N-CSR 1 c46174_ncsr.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number File No. 811-4415

COLLEGE RETIREMENT EQUITIES FUND

(Exact name of Registrant as specified in charter)

730 Third Avenue, New York, New York 10017

(Address of principal executive offices) (Zip code)

Stewart P. Greene, Esq.

c/o TIAA-CREF

730 Third Avenue,

New York, New York 10017-3206

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: December 31, 2006

Item 1. Reports to Stockholders.

Stock

Global Equities

Growth

Equity Index

Bond Market

Inflation-Linked Bond

Social Choice

Money Market

www.tiaa-cref.org

2006 ANNUAL REPORT

COLLEGE RETIREMENT
EQUITIES FUND

DECEMBER 31, 2006
Audited financial statements including summary portfolios of investments



PERFORMANCE OVERVIEW AS OF DECEMBER 31, 2006

				Average annual compound rates of total return
	Inception date			1 year		5 years		10 years		Since inception

EQUITIES
CREF Stock		8/1/1952		17.24	%	8.30	%	8.28	%	10.61	%
CREF Global Equities		5/1/1992		19.09		9.14		7.14		9.73
CREF Growth		4/29/1994		5.49		1.09		3.87		7.81
CREF Equity Index		4/29/1994		15.23		6.73		8.31		11.10

EQUITIES & FIXED INCOME
CREF Social Choice		3/1/1990		10.15		6.48		7.91		10.05

FIXED INCOME
CREF Bond Market		3/1/1990		4.12		4.95		6.09		7.11
CREF Inflation-Linked Bond		5/1/1997		–0.01		6.74		—		6.41

CREF Money Market*		4/1/1988		4.73		2.17		3.70		4.71



NET ANNUALIZED YIELD			NET ANNUALIZED YIELD
(30-day period ended 12/31/2006)			(7-day period ended 12/26/2006)

		Effective						Current		Effective
CREF Bond Market		4.76%	CREF Money Market*					4.94	%	5.06	%


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


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

Understanding your CREF report

This report contains information about your CREF accounts and analyzes the accounts’ results for the year ended December 31, 2006. It has five main sections:


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

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

•	The account performance section compares each account’s return with the returns of that account’s benchmark index and peer group.

•	The summary portfolios of investments list the industries or types of securities in which each account had investments as of December 31, 2006, and the largest individual issues the account held on that date.

•	The financial statements contain detailed information about the operations and financial condition of each account.

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

Contents


Report to CREF participants	2

More information for CREF participants	4

Special terms	5

Important information about expenses	6

Account performance
CREF Stock Account	7
CREF Global Equities Account	11
CREF Growth Account	15
CREF Equity Index Account	19
CREF Bond Market Account	23
CREF Inflation-Linked Bond Account	27
CREF Social Choice Account	31
CREF Money Market Account	35


Summary portfolios of investments	39

Financial statements
Statements of assets and liabilities	78
Statements of operations	81
Statements of changes in net assets	84
Notes to financial statements	90

Report of independent registered public accounting firm	112

2006 CREF annual meeting	113

Management	114

How to reach us	Inside back cover

Report to CREF participants

A vigorous global stock market rally during the second half of 2006 enabled U.S. and foreign stocks to score impressive gains for the year. Both categories posted their best returns since 2003.

The Russell 3000^® Index, which measures the broad U.S. market, advanced 15.7% for the year—nearly twice the 8.6% average annual return of the index over the decade that ended December 31, 2006.

U.S. stocks benefited from double-digit gains in corporate profits and strong economic growth. Initial estimates are that the nation’s gross domestic product expanded at an annual rate of 3.4%.

The MSCI EAFE^®+Canada Index, which tracks 22 stock markets in developed nations outside the United States, rose 25.7% in terms of U.S. dollars. This exceptional return owed much to the increased value of the euro and pound versus the dollar as well as to higher corporate profits in Europe. The average annual return for the index over the 10-year period was 8.0% in dollar terms.

Bond yields decline, sending bond prices higher

After raising short-term interest rates four times during the first six months of 2006, the Federal Reserve held them steady for the rest of the year. Level interest rates and the expectation of a cooling economy lifted prices for both government and corporate bonds. The Lehman Brothers U.S. Aggregate Index, which measures the total return for investment-grade U.S. bonds, rose 4.3% for the year.

Four CREF accounts post double-digit gains

During 2006, returns among individual categories of stocks and bonds diverged more sharply than in 2005, and these differing returns were reflected in the performance of the CREF accounts.

The best results came from the Global Equities Account, which gained 19.1%. Although the account trailed the sizzling 20.1% return of its benchmark, it was ahead of the average gain of similar variable annuities in its Morningstar category.

The Stock Account did nearly as well. It advanced 17.2%, trailing its composite benchmark but strongly outperforming its Morningstar peers.

The Equity Index Account gained 15.2%, performing in line with its benchmark, after expenses. The account outpaced its Morningstar category by more than two percentage points.

The Growth Account returned 5.5%, lagging its benchmark and its peer group because a number of stock selections did not perform as anticipated.


2 \|	2006 Annual Report College Retirement Equities Fund

(PHOTO OF EDWARD J. GRZYBOWSKI)

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

The Social Choice Account advanced 10.2%, leading its Morningstar category but trailing its benchmark, mainly because its social screens prevented it from owning several energy stocks that produced outsized returns during the year.

The Bond Market Account benefited from the rally in the U.S. bond market that occurred during the year’s second half. The account posted a 4.1% return, narrowly trailing its benchmark. The Inflation-Linked Bond Account was affected by a declining market for inflation-linked securities. It posted a loss of 0.01% for the year and lagged its benchmark. Both bond accounts performed better than their Morningstar peers.

The Money Market Account’s 4.7% return was above the prevailing money market average, as measured by iMoneyNet.

Is your asset allocation on track?

Over the last three years, CREF’s best-performing account, Global Equities, produced a cumulative return of 48.2%. During the same time, the Bond Market Account returned 10.9%. (Past performance is no guarantee of future results.)

When returns differ so sharply, the asset allocations you have chosen for your portfolio can shift, changing the degree of risk to which your accumulation is exposed. Many participants rebalance their accumulations once or twice each year, restoring their allocations in each asset class (stocks, bonds, cash and real estate) to the levels they originally intended.

If you prefer, TIAA-CREF will rebalance your accounts each year on your birthday. To choose this option, simply visit the secure access portion of the TIAA-CREF website and click the “Manage your account” link at the top of the page. Transfers among your accounts can be made without transfer fees.

If you would like assistance in finding the investment mix best suited to your financial needs, time horizon and attitude toward risk, please visit our website or call us.

/s/ EDWARD J. GRZYBOWSKI)
_____________________________

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


	College Retirement Equities Fund 2006 Annual Report	\| 3

More information for CREF participants

Portfolio listings

SEC rules intended to provide investors with more meaningful information about account performance allow investment companies to list the top holdings of each account in their annual and semiannual reports instead of providing complete portfolio listings. The accounts file complete portfolio listings with the SEC, which are available to participants.

You can obtain a complete list of CREF’s holdings (called “CREF Statements of Investments”) as of the most recently completed fiscal quarter (currently for the period ended December 31, 2006) in the following ways:


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

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

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


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

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

Proxy voting

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

Contacting TIAA-CREF

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

Account management

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


4 \|	2006 Annual Report College Retirement Equities Fund

Special terms

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

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

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

Benchmarks (benchmark indexes) are groups of securities, such as the Russell 3000^® Index or S&P 500^® Index, whose performance can be used as a standard by which to judge the performance of a variable annuity.*

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

Emerging markets are nations with relatively low per capita income levels and above-average economic growth rates or prospects for growth.

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

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

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

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

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

Peer groups are groupings of variable annuities with similar objectives whose performance can be compared with that of an individual variable annuity with a similar objective.

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

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

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

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



*	Russell 3000 is a trademark and service mark of the Frank Russell Company. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company. S&P 500 is a registered trademark and service mark of the McGraw-Hill Companies, Inc.


	College Retirement Equities Fund 2006 Annual Report	\| 5

Important information about expenses

DISCLOSURE

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


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

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

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

The examples assume $1,000 was invested on July 1, 2006, and held for six months until December 31, 2006.

Actual expenses

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

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

Hypothetical example for comparison purposes

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

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


6 \|	2006 Annual Report College Retirement Equities Fund


CREF Stock Account \| U.S. and foreign stocks
	DISCUSSION

Performance in the twelve months ended December 31, 2006

The CREF Stock Account returned 17.24% for the year, compared with the 17.88% gain of its composite benchmark, a weighted average of the Russell 3000^® Index, the MSCI EAFE^®+Canada Index and the MSCI Emerging Markets Index^SM.

The average return of the account’s peer group, the Morningstar Large Blend (VA) category, was 12.79%. The Morningstar category tracked 3,949 variable annuities as of December 31, 2006.

Stocks rally after second-quarter dip

Both U.S. and foreign stocks bounced back from a disappointing second quarter to finish the year with double-digit gains.

The Russell 3000 Index, which measures the broad U.S. stock market, advanced 15.72%, and the MSCI EAFE+Canada Index, which tracks stocks in 22 developed foreign countries, jumped 25.71% in dollar terms.

The exceptional returns of foreign stocks were due mainly to the strength of other currencies versus the dollar. The EAFE+Canada index gained 16.50% for the year in terms of local currencies—less than one percentage point ahead of the Russell 3000. However, this return was boosted by more than nine percentage points in dollar terms, reflecting a sharp rise in the value of the euro and pound against the dollar.

Foreign stocks again drive returns

The account, which maintained nearly one-quarter of its assets in foreign stocks, outperformed the broad U.S. stock market, as measured by the Russell 3000, but lagged its composite benchmark due to several holdings that did not perform as anticipated.

Among the largest detractors from relative performance were overweight positions in medical device maker Boston Scientific, Japanese trading firm Sojitz and phone company Sprint Nextel. Lower-than-benchmark weightings in such well-performing stocks as ExxonMobil, insurer Cigna and cable operator Comcast also trimmed returns in relation to the account’s composite benchmark.

The negative effects of these holdings were partly offset by overweights in many stocks that outperformed the benchmark, including Finnish energy company Fortum and two French firms, industrial giant Alstom and hotel operator Accor.

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


	College Retirement Equities Fund 2006 Annual Report	\| 7


CREF Stock Account \| U.S. and foreign stocks

Investment objective

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

Risks of this account

In addition to the risks of any equity investment—market risk and company risk—the account is subject to special risks, including foreign investment risks and small-cap risk. For a complete discussion of risk, please see the prospectus.

The account’s benchmark

The account’s composite benchmark is a weighted average of three indexes: the Russell 3000^® Index, which measures the performance of the broad U.S. stock market; the MSCI EAFE®+Canada Index, which measures stocks in 22 developed nations outside the United States; and the MSCI Emerging Markets Index^SM, which measures stocks in 25 emerging-market nations. (You cannot invest directly in these indexes.)


Performance as of December 31, 2006


	Average annual compound rates of total return*									Cumulative rates of total return*

	1 year			5 years			10 years			5 years			10 years

CREF Stock Account		17.24	%		8.30	%		8.28	%		49.00	%		121.69	%

Benchmark:
CREF Composite Benchmark		17.88			8.86			8.80			52.90			132.50

Benchmark components (percentage of composite index):
Russell 3000 Index¹(76.9%)		15.72			7.16			8.64			41.35			129.08
MSCI EAFE+Canada Index²(22.2%)		25.71			15.33			7.99			104.11			115.85
MSCI Emerging
Markets Index³(0.9%)		32.17			26.57			—			225.10			—

Peer group:
Morningstar Large Blend (VA)		12.79			4.70			6.14			25.83			81.48


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



¹	Russell 3000 is a trademark and service mark of the Frank Russell Company. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company.

²	From May 31, 2001, through May 31, 2002, MSCI published both a “standard” and a “provisional” version of this index while its composition was being revised. CREF used the provisional version from July 1, 2001, through May 31, 2002, and the returns shown reflect this. EAFE is a trademark of Morgan Stanley Capital International, Inc.

³	This index was added to the account’s composite benchmark on May 1, 2006. MSCI Emerging Markets Index is a service mark of Morgan Stanley Capital International, Inc.


8 \|	2006 Annual Report College Retirement Equities Fund


	PERFORMANCE

$10,000 over 10 years

(LINE GRAPH)

An investment of $10,000 in this account on January 1, 1997, would have grown to $22,169 over the next 10 years, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the values of the two main components of the account’s composite benchmark and its peer group during the same period.

Calendar year total returns

(BAR CHART)

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


	College Retirement Equities Fund 2006 Annual Report	\| 9


CREF Stock Account \| U.S. and foreign stocks
	PERFORMANCE

Account expenses—six months ended December 31, 2006

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

The examples assume $1,000 was invested on July 1, 2006, and held for six months until December 31, 2006. Please see page 6 for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.



	CREF Stock Account expense example

	Starting account value (7/1/06)			Ending account value (12/31/06)			Expenses paid* (7/1/06–12/31/06)

Actual return		$	1,000.00		$	1,123.70		$	2.61
5% annual hypothetical return			1,000.00			1,022.73			2.48


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


Portfolio breakdown by company size


As of 12/31/2006	Percent of portfolio investments

Over $5 billion		83.09
$1 billion–$5 billion		13.46
Under $1 billion		3.45

Total		100.00


Account facts


Inception date			8/1/1952
Net assets (12/31/2006)			$131.10 billion
2006 actual expense ratio^†			0.49%


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


Diversification among world markets


Country (12/31/2006)	Percent of portfolio investments

United States		74.5
Japan		4.3
United Kingdom		4.1
France		2.8
Germany		1.9
Switzerland		1.8
Canada		1.4
46 other nations		7.0
Short-term investments		2.2

Total		100.0


10 \|	2006 Annual Report College Retirement Equities Fund


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

Performance in the twelve months ended December 31, 2006

The CREF Global Equities Account returned 19.09% for the year, compared with the 20.07% gain of its benchmark, the MSCI World Index^SM, and the 18.51% average return of the account’s peer group, the Morningstar World Stock (VA) category, which tracked 1,078 variable annuities as of December 31, 2006.

Global stocks rebound after second-quarter stumble

Strong corporate profits growth and subdued inflation in the United States fueled a global stock rally in the second half of 2006. The MSCI World Index, which declined 0.51% in the second quarter, rose 13.21% between July and December.

For the year, the benchmark climbed 15.55% in terms of local currencies, but with the euro and pound strengthening against the dollar, this gain was nearly five percentage points higher in dollar terms.

European stocks lead the advance

Propelled by British, French, German and Swiss stocks, the benchmark’s European segment soared 33.72% in terms of dollars. In contrast, the Pacific segment rose a relatively moderate 12.20%. Japanese stocks, the largest component of the Pacific segment, returned 7.26% in terms of yen, but a decline in the yen’s value versus the dollar reduced this gain to 6.24% in dollars. The North American segment, which made up more than half of the benchmark’s market capitalization at year’s end, advanced 14.85% in dollar terms.

Stock selections trim relative performance

The account trailed its benchmark because of several stock selections that did not perform as expected. Among the largest detractors were overweights in three U.S. stocks: semiconductor maker Advanced Micro Devices, travel company Expedia and telecommunications firm NTL. Holdings in the following nonbenchmark stocks, among others, also hurt performance: U.S. biopharmaceutical firm Nektar Therapeutics, British online gaming company Sportingbet and Israel’s Teva Pharmaceutical. Teva was held as an American Depositary Receipt (ADR), a receipt for shares of a foreign stock traded on a U.S. exchange.

The negative effects of these holdings were partly offset by favorable stock selections that included overweights in Spanish utility Endesa, Finnish energy company Fortum and Japanese semiconductor maker Sumco. Other positive contributions came from positions in such non-benchmark stocks as German department store Karstadtquelle and British insurer Admiral Group.


	College Retirement Equities Fund 2006 Annual Report	\| 11


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

Investment objective

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

Risks of this account

The account’s benchmark

The MSCI World Index^SMis an aggregate of 23 country indexes in developed markets, including the United States. You cannot invest directly in this index.

Performance as of December 31, 2006




	Average annual compound rates of total return*									Cumulative rates of total return*

	1 year			5 years			10 years			5 years			10 years

CREF Global Equities Account		19.09	%		9.14	%		7.14	%		54.90	%		99.47	%

Benchmark:
MSCI World Index¹		20.07			9.91			7.62			60.41			108.50

Peer group:
Morningstar World Stock (VA)		18.51			8.30			7.23			49.01			101.00


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



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


12 \|	2006 Annual Report College Retirement Equities Fund


	PERFORMANCE

$10,000 over 10 years

(LINE GRAPH)

An investment of $10,000 in this account on January 1, 1997, would have grown to $19,947 over the next 10 years, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the values of the account’s benchmark and peer group during the same period.

Calendar year total returns

(BAR CHART)

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


	College Retirement Equities Fund 2006 Annual Report	\| 13


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

Account expenses—six months ended December 31, 2006



	CREF Global Equities Account expense example

	Starting account value (7/1/06)			Ending account value (12/31/06)			Expenses paid* (7/1/06–12/31/06)

Actual return		$	1,000.00		$	1,137.10		$	2.82
5% annual hypothetical return			1,000.00			1,022.54			2.67


*	“Expenses paid” is based on the account’s actual expense ratio for the most recent fiscal half year. The account’s annualized six-month expense ratio for that period was 0.52%.

Portfolio breakdown by company size




As of 12/31/2006	Percent of portfolio investments

Over $5 billion		85.98
$1 billion–$5 billion		12.83
Under $1 billion		1.19

Total		100.00

Account facts

Inception date

5/1/1992

Net assets (12/31/2006)

$15.67 billion

2006 actual expense ratio^†

0.52%

^†

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

Diversification among world markets



Country (12/31/2006)	Percent of portfolio investments

United States		43.1
United Kingdom		9.9
Japan		7.5
France		6.4
Germany		5.8
Hong Kong		3.4
Switzerland		3.3
Spain		2.4
Australia		2.0
Netherlands		2.0
28 other nations		10.6
Short-term investments		3.6

Total		100.0


14 \|	2006 Annual Report College Retirement Equities Fund


CREF Growth Account \| Large-cap growth stocks
	DISCUSSION

Performance in the twelve months ended December 31, 2006

The CREF Growth Account returned 5.49% for the year, compared with the 9.07% gain of its benchmark, the Russell 1000^® Growth Index, and the 6.20% average return of the account’s peer group, the Morningstar Large Growth (VA) category, which tracked 4,660 variable annuities as of December 31, 2006.

Large-cap growth trails large-cap value

The large-cap growth category scored a solid return during 2006, but it was less than half the 22.25% gain of large-cap value stocks, as measured by the Russell 1000 Value Index. This was the seventh consecutive year in which large-cap growth underperformed large-cap value. For the year, large-cap growth also trailed growth stocks in the small- and mid-cap subcategories.

For the ten years ended December 31, 2006, large-cap growth produced an average annual return of 5.44%—less than half the 11% average return for large-cap value issues.

Largest sectors post lackluster results

For the year, the account’s benchmark failed to keep pace with its value counterpart because its three largest sectors, which together made up more than half of its market capitalization, each lagged the broad U.S. stock market for the year. Of these sectors, the technology and consumer discretionary sectors posted returns of 8.6% and 7.4%, respectively, while health care returned just 3.7%.

In contrast, the two largest sectors of the Russell 1000 Value Index, financials and utilities, posted gains of 20% and 31%, respectively, for the period.

Individual stock selections limit returns

The account underperformed its benchmark largely because of overweight positions in a number of stocks that did not perform as anticipated. These stocks included medical device maker St. Jude Medical, eBay and insurer Aetna. Also detracting from relative performance were positions in several nonbenchmark stocks, including semiconductor maker Marvell Technology and Israel’s Teva Pharmaceutical.

Positive contributors to relative performance included underweight holdings in chip maker Intel and UnitedHealth Group, an HMO. Overweight positions in Monsanto and computer company Network Appliance also helped relative performance.

On December 31, 2006, foreign securities made up 5.65% of the account’s total portfolio investments. Many of these securities were held as American Depositary Receipts, which are receipts for shares of a foreign stock traded on a U.S. exchange.


	College Retirement Equities Fund 2006 Annual Report	\| 15


CREF Growth Account \| Large-cap growth stocks

Investment objective

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

Risks of this account

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

The account’s benchmark

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

Performance as of December 31, 2006

Average annual compound
rates of total return*

Cumulative rates
of total return*

1 year

5 years

10 years

5 years

10 years

CREF Growth Account

5.49

%

1.09

%

3.87

%

5.59

%

46.23

%

Benchmark:

Russell 1000 Growth Index¹

9.07

2.69

5.44

14.20

69.91

Peer group:

Morningstar Large Growth (VA)

6.20

2.55

5.19

13.44

65.79

*

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

¹

Russell 1000 and Russell 3000 are trademarks and service marks of the Frank Russell Company. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company.

16 |

2006 Annual Report College Retirement Equities Fund


	PERFORMANCE

$10,000 over 10 years

(LINE GRAPH)

An investment of $10,000 in this account on January 1, 1997, would have grown to $14,623 over the next 10 years, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the values of the account’s benchmark and peer group during the same period.

Calendar year total returns

(BAR CHART)

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


	College Retirement Equities Fund 2006 Annual Report	\| 17


CREF Growth Account \| Large-cap growth stocks
	PERFORMANCE

Account expenses—six months ended December 31, 2006




	CREF Growth Account expense example

	Starting account value			Ending account value			Expenses paid*
	(7/1/06)			(12/31/06)			(7/1/06–12/31/06)

Actual return		$	1,000.00		$	1,089.40		$	2.74
5% annual hypothetical return			1,000.00			1,022.55			2.66


*	“Expenses paid” is based on the account’s actual expense ratio for the most recent fiscal half year. The account’s annualized six-month expense ratio for that period was 0.52%.

Portfolio breakdown by company size

As of 12/31/2006

Percent of
portfolio
investments

Over $5 billion

97.06

$1 billion–$5 billion

2.64

Under $1 billion

0.30

Total

100.00

Account facts

Inception date

4/29/1994

Net assets (12/31/2006)

$ 11.99 billion

2006 actual expense ratio^†

0.52%

^†

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


18 \|	2006 Annual Report College Retirement Equities Fund


CREF Equity Index Account \| U.S. stocks
	DISCUSSION

Performance in the twelve months ended December 31, 2006

The CREF Equity Index Account returned 15.23% for the year, compared with the 15.72% gain of its benchmark, the Russell 3000^® Index, and the 12.79% average return of the account’s peer group, the Morningstar Large Blend (VA) category, which tracked 3,949 variable annuities as of December 31, 2006.

Stocks sizzle in the second half of 2006

The broad U.S. stock market, as measured by the Russell 3000 Index, posted its best calendar-year return since 2003. Stock prices were propelled by continued growth in corporate earnings and falling energy prices. Most of the market’s climb occurred between August and December, when the index jumped 12.20% after a 3.13% rise through July.

Both growth and value stocks posted strong results across all three market-capitalization sizes, as defined by the Russell indexes. Small-cap value stocks led the pack with a 23.48% gain, while large-cap growth stocks trailed other categories, returning 9.07%.

However, U.S. stocks continued to trail foreign issues, which soared 26.34% in dollar terms, as measured by the MSCI EAFE^® Index. For the ten-year period, the average annual return of the Russell 3000 was 8.64%, versus 7.71% for the EAFE in dollar terms.

Integrated oils lead a broad-based advance

All twelve benchmark sectors moved solidly upward, and ten produced double-digit gains. The largest sector, financial stocks, which made up nearly a quarter of the benchmark in terms of market capitalization at year’s end, climbed 19.4%. The next-largest sector, consumer discretionary, rose 12.3%, and the third-largest, technology, returned 10.9%.

The best-performing sectors, integrated oils and utilities, posted outsized gains of 34.7% and 30.5%, respectively. Although these two sectors together constituted only about 12% of the benchmark’s market capitalization on December 31, their exceptional performance contributed substantially to overall returns.

Largest stocks post strong results

In descending order according to cap size, the benchmark’s five-largest holdings performed as follows: ExxonMobil, 38.9%; General Electric, 8.9%; Citigroup, 19.4%; Microsoft, 15.3%; and Bank of America, 20.6%.

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


	College Retirement Equities Fund 2006 Annual Report	\| 19


CREF Equity Index Account \| U.S. stocks

Investment objective

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

Risks of this account

In addition to the risks of any equity investment—market risk and company risk—the account is subject to special risks, including index risk. For a complete discussion of risk, please see the prospectus.

The account’s benchmark

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

Performance as of December 31, 2006

Average annual compound
rates of total return*

Cumulative rates
of total return*

1 year

5 years

10 years

5 years

10 years

CREF Equity Index Account

15.23

%

6.73

%

8.31

%

38.52

%

122.28

%

Benchmark:

Russell 3000 Index¹

15.72

7.16

8.64

41.35

129.08

Peer group:

Morningstar Large Blend (VA)

12.79

4.70

6.14

25.83

81.48

*

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

¹

Russell 3000 is a trademark and service mark of the Frank Russell Company. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company.

20 |

2006 Annual Report College Retirement Equities Fund


	PERFORMANCE

$10,000 over 10 years

(LINE GRAPH)

An investment of $10,000 in this account on January 1, 1997, would have grown to $22,228 over the next 10 years, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the values of the account’s benchmark and peer group during the same period.

Calendar year total returns

(BAR CHART)

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


	College Retirement Equities Fund 2006 Annual Report	\| 21


CREF Equity Index Account \| U.S. stocks
	PERFORMANCE

Account expenses—six months ended December 31, 2006



	CREF Equity Index Account expense example

	Starting account value			Ending account value			Expenses paid*
	(7/1/06)			(12/31/06)			(7/1/06–12/31/06)

Actual return		$	1,000.00		$	1,118.40		$	2.29
5% annual hypothetical return			1,000.00			1,023.02			2.19


*	“Expenses paid” is based on the account’s actual expense ratio for the most recent fiscal half year. The account’s annualized six-month expense ratio for that period was 0.43%.

Portfolio breakdown by company size




		Percent of
		portfolio
As of 12/31/2006		investments


Over $5 billion		83.62
$1 billion–$5 billion		13.04
Under $1 billion		3.34

Total		100.00

Account facts




Inception date			4/29/1994
Net assets (12/31/2006)			$11.28 billion
2006 actual expense ratio^†			0.43%


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


22 \|	2006 Annual Report College Retirement Equities Fund


CREF Bond Market Account \| Intermediate-term bonds
	DISCUSSION

Performance in the twelve months ended December 31, 2006

The CREF Bond Market Account returned 4.12% for the year, compared with the 4.33% gain of its benchmark, the Lehman Brothers U.S. Aggregate Index, and the 2.94% average return of the account’s peer group, the Morningstar Intermediate-Term Bond (VA) category. The Morningstar category tracked 1,238 variable annuities as of December 31, 2006.

Second-half rally lifts bond returns

During the first six months of 2006, the Federal Reserve raised short-term interest rates four times in an effort to combat inflation. As a result, yields for 10-year Treasury bonds rose from 4.39% to 5.14%, pushing bond prices lower. (Bond prices and yields move in opposite directions.) The Lehman Brothers U.S. Aggregate Index, which measures the investment-grade U.S. bond market, fell 0.72%.

During the second half of 2006, inflation eased, and the Fed kept rates unchanged at each of its remaining four meetings. Level rates fueled a bond rally that sent the benchmark up 5.09% during the six-month period.

Longer maturities provide lower yields

The 2-year Treasury note yielded 4.40% at the start of 2006—just slightly more than the yield for a 10-year issue. (Securities with longer maturities usually have higher yields to compensate investors for their greater inflation risk.) The spread between 2-year and 10-year Treasuries was still close in June, but at the end of December, the shorter-dated note had widened its lead: it stood at 4.81%, versus 4.70% for the longer-dated issue.

Despite a strong finish, the account trails the benchmark

During the first half of the year, the account dropped 0.81%, trailing the benchmark by 0.09 of a percentage point. Relative performance bene-fited from individual bond selection among mortgage-backed securities. An underweight in Treasuries also helped, since they did not perform as well as other bond sectors. Maintaining a duration that was shorter than the benchmark’s also aided returns when bond prices fell.

In the second half, the account’s strong 4.98% gain trailed the benchmark by 0.11 of a percentage point. Security selection among corporate bonds helped relative performance, as did a continued underweight in Treasuries. The account’s shorter duration did not meaningfully affect relative performance.


	College Retirement Equities Fund 2006 Annual Report	\| 23


CREF Bond Market Account \| Intermediate-term bonds

Investment objective

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

Risks of this account

In addition to the risks of any fixed-income investment—income volatility risk, credit risk, interest-rate risk, call risk, prepayment risk and extension risk—the account is subject to special risks, including illiquid security risk and foreign investment risks. For a complete discussion of risk, please see the prospectus.

The account’s benchmark

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

Performance as of December 31, 2006

Average annual compound
rates of total return*

Cumulative rates
of total return*

1 year

5 years

10 years

5 years

10 years

CREF Bond Market Account

4.12

%

4.95

%

6.09

%

27.36

%

80.75

%

Benchmark:

Lehman Brothers

U.S. Aggregate Index

4.33

5.06

6.23

27.98

83.13

Peer group:

Morningstar Intermediate-Term

Bond (VA)

2.94

3.76

4.57

20.28

56.39

*

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

24 |

2006 Annual Report College Retirement Equities Fund


	PERFORMANCE

$10,000 over 10 years

(LINE GRAPH)

An investment of $10,000 in this account on January 1, 1997, would have grown to $18,075 over the next 10 years, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the values of the account’s benchmark and peer group during the same period.

Calendar year total returns

(BAR CHART)

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


	College Retirement Equities Fund 2006 Annual Report	\| 25


CREF Bond Market Account \| Intermediate-term bonds
	PERFORMANCE

Account expenses—six months ended December 31, 2006



	CREF Bond Market Account expense example

	Starting account value (7/1/06)			Ending account value (12/31/06)			Expenses paid* (7/1/06–12/31/06)

Actual return		$	1,000.00		$	1,049.80		$	2.50
5% annual hypothetical return			1,000.00			1,022.74			2.47


*	“Expenses paid” is based on the account’s actual expense ratio for the most recent fiscal half year. The account’s annualized six-month expense ratio for that period was 0.48%.


Bond ratings (12/31/2006)


	Rating	Percent of total net assets

U.S. Treasury and agency securities	(not rated)	23.2
Investment-grade mortgage-backed securities^‡		50.9
Other long-term debt	Aaa/AAA	2.6
	Aa/AA	5.5
	A/A	7.0
	Baa/BBB	7.4
Below investment-grade	Ba/BB	1.4
	B/B	0.1
Other	(not rated)	0.3
Short-term investments		28.1
Other assets and liabilities-net		–26.5

Total		100.0


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


Account facts


Inception date		3/1/1990
Net assets (12/31/2006)		$6.39 billion
2006 actual expense ratio^†		0.48%


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


26 \|	2006 Annual Report College Retirement Equities Fund


CREF Inflation-Linked Bond Account \| Inflation-linked bonds
	DISCUSSION

Performance in the twelve months ended December 31, 2006

The Inflation-Linked Bond Account returned –0.01% for the year, compared with the 0.41% return of its benchmark, the Lehman Brothers U.S. Treasury Inflation-Protected Securities (TIPS) Index, and the –0.46% average return of the account’s peer group, the Morningstar Inflation-Protected Bond (VA) category, which tracked 232 variable annuities as of December 31, 2006.

TIPS lag the broad bond market

After raising the federal funds rate four times during the first half of 2006, the Federal Reserve held it steady at 5.25% for the remainder of the year. (The federal funds rate is the rate commercial U.S. banks charge one another for overnight loans.) As a result, bond prices, which had generally fallen through midyear, rebounded.

TIPS, which had lost 1.76% during the first six months of 2006, participated in this second-half recovery, but to a lesser extent than most other types of bonds. For the year, the slight gain of TIPS was well behind the 4.33% advance of the broad U.S. investment-grade bond market, as measured by the Lehman Brothers U.S. Aggregate Index.

For the five years ended December 31, 2006, however, the average annual return of TIPS, which was 7.19%, topped that of the broad Lehman index, which was 5.06%. Also, it was on par with the 7.16% average annual return posted during the five-year period by the broad U.S. stock market, as measured by the Russell 3000^® Index.

A cooling economy reduces inflation

Demand for TIPS varied during the year amid volatile energy prices, ongoing geopolitical concerns and a slowdown in the U.S. economy. On a seasonally adjusted basis, the Consumer Price Index dipped 0.5% in both September and October, and was flat in November. Year-over-year inflation was up 2.5% in December. With inflation well under control, investors sold TIPS ahead of the October 2006 and January 2007 auctions, driving prices down.

Account narrowly trails the index

The account underperformed its benchmark primarily because its return includes a deduction for expenses, while the benchmark’s does not. During the year, the effects of expenses on the account’s performance were partly offset by a small number of relative-value trades among inflation-linked securities.

The account’s duration—a measure of its price sensitivity to interest-rate changes—is generally kept near its benchmark’s. This strategy is designed to help the account more closely match the performance of its index.


	College Retirement Equities Fund 2006 Annual Report	\| 27


CREF Inflation-Linked Bond Account \| Inflation-linked bonds

Investment objective

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

Risks of this account

In addition to the risks of any fixed-income investment—income volatility risk, credit risk, interest-rate risk, call risk, prepayment risk and extension risk—the account is subject to special risks, including the risks of inflation-indexed bonds and foreign investment risks. For a complete discussion of risk, please see the prospectus.

The account’s benchmark

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


Performance as of December 31, 2006


	Average annual compound rates of total return*						Cumulative rates of total return*

	1 year		5 years		since inception¹		5 years		since inception¹

CREF Inflation-Linked Bond Account	–0.01	%	6.74	%	6.41	%	38.60	%	82.38	%

Benchmark:
Lehman Brothers U.S. Treasury Inflation-Protected Securities Index	0.41		7.19		6.81		41.52		89.21

Peer group:
Morningstar Inflation-Protected Bond (VA)	–0.46		5.79		—		32.53		—


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



¹	Inception date: May 1, 1997


28 \|	2006 Annual Report College Retirement Equities Fund


	PERFORMANCE

$10,000 since May 1, 1997 inception

(LINE GRAPH)

An investment of $10,000 in this account on May 1, 1997, would have grown to $18,238 as of December 31, 2006, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the values of the account’s benchmark and peer group during the same period.

Calendar year total returns*

(BAR CHART)

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




*	Does not include returns from May 1, 1997, through December 31, 1997


	College Retirement Equities Fund 2006 Annual Report	\| 29


CREF Inflation-Linked Bond Account \| Inflation-linked bonds
	PERFORMANCE

Account expenses—six months ended December 31, 2006



	CREF Inflation-Linked Bond Account expense example

	Starting account value (7/1/06)			Ending account value (12/31/06)			Expenses paid* (7/1/06–12/31/06)

Actual return		$	1,000.00		$	1,020.30		$	2.47
5% annual hypothetical return			1,000.00			1,022.73			2.48


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


Portfolio breakdown by maturity (12/31/2006)


		Percent of total net assets

1–10 year bonds		72.8
10–20 year bonds		11.6
Over-20-year bonds		14.6
Short-term investments		0.1
Other assets and liabilities-net		0.9

Total		100.0

Account facts


Inception date		5/1/1997
Net assets (12/31/2006)		$3.74 billion
2006 actual expense ratio^†		0.49%


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


30 \|	2006 Annual Report College Retirement Equities Fund


CREF Social Choice Account \| Socially screened stocks and bonds
	DISCUSSION

Performance in the twelve months ended December 31, 2006

The CREF Social Choice Account returned 10.15% for the year, compared with the 11.17% gain of its composite benchmark, a weighted average of the Russell 3000^® Index and the Lehman Brothers U.S. Aggregate Index. The average return of the account’s peer group, the Morningstar Moderate Allocation (VA) category, was 9.74%. The Morningstar category tracked 2,014 variable annuities as of December 31, 2006. Unlike the account, the benchmark and the Morningstar category do not screen investments according to social criteria.

Exclusion of major stocks trims returns

Because of its social screens, the account did not invest in several stocks that were sizable components of the benchmark in terms of market capitalization. The exclusion of these stocks produced both positive and negative results, but the net effect was to lower the account’s return versus that of its benchmark.

Relative performance suffered most from the exclusion of ExxonMobil, which advanced 38.9% for the year and was the largest component of the Russell 3000 on December 31, 2006. The avoidance of Chevron and Morgan Stanley also hurt returns.

The exclusion of Yahoo, which fell 35.4%, helped relative performance. Avoiding General Electric and Wal-Mart proved advantageous as well.

Additional techniques help manage risk

Because the account’s social screens prevent it from investing in some stocks of the Russell 3000, the account’s managers use statistical techniques to ensure that the risk characteristics of the portfolio resemble those of the index. One of these methods is to overweight or underweight certain stocks relative to each one’s percentage of capitalization within the benchmark.

During 2006 overweight positions in Intel and Anadarko Petroleum reduced relative returns. Returns also suffered from underweights in HMO UnitedHealth Group and Comcast. However, overweights in AT&T and BellSouth helped performance.

Coca-Cola and JPMorgan Chase were dropped from the portfolio because they failed the account’s qualitative screens. Bank of America was added to the list of major holdings.

A positive performance from bonds

For the year, the account’s fixed-income portion outpaced the Lehman index before expenses. In the year’s first half, underweighting U.S. Treasuries and selecting individual bonds that performed well boosted returns. Maintaining a duration shorter than the benchmark’s helped when bond prices fell. In the second half of 2006, security selection among corporate bonds aided returns.


	College Retirement Equities Fund 2006 Annual Report	\| 31


CREF Social Choice Account \| Socially screened stocks and bonds

Investment objective

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

Risks of this account

In addition to the risks of any equity investment—market risk and company risk—and those of any fixed-income investment—income volatility risk, credit risk, interest-rate risk, call risk, prepayment risk and extension risk—the account is subject to special risks, including the risk of socially screened investing, small-cap risk and foreign investment risks. For a complete discussion of risk, please see the prospectus.

The account’s benchmark

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


Performance as of December 31, 2006

	Average annual compound rates of total return*						Cumulative rates of total return*

	1 year		5 years		10 years		5 years		10 years

CREF Social Choice Account	10.15	%	6.48	%	7.91	%	36.89	%	114.24	%

Benchmark:
CREF Social Choice Composite Benchmark	11.17		6.70		8.17		38.31		119.45

Benchmark components (percentage of composite index):
Russell 3000 Index¹(60%)	15.72		7.16		8.64		41.35		129.08

Lehman Brothers U.S. Aggregate Index (40%)	4.33		5.06		6.23		27.98		83.13

Peer group:
Morningstar Moderate Allocation (VA)	9.74		4.86		5.73		26.75		74.55


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



¹	Russell 3000 is a trademark and service mark of the Frank Russell Company. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company.


32 \|	2006 Annual Report College Retirement Equities Fund

PERFORMANCE

$10,000 over 10 years

(LINE GRAPH)

An investment of $10,000 in this account on January 1, 1997, would have grown to $21,424 over the next 10 years, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the values of the account’s benchmark components and peer group during the same period.

Calendar year total returns

(BAR CHART)

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


	College Retirement Equities Fund 2006 Annual Report	\| 33


CREF Social Choice Account \| Socially screened stocks and bonds
	PERFORMANCE

Account expenses—six months ended December 31, 2006



	CREF Social Choice Account expense example

	Starting account value (7/1/06)			Ending account value (12/31/06)			Expenses paid* (7/1/06–12/31/06)

Actual return		$	1,000.00		$	1,088.50		$	2.36
5% annual hypothetical return			1,000.00			1,022.92			2.29


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


Portfolio breakdown (12/31/2006)


		Percent of portfolio investments

Equities		46.6
Long-term bonds		30.7
Short-term investments		22.7

Total		100.0


Account facts


Inception date			3/1/1990
Net assets (12/31/2006)			$8.73 billion
2006 actual expense ratio^†			0.45%


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


34 \|	2006 Annual Report College Retirement Equities Fund


CREF Money Market Account \| Cash equivalents
	DISCUSSION

Performance in the twelve months ended December 31, 2006

The CREF Money Market Account returned 4.73% for the year, compared with the 4.50% gain of the iMoneyNet Money Fund Report Averages™—All Taxable, a simple average of over 1,000 taxable money market funds.

The Fed raises rates four times, then pauses

During the first half of 2006, the Federal Reserve raised the federal funds rate four times, lifting it from 4.25% to 5.25%. (The federal funds rate is the rate commercial U.S. banks charge one another for overnight loans.) Behind these increases was the Fed’s concern that higher energy prices and an expanding economy would send inflation out of control: year-over-year inflation climbed 4.3% in June.

During the second half of the year, economic growth moderated. Oil prices dropped 21% from their midsummer high, and in October, year-over-year inflation fell to 1.3%. The slowing economy led the Fed to hold rates steady at four successive meetings, after 17 consecutive quarter-point hikes that spanned more than two years.

A volatile LIBOR reflects investor uncertainty

Early in the year, yields on twelve-month issues rose in tandem with yields on shorter-maturity issues, and the LIBOR curve held steady. (The LIBOR, the interest rate that banks charge one another for loans on the London market, is the most widely used benchmark for short-term rates.) However, later in the period, with some investors anticipating a Fed rate cut, yields of longer-maturity issues fell, and the LIBOR flattened. The LIBOR fluctuated widely throughout much of the twelve months as investors reacted to shifting economic data.

Account strategies pay off

During the year, the account’s managers adjusted their strategies to the uncertain interest-rate environment.

Commercial paper, which was in short supply for much of the year, made up 81.2% of the portfolio at year-end, up from 75.9% one year earlier. (Commercial paper offers higher returns than other money market instruments without significant additional risk.) U.S. agency securities went from 7.1% to 5.2% of the portfolio, while certificates of deposit declined to 11%. Floating-rate securities remained at 2.6%.

On December 31, 2006, foreign securities made up 14.3% of the account’s total portfolio investments.

During the year, the account’s weighted average maturity fluctuated between 36 and 47 days. On December 26, 2006, it stood at 43 days versus 42 days for the average iMoneyNet fund.


	College Retirement Equities Fund 2006 Annual Report	\| 35


CREF Money Market Account \| Cash equivalents

Investment objective

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

Risks of this account

In addition to the risks of any fixed-income investment—income volatility risk, credit risk, interest-rate risk, call risk, prepayment risk and extension risk—the account is subject to special risks, including foreign investment risks. For a complete discussion of risk, please see the prospectus.

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

Net annualized yield for the 7 days ended December 26, 2006

Current yield

Effective yield

CREF Money Market Account

4.94

%

5.06

%

iMoneyNet Money Fund Report Averages^TM—All Taxable

4.74

4.85

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

Performance as of December 31, 2006

Average annual compound
rates of total return*

Cumulative rates
of total return*

1 year

5 years

10 years

5 years

10 years

CREF Money Market Account

4.73

%

2.17

%

3.70

%

11.33

%

43.90

%

iMoneyNet Money Fund Report Averages—All Taxable

4.50

1.97

3.40

10.24

39.75

*

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

36 |

2006 Annual Report College Retirement Equities Fund

PERFORMANCE

$10,000 over 10 years

(LINE GRAPH)

An investment of $10,000 in this account on January 1, 1997, would have grown to $14,390 over the next 10 years, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the value of the average iMoneyNet fund during the same period.

Calendar year total returns

(BAR CHART)

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


	College Retirement Equities Fund 2006 Annual Report	\| 37


CREF Money Market Account \| Cash equivalents
	PERFORMANCE

Account expenses—six months ended December 31, 2006



	CREF Money Market Account expense example

	Starting account value (7/1/06)			Ending account value (12/31/06)			Expenses paid* (7/1/06–12/31/06)

Actual return		$	1,000.00		$	1,025.30		$	2.17
5% annual hypothetical return			1,000.00			1,023.04			2.17


*	“Expenses paid” is based on the account’s actual expense ratio for the most recent fiscal half year. The account’s annualized six-month expense ratio for that period was 0.43%.


Asset allocation (12/31/2006)


Sector		Percent of portfolio investments

Commercial paper		81.2
Certificates of deposit		11.0
U.S. government and agency securities		5.2
Floating-rate securities		2.6

Total		100.0


Account facts


Inception date			4/1/1988
Net assets (12/31/2006)			$9.57 billion
2006 actual expense ratio^†			0.43%


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


38 \|	2006 Annual Report College Retirement Equities Fund

CREF Stock Account \|	Summary portfolio of investments December 31, 2006


	COMPANY		SHARES		VALUE (000)			% OF NET ASSETS

	BONDS

	CORPORATE BONDS
	COMMUNICATIONS				$	0	^		0.00	%**

	TOTAL CORPORATE BONDS	(Cost $9,950)				0	^		0.00	**


	GOVERNMENT BONDS
	U.S. TREASURY SECURITIES					329			0.00	**

	TOTAL GOVERNMENT BONDS	(Cost $320)				329			0.00	**

	TOTAL BONDS	(Cost $10,270)				329			0.00	**

	TOTAL MUTUAL FUNDS	(Cost $2,797)				16			0.00	**

	PREFERRED STOCKS
	COMMUNICATIONS					10,572			0.01

	INSURANCE CARRIERS					646			0.00	**

	TRANSPORTATION EQUIPMENT					5,445			0.00	**

	TOTAL PREFERRED STOCKS	(Cost $13,981)				16,663			0.01

	COMMON STOCKS
	ADMINISTRATION OF ECONOMIC PROGRAMS					1,562			0.00	**

	AGRICULTURAL PRODUCTION-CROPS					8,667			0.01

	AGRICULTURAL PRODUCTION-LIVESTOCK					11,040			0.01

	AGRICULTURAL SERVICES					8,109			0.01

	AMUSEMENT AND RECREATION SERVICES					354,045			0.27

	APPAREL AND ACCESSORY STORES					896,173			0.68

	APPAREL AND OTHER TEXTILE PRODUCTS					268,731			0.21

	AUTO REPAIR, SERVICES AND PARKING					67,973			0.05

	AUTOMOTIVE DEALERS AND SERVICE STATIONS					208,042			0.16


	BUILDING MATERIALS AND GARDEN SUPPLIES
	Home Depot, Inc			13,079,559		525,275			0.40
	Other					360,927			0.28

						886,202			0.68


	BUSINESS SERVICES
*	Google, Inc (Class A)			1,322,792		609,119			0.46
	Microsoft Corp			55,676,110		1,662,489			1.27
*	Oracle Corp			25,181,900		431,618			0.33
	Other					5,201,988			3.97

						7,905,214			6.03


SEE NOTES TO FINANCIAL STATEMENTS	College Retirement Equities Fund 2006 Annual Report	\| 39

CREF Stock Account \|	Summary portfolio of investments December 31, 2006	continued


	COMPANY	SHARES		VALUE (000)		% OF NET ASSETS

	CHEMICALS AND ALLIED PRODUCTS
	Abbott Laboratories		12,296,766	$	598,975		0.46	%
*	Amgen, Inc		8,095,085		552,975		0.42
	Merck & Co, Inc		15,398,865		671,391		0.51
	Pfizer, Inc		43,188,758		1,118,589		0.85
	Procter & Gamble Co		19,766,572		1,270,398		0.97
	Wyeth		9,924,431		505,352		0.39
	Other				7,397,791		5.64

					12,115,471		9.24

	COAL MINING				332,846		0.25

	COMMUNICATIONS
	AT&T, Inc		22,761,441		813,722		0.62
	BellSouth Corp		11,177,277		526,562		0.40
*	Comcast Corp (Class A)		9,798,622		414,776		0.32
	Sprint Nextel Corp		23,125,486		436,840		0.33
	Verizon Communications, Inc		17,203,515		640,659		0.49
	Other				3,283,761		2.51

					6,116,320		4.67


	DEPOSITORY INSTITUTIONS
	Bank of America Corp		29,986,306		1,600,969		1.22
	Citigroup, Inc		29,669,289		1,652,579		1.26
	JPMorgan Chase & Co		23,591,667		1,139,478		0.87
	SunTrust Banks, Inc		4,518,912		381,622		0.29
	US Bancorp		12,850,535		465,061		0.35
	Wachovia Corp		11,156,901		635,385		0.49
	Wells Fargo & Co		21,318,371		758,081		0.58
	Other				8,073,149		6.16

					14,706,324		11.22

	EATING AND DRINKING PLACES				1,221,386		0.93

	EDUCATIONAL SERVICES				117,698		0.09

	ELECTRIC, GAS, AND SANITARY SERVICES				5,450,824		4.16

	ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
*	Apple Computer, Inc		6,133,019		520,325		0.39
*	Cisco Systems, Inc		41,278,333		1,128,137		0.86
	Intel Corp		39,297,875		795,782		0.61
	Qualcomm, Inc		12,489,052		471,961		0.36
	Other				5,161,153		3.94

					8,077,358		6.16

	ENGINEERING AND MANAGEMENT SERVICES				876,716		0.67

	ENVIRONMENTAL QUALITY AND HOUSING				1,708		0.00	**

	FABRICATED METAL PRODUCTS				483,906		0.37

	FISHING, HUNTING, AND TRAPPING				2,401		0.00	**


40 \|	2006 Annual Report College Retirement Equities Fund	SEE NOTES TO FINANCIAL STATEMENTS

CREF Stock Account \|	Summary portfolio of investments December 31, 2006	continued


COMPANY	SHARES		VALUE (000)		% OF NET ASSETS

FOOD AND KINDRED PRODUCTS
Coca-Cola Co		11,115,714	$	536,333		0.41	%
PepsiCo, Inc		13,402,203		838,308		0.64
Other				2,568,251		1.96

				3,942,892		3.01

FOOD STORES				613,665		0.47

FORESTRY				105,448		0.08

FURNITURE AND FIXTURES				270,514		0.21

FURNITURE AND HOME FURNISHINGS STORES				184,025		0.14

GENERAL BUILDING CONTRACTORS				591,715		0.45

GENERAL MERCHANDISE STORES
Wal-Mart Stores, Inc		14,962,253		690,957		0.53
Other				1,112,153		0.85

				1,803,110		1.38

HEALTH SERVICES				1,616,489		1.23

HEAVY CONSTRUCTION, EXCEPT BUILDING				635,128		0.48

HOLDING AND OTHER INVESTMENT OFFICES				3,476,141		2.65

HOTELS AND OTHER LODGING PLACES
Accor S.A.		7,314,654		566,788		0.43
Other				663,901		0.51

				1,230,689		0.94

INDUSTRIAL MACHINERY AND EQUIPMENT
General Electric Co		63,067,416		2,346,738		1.79
Hewlett-Packard Co		20,825,720		857,811		0.65
International Business Machines Corp		9,899,318		961,719		0.74
Other				4,145,269		3.16

				8,311,537		6.34

INSTRUMENTS AND RELATED PRODUCTS
Johnson & Johnson		16,293,126		1,075,672		0.82
Other				3,103,117		2.37

				4,178,789		3.19

INSURANCE AGENTS, BROKERS AND SERVICE				778,831		0.59

INSURANCE CARRIERS
American International Group, Inc		14,489,944		1,038,349		0.79
UnitedHealth Group, Inc		7,778,461		417,937		0.32
Other				5,215,182		3.98

				6,671,468		5.09

JUSTICE, PUBLIC ORDER AND SAFETY				19,457		0.01

LEATHER AND LEATHER PRODUCTS				204,457		0.16

LEGAL SERVICES				10,499		0.01


SEE NOTES TO FINANCIAL STATEMENTS	College Retirement Equities Fund 2006 Annual Report	\| 41

CREF Stock Account \|	Summary portfolio of investments December 31, 2006	continued


COMPANY	SHARES		VALUE (000)		% OF NET ASSETS

LOCAL AND INTERURBAN PASSENGER TRANSIT			$	28,538		0.02	%

LUMBER AND WOOD PRODUCTS				42,275		0.03

METAL MINING				1,371,996		1.05

MISCELLANEOUS MANUFACTURING INDUSTRIES				234,906		0.18

MISCELLANEOUS RETAIL				1,552,122		1.18

MOTION PICTURES
Time Warner, Inc		25,916,285		564,457		0.43
Walt Disney Co		14,200,008		486,634		0.37
Other				583,705		0.45

				1,634,796		1.25

NONDEPOSITORY INSTITUTIONS
American Express Co		7,632,559		463,067		0.35
Fannie Mae		7,303,206		433,737		0.33
Other				1,442,386		1.10

				2,339,190		1.78

NONMETALLIC MINERALS, EXCEPT FUELS				125,144		0.10

OIL AND GAS EXTRACTION				2,823,665		2.15

PAPER AND ALLIED PRODUCTS				564,601		0.43

PERSONAL SERVICES				140,140		0.11

PETROLEUM AND COAL PRODUCTS
Chevron Corp		12,140,251		892,673		0.68
ConocoPhillips		8,922,516		641,975		0.49
Exxon Mobil Corp		33,416,969		2,560,742		1.95
Occidental Petroleum Corp		9,874,595		482,176		0.37
Other				2,617,996		2.00

				7,195,562		5.49

PIPELINES, EXCEPT NATURAL GAS				32,492		0.02

PRIMARY METAL INDUSTRIES				1,485,881		1.13

PRINTING AND PUBLISHING				766,524		0.58

RAILROAD TRANSPORTATION				772,070		0.59

REAL ESTATE				896,456		0.68

RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS				263,684		0.20

SECURITY AND COMMODITY BROKERS
Goldman Sachs Group, Inc		2,153,459		429,292		0.33
Merrill Lynch & Co, Inc		5,318,682		495,169		0.38
Morgan Stanley		7,104,460		578,516		0.44
Other				1,857,672		1.41

				3,360,649		2.56

SOCIAL SERVICES				14,117		0.01

SPECIAL TRADE CONTRACTORS				59,320		0.05


42 \|	2006 Annual Report College Retirement Equities Fund	SEE NOTES TO FINANCIAL STATEMENTS

CREF Stock Account \|	Summary portfolio of investments December 31, 2006	continued


COMPANY		SHARES		VALUE (000)			% OF NET ASSETS

STONE, CLAY, AND GLASS PRODUCTS				$	522,851			0.40	%

TEXTILE MILL PRODUCTS					17,937			0.01

TOBACCO PRODUCTS
Altria Group, Inc			16,874,731		1,448,189			1.10
Other					322,360			0.25

					1,770,549			1.35

TRANSPORTATION BY AIR					660,194			0.50

TRANSPORTATION EQUIPMENT
Boeing Co			6,082,794		540,395			0.41
United Technologies Corp			6,911,555		432,110			0.33
Other					3,383,106			2.58

					4,355,611			3.32

TRANSPORTATION SERVICES					268,770			0.21

TRUCKING AND WAREHOUSING					815,991			0.62

WATER TRANSPORTATION					155,972			0.12

WHOLESALE TRADE-DURABLE GOODS					729,045			0.56

WHOLESALE TRADE-NONDURABLE GOODS					1,101,016			0.84

TOTAL COMMON STOCKS	(Cost $107,523,062)				130,865,634			99.82


WARRANTS

BUSINESS SERVICES					149			0.00	**

COMMUNICATIONS					27			0.00	**

GENERAL BUILDING CONTRACTORS					11			0.00	**

HOLDING AND OTHER INVESTMENT OFFICES					1			0.00	**

HOTELS AND OTHER LODGING PLACES					225			0.00	**

LUMBER AND WOOD PRODUCTS					69			0.00	**

NONDEPOSITORY INSTITUTIONS					0	^		0.00	**

WHOLESALE TRADE-DURABLE GOODS					0	^		0.00	**

TOTAL WARRANTS	(Cost $32,627)				482			0.00	**


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

CREF Stock Account \|	Summary portfolio of investments December 31, 2006	concluded


	COMPANY		SHARES		VALUE (000)			% OF NET ASSETS

	SHORT-TERM INVESTMENTS

	COMMERCIAL PAPER				$	195,220			0.15	%

†	U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES					230,827			0.18

††	U.S. GOVERNMENT AND AGENCIES VARIABLE NOTES					149,973			0.11

†††	VARIABLE NOTES					225,015			0.17

	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
v	State Street Navigator Securities Lending Prime Portfolio			2,211,171,864		2,211,172			1.69

						2,211,172			1.69

	TOTAL SHORT-TERM INVESTMENTS	(Cost $3,012,158)
	(includes $3,011,967 of cash collateral for securities on loan)					3,012,207			2.30


	TOTAL PORTFOLIO	(Cost $110,594,895)				133,895,331			102.13
	OTHER ASSETS & LIABILITIES, NET					(2,798,700	)		(2.13	)

	NET ASSETS				$	131,096,631			100.00	%



*	Non-income producing.

**	Percentage represents less than 0.01%.

^	Amount represents less than $1,000.

†	Notes have a rate of 4.800%–5.128% and mature 01/02/07–02/21/07.

††	Notes have a rate of 5.210% and mature 05/13/08–06/13/08.

†††	Notes have a rate of 5.295%–5.400% and mature 12/13/07–03/10/08.

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


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

CREF Stock Account \|	Summary of market values by country December 31, 2006


DOMESTIC	VALUE		% OF MARKET VALUE

UNITED STATES	$	102,767,677,079		76.75	%

TOTAL DOMESTIC		102,767,677,079		76.75

FOREIGN

ARGENTINA		3,006,867		0.00
AUSTRALIA		1,173,907,948		0.88
AUSTRIA		130,908,574		0.10
BELGIUM		208,104,425		0.16
BERMUDA		56,595		0.00
BRAZIL		186,462,094		0.14
CANADA		1,951,139,475		1.46
CAYMAN ISLANDS		8,818,306		0.01
CHILE		18,853,291		0.01
CHINA		19,531,372		0.01
COLOMBIA		2,806,303		0.00
CROATIA		15,688,245		0.01
CZECH REPUBLIC		8,227,221		0.01
DENMARK		201,589,295		0.15
EGYPT		8,889,555		0.01
FINLAND		733,525,527		0.55
FRANCE		3,724,231,822		2.78
GERMANY		2,571,598,485		1.92
GREECE		108,693,305		0.08
HONG KONG		799,717,410		0.60
HUNGARY		16,543,135		0.01
INDIA		131,912,079		0.10
INDONESIA		41,698,962		0.03
IRELAND		143,490,107		0.11
ISRAEL		25,106,381		0.02
ITALY		1,138,982,218		0.85
JAPAN		5,725,265,489		4.28
LUXEMBOURG		5,392,180		0.00
MALAYSIA		86,395,563		0.06
MEXICO		101,865,620		0.08
NETHERLANDS		979,975,938		0.73
NEW ZEALAND		73,053,250		0.06
NORWAY		238,531,059		0.18
PAKISTAN		869,750		0.00
PERU		4,986,809		0.00
PHILIPPINES		34,929,619		0.03
POLAND		18,879,047		0.01
PORTUGAL		59,650,015		0.04
REPUBLIC OF KOREA		259,280,838		0.19
RUSSIA		296,161,563		0.22
SINGAPORE		339,876,726		0.25
SOUTH AFRICA		156,392,795		0.12
SPAIN		702,601,094		0.53
SWEDEN		608,432,770		0.45
SWITZERLAND		2,366,913,941		1.77
TAIWAN (REPUBLIC OF CHINA)		211,581,117		0.16
THAILAND		44,359,627		0.03
TURKEY		15,603,654		0.01
UNITED KINGDOM		5,423,165,976		4.05

TOTAL FOREIGN		31,127,653,437		23.25

TOTAL PORTFOLIO	$	133,895,330,516		100.00	%


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

CREF Global Equities Account \|	Summary portfolio of investments December 31, 2006


	COMPANY		SHARES		VALUE (000)		% OF NET ASSETS

	PREFERRED STOCKS

	COMMUNICATIONS				$	107		0.00	%**

	INSURANCE CARRIERS					175		0.00	**

	TRANSPORTATION EQUIPMENT
	Porsche AG.			87,465		111,308		0.71

						111,308		0.71

	TOTAL PREFERRED STOCKS	(Cost $80,406)				111,590		0.71

	COMMON STOCKS

	AGRICULTURAL PRODUCTION-CROPS					586		0.00	**

	AGRICULTURAL SERVICES					185		0.00	**

	AMUSEMENT AND RECREATION SERVICES					58,372		0.37

	APPAREL AND ACCESSORY STORES					54,805		0.35

	APPAREL AND OTHER TEXTILE PRODUCTS					13,232		0.08

	AUTO REPAIR, SERVICES AND PARKING					461		0.00	**

	AUTOMOTIVE DEALERS AND SERVICE STATIONS					35,130		0.22

	BUILDING MATERIALS AND GARDEN SUPPLIES					54,359		0.35

	BUSINESS SERVICES
	Cintra Concesiones de Infraestructuras de Transporte S.A.			4,822,761		80,852		0.51
	Other					529,596		3.38

						610,448		3.89

	CHEMICALS AND ALLIED PRODUCTS
*	Alliance Boots plc			8,956,417		146,868		0.94
	L’Oreal S.A.			1,470,051		147,287		0.94
	Roche Holding AG.			921,046		165,161		1.05
	Other					838,079		5.35

						1,297,395		8.28

	COAL MINING					24,987		0.16

	COMMUNICATIONS
e*	DIRECTV Group, Inc			3,703,713		92,371		0.59
	Royal KPN NV			8,499,337		120,834		0.77
	Other					306,989		1.96

						520,194		3.32

	DEPOSITORY INSTITUTIONS
	Bank of America Corp			2,099,122		112,072		0.72
	Bayerische Hypo-und Vereinsbank AG.			1,943,000		84,717		0.54
	Societe Generale			647,632		109,941		0.70
	Wells Fargo & Co			2,196,761		78,117		0.50
	Other					1,105,673		7.05

						1,490,520		9.51

	EATING AND DRINKING PLACES					68,582		0.44


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

CREF Global Equities Account \|	Summary portfolio of investments December 31, 2006	continued


	COMPANY	SHARES		VALUE (000)		% OF NET ASSETS

	EDUCATIONAL SERVICES			$	979		0.01	%

	ELECTRIC, GAS, AND SANITARY SERVICES
	Fortum Oyj		3,174,568		90,349		0.58
	Red Electrica de Espana		2,342,866		100,481		0.64
	Other				521,032		3.32

					711,862		4.54

	ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
*	Apple Computer, Inc		1,637,718		138,944		0.89
*	Cisco Systems, Inc		4,872,963		133,178		0.85
	L-3 Communications Holdings, Inc		1,254,890		102,625		0.65
	Sumco Corp		1,208,768		102,182		0.65
	Vivendi Universal S.A.		2,223,749		86,919		0.55
	Other				576,154		3.68

					1,140,002		7.27

	ENGINEERING AND MANAGEMENT SERVICES
a,e*	SAIC, Inc		5,468,711		97,288		0.62
	Other				15,605		0.10

					112,893		0.72

	FABRICATED METAL PRODUCTS				21,929		0.14

	FOOD AND KINDRED PRODUCTS
	Coca-Cola Co		3,329,703		160,658		1.02
	General Mills, Inc		2,143,572		123,470		0.79
	Other				157,596		1.01

					441,724		2.82

	FOOD STORES				111,746		0.71

	FORESTRY				734		0.00	**

	FURNITURE AND FIXTURES				2,125		0.01

	FURNITURE AND HOME FURNISHINGS STORES				10,058		0.06

	GENERAL BUILDING CONTRACTORS
	Hochtief AG.		1,159,671		84,501		0.54
	Other				123,783		0.79

					208,284		1.33

	GENERAL MERCHANDISE STORES
	Experian Group Ltd		7,114,424		83,510		0.54
	Other				88,155		0.56

					171,665		1.10

	HEALTH SERVICES
	AmerisourceBergen Corp		2,234,128		100,446		0.64
	Fresenius Medical Care AG.		613,603		81,784		0.52
	Other				219,891		1.41

					402,121		2.57


SEE NOTES TO FINANCIAL STATEMENTS	College Retirement Equities Fund 2006 Annual Report	\| 47

CREF Global Equities Account \|	Summary portfolio of investments December 31, 2006	continued


	COMPANY	SHARES		VALUE (000)		% OF NET ASSETS

	HEAVY CONSTRUCTION, EXCEPT BUILDING
	Bouygues S.A.		1,644,902	$	105,593		0.68	%
	Other				39,528		0.25

					145,121		0.93

	HOLDING AND OTHER INVESTMENT OFFICES
	Land Securities Group plc		2,396,641		109,009		0.69
	Other				219,301		1.40

					328,310		2.09

	HOTELS AND OTHER LODGING PLACES
	Accor S.A.		1,567,836		121,486		0.77
	Other				234,789		1.50

					356,275		2.27

	INDUSTRIAL MACHINERY AND EQUIPMENT
*	Brambles Ltd		11,744,569		118,941		0.76
	General Electric Co		2,271,477		84,522		0.54
	Hewlett-Packard Co		2,884,779		118,824		0.76
	Tokyo Electron Ltd		1,575,681		124,196		0.79
	Other				320,589		2.04

					767,072		4.89

	INSTRUMENTS AND RELATED PRODUCTS
*	Thermo Electron Corp		2,136,469		96,761		0.62
	Other				163,046		1.04

					259,807		1.66

	INSURANCE AGENTS, BROKERS AND SERVICE
	Hartford Financial Services Group, Inc		1,045,626		97,567		0.62
	Other				92,984		0.60

					190,551		1.22

	INSURANCE CARRIERS
	Admiral Group plc		6,199,461		133,401		0.85
	Other				551,882		3.52

					685,283		4.37

	JUSTICE, PUBLIC ORDER AND SAFETY				95		0.00	**

	LEATHER AND LEATHER PRODUCTS				5,564		0.04

	LOCAL AND INTERURBAN PASSENGER TRANSIT				583		0.00	**

	LUMBER AND WOOD PRODUCTS				98		0.00	**

	METAL MINING				208,075		1.33

	MISCELLANEOUS MANUFACTURING INDUSTRIES				12,222		0.08

	MISCELLANEOUS RETAIL				134,239		0.86

	MOTION PICTURES
	CBS Corp (Class B)		2,980,460		92,931		0.59
	Other				56,186		0.36

					149,117		0.95


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


CREF Global Equities Account \|	Summary portfolio of investments December 31, 2006	continued


	COMPANY	SHARES		VALUE (000)		% OF NET ASSETS

	NONDEPOSITORY INSTITUTIONS
	American Express Co		2,558,204	$	155,206		0.99	%
	Other				300,309		1.92

					455,515		2.91

	NONMETALLIC MINERALS, EXCEPT FUELS				3,277		0.02

	OIL AND GAS EXTRACTION
*	Renewable Energy Corp A.S.		4,342,600		79,397		0.51
	Other				171,559		1.09

					250,956		1.60

	PAPER AND ALLIED PRODUCTS				30,866		0.20

	PERSONAL SERVICES				4,040		0.03

	PETROLEUM AND COAL PRODUCTS
	Chevron Corp		1,084,210		79,722		0.51
d	Exxon Mobil Corp		3,917,960		300,233		1.92
	Royal Dutch Shell plc (A Shares)		3,109,744		108,685		0.69
	Other				311,798		1.99

					800,438		5.11

	PIPELINES, EXCEPT NATURAL GAS				4,177		0.03

	PRIMARY METAL INDUSTRIES				176,658		1.13

	PRINTING AND PUBLISHING				73,577		0.47

	RAILROAD TRANSPORTATION				33,812		0.22

	REAL ESTATE
	British Land Co plc		2,986,156		100,215		0.64
	Other				517,729		3.30

					617,944		3.94

	RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS				7,692		0.05

	SECURITY AND COMMODITY BROKERS
	Goldman Sachs Group, Inc		426,073		84,938		0.54
	Morgan Stanley		1,736,188		141,378		0.90
	Other				342,740		2.19

					569,056		3.63

	SOCIAL SERVICES				141		0.00	**

	SPECIAL TRADE CONTRACTORS				350		0.00	**

	STONE, CLAY, AND GLASS PRODUCTS
	Holcim Ltd		1,200,999		110,096		0.70
	Other				128,676		0.82

					238,772		1.52

	TEXTILE MILL PRODUCTS				21		0.00	**

	TOBACCO PRODUCTS
	Altadis S.A.		2,179,223		114,060		0.73
	Altria Group, Inc		2,165,625		185,854		1.19
	Other				44,145		0.28

					344,059		2.20


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


CREF Global Equities Account \|	Summary portfolio of investments December 31, 2006	concluded


	COMPANY		SHARES		VALUE (000)			% OF NET ASSETS

	TRANSPORTATION BY AIR				$	17,592			0.11	%

	TRANSPORTATION EQUIPMENT
	Bayerische Motoren Werke AG.			1,497,500		86,009			0.55
	Boeing Co			1,066,492		94,747			0.60
	United Technologies Corp			1,909,309		119,370			0.76
	Other					394,632			2.52

						694,758			4.43

	TRANSPORTATION SERVICES					7,230			0.05

	TRUCKING AND WAREHOUSING					59,959			0.38

	WATER TRANSPORTATION					19,066			0.12

	WHOLESALE TRADE-DURABLE GOODS					56,458			0.36

	WHOLESALE TRADE-NONDURABLE GOODS					150,447			0.96

	TOTAL COMMON STOCKS	(Cost $13,819,507)				15,424,651			98.41

	WARRANTS
	HOTELS AND OTHER LODGING PLACES					226			0.00	**

	TOTAL WARRANTS	(Cost $0)				226			0.00	**

	SHORT-TERM INVESTMENTS
	COMMERCIAL PAPER					72,233			0.46

†	U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES					17,023			0.11

	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
v	State Street Navigator Securities Lending Prime Portfolio			489,332,182		489,332			3.12

						489,332			3.12

	TOTAL SHORT-TERM INVESTMENTS	(Cost $578,577)
	(includes $501,152 of cash collateral for securities on loan)					578,588			3.69

	TOTAL PORTFOLIO	(Cost $14,478,490)				16,115,055			102.81
	OTHER ASSETS & LIABILITIES, NET					(440,858	)		(2.81	)

	NET ASSETS				$	15,674,197			100.00	%



The following abbreviation is used in portfolio descriptions:

plc Public Limited Company


*	Non-income producing.

**	Percentage represents less than 0.01%.

†	Notes have a rate of 4.800%–5.200% and mature 01/02/07–02/21/07.

a	Affiliated Holding.

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


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

CREF Global Equities Account \|	Summary of market values by country December 31, 2006


DOMESTIC	VALUE		% OF MARKET VALUE

UNITED STATES	$	7,530,916,092		46.73	%

TOTAL DOMESTIC		7,530,916,092		46.73

FOREIGN

AUSTRALIA		322,663,447		2.00
AUSTRIA		3,138,224		0.02
BELGIUM		6,368,671		0.04
BRAZIL		7,106,310		0.04
CANADA		250,868,693		1.56
CAYMAN ISLANDS		28,821,842		0.18
CHINA		49,718,550		0.31
DENMARK		25,981,447		0.16
FINLAND		114,968,107		0.71
FRANCE		1,032,913,815		6.41
GERMANY		938,554,756		5.82
GREECE		3,278,888		0.02
HONG KONG		554,332,878		3.44
INDIA		32,012,564		0.20
INDONESIA		12,501,421		0.08
IRELAND		62,587,301		0.39
ITALY		207,308,839		1.29
JAPAN		1,212,663,008		7.52
LUXEMBOURG		62,921,268		0.39
MALAYSIA		73,843,728		0.46
NETHERLANDS		318,772,507		1.98
NEW ZEALAND		4,581,489		0.03
NORWAY		163,506,624		1.01
PAKISTAN		905,250		0.01
PHILIPPINES		30,736,289		0.19
PORTUGAL		1,751,994		0.01
REPUBLIC OF KOREA		79,802,415		0.50
RUSSIA		77,367,427		0.48
SINGAPORE		231,609,431		1.44
SOUTH AFRICA		4,723,200		0.03
SPAIN		389,803,611		2.42
SWEDEN		126,311,671		0.78
SWITZERLAND		530,949,915		3.29
TAIWAN (REPUBLIC OF CHINA)		12,476,825		0.08
THAILAND		10,268,931		0.06
UNITED KINGDOM		1,598,017,534		9.92

TOTAL FOREIGN		8,584,138,870		53.27

TOTAL PORTFOLIO	$	16,115,054,962		100.00	%


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

CREF Growth Account \|	Summary portfolio of investments December 31, 2006


	COMPANY	SHARES		VALUE (000)		% OF NET ASSETS

	COMMON STOCKS
	AMUSEMENT AND RECREATION SERVICES			$	25,344		0.21	%

	APPAREL AND ACCESSORY STORES				76,258		0.64

	APPAREL AND OTHER TEXTILE PRODUCTS				91,038		0.76

	AUTOMOTIVE DEALERS AND SERVICE STATIONS				221		0.00	**

	BUILDING MATERIALS AND GARDEN SUPPLIES				19,520		0.16


	BUSINESS SERVICES
*	Adobe Systems, Inc		6,316,544		259,736		2.17
*	eBay, Inc		3,318,960		99,801		0.83
e*	Electronic Arts, Inc		3,736,721		188,181		1.57
*	Google, Inc (Class A)		859,860		395,948		3.31
	Microsoft Corp		10,026,906		299,403		2.50
e*	Yahoo!, Inc		5,220,654		133,336		1.11
	Other				200,254		1.67

					1,576,659		13.16

	CHEMICALS AND ALLIED PRODUCTS
e	Abbott Laboratories		2,883,151		140,438		1.17
*	Amgen, Inc		2,025,475		138,360		1.15
e*	Genentech, Inc		1,799,073		145,959		1.22
e*	Gilead Sciences, Inc		2,824,264		183,379		1.53
e	Monsanto Co		5,031,402		264,300		2.21
	Procter & Gamble Co		3,133,340		201,380		1.68
	Roche Holding AG.		694,167		124,477		1.04
e	Wyeth		3,564,271		181,493		1.51
	Other				209,952		1.75

					1,589,738		13.26

	COAL MINING				23,560		0.20

	COMMUNICATIONS
e	AT&T, Inc		2,858,914		102,206		0.85
e*	Comcast Corp (Class A)		2,905,115		122,974		1.03
	Other				202,364		1.69

					427,544		3.57

	DEPOSITORY INSTITUTIONS				41,814		0.35


	EATING AND DRINKING PLACES
e*	Starbucks Corp		3,296,721		116,770		0.97
	Other				35,683		0.30

					152,453		1.27

	EDUCATIONAL SERVICES				142		0.00	**

	ELECTRIC, GAS, AND SANITARY SERVICES				70,868		0.59

	ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
*	Apple Computer, Inc		3,296,569		279,681		2.33
*	Cisco Systems, Inc		11,939,202		326,298		2.72
e	Cooper Industries Ltd (Class A)		1,473,026		133,206		1.11
	Emerson Electric Co		4,422,466		194,987		1.63


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

CREF Growth Account \|	Summary portfolio of investments December 31, 2006	continued


	COMPANY	SHARES		VALUE (000)		% OF NET ASSETS

	ELECTRONIC AND OTHER ELECTRIC EQUIPMENT – (continued)
e*	Marvell Technology Group Ltd		6,099,368	$	117,047		0.98	%
	Motorola, Inc		5,307,094		109,114		0.91
e	Qualcomm, Inc		8,853,506		334,574		2.79
	Other				364,137		3.04

					1,859,044		15.51

	ENGINEERING AND MANAGEMENT SERVICES
e*	Celgene Corp		3,331,355		191,653		1.60
	Paychex, Inc		3,661,454		144,774		1.21
	Other				52,447		0.44

					388,874		3.25

	FOOD AND KINDRED PRODUCTS
	PepsiCo, Inc		3,270,780		204,587		1.71
	Other				25,173		0.21

					229,760		1.92

	FORESTRY				4		0.00	**

	FURNITURE AND FIXTURES				170		0.00	**

	FURNITURE AND HOMEFURNISHINGS STORES				62,329		0.52

	GENERAL MERCHANDISE STORES
e	Target Corp		2,716,361		154,968		1.30
	Other				12,113		0.10

					167,081		1.40


	HEALTH SERVICES				67,324		0.56

	HOLDING AND OTHER INVESTMENT OFFICES
	Alcon, Inc		1,264,464		141,329		1.18
	Other				656		0.01

					141,985		1.19

	HOTELS AND OTHER LODGING PLACES
e	Hilton Hotels Corp		3,287,583		114,737		0.96
e	Starwood Hotels & Resorts Worldwide, Inc		1,994,806		124,675		1.04
	Other				149		0.00	**

					239,561		2.00

	INDUSTRIAL MACHINERY AND EQUIPMENT
e	International Game Technology		4,194,523		193,787		1.62
	Other				283,788		2.37

					477,575		3.99

	INSTRUMENTS AND RELATED PRODUCTS
	Johnson & Johnson		2,376,259		156,881		1.31
e*	Zimmer Holdings, Inc		1,563,836		122,573		1.02
	Other				256,590		2.14

					536,044		4.47

	INSURANCE AGENTS, BROKERS AND SERVICE				11		0.00	**


SEE NOTES TO FINANCIAL STATEMENTS	College Retirement Equities Fund 2006 Annual Report	\| 53

CREF Growth Account \|	Summary portfolio of investments December 31, 2006	continued


	COMPANY	SHARES		VALUE (000)		% OF NET ASSETS

	INSURANCE CARRIERS
	American International Group, Inc		1,634,850	$	117,153		0.98	%
	Other				187,222		1.56

					304,375		2.54

	JUSTICE, PUBLIC ORDER AND SAFETY				21		0.00	**

	LEATHER AND LEATHER PRODUCTS
e*	Coach, Inc		2,969,235		127,558		1.06

					127,558		1.06

	METAL MINING
	Anglo American plc		2,032,721		99,143		0.83

					99,143		0.83

	MISCELLANEOUS RETAIL
	Best Buy Co, Inc		2,692,259		132,432		1.10
e	Staples, Inc		3,778,489		100,886		0.84
	Other				27,060		0.23

					260,378		2.17

	MOTION PICTURES				106,733		0.89

	NONDEPOSITORY INSTITUTIONS
	American Express Co		4,261,713		258,558		2.16
	Other				497		0.00	**

					259,055		2.16

	NONMETALLIC MINERALS, EXCEPT FUEL				225		0.00	**

	OIL AND GAS EXTRACTION
e	XTO Energy, Inc		3,486,813		164,055		1.37
	Other				100,348		0.84

					264,403		2.21

	PERSONAL SERVICES				235		0.00	**

	PETROLEUM AND COAL PRODUCTS
*	Suncor Energy, Inc		1,465,219		115,621		0.96
	Other				41,767		0.35

					157,388		1.31

	PRIMARY METAL INDUSTRIES
e*	Corning, Inc		9,009,083		168,560		1.41
	Other				62,925		0.52

					231,485		1.93

	PRINTING AND PUBLISHING				1,784		0.02

	RAILROAD TRANSPORTATION				46,426		0.39

	REAL ESTATE				423		0.00	**

	SECURITY AND COMMODITY BROKERS
	Charles Schwab Corp		12,504,346		241,834		2.02
	Chicago Mercantile Exchange Holdings, Inc		366,079		186,609		1.56
e	Goldman Sachs Group, Inc		596,302		118,873		0.99


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

CREF Growth Account \|	Summary portfolio of investments December 31, 2006	concluded


	COMPANY		SHARES		VALUE (000)			% OF NET ASSETS

	SECURITY AND COMMODITY BROKERS – (continued)
	Merrill Lynch & Co, Inc			1,673,835	$	155,834			1.30	%
	Other					184,103			1.53

						887,253			7.40

	TOBACCO PRODUCTS
e	Altria Group, Inc			2,817,122		241,765			2.02

						241,765			2.02

	TRANSPORTATION BY AIR					16,848			0.14

	TRANSPORTATION EQUIPMENT
e	Boeing Co			2,589,591		230,059			1.92
	United Technologies Corp			4,040,475		252,610			2.11
	Other					39,042			0.32

						521,711			4.35

	TRANSPORTATION SERVICES					37,628			0.31

	TRUCKING AND WAREHOUSING					49,500			0.41

	WATER TRANSPORTATION					97			0.00	**

	WHOLESALE TRADE-DURABLE GOODS					20,861			0.17

	WHOLESALE TRADE-NONDURABLE GOODS					69,411			0.58

	TOTAL COMMON STOCKS	(Cost $10,447,557)				11,969,627			99.87

	WARRANTS
	WHOLESALE TRADE-DURABLE GOODS					0	^		0.00	**

	TOTAL WARRANTS	(Cost $0)				0	^		0.00	**

	SHORT-TERM INVESTMENTS
	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
v	State Street Navigator Securities Lending Prime Portfolio			908,886,401		908,886			7.58

						908,886			7.58

	TOTAL SHORT-TERM INVESTMENTS	(Cost $908,886)				908,886			7.58

	TOTAL PORTFOLIO	(Cost $11,356,443)				12,878,513			107.45
	OTHER ASSETS & LIABILITIES, NET					(893,023	)		(7.45	)

	NET ASSETS				$	11,985,490			100.00	%



The following abbreviation is used in portfolio descriptions:

plc Public Limited Company


*	Non-income producing.

**	Percentage represents less than 0.01%.

^	Amount represents less than $1,000.

e	All or a portion of these securities are out on loan.

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


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


CREF Growth Account \|	Summary of market values by country December 31, 2006


DOMESTIC	VALUE		% OF MARKET VALUE

UNITED STATES	$	12,150,759,265		94.35	%


TOTAL DOMESTIC		12,150,759,265		94.35
FOREIGN

AUSTRALIA		25,288,948		0.19
FINLAND		69,442,809		0.54
FRANCE		111,027,022		0.86
JAPAN		22,872,350		0.18
MEXICO		167,044,708		1.30
SOUTH AFRICA		10,664,100		0.08
SWITZERLAND		124,477,217		0.97
UNITED KINGDOM		196,936,742		1.53

TOTAL FOREIGN		727,753,896		5.65

TOTAL PORTFOLIO	$	12,878,513,161		100.00	%


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


CREF Equity Index Account \|	Summary portfolio of investments December 31, 2006


	COMPANY	SHARES		VALUE (000)		% OF NET ASSETS

	COMMON STOCKS

	AGRICULTURAL PRODUCTION-CROPS			$	593		0.01	%

	AGRICULTURAL PRODUCTION-LIVESTOCK				1,460		0.01

	AMUSEMENT AND RECREATION SERVICES				24,931		0.22

	APPAREL AND ACCESSORY STORES				81,006		0.72

	APPAREL AND OTHER TEXTILE PRODUCTS				22,281		0.20

	AUTO REPAIR, SERVICES AND PARKING				6,899		0.06

	AUTOMOTIVE DEALERS AND SERVICE STATIONS				21,042		0.19

	BUILDING MATERIALS AND GARDEN SUPPLIES
	Home Depot, Inc		1,523,526		61,185		0.54
	Other				44,105		0.39

					105,290		0.93
	BUSINESS SERVICES
*	Google, Inc (Class A)		150,861		69,468		0.61
	Microsoft Corp		6,428,113		191,943		1.70
*	Oracle Corp		2,870,380		49,198		0.44
	Other				485,226		4.30

					795,835		7.05

	CHEMICALS AND ALLIED PRODUCTS
	Abbott Laboratories		1,105,009		53,825		0.48
*	Amgen, Inc		853,689		58,315		0.52
	Merck & Co, Inc		1,586,939		69,191		0.61
	Pfizer, Inc		5,306,857		137,448		1.22
	Procter & Gamble Co		2,377,161		152,780		1.35
	Wyeth		971,748		49,481		0.44
	Other				513,765		4.55

					1,034,805		9.17

	COAL MINING				18,576		0.16

	COMMUNICATIONS
	AT&T, Inc		2,806,740		100,341		0.89
	BellSouth Corp		1,312,529		61,833		0.55
e*	Comcast Corp (Class A)		1,412,024		59,771		0.53
	Sprint Nextel Corp		2,095,740		39,589		0.35
	Verizon Communications, Inc		2,108,836		78,533		0.69
	Other				211,737		1.88

					551,804		4.89

	DEPOSITORY INSTITUTIONS
	Bank of America Corp		3,307,459		176,585		1.57
	Citigroup, Inc		3,601,540		200,606		1.78
	JPMorgan Chase & Co		2,509,554		121,211		1.07
	US Bancorp		1,287,953		46,611		0.41
	Wachovia Corp		1,365,860		77,786		0.69
	Wells Fargo & Co		2,434,128		86,558		0.77
	Other				441,439		3.91

					1,150,796		10.20


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


CREF Equity Index Account \|	Summary portfolio of investments December 31, 2006	continued


	COMPANY	SHARES		VALUE (000)		% OF NET ASSETS

	EATING AND DRINKING PLACES			$	109,431		0.97	%

	EDUCATIONAL SERVICES				12,917		0.12

	ELECTRIC, GAS, AND SANITARY SERVICES				468,724		4.15

	ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
*	Apple Computer, Inc		614,504		52,134		0.46
*	Cisco Systems, Inc		4,406,596		120,432		1.07
	Intel Corp		4,229,152		85,640		0.76
	Qualcomm, Inc		1,205,662		45,562		0.40
	Other				382,113		3.39

					685,881		6.08

	ENGINEERING AND MANAGEMENT SERVICES				89,178		0.79

	ENVIRONMENTAL QUALITY AND HOUSING				236		0.00	**

	FABRICATED METAL PRODUCTS				43,975		0.39

	FOOD AND KINDRED PRODUCTS
	Coca-Cola Co		1,471,834		71,016		0.63
	PepsiCo, Inc		1,193,483		74,652		0.66
	Other				167,428		1.49

					313,096		2.78

	FOOD STORES				26,437		0.23

	FORESTRY				14,471		0.13

	FURNITURE AND FIXTURES				35,013		0.31

	FURNITURE AND HOME FURNISHINGS STORES				21,475		0.19

	GENERAL BUILDING CONTRACTORS				41,065		0.36

	GENERAL MERCHANDISE STORES
	Wal-Mart Stores, Inc		1,788,586		82,597		0.73
	Other				107,643		0.96

					190,240		1.69

	HEALTH SERVICES				165,108		1.46

	HEAVY CONSTRUCTION, EXCEPT BUILDING				1,570		0.01

	HOLDING AND OTHER INVESTMENT OFFICES				328,882		2.92

	HOTELS AND OTHER LODGING PLACES				65,541		0.58

	INDUSTRIAL MACHINERY AND EQUIPMENT
	3M Co		546,102		42,558		0.38
*	Dell, Inc		1,673,581		41,990		0.37
	General Electric Co		7,520,036		279,821		2.48
	Hewlett-Packard Co		2,019,750		83,193		0.74
	International Business Machines Corp		1,125,079		109,301		0.97
	Other				274,598		2.43

					831,461		7.37

	INSTRUMENTS AND RELATED PRODUCTS
	Johnson & Johnson		2,147,174		141,756		1.26
	Medtronic, Inc		875,328		46,839		0.41


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


CREF Equity Index Account \|	Summary portfolio of investments December 31, 2006	continued


COMPANY	SHARES		VALUE (000)		% OF NET ASSETS

INSTRUMENTS AND RELATED PRODUCTS – (continued)
Other			$	288,326		2.56	%

				476,921		4.23

INSURANCE AGENTS, BROKERS AND SERVICE				47,718		0.42

INSURANCE CARRIERS
American International Group, Inc		1,597,282		114,461		1.01
UnitedHealth Group, Inc		979,692		52,639		0.47
Other				355,169		3.15

				522,269		4.63

JUSTICE, PUBLIC ORDER AND SAFETY				2,503		0.02

LEATHER AND LEATHER PRODUCTS				16,323		0.15

LEGAL SERVICES				1,119		0.01

LOCAL AND INTERURBAN PASSENGER TRANSIT				1,798		0.02

LUMBER AND WOOD PRODUCTS				3,646		0.03

METAL MINING				45,371		0.40

MISCELLANEOUS MANUFACTURING INDUSTRIES				25,201		0.22

MISCELLANEOUS RETAIL				138,659		1.23

MOTION PICTURES
Time Warner, Inc		2,876,566		62,652		0.56
Walt Disney Co		1,501,608		51,460		0.46
Other				61,516		0.54

				175,628		1.56

NONDEPOSITORY INSTITUTIONS
American Express Co		781,968		47,442		0.42
Fannie Mae		701,857		41,683		0.37
Other				117,975		1.05

				207,100		1.84

NONMETALLIC MINERALS, EXCEPT FUELS				9,046		0.08

OIL AND GAS EXTRACTION				192,177		1.70

PAPER AND ALLIED PRODUCTS				58,319		0.52

PERSONAL SERVICES				17,564		0.16

PETROLEUM AND COAL PRODUCTS
Chevron Corp		1,606,452		118,122		1.05
ConocoPhillips		1,193,598		85,879		0.76
Exxon Mobil Corp		4,378,488		335,524		2.97
Other				170,349		1.51

				709,874		6.29

PRIMARY METAL INDUSTRIES				100,478		0.89

PRINTING AND PUBLISHING				72,871		0.65

RAILROAD TRANSPORTATION				66,968		0.59

REAL ESTATE				13,701		0.12


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


CREF Equity Index Account \|	Summary portfolio of investments December 31, 2006	continued


COMPANY	SHARES		VALUE (000)		% OF NET ASSETS


RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS			$	19,558		0.17	%

SECURITY AND COMMODITY BROKERS
Goldman Sachs Group, Inc		275,475		54,916		0.49
Merrill Lynch & Co, Inc		662,393		61,669		0.54
Morgan Stanley		773,319		62,971		0.56
Other				180,718		1.60

				360,274		3.19

SOCIAL SERVICES				1,454		0.01

SPECIAL TRADE CONTRACTORS				5,750		0.05

STONE, CLAY, AND GLASS PRODUCTS				10,262		0.09

TEXTILE MILL PRODUCTS				640		0.01

TOBACCO PRODUCTS
Altria Group, Inc		1,507,768		129,397		1.15
Other				20,810		0.18

				150,207		1.33

TRANSPORTATION BY AIR				54,200		0.48

TRANSPORTATION EQUIPMENT
Boeing Co		576,546		51,220		0.45
United Technologies Corp		733,591		45,864		0.41
Other				192,325		1.71

				289,409		2.57

TRANSPORTATION SERVICES				21,179		0.19

TRUCKING AND WAREHOUSING				47,055		0.42

WATER TRANSPORTATION				6,812		0.06

WHOLESALE TRADE-DURABLE GOODS				41,519		0.37

WHOLESALE TRADE-NONDURABLE GOODS				92,905		0.82

TOTAL COMMON STOCKS (Cost $8,100,413)				11,266,497		99.86

WARRANTS

COMMUNICATIONS				0^		0.00	**

WHOLESALE TRADE-DURABLE GOODS				0^		0.00	**

TOTAL WARRANTS (Cost $0)				0^		0.00	**


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

CREF Equity Index Account \|	Summary portfolio of investments December 31, 2006	concluded


	COMPANY		SHARES		VALUE (000)			% OF NET ASSETS

	SHORT-TERM INVESTMENTS
†	U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES				$	28,936			0.25	%

	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
v	State Street Navigator Securities Lending Prime Portfolio			880,992,552		880,993			7.81

						880,993			7.81

	TOTAL SHORT-TERM INVESTMENTS	(Cost $909,930)				909,929			8.06


	TOTAL PORTFOLIO	(Cost $9,010,343)				12,176,426			107.92
	OTHER ASSETS & LIABILITIES, NET					(893,856	)		(7.92	)

	NET ASSETS				$	11,282,570			100.00	%



*	Non-income producing.

**	Percentage represents less than 0.01%.

^	Amount represents less than $1,000.

†	Notes have a rate of 4.800%–5.200% and mature 01/02/07–02/21/07.

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


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

CREF Bond Market Account \|	Summary portfolio of investments December 31, 2006


	ISSUER		RATING† (Unaudited)	PRINCIPAL		VALUE (000)		% OF NET ASSETS

	BONDS

	CORPORATE BONDS
	AMUSEMENT AND RECREATION SERVICES					$	4,131		0.07	%


	ASSET BACKED
i	Citicorp Mortgage Securities, Inc
	Series 2006-1 (Class A3)	5.706%, 07/25/36	Aaa	$	28,400,000		28,449		0.44
	Household Automotive Trust
	Series 2006-2 (Class A3)	5.610%, 08/17/11	Aaa		25,000,000		25,195		0.39
	Household Automotive Trust
	Series 2006-3 (Class A4)	5.340%, 09/17/13	Aaa		45,000,000		45,340		0.71
	Hyundai Auto Receivables Trust
	Series 2006-A (Class A3)	5.130%, 06/15/10	Aaa		35,000,000		34,951		0.55
	Hyundai Auto Receivables Trust
	Series 2006-B (Class A4)	5.150%, 05/15/13	Aaa		40,000,000		39,983		0.63
	Residential Funding Mortgage Securities II, Inc
	Series 2006-HI4 (Class A3)	5.440%, 09/25/36	Aaa		30,000,000		29,842		0.47
v	Sonic Capital LLC Series
	2006-1A (Class A2)	5.096%, 12/20/31	Aaa		30,000,000		29,746		0.46
	Triad Auto Receivables Owner
	Trust Series 2006-C (Class A4)	5.310%, 05/13/13	Aaa		25,000,000		25,090		0.39
	Volkswagen Auto Lease Trust
	Series 2006-A (Class A3)	5.500%, 09/21/09	Aaa		38,000,000		38,161		0.60
	Other						296,413		4.64

							593,170		9.28


	BUILDING MATERIALS AND GARDEN SUPPLIES						13,098		0.21

	BUSINESS SERVICES						2,153		0.03

	CHEMICALS AND ALLIED PRODUCTS						20,853		0.33

	COMMUNICATIONS						145,385		2.27

	DEPOSITORY INSTITUTIONS						220,032		3.44

	ELECTRIC, GAS, AND SANITARY SERVICES						110,719		1.73

	ELECTRONIC AND OTHER ELECTRIC EQUIPMENT						18,071		0.28

	FABRICATED METAL PRODUCTS						6,953		0.11

	FOOD AND KINDRED PRODUCTS						36,566		0.57

	FOOD STORES						10,691		0.17

	FORESTRY						2,688		0.04

	GENERAL BUILDING CONTRACTORS						15,759		0.25

	GENERAL MERCHANDISE STORES						25,120		0.39

	HEALTH SERVICES						5,561		0.09

	HOLDING AND OTHER INVESTMENT OFFICES						29,001		0.45

	HOTELS AND OTHER LODGING PLACES						3,836		0.06

	INDUSTRIAL MACHINERY AND EQUIPMENT						7,254		0.11

	INSTRUMENTS AND RELATED PRODUCTS						9,405		0.15


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

CREF Bond Market Account \|	Summary portfolio of investments December 31, 2006	continued


	ISSUER		RATING† (Unaudited)	PRINCIPAL		VALUE (000)		% OF NET ASSETS

	INSURANCE CARRIERS					$	66,567		1.04	%

	METAL MINING						11,952		0.19

	MISCELLANEOUS MANUFACTURING INDUSTRIES						3,272		0.05

	MISCELLANEOUS RETAIL						3,818		0.06

	MOTION PICTURES						36,089		0.56

	NONDEPOSITORY INSTITUTIONS						175,430		2.74

	OIL AND GAS EXTRACTION						72,325		1.13

	OTHER MORTGAGE BACKED SECURITIES
	Citimortgage Alternative Loan Trust
	Series 2006-A1 (Class 2A1)	5.250%, 03/25/21	Aaa	$	45,311,177		44,731		0.70
	Countrywide Alternative Loan Trust
	Series 2003-3T1 (Class A10)	5.500%, 05/25/33	N/R		30,000,000		29,326		0.46
	CS First Boston Mortgage Securities
	Corp Series 2004-8 (Class 7A1)	6.000%, 12/25/34	N/R		26,906,677		26,932		0.42
	Other						552,658		8.64

							653,647		10.22


	PAPER AND ALLIED PRODUCTS						3,060		0.05

	PETROLEUM AND COAL PRODUCTS						9,352		0.15

	PIPELINES, EXCEPT NATURAL GAS						23,369		0.37

	PRIMARY METAL INDUSTRIES						5,376		0.08

	PRINTING AND PUBLISHING						2,507		0.04

	RAILROAD TRANSPORTATION						25,252		0.40

	RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS						1,742		0.03

	SECURITY AND COMMODITY BROKERS						95,967		1.50

	STONE, CLAY, AND GLASS PRODUCTS						3,246		0.05

	TOBACCO PRODUCTS						6,323		0.10

	TRANSPORTATION BY AIR						9,774		0.15

	TRANSPORTATION EQUIPMENT						39,720		0.62

	WHOLESALE TRADE-DURABLE GOODS						4,141		0.06

	WHOLESALE TRADE-NONDURABLE GOODS						5,812		0.09

	TOTAL CORPORATE BONDS		(Cost $2,537,620)				2,539,187		39.71


	GOVERNMENT BONDS

	AGENCY SECURITIES
e	Federal Home Loan Mortgage
	Corp (FHLMC) 3.750%–6.000%, 04/15/07–06/27/16		Aaa		76,272,000		77,434		1.21
	FHLMC	4.000%, 08/17/07	Aaa		26,160,000		25,960		0.40
e	FHLMC	5.125%, 04/18/08	Aaa		49,268,000		49,264		0.77
e	FHLMC	5.000%, 09/16/08	Aaa		48,500,000		48,473		0.76
e,d	FHLMC	7.000%, 03/15/10	Aaa		48,400,000		51,311		0.80
e	FHLMC	5.875%, 03/21/11	Aa2		36,399,000		37,511		0.59


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


CREF Bond Market Account \|	Summary portfolio of investments December 31, 2006	continued


	ISSUER		RATING† (Unaudited)	PRINCIPAL		VALUE (000)		% OF NET ASSETS

	AGENCY SECURITIES – (continued)
	FHLMC	6.250%, 03/05/12	Aa2	$	66,823,000	$	66,916		1.05	%
	Federal National Mortgage Association (FNMA)	5.250%, 12/03/07	Aaa		31,500,000		31,510		0.49
e	FNMA	7.125%, 06/15/10	Aaa		82,200,000		87,840		1.37
e	FNMA	5.250%, 08/01/12	Aa2		28,600,000		28,782		0.45
	Other						241,505		3.78

							746,506		11.67

	FOREIGN GOVERNMENT BONDS
g	Hypothekenbank in Essen AG.	5.000%, 01/20/12	Aaa		30,000,000		29,862		0.47
	Other						197,130		3.08

							226,992		3.55

	MORTGAGE BACKED SECURITIES
	Federal Home Loan Mortgage Corp Gold (FGLMC)	4.500%, 06/01/21			69,120,952		66,627		1.04
d	FGLMC	5.500%, 12/01/33			31,806,824		31,511		0.49
	FGLMC	5.000%, 01/01/34			83,106,366		80,330		1.26
	FGLMC	5.500%, 06/01/35			31,928,247		31,582		0.49
	FGLMC	6.000%, 07/01/36			48,723,786		49,084		0.77
v	FGLMC	6.500%, 08/01/36			53,489,008		54,291		0.85
h	FGLMC	6.000%, 01/15/37			56,000,000		56,403		0.88
h	Federal National Mortgage Association (FNMA)	6.000%, 01/25/22			63,000,000		63,866		1.00
	FNMA	5.000%, 08/01/34			70,687,703		68,332		1.07
h	FNMA	5.500%, 04/01/35			36,039,101		35,653		0.56
	FNMA	5.500%, 09/01/35			39,003,829		38,606		0.60
	FNMA	5.000%, 05/01/36			31,347,272		30,136		0.47
h	FNMA	5.500%, 01/25/37			46,000,000		45,454		0.71
h	FNMA	6.000%, 01/25/37			182,000,000		183,194		2.87
h	FNMA	6.500%, 01/25/37			58,000,000		59,088		0.92
h	Government National Mortgage Association (GNMA)	5.500%, 01/15/37			68,000,000		67,660		1.06
	Other						1,048,865		16.40

							2,010,682		31.44


	MUNICIPAL BONDS						1,954		0.03

	U.S. TREASURY SECURITIES
e	United States Treasury Bond	8.000%, 11/15/21			338,705,000		449,001		7.02
e	United States Treasury
	Note 4.375%–5.125%, 12/31/07–11/15/16				128,228,000		127,703		2.00
e	United States Treasury Note	4.375%, 01/31/08			58,900,000		58,509		0.91
e	United States Treasury Note	5.000%, 07/31/08			69,435,000		69,556		1.09
	Other						56,608		0.89

							761,377		11.91

	TOTAL GOVERNMENT BONDS		(Cost $3,765,808)				3,747,511		58.60

	TOTAL BONDS		(Cost $6,303,428)				6,286,698		98.31

	PREFERRED STOCKS

	DEPOSITORY INSTITUTIONS						3,470		0.05

	TOTAL PREFERRED STOCKS		(Cost $3,350)				3,470		0.05

	TOTAL TIAA-CREF MUTUAL FUNDS		(Cost $3,855)				4,148		0.07


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


CREF Bond Market Account \|	Summary portfolio of investments December 31, 2006	concluded


	ISSUER			PRINCIPAL		VALUE (000)			% OF NET ASSETS

	SHORT-TERM INVESTMENTS
	COMMERCIAL PAPER
d	American Honda Finance Corp	5.230%, 01/17/07		$	25,000,000	$	24,945			0.39	%
c,d	Dorada Finance, Inc	5.255%, 01/16/07			25,000,000		24,948			0.39
c,d	Fairway Finance Corp 5.270%–5.280%, 01/05/07–01/09/07				30,500,000		30,472			0.48
c,d	Gannett Co, Inc	5.280%, 01/04/07			25,000,000		24,992			0.39
d	ING Finance	5.240%, 01/16/07			25,000,000		24,949			0.39
c,d	Procter & Gamble International	5.230%, 01/09/07			25,000,000		24,974			0.39
c,d	Sedna Finance, Inc	5.260%, 01/17/07			25,000,000		24,944			0.39
d	Swedish Export Credit Corp 5.250%, 01/08/07–01/10/07				25,425,000		25,400			0.40
	Other						307,176			4.80

							512,800			8.02


	U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES
d	Federal Home Loan Mortgage
	Corp (FHLMC) 5.120%–5.170%, 01/09/07–03/05/07				53,000,000		52,673			0.82
	Other						23,739			0.37

							76,412			1.19


	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
	Bank of New York Institutional Cash Reserves Fund	5.403%, 01/02/07			1,206,303,000		1,208,617			18.90

							1,208,617			18.90

	TOTAL SHORT-TERM INVESTMENTS		(Cost $1,797,761)				1,797,829			28.11


	TOTAL PORTFOLIO		(Cost $8,108,394)				8,092,145			126.54
	OTHER ASSETS & LIABILITIES, NET						(1,697,312	)		(26.54	)

	NET ASSETS					$	6,394,833			100.00	%



The following abbreviations are used in portfolio descriptions:

LLC	Limited Liability Company

N/R	Not rated by Moody’s

c	Commercial Paper issued under the Private Placement exemption under Section 4(2) of the Securities Act of 1933.

d	All or a portion of these securities have been segregated by the Custodian to cover securities purchased on a delayed delivery basis.

e	All or a portion of these securities are out on loan.

g	Security is exempt from registration under Rule 144 (A) of the Securities Act of 1933 and may be resold in transactions exempt from registration to qualified institutional buyers.

	At December 31, 2006, the value of these securities amounted to $29,968,124 or 0.47% 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 December 31, 2006.

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


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


CREF Inflation-Linked Bond Account \|	Summary portfolio of investments December 31, 2006


	ISSUER					PRINCIPAL		VALUE (000)	% OF NET ASSETS

	GOVERNMENT BONDS
	U.S. TREASURY SECURITIES
k	United States Treasury Inflation Indexed Bond	2.375%, 01/15/25			$	270,271,440	$	269,234	7.19	%
k	United States Treasury Inflation Indexed Bond	2.000%, 01/15/26				176,333,773		165,784	4.43
k	United States Treasury Inflation Indexed Bond	3.625%, 04/15/28				179,990,975		217,564	5.81
e,k	United States Treasury Inflation Indexed Bond	3.875%, 04/15/29				206,987,981		260,786	6.96
k	United States Treasury Inflation Indexed Bond	3.375%, 04/15/32				54,819,652		66,259	1.77
k	United States Treasury Inflation Indexed Note	3.625%, 01/15/08				179,542,617		181,422	4.84
k	United States Treasury Inflation Indexed Note	3.875%, 01/15/09				172,415,497		177,197	4.73
k	United States Treasury Inflation Indexed Note	4.250%, 01/15/10				122,952,235		129,427	3.46
k	United States Treasury Inflation Indexed Note	0.875%, 04/15/10				290,828,439		275,787	7.37
k	United States Treasury Inflation Indexed Note	3.500%, 01/15/11				123,360,220		128,411	3.43
k	United States Treasury Inflation Indexed Note	2.375%, 04/15/11				184,867,278		184,174	4.92
k	United States Treasury Inflation Indexed Note	3.375%, 01/15/12				68,422,941		71,447	1.91
k	United States Treasury Inflation Indexed Note	3.000%, 07/15/12				235,371,827		242,303	6.47
k	United States Treasury Inflation Indexed Note	1.875%, 07/15/13				219,765,142		212,454	5.67
k	United States Treasury Inflation Indexed Note	2.000%, 01/15/14				226,053,452		219,699	5.87
k	United States Treasury Inflation Indexed Note	2.000%, 07/15/14				206,496,761		200,527	5.36
k	United States Treasury Inflation Indexed Note	1.625%, 01/15/15				203,558,275		191,695	5.12
k	United States Treasury Inflation Indexed Note	1.875%, 07/15/15				177,129,058		169,822	4.54
k	United States Treasury Inflation Indexed Note	2.000%, 01/15/16				175,469,392		169,517	4.53
k	United States Treasury Inflation Indexed Note	2.500%, 07/15/16				170,700,825		172,073	4.60

								3,705,582	98.98

	TOTAL GOVERNMENT BONDS			(Cost $3,706,940)				3,705,582	98.98


	SHORT-TERM INVESTMENTS

	COMMERCIAL PAPER
	Rabobank USA Financial Corp	5.280%, 01/02/07				3,050,000		3,048	0.08

								3,048	0.08


	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED

	REPURCHASED AGREEMENTS
	Morgan Stanley & Co, Inc 5.290% Dated 12/29/2006, Due 01/02/2007 In the Amount of $1,591,701					1,591,000		1,592	0.04
	Fully Collateralized as follows:
	Federal Home Loan Bank
	(FHLB) 0.000%–6.000%, 02/12/2007–07/21/2025		$	703,929
	Federal Home Loan Mortgage Corp
	(FHLMC) 0.000%–4.730%, 03/16/2007–04/08/2019			574,853


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


CREF Inflation-Linked Bond Account \|	Summary portfolio of investments December 31, 2006	concluded

ISSUER

VALUE
(000)

% OF NET
ASSETS

Federal National Mortgage Association

(FNMA) 3.250%–6.930%, 08/15/2008–12/29/2023

344,095

Total Market Value

1,622,877

1,592

0.04

TOTAL SHORT-TERM INVESTMENTS

(Cost $4,641)

4,640

0.12

TOTAL PORTFOLIO

(Cost $3,711,581)

3,710,222

99.10

OTHER ASSETS & LIABILITIES, NET

33,540

0.90

NET ASSETS

3,743,762

100.00



e	All or a portion of these securities are out on loan.

k	Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.


Cost amounts are in thousands.

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


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


CREF Social Choice Account \|	Summary portfolio of investments December 31, 2006


ISSUER	VALUE (000)		% OF NET ASSETS

BONDS

CORPORATE BONDS
AMUSEMENT AND RECREATION SERVICES	$	1,935		0.02	%

ASSET BACKED		270,554		3.10

BUILDING MATERIALS AND GARDEN SUPPLIES		12,772		0.15

CHEMICALS AND ALLIED PRODUCTS		21,110		0.24

COMMUNICATIONS		45,690		0.52

DEPOSITORY INSTITUTIONS		161,863		1.85

EATING AND DRINKING PLACES		5,048		0.06

ELECTRIC, GAS, AND SANITARY SERVICES		61,999		0.71

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		14,434		0.17

FABRICATED METAL PRODUCTS		3,030		0.03

FOOD AND KINDRED PRODUCTS		41,875		0.48

FOOD STORES		5,359		0.06

FURNITURE AND FIXTURES		3,824		0.04

GENERAL BUILDING CONTRACTORS		17,499		0.20

GENERAL MERCHANDISE STORES		5,162		0.06

HEALTH SERVICES		2,460		0.03

HOLDING AND OTHER INVESTMENT OFFICES		15,102		0.17

INDUSTRIAL MACHINERY AND EQUIPMENT		36,090		0.41

INSTRUMENTS AND RELATED PRODUCTS		30,133		0.34

INSURANCE CARRIERS		65,659		0.75

MISCELLANEOUS MANUFACTURING INDUSTRIES		4,878		0.06

MISCELLANEOUS RETAIL		4,313		0.05

MOTION PICTURES		17,299		0.20

NONDEPOSITORY INSTITUTIONS		52,279		0.60

OIL AND GAS EXTRACTION		44,702		0.51

OTHER MORTGAGE BACKED SECURITIES		299,451		3.43

PAPER AND ALLIED PRODUCTS		4,858		0.06

PETROLEUM AND COAL PRODUCTS		6,087		0.07

PIPELINES, EXCEPT NATURAL GAS		2,698		0.03

PRINTING AND PUBLISHING		10,295		0.12

RAILROAD TRANSPORTATION		11,054		0.13

SECURITY AND COMMODITY BROKERS		33,996		0.39

SOCIAL SERVICES		5,221		0.06


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


CREF Social Choice Account \|	Summary portfolio of investments December 31, 2006	continued


	ISSUER		RATING† (Unaudited)	PRINCIPAL		VALUE (000)		% OF NET ASSETS

	STONE, CLAY, AND GLASS PRODUCTS					$	2,058		0.02	%

	TRANSPORTATION BY AIR						10,691		0.12

	TRANSPORTATION EQUIPMENT						5,367		0.06

	TRANSPORTATION SERVICES						6,606		0.08

	TRUCKING AND WAREHOUSING						1,812		0.02

	WHOLESALE TRADE-DURABLE GOODS						4,862		0.06

	WHOLESALE TRADE-NONDURABLE GOODS						12,751		0.15

	TOTAL CORPORATE BONDS		(Cost $1,366,196)				1,362,876		15.61

	GOVERNMENT BONDS
	AGENCY SECURITIES
	Private Export Funding Corp	4.974%, 08/15/13	Aaa	$	41,570,000		41,647		0.48
	Private Export Funding Corp	4.550%, 05/15/15	Aaa		38,125,000		36,765		0.42
	Other						351,208		4.02

							429,620		4.92

	FOREIGN GOVERNMENT BONDS						128,460		1.47
	MORTGAGE BACKED SECURITIES
h	Federal Home Loan Mortgage Corp Gold
	(FGLMC)	6.000%, 01/15/37			30,000,000		30,216		0.35
h	Federal National Mortgage Association
	(FNMA)	6.000%, 01/25/22			44,000,000		44,605		0.51
d	FNMA	5.000%, 10/01/25			31,657,455		30,806		0.35
d	FNMA	5.000%, 11/01/33			35,848,057		34,677		0.40
d	FNMA	5.500%, 04/01/35			32,592,688		32,220		0.37
h	FNMA	5.500%, 01/25/37			29,000,000		28,656		0.33
h	FNMA	6.000%, 01/25/37			68,000,000		68,446		0.78
h	FNMA	6.500%, 01/25/37			36,000,000		36,675		0.42
	Other						865,918		9.91

							1,172,219		13.42

	MUNICIPAL BONDS						84,729		0.97


	U.S. TREASURY SECURITIES
e	United States Treasury Bond	8.000%, 11/15/21			109,986,000		145,802		1.67
	Other						104,817		1.20

							250,619		2.87

	TOTAL GOVERNMENT BONDS		(Cost $2,078,063)				2,065,647		23.65

	TOTAL BONDS		(Cost $3,444,259)				3,428,523		39.26


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


CREF Social Choice Account \|	Summary portfolio of investments December 31, 2006	continued


	COMPANY		SHARES		VALUE (000)		% OF NET ASSETS

	PREFERRED STOCKS
	COMMUNICATIONS				$	2,507		0.03	%
	DEPOSITORY INSTITUTIONS					2,176		0.02

	TOTAL PREFERRED STOCKS	(Cost $4,662)				4,683		0.05

	COMMON STOCKS
	AMUSEMENT AND RECREATION SERVICES					603		0.01

	APPAREL AND ACCESSORY STORES					42,423		0.49

	APPAREL AND OTHER TEXTILE PRODUCTS					3,315		0.04

	AUTO REPAIR, SERVICES AND PARKING					1,658		0.02

	AUTOMOTIVE DEALERS AND SERVICE STATIONS					4,705		0.05

	BUILDING MATERIALS AND GARDEN SUPPLIES
e	Home Depot, Inc			1,004,126		40,326		0.46
	Other					24,435		0.28

						64,761		0.74

	BUSINESS SERVICES
e*	Google, Inc (Class A)			80,052		36,862		0.42
e	Microsoft Corp			3,852,124		115,024		1.32
	Other					170,605		1.95

						322,491		3.69

	CHEMICALS AND ALLIED PRODUCTS
e	Abbott Laboratories			867,816		42,271		0.48
e*	Amgen, Inc			576,041		39,349		0.45
e	Merck & Co, Inc			1,341,193		58,476		0.67
e	Procter & Gamble Co			1,517,412		97,524		1.12
	Other					255,050		2.92

						492,670		5.64

	COMMUNICATIONS
e	AT&T, Inc			2,043,775		73,065		0.84
e	BellSouth Corp			997,329		46,984		0.54
e	Verizon Communications, Inc			1,455,295		54,195		0.62
	Other					107,937		1.23

						282,181		3.23

	DEPOSITORY INSTITUTIONS
e	Bank of America Corp			1,639,453		87,530		1.00
e	US Bancorp			1,360,612		49,241		0.56
e	Wachovia Corp			1,218,421		69,389		0.80
e	Washington Mutual, Inc			821,729		37,380		0.43
e	Wells Fargo & Co			1,861,674		66,201		0.76
	Other					221,023		2.53

						530,764		6.08

	EATING AND DRINKING PLACES
e	McDonald’s Corp			934,701		41,435		0.47
	Other					27,787		0.32

						69,222		0.79


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


CREF Social Choice Account \|	Summary portfolio of investments December 31, 2006	continued


	COMPANY	SHARES		VALUE (000)		% OF NET ASSETS

	EDUCATIONAL SERVICES			$	150		0.00	%**

	ELECTRIC, GAS, AND SANITARY SERVICES				286,768		3.28

	ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
*	Cisco Systems, Inc		2,594,227		70,900		0.81
e	Emerson Electric Co		880,600		38,826		0.44
e	Intel Corp		2,683,225		54,335		0.62
	Other				179,467		2.06

					343,528		3.93

	ENGINEERING AND MANAGEMENT SERVICES				34,512		0.40

	FABRICATED METAL PRODUCTS				37,153		0.43

	FOOD AND KINDRED PRODUCTS
	PepsiCo, Inc		936,304		58,566		0.67
	Other				86,665		0.99

					145,231		1.66

	FOOD STORES				13,970		0.16

	FORESTRY				1,003		0.01

	FURNITURE AND FIXTURES				36,667		0.42

	FURNITURE AND HOME FURNISHINGS STORES				5,462		0.06

	GENERAL BUILDING CONTRACTORS				23,553		0.27

	GENERAL MERCHANDISE STORES				65,442		0.75

	HEALTH SERVICES				69,804		0.80

	HOLDING AND OTHER INVESTMENT OFFICES				168,518		1.93

	HOTELS AND OTHER LODGING PLACES				10,125		0.12


	INDUSTRIAL MACHINERY AND EQUIPMENT
e	3M Co		574,944		44,805		0.51
e	Hewlett-Packard Co		1,298,523		53,486		0.61
e	International Business Machines Corp		787,557		76,511		0.88
	Other				132,920		1.52

					307,722		3.52


	INSTRUMENTS AND RELATED PRODUCTS
	Johnson & Johnson		1,665,795		109,976		1.26
e	Medtronic, Inc		681,028		36,442		0.42
	Other				133,444		1.53

					279,862		3.21

	INSURANCE AGENTS, BROKERS AND SERVICE				22,359		0.26

	INSURANCE CARRIERS
e	Prudential Financial, Inc		405,806		34,842		0.40
e	St. Paul Travelers Cos, Inc		534,477		28,696		0.33
	Other				163,864		1.87

					227,402		2.60


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


CREF Social Choice Account \|	Summary portfolio of investments December 31, 2006	continued


	COMPANY	SHARES		VALUE (000)		% OF NET ASSETS

	LEATHER AND LEATHER PRODUCTS			$	8,940		0.10	%

	LEGAL SERVICES				100		0.00	**

	LUMBER AND WOOD PRODUCTS				445		0.01

	METAL MINING				6,008		0.07

	MISCELLANEOUS MANUFACTURING INDUSTRIES				14,110		0.16

	MISCELLANEOUS RETAIL				69,187		0.79

	MOTION PICTURES
e	Time Warner, Inc		2,780,199		60,553		0.69
e	Walt Disney Co		1,365,173		46,784		0.54
	Other				7,018		0.08

					114,355		1.31

	NONDEPOSITORY INSTITUTIONS
	American Express Co		782,671		47,485		0.54
e	Freddie Mac		629,567		42,748		0.49
	Other				73,825		0.85

					164,058		1.88

	NONMETALLIC MINERALS, EXCEPT FUELS				12,870		0.15

	OIL AND GAS EXTRACTION
e	Anadarko Petroleum Corp		645,738		28,102		0.32
	Other				128,844		1.48

					156,946		1.80

	PAPER AND ALLIED PRODUCTS				46,293		0.53

	PERSONAL SERVICES				3,425		0.04

	PETROLEUM AND COAL PRODUCTS
e	Devon Energy Corp		496,884		33,331		0.38
	Other				111,794		1.28

					145,125		1.66

	PRIMARY METAL INDUSTRIES				69,906		0.80

	PRINTING AND PUBLISHING				57,705		0.66

	RAILROAD TRANSPORTATION				31,715		0.36

	REAL ESTATE				2,113		0.02

	RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS				4,954		0.06


	SECURITY AND COMMODITY BROKERS
e	Goldman Sachs Group, Inc		244,176		48,676		0.56
e	Merrill Lynch & Co, Inc		628,629		58,525		0.67
	Other				73,330		0.84

					180,531		2.07

	SPECIAL TRADE CONTRACTORS				1,194		0.01

	STONE, CLAY, AND GLASS PRODUCTS				4,571		0.05

	TEXTILE MILL PRODUCTS				159		0.00	**


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


CREF Social Choice Account \|	Summary portfolio of investments December 31, 2006	continued


	COMPANY				SHARES		VALUE (000)		% OF NET ASSETS

	TRANSPORTATION BY AIR						$	35,881		0.41	%

	TRANSPORTATION EQUIPMENT							52,112		0.60

	TRANSPORTATION SERVICES							3,463		0.04


	TRUCKING AND WAREHOUSING
e	United Parcel Service, Inc (Class B)					404,035		30,295		0.35
	Other							37		0.00	**

								30,332		0.35

	WATER TRANSPORTATION							2,766		0.03

	WHOLESALE TRADE-DURABLE GOODS							34,187		0.39

	WHOLESALE TRADE-NONDURABLE GOODS							53,334		0.61

	TOTAL COMMON STOCKS		(Cost $3,415,242)					5,200,809		59.55


	ISSUER					PRINCIPAL

	SHORT-TERM INVESTMENTS
	COMMERCIAL PAPER							125,181		1.43

	U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES
	Federal Home Loan Bank
	(FHLB)	4.800%–5.200%, 01/02/07–03/28/07			$	289,994,000		288,880		3.31
d	Federal Home Loan Mortgage Corp
	(FHLMC)	5.120%–5.210%, 01/02/07–03/23/07				811,899,000		806,487		9.24
d	Federal National Mortgage Association
	(FNMA)	5.130%–5.185%, 01/05/07–03/21/07				1,055,320,000		1,050,700		12.03

								2,146,067		24.58


	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED

	REPURCHASE AGREEMENTS
	Bear Stearns & Co, Inc, 5.300% Dated 12/29/2006,					44,187,000		44,206		0.51
	Due 01/02/2007 In the Amount of $44,206,516
	Fully Collateralized as follows:
	Federal Home Loan Bank
	(FHLB)	5.477%–6.000%, 01/28/2009–11/15/2024		$ 16,827,385
	Federal National Mortgage Association
	(FNMA)	0.000%–6.000%, 01/04/2007–12/19/2016		28,334,508

	Total Market Value			45,161,893
	Goldman Sachs & Co. 5.250% Dated 12/29/2006,					15,000,000		15,007		0.17
	Due 01/02/2007 In The Amount Of $15,006,563
	Fully Collateralized as follows:
	Federal Home Loan Bank (FHLB)	5.375%, 03/14/2008		7,791,188
	Federal National Mortgage Association
	(FNMA)	5.625%, 06/29/2009		7,509,375

	Total Market Value			15,300,563


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


CREF Social Choice Account \|	Summary portfolio of investments December 31, 2006	concluded


ISSUER				PRINCIPAL		VALUE (000)			% OF NET ASSETS

Lehman Brothers Inc, 5.270% Dated 12/29/2006,				$	90,000,000	$	90,040			1.03	%
Due 01/02/2007 In The Amount Of $90,039,525
Fully Collateralized as follows:
Federal Home Loan Bank
(FHLB) 0.000%–5.750%, 02/06/2009–07/21/2025			$ 64,067,288
Federal Home Loan Mortgage Corp
(FHLMC)	5.125%, 02/01/2011		10,028,981
Federal National Mortgage Association
(FNMA) 4.000%–5.050%, 01/26/2009–01/26/2015			18,603,731

Total Market Value			92,700,000
Merrill Lynch & Co. Inc, 5.260% Dated 12/29/2006,					50,000,000		50,022			0.57
Due 01/02/2007 In The Amount Of $50,021,917
Fully Collateralized as follows:
Federal Home Loan Mortgage Corp
(FHLMC) 5.000%–5.500%, 11/01/2010–10/19/2015			21,455,357
Federal National Mortgage Association
(FNMA) 0.000%–5.570%, 01/16/2007–06/30/2028			29,540,121

Total Market Value			50,995,478
Morgan Stanley & Co, Inc 5.290% Dated 12/29/2006,					64,144,000		64,172			0.74
Due 01/02/2007 In The Amount Of $64,172,277
Fully Collateralized as follows:
Federal Home Loan Bank
(FHLB) 0.000%–6.000%, 02/12/2007–07/21/2025			28,380,169
Federal Home Loan Mortgage Corp
(FHLMC) 0.000%–4.730%, 03/16/2007–04/08/2019			23,176,207
Federal National Mortgage Association
(FNMA) 3.250%–6.930%, 08/15/2008–12/29/2023			13,872,798

Total Market Value			65,429,174

							263,447			3.02

TOTAL SHORT-TERM INVESTMENTS		(Cost $2,534,118)
(includes $2,109,008 of cash collateral for securities on loan)							2,534,695			29.03


TOTAL PORTFOLIO		(Cost $9,398,281)					11,168,710			127.89
OTHER ASSETS & LIABILITIES, NET							(2,435,814	)		(27.89	)

	NET ASSETS					$	8,732,896			100.00	%



*	Non-income producing.

**	Percentage represents less than 0.01%.

d	All or a portion of these securities have been segregated by the custodian to cover securities purchased on a delayed delivery basis.

e	All or a portion of these securities are out on loan.

h	These securities were purchased on a delayed delivery basis.

†	As provided by Moody’s Investors Service (Unaudited).


Cost amounts are in thousands.

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


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


CREF Money Market Account \|	Summary portfolio of investments December 31, 2006


	ISSUER		PRINCIPAL		VALUE (000)		% OF NET ASSETS

	SHORT-TERM INVESTMENTS
	CERTIFICATES OF DEPOSIT
	Abbey National plc	5.280%–5.300%, 02/06/07–03/12/07	$	139,500,000	$	139,503		1.46	%
	American Express Bank	5.290%–5.565%, 01/08/07–03/29/07		164,500,000		164,502		1.72
	Bank Of Montreal	5.280%–5.285%, 02/06/07–02/27/07		100,000,000		99,993		1.04
	Dexia Bank	5.295%–5.300%, 01/30/07–02/13/07		123,635,000		123,631		1.29
	Royal Bank of Canada	5.295%–5.310%, 02/02/07–04/10/07		148,000,000		147,984		1.55
	Other					373,035		3.90

						1,048,648		10.96


	COMMERCIAL PAPER
	American Honda
	Finance Corp	5.230%–5.240%, 01/11/07–03/09/07		201,391,000		200,128		2.09
c	Beta Finance, Inc	5.200%–5.260%, 01/11/07–04/23/07		201,558,000		200,458		2.10
c	BMW US Capital Corp	5.210%–5.240%, 02/07/07–02/26/07		116,650,000		115,908		1.21
	Canadian Imperial
	Holding, Inc	5.230%, 01/16/07–01/17/07		95,000,000		94,778		0.99
c	CC (USA), Inc	5.250%–5.260%, 01/11/07–05/01/07		165,795,000		165,343		1.73
c	Ciesco LP	5.240%–5.260%, 01/09/07–02/14/07		200,230,000		199,573		2.09
	Citigroup Funding, Inc	5.230%–5.250%, 01/05/07–03/13/07		150,500,000		149,598		1.56
c	Corporate Asset Funding
	Corp, Inc	5.250%–5.260%, 01/22/07–02/14/07		150,000,000		149,320		1.56
c	Danske Corp	5.190%–5.270%, 01/02/07–04/17/07		129,710,000		128,663		1.34
c	Dorada Finance, Inc	5.200%–5.260%, 01/09/07–05/11/07		187,075,000		186,036		1.94
c	Edison Asset
	Securitization LLC	5.180%–5.280%, 01/04/07–06/15/07		200,434,000		199,131		2.08
c	Fairway Finance Corp	5.240%–5.320%, 01/02/07–01/26/07		165,264,000		164,933		1.72
	General Electric Capital
	Corp	5.170%–5.240%, 01/03/07–06/27/07		180,420,000		179,186		1.87
c	Goldman Sachs
	Group LP	5.210%–5.300%, 01/03/07–02/23/07		164,885,000		163,896		1.71
c	Govco, Inc	5.230%–5.250%, 01/08/07–03/13/07		179,355,000		178,370		1.86
c	Grampian Funding LLC	5.200%–5.300%, 01/02/07–04/23/07		98,985,000		98,212		1.03
c	Greyhawk Funding LLC	5.190%–5.300%, 01/11/07–03/19/07		197,694,000		196,607		2.05
c	Harley-Davidson
	Funding Corp	5.210%–5.225%, 01/11/07–02/23/07		130,071,000		129,425		1.35
c	Harrier Finance Funding
	LLC	5.205%–5.270%, 01/11/07–04/03/07		170,645,000		169,464		1.77
	HBOS Treasury Services
	plc	5.225%–5.260%, 01/26/07–03/19/07		95,000,000		94,128		0.98
	HSBC Finance Corp	5.230%, 02/23/07–03/08/07		150,500,000		149,250		1.56
	ING Finance	5.230%–5.270%, 01/10/07–02/27/07		150,500,000		149,796		1.57
c	Johnson & Johnson	5.200%–5.290%, 01/03/07–01/18/07		101,000,000		100,819		1.05
c	Kitty Hawk Funding Corp	5.250%–5.300%, 01/16/07–03/30/07		121,170,000		120,225		1.26
c	Links Finance LLC	5.240%–5.315%, 01/16/07–03/16/07		153,000,000		151,812		1.59
	Morgan Stanley Dean
	Witter	5.230%–5.240%, 02/13/07–04/09/07		200,350,000		198,548		2.08
c	Nestle Capital Corp	5.195%–5.210%, 01/09/07–04/09/07		173,034,000		172,119		1.80
	Paccar Financial Corp	5.220%–5.250%, 01/04/07–03/27/07		198,031,000		196,915		2.06
c	Park Avenue
	Receivables Corp	5.260%–5.300%, 01/03/07–02/05/07		199,864,000		199,225		2.08
c	Private Export Funding
	Corp	5.220%–5.260%, 01/03/07–03/22/07		200,598,000		199,647		2.09


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


CREF Money Market Account \|	Summary portfolio of investments December 31, 2006	concluded


	ISSUER			PRINCIPAL		VALUE (000)		% OF NET ASSETS

c	Procter & Gamble
	International	5.230%–5.250%, 01/03/07–02/13/07		$	200,445,000	$	199,536		2.09	%
c	Ranger Funding Co LLC	5.250%–5.280%, 01/08/07–03/12/07			154,664,000		154,040		1.61
	Royal Bank of Scotland
	plc	5.225%–5.240%, 01/23/07–02/15/07			150,000,000		149,344		1.56
c	Scaldis Capital LLC	5.180%–5.280%, 01/10/07–06/08/07			199,311,000		197,874		2.07
c	Sheffield Receivables
	Corp	5.240%–5.270%, 01/02/07–02/12/07			162,000,000		161,659		1.69
c	Sigma Finance, Inc	5.230%–5.260%, 01/04/07–03/02/07			159,550,000		158,798		1.66
	Societe Generale
	North America, Inc	5.210%–5.250%, 01/08/07–04/02/07			150,336,000		149,556		1.56
	Swedish Export Credit
	Corp	5.220%–5.230%, 01/04/07–02/16/07			200,300,000		199,464		2.08
c	Toronto-Dominion
	Holdings USA, Inc	5.195%–5.303%, 01/29/07–02/14/07			101,000,000		100,476		1.05
	Toyota Motor Credit Corp	5.230%–5.240%, 01/03/07–03/15/07			200,500,000		199,333		2.08
	UBS Finance,
	(Delaware), Inc	5.145%–5.255%, 01/02/07–05/07/07			150,500,000		149,308		1.56
c	Variable Funding
	Capital Corp	5.250%, 02/05/07–03/06/07			100,200,000		99,604		1.04
c	Yorktown Capital LLC	5.260%–5.330%, 01/09/07–03/07/07			151,877,000		150,958		1.58
	Other						892,980		9.33

							7,764,443		81.13


	U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES
	Federal Home Loan Mortgage
	Corp (FHLMC)	5.075%–5.175%, 01/02/07–04/10/07			164,143,000		162,924		1.70
	Federal National Mortgage
	Association (FNMA)	5.128%–5.185%, 01/03/07–03/07/07			286,168,000		284,230		2.97
	Other						49,568		0.52

							496,722		5.19


	VARIABLE NOTES						248,409		2.59

	TOTAL SHORT-TERM INVESTMENTS		(Cost $9,558,504)				9,558,222		99.87


		TOTAL PORTFOLIO	(Cost $9,558,504)				9,558,222		99.87
	OTHER ASSETS & LIABILITIES, NET						12,295		0.13

		NET ASSETS				$	9,570,517		100.00	%



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.

Cost amounts are in thousands.


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

[This page intentionally left blank.]


	College Retirement Equities Fund 2006 Annual Report	\| 77


Statements of assets and liabilities \|	College Retirement Equities Fund December 31, 2006


(amounts in thousands, except amounts per accumulation unit)	Stock Account		Global Equities Account		Growth Account		Equity Index Account		Bond Market Account		Inflation- Linked Bond Account


ASSETS
Portfolio investments, at cost
Unaffiliated issuers	$	110,046,240	$	14,379,246	$	11,308,064	$	9,010,343	$	8,104,539	$	3,711,581
Affiliated issuers		548,655		99,244		48,379		—		3,855		—

Total portfolio investments, at cost		110,594,895		14,478,490		11,356,443		9,010,343		8,108,394		3,711,581

Portfolio investments, at value:
Unaffiliated issuers		133,344,766		16,017,767		12,840,690		12,176,426		8,087,997		3,710,222
Affiliated issuers		550,565		97,288		37,823		—		4,148		—

Total portfolio investments, at value (including securities loaned of $2,908,416, $487,675, $884,802, $852,602, $1,177,650 & $1,557, respectively)	$	133,895,331	$	16,115,055	$	12,878,513	$	12,176,426	$	8,092,145	$	3,710,222
Cash		97		128		119		502		3,181		36
Cash – foreign (cost of $66,519, $40,606, $1,166, $—, $— and $—, respectively)		66,578		40,612		1,168		—		—		—
Dividends and interest receivable		185,277		17,568		10,938		14,687		52,239		36,979
Receivable from securities sold		207,601		25,451		31,589		9,731		52,142		—
Amounts due from TIAA		—		4,139		—		4,584		3,957		—
Other		56		50		151		737		74		1

Total assets		134,354,940		16,203,003		12,922,478		12,206,667		8,203,738		3,747,238


LIABILITIES
Payable for collateral for securities on loan – Note 1		3,011,967		501,152		908,886		880,993		1,208,617		1,592
Amount due to banks		6,513		—		—		—		—		—
Amount due to investment advisor		35,745		668		1,512		392		247		1,562
Accumulation withdrawals payable		—		475		21		504		61		322
Payable for securities purchased*		204,084		26,358		26,569		42,207		599,980		—
Payable for variation margin on open futures contracts		—		153		—		1		—		—

Total liabilities		3,258,309		528,806		936,988		924,097		1,808,905		3,476


NET ASSETS:
Accumulation Fund	$	113,675,149	$	15,293,183	$	11,779,920	$	11,033,065	$	6,219,211	$	3,597,035
Annuity Fund		17,421,482		381,014		205,570		249,505		175,622		146,727

Total net assets	$	131,096,631	$	15,674,197	$	11,985,490	$	11,282,570	$	6,394,833	$	3,743,762

Accumulation units outstanding – Notes 4 and 5		469,488		151,295		181,824		115,880		78,203		77,482

Net asset value per accumulation unit – Note 4	$	242.14	$	101.09	$	64.80	$	95.21	$	79.53	$	46.44


*	Reduce by cash collateral.


78 \|	2006 Annual Report College Retirement Equities Fund	SEE NOTES TO FINANCIAL STATEMENTS	SEE NOTES TO FINANCIAL STATEMENTS	College Retirement Equities Fund 2006 Annual Report	\| 79


Statements of assets and liabilities \|	College Retirement Equities Fund December 31, 2006	concluded


(amounts in thousands, except amounts per accumulation unit)	Social Choice Account		Money Market Account


ASSETS
Portfolio investments, at cost
Unaffiliated issuers	$	9,398,281	$	9,558,504
Affiliated issuers		—		—

Total portfolio investments, at cost		9,398,281		9,558,504

Portfolio investments, at value:
Unaffiliated issuers		11,168,710		9,558,222
Affiliated issuers		—		—

Total portfolio investments, at value (including securities loaned of $2,047,428 & $—, respectively)	$	11,168,710	$	9,558,222
Cash		6,950		161
Dividends and interest receivable		35,577		8,405
Receivable from securities sold		14,804		—
Amounts due from TIAA		454		4,243
Other		7		13

Total assets		11,226,502		9,571,044


LIABILITIES
Payable for collateral for securities on loan – Note 1		2,109,008		—
Amount due to investment advisor		318		324
Accumulation withdrawals payable		71		203
Payable for securities purchased		384,209		—

Total liabilities		2,493,606		527


NET ASSETS
Accumulation Fund	$	8,457,623	$	9,327,073
Annuity Fund		275,273		243,444

Total net assets	$	8,732,896	$	9,570,517

Accumulation units outstanding – Notes 4 and 5		67,385		392,914

Net asset value per accumulation unit – Note 4	$	125.52	$	23.73


80 \|	2006 Annual Report College Retirement Equities Fund	SEE NOTES TO FINANCIAL STATEMENTS


Statements of operations \|	College Retirement Equities Fund For the year ended December 31, 2006


(amounts in thousands)	Stock Account			Global Equities Account


INVESTMENT INCOME
Interest	$	28,227		$	5,365
Dividends:
Unaffliliated issuers		2,361,789			265,520
Affiliated issuers		11,527			—
Foreign taxes withheld:
Unaffliliated issuers		(56,158	)		(13,161	)
Affiliated issuers		(7	)		—

Total income		2,345,378			257,724


EXPENSES – NOTE 2:
Administrative		351,336			38,726
Distribution		97,102			10,803
Investment Advisory		138,717			22,000
Mortality and expense risk charges		6,093			689

Total expenses		593,248			72,218

Net investment income (loss)		1,752,130			185,506


REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS – NOTE 3
Net realized gain (loss) on:
Portfolio investments		12,876,102			1,465,255
Futures transactions		(9,019	)		(3,986	)
Foreign currency transactions		(1,804	)		(2,531	)

Net realized gain (loss) on total investments		12,865,279			1,458,738

Net change in unrealized appreciation (depreciation) on:
Portfolio investments		4,920,878			763,945
Futures transactions		2,968			1,433
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies		4,227			1,026

Net change in unrealized appreciation (depreciation) on total investments		4,928,073			766,404

Net realized and unrealized gain (loss) on total investments		17,793,352			2,225,142

Net increase (decrease) in net assets resulting from operations	$	19,545,482		$	2,410,648


SEE NOTES TO FINANCIAL STATEMENTS	College Retirement Equities Fund 2006 Annual Report	\| 81


Statements of operations \|	College Retirement Equities Fund For the year ended December 31, 2006	concluded


(amounts in thousands)	Growth Account			Equity Index Account			Bond Market Account			Inflation- Linked Bond Account			Social Choice Account			Money Market Account


INVESTMENT INCOME
Interest	$	1,440		$	2,917		$	308,282		$	125,838		$	166,612		$	429,843
Dividends:
Unaffliliated issuers		119,528			186,337			52			—			85,730			—
Affiliated issuers		—			—			298			—			—			—
Foreign taxes withheld:
Unaffliliated issuers		(693	)		(6	)		—			—			(3	)		—
Affiliated issuers		—			—			—			—			—			—

Total income		120,275			189,248			308,632			125,838			252,339			429,843


EXPENSES – NOTE 2:
Administrative		34,784			29,830			17,279			11,015			23,393			23,755
Distribution		9,538			8,269			4,770			3,101			6,492			6,663
Investment Advisory		16,795			5,947			6,549			4,092			6,303			5,247
Mortality and expense risk charges		593			519			298			189			408			424

Total expenses		61,710			44,565			28,896			18,397			36,596			36,089

Net investment income (loss)		58,565			144,683			279,736			107,441			215,743			393,754


REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS – NOTE 3
Net realized gain (loss) on:
Portfolio investments		625,095			125,973			(49,031	)		(16,014	)		100,485			(37	)
Futures transactions		—			(944	)		—			—			—			—
Foreign currency transactions		(831	)		—			—			—			—			—

Net realized gain (loss) on total investments		624,264			125,029			(49,031	)		(16,014	)		100,485			(37	)

Net change in unrealized appreciation (depreciation) on:
Portfolio investments		(55,194	)		1,221,567			14,483			(97,374	)		480,881			344
Futures transactions		—			—						—			—
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies		21			—			—			—			—			—


Net change in unrealized appreciation (depreciation) on total investments		(55,173	)		1,221,567			14,483			(97,374	)		480,881			344

Net realized and unrealized gain (loss) on total investments		569,091			1,346,596			(34,548	)		(113,388	)		581,366			307

Net increase (decrease) in net assets resulting from operations	$	627,656		$	1,491,279		$	245,188		$	(5,947	)	$	797,109		$	394,061


82 \|	2006 Annual Report College Retirement Equities Fund	SEE NOTES TO FINANCIAL STATEMENTS	SEE NOTES TO FINANCIAL STATEMENTS	College Retirement Equities Fund 2006 Annual Report	\| 83


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


	Stock Account						Global Equities Account						Growth Account

(amounts in thousands)	Year Ended December 31, 2006			Year Ended December 31, 2005			Year Ended December 31, 2006			Year Ended December 31, 2005			Year Ended December 31, 2006			Year Ended December 31, 2005

FROM OPERATIONS
Net investment income	$	1,752,130		$	1,646,299		$	185,506		$	170,545		$	58,565		$	45,055
Net realized gain (loss) on total investments		12,865,279			11,186,744			1,458,738			1,354,783			624,264			136,012
Net change in unrealized appreciation (depreciation) on total investments		4,928,073			(4,727,891	)		766,404			(488,442	)		(55,173	)		429,260

Net increase (decrease) in net assets resulting from operations		19,545,482			8,105,152			2,410,648			1,036,886			627,656			610,327


FROM PARTICIPANT TRANSACTIONS
Premiums		3,864,717			3,675,634			947,544			855,929			1,002,849			1,090,716
Net transfers from (to) TIAA		(745,913	)		(641,163	)		11,581			12,842			(20,160	)		7,075
Net transfers from (to) other CREF Accounts and affiliated mutual funds		(1,883,653	)		(1,384,727	)		745,141			245,827			(1,284,901	)		(842,299	)
Annuity payments		(1,968,518	)		(1,813,506	)		(54,898	)		(41,784	)		(31,987	)		(31,389	)
Withdrawals and death benefits		(3,579,173	)		(2,859,527	)		(487,034	)		(319,761	)		(435,876	)		(360,265	)

Net increase (decrease) in net assets resulting from participant transactions		(4,312,540	)		(3,023,289	)		1,162,334			753,053			(770,075	)		(136,162	)

Net increase (decrease) in net assets		15,232,942			5,081,863			3,572,982			1,789,939			(142,419	)		474,165

NET ASSETS
Beginning of year		115,863,689			110,781,826			12,101,215			10,311,276			12,127,909			11,653,744

End of year	$	131,096,631		$	115,863,689		$	15,674,197		$	12,101,215		$	11,985,490		$	12,127,909


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


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


	Equity Index Account						Bond Market Account						Inflation-Linked Bond Account

(amounts in thousands)	Year Ended December 31, 2006			Year Ended December 31, 2005			Year Ended December 31, 2006			Year Ended December 31, 2005			Year Ended December 31, 2006			Year Ended December 31, 2005

FROM OPERATIONS
Net investment income	$	144,683		$	130,209		$	279,736		$	230,457		$	107,441		$	208,672
Net realized gain (loss) on total investments		125,029			51,486			(49,031	)		(31,162	)		(16,014	)		6,130
Net change in unrealized appreciation (depreciation) on total investments		1,221,567			347,107			14,483			(75,212	)		(97,374	)		(122,210	)

Net increase (decrease) in net assets resulting from operations		1,491,279			528,802			245,188			124,083			(5,947	)		92,592


FROM PARTICIPANT TRANSACTIONS
Premiums		797,823			826,227			478,969			466,865			315,855			349,973
Net transfers from (to) TIAA		(22,883	)		(30,842	)		23,801			13,303			(18,605	)		11,899
Net transfers from (to) other CREF Accounts and affiliated mutual funds		(423,255	)		(135,135	)		148,119			24,020			(322,644	)		293,847
Annuity payments		(42,957	)		(38,242	)		(35,343	)		(33,114	)		(26,647	)		(25,603	)
Withdrawals and death benefits		(394,923	)		(292,313	)		(263,318	)		(213,678	)		(198,578	)		(147,023	)

Net increase (decrease) in net assets resulting from participant transactions		(86,195	)		329,695			352,228			257,396			(250,619	)		483,093

Net increase (decrease) in net assets		1,405,084			858,497			597,416			381,479			(256,566	)		575,685

NET ASSETS
Beginning of year		9,877,486			9,018,989			5,797,417			5,415,938			4,000,328			3,424,643

End of year	$	11,282,570		$	9,877,486		$	6,394,833		$	5,797,417		$	3,743,762		$	4,000,328


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


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


	Social Choice Account						Money Market Account

(amounts in thousands)	Year Ended December 31, 2006			Year Ended December 31, 2005			Year Ended December 31, 2006			Year Ended December 31, 2005

FROM OPERATIONS
Net investment income	$	215,743		$	167,529		$	393,754		$	203,170
Net realized gain (loss) on total investments		100,485			110,087			(37	)		(21	)
Net change in unrealized appreciation (depreciation) on total investments		480,881			87,343			344			970

Net increase (decrease) in net assets resulting from operations		797,109			364,959			394,061			204,119


FROM PARTICIPANT TRANSACTIONS
Premiums		607,389			615,911			1,059,375			828,783
Net transfers from (to) TIAA		(24,280	)		(17,999	)		497,361			75,087
Net transfers from (to) other CREF Accounts and affiliated mutual funds		(165,177	)		53,048			1,074,294			208,833
Annuity payments		(36,848	)		(43,031	)		(60,154	)		(58,520	)
Withdrawals and death benefits		(239,714	)		(180,085	)		(800,465	)		(633,567	)

Net increase (decrease) in net assets resulting from participant transactions		141,370			427,844			1,770,411			420,616

Net increase (decrease) in net assets		938,479			792,803			2,164,472			624,735

NET ASSETS
Beginning of year		7,794,417			7,001,614			7,406,045			6,781,310

End of year	$	8,732,896		$	7,794,417		$	9,570,517		$	7,406,045


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


Notes to financial statements \| College Retirement Equities Fund

Note 1—significant accounting policies

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

Valuation of investments: Equity securities listed or traded on a national securities exchange are valued based on their sale price on such market or exchange at the close of business on the date of valuation, or at the mean of closing bid and asked prices if no sale is reported. Debt securities, other than money market instruments, are valued at the most recent bid price or the equivalent quoted yield for such securities (or those of comparable maturity, quality and type). Money market instruments (other than those in the Money Market Account), with maturities of one year or less, are valued in the same manner as debt securities or derived from a pricing matrix that has various types of money market instruments along one axis and various maturities along the other. Money market instruments in the Money Market Account with a remaining maturity of 60 days or less are valued on an amortized cost basis, or at market value if market value is materially different from amortized cost. Investments in registered investment companies are valued at their net asset value including investments in affiliated registered investment companies. Foreign investments are valued at the closing values of such securities as of the date of valuation under the generally accepted valuation method in the country where traded, converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. Futures contracts are valued at the last sale price as of the close of business on the board of trade or exchange on which they are traded.

Portfolio securities for which market quotations are not readily available are valued at fair value, as determined in good faith under the direction of the Board of Trustees. Portfolio securities may also be valued at fair value as determined in good faith under the direction of the Board if events materially affecting their value occur between the time their price is determined and the time the Account’s net


90 \|	2006 Annual Report College Retirement Equities Fund


Notes to financial statements	continued

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

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

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

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

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

Foreign taxes: The Accounts may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Accounts will accrue such taxes and recoveries as applicable, based upon the current interpretation of tax rules and regulations that exist in the markets in which the current Accounts invest.

Dollar roll transactions: The Accounts may enter into dollar rolls in which the Accounts sell mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon,


	College Retirement Equities Fund 2006 Annual Report	\| 91


Notes to financial statements	continued

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

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

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

Forward foreign currency contracts: The Accounts may use forward foreign currency contracts to facilitate transactions in securities denominated in foreign currencies. Such contracts are entered into directly with a counterparty and are “marked-to-market” at the end of each day’s trading. The Accounts are also exposed to credit


92 \|	2006 Annual Report College Retirement Equities Fund


Notes to financial statements	continued

risk associated with counterparty nonperformance on these forward foreign currency contracts which is typically limited to the unrealized gain on each open contract. Forward foreign currency contracts will be used primarily to protect the Accounts from adverse currency movements and will generally not be entered into for terms greater than one year. The use of forward foreign currency contracts does not eliminate fluctuations in the underlying prices of an Account’s investment securities; however, it does establish a rate of exchange that can be achieved in the future. The use of forward foreign currency contracts involves the risk that anticipated currency movements will not be accurately predicted. A forward foreign currency contract would limit the risk of loss due to a decline in the value of a particular currency; however, it also would limit any potential gain that might result should the value of the currency increase instead of decrease. The use of derivative instruments involves, to varying degrees, elements of market risk in excess of the amount recognized in the Statements of assets and liabilities. There were no open forward foreign currency contracts at December 31, 2006.

Securities lending: The Accounts may lend portfolio securities to qualified institutions and brokers. By lending investment securities, the Account attempts to increase its net investment income through the receipt of interest (after rebates and fees) on collateral. Such income is included in interest income on the Statements of operations. The loans are secured by collateral at least equal to 102% of the market value of the securities loaned for United States securities and 105% of the market value of securities loaned for foreign securities. The Accounts continue to receive income on the securities loaned and receive additional income from the lending transaction. The Accounts have the right under the lending agreement to recover the securities from the borrower on demand. CREF invests the cash collateral on behalf of the Accounts in accordance with the investment guidelines contained in the securities lending agreement. Additionally, any change in the market value of the securities loaned is recognized by the Accounts. Although each transaction is collateralized, the Accounts would bear the risk of delay in recovery of, or loss of rights in, the securities loaned should a borrower fail to return the securities in a timely manner.

On July 27, 2006, the Accounts entered into a four year securities lending agreement with State Street Bank and Trust Company (“SSB”). Under this arrangement each Account receives a fee. Stock and Global Equities are guaranteed a fee regardless of their securities lending activity. The other Accounts, (excluding the Money Market Account), will receive a specified percentage of the securities lending income generated by SSB relative to their securities loaned.


	College Retirement Equities Fund 2006 Annual Report	\| 93


Notes to financial statements	continued

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

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

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


94 \|	2006 Annual Report College Retirement Equities Fund


Notes to financial statements	continued

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

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

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

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

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

Note 2—management agreements

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

Administrative services and distribution functions for the CREF Accounts are provided by TIAA-CREF Individual & Institutional Services, LLC (“Services”) in accordance with a Principal Underwriting and Administrative Services Agreement


	College Retirement Equities Fund 2006 Annual Report	\| 95


Notes to financial statements	continued

with CREF. Services, a wholly-owned subsidiary of TIAA, is a registered broker-dealer and member of the National Association of Securities Dealers, Inc.

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

TIAA deducts a mortality and expense charge from CREF in an amount equal to 0.005% on an annual basis of the net assets of each Account pursuant to an Immediate Annuity Purchase Rate Guarantee Agreement. Under the terms of this agreement, TIAA guarantees that CREF participants transferring funds to TIAA for the immediate purchase of lifetime payout annuities will not be charged more than the rate stipulated in the CREF contract. There were no payments made by TIAA under this agreement for the year ended December 31, 2006.

Note 3—investments

At December 31, 2006, the market value of securities loaned and collateral received in connection therewith was comprised as follows:


	Stock Account		Global Equities Account		Growth Account

Market value of securities loaned	$	2,908,416,095	$	487,674,905	$	884,801,900
Cash collateral	$	3,011,966,811	$	501,152,096	$	908,886,401


	Equity Index Account		Bond Market Account		Inflation- Linked Account		Social Choice Account

Market value of securities loaned	$	852,602,266	$	1,177,650,256	$	1,556,658	$	2,047,428,234
Cash collateral	$	880,992,552	$	1,208,617,396	$	1,591,701	$	2,109,008,512


96 \|	2006 Annual Report College Retirement Equities Fund


Notes to financial statements	continued

At December 31, 2006, net unrealized appreciation (depreciation) of portfolio investments for each of the Accounts, consisting of gross unrealized appreciation and gross unrealized depreciation, were as follows:


	Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)

Stock Account	$	25,184,944,201	$	1,884,508,705	$	23,300,435,496
Global Equities Account	$	1,760,306,996	$	123,742,157	$	1,636,564,839
Growth Account	$	1,669,414,923	$	147,345,038	$	1,522,069,885
Equity Index Account	$	3,596,725,308	$	430,642,639	$	3,166,082,669
Bond Market Account	$	37,099,921	$	53,348,879	$	(16,248,958	)
Inflation-Linked Bond Account	$	87,252,545	$	88,611,598	$	(1,359,053	)
Social Choice Account	$	1,886,595,622	$	116,167,072	$	1,770,428,550
Money Market Account	$	426,351	$	709,033	$	(282,682	)

At December 31, 2006, Global Equities Account held the following open futures contracts:


	Number of Contracts		Market Value		Expiration Date		Unrealized Appreciation

Global Equities Account
E-mini S&P 500 Index		565	$	40,352,300		March 2007	$	212,242


	College Retirement Equities Fund 2006 Annual Report	\| 97


Notes to financial statements	continued

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


Issue	Value at December 31, 2005			Purchase Cost		Proceeds		Realized Gain/(Loss)			Dividend Income		Withholding Expense		Shares at December 31, 2006		Value at December 31, 2006

Stock Account
Brocade Communications Systems, Inc		$	72,403,062	$	2,971,153	$	33,591,082	$	7,461,073		$	—	$	—		—		$	*
Digital Garage, Inc			**		7,328,268		—		—			—		—		11,156			20,717,415
First NIS Regional Fund SICAV			**		—		—		—			9,926,064		—		1,598,400			15,984
GEA Group AG.			**		—		—		—			—		—		9,520,837			214,534,602
Hagemeyer NV			**		64,517		8,993,408		3,157,994			—		—		—			*
Healthsouth Corp			**		11,498,934		3,559,018		(84,916	)		5		—		4,732,493			107,190,966
Information Development Co			**		79,576		242		123			37,147		2,601		427,900			3,311,591
Intelligent Wave, Inc			**		1,139,246		1,767,978		(252,018	)		69,081		4,836		15,832			13,702,752
Lear Corp			**		14,882,163		54,071,865		(4,416,800	)		—		—		—			*
Lone Star Technologies			**		8,103,971		6,731,604		(689,691	)		—		—		1,881,363			91,076,783
Playmates Holdings Ltd			15,044,266		—		105,962		(74,672	)		655,787		—		112,291,547			11,693,577
Risa Partners, Inc			**		3,926,848		884,930		233,011			—		—		7,157			30,190,446
Shanghai Forte Land Co			**		6,254,864		2,140,809		927,868			401,329		—		72,516,000			32,443,552
Solomon Systech International Ltd			**		8,553,482		9,221,982		(6,321,140	)		438,050		—		165,129,862			25,687,764
TBS International Ltd			5,976,000		—		1,657,055		(842,945	)		—		—		—			*

				$	64,803,022	$	122,725,935	$	(902,113	)	$	11,527,463	$	7,437				$	550,565,432

Global Equities Account
Saic, Inc		$	**	$	30,373,468	$	1,442,541	$	305,541		$	—	$	—		5,468,711		$	97,288,369

				$	30,373,468	$	1,442,541	$	305,541		$	—	$	—				$	97,288,369

Growth Account
Keryx Biopharmeceutics		$	**	$	1,103,962	$	1,058,200	$	(303,400	)	$	—	$	—		2,843,806		$	37,822,620

				$	1,103,962	$	1,058,200	$	(303,400	)	$	—	$	—				$	37,822,620

Bond Market Account
TIAA-CREF High-Yield Bond Fund		$	3,781,732	$	298,063	$	—	$	—		$	298,063	$	—		449,850		$	4,147,626

				$	298,063	$	—	$	—		$	298,063	$	—				$	4,147,626


*	Not an Affiliate as of December 31, 2006.

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


98 \|	2006 Annual Report College Retirement Equities Fund			College Retirement Equities Fund 2006 Annual Report	\| 99


Notes to financial statements	continued

Purchases and sales of portfolio securities, excluding government securities and short-term money market instruments, for the Accounts for the year ended December 31, 2006, were as follows:


	Stock Account		Global Equities Account		Growth Account		Equity Index Account		Bond Market Account		Inflation-Linked Bond Account		Social Choice Account

Purchases:
Non-Government	$	62,028,889,451	$	20,004,203,296	$	12,950,227,807	$	1,050,171,100	$	2,147,900,880	$	—	$	1,926,234,472
Government		—		—		—		—		10,717,843,894		859,819,707		5,055,799,997

Total Purchases	$	62,028,889,451	$	20,004,203,296	$	12,950,227,807	$	1,050,171,100	$	12,865,744,774	$	859,819,707	$	6,982,034,469


Sales:
Non-Government	$	65,587,392,194	$	18,820,807,661	$	13,697,650,783	$	1,024,028,907	$	1,225,536,257	$	—	$	1,329,290,160
Government		—		—		—		—		10,900,289,762		1,026,958,261		5,241,212,739

Total Sales	$	65,587,392,194	$	18,820,807,661	$	13,697,650,783	$	1,024,028,907	$	12,125,826,019	$	1,026,958,261	$	6,570,502,899


100 \|	2006 Annual Report College Retirement Equities Fund			College Retirement Equities Fund 2006 Annual Report	\| 101


Notes to financial statements	continued

Note 4—financial information

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


		Stock Account

		For the Years Ended December 31,

	2006			2005			2004			2003			2002

Per Accumulation Unit Data:*
Investment income	$	4.329		$	3.819		$	3.564		$	2.796		$	2.476
Expenses		1.095			0.901			0.717			0.746			0.638

Investment income-net		3.234			2.918			2.847			2.050			1.838
Net realized and unrealized gain (loss) on total investments		32.372			11.478			19.297			39.127			(35.535	)

Net increase (decrease) in Accumulation Unit Value		35.606			14.396			22.144			41.177			(33.697	)
Accumulation Unit Value: Beginning of year		206.533			192.137			169.993			128.816			162.513

End of year	$	242.139		$	206.533		$	192.137		$	169.993		$	128.816

Total Return*		17.24	%		7.49	%		13.03	%		31.97	%		(20.73	%)
Ratios to Average Net Assets:
Expenses		0.49	%		0.46	%		0.41	%		0.52	%		0.44	%
Investment income-net		1.44	%		1.49	%		1.63	%		1.43	%		1.28	%
Portfolio turnover rate		50.79	%		58.24	%		57.85	%		47.46	%		31.19	%
Accumulation Units outstanding at end of year (in thousands)		469,488			484,028			494,584			499,306			493,295
Accumulation Fund Net Assets (in thousands)		113,675,149			99,967,674			95,028,020			84,878,666			63,544,534
Net Assets at end of year (in thousands)	$	131,096,631		$	115,863,689		$	110,781,826		$	99,624,341		$	75,551,091


*	Based on per accumulation data.


102 \|	2006 Annual Report College Retirement Equities Fund


Notes to financial statements	continued


	Global Equities Account

	For the Years Ended December 31,

	2006			2005			2004			2003			2002

Per Accumulation Unit Data:*
Investment income	$	1.716		$	1.641		$	1.462		$	1.249		$	0.956
Expenses		0.481			0.397			0.323			0.325			0.281

Investment income-net		1.235			1.244			1.139			0.924			0.675
Net realized and unrealized gain (loss) on total investments		14.969			6.205			8.064			16.227			(14.853	)

Net increase (decrease) in Accumulation Unit Value		16.204			7.449			9.203			17.151			(14.178	)
Accumulation Unit Value:
Beginning of year		84.887			77.438			68.235			51.084			65.262

End of year	$	101.091		$	84.887		$	77.438		$	68.235		$	51.084

Total Return*		19.09	%		9.62	%		13.49	%		33.57	%		(21.72	%)
Ratios to Average Net Assets:
Expenses		0.52	%		0.50	%		0.46	%		0.57	%		0.49	%
Investment income-net		1.35	%		1.57	%		1.62	%		1.60	%		1.18	%
Portfolio turnover rate		137.49	%		136.83	%		74.13	%		139.61	%		95.70	%
Accumulation Units outstanding at end of year (in thousands)		151,295			139,042			129,787			117,021			104,438
Accumulation Fund Net Assets (in thousands)		15,293,183			11,802,797			10,050,446			7,984,938			5,335,182
Net Assets at end of year (in thousands)	$	15,674,197		$	12,101,215		$	10,311,276		$	8,204,411		$	5,497,690


*	Based on per accumulation unit data.


	College Retirement Equities Fund 2006 Annual Report	\| 103


Notes to financial statements	continued


	Growth Account

	For the Years Ended December 31,

	2006			2005			2004			2003			2002

Per Accumulation Unit Data:*
Investment income	$	0.625		$	0.520		$	0.672		$	0.606		$	0.488
Expenses		0.321			0.291			0.249			0.265			0.231

Investment income-net		0.304			0.229			0.423			0.341			0.257
Net realized and unrealized gain (loss) on total investments		3.066			2.935			3.005			11.572			(18.704	)

Net increase (decrease) in Accumulation Unit Value		3.370			3.164			3.428			11.913			(18.447	)
Accumulation Unit Value: Beginning of year		61.430			58.266			54.838			42.925			61.372

End of year	$	64.800		$	61.430		$	58.266		$	54.838		$	42.925

Total Return*		5.49	%		5.43	%		6.25	%		27.75	%		(30.06	%)
Ratios to Average Net Assets:
Expenses		0.52	%		0.50	%		0.45	%		0.54	%		0.46	%
Investment income-net		0.49	%		0.39	%		0.77	%		0.70	%		0.51	%
Portfolio turnover rate		109.28	%		87.32	%		64.72	%		76.41	%		53.99	%
Accumulation Units outstanding at end of year (in thousands)		181,824			194,004			196,256			197,453			176,249
Accumulation Fund Net Assets (in thousands)		11,779,920			11,917,736			11,435,018			10,827,972			7,565,570
Net Assets at end of year (in thousands)	$	11,985,490		$	12,127,909		$	11,653,744		$	11,041,732		$	7,743,228


*	Based on per accumulation unit data.


104 \|	2006 Annual Report College Retirement Equities Fund


Notes to financial statements	continued


	Equity Index Account

	For the Years Ended December 31,

	2006			2005			2004			2003			2002

Per Accumulation Unit Data:*
Investment income	$	1.636		$	1.441		$	1.400		$	1.073		$	1.003
Expenses		0.385			0.325			0.256			0.278			0.248

Investment income-net		1.251			1.116			1.144			0.795			0.755
Net realized and unrealized gain (loss) on total investments		11.332			3.320			6.954			15.521			(15.713	)

Net increase (decrease) in Accumulation Unit Value		12.583			4.436			8.098			16.316			(14.958	)
Accumulation Unit Value: Beginning of year		82.627			78.191			70.093			53.777			68.735

End of year	$	95.210		$	82.627		$	78.191		$	70.093		$	53.777

Total Return*		15.23	%		5.67	%		11.55	%		30.34	%		(21.76	%)
Ratios to Average Net Assets:
Expenses		0.43	%		0.41	%		0.36	%		0.46	%		0.41	%
Investment income-net		1.39	%		1.40	%		1.60	%		1.33	%		1.26	%
Portfolio turnover rate		9.85	%		7.36	%		3.27	%		3.40	%		7.02	%
Accumulation Units outstanding at end of year (in thousands)		115,880			116,883			112,708			103,603			86,020
Accumulation Fund Net Assets (in thousands)		11,033,065			9,657,753			8,812,812			7,261,874			4,625,880
Net Assets at end of year (in thousands)	$	11,282,570		$	9,877,486		$	9,018,989		$	7,432,047		$	4,751,780


*	Based on per accumulation unit data.


	College Retirement Equities Fund 2006 Annual Report	\| 105


Notes to financial statements	continued


	Bond Market Account

	For the Years Ended December 31,

	2006			2005			2004			2003			2002

Per Accumulation Unit Data:*
Investment income	$	3.990		$	3.437		$	3.265		$	2.946		$	3.317
Expenses		0.373			0.342			0.292			0.347			0.261

Investment income-net		3.617			3.095			2.973			2.599			3.056
Net realized and unrealized gain (loss) on total investments		(0.467	)		(1.414	)		0.015			0.377			3.236

Net increase (decrease) in Accumulation Unit Value		3.150			1.681			2.988			2.976			6.292
Accumulation Unit Value: Beginning of year		76.382			74.701			71.713			68.737			62.445

End of year	$	79.532		$	76.382		$	74.701		$	71.713		$	68.737

Total Return*		4.12	%		2.25	%		4.17	%		4.33	%		10.08	%
Ratios to Average Net Assets:
Expenses		0.48	%		0.45	%		0.40	%		0.49	%		0.41	%
Investment income-net		4.69	%		4.09	%		4.07	%		3.69	%		4.75	%
Portfolio turnover rate		218.63	%		275.27	%		100.40	%		163.84	%		249.41	%
Accumulation Units outstanding at end of year (in thousands)		78,203			73,664			70,239			73,111			81,952
Accumulation Fund Net Assets (in thousands)		6,219,211			5,626,558			5,246,934			5,243,017			5,633,159
Net Assets at end of year (in thousands)	$	6,394,833		$	5,797,417		$	5,415,938		$	5,408,805		$	5,786,214


*	Based on per accumulation unit data.


106 \|	2006 Annual Report College Retirement Equities Fund


Notes to financial statements	continued


	Inflation-Linked Bond Account

	For the Years Ended December 31,

	2006			2005			2004			2003			2002

Per Accumulation Unit Data:*
Investment income	$	1.560		$	2.657		$	2.028		$	1.764		$	1.797
Expenses		0.228			0.194			0.166			0.193			0.147

Investment income-net		1.332			2.463			1.862			1.571			1.650
Net realized and unrealized gain (loss) on total investments		(1.339	)		(1.316	)		1.497			1.395			3.817

Net increase (decrease) in Accumulation Unit Value		(0.007	)		1.147			3.359			2.966			5.467
Accumulation Unit Value: Beginning of year		46.443			45.296			41.937			38.971			33.504

End of year	$	46.436		$	46.443		$	45.296		$	41.937		$	38.971

Total Return*		(0.01	%)		2.53	%		8.01	%		7.61	%		16.32	%
Ratios to Average Net Assets: Expenses		0.49	%		0.43	%		0.39	%		0.48	%		0.41	%
Investment income-net		2.83	%		5.47	%		4.34	%		3.93	%		4.56	%
Portfolio turnover rate		22.77	%		23.80	%		110.22	%		239.72	%		31.33	%
Accumulation Units outstanding at end of year (in thousands)		77,482			82,764			72,643			57,499			63,825
Accumulation Fund Net Assets (in thousands)		3,597,035			3,843,780			3,290,430			2,411,323			2,487,311
Net Assets at end of year (in thousands)	$	3,743,762		$	4,000,328		$	3,424,643		$	2,522,182		$	2,570,034


*	Based on per accumulation unit data.


	College Retirement Equities Fund 2006 Annual Report	\| 107


Notes to financial statements	continued


	Social Choice Account

	For the Years Ended December 31,

	2006			2005			2004			2003			2002

Per Accumulation Unit Data:*
Investment income	$	3.687		$	2.987		$	2.883		$	2.418		$	2.687
Expenses		0.535			0.465			0.377			0.422			0.337

Investment income-net		3.152			2.522			2.506			1.996			2.350
Net realized and unrealized gain (loss) on total investments		8.412			2.877			6.473			14.293			(10.756	)

Net increase (decrease) in Accumulation Unit Value		11.564			5.399			8.979			16.289			(8.406	)
Accumulation Unit Value:
Beginning of year		113.958			108.559			99.580			83.291			91.697

End of year	$	125.522		$	113.958		$	108.559		$	99.580		$	83.291

Total Return*		10.15	%		4.97	%		9.02	%		19.56	%		(9.17	%)
Ratios to Average Net Assets:
Expenses		0.45	%		0.42	%		0.37	%		0.47	%		0.39	%
Investment income-net		2.65	%		2.29	%		2.46	%		2.22	%		2.75	%
Portfolio turnover rate		83.53	%		96.97	%		36.51	%		40.91	%		92.82	%
Accumulation Units outstanding at end of year (in thousands)		67,385			66,154			62,316			57,111			50,707
Accumulation Fund Net Assets (in thousands)		8,457,623			7,538,737			6,764,931			5,687,041			4,223,421
Net Assets at end of year (in thousands)	$	8,732,896		$	7,794,417		$	7,001,614		$	5,893,322		$	4,382,250


*	Based on per accumulation unit data.


108 \|	2006 Annual Report College Retirement Equities Fund


Notes to financial statements	continued


	Money Market Account

	For the Years Ended December 31,

	2006			2005			2004			2003			2002

Per Accumulation Unit Data:*
Investment income	$	1.169		$	0.726		$	0.307		$	0.264		$	0.407
Expenses		0.098			0.090			0.078			0.097			0.082

Investment income-net		1.071			0.636			0.229			0.167			0.325
Net realized and unrealized gain (loss) on total investments		—			0.003			(0.006	)		(0.004	)		(0.005	)

Net increase (decrease) in Accumulation Unit Value		1.071			0.639			0.223			0.163			0.320
Accumulation Unit Value:
Beginning of year		22.663			22.024			21.801			21.638			21.318

End of year	$	23.734		$	22.663		$	22.024		$	21.801		$	21.638

Total Return*		4.73	%		2.90	%		1.02	%		0.75	%		1.50	%
Ratios to Average Net Assets:
Expenses		0.43	%		0.41	%		0.36	%		0.45	%		0.38	%
Investment income-net		4.64	%		2.86	%		1.05	%		0.77	%		1.51	%
Accumulation Units outstanding at end of year (in thousands)		392,914			316,665			297,573			305,732			334,898
Accumulation Fund Net Assets (in thousands)		9,327,073			7,176,389			6,553,688			6,665,202			7,246,632
Net Assets at end of year (in thousands)	$	9,570,517		$	7,406,045		$	6,781,310		$	6,907,760		$	7,500,125


*	Based on per accumulation unit data.


	College Retirement Equities Fund 2006 Annual Report	\| 109


Notes to financial statements	continued

Note 5—accumulation units

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


	Stock Account						Global Equities Account

	For the Year Ended December 31,

	2006			2005			2006		2005

Accumulation Units:
Credited for premiums		16,883,685			18,868,912			10,031,965		10,857,379
Credited (cancelled) for transfers, disbursements and amounts applied to the Annuity Fund		(31,423,916	)		(29,424,550	)		2,221,256		(1,602,273	)
Outstanding:
Beginning of year		484,028,547			494,584,185			139,041,611		129,786,505

End of year		469,488,316			484,028,547			151,294,832		139,041,611


	Growth Account						Equity Index Account

	For the Year Ended December 31,

	2006			2005			2006			2005

Accumulation Units:
Credited for premiums		15,948,285			18,831,085			8,816,726			10,482,186
Credited (cancelled) for transfers, disbursements and amounts applied to the Annuity Fund		(28,128,966	)		(21,082,643	)		(9,819,785	)		(6,307,208	)
Outstanding:
Beginning of year		194,004,202			196,255,760			116,883,183			112,708,205

End of year		181,823,521			194,004,202			115,880,124			116,883,183


	Bond Market Account						Inflation-Linked Bond Account

	For the Year Ended December 31,

	2006			2005			2006			2005

Accumulation Units:
Credited for premiums		5,946,001			6,171,620			6,532,389			7,634,851
Credited (cancelled) for transfers, disbursements and amounts applied to the Annuity Fund		(1,406,371	)		(2,747,172	)		(11,815,100	)		2,486,624
Outstanding:
Beginning of year		73,663,784			70,239,336			82,764,467			72,642,992

End of year		78,203,414			73,663,784			77,481,756			82,764,467


110 \|	2006 Annual Report College Retirement Equities Fund


Notes to financial statements	concluded


	Social Choice Account					Money Market Account

	For the Year Ended December 31,

		2006		2005			2006	2005

Accumulation Units:
Credited for premiums		4,973,236		5,610,551			40,173,945	37,076,310
Credited (cancelled) for transfers, disbursements and amounts applied to the Annuity Fund		(3,741,940	)	(1,772,724	)		36,074,930	(17,984,295	)
Outstanding:
Beginning of year		66,153,589		62,315,762			316,664,992	297,572,977

End of year		67,384,885		66,153,589			392,913,867	316,664,992

Note 6—line of credit

Each of the Accounts, except the Bond Market and Money Market Accounts, participate in a $1.50 billion unsecured revolving credit facility to be used for temporary purposes, including the funding of participant withdrawals. Certain affiliated accounts and mutual funds, each of which is managed by Investment Management, or an affiliate of Investment Management, also participate in this facility. An annual commitment fee for the credit facility is borne by the respective Accounts. Interest associated with any borrowing under the facility is charged to the borrowing Accounts at rates which are based on the Federal Funds Rate in effect during the time of the borrowing. The Accounts are not liable for borrowings under the facility by affiliated accounts or mutual funds. For the year ended December 31, 2006, there were no borrowings under this credit facility by the Accounts.

Note 7—new accounting pronouncements

In July 2006, the Financial Accounting Standards Board (FASB) issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (“FIN 48”). FIN 48 establishes for all entities, including pass-through entities such as CREF, a minimum threshold for financial statement recognition of the benefit of positions taken in filing tax returns (including what jurisdiction the entity may be taxable in), and requires certain expanded tax disclosures. FIN 48 is effective for fiscal years beginning after December 15, 2006, and is to be applied to all open tax years as of the date of effectiveness. Management continues to evaluate the application of the interpretation to the Accounts, and is not in a position at this time to estimate the significance of its impact, if any, on the Accounts’ financial statements.

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


	College Retirement Equities Fund 2006 Annual Report	\| 111

Report of Independent Registered Public Accounting Firm

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

In our opinion, the accompanying statements of assets and liabilities, including the summary portfolios of investments, and the related statements of operations and of changes in net assets present fairly, in all material respects, the financial position of the Stock Account, Growth Account, Global Equities Account, Money Market Account, Equity Index Account, Bond Market Account, Social Choice Account and Inflation-Linked Bond Account (constituting the College Retirement Equities Fund, hereafter referred to as the “Fund”) at December 31, 2006, and the results of each of their operations for the year then ended, and the changes in each of their net assets for each of the two years in the period then ended, and in conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2006 by correspondence with the custodians and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP
____________________________________________

PricewaterhouseCoopers LLP
New York, New York
March 1, 2007


112 \|	2006 Annual Report College Retirement Equities Fund


2006 CREF annual meeting \| College Retirement Equities Fund (unaudited)

Trustees

On July 18, 2006, at an annual meeting of shareholders, the following persons were elected to serve on the Board:


Nominee	Dollars for		Percent		Dollars withheld		Percent

Eugene Flood, Jr.	$	28,423,017,176.35		96.91	$	906,816,118.67		3.09

Howell E. Jackson		28,434,454,972.07		96.95		895,378,322.95		3.05

Nancy L. Jacob		28,435,522,201.05		96.95		894,311,093.97		3.05

Bridget A. Macaskill		28,366,236,044.03		96.71		963,597,250.99		3.29

James M. Poterba		28,485,110,297.60		97.12		844,722,997.42		2.88

Maceo K. Sloan		28,359,977,131.89		96.69		969,856,163.13		3.31

Laura T. Starks		28,476,482,457.94		97.09		853,350,837.08		2.91

Ahmed H. Zewail		28,338,223,588.14		96.62		991,609,706.88		3.38

Laura T. Starks was elected to office. Eugene Flood, Jr., Howell E. Jackson, Nancy L. Jacob, Bridget A. Macaskill, James M. Poterba, Maceo K. Sloan, and Ahmed H. Zewail continued in the office.

Independent registered public accounting firm

CREF participants also ratified PricewaterhouseCoopers LLP to serve as the Accounts’ independent registered public accounting firm:


Account	Dollars for		Percent		Dollars against		Percent		Dollars abstain		Percent

Overall CREF Accounts	$	28,214,961,809.04		96.20	$	428,779,009.46		1.46	$	686,092,476.52		2.34

Stock		20,920,509,597.52		96.64		272,778,544.52		1.26		455,097,433.39		2.10

Global		1,728,717,663.96		95.05		39,573,201.55		2.18		50,501,019.82		2.78

Growth		1,127,667,274.49		94.77		28,320,868.81		2.38		33,873,930.75		2.77

Equity Index		1,253,502,978.92		95.19		25,180,702.40		1.91		38,101,579.36		2.89

Bond Market		781,673,435.16		96.20		11,421,651.63		1.41		19,469,143.19		2.40

Inflation-Linked Bond		580,431,528.92		95.66		9,405,415.68		1.55		16,924,256.60		2.79

Social Choice		938,677,452.38		94.45		16,539,205.36		1.66		38,653,660.96		4.09

Money Market		883,781,877.69		93.74		25,559,419.51		2.71		33,471,452.45		3.55


SEE NOTES TO FINANCIAL STATEMENTS	College Retirement Equities Fund 2006 Annual Report \| 113


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

Below are the current CREF board of trustees and officers:


DISINTERESTED TRUSTEES


Name, Address and Age	Position(s) Held with CREF	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustees

Forrest Berkley c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 Date of Birth (“DOB”): 4/25/54	Trustee	One year term. Trustee since 2006.	Retired. Partner (1990-2005) and Head of Global Product Management (2003-2005), GMO (formerly, Grantham, Mayo, Van Otterloo & Co.) (investment management); and member of asset allocation portfolio management team, GMO (2003-2005).	66	Director and member of the Investment Committee, the Maine Coast Heritage Trusts and the Boston Athaneum; and Investment Committee member, Gulf of Maine Research Institute, Maine Community Foundation and Carnegie Endowment for International Peace.

Eugene Flood, Jr. c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 10/31/55	Trustee	One year term. Trustee since 2005.	President, and Chief Executive Officer (since 2000) and a Director (since 1994) of Smith Breeden Associates, Inc. (investment advisor).	66	None

Howell E. Jackson c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 1/4/54	Trustee	One year term. Trustee since 2005.	James S. Reid, Jr. Professor of Law (since 2004) and Vice Dean for Budget (since 2003) and on the faculty (since 1989) of Harvard Law School.	66	None

Nancy L. Jacob c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 1/15/43	Chairman of the Board, Trustee	One year term. Trustee since 1979.	President and Founder (since October 2006) of NLJ Advisors,Inc. (investment advisor). Formerly, President and Managing Principal, Windermere Investment Associates (1997-June 2006), Chairman and Chief Executive Officer, CTC Consulting, Inc. (1994-1997) and Executive Vice President, U.S. Trust Company of the Pacific Northwest (1993-1997).	66	Director and Chairman of the Okabena Company (financial services).


114 \|	2006 Annual Report College Retirement Equities Fund


Bridget A. Macaskill c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 8/5/48	Trustee	One year term. Trustee since 2003.	Independent Consultant for Merrill Lynch(since 2003). Formerly, Chairman, Oppenheimer Funds, Inc. (2000-2001). Chief Executive Officer (1995-2001); President (1991-2000); and Chief Operating Officer (1989-1995) of that firm.	66	Director, J Sainsbury plc (food retailer), Prudential plc, International Advisory Board, British-American Business Council and Federal National Mortgage Association (Fannie Mae).

James M. Poterba c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 7/13/58	Trustee	One year term. Trustee since 2006.	Head (since 2006) and Associate Head (1994-2000 and 2001–2006) Economics Department, Massachusetts Institute of Technology (MIT), Mitsui Professor of Economics, MIT (1996-present. Program Director, National Bureau of Economic Research (1990-present).	66	The Jeffrey Company (unregistered investment company)

Maceo K. Sloan c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 10/18/49	Trustee	One year term. Trustee since 1991.	Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (since 1991); Chairman, CEO and CIO, NCM Capital Management Group, Inc. (since 1991); and Chairman and CEO, NCM Capital Advisers Inc. (since 2003).	66	Director, SCANA Corporation (energy holding company) and M&F Bancorp, Inc.

Laura T. Starks c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 2/17/50	Trustee	One year term. Trustee since 2006.	Chairman, Department of Finance, the Charles E. and Sarah M. Seay Regents Chair in Finance (since 2002-present), and Director, AIM Investment Center, McCombs School of Business, University of Texas at Austin (2000-present); Professor, University of Texas at Austin (1987-present); Fellow, Financial Management Association (2002-present). Associate Dean for Research (2001-2002), Associate Director of Research, the Center for International Business Education and Research, University of Texas at Austin (2002-2003) and Director of the Bureau of Business Research, University of Texas at Austin (2001-2002).	66	None


	College Retirement Equities Fund 2006 Annual Report	\| 115


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


OFFICERS


Name, Address and Age	Position(s) Held with CREF	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years

Herbert M. Allison, Jr. TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 8/2/43	President and Chief Executive Officer	One-year term. President and Chief Executive Officer since 2002.	Chairman, President and Chief Executive Officer of TIAA and President and Chief Executive Officer of CREF and TIAA Separate Account VA-1 (since 2002). Formerly, President and Chief Executive Officer of TIAA-CREF Mutual Funds, TIAA-CREF Institutional Mutual Funds and TIAA-CREF Life Funds (2002-2/2007). President and Chief Executive Officer of Alliance for 8 Lifelong Learning, Inc. (2000-2002), President, Chief Operating Officer and Member of the Board of Directors of Merrill Lynch & Co., Inc. (1997-1999).

Gary Chinery TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 11/28/49	Vice President and Treasurer	One-year term. Vice President and Treasurer since 2004.	Vice President and Treasurer of TIAA, CREF and TIAA Separate Account VA-1 (since 2004), Vice President (since 2004) and Treasurer (2004-2/2007) of TIAA-CREF Mutual Funds, TIAA-CREF Institutional Mutual Funds and TIAA-CREF Life Funds (these investment companies, along with CREF and TIAA Separate Account VA-1, are collectively referred to as the “TIAA-CREF Funds Complex”). Formerly, Second Vice President and Associate Treasurer (1998-2003) of Teachers Advisors, Inc. (“Advisors”), TIAA-CREF Investment Management, LLC (“Investment Management”), TIAA-CREF Individual Institutional Services, LLC (“Services”), Teachers Personal Investors Services, Inc. (“TPIS”), TIAA-CREF Tuition Financing, Inc. (“Tuition Financing”), TIAA-CREF Life Insurance Company (“TIAA-CREF Life”) and TCT Holdings, Inc.

Scott C. Evans TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 5/11/59	Executive Vice President	One-year term. Executive Vice President since 1997.	Principal Executive Officer and President of TIAA-CREF Mutual Funds, TIAA-CREF Institutional Mutual Funds and TIAA-CREF Life Funds (since 2/2007); Executive Vice President (since 1999) of TIAA, CREF and TIAA Separate Account VA-1, and Head of Asset Management (since 2006). Executive Vice President of the TIAA-CREF Funds Complex (2006-2/2007). Director of TPIS (since 2006) and Advisors (since 2004). President and Chief Executive Officer of Investment Management and Advisors, and Manager of Investment Management (since 2004). Formerly, Manager of TIAA Realty Capital Management, LLC (2004-2006), Chief Investment Officer of TIAA (2004-2006) and the TIAA-CREF Funds Complex (2003-2005) and Executive Vice President of CREF Investments (since 1997).

I. Steven Goldstein TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 9/24/52	Executive Vice President	One-year term. Executive Vice President since 2003.	Executive Vice President, Public Affairs, of TIAA and the TIAA-CREF Funds Complex (since 2003). Formerly, Director, TIAA-CREF Life (2003-2006); Advisor for McKinsey & Company (2003); Vice President, Corporate Communications for Dow Jones & Co. and The Wall Street Journal (2001-2002); and Senior Vice and Chief Communications Officer for Insurance Information Institute (1993-2001).


116 \|	2006 Annual Report College Retirement Equities Fund


E. Laverne Jones TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 3/7/49	Vice President and Corporate Secretary	One-year term. Vice President and Corporate Secretary since 1998.	Vice President and Corporate Secretary of TIAA and the TIAA-CREF Funds Complex (since 1999).

Susan S. Kozik TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 8/20/57	Executive Vice President	One-year term. Executive Vice President since 2003.	Executive Vice President and Chief Technology Officer of TIAA and the TIAA-CREF Funds Complex (since 2003). Formerly, Vice President of IT Operations and Services, Lucent Technologies (2000-2003; and Senior Vice President and Chief Technology Officer, Penn Mutual Life Insurance Company (1997-2000).

George W. Madison TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 10/17/53	Executive Vice President and General Counsel	One-year term. Executive Vice President since 2003.	Executive Vice President and General Counsel of TIAA and the TIAA-CREF Funds Complex (since 2003). Formerly, Executive Vice President, Corporate Secretary, and General Counsel of Comerica Incorporated (1997-2003).

Erwin W. Martens TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 3/18/56	Executive Vice President	One-year term. Executive Vice President since 2003.	Executive Vice President, Risk Management, of TIAA and the TIAA-CREF Funds Complex (since 2003). Director of Advisors, TPIS, and Manager of Investment Management. Formerly, Managing Director and Chief Risk Officer, Putnam Investments (1999-2003); and Head and Deputy Head of Global Market Risk Management (1997-1999).

Frances Nolan TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 8/4/57	Executive Vice President	One-year term. Executive Vice President since 2000.	Executive Vice President, Individual Client Services, of TIAA and the TIAA-CREF Funds Complex (since 2006). President, Chief Executive Officer and Manager of Services (since 2003). Formerly, Executive Vice President, Client Services, of TIAA and the TIAA-CREF Funds Complex (2003-2005); Director of TPIS, Tuition Financing and TIAA-CREF Life (2003-2006); Formerly, Executive Vice President, Retirement Services, CREF and TIAA (2000-2003); and Vice President, Eastern Division (1994-2000).

Dermot J. O’Brien TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 3/13/66	Executive Vice President	One-year term. Executive Vice President since 2003.	Executive Vice President, Human Resources, of TIAA and the TIAA-CREF Funds Complex (since 2003). Formerly Director, TIAA-CREF Life (2003-2006); First Vice President and Head of Human Resources, International Private Client Division, Merrill Lynch & Co. (1999-2003); and Vice President and Head of Human Resources, Japan Morgan Stanley (1998-1999).


	College Retirement Equities Fund 2006 Annual Report	\| 117


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


OFFICERS—concluded


Name, Address and Age	Position(s) Held with CREF	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years

Eric C. Oppenheim TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 7/31/48	Vice President and Acting Chief Compliance Officer	One-year term. Vice President and Acting Chief Compliance Officer since 2005.	Vice President and Acting Chief Compliance Officer of the TIAA-CREF Funds Complex (since 2005). Vice President of Investment Management and Advisors (since 2006). Formerly, Vice President and Acting Chief Compliance Officer of Tuition Financing; Chief Compliance Officer, Advisors and Services (2005-2006), Vice President and Compliance Officer of TIAA (2004-2005); First Vice President and Manager of Compliance and Centralized Trust Functions, Private Banking Division Comerica Incorporated (2001-2004); and Manager of Compliance and Regulatory Affairs, Investment Bank Division, Comerica Incorporated (1993-2001).

Georganne C. Proctor TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 10/25/56	Executive Vice President and Chief Financial Officer	One-year term. Executive Vice President and Chief Financial Officer since 2006.	Executive Vice President and Chief Financial Officer of TIAA, CREF and TIAA Separate Account VA-1 (since 2006). Manager and Executive Vice President of Investment Management, Director and Vice President of TPIS and Advisors (since 2006). Formerly Executive Vice President and Chief Financial Officer of Life Funds, TIAA-CREF Mutual Funds and TIAA-CREF Institutional Mutual Funds (2006-2/2007); Executive Vice President, Finance, Golden West Financial Corporation (2002-2006); and Senior Vice President, Chief Financial Officer and Director, Bechtel Group, Inc. (1999-2002).

Bertram L. Scott TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 3/26/51	Executive Vice President	One-year term. Executive Vice President since 2000.	Executive Vice President, Strategy Implementation and Policy of TIAA and the TIAA-CREF Funds Complex (since 2006). Director and President of TIAA-CREF Enterprises, Inc. (since 2000) Formerly, Executive Vice President, Product Management of TIAA and TIAA-CREF Funds Complex (2000-2005); Chairman, President and Chief Executive Officer, TIAA-CREF Life (2003-2005); and President and Chief Executive Officer, Horizon Mercy (1996-2000).

Edward D. Van Dolsen TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 4/21/58	Executive Vice President	One-year term. Executive Vice President since 2006.	Executive Vice President, Institutional Client Services (since 2006). Director of Tuition Financing and Manager of Services. Formerly Senior Vice President, Pension Products (2003-2006), Vice President, Support Services (1998-2003), of TIAA and the TIAA-CREF Funds Complex.

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


118 \|	2006 Annual Report College Retirement Equities Fund

[This page intentionally left blank.]


HOW TO REACH US
TIAA-CREF WEBSITE Account performance, personal account information and transactions, product descriptions, and information about investment choices and income options www.tiaa-cref.org 24 hours a day, 7 days a week AUTOMATED TELEPHONE SERVICE Check account performance and accumulation balances, change allocations, transfer funds and verify credited premiums. 800 842-2252 24 hours a day, 7 days a week TELEPHONE COUNSELING CENTER Retirement saving and planning, income options and payments, and tax reporting 800 842-2776 8 a.m. to 10 p.m. ET, Monday–Friday 9 a.m. to 6 p.m. ET, Saturday PLANNING AND SERVICE CENTER TIAA-CREF Mutual Funds, after-tax annuities and life insurance 800 223-1200 8 a.m. to 10 p.m. ET, Monday–Friday		FOR HEARING- OR SPEECH-IMPAIRED PARTICIPANTS 800 842-2755 8 a.m. to 10 p.m. ET, Monday–Friday 9 a.m. to 6 p.m. ET, Saturday TIAA-CREF BROKERAGE SERVICES Self-directed brokerage accounts for investing in stocks, bonds and mutual funds 800 927-3059 8 a.m. to 6 p.m. ET, Monday-Friday TIAA-CREF TRUST COMPANY, FSB Asset management, trust administration, estate planning, planned giving and endowment management 888 842-9001 8 a.m. to 5 p.m. CT, Monday–Friday TIAA-CREF TUITION FINANCING, INC. Tuition financing programs 888 381-8283 8 a.m. to 11 p.m. ET, Monday–Friday


For historical and current performance information for CREF variable annuity accounts, for the TIAA Real Estate Account, or for any of our products, visit the TIAA-CREF website at www.tiaa-cref.org, or call 800 842-2776. A Form 10-K Annual Report and Form 10-Q Quarterly Reports for the TIAA Real Estate Account are available on request.		that contains this and other information. Please read the prospectus carefully before investing. TIAA-CREF Investment Management serves as investment manager to CREF. Teachers Insurance and Annuity Association (TIAA), New York, NY, and TIAA-CREF Life Insurance Co., New York, NY, issue insurance and annuities. TIAA-CREF Brokerage Services is a division of TIAA-CREF Individual & Institutional Services, LLC, member NASD/SIPC. TIAA-CREF Trust Company, FSB, provides trust services. TIAA-CREF Tuition Financing, Inc. (TFI) is the program manager for 529 college savings plans. Investment products are not FDIC insured, may lose value and are not bank guaranteed.
TIAA-CREF Individual & Institutional Services, LLC, and Teachers Personal Investors Services, Inc., distribute securities products. You should consider the investment objectives, risks, charges and expenses carefully before investing. Please call 877 518-9161 or visit www.tiaa-cref.org for a prospectus

©2007 Teachers Insurance and Annuity Association—College Retirement Equities Fund (TIAA-CREF), New York, NY 10017

730 Third Avenue
New York, NY 10017-3206


	Printed on recycled paper	A10922
C37686		2/07

Item 2. Code of Ethics.

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

2(b) No response required.

2(c) During the reporting period, there were no amendments to the code of ethics.

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

2(e) Not applicable.

2(f) A copy of the current code of ethics is filed as an exhibit to this Form N-CSR.

Item 3. Audit Committee Financial Expert.

3(a) The Registrant’s Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its Audit Committee.

3(b) Maceo K. Sloan is the Registrant’s audit committee financial expert and is “independent” for purposes of Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

PricewaterhouseCoopers LLP (“PwC”) performs independent audits of the Registrant’s financial statements. To maintain auditor independence and avoid even the appearance of conflicts of interest, the Registrant, as a policy, does not engage PricewaterhouseCoopers for management advisory or consulting services.

4(a) Audit Fees.

For the fiscal years ended December 31, 2005 and December 31, 2006, PwC’s aggregate fees for the audit of the Registrant’s annual financial statements were $1,650,700 and $1,300,000, respectively.

4(b) Audit Related Fees.

For the fiscal years ended December 31, 2005 and December 31, 2006, PwC’s aggregate fees for services related to the performance of the audit of the Registrant’s annual financial statements were $0 and $25,000, respectively.

For the fiscal years ended December 31, 2005 and December 31, 2006, the Audit-Related Fees billed by PwC to TIAA-CREF Investment Management LLC (“Advisors”) or to any entity controlling, controlled by or under common control with Advisors that provides ongoing services to the Registrant (collectively, “Fund Service Providers”) were $544,000 and $834,000, respectively.

4(c) Tax Fees.

For the fiscal years ended December 31, 2005 and December 31, 2006, PwC’s aggregate fees for tax services billed to the Registrant were $0 and $0.

For the fiscal years ended December 31, 2005 and December 31, 2006, the Tax Fees billed by PwC to the Fund Service Providers were $0 and $0, respectively.

4(d) All Other Fees.

For the fiscal years ended December 31, 2005 and December 31, 2006, PwC’s aggregate fees for all other services to the Registrant were $0 and $0, respectively.

For the fiscal years ended December 31, 2005 and December 31, 2006, the Other Fees billed by PwC to the Fund Service Providers were $0 and $101,200, respectively.

4(e)(1) Preapproval Policy.

The Registrant’s audit committee (“Audit Committee”) has adopted a Preapproval Policy for External Audit Firm Services (the “Policy”). The Policy describes the types of services that may be provided by the independent auditor to the Registrant and certain of its affiliates without

impairing the auditor’s independence. Under the Policy, the Audit Committee is required to preapprove all services to be performed by the Registrant’s independent auditor in order to ensure that such services do not impair the auditor’s independence.

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

4(e)(2) Services provided pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X (the “de minimis exception”):

Audit-Related Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2006 and December 31, 2005 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2006 and December 31, 2005 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

Tax Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2006 and December 31, 2005 on behalf of the Registrant.

All Other Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2006 and December 31, 2005 on behalf of the Registrant.

4(f) The percentage of hours expended by PwC’s engagement to audit the Registrant’s financial statements for the most recent fiscal year attributable to work performed by persons other than PwC’s full-time, permanent employees was less than 50%.

4(g) Non-Audit Fees for Related Entities.

For the fiscal years ended December 31, 2005 and December 31, 2006, aggregate non-audit fees billed to the Registrant and to its Fund Service Providers by PwC were $544,000 and $960,200, respectively.

4(h) The Registrant’s Audit Committee has considered whether the non-audit services that were rendered by PwC to the Registrant’s Fund Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X are compatible with maintaining PwC’s independence.

Item 5. Audit Committee of Listed Registrants.

Not Applicable.

Item 6. Schedule of Investments.

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

COLLEGE RETIREMENT EQUITIES FUND

STOCK ACCOUNT

STATEMENT OF INVESTMENTS

December 31, 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 Note

5.000

02/15/11

329

TOTAL U.S. TREASURY SECURITIES

329

TOTAL GOVERNMENT BONDS

329

(Cost $320)

TOTAL BONDS

329

(Cost $10,270)

SHARES

MUTUAL FUNDS - 0.00%**

1,598,400

a,v

First NIS Regional Fund SICAV

TOTAL MUTUAL FUNDS

(Cost $2,797)

PREFERRED STOCKS - 0.01%

COMMUNICATIONS - 0.01%

322,278

ProSiebenSat.1 Media AG.

10,572

TOTAL COMMUNICATIONS

10,572

INSURANCE CARRIERS - 0.00%**

24,704

Great-West Lifeco, Inc

583

2,631

Great-West Lifeco, Inc

TOTAL INSURANCE CARRIERS

646

TRANSPORTATION EQUIPMENT - 0.00%**

4,279

Porsche AG.

5,445

TOTAL TRANSPORTATION EQUIPMENT

5,445

TOTAL PREFERRED STOCKS

16,663

(Cost $13,981)

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
COMMON STOCKS - 99.82%

ADMINISTRATION OF ECONOMIC PROGRAMS - 0.00%**
26,015,925		Centrais Eletricas Brasileiras S.A.	$	583
40,943,233		Centrais Eletricas Brasileiras S.A.		979
		TOTAL ADMINISTRATION OF ECONOMIC PROGRAMS		1,562

AGRICULTURAL PRODUCTION-CROPS - 0.01%
237,889	e*	Chiquita Brands International, Inc		3,799
3,600	e	Cresud S.A. (ADR)		63
213,073		Gallaher Group plc		4,783
19,000		Gudang Garam Tbk PT		22
		TOTAL AGRICULTURAL PRODUCTION-CROPS		8,667

AGRICULTURAL PRODUCTION-LIVESTOCK - 0.01%
231,436	e	Pilgrim's Pride Corp		6,811
2,396		Seaboard Corp		4,229
		TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK		11,040

AGRICULTURAL SERVICES - 0.01%
315,998		AWB Ltd		768
1,716,000		Chaoda Modern Agriculture		1,105
274,285		Yara International ASA		6,236
		TOTAL AGRICULTURAL SERVICES		8,109

AMUSEMENT AND RECREATION SERVICES - 0.27%
1,296,472		Aristocrat Leisure Ltd		16,272
76,500		Aruze Corp		2,198
956,918	e*	Bally Technologies, Inc		17,875
216,522	e*	Bally Total Fitness Holding Corp		530
703,100		Berjaya Sports Toto BHD		957
44,428	v	BETonSPORTS plc		107
8,049	*	bwin Interactive Entertainment		173
92,404	*	Century Casinos, Inc		1,031
582,000		China Travel International Inv HK		190
48,425		Churchill Downs, Inc		2,070
133,559		Dover Downs Gaming & Entertainment, Inc		1,786
146,086		Dover Motorsports, Inc		776
1,355,127	*	Euro Disney SCA		143
7,109	*	GameLoft		43
2,923	*	Gruppo Coin S.p.A.		17
846,762		Harrah's Entertainment, Inc		70,044
14,881		IG Group Holdings plc		85
182,697		International Speedway Corp (Class A)		9,325
205,014		Ladbrokes plc		1,679
112,619	e*	Lakes Entertainment, Inc		1,215
389,138	*	Leapfrog Enterprises, Inc		3,689
3,833,000	*	Leisure & Resorts World Corp		148
174,003	e*	Life Time Fitness, Inc		8,441
645,664	*	Live Nation, Inc		14,463
14,155		Lottomatica S.p.A.		589
247,374	e*	Magna Entertainment Corp		1,116
442,217	e*	Marvel Entertainment, Inc		11,900
119,389	e*	Melco PBL Entertainment Macau Ltd (ADR)		2,538
10,000		Mizuno Corp		63
133,849	*	MTR Gaming Group, Inc		1,636

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
154,097	e*	Multimedia Games, Inc	$	1,479
297,833		Nintendo Co Ltd		77,333
65,959		OPAP S.A.		2,549
32,200		Oriental Land Co Ltd		1,686
509	*	Pacific Golf Group International Holdings		633
14,528		Paddy Power plc		289
420,403		PartyGaming plc		261
422,774	*	Penn National Gaming, Inc		17,596
337,654	*	Pinnacle Entertainment, Inc		11,190
428,035		Publishing & Broadcasting Ltd		7,213
203,741		Rank Group plc		932
183		Round One Corp		541
276,300		Sega Sammy Holdings, Inc		7,453
440,776	e*	Six Flags, Inc		2,310
274,019		Sky City Entertainment Group Ltd		992
10,752	*	Snai S.p.A.		94
91,179		Speedway Motorsports, Inc		3,501
87,494		Sportingbet plc		74
363,900	*	Sunterra Corp		4,385
726,790		TABCORP Holdings Ltd		9,667
174,100		Tanjong plc		711
649,277		Tattersall's Ltd		2,004
49,000	*	Town Sports International Holdings, Inc		807
603,777		Warner Music Group Corp		13,857
422,436		Westwood One, Inc		2,982
415,660		William Hill plc		5,144
152,481	e*	WMS Industries, Inc		5,315
119,537		World Wrestling Entertainment, Inc		1,948
		TOTAL AMUSEMENT AND RECREATION SERVICES		354,045

APPAREL AND ACCESSORY STORES - 0.68%
632,287		Abercrombie & Fitch Co (Class A)		44,026
364,452	*	Aeropostale, Inc		11,251
1,337,808		American Eagle Outfitters, Inc		41,753
622,953	*	AnnTaylor Stores Corp		20,458
37,000		Aoyama Trading Co Ltd		1,110
130,417	e	Bebe Stores, Inc		2,581
284,374		Brown Shoe Co, Inc		13,576
67,168		Buckle, Inc		3,415
144,280		Burberry Group plc		1,824
74,091	*	Cache, Inc		1,870
282,050	e*	Carter's, Inc		7,192
170,956	e*	Casual Male Retail Group, Inc		2,231
178,059		Cato Corp (Class A)		4,079
171,939	*	Charlotte Russe Holding, Inc		5,287
704,664	e*	Charming Shoppes, Inc		9,534
773,437	*	Chico's FAS, Inc		16,002
130,144	*	Children's Place Retail Stores, Inc		8,267
225,739		Christopher & Banks Corp		4,212
37,213	e*	Citi Trends, Inc		1,475
436,802		Claire's Stores, Inc		14,476
28,528		DEB Shops, Inc		753
388,050	e*	Dress Barn, Inc		9,053
117,869	e*	DSW, Inc (Class A)		4,546
188,320		Edgars Consolidated Stores Ltd		1,047
33,000		Fast Retailing Co Ltd		3,150

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
253,335		Finish Line, Inc (Class A)	$	3,618
642,229		Foot Locker, Inc		14,084
136,072		Foschini Ltd		1,114
7,296,671		Gap, Inc		142,285
951,000		Giordano International Ltd		520
586,415	e*	Hanesbrands, Inc		13,851
801,847		Hennes & Mauritz AB (B Shares)		40,526
272,357	*	HOT Topic, Inc		3,633
170,350		Inditex S.A.		9,177
343,587	*	J Crew Group, Inc		13,245
135,206	e*	Jo-Ann Stores, Inc		3,326
254,828	e*	JOS A Bank Clothiers, Inc		7,479
2,455,219	*	Kohl's Corp		168,011
1,559,895		Limited Brands, Inc		45,143
5,805		Lindex AB		74
3,500	*	Lotte Shopping Co Ltd		1,453
94,618	e*	New York & Co, Inc		1,238
1,788,032		Nordstrom, Inc		88,222
430,492	*	Pacific Sunwear Of California, Inc		8,429
559,119	*	Payless Shoesource, Inc		18,350
851,332		Ross Stores, Inc		24,944
68,979	*	Shoe Carnival, Inc		2,180
164,713		Stage Stores, Inc		5,006
37,367	e*	Syms Corp		744
137,755	e	Talbots, Inc		3,320
143,984		Truworths International Ltd		658
366,024	*	Tween Brands, Inc		14,615
233,726	e*	Under Armour, Inc (Class A)		11,792
496,617	*	Urban Outfitters, Inc		11,437
576,410	e*	Wet Seal, Inc (Class A)		3,845
67,006	e*	Wilsons The Leather Experts, Inc		137
214,001		Woolworths Holdings Ltd		549
		TOTAL APPAREL AND ACCESSORY STORES		896,173

APPAREL AND OTHER TEXTILE PRODUCTS - 0.21%
89,000		Asics Corp		1,117
891,923		Benetton Group S.p.A.		17,025
82,238	e	Columbia Sportswear Co		4,581
1,600,000		Debenhams plc		5,944
147,155	e*	Guess ?, Inc		9,334
154,000		Gunze Ltd		774
271,517	*	Gymboree Corp		10,361
160,669	*	Hartmarx Corp		1,134
1,014,312		Jones Apparel Group, Inc		33,908
230,344	e	Kellwood Co		7,491
16,013	*	LG Fashion Corp		362
140,000		Li Ning Co Ltd		224
504,711	e	Liz Claiborne, Inc		21,935
231,101	*	Maidenform Brands, Inc		4,188
4,833		Mariella Burani S.p.A.		130
1,486,514		Mitsubishi Rayon Co Ltd		9,993
1,304,163		Nisshinbo Industries, Inc		13,512
86,100		Onward Kashiyama Co Ltd		1,099
378,865		Phillips-Van Heusen Corp		19,008
482,377		Polo Ralph Lauren Corp		37,461
716,620	e*	Quiksilver, Inc		11,287

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
12,000	*	Renown, Inc	$	119
48,200		Shimamura Co Ltd		5,537
452		Ten Cate NV		14
44,000		Tokyo Style Co Ltd		476
1,601,000		Toyobo Co Ltd		4,830
76,189	e*	True Religion Apparel, Inc		1,166
453,133		VF Corp		37,193
68,000		Wacoal Holdings Corp		924
299,599	e*	Warnaco Group, Inc		7,604
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		268,731

AUTO REPAIR, SERVICES AND PARKING - 0.05%
275,426		Aisin Seiki Co Ltd		9,234
58,657	*	Amerco, Inc		5,104
44,340	e	Bandag, Inc		2,236
48,775		Bandag, Inc (Class A)		2,437
67,395	e	Central Parking Corp		1,213
149,706	*	Dollar Thrifty Automotive Group, Inc		6,828
717		Haldex AB		17
88,274	*	Midas, Inc		2,030
63,196		Monro Muffler, Inc		2,218
70,600		NOK Corp		1,388
7,866		Northgate plc		186
52,500		Park24 Co Ltd		673
301,025	*	PHH Corp		8,691
244,351		Ryder System, Inc		12,476
2,579		Sixt AG.		145
2,838		Sixt AG.		111
38,499	e*	Standard Parking Corp		1,479
98,100		Sumitomo Rubber Industries, Inc		1,267
611,131		T RAD Co Ltd		2,958
233,610	*	Wright Express Corp		7,282
		TOTAL AUTO REPAIR, SERVICES AND PARKING		67,973

AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.16%
499,214		Advance Auto Parts		17,752
48,136	e*	America's Car-Mart, Inc		571
180,309		Asbury Automotive Group, Inc		4,248
890,418	*	Autonation, Inc		18,984
525,100	*	Autozone, Inc		60,680
188,144		Canadian Tire Corp (Class A)		11,436
458,599	*	Carmax, Inc		24,595
313,636	*	Copart, Inc		9,409
522,094	*	CSK Auto Corp		8,954
37,412		Jardine Cycle & Carriage Ltd		361
95,203	e	Lithia Motors, Inc (Class A)		2,738
90,966	e*	MarineMax, Inc		2,359
68,120		MOL Hungarian Oil and Gas plc		7,726
5,000		Nissin Kogyo Co Ltd		128
526,181	*	O'Reilly Automotive, Inc		16,869
120,499	*	Rush Enterprises, Inc (Class A)		2,039
172,196		Sonic Automotive, Inc (Class A)		5,001
290,253		Suzuki Motor Corp		8,195
25,000		Toyo Tire & Rubber Co Ltd		121
249,283	e	United Auto Group, Inc		5,876
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		208,042

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.68%
120,000		Anhui Conch Cement Co Ltd	$	400
79,002	*	Builders FirstSource, Inc		1,409
124,615	e*	Central Garden & Pet Co		6,034
607,465		Fastenal Co		21,796
70,097		Grafton Group plc		1,171
13,079,559		Home Depot, Inc		525,275
19,500		Keiyo Co Ltd		118
759,679		Kingfisher plc		3,548
8,058,530		Lowe's Cos, Inc		251,023
2,000		Nichias Corp		15
158,170	*	RONA, Inc		2,848
1,119,669		Sherwin-Williams Co		71,188
35,460		Travis Perkins plc		1,377
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		886,202

BUSINESS SERVICES - 6.03%
354,503	e*	@Road, Inc		2,588
282,254	e*	24/7 Real Media, Inc		2,554
2,248,470	*	3Com Corp		9,241
72,344	e*	3D Systems Corp		1,155
256,276		Aaron Rents, Inc		7,376
253,776		ABM Industries, Inc		5,763
155,118	*	Acacia Research (Acacia Technologies)		2,075
614,000		Accenture Ltd (Class A)		22,675
86	*	Access Co Ltd		397
77,606	e*	Access Integrated Technologies, Inc (Class A)		677
7,854		Acciona S.A.		1,463
1,947,595	*	Activision, Inc		33,577
324,010	*	Actuate Corp		1,925
647,224		Acxiom Corp		16,601
1,838,421		Adecco S.A.		125,604
197,441		Administaff, Inc		8,445
4,239,303	*	Adobe Systems, Inc		174,320
36,449		Adsteam Marine Ltd		72
131,841	*	Advent Software, Inc		4,653
185,992	*	Advo, Inc		6,063
780,430		Aegis Group plc		2,139
354,531	*	AerCap Holdings NV		8,218
543,943	*	Affiliated Computer Services, Inc (Class A)		26,566
226,737		Aggreko plc		1,933
321,021	*	Agile Software Corp		1,974
1,141,019	*	Akamai Technologies, Inc		60,611
2,500	*	Aladdin Knowledge Systems		49
434,459	*	Alliance Data Systems Corp		27,141
91,600		Alpha Systems, Inc		2,756
150,341	*	Altiris, Inc		3,816
98	*	Amdocs Ltd		4
146,982	e*	American Reprographics Co		4,896
2,100	*	AMICAS, Inc		6
247,012	*	AMN Healthcare Services, Inc		6,803
144,132	*	Ansoft Corp		4,007
202,484	*	Ansys, Inc		8,806
82,111	e*	Applied Digital Solutions, Inc		149
434,971	e*	aQuantive, Inc		10,726

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
400	*	Arbinet-thexchange, Inc	$	2
182,327		Arbitron, Inc		7,920
201,800		Argo 21 Corp		1,704
406,024	e*	Ariba, Inc		3,143
623,886	*	Art Technology Group, Inc		1,454
21,100		Asatsu-DK, Inc		670
296,885	e*	Aspen Technology, Inc		3,272
120,473	*	Asset Acceptance Capital Corp		2,026
22,436	*	Atari, Inc		13
53,517	*	Atos Origin S.A.		3,174
141,504	*	Audible, Inc		1,122
1,600	e*	Autobytel, Inc		6
1,441,796	*	Autodesk, Inc		58,335
3,275,801		Automatic Data Processing, Inc		161,333
1,662	*	Autonomy Corp plc		17
257,663		Autostrade S.p.A.		7,411
652,231	*	Avis Budget Group, Inc		14,147
268,009	e*	Avocent Corp		9,072
59,908	e*	Bankrate, Inc		2,274
40,414		Barrett Business Services		946
3,204,666	*	BEA Systems, Inc		40,315
1,074,668	e*	BearingPoint, Inc		8,458
1,676		Bechtle AG.		43
707,447	*	BISYS Group, Inc		9,133
307,893		Blackbaud, Inc		8,005
157,040	e*	Blackboard, Inc		4,717
145,554	e*	Blue Coat Systems, Inc		3,486
1,466,061	*	BMC Software, Inc		47,207
467,778	*	Borland Software Corp		2,545
101,557	e*	Bottomline Technologies, Inc		1,163
263,332		Brady Corp (Class A)		9,817
225,590		Brink's Co		14,420
55,851	e*	BroadVision, Inc		44
135,259	*	Business Objects S.A.		5,308
1,858,697		CA, Inc		42,099
788,100		CAC Corp		6,563
178,610	*	CACI International, Inc (Class A)		10,091
1,377,594	*	Cadence Design Systems, Inc		24,673
278,288		Cap Gemini S.A.		17,468
3,400		Capcom Co Ltd		61
1,200	*	Capella Education Co		29
2,700	*	Captaris, Inc		21
2,100	*	Carreker Corp		16
286,131		Catalina Marketing Corp		7,869
442,337	e*	CBIZ, Inc		3,083
600,222	*	Ceridian Corp		16,794
285,797	e*	Cerner Corp		13,004
412	*	CGI Group, Inc		3
496,973	*	CGI Group, Inc (Class A)		3,465
86,200	*	Check Point Software Technologies		1,890
411,290	*	Checkfree Corp		16,517
108	*	Cheil Communications, Inc		27
413,683	*	ChoicePoint, Inc		16,291
514,795	*	Chordiant Software, Inc		1,704
327,531	*	Ciber, Inc		2,221
163,463		Cintra Concesiones de Infraestructuras de Transporte S.A.		2,740

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
1,117,131	*	Citrix Systems, Inc	$	30,218
14,888	*	Clayton Holdings, Inc		279
168,407	e*	Clear Channel Outdoor Holdings, Inc (Class A)		4,700
2,800,081	e*	CMGI, Inc		3,752
850,699	*	CNET Networks, Inc		7,733
36,157		Coates Hire Ltd		167
122,618	*	Cogent Communications Group, Inc		1,989
209,593	e*	Cogent, Inc		2,308
268,647	e	Cognex Corp		6,399
747,424	*	Cognizant Technology Solutions Corp (Class A)		57,671
166,122	*	Cognos, Inc		7,059
3,820	*	Commvault Systems, Inc		76
15,528		Computacenter plc		82
47,300		Computer Programs & Systems, Inc		1,608
1,314,724	*	Computer Sciences Corp		70,167
1,048,361		Computershare Ltd		7,365
1,878,594	*	Compuware Corp		15,649
122,709	*	COMSYS IT Partners, Inc		2,480
175,139	e*	Concur Technologies, Inc		2,809
163,161	e*	Convera Corp (Class A)		749
1,310,653	*	Convergys Corp		31,167
258,000		COSCO Pacific Ltd		606
93,181	e*	CoStar Group, Inc		4,991
173,915	*	Covansys Corp		3,991
475,234	*	CSG Systems International, Inc		12,703
42,574		CSK Holdings Corp		1,817
170,268	*	Cybersource Corp		1,876
47,307		Dassault Systemes S.A.		2,510
61,120	*	DealerTrack Holdings, Inc		1,798
400,678		Deluxe Corp		10,097
11	*	Dena Co Ltd		36
304,418	*	Dendrite International, Inc		3,260
1,093		Dentsu, Inc		3,205
9,024	*	Digimarc Corp		80
204,981	*	Digital Insight Corp		7,890
237,053	e*	Digital River, Inc		13,225
2,800	e*	DivX, Inc		65
61,051	e*	Double-Take Software, Inc		786
330,183	*	DST Systems, Inc		20,679
1,142,518	*	DynCorp International, Inc (Class A)		18,132
14,314		eAccess Ltd		8,083
1,445,316	*	Earthlink, Inc		10,262
7,173,603	*	eBay, Inc		215,710
176,355	e*	Echelon Corp		1,411
255,448	e*	Eclipsys Corp		5,252
106,729	e*	eCollege.com, Inc		1,670
1,053	*	Econtext, Inc		1,787
278,982	*	eFunds Corp		7,672
104,002	*	Electro Rent Corp		1,737
1,743,500	*	Electronic Arts, Inc		87,803
3,534,743		Electronic Data Systems Corp		97,382
212,400	*	Elpida Memory, Inc		11,673
109,471	e*	Emageon, Inc		1,681
23,916	*	Emblaze Ltd		58
906,196	e*	Emdeon Corp		11,228
207,487	*	Entrust, Inc		886

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
400	v*	Envision Development Corp	$	-	^
324,638	*	Epicor Software Corp		4,386
82,169	e*	EPIQ Systems, Inc		1,394
899,145		Equifax, Inc		36,505
162,962	e*	Equinix, Inc		12,323
12,577	e*	Escala Group, Inc		97
229,124	e*	eSpeed, Inc (Class A)		2,000
409,887	e*	Evergreen Energy, Inc		4,054
1,700	*	ExlService Holdings, Inc		36
1,053,358	*	Expedia, Inc		22,099
200,466	*	F5 Networks, Inc		14,877
269,085		Factset Research Systems, Inc		15,198
327,615		Fair Isaac Corp		13,318
188,167	e*	FalconStor Software, Inc		1,628
2,292		Fidec Corp		4,083
992,912		Fidelity National Information Services, Inc		39,806
40,469	e*	First Advantage Corp (Class A)		929
166,481		First Choice Holidays plc		929
4,653,838		First Data Corp		118,766
1,013,571	*	Fiserv, Inc		53,131
94,594	*	Focus Media Holding Ltd (ADR)		6,280
118,439	*	Forrester Research, Inc		3,211
93,849	e*	FTD Group, Inc		1,679
4,700		FUJI SOFT, Inc		111
3,247,808		Fujitsu Ltd		25,490
39		Future System Consulting Corp		33
68,475		Fuyo General Lease Co Ltd		2,060
324,249	*	Gartner, Inc		6,417
367,000		GeoVision, Inc		1,841
126,271	*	Gerber Scientific, Inc		1,586
547,671		Getronics NV		4,439
238,133	*	Getty Images, Inc		10,197
152,331	e	Gevity HR, Inc		3,609
170,279	*	Global Cash Access, Inc		2,764
60,381		GN Store Nord		893
738		Goodwill Group, Inc		602
1,322,792	*	Google, Inc (Class A)		609,119
928,479		Group 4 Securicor plc		3,418
61,826		Gruppo Editoriale L'Espresso S.p.A.		336
66,439	*	H&E Equipment Services, Inc		1,646
15,740		Hakuhodo DY Holdings, Inc		1,022
1,329,221		Hays plc		4,145
158,912		Healthcare Services Group		4,602
78,191	e	Heartland Payment Systems, Inc		2,209
171,438	*	Heidrick & Struggles International, Inc		7,262
5,099		Hellaby Holdings Ltd		18
5,076,712		Huabao International Holdings Ltd		2,754
200,289	e*	Hudson Highland Group, Inc		3,341
297,730	*	Hypercom Corp		1,891
505,718	*	Hyperion Solutions Corp		18,176
53,448	e*	i2 Technologies, Inc		1,220
61,338	e*	ICT Group, Inc		1,938
12,831		I-Flex Solutions Ltd		565
130,656	*	iGate Corp		899
123,860	*	IHS, Inc (Class A)		4,890
1,214,189		IMS Health, Inc		33,366

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
377,452		Indra Sistemas S.A.	$	9,272
113,579	e*	Infocrossing, Inc		1,851
505,094	e*	Informatica Corp		6,167
427,900	a	Information Development Co		3,312
254,839	*	Infospace, Inc		5,227
258,988		Infosys Technologies Ltd		13,118
9,000	e	Infosys Technologies Ltd (ADR)		491
254,248		infoUSA, Inc		3,028
18,491	e*	Innerworkings, Inc		295
61,958	*	Innovation Group plc		38
75,586	e*	Innovative Solutions & Support, Inc		1,287
58,484		Integral Systems, Inc		1,355
15,832	a	Intelligent Wave, Inc		13,703
211,823		Interactive Data Corp		5,092
234,447	e*	Internap Network Services Corp		4,658
226,064	*	Internet Capital Group, Inc		2,319
51,518		Interpool, Inc		1,203
2,122,732	e*	Interpublic Group of Cos, Inc		25,982
327,703	*	Interwoven, Inc		4,807
1,726,269	*	Intuit, Inc		52,668
241,324	*	inVentiv Health, Inc		8,531
341,812	e*	Ipass, Inc		2,010
950,380	e*	Iron Mountain, Inc		39,289
11,007	*	iSOFT Group plc		12
455,753	e	Jack Henry & Associates, Inc		9,753
170,171	e*	JDA Software Group, Inc		2,343
5,537,358	*	Juniper Networks, Inc		104,878
126,665	e*	Jupitermedia Corp		1,003
965		Kakaku.com, Inc		3,130
54,624	*	Kana Software, Inc		172
178,748	e*	Kanbay International, Inc		5,143
284,041	*	Keane, Inc		3,383
108,529		Kelly Services, Inc (Class A)		3,141
86,644	*	Kenexa Corp		2,882
900	*	Keynote Systems, Inc		10
235,372	*	Kforce, Inc		2,864
649,335	*	Kinetic Concepts, Inc		25,681
1,685	*	KK DaVinci Advisors		1,671
88,926	*	Knot, Inc		2,333
60,558		Konami Corp		1,832
436,329	*	Korn/Ferry International		10,018
188,340	*	Kronos, Inc		6,920
462,371	*	Labor Ready, Inc		8,475
361,747	*	Lamar Advertising Co (Class A)		23,655
798,474	e*	Lawson Software, Inc		5,901
1,260,000		Lenovo Group Ltd		512
343,716	*	Lionbridge Technologies		2,214
59,932	*	Liquidity Services, Inc		1,031
3,340,468		LogicaCMG plc		12,165
102,732	*	LoJack Corp		1,755
348		Macromill, Inc		871
298,943	*	Magma Design Automation, Inc		2,670
3,598	e*	Majesco Entertainment Co		5
255,631	*	Manhattan Associates, Inc		7,689
578,931		Manpower, Inc		43,379
160,850	*	Mantech International Corp (Class A)		5,924

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
132,027	*	Mapinfo Corp	$	1,723
122,880	e	Marchex, Inc (Class B)		1,644
60,681	e*	Marlin Business Services, Inc		1,458
300,620	e	Mastercard, Inc (Class A)		29,608
1,071,303	*	McAfee, Inc		30,404
457,559	e*	Mentor Graphics Corp		8,250
239,012		Michael Page International plc		2,116
55,676,110		Microsoft Corp		1,662,489
79,949	e*	MicroStrategy, Inc (Class A)		9,115
205,019	e*	Midway Games, Inc		1,431
331,351		Misys plc		1,403
92		Monex Beans Holdings, Inc		72
485,414		MoneyGram International, Inc		15,223
674,068	*	Monster Worldwide, Inc		31,439
609,938	*	Move, Inc		3,361
625,481	*	MPS Group, Inc		8,869
3,500	*	Napster, Inc		13
406,214	*	NAVTEQ Corp		14,205
793,041	*	NCR Corp		33,910
5,079	*	NCSoft Corp		291
2,127,946		NEC Corp		10,174
115,725	e*	Neoware, Inc		1,529
128,610	e*	Ness Technologies, Inc		1,834
233,496	e*	NetFlix, Inc		6,038
80,950	*	Netratings, Inc		1,417
140,475	*	Netscout Systems, Inc		1,166
8,154	*	Network Equipment Technologies, Inc		47
1,100		NextCom K.K.		359
14,663	*	NHN Corp		1,799
294,171	*	NIC, Inc		1,462
215,365		Nippon System Development Co Ltd		6,841
382,234		Nippon Systemware Co Ltd		2,104
115,600		Nomura Research Institute Ltd		16,766
34,855		Northgate Information Solutions plc		59
3,958,831	*	Novell, Inc		24,545
7,585		NTT Data Corp		37,987
724,445	e*	Nuance Communications, Inc		8,302
25,740		Obic Co Ltd		5,327
1,344,951		Omnicom Group, Inc		140,601
16,410	*	Omniture, Inc		231
220,297	*	On Assignment, Inc		2,588
124,662	*	Online Resources Corp		1,273
116,639	e*	Open Solutions, Inc		4,390
151,887	*	Open Text Corp		3,115
88,044	*	Opnet Technologies, Inc		1,272
459,787	e*	Opsware, Inc		4,055
25,181,900	*	Oracle Corp		431,618
176,300		Oracle Corp Japan		8,163
9,000		Otsuka Corp		915
400	*	Overland Storage, Inc		2
264,850	*	Packeteer, Inc		3,602
643,081	*	Parametric Technology Corp		11,588
275,000		PCA Corp		4,333
1,700	*	PC-Tel, Inc		16
110,353	e*	PDF Solutions, Inc		1,595
115,368	e	Pegasystems, Inc		1,139

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
104,272	*	PeopleSupport, Inc	$	2,195
142,235	e*	Perficient, Inc		2,334
532,215	e*	Perot Systems Corp (Class A)		8,723
188,790	*	Phase Forward, Inc		2,828
55,892	*	Phoenix Technologies Ltd		252
340,000		Pico Far East Holdings Ltd		70
100	*	PLATO Learning, Inc		1
93,125	e*	Portfolio Recovery Associates, Inc		4,348
1,942,300		POS Malaysia & Services Holdings BHD		2,753
1,300	*	Possis Medical, Inc		18
121,779	e*	PRA International		3,077
386,125	*	Premiere Global Services, Inc		3,645
250,843	*	Progress Software Corp		7,006
16,628		Prokom Software S.A.		781
1,949		Prokom Software S.A. (GDR)		53
26,993		Promotora de Informaciones S.A.		471
12,352	*	Proxymed, Inc		57
77,522		Public Power Corp		1,965
128,502		QAD, Inc		1,078
95,488	e	Quality Systems, Inc		3,559
375,433	*	Quest Software, Inc		5,500
139,963	*	Radiant Systems, Inc		1,461
128,555	*	Radisys Corp		2,143
11,400	*	RADWARE Ltd		181
34,697	*	Rakuten, Inc		16,182
42,703		Randstad Holdings NV		2,954
16,136	e*	Raser Technologies, Inc		99
846,180	e*	RealNetworks, Inc		9,257
827,168	e*	Red Hat, Inc		19,025
439,344	e*	Redback Networks, Inc		10,957
47,464	e	Renaissance Learning, Inc		842
399,748	*	Rent-A-Center, Inc		11,797
1,506,178		Rentokil Initial plc		4,888
257	*	Retalix Ltd		4
1,081,784		Reuters Group plc		9,431
237,241	e*	Rewards Network, Inc		1,649
86,274	e*	RightNow Technologies, Inc		1,486
40,665		Ritchie Bros Auctioneers, Inc		2,179
996,727		Robert Half International, Inc		36,999
172,215		Rollins, Inc		3,808
399,640	*	S1 Corp		2,202
4,580	*	S1 Corp		213
143,639	*	SafeNet, Inc		3,439
55,716	e*	SAFLINK Corp		7
601,759		Sage Group plc		3,193
669,849	e*	Salesforce.com, Inc		24,416
1,276,812		SAP AG.		67,856
472,659	e*	Sapient Corp		2,595
6,800		Satyam Computer Services Ltd (ADR)		163
5,485	*	SCI Entertainment Group plc		53
296,602		Secom Co Ltd		15,378
317,416	*	Secure Computing Corp		2,082
233,649		Securitas AB (B Shares)		3,626
19,842		Seek Ltd		92
1,270,913		ServiceMaster Co		16,662
3,091		SGS S.A.		3,445

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
60,534	e*	SI International, Inc	$	1,962
454		SimCorp A/S		112
1,287,732		Singapore Post Ltd		915
336,514	e*	Sitel Corp		1,420
118,008	e*	Smith Micro Software, Inc		1,674
18,905		Societe Des Autoroutes Paris-Rhin-Rhone		1,510
1,305		Software AG.		103
150,530	*	Sohu.com, Inc		3,613
165,129,862	a	Solomon Systech International Ltd		25,688
537,760	*	SonicWALL, Inc		4,528
1,559,517	e*	Sonus Networks, Inc		10,277
289,512		Sorun Corp		2,798
364,631		Sotheby's		11,311
457,165	*	Spherion Corp		3,397
147,609	*	SPSS, Inc		4,439
276,000		Square Enix Co Ltd		7,236
260,446	*	SRA International, Inc (Class A)		6,964
62,687		Startek, Inc		849
60,945	e*	Stratasys, Inc		1,914
14,395		STW Communications Group Ltd		37
15,998		Submarino S.A.		524
500		Sumisho Computer Systems Corp		11
26,688,673	*	Sun Microsystems, Inc		144,653
96,500		SUNeVision Holdings Ltd		13
900	*	SupportSoft, Inc		5
1,011,534	*	Sybase, Inc		24,985
250,792	*	SYKES Enterprises, Inc		4,424
5,412,527	*	Symantec Corp		112,851
9,700	*	Synchronoss Technologies, Inc		133
105,847	*	SYNNEX Corp		2,322
614,505	*	Synopsys, Inc		16,426
45,012	e	Syntel, Inc		1,206
8,080		Taiwan Secom Co Ltd		15
12,733,200		Taiwan-Sogo Shinkong Security Corp		11,938
412,565	e*	Take-Two Interactive Software, Inc		7,327
66,670		TAL International Group, Inc		1,779
53,718	*	Taleo Corp (Class A)		734
184,526		Talx Corp		5,065
71,880		Tata Consultancy Services Ltd		1,985
55,454		Telecom Italia Media S.p.A.		26
92,365	*	Telelogic AB		206
210,907	*	TeleTech Holdings, Inc		5,036
3,679	*	Temenos Group AG.		62
95,101	e	TheStreet.com, Inc		846
370,623	e*	THQ, Inc		12,053
1,210,346	*	TIBCO Software, Inc		11,426
8,436	e*	Tiens Biotech Group USA, Inc		33
20,697	*	Tier Technologies, Inc (Class B)		132
58,094		Tietoenator Oyj		1,874
27,900		TIS, Inc		660
273,852		TKC Corp		4,694
191,790	*	TNS, Inc		3,692
329,963	e	Total System Services, Inc		8,708
148,000		Tradelink Electronic Commerce Ltd		28
149,750	*	TradeStation Group, Inc		2,059
3,700		Trans Cosmos, Inc		77

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
218,413	*	Transaction Systems Architects, Inc	$	7,114
21,197	e*	Travelzoo, Inc		635
742,400	*	Trend Micro, Inc		21,772
249,242	*	Trizetto Group, Inc		4,579
9,194	e*	TRM Corp		20
40,985	*	TVN S.A.		351
70,600		UFJ Central Leasing Co Ltd		3,358
132,777	*	Ultimate Software Group, Inc		3,088
200	*	Unica Corp		3
1,574,517	*	Unisys Corp		12,344
481,812		United Online, Inc		6,398
493,078	e*	United Rentals, Inc		12,539
236,521	*	Universal Compression Holdings, Inc		14,690
15,370		USS Co Ltd		1,001
575,203	e*	Valueclick, Inc		13,592
136,220	*	Vasco Data Security International		1,614
70,951	e*	Verint Systems, Inc		2,432
1,930,944	*	VeriSign, Inc		46,439
44,558	e*	Vertrue, Inc		1,711
220,116		Viad Corp		8,937
273,903	*	Vignette Corp		4,675
108,890	*	Volt Information Sciences, Inc		5,467
4,338,357		Waste Management, Inc		159,521
244,265	e*	WebEx Communications, Inc		8,522
30,830	e*	WebMD Health Corp (Class A)		1,234
311,654	*	webMethods, Inc		2,294
396,148	*	Websense, Inc		9,044
91,945	e*	WebSideStory, Inc		1,164
417,872	*	Wind River Systems, Inc		4,283
4,100	e	Wipro Ltd (ADR)		66
209,913	*	Witness Systems, Inc		3,680
10,704,423		WPP Group plc		144,722
14,632		Yahoo! Japan Corp		5,828
11,912,988	*	Yahoo!, Inc		304,258
		TOTAL BUSINESS SERVICES		7,905,214

CHEMICALS AND ALLIED PRODUCTS - 9.24%
14,145	e*	Aastrom Biosciences, Inc		17
12,296,766		Abbott Laboratories		598,975
73,781	b,e,v*	Able Laboratories, Inc		-	^
110,593	e*	Abraxis BioScience, Inc		3,024
138,998	e*	Acadia Pharmaceuticals, Inc		1,222
91,944	*	Acambis plc		186
3,000	*	Actelion Ltd		660
1,402,484	e*	Adams Respiratory Therapeutics, Inc		57,235
86,091	*	Adeza Biomedical Corp		1,284
259,887	e*	Adolor Corp		1,954
46,624	e*	Advanced Magnetics, Inc		2,784
318,869	e*	ADVENTRX Pharmaceuticals, Inc		941
180,882	*	Agrium, Inc		5,668
108,268		Air Liquide S.A.		25,711
1,525,515		Air Products & Chemicals, Inc		107,213
599,000		Air Water, Inc		6,362
1,938,772		Akzo Nobel NV		118,264
163,720	*	Albany Molecular Research, Inc		1,729
170,914		Albemarle Corp		12,272

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
471,127		Alberto-Culver Co	$	10,106
3,940		Alexandria Mineral Oils Co		54
195,148	e*	Alexion Pharmaceuticals, Inc		7,882
50,900		Alfresa Holdings Corp		3,075
540,401	e*	Alkermes, Inc		7,225
2,483,781	*	Alliance Boots plc		40,729
198,630	e*	Alnylam Pharmaceuticals, Inc		4,251
338,213	*	Alpharma, Inc (Class A)		8,151
433,627		Altana AG.		26,903
1,936,000		Aluminum Corp of China Ltd		1,792
4,800	e	Aluminum Corp of China Ltd (ADR)		113
258,573	e*	American Oriental Bioengineering, Inc		3,018
101,534	e	American Vanguard Corp		1,614
8,095,085	*	Amgen, Inc		552,975
95	*	Amorepacific Corp		59
14,916	*	Amorepacific Corp		2,727
185,415	*	Anadys Pharmaceuticals, Inc		912
114,949	*	Angiotech Pharmaceuticals, Inc		945
97,288	b,e,m*	Aphton Corp		-	^
135,949		Arch Chemicals, Inc		4,528
260,210	e*	Arena Pharmaceuticals, Inc		3,359
93,805	*	Arkema		4,821
3,893	*	Arqule, Inc		23
309,048	*	Array Biopharma, Inc		3,993
1,259,358		Asahi Kasei Corp		8,244
68,958		Aspen Pharmacare Holdings Ltd		319
468,775		Astellas Pharma, Inc		21,311
2,373,120		AstraZeneca plc		127,501
75,000		AstraZeneca plc (ADR)		4,016
233,177	e*	Atherogenics, Inc		2,311
137,204	*	Auxilium Pharmaceuticals, Inc		2,016
174,456	e*	AVANIR Pharmaceuticals (Class A)		403
159,800	e*	Aventine Renewable Energy Holdings, Inc		3,765
636,413		Avery Dennison Corp		43,232
296,552	e*	AVI BioPharma, Inc		943
2,346,264		Avon Products, Inc		77,521
64,843		Balchem Corp		1,665
712,421	*	Barr Pharmaceuticals, Inc		35,707
700	e*	Barrier Therapeutics, Inc		5
693,164		BASF AG.		67,573
1,493	*	Basilea Pharmaceutica		261
6,456,715		Bayer AG.		346,551
138,075		Beiersdorf AG.		8,953
113,395	e*	Bentley Pharmaceuticals, Inc		1,153
13,861		Biocon Ltd		117
216,896	e*	BioCryst Pharmaceuticals, Inc		2,507
233,708	e*	Bioenvision, Inc		1,084
1,861,616	*	Biogen Idec, Inc		91,573
486,902	*	BioMarin Pharmaceuticals, Inc		7,980
6,977		Biovail Corp		148
406,851	*	Biovail Corp International		8,583
2,211		BorsodChem NyRt		35
185,240	e*	Bradley Pharmaceuticals, Inc		3,812
56,363		Braskem S.A.		396
2,200	e	Braskem S.A. (ADR)		32
9,322,717		Bristol-Myers Squibb Co		245,374

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
7,000,000		C&O Pharmaceutical Technology Holdings Ltd	$	1,324
271,625	e	Cabot Corp		11,835
2,100	e*	Cadence Pharmaceuticals, Inc		26
211,117	e*	Calgon Carbon Corp		1,309
158,663		Cambrex Corp		3,605
52,381	*	Caraco Pharmaceutical Laboratories Ltd		733
1,386,251		Celanese Corp (Series A)		35,876
274,649	e*	Cell Genesys, Inc		931
15,962	e*	Cell Therapeutics, Inc		28
342,747	e*	Cephalon, Inc		24,133
319,070		CF Industries Holdings, Inc		8,181
284,060	*	Charles River Laboratories International, Inc		12,286
299,482	e*	Chattem, Inc		14,998
955,767		Chemtura Corp		9,204
103,824		Chugai Pharmaceutical Co Ltd		2,142
285,496	e	Church & Dwight Co, Inc		12,176
45,217		Ciba Specialty Chemicals AG.		3,008
740,487		Cipla Ltd		4,205
273,000	*	CK Life Sciences International Holdings, Inc		25
66,927		Clariant AG.		1,002
955,528		Clorox Co		61,297
128,458	e*	Coley Pharmaceutical Group, Inc		1,245
4,581,509		Colgate-Palmolive Co		298,898
173,174	e*	Combinatorx, Inc		1,500
157,878	e*	Conor Medsystems, Inc		4,946
121,103	*	Cotherix, Inc		1,634
1,860		Croda International plc		21
358,448		CSL Ltd		18,496
311,910	*	Cubist Pharmaceuticals, Inc		5,649
2,600	e*	Curis, Inc		3
182,256	*	Cypress Bioscience, Inc		1,412
1,015,895		Cytec Industries, Inc		57,408
52,759	e*	Cytogen Corp		123
189,961	*	Cytokinetics, Inc		1,421
545,396		Dade Behring Holdings, Inc		21,712
328,000		Daicel Chemical Industries Ltd		2,312
1,138,400		Daiichi Sankyo Co Ltd		35,585
95,099		Dainippon Ink and Chemicals, Inc		371
457,875	e*	Dendreon Corp		1,909
117,637	*	Digene Corp		5,637
84,162	e*	Dov Pharmaceutical, Inc		23
4,968,581		Dow Chemical Co		198,445
223,984		Dr Reddy's Laboratories Ltd		4,105
9,800	e	Dr Reddy's Laboratories Ltd (ADR)		178
258,474		DSM NV		12,771
6,985,857		Du Pont (E.I.) de Nemours & Co		340,281
329,116	e*	Durect Corp		1,461
1,200	e*	Dusa Pharmaceuticals, Inc		5
2,394,717	*	Dyno Nobel Ltd		4,499
344,782		Eastman Chemical Co		20,449
936,802		Ecolab, Inc		42,343
249,900		Eisai Co Ltd		13,733
348,932	*	Elan Corp plc		4,952
6,187	e*	Elan Corp plc (ADR)		91
4,353,980		Eli Lilly & Co		226,842
197,061	*	Elizabeth Arden, Inc		3,754

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
35,500	*	Emergent Biosolutions, Inc	$	396
223,977	e*	Emisphere Technologies, Inc		1,185
349,527	e*	Encysive Pharmaceuticals, Inc		1,472
412,473	e*	Enzon Pharmaceuticals, Inc		3,510
48,009	e*	EPIX Pharmaceuticals, Inc		331
848,547		Estee Lauder Cos (Class A)		34,638
88,000		Eternal Chemical Co Ltd		136
245,819	e	Ferro Corp		5,086
224,701		FMC Corp		17,201
1,836,300	*	Forest Laboratories, Inc		92,917
1,767,235		Formosa Plastics Corp		2,934
2,950,825	*	Genentech, Inc		239,400
144,613	e*	Genitope Corp		509
8,328	*	Genmab A/S		560
1,654,053	e*	Genta, Inc		732
1,371,569	*	Genzyme Corp		84,461
202,463	e	Georgia Gulf Corp		3,910
375,651	e*	Geron Corp		3,298
3,420,182	*	Gilead Sciences, Inc		222,072
56,339		GlaxoSmithkline Pharmaceuticals Ltd		1,480
6,016,087		GlaxoSmithKline plc		158,315
261		GlaxoSmithKline plc (ADR)		14
64,689		Glenmark Pharmaceuticals Ltd		881
486,000		Global Bio-Chem Technology Group Co Ltd		164
31,660	*	GlobeTel Communications Corp		12
73,234	e*	GTx, Inc		1,306
17,346		H Lundbeck A/S		478
740,164		H.B. Fuller Co		19,111
166,699	e*	Hana Biosciences, Inc		1,062
1,720	*	Hanmi Pharm Co Ltd		259
8,560	*	Hanwha Chemical Corp		114
323,000		Haw Par Corp Ltd		1,495
17,549		Henkel KGaA		2,582
1,920,981	*	Hercules, Inc		37,094
9,698		Hikma Pharmaceuticals plc		69
537,488		Hindustan Lever Ltd		2,628
201,900		Hitachi Chemical Co Ltd		5,565
47,843	*	Hi-Tech Pharmacal Co, Inc		582
3,013	*	Honam Petrochemical Corp		225
1,065,617	e*	Hospira, Inc		35,783
767,574	e*	Human Genome Sciences, Inc		9,549
1,158,673	*	Huntsman Corp		21,980
98,193	e*	Idenix Pharmaceuticals, Inc		853
182,101	*	Idexx Laboratories, Inc		14,441
507,534	e*	ImClone Systems, Inc		13,582
520,544	*	Immucor, Inc		15,216
75,652	e*	Immunogen, Inc		384
71	e,v*	Impax Laboratories, Inc		1
1,549,993		Imperial Chemical Industries plc		13,718
287,593	e*	Indevus Pharmaceuticals, Inc		2,042
333,162		Indian Petrochemicals Co		2,171
2,400	e	Innophos Holdings, Inc		35
69,349		Innospec, Inc		3,228
2,400	e*	Inspire Pharmaceuticals, Inc		15
41,846	e	Inter Parfums, Inc		803
243,868	e*	InterMune, Inc		7,499

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
388,978		International Flavors & Fragrances, Inc	$	19,122
51,365	e*	Introgen Therapeutics, Inc		226
160,019	e*	Inverness Medical Innovations, Inc		6,193
400,834	e*	Invitrogen Corp		22,683
300,000		Ipsen		13,948
3,614,000	*	IRPC PCL		622
14,039	*	Ishihara Sangyo Kaisha Ltd		17
34,641	e*	Isolagen, Inc		101
158,004		Israel Chemicals Ltd		976
833,900		JSR Corp		21,582
141,300		Kaken Pharmaceutical Co Ltd		1,103
150,161		Kansai Paint Co Ltd		1,189
328,029		Kao Corp		8,848
1,154,737	e*	Keryx Biopharmaceuticals, Inc		15,358
1,649,358	*	King Pharmaceuticals, Inc		26,258
906,300		Kingboard Chemical Holdings Ltd		3,560
57,178		Koppers Holdings, Inc		1,491
20,977		Kose Corp		635
20,559	e	Kronos Worldwide, Inc		669
643,500		Kuraray Co Ltd		7,592
217,615	*	KV Pharmaceutical Co (Class A)		5,175
196,000		Kyowa Hakko Kogyo Co Ltd		1,678
5,598	e*	Lannett Co, Inc		35
15,630	*	LG Chem Ltd		724
2,330	*	LG Household & Health Care Ltd		309
4,960	*	LG Petrochemical Co Ltd		125
21	*	Ligand Pharmaceuticals, Inc (Class B)		-	^
32,646		Linde AG.		3,373
58,779		Lonza Group AG.		5,080
141,319		L'Oreal S.A.		14,159
299,245		Lubrizol Corp		15,001
1,684,978		Lyondell Chemical Co		43,085
163,689		MacDermid, Inc		5,582
91,421		Makhteshim-Agan Industries Ltd		507
115,431	e	Mannatech, Inc		1,700
131,881	e*	MannKind Corp		2,175
25,466	e*	Marshall Edwards, Inc		78
182,011	*	Martek Biosciences Corp		4,248
541		Matrix Laboratories Ltd		3
732,398		Mayne Pharma Ltd		2,353
692,338	e*	Medarex, Inc		10,240
172,323		Mediceo Paltac Holdings Co Ltd		3,265
386,009	*	Medicines Co		12,244
381,418	e	Medicis Pharmaceutical Corp (Class A)		13,399
67,403	e*	Medifast, Inc		848
2,692,224	*	Medimmune, Inc		87,147
15,398,865		Merck & Co, Inc		671,391
524,847		Merck KGaA		54,414
131,533	e	Meridian Bioscience, Inc		3,227
126,535	*	Metabasis Therapeutics, Inc		952
398,445		Methanex Corp		10,899
637,116	e*	MGI Pharma, Inc		11,729
1,310,337	e*	Millennium Pharmaceuticals, Inc		14,283
122,203		Minerals Technologies, Inc		7,184
1,000		Miraca Holdings, Inc		23
3,574,000		Mitsubishi Chemical Holdings Corp		22,524

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
184,436		Mitsubishi Gas Chemical Co, Inc	$	1,930
124,976	e*	Momenta Pharmaceuticals, Inc		1,966
4,035,805		Monsanto Co		212,001
540,269	e*	Mosaic Co		11,540
1,289,796		Mylan Laboratories, Inc		25,744
357,393	e*	Nabi Biopharmaceuticals		2,423
740,632	*	Nalco Holding Co		15,153
2,225,821		Nan Ya Plastics Corp		3,709
125,409	e*	Nastech Pharmaceutical Co, Inc		1,897
7,632	*	Natraceutical S.A.		18
174,426		Natura Cosmeticos S.A.		2,461
757,459	*	NBTY, Inc		31,488
220,346	e*	Neurocrine Biosciences, Inc		2,296
1,143	*	NeuroSearch AS		65
90,321	e*	New River Pharmaceuticals, Inc		4,941
99,080		NewMarket Corp		5,851
491,836	*	Nippon Chemiphar Co Ltd		2,500
23,000		Nippon Kayaku Co Ltd		184
1,088,000		Nippon Paint Co Ltd		5,705
290,000		Nippon Shokubai Co Ltd		3,083
3,000		Nippon Soda Co Ltd		11
23,000		Nissan Chemical Industries Ltd		286
1,300	e*	NitroMed, Inc		3
58,556	e	NL Industries, Inc		605
133,678	e*	Northfield Laboratories, Inc		544
114,250		Nova Chemicals Corp		3,184
4,265,044		Novartis AG.		245,892
273,794		Novartis AG. (ADR)		15,727
352,690	e*	Novavax, Inc		1,446
232,222	*	Noven Pharmaceuticals, Inc		5,910
215,949		Novo Nordisk A/S (Class B)		17,987
13,627		Novozymes A/S (B Shares)		1,172
435,038	*	NPS Pharmaceuticals, Inc		1,971
415,456	*	Nuvelo, Inc		1,662
410,862		Olin Corp		6,787
212,664	*	OM Group, Inc		9,629
6,325		Omega Pharma S.A.		477
224,011	e*	Omnova Solutions, Inc		1,026
108,287	e*	Omrix Biopharmaceuticals, Inc		3,277
241,093	e*	Onyx Pharmaceuticals, Inc		2,551
1,559		OPG Groep NV		183
253,066	e*	OraSure Technologies, Inc		2,090
945,136		Orica Ltd		18,129
3,708	*	Oriola-KD Oyj		15
27,329	*	Orion Oyj (Class B)		593
327,284	e*	OSI Pharmaceuticals, Inc		11,448
5,100	e*	Osiris Therapeutics, Inc		129
156,926	e*	Pacific Ethanol, Inc		2,415
264,948	e*	Pain Therapeutics, Inc		2,358
290,721	e*	Panacos Pharmaceuticals, Inc		1,166
204,688	*	Par Pharmaceutical Cos, Inc		4,579
156,545	*	Parexel International Corp		4,535
75,006	e*	Parlux Fragrances, Inc		418
576,301	e*	PDL BioPharma, Inc		11,607
129,114	e*	Penwest Pharmaceuticals Co		2,146
1,031,529	e*	Peregrine Pharmaceuticals, Inc		1,197

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
447,176		Perrigo Co	$	7,736
110,154	e*	PetMed Express, Inc		1,471
43,188,758		Pfizer, Inc		1,118,589
143,805	e*	Pharmion Corp		3,702
46,699	e*	Pharmos Corp		86
12,175	*	Physicians Formula Holdings, Inc		228
94,305	*	Pioneer Cos, Inc		2,703
4,996		Polska Grupa Farmaceutyczna S.A.		137
541,335	*	PolyOne Corp		4,060
186,758		Potash Corp of Saskatchewan		26,745
224,147	e*	Pozen, Inc		3,808
934,400		PPG Industries, Inc		59,998
1,533,177		Praxair, Inc		90,963
277,233	*	Prestige Brands Holdings, Inc		3,610
19,766,572		Procter & Gamble Co		1,270,398
175,519	*	Progenics Pharmaceuticals, Inc		4,518
908,500	*	PT Kalbe Farma Tbk		120
73,900		PTT Chemical PCL		152
9,000		PTT Chemical PCL		19
195,866	*	QLT, Inc		1,658
274,736	e*	Quidel Corp		3,742
67,016		Ranbaxy Laboratories Ltd		593
2,690,980		Reckitt Benckiser plc		122,976
3,399		Recordati S.p.A.		26
127,225	e*	Renovis, Inc		402
800	*	Replidyne, Inc		5
922,839	e*	Revlon, Inc		46
922,839	e*	Revlon, Inc (Class A)		1,181
59	*	Rhodia S.A.		-	^
11,444		Richter Gedeon Nyrt		2,610
9,570		Roche Holding AG.		1,944
2,095,340		Roche Holding AG.		375,734
194,497	*	Rockwood Holdings, Inc		4,913
1,309,389		Rohm & Haas Co		66,936
492,126	e	RPM International, Inc		10,281
25,000		Sakai Chemical Industry Co Ltd		132
258,658	e*	Salix Pharmaceuticals Ltd		3,148
1,000,900		Sanofi-Aventis		92,420
2,932		Sanofi-Aventis (ADR)		135
311,309	e*	Santarus, Inc		2,438
11,000		Santen Pharmaceutical Co Ltd		310
47,500		Sawai Pharmaceutical Co Ltd		1,948
8,867,153		Schering-Plough Corp		209,620
260,263	e*	Sciele Pharma, Inc		6,246
204,643		Scotts Miracle-Gro Co (Class A)		10,570
274,024		Sensient Technologies Corp		6,741
1,030,428	e*	Sepracor, Inc		63,454
4,430		Serono S.A.		3,977
945,300		Shin-Etsu Chemical Co Ltd		63,309
189,264		Shionogi & Co Ltd		3,722
227,000		Shiseido Co Ltd		4,921
1,242,000		Showa Denko KK		4,759
9,058		Sidi Kerir Petrochemicals Co		181
481,241		Sigma-Aldrich Corp		37,402
758,000		Sinopec Shanghai Petrochemical Co Ltd		374
2,200	e	Sinopec Shanghai Petrochemical Co Ltd (ADR)		109

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
368,000	*	Sinopec Yizheng Chemical Fibre Co Ltd	$	84
227,238	e*	Sirna Therapeutics, Inc		2,956
21,244	*	Sniace-Soc Nacional Indust		125
900	e	Sociedad Quimica y Minera de Chile S.A. (ADR)		122
40,977		Sociedad Quimica y Minera de Chile S.A. (Class B)		551
136,016	e*	Solexa, Inc		1,789
26,726	e*	Somaxon Pharmaceuticals, Inc		379
9	*	Sosei Co Ltd		17
4,500	*	Speedel Holding AG		602
812,153		SSL International plc		5,880
121,500		Stada Arzneimittel AG.		6,969
26,214	*	StemCells, Inc		70
30,389		Stepan Co		962
300	*	Stratagene Corp		2
4,093,000		Sumitomo Chemical Co Ltd		31,745
12,708		Sun Pharmaceuticals Industries Ltd		282
441,478	e*	SuperGen, Inc		2,243
88,837	e*	SurModics, Inc		2,765
903,452		Symbion Health Ltd		2,710
90,425		Syngenta AG.		16,823
99,800		Taisho Pharmaceutical Co Ltd		1,816
148,000		Taiwan Fertilizer Co Ltd		283
102,127		Taiyo Nippon Sanso Corp		920
1,554,394		Takeda Pharmaceutical Co Ltd		106,713
1,205,000		Tanabe Seiyaku Co Ltd		15,745
138,155	e*	Tanox, Inc		2,749
1,826,000		Teijin Ltd		11,247
600	e*	Tercica, Inc		3
323,920		Teva Pharmaceutical Industries Ltd		9,998
13,700		Teva Pharmaceutical Industries Ltd (ADR)		426
893,948	e*	Theravance, Inc		27,614
600,000	e*	Threshold Pharmaceuticals, Inc		2,220
977,000		Tokai Carbon Co Ltd		6,945
52,000		Tokuyama Corp		792
1,035,195		Toray Industries, Inc		7,759
76,000		Tosoh Corp		336
22,000		Toyo Ink Manufacturing Co Ltd		89
224,589	e	Tronox, Inc (Class B)		3,546
1,375	*	Trubion Pharmaceuticals, Inc		25
235,000		Tsumura & Co		5,490
288,669		UAP Holding Corp		7,269
26,763		UCB S.A.		1,835
3,479,584		Unilever plc		97,289
858,455	e	Unilever plc (ADR)		23,882
34,829		United Drug plc		183
172,622	e*	United Therapeutics Corp		9,386
104,099	e*	USANA Health Sciences, Inc		5,378
741,379	*	USEC, Inc		9,430
540,820	*	Valeant Pharmaceuticals International		9,324
732,561		Valspar Corp		20,248
387,908	*	VCA Antech, Inc		12,487
72,400	e*	Verasun Energy Corp		1,430
1,357,462	*	Vertex Pharmaceuticals, Inc		50,796
4,840	e*	Vion Pharmaceuticals, Inc		7
2,142		Virbac S.A.		133
473,279	*	Viropharma, Inc		6,929

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
50,530	e*	Visicu, Inc	$	566
1,755,078	e*	Warner Chilcott Ltd (Class A)		24,255
946,535	e*	Watson Pharmaceuticals, Inc		24,638
1,363	e	Wellman, Inc		4
538,613	e	Westlake Chemical Corp		16,902
397,591	e*	WR Grace & Co		7,872
9,924,431		Wyeth		505,352
156,808	*	Xenoport, Inc		3,850
1,959	*	Yuhan Corp		375
54,699	*	Zeltia S.A.		403
8,400		Zentiva NV		512
25,000		Zeon Corp		270
500	*	Zila, Inc		1
215,544	e*	Zymogenetics, Inc		3,356
		TOTAL CHEMICALS AND ALLIED PRODUCTS		12,115,471

COAL MINING - 0.25%
369,862	*	Alpha Natural Resources, Inc		5,263
690,027	e	Arch Coal, Inc		20,722
15,922,000	*	China Coal Energy Co		10,337
1,739,000		China Shenhua Energy Co Ltd		4,185
895,415		Consol Energy, Inc		28,770
39,608		Gloucester Coal Ltd		126
774,332	e*	International Coal Group, Inc		4,220
83,838	e*	James River Coal Co		778
375,577	e	Massey Energy Co		8,725
3,114,167		Peabody Energy Corp		125,843
190,936		Penn Virginia Corp		13,373
5,894,000		PT Bumi Resources Tbk		590
280,923		Sasol Ltd		10,366
1,687,893		Sasol Ltd (ADR)		62,283
11,530	*	Westmoreland Coal Co		227
729,101		Xstrata plc		36,403
600,000		Yanzhou Coal Mining Co Ltd		484
3,720	e	Yanzhou Coal Mining Co Ltd (ADR)		151
		TOTAL COAL MINING		332,846

COMMUNICATIONS - 4.67%
961,750		Advanced Info Service PCL		2,116
14,700	v	Advanced Info Service PCL (ADR)		28
45,818		AFK Sistema (GDR)		1,466
125,681	e*	Airspan Networks, Inc		465
234,311	e	Alaska Communications Systems Group, Inc		3,559
2,628,137		Alltel Corp		158,950
27,100	*	Alvarion Ltd		182
8,260,666		America Movil S.A. de C.V.		18,643
222,941		America Movil S.A. de C.V.(Series L) (ADR)		10,081
2,633,781	*	American Tower Corp (Class A)		98,187
191,871	e*	Anixter International, Inc		10,419
26,330		Antena 3 de Television S.A.		620
22,761,441		AT&T, Inc		813,722
32,459		Atlantic Tele-Network, Inc		951
100,019	*	Audiovox Corp (Class A)		1,409
8,976,160		Austar United Communications Ltd		9,353
3,272,817	*	Avaya, Inc		45,754
445,680	e	BCE, Inc		12,000

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
12,000		BEC World PCL	$	7
841,396		Belgacom S.A.		37,063
18,392		Bell Aliant Regional Communications Income Fund		425
11,177,277		BellSouth Corp		526,562
32,579		Bezeq Israeli Telecommunication Corp Ltd		53
14,682,634		Brasil Telecom Participacoes S.A.		241
72,958,297		Brasil Telecom Participacoes S.A.		625
349,270	*	Brightpoint, Inc		4,698
887,758		British Sky Broadcasting plc		9,073
11,958,550		BT Group plc		70,595
803,084		Cable & Wireless plc		2,480
1,326,583		Cablevision Systems Corp (Class A)		37,781
107,042		Carphone Warehouse Group plc		658
77,842	*	Cbeyond Communications, Inc		2,381
129,733		Centennial Communications Corp		933
11,093	*	Central European Media Enterprises Ltd (Class A)		779
528,907		CenturyTel, Inc		23,092
2,454,134	e*	Charter Communications, Inc (Class A)		7,510
163,000	*	China Communications Services Corp Ltd		93
2,547,680		China Mobile Hong Kong Ltd		22,010
15,800	e	China Mobile Hong Kong Ltd (ADR)		683
5,948,000		China Telecom Corp Ltd		3,258
4,700	e	China Unicom Ltd (ADR)		70
2,183,080		Chunghwa Telecom Co Ltd		4,060
17,442		Chunghwa Telecom Co Ltd (ADR)		344
2,136,474	*	Cincinnati Bell, Inc		9,764
356,745	e	Citadel Broadcasting Corp		3,553
1,373,590		Citizens Communications Co		19,738
2,422,499		Clear Channel Communications, Inc		86,096
9,798,622	*	Comcast Corp (Class A)		414,776
183,110		Commonwealth Telephone Enterprises, Inc		7,665
282,341		Compania de Telecomunicaciones de Chile S.A. (Class A)		557
64,500		Comstar United Telesystems (GDR)		542
114,605		Consolidated Communications Holdings, Inc		2,395
24,118		Cosmote Mobile Telecommunications S.A.		713
1,679,633	e*	Covad Communications Group, Inc		2,318
338,685	e*	Cox Radio, Inc (Class A)		5,521
1,104,412	*	Crown Castle International Corp		35,673
101,748	e*	Crown Media Holdings, Inc (Class A)		369
112,819	e	CT Communications, Inc		2,586
95,716	*	CTC Media, Inc		2,298
303,588	e*	Cumulus Media, Inc (Class A)		3,154
6,000		Denki Kogyo Co Ltd		56
3,532,389		Deutsche Telekom AG.		64,535
6,011,663	*	DIRECTV Group, Inc		149,931
899,114	*	Dobson Communications Corp (Class A)		7,831
1,922,356	*	EchoStar Communications Corp (Class A)		73,107
13	*	Ectel Ltd		-	^
10,931		Egyptian Co for Mobile Services		347
38,922		Elisa Oyj		1,066
1,492,132		Embarq Corp		78,426
209,439,183		Embratel Participacoes S.A.		691
244,397	e	Emmis Communications Corp (Class A)		2,014
19,589		Empresa Nacional de Telecomunicaciones S.A.		219
190,962		Entercom Communications Corp (Class A)		5,381
360,874	*	Entravision Communications Corp (Class A)		2,966

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
69,462	*	Eschelon Telecom, Inc	$	1,376
355,011		Eutelsat Communications		6,786
183,463	e	Fairpoint Communications, Inc		3,477
484,209	e*	FiberTower Corp		2,847
39,920	*	Fisher Communications, Inc		1,765
889,073	*	Foundry Networks, Inc		13,318
2,132,038		France Telecom S.A.		58,961
1,237		Fuji Television Network, Inc		2,827
315,119	*	General Communication, Inc (Class A)		4,957
54,572		Gestevision Telecinco S.A.		1,555
692,373		Global Payments, Inc		32,057
12,869	e*	Globalstar, Inc		179
43,360		Globe Telecom, Inc		1,092
126,805		Golden Telecom, Inc		5,940
273,950		Gray Television, Inc		2,008
1,028,718		Grupo Televisa S.A.		5,571
836,156		Grupo Televisa S.A. (ADR)		22,585
146,267		Hearst-Argyle Television, Inc		3,730
88,956	*	Hellenic Telecommunications Organization S.A.		2,673
13,600		Hikari Tsushin, Inc		598
10,616	e*	Hungarian Telephone & Cable		160
1,343,888	*	Hutchison Telecommunications International Ltd		3,386
906,998	*	IAC/InterActiveCorp		33,704
55,484	e*	IDT Corp		751
281,230	e*	IDT Corp (Class B)		3,678
864,500		Indosat Tbk PT		649
1,526,387		Informa plc		17,842
199,098	e*	InPhonic, Inc		2,208
158,530	*	ION Media Networks, Inc		79
176,490	e	Iowa Telecommunications Services, Inc		3,479
102,455	*	iPCS, Inc		5,672
1,883	e*	ITC DeltaCom, Inc		5
3,719,810		ITV plc		7,757
289,118	e*	j2 Global Communications, Inc		7,879
9		JSAT Corp		22
169,770		Kadokawa Holdings, Inc		5,935
4,234		KDDI Corp		28,712
26,976		Kingston Communications plc		38
60,434		KT Corp		3,022
10,800	e	KT Corp (ADR)		274
71,468	*	KT Freetel Co Ltd		2,286
271,488	*	Leap Wireless International, Inc		16,145
5,985,035	e*	Level 3 Communications, Inc		33,516
4,161,160	*	LG Telecom Ltd		43,043
2,361,080	*	Liberty Global, Inc (Class A)		68,825
19,528	*	Liberty Global, Inc (Series C)		547
853,487	*	Liberty Media Corp - Capital (Series A)		83,625
3,341,057	*	Liberty Media Holding Corp (Interactive A)		72,067
199,739	e*	Lightbridge, Inc		2,704
226,807	*	Lin TV Corp (Class A)		2,257
95,646	*	Lodgenet Entertainment Corp		2,394
25,880	*	LS Cable Ltd		1,069
17,591		M6-Metropole Television		628
198,465		Magyar Telekom		1,103
5,900		Magyar Telekom (ADR)		165
3,448		Mahanagar Telephone Nigam		11

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
6,600		Mahanagar Telephone Nigam (ADR)	$	42
56,436		Maroc Telecom		866
231,600	e*	Mastec, Inc		2,673
463,900		Maxis Communications BHD		1,341
7,700		Media Prima BHD		5
355,895	*	Mediacom Communications Corp (Class A)		2,861
431,270		Mediaset S.p.A.		5,118
3,187	e*	Metro One Telecommunications, Inc		8
89,411		Mobile TeleSystems (ADR)		4,488
31,290		MobileOne Ltd		44
9,506		Mobistar S.A.		811
11,579	*	Modern Times Group AB (B Shares)		761
594,760		MTN Group Ltd		7,234
22,100	e	MTN Group Ltd (ADR)		273
128,019		Naspers Ltd (N Shares)		3,030
5,000	e	Naspers Ltd (N Shares) (ADR)		120
3,400	e	Net Servicos de Comunicacao S.A. (ADR)		41
306,090	e*	NeuStar, Inc (Class A)		9,930
287,350		News Corp (Class B)		6,453
676,962	e*	NII Holdings, Inc		43,623
11,255		Nippon Telegraph & Telephone Corp		55,421
93,180	e	North Pittsburgh Systems, Inc		2,249
183,560	e*	Novatel Wireless, Inc		1,775
75,873	*	NTELOS Holdings Corp		1,357
24,766		NTT DoCoMo, Inc		39,124
1,215		Okinawa Cellular Telephone Co		3,298
43,888		Orascom Telecom Holding SAE		2,900
2,800	e*	Orbcomm, Inc		25
134,071		Partner Communications		1,536
4,900		Partner Communications (ADR)		56
9,103,000	*	Paxys, Inc		3,665
1,374	*	Pegasus Communications Corp (Class A)		3
760	e*	Pegasus Wireless Corp		1
23,487		Philippine Long Distance Telephone Co		1,221
57,598	e	Philippine Long Distance Telephone Co (ADR)		2,945
1,685,500	*	Pilipino Telephone Corp		237
200,270		Portugal Telecom SGPS S.A.		2,601
700		Price Communications Corp		15
5,800		PT Indosat Tbk (ADR)		224
18,222		PT Multimedia Servicos de Telecomunicacoes e Multimedia SGPS S.A.		235
11,400		PT Telekomunikasi Indonesia (ADR)		520
62,341		Publicis Groupe S.A.		2,629
7,531,343	*	Qwest Communications International, Inc		63,037
307,221	e*	Radio One, Inc (Class A)		2,068
349,099	*	Radio One, Inc (Class D)		2,353
166,630	*	RCN Corp		5,024
52,904	*	Regent Communications, Inc		150
213,116	*	Retelit S.p.A		121
784,496	*	Rogers Communications, Inc (Class B)		23,343
22,000	e	Rostelecom (ADR)		1,001
15,140,207		Royal KPN NV		215,247
65,057		Salem Communications Corp (Class A)		777
255,605	e*	SAVVIS, Inc		9,128
566,659	e*	SBA Communications Corp (Class A)		15,583
1,654,099		Seat Pagine Gialle S.p.A.		986
331,852		Shaw Communications, Inc (Class B)		10,504

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
40,655		Shenandoah Telecom Co	$	1,911
19,800	e,v	Sibirtelecom (ADR)		1,703
248,949		Sinclair Broadcast Group, Inc (Class A)		2,614
6,866,087		Singapore Telecommunications Ltd		14,683
17,537		SK Telecom Co Ltd		4,196
12,200		SK Telecom Co Ltd (ADR)		323
113,689		Sky Network Television Ltd		525
14,988		SmarTone Telecommunications Holding Ltd		16
77,448		Societe Television Francaise 1		2,874
12,832	*	Sogecable S.A.		457
245,589	*	Sonda S.A.		297
225,473	e*	Spanish Broadcasting System, Inc (Class A)		927
23,125,486		Sprint Nextel Corp		436,840
11,708	*	SunCom Wireless Holdings, Inc (Class A)		8
89,909	e	SureWest Communications		2,476
3,998		Swisscom AG.		1,513
240,190	*	Syniverse Holdings, Inc		3,600
812,000		Taiwan Mobile Co Ltd		842
24,010		Tele Norte Leste Participacoes S.A.		626
104,565		Tele Norte Leste Participacoes S.A.		1,566
92,191		Tele2 AB (B Shares)		1,347
33,000	e*	Telecom Argentina S.A. (ADR)		660
10,460,298		Telecom Corp of New Zealand Ltd		35,817
101,628		Telecom Egypt		253
7,777,941		Telecom Italia S.p.A.		23,512
4,367,734		Telecom Italia S.p.A.		11,081
46,954		Telefonica O2 Czech Republic A.S.		1,073
2,822		Telefonica O2 Czech Republic A.S. (GDR)		76
5,154,326		Telefonica S.A.		109,680
7,704		Telefonica S.A. (ADR)		491
9,500	e	Telefonos de Mexico S.A. de C.V. (Class A) (ADR)		266
4,191,625		Telefonos de Mexico S.A. de C.V. (Series L)		5,944
2,143,615		Telekom Austria AG.		57,442
541,700		Telekom Malaysia BHD		1,497
303,037		Telekomunikacja Polska S.A.		2,562
4,544,500		Telekomunikasi Indonesia Tbk PT		5,104
3,743,938		Telemig Celular Participacoes S.A.		7
220,000	*	Telenet Group Holding NV		6,229
1,738,197		Telenor ASA		32,686
1		Telephone & Data Systems, Inc		-	^
645,322		Telephone & Data Systems, Inc		35,060
181,274	*	Telesp Celular Participacoes S.A.		742
247,300		Television Broadcasts Ltd		1,510
1,353,344		TeliaSonera AB		11,120
133,173		Telkom S.A. Ltd		2,687
1,700	e	Telkom S.A. Ltd (ADR)		138
139,151	e*	Telkonet, Inc		372
3,777,131		Telstra Corp Ltd		12,343
10,948	*	Telstra Corp Ltd		23
140,633		TELUS Corp		6,454
434,452		TELUS Corp		19,384
193,253	e*	Terremark Worldwide, Inc		1,299
202,900,096		Tim Participacoes S.A.		707
94,198	*	Tiscali S.p.A.		315
443,067	e*	TiVo, Inc		2,269
22,700		Tokyo Broadcasting System, Inc		757

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
29,019,500	*	True Corp PCL	$	4,993
34,341,905	*	True Corp PCL		5,909
252,440		Turkcell Iletisim Hizmet A.S.		1,275
12,453		Turkcell Iletisim Hizmetleri AS (ADR)		167
381,536		TV Azteca S.A. de C.V.		290
999,674	*	Univision Communications, Inc (Class A)		35,408
15,500	e,v	Uralsvyazinform (ADR)		209
97,913	*	US Cellular Corp		6,814
195,723		USA Mobility, Inc		4,378
17,203,515		Verizon Communications, Inc		640,659
4,044,832	*	Viacom, Inc (Class B)		165,959
1,038		Videsh Sanchar Nigam Ltd		10
1,900	e	Videsh Sanchar Nigam Ltd (ADR)		36
41,750	e*	Vimpel-Communications (ADR)		3,296
70,576,287		Vodafone Group plc		195,535
96,454	e	Vodafone Group plc (ADR)		2,679
10,400	v	VolgaTelecom (ADR)		109
413,797	*	Vonage Holdings Corp		2,872
2,541,345		Windstream Corp		36,138
27,931	v*	Wire and Wireless India Ltd		39
328,857	e*	Wireless Facilities, Inc		937
41,944	*	WorldSpace, Inc (Class A)		147
1,415,852	e*	XM Satellite Radio Holdings, Inc (Class A)		20,459
25,255	v*	Zee News Ltd		40
55,863		ZEE Telefilms Ltd		371
		TOTAL COMMUNICATIONS		6,116,320

DEPOSITORY INSTITUTIONS - 11.22%
112,868	e	1st Source Corp		3,626
689,000		77 Bank Ltd		4,371
27,660	e	Abington Community Bancorp, Inc		531
5,680,316		ABN AMRO Holding NV		182,583
9,988		Adelaide Bank Ltd		98
145,144		African Bank Investments Ltd		592
6,599	e	Akbank T.A.S. (ADR)		71
333,790		Akbank TAS		2,028
100,661		Alabama National Bancorp		6,918
1,090,676		Allied Irish Banks plc		32,394
471,495		Allied Irish Banks plc		14,079
647,478		Alpha Bank S.A.		19,573
1,305		Amagerbanken A/S		86
158,264		Amcore Financial, Inc		5,170
59,037	e	AmericanWest Bancorp		1,430
70,065		Ameris Bancorp		1,974
9,846	e	Ames National Corp		207
4,495,156		AMMB Holdings BHD		4,052
129,895		Anchor Bancorp Wisconsin, Inc		3,744
28,630		Arab Bank plc		863
61,296	e	Arrow Financial Corp		1,518
591,026		Associated Banc-Corp		20,615
381,531		Astoria Financial Corp		11,507
3,670		Attijariwafa Bank		1,000
2,026,424		Australia & New Zealand Banking Group Ltd		45,123
6,494,520		Banca Intesa S.p.A.		50,152
1,178,358		Banca Intesa S.p.A.		8,602
886,223		Banca Monte dei Paschi di Siena S.p.A.		5,735

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
326,911		Banca Popolare di Milano	$	5,675
43,585		Bancfirst Corp		2,354
268,867		Banche Popolari Unite Scpa		7,389
5,360,393		Banco Bilbao Vizcaya Argentaria S.A.		129,065
226,328		Banco BPI S.A.		1,766
205,993		Banco Bradesco S.A.		8,340
9,800	e	Banco Bradesco S.A. (ADR)		395
1,268,430		Banco Comercial Portugues S.A.		4,688
1,024	e	Banco de Chile (ADR)		53
54,568		Banco de Credito e Inversiones		1,625
4,275,800		Banco de Oro Universal Bank		4,010
144,894		Banco Espirito Santo S.A.		2,605
215,810		Banco Itau Holding Financeira S.A.		7,818
10,500	e	Banco Itau Holding Financeira S.A. (ADR)		380
81,608		Banco Nossa Caixa S.A.		1,833
857,788		Banco Popolare di Verona e Novara Scrl		24,628
276,347		Banco Popular Espanol S.A.		5,009
9,165,974		Banco Santander Central Hispano S.A.		171,087
12,976,289		Banco Santander Chile S.A.		605
8,000		Banco Santander Chile S.A. (ADR)		385
90,090		BanColombia S.A. (ADR)		2,806
60,085	*	Bancorp, Inc		1,779
329,754		Bancorpsouth, Inc		8,844
53,199		BancTrust Financial Group, Inc		1,358
72,500		Bangkok Bank PCL		225
310,800		Bangkok Bank PCL		1,008
15,283		Banif SGPS S.A.		107
2,589,500		Bank Central Asia Tbk PT		1,497
603,061		Bank Hapoalim Ltd		2,820
522,358		Bank Leumi Le-Israel		2,143
345,066	e	Bank Mutual Corp		4,179
29,986,306		Bank of America Corp		1,600,969
10,321,000	*	Bank of China Ltd		5,666
2,306,022		Bank of Communications Co Ltd		2,799
2,285,140		Bank of East Asia Ltd		12,941
815,800		Bank of Fukuoka Ltd		5,950
164,800		Bank of Granite Corp		3,126
229,834		Bank of Hawaii Corp		12,400
338,203		Bank of Ireland		7,813
185,103		Bank of Ireland		4,276
10,999	*	Bank of Jordan		47
412,900		Bank of Kyoto Ltd		3,851
978,066		Bank of Montreal		57,871
6,382,467		Bank of New York Co, Inc		251,278
2,088,268	e	Bank of Nova Scotia		93,297
109,800		Bank of Okinawa Ltd		4,309
2,684		Bank of Queensland Ltd		33
68,250	e	Bank of the Ozarks, Inc		2,256
126,400		Bank of the Philippine Islands		164
131,400	*	Bank of the Ryukyus Ltd		2,214
1,603,600		Bank of Yokohama Ltd		12,559
2,651		Bank Przemyslowo-Handlowy Bph		846
4,765,000		Bank Rakyat Indonesia		2,729
32,586		Bank Zachodni WBK S.A.		2,525
269,304		BankAtlantic Bancorp, Inc (Class A)		3,719
140,808		BankFinancial Corp		2,508

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
239,490	e	BankUnited Financial Corp (Class A)	$	6,696
63,319		Banner Corp		2,808
588		Banque Marocaine du Commerce Exterieur		87
14,184,667		Barclays plc		202,745
1,461		Basler Kantonalbank		132
2,292,712		BB&T Corp		100,719
7,000		BBVA Banco Frances S.A. (ADR)		67
44,006		Berkshire Hills Bancorp, Inc		1,472
134,701	e*	BFC Financial Corp (Class A)		861
1,281,586		BNP Paribas		139,823
4,702,500		BOC Hong Kong Holdings Ltd		12,756
91,172		BOK Financial Corp		5,013
212,195	e	Boston Private Financial Holdings, Inc		5,986
1,118	*	BRE Bank S.A.		129
372,905		Brookline Bancorp, Inc		4,911
2,471,148		Bumiputra-Commerce Holdings Bhd		5,428
48,906	e	Cadence Financial Corp		1,060
45,954		Camden National Corp		2,119
723,038		Canadian Imperial Bank of Commerce		60,948
13,905	*	Capital Bank of Jordan		38
70,818	e	Capital City Bank Group, Inc		2,500
52,299	e	Capital Corp of the West		1,678
100	*	Capital Crossing Bank		3
1,476,644		Capitalia S.p.A.		13,976
76,041		Capitol Bancorp Ltd		3,513
97,065	e	Capitol Federal Financial		3,729
138,858		Cardinal Financial Corp		1,423
161,921	e	Cascade Bancorp		5,024
32,817	e	Cass Information Systems, Inc		1,187
2,455,864		Cathay Financial Holding Co Ltd		5,577
302,596	e	Cathay General Bancorp		10,443
369,605	*	Centennial Bank Holdings, Inc		3,496
77,825	e	Center Financial Corp		1,865
38,259		Centerstate Banks of Florida, Inc		800
220,533	e	Central Pacific Financial Corp		8,548
1,391,000	*	Chang Hwa Commercial Bank		971
23,828	e	Charter Financial Corp		1,228
150,271	e	Chemical Financial Corp		5,004
1,018,855		Chiba Bank Ltd		8,613
11,563,545		China Construction Bank		7,359
6,550,566		China Development Financial Holding Corp		3,015
738,000	*	China Merchants Bank Co Ltd		1,564
2,558,305		Chinatrust Financial Holding Co		2,139
316,437		Chittenden Corp		9,711
20,000		CITIC International Financial Holdings Ltd		18
29,669,289		Citigroup, Inc		1,652,579
6,118	e	Citizens & Northern Corp		135
275,754	e	Citizens Banking Corp		7,307
49,605		Citizens First Bancorp, Inc		1,525
88,701	e	City Bank		3,175
111,657		City Holding Co		4,566
170,044		City National Corp		12,107
78,448		Clifton Savings Bancorp, Inc		956
593,370		Close Brothers Group plc		11,810
103,042	e	Coastal Financial Corp		1,726
79,208	e	CoBiz, Inc		1,746

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
876,217		Colonial Bancgroup, Inc	$	22,554
4,745	e	Colony Bankcorp, Inc		84
45,363	e	Columbia Bancorp		1,200
90,998		Columbia Banking System, Inc		3,196
832,752		Comerica, Inc		48,866
884,112		Commerce Bancorp, Inc		31,183
300,512		Commerce Bancshares, Inc		14,548
3,240		Commercial Bankshares, Inc		123
46,735		Commercial International Bank		474
16,173		Commercial International Bank (GDR)		158
863,773		Commerzbank AG.		32,895
902,137		Commonwealth Bank of Australia		35,235
47,120	*	Community Bancorp		1,423
204,892	e	Community Bank System, Inc		4,713
132,406	e	Community Banks, Inc		3,676
110,012		Community Trust Bancorp, Inc		4,569
750,618		Compass Bancshares, Inc		44,774
2,303,348		CorpBanca S.A.		12
383,474	e	Corus Bankshares, Inc		8,847
30,753		Credicorp Ltd		1,261
1,102,121		Credit Agricole S.A.		46,351
253,988		Cullen/Frost Bankers, Inc		14,178
341,323	e	CVB Financial Corp		4,936
123,430	*	Daegu Bank		2,110
759,382		Danske Bank A/S		33,743
1,628,723		DBS Group Holdings Ltd		23,999
973,508		Depfa Bank plc		17,413
903,534		Deutsche Bank AG.		120,869
1,349,392		Dexia		36,961
168,373		Dime Community Bancshares		2,359
2,060,548		DNB NOR Holding ASA		29,247
69,354	*	Dollar Financial Corp		1,932
176,279	e	Downey Financial Corp		12,794
861,700		E.Sun Financial Holding Co Ltd		598
267,797		East West Bancorp, Inc		9,485
66,992		EFG Eurobank Ergasias S.A.		2,427
110,058	*	Egyptian Financial Group-Hermes Holding		777
47,825	e	Enterprise Financial Services Corp		1,558
51,741		Erste Bank der Oesterreichischen Sparkassen AG.		3,968
199,915	e*	Euronet Worldwide, Inc		5,935
36,935		Farmers Capital Bank Corp		1,261
142,112	e	Fidelity Bankshares, Inc		5,638
2,024,169		Fifth Third Bancorp		82,849
100		Financial Institutions, Inc		2
66,126		First Bancorp		1,444
667,321		First Bancorp		6,360
78,514	e	First Busey Corp		1,810
182,731		First Charter Corp		4,495
29,292		First Citizens Bancshares, Inc (Class A)		5,936
425,796	e	First Commonwealth Financial Corp		5,718
140,231		First Community Bancorp, Inc		7,330
58,171		First Community Bancshares, Inc		2,301
100		First Defiance Financial Corp		3
200,643	e	First Financial Bancorp		3,333
115,055	e	First Financial Bankshares, Inc		4,816
78,440	e	First Financial Corp		2,781

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
76,930	e	First Financial Holdings, Inc	$	3,014
503,039	e	First Horizon National Corp		21,017
82,171		First Indiana Corp		2,084
128,396		First Merchants Corp		3,491
312,339		First Midwest Bancorp, Inc		12,081
633,059	e	First Niagara Financial Group, Inc		9,407
95,639		First Place Financial Corp		2,247
55,260	*	First Regional Bancorp		1,884
148,766		First Republic Bank		5,814
50,468	e	First South Bancorp, Inc		1,609
96,922		First State Bancorporation		2,399
139,118	e*	FirstFed Financial Corp		9,317
547,146	e	FirstMerit Corp		13,208
1,238,398		FirstRand Ltd		3,920
360,736		Flagstar Bancorp, Inc		5,353
106,676		Flushing Financial Corp		1,821
333,601	e	FNB Corp		6,095
74,570	e	FNB Corp		3,098
93		Forstaedernes Bank A/S		14
614,331		Fortis		26,210
462,027	*	Fortis		18
123,131	e*	Franklin Bank Corp		2,529
542,117	e	Fremont General Corp		8,788
228,464	e	Frontier Financial Corp		6,678
1,566,818		Fubon Financial Holding Co Ltd		1,467
12,399		Fubon Financial Holding Co Ltd (GDR)		114
48,000	*	Fuhwa Financial Holdings Co Ltd		24
746,408		Fulton Financial Corp		12,465
71,005	e	GB&T Bancshares, Inc		1,574
297,068	e	Glacier Bancorp, Inc		7,260
61,955	e	Great Southern Bancorp, Inc		1,828
446,473		Greater Bay Bancorp		11,756
43,180		Greene County Bancshares, Inc		1,716
446,246		Grupo Financiero Banorte S.A. de C.V.		1,745
26,300	e*	Grupo Financiero Galicia S.A. (ADR)		251
1,737,114		Gunma Bank Ltd		10,437
173,116		Haci Omer Sabanci Holding A.S.		679
172,039		Hancock Holding Co		9,091
471,394		Hang Seng Bank Ltd		6,442
230,917		Hanmi Financial Corp		5,203
172,820		Harleysville National Corp		3,337
84,368		HDFC Bank Ltd		2,036
6,200	e	HDFC Bank Ltd (ADR)		468
78,284	e	Heartland Financial USA, Inc		2,258
61,525		Heritage Commerce Corp		1,639
1,251,600		Hokuhoku Financial Group, Inc		4,586
13,489	e	Home Bancshares, Inc		324
23,874		Home Federal Bancorp, Inc		410
16,800		Hong Leong Bank BHD		26
4,300		Hong Leong Credit BHD		6
72,299		Horizon Financial Corp		1,740
1,747		Housing Bank for Trade and Finance		16
4,113,189		HSBC Holdings plc		75,407
13,226,968		HSBC Holdings plc		241,112
1,103,000		Hua Nan Financial Holdings Co Ltd		817
9,197,543		Hudson City Bancorp, Inc		127,662

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
1,078,655		Huntington Bancshares, Inc	$	25,618
55,784		IBERIABANK Corp		3,294
86,300		ICICI Bank Ltd (ADR)		3,602
87,960		Independent Bank Corp		3,169
132,058		Independent Bank Corp		3,340
18,849,000	*	Industrial & Commercial Bank of China		11,704
387,901		IndyMac Bancorp, Inc		17,518
91,495		Integra Bank Corp		2,518
98,909	e	Interchange Financial Services Corp		2,274
317,867		International Bancshares Corp		9,825
36,244	e*	Intervest Bancshares Corp		1,247
215,429		Investec Ltd		2,695
241,054		Investec plc		3,113
302,856	*	Investors Bancorp, Inc		4,764
292,542	e	Investors Financial Services Corp		12,483
173,726	e	Irwin Financial Corp		3,931
15,080	*	Israel Discount Bank Ltd		34
33,093		ITLA Capital Corp		1,916
3,617,000		Joyo Bank Ltd		19,969
23,591,667		JPMorgan Chase & Co		1,139,478
1,160,508		Julius Baer Holding AG.		127,813
41,236	*	Jyske Bank		2,927
86,200		Kasikornbank PCL		150
1,507,500		Kasikornbank PCL		2,658
612,700		Kasikornbank PCL		1,063
131,009		Kearny Financial Corp		2,104
1,702,047		Keycorp		64,729
92,000		Kiyo Holdings, Inc		136
179,048		KNBT Bancorp, Inc		2,995
5,500		Komercni Banka A.S.		819
1,365		Komercni Banka A.S. (GDR)		68
271,575	*	Kookmin Bank		21,872
13,400		Kookmin Bank (ADR)		1,081
145,990	*	Korea Exchange Bank		2,017
4,335,300		Krung Thai Bank PCL		1,455
36,100		Krung Thai Bank PCL		12
104,067	e	Lakeland Bancorp, Inc		1,551
69,220		Lakeland Financial Corp		1,767
5,787,623		Lloyds TSB Group plc		64,763
310,682		M&T Bank Corp		37,953
86,572	e	Macatawa Bank Corp		1,841
214,766		MAF Bancorp, Inc		9,598
82,341		MainSource Financial Group, Inc		1,395
791,700		Malayan Banking BHD		2,648
1,024,684		Marshall & Ilsley Corp		49,298
212,821		MB Financial, Inc		8,004
86,227	e	MBT Financial Corp		1,321
49,000	v	MCB Bank Ltd (GDR)		870
1,202,321		Mediobanca S.p.A.		28,394
2,819,059		Mellon Financial Corp		118,823
55,826		Mercantile Bank Corp		2,105
565,646		Mercantile Bankshares Corp		26,467
31,311	e	MetroCorp Bancshares, Inc		659
2,404,600		Metropolitan Bank & Trust		2,525
135,509	e	Mid-State Bancshares		4,931
87,136	e	Midwest Banc Holdings, Inc		2,069

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
16,011		Mitsubishi UFJ Financial Group, Inc	$	197,775
556,000		Mitsui Trust Holdings, Inc		6,382
4,190		Mizrahi Tefahot Bank Ltd		31
18,093		Mizuho Financial Group. Inc		129,230
143,694		Nara Bancorp, Inc		3,006
20,266	e	NASB Financial, Inc		838
1,261,070		National Australia Bank Ltd		40,215
277,363	e	National Bank Of Canada		15,660
772,123		National Bank of Greece S.A.		35,571
3,231,368		National City Corp		118,139
6,777,770		National Finance PCL		2,658
290,286	e	National Penn Bancshares, Inc		5,878
202,123		NBT Bancorp, Inc		5,156
156,778		Nedbank Group Ltd		2,984
272,410	e*	Net 1 UEPS Technologies, Inc		8,052
276,474	e*	NetBank, Inc		1,283
1,190,989	e	New York Community Bancorp, Inc		19,175
626,957	e	NewAlliance Bancshares, Inc		10,282
2,172,800		Nishi-Nippon City Bank Ltd		9,348
876,656		Nordea Bank AB		13,657
9,499,704		Nordea Bank AB		146,396
47,008	e*	Northern Empire Bancshares		1,389
1,819,522		Northern Trust Corp		110,427
113,934		Northwest Bancorp, Inc		3,129
60,882		OceanFirst Financial Corp		1,396
67,739		OKO Bank (Class A)		1,136
465,544		Old National Bancorp		8,808
79,962	e	Old Second Bancorp, Inc		2,343
72,839	e	Omega Financial Corp		2,325
183,921		Oriental Financial Group, Inc		2,382
106,754		OTP Bank Rt		4,905
2,830,769		Oversea-Chinese Banking Corp		14,212
395,675		Pacific Capital Bancorp		13,287
74,857	e	Park National Corp		7,411
280,720		Partners Trust Financial Group, Inc		3,268
18,073	e	Peapack Gladstone Financial Corp		508
59,057		Pennfed Financial Services, Inc		1,141
1,493	*	Pennsylvania Commerce Bancorp, Inc		39
85,640		Peoples Bancorp, Inc		2,544
251,020		People's Bank		11,201
133,949		PFF Bancorp, Inc		4,623
86,223	e*	Pinnacle Financial Partners, Inc		2,861
772,783		Piraeus Bank S.A.		24,911
63,763		Placer Sierra Bancshares		1,516
1,944,876		PNC Financial Services Group, Inc		143,999
1,238,649		Popular, Inc		22,234
172,207		Powszechna Kasa Oszczednosci Bank Polski S.A.		2,788
24,666		Preferred Bank		1,482
81,916	e	Premierwest Bancorp		1,307
98,338	e	PrivateBancorp, Inc		4,094
148,680	e	Prosperity Bancshares, Inc		5,131
201,814		Provident Bankshares Corp		7,185
520,545		Provident Financial Services, Inc		9,437
236,962		Provident New York Bancorp		3,550
586,000		PT Bank Danamon Indonesia Tbk		440
195,646,000		PT Bank Internasional Indonesia Tbk		5,221

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
18,164,000		PT Bank Mandiri Persero Tbk	$	5,857
531,600		Public Bank BHD		1,183
156,050	*	Pusan Bank		1,946
25,785	e	QC Holdings, Inc		411
279,972	*	R & G Financial Corp (Class B)		2,142
26,119		Raiffeisen International Bank Holding AG.		3,983
3,272,771		Regions Financial Corp		122,402
89,936	e	Renasant Corp		2,755
465,714		Republic Bancorp, Inc		6,268
89,672		Republic Bancorp, Inc (Class A)		2,250
3,991		Resona Holdings, Inc		10,899
1,093,200		RHB Capital BHD		1,060
51,072		Rockville Financial, Inc		912
5,602	e*	Roma Financial Corp		93
364		Roskilde Bank		42
65,553	e	Royal Bancshares of Pennsylvania (Class A)		1,723
2,401,106	e	Royal Bank of Canada		114,275
135,600	*	Royal Bank Of Canada		6,461
7,613,179		Royal Bank of Scotland Group plc		297,086
159,293		S&T Bancorp, Inc		5,523
72,407	e	S.Y. Bancorp, Inc		2,027
88,681		Sandy Spring Bancorp, Inc		3,386
868,057		Sanpaolo IMI S.p.A.		20,167
41,133		Santander BanCorp		734
806		Sapporo Hokuyo Holdings, Inc		7,789
14,400	v	Sberbank (GDR)		5,170
49,377		SCBT Financial Corp		2,060
74,758	e	Seacoast Banking Corp of Florida		1,854
74,877		Security Bank Corp		1,709
8,895,212		Shin Kong Financial Holding Co Ltd		9,582
290,300	*	Shinhan Financial Group Co Ltd		14,827
4,200	e	Shinhan Financial Group Co Ltd (ADR)		434
5,285,000		Shinsei Bank Ltd		31,087
1,649,300		Shizuoka Bank Ltd		16,368
54,336	e	Shore Bancshares, Inc		1,639
175,800		Siam Commercial Bank PCL		288
32,499	e	Sierra Bancorp		953
137,023	*	Signature Bank		4,245
85,157		Simmons First National Corp (Class A)		2,687
1,697,947		SinoPac Financial Holdings Co Ltd		909
960,816		Skandinaviska Enskilda Banken AB (Class A)		30,526
472,734		Sky Financial Group, Inc		13,492
41,681	e	Smithtown Bancorp, Inc		1,130
1,431,655		Societe Generale		243,035
1,994,756		South Financial Group, Inc		53,041
66,414	e	Southside Bancshares, Inc		1,709
99,077		Southwest Bancorp, Inc		2,760
1,593,551		Sovereign Bancorp, Inc		40,460
2,541		Sparebanken Midt-Norge		33
541,060		Standard Bank Group Ltd		7,290
100		State Bancorp, Inc		2
10,200		State Bank of India Ltd		287
4,176		State Bank of India Ltd (GDR)		311
53,795	e	State National Bancshares, Inc		2,070
1,862,913		State Street Corp		125,635
105,972		Sterling Bancorp		2,088

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
472,930		Sterling Bancshares, Inc	$	6,157
193,565		Sterling Financial Corp		4,582
208,621		Sterling Financial Corp		7,053
68,215		Suffolk Bancorp		2,601
10,008		Sumitomo Mitsui Financial Group, Inc		102,599
2,794,692		Sumitomo Trust & Banking Co Ltd		29,308
3,865	e	Summit Financial Group, Inc		74
93,279	e*	Sun Bancorp, Inc		1,965
4,518,912		SunTrust Banks, Inc		381,622
88,878	e*	Superior Bancorp		1,008
126,300		Suruga Bank Ltd		1,564
347,032		Susquehanna Bancshares, Inc		9,328
206,374	e*	SVB Financial Group		9,621
412,137		Svenska Handelsbanken (A Shares)		12,462
121,545		Svenska Handelsbanken (B Shares)		3,728
42,545		Sydbank A/S		2,033
1,349,320		Synovus Financial Corp		41,599
33,382		Taylor Capital Group, Inc		1,222
2,114,441		TCF Financial Corp		57,978
568,122		TD Banknorth, Inc		18,339
151,117	e*	Texas Capital Bancshares, Inc		3,004
46,700	e	Texas United Bancshares, Inc		1,604
130,004		TierOne Corp		4,109
45,682	e	Tompkins Trustco, Inc		2,076
96,658		Trico Bancshares		2,630
455,497	e	Trustco Bank Corp NY		5,065
311,572	e	Trustmark Corp		10,191
393,899		Turkiye Garanti Bankasi A.S.		1,302
17,850	e,v	Turkiye Garanti Bankasi AS (ADR)		62
412,160		Turkiye Is Bankasi		1,893
141,058		Turkiye Vakiflar Bankasi Tao		663
3,074,279		UBS A.G.		186,828
544,327	e	UCBH Holdings, Inc		9,558
190,285		UMB Financial Corp		6,947
340,058	e	Umpqua Holdings Corp		10,008
429,841		Unibanco - Uniao de Bancos Brasileiros S.A.		4,064
14,426,333		UniCredito Italiano S.p.A		126,448
77,081		Union Bankshares Corp		2,358
476,193		UnionBanCal Corp		29,167
231,496		United Bankshares, Inc		8,947
191,530		United Community Banks, Inc		6,190
157,633		United Community Financial Corp		1,929
1,467,739		United Overseas Bank Ltd		18,565
37,962	e	United Security Bancshares		915
66,327	e	Univest Corp of Pennsylvania		2,022
12,850,535		US Bancorp		465,061
72,160		USB Holding Co, Inc		1,739
27,957		UTI Bank Ltd		297
6,379		UTI Bank Ltd (GDR)		66
534,033	e	Valley National Bancorp		14,157
152		Verwalt & Privat-Bank AG.		40
6,564	*	ViewPoint Financial Group		111
47,432	e	Vineyard National Bancorp		1,092
90,016	e*	Virginia Commerce Bancorp		1,789
63,595		Virginia Financial Group, Inc		1,780
630,773		W Holding Co, Inc		3,759

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
11,156,901		Wachovia Corp	$	635,385
382,549		Washington Federal, Inc		9,001
7,334,038		Washington Mutual, Inc		333,625
86,381		Washington Trust Bancorp, Inc		2,409
29,000		Waterland Financial Holdings		10
56,734	e*	Wauwatosa Holdings, Inc		1,011
225,072		Webster Financial Corp		10,965
21,318,371		Wells Fargo & Co		758,081
126,241		WesBanco, Inc		4,233
107,773	e	West Bancorporation, Inc		1,916
90,864		West Coast Bancorp		3,147
194,715	e	Westamerica Bancorporation		9,858
58,349	e*	Western Alliance Bancorp		2,029
5,338,089		Western Union Co		119,680
28,225	*	Westfield Financial, Inc		977
1,739,706		Westpac Banking Corp		33,287
283,870		Whitney Holding Corp		9,260
105,970	e	Willow Grove Bancorp, Inc		1,581
283,723		Wilmington Trust Corp		11,965
89,330	e	Wilshire Bancorp, Inc		1,695
273,500		Wing Hang Bank Ltd		3,217
159,180		Wintrust Financial Corp		7,644
1,400	e	Woori Finance Holdings Co Ltd (ADR)		100
34,719		WSFS Financial Corp		2,324
215,046	*	Yapi ve Kredi Bankasi		374
51,414	e	Yardville National Bancorp		1,939
4,595,509	*	Yes Bank Ltd		13,970
497,456		Zions Bancorporation		41,010
		TOTAL DEPOSITORY INSTITUTIONS		14,706,324

EATING AND DRINKING PLACES - 0.93%
131,986	e*	AFC Enterprises		2,332
426,308		Applebees International, Inc		10,517
811,149		Aramark Corp (Class B)		27,133
26,381		Autogrill S.p.A.		485
79,537	e*	BJ's Restaurants, Inc		1,607
206,377		Bob Evans Farms, Inc		7,062
1,092,656		Brinker International, Inc		32,955
42,182	e*	Buffalo Wild Wings, Inc		2,244
117,960	*	California Pizza Kitchen, Inc		3,929
248,015		CBRL Group, Inc		11,101
264,239	*	CEC Entertainment, Inc		10,636
797,677	*	Cheesecake Factory		19,623
134,117	e*	Chipotle Mexican Grill, Inc (Class A)		7,645
208,742	*	Chipotle Mexican Grill, Inc (Class B)		10,855
524,705		CKE Restaurants, Inc		9,655
31,396,949		Compass Group plc		178,276
199,972	e*	Cosi, Inc		1,018
1,881,214		Darden Restaurants, Inc		75,568
220,865		Domino's Pizza, Inc		6,184
702,824		Enterprise Inns plc		18,619
149,499		IHOP Corp		7,879
252,900	*	Jack in the Box, Inc		15,437
8,000		Jollibee Foods Corp		7
6,650		Kappa Create Co Ltd		91
372,848	e*	Krispy Kreme Doughnuts, Inc		4,139

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
100,003	e	Landry's Restaurants, Inc	$	3,009
132,994	e*	Luby's, Inc		1,448
88,690	*	McCormick & Schmick's Seafood Restaurants, Inc		2,132
7,718,336		McDonald's Corp		342,154
600,651		Mitchells & Butlers plc		8,356
51,600	*	Morton's Restaurant Group, Inc		859
130,790	*	O'Charleys, Inc		2,783
237,742		Onex Corp		5,780
283,471		OSI Restaurant Partners, Inc		11,112
255,083	e*	Papa John's International, Inc		7,400
155,380	e*	PF Chang's China Bistro, Inc		5,963
1,110,173		Punch Taverns plc		27,802
200,941	*	Rare Hospitality International, Inc		6,617
97,021	e*	Red Robin Gourmet Burgers, Inc		3,478
336,629		Ruby Tuesday, Inc		9,237
87,927	*	Ruth's Chris Steak House, Inc		1,607
174,495		Sodexho Alliance S.A.		10,948
470,110	*	Sonic Corp		11,259
3,921,108	*	Starbucks Corp		138,886
165,960	e*	Steak N Shake Co		2,921
279,403	e*	Texas Roadhouse, Inc (Class A)		3,705
861,160		Tim Hortons, Inc		24,939
48,855		Triarc Cos (Class A)		1,062
286,065		Triarc Cos (Class B)		5,721
472,755		Wendy's International, Inc		15,644
11,253		Wetherspoon (J.D.) plc		153
56,437		Whitbread plc		1,851
1,693,241		Yum! Brands, Inc		99,563
		TOTAL EATING AND DRINKING PLACES		1,221,386

EDUCATIONAL SERVICES - 0.09%
889,292	*	Apollo Group, Inc (Class A)		34,656
37,400		Benesse Corp		1,424
380,113		CAE, Inc		3,504
582,607	*	Career Education Corp		14,437
513,940	e*	Corinthian Colleges, Inc		7,005
371,818		DeVry, Inc		10,411
92,392	e*	Educate, Inc		658
345,669	*	ITT Educational Services, Inc		22,942
198,766	*	Laureate Education, Inc		9,666
16,628	*	Lincoln Educational Services Corp		224
84,000		Raffles Education Corp Ltd		97
87,351		Strayer Education, Inc		9,263
129,950	e*	Universal Technical Institute, Inc		2,886
86,690		UP, Inc		525
		TOTAL EDUCATIONAL SERVICES		117,698

ELECTRIC, GAS, AND SANITARY SERVICES - 4.16%
27,973		AEM Torino S.p.A		91
3,762,913	*	AES Corp		82,935
324,207	*	AGL Energy Ltd		4,141
450,876		AGL Resources, Inc		17,544
751,830		Alinta Ltd		7,015
1,174,180	*	Allegheny Energy, Inc		53,907
159,519		Allete, Inc		7,424
1,036,801		Alliant Energy Corp		39,160

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
1,044,737	*	Allied Waste Industries, Inc	$	12,840
938,680	e	Ameren Corp		50,435
89,288	e	American Ecology Corp		1,653
4,322,879		American Electric Power Co, Inc		184,068
98,700	e	American States Water Co		3,812
536,257		Aqua America, Inc		12,216
2,179,402	*	Aquila, Inc		10,243
394,756		Atmos Energy Corp		12,597
2,561,514		AU Optronics Corp		3,561
289,139		Avista Corp		7,318
1,622,515	*	Babcock & Brown Environmental Investments Ltd		1,921
386	e*	Beacon Power Corp		-	^
148,181		BKW FMB Energie AG.		17,427
233,311		Black Hills Corp		8,619
101,280		California Water Service Group		4,092
561,297		Caltex Australia Ltd		10,190
90,308		Cascade Natural Gas Corp		2,341
118,908	e*	Casella Waste Systems, Inc (Class A)		1,454
1,770,007	e	Centerpoint Energy, Inc		29,347
1,200		Central Vermont Public Service Corp		28
3,769,868		Centrica plc		26,167
97,065		CEZ		4,475
117,282	e	CH Energy Group, Inc		6,192
2,282,000		China Resources Power Holdings Co		3,444
417,800		Chubu Electric Power Co, Inc		12,498
144,348	*	Clean Harbors, Inc		6,988
325,998		Cleco Corp		8,225
2,607,645		CLP Holdings Ltd		19,277
2,725,176	*	CMS Energy Corp		45,510
154,988		Colbun S.A.		31
8,709,220		Companhia de Gas de Sao Paulo		1,443
19,448,463		Companhia de Saneamento Basico do Estado de Sao Paulo		2,667
31,651,892		Companhia Energetica de Minas Gerais		1,555
46,783,882	*	Companhia Energetica de Sao Paulo (Class B)		547
116,513,787		Companhia Paranaense de Energia		1,363
981,166		Consolidated Edison, Inc		47,165
2,205,398		Constellation Energy Group, Inc		151,886
466,456		Contact Energy Ltd		2,734
808,251	*	Covanta Holding Corp		17,814
168,852	e	Crosstex Energy, Inc		5,351
552,541		Dogan Sirketler Grubu Holdings		870
1,649,711		Dominion Resources, Inc		138,312
3,822,032	e	DPL, Inc		106,176
721,271		DTE Energy Co		34,917
35,806		DUET Group		82
6,647,577		Duke Energy Corp		220,766
469,591	e	Duquesne Light Holdings, Inc		9,321
2,331,506	e*	Dynegy, Inc (Class A)		16,880
727,160		E.ON AG.		98,705
2,387,520		Edison International		108,584
8,192		EDP - Energias do Brasil S.A.		127
3,450,107		El Paso Corp		52,718
332,524	*	El Paso Electric Co		8,104
105,120		Electric Power Development Co		4,629
167,320		Electricity Generating PCL		451
218,080		Electricity Generating PCL		587

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
5,714,935	*	Eletropaulo Metropolitana de Sao Paulo S.A.	$	292
155,969	e	Empire District Electric Co		3,851
1,323,721		Empresa Nacional de Electricidad S.A.		1,623
584,118	*	Enbridge, Inc		20,171
1,675,111		Endesa S.A.		79,228
7,882,466		Enel S.p.A.		81,317
341,424		Energen Corp		16,026
7,618,949		Energias de Portugal S.A.		38,620
596,952		Energy East Corp		14,804
39,707	e	EnergySouth, Inc		1,592
4,619,683		Enersis S.A.		1,472
2,700		Enersis S.A. (ADR)		43
1,922,397		Entergy Corp		177,476
3,977,926		Exelon Corp		246,194
2,112,812		First Philippine Holdings Corp		2,714
2,135,148		FirstEnergy Corp		128,749
292,604		Fortis, Inc		7,470
11,276,364		Fortum Oyj		320,927
1,946,383		FPL Group, Inc		105,922
236,243		Gas Natural SDG S.A.		9,352
226,938		Gaz de France		10,440
1,514,200		Glow Energy PCL		1,410
321,524	e	Great Plains Energy, Inc		10,224
3,899	*	Greentech Energy Systems		47
413,400		Guangdong Electric Power Development Co Ltd (Class B)		255
922,000		Guangdong Investments Ltd		416
338,558	e	Hawaiian Electric Industries, Inc		9,192
127,100		Hokkaido Electric Power Co, Inc		3,247
5,492,927		Hong Kong & China Gas Ltd		12,358
1,360,511		Hong Kong Electric Holdings Ltd		6,664
22,000		Huadian Power International Co		9
936,000		Huaneng Power International, Inc		836
5,900	e	Huaneng Power International, Inc (ADR)		212
15,110		Hunting plc		178
982,056		Iberdrola S.A.		42,935
249,212	e	Idacorp, Inc		9,632
4,962,359		International Power plc		37,092
19,545		Inversiones Aguas Metropolitanas S.A.		24
96,104		ITC Holdings Corp		3,835
918,903		Kansai Electric Power Co, Inc		24,786
293,702		Kelda Group plc		5,325
933,300		KeySpan Corp		38,433
519,890		Kinder Morgan, Inc		54,978
109,977	*	Korea Electric Power Corp		5,014
19,600		Korea Electric Power Corp (ADR)		445
689,300		Kyushu Electric Power Co, Inc		18,187
161,734		Laclede Group, Inc		5,666
5,623		Lassila & Tikanoja Oyj		161
72,500		Malakoff BHD		208
53,964		Markwest Hydrocarbon, Inc		2,620
849,746		MDU Resources Group, Inc		21,787
148,099		Metal Management, Inc		5,606
127,595	e	MGE Energy, Inc		4,667
8,831		Middlesex Water Co		165
2,271,231	*	Mirant Corp		71,703
1,933,787		MMC Corp BHD		2,214

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
393,838	e	National Fuel Gas Co	$	15,179
4,698,377		National Grid plc		67,799
164,556		New Jersey Resources Corp		7,994
345,978	e	Nicor, Inc		16,192
1,223,061		NiSource, Inc		29,476
1,361,585		Northeast Utilities		38,342
178,977		Northwest Natural Gas Co		7,596
248,597		NorthWestern Corp		8,795
1,885,831	e*	NRG Energy, Inc		105,625
541,420		NSTAR		18,603
58,379		Oest Elektrizitatswirts AG. (Class A)		3,115
734,066		OGE Energy Corp		29,363
107,600		Okinawa Electric Power Co, Inc		6,637
765,778		Oneok, Inc		33,020
47,901	e	Ormat Technologies, Inc		1,764
4,463,085		Osaka Gas Co Ltd		16,614
199,855		Otter Tail Corp		6,227
222,404	e	Peoples Energy Corp		9,913
955,999		Pepco Holdings, Inc		24,865
197,400		Petronas Gas BHD		501
965,000	*	Petronet LNG Ltd		1,049
1,406,598		PG&E Corp		66,574
54,967	*	Pico Holdings, Inc		1,911
458,691		Piedmont Natural Gas Co, Inc		12,270
89,605	e*	Pike Electric Corp		1,463
397,172		Pinnacle West Capital Corp		20,133
348,644	e*	Plug Power, Inc		1,356
503,047		PNM Resources, Inc		15,645
1,271,483		Polish Oil & Gas Co		1,577
151,035		Portland General Electric Co		4,116
1,942,910		PPL Corp		69,634
1,137,081		Progress Energy, Inc		55,808
496,039	v*	Progress Energy, Inc		5
734,000		PT Perusahaan Gas Negara		947
1,220,701		Public Service Enterprise Group, Inc		81,030
596,683		Puget Energy, Inc		15,132
11,195		Puma AG. Rudolf Dassler Sport		4,369
559,399		Questar Corp		46,458
40,058		Reliance Energy Ltd		471
1,197		Reliance Energy Ltd (GDR)		43
1,531,275	*	Reliant Energy, Inc		21,759
810,894		Republic Services, Inc		32,979
91,469		Resource America, Inc (Class A)		2,415
19,287		RWE AG.		1,833
507,837		RWE AG.		55,976
472,426		SCANA Corp		19,190
705,547		Scottish & Southern Energy plc		21,468
3,211,502		Scottish Power plc		47,035
823,110		SembCorp Industries Ltd		2,061
1,553,344		Sempra Energy		87,049
178,066		Severn Trent plc		5,125
1,306,362	*	Sierra Pacific Resources		21,986
84,826	e	SJW Corp		3,288
760,597		Snam Rete Gas S.p.A.		4,315
45,610		Sociedad General de Aguas de Barcelona S.A. (Class A)		1,671
8,172,800	*	Sojitz Holdings Corp		24,861

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
169,635		South Jersey Industries, Inc	$	5,667
3,148,603		Southern Co		116,057
459,386		Southern Union Co		12,840
327,509		Southwest Gas Corp		12,566
122,141	e	Southwest Water Co		1,681
206,672	*	Stericycle, Inc		15,604
31,795	v*	Suez S.A.		-	^
1,932,763		Suez S.A.		100,089
228,454	e	Synagro Technologies, Inc		1,010
1,666		Tata Power Co Ltd		21
898,941		TECO Energy, Inc		15,489
1,492,375		Tenaga Nasional BHD		4,611
345,500		Tohoku Electric Power Co, Inc		8,637
2,259,200		Tokyo Electric Power Co, Inc		73,089
1,387,158		Tokyo Gas Co Ltd		7,378
53,875		Tractebel Energia S.A.		454
283,974		TransAlta Corp		6,487
9,700	e*	Transportadora de Gas del Sur S.A. (ADR)		77
2,673,037		TXU Corp		144,905
658,475		UGI Corp		17,963
187,613		UIL Holdings Corp		7,915
19,879		Unified Energy System (ADR)		2,122
25,291		Unified Energy System (GDR)		2,772
154,467		Union Fenosa S.A.		7,646
307,380		Unisource Energy Corp		11,229
708,741		United Utilities plc		10,824
146,009		Vector Ltd		259
312,381		Vectren Corp		8,834
228,870		Veolia Environnement		17,644
263,009	*	Waste Connections, Inc		10,928
67,066		Waste Industries USA, Inc		2,047
134,699	e*	Waste Services, Inc		1,327
231,240		Wellypower Optronics Corp		852
497,226		Westar Energy, Inc		12,908
310,538		WGL Holdings, Inc		10,117
2,909,755		Williams Cos, Inc		76,003
752,502		Wisconsin Energy Corp		35,714
176,769		WPS Resources Corp		9,551
1,630,808		Xcel Energy, Inc		37,606
15,490,000		Xinao Gas Holdings Ltd		17,525
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		5,450,824

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 6.16%
1,268,743	*	AAC Acoustic Technology Holdings, Inc		1,204
2,079,678		ABB Ltd		37,293
602,795		ABB Ltd (ADR)		10,838
302		ABB Ltd India		25
668,898	*	Accuris Co Ltd		637
8,979	e*	Acme Packet, Inc		185
194,335	*	Actel Corp		3,529
360,509		Acuity Brands, Inc		18,761
855,340	*	Adaptec, Inc		3,986
502,213	*	ADC Telecommunications, Inc		7,297
418,371		Adtran, Inc		9,497
211,150	*	Advanced Analogic Technologies, Inc		1,138
307,610	*	Advanced Energy Industries, Inc		5,805

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
2,628,922	*	Advanced Micro Devices, Inc	$	53,499
2,514,789	*	Advanced Semiconductor Engineering, Inc		2,856
46,084	e*	Advanced Semiconductor Engineering, Inc (ADR)		260
287,640		Advantest Corp		16,484
426,024	*	Aeroflex, Inc		4,993
10,401		Aga Foodservice Group plc		88
3,030,584	*	Agere Systems, Inc		58,096
7,155,845		Alcatel S.A.		102,962
322,307		Alcatel S.A. (ADR)		4,583
1,400		Alpine Electronics, Inc		21
376,500		Alps Electric Co Ltd		4,084
2,517,413	*	Altera Corp		49,543
718,336		American Power Conversion Corp		21,974
186,611	e*	American Superconductor Corp		1,831
469,572		Ametek, Inc		14,951
310,438	e*	AMIS Holdings, Inc		3,281
761,952	e*	Amkor Technology, Inc		7,117
562,670		Amphenol Corp (Class A)		34,931
275,963	e*	Anadigics, Inc		2,445
1,581,602		Analog Devices, Inc		51,987
914,069	*	Andrew Corp		9,351
6,133,019	*	Apple Computer, Inc		520,325
5,690	e*	Applica, Inc		45
1,740,561	e*	Applied Micro Circuits Corp		6,196
1,479		Applied Signal Technology, Inc		21
3,594		Arcelik A.S.		21
952,830		ARM Holdings plc		2,346
825,876	e*	Arris Group, Inc		10,332
3,343,500		Asustek Computer, Inc		9,153
53,760		Asustek Computer, Inc (GDR)		142
297,141	e*	Atheros Communications, Inc		6,335
2,248,301	*	Atmel Corp		13,602
216,297	*	ATMI, Inc		6,604
7,400	e*	AudioCodes Ltd		69
1,156,959	e*	Avanex Corp		2,187
721,039	*	Avnet, Inc		18,408
395,656	e	AVX Corp		5,852
197,930		Baldor Electric Co		6,615
8,899		Bang & Olufsen A/S (B Shares)		1,147
8,633		Barco NV		786
66,699	e	Bel Fuse, Inc (Class B)		2,320
371,958	*	Benchmark Electronics, Inc		9,061
270	*	Bharat Electronics Ltd		8
342,380	e*	Bookham, Inc		1,393
3,977,497	*	Broadcom Corp (Class A)		128,513
442,132	e*	Broadwing Corp		6,906
1,957,080	*	Brocade Communications Systems, Inc		16,068
2,300	e*	C&D Technologies, Inc		11
174,931	e*	CalAmp Corp		1,476
596,592	e*	Capstone Turbine Corp		734
164,356	*	Carrier Access Corp		1,078
1,363	*	Catapult Communications Corp		12
447,620	*	C-COR, Inc		4,986
302,230	*	Celestica, Inc		2,353
174,564	e*	Ceradyne, Inc		9,863
1,368,000	*	Chartered Semiconductor Manufacturing Ltd		1,142

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
268,245	*	Checkpoint Systems, Inc	$	5,419
60,122		Cheng Uei Precision Industry Co Ltd		215
1,439,688		Chi Mei Optoelectronics Corp		1,458
101,080	e*	China BAK Battery, Inc		659
11,538	e,v*	China Energy Savings Technology, Inc		1
1,953,000	*	Chunghwa Picture Tubes Ltd		420
844,716	*	Ciena Corp		23,407
41,278,333	*	Cisco Systems, Inc		1,128,137
77,939	e*	Color Kinetics, Inc		1,664
110,000		Compal Communications, Inc		358
14,000	*	Compeq Manufacturing Co		7
131,023	e*	Comtech Telecommunications Corp		4,988
1,113,380	*	Comverse Technology, Inc		23,503
2,691,853	e*	Conexant Systems, Inc		5,491
265,542		Cooper Industries Ltd (Class A)		24,013
12,149	*	CPI International, Inc		182
810,963	e*	Cree, Inc		14,046
272,440		Crompton Greaves Ltd		1,285
195,931	*	CSR plc		2,494
240,951	e	CTS Corp		3,783
120,854		Cubic Corp		2,623
669,292	e*	Cypress Semiconductor Corp		11,291
505,600		Daiichikosho Co Ltd		6,152
342,000		Dainippon Screen Manufacturing Co Ltd		3,072
14,000		Daiwa Industries Ltd		96
1,594,560		Datacraft Asia Ltd		1,834
232,000		Datang International Power Generation Co Ltd		242
1,653,800		Delta Electronics Thai PCL		807
116,184	*	Diodes, Inc		4,122
54,400	*	Directed Electronics, Inc		623
190,769	*	Ditech Networks, Inc		1,320
236,941	*	Dolby Laboratories, Inc (Class A)		7,350
174,527	*	DSP Group, Inc		3,787
98,652	*	DTS, Inc		2,386
9,686	*	Eagle Broadband, Inc		5
22,700	e*	ECI Telecom Ltd		197
168,757	*	Electro Scientific Industries, Inc		3,399
313,746		Electrolux AB (Series B)		6,279
226,675	e*	Emcore Corp		1,254
6,060,748		Emerson Electric Co		267,218
641,045		EMI Group plc		3,326
67,981	*	EMS Technologies, Inc		1,362
24,009	*	EndWave Corp		260
263,981	e*	Energizer Holdings, Inc		18,740
223,470	e*	Energy Conversion Devices, Inc		7,594
263,707	*	EnerSys		4,219
32,438,817		Ericsson (LM) (B Shares)		131,017
376,810	e*	Evergreen Solar, Inc		2,852
62,000		Everlight Electronics Co Ltd		176
203,554	*	Exar Corp		2,646
2,255,163	*	Fairchild Semiconductor International, Inc		37,909
133,500		Fanuc Ltd		13,148
36,000		Far EasTone Telecommunications Co Ltd		41
3,102,360	e*	Finisar Corp		10,021
388,800	*	First Solar, Inc		11,586
1,429,145		Fisher & Paykel Appliances Holdings Ltd		3,867

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
1,113,520		Fisher & Paykel Healthcare Corp	$	3,342
170	*	Flextronics International Ltd		2
2,446,000	*	Foxconn International Holdings Ltd		8,003
112,900		Foxconn Technology Co Ltd		1,353
126,484		Franklin Electric Co, Inc		6,500
200	*	FSI International, Inc		1
301,498	e*	FuelCell Energy, Inc		1,948
83,000		Fuji Electric Holdings Co Ltd		450
289,461	*	Fujitsu Access Ltd		1,508
366,388		Gamesa Corp Tecnologica S.A.		10,084
40,000	e	Garmin Ltd		2,226
1,553	*	Gemalto NV		39
1,412,213	e*	Gemstar-TV Guide International, Inc		5,663
185,070	*	Genlyte Group, Inc		14,456
850,000		Geodesic Information Systems Ltd		3,461
12,412		Germanos S.A.		311
4,800	*	Glenayre Technologies, Inc		12
822,159	*	GrafTech International Ltd		5,689
131,283	e*	Greatbatch, Inc		3,534
1,642		Groupe Steria SCA		99
9,600		Hana Microelectronics PCL		8
1,816,000	*	HannStar Display Corp		344
311,107		Harman International Industries, Inc		31,083
790,478	*	Harmonic, Inc		5,747
595,857		Harris Corp		27,326
533,222	e*	Hexcel Corp		9,283
124,800		High Tech Computer Corp		2,470
33,320		Hirose Electric Co Ltd		3,783
5,300		Hitachi High-Technologies Corp		158
3,761,994		Hitachi Ltd		23,456
193,900		Hitachi Maxell Ltd		2,892
61,986	e*	Hittite Microwave Corp		2,003
2,305,937		Hon Hai Precision Industry Co, Ltd		16,453
51,181		Hon Hai Precision Industry Co, Ltd (GDR)		727
8,413,298		Honeywell International, Inc		380,618
1,700		Horiba Ltd		63
8,300		Hosiden Corp		89
834,580		Hoya Corp		32,540
155,635	e*	Hutchinson Technology, Inc		3,668
51,530	*	Hynix Semiconductor, Inc		2,020
29,698	*	Hyundai Autonet Co Ltd		292
254,415		Ibiden Co Ltd		12,827
65,137	e*	ID Systems, Inc		1,226
109,971	e*	Ikanos Communications, Inc		956
221,672		Imation Corp		10,292
2,666		Imtech NV		169
1,002,615	*	Infineon Technologies AG.		14,135
553,000	e*	Infineon Technologies AG. (ADR)		7,759
986,643	*	Integrated Device Technology, Inc		15,273
800	e*	Integrated Silicon Solutions, Inc		5
39,297,875		Intel Corp		795,782
381,193	e*	Interdigital Communications Corp		12,789
302,732	*	International Rectifier Corp		11,664
100		Internet Research Institute, Inc		64
761,145		Intersil Corp (Class A)		18,207
170,317		Inter-Tel, Inc		3,774

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
220,733	*	InterVoice, Inc	$	1,691
22,833	*	Intracom S.A.		155
40,094	e*	iRobot Corp		724
155,695	*	IXYS Corp		1,386
4,600		Japan Digital Laboratory Co Ltd		72
1,957,627	*	JDS Uniphase Corp		32,614
521,279	e*	Kemet Corp		3,805
2,650,191		Koninklijke Philips Electronics NV		99,948
289	*	Koor Industries Ltd		15
3,389	e*	Koor Industries Ltd (ADR)		35
116,932		Kudelski S.A.		4,405
381,098		Kyocera Corp		35,931
1,154,375		L-3 Communications Holdings, Inc		94,405
9,111		Laird Group plc		74
95,785	e*	Lamson & Sessions Co		2,324
644,785	e*	Lattice Semiconductor Corp		4,178
1,300	*	Leadis Technology, Inc		6
37,198	*	LG Electronics, Inc		2,200
39,290	*	LG.Philips LCD Co Ltd		1,177
6,800	e	LG.Philips LCD Co Ltd (ADR)		102
245,576	e	Lincoln Electric Holdings, Inc		14,838
1,344,476		Linear Technology Corp		40,765
217,170	*	Littelfuse, Inc		6,923
6,712	*	Loewe AG.		130
51,008	e*	Loral Space & Communications, Inc		2,077
114,326		LSI Industries, Inc		2,269
2,864,591	*	LSI Logic Corp		25,781
6,900		Mabuchi Motor Co Ltd		411
858,529	*	Macronix International		371
98,000		Malaysian Pacific Industries		294
1,190,150	*	Marvell Technology Group Ltd		22,839
2,506,679		Matsushita Electric Industrial Co Ltd		50,026
603,350		Matsushita Electric Industrial Co Ltd (ADR)		12,121
215,344		Matsushita Electric Works Ltd		2,495
432,816	*	Mattson Technology, Inc		4,034
1,399,435		Maxim Integrated Products, Inc		42,851
83,171	e*	Maxwell Technologies, Inc		1,160
876,369	*	McData Corp (Class A)		4,864
584,400		MediaTek, Inc		6,044
119,978	e*	Medis Technologies Ltd		2,091
2,778		Melexis NV		51
1,336,607	*	MEMC Electronic Materials, Inc		52,315
127,361	e*	Mercury Computer Systems, Inc		1,702
209,960		Methode Electronics, Inc		2,274
412,884	*	Micrel, Inc		4,451
945,563		Microchip Technology, Inc		30,920
4,208,110	*	Micron Technology, Inc		58,745
11,271		Micronas Semiconductor Holdings, Inc		248
414,236	e*	Microsemi Corp		8,140
302,582	e*	Microtune, Inc		1,422
800	e*	Microvision, Inc		3
596,794	e*	Mindspeed Technologies, Inc		1,140
32,000		Minebea Co Ltd		224
236,925	*	MIPS Technologies, Inc		1,966
6,024,000		Mitsubishi Electric Corp		54,973
162,785	e*	Mobility Electronics, Inc		545

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
611,038		Molex, Inc	$	19,327
125,964	e*	Monolithic Power Systems, Inc		1,399
226,676	*	Moog, Inc (Class A)		8,657
130,692	e*	MoSys, Inc		1,209
15,469,781		Motorola, Inc		318,059
708,142	e*	MRV Communications, Inc		2,507
49,343	e*	Multi-Fineline Electronix, Inc		1,001
277,956		Murata Manufacturing Co Ltd		18,802
65,000		Nan Ya Printed Circuit Board Corp		449
28,198		National Presto Industries, Inc		1,688
4,141,909		National Semiconductor Corp		94,021
111,200	v*	NCP Litigation Trust		-	^
297,400	*	NEC Electronics Corp		8,697
94,228	e*	Netlogic Microsystems, Inc		2,044
2,514,541	*	Network Appliance, Inc		98,771
2,068		Nexans S.A.		265
101,000		NGK Spark Plug Co Ltd		1,901
10,434	*	Nice Systems Ltd		319
2,800	*	Nice Systems Ltd (ADR)		86
92,680		Nidec Corp		7,165
1,300		Nihon Dempa Kogyo Co Ltd		54
345,000		Nihon Unisys Ltd		5,639
9,000		Nippon Chemi-Con Corp		77
24,600		Nitto Denko Corp		1,232
5,549		NKT Holding A/S		491
6,916,346		Nokia Oyj		141,331
54		Nokia OYJ (ADR)		1
844,595	*	Nortel Networks Corp		22,655
1,071,609	e*	Novellus Systems, Inc		36,885
2,990,385	*	Nvidia Corp		110,674
9,007		Olympic Group Financial Investments		84
331,172	e*	Omnivision Technologies, Inc		4,520
224,000		Omron Corp		6,362
995,264	e*	ON Semiconductor Corp		7,534
530,548	e*	Openwave Systems, Inc		4,897
85,905	e*	Oplink Communications, Inc		1,766
102,131	e*	Optical Communication Products, Inc		167
2,163	*	Optium Corp		54
415,000		Origin Electric Co Ltd		2,835
88,394	e*	OSI Systems, Inc		1,850
115,984		Park Electrochemical Corp		2,975
109,219	e*	Parkervision, Inc		1,218
157,357	*	Pericom Semiconductor Corp		1,805
251,498		Phoenix Electric Co Ltd		1,272
6,000		Phoenixtec Power Co Ltd		7
243,431	e*	Photronics, Inc		3,978
137,600		Pioneer Corp		1,889
84,155	*	Pixelworks, Inc		193
283,654	e	Plantronics, Inc		6,013
360,408	e*	Plexus Corp		8,607
138,365	*	PLX Technology, Inc		1,804
1,003,257	e*	PMC - Sierra, Inc		6,732
715,499	*	Polycom, Inc		22,116
462,981	*	Portalplayer, Inc		6,227
40,450	*	Powell Industries, Inc		1,277
428,241	e*	Power-One, Inc		3,118

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
665,713	e*	Powerwave Technologies, Inc	$	4,294
169	*	Qimonda AG. (ADR)		3
726,582	*	QLogic Corp		15,927
12,489,052		Qualcomm, Inc		471,961
303,592	e*	Quantum Fuel Systems Technologies Worldwide, Inc		486
3,296,478	e	RadioShack Corp		55,315
67,170	*	Radyne Corp		721
398,752	e*	Rambus, Inc		7,548
92,168	e	Raven Industries, Inc		2,470
731,150		Realtek Semiconductor Corp		1,259
230,193		Regal-Beloit Corp		12,087
290,905	*	Reliance Communication Ventures Ltd		3,100
122,936		REMEC, Inc		162
346,326	*	Research In Motion Ltd		44,250
41,246		Reunert Ltd		481
1,102,777	e*	RF Micro Devices, Inc		7,488
765,759		Ricoh Co Ltd		15,636
7,700		Rinnai Corp		230
412,000	*	Ritek Corp		121
299,600		River Eletec Corp		2,067
102,221	*	Rogers Corp		6,046
161,457		Rohm Co Ltd		16,077
1,218		SAES Getters S.p.A.		37
13,570	*	Samsung Electro-Mechanics Co Ltd		632
58,484		Samsung Electronics Co Ltd		38,549
9,398		Samsung Electronics Co Ltd		4,851
4,450	*	Samsung Electronics Co Ltd (GDR)		1,464
13,343	*	Samsung SDI Co Ltd		922
1,369,000		Sanken Electric Co Ltd		16,899
2,499,523	*	Sanmina-SCI Corp		8,623
231,000	*	Sanyo Electric Co Ltd		293
2,114,000		Sanyo Electric Taiwan Co Ltd		1,645
522,675		Satyam Computer Services Ltd		5,709
278,593		Schindler Holding AG.		17,525
365,553		Schneider Electric S.A.		40,582
1,500	*	Seachange International, Inc		15
7,834,000	*	Semiconductor Manufacturing International Corp		1,017
501,087	*	Semtech Corp		6,549
1,042,000		Sharp Corp		17,950
2,700		Shinkawa Ltd		58
38,700		Shinko Electric Industries		1,011
4,657		Siemens India Ltd		120
674,616	*	Silicon Image, Inc		8,581
241,148	*	Silicon Laboratories, Inc		8,356
781,738	*	Silicon Storage Technology, Inc		3,526
2,083,824		Siliconware Precision Industries Co		3,274
35,273	e	Siliconware Precision Industries Co (ADR)		277
144,760	e*	Sirenza Microdevices, Inc		1,138
6,891,713	e*	Sirius Satellite Radio, Inc		24,397
937,027	*	Skyworks Solutions, Inc		6,634
1,183,875		Sony Corp		50,735
876,279	*	Spansion, Inc (Class A)		13,021
2,200	e*	Spatialight, Inc		3
1,400	*	Spectralink Corp		12
207,180	e*	Spectrum Brands, Inc		2,258
69,174	*	Staktek Holdings, Inc		356

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
127,129	*	Standard Microsystems Corp	$	3,557
22,300		Stanley Electric Co Ltd		447
2,328,315	*	STATS ChipPAC Ltd		1,776
889,587		STMicroelectronics NV		16,522
528,406	*	Stratex Networks, Inc		2,552
285,200		Sumco Corp		24,109
58,678	e*	Sunpower Corp (Class A)		2,181
853	*	Suntron Corp		1
69,794	*	Supertex, Inc		2,739
1,025,645	*	Sycamore Networks, Inc		3,856
275,877	e*	Symmetricom, Inc		2,461
142,405	e*	Synaptics, Inc		4,228
9,260,417		Taiwan Semiconductor Manufacturing Co Ltd		19,183
72,408		Taiwan Semiconductor Manufacturing Co Ltd (ADR)		791
382,060		Taiyo Yuden Co Ltd		6,742
140,258		Tandberg ASA		2,115
973,000	*	Tatung Co Ltd		436
150,343		TDK Corp		11,951
239,254		Technitrol, Inc		5,716
11,006	e*	Techwell, Inc		177
5,093,000		Teco Electric and Machinery Co Ltd		2,595
325,712	e*	Tekelec		4,830
552,901		Teleflex, Inc		35,695
2,405,936	*	Tellabs, Inc		24,685
2,382,550		Terna Rete Elettrica Nazionale S.p.A.		8,075
258,848	e*	Tessera Technologies, Inc		10,442
7,369,223		Texas Instruments, Inc		212,234
402,624	*	Thomas & Betts Corp		19,036
195,915		Thomson		3,830
413,260		Tokyo Denpa Co Ltd		5,202
1,124,417	e*	Transmeta Corp		1,248
704,034	e*	Transwitch Corp		986
466,902	*	Trident Microsystems, Inc		8,488
96,885	e*	Tripath Technology, Inc		6
799,830	*	Triquint Semiconductor, Inc		3,599
353,401	*	TTM Technologies, Inc		4,004
76,302	*	Ulticom, Inc		732
800	e*	Ultralife Batteries, Inc		9
10,146	*	UMC Japan		2,199
280,000		Uniden Corp		1,913
4,300	*	United Capital Corp		127
7,294,188		United Microelectronics Corp		4,533
98,047	e	United Microelectronics Corp (ADR)		342
60,000	*	United Test and Assembly Center Ltd		29
132,563	e*	Universal Display Corp		1,990
80,330	*	Universal Electronics, Inc		1,688
61,300		Ushio, Inc		1,259
1,313,820	e*	Utstarcom, Inc		11,496
57,485	e*	Valence Technology, Inc		95
21,454		Valeo S.A.		893
401,716	*	Varian Semiconductor Equipment Associates, Inc		18,286
283,498		Venture Corp Ltd		2,495
1,613	*	Vestel Elektronik Sanayi		4
180,000	*	Via Technologies, Inc		224
126,638	*	Viasat, Inc		3,775
116,290		Vicor Corp		1,292

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
81,974	e*	Virage Logic Corp	$	761
681,265	*	Vishay Intertechnology, Inc		9,224
2,127,967		Vivendi Universal S.A.		83,175
97,638	e*	Volterra Semiconductor Corp		1,465
14,000		Vtech Holdings Ltd		86
35,625		Weg S.A.		254
321,695		Whirlpool Corp		26,707
827,000	*	Winbond Electronics Corp		338
284,401		Wintek Corp		270
75,800		Wipro Ltd		1,038
1,072,819	*	Wolfson Microelectronics plc		5,861
1,501,109		Xilinx, Inc		35,741
15,750		Ya Hsin Industrial Co Ltd		13
453,000	*	Yageo Corp		211
516,000		Yaskawa Electric Corp		5,971
3,000,000		YTL Power International		1,760
1,024,855	e*	Zhone Technologies, Inc		1,343
2,930,000	*	Zhuzhou CSR Times Electric Co Ltd		4,053
95,528	e*	Zoltek Cos, Inc		1,879
435,540	*	Zoran Corp		6,350
34,600		ZTE Corp		159
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		8,077,358

ENGINEERING AND MANAGEMENT SERVICES - 0.67%
134,580	e*	Advisory Board Co		7,205
1,779	e*	Affymax, Inc		61
97,093		Aker Kvaerner ASA		12,115
264,495		Amec plc		2,183
495,166	e*	Amylin Pharmaceuticals, Inc		17,861
58,302	e*	Antigenics, Inc		107
441,648	*	Applera Corp (Celera Genomics Group)		6,179
454,977	e*	Ariad Pharmaceuticals, Inc		2,339
23,265		Babcock International Group		183
507,805		Capita Group plc		6,035
75,178	e	CDI Corp		1,872
2,342,077	*	Celgene Corp		134,740
64,568	e*	Cornell Cos, Inc		1,184
194,084		Corporate Executive Board Co		17,021
61,197	*	CRA International, Inc		3,207
117,459	e*	CuraGen Corp		540
276,818	e*	CV Therapeutics, Inc		3,864
76,130	*	Daewoo Engineering & Construction Co Ltd		1,564
352,801	e*	deCODE genetics, Inc		1,598
211,157		Diamond Management & Technology Consultants, Inc		2,627
11,156	a*	Digital Garage, Inc		20,717
522,684	*	Digitas, Inc		7,009
4,170		Dinamia		129
242,681	e*	Diversa Corp		2,640
1,756,984		Downer EDI Ltd		9,694
293,301	e*	eResearch Technology, Inc		1,974
107,548	*	Essex Corp		2,571
619,140	*	Exelixis, Inc		5,572
93,202	*	Exponent, Inc		1,739
141,726	*	First Consulting Group, Inc		1,950
669,201		Fluor Corp		54,640
186,197		Fugro NV		8,898

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
230,556	*	Gen-Probe, Inc	$	12,074
5,039	*	Geo ASA		46
44,850	*	GPC Biotech AG.		1,143
1,397,144		GRD Ltd		2,206
1,001	*	Greenfield Online, Inc		14
386,145	*	Harris Interactive, Inc		1,946
537,796	*	Hewitt Associates, Inc (Class A)		13,848
99,250	*	Huron Consulting Group, Inc		4,500
814	*	Icon plc		31
385,066	*	ICOS Corp		13,011
26,439		IDB Development Corp Ltd		819
570,789	*	Incyte Corp		3,333
1,166,093	*	Infrasource Services, Inc		25,386
20,532		Interserve plc		161
419,722	e*	Isis Pharmaceuticals, Inc		4,667
406,478	*	Jacobs Engineering Group, Inc		33,144
590		Jaiprakash Associates Ltd		10
30,166		JGC Corp		518
85,719	e*	Kendle International, Inc		2,696
50,251		Landauer, Inc		2,637
121,484	*	LECG Corp		2,245
463,015	*	Lexicon Genetics, Inc		1,671
196,899	e*	Lifecell Corp		4,753
184,690	*	Luminex Corp		2,346
120,433		MAXIMUS, Inc		3,707
160,171	*	Maxygen, Inc		1,725
57,600	*	McDermott International, Inc		2,930
22,700		Meitec Corp		689
775,408	e*	Monogram Biosciences, Inc		1,380
1,394,056		Moody's Corp		96,274
86,026	*	MTC Technologies, Inc		2,026
226,905	e*	Myriad Genetics, Inc		7,102
248,313	*	Navigant Consulting, Inc		4,907
1,100	*	Neopharm, Inc		2
600	*	Neurogen Corp		4
11,504		Nichii Gakkan Co		170
646	*	NicOx S.A.		19
222,785	e*	Omnicell, Inc		4,150
43,690	e*	Orchid Cellmark, Inc		135
102,697	e*	Oscient Pharmaceuticals Corp		520
1,930,131		Paychex, Inc		76,317
193,864	e*	Per-Se Technologies, Inc		5,386
139,876	e*	PharmaNet Development Group, Inc		3,087
1,574,263		QinetiQ plc		5,903
705,780		Quest Diagnostics, Inc		37,406
314,152	*	Regeneron Pharmaceuticals, Inc		6,305
768,448	e*	Rentech, Inc		2,897
304,347	*	Resources Connection, Inc		9,690
173,348	e*	Rigel Pharmaceuticals, Inc		2,058
3,951		RPS Group plc		21
340,673	*	SAIC, Inc		6,061
8,742	*	Samsung Engineering Co Ltd		406
171,150	e*	Sangamo Biosciences, Inc		1,130
374,952	e*	Savient Pharmaceuticals, Inc		4,203
136,028		SBM Offshore NV		4,678
64,646	e*	Seattle Genetics, Inc		344

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
172,231	e*	Senomyx, Inc	$	2,237
372,355		Serco Group plc		2,785
338,467	e*	Shaw Group, Inc		11,339
816,000		Shenzhen Expressway Co Ltd		490
7,764,119		Shui On Construction		16,570
7,353	*	Silex Systems Ltd		32
5,035		Skilled Group Ltd		21
208,834		SNC-Lavalin Group, Inc		5,636
1,800	*	Stanley, Inc		30
187,108	*	Symyx Technologies, Inc		4,040
11,062		Sypris Solutions, Inc		77
55,177	e*	Tejon Ranch Co		3,081
305,908	e*	Telik, Inc		1,355
456,693	*	Tetra Tech, Inc		8,262
19,073	*	TorreyPines Therapeutics, Inc		141
1,690,000		Toyo Engineering Corp		7,342
116,142	e*	Trimeris, Inc		1,476
6,346		United Group Ltd		70
430,680	*	URS Corp		18,455
500	*	ViaCell, Inc		2
227,428	*	Washington Group International, Inc		13,598
284,181		Watson Wyatt & Co Holdings (Class A)		12,831
111,933		WorleyParsons Ltd		1,880
6,947		WS Atkins plc		111
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		876,716

ENVIRONMENTAL QUALITY AND HOUSING - 0.00%**
1,870,000	*	Centillion Environment & Recycling Ltd		183
260,237	e*	Home Solutions of America, Inc		1,525
		TOTAL ENVIRONMENTAL QUALITY AND HOUSING		1,708

FABRICATED METAL PRODUCTS - 0.37%
151,671	*	Alliant Techsystems, Inc		11,859
1,190,002		Amcor Ltd		6,810
48,379		Ameron International Corp		3,695
205,631		Aptargroup, Inc		12,140
464,212		Ball Corp		20,240
25,402		Bharat Forge Ltd		208
61,955		Bharat Heavy Electricals		3,219
20,052	*	Chart Industries, Inc		325
88,669		CIRCOR International, Inc		3,262
543,428		Commercial Metals Co		14,020
104,332	*	Commercial Vehicle Group, Inc		2,274
55,018	e	Compx International, Inc		1,109
321,617		Crane Co		11,784
1,679,912	*	Crown Holdings, Inc		35,144
69,358	e	Dynamic Materials Corp		1,949
1,204		Geberit AG.		1,856
174,693	e*	Griffon Corp		4,455
120		Grupa Kety S.A.		8
67,174		Gulf Island Fabrication, Inc		2,479
1,000		Hirano Tecseed Co Ltd (Kinzoku)		15
1,680,000		Hitachi Cable Ltd		9,430
3,667,919		Illinois Tool Works, Inc		169,421
135,181		Insteel Industries, Inc		2,405
458,457	*	Jacuzzi Brands, Inc		5,699

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
203		Jindal Steel & Power Ltd	$	10
164,516		JS Group Corp		3,463
81,881	*	Ladish Co, Inc		3,036
49,823	e	Lifetime Brands, Inc		819
203,853	*	Mobile Mini, Inc		5,492
696,293	e	Mueller Water Products, Inc (Class A)		10,354
258,386	*	Mueller Water Products, Inc (Class B)		3,850
122,704	*	NCI Building Systems, Inc		6,350
5,211		Norddeutsche Affinerie AG.		146
430,959		Pentair, Inc		13,532
20,497	*	PGT, Inc		259
469,720		Rexam plc		4,833
112,000		Sanwa Shutter Corp		663
18,058		Shiloh Industries, Inc		342
164,007		Silgan Holdings, Inc		7,203
216,215	e	Simpson Manufacturing Co, Inc		6,843
565,221		Sims Group Ltd		9,021
171,909	e*	Smith & Wesson Holding Corp		1,777
628,466		Snap-On, Inc		29,940
483,562		Ssab Svenskt Stal AB (Series A)		11,478
506,661		Ssab Svenskt Stal AB (Series B)		11,434
1,800	*	Sturm Ruger & Co, Inc		17
706,685		Sumitomo Precision Products Co Ltd		3,694
500	e	Sun Hydraulics Corp		10
3,392		Takuma Co Ltd		20
370,615	e*	Taser International, Inc		2,820
252,093		Tata Steel Ltd		2,747
8,625	b,m*	Tower Automotive, Inc		1
471,809		Toyo Seikan Kaisha Ltd		7,814
104,341		Valmont Industries, Inc		5,790
154,079		Watts Water Technologies, Inc (Class A)		6,334
18,190		Yieh Phui Enterprise		8
		TOTAL FABRICATED METAL PRODUCTS		483,906

FISHING, HUNTING, AND TRAPPING - 0.00%**
1,157,942		China Fishery Group Ltd		2,401
		TOTAL FISHING, HUNTING, AND TRAPPING		2,401

FOOD AND KINDRED PRODUCTS - 3.01%
555,500		Ajinomoto Co, Inc		7,343
47,962	e*	Altus Pharmaceuticals, Inc		904
1,500	e*	American Italian Pasta Co (Class A)		13
21,705		Anadolu Efes Biracilik Ve Malt Sanayii A.S.		671
4,538,707		Anheuser-Busch Cos, Inc		223,304
3,226,247		Archer Daniels Midland Co		103,111
10,103		Ariake Japan Co Ltd		197
248,299		Asahi Breweries Ltd		3,975
694,188		Bajaj Hindusthan Ltd		3,450
50,000		Beijing Enterprises Holdings Ltd		107
59,821	e*	Boston Beer Co, Inc (Class A)		2,152
14,616		Britvic plc		84
84,722	e*	Burger King Holdings, Inc		1,788
1,974,070		C&C Group plc		35,049
671,282		Cadbury Schweppes plc		7,183
1,341,083		Campbell Soup Co		52,155
2,672		Carlsberg A/S (Class A)		246

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
256,892		Carlsberg A/S (Class B)	$	25,513
53,200		Charoen Pokphand Foods PCL		8
5,434	*	CJ Corp		654
171,064		Coca Cola Hellenic Bottling Co S.A.		6,684
342,381		Coca-Cola Amatil Ltd		2,097
26,376		Coca-Cola Bottling Co Consolidated		1,805
11,115,714		Coca-Cola Co		536,333
2,088,810		Coca-Cola Enterprises, Inc		42,654
8,371		Coca-Cola Femsa S.A. de C.V.		32
2,800		Coca-Cola Femsa S.A. de C.V. (ADR)		106
216,189		Coca-Cola West Japan Co Ltd		5,005
18,000		Cofco International Ltd		18
8,561,759		Companhia de Bebidas das Americas		4,224
1,400		Companhia de Bebidas das Americas (ADR)		68
3,752,683		ConAgra Foods, Inc		101,322
816,117	*	Constellation Brands, Inc (Class A)		23,684
302,557		Corn Products International, Inc		10,450
94,549	*	Cosan SA Industria e Comercio		1,978
98,828	*	Cott Corp		1,414
1,365		Dairy Crest Group plc		18
38,324		Danisco A/S		3,263
404,521	*	Darling International, Inc		2,229
1,305,277		Del Monte Foods Co		14,397
5,302,763		Diageo plc		104,087
60,000		Diageo plc (ADR)		4,759
120,234	e	Diamond Foods, Inc		2,286
15,464		East Asiatic Co Ltd A.S.		865
900,926		Ebro Puleva S.A.		22,834
138,656		Embotelladora Andina S.A.		364
602,083		Embotelladora Andina S.A.		1,719
1,400		Embotelladora Andina S.A. (ADR)		24
741,321		Empresas Iansa S.A.		119
43,806		Farmer Bros Co		935
405,036		Flowers Foods, Inc		10,932
292,797		Fomento Economico Mexicano S.A. de C.V.		3,393
2,600		Fomento Economico Mexicano S.A. de C.V. (ADR)		301
2,571,409		General Mills, Inc		148,113
22,997		Givaudan S.A.		21,289
301,797	*	Gold Kist, Inc		6,344
14,500		Golden Hope Plantations BHD		25
127,007		Greencore Group plc		785
2,266,421		Groupe Danone		343,456
4,200	e	Gruma S.A. de C.V. (ADR)		61
133,195		Grupo Bimbo S.A. de C.V. (Series A)		666
15,927		Grupo Modelo S.A. (Series C)		88
1,778,913		H.J. Heinz Co		80,069
287,080	e*	Hansen Natural Corp		9,669
75,354		Heineken NV		3,584
960,894		Hershey Co		47,853
2,900		Highlands & Lowlands BHD		4
3,781	*	Hite Brewery Co Ltd		486
304,717		Hormel Foods Corp		11,378
331,700		House Foods Corp		5,469
32,741		Iaws Group plc		838
64,995	e	Imperial Sugar Co		1,574
335,227		InBev NV		22,099

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
30,000	m,v*	International Hydron Liquidating Trust	$	1
280,400		IOI Corp BHD		1,462
258,800		Ito En Ltd		7,916
459,975		J Sainsbury plc		3,686
80,423		J&J Snack Foods Corp		3,330
348,210		J.M. Smucker Co		16,878
14,357,000		JG Summit Holdings		3,220
7,137	e*	John B. Sanfilippo & Son		87
36,000		J-Oil Mills, Inc		140
131,206	e*	Jones Soda Co		1,614
45,341		Kaneka Corp		413
752,333		Katokichi Co Ltd		6,094
1,066,026		Kellogg Co		53,365
105,574		Kerry Group plc (Class A)		2,638
95,000		Kikkoman Corp		1,147
504,044		Kirin Brewery Co Ltd		7,925
1,304,971	e	Kraft Foods, Inc (Class A)		46,587
2,124,511		Kulim Malaysia BHD		3,131
151,434		Lancaster Colony Corp		6,710
167,723		Lance, Inc		3,368
188,348		Lion Nathan Ltd		1,213
8	*	Lotte Chilsung Beverage Co Ltd		12
739	*	Lotte Confectionery Co Ltd		961
91,020	*	M&F Worldwide Corp		2,299
645,043		McCormick & Co, Inc		24,873
1,191,000		Meiji Dairies Corp		9,377
579,000		Meiji Seika Kaisha Ltd		2,768
55,280	e	MGP Ingredients, Inc		1,250
503,151		Molson Coors Brewing Co (Class B)		38,461
57,000		Morinaga & Co Ltd		137
42,572	e	National Beverage Corp		597
3,874		Nestle India Ltd		99
580,527		Nestle S.A.		206,293
2,486,500		Nichirei Corp		13,936
1,081,000		Nippon Formula Feed Manufacturing Co Ltd		1,572
109,000		Nippon Meat Packers, Inc		1,191
29,900		Nippon Suisan Kaisha Ltd		176
2,578,000		Nisshin Oillio Group Ltd		16,746
126,773		Nisshin Seifun Group, Inc		1,308
55,405		Nissin Food Products Co Ltd		2,053
744	*	Nong Shim Co Ltd		228
572,000		Nosan Corp		1,471
2,058,708		Olam International Ltd		2,859
1,031	*	Orion Corp		302
2,313,036	b,e,m,v*	Parmalat Finanziaria S.p.A.		-	^
81,716	e*	Peet's Coffee & Tea, Inc		2,144
700		Penford Corp		12
1,186,836		Pepsi Bottling Group, Inc		36,685
356,719		PepsiAmericas, Inc		7,484
13,402,203		PepsiCo, Inc		838,308
111,695		Perdigao S.A.		1,567
4,500	e	Perdigao S.A. (ADR)		124
197,310	*	Performance Food Group Co		5,454
22,376		Pernod-Ricard S.A.		5,140
3,061,000		Petra Foods Ltd		3,592
16,400		PPB Group BHD		25

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
40,914		Premier Foods plc	$	242
109,090		Premium Standard Farms, Inc		2,026
966,500		PT Astra Agro Lestari Tbk		1,354
760,500		PT Indofood Sukses Makmur Tbk		114
519,400		Q.P. Corp		4,491
182,199	*	Ralcorp Holdings, Inc		9,272
177,803		Reddy Ice Holdings, Inc		4,591
258,639		Royal Numico NV		13,913
452,389		Sadia S.A.		1,516
4,500	e	Sadia S.A. (ADR)		153
5,347,838		Sampo Oyj (A Shares)		143,164
104,498	e	Sanderson Farms, Inc		3,165
173,000		Sapporo Holdings Ltd		986
225,864		Saputo, Inc		7,159
3,206,547		Sara Lee Corp		54,608
2,783,958		Scottish & Newcastle plc		30,498
1,108,036	*	Smithfield Foods, Inc		28,432
1,561		Strauss-Elite Ltd		16
774,882		Suedzucker AG.		18,749
607,841		Swire Pacific Ltd (Class A)		6,529
109,000		Takara Holdings, Inc		703
89,937		Tata TEA Ltd		1,466
1,560,312		Tate & Lyle plc		23,478
855,000		Thai Union Frozen Products PCL		603
73,586		Tongaat-Hulett Group Ltd		1,175
218,080	e	Tootsie Roll Industries, Inc		7,131
204,443		Topps Co, Inc		1,820
56,000		Toyo Suisan Kaisha Ltd		897
180,023	*	TreeHouse Foods, Inc		5,617
915,290	e	Tyson Foods, Inc (Class A)		15,057
1,206		Ulker Gida Sanayi ve Ticaret A.S.		3
4,361		United Breweries Co, Inc		26
5,900		United Breweries Co, Inc (ADR)		175
5,286,845		Universal Robina Corp		2,075
11,595		Vina Concha Y Toro S.A.		17
1,250	e	Vina Concha Y Toro S.A. (ADR)		37
40,000		Vitasoy International Holdings Ltd		16
7,982		Vivartia S.A.		152
368		Vranken - Pommery Monopole		24
649,767		Want Want Holdings Ltd		1,059
1,020,843		Wrigley (Wm.) Jr Co		52,798
69,100		Yakult Honsha Co Ltd		1,986
1,342,000		Yamazaki Baking Co Ltd		13,014
		TOTAL FOOD AND KINDRED PRODUCTS		3,942,892

FOOD STORES - 0.47%
189,451		Alimentation Couche Tard, Inc (Class B)		4,118
9,810	e	Arden Group, Inc (Class A)		1,215
770,012		Carrefour S.A.		46,696
432,681		Centros Comerciales Sudamericanos S.A.		1,354
1,707,888		Coles Myer Ltd		18,874
5,837		Colruyt S.A.		1,247
863,666		Companhia Brasileira de Distribuicao Grupo Pao de Acucar		30
1,500	e	Companhia Brasileira de Distribuicao Grupo Pao de Acucar (ADR)		51
247,888		Delhaize Group		20,664
599		Discount Investment Corp		17

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
74,104		Distribucion y Servicio D&S S.A.	$	26
2,800	e	Distribucion y Servicio D&S S.A. (ADR)		58
40,500		FamilyMart Co Ltd		1,103
179,559		George Weston Ltd		11,641
595,322		Goodman Fielder Ltd		1,043
108,584	e	Great Atlantic & Pacific Tea Co, Inc		2,795
62,459	e	Ingles Markets, Inc (Class A)		1,861
8,382		Jeronimo Martins SGPS S.A.		188
96,500		Kesko Oyj (B Shares)		5,098
500,720	*	Koninklijke Ahold NV		5,327
5,445,389		Kroger Co		125,625
39,200		Lawson, Inc		1,403
155,130		Loblaw Cos Ltd		6,490
28,334	*	Migros Turk TAS		366
133,825	e*	Panera Bread Co (Class A)		7,482
131,766	*	Pantry, Inc		6,172
319,306	e*	Pathmark Stores, Inc		3,560
56,754		Pick'n Pay Stores Ltd		268
867,000		President Chain Store Corp		2,094
224,925		Ruddick Corp		6,242
639,742		Seven & I Holdings Co Ltd		19,890
82,103		Shoprite Holdings Ltd		300
2,274,069		Sonae SPGS S.A.		4,533
145,812	*	Super-Sol Ltd		561
1,168,939		Supervalu, Inc		41,790
8,298	*	Susser Holdings Corp		149
24,663,607		Tesco plc		195,337
198		Valora Holding AG.		54
15,019		Village Super Market (Class A)		1,284
66,955		Weis Markets, Inc		2,686
677,243		Whole Foods Market, Inc		31,783
176,204	e*	Wild Oats Markets, Inc		2,534
523	b,m,v*	Winn-Dixie Stores, Inc		-	^
1,572,002		Woolworths Ltd		29,656
		TOTAL FOOD STORES		613,665

FORESTRY - 0.08%
54,038		Great Southern Plantations Ltd		120
663,846		Rayonier, Inc		27,251
1,105,123		Weyerhaeuser Co		78,077
		TOTAL FORESTRY		105,448

FURNITURE AND FIXTURES - 0.21%
966		Bassett Furniture Industries, Inc		16
6,033	b,m,v*	Bush Industries, Inc (Class A)		-	^
5,627		Ekornes ASA		129
193,245	e	Ethan Allen Interiors, Inc		6,978
263,130	e	Furniture Brands International, Inc		4,271
381,348		Herman Miller, Inc		13,866
251,423		Hillenbrand Industries, Inc		14,313
239,199		HNI Corp		10,623
56,581		Hooker Furniture Corp		887
282,265	*	Interface, Inc (Class A)		4,014
1,237,577		Johnson Controls, Inc		106,333
227,524		Kimball International, Inc (Class B)		5,529
293,259	e	La-Z-Boy, Inc		3,481

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
844,516		Leggett & Platt, Inc	$	20,184
1,948,427		Masco Corp		58,199
502,731	*	MFI Furniture plc		1,346
9,340		Neopost S.A.		1,173
80,506		Sealy Corp		1,187
317,290	e*	Select Comfort Corp		5,518
71,520	e	Stanley Furniture Co, Inc		1,534
417,846		Steinhoff International Holdings Ltd		1,481
292,546	e*	Tempur-Pedic International, Inc		5,985
18,000		Uchida Yoko Co Ltd		106
171,307	e*	Williams Scotsman International, Inc		3,361
		TOTAL FURNITURE AND FIXTURES		270,514

FURNITURE AND HOME FURNISHINGS STORES - 0.14%
1,355,390	*	Bed Bath & Beyond, Inc		51,640
2,339	*	Bell Microproducts, Inc		17
2,400	e*	Bombay Co, Inc		3
828,496		Circuit City Stores, Inc		15,725
133,821	e*	Cost Plus, Inc		1,378
581,720		DSG International plc		2,181
48,968		Ellerine Holdings Ltd		543
369,118	e*	GameStop Corp (Class A)		20,342
13,565		GUD Holdings Ltd		95
168,683	e*	Guitar Center, Inc		7,668
1,215,607		Harvey Norman Holdings Ltd		3,646
122,211	e	Haverty Furniture Cos, Inc		1,809
15,000		Joshin Denki Co Ltd		90
953,667		Kesa Electricals plc		6,335
174,140		Knoll, Inc		3,831
324,991	e*	Mohawk Industries, Inc		24,329
1,500	*	Movie Gallery, Inc		5
790,320		Nien Made Enterprises		800
23,350		Nitori Co Ltd		1,014
482,818	e*	Pier 1 Imports, Inc		2,873
171,981	e*	Restoration Hardware, Inc		1,464
33,306		Shimachu Co Ltd		966
546,803		Steelcase, Inc (Class A)		9,930
177,155	e	Tuesday Morning Corp		2,755
364,800	*	Waterford Wedgwood plc		36
427,960	e	Williams-Sonoma, Inc		13,455
130,728		Yamada Denki Co Ltd		11,095
		TOTAL FURNITURE AND HOME FURNISHINGS STORES		184,025

GENERAL BUILDING CONTRACTORS - 0.45%
23,636	e	Amrep Corp		2,895
1,000	v*	Aoyama Kanzai Corp		-	^
526,202		Asunaro Aoki Construction Co Ltd		2,666
34,482	e*	Avatar Holdings, Inc		2,788
77,495		Aveng Ltd		371
145,066		Balfour Beatty plc		1,258
379,174		Barratt Developments plc		9,169
303,804	e	Beazer Homes USA, Inc		14,282
198,484		Bellway plc		6,000
102,230		Berkeley Group Holdings plc		3,425
25,861		Bilfinger Berger AG.		1,895
82,389	e	Brookfield Homes Corp		3,094

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
36,919	*	Cavco Industries, Inc	$	1,294
517,461		Centex Corp		29,118
647,000		Cheung Kong Infrastructure Holdings Ltd		2,009
200	e*	Comstock Homebuilding Cos, Inc (Class A)		1
279,390		Consorcio ARA S.A. de C.V.		1,892
146,331	*	Corp GEO S.A. de C.V.		734
51,578		CRH plc		2,150
3,790,444	*	Daikyo, Inc		19,429
157,700		Daito Trust Construction Co Ltd		7,235
628,901		Daiwa House Industry Co Ltd		10,939
9,868	e*	Dominion Homes, Inc		52
1,553,561		DR Horton, Inc		41,154
1,906,069		Fletcher Building Ltd		14,839
668,237		George Wimpey plc		7,307
12,790	*	Hanjin Heavy Industries & Construction Co Ltd		417
1,341,000	*	Haseko Corp		4,800
92,079		Hellenic Technodomiki Tev S.A.		1,028
41,535		Hochtief AG.		3,027
271,254	e*	Hovnanian Enterprises, Inc (Class A)		9,196
24,870	*	Hyundai Development Co		1,519
1,634,600		IJM Corp BHD		3,405
10,752		Imerys S.A.		957
928,200		Italian-Thai Development PCL		141
9,124,108		Italian-Thai Development PCL		1,390
4,289		JM AB		104
597,000		Kajima Corp		2,619
535		Kaufman & Broad S.A.		33
365,347		KB Home		18,735
38,000		Keppel Land Ltd		171
2,900,000	*	Kindom Construction Co		1,482
288,733		Leighton Holdings Ltd		4,608
1,036,384		Lend Lease Corp Ltd		15,085
1,139,030		Lennar Corp (Class A)		59,754
90,197	e	Levitt Corp (Class A)		1,104
73,395	e	M/I Homes, Inc		2,803
118,837		McGrath RentCorp		3,640
189,224		MDC Holdings, Inc		10,795
130,676	e*	Meritage Homes Corp		6,236
37,815	*	NVR, Inc		24,391
1,740,000		Obayashi Corp		11,288
60,011	*	Palm Harbor Homes, Inc		841
118,807	*	Perini Corp		3,657
430,820		Persimmon plc		12,872
6,441		Pfleiderer AG.		174
896,781		Pulte Homes, Inc		29,701
96,602		PYI Corp Ltd		36
6,300		Road Builder M Holdings BHD		6
277,125	e	Ryland Group, Inc		15,137
1,185,000		Sekisui Chemical Co Ltd		9,450
1,028,000		Sekisui House Ltd		14,970
72,516,000	a	Shanghai Forte Land Co		32,444
1,242,000		Shimizu Corp		6,210
85		Sjaelso Gruppen		28
269,915		Skanska AB (B Shares)		5,323
313,568	e	Standard-Pacific Corp		8,400
1,142,000		Taisei Corp		3,483

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
277,700		Takamatsu Corp	$	4,109
701,749		Taylor Woodrow plc		5,857
44,098	e*	Team, Inc		1,536
583,760		Technical Olympic S.A.		1,957
107,335	e	Technical Olympic USA, Inc		1,092
57,458		Titan Cement Co S.A.		3,133
134,000		Toda Corp		569
1,143,135	e*	Toll Brothers, Inc		36,843
45,408	*	Urbi Desarrollos Urbanos S.A. de C.V		164
463,480	e	Walter Industries, Inc		12,537
198,542	e*	WCI Communities, Inc		3,808
95,959		YIT OYJ		2,654
		TOTAL GENERAL BUILDING CONTRACTORS		591,715

GENERAL MERCHANDISE STORES - 1.38%
271,650	e*	99 Cents Only Stores		3,306
1,501,500		Aeon Co Ltd		32,489
1,202,768	e*	Big Lots, Inc		27,568
328,543	*	BJ's Wholesale Club, Inc		10,221
36,402	e	Bon-Ton Stores, Inc		1,261
183,892	e*	Cabela's, Inc		4,437
317,053		Casey's General Stores, Inc		7,467
44,957	e*	Conn's, Inc		1,046
2,239,787		Costco Wholesale Corp		118,418
224,200		Daimaru, Inc		3,039
249,980		Dillard's, Inc (Class A)		8,742
1,356,854		Dollar General Corp		21,791
713,494		Experian Group Ltd		8,375
670,450		Family Dollar Stores, Inc		19,664
3,802,055		Federated Department Stores, Inc		144,972
228,688		Fred's, Inc		2,754
88,400		Hankyu Department Stores, Inc		737
25,744	*	Hyundai Department Store Co Ltd		2,325
412,315		Isetan Co Ltd		7,449
1,419,473		JC Penney Co, Inc		109,810
351,000		Keio Corp		2,271
1,000,000		Kintetsu Corp		2,916
6,903,131		Lojas Americanas S.A.		386
15,294		Lojas Renner S.A.		220
2,111,107		Marks & Spencer Group plc		29,637
201,300		Marui Co Ltd		2,348
256,400		Mitsukoshi Ltd		1,200
79,823		PPR		11,928
115,715	e*	Retail Ventures, Inc		2,203
150,469		SACI Falabella		529
1,020,222	e	Saks, Inc		18,180
10,974	*	Shinsegae Co Ltd		6,844
150,109		Stein Mart, Inc		1,991
172,900		Takashimaya Co Ltd		2,444
5,633,956		Target Corp		321,417
4,601,651		TJX Cos, Inc		131,239
2,042,000		Tokyu Corp		13,075
1,548,172		UNY Co Ltd		20,164
1,488,655		Wal-Mart de Mexico S.A. de C.V.		6,554
6,500		Wal-Mart de Mexico S.A. de C.V. (ADR)		286
14,962,253		Wal-Mart Stores, Inc		690,957

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
88,713		Warehouse Group Ltd	$	450
		TOTAL GENERAL MERCHANDISE STORES		1,803,110

HEALTH SERVICES - 1.23%
79,277	*	Alliance Imaging, Inc		527
128,859	e*	Amedisys, Inc		4,236
700	*	America Service Group, Inc		11
400	*	American Dental Partners, Inc		8
1,766,867		AmerisourceBergen Corp		79,438
206,461	e*	Amsurg Corp		4,749
334,468	*	Apria Healthcare Group, Inc		8,914
4,040		Athens Medical Center S.A.		27
57,581	e*	Bio-Reference Labs, Inc		1,295
30,000	*	Biovitrum AB		500
66,250	e	Brookdale Senior Living, Inc		3,180
2,265,239		Caremark Rx, Inc		129,368
514,020		Cigna Corp		67,630
18,791		Coloplast A/S (Class B)		1,700
421,134	*	Community Health Systems, Inc		15,380
74,025	*	Corvel Corp		3,521
208,607	*	Covance, Inc		12,289
1,528,228	*	Coventry Health Care, Inc		76,488
223,309	*	Cross Country Healthcare, Inc		4,873
989,400	*	DaVita, Inc		56,277
9,678	*	Diagnosticos da America S.A.		207
493,970	*	Edwards Lifesciences Corp		23,236
1,700	*	eHealth, Inc		34
28,638	e*	Emeritus Corp		712
160,979	e*	Enzo Biochem, Inc		2,297
921,061	*	Express Scripts, Inc		65,948
181,457	e*	Five Star Quality Care, Inc		2,023
805,066		Fraser and Neave Ltd		2,362
49,656		Fresenius Medical Care AG.		6,618
3,961		Generale de Sante		162
116,482	*	Genesis HealthCare Corp		5,501
72,552	e*	Genomic Health, Inc		1,349
218,712	*	Gentiva Health Services, Inc		4,169
50,639		Getinge AB (B Shares)		1,135
1,002,053		Health Management Associates, Inc (Class A)		21,153
4,732,493	a*	Healthsouth Corp		107,191
197,474	e*	Healthways, Inc		9,421
5,500	*	Hooper Holmes, Inc		18
67,761	e*	Horizon Health Corp		1,326
150,755	e*	Hythiam, Inc		1,393
2,000	e*	Immunomedics, Inc		7
117,184		Intertek Group plc		1,912
400,000		Japan Care Service Corp		719
2,041		Japan Longlife Co Ltd		635
180,292	e*	Kindred Healthcare, Inc		4,552
552,531	*	Laboratory Corp of America Holdings		40,594
121,711	e	LCA-Vision, Inc		4,182
61,718	*	LHC Group, Inc		1,760
261,863	*	LifePoint Hospitals, Inc		8,825
406,648	*	Lincare Holdings, Inc		16,201
251,258	e*	Magellan Health Services, Inc		10,859
337,102		Manor Care, Inc		15,817

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
117,380	e*	Matria Healthcare, Inc	$	3,372
2,103,074		McKesson Corp		106,626
196,228		MDS, Inc		3,579
106,794	*	Medcath Corp		2,922
2,383,439	*	Medco Health Solutions, Inc		127,371
38,650	e	National Healthcare Corp		2,133
1,475,151	e*	Nektar Therapeutics		22,437
578,189		Network Healthcare Holdings Ltd		1,139
36,447	e*	Nighthawk Radiology Holdings, Inc		929
6,600		Nihon Kohden Corp		151
235,459	e*	Odyssey HealthCare, Inc		3,122
739,419	e	Omnicare, Inc		28,564
155,186	e	Option Care, Inc		2,211
154,262	e*	PainCare Holdings, Inc		170
2,590,084		Parkway Holdings Ltd		5,303
223,476	*	Pediatrix Medical Group, Inc		10,928
440,367		Pharmaceutical Product Development, Inc		14,189
296,519	*	Psychiatric Solutions, Inc		11,125
70,422	e*	Radiation Therapy Services, Inc		2,220
117,492	*	RehabCare Group, Inc		1,745
247,979	*	Sierra Health Services, Inc		8,937
238,412		Sonic Healthcare Ltd		2,800
135,552	e*	Stereotaxis, Inc		1,399
5,158		Straumann Holding AG.		1,249
132,921	*	Sun Healthcare Group, Inc		1,679
271,108	e*	Sunrise Senior Living, Inc		8,328
99,064	e*	Symbion, Inc		1,834
2,018,296	*	Tenet Healthcare Corp		14,067
375,270	*	Triad Hospitals, Inc		15,698
257,306	e*	United Surgical Partners International, Inc		7,295
190,830		Universal Health Services, Inc (Class B)		10,578
69,506	e*	VistaCare, Inc (Class A)		705
4,465,812	*	WellPoint, Inc		351,415
4,759,000	*	Wilmar International Ltd		7,540
		TOTAL HEALTH SERVICES		1,616,489

HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.48%
190,827		Abertis Infraestructuras S.A.		5,668
131,349		ACS Actividades Cons y Servicios S.A.		7,405
14,351		Alfred Mcalpine plc		163
2,759,971		Biffa plc		16,590
2,534,390		Bouygues S.A.		162,692
42,168,311	*	China Water Affairs Group Ltd		16,101
872,000		Chiyoda Corp		17,073
7,937	*	Daelim Industrial Co		649
125,551	*	Empresas ICA Sociedad Controladora S.A. de C.V.		474
2,708	e*	Empresas ICA Sociedad Controladora S.A. de C.V. (ADR)		123
255,835		Fomento de Construcciones y Contratas S.A.		26,071
18,600		Gamuda BHD		27
350,000		Giken Seisakusho Co, Inc		1,359
395,404		Granite Construction, Inc		19,897
50,170		Grupo Ferrovial S.A.		4,897
32,942	*	GS Engineering & Construction Corp		2,943
638,000		Guangzhou Investment Co Ltd		180
25,000		Hopewell Highway Infrastructure Ltd		21
23,070	*	Hyundai Engineering & Construction		1,414

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
269,014		Macquarie Infrastructure Co Trust	$	9,545
212,442	*	Matrix Service Co		3,420
4,550		Michaniki S.A.		25
893,503		Multiplex Group		2,814
54,752		Murray & Roberts Holdings Ltd		313
169,400		Nishimatsu Construction Co Ltd		559
117,884		Okumura Corp		583
6,775		Peab AB		161
50,310	e*	Sterling Construction Co, Inc		1,095
11,901		Telent plc		110
184,000	*	Toyo Construction Co Ltd		113
508,523		Transurban Group		3,059
2,559,512		Vinci S.A.		327,055
1,342,066		YTL Corp BHD		2,492
134,206	*	YTL Corp BHD		37
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		635,128

HOLDING AND OTHER INVESTMENT OFFICES - 2.65%
363,983		3i Group plc		7,194
1,100	*	4Kids Entertainment, Inc		20
216,756		Acadia Realty Trust		5,423
285,649	e*	Affiliated Managers Group, Inc		30,030
290,815	e,v*	Affordable Residential Communities LP		70
290,815	e*	Affordable Residential Communities LP		3,388
45,510		Agree Realty Corp		1,564
300,959		Alarko Holding A.S.		761
11,636	e*	Alexander's, Inc		4,883
164,812		Alexandria Real Estate Equities, Inc		16,547
11,141,000		Allco Commercial Real Estate Investment Trust		8,063
623,165	e	Allied Capital Corp		20,365
549,104		AMB Property Corp		32,183
127,629		American Campus Communities, Inc		3,634
750,845		American Financial Realty Trust		8,590
359,278	e	American Home Mortgage Investment Corp		12,618
558,538		Amvescap plc		6,518
846,097		Annaly Mortgage Management, Inc		11,769
416,655		Anthracite Capital, Inc		5,304
348,900		Anworth Mortgage Asset Corp		3,318
689,040		Apartment Investment & Management Co (Class A)		38,600
454,546	e	Apollo Investment Corp		10,182
106,603		Arbor Realty Trust, Inc		3,208
130,860		ARC Energy Trust		2,502
1,137,108		Archstone-Smith Trust		66,191
479,081		Ashford Hospitality Trust, Inc		5,965
11,683,247	*	Ashmore Group plc		59,191
497,498		AvalonBay Communities, Inc		64,700
2,215,062		Babcock & Brown Wind Partners		3,007
109		Befimmo SCA Sicafi		12
357,472	e	BioMed Realty Trust, Inc		10,224
47,981	*	Blackrock International Land plc		33
39,006		Bodycote International		174
832,975		Boston Properties, Inc		93,193
588,593		Brandywine Realty Trust		19,571
270,543		BRE Properties, Inc (Class A)		17,591
737,774		Brookfield Asset Management, Inc (Class A)		35,657
3,994		BRT Realty Trust		110

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
4,591	*	BTG plc	$	13
372,553		Camden Property Trust		27,513
1,900		CapitaCommercial Trust		3
191,537		Capital Lease Funding, Inc		2,222
16,075		Capital Southwest Corp		2,029
97,128		Capital Trust, Inc (Class A)		4,851
6,644,900		CapitaMall Trust		12,607
600	e	Capstead Mortgage Corp		5
415,785	e	CBL & Associates Properties, Inc		18,024
12,100	e	CBRE Realty Finance, Inc		190
190,050		Cedar Shopping Centers, Inc		3,024
64,422		CentraCore Properties Trust		2,083
1,025,469		CFS Gandel Retail Trust		1,886
41,534	e	Cherokee, Inc		1,782
425,443		China Merchants Holdings International Co Ltd		1,745
87,756		CI Financial Income Fund		2,011
5,586		City Pacific Ltd		20
10,000		Cogdell Spencer, Inc		215
188,831		Colonial Properties Trust		8,852
3,140,427		Commonwealth Property Office Fund		3,644
249		Compagnie du Bois Sauvage		106
53,765		Companhia de Concessoes Rodoviarias		726
75,103		Compass Diversified Trust		1,288
349,047	e	Corporate Office Properties Trust		17,616
306,086		Cousins Properties, Inc		10,796
457,737		Crescent Real Estate Equities Co		9,040
80	e	Cross Timbers Royalty Trust		4
28,210		Crystal River Capital, Inc		720
238,150		Deerfield Triarc Capital Corp		4,032
465,696	e	Developers Diversified Realty Corp		29,316
420,304		DiamondRock Hospitality Co		7,570
109,613		Digital Realty Trust, Inc		3,752
632,227		Douglas Emmett, Inc		16,811
596,070		Duke Realty Corp		24,379
167,601		EastGroup Properties, Inc		8,977
3,200		ECC Capital Corp		4
152,320		Education Realty Trust, Inc		2,250
46,595		Enodis plc		182
20,322	e*	Enstar Group, Inc		1,949
218,113		Entertainment Properties Trust		12,747
460,817		Equity Inns, Inc		7,355
158,648	e	Equity Lifestyle Properties, Inc		8,635
1,785,961		Equity Office Properties Trust		86,030
221,596	e	Equity One, Inc		5,908
1,465,582		Equity Residential		74,378
127,609		Essex Property Trust, Inc		16,493
287,547		Extra Space Storage, Inc		5,251
74,904		Fabege AB		2,008
309,367	e	Federal Realty Investment Trust		26,296
614,339		FelCor Lodging Trust, Inc		13,417
290,225	e	Fieldstone Investment Corp		1,271
257,105	e	First Industrial Realty Trust, Inc		12,056
120,000		First Pacific Co		62
134,077		First Potomac Realty Trust		3,903
269,239	e	Franklin Street Properties Corp		5,667
834,281		Friedman Billings Ramsey Group, Inc (Class A)		6,674

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
9,520,837	a	GEA Group AG.	$	214,535
1,554,740		General Growth Properties, Inc		81,204
100,456	e	Getty Realty Corp		3,104
288		Gimv NV		18
68,802	e	Gladstone Capital Corp		1,642
76,079	e	Gladstone Investment Corp		1,165
208,835	e	Glimcher Realty Trust		5,578
99,075		Global Signal, Inc		5,218
218,059		GMH Communities Trust		2,213
346,000		GOME Electrical Appliances Holdings Ltd		271
1,100		Government Properties Trust, Inc		12
3,699,892		GPT Group		16,355
135,821	e	Gramercy Capital Corp		4,196
735,669		Great Portland Estates plc		9,989
125,449		Groupe Bruxelles Lambert S.A.		15,078
5,874	*	Groupe Bruxelles Lambert S.A.		-	^
5,285,386		Guinness Peat Group plc		9,086
121,495	e*	Harris & Harris Group, Inc		1,469
848,577		Health Care Property Investors, Inc		31,245
440,862		Health Care REIT, Inc		18,966
273,364		Healthcare Realty Trust, Inc		10,809
111,294		Hersha Hospitality Trust		1,262
515,654		Highland Hospitality Corp		7,348
383,548		Highwoods Properties, Inc		15,633
254,437		Home Properties, Inc		15,080
330,718	e	HomeBanc Corp		1,399
298,697		Hospitality Properties Trust		14,197
2,876,082		Host Marriott Corp		70,608
73,663		Housing Development Finance Corp		2,708
893,815		HRPT Properties Trust		11,039
5,656	e	Hugoton Royalty Trust		139
358,000		Hunet, Inc		81
50,375		Hurriyet Gazetecilik A.S.		133
175,041	*	Immoeast AG		2,461
456,902	e	IMPAC Mortgage Holdings, Inc		4,021
4,025,575		ING Industrial Fund		7,531
141,988		ING Office Fund		171
404,285	e	Inland Real Estate Corp		7,568
382,120		Innkeepers U.S.A. Trust		5,923
10,000	*	Intercell AG.		228
281,209		Investors Real Estate Trust		2,885
2,824		Is Gayrimenkul Yatirim Ortakligi A.S.		6
2,919	e	iShares Dow Jones US Utilities Sector Index Fund		262
635,000		iShares MSCI EAFE Index Fund		46,495
288,000	e	iShares Russell 2000 Index Fund		22,478
872,535		iStar Financial, Inc		41,725
139,600		Jafco Co Ltd		6,898
116		Japan Prime Realty Investment Corp		421
48		Japan Real Estate Investment Corp		516
42		Japan Retail Fund Investment Corp		342
160,160		JER Investors Trust, Inc		3,311
235,800		JFE Holdings, Inc		12,146
169,629		Kilroy Realty Corp		13,231
955,938		Kimco Realty Corp		42,969
163,902		Kite Realty Group Trust		3,052
86,609		Kiwi Income Property Trust		94

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
438,000		KKR Financial Corp	$	11,734
7,422,700		KLCC Property Holdings BHD		5,975
6,000		K-REIT Asia		10
902,941		Land Securities Group plc		41,069
228,860		LaSalle Hotel Properties		10,493
307,474		Lexington Corporate Properties Trust		6,894
371,761		Liberty Property Trust		18,268
1,266,000		Link Real Estate Investment Trust		2,604
138,217		LTC Properties, Inc		3,775
250,395		Luminent Mortgage Capital, Inc		2,431
376,388		Macerich Co		32,584
312,683		Mack-Cali Realty Corp		15,947
289,288		Macquarie Communications Infrastructure Group		1,439
7,298,506		Macquarie Infrastructure Group		19,933
5,932,669		Macquarie Office Trust		7,212
217,988		Maguire Properties, Inc		8,720
14,528,614		Man Group plc		148,705
231,205	e	Medical Properties Trust, Inc		3,537
131,603	*	Meinl European Land Ltd		3,379
493,293		MFA Mortgage Investments, Inc		3,793
137,143		Mid-America Apartment Communities, Inc		7,850
6,755,000		Midland Holdings Ltd		3,456
359,755	e*	Mills Corp		7,195
252,600		Mission West Properties, Inc		3,309
162,648	e	MortgageIT Holdings, Inc		2,399
17,800	*	Mulpha International BHD		7
24,600		MVC Capital, Inc		329
132,711		National Health Investors, Inc		4,379
8,015	e	National Health Realty, Inc		192
336,812		National Retail Properties, Inc		7,730
548,330		Nationwide Health Properties, Inc		16,571
223,232	e	New Century Financial Corp		7,052
437,776	e	New Plan Excel Realty Trust		12,030
305,002		Newcastle Investment Corp		9,553
145,816		Newkirk Realty Trust, Inc		2,631
267		Nippon Building Fund, Inc		3,545
5,779		Nobel Biocare Holding AG.		1,709
6,251,100		Noble Group Ltd		4,483
36		Nomura Real Estate Office Fund, Inc		330
437,665		NorthStar Realty Finance Corp		7,252
190,834	e	Novastar Financial, Inc		5,086
1,373,422		NTL, Inc		34,665
125		NTT Urban Development Corp		242
501,088		Omega Healthcare Investors, Inc		8,879
2,319		Ordina NV		51
10,069	e	Origen Financial, Inc		69
7,460		Paragon Group Cos plc		98
113,984		Parkway Properties, Inc		5,814
214,733		Pennsylvania Real Estate Investment Trust		8,456
1,398,890		Plum Creek Timber Co, Inc		55,746
5,130,000		Polytec Asset Holdings Ltd		1,451
245,331		Post Properties, Inc		11,212
234,823		Potlatch Corp		10,290
376,068		PrimeWest Energy Trust		6,933
1,139,032		Prologis		69,219
96,388		PS Business Parks, Inc		6,816

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
35,889		PSP Swiss Property AG.	$	2,062
905,784		Public Storage, Inc		88,314
161,617		RAIT Investment Trust		5,573
95,260	e	Ramco-Gershenson Properties		3,633
663		Rathbone Brothers plc		16
979,625	*	Realogy Corp		29,702
513,601		Realty Income Corp		14,227
366,186		Reckson Associates Realty Corp		16,698
118,752		Redwood Trust, Inc		6,897
521,256		Regency Centers Corp		40,747
149,625		Republic Property Trust		1,727
83,005	e	Resource Capital Corp		1,407
220,802		Rodamco Europe NV		29,380
26,582		Sacyr Vallehermoso S.A.		1,579
62,622		Saul Centers, Inc		3,456
1,278,327		SCOR		3,780
533,131		Senior Housing Properties Trust		13,051
74,000		Shanghai Industrial Holdings Ltd		157
338,500	*	Shimao Property Holdings Ltd		634
890,800		Sime Darby BHD		1,818
1,359,219		Simon Property Group, Inc		137,675
358,694		SL Green Realty Corp		47,627
2,253,046		SM Prime Holdings		494
493,504		Softbank Corp		9,600
101,491		Sovran Self Storage, Inc		5,813
909,000	e	SPDR Trust Series 1		128,796
689,105		Spirit Finance Corp		8,593
904		Sponda OYJ		14
107,758	e*	Star Maritime Acquisition Corp		1,057
421,270		Strategic Hotels & Resorts, Inc		9,179
15,839,500		Summarecon Agung Tbk PT		2,061
101,063		Sun Communities, Inc		3,270
330,199		Sunstone Hotel Investors, Inc		8,826
248,317		Suntec Real Estate Investment Trust		295
179,833		Tanger Factory Outlet Centers, Inc		7,028
67,812	e	Tarragon Corp		825
748,994		Taubman Centers, Inc		38,094
526,203		Thornburg Mortgage, Inc		13,223
378,607		Trustreet Properties, Inc		6,379
34,072		United Arab Investors		123
633,127	e	United Dominion Realty Trust, Inc		20,127
69,062		Universal Health Realty Income Trust		2,692
125,583		Urstadt Biddle Properties, Inc (Class A)		2,397
253,148		U-Store-It Trust		5,202
698,776		Ventas, Inc		29,572
689,691		Vornado Realty Trust		83,797
259,744	e	Washington Real Estate Investment Trust		10,390
333,806		Weingarten Realty Investors		15,392
1,103,766		Wharf Holdings Ltd		4,080
215,114		Winston Hotels, Inc		2,850
149,767		Winthrop Realty Trust		1,026
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		3,476,141

HOTELS AND OTHER LODGING PLACES - 0.94%
7,314,654		Accor S.A.		566,788
168,871		Ameristar Casinos, Inc		5,191

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
209,041	*	Aztar Corp	$	11,376
3,892,000	*	Banyan Tree Holdings Ltd		3,959
132,446	e*	Bluegreen Corp		1,699
191,338		Boyd Gaming Corp		8,669
364,017		Choice Hotels International, Inc		15,325
36,111		Four Seasons Hotels, Inc		2,942
252		Fujita Kanko, Inc		2
247,921	*	Gaylord Entertainment Co		12,627
1,091,208		Genting BHD		10,207
96,766	*	Great Wolf Resorts, Inc		1,351
4,312,890		Hilton Hotels Corp		150,520
2,297,219		Hongkong & Shanghai Hotels		3,881
1,673,148		Indian Hotels Co Ltd		5,846
120,142		Intercontinental Hotels Group plc		2,969
87,217	e*	Isle of Capri Casinos, Inc		2,318
39,690	*	Kangwon Land, Inc		862
667,328	*	Las Vegas Sands Corp		59,712
149,515	*	Lodgian, Inc		2,033
124,210		Marcus Corp		3,177
1,821,816		Marriott International, Inc (Class A)		86,937
720,171	*	MGM Mirage		41,302
9,829,118		Minor International PCL		3,299
80,219	e*	Monarch Casino & Resort, Inc		1,916
105,076	e*	Morgans Hotel Group Co		1,779
15,060		NH Hoteles S.A.		298
22,469	*	Orascom Hotels & Development		165
946		Orbis S.A.		21
745,254		Orient-Express Hotels Ltd (Class A)		35,265
57,685	e*	Outdoor Channel Holdings, Inc		740
145,000		Resorts World BHD		600
68,903	*	Riviera Holdings Corp		1,665
160,000	*	Shanghai Jin Jiang International Hotels Group Co Ltd		77
3,563,930		Shangri-La Asia Ltd		9,187
1,277,261		Starwood Hotels & Resorts Worldwide, Inc		79,829
304,150	e	Station Casinos, Inc		24,840
170,733	e*	Trump Entertainment Resorts, Inc		3,114
1,271,130		United Overseas Land Ltd		3,597
180,011	e*	Vail Resorts, Inc		8,068
1,140,115	*	Wyndham Worldwide Corp		36,506
213,421	e	Wynn Resorts Ltd		20,030
		TOTAL HOTELS AND OTHER LODGING PLACES		1,230,689

INDUSTRIAL MACHINERY AND EQUIPMENT - 6.34%
3,604,045		3M Co		280,863
55,381		Aaon, Inc		1,455
887,740		Acer, Inc		1,853
10,279		Acer, Inc (GDR)		111
180,581	e	Actuant Corp (Class A)		8,605
52,198	*	Adamind Ltd		30
42,079		Advantech Co Ltd		151
535,782	*	AGCO Corp		16,577
2,614		Alamo Group, Inc		61
165,043		Albany International Corp (Class A)		5,432
26,232		Alfa Laval AB		1,184
104,283	e*	Allis-Chalmers Energy, Inc		2,403
1,427,631	*	Alstom RGPT		193,542

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
187,085		Amada Co Ltd	$	1,982
9,500		Amano Corp		119
1,113,503		American Standard Cos, Inc		51,054
85,585		Ampco-Pittsburgh Corp		2,865
2,714		Andritz AG.		589
7,780,975		Applied Materials, Inc		143,559
392,400		ARRK Corp		5,912
3,395	*	ASM International NV		72
177,500		ASM Pacific Technology		988
658,230	*	ASML Holding NV		16,370
95,378	e*	Astec Industries, Inc		3,348
108,779	e*	ASV, Inc		1,770
501,054	*	Asyst Technologies, Inc		3,663
794,458		Atlas Copco AB (A Shares)		26,691
166,519		Atlas Copco AB (B Shares)		5,400
588,501	*	Axcelis Technologies, Inc		3,431
10,336	e*	Basin Water, Inc		70
1,088,000	*	Benq Corp		583
424,041		Black & Decker Corp		33,911
129,848		Black Box Corp		5,452
207,703	e*	Blount International, Inc		2,796
15,320		Boom Logistics Ltd		50
1,801,280	*	Brambles Ltd		18,242
302,022	e	Briggs & Stratton Corp		8,139
516,884	*	Brooks Automation, Inc		7,443
179,181		Bucyrus International, Inc (Class A)		9,274
2,428,530		Canon, Inc		136,727
188,838		Carlisle Cos, Inc		14,824
94,290		Cascade Corp		4,988
33,100		Casio Computer Co Ltd		751
4,305,686		Caterpillar, Inc		264,068
359,727		CDW Corp		25,296
557,235	*	Charter plc		9,874
647,945	*	Cirrus Logic, Inc		4,458
1,311,440		Citizen Watch Co Ltd		10,039
1,953	*	Clipper Windpower plc		23
148,926	e*	Columbus McKinnon Corp		3,130
837,645		Compal Electronics, Inc		747
200	*	Cray, Inc		2
535,359		Cummins, Inc		63,269
256,048		Curtiss-Wright Corp		9,494
230,506	e*	Cymer, Inc		10,131
5,500		Daifuku Co Ltd		87
27,000		Daihen Corp		135
36,700		Daikin Industries Ltd		1,277
41	*	Daum Commerce Co Ltd		1
1,408,807		Deere & Co		133,935
13,559,778	*	Dell, Inc		340,215
926,958		Delta Electronics, Inc		2,987
293,232		Diebold, Inc		13,665
327,809		Donaldson Co, Inc		11,378
17,590	*	Doosan Infracore Co Ltd		398
2,700	*	Dot Hill Systems Corp		11
1,690,143		Dover Corp		82,851
135,270	*	Dresser-Rand Group, Inc		3,310
164,330	e*	Dril-Quip, Inc		6,435

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
1,148,644		Eaton Corp	$	86,309
50,000		Ebara Corp		192
4,289		Econocom Group		38
323,263	*	Electronics for Imaging, Inc		8,592
12,840,692	*	EMC Corp		169,497
773,141	*	Emulex Corp		15,084
93,464	e*	ENGlobal Corp		601
123,945	*	EnPro Industries, Inc		4,116
836,856	e*	Entegris, Inc		9,055
130	*	Exabyte Corp		-	^
705,348	*	Extreme Networks, Inc		2,955
188,097		Ferrotec Corp		1,413
666,591		FKI plc		1,348
74,335	e*	Flanders Corp		736
400	e*	Flow International Corp		4
290,175	*	Flowserve Corp		14,645
305,693	*	FMC Technologies, Inc		18,840
2,214,980		FUJIFILM Holdings Corp		91,015
57,000		Furukawa Co Ltd		133
424,279	*	Gardner Denver, Inc		15,830
1,982,408	e*	Gateway, Inc		3,985
65,863	*	Gehl Co		1,813
63,067,416		General Electric Co		2,346,738
9,000		Gigabyte Technology Co Ltd		7
351,513	e*	Global Imaging Systems, Inc		7,716
8,800		Glory Ltd		155
160,300	*	Goodman Global, Inc		2,757
65,416		Gorman-Rupp Co		2,418
304,726		Graco, Inc		12,073
784,816	*	Grant Prideco, Inc		31,212
100,599		Heidelberger Druckmaschinen		4,765
20,825,720		Hewlett-Packard Co		857,811
46,400		Hitachi Construction Machinery Co Ltd		1,248
224,675	*	Husqvarna AB (B Shares)		3,512
148,666	*	Hydril		11,178
244,542		IDEX Corp		11,594
2,451,674		IMI plc		24,338
5,200		Ines Corp		31
1,300	*	InFocus Corp		3
298,351	e*	Intermec, Inc		7,241
9,899,318		International Business Machines Corp		961,719
2,007,067		International Game Technology		92,726
214,789	*	Intevac, Inc		5,574
2,000		Inventec Appliances Corp		6
3,157,360		Inventec Co Ltd		2,776
1,017,000		Ishikawajima-Harima Heavy Industries Co Ltd		3,444
34,279	e*	Isilon Systems, Inc		946
4,400		Itochu Techno-Science Corp		234
1,009,076		Jabil Circuit, Inc		24,773
4,877,000		Japan Steel Works Ltd		38,113
675,926		Joy Global, Inc		32,674
80,625	*	Kadant, Inc		1,966
168,893		Kaydon Corp		6,712
164,059		Kennametal, Inc		9,655
17,340		Kinpo Electronics		7
173,812	e*	Komag, Inc		6,584

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
2,668,338		Komatsu Ltd	$	54,149
147,415		Komori Corp		2,756
430,500		Konica Minolta Holdings, Inc		6,077
158,090		Kubota Corp		1,464
325,914	*	Kulicke & Soffa Industries, Inc		2,738
98,173	*	Kumba Iron Ore Ltd		1,557
16,600		Kurita Water Industries Ltd		358
1,013,253	*	Lam Research Corp		51,291
34,690		Larsen & Toubro Ltd		1,133
59,034	e*	LB Foster Co (Class A)		1,530
274,604		Lennox International, Inc		8,406
1,022,838	*	Lexmark International, Inc (Class A)		74,872
490	*	LG Electronics, Inc		17
4,784	*	LG Electronics, Inc (GDR)		80
69,260	e	Lindsay Manufacturing Co		2,261
995,631		Lite-On Technology Corp		1,346
132,825	*	Logitech International S.A.		3,832
84,550		Lufkin Industries, Inc		4,911
15,000		Makino Milling Machine Co Ltd		178
16,100		Makita Corp		494
382,478		Manitowoc Co, Inc		22,731
307,425		Meggitt plc		1,866
95,600		Melco Holdings, Inc		2,675
100	*	Mestek, Inc		1
554,900		Metso Oyj		28,010
78,693		Micron Machinery Co Ltd		2,645
293,027	*	Micros Systems, Inc		15,442
38,460	e*	Middleby Corp		4,026
1,443,492		Mitac International		1,745
3,703,890		Mitsubishi Heavy Industries Ltd		16,838
5,873,822		Mitsui & Co Ltd		87,857
102,000		Mitsui Engineering & Shipbuilding Co Ltd		332
320,000		Mitsumi Electric Co Ltd		7,045
105,345		Modec, Inc		2,523
276,748		Modine Manufacturing Co		6,927
47,545		Nacco Industries, Inc (Class A)		6,495
153,174	*	NATCO Group, Inc (Class A)		4,883
195,163	*	Netgear, Inc		5,123
122,847		NN, Inc		1,527
244,291		Nordson Corp		12,173
498,000		NTN Corp		4,465
402,765		OCE NV		6,587
54,468	*	Ocean RIG ASA		401
287,803	*	Oil States International, Inc		9,276
54,000		Oki Electric Industry Co Ltd		120
18,000		Okuma Holdings, Inc		209
3,157		ONA S.A.		576
6,500		OSG Corp		106
1,124		Palfinger AG.		138
528,071		Pall Corp		18,245
520,257	e*	Palm, Inc		7,330
1,624	e*	PAR Technology Corp		15
1,023,106		Parker Hannifin Corp		78,656
228,734	*	Paxar Corp		5,275
2,769		Pinguely-Haulotte		74
1,100	e*	Planar Systems, Inc		11

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
150,171	e*	ProQuest Co	$	1,569
361,596		Quanta Computer, Inc		656
1,240,194	e*	Quantum Corp		2,877
157,607	e*	Rackable Systems, Inc		4,881
153,557	*	RBC Bearings, Inc		4,401
1,147,891		Rheinmetall AG.		87,098
8,521	*	Rimage Corp		221
174,700		Riso Kagaku Corp		3,442
89,284		Robbins & Myers, Inc		4,100
813,079		Rockwell Automation, Inc		49,663
28,341,208		Rolls-Royce Group plc (B Shares)		56
689,285	*	Safeguard Scientifics, Inc		1,668
53,540		Safran S.A.		1,242
44,480	*	Samsung Corp		1,466
958,261	*	SanDisk Corp		41,234
3,267,774		Sandvik AB		47,494
2,270		Sartorius AG.		99
60,502		Sauer-Danfoss, Inc		1,951
80,853		Scania AB (B Shares)		5,681
153,823	e*	Scansource, Inc		4,676
2,911		Schoeller-Bleckmann Oilfield Equipment AG.		134
291,548	*	Scientific Games Corp (Class A)		8,813
1,249,635	v*	Seagate Technology, Inc		-	^
20,700		Seiko Epson Corp		503
106,076	e*	Semitool, Inc		1,412
954,000		Shanghai Electric Group Co Ltd		401
229,725		Shinmaywa Industries Ltd		1,147
1,973		SIG Holding AG.		659
128,837	e*	Sigma Designs, Inc		3,279
128,794		SKF AB (B Shares)		2,380
149,200		SMC Corp		21,163
924,766		Smith International, Inc		37,980
26,236		Solarworld AG.		1,648
4,514,150	e*	Solectron Corp		14,536
244,025	e	SPX Corp		14,925
72,186		Standex International Corp		2,175
488,197		Stanley Works		24,551
1,141		Sulzer AG.		1,299
2,945,000		Sumitomo Heavy Industries Ltd		30,933
1,065,962	*	Symbol Technologies, Inc		15,925
165,000		Synnex Technology International Corp		209
1,981	*	T-3 Energy Services, Inc		44
401,593		Tadano Ltd		4,731
615,016		Technip S.A.		42,216
625,500		Techtronic Industries Co		811
102,807	e*	Tecumseh Products Co (Class A)		1,737
90,676		Tennant Co		2,630
662,680	*	Terex Corp		42,796
16,200		THK Co Ltd		418
379,390		Timken Co		11,071
1,600		Tocalo Co Ltd		59
47,000		Tokimec, Inc		106
170,569		Tokyo Electron Ltd		13,444
188,100		Tokyo Seimitsu Co Ltd		8,883
52,218		Tomra Systems ASA		360
210,186		Toro Co		9,801

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
3,539,077		Toshiba Corp	$	23,048
6,000		Toyo Kanetsu K K		14
348,100		Toyota Tsusho Corp		9,331
80,002	e*	TurboChef Technologies, Inc		1,362
3,050,000		Tutt Bryant Group Ltd		3,563
144,912	e*	Ultratech, Inc		1,808
10,058	*	Unaxis Holding AG.		4,973
3,901,250		Unisteel Technology Ltd		6,486
319,500		United Tractors Tbk PT		233
366,085	e*	VA Software Corp		1,841
735,679	*	Varian Medical Systems, Inc		34,996
187,933	e*	VeriFone Holdings, Inc		6,653
100,942	*	Verigy Ltd		1,792
50,690	*	Vestas Wind Systems A/S		2,142
263,696		Wartsila Oyj (B Shares)		14,206
164,833	e	Watsco, Inc		7,773
1,044,278	*	Western Digital Corp		21,366
13,053		Wincor Nixdorf AG.		2,031
173,830		Woodward Governor Co		6,903
11,430	*	Woongjin Coway Co Ltd		317
30,500		Yokogawa Electric Corp		484
324,893	*	Zebra Technologies Corp (Class A)		11,303
5,650		Zyxel Communications Corp		7
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		8,311,537

INSTRUMENTS AND RELATED PRODUCTS - 3.19%
116,209	e*	Abaxis, Inc		2,237
113,815	e*	Abiomed, Inc		1,605
419,269	*	Advanced Medical Optics, Inc		14,758
378,434	e*	Affymetrix, Inc		8,727
2,852,380	*	Agilent Technologies, Inc		99,405
312,528	e*	Align Technology, Inc		4,366
651,299		Allergan, Inc		77,987
399,944	e*	American Medical Systems Holdings, Inc		7,407
90,192	e*	American Science & Engineering, Inc		5,367
78,554		Analogic Corp		4,410
115,442	*	Anaren, Inc		2,050
70,474	*	Angiodynamics, Inc		1,514
373,271		Anritsu Corp		2,145
1,429,114		Applera Corp (Applied Biosystems Group)		52,434
59,275	e*	Argon ST, Inc		1,277
231,965	*	Armor Holdings, Inc		12,723
127,258		Arrow International, Inc		4,502
151,371	e*	Arthrocare Corp		6,043
52,200		Asia Optical Co, Inc		225
95,575	e*	Aspect Medical Systems, Inc		1,798
1,087		Bacou-Dalloz		145
56,622	e	Badger Meter, Inc		1,568
3,037,288		BAE Systems plc		25,319
454,739		Bard (C.R.), Inc		37,730
218,665	e	Bausch & Lomb, Inc		11,384
3,693,628		Baxter International, Inc		171,347
17,199,208	m,v*	BB Bioventures LP		5,867
277,088		Beckman Coulter, Inc		16,570
1,497,775		Becton Dickinson & Co		105,069
1,800	*	Biolase Technology, Inc		16

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
1,079,828		Biomet, Inc	$	44,565
103,984	*	Bio-Rad Laboratories, Inc (Class A)		8,581
100,165	e*	Biosite, Inc		4,893
6,887,053	*	Boston Scientific Corp		118,320
301,539	*	Bruker BioSciences Corp		2,265
1,400	*	Caliper Life Sciences, Inc		8
205,987	*	Candela Corp		2,548
800	*	Cantel Medical Corp		13
107,009	*	Cardiodynamics International Corp		111
305,310	e*	Cepheid, Inc		2,595
160,032	e*	Cerus Corp		938
2,953		Chemring Group plc		91
54,184		Cochlear Ltd		2,481
217,130	e*	Coherent, Inc		6,855
140,278	e	Cohu, Inc		2,828
1,191	*	Concord Camera Corp		5
180,587	*	Conmed Corp		4,175
201,227	e	Cooper Cos, Inc		8,955
835,345	*	Credence Systems Corp		4,344
124,957	e*	Cyberonics, Inc		2,579
1,441,820		Danaher Corp		104,445
85,798		Datascope Corp		3,126
717,647		Dentsply International, Inc		21,422
215,630	e*	Depomed, Inc		744
97,636	e*	DexCom, Inc		963
117,786	*	Dionex Corp		6,680
128,764	*	DJ Orthopedics, Inc		5,514
8,522	*	Dmatek Ltd		22
164,027		DRS Technologies, Inc		8,641
9,964	e*	DXP Enterprises, Inc		349
325,899	*	Eagle Test Systems, Inc		4,752
1,752,854	e	Eastman Kodak Co		45,224
95,332	e	EDO Corp		2,263
63,446		Elekta AB		1,337
148,340	*	ESCO Technologies, Inc		6,741
149,002	*	Esterline Technologies Corp		5,994
93,146	e*	ev3, Inc		1,605
1,425	*	Exactech, Inc		20
91,377	*	Excel Technology, Inc		2,338
300	e*	FARO Technologies, Inc		7
143,786	e*	FEI Co		3,792
1,296,663		Finmeccanica S.p.A.		35,140
400,476	e*	Flir Systems, Inc		12,747
261,925	e*	Formfactor, Inc		9,757
279,388	e*	Fossil, Inc		6,309
108,315	*	Foxhollow Technologies, Inc		2,337
6,500	e*	Given Imaging Ltd		126
13,046,571	*	Golden Meditech Co Ltd		5,552
218,531	*	Haemonetics Corp		9,838
206,056	*	HealthTronics, Inc		1,372
74,822	*	Herley Industries, Inc		1,211
304,676	*	Hologic, Inc		14,405
77,803	*	ICU Medical, Inc		3,165
120,821	e*	I-Flow Corp		1,806
177,907	*	II-VI, Inc		4,971
266,207	*	Illumina, Inc		10,465

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
459		Inficon Holding AG.	$	72
596,537	e*	Input/Output, Inc		8,131
116,119	*	Integra LifeSciences Holdings Corp		4,946
123,465	e*	Intralase Corp		2,763
177,129	e*	Intuitive Surgical, Inc		16,987
198,294		Invacare Corp		4,868
256,212	*	Invensys plc		1,381
158,670	e*	Ionatron, Inc		651
98,032	*	IRIS International, Inc		1,240
600	e*	Ista Pharmaceuticals, Inc		4
145,846	*	Itron, Inc		7,561
263,527	*	Ixia		2,530
16,293,126		Johnson & Johnson		1,075,672
2,113		Keithley Instruments, Inc		28
59,431	e*	Kensey Nash Corp		1,890
43,219		Keyence Corp		10,710
1,432,961		Kla-Tencor Corp		71,290
439,488	e*	Kopin Corp		1,569
300	e*	KVH Industries, Inc		3
311,403	*	Kyphon, Inc		12,581
367,748	e*	L-1 Identity Solutions, Inc		5,564
700	e*	LaBarge, Inc		9
400	*	LeCroy Corp		5
580,790	e*	LTX Corp		3,252
97,229		Luxottica Group S.p.A.		2,988
400	*	Lydall, Inc		4
81,096	*	Measurement Specialties, Inc		1,755
63,778	*	Medical Action Industries, Inc		2,056
6,994,535		Medtronic, Inc		374,278
277,780	e	Mentor Corp		13,575
155,238	*	Merit Medical Systems, Inc		2,459
321,364	*	Mettler-Toledo International, Inc		25,340
230,374	*	Millipore Corp		15,343
178,386		Mine Safety Appliances Co		6,538
197,151	*	MKS Instruments, Inc		4,452
152,916	e*	Molecular Devices Corp		3,222
107,219	e	Movado Group, Inc		3,109
21,967,242	m,v*	MPM Bioventures II-QP LP		10,843
103,551		MTS Systems Corp		3,999
259,057	e	National Instruments Corp		7,057
110,292	e*	Natus Medical, Inc		1,832
72,371	e*	Neurometrix, Inc		1,079
227,890	*	Newport Corp		4,774
34,871	*	Nextest Systems Corp		393
840,000		Nidec Copal Corp		9,889
352,000		Nikon Corp		7,720
686,000		Nippon Electric Glass Co Ltd		14,411
5,000		Nipro Corp		92
944		Nobel Biocare Holding AG.		279
19,224	*	Northstar Neuroscience, Inc		276
3,419	*	Novoste Corp		9
185,839	e*	NuVasive, Inc		4,293
70,021	e*	NxStage Medical, Inc		587
145,068	e	Oakley, Inc		2,910
520,938		Olympus Corp		16,372
125,000	*	Optimax Technology Corp		88

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
12,900	*	Orbotech Ltd	$	328
192,907		Osaki Electric Co Ltd		1,444
23,098	e*	OYO Geospace Corp		1,342
140,485	e*	Palomar Medical Technologies, Inc		7,118
8,275,397		PCCW Ltd		5,032
90,000		Peace Mark Holdings Ltd		80
559,367		PerkinElmer, Inc		12,435
1,854,752		Phonak Holding AG.		147,650
134,074	*	Photon Dynamics, Inc		1,567
940,157		Pitney Bowes, Inc		43,426
140,012		PolyMedica Corp		5,658
73,482	*	Qiagen NV		1,127
4,179		Q-Med AB		65
223,759	e*	RAE Systems, Inc		716
834,650	*	Resmed, Inc		4,170
340,945	*	Resmed, Inc		16,781
338,363	*	Respironics, Inc		12,773
880,051		Rockwell Collins, Inc		55,698
100,002	*	Rofin-Sinar Technologies, Inc		6,046
381,675		Roper Industries, Inc		19,175
153,997	*	Rudolph Technologies, Inc		2,452
13,117	*	Samsung Techwin Co Ltd		479
293,776	e*	Sirf Technology Holdings, Inc		7,497
97,489	e	Sirona Dental Systems, Inc		3,754
4,126,206	m,v*	Skyline Venture Partners Qualified II		2,159
775,000	m,v*	Skyline Venture Partners Qualified III		775
390,760		Smith & Nephew plc		4,078
3,366	e*	Somanetics Corp		77
151,741	e*	Sonic Solutions, Inc		2,473
88,886	e*	SonoSite, Inc		2,749
177,625	*	Spectranetics Corp		2,005
2,200,612	*	St. Jude Medical, Inc		80,454
37,227	e*	Star Scientific, Inc		121
547,424		STERIS Corp		13,779
1,418,771	e	Stryker Corp		78,188
32,123		Swatch Group AG.		7,098
62,851		Swatch Group AG.		2,811
202,831	*	Symmetry Medical, Inc		2,805
9,900	e*	Syneron Medical Ltd		269
14,442		Synthes, Inc		1,722
345,030		Tecan Group AG.		21,648
210,386	*	Techne Corp		11,666
467,508		Tektronix, Inc		13,637
292,597	*	Teledyne Technologies, Inc		11,742
2,580,663	*	Teradyne, Inc		38,607
639,628		Terumo Corp		25,154
3,675,858	*	Thermo Electron Corp		166,480
278,520	e*	ThermoGenesis Corp		1,200
285,281	e*	Thoratec Corp		5,015
552		Thrane & Thrane A/S		31
314,724	*	Trimble Navigation Ltd		15,966
108,218	e	United Industrial Corp		5,492
31,101	e*	Urologix, Inc		72
229,685	*	Varian, Inc		10,288
175,840	*	Veeco Instruments, Inc		3,293
169,725	*	Ventana Medical Systems, Inc		7,303

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
227,811	*	Viasys Healthcare, Inc	$	6,338
72,727	e*	Vital Images, Inc		2,531
36,052		Vital Signs, Inc		1,800
300	e*	Vnus Medical Technologies, Inc		3
33,500	*	Volcano Corp		549
628,914	*	Waters Corp		30,798
21,438	*	William Demant Holding		1,738
196,076	*	Wright Medical Group, Inc		4,565
5,372,101	*	Xerox Corp		91,057
135,325	e	X-Rite, Inc		1,665
27,823		Young Innovations, Inc		927
1,400,787	*	Zimmer Holdings, Inc		109,794
106,879	*	Zoll Medical Corp		6,225
47,126	e*	Zygo Corp		775
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		4,178,789

INSURANCE AGENTS, BROKERS AND SERVICE - 0.59%
99,215		Alexander Forbes Ltd		221
1,962,775		AON Corp		69,365
641,413		Brown & Brown, Inc		18,094
128,770		Clark, Inc		2,141
171,306		Crawford & Co (Class B)		1,251
549,129		FBD Holdings plc		29,937
399,054	e	Gallagher (Arthur J.) & Co		11,792
2,840,382		Hartford Financial Services Group, Inc		265,036
6,198,207		HBOS plc		137,379
212,139		Hilb Rogal & Hobbs Co		8,935
45,909		James River Group, Inc		1,484
5,103,002		Marsh & McLennan Cos, Inc		156,458
51,400		MLP AG.		1,021
216,465	e	National Financial Partners Corp		9,518
32,000		Pacific Century Insurance Holdings Ltd		19
1,994,789		QBE Insurance Group Ltd		45,427
907,675		Sanlam Ltd		2,368
736,158		Suncorp-Metway Ltd		11,825
2,000		Tsuruha Holdings, Inc		76
824,918		Unipol S.p.A.		2,673
248,086	*	USI Holdings Corp		3,811
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		778,831

INSURANCE CARRIERS - 5.09%
172,819		21st Century Insurance Group		3,050
1,236,412		ABC Learning Centres Ltd		8,198
2,100	e*	ACA Capital Holdings, Inc		32
1,104,129		ACE Ltd		66,877
3,554,598		Admiral Group plc		76,489
6,658		Aegon NV		126
853,861		Aegon NV		16,276
7,194,114		Aetna, Inc		310,642
67,409	e	Affirmative Insurance Holdings, Inc		1,097
3,011,814		Aflac, Inc		138,543
1,772,000		Aioi Insurance Co Ltd		12,508
3,205		Aksigorta A.S.		12
210,193		Alfa Corp		3,954
172,028		Alleanza Assicurazioni S.p.A		2,296
21,502	*	Alleghany Corp		7,818

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
651,957		Allianz AG.	$	133,188
80,000		Allied World Assurance Holdings Ltd		3,490
2,893,977		Allstate Corp		188,427
1,033	*	Alm. Brand Skadesforsikring A/S		73
591,336		Ambac Financial Group, Inc		52,670
317,319	e	American Equity Investment Life Holding Co		4,135
799,273		American Financial Group, Inc		28,702
14,489,944		American International Group, Inc		1,038,349
72,687		American National Insurance Co		8,294
83,255	*	American Physicians Capital, Inc		3,334
562,421	*	AMERIGROUP Corp		20,185
4,831,081		AMP Ltd		38,515
2,000		Amtrust Financial Services, Inc		17
17,500	*	Arch Capital Group Ltd		1,183
176,284	*	Argonaut Group, Inc		6,145
393,509		Aspen Insurance Holdings Ltd		10,373
398,543		Assicurazioni Generali S.p.A.		17,503
512,832	e	Assurant, Inc		28,334
3,184,456		Aviva plc		51,253
1,644,653		AXA Asia Pacific Holdings Ltd		9,464
5,976,707		AXA S.A.		241,972
1,789,238		Axis Capital Holdings Ltd		59,707
61,442		Baldwin & Lyons, Inc (Class B)		1,569
106,181		Bristol West Holdings, Inc		1,681
247,661	e*	Centene Corp		6,085
38,834		Chesnara plc		134
4,677,836		China Life Insurance Co Ltd		15,967
22,932	e	China Life Insurance Co Ltd (ADR)		1,158
2,551,160		Chubb Corp		134,982
793,222		Cincinnati Financial Corp		35,941
11,745	e*	Citizens, Inc		78
13,006		Clal Insurance		318
122,355	*	CNA Financial Corp		4,933
92,133	*	CNA Surety Corp		1,981
79,461		CNP Assurances		8,874
8,690		Codan A/S		845
435,454		Commerce Group, Inc		12,955
2,312,435	*	Conseco, Inc		46,202
202,132		Corp Mapfre S.A.		913
2,912,550		Credit Suisse Group		203,771
8,900	*	Darwin Professional Underwriters, Inc		209
314,741		Delphi Financial Group, Inc (Class A)		12,734
90,738		Direct General Corp		1,873
74,300		Donegal Group, Inc (Class A)		1,456
84,787		Dongbu Insurance Co Ltd		2,256
34,525		EMC Insurance Group, Inc		1,178
188,227		Erie Indemnity Co (Class A)		10,913
281,220		Everest Re Group Ltd		27,590
23,747	e	Fairfax Financial Holdings Ltd		4,718
97,601		FBL Financial Group, Inc (Class A)		3,814
1,055,610		Fidelity National Title Group, Inc (Class A)		25,208
94,214	e*	First Acceptance Corp		1,010
459,241		First American Corp		18,682
78,624	*	First Mercury Financial Corp		1,849
363,451		Fondiaria-Sai S.p.A		17,387
57,697	*	Fpic Insurance Group, Inc		2,248

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
580,108		Friends Provident plc	$	2,465
747,575		Fuji Fire & Marine Insurance Co Ltd		2,789
4,342,254		Genworth Financial, Inc (Class A)		148,549
46,251		Great American Financial Resources, Inc		1,066
453,699		Great-West Lifeco, Inc		13,150
221,955		Hanover Insurance Group, Inc		10,831
97,279		Harleysville Group, Inc		3,387
968,278		HCC Insurance Holdings, Inc		31,072
498,590	*	Health Net, Inc		24,261
152,762	*	HealthExtras, Inc		3,682
108,266	*	Healthspring, Inc		2,203
16,848		Highway Insurance Holdings plc		26
351,533		Horace Mann Educators Corp		7,101
1,302,287	*	Humana, Inc		72,029
7,814		Hyundai Marine & Fire Insurance Co Ltd		99
31,953		Independence Holding Co		698
120,862		Infinity Property & Casualty Corp		5,849
2,105,744		ING Groep NV		93,369
1,744,536		Insurance Australia Group Ltd		8,744
4,037	e	IPC Holdings Ltd		127
79,533		Irish Life & Permanent plc		2,194
24,169		Kansas City Life Insurance Co		1,210
55,288		KBC Groep NV		6,780
900	*	KMG America Corp		9
12,456		Korean Reinsurance Co		170
2,182,100		Kurnia Asia BHD		693
142,461	e	LandAmerica Financial Group, Inc		8,991
650,914		Leucadia National Corp		18,356
27,924		Liberty Group Ltd		331
1,206,519		Lincoln National Corp		80,113
3,149,273		Loews Corp		130,600
3,095,221		Manulife Financial Corp		104,444
43,550	*	Markel Corp		20,908
325,853		Max Re Capital Ltd		8,088
565,133		MBIA, Inc		41,289
181,334	*	Meadowbrook Insurance Group, Inc		1,793
203,189		Mediolanum S.p.A.		1,656
110,465		Mercury General Corp		5,825
2,721,080		Metlife, Inc		160,571
491,534		Metropolitan Holdings Ltd		1,051
457,213		MGIC Investment Corp		28,594
58,385		Midland Co		2,449
1,402,051		Millea Holdings, Inc		49,482
1,770,804		Mitsui Sumitomo Insurance Co Ltd		19,374
146,505	e*	Molina Healthcare, Inc		4,763
940,263	e	Montpelier Re Holdings Ltd		17,498
284,405		Muenchener Rueckver AG.		48,963
78,365		National Interstate Corp		1,904
14,652		National Western Life Insurance Co (Class A)		3,372
276,751		Nationwide Financial Services, Inc (Class A)		15,000
60,142	*	Navigators Group, Inc		2,898
484,000		Nipponkoa Insurance Co Ltd		3,925
947,835		Nissay Dowa General Insurance Co Ltd		5,695
18,396		NYMAGIC, Inc		673
79,919		Odyssey Re Holdings Corp		2,981
388,166		Ohio Casualty Corp		11,571

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
1,518,862		Old Mutual plc	$	5,182
935,530		Old Republic International Corp		21,779
192,985	*	OneBeacon Insurance Group Ltd		5,404
529,214	e	PartnerRe Ltd		37,590
475,799	*	Philadelphia Consolidated Holding Co		21,202
838,716		Phoenix Cos, Inc		13,327
664,000	*	PICC Property & Casualty Co Ltd		341
616,000		Ping An Insurance Group Co of China Ltd		3,409
1,005,327		Platinum Underwriters Holdings Ltd		31,105
182,293	*	PMA Capital Corp (Class A)		1,681
422,881		PMI Group, Inc		19,947
835,719		Power Corp Of Canada		25,291
472,891		Power Financial Corp		15,284
128,000		Presidential Life Corp		2,810
2,150,596		Principal Financial Group		126,240
183,518	e*	ProAssurance Corp		9,161
4,720,063		Progressive Corp		114,320
456,085		Protective Life Corp		21,664
2,771,426		Prudential Financial, Inc		237,955
4,954,462		Prudential plc		67,857
546,020		Radian Group, Inc		29,436
121,911	e	Reinsurance Group Of America, Inc		6,790
1,710,623		Resolution plc		21,486
133,108		RLI Corp		7,510
3,236,208		Royal & Sun Alliance Insurance Group plc		9,663
504,068		Safeco Corp		31,529
99,702		Safety Insurance Group, Inc		5,056
27,181		Samsung Fire & Marine Insurance Co Ltd		4,720
43,514	*	SCPIE Holdings, Inc		1,137
70,773	*	SeaBright Insurance Holdings, Inc		1,275
206,721		Selective Insurance Group, Inc		11,843
530,625		Sompo Japan Insurance, Inc		6,488
3,569,837		St. Paul Travelers Cos, Inc		191,665
340,144		Stancorp Financial Group, Inc		15,323
597,960	*	Standard Life plc		3,463
81,151		State Auto Financial Corp		2,818
149,742		Stewart Information Services Corp		6,493
62,889		Storebrand ASA		800
1,275,167		Sun Life Financial, Inc		53,931
109,118		Swiss Reinsurance Co		9,278
748,100		T&D Holdings, Inc		49,473
5,760	*	Topdanmark A/S		952
412,442		Torchmark Corp		26,297
94,914		Tower Group, Inc		2,949
129,247		Transatlantic Holdings, Inc		8,026
59,268	*	Triad Guaranty, Inc		3,252
61,963		TrygVesta A.S.		4,733
118,246		United Fire & Casualty Co		4,168
7,778,461		UnitedHealth Group, Inc		417,937
201,543		Unitrin, Inc		10,099
216,318	*	Universal American Financial Corp		4,032
1,813,316		UnumProvident Corp		37,681
82,441	*	Vesta Insurance Group, Inc		-	^
1,856,619		W.R. Berkley Corp		64,072
478,828	*	WellCare Health Plans, Inc		32,991
6,064		Wesco Financial Corp		2,790

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
7,040		Wiener Staedtische Allgemeine Versicherung AG.	$	494
731,416		XL Capital Ltd (Class A)		52,677
216,080		Zenith National Insurance Corp		10,136
1,062,479		Zurich Financial Services AG.		286,002
		TOTAL INSURANCE CARRIERS		6,671,468

JUSTICE, PUBLIC ORDER AND SAFETY - 0.01%
298,614	*	Corrections Corp of America		13,506
112,814	*	Geo Group, Inc		4,233
1,878,900	*	PAN Fish ASA		1,718
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		19,457

LEATHER AND LEATHER PRODUCTS - 0.16%
163,349		Adidas-Salomon AG.		8,135
2,757,763	*	Coach, Inc		118,473
59,752	e*	CROCS, Inc		2,581
133,638	*	Genesco, Inc		4,985
50,486		Hermes International		6,314
203,766	e*	Iconix Brand Group, Inc		3,951
286,909		LVMH Moet Hennessy Louis Vuitton S.A.		30,280
435,687		Pou Chen Corp		495
155,368		Steven Madden Ltd		5,452
311,868	*	Timberland Co (Class A)		9,849
53,885		Weyco Group, Inc		1,339
368,292		Wolverine World Wide, Inc		10,504
660,917		Yue Yuen Industrial Holdings		2,099
		TOTAL LEATHER AND LEATHER PRODUCTS		204,457

LEGAL SERVICES - 0.01%
244,190	e*	FTI Consulting, Inc		6,811
94,258	e*	Pre-Paid Legal Services, Inc		3,688
		TOTAL LEGAL SERVICES		10,499

LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.02%
246,252		Brisa-Auto Estradas de Portugal S.A.		3,072
1,393,000		ComfortDelgro Corp Ltd		1,462
267,000		Keihin Electric Express Railway Co Ltd		1,840
163,000		Keisei Electric Railway Co Ltd		927
424,346		Laidlaw International, Inc		12,913
381,168		SMRT Corp Ltd		296
1,661,666		Tobu Railway Co Ltd		8,028
		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		28,538

LUMBER AND WOOD PRODUCTS - 0.03%
121,619	e	American Woodmark Corp		5,090
438,764	*	Champion Enterprises, Inc		4,107
60,477		Deltic Timber Corp		3,374
109,017		Duratex S.A.		1,694
801,587		Louisiana-Pacific Corp		17,258
1,440,406		Masisa S.A.		288
9,569		Nobia AB		368
167,000	*	Sino-Forest Corp (Class A)		1,121
45,761		Skyline Corp		1,841
59,520	*	Sonae Industria SGPS S.A.		589
7,155,000	*	Sumalindo Lestari Jaya Tbk PT		2,168

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
93,893	e	Universal Forest Products, Inc	$	4,377
		TOTAL LUMBER AND WOOD PRODUCTS		42,275

METAL MINING - 1.05%
240,547		Agnico-Eagle Mines Ltd		9,920
153,753		Alumina Ltd		769
5,803,562		Anglo American plc		283,059
26,938		Anglo Platinum Ltd		3,288
69,410		AngloGold Ashanti Ltd		3,266
1,700	e	AngloGold Ashanti Ltd (ADR)		80
1,631,975		Barrick Gold Corp		50,170
334,560	*	Barrick Gold Corp		10,271
902,216	*	Bema Gold Corp		4,719
7,961,781		BHP Billiton Ltd		159,001
711,515		Boliden AB		18,292
659,425		Cameco Corp		26,690
16,927		CAP S.A.		258
274,270	e	Cleveland-Cliffs, Inc		13,286
1,595,051	e*	Coeur d'Alene Mines Corp		7,896
323,951		Companhia Vale do Rio Doce		9,659
411,970		Companhia Vale do Rio Doce		10,432
26,600		Companhia Vale do Rio Doce (ADR)		698
98,850		Companhia Vale do Rio Doce (ADR)		2,940
27,773		Compania de Minas Buenaventura S.A.		765
5,600		Compania de Minas Buenaventura S.A. (ADR)		157
648,992	*	Eldorado Gold Corp		3,512
150,000		Energy Resources of Australia Ltd		2,463
140,905		First Quantum Minerals Ltd		7,582
255,315		Foundation Coal Holdings, Inc		8,109
1,655,652	e	Freeport-McMoRan Copper & Gold, Inc (Class B)		92,269
236,339		Gold Fields Ltd		4,474
7,300	e	Gold Fields Ltd (ADR)		138
1,399,698		Goldcorp, Inc		39,741
144,399	*	Harmony Gold Mining Co Ltd		2,290
7,900	e*	Harmony Gold Mining Co Ltd (ADR)		124
744,775	e*	Hecla Mining Co		5,705
34,349		Iluka Resources Ltd		180
221,325		Impala Platinum Holdings Ltd		5,807
9,800	e	Impala Platinum Holdings Ltd (ADR)		258
319,022	*	Ivanhoe Mines Ltd		3,146
17,585		Kagara Zinc Ltd		97
691,625	*	Kinross Gold Corp		8,196
1,359		Korea Zinc Co Ltd		144
96,834		Kumba Resources Ltd		773
4,000,000		Lanna Resources PCL		1,275
197,449	*	Meridian Gold, Inc		5,491
26,066		Minara Resources Ltd		120
6,159		Minsur S.A.		13
737,046		MMC Norilsk Nickel (ADR)		116,453
22,100		MMC Norilsk Nickel (ADR)		3,492
578,451		Newcrest Mining Ltd		12,031
4		Newmont Mining Corp		-	^
2,069,980		Newmont Mining Corp		93,460
50,143		Novolipetsk Steel (GDR)		1,166
2,603,702		Oxiana Ltd		6,515
404,721	*	Paladin Resources Ltd		2,843
97,909	*	PAN American Silver Corp		2,468

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
36,882		Perilya Ltd	$	160
1,215,307		Phelps Dodge Corp		145,497
444,629	*	Polyus Gold (ADR)		21,564
12,442	*	Portman Ltd		49
3,000		PT International Nickel Indonesia Tbk		10
373,170		Rio Tinto Ltd		21,886
718,488		Rio Tinto plc		38,236
355,157	e*	Rosetta Resources, Inc		6,631
118,813	e	Royal Gold, Inc		4,275
90,190	e	Southern Copper Corp		4,860
38,052		Southern Copper Corp		2,055
35,344	*	St Barbara Ltd		17
280,661	e*	Stillwater Mining Co		3,505
5,036,000	*	Straits Asia Resources Ltd		2,167
10,128		Sumitomo Titanium Corp		1,133
478,813		Teck Cominco Ltd (Class B)		36,091
18,099		Umicore		3,082
291,115		Volcan Cia Minera S.A.		736
607,808		Yamana Gold, Inc		7,980
427,000	*	Zhaojin Mining Industry Co Ltd		852
1,264,000		Zijin Mining Group Co Ltd		882
1,643,539		Zinifex Ltd		24,377
		TOTAL METAL MINING		1,371,996

MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.18%
162,320		Aderans Co Ltd		4,031
22,696		Amer Sports Oyj		500
295,540		Blyth, Inc		6,132
42,929		Bulgari S.p.A.		609
444,303		Callaway Golf Co		6,402
1,100	e	Charles & Colvard Ltd		9
202,000		Chow Sang Sang Holding		114
222,897	e	Daktronics, Inc		8,214
100		Escalade, Inc		1
736,401		Fortune Brands, Inc		62,881
22,880		Fu Sheng Industrial Co Ltd		22
5,598,556		Futuris Corp Ltd		8,706
1,112,274		Hasbro, Inc		30,310
155,554	e*	Jakks Pacific, Inc		3,397
329,663	*	K2, Inc		4,348
31,300		Magnum Corp BHD		21
100,892	e	Marine Products Corp		1,185
1,863,772		Mattel, Inc		42,233
17,000		Mitsuboshi Belting Co Ltd		103
27,925		Namco Bandai Holdings, Inc		410
194,038	e	Nautilus, Inc		2,717
112,291,547	a	Playmates Holdings Ltd		11,694
198,822	e*	Progressive Gaming International Corp		1,803
151,606	*	RC2 Corp		6,671
70,569	*	Russ Berrie & Co, Inc		1,090
177,093		Sankyo Co Ltd		9,807
207,419	e*	Shuffle Master, Inc		5,434
44,459	*	Steinway Musical Instruments, Inc		1,380
84,000		Tasaki Shinju Co Ltd		408
162,600		Yamaha Corp		3,443
315,955		Yankee Candle Co, Inc		10,831
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		234,906

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
MISCELLANEOUS RETAIL - 1.18%
147,294	*	1-800-FLOWERS.COM, Inc (Class A)	$	907
89,352	e*	AC Moore Arts & Crafts, Inc		1,936
800	*	Alloy, Inc		9
1,575,575	*	Amazon.com, Inc		62,172
6,200		AOKI Holdings, Inc		110
112,408	*	Aygaz A.S.		318
297,144		Barnes & Noble, Inc		11,800
5,097,389		Best Buy Co, Inc		250,741
118,297		Big 5 Sporting Goods Corp		2,889
200		Blair Corp		7
80,613	e*	Blue Nile, Inc		2,974
84,961	e	Books-A-Million, Inc		1,927
372,153	e	Borders Group, Inc		8,318
78,530	e*	Build-A-Bear Workshop, Inc		2,200
217,683		Cash America International, Inc		10,209
31,100		Circle K Sunkus Co Ltd		553
292,790	e*	CKX, Inc		3,434
259,071	e*	Coldwater Creek, Inc		6,352
1,116,647		Compagnie Financiere Richemont AG.		65,065
4,727,995		CVS Corp		146,142
167	*	Daum Communications Corp		10
156,251		DCC plc		5,311
139,439	*	dELiA*s, Inc		1,463
161,120	*	Dick's Sporting Goods, Inc		7,893
1,288,809	*	Dollar Tree Stores, Inc		38,793
9,001		Douglas Holding AG.		465
541,902	e*	Drugstore.com, Inc		1,983
41,600		EDION Corp		617
2,875		Exmar NV		87
279,833	*	Ezcorp, Inc (Class A)		4,547
38,992		Folli-Follie S.A.		1,539
7,647,612		Game Group plc		16,995
300	*	Golf Galaxy, Inc		6
218,817	e*	GSI Commerce, Inc		4,103
996		Hellenic Duty Free Shops S.A.		21
206,200	*	Hibbett Sporting Goods, Inc		6,295
2,156,850		HMV Group plc		6,050
1,053,665		Home Retail Group		8,459
2,533,598		Hutchison Whampoa Ltd		25,749
718,133		Ichitaka Co Ltd		1,835
153		Index Corp		90
18,000		Izumiya Co Ltd		129
198,930		Jean Coutu Group, Inc (Class A)		2,346
46		Jelmoli Holding AG.		103
21,879	*	KarstadtQuelle AG.		634
10,300		Kojima Co Ltd		85
42,000		Largan Precision Co Ltd		812
190,330		Longs Drug Stores Corp		8,066
26,000		Matsumotokiyoshi Co Ltd		578
187,926		MSC Industrial Direct Co (Class A)		7,357
76,153		Next plc		2,684
730,500		Nippon Mining Holdings, Inc		5,255
342,775	e*	Nutri/System, Inc		21,729

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
2,520,926	*	Office Depot, Inc	$	96,224
443,197		OfficeMax, Inc		22,005
898,326		Origin Energy Ltd		5,864
69,884	e*	Overstock.com, Inc		1,104
2,159,047		Pacific Brands Ltd		4,448
664,919		Petsmart, Inc		19,190
184,673	*	Priceline.com, Inc		8,054
22,604	*	Pricesmart, Inc		405
1,120	*	QXL Ricardo plc		14
8,566,037	e*	Rite Aid Corp		46,599
16,000		Ryohin Keikaku Co Ltd		1,225
1,312,000		Sa Sa International Holdings Ltd		439
459,687		Sanoma-WSOY Oyj		12,955
390,651	*	Sears Holdings Corp		65,602
2,000		Senshukai Co Ltd		20
800	e*	Sharper Image Corp		7
317,000		Shoppers Drug Mart Corp		13,616
5,062,123		Signet Group plc		11,745
25,917		Spar Group Ltd		160
137,081	*	Stamps.com, Inc		2,159
5,398,318		Staples, Inc		144,135
57,824	e*	Systemax, Inc		1,009
607,249		Tiffany & Co		23,829
483,556		Tsutsumi Jewelry Co Ltd		13,693
162,045	*	Valuevision International, Inc (Class A)		2,129
5,930,024		Walgreen Co		272,129
2,957		Wh Smith plc		22
166,814		World Fuel Services Corp		7,417
171,806		Xebio Co Ltd		5,399
280,685	e*	Zale Corp		7,918
83,113	e*	Zumiez, Inc		2,455
		TOTAL MISCELLANEOUS RETAIL		1,552,122

MOTION PICTURES - 1.25%
226,675		Astral Media, Inc		7,761
718,800		Astro All Asia Networks plc		1,131
246,707	e*	Avid Technology, Inc		9,192
1,114,928	e*	Blockbuster, Inc (Class A)		5,898
69,575	e	Carmike Cinemas, Inc		1,419
4,621,517		CBS Corp (Class B)		144,099
743,619	*	Denny's Corp		3,502
1,165,666	e*	Discovery Holding Co (Class A)		18,756
1,402,908	*	DreamWorks Animation SKG, Inc (Class A)		41,372
93,328	e*	Gaiam, Inc (Class A)		1,277
337,095	e*	Macrovision Corp		9,526
14,660,625		News Corp (Class A)		314,910
22,109	*	Premiere AG.		371
298,435	e	Regal Entertainment Group (Class A)		6,363
714,914	*	Time Warner Telecom, Inc (Class A)		14,248
25,916,285		Time Warner, Inc		564,457
110,000		Toei Animation Co Ltd		2,269
89,100		Toho Co Ltd		1,610
14,200,008		Walt Disney Co		486,634
300	*	WPT Enterprises, Inc		1
		TOTAL MOTION PICTURES		1,634,796

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
NONDEPOSITORY INSTITUTIONS - 1.78%
117,583	e*	Accredited Home Lenders Holding Co	$	3,208
45,790		Acom Co Ltd		1,539
548,466		Advance America Cash Advance Centers, Inc		8,035
5,498		Advanta Corp (Class A)		219
103,335		Advanta Corp (Class B)		4,509
421,600		Aeon Credit Service Co Ltd		7,989
1,524,500		Aeon Thana Sinsap Thailand PCL		2,021
1,100		AFP Provida S.A. (ADR)		28
559,578		Aiful Corp		15,752
845,211	e	American Capital Strategies Ltd		39,099
7,632,559		American Express Co		463,067
944,058	*	AmeriCredit Corp		23,762
251,488		Ares Capital Corp		4,806
64,611	e	Asta Funding, Inc		1,967
10,485		Australian Wealth Management Ltd		21
400		Beverly Hills Bancorp, Inc		3
1,053,700		Bursa Malaysia BHD		2,404
2,174,911		Capital One Financial Corp		167,077
481,717	e	CapitalSource, Inc		13,156
260,933		Cattles plc		2,244
1,454,994		Challenger Financial Services Group Ltd		4,732
308,800	e	CharterMac		6,630
1,428,904		CIT Group, Inc		79,690
8,462,070	*	Collins Stewart plc		42,084
287,596	e*	CompuCredit Corp		11,449
3,272,810		Countrywide Financial Corp		138,931
43,328	e*	Credit Acceptance Corp		1,444
233,373		Credit Saison Co Ltd		8,040
52,106		D Carnegie AB		1,123
400	e	Delta Financial Corp		4
1,934,939		Deutsche Postbank AG.		163,393
758,668	e*	Doral Financial Corp		2,177
1,000	e*	Encore Capital Group, Inc		13
7,303,206		Fannie Mae		433,737
79,266	e	Federal Agricultural Mortgage Corp (Class C)		2,150
165,277	e	Financial Federal Corp		4,861
160,018	*	First Cash Financial Services, Inc		4,140
1,452,225		First Financial Holding Co Ltd		1,103
377,849	e	First Marblehead Corp		20,649
3,921,429		Freddie Mac		266,265
99,200		Hitachi Capital Corp		1,892
729,000		Hong Leong Finance Ltd		1,816
131,809		Hypo Real Estate Holding AG.		8,306
385,016		ICAP plc		3,607
365,563		ICICI Bank Ltd		7,363
167,422		IGM Financial, Inc		7,049
48,391		Infrastructure Development Finance Co Ltd		85
280,262	*	INVESTools, Inc		3,865
3,000		Jaccs Co Ltd		19
7,000		Japan Securities Finance Co Ltd		85
496		Kenedix, Inc		2,238
2,437,000	*	Kim Eng Holdings Ltd		2,193
63,981		Kotak Mahindra Bank Ltd		578
335,810		MCG Capital Corp		6,824
53,425		Medallion Financial Corp		661

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
3,520,360		Mega Financial Holding Co Ltd	$	2,587
198,361	*	Nelnet, Inc (Class A)		5,427
105,228		NGP Capital Resources Co		1,763
5,588,360		Nissin Co Ltd		2,536
370,593	e*	Ocwen Financial Corp		5,878
1,263		OZ Holding AG.		88
48,186	*	Penson Worldwide, Inc		1,321
58,112		Perpetual Trustees Australia Ltd		3,587
45,798	*	Polaris Securities Co Ltd		24
168,350		Promise Co Ltd		5,234
203,449		Provident Financial plc		2,794
54,133		Reliance Capital Ltd		742
3,410		SFCG Co Ltd		530
3,485,612		SLM Corp		169,993
53,550		SM Investments Corp		355
51,599		Smiths News plc		137
17,235		Student Loan Corp		3,573
1,956,000	*	Taishin Financial Holdings Co Ltd		1,147
218,360		Takefuji Corp		8,642
112,079	e	Technology Investment Capital Corp		1,809
108,600		Thanachart Capital PCL		43
120,099	*	Tower Australia Group Ltd		289
51,271	v*	Tower Australia Group Ltd		51
8,848,977	*	Tullett Prebon plc		112,620
38,133	*	United PanAm Financial Corp		525
157,465	*	World Acceptance Corp		7,393
		TOTAL NONDEPOSITORY INSTITUTIONS		2,339,190

NONMETALLIC MINERALS, EXCEPT FUELS - 0.10%
82,227		Aber Diamond Corp		3,032
132,588	e	AMCOL International Corp		3,678
86,475		Cimsa Cimento Sanayi Ve Tica		556
182,361		Compass Minerals International, Inc		5,755
217,154		Florida Rock Industries, Inc		9,349
735,970		Grupo Mexico S.A. de C.V. (Series B)		2,696
4,039,000		Itochu Corp		33,159
120,723		Solvay S.A.		18,518
2,118,100	*	Tiberon Minerals Ltd		6,521
466,008		Vulcan Materials Co		41,880
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		125,144

OIL AND GAS EXTRACTION - 2.15%
150,772	*	Acergy S.A.		2,902
2,590,794		Anadarko Petroleum Corp		112,751
6,147,500		Apexindo Pratama Duta PT		1,183
64,237	e*	Arena Resources, Inc		2,744
103,089	*	Atlas America, Inc		5,254
110,940	*	ATP Oil & Gas Corp		4,390
161,958	*	Atwood Oceanics, Inc		7,931
383,842	*	Aurora Oil & Gas Corp		1,232
1,618,098		Baker Hughes, Inc		120,807
164,356	*	Basic Energy Services, Inc		4,051
203,426	e	Berry Petroleum Co (Class A)		6,308
3,336,758		BG Group plc		45,276
174,676	e*	Bill Barrett Corp		4,753
1,551,938		BJ Services Co		45,503

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
111,738	e*	Bois d'Arc Energy, Inc	$	1,635
223,276	*	Brigham Exploration Co		1,632
80,343	*	Bronco Drilling Co, Inc		1,381
367,112		Cabot Oil & Gas Corp		22,265
112,401	*	Callon Petroleum Co		1,689
1,090,425	*	Cameron International Corp		57,847
1,158,602		Canadian Natural Resources Ltd		61,748
348,801		Canadian Oil Sands Trust		9,754
276,252		Canetic Resources Trust		3,895
119,222	e*	Carrizo Oil & Gas, Inc		3,460
238,016	e*	Cheniere Energy, Inc		6,872
1,508,929		Chesapeake Energy Corp		43,834
376,311	e	Cimarex Energy Co		13,735
39,181	*	Clayton Williams Energy, Inc		1,423
6,706,000		CNOOC Ltd		6,371
4,100	e	CNOOC Ltd (ADR)		388
124,323	*	CNX Gas Corp		3,170
150,917	*	Compagnie Generale de Geophysique S.A.		32,711
144,947	e*	Complete Production Services, Inc		3,073
241,217	*	Comstock Resources, Inc		7,492
1,083	*	Dana Petroleum plc		27
41,466	e*	Dawson Geophysical Co		1,511
219,210	e	Delta & Pine Land Co		8,867
302,522	e*	Delta Petroleum Corp		7,006
3,757,658	*	Denbury Resources, Inc		104,425
614,096	*	DET Norske Oljeselskap		1,133
256,009	e	Diamond Offshore Drilling, Inc		20,465
76,678	*	Duvernay Oil Corp		2,270
112,672	*	Edge Petroleum Corp		2,055
1,744,829		EnCana Corp		80,288
304,818	*	Encore Acquisition Co		7,477
4,000	*	Endeavour International Corp		9
208,711	e*	Energy Partners Ltd		5,097
332,913		Enerplus Resources Fund		14,468
250,618	b,m,v*	Enron Corp		-	^
761,090		ENSCO International, Inc		38,100
400,485		Ensign Energy Services, Inc		6,316
598,634		Equitable Resources, Inc		24,993
298,855	e*	EXCO Resources, Inc		5,054
163,862	e*	Exploration Co of Delaware, Inc		2,186
4,661		Expro International Group plc		81
299,563	*	First Calgary Petroleums Ltd		1,790
231,430	e*	Forest Oil Corp		7,563
1,083,000		Formosa Petrochemical Corp		2,380
1,500	e*	FX Energy, Inc		9
47,740		GAIL India Ltd		282
1,319		GAIL India Ltd (GDR)		46
457,481	e*	Gasco Energy, Inc		1,121
162,278	e*	GeoGlobal Resources, Inc		1,274
12,311	e*	Geomet, Inc		128
562,756	*	Global Industries Ltd		7,338
185		GlobalSantaFe Corp		11
47,070	e*	GMX Resources, Inc		1,671
69,290	e*	Goodrich Petroleum Corp		2,507
1,283,694	e*	Grey Wolf, Inc		8,806
75,238	e*	Gulfport Energy Corp		1,022

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
6,406,820		Halliburton Co	$	198,932
582,409	e*	Hanover Compressor Co		11,002
140,952		Harvest Energy Trust		3,170
415,808	*	Harvest Natural Resources, Inc		4,420
403,676	*	Helix Energy Solutions Group, Inc		12,663
452,956	e	Helmerich & Payne, Inc		11,084
117,936	e*	Hercules Offshore, Inc		3,408
166,049	*	Houston Exploration Co		8,598
326,038		Husky Energy, Inc		21,819
1,500	*	INA Industrija Nafte DD (GDR)		623
36,303	*	INA Industrija Nafte DD (GDR)		15,066
2,168		Inpex Holdings, Inc		17,817
53,400		Japan Petroleum Exploration Co		3,177
417,200	v*	KazMunaiGas Exploration Production (GDR)		10,205
1,357	*	Key Energy Services, Inc		21
57,246	*	Lundin Petroleum AB		665
409,222	*	Mariner Energy, Inc		8,021
17,172	*	Max Petroleum plc		32
133,173	e*	McMoRan Exploration Co		1,894
771,625	*	Meridian Resource Corp		2,384
92,967	e*	Metretek Technologies, Inc		1,145
1,277,994	*	National Oilwell Varco, Inc		78,188
935,996		Neste Oil Oyj		28,455
505,524	e*	Newpark Resources, Inc		3,645
472,460	*	Nexen, Inc		26,010
47,162		Niko Resources Ltd		3,371
34,668		NovaTek OAO (GDR)		2,201
352,085	*	Oceaneering International, Inc		13,978
111,184		Oil & Natural Gas Corp Ltd		2,189
215,100	*	OPTI Canada, Inc		3,648
197,652	e*	Parallel Petroleum Corp		3,473
626,129	*	Parker Drilling Co		5,115
821,190		Patterson-UTI Energy, Inc		19,076
378,225		Penn West Energy Trust		11,537
1,118,428		Petro-Canada		45,796
33,693,075		PetroChina Co Ltd		47,735
33,900	v*	PetroCorp		-	^
917,353	*	PetroHawk Energy Corp		10,550
439,773		Petroleo Brasileiro S.A. (ADR)		45,292
97,175	*	Petroleum Development Corp		4,183
46,662	*	Petroleum Geo-Services ASA		1,096
250,380	*	Petroquest Energy, Inc		3,190
240,622	e*	Pioneer Drilling Co		3,195
522,597		Pioneer Natural Resources Co		20,742
577,930	*	Plains Exploration & Production Co		27,469
269,385		Pogo Producing Co		13,049
80,668		Precision Drilling Trust		1,868
897,661	*	Pride International, Inc		26,939
3,719	e*	PrimeEnergy Corp		240
59,255		ProSafe ASA		841
640,884		Provident Energy Trust		7,057
1,810,000	*	PT Energi Mega Persada Tbk		105
461,100		PTT Exploration & Production PCL		1,255
12,500	v	PTT Exploration & Production PCL (ADR)		74
115,018	e*	Quest Resource Corp		1,162
279,650	e*	Quicksilver Resources, Inc		10,232

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
121,017	e*	RAM Energy Resources, Inc	$	667
610,831		Range Resources Corp		16,773
1,644,050	*	Renewable Energy Corp A.S.		30,059
473,205		Rowan Cos, Inc		15,710
199,639	e	RPC, Inc		3,370
3,111,870		Saipem S.p.A.		81,088
1,155,950		Santos Ltd		9,006
463,164		Schlumberger Ltd		29,254
11,900		Scomi Group BHD		3
142,502	*	SEACOR Holdings, Inc		14,128
143,817	*	SeaDrill Ltd		2,428
50	v*	Serval Integrated Energy Services		-	^
158,742		Singapore Petroleum Co Ltd		451
939,015	*	Southwestern Energy Co		32,913
255,285		St. Mary Land & Exploration Co		9,405
158,931	*	Stone Energy Corp		5,618
200,571	e*	Sulphco, Inc		947
398,383	*	Superior Energy Services		13,019
64,286	*	Superior Well Services, Inc		1,643
33,900		Surgutneftegaz (ADR)		2,610
77,100	e	Surgutneftegaz (ADR)		5,850
170,459	*	Swift Energy Co		7,638
235,074	e*	Syntroleum Corp		813
2,038,468		Talisman Energy, Inc		34,611
64,314	*	Tap Oil Ltd		77
19,796		Tatneft (GDR)		1,881
330,001	*	Tetra Technologies, Inc		8,441
38,937	*	TGS Nopec Geophysical Co ASA		806
355,375		Tidewater, Inc		17,186
735,387	*	Todco		25,128
84,610	e*	Toreador Resources Corp		2,180
3,243,633		Total S.A.		233,997
653,508	*	Total S.A.		9
377,852	e*	Transmeridian Exploration, Inc		1,304
156,681		Trican Well Service Ltd		2,730
109,398	*	Trico Marine Services, Inc		4,191
93,332	e*	Tri-Valley Corp		886
85,399	*	Union Drilling, Inc		1,202
206,494	*	Unit Corp		10,005
582,608	*	UTS Energy Corp		2,253
638,720	e*	Vaalco Energy, Inc		4,311
8,300	*	Venoco, Inc		146
11,963	*	Venture Production plc		207
342,008	e*	Veritas DGC, Inc		29,286
88,423		W&T Offshore, Inc		2,716
325,614	e*	Warren Resources, Inc		3,816
12	*	Weatherford International Ltd		1
198,730	*	Western Oil Sands, Inc (Class A)		5,574
173,960	e*	W-H Energy Services, Inc		8,470
212,774	e*	Whiting Petroleum Corp		9,915
937,559		Woodside Petroleum Ltd		28,204
5,827,326		XTO Energy, Inc		274,176
4,700	e	YPF S.A. (ADR)		225
		TOTAL OIL AND GAS EXTRACTION		2,823,665

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
PAPER AND ALLIED PRODUCTS - 0.43%
19	*	Abitibi-Consolidated, Inc	$	-	^
565,558	e*	Abitibi-Consolidated, Inc		1,450
207,241		Aracruz Celulose S.A.		1,274
2,400	e	Aracruz Celulose S.A. (ADR)		147
427,096		Bemis Co		14,513
36,565		Billerud AB		649
331,876	e	Bowater, Inc		7,467
196,799	*	Buckeye Technologies, Inc		2,358
114,814	*	Canfor Corp		1,062
16,983		Canfor Plus Income Fund		180
167,932	*	Caraustar Industries, Inc		1,358
306,084	e*	Cenveo, Inc		6,489
154,065	e	Chesapeake Corp		2,622
249,260		China International Marine Containers Co Ltd (Class B)		522
289,955	*	Domtar, Inc		2,449
46,400		Empresas CMPC S.A.		1,560
256,066		Glatfelter		3,969
392,418	*	Graphic Packaging Corp		1,699
119,823		Greif, Inc (Class A)		14,187
44,905		Holmen AB (B Shares)		1,955
2,136,057		International Paper Co		72,840
2,807,841		Kimberly-Clark Corp		190,793
164,246		Kimberly-Clark de Mexico S.A. de C.V. (Class A)		755
198,730		Klabin S.A.		498
51,700		Kokuyo Co Ltd		817
446,693		Longview Fibre Co		9,805
3,169		Mayr-Melnhof Karton AG.		594
829,337		MeadWestvaco Corp		24,930
163,138	e*	Mercer International, Inc		1,936
72,000		Mitsubishi Paper Mills Ltd		126
2,604		Mondi Packaging Paper Swiecie S.A.		93
216,878		Nampak Ltd		672
112,230		Neenah Paper, Inc		3,964
581,000		Nine Dragons Paper Holdings Ltd		1,001
564		Nippon Paper Group, Inc		2,128
139,175		Norske Skogindustrier ASA		2,399
506,000		OJI Paper Co Ltd		2,687
363,199		Packaging Corp of America		8,027
2,789,745		PaperlinX Ltd		8,654
324,686	*	Playtex Products, Inc		4,672
194,084		Rock-Tenn Co (Class A)		5,262
555,700		Sanrio Co Ltd		8,354
86,061		Sappi Ltd		1,442
24,600	e	Sappi Ltd (ADR)		413
130,919		Schweitzer-Mauduit International, Inc		3,410
1,281,488	*	Smurfit-Stone Container Corp		13,532
770,677		Sonoco Products Co		29,332
482,705		Stora Enso Oyj (R Shares)		7,646
167,473		Svenska Cellulosa AB (B Shares)		8,746
1,310,832		Temple-Inland, Inc		60,338
16,000		Tomoku Co Ltd		34
26,000		Uni-Charm Corp		1,545
664,904		UPM-Kymmene Oyj		16,782
30,323		Votorantim Celulose e Papel S.A.		590
7,400		Votorantim Celulose e Papel S.A. (ADR)		145
248,150		Wausau Paper Corp		3,720

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
20,760		Yuen Foong Yu Paper Manufacturing Co Ltd	$	9
		TOTAL PAPER AND ALLIED PRODUCTS		564,601

PERSONAL SERVICES - 0.11%
1,400		Angelica Corp		36
711,472		Cintas Corp		28,252
63,800		Coinmach Service Corp (Class A)		759
214,664	e*	Coinstar, Inc		6,562
400		CPI Corp		19
1,441,112		Davis Service Group plc		14,221
6,646		Debt Free Direct Group plc		58
123,569		G & K Services, Inc (Class A)		4,805
1,542,354		H&R Block, Inc		35,536
217,681		Jackson Hewitt Tax Service, Inc		7,395
646,700		Kuala Lumpur Kepong BHD		2,475
6,414		Mcbride plc		25
261,347		Regis Corp		10,334
432,897	*	Sally Beauty Holdings, Inc		3,377
1,275,929		Service Corp International		13,078
56,254		Unifirst Corp		2,161
210,304		Weight Watchers International, Inc		11,047
		TOTAL PERSONAL SERVICES		140,140

PETROLEUM AND COAL PRODUCTS - 5.49%
141,198		Alon USA Energy, Inc		3,715
3,600		AOC Holdings, Inc		59
4,529,310		Apache Corp		301,244
436,029		Ashland, Inc		30,164
17,944		Bharat Petroleum Corp Ltd		137
21,282,574		BP plc		236,482
52,072		BP plc (ADR)		3,494
12,140,251		Chevron Corp		892,673
7,168,764		China Petroleum & Chemical Corp		6,636
5,700	e	China Petroleum & Chemical Corp (ADR)		528
8,922,516		ConocoPhillips		641,975
12		Daiseki Co Ltd		-	^
66,555		Delek US Holdings, Inc		1,091
2,653,785		Devon Energy Corp		178,016
118,505		ElkCorp		4,869
8,723,732		ENI S.p.A.		293,420
1,346,738		EOG Resources, Inc		84,104
33,416,969		Exxon Mobil Corp		2,560,742
886,577		Frontier Oil Corp		25,480
83,856	e*	Giant Industries, Inc		6,285
479,555	e*	Headwaters, Inc		11,490
29,773		Hellenic Petroleum S.A.		410
1,459,930		Hess Corp		72,369
16,340		Hindustan Petroleum Corp Ltd		103
465,637		Holly Corp		23,934
617,824		Imperial Oil Ltd		22,744
219,124		LUKOIL (ADR)		19,151
2,422,547		Marathon Oil Corp		224,086
31,880		Motor Oil Hellas Corinth Refineries S.A.		821
757,509		Murphy Oil Corp		38,519
519,743	*	Newfield Exploration Co		23,882
1,897,388		Noble Energy, Inc		93,105

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
9,874,595		Occidental Petroleum Corp	$	482,176
64,172		OMV AG.		3,642
35,200	*	Petkim Petrokimya Holding		127
71,900	*	Petrobras Energia Participaciones S.A. (ADR)		876
4,200	e	PetroChina Co Ltd (ADR)		591
524,288		Petroleo Brasileiro S.A.		13,372
1,267,713		Petroleo Brasileiro S.A.		29,549
2,600		Petroleo Brasileiro S.A. (ADR)		241
15,400		PGG Wrightson Ltd		18
112,760		Polski Koncern Naftowy Orlen S.A.		1,853
8,584		Polski Koncern Naftowy Orlen S.A. (GDR)		283
964,569		Premier Farnell plc		3,730
348,600		PTT PCL		2,065
285,900		PTT PCL		1,694
800		Quaker Chemical Corp		18
433,400	*	Rayong Refinery PCL		208
302,800	*	Rayong Refinery PCL		145
883,318		Repsol YPF S.A.		30,550
5,214,193		Royal Dutch Shell plc (A Shares)		182,236
2,999,899		Royal Dutch Shell plc (B Shares)		105,140
1,597		Samir		157
534,374		Shell Canada Ltd (Class A)		19,938
2,000		Shell Refining Co		6
16,300		Showa Shell Sekiyu KK		183
47,531	*	SK Corp		3,731
17,929		S-Oil Corp		1,321
2,804,649		Statoil ASA		74,331
1,319,300	*	Suncor Energy, Inc		104,106
967,132		Suncor Energy, Inc		76,125
569,926		Sunoco, Inc		35,541
27,394		v Tatneft (ADR)		2,602
415,699		Tesoro Corp		27,341
181,000		TonenGeneral Sekiyu KK		1,793
49,429		Tupras Turkiye Petrol Rafine		845
21,488	*	Unipetrol		242
3,516,273		Valero Energy Corp		179,893
107,938		WD-40 Co		3,764
133,593	e	Western Refining, Inc		3,401
		TOTAL PETROLEUM AND COAL PRODUCTS		7,195,562

PIPELINES, EXCEPT NATURAL GAS - 0.02%
933,025		TransCanada Corp		32,492
		TOTAL PIPELINES, EXCEPT NATURAL GAS		32,492

PRIMARY METAL INDUSTRIES - 1.13%
60,154		Acerinox S.A.		1,830
17,000		Aichi Steel Corp		103
686,396	*	AK Steel Holding Corp		11,600
21,792		Alcan, Inc		1,055
663,799	*	Alcan, Inc		32,320
4,242,840		Alcoa, Inc		127,328
223,221	*	Algoma Steel, Inc		6,298
539,465		Allegheny Technologies, Inc		48,919
174,000		Angang New Steel Co Ltd		255
2,551		Bekaert S.A.		319
251,712	e	Belden CDT, Inc		9,839

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
5,760,183		BHP Billiton plc	$	105,396
283,329		BlueScope Steel Ltd		1,928
323,265		Boehler-Uddeholm AG.		22,659
113,198	*	Brush Engineered Materials, Inc		3,823
297,496		Carpenter Technology Corp		30,499
124,335		Catcher Technology Co Ltd		1,215
136,034	e*	Century Aluminum Co		6,074
320,490		Chaparral Steel Co		14,188
3,135,895		China Steel Corp		3,330
352,661	*	CommScope, Inc		10,749
34,537		Companhia Siderurgica Nacional S.A.		1,043
3,300		Companhia Siderurgica Nacional S.A. (ADR)		99
10,371,291	*	Corning, Inc		194,047
263,635		Corus Group plc		2,738
147		Cumerio		4
15,527	*	Daewoo International Corp		652
208,464		Daido Steel Co Ltd		1,386
5,160	*	Dongkuk Steel Mill Co Ltd		130
185,000		DOWA HOLDINGS CO Ltd		1,583
346,000	v*	Dowa Mining Co Ltd		3
7,052		EL Ezz Aldekhela Steel Alexandria		1,190
498	*	El Ezz Steel Co		5
135,177	e	Encore Wire Corp		2,975
41,063		Eregli Demir ve Celik Fabrikalari TAS		261
785,000		Fujikura Ltd		6,906
1,963,100		Furukawa Electric Co Ltd		12,339
306,377	*	General Cable Corp		13,392
114,038	*	Generale Industrie Metallurgiche S.p.A.		135
152,376		Gerdau S.A.		2,222
142,908		Gerdau S.A.		2,335
7,050		Gerdau S.A. (ADR)		113
177,231		Gibraltar Industries, Inc		4,167
21,000		Godo Steel Ltd		118
4,600	e*	Grupo Simec S.A. de C.V. (ADR)		66
1,600	e	Highveld Steel and Vanadium Corp Ltd (ADR)		18
330,992		Hindalco Industries Ltd		1,303
22,186		Hoganas AB (Class B)		582
258,446		Hubbell, Inc (Class B)		11,684
456,000	*	Hunan Non-Ferrous Metal Corp Ltd		264
140,770		Industrias Penoles S.A. de C.V.		1,291
141,885		IPSCO, Inc		13,333
2,086,711		Jiangxi Copper Co Ltd		2,122
168,988		Johnson Matthey plc		4,662
61,278		KGHM Polska Miedz S.A.		1,878
1,929		KGHM Polska Miedz S.A. (GDR)		122
4,855,151		Kobe Steel Ltd		16,645
1,881,363	a*	Lone Star Technologies, Inc		91,077
264,000		Maanshan Iron & Steel		145
186,530	e	Matthews International Corp (Class A)		7,340
18,600		Mechel Steel Group OAO (ADR)		474
3,373,000		Mitsubishi Materials Corp		12,669
9,000		Mitsubishi Shindoh Co Ltd		27
356,000		Mitsui Mining & Smelting Co Ltd		1,783
9,848		Mittal Steel Co NV		416
193,775		Mittal Steel Co NV		8,180
58		Mittal Steel Co NV (Class A)		2

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
59,732		Mittal Steel South Africa Ltd	$	837
216,631		Mueller Industries, Inc		6,867
284,000		Nippon Light Metal Co Ltd		728
11,567,793		Nippon Steel Corp		66,488
514,178		Nisshin Steel Co Ltd		1,910
570,072		Norsk Hydro ASA		17,691
103,230		Novelis, Inc		2,885
1,855,289		Nucor Corp		101,410
48,312	e	Olympic Steel, Inc		1,074
930,183		OneSteel Ltd		3,436
264,475	*	Oregon Steel Mills, Inc		16,506
32,970		Outokumpu Oyj		1,291
360	*	Poongsan Corp		9
30,972		POSCO		10,291
9,900	e	POSCO (ADR)		818
629,368		Precision Castparts Corp		49,267
396,748		Quanex Corp		13,723
132,520	e*	RTI International Metals, Inc		10,366
194,449		Salzgitter AG.		25,424
128,577		Schnitzer Steel Industries, Inc (Class A)		5,104
81,000		Showa Electric Wire & Cable Co Ltd		109
7,900	v	Siderar SAIC (Class A) (ADR)		482
1,800		Sonasid		442
618,952		Steel Dynamics, Inc		20,085
98,489		Steel Technologies, Inc		1,728
735,327		Sumitomo Electric Industries Ltd		11,493
2,916,249		Sumitomo Metal Industries Ltd		12,669
2,052,067		Sumitomo Metal Mining Co Ltd		26,331
113,669	*	Superior Essex, Inc		3,779
27,000		Tatsuta Electric Wire and Cable Co Ltd		80
107,761		Tenaris S.A. (ADR)		5,376
137,477	e	Texas Industries, Inc		8,830
691,851		ThyssenKrupp AG.		32,595
403,092	e*	Titanium Metals Corp		11,895
15,108		Toho Titanium Co Ltd		793
14,000		Toho Zinc Co Ltd		133
257,600		Tokyo Steel Manufacturing Co Ltd		4,039
172,912		Tredegar Corp		3,909
743,133		United States Steel Corp		54,353
32,483		Usinas Siderurgicas de Minas Gerais S.A.		1,224
222,011		Vallourec		64,562
85,839		Viohalco S.A.		1,070
178,809		Voestalpine AG.		10,095
2,221,150	*	Walsin Lihwa Corp		1,186
71,310	e*	Wheeling-Pittsburgh Corp		1,336
414,244	e	Worthington Industries, Inc		7,340
6,700		Yamato Kogyo Co Ltd		169
		TOTAL PRIMARY METAL INDUSTRIES		1,485,881

PRINTING AND PUBLISHING - 0.58%
356,811	*	ACCO Brands Corp		9,445
19,321		Agora S.A.		243
2,082		Agora S.A. (GDR)		37
7,203		Alma Media		88
461,899	e	American Greetings Corp (Class A)		11,025
855,426		APN News & Media Ltd		4,085

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
45,072		Arnoldo Mondadori Editore S.p.A.	$	471
142,353		Banta Corp		5,182
522,529	e	Belo (A.H.) Corp (Class A)		9,599
6,411		Bloomsbury Publishing plc		32
197,649		Bowne & Co, Inc		3,151
10,886		Cermaq ASA		159
120,310	*	Consolidated Graphics, Inc		7,107
57,023		Courier Corp		2,222
35,671		CSS Industries, Inc		1,262
101,247		Dai Nippon Printing Co Ltd		1,564
1,750,055		Daily Mail & General Trust		24,568
130,450		De La Rue plc		1,646
47,903	*	Dogan Yayin Holding		168
264,357	e	Dow Jones & Co, Inc		10,045
422,477	*	Dun & Bradstreet Corp		34,977
55,191		Emap plc		873
56,784		Eniro AB		751
143,012		Ennis, Inc		3,498
363,068		EW Scripps Co (Class A)		18,132
54,000		Gakken Co Ltd		127
1,835,291		Gannett Co, Inc		110,962
4,800	e	GateHouse Media, Inc		89
355,518		Harte-Hanks, Inc		9,851
5,334	*	Ihlas Holding		2
104,777		Independent News & Media plc		416
554,364		John Fairfax Holdings Ltd		2,113
332,150		John H Harland Co		16,674
301,452		John Wiley & Sons, Inc (Class A)		11,597
207,616		Journal Communications, Inc (Class A)		2,618
368,279		Journal Register Co		2,688
29,000		Kyodo Printing Co Ltd		102
5,700	*	Lambrakis Press S.A.		21
263,489		Lee Enterprises, Inc		8,184
142,013	e	Martha Stewart Living Omnimedia, Inc (Class A)		3,110
252,147		McClatchy Co (Class A)		10,918
2,572,908		McGraw-Hill Cos, Inc		175,009
128,908		Media General, Inc (Class A)		4,791
352,983		Meredith Corp		19,891
8,289	*	Metro International S.A. (A Shares)		11
6,897	*	Metro International S.A. (B Shares)		9
531,028	e	New York Times Co (Class A)		12,936
177,314		PagesJaunes Groupe S.A.		3,527
365,094		Pearson plc		5,515
114,205	e*	Playboy Enterprises, Inc (Class B)		1,309
175,707	e*	Presstek, Inc		1,117
963,412	e*	Primedia, Inc		1,628
76,090	e*	Private Media Group Ltd		307
275,900		PRONEXUS, Inc		2,571
114,556	*	Quebecor World, Inc		1,326
362,501		R.H. Donnelley Corp		22,740
966,164		R.R. Donnelley & Sons Co		34,337
647,090		Reader's Digest Association, Inc		10,806
576,670		Reed Elsevier NV		9,835
614,069		Reed Elsevier plc		6,739
76,910	e	Schawk, Inc		1,503
11,512		Schibsted ASA		412

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
1,102		Schlott Gruppe AG.	$	35
277,890	*	Scholastic Corp		9,960
524,206		SCMP Group Ltd		199
2,075,447		Singapore Press Holdings Ltd		5,792
25,807		St Ives Group plc		149
101,557		Standard Register Co		1,219
6,600		Star Publications Malaysia BHD		6
365,140	*	Sun-Times Media Group, Inc (Class A)		1,793
863		Teleperformance		33
385,968		Thomson Corp		16,013
1,399,811		Toppan Printing Co Ltd		15,456
850,766	e	Tribune Co		26,187
104,128		Trinity Mirror plc		957
16,395	*	Triple Crown Media, Inc		127
80,037		United Business Media plc		1,086
435,398	*	Valassis Communications, Inc		6,313
23,964		Washington Post Co (Class B)		17,868
2,731		West Australian Newspapers Holdings Ltd		25
104,638		Wolters Kluwer NV		3,010
371,604		Yell Group plc		4,147
908,603		Yellow Pages Income Fund		10,028
		TOTAL PRINTING AND PUBLISHING		766,524

RAILROAD TRANSPORTATION - 0.59%
2,214,388		Burlington Northern Santa Fe Corp		163,444
1,017,849	*	Canadian National Railway Co		43,702
401,348		Canadian Pacific Railway Ltd		21,132
978		Central Japan Railway Co		10,108
4,476,540		CSX Corp		154,127
10,370		East Japan Railway Co		69,276
499,353		Firstgroup plc		5,622
203,041	e	Florida East Coast Industries		12,101
205,207	*	Genesee & Wyoming, Inc (Class A)		5,385
44,000		Guangshen Railway Co Ltd		30
1,700	e	Guangshen Railway Co Ltd (ADR)		58
326,351	*	Kansas City Southern Industries, Inc		9,458
2,582,892		Norfolk Southern Corp		129,894
413,000		Odakyu Electric Railway Co Ltd		2,641
1,467,340		Union Pacific Corp		135,024
2,354		West Japan Railway Co		10,068
		TOTAL RAILROAD TRANSPORTATION		772,070

REAL ESTATE - 0.68%
17,923		Aedes S.p.A.		145
120,600		Aeon Mall Co Ltd		6,810
16,030		Africa Israel Investments Ltd		1,212
680,000		Agile Property Holdings Ltd		638
378,681		Allan Gray Property Trust		329
4,939,500	*	Allgreen Properties Ltd		2,158
9,875,000		Allgreen Properties Ltd		8,434
513,449		Ascendas Real Estate Investment Trust		894
1,100		Atrium Co Ltd		31
14,465		Ayala Corp		174
7,744,003		Ayala Land, Inc		2,408
3,770		Babis Vovos International Construction S.A.		145
229,408		Bovis Homes Group plc		4,869

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
414,392		British Land Co plc	$	13,907
200,102		Brixton plc		2,257
178,503		Brookfield Properties Co		7,034
107,700	*	Brookfield Properties Corp		4,236
2,360	*	CA Immobilien Anlagen AG.		69
51,610		California Coastal Communities, Inc		1,107
7,096		Capital & Regional plc		214
3,039,587		CapitaLand Ltd		12,287
127,893		Castellum AB		1,705
152,000	*	Cathay Real Estate Development Co Ltd		109
1,367,301	*	CB Richard Ellis Group, Inc (Class A)		45,394
986,942		Centro Properties Group		7,089
9,553,731	*	Champion Real Estate Investment Trust		4,618
1,963,607		Cheung Kong Holdings Ltd		24,172
1,402,000		China Overseas Land & Investment Ltd		1,882
368,000		China Resources Land Ltd		440
1,480,815		City Developments Ltd		12,262
4,199		Cofinimmo		844
33,403	e	Consolidated-Tomoka Land Co		2,418
32,640		Corio NV		2,667
13,915		Countrywide plc		147
15		Creed Corp		52
4,106		Crest Nicholson		50
47,008		Cyrela Brazil Realty S.A.		449
1,794,883		DB RREEF Trust		2,515
4,291		Derwent Valley Holdings plc		176
180,497	*	Desarrolladora Homex S.A. de C.V.		1,772
134,200	*	E&O Property Development BHD		76
41,961		Fadesa Inmobiliaria S.A.		1,947
14,367,200		Far East Consortium		7,019
376,767		Forest City Enterprises, Inc (Class A)		22,003
19,553	*	Gafisa S.A.		292
93,570		Gecina S.A.		17,910
28,650	*	Globe Trade Centre S.A.		397
610		Goldcrest Co Ltd		31
274,736		Guangzhou R&F Properties Co Ltd		593
47,000		Guocoland Ltd		79
222,467		Hammerson plc		6,869
1,065,100		Hang Lung Properties Ltd		2,670
843,026		Henderson Land Development Co Ltd		4,715
1,419,000		Hopewell Holdings		4,980
537,274		Hopson Development Holdings Ltd		1,520
56,340	e*	Housevalues, Inc		317
2,598,754		Hysan Development Co Ltd		6,799
1,667,400		IGB Corp BHD		851
23,731		Immobiliare Grande Distribuzione		116
323,828	*	IMMOFINANZ Immobilien Anlagen AG.		4,617
1,832,218		Investa Property Group		3,630
99,600		IOI Properties BHD		268
18,000	e*	IRSA Inversiones y Representaciones S.A. (GDR)		304
65,817		IVG Immobilien AG.		2,827
500		Japan General Estate Co Ltd		14
266,526		Jones Lang LaSalle, Inc		24,566
1,775,112		Kerry Properties Ltd		8,296
16,083		Klepierre		3,036
33,140		Klovern AB		145

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
1,446,545		Kowloon Development Co Ltd	$	2,566
110,527		Kungsleden AB		1,695
656,700		Land and Houses PCL		128
3,735,697		Land and Houses PCL		680
99,400		Leopalace21 Corp		3,174
661,895		Liberty International plc		18,092
3,173	e*	LoopNet, Inc		48
1,134,160		Macquarie Goodman Group		6,804
5,820,300	*	Malaysian Resources Corp BHD		1,716
1,506		McInerney Holdings plc		29
75,226,000		Megaworld Corp		3,711
80,600	*	MI Developments, Inc		2,877
123,226		MI Developments, Inc (Class A)		4,406
588,766		Mirvac Group		2,598
836,160		Mitsubishi Estate Co Ltd		21,641
861,915		Mitsui Fudosan Co Ltd		21,040
198,000	*	Musashino Kogyo Co Ltd		491
7,660,400		New World China Land Ltd		4,649
6,952,641		New World Development Ltd		13,998
371		Nordicom A/S		55
217,911		ORIX Corp		63,082
24,849	e	Orleans Homebuilders, Inc		467
192,800	*	Parsvnath Developers Ltd		2,000
68		Recrm Research Co Ltd		111
7,157	a	Risa Partners, Inc		30,191
5,390,000		Robinsons Land Corp		1,786
67,176,000		Shanghai Real Estate Ltd		23,232
3,016,000		Shenzhen Investment Ltd		1,256
302,050		Shoei Co Ltd		8,351
24,326,000	*	Shui On Land Ltd		21,235
2,086,000		Shun TAK Holdings Ltd		3,191
565,720		Singapore Land Ltd		3,172
1,374,743		Sino Land Co		3,210
362,581		Slough Estates plc		5,577
1,556,500		SP Setia BHD		2,250
7,316,000	*	SPG Land Holdings Ltd		6,170
322,885	e	St. Joe Co		17,297
643,294		Stewart Enterprises, Inc (Class A)		4,021
1,210,445		Stockland Trust Group		7,911
1,904,689		Sumitomo Realty & Development Co Ltd		61,140
1,519,429		Sun Hung Kai Properties Ltd		17,454
90,000		Suruga Corp		7,071
225,797		TOC Co Ltd		1,138
691,000		Tokyo Tatemono Co Ltd		7,699
2,602,738		Tokyu Land Corp		24,539
1,100		Tokyu Livable, Inc		81
43,825		Unibail		10,708
17,171		Unite Group plc		184
16,334,769	*	Unitech Corporate Parks plc		30,064
11,720,500		United Industrial Corp Ltd		15,971
3,877,588		Urban Corp		58,846
19,325	*	Urbas Proyectos Urbanisticos S.A.		74
655		Wallenstam Byggnads AB (B Shares)		13
15,684		Wereldhave NV		2,089
2,125,755		Westfield Group		35,220
33,363		Wihlborgs Fastigheter AB		696

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
2,390,098		Wing Tai Holdings Ltd	$	3,553
300	e*	ZipRealty, Inc		2
		TOTAL REAL ESTATE		896,456

RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.20%
41,530	*	AEP Industries, Inc		2,214
779,428		Ansell Ltd		6,921
924,899		Bridgestone Corp		20,635
176,260		Cheng Shin Rubber Industry Co Ltd		174
79,861		Continental AG.		9,288
369,725		Cooper Tire & Rubber Co		5,287
106,438	e*	Deckers Outdoor Corp		6,381
68,000		Denki Kagaku Kogyo KK		283
1,174,460		Formosa Chemicals & Fibre Corp		1,964
769,969	e*	Goodyear Tire & Rubber Co		16,162
34,960	*	Hankook Tire Co Ltd		594
238,559	e*	Jarden Corp		8,299
2,100	*	Metabolix, Inc		40
345,811		Michelin (C.G.D.E.) (Class B)		33,095
3,061,000		Mitsui Chemicals, Inc		23,561
1,211,557		Newell Rubbermaid, Inc		35,075
41,000		Nifco, Inc		941
62,596		Nokian Renkaat Oyj		1,282
6,222		Nolato AB (B Shares)		65
1,191,154		Pirelli & C S.p.A.		1,186
3,339,339		PT Gajah Tunggal Tbk		215
100,059	e	PW Eagle, Inc		3,452
95,915	*	Ryanair Holdings plc		1,321
166,862		Schulman (A.), Inc		3,713
438,726	e	Sealed Air Corp		28,482
75,117	e*	Skechers U.S.A., Inc (Class A)		2,502
277,697		Spartech Corp		7,281
2,712,000		Sumitomo Bakelite Co Ltd		18,733
91,826	e	Titan International, Inc		1,850
70,004	e*	Trex Co, Inc		1,602
477,615		Tupperware Corp		10,799
18,002		Uponor Oyj		674
3,705		Viscofan S.A.		70
186,286		West Pharmaceutical Services, Inc		9,543
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		263,684

SECURITY AND COMMODITY BROKERS - 2.56%
462,392		A.G. Edwards, Inc		29,265
136,017	e	AllianceBernstein Holding LP		10,936
1,671,322		Ameriprise Financial, Inc		91,087
229,622		Australian Stock Exchange Ltd		6,915
829,003		Babcock & Brown Ltd		16,228
90,713		Banca Finnat Euramerica S.p.A.		122
26,013		Bank Pekao S.A.		2,033
2,093		Bank Pekao S.A. (GDR)		161
1,118,293		Bear Stearns Cos, Inc		182,036
24,854	e*	BKF Capital Group, Inc		83
88,110		BlackRock, Inc		13,384
199,713	e	Calamos Asset Management, Inc (Class A)		5,358
298,446	e*	Cbot Holdings, Inc (Class A)		45,206
7,014,799		Charles Schwab Corp		135,666

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
169,678		Chicago Mercantile Exchange Holdings, Inc	$	86,493
150,000	*	China Everbright Ltd		175
74,607	e	Cohen & Steers, Inc		2,997
184,570		Daewoo Securities Co Ltd		3,721
1,130		Daishin Securities Co Ltd		29
2,514,977		Daiwa Securities Group, Inc		28,213
79,585		Deutsche Boerse AG.		14,647
2,429,589	*	E*Trade Financial Corp		54,471
888		E*Trade Securities Co Ltd		843
551,588		Eaton Vance Corp		18,208
72,737		Euronext NV		8,593
406,736		Federated Investors, Inc (Class B)		13,740
1,125,869		Franklin Resources, Inc		124,037
39,065	e	GAMCO Investors, Inc (Class A)		1,502
66,665	e*	GFI Group, Inc		4,151
2,153,459		Goldman Sachs Group, Inc		429,292
99,938	e	Greenhill & Co, Inc		7,375
94,700		Hana Financial Group, Inc		4,979
36,388		Hellenic Exchanges S.A.		670
1,725,470		Hong Kong Exchanges and Clearing Ltd		18,967
171,950		Hyundai Securities Co		2,311
174,652		Indiabulls Financial Services Ltd		2,606
139,405	*	IntercontinentalExchange, Inc		15,042
223,443		International Securities Exchange, Inc		10,455
401,194	*	Investment Technology Group, Inc		17,203
421,068		iShares Asia Trust - iShares FTSE/Xinhua A50 China Tracker		6,215
915,714		Janus Capital Group, Inc		19,770
477,795		Jefferies Group, Inc		12,814
2,000	*	KBW, Inc		59
679,319	*	Knight Capital Group, Inc (Class A)		13,023
17,340		Korea Investment Holdings Co Ltd		863
321,667	e*	LaBranche & Co, Inc		3,162
2,226	e*	Ladenburg Thalmann Financial Services, Inc		3
343,946	e	Lazard Ltd (Class A)		16,282
14,047,166		Legal & General Group plc		43,319
610,486		Legg Mason, Inc		58,027
2,693,639		Lehman Brothers Holdings, Inc		210,427
148,417		London Stock Exchange Group plc		3,807
593,306		Macquarie Bank Ltd		36,965
156,724	e*	MarketAxess Holdings, Inc		2,127
11,900		Marusan Securities Co Ltd		155
74,200		Matsui Securities Co Ltd		563
5,318,682		Merrill Lynch & Co, Inc		495,169
16,857		MFS Ltd		61
4,631		Mirae Asset Securities Co Ltd		373
799,249		Mitsubishi Securities Co		8,879
7,104,460		Morgan Stanley		578,516
80,631	*	Morningstar, Inc		3,632
414,242	*	Nasdaq Stock Market, Inc		12,755
523,400		Nikko Cordial Corp		6,003
2,382,084		Nomura Holdings, Inc		44,937
20,458		Numis Corp plc		112
352,152	e	Nuveen Investments, Inc (Class A)		18,270
9,470	e*	Nymex Holdings, Inc		1,174
681,261	e*	NYSE Group, Inc		66,219
52,021		OMX AB		957

100

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
351,887	e	optionsXpress Holdings, Inc	$	7,984
517,000	v*	Peregrine Investment Holdings		-	^
120,472	*	Piper Jaffray Cos		7,849
383,158		Raymond James Financial, Inc		11,614
17,324		Samsung Securities Co Ltd		944
74,991		Sanders Morris Harris Group, Inc		958
15,888		SBI Holdings, Inc		5,354
86,203		Schroders plc		1,884
366,754	e	SEI Investments Co		21,844
3,790,000		Shinko Securities Co Ltd		14,714
2,175,600		Singapore Exchange Ltd		8,085
48,120	e*	Stifel Financial Corp		1,888
147,819		SWS Group, Inc		5,277
1,456,102		T Rowe Price Group, Inc		63,734
4,711,979		TD Ameritrade Holding Corp		76,240
39,773	e*	Thomas Weisel Partners Group, Inc		839
52,337	*	Tong Yang Investment Bank		622
96,255	*	Tower Ltd		150
221,163		TSX Group, Inc		8,840
1,160,000		UOB-Kay Hian Holdings Ltd		998
3,518,000	*	Utama Banking Group BHD		1,466
8,746	e	Value Line, Inc		398
1,457,345		Waddell & Reed Financial, Inc (Class A)		39,873
27,620		Woori Investment & Securities Co Ltd		594
5,615,822		Yuanta Core Pacific Securities Co		4,662
		TOTAL SECURITY AND COMMODITY BROKERS		3,360,649

SOCIAL SERVICES - 0.01%
160,699	*	Bright Horizons Family Solutions, Inc		6,213
124,705	*	Capital Senior Living Corp		1,327
65,165	e*	Providence Service Corp		1,637
121,645	*	Res-Care, Inc		2,208
131,763		Vedior NV		2,732
		TOTAL SOCIAL SERVICES		14,117

SPECIAL TRADE CONTRACTORS - 0.05%
21,270	e	Alico, Inc		1,077
8,694	e*	AsiaInfo Holdings, Inc		67
939		Asian Paints Ltd		16
278,862	*	Carso Infraestructura y Construccion S.A. de C.V.		264
150,680	e	Chemed Corp		5,572
224,136		Comfort Systems USA, Inc		2,833
74,000		COMSYS Holdings Corp		820
398,517	*	Dycom Industries, Inc		8,417
252,594	*	EMCOR Group, Inc		14,360
152,795	*	Insituform Technologies, Inc (Class A)		3,951
74,268	e*	Integrated Electrical Services, Inc		1,321
26,021		KCI Konecranes Oyj		766
185,000		Kinden Corp		1,497
21,637		Kone Oyj (Class B)		1,226
6,000		Kyowa Exeo Corp		61
62,179	e*	Layne Christensen Co		2,041
597,236	e*	Quanta Services, Inc		11,748
351,000		Takasago Thermal Engineering Co Ltd		3,283
		TOTAL SPECIAL TRADE CONTRACTORS		59,320

101

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
STONE, CLAY, AND GLASS PRODUCTS - 0.40%
963		Adana Cimento (Class A)	$	5
11,297		Akcansa Cimento A.S.		68
40,551	b,m,v*	Anchor Glass Container Corp		-	^
163,894		Apogee Enterprises, Inc		3,165
390,000		Asahi Glass Co Ltd		4,686
1,480,680		Asia Cement Corp		1,409
106,366		Associated Cement Co Ltd		2,611
151,039	e*	Cabot Microelectronics Corp		5,126
115,585	e	CARBO Ceramics, Inc		4,319
3,112,553	*	Cemex S.A. de C.V.		10,548
8,328	*	Cemex S.A. de C.V. (ADR)		282
140,000		Central Glass Co Ltd		802
77,762		Cimpor Cimentos de Portugal S.A.		646
577,822		Compagnie de Saint-Gobain		48,549
94,950		Consol Ltd		257
60,271		Cookson Group plc		741
101,349		CRH plc		4,220
3,009,411		CSR Ltd		8,908
1,730		Dyckerhoff AG.		92
462,458		Eagle Materials, Inc		19,992
29,410		Epcos AG.		588
30,074		FLSmidth & Co A/S		1,911
15,902,000	*	Galaxy Entertainment Group Ltd		14,883
686,128		Gentex Corp		10,676
9,015,400		Goldsun Development & Construction Co Ltd		4,870
8,188		Grasim Industries Ltd		518
355,427		Grupo Carso S.A. de C.V. (Series A1)		1,316
864,683		Gujarat Ambuja Cements Ltd		2,756
637,501		Hanson plc		9,618
28,360	v*	HeidelbergCement AG.		-	^
1,612,788		Holcim Ltd		147,844
75		Holcim Maroc S.A.		18
4,577,000		Holcim Philippines, Inc		728
1,643,500		Indocement Tunggal Prakarsa Tbk PT		1,051
16,520		Italcementi S.p.A.		466
281,502		James Hardie Industries NV		2,135
298,000		Krosaki Harima Corp		1,187
31		Lafarge Ciments		14
20,600		Lafarge Malayan Cement BHD		8
215,260		Lafarge S.A.		32,024
2,200	e	Libbey, Inc		27
7,253		Marshalls plc		50
2,744,500		NGK Insulators Ltd		42,388
3,369,000		Nippon Sheet Glass Co Ltd		15,797
686,609	*	Owens-Illinois, Inc		12,668
13,193	v*	Paragon Trade Brands, Inc		-	^
18,033		Pretoria Portland Cement Co Ltd		998
8,763	*	RHI AG.		448
1,235,033		Rinker Group Ltd		17,596
788,500		Semen Gresik Persero Tbk PT		3,183
90,400		Siam Cement PCL		648
4,400		Siam Cement PCL		30
16,400		Siam City Cement PCL		118
7,525,000		Sumitomo Osaka Cement Co Ltd		24,598
4,816,678		Taiheiyo Cement Corp		18,861

102

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
873,034		Taiwan Cement Corp	$	789
21,600		Taiwan Glass Industrial Corp		18
180,000		Toto Ltd		1,803
1,892		Trakya Cam Sanayi A.S.		5
98,619	*	Turk Sise ve Cam Fabrikalari A.S.		348
905,600		UBE Industries Ltd		2,603
951		Ultra Tech Cement Ltd		24
198,150	e*	US Concrete, Inc		1,411
318,052	e*	USG Corp		17,429
1,151		Vidrala S.A.		34
201,003		Wienerberger AG.		11,940
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		522,851

TEXTILE MILL PRODUCTS - 0.01%
125,374		Alfa S.A. de C.V. (Class A)		830
51,540	*	Cheil Industries, Inc		2,175
4,725	*	Dixie Group, Inc		60
841,952		Far Eastern Textile Co Ltd		736
95,492	*	Fiberweb plc		389
35,440		Formosa Taffeta Co Ltd		27
720	*	Hyosung Corp		21
18,000		Kurabo Industries Ltd		47
21,000		Nitto Boseki Co Ltd		73
129,891		Oxford Industries, Inc		6,449
411,980		Seiren Co Ltd		4,944
390,000		Texwinca Holdings Ltd		270
771,500		Weiqiao Textile Co		1,039
89,594		Xerium Technologies, Inc		877
		TOTAL TEXTILE MILL PRODUCTS		17,937

TOBACCO PRODUCTS - 1.35%
81,499		Altadis S.A.		4,266
16,874,731		Altria Group, Inc		1,448,189
170,900		British American Tobacco Malaysia BHD		2,095
3,198,919		British American Tobacco plc		89,504
2,421		Eastern Tobacco		131
525,260		Imperial Tobacco Group plc		20,672
656,172		ITC Ltd		2,611
12,342		Japan Tobacco, Inc		59,633
419,399		Loews Corp (Carolina Group)		27,144
353		Philip Morris CR		184
809,906	e	Reynolds American, Inc		53,025
162,520		Souza Cruz S.A.		2,894
488,311		Swedish Match AB		9,130
149,913		Universal Corp		7,347
681,317	e	UST, Inc		39,653
229,333	e	Vector Group Ltd		4,071
		TOTAL TOBACCO PRODUCTS		1,770,549

TRANSPORTATION BY AIR - 0.50%
331,414	*	ABX Air, Inc		2,297
273,222	*	ACE Aviation Holdings, Inc (Class A)		8,854
672,000		Air China Ltd		364
710,677		Air France-KLM		29,917
59,696	*	Air Methods Corp		1,667
654,700	*	AirAsia BHD		280

103

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
14,400		Airports of Thailand PCL	$	24
524,186	e*	Airtran Holdings, Inc		6,154
226,590	*	Alaska Air Group, Inc		8,950
2,251,000		All Nippon Airways Co Ltd		7,963
1,978,478	e*	AMR Corp		59,809
108,776	*	Asiana Airlines		801
145,538	e*	Atlas Air Worldwide Holdings, Inc		6,476
558,839		Auckland International Airport Ltd		862
300,583		BBA Aviation plc		1,610
40,000		Beijing Capital International Airport Co Ltd		31
135,441	e*	Bristow Group, Inc		4,888
2,324,714	*	British Airways plc		24,010
3,019,000		Cathay Pacific Airways Ltd		7,444
32,839	*	China Airlines		15
1,000	*	China Eastern Airlines Corp Ltd (ADR)		22
18,000	*	China Southern Airlines Co Ltd		7
1,400	e*	China Southern Airlines Co Ltd (ADR)		29
704,932	e*	Continental Airlines, Inc (Class B)		29,078
281,136		Deutsche Lufthansa AG.		7,738
193,711	*	EGL, Inc		5,769
35,000		Eva Airways Corp		15
516,613	*	ExpressJet Holdings, Inc		4,185
1,750,344		FedEx Corp		190,122
7,564		Flughafen Wien AG.		743
587		Flughafen Zuerich AG.		183
191,464	b,m*	FLYi, Inc		1
210,994	e*	Frontier Airlines Holdings, Inc		1,561
15,760		Gol Linhas Aereas Inteligentes S.A.		468
7,400	e	Gol Linhas Aereas Inteligentes S.A. (ADR)		212
4,800		Grupo Aeroportuario del Sureste S.A. de C.V. (ADR)		204
231,763		Grupo Aeroportuario del Sureste S.A. de C.V. (Class B)		983
6,800		Hong Kong Aircraft Engineering		93
390,568		Iberia Lineas Aereas de Espana		1,423
501,000	*	Japan Airlines Corp		893
11,242		Jet Airways India Ltd		157
2,215,149	e*	JetBlue Airways Corp		31,455
6,352		Korean Air Lines Co Ltd		242
208,850		Lan Airlines S.A.		2,286
3,700	e	Lan Airlines S.A. (ADR)		203
1,689,257		Macquarie Airports		4,800
300	*	MAIR Holdings, Inc		2
4,100	*	Malaysian Airline System BHD		5
202,052	e*	Mesa Air Group, Inc		1,732
79,042	*	PHI, Inc		2,587
1,100	e*	Pinnacle Airlines Corp		19
2,495,784		Qantas Airways Ltd		10,284
239,003	*	Republic Airways Holdings, Inc		4,010
7,936	e*	Ryanair Holdings plc (ADR)		647
1,998,931		SABMiller plc		45,988
52,743	*	SAS AB		898
600,928		Singapore Airlines Ltd		6,857
517,282		Skywest, Inc		13,196
4,110,893		Southwest Airlines Co		62,979
96	v*	Swissair Group		-	^
73,772		Tam S.A.		2,296
8,600		Thai Airways International PCL		11

104

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
2,000		Transmile Group BHD	$	8
460,000		Travelsky Technology Ltd		701
756	*	Turk Hava Yollari		3
778,210	e*	UAL Corp		34,241
342,469	e*	US Airways Group, Inc		18,442
		TOTAL TRANSPORTATION BY AIR		660,194

TRANSPORTATION EQUIPMENT - 3.32%
267,532		A.O. Smith Corp		10,048
3,000,000		AAPICO Hitech PCL		1,422
215,815	e*	AAR Corp		6,300
128,441	*	Accuride Corp		1,446
134,566	*	Aftermarket Technology Corp		2,864
1,875		Aker Yards A.S.		145
286,442	e	American Axle & Manufacturing Holdings, Inc		5,440
51,898		American Railcar Industries, Inc		1,767
83,779		Arctic Cat, Inc		1,474
470,679	e	ArvinMeritor, Inc		8,580
75,418		Ashok Leyland Ltd		78
2,000,000		Austal Ltd		5,431
851,640		Autoliv, Inc		51,354
9,584		Bajaj Auto Ltd		567
838		Bajaj Auto Ltd (GDR)		46
59,701		Bayerische Motoren Werke AG.		3,429
441,655	*	BE Aerospace, Inc		11,342
6,082,794		Boeing Co		540,395
203	*	Bombardier, Inc (Class A)		1
2,178,115	*	Bombardier, Inc (Class B)		7,378
590,000	*	Brilliance China Automotive Holdings Ltd		100
3,300	e*	Brilliance China Automotive Holdings Ltd (ADR)		57
425,943		Brunswick Corp		13,588
1,229,532		Calsonic Kansei Corp		7,191
18,270		China Motor Corp		17
306,514	e	Clarcor, Inc		10,363
2,100		Coachmen Industries, Inc		23
3,474,044		Cobham plc		13,179
86,010	e*	Comtech Group, Inc		1,565
2,685,740		Cosco Corp Singapore Ltd		4,028
38,460	*	Daewoo Shipbuilding & Marine Engineering Co Ltd		1,208
1,408,287		DaimlerChrysler AG.		87,001
17,259		DaimlerChrysler AG.		1,060
7,900	b,e,m*	Dana Corp		11
57	e*	Delphi Corp		-	^
1,657,887		Denso Corp		65,755
659		D'ieteren S.A.		235
20,088	*	Dorman Products, Inc		218
616		Elbit Systems Ltd		20
166,637		Empresa Brasileira de Aeronautica S.A.		1,720
4,200	e	Empresa Brasileira de Aeronautica S.A. (ADR)		174
102,785		European Aeronautic Defence and Space Co		3,541
900		Exedy Corp		28
380,124		Federal Signal Corp		6,097
11,992,095	*	Fiat S.p.A.		229,220
356,357	e*	Fleetwood Enterprises, Inc		2,819
15,833,768	e*	Ford Motor Co		118,912
2,392		Ford Otomotiv Sanayi A.S.		19

105

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
137,002	e	Freightcar America, Inc	$	7,597
59,331	e*	Fuel Systems Solutions, Inc		1,310
512,773	e*	GenCorp, Inc		7,189
2,176,000		General Dynamics Corp		161,786
2,392,169	e	General Motors Corp		73,487
58,626	e*	GenTek, Inc		2,028
737,250		Genuine Parts Co		34,968
365		Georg Fischer AG.		236
2,209,053		GKN plc		12,024
3,118,000		Goodpack Ltd		3,131
637,949		Goodrich Corp		29,059
77,542	e	Greenbrier Cos, Inc		2,326
396,062	e	Group 1 Automotive, Inc		20,484
1,312,000		Hankyu Hanshin Holdings, Inc		7,497
1,789,206		Harley-Davidson, Inc		126,085
184,711		Harsco Corp		14,056
120,258	e	Heico Corp		4,670
22,287		Hero Honda Motors Ltd		384
39,923		Hino Motors Ltd		205
2,693,611		Honda Motor Co Ltd		106,382
735,789		Hongkong Land Holdings Ltd		2,928
23,052	*	Hyundai Heavy Industries		3,123
3,904	*	Hyundai Mipo Dockyard		500
31,426	*	Hyundai Mobis		2,903
12,610	*	Hyundai Motor Co		514
92,725	*	Hyundai Motor Co		6,720
7,875		Hyundai Motor Co (GDR)		161
26,193		IMMSI S.p.A.		74
755,000		Isuzu Motors Ltd		3,546
2,003,679		ITT Industries, Inc		113,849
228,533		Japan Tecseed Co Ltd		1,575
17,000		Jaya Holdings Ltd		16
873,500		Johnson Electric Holdings Ltd		598
34,552		JTEKT Corp		733
101,820	*	K&F Industries Holdings, Inc		2,312
135,052		Kaman Corp		3,024
186,185		Kawasaki Heavy Industries Ltd		699
5,739,712		Keppel Corp Ltd		65,864
70,590	*	Kia Motors Corp		1,021
108,320	*	KOC Holding A.S.		421
170,600		Lagardere S.C.A.		13,737
3,519		Leoni AG.		144
2,376,597		Lockheed Martin Corp		218,813
27	*	Magna International, Inc		2
188,818	e	Magna International, Inc (Class A)		15,199
179,267		Mahindra & Mahindra Ltd		3,679
187,700		Malaysian Bulk Carriers BHD		136
294,773		MAN AG.		26,639
18,603		Maruti Udyog Ltd		390
55,280	*	Miller Industries, Inc		1,327
152,000		Mitsuba Corp		1,198
183,849		Monaco Coach Corp		2,603
19,311		MTU Aero Engines Holding AG.		904
454,000		Nabtesco Corp		5,688
102,932	*	Navistar International Corp		3,441
487,000		NHK Spring Co Ltd		5,119

106

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
64,883	e	Noble International Ltd	$	1,301
40,000		Norstar Founders Group Ltd		13
1,953,277		Northrop Grumman Corp		132,237
215,317		Novatek Microelectronics Corp Ltd		975
2,334,000		NSK Ltd		23,006
604,248	*	Orbital Sciences Corp		11,142
412,283		Oshkosh Truck Corp		19,963
1,394,737	e	Paccar, Inc		90,518
1,159,912	*	Pactiv Corp		41,397
54,093		Peugeot S.A.		3,585
239,266	e	Polaris Industries, Inc		11,205
24,000		Press Kogyo Co Ltd		119
119,100		Proton Holdings BHD		223
3,266,233		Raytheon Co		172,457
811,076		Renault S.A.		97,430
34,987		Rieter Holding AG.		18,305
562,305		Rolls-Royce Group plc		4,930
69,080	*	Samsung Heavy Industries Co Ltd		1,656
5,335		Sanden Corp		24
3,860,631		SembCorp Marine Ltd		8,558
36,634	e*	Sequa Corp (Class A)		4,215
45,378		Shimano, Inc		1,315
2,697,881		Siemens AG.		267,598
4,152,741		Singapore Technologies Engineering Ltd		8,339
1,198,095		Smiths Group plc		23,259
772,733	*	Spirit Aerosystems Holdings, Inc (Class A)		25,863
1,000		Standard Motor Products, Inc		15
131,781	e	Superior Industries International, Inc		2,539
68,400		Tata Motors Ltd		1,392
263,249	*	Tenneco, Inc		6,507
601,660		Textron, Inc		56,418
26,235		Thales S.A.		1,308
154,845	e	Thor Industries, Inc		6,812
2,152		Tofas Turk Otomobil Fabrik		7
30,300		Tokai Rika Co Ltd		772
274,169		Tomkins plc		1,319
94,800		Toyoda Gosei Co Ltd		2,195
290,200		Toyota Industries Corp		13,339
4,821,806		Toyota Motor Corp		322,521
236,899	*	TransDigm Group, Inc		6,280
26,493		Trelleborg AB (B Shares)		635
340,093		Trinity Industries, Inc		11,971
91,507	e	Triumph Group, Inc		4,798
447,563	*	TRW Automotive Holdings Corp		11,578
6,911,555		United Technologies Corp		432,110
742,593	*	Visteon Corp		6,297
386,579		Volkswagen AG.		43,830
14,204		Volkswagen AG.		1,060
45,977		Volvo AB (A Shares)		3,264
572,751		Volvo AB (B Shares)		39,447
184,806		Wabash National Corp		2,791
372,764		Westinghouse Air Brake Technologies Corp		11,325
212,577	e	Winnebago Industries, Inc		6,996
1,147,023		Yamaha Motor Co Ltd		36,048
201,405		Yulon Motor Co Ltd		244
		TOTAL TRANSPORTATION EQUIPMENT		4,355,611

107

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
TRANSPORTATION SERVICES - 0.21%
133,577		All America Latina Logistica S.A.	$	1,386
130,057		Ambassadors Group, Inc		3,947
31,651	e	Ambassadors International, Inc		1,444
148,515		Arriva plc		2,222
1,249,110		CH Robinson Worldwide, Inc		51,076
1,154		Dfds A/S		139
76,902	e*	Dynamex, Inc		1,797
1,085,287		Expeditors International Washington, Inc		43,954
193,794		GATX Corp		8,397
1,420,029	*	Hertz Global Holdings, Inc		24,694
334,645	*	HUB Group, Inc (Class A)		9,220
178,000		Jiangsu Express		112
24,000		Kinki Nippon Tourist Co Ltd		76
1,100		Kintetsu World Express, Inc		27
908		Kuoni Reisen Holding		486
385,074	*	Lear Corp		11,371
2,385,301		MTR Corp		5,998
94,011		National Express Group plc		2,080
309,798		Pacer International, Inc		9,223
5,559		Panalpina Welttransport Holding AG.		758
1,115,400		PLUS Expressways BHD		888
210,870	*	RailAmerica, Inc		3,391
897,415		Sabre Holdings Corp (Class A)		28,619
53,000		Sinotrans Ltd		19
4,897,176		Stagecoach Group plc		14,671
279,333		Stolt-Nielsen S.A.		8,557
3,984,069		Sydney Roads Group		4,151
420,030		Toll Holdings Ltd		6,057
65,134	*	TUI AG.		1,302
753,291		UTI Worldwide, Inc		22,523
242,000		Zhejiang Expressway Co Ltd		185
		TOTAL TRANSPORTATION SERVICES		268,770

TRUCKING AND WAREHOUSING - 0.62%
150,611		Arkansas Best Corp		5,422
133,817	*	Celadon Group, Inc		2,241
93,490		Christian Salvesen plc		122
224,448		Con-way, Inc		9,885
500	*	Covenant Transport, Inc (Class A)		6
10,326,703		Deutsche Post AG.		311,348
311,711		DSV A/S		56,948
196,977		Forward Air Corp		5,699
900		Frozen Food Express Industries		8
1,048,114		Grindrod Ltd		2,331
385,530		Heartland Express, Inc		5,791
484,902		J.B. Hunt Transport Services, Inc		10,071
389,433		Kamigumi Co Ltd		3,187
351,537		Landstar System, Inc		13,422
84,600	*	Marten Transport Ltd		1,551
70,500		Mitsubishi Logistics Corp		1,094
4,861,000		Nippon Express Co Ltd		26,591
1,445		Norbert Dentressangle		132
165,351	*	Old Dominion Freight Line		3,980
34,739	*	P.A.M. Transportation Services, Inc		765

108

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
7,420	e*	Patriot Transportation Holding, Inc	$	693
49,634	*	Quality Distribution, Inc		661
86,165	*	Saia, Inc		2,000
27,000		Sankyu, Inc		159
1,650,000		Seino Holdings Corp		15,501
473,036	e*	SIRVA, Inc		1,646
410,994	*	Swift Transportation Co, Inc		10,797
1,033,934		TNT NV		44,466
51,654	*	U.S. Xpress Enterprises, Inc (Class A)		851
3,420,051		United Parcel Service, Inc (Class B)		256,435
32,886	e*	Universal Truckload Services, Inc		781
41,087	e*	USA Truck, Inc		659
301,833	e	Werner Enterprises, Inc		5,276
229,136		Yamato Transport Co Ltd		3,523
316,686	e*	YRC Worldwide, Inc		11,949
		TOTAL TRUCKING AND WAREHOUSING		815,991

WATER TRANSPORTATION - 0.12%
207,145		Alexander & Baldwin, Inc		9,185
176,173	e*	American Commercial Lines, Inc		11,541
932		AP Moller - Maersk A/S		8,778
375,000		Aries Maritime Transport Ltd		3,439
8,575,000		Berlian Laju Tanker Tbk PT		1,659
1,791		Brostrom AB		39
11,744		Cargotec Corp (B Shares)		653
85,000		Carnival Corp		4,169
53,314		Carnival plc		2,702
978,000		China Shipping Container Lines Co Ltd		264
232,000		China Shipping Development Co Ltd		355
22,504		Compagnie Maritime Belge S.A.		969
4,587		Compania SudAmericana de Vapores S.A.		6
2,708,500		COSCO Holdings		1,765
246,934		D/S Torm A/S		16,174
210,000	*	Danaos Corp		5,040
470		Eurokai KGaA		21
225,534		Euronav NV		6,740
636,222		Evergreen Marine Corp Tawain Ltd		368
1,239,000		Ezra Holdings Ltd		3,215
38,486		Frontline Ltd		1,241
888		Ganger Rolf A/S		34
98,231	*	Gulfmark Offshore, Inc		3,675
8,920	*	Hanjin Shipping Co Ltd		253
184,797		Horizon Lines, Inc (Class A)		4,982
140,498	*	Hornbeck Offshore Services, Inc		5,016
260		Israel Corp Ltd		130
282,000		Kawasaki Kisen Kaisha Ltd		2,206
262,887	*	Kirby Corp		8,972
58,757		Kuehne & Nagel International AG.		4,275
346,000		Malaysia International Shipping Corp BHD		873
1,691,000		Mitsui OSK Lines Ltd		16,682
242,279		Neptune Orient Lines Ltd		330
917,000		Nippon Yusen Kabushiki Kaisha		6,704
29,000		Nissin Corp		105
1,800	*	Odyssey Marine Exploration, Inc		5
170,000		Omega Navigation Enterprises, Inc (Class A)		2,662
145,642		Orient Overseas International Ltd		927

109

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
346,672		Overseas Shipholding Group, Inc	$	19,518
5,321		Premuda S.p.A.		11
1,909		Ship Finance International Ltd		43
3,900	*	TBS International Ltd (Class A)		34
127,000		U-Ming Marine Transport Corp		173
26,400		Wan Hai Lines Ltd		16
40,000		Yang Ming Marine Transport		23
		TOTAL WATER TRANSPORTATION		155,972

WHOLESALE TRADE-DURABLE GOODS - 0.56%
200	*	1-800 Contacts, Inc		3
377,840		Adesa, Inc		10,485
31,854		AGFA-Gevaert NV		814
215,676		Agilysys, Inc		3,610
357,160		Applied Industrial Technologies, Inc		9,397
320,000		Argo Graphics, Inc		4,695
537,968	*	Arrow Electronics, Inc		16,973
93,680		Assa Abloy AB (Class B)		2,039
1,186,676	e	AU Optronics Corp (ADR)		16,388
16,996		Autobacs Seven Co Ltd		621
34,800		Banpu PCL		179
78,358		Barloworld Ltd		1,832
221,740	e	Barnes Group, Inc		4,823
248,536	e*	Beacon Roofing Supply, Inc		4,677
65,140	e	BlueLinx Holdings, Inc		677
1,664		Bobst Group AG.		82
346,824		Boral Ltd		2,089
231,704		BorgWarner, Inc		13,675
7,390		Buhrmann NV		109
80,483		Buhrmann NV		1,196
460,277	e	Building Material Holding Corp		11,364
279,866		Bunzl plc		3,444
499,936		Canon Marketing Japan Inc		11,364
39,100	*	CARCHS Co Ltd		41
60,692		Castle (A.M.) & Co		1,545
803,000	*	China Communications Construction Co Ltd		794
453,000		Citic Pacific Ltd		1,564
3,700	e	Citic Pacific Ltd (ADR)		64
762,000	*	CMC Magnetics Corp		268
70,490		Compagnie Generale d'Optique Essilor International S.A.		7,579
130,916	*	Conceptus, Inc		2,787
4,331		Crane Group Ltd		45
35,300		Creative Technology Ltd		235
665,276	*	Cytyc Corp		18,827
1,868,000		Denway Motors Ltd		756
135,816	*	Digi International, Inc		1,873
113,800		D-Link Corp		149
270,186		Dogus Otomotiv Servis ve Ticaret A.S.		1,088
914,000	*	Dongfeng Motor Group Co Ltd		443
108,770	*	Drew Industries, Inc		2,829
345,411		Electrocomponents plc		1,983
782,000		Energy Support Corp		1,577
395,938		Finning International, Inc		16,226
199,110	e*	Genesis Microchip, Inc		2,019
2,505,453	*	Hagemeyer NV		12,700
1,300		Hakuto Co Ltd		18

110

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
1,900	e*	Hansen Medical, Inc	$	22
1,645		Hitachi Software Engineering Co Ltd		30
42,514	e*	Houston Wire & Cable Co		889
400	*	Huttig Building Products, Inc		2
791,085		IKON Office Solutions, Inc		12,950
76,205		Imperial Holdings Ltd		1,782
2,689	e	Imperial Holdings Ltd (ADR)		63
4,759		IMS-Intl Metal Service		144
2,767,282		Inchcape plc		27,417
727,012	*	Ingram Micro, Inc (Class A)		14,838
282,643	*	Insight Enterprises, Inc		5,333
200	e*	INTAC International, Inc		2
125,068	*	Interline Brands, Inc		2,810
56,431		JD Group Ltd		640
3,137,000		K Wah International Holdings Ltd		976
2,100		Kaga Electronics Co Ltd		38
7,964		KCC Corp		2,479
88,378	*	Keystone Automotive Industries, Inc		3,004
870,293	*	Kingboard Laminates Holdings Ltd		931
34,774		Kingspan Group plc		921
344,057	e	Knight Transportation, Inc		5,866
28,310		Lawson Products, Inc		1,299
107,348		Lewis Group Ltd		901
21,226	*	LG International Corp		524
259,967	*	LKQ Corp		5,977
263,436		Martin Marietta Materials, Inc		27,374
2,608,213	*	Melco International Development		6,183
296,312	e*	Merge Technologies, Inc		1,944
21,886	*	MWI Veterinary Supply, Inc		707
3,590		Mytilineos Holdings S.A.		142
29,103	e*	Navarre Corp		116
79		NET One Systems Co Ltd		104
8,892,268		Nissan Motor Co Ltd		107,076
37,400	e	Nissan Motor Co Ltd (ADR)		908
36,855		Orascom Construction Industries		1,766
4,226		Orascom Construction Industries (GDR)		407
234,756		Owens & Minor, Inc		7,341
691,606	e*	Patterson Cos, Inc		24,559
339,272	e	PEP Boys-Manny Moe & Jack		5,042
880,647		Phoenix Precision Technology Corp		1,054
239,436	e	Pool Corp		9,379
465,134	*	PSS World Medical, Inc		9,084
2,296,203		PT Astra International Tbk		4,008
24,035		Rautaruukki Oyj		957
294,047		Reliance Steel & Aluminum Co		11,580
153,462	e	Ryerson Tull, Inc		3,850
294,698	*	Securitas Direct AB (B Shares)		934
244,126	*	Securitas Systems AB (B Shares)		988
2,988,538		Sumitomo Corp		44,726
9,000		Tamura Corp		39
420,380	*	Tandberg Television ASA		5,272
5,500,000		Tat Hong Holdings Ltd		4,231
656,247	*	Tech Data Corp		24,852
16,632,379		Test-Rite International Co		9,724
89,100	*	TMK OAO (GDR)		3,118
514,000	e*	TMK OAO (GDR)		17,990

111

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
158,000		TPV Technology Ltd	$	100
323,612	e*	Tyler Technologies, Inc		4,550
2,400		Ulvac, Inc		82
3,342,500		UMW Holdings BHD		7,295
405,545	e	W.W. Grainger, Inc		28,364
526,084	*	WESCO International, Inc		30,939
470,013		Wesfarmers Ltd		13,927
83,744	e*	West Marine, Inc		1,446
833,868		Wolseley plc		20,131
19,000		Yamazen Corp		120
7,000		Yuasa Trading Co Ltd		12
12,503		Zodiac S.A.		840
		TOTAL WHOLESALE TRADE-DURABLE GOODS		729,045

WHOLESALE TRADE-NONDURABLE GOODS - 0.84%
600	b*	Advanced Marketing Services, Inc		-	^
400,688		Airgas, Inc		16,236
261,248	e*	Akorn, Inc		1,633
746,902	*	Alliance One International, Inc		5,273
266,855	e*	Allscripts Healthcare Solutions, Inc		7,202
77,090	e	Andersons, Inc		3,268
9,522		AVI Ltd		26
111,952		Axfood AB		4,628
103,738		Bidvest Group Ltd		1,979
419,851		Billabong International Ltd		5,767
2,000	*	BioScrip, Inc		7
264,393		Brown-Forman Corp (Class B)		17,513
2,723,186		Cardinal Health, Inc		175,455
11,583		Casino Guichard Perrachon S.A.		1,076
81,724		Celesio AG.		4,384
182,434	e*	Central European Distribution Corp		5,418
313,000		China Mengniu Dairy Co Ltd		823
472,000		China Resources Enterprise		1,356
316,964		Controladora Comercial Mexicana S.A. de C.V.		822
900	e,v	Controladora Comercial Mexicana S.A. de C.V. (GDR)		38
50,173	e*	Core-Mark Holding Co, Inc		1,678
1,480,575	*	Dean Foods Co		62,599
27,608		DS Smith plc		106
168,365		Empresas COPEC S.A.		2,157
794,958	*	Endo Pharmaceuticals Holdings, Inc		21,925
2,060,175		Esprit Holdings Ltd		23,003
18,888		Filtrona plc		97
3,460,181		Foster's Group Ltd		18,900
2,467,172		Fyffes plc		5,797
1,612,687		Gazprom (ADR)		74,184
82,204	*	Gildan Activewear, Inc		3,841
23,815	e*	Green Mountain Coffee Roasters, Inc		1,172
172,253	*	Hain Celestial Group, Inc		5,376
492,787	*	Henry Schein, Inc		24,137
706,987	*	Idearc, Inc		20,255
30,000		Integrated Distribution Services Group Ltd		55
60,104		Kenneth Cole Productions, Inc (Class A)		1,442
229,482		K-Swiss, Inc (Class A)		7,054
86,766	*	KT&G Corp		5,271
2,945,120		Li & Fung Ltd		9,163
1,667,734		Marubeni Corp		8,464

112

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
67,080		Massmart Holdings Ltd	$	671
20,143	*	Maui Land & Pineapple Co, Inc		683
277,699		Men's Wearhouse, Inc		10,625
44,692		Metro AG.		2,850
2,829,950		Mitsubishi Corp		53,267
307,679		Myers Industries, Inc		4,818
72,939	e	Nash Finch Co		1,991
954,277		Nike, Inc (Class B)		94,502
1,420,490		Nippon Oil Corp		9,501
333,453	e	Nu Skin Enterprises, Inc (Class A)		6,079
70,343	e*	Nuco2, Inc		1,730
8,101		Oriflame Cosmetics S.A.		334
54,730		Orkla ASA		3,098
351,500		Pelikan International Corp BHD		347
68,867	*	Perry Ellis International, Inc		2,824
1,758		Pescanova S.A.		63
279,300		Petronas Dagangan BHD		394
258,004		Reliance Industries Ltd		7,404
2,695,893		Safeway, Inc		93,170
510	*	Samsung Fine Chemicals Co Ltd		13
792,600		San Miguel Corp (Class B)		1,252
36,800		San-A Co Ltd		1,160
178,026	*	School Specialty, Inc		6,674
18,300		Siam Makro PCL		51
1,279,400		Sigma Pharmaceuticals Ltd		3,020
5,878,000		Sinochem Hong Kong Holding Ltd		2,441
82,416	*	Smart & Final, Inc		1,558
22,072		Societe BIC S.A.		1,537
181,033	e*	Source Interlink Cos, Inc		1,477
125,118		Spartan Stores, Inc		2,619
278,384		Stride Rite Corp		4,198
109,780		Suzuken Co Ltd		4,133
3,280,016		Sysco Corp		120,573
538,297	e*	Terra Industries, Inc		6,449
67,526		Tiger Brands Ltd		1,646
157,880	*	Tractor Supply Co		7,059
596,500		Unilever Indonesia Tbk PT		438
1,939,897		Unilever NV		53,008
464,368		Unilever NV		12,654
644,000		Uni-President Enterprises Corp		642
245,513	e*	United Natural Foods, Inc		8,819
239,529	*	United Stationers, Inc		11,184
47,515		Valhi, Inc		1,234
16,326	*	Valley National Gases, Inc		432
75,335	*	Volcom, Inc		2,228
8,200		Wimm-Bill-Dann Foods OJSC (ADR)		546
26,000		Yamatane Corp		40
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		1,101,016

		TOTAL COMMON STOCKS		130,865,634
		(Cost $107,523,062)

WARRANTS - 0.00%**

BUSINESS SERVICES - 0.00%**
3,633	*	Redback Networks, Inc (Expires 01/02/11)		73

113

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				MATURITY		VALUE
SHARES			RATE	DATE		(000)
4,912	*	Redback Networks, Inc (Expires 01/02/11)			$	76
		TOTAL BUSINESS SERVICES				149

COMMUNICATIONS - 0.00%**
87,239	*	Lucent Technologies, Inc (Expires 12/10/07)				27
277	e,v*	RCN Corp (Expires 12/21/06)				-	^
		TOTAL COMMUNICATIONS				27

GENERAL BUILDING CONTRACTORS - 0.00%**
13,500	*	China Overseas Land & Investment Ltd (Expires 07/18/07)				11
		TOTAL GENERAL BUILDING CONTRACTORS				11

HOLDING AND OTHER INVESTMENT OFFICES - 0.00%**
7,865	*	NTL, Inc (Expires 01/13/11)				1
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES				1

HOTELS AND OTHER LODGING PLACES - 0.00%**
1,400,451	*	Minor International PCL (Expires 03/29/08)				225
		TOTAL HOTELS AND OTHER LODGING PLACES				225

LUMBER AND WOOD PRODUCTS - 0.00%**
217,000	*	Goodpack Ltd (Expires 04/13/07)				69
		TOTAL LUMBER AND WOOD PRODUCTS				69

NONDEPOSITORY INSTITUTIONS - 0.00%**
27,401	m,v*	Imperial Credit Industries (Expires 01/31/08)				-	^
		TOTAL NONDEPOSITORY INSTITUTIONS				-	^

WHOLESALE TRADE-DURABLE GOODS - 0.00%**
21,169	v*	Timco Aviation Services, Inc (Expires 02/28/07)				-	^
		TOTAL WHOLESALE TRADE-DURABLE GOODS				-	^

		TOTAL WARRANTS				482
		(Cost $32,627)

SHORT-TERM INVESTMENTS - 2.30%

PRINCIPAL

COMMERCIAL PAPER - 0.15%
$ 45,000,000	c	Beta Finance, Inc	5.230%	04/16/07		44,316
30,000,000	c	Grampian Funding LLC	5.190	06/11/07		29,304
50,000,000	c	Kitty Hawk Funding Corp	5.290	01/22/07		49,851
50,000,000	c	Ranger Funding Co LLC	5.260	02/01/07		49,779
22,000,000	c	Variable Funding Capital Corp	5.270	01/11/07		21,970
		TOTAL COMMERCIAL PAPER				195,220

U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES - 0.18%
46,200,000		Federal Home Loan Bank (FHLB)	5.120	01/12/07		46,141
13,158,000		Federal Home Loan Mortgage Corp (FHLMC)	5.175	01/02/07		13,158
50,000,000		FHLMC	5.115	03/30/07		49,388
6,500,000		Federal National Mortgage Association (FNMA)	5.128	02/21/07		6,455
21,900,000		FNMA	5.130	02/28/07		21,725
95,000,000		FNMA	5.145	03/21/07		93,960
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES				230,827

114

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

MATURITY

VALUE

PRINCIPAL

RATE

DATE

(000)

U.S. GOVERNMENT AND AGENCIES VARIABLE NOTES - 0.11% (i)

$ 50,000,000

Federal Farm Credit Bank (FFCB)

5.210

05/13/08

49,987

100,000,000

FFCB

5.210

06/13/08

99,986

TOTAL U.S. GOVERNMENT AND AGENCIES VARIABLE NOTES

149,973

VARIABLE NOTES - 0.17% (i)

50,000,000

American Express Bank FSB

5.320

12/13/07

49,992

50,000,000

Bank of Nova Scotia

5.295

12/31/07

49,992

50,000,000

Harrier Finance Funding LLC

5.350

02/21/08

50,009

25,000,000

Links Finance LLC

5.325

01/11/08

24,996

50,000,000

Wells Fargo & Co

5.400

03/10/08

50,026

TOTAL VARIABLE NOTES

225,015

SHARES

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 1.69%

2,211,171,864

State Street Navigator Securities Lending Prime Portfolio

2,211,172

TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED

2,211,172

TOTAL SHORT-TERM INVESTMENTS

3,012,207

(Cost $3,012,158) (includes $3,011,967 of cash collateral for securities on loan)

TOTAL PORTFOLIO - 102.13%

133,895,331

(Cost $110,594,895)

OTHER ASSETS & LIABILITIES, NET - (2.13%)

(2,798,700

)

NET ASSETS - 100.00%

131,096,631

The following abbreviations are used in portfolio descriptions:

ADR

American Depositary Receipt

GDR

Global Depositary Receipt

LLC

Limited Liability Company

Limited Partnership

plc

Public Limited Company

Non-income producing.

Percentage represents less than 0.01%.

Amount represents less than $1,000.

Affiliated Holding.

In bankruptcy.

Commercial Paper issued under the Private Placement exemption under Section 4(2) of the Securities Act of 1933.

All or a portion of these securities are out on loan.

Security is exempt from registration under Rule 144 (A) of the Securities Act of 1933 and may be resold in transactions exempt

from registration to qualified institutional buyers.

At December 31, 2006, the value of these securities amounted to $75,005,150 or 0.06% of net assets.

Floating rate or variable rate securities reflects the rate as of December 31, 2006.

Indicates a security that has been deemed illiquid.

Represents issuer in default on interest payments and/or principal payment.

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.

115

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

COLLEGE RETIREMENT EQUITIES FUND
TRANSACTIONS WITH AFFILIATED COMPANIES-STOCK ACCOUNT
JANUARY 1, 2006 - DECEMBER 31, 2006

	Value at		Purchase			Realized	Dividend	Withholding		Shares at	Value at
Issue	December 31, 2005		Cost		Proceeds	Gain/(Loss)	Income	Expense		December 31, 2006	December 31, 2006

Brocade Communications Systems, Inc	$	72,403,062	$	2,971,153	$ 33,591,082	$ 7,461,073	$ -	$	-	-	$	*
Digital Garage, Inc		**		7,328,268	-	-	-		-	11,156		20,717,415
First NIS Regional Fund SICAV		**		-	-	-	9,926,064		-	1,598,400		15,984
GEA Group AG.		**		-	-	-	-		-	9,520,837		214,534,602
Hagemeyer NV		**		64,517	8,993,408	3,157,994	-		-	-		*
Healthsouth Corp		**		11,498,934	3,559,018	(84,916)	5		-	4,732,493		107,190,966
Information Development Co		**		79,576	242	123	37,147		2,601	427,900		3,311,591
Intelligent Wave, Inc		**		1,139,246	1,767,978	(252,018)	69,081		4,836	15,832		13,702,752
Lear Corp		**		14,882,163	54,071,865	(4,416,800)	-		-	-		*
Lone Star Technolgies, Inc		**		8,103,971	6,731,604	(689,691)	-		-	1,881,363		91,076,783
Playmates Holdings Ltd		15,044,266		-	105,962	(74,672)	655,787		-	112,291,547		11,693,577
Risa Partners, Inc		**		3,926,848	884,930	233,011	-		-	7,157		30,190,446
Shanghai Forte Land Co		**		6,254,864	2,140,809	927,868	401,329		-	72,516,000		32,443,552
Solomon Systech International Ltd		**		8,553,482	9,221,982	(6,321,140)	438,050		-	165,129,862		25,687,764
TBS International Ltd		5,976,000		-	1,657,055	(842,945)	-		-	-		*

			$	64,803,022	$ 122,725,935	$ (902,113)	$ 11,527,463	$	7,437		$	550,565,432

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

116

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

COLLEGE RETIREMENT EQUITIES FUND
STOCK ACCOUNT
Summary of Market Values by Country
December 31, 2006

			% OF MARKET
	VALUE		VALUE
DOMESTIC
UNITED STATES	$	102,767,677,079	76.75	%
TOTAL DOMESTIC		102,767,677,079	76.75

FOREIGN
ARGENTINA		3,006,867	0.00
AUSTRALIA		1,173,907,948	0.88
AUSTRIA		130,908,574	0.10
BELGIUM		208,104,425	0.16
BERMUDA		56,595	0.00
BRAZIL		186,462,094	0.14
CANADA		1,951,139,475	1.46
CAYMAN ISLANDS		8,818,306	0.01
CHILE		18,853,291	0.01
CHINA		19,531,372	0.01
COLUMBIA		2,806,303	0.00
CROATIA		15,688,245	0.01
CZECH REPUBLIC		8,227,221	0.01
DENMARK		201,589,295	0.15
EGYPT		8,889,555	0.01
FINLAND		733,525,527	0.55
FRANCE		3,724,231,822	2.78
GERMANY		2,571,598,485	1.92
GREECE		108,693,305	0.08
HONG KONG		799,717,410	0.60
HUNGARY		16,543,135	0.01
INDIA		131,912,079	0.10
INDONESIA		41,698,962	0.03
IRELAND		143,490,107	0.11
ISRAEL		25,106,381	0.02
ITALY		1,138,982,218	0.85
JAPAN		5,725,265,489	4.28
LUXEMBOURG		5,392,180	0.00
MALAYSIA		86,395,563	0.06
MEXICO		101,865,620	0.08
NETHERLANDS		979,975,938	0.73
NEW ZEALAND		73,053,250	0.06
NORWAY		238,531,059	0.18
PAKISTAN		869,750	0.00
PERU		4,986,809	0.00
PHILIPPINES		34,929,619	0.03
POLAND		18,879,047	0.01
PORTUGAL		59,650,015	0.04
REPUBLIC OF KOREA		259,280,838	0.19
RUSSIA		296,161,563	0.22
SINGAPORE		339,876,726	0.25
SOUTH AFRICA		156,392,795	0.12
SPAIN		702,601,094	0.53
SWEDEN		608,432,770	0.45
SWITZERLAND		2,366,913,941	1.77
TAIWAN (REPUBLIC OF CHINA)		211,581,117	0.16
THAILAND		44,359,627	0.03
TURKEY		15,603,654	0.01
UNITED KINGDOM		5,423,165,976	4.05
TOTAL FOREIGN		31,127,653,437	23.25
TOTAL PORTFOLIO	$	133,895,330,516	100.00	%

117

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

COLLEGE RETIREMENT EQUITIES FUND
GLOBAL EQUITIES ACCOUNT
STATEMENT OF INVESTMENTS
December 31, 2006

				VALUE
SHARES				(000)

PREFERRED STOCKS - 0.71%

COMMUNICATIONS - 0.00%**
3,265		ProSiebenSat.1 Media AG.	$	107
		TOTAL COMMUNICATIONS		107

INSURANCE CARRIERS - 0.00%**
7,402		Great-West Lifeco, Inc		175
13		Great-West Lifeco, Inc		-	^
		TOTAL INSURANCE CARRIERS		175

TRANSPORTATION EQUIPMENT - 0.71%
87,465		Porsche AG.		111,308
		TOTAL TRANSPORTATION EQUIPMENT		111,308

		TOTAL PREFERRED STOCKS		111,590
		(Cost $80,406)

COMMON STOCKS - 98.41%

AGRICULTURAL PRODUCTION-CROPS - 0.00%**
26,104		Gallaher Group plc		586
		TOTAL AGRICULTURAL PRODUCTION-CROPS		586

AGRICULTURAL SERVICES - 0.00%**
8,139		Yara International ASA		185
		TOTAL AGRICULTURAL SERVICES		185

AMUSEMENT AND RECREATION SERVICES - 0.37%
310,066		Aristocrat Leisure Ltd		3,891
80,505		Aruze Corp		2,314
744	*	bwin Interactive Entertainment		16
23,920	e	Harrah's Entertainment, Inc		1,979
24,913		Ladbrokes plc		204
4,167,000	*	Leisure & Resorts World Corp		161
2,376		Lottomatica S.p.A.		99
26,000	e*	Marvel Entertainment, Inc		700
1,052,401	e*	Melco PBL Entertainment Macau Ltd (ADR)		22,374
54,810		Nintendo Co Ltd		14,232
8,879		OPAP S.A.		343
1,901		Oriental Land Co Ltd		99
861	*	Pacific Golf Group International Holdings		1,071
1,870		Paddy Power plc		37
41,211		PartyGaming plc		26
355,019		Publishing & Broadcasting Ltd		5,983
23,140		Rank Group plc		106
13		Round One Corp		38
150,344		Sega Sammy Holdings, Inc		4,055
17,001		Sky City Entertainment Group Ltd		61
20,888		TABCORP Holdings Ltd		278

118

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
43,432		Tattersall's Ltd	$	134
13,790		William Hill plc		171
		TOTAL AMUSEMENT AND RECREATION SERVICES		58,372

APPAREL AND ACCESSORY STORES - 0.35%
28,882		Abercrombie & Fitch Co (Class A)		2,011
73,701	e	American Eagle Outfitters, Inc		2,300
29,000	e*	AnnTaylor Stores Corp		952
2,128		Aoyama Trading Co Ltd		64
17,617		Burberry Group plc		223
6,927	*	Chico's FAS, Inc		143
2,194		Fast Retailing Co Ltd		209
6,064		Foot Locker, Inc		133
484,203		Gap, Inc		9,442
65,118		Giordano International Ltd		35
3,757	*	Hanesbrands, Inc		89
547,569		Hennes & Mauritz AB (B Shares)		27,675
8,680		Inditex S.A.		468
126,240	*	Kohl's Corp		8,639
14,040	e	Limited Brands, Inc		406
37,500	e	Nordstrom, Inc		1,850
5,663	e	Ross Stores, Inc		166
		TOTAL APPAREL AND ACCESSORY STORES		54,805

APPAREL AND OTHER TEXTILE PRODUCTS - 0.08%
6,000		Asics Corp		75
2,619		Benetton Group S.p.A.		50
9,737		Gunze Ltd		49
51,557		Jones Apparel Group, Inc		1,724
4,214	e	Liz Claiborne, Inc		183
22,495		Mitsubishi Rayon Co Ltd		151
361,859		Nisshinbo Industries, Inc		3,749
6,229		Onward Kashiyama Co Ltd		80
8,553	e	Polo Ralph Lauren Corp		664
34,709		Shimamura Co Ltd		3,987
5,036		Tokyo Style Co Ltd		55
26,659		Toyobo Co Ltd		80
28,122		VF Corp		2,308
5,627		Wacoal Holdings Corp		77
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		13,232

AUTO REPAIR, SERVICES AND PARKING - 0.00%**
7,542		Aisin Seiki Co Ltd		253
4,051		NOK Corp		79
3,800		Park24 Co Ltd		49
6,202		Sumitomo Rubber Industries, Inc		80
		TOTAL AUTO REPAIR, SERVICES AND PARKING		461

AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.22%
4,206		Advance Auto Parts		150
5,696	e*	Autonation, Inc		121
214,422	*	Autozone, Inc		24,779
19,283		Canadian Tire Corp (Class A)		1,172
4,231	*	Carmax, Inc		227
5,467		Jardine Cycle & Carriage Ltd		53
305,596		Suzuki Motor Corp		8,628
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		35,130

119

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.35%
4,963	e	Fastenal Co	$	178
9,006		Grafton Group plc		150
352,033		Home Depot, Inc		14,138
93,745		Kingfisher plc		438
58,390		Lowe's Cos, Inc		1,819
865,700		Praktiker Bau- und Heimwerkermaerkte AG.		30,935
28,441	*	RONA, Inc		512
94,543	e	Sherwin-Williams Co		6,011
4,597		Travis Perkins plc		178
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		54,359

BUSINESS SERVICES - 3.89%
252,251		Accenture Ltd (Class A)		9,316
9	*	Access Co Ltd		42
1,137		Acciona S.A.		212
11,160	e*	Activision, Inc		192
19,969	e	Acxiom Corp		512
5,212		Adecco S.A.		356
90,556	*	Adobe Systems, Inc		3,724
33,800		Aegis Group plc		93
105,657	*	AerCap Holdings NV		2,449
4,535	*	Affiliated Computer Services, Inc (Class A)		222
10,176		Aggreko plc		87
35,225	e*	Akamai Technologies, Inc		1,871
384,900	*	Alliance Data Systems Corp		24,045
1,186		Asatsu-DK, Inc		38
2,687	*	Atos Origin S.A.		159
31,214	*	Autodesk, Inc		1,263
222,288		Automatic Data Processing, Inc		10,948
12,585		Autostrade S.p.A.		362
3,848	e*	Avis Budget Group, Inc		84
154,809	*	BEA Systems, Inc		1,948
102,920	e*	BMC Software, Inc		3,314
3,833	*	Business Objects S.A.		150
16,828	e	CA, Inc		381
11,251	e*	Cadence Design Systems, Inc		202
4,992		Cap Gemini S.A.		313
5,637	e*	Ceridian Corp		158
67,538	*	CGI Group, Inc (Class A)		471
3,092	e*	Checkfree Corp		124
3,279	e*	ChoicePoint, Inc		129
4,822,761		Cintra Concesiones de Infraestructuras de Transporte S.A.		80,852
7,388	e*	Citrix Systems, Inc		200
5,633	*	Cognizant Technology Solutions Corp (Class A)		435
22,382	*	Cognos, Inc		951
100,977	*	Computer Sciences Corp		5,389
531,924		Computershare Ltd		3,737
82,190	*	Compuware Corp		685
69,672	*	Convergys Corp		1,657
2,794		CSK Holdings Corp		119
2,289		Dassault Systemes S.A.		122
70		Dentsu, Inc		205
2,258	e*	DST Systems, Inc		141

120

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
210,000	e*	DynCorp International, Inc (Class A)	$	3,333
53		eAccess Ltd		30
117,250	e*	Earthlink, Inc		833
145,371	*	eBay, Inc		4,371
12,125	*	Electronic Arts, Inc		611
154,424	e	Electronic Data Systems Corp		4,254
3,908	*	Elpida Memory, Inc		215
35,137	e	Equifax, Inc		1,427
33,659	*	Expedia, Inc		706
1,133		Fidec Corp		2,018
7,568		Fidelity National Information Services, Inc		303
19,956		First Choice Holidays plc		111
260,412	e	First Data Corp		6,646
7,065	*	Fiserv, Inc		370
97,120	*	Focus Media Holding Ltd (ADR)		6,448
1,487		FUJI SOFT, Inc		35
75,406		Fujitsu Ltd		592
4,771		Getronics NV		39
1,973	e*	Getty Images, Inc		85
8,687		GN Store Nord		128
52		Goodwill Group, Inc		42
40,876	*	Google, Inc (Class A)		18,823
45,538		Group 4 Securicor plc		168
7,155		Gruppo Editoriale L'Espresso S.p.A.		39
1,005		Hakuhodo DY Holdings, Inc		65
58,180		Hays plc		181
5,337,728		Huabao International Holdings Ltd		2,896
8,100		IMS Health, Inc		223
4,926		Indra Sistemas S.A.		121
68,707		Infosys Technologies Ltd		3,480
17,351	e*	Interpublic Group of Cos, Inc		212
13,101	*	Intuit, Inc		400
4,161	e*	Iron Mountain, Inc		172
108,392	*	Juniper Networks, Inc		2,053
42	*	KK DaVinci Advisors		42
3,788		Konami Corp		115
3,206	e*	Lamar Advertising Co (Class A)		210
58,846		LogicaCMG plc		214
20,817		Manpower, Inc		1,560
99,800	e*	McAfee, Inc		2,832
13,389		Michael Page International plc		119
2,169,647		Microsoft Corp		64,786
20,139		Misys plc		85
43,000	e	MoneyGram International, Inc		1,348
4,591	*	Monster Worldwide, Inc		214
878,307	e*	NAVTEQ Corp		30,714
82,328		NEC Corp		394
126,763		Nippon System Development Co Ltd		4,026
45,653		Nomura Research Institute Ltd		6,621
262,000	e*	Novell, Inc		1,624
51		NTT Data Corp		255
297		Obic Co Ltd		61
59,722		Omnicom Group, Inc		6,243
12,195	*	Open Text Corp		250
3,749,371	*	Oracle Corp		64,264
621,903		Oracle Corp Japan		28,794

121

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
600		Otsuka Corp	$	61
1,944,000		POS Malaysia & Services Holdings BHD		2,755
3,156		Promotora de Informaciones S.A.		55
4,150		Public Power Corp		105
260	*	Rakuten, Inc		121
633,441		Randstad Holdings NV		43,815
72,170		Rentokil Initial plc		234
51,998		Reuters Group plc		453
7,200		Ritchie Bros Auctioneers, Inc		386
6,304	e	Robert Half International, Inc		234
51,455		Sage Group plc		273
216,244		SAP AG.		11,492
8,313		Secom Co Ltd		431
13,319		Securitas AB (B Shares)		207
11,469	e	ServiceMaster Co		150
171		SGS S.A.		191
54,386		Singapore Post Ltd		39
899		Societe Des Autoroutes Paris-Rhin-Rhone		72
77,093		Solomon Systech International Ltd		12
1,374,869	*	Sun Microsystems, Inc		7,452
1,453,400	*	Symantec Corp		30,303
5,441	*	Synopsys, Inc		145
8,068	*	Telelogic AB		18
2,830		Tietoenator Oyj		91
1,626		TIS, Inc		39
249,004	e	Total System Services, Inc		6,571
3,851	*	Trend Micro, Inc		113
78,049		UFJ Central Leasing Co Ltd		3,712
13,621	*	Unisys Corp		107
862		USS Co Ltd		56
90,905	*	VeriSign, Inc		2,186
382,266		Waste Management, Inc		14,056
3,412,712		WPP Group plc		46,139
601		Yahoo! Japan Corp		239
167,408	*	Yahoo!, Inc		4,276
		TOTAL BUSINESS SERVICES		610,448

CHEMICALS AND ALLIED PRODUCTS - 8.28%
274,543		Abbott Laboratories		13,373
1,029,042	e*	Adams Respiratory Therapeutics, Inc		41,995
32,732	*	Agrium, Inc		1,026
4,792		Air Liquide S.A.		1,138
99,655		Air Products & Chemicals, Inc		7,004
130,816		Akzo Nobel NV		7,980
1,083		Alfresa Holdings Corp		65
8,956,417	*	Alliance Boots plc		146,868
2,794		Altana AG.		173
426,729	*	Amgen, Inc		29,150
21,082	*	Angiotech Pharmaceuticals, Inc		173
8,753	*	Arkema		450
48,093		Asahi Kasei Corp		315
21,383		Astellas Pharma, Inc		972
62,049		AstraZeneca plc		3,334
3,531		Avery Dennison Corp		240
17,715		Avon Products, Inc		585
25,000	*	Barr Pharmaceuticals, Inc		1,253

122

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
19,504		BASF AG.	$	1,901
227,000	*	Basilea Pharmaceutica		39,681
28,891		Bayer AG.		1,551
1,969		Beiersdorf AG.		128
46,602	e*	Biogen Idec, Inc		2,292
35,881	*	Biovail Corp International		757
248,227		Bristol-Myers Squibb Co		6,533
50,000		Celanese Corp (Series A)		1,294
2,450	e*	Cephalon, Inc		173
2,778	*	Charles River Laboratories International, Inc		120
265,670		Christian Dior S.A.		28,319
11,264		Chugai Pharmaceutical Co Ltd		232
2,817		Ciba Specialty Chemicals AG.		187
374,438		Cipla Ltd		2,126
9,157		Clariant AG.		137
80,853		Clorox Co		5,187
160,000		Colgate-Palmolive Co		10,438
81,982		CSL Ltd		4,230
176,000	e	Cytec Industries, Inc		9,946
14,000		Dade Behring Holdings, Inc		557
9,630		Daicel Chemical Industries Ltd		68
26,209		Daiichi Sankyo Co Ltd		819
24,010		Dainippon Ink and Chemicals, Inc		94
3,910,000		Dainippon Sumitomo Pharma Co Ltd		45,472
100,116	e	Dow Chemical Co		3,999
6,026		DSM NV		298
283,675		Du Pont (E.I.) de Nemours & Co		13,818
7,470		Ecolab, Inc		338
10,270		Eisai Co Ltd		564
17,103	*	Elan Corp plc		243
40,523		Eli Lilly & Co		2,111
85,697	e	Estee Lauder Cos (Class A)		3,498
157,418	*	Genentech, Inc		12,771
10,301	*	Genzyme Corp		634
117,086	*	Gilead Sciences, Inc		7,602
55,596		GlaxoSmithkline Pharmaceuticals Ltd		1,461
549,848		GlaxoSmithKline plc		14,469
59,792		Glenmark Pharmaceuticals Ltd		814
2,141		H Lundbeck A/S		59
3,191		Haw Par Corp Ltd		15
2,363		Henkel KGaA		348
140,000	*	Hercules, Inc		2,703
208,919		Hindustan Lever Ltd		1,021
4,052		Hitachi Chemical Co Ltd		112
116,937	e*	Hospira, Inc		3,927
88,000	e*	Huntsman Corp		1,669
47,449		Imperial Chemical Industries plc		420
2,991	e	International Flavors & Fragrances, Inc		147
6,409	e*	Invitrogen Corp		363
720,000		Ipsen		33,474
118,959		JSR Corp		3,079
5,554		Kaken Pharmaceutical Co Ltd		43
9,480		Kansai Paint Co Ltd		75
19,861		Kao Corp		536
22,028		Kingboard Chemical Holdings Ltd		87
1,183		Kose Corp		36

123

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
15,587		Kuraray Co Ltd	$	184
14,736		Kyowa Hakko Kogyo Co Ltd		126
4,366		Linde AG.		451
1,506		Lonza Group AG.		130
1,470,051		L'Oreal S.A.		147,287
107,795	e	Lyondell Chemical Co		2,756
25,316		Mayne Pharma Ltd		81
7,112		Mediceo Paltac Holdings Co Ltd		135
9,530	*	Medimmune, Inc		309
456,639		Merck & Co, Inc		19,910
135,040		Merck KGaA		14,001
27,073		Methanex Corp		741
12,506	e*	Millennium Pharmaceuticals, Inc		136
46,494		Mitsubishi Chemical Holdings Corp		293
15,445		Mitsubishi Gas Chemical Co, Inc		162
56,911		Monsanto Co		2,990
89,200	e	Mylan Laboratories, Inc		1,780
28,000	*	Nalco Holding Co		573
5,792		Nippon Kayaku Co Ltd		46
5,572		Nippon Shokubai Co Ltd		59
5,455		Nissan Chemical Industries Ltd		68
20,507		Nova Chemicals Corp		572
570,274		Novartis AG.		32,878
65,500		Novartis AG. (ADR)		3,762
9,579		Novo Nordisk A/S (Class B)		798
1,837		Novozymes A/S (B Shares)		158
12,000	*	OM Group, Inc		543
781		Omega Pharma S.A.		59
238,183		Orica Ltd		4,569
3,377	*	Orion Oyj (Class B)		73
29,269	e*	PDL BioPharma, Inc		589
1,706,813		Pfizer, Inc		44,207
25,407		Potash Corp of Saskatchewan		3,639
6,510	e	PPG Industries, Inc		418
12,700		Praxair, Inc		754
697,171		Procter & Gamble Co		44,807
17,959	*	QLT, Inc		152
806,965		Reckitt Benckiser plc		36,878
921,046		Roche Holding AG.		165,161
111,660		Rohm & Haas Co		5,708
40,468		Sanofi-Aventis		3,737
3,065		Santen Pharmaceutical Co Ltd		86
64,800		Sawai Pharmaceutical Co Ltd		2,657
1,161,500		Schering-Plough Corp		27,458
193		Serono S.A.		173
787,147		Shin-Etsu Chemical Co Ltd		52,717
14,073		Shionogi & Co Ltd		277
14,148		Shiseido Co Ltd		307
41,826		Showa Denko KK		160
32,554		Sigma-Aldrich Corp		2,530
8,025		SSL International plc		58
571,068		Sumitomo Chemical Co Ltd		4,429
25,600		Symbion Health Ltd		77
4,146		Syngenta AG.		771
8,154		Taisho Pharmaceutical Co Ltd		148
9,897		Taiyo Nippon Sanso Corp		89

124

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
35,397		Takeda Pharmaceutical Co Ltd	$	2,430
9,895		Tanabe Seiyaku Co Ltd		129
33,807		Teijin Ltd		208
525,000		Tokai Carbon Co Ltd		3,732
8,693		Tokuyama Corp		132
52,745		Toray Industries, Inc		395
18,647		Tosoh Corp		82
4,199		UCB S.A.		288
1,321,531		Unilever plc		36,950
16,296	e*	Vertex Pharmaceuticals, Inc		610
459,600	*	Wacker Chemie AG.		59,808
346,563	e*	Warner Chilcott Ltd (Class A)		4,790
92,000	*	Watson Pharmaceuticals, Inc		2,395
444,765		Wyeth		22,647
6,667	*	Zeltia S.A.		49
5,798		Zeon Corp		63
		TOTAL CHEMICALS AND ALLIED PRODUCTS		1,297,395

COAL MINING - 0.16%
5,620	e	Arch Coal, Inc		169
7,814,000	*	China Coal Energy Co		5,073
1,832,058		China Shenhua Energy Co Ltd		4,409
7,418	e	Consol Energy, Inc		238
2,906	e	Massey Energy Co		68
225,018	e	Peabody Energy Corp		9,093
128,000	e	Sasol Ltd (ADR)		4,723
24,305		Xstrata plc		1,214
		TOTAL COAL MINING		24,987

COMMUNICATIONS - 3.32%
116,425		Alltel Corp		7,041
54,029	*	American Tower Corp (Class A)		2,014
3,158		Antena 3 de Television S.A.		74
770,255		AT&T, Inc		27,537
2,439,794		Austar United Communications Ltd		2,542
159,329	e*	Avaya, Inc		2,227
66,674		BCE, Inc		1,795
6,478		Belgacom S.A.		285
393,460		BellSouth Corp		18,536
45,858		British Sky Broadcasting plc		469
332,028		BT Group plc		1,960
97,142		Cable & Wireless plc		300
29,524		Cablevision Systems Corp (Class A)		841
15,888		Carphone Warehouse Group plc		98
244,000		China Mobile Hong Kong Ltd		2,108
35,658	e	Clear Channel Communications, Inc		1,267
75,822	*	Comcast Corp (Class A)		3,210
28,355	*	Comcast Corp (Special Class A)		1,188
3,991		Cosmote Mobile Telecommunications S.A.		118
68,127	e*	Crown Castle International Corp		2,201
113,181		Deutsche Telekom AG.		2,068
3,703,713	e*	DIRECTV Group, Inc		92,371
177,456	*	EchoStar Communications Corp (Class A)		6,749
5,947		Elisa Oyj		163
21,047		Embarq Corp		1,106
1,239,000		Fastweb		70,851

125

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
67,321		France Telecom S.A.	$	1,862
1,002		Fuji Television Network, Inc		2,290
31,000		Global Payments, Inc		1,435
12,698	*	Hellenic Telecommunications Organization S.A.		381
768		Hikari Tsushin, Inc		34
57,661	*	Hutchison Telecommunications International Ltd		145
94,188	e*	IAC/InterActiveCorp		3,500
158,418		ITV plc		330
98		KDDI Corp		665
68,219	e*	Liberty Global, Inc (Class A)		1,989
6,939	e*	Liberty Global, Inc (Series C)		194
53,044	*	Liberty Media Corp - Capital (Series A)		5,197
26,617	*	Liberty Media Holding Corp (Interactive A)		574
2,623		M6-Metropole Television		94
30,549		Mediaset S.p.A.		363
1,259		Mobistar S.A.		107
2,028	*	Modern Times Group AB (B Shares)		133
216,460		News Corp (Class B)		4,861
5,522	e*	NII Holdings, Inc		356
206		Nippon Telegraph & Telephone Corp		1,014
745		NTT DoCoMo, Inc		1,177
1,306		Okinawa Cellular Telephone Co		3,545
9,913,485	*	Paxys, Inc		3,992
54,356		Philippine Long Distance Telephone Co (ADR)		2,779
1,806,500	*	Pilipino Telephone Corp		254
31,439		Portugal Telecom SGPS S.A.		408
3,232		PT Multimedia Servicos de Telecomunicacoes e Multimedia SGPS S.A.		42
5,530		Publicis Groupe S.A.		233
64,384	e*	Qwest Communications International, Inc		539
108,288	*	Rogers Communications, Inc (Class B)		3,222
8,499,337		Royal KPN NV		120,834
162,137		Seat Pagine Gialle S.p.A.		97
43,328		Shaw Communications, Inc (Class B)		1,371
1,539,721		Singapore Telecommunications Ltd		3,293
6,337		Sky Network Television Ltd		29
4,699		Societe Television Francaise 1		174
1,695	*	Sogecable S.A.		60
746,564		Sprint Nextel Corp		14,103
734		Swisscom AG.		278
12,374		Tele2 AB (B Shares)		181
1,188,580		Telecom Corp of New Zealand Ltd		4,070
469,248		Telecom Italia S.p.A.		1,418
191,508		Telecom Italia S.p.A.		486
177,466		Telefonica S.A.		3,776
14,921		Telekom Austria AG.		400
30,114		Telenor ASA		566
2,173	e	Telephone & Data Systems, Inc		108
24,102		Telephone & Data Systems, Inc		1,309
13,272		Television Broadcasts Ltd		81
74,099		TeliaSonera AB		609
124,239		Telstra Corp Ltd		406
42,796	*	Telstra Corp Ltd		91
14,895		TELUS Corp		684
40,507		TELUS Corp		1,807
8,421	*	Tiscali S.p.A.		28
1,400		Tokyo Broadcasting System, Inc		47

126

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
28,536	*	Univision Communications, Inc (Class A)	$	1,011
755,235		Verizon Communications, Inc		28,125
418,853	*	Viacom, Inc (Class B)		17,186
9,297,711		Vodafone Group plc		25,760
22,220	e	Vodafone Group plc (ADR)		617
14,268		Windstream Corp		203
10,521	e*	XM Satellite Radio Holdings, Inc (Class A)		152
		TOTAL COMMUNICATIONS		520,194

DEPOSITORY INSTITUTIONS - 9.51%
12,083		77 Bank Ltd		77
1,604,458		ABN AMRO Holding NV		51,572
34,833		Allied Irish Banks plc		1,035
14,646		Alpha Bank S.A.		443
4,807	e	Associated Banc-Corp		168
73,000		Australia & New Zealand Banking Group Ltd		1,626
165,713		Banca Intesa S.p.A.		1,280
26,840		Banca Intesa S.p.A.		196
43,838		Banca Monte dei Paschi di Siena S.p.A.		284
16,513		Banca Popolare di Milano		287
13,704		Banche Popolari Unite Scpa		377
1,763,026		Banco Bilbao Vizcaya Argentaria S.A.		42,449
12,095		Banco BPI S.A.		94
86,212		Banco Comercial Portugues S.A.		319
3,199,993		Banco de Oro Universal Bank		3,001
7,958		Banco Espirito Santo S.A.		143
14,927		Banco Popolare di Verona e Novara Scrl		429
33,851		Banco Popular Espanol S.A.		614
236,403		Banco Santander Central Hispano S.A.		4,413
2,099,122		Bank of America Corp		112,072
10,743,828		Bank of East Asia Ltd		60,844
23,489		Bank of Fukuoka Ltd		171
28,087		Bank of Ireland		649
10,798		Bank of Ireland		249
11,039		Bank of Kyoto Ltd		103
123,442		Bank of Montreal		7,304
587,285		Bank of New York Co, Inc		23,121
243,370	e	Bank of Nova Scotia		10,873
41,209		Bank of Okinawa Ltd		1,617
47,150		Bank of Yokohama Ltd		369
4,514,324		Barclays plc		64,524
1,943,000		Bayerische Hypo-und Vereinsbank AG.		84,717
21,432		BB&T Corp		942
109,905		BNP Paribas		11,991
26,719,530		BOC Hong Kong Holdings Ltd		72,481
1,621,100		Bumiputra-Commerce Holdings Bhd		3,561
82,472		Canadian Imperial Bank of Commerce		6,952
67,095		Capitalia S.p.A.		635
31,635		Chiba Bank Ltd		267
1,117,842		Citigroup, Inc		62,264
4,862		Close Brothers Group plc		97
5,444		Colonial Bancgroup, Inc		140
22,373		Comerica, Inc		1,313
7,018		Commerce Bancorp, Inc		248
647,714		Commerzbank AG.		24,667
51,067		Commonwealth Bank of Australia		1,995

127

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
28,760		Compass Bancshares, Inc	$	1,716
23,829		Credit Agricole S.A.		1,002
19,463		Danske Bank A/S		865
43,919		DBS Group Holdings Ltd		647
14,046		Depfa Bank plc		251
20,663		Deutsche Bank AG.		2,764
22,833		Dexia		625
26,595		DNB NOR Holding ASA		377
9,144		EFG Eurobank Ergasias S.A.		331
7,373		Erste Bank der Oesterreichischen Sparkassen AG.		565
19,719		Fifth Third Bancorp		807
4,812	e	First Horizon National Corp		201
46,596		Fortis		1,988
16,160		Gunma Bank Ltd		97
30,589		Hang Seng Bank Ltd		418
539,744		Hokuhoku Financial Group, Inc		1,977
474,308		HSBC Holdings plc		8,646
352,072		Hudson City Bancorp, Inc		4,887
9,005	e	Huntington Bancshares, Inc		214
42,205		ICICI Bank Ltd (ADR)		1,762
23,000		IndyMac Bancorp, Inc		1,039
13,362		Investec plc		173
2,482	e	Investors Financial Services Corp		106
26,338		Joyo Bank Ltd		145
893,036		JPMorgan Chase & Co		43,134
191,509		Julius Baer Holding AG.		21,092
2,346	*	Jyske Bank		167
623,200		Kasikornbank PCL		1,081
1,095,531		Kasikornbank PCL		1,931
55,075		Keycorp		2,094
43,279	*	Kookmin Bank		3,486
224,034		Lloyds TSB Group plc		2,507
2,637	e	M&T Bank Corp		322
9,121		Marshall & Ilsley Corp		439
51,000	v	MCB Bank Ltd (GDR)		905
884,054		Mediobanca S.p.A.		20,877
164,881		Mellon Financial Corp		6,950
4,932	e	Mercantile Bankshares Corp		231
1,582,300		Metropolitan Bank & Trust		1,661
342		Mitsubishi UFJ Financial Group, Inc		4,225
195,750		Mitsui Trust Holdings, Inc		2,247
8,167		Mizuho Financial Group. Inc		58,333
64,031		National Australia Bank Ltd		2,042
39,980	e	National Bank Of Canada		2,257
15,120		National Bank of Greece S.A.		697
81,888		National City Corp		2,994
10,522	e	New York Community Bancorp, Inc		169
23,045		Nishi-Nippon City Bank Ltd		99
82,570		Nordea Bank AB		1,272
648,182	e	Northern Trust Corp		39,338
3,603		OKO Bank (Class A)		60
6,467,655		Oversea-Chinese Banking Corp		32,470
8,552		Piraeus Bank S.A.		276
98,278	e	PNC Financial Services Group, Inc		7,276
8,126,500		PT Bank Mandiri Persero Tbk		2,620
1,419		Raiffeisen International Bank Holding AG.		216

128

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
28,999		Regions Financial Corp	$	1,085
861		Resona Holdings, Inc		2,351
318,356	e	Royal Bank of Canada		15,151
24	*	Royal Bank Of Canada		1
1,615,762		Royal Bank of Scotland Group plc		63,051
44,302		Sanpaolo IMI S.p.A.		1,029
12		Sapporo Hokuyo Holdings, Inc		116
61,089		Shinsei Bank Ltd		359
22,727		Shizuoka Bank Ltd		226
18,465		Skandinaviska Enskilda Banken AB (Class A)		587
647,632		Societe Generale		109,941
15,067	e	Sovereign Bancorp, Inc		383
13,064		State Street Corp		881
1,620		Sumitomo Mitsui Financial Group, Inc		16,608
6,010,887		Sumitomo Trust & Banking Co Ltd		63,036
188,142		SunTrust Banks, Inc		15,889
7,738		Suruga Bank Ltd		96
20,300		Svenska Handelsbanken (A Shares)		614
2,507		Sydbank A/S		120
54,321		Synovus Financial Corp		1,675
4,582	e	TCF Financial Corp		126
4,696		TD Banknorth, Inc		152
226,737		UBS A.G.		13,779
310,785		UniCredito Italiano S.p.A		2,724
7,741	e	UnionBanCal Corp		474
3,716,216		United Overseas Bank Ltd		47,005
504,039		US Bancorp		18,241
309,186		Wachovia Corp		17,608
311,043		Washington Mutual, Inc		14,149
2,196,761		Wells Fargo & Co		78,117
2,011,012		Western Union Co		45,087
73,158		Westpac Banking Corp		1,400
8,027		Wing Hang Bank Ltd		94
3,900		Zions Bancorporation		321
		TOTAL DEPOSITORY INSTITUTIONS		1,490,520

EATING AND DRINKING PLACES - 0.44%
44,200		Aramark Corp (Class B)		1,478
4,049		Autogrill S.p.A.		74
57,803		Brinker International, Inc		1,743
7,797,193		Compass Group plc		44,274
5,375		Darden Restaurants, Inc		216
12,408		Enterprise Inns plc		329
320,546		McDonald's Corp		14,210
16,074		Mitchells & Butlers plc		224
28,330		Onex Corp		689
10,455		Punch Taverns plc		262
3,796		Sodexho Alliance S.A.		238
29,935	*	Starbucks Corp		1,060
7,549		Tim Hortons, Inc		219
3,774		Wendy's International, Inc		125
8,733		Whitbread plc		286
53,650		Yum! Brands, Inc		3,155
		TOTAL EATING AND DRINKING PLACES		68,582

129

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
EDUCATIONAL SERVICES - 0.01%
5,762	e*	Apollo Group, Inc (Class A)	$	225
2,382		Benesse Corp		91
62,076		CAE, Inc		572
3,694	e*	Career Education Corp		91
		TOTAL EDUCATIONAL SERVICES		979

ELECTRIC, GAS, AND SANITARY SERVICES - 4.54%
90,150	*	AES Corp		1,987
15,000	*	AGL Energy Ltd		192
19,605		Alinta Ltd		183
54,400	*	Allegheny Energy, Inc		2,497
81,991		Alliant Energy Corp		3,097
8,108	e	Ameren Corp		436
52,575		American Electric Power Co, Inc		2,239
5,127		Aqua America, Inc		117
255,198		Caltex Australia Ltd		4,633
40,668	e	Centerpoint Energy, Inc		674
144,490		Centrica plc		1,003
55,256,000		China Power International Development Ltd		30,333
45,888,000		China Resources Power Holdings Co		69,260
26,461		Chubu Electric Power Co, Inc		792
5,188,739		CLP Holdings Ltd		38,357
10,091	e	Consolidated Edison, Inc		485
122,043		Constellation Energy Group, Inc		8,405
11,314		Contact Energy Ltd		66
13,997	e	Dominion Resources, Inc		1,173
6,981	e	DTE Energy Co		338
50,009		Duke Energy Corp		1,661
24,781		E.ON AG.		3,364
96,538	e	Edison International		4,391
94,722		El Paso Corp		1,447
6,239		Electric Power Development Co		275
81,833	*	Enbridge, Inc		2,826
30,010		Endesa S.A.		1,419
171,863		Enel S.p.A.		1,773
80,017		Energias de Portugal S.A.		406
5,766	e	Energy East Corp		143
154,515		Entergy Corp		14,265
144,682		Exelon Corp		8,954
2,218,852		First Philippine Holdings Corp		2,850
211,716		FirstEnergy Corp		12,766
25,600		Fortis, Inc		653
3,174,568		Fortum Oyj		90,349
52,251		FPL Group, Inc		2,843
7,126		Gas Natural SDG S.A.		282
7,829		Gaz de France		360
7,403		Hokkaido Electric Power Co, Inc		189
142,155		Hong Kong & China Gas Ltd		320
55,957		Hong Kong Electric Holdings Ltd		274
55,644,000		Huaneng Power International, Inc		49,719
30,601		Iberdrola S.A.		1,338
59,176		International Power plc		442
30,553		Kansai Electric Power Co, Inc		824
14,280		Kelda Group plc		259
6,993		KeySpan Corp		288
4,365		Kinder Morgan, Inc		462

130

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
14,960		Kyushu Electric Power Co, Inc	$	395
108,239		National Grid plc		1,562
10,775		NiSource, Inc		260
67,000	e*	NRG Energy, Inc		3,753
3,065		Oest Elektrizitatswirts AG. (Class A)		164
31,800		Okinawa Electric Power Co, Inc		1,961
79,125		Osaka Gas Co Ltd		295
24,407,000	*	Panva Gas Holdings Ltd		15,375
26,471		Pepco Holdings, Inc		688
16,718,123	*	Petronet LNG Ltd		18,169
14,033	e	PG&E Corp		664
3,895	e	Pinnacle West Capital Corp		197
79,042		PPL Corp		2,833
9,495	e	Progress Energy, Inc		466
39,522		Public Service Enterprise Group, Inc		2,623
470		Puma AG. Rudolf Dassler Sport		183
96,312		Questar Corp		7,999
2,342,866		Red Electrica de Espana		100,481
42,159	*	Reliant Energy, Inc		599
93,138		Republic Services, Inc		3,788
1,122		RWE AG.		107
18,079		RWE AG.		1,993
4,272		SCANA Corp		174
34,231		Scottish & Southern Energy plc		1,042
59,138		Scottish Power plc		866
21,400,044		SembCorp Industries Ltd		53,579
67,177	e	Sempra Energy		3,765
9,261		Severn Trent plc		267
38,908		Snam Rete Gas S.p.A.		221
966,082		Sociedad General de Aguas de Barcelona S.A. (Class A)		35,389
1,137,011	*	Sojitz Holdings Corp		3,459
29,337	e	Southern Co		1,081
40,463		Suez S.A.		2,095
14,177,200		Tenaga Nasional BHD		43,801
16,963		Tohoku Electric Power Co, Inc		424
139,228		Tokyo Electric Power Co, Inc		4,504
87,838		Tokyo Gas Co Ltd		467
49,809		TransAlta Corp		1,138
76,877		TXU Corp		4,167
4,318		Union Fenosa S.A.		214
34,863		United Utilities plc		532
8,174		Vector Ltd		14
11,359		Veolia Environnement		876
23,673		Williams Cos, Inc		618
28,990	e	Wisconsin Energy Corp		1,376
16,050	e	Xcel Energy, Inc		370
13,664,000		Xinao Gas Holdings Ltd		15,459
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		711,862

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 7.27%
82,229		ABB Ltd		1,475
2,072,174	e*	Acme Packet, Inc		42,770
20,000	e	Acuity Brands, Inc		1,041
4,505	*	ADC Telecommunications, Inc		65
1,538,294	*	Advanced Micro Devices, Inc		31,304
6,442		Advantest Corp		369

131

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
85,000	*	Agere Systems, Inc	$	1,629
86,804		Alcatel S.A.		1,249
4,903	e	Alcatel S.A. (ADR)		70
7,114		Alps Electric Co Ltd		77
14,299	*	Altera Corp		281
6,706		American Power Conversion Corp		205
3,652		Amphenol Corp (Class A)		227
14,022	e	Analog Devices, Inc		461
1,637,718	*	Apple Computer, Inc		138,944
54,205		ARM Holdings plc		133
1,209,000		Asustek Computer, Inc		3,310
30,326	e*	Avnet, Inc		774
443		Bang & Olufsen A/S (B Shares)		57
466		Barco NV		42
82,028	*	Broadcom Corp (Class A)		2,650
48,308	*	Celestica, Inc		376
41,555	*	Chartered Semiconductor Manufacturing Ltd		35
4,872,963	*	Cisco Systems, Inc		133,178
8,000	e*	Comverse Technology, Inc		169
72,544		Cooper Industries Ltd (Class A)		6,560
5,129	*	CSR plc		65
10,733		Dainippon Screen Manufacturing Co Ltd		96
1,581,283		Datacraft Asia Ltd		1,818
30,654,000		Datang International Power Generation Co Ltd		31,922
10,722		Electrolux AB (Series B)		215
32,471		Emerson Electric Co		1,432
31,556		EMI Group plc		164
2,071	e*	Energizer Holdings, Inc		147
10,303,254		Ericsson (LM) (B Shares)		41,614
186,000	e*	Fairchild Semiconductor International, Inc		3,127
50,864		Fanuc Ltd		5,009
8,791		Fisher & Paykel Appliances Holdings Ltd		24
20,452		Fisher & Paykel Healthcare Corp		61
24,007	e*	Flextronics International Ltd		276
83,000	*	Foxconn International Holdings Ltd		272
20,822		Fuji Electric Holdings Co Ltd		113
6,775		Gamesa Corp Tecnologica S.A.		186
26,795	e	Garmin Ltd		1,491
176		Germanos S.A.		4
2,513		Harman International Industries, Inc		251
1,363		Hirose Electric Co Ltd		155
2,400		Hitachi High-Technologies Corp		71
133,548		Hitachi Ltd		833
400,000		Hon Hai Precision Industry Co, Ltd		2,854
526,199		Honeywell International, Inc		23,805
190,934		Hoya Corp		7,445
54,257	*	Hynix Semiconductor, Inc		2,127
102,108		Ibiden Co Ltd		5,148
30,030	*	Infineon Technologies AG.		423
364,282	e*	Infineon Technologies AG. (ADR)		5,111
1,168,731		Intel Corp		23,667
5,751	e	Intersil Corp (Class A)		138
2,819	*	Intracom S.A.		19
156,113	e*	JDS Uniphase Corp		2,601
46,669		Koninklijke Philips Electronics NV		1,760
1,222		Kudelski S.A.		46

132

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
6,638		Kyocera Corp	$	626
1,254,890		L-3 Communications Holdings, Inc		102,625
8,500	e	Lincoln Electric Holdings, Inc		514
11,934		Linear Technology Corp		362
15,908	*	LSI Logic Corp		143
1,330		Mabuchi Motor Co Ltd		79
75,933	e*	Marvell Technology Group Ltd		1,457
329,296		Matsushita Electric Industrial Co Ltd		6,572
11,956		Matsushita Electric Works Ltd		139
12,748		Maxim Integrated Products, Inc		390
205,000		MediaTek, Inc		2,120
1,628,934	e*	MEMC Electronic Materials, Inc		63,756
8,546	e	Microchip Technology, Inc		279
295,958	*	Micron Technology, Inc		4,132
1,197		Micronas Semiconductor Holdings, Inc		26
11,900		Minebea Co Ltd		83
76,661		Mitsubishi Electric Corp		700
2,269,306		Motorola, Inc		46,657
8,056		Murata Manufacturing Co Ltd		545
123,793		National Semiconductor Corp		2,810
1,417	*	NEC Electronics Corp		41
1,646,926	*	Network Appliance, Inc		64,691
1,219,200	*	Neuf Cegetel		43,293
7,988		NGK Spark Plug Co Ltd		150
4,406		Nidec Corp		341
204,200		Nihon Unisys Ltd		3,337
6,677		Nitto Denko Corp		334
749		NKT Holding A/S		66
1,035,829		Nokia Oyj		21,166
106,640	*	Nortel Networks Corp		2,860
95,832	e*	Novellus Systems, Inc		3,299
55,323	*	Nvidia Corp		2,048
9,111		Omron Corp		259
6,091		Pioneer Corp		84
6,194	e*	QLogic Corp		136
316,032		Qualcomm, Inc		11,943
156,014	e	RadioShack Corp		2,618
41,295	*	Research In Motion Ltd		5,276
27,595		Ricoh Co Ltd		563
1,405		Rinnai Corp		42
4,344		Rohm Co Ltd		433
5,046		Samsung Electronics Co Ltd		3,326
6,434		Sanken Electric Co Ltd		79
20,091	*	Sanmina-SCI Corp		69
62,755	*	Sanyo Electric Co Ltd		80
2,045		Schindler Holding AG.		129
9,016		Schneider Electric S.A.		1,001
38,803		Sharp Corp		668
2,900		Shinko Electric Industries		76
65,856	e*	Sirius Satellite Radio, Inc		233
182,888		Sony Corp		7,838
6,135		Stanley Electric Co Ltd		123
51,844	*	STATS ChipPAC Ltd		40
27,135		STMicroelectronics NV		504
1,208,768		Sumco Corp		102,182
5,601		Taiyo Yuden Co Ltd		99

133

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
4,810		Tandberg ASA	$	73
5,166		TDK Corp		411
27,600		Teleflex, Inc		1,782
55,854	*	Tellabs, Inc		573
47,745		Terna Rete Elettrica Nazionale S.p.A.		162
123,277		Texas Instruments, Inc		3,550
10,347		Thomson		202
1,653		Uniden Corp		11
4,384		Ushio, Inc		90
2,776		Valeo S.A.		116
9,788		Venture Corp Ltd		86
2,223,749		Vivendi Universal S.A.		86,919
2,980	e	Whirlpool Corp		247
13,553		Xilinx, Inc		323
6,384		Yaskawa Electric Corp		74
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		1,140,002

ENGINEERING AND MANAGEMENT SERVICES - 0.72%
1,094		Aker Kvaerner ASA		137
13,265		Amec plc		109
4,792	e*	Amylin Pharmaceuticals, Inc		173
25,027		Capita Group plc		297
44,808	e*	Celgene Corp		2,578
1,499	e	Corporate Executive Board Co		131
11,874		Downer EDI Ltd		66
50,354		Fluor Corp		4,111
2,310		Fugro NV		110
2,345	e*	Jacobs Engineering Group, Inc		191
8,142		JGC Corp		140
1,402		Meitec Corp		43
9,451		Moody's Corp		653
71,593		Paychex, Inc		2,831
6,734	e	Quest Diagnostics, Inc		357
5,468,711	a,e*	SAIC, Inc		97,288
5,578		SBM Offshore NV		192
18,803		Serco Group plc		141
1,052,000		Shui On Construction		2,245
37,215		SNC-Lavalin Group, Inc		1,004
5,708		WorleyParsons Ltd		96
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		112,893

FABRICATED METAL PRODUCTS - 0.14%
35,917		Amcor Ltd		206
3,907		Ball Corp		170
19,501		Bharat Heavy Electricals		1,013
330,000	e*	Crown Holdings, Inc		6,904
157		Geberit AG.		242
5,934		Hitachi Cable Ltd		33
193,995	e	Illinois Tool Works, Inc		8,961
10,639		JS Group Corp		224
3,740	e	Pentair, Inc		117
22,145		Rexam plc		228
7,612		Sanwa Shutter Corp		45
72,958		Snap-On, Inc		3,476
6,018		Ssab Svenskt Stal AB (Series A)		143
2,759		Ssab Svenskt Stal AB (Series B)		62

134

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
6,367		Toyo Seikan Kaisha Ltd	$	105
		TOTAL FABRICATED METAL PRODUCTS		21,929

FOOD AND KINDRED PRODUCTS - 2.82%
25,337		Ajinomoto Co, Inc		335
143,651		Anheuser-Busch Cos, Inc		7,068
83,598	e	Archer Daniels Midland Co		2,672
14,784		Asahi Breweries Ltd		237
16,202		Bunge Ltd		1,175
1,519,250		C&C Group plc		26,974
83,205		Cadbury Schweppes plc		890
65,914	e	Campbell Soup Co		2,563
1,270		Carlsberg A/S (Class B)		126
4,301		Coca Cola Hellenic Bottling Co S.A.		168
20,869		Coca-Cola Amatil Ltd		128
3,329,703		Coca-Cola Co		160,658
167,800		Coca-Cola Enterprises, Inc		3,426
2,171		Coca-Cola West Japan Co Ltd		50
209,210		ConAgra Foods, Inc		5,649
16,871	e*	Constellation Brands, Inc (Class A)		490
17,866	*	Cott Corp		256
1,861		Danisco A/S		158
110,578		Diageo plc		2,170
696		East Asiatic Co Ltd A.S.		39
3,366		Ebro Puleva S.A.		85
2,143,572		General Mills, Inc		123,470
243		Givaudan S.A.		225
6,491		Greencore Group plc		40
243,037		Groupe Danone		36,830
13,088		H.J. Heinz Co		589
9,747		Heineken NV		464
22,497	e	Hershey Co		1,120
3,390		House Foods Corp		56
4,266		Iaws Group plc		109
7,295		InBev NV		481
220,754		Ito En Ltd		6,752
57,877		J Sainsbury plc		464
13,733,776		JG Summit Holdings		3,080
11,494		Kaneka Corp		105
5,418		Katokichi Co Ltd		44
10,146		Kellogg Co		508
5,145		Kerry Group plc (Class A)		129
6,795		Kikkoman Corp		82
31,902		Kirin Brewery Co Ltd		502
38,957	e	Kraft Foods, Inc (Class A)		1,391
12,435		Lion Nathan Ltd		80
4,593	e	McCormick & Co, Inc		177
10,630		Meiji Dairies Corp		84
13,763		Meiji Seika Kaisha Ltd		66
15,950		Nestle S.A.		5,668
10,264		Nichirei Corp		57
6,357		Nippon Meat Packers, Inc		69
8,589		Nisshin Seifun Group, Inc		89
3,571		Nissin Food Products Co Ltd		132
19,147		Olam International Ltd		27
8,000		Pepsi Bottling Group, Inc		247

135

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
528,297		PepsiCo, Inc	$	33,045
2,992		Pernod-Ricard S.A.		687
3,077,884		Petra Foods Ltd		3,612
4,273		Q.P. Corp		37
6,819		Royal Numico NV		367
16,830		Sampo Oyj (A Shares)		450
10,855		Sapporo Holdings Ltd		62
11,404		Saputo, Inc		361
30,060	e	Sara Lee Corp		512
31,782		Scottish & Newcastle plc		348
2,637		Suedzucker AG.		64
37,018		Swire Pacific Ltd (Class A)		398
6,692		Takara Holdings, Inc		43
19,447		Tate & Lyle plc		293
3,377		Toyo Suisan Kaisha Ltd		54
9,955	e	Tyson Foods, Inc (Class A)		164
5,553,782		Universal Robina Corp		2,180
14,184		Want Want Holdings Ltd		23
7,584		Wrigley (Wm.) Jr Co		392
4,226		Yakult Honsha Co Ltd		121
5,918		Yamazaki Baking Co Ltd		57
		TOTAL FOOD AND KINDRED PRODUCTS		441,724

FOOD STORES - 0.71%
34,400		Alimentation Couche Tard, Inc (Class B)		748
23,839		Carrefour S.A.		1,446
45,222		Coles Myer Ltd		500
636		Colruyt S.A.		136
3,045		Delhaize Group		254
2,355		FamilyMart Co Ltd		64
12,804		George Weston Ltd		830
793,074		Goodman Fielder Ltd		1,390
1,232		Jeronimo Martins SGPS S.A.		28
2,611		Kesko Oyj (B Shares)		138
61,875	*	Koninklijke Ahold NV		658
414,375		Kroger Co		9,559
2,290		Lawson, Inc		82
27,057		Loblaw Cos Ltd		1,132
32,636		Seven & I Holdings Co Ltd		1,015
31,829		Sonae SPGS S.A.		63
1,615,048		Supervalu, Inc		57,738
4,396,270		Tesco plc		34,818
5,492		Whole Foods Market, Inc		258
47,110		Woolworths Ltd		889
		TOTAL FOOD STORES		111,746

FORESTRY - 0.00%**
10,392	e	Weyerhaeuser Co		734
		TOTAL FORESTRY		734

FURNITURE AND FIXTURES - 0.01%
2,204	e	Hillenbrand Industries, Inc		125
7,638		Johnson Controls, Inc		656
7,088		Leggett & Platt, Inc		169
31,772	e	Masco Corp		949
24,512	*	MFI Furniture plc		66

136

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
1,270		Neopost S.A.	$	160
		TOTAL FURNITURE AND FIXTURES		2,125

FURNITURE AND HOME FURNISHINGS STORES - 0.06%
11,123	*	Bed Bath & Beyond, Inc		424
6,833		Circuit City Stores, Inc		130
72,947		DSG International plc		273
21,040		Harvey Norman Holdings Ltd		63
21,070		Kesa Electricals plc		140
7,238	e*	Mohawk Industries, Inc		542
1,473		Nitori Co Ltd		64
1,891		Shimachu Co Ltd		55
3,742	e	Williams-Sonoma, Inc		118
97,201		Yamada Denki Co Ltd		8,249
		TOTAL FURNITURE AND HOME FURNISHINGS STORES		10,058

GENERAL BUILDING CONTRACTORS - 1.33%
16,907		Balfour Beatty plc		147
9,668		Barratt Developments plc		234
29,600	e	Beazer Homes USA, Inc		1,391
4,505		Bellway plc		136
971,505		Berkeley Group Holdings plc		32,546
1,480		Bilfinger Berger AG.		108
4,803		Centex Corp		270
19,652		Cheung Kong Infrastructure Holdings Ltd		61
5,944		CRH plc		248
3,443		Daito Trust Construction Co Ltd		158
22,014		Daiwa House Industry Co Ltd		383
11,183		DR Horton, Inc		296
18,561		Fletcher Building Ltd		145
16,288		George Wimpey plc		178
1,188,398	*	Haseko Corp		4,254
4,899		Hellenic Technodomiki Tev S.A.		55
1,159,671		Hochtief AG.		84,501
1,628,869		IJM Corp BHD		3,394
1,268		Imerys S.A.		113
9,373,892		Italian-Thai Development PCL		1,428
35,104		Kajima Corp		154
10,501	e	KB Home		539
14,110		Keppel Land Ltd		64
5,617		Leighton Holdings Ltd		90
14,313		Lend Lease Corp Ltd		208
17,358	e	Lennar Corp (Class A)		911
184	e*	NVR, Inc		119
24,977		Obayashi Corp		162
11,190		Persimmon plc		334
8,648	e	Pulte Homes, Inc		286
17,271		Sekisui Chemical Co Ltd		138
22,826		Sekisui House Ltd		332
22,452		Shimizu Corp		112
14,970		Skanska AB (B Shares)		295
38,136		Taisei Corp		116
8,460,161		Taylor Woodrow plc		70,608
2,594		Technical Olympic S.A.		9
2,282		Titan Cement Co S.A.		124
8,844		Toda Corp		38

137

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
107,520	e*	Toll Brothers, Inc	$	3,465
4,849		YIT OYJ		134
		TOTAL GENERAL BUILDING CONTRACTORS		208,284

GENERAL MERCHANDISE STORES - 1.10%
258,801		Aeon Co Ltd		5,600
136,000	e*	Big Lots, Inc		3,117
143,624		Costco Wholesale Corp		7,593
103,545		Daimaru, Inc		1,403
11,636	e	Dollar General Corp		187
7,114,424		Experian Group Ltd		83,510
5,720	e	Family Dollar Stores, Inc		168
166,763		Federated Department Stores, Inc		6,359
4,973		Hankyu Department Stores, Inc		41
298,213		Isetan Co Ltd		5,388
87,907		JC Penney Co, Inc		6,800
23,386		Keio Corp		151
63,914		Kintetsu Corp		186
67,004		Marks & Spencer Group plc		941
12,409		Marui Co Ltd		145
16,191		Mitsukoshi Ltd		76
2,633		PPR		393
5,367	*	Shinsegae Co Ltd		3,347
10,162		Takashimaya Co Ltd		144
67,045		Target Corp		3,825
282,773		TJX Cos, Inc		8,065
688,051		Tokyu Corp		4,406
6,220		UNY Co Ltd		81
643,603		Wal-Mart Stores, Inc		29,721
3,480		Warehouse Group Ltd		18
		TOTAL GENERAL MERCHANDISE STORES		171,665

HEALTH SERVICES - 2.57%
2,234,128		AmerisourceBergen Corp		100,446
17,069	e	Caremark Rx, Inc		975
4,531	e	Cigna Corp		596
1,061		Coloplast A/S (Class B)		96
3,843	e*	Community Health Systems, Inc		140
2,657	e*	Covance, Inc		157
193,309	*	Coventry Health Care, Inc		9,675
122,258	e*	DaVita, Inc		6,954
4,776	*	Express Scripts, Inc		342
32,410		Fraser and Neave Ltd		95
613,603		Fresenius Medical Care AG.		81,784
7,120		Getinge AB (B Shares)		160
1,435,904	e	Health Management Associates, Inc (Class A)		30,312
3,208,293	e*	Healthsouth Corp		72,668
6,209		Intertek Group plc		101
4,985	e*	Laboratory Corp of America Holdings		366
3,611	*	Lincare Holdings, Inc		144
156,326		McKesson Corp		7,926
35,873		MDS, Inc		654
133,727	*	Medco Health Solutions, Inc		7,146
3,798,137	e*	Nektar Therapeutics		57,770
114,692	e	Omnicare, Inc		4,431
2,030,952		Parkway Holdings Ltd		4,158

138

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
10,573		Sonic Healthcare Ltd	$	124
308		Straumann Holding AG.		75
18,795	e*	Tenet Healthcare Corp		131
3,597	e*	Triad Hospitals, Inc		150
184,833	*	WellPoint, Inc		14,545
		TOTAL HEALTH SERVICES		402,121

HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.93%
9,087		Abertis Infraestructuras S.A.		270
9,829		ACS Actividades Cons y Servicios S.A.		554
13,852		Biffa plc		83
1,644,902		Bouygues S.A.		105,593
322,736		Chiyoda Corp		6,319
1,819		Fomento de Construcciones y Contratas S.A.		185
38,000	e	Granite Construction, Inc		1,912
2,511		Grupo Ferrovial S.A.		245
169,226	e	Macquarie Infrastructure Co Trust		6,004
24,989		Multiplex Group		79
10,966		Nishimatsu Construction Co Ltd		36
8,403		Okumura Corp		42
33,125		Transurban Group		199
184,692		Vinci S.A.		23,600
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		145,121

HOLDING AND OTHER INVESTMENT OFFICES - 2.09%
18,608		3i Group plc		368
5,707	e	Allied Capital Corp		186
3,418		AMB Property Corp		200
29,533		Amvescap plc		345
24,043		Apartment Investment & Management Co (Class A)		1,347
24,300		ARC Energy Trust		465
40,917		Archstone-Smith Trust		2,382
14,935		AvalonBay Communities, Inc		1,942
35,979		Boston Properties, Inc		4,025
86,213		Brookfield Asset Management, Inc (Class A)		4,167
7,138		Camden Property Trust		527
35,000		CapitaCommercial Trust		60
35,520		CapitaMall Trust		67
54,446		CFS Gandel Retail Trust		100
15,515		CI Financial Income Fund		355
57,908		Commonwealth Property Office Fund		67
3,839		Crescent Real Estate Equities Co		76
1,817	e	Developers Diversified Realty Corp		114
102,732	e	Douglas Emmett, Inc		2,732
5,240		Duke Realty Corp		214
49,906		Equity Office Properties Trust		2,404
95,383		Equity Residential		4,841
3,201		Fabege AB		86
2,036		Federal Realty Investment Trust		173
8,582		General Growth Properties, Inc		448
77,165		GPT Group		341
6,053		Great Portland Estates plc		82
2,928		Groupe Bruxelles Lambert S.A.		352
575	*	Groupe Bruxelles Lambert S.A.		-	^
7,579		Health Care Property Investors, Inc		279
19,537	e	Host Marriott Corp		480

139

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
11,058	*	Immoeast AG	$	155
33,102		ING Industrial Fund		62
97,623		iStar Financial, Inc		4,668
1,276		Jafco Co Ltd		63
17		Japan Prime Realty Investment Corp		62
16		Japan Real Estate Investment Corp		172
14		Japan Retail Fund Investment Corp		114
22,080		JFE Holdings, Inc		1,137
42,406		Kimco Realty Corp		1,906
23,246		Kiwi Income Property Trust		25
2,390,100		KLCC Property Holdings BHD		1,924
2,396,641		Land Securities Group plc		109,009
3,434	e	Liberty Property Trust		169
84,567		Link Real Estate Investment Trust		174
2,842		Macerich Co		246
12,570		Macquarie Communications Infrastructure Group		63
100,566		Macquarie Infrastructure Group		275
78,297		Macquarie Office Trust		95
2,331,637		Man Group plc		23,865
8,801	*	Meinl European Land Ltd		226
18		Nippon Building Fund, Inc		239
932		Nobel Biocare Holding AG.		276
30,976		Noble Group Ltd		22
10		Nomura Real Estate Office Fund, Inc		92
2,675,769	e	NTL, Inc		67,536
50		NTT Urban Development Corp		97
67,041		Plum Creek Timber Co, Inc		2,672
19,900		PrimeWest Energy Trust		367
9,662		Prologis		587
1,865		PSP Swiss Property AG.		107
35,534		Public Storage, Inc		3,465
16,704,443		RAB Capital plc		34,342
8,432	*	Realogy Corp		256
400	e	Reckson Associates Realty Corp		18
2,570		Regency Centers Corp		201
2,139		Rodamco Europe NV		285
3,963		Sacyr Vallehermoso S.A.		235
40,637		SCOR		120
84,805		Simon Property Group, Inc		8,590
5,600		SL Green Realty Corp		744
29,310		Softbank Corp		570
1,150,000	*	Spazio Investment NV		22,695
15,927,563		Summarecon Agung Tbk PT		2,072
39,677		Suntec Real Estate Investment Trust		47
48,000		Taubman Centers, Inc		2,441
5,232	e	United Dominion Realty Trust, Inc		166
51,434		Vornado Realty Trust		6,249
49,827		Wharf Holdings Ltd		184
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		328,310

HOTELS AND OTHER LODGING PLACES - 2.27%
1,567,836		Accor S.A.		121,486
3,720,000	*	Banyan Tree Holdings Ltd		3,784
15,800	e	Choice Hotels International, Inc		665
6,378		Four Seasons Hotels, Inc		520
600,996		Genting BHD		5,622

140

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
276,444		Hilton Hotels Corp	$	9,648
20,527,434		Hongkong & Shanghai Hotels		34,677
396,829		Indian Hotels Co Ltd		1,387
14,283		Intercontinental Hotels Group plc		353
827,563	e*	Las Vegas Sands Corp		74,050
725,000		Mandarin Oriental International Ltd		1,211
13,545		Marriott International, Inc (Class A)		646
4,996	*	MGM Mirage		287
9,203,338		Minor International PCL		3,090
2,796		NH Hoteles S.A.		55
4,021,000	*	Rezidor Hotel Group AB		34,654
274,000	*	Shanghai Jin Jiang International Hotels Group Co Ltd		131
10,400,950		Shangri-La Asia Ltd		26,810
8,533		Starwood Hotels & Resorts Worldwide, Inc		533
37,932	e	Station Casinos, Inc		3,098
19,926		United Overseas Land Ltd		56
7,899	e*	Wyndham Worldwide Corp		253
354,384	e	Wynn Resorts Ltd		33,259
		TOTAL HOTELS AND OTHER LODGING PLACES		356,275

INDUSTRIAL MACHINERY AND EQUIPMENT - 4.89%
28,461		3M Co		2,218
3,776		Alfa Laval AB		170
192,374	*	Alstom RGPT		26,080
14,498		Amada Co Ltd		154
2,003		Amano Corp		25
112,107	e	American Standard Cos, Inc		5,140
387		Andritz AG.		84
102,364	e	Applied Materials, Inc		1,889
169,500		ARRK Corp		2,554
7,492		ASM Pacific Technology		42
19,300	*	ASML Holding NV		480
391,459		Atlas Copco AB (A Shares)		13,152
8,319		Atlas Copco AB (B Shares)		270
2,841	e	Black & Decker Corp		227
11,744,569	*	Brambles Ltd		118,941
278,854		Canon, Inc		15,700
9,142		Casio Computer Co Ltd		207
229,229		Caterpillar, Inc		14,059
2,553	e	CDW Corp		179
6,622	*	Charter plc		117
14,284		Citizen Watch Co Ltd		109
35,015	e	Cummins, Inc		4,138
3,000		Daifuku Co Ltd		48
9,405		Daikin Industries Ltd		327
38,228		Deere & Co		3,634
298,590	*	Dell, Inc		7,492
77,605		Dover Corp		3,804
53,225		Eaton Corp		3,999
12,890		Ebara Corp		49
247,249	*	EMC Corp		3,264
24,025		FKI plc		49
12,000	e*	Flowserve Corp		606
2,569	e*	FMC Technologies, Inc		158
212,228		FUJIFILM Holdings Corp		8,721
2,271,477		General Electric Co		84,522

141

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
2,505		Glory Ltd	$	44
5,124	*	Grant Prideco, Inc		204
2,314		Heidelberger Druckmaschinen		110
2,884,779		Hewlett-Packard Co		118,824
3,822		Hitachi Construction Machinery Co Ltd		103
10,616	*	Husqvarna AB (B Shares)		166
13,497		IMI plc		134
43,764	e	Ingersoll-Rand Co Ltd (Class A)		1,712
483,752		International Business Machines Corp		46,996
790,294		International Game Technology		36,512
645,114		Ishikawajima-Harima Heavy Industries Co Ltd		2,185
1,365		Itochu Techno-Science Corp		73
7,109		Jabil Circuit, Inc		174
925,737		Japan Steel Works Ltd		7,234
15,306	e	Joy Global, Inc		740
35,756		Komatsu Ltd		726
1,686		Komori Corp		31
19,842		Konica Minolta Holdings, Inc		280
43,546		Kubota Corp		403
4,421		Kurita Water Industries Ltd		95
5,640	e*	Lam Research Corp		285
89,066	e*	Lexmark International, Inc (Class A)		6,520
6,861	*	Logitech International S.A.		198
4,271		Makita Corp		131
17,290		Meggitt plc		105
5,072		Metso Oyj		256
1,054,506		Mitsubishi Heavy Industries Ltd		4,794
487,565		Mitsui & Co Ltd		7,293
27,875		Mitsui Engineering & Shipbuilding Co Ltd		91
2,941		Mitsumi Electric Co Ltd		65
118,037		Modec, Inc		2,827
14,948		NTN Corp		134
3,236		OCE NV		53
7,411	*	Ocean RIG ASA		55
20,368		Oki Electric Industry Co Ltd		45
6,000		Okuma Holdings, Inc		70
3,000		OSG Corp		49
5,105		Pall Corp		176
848,098		Parker Hannifin Corp		65,202
1,433		Rheinmetall AG.		109
6,588		Rockwell Automation, Inc		402
2,519,748		Rolls-Royce Group plc (B Shares)		5
6,637		Safran S.A.		154
41,832	e*	SanDisk Corp		1,800
40,119		Sandvik AB		583
3,978		Scania AB (B Shares)		279
72,121	e	Seagate Technology, Inc		1,911
26,262	v*	Seagate Technology, Inc		-	^
5,773		Seiko Epson Corp		140
245		SIG Holding AG.		82
16,139		SKF AB (B Shares)		298
2,188		SMC Corp		310
7,968	e	Smith International, Inc		327
1,446		Solarworld AG.		91
34,649	*	Solectron Corp		112
2,171	e	SPX Corp		133

142

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
21,826	e	Stanley Works	$	1,098
144		Sulzer AG.		164
255,821		Sumitomo Heavy Industries Ltd		2,687
10,055	e*	Symbol Technologies, Inc		150
4,203		Technip S.A.		288
40,635		Techtronic Industries Co		53
23,948	e*	Terex Corp		1,547
4,698		THK Co Ltd		121
1,575,681		Tokyo Electron Ltd		124,196
1,500		Tokyo Seimitsu Co Ltd		71
7,175		Tomra Systems ASA		49
115,542		Toshiba Corp		752
8,262		Toyota Tsusho Corp		221
253	*	Unaxis Holding AG.		125
5,255	*	Varian Medical Systems, Inc		250
7,368	*	Vestas Wind Systems A/S		311
2,543		Wartsila Oyj (B Shares)		137
8,746	e*	Western Digital Corp		179
625		Wincor Nixdorf AG.		97
8,633		Yokogawa Electric Corp		137
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		767,072

INSTRUMENTS AND RELATED PRODUCTS - 1.66%
149,923	*	Agilent Technologies, Inc		5,225
376,000		Anritsu Corp		2,161
92,296		Applera Corp (Applied Biosystems Group)		3,386
128,625		BAE Systems plc		1,072
4,236		Bard (C.R.), Inc		351
2,018	e	Bausch & Lomb, Inc		105
88,043		Baxter International, Inc		4,084
2,561	e	Beckman Coulter, Inc		153
75,553		Becton Dickinson & Co		5,300
9,261		Biomet, Inc		382
242,396	*	Boston Scientific Corp		4,164
2,184		Cochlear Ltd		100
1,632	e	Cooper Cos, Inc		73
40,745	e	Danaher Corp		2,952
5,933		Dentsply International, Inc		177
90,268	e	Eastman Kodak Co		2,329
3,312		Elekta AB		70
11,816		Finmeccanica S.p.A.		320
31,680	*	Invensys plc		171
587,632		Johnson & Johnson		38,795
16,321		Keyence Corp		4,044
95,103	e	Kla-Tencor Corp		4,731
5,484		Luxottica Group S.p.A.		169
136,088		Medtronic, Inc		7,282
21,794	*	Mettler-Toledo International, Inc		1,718
2,232	e*	Millipore Corp		149
14,020		Nikon Corp		308
10,117		Nippon Electric Glass Co Ltd		213
8,409		Olympus Corp		264
149,249		PCCW Ltd		91
1,822		Phonak Holding AG.		145
8,902		Pitney Bowes, Inc		411
5,228	*	Qiagen NV		80

143

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
881,380	*	Resmed, Inc	$	4,404
22,661	e	Rockwell Collins, Inc		1,434
3,415	e	Roper Industries, Inc		172
7,364,364	*	Safilo S.p.A		43,746
37,474		Smith & Nephew plc		391
48,046	*	St. Jude Medical, Inc		1,757
27,255	e	Stryker Corp		1,502
1,409		Swatch Group AG.		311
1,514		Swatch Group AG.		68
1,885		Synthes, Inc		225
160,130	e*	Teradyne, Inc		2,396
190,612		Terumo Corp		7,496
2,136,469	*	Thermo Electron Corp		96,761
3,967	*	Waters Corp		194
1,134	*	William Demant Holding		92
279,306	*	Xerox Corp		4,734
40,178	*	Zimmer Holdings, Inc		3,149
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		259,807

INSURANCE AGENTS, BROKERS AND SERVICE - 1.22%
152,916	e	AON Corp		5,404
16,694	e	Brown & Brown, Inc		471
574,315		FBD Holdings plc		31,311
1,045,626		Hartford Financial Services Group, Inc		97,567
1,676,759		HBOS plc		37,164
255,678	e	Marsh & McLennan Cos, Inc		7,839
2,463		MLP AG.		49
451,159		QBE Insurance Group Ltd		10,274
22,152		Suncorp-Metway Ltd		356
35,794		Unipol S.p.A.		116
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		190,551

INSURANCE CARRIERS - 4.37%
14,089		ABC Learning Centres Ltd		93
65,183	e	ACE Ltd		3,948
6,199,461		Admiral Group plc		133,401
57,671		Aegon NV		1,099
1,522,136		Aetna, Inc		65,726
116,611		Aflac, Inc		5,364
16,836		Alleanza Assicurazioni S.p.A		225
165,056		Allianz AG.		33,719
23,815		Allstate Corp		1,551
4,085		Ambac Financial Group, Inc		364
111,000	e	American Financial Group, Inc		3,986
422,488		American International Group, Inc		30,275
54,000	*	AMERIGROUP Corp		1,938
656,106		AMP Ltd		5,231
38,102		Assicurazioni Generali S.p.A.		1,673
101,220		Aviva plc		1,629
1,171,058		AXA Asia Pacific Holdings Ltd		6,739
1,103,291		AXA S.A.		44,668
88,582	e	Axis Capital Holdings Ltd		2,956
1,629,548		China Life Insurance Co Ltd		5,562
856,776		Chubb Corp		45,332
6,435		Cincinnati Financial Corp		292
1,654		CNP Assurances		185

144

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
559		Codan A/S	$	54
57,081	e*	Conseco, Inc		1,140
21,387		Corp Mapfre S.A.		97
744,618		Credit Suisse Group		52,096
56,678		Everest Re Group Ltd		5,561
4,133	e	Fairfax Financial Holdings Ltd		821
8,294		Fidelity National Title Group, Inc (Class A)		198
11,203		First American Corp		456
2,934		Fondiaria-Sai S.p.A		140
68,353		Friends Provident plc		290
257,189	e	Genworth Financial, Inc (Class A)		8,798
65,680		Great-West Lifeco, Inc		1,904
4,700	*	Health Net, Inc		229
94,000	*	Humana, Inc		5,199
74,572		ING Groep NV		3,307
55,692		Insurance Australia Group Ltd		279
10,915		Irish Life & Permanent plc		301
7,291		KBC Groep NV		894
6,401	e	Leucadia National Corp		180
11,038		Lincoln National Corp		733
910,000		Loews Corp		37,738
388,410		Manulife Financial Corp		13,106
5,391	e	MBIA, Inc		394
10,148		Mediolanum S.p.A.		83
146,327	e	Metlife, Inc		8,635
3,251	e	MGIC Investment Corp		203
206,351		Millea Holdings, Inc		7,283
48,589		Mitsui Sumitomo Insurance Co Ltd		532
8,193		Muenchener Rueckver AG.		1,410
207,444		Old Mutual plc		708
8,656	e	Old Republic International Corp		202
108,520	*	OneBeacon Insurance Group Ltd		3,039
62,540	e	PartnerRe Ltd		4,442
31,000	*	Philadelphia Consolidated Holding Co		1,381
3,291	e	PMI Group, Inc		155
83,935		Power Corp Of Canada		2,540
60,805		Power Financial Corp		1,965
141,386		Principal Financial Group		8,299
29,136		Progressive Corp		706
149,333		Prudential Financial, Inc		12,822
96,667		Prudential plc		1,324
3,186	e	Radian Group, Inc		172
2,569		RenaissanceRe Holdings Ltd		154
27,267		Resolution plc		342
118,069		Royal & Sun Alliance Insurance Group plc		353
4,498	e	Safeco Corp		281
12,472		Samsung Fire & Marine Insurance Co Ltd		2,166
33,709		Sompo Japan Insurance, Inc		412
222,604		St. Paul Travelers Cos, Inc		11,952
83,735	*	Standard Life plc		485
8,965		Storebrand ASA		114
141,735		Sun Life Financial, Inc		5,994
13,407		Swiss Reinsurance Co		1,140
72,716		T&D Holdings, Inc		4,809
720	*	Topdanmark A/S		119
3,954	e	Torchmark Corp		252

145

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
1,082		TrygVesta A.S.	$	83
231,887		UnitedHealth Group, Inc		12,459
72,429	e	UnumProvident Corp		1,505
161,816		W.R. Berkley Corp		5,584
49,000	*	WellCare Health Plans, Inc		3,376
1,253		Wiener Staedtische Allgemeine Versicherung AG.		88
59,973	e	XL Capital Ltd (Class A)		4,319
161,688		Zurich Financial Services AG.		43,524
		TOTAL INSURANCE CARRIERS		685,283

JUSTICE, PUBLIC ORDER AND SAFETY - 0.00%**
103,481	*	PAN Fish ASA		95
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		95

LEATHER AND LEATHER PRODUCTS - 0.04%
8,079		Adidas-Salomon AG.		402
86,734	*	Coach, Inc		3,726
2,551		Hermes International		319
9,746		LVMH Moet Hennessy Louis Vuitton S.A.		1,029
27,584		Yue Yuen Industrial Holdings		88
		TOTAL LEATHER AND LEATHER PRODUCTS		5,564

LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.00%**
11,935		Brisa-Auto Estradas de Portugal S.A.		149
70,474		ComfortDelgro Corp Ltd		74
17,581		Keihin Electric Express Railway Co Ltd		121
10,772		Keisei Electric Railway Co Ltd		61
19,938		SMRT Corp Ltd		16
33,521		Tobu Railway Co Ltd		162
		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		583

LUMBER AND WOOD PRODUCTS - 0.00%**
1,956		Nobia AB		75
2,285	*	Sonae Industria SGPS S.A.		23
		TOTAL LUMBER AND WOOD PRODUCTS		98

METAL MINING - 1.33%
29,209		Agnico-Eagle Mines Ltd		1,205
46,378		Alumina Ltd		232
1,498,762		Anglo American plc		73,100
212,603		Barrick Gold Corp		6,536
45	*	Barrick Gold Corp		1
118,000	*	Bema Gold Corp		617
898,707		BHP Billiton Ltd		17,948
11,516		Boliden AB		296
86,626		Cameco Corp		3,506
83,900	*	Eldorado Gold Corp		454
16,100		First Quantum Minerals Ltd		866
108,359		Freeport-McMoRan Copper & Gold, Inc (Class B)		6,039
172,819		Goldcorp, Inc		4,907
9,598		Iluka Resources Ltd		50
59,597	*	Ivanhoe Mines Ltd		588
86,187	*	Kinross Gold Corp		1,021
24,761	*	Meridian Gold, Inc		689
65,461		MMC Norilsk Nickel (ADR)		10,343
13,250		Newcrest Mining Ltd		276

146

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
17,922		Newmont Mining Corp	$	809
875,100		Oxiana Ltd		2,190
17,464	*	Paladin Resources Ltd		123
17,700	*	PAN American Silver Corp		446
35,060		Phelps Dodge Corp		4,197
1,077,594	*	Polyus Gold (ADR)		52,263
11,369		Rio Tinto Ltd		667
41,465		Rio Tinto plc		2,207
5,174,000	*	Straits Asia Resources Ltd		2,227
700		Sumitomo Titanium Corp		78
51,915		Teck Cominco Ltd (Class B)		3,913
981		Umicore		167
76,400		Yamana Gold, Inc		1,003
120,000	*	Zhaojin Mining Industry Co Ltd		239
598,185		Zinifex Ltd		8,872
		TOTAL METAL MINING		208,075

MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.08%
1,107		Aderans Co Ltd		27
2,845		Amer Sports Oyj		63
5,933		Bulgari S.p.A.		84
5,863	e	Fortune Brands, Inc		501
25,377		Futuris Corp Ltd		39
88,719		Hasbro, Inc		2,418
14,924		Mattel, Inc		338
8,448		Namco Bandai Holdings, Inc		124
3,829		Sankyo Co Ltd		212
271,920		Tyco International Ltd		8,266
7,075		Yamaha Corp		150
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		12,222

MISCELLANEOUS RETAIL - 0.86%
12,458	e*	Amazon.com, Inc		492
328,883		Best Buy Co, Inc		16,178
1,840		Circle K Sunkus Co Ltd		33
611,468		Compagnie Financiere Richemont AG.		35,629
332,522	e	CVS Corp		10,278
3,183		DCC plc		108
152,000	*	Dollar Tree Stores, Inc		4,575
1,247		Douglas Holding AG.		64
3,000		EDION Corp		45
539		Folli-Follie S.A.		21
15,505		HMV Group plc		43
34,841		Home Retail Group		280
86,506		Hutchison Whampoa Ltd		879
41		Index Corp		24
35,436		Jean Coutu Group, Inc (Class A)		418
1,013,820	*	KarstadtQuelle AG.		29,389
2,076	e	Longs Drug Stores Corp		88
1,562		Matsumotokiyoshi Co Ltd		35
9,076		Next plc		320
34,843		Nippon Mining Holdings, Inc		251
121,125	*	Office Depot, Inc		4,623
13,000	e	OfficeMax, Inc		645
33,389		Origin Energy Ltd		218
20,729		Pacific Brands Ltd		43

147

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
5,426	e	Petsmart, Inc	$	157
794		Ryohin Keikaku Co Ltd		61
1,308,000		Sa Sa International Holdings Ltd		437
2,553		Sanoma-WSOY Oyj		72
30,400	*	Sears Holdings Corp		5,105
47,464		Shoppers Drug Mart Corp		2,039
69,021		Signet Group plc		160
266,540		Staples, Inc		7,117
5,462	e	Tiffany & Co		214
71,348		Tsutsumi Jewelry Co Ltd		2,020
130,315		Walgreen Co		5,980
197,210		Xebio Co Ltd		6,198
		TOTAL MISCELLANEOUS RETAIL		134,239

MOTION PICTURES - 0.95%
12,500		Astral Media, Inc		428
2,980,460		CBS Corp (Class B)		92,931
10,090	*	Discovery Holding Co (Class A)		162
131,765	*	DreamWorks Animation SKG, Inc (Class A)		3,886
435,318		News Corp (Class A)		9,351
21,499	e	News Corp (Class B)		479
2,704	*	Premiere AG.		45
1,177,343		Time Warner, Inc		25,643
5,280		Toho Co Ltd		95
469,723		Walt Disney Co		16,097
		TOTAL MOTION PICTURES		149,117

NONDEPOSITORY INSTITUTIONS - 2.91%
2,712		Acom Co Ltd		91
91,403		Aeon Credit Service Co Ltd		1,732
534,828		Aeon Thana Sinsap Thailand PCL		709
118,504		Aiful Corp		3,336
5,638	e	American Capital Strategies Ltd		261
2,558,204		American Express Co		155,206
4,111,380	*	BlueBay Asset Management (United Kingdom)		31,556
1,100,261		Bursa Malaysia BHD		2,511
78,959		Capital One Financial Corp		6,066
13,085		Cattles plc		113
16,838		Challenger Financial Services Group Ltd		55
488,274		CIT Group, Inc		27,231
8,447	*	Collins Stewart plc		42
33,000	e*	CompuCredit Corp		1,314
24,265		Countrywide Financial Corp		1,030
74,336		Credit Saison Co Ltd		2,561
2,560		D Carnegie AB		55
211,443		Deutsche Postbank AG.		17,855
849,300		Eurocastle Investment Ltd		43,275
520,602		Fannie Mae		30,919
784,800	e	First Marblehead Corp		42,889
290,115		Freddie Mac		19,699
1,402		Hitachi Capital Corp		27
725,000		Hong Leong Finance Ltd		1,806
5,335		Hypo Real Estate Holding AG.		336
19,212		ICAP plc		180
29,601		IGM Financial, Inc		1,246
499		Kenedix, Inc		2,252

148

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
2,365,192	*	Kim Eng Holdings Ltd	$	2,128
1,046,500		Krungthai Card PCL		841
1,800,050		Natixis		50,564
5,352,678		Nissin Co Ltd		2,429
1,623		Perpetual Trustees Australia Ltd		100
3,174		Promise Co Ltd		99
10,168		Provident Financial plc		140
221		SFCG Co Ltd		34
93,241		SLM Corp		4,547
4,384		Takefuji Corp		173
335	v*	Tower Australia Group Ltd		-	^
8,447	*	Tullett Prebon plc		107
		TOTAL NONDEPOSITORY INSTITUTIONS		455,515

NONMETALLIC MINERALS, EXCEPT FUELS - 0.02%
14,272		Aber Diamond Corp		526
60,663		Itochu Corp		498
2,527		Solvay S.A.		388
20,749	e	Vulcan Materials Co		1,865
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		3,277

OIL AND GAS EXTRACTION - 1.60%
7,691	*	Acergy S.A.		148
22,907		Anadarko Petroleum Corp		997
8,516,000		Apexindo Pratama Duta PT		1,638
110,067	e	Baker Hughes, Inc		8,218
993,496		BG Group plc		13,481
11,836	e	BJ Services Co		347
60,886	*	Cameron International Corp		3,230
132,349		Canadian Natural Resources Ltd		7,053
56,500		Canadian Oil Sands Trust		1,580
50,000		Canetic Resources Trust		705
17,081		Chesapeake Energy Corp		496
3,204	e	Cimarex Energy Co		117
4,695	*	Denbury Resources, Inc		130
32,402	*	DET Norske Oljeselskap		60
2,460	e	Diamond Offshore Drilling, Inc		197
10,200	*	Duvernay Oil Corp		302
202,329		EnCana Corp		9,310
30,400		Enerplus Resources Fund		1,321
6,028	e	ENSCO International, Inc		302
32,200		Ensign Energy Services, Inc		508
4,384	e	Equitable Resources, Inc		183
54,700	*	First Calgary Petroleums Ltd		327
28,032	e	GlobalSantaFe Corp		1,648
160,900		Halliburton Co		4,996
26,200		Harvest Energy Trust		589
31,318		Husky Energy, Inc		2,096
524		Inpex Holdings, Inc		4,306
74,500	v*	KazMunaiGas Exploration Production (GDR)		1,822
8,742	*	Lundin Petroleum AB		101
11,814	e*	Nabors Industries Ltd		352
76,845	*	National Oilwell Varco, Inc		4,701
5,100		Neste Oil Oyj		155
64,423	*	Nexen, Inc		3,547
8,300		Niko Resources Ltd		593

149

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
5,304		Noble Corp	$	404
42,000	*	OPTI Canada, Inc		712
6,524		Patterson-UTI Energy, Inc		151
57,780		Penn West Energy Trust		1,762
123,521		Petro-Canada		5,058
4,401,366		PetroChina Co Ltd		6,236
69,000		Petroleo Brasileiro S.A. (ADR)		7,106
6,804	*	Petroleum Geo-Services ASA		160
4,922		Pioneer Natural Resources Co		195
15,000	*	Plains Exploration & Production Co		713
15,100		Precision Drilling Trust		350
157,301	e*	Pride International, Inc		4,721
8,210		ProSafe ASA		117
47,200		Provident Energy Trust		520
5,125		Range Resources Corp		141
4,342,600	*	Renewable Energy Corp A.S.		79,397
4,273		Rowan Cos, Inc		142
296,098		Saipem S.p.A.		7,716
23,712		Santos Ltd		185
161,242		Schlumberger Ltd		10,184
12,800	e*	SEACOR Holdings, Inc		1,269
8,669	*	SeaDrill Ltd		146
3,475		Singapore Petroleum Co Ltd		10
37,615	*	Southwestern Energy Co		1,318
270,112		Talisman Energy, Inc		4,586
4,219	*	TGS Nopec Geophysical Co ASA		87
265,521		Total S.A.		19,155
42,493	*	Transocean, Inc		3,437
28,500		Trican Well Service Ltd		497
6,019	e*	Ultra Petroleum Corp		287
105,900	*	UTS Energy Corp		410
43,400	e*	Veritas DGC, Inc		3,716
13,677	*	Weatherford International Ltd		572
36,000	*	Western Oil Sands, Inc (Class A)		1,010
157,198		Woodside Petroleum Ltd		4,729
174,305		XTO Energy, Inc		8,201
		TOTAL OIL AND GAS EXTRACTION		250,956

PAPER AND ALLIED PRODUCTS - 0.20%
98,034	*	Abitibi-Consolidated, Inc		251
1,391		Billerud AB		25
17,803	*	Canfor Corp		165
232		Canfor Plus Income Fund		2
51,208	*	Domtar, Inc		433
2,101		Holmen AB (B Shares)		91
17,023		International Paper Co		580
221,090		Kimberly-Clark Corp		15,023
3,367		Kokuyo Co Ltd		53
136		Mayr-Melnhof Karton AG.		26
7,138		MeadWestvaco Corp		215
35		Nippon Paper Group, Inc		132
6,801		Norske Skogindustrier ASA		117
29,563		OJI Paper Co Ltd		157
18,388		PaperlinX Ltd		57
360,978		Sanrio Co Ltd		5,427
9,975	e*	Smurfit-Stone Container Corp		105

150

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
42,000		Sonoco Products Co	$	1,599
23,111		Stora Enso Oyj (R Shares)		366
7,457		Svenska Cellulosa AB (B Shares)		389
109,152		Temple-Inland, Inc		5,024
1,741		Uni-Charm Corp		103
20,819		UPM-Kymmene Oyj		526
		TOTAL PAPER AND ALLIED PRODUCTS		30,866

PERSONAL SERVICES - 0.03%
5,347	e	Cintas Corp		212
6,788		Davis Service Group plc		67
12,172		H&R Block, Inc		280
909,625		Kuala Lumpur Kepong BHD		3,481
		TOTAL PERSONAL SERVICES		4,040

PETROLEUM AND COAL PRODUCTS - 5.11%
95,005		Apache Corp		6,319
9,200		Ashland, Inc		636
2,990,948		BP plc		33,234
17,900	e	BP plc (ADR)		1,201
1,084,210		Chevron Corp		79,722
814,374		ConocoPhillips		58,594
75,211		Devon Energy Corp		5,045
1,434,186		ENI S.p.A.		48,238
9,574		EOG Resources, Inc		598
3,917,960	d	Exxon Mobil Corp		300,233
4,249		Hellenic Petroleum S.A.		59
89,000		Hess Corp		4,412
83,918		Imperial Oil Ltd		3,089
149,535		Marathon Oil Corp		13,832
1,820		Motor Oil Hellas Corinth Refineries S.A.		47
5,140	*	Newfield Exploration Co		236
165,733		Noble Energy, Inc		8,133
383,248		Occidental Petroleum Corp		18,714
6,564		OMV AG.		373
14,990		Premier Farnell plc		58
34,154		Repsol YPF S.A.		1,181
3,109,744		Royal Dutch Shell plc (A Shares)		108,685
1,271,825		Royal Dutch Shell plc (B Shares)		44,575
50,919		Shell Canada Ltd (Class A)		1,900
7,466		Showa Shell Sekiyu KK		84
830,635		Statoil ASA		22,014
362,223		Suncor Energy, Inc		28,511
5,044	e	Sunoco, Inc		315
35,570	e	Tesoro Corp		2,339
11,353		TonenGeneral Sekiyu KK		113
155,363		Valero Energy Corp		7,948
		TOTAL PETROLEUM AND COAL PRODUCTS		800,438

PIPELINES, EXCEPT NATURAL GAS - 0.03%
119,957		TransCanada Corp		4,177
		TOTAL PIPELINES, EXCEPT NATURAL GAS		4,177

PRIMARY METAL INDUSTRIES - 1.13%
7,226		Acerinox S.A.		220
92,538	*	Alcan, Inc		4,506

151

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
34,414	e	Alcoa, Inc	$	1,033
7,939	*	Algoma Steel, Inc		224
3,311		Allegheny Technologies, Inc		300
514		Bekaert S.A.		64
328,009		BHP Billiton plc		6,002
27,805		BlueScope Steel Ltd		189
1,623		Boehler-Uddeholm AG.		114
249,649	*	Corning, Inc		4,671
35,701		Corus Group plc		371
12,698		Daido Steel Co Ltd		84
9,913		DOWA HOLDINGS CO Ltd		85
10,913	v*	Dowa Mining Co Ltd		-	^
14,108		Fujikura Ltd		124
538,458		Furukawa Electric Co Ltd		3,384
850		Hoganas AB (Class B)		22
11,536		IPSCO, Inc		1,084
8,727		Johnson Matthey plc		241
110,723		Kobe Steel Ltd		380
43,706	*	Lone Star Technologies, Inc		2,116
39,186		Mitsubishi Materials Corp		147
24,239		Mitsui Mining & Smelting Co Ltd		121
1,718		Mittal Steel Co NV		72
25,956		Mittal Steel Co NV		1,096
17,308		Nippon Light Metal Co Ltd		44
242,818		Nippon Steel Corp		1,396
33,715		Nisshin Steel Co Ltd		125
28,163		Norsk Hydro ASA		874
18,460		Novelis, Inc		516
78,960		Nucor Corp		4,316
22,650		OneSteel Ltd		84
3,966		Outokumpu Oyj		155
454,600		Precision Castparts Corp		35,586
1,636		Salzgitter AG.		214
28,656		Sumitomo Electric Industries Ltd		448
454,807		Sumitomo Metal Industries Ltd		1,976
21,449		Sumitomo Metal Mining Co Ltd		275
1,261,200		Tenaris S.A. (ADR)		62,921
14,330		ThyssenKrupp AG.		675
1,100		Toho Titanium Co Ltd		58
4,348		Tokyo Steel Manufacturing Co Ltd		68
23,761		United States Steel Corp		1,738
131,675		Vallourec		38,292
4,106		Viohalco S.A.		51
3,467		Voestalpine AG.		196
		TOTAL PRIMARY METAL INDUSTRIES		176,658

PRINTING AND PUBLISHING - 0.47%
11,355		APN News & Media Ltd		54
4,811		Arnoldo Mondadori Editore S.p.A.		50
301,333		Axel Springer AG.		53,500
27,138		Dai Nippon Printing Co Ltd		419
11,852		Daily Mail & General Trust		166
6,486		De La Rue plc		82
1,964	e	Dow Jones & Co, Inc		75
2,464	*	Dun & Bradstreet Corp		204
8,586		Emap plc		136

152

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
6,882		Eniro AB	$	91
9,276		Gannett Co, Inc		561
22,592		Independent News & Media plc		90
40,020		John Fairfax Holdings Ltd		153
2,137	e	McClatchy Co (Class A)		92
120,652		McGraw-Hill Cos, Inc		8,207
5,339	e	New York Times Co (Class A)		130
4,991		PagesJaunes Groupe S.A.		99
32,010		Pearson plc		484
288,798		PRONEXUS, Inc		2,691
21,176	*	Quebecor World, Inc		245
8,535		R.R. Donnelley & Sons Co		303
28,164		Reed Elsevier NV		480
50,170		Reed Elsevier plc		551
1,928		Schibsted ASA		69
59,222		Singapore Press Holdings Ltd		165
55,433		Thomson Corp		2,300
23,540		Toppan Printing Co Ltd		260
6,363		Tribune Co		196
11,648		Trinity Mirror plc		107
11,250		United Business Media plc		153
135		Washington Post Co (Class B)		101
11,670		Wolters Kluwer NV		336
30,828		Yell Group plc		344
61,900		Yellow Pages Income Fund		683
		TOTAL PRINTING AND PUBLISHING		73,577

RAILROAD TRANSPORTATION - 0.22%
64,974		Burlington Northern Santa Fe Corp		4,796
1,380		Canadian National Railway Co		59
128,166	*	Canadian National Railway Co		5,503
39,091		Canadian Pacific Railway Ltd		2,058
63		Central Japan Railway Co		651
239,512		CSX Corp		8,247
135		East Japan Railway Co		902
15,645		Firstgroup plc		176
80,311		Norfolk Southern Corp		4,039
27,105		Odakyu Electric Railway Co Ltd		173
75,172		Union Pacific Corp		6,917
68		West Japan Railway Co		291
		TOTAL RAILROAD TRANSPORTATION		33,812

REAL ESTATE - 3.94%
120,105		Aeon Mall Co Ltd		6,782
1,373,420	*	Allgreen Properties Ltd		600
2,746,841		Allgreen Properties Ltd		2,346
35,547		Ascendas Real Estate Investment Trust		62
6,546,618		Ayala Land, Inc		2,035
4,777		Bovis Homes Group plc		101
2,986,156		British Land Co plc		100,215
10,173		Brixton plc		115
34,196		Brookfield Properties Co		1,347
2,121,731		CapitaLand Ltd		8,577
6,380		Castellum AB		85
1,539,468	*	CB Richard Ellis Group, Inc (Class A)		51,110
32,610		Centro Properties Group		234

153

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
61,303		Cheung Kong Holdings Ltd	$	755
19,624		City Developments Ltd		162
269		Cofinimmo		54
1,605		Corio NV		131
105,919		DB RREEF Trust		148
2,027		Fadesa Inmobiliaria S.A.		94
51,460,430		Far East Consortium		25,140
1,773,900		GAGFAH S.A.		56,269
494		Gecina S.A.		95
1,618,644		Hammerson plc		49,979
91,683		Hang Lung Properties Ltd		230
36,789		Henderson Land Development Co Ltd		206
27,228		Hopewell Holdings		96
26,263		Hysan Development Co Ltd		69
2,569,400		IGB Corp BHD		1,311
17,806	*	IMMOFINANZ Immobilien Anlagen AG.		254
56,771		Investa Property Group		112
3,462		IVG Immobilien AG.		149
230,000	e	Jones Lang LaSalle, Inc		21,199
20,119		Kerry Properties Ltd		94
734		Klepierre		139
5,431		Kungsleden AB		83
5,288,003		Land and Houses PCL		962
5,013		Leopalace21 Corp		160
10,778		Liberty International plc		295
55,282		Macquarie Goodman Group		332
75,754,000		Megaworld Corp		3,738
11,488		MI Developments, Inc (Class A)		411
39,162		Mirvac Group		173
2,883,473		Mitsubishi Estate Co Ltd		74,628
32,853		Mitsui Fudosan Co Ltd		802
106,228		New World Development Ltd		214
75,512		ORIX Corp		21,860
19,000		Pacific Management Corp		41,671
1,859,113	*	Patrizia Immobilien AG.		55,365
721		Risa Partners, Inc		3,041
8,463,200		Robinsons Land Corp		2,804
42,497,000	*	Shui On Land Ltd		37,097
2,056,000		Shun TAK Holdings Ltd		3,145
3,422		Singapore Land Ltd		19
54,871		Sino Land Co		128
18,736		Slough Estates plc		288
1,620,600		SP Setia BHD		2,343
2,756	e	St. Joe Co		148
54,394		Stockland Trust Group		356
648,766		Sumitomo Realty & Development Co Ltd		20,825
56,436		Sun Hung Kai Properties Ltd		648
11,572		Tokyo Tatemono Co Ltd		129
487,307		Tokyu Land Corp		4,594
1,826		Unibail		446
3,156,568	*	Unitech Corporate Parks plc		5,810
262,700		Urban Corp		3,987
826		Wereldhave NV		110
59,882		Westfield Group		992
1,066		Wihlborgs Fastigheter AB		22
15,363		Wing Tai Holdings Ltd		23
		TOTAL REAL ESTATE		617,944

154

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.05%
6,228		Ansell Ltd	$	55
235,161		Bridgestone Corp		5,246
5,224		Continental AG.		608
1,700		Cooper Tire & Rubber Co		24
18,738		Denki Kagaku Kogyo KK		78
5,705		Michelin (C.G.D.E.) (Class B)		546
25,282		Mitsui Chemicals, Inc		195
10,994		Newell Rubbermaid, Inc		318
3,800		Nokian Renkaat Oyj		78
114,448		Pirelli & C S.p.A.		114
7,198	*	Ryanair Holdings plc		99
3,155	e	Sealed Air Corp		205
6,983		Sumitomo Bakelite Co Ltd		48
2,086		Uponor Oyj		78
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCT		7,692

SECURITY AND COMMODITY BROKERS - 3.63%
123,297		Ameriprise Financial, Inc		6,720
107,487		Australian Stock Exchange Ltd		3,237
3,499,653		Babcock & Brown Ltd		68,508
437,500		Bear Stearns Cos, Inc		71,216
393,101		Charles Schwab Corp		7,603
1,323		Chicago Mercantile Exchange Holdings, Inc		674
65,000	e*	Cowen Group, Inc		1,375
150,623		Daewoo Securities Co Ltd		3,037
51,282		Daiwa Securities Group, Inc		575
4,059		Deutsche Boerse AG.		747
16,850	*	E*Trade Financial Corp		378
58		E*Trade Securities Co Ltd		55
3,583		Euronext NV		423
7,061		Franklin Resources, Inc		778
426,073		Goldman Sachs Group, Inc		84,938
1,495		Hellenic Exchanges S.A.		27
313,238		Hong Kong Exchanges and Clearing Ltd		3,443
442,717		iShares Asia Trust - iShares FTSE/Xinhua A50 China Tracker		6,534
1,360,822	e	Janus Capital Group, Inc		29,380
1,599,200	e*	Knight Capital Group, Inc (Class A)		30,657
1,171,664		Korea Investment Holdings Co Ltd		58,331
257,332		Legal & General Group plc		794
4,865		Legg Mason, Inc		462
78,195		Lehman Brothers Holdings, Inc		6,109
6,379		London Stock Exchange Group plc		164
85,767		Macquarie Bank Ltd		5,344
4,524		Matsui Securities Co Ltd		34
146,269		Merrill Lynch & Co, Inc		13,618
9,494		Mitsubishi Securities Co		105
1,736,188		Morgan Stanley		141,378
32,893		Nikko Cordial Corp		377
402,299		Nomura Holdings, Inc		7,589
3,064		OMX AB		56
38,850		Raymond James Financial, Inc		1,178
370		SBI Holdings, Inc		125
4,902		Schroders plc		107

155

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
18,956		Shinko Securities Co Ltd	$	74
1,628,587		Singapore Exchange Ltd		6,052
9,868		T Rowe Price Group, Inc		432
4,932	*	Tower Ltd		8
16,941		TSX Group, Inc		677
3,706,000	*	Utama Banking Group BHD		1,544
5,051,000		Yuanta Core Pacific Securities Co		4,193
		TOTAL SECURITY AND COMMODITY BROKERS		569,056

SOCIAL SERVICES - 0.00%**
6,814		Vedior NV		141
		TOTAL SOCIAL SERVICES		141

SPECIAL TRADE CONTRACTORS - 0.00%**
5,349		COMSYS Holdings Corp		59
2,335		KCI Konecranes Oyj		69
6,131		Kinden Corp		50
3,033		Kone Oyj (Class B)		172
		TOTAL SPECIAL TRADE CONTRACTORS		350

STONE, CLAY, AND GLASS PRODUCTS - 1.52%
40,298		Asahi Glass Co Ltd		484
8,447		Central Glass Co Ltd		48
215,900		Ciments Francais		41,467
9,358		Cimpor Cimentos de Portugal S.A.		78
12,545		Compagnie de Saint-Gobain		1,054
7,663		Cookson Group plc		94
15,549		CRH plc		647
35,971		CSR Ltd		107
1,686		FLSmidth & Co A/S		107
2,403,000	*	Galaxy Entertainment Group Ltd		2,249
28,364		Hanson plc		428
1,200,999		Holcim Ltd		110,096
13,843,000		Holcim Philippines, Inc		2,201
1,515,000		Indocement Tunggal Prakarsa Tbk PT		969
2,818		Italcementi S.p.A.		80
18,434		James Hardie Industries NV		140
5,957		Lafarge S.A.		886
339,821		NGK Insulators Ltd		5,248
13,551,058		Nippon Sheet Glass Co Ltd		63,539
6,080	e*	Owens-Illinois, Inc		112
1,053	*	RHI AG.		54
392,025		Rinker Group Ltd		5,586
629,500		Semen Gresik Persero Tbk PT		2,541
16,952		Sumitomo Osaka Cement Co Ltd		55
34,376		Taiheiyo Cement Corp		135
9,977		Toto Ltd		100
35,260		UBE Industries Ltd		101
2,797		Wienerberger AG.		166
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		238,772

TEXTILE MILL PRODUCTS - 0.00%**
474	*	Fiberweb plc		2
26,858		Texwinca Holdings Ltd		19
		TOTAL TEXTILE MILL PRODUCTS		21

156

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
TOBACCO PRODUCTS - 2.20%
2,179,223		Altadis S.A.	$	114,060
2,165,625		Altria Group, Inc		185,854
61,905		British American Tobacco plc		1,732
27,294		Imperial Tobacco Group plc		1,074
195,972		ITC Ltd		780
8,348		Japan Tobacco, Inc		40,335
11,960		Swedish Match AB		224
		TOTAL TOBACCO PRODUCTS		344,059

TRANSPORTATION BY AIR - 0.11%
19,100	*	ACE Aviation Holdings, Inc (Class A)		619
4,822		Air France-KLM		203
25,000		All Nippon Airways Co Ltd		89
62,000	e*	AMR Corp		1,874
38,757		Auckland International Airport Ltd		60
15,946		BBA Aviation plc		85
22,651	*	British Airways plc		234
1,755,655		Cathay Pacific Airways Ltd		4,329
35,000	e*	Continental Airlines, Inc (Class B)		1,444
9,109		Deutsche Lufthansa AG.		251
59,517		FedEx Corp		6,465
432		Flughafen Wien AG.		42
18,857		Iberia Lineas Aereas de Espana		69
32,000	*	Japan Airlines Corp		57
26,873		Macquarie Airports		76
38,115		Qantas Airways Ltd		157
127	e*	Ryanair Holdings plc (ADR)		10
35,775		SABMiller plc		823
3,051	*	SAS AB		52
21,317		Singapore Airlines Ltd		243
26,767	e	Southwest Airlines Co		410
		TOTAL TRANSPORTATION BY AIR		17,592

TRANSPORTATION EQUIPMENT - 4.43%
21,000	e	A.O. Smith Corp		789
138,000		Autoliv, Inc		8,321
1,497,500		Bayerische Motoren Werke AG.		86,009
1,066,492		Boeing Co		94,747
1,476	*	Bombardier, Inc (Class A)		5
352,677	*	Bombardier, Inc (Class B)		1,195
3,679		Brunswick Corp		117
278,948		Calsonic Kansei Corp		1,631
44,911		Cobham plc		170
30,842		Cosco Corp Singapore Ltd		46
36,460		DaimlerChrysler AG.		2,252
222,435		Denso Corp		8,822
114		D'ieteren S.A.		41
12,980		European Aeronautic Defence and Space Co		447
21,729	*	Fiat S.p.A.		415
171,916	e*	Ford Motor Co		1,291
884,714		General Dynamics Corp		65,779
79,915	e	General Motors Corp		2,455
6,862		Genuine Parts Co		325
28,183		GKN plc		153
1,786,459		Goodpack Ltd		1,794

157

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
742,200		Hankyu Hanshin Holdings, Inc	$	4,241
35,858	e	Harley-Davidson, Inc		2,527
1,604		Harsco Corp		122
9,182		Hino Motors Ltd		47
62,096		Honda Motor Co Ltd		2,452
25,051	*	Hyundai Motor Co		1,816
728,469		Isuzu Motors Ltd		3,422
6,835		ITT Industries, Inc		388
60,390		Johnson Electric Holdings Ltd		41
7,495		JTEKT Corp		159
52,044		Kawasaki Heavy Industries Ltd		195
3,698,596		Keppel Corp Ltd		42,442
4,812		Lagardere S.C.A.		387
435,342	e	Lockheed Martin Corp		40,082
26,731		Magna International, Inc (Class A)		2,152
5,049		MAN AG.		456
463,258		Nabtesco Corp		5,804
6,421		NHK Spring Co Ltd		68
13,021		Northrop Grumman Corp		882
18,401		NSK Ltd		181
2,882		Oshkosh Truck Corp		140
433,838	e	Paccar, Inc		28,156
19,356	e*	Pactiv Corp		691
6,067		Peugeot S.A.		402
240,812	e	Raytheon Co		12,715
298,058		Renault S.A.		35,804
167		Rieter Holding AG.		87
70,554		Rolls-Royce Group plc		619
1,713,515		SembCorp Marine Ltd		3,799
2,761		Shimano, Inc		80
497,081		Siemens AG.		49,305
1,785,300		Singapore Technologies Engineering Ltd		3,585
313,164		Smiths Group plc		6,080
105,317	*	Spirit Aerosystems Holdings, Inc (Class A)		3,525
4,465	e	Textron, Inc		419
3,420		Thales S.A.		171
2,200		Tokai Rika Co Ltd		56
34,060		Tomkins plc		164
2,396		Toyoda Gosei Co Ltd		56
7,694		Toyota Industries Corp		354
394,418		Toyota Motor Corp		26,382
3,265		Trelleborg AB (B Shares)		78
40,000	*	TRW Automotive Holdings Corp		1,035
1,909,309		United Technologies Corp		119,370
138,424		Volkswagen AG.		15,694
3,029		Volkswagen AG.		226
2,730		Volvo AB (A Shares)		194
9,743		Volvo AB (B Shares)		671
7,389		Yamaha Motor Co Ltd		232
		TOTAL TRANSPORTATION EQUIPMENT		694,758

TRANSPORTATION SERVICES - 0.05%
7,870		Arriva plc		118
29,448	e	Expeditors International Washington, Inc		1,193
270,000	e*	Hertz Global Holdings, Inc		4,695
112		Kuoni Reisen Holding		60

158

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
2,611	*	Lear Corp	$	77
55,955		MTR Corp		141
5,491		National Express Group plc		121
5,495		Sabre Holdings Corp (Class A)		175
30,266		Stagecoach Group plc		91
1,631		Stolt-Nielsen S.A.		50
30,495		Sydney Roads Group		32
21,363		Toll Holdings Ltd		308
8,480	*	TUI AG.		169
		TOTAL TRANSPORTATION SERVICES		7,230

TRUCKING AND WAREHOUSING - 0.38%
30,873		Deutsche Post AG.		931
120,003		DSV A/S		21,924
9,323		Kamigumi Co Ltd		76
4,262		Mitsubishi Logistics Corp		66
30,343		Nippon Express Co Ltd		166
4,991		Seino Holdings Corp		47
725,013		TNT NV		31,181
71,320		United Parcel Service, Inc (Class B)		5,347
14,378		Yamato Transport Co Ltd		221
		TOTAL TRUCKING AND WAREHOUSING		59,959

WATER TRANSPORTATION - 0.12%
44		AP Moller - Maersk A/S		414
234,000	e	Aries Maritime Transport Ltd		2,146
1,516		Cargotec Corp (B Shares)		84
60,359	e	Carnival Corp		2,961
6,803		Carnival plc		345
513		Compagnie Maritime Belge S.A.		22
601		D/S Torm A/S		39
135,000	*	Danaos Corp		3,240
758		Euronav NV		23
1,194,000		Ezra Holdings Ltd		3,098
2,084		Frontline Ltd		67
22,186		Kawasaki Kisen Kaisha Ltd		174
2,148		Kuehne & Nagel International AG.		156
44,145		Mitsui OSK Lines Ltd		436
14,020		Neptune Orient Lines Ltd		19
41,636		Nippon Yusen Kabushiki Kaisha		304
175,000	e	Omega Navigation Enterprises, Inc (Class A)		2,741
11,517		Orient Overseas International Ltd		73
36,000	e	Overseas Shipholding Group, Inc		2,027
16,842	e	Royal Caribbean Cruises Ltd		697
		TOTAL WATER TRANSPORTATION		19,066

WHOLESALE TRADE-DURABLE GOODS - 0.36%
3,845		AGFA-Gevaert NV		98
17,002	e*	Arrow Electronics, Inc		536
12,416		Assa Abloy AB (Class B)		270
1,292		Autobacs Seven Co Ltd		47
23,315		Boral Ltd		141
4,305		Buhrmann NV		64
87,000	e	Building Material Holding Corp		2,148
13,817		Bunzl plc		170
3,171		Canon Marketing Japan Inc		72

159

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
3,912		Compagnie Generale d'Optique Essilor International S.A.	$	421
1,783		Creative Technology Ltd		12
4,383	e*	Cytyc Corp		124
17,319		Electrocomponents plc		99
22,025		Finning International, Inc		903
20,541	*	Hagemeyer NV		104
18,218		Inchcape plc		181
5,065		Kingspan Group plc		134
1,713	e	Martin Marietta Materials, Inc		178
12,857,697	*	Melco International Development		30,482
23		NET One Systems Co Ltd		30
863,529		Nissan Motor Co Ltd		10,398
4,520	*	Patterson Cos, Inc		161
1,524,500		PT Astra International Tbk		2,661
3,319		Rautaruukki Oyj		132
1,772	*	Securitas Direct AB (B Shares)		6
1,772	*	Securitas Systems AB (B Shares)		7
41,947		Sumitomo Corp		628
3,318	*	Tandberg Television ASA		42
89,000	*	TMK OAO (GDR)		3,115
576,000		UMW Holdings BHD		1,257
2,994	e	W.W. Grainger, Inc		209
7,500	e*	WESCO International, Inc		441
15,040		Wesfarmers Ltd		446
26,148		Wolseley plc		631
1,634		Zodiac S.A.		110
		TOTAL WHOLESALE TRADE-DURABLE GOODS		56,458

WHOLESALE TRADE-NONDURABLE GOODS - 0.96%
1,237		Axfood AB		51
363,612		Billabong International Ltd		4,994
116,203		Cardinal Health, Inc		7,487
1,733		Casino Guichard Perrachon S.A.		161
3,384		Celesio AG.		181
5,277	e*	Dean Foods Co		223
733,531		Esprit Holdings Ltd		8,190
80,320		Foster's Group Ltd		439
10,283		Fyffes plc		24
253,180		Gazprom (ADR)		11,646
14,859	*	Gildan Activewear, Inc		694
847,877	e*	Idearc, Inc		24,292
35,682	*	KT&G Corp		2,168
90,266		Li & Fung Ltd		281
61,236		Marubeni Corp		311
6,409		Metro AG.		409
53,798		Mitsubishi Corp		1,013
25,202		Nike, Inc (Class B)		2,496
48,400		Nippon Oil Corp		324
1,658		Oriflame Cosmetics S.A.		68
1,033,458		Orkla ASA		58,508
345,600		Pelikan International Corp BHD		341
146,645	e	Safeway, Inc		5,068
37,500		San-A Co Ltd		1,182
5,211,585		Sinochem Hong Kong Holding Ltd		2,164
1,105		Societe BIC S.A.		77
2,971		Suzuken Co Ltd		112

160

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

MATURITY

VALUE

SHARES

RATE

DATE

(000)

275,000

Symrise AG.

7,079

24,464

Sysco Corp

899

68,345

Unilever NV

1,867

282,500

Unilever NV

7,698

TOTAL WHOLESALE TRADE-NONDURABLE GOODS

150,447

TOTAL COMMON STOCKS

15,424,651

(Cost $13,819,507)

WARRANTS - 0.00%**

HOTELS AND OTHER LODGING PLACES - 0.00%**

1,408,348

Minor International PCL (Expires 03/29/08)

226

TOTAL HOTELS AND OTHER LODGING PLACES

226

TOTAL WARRANTS

226

(Cost $0)

SHORT-TERM INVESTMENTS - 3.69%

PRINCIPAL

COMMERCIAL PAPER - 0.46%

$ 30,000,000

American Honda Finance Corp

5.220%

02/07/07

29,842

12,500,000

c,d

CC (USA), Inc

5.260

01/08/07

12,489

30,000,000

c,d

Ranger Funding Co LLC

5.260

01/24/07

29,902

TOTAL COMMERCIAL PAPER

72,233

U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES - 0.11%

1,000,000

Federal Home Loan Bank (FHLB)

4.800

01/02/07

1,000

800,000

FHLB

5.200

01/19/07

798

3,195,000

Federal Home Loan Mortgage Corp (FHLMC)

5.170

01/02/07

3,195

12,115,000

Federal National Mortgage Association (FNMA)

5.128

02/21/07

12,030

TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES

17,023

SHARES

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 3.12%

489,332,182

State Street Navigator Securities Lending Prime Portfolio

489,332

TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED

489,332

TOTAL SHORT-TERM INVESTMENTS

578,588

(Cost $578,577) (includes $501,152 of cash collateral for securities on loan)

TOTAL PORTFOLIO - 102.81%

16,115,055

(Cost $14,478,490)

OTHER ASSETS & LIABILITIES, NET - (2.81%)

(440,858

)

NET ASSETS - 100.00%

15,674,197

The following abbreviations are used in portfolio descriptions:

ADR

American Depositary Receipt

GDR

Global Depositary Receipt

LLC

Limited Liability Company

plc

Public Limited Company

161

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account


	*		Non-income producing.
	**		Percentage represents less than 0.01%.
	^		Amount represents less than $1,000.
	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 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.

					UNREALIZED
	NUMBER OF	MARKET	EXPIRATION	APPRECIATION
OPEN FUTURES CONTRACTS:	CONTRACTS	VALUE	DATE	(DEPRECIATION)

E-mini S&P 500 Index	565	$ 40,352,300	March 2007		$ 212,242

COLLEGE RETIREMENT EQUITIES FUND
TRANSACTIONS WITH AFFILIATED COMPANIES-GLOBAL EQUITIES ACCOUNT
JANUARY 1, 2006 - DECEMBER 31, 2006

	Value at	Purchase		Realized	Dividend	Withholding	Shares at	Value at
Issue	December 31, 2005	Cost	Proceeds	Gain/(Loss)	Income	Expense	December 31, 2006	December 31, 2006
Saic, Inc	$ **	$ 30,373,468	$ 1,442,541	$ 305,541	$ -	$ -	5,468,711	$	97,288,369
		$ 30,373,468	$ 1,442,541	$ 305,541	$ -	$ -		$	97,288,369

** Not an Affiliate as of December 31, 2005

162

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

COLLEGE RETIREMENT EQUITIES FUND
GLOBAL EQUITIES ACCOUNT
Summary of Market Values by Country
December 31, 2006

			% OF MARKET
		VALUE	VALUE

DOMESTIC
UNITED STATES	$	7,530,916,092	46.73	%
TOTAL DOMESTIC		7,530,916,092	46.73

FOREIGN
AUSTRALIA		322,663,447	2.00
AUSTRIA		3,138,224	0.02
BELGIUM		6,368,671	0.04
BRAZIL		7,106,310	0.04
CANADA		250,868,693	1.56
CAYMAN ISLANDS		28,821,842	0.18
CHINA		49,718,550	0.31
DENMARK		25,981,447	0.16
FINLAND		114,968,107	0.71
FRANCE		1,032,913,815	6.41
GERMANY		938,554,756	5.82
GREECE		3,278,888	0.02
HONG KONG		554,332,878	3.44
INDIA		32,012,564	0.20
INDONESIA		12,501,421	0.08
IRELAND		62,587,301	0.39
ITALY		207,308,839	1.29
JAPAN		1,212,663,008	7.52
LUXEMBOURG		62,921,268	0.39
MALAYSIA		73,843,728	0.46
NETHERLANDS		318,772,507	1.98
NEW ZEALAND		4,581,489	0.03
NORWAY		163,506,624	1.01
PAKISTAN		905,250	0.01
PHILIPPINES		30,736,289	0.19
PORTUGAL		1,751,994	0.01
REPUBLIC OF KOREA		79,802,415	0.50
RUSSIA		77,367,427	0.48
SINGAPORE		231,609,431	1.44
SOUTH AFRICA		4,723,200	0.03
SPAIN		389,803,611	2.42
SWEDEN		126,311,671	0.78
SWITZERLAND		530,949,915	3.29
TAIWAN (REPUBLIC OF CHINA)		12,476,825	0.08
THAILAND		10,268,931	0.06
UNITED KINGDOM		1,598,017,534	9.92
TOTAL FOREIGN		8,584,138,870	53.27
TOTAL PORTFOLIO	$	16,115,054,962	100.00	%

163

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

COLLEGE RETIREMENT EQUITIES FUND
GROWTH ACCOUNT
STATEMENT OF INVESTMENTS
December 31, 2006

				VALUE
SHARES				(000)

COMMON STOCKS - 99.87%

AMUSEMENT AND RECREATION SERVICES - 0.21%
400	e	Harrah's Entertainment, Inc	$	33
360	*	Penn National Gaming, Inc		15
1,500,600		Publishing & Broadcasting Ltd		25,289
305	e	Warner Music Group Corp		7
		TOTAL AMUSEMENT AND RECREATION SERVICES		25,344

APPAREL AND ACCESSORY STORES - 0.64%
1,973,442	e*	J Crew Group, Inc		76,076
200	*	Kohl's Corp		14
3,970	e	Limited Brands, Inc		115
1,810	e	Ross Stores, Inc		53
		TOTAL APPAREL AND ACCESSORY STORES		76,258

APPAREL AND OTHER TEXTILE PRODUCTS - 0.76%
1,172,259		Polo Ralph Lauren Corp		91,038
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		91,038

AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.00%**
4,800	*	Copart, Inc		144
2,400	e*	O'Reilly Automotive, Inc		77
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		221

BUILDING MATERIALS AND GARDEN SUPPLIES - 0.16%
37,340		Home Depot, Inc		1,499
577,900	e	Lowe's Cos, Inc		18,002
300	e	Sherwin-Williams Co		19
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		19,520

BUSINESS SERVICES - 13.16%
2,080	e*	Activision, Inc		36
6,316,544	*	Adobe Systems, Inc		259,736
900	e*	Akamai Technologies, Inc		48
190	e*	Alliance Data Systems Corp		12
3,450	*	Autodesk, Inc		140
41,960		Automatic Data Processing, Inc		2,067
5,550	*	BEA Systems, Inc		70
1,740	e*	BMC Software, Inc		56
1,680	e	Brink's Co		107
640	e*	Cadence Design Systems, Inc		11
6,485	e*	Ceridian Corp		181
2,295	e*	Cerner Corp		104
2,465	e*	Checkfree Corp		99
2,720	e*	Citrix Systems, Inc		74
229,151	e*	Cognizant Technology Solutions Corp (Class A)		17,681
3,318,960	*	eBay, Inc		99,801
3,736,721	e*	Electronic Arts, Inc		188,181
4,550	e	Equifax, Inc		185

164

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES				(000)
200	e	Factset Research Systems, Inc	$	11
420		Fair Isaac Corp		17
16,000	e	First Data Corp		408
5,780	e*	Fiserv, Inc		303
711,031	e*	Gartner, Inc		14,071
859,860	*	Google, Inc (Class A)		395,948
1,840	e*	Interpublic Group of Cos, Inc		23
1,577,800	e*	Intuit, Inc		48,139
8,955	e*	Iron Mountain, Inc		370
1,757,600	e*	Juniper Networks, Inc		33,289
2,995	e*	Lamar Advertising Co (Class A)		196
10,026,906		Microsoft Corp		299,403
2,400	e	MoneyGram International, Inc		75
3,720	e*	NCR Corp		159
236,853	e	Omnicom Group, Inc		24,761
1,455	e*	Red Hat, Inc		34
4,430	e	Robert Half International, Inc		164
2,355	e*	Salesforce.com, Inc		86
4,579,259	e*	Sun Microsystems, Inc		24,820
1,545,800	e*	Symantec Corp		32,230
115	e*	Synopsys, Inc		3
4,185	e	Total System Services, Inc		110
300	*	VeriSign, Inc		7
2,900		Waste Management, Inc		107
5,220,654	e*	Yahoo!, Inc		133,336
		TOTAL BUSINESS SERVICES		1,576,659

CHEMICALS AND ALLIED PRODUCTS - 13.26%
2,883,151	e	Abbott Laboratories		140,438
411,850	e	Air Products & Chemicals, Inc		28,945
2,025,475	*	Amgen, Inc		138,360
1,500		Avon Products, Inc		49
300	*	Barr Pharmaceuticals, Inc		15
1,380	e*	Biogen Idec, Inc		68
125	e*	Cephalon, Inc		9
700		Colgate-Palmolive Co		46
3,200		Dade Behring Holdings, Inc		127
731,700		Daiichi Sankyo Co Ltd		22,872
800		Ecolab, Inc		36
6,235	*	Forest Laboratories, Inc		315
1,799,073	e*	Genentech, Inc		145,959
2,824,264	e*	Gilead Sciences, Inc		183,379
4,695	e*	Hospira, Inc		158
3,165	e*	Idexx Laboratories, Inc		251
2,843,806	a,e*	Keryx Biopharmaceuticals, Inc		37,823
1,773,281	e*	Medimmune, Inc		57,401
994,841		Merck & Co, Inc		43,375
5,031,402	e	Monsanto Co		264,300
4,990		Praxair, Inc		296
3,133,340		Procter & Gamble Co		201,380
694,167		Roche Holding AG.		124,477
520	e*	Sepracor, Inc		32
7,730	e*	VCA Antech, Inc		249
477,956	e*	Vertex Pharmaceuticals, Inc		17,885
3,564,271	e	Wyeth		181,493
		TOTAL CHEMICALS AND ALLIED PRODUCTS		1,589,738

165


COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES				(000)

COAL MINING - 0.20%
2,380	e	Massey Energy Co	$	55
317,760	e	Peabody Energy Corp		12,841
289,000	e	Sasol Ltd (ADR)		10,664
		TOTAL COAL MINING		23,560

COMMUNICATIONS - 3.57%
1,646,651	e	America Movil S.A. de C.V.(Series L) (ADR)		74,462
7,275	*	American Tower Corp (Class A)		271
2,858,914	e	AT&T, Inc		102,206
2,905,115	e*	Comcast Corp (Class A)		122,974
6,110	e*	Crown Castle International Corp		197
1,990	e	Global Payments, Inc		92
3,427,736	e	Grupo Televisa S.A. (ADR)		92,583
1,300	e*	Level 3 Communications, Inc		7
9,580	*	Liberty Media Holding Corp (Interactive A)		207
1,995	e*	NeuStar, Inc (Class A)		65
523,993	e*	NII Holdings, Inc		33,766
7,805		Sprint Nextel Corp		147
570	*	US Cellular Corp		40
11,060	*	Viacom, Inc (Class B)		454
5,045	e*	XM Satellite Radio Holdings, Inc (Class A)		73
		TOTAL COMMUNICATIONS		427,544

DEPOSITORY INSTITUTIONS - 0.35%
5,115		Bank of Hawaii Corp		276
1,850	e	Cullen/Frost Bankers, Inc		103
13,910		Mellon Financial Corp		586
1,980	e	Northern Trust Corp		120
100		State Street Corp		7
17,175		Synovus Financial Corp		529
1,792,711	e	Western Union Co		40,193
		TOTAL DEPOSITORY INSTITUTIONS		41,814

EATING AND DRINKING PLACES - 1.27%
540	e	Brinker International, Inc		16
789,009	e	McDonald's Corp		34,977
3,296,721	e*	Starbucks Corp		116,770
14,400		Tim Hortons, Inc		417
1,070	e	Wendy's International, Inc		36
4,035		Yum! Brands, Inc		237
		TOTAL EATING AND DRINKING PLACES		152,453

EDUCATIONAL SERVICES - 0.00%**
755	e*	Career Education Corp		18
1,865	*	ITT Educational Services, Inc		124
		TOTAL EDUCATIONAL SERVICES		142

ELECTRIC, GAS, AND SANITARY SERVICES - 0.59%
13,600	*	Allegheny Energy, Inc		624
5,020		Aqua America, Inc		114
2,440,000		Fortum Oyj		69,443
2,150		Questar Corp		179
4,625	e	Republic Services, Inc		188
4,240	e*	Stericycle, Inc		320

166

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES				(000)
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		70,868

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 15.51%
1,200	e*	Altera Corp	$	24
400		Ametek, Inc		13
3,180	e	Amphenol Corp (Class A)		197
3,296,569	*	Apple Computer, Inc		279,681
895	e	AVX Corp		13
2,055,491	e*	Broadcom Corp (Class A)		66,413
11,939,202	*	Cisco Systems, Inc		326,298
1,473,026	e	Cooper Industries Ltd (Class A)		133,206
4,422,466		Emerson Electric Co		194,987
1,470	e*	Energizer Holdings, Inc		104
2,264,798		Intel Corp		45,862
1,390	e	Lincoln Electric Holdings, Inc		84
11,200	e	Linear Technology Corp		340
6,099,368	e*	Marvell Technology Group Ltd		117,047
2,330	e*	MEMC Electronic Materials, Inc		91
800	e	Microchip Technology, Inc		26
5,307,094		Motorola, Inc		109,114
1,743,527	e	National Semiconductor Corp		39,578
2,400	v*	NCP Litigation Trust		-	^
2,145,216	e*	Network Appliance, Inc		84,264
900	e*	Novellus Systems, Inc		31
323,100	e*	Nvidia Corp		11,958
4,265	e*	QLogic Corp		94
8,853,506	e	Qualcomm, Inc		334,574
332,614	e*	Research In Motion Ltd		42,501
100	e*	Silicon Laboratories, Inc		3
2,515,885		Texas Instruments, Inc		72,458
800	*	Thomas & Betts Corp		38
1,900	e	Xilinx, Inc		45
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		1,859,044

ENGINEERING AND MANAGEMENT SERVICES - 3.25%
610	e*	Amylin Pharmaceuticals, Inc		22
3,331,355	e*	Celgene Corp		191,653
1,500	e	Corporate Executive Board Co		131
628,354	e	Fluor Corp		51,305
6,740	*	Jacobs Engineering Group, Inc		550
4,690		Moody's Corp		324
3,661,454		Paychex, Inc		144,774
2,175	e	Quest Diagnostics, Inc		115
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		388,874

FOOD AND KINDRED PRODUCTS - 1.92%
166,000		Groupe Danone		25,156
500	e*	Hansen Natural Corp		17
3,270,780		PepsiCo, Inc		204,587
		TOTAL FOOD AND KINDRED PRODUCTS		229,760

FORESTRY - 0.00%**
100	e	Rayonier, Inc		4
		TOTAL FORESTRY		4

167

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES				(000)
FURNITURE AND FIXTURES - 0.00%**
700	e	HNI Corp	$	31
4,660	e	Masco Corp		139
		TOTAL FURNITURE AND FIXTURES		170

FURNITURE AND HOMEFURNISHINGS STORES - 0.52%
1,755	e	Circuit City Stores, Inc		33
1,128,824	e*	GameStop Corp (Class A)		62,210
2,730	e	Williams-Sonoma, Inc		86
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		62,329

GENERAL MERCHANDISE STORES - 1.40%
4,060	e	JC Penney Co, Inc		314
2,716,361	e	Target Corp		154,968
100	e	TJX Cos, Inc		3
255,431	e	Wal-Mart Stores, Inc		11,796
		TOTAL GENERAL MERCHANDISE STORES		167,081

HEALTH SERVICES - 0.56%
200		AmerisourceBergen Corp		9
2,930	e*	Covance, Inc		173
600	*	Express Scripts, Inc		43
1,700	e*	Laboratory Corp of America Holdings		125
3,900	*	Lincare Holdings, Inc		155
2,760	e	Manor Care, Inc		129
2,920		McKesson Corp		148
1,242,680	e*	Medco Health Solutions, Inc		66,409
4,140		Pharmaceutical Product Development, Inc		133
		TOTAL HEALTH SERVICES		67,324

HOLDING AND OTHER INVESTMENT OFFICES - 1.19%
1,264,464		Alcon, Inc		141,329
100	e	Federal Realty Investment Trust		9
24,436	e	Hugoton Royalty Trust		601
85	e	Macerich Co		7
1,270	e*	Realogy Corp		39
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		141,985

HOTELS AND OTHER LODGING PLACES - 2.00%
535		Choice Hotels International, Inc		23
3,287,583	e	Hilton Hotels Corp		114,737
2,205	e*	MGM Mirage		126
1,994,806	e	Starwood Hotels & Resorts Worldwide, Inc		124,675
		TOTAL HOTELS AND OTHER LODGING PLACES		239,561

INDUSTRIAL MACHINERY AND EQUIPMENT - 3.99%
633,415	*	Alstom RGPT		85,871
1,618,139		Applied Materials, Inc		29,855
125		Black & Decker Corp		10
660	e	CDW Corp		46
4,550	e	Diebold, Inc		212
2,400	e	Donaldson Co, Inc		83
2,465		Dover Corp		121
27,900	e*	EMC Corp		368
3,800	e*	FMC Technologies, Inc		234
1,992,088		General Electric Co		74,126
100		Graco, Inc		4

168

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES				(000)
3,110	e*	Grant Prideco, Inc	$	124
2,225,565		Hewlett-Packard Co		91,671
600	e	IDEX Corp		29
4,194,523	e	International Game Technology		193,787
3,380	e	Jabil Circuit, Inc		83
2,720	e	Joy Global, Inc		132
2,655	*	Lexmark International, Inc (Class A)		194
400	e	Pall Corp		14
3,045	e	Rockwell Automation, Inc		186
3,630	e*	SanDisk Corp		156
1,800	e*	Scientific Games Corp (Class A)		54
108,879	v*	Seagate Technology, Inc		-	^
300	e*	Terex Corp		19
2,865	e*	VeriFone Holdings, Inc		101
400	e*	Western Digital Corp		8
2,490	e*	Zebra Technologies Corp (Class A)		87
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		477,575

INSTRUMENTS AND RELATED PRODUCTS - 4.47%
2,582,130	*	Agilent Technologies, Inc		89,987
235,396	e	Allergan, Inc		28,186
200	e	Bausch & Lomb, Inc		10
12,400		Baxter International, Inc		575
1,500		Becton Dickinson & Co		105
8,815	e	Danaher Corp		639
15,765		Dentsply International, Inc		471
50	e*	Intuitive Surgical, Inc		5
2,376,259		Johnson & Johnson		156,881
2,185	e	Kla-Tencor Corp		109
902,861		Medtronic, Inc		48,312
5,250	*	Mettler-Toledo International, Inc		414
6,120		Pitney Bowes, Inc		283
2,345	e*	Respironics, Inc		88
10,900	e	Rockwell Collins, Inc		690
415	e	Roper Industries, Inc		21
2,353,551	e*	St. Jude Medical, Inc		86,046
6,200	e	Stryker Corp		342
1,180	e*	Techne Corp		65
5,345	*	Thermo Electron Corp		242
1,563,836	e*	Zimmer Holdings, Inc		122,573
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		536,044

INSURANCE AGENTS, BROKERS AND SERVICE - 0.00%**
300	e	Brown & Brown, Inc		8
100	e	Gallagher (Arthur J.) & Co		3
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		11

INSURANCE CARRIERS - 2.54%
1,483,593		Aetna, Inc		64,062
23,400		Aflac, Inc		1,076
1,634,850		American International Group, Inc		117,153
1,135	e*	CNA Financial Corp		46
2,535	*	Humana, Inc		140
90	*	Markel Corp		43
3,539,280		Progressive Corp		85,721
2,562,600		Prudential plc		35,098

169

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES				(000)
500	e	Transatlantic Holdings, Inc	$	31
18,700		UnitedHealth Group, Inc		1,005
		TOTAL INSURANCE CARRIERS		304,375

JUSTICE, PUBLIC ORDER AND SAFETY - 0.00%**
460	e*	Corrections Corp of America		21
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		21

LEATHER AND LEATHER PRODUCTS - 1.06%
2,969,235	e*	Coach, Inc		127,558
		TOTAL LEATHER AND LEATHER PRODUCTS		127,558

METAL MINING - 0.83%
2,032,721		Anglo American plc		99,143
		TOTAL METAL MINING		99,143

MISCELLANEOUS RETAIL - 2.17%
648,600	e*	Amazon.com, Inc		25,594
2,692,259		Best Buy Co, Inc		132,432
795	e*	Coldwater Creek, Inc		19
2,325	e	MSC Industrial Direct Co (Class A)		91
5,315	*	Office Depot, Inc		203
1,840	e	Petsmart, Inc		53
3,778,489	e	Staples, Inc		100,886
3,835	e	Tiffany & Co		150
20,695		Walgreen Co		950
		TOTAL MISCELLANEOUS RETAIL		260,378

MOTION PICTURES - 0.89%
2,470,097	e	News Corp (Class A)		53,058
1,474,200		Time Warner, Inc		32,108
629,323		Walt Disney Co		21,567
		TOTAL MOTION PICTURES		106,733

NONDEPOSITORY INSTITUTIONS - 2.16%
4,261,713		American Express Co		258,558
7,315		Freddie Mac		497
		TOTAL NONDEPOSITORY INSTITUTIONS		259,055

NONMETALLIC MINERALS, EXCEPT FUELS - 0.00%**
2,100	e	Florida Rock Industries, Inc		90
1,500		Vulcan Materials Co		135
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		225

OIL AND GAS EXTRACTION - 2.21%
6,610	e	Baker Hughes, Inc		494
470	e	Diamond Offshore Drilling, Inc		38
900	e	ENSCO International, Inc		45
200		Equitable Resources, Inc		8
19,800		Halliburton Co		615
1,600		Helmerich & Payne, Inc		39
2,200	e*	National Oilwell Varco, Inc		135
865	e*	Oceaneering International, Inc		34
2,130	e	Patterson-UTI Energy, Inc		49
2,185	*	Pride International, Inc		66
1,557,967		Schlumberger Ltd		98,401

170

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES				(000)
4,000	e*	Southwestern Energy Co	$	140
2,525	e	St. Mary Land & Exploration Co		93
1,820	e*	Superior Energy Services		59
1,060	e*	Tetra Technologies, Inc		27
3,070	e*	Todco		105
3,486,813	e	XTO Energy, Inc		164,055
		TOTAL OIL AND GAS EXTRACTION		264,403

PERSONAL SERVICES - 0.00%**
10,205	e	H&R Block, Inc		235
		TOTAL PERSONAL SERVICES		235

PETROLEUM AND COAL PRODUCTS - 1.31%
468,753	e	Apache Corp		31,177
7,025		Exxon Mobil Corp		538
815	e	Holly Corp		42
205,000	e	Occidental Petroleum Corp		10,010
1,465,219	*	Suncor Energy, Inc		115,621
		TOTAL PETROLEUM AND COAL PRODUCTS		157,388

PRIMARY METAL INDUSTRIES - 1.93%
7,600	e	Alcoa, Inc		228
3,426,542		BHP Billiton plc		62,697
9,009,083	e*	Corning, Inc		168,560
		TOTAL PRIMARY METAL INDUSTRIES		231,485

PRINTING AND PUBLISHING - 0.02%
6,320	*	Dun & Bradstreet Corp		523
100		EW Scripps Co (Class A)		5
6,795		Harte-Hanks, Inc		188
3,000	e	John Wiley & Sons, Inc (Class A)		116
100	e	McClatchy Co (Class A)		4
13,000		McGraw-Hill Cos, Inc		884
85	e	Washington Post Co (Class B)		64
		TOTAL PRINTING AND PUBLISHING		1,784

RAILROAD TRANSPORTATION - 0.39%
1,343,279		CSX Corp		46,249
1,700		Norfolk Southern Corp		86
990	e	Union Pacific Corp		91
		TOTAL RAILROAD TRANSPORTATION		46,426

REAL ESTATE - 0.00%**
3,700	e*	CB Richard Ellis Group, Inc (Class A)		123
965	e	Jones Lang LaSalle, Inc		89
3,935	e	St. Joe Co		211
		TOTAL REAL ESTATE		423

SECURITY AND COMMODITY BROKERS - 7.40%
300	e	BlackRock, Inc		45
1,035	e*	Cbot Holdings, Inc (Class A)		157
12,504,346		Charles Schwab Corp		241,834
366,079		Chicago Mercantile Exchange Holdings, Inc		186,609
2,415	*	E*Trade Financial Corp		54
200	e	Eaton Vance Corp		7
4,500		Federated Investors, Inc (Class B)		152

171

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES				(000)
5,120	e	Franklin Resources, Inc	$	564
596,302	e	Goldman Sachs Group, Inc		118,873
308,400	e*	IntercontinentalExchange, Inc		33,276
1,955	e*	Investment Technology Group, Inc		84
4,235	e	Janus Capital Group, Inc		91
1,673,835		Merrill Lynch & Co, Inc		155,834
491,020	e	Morgan Stanley		39,984
361,600	e*	Nasdaq Stock Market, Inc		11,134
2,555	e	SEI Investments Co		152
24,120		T Rowe Price Group, Inc		1,056
6,016,486	e	TD Ameritrade Holding Corp		97,347
		TOTAL SECURITY AND COMMODITY BROKERS		887,253

TOBACCO PRODUCTS - 2.02%
2,817,122	e	Altria Group, Inc		241,765
		TOTAL TOBACCO PRODUCTS		241,765

TRANSPORTATION BY AIR - 0.14%
382,900	e*	UAL Corp		16,848
		TOTAL TRANSPORTATION BY AIR		16,848

TRANSPORTATION EQUIPMENT - 4.35%
2,589,591	e	Boeing Co		230,059
5,045	e	Harley-Davidson, Inc		356
300,000		ITT Industries, Inc		17,046
9,155	e	Lockheed Martin Corp		843
1,500	e	Paccar, Inc		97
3,770	e*	Pactiv Corp		135
335	e	Raytheon Co		18
613,469	e*	Spirit Aerosystems Holdings, Inc (Class A)		20,533
400	e	Trinity Industries, Inc		14
4,040,475		United Technologies Corp		252,610
		TOTAL TRANSPORTATION EQUIPMENT		521,711

TRANSPORTATION SERVICES - 0.31%
913,216	e	CH Robinson Worldwide, Inc		37,341
7,085	e	Expeditors International Washington, Inc		287
		TOTAL TRANSPORTATION SERVICES		37,628

TRUCKING AND WAREHOUSING - 0.41%
925	e	Con-way, Inc		41
659,629	e	United Parcel Service, Inc (Class B)		49,459
		TOTAL TRUCKING AND WAREHOUSING		49,500

WATER TRANSPORTATION - 0.00%**
2,835	e*	Kirby Corp		97
		TOTAL WATER TRANSPORTATION		97

WHOLESALE TRADE-DURABLE GOODS - 0.17%
880	e*	Cytyc Corp		25
700	e	Martin Marietta Materials, Inc		73
1,415	*	Patterson Cos, Inc		50
1,105	e	Pool Corp		43
200	e	W.W. Grainger, Inc		14
351,224	e*	WESCO International, Inc		20,656
		TOTAL WHOLESALE TRADE-DURABLE GOODS		20,861

172

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES				(000)

WHOLESALE TRADE-NONDURABLE GOODS - 0.58%
2,160	e	Brown-Forman Corp (Class B)	$	143
7,410	e	Cardinal Health, Inc		477
1,300	e*	Henry Schein, Inc		64
692,770		Nike, Inc (Class B)		68,605
1,100	e	Sysco Corp		40
1,830	e*	Tractor Supply Co		82
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		69,411

		TOTAL COMMON STOCKS		11,969,627
		(Cost $10,447,557)

WARRANTS - 0.00%**

WHOLESALE TRADE-DURABLE GOODS - 0.00%**
482	v*	Timco Aviation Services, Inc (Expires 02/28/07)		-	^
		TOTAL WHOLESALE TRADE-DURABLE GOODS		-	^

		TOTAL WARRANTS		-	^
		(Cost $0)


SHORT-TERM INVESTMENTS - 7.58%

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 7.58%
908,886,401	v	State Street Navigator Securities Lending Prime Portfolio		908,886
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED		908,886

		TOTAL SHORT-TERM INVESTMENTS		908,886
		(Cost $908,886)

		TOTAL PORTFOLIO - 107.45%		12,878,513
		(Cost $11,356,443)

		OTHER ASSETS & LIABILITIES, NET - (7.45%)		(893,023)

		NET ASSETS - 100.00%	$	11,985,490


	The following abbreviation is used in portfolio descriptions:
	ADR	American Depositary Receipt
	plc	Public Limited Company

	*	Non-income producing.
	**	Percentage represents less than 0.01%.
	^	Amount represents less than $1,000.
	a	Affiliated Holding.
	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.

173

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

COLLEGE RETIREMENT EQUITIES FUND
TRANSACTIONS WITH AFFILIATED COMPANIES-GROWTH ACCOUNT
JANUARY 1, 2006 - DECEMBER 31, 2006

	Value at	Purchase		Realized	Dividend	Withholding	Shares at	Value at
Issue	December 31, 2005	Cost	Proceeds	Gain/(Loss)	Income	Expense	December 31, 2006	December 31, 2006
Keryx Biopharmeceutics	$ **	$ 1,103,962	$ 1,058,200	$ (303,400)	$ -	$ -	2,843,806	$	37,822,620
		$ 1,103,962	$ 1,058,200	$ (303,400)	$ -	$ -		$	37,822,620

** Not an Affiliate as of December 31, 2005

174

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

COLLEGE RETIREMENT EQUITIES FUND
GROWTH ACCOUNT
Summary of Market Values by Country
December 31, 2006

		% OF
		MARKET
	VALUE	VALUE

DOMESTIC
UNITED STATES	$ 12,150,759,265	94.35	%

TOTAL DOMESTIC	12,150,759,265	94.35


FOREIGN
AUSTRALIA	25,288,948	0.19
FINLAND	69,442,809	0.54
FRANCE	111,027,022	0.86
JAPAN	22,872,350	0.18
MEXICO	167,044,708	1.30
SOUTH AFRICA	10,664,100	0.08
SWITZERLAND	124,477,217	0.97
UNITED KINGDOM	196,936,742	1.53

TOTAL FOREIGN	727,753,896	5.65


TOTAL PORTFOLIO	$ 12,878,513,161	100.00	%

175

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

COLLEGE RETIREMENT EQUITIES FUND
EQUITY INDEX ACCOUNT
STATEMENT OF INVESTMENTS
December 31, 2006

				VALUE
SHARES				(000)

COMMON STOCKS - 99.86%

AGRICULTURAL PRODUCTION-CROPS - 0.01%
37,130	e*	Chiquita Brands International, Inc	$	593
		TOTAL AGRICULTURAL PRODUCTION-CROPS		593

AGRICULTURAL PRODUCTION-LIVESTOCK - 0.01%
33,471	e	Pilgrim's Pride Corp		985
269	e	Seaboard Corp		475
		TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK		1,460

AMUSEMENT AND RECREATION SERVICES - 0.22%
36,482	e*	Bally Technologies, Inc		682
26,714	e*	Bally Total Fitness Holding Corp		66
14,248	*	Century Casinos, Inc		159
5,242		Churchill Downs, Inc		224
9,373		Dover Downs Gaming & Entertainment, Inc		125
9,773	e	Dover Motorsports, Inc		52
133,427		Harrah's Entertainment, Inc		11,037
25,827		International Speedway Corp (Class A)		1,318
16,338	e*	Lakes Entertainment, Inc		176
22,402	e*	Leapfrog Enterprises, Inc		212
23,879	e*	Life Time Fitness, Inc		1,158
45,511	e*	Live Nation, Inc		1,020
26,149	e*	Magna Entertainment Corp		118
35,735	e*	Marvel Entertainment, Inc		962
14,684	*	MTR Gaming Group, Inc		179
19,119	e*	Multimedia Games, Inc		184
54,272	*	Penn National Gaming, Inc		2,259
38,454	*	Pinnacle Entertainment, Inc		1,274
51,146	e*	Six Flags, Inc		268
13,437		Speedway Motorsports, Inc		516
67,536		Warner Music Group Corp		1,550
53,876	e	Westwood One, Inc		380
22,358	e*	WMS Industries, Inc		779
14,269		World Wrestling Entertainment, Inc		233
		TOTAL AMUSEMENT AND RECREATION SERVICES		24,931

APPAREL AND ACCESSORY STORES - 0.72%
61,914		Abercrombie & Fitch Co (Class A)		4,311
38,830	*	Aeropostale, Inc		1,199
121,812	e	American Eagle Outfitters, Inc		3,802
51,439	*	AnnTaylor Stores Corp		1,689
16,896		Bebe Stores, Inc		334
21,404		Brown Shoe Co, Inc		1,022
6,879		Buckle, Inc		350
8,748	*	Cache, Inc		221
34,498	e*	Carter's, Inc		880
19,783	e*	Casual Male Retail Group, Inc		258
21,208		Cato Corp (Class A)		486

176

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
10,401	*	Charlotte Russe Holding, Inc		320
84,814	e*	Charming Shoppes, Inc	$	1,148
128,070	e*	Chico's FAS, Inc		2,650
16,047	e*	Children's Place Retail Stores, Inc		1,019
27,159		Christopher & Banks Corp		507
4,455	e*	Citi Trends, Inc		177
70,403		Claire's Stores, Inc		2,333
2,900		DEB Shops, Inc		77
37,500	e*	Dress Barn, Inc		875
14,382	e*	DSW, Inc (Class A)		555
28,742		Finish Line, Inc (Class A)		410
110,542		Foot Locker, Inc		2,424
382,229		Gap, Inc		7,453
73,857	*	Hanesbrands, Inc		1,745
31,627	*	HOT Topic, Inc		422
15,800	*	J Crew Group, Inc		609
15,736	e*	Jo-Ann Stores, Inc		387
12,803	e*	JOS A Bank Clothiers, Inc		376
236,402	*	Kohl's Corp		16,177
242,326		Limited Brands, Inc		7,013
15,006	e*	New York & Co, Inc		196
170,863		Nordstrom, Inc		8,430
59,257	e*	Pacific Sunwear Of California, Inc		1,160
52,117	*	Payless Shoesource, Inc		1,711
101,922		Ross Stores, Inc		2,986
5,056	*	Shoe Carnival, Inc		160
20,532		Stage Stores, Inc		624
3,565	e*	Syms Corp		71
15,617	e	Talbots, Inc		376
24,376	e*	Tween Brands, Inc		973
18,024	*	Under Armour, Inc (Class A)		909
81,421	e*	Urban Outfitters, Inc		1,875
45,927	*	Wet Seal, Inc (Class A)		306
		TOTAL APPAREL AND ACCESSORY STORES		81,006

APPAREL AND OTHER TEXTILE PRODUCTS - 0.20%
9,339	e	Columbia Sportswear Co		520
14,887	*	Guess ?, Inc		944
24,603	*	Gymboree Corp		939
17,824	*	Hartmarx Corp		126
80,042		Jones Apparel Group, Inc		2,676
18,458	e	Kellwood Co		600
74,332		Liz Claiborne, Inc		3,231
13,600	e*	Maidenform Brands, Inc		246
39,335		Phillips-Van Heusen Corp		1,973
43,818		Polo Ralph Lauren Corp		3,403
95,664	e*	Quiksilver, Inc		1,507
9,215	e*	True Religion Apparel, Inc		141
62,519		VF Corp		5,131
33,246	*	Warnaco Group, Inc		844
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		22,281

AUTO REPAIR, SERVICES AND PARKING - 0.06%
7,541	e*	Amerco, Inc		656
7,500	e	Bandag, Inc		378
13,199	e	Central Parking Corp		238

177

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
17,758	e*	Dollar Thrifty Automotive Group, Inc	$	810
10,010	*	Midas, Inc		230
8,304		Monro Muffler, Inc		292
36,846	*	PHH Corp		1,064
43,349	e	Ryder System, Inc		2,213
3,701	e*	Standard Parking Corp		142
28,100	e*	Wright Express Corp		876
		TOTAL AUTO REPAIR, SERVICES AND PARKING		6,899

AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.19%
75,964		Advance Auto Parts		2,701
5,463	e*	America's Car-Mart, Inc		65
9,627		Asbury Automotive Group, Inc		227
112,366	*	Autonation, Inc		2,396
38,393	*	Autozone, Inc		4,437
75,672	e*	Carmax, Inc		4,058
50,363	*	Copart, Inc		1,511
32,325	e*	CSK Auto Corp		554
12,002	e	Lithia Motors, Inc (Class A)		345
11,554	e*	MarineMax, Inc		300
80,048	e*	O'Reilly Automotive, Inc		2,566
14,443	*	Rush Enterprises, Inc (Class A)		244
21,187		Sonic Automotive, Inc (Class A)		615
43,391	e	United Auto Group, Inc		1,023
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		21,042

BUILDING MATERIALS AND GARDEN SUPPLIES - 0.93%
9,000	*	Builders FirstSource, Inc		160
15,227	e*	Central Garden & Pet Co		737
89,346		Fastenal Co		3,206
1,523,526		Home Depot, Inc		61,185
1,120,612		Lowe's Cos, Inc		34,907
80,137		Sherwin-Williams Co		5,095
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		105,290

BUSINESS SERVICES - 7.05%
44,232	*	@Road, Inc		323
34,168	e*	24/7 Real Media, Inc		309
283,639	e*	3Com Corp		1,166
8,307	e*	3D Systems Corp		133
30,587		Aaron Rents, Inc		880
30,959		ABM Industries, Inc		703
19,911	e*	Acacia Research (Acacia Technologies)		266
9,477	e*	Access Integrated Technologies, Inc (Class A)		83
195,885	*	Activision, Inc		3,377
40,528	*	Actuate Corp		241
56,661		Acxiom Corp		1,453
19,460		Administaff, Inc		832
429,996	*	Adobe Systems, Inc		17,681
17,568	e*	Advent Software, Inc		620
21,459	*	Advo, Inc		700
80,076	*	Affiliated Computer Services, Inc (Class A)		3,911
40,281	*	Agile Software Corp		248
113,122	*	Akamai Technologies, Inc		6,009
57,994	*	Alliance Data Systems Corp		3,623
16,184	*	Altiris, Inc		411

178

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
18,475	e*	American Reprographics Co	$	615
23,326	*	AMN Healthcare Services, Inc		642
11,435	e*	Ansoft Corp		318
24,352	e*	Ansys, Inc		1,059
58,777	e*	aQuantive, Inc		1,449
22,433		Arbitron, Inc		975
48,947	e*	Ariba, Inc		379
79,212	*	Art Technology Group, Inc		185
33,163	e*	Aspen Technology, Inc		365
11,658	*	Asset Acceptance Capital Corp		196
21,488	*	Audible, Inc		170
164,160	*	Autodesk, Inc		6,642
417,025		Automatic Data Processing, Inc		20,539
79,003	e*	Avis Budget Group, Inc		1,714
35,025	*	Avocent Corp		1,186
8,158	e*	Bankrate, Inc		310
4,811	e	Barrett Business Services		113
276,849	*	BEA Systems, Inc		3,483
135,178	e*	BearingPoint, Inc		1,064
86,266	*	BISYS Group, Inc		1,114
31,258		Blackbaud, Inc		813
19,831	e*	Blackboard, Inc		596
8,392	e*	Blue Coat Systems, Inc		201
156,285	*	BMC Software, Inc		5,032
52,351	e*	Borland Software Corp		285
12,774	e*	Bottomline Technologies, Inc		146
29,566	e	Brady Corp (Class A)		1,102
37,169		Brink's Co		2,376
316,097		CA, Inc		7,160
23,836	*	CACI International, Inc (Class A)		1,347
208,944	*	Cadence Design Systems, Inc		3,742
34,489		Catalina Marketing Corp		948
46,548	*	CBIZ, Inc		324
107,162	*	Ceridian Corp		2,998
45,571	e*	Cerner Corp		2,074
61,014	*	Checkfree Corp		2,450
64,733	e*	ChoicePoint, Inc		2,549
55,253	*	Chordiant Software, Inc		183
36,800	e*	Ciber, Inc		250
129,500	e*	Citrix Systems, Inc		3,503
5,919	*	Clayton Holdings, Inc		111
25,900	e*	Clear Channel Outdoor Holdings, Inc (Class A)		723
331,660	*	CMGI, Inc		444
106,270	e*	CNET Networks, Inc		966
14,652	e*	Cogent Communications Group, Inc		238
30,867	e*	Cogent, Inc		340
33,274		Cognex Corp		793
101,226	*	Cognizant Technology Solutions Corp (Class A)		7,811
6,637	e	Computer Programs & Systems, Inc		226
122,000	e*	Computer Sciences Corp		6,511
269,635	*	Compuware Corp		2,246
11,985	*	COMSYS IT Partners, Inc		242
24,465	e*	Concur Technologies, Inc		392
19,768	e*	Convera Corp (Class A)		91
104,932	*	Convergys Corp		2,495
11,471	*	CoStar Group, Inc		614

179

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
21,438	*	Covansys Corp	$	492
35,280	*	CSG Systems International, Inc		943
22,032	e*	Cybersource Corp		243
5,800	e*	DealerTrack Holdings, Inc		171
37,676	e	Deluxe Corp		949
29,125	*	Dendrite International, Inc		312
26,440	*	Digital Insight Corp		1,018
30,779	e*	Digital River, Inc		1,717
4,900	*	DivX, Inc		113
42,841	e*	DST Systems, Inc		2,683
94,764	*	Earthlink, Inc		673
856,368	*	eBay, Inc		25,751
18,386	e*	Echelon Corp		147
31,866	*	Eclipsys Corp		655
15,642	e*	eCollege.com, Inc		245
33,247	e*	eFunds Corp		914
11,677	*	Electro Rent Corp		195
218,664	*	Electronic Arts, Inc		11,012
369,864	e	Electronic Data Systems Corp		10,190
14,917	e*	Emageon, Inc		229
119,873	e*	Emdeon Corp		1,485
42,487	e*	Epicor Software Corp		574
8,841	e*	EPIQ Systems, Inc		150
93,669		Equifax, Inc		3,803
22,324	e*	Equinix, Inc		1,688
15,409	*	eSpeed, Inc (Class A)		135
51,812	e*	Evergreen Energy, Inc		512
162,971	*	Expedia, Inc		3,419
31,046	e*	F5 Networks, Inc		2,304
31,706		Factset Research Systems, Inc		1,791
47,026		Fair Isaac Corp		1,912
22,225	e*	FalconStor Software, Inc		192
137,730		Fidelity National Information Services, Inc		5,522
5,700	e*	First Advantage Corp (Class A)		131
543,176		First Data Corp		13,862
127,131	*	Fiserv, Inc		6,664
9,100	*	Forrester Research, Inc		247
9,437	e*	FTD Group, Inc		169
39,457	e*	Gartner, Inc		781
15,914	*	Gerber Scientific, Inc		200
36,892	*	Getty Images, Inc		1,580
19,091		Gevity HR, Inc		452
23,628	*	Global Cash Access, Inc		383
150,861	*	Google, Inc (Class A)		69,468
8,150	*	H&E Equipment Services, Inc		202
18,495		Healthcare Services Group		536
10,050	e	Heartland Payment Systems, Inc		284
14,300	*	Heidrick & Struggles International, Inc		606
17,722	*	Hudson Highland Group, Inc		296
37,591	*	Hypercom Corp		239
43,012	*	Hyperion Solutions Corp		1,546
10,436	e*	i2 Technologies, Inc		238
4,942	e*	ICT Group, Inc		156
12,987	e*	iGate Corp		89
16,530	*	IHS, Inc (Class A)		653
141,823		IMS Health, Inc		3,897

180

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
14,150	e*	Infocrossing, Inc	$	231
62,644	e*	Informatica Corp		765
23,086	*	Infospace, Inc		473
20,612		infoUSA, Inc		245
7,700	e*	Innerworkings, Inc		123
11,821	e*	Innovative Solutions & Support, Inc		201
7,121		Integral Systems, Inc		165
25,164		Interactive Data Corp		605
21,565	e*	Internap Network Services Corp		428
32,107	*	Internet Capital Group, Inc		329
8,416		Interpool, Inc		197
317,862	e*	Interpublic Group of Cos, Inc		3,891
26,296	e*	Interwoven, Inc		386
251,522	*	Intuit, Inc		7,674
20,768	*	inVentiv Health, Inc		734
45,508	e*	Ipass, Inc		268
84,059	e*	Iron Mountain, Inc		3,475
54,563	e	Jack Henry & Associates, Inc		1,168
18,698	e*	JDA Software Group, Inc		257
408,122	*	Juniper Networks, Inc		7,730
15,435	e*	Jupitermedia Corp		122
23,902	e*	Kanbay International, Inc		688
34,016	e*	Keane, Inc		405
13,656		Kelly Services, Inc (Class A)		395
11,281	e*	Kenexa Corp		375
21,985	*	Kforce, Inc		268
31,337	*	Kinetic Concepts, Inc		1,239
10,111	e*	Knot, Inc		265
30,104	e*	Korn/Ferry International		691
22,157	e*	Kronos, Inc		814
43,595	e*	Labor Ready, Inc		799
60,403	e*	Lamar Advertising Co (Class A)		3,950
87,730	e*	Lawson Software, Inc		648
43,208	e*	Lionbridge Technologies		278
4,800	*	Liquidity Services, Inc		83
11,455	e*	LoJack Corp		196
23,625	*	Magma Design Automation, Inc		211
19,563	*	Manhattan Associates, Inc		588
62,308		Manpower, Inc		4,669
12,905	*	Mantech International Corp (Class A)		475
13,097	*	Mapinfo Corp		171
16,386		Marchex, Inc (Class B)		219
8,536	e*	Marlin Business Services, Inc		205
46,700	e	Mastercard, Inc (Class A)		4,599
114,462	*	McAfee, Inc		3,248
62,676	e*	Mentor Graphics Corp		1,130
6,428,113		Microsoft Corp		191,943
8,529	*	MicroStrategy, Inc (Class A)		972
25,516	e*	Midway Games, Inc		178
60,872		MoneyGram International, Inc		1,909
87,911	*	Monster Worldwide, Inc		4,100
76,340	e*	Move, Inc		421
73,891	*	MPS Group, Inc		1,048
65,955	e*	NAVTEQ Corp		2,306
129,410	*	NCR Corp		5,534
13,908	e*	Neoware, Inc		184

181

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
19,249	*	Ness Technologies, Inc	$	274
32,486	e*	NetFlix, Inc		840
7,961	*	Netratings, Inc		139
15,388	*	Netscout Systems, Inc		128
27,305	*	NIC, Inc		136
258,007	*	Novell, Inc		1,600
99,400	e*	Nuance Communications, Inc		1,139
123,121		Omnicom Group, Inc		12,871
7,249	*	Omniture, Inc		102
18,437	*	On Assignment, Inc		217
14,464	e*	Online Resources Corp		148
13,382	e*	Open Solutions, Inc		504
9,205	*	Opnet Technologies, Inc		133
57,994	e*	Opsware, Inc		512
2,870,380	*	Oracle Corp		49,198
25,857	*	Packeteer, Inc		352
82,059	*	Parametric Technology Corp		1,479
13,662	e*	PDF Solutions, Inc		197
7,322	e	Pegasystems, Inc		72
13,179	e*	PeopleSupport, Inc		277
12,203	e*	Perficient, Inc		200
61,125	*	Perot Systems Corp (Class A)		1,002
23,907	*	Phase Forward, Inc		358
10,816	e*	Portfolio Recovery Associates, Inc		505
12,518	e*	PRA International		316
49,575	*	Premiere Global Services, Inc		468
28,939	*	Progress Software Corp		808
8,302		QAD, Inc		70
11,520	e	Quality Systems, Inc		429
47,410	*	Quest Software, Inc		695
15,387	e*	Radiant Systems, Inc		161
15,185	e*	Radisys Corp		253
76,360	e*	RealNetworks, Inc		835
137,532	e*	Red Hat, Inc		3,163
46,999	e*	Redback Networks, Inc		1,172
5,893	e	Renaissance Learning, Inc		104
49,265	*	Rent-A-Center, Inc		1,454
19,226	e*	Rewards Network, Inc		134
10,621	e*	RightNow Technologies, Inc		183
106,764		Robert Half International, Inc		3,963
20,193	e	Rollins, Inc		446
41,988	*	S1 Corp		231
17,942	*	SafeNet, Inc		430
60,056	e*	Salesforce.com, Inc		2,189
55,315	e*	Sapient Corp		304
35,286	e*	Secure Computing Corp		231
205,113		ServiceMaster Co		2,689
8,963	e*	SI International, Inc		291
41,569	*	Sitel Corp		175
14,344	e*	Smith Micro Software, Inc		204
18,198	*	Sohu.com, Inc		437
45,445	*	SonicWALL, Inc		383
183,400	e*	Sonus Networks, Inc		1,209
47,815	e	Sotheby's		1,483
42,038	*	Spherion Corp		312
13,651	*	SPSS, Inc		410

182

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
27,379	*	SRA International, Inc (Class A)	$	732
7,046	e	Startek, Inc		95
7,178	e*	Stratasys, Inc		225
2,524,620	*	Sun Microsystems, Inc		13,683
69,226	*	Sybase, Inc		1,710
20,941	*	SYKES Enterprises, Inc		369
680,895	*	Symantec Corp		14,197
8,784	e*	SYNNEX Corp		193
107,597	*	Synopsys, Inc		2,876
4,749	e	Syntel, Inc		127
52,739	e*	Take-Two Interactive Software, Inc		937
11,400	e	TAL International Group, Inc		304
9,690	e*	Taleo Corp (Class A)		132
22,604		Talx Corp		620
24,393	*	TeleTech Holdings, Inc		583
12,795	e	TheStreet.com, Inc		114
48,928	e*	THQ, Inc		1,591
162,094	*	TIBCO Software, Inc		1,530
16,913	*	TNS, Inc		326
25,671	e	Total System Services, Inc		677
18,504	*	TradeStation Group, Inc		254
27,282	*	Transaction Systems Architects, Inc		889
2,800	*	Travelzoo, Inc		84
28,864	e*	Trizetto Group, Inc		530
15,759	e*	Ultimate Software Group, Inc		367
259,620	e*	Unisys Corp		2,035
42,307	e	United Online, Inc		562
51,881	e*	United Rentals, Inc		1,319
24,068	*	Universal Compression Holdings, Inc		1,495
72,727	e*	Valueclick, Inc		1,719
23,271	e*	Vasco Data Security International		276
9,078	e*	Verint Systems, Inc		311
178,879	*	VeriSign, Inc		4,302
5,226	e*	Vertrue, Inc		201
15,178		Viad Corp		616
20,615	*	Vignette Corp		352
8,100	*	Volt Information Sciences, Inc		407
391,382		Waste Management, Inc		14,391
29,788	e*	WebEx Communications, Inc		1,039
4,946	e*	WebMD Health Corp (Class A)		198
38,958	*	webMethods, Inc		287
33,540	*	Websense, Inc		766
12,203	e*	WebSideStory, Inc		154
53,517	*	Wind River Systems, Inc		549
23,793	*	Witness Systems, Inc		417
1,017,255	*	Yahoo!, Inc		25,981
		TOTAL BUSINESS SERVICES		795,835

CHEMICALS AND ALLIED PRODUCTS - 9.17%
1,105,009		Abbott Laboratories		53,825
18,485	e*	Abraxis BioScience, Inc		505
16,937	e*	Acadia Pharmaceuticals, Inc		149
5,579	e*	Adams Respiratory Therapeutics, Inc		228
10,982	*	Adeza Biomedical Corp		164
31,936	e*	Adolor Corp		240
5,786	*	Advanced Magnetics, Inc		346

183

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
38,357	*	ADVENTRX Pharmaceuticals, Inc	$	113
161,382		Air Products & Chemicals, Inc		11,342
17,349	e*	Albany Molecular Research, Inc		183
29,116	e	Albemarle Corp		2,091
56,970		Alberto-Culver Co		1,222
25,678	e*	Alexion Pharmaceuticals, Inc		1,037
62,565	*	Alkermes, Inc		836
22,480	e*	Alnylam Pharmaceuticals, Inc		481
34,687	e*	Alpharma, Inc (Class A)		836
40,668	e*	American Oriental Bioengineering, Inc		475
12,379	e	American Vanguard Corp		197
853,689	*	Amgen, Inc		58,315
21,429	e*	Anadys Pharmaceuticals, Inc		105
16,685		Arch Chemicals, Inc		556
33,925	e*	Arena Pharmaceuticals, Inc		438
27,489	e*	Array Biopharma, Inc		355
27,606	e*	Atherogenics, Inc		274
15,864	*	Auxilium Pharmaceuticals, Inc		233
18,741	e*	AVANIR Pharmaceuticals (Class A)		43
19,500	e*	Aventine Renewable Energy Holdings, Inc		459
67,006		Avery Dennison Corp		4,552
36,608	e*	AVI BioPharma, Inc		116
324,572		Avon Products, Inc		10,724
7,980		Balchem Corp		205
77,758	*	Barr Pharmaceuticals, Inc		3,897
10,191	e*	Bentley Pharmaceuticals, Inc		104
16,244	e*	BioCryst Pharmaceuticals, Inc		188
27,226	e*	Bioenvision, Inc		126
247,250	e*	Biogen Idec, Inc		12,162
60,488	*	BioMarin Pharmaceuticals, Inc		991
9,920	e*	Bradley Pharmaceuticals, Inc		204
1,420,939		Bristol-Myers Squibb Co		37,399
45,134		Cabot Corp		1,966
28,512	e*	Calgon Carbon Corp		177
20,927		Cambrex Corp		475
5,883	e*	Caraco Pharmaceutical Laboratories Ltd		82
58,048		Celanese Corp (Series A)		1,502
28,958	e*	Cell Genesys, Inc		98
45,246	e*	Cephalon, Inc		3,186
43,031		CF Industries Holdings, Inc		1,103
51,302	*	Charles River Laboratories International, Inc		2,219
12,829	*	Chattem, Inc		642
169,387	e	Chemtura Corp		1,631
46,317	e	Church & Dwight Co, Inc		1,975
109,265	e	Clorox Co		7,009
13,144	e*	Coley Pharmaceutical Group, Inc		127
373,455		Colgate-Palmolive Co		24,364
17,022	e*	Combinatorx, Inc		147
22,801	e*	Conor Medsystems, Inc		714
16,097	*	Cotherix, Inc		217
39,198	*	Cubist Pharmaceuticals, Inc		710
34,138	e*	Cypress Bioscience, Inc		265
31,068		Cytec Industries, Inc		1,756
18,758	e*	Cytokinetics, Inc		140
64,810		Dade Behring Holdings, Inc		2,580
42,749	e*	Dendreon Corp		178

184

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
12,457	*	Digene Corp	$	597
697,748	e	Dow Chemical Co		27,868
657,360		Du Pont (E.I.) de Nemours & Co		32,020
30,568	e*	Durect Corp		136
57,683	e	Eastman Chemical Co		3,421
128,950	e	Ecolab, Inc		5,829
712,948		Eli Lilly & Co		37,145
17,426	*	Elizabeth Arden, Inc		332
16,357	e*	Emisphere Technologies, Inc		87
42,677	e*	Encysive Pharmaceuticals, Inc		180
28,467	e*	Enzon Pharmaceuticals, Inc		242
88,465	e	Estee Lauder Cos (Class A)		3,611
28,545	e	Ferro Corp		591
29,190		FMC Corp		2,235
234,656	e*	Forest Laboratories, Inc		11,874
339,325	*	Genentech, Inc		27,529
16,478	e*	Genitope Corp		58
95,847	e*	Genta, Inc		42
188,355	*	Genzyme Corp		11,599
29,819	e	Georgia Gulf Corp		576
51,960	e*	Geron Corp		456
329,684	*	Gilead Sciences, Inc		21,406
5,819	e*	GTx, Inc		104
45,516		H.B. Fuller Co		1,175
20,149	e*	Hana Biosciences, Inc		128
87,144	*	Hercules, Inc		1,683
5,289	*	Hi-Tech Pharmacal Co, Inc		64
111,366	e*	Hospira, Inc		3,740
102,740	e*	Human Genome Sciences, Inc		1,278
68,447	*	Huntsman Corp		1,298
17,140	e*	Idenix Pharmaceuticals, Inc		149
23,187	*	Idexx Laboratories, Inc		1,839
49,238	e*	ImClone Systems, Inc		1,318
49,858	*	Immucor, Inc		1,457
33,132	e*	Indevus Pharmaceuticals, Inc		235
8,064		Innospec, Inc		375
3,281	e	Inter Parfums, Inc		63
19,810	e*	InterMune, Inc		609
64,690		International Flavors & Fragrances, Inc		3,180
19,768	e*	Inverness Medical Innovations, Inc		765
39,519	e*	Invitrogen Corp		2,236
18,029	e*	Keryx Biopharmaceuticals, Inc		240
174,061	*	King Pharmaceuticals, Inc		2,771
5,472		Koppers Holdings, Inc		143
2,620	e	Kronos Worldwide, Inc		85
28,944	*	KV Pharmaceutical Co (Class A)		688
50,899		Lubrizol Corp		2,552
154,338	e	Lyondell Chemical Co		3,946
20,639		MacDermid, Inc		704
9,202	e	Mannatech, Inc		136
17,575	*	MannKind Corp		290
23,199	e*	Martek Biosciences Corp		541
83,079	e*	Medarex, Inc		1,229
33,866	e*	Medicines Co		1,074
41,813	e	Medicis Pharmaceutical Corp (Class A)		1,469
8,237	e*	Medifast, Inc		104

185

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
180,775	e*	Medimmune, Inc	$	5,852
1,586,939		Merck & Co, Inc		69,191
14,765		Meridian Bioscience, Inc		362
15,117	e*	Metabasis Therapeutics, Inc		114
55,982	e*	MGI Pharma, Inc		1,031
237,944	e*	Millennium Pharmaceuticals, Inc		2,594
14,800		Minerals Technologies, Inc		870
15,457	e*	Momenta Pharmaceuticals, Inc		243
388,890		Monsanto Co		20,428
109,683	e*	Mosaic Co		2,343
154,769		Mylan Laboratories, Inc		3,089
40,164	*	Nabi Biopharmaceuticals		272
75,501	*	Nalco Holding Co		1,545
15,424	e*	Nastech Pharmaceutical Co, Inc		233
43,547	*	NBTY, Inc		1,810
26,156	e*	Neurocrine Biosciences, Inc		273
13,585	e*	New River Pharmaceuticals, Inc		743
12,540	e	NewMarket Corp		741
4,943	e	NL Industries, Inc		51
18,316	e*	Northfield Laboratories, Inc		75
43,468	*	Novavax, Inc		178
15,161	e*	Noven Pharmaceuticals, Inc		386
36,372	e*	NPS Pharmaceuticals, Inc		165
36,517	e*	Nuvelo, Inc		146
51,638		Olin Corp		853
24,015	*	OM Group, Inc		1,087
29,263	e*	Omnova Solutions, Inc		134
28,523	e*	Onyx Pharmaceuticals, Inc		302
30,922	*	OraSure Technologies, Inc		255
44,855	e*	OSI Pharmaceuticals, Inc		1,569
21,959	e*	Pacific Ethanol, Inc		338
24,948	e*	Pain Therapeutics, Inc		222
35,301	e*	Panacos Pharmaceuticals, Inc		142
26,028	e*	Par Pharmaceutical Cos, Inc		582
17,955	*	Parexel International Corp		520
8,294	e*	Parlux Fragrances, Inc		46
86,833	e*	PDL BioPharma, Inc		1,749
14,839	e*	Penwest Pharmaceuticals Co		247
122,099	e*	Peregrine Pharmaceuticals, Inc		142
54,947		Perrigo Co		951
13,027	*	PetMed Express, Inc		174
5,306,857		Pfizer, Inc		137,448
16,760	e*	Pharmion Corp		431
7,693	*	Pioneer Cos, Inc		220
67,684	*	PolyOne Corp		508
15,548	e*	Pozen, Inc		264
120,331	e	PPG Industries, Inc		7,726
234,520		Praxair, Inc		13,914
20,200	*	Prestige Brands Holdings, Inc		263
2,377,161		Procter & Gamble Co		152,780
15,641	*	Progenics Pharmaceuticals, Inc		403
21,781	e*	Quidel Corp		297
18,760	e*	Renovis, Inc		59
104,595	e*	Revlon, Inc		5
104,595	e*	Revlon, Inc (Class A)		134
23,386	e*	Rockwood Holdings, Inc		591

186

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
114,245		Rohm & Haas Co	$	5,840
82,623		RPM International, Inc		1,726
32,161	e*	Salix Pharmaceuticals Ltd		391
32,144	*	Santarus, Inc		252
1,067,495		Schering-Plough Corp		25,236
20,521	e*	Sciele Pharma, Inc		493
34,766		Scotts Miracle-Gro Co (Class A)		1,796
33,451		Sensient Technologies Corp		823
80,125	e*	Sepracor, Inc		4,934
47,633		Sigma-Aldrich Corp		3,702
27,941	e*	Sirna Therapeutics, Inc		364
16,553	e*	Solexa, Inc		218
3,797	e*	Somaxon Pharmaceuticals, Inc		54
3,400		Stepan Co		108
36,010	e*	SuperGen, Inc		183
10,427	e*	SurModics, Inc		325
15,482	e*	Tanox, Inc		308
31,857	e	Tronox, Inc (Class B)		503
36,392	e	UAP Holding Corp		916
19,014	e*	United Therapeutics Corp		1,034
8,287	e*	USANA Health Sciences, Inc		428
63,360	e*	USEC, Inc		806
72,394	e*	Valeant Pharmaceuticals International		1,248
72,315		Valspar Corp		1,999
60,046	e*	VCA Antech, Inc		1,933
11,000	e*	Verasun Energy Corp		217
88,537	*	Vertex Pharmaceuticals, Inc		3,313
47,837	e*	Viropharma, Inc		700
4,689	*	Visicu, Inc		53
72,293	*	Watson Pharmaceuticals, Inc		1,882
9,000	e	Westlake Chemical Corp		282
49,789	e*	WR Grace & Co		986
971,748		Wyeth		49,481
11,683	e*	Xenoport, Inc		287
26,437	e*	Zymogenetics, Inc		412
		TOTAL CHEMICALS AND ALLIED PRODUCTS		1,034,805

COAL MINING - 0.16%
36,921	e*	Alpha Natural Resources, Inc		525
101,350	e	Arch Coal, Inc		3,044
130,132		Consol Energy, Inc		4,181
80,635	e*	International Coal Group, Inc		439
11,662	e*	James River Coal Co		108
64,793	e	Massey Energy Co		1,505
190,142		Peabody Energy Corp		7,684
14,219	e	Penn Virginia Corp		996
4,756	*	Westmoreland Coal Co		94
		TOTAL COAL MINING		18,576

COMMUNICATIONS - 4.89%
30,232	e	Alaska Communications Systems Group, Inc		459
282,308		Alltel Corp		17,074
305,520	*	American Tower Corp (Class A)		11,390
25,675	e*	Anixter International, Inc		1,394
2,806,740		AT&T, Inc		100,341
3,924		Atlantic Tele-Network, Inc		115

187

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
10,900	e*	Audiovox Corp (Class A)	$	154
340,367	*	Avaya, Inc		4,758
1,312,529		BellSouth Corp		61,833
37,143	e*	Brightpoint, Inc		500
157,216		Cablevision Systems Corp (Class A)		4,478
11,624	e*	Cbeyond Communications, Inc		356
15,110		Centennial Communications Corp		109
86,616	e	CenturyTel, Inc		3,782
284,093	*	Charter Communications, Inc (Class A)		869
180,973	*	Cincinnati Bell, Inc		827
26,654	e	Citadel Broadcasting Corp		265
241,564	e	Citizens Communications Co		3,471
357,536		Clear Channel Communications, Inc		12,707
1,412,024	e*	Comcast Corp (Class A)		59,771
15,381		Commonwealth Telephone Enterprises, Inc		644
14,680	e	Consolidated Communications Holdings, Inc		307
206,879	e*	Covad Communications Group, Inc		285
32,384	e*	Cox Radio, Inc (Class A)		528
147,221	*	Crown Castle International Corp		4,755
13,062	e*	Crown Media Holdings, Inc (Class A)		47
12,239	e	CT Communications, Inc		281
18,300	e*	CTC Media, Inc		439
39,520	e*	Cumulus Media, Inc (Class A)		411
580,217	*	DIRECTV Group, Inc		14,471
107,468	e*	Dobson Communications Corp (Class A)		936
149,285	*	EchoStar Communications Corp (Class A)		5,677
108,694		Embarq Corp		5,713
26,410	e	Emmis Communications Corp (Class A)		218
22,831		Entercom Communications Corp (Class A)		643
52,691	*	Entravision Communications Corp (Class A)		433
6,340	e*	Eschelon Telecom, Inc		126
19,917	e	Fairpoint Communications, Inc		377
48,857	e*	FiberTower Corp		287
5,404	e*	Fisher Communications, Inc		239
111,700	*	Foundry Networks, Inc		1,673
38,028	e*	General Communication, Inc (Class A)		598
47,416		Global Payments, Inc		2,195
2,875	*	Globalstar, Inc		40
14,920	e	Golden Telecom, Inc		699
29,084		Gray Television, Inc		213
18,785	e	Hearst-Argyle Television, Inc		479
127,572	e*	IAC/InterActiveCorp		4,741
39,942	e*	IDT Corp (Class B)		522
16,276	e*	InPhonic, Inc		181
22,094	e	Iowa Telecommunications Services, Inc		435
11,781	*	iPCS, Inc		652
35,358	e*	j2 Global Communications, Inc		963
35,762	e*	Leap Wireless International, Inc		2,127
851,417	e*	Level 3 Communications, Inc		4,768
292,148	*	Liberty Global, Inc (Class A)		8,516
101,506	*	Liberty Media Corp - Capital (Series A)		9,946
491,205	*	Liberty Media Holding Corp (Interactive A)		10,595
19,340	e*	Lightbridge, Inc		262
17,509	e*	Lin TV Corp (Class A)		174
11,186	*	Lodgenet Entertainment Corp		280
28,940	e*	Mastec, Inc		334

188

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
42,748	*	Mediacom Communications Corp (Class A)	$	344
44,363	e*	NeuStar, Inc (Class A)		1,439
99,650	e*	NII Holdings, Inc		6,421
9,887		North Pittsburgh Systems, Inc		239
20,547	e*	Novatel Wireless, Inc		199
10,300	e*	NTELOS Holdings Corp		184
1,142,182	e*	Qwest Communications International, Inc		9,560
57,767	*	Radio One, Inc (Class D)		389
20,736	*	RCN Corp		625
8,327		Salem Communications Corp (Class A)		100
17,686	e*	SAVVIS, Inc		632
77,086	*	SBA Communications Corp (Class A)		2,120
5,360	e	Shenandoah Telecom Co		252
29,018		Sinclair Broadcast Group, Inc (Class A)		305
31,566	e*	Spanish Broadcasting System, Inc (Class A)		130
2,095,740		Sprint Nextel Corp		39,589
9,587	e	SureWest Communications		264
16,874	*	Syniverse Holdings, Inc		253
79,510		Telephone & Data Systems, Inc		4,320
24,161	e*	Terremark Worldwide, Inc		162
54,997	*	TiVo, Inc		282
155,568	*	Univision Communications, Inc (Class A)		5,510
11,370	*	US Cellular Corp		791
18,421		USA Mobility, Inc		412
2,108,836		Verizon Communications, Inc		78,533
459,560	*	Viacom, Inc (Class B)		18,856
21,965	*	Vonage Holdings Corp		152
325,759		Windstream Corp		4,632
38,447	e*	Wireless Facilities, Inc		110
217,055	e*	XM Satellite Radio Holdings, Inc (Class A)		3,136
		TOTAL COMMUNICATIONS		551,804

DEPOSITORY INSTITUTIONS - 10.20%
9,281		1st Source Corp		298
5,043	e	Abington Community Bancorp, Inc		97
10,688	e	Alabama National Bancorp		735
16,250		Amcore Financial, Inc		531
6,684	e	AmericanWest Bancorp		162
7,905	e	Ameris Bancorp		223
16,200		Anchor Bancorp Wisconsin, Inc		467
7,377	e	Arrow Financial Corp		183
96,885	e	Associated Banc-Corp		3,379
68,628		Astoria Financial Corp		2,070
5,016		Bancfirst Corp		271
7,613	e*	Bancorp, Inc		225
55,303		Bancorpsouth, Inc		1,483
5,589		BancTrust Financial Group, Inc		143
48,672		Bank Mutual Corp		589
3,307,459		Bank of America Corp		176,585
10,885	e	Bank of Granite Corp		206
38,376		Bank of Hawaii Corp		2,070
552,290		Bank of New York Co, Inc		21,744
8,348	e	Bank of the Ozarks, Inc		276
33,271	e	BankAtlantic Bancorp, Inc (Class A)		459
17,629		BankFinancial Corp		314
22,200	e	BankUnited Financial Corp (Class A)		621

189

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
8,647		Banner Corp	$	383
395,035		BB&T Corp		17,354
6,060		Berkshire Hills Bancorp, Inc		203
13,613	e*	BFC Financial Corp (Class A)		87
16,366	e	BOK Financial Corp		900
24,206	e	Boston Private Financial Holdings, Inc		683
49,152		Brookline Bancorp, Inc		647
6,621	e	Cadence Financial Corp		143
5,218		Camden National Corp		241
9,158	e	Capital City Bank Group, Inc		323
6,231	e	Capital Corp of the West		200
9,528	e	Capitol Bancorp Ltd		440
16,280	e	Capitol Federal Financial		625
16,258		Cardinal Financial Corp		167
19,846	e	Cascade Bancorp		616
4,003	e	Cass Information Systems, Inc		145
36,547	e	Cathay General Bancorp		1,261
40,600	e*	Centennial Bank Holdings, Inc		384
7,848		Center Financial Corp		188
6,230		Centerstate Banks of Florida, Inc		130
20,935		Central Pacific Financial Corp		811
2,526	e	Charter Financial Corp		130
16,601	e	Chemical Financial Corp		553
32,874	e	Chittenden Corp		1,009
3,601,540		Citigroup, Inc		200,606
31,916	e	Citizens Banking Corp		846
6,091		Citizens First Bancorp, Inc		187
9,310	e	City Bank		333
12,921		City Holding Co		528
30,438	e	City National Corp		2,167
8,907		Clifton Savings Bancorp, Inc		109
11,061	e	Coastal Financial Corp		185
10,291	e	CoBiz, Inc		227
111,410		Colonial Bancgroup, Inc		2,868
6,977	e	Columbia Bancorp		185
10,948		Columbia Banking System, Inc		384
115,438		Comerica, Inc		6,774
131,648		Commerce Bancorp, Inc		4,643
49,815	e	Commerce Bancshares, Inc		2,412
3,531	e*	Community Bancorp		107
20,690	e	Community Bank System, Inc		476
17,049	e	Community Banks, Inc		473
9,922		Community Trust Bancorp, Inc		412
93,915	e	Compass Bancshares, Inc		5,602
27,635	e	Corus Bankshares, Inc		638
43,898		Cullen/Frost Bankers, Inc		2,450
43,491	e	CVB Financial Corp		629
19,824		Dime Community Bancshares		278
7,041	*	Dollar Financial Corp		196
15,167	e	Downey Financial Corp		1,101
42,390	e	East West Bancorp, Inc		1,501
5,234	e	Enterprise Financial Services Corp		171
24,890	e*	Euronet Worldwide, Inc		739
4,024		Farmers Capital Bank Corp		137
17,767		Fidelity Bankshares, Inc		705
343,533	e	Fifth Third Bancorp		14,061

190

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
7,060	e	First Bancorp	$	154
48,962		First Bancorp		467
10,765	e	First Busey Corp		248
23,638	e	First Charter Corp		581
4,516		First Citizens Bancshares, Inc (Class A)		915
51,852	e	First Commonwealth Financial Corp		696
15,971		First Community Bancorp, Inc		835
6,565		First Community Bancshares, Inc		260
23,858	e	First Financial Bancorp		396
14,678	e	First Financial Bankshares, Inc		614
8,954	e	First Financial Corp		317
8,300	e	First Financial Holdings, Inc		325
90,481	e	First Horizon National Corp		3,780
8,910		First Indiana Corp		226
12,330	e	First Merchants Corp		335
34,833		First Midwest Bancorp, Inc		1,347
79,187		First Niagara Financial Group, Inc		1,177
10,172	e	First Place Financial Corp		239
4,965	e*	First Regional Bancorp		169
18,291		First Republic Bank		715
5,157	e	First South Bancorp, Inc		164
12,414		First State Bancorporation		307
13,972	e*	FirstFed Financial Corp		936
59,714	e	FirstMerit Corp		1,441
25,530	e	Flagstar Bancorp, Inc		379
12,979		Flushing Financial Corp		222
43,167		FNB Corp		789
4,667	e	FNB Corp		194
16,647	e*	Franklin Bank Corp		342
46,892	e	Fremont General Corp		760
28,387	e	Frontier Financial Corp		830
123,318	e	Fulton Financial Corp		2,059
8,916	e	GB&T Bancshares, Inc		198
34,278	e	Glacier Bancorp, Inc		838
7,290	e	Great Southern Bancorp, Inc		215
36,753		Greater Bay Bancorp		968
6,221	e	Greene County Bancshares, Inc		247
19,896		Hancock Holding Co		1,051
27,371		Hanmi Financial Corp		617
19,713		Harleysville National Corp		381
10,342	e	Heartland Financial USA, Inc		298
8,209		Heritage Commerce Corp		219
4,522		Home Federal Bancorp, Inc		78
8,546	e	Horizon Financial Corp		206
421,475		Hudson City Bancorp, Inc		5,850
177,731		Huntington Bancshares, Inc		4,221
6,962		IBERIABANK Corp		411
9,704		Independent Bank Corp		350
16,011		Independent Bank Corp		405
51,200	e	IndyMac Bancorp, Inc		2,312
12,591	e	Integra Bank Corp		346
11,376	e	Interchange Financial Services Corp		262
32,243		International Bancshares Corp		997
3,408	e*	Intervest Bancshares Corp		117
37,852	*	Investors Bancorp, Inc		595
47,994	e	Investors Financial Services Corp		2,048

191

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
15,442	e	Irwin Financial Corp	$	349
3,467		ITLA Capital Corp		201
2,509,554		JPMorgan Chase & Co		121,211
14,732	e	Kearny Financial Corp		237
287,342		Keycorp		10,928
22,471		KNBT Bancorp, Inc		376
13,136	e	Lakeland Bancorp, Inc		196
8,565		Lakeland Financial Corp		219
55,360		M&T Bank Corp		6,763
10,326		Macatawa Bank Corp		220
23,701		MAF Bancorp, Inc		1,059
11,504		MainSource Financial Group, Inc		195
183,440		Marshall & Ilsley Corp		8,825
20,931	e	MB Financial, Inc		787
9,839	e	MBT Financial Corp		151
300,556		Mellon Financial Corp		12,668
5,125		Mercantile Bank Corp		193
87,493		Mercantile Bankshares Corp		4,094
4,987	e	MetroCorp Bancshares, Inc		105
15,609	e	Mid-State Bancshares		568
11,521	e	Midwest Banc Holdings, Inc		274
15,140	e	Nara Bancorp, Inc		317
1,893	e	NASB Financial, Inc		78
426,121	e	National City Corp		15,579
34,239	e	National Penn Bancshares, Inc		693
24,427	e	NBT Bancorp, Inc		623
34,157	e*	Net 1 UEPS Technologies, Inc		1,010
31,499	e*	NetBank, Inc		146
218,950	e	New York Community Bancorp, Inc		3,525
78,754	e	NewAlliance Bancshares, Inc		1,292
5,709	e*	Northern Empire Bancshares		169
157,576		Northern Trust Corp		9,563
12,217	e	Northwest Bancorp, Inc		335
6,026		OceanFirst Financial Corp		138
50,588	e	Old National Bancorp		957
8,710		Old Second Bancorp, Inc		255
8,719	e	Omega Financial Corp		278
17,777		Oriental Financial Group, Inc		230
33,369		Pacific Capital Bancorp		1,121
9,214	e	Park National Corp		912
34,547	e	Partners Trust Financial Group, Inc		402
5,884		Pennfed Financial Services, Inc		114
6,808	e	Peoples Bancorp, Inc		202
41,197	e	People's Bank		1,838
17,415		PFF Bancorp, Inc		601
10,869	e*	Pinnacle Financial Partners, Inc		361
8,230		Placer Sierra Bancshares		196
213,055		PNC Financial Services Group, Inc		15,775
200,837		Popular, Inc		3,605
2,891		Preferred Bank		174
9,582	e	Premierwest Bancorp		153
12,613	e	PrivateBancorp, Inc		525
17,101	e	Prosperity Bancshares, Inc		590
25,227	e	Provident Bankshares Corp		898
53,846		Provident Financial Services, Inc		976
30,181	e	Provident New York Bancorp		452

192

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
4,843	e	QC Holdings, Inc	$	77
20,438	*	R & G Financial Corp (Class B)		156
529,682		Regions Financial Corp		19,810
10,908	e	Renasant Corp		334
53,343		Republic Bancorp, Inc		718
5,815	e	Republic Bancorp, Inc (Class A)		146
6,115	e	Rockville Financial, Inc		109
3,345	e	Royal Bancshares of Pennsylvania (Class A)		88
20,998	e	S&T Bancorp, Inc		728
8,198	e	S.Y. Bancorp, Inc		230
9,617		Sandy Spring Bancorp, Inc		367
4,873		Santander BanCorp		87
5,559		SCBT Financial Corp		232
9,460	e	Seacoast Banking Corp of Florida		235
10,334		Security Bank Corp		236
6,056	e	Shore Bancshares, Inc		183
3,786	e	Sierra Bancorp		111
20,862	*	Signature Bank		646
9,660		Simmons First National Corp (Class A)		305
70,064		Sky Financial Group, Inc		2,000
5,534	e	Smithtown Bancorp, Inc		150
53,177		South Financial Group, Inc		1,414
7,964	e	Southside Bancshares, Inc		205
9,257		Southwest Bancorp, Inc		258
277,900	e	Sovereign Bancorp, Inc		7,056
7,406	e	State National Bancshares, Inc		285
240,757		State Street Corp		16,237
13,290		Sterling Bancorp		262
48,597		Sterling Bancshares, Inc		633
17,306		Sterling Financial Corp		410
30,085		Sterling Financial Corp		1,017
7,140	e	Suffolk Bancorp		272
8,334	e*	Sun Bancorp, Inc		176
259,591	e	SunTrust Banks, Inc		21,922
9,642	e*	Superior Bancorp		109
34,534		Susquehanna Bancshares, Inc		928
25,915	e*	SVB Financial Group		1,208
193,183		Synovus Financial Corp		5,956
4,565		Taylor Capital Group, Inc		167
98,216		TCF Financial Corp		2,693
71,665	e	TD Banknorth, Inc		2,313
16,293	*	Texas Capital Bancshares, Inc		324
6,541		Texas United Bancshares, Inc		225
14,873	e	TierOne Corp		470
6,413	e	Tompkins Trustco, Inc		291
9,919		Trico Bancshares		270
51,426	e	Trustco Bank Corp NY		572
34,436	e	Trustmark Corp		1,126
67,163	e	UCBH Holdings, Inc		1,179
24,432		UMB Financial Corp		892
39,940	e	Umpqua Holdings Corp		1,175
8,916		Union Bankshares Corp		273
40,776		UnionBanCal Corp		2,498
27,662		United Bankshares, Inc		1,069
24,124	e	United Community Banks, Inc		780
18,456		United Community Financial Corp		226

193

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
5,067	e	United Security Bancshares	$	122
7,380	e	Univest Corp of Pennsylvania		225
1,287,953		US Bancorp		46,611
8,850		USB Holding Co, Inc		213
81,802	e	Valley National Bancorp		2,169
5,377	e	Vineyard National Bancorp		124
11,237	e*	Virginia Commerce Bancorp		223
6,936		Virginia Financial Group, Inc		194
75,924		W Holding Co, Inc		452
1,365,860		Wachovia Corp		77,786
62,928		Washington Federal, Inc		1,481
693,256	e	Washington Mutual, Inc		31,536
8,575	e	Washington Trust Bancorp, Inc		239
7,507	e*	Wauwatosa Holdings, Inc		134
40,642		Webster Financial Corp		1,980
2,434,128		Wells Fargo & Co		86,558
15,679		WesBanco, Inc		526
11,639	e	West Bancorporation, Inc		207
10,009		West Coast Bancorp		347
23,845	e	Westamerica Bancorporation		1,207
9,370	e*	Western Alliance Bancorp		326
555,176		Western Union Co		12,447
3,341	e*	Westfield Financial, Inc		116
46,684	e	Whitney Holding Corp		1,523
10,590		Willow Grove Bancorp, Inc		158
49,013		Wilmington Trust Corp		2,067
9,638	e	Wilshire Bancorp, Inc		183
17,249		Wintrust Financial Corp		828
4,467		WSFS Financial Corp		299
6,959		Yardville National Bancorp		262
77,374		Zions Bancorporation		6,379
		TOTAL DEPOSITORY INSTITUTIONS		1,150,796

EATING AND DRINKING PLACES - 0.97%
18,260	e*	AFC Enterprises		323
57,337		Applebees International, Inc		1,415
84,817		Aramark Corp (Class B)		2,837
9,771	e*	BJ's Restaurants, Inc		197
24,778	e	Bob Evans Farms, Inc		848
90,265		Brinker International, Inc		2,722
4,688	e*	Buffalo Wild Wings, Inc		249
13,696	e*	California Pizza Kitchen, Inc		456
24,646		CBRL Group, Inc		1,103
24,364	*	CEC Entertainment, Inc		981
56,182	e*	Cheesecake Factory		1,382
22,601	e*	Chipotle Mexican Grill, Inc (Class B)		1,175
49,748	e	CKE Restaurants, Inc		915
23,913	e*	Cosi, Inc		122
105,389		Darden Restaurants, Inc		4,234
26,859		Domino's Pizza, Inc		752
13,878		IHOP Corp		731
25,157	*	Jack in the Box, Inc		1,536
39,881	e*	Krispy Kreme Doughnuts, Inc		443
12,903	e	Landry's Restaurants, Inc		388
15,891	*	Luby's, Inc		173
8,310	*	McCormick & Schmick's Seafood Restaurants, Inc		200

194

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
881,385		McDonald's Corp	$	39,072
7,205	e*	Morton's Restaurant Group, Inc		120
14,289	*	O'Charleys, Inc		304
45,407		OSI Restaurant Partners, Inc		1,780
17,432	e*	Papa John's International, Inc		506
18,015	e*	PF Chang's China Bistro, Inc		691
25,931	*	Rare Hospitality International, Inc		854
11,853	e*	Red Robin Gourmet Burgers, Inc		425
43,367	e	Ruby Tuesday, Inc		1,190
10,929	e*	Ruth's Chris Steak House, Inc		200
65,546	*	Sonic Corp		1,570
556,672	*	Starbucks Corp		19,717
19,171	e*	Steak N Shake Co		337
37,299	e*	Texas Roadhouse, Inc (Class A)		495
132,310	e	Tim Hortons, Inc		3,832
43,886	e	Triarc Cos (Class B)		878
82,207		Wendy's International, Inc		2,720
196,568		Yum! Brands, Inc		11,558
		TOTAL EATING AND DRINKING PLACES		109,431

EDUCATIONAL SERVICES - 0.12%
99,088	*	Apollo Group, Inc (Class A)		3,862
69,330	*	Career Education Corp		1,718
62,840	e*	Corinthian Colleges, Inc		857
44,265		DeVry, Inc		1,239
12,416	e*	Educate, Inc		88
31,812	*	ITT Educational Services, Inc		2,111
32,368	e*	Laureate Education, Inc		1,574
3,041	e*	Lincoln Educational Services Corp		41
10,353		Strayer Education, Inc		1,098
14,801	e*	Universal Technical Institute, Inc		329
		TOTAL EDUCATIONAL SERVICES		12,917

ELECTRIC, GAS, AND SANITARY SERVICES - 4.15%
476,505	*	AES Corp		10,502
57,109		AGL Resources, Inc		2,222
117,851	*	Allegheny Energy, Inc		5,411
17,427		Allete, Inc		811
87,491	e	Alliant Energy Corp		3,305
183,784	*	Allied Waste Industries, Inc		2,259
149,054		Ameren Corp		8,009
10,902		American Ecology Corp		202
280,037		American Electric Power Co, Inc		11,924
11,397	e	American States Water Co		440
91,434		Aqua America, Inc		2,083
276,036	*	Aquila, Inc		1,297
55,777		Atmos Energy Corp		1,780
35,312		Avista Corp		894
23,485	e	Black Hills Corp		867
11,807	e	California Water Service Group		477
8,600	e	Cascade Natural Gas Corp		223
13,533	*	Casella Waste Systems, Inc (Class A)		165
219,360	e	Centerpoint Energy, Inc		3,637
13,300	e	CH Energy Group, Inc		702
11,577	*	Clean Harbors, Inc		560
40,584		Cleco Corp		1,024

195

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
158,525	*	CMS Energy Corp	$	2,647
177,382	e	Consolidated Edison, Inc		8,527
127,339		Constellation Energy Group, Inc		8,770
85,275	*	Covanta Holding Corp		1,879
22,377	e	Crosstex Energy, Inc		709
250,113	e	Dominion Resources, Inc		20,969
85,892	e	DPL, Inc		2,386
129,822	e	DTE Energy Co		6,285
892,914		Duke Energy Corp		29,654
62,246		Duquesne Light Holdings, Inc		1,236
287,140	*	Dynegy, Inc (Class A)		2,079
231,450		Edison International		10,526
501,451		El Paso Corp		7,662
37,424	*	El Paso Electric Co		912
21,443		Empire District Electric Co		529
54,095		Energen Corp		2,539
110,044		Energy East Corp		2,729
4,326	e	EnergySouth, Inc		173
150,211		Entergy Corp		13,867
485,064		Exelon Corp		30,021
237,959		FirstEnergy Corp		14,349
287,406	e	FPL Group, Inc		15,641
58,400	e	Great Plains Energy, Inc		1,857
59,766	e	Hawaiian Electric Industries, Inc		1,623
31,800		Idacorp, Inc		1,229
13,100		ITC Holdings Corp		523
124,443		KeySpan Corp		5,125
77,658		Kinder Morgan, Inc		8,212
14,800	e	Laclede Group, Inc		518
4,287		Markwest Hydrocarbon, Inc		208
126,412		MDU Resources Group, Inc		3,241
17,794		Metal Management, Inc		673
14,002	e	MGE Energy, Inc		512
193,246	*	Mirant Corp		6,101
60,017	e	National Fuel Gas Co		2,313
20,377	e	New Jersey Resources Corp		990
31,841	e	Nicor, Inc		1,490
192,386		NiSource, Inc		4,636
110,953	e	Northeast Utilities		3,124
19,700		Northwest Natural Gas Co		836
24,616		NorthWestern Corp		871
97,458	e*	NRG Energy, Inc		5,459
77,992		NSTAR		2,680
65,881	e	OGE Energy Corp		2,635
83,507		Oneok, Inc		3,601
4,962	e	Ormat Technologies, Inc		183
19,998	e	Otter Tail Corp		623
28,241	e	Peoples Energy Corp		1,259
140,856		Pepco Holdings, Inc		3,664
246,602		PG&E Corp		11,672
5,490	*	Pico Holdings, Inc		191
55,545		Piedmont Natural Gas Co, Inc		1,486
9,700	e*	Pike Electric Corp		158
73,090		Pinnacle West Capital Corp		3,705
51,193	e*	Plug Power, Inc		199
49,642		PNM Resources, Inc		1,544

196

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
18,623	e	Portland General Electric Co	$	507
272,542		PPL Corp		9,768
184,245	e	Progress Energy, Inc		9,043
34,100	v*	Progress Energy, Inc		-	^
178,649		Public Service Enterprise Group, Inc		11,859
86,007		Puget Energy, Inc		2,181
60,286		Questar Corp		5,007
229,735	*	Reliant Energy, Inc		3,265
84,543		Republic Services, Inc		3,438
10,949		Resource America, Inc (Class A)		289
85,539		SCANA Corp		3,475
182,518		Sempra Energy		10,228
164,980	*	Sierra Pacific Resources		2,777
10,436	e	SJW Corp		404
20,851		South Jersey Industries, Inc		697
538,100	e	Southern Co		19,834
70,887		Southern Union Co		1,981
28,345		Southwest Gas Corp		1,088
16,033	e	Southwest Water Co		221
32,405	e*	Stericycle, Inc		2,447
43,822	e	Synagro Technologies, Inc		194
153,975		TECO Energy, Inc		2,653
328,570		TXU Corp		17,812
75,102		UGI Corp		2,049
16,909		UIL Holdings Corp		713
27,250		Unisource Energy Corp		995
55,079		Vectren Corp		1,558
34,090	*	Waste Connections, Inc		1,416
3,755		Waste Industries USA, Inc		115
19,253	e*	Waste Services, Inc		190
63,646	e	Westar Energy, Inc		1,652
34,425		WGL Holdings, Inc		1,122
426,684		Williams Cos, Inc		11,145
85,326		Wisconsin Energy Corp		4,050
32,582	e	WPS Resources Corp		1,760
293,448	e	Xcel Energy, Inc		6,767
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		468,724

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 6.08%
7,400	*	Acme Packet, Inc		153
22,958	*	Actel Corp		417
32,485		Acuity Brands, Inc		1,690
82,321	*	Adaptec, Inc		384
91,907	*	ADC Telecommunications, Inc		1,335
48,307	e	Adtran, Inc		1,097
25,828	*	Advanced Analogic Technologies, Inc		139
23,059	*	Advanced Energy Industries, Inc		435
395,704	e*	Advanced Micro Devices, Inc		8,053
50,885	*	Aeroflex, Inc		596
120,128	*	Agere Systems, Inc		2,303
257,396	e*	Altera Corp		5,066
121,330		American Power Conversion Corp		3,711
22,354	e*	American Superconductor Corp		219
77,510		Ametek, Inc		2,468
30,350	*	AMIS Holdings, Inc		321
88,199	e*	Amkor Technology, Inc		824

197

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
65,352	e	Amphenol Corp (Class A)	$	4,057
34,135	e*	Anadigics, Inc		302
257,160		Analog Devices, Inc		8,453
115,349	*	Andrew Corp		1,180
614,504	*	Apple Computer, Inc		52,134
215,447	*	Applied Micro Circuits Corp		767
78,929	*	Arris Group, Inc		987
43,603	e*	Atheros Communications, Inc		930
331,967	*	Atmel Corp		2,008
25,930	e*	ATMI, Inc		792
119,087	e*	Avanex Corp		225
91,286	*	Avnet, Inc		2,331
34,410	e	AVX Corp		509
25,562		Baldor Electric Co		854
7,316	e	Bel Fuse, Inc (Class B)		255
46,750	e*	Benchmark Electronics, Inc		1,139
39,879	e*	Bookham, Inc		162
323,478	*	Broadcom Corp (Class A)		10,452
61,936	e*	Broadwing Corp		967
210,037	e*	Brocade Communications Systems, Inc		1,724
15,961	e*	CalAmp Corp		135
74,524	e*	Capstone Turbine Corp		92
14,680	*	Carrier Access Corp		96
33,107	*	C-COR, Inc		369
22,082	e*	Ceradyne, Inc		1,248
27,817	*	Checkpoint Systems, Inc		562
19,747	e*	China BAK Battery, Inc		129
64,323	e*	Ciena Corp		1,782
4,406,596	*	Cisco Systems, Inc		120,432
9,288	e*	Color Kinetics, Inc		198
15,327	e*	Comtech Telecommunications Corp		583
147,141	*	Comverse Technology, Inc		3,106
352,109	e*	Conexant Systems, Inc		718
5,037	*	CPI International, Inc		76
54,881	e*	Cree, Inc		951
23,637	e	CTS Corp		371
14,434		Cubic Corp		313
99,731	*	Cypress Semiconductor Corp		1,682
14,124	e*	Diodes, Inc		501
6,977	*	Directed Electronics, Inc		80
31,325	*	Ditech Networks, Inc		217
24,777	*	Dolby Laboratories, Inc (Class A)		769
21,955	*	DSP Group, Inc		476
10,894	*	DTS, Inc		264
23,062	*	Electro Scientific Industries, Inc		464
25,991	e*	Emcore Corp		144
593,458		Emerson Electric Co		26,166
10,542	*	EMS Technologies, Inc		211
43,912	e*	Energizer Holdings, Inc		3,117
31,709	e*	Energy Conversion Devices, Inc		1,077
31,307	e*	EnerSys		501
47,369	e*	Evergreen Solar, Inc		359
25,111	e*	Exar Corp		326
85,596	*	Fairchild Semiconductor International, Inc		1,439
166,394	e*	Finisar Corp		537
16,083	*	First Solar, Inc		479

198

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

			VALUE
SHARES			(000)
1	*	Flextronics International Ltd	-	^
16,105	e	Franklin Electric Co, Inc	828
37,000	e*	FuelCell Energy, Inc	239
168,527	*	Gemstar-TV Guide International, Inc	676
17,954	e*	Genlyte Group, Inc	1,402
69,879	e*	GrafTech International Ltd	484
16,954	e*	Greatbatch, Inc	456
47,595		Harman International Industries, Inc	4,755
54,755	*	Harmonic, Inc	398
95,854	e	Harris Corp	4,396
72,763	e*	Hexcel Corp	1,267
9,138	*	Hittite Microwave Corp	295
594,353		Honeywell International, Inc	26,889
16,902	e*	Hutchinson Technology, Inc	398
8,150	e*	ID Systems, Inc	153
14,709	e*	Ikanos Communications, Inc	128
24,375		Imation Corp	1,132
142,327	e*	Integrated Device Technology, Inc	2,203
4,229,152		Intel Corp	85,640
38,828	*	Interdigital Communications Corp	1,303
50,270	*	International Rectifier Corp	1,937
100,792	e	Intersil Corp (Class A)	2,411
13,338		Inter-Tel, Inc	296
28,293	e*	InterVoice, Inc	217
7,978	e*	iRobot Corp	144
16,725	*	IXYS Corp	149
152,551	*	JDS Uniphase Corp	2,541
66,338	e*	Kemet Corp	484
87,515		L-3 Communications Holdings, Inc	7,157
9,858	e*	Lamson & Sessions Co	239
81,127	*	Lattice Semiconductor Corp	526
29,989		Lincoln Electric Holdings, Inc	1,812
217,933	e	Linear Technology Corp	6,608
17,104	*	Littelfuse, Inc	545
8,072	e*	Loral Space & Communications, Inc	329
12,960		LSI Industries, Inc	257
287,921	e*	LSI Logic Corp	2,591
37,299	*	Mattson Technology, Inc	348
227,883	e	Maxim Integrated Products, Inc	6,978
10,311	e*	Maxwell Technologies, Inc	144
116,831	e*	McData Corp (Class A)	648
14,709	e*	Medis Technologies Ltd	256
108,375	*	MEMC Electronic Materials, Inc	4,242
13,858	e*	Mercury Computer Systems, Inc	185
23,004		Methode Electronics, Inc	249
52,075	e*	Micrel, Inc	561
155,745		Microchip Technology, Inc	5,093
514,474	*	Micron Technology, Inc	7,182
50,054	e*	Microsemi Corp	984
45,471	e*	Microtune, Inc	214
78,136	e*	Mindspeed Technologies, Inc	149
33,720	*	MIPS Technologies, Inc	280
21,021	e*	Mobility Electronics, Inc	70
98,307		Molex, Inc	3,109
15,444	e*	Monolithic Power Systems, Inc	172
25,239	e*	Moog, Inc (Class A)	964

199

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
16,612	e*	MoSys, Inc	$	154
1,779,681		Motorola, Inc		36,590
89,555	e*	MRV Communications, Inc		317
6,600	e*	Multi-Fineline Electronix, Inc		134
3,138	e	National Presto Industries, Inc		188
239,672		National Semiconductor Corp		5,441
12,200	v*	NCP Litigation Trust		-	^
11,165	e*	Netlogic Microsystems, Inc		242
268,961	*	Network Appliance, Inc		10,565
90,589	e*	Novellus Systems, Inc		3,118
254,885	e*	Nvidia Corp		9,433
46,161	e*	Omnivision Technologies, Inc		630
132,091	e*	ON Semiconductor Corp		1,000
68,043	*	Openwave Systems, Inc		628
9,902	*	Oplink Communications, Inc		204
11,903	e*	Optical Communication Products, Inc		20
8,504	e*	OSI Systems, Inc		178
13,852		Park Electrochemical Corp		355
13,058	e*	Parkervision, Inc		146
14,362	*	Pericom Semiconductor Corp		165
29,346	e*	Photronics, Inc		480
33,939	e	Plantronics, Inc		719
32,750	e*	Plexus Corp		782
15,100	*	PLX Technology, Inc		197
149,597	e*	PMC - Sierra, Inc		1,004
63,037	e*	Polycom, Inc		1,948
18,026	*	Portalplayer, Inc		242
3,961	*	Powell Industries, Inc		125
51,516	e*	Power-One, Inc		375
96,435	e*	Powerwave Technologies, Inc		622
114,551	*	QLogic Corp		2,511
1,205,662		Qualcomm, Inc		45,562
42,142	e*	Quantum Fuel Systems Technologies Worldwide, Inc		67
95,116	e	RadioShack Corp		1,596
12,522	*	Radyne Corp		134
67,206	e*	Rambus, Inc		1,272
11,399	e	Raven Industries, Inc		305
24,063		Regal-Beloit Corp		1,264
152,411	e*	RF Micro Devices, Inc		1,035
12,342	e*	Rogers Corp		730
385,770	*	Sanmina-SCI Corp		1,331
52,119	*	Semtech Corp		681
56,384	e*	Silicon Image, Inc		717
35,139	e*	Silicon Laboratories, Inc		1,218
72,899	*	Silicon Storage Technology, Inc		329
17,679	e*	Sirenza Microdevices, Inc		139
1,037,535	e*	Sirius Satellite Radio, Inc		3,673
128,887	e*	Skyworks Solutions, Inc		913
29,816	*	Spansion, Inc (Class A)		443
28,315	e*	Spectrum Brands, Inc		309
7,603	*	Staktek Holdings, Inc		39
14,503	*	Standard Microsystems Corp		406
67,907	e*	Stratex Networks, Inc		328
7,800	e*	Sunpower Corp (Class A)		290
8,595	e*	Supertex, Inc		337
129,793	*	Sycamore Networks, Inc		488

200

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
35,188	e*	Symmetricom, Inc	$	314
17,207	e*	Synaptics, Inc		511
30,703	e	Technitrol, Inc		733
38,663	e*	Tekelec		573
29,317		Teleflex, Inc		1,893
332,817	*	Tellabs, Inc		3,415
32,712	e*	Tessera Technologies, Inc		1,320
1,110,835		Texas Instruments, Inc		31,992
43,626	*	Thomas & Betts Corp		2,063
141,203	*	Transmeta Corp		157
71,856	e*	Transwitch Corp		101
41,394	*	Trident Microsystems, Inc		753
105,731	e*	Triquint Semiconductor, Inc		476
32,309	*	TTM Technologies, Inc		366
6,706	*	Ulticom, Inc		64
16,474	e*	Universal Display Corp		247
8,900	*	Universal Electronics, Inc		187
92,381	e*	Utstarcom, Inc		808
40,586	e*	Varian Semiconductor Equipment Associates, Inc		1,847
15,575	*	Viasat, Inc		464
12,845		Vicor Corp		143
9,190	e*	Virage Logic Corp		85
120,423	*	Vishay Intertechnology, Inc		1,631
13,179	e*	Volterra Semiconductor Corp		198
51,562	e	Whirlpool Corp		4,281
244,357		Xilinx, Inc		5,818
61,727	e*	Zhone Technologies, Inc		81
9,976	e*	Zoltek Cos, Inc		196
35,864	*	Zoran Corp		523
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		685,881

ENGINEERING AND MANAGEMENT SERVICES - 0.79%
13,465	e*	Advisory Board Co		721
81,604	e*	Amylin Pharmaceuticals, Inc		2,943
54,636	*	Applera Corp (Celera Genomics Group)		764
40,510	e*	Ariad Pharmaceuticals, Inc		208
7,981	e	CDI Corp		199
270,134	e*	Celgene Corp		15,541
8,356	e*	Cornell Cos, Inc		153
29,566		Corporate Executive Board Co		2,593
8,400	*	CRA International, Inc		440
33,088	e*	CV Therapeutics, Inc		462
47,351	e*	deCODE genetics, Inc		214
20,365		Diamond Management & Technology Consultants, Inc		253
64,377	*	Digitas, Inc		863
21,511	e*	Diversa Corp		234
35,921	e*	eResearch Technology, Inc		242
11,717	e*	Essex Corp		280
65,374	e*	Exelixis, Inc		588
11,236	*	Exponent, Inc		210
15,341	*	First Consulting Group, Inc		211
61,832		Fluor Corp		5,049
36,978	*	Gen-Probe, Inc		1,937
31,752	*	Harris Interactive, Inc		160
79,558	e*	Hewitt Associates, Inc (Class A)		2,049
12,264	*	Huron Consulting Group, Inc		556

201

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
47,580	*	ICOS Corp	$	1,608
60,816	e*	Incyte Corp		355
18,937	*	Infrasource Services, Inc		412
46,982	e*	Isis Pharmaceuticals, Inc		522
41,580	*	Jacobs Engineering Group, Inc		3,390
6,800	*	KBR, Inc		178
8,794	e*	Kendle International, Inc		277
6,175		Landauer, Inc		324
17,070	e*	LECG Corp		315
41,063	*	Lexicon Genetics, Inc		148
26,264	e*	Lifecell Corp		634
22,750	*	Luminex Corp		289
15,124		MAXIMUS, Inc		465
16,427	e*	Maxygen, Inc		177
82,896	e*	Monogram Biosciences, Inc		148
176,345		Moody's Corp		12,178
7,000	e*	MTC Technologies, Inc		165
28,265	e*	Myriad Genetics, Inc		885
32,376	e*	Navigant Consulting, Inc		640
19,062	*	Omnicell, Inc		355
243,052		Paychex, Inc		9,610
24,043	e*	Per-Se Technologies, Inc		668
14,301	e*	PharmaNet Development Group, Inc		316
112,464	e	Quest Diagnostics, Inc		5,961
32,524	*	Regeneron Pharmaceuticals, Inc		653
97,295	e*	Rentech, Inc		367
32,857	*	Resources Connection, Inc		1,046
17,806	e*	Rigel Pharmaceuticals, Inc		211
62,300	*	SAIC, Inc		1,108
19,255	e*	Sangamo Biosciences, Inc		127
36,415	e*	Savient Pharmaceuticals, Inc		408
21,388	e*	Senomyx, Inc		278
56,724	e*	Shaw Group, Inc		1,900
24,068	e*	Symyx Technologies, Inc		520
7,624	e*	Tejon Ranch Co		426
35,223	e*	Telik, Inc		156
38,899	*	Tetra Tech, Inc		704
10,112	e*	Trimeris, Inc		129
36,325	*	URS Corp		1,557
20,925	*	Washington Group International, Inc		1,251
32,046		Watson Wyatt & Co Holdings (Class A)		1,447
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		89,178

ENVIRONMENTAL QUALITY AND HOUSING - 0.00%**
40,288	e*	Home Solutions of America, Inc		236
		TOTAL ENVIRONMENTAL QUALITY AND HOUSING		236

FABRICATED METAL PRODUCTS - 0.39%
25,734	*	Alliant Techsystems, Inc		2,012
6,162		Ameron International Corp		471
25,208		Aptargroup, Inc		1,488
75,052		Ball Corp		3,272
11,232		CIRCOR International, Inc		413
86,652		Commercial Metals Co		2,236
13,231	*	Commercial Vehicle Group, Inc		288
2,198		Compx International, Inc		44

202

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
37,768		Crane Co	$	1,384
120,265	*	Crown Holdings, Inc		2,516
8,340	e	Dynamic Materials Corp		234
20,133	e*	Griffon Corp		513
9,089		Gulf Island Fabrication, Inc		335
362,561		Illinois Tool Works, Inc		16,747
10,094		Insteel Industries, Inc		180
53,208	*	Jacuzzi Brands, Inc		661
9,968	*	Ladish Co, Inc		370
8,117		Lifetime Brands, Inc		133
25,129	e*	Mobile Mini, Inc		677
73,564		Mueller Water Products, Inc (Class A)		1,094
15,669	*	NCI Building Systems, Inc		811
71,324		Pentair, Inc		2,240
3,628		Shiloh Industries, Inc		69
16,406		Silgan Holdings, Inc		721
26,264	e	Simpson Manufacturing Co, Inc		831
20,492	e*	Smith & Wesson Holding Corp		212
43,702		Snap-On, Inc		2,082
44,785	e*	Taser International, Inc		341
13,461	e	Valmont Industries, Inc		747
20,744	e	Watts Water Technologies, Inc (Class A)		853
		TOTAL FABRICATED METAL PRODUCTS		43,975

FOOD AND KINDRED PRODUCTS - 2.78%
5,017	*	Altus Pharmaceuticals, Inc		95
559,703		Anheuser-Busch Cos, Inc		27,537
471,724		Archer Daniels Midland Co		15,076
6,482	e*	Boston Beer Co, Inc (Class A)		233
17,919	e*	Burger King Holdings, Inc		378
173,080		Campbell Soup Co		6,731
2,568		Coca-Cola Bottling Co Consolidated		176
1,471,834		Coca-Cola Co		71,016
222,948		Coca-Cola Enterprises, Inc		4,553
377,963	e	ConAgra Foods, Inc		10,205
139,583	e*	Constellation Brands, Inc (Class A)		4,051
57,160		Corn Products International, Inc		1,974
43,973	*	Darling International, Inc		242
152,685		Del Monte Foods Co		1,684
11,033	e	Diamond Foods, Inc		210
5,320		Farmer Bros Co		114
36,792		Flowers Foods, Inc		993
258,061		General Mills, Inc		14,864
35,476	*	Gold Kist, Inc		746
243,660		H.J. Heinz Co		10,967
45,520	e*	Hansen Natural Corp		1,533
128,345	e	Hershey Co		6,392
53,755		Hormel Foods Corp		2,007
8,158	e	Imperial Sugar Co		197
9,626		J&J Snack Foods Corp		399
41,124	e	J.M. Smucker Co		1,993
15,444	e*	Jones Soda Co		190
180,264		Kellogg Co		9,024
153,558	e	Kraft Foods, Inc (Class A)		5,482
17,410	e	Lancaster Colony Corp		771
20,449		Lance, Inc		411

203

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
6,664	*	M&F Worldwide Corp	$	168
97,528	e	McCormick & Co, Inc		3,761
6,584	e	MGP Ingredients, Inc		149
35,103		Molson Coors Brewing Co (Class B)		2,683
4,670	e	National Beverage Corp		66
9,395	e*	Peet's Coffee & Tea, Inc		247
99,240		Pepsi Bottling Group, Inc		3,068
46,280	e	PepsiAmericas, Inc		971
1,193,483		PepsiCo, Inc		74,652
24,523	*	Performance Food Group Co		678
9,865	e	Premium Standard Farms, Inc		183
20,114	e*	Ralcorp Holdings, Inc		1,024
11,750		Reddy Ice Holdings, Inc		303
12,303	e	Sanderson Farms, Inc		373
549,759		Sara Lee Corp		9,362
75,111	e*	Smithfield Foods, Inc		1,927
25,397	e	Tootsie Roll Industries, Inc		830
24,314	e	Topps Co, Inc		216
20,712	*	TreeHouse Foods, Inc		646
167,821		Tyson Foods, Inc (Class A)		2,761
169,834	e	Wrigley (Wm.) Jr Co		8,784
		TOTAL FOOD AND KINDRED PRODUCTS		313,096

FOOD STORES - 0.23%
837	e	Arden Group, Inc (Class A)		104
16,623	e	Great Atlantic & Pacific Tea Co, Inc		428
6,684		Ingles Markets, Inc (Class A)		199
522,421		Kroger Co		12,052
21,379	e*	Panera Bread Co (Class A)		1,195
15,939	e*	Pantry, Inc		747
36,728	e*	Pathmark Stores, Inc		409
26,048		Ruddick Corp		723
143,682		Supervalu, Inc		5,137
1,163		Village Super Market (Class A)		99
6,734	e	Weis Markets, Inc		270
102,095		Whole Foods Market, Inc		4,791
19,665	e*	Wild Oats Markets, Inc		283
		TOTAL FOOD STORES		26,437

FORESTRY - 0.13%
53,928		Rayonier, Inc		2,214
173,496		Weyerhaeuser Co		12,257
		TOTAL FORESTRY		14,471

FURNITURE AND FIXTURES - 0.31%
23,968	e	Ethan Allen Interiors, Inc		866
32,047	e	Furniture Brands International, Inc		520
49,639		Herman Miller, Inc		1,805
45,834		Hillenbrand Industries, Inc		2,609
37,699	e	HNI Corp		1,674
7,413	e	Hooker Furniture Corp		116
33,100	*	Interface, Inc (Class A)		471
140,872		Johnson Controls, Inc		12,104
18,600		Kimball International, Inc (Class B)		452
36,828	e	La-Z-Boy, Inc		437
129,694	e	Leggett & Platt, Inc		3,100

204

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
289,409		Masco Corp	$	8,645
14,380		Sealy Corp		212
39,114	e*	Select Comfort Corp		680
8,845	e	Stanley Furniture Co, Inc		190
35,213	*	Tempur-Pedic International, Inc		720
21,020	e*	Williams Scotsman International, Inc		412
		TOTAL FURNITURE AND FIXTURES		35,013

FURNITURE AND HOMEFURNISHINGS STORES - 0.19%
205,062	*	Bed Bath & Beyond, Inc		7,813
126,367		Circuit City Stores, Inc		2,399
18,188	e*	Cost Plus, Inc		187
46,205	e*	GameStop Corp (Class A)		2,546
19,589	e*	Guitar Center, Inc		891
16,062	e	Haverty Furniture Cos, Inc		238
23,773		Knoll, Inc		523
37,412	e*	Mohawk Industries, Inc		2,801
64,355	e*	Pier 1 Imports, Inc		383
32,572	e*	Restoration Hardware, Inc		277
51,283		Steelcase, Inc (Class A)		931
21,617	e	Tuesday Morning Corp		336
68,390	e	Williams-Sonoma, Inc		2,150
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		21,475

GENERAL BUILDING CONTRACTORS - 0.36%
1,271	e	Amrep Corp		156
3,890	e*	Avatar Holdings, Inc		315
28,744		Beazer Homes USA, Inc		1,351
9,928	e	Brookfield Homes Corp		373
4,552	*	Cavco Industries, Inc		160
88,263		Centex Corp		4,967
219,211		DR Horton, Inc		5,807
35,317	e*	Hovnanian Enterprises, Inc (Class A)		1,197
57,634	e	KB Home		2,955
94,690		Lennar Corp (Class A)		4,967
13,102	e	Levitt Corp (Class A)		160
9,603	e	M/I Homes, Inc		367
15,428		McGrath RentCorp		473
24,302	e	MDC Holdings, Inc		1,386
16,766	e*	Meritage Homes Corp		800
3,299	e*	NVR, Inc		2,128
11,355	*	Palm Harbor Homes, Inc		159
15,587	*	Perini Corp		480
151,231		Pulte Homes, Inc		5,009
32,537	e	Ryland Group, Inc		1,777
48,228	e	Standard-Pacific Corp		1,292
4,378	e*	Team, Inc		153
11,826	e	Technical Olympic USA, Inc		120
91,725	e*	Toll Brothers, Inc		2,956
33,909		Walter Industries, Inc		917
33,372	e*	WCI Communities, Inc		640
		TOTAL GENERAL BUILDING CONTRACTORS		41,065

GENERAL MERCHANDISE STORES - 1.69%
31,592	e*	99 Cents Only Stores		385
84,652	e*	Big Lots, Inc		1,940

205

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
47,906	*	BJ's Wholesale Club, Inc	$	1,490
3,353	e	Bon-Ton Stores, Inc		116
21,144	e*	Cabela's, Inc		510
35,721	e	Casey's General Stores, Inc		841
4,489	e*	Conn's, Inc		105
340,928		Costco Wholesale Corp		18,025
45,125	e	Dillard's, Inc (Class A)		1,578
224,362		Dollar General Corp		3,603
110,537		Family Dollar Stores, Inc		3,242
396,772		Federated Department Stores, Inc		15,129
29,664	e	Fred's, Inc		357
167,970	e	JC Penney Co, Inc		12,994
17,729	e*	Retail Ventures, Inc		338
98,533	e	Saks, Inc		1,756
17,973		Stein Mart, Inc		238
621,933		Target Corp		35,481
333,625		TJX Cos, Inc		9,515
1,788,586		Wal-Mart Stores, Inc		82,597
		TOTAL GENERAL MERCHANDISE STORES		190,240

HEALTH SERVICES - 1.46%
10,862	*	Alliance Imaging, Inc		72
14,316	e*	Amedisys, Inc		471
149,462		AmerisourceBergen Corp		6,720
22,231	*	Amsurg Corp		511
31,771	e*	Apria Healthcare Group, Inc		847
7,094	e*	Bio-Reference Labs, Inc		159
11,494	e	Brookdale Senior Living, Inc		552
316,694		Caremark Rx, Inc		18,086
74,828		Cigna Corp		9,845
74,524	e*	Community Health Systems, Inc		2,722
6,016	*	Corvel Corp		286
34,480	*	Covance, Inc		2,031
114,014	*	Coventry Health Care, Inc		5,706
22,090	*	Cross Country Healthcare, Inc		482
75,575	*	DaVita, Inc		4,299
42,598	*	Edwards Lifesciences Corp		2,004
3,311	e*	Emeritus Corp		82
18,855	e*	Enzo Biochem, Inc		269
81,841	*	Express Scripts, Inc		5,860
22,485	*	Five Star Quality Care, Inc		251
14,431	e*	Genesis HealthCare Corp		682
8,923	e*	Genomic Health, Inc		166
18,949	e*	Gentiva Health Services, Inc		361
171,006		Health Management Associates, Inc (Class A)		3,610
24,588	e*	Healthways, Inc		1,173
10,654	*	Horizon Health Corp		208
18,980	e*	Hythiam, Inc		175
25,060	*	Kindred Healthcare, Inc		633
88,834	e*	Laboratory Corp of America Holdings		6,527
14,843	e	LCA-Vision, Inc		510
8,098	*	LHC Group, Inc		231
39,831	*	LifePoint Hospitals, Inc		1,342
70,238	*	Lincare Holdings, Inc		2,798
24,894	*	Magellan Health Services, Inc		1,076
56,881	e	Manor Care, Inc		2,669

206

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
13,215	*	Matria Healthcare, Inc	$	380
218,648		McKesson Corp		11,085
3,907	*	Medcath Corp		107
214,836	*	Medco Health Solutions, Inc		11,481
4,992	e	National Healthcare Corp		276
70,657	e*	Nektar Therapeutics		1,075
4,537	e*	Nighthawk Radiology Holdings, Inc		116
25,907	*	Odyssey HealthCare, Inc		344
85,615	e	Omnicare, Inc		3,307
19,390	e	Option Care, Inc		276
37,228	e*	Pediatrix Medical Group, Inc		1,820
73,351		Pharmaceutical Product Development, Inc		2,363
37,571	e*	Psychiatric Solutions, Inc		1,410
7,616	e*	Radiation Therapy Services, Inc		240
12,730	*	RehabCare Group, Inc		189
42,970	*	Sierra Health Services, Inc		1,549
16,786	e*	Stereotaxis, Inc		173
16,347	*	Sun Healthcare Group, Inc		206
35,882	e*	Sunrise Senior Living, Inc		1,102
11,929	e*	Symbion, Inc		221
339,486	e*	Tenet Healthcare Corp		2,366
62,435	e*	Triad Hospitals, Inc		2,612
32,574	e*	United Surgical Partners International, Inc		923
32,474		Universal Health Services, Inc (Class B)		1,800
7,404	e*	VistaCare, Inc (Class A)		75
459,976	*	WellPoint, Inc		36,196
		TOTAL HEALTH SERVICES		165,108

HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.01%
23,788		Granite Construction, Inc		1,197
14,573	*	Matrix Service Co		235
6,353	e*	Sterling Construction Co, Inc		138
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		1,570

HOLDING AND OTHER INVESTMENT OFFICES - 2.92%
23,371		Acadia Realty Trust		585
22,240	e*	Affiliated Managers Group, Inc		2,338
24,372	*	Affordable Residential Communities LP		284
24,372	e,v*	Affordable Residential Communities LP		6
5,860		Agree Realty Corp		201
1,423	e*	Alexander's, Inc		597
21,950		Alexandria Real Estate Equities, Inc		2,204
100,767	e	Allied Capital Corp		3,293
64,296		AMB Property Corp		3,768
11,828		American Campus Communities, Inc		337
101,231	e	American Financial Realty Trust		1,158
35,107	e	American Home Mortgage Investment Corp		1,233
152,331		Annaly Mortgage Management, Inc		2,119
40,991		Anthracite Capital, Inc		522
38,245		Anworth Mortgage Asset Corp		364
71,657		Apartment Investment & Management Co (Class A)		4,014
57,479	e	Apollo Investment Corp		1,288
8,687		Arbor Realty Trust, Inc		261
154,962		Archstone-Smith Trust		9,020
34,624		Ashford Hospitality Trust, Inc		431
53,862		AvalonBay Communities, Inc		7,005

207

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
49,809		BioMed Realty Trust, Inc	$	1,425
82,364	e	Boston Properties, Inc		9,215
67,217		Brandywine Realty Trust		2,235
39,274		BRE Properties, Inc (Class A)		2,554
41,065		Camden Property Trust		3,033
23,807		Capital Lease Funding, Inc		276
1,773		Capital Southwest Corp		224
8,296		Capital Trust, Inc (Class A)		414
46,395		CBL & Associates Properties, Inc		2,011
21,293		Cedar Shopping Centers, Inc		339
7,117		CentraCore Properties Trust		230
5,581		Cherokee, Inc		240
32,461		Colonial Properties Trust		1,522
9,262	e	Compass Diversified Trust		159
26,532	e	Corporate Office Properties Trust		1,339
28,724		Cousins Properties, Inc		1,013
57,581		Crescent Real Estate Equities Co		1,137
36,580		Deerfield Triarc Capital Corp		619
79,742	e	Developers Diversified Realty Corp		5,020
45,663	e	DiamondRock Hospitality Co		822
16,254		Digital Realty Trust, Inc		556
54,800		Douglas Emmett, Inc		1,457
98,094		Duke Realty Corp		4,012
15,783		EastGroup Properties, Inc		845
18,827	e	Education Realty Trust, Inc		278
2,066	e*	Enstar Group, Inc		198
18,156	e	Entertainment Properties Trust		1,061
42,886		Equity Inns, Inc		685
15,082		Equity Lifestyle Properties, Inc		821
260,097		Equity Office Properties Trust		12,529
26,061	e	Equity One, Inc		695
211,135		Equity Residential		10,715
17,086		Essex Property Trust, Inc		2,208
32,947		Extra Space Storage, Inc		602
38,804		Federal Realty Investment Trust		3,298
48,174		FelCor Lodging Trust, Inc		1,052
37,304		Fieldstone Investment Corp		163
34,641	e	First Industrial Realty Trust, Inc		1,624
14,075		First Potomac Realty Trust		410
41,850	e	Franklin Street Properties Corp		881
106,628	e	Friedman Billings Ramsey Group, Inc (Class A)		853
125,106		General Growth Properties, Inc		6,534
11,498	e	Getty Realty Corp		355
7,828	e	Gladstone Capital Corp		187
9,325	e	Gladstone Investment Corp		143
26,916	e	Glimcher Realty Trust		719
12,117		Global Signal, Inc		638
27,800		GMH Communities Trust		282
12,400		Gramercy Capital Corp		383
17,945	e*	Harris & Harris Group, Inc		217
139,308		Health Care Property Investors, Inc		5,129
52,904		Health Care REIT, Inc		2,276
34,028	e	Healthcare Realty Trust, Inc		1,346
19,444		Hersha Hospitality Trust		221
41,626		Highland Hospitality Corp		593
38,542		Highwoods Properties, Inc		1,571

208

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
26,525		Home Properties, Inc	$	1,572
45,217	e	HomeBanc Corp		191
53,590		Hospitality Properties Trust		2,547
367,731	e	Host Marriott Corp		9,028
156,142		HRPT Properties Trust		1,928
56,391		IMPAC Mortgage Holdings, Inc		496
48,741	e	Inland Real Estate Corp		912
29,188		Innkeepers U.S.A. Trust		452
32,947		Investors Real Estate Trust		338
6,556	e	iShares Russell 2000 Index Fund		512
95,000		iShares Russell 3000 Index Fund		7,794
13,735	e	iShares Russell Midcap Index Fund		1,371
90,167		iStar Financial, Inc		4,312
18,553		JER Investors Trust, Inc		384
24,426		Kilroy Realty Corp		1,905
160,305		Kimco Realty Corp		7,206
20,224		Kite Realty Group Trust		377
51,683	e	KKR Financial Corp		1,385
29,268		LaSalle Hotel Properties		1,342
36,183		Lexington Corporate Properties Trust		811
64,881		Liberty Property Trust		3,188
17,555	e	LTC Properties, Inc		479
31,753	e	Luminent Mortgage Capital, Inc		308
52,125		Macerich Co		4,512
44,732		Mack-Cali Realty Corp		2,281
29,713		Maguire Properties, Inc		1,189
28,111		Medical Properties Trust, Inc		430
61,319		MFA Mortgage Investments, Inc		472
16,824		Mid-America Apartment Communities, Inc		963
47,444	e*	Mills Corp		949
21,344	e	MortgageIT Holdings, Inc		315
18,515	e	National Health Investors, Inc		611
43,616		National Retail Properties, Inc		1,001
62,589		Nationwide Health Properties, Inc		1,891
34,751	e	New Century Financial Corp		1,098
78,327	e	New Plan Excel Realty Trust		2,152
31,289	e	Newcastle Investment Corp		980
13,641		Newkirk Realty Trust, Inc		246
21,985		NorthStar Realty Finance Corp		364
28,455	e	Novastar Financial, Inc		758
212,224	e	NTL, Inc		5,357
38,341		Omega Healthcare Investors, Inc		679
11,623	e	Parkway Properties, Inc		593
25,930		Pennsylvania Real Estate Investment Trust		1,021
132,044		Plum Creek Timber Co, Inc		5,262
32,866	e	Post Properties, Inc		1,502
27,492		Potlatch Corp		1,205
177,682		Prologis		10,798
13,682		PS Business Parks, Inc		967
87,441		Public Storage, Inc		8,526
20,254		RAIT Investment Trust		698
11,548	e	Ramco-Gershenson Properties		440
166,759	e*	Realogy Corp		5,056
70,483		Realty Income Corp		1,952
58,125		Reckson Associates Realty Corp		2,651
15,171		Redwood Trust, Inc		881

209

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
49,323		Regency Centers Corp	$	3,856
17,800		Republic Property Trust		205
8,737		Saul Centers, Inc		482
43,061	e	Senior Housing Properties Trust		1,054
160,074		Simon Property Group, Inc		16,214
32,609		SL Green Realty Corp		4,330
13,156		Sovran Self Storage, Inc		754
87,200	e	SPDR Trust Series 1		12,355
58,567	e	Spirit Finance Corp		730
13,165	e*	Star Maritime Acquisition Corp		129
52,099	e	Strategic Hotels & Resorts, Inc		1,135
12,790		Sun Communities, Inc		414
44,687		Sunstone Hotel Investors, Inc		1,195
22,030		Tanger Factory Outlet Centers, Inc		861
11,598	e	Tarragon Corp		141
40,122		Taubman Centers, Inc		2,041
83,374		Thornburg Mortgage, Inc		2,095
47,792	e	Trustreet Properties, Inc		805
100,110	e	United Dominion Realty Trust, Inc		3,183
10,285		Universal Health Realty Income Trust		401
19,529		Urstadt Biddle Properties, Inc (Class A)		373
33,533		U-Store-It Trust		689
77,084		Ventas, Inc		3,262
88,721		Vornado Realty Trust		10,780
30,712	e	Washington Real Estate Investment Trust		1,229
60,281	e	Weingarten Realty Investors		2,780
18,615	e	Winston Hotels, Inc		247
16,365		Winthrop Realty Trust		112
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		328,882

HOTELS AND OTHER LODGING PLACES - 0.58%
18,496	e	Ameristar Casinos, Inc		569
25,115	*	Aztar Corp		1,367
15,345	e*	Bluegreen Corp		197
31,169		Boyd Gaming Corp		1,412
26,796		Choice Hotels International, Inc		1,128
29,868	*	Gaylord Entertainment Co		1,521
17,562	*	Great Wolf Resorts, Inc		245
275,747		Hilton Hotels Corp		9,624
9,907	e*	Isle of Capri Casinos, Inc		263
100,362	*	Las Vegas Sands Corp		8,980
14,595	*	Lodgian, Inc		199
14,891		Marcus Corp		381
246,539		Marriott International, Inc (Class A)		11,765
85,616	*	MGM Mirage		4,910
8,692	*	Monarch Casino & Resort, Inc		208
10,400	e*	Morgans Hotel Group Co		176
9,051	e*	Outdoor Channel Holdings, Inc		116
10,185	*	Riviera Holdings Corp		246
154,967		Starwood Hotels & Resorts Worldwide, Inc		9,685
36,990		Station Casinos, Inc		3,021
19,819	e*	Trump Entertainment Resorts, Inc		362
23,411	e*	Vail Resorts, Inc		1,049
145,607	*	Wyndham Worldwide Corp		4,662
36,812	e	Wynn Resorts Ltd		3,455
		TOTAL HOTELS AND OTHER LODGING PLACES		65,541

210

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)

INDUSTRIAL MACHINERY AND EQUIPMENT - 7.37%
546,102		3M Co	$	42,558
5,902		Aaon, Inc		155
21,969	e	Actuant Corp (Class A)		1,047
62,956	e*	AGCO Corp		1,948
18,980	e	Albany International Corp (Class A)		625
9,869	e*	Allis-Chalmers Energy, Inc		227
126,531	e	American Standard Cos, Inc		5,801
5,232		Ampco-Pittsburgh Corp		175
1,002,560		Applied Materials, Inc		18,497
11,700	e*	Astec Industries, Inc		411
14,997	e*	ASV, Inc		244
39,136	*	Asyst Technologies, Inc		286
73,014	e*	Axcelis Technologies, Inc		426
4,302	e*	Basin Water, Inc		29
53,992		Black & Decker Corp		4,318
11,587	e	Black Box Corp		487
27,159	e*	Blount International, Inc		366
36,704	e	Briggs & Stratton Corp		989
52,087	e*	Brooks Automation, Inc		750
22,637		Bucyrus International, Inc (Class A)		1,172
21,843	e	Carlisle Cos, Inc		1,715
8,415		Cascade Corp		445
479,602		Caterpillar, Inc		29,414
41,687	e	CDW Corp		2,931
62,093	*	Cirrus Logic, Inc		427
12,813	*	Columbus McKinnon Corp		269
37,198	e	Cummins, Inc		4,396
32,788	e	Curtiss-Wright Corp		1,216
27,900	e*	Cymer, Inc		1,226
168,297		Deere & Co		16,000
1,673,581	*	Dell, Inc		41,990
51,236		Diebold, Inc		2,388
53,537	e	Donaldson Co, Inc		1,858
144,796		Dover Corp		7,098
27,965	*	Dresser-Rand Group, Inc		684
20,058	e*	Dril-Quip, Inc		785
106,679		Eaton Corp		8,016
39,428	*	Electronics for Imaging, Inc		1,048
1,590,785	e*	EMC Corp		20,998
66,505	*	Emulex Corp		1,297
10,817	e*	ENGlobal Corp		70
15,889	*	EnPro Industries, Inc		528
97,823	e*	Entegris, Inc		1,058
89,895	*	Extreme Networks, Inc		377
8,475	e*	Flanders Corp		84
40,195	*	Flowserve Corp		2,029
49,081	*	FMC Technologies, Inc		3,025
41,012	e*	Gardner Denver, Inc		1,530
202,596	e*	Gateway, Inc		407
10,307	e*	Gehl Co		284
7,520,036		General Electric Co		279,821
34,440	*	Global Imaging Systems, Inc		756
16,573	*	Goodman Global, Inc		285
7,678		Gorman-Rupp Co		284

211

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
48,455		Graco, Inc	$	1,920
93,094	*	Grant Prideco, Inc		3,702
2,019,750		Hewlett-Packard Co		83,193
13,976	*	Hydril		1,051
37,515	e	IDEX Corp		1,779
39,372	e*	Intermec, Inc		956
1,125,079		International Business Machines Corp		109,301
244,470		International Game Technology		11,295
14,156	*	Intevac, Inc		367
132,940		Jabil Circuit, Inc		3,264
90,211		Joy Global, Inc		4,361
9,545	*	Kadant, Inc		233
21,080		Kaydon Corp		838
28,016		Kennametal, Inc		1,649
22,645	e*	Komag, Inc		858
40,500	e*	Kulicke & Soffa Industries, Inc		340
99,553	*	Lam Research Corp		5,039
7,262	e*	LB Foster Co (Class A)		188
40,888	e	Lennox International, Inc		1,252
75,224	*	Lexmark International, Inc (Class A)		5,506
7,700	e	Lindsay Manufacturing Co		251
10,534		Lufkin Industries, Inc		612
43,929		Manitowoc Co, Inc		2,611
26,959	*	Micros Systems, Inc		1,421
4,740	e*	Middleby Corp		496
24,902		Modine Manufacturing Co		623
3,910		Nacco Industries, Inc (Class A)		534
10,325	*	NATCO Group, Inc (Class A)		329
22,120	*	Netgear, Inc		581
11,481		NN, Inc		143
20,847		Nordson Corp		1,039
40,790	e*	Oil States International, Inc		1,315
89,903		Pall Corp		3,106
72,885	e*	Palm, Inc		1,027
84,890		Parker Hannifin Corp		6,526
29,246	*	Paxar Corp		674
17,519	*	ProQuest Co		183
134,455	e*	Quantum Corp		312
25,143	e*	Rackable Systems, Inc		779
14,719	*	RBC Bearings, Inc		422
6,900		Robbins & Myers, Inc		317
126,089		Rockwell Automation, Inc		7,701
85,950	e*	Safeguard Scientifics, Inc		208
158,033	*	SanDisk Corp		6,800
6,258	e	Sauer-Danfoss, Inc		202
19,852	e*	Scansource, Inc		603
50,590	e*	Scientific Games Corp (Class A)		1,529
86,617	v*	Seagate Technology, Inc		-	^
15,689	e*	Semitool, Inc		209
15,705	e*	Sigma Designs, Inc		400
149,718		Smith International, Inc		6,149
675,539	e*	Solectron Corp		2,175
42,419		SPX Corp		2,594
8,469	e	Standex International Corp		255
57,713		Stanley Works		2,902
186,619	*	Symbol Technologies, Inc		2,788

212

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
10,545	e*	Tecumseh Products Co (Class A)	$	178
11,200		Tennant Co		325
72,830	*	Terex Corp		4,703
58,771		Timken Co		1,715
30,279	e	Toro Co		1,412
9,007	e*	TurboChef Technologies, Inc		153
18,851	e*	Ultratech, Inc		235
44,258	e*	VA Software Corp		223
93,375	*	Varian Medical Systems, Inc		4,442
32,101	e*	VeriFone Holdings, Inc		1,136
19,779	e	Watsco, Inc		933
160,135	*	Western Digital Corp		3,276
20,169		Woodward Governor Co		801
50,912	*	Zebra Technologies Corp (Class A)		1,771
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		831,461

INSTRUMENTS AND RELATED PRODUCTS - 4.23%
15,924	e*	Abaxis, Inc		307
16,958	e*	Abiomed, Inc		239
45,104	e*	Advanced Medical Optics, Inc		1,588
46,944	e*	Affymetrix, Inc		1,083
306,952	*	Agilent Technologies, Inc		10,697
42,246	e*	Align Technology, Inc		590
107,494		Allergan, Inc		12,871
47,352	e*	American Medical Systems Holdings, Inc		877
6,336	e*	American Science & Engineering, Inc		377
11,392	e	Analogic Corp		640
14,600	e*	Anaren, Inc		259
8,528	e*	Angiodynamics, Inc		183
131,637		Applera Corp (Applied Biosystems Group)		4,830
7,835	e*	Argon ST, Inc		169
21,305	e*	Armor Holdings, Inc		1,169
15,128		Arrow International, Inc		535
18,626	e*	Arthrocare Corp		744
11,116	e*	Aspect Medical Systems, Inc		209
9,964	e	Badger Meter, Inc		276
74,983	e	Bard (C.R.), Inc		6,221
38,459	e	Bausch & Lomb, Inc		2,002
471,877		Baxter International, Inc		21,890
46,654		Beckman Coulter, Inc		2,790
178,536		Becton Dickinson & Co		12,524
176,722		Biomet, Inc		7,293
12,755	*	Bio-Rad Laboratories, Inc (Class A)		1,053
11,552	e*	Biosite, Inc		564
885,256	*	Boston Scientific Corp		15,209
26,702	*	Bruker BioSciences Corp		201
18,291	*	Candela Corp		226
39,114	e*	Cepheid, Inc		332
19,483	e*	Cerus Corp		114
21,088	e*	Coherent, Inc		666
15,857		Cohu, Inc		320
22,053	*	Conmed Corp		510
33,406	e	Cooper Cos, Inc		1,487
70,483	*	Credence Systems Corp		367
14,634	e*	Cyberonics, Inc		302
172,672		Danaher Corp		12,508

213

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
9,120		Datascope Corp	$	332
114,780		Dentsply International, Inc		3,426
25,632	e*	Depomed, Inc		88
12,113	e*	DexCom, Inc		119
15,633	e*	Dionex Corp		887
17,084	*	DJ Orthopedics, Inc		732
28,960	e	DRS Technologies, Inc		1,526
1,263	e*	DXP Enterprises, Inc		44
5,088	*	Eagle Test Systems, Inc		74
208,710	e	Eastman Kodak Co		5,385
13,856	e	EDO Corp		329
19,238	*	ESCO Technologies, Inc		874
18,700	*	Esterline Technologies Corp		752
11,693	e*	ev3, Inc		201
7,765	*	Excel Technology, Inc		199
16,016	e*	FEI Co		422
49,225	e*	Flir Systems, Inc		1,567
32,473	e*	Formfactor, Inc		1,210
33,331	e*	Fossil, Inc		753
13,416	*	Foxhollow Technologies, Inc		290
19,314	e*	Haemonetics Corp		870
23,435	e*	HealthTronics, Inc		156
7,204	e*	Herley Industries, Inc		117
40,031	*	Hologic, Inc		1,893
9,395	*	ICU Medical, Inc		382
13,461	e*	I-Flow Corp		201
16,744	e*	II-VI, Inc		468
36,201	*	Illumina, Inc		1,423
52,711	e*	Input/Output, Inc		718
14,613	*	Integra LifeSciences Holdings Corp		622
14,938	e*	Intralase Corp		334
26,199	e*	Intuitive Surgical, Inc		2,512
22,994	e	Invacare Corp		564
17,103	e*	Ionatron, Inc		70
11,074	*	IRIS International, Inc		140
18,441	e*	Itron, Inc		956
30,992	e*	Ixia		298
2,147,174		Johnson & Johnson		141,756
8,260	e*	Kensey Nash Corp		263
141,203		Kla-Tencor Corp		7,025
45,800	e*	Kopin Corp		163
33,909	*	Kyphon, Inc		1,370
47,609	e*	L-1 Identity Solutions, Inc		720
49,063	e*	LTX Corp		275
9,778	e*	Measurement Specialties, Inc		212
6,418	*	Medical Action Industries, Inc		207
875,328		Medtronic, Inc		46,839
27,576	e	Mentor Corp		1,348
18,330	e*	Merit Medical Systems, Inc		290
30,130	*	Mettler-Toledo International, Inc		2,376
38,180	e*	Millipore Corp		2,543
22,060	e	Mine Safety Appliances Co		808
26,024	*	MKS Instruments, Inc		588
11,845	*	Molecular Devices Corp		250
12,667		Movado Group, Inc		367
13,932		MTS Systems Corp		538

214

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
39,105		National Instruments Corp	$	1,065
13,063	e*	Natus Medical, Inc		217
8,825	e*	Neurometrix, Inc		132
27,910	*	Newport Corp		585
4,391	*	Nextest Systems Corp		49
7,829	*	Northstar Neuroscience, Inc		113
23,547	e*	NuVasive, Inc		544
8,757	e*	NxStage Medical, Inc		73
16,400	e	Oakley, Inc		329
2,713	e*	OYO Geospace Corp		158
12,302	e*	Palomar Medical Technologies, Inc		623
95,062		PerkinElmer, Inc		2,113
13,914	*	Photon Dynamics, Inc		163
161,150		Pitney Bowes, Inc		7,443
17,140		PolyMedica Corp		693
28,107	e*	RAE Systems, Inc		90
54,088	e*	Resmed, Inc		2,662
51,817	*	Respironics, Inc		1,956
124,027		Rockwell Collins, Inc		7,850
10,882	*	Rofin-Sinar Technologies, Inc		658
63,936	e	Roper Industries, Inc		3,212
15,579	*	Rudolph Technologies, Inc		248
41,464	e*	Sirf Technology Holdings, Inc		1,058
11,900		Sirona Dental Systems, Inc		458
16,954	e*	Sonic Solutions, Inc		276
11,650	e*	SonoSite, Inc		360
21,581	e*	Spectranetics Corp		244
260,294	*	St. Jude Medical, Inc		9,516
49,670		STERIS Corp		1,250
215,475	e	Stryker Corp		11,875
24,549	e*	Symmetry Medical, Inc		339
27,552	*	Techne Corp		1,528
60,491		Tektronix, Inc		1,765
25,935	*	Teledyne Technologies, Inc		1,041
142,153	e*	Teradyne, Inc		2,127
294,713	*	Thermo Electron Corp		13,348
37,925	e*	ThermoGenesis Corp		163
37,720	e*	Thoratec Corp		663
38,006	*	Trimble Navigation Ltd		1,928
7,539	e	United Industrial Corp		383
23,832	*	Varian, Inc		1,067
20,673	*	Veeco Instruments, Inc		387
21,331	e*	Ventana Medical Systems, Inc		918
23,354	e*	Viasys Healthcare, Inc		650
8,467	e*	Vital Images, Inc		295
4,907		Vital Signs, Inc		245
76,530	*	Waters Corp		3,748
24,247	*	Wright Medical Group, Inc		564
696,619	*	Xerox Corp		11,808
13,259	e	X-Rite, Inc		163
3,046		Young Innovations, Inc		101
178,911	*	Zimmer Holdings, Inc		14,023
5,962	e*	Zoll Medical Corp		347
12,959	*	Zygo Corp		213
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		476,921

215

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
INSURANCE AGENTS, BROKERS AND SERVICE - 0.42%
226,590		AON Corp	$	8,008
79,949		Brown & Brown, Inc		2,255
10,229		Clark, Inc		170
14,025		Crawford & Co (Class B)		102
71,396	e	Gallagher (Arthur J.) & Co		2,110
214,998		Hartford Financial Services Group, Inc		20,061
25,750		Hilb Rogal & Hobbs Co		1,085
6,308	e	James River Group, Inc		204
393,546	e	Marsh & McLennan Cos, Inc		12,066
26,792		National Financial Partners Corp		1,178
31,178	e*	USI Holdings Corp		479
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		47,718

INSURANCE CARRIERS - 4.63%
21,838	e	21st Century Insurance Group		385
377,776		Aetna, Inc		16,312
6,908	e	Affirmative Insurance Holdings, Inc		112
361,773		Aflac, Inc		16,642
21,901		Alfa Corp		412
3,534	*	Alleghany Corp		1,285
455,929	e	Allstate Corp		29,686
75,230		Ambac Financial Group, Inc		6,701
39,900	e	American Equity Investment Life Holding Co		520
60,673		American Financial Group, Inc		2,179
1,597,282		American International Group, Inc		114,461
10,060		American National Insurance Co		1,148
8,194	*	American Physicians Capital, Inc		328
41,265	e*	AMERIGROUP Corp		1,481
22,573	*	Argonaut Group, Inc		787
91,492	e	Assurant, Inc		5,055
4,897		Baldwin & Lyons, Inc (Class B)		125
11,795	e	Bristol West Holdings, Inc		187
31,767	*	Centene Corp		781
298,738		Chubb Corp		15,806
112,801		Cincinnati Financial Corp		5,111
17,362	e*	CNA Financial Corp		700
10,118	*	CNA Surety Corp		218
39,862		Commerce Group, Inc		1,186
108,499	e*	Conseco, Inc		2,168
32,155	e	Delphi Financial Group, Inc (Class A)		1,301
14,969		Direct General Corp		309
9,364	e	Donegal Group, Inc (Class A)		183
4,503	e	EMC Insurance Group, Inc		154
38,103		Erie Indemnity Co (Class A)		2,209
10,036	e	FBL Financial Group, Inc (Class A)		392
152,442		Fidelity National Title Group, Inc (Class A)		3,640
13,254	e*	First Acceptance Corp		142
62,824	e	First American Corp		2,556
400	*	First Mercury Financial Corp		9
6,887	e*	Fpic Insurance Group, Inc		268
323,959		Genworth Financial, Inc (Class A)		11,083
6,247		Great American Financial Resources, Inc		144
38,385		Hanover Insurance Group, Inc		1,873
12,827		Harleysville Group, Inc		447
78,339		HCC Insurance Holdings, Inc		2,514

216

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
81,263	e*	Health Net, Inc	$	3,954
19,293	*	HealthExtras, Inc		465
13,250	*	Healthspring, Inc		270
33,145		Horace Mann Educators Corp		670
117,085	*	Humana, Inc		6,476
3,952	e	Independence Holding Co		86
16,217		Infinity Property & Casualty Corp		785
2,078		Kansas City Life Insurance Co		104
14,381	e	LandAmerica Financial Group, Inc		908
116,424	e	Leucadia National Corp		3,283
202,662		Lincoln National Corp		13,457
314,942		Loews Corp		13,061
7,060	*	Markel Corp		3,390
98,032		MBIA, Inc		7,162
18,349	e*	Meadowbrook Insurance Group, Inc		182
19,709		Mercury General Corp		1,039
336,485		Metlife, Inc		19,856
62,178		MGIC Investment Corp		3,889
8,179	e	Midland Co		343
8,801	e*	Molina Healthcare, Inc		286
11,286	e	National Interstate Corp		274
1,551		National Western Life Insurance Co (Class A)		357
34,746	e	Nationwide Financial Services, Inc (Class A)		1,883
9,235	e*	Navigators Group, Inc		445
4,145		NYMAGIC, Inc		152
9,757		Odyssey Re Holdings Corp		364
44,462		Ohio Casualty Corp		1,325
164,330		Old Republic International Corp		3,826
38,987	*	Philadelphia Consolidated Holding Co		1,737
79,793		Phoenix Cos, Inc		1,268
22,267	*	PMA Capital Corp (Class A)		205
62,991		PMI Group, Inc		2,971
13,808		Presidential Life Corp		303
200,343		Principal Financial Group		11,760
22,072	e*	ProAssurance Corp		1,102
568,004		Progressive Corp		13,757
48,849		Protective Life Corp		2,320
356,481		Prudential Financial, Inc		30,607
58,511		Radian Group, Inc		3,154
21,524	e	Reinsurance Group Of America, Inc		1,199
16,861	e	RLI Corp		951
86,862		Safeco Corp		5,433
10,157	e	Safety Insurance Group, Inc		515
7,120	*	SCPIE Holdings, Inc		186
11,016	*	SeaBright Insurance Holdings, Inc		198
20,200	e	Selective Insurance Group, Inc		1,157
503,005		St. Paul Travelers Cos, Inc		27,006
40,132		Stancorp Financial Group, Inc		1,808
9,480		State Auto Financial Corp		329
12,744		Stewart Information Services Corp		553
74,006		Torchmark Corp		4,719
11,467		Tower Group, Inc		356
19,325		Transatlantic Holdings, Inc		1,200
8,107	e*	Triad Guaranty, Inc		445
14,738	e	United Fire & Casualty Co		520
979,692		UnitedHealth Group, Inc		52,639

217

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
34,889		Unitrin, Inc	$	1,748
27,267	*	Universal American Financial Corp		508
243,171	e	UnumProvident Corp		5,053
115,449		W.R. Berkley Corp		3,984
23,721	*	WellCare Health Plans, Inc		1,634
921		Wesco Financial Corp		424
26,173		Zenith National Insurance Corp		1,228
		TOTAL INSURANCE CARRIERS		522,269

JUSTICE, PUBLIC ORDER AND SAFETY - 0.02%
43,918	*	Corrections Corp of America		1,987
13,761	*	Geo Group, Inc		516
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		2,503

LEATHER AND LEATHER PRODUCTS - 0.15%
276,406	*	Coach, Inc		11,874
7,400	e*	CROCS, Inc		320
19,024	e*	Genesco, Inc		709
25,167	*	Iconix Brand Group, Inc		488
16,270	e	Steven Madden Ltd		571
36,258	*	Timberland Co (Class A)		1,145
3,210	e	Weyco Group, Inc		80
39,829		Wolverine World Wide, Inc		1,136
		TOTAL LEATHER AND LEATHER PRODUCTS		16,323

LEGAL SERVICES - 0.01%
29,832	e*	FTI Consulting, Inc		832
7,324	e*	Pre-Paid Legal Services, Inc		287
		TOTAL LEGAL SERVICES		1,119

LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.02%
59,083		Laidlaw International, Inc		1,798
		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		1,798

LUMBER AND WOOD PRODUCTS - 0.03%
8,518	e	American Woodmark Corp		357
55,061	*	Champion Enterprises, Inc		515
7,514		Deltic Timber Corp		419
75,407		Louisiana-Pacific Corp		1,624
4,307		Skyline Corp		173
11,966	e	Universal Forest Products, Inc		558
		TOTAL LUMBER AND WOOD PRODUCTS		3,646

METAL MINING - 0.40%
30,936	e	Cleveland-Cliffs, Inc		1,498
224,135	e*	Coeur d'Alene Mines Corp		1,109
31,979		Foundation Coal Holdings, Inc		1,016
136,078	e	Freeport-McMoRan Copper & Gold, Inc (Class B)		7,584
87,163	e*	Hecla Mining Co		668
302,238	e	Newmont Mining Corp		13,646
146,334		Phelps Dodge Corp		17,519
35,943	e*	Rosetta Resources, Inc		671
15,917	e	Royal Gold, Inc		573
13,038	e	Southern Copper Corp		703
30,773	e*	Stillwater Mining Co		384
		TOTAL METAL MINING		45,371

218

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)

MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.22%
19,692		Blyth, Inc	$	409
52,436		Callaway Golf Co		756
27,651	e	Daktronics, Inc		1,019
105,899	e	Fortune Brands, Inc		9,043
123,639		Hasbro, Inc		3,369
19,429	e*	Jakks Pacific, Inc		424
33,584	*	K2, Inc		443
8,407	e	Marine Products Corp		99
283,750		Mattel, Inc		6,430
26,637	e	Nautilus, Inc		373
27,397	e*	Progressive Gaming International Corp		248
14,785	*	RC2 Corp		650
6,000	*	Russ Berrie & Co, Inc		93
25,055	e*	Shuffle Master, Inc		656
4,356	*	Steinway Musical Instruments, Inc		135
30,751		Yankee Candle Co, Inc		1,054
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		25,201

MISCELLANEOUS RETAIL - 1.23%
14,742	*	1-800-FLOWERS.COM, Inc (Class A)		91
11,957	e*	AC Moore Arts & Crafts, Inc		259
225,127	e*	Amazon.com, Inc		8,883
38,325		Barnes & Noble, Inc		1,522
288,813		Best Buy Co, Inc		14,207
15,894	e	Big 5 Sporting Goods Corp		388
10,266	e*	Blue Nile, Inc		379
10,157	e	Books-A-Million, Inc		230
52,830	e	Borders Group, Inc		1,181
10,668	e*	Build-A-Bear Workshop, Inc		299
20,077		Cash America International, Inc		942
36,440	e*	CKX, Inc		427
46,768	e*	Coldwater Creek, Inc		1,147
587,181	e	CVS Corp		18,150
12,284	*	dELiA*s, Inc		129
25,853	*	Dick's Sporting Goods, Inc		1,267
78,865	*	Dollar Tree Stores, Inc		2,374
48,030	e*	Drugstore.com, Inc		176
25,590	*	Ezcorp, Inc (Class A)		416
28,117	e*	GSI Commerce, Inc		527
24,778	*	Hibbett Sporting Goods, Inc		756
23,041		Longs Drug Stores Corp		976
26,978		MSC Industrial Direct Co (Class A)		1,056
24,699	*	Nutri/System, Inc		1,566
204,553	*	Office Depot, Inc		7,808
51,139		OfficeMax, Inc		2,539
8,052	e*	Overstock.com, Inc		127
103,402		Petsmart, Inc		2,984
20,497	*	Priceline.com, Inc		894
5,324	*	Pricesmart, Inc		95
403,021	e*	Rite Aid Corp		2,192
61,525	*	Sears Holdings Corp		10,332
12,380	*	Stamps.com, Inc		195
517,474		Staples, Inc		13,817
6,238	e*	Systemax, Inc		109

219

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
102,292	e	Tiffany & Co	$	4,014
18,910	*	Valuevision International, Inc (Class A)		248
735,780		Walgreen Co		33,765
20,188	e	World Fuel Services Corp		898
35,110	e*	Zale Corp		990
10,280	e*	Zumiez, Inc		304
		TOTAL MISCELLANEOUS RETAIL		138,659

MOTION PICTURES - 1.56%
32,976	e*	Avid Technology, Inc		1,229
143,498	*	Blockbuster, Inc (Class A)		759
8,585	e	Carmike Cinemas, Inc		175
485,873		CBS Corp (Class B)		15,149
75,312	*	Denny's Corp		355
199,837	*	Discovery Holding Co (Class A)		3,215
32,560	*	DreamWorks Animation SKG, Inc (Class A)		960
11,202	e*	Gaiam, Inc (Class A)		153
36,572	e*	Macrovision Corp		1,034
1,664,703		News Corp (Class A)		35,758
44,387	e	Regal Entertainment Group (Class A)		946
89,453	e*	Time Warner Telecom, Inc (Class A)		1,783
2,876,566		Time Warner, Inc		62,652
1,501,608		Walt Disney Co		51,460
		TOTAL MOTION PICTURES		175,628

NONDEPOSITORY INSTITUTIONS - 1.84%
14,426	e*	Accredited Home Lenders Holding Co		394
46,200		Advance America Cash Advance Centers, Inc		677
12,951		Advanta Corp (Class B)		565
104,012	e	American Capital Strategies Ltd		4,812
781,968		American Express Co		47,442
92,334	e*	AmeriCredit Corp		2,324
29,900		Ares Capital Corp		571
9,451	e	Asta Funding, Inc		288
293,127		Capital One Financial Corp		22,518
67,455		CapitalSource, Inc		1,842
36,971	e	CharterMac		794
143,964		CIT Group, Inc		8,029
16,989	e*	CompuCredit Corp		676
437,512		Countrywide Financial Corp		18,572
6,736	e*	Credit Acceptance Corp		225
66,518	e*	Doral Financial Corp		191
701,857		Fannie Mae		41,683
7,676		Federal Agricultural Mortgage Corp (Class C)		208
20,830	e	Financial Federal Corp		613
18,408	e*	First Cash Financial Services, Inc		476
32,476	e	First Marblehead Corp		1,775
501,240		Freddie Mac		34,034
32,585	*	INVESTools, Inc		449
38,917	e	MCG Capital Corp		791
10,197		Medallion Financial Corp		126
13,901	*	Nelnet, Inc (Class A)		380
12,077	e	NGP Capital Resources Co		202
25,500	*	Ocwen Financial Corp		405
5,510	*	Penson Worldwide, Inc		151
294,621		SLM Corp		14,369

220

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
2,846		Student Loan Corp	$	590
13,834	e	Technology Investment Capital Corp		223
7,131	*	United PanAm Financial Corp		98
12,929	e*	World Acceptance Corp		607
		TOTAL NONDEPOSITORY INSTITUTIONS		207,100

NONMETALLIC MINERALS, EXCEPT FUELS - 0.08%
15,670	e	AMCOL International Corp		435
22,877	e	Compass Minerals International, Inc		722
34,034		Florida Rock Industries, Inc		1,465
71,485	e	Vulcan Materials Co		6,424
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		9,046

OIL AND GAS EXTRACTION - 1.70%
325,149		Anadarko Petroleum Corp		14,150
7,665	e*	Arena Resources, Inc		327
11,985	*	Atlas America, Inc		611
15,008	*	ATP Oil & Gas Corp		594
19,668	e*	Atwood Oceanics, Inc		963
47,479	*	Aurora Oil & Gas Corp		152
232,557	e	Baker Hughes, Inc		17,363
9,892	e*	Basic Energy Services, Inc		244
25,572	e	Berry Petroleum Co (Class A)		793
24,277	e*	Bill Barrett Corp		661
212,064		BJ Services Co		6,218
11,997	e*	Bois d'Arc Energy, Inc		175
32,124	e*	Brigham Exploration Co		235
9,812	*	Bronco Drilling Co, Inc		169
34,234		Cabot Oil & Gas Corp		2,076
14,536	*	Callon Petroleum Co		218
82,652	*	Cameron International Corp		4,385
14,847	e*	Carrizo Oil & Gas, Inc		431
41,066	e*	Cheniere Energy, Inc		1,186
283,940	e	Chesapeake Energy Corp		8,248
58,913		Cimarex Energy Co		2,150
3,369	*	Clayton Williams Energy, Inc		122
19,768	*	CNX Gas Corp		504
13,165	e*	Complete Production Services, Inc		279
34,266	*	Comstock Resources, Inc		1,064
5,228	e*	Dawson Geophysical Co		190
27,514	e	Delta & Pine Land Co		1,113
42,568	e*	Delta Petroleum Corp		986
88,625	*	Denbury Resources, Inc		2,463
41,643	e	Diamond Offshore Drilling, Inc		3,329
11,397	*	Edge Petroleum Corp		208
39,610	*	Encore Acquisition Co		972
29,759	e*	Energy Partners Ltd		727
108,704		ENSCO International, Inc		5,442
86,292		Equitable Resources, Inc		3,603
35,600	e*	EXCO Resources, Inc		602
20,290	e*	Exploration Co of Delaware, Inc		271
38,504	e*	Forest Oil Corp		1,258
45,406	e*	Gasco Energy, Inc		111
21,487	e*	GeoGlobal Resources, Inc		169
63,236	*	Global Industries Ltd		825
5,673	e*	GMX Resources, Inc		201

221

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
12,475	e*	Goodrich Petroleum Corp	$	451
158,181	e*	Grey Wolf, Inc		1,085
9,397	e*	Gulfport Energy Corp		128
745,604		Halliburton Co		23,151
79,258	e*	Hanover Compressor Co		1,497
29,621	*	Harvest Natural Resources, Inc		315
65,623	*	Helix Energy Solutions Group, Inc		2,059
73,810		Helmerich & Payne, Inc		1,806
14,276	*	Hercules Offshore, Inc		413
21,181	*	Houston Exploration Co		1,097
51,788	*	Mariner Energy, Inc		1,015
15,667	e*	McMoRan Exploration Co		223
76,660	*	Meridian Resource Corp		237
11,279	e*	Metretek Technologies, Inc		139
124,206	*	National Oilwell Varco, Inc		7,599
64,229	e*	Newpark Resources, Inc		463
38,292	e*	Oceaneering International, Inc		1,520
27,407	e*	Parallel Petroleum Corp		482
80,330	*	Parker Drilling Co		656
121,906	e	Patterson-UTI Energy, Inc		2,832
3,037	v*	PetroCorp		-	^
101,383	*	PetroHawk Energy Corp		1,166
12,730	*	Petroleum Development Corp		548
28,296	e*	Petroquest Energy, Inc		360
29,554	*	Pioneer Drilling Co		392
90,126		Pioneer Natural Resources Co		3,577
58,417	*	Plains Exploration & Production Co		2,777
41,194		Pogo Producing Co		1,995
114,266	*	Pride International, Inc		3,429
490	e*	PrimeEnergy Corp		32
13,678	e*	Quest Resource Corp		138
48,839	e*	Quicksilver Resources, Inc		1,787
14,607	e*	RAM Energy Resources, Inc		80
99,918		Range Resources Corp		2,744
77,603	e	Rowan Cos, Inc		2,576
23,457	e	RPC, Inc		396
17,655	e*	SEACOR Holdings, Inc		1,750
119,572	*	Southwestern Energy Co		4,191
44,211	e	St. Mary Land & Exploration Co		1,629
19,310	*	Stone Energy Corp		683
23,906	e*	Sulphco, Inc		113
59,268	*	Superior Energy Services		1,937
6,200	*	Superior Well Services, Inc		158
23,750	*	Swift Energy Co		1,064
29,896	e*	Syntroleum Corp		103
57,120	e*	Tetra Technologies, Inc		1,461
42,894		Tidewater, Inc		2,074
43,127	*	Todco		1,474
11,158	e*	Toreador Resources Corp		288
49,232	e*	Transmeridian Exploration, Inc		170
8,324	e*	Trico Marine Services, Inc		319
7,100	*	Union Drilling, Inc		100
33,016	*	Unit Corp		1,600
40,557	*	Vaalco Energy, Inc		274
27,309	*	Veritas DGC, Inc		2,338
16,538	e	W&T Offshore, Inc		508

222

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
37,871	e*	Warren Resources, Inc	$	444
21,404	*	W-H Energy Services, Inc		1,042
28,820	e*	Whiting Petroleum Corp		1,343
258,466		XTO Energy, Inc		12,161
		TOTAL OIL AND GAS EXTRACTION		192,177

PAPER AND ALLIED PRODUCTS - 0.52%
74,376		Bemis Co		2,527
44,770	e	Bowater, Inc		1,007
26,323	*	Buckeye Technologies, Inc		315
18,440	*	Caraustar Industries, Inc		149
40,746	e*	Cenveo, Inc		864
12,643	e	Chesapeake Corp		215
30,362		Glatfelter		471
55,065	*	Graphic Packaging Corp		239
11,733		Greif, Inc (Class A)		1,389
334,880		International Paper Co		11,420
333,471		Kimberly-Clark Corp		22,659
51,102		Longview Fibre Co		1,122
129,492		MeadWestvaco Corp		3,893
20,151	e*	Mercer International, Inc		239
10,278		Neenah Paper, Inc		363
57,688		Packaging Corp of America		1,275
39,917	e*	Playtex Products, Inc		575
22,737		Rock-Tenn Co (Class A)		616
9,960		Schweitzer-Mauduit International, Inc		260
182,775	*	Smurfit-Stone Container Corp		1,930
71,238		Sonoco Products Co		2,711
78,891	e	Temple-Inland, Inc		3,631
29,954		Wausau Paper Corp		449
		TOTAL PAPER AND ALLIED PRODUCTS		58,319

PERSONAL SERVICES - 0.16%
100,477	e	Cintas Corp		3,990
3,800		Coinmach Service Corp (Class A)		45
20,600	e*	Coinstar, Inc		630
15,088	e	G & K Services, Inc (Class A)		587
234,860		H&R Block, Inc		5,411
25,900	e	Jackson Hewitt Tax Service, Inc		880
33,311		Regis Corp		1,317
56,970	*	Sally Beauty Holdings, Inc		444
210,040		Service Corp International		2,153
6,886		Unifirst Corp		264
35,080	e	Weight Watchers International, Inc		1,843
		TOTAL PERSONAL SERVICES		17,564

PETROLEUM AND COAL PRODUCTS - 6.29%
11,300	e	Alon USA Energy, Inc		297
237,098		Apache Corp		15,769
44,740		Ashland, Inc		3,095
1,606,452		Chevron Corp		118,122
1,193,598		ConocoPhillips		85,879
7,530		Delek US Holdings, Inc		124
312,153		Devon Energy Corp		20,939
13,996	e	ElkCorp		575
172,371		EOG Resources, Inc		10,765

223

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
4,378,488		Exxon Mobil Corp	$	335,524
81,230		Frontier Oil Corp		2,335
12,046	e*	Giant Industries, Inc		903
34,562	e*	Headwaters, Inc		828
172,023		Hess Corp		8,527
36,202		Holly Corp		1,861
260,020		Marathon Oil Corp		24,052
135,049		Murphy Oil Corp		6,867
91,300	e*	Newfield Exploration Co		4,195
125,895		Noble Energy, Inc		6,178
619,852		Occidental Petroleum Corp		30,267
94,198		Sunoco, Inc		5,874
50,342		Tesoro Corp		3,311
444,352		Valero Energy Corp		22,733
11,564		WD-40 Co		403
17,700	e	Western Refining, Inc		451
		TOTAL PETROLEUM AND COAL PRODUCTS		709,874

PRIMARY METAL INDUSTRIES - 0.89%
88,530	*	AK Steel Holding Corp		1,496
625,219		Alcoa, Inc		18,763
72,511		Allegheny Technologies, Inc		6,575
33,081	e	Belden CDT, Inc		1,293
15,568	e*	Brush Engineered Materials, Inc		526
17,893		Carpenter Technology Corp		1,834
19,037	*	Century Aluminum Co		850
33,682		Chaparral Steel Co		1,491
45,912	e*	CommScope, Inc		1,399
1,120,256	*	Corning, Inc		20,960
16,654	e	Encore Wire Corp		367
36,458	*	General Cable Corp		1,594
20,138		Gibraltar Industries, Inc		473
43,293		Hubbell, Inc (Class B)		1,957
24,746	*	Lone Star Technologies, Inc		1,198
21,924	e	Matthews International Corp (Class A)		863
25,216		Mueller Industries, Inc		799
221,448		Nucor Corp		12,104
5,831		Olympic Steel, Inc		130
25,709	*	Oregon Steel Mills, Inc		1,605
97,482	e	Precision Castparts Corp		7,631
26,576	e	Quanex Corp		919
16,800	e*	RTI International Metals, Inc		1,314
16,399		Schnitzer Steel Industries, Inc (Class A)		651
68,088		Steel Dynamics, Inc		2,209
10,403		Steel Technologies, Inc		183
14,234	*	Superior Essex, Inc		473
17,041	e	Texas Industries, Inc		1,095
59,876	e*	Titanium Metals Corp		1,767
24,156	e	Tredegar Corp		546
87,268		United States Steel Corp		6,383
6,089	e*	Wheeling-Pittsburgh Corp		114
51,686	e	Worthington Industries, Inc		916
		TOTAL PRIMARY METAL INDUSTRIES		100,478

224

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
PRINTING AND PUBLISHING - 0.65%
31,906	e*	ACCO Brands Corp	$	845
37,939	e	American Greetings Corp (Class A)		906
19,490		Banta Corp		709
65,821	e	Belo (A.H.) Corp (Class A)		1,209
22,675		Bowne & Co, Inc		362
8,210	*	Consolidated Graphics, Inc		485
6,267		Courier Corp		244
3,924		CSS Industries, Inc		139
44,193	e	Dow Jones & Co, Inc		1,679
47,168	*	Dun & Bradstreet Corp		3,905
17,307	e	Ennis, Inc		423
59,393	e	EW Scripps Co (Class A)		2,966
168,968		Gannett Co, Inc		10,216
41,244		Harte-Hanks, Inc		1,143
18,920	e	John H Harland Co		950
34,409	e	John Wiley & Sons, Inc (Class A)		1,324
30,943		Journal Communications, Inc (Class A)		390
32,392		Journal Register Co		237
33,495		Lee Enterprises, Inc		1,040
19,558	e	Martha Stewart Living Omnimedia, Inc (Class A)		428
40,158		McClatchy Co (Class A)		1,739
259,123	e	McGraw-Hill Cos, Inc		17,626
16,660		Media General, Inc (Class A)		619
24,174	e	Meredith Corp		1,362
94,018	e	New York Times Co (Class A)		2,290
12,663	e*	Playboy Enterprises, Inc (Class B)		145
19,405	e*	Presstek, Inc		123
138,914	e*	Primedia, Inc		235
18,728	e*	Private Media Group Ltd		76
47,400	e	R.H. Donnelley Corp		2,973
157,542		R.R. Donnelley & Sons Co		5,599
68,509		Reader's Digest Association, Inc		1,144
10,767	e	Schawk, Inc		210
24,827	*	Scholastic Corp		890
10,680		Standard Register Co		128
53,732	e*	Sun-Times Media Group, Inc (Class A)		264
136,556	e	Tribune Co		4,203
35,061	*	Valassis Communications, Inc		508
4,207		Washington Post Co (Class B)		3,137
		TOTAL PRINTING AND PUBLISHING		72,871

RAILROAD TRANSPORTATION - 0.59%
262,670		Burlington Northern Santa Fe Corp		19,388
320,134		CSX Corp		11,022
25,004		Florida East Coast Industries		1,490
26,537	e*	Genesee & Wyoming, Inc (Class A)		697
58,387	*	Kansas City Southern Industries, Inc		1,692
293,344		Norfolk Southern Corp		14,752
194,817		Union Pacific Corp		17,927
		TOTAL RAILROAD TRANSPORTATION		66,968

REAL ESTATE - 0.12%
7,127	e	California Coastal Communities, Inc		153
131,323	*	CB Richard Ellis Group, Inc (Class A)		4,360
4,977	e	Consolidated-Tomoka Land Co		360
49,948	e	Forest City Enterprises, Inc (Class A)		2,917
10,086	e*	Housevalues, Inc		57

225

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
25,773	e	Jones Lang LaSalle, Inc	$	2,376
5,276	e	Orleans Homebuilders, Inc		99
53,649	e	St. Joe Co		2,874
80,810		Stewart Enterprises, Inc (Class A)		505
		TOTAL REAL ESTATE		13,701

RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.17%
5,113	*	AEP Industries, Inc		273
54,933		Cooper Tire & Rubber Co		785
8,335	e*	Deckers Outdoor Corp		500
132,433	e*	Goodyear Tire & Rubber Co		2,780
38,677	e*	Jarden Corp		1,345
196,198		Newell Rubbermaid, Inc		5,680
7,498	e	PW Eagle, Inc		259
21,213		Schulman (A.), Inc		472
59,663		Sealed Air Corp		3,873
8,488	e*	Skechers U.S.A., Inc (Class A)		283
25,932		Spartech Corp		680
11,898	e	Titan International, Inc		240
7,903	e*	Trex Co, Inc		181
40,623	e	Tupperware Corp		918
25,167		West Pharmaceutical Services, Inc		1,289
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCT		19,558

SECURITY AND COMMODITY BROKERS - 3.19%
54,121		A.G. Edwards, Inc		3,425
156,189		Ameriprise Financial, Inc		8,512
86,969		Bear Stearns Cos, Inc		14,157
14,204	e	BlackRock, Inc		2,158
16,951	e	Calamos Asset Management, Inc (Class A)		455
38,259	e*	Cbot Holdings, Inc (Class A)		5,795
756,168		Charles Schwab Corp		14,624
25,214		Chicago Mercantile Exchange Holdings, Inc		12,853
9,422	e	Cohen & Steers, Inc		378
307,181	*	E*Trade Financial Corp		6,887
82,774		Eaton Vance Corp		2,732
65,091		Federated Investors, Inc (Class B)		2,199
123,858		Franklin Resources, Inc		13,645
6,584	e	GAMCO Investors, Inc (Class A)		253
8,396	e*	GFI Group, Inc		523
275,475		Goldman Sachs Group, Inc		54,916
14,103	e	Greenhill & Co, Inc		1,041
36,800	*	IntercontinentalExchange, Inc		3,971
29,469	e	International Securities Exchange, Inc		1,379
30,749	*	Investment Technology Group, Inc		1,319
150,501	e	Janus Capital Group, Inc		3,249
84,211		Jefferies Group, Inc		2,259
2,600	*	KBW, Inc		76
75,614	e*	Knight Capital Group, Inc (Class A)		1,450
37,720	e*	LaBranche & Co, Inc		371
90,710		Legg Mason, Inc		8,622
384,249		Lehman Brothers Holdings, Inc		30,018
21,429	e*	MarketAxess Holdings, Inc		291
662,393		Merrill Lynch & Co, Inc		61,669
773,319		Morgan Stanley		62,971
10,065	*	Morningstar, Inc		453

226

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
66,994	e*	Nasdaq Stock Market, Inc	$	2,063
56,209	e	Nuveen Investments, Inc (Class A)		2,916
4,800	*	Nymex Holdings, Inc		595
115,746	e*	NYSE Group, Inc		11,251
15,817		optionsXpress Holdings, Inc		359
16,714	*	Piper Jaffray Cos		1,089
66,932		Raymond James Financial, Inc		2,029
8,937	e	Sanders Morris Harris Group, Inc		114
44,676		SEI Investments Co		2,661
7,776	e*	Stifel Financial Corp		305
9,972	e	SWS Group, Inc		356
190,824		T Rowe Price Group, Inc		8,352
223,167	e	TD Ameritrade Holding Corp		3,611
4,803	e*	Thomas Weisel Partners Group, Inc		101
800		Value Line, Inc		36
65,258		Waddell & Reed Financial, Inc (Class A)		1,785
		TOTAL SECURITY AND COMMODITY BROKERS		360,274

SOCIAL SERVICES - 0.01%
20,451	e*	Bright Horizons Family Solutions, Inc		790
15,384	*	Capital Senior Living Corp		164
8,598	e*	Providence Service Corp		216
15,649	*	Res-Care, Inc		284
		TOTAL SOCIAL SERVICES		1,454

SPECIAL TRADE CONTRACTORS - 0.05%
2,319	e	Alico, Inc		117
18,820	e	Chemed Corp		696
28,901		Comfort Systems USA, Inc		365
32,076	e*	Dycom Industries, Inc		677
23,437	*	EMCOR Group, Inc		1,332
20,939	e*	Insituform Technologies, Inc (Class A)		542
10,880	e*	Integrated Electrical Services, Inc		194
8,579	*	Layne Christensen Co		282
78,543	e*	Quanta Services, Inc		1,545
		TOTAL SPECIAL TRADE CONTRACTORS		5,750

STONE, CLAY, AND GLASS PRODUCTS - 0.09%
18,958		Apogee Enterprises, Inc		366
18,807	*	Cabot Microelectronics Corp		638
14,827		CARBO Ceramics, Inc		554
35,971		Eagle Materials, Inc		1,555
110,968	e	Gentex Corp		1,727
116,835	*	Owens-Illinois, Inc		2,155
23,708	e*	US Concrete, Inc		169
56,528	e*	USG Corp		3,098
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		10,262

TEXTILE MILL PRODUCTS - 0.01%
10,106		Oxford Industries, Inc		502
14,120		Xerium Technologies, Inc		138
		TOTAL TEXTILE MILL PRODUCTS		640

TOBACCO PRODUCTS - 1.33%
1,507,768		Altria Group, Inc		129,397
69,118		Loews Corp (Carolina Group)		4,473

227

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
124,450	e	Reynolds American, Inc	$	8,148
18,667		Universal Corp		915
117,460	e	UST, Inc		6,836
24,693	e	Vector Group Ltd		438
		TOTAL TOBACCO PRODUCTS		150,207

TRANSPORTATION BY AIR - 0.48%
39,511	*	ABX Air, Inc		274
7,464	e*	Air Methods Corp		208
65,497	e*	Airtran Holdings, Inc		769
28,126	e*	Alaska Air Group, Inc		1,111
154,478	e*	AMR Corp		4,670
14,233	e*	Atlas Air Worldwide Holdings, Inc		633
18,390	e*	Bristow Group, Inc		664
64,577	e*	Continental Airlines, Inc (Class B)		2,664
23,319	*	EGL, Inc		695
30,417	*	ExpressJet Holdings, Inc		246
215,904		FedEx Corp		23,452
29,374	e*	Frontier Airlines Holdings, Inc		217
123,072	e*	JetBlue Airways Corp		1,748
29,055	e*	Mesa Air Group, Inc		249
9,723	e*	PHI, Inc		318
23,015	*	Republic Airways Holdings, Inc		386
45,222	e	Skywest, Inc		1,154
585,339		Southwest Airlines Co		8,967
78,370	e*	UAL Corp		3,448
43,209	e*	US Airways Group, Inc		2,327
		TOTAL TRANSPORTATION BY AIR		54,200

TRANSPORTATION EQUIPMENT - 2.57%
13,757		A.O. Smith Corp		517
26,152	e*	AAR Corp		763
16,459	*	Accuride Corp		185
14,702	*	Aftermarket Technology Corp		313
43,509	e	American Axle & Manufacturing Holdings, Inc		826
5,300		American Railcar Industries, Inc		180
9,760	e	Arctic Cat, Inc		172
56,666	e	ArvinMeritor, Inc		1,033
60,754		Autoliv, Inc		3,663
55,230	*	BE Aerospace, Inc		1,418
576,546		Boeing Co		51,220
67,593		Brunswick Corp		2,156
36,782	e	Clarcor, Inc		1,244
10,359	e*	Comtech Group, Inc		188
34,017		Federal Signal Corp		546
41,202	e*	Fleetwood Enterprises, Inc		326
1,315,561	e*	Ford Motor Co		9,880
8,920	e	Freightcar America, Inc		495
7,817	e*	Fuel Systems Solutions, Inc		173
42,477	e*	GenCorp, Inc		596
290,346		General Dynamics Corp		21,587
340,155	e	General Motors Corp		10,450
7,281	e*	GenTek, Inc		252
125,058		Genuine Parts Co		5,931
88,878		Goodrich Corp		4,048
12,975	e	Greenbrier Cos, Inc		389
19,891	e	Group 1 Automotive, Inc		1,029

228

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
192,949	e	Harley-Davidson, Inc	$	13,597
29,665		Harsco Corp		2,257
14,627	e	Heico Corp		568
131,644		ITT Industries, Inc		7,480
14,200	e*	K&F Industries Holdings, Inc		322
17,547		Kaman Corp		393
265,743		Lockheed Martin Corp		24,467
6,589	*	Miller Industries, Inc		158
21,622		Monaco Coach Corp		306
26,200	*	Navistar International Corp		876
6,171	e	Noble International Ltd		124
244,204		Northrop Grumman Corp		16,533
40,694	e*	Orbital Sciences Corp		750
54,350		Oshkosh Truck Corp		2,632
181,336	e	Paccar, Inc		11,769
100,239	e*	Pactiv Corp		3,578
30,275	e	Polaris Industries, Inc		1,418
322,239		Raytheon Co		17,014
4,792	*	Sequa Corp (Class A)		551
41,400	*	Spirit Aerosystems Holdings, Inc (Class A)		1,386
17,715	e	Superior Industries International, Inc		341
32,438	*	Tenneco, Inc		802
93,202	e	Textron, Inc		8,740
25,200	e	Thor Industries, Inc		1,109
7,965	*	TransDigm Group, Inc		211
58,346	e	Trinity Industries, Inc		2,054
12,081	e	Triumph Group, Inc		633
30,832	*	TRW Automotive Holdings Corp		798
733,591		United Technologies Corp		45,864
93,062	*	Visteon Corp		789
22,100		Wabash National Corp		334
38,122		Westinghouse Air Brake Technologies Corp		1,158
24,826	e	Winnebago Industries, Inc		817
		TOTAL TRANSPORTATION EQUIPMENT		289,409

TRANSPORTATION SERVICES - 0.19%
14,656		Ambassadors Group, Inc		445
4,915	e	Ambassadors International, Inc		224
125,458		CH Robinson Worldwide, Inc		5,130
8,003	e*	Dynamex, Inc		187
152,762		Expeditors International Washington, Inc		6,187
34,495	e	GATX Corp		1,495
54,900	*	Hertz Global Holdings, Inc		955
28,305	*	HUB Group, Inc (Class A)		780
52,210	*	Lear Corp		1,542
26,631		Pacer International, Inc		793
26,768	*	RailAmerica, Inc		429
94,462		Sabre Holdings Corp (Class A)		3,012
		TOTAL TRANSPORTATION SERVICES		21,179

TRUCKING AND WAREHOUSING - 0.42%
17,410	e	Arkansas Best Corp		627
16,346	e*	Celadon Group, Inc		274
37,065		Con-way, Inc		1,632
22,919	e	Forward Air Corp		663
46,789	e	Heartland Express, Inc		703
80,351	e	J.B. Hunt Transport Services, Inc		1,669

229

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
43,462	e	Landstar System, Inc	$	1,659
14,139	*	Marten Transport Ltd		259
19,477	e*	Old Dominion Freight Line		469
4,234	*	P.A.M. Transportation Services, Inc		93
1,137	e*	Patriot Transportation Holding, Inc		106
6,236	*	Quality Distribution, Inc		83
9,635	*	Saia, Inc		224
35,619	e*	SIRVA, Inc		124
36,993	*	Swift Transportation Co, Inc		972
6,846	*	U.S. Xpress Enterprises, Inc (Class A)		113
467,326		United Parcel Service, Inc (Class B)		35,040
3,884	e*	Universal Truckload Services, Inc		92
5,986	*	USA Truck, Inc		96
35,401	e	Werner Enterprises, Inc		619
40,766	e*	YRC Worldwide, Inc		1,538
		TOTAL TRUCKING AND WAREHOUSING		47,055

WATER TRANSPORTATION - 0.06%
30,756	e	Alexander & Baldwin, Inc		1,364
23,830	e*	American Commercial Lines, Inc		1,561
11,494	*	Gulfmark Offshore, Inc		430
9,884		Horizon Lines, Inc (Class A)		266
20,578	*	Hornbeck Offshore Services, Inc		735
37,552	e*	Kirby Corp		1,282
20,862	e	Overseas Shipholding Group, Inc		1,174
		TOTAL WATER TRANSPORTATION		6,812

WHOLESALE TRADE-DURABLE GOODS - 0.37%
61,384		Adesa, Inc		1,703
23,674		Agilysys, Inc		396
30,894		Applied Industrial Technologies, Inc		813
85,479	e*	Arrow Electronics, Inc		2,697
26,755		Barnes Group, Inc		582
30,944	e*	Beacon Roofing Supply, Inc		582
7,060	e	BlueLinx Holdings, Inc		73
42,342		BorgWarner, Inc		2,499
21,864	e	Building Material Holding Corp		540
7,176		Castle (A.M.) & Co		183
15,920	*	Conceptus, Inc		339
86,195	*	Cytyc Corp		2,439
13,898	*	Digi International, Inc		192
13,174	e*	Drew Industries, Inc		343
26,458	e*	Genesis Microchip, Inc		268
6,221	e*	Houston Wire & Cable Co		130
78,096		IKON Office Solutions, Inc		1,279
101,260	*	Ingram Micro, Inc (Class A)		2,067
34,716	e*	Insight Enterprises, Inc		655
19,381	*	Interline Brands, Inc		436
13,159	*	Keystone Automotive Industries, Inc		447
42,424	e	Knight Transportation, Inc		723
3,000		Lawson Products, Inc		138
31,919	e*	LKQ Corp		734
32,342	e	Martin Marietta Materials, Inc		3,361
15,714	e*	Merge Technologies, Inc		103
3,818	e*	MWI Veterinary Supply, Inc		123
28,836	e	Owens & Minor, Inc		902

230

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
103,013	e*	Patterson Cos, Inc	$	3,658
37,424	e	PEP Boys-Manny Moe & Jack		556
37,580	e	Pool Corp		1,472
47,725	e*	PSS World Medical, Inc		932
46,192		Reliance Steel & Aluminum Co		1,819
19,445	e	Ryerson Tull, Inc		488
39,380	*	Tech Data Corp		1,491
26,379	*	Tyler Technologies, Inc		371
54,621		W.W. Grainger, Inc		3,820
34,294	*	WESCO International, Inc		2,017
8,587	e*	West Marine, Inc		148
		TOTAL WHOLESALE TRADE-DURABLE GOODS		41,519

WHOLESALE TRADE-NONDURABLE GOODS - 0.82%
48,102		Airgas, Inc		1,949
31,521	e*	Akorn, Inc		197
59,409	*	Alliance One International, Inc		419
32,869	e*	Allscripts Healthcare Solutions, Inc		887
9,068	e	Andersons, Inc		384
43,792		Brown-Forman Corp (Class B)		2,901
303,309		Cardinal Health, Inc		19,542
21,391	e*	Central European Distribution Corp		635
7,034	*	Core-Mark Holding Co, Inc		235
99,667	*	Dean Foods Co		4,214
96,092	*	Endo Pharmaceuticals Holdings, Inc		2,650
2,908	e*	Green Mountain Coffee Roasters, Inc		143
21,948	e*	Hain Celestial Group, Inc		685
62,653	*	Henry Schein, Inc		3,069
104,836	*	Idearc, Inc		3,004
6,203	e	Kenneth Cole Productions, Inc (Class A)		149
19,366	e	K-Swiss, Inc (Class A)		595
2,095	*	Maui Land & Pineapple Co, Inc		71
35,438	e	Men's Wearhouse, Inc		1,356
18,114	e	Myers Industries, Inc		284
8,977	e	Nash Finch Co		245
138,917		Nike, Inc (Class B)		13,757
38,826	e	Nu Skin Enterprises, Inc (Class A)		708
11,120	e*	Nuco2, Inc		273
6,666	e*	Perry Ellis International, Inc		273
327,997		Safeway, Inc		11,336
17,687	*	School Specialty, Inc		663
8,100	*	Smart & Final, Inc		153
22,616	e*	Source Interlink Cos, Inc		185
14,127		Spartan Stores, Inc		296
25,507		Stride Rite Corp		385
448,087		Sysco Corp		16,472
77,674	e*	Terra Industries, Inc		931
25,451	e*	Tractor Supply Co		1,138
30,443	e*	United Natural Foods, Inc		1,093
24,300	*	United Stationers, Inc		1,135
6,399	e	Valhi, Inc		166
1,903	e*	Valley National Gases, Inc		50
9,361	*	Volcom, Inc		277
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		92,905

		TOTAL COMMON STOCKS
		(Cost $8,100,413)		11,266,497

231

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

						VALUE
SHARES						(000)

WARRANTS - 0.00%**

COMMUNICATIONS - 0.00%**
27	e,v*	RCN Corp (Expires 12/21/06)				-	^
		TOTAL COMMUNICATIONS				-	^

WHOLESALE TRADE-DURABLE GOODS - 0.00%**
808	v*	Timco Aviation Services, Inc (Expires 02/28/07)				-	^
		TOTAL WHOLESALE TRADE-DURABLE GOODS				-	^

		TOTAL WARRANTS				-	^
		(Cost $0)


SHORT-TERM INVESTMENTS - 8.06%

				MATURITY
PRINCIPAL			RATE	DATE

U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES - 0.25%
$ 14,300,000		Federal Home Loan Bank (FHLB)	4.800%	01/02/07		14,292
10,000,000		FHLB	5.200	01/19/07		9,977
4,700,000		Federal National Mortgage Association (FNMA)	5.128	02/21/07		4,667
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES				28,936

SHARES

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 7.81%
880,992,552	v	State Street Navigator Securities Lending Prime Portfolio				880,993
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED				880,993

		TOTAL SHORT-TERM INVESTMENTS				909,929
		(Cost $ 909,930)

		TOTAL PORTFOLIO - 107.92%				12,176,426
		(Cost $9.010,343)

		OTHER ASSETS & LIABILITIES, NET - (7.92%)				(893,856)

		NET ASSETS - 100.00%			$	11,282,570


	*	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.

232

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

COLLEGE RETIREMENT EQUITIES FUND
BOND MARKET ACCOUNT
STATEMENT OF INVESTMENTS
December 31, 2006

				MATURITY	RATING +		VALUE
PRINCIPAL			RATE	DATE	(Unaudited)		(000)

BONDS - 98.31%

CORPORATE BONDS - 39.71%

AMUSEMENT AND RECREATION SERVICES - 0.07%
$ 2,000,000	e	Caesars Entertainment, Inc	7.875%	03/15/10	Ba1	$	2,085
2,000,000		Caesars Entertainment, Inc	7.000	04/15/13	Baa3		2,046
		TOTAL AMUSEMENT AND RECREATION SERVICES					4,131

ASSET BACKED - 9.28%
20,000,000		AmeriCredit Automobile Receivables Trust Series 2006-AF
		(Class A4)	5.640	09/06/13	Aaa		20,265
400,343	i	AQ Finance NIM Trust Series 2004-RN2	5.550	04/25/09	Aaa		400
306,884	i,v	AQ Finance NIM Trust Series 2004-RN3	5.530	05/25/09	Aaa		307
90,042		Asset Backed Funding Corp NIM Trust Series 2005-WMC1
		(Class N1)	5.900	07/26/35	N/R		90
10,000,000	i	Centex Home Equity Series 2004-C (Class AF5)	5.980	06/25/34	Aaa		10,037
1,100,000	i	Centex Home Equity Series 2004-D (Class MF2)	5.560	09/25/34	A2		1,072
1,375,000	i	Chase Funding Mortgage Loan Asset-Backed Certificates Series
		2004-2 (Class 1B)	5.700	02/25/34	Baa2		1,332
3,500,000	i	Chase Funding Mortgage Loan Asset-Backed Certificates Series
		2004-2 (Class 1M1)	5.700	02/25/34	Aa2		3,480
1,750,000	i	Chase Funding Mortgage Loan Asset-Backed Certificates Series
		2004-2 (Class 1M2)	5.700	02/25/34	A2		1,723
2,267,092		Chase Manhattan Auto Owner Trust Series 2004-A (Class A4)	2.830	09/15/10	Aaa		2,226
10,000,000		CIT Equipment Collateral Series 2005-VT1 (Class A4)	4.360	11/20/12	Aaa		9,888
5,549,192	i	CIT Group Home Equity Loan Trust Series 2002-1 (Class AF6)	6.200	02/25/30	Aaa		5,575
542,776	i	CIT Group Home Equity Loan Trust Series 2002-2 (Class MF2)	6.390	12/25/30	A3		540
28,400,000	i	Citicorp Mortgage Securities, Inc Series 2006-1 (Class A3)	5.706	07/25/36	Aaa		28,449
20,812,000		Citicorp Mortgage Securities, Inc Series 2006-2 (Class A3)	5.563	09/25/36	Aaa		20,782
1,403,971	i	Countrywide Home Equity Loan Trust Series 2004-B (Class 1A)	5.570	02/15/29	Aaa		1,405
5,320,589		Detroit Edison Securitization Funding LLC Series 2001-1
		(Class A3)	5.875	03/01/10	Aaa		5,338
6,372,000		GMAC Mortgage Corporation Loan Trust 2006-HLTV A3	5.590	03/01/30	Aaa		6,370
2,600,000		GMAC Mortgage Corporation Loan Trust 2006-HLTV A4	5.810	03/01/36	Aaa		2,607
6,034,249	i	Golden Securities Corp Series 2003-A (Class A1)	5.626	12/02/13	Aaa		6,013
5,000,000	i	GSAMP Trust Series 2004-WF (Class M1)	5.930	10/25/34	Aa2		5,023
10,000,000		Hertz Vehicle Financing LLC Series 2005-1A (Class A3)	5.010	02/25/11	Aaa		9,940
5,545,059		Household Automotive Trust Series 2003-2 (Class A4)	3.020	12/17/10	Aaa		5,466
25,000,000		Household Automotive Trust Series 2006-2 (Class A3)	5.610	08/17/11	Aaa		25,195
45,000,000		Household Automotive Trust Series 2006-3 (Class A4)	5.340	09/17/13	Aaa		45,340
24,000,000		Household Credit Card Master Note Trust I Series 2006-1
		(Class A)	5.100	06/15/12	Aaa		24,013
35,000,000		Hyundai Auto Receivables Trust Series 2006-A (Class A3)	5.130	06/15/10	Aaa		34,951
40,000,000		Hyundai Auto Receivables Trust Series 2006-B (Class A4)	5.150	05/15/13	Aaa		39,983
3,000,000	i	IXIS Real Estate Capital Trust Series 2006-HE1 (Class A2)	5.490	03/25/36	Aaa		3,001
192,777		Long Beach Asset Holdings Corp Series 2006-4 (Class N1)	5.877	06/25/46	N/R		192

233

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

				MATURITY	RATING +		VALUE
PRINCIPAL			RATE	DATE	(Unaudited)		(000)
$ 3,889,567	v	Long Beach Asset Holdings Corp Series 2006-6 (Class N1)	6.072%	09/25/46	N/R	$	3,812
10,301,278		Marriott Vacation Club Owner Trust Series 2006-2A (Class A)	5.362	10/20/28	Aaa		10,296
713,621	v	New York City Tax Lien Series 2006-AA (Class A)	5.930	07/01/36	Aaa		718
2,562,720		Peco Energy Transition Trust Series 1999-A (Class A6)	6.050	03/01/09	Aaa		2,566
10,000,000		Peco Energy Transition Trust Series 1999-A (Class A7)	6.130	03/01/09	Aaa		10,084
5,101,972		Public Service New Hampshire Funding LLC Series 2001-1
		(Class A2)	5.730	11/01/10	Aaa		5,126
6,500,000	i	Renaissance Home Equity Loan Trust Series 2006-3 (Class AF3)	5.586	11/25/36	Aaa		6,495
12,000,000	i	Residential Asset Mortgage Products, Inc Series 2004-RS11
		(Class M1)	5.970	11/25/34	Aa1		12,087
1,158,464		Residential Asset Securities Corp Series 2001-KS2 (Class AI6)	6.489	10/25/30	Aaa		1,158
8,000,000		Residential Funding Mortgage Securities II, Inc Series 2006-H12
		(Class A2)	5.750	02/25/36	Aaa		8,010
5,014,000	i	Residential Funding Mortgage Securities II, Inc Series 2006-HI1
		(Class A3)	5.570	02/25/36	Aaa		5,009
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		2,007
6,000,000		Residential Funding Mortgage Securities II, Inc Series 2006-HI3
		(Class A3)	5.960	02/25/36	Aaa		6,046
9,628,000		Residential Funding Mortgage Securities II, Inc Series 2006-HI4
		(Class A2)	5.450	09/25/36	Aaa		9,598
30,000,000		Residential Funding Mortgage Securities II, Inc Series 2006-HI4
		(Class A3)	5.440	09/25/36	Aaa		29,842
7,000,000	v	Residential Funding Mortgage Securities II, Inc Series 2006-HI5
		(Class A2)	5.520	04/25/21	Aaa		7,001
13,500,000	v	Residential Funding Mortgage Securities II, Inc Series 2006-HI5
		(Class A3)	5.500	08/25/25	Aaa		13,447
9,862,000	i	Residential Funding Mortgage Securities II, Inc Series 2006-
		HSA2 (Class AI3)	5.550	03/25/36	Aaa		9,851
4,404,981	v	Sierra Receivables Funding Co Series 2006-1A (Class A1)	5.840	05/20/18	Aaa		4,442
30,000,000	v	Sonic Capital LLC Series 2006-1A (Class A2)	5.096	12/20/31	Aaa		29,746
7,185,000		Triad Auto Receivables Owner Trust Series 2005-A (Class A4)	4.220	06/12/12	Aaa		7,059
25,000,000		Triad Auto Receivables Owner Trust Series 2006-C (Class A4)	5.310	05/13/13	Aaa		25,090
38,000,000		Volkswagen Auto Lease Trust Series 2006-A (Class A3)	5.500	09/21/09	Aaa		38,161
10,400,000		Volkswagen Auto Lease Trust Series 2006-A (Class A4)	5.540	04/20/11	Aaa		10,470
4,100,000	v	Wachovia Amortization Controlled Heloc NIM Series 2006-N1
		(Class N1)	5.683	08/12/47	A3		4,074
7,200,367	i	Wachovia Loan Trust Series 2005-SD1 (Class A)	5.710	05/25/35	N/R		7,205
		TOTAL ASSET BACKED					593,170

BUILDING MATERIALS AND GARDEN SUPPLIES - 0.21%
7,000,000		Home Depot, Inc	5.400	03/01/16	Aa3		6,844
5,750,000		Lowe's Cos, Inc	8.250	06/01/10	A1		6,254
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES					13,098

BUSINESS SERVICES - 0.03%
2,000,000		Advanstar Communications, Inc	10.750	08/15/10	B1		2,153
		TOTAL BUSINESS SERVICES					2,153

234

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

				MATURITY	RATING +		VALUE
PRINCIPAL			RATE	DATE	(Unaudited)		(000)
CHEMICALS AND ALLIED PRODUCTS - 0.33%
$ 6,500,000		Abbott Laboratories	5.600%	05/15/11	A1	$	6,592
3,500,000		Chemtura Corp	6.875	06/01/16	Ba1		3,369
2,500,000		Lubrizol Corp	4.625	10/01/09	Baa3		2,451
5,650,000	e	Lubrizol Corp	5.500	10/01/14	Baa3		5,509
3,000,000		Procter & Gamble Co	4.950	08/15/14	Aa3		2,932
		TOTAL CHEMICALS AND ALLIED PRODUCTS					20,853

COMMUNICATIONS - 2.27%
3,750,000		America Movil S.A. de C.V.	6.375	03/01/35	A3		3,638
9,500,000		AT&T, Inc	5.100	09/15/14	A2		9,232
2,000,000	e	AT&T, Inc	6.150	09/15/34	A2		1,963
11,521,001		Comcast Cable Communications Holdings, Inc	8.375	03/15/13	Baa2		13,122
15,400,000		Comcast Corp	5.875	02/15/18	Baa2		15,204
6,000,000	e	Comcast Corp	5.650	06/15/35	Baa2		5,429
2,750,000		Comcast Corp	6.500	11/15/35	Baa2		2,764
6,000,000	g	COX Communications, Inc	5.875	12/01/16	Baa3		5,957
4,000,000		Deutsche Telekom International Finance BV	8.250	06/15/30	A3		4,909
4,000,000		Embarq Corp	7.995	06/01/36	Baa3		4,160
4,250,000		France Telecom S.A.	7.750	03/01/11	A3		4,629
1,750,000		Gray Television, Inc	9.250	12/15/11	B1		1,831
1,150,000		GTE Corp	6.840	04/15/18	Baa1		1,209
4,000,000		New Cingular Wireless Services, Inc	7.875	03/01/11	Baa1		4,369
4,750,000	e	New Cingular Wireless Services, Inc	8.750	03/01/31	Baa1		6,156
500,000		Rogers Cable, Inc	6.750	03/15/15	Ba2		515
2,500,000	e	Rogers Wireless, Inc	7.500	03/15/15	Ba2		2,712
7,750,000		Sprint Capital Corp	8.375	03/15/12	Baa3		8,622
12,400,000		Sprint Nextel Corp	6.000	12/01/16	Baa3		12,097
4,000,000	e	Telecom Italia Capital S.A.	5.250	11/15/13	Baa2		3,817
10,000,000	e	Verizon Communications, Inc	5.550	02/15/16	A3		9,947
4,250,000		Verizon Global Funding Corp	7.375	09/01/12	A3		4,649
2,250,000		Verizon Global Funding Corp	5.850	09/15/35	A3		2,151
6,500,000		Verizon Virginia, Inc	4.625	03/15/13	Baa1		6,060
4,850,000		Viacom, Inc	5.750	04/30/11	Baa3		4,849
3,500,000	e	Viacom, Inc	6.875	04/30/36	Baa3		3,463
2,000,000		Vodafone Group plc	5.000	12/16/13	A3		1,931
		TOTAL COMMUNICATIONS					145,385

DEPOSITORY INSTITUTIONS - 3.44%
7,550,000		Bank of America Corp	5.375	08/15/11	Aa2		7,606
4,000,000		Bank of America Corp	6.250	04/15/12	Aa2		4,182
3,550,000	e	Bank of America Corp	5.750	08/15/16	Aa3		3,625
6,000,000	e	Bank of America Corp	5.625	10/14/16	Aa2		6,104
5,000,000	g	Bank of America Corp	5.420	03/15/17	Aa3		4,950
6,500,000	e	Bank of America NA	6.000	10/15/36	Aa2		6,693
4,250,000	e	Bank One Corp	5.250	01/30/13	A1		4,221
7,000,000		Bank One NA	5.500	03/26/07	Aa2		7,000
5,000,000	e	Bank One NA	3.700	01/15/08	Aa2		4,920
5,250,000	i,g	BOI Capital Funding No. 2 LP	5.571	12/30/49	A2		5,127
4,000,000	e	Capital One Bank	5.125	02/15/14	A2		3,930
4,350,000	e	Citigroup, Inc	5.125	02/14/11	Aa1		4,339
18,500,000		Citigroup, Inc	5.125	05/05/14	Aa1		18,277
6,655,000		Citigroup, Inc	5.000	09/15/14	Aa2		6,495
3,000,000		Citigroup, Inc	5.850	12/11/34	Aa1		3,050
4,000,000		FIA Card Services NA	4.625	08/03/09	Aa1		3,948
3,000,000		Golden West Financial Corp	4.125	08/15/07	Aa3		2,976

235

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

				MATURITY	RATING +		VALUE
PRINCIPAL			RATE	DATE	(Unaudited)		(000)
$ 3,500,000		Golden West Financial Corp	4.750%	10/01/12	Aa3	$	3,402
2,000,000		Greenpoint Financial Corp	3.200	06/06/08	A3		1,940
5,000,000		International Finance Corp	5.125	05/02/11	Aaa		5,040
1,000,000		JPMorgan Chase & Co	7.875	06/15/10	A1		1,081
4,500,000	e	JPMorgan Chase & Co	4.500	01/15/12	Aa3		4,352
5,500,000		JPMorgan Chase & Co	5.750	01/02/13	A1		5,610
4,000,000		KeyBank NA	5.000	07/17/07	A1		3,988
2,000,000		M&I Marshall & Ilsley Bank	4.125	09/04/07	Aa3		1,986
5,700,000		M&I Marshall & Ilsley Bank	4.400	03/15/10	Aa3		5,563
4,250,000	e,i	Manufacturers & Traders Trust Co	5.629	12/01/21	A3		4,183
5,000,000		Mellon Funding Corp	4.875	06/15/07	A1		4,991
3,250,000		Popular North America, Inc	5.650	04/15/09	A3		3,259
4,250,000	i,g	Rabobank Capital Funding Trust	5.254	12/30/49	Aa2		4,098
2,500,000		Regions Financial Corp	6.375	05/15/12	A2		2,619
2,000,000		Union Bank of California NA	5.950	05/11/16	A2		2,050
2,500,000		US Bank NA	5.700	12/15/08	Aa2		2,519
5,000,000		US Bank NA	6.300	02/04/14	Aa2		5,282
12,750,000	e	Wachovia Bank NA	4.800	11/01/14	Aa3		12,207
6,050,000		Wachovia Corp	5.300	10/15/11	Aa3		6,069
4,500,000		Wachovia Corp	5.250	08/01/14	A1		4,441
5,000,000		Washington Mutual Bank	6.875	06/15/11	A3		5,278
4,500,000		Washington Mutual Bank	5.500	01/15/13	A3		4,492
2,150,000		Washington Mutual, Inc	5.500	08/24/11	A3		2,159
3,500,000		Wells Fargo & Co	4.875	01/12/11	Aa1		3,463
4,000,000	e	Wells Fargo & Co	5.300	08/26/11	Aa1		4,019
8,500,000		Wells Fargo Bank NA	6.450	02/01/11	Aa1		8,876
1,500,000		Wells Fargo Bank NA	4.750	02/09/15	Aa1		1,434
6,000,000		Wells Fargo Bank NA	5.950	08/26/36	Aa1		6,187
2,000,000	e	Wells Fargo Capital X	5.950	12/15/36	Aa3		2,001
		TOTAL DEPOSITORY INSTITUTIONS					220,032

ELECTRIC, GAS, AND SANITARY SERVICES - 1.73%
2,000,000	e	AGL Capital Corp	6.000	10/01/34	Baa1		1,932
2,500,000	e	Atmos Energy Corp	4.000	10/15/09	Baa3		2,403
4,500,000		Carolina Power & Light Co	5.125	09/15/13	A3		4,425
2,750,000	e	Carolina Power & Light Co	5.700	04/01/35	A3		2,687
4,250,000	e	CenterPoint Energy Resources Corp	7.875	04/01/13	Baa3		4,705
3,500,000		Consolidated Natural Gas Co	6.250	11/01/11	Baa1		3,619
4,250,000		Consolidated Natural Gas Co	5.000	12/01/14	Baa1		4,080
2,000,000	e	Duke Capital LLC	6.250	02/15/13	Baa1		2,066
9,000,000		FirstEnergy Corp	6.450	11/15/11	Baa3		9,379
3,400,000	e	Florida Power & Light Co	4.850	02/01/13	Aa3		3,324
3,500,000		Florida Power Corp	4.500	06/01/10	A2		3,394
4,000,000	i	FPL Group Capital, Inc	6.350	10/01/66	A3		4,053
4,000,000		National Fuel Gas Co	5.250	03/01/13	Baa1		3,935
3,000,000		National Rural Utilities Cooperative Finance Corp	5.750	08/28/09	A2		3,038
3,500,000		Nevada Power Co	6.650	04/01/36	Ba1		3,636
4,500,000		Northern Border Pipeline Co	6.250	05/01/07	A3		4,510
2,250,000		Northern States Power Co	6.250	06/01/36	A2		2,405
2,500,000		Northern States Power-Minnesota	5.250	07/15/35	A2		2,326
2,500,000	e	Ohio Edison Co	4.000	05/01/08	Baa2		2,453
3,500,000		Ohio Power Co	5.300	11/01/10	A3		3,487
4,075,000	e	ONEOK Partners LP	5.900	04/01/12	Baa2		4,120
6,000,000		Pacific Gas & Electric Co	4.200	03/01/11	Baa1		5,740
2,000,000	e	Public Service Co of Colorado	7.875	10/01/12	A3		2,238
2,500,000		Public Service Co of Colorado	5.500	04/01/14	A3		2,496

236

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

				MATURITY	RATING +		VALUE
PRINCIPAL			RATE	DATE	(Unaudited)		(000)
$ 2,250,000		Puget Sound Energy, Inc	6.274%	03/15/37	Baa2	$	2,285
2,750,000	e	Southern California Edison Co	6.000	01/15/34	A2		2,810
3,250,000		Southern California Edison Co	5.350	07/15/35	A2		3,030
5,000,000		Southwestern Public Service Co	6.000	10/01/36	Baa1		4,959
4,500,000		Virginia Electric and Power Co	4.750	03/01/13	Baa1		4,327
2,000,000		Waste Management, Inc	7.750	05/15/32	Baa3		2,376
1,500,000		Westar Energy, Inc	6.000	07/01/14	Baa2		1,536
3,000,000		Wisconsin Electric Power	5.625	05/15/33	A1		2,945
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES					110,719

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 0.28%
7,500,000	e	Cisco Systems, Inc	5.250	02/22/11	A1		7,518
2,500,000	e	Cisco Systems, Inc	5.500	02/22/16	A1		2,508
4,000,000		Emerson Electric Co	4.500	05/01/13	A2		3,825
4,000,000		International Business Machines Corp	6.220	08/01/27	A1		4,220
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT					18,071

FABRICATED METAL PRODUCTS - 0.11%
3,500,000		Fortune Brands, Inc	5.125	01/15/11	Baa2		3,440
3,750,000		Fortune Brands, Inc	4.875	12/01/13	Baa2		3,513
		TOTAL FABRICATED METAL PRODUCTS					6,953

FOOD AND KINDRED PRODUCTS - 0.57%
3,000,000	e	Anheuser-Busch Cos, Inc	4.700	04/15/12	A1		2,892
4,000,000		Bottling Group LLC	4.625	11/15/12	Aa3		3,864
1,750,000		Bunge Ltd Finance Corp	5.875	05/15/13	Baa2		1,733
2,750,000		Bunge Ltd Finance Corp	5.100	07/15/15	Baa2		2,560
3,500,000		Companhia Brasileira de Bebidas	8.750	09/15/13	Baa1		4,023
5,000,000		Coors Brewing Co	6.375	05/15/12	Baa2		5,176
5,000,000		Diageo Capital plc	5.125	01/30/12	A3		4,937
2,500,000	g	Foster's Finance Corp	4.875	10/01/14	Baa2		2,344
3,000,000		Kellogg Co	7.450	04/01/31	A3		3,565
4,000,000		Kraft Foods, Inc	6.500	11/01/31	A3		4,289
1,250,000		WM Wrigley Jr Co	4.650	07/15/15	A1		1,183
		TOTAL FOOD AND KINDRED PRODUCTS					36,566

FOOD STORES - 0.17%
2,000,000		Delhaize America, Inc	8.125	04/15/11	Ba1		2,158
3,500,000		Kroger Co	7.250	06/01/09	Baa2		3,643
2,500,000		Kroger Co	6.800	04/01/11	Baa2		2,618
2,325,000		Safeway, Inc	4.125	11/01/08	Baa2		2,272
		TOTAL FOOD STORES					10,691

FORESTRY - 0.04%
2,665,000		Weyerhaeuser Co	5.950	11/01/08	Baa2		2,688
		TOTAL FORESTRY					2,688

GENERAL BUILDING CONTRACTORS - 0.25%
3,250,000		Centex Corp	5.250	06/15/15	Baa2		3,079
3,000,000	e	DR Horton, Inc	9.750	09/15/10	Ba1		3,310
5,000,000	e	DR Horton, Inc	5.375	06/15/12	Baa3		4,841
4,500,000		DR Horton, Inc	6.500	04/15/16	Baa3		4,529
		TOTAL GENERAL BUILDING CONTRACTORS					15,759

GENERAL MERCHANDISE STORES - 0.39%
10,550,000	e	Target Corp	5.875	07/15/16	A1		10,892

237

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

				MATURITY	RATING +		VALUE
PRINCIPAL			RATE	DATE	(Unaudited)		(000)
$ 7,000,000		Wal-Mart Stores, Inc	4.000%	01/15/10	Aa2	$	6,776
7,750,000	e	Wal-Mart Stores, Inc	4.125	02/15/11	Aa2		7,452
		TOTAL GENERAL MERCHANDISE STORES					25,120

HEALTH SERVICES - 0.09%
5,650,000		Laboratory Corp of America Holdings	5.625	12/15/15	Baa3		5,561
		TOTAL HEALTH SERVICES					5,561

HOLDING AND OTHER INVESTMENT OFFICES - 0.45%
3,750,000		Archstone-Smith Trust	5.750	03/15/16	Baa1		3,775
5,000,000		Brookfield Asset Management, Inc	7.125	06/15/12	Baa3		5,322
5,000,000		Camden Property Trust	5.875	06/01/07	Baa2		5,008
4,000,000		Colonial Properties Trust	6.250	06/15/14	Baa3		4,070
4,500,000		iStar Financial, Inc	5.150	03/01/12	Baa2		4,367
3,650,000	e	iStar Financial, Inc	5.700	03/01/14	Baa2		3,617
2,825,000		Simon Property Group LP	5.600	09/01/11	A3		2,842
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES					29,001

HOTELS AND OTHER LODGING PLACES - 0.06%
2,000,000		Boyd Gaming Corp	8.750	04/15/12	Ba3		2,090
1,750,000	e	MGM Mirage	6.000	10/01/09	Ba2		1,746
		TOTAL HOTELS AND OTHER LODGING PLACES					3,836

INDUSTRIAL MACHINERY AND EQUIPMENT - 0.11%
5,500,000		Caterpillar, Inc	6.050	08/15/36	A2		5,670
1,500,000		Kennametal, Inc	7.200	06/15/12	Baa3		1,584
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT					7,254

INSTRUMENTS AND RELATED PRODUCTS - 0.15%
3,000,000		Johnson & Johnson	3.800	05/15/13	Aaa		2,789
5,000,000		Medtronic, Inc	4.750	09/15/15	A1		4,742
2,000,000		Thermo Electron Corp	5.000	06/01/15	Baa2		1,874
		TOTAL INSTRUMENTS AND RELATED PRODUCTS					9,405

INSURANCE CARRIERS - 1.04%
6,250,000		Aetna, Inc	6.625	06/15/36	A3		6,706
5,000,000	e,g	AIG SunAmerica Global Financing VI	6.300	05/10/11	Aa2		5,203
4,250,000	e	Allstate Corp	5.000	08/15/14	A1		4,149
5,000,000	e	American International Group, Inc	5.050	10/01/15	Aa2		4,877
3,600,000	i	ING Groep NV	5.775	12/30/49	A2		3,585
4,000,000	g	John Hancock Global Funding II	7.900	07/02/10	Aa2		4,324
3,750,000	g	Liberty Mutual Group, Inc	6.500	03/15/35	Baa3		3,655
4,000,000	g	Mantis Reef Ltd	4.799	11/03/09	A3		3,901
3,000,000	e	Metlife, Inc	5.375	12/15/12	A2		3,006
5,000,000	e	Metlife, Inc	5.000	06/15/15	A2		4,844
2,500,000		Metlife, Inc	5.700	06/15/35	A2		2,445
3,000,000	g	Pricoa Global Funding I	3.900	12/15/08	Aa3		2,916
3,500,000		Principal Financial Group, Inc	6.050	10/15/36	A2		3,593
4,000,000		UnitedHealth Group, Inc	5.250	03/15/11	A3		3,986
5,000,000		WellPoint Health Networks	6.375	01/15/12	Baa1		5,209
2,000,000		WellPoint, Inc	5.000	01/15/11	Baa1		1,976
2,250,000		WellPoint, Inc	5.850	01/15/36	Baa1		2,192
		TOTAL INSURANCE CARRIERS					66,567

METAL MINING - 0.19%
5,900,000		Barrick Gold Finance Co	4.875	11/15/14	Baa1		5,593

238


COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

				MATURITY	RATING +		VALUE
PRINCIPAL			RATE	DATE	(Unaudited)		(000)
$ 3,500,000	e,g	Corp Nacional del Cobre de Chile - CODELCO	4.750%	10/15/14	Aa3	$	3,327
3,000,000	e	Vale Overseas Ltd	6.250	01/11/16	Baa3		3,032
		TOTAL METAL MINING					11,952

MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.05%
3,250,000	g	Controladora Mabe S.A. C.V.	6.500	12/15/15	N/R		3,272
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES					3,272

MISCELLANEOUS RETAIL - 0.06%
2,500,000		CVS Corp	5.750	08/15/11	Baa2		2,530
1,250,000		CVS Corp	6.125	08/15/16	Baa2		1,288
		TOTAL MISCELLANEOUS RETAIL					3,818

MOTION PICTURES - 0.56%
2,500,000		Historic TW, Inc	6.625	05/15/29	Baa2		2,519
4,250,000		News America, Inc	7.625	11/30/28	Baa2		4,766
5,000,000	e	News America, Inc	6.200	12/15/34	Baa2		4,820
3,000,000	e	Time Warner, Inc	5.500	11/15/11	Baa2		2,993
16,250,000	e	Time Warner, Inc	6.875	05/01/12	Baa2		17,181
3,750,000		Walt Disney Co	5.700	07/15/11	A3		3,810
		TOTAL MOTION PICTURES					36,089

NONDEPOSITORY INSTITUTIONS - 2.74%
3,500,000	g	American Honda Finance Corp	5.125	12/15/10	A1		3,483
6,500,000		Capital One Financial Corp	5.700	09/15/11	A3		6,584
3,000,000		Capital One Financial Corp	5.500	06/01/15	A3		2,995
1,750,000		Capital One Financial Corp	6.150	09/01/16	Baa1		1,806
4,500,000		Caterpillar Financial Services Corp	2.700	07/15/08	A2		4,333
9,100,000		CIT Group Funding Co of Canada	5.600	11/02/11	A2		9,176
4,250,000		CIT Group, Inc	5.125	09/30/14	A2		4,131
4,000,000		FIA Card Services NA	5.375	01/15/08	Aa1		4,002
9,000,000		Ford Motor Credit Co	5.700	01/15/10	B1		8,627
6,000,000		Ford Motor Credit Co	9.875	08/10/11	B1		6,417
20,000,000		General Electric Capital Corp	6.000	06/15/12	Aaa		20,701
8,000,000		General Electric Capital Corp	5.650	06/09/14	Aaa		8,153
11,750,000		General Motors Acceptance Corp	5.625	05/15/09	Ba1		11,657
3,000,000	i,g	HSBC Capital Funding LP	4.610	12/30/49	A1		2,794
10,000,000		HSBC Finance Corp	5.250	01/14/11	Aa3		9,999
11,750,000		HSBC Finance Corp	5.700	06/01/11	Aa3		11,950
7,000,000		HSBC Finance Corp	5.250	01/15/14	Aa3		6,940
4,000,000		HSBC Finance Corp	5.250	04/15/15	Aa3		3,959
6,500,000	e	HSBC Finance Corp	5.500	01/19/16	Aa3		6,530
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		1,976
1,900,000		John Deere Capital Corp	7.000	03/15/12	A3		2,036
4,000,000	e	MBNA Corp	6.125	03/01/13	Aa2		4,162
6,000,000		MBNA Corp	5.000	06/15/15	Aa2		5,821
5,000,000	e	Residential Capital Corp	6.125	11/21/08	Baa3		5,024
10,375,000		Residential Capital Corp	6.500	04/17/13	Baa3		10,532
4,750,000	e	SLM Corp	5.400	10/25/11	A2		4,761
3,500,000	e	Toyota Motor Credit Corp	2.875	08/01/08	Aaa		3,372
1,750,000	g,i	USB Realty Corp	6.091	12/30/49	A1		1,751
		TOTAL NONDEPOSITORY INSTITUTIONS					175,430

239

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

				MATURITY	RATING +		VALUE
PRINCIPAL			RATE	DATE	(Unaudited)		(000)
OIL AND GAS EXTRACTION - 1.13%
$ 2,000,000	e	Anadarko Finance Co	6.750%	05/01/11	Baa2	$	2,091
3,750,000		Anadarko Petroleum Corp	5.950	09/15/16	Baa2		3,757
3,000,000		Baker Hughes, Inc	6.875	01/15/29	A2		3,315
3,500,000		BJ Services Co	5.750	06/01/11	Baa1		3,528
2,000,000		Burlington Resources Finance Co	6.400	08/15/11	A2		2,088
7,750,000		Burlington Resources Finance Co	7.200	08/15/31	A2		9,094
6,500,000	e	Chesapeake Energy Corp	6.500	08/15/17	Ba2		6,354
4,000,000	g	Empresa Nacional de Petroleo ENAP	6.750	11/15/12	A2		4,214
2,500,000		Enterprise Products Operating LP	4.625	10/15/09	Baa3		2,441
4,000,000		Equitable Resources, Inc	5.150	11/15/12	A2		3,899
3,000,000		Kerr-McGee Corp	6.950	07/01/24	Baa2		3,202
4,250,000		Nexen, Inc	5.050	11/20/13	Baa2		4,112
4,250,000		PC Financial Partnership	5.000	11/15/14	Baa2		4,057
3,750,000		Pemex Project Funding Master Trust	5.750	12/15/15	Baa1		3,713
4,000,000		Petro-Canada	5.950	05/15/35	Baa2		3,791
3,000,000	e	Plains All American Pipeline LP	5.625	12/15/13	Baa3		2,961
4,500,000		Weatherford International Ltd	6.500	08/01/36	Baa1		4,553
5,000,000	e	XTO Energy, Inc	6.250	04/15/13	Baa2		5,155
		TOTAL OIL AND GAS EXTRACTION					72,325

OTHER MORTGAGE BACKED SECURITIES - 10.22%
10,000,000	i	Banc of America Commercial Mortgage, Inc Series 2004-4
		(Class A6)	4.877	07/10/42	N/R		9,719
13,955,000	i	Banc of America Commercial Mortgage, Inc Series 2005-1
		(Class B)	5.005	11/10/42	N/R		13,818
1,630,000	i	Banc of America Commercial Mortgage, Inc Series 2005-5
		(Class AJ)	5.159	10/10/45	Aaa		1,611
2,650,000	i	Banc of America Commercial Mortgage, Inc Series 2005-6
		(Class AJ)	5.181	09/10/47	Aaa		2,623
3,000,000	i	Banc of America Commercial Mortgage, Inc Series 2006-2
		(Class A4)	5.741	05/10/45	N/R		3,102
6,000,000		Banc of America Commercial Mortgage, Inc Series 2006-5
		(Class A4)	5.414	09/10/47	Aaa		6,028
13,626,770		Banc of America Mortgage Securities Series 2006-1 (Class A8)	6.000	05/01/36	Aaa		13,679
704,870		Bank of America Alternative Loan Trust Series 2004-8
		(Class 3A1)	5.500	09/25/19	Aaa		703
10,000,000	i	Bear Stearns Commercial Mortgage Securities Series 2004-PWR5
		(Class A5)	4.978	07/11/42	Aaa		9,792
9,225,000	i	Bear Stearns Commercial Mortgage Securities Series 2005-PW10
		(Class AJ)	5.458	12/11/40	Aaa		9,317
8,000,000	i	Bear Stearns Commercial Mortgage Securities Series 2006-PW11
		(Class A4)	5.458	03/11/39	N/R		8,124
5,300,000	i	Bear Stearns Commercial Mortgage Securities Series 2006-PW12
		(Class A4)	5.711	09/11/38	Aaa		5,471
13,000,000		Bear Stearns Commercial Mortgage Securities Series 2006-PW13
		(Class A4)	5.540	09/11/41	N/R		13,188
6,000,000		Bear Stearns Commercial Mortgage Securities Series 2006-PW14
		(Class A4)	5.201	12/11/38	N/R		5,928
3,000,000	i	Bear Stearns Commercial Mortgage Securities Series 2006-T22
		(Class A4)	5.467	04/12/38	Aaa		3,055
8,000,000	i	Bear Stearns Commercial Mortgage Securities Series 2006-T24
		(Class A4)	5.537	10/12/41	Aaa		8,112
5,000,000		Citigroup/Deutsche Bank Commercial Mortgage Trust Series 2006-
		CD3 (Class A5)	5.617	10/15/48	Aaa		5,094
45,311,177		Citimortgage Alternative Loan Trust Series 2006-A1 (Class 2A1)	5.250	03/25/21	Aaa		44,731

240

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account


				MATURITY	RATING +		VALUE
PRINCIPAL			RATE	DATE	(Unaudited)		(000)
$ 30,000,000		Countrywide Alternative Loan Trust Series 2003-3T1 (Class A10)	5.500%	05/25/33	N/R	$	29,326
5,405,951	i	Countrywide Alternative Loan Trust Series 2004-31T1 (Class A2)	5.700	09/25/34	N/R		5,415
16,000,000		Countrywide Alternative Loan Trust Series 2005-37T1 (Class A4)	5.500	09/25/35	Aaa		15,505
10,000,000		Countrywide Alternative Loan Trust Series 2005-J8 (Class 1A5)	5.500	07/25/35	Aaa		9,667
9,963,201	i	Countrywide Alternative Loan Trust Series 2006-12CB
		(Class A10)	5.700	05/25/36	Aaa		9,954
13,286,128		Countrywide Home Loan Mortgage Pass Through Trust Series
		2005-17 (Class 1A10)	5.250	09/25/35	N/R		13,183
8,000,000	i	Credit Suisse Mortgage Capital Certificates Series 2006-C1
		(Class A4)	5.556	02/15/39	N/R		8,129
5,400,000	i	Credit Suisse Mortgage Capital Certificates Series 2006-C2
		(Class A3)	5.659	03/15/39	Aaa		5,543
8,700,000		Credit Suisse Mortgage Capital Certificates Series 2006-C4
		(Class A3)	5.467	09/15/39	Aaa		8,767
11,000,000		Credit Suisse Mortgage Capital Certificates Series 2006-C5
		(Class A3)	5.311	12/15/39	Aaa		10,954
14,000,000	i	Credit Suisse/Morgan Stanley Commerical Mortgage Certificate
		Series HC1A (Class A1)	5.540	05/15/23	Aaa		14,004
14,000,000		CS First Boston Mortgage Securities Corp Series 2001-CP4
		(Class A4)	6.180	12/15/35	Aaa		14,473
26,906,677		CS First Boston Mortgage Securities Corp Series 2004-8
		(Class 7A1)	6.000	12/25/34	N/R		26,932
17,504,454		CS First Boston Mortgage Securities Corp Series 2005-5
		(Class 7A1)	6.000	07/25/35	Aaa		17,554
2,940,354		First Horizon Asset Securities, Inc Series 2003-9 (Class 1A4)	5.500	11/25/33	N/R		2,931
21,000,000		Ge Capital Commercial Mortgage Corp Series 2003-C2 (Class A4)	5.145	07/10/37	Aaa		20,857
18,000,000	i	Greenwich Capital Commercial Funding Corp Series 2004-GG1	5.317	06/10/36	Aaa		17,982
		(Class A7)
10,000,000	i	GS Mortgage Securities Corp II Series 2001-ROCK (Class BFL)	5.802	05/03/18	Aaa		10,233
6,350,000	i	GS Mortgage Securities Corp II Series 2006-GG8 (Class A4)	5.560	11/10/39	Aaa		6,450
14,250,000		JP Morgan Chase Commercial Mortgage Securities Corp Series
		2002-C1 (Class A3)	5.376	07/12/37	Aaa		14,336
6,400,000		LB-UBS Commercial Mortgage Trust Series 2005-C3 (Class A2)	4.553	07/15/30	Aaa		6,276
4,000,000	i	LB-UBS Commercial Mortgage Trust Series 2005-C5 (Class AJ)	5.057	09/15/40	N/R		3,910
3,600,000	i	LB-UBS Commercial Mortgage Trust Series 2006-C4 (Class A4)	5.899	06/15/38	Aaa		3,766
13,994,467		MASTR Alternative Loans Trust Series 2004-8 (Class 5A1)	6.000	09/25/34	N/R		13,990
5,124,973		MASTR Asset Securitization Trust Series 2005-2 (Class 3A1)	5.000	10/25/20	Aaa		5,054
16,994,374		MASTR Asset Securitization Trust Series 2005-2 (Class 3A1)	5.500	11/25/33	Aaa		16,696
5,400,000	i	Merrill Lynch Mortgage Trust Series 2005-LC1 (Class A4)	5.291	01/12/44	Aaa		5,379
2,500,000	i	Merrill Lynch Mortgage Trust Series 2006-C1 (Class A4)	5.660	05/12/39	N/R		2,573
4,700,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust Series
		2006-1 (Class A4)	5.435	02/12/39	N/R		4,756
19,000,000		Morgan Stanley Capital I Series 2005-HQ5 (Class A2)	4.809	01/14/42	N/R		18,782
12,000,000	i	Morgan Stanley Capital I Series 2006-HE1 (Class A2)	5.470	01/25/36	Aaa		12,006
15,600,000	i	Morgan Stanley Capital I Series 2006-HQ10 (Class A4)	5.328	11/12/41	Aaa		15,575
8,000,000	i	Morgan Stanley Capital I Series 2006-HQ8 (Class AJ)	5.468	03/12/44	Aaa		8,113
4,587,000	i	Morgan Stanley Capital I Series 2006-HQ9 (Class A4)	5.731	07/12/44	N/R		4,715
7,500,000	i	Morgan Stanley Capital I Series 2006-IQ11 (Class A4)	5.775	10/15/42	N/R		7,740
6,200,000	i	Morgan Stanley Capital I Series 2006-IQ11 (Class AJ)	5.779	10/15/42	N/R		6,363

241

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

				MATURITY	RATING +		VALUE
PRINCIPAL			RATE	DATE	(Unaudited)		(000)
$ 2,700,000	i	Morgan Stanley Capital I Series 2006-T21 (Class AJ)	5.273%	10/12/52	Aaa	$	2,678
5,000,000	i	Morgan Stanley Capital I Series 2006-T23 (Class A4)	5.810	08/12/41	N/R		5,205
4,000,000	e,i	Wachovia Bank Commercial Mortgage Trust Series 2005-C20
		(Class A7)	5.118	07/15/42	Aaa		3,936
10,000,000	e,i	Wachovia Bank Commercial Mortgage Trust Series 2006-C24
		(Class A3)	5.558	03/15/45	Aaa		10,141
23,990,080		Wamu Alternative Mortgage Pass-Through Certificates Series
		2006-2 (Class 2CB)	6.500	03/25/36	Aaa		24,297
14,956,703		Washington Mutual, Inc Series 2003-S10 (Class A1)	4.500	10/25/18	N/R		14,414
6,166,027		Wells Fargo Mortgage Backed Securities Trust Series 2004-7
		(Class 1A1)	4.500	07/25/19	N/R		5,898
23,799,433		Wells Fargo Mortgage Backed Securities Trust Series 2005-1
		(Class 2A1)	5.000	01/25/20	Aaa		23,486
1,648,361		Wells Fargo Mortgage Backed Securities Trust Series 2005-5
		(Class 1A1)	5.000	05/25/20	Aaa		1,608
		TOTAL OTHER MORTGAGE BACKED SECURITIES					653,647

PAPER AND ALLIED PRODUCTS - 0.05%
3,150,000		Bemis Co	4.875	04/01/12	Baa1		3,060
		TOTAL PAPER AND ALLIED PRODUCTS					3,060

PETROLEUM AND COAL PRODUCTS - 0.15%
7,000,000		Conoco Funding Co	6.350	10/15/11	A1		7,315
2,000,000	e	ConocoPhillips	5.900	10/15/32	A1		2,037
		TOTAL PETROLEUM AND COAL PRODUCTS					9,352

PIPELINES, EXCEPT NATURAL GAS - 0.37%
3,000,000		Enterprise Products Operating LP	4.000	10/15/07	Baa3		2,963
3,500,000		Enterprise Products Operating LP	4.950	06/01/10	Baa3		3,435
4,000,000	e	Enterprise Products Operating LP	5.600	10/15/14	Baa3		3,937
2,000,000		Kaneb Pipe Line Operating Partnership LP	5.875	06/01/13	Baa3		2,013
2,000,000		Panhandle Eastern Pipe Line	4.800	08/15/08	Baa3		1,972
3,000,000		Plains All American Pipeline LP	4.750	08/15/09	Baa3		2,937
2,750,000	e	TransCanada Corp	5.850	03/15/36	A2		2,675
3,750,000	e	TransCanada Pipelines Ltd	4.000	06/15/13	A2		3,437
		TOTAL PIPELINES, EXCEPT NATURAL GAS					23,369

PRIMARY METAL INDUSTRIES - 0.08%
4,250,000		Alcoa, Inc	6.000	01/15/12	A2		4,361
1,000,000		Corning, Inc	5.900	03/15/14	Baa2		1,015
		TOTAL PRIMARY METAL INDUSTRIES					5,376

PRINTING AND PUBLISHING - 0.04%
2,500,000	e	Dun & Bradstreet Corp	5.500	03/15/11	N/R		2,507
		TOTAL PRINTING AND PUBLISHING					2,507

RAILROAD TRANSPORTATION - 0.40%
3,750,000		Burlington Northern Santa Fe Corp	6.750	07/15/11	Baa1		3,951
3,500,000		Canadian National Railway Co	4.400	03/15/13	A3		3,326
3,500,000		Canadian National Railway Co	6.200	06/01/36	A3		3,707
4,000,000		CSX Corp	6.000	10/01/36	Baa2		3,983
956,000		Norfolk Southern Corp	5.590	05/17/25	Baa1		925
1,044,000	e	Norfolk Southern Corp	7.250	02/15/31	Baa1		1,218
5,000,000		Union Pacific Corp	5.750	10/15/07	Baa2		5,003
3,000,000		Union Pacific Corp	6.500	04/15/12	Baa2		3,139
		TOTAL RAILROAD TRANSPORTATION					25,252

242

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

				MATURITY	RATING +		VALUE
PRINCIPAL			RATE	DATE	(Unaudited)		(000)

RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.03%
$ 1,750,000	g	Sealed Air Corp	5.375%	04/15/08	Baa3	$	1,742
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS					1,742

SECURITY AND COMMODITY BROKERS - 1.50%
4,000,000	e	Bear Stearns Cos, Inc	5.700	11/15/14	A1		4,067
7,900,000		Credit Suisse USA, Inc	5.500	08/16/11	Aa3		7,979
3,000,000		Franklin Resources, Inc	3.700	04/15/08	A2		2,940
2,750,000	e	Goldman Sachs Group, Inc	5.000	01/15/11	Aa3		2,726
3,250,000	e	Goldman Sachs Group, Inc	6.600	01/15/12	Aa3		3,436
2,000,000		Goldman Sachs Group, Inc	4.750	07/15/13	Aa3		1,929
3,750,000	e	Goldman Sachs Group, Inc	5.500	11/15/14	Aa3		3,756
5,000,000	e	Goldman Sachs Group, Inc	5.750	10/01/16	Aa3		5,076
5,000,000	e	Goldman Sachs Group, Inc	5.950	01/15/27	A1		4,941
2,650,000		Goldman Sachs Group, Inc	6.450	05/01/36	A1		2,761
9,000,000		Lehman Brothers Holdings, Inc	6.625	01/18/12	A1		9,517
9,000,000		Lehman Brothers Holdings, Inc	5.500	04/04/16	A1		9,016
3,750,000	e	Merrill Lynch & Co, Inc	5.770	07/25/11	Aa3		3,828
4,250,000	e	Merrill Lynch & Co, Inc	5.000	02/03/14	Aa3		4,157
7,500,000		Merrill Lynch & Co, Inc	6.220	09/15/26	A1		7,733
10,000,000		Morgan Stanley	3.625	04/01/08	Aa3		9,799
8,500,000		Morgan Stanley	5.750	10/18/16	Aa3		8,636
3,500,000	e	Morgan Stanley	6.250	08/09/26	Aa3		3,670
		TOTAL SECURITY AND COMMODITY BROKERS					95,967

STONE, CLAY, AND GLASS PRODUCTS - 0.05%
3,250,000		CRH America, Inc	6.400	10/15/33	Baa1		3,246
		TOTAL STONE, CLAY, AND GLASS PRODUCTS					3,246

TOBACCO PRODUCTS - 0.10%
1,250,000		Reynolds American, Inc	6.500	06/01/07	N/R		1,251
5,000,000	e	Reynolds American, Inc	6.500	07/15/10	N/R		5,072
		TOTAL TOBACCO PRODUCTS					6,323

TRANSPORTATION BY AIR - 0.15%
5,000,000		Continental Airlines, Inc	6.563	02/15/12	Aaa		5,171
4,600,000		FedEx Corp	5.500	08/15/09	Baa2		4,603
		TOTAL TRANSPORTATION BY AIR					9,774

TRANSPORTATION EQUIPMENT - 0.62%
4,000,000	e	Boeing Capital Corp	5.800	01/15/13	A2		4,110
3,250,000		DaimlerChrysler NA Holding Corp	5.875	03/15/11	Baa1		3,264
7,400,000		DaimlerChrysler NA Holding Corp	5.750	09/08/11	Baa1		7,390
4,000,000	e	DaimlerChrysler NA Holding Corp	6.500	11/15/13	Baa1		4,112
4,250,000		General Dynamics Corp	3.000	05/15/08	A2		4,122
3,500,000		Lockheed Martin Corp	6.150	09/01/36	Baa1		3,677
4,000,000		Northrop Grumman Corp	7.750	02/15/31	Baa2		4,958
2,500,000		United Technologies Corp	7.500	09/15/29	A2		3,073
4,750,000		United Technologies Corp	6.050	06/01/36	A2		5,014
		TOTAL TRANSPORTATION EQUIPMENT					39,720

WHOLESALE TRADE-DURABLE GOODS - 0.06%
4,050,000		Vale Overseas Ltd	6.875	11/21/36	Baa3		4,141
		TOTAL WHOLESALE TRADE-DURABLE GOODS					4,141

243

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

				MATURITY	RATING +		VALUE
PRINCIPAL			RATE	DATE	(Unaudited)		(000)

WHOLESALE TRADE-NONDURABLE GOODS - 0.09%
$ 2,000,000		Procter & Gamble Co	5.800%	08/15/34	Aa3	$	2,059
4,000,000	e	Sysco Corp	5.375	09/21/35	A1		3,753
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS					5,812

		TOTAL CORPORATE BONDS					2,539,187
		(Cost $2,537,620)

GOVERNMENT BONDS - 58.60%

AGENCY SECURITIES - 11.67%
9,730,136		Cal Dive International, Inc	4.930	02/01/27	N/R		9,351
11,200,000		Federal Farm Credit Bank (FFCB)	3.375	07/15/08	Aaa		10,925
11,200,000	e	FFCB	4.125	04/15/09	Aaa		10,999
19,150,000		FFCB	5.375	07/18/11	Aaa		19,478
3,000,000		Federal Home Loan Mortgage Corp (FHLMC)	7.100	04/10/07	Aaa		3,015
16,472,000		FHLMC	3.750	04/15/07	Aaa		16,407
5,000,000		FHLMC	4.625	06/01/07	Aaa		4,989
26,160,000		FHLMC	4.000	08/17/07	Aaa		25,960
7,500,000		FHLMC	5.125	10/24/07	Aaa		7,493
9,800,000		FHLMC	4.375	11/16/07	Aaa		9,728
49,268,000	e	FHLMC	5.125	04/18/08	Aaa		49,264
15,000,000		FHLMC	3.500	05/21/08	Aaa		14,679
48,500,000	e	FHLMC	5.000	09/16/08	Aaa		48,473
48,400,000	e,d	FHLMC	7.000	03/15/10	Aaa		51,311
15,900,000		FHLMC	4.750	01/18/11	Aaa		15,789
36,399,000	e	FHLMC	5.875	03/21/11	Aa2		37,511
14,000,000	e	FHLMC	6.000	06/15/11	Aaa		14,578
22,500,000	e	FHLMC	5.250	07/18/11	Aaa		22,767
66,823,000		FHLMC	6.250	03/05/12	Aa2		66,916
20,100,000	e	FHLMC	5.750	06/27/16	Aa2		20,932
3,426,000		Federal National Mortgage Association (FNMA)	3.550	01/30/07	Aaa		3,421
7,814,000		FNMA	3.000	03/02/07	Aaa		7,786
5,000,000		FNMA	3.750	07/06/07	Aaa		4,962
8,280,000		FNMA	3.750	08/15/07	Aaa		8,205
5,000,000		FNMA	3.375	09/07/07	Aaa		4,938
31,500,000		FNMA	5.250	12/03/07	Aaa		31,510
8,000,000		FNMA	5.000	09/15/08	Aaa		7,995
6,650,000	e	FNMA	4.625	12/15/09	Aaa		6,595
1,350,000		FNMA	4.250	01/19/10	Aaa		1,322
82,200,000	e	FNMA	7.125	06/15/10	Aaa		87,840
18,000,000		FNMA	4.125	01/30/12	Aaa		17,187
28,600,000	e	FNMA	5.250	08/01/12	Aa2		28,782
7,745,065		FNMA	4.400	10/01/12	N/R		7,412
8,250,000	e	FNMA	6.210	08/06/38	Aaa		9,554
3,000,000	v	Housing Urban Development	5.380	08/01/18	N/R		3,044
2,500,000	g	Private Export Funding Corp	7.170	05/15/07	Aaa		2,518
3,540,000		Private Export Funding Corp	5.870	07/31/08	Aaa		3,583
1,000,000		Private Export Funding Corp	7.200	01/15/10	Aaa		1,061
13,000,000		Private Export Funding Corp	4.900	12/15/11	Aaa		12,954
2,000,000		Private Export Funding Corp	4.974	08/15/13	Aaa		2,004
13,785,000		Private Export Funding Corp	4.550	05/15/15	Aaa		13,293
4,000,000		Private Export Funding Corp	4.950	11/15/15	Aaa		3,962
10,825,000		Private Export Funding Corp	5.000	12/15/16	Aaa		10,808

244

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

				MATURITY	RATING +		VALUE
PRINCIPAL			RATE	DATE	(Unaudited)		(000)
$ 5,403,125		Totem Ocean Trailer Express, Inc	4.514%	12/18/19	N/R	$	5,205
		TOTAL AGENCY SECURITIES					746,506

FOREIGN GOVERNMENT BONDS - 3.55%
3,500,000		African Development Bank	3.250	08/01/08	Aaa		3,404
2,500,000		Brazilian Government International Bond	10.500	07/14/14	Ba2		3,163
10,000,000	e	Canada Mortgage & Housing Corp	4.800	10/01/10	Aaa		9,931
4,000,000		Chile Government International Bond	5.500	01/15/13	A2		4,040
3,500,000	e	China Development Bank	5.000	10/15/15	A2		3,402
2,000,000	e	Development Bank of Japan	4.250	06/09/15	Aaa		1,879
4,250,000		Eksportfinans A/S	5.125	10/26/11	Aaa		4,268
8,000,000		Eksportfinans A/S	5.500	05/25/16	Aaa		8,234
3,500,000		European Investment Bank	4.875	02/15/36	Aaa		3,330
4,000,000	g	Federal Republic of Germany	3.875	06/01/10	Aaa		3,882
7,000,000		Federative Republic of Brazil	6.000	01/17/17	Ba2		6,895
30,000,000	g	Hypothekenbank in Essen AG.	5.000	01/20/12	Aaa		29,862
9,000,000	e	Israel Government International Bond	5.500	11/09/16	A2		8,942
4,500,000		Italy Government International Bond	5.250	09/20/16	Aa2		4,532
4,000,000		Italy Government International Bond	6.875	09/27/23	Aa2		4,623
5,000,000	e	Korea Development Bank	5.750	09/10/13	A3		5,095
3,500,000		Kreditanstalt fuer Wiederaufbau	5.250	05/19/09	Aaa		3,522
5,000,000		Landwirtschaftliche Rentenbank	5.250	07/15/11	Aaa		5,057
5,000,000		Landwirtschaftliche Rentenbank	5.000	11/08/16	Aaa		4,983
5,900,000		Mexico Government International Bond	6.375	01/16/13	Baa1		6,226
6,152,000	e	Mexico Government International Bond	5.875	01/15/14	Baa1		6,301
5,500,000		Mexico Government International Bond	5.625	01/15/17	Baa1		5,496
8,000,000	e	Mexico Government International Bond	6.750	09/27/34	Baa1		8,651
21,000,000		Nederlandse Waterschapsbank NV	4.750	11/28/08	Aaa		20,829
13,000,000	e	Province of British Columbia Canada	5.375	10/29/08	Aaa		13,070
3,000,000		Province of Manitoba Canada	4.450	04/12/10	Aa1		2,951
7,900,000		Province of Manitoba Canada	4.900	12/06/16	Aa1		7,787
5,000,000		Province of Ontario	5.500	10/01/08	Aa1		5,033
7,650,000	e	Province of Ontario	4.750	01/19/16	Aa1		7,461
2,250,000		Province of Quebec Canada	5.125	11/14/16	Aa2		2,243
6,000,000		Province of Quebec Canada	7.500	09/15/29	Aa2		7,656
2,000,000		Province of Saskatchewan Canada	8.000	02/01/13	Aa1		2,297
4,500,000	e	Republic of Colombia	7.375	09/18/37	Ba2		4,831
2,750,000		Turkey Government International Bond	7.375	02/05/25	Ba3		2,819
4,500,000		Turkey Government International Bond	6.875	03/17/36	Ba3		4,297
		TOTAL FOREIGN GOVERNMENT BONDS					226,992

MORTGAGE BACKED SECURITIES - 31.44%
11,720,000		Federal Home Loan Mortgage Corp (FHLMC)	4.000	09/15/18			10,664
4,381,096		FHLMC	5.750	12/15/18			4,380
10,013,000		FHLMC	4.000	04/15/19			9,016
3,500,000		FHLMC	4.000	09/15/19			3,187
25,000,000		FHLMC	5.000	06/15/28			24,624
11,491,832		FHLMC	5.000	06/15/29			11,317
6,041,761		FHLMC	6.000	12/15/30			6,067
19,953,204		FHLMC	5.000	06/15/31			19,459
14,020,000		FHLMC	5.500	05/15/33			13,892
9,200,424		FHLMC	4.500	09/15/35			8,828
144,149		Federal Home Loan Mortgage Corp Gold (FGLMC)	7.000	09/01/10			148
317,601		FGLMC	6.000	04/01/11			322
714,720		FGLMC	7.000	07/01/13			734
2,790,456		FGLMC	6.500	12/01/16			2,855

245

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$ 18,784,794		FGLMC	5.000%	09/01/18	$	18,497
7,023,316		FGLMC	4.500	10/01/18		6,785
3,912,906		FGLMC	4.500	11/01/18		3,780
4,070,464		FGLMC	5.500	01/01/19		4,076
1,852,165		FGLMC	4.000	06/01/19		1,743
5,982,872		FGLMC	4.500	07/01/20		5,767
4,597,847		FGLMC	4.500	08/01/20		4,436
793,387		FGLMC	7.000	10/01/20		820
69,120,952		FGLMC	4.500	06/01/21		66,627
95,062		FGLMC	7.000	05/01/23		98
1,455,164		FGLMC	6.000	10/01/23		1,474
1,263,957		FGLMC	6.000	11/01/23		1,281
511,570		FGLMC	8.000	01/01/31		538
185,823		FGLMC	7.000	11/01/31		191
100,001		FGLMC	7.000	12/01/31		103
285,808		FGLMC	7.000	12/01/31		294
273,989		FGLMC	7.000	12/01/31		282
113,619		FGLMC	7.000	12/01/31		117
93,963		FGLMC	7.000	12/01/31		97
76,150		FGLMC	7.000	12/01/31		78
55,073		FGLMC	7.000	01/01/32		57
589,893		FGLMC	8.000	02/01/32		620
5,297,594		FGLMC	5.500	11/01/33		5,247
31,806,824	d	FGLMC	5.500	12/01/33		31,511
6,193,139		FGLMC	5.500	12/01/33		6,134
83,106,366		FGLMC	5.000	01/01/34		80,330
25,855,412		FGLMC	4.500	10/01/34		24,281
3,352,678		FGLMC	5.500	12/01/34		3,319
13,276,153		FGLMC	4.500	04/01/35		12,455
6,272,873		FGLMC	6.000	05/01/35		6,324
3,146,128		FGLMC	6.000	05/01/35		3,170
6,535,443		FGLMC	6.000	05/01/35		6,585
10,889,969		FGLMC	6.000	05/01/35		10,973
6,708,702		FGLMC	6.000	05/01/35		6,760
5,971,782		FGLMC	6.000	05/01/35		6,017
2,954,315		FGLMC	6.000	05/01/35		2,977
2,694,172		FGLMC	5.500	06/01/35		2,665
5,060,590		FGLMC	5.500	06/01/35		5,006
7,479,530		FGLMC	5.500	06/01/35		7,398
31,928,247		FGLMC	5.500	06/01/35		31,582
8,034,696		FGLMC	6.000	06/01/35		8,096
22,406,812		FGLMC	4.500	08/01/35		20,997
3,693,929		FGLMC	5.000	10/01/35		3,565
18,105,030		FGLMC	5.000	11/01/35		17,475
992,889		FGLMC	6.500	11/01/35		1,011
4,051,474		FGLMC	6.500	12/01/35		4,090
4,558,536		FGLMC	6.000	01/01/36		4,592
7,782,370		FGLMC	7.000	01/01/36		7,986
8,170,787	v	FGLMC	5.500	03/01/36		8,051
4,739,848		FGLMC	6.500	05/01/36		4,828
4,382,576	v	FGLMC	5.500	06/01/36		4,318
48,723,786		FGLMC	6.000	07/01/36		49,084
53,489,008	v	FGLMC	6.500	08/01/36		54,291
4,000,000	h,v	FGLMC	6.500	12/01/36		4,060
56,000,000	h	FGLMC	6.000	01/15/37		56,403
82,258		Federal National Mortgage Association (FNMA)	7.500	11/01/10		84

246

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$ 9,027		FNMA	8.000%	06/01/11	$	9
32,140		FNMA	8.000	06/01/11		33
6,456		FNMA	8.000	06/01/11		7
6,807		FNMA	8.000	06/01/11		7
22,903		FNMA	8.000	07/01/11		24
558,942		FNMA	5.000	06/01/13		556
2,854,502		FNMA	4.440	07/01/13		2,746
4,526,384		FNMA	4.736	10/01/13		4,411
2,104,388		FNMA	4.778	02/01/14		2,060
5,667,243		FNMA	4.440	04/01/14		5,432
727,617		FNMA	7.500	02/01/15		755
1,939,510		FNMA	7.500	04/01/15		2,013
1,824,902		FNMA	7.500	04/01/15		1,896
43,405		FNMA	6.500	02/01/16		45
147,598		FNMA	6.500	03/01/16		152
67,804		FNMA	6.500	04/01/16		70
15,888,325		FNMA	6.000	06/25/16		15,922
1,613,286		FNMA	6.500	10/01/16		1,653
1,002,732		FNMA	6.500	11/01/16		1,027
2,981,059		FNMA	6.500	02/01/18		3,051
7,603,021		FNMA	5.500	03/01/18		7,618
16,183,569	d	FNMA	5.500	04/01/18		16,214
1,306,548		FNMA	5.500	04/01/18		1,309
1,463,014		FNMA	6.500	04/01/18		1,498
405,048		FNMA	5.500	05/01/18		406
21,489,232		FNMA	4.500	12/01/18		20,781
1,076,858		FNMA	6.000	01/01/19		1,094
175,529		FNMA	6.000	02/01/19		178
16,572,453		FNMA	5.000	04/01/19		16,310
4,949,808		FNMA	5.500	07/01/20		4,953
63,000,000	h	FNMA	6.000	01/25/22		63,866
287,729		FNMA	8.000	03/01/23		304
7,715,270		FNMA	5.000	12/01/23		7,517
2,294,081		FNMA	5.500	02/01/24		2,283
4,691,730		FNMA	5.500	07/01/24		4,667
638,511		FNMA	8.000	07/01/24		675
6,736,852		FNMA	5.500	08/01/24		6,701
21,707,969	d	FNMA	5.000	10/01/25		21,124
136,288		FNMA	9.000	11/01/25		148
545,620		FNMA	7.000	07/01/32		561
803,170		FNMA	7.000	07/01/32		826
2,395,367		FNMA	5.000	02/01/33		2,317
11,728,960		FNMA	4.500	03/25/33		11,322
2,239,009		FNMA	5.500	06/01/33		2,216
6,704,315		FNMA	4.500	08/01/33		6,299
7,072,949		FNMA	5.000	08/01/33		6,842
11,000,000		FNMA	5.500	08/25/33		10,925
11,316,043		FNMA	4.500	10/01/33		10,632
7,021,415		FNMA	5.000	10/01/33		6,792
2,301,392		FNMA	5.000	10/01/33		2,226
3,116,629		FNMA	5.000	10/01/33		3,015
19,118,964		FNMA	5.000	11/01/33		18,494
9,174,441		FNMA	5.000	11/01/33		8,875
9,816,039		FNMA	5.000	11/01/33		9,495
1,041,049		FNMA	5.000	11/01/33		1,007
4,473,568		FNMA	5.500	12/01/33		4,428

247

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$ 10,319,429		FNMA	5.500%	12/01/33	$	10,214
1,670,046		FNMA	5.500	12/01/33		1,653
2,080,342	d	FNMA	5.500	12/01/33		2,059
4,073,976		FNMA	5.500	01/01/34		4,032
8,706,736		FNMA	5.500	01/01/34		8,618
14,257,311		FNMA	5.500	02/01/34		14,112
2,843,099		FNMA	5.000	03/01/34		2,750
2,641,982		FNMA	5.000	03/01/34		2,556
3,295,742		FNMA	5.000	03/01/34		3,188
8,022,453		FNMA	5.000	03/01/34		7,760
9,428,512		FNMA	5.500	03/01/34		9,327
21,066,115		FNMA	5.000	04/01/34		20,364
70,687,703		FNMA	5.000	08/01/34		68,332
6,574,332		FNMA	5.500	09/01/34		6,504
6,338,587		FNMA	5.500	09/01/34		6,271
4,451,591		FNMA	5.500	09/01/34		4,404
2,820,513		FNMA	5.500	10/01/34		2,790
4,232,881		FNMA	5.500	10/01/34		4,188
9,730,650		FNMA	5.500	10/25/34		9,553
21,358,262		FNMA	5.500	12/01/34		21,129
8,310,058		FNMA	5.500	01/01/35		8,221
5,514,134		FNMA	5.500	04/01/35		5,451
36,039,101	h	FNMA	5.500	04/01/35		35,653
22,849,899		FNMA	5.500	05/01/35		22,589
8,353,803		FNMA	6.000	05/01/35		8,412
3,155,354		FNMA	5.500	06/01/35		3,119
3,023,489		FNMA	5.500	06/01/35		2,989
5,194,758		FNMA	5.500	06/01/35		5,135
1,873,985		FNMA	5.500	06/01/35		1,853
1,258,538		FNMA	5.500	06/01/35		1,244
838,679		FNMA	7.500	06/01/35		869
2,408,801		FNMA	5.500	07/01/35		2,381
3,508,928		FNMA	6.000	07/01/35		3,533
16,107,482	d	FNMA	5.500	09/01/35		15,924
39,003,829		FNMA	5.500	09/01/35		38,606
16,191,123		FNMA	5.000	10/01/35		15,636
11,029,992		FNMA	5.500	11/01/35		10,904
12,851,538		FNMA	6.500	02/01/36		13,094
3,092,393		FNMA	6.500	02/01/36		3,151
6,078,882		FNMA	6.500	02/01/36		6,195
5,004,483		FNMA	6.500	02/01/36		5,099
12,579,260		FNMA	6.500	02/01/36		12,816
5,679,019		FNMA	5.000	03/01/36		5,460
8,625,168		FNMA	6.000	03/01/36		8,648
3,844,713		FNMA	5.500	04/01/36		3,784
31,347,272		FNMA	5.000	05/01/36		30,136
4,912,905		FNMA	5.500	05/01/36		4,835
22,714,137	i	FNMA	5.854	06/01/36		22,929
2,144,074		FNMA	6.000	06/01/36		2,159
4,466,205		FNMA	6.500	07/01/36		4,550
17,366,831	h	FNMA	6.000	08/01/36		17,402
10,413,311		FNMA	6.500	09/01/36		10,610
5,998,547		FNMA	6.000	10/01/36		6,011
4,351,448		FNMA	6.000	10/01/36		4,360
4,995,555		FNMA	7.000	11/01/36		5,128
11,297,114	h	FNMA	6.500	12/01/36		11,450

248

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$ 46,000,000	h	FNMA	5.500%	01/25/37	$	45,454
182,000,000	h	FNMA	6.000	01/25/37		183,194
58,000,000	h	FNMA	6.500	01/25/37		59,088
11,159		Government National Mortgage Association (GNMA)	8.500	10/15/09		12
28,071		GNMA	8.500	12/15/09		29
44,509		GNMA	8.500	12/15/09		46
153,991		GNMA	9.000	12/15/09		159
37,435		GNMA	8.500	01/15/10		39
14,424		GNMA	8.500	01/15/10		15
31,909		GNMA	9.000	06/15/16		34
6,502		GNMA	9.000	09/15/16		7
5,933		GNMA	9.000	09/15/16		6
19,376		GNMA	9.000	09/15/16		21
24,977		GNMA	9.000	11/15/16		27
9,306		GNMA	9.000	12/15/16		10
12,801		GNMA	9.000	12/15/16		14
208,150		GNMA	9.500	12/15/16		225
14,269		GNMA	9.000	06/15/20		15
99,052		GNMA	8.000	06/15/24		105
160,751		GNMA	8.500	11/20/30		172
114,811		GNMA	8.500	12/20/30		123
3,208,181		GNMA	5.500	11/20/33		3,188
12,568,796		GNMA	5.500	03/20/35		12,480
7,767,462		GNMA	5.500	12/20/35		7,713
68,000,000	h	GNMA	5.500	01/15/37		67,660
		TOTAL MORTGAGE BACKED SECURITIES				2,010,682

MUNICIPAL BONDS - 0.03%
2,000,000		Charlotte-Mecklenburg Hospital Authority	5.000	08/01/15		1,954
		TOTAL MUNICIPAL BONDS				1,954

U.S. TREASURY SECURITIES - 11.91%
338,705,000	e	United States Treasury Bond	8.000	11/15/21		449,001
15,295,000	e	United States Treasury Bond	5.375	02/15/31		16,402
7,405,000	e	United States Treasury Bond	4.500	02/15/36		7,048
14,522,784	e,k	United States Treasury Inflation Indexed Note	3.375	01/15/07		14,502
18,152,825	e,k	United States Treasury Inflation Indexed Note	3.875	01/15/09		18,656
11,690,000	e	United States Treasury Note	4.375	12/31/07		11,618
58,900,000	e	United States Treasury Note	4.375	01/31/08		58,509
16,000,000	e	United States Treasury Note	5.125	06/30/08		16,050
69,435,000	e	United States Treasury Note	5.000	07/31/08		69,556
15,000,000	e	United States Treasury Note	4.625	09/30/08		14,945
16,850,000	e	United States Treasury Note	4.875	10/31/08		16,860
9,350,000	e	United States Treasury Note	4.625	11/15/09		9,322
20,000,000	e	United States Treasury Note	4.500	09/30/11		19,826
8,575,000	e	United States Treasury Note	4.625	10/31/11		8,545
13,250,000	e	United States Treasury Note	4.500	11/30/11		13,133
17,513,000	e	United States Treasury Note	4.625	11/15/16		17,404
		TOTAL U.S. TREASURY SECURITIES				761,377

		TOTAL GOVERNMENT BONDS				3,747,511
		(Cost $3,765,808)

		TOTAL BONDS				6,286,698
		(Cost $6,303,428)

249


COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

						VALUE
SHARES						(000)

PREFERRED STOCKS - 0.05%

DEPOSITORY INSTITUTIONS - 0.05%
$ 134,000		Bank of America Corp			$	3,470
		TOTAL DEPOSITORY INSTITUTIONS				3,470

		TOTAL PREFERRED STOCKS				3,470
		(Cost $3,350)

TIAA-CREF MUTUAL FUNDS - 0.07%

449,850	a	TIAA-CREF High-Yield Bond Fund				4,148

		TOTAL TIAA-CREF MUTUAL FUNDS				4,148
		(Cost $3,855)

				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)

SHORT-TERM INVESTMENTS - 28.11%

COMMERCIAL PAPER - 8.02%
$ 25,000,000	d	American Honda Finance Corp	5.230%	01/17/07		24,945
25,000,000	d	Barclays U.S. Funding Corp	5.230	02/05/07		24,876
25,000,000	c,d	Beta Finance, Inc	5.260	01/25/07		24,915
20,000,000	c,d	Ciesco LP	5.250	01/24/07		19,935
25,000,000	c	Colgate-Palmolive Co	5.240	01/18/07		24,942
8,100,000	c,d	Corporate Asset Funding Corp, Inc	5.260	01/08/07		8,093
12,205,000	c,d	Corporate Asset Funding Corp, Inc	5.250	01/30/07		12,155
3,900,000	c	Corporate Asset Funding Corp, Inc	5.260	02/12/07		3,876
25,000,000	c,d	Dorada Finance, Inc	5.255	01/16/07		24,948
22,500,000	d	Dresdner US Finance, Inc	5.250	01/08/07		22,480
7,800,000	c	Fairway Finance Corp	5.280	01/05/07		7,796
22,700,000	c,d	Fairway Finance Corp	5.270	01/09/07		22,676
25,000,000	c,d	Gannett Co, Inc	5.280	01/04/07		24,992
6,180,000		General Electric Capital Corp	5.220	02/02/07		6,152
15,000,000	c,d	Govco, Inc	5.330	01/05/07		14,993
10,000,000	c,d	Govco, Inc	5.230	03/08/07		9,905
25,000,000	c,d	Grampian Funding LLC	5.230	03/12/07		24,746
25,000,000	c,d	Greyhawk Funding LLC	5.255	02/06/07		24,871
24,450,000	c,d	Harrier Finance Funding LLC	5.280	01/12/07		24,414
25,000,000	d	ING Finance	5.240	01/16/07		24,949
25,000,000	c,d	Park Avenue Receivables Corp	5.220	03/02/07		24,782
25,000,000	c,d	Procter & Gamble International	5.230	01/09/07		24,974
5,000,000	c,d	Ranger Funding Co LLC	5.270	01/05/07		4,998
25,000,000	c,d	Sedna Finance, Inc	5.260	01/17/07		24,944
25,000,000	d	Societe Generale North America, Inc	5.250	02/09/07		24,861
15,000,000	d	Swedish Export Credit Corp	5.250	01/08/07		14,987
10,425,000		Swedish Export Credit Corp	5.250	01/10/07		10,413
6,200,000	d	UBS Finance, (Delaware), Inc	5.235	01/22/07		6,182
		TOTAL COMMERCIAL PAPER				512,800

U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES - 1.19%
8,000,000		Federal Home Loan Bank (FHLB)	5.200	01/03/07		8,000
17,000,000	d	Federal Home Loan Mortgage Corp (FHLMC)	5.170	01/09/07		16,985
36,000,000		FHLMC	5.120	03/05/07		35,688
15,800,000		Federal National Mortgage Association (FNMA)	5.150	01/25/07		15,739
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES				76,412

250

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

MATURITY

VALUE

PRINCIPAL

RATE

DATE

(000)

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 18.90%

$ 1,206,303,000

Bank of New York Institutional Cash Reserves Fund

5.403%

01/02/07

1,208,617

TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED

1,208,617

TOTAL SHORT-TERM INVESTMENTS

1,797,829

(Cost $1,797,761)

TOTAL PORTFOLIO - 126.54%

8,092,145

(Cost $8,108,394)

OTHER ASSETS & LIABILITIES, NET - (26.54%)

(1,697,312

)

NET ASSETS - 100.00%

6,394,833

The following abbreviations are used in portfolio descriptions:

LLC

Limited Liability Company

Limited Partnership

N/R

Not rated by Moody's

plc

Public Limited Company

Affiliated Holding.

Commercial Paper issued under the Private Placement exemption under Section 4(2) of the Securities Act of 1933.

All or a portion of these securities have been segregated by the Custodian to cover securities purchased on a delayed delivery basis.

All or a portion of these securities are out on loan.

Security is exempt from registration under Rule 144 (A) of the Securities Act of 1933 and may be resold in transactions exempt

from registration to qualified institutional buyers.

At December 31, 2006, the value of these securities amounted to $99,320,883 or 1.55% of net assets.

These securities were purchased on a delayed delivery basis.

Floating rate or variable rate securities reflects the rate as of December 31, 2006.

Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.

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 - DECEMBER 31, 2006

	Value at	Purchase		Realized	Dividend	Withholding	Shares at	Value at
Issue	December 31, 2005	Cost	Proceeds	Gain/(Loss)	Income	Expense	December 31, 2006	December 31, 2006
TIAA-CREF High-Yield Bond Fund	$ 3,781,732	$ 298,063	$ -	$ -	$ 298,063	$ -	449,850	$4,147,626
		$ 298,063	$ -	$ -	$ 298,063	$ -		$4,147,626

251

COLLEGE RETIREMENT EQUITIES FUND - Inflation Linked Bond Account

COLLEGE RETIREMENT EQUITIES FUND
INFLATION LINKED BOND ACCOUNT
STATEMENT OF INVESTMENTS
December 31, 2006


				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)

GOVERNMENT BONDS - 98.98%

U.S. TREASURY SECURITIES - 98.98%
$ 270,271,440	k	United States Treasury Inflation Indexed Bond	2.375%	01/15/25	$	269,234
176,333,773	k	United States Treasury Inflation Indexed Bond	2.000	01/15/26		165,784
179,990,975	k	United States Treasury Inflation Indexed Bond	3.625	04/15/28		217,564
206,987,981	e,k	United States Treasury Inflation Indexed Bond	3.875	04/15/29		260,786
54,819,652	k	United States Treasury Inflation Indexed Bond	3.375	04/15/32		66,259
179,542,617	k	United States Treasury Inflation Indexed Note	3.625	01/15/08		181,422
172,415,497	k	United States Treasury Inflation Indexed Note	3.875	01/15/09		177,197
122,952,235	k	United States Treasury Inflation Indexed Note	4.250	01/15/10		129,427
290,828,439	k	United States Treasury Inflation Indexed Note	0.875	04/15/10		275,787
123,360,220	k	United States Treasury Inflation Indexed Note	3.500	01/15/11		128,411
184,867,278	k	United States Treasury Inflation Indexed Note	2.375	04/15/11		184,174
68,422,941	k	United States Treasury Inflation Indexed Note	3.375	01/15/12		71,447
235,371,827	k	United States Treasury Inflation Indexed Note	3.000	07/15/12		242,303
219,765,142	k	United States Treasury Inflation Indexed Note	1.875	07/15/13		212,454
226,053,452	k	United States Treasury Inflation Indexed Note	2.000	01/15/14		219,699
206,496,761	k	United States Treasury Inflation Indexed Note	2.000	07/15/14		200,527
203,558,275	k	United States Treasury Inflation Indexed Note	1.625	01/15/15		191,695
177,129,058	k	United States Treasury Inflation Indexed Note	1.875	07/15/15		169,822
175,469,392	k	United States Treasury Inflation Indexed Note	2.000	01/15/16		169,517
170,700,825	k	United States Treasury Inflation Indexed Note	2.500	07/15/16		172,073
		TOTAL U.S. TREASURY SECURITIES				3,705,582

		TOTAL GOVERNMENT BONDS				3,705,582
		(Cost $3,706,940)

SHORT-TERM INVESTMENTS - 0.12%

COMMERCIAL PAPER - 0.08%
3,050,000		Rabobank USA Financial Corp	5.280	01/02/07		3,048
		TOTAL COMMERCIAL PAPER				3,048

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 0.04%
REPURCHASED AGREEMENTS
1,591,000		Morgan Stanley & Co, Inc 5.290% Dated 12/29/2006,				1,592
		Due 01/02/2007 In the Amount of $1,591,701
		Fully Collateralized as follows:
		Federal Home Loan Bank (FHLB) 0.000% - 6.000%, 02/12/2007 - 07/21/2025		$ 703,929
		Federal Home Loan Mortgage Corp (FHLMC) 0.000% - 4.730%, 03/16/2007 - 04/08/2019		574,853
		Federal National Mortgage Association (FNMA) 3.250% - 6.930%, 08/15/2008 - 12/29/2023		344,095
		Total Market Value		1,622,877

		TOTAL INVESTMENT OF CASH COLLATERAL
		FOR SECURITIES LOANED				1,592

		TOTAL SHORT-TERM INVESTMENTS			$	4,640
		(Cost $4,641)

252

COLLEGE RETIREMENT EQUITIES FUND - Inflation Linked Bond Account

VALUE

(000)

TOTAL PORTFOLIO - 99.10%

3,710,222

(Cost $3,711,581)

OTHER ASSETS & LIABILITIES, NET - 0.90%

33,540

NET ASSETS - 100.00%

3,743,762

All or a portion of these securities are out on loan.

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.

253

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

COLLEGE RETIREMENT EQUITIES FUND
SOCIAL CHOICE ACCOUNT
STATEMENT OF INVESTMENTS
December 31, 2006


				MATURITY	RATING +		VALUE
PRINCIPAL			RATE	DATE	(Unaudited)		(000)

BONDS - 39.26%

CORPORATE BONDS - 15.61%

AMUSEMENT AND RECREATION SERVICES - 0.02%
$ 2,000,000		International Speedway Corp	5.400%	04/15/14	Baa2	$	1,935
		TOTAL AMUSEMENT AND RECREATION SERVICES					1,935

ASSET BACKED - 3.10%
10,250,000		AmeriCredit Automobile Receivables Trust Series 2006-
		AF (Class A4)	5.640	09/06/13	Aaa		10,386
10,000,000	i	Centex Home Equity Series 2004-C (Class AF5)	5.980	06/25/34	Aaa		10,037
7,000,000	i	Chase Funding Loan Acquisition Trust Series 2004-OPT1
		(Class M1)	5.920	06/25/34	Aa2		7,036
2,725,478		Chase Funding Mortgage Loan Asset-Backed Certificates
		Series 2004-2 (Class 1A3)	4.209	09/25/26	Aaa		2,712
1,000,000	i	Chase Funding Mortgage Loan Asset-Backed Certificates
		Series 2004-2 (Class 1B)	5.700	02/25/34	Baa2		969
1,971,385		Chase Manhattan Auto Owner Trust Series 2004-A
		(Class A4)	2.830	09/15/10	Aaa		1,935
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		7,012
12,000,000		Citicorp Mortgage Securities, Inc Series 2006-2
		(Class A3)	5.563	09/25/36	Aaa		11,983
2,679,354		Countrywide Asset-Backed Certificates Series 2002-S2
		(Class A5)	5.978	01/25/17	Aaa		2,670
1,276,337	i	Countrywide Home Equity Loan Trust Series 2004-B
		(Class 1A)	5.570	02/15/29	Aaa		1,277
3,500,000		GMAC Mortgage Corporation Loan Trust 2006-HLTV
		A3	5.590	03/01/30	Aaa		3,499
2,282,000		GMAC Mortgage Corporation Loan Trust 2006-HLTV
		A4	5.810	03/01/36	Aaa		2,288
10,000,000		Hertz Vehicle Financing LLC Series 2005-1A (Class A3)
			5.010	02/25/11	Aaa		9,940
4,000,000	v	HFC Home Equity Loan Asset Backed Certificates Series
		2006-4 (Class A1F)	5.790	03/20/36	Aaa		3,995
10,000,000		Household Automotive Trust Series 2006-2 (Class A3)
			5.610	08/17/11	Aaa		10,078
21,000,000		Household Automotive Trust Series 2006-3 (Class A4)
			5.340	09/17/13	Aaa		21,159
16,000,000		Household Credit Card Master Note Trust I Series 2006-1
		(Class A)	5.100	06/15/12	Aaa		16,009
5,000,000		Hyundai Auto Receivables Trust Series 2006-A
		(Class A3)	5.130	06/15/10	Aaa		4,993
20,000,000		Hyundai Auto Receivables Trust Series 2006-B
		(Class A4)	5.150	05/15/13	Aaa		19,991
3,000,000	i	IXIS Real Estate Capital Trust Series 2006-HE1
		(Class A2)	5.490	03/25/36	Aaa		3,001

254

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				MATURITY	RATING +		VALUE
PRINCIPAL			RATE	DATE	(Unaudited)		(000)
$ 192,777		Long Beach Asset Holdings Corp Series 2006-4
		(Class N1)	5.877%	06/25/46	N/R	$	192
1,876,298	v	Long Beach Asset Holdings Corp Series 2006-6
		(Class N1)	6.072	09/25/46	N/R		1,839
4,682,399		Marriott Vacation Club Owner Trust Series 2006-2A
		(Class A)	5.362	10/20/28	Aaa		4,680
3,250,000	i	Renaissance Home Equity Loan Trust Series 2006-3
		(Class AF3)	5.586	11/25/36	Aaa		3,247
4,000,000		Residential Funding Mortgage Securities II, Inc Series
		2006-H12 (Class A2)	5.750	02/25/36	Aaa		4,005
3,000,000	i	Residential Funding Mortgage Securities II, Inc Series
		2006-HI1 (Class A3)	5.570	02/25/36	Aaa		2,997
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		5,744
7,000,000		Residential Funding Mortgage Securities II, Inc Series
		2006-HI4 (Class A2)	5.450	09/25/36	Aaa		6,978
18,000,000		Residential Funding Mortgage Securities II, Inc Series
		2006-HI4 (Class A3)	5.440	09/25/36	Aaa		17,905
5,003,000	v	Residential Funding Mortgage Securities II, Inc Series
		2006-HI5 (Class A2)	5.520	04/25/21	Aaa		5,004
9,000,000	v	Residential Funding Mortgage Securities II, Inc Series
		2006-HI5 (Class A3)	5.500	08/25/25	Aaa		8,965
4,000,000	i	Residential Funding Mortgage Securities II, Inc Series
		2006-HSA2 (Class AI3)	5.550	03/25/36	Aaa		3,996
3,683,095	v	Sierra Receivables Funding Co Series 2006-1A
		(Class A1)	5.840	05/20/18	Aaa		3,714
16,000,000	v	Sonic Capital LLC Series 2006-1A (Class A2)	5.096	12/20/31	Aaa		15,864
20,000,000		Volkswagen Auto Lease Trust Series 2006-A (Class A3)
			5.500	09/21/09	Aaa		20,085
3,000,000	v	Wachovia Amortization Controlled Heloc NIM Series
		2006-N1 (Class N1)	5.683	08/12/47	A3		2,981
3,733,523	i	Wachovia Loan Trust Series 2005-SD1 (Class A)	5.710	05/25/35	N/R		3,736
		TOTAL ASSET BACKED					270,554

BUILDING MATERIALS AND GARDEN SUPPLIES - 0.15%
7,500,000		Home Depot, Inc	5.400	03/01/16	Aa3		7,333
5,000,000		Lowe's Cos, Inc	8.250	06/01/10	A1		5,439
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES					12,772

CHEMICALS AND ALLIED PRODUCTS - 0.24%
5,000,000		Abbott Laboratories	5.600	05/15/11	A1		5,071
2,500,000		Ecolab, Inc	6.875	02/01/11	A2		2,628
3,000,000		Genentech, Inc	5.250	07/15/35	A1		2,799
1,500,000		Lubrizol Corp	4.625	10/01/09	Baa3		1,470
5,000,000		Praxair, Inc	3.950	06/01/13	A2		4,636
4,500,000		Valspar Corp	6.000	05/01/07	Baa2		4,506
		TOTAL CHEMICALS AND ALLIED PRODUCTS					21,110

COMMUNICATIONS - 0.52%
2,205,000	g	ALLTEL Ohio LP	8.000	08/15/10	A2		2,364
1,184,000		AT&T Corp	7.300	11/15/11	A2		1,282
3,000,000		AT&T, Inc	5.100	09/15/14	A2		2,915

255

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account



				MATURITY	RATING +		VALUE
PRINCIPAL			RATE	DATE	(Unaudited)		(000)
$ 1,000,000		AT&T, Inc	6.150%	09/15/34	A2	$	982
3,972,276		Bellsouth Telecommunications	6.300	12/15/15	A2		4,060
2,000,000	g	COX Communications, Inc	5.875	12/01/16	Baa3		1,986
2,500,000		New Cingular Wireless Services, Inc	7.875	03/01/11	Baa1		2,731
1,500,000		New Cingular Wireless Services, Inc	8.750	03/01/31	Baa1		1,944
5,000,000		New England Telephone & Tele	7.650	06/15/07	Baa1		5,043
8,500,000		Sprint Capital Corp	8.375	03/15/12	Baa3		9,456
5,000,000		Sprint Nextel Corp	6.000	12/01/16	Baa3		4,878
5,000,000		Verizon Communications, Inc	5.550	02/15/16	A3		4,974
1,500,000		Verizon Global Funding Corp	7.375	09/01/12	A3		1,641
1,500,000		Verizon Global Funding Corp	5.850	09/15/35	A3		1,434
		TOTAL COMMUNICATIONS					45,690

DEPOSITORY INSTITUTIONS - 1.85%
1,000,000		Astoria Financial Corp	5.750	10/15/12	Baa1		1,003
5,000,000		Bank of America Corp	5.375	08/15/11	Aa2		5,037
5,250,000		Bank of America NA	6.000	10/15/36	Aa2		5,406
3,000,000		Bank of Hawaii	6.875	03/01/09	A3		3,072
1,000,000		i Bank of New York Co, Inc	3.400	03/15/13	A1		977
2,500,000		Capital One Bank	4.250	12/01/08	A2		2,452
3,000,000	g	Corestates Capital Trust I	8.000	12/15/26	A1		3,124
3,000,000		First Union National Bank of Florida	6.180	02/15/36	Aa3		3,182
5,000,000		Firstar Bank NA	7.125	12/01/09	Aa2		5,261
2,000,000		Greenpoint Financial Corp	3.200	06/06/08	A3		1,940
2,500,000		Independence Community Bank Corp	4.900	09/23/10	Baa1		2,458
2,000,000		KeyBank NA	5.000	07/17/07	A1		1,994
5,000,000		M&I Marshall & Ilsley Bank	5.300	09/08/11	Aa3		5,009
5,000,000	i	Manufacturers & Traders Trust Co	5.629	12/01/21	A3		4,922
1,000,000		Mellon Capital I	7.720	12/01/26	A2		1,038
5,000,000		Mellon Funding Corp	6.400	05/14/11	A2		5,223
5,000,000		Mercantile Bankshares Corp	4.625	04/15/13	A2		4,784
1,250,000		Mercantile-Safe Deposit & Trust Co	5.700	11/15/11	N/R		1,271
1,250,000		National City Bank	7.250	07/15/10	N/R		1,325
3,500,000		Northern Trust Co	4.600	02/01/13	A1		3,364
3,000,000		Popular North America, Inc	3.875	10/01/08	A3		2,914
2,000,000		Popular North America, Inc	5.650	04/15/09	A3		2,006
2,401,000		Regions Financial Corp	7.750	09/15/24	A2		2,931
4,700,000		Republic New York Corp	7.530	12/04/26	A1		4,880
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		7,419
4,000,000		SouthTrust Bank	6.565	12/15/27	Aa3		4,306
3,000,000		Sovereign Bank	4.000	02/01/08	A3		2,957
7,312,000		State Street Corp	7.650	06/15/10	A2		7,862
10,228,000		SunTrust Banks, Inc	6.000	02/15/26	A1		10,444
1,475,000		SunTrust Banks, Inc	6.000	01/15/28	N/R		1,535
4,000,000		Union Bank of California NA	5.950	05/11/16	A2		4,099
3,268,000		Union Planters Bank NA	5.125	06/15/07	Aa3		3,265
5,000,000		US Bank NA	5.700	12/15/08	Aa2		5,037
1,112,000		US Bank NA	6.375	08/01/11	Aa2		1,163
3,000,000		US Bank NA	6.300	02/04/14	Aa2		3,169
6,000,000		Wachovia Corp	5.300	10/15/11	Aa3		6,019
3,000,000		Washington Mutual Bank	5.650	08/15/14	A3		3,005
5,000,000		Webster Bank	5.875	01/15/13	Baa3		5,009
3,500,000		Wells Fargo & Co	4.875	01/12/11	Aa1		3,463
1,500,000		Wells Fargo Bank NA	6.450	02/01/11	Aa1		1,566
5,000,000		Wells Fargo Bank NA	4.750	02/09/15	Aa1		4,781

256

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				MATURITY	RATING +		VALUE
PRINCIPAL			RATE	DATE	(Unaudited)		(000)
$ 3,000,000		Wells Fargo Bank NA	5.950%	08/26/36	Aa1	$	3,094
1,700,000		Wells Fargo Capital X	5.950	12/15/36	Aa3		1,701
5,000,000	i	World Savings Bank FSB	5.471	09/16/09	Aa2		5,004
		TOTAL DEPOSITORY INSTITUTIONS					161,863

EATING AND DRINKING PLACES - 0.06%
5,000,000		McDonald's Corp	5.750	03/01/12	A2		5,048
		TOTAL EATING AND DRINKING PLACES					5,048

ELECTRIC, GAS, AND SANITARY SERVICES - 0.71%
4,000,000		AGL Capital Corp	6.000	10/01/34	Baa1		3,864
5,000,000		Atmos Energy Corp	5.125	01/15/13	Baa3		4,841
5,000,000	i	Energen Corp	5.724	11/15/07	Baa2		5,005
5,000,000		Hawaiian Electric Industries, Inc	6.141	08/15/11	Baa2		5,038
5,500,000	g	International Transmission Co	4.450	07/15/13	A3		5,156
1,550,000		Laclede Gas Co	6.500	11/15/10	A3		1,606
2,500,000		Laclede Gas Co	6.150	06/01/36	A3		2,581
5,000,000		National Fuel Gas Co	5.250	03/01/13	Baa1		4,919
6,000,000		Nevada Power Co	6.650	04/01/36	Ba1		6,233
4,000,000		ONEOK Partners LP	5.900	04/01/12	Baa2		4,044
2,185,000	g	Pedernales Electric Cooperative	6.202	11/15/32	N/R		2,315
2,000,000		Piedmont Natural Gas Co	7.350	09/25/09	A3		2,094
2,000,000		Puget Sound Energy, Inc	6.274	03/15/37	Baa2		2,031
5,000,000		Questar Market Resources, Inc	6.050	09/01/16	Baa3		5,108
5,000,000		Washington Gas Light Co	5.440	08/11/25	A2		4,751
2,500,000		Wisconsin Public Service Corp	5.550	12/01/36	Aa2		2,413
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES					61,999

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 0.17%
2,500,000		Cisco Systems, Inc	5.250	02/22/11	A1		2,506
3,500,000		Cisco Systems, Inc	5.500	02/22/16	A1		3,511
5,000,000		Hubbell, Inc	6.375	05/15/12	A3		5,252
3,000,000		International Business Machines Corp	6.220	08/01/27	A1		3,165
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT					14,434

FABRICATED METAL PRODUCTS - 0.03%
3,000,000		Illinois Tool Works, Inc	5.750	03/01/09	Aa3		3,030
		TOTAL FABRICATED METAL PRODUCTS					3,030

FOOD AND KINDRED PRODUCTS - 0.48%
5,000,000		Bottling Group LLC	4.625	11/15/12	Aa3		4,830
5,000,000		Campbell Soup Co	5.000	12/03/12	A3		4,891
6,700,000		Coca-Cola Bottling Co Consolidated	5.000	11/15/12	Baa2		6,513
5,000,000		Coca-Cola Enterprises, Inc	8.500	02/01/22	A2		6,281
5,000,000		General Mills, Inc	5.125	02/15/07	Baa1		4,996
1,800,000		Hershey Co	4.850	08/15/15	A1		1,738
5,000,000		Kellogg Co	6.600	04/01/11	A3		5,236
5,000,000		PepsiAmericas, Inc	5.625	05/31/11	Baa1		5,024
2,500,000		WM Wrigley Jr Co	4.650	07/15/15	A1		2,366
		TOTAL FOOD AND KINDRED PRODUCTS					41,875

FOOD STORES - 0.06%
5,000,000		Kroger Co	8.050	02/01/10	Baa2		5,359
		TOTAL FOOD STORES					5,359

257


COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				MATURITY	RATING +		VALUE
PRINCIPAL			RATE	DATE	(Unaudited)		(000)
FURNITURE AND FIXTURES - 0.04%
$ 4,000,000		Leggett & Platt, Inc	4.700%	04/01/13	A2	$	3,824
		TOTAL FURNITURE AND FIXTURES					3,824

GENERAL BUILDING CONTRACTORS - 0.20%
5,000,000		DR Horton, Inc	5.375	06/15/12	Baa3		4,841
3,000,000		Lennar Corp	5.125	10/01/10	Baa2		2,942
3,000,000	e	M/I Homes, Inc	6.875	04/01/12	Ba2		2,693
3,000,000	e	MDC Holdings, Inc	5.375	07/01/15	Baa3		2,791
2,140,000		Pulte Homes, Inc	7.875	08/01/11	Baa3		2,316
2,000,000		Ryland Group, Inc	5.375	05/15/12	Baa3		1,916
		TOTAL GENERAL BUILDING CONTRACTORS					17,499

GENERAL MERCHANDISE STORES - 0.06%
5,000,000		Target Corp	5.875	07/15/16	A1		5,162
		TOTAL GENERAL MERCHANDISE STORES					5,162

HEALTH SERVICES - 0.03%
2,500,000		Laboratory Corp of America Holdings	5.625	12/15/15	Baa3		2,460
		TOTAL HEALTH SERVICES					2,460

HOLDING AND OTHER INVESTMENT OFFICES - 0.17%
2,500,000		AMB Property LP	5.450	12/01/10	Baa1		2,503
5,000,000		Kimco Realty Corp	5.304	02/22/11	Baa1		4,977
2,000,000		Simon Property Group LP	5.875	03/01/17	A3		2,030
5,500,000		Washington Real Estate Investment Trust	6.898	02/25/08	Baa1		5,592
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES					15,102

INDUSTRIAL MACHINERY AND EQUIPMENT - 0.41%
2,500,000		3M Co	6.375	02/15/28	AA1		2,741
9,220,000		Cooper Cameron Corp	2.650	04/15/07	Baa1		9,145
281,000		Deere & Co	8.500	01/09/22	A3		361
4,340,000		Deere & Co	8.100	05/15/30	A3		5,642
10,000,000	g	Pall Corp	6.000	08/01/12	Baa1		10,099
7,775,000		Smith International, Inc	6.750	02/15/11	Baa1		8,102
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT					36,090

INSTRUMENTS AND RELATED PRODUCTS - 0.34%
5,000,000		Beckman Coulter, Inc	6.875	11/15/11	Baa3		5,240
4,500,000		Becton Dickinson & Co	7.150	10/01/09	A2		4,712
5,000,000		Boston Scientific Corp	6.250	11/15/15	Baa3		5,008
6,450,000		CR Bard, Inc	6.700	12/01/26	Baa1		6,878
3,500,000		Medtronic, Inc	4.750	09/15/15	A1		3,319
3,000,000		Thermo Electron Corp	7.625	10/30/08	Baa2		3,102
2,000,000		Thermo Electron Corp	5.000	06/01/15	Baa2		1,874
		TOTAL INSTRUMENTS AND RELATED PRODUCTS					30,133

INSURANCE CARRIERS - 0.75%
3,000,000		Aetna, Inc	6.625	06/15/36	A3		3,219
2,800,000	g	Anthem Insurance Co, Inc	9.125	04/01/10	A3		3,101
3,500,000		Cincinnati Financial Corp	6.125	11/01/34	A2		3,568
3,000,000		First American Corp	5.700	08/01/14	Baa2		2,948
2,500,000	i	Hartford Life Global Funding Trusts	5.460	03/15/11	Aa3		2,501
5,000,000	g	Health Care Service Corp	7.750	06/15/11	A2		5,428
1,200,000	g	Jackson National Life Global Funding	6.125	05/30/12	A1		1,239
5,000,000	g,i	Jefferson-Pilot Life Funding Trust I	3.250	06/02/08	Baa3		4,998
1,945,000	g	John Hancock Global Funding II	7.900	07/02/10	Aa2		2,103

258

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				MATURITY	RATING +		VALUE
PRINCIPAL			RATE	DATE	(Unaudited)		(000)
$ 2,000,000		Markel Corp	6.800%	02/15/13	Baa3	$	2,080
3,000,000		Markel Corp	7.350	08/15/34	Baa3		3,238
5,000,000	g	Nationwide Life Global Funding I	5.350	03/15/11	Aa3		5,014
5,000,000	g	New York Life Global Funding	4.625	08/16/10	Aaa		4,901
4,900,000	g	Ohio National Financial Services, Inc	7.000	07/15/11	Baa1		5,171
3,500,000	g	Pricoa Global Funding I	4.625	06/25/12	Aa3		3,362
1,000,000		Principal Financial Group, Inc	6.050	10/15/36	A2		1,027
1,036,000		Protective Life Corp	4.300	06/01/13	A3		969
2,500,000		Protective Life Secured Trust	4.850	08/16/10	Aa3		2,468
2,500,000		Protective Life Secured Trust	4.000	04/01/11	Aa3		2,379
1,500,000	g	Prudential Funding LLC	6.600	05/15/08	A1		1,521
3,000,000		WellPoint, Inc	5.000	01/15/11	Baa1		2,963
1,500,000		WellPoint, Inc	5.850	01/15/36	Baa1		1,461
		TOTAL INSURANCE CARRIERS					65,659

MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.06%
5,000,000		Harsco Corp	5.125	09/15/13	A3		4,878
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES					4,878

MISCELLANEOUS RETAIL - 0.05%
4,547,729	g	CVS Corp	5.298	01/11/27	Baa2		4,313
		TOTAL MISCELLANEOUS RETAIL					4,313

MOTION PICTURES - 0.20%
6,000,000		Historic TW, Inc	6.625	05/15/29	Baa2		6,045
5,234,000		Time Warner Entertainment Co LP	10.150	05/01/12	Baa2		6,211
2,000,000		Time Warner, Inc	5.500	11/15/11	Baa2		1,995
3,000,000		Walt Disney Co	5.700	07/15/11	A3		3,048
		TOTAL MOTION PICTURES					17,299

NONDEPOSITORY INSTITUTIONS - 0.60%
5,000,000	i	American Express Credit Corp	5.472	10/04/10	Aa3		5,007
4,000,000		Capital One Financial Corp	5.700	09/15/11	A3		4,052
5,000,000		Capital One Financial Corp	5.500	06/01/15	A3		4,992
1,500,000		Capital One Financial Corp	6.150	09/01/16	Baa1		1,548
3,000,000		CIT Group Funding Co of Canada	5.600	11/02/11	A2		3,025
4,000,000	g	IBM Canada Credit Services Co	3.750	11/30/07	A1		3,933
2,000,000		John Deere Capital Corp	7.000	03/15/12	A3		2,143
6,000,000		Residential Capital Corp	6.500	04/17/13	Baa3		6,091
10,000,000	e	SLM Corp	5.400	10/25/11	A2		10,023
5,000,000		SLM Corp	5.375	05/15/14	A2		4,967
1,000,000	g,i	USB Realty Corp	6.091	12/30/49	A1		1,000
5,000,000		Western Financial Bank	9.625	05/15/12	Aa3		5,498
		TOTAL NONDEPOSITORY INSTITUTIONS					52,279

OIL AND GAS EXTRACTION - 0.51%
5,000,000		Anadarko Finance Co	7.500	05/01/31	Baa2		5,667
4,610,000		Apache Finance Canada Corp	4.375	05/15/15	A3		4,264
3,500,000		Chesapeake Energy Corp	6.500	08/15/17	Ba2		3,421
5,700,000		ENSCO International, Inc	6.750	11/15/07	Baa1		5,769
8,500,000	g	Eog Resources Canada, Inc	4.750	03/15/14	A3		8,142
2,000,000		Equitable Resources, Inc	5.000	10/01/15	A2		1,897
2,000,000		Kerr-McGee Corp	6.950	07/01/24	Baa2		2,135
2,000,000		Noble Energy, Inc	8.000	04/01/27	Baa2		2,358
3,900,000		Ocean Energy, Inc	4.375	10/01/07	Baa3		3,869
2,000,000		Valero Logistics Operations LP	6.050	03/15/13	Baa3		2,025

259

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

MATURITY

RATING +

VALUE

PRINCIPAL

RATE

DATE

(Unaudited)

(000)

$ 5,000,000

XTO Energy, Inc

6.250%

04/15/13

Baa2

5,155

TOTAL OIL AND GAS EXTRACTION

44,702

OTHER MORTGAGE BACKED SECURITIES - 3.43%

6,000,000

Banc of America Commercial Mortgage, Inc Series 2002-2

(Class A3)

5.118

07/11/43

N/R

5,963

10,000,000

Banc of America Commercial Mortgage, Inc Series 2004-4

(Class A6)

4.877

07/10/42

N/R

9,719

3,000,000

Banc of America Commercial Mortgage, Inc Series 2005-1

(Class B)

5.005

11/10/42

N/R

2,971

8,370,000

Banc of America Commercial Mortgage, Inc Series 2005-5

(Class AJ)

5.159

10/10/45

Aaa

8,270

1,375,000

Banc of America Commercial Mortgage, Inc Series 2005-6

(Class AJ)

5.181

09/10/47

Aaa

1,361

2,000,000

Banc of America Commercial Mortgage, Inc Series 2006-2

(Class A4)

5.741

05/10/45

N/R

2,068

4,800,000

Banc of America Commercial Mortgage, Inc Series 2006-4

(Class A4)

5.634

07/10/46

Aaa

4,900

3,350,000

Banc of America Commercial Mortgage, Inc Series 2006-5

(Class A4)

5.414

09/10/47

Aaa

3,366

6,359,159

Banc of America Mortgage Securities Series 2006-1

(Class A8)

6.000

05/01/36

Aaa

6,384

2,408,307

Bank of America Alternative Loan Trust Series 2004-8

(Class 3A1)

5.500

09/25/19

Aaa

2,400

4,500,000

Bear Stearns Commercial Mortgage Securities Series

2005-PW10 (Class AJ)

5.458

12/11/40

Aaa

4,545

4,100,000

Bear Stearns Commercial Mortgage Securities Series

2006-PW11 (Class A4)

5.458

03/11/39

N/R

4,164

3,000,000

Bear Stearns Commercial Mortgage Securities Series

2006-PW12 (Class A4)

5.711

09/11/38

Aaa

3,097

5,375,000

Bear Stearns Commercial Mortgage Securities Series

2006-PW13 (Class A4)

5.540

09/11/41

N/R

5,453

3,000,000

Bear Stearns Commercial Mortgage Securities Series

2006-PW14 (Class A4)

5.201

12/11/38

N/R

2,964

2,000,000

Bear Stearns Commercial Mortgage Securities Series

2006-T22 (Class A4)

5.467

04/12/38

Aaa

2,036

4,000,000

Bear Stearns Commercial Mortgage Securities Series

2006-T24 (Class A4)

5.537

10/12/41

Aaa

4,056

10,500,000

Citigroup/Deutsche Bank Commercial Mortgage Trust

Series 2006-CD3 (Class A5)

5.617

10/15/48

Aaa

10,696

9,968,459

Citimortgage Alternative Loan Trust Series 2006-A1

(Class 2A1)

5.250

03/25/21

Aaa

9,841

2,803,030

Countrywide Alternative Loan Trust Series 2004-31T1

(Class A2)

5.700

09/25/34

N/R

2,808

12,000,000

Countrywide Alternative Loan Trust Series 2005-37T1

(Class A4)

5.500

09/25/35

Aaa

11,629

2,500,000

Countrywide Alternative Loan Trust Series 2005-J8

(Class 1A5)

5.500

07/25/35

Aaa

2,417

4,528,727

Countrywide Alternative Loan Trust Series 2006-12CB

(Class A10)

5.700

05/25/36

Aaa

4,524

4,428,709

Countrywide Home Loan Mortgage Pass Through Trust

Series 2005-17 (Class 1A10)

5.250

09/25/35

N/R

4,394

4,500,000

Credit Suisse Mortgage Capital Certificates Series 2006-C1

(Class A4)

5.556

02/15/39

N/R

4,572

3,000,000

Credit Suisse Mortgage Capital Certificates Series 2006-C2

(Class A3)

5.659

03/15/39

Aaa

3,080

260

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				MATURITY	RATING +		VALUE
PRINCIPAL			RATE	DATE	(Unaudited)		(000)
$ 4,800,000		Credit Suisse Mortgage Capital Certificates Series 2006-C4
		(Class A3)	5.467%	09/15/39	Aaa	$	4,837
5,000,000		Credit Suisse Mortgage Capital Certificates Series 2006-C5
		(Class A3)	5.311	12/15/39	Aaa		4,979
7,000,000	i	Credit Suisse/Morgan Stanley Commerical Mortgage
		Certificate Series HC1A (Class A1)	5.540	05/15/23	Aaa		7,002
1,076,267		CS First Boston Mortgage Securities Corp Series 2004-8
		(Class 7A1)	6.000	12/25/34	N/R		1,077
6,909,653		CS First Boston Mortgage Securities Corp Series 2005-5
		(Class 7A1)	6.000	07/25/35	Aaa		6,929
25,000,000		GS Mortgage Securities Corp II Series 2001-ROCK
		(Class A2)	6.624	05/03/18	Aaa		26,474
10,000,000	i	GS Mortgage Securities Corp II Series 2001-ROCK
		(Class BFL)	5.802	05/03/18	Aaa		10,233
3,000,000	i	GS Mortgage Securities Corp II Series 2006-GG8
		(Class A4)	5.560	11/10/39	Aaa		3,047
1,000,000		JP Morgan Chase Commercial Mortgage Securities Corp
		Series 2002-C1 (Class A3)	5.376	07/12/37	Aaa		1,006
9,000,000		JP Morgan Chase Commercial Mortgage Securities Corp
		Series 2003-CB6 (Class A2)	5.255	07/12/37	Aaa		8,990
3,100,000		LB-UBS Commercial Mortgage Trust Series 2005-C3
		(Class A2)	4.553	07/15/30	Aaa		3,040
3,000,000	i	LB-UBS Commercial Mortgage Trust Series 2005-C5
		(Class AJ)	5.057	09/15/40	N/R		2,932
4,844,238		MASTR Alternative Loans Trust Series 2004-8
		(Class 5A1)	6.000	09/25/34	N/R		4,843
813,487		MASTR Asset Securitization Trust Series 2005-2
		(Class 3A1)	5.000	10/25/20	Aaa		802
2,719,099		MASTR Asset Securitization Trust Series 2005-2
		(Class 3A1)	5.500	11/25/33	Aaa		2,671
10,000,000	i	Merrill Lynch Mortgage Trust Series 2003-KEY1
		(Class A4)	5.236	11/12/35	N/R		9,956
2,675,000	i	Merrill Lynch Mortgage Trust Series 2005-LC1
		(Class A4)	5.291	01/12/44	Aaa		2,665
1,300,000	i	Merrill Lynch Mortgage Trust Series 2006-C1 (Class A4)	5.660	05/12/39	N/R		1,338
2,300,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust
		Series 2006-1 (Class A4)	5.435	02/12/39	N/R		2,328
10,000,000		Morgan Stanley Capital I Series 2005-HQ5 (Class A2)	4.809	01/14/42	N/R		9,885
5,000,000	i	Morgan Stanley Capital I Series 2006-HE1 (Class A2)	5.470	01/25/36	Aaa		5,002
4,400,000	i	Morgan Stanley Capital I Series 2006-HQ10 (Class A4)	5.328	11/12/41	Aaa		4,393
4,000,000	i	Morgan Stanley Capital I Series 2006-HQ8 (Class AJ)	5.468	03/12/44	Aaa		4,056
4,000,000	i	Morgan Stanley Capital I Series 2006-HQ9 (Class A4)	5.731	07/12/44	N/R		4,112
2,500,000	i	Morgan Stanley Capital I Series 2006-IQ11 (Class A4)	5.775	10/15/42	N/R		2,580
1,500,000	i	Morgan Stanley Capital I Series 2006-T21 (Class AJ)	5.273	10/12/52	Aaa		1,488
4,700,000	i	Morgan Stanley Capital I Series 2006-T23 (Class A4)	5.810	08/12/41	N/R		4,893
6,083,447		Residential Funding Mortgage Security I Series 2004-S5
		(Class 2A1)	4.500	05/25/19	N/R		5,905

261

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				MATURITY	RATING +		VALUE
PRINCIPAL			RATE	DATE	(Unaudited)		(000)
$ 3,000,000	e,i	Wachovia Bank Commercial Mortgage Trust Series 2005-C20
		(Class A7)	5.118%	07/15/42	Aaa	$	2,952
2,700,000	i	Wachovia Bank Commercial Mortgage Trust Series 2006-C24
		(Class A3)	5.558	03/15/45	Aaa		2,738
2,570,365		Wamu Alternative Mortgage Pass-Through Certificates
		Series 2006-2 (Class 2CB)	6.500	03/25/36	Aaa		2,603
13,110,592		Wells Fargo Mortgage Backed Securities Trust Series
		2003-16 (Class 2A1)	4.500	12/25/18	N/R		12,566
3,089,230		Wells Fargo Mortgage Backed Securities Trust Series
		2005-1 (Class 2A1)	5.000	01/25/20	Aaa		3,049
412,090		Wells Fargo Mortgage Backed Securities Trust Series
		2005-5 (Class 1A1)	5.000	05/25/20	Aaa		402
		TOTAL OTHER MORTGAGE BACKED SECURITIES					299,451

PAPER AND ALLIED PRODUCTS - 0.06%
5,000,000		Bemis Co	4.875	04/01/12	Baa1		4,858
		TOTAL PAPER AND ALLIED PRODUCTS					4,858

PETROLEUM AND COAL PRODUCTS - 0.07%
6,500,000		Sunoco, Inc	4.875	10/15/14	Baa2		6,087
		TOTAL PETROLEUM AND COAL PRODUCTS					6,087

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		4,896
2,500,000		Dun & Bradstreet Corp	5.500	03/15/11	N/R		2,507
3,000,000		EW Scripps Co	4.300	06/30/10	A2		2,892
		TOTAL PRINTING AND PUBLISHING					10,295

RAILROAD TRANSPORTATION - 0.13%
2,000,000		CSX Corp	6.000	10/01/36	Baa2		1,992
1,900,000		CSX Transportation, Inc	7.820	04/01/11	N/R		2,071
185,000		Norfolk Southern Corp	7.800	05/15/27	Baa1		226
4,815,000		Norfolk Southern Corp	5.640	05/17/29	Baa1		4,655
685,239	g	Sea-Land Service, Inc	6.600	01/02/11	Baa2		703
685,239	g	Sea-Land Service, Inc	6.600	01/02/11	Baa2		703
685,239	g	Sea-Land Service, Inc	6.600	01/02/11	Baa2		704
		TOTAL RAILROAD TRANSPORTATION					11,054

SECURITY AND COMMODITY BROKERS - 0.39%
2,292,000		Charles Schwab Corp	8.050	03/01/10	A2		2,488
3,000,000	e	Goldman Sachs Group, Inc	5.000	01/15/11	Aa3		2,974
2,500,000		Goldman Sachs Group, Inc	4.750	07/15/13	Aa3		2,411
7,000,000		Goldman Sachs Group, Inc	5.950	01/15/27	A1		6,917
3,156,000		Jefferies Group, Inc	6.250	01/15/36	Baa1		3,049
5,775,000		Legg Mason, Inc	6.750	07/02/08	A2		5,898
5,000,000		Merrill Lynch & Co, Inc	5.770	07/25/11	Aa3		5,104
5,000,000		Merrill Lynch & Co, Inc	6.220	09/15/26	A1		5,155
		TOTAL SECURITY AND COMMODITY BROKERS					33,996

SOCIAL SERVICES - 0.06%
5,145,000		Salvation Army	5.637	09/01/26	Aaa		5,221
		TOTAL SOCIAL SERVICES					5,221

262

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				MATURITY	RATING +		VALUE
PRINCIPAL			RATE	DATE	(Unaudited)		(000)

STONE, CLAY, AND GLASS PRODUCTS - 0.02%
$ 1,000,000		Martin Marietta Materials, Inc	5.875%	12/01/08	A3	$	1,008
1,000,000		Martin Marietta Materials, Inc	6.875	04/01/11	A3		1,050
		TOTAL STONE, CLAY, AND GLASS PRODUCTS					2,058

TRANSPORTATION BY AIR - 0.12%
3,000,000		FedEx Corp	5.500	08/15/09	Baa2		3,002
5,000,000	i	JetBlue Airways Corp	5.824	11/15/16	Aaa		4,909
3,000,000		Southwest Airlines Co	5.125	03/01/17	Baa1		2,780
		TOTAL TRANSPORTATION BY AIR					10,691

TRANSPORTATION EQUIPMENT - 0.06%
4,362,707	g	Southern Capital Corp	5.700	06/30/22	Aaa		4,324
1,000,000		Union Tank CAR Co	6.790	05/01/10	A1		1,043
		TOTAL TRANSPORTATION EQUIPMENT					5,367

TRANSPORTATION SERVICES - 0.08%
1,800,728	g	GATX Corp	5.697	01/02/25	A3		1,724
5,000,000	g	TTX Co	3.875	03/01/08	Baa1		4,882
		TOTAL TRANSPORTATION SERVICES					6,606

TRUCKING AND WAREHOUSING - 0.02%
1,360,000		United Parcel Service of America, Inc (Step Bond
		8.375% until 04/01/20, 7.620% until 04/01/30)	8.375	04/01/30	Aaa		1,812
		TOTAL TRUCKING AND WAREHOUSING					1,812

WHOLESALE TRADE-DURABLE GOODS - 0.06%
2,000,000		Johnson & Johnson	4.950	05/15/33	Aaa		1,874
3,000,000	g	Reliance Steel & Aluminum Co	6.200	11/15/16	Baa3		2,988
		TOTAL WHOLESALE TRADE-DURABLE GOODS					4,862

WHOLESALE TRADE-NONDURABLE GOODS - 0.15%
2,500,000		Procter & Gamble Co	8.750	06/01/22	Aa3		3,356
3,500,000		Procter & Gamble Co	5.800	08/15/34	Aa3		3,603
5,000,000		Sysco Corp	7.160	04/15/27	A1		5,792
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS					12,751

		TOTAL CORPORATE BONDS					1,362,876
		*(Cost $1,366,196)*

GOVERNMENT BONDS - 23.65%

AGENCY SECURITIES - 4.92%
6,811,095		Cal Dive International, Inc	4.930	02/01/27	N/R		6,545
4,500,000		Egypt Government AID Bonds	4.450	09/15/15	Aaa		4,359
11,000,000		Federal Farm Credit Bank (FFCB)	5.375	07/18/11	Aaa		11,188
2,000,000		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		1,962
3,750,000		Federal Home Loan Mortgage Corp (FHLMC)	4.625	06/01/07	Aaa		3,742
2,950,000		FHLMC	4.000	08/17/07	Aaa		2,927
7,500,000		FHLMC	5.125	10/24/07	Aaa		7,493
2,450,000		FHLMC	4.375	11/16/07	Aaa		2,432
13,250,000		FHLMC	5.125	04/18/08	Aaa		13,249
13,000,000		FHLMC	3.500	05/21/08	Aaa		12,722
3,500,000		FHLMC	2.650	05/30/08	Aaa		3,384

263

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				MATURITY	RATING +		VALUE
PRINCIPAL			RATE	DATE	(Unaudited)		(000)
$ 19,500,000	e	FHLMC	5.000%	09/16/08	Aaa	$	19,489
21,910,000	e	FHLMC	5.875	03/21/11	Aa2		22,579
22,200,000		FHLMC	6.250	03/05/12	Aa2		22,231
8,500,000	e	FHLMC	5.750	06/27/16	Aa2		8,852
7,813,000		Federal National Mortgage Association (FNMA)	3.000	03/02/07	Aaa		7,785
1,850,000		FNMA	3.375	05/15/07	Aaa		1,838
5,000,000		FNMA	5.000	09/15/08	Aaa		4,997
5,000,000	e	FNMA	4.625	12/15/09	Aaa		4,959
600,000		FNMA	7.125	06/15/10	Aaa		641
10,000,000		FNMA	6.000	05/15/11	Aaa		10,404
7,580,000		FNMA	4.125	01/30/12	Aaa		7,238
15,000,000	e	FNMA	5.250	08/01/12	Aa2		15,095
10,963,000	j	Government Trust Certificate	0.000	11/15/07	N/R		10,484
4,000,000	j	Government Trust Certificate	0.000	04/01/21	N/R		1,899
5,007,000	v	Housing Urban Development	5.380	08/01/18	N/R		5,080
517,775		New Valley Generation III	4.687	01/15/22	Aaa		507
10,100,000	j	Overseas Private Investment Corp	0.000	09/15/08	N/R		11,282
6,336,000		Overseas Private Investment Corp	4.050	11/15/14	N/R		6,044
7,832,110		Overseas Private Investment Corp	3.740	04/15/15	N/R		7,433
1,000,000		Private Export Funding Corp	7.110	04/15/07	Aaa		1,006
2,500,000	g	Private Export Funding Corp	7.170	05/15/07	Aaa		2,518
4,688,000		Private Export Funding Corp	6.490	07/15/07	Aaa		4,715
2,858,000		Private Export Funding Corp	3.400	02/15/08	Aaa		2,803
3,500,000		Private Export Funding Corp	5.870	07/31/08	Aaa		3,543
2,850,000		Private Export Funding Corp	3.375	02/15/09	Aaa		2,758
3,800,000		Private Export Funding Corp	7.200	01/15/10	Aaa		4,031
5,000,000		Private Export Funding Corp	6.070	04/30/11	Aaa		5,209
10,000,000		Private Export Funding Corp	4.900	12/15/11	Aaa		9,965
8,707,000		Private Export Funding Corp	5.685	05/15/12	Aaa		9,005
41,570,000		Private Export Funding Corp	4.974	08/15/13	Aaa		41,647
38,125,000		Private Export Funding Corp	4.550	05/15/15	Aaa		36,765
24,960,000		Private Export Funding Corp	4.950	11/15/15	Aaa		24,724
11,900,000		Private Export Funding Corp	5.000	12/15/16	Aaa		11,882
20,025,000		Tennessee Valley Authority	5.880	04/01/36	N/R		22,092
8,338,140	g	US Trade Funding Corp	4.260	11/15/14	N/R		8,117
		TOTAL AGENCY SECURITIES					429,620

FOREIGN GOVERNMENT BONDS - 1.47%
1,500,000		Development Bank of Japan	4.250	06/09/15	Aaa		1,409
2,750,000		Eksportfinans A/S	5.125	10/26/11	Aaa		2,762
5,000,000		Eksportfinans A/S	5.500	05/25/16	Aaa		5,146
5,000,000		European Investment Bank	5.125	09/13/16	Aaa		5,046
2,000,000		European Investment Bank	4.875	02/15/36	Aaa		1,903
5,000,000	g	Federal Republic of Germany	3.875	06/01/10	Aaa		4,852
6,082,000		Hydro Quebec	8.400	01/15/22	Aa2		7,849
25,000,000	g	Hypothekenbank in Essen AG.	5.000	01/20/12	Aaa		24,885
5,000,000	g	International Finance Facility for Immunisation	5.000	11/14/11	Aaa		4,955
3,000,000		Italy Government International Bond	5.250	09/20/16	Aa2		3,021
5,000,000		Kreditanstalt fuer Wiederaufbau	5.125	03/14/16	Aaa		5,044
5,000,000		Landwirtschaftliche Rentenbank	5.000	11/08/16	Aaa		4,983
7,000,000		Nederlandse Waterschapsbank NV	4.750	11/28/08	Aaa		6,943
4,750,000		Province of Manitoba Canada	4.450	04/12/10	Aa1		4,673
10,000,000		Province of Manitoba Canada	4.900	12/06/16	Aa1		9,857
5,000,000		Province of Ontario	4.750	01/19/16	Aa1		4,876
7,500,000		Province of Quebec Canada	5.125	11/14/16	Aa2		7,477
5,000,000		Province of Quebec Canada	7.500	09/15/29	Aa2		6,380

264

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				MATURITY	RATING +		VALUE
PRINCIPAL			RATE	DATE	(Unaudited)		(000)
$ 10,000,000		Province of Saskatchewan Canada	8.000%	02/01/13	Aa1	$	11,486
5,000,000		Svensk Exportkredit AB	4.125	10/15/08	Aa1		4,913
		TOTAL FOREIGN GOVERNMENT BONDS					128,460

MORTGAGE BACKED SECURITIES - 13.42%
6,000,000		Federal Home Loan Mortgage Corp (FHLMC)	5.000	06/15/29			5,909
3,190,161		FHLMC	6.000	12/15/30			3,204
9,000,000		FHLMC	5.000	06/15/31			8,777
7,000,000		FHLMC	5.500	05/15/33			6,936
5,520,254		FHLMC	4.500	09/15/35			5,296
215,884		Federal Home Loan Mortgage Corp Gold (FGLMC)	6.000	03/01/11			218
726,730		FGLMC	6.500	12/01/16			744
1,068,546		FGLMC	6.000	12/01/17			1,084
6,464,513		FGLMC	4.500	10/01/18			6,245
7,920,545		FGLMC	4.500	11/01/18			7,652
8,634,955		FGLMC	4.500	11/01/18			8,342
9,590,244		FGLMC	4.500	01/01/19			9,253
4,148,081	d	FGLMC	5.500	01/01/19			4,153
3,847,775		FGLMC	5.000	02/01/19			3,785
645,348		FGLMC	4.500	07/01/20			622
661,156	d	FGLMC	7.000	10/01/20			683
22,080,304		FGLMC	4.500	06/01/21			21,284
38,047		FGLMC	7.000	05/01/23			39
304,080	d	FGLMC	8.000	01/01/31			320
7,112,570		FGLMC	5.500	09/01/33			7,045
5,549,300		FGLMC	5.500	09/01/33			5,496
1,755,437		FGLMC	6.500	11/01/33			1,792
16,273,259		FGLMC	5.500	12/01/33			16,122
16,621,273		FGLMC	5.000	01/01/34			16,066
3,172,639		FGLMC	6.500	08/01/34			3,235
2,557,718		FGLMC	5.500	12/01/34			2,532
17,701,537	d	FGLMC	4.500	04/01/35			16,606
1,410,935		FGLMC	6.000	05/01/35			1,422
2,724,406		FGLMC	6.000	05/01/35			2,745
2,008,939		FGLMC	6.000	05/01/35			2,024
3,241,505		FGLMC	6.000	05/01/35			3,266
1,354,844		FGLMC	6.000	05/01/35			1,365
1,389,750		FGLMC	6.000	05/01/35			1,400
3,044,847		FGLMC	5.500	06/01/35			3,012
4,451,121		FGLMC	6.000	08/01/35			4,485
2,883,058		FGLMC	4.500	09/01/35			2,702
8,234,804		FGLMC	4.500	09/01/35			7,717
6,733,611		FGLMC	4.500	09/01/35			6,310
13,855,918		FGLMC	5.000	09/01/35			13,374
3,232,188		FGLMC	5.000	10/01/35			3,120
3,621,006		FGLMC	5.000	11/01/35			3,495
1,069,733		FGLMC	4.500	12/01/35			1,002
9,117,073		FGLMC	6.000	01/01/36			9,184
3,338,561		FGLMC	7.000	01/01/36			3,426
2,480,153	v	FGLMC	5.500	03/01/36			2,444
947,969		FGLMC	6.500	05/01/36			966
14,617,135		FGLMC	6.000	07/01/36			14,725
2,000,000	h,v	FGLMC	6.500	12/01/36			2,030
30,000,000	h	FGLMC	6.000	01/15/37			30,216
57,656		Federal National Mortgage Association (FNMA)	7.500	06/01/11			59
4,293		FNMA	8.000	06/01/11			4

265

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$ 45,806		FNMA	8.000%	07/01/11	$	47
7,121		FNMA	7.500	08/01/11		7
13,205		FNMA	7.500	09/01/11		14
196		FNMA	7.500	09/01/11		-	^
34,974		FNMA	7.500	10/01/11		36
1,367		FNMA	7.500	10/01/11		1
7,207		FNMA	7.500	10/01/11		7
302,750		FNMA	7.000	04/01/12		312
25,744		FNMA	6.500	09/01/12		26
207,015		FNMA	5.000	06/01/13		206
2,854,502		FNMA	4.440	07/01/13		2,746
4,928,694		FNMA	4.019	08/01/13		4,642
3,309,779		FNMA	4.519	05/01/14		3,188
4,386,340		FNMA	4.265	06/01/14		4,159
3,176,129		FNMA	4.530	10/01/14		3,060
18,674		FNMA	8.500	11/01/14		20
8,826,847		FNMA	6.000	06/25/16		8,845
551,208		FNMA	6.500	10/01/16		565
1,956,909	d	FNMA	6.500	04/01/17		2,004
899,398		FNMA	6.500	02/01/18		921
3,614,842		FNMA	5.500	03/01/18		3,622
653,274	d	FNMA	5.500	04/01/18		655
84,990		FNMA	5.500	05/01/18		85
15,137,123		FNMA	5.000	07/01/18		14,914
15,186,082		FNMA	5.500	11/01/18		15,215
6,540,927		FNMA	5.000	12/01/18		6,445
5,190,833		FNMA	5.000	01/01/19		5,114
744,294		FNMA	6.000	01/01/19		756
752,073		FNMA	6.000	02/01/19		764
600,000		FNMA	4.000	02/25/19		541
7,176,358		FNMA	5.000	03/01/19		7,063
895,383		FNMA	4.500	05/01/19		865
44,000,000	h	FNMA	6.000	01/25/22		44,605
78,912		FNMA	8.000	03/01/23		83
1,147,040		FNMA	5.500	02/01/24		1,142
176,654		FNMA	8.000	07/01/24		187
31,657,455	d	FNMA	5.000	10/01/25		30,806
13,246,389		FNMA	6.000	03/01/32		13,413
640,327		FNMA	5.000	02/01/33		619
5,864,480		FNMA	4.500	03/25/33		5,661
1,397,501		FNMA	5.500	06/01/33		1,383
1,879,718		FNMA	5.500	07/01/33		1,861
2,858,555		FNMA	4.500	08/01/33		2,686
1,768,237		FNMA	5.000	08/01/33		1,710
2,960,809		FNMA	6.000	08/01/33		2,986
6,000,000		FNMA	5.500	08/25/33		5,959
2,023,074		FNMA	5.000	10/01/33		1,957
1,984,401		FNMA	5.000	10/01/33		1,920
2,518,443		FNMA	5.000	11/01/33		2,436
35,848,057	d	FNMA	5.000	11/01/33		34,677
2,279,351		FNMA	5.500	11/01/33		2,256
2,585,092		FNMA	5.500	11/01/33		2,559
3,331,988		FNMA	5.500	11/01/33		3,298
3,983,939		FNMA	5.500	11/01/33		3,943
2,737,885		FNMA	5.500	11/01/33		2,710
1,631,542		FNMA	5.500	12/01/33		1,615

266

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$ 756,092		FNMA	5.500%	12/01/33	$	748
552,562		FNMA	5.500	12/01/33		547
2,036,988		FNMA	5.500	01/01/34		2,016
856,893		FNMA	5.000	03/01/34		829
1,868,910		FNMA	5.000	03/01/34		1,808
739,396		FNMA	5.000	03/01/34		715
660,495		FNMA	5.000	03/01/34		639
5,619,809		FNMA	5.000	04/01/34		5,432
82,695		FNMA	4.500	05/01/34		78
1,496,512		FNMA	4.500	05/01/34		1,404
71,993		FNMA	4.500	05/01/34		68
76,212		FNMA	4.500	06/01/34		72
120,643		FNMA	4.500	06/01/34		113
71,442		FNMA	4.500	06/01/34		67
318,285		FNMA	4.500	06/01/34		299
236,838		FNMA	4.500	07/01/34		222
200,327		FNMA	4.500	07/01/34		188
68,443		FNMA	4.500	07/01/34		64
1,889,172		FNMA	4.500	08/01/34		1,773
117,130		FNMA	4.500	08/01/34		110
17,671,925		FNMA	5.000	08/01/34		17,083
82,883		FNMA	4.500	09/01/34		78
5,000,000		FNMA	5.500	10/25/34		4,909
15,315,813		FNMA	5.000	11/01/34		14,815
16,589,843		FNMA	5.500	01/01/35		16,412
4,881,629		FNMA	5.500	01/01/35		4,829
27,766,388	d	FNMA	5.500	02/01/35		27,469
6,159,361		FNMA	5.000	02/25/35		6,059
959,372	d	FNMA	5.500	03/01/35		948
2,997,212		FNMA	5.500	04/01/35		2,963
3,945,094		FNMA	5.500	04/01/35		3,900
3,045,885		FNMA	5.500	04/01/35		3,011
32,592,688	d	FNMA	5.500	04/01/35		32,220
13,523,622		FNMA	5.500	04/01/35		13,369
19,737,782	h	FNMA	5.500	04/01/35		19,526
1,067,073		FNMA	5.500	05/01/35		1,055
943,214		FNMA	5.500	05/01/35		932
5,909,158		FNMA	5.500	05/01/35		5,842
1,234,681		FNMA	5.500	05/01/35		1,221
7,099,132		FNMA	6.000	05/01/35		7,149
5,086,492		FNMA	5.500	06/01/35		5,028
3,909,611		FNMA	5.500	06/01/35		3,865
3,635,775		FNMA	5.500	06/01/35		3,594
425,581		FNMA	7.500	06/01/35		441
985,527		FNMA	6.000	07/01/35		992
9,164,119		FNMA	5.000	09/01/35		8,850
20,751,735		FNMA	5.500	09/01/35		20,540
12,651,580		FNMA	4.000	10/01/35		11,519
6,649,225		FNMA	5.000	10/01/35		6,421
14,844,844		FNMA	5.500	10/01/35		14,675
9,475,306		FNMA	5.500	11/01/35		9,367
2,454,150		FNMA	6.500	02/01/36		2,501
1,971,503		FNMA	6.500	02/01/36		2,009
89,157		FNMA	6.000	03/01/36		89
23,356,459		FNMA	6.000	03/01/36		23,515
11,085,526	d	FNMA	5.500	04/01/36		10,910

267

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$ 11,952,299		FNMA	5.000%	05/01/36	$	11,491
1,965,162		FNMA	5.500	05/01/36		1,934
13,625,868	i	FNMA	5.854	06/01/36		13,755
6,707,745		FNMA	6.500	07/01/36		6,834
9,648,239	h	FNMA	6.000	08/01/36		9,667
4,927,485		FNMA	6.500	09/01/36		5,020
22,772,150		FNMA	6.500	10/01/36		23,081
1,998,222		FNMA	7.000	11/01/36		2,051
6,400,000	h	FNMA	6.500	12/01/36		6,487
29,000,000	h	FNMA	5.500	01/25/37		28,656
68,000,000	h	FNMA	6.000	01/25/37		68,446
36,000,000	h	FNMA	6.500	01/25/37		36,675
5,997		Government National Mortgage Association (GNMA)	8.500	09/15/09		6
37,598		GNMA	8.500	10/15/09		39
6,374		GNMA	8.500	12/15/09		7
148,889		GNMA	9.000	12/15/09		154
5,934,428		GNMA	6.250	12/15/11		5,959
4,456,818		GNMA	5.220	04/15/15		4,409
185,654		GNMA	9.000	12/15/17		199
861		GNMA	9.000	08/15/20		1
110,130		GNMA	8.000	06/15/22		117
54,162		GNMA	6.500	08/15/23		56
14,393		GNMA	6.500	08/15/23		15
37,698		GNMA	6.500	09/15/23		39
10,000,000		GNMA	4.500	11/16/29		9,653
12,000,000		GNMA	4.385	08/16/30		11,793
490,677	d	GNMA	6.500	05/20/31		502
191,364		GNMA	5.000	06/20/33		186
5,007,262		GNMA	5.500	09/15/33		4,989
2,618,986		GNMA	5.500	11/20/33		2,603
186,638		GNMA	5.000	03/20/34		181
3,217,373		GNMA	5.000	06/20/34		3,118
307,595		GNMA	5.000	07/20/34		298
2,312,492		GNMA	5.000	02/20/35		2,240
9,995,844		GNMA	5.000	03/20/35		9,682
2,356,648		GNMA	5.500	03/20/35		2,340
12,179,175		GNMA	5.500	12/20/35		12,093
21,000,000	h	GNMA	5.500	01/15/37		20,895
		TOTAL MORTGAGE BACKED SECURITIES				1,172,219

MUNICIPAL BONDS - 0.97%
1,860,000		Allegheny County Redevelopment Authority	5.000	09/01/11		1,839
4,500,000		Basin Electric Power Coop	6.127	06/01/41		4,760
2,390,000		Charlotte-Mecklenburg Hospital Authority	5.000	08/01/15		2,336
3,000,000		City of Chicago IL	5.200	01/01/09		3,004
4,000,000		City of Dallas TX	5.078	02/15/22		3,847
1,500,000		City of Dallas TX	5.195	02/15/35		1,433
995,000		City of Eugene OR	6.320	08/01/22		1,065
5,000,000		City of New York NY	4.500	06/01/15		4,699
8,210,000		City of New York NY	7.550	11/15/20		8,444
1,055,000	j	City of Oakland CA	0.000	12/15/11		818
1,680,000		Douglas County Public Utility District No 1 Wells
		Hydroelectric	5.112	09/01/18		1,621
1,400,000		Elkhart Redevelopment District	5.500	06/15/18		1,421
8,500,000		Fiscal Year 2005 Securitization Corp	4.760	08/15/19		8,195
1,000,000		Kansas Development Finance Authority	4.592	05/01/14		960

268

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$ 1,350,000		Kansas Development Finance Authority	4.722%	05/01/15	$	1,298
3,000,000		Metropolitan Washington Airports Authority	5.690	10/01/30		3,008
4,150,000		New York City Housing Development Corp	4.660	11/01/10		4,101
5,000,000		New York State Environmental Facilities Corp	4.900	12/15/11		4,956
2,500,000		Newport News Economic Development Authority	5.640	01/15/29		2,423
2,500,000		Oklahoma Capital Improvement Authority	5.180	07/01/14		2,488
5,570,000		State of Illinois	4.350	06/01/18		5,117
3,265,000		State of Texas	4.900	08/01/20		3,085
6,370,000		State of Washington	5.050	01/01/18		6,240
1,033,000		State of Wisconsin	5.700	05/01/26		1,052
4,250,000		Tennessee State School Bond Authority	7.750	05/01/15		4,591
2,025,000		University Central Fl University Revenues	5.125	10/01/20		1,928
		TOTAL MUNICIPAL BONDS				84,729

U.S. TREASURY SECURITIES - 2.87%
109,986,000	e	United States Treasury Bond	8.000	11/15/21		145,802
10,696,000	e	United States Treasury Bond	5.375	02/15/31		11,470
11,855,000	e	United States Treasury Bond	4.500	02/15/36		11,283
9,427,070	k	United States Treasury Inflation Indexed Note	3.375	01/15/07		9,414
9,537,925	k	United States Treasury Inflation Indexed Note	3.875	01/15/09		9,802
10,000,000	e	United States Treasury Note	4.625	09/30/08		9,964
950,000	e	United States Treasury Note	4.875	10/31/08		951
5,700,000	e	United States Treasury Note	4.625	10/31/11		5,680
27,500,000	e	United States Treasury Note	4.500	11/30/11		27,258
5,000,000		United States Treasury Note	4.625	12/31/11		4,983
14,100,000	e	United States Treasury Note	4.625	11/15/16		14,012
		TOTAL U.S. TREASURY SECURITIES				250,619

		TOTAL GOVERNMENT BONDS				2,065,647
		*(Cost $2,078,063)*

		TOTAL BONDS				3,428,523
		*(Cost $3,444,259)*
SHARES

PREFERRED STOCKS - 0.05%

COMMUNICATIONS - 0.03%
100,000		Telephone & Data Systems, Inc				2,507
		TOTAL COMMUNICATIONS				2,507

DEPOSITORY INSTITUTIONS - 0.02%
84,000		Bank of America Corp				2,176
		TOTAL DEPOSITORY INSTITUTIONS				2,176

		TOTAL PREFERRED STOCKS				4,683
		*(Cost $4,662)*

COMMON STOCKS - 59.55%

AMUSEMENT AND RECREATION SERVICES - 0.01%
11,813		International Speedway Corp (Class A)				603
		TOTAL AMUSEMENT AND RECREATION SERVICES				603

APPAREL AND ACCESSORY STORES - 0.49%
112,155	e	American Eagle Outfitters, Inc				3,500

269

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES				(000)
750	e*	AnnTaylor Stores Corp	$	25
35,889	e	Bebe Stores, Inc		710
4,400	e	Buckle, Inc		224
2,700	e*	Cache, Inc		68
7,731	e*	Casual Male Retail Group, Inc		101
21,300	e	Cato Corp (Class A)		488
3,600	e*	Charlotte Russe Holding, Inc		111
67,100	e*	Chico's FAS, Inc		1,388
6,700	e	Christopher & Banks Corp		125
7,800	e*	Dress Barn, Inc		182
2,586	e	Finish Line, Inc (Class A)		37
88,808	e	Foot Locker, Inc		1,947
398,130	e	Gap, Inc		7,763
6,200	e*	Jo-Ann Stores, Inc		152
145,061	e*	Kohl's Corp		9,927
239,620	e	Limited Brands, Inc		6,935
126,438	e	Nordstrom, Inc		6,238
46,984	e	Ross Stores, Inc		1,377
1,800	e*	Shoe Carnival, Inc		57
9,338	e	Stage Stores, Inc		284
34,046	e*	Urban Outfitters, Inc		784
		TOTAL APPAREL AND ACCESSORY STORES		42,423

APPAREL AND OTHER TEXTILE PRODUCTS - 0.04%
13,000	e*	Gymboree Corp		496
39,016	e*	Hartmarx Corp		276
14,000	e	Kellwood Co		455
48,054	e	Liz Claiborne, Inc		2,088
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		3,315

AUTO REPAIR, SERVICES AND PARKING - 0.02%
27,900	e	Bandag, Inc		1,407
3,400	e	Ryder System, Inc		173
2,500	e*	Wright Express Corp		78
		TOTAL AUTO REPAIR, SERVICES AND PARKING		1,658

AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.05%
900	e	Advance Auto Parts		32
1,293	e*	America's Car-Mart, Inc		15
23,591	e*	Autozone, Inc		2,726
27,200	e*	Carmax, Inc		1,459
14,532	e*	Copart, Inc		436
2,200	e*	Rush Enterprises, Inc (Class A)		37
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		4,705

BUILDING MATERIALS AND GARDEN SUPPLIES - 0.74%
15,910	e	Fastenal Co		571
1,004,126	e	Home Depot, Inc		40,326
766,108	e	Lowe's Cos, Inc		23,864
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		64,761

BUSINESS SERVICES - 3.69%
95,445	e*	24/7 Real Media, Inc		864
213,900	e*	3Com Corp		879
600	e*	Acacia Research (Acacia Technologies)		8
118,165	e*	Activision, Inc		2,037

270

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES				(000)
4,500	e	Administaff, Inc	$	192
214,103	e*	Adobe Systems, Inc		8,804
15,700	e*	Agile Software Corp		97
82,490	e*	Akamai Technologies, Inc		4,382
15,325	e*	aQuantive, Inc		378
49,392	e*	Ariba, Inc		382
234,955	e*	Art Technology Group, Inc		547
30,351	e*	Audible, Inc		241
70,407	e*	Autodesk, Inc		2,849
438,750	e	Automatic Data Processing, Inc		21,608
156,506	e*	BEA Systems, Inc		1,969
52,912	e*	BearingPoint, Inc		416
39,452	e*	BISYS Group, Inc		509
12,256	e*	Blue Coat Systems, Inc		293
9,200	*	Checkfree Corp		369
29,200	e*	Ciber, Inc		198
793,764	e*	CMGI, Inc		1,064
72,373	e*	CNET Networks, Inc		658
99,628	e*	Cogent Communications Group, Inc		1,616
39,918	e*	Cogent, Inc		439
4,800	e	Cognex Corp		114
89,838	e*	Compuware Corp		748
104,201	e*	Convergys Corp		2,478
6,200	e*	CSG Systems International, Inc		166
30,500	e	Deluxe Corp		769
2,603	e*	Digital River, Inc		145
75,453	e*	DST Systems, Inc		4,726
21,400	e*	Earthlink, Inc		152
498,777	e*	eBay, Inc		14,998
8,599	e*	eFunds Corp		236
125,701	e*	Electronic Arts, Inc		6,330
20,548	e*	Equinix, Inc		1,554
128,977	e*	Evergreen Energy, Inc		1,276
100,576	e*	Expedia, Inc		2,110
11,850	e	Fair Isaac Corp		482
107,614	e*	Fiserv, Inc		5,641
14,043	e*	Gartner, Inc		278
12,500	e*	Getty Images, Inc		535
80,052	e*	Google, Inc (Class A)		36,862
2,800	e*	Hudson Highland Group, Inc		47
2,600	e*	iGate Corp		18
123,843	e	IMS Health, Inc		3,403
12,242	e*	Infocrossing, Inc		200
47,677	e*	Informatica Corp		582
3,920	e	infoUSA, Inc		47
187,450	e*	Innovative Solutions & Support, Inc		3,192
99,890	e*	Internap Network Services Corp		1,985
4,432	e*	Interwoven, Inc		65
109,664	e*	Intuit, Inc		3,346
43,824	e*	Ipass, Inc		258
39,174	e*	Iron Mountain, Inc		1,619
25,783	e	Jack Henry & Associates, Inc		552
10,569	e*	Kanbay International, Inc		304
3,011	e*	Kforce, Inc		37
29,700	e*	Kinetic Concepts, Inc		1,175
30,399	e*	Lamar Advertising Co (Class A)		1,988

271

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				VALUE
SHARES				(000)
53,370	e*	Lionbridge Technologies	$	344
7,348		Manpower, Inc		551
15,736	e	Marchex, Inc (Class B)		210
3,852,124	e	Microsoft Corp		115,024
46,510	e*	Monster Worldwide, Inc		2,169
2,000	e*	Netratings, Inc		35
220,909	e*	NIC, Inc		1,098
222,200	e*	Novell, Inc		1,378
92,228	e*	Nuance Communications, Inc		1,057
124,709	e	Omnicom Group, Inc		13,037
6,600	e*	Online Resources Corp		67
81,471	e*	Opsware, Inc		719
4,560	e*	Parametric Technology Corp		82
16,200	e	Pegasystems, Inc		160
1,500	e*	Radisys Corp		25
45,939	e*	RealNetworks, Inc		503
64,008	e	Robert Half International, Inc		2,376
33,306	e*	Salesforce.com, Inc		1,214
140,148	e*	Sapient Corp		769
59,241	e*	Smith Micro Software, Inc		841
24,145	e*	Sohu.com, Inc		579
6,300	e*	SonicWALL, Inc		53
291,935	e*	Sonus Networks, Inc		1,924
40,437	e*	Spherion Corp		300
26,681	e	Startek, Inc		361
1,543,479	e*	Sun Microsystems, Inc		8,366
1,300	e*	SYKES Enterprises, Inc		23
462,458	e*	Symantec Corp		9,642
1,500	e*	SYNNEX Corp		33
9,384	e*	TeleTech Holdings, Inc		224
35,400	e*	TIBCO Software, Inc		334
94,572	e	Total System Services, Inc		2,496
35,035	e*	TradeStation Group, Inc		482
19,460	e*	Travelzoo, Inc		583
141,052	e*	Unisys Corp		1,106
21,267	e	United Online, Inc		282
7,706	e*	United Rentals, Inc		196
13,535	e*	Universal Compression Holdings, Inc		841
32,414	e*	Vasco Data Security International		384
126,642	e*	VeriSign, Inc		3,046
1,400	e*	Volt Information Sciences, Inc		70
8,300	e*	WebEx Communications, Inc		290
		TOTAL BUSINESS SERVICES		322,491

CHEMICALS AND ALLIED PRODUCTS - 5.64%
867,816	e	Abbott Laboratories		42,271
54,421	e*	Abraxis BioScience, Inc		1,488
34,536	e*	Adolor Corp		260
900	e*	Advanced Magnetics, Inc		54
39,662	e*	ADVENTRX Pharmaceuticals, Inc		117
240,826	e	Air Products & Chemicals, Inc		16,925
8,770	e*	Alexion Pharmaceuticals, Inc		354
6,874	e*	Alkermes, Inc		92
576,041	e*	Amgen, Inc		39,349
12,876	e*	Anadys Pharmaceuticals, Inc		63
12,652	e*	Arena Pharmaceuticals, Inc		163

272




¹	Russell 1000 and Russell 3000 are trademarks and service marks of the Frank Russell Company. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company.




	Current yield		Effective yield

CREF Money Market Account	4.94	%	5.06	%
iMoneyNet Money Fund Report Averages^TM—All Taxable	4.74		4.85

g	Security is exempt from registration under Rule 144 (A) of the Securities Act of 1933
	and may be resold in transactions exempt from registration
	to qualified institutional buyers.
	At December 31, 2006, the value of these securities amounted to $140,627,218 or 1.61% 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 December 31, 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.

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$ 32,680,000	c	Atlantis One Funding Corp	5.185%	06/25/07	$	31,858
25,000,000		Barclays U.S. Funding Corp	5.240	01/26/07		24,907
20,000,000		Barclays U.S. Funding Corp	5.240	01/31/07		19,914
40,000,000		Barclays U.S. Funding Corp	5.220	02/28/07		39,679
4,000,000		Barclays U.S. Funding Corp	5.240	03/05/07		3,964
23,000,000	c	Beta Finance, Inc	5.255	01/11/07		22,963
7,000,000	c	Beta Finance, Inc	5.230	01/16/07		6,984
9,333,000	c	Beta Finance, Inc	5.250	01/19/07		9,307
54,225,000	c	Beta Finance, Inc	5.260	01/25/07		54,032
50,000,000	c	Beta Finance, Inc	5.250	01/30/07		49,783
23,000,000	c	Beta Finance, Inc	5.255	02/15/07		22,850
10,000,000	c	Beta Finance, Inc	5.250	02/20/07		9,926
5,000,000	c	Beta Finance, Inc	5.200	03/29/07		4,937
20,000,000	c	Beta Finance, Inc	5.230	04/23/07		19,676
22,000,000	c	BMW US Capital Corp	5.210	02/07/07		21,884
74,650,000	c	BMW US Capital Corp	5.215	02/12/07		74,189
20,000,000	c	BMW US Capital Corp	5.240	02/26/07		19,835
20,000,000		Calyon North America, Inc	5.240	01/08/07		19,977
20,000,000		Calyon North America, Inc	5.235	01/16/07		19,954
6,515,000		Calyon North America, Inc	5.250	02/08/07		6,479
25,000,000		Calyon North America, Inc	5.225	02/27/07		24,793
3,850,000		Calyon North America, Inc	5.200	03/28/07		3,803
45,000,000		Canadian Imperial Holding, Inc	5.230	01/16/07		44,896
50,000,000		Canadian Imperial Holding, Inc	5.230	01/17/07		49,882
4,650,000		Canadian Wheat Board	5.260	01/31/07		4,631
81,100,000	c	Cargill Global Funding plc	5.240	02/05/07		80,675
49,800,000		Caterpillar Financial Services Corp	5.225	03/19/07		49,247
9,500,000	c	CC (USA), Inc	5.260	01/11/07		9,485
39,000,000	c	CC (USA), Inc	5.250	01/12/07		38,930
73,180,000	c	CC (USA), Inc	5.250	01/18/07		72,993
13,000,000	c	CC (USA), Inc	5.250	01/23/07		12,957
20,000,000	c	CC (USA), Inc	5.260	01/24/07		19,933
10,115,000	c	CC (USA), Inc	5.250	02/05/07		10,062
1,000,000	c	CC (USA), Inc	5.250	05/01/07		983
32,000,000	c	Ciesco LP	5.250	01/09/07		31,958
35,000,000	c	Ciesco LP	5.250	01/11/07		34,944
19,930,000	c	Ciesco LP	5.240	01/19/07		19,875
35,000,000	c	Ciesco LP	5.260	01/22/07		34,891
24,000,000	c	Ciesco LP	5.250	01/23/07		23,920
3,300,000	c	Ciesco LP	5.260	01/25/07		3,288
7,000,000	c	Ciesco LP	5.250	02/07/07		6,961
24,000,000	c	Ciesco LP	5.260	02/09/07		23,862
20,000,000	c	Ciesco LP	5.260	02/14/07		19,874
24,000,000		Citigroup Funding, Inc	5.250	01/05/07		23,983
25,000,000		Citigroup Funding, Inc	5.230	01/09/07		24,968
24,500,000		Citigroup Funding, Inc	5.240	01/25/07		24,411
27,000,000		Citigroup Funding, Inc	5.250	03/08/07		26,745
50,000,000		Citigroup Funding, Inc	5.230	03/13/07		49,491
34,000,000	c	Corporate Asset Funding Corp, Inc	5.260	01/22/07		33,894
15,000,000	c	Corporate Asset Funding Corp, Inc	5.250	01/23/07		14,950
30,000,000	c	Corporate Asset Funding Corp, Inc	5.260	01/24/07		29,895
20,000,000	c	Corporate Asset Funding Corp, Inc	5.250	02/07/07		19,894
14,000,000	c	Corporate Asset Funding Corp, Inc	5.260	02/08/07		13,920
37,000,000	c	Corporate Asset Funding Corp, Inc	5.255	02/14/07		36,767
5,000,000	c	Danske Corp	5.270	01/02/07		4,999
30,000,000	c	Danske Corp	5.255	01/18/07		29,924

		COLLEGE RETIREMENT EQUITIES FUND

Date: February 28, 2007	By:	/s/ Herbert M. Allison, Jr.
		Herbert M. Allison, Jr. President and Chief Executive Officer


Date: February 28, 2007	By:	/s/ Herbert M. Allison. Jr
		Herbert M. Allison, Jr. President and Chief Executive Officer (principal executive officer)


Date: February 28, 2007	By:	/s/ Georganne C. Proctor
		Georganne C. Proctor Executive Vice President and Chief Financial Officer (principal financial officer)

12(a)(1)	Copy of current SOX code of ethics (EX-99.CODE.ETH)

12(a)(2)(i)	Section 302 certification of the principal executive officer (EX-99.CERT)

12(a)(2)(ii)	Section 302 certification of the principal financial officer (EX-99.CERT)

12(b)	Section 906 certification (EX-99.906CERT)