,000,000	c	Links Finance LLC	5.270		12/07/06		49,516
20,000,000	c	Links Finance LLC	5.270		12/08/06		19,804
48,445,000	c	Links Finance LLC	5.260		12/18/06		47,899
43,000,000	c	Links Finance LLC	5.315		02/08/07		42,192
3,560,000		Lloyds TSB Group plc	5.240		10/11/06		3,555
22,826,000		Merrill Lynch & Co, Inc	5.280		10/02/06		22,819
25,000,000		Merrill Lynch & Co, Inc	5.210		10/16/06		24,942
25,000,000		Merrill Lynch & Co, Inc	5.210		10/17/06		24,938
35,000,000		Merrill Lynch & Co, Inc	5.240		12/01/06		34,693
50,000,000		Merrill Lynch & Co, Inc	5.240		12/05/06		49,532
22,350,000		Merrill Lynch & Co, Inc	5.240		12/08/06		22,131
16,520,000		Morgan Stanley Dean Witter	5.250		10/19/06		16,474
25,000,000		Morgan Stanley Dean Witter	5.250		10/20/06		24,927

285

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account
					MATURITY		VALUE
PRINCIPAL			RATE		DATE		(000)
$     12,950,000		Morgan Stanley Dean Witter	5.250	%	10/26/06	$	12,901
50,000,000	c	Nestle Capital Corp	5.310		10/05/06		49,964
8,600,000	c	Nestle Capital Corp	5.225		11/02/06		8,560
35,000,000	c	Nestle Capital Corp	5.215		11/06/06		34,812
34,768,000	c	Nestle Capital Corp	5.220		11/29/06		34,480
46,000,000	c	Nestle Capital Corp	5.310		12/01/06		45,599
70,000,000		Paccar Financial Corp	5.350		10/12/06		69,881
11,200,000		Paccar Financial Corp	5.370		10/20/06		11,168
5,214,000		Paccar Financial Corp	5.230		11/09/06		5,185
3,850,000		Paccar Financial Corp	5.240		11/14/06		3,825
44,235,000		Paccar Financial Corp	5.240		11/15/06		43,952
20,000,000		Paccar Financial Corp	5.250		11/30/06		19,829
6,269,000		Paccar Financial Corp	5.250		12/01/06		6,214
17,980,000		Paccar Financial Corp	5.240		12/13/06		17,792
50,000,000	c	Park Avenue Receivables Corp	5.260		10/03/06		49,978
30,000,000	c	Park Avenue Receivables Corp	5.260		10/05/06		29,978
16,533,000	c	Park Avenue Receivables Corp	5.260		10/06/06		16,518
2,100,000	c	Park Avenue Receivables Corp	5.250		10/11/06		2,097
16,000,000	c	Park Avenue Receivables Corp	5.260		10/13/06		15,970
11,500,000	c	Park Avenue Receivables Corp	5.260		10/18/06		11,470
22,400,000	c	Park Avenue Receivables Corp	5.250		10/20/06		22,335
35,672,000	c	Park Avenue Receivables Corp	5.250		10/26/06		35,537
3,099,000	c	Park Avenue Receivables Corp	5.260		10/31/06		3,085
12,902,000	c	Park Avenue Receivables Corp	5.260		11/13/06		12,819
15,775,000	c	Preferred Receivables Funding Corp	5.260		10/03/06		15,768
50,000,000	c	Preferred Receivables Funding Corp	5.250		10/04/06		49,971
18,335,000	c	Preferred Receivables Funding Corp	5.260		10/18/06		18,287
49,383,000	c	Preferred Receivables Funding Corp	5.260		10/19/06		49,248
29,800,000	c	Preferred Receivables Funding Corp	5.270		10/31/06		29,665
34,000,000	c	Preferred Receivables Funding Corp	5.250		11/17/06		33,762
19,000,000	c	Private Export Funding Corp	5.370		10/04/06		18,989
24,000,000	c	Private Export Funding Corp	5.260		10/16/06		23,944
10,000,000	c	Private Export Funding Corp	5.305		10/17/06		9,975
20,000,000	c	Private Export Funding Corp	5.245		10/31/06		19,910
10,000,000	c	Private Export Funding Corp	5.406		11/02/06		9,954
20,000,000	c	Private Export Funding Corp	5.250		11/03/06		19,903
22,000,000	c	Private Export Funding Corp	5.235		01/10/07		21,679
43,775,000	c	Private Export Funding Corp	5.260		01/17/07		43,091
20,000,000	c	Private Export Funding Corp	5.230		01/18/07		19,684
12,323,000	c	Private Export Funding Corp	5.225		03/06/07		12,045
50,000,000		Rabobank USA Finance Corp	5.350		10/31/06		49,776
27,000,000	c	Ranger Funding Co LLC	5.260		10/12/06		26,953
22,515,000	c	Ranger Funding Co LLC	5.250		10/25/06		22,433
50,000,000	c	Ranger Funding Co LLC	5.250		10/26/06		49,810
25,000,000	c	Ranger Funding Co LLC	5.260		11/03/06		24,876
5,509,000	c	Ranger Funding Co LLC	5.260		11/06/06		5,479
9,000,000	c	Ranger Funding Co LLC	5.260		11/07/06		8,950
20,300,000	c	Ranger Funding Co LLC	5.255		11/08/06		20,184
22,100,000	c	Ranger Funding Co LLC	5.260		12/11/06		21,873
19,258,000	c	Ranger Funding Co LLC	5.230		12/26/06		19,019
50,000,000		Royal Bank of Scotland plc	5.330		10/03/06		49,978
25,500,000	c	Scaldis Capital LLC	5.275		10/16/06		25,440
9,739,000	c	Scaldis Capital LLC	5.240		10/17/06		9,715
5,831,000	c	Scaldis Capital LLC	5.400		10/19/06		5,815
21,266,000	c	Scaldis Capital LLC	5.270		10/20/06		21,205
10,000,000	c	Scaldis Capital LLC	5.380		10/27/06		9,961

286

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account
					MATURITY		VALUE
PRINCIPAL			RATE		DATE		(000)
$     30,000,000	c	Scaldis Capital LLC	5.300	%	11/15/06	$	29,807
1,325,000	c	Scaldis Capital LLC	5.150		11/20/06		1,315
37,514,000	c	Scaldis Capital LLC	5.255		11/27/06		37,198
7,800,000	c	Scaldis Capital LLC	5.420		12/18/06		7,712
1,812,000	c	Scaldis Capital LLC	5.230		12/27/06		1,789
9,555,000	c	Scaldis Capital LLC	5.270		01/25/07		9,394
3,500,000	c	Scaldis Capital LLC	5.250		02/21/07		3,428
9,000,000	c	Sedna Finance, Inc	5.250		10/03/06		8,996
29,500,000	c	Sedna Finance, Inc	5.400		10/25/06		29,396
30,000,000	c	Sedna Finance, Inc	5.300		11/15/06		29,808
40,000,000	c	Sedna Finance, Inc	5.270		11/16/06		39,733
20,000,000	c	Sedna Finance, Inc	5.285		11/30/06		19,827
35,000,000	c	Sedna Finance, Inc	5.270		12/08/06		34,656
29,900,000	c	Sedna Finance, Inc	5.200		03/21/07		29,164
25,000,000	c	Sheffield Receivables Corp	5.260		10/04/06		24,985
35,990,000	c	Sheffield Receivables Corp	5.260		10/05/06		35,964
22,500,000	c	Sheffield Receivables Corp	5.260		10/16/06		22,447
3,498,000	c	Sheffield Receivables Corp	5.265		10/17/06		3,490
8,000,000	c	Sheffield Receivables Corp	5.260		10/18/06		7,979
18,425,000	c	Sheffield Receivables Corp	5.260		10/19/06		18,374
25,000,000	c	Sheffield Receivables Corp	5.270		11/01/06		24,883
25,000,000	c	Sheffield Receivables Corp	5.270		11/09/06		24,854
10,000,000	c	Sigma Finance, Inc	4.970		10/04/06		9,994
4,000,000		Sigma Finance, Inc	5.360		10/11/06		3,994
41,000,000	c	Sigma Finance, Inc	5.370		10/12/06		40,929
5,000,000	c	Sigma Finance, Inc	5.280		10/17/06		4,988
20,000,000	c	Sigma Finance, Inc	5.380		10/20/06		19,942
34,000,000	c	Sigma Finance, Inc	5.330		11/03/06		33,835
25,000,000	c	Sigma Finance, Inc	5.140		11/30/06		24,784
30,000,000	c	Sigma Finance, Inc	5.400		12/12/06		29,688
3,483,000		Societe Generale North America, Inc	4.825		10/06/06		3,480
5,500,000		Societe Generale North America, Inc	5.310		10/10/06		5,492
33,000,000		Societe Generale North America, Inc	5.380		10/19/06		32,911
14,000,000		Societe Generale North America, Inc	5.390		11/20/06		13,898
9,000,000		Societe Generale North America, Inc	4.820		11/21/06		8,933
600,000		Societe Generale North America, Inc	5.220		12/21/06		593
14,000,000		Societe Generale North America, Inc	5.265		12/27/06		13,825
29,500,000		Societe Generale North America, Inc	5.250		01/08/07		29,080
42,200,000		Societe Generale North America, Inc	5.245		01/19/07		41,532
25,570,000		Swedish Export Credit Corp	5.370		10/03/06		25,559
26,575,000		Swedish Export Credit Corp	5.230		10/11/06		26,532
70,000,000		Swedish Export Credit Corp	5.230		11/07/06		69,614
43,715,000		Swedish Export Credit Corp	5.230		11/08/06		43,467
2,000,000		Swedish Export Credit Corp	5.240		11/20/06		1,985
23,900,000		Swedish Export Credit Corp	5.230		12/14/06		23,647
25,000,000	c	Toronto-Dominion Holdings USA, Inc	4.810		10/03/06		24,989
1,500,000		Toronto-Dominion Holdings USA, Inc	4.800		10/27/06		1,494
16,000,000		Toronto-Dominion Holdings USA, Inc	5.250		12/15/06		15,828
33,000,000		Toronto-Dominion Holdings USA, Inc	5.230		12/27/06		32,588
50,000,000		Toronto-Dominion Holdings USA, Inc	5.195		01/29/07		49,136
25,000,000		Toronto-Dominion Holdings USA, Inc	5.303		02/14/07		24,511
14,500,000		Toyota Motor Credit Corp	5.245		10/24/06		14,450
21,000,000		Toyota Motor Credit Corp	5.260		11/16/06		20,860
30,000,000		Toyota Motor Credit Corp	5.260		11/20/06		29,781
25,000,000		Toyota Motor Credit Corp	5.260		11/21/06		24,814
50,000,000		Toyota Motor Credit Corp	5.260		11/27/06		49,586

287

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account
					MATURITY		VALUE
PRINCIPAL			RATE		DATE		(000)
$     10,200,000		Toyota Motor Credit Corp	5.230	%	12/22/06	$	10,076
13,300,000		UBS Finance, (Delaware), Inc	5.255		10/04/06		13,292
33,000,000		UBS Finance, (Delaware), Inc	5.380		10/06/06		32,971
19,435,000		UBS Finance, (Delaware), Inc	5.255		10/24/06		19,368
14,000,000		UBS Finance, (Delaware), Inc	5.250		11/01/06		13,939
14,200,000		UBS Finance, (Delaware), Inc	5.250		11/10/06		14,115
250,000		UBS Finance, (Delaware), Inc	5.250		11/16/06		248
20,000,000		UBS Finance, (Delaware), Inc	5.250		12/19/06		19,773
20,000,000		UBS Finance, (Delaware), Inc	5.220		12/28/06		19,739
16,000,000		UBS Finance, (Delaware), Inc	5.185		02/28/07		15,651
10,000,000	c	Variable Funding Capital Corp	5.260		10/13/06		9,982
10,000,000	c	Variable Funding Capital Corp	5.255		10/27/06		9,962
35,000,000	c	Variable Funding Capital Corp	5.260		10/31/06		34,841
31,600,000	c	Wal-Mart Stores, Inc	5.220		10/17/06		31,522
44,960,000	c	Wal-Mart Stores, Inc	5.210		10/24/06		44,804
86,840,000	c	Wal-Mart Stores, Inc	5.220		12/05/06		86,033
9,600,000	c	Wal-Mart Stores, Inc	5.220		12/12/06		9,501
28,000,000	c	Wal-Mart Stores, Inc	5.220		12/19/06		27,683
20,245,000	c	Yorktown Capital, LLC	5.265		10/02/06		20,239
10,344,000	c	Yorktown Capital, LLC	5.260		10/18/06		10,317
18,322,000	c	Yorktown Capital, LLC	5.270		10/20/06		18,268
23,103,000	c	Yorktown Capital, LLC	5.260		10/25/06		23,020
5,000,000	c	Yorktown Capital, LLC	5.260		10/30/06		4,978
74,412,000	c	Yorktown Capital, LLC	5.260		11/02/06		74,056
4,500,000	c	Yorktown Capital, LLC	5.250		11/03/06		4,478
35,000,000	c	Yorktown Capital, LLC	5.260		11/09/06		34,795
9,000,000	c	Yorktown Capital, LLC	5.090		11/10/06		8,947
		TOTAL COMMERCIAL PAPER					7,736,503
U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES - 1.89%
178,000		Federal Home Loan Bank (FHLB)	5.140		11/15/06		177
164,000		Federal Home Loan Bank (FHLB)	5.140		11/17/06		163
169,000		Federal Home Loan Bank (FHLB)	5.140		11/22/06		168
13,805,000		Federal Home Loan Bank (FHLB)	5.155		11/24/06		13,699
259,000		Federal Home Loan Bank (FHLB)	5.350		12/13/06		256
2,199,000		Federal Home Loan Mortgage Corp (FHLMC)	5.120		10/24/06		2,192
4,685,000		Federal Home Loan Mortgage Corp (FHLMC)	5.280		11/01/06		4,665
880,000		Federal Home Loan Mortgage Corp (FHLMC)	5.350		11/28/06		873
7,100,000		Federal Home Loan Mortgage Corp (FHLMC)	5.150		12/04/06		7,037
3,616,000		Federal Home Loan Mortgage Corp (FHLMC)	5.180		12/26/06		3,573
20,000,000		Federal Home Loan Mortgage Corp (FHLMC)	5.115		12/29/06		19,753
9,305,000		Federal Home Loan Mortgage Corp (FHLMC)	5.145		01/09/07		9,176
30,000,000		Federal National Mortgage Association (FNMA)	5.230		10/02/06		29,991
8,155,000		Federal National Mortgage Association (FNMA)	5.095		10/11/06		8,143
36,184,000		Federal National Mortgage Association (FNMA)	5.145		11/01/06		36,027
1,405,000		Federal National Mortgage Association (FNMA)	5.300		12/01/06		1,393
21,190,000		Federal National Mortgage Association (FNMA)	5.160		12/11/06		20,981
4,800,000		Federal National Mortgage Association (FNMA)	5.154		12/28/06		4,741
9,725,000		Federal National Mortgage Association (FNMA)	5.160		01/24/07		9,569
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES					172,577
VARIABLE NOTES - 2.61% (i)
17,890,000		International Business Machines Corp	5.364		06/28/07		17,899
20,000,000		National City Bank	5.231		05/11/07		19,991
19,000,000		National City Bank of Indiana	5.428		06/04/07		19,009
22,000,000		Paccar Financial Corp	5.310		12/20/06		22,003

288

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account
					MATURITY		VALUE
PRINCIPAL			RATE		DATE		(000)
$     50,000,000		Suntrust Bank	5.300	%	05/01/07	$	50,005
35,000,000		Suntrust Bank	5.181		09/27/07		35,002
50,000,000		Toyota Motor Credit Corp	5.270		10/10/06		50,000
25,000,000		Wachovia Bank NA	5.280		12/04/06		25,001
		TOTAL VARIABLE NOTES					238,910
		TOTAL SHORT-TERM INVESTMENTS					9,117,188
		(Cost $9,117,418)
		TOTAL PORTFOLIO - 99.73%					9,117,188
		(Cost $9,117,418)
		OTHER ASSETS & LIABILITIES, NET - 0.27%					24,931
		NET ASSETS - 100.00%				$	9,142,119
	The following abbreviations are used in portfolio descriptions:
	LLC	Limited Liability Company
	Lp	Limited Partnership
	plc	Public Limited Company
	c	Commercial Paper issued under the private placement exemption under Section 4(2)
		of the Securities Act of 1933.
	i	Floating rate or variable rate securities reflects the rate as of September 30, 2006.
		Cost amounts are in thousands.

289

Item 2. 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 quarterly 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 last fiscal quarter that materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 3. Exhibits.

3(a) Section 302 certification of the principal executive officer (EX-99.CERT)

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

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

COLLEGE RETIREMENT EQUITIES FUND

Date:  November 29, 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:  November 29, 2006	By: /s/ Herbert M. Allison. Jr.
	Herbert M. Allison, Jr.
	President and Chief Executive Officer
	(principal executive officer)
Date:  November 29, 2006	By: /s/ Georganne C. Proctor
	Georganne C. Proctor
	Executive Vice President and
	Chief Financial Officer,
	(principal financial officer)

EXHIBIT LIST

Item 3. Exhibits.

3(a) Section 302 certification of the principal executive officer (EX-99.CERT)

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