N-CSRS 1 c49276_n-csrs.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 10017-3206
(Address of principal executive offices) (Zip code)

Stewart P. Greene, Esq.
c/o TIAA-CREF
730 Third Avenue,
New York, New York 10017-3206
(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2007

Item 1. Reports to Stockholders.

(COVER PAGE)

2007 SEMIANNUAL REPORT

COLLEGE RETIREMENT
EQUITIES FUND

JUNE 30, 2007
Financial statements (unaudited)
including summary portfolios of investments

Stock

Global Equities

Growth

Equity Index

Bond Market

Inflation-Linked Bond

Social Choice

Money Market

SIGN UP FOR ELECTRONIC DELIVERY AT
www.tiaa-cref.org

FINANCIAL SERVICES
FOR THE GREATER GOOD^®

PERFORMANCE OVERVIEW AS OF JUNE 30, 2007


		Average annual compound rates of total return

	Inception date	1 year			5 years			10 years			since inception

EQUITIES
CREF Stock	8/1/1952		22.19	%		12.71	%		7.55	%		10.67	%
CREF Global Equities	5/1/1992		23.70			13.41			6.54			10.01
CREF Growth	4/29/1994		18.33			8.23			3.02			8.19
CREF Equity Index	4/29/1994		19.53			11.05			7.29			11.22

FIXED INCOME
CREF Bond Market	3/1/1990		5.80			4.39			5.86			6.95
CREF Inflation-Linked Bond	5/1/1997		3.53			5.58			6.33			6.24

EQUITIES & FIXED INCOME
CREF Social Choice	3/1/1990		13.08			8.71			6.97			9.99

MONEY MARKET
CREF Money Market*	4/1/1988		5.02			2.50			3.68			4.72


NET ANNUALIZED YIELD		NET ANNUALIZED YIELD
(30-day period ended 6/30/2007)		(7-day period ended 6/26/2007)

	Effective		Current	Effective
CREF Bond Market	5.04%	CREF Money Market*	4.87%	4.99%


*	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 the CREF accounts and describes the accounts’ results for the six-month period that ended on June 30, 2007.

It includes a letter from Edward Grzybowski, the chief investment officer of TIAA-CREF Investment Management, LLC, the accounts’ investment adviser, that explains how returns among various types of investments differed during the period.

We have revised the report to give you additional information:


•	Account profiles provide key account statistics at a glance, including the number of holdings and the portfolio turnover rate. For accounts that invest in stocks, you will also see price-to-earnings ratios and dividend yields. For accounts investing in bonds, you will see information about credit quality, yields and maturities.

•	Portfolio composition tables show breakdowns of each account’s holdings by industry, security type or maturity date.

We hope these enhancements will help you find the information you need more quickly so you can manage your accounts more easily.

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	Summary portfolios of investments		39

More information for CREF participants	4	Financial statements
		Statements of assets and liabilities		78
Special terms	5	Statements of operations		80
		Statements of changes in net assets		82
Important information about expenses	6	Financial highlights		88
		Notes to financial statements		96
Account performance
CREF Stock Account	7	Board approval of investment management agreement		109
CREF Global Equities Account	11
CREF Growth Account	15	How to reach us	Inside back cover
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

REPORT TO CREF PARTICIPANTS

In the first half of 2007, both U.S. and foreign stocks scored strong gains, but share prices became more volatile. Global markets were jolted in late February by a sudden drop in Chinese stocks. Prices soon rebounded, but heightened volatility returned during the second quarter as investors worried about the downturn in U.S. home sales and about problems in the credit markets.

During the six-month period, the Russell 3000^® Index, one of the broadest measures of the U.S. stock market, rose 7.1%—just under the 7.6% average annual return of the index over the ten years that ended June 30, 2007. U.S. stocks continued to benefit from gains in corporate profits and moderate economic growth.

The MSCI EAFE^®+Canada Index, which tracks 22 stock markets in developed nations outside the United States, rose 11.3% in dollar terms. This robust return owed much to the increased value of the euro and pound versus the dollar, as well as to higher corporate profits in Europe. German stocks returned 24.1% in terms of dollars, while French stocks were up 13.0%. The average annual return for the index over the ten-year period was 8.0% in dollar terms.

Bond prices drop

The Federal Reserve held short-term interest rates at 5.25% throughout the first half of 2007, keeping the bond market guessing about the future direction of rates. During the first quarter, many investors believed the Fed would cut rates later in the year, and yields on 10-year Treasury notes fell. The Lehman Brothers U.S. Aggregate Index, which measures the return of investment-grade bonds, rose 1.5% in the first quarter.

When hopes of a rate cut faded during the second quarter, 10-year Treasury yields climbed, and the Lehman index posted a 0.5% loss. For the six-month period, the Lehman index returned 1.0%.

CREF accounts reflect the markets

During the six-month period, the CREF accounts participated in both the broad-based advance of the stock market and the disappointing returns in the bond market.

The best result of the period came from the Global Equities Account. Although the account trailed its benchmark and the average return of similar variable annuities in its Morningstar category, it gained 8.8%.

The Stock Account did nearly as well—advancing 8.7%. The account outperformed both its benchmark and the average return of its Morningstar peers.

The Growth Account posted an 8.6% gain to outperform both its benchmark and its Morningstar category.

The Equity Index Account gained 6.9%, performing in line with its benchmark, after expenses. (Indexes


2	2007 Semiannual Report § College Retirement Equities Fund

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

do not include a deduction for expenses, which is a feature of every variable annuity or mutual fund.) The account outpaced its Morningstar category.

The Social Choice Account returned 3.9%, trailing its benchmark and Morningstar category. The account’s social screens prevented it from owning a number of stocks that produced outsized returns during the period.

The Bond Market Account and the Inflation-Linked Bond Account were both adversely affected by the decline in U.S. bond prices that took place during the second quarter. The Bond Market Account returned 0.8%, while the Inflation-Linked Bond Account gained 1.5%. Both accounts trailed their benchmarks but outperformed the average return of their Morningstar peers.

The Money Market Account’s 2.4% return was above the prevailing money market average, as measured by iMoneyNet.

Have the markets unbalanced your portfolio?

Because stocks recently outperformed fixed-income investments, you may want to review your portfolio’s asset allocation to ensure that your investment strategy stays on track. Many CREF participants rebalance their accounts 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 select this option, visit the secure access portion of our website and choose the “Manage your account” link at the top of the page. Transfers among your accounts can be made without transfer fees.

Of course, your objectives may change over time. The right mix of investments depends on your financial needs and time horizon, as well as your attitude toward risk. If you would like help finding the mix that’s best for you, 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 § 2007 Semiannual 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 June 30, 2007) 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	2007 Semiannual 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, expressed as a percentage of the account’s average net assets, does not include front-end or back-end sales charges, if any, or trading costs.

Market capitalization is the total value of a company’s outstanding stock, calculated by multiplying the number of 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 that forms a larger percentage of an account, in terms of market capitalization, than that security’s percentage of the benchmark.

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.

Price/earnings ratio (P/E) is calculated by dividing the market value of a portfolio’s assets by its earnings per share over a twelve-month period.

Portfolio turnover rate is calculated by dividing the market value of securities bought and sold during a given period by the average value of the fund’s assets during that period.

Relative performance is the return of an account in relation to that of its benchmark.

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 that forms a smaller percentage of an account, in terms of market capitalization, than that security’s percentage of the benchmark.


*	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 § 2007 Semiannual Report	5

IMPORTANT INFORMATION ABOUT EXPENSES

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


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

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

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

The examples assume $1,000 was invested on January 1, 2007, and held for six months until June 30, 2007.

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	2007 Semiannual Report § College Retirement Equities Fund

CREF STOCK ACCOUNT U.S. AND FOREIGN STOCKS

PERFORMANCE IN THE SIX MONTHS ENDED JUNE 30, 2007

The CREF Stock Account returned 8.73% for the period, compared with the 8.18% 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 6.69%. The Morningstar category tracked 4,506 variable annuities as of June 30, 2007.

Stocks post healthy gains

Both U.S. and foreign stocks delivered strong performance in the first six months of 2007. After weathering volatile market conditions early in the period, including a global stock market sell-off in late February, stocks rallied on the strength of sustained global economic growth and surging corporate buyout activity domestically.

The U.S. stock market, as measured by the broad-based Russell 3000 Index, climbed 7.11% during the six months. Foreign stock returns were even higher, augmented by the continued strength of many currencies versus the dollar. The MSCI EAFE+Canada Index, which tracks stocks in 22 developed foreign countries, rose 11.27% in dollar terms. The Emerging Markets Index, which tracks stocks in 25 emerging markets, soared 17.55% in dollars.

Foreign stocks continue to drive performance

By maintaining nearly one-quarter of its total assets in foreign stocks, the account produced a return that exceeded the gain of the broad U.S. stock market. The account also topped its composite benchmark because of numerous successful stock selections in both its foreign and domestic segments.

Among the chief contributors to relative performance were larger-than-benchmark weightings in German drug maker Bayer, Italian car maker Fiat and French hotel operator Accor. Positions in well-performing stocks that were not part of the benchmark, such as German engineering firm GEA Group and Russian mining company MMC Norilsk Nickel, also boosted returns. The latter stock was held as an American Depositary Receipt (a receipt for shares of a foreign stock traded on a U.S. exchange).

These contributions were partly offset by other holdings that did not perform as anticipated, including overweights in HealthSouth, a provider of rehabilitative care, and credit risk manager Radian Group. A position in British insurer Admiral Group, a nonbenchmark stock, and underweights that included British wireless provider Vodafone also detracted from the account’s return.


College Retirement Equities Fund § 2007 Semiannual 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.

INVESTMENT RISKS

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 detailed 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.) The composite benchmark’s weightings are recalculated daily.


PERFORMANCE AS OF JUNE 30, 2007


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

	6 months		1 year		5 years		10 years		5 years		10 years

CREF Stock Account	8.73	%	22.19	%	12.71	%	7.55	%	81.98	%	107.18	%

CREF Composite Benchmark	8.18		21.85		12.96		7.96		83.97		115.13

Benchmark components (percentage of composite index)

Russell 3000 Index¹(75.8%)	7.11		20.07		11.52		7.61		72.54		108.36
MSCI EAFE+Canada Index²(22.7%)	11.27		27.09		18.13		8.00		130.15		115.94
MSCI Emerging Markets Index³(1.5%)	17.55		44.99		30.23		—		274.89		—

Morningstar Large Blend (VA)	6.69		18.62		9.15		5.31		54.90		68.69


*	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	MSCI Emerging Markets Index is a service mark of Morgan Stanley Capital International, Inc.


8	2007 Semiannual Report § College Retirement Equities Fund

$10,000 OVER 10 YEARS

(LINE GRAPH)

An investment of $10,000 in this account on July 1, 1997, would have grown to $20,718 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)


*	Partial year


College Retirement Equities Fund § 2007 Semiannual Report	9

CREF STOCK ACCOUNT U.S. AND FOREIGN STOCKS

EXPENSE EXAMPLE


Six months ended June 30, 2007


CREF Stock Account	Starting account value (1/1/07)		Ending account value (6/30/07)		Expenses paid* (1/1/07– 6/30/07)

Actual return		$1,000.00		$1,084.49		$2.81
5% annual hypothetical return		1,000.00		1,022.06		2.73

“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 0.54%. We estimate expenses for the coming year based on projected expenses, asset levels and other factors. At the end of each quarter, we adjust the account’s expenses upward or downward to reflect any difference between the projections and the account’s actual experience. These adjustments are made in equal daily installments over the remaining days of the new quarter.

For more information about this expense example, please see page 6.


ACCOUNT PROFILE


Inception date		8/1/1952
Net assets	$139.59 billion
Number of stocks		5,799
Portfolio turnover rate		27%
Weighted median market capitalization	$31.5 billion
P/E ratio (weighted 12-month trailing average)		17.7
Dividend yield		1.78%


HOLDINGS BY COMPANY SIZE


% of portfolio investments

Over $15 billion		68.0
$4 billion–$15 billion		18.5
Under $4 billion		13.5

Total		100.0


HOLDINGS BY COUNTRY


% of portfolio investments

United States			75.0
Japan			4.3
United Kingdom			4.0
France			2.7
Germany			2.5
Canada			1.7
Switzerland			1.5
45 other nations			8.2
Short-term investments^†			0.1

Total			100.0

PORTFOLIO COMPOSITION


% of portfolio investments

Manufacturing & materials			23.9
Financial			23.9
Consumer products & services			22.5
Technology			14.8
Energy			8.6
Utilities			4.0
Transportation			2.2
Short-term investments^†			0.1

Total			100.0


^†	Excludes $8.91 billion of securities lending collateral


10	2007 Semiannual Report § College Retirement Equities Fund

CREF GLOBAL EQUITIES ACCOUNT FOREIGN AND U.S. STOCKS

PERFORMANCE IN THE SIX MONTHS ENDED JUNE 30, 2007

The CREF Global Equities Account returned 8.79% for the period, compared with the 9.17% gain of its benchmark, the MSCI World Index^SM, and the 9.28% average return for the account’s peer group, the Morningstar World Stock (VA) category, which tracked 1,342 variable annuities as of June 30, 2007.

Global stocks continue to climb

Lifted by a strong global economy and surging corporate buyout activity in the United States, global stocks scored impressive gains for the period. The MSCI World Index, which climbed 20.07% in 2006, continued to rise steadily in the first six months of 2007, interrupted only by a brief stock market sell-off in late February.

A weaker dollar continued to boost global stock returns for U.S. investors. In terms of local currencies, the benchmark advanced 8.18%, but the rising value of the euro and pound versus the dollar boosted this gain to 9.17% in dollar terms.

European stocks drive the benchmark’s gain

The benchmark’s European segment rose 12.49% in dollars, fueled by German stocks, which soared 24.08%, and French and British stocks, which gained 12.95% and 10.83%, respectively. The Pacific segment returned 6.89% in dollars, restrained by modest results in Japan. Japanese stocks rose 6.59% in yen terms, but a decline in the yen’s value versus the dollar reduced this gain to 2.85% in dollar terms. North American stocks, which made up more than half of the benchmark’s market capitalization at the end of the period, advanced 7.72% in dollar terms.

Stock selections produce mixed results

The account trailed its benchmark because of a number of stock selections that did not perform as anticipated. Among the largest detractors were positions in two U.S. stocks that were not in the benchmark: network equipment provider Acme Packet and biopharmaceutical firm Nektar Therapeutics. Overweights in Hoya, a Japanese optical technology company, and British Land, a real estate investment firm, also reduced the account’s return.

These effects were partly offset by positive results from other holdings. The single largest contribution came from an overweight position in Norwegian solar energy company Renewable Energy Corp. Performance relative to the benchmark was also helped by overweights that included French construction conglomerate Bouygues, Dutch bank holding company ABN AMRO and U.S.-based MEMC Electronic Materials, a maker of components for computers and solar energy systems.


College Retirement Equities Fund § 2007 Semiannual 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.

INVESTMENT RISKS

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 JUNE 30, 2007


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

	6 months		1 year		5 years		10 years		5 years		10 years

CREF Global Equities Account	8.79	%	23.70	%	13.41	%	6.54	%	87.67	%	88.45	%

MSCI World Index¹	9.17		23.59		13.99		7.03		92.53		97.27

Morningstar World Stock (VA)	9.28		23.76		12.66		6.87		82.79		109.39


*	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.

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	2007 Semiannual Report § College Retirement Equities Fund

$10,000 OVER 10 YEARS

(LINE GRAPH)

An investment of $10,000 in this account on July 1, 1997, would have grown to $18,845 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)


*	Partial year


College Retirement Equities Fund § 2007 Semiannual Report	13

CREF GLOBAL EQUITIES ACCOUNT FOREIGN AND U.S. STOCKS

EXPENSE EXAMPLE

Six months ended June 30, 2007


CREF Global Equities Account	Starting account value (1/1/07)		Ending account value (6/30/07)		Expenses paid* (1/1/07– 6/30/07)

Actual return		$1,000.00		$1,084.89		$3.01
5% annual hypothetical return		1,000.00		1,021.87		2.92


*	“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 0.58%. We estimate expenses for the coming year based on projected expenses, asset levels and other factors. At the end of each quarter, we adjust the account’s expenses upward or downward to reflect any difference between the projections and the account’s actual experience. These adjustments are made in equal daily installments over the remaining days of the new quarter.

For more information about this expense example, please see page 6.


ACCOUNT PROFILE


Inception date	5/1/1992
Net assets	$17.20 billion
Number of stocks	2,240
Portfolio turnover rate	89	%
Weighted median market capitalization	$35.4 billion
P/E ratio (weighted 12-month trailing average)	17.2
Dividend yield	2.00	%


HOLDINGS BY COMPANY SIZE


	% of portfolio investments

Over $15 billion		75.0
$4 billion–$15 billion		17.4
Under $4 billion		7.6

Total		100.0


HOLDINGS BY COUNTRY


	% of portfolio investments

United States		48.1
United Kingdom		10.3
Japan		8.1
France		6.3
Germany		3.9
Canada		3.2
Switzerland		2.9
33 other nations		17.1
Short-term investments^†		0.1

Total		100.0


PORTFOLIO COMPOSITION


	% of portfolio investments

Financial		28.8
Manufacturing & materials		23.9
Consumer products & services		20.1
Technology		12.9
Energy		8.3
Utilities		3.9
Transportation		2.0
Short-term investments^†		0.1

Total		100.0


^†	Excludes $1.54 billion of securities lending collateral


14	2007 Semiannual Report § College Retirement Equities Fund

CREF GROWTH ACCOUNT LARGE-CAP GROWTH STOCKS

PERFORMANCE IN THE SIX MONTHS ENDED JUNE 30, 2007

The CREF Growth Account returned 8.62% for the period, compared with the 8.13% gain of its benchmark, the Russell 1000^® Growth Index, and the 7.92% average return of the account’s peer group, the Morningstar Large Growth (VA) category, which tracked 5,173 variable annuities as of June 30, 2007.

Large-cap growth overtakes large-cap value

For the six-month period, large-cap growth stocks recorded robust results and outpaced large-cap value issues, which rose 6.23%, as measured by the Russell 1000 Value Index. All of the outperformance occurred during the second quarter, when large-cap growth stocks advanced 6.86%, versus 4.93% for large-cap value stocks.

This marked the first time in the past six quarters that the Russell 1000 Growth Index had outperformed the Russell 1000 Value Index.

For the ten years ended June 30, 2007, large-cap growth produced an average annual return of 4.39%—less than half the 9.87% average annual return of large-cap value.

Broad-based advance lifts the index

All twelve sectors of the Russell 1000 Growth Index posted positive returns, including five that registered double-digit gains. The benchmark was boosted by strong performance from its largest sector, technology, which made up more than one-fifth of the benchmark’s market capitalization as of June 30, 2007, and rose 10.0%. Strong contributions from the health care and consumer discretionary sectors also drove the benchmark higher.

In contrast, the consumer staples and financial sectors posted lackluster returns.

Stock selections push the account above the benchmark

For the period, the account topped its benchmark on the strength of numerous successful stock selections. Among the chief contributors were overweight holdings, relative to the benchmark, in Apple and agricultural giant Monsanto. Two positions in nonbenchmark stocks also helped returns: BlackBerry manufacturer Research in Motion and electrical products maker Cooper Industries.

Positions that did not perform as anticipated and adversely affected returns included overweights in software company Adobe Systems and International Game Technology.

On June 30, 2007, 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 § 2007 Semiannual 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.

INVESTMENT RISKS

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 detailed 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 JUNE 30, 2007


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

	6 months	1 year	5 years	10 years	5 years	10 years

CREF Growth Account	8.62%	18.33%	8.23%	3.02%	48.54%	34.70	%

Russell 1000 Growth Index¹	8.13	19.04	9.28	4.39	55.86	53.67

Morningstar Large Growth (VA)	7.92	16.34	8.25	4.78	47.81	62.68


*	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	2007 Semiannual Report § College Retirement Equities Fund

$10,000 OVER 10 YEARS

(LINE GRAPH)

An investment of $10,000 in this account on July 1, 1997, would have grown to $13,470 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)


*	Partial year


College Retirement Equities Fund § 2007 Semiannual Report	17

CREF GROWTH ACCOUNT LARGE-CAP GROWTH STOCKS

EXPENSE EXAMPLE


Six months ended June 30, 2007


CREF Growth Account	Starting account value (1/1/07)		Ending account value (6/30/07)		Expenses paid* (1/1/07– 6/30/07)

Actual return		$1,000.00		$1,083.18		$3.02
5% annual hypothetical return		1,000.00		1,021.86		2.93


*	“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 0.58%. We estimate expenses for the coming year based on projected expenses, asset levels and other factors. At the end of each quarter, we adjust the account’s expenses upward or downward to reflect any difference between the projections and the account’s actual experience. These adjustments are made in equal daily installments over the remaining days of the new quarter.

For more information about this expense example, please see page 6.


ACCOUNT PROFILE


Inception date			4/29/1994
Net assets			$12.53 billion
Number of stocks			732
Portfolio turnover rate			74%
Weighted median market capitalization			$36.8 billion
P/E ratio (weighted 12-month trailing average)			25.7
Dividend yield			0.88%


HOLDINGS BY COMPANY SIZE


	% of portfolio investments

Over $15 billion		79.3
$4 billion–$15 billion		18.6
Under $4 billion		2.1

Total		100.0


PORTFOLIO COMPOSITION


	% of portfolio investments

Manufacturing & materials		31.9
Consumer products & services		30.1
Technology		21.6
Financial		9.7
Energy		5.0
Transportation		0.9
Utilities		0.8

Total^†		100.0


^†	Excludes $546.24 million of securities lending collateral


18	2007 Semiannual Report § College Retirement Equities Fund

CREF EQUITY INDEX ACCOUNT U.S. STOCKS

PERFORMANCE IN THE SIX MONTHS ENDED JUNE 30, 2007

The CREF Equity Index Account returned 6.88% for the period, compared with the 7.11% gain of its benchmark, the Russell 3000^® Index, and the 6.69% average return of the account’s peer group, the Morningstar Large Blend (VA) category, which tracked 4,506 variable annuities as of June 30, 2007.

Second quarter propels stocks

Despite a volatile six months, the broad U.S. stock market, as represented by the Russell 3000 Index, delivered solid performance. A global sell-off in February, subprime lending woes in March and rising bond yields provided hurdles for equities, but the benchmark still rose 1.28% in the first quarter and 5.77% in the second.

Both growth and value stocks generated strong returns across all three capitalization sizes, as defined by the Russell indexes; mid-cap stocks gained 9.90% to lead the way. Within the cap categories, mid-cap growth stocks were the top producers, rising 10.97%, while small-cap value issues lagged other categories, increasing 3.80%.

Although domestic equities did well, foreign stocks performed even better. The MSCI EAFE^® Index, which measures stocks in developed foreign markets, gained 10.74% in dollar terms. For the five years ended June 30, 2007, the average annual return of the EAFE index was 17.72% in dollar terms versus 11.52% for the Russell 3000.

A broad advance drives returns

Of the benchmark’s twelve industry sectors, eleven posted positive returns—six of them double-digit gains. The largest sector, financial stocks, which made up nearly a quarter of the benchmark in terms of market capitalization as of June 30, dipped 0.6%. The next-largest sector, consumer discretionary, gained 5.8%, while the third-largest, technology, rose 9.8%.

The best-performing sectors, “other energy” and materials and processing, jumped 24.2% and 19.2%, respectively. Although these two sectors together constituted only about 8% of the benchmark’s market capitalization, they contributed more than one-fifth of the benchmark’s return.

Largest stocks deliver mixed results

In descending order according to cap size, the benchmark’s five largest holdings performed as follows: ExxonMobil, 10.4%; General Electric, 4.4%; AT&T, 18.4%; Citigroup, –6.1%; and Microsoft, –0.7%.

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 § 2007 Semiannual 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.

INVESTMENT RISKS

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 detailed 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 JUNE 30, 2007


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

	6 months		1 year	5 years	10 years		5 years	10 years

CREF Equity Index Account	6.88	%	19.53%	11.05%	7.29	%	68.96%	102.25%

Russell 3000 Index¹	7.11		20.07	11.52	7.61		72.54	108.36

Morningstar Large Blend (VA)	6.69		18.62	9.15	5.31		54.90	68.69


*	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	2007 Semiannual Report § College Retirement Equities Fund

$10,000 OVER 10 YEARS

(LINE GRAPH)

An investment of $10,000 in this account on July 1, 1997, would have grown to $20,225 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)


*	Partial year


	College Retirement Equities Fund § 2007 Semiannual Report	21

CREF EQUITY INDEX ACCOUNT U.S. STOCKS

EXPENSE EXAMPLE

Six months ended June 30, 2007


CREF Equity Index Account	Starting account value (1/1/07)	Ending account value (6/30/07)	Expenses paid* (1/1/07– 6/30/07)


Actual return	$1,000.00	$1,066.28	$2.52
5% annual hypothetical return	1,000.00	1,022.32	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 0.49%. We estimate expenses for the coming year based on projected expenses, asset levels and other factors. At the end of each quarter, we adjust the account’s expenses upward or downward to reflect any difference between the projections and the account’s actual experience. These adjustments are made in equal daily installments over the remaining days of the new quarter.

For more information about this expense example, please see page 6.


ACCOUNT PROFILE


Inception date			4/29/1994
Net assets			$12.03 billion
Number of stocks			2,962
Portfolio turnover rate			8%
Weighted median market capitalization			$33.1 billion
P/E ratio (weighted 12-month trailing average)			18.1
Dividend yield			1.62%


HOLDINGS BY COMPANY SIZE


% of portfolio investments

Over $15 billion			73.6
$4 billion–$15 billion			14.8
Under $4 billion			11.6

Total			100.0


PORTFOLIO COMPOSITION


% of portfolio investments

Consumer products & services			23.8
Manufacturing & materials			22.5
Financial			22.1
Technology			16.1
Energy			9.1
Utilities			4.1
Transportation			2.1
Short-term investments^†			0.2

Total			100.0


^†	Excludes $2.41 billion of securities lending collateral. Approximately $18.91 million of short-term investments are serving as collateral for the S&P 500 futures and thus are restricted from being sold.


22	2007 Semiannual Report § College Retirement Equities Fund

CREF BOND MARKET ACCOUNT INTERMEDIATE-TERM BONDS

PERFORMANCE IN THE SIX MONTHS ENDED JUNE 30, 2007

The CREF Bond Market Account returned 0.79% for the period, compared with the 0.98% gain of its benchmark, the Lehman Brothers U.S. Aggregate Index, and the 0.13% average return of the account’s peer group, the Morningstar Intermediate-Term Bond (VA) category. The Morningstar category tracked 1,476 variable annuities as of June 30, 2007.

A sagging second quarter lowers bond returns

Although the Federal Reserve kept the federal funds rate steady at 5.25% in its first four meetings of 2007, the Lehman Brothers U.S. Aggregate Index, which tracks the investment-grade U.S. bond market, endured a bumpy six months. It posted a solid 1.50% return for the first quarter, but then lost 0.52% in the second quarter. Bond prices fell (and yields rose) as expectations for a rate cut by the Federal Reserve dried up amid inflation fears and renewed vigor in the U.S. economy.

Longer-dated maturities regain lead

When the period began, the 2-year Treasury note, at 4.81%, yielded slightly more than the 10-year, an unusual relation because bondholders willing to invest for longer periods normally earn higher rates. By the end of March, though, the 10-year security provided a 4.65% to 4.58% advantage, and by the end of June the 10-year yield stood at 5.03%, versus 4.86% for the 2-year note.

The account stays close to the benchmark

Narrow spreads among different types of securities made it difficult to add value during the period. In the first quarter, the account’s 1.37% return lagged its benchmark’s by 0.13 of a percentage point.

Individual security selections in the agency and mortgage-backed security sectors made positive contributions to relative returns, but an overweight position, versus the benchmark, in asset-backed securities reduced performance slightly. In addition, maintaining a duration that was shorter than the benchmark’s trimmed returns in the first quarter when bond prices rose.

In the second quarter, the account lost 0.58%, trailing the benchmark by 0.06 of a percentage point. This time the account’s shorter duration helped performance when bond prices fell. Returns were again helped by security selections in agencies, but underweighting that sector hurt relative performance. Individual bond selections in the mortgage-backed security sector also trimmed returns.

Taken together, these factors kept the account from matching the benchmark’s return, after expenses.


	College Retirement Equities Fund § 2007 Semiannual 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.

INVESTMENT RISKS

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 detailed 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 JUNE 30, 2007


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

	6 months		1 year		5 years		10 years		5 years		10 years

CREF Bond Market Account	0.79	%	5.80	%	4.39	%	5.86	%	23.97	%	76.72	%

Lehman Brothers U.S. Aggregate Index	0.98		6.12		4.48		6.01		24.52		79.37

Morningstar Intermediate-Term Bond (VA)	0.13		4.39		3.39		4.38		17.83		51.17

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	2007 Semiannual Report § College Retirement Equities Fund

$10,000 OVER 10 YEARS

(LINE GRAPH)

An investment of $10,000 in this account on July 1, 1997, would have grown to $17,672 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)


*	Partial year


College Retirement Equities Fund § 2007 Semiannual Report	25

CREF BOND MARKET ACCOUNT INTERMEDIATE-TERM BONDS


EXPENSE EXAMPLE

Six months ended June 30, 2007


CREF Bond Market Account	Starting account value (1/1/07)		Ending account value (6/30/07)		Expenses paid* (1/1/07– 6/30/07)

Actual return		$1,000.00		$1,005.27		$2.63
5% annual hypothetical return		1,000.00		1,022.14		2.65

“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 0.53%. We estimate expenses for the coming year based on projected expenses, asset levels and other factors. At the end of each quarter, we adjust the account’s expenses upward or downward to reflect any difference between the projections and the account’s actual experience. These adjustments are made in equal daily installments over the remaining days of the new quarter.

For more information about this expense example, please see page 6.


ACCOUNT PROFILE


Inception date		3/1/1990
Net assets		$6.90 billion
Number of issues		611
Portfolio turnover rate		113%
Average quality		AA1
Option-adjusted duration		4.61 years
Average coupon		5.69%
Average yield to maturity		5.68%
Average maturity		7.12 years


PORTFOLIO COMPOSITION

% of portfolio investments

Mortgage-backed securities and commercial mortgage-backed securities		39.3
Corporate bonds		20.2
Asset-backed securities		11.2
U.S. Treasury securities		10.7
U.S. agency securities		7.7
Foreign government and corporate bonds denominated in U.S. dollars		2.6
TIAA-CREF High-Yield Fund II		0.1
Short-term investments^†		8.2

Total		100.0


^†	Excludes $1.05 billion of short-term collateral invested by the Bank of New York due to the outsourcing of bond lending


26	2007 Semiannual Report § College Retirement Equities Fund

CREF INFLATION-LINKED BOND ACCOUNT INFLATION-LINKED BONDS

PERFORMANCE IN THE SIX MONTHS ENDED JUNE 30, 2007

The CREF Inflation-Linked Bond Account returned 1.47% for the period, compared with the 1.74% gain of its benchmark, the Lehman Brothers U.S. Treasury Inflation-Protected Securities (TIPS) Index, and the 0.20% average return of the account’s peer group, the Morningstar Inflation-Protected Bond (VA) category, which tracked 297 variable annuities as of June 30, 2007.

The Fed keeps rates steady

In the first half of 2007, the Federal Reserve declined to change the federal funds rate at each of its four successive meetings. (The federal funds rate is the interest rate commercial U.S. banks charge one another for overnight loans.) The rate has remained at 5.25% since June 2006.

In its statements, the Fed noted that economic growth had moderated, partly due to a cooling housing market. However, it cautioned that inflation remained a concern and pointed out that the high percentage of the nation’s productive capacity currently in use could keep prices elevated.

TIPS top the broad bond market

The return of TIPS for the six-month period significantly outpaced the 0.98% gain of the broad investment-grade bond market, as measured by the Lehman Brothers U.S. Aggregate Index. For the five years ended June 30, 2007, the 6.03% average annual return of TIPS outpaced the 4.48% rise of the Lehman aggregate index.

After eking out a 0.41% return in 2006, TIPS gained a solid 2.51% in the first quarter of 2007. Two key reasons were a huge February sell-off in the stock market and climbing oil prices. In March, the Consumer Price Index posted a 2.8% year-over-year increase, stoking fears of higher inflation.

Mounting inflation and a short supply of TIPS boosted their return in April. However, as real rates of interest inched upward later in the quarter and sent bond prices down, investor demand for TIPS decreased. Despite rising oil prices and continued inflation, TIPS fell 0.76% in the second quarter.

The account trails its benchmark

The account underperformed the TIPS index primarily because its return includes a deduction for expenses, while the benchmark’s return does not.

During the period, the account’s managers kept the account’s duration—a measure of its sensitivity to interest-rate changes—at or slightly below the benchmark’s. This strategy was used to help the account more closely track the performance of its benchmark.


College Retirement Equities Fund § 2007 Semiannual 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.

INVESTMENT RISKS

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 detailed 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 JUNE 30, 2007




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

	6 months		1 year		5 years		10 years		5 years		10 years

CREF Inflation-Linked Bond Account	1.47	%	3.53	%	5.58	%	6.33	%	31.19	%	84.78	%

Lehman Brothers U.S. Treasury Inflation-Protected Securities Index	1.74		3.99		6.03		6.74		34.04		92.07

Morningstar Inflation-Protected Bond (VA)	0.20		1.64		4.23		5.45		21.89		64.56


28	2007 Semiannual Report § College Retirement Equities Fund

$10,000 OVER 10 YEARS

(LINE GRAPH)

An investment of $10,000 in this account on July 1, 1997, would have grown to $18,478 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)


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

^†	Partial year


College Retirement Equities Fund § 2007 Semiannual Report	29

CREF INFLATION-LINKED BOND ACCOUNT INFLATION-LINKED BONDS

EXPENSE EXAMPLE


Six months ended June 30, 2007


CREF Inflation-Linked Bond Account	Starting account value (1/1/07)		Ending account value (6/30/07)		Expenses paid* (1/1/07– 6/30/07)

Actual return		$1,000.00		$1,012.05		$2.65
5% annual hypothetical return		1,000.00		1,022.13		2.66

For more information about this expense example, please see page 6.


ACCOUNT PROFILE


Inception date	5/1/1997
Net assets	$3.85 billion
Number of issues	22
Portfolio turnover rate	10%
Average quality	AAA
Option-adjusted duration	7.80 years
Average coupon	2.43%
Average yield to maturity	5.32%
Average maturity	9.58 years


HOLDINGS BY MATURITY


% of portfolio investments

1–10 year bonds	72.7
10–20 year bonds	13.2
Over-20-year bonds	13.9
Short-term investments^†	0.2

Total	100.0


^†	Excludes $142.48 million of short-term collateral invested by the Bank of New York due to the outsourcing of bond lending


30	2007 Semiannual Report § College Retirement Equities Fund

CREF SOCIAL CHOICE ACCOUNT SOCIALLY SCREENED STOCKS AND BONDS

PERFORMANCE IN THE SIX MONTHS ENDED JUNE 30, 2007

The CREF Social Choice Account returned 3.89% for the period, compared with the 4.70% 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 4.97%. The Morningstar category tracked 2,315 variable annuities as of June 30, 2007. Neither the benchmark nor the Morningstar category screens investments according to social criteria, as the account does.

Exclusion of energy stocks hurts returns

Because of its social screens, the account did not invest in several stocks that were sizable components of the Russell 3000 Index 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 compared with the return of its benchmark.

The absence of ExxonMobil and Chevron, both of which gained from climbing oil prices, significantly detracted from the account’s relative performance. ExxonMobil, the largest component of the benchmark on June 30, 2007, advanced 10.4%, while Chevron rose 16.2%.

Performance versus the index benefited most from the exclusion of Citigroup, which fell 6.1%. Avoiding insurer American International Group and drug company Pfizer also contributed to returns.

Strategies help limit risk

The account’s managers use quantitative techniques, such as overweighting or underweighting some stocks relative to the benchmark, to ensure that the portfolio’s risk profile resembles the benchmark’s.

Relative performance was helped by overweight positions in AT&T and Johnson Controls, an automotive services company. Overweights that detracted from returns included Johnson & Johnson, Merrill Lynch and home mortgage provider Freddie Mac.

Bonds boost relative return

For the period, the account’s fixed-income portion slightly outpaced the Lehman index. Maintaining a shorter duration than the benchmark’s contributed to performance. Avoiding the bonds of certain corporations involved in leveraged buyouts or other events that benefited stockholders, but not bondholders, also helped. However, overweighting the riskier fixed-income asset classes relative to U.S. Treasuries had a small negative effect on returns.


College Retirement Equities Fund § 2007 Semiannual 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.

INVESTMENT RISKS

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 detailed 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 JUNE 30, 2007


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

	6 months			1 year			5 years			10 years			5 years			10 years

CREF Social Choice Account		3.89	%		13.08	%		8.71	%		6.97	%		51.88	%		96.26	%

CREF Social Choice
Composite Benchmark		4.70			14.44			9.01			7.47			53.94			105.58

Benchmark components (percentage of composite index)

Russell 3000 Index¹(60%)		7.11			20.07			11.52			7.61			72.54			108.36
Lehman Brothers
U.S. Aggregate Index (40%)		0.98			6.12			4.48			6.01			24.52			79.37

Morningstar
Moderate Allocation (VA)		4.97			13.77			7.53			5.18			44.42			69.01


*	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	2007 Semiannual Report § College Retirement Equities Fund

$10,000 OVER 10 YEARS

(LINE GRAPH)

An investment of $10,000 in this account on July 1, 1997, would have grown to $19,626 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)


*	Partial year


College Retirement Equities Fund § 2007 Semiannual Report	33

CREF SOCIAL CHOICE ACCOUNT SOCIALLY SCREENED STOCKS AND BONDS

EXPENSE EXAMPLE


Six months ended June 30, 2007


CREF Social Choice Account	Starting account value (1/1/07)		Ending account value (6/30/07)		Expenses paid* (1/1/07– 6/30/07)

Actual return		$1,000.00		$1,036.33		$2.57
5% annual hypothetical return		1,000.00		1,022.24		2.55

“Expenses paid” is based on the account’s actual expense ratio for the most recent fiscal half year. The account’s annualized six-month expense ratio for that period was 0.51%. We estimate expenses for the coming year based on projected expenses, asset levels and other factors. At the end of each quarter, we adjust the account’s expenses upward or downward to reflect any difference between the projections and the account’s actual experience. These adjustments are made in equal daily installments over the remaining days of the new quarter.

For more information about this expense example, please see page 6.


ACCOUNT PROFILE


Inception date		3/1/1990
Net assets	$	9.18 billion
Portfolio turnover rate		37%

Equity segment
Number of stocks		1,079
Weighted median
market capitalization	$	27.0 billion
P/E ratio
(weighted 12-month trailing average)		18.2
Dividend yield		1.65%

Fixed-income segment
Number of issues		506
Average quality		AA1
Option-adjusted duration		4.35 years
Average coupon		5.65%
Average yield to maturity		5.71%
Average maturity		6.63 years


PORTFOLIO COMPOSITION


% of portfolio investments

Equities			58.2
Long-term bonds			38.8
Short-term investments^†			3.0

Total			100.0


†	Excludes $498.0 million of securities lending collateral on the equity portion of the account and $236.0 million of short-term collateral invested by the Bank of New York due to the outsourcing of bond lending


HOLDINGS BY COMPANY SIZE


Equity segment	% of equity investments

Over $15 billion		67.2
$4 billion–$15 billion		19.6
Under $4 billion		13.2

Total		100.0


34	2007 Semiannual Report § College Retirement Equities Fund

CREF MONEY MARKET ACCOUNT CASH EQUIVALENTS

PERFORMANCE IN THE SIX MONTHS ENDED JUNE 30, 2007

The CREF Money Market Account returned 2.43% for the period, compared with the 2.37% gain of the iMoneyNet Money Fund Report Averages™—All Taxable, a simple average of over 1,000 taxable money market funds.

The Fed holds the short-term rate steady

In the first half of 2007, the Federal Reserve declined to change the federal funds rate at each of its four meetings. (The federal funds rate is the interest rate commercial U.S. banks charge one another for overnight loans.) The rate has remained at 5.25% since June 2006.

Economic growth continued the moderating trend begun in the second half of 2006. Solid gains in job creation and strong consumer spending partly offset the effects of a cooling housing market. As oil prices crept steadily upward, the Fed cautioned that inflation remained a concern and pointed out that the high percentage of the nation’s productive capacity currently in use could keep prices elevated.

LIBOR sees little change

The LIBOR remained fairly flat throughout the six months, reflecting the market’s strengthening conviction that the Fed would leave the short-term rate unchanged at least through the end of the year. (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.) Yields on securities with one-month maturities hovered around 5.32%; those on twelve-month issues fluctuated slightly, ending the period at 5.43%.

The account takes advantage of longer-term rates

The account increased its investments in securities with longer maturities to benefit from the higher yields they provided. As a result, on June 26, 2007, the account’s weighted average maturity was 49 days, versus 43 days for the average iMoneyNet fund. During the period, the account’s weighted average maturity fluctuated between 42 and 51 days.

With the supply of high-quality commercial paper limited, its portion of the portfolio dipped to 81% from 81.2% six months earlier. (Commercial paper offers higher returns without significant additional risk.) Certificates of deposit increased from 11% to 11.6%, while U.S. agency securities fell to 3.7% from 5.2%. Floating-rate securities rose to 3.4% from 2.6%. The remainder of the portfolio was invested in asset-backed securities.

On June 30, 2007, foreign securities made up 16.9% of the account’s total portfolio investments.


College Retirement Equities Fund § 2007 Semiannual 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.

INVESTMENT RISKS

The account is subject to income volatility risk, credit risk, interest-rate risk, call risk, prepayment risk, extension risk and foreign investment risks. 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. For a detailed discussion of risk, please see the prospectus.


NET ANNUALIZED YIELD FOR THE 7 DAYS ENDED JUNE 26, 2007


	Current yield		Effective yield

CREF Money Market Account	4.87	%	4.99	%

iMoneyNet Money Fund Report Averages^TM—All Taxable	4.70		4.81


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


PERFORMANCE AS OF JUNE 30, 2007


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

	6 months		1 year		5 years		10 years		5 years		10 years

CREF Money Market Account	2.43	%	5.02	%	2.50	%	3.68	%	13.16	%	43.56	%

iMoneyNet Money Fund Report Averages—All Taxable	2.37		4.83		2.31		3.39		12.08		39.64


36	2007 Semiannual Report § College Retirement Equities Fund

$10,000 OVER 10 YEARS

(LINE GRAPH)

An investment of $10,000 in this account on July 1, 1997, would have grown to $14,356 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)


*	Partial year


College Retirement Equities Fund § 2007 Semiannual Report	37

CREF MONEY MARKET ACCOUNT CASH EQUIVALENTS

EXPENSE EXAMPLE


Six months ended June 30, 2007


CREF Money Market Account	Starting account value (1/1/07)		Ending account value (6/30/07)		Expenses paid* (1/1/07– 6/30/07)

Actual return		$1,000.00		$1,021.91		$2.39
5% annual hypothetical return		1,000.00		1,022.39		2.40

“Expenses paid” is based on the account’s actual expense ratio for the most recent fiscal half year. The account’s annualized six-month expense ratio for that period was 0.48%. We estimate expenses for the coming year based on projected expenses, asset levels and other factors. At the end of each quarter, we adjust the account’s expenses upward or downward to reflect any difference between the projections and the account’s actual experience. These adjustments are made in equal daily installments over the remaining days of the new quarter.

For more information about this expense example, please see page 6.


ACCOUNT PROFILE


Inception date		4/1/1988
Net assets		$10.70 billion


PORTFOLIO COMPOSITION

% of portfolio investments

Commercial paper		81.0
Certificates of deposit		11.6
U.S. agency securities		3.7
Floating-rate securities		3.4
Asset-backed securities		0.3

Total		100.0


38	2007 Semiannual Report § College Retirement Equities Fund

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)

CREF STOCK ACCOUNT § JUNE 30, 2007


Shares		Company			Value (000)		% of net assets

GOVERNMENT BONDS

U.S. TREASURY SECURITIES					$	326		0.00	% **

			TOTAL GOVERNMENT BONDS	(Cost $321)		326		0.00	**

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

PREFERRED STOCKS

NONDEPOSITORY INSTITUTIONS						51,774		0.04

SECURITY AND COMMODITY BROKERS						60,193		0.04

			TOTAL PREFERRED STOCKS	(Cost $110,000)		111,967		0.08

COMMON STOCKS

ADMINISTRATION OF ECONOMIC PROGRAMS						3,580		0.00	**

AGRICULTURAL PRODUCTION-CROPS						4,935		0.00	**

AGRICULTURAL PRODUCTION-LIVESTOCK						14,285		0.01

AGRICULTURAL SERVICES						28,630		0.02

AMUSEMENT AND RECREATION SERVICES
13,493,648		Walt Disney Co				460,673		0.33
		Other				566,913		0.41

						1,027,586		0.74

APPAREL AND ACCESSORY STORES						849,687		0.61

APPAREL AND OTHER TEXTILE PRODUCTS						234,179		0.17

AUTO REPAIR, SERVICES AND PARKING						128,000		0.09

AUTOMOTIVE DEALERS AND SERVICE STATIONS						256,844		0.18

BUILDING MATERIALS AND GARDEN SUPPLIES
12,145,323		Home Depot, Inc				477,918		0.34
		Other				321,488		0.23

						799,406		0.57

BUSINESS SERVICES
1,343,593	*	Google, Inc (Class A)				703,210		0.50
50,481,064		Microsoft Corp				1,487,677		1.07
24,839,284	*	Oracle Corp				489,582		0.35
		Other				5,431,093		3.89

						8,111,562		5.81

CHEMICALS AND ALLIED PRODUCTS
10,283,742		Abbott Laboratories				550,694		0.39
7,770,999	*	Amgen, Inc				429,659		0.31
13,581,327		Merck & Co, Inc				676,350		0.49
40,693,702		Pfizer, Inc				1,040,538		0.75
18,290,909		Procter & Gamble Co				1,119,221		0.80
7,392,446		Wyeth				423,883		0.30
		Other				7,401,379		5.30

						11,641,724		8.34

COAL MINING						320,176		0.23


See notes to financial statements	College Retirement Equities Fund § 2007 Semiannual Report	39


SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	continued

CREF STOCK ACCOUNT § JUNE 30, 2007


Shares		Company	Value (000)		% of net assets

COMMUNICATIONS
33,932,584		AT&T, Inc	$	1,408,202		1.01	%
14,381,763	*	Comcast Corp (Class A)		404,415		0.29
22,542,417		Sprint Nextel Corp		466,853		0.33
16,822,556		Verizon Communications, Inc		692,585		0.50
		Other		3,606,677		2.58

				6,578,732		4.71

DEPOSITORY INSTITUTIONS
24,986,884		Bank of America Corp		1,221,609		0.87
32,899,484		Citigroup, Inc		1,687,415		1.21
22,627,861		JPMorgan Chase & Co		1,096,320		0.79
10,479,730		Wachovia Corp		537,086		0.38
25,317,063		Wells Fargo & Co		890,401		0.64
		Other		8,782,238		6.29

				14,215,069		10.18

EATING AND DRINKING PLACES				1,226,260		0.88

EDUCATIONAL SERVICES				189,408		0.14

ELECTRIC, GAS, AND SANITARY SERVICES				5,611,351		4.02

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
6,074,467	*	Apple Computer, Inc		741,328		0.53
44,807,527	*	Cisco Systems, Inc		1,247,890		0.89
41,409,359		Intel Corp		983,886		0.71
10,438,878		Qualcomm, Inc		452,943		0.33
		Other		5,527,489		3.96

				8,953,536		6.42

ENGINEERING AND MANAGEMENT SERVICES				892,743		0.64

ENVIRONMENTAL QUALITY AND HOUSING				1,651		0.00	**

FABRICATED METAL PRODUCTS				745,485		0.53

FOOD AND KINDRED PRODUCTS
12,491,987		Coca-Cola Co		653,456		0.47
13,424,307		PepsiCo, Inc		870,566		0.62
		Other		2,802,539		2.01

				4,326,561		3.10

FOOD STORES				1,043,433		0.75

FORESTRY				116,416		0.08

FURNITURE AND FIXTURES				324,152		0.23

FURNITURE AND HOME FURNISHINGS STORES				241,749		0.17

GENERAL BUILDING CONTRACTORS				604,994		0.43

GENERAL MERCHANDISE STORES
14,231,950		Wal-Mart Stores, Inc		684,699		0.49
		Other		1,158,228		0.83

				1,842,927		1.32


40	2007 Semiannual Report § College Retirement Equities Fund	See notes to financial statements


SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	continued

CREF STOCK ACCOUNT § JUNE 30, 2007


Shares		Company	Value (000)		% of net assets

HEALTH SERVICES			$	1,545,136		1.11	%

HEAVY CONSTRUCTION, EXCEPT BUILDING				519,775		0.37

HOLDING AND OTHER INVESTMENT OFFICES				3,155,126		2.26

HOTELS AND OTHER LODGING PLACES
5,212,621	e	Accor S.A.		460,800		0.33
		Other		777,669		0.56

				1,238,469		0.89

INDUSTRIAL MACHINERY AND EQUIPMENT
60,328,693		General Electric Co		2,309,382		1.65
18,640,342		Hewlett-Packard Co		831,732		0.60
9,290,805		International Business Machines Corp		977,857		0.70
		Other		4,259,864		3.05

				8,378,835		6.00

INSTRUMENTS AND RELATED PRODUCTS
17,052,063		Johnson & Johnson		1,050,748		0.75
		Other		3,647,564		2.62

				4,698,312		3.37

INSURANCE AGENTS, BROKERS AND SERVICE				781,591		0.56

INSURANCE CARRIERS
12,445,353		American International Group, Inc		871,548		0.63
		Other		6,203,868		4.44

				7,075,416		5.07

JUSTICE, PUBLIC ORDER AND SAFETY				31,834		0.02

LEATHER AND LEATHER PRODUCTS				227,310		0.16

LEGAL SERVICES				14,335		0.01

LOCAL AND INTERURBAN PASSENGER TRANSIT				65,889		0.05

LUMBER AND WOOD PRODUCTS				29,586		0.02

METAL MINING				1,365,006		0.98

MISCELLANEOUS MANUFACTURING INDUSTRIES				576,228		0.41

MISCELLANEOUS RETAIL				1,650,423		1.18

MOTION PICTURES
22,237,949		Time Warner, Inc		467,886		0.33
		Other		710,220		0.51

				1,178,106		0.84

MUSEUMS, BOTANICAL, ZOOLOGICAL GARDENS				2,444		0.00	**

NONDEPOSITORY INSTITUTIONS
7,802,464		American Express Co		477,355		0.34
		Other		1,894,174		1.36

				2,371,529		1.70

NONMETALLIC MINERALS, EXCEPT FUELS				148,742		0.11


See notes to financial statements	College Retirement Equities Fund § 2007 Semiannual Report	41


SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	continued

CREF STOCK ACCOUNT § JUNE 30, 2007


Shares		Company	Value (000)		% of net assets

OIL AND GAS EXTRACTION
6,070,151		Schlumberger Ltd	$	515,599		0.37	%
		Other		3,957,022		2.83

				4,472,621		3.20

PAPER AND ALLIED PRODUCTS				992,957		0.71

PERSONAL SERVICES				153,871		0.11

PETROLEUM AND COAL PRODUCTS
11,037,772		Chevron Corp		929,822		0.67
8,589,946		ConocoPhillips		674,311		0.48
29,847,765		Exxon Mobil Corp		2,503,631		1.79
10,448,321		Occidental Petroleum Corp		604,749		0.43
		Other		3,177,512		2.28

				7,890,025		5.65

PIPELINES, EXCEPT NATURAL GAS				104,954		0.08

PRIMARY METAL INDUSTRIES				1,799,029		1.29

PRINTING AND PUBLISHING				855,260		0.61

RAILROAD TRANSPORTATION				804,395		0.58

REAL ESTATE				1,058,112		0.76

RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS
5,777,147	e	Bayer AG.		435,171		0.31
		Other		350,604		0.25

				785,775		0.56

SECURITY AND COMMODITY BROKERS
1,996,688		Goldman Sachs Group, Inc		432,782		0.31
6,911,711		Morgan Stanley		579,754		0.42
		Other		2,463,006		1.76

				3,475,542		2.49

SOCIAL SERVICES				19,055		0.01

SPECIAL TRADE CONTRACTORS				72,002		0.05

STONE, CLAY, AND GLASS PRODUCTS				844,703		0.61

TEXTILE MILL PRODUCTS				27,734		0.02

TOBACCO PRODUCTS
15,014,728		Altria Group, Inc		1,053,133		0.76
161,137	e	Other		396,568		0.28

				1,449,701		1.04

TRANSPORTATION BY AIR				695,273		0.50

TRANSPORTATION EQUIPMENT
5,770,284		Boeing Co		554,871		0.40
3,168,839		Siemens AG.		453,783		0.33
5,777,707		United Technologies Corp		409,813		0.29
		Other		3,288,230		2.35

				4,706,697		3.37


42	2007 Semiannual Report § College Retirement Equities Fund	See notes to financial statements


SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	continued

CREF STOCK ACCOUNT § JUNE 30, 2007


Shares	Company			Value (000)			% of net assets

TRANSPORTATION SERVICES				$	277,968		0.20	%

TRUCKING AND WAREHOUSING					720,807		0.52

WATER TRANSPORTATION					387,000		0.28

WHOLESALE TRADE-DURABLE GOODS					819,933		0.59

WHOLESALE TRADE-NONDURABLE GOODS					1,110,960		0.80

TOTAL COMMON STOCKS			(Cost $114,769,693)		138,913,527		99.51


WARRANTS

COMMUNICATIONS					14		0.00	**

GENERAL BUILDING CONTRACTORS					13		0.00	**

HOTELS AND OTHER LODGING PLACES					301		0.00	**

NONDEPOSITORY INSTITUTIONS					0	^	0.00	**

REAL ESTATE					58		0.00	**

TOTAL WARRANTS			(Cost $0)		386		0.00	**


Principal	Issuer

SHORT-TERM INVESTMENTS

CERTIFICATES OF DEPOSIT					311,863		0.22

COMMERCIAL PAPER					3,049,979		2.19

U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES
$1,293,944,000	Federal Home Loan Bank (FHLB)	0.000%, 07/05/07–09/04/07			1,291,951		0.93
942,495,000	Federal Home Loan Mortgage Corp
	(FHLMC)	0.000%, 07/02/07–09/17/07			937,403		0.67
84,797,500	Federal National Mortgage Association
	(FNMA)	0.000%, 07/03/07–10/10/07			844,338		0.60
	Other				11,755		0.01

					3,085,447		2.21

U.S. GOVERNMENT AND AGENCIES VARIABLE NOTES^†					299,987		0.22

VARIABLE NOTES^††					475,018		0.34


See notes to financial statements	College Retirement Equities Fund § 2007 Semiannual Report	43


SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	concluded

CREF STOCK ACCOUNT § JUNE 30, 2007


Shares	Company			Value (000)			% of net assets

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
1,792,950,925	State Street Navigator Securities Lending Prime Portfolio			$	1,792,951		1.28	%

					1,792,951		1.28

	TOTAL SHORT-TERM INVESTMENTS		(Cost $9,014,573)
	(includes $8,913,951 of cash collateral for securities on loan)				9,015,245		6.46


	TOTAL PORTFOLIO		(Cost $123,897,384)		148,041,467		106.05

	OTHER ASSETS & LIABILITIES, NET				(8,450,724	)	(6.05	)

		NET ASSETS		$	139,590,743		100.00	%



*	Non-income producing.

**	Percentage represents less than 0.01%.

^	Amount represents less than $1,000.

†	Notes have a rate of 5.200%–5.210% and mature 04/17/08–07/28/08.

††	Notes have a rate of 5.265%–5.370% and mature 07/11/07–07/16/08.

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

Cost amounts are in thousands.

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


44	2007 Semiannual Report § College Retirement Equities Fund	See notes to financial statements

SUMMARY OF MARKET VALUES BY COUNTRY (UNAUDITED)

CREF STOCK ACCOUNT § JUNE 30, 2007


Country	Value		% of market value

DOMESTIC
UNITED STATES	$	112,856,064,478		76.23	%

TOTAL DOMESTIC		112,856,064,478		76.23


FOREIGN
ARGENTINA		5,042,953		0.00
AUSTRALIA		1,447,960,542		0.98
AUSTRIA		296,691,808		0.20
BELGIUM		357,623,633		0.24
BRAZIL		293,478,121		0.20
CANADA		2,472,484,283		1.67
CAYMAN ISLANDS		81,942,026		0.06
CHILE		33,370,889		0.02
CHINA		51,059,813		0.03
COLOMBIA		4,251,157		0.00
CROATIA		7,466,415		0.01
CZECH REPUBLIC		14,964,283		0.01
DENMARK		137,406,664		0.09
EGYPT		14,960,808		0.01
FINLAND		592,333,415		0.40
FRANCE		3,782,891,468		2.56
GERMANY		3,416,356,195		2.31
GREECE		64,480,995		0.04
HONG KONG		831,679,336		0.56
HUNGARY		14,898,479		0.01
INDIA		202,086,493		0.14
INDONESIA		63,126,965		0.04
IRELAND		176,466,855		0.12
ISRAEL		210,704,155		0.14
ITALY		1,175,353,601		0.79


Country	Value		% of market value

JAPAN	$	5,934,348,846		4.01	%
JORDAN		1,507,936		0.00
KAZAKHSTAN		26,256,485		0.02
LUXEMBOURG		58,412,150		0.04
MALAYSIA		172,977,061		0.12
MEXICO		142,189,830		0.10
MOROCCO		5,875,087		0.00
NETHERLANDS		1,372,438,228		0.93
NEW ZEALAND		57,130,487		0.04
NORWAY		323,066,039		0.22
PAKISTAN		4,283,465		0.00
PERU		12,546,264		0.01
PHILIPPINES		67,532,264		0.05
POLAND		37,072,941		0.03
PORTUGAL		47,833,014		0.03
REPUBLIC OF KOREA		376,605,390		0.25
RUSSIA		370,182,208		0.25
SINGAPORE		454,014,402		0.31
SOUTH AFRICA		174,776,155		0.12
SPAIN		768,080,238		0.52
SWEDEN		539,451,225		0.36
SWITZERLAND		2,143,541,726		1.45
TAIWAN (REPUBLIC OF CHINA)		370,308,677		0.25
THAILAND		92,504,504		0.06
TURKEY		28,794,039		0.02
UNITED KINGDOM		5,854,592,674		3.95

TOTAL FOREIGN		35,185,402,687		23.77


TOTAL PORTFOLIO	$	148,041,467,165		100.00	%


See notes to financial statements	College Retirement Equities Fund § 2007 Semiannual Report	45

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)

CREF GLOBAL EQUITIES ACCOUNT § JUNE 30, 2007


	Shares		Company	Value (000)		% of net assets

COMMON STOCKS

AGRICULTURAL SERVICES				$	3,097		0.02	%

AMUSEMENT AND RECREATION SERVICES
	275,268		Nintendo Co Ltd		100,430		0.59
			Other		81,122		0.47

					181,552		1.06

APPAREL AND ACCESSORY STORES					78,755		0.46

APPAREL AND OTHER TEXTILE PRODUCTS					27,172		0.16

AUTO REPAIR, SERVICES AND PARKING					7,109		0.04

AUTOMOTIVE DEALERS AND SERVICE STATIONS					21,772		0.13

BUILDING MATERIALS AND GARDEN SUPPLIES					54,725		0.32


BUSINESS SERVICES
	4,227,447		Microsoft Corp		124,583		0.72
			Other		578,940		3.37

					703,523		4.09

CHEMICALS AND ALLIED PRODUCTS
	911,831		Akzo Nobel NV		78,709		0.46
	3,236,715		Pfizer, Inc		82,763		0.48
	1,344,567		Procter & Gamble Co		82,274		0.48
	581,661		Roche Holding AG.		103,062		0.60
	1,703,250		Teva Pharmaceutical Industries Ltd (ADR)		70,259		0.41
			Other		969,112		5.63

					1,386,179		8.06

COAL MINING					42,600		0.25

COMMUNICATIONS
	2,708,681		AT&T, Inc		112,410		0.66
	4,177,733		Royal KPN NV		69,312		0.40
			Other		600,219		3.49

					781,941		4.55

DEPOSITORY INSTITUTIONS
	2,702,661	e	ABN AMRO Holding NV		123,923		0.72
	2,091,859		Bank of America Corp		102,271		0.59
	6,899,280		Barclays plc		95,989		0.56
	2,473,908		Citigroup, Inc		126,887		0.74
	4,950,056		HSBC Holdings plc		90,638		0.53
	1,819,328		JPMorgan Chase & Co		88,146		0.51
	7,455,697		Royal Bank of Scotland Group plc		94,341		0.55
	9,727,418		UniCredito Italiano S.p.A		86,881		0.50
	1,933,627		Wells Fargo & Co		68,006		0.40
			Other		1,125,888		6.55

					2,002,970		11.65


46	2007 Semiannual Report § College Retirement Equities Fund	See notes to financial statements


SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	continued

CREF GLOBAL EQUITIES ACCOUNT § JUNE 30, 2007


	Shares		Company	Value (000)		% of net assets

EATING AND DRINKING PLACES
	16,888,512		Compass Group plc	$	116,616		0.68	%
			Other		89,233		0.52

					205,849		1.20

EDUCATIONAL SERVICES					4,993		0.03

ELECTRIC, GAS, AND SANITARY SERVICES					724,350		4.21

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
	584,325	*	Apple Computer, Inc		71,311		0.42
	3,279,048	*	Cisco Systems, Inc		91,321		0.53
	5,517,197		Intel Corp		131,089		0.76
			Other		712,222		4.14

					1,005,943		5.85

ENGINEERING AND MANAGEMENT SERVICES					49,949		0.29

FABRICATED METAL PRODUCTS					71,260		0.41

FOOD AND KINDRED PRODUCTS
	1,168,128		PepsiCo, Inc		75,753		0.44
			Other		457,962		2.66

					533,715		3.10
FOOD STORES
	7,866,341		Tesco plc		65,815		0.38
			Other		73,450		0.43

					139,265		0.81

FORESTRY					4,387		0.03

FURNITURE AND FIXTURES					16,841		0.10

FURNITURE AND HOME FURNISHINGS STORES					20,671		0.12

GENERAL BUILDING CONTRACTORS					123,491		0.72

GENERAL MERCHANDISE STORES					156,581		0.91

HEALTH SERVICES					143,000		0.83

HEAVY CONSTRUCTION, EXCEPT BUILDING
	1,197,104	e	Bouygues S.A.		100,300		0.58
			Other		55,856		0.33

					156,156		0.91

HOLDING AND OTHER INVESTMENT OFFICES
	2,129,978	e	iShares MSCI EAFE Index Fund		172,038		1.00
	703,265	e	iShares S&P Europe 350 Index Fund		82,233		0.48
	1,842,865	e	SPDR Trust Series 1		277,222		1.61
			Other		258,116		1.50

					789,609		4.59

HOTELS AND OTHER LODGING PLACES
	2,062,718		Accor S.A.		182,346		1.06
			Others		134,034		0.78

					316,380		1.84


See notes to financial statements	College Retirement Equities Fund § 2007 Semiannual Report	47


SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	continued

CREF GLOBAL EQUITIES ACCOUNT § JUNE 30, 2007


Shares			Company	Value (000)		% of net assets

INDUSTRIAL MACHINERY AND EQUIPMENT
	394,709	e	Alstom RGPT	$	65,819		0.39	%
	4,635,821		General Electric Co		177,459		1.03
	1,580,208		Hewlett-Packard Co		70,509		0.41
	885,635		International Business Machines Corp		93,213		0.54
			Other		404,047		2.35

					811,047		4.72

INSTRUMENTS AND RELATED PRODUCTS
	1,358,319		Johnson & Johnson		83,700		0.49
			Other		250,473		1.45

					334,173		1.94

INSURANCE AGENTS, BROKERS AND SERVICE
	2,547,024		Marsh & McLennan Cos, Inc		78,652		0.46
			Other		109,258		0.63

					187,910		1.09

INSURANCE CARRIERS
	974,921		American International Group, Inc		68,274		0.40
	230,372		Zurich Financial Services AG.		71,215		0.41
			Other		858,554		4.99

					998,043		5.80

JUSTICE, PUBLIC ORDER AND SAFETY					808		0.00	**

LEATHER AND LEATHER PRODUCTS					30,123		0.17

LOCAL AND INTERURBAN PASSENGER TRANSIT					4,434		0.03

LUMBER AND WOOD PRODUCTS					695		0.00	**

METAL MINING					286,601		1.67

MISCELLANEOUS MANUFACTURING INDUSTRIES					46,704		0.27

MISCELLANEOUS RETAIL					147,047		0.86

MOTION PICTURES					103,663		0.60

NONDEPOSITORY INSTITUTIONS					204,676		1.19

NONMETALLIC MINERALS, EXCEPT FUELS					27,473		0.16

OIL AND GAS EXTRACTION					489,965		2.85

PAPER AND ALLIED PRODUCTS
	2,543,559	*	Anglo American plc		149,337		0.87
			Other		57,220		0.33

					206,557		1.20

PERSONAL SERVICES					12,469		0.07


48	2007 Semiannual Report § College Retirement Equities Fund			See notes to financial statements


SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	continued

CREF GLOBAL EQUITIES ACCOUNT § JUNE 30, 2007


Shares			Company		Value (000)		% of net assets

PETROLEUM AND COAL PRODUCTS
	7,283,574		BP plc		$	87,638		0.51	%
	965,222		Chevron Corp			81,310		0.47
	2,240,315		ENI S.p.A.			81,228		0.47
	2,542,151		Exxon Mobil Corp			213,236		1.24
	1,248,560		Occidental Petroleum Corp			72,267		0.42
	1,801,064		Royal Dutch Shell plc (A Shares)			73,323		0.43
			Other			338,795		1.97

						947,797		5.51

PIPELINES, EXCEPT NATURAL GAS						12,361		0.07

PRIMARY METAL INDUSTRIES
	213,243	e	Vallourec			68,179		0.39
			Other			204,291		1.19

						272,470		1.58

PRINTING AND PUBLISHING						101,078		0.59

RAILROAD TRANSPORTATION						74,744		0.43

REAL ESTATE						283,637		1.65

RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS						49,370		0.29

SECURITY AND COMMODITY BROKERS						284,362		1.65

SOCIAL SERVICES						1,296		0.01

SPECIAL TRADE CONTRACTORS						2,165		0.01

STONE, CLAY, AND GLASS PRODUCTS						132,105		0.77

TEXTILE MILL PRODUCTS						2		0.00	**

TOBACCO PRODUCTS
	1,398,033		Altria Group, Inc			98,058		0.57
			Other			73,384		0.43

						171,442		1.00

TRANSPORTATION BY AIR						59,570		0.35

TRANSPORTATION EQUIPMENT
	804,583		Siemens AG.			115,218		0.67
			Other			499,209		2.90

						614,427		3.57

TRANSPORTATION SERVICES						21,463		0.12

TRUCKING AND WAREHOUSING						118,987		0.69

WATER TRANSPORTATION						55,309		0.32

WHOLESALE TRADE-DURABLE GOODS						75,357		0.44

WHOLESALE TRADE-NONDURABLE GOODS						144,245		0.84

			TOTAL COMMON STOCKS	(Cost $15,498,866)		17,068,410		99.25


See notes to financial statements	College Retirement Equities Fund § 2007 Semiannual Report			49


SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	concluded

CREF GLOBAL EQUITIES ACCOUNT § JUNE 30, 2007

Shares

Company

Value
(000)

% of net
assets

WARRANTS

HOTELS AND OTHER LODGING PLACES

335

0.00

% **

REAL ESTATE

0.00

TOTAL WARRANTS

(Cost $26)

350

0.00


	Principal	Issuer

SHORT-TERM INVESTMENTS

CERTIFICATES OF DEPOSIT				20,000	0.11

COMMERCIAL PAPER				491,465	2.86

U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES
$	125,700,000	Federal Home Loan Bank (FHLB)	0.000%, 07/18/07–07/30/07	125,283	0.73
	225,914,000	Federal Home Loan Mortgage Corp
		(FHLMC)	0.000%, 07/02/07–09/17/07	225,325	1.31
	217,505,000	Federal National Mortgage Association
		(FNMA)	0.000%, 07/20/07–09/28/07	216,289	1.26

				566,897	3.30

Shares

Company

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED

488,809,528

State Street Navigator Securities Lending Prime Portfolio

488,810

2.84

488,810

2.84

TOTAL SHORT-TERM INVESTMENTS

(Cost $1,567,030)

(includes $1,543,810 of cash collateral for securities on loan)

1,567,172

9.11

TOTAL PORTFOLIO

(Cost $17,065,922)

18,635,932

108.36

OTHER ASSETS & LIABILITIES, NET

(1,438,540

)

(8.36

)

NET ASSETS

17,197,392

100.00


ABBREVIATIONS:

ADR	American Depositary Receipt
plc	Public Limited Company
SPDR	Standard & Poor’s Depository Receipt


*	Non-income producing.

**	Percentage represents less than 0.01%.

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

Cost amounts are in thousands.


50	2007 Semiannual Report § College Retirement Equities Fund			See notes to financial statements

SUMMARY OF MARKET VALUES BY COUNTRY (UNAUDITED)

CREF GLOBAL EQUITIES ACCOUNT § JUNE 30, 2007


Country	Value		% of market value

DOMESTIC
UNITED STATES	$	9,756,478,501		52.35	%

TOTAL DOMESTIC		9,756,478,501		52.35

FOREIGN
ARGENTINA		1,427,916		0.01
AUSTRALIA		363,007,357		1.95
AUSTRIA		44,048,226		0.24
BELGIUM		69,019,996		0.37
BRAZIL		36,176,915		0.19
CANADA		539,476,257		2.89
CAYMAN ISLANDS		25,690,558		0.14
CHINA		2,554,750		0.01
CROATIA		4,162,500		0.02
DENMARK		42,728,888		0.23
FINLAND		153,655,755		0.82
FRANCE		1,081,283,144		5.80
GERMANY		664,797,645		3.57
GREECE		31,747,296		0.17
HONG KONG		191,754,742		1.03
INDIA		27,449,432		0.15
INDONESIA		15,672,173		0.08
IRELAND		116,276,014		0.62
ISRAEL		70,259,063		0.38


Country	Value		% of market value

ITALY	$	305,103,792		1.64	%
JAPAN		1,391,326,986		7.47
KAZAKHSTAN		2,677,584		0.01
MALAYSIA		73,758,541		0.40
MEXICO		2,583,000		0.01
NETHERLANDS		467,460,370		2.51
NEW ZEALAND		11,186,646		0.06
NORWAY		99,565,465		0.53
PHILIPPINES		60,594,627		0.33
PORTUGAL		12,332,690		0.07
RUSSIA		34,913,837		0.19
SINGAPORE		184,243,935		0.99
SOUTH KOREA		16,444,572		0.09
SPAIN		231,835,901		1.24
SWEDEN		142,331,950		0.76
SWITZERLAND		503,060,895		2.70
TAIWAN		25,791,541		0.14
THAILAND		36,551,751		0.20
TURKEY		1,601,730		0.01
UNITED KINGDOM		1,794,898,796		9.63

TOTAL FOREIGN		8,879,453,236		47.65


TOTAL PORTFOLIO	$	18,635,931,737		100.00	%


See notes to financial statements	College Retirement Equities Fund § 2007 Semiannual Report	51

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)

CREF GROWTH ACCOUNT § JUNE 30, 2007


Shares			Company		Value (000)	% of net assets

COMMON STOCKS

AMUSEMENT AND RECREATION SERVICES
	436,300		Nintendo Co Ltd	$	159,181	1.27	%
			Other		70,335	0.56

					229,516	1.83

APPAREL AND ACCESSORY STORES					60,311	0.48

APPAREL AND OTHER TEXTILE PRODUCTS					71,449	0.57

AUTO REPAIR, SERVICES AND PARKING					1,859	0.01

AUTOMOTIVE DEALERS AND SERVICE STATIONS					7,462	0.06

BUILDING MATERIALS AND GARDEN SUPPLIES
	3,045,734		Lowe’s Cos, Inc		93,474	0.75
			Other		16,878	0.13

					110,352	0.88

BUSINESS SERVICES
	5,364,699	*	Adobe Systems, Inc		215,393	1.72
	4,702,661	*	eBay, Inc		151,332	1.21
	686,435	*	Google, Inc (Class A)		359,266	2.87
	3,026,992	*	Intuit, Inc		91,052	0.73
	5,749,636		Microsoft Corp		169,442	1.35
	3,178,398		Omnicom Group, Inc		168,201	1.34
	5,024,700	*	Oracle Corp		99,037	0.79
	3,483,475	*	Yahoo!, Inc		94,507	0.75
			Other		330,503	2.64

					1,678,733	13.40

CHEMICALS AND ALLIED PRODUCTS
	3,665,418		Abbott Laboratories		196,283	1.57
	2,479,909		Colgate-Palmolive Co		160,822	1.28
	1,900,769	*	Genentech, Inc		143,812	1.15
	4,994,228	*	Gilead Sciences, Inc		193,626	1.54
	3,722,817		Merck & Co, Inc		185,396	1.48
	3,404,941	e	Monsanto Co		229,970	1.84
	5,623,772		Schering-Plough Corp		171,188	1.37
	4,039,469		Teva Pharmaceutical Industries Ltd (ADR)		166,628	1.33
			Other		375,055	2.99

					1,822,780	14.55

COAL MINING					9,447	0.08

COMMUNICATIONS
	2,073,677		AT&T, Inc		86,058	0.69
	3,483,259	*	Comcast Corp (Class A)		97,949	0.78
			Other		176,558	1.41

					360,565	2.88

DEPOSITORY INSTITUTIONS					91,416	0.73

EATING AND DRINKING PLACES					23,763	0.19

EDUCATIONAL SERVICES					28,848	0.23


52	2007 Semiannual Report § College Retirement Equities Fund	See notes to financial statements


SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	continued

CREF GROWTH ACCOUNT § JUNE 30, 2007


Shares			Company	Value (000)		% of net assets

ELECTRIC, GAS, AND SANITARY SERVICES				$	99,577		0.79	%

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
	2,206,792	*	Apple Computer, Inc		269,317		2.15
	13,057,945	*	Cisco Systems, Inc		363,664		2.90
	2,589,807		Cooper Industries Ltd (Class A)		147,852		1.18
	8,773,938		Intel Corp		208,469		1.67
	2,575,213		Maxim Integrated Products, Inc		86,038		0.69
	6,187,689		Qualcomm, Inc		268,484		2.14
	477,614	*	Research In Motion Ltd		95,518		0.76
			Other		401,824		3.21

					1,841,166		14.70

ENGINEERING AND MANAGEMENT SERVICES
	2,743,158	e*	Celgene Corp		157,265		1.26
	843,974	e	Fluor Corp		93,993		0.75
			Other		60,658		0.48

					311,916		2.49

FABRICATED METAL PRODUCTS					11,556		0.09

FOOD AND KINDRED PRODUCTS
	3,018,865		PepsiCo, Inc		195,774		1.56
			Other		53,447		0.43

					249,221		1.99

FOOD STORES					6,530		0.05

FORESTRY					139		0.00	**

FURNITURE AND FIXTURES					7,167		0.06

FURNITURE AND HOME FURNISHINGS STORES					65,333		0.52

GENERAL BUILDING CONTRACTORS					1,090		0.01


GENERAL MERCHANDISE STORES
	2,063,385	e	Target Corp		131,231		1.05
			Other		50,211		0.40

					181,442		1.45

HEALTH SERVICES					135,071		1.08

HEAVY CONSTRUCTION, EXCEPT BUILDING					2,518		0.02

HOLDING AND OTHER INVESTMENT OFFICES					84,626		0.68


HOTELS AND OTHER LODGING PLACES
	4,013,908		Hilton Hotels Corp		134,346		1.07
			Other		130,957		1.05

					265,303		2.12


INDUSTRIAL MACHINERY AND EQUIPMENT
	1,108,313		Caterpillar, Inc		86,781		0.69
	5,095,083		Hewlett-Packard Co		227,343		1.82
	3,631,715		International Game Technology		144,179		1.15
			Other		356,298		2.84

					814,601		6.50


See notes to financial statements	College Retirement Equities Fund § 2007 Semiannual Report	53


SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	continued

CREF GROWTH ACCOUNT § JUNE 30, 2007



Shares		Company	Value (000)		% of net assets

INSTRUMENTS AND RELATED PRODUCTS
892,363		Alcon, Inc	$	120,389		0.96	%
4,962,963		Emerson Electric Co		232,267		1.85
961,174	e*	Zimmer Holdings, Inc		81,594		0.65
		Other		285,448		2.28

				719,698		5.74

INSURANCE AGENTS, BROKERS AND SERVICE				1,169		0.01

INSURANCE CARRIERS				174,081		1.39

JUSTICE, PUBLIC ORDER AND SAFETY				1,298		0.01

LEATHER AND LEATHER PRODUCTS
1,807,366	*	Coach, Inc		85,651		0.68
		Other		1,144		0.01

				86,795		0.69

METAL MINING				14,948		0.12

MISCELLANEOUS MANUFACTURING INDUSTRIES				2,032		0.02

MISCELLANEOUS RETAIL
6,469,069		CVS Corp		235,798		1.88
		Other		72,110		0.58

				307,908		2.46

MOTION PICTURES				25,259		0.20

NONDEPOSITORY INSTITUTIONS
2,374,500		American Express Co		145,272		1.16
		Other		96,800		0.77

				242,072		1.93

NONMETALLIC MINERALS, EXCEPT FUELS				4,774		0.04

OIL AND GAS EXTRACTION
823,562	*	National Oilwell Varco, Inc		85,848		0.69
1,635,715		Schlumberger Ltd		138,937		1.11
2,487,658	e	XTO Energy, Inc		149,508		1.19
		Other		138,389		1.10

				512,682		4.09

PAPER AND ALLIED PRODUCTS
2,069,616	*	Anglo American plc		121,511		0.97
		Other		6,134		0.05

				127,645		1.02

PERSONAL SERVICES				4,465		0.04

PETROLEUM AND COAL PRODUCTS				197,607		1.58

PRIMARY METAL INDUSTRIES				90,808		0.72

PRINTING AND PUBLISHING				13,314		0.11

RAILROAD TRANSPORTATION				51,264		0.41

REAL ESTATE				6,391		0.05


54	2007 Semiannual Report § College Retirement Equities Fund	See notes to financial statements


SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	concluded

CREF GROWTH ACCOUNT § JUNE 30, 2007


Shares		Company		Value (000)			% of net assets

RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS				$	81,501			0.65	%

SECURITY AND COMMODITY BROKERS
7,919,500		Charles Schwab Corp			162,508			1.30
315,202	e	Chicago Mercantile Exchange Holdings, Inc			168,431			1.34
621,103		Goldman Sachs Group, Inc			134,624			1.07
		Other			138,895			1.11

					604,458			4.82

SPECIAL TRADE CONTRACTORS					1,180			0.01

STONE, CLAY, AND GLASS PRODUCTS					22,990			0.18

TOBACCO PRODUCTS					31,404			0.25

TRANSPORTATION BY AIR					17,790			0.14

TRANSPORTATION EQUIPMENT
2,298,060		Boeing Co			220,981			1.77
2,579,323		United Technologies Corp			182,951			1.46
		Other			117,955			0.94

					521,887			4.17

TRANSPORTATION SERVICES					7,157			0.06

TRUCKING AND WAREHOUSING					30,308			0.24

WATER TRANSPORTATION					4,325			0.03

WHOLESALE TRADE-DURABLE GOODS					10,578			0.08

WHOLESALE TRADE-NONDURABLE GOODS					23,332			0.19

		TOTAL COMMON STOCKS	(Cost $10,890,175)		12,514,877			99.89

SHORT-TERM INVESTMENTS

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
546,240,340		State Street Navigator Securities Lending Prime Portfolio			546,240			4.36

					546,240			4.36

		TOTAL SHORT-TERM INVESTMENTS	(Cost $546,240)		546,240			4.36


		TOTAL PORTFOLIO	(Cost $11,436,415)		13,061,117			104.25

		OTHER ASSETS & LIABILITIES, NET			(531,874	)		(4.25	)

		NET ASSETS		$	12,529,243			100.00	%



ABBREVIATIONS:

ADR	American Depositary Receipt
plc	Public Limited Company


*	Non-income producing.

**	Percentage represents less than 0.01%.

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

Cost amounts are in thousands.


See notes to financial statements	College Retirement Equities Fund § 2007 Semiannual Report	55


SUMMARY OF MARKET VALUES BY COUNTRY (UNAUDITED)

CREF GROWTH ACCOUNT § JUNE 30, 2007


Country	Value		% of market value

DOMESTIC
UNITED STATES	$	12,186,863,469		93.31	%

TOTAL DOMESTIC		12,186,863,469		93.31


FOREIGN
CANADA		11,939,643		0.09
FINLAND		49,877,114		0.38
FRANCE		104,308,028		0.80
ISRAEL		166,628,096		1.28
JAPAN		159,181,182		1.22
MEXICO		80,577,123		0.62
NETHERLANDS		11,491,132		0.09
SWITZERLAND		15,073,084		0.11
TAIWAN		13,368,243		0.10
UNITED KINGDOM		261,810,158		2.00

TOTAL FOREIGN		874,253,803		6.69


TOTAL PORTFOLIO	$	13,061,117,272		100.00	%


56	2007 Semiannual Report § College Retirement Equities Fund	See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)

CREF EQUITY INDEX ACCOUNT § JUNE 30, 2007


	Shares		Company		Value (000)	% of net assets

COMMON STOCKS

AGRICULTURAL PRODUCTION-CROPS				$	573	0.01	%

AGRICULTURAL PRODUCTION-LIVESTOCK					1,719	0.01

AGRICULTURAL SERVICES					189	0.00	**

AMUSEMENT AND RECREATION SERVICES
	1,401,024		Walt Disney Co		47,831	0.40
			Other		29,319	0.24

					77,150	0.64

APPAREL AND ACCESSORY STORES					80,103	0.67

APPAREL AND OTHER TEXTILE PRODUCTS					24,549	0.20

AUTO REPAIR, SERVICES AND PARKING					11,771	0.10

AUTOMOTIVE DEALERS AND SERVICE STATIONS					21,847	0.18

BUILDING MATERIALS AND GARDEN SUPPLIES
	1,392,282		Home Depot, Inc		54,786	0.45
			Other		37,181	0.31

					91,967	0.76

BUSINESS SERVICES
	162,101	*	Google, Inc (Class A)		84,840	0.70
	5,821,800		Microsoft Corp		171,568	1.43
	2,725,465	*	Oracle Corp		53,719	0.45
			Other		529,200	4.40

					839,327	6.98

CHEMICALS AND ALLIED PRODUCTS
	1,088,942		Abbott Laboratories		58,313	0.49
	819,785	e*	Amgen, Inc		45,326	0.38
	1,391,202	e	Bristol-Myers Squibb Co		43,906	0.37
	1,532,145	e	Merck & Co, Inc		76,301	0.63
	4,961,458		Pfizer, Inc		126,864	1.06
	2,226,034		Procter & Gamble Co		136,211	1.13
	950,853		Wyeth		54,522	0.45
			Other		519,986	4.32

					1,061,429	8.83

COAL MINING					21,688	0.18

COMMUNICATIONS
	4,358,755	e	AT&T, Inc		180,888	1.51
	2,087,831	e*	Comcast Corp (Class A)		58,710	0.49
	2,052,548		Verizon Communications, Inc		84,503	0.70
			Other		257,759	2.14

					581,860	4.84


See notes to financial statements	College Retirement Equities Fund § 2007 Semiannual Report	57


SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)		continued

CREF EQUITY INDEX ACCOUNT § JUNE 30, 2007


	Shares		Company		Value (000)	% of net assets

DEPOSITORY INSTITUTIONS
	3,137,164		Bank of America Corp	$	153,376	1.28	%
	3,498,146		Citigroup, Inc		179,420	1.49
	2,415,076		JPMorgan Chase & Co		117,010	0.97
	1,352,541	e	Wachovia Corp		69,318	0.58
	2,373,523		Wells Fargo & Co		83,477	0.69
			Other		441,207	3.67

					1,043,808	8.68

EATING AND DRINKING PLACES
	844,110		McDonald’s Corp		42,847	0.35
			Other		59,692	0.50

					102,539	0.85

EDUCATIONAL SERVICES					18,030	0.15

ELECTRIC, GAS, AND SANITARY SERVICES					476,089	3.96

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
	611,470	*	Apple Computer, Inc		74,624	0.62
	4,321,163	*	Cisco Systems, Inc		120,344	1.00
	4,107,539		Intel Corp		97,595	0.81
	1,178,362		Qualcomm, Inc		51,129	0.42
			Other		402,441	3.35

					746,133	6.20

ENGINEERING AND MANAGEMENT SERVICES					101,692	0.85

ENVIRONMENTAL QUALITY AND HOUSING					241	0.00	**

FABRICATED METAL PRODUCTS					63,149	0.53

FOOD AND KINDRED PRODUCTS
	1,600,057	e	Coca-Cola Co		83,699	0.70
	1,151,557		PepsiCo, Inc		74,678	0.62
			Other		211,530	1.76

					369,907	3.08

FOOD STORES					40,500	0.34

FORESTRY					14,590	0.12

FURNITURE AND FIXTURES					37,926	0.32

FURNITURE AND HOME FURNISHINGS STORES					22,827	0.19

GENERAL BUILDING CONTRACTORS					30,457	0.25

GENERAL MERCHANDISE STORES
	1,704,573		Wal-Mart Stores, Inc		82,007	0.68
			Other		109,747	0.91

					191,754	1.59

HEALTH SERVICES					157,273	1.31

HEAVY CONSTRUCTION, EXCEPT BUILDING					7,519	0.06

HOLDING AND OTHER INVESTMENT OFFICES					304,678	2.53

HOTELS AND OTHER LODGING PLACES					62,774	0.52


58	2007 Semiannual Report § College Retirement Equities Fund	See notes to financial statements


SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	continued

CREF EQUITY INDEX ACCOUNT § JUNE 30, 2007


Shares		Company	Value (000)		% of net assets

INDUSTRIAL MACHINERY AND EQUIPMENT
1,605,885	*	Dell, Inc	$	45,848		0.38	%
7,272,957		General Electric Co		278,409		2.31
1,892,096	e	Hewlett-Packard Co		84,425		0.70
1,049,696		International Business Machines Corp		110,480		0.92
		Other		305,061		2.54

				824,223		6.85

INSTRUMENTS AND RELATED PRODUCTS
2,047,663		Johnson & Johnson		126,177		1.05
		Other		381,187		3.17

				507,364		4.22

INSURANCE AGENTS, BROKERS AND SERVICE				53,972		0.45

INSURANCE CARRIERS
1,584,501		American International Group, Inc		110,963		0.92
947,362		UnitedHealth Group, Inc		48,448		0.40
		Other		420,768		3.50

				580,179		4.82

JUSTICE, PUBLIC ORDER AND SAFETY				3,753		0.03

LEATHER AND LEATHER PRODUCTS				18,915		0.16

LEGAL SERVICES				1,720		0.01

LOCAL AND INTERURBAN PASSENGER TRANSIT				2,285		0.02

LUMBER AND WOOD PRODUCTS				3,299		0.03

METAL MINING				47,444		0.39

MISCELLANEOUS MANUFACTURING INDUSTRIES
1,378,602	*	Tyco International Ltd		46,583		0.39
		Other		24,513		0.20

				71,096		0.59

MISCELLANEOUS RETAIL				160,806		1.34

MOTION PICTURES
2,676,875		Time Warner, Inc		56,321		0.47
		Other		81,350		0.68

				137,671		1.15

MUSEUMS, BOTANICAL, ZOOLOGICAL GARDENS				327		0.00	**

NONDEPOSITORY INSTITUTIONS
732,095		American Express Co		44,790		0.37
687,844		Fannie Mae		44,937		0.38
		Other		125,306		1.04

				215,033		1.79

NONMETALLIC MINERALS, EXCEPT FUELS				11,443		0.10


OIL AND GAS EXTRACTION
829,485		Schlumberger Ltd		70,457		0.59
		Other		294,086		2.44

				364,543		3.03


See notes to financial statements	College Retirement Equities Fund § 2007 Semiannual Report	59


SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	continued

CREF EQUITY INDEX ACCOUNT § JUNE 30, 2007


Shares		Company	Value (000)		% of net assets

PAPER AND ALLIED PRODUCTS			$	63,007		0.52	%

PERSONAL SERVICES				18,426		0.15

PETROLEUM AND COAL PRODUCTS
1,519,400		Chevron Corp		127,994		1.06
1,155,360		ConocoPhillips		90,696		0.75
3,995,486		Exxon Mobil Corp		335,141		2.79
		Other		205,211		1.71

				759,042		6.31

PIPELINES, EXCEPT NATURAL GAS				11,590		0.10

PRIMARY METAL INDUSTRIES				129,140		1.07

PRINTING AND PUBLISHING				69,535		0.58

RAILROAD TRANSPORTATION				76,958		0.64

REAL ESTATE				15,664		0.13

RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS				36,517		0.30

SECURITY AND COMMODITY BROKERS
283,045		Goldman Sachs Group, Inc		61,350		0.51
613,774		Merrill Lynch & Co, Inc		51,299		0.43
745,045		Morgan Stanley		62,494		0.52
		Other		212,883		1.77

				388,026		3.23

SOCIAL SERVICES				1,501		0.01

SPECIAL TRADE CONTRACTORS				8,280		0.07

STONE, CLAY, AND GLASS PRODUCTS
509,135	e	3M Co		44,188		0.37
		Other		15,163		0.12

				59,351		0.49

TEXTILE MILL PRODUCTS				676		0.01

TOBACCO PRODUCTS

1,486,883		Altria Group, Inc		104,290		0.87
		Other		20,947		0.17

				125,237		1.04

TRANSPORTATION BY AIR				61,121		0.51

TRANSPORTATION EQUIPMENT
556,658		Boeing Co		53,528		0.45
702,924		United Technologies Corp		49,858		0.41
		Other		198,434		1.65

				301,820		2.51

TRANSPORTATION SERVICES				21,529		0.18

TRUCKING AND WAREHOUSING				46,323		0.39

WATER TRANSPORTATION				32,816		0.27


60	2007 Semiannual Report § College Retirement Equities Fund	See notes to financial statements


SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	concluded

CREF EQUITY INDEX ACCOUNT § JUNE 30, 2007


Shares	Company			Value (000)			% of net assets

WHOLESALE TRADE-DURABLE GOODS				$	48,940			0.41	%

WHOLESALE TRADE-NONDURABLE GOODS					72,776			0.61

		TOTAL COMMON STOCKS	(Cost $8,345,567)		11,958,406			99.44

SHORT-TERM INVESTMENTS
U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES^†					18,906			0.16


INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
2,409,494,469		State Street Navigator Securities Lending Prime Portfolio			2,409,494			20.03

					2,409,494			20.03

		TOTAL SHORT-TERM INVESTMENTS	(Cost $2,428,397)		2,428,400			20.19


		TOTAL PORTFOLIO	(Cost $10,773,964)		14,386,806			119.63

		OTHER ASSETS & LIABILITIES, NET			(2,360,538	)		(19.63	)

		NET ASSETS		$	12,026,268			100.00	%


*	Non-income producing.

**	Percentage represents less than 0.01%.

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

†	Notes mature 07/05/07–07/26/07.

Cost amounts are in thousands.


See notes to financial statements	College Retirement Equities Fund § 2007 Semiannual Report	61

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)

CREF BOND MARKET ACCOUNT § JUNE 30, 2007


	Principal		Issuer		Rating^†		Value (000)	% of net assets

BONDS

CORPORATE BONDS

AMUSEMENT AND RECREATION SERVICES						$	4,143	0.06	%

ASSET BACKED
$	31,815,273	i	Chase Funding Mortgage Loan Asset-Backed Certificates
			Series 2003-6 (Class 1A7)	4.277%, 09/25/33	Aaa		30,208	0.44
	28,400,000	i	Citicorp Mortgage Securities, Inc
			Series 2006-1 (Class A3)	5.706%, 07/25/36	Aaa		28,224	0.41
	45,000,000		Household Automotive Trust Series 2006-3 (Class A4)	5.340%, 09/17/13	Aaa		44,975	0.65
	35,000,000		Hyundai Auto Receivables Trust
			Series 2006-A (Class A3)	5.130%, 06/15/10	Aaa		34,954	0.51
	40,000,000		Hyundai Auto Receivables Trust
			Series 2006-B (Class A4)	5.150%, 05/15/13	Aaa		39,655	0.57
	30,800,000		Nissan Auto Lease Trust Series 2006-A (Class A3)	5.110%, 03/15/10	Aaa		30,696	0.45
	30,000,000		Residential Funding Mortgage Securities II, Inc
			Series 2006-HI4 (Class A3)	5.440%, 09/25/36	Aaa		29,599	0.43
	29,810,170	v	Sonic Capital LLC Series 2006-1A (Class A2)	5.096%, 12/20/31	Aaa		29,120	0.42
	38,000,000		Volkswagen Auto Lease Trust Series 2006-A (Class A3)	5.500%, 09/21/09	Aaa		38,052	0.55
			Other				517,535	7.50

							823,018	11.93

BUILDING MATERIALS AND GARDEN SUPPLIES							12,706	0.18

CHEMICALS AND ALLIED PRODUCTS							16,219	0.24

COMMUNICATIONS							163,977	2.38

DEPOSITORY INSTITUTIONS
	41,800,000	g	Depfa ACS Bank	5.125%, 03/16/37	Aaa		38,302	0.56
			Other				234,585	3.40

							272,887	3.96

ELECTRIC, GAS, AND SANITARY SERVICES							123,553	1.79

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT							6,215	0.09

FOOD AND KINDRED PRODUCTS							41,428	0.60

FOOD STORES							10,635	0.15

FORESTRY							2,678	0.04

GENERAL BUILDING CONTRACTORS							3,251	0.05

GENERAL MERCHANDISE STORES							25,487	0.37

HEALTH SERVICES							3,533	0.05

HOLDING AND OTHER INVESTMENT OFFICES							34,336	0.50

HOTELS AND OTHER LODGING PLACES							1,735	0.03

INDUSTRIAL MACHINERY AND EQUIPMENT							19,522	0.28

INSTRUMENTS AND RELATED PRODUCTS							9,245	0.13

INSURANCE CARRIERS							81,363	1.18

METAL MINING							8,799	0.13


62	2007 Semiannual Report § College Retirement Equities Fund		See notes to financial statements


SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	continued

CREF BOND MARKET ACCOUNT § JUNE 30, 2007



	Principal		Issuer		Rating^†		Value (000)	% of net assets

MISCELLANEOUS MANUFACTURING INDUSTRIES						$	3,258	0.05	%

MISCELLANEOUS RETAIL							11,181	0.16

MOTION PICTURES							37,182	0.54

NONDEPOSITORY INSTITUTIONS
$	52,000,000	g	BA Covered Bond Issuer	5.500%, 06/14/12	Aaa		52,176	0.76
			Other				179,866	2.60

							232,042	3.36

OIL AND GAS EXTRACTION							90,065	1.31

OTHER MORTGAGE BACKED SECURITIES
	41,708,382		Citimortgage Alternative Loan Trust
			Series 2006-A1 (Class 2A1)	5.250%, 03/25/21	Aaa		40,496	0.59
			Other				448,634	6.50

							489,130	7.09

PAPER AND ALLIED PRODUCTS							5,297	0.08

PETROLEUM AND COAL PRODUCTS							16,472	0.24

PIPELINES, EXCEPT NATURAL GAS							25,875	0.38

PRIMARY METAL INDUSTRIES							1,003	0.01

PRINTING AND PUBLISHING							7,263	0.10

RAILROAD TRANSPORTATION							32,844	0.48

REAL ESTATE							1,717	0.02

RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS							1,740	0.03

SECURITY AND COMMODITY BROKERS							102,870	1.49

TRANSPORTATION BY AIR							9,749	0.14

TRANSPORTATION EQUIPMENT							41,736	0.60

WHOLESALE TRADE-DURABLE GOODS							10,523	0.15

WHOLESALE TRADE-NONDURABLE GOODS							14,203	0.21

			TOTAL CORPORATE BONDS (Cost $2,841,309)				2,798,880	40.58

GOVERNMENT BONDS

AGENCY SECURITIES
	73,660,000	e	Federal Home Loan Mortgage Corp
			(FHLMC)	4.000–6.000%, 08/17/07–06/27/16	Aaa		73,758	1.07
	104,200,000	e	FHLMC	4.875–5.500%, 09/16/08–08/20/12	Aaa		104,030	1.51
	36,399,000	e	FHLMC	5.875%, 03/21/11	Aa2		37,040	0.54
	31,500,000		Federal National Mortgage Association (FNMA)	5.250%, 12/03/07	Aaa		31,482	0.46
	79,000,000		FNMA	6.000%, 05/15/08	Aaa		79,445	1.15
	70,000,000	e	FNMA	5.000%, 09/15/08	Aaa		69,830	1.01
			Other				167,098	2.42

							562,683	8.16


See notes to financial statements	College Retirement Equities Fund § 2007 Semiannual Report	63


SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	continued

CREF BOND MARKET ACCOUNT § JUNE 30, 2007


	Principal		Issuer			Rating^†		Value (000)	% of net assets

FOREIGN GOVERNMENT BONDS
$	30,000,000	g	Hypothekenbank in Essen AG.		5.000%, 01/20/12	Aaa	$	29,605	0.43	%
			Other					164,773	2.39

								194,378	2.82
MORTGAGE BACKED SECURITIES
	30,432,274		Federal Home Loan Mortgage Corp (FHLMC)		6.000%, 09/15/16			30,621	0.44
	30,855,933	i	FHLMC		5.650%, 03/01/37			31,012	0.45
	39,397,750	i	FHLMC		5.803%, 03/01/37			39,467	0.57
	56,000,000	h	FHLMC		6.000%, 08/15/37			55,422	0.80
	64,496,239		Federal Home Loan Mortgage Corp Gold (FGLMC)		4.500%, 06/01/21			61,242	0.89
	30,036,434		FGLMC		5.500%, 12/01/33			29,108	0.42
	78,807,535		FGLMC		5.000%, 01/01/34			74,257	1.08
	29,960,872		FGLMC		5.500%, 06/01/35			28,964	0.42
	62,720,731		FGLMC		5.500%, 01/01/37			60,524	0.88
	37,748,302		FGLMC		5.500%, 04/01/37			36,408	0.53
	54,574,384		FGLMC		5.500%, 05/01/37			52,636	0.76
	56,958,969		Federal National Mortgage Association (FNMA)		5.000%, 11/01/33			53,653	0.78
	91,554,029		FNMA		5.000%, 08/01/34			86,146	1.25
	90,510,226		FNMA		5.500%, 02/01/35			87,695	1.27
	33,159,907		FNMA		5.500%, 04/01/35			32,105	0.46
	36,381,745		FNMA		5.500%, 09/01/35			35,250	0.51
	67,745,371	i	FNMA		5.896%, 11/01/36			68,020	0.99
	61,844,647		FNMA		6.000%, 06/01/37			61,207	0.89
	213,000,000	h	FNMA		6.000%, 08/25/37			210,537	3.05
	165,000,000	h	FNMA		6.500%, 08/25/37			166,392	2.41
	68,000,000	h	Government National Mortgage Association (GNMA)		5.500%, 08/15/37			65,939	0.96
			Other					1,053,858	15.28

								2,420,463	35.09

MUNICIPAL BONDS								1,919	0.03

U.S. TREASURY SECURITIES
	282,505,000	d,e	United States Treasury Bond		8.000%, 11/15/21			361,612	5.24
	44,400,000	e	United States Treasury Bond		5.250%, 02/15/29			44,752	0.65
	87,525,000	e	United States Treasury Note	4.375–5.125%, 01/31/08–06/30/12				87,068	1.26
	49,435,000	e	United States Treasury Note		5.000%, 07/31/08			49,431	0.72
	64,260,000	e	United States Treasury Note		4.625%, 02/29/12			63,454	0.92
	45,069,000	e	United States Treasury Note		4.750%, 05/31/12			44,719	0.65
	116,485,000	e	United States Treasury Note		4.500%, 05/15/17			111,716	1.62
			Other					26,963	0.39

								789,715	11.45

			TOTAL GOVERNMENT BONDS (Cost $4,033,078)					3,969,158	57.55

			TOTAL BONDS (Cost $6,874,387)					6,768,038	98.13

PREFERRED STOCKS
DEPOSITORY INSTITUTIONS								3,452	0.05

			TOTAL PREFERRED STOCKS (Cost $3,350)					3,452	0.05

			TOTAL TIAA-CREF MUTUAL FUNDS (Cost $4,013)					4,268	0.06

2007 Semiannual Report § College Retirement Equities Fund

See notes to financial statements


SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	concluded

CREF BOND MARKET ACCOUNT § JUNE 30, 2007


	Principal			Issuer		Value (000)			% of net assets

SHORT-TERM INVESTMENTS

COMMERCIAL PAPER
$	28,000,000		d	Cargill Global Funding plc	0.000%, 07/30/07	$	27,885			0.40	%
	28,000,000		d	Dresdner US Finance, Inc	0.000%, 07/05/07		27,988			0.41
	28,000,000		d	Emerson Electric Co	0.000%, 07/17/07		27,938			0.41
	28,000,000		d	Harrier Finance Funding LLC	0.000%, 09/21/07		27,666			0.40
	28,000,000		d	Park Avenue Receivables Corp	0.000%, 07/18/07		27,933			0.40
				Other			428,763			6.22

							568,173			8.24

U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES
	38,000,000	d,e		Federal Home Loan Mortgage Corp (FHLMC)	0.000%, 07/25/07		37,876			0.55

							37,876			0.55

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
	1,053,268,000			Bank of New York Institutional Cash Reserves Fund	5.399%, 07/02/07		1,053,424			15.27

							1,053,424			15.27

				TOTAL SHORT-TERM INVESTMENTS (Cost $1,659,406)			1,659,473			24.06


				TOTAL PORTFOLIO (Cost $8,541,156)			8,435,231			122.30

				OTHER ASSETS & LIABILITIES, NET			(1,538,021	)		(22.30	)

				NET ASSETS		$	6,897,210			100.00	%



ABBREVIATIONS:

LLC Limited Liability Company
plc Public Limited Company


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

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

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

	At June 30, 2007, the value of these securities amounted to $120,082,526 or 1.74% of net assets.

h	These securities were purchased on a delayed delivery basis.

i	Floating rate or variable rate securities reflects the rate in effect as of June 30, 2007.

v	Security valued at fair value.

†	As provided by Moody’s Investors Service.


Cost amounts are in thousands.

For ease of presentation, we have grouped a number of industry classification categories together in the 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 § 2007 Semiannual Report	65

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)

CREF INFLATION-LINKED BOND ACCOUNT § JUNE 30, 2007


							Value	% of net
	Principal		Issuer				(000)	assets

GOVERNMENT BONDS

U.S. TREASURY SECURITIES
$	274,678,988	k	United States Treasury Inflation Indexed Bond		2.375%, 01/15/25	$	264,093	6.86	%
	178,450,317	k	United States Treasury Inflation Indexed Bond		2.000%, 01/15/26		161,574	4.20
	82,589,173	e,k	United States Treasury Inflation Indexed Bond		2.375%, 01/15/27		79,315	2.06
	182,136,873	k	United States Treasury Inflation Indexed Bond		3.625%, 04/15/28		211,144	5.48
	209,434,160	k	United States Treasury Inflation Indexed Bond		3.875%, 04/15/29		252,892	6.57
	57,056,346	k	United States Treasury Inflation Indexed Bond		3.375%, 04/15/32		65,761	1.71
	174,775,891	k	United States Treasury Inflation Indexed Note		3.875%, 01/15/09		177,565	4.61
	123,055,042	k	United States Treasury Inflation Indexed Note		4.250%, 01/15/10		127,748	3.32
	293,608,634	k	United States Treasury Inflation Indexed Note		0.875%, 04/15/10		278,875	7.24
	124,991,628	k	United States Treasury Inflation Indexed Note		3.500%, 01/15/11		128,665	3.34
	182,575,113	k	United States Treasury Inflation Indexed Note		2.375%, 04/15/11		180,636	4.69
	68,946,642	k	United States Treasury Inflation Indexed Note		3.375%, 01/15/12		71,177	1.85
	81,466,629	e,k	United States Treasury Inflation Indexed Note		2.000%, 04/15/12		79,076	2.05
	238,677,857	k	United States Treasury Inflation Indexed Note		3.000%, 07/15/12		243,373	6.32
	222,635,410	k	United States Treasury Inflation Indexed Note		1.875%, 07/15/13		213,563	5.55
	229,423,156	k	United States Treasury Inflation Indexed Note		2.000%, 01/15/14		220,531	5.73
	205,932,496	k	United States Treasury Inflation Indexed Note		2.000%, 07/15/14		197,736	5.13
	206,132,732	e,k	United States Treasury Inflation Indexed Note		1.625%, 01/15/15		191,625	4.98
	178,903,356	k	United States Treasury Inflation Indexed Note		1.875%, 07/15/15		169,160	4.39
	175,170,742	k	United States Treasury Inflation Indexed Note		2.000%, 01/15/16		166,395	4.32
	175,482,743	e,k	United States Treasury Inflation Indexed Note		2.500%, 07/15/16		173,686	4.51
	151,857,524	e,k	United States Treasury Inflation Indexed Note		2.375%, 01/15/17		148,335	3.85

							3,802,925	98.76

			TOTAL GOVERNMENT BONDS		(Cost $3,869,503)		3,802,925	98.76

SHORT-TERM INVESTMENTS

COMMERCIAL PAPER
	4,560,000		Harrier Finance Funding LLC		0.000%, 07/02/07		4,560	0.12
	2,240,000		UBS Finance, (Delaware), Inc		0.000%, 07/02/07		2,240	0.06

							6,800	0.18


INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED REPURCHASED AGREEMENTS
	25,000,000		Bear Stearns & Co, Inc 5.320% Dated 06/29/2007,				25,004	0.65
			Due 07/02/2007 In the Amount of $25,003,694
			Fully Collateralized as follows:
			Federal Home Loan Bank (FHLB) 3.500%, 03/30/2010	$	25,568,490

			Total Market Value		25,568,490
	25,000,000		Citigroup Global Markets, Inc 5.200% Dated 06/29/2007,				25,003	0.65
			Due 07/02/2007 In the Amount of $25,003,611
			Fully Collateralized as follows:
			Federal National Mortgage Association (FNMA)
			0.000–5.625%, 08/08/2007–12/05/2011		25,528,779

			Total Market Value		25,528,779


66	2007 Semiannual Report § College Retirement Equities Fund	See notes to financial statements


SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	concluded

CREF INFLATION-LINKED BOND ACCOUNT § JUNE 30, 2007


	Principal	Issuer				Value (000)		% of net assets

REPURCHASED AGREEMENTS — continued
$	25,000,000	Credit Suisse (USA), Inc 5.280% Dated 06/29/2007,			$	25,004		0.65	%
		Due 07/02/2007 In the Amount of $25,003,667
		Fully Collateralized as follows:
		Federal Home Loan Bank (FHLB) 5.000%, 03/12/2010	$	25,502,488

		Total Market Value		25,502,488
	25,000,000	Goldman Sachs & Co, Inc 5.300% Dated 06/29/2007,				25,004		0.65
		Due 07/02/2007 In the Amount of $25,003,681
		Fully Collateralized as follows:
		Federal Home Loan Bank (FHLB) 4.875%, 12/13/2013		4,062,500
		Federal Home Loan Mortgage Corp (FHLMC)
		4.500%–4.750%, 01/15/2013–01/19/2016		8,918,417
		Federal National Mortgage Association (FNMA)
		5.000%–5.500%, 05/27/2011–03/26/2014		12,520,833

		Total Market Value		25,501,750
	25,000,000	Merrill Lynch & Co, Inc 5.310% Dated 06/29/2007,				25,004		0.65
		Due 07/02/2007 In the Amount of $25,003,688
		Fully Collateralized as follows:
		Federal Home Loan Bank (FHLB)
		5.100%–5.550%, 07/17/2009–05/12/2015		16,737,815
		Federal Home Loan Mortgage Corp (FHLMC)
		5.900%, 06/15/2022		4,093,515
		Federal National Mortgage Association (FNMA)
		5.570%, 02/22/2012		4,668,669

		Total Market Value		25,499,999
	17,460,000	Morgan Stanley & Co, Inc 5.350% Dated 06/29/2007,				17,462		0.45
		Due 07/02/2007 In the Amount of $17,462,595
		Fully Collateralized as follows:
		Federal Home Loan Bank (FHLB)
		0.000%–6.000%, 09/29/2008–07/21/2025		16,574,171
		Federal National Mortgage Association (FNMA)
		5.300%–6.930%, 09/17/2012–12/29/2023		1,235,653

		Total Market Value		17,809,824
						142,481		3.70

		TOTAL SHORT-TERM INVESTMENTS	(Cost $149,280)			149,281		3.88


		TOTAL PORTFOLIO	(Cost $4,018,783)			3,952,206		102.64

		OTHER ASSETS & LIABILITIES, NET				(101,604	)	(2.64	)

		NET ASSETS			$	3,850,602		100.00	%

ABBREVIATION:

LLC Limited Liability Company

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

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

Cost amounts are in thousands.


See notes to financial statements	College Retirement Equities Fund § 2007 Semiannual Report	67

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)

CREF SOCIAL CHOICE ACCOUNT § JUNE 30, 2007


				Value	% of net
	Principal	Issuer		(000)	assets


BONDS

CORPORATE BONDS

AMUSEMENT AND RECREATION SERVICES			$	1,918	0.02	%

ASSET BACKED				406,314	4.42

BUILDING MATERIALS AND GARDEN SUPPLIES				12,373	0.13

CHEMICALS AND ALLIED PRODUCTS				19,347	0.21

COMMUNICATIONS				54,910	0.60

DEPOSITORY INSTITUTIONS				194,073	2.11

EATING AND DRINKING PLACES				5,028	0.06

ELECTRIC, GAS, AND SANITARY SERVICES				81,923	0.89

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT				8,595	0.09

FABRICATED METAL PRODUCTS				6,041	0.07

FOOD AND KINDRED PRODUCTS				34,647	0.38

FOOD STORES				5,277	0.06

FURNITURE AND FIXTURES				3,765	0.04

GENERAL BUILDING CONTRACTORS				10,236	0.11

GENERAL MERCHANDISE STORES				4,795	0.05

HEALTH SERVICES				1,514	0.02

HOLDING AND OTHER INVESTMENT OFFICES				26,119	0.28

INDUSTRIAL MACHINERY AND EQUIPMENT				15,342	0.17

INSTRUMENTS AND RELATED PRODUCTS				31,144	0.34

INSURANCE CARRIERS				75,670	0.82

MISCELLANEOUS MANUFACTURING INDUSTRIES				4,828	0.05

MISCELLANEOUS RETAIL				6,992	0.08

MOTION PICTURES				16,970	0.19

NONDEPOSITORY INSTITUTIONS				72,324	0.79

OIL AND GAS EXTRACTION				47,965	0.52

OTHER MORTGAGE BACKED SECURITIES				260,445	2.84

PAPER AND ALLIED PRODUCTS				4,814	0.05

PETROLEUM AND COAL PRODUCTS				7,487	0.08

PIPELINES, EXCEPT NATURAL GAS				2,612	0.03

PRINTING AND PUBLISHING				10,331	0.11

RAILROAD TRANSPORTATION				11,906	0.13

REAL ESTATE				981	0.01


68	2007 Semiannual Report § College Retirement Equities Fund	See notes to financial statements


SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	continued

CREF SOCIAL CHOICE ACCOUNT § JUNE 30, 2007


							Value		% of net
	Principal		Issuer			Rating^†	(000)		assets

SECURITY AND COMMODITY BROKERS							$	44,512	0.49	%

SOCIAL SERVICES								11,090	0.12

STONE, CLAY, AND GLASS PRODUCTS								4,660	0.05

TRANSPORTATION BY AIR								10,712	0.12

TRANSPORTATION EQUIPMENT								5,088	0.06

TRANSPORTATION SERVICES								6,564	0.07

TRUCKING AND WAREHOUSING								4,804	0.05

WHOLESALE TRADE-DURABLE GOODS								2,929	0.03

WHOLESALE TRADE-NONDURABLE GOODS								16,545	0.18

TOTAL CORPORATE BONDS				(Cost $1,580,821)				1,553,590	16.92


GOVERNMENT BONDS

AGENCY SECURITIES
	$40,435,000		Private Export Funding Corp		4.550%, 05/15/15	Aaa		38,220	0.41
			Other					258,796	2.82

								297,016	3.23

FOREIGN GOVERNMENT BONDS								114,380	1.25


MORTGAGE BACKED SECURITIES
	45,631,901		Federal National Mortgage Association (FNMA)		5.000%, 11/01/33			42,984	0.47
	32,507,193		FNMA		5.500%, 02/01/35			31,496	0.34
	38,811,832	i	FNMA		5.743%, 09/01/36			38,811	0.42
	36,591,509	i	FNMA		5.903%, 01/01/37			36,542	0.40
	91,000,000	h	FNMA		6.000%, 08/25/37			89,948	0.98
	50,000,000	h	FNMA		6.500%, 08/25/37			50,422	0.55
			Other					1,035,780	11.28

								1,325,983	14.44

MUNICIPAL BONDS								102,247	1.11


U.S. TREASURY SECURITIES
	64,986,000	e	United States Treasury Bond		8.000%, 11/15/21			83,183	0.91
	51,935,000	e	United States Treasury Note		4.500%, 05/15/17			49,809	0.54
			Other					113,331	1.23

								246,323	2.68

TOTAL GOVERNMENT BONDS (Cost $2,125,306)								2,085,949	22.71

TOTAL BONDS (Cost $3,706,127)								3,639,539	39.63


	Shares		Company

PREFERRED STOCKS

COMMUNICATIONS								4,900	0.05

DEPOSITORY INSTITUTIONS								2,164	0.02

TOTAL PREFERRED STOCKS (Cost $7,167)								7,064	0.07


See notes to financial statements	College Retirement Equities Fund § 2007 Semiannual Report	69


SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	continued

CREF SOCIAL CHOICE ACCOUNT § JUNE 30, 2007


	Shares		Company		Value (000)	% of net assets

COMMON STOCKS

AMUSEMENT AND RECREATION SERVICES
	1,388,473		Walt Disney Co	$	47,402	0.52	%
			Other		2,829	0.03

					50,231	0.55

APPAREL AND ACCESSORY STORES					41,200	0.45

APPAREL AND OTHER TEXTILE PRODUCTS					3,958	0.04

AUTO REPAIR, SERVICES AND PARKING					1,252	0.01

AUTOMOTIVE DEALERS AND SERVICE STATIONS					4,907	0.05

BUILDING MATERIALS AND GARDEN SUPPLIES
	1,130,226		Home Depot, Inc		44,474	0.48
			Other		24,322	0.27

					68,796	0.75

BUSINESS SERVICES
	81,152	*	Google, Inc (Class A)		42,473	0.46
	3,926,024		Microsoft Corp		115,700	1.26
			Other		191,329	2.09

					349,502	3.81

CHEMICALS AND ALLIED PRODUCTS
	584,241	*	Amgen, Inc		32,303	0.35
	1,263,193		Merck & Co, Inc		62,907	0.69
	1,517,412		Procter & Gamble Co		92,850	1.01
			Other		306,744	3.34

					494,804	5.39

COMMUNICATIONS
	2,801,635		AT&T, Inc		116,268	1.27
	1,456,195		Verizon Communications, Inc		59,952	0.65
			Other		118,507	1.29

					294,727	3.21

DEPOSITORY INSTITUTIONS
	1,817,053		Bank of America Corp		88,836	0.97
	1,360,612		US Bancorp		44,832	0.49
	1,141,221		Wachovia Corp		58,488	0.63
	860,529		Washington Mutual, Inc		36,693	0.40
	1,861,674		Wells Fargo & Co		65,475	0.71
			Other		213,718	2.33

					508,042	5.53

EATING AND DRINKING PLACES
	998,301		McDonald’s Corp		50,674	0.55
			Other		24,273	0.27

					74,947	0.82

EDUCATIONAL SERVICES					186	0.00	**

ELECTRIC, GAS, AND SANITARY SERVICES					271,465	2.96


70	2007 Semiannual Report § College Retirement Equities Fund	See notes to financial statements


SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	continued

CREF SOCIAL CHOICE ACCOUNT § JUNE 30, 2007


Shares			Company	Value (000)		% of net assets

	ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
	335,694	*	Apple Computer, Inc	$	40,968		0.45	%
	2,678,727	*	Cisco Systems, Inc		74,603		0.81
	2,846,275		Intel Corp		67,627		0.74
	834,191		Qualcomm, Inc		36,196		0.39
			Other		125,334		1.36

					344,728		3.75

	ENGINEERING AND MANAGEMENT SERVICES				33,963		0.37

	FABRICATED METAL PRODUCTS				47,865		0.52

	FOOD AND KINDRED PRODUCTS
	956,954		PepsiCo, Inc		62,058		0.67
			Other		102,796		1.12

					164,854		1.79

	FOOD STORES				13,589		0.15

	FORESTRY				8,848		0.10

	FURNITURE AND FIXTURES				42,254		0.46

	FURNITURE AND HOME FURNISHINGS STORES				4,907		0.05

	GENERAL BUILDING CONTRACTORS				17,794		0.19

	GENERAL MERCHANDISE STORES
	539,125		Target Corp		34,288		0.37
			Other		41,365		0.45

					75,653		0.82

	HEALTH SERVICES
	433,608	*	WellPoint, Inc		34,615		0.38
			Other		40,793		0.44

					75,408		0.82

	HOLDING AND OTHER INVESTMENT OFFICES				129,836		1.41

	HOTELS AND OTHER LODGING PLACES				20,918		0.23

	INDUSTRIAL MACHINERY AND EQUIPMENT
	1,119,443	*	Dell, Inc		31,960		0.35
	1,300,123		Hewlett-Packard Co		58,012		0.63
	792,357		International Business Machines Corp		83,396		0.91
			Other		118,575		1.29

					291,943		3.18

	INSTRUMENTS AND RELATED PRODUCTS
	880,600		Emerson Electric Co		41,212		0.45
	1,448,395		Johnson & Johnson		89,250		0.97
	681,028		Medtronic, Inc		35,318		0.39
			Other		145,406		1.58

					311,186		3.39

	INSURANCE AGENTS, BROKERS AND SERVICE				24,144		0.26

	INSURANCE CARRIERS				222,658		2.42


See notes to financial statements	College Retirement Equities Fund § 2007 Semiannual Report	71


SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	continued

CREF SOCIAL CHOICE ACCOUNT § JUNE 30, 2007


Shares	Company	Value (000)		% of net assets

LEATHER AND LEATHER PRODUCTS		$	9,852		0.11	%

LEGAL SERVICES			137		0.00	**

LUMBER AND WOOD PRODUCTS			988		0.01

METAL MINING			5,235		0.06

MISCELLANEOUS MANUFACTURING INDUSTRIES			32,625		0.36

MISCELLANEOUS RETAIL			58,636		0.64

MOTION PICTURES
2,546,499	Time Warner, Inc		53,578		0.58
	Other		21,590		0.24

			75,168		0.82

NONDEPOSITORY INSTITUTIONS
783,871	American Express Co		47,957		0.52
621,967	Freddie Mac		37,753		0.41
	Other		38,091		0.42

			123,801		1.35

NONMETALLIC MINERALS, EXCEPT FUELS			15,233		0.17

OIL AND GAS EXTRACTION			220,133		2.40

PAPER AND ALLIED PRODUCTS			49,443		0.54

PERSONAL SERVICES			3,226		0.04

PETROLEUM AND COAL PRODUCTS
414,426	Apache Corp		33,813		0.37
492,084	Devon Energy Corp		38,525		0.42
409,796	Valero Energy Corp		30,268		0.33
	Other		93,980		1.02

			196,586		2.14

PIPELINES, EXCEPT NATURAL GAS			11,401		0.12

PRIMARY METAL INDUSTRIES			93,845		1.02

PRINTING AND PUBLISHING			55,126		0.60

RAILROAD TRANSPORTATION			35,892		0.39

REAL ESTATE			3,236		0.04

RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS			23,067		0.25

SECURITY AND COMMODITY BROKERS
241,276	Goldman Sachs Group, Inc		52,297		0.57
620,429	Merrill Lynch & Co, Inc		51,855		0.57
	Other		81,090		0.88

			185,242		2.02

SOCIAL SERVICES			416		0.00	**

SPECIAL TRADE CONTRACTORS			1,752		0.02


72	2007 Semiannual Report § College Retirement Equities Fund	See notes to financial statements


SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	continued

CREF SOCIAL CHOICE ACCOUNT § JUNE 30, 2007


	Shares	Company	Value (000)		% of net assets

STONE, CLAY, AND GLASS PRODUCTS
	514,744	3M Co	$	44,675		0.48	%
		Other		5,336		0.06

				50,011		0.54

TEXTILE MILL PRODUCTS				142		0.00	**

TRANSPORTATION BY AIR				35,620		0.39

TRANSPORTATION EQUIPMENT				63,467		0.69

TRANSPORTATION SERVICES				2,076		0.02

TRUCKING AND WAREHOUSING
	465,235	United Parcel Service, Inc (Class B)		33,962		0.37

				33,962		0.37

WATER TRANSPORTATION				3,340		0.04

WHOLESALE TRADE-DURABLE GOODS				37,835		0.41

WHOLESALE TRADE-NONDURABLE GOODS				27,886		0.30

		TOTAL COMMON STOCKS (Cost $3,556,947)		5,449,944		59.34


	Principal		Issuer

SHORT-TERM INVESTMENTS

COMMERCIAL PAPER							237,686	2.59	%

U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES
$	94,200,000	e	Federal Home Loan Bank (FHLB)	0.000%, 07/02/07–07/25/07			93,984	1.02
	243,190,000	d	Federal Home Loan Mortgage Corp
			(FHLMC)	0.000%, 07/20/07–09/10/07			241,881	2.64
	204,120,000	d	Federal National Mortgage Association
			(FNMA)	0.000%, 07/20/07–08/15/07			203,170	2.21

							539,035	5.87

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED

REPURCHASED AGREEMENTS
	50,000,000		Bear Stearns & Co, Inc 5.320% Dated 06/29/2007,				50,007	0.55
			Due 07/02/2007 In the Amount of $50,007,389
			Fully Collateralized as follows:
			Federal Home Loan Bank (FHLB) 3.500%, 03/30/2010		$	51,136,980

			Total Market Value			51,136,980
	25,000,000		Credit Suisse (USA), Inc 5.280% Dated 06/29/2007,				25,004	0.27
			Due 07/02/2007 In the Amount of $25,003,667
			Fully Collateralized as follows:
			Federal Home Loan Bank (FHLB) 5.000%, 03/12/2010			25,502,488

			Total Market Value			25,502,488


See notes to financial statements	College Retirement Equities Fund § 2007 Semiannual Report	73


SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	continued

CREF SOCIAL CHOICE ACCOUNT § JUNE 30, 2007


	Principal	Issuer				Value (000)		% of net assets

REPURCHASED AGREEMENTS — continued
$	25,000,000	Goldman Sachs & Co, Inc 5.300% Dated 06/29/2007,			$	25,004		0.27	%
		Due 07/02/2007 In the Amount of $25,003,681
		Fully Collateralized as follows:
		Federal Home Loan Bank (FHLB) 4.875%, 12/13/2013		4,062,500
		Federal Home Loan Mortgage Corp (FHLMC)
		4.500%–4.750%, 01/15/2013–01/19/2016		8,918,417
		Federal National Mortgage Association (FNMA)
		5.000%–5.500%, 05/27/2011–03/26/2014		12,520,833

		Total Market Value		25,501,750
	25,000,000	J.P. Morgan Chase 5.300% Dated 06/29/2007,				25,004		0.27
		Due 07/02/2007 In The Amount Of $25,003,681
		Fully Collateralized as follows:
		Federal National Mortgage Association (FNMA)
		0.000%–5.625%, 08/08/2007–12/05/2011	$	25,528,779

		Total Market Value		25,528,779
	75,000,000	Merrill Lynch & Co, Inc 5.310% Dated 06/29/2007,				75,011		0.82
		Due 07/02/2007 In the Amount of $75,011,063
		Fully Collateralized as follows:
		Federal Home Loan Bank (FHLB)
		5.100%–5.500%, 07/17/2009–05/12/2015		50,195,445
		Federal Home Loan Mortgage Corp (FHLMC)
		5.900%, 06/15/2022		12,280,546
		Federal National Mortgage Association (FNMA)
		5.570%, 02/22/2012		14,006,007

		Total Market Value		76,481,998
	35,822,000	Morgan Stanley & Co, Inc 5.350% Dated 06/29/2007,				35,827		0.39
		Due 07/02/2007 In The Amount Of $35,827,324
		Fully Collateralized as follows:
		Federal Home Loan Bank (FHLB)
		0.000%–6.000%, 09/29/2008–07/21/2025		34,004,579
		Federal National Mortgage Association (FNMA)
		5.300%–6.930%, 09/17/2012–12/29/2023		2,535,140

		Total Market Value		36,539,719
	160,000	Morgan Stanley & Co, Inc 5.350% Dated 06/29/2007,				160		0.00	**
		Due 07/02/2007 In The Amount Of $160,024
		Fully Collateralized as follows:
		Federal Home Loan Bank (FHLB)
		0.000%–6.000%, 09/29/2008–07/21/2025		151,883
		Federal National Mortgage Association (FNMA)
		5.300%–6.930%, 09/17/2012–12/29/2023		11,323

		Total Market Value		163,206

						236,017		2.57

		TOTAL SHORT-TERM INVESTMENTS (Cost $1,012,612)
		(includes $734,050 of cash collateral for securities on loan)				1,012,738		11.03


		TOTAL PORTFOLIO (Cost $8,282,853)				10,109,285		110.07

		OTHER ASSETS & LIABILITIES, NET				(925,135	)	(10.07	)

		NET ASSETS			$	9,184,150		100.00	%


74	2007 Semiannual Report § College Retirement Equities Fund	See notes to financial statements


SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)	concluded

CREF SOCIAL CHOICE ACCOUNT § JUNE 30, 2007



*	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.

i	Floating rate or variable rate securities reflects the rate in effect as of June 30, 2007.

†	As provided by Moody’s Investors Service.


Cost amounts are in thousands.

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


See notes to financial statements	College Retirement Equities Fund § 2007 Semiannual Report	75

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)

CREF MONEY MARKET ACCOUNT § JUNE 30, 2007


	Principal	Issuer		Value (000)		% of net assets

SHORT-TERM INVESTMENTS

ASSET BACKED				$	30,012		0.28	%


CERTIFICATES OF DEPOSIT
$	134,500,000	Abbey National plc	5.300%, 08/16/07–09/04/07		134,492		1.26
	117,000,000	American Express Centurion Bank	5.270–5.320%, 07/02/07–09/25/07		117,000		1.09
	150,000,000	Calyon	5.290–5.295%, 08/07/07–08/24/07		149,992		1.40
	190,000,000	Deutsche Bank	5.290–5.315%, 07/17/07–09/12/07		189,986		1.78
	141,230,000	Dexia Banque	5.285–5.300%, 08/17/07–09/12/07		141,219		1.32
	154,590,000	Royal Bank of Canada	5.300–5.310%, 09/05/07–10/25/07		154,576		1.45
		Other			343,598		3.21

					1,230,863		11.51

COMMERCIAL PAPER
	200,490,000	American Honda Finance Corp	0.000%, 07/10/07–09/18/07		199,605		1.87
	160,000,000	Atlantis One Funding Corp	0.000%, 07/20/07–09/25/07		158,515		1.48
	134,400,000	Barclays U.S. Funding Corp	0.000%, 07/10/07–11/05/07		133,214		1.25
	200,240,000	Beta Finance, Inc	0.000%, 07/16/07–10/22/07		198,752		1.86
	153,745,000	BMW US Capital Corp	0.000%, 07/13/07–08/23/07		152,994		1.43
	159,005,000	Canadian Imperial Holding, Inc	0.000%, 07/10/07–09/05/07		157,879		1.48
	200,531,000	CC (USA), Inc	0.000%, 07/10/07–09/13/07		199,345		1.86
	198,000,000	Ciesco LLC	0.000%, 07/03/07–09/12/07		196,785		1.84
	200,365,000	Citigroup Funding, Inc	0.000%, 07/09/07–09/24/07		198,882		1.86
	185,685,000	Coca-Cola Co	0.000%, 07/26/07–09/11/07		184,302		1.72
	196,000,000	Corporate Asset Funding Corp, Inc	0.000%, 07/06/07–09/07/07		194,977		1.82
	201,325,000	Danske Corp	0.000%, 07/06/07–10/30/07		199,184		1.86
	184,420,000	Dorada Finance, Inc	0.000%, 07/02/07–09/12/07		183,207		1.71
	156,490,000	Dresdner US Finance, Inc	0.000%, 07/24/07–09/26/07		155,204		1.45
	186,118,000	Edison Asset Securitization LLC	0.000%, 07/06/07–12/03/07		184,393		1.72
	177,600,000	General Electric Capital Corp	0.000%, 07/06/07–11/06/07		175,821		1.64
	110,000,000	Goldman Sachs Group LP	0.000%, 07/25/07–07/30/07		109,584		1.03
	200,190,000	Govco LLC	0.000%, 07/02/07–09/17/07		199,394		1.86
	141,000,000	Grampian Funding LLC	0.000%, 07/23/07–12/14/07		139,563		1.31
	135,260,000	Harrier Finance Funding LLC	0.000%, 07/17/07–09/21/07		134,351		1.26
	149,579,000	HBOS Treasury Services plc	0.000%, 07/03/07–09/25/07		148,548		1.39
	199,400,000	HSBC Finance Corp	0.000%, 07/19/07–09/14/07		198,090		1.85
	201,000,000	ING US Funding LLC	0.000%, 07/12/07–09/13/07		199,901		1.87
	160,485,000	Johnson & Johnson, Inc	0.000%, 07/11/07–09/24/07		159,397		1.49
	140,360,000	JPMorgan Chase & Co	0.000%, 07/23/07–09/19/07		139,287		1.30
	151,240,000	Kitty Hawk Funding Corp	0.000%, 07/12/07–09/19/07		150,334		1.41
	130,877,000	McGraw-Hill, Inc	0.000%, 07/13/07–11/27/07		128,822		1.20
	139,745,000	Morgan Stanley	0.000%, 08/16/07–08/22/07		138,738		1.30
	122,220,000	Nestle Capital Corp	0.000%, 07/09/07–09/11/07		121,418		1.14
	133,525,000	Old Line Funding LLC	0.000%, 07/09/07–09/06/07		132,807		1.24
	191,978,000	Park Avenue Receivables Corp	0.000%, 07/06/07–09/17/07		190,906		1.79
	197,645,000	Private Export Funding Corp	0.000%, 07/12/07–10/16/07		196,109		1.83
	200,000,000	Procter & Gamble International	0.000%, 07/20/07–09/27/07		198,157		1.85
	141,000,000	Ranger Funding Co LLC	0.000%, 07/03/07–09/10/07		140,182		1.31


76	2007 Semiannual Report § College Retirement Equities Fund	See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)

concluded

CREF MONEY MARKET ACCOUNT § JUNE 30, 2007


	Principal	Issuer			Value (000)		% of net assets

COMMERCIAL PAPER — continued
$	138,937,000	Scaldis Capital LLC		0.000%, 07/02/07–10/23/07	$	137,858		1.29	%
	181,720,000	Sedna Finance, Inc		0.000%, 07/05/07–11/30/07		179,878		1.68
	154,881,000	Sheffield Receivables Corp		0.000%, 07/06/07–07/24/07		154,503		1.44
	200,247,000	Sigma Finance, Inc		0.000%, 07/16/07–12/12/07		197,779		1.85
	166,850,000	Societe Generale North America, Inc		0.000%, 07/19/07–11/05/07		165,308		1.55
	171,435,000	Svensk Exportkredit AB		0.000%, 07/09/07–11/06/07		170,473		1.59
	200,500,000	Toyota Motor Credit Corp		0.000%, 07/03/07–09/21/07		199,731		1.87
	182,000,000	UBS Finance, (Delaware), Inc		0.000%, 07/12/07–10/23/07		180,579		1.69
	199,675,000	Yorktown Capital LLC		0.000%, 07/02/07–09/07/07		198,899		1.86
		Other				1,361,809		12.73

						8,645,464		80.83

U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES
	193,204,000	Federal Home Loan Mortgage Corp
		(FHLMC)		0.000%, 07/02/07–12/26/07		190,271		1.78
	206,116,000	Federal National Mortgage Association
		(FNMA)		0.000%, 07/11/07–12/14/07		203,947		1.90

						394,218		3.68

VARIABLE NOTES^†						366,806		3.43

		TOTAL SHORT-TERM INVESTMENTS (Cost $10,667,764)				10,667,363		99.73

			TOTAL PORTFOLIO (Cost $10,667,764)			10,667,363		99.73

		OTHER ASSETS & LIABILITIES, NET				28,440		0.27

				NET ASSETS	$	10,695,803		100.00	%



ABBREVIATIONS:

LLC	Limited Liability Company
LP	Limited Partnership
plc	Public Limited Company


†	Notes have a rate of 5.255%–5.411% and mature 09/27/07–05/06/08.


Cost amounts are in thousands.


See notes to financial statements	College Retirement Equities Fund § 2007 Semiannual Report	77

STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED)

COLLEGE RETIREMENT EQUITIES FUND § JUNE 30, 2007


(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		Social Choice Account		Money Market Account


ASSETS
Portfolio investments, at cost
Unaffiliated issuers	$	123,685,558	$	17,065,922	$	11,436,415	$	10,773,964	$	8,537,143	$	4,018,783	$	8,282,853	$	10,667,764
Affiliated issuers		211,826		—		—		—		4,013		—		—		—

Total portfolio investments, at cost		123,897,384		17,065,922		11,436,415		10,773,964		8,541,156		4,018,783		8,282,853		10,667,764

Portfolio investments, at value:
Unaffiliated issuers		147,895,845		18,635,932		13,061,117		14,386,806		8,430,963		3,952,206		10,109,285		10,667,363
Affiliated issuers		145,622		—		—		—		4,268		—		—		—

Total portfolio investments, at value
(including securities loaned of $8,594,590, $1,494,885, $533,580, $2,345,320, $1,038,614, $139,839, & $717,021, $— respectively)	$	148,041,467	$	18,635,932	$	13,061,117	$	14,386,806	$	8,435,231	$	3,952,206	$	10,109,285	$	10,667,363
Cash		—		2,295		6		—		—		—		524		—
Cash – foreign (cost of $65,562, $49,929, $1,212, $—, $—, $—, $— and $—, respectively)		65,624		49,985		1,234		—		—		—		—		—
Dividends and interest receivable		216,980		31,414		8,427		12,542		55,824		37,129		35,343		10,447
Receivable from securities sold		1,191,177		50,826		185,254		7,969		573,377		—		224,932		—
Amounts due from TIAA		38,987		5,258		12,821		34,850		8,302		3,815		9,003		18,521
Other		182		50		117		318		217		55		33		14

Total assets		149,554,417		18,775,760		13,268,976		14,442,485		9,072,951		3,993,205		10,379,120		10,696,345


LIABILITIES
Payable for collateral for securities loaned – Note 1		8,913,951		1,543,810		546,240		2,409,494		1,053,424		142,481		734,050		—
Amount due to banks		78,321		—		3,409		1,659		79		7		—		52
Amount due to investment advisor		4,121		556		400		322		208		113		260		270
Accumulation withdrawals payable		1,530		439		1		52		77		2		19		220
Payable for securities purchased		937,211		30,631		189,683		4,663		1,121,953		—		458,576		—
Payable for variation margin on open futures contracts		—		—		—		27		—		—		—		—
Other		28,540		2,932		—		—		—		—		2,065		—

Total liabilities		9,963,674		1,578,368		739,733		2,416,217		2,175,741		142,603		1,194,970		542


NET ASSETS:
Accumulation Fund	$	121,312,342	$	16,780,843	$	12,321,575	$	11,765,955	$	6,720,030	$	3,705,679	$	8,903,754	$	10,448,094
Annuity Fund		18,278,401		416,549		207,668		260,313		177,180		144,923		280,396		247,709

Total net assets	$	139,590,743	$	17,197,392	$	12,529,243	$	12,026,268	$	6,897,210	$	3,850,602	$	9,184,150	$	10,695,803


Accumulation units outstanding – Note 4		460,769		152,587		175,064		115,593		83,836		78,671		68,285		429,618

Net asset value per accumulation unit	$	263.28	$	109.97	$	70.39	$	101.76	$	80.16	$	47.12	$	130.40	$	24.31


78	2007 Semiannual Report § College Retirement Equities Fund	See notes to financial statements	See notes to financial statements	College Retirement Equities Fund § 2007 Semiannual Report	79

STATEMENTS OF OPERATIONS (UNAUDITED)

COLLEGE RETIREMENT EQUITIES FUND § JUNE 30, 2007


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


INVESTMENT INCOME
Interest	$	47,506		$	10,217		$	1,782		$	2,098		$	177,687		$	129,932		$	96,884	$	266,207
Dividends:
Unaffiliated issuers		1,506,430			207,355			66,956			106,244			104			—			50,150		—
Affiliated issuers		750			—			—			—			158			—			—		—
Foreign taxes withheld:
Unaffiliated issuers		(67,684	)		(16,660	)		(1,016	)		(2	)		—			—			—		—
Affiliated issuers		(4	)		—			—			—			—			—			—		—

Total income		1,486,998			200,912			67,722			108,340			177,949			129,932			147,034		266,207


EXPENSES – NOTE 2:
Administrative		205,601			24,433			18,831			17,678			10,223			5,853			13,481		15,128
Distribution		60,205			7,173			5,510			5,183			2,952			1,724			4,006		4,402
Investment Advisory		96,100			15,231			10,612			5,462			4,137			2,242			4,994		4,058
Mortality and expense risk charges		3,362			407			302			291			166			93			224		250

Total expenses		365,268			47,244			35,255			28,614			17,478			9,912			22,705		23,838


Net investment income (loss)		1,121,730			153,668			32,467			79,726			160,471			120,020			124,329		242,369


REALIZED AND UNREALIZED GAIN (LOSS) ON
TOTAL INVESTMENTS – NOTE 3
Net realized gain (loss) on:
Portfolio investments		9,353,996			1,294,095			873,682			250,531			(22,111	)		(3,357	)		161,067		—
Futures transactions		—			(1,108	)		150			(609	)		—			—			—		—
Foreign currency transactions		245			(1,604	)		(958	)		—			—			—			—		—

Net realized gain (loss) on total investments		9,354,241			1,291,383			872,874			249,922			(22,111	)		(3,357	)		161,067		—


Net change in unrealized appreciation (depreciation) on:
Portfolio investments		854,551			(66,455	)		102,632			447,999			(89,676	)		(65,218	)		56,309		(118	)
Futures transactions		—			(212	)		—			(113	)		—			—			—		—
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies		333			(4	)		101			—			—			—			—		—

Net change in unrealized appreciation (depreciation) on total investments		854,884			(66,671	)		102,733			447,886			(89,676	)		(65,218	)		56,309		(118	)

Net realized and unrealized gain (loss) on total investments		10,209,125			1,224,712			975,607			697,808			(111,787	)		(68,575	)		217,376		(118	)

Net increase (decrease) in net assets resulting from operations	$	11,330,855		$	1,378,380		$	1,008,074		$	777,534		$	48,684		$	51,445		$	341,705	$	242,251


80	2007 Semiannual Report § College Retirement Equities Fund	See notes to financial statements	See notes to financial statements	College Retirement Equities Fund § 2007 Semiannual Report	81

STATEMENTS OF CHANGES IN NET ASSETS

COLLEGE RETIREMENT EQUITIES FUND


	Stock Account						Global Equities Account						Growth Account

(amounts in thousands)	For the Six Months Ended June 30, 2007			For the Year Ended December 31, 2006			For the Six Months Ended June 30, 2007			For the Year Ended December 31, 2006			For the Six Months Ended June 30, 2007			For the Year Ended December 31, 2006

	(Unaudited)						(Unaudited)						(Unaudited)

FROM OPERATIONS
Net investment income	$	1,121,730		$	1,752,130		$	153,668		$	185,506		$	32,467		$	58,565
Net realized gain (loss) on total investments		9,354,241			12,865,279			1,291,383			1,458,738			872,874			624,264
Net change in unrealized appreciation (depreciation) on total investments		854,884			4,928,073			(66,671	)		766,404			102,733			(55,173	)

Net increase (decrease) in net assets resulting from operations		11,330,855			19,545,482			1,378,380			2,410,648			1,008,074			627,656


FROM PARTICIPANT TRANSACTIONS
Premiums		2,049,199			3,864,717			523,912			947,544			473,940			1,002,849
Net transfers from (to) TIAA		(309,031	)		(745,913	)		5,298			11,581			(3,760	)		(20,160	)
Net transfers from (to) other CREF Accounts and affiliated mutual funds		(1,457,043	)		(1,883,653	)		(42,432	)		745,141			(682,638	)		(1,284,901	)
Annuity payments		(1,015,315	)		(1,968,518	)		(29,690	)		(54,898	)		(14,562	)		(31,987	)
Withdrawals and death benefits		(2,104,553	)		(3,579,173	)		(312,273	)		(487,034	)		(237,301	)		(435,876	)

Net increase (decrease) in net assets resulting from participant transactions		(2,836,743	)		(4,312,540	)		144,815			1,162,334			(464,321	)		(770,075	)


Net increase (decrease) in net assets		8,494,112			15,232,942			1,523,195			3,572,982			543,753			(142,419	)

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

End of period	$	139,590,743		$	131,096,631		$	17,197,392		$	15,674,197		$	12,529,243		$	11,985,490


82	2007 Semiannual Report § College Retirement Equities Fund	See notes to financial statements	See notes to financial statements	College Retirement Equities Fund § 2007 Semiannual Report	83


STATEMENTS OF CHANGES IN NET ASSETS	continued

COLLEGE RETIREMENT EQUITIES FUND


	Equity Index Account						Bond Market Account						Inflation-Linked Bond Account

(amounts in thousands)	For the Six Months Ended June 30, 2007			For the Year Ended December 31, 2006			For the Six Months Ended June 30, 2007			For the Year Ended December 31, 2006			For the Six Months Ended June 30, 2007			For the Year Ended December 31, 2006

	(Unaudited)						(Unaudited)						(Unaudited)

FROM OPERATIONS
Net investment income	$	79,726		$	144,683		$	160,471		$	279,736		$	120,020		$	107,441
Net realized gain (loss) on total investments		249,922			125,029			(22,111	)		(49,031	)		(3,357	)		(16,014	)
Net change in unrealized appreciation (depreciation) on total investments		447,886			1,221,567			(89,676	)		14,483			(65,218	)		(97,374	)

Net increase (decrease) in net assets resulting from operations		777,534			1,491,279			48,684			245,188			51,445			(5,947	)


FROM PARTICIPANT TRANSACTIONS
Premiums		416,513			797,823			259,594			478,969			152,082			315,855
Net transfers from (to) TIAA		(525	)		(22,883	)		35,801			23,801			13,074			(18,605	)
Net transfers from (to) other CREF Accounts and affiliated mutual funds		(181,891	)		(423,255	)		319,443			148,119			(8,072	)		(322,644	)
Annuity payments		(22,102	)		(42,957	)		(17,279	)		(35,343	)		(12,132	)		(26,647	)
Withdrawals and death benefits		(245,831	)		(394,923	)		(143,866	)		(263,318	)		(89,557	)		(198,578	)

Net increase (decrease) in net assets resulting from participant transactions		(33,836	)		(86,195	)		453,693			352,228			55,395			(250,619	)


Net increase (decrease) in net assets		743,698			1,405,084			502,377			597,416			106,840			(256,566	)

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

End of period	$	12,026,268		$	11,282,570		$	6,897,210		$	6,394,833		$	3,850,602		$	3,743,762


84	2007 Semiannual Report § College Retirement Equities Fund	See notes to financial statements	See notes to financial statements	College Retirement Equities Fund § 2007 Semiannual Report	85


STATEMENTS OF CHANGES IN NET ASSETS	concluded

COLLEGE RETIREMENT EQUITIES FUND


	Social Choice Account						Money Market Account

(amounts in thousands)	For the Six Months Ended June 30, 2007			For the Year Ended December 31, 2006			For the Six Months Ended June 30, 2007			For the Year Ended December 31, 2006

	(Unaudited)						(Unaudited)

FROM OPERATIONS
Net investment income	$	124,329		$	215,743		$	242,369		$	393,754
Net realized gain (loss) on total investments		161,067			100,485			—			(37	)
Net change in unrealized appreciation (depreciation) on total investments		56,309			480,881			(118	)		344

Net increase (decrease) in net assets resulting from operations		341,705			797,109			242,251			394,061


FROM PARTICIPANT TRANSACTIONS
Premiums		317,448			607,389			616,417			1,059,375
Net transfers from (to) TIAA		(1,985	)		(24,280	)		218,186			497,361
Net transfers from (to) other CREF Accounts and affiliated mutual funds		(45,560	)		(165,177	)		560,320			1,074,294
Annuity payments		(18,111	)		(36,848	)		(30,500	)		(60,154	)
Withdrawals and death benefits		(142,243	)		(239,714	)		(481,388	)		(800,465	)

Net increase (decrease) in net assets resulting from participant transactions		109,549			141,370			883,035			1,770,411


Net increase (decrease) in net assets		451,254			938,479			1,125,286			2,164,472

NET ASSETS
Beginning of year		8,732,896			7,794,417			9,570,517			7,406,045

End of period	$	9,184,150		$	8,732,896		$	10,695,803		$	9,570,517


86	2007 Semiannual Report § College Retirement Equities Fund	See notes to financial statements	See notes to financial statements	College Retirement Equities Fund § 2007 Semiannual Report	87

FINANCIAL HIGHLIGHTS

COLLEGE RETIREMENT EQUITIES FUND


				For the Years Ended December 31,
	For the Six Months Ended June 30, 2007
	For the Six Months Ended June 30, 2007			2006			2005			2004			2003			2002

	(Unaudited)
STOCK ACCOUNT
Per Accumulation Unit Data:
Investment income	$	2.598		$	4.329		$	3.819		$	3.564		$	2.796		$	2.476
Expenses		0.502			1.095			0.901			0.717			0.746			0.638

Investment income-net		2.096			3.234			2.918			2.847			2.050			1.838
Net realized and unrealized gain (loss) on total investments		19.049			32.372			11.478			19.297			39.127			(35.535	)

Net increase (decrease) in Accumulation Unit Value		21.145			35.606			14.396			22.144			41.177			(33.697	)
Accumulation Unit Value:
Beginning of year		242.139			206.533			192.137			169.993			128.816			162.513

End of period	$	263.284		$	242.139		$	206.533		$	192.137		$	169.993		$	128.816

Total Return*		8.73	%(b)		17.24	%		7.49	%		13.03	%		31.97	%		(20.73	%)
Ratios to Average Net Assets:
Expenses		0.54	%(a)		0.49	%		0.46	%		0.41	%		0.52	%		0.44	%
Investment income-net		1.67	%(a)		1.44	%		1.49	%		1.63	%		1.43	%		1.28	%
Portfolio turnover rate		26.66	%(b)		50.79	%		58.24	%		57.85	%		47.46	%		31.19	%
Accumulation Units outstanding at end of period (in thousands)		460,769			469,488			484,028			494,584			499,306			493,295
Accumulation Fund Net Assets (in thousands)	$	121,312,342		$	113,675,149		$	99,967,674		$	95,028,020		$	84,878,666		$	63,544,534
Net Assets at end of period (in thousands)	$	139,590,743		$	131,096,631		$	115,863,689		$	110,781,826		$	99,624,341		$	75,551,091


GLOBAL EQUITIES ACCOUNT
Per Accumulation Unit Data:
Investment income	$	1.190		$	1.716		$	1.641		$	1.462		$	1.249		$	0.956
Expenses		0.204			0.481			0.397			0.323			0.325			0.281

Investment income-net		0.986			1.235			1.244			1.139			0.924			0.675
Net realized and unrealized gain (loss) on total investments		7.896			14.969			6.205			8.064			16.227			(14.853	)

Net increase (decrease) in Accumulation Unit Value		8.882			16.204			7.449			9.203			17.151			(14.178	)
Accumulation Unit Value:
Beginning of year		101.091			84.887			77.438			68.235			51.084			65.262

End of period	$	109.973		$	101.091		$	84.887		$	77.438		$	68.235		$	51.084

Total Return*		8.79	%(b)		19.09	%		9.62	%		13.49	%		33.57	%		(21.72	%)
Ratios to Average Net Assets:
Expenses		0.58	%(a)		0.52	%		0.50	%		0.46	%		0.57	%		0.49	%
Investment income-net		1.89	%(a)		1.35	%		1.57	%		1.62	%		1.60	%		1.18	%
Portfolio turnover rate		88.83	%(b)		137.49	%		136.83	%		74.13	%		139.61	%		95.70	%
Accumulation Units outstanding at end of period (in thousands)		152,587			151,295			139,042			129,787			117,021			104,438
Accumulation Fund Net Assets (in thousands)	$	16,780,843		$	15,293,183		$	11,802,797		$	10,050,446		$	7,984,938		$	5,335,182
Net Assets at end of period (in thousands)	$	17,197,392		$	15,674,197		$	12,101,215		$	10,311,276		$	8,204,411		$	5,497,690


*	Based on per accumulation data.

(a)	Annualized for periods less than one year.

(b)	Not annualized for periods less than one year.


88	2007 Semiannual Report § College Retirement Equities Fund	See notes to financial statements	See notes to financial statements	College Retirement Equities Fund § 2007 Semiannual Report	89


FINANCIAL HIGHLIGHTS	continued

COLLEGE RETIREMENT EQUITIES FUND


	For the Six Months Ended June 30, 2007			For the Years Ended December 31,

				2006			2005			2004			2003			2002

	(Unaudited)
GROWTH ACCOUNT
Per Accumulation Unit Data:
Investment income	$	0.316		$	0.625		$	0.520		$	0.672		$	0.606		$	0.488
Expenses		0.136			0.321			0.291			0.249			0.265			0.231

Investment income-net		0.180			0.304			0.229			0.423			0.341			0.257
Net realized and unrealized gain (loss) on total investments		5.406			3.066			2.935			3.005			11.572			(18.704	)

Net increase (decrease) in Accumulation Unit Value		5.586			3.370			3.164			3.428			11.913			(18.447	)
Accumulation Unit Value:
Beginning of year		64.800			61.430			58.266			54.838			42.925			61.372

End of period	$	70.386		$	64.800		$	61.430		$	58.266		$	54.838		$	42.925

Total Return*		8.62	%(b)		5.49	%		5.43	%		6.25	%		27.75	%		(30.06	%)
Ratios to Average Net Assets:
Expenses		0.58	%(a)		0.52	%		0.50	%		0.45	%		0.54	%		0.46	%
Investment income-net		0.54	%(a)		0.49	%		0.39	%		0.77	%		0.70	%		0.51	%
Portfolio turnover rate		73.80	%(b)		109.28	%		87.32	%		64.72	%		76.41	%		53.99	%
Accumulation Units outstanding at end of period (in thousands)		175,064			181,824			194,004			196,256			197,453			176,249
Accumulation Fund Net Assets (in thousands)	$	12,321,575		$	11,779,920		$	11,917,736		$	11,435,018		$	10,827,972		$	7,565,570
Net Assets at end of period (in thousands)	$	12,529,243		$	11,985,490		$	12,127,909		$	11,653,744		$	11,041,732		$	7,743,228


EQUITY INDEX ACCOUNT
Per Accumulation Unit Data:
Investment income	$	0.866		$	1.636		$	1.441		$	1.400		$	1.073		$	1.003
Expenses		0.195			0.385			0.325			0.256			0.278			0.248

Investment income-net		0.671			1.251			1.116			1.144			0.795			0.755
Net realized and unrealized gain (loss) on total investments		5.878			11.332			3.320			6.954			15.521			(15.713	)

Net increase (decrease) in Accumulation Unit Value		6.549			12.583			4.436			8.098			16.316			(14.958	)
Accumulation Unit Value:
Beginning of year		95.210			82.627			78.191			70.093			53.777			68.735

End of period	$	101.759		$	95.210		$	82.627		$	78.191		$	70.093		$	53.777

Total Return*		6.88	%(b)		15.23			5.67	%		11.55	%		30.34	%		(21.76	%)
Ratios to Average Net Assets:
Expenses		0.49	%(a)		0.43	%		0.41	%		0.36	%		0.46	%		0.41	%
Investment income-net		1.37	%(a)		1.39	%		1.40	%		1.60	%		1.33	%		1.26	%
Portfolio turnover rate		7.72	%(b)		9.85	%		7.36	%		3.27	%		3.40	%		7.02	%
Accumulation Units outstanding at end of period (in thousands)		115,593			115,880			116,883			112,708			103,603			86,020
Accumulation Fund Net Assets (in thousands)	$	11,765,955		$	11,033,065		$	9,657,753		$	8,812,812		$	7,261,874		$	4,625,880
Net Assets at end of period (in thousands)	$	12,026,268		$	11,282,570		$	9,877,486		$	9,018,989		$	7,432,047		$	4,751,780


*	Based on per accumulation data.

(a)	Annualized for periods less than one year.

(b)	Not annualized for periods less than one year.


90	2007 Semiannual Report § College Retirement Equities Fund	See notes to financial statements	See notes to financial statements	College Retirement Equities Fund § 2007 Semiannual Report	91


FINANCIAL HIGHLIGHTS	continued

COLLEGE RETIREMENT EQUITIES FUND


		For the Six		For the Years Ended December 31,
		Months Ended
	June 30, 2007				2006		2005			2004			2003			2002

	(Unaudited)

BOND MARKET ACCOUNT
Per Accumulation Unit Data:
Investment income	$	2.089		$	3.990		$	3.437		$	3.265		$	2.946		$	3.317
Expenses		0.160			0.373			0.342			0.292			0.347			0.261

Investment income-net		1.929			3.617			3.095			2.973			2.599			3.056
Net realized and unrealized gain (loss) on total investments		(1.302	)		(0.467	)		(1.414	)		0.015			0.377			3.236

Net increase (decrease) in Accumulation Unit Value		0.627			3.150			1.681			2.988			2.976			6.292
Accumulation Unit Value:
Beginning of year		79.532			76.382			74.701			71.713			68.737			62.445

End of period	$	80.159		$	79.532		$	76.382		$	74.701		$	71.713		$	68.737

Total Return*		0.79	%(b)		4.12	%		2.25	%		4.17	%		4.33	%		10.08	%
Ratios to Average Net Assets:
Expenses		0.53	%(a)		0.48	%		0.45	%		0.40	%		0.49	%		0.41	%
Investment income-net		4.84	%(a)		4.69	%		4.09	%		4.07	%		3.69	%		4.75	%
Portfolio turnover rate		112.73	%(b)		218.63	%		275.27	%		100.40	%		163.84	%		249.41	%
Accumulation Units outstanding at end of period (in thousands)		83,836			78,203			73,664			70,239			73,111			81,952
Accumulation Fund Net Assets (in thousands)	$	6,720,030		$	6,219,211		$	5,626,558		$	5,246,934		$	5,243,017		$	5,633,159
Net Assets at end of period (in thousands)	$	6,897,210		$	6,394,833		$	5,797,417		$	5,415,938		$	5,408,805		$	5,786,214


INFLATION-LINKED BOND ACCOUNT
Per Accumulation Unit Data:
Investment income	$	1.583		$	1.560		$	2.657		$	2.028		$	1.764		$	1.797
Expenses		0.096			0.228			0.194			0.166			0.193			0.147

Investment income-net		1.487			1.332			2.463			1.862			1.571			1.650
Net realized and unrealized gain (loss) on total investments		(0.807	)		(1.339	)		(1.316	)		1.497			1.395			3.817

Net increase (decrease) in Accumulation Unit Value		0.680			(0.007	)		1.147			3.359			2.966			5.467
Accumulation Unit Value:
Beginning of year		46.436			46.443			45.296			41.937			38.971			33.504

End of period	$	47.116		$	46.436		$	46.443		$	45.296		$	41.937		$	38.971

Total Return*		1.47	%(b)		(0.01	%)		2.53	%		8.01	%		7.61	%		16.32	%
Ratios to Average Net Assets:
Expenses		0.53	%(a)		0.49	%		0.43	%		0.39	%		0.48	%		0.41	%
Investment income-net		6.41	%(a)		2.83	%		5.47	%		4.34	%		3.93	%		4.56	%
Portfolio turnover rate		9.74	%(b)		22.77	%		23.80	%		110.22	%		239.72	%		31.33	%
Accumulation Units outstanding at end of period (in thousands)		78,671			77,482			82,764			72,643			57,499			63,825
Accumulation Fund Net Assets (in thousands)	$	3,705,679		$	3,597,035		$	3,843,780		$	3,290,430		$	2,411,323		$	2,487,311
Net Assets at end of period (in thousands)	$	3,850,602		$	3,743,762		$	4,000,328		$	3,424,643		$	2,522,182		$	2,570,034


*	Based on per accumulation data.

(a)	Annualized for periods less than one year.

(b)	Not annualized for periods less than one year.


92	2007 Semiannual Report § College Retirement Equities Fund	See notes to financial statements	See notes to financial statements	College Retirement Equities Fund § 2007 Semiannual Report	93


FINANCIAL HIGHLIGHTS	concluded

COLLEGE RETIREMENT EQUITIES FUND


	For the Six			For the Years Ended December 31,
	Months Ended
	June 30, 2007			2006			2005			2004			2003			2002

	(Unaudited)
SOCIAL CHOICE ACCOUNT
Per Accumulation Unit Data:
Investment income	$	2.027		$	3.687		$	2.987		$	2.883		$	2.418		$	2.687
Expenses		0.252			0.535			0.465			0.377			0.422			0.337

Investment income-net		1.775			3.152			2.522			2.506			1.996			2.350
Net realized and unrealized gain (loss) on total investments		3.107			8.412			2.877			6.473			14.293			(10.756	)

Net increase (decrease) in Accumulation Unit Value		4.882			11.564			5.399			8.979			16.289			(8.406	)
Accumulation Unit Value:
Beginning of year		125.522			113.958			108.559			99.580			83.291			91.697

End of period	$	130.404		$	125.522		$	113.958		$	108.559		$	99.580		$	83.291

Total Return*		3.89	%(b)		10.15	%		4.97	%		9.02	%		19.56	%		(9.17	%)
Ratios to Average Net Assets:
Expenses		0.51	%(a)		0.45	%		0.42	%		0.37	%		0.47	%		0.39	%
Investment income-net		2.78	%(a)		2.65	%		2.29	%		2.46	%		2.22	%		2.75	%
Portfolio turnover rate		37.21	%(b)		83.53	%		96.97	%		36.51	%		40.91	%		92.82	%
Accumulation Units outstanding at end of period (in thousands)		68,285			67,385			66,154			62,316			57,111			50,707
Accumulation Fund Net Assets (in thousands)	$	8,903,754		$	8,457,623		$	7,538,737		$	6,764,931		$	5,687,041		$	4,223,421
Net Assets at end of period (in thousands)	$	9,184,150		$	8,732,896		$	7,794,417		$	7,001,614		$	5,893,322		$	4,382,250


MONEY MARKET ACCOUNT
Per Accumulation Unit Data:
Investment income	$	0.625		$	1.169		$	0.726		$	0.307		$	0.264		$	0.407
Expenses		0.047			0.098			0.090			0.078			0.097			0.082

Investment income-net		0.578			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		0.578			1.071			0.639			0.223			0.163			0.320
Accumulation Unit Value:
Beginning of year		23.734			22.663			22.024			21.801			21.638			21.318

End of period	$	24.312		$	23.734		$	22.663		$	22.024		$	21.801		$	21.638

Total Return*		2.43	%(b)		4.73	%		2.90	%		1.02	%		0.75	%		1.50	%
Ratios to Average Net Assets:
Expenses		0.48	%(a)		0.43	%		0.41	%		0.36	%		0.45	%		0.38	%
Investment income-net		4.85	%(a)		4.64	%		2.86	%		1.05	%		0.77	%		1.51	%
Accumulation Units outstanding at end of period (in thousands)		429,618			392,914			316,665			297,573			305,732			334,898
Accumulation Fund Net Assets (in thousands)	$	10,448,094		$	9,327,073		$	7,176,389		$	6,553,688		$	6,665,202		$	7,246,632
Net Assets at end of period (in thousands)	$	10,695,803		$	9,570,517		$	7,406,045		$	6,781,310		$	6,907,760		$	7,500,125


*	Based on per accumulation data.

(a)	Annualized for periods less than one year.

(b)	Not annualized for periods less than one year.


94	2007 Semiannual Report § College Retirement Equities Fund	See notes to financial statements	See notes to financial statements	College Retirement Equities Fund § 2007 Semiannual Report	95

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

COLLEGE RETIREMENT EQUITIES FUND

Note 1—significant accounting policies

The purpose of College Retirement Equities Fund (“CREF”), as stated in its charter, is to aid and strengthen non-profit educational and research organizations, governmental entities and other non-profit institutions by providing its employees with variable retirement benefits. CREF is registered with the Securities and Exchange Commission under the Investment Company Act of 1940 as an open-end management investment company. It consists of eight investment portfolios: the Stock, Global Equities, Growth, Equity Index, Bond Market, Inflation-Linked Bond, Social Choice and Money Market Accounts (individually referred to as the “Account” or collectively referred to as the “Accounts”). The Stock Account commenced operations on July 1, 1952; the Global Equities and Equity Index Accounts commenced operations on April 1, 1992; the Growth Account commenced operations on April 4, 1994; the Social Choice and Bond Market Accounts commenced operations on March 1, 1990; the Inflation-Linked Bond Account commenced operations on January 13, 1997; and the Money Market Account commenced operations on April 1, 1988. The financial statements were prepared in accordance with U.S. generally accepted accounting principles (GAAP), 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 will generally be valued using prices provided by a pricing service which may employ various indications of value including but not limited to broker-dealer quotations. Certain debt securities, other than money market instruments, are valued based on the most recent bid price, or the equivalent quoted yield for such securities (or those of comparable maturity, quality and type). Money market instruments (other than those in the Money Market Account), with maturities of one year or less, are valued in the same manner as debt securities or derived from a pricing matrix that has various types of money market instruments along one axis and various maturities along the other. Money market instruments in the Money Market Account are valued on an amortized cost basis, or at market value if market value is materially different from amortized cost. Investments in registered investment companies are valued at their net asset value including investments in affiliated registered investment companies. Foreign investments are valued at the closing values of such securities as of the date of valuation under the generally accepted valuation method in the country where traded, converted to U.S. Dollars at the prevailing rates of exchange on the date of valuation. Futures contracts are valued at the last sale price as of the close of business on the board of trade or exchange on which they are traded.

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


96	2007 Semiannual Report § College Retirement Equities Fund

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

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

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

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

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


College Retirement Equities Fund § 2007 Semiannual Report	97

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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

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

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

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

Foreign currency transactions and translation: Portfolio investments and other assets and liabilities denominated in foreign currencies are translated into U.S. Dollars at the exchange rates prevailing at the end of the period. 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


98	2007 Semiannual Report § College Retirement Equities Fund

continued

transactions include maturities of forward foreign currency contracts, disposition of foreign currencies, and currency gains and losses between the accrual and receipt dates of portfolio investment income and between the trade and settlement dates of portfolio investment transactions.

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

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

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


College Retirement Equities Fund § 2007 Semiannual Report	99

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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

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

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

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

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


100	2007 Semiannual Report § College Retirement Equities Fund

continued

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

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

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

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 remote.

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


College Retirement Equities Fund § 2007 Semiannual Report	101

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Insurance and Annuity Association of America (“TIAA”), a companion organization of CREF.

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

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

The Trustees of the Accounts, all of whom are independent, receive remuneration for their services, plus travel and other expenses incurred in attending Board meetings. Trustees may elect to participate in a deferred compensation plan and defer all or a portion of their compensation.

TIAA deducts a mortality and expense charge from CREF in an amount equal to 0.005% on an annual basis of the net assets of each Account pursuant to an Immediate Annuity Purchase Rate Guarantee Agreement. Under the terms of this agreement, TIAA guarantees that CREF participants transferring funds to TIAA for the immediate purchase of lifetime payout annuities will not be charged more than the rate stipulated in the CREF contract. There were no payments made by TIAA under this agreement for the six months ended June 30, 2007.

Note 3—investments

At June 30, 2007, net unrealized appreciation (depreciation) based on aggregate cost 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	$	26,163,973,051	$	2,019,889,485	$	24,144,083,566
Global Equities Account	$	1,797,516,266	$	227,506,590	$	1,570,009,676
Growth Account	$	1,720,416,245	$	95,714,235	$	1,624,702,010
Equity Index Account	$	3,944,139,969	$	331,297,599	$	3,612,842,370
Bond Market Account	$	16,510,619	$	122,435,879	$	(105,925,260	)
Inflation-Linked Bond Account	$	65,080,489	$	131,657,835	$	(66,577,346	)
Social Choice Account	$	1,977,730,946	$	151,298,772	$	1,826,432,174
Money Market Account	$	340,424	$	741,535	$	(401,111	)


102	2007 Semiannual Report § College Retirement Equities Fund

continued

At June 30, 2007, Equity Index Account held the following open futures contracts:


	Number of Contracts		Market Value		Expiration Date		Unrealized Appreciation (Depreciation)

Equity Index Account
E-mini S&P 500 Index		202	$	15,305,540		September 2007	$	(111,373	)
E-mini Mid 400 Index		15	$	1,356,300		September 2007	$	(5,243	)
E-mini Russell 2000 Index		20	$	1,684,200		September 2007	$	3,130

							$	(113,486	)

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:


College Retirement Equities Fund § 2007 Semiannual Report	103


NOTES TO FINANCIAL STATEMENTS (UNAUDITED)	continued


Issue	Value at December 31, 2006		Purchase Cost		Proceeds		Realized Gain/(Loss)			Dividend Income		Withholding Expense		Shares at June 30, 2007		Value at June 30, 2007

Stock Account
Adams Respiratory Therapeutics, Inc	$	**	$	—	$	25,951,977	$	(3,466,463	)	$	—	$	—		—	$	*
Digital Garage, Inc		20,717,415		791,878		—		—			—		—		11,731		14,821,450
First NIS Regional Fund SICAV		15,984		—		—		—			—		—		1,598,400		15,984
GEA Group AG.		214,534,602		—		17,534,262		3,755,113			—		—		—		*
HealthSouth Corp		107,190,966		53,263,745		5,886,403		(1,958,309	)		7		—		6,571,793		119,015,171
Information Development Co		3,311,591		—		—		—			62,793		4,396		427,900		2,674,733
Intelligent Wave, Inc		13,702,752		306,708		108,993		(47,958	)		—		—		16,201		9,094,990
Lone Star Technologies		91,076,783		136,552		35,527,830		(4,467,603	)		—		—		—		*
Playmates Holdings Ltd		11,693,577		108,871		744,051		(472,314	)		687,589		—		—		*
Risa Partners, Inc		30,190,446		762,178		4,857,432		1,372,890			—		—		—		*
Shanghai Forte Land Co		32,443,552		16,385		9,669,700		2,664,709			—		—		—		*
Solomon Systech International Ltd		25,687,764		1,854,197		10,126,317		(5,751,498	)		—		—		—		*

			$	57,240,514	$	110,406,965	$	(8,371,433	)	$	750,389	$	4,396			$	145,622,328

Global Equities Account
Panva Gas Holdings	$	**	$	1,883,414	$	361,702	$	(100,689	)	$	—	$	—		—	$	*
Saic, Inc		97,288,369		—		96,243,284		(3,000,952	)	$	—	$	—		—		*

			$	1,883,414	$	96,604,986	$	(3,101,641	)	$	—	$	—			$	—

Growth Account
Keryx Biopharmeceutics	$	37,822,620	$	—	$	10,045,898	$	(7,028,585	)	$	—	$	—		—	$	*

			$	—	$	10,045,898	$	(7,028,585	)	$	—	$	—			$	—

Bond Market Account
TIAA-CREF High-Yield Bond Fund	$	4,147,626	$	97,441	$	—	$	—		$	97,441	$	—		—	$	*
TIAA-CREF Institutional High-Yield Fund II		**		60,575		—		—			60,575		—		426,793		4,267,934

			$	158,016	$	—	$	—		$	158,016	$	—			$	4,267,934


*	Not an Affiliate as of June 30, 2007.

**	Not an Affiliate as of December 31, 2006.

Purchases and sales of portfolio securities, excluding short-term government securities and money market instruments, for the Accounts for the six months ended June 30, 2007, 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	$	35,975,816,042	$	14,696,510,778	$	8,937,920,968	$	899,324,718	$	1,016,387,132	$	—	$	957,354,920
Government		149,981,750		—		—		—		6,266,670,556		447,983,713		2,495,765,284

Total Purchases	$	36,125,797,792	$	14,696,510,778	$	8,937,920,968	$	899,324,718	$	7,283,057,688	$	447,983,713	$	3,453,120,204

Sales:
Non-Government	$	37,827,100,139	$	14,331,298,553	$	9,368,986,693	$	905,941,601	$	729,290,187	$	—	$	754,872,057
Government		—		—		—		—		6,023,207,565		365,711,631		2,438,905,333

Total Sales	$	37,827,100,139	$	14,331,298,553	$	9,368,986,693	$	905,941,601	$	6,752,497,752	$	365,711,631	$	3,193,777,390


104	2007 Semiannual Report § College Retirement Equities Fund			College Retirement Equities Fund § 2007 Semiannual Report	105

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Note 4—accumulation units

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


	Stock Account						Global Equities Account

	For the Six Months Ended June 30, 2007			For the Year Ended December 31, 2006			For the Six Months Ended June 30, 2007			For the Year Ended December 31, 2006

	(Unaudited)						(Unaudited)
Accumulation Units:
Credited for premiums		7,624,339			16,883,685			4,736,566			10,031,965
Credited (cancelled) for transfers, disbursements and amounts applied to the Annuity Fund		(16,343,955	)		(31,423,916	)		(3,444,182	)		2,221,256
Outstanding:
Beginning of year		469,488,316			484,028,547			151,294,832			139,041,611

End of period		460,768,700			469,488,316			152,587,216			151,294,832


	Growth Account						Equity Index Account

	For the Six Months Ended June 30, 2007			For the Year Ended December 31, 2006			For the Six Months Ended June 30, 2007			For the Year Ended December 31, 2006

	(Unaudited)						(Unaudited)
Accumulation Units:
Credited for premiums		6,827,560			15,948,285			4,003,188			8,816,726
Credited (cancelled) for transfers, disbursements and amounts applied to the Annuity Fund		(13,586,924	)		(28,128,966	)		(4,289,827	)		(9,819,785	)
Outstanding:
Beginning of year		181,823,521			194,004,202			115,880,124			116,883,183

End of period		175,064,157			181,823,521			115,593,485			115,880,124


106	2007 Semiannual Report § College Retirement Equities Fund

continued


	Bond Market Account					Inflation-Linked Bond Account

	For the Six Months Ended June 30, 2007		For the Year Ended December 31, 2006			For the Six Months Ended June 30, 2007			For the Year Ended December 31, 2006

	(Unaudited)					(Unaudited)
Accumulation Units:
Credited for premiums		3,004,789		5,946,001			2,997,083			6,532,389
Credited (cancelled) for transfers, disbursements and amounts applied to the Annuity Fund		2,628,122		(1,406,371	)		(1,807,975	)		(11,815,100	)
Outstanding:
Beginning of year		78,203,414		73,663,784			77,481,756			82,764,467

End of period		83,836,325		78,203,414			78,670,864			77,481,756


	Social Choice Account						Money Market Account

	For the Six Months Ended June 30, 2007			For the Year Ended December 31, 2006			For the Six Months Ended June 30, 2007		For the Year Ended December 31, 2006

	(Unaudited)						(Unaudited)
Accumulation Units:
Credited for premiums		2,328,777			4,973,236			25,437,707		40,173,945
Credited (cancelled) for transfers, disbursements and amounts applied to the Annuity Fund		(1,428,820	)		(3,741,940	)		11,266,262		36,074,930
Outstanding:
Beginning of year		67,384,885			66,153,589			392,913,867		316,664,992

End of period		68,284,842			67,384,885			429,617,836		392,913,867

Note 5—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 Investment Management. Interest associated with any borrowing under the facility is charged to the borrowing Accounts at rates which are based on the Federal Funds Rate in effect during the time of the borrowing. The Accounts are not liable for borrowings under the facility by affiliated accounts or mutual funds. For the six months ended June 30, 2007, there were no borrowings under this credit facility by the Accounts.


College Retirement Equities Fund § 2007 Semiannual Report	107


NOTES TO FINANCIAL STATEMENTS (UNAUDITED)	concluded

Note 6—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 financial statements dated after June 29, 2007, and is to be applied to all open tax years as of the date of effectiveness. Management has evaluated the application of FIN 48 to the Accounts’ financial statements for the period ended June 30, 2007 and has determined, under guidelines established by FIN 48 that no adjustments should be made to these financial statements.

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


108	2007 Semiannual Report	§	College Retirement Equities Fund

BOARD APPROVAL OF INVESTMENT
MANAGEMENT AGREEMENT

The Board of Trustees of CREF (the “Board” or the “Trustees”) is responsible for overseeing CREF’s corporate policies and for adhering to fiduciary standards under the Investment Company Act of 1940, as amended (the “1940 Act”), and other applicable laws. Among its duties, the Board is responsible for determining annually whether to renew the investment management agreement (the “Agreement”) between each CREF Account and TIAA-CREF Investment Management, LLC (“TCIM”). Under the Agreement, TCIM is responsible for providing investment management services for each Account.

Most investment companies that are registered under the 1940 Act enter into investment management agreements that are subject to Section 15(c) of the 1940 Act. This provision provides in part that, after an initial period, an investment advisory agreement with a registered investment company will remain in effect only if its board of directors or trustees annually renews that agreement. CREF’s Agreement with TCIM is not subject to this requirement due to its unique “at cost” structure under which TCIM provides services to CREF on an at cost basis. Nevertheless, the Board has determined that it would conduct an annual review of the Agreement, as described below, in a manner generally consistent with relevant 1940 Act requirements.

OVERVIEW OF THE RENEWAL PROCESS

The Board held a meeting on April 3, 2007, at which it considered the annual renewal of the Agreement. Prior to that meeting, the Board had implemented an enhanced process by which it determined to review and consider the renewal of the Agreement. As part of that process, the Board delegated certain duties to its Operations Committee. Among these duties, the Operations Committee was asked to work with management and legal counsel to the Trustees to develop more refined guidelines relating to the types of information to be provided to the Committee and to all Trustees in connection with the proposed contract renewals, and then to help evaluate the information provided in response to those guidelines. During a series of meetings held prior to April 3, 2007, the Operations Committee helped to develop such guidelines in consultation with management representatives and input from other Trustees and legal counsel to the Trustees, and then evaluated the information produced in accordance with those guidelines.

Among other matters, the Operations Committee helped to develop guidelines regarding reports to be provided to all Trustees with respect to each Account by the Global Fiduciary Review unit of Lipper, Inc. (“Lipper”). Lipper is an independent provider of investment company data that is widely recognized as a leading source of independent data used by independent directors and trustees of investment companies during their annual advisory contract renewal processes.

As a result of instructions by the Operations Committee on behalf of the Board, Lipper produced, among other information, extensive performance and expense comparison data regarding each Account, including data relating to each Account’s


College Retirement Equities Fund § 2007 Semiannual Report	109

BOARD APPROVAL OF INVESTMENT
MANAGEMENT AGREEMENT

management fee rates, total expense ratios, short-term and long-term investment performance and, as applicable, brokerage commission costs and portfolio turnover rates. Lipper also compared much of this data for each Account against a suitable universe of comparable investment companies and, in the case of the investment performance data, against a more selective peer group of mutual funds underlying variable products and against one or more appropriate broad-based benchmark indices. In each case, Lipper summarized the methodologies employed by it to provide the data contained in its reports. In addition, Lipper represented to the Board that its reports were designed specifically to provide the Board with the fee, expense and performance information that is necessary to help the Board comply with standards established by Section 15 of the 1940 Act.

In advance of the Board meeting held on April 3, 2007, independent legal counsel for the Trustees requested, and TCIM provided, extensive information that was designed to assist the Board in its consideration of whether to renew the Agreement for each Account. In addition to the data provided by Lipper as described above, this information included, but was not limited to, the following: (1) further information relating to each Account’s investment performance, including performance ratings provided by Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service, and a narrative analysis of each Account’s performance relative to its applicable benchmarks and peer groups, together with an explanation of any special events that had a material impact on performance during the prior year; (2) a comparison of each Account’s fees under the Agreement as compared to any other comparable accounts managed by TCIM, if any; (3) any “fall-out” benefits that accrued to TCIM due to its relationship with the Accounts aside from TCIM’s direct fee payments pursuant to the Agreement; (4) information regarding TCIM’s financial resources, senior professional personnel, overall staffing levels, portfolio manager compensation arrangements, disaster recovery plans, insurance coverage, compliance programs, any material pending litigation or compliance issues, portfolio trading and best execution practices, and any actual and potential conflicts of interest confronted by TCIM in connection with rendering services to the Accounts; (5) a copy of the Agreement and certain related service agreements between the Accounts and affiliates of TCIM; (6) a copy of TCIM’s SEC Form ADV registration statement; and (7) proposed narrative explanations of reasons why the Board should renew the Agreement for each Account.

In considering whether to renew the Agreement for each Account, the Board, with assistance from its Operations Committee, reviewed various factors with respect to each Account, including: (1) the nature, extent and quality of services provided by TCIM to each Account; (2) the investment performance of each Account; (3) the costs of the services provided to each Account by TCIM and its affiliates; (4) comparisons of services and fees with contracts entered into by TCIM with other clients, if any; and (5) any other benefits derived or anticipated to be derived by TCIM from its relationship with CREF. As a general matter, the Trustees viewed


110	2007 Semiannual Report § College Retirement Equities Fund

continued

these factors in their totality, with no single factor being the principal factor in determining whether to renew the Agreement for each Account.

In reaching its decisions regarding the renewal of each Account’s Agreement, the Board took into account the information described above, other information provided to the Board in connection with this process, and relevant information provided to the Board and to its Committees on an ongoing basis in connection with the Board’s general oversight duties with respect to CREF. In addition, the Board received and considered information from Kirkpatrick & Lockhart Preston Gates Ellis LLP, its independent legal counsel, as to certain relevant guidelines that relate to the renewal process under Section 15(c) of the 1940 Act and certain other legal authorities.

While the Board considered the Agreement for each Account at the same meeting on April 3, 2007, the Board received and considered Account-specific information on an Account-by-Account basis and made its renewal determinations on an Account-by-Account basis. In deciding whether to renew the Agreement for each Account, each Trustee may have accorded different weight to different factors and, thus, each Trustee may have had a different basis for his or her ultimate decision to vote to renew the Agreement for each Account.

At its meeting on April 3, 2007, the Board voted unanimously to renew the Agreement for each Account. Set forth below are the general factors the Board considered for all of the Accounts, followed by an outline of the specific factors the Board considered for each particular Account.

THE NATURE, EXTENT AND QUALITY OF SERVICES

The Board considered that TCIM is an experienced investment adviser that has managed the Accounts since their operations commenced. Under the Agreement, TCIM is responsible for: managing the assets of the Accounts, including conducting research, recommending investments and placing orders to buy and sell securities for the Accounts’ investment portfolios; active daily monitoring of the investment portfolios by various personnel with specific responsibility for the particular types of investments in question; and reporting on the investment performance of the Accounts to the Board on a regular basis. The Board considered that TCIM has carried out these responsibilities in a professional manner.

The Board also considered, among other factors, the performance of each Account, as discussed below. In the course of its review of the quality of TCIM’s services, the Board examined the investment performance of each Account and concluded that it was reasonable when compared with Account benchmarks and peer groups of mutual funds that underlie variable products, and that, in the case of any underperforming Accounts, TCIM represented that it had taken or was planning to implement affirmative steps to enhance the investment performance.


College Retirement Equities Fund § 2007 Semiannual Report	111

BOARD APPROVAL OF INVESTMENT
MANAGEMENT AGREEMENT

In addition, the Board considered the nature and quality of non-portfolio management services provided by TCIM and its affiliates. In this connection, the Board considered that it intends to work with management during the next year in an effort to develop enhanced metrics for measuring the ongoing performance of certain affiliated and unaffiliated service providers. The Board also considered that, through these metrics and other actions, it intends to monitor progress with respect to ongoing improvements in services provided by those firms or through outsourcing to other firms, including, as appropriate, further enhancements to administrative and compliance services.

INVESTMENT PERFORMANCE

The Board considered the investment performance of each Account, as applicable, over one-, two-, three-, four- and five-year periods and since inception of the Account’s operations. The Board also considered each Account’s performance as compared to its peer groups and benchmark indices. In this regard, the Board considered that most of the Accounts achieved performance that compares favorably to their benchmarks (after considering the effect of expenses incurred to operate the Accounts) and, with some exceptions, ranked in the top three performance quintiles versus their peer groups of mutual funds that underlie variable products. (For additional detail regarding each Account’s performance, see the Account-by-Account synopsis below.) The Board considered that in those cases in which any Account(s) had underperformed their benchmarks or peer groups of mutual funds that underlie variable products, TCIM had taken reasonable remedial actions or represented that it was in the process of taking such actions. Thus, the Board concluded that, under the totality of circumstances considered, the investment performance of each Account was reasonable. In addition, the Board considered that it intends to work with management during the coming year to review further the best execution and portfolio turnover practices of TCIM with respect to certain Accounts to assess whether those practices continue to be in the best interests of those Accounts.

COST AND PROFITABILITY

The Board considered the fees paid by each Account during 2006, including investment advisory fees paid to TCIM, expressed in dollar terms and as a percentage of assets, as well as a reconciliation and analysis of those expenses. The Board considered that TCIM charges expenses “at cost” and these charges are adjusted quarterly to reflect the actual expenses incurred by each Account during the most recent quarter. The Board also considered the rationale for TCIM’s anticipated costs in providing services to CREF and considered whether these anticipated costs are reasonable in relation to the nature and quality of the services provided by TCIM. The Board did not consider the profitability of TCIM’s services to each Account because under the “at cost” arrangement outlined in the Agreement, TCIM provides its services on an at cost basis.


112	2007 Semiannual Report § College Retirement Equities Fund

continued

Among other considerations, the Board acknowledged the reasonableness of permitting payments to TCIM that are reasonably needed for TCIM to maintain and improve the quality of services provided to CREF. In this connection, the Board noted its ongoing efforts to examine the level of personnel and other resources available to portfolio management functions so as to assess whether sufficient resources continue to be devoted to these functions.

FEES CHARGED BY OTHER ADVISERS

The Board considered information regarding fees paid to other advisers for managing similar funds that underlie variable products, as analyzed by Lipper. The Board determined that the anticipated expenses charged to the Accounts under CREF’s at cost arrangement typically were lower or significantly lower than the fee rates charged by many or most comparable mutual funds that underlie variable products. Based on all factors considered, the Board determined that the anticipated expenses for each Account under the at cost arrangement were reasonable in relation to those charged by appropriate groups of comparable mutual funds that underlie variable products.

ECONOMIES OF SCALE

The Board considered that economies of scale are already integrated into each Account’s cost structure due to the “at cost” arrangement pursuant to which TCIM renders investment advisory services to CREF.

FEE COMPARISON WITH CLIENTS OF AFFILIATED INVESTMENT ADVISERS

The Board considered that CREF is the only client of TCIM and, thus, TCIM has no comparable client accounts. The Board also considered information regarding portfolios managed by Teachers Advisors, Inc. (“TAI”), TCIM’s affiliated investment adviser which provides advisory services to other affiliated investment companies. The Board considered that TAI is a for-profit company and, as a result, it typically renders services to comparable accounts at higher fee rates than the fee rates charged by TCIM to CREF.

OTHER BENEFITS

The Board also considered additional benefits to the Accounts and to TCIM and its affiliates arising from the Agreement. For example, TCIM and its affiliates may benefit from the advisory relationship with the Accounts to the extent this relationship results in potential investors viewing the TIAA-CREF group of companies as a leading retirement plan provider in the academic and nonprofit market and a single source for all their financial service needs. Also, certain Accounts managed by TCIM are managed in the same manner and by the same personnel as certain of the other affiliated TIAA-CREF mutual funds, resulting in the possibility for benefits associated with economies of scale.


College Retirement Equities Fund § 2007 Semiannual Report	113

BOARD APPROVAL OF INVESTMENT
MANAGEMENT AGREEMENT

ACCOUNT-BY-ACCOUNT FACTORS

The Accounts’ Trustees considered the following specific factors (among others) during their determination to renew the Agreement with respect each Account. If an Account is described in the following discussions as being in the “first” quintile, it is in the best of five groups (that is, the group has the best performance or the lowest expenses, as the case may be). References below to quintiles are based on data provided to the Board in the reports prepared by Lipper. All periods referenced below end as of December 31, 2006. Under the Morningstar rating system, 5 stars is the highest rating category and 1 star is the lowest rating category.

CREF STOCK ACCOUNT


•	The Account is operated as an at cost arrangement, with no profits to TCIM. The annual investment management fee is 0.12% of the Account’s average daily net assets.

•	The Account’s pro forma management fees are in the 1st quintile of the universe of comparable funds identified by Lipper for expense comparison purposes (“Expense Universe”).

•	For the two-, three-, four- and five-year periods, the Account was in the 2nd quintile of the universe of comparable funds identified by Lipper for performance comparison purposes (“Performance Universe”). For the one- and ten-year periods, the Account was in the 1st and 3rd quintile, respectively, of its Performance Universe.

•	The Account received an Overall Morningstar Rating of 5 stars for the one-year period.

CREF GROWTH ACCOUNT

•	The Account is operated as an at cost arrangement, with no profits to TCIM. The annual investment management fee is 0.14% of the Account’s average daily net assets.

•	The Account’s pro forma management fees are in the 1st quintile of its Expense Universe.

•	For the two-, three-, four- and five-year periods, the Account was in the 4th quintile of its Performance Universe. For the one- and ten-year periods, the Account was in the 3rd and 5th quintile, respectively, of its Performance Universe.

•	The Account received an Overall Morningstar Rating of 3 stars for the one-year period.

CREF EQUITY INDEX ACCOUNT

•	The Account is operated as an at cost arrangement, with no profits to TCIM. The annual investment management fee is 0.07% of the Account’s average daily net assets.

•	The Account’s pro forma management fees are in the 2nd quintile of its Expense Universe.


114	2007 Semiannual Report § College Retirement Equities Fund

continued


•	For the one-year period, the Account was in the 2nd quintile of its Performance Universe. For the two-, three-, four-, five- and ten-year periods, the Account was in the 3rd quintile of its Performance Universe.

•	The Account received an Overall Morningstar Rating of 5 stars for the one-year period.

CREF SOCIAL CHOICE ACCOUNT

•	The Account is operated as an at cost arrangement, with no profits to TCIM. The annual investment management fee is 0.08% of the Account’s average daily net assets.

•	The Account’s pro forma management fees are in the 4th quintile of its Expense Universe.

•	For the four- and ten-year periods, the Account was in the 2nd quintile of its Performance Universe; while the Account’s one-year period ranked in the 4th quintile of its Performance Universe. For the two-, three- and five-year periods, the Account was in the 3rd quintile of its Performance Universe.

•	The Account received an Overall Morningstar Rating of 5 stars for the one-year period.

CREF GLOBAL EQUITIES ACCOUNT

•	The Account is operated as an at cost arrangement, with no profits to TCIM. The annual investment management fee is 0.16% of the Account’s average daily net assets.

•	The Account’s pro forma management fees are in the 1st quintile of its Expense Universe.

•	For the one-, four- and five-year periods, the Account was in the 3rd quintile of its Performance Universe. For the two- and three-year periods, the Account was in the 4th quintile of its Performance Universe.

•	The Account received an Overall Morningstar Rating of 3 stars for the one-year period.

CREF INFLATION-LINKED BOND ACCOUNT

•	The Account is operated as an at cost arrangement, with no profits to TCIM. The annual investment management fee is 0.11% of the Account’s average daily net assets.

•	The Account’s pro forma management fees are in the 1st quintile of its Expense Universe.

•	Over the one- and two-year periods, the Account experienced a significant dip in performance, ranking it in the 5th quintile of its Performance Universe. For the three-, four- and five-year periods, the Account was in the 2nd, 1st and 1st quintile of its Performance Universe, respectively.

•	The Account received an Overall Morningstar Rating of 5 stars for the one-year period.


College Retirement Equities Fund § 2007 Semiannual Report	115


BOARD APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT	concluded


CREF BOND MARKET ACCOUNT

•	The Account is operated as an at cost arrangement, with no profits to TCIM. The annual investment management fee is 0.11% of the Account’s average daily net assets.

•	The Account’s pro forma management fees are in the 1st quintile of its Expense Universe.

•	Over the one-, two-, three-, four- and five-year periods, the Account was in the 3rd quintile of its Performance Universe. For the ten-year period, the Account was in the 2nd quintile of its Performance Universe.

•	The Account received an Overall Morningstar Rating of 5 stars for the one-year period.

CREF MONEY MARKET ACCOUNT

•	The Account is operated as an at cost arrangement, with no profits to TCIM. The annual investment management fee is 0.06% of the Account’s average daily net assets.

•	The Account’s pro forma management fees are in the 2nd quintile of its Expense Universe.

•	For the one-, two-, three-, four-, five- and ten-year periods, the Account was in the 1st quintile of its Performance Universe.

•	Money market funds are not rated by Morningstar.

Based primarily on the foregoing factors and considerations, the Board renewed the Agreement with respect to each Account.


116	2007 Semiannual Report § College Retirement Equities Fund

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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

800 223-1200
8 a.m. to 10 p.m. ET, Monday–Friday

INSURANCE PLANNING CENTER

After-tax annuities and life insurance

800 223-1200
8 a.m. to 8 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 7 p.m. ET, Monday–Friday

TIAA-CREF TRUST COMPANY, FSB

Asset management, trust administration, estate planning, planned giving and endowment management

888 842-9001
9 a.m. to 6 p.m. ET, Monday–Friday

ADVISOR SERVICES

888 842-0318
8 a.m. to 7:30 p.m. ET, Monday–Friday

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

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


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730 Third Avenue New York, NY 10017-3206


	Printed on recycled paper	A10939 8/07

C39145

Item 2. Code of Ethics.

Not Applicable.

Item 3. Audit Committee Financial Expert.

Not Applicable.

Item 4. Principal Accountant Fees and Services.

Not Applicable.

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 (Unaudited)

June 30, 2007

MATURITY

VALUE

PRINCIPAL

RATE

DATE

(000)

GOVERNMENT BONDS - 0.00%**

U.S. TREASURY SECURITIES - 0.00%**

$ 325,000

United States Treasury Note

5.000%

02/15/11

326

TOTAL U.S. TREASURY SECURITIES

326

TOTAL GOVERNMENT BONDS

326

(Cost $321)

SHARES

MUTUAL FUNDS - 0.00%**

1,598,400

a,m,v*

First NIS Regional Fund SICAV

TOTAL MUTUAL FUNDS

(Cost $2,797)

PREFERRED STOCKS - 0.08%

NONDEPOSITORY INSTITUTIONS - 0.04%

5,000,000

UBS AG. Jersey

51,774

TOTAL NONDEPOSITORY INSTITUTIONS

51,774

SECURITY AND COMMODITY BROKERS - 0.04%

10,000

m,v*

Goldman Sachs Group, Inc

10,375

50,000

Goldman Sachs Group, Inc/The

49,818

TOTAL SECURITY AND COMMODITY BROKERS

60,193

TOTAL PREFERRED STOCKS

111,967

(Cost $110,000)

COMMON STOCKS - 99.51%

ADMINISTRATION OF ECONOMIC PROGRAMS - 0.00%**

53,358,575

Centrais Eletricas Brasileiras S.A.

1,576

66,640,592

Centrais Eletricas Brasileiras S.A.

2,004

TOTAL ADMINISTRATION OF ECONOMIC PROGRAMS

3,580

AGRICULTURAL PRODUCTION-CROPS - 0.00%**

245,581

Chiquita Brands International, Inc

4,656

5,400

Cresud S.A. (ADR)

115

132,500

Gudang Garam Tbk PT

164

TOTAL AGRICULTURAL PRODUCTION-CROPS

4,935

AGRICULTURAL PRODUCTION-LIVESTOCK - 0.01%

240,997

Pilgrim's Pride Corp

9,199

2,169

Seaboard Corp

5,086

TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK

14,285

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)

AGRICULTURAL SERVICES - 0.02%
62,893	*	Cadiz, Inc	$	1,413
2,264,000		Chaoda Modern Agriculture		1,750
849,290	e	Yara International ASA		25,467
		TOTAL AGRICULTURAL SERVICES		28,630

AMUSEMENT AND RECREATION SERVICES - 0.74%
2,064,664	*	Activision, Inc		38,547
654,607	e	Aristocrat Leisure Ltd		7,960
385,719	e*	Bally Technologies, Inc		10,191
716,700		Berjaya Sports Toto BHD		1,090
4,941	e*	bwin Interactive Entertainment		163
1,506,000		China Travel International Inv HK		790
48,623		Churchill Downs, Inc		2,547
77,860		Dover Downs Gaming & Entertainment, Inc		1,169
857,833	*	Euro Disney SCA		116
24,610,959	*	Galaxy Entertainment Group Ltd		23,987
18,665	*	Gruppo Coin S.p.A.		171
832,745		Harrah's Entertainment, Inc		71,000
14,881		IG Group Holdings plc		88
182,463		International Speedway Corp (Class A)		9,618
127,486		Ladbrokes plc		1,102
99,213	e*	Lakes Entertainment, Inc		1,172
291,149	e*	Leapfrog Enterprises, Inc		2,984
6,035,000	*	Leisure & Resorts World Corp		483
167,751	e*	Life Time Fitness, Inc		8,929
411,723	*	Live Nation, Inc		9,214
11,587	e	Lottomatica S.p.A.		460
2,726		Luminar plc		38
218,261	e*	Magna Entertainment Corp		637
276,005	e*	Marvel Entertainment, Inc		7,033
131,733	*	MTR Gaming Group, Inc		2,029
153,943	e*	Multimedia Games, Inc		1,964
5,688,000		NagaCorp Ltd		1,590
596,847		Nintendo Co Ltd		217,756
160,778		OPAP S.A.		5,681
40,400	e	Oriental Land Co Ltd		2,110
8,340		Paddy Power plc		260
281,429		PartyGaming plc		173
1,062,730	*	Penn National Gaming, Inc		63,859
352,756	*	Pinnacle Entertainment, Inc		9,930
583,218	e	Publishing & Broadcasting Ltd		9,665
94,374		Rank Group plc		353
1,514,600		Resorts World BHD		1,520
274	e	Round One Corp		497
156,500		Sega Sammy Holdings, Inc		2,532
475,770	e*	Six Flags, Inc		2,897
375,622	e	Sky City Entertainment Group Ltd		1,471
84,955		Speedway Motorsports, Inc		3,397
13,251	*	Sportingbet plc		15
679,346	e	TABCORP Holdings Ltd		9,871
181,100		Tanjong plc		1,013
2,530,321	e	Tattersall's Ltd		10,064
89,290	*	Town Sports International Holdings, Inc		1,725
13,493,648		Walt Disney Co		460,673

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
194,615	e	Warner Music Group Corp	$	2,812
715,217	*	Westwood One, Inc		5,142
71,521		William Hill plc		878
221,376	e*	WMS Industries, Inc		6,389
114,511	e	World Wrestling Entertainment, Inc		1,831
		TOTAL AMUSEMENT AND RECREATION SERVICES		1,027,586

APPAREL AND ACCESSORY STORES - 0.61%
367,302		Abercrombie & Fitch Co (Class A)		26,806
344,970	*	Aeropostale, Inc		14,378
1,973,908		American Eagle Outfitters, Inc		50,650
295,457	*	AnnTaylor Stores Corp		10,465
45,900		Aoyama Trading Co Ltd		1,412
126,147	e	Bebe Stores, Inc		2,020
1,258,000	*	Belle International Holdings Ltd		1,388
351,381		Brown Shoe Co, Inc		8,546
87,505		Buckle, Inc		3,448
89,570		Burberry Group plc		1,227
69,170	e*	Cache, Inc		918
289,260	e*	Carter's, Inc		7,503
169,802	e*	Casual Male Retail Group, Inc		1,715
179,480		Cato Corp (Class A)		3,938
136,417	*	Charlotte Russe Holding, Inc		3,666
732,823	*	Charming Shoppes, Inc		7,936
733,011	*	Chico's FAS, Inc		17,842
123,320	*	Children's Place Retail Stores, Inc		6,368
193,026	e	Christopher & Banks Corp		3,310
72,598	e*	Citi Trends, Inc		2,756
28,012		DEB Shops, Inc		775
393,304	*	Dress Barn, Inc		8,071
89,465	e*	DSW, Inc (Class A)		3,115
179,893	*	Eddie Bauer Holdings, Inc		2,312
41,900		Fast Retailing Co Ltd		2,982
253,964		Finish Line, Inc (Class A)		2,314
603,290		Foot Locker, Inc		13,152
130,951		Foschini Ltd		1,123
8,451,818		Gap, Inc		161,430
1,270,600		Giordano International Ltd		626
676,614	*	Hanesbrands, Inc		18,289
461,894	e	Hennes & Mauritz AB (B Shares)		27,310
281,666	*	HOT Topic, Inc		3,062
169,799		Inditex S.A.		9,994
463,686	e*	J Crew Group, Inc		25,081
139,087	e*	Jo-Ann Stores, Inc		3,954
98,848	e*	JOS A Bank Clothiers, Inc		4,099
2,541,717	*	Kohl's Corp		180,538
1,471,475		Limited Brands, Inc		40,392
5,195		Lotte Shopping Co Ltd		2,024
118,227	*	New York & Co, Inc		1,296
1,350,636		Nordstrom, Inc		69,045
370,797	*	Pacific Sunwear Of California, Inc		8,158
414,242	*	Payless Shoesource, Inc		13,069
336,500		Ports Design Ltd		947
896,615		Ross Stores, Inc		27,616
64,281	*	Shoe Carnival, Inc		1,767
70,859		Specialty Fashion Group Ltd		110

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
256,483	e	Stage Stores, Inc	$	5,376
37,875	e*	Syms Corp		747
138,035	e	Talbots, Inc		3,455
238,750		Truworths International Ltd		1,228
165,211	*	Tween Brands, Inc		7,368
125,527	e*	Under Armour, Inc (Class A)		5,730
471,428	*	Urban Outfitters, Inc		11,328
625,362	e*	Wet Seal, Inc (Class A)		3,758
64,506	e*	Wilsons The Leather Experts, Inc		119
540,597		Woolworths Holdings Ltd		1,635
		TOTAL APPAREL AND ACCESSORY STORES		849,687

APPAREL AND OTHER TEXTILE PRODUCTS - 0.17%
501,100	e	Asics Corp		6,191
3,205		Benetton Group S.p.A.		56
79,317	e	Columbia Sportswear Co		5,447
132,440		Companhia de Tecidos Norte de Minas - Coteminas		21
69,836	*	G-III Apparel Group Ltd		1,103
224,824		Guess ?, Inc		10,800
190,200		Gunze Ltd		1,111
260,179	*	Gymboree Corp		10,254
546,852		Jones Apparel Group, Inc		15,449
167,923	e	Kellwood Co		4,722
294,000		Li Ning Co Ltd		713
529,366		Liz Claiborne, Inc		19,745
200,462	*	Maidenform Brands, Inc		3,981
19,617		Marzotto S.p.A.		105
2,192,514		Mitsubishi Rayon Co Ltd		15,617
518,124	e	Nisshinbo Industries, Inc		7,237
109,500		Onward Kashiyama Co Ltd		1,398
304,285		Phillips-Van Heusen Corp		18,430
458,190		Polo Ralph Lauren Corp		44,953
715,767	e*	Quiksilver, Inc		10,114
17,300		Shimamura Co Ltd		1,848
348,000	v*	Stella International Holdings Ltd		690
11,394		Tokyo Style Co Ltd		129
222,000		Toyobo Co Ltd		635
73,138	*	True Religion Apparel, Inc		1,487
1,407		VAN DE Velde		73
441,499		VF Corp		40,432
82,300	e	Wacoal Holdings Corp		1,015
264,939	*	Warnaco Group, Inc		10,423
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		234,179

AUTO REPAIR, SERVICES AND PARKING - 0.09%
455,113		Aisin Seiki Co Ltd		16,698
58,938	e*	Amerco, Inc		4,450
144,937	*	Dollar Thrifty Automotive Group, Inc		5,919
333,152	*	Exide Technologies		3,098
1,858,358	*	Hertz Global Holdings, Inc		49,376
29,000		Kayaba Industry Co Ltd		140
117,629	*	Midas, Inc		2,667
61,044		Monro Muffler, Inc		2,286
71,529		NOK Corp		1,510
5,956		Northgate plc		122
65,100	e	Park24 Co Ltd		654

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
238,860		Ryder System, Inc	$	12,851
3,115		Sixt AG.		136
2,579		Sixt AG.		159
39,014	*	Standard Parking Corp		1,370
123,629		Sumitomo Rubber Industries, Inc		1,475
2,973,653	e	T RAD Co Ltd		17,435
223,340	*	Wright Express Corp		7,654
		TOTAL AUTO REPAIR, SERVICES AND PARKING		128,000

AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.18%
444,814		Advance Auto Parts		18,028
109,284		Asbury Automotive Group, Inc		2,727
696,878	*	Autonation, Inc		15,638
611,728	*	Autozone, Inc		83,574
135,754		Canadian Tire Corp (Class A)		10,711
909,398	*	Carmax, Inc		23,190
308,845	*	Copart, Inc		9,447
399,738	*	CSK Auto Corp		7,355
1,715,546		Inchcape plc		17,108
472,982		Jardine Cycle & Carriage Ltd		4,860
93,718	e	Lithia Motors, Inc (Class A)		2,375
85,903	e*	MarineMax, Inc		1,720
136,830		MOL Hungarian Oil and Gas plc		20,617
486,785	*	O'Reilly Automotive, Inc		17,792
116,471	*	Rush Enterprises, Inc (Class A)		2,530
175,283		Sonic Automotive, Inc (Class A)		5,078
10,614		Super Group Ltd		23
290,253		Suzuki Motor Corp		8,243
25,000		Toyo Tire & Rubber Co Ltd		130
740	*	TravelCenters of America LLC		30
262,044	e*	United Auto Group, Inc		5,579
9,424	*	US Auto Parts Network, Inc		89
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		256,844

BUILDING MATERIALS AND GARDEN SUPPLIES - 0.57%
248,000		Anhui Conch Cement Co Ltd		1,743
146,687	*	Builders FirstSource, Inc		2,356
200	e*	Central Garden & Pet Co		2
394,364	e*	Central Garden and Pet Co (Class A)		4,626
589,431	e	Fastenal Co		24,674
42,588		Grafton Group plc		608
12,145,323		Home Depot, Inc		477,918
19,500	e	Keiyo Co Ltd		139
2,527,671		Kingfisher plc		11,449
8,145,392		Lowe's Cos, Inc		249,982
2,000		Nichias Corp		21
158,170	*	RONA, Inc		3,304
595,013		Travis Perkins plc		22,584
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		799,406

BUSINESS SERVICES - 5.81%
329,823	e*	24/7 Real Media, Inc		3,869
2,437,609	*	3Com Corp		10,067
69,493	e*	3D Systems Corp		1,728
7,044		888 Holdings plc		16
248,761		Aaron Rents, Inc		7,264

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
307,831		ABM Industries, Inc	$	7,945
153,113	e*	Acacia Research (Acacia Technologies)		2,474
4,055,031		Accenture Ltd (Class A)		173,920
96	e*	Access Co Ltd		290
37,848	e	Acciona S.A.		10,297
416,053	*	Actuate Corp		2,825
493,162		Acxiom Corp		13,044
1,389,730	e	Adecco S.A.		107,513
204,199		Administaff, Inc		6,839
4,533,471	*	Adobe Systems, Inc		182,019
121,896	e*	Advent Software, Inc		3,968
213,345		Aegis Group plc		585
481,379	*	Affiliated Computer Services, Inc (Class A)		27,304
49,282		Aggreko plc		564
318,401	*	Agile Software Corp		2,566
101,608		Aircastle Ltd		4,045
863,621	*	Akamai Technologies, Inc		42,007
1,800	*	Aladdin Knowledge Systems		37
339,479	*	Alliance Data Systems Corp		26,235
95,147	e	Alpha Systems, Inc		2,656
782,840	*	Amdocs Ltd		31,173
147,648	e*	American Reprographics Co		4,546
271,185	*	AMN Healthcare Services, Inc		5,966
140,269	*	Ansoft Corp		4,137
434,070	*	Ansys, Inc		11,503
325,898	*	aQuantive, Inc		20,792
169,662		Arbitron, Inc		8,743
446,601	e*	Ariba, Inc		4,426
629,399	e*	Art Technology Group, Inc		1,674
26,800	e	Asatsu-DK, Inc		908
572,263	e*	Aspen Technology, Inc		8,012
9,664		Asseco Poland S.A.		293
101,095		Asset Acceptance Capital Corp		1,789
49,507	*	Atos Origin S.A.		3,108
1,812,773	*	Autodesk, Inc		85,345
2,873,648		Automatic Data Processing, Inc		139,286
134,231	*	Autonomy Corp plc		1,925
227,614		Autostrade S.p.A.		7,559
677,884	*	Avis Budget Group, Inc		19,272
302,778	*	Avocent Corp		8,784
58,176	e*	Bankrate, Inc		2,788
39,475	e	Barrett Business Services		1,020
2,533,798	*	BEA Systems, Inc		34,688
1,275,188	e*	BearingPoint, Inc		9,322
2,787		Bechtle AG.		102
701,759	*	BISYS Group, Inc		8,302
289,686		Blackbaud, Inc		6,396
152,617	e*	Blackboard, Inc		6,428
78,826	e*	Blue Coat Systems, Inc		3,903
1,394,692	*	BMC Software, Inc		42,259
467,313	e*	Borland Software Corp		2,776
108,771	e*	Bottomline Technologies, Inc		1,343
265,573	e*	BPZ Energy, Inc		1,482
285,709		Brady Corp (Class A)		10,611
195,686		Brink's Co		12,111
55,850	e*	BroadVision, Inc		111

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
55,739	e*	Business Objects S.A.	$	2,177
1,898,060		CA, Inc		49,027
309,300	e	CAC Corp		2,549
252,787	*	CACI International, Inc (Class A)		12,349
1,405,754	*	Cadence Design Systems, Inc		30,870
248,160		Cap Gemini S.A.		18,143
4,100		Capcom Co Ltd		76
57,595	*	Capella Education Co		2,651
222,238		Catalina Marketing Corp		7,000
22,011	*	Cavium Networks, Inc		498
366,921	e*	CBIZ, Inc		2,697
651,222	*	Ceridian Corp		22,793
277,916	e*	Cerner Corp		15,416
639,294	*	CGI Group, Inc (Class A)		7,172
119,400	*	Check Point Software Technologies		2,724
345,807	e*	Checkfree Corp		13,901
1,212		Cheil Communications, Inc		373
60,000	*	China LotSynergy Holdings Ltd		27
342,049	*	ChoicePoint, Inc		14,520
265,367	*	Chordiant Software, Inc		4,156
371,853	*	Ciber, Inc		3,042
143,236	e	Cintra Concesiones de Infraestructuras de Transporte S.A.		2,276
794,013	*	Citrix Systems, Inc		26,734
71,775	*	Clayton Holdings, Inc		818
189,121	e*	Clear Channel Outdoor Holdings, Inc (Class A)		5,360
2,956,910	e*	CMGI, Inc		5,766
843,856	e*	CNET Networks, Inc		6,911
36,157		Coates Hire Ltd		178
277,957	*	Cogent Communications Group, Inc		8,303
235,287	e*	Cogent, Inc		3,456
238,314		Cognex Corp		5,364
746,566	*	Cognizant Technology Solutions Corp (Class A)		56,060
153,362	*	Cognos, Inc		6,116
265,777	e*	Commvault Systems, Inc		4,590
7,949		Computacenter plc		36
47,162	e	Computer Programs & Systems, Inc		1,461
1,809,152	*	Computer Sciences Corp		107,011
1,291,751		Computershare Ltd		12,326
1,525,576	*	Compuware Corp		18,093
123,310	*	COMSYS IT Partners, Inc		2,813
200,938	e*	Concur Technologies, Inc		4,591
1,174,221	*	Convergys Corp		28,463
494,000		COSCO Pacific Ltd		1,295
101,083	e*	CoStar Group, Inc		5,345
161,264	*	Covansys Corp		5,472
5,794		CPL Resources plc		56
384,232	*	CSG Systems International, Inc		10,186
10,447		CSK Holdings Corp		368
156,401		Ctrip.com International Ltd (ADR)		12,298
163,299	e*	Cybersource Corp		1,969
34,186	e	Dassault Systemes S.A.		2,155
189,593	*	DealerTrack Holdings, Inc		6,985
311,320		Deluxe Corp		12,643
14		Dena Co Ltd		49
1,548		Dentsu, Inc		4,388
217,994	*	Digital River, Inc		9,864

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
97,118	*	DivX, Inc	$	1,457
41,024	*	Double-Take Software, Inc		673
337,247	*	DST Systems, Inc		26,713
543,901	*	DynCorp International, Inc (Class A)		11,960
12,735	e	eAccess Ltd		7,599
795,873	*	Earthlink, Inc		5,945
7,714,084	*	eBay, Inc		248,239
162,962	e*	Echelon Corp		2,547
247,197	*	Eclipsys Corp		4,895
102,116	*	eCollege.com, Inc		2,272
1,040	e	Econtext, Inc		1,288
257,185	e*	eFunds Corp		9,076
99,361	e	Electro Rent Corp		1,445
1,499,792	*	Electronic Arts, Inc		70,970
4,190,345		Electronic Data Systems Corp		116,198
196,947	e*	Elpida Memory, Inc		8,648
400	m,v*	Envision Development Corp		-	^
312,648	*	Epicor Software Corp		4,649
167,345	e*	EPIQ Systems, Inc		2,704
1,059,449		Equifax, Inc		47,061
167,056	e*	Equinix, Inc		15,281
12,577	e*	Escala Group, Inc		31
182,763	e*	eSpeed, Inc (Class A)		1,579
427,776	e*	Evergreen Energy, Inc		2,579
120,574	e*	ExlService Holdings, Inc		2,260
1,084,945	*	Expedia, Inc		31,778
1,523,576		Experian Group Ltd		19,174
175,570	*	F5 Networks, Inc		14,151
219,638		Factset Research Systems, Inc		15,012
241,496		Fair Isaac Corp		9,689
169,310	e*	FalconStor Software, Inc		1,786
1,093	e	Fidec Corp		1,655
1,466,919		Fidelity National Information Services, Inc		79,624
42,414	e*	First Advantage Corp (Class A)		976
107,894		First Choice Holidays plc		685
4,250,295		First Data Corp		138,857
1,021,094	*	Fiserv, Inc		57,998
165,422	e*	Focus Media Holding Ltd (ADR)		8,354
108,703	*	Forrester Research, Inc		3,058
100,588		FTD Group, Inc		1,852
164,760		FUJI SOFT, Inc		3,876
3,994,990		Fujitsu Ltd		29,428
15,597		Fuyo General Lease Co Ltd		522
365,803	*	Gartner, Inc		8,995
232,000		GeoVision, Inc		1,446
127,331	*	Gerber Scientific, Inc		1,480
6,168	e	Getronics NV		46
214,897	*	Getty Images, Inc		10,274
145,986		Gevity HR, Inc		2,822
234,587	*	Global Cash Access, Inc		3,758
86,927	e*	Global Sources Ltd		1,973
37,601		GN Store Nord		444
1,191	e	Goodwill Group, Inc		410
1,343,593	*	Google, Inc (Class A)		703,210
150,000	e*	Gravity Co Ltd (ADR)		950
271,845		Group 4 Securicor plc		1,146

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
8,717	e	Gruppo Editoriale L'Espresso S.p.A.	$	46
3,695	e*	Guidance Software, Inc		52
95,339	e*	H&E Equipment Services, Inc		2,645
19,250		Hakuhodo DY Holdings, Inc		1,271
4,543,421		Hays plc		15,521
151,966	e	Healthcare Services Group		4,483
76,437	e	Heartland Payment Systems, Inc		2,242
158,774	*	Heidrick & Struggles International, Inc		8,136
715,796	*	HLTH Corp		10,028
110,358	*	HMS Holdings Corp		2,112
4,331,712		Huabao International Holdings Ltd		4,183
209,052	*	Hudson Highland Group, Inc		4,472
280,368	e*	Hypercom Corp		1,657
79,185	e*	i2 Technologies, Inc		1,476
38,408	e*	ICT Group, Inc		719
125,666	*	iGate Corp		1,008
173,434	*	IHS, Inc (Class A)		7,978
64,125	e	Imergent, Inc		1,568
844,585		IMS Health, Inc		27,137
180		Indofood Agri Resources Ltd		-	^
343,861	e	Indra Sistemas S.A.		8,575
115,980	e*	Infocrossing, Inc		2,142
481,501	*	Informatica Corp		7,112
427,900	a	Information Development Co		2,675
183,648		Infospace, Inc		4,262
336,029		Infosys Technologies Ltd		15,903
5,700	e	Infosys Technologies Ltd (ADR)		287
178,221		infoUSA, Inc		1,821
124,522	e*	Innerworkings, Inc		1,995
72,013	e*	Innovative Solutions & Support, Inc		1,672
6,400		INTEC Holdings Ltd		95
55,804	e	Integral Systems, Inc		1,357
16,201	a,e	Intelligent Wave, Inc		9,095
215,329		Interactive Data Corp		5,767
97,491	*	Interactive Intelligence, Inc		2,008
255,879	e*	Internap Network Services Corp		3,690
228,730	e*	Internet Capital Group, Inc		2,836
46,703	e	Interpool, Inc		1,256
2,100,667	e*	Interpublic Group of Cos, Inc		23,948
305,216	*	Interwoven, Inc		4,285
2,359,495	*	Intuit, Inc		70,974
163,386	*	inVentiv Health, Inc		5,982
352,964	e*	Ipass, Inc		1,913
1,505,944	*	Iron Mountain, Inc		39,350
10,922		iSOFT Group plc		11
427,912		Jack Henry & Associates, Inc		11,019
163,532	*	JDA Software Group, Inc		3,210
4,012,626	*	Juniper Networks, Inc		100,998
803	e	Kakaku.com, Inc		1,991
54,624	*	Kana Software, Inc		169
116,092		Kelly Services, Inc (Class A)		3,188
133,652	e*	Kenexa Corp		5,040
81,846	*	Keynote Systems, Inc		1,342
198,265	*	Kforce, Inc		3,168
925,401	*	Kinetic Concepts, Inc		48,093
762	e*	KK DaVinci Advisors		665

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
144,717	e*	Knot, Inc	$	2,922
21,810		Konami Corp		501
379,040	*	Korn/Ferry International		9,954
379,814	*	Labor Ready, Inc		8,778
384,998		Lamar Advertising Co (Class A)		24,162
786,482	e*	Lawson Software, Inc		7,778
1,576,000		Lenovo Group Ltd		929
90,256	*	Limelight Networks, Inc		1,785
326,672	*	Lionbridge Technologies		1,924
43,148	e*	Liquidity Services, Inc		810
194,419	*	LivePerson, Inc		1,040
3,413,378		LogicaCMG plc		10,344
131,499	*	LoJack Corp		2,931
344	e	Macromill, Inc		853
302,010	*	Magma Design Automation, Inc		4,240
212,473	*	Manhattan Associates, Inc		5,930
650,507		Manpower, Inc		60,003
166,307	*	Mantech International Corp (Class A)		5,127
123,216	e	Marchex, Inc (Class B)		2,011
457,665	e	Mastercard, Inc (Class A)		75,913
996,830	*	McAfee, Inc		35,088
490,973	e*	Mentor Graphics Corp		6,466
504,398		Michael Page International plc		5,299
50,481,064		Microsoft Corp		1,487,677
67,365	*	MicroStrategy, Inc (Class A)		6,365
176,197	e*	Midway Games, Inc		1,121
121,086		Misys plc		567
59,360		Mitsubishi UFJ Lease & Finance Co Ltd		2,666
347,117		MoneyGram International, Inc		9,702
576,028	*	Monster Worldwide, Inc		23,675
6,761		Morgan Sindall plc		204
553,985	*	Move, Inc		2,482
652,269	*	MPS Group, Inc		8,721
217,101	*	MSC.Software Corp		2,940
624,489	*	NAVTEQ Corp		26,441
700,757	*	NCR Corp		36,818
5,079	*	NCSoft Corp		485
3,161,628		NEC Corp		16,276
154,553	*	Ness Technologies, Inc		2,011
247,497	e*	NetFlix, Inc		4,799
7,180	*	Netscout Systems, Inc		62
158,225	*	Network Equipment Technologies, Inc		1,509
1,087		NextCom K.K.		290
23,416	*	NHN Corp		4,262
234,508		NIC, Inc		1,604
187,338	e	Nippon System Development Co Ltd		2,751
365,401		Nippon Systemware Co Ltd		1,862
150,755		Nomura Research Institute Ltd		4,434
60,888		Northgate Information Solutions plc		97
4,168,812	*	Novell, Inc		32,475
6,834	e	NTT Data Corp		32,424
705,341	e*	Nuance Communications, Inc		11,800
22,225		Obic Co Ltd		4,390
2,248,784		Omnicom Group, Inc		119,006
150,713	e*	Omniture, Inc		3,454
206,104	*	On Assignment, Inc		2,209

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
122,903	e*	Online Resources Corp	$	1,349
61,923	*	Open Text Corp		1,357
532,353	e*	OpenTV Corp (Class A)		1,129
454,697	e*	Opsware, Inc		4,324
24,839,284	*	Oracle Corp		489,582
229,559	e	Oracle Corp Japan		10,132
12,900		Otsuka Corp		1,223
198,620	*	Packeteer, Inc		1,551
642,944	*	Parametric Technology Corp		13,894
275,000		PCA Corp		3,045
108,921	e*	PDF Solutions, Inc		1,289
109,028	e	Pegasystems, Inc		1,192
118,061	e*	PeopleSupport, Inc		1,340
166,133	e*	Perficient, Inc		3,439
520,807	e*	Perot Systems Corp (Class A)		8,875
195,771	*	Phase Forward, Inc		3,295
89,665	e	Portfolio Recovery Associates, Inc		5,382
577,600		POS Malaysia & Services Holdings BHD		700
154,804	e*	PRA International		3,917
432,347	*	Premiere Global Services, Inc		5,629
261,431	*	Progress Software Corp		8,311
16,628		Prokom Software S.A.		890
16,305	e	Promotora de Informaciones S.A.		358
31,881	*	Protection One, Inc		477
69,765		Public Power Corp		1,966
110,604	e	QAD, Inc		918
90,652	e	Quality Systems, Inc		3,442
358,314	*	Quest Software, Inc		5,801
132,839	e*	Radiant Systems, Inc		1,759
132,238	e*	Radisys Corp		1,640
11,400	*	RADWARE Ltd		166
52,461	e	Rakuten, Inc		17,637
58,692		Randstad Holdings NV		4,645
164,012	e*	Raser Technologies, Inc		1,212
701,428	*	RealNetworks, Inc		5,731
804,204	e*	Red Hat, Inc		17,918
47,625	e	Renaissance Learning, Inc		626
419,848	*	Rent-A-Center, Inc		11,013
257	*	Retalix Ltd		5
19,620	e*	Rewards Network, Inc		80
86,427	e*	RightNow Technologies, Inc		1,418
36,505		Ritchie Bros Auctioneers, Inc		2,293
957,192		Robert Half International, Inc		34,938
161,679		Rollins, Inc		3,681
354,103	*	S1 Corp		2,829
5,120		S1 Corp		276
630,011		Sage Group plc		2,952
791,369	e*	Salesforce.com, Inc		33,918
1,246,955	e	SAP AG.		63,753
448,406	*	Sapient Corp		3,466
5,485	*	SCI Entertainment Group plc		56
180,556		Secom Co Ltd		8,518
324,164	e*	Secure Computing Corp		2,460
66,026		Securitas AB (B Shares)		1,045
11,405		Seek Ltd		71
1,306,296		ServiceMaster Co		20,195

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
7,615		SGS S.A.	$	9,004
76,511	e*	SI International, Inc		2,526
33,172	*	Silicon Graphics, Inc		880
365		SimCorp A/S		87
1,387,432		Singapore Post Ltd		1,152
126,083	e*	Smith Micro Software, Inc		1,899
55,789	e	Societe Des Autoroutes Paris-Rhin-Rhone		5,669
146,032	e*	Sohu.com, Inc		4,672
103,546,311		Solomon Systech International Ltd		14,811
410,429	*	SonicWALL, Inc		3,526
1,450,712	e*	Sonus Networks, Inc		12,360
285,618		Sorun Corp		2,120
435,999		Sotheby's		20,065
9,587	*	Sourcefire, Inc		134
398,547	*	Spherion Corp		3,742
163,304	*	SPSS, Inc		7,208
228,195	e	Square Enix Co Ltd		5,764
277,175	e*	SRA International, Inc (Class A)		7,001
58,967	e*	Stratasys, Inc		2,770
14,395	e	STW Communications Group Ltd		36
26,303		Submarino S.A.		1,095
19,863,915	*	Sun Microsystems, Inc		104,484
1,054,450	*	Sybase, Inc		25,191
233,869	*	SYKES Enterprises, Inc		4,441
4,539,860	*	Symantec Corp		91,705
128,397	*	Synchronoss Technologies, Inc		3,767
100,852	e*	SYNNEX Corp		2,079
874,801	*	Synopsys, Inc		23,121
67,599	e	Syntel, Inc		2,054
16,080		Taiwan Secom Co Ltd		27
12,135,052		Taiwan-Sogo Shinkong Security Corp		10,914
407,200	e*	Take-Two Interactive Software, Inc		8,132
86,986	e	TAL International Group, Inc		2,584
86,084	*	Taleo Corp (Class A)		1,940
99,279		Tata Consultancy Services Ltd		2,808
42,444	*	TechTarget, Inc		545
55,409	e	Telecom Italia Media S.p.A.		20
12,235	*	Telelogic AB		37
224,480	*	TeleTech Holdings, Inc		7,291
123,848	*	Temenos Group AG.		2,981
665,000		Tencent Holdings Ltd		2,673
102,504	e	TheStreet.com, Inc		1,115
386,790	e*	THQ, Inc		11,805
1,202,610	*	TIBCO Software, Inc		10,884
8,236	e*	Tiens Biotech Group USA, Inc		32
20,697	*	Tier Technologies, Inc (Class B)		203
462,864	e	Tietoenator Oyj		14,872
6,782		TIS, Inc		156
174,516	e	TNS, Inc		2,515
356,000	*	Tom Online, Inc		64
506,396	e	Total System Services, Inc		14,944
146,272	*	TradeStation Group, Inc		1,704
3,700		Trans Cosmos, Inc		71
196,115	*	Transaction Systems Architects, Inc		6,601
27,048	e*	Travelzoo, Inc		719
505,203	e	Trend Micro, Inc		16,311

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
239,780	*	Trizetto Group, Inc	$	4,642
131,368	e*	Ultimate Software Group, Inc		3,801
50,080	*	Unica Corp		826
1,383,759	*	Unisys Corp		12,648
403,592		United Online, Inc		6,655
471,368	e*	United Rentals, Inc		15,338
181,604	*	Universal Compression Holdings, Inc		13,161
19,660		USS Co Ltd		1,252
592,241	*	Valueclick, Inc		17,447
138,889	e*	Vasco Data Security International		3,161
10,396	*	Veraz Networks, Inc		68
300	e*	Verint Systems, Inc		9
1,758,009	*	VeriSign, Inc		55,782
44,832	e*	Vertrue, Inc		2,187
153,083		Viad Corp		6,456
245,356	*	Vignette Corp		4,701
99,685	e*	Visual Sciences, Inc		1,542
68,577	*	Vocus, Inc		1,722
87,534	e*	Volt Information Sciences, Inc		1,614
4,005,538		Waste Management, Inc		156,416
30,830	e*	WebMD Health Corp (Class A)		1,451
256,613	*	Websense, Inc		5,453
417,617	*	Wind River Systems, Inc		4,594
30,373	*	Wire and Wireless India Ltd		47
8,925,863		WPP Group plc		133,499
8,321		Yahoo! Japan Corp		2,821
8,050,418	*	Yahoo!, Inc		218,408
25,255	*	Zee News Ltd		29
		TOTAL BUSINESS SERVICES		8,111,562

CHEMICALS AND ALLIED PRODUCTS - 8.34%
10,283,742		Abbott Laboratories		550,694
73,781	b,e,m,v*	Able Laboratories, Inc		-	^
109,793	e*	Abraxis BioScience, Inc		2,441
155,076	e*	Acadia Pharmaceuticals, Inc		2,120
19,184	*	Acambis plc		45
226,012	e*	Acorda Therapeutics, Inc		3,856
713,327	e*	Adams Respiratory Therapeutics, Inc		28,098
75,683	e*	Advanced Magnetics, Inc		4,402
163,606	*	Agrium, Inc		7,171
395,275		Air Liquide		51,869
1,739,888		Air Products & Chemicals, Inc		139,835
1,418,076		Akzo Nobel NV		122,407
183,077	*	Albany Molecular Research, Inc		2,719
608,807		Albemarle Corp		23,457
888,287		Alberto-Culver Co		21,070
3,940		Alexandria Mineral Oils Co		56
193,986	e*	Alexion Pharmaceuticals, Inc		8,741
118,680	*	Alexza Pharmaceuticals, Inc		981
242,660		Alfa S.A. de C.V. (Class A)		1,908
18,625		Alfresa Holdings Corp		1,300
531,865	e*	Alkermes, Inc		7,765
225,057	*	Allos Therapeutics, Inc		995
185,135	e*	Alnylam Pharmaceuticals, Inc		2,812
250,896	*	Alpharma, Inc (Class A)		6,526
359,959	e	Altana AG.		8,699

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
2,568,000		Aluminum Corp of China Ltd	$	4,388
247,870	e*	American Oriental Bioengineering, Inc		2,206
97,580	e	American Vanguard Corp		1,397
7,770,999	*	Amgen, Inc		429,659
5,740	*	Amicus Therapeutics, Inc		66
2,001		Amorepacific Corp		1,585
14,546		Amorepacific Corp		2,689
14,206	e*	Anadys Pharmaceuticals, Inc		53
97,219	*	Animal Health International, Inc		1,409
97,288	b,e*	Aphton Corp		-	^
144,320		Arch Chemicals, Inc		5,071
303,985	e*	Arena Pharmaceuticals, Inc		3,341
3,129	e*	Arkema		205
178,094	e*	Arqule, Inc		1,256
290,312	e*	Array Biopharma, Inc		3,388
204,175	e*	Arrowhead Research Corp		1,027
1,644,167		Asahi Kasei Corp		10,802
110,059		Aspen Pharmacare Holdings Ltd		575
1,119,375		Astellas Pharma, Inc		48,690
2,096,517		AstraZeneca plc		112,354
63,013		AstraZeneca plc (ADR)		3,370
133,348	*	Auxilium Pharmaceuticals, Inc		2,126
166,531	e*	Aventine Renewable Energy Holdings, Inc		2,826
608,703		Avery Dennison Corp		40,467
1,827,061		Avon Products, Inc		67,144
93,986		Balchem Corp		1,708
459,017	*	Barr Pharmaceuticals, Inc		23,056
856,174	e	BASF AG.		112,002
163	*	Basilea Pharmaceutica		36
15,594		Beiersdorf AG.		1,110
107,452	e*	Bentley Pharmaceuticals, Inc		1,304
25,793	e*	BioCryst Pharmaceuticals, Inc		199
27,251	*	Biodel, Inc		540
252,081	e*	Bioenvision, Inc		1,457
2,106,697	*	Biogen Idec, Inc		112,708
499,177	e*	BioMarin Pharmaceuticals, Inc		8,955
56,884	*	BioMimetic Therapeutics, Inc		889
231,269	*	Bionovo, Inc		893
339,591	*	Bioton S.A.		230
357,279	e*	Biovail Corp International		9,106
128,649	e*	Bradley Pharmaceuticals, Inc		2,793
75,151		Braskem S.A.		672
9,988,855		Bristol-Myers Squibb Co		315,248
9,000,000		C&O Pharmaceutical Technology Holdings Ltd		3,205
425,262		Cabot Corp		20,276
89,982	e*	Cadence Pharmaceuticals, Inc		1,091
211,127	e*	Calgon Carbon Corp		2,449
164,410		Cambrex Corp		2,182
50,795	e*	Caraco Pharmaceutical Laboratories Ltd		771
1,488,135		Celanese Corp (Series A)		57,710
334,291	*	Cell Genesys, Inc		1,120
302,389	*	Cephalon, Inc		24,309
381,168		CF Industries Holdings, Inc		22,828
266,221	*	Charles River Laboratories International, Inc		13,742
364,959	e*	Chattem, Inc		23,131
1,377,330		Chemtura Corp		15,302

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
231,224	e	Chugai Pharmaceutical Co Ltd	$	4,155
272,958	e	Church & Dwight Co, Inc		13,228
12,121	e	Ciba Specialty Chemicals AG.		788
378,472		Cipla Ltd		1,936
273,000	*	CK Life Sciences International Holdings, Inc		27
41,843		Clariant AG.		677
863,664		Clorox Co		53,634
4,216,842		Colgate-Palmolive Co		273,462
79,490	e*	Critical Therapeutics, Inc		173
363,200	e*	Crucell NV		8,077
371,959		CSL Ltd		27,688
301,710	e*	Cubist Pharmaceuticals, Inc		5,947
173,144	*	Cypress Bioscience, Inc		2,296
565,204		Cytec Industries, Inc		36,043
220,012	e*	Cytokinetics, Inc		1,243
520,900	*	CytRx Corp		1,625
501,054		Dade Behring Holdings, Inc		26,616
913,833		Daicel Chemical Industries Ltd		5,947
832,900		Daiichi Sankyo Co Ltd		22,099
1,847,099		Dainippon Ink and Chemicals, Inc		7,127
438,563	e*	Dendreon Corp		3,105
115,723	*	Digene Corp		6,949
523,469	*	Discovery Laboratories, Inc		1,481
84,162	e*	Dov Pharmaceutical, Inc		26
5,293,037		Dow Chemical Co		234,058
106,595		Dr Reddy's Laboratories Ltd		1,726
909,936		DSM NV		44,815
5,031,031		Du Pont (E.I.) de Nemours & Co		255,778
323,777	e*	Durect Corp		1,247
900	e*	Dusa Pharmaceuticals, Inc		3
669,096		Dyno Nobel Ltd		1,354
354,940		Eastman Chemical Co		22,833
854,412		Ecolab, Inc		36,483
94,182		Egyptian International Pharmaceutical Industrial Co		484
205,600		Eisai Co Ltd		8,978
309,916	*	Elan Corp plc		6,746
438,459	*	Elan Corp plc (ADR)		9,615
4,350,774		Eli Lilly & Co		243,121
172,417	*	Elizabeth Arden, Inc		4,183
26,767	e*	Emergent Biosolutions, Inc		276
334,392	e*	Encysive Pharmaceuticals, Inc		595
16,320	v*	Engro Chemical Pakistan Ltd		15
108,800		Engro Chemical Pakistan Ltd		456
277,888	e*	Enzon Pharmaceuticals, Inc		2,181
44,389	e*	EPIX Pharmaceuticals, Inc		249
773,371		Estee Lauder Cos (Class A)		35,196
222,000		Eternal Chemical Co Ltd		352
596,000	e*	Eurand NV		9,339
255,500		Fauji Fertilizer Co Ltd		512
258,190	e	Ferro Corp		6,437
16,426		Filtrona plc		85
148,607		FMC Corp		13,284
113		Forbo Holding AG.		62
2,448,027	*	Forest Laboratories, Inc		111,752
2,637,235		Formosa Plastics Corp		6,695
3,145,596	*	Genentech, Inc		237,996

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
229,407	e*	Genta, Inc	$	68
397,547	*	GenVec, Inc		934
2,348,685	*	Genzyme Corp		151,255
218,832	e	Georgia Gulf Corp		3,963
389,672	e*	Geron Corp		2,743
5,970,031	*	Gilead Sciences, Inc		231,458
6,260		GlaxoSmithkline Pharmaceuticals Ltd		195
7,786,777		GlaxoSmithKline plc		202,846
186		GlaxoSmithKline plc (ADR)		10
40,138		Glenmark Pharmaceuticals Ltd		650
1,948,000		Global Bio-Chem Technology Group Co Ltd		802
31,660	e*	GlobeTel Communications Corp		8
75,220	e*	GTx, Inc		1,218
11,516		H Lundbeck A/S		292
724,480		H.B. Fuller Co		21,655
352,693	*	Halozyme Therapeutics, Inc		3,255
75,885	e*	Hana Biosciences, Inc		125
1,882		Hanmi Pharm Co Ltd		289
26,110		Hanwha Chemical Corp		643
85,000		Haw Par Corp Ltd		425
188,715	e	Henkel KGaA		9,944
776,433	*	Hercules, Inc		15,257
9,698		Hikma Pharmaceuticals plc		74
523,501		Hindustan Lever Ltd		2,430
96,790		Hitachi Chemical Co Ltd		2,189
7,678		Honam Petrochemical Corp		766
779,996	*	Hospira, Inc		30,451
738,338	e*	Human Genome Sciences, Inc		6,586
909,264		Huntsman Corp		22,104
91,811	e*	Idenix Pharmaceuticals, Inc		542
159,601	*	Idexx Laboratories, Inc		15,103
304,516	*	ImClone Systems, Inc		10,768
487,782	*	Immucor, Inc		13,643
69,052	e*	Immunogen, Inc		383
822,448		Imperial Chemical Industries plc		10,231
279,595	e*	Indevus Pharmaceuticals, Inc		1,882
317,654		Indian Petrochemicals Co		2,676
2,934	*	Innogenetics NV		36
108,691	e	Innophos Holdings, Inc		1,554
72,796		Innospec, Inc		4,310
32,181	e	Inter Parfums, Inc		857
184,058	e*	InterMune, Inc		4,774
369,193		International Flavors & Fragrances, Inc		19,250
247,696	e*	Inverness Medical Innovations, Inc		12,637
564,564	*	Invitrogen Corp		41,637
295,500		Ipsen		15,162
14,000		Ishihara Sangyo Kaisha Ltd		25
319,489		Israel Chemicals Ltd		2,539
220,756	*	Javelin Pharmaceuticals, Inc		1,366
381,729		JSR Corp		9,211
79,837		Kaiser Aluminum Corp		5,819
3,000		Kaken Pharmaceutical Co Ltd		22
547,144		Kansai Paint Co Ltd		4,783
422,229		Kao Corp		10,932
1,907,869	e*	Keryx Biopharmaceuticals, Inc		18,640
2,156,604	*	King Pharmaceuticals, Inc		44,124

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
934,227		Kingboard Chemical Holdings Ltd	$	4,300
100,687		Koppers Holdings, Inc		3,391
26,977		Kose Corp		764
18,504	e	Kronos Worldwide, Inc		467
135,500		Kuraray Co Ltd		1,588
197,659	e*	KV Pharmaceutical Co (Class A)		5,384
306,070		Kyowa Hakko Kogyo Co Ltd		2,888
112,553	*	Landec Corp		1,508
24,680		LG Chem Ltd		2,082
4,890		LG Household & Health Care Ltd		709
27,440		LG Petrochemical Co Ltd		1,069
479,676		Ligand Pharmaceuticals, Inc (Class B)		3,300
282,149		Linde AG.		33,947
7,492		Lonza Group AG.		687
208,963	e	L'Oreal S.A.		24,700
340,650		Lubrizol Corp		21,989
43,898		Lupin Ltd		789
1,063,339		Lyondell Chemical Co		39,471
167,333		Makhteshim-Agan Industries Ltd		1,210
99,116	e	Mannatech, Inc		1,575
238,298	e*	MannKind Corp		2,938
194,949	e*	Martek Biosciences Corp		5,063
698,822	e*	Medarex, Inc		9,986
127,523		Mediceo Paltac Holdings Co Ltd		1,953
294,661	*	Medicines Co		5,192
312,340	e	Medicis Pharmaceutical Corp (Class A)		9,539
118,078	e*	Medivation, Inc		2,412
13,581,327		Merck & Co, Inc		676,350
280,418	e	Merck KGaA		38,367
230,158	e	Meridian Bioscience, Inc		4,985
853,489		Methanex Corp		21,184
494,604	*	MGI Pharma, Inc		11,064
1,301,200	*	Millennium Pharmaceuticals, Inc		13,754
111,872	e	Minerals Technologies, Inc		7,490
253,851	*	Minrad International, Inc		1,505
3,585,500		Mitsubishi Chemical Holdings Corp		32,915
113,081		Mitsubishi Gas Chemical Co, Inc		1,032
5,773	*	Molecular Insight Pharmaceuticals, Inc		54
121,191	e*	Momenta Pharmaceuticals, Inc		1,222
3,038,301		Monsanto Co		205,207
1,224,523	*	Mosaic Co		47,781
1,024,869	*	Mylan Laboratories, Inc		18,642
364,586	e*	Nabi Biopharmaceuticals		1,677
643,786		Nalco Holding Co		17,672
3,880,821		Nan Ya Plastics Corp		8,548
126,180	e*	Nastech Pharmaceutical Co, Inc		1,377
170,081		Natura Cosmeticos S.A.		2,469
670,363	*	NBTY, Inc		28,960
770		Neochimiki LV Lavrentiadis S.A.		21
215,069	e*	Neurocrine Biosciences, Inc		2,415
85,622	e	NewMarket Corp		4,142
3,123	*	NicOx S.A.		76
485,550	e	Nippon Chemiphar Co Ltd		2,057
36,429		Nippon Kayaku Co Ltd		289
4,000		Nippon Shinyaku Co Ltd		37
23,446		Nippon Shokubai Co Ltd		208

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
29,429		Nissan Chemical Industries Ltd	$	346
49,490	e	NL Industries, Inc		496
103,129		Nova Chemicals Corp		3,687
9,312	*	Novacea, Inc		88
3,382,602		Novartis AG.		189,901
129,000		Novartis AG. (ADR)		7,233
210,552	*	Noven Pharmaceuticals, Inc		4,937
340,357		Novo Nordisk A/S (Class B)		37,022
7,413		Novozymes A/S (B Shares)		859
40,028	e*	NPS Pharmaceuticals, Inc		166
189,306	e*	Nuvelo, Inc		515
7,796	*	Obagi Medical Products, Inc		138
442,022		Olin Corp		9,282
183,056	*	OM Group, Inc		9,687
3,762		Omega Pharma S.A.		326
189,905	e*	Omrix Biopharmaceuticals, Inc		5,974
249,537	e*	Onyx Pharmaceuticals, Inc		6,713
6,236		OPG Groep NV		227
245,834	e*	OraSure Technologies, Inc		2,011
40,563	*	Orexigen Therapeutics, Inc		609
141,000		Oriental Union Chemical Corp		120
3,708		Oriola-KD Oyj		17
614,264		Orion Oyj (Class B)		15,373
415,170	e*	OSI Pharmaceuticals, Inc		15,033
69,317	e*	Osiris Therapeutics, Inc		936
162,303	e*	Pacific Ethanol, Inc		2,142
179,671	e*	Pain Therapeutics, Inc		1,565
196,411	*	Par Pharmaceutical Cos, Inc		5,545
149,688	*	Parexel International Corp		6,296
494,301	e*	PDL BioPharma, Inc		11,517
122,456	e*	Penwest Pharmaceuticals Co		1,527
451,445		Perrigo Co		8,839
108,157	e*	PetMed Express, Inc		1,389
40,693,702		Pfizer, Inc		1,040,538
139,404	*	Pharmion Corp		4,036
41,699	*	Pharmos Corp		60
95,537	e*	Pioneer Cos, Inc		3,284
7,807		Polska Grupa Farmaceutyczna S.A.		317
572,561	*	PolyOne Corp		4,117
118,654	e*	Poniard Pharmaceuticals, Inc		807
196,675	e*	Pozen, Inc		3,554
1,881,557		PPG Industries, Inc		143,205
1,499,096		Praxair, Inc		107,920
235,684	*	Prestige Brands Holdings, Inc		3,059
18,290,909		Procter & Gamble Co		1,119,221
116,360	e*	Progenics Pharmaceuticals, Inc		2,510
165,079	*	Protalix BioTherapeutics, Inc		4,455
1,737,500		PT Kalbe Farma Tbk		267
89,100		PTT Chemical PCL		232
177,549	e*	Quidel Corp		3,118
296,029		Ranbaxy Laboratories Ltd		2,584
2,244,155		Reckitt Benckiser plc		122,858
6,503		Recordati S.p.A.		54
20,480	e*	Renovis, Inc		74
1,092,303	e*	Revlon, Inc (Class A)		1,496
4	*	Rhodia S.A.		-	^

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
11,151		Richter Gedeon Nyrt	$	2,232
8,153		Roche Holding AG.		1,629
1,695,961		Roche Holding AG.		300,502
197,731	*	Rockwood Holdings, Inc		7,227
896,499		Rohm & Haas Co		49,021
517,657		RPM International, Inc		11,963
25,000		Sakai Chemical Industry Co Ltd		191
253,626	e*	Salix Pharmaceuticals Ltd		3,120
1,622,862	e	Sanofi-Aventis		131,107
2,020		Sanofi-Aventis (ADR)		81
364,935	e*	Santarus, Inc		1,887
59,000	e	Santen Pharmaceutical Co Ltd		1,437
61,200	e	Sawai Pharmaceutical Co Ltd		2,110
9,344,363		Schering-Plough Corp		284,442
281,615	e*	Sciele Pharma, Inc		6,635
188,717	e	Scotts Miracle-Gro Co (Class A)		8,104
270,772		Sensient Technologies Corp		6,875
586,131	*	Sepracor, Inc		24,043
884,557		Sherwin-Williams Co		58,797
1,060,500		Shin-Etsu Chemical Co Ltd		75,717
247,664		Shionogi & Co Ltd		4,037
286,100		Shiseido Co Ltd		6,107
1,195,831	e	Showa Denko KK		4,325
97,289		Sidi Kerir Petrochemcials Co		304
665,029		Sigma-Aldrich Corp		28,377
1,180,000		Sinopec Shanghai Petrochemical Co Ltd		779
368,000	*	Sinopec Yizheng Chemical Fibre Co Ltd		173
31,805	e*	Sniace-Soc Nacional Indust		205
72,449		Sociedad Quimica y Minera de Chile S.A. (Class B)		1,254
33,273	*	Somaxon Pharmaceuticals, Inc		405
9	*	Sosei Co Ltd		16
15,942	*	Speedel Holding AG		2,375
1,287,086		SSL International plc		11,241
50,000	e	Stada Arzneimittel AG.		3,185
28,752		Stepan Co		871
2,180,120		Sumitomo Chemical Co Ltd		14,630
19,768	v*	Sun Pharma Advanced Research Co Ltd		41
34,344		Sun Pharmaceuticals Industries Ltd		865
454,412	e*	SuperGen, Inc		2,527
101,913	e*	SurModics, Inc		5,096
633,264		Symbion Health Ltd		2,189
62,449		Syngenta AG.		12,174
5,698	*	Synta Pharmaceuticals Corp		47
124,200	e	Taisho Pharmaceutical Co Ltd		2,464
353,000		Taiwan Fertilizer Co Ltd		741
61,127		Taiyo Nippon Sanso Corp		473
1,359,294		Takeda Pharmaceutical Co Ltd		87,812
1,372,900		Tanabe Seiyaku Co Ltd		16,323
236,262	e*	Tanox, Inc		4,586
381,000		Teijin Ltd		2,084
182,970	e*	Tercica, Inc		933
531,250		Teva Pharmaceutical Industries Ltd		21,939
4,007,900		Teva Pharmaceutical Industries Ltd (ADR)		165,326
478,000	e*	Theravance, Inc		15,296
2,473,000	e	Tokai Carbon Co Ltd		23,138
44,527	e	Tokuyama Corp		579

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
173,000	*	Tongjitang Chinese Medicines Co (ADR)	$	1,946
1,280,663		Toray Industries, Inc		9,463
1,694,161		Tosoh Corp		9,397
36,000		Toyo Ink Manufacturing Co Ltd		137
229,005	e	Tronox, Inc (Class B)		3,218
58,500	*	Trubion Pharmaceuticals, Inc		1,221
283,341		UAP Holding Corp		8,540
22,928		UCB S.A.		1,356
35,180		United Drug plc		192
110,455	e*	United Therapeutics Corp		7,043
56,926	e*	US BioEnergy Corp		647
108,972	e*	USANA Health Sciences, Inc		4,875
549,423	*	USEC, Inc		12,076
516,889		Valeant Pharmaceuticals International		8,627
565,374		Valspar Corp		16,062
140,256	*	Vanda Pharmaceuticals, Inc		2,842
370,665	*	VCA Antech, Inc		13,970
156,505	e*	Verasun Energy Corp		2,266
1,350,683	*	Vertex Pharmaceuticals, Inc		38,575
2,010		Virbac S.A.		160
587,694	*	Viropharma, Inc		8,110
51,099	e*	Visicu, Inc		468
35,498	e	Wacker Chemie AG.		8,361
1,090,000		Wah Lee Industrial Corp		2,466
995,958	*	Warner Chilcott Ltd (Class A)		18,017
1,189,625	*	Watson Pharmaceuticals, Inc		38,698
74,480	e	Westlake Chemical Corp		2,094
398,188	e*	WR Grace & Co		9,752
7,392,446		Wyeth		423,883
162,869	e*	Xenoport, Inc		7,235
726,167	*	XOMA Ltd		2,208
3,077		Yuhan Corp		576
37,801	e	Zeltia S.A.		355
13,626		Zentiva NV		923
31,921		Zeon Corp		339
207,211	e*	Zymogenetics, Inc		3,027
		TOTAL CHEMICALS AND ALLIED PRODUCTS		11,641,724

COAL MINING - 0.23%
469,889	e*	Alpha Natural Resources, Inc		9,769
727,727	e	Arch Coal, Inc		25,325
26,220,000	*	China Coal Energy Co		39,365
1,918,000		China Shenhua Energy Co Ltd		6,693
851,170		Consol Energy, Inc		39,247
183,800		Fording Canadian Coal Trust		6,039
259,387		Gloucester Coal Ltd		1,113
1,854,576	e*	International Coal Group, Inc		11,090
96,834		Kumba Resources Ltd		909
356,758		Massey Energy Co		9,508
2,723,019		Peabody Energy Corp		131,740
11,743,500		PT Bumi Resources Tbk		2,956
419,909		Sasol Ltd		15,765
506,552		Sasol Ltd (ADR)		19,016
1,078,000		Yanzhou Coal Mining Co Ltd		1,641
		TOTAL COAL MINING		320,176

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
COMMUNICATIONS - 4.71%
5,484,653		Advanced Info Service PCL	$	13,737
86,163		AFK Sistema (GDR)		2,431
38,297	e*	Airspan Networks, Inc		139
252,415	e	Alaska Communications Systems Group, Inc		3,998
2,058,109		Alltel Corp		139,025
30,600	e*	Alvarion Ltd		286
13,240,313		America Movil S.A. de C.V.		40,983
216,334		America Movil S.A. de C.V. (ADR) (Series L)		13,398
2,161,032	*	American Tower Corp (Class A)		90,763
171,859	e*	Anixter International, Inc		12,926
13,971	e*	Antena 3 de Television S.A.		290
43,441	e*	Aruba Networks, Inc		873
33,932,584		AT&T, Inc		1,408,202
60,070		Atlantic Tele-Network, Inc		1,720
105,142	*	Audiovox Corp (Class A)		1,364
1,164,401	e	Austar United Communications Ltd		1,635
189,502	*	Authorize.Net Holdings, Inc		3,390
2,708,583	*	Avaya, Inc		45,613
990,027	e	BCE, Inc		37,491
2,017,400		BEC World PCL		1,345
1,448,244		Belgacom S.A.		64,097
52		Bell Aliant Regional Communications Income Fund		2
421,200		Bezeq Israeli Telecommunication Corp Ltd		691
25,314		Brasil Telecom Participacoes S.A.		707
124,109		Brasil Telecom Participacoes S.A.		1,520
278,961	e*	Brightpoint, Inc		3,847
772,351		British Sky Broadcasting plc		9,902
10,334,895		BT Group plc		68,784
512,613		Cable & Wireless plc		1,991
1,029,621	*	Cablevision Systems Corp (Class A)		37,262
66,768		Carphone Warehouse Group plc		439
108,924	*	Cbeyond Communications, Inc		4,195
124,227	*	Centennial Communications Corp		1,179
159,420	*	Central European Media Enterprises Ltd (Class A)		15,556
16,149	*	Central European Media Enterprises Ltd (Class A)		1,561
519,923		CenturyTel, Inc		25,502
2,408,120	e*	Charter Communications, Inc (Class A)		9,753
3,915,997		China Mobile Hong Kong Ltd		42,132
9,048,111		China Telecom Corp Ltd		5,350
2,984,080		Chunghwa Telecom Co Ltd		5,677
1,599,367	*	Cincinnati Bell, Inc		9,244
1,054,726	e	Citadel Broadcasting Corp		6,803
1,441,054		Citizens Communications Co		22,005
2,592,220		Clear Channel Communications, Inc		98,038
86,893	e*	Clearwire Corp (Class A)		2,123
14,381,763	*	Comcast Corp (Class A)		404,415
124,600	*	Comcast Corp (Special Class A)		3,484
297,523		Compania de Telecomunicaciones de Chile S.A. (Class A)		702
133,600		Comstar United Telesystems (GDR)		1,228
148,525	e	Consolidated Communications Holdings, Inc		3,357
16,674		Cosmote Mobile Telecommunications S.A.		514
250,024	e*	Cox Radio, Inc (Class A)		3,560
1,268,841	*	Crown Castle International Corp		46,021
149,985	e*	Crown Media Holdings, Inc (Class A)		1,080
123,274		CT Communications, Inc		3,761

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
374,287	e*	CTC Media, Inc	$	10,158
284,013	e*	Cumulus Media, Inc (Class A)		2,656
8,000		Denki Kogyo Co Ltd		64
1,749,265	e	Deutsche Telekom AG.		32,217
70,284	*	DG FastChannel,Inc		1,432
225,200		Digi.Com BHD		1,502
6,271,719	*	DIRECTV Group, Inc		144,939
32,121	m*	Dish TV India Ltd		84
799,108	e*	Dobson Communications Corp (Class A)		8,878
1,909,288	*	EchoStar Communications Corp (Class A)		82,806
13	*	Ectel Ltd		-	^
17,497		Egyptian Co for Mobile Services		553
444,069		Elisa Oyj		12,105
1,143,355		Embarq Corp		72,454
206,017,628		Embratel Participacoes S.A.		757
179,348	e	Emmis Communications Corp (Class A)		1,652
41,903		Empresa Nacional de Telecomunicaciones S.A.		715
185,461	e	Entercom Communications Corp (Class A)		4,616
370,929	*	Entravision Communications Corp (Class A)		3,869
53,758	*	Eschelon Telecom, Inc		1,591
55,003		Eutelsat Communications		1,337
171,351	e	Fairpoint Communications, Inc		3,041
543,128	e*	FiberTower Corp		2,352
37,110	e*	Fisher Communications, Inc		1,885
988,735	*	Foundry Networks, Inc		16,472
1,177,431	e	France Telecom S.A.		32,293
385		Fuji Television Network, Inc		775
307,183	*	General Communication, Inc (Class A)		3,935
87,803	*	GeoEye, Inc		1,908
127,359		Gestevision Telecinco S.A.		3,603
131,722	*	Global Crossing Ltd		2,487
550,670		Global Payments, Inc		21,834
117,787	e*	Globalstar, Inc		1,219
119,840		Globe Telecom, Inc		3,512
90,453		Golden Telecom, Inc		4,976
286,551		Gray Television, Inc		2,656
1,849,273		Grupo Televisa S.A.		10,197
225,000		Grupo Televisa S.A. (ADR)		6,212
131,885	e*	Harris Stratex Networks, Inc (Class A)		2,371
137,993		Hearst-Argyle Television, Inc		3,326
57,987		Hellenic Telecommunications Organization S.A.		1,797
19,400	e	Hikari Tsushin, Inc		815
33,124	*	Hughes Communications, Inc		1,728
10,419	e*	Hungarian Telephone & Cable		208
261,369		Hutchison Telecommunications International Ltd		337
795,562	*	IAC/InterActiveCorp		27,534
196,020	*	Ibasis, Inc		1,970
519,456	*	ICO Global Communications Holdings Ltd		1,808
665,545	*	Idea Cellular Ltd		2,036
272,647	e	IDT Corp (Class B)		2,814
1,448,750		Indosat Tbk PT		1,042
2,296,090		Informa plc		25,586
124,402	e*	InPhonic, Inc		580
439		Internet Initiative Japan Inc		1,481
192,004	e	Iowa Telecommunications Services, Inc		4,364
117,744		iPCS, Inc		3,988

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
1,883	*	ITC DeltaCom, Inc	$	11
1,285,061		ITV plc		2,933
46,000		Iwatsu Electric Co Ltd		67
350,948	e*	j2 Global Communications, Inc		12,248
2,695	*	Jupiter Telecommunications Co		2,226
167,627	e	Kadokawa Holdings, Inc		4,233
5,625		KDDI Corp		41,670
39,036		Kingston Communications plc		58
158,934	*	Knology, Inc		2,761
79,395		KT Corp		3,715
71,468		KT Freetel Co Ltd		2,203
283,492	*	Leap Wireless International, Inc		23,955
7,135,227	e*	Level 3 Communications, Inc		41,741
2,014,383	*	Liberty Global, Inc (Class A)		82,670
19,515	*	Liberty Global, Inc (Series C)		767
838,123	*	Liberty Media Corp - Capital (Series A)		98,630
3,296,017	*	Liberty Media Holding Corp (Interactive A)		73,600
189,505	e*	Lin TV Corp (Class A)		3,565
168,911	e*	Lodgenet Entertainment Corp		5,415
35,667		LS Cable Ltd		2,499
10,571	e	M6-Metropole Television		344
287,751		Magyar Telekom		1,564
54,689		Mahanagar Telephone Nigam		216
1,193,602	e	Manitoba Telecom Services, Inc		52,540
106,872		Maroc Telecom		1,704
239,050	e*	Mastec, Inc		3,782
796,600	v	Maxis Communications BHD		3,507
30,000		Media Prima BHD		26
305,964	*	Mediacom Communications Corp (Class A)		2,965
292,801		Mediaset S.p.A.		3,025
3,187	e*	Metro One Telecommunications, Inc		7
453,403	*	MetroPCS Communications, Inc		14,980
128,111	*	Mobile TeleSystems (ADR)		7,760
28,161		MobileOne Ltd		40
5,527	e	Mobistar S.A.		471
7,983		Modern Times Group AB (B Shares)		515
1,071,348		MTN Group Ltd		14,563
214,601		Naspers Ltd (N Shares)		5,514
66,708	*	NET Servicos de Comunicacao S.A.		1,107
550,885	e*	NeuStar, Inc (Class A)		15,959
194,061	e	News Corp (Class B)		4,469
57,102	*	Nexstar Broadcasting Group, Inc (Class A)		750
143,912	e*	Nextwave Wireless, Inc		1,202
734,278	*	NII Holdings, Inc		59,286
8,912		Nippon Telegraph & Telephone Corp		39,438
84,665	e	North Pittsburgh Systems, Inc		1,799
287,851	e*	Novatel Wireless, Inc		7,490
169,831		NTELOS Holdings Corp		4,694
24,177		NTT DoCoMo, Inc		38,238
1,607		Okinawa Cellular Telephone Co		4,332
348,030		Orascom Telecom Holding SAE		4,449
140,448	e*	Orbcomm, Inc		2,305
424,710	*	PAETEC Holding Corp		4,795
292,000		Pakistan Telecommunication Co Ltd		275
163,818		Partner Communications		2,603
9,103,000	*	Paxys, Inc		4,871

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
760	e*	Pegasus Wireless Corp	$	-	^
40,077		Philippine Long Distance Telephone Co		2,291
59,009	e	Philippine Long Distance Telephone Co (ADR)		3,375
151,669		Portugal Telecom SGPS S.A.		2,097
12,644	e	Preformed Line Products Co		607
700		Price Communications Corp		16
427,494		ProSiebenSat.1 Media AG.		16,787
15,886	e	PT Multimedia Servicos de Telecomunicacoes e Multimedia SGPS S.A.		256
322,788	e	Publicis Groupe S.A.		14,264
5,216	*	QSC AG.		34
7,840,335	*	Qwest Communications International, Inc		76,051
3,756	*	Radio One, Inc (Class A)		27
522,432	*	Radio One, Inc (Class D)		3,688
185,625		RCN Corp		3,488
66,306	*	Retelit S.p.A		36
864,700		Rogers Communications, Inc (Class B)		36,869
38,500		Rostelecom (ADR)		2,195
12,417,197		Royal KPN NV		206,011
97,191	*	Rural Cellular Corp (Class A)		4,258
72,267		Salem Communications Corp (Class A)		801
210,650	e*	SAVVIS, Inc		10,429
479,992	*	SBA Communications Corp (Class A)		16,123
953,893		Seat Pagine Gialle S.p.A.		572
337,842		Shaw Communications, Inc (Class B)		14,278
38,680	e	Shenandoah Telecom Co		1,966
22,100	m,v	Sibirtelecom (ADR)		2,007
355,551	e	Sinclair Broadcast Group, Inc (Class A)		5,056
10,999,228		Singapore Telecommunications Ltd		24,463
19,039		SK Telecom Co Ltd		4,383
145,508		Sky Network Television Ltd		631
299		Sky Perfect Jsat Corp		140
14,500		SmarTone Telecommunications Holding Ltd		17
24,202		Societe Television Francaise 1		837
8,612	*	Sogecable S.A.		360
387,067		Sonda S.A.		609
241,330	e*	Spanish Broadcasting System, Inc (Class A)		1,038
22,542,417		Sprint Nextel Corp		466,853
1,170	*	SunCom Wireless Holdings, Inc (Class A)		22
87,845	e	SureWest Communications		2,393
109,716	e	Swisscom AG.		37,510
71,254	e*	Switch & Data Facilities Co, Inc		1,367
230,441	*	Syniverse Holdings, Inc		2,963
6,242,000		Taiwan Mobile Co Ltd		7,639
37,548		Tele Norte Leste Participacoes S.A.		1,495
155,782		Tele Norte Leste Participacoes S.A.		2,984
56,512		Tele2 AB (B Shares)		922
57,000	*	Telecom Argentina S.A. (ADR)		1,420
5,686,149	e	Telecom Corp of New Zealand Ltd		19,945
287,576		Telecom Egypt		876
2,421,684		Telecom Italia S.p.A.		6,630
1,391,899		Telecom Italia S.p.A.		3,085
64,871		Telefonica O2 Czech Republic A.S.		1,816
5,649,301		Telefonica S.A.		125,720
5,627,719		Telefonos de Mexico S.A. de C.V. (Series L)		10,679
7,821,349		Telekom Austria AG.		194,774
1,104,900		Telekom Malaysia BHD		3,301

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
482,531		Telekomunikacja Polska S.A.	$	4,201
8,020,000		Telekomunikasi Indonesia Tbk PT		8,700
8,539,059		Telemig Celular Participacoes S.A.		22
963,244		Telenor ASA		18,828
555,557		Telephone & Data Systems, Inc		34,761
265,305		Telesp Celular Participacoes S.A.		1,324
785,900		Television Broadcasts Ltd		5,530
4,075,515	e	TeliaSonera AB		29,899
190,017		Telkom S.A. Ltd		4,784
36,551	e*	Telkonet, Inc		72
275,091	e	Telstra Corp Ltd		724
3,657,450		Telstra Corp Ltd		14,230
160,921		TELUS Corp		9,633
361,162		TELUS Corp		21,275
775,352	e*	Terremark Worldwide, Inc		5,001
327,651,714		Tim Participacoes S.A.		1,133
747,215	*	Time Warner Cable, Inc (Class A)		29,268
11,996	e*	Tiscali S.p.A.		36
457,971	e*	TiVo, Inc		2,652
28,400		Tokyo Broadcasting System, Inc		869
2,528,000	*	Total Access Communication PCL		3,260
94,786,415	*	True Corp PCL		21,138
334,506		Turkcell Iletisim Hizmet A.S.		2,218
431,633		TV Azteca S.A. de C.V.		384
108,116		TVN S.A.		872
62,400	e,v	Uralsvyazinform (ADR)		749
102,021	*	US Cellular Corp		9,243
164,566		USA Mobility, Inc		4,404
16,822,556		Verizon Communications, Inc		692,585
12,600		Videsh Sanchar Nigam Ltd		146
58,550	e	Vimpel-Communications (ADR)		6,169
59,141,933		Vodafone Group plc		198,173
217,971		Vodafone Group plc (ADR)		7,330
12,700	v	VolgaTelecom (ADR)		131
541,725	e*	Vonage Holdings Corp		1,685
2,796,369		Windstream Corp		41,274
5,244	e*	WorldSpace, Inc (Class A)		25
13	m,v*	Xanadoo Co		3
1,403,579	*	XM Satellite Radio Holdings, Inc (Class A)		16,520
117,320		ZEE Telefilms Ltd		857
		TOTAL COMMUNICATIONS		6,578,732

DEPOSITORY INSTITUTIONS - 10.18%
100,679		1st Source Corp		2,509
760,700		77 Bank Ltd		4,937
52,005		Abington Bancorp, Inc		497
6,440,003	e	ABN AMRO Holding NV		295,289
3,912	e	Adelaide Bank Ltd		50
218,534		African Bank Investments Ltd		920
630,900		Akbank TAS		3,484
99,531	e	Alabama National Bancorp		6,155
984,877		Allied Irish Banks plc		26,904
471,495		Allied Irish Banks plc		12,884
73,504		Alpha Bank S.A.		2,304
155,764		Amcore Financial, Inc		4,516
95,032	e	AmericanWest Bancorp		1,732

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
67,377	e	Ameris Bancorp	$	1,514
20,157,936		AMMB Holdings BHD		25,237
120,890		Anchor Bancorp Wisconsin, Inc		3,166
29,120		Arab Bank plc		903
518,557		Associated Banc-Corp		16,957
981,647		Astoria Financial Corp		24,580
3,746		Attijariwafa Bank		1,229
1,967,962		Australia & New Zealand Banking Group Ltd		48,335
13,173,484		Banca Intesa S.p.A.		98,218
720,969		Banca Intesa S.p.A.		5,050
213,764	e	Banca Monte dei Paschi di Siena S.p.A.		1,446
8,509	e*	Banca Popolare di Intra Scrl		141
128,908		Banca Popolare di Milano		1,966
42,821		Bancfirst Corp		1,834
103,680	e	Banche Popolari Unite Scpa		2,635
7,411,853	e	Banco Bilbao Vizcaya Argentaria S.A.		181,256
40,620		Banco BPI S.A.		361
642,438		Banco Bradesco S.A.		15,566
402,097	e	Banco Comercial Portugues S.A.		2,247
22	*	Banco de Chile (ADR)		1
55,458		Banco de Credito e Inversiones		1,824
4,215,200		Banco de Oro Universal Bank		6,329
38,210		Banco Espirito Santo S.A.		852
356,127		Banco Itau Holding Financeira S.A.		15,877
166,362		Banco Latinoamericano de Exportaciones S.A.		3,128
28,600		Banco Macro S.A. (ADR)		940
81,032		Banco Nossa Caixa S.A.		1,290
939,204	e	Banco Popolare di Verona e Novara Scrl		27,004
183,546	e	Banco Popular Espanol S.A.		3,416
9,740,710		Banco Santander Central Hispano S.A.		179,054
35,762,327		Banco Santander Chile S.A.		1,708
129,490	e	BanColombia S.A. (ADR)		4,251
61,030	*	Bancorp, Inc		1,365
341,854		Bancorpsouth, Inc		8,362
90,500		Bangkok Bank PCL		306
366,100		Bangkok Bank PCL		1,292
15,283	e	Banif SGPS S.A.		125
3,755,500		Bank Central Asia Tbk PT		2,265
649,283		Bank Hapoalim Ltd		3,163
542,278		Bank Leumi Le-Israel		2,122
345,010		Bank Mutual Corp		3,978
24,986,884		Bank of America Corp		1,221,609
4,675,358	v*	Bank of Ayudhya PCL		1,557
15,804,000		Bank of China Ltd		7,850
4,492,022		Bank of Communications Co Ltd		4,783
2,370,669		Bank of East Asia Ltd		13,332
199,841		Bank of Hawaii Corp		10,320
763,842		Bank of Ireland		15,430
1,074,286		Bank of Ireland		21,643
12,789		Bank of Jordan		49
471,400	e	Bank of Kyoto Ltd		5,647
871,251		Bank of Montreal		55,943
7,517,115	*	Bank of New York Co, Inc		311,509
1,895,204		Bank of Nova Scotia		92,318
139,800		Bank of Okinawa Ltd		5,078
64,843	e	Bank of the Ozarks, Inc		1,807

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
565,000		Bank of the Philippine Islands	$	836
302,900		Bank of the Ryukyus Ltd		5,024
1,830,000		Bank of Yokohama Ltd		12,817
5,332		Bank Przemyslowo-Handlowy Bph		1,800
4,786,000		Bank Rakyat Indonesia		3,048
34,152		Bank Zachodni WBK S.A.		3,529
291,371		BankAtlantic Bancorp, Inc (Class A)		2,509
139,778	e	BankFinancial Corp		2,160
220,775	e	BankUnited Financial Corp (Class A)		4,431
63,326		Banner Corp		2,157
1,183		Banque Marocaine du Commerce Exterieur		400
19,473,831		Barclays plc		270,938
1,177		Basler Kantonalbank		112
2,565,266		BB&T Corp		104,355
11,600		BBVA Banco Frances S.A. (ADR)		124
44,175	e	Berkshire Hills Bancorp, Inc		1,392
4,392		BinckBank NV		83
1,859,863	e	BNP Paribas		220,921
4,750,767		BOC Hong Kong Holdings Ltd		11,311
107,782		BOK Financial Corp		5,758
219,756	e	Boston Private Financial Holdings, Inc		5,905
7,308	*	BRE Bank S.A.		1,414
342,854	e	Brookline Bancorp, Inc		3,946
3,166,048		Bumiputra-Commerce Holdings Bhd		10,728
703,195		Canadian Imperial Bank of Commerce		63,365
14,739	*	Capital Bank of Jordan		44
69,749	e	Capital City Bank Group, Inc		2,186
55,457	e	Capital Corp of the West		1,329
4,469,726		Capitalia S.p.A.		44,339
93,548	e	Capitol Bancorp Ltd		2,557
92,868	e	Capitol Federal Financial		3,429
150,893	e	Cascade Bancorp		3,492
30,254	e	Cass Information Systems, Inc		1,097
3,636,864		Cathay Financial Holding Co Ltd		8,682
293,102	e	Cathay General Bancorp		9,831
400,735	*	Centennial Bank Holdings, Inc		3,394
68,798	e	Center Financial Corp		1,164
215,343	e	Central Pacific Financial Corp		7,108
2,121,000		Chang Hwa Commercial Bank		1,341
145,808	e	Chemical Financial Corp		3,772
1,162,855		Chiba Bank Ltd		10,307
3,023,000	*	China Citic Bank		2,312
17,768,545		China Construction Bank		12,218
8,409,566		China Development Financial Holding Corp		3,646
4,201,305		Chinatrust Financial Holding Co		3,273
273,756		Chittenden Corp		9,568
32,899,484		Citigroup, Inc		1,687,415
458,379	e	Citizens Banking Corp		8,388
75,464	e	City Bank		2,378
105,023		City Holding Co		4,026
157,658		City National Corp		11,996
71,196	e	Clifton Savings Bancorp, Inc		772
1,199,624		Close Brothers Group plc		20,607
79,912	e	CoBiz, Inc		1,448
1,660,283		Colonial Bancgroup, Inc		41,457
89,675		Columbia Banking System, Inc		2,623

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
721,839		Comerica, Inc	$	42,928
762,848		Commerce Bancorp, Inc		28,218
294,210		Commerce Bancshares, Inc		13,328
89,033		Commercial International Bank		938
787,178	e	Commerzbank AG.		37,545
1,091,981		Commonwealth Bank of Australia		51,086
73,377	*	Community Bancorp		2,053
203,607		Community Bank System, Inc		4,076
132,657	e	Community Banks, Inc		4,274
105,494	e	Community Trust Bancorp, Inc		3,407
509,688		Compass Bancshares, Inc		35,158
5,211,116		CorpBanca S.A.		33
274,193	e	Corus Bankshares, Inc		4,733
39,320		Credicorp Ltd		2,401
783,251	e	Credit Agricole S.A.		31,783
228,842		Cullen/Frost Bankers, Inc		12,236
383,106	e	CVB Financial Corp		4,260
116,390		Daegu Bank		2,036
215,586		Danske Bank A/S		8,816
2,143,099		DBS Group Holdings Ltd		31,931
1,533,558		Depfa Bank plc		27,012
558,322	e	Deutsche Bank AG.		80,805
1,005,533		Dexia		31,409
162,201		Dime Community Bancshares		2,139
499,334	e	DNB NOR Holding ASA		6,423
85,055	*	Dollar Financial Corp		2,424
148,750	e	Downey Financial Corp		9,815
1,459,700		E.Sun Financial Holding Co Ltd		843
248,600		East West Bancorp, Inc		9,666
52,451		EFG Eurobank Ergasias S.A.		1,709
105,717		Egyptian Financial Group-Hermes Holding		852
18,795		El Watany Bank of Egypt		150
43,955	e	Enterprise Financial Services Corp		1,093
1,225,600		EON Capital BHD		2,398
55,526		Erste Bank der Oesterreichischen Sparkassen AG.		4,328
242,663	e*	Euronet Worldwide, Inc		7,076
2,117,750		Fifth Third Bancorp		84,223
67,239	e	First Bancorp		1,259
508,270		First Bancorp		5,586
74,540	e	First Busey Corp		1,490
186,975		First Charter Corp		3,640
31,816		First Citizens Bancshares, Inc (Class A)		6,185
415,920	e	First Commonwealth Financial Corp		4,542
137,890		First Community Bancorp, Inc		7,889
57,292		First Community Bancshares, Inc		1,787
100		First Defiance Financial Corp		3
189,982	e	First Financial Bancorp		2,848
110,513	e	First Financial Bankshares, Inc		4,289
81,964	e	First Financial Corp		2,406
75,055		First Financial Holdings, Inc		2,455
2,696,029	e	First Horizon National Corp		105,145
85,855		First Indiana Corp		1,899
122,660		First Merchants Corp		2,948
299,769	e	First Midwest Bancorp, Inc		10,645
610,810	e	First Niagara Financial Group, Inc		8,002
103,853		First Place Financial Corp		2,193

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
64,499	*	First Regional Bancorp	$	1,641
156,898		First Republic Bank		8,419
46,156	e	First South Bancorp, Inc		1,242
115,927		First State Bancorporation		2,468
114,879	e*	FirstFed Financial Corp		6,517
528,201	e	FirstMerit Corp		11,055
2,154,263		FirstRand Ltd		6,848
324,535	e	Flagstar Bancorp, Inc		3,911
109,491		Flushing Financial Corp		1,758
327,936	e	FNB Corp		5,490
3,984,746		Fortis		168,889
164,505	e*	Franklin Bank Corp		2,451
412,058	e	Fremont General Corp		4,434
227,484	e	Frontier Financial Corp		5,125
164,000		Fubon Bank Hong Kong Ltd		93
2,306,818		Fubon Financial Holding Co Ltd		2,106
11,225,587	*	Fuhwa Financial Holdings Co Ltd		6,369
946,500		Fukuoka Financial Group, Inc		6,257
718,740		Fulton Financial Corp		10,364
5,230	*	Geniki Bank		49
300,627	e	Glacier Bancorp, Inc		6,118
60,714	e	Great Southern Bancorp, Inc		1,642
336,256		Greater Bay Bancorp		9,361
40,659		Greene County Bancshares, Inc		1,271
796,503		Grupo Financiero Banorte S.A. de C.V.		3,655
36,200	e*	Grupo Financiero Galicia S.A. (ADR)		347
695,960		Gunma Bank Ltd		4,678
318,000		Hachijuni Bank Ltd/The		2,240
325,457		Haci Omer Sabanci Holding A.S.		1,608
165,351	e	Hancock Holding Co		6,209
533,845		Hang Seng Bank Ltd		7,224
242,218		Hanmi Financial Corp		4,132
176,486	e	Harleysville National Corp		2,845
126,966		HDFC Bank Ltd		3,541
70,842	e	Heartland Financial USA, Inc		1,721
57,684		Heritage Commerce Corp		1,366
247,500		Hiroshima Bank Ltd/The		1,371
2,050,300		Hokuhoku Financial Group, Inc		6,628
62,257	e	Home Bancshares, Inc		1,404
206,000		Hong Leong Bank BHD		379
4,300		Hong Leong Credit BHD		8
68,407	e	Horizon Financial Corp		1,491
15,123		Housing Bank for Trade and Finance		130
12,604,449		HSBC Holdings plc		230,794
1,969,000		Hua Nan Financial Holdings Co Ltd		1,381
5,521,446		Hudson City Bancorp, Inc		67,472
917,583		Huntington Bancshares, Inc		20,866
59,509		IBERIABANK Corp		2,943
95,642		Independent Bank Corp		2,825
147,991	e	Independent Bank Corp		2,547
20,247,000		Industrial & Commercial Bank of China		11,254
315,101	e	IndyMac Bancorp, Inc		9,191
1,668,154		ING Groep NV		73,422
112,723		Integra Bank Corp		2,420
337,608		International Bancshares Corp		8,650
3,653	e	Intervest Bancshares Corp		103

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
215,917		Investec Ltd	$	2,777
1,281,106		Investec plc		16,452
302,986	*	Investors Bancorp, Inc		4,069
320,793		Investors Financial Services Corp		19,783
164,797	e	Irwin Financial Corp		2,467
123,220	*	Israel Discount Bank Ltd		254
43,610		ITLA Capital Corp		2,273
27,000		Jordan Islamic Bank		179
3,722,400		Joyo Bank Ltd		23,130
22,627,861		JPMorgan Chase & Co		1,096,320
1,092,718		Julius Baer Holding AG.		78,184
8,632	*	Jyske Bank		622
17,300		Kanto Tsukuba Bank Ltd/The		147
387,700		Kasikornbank PCL		830
1,698,500		Kasikornbank PCL		3,756
612,700		Kasikornbank PCL		1,312
122,273	e	Kearny Financial Corp		1,648
1,864,719		Keycorp		64,016
5,230		K-Fed Bancorp		82
48,000	e	Kiyo Holdings, Inc		75
177,479		KNBT Bancorp, Inc		2,609
9,037		Komercni Banka A.S.		1,675
324,056		Kookmin Bank		28,423
198,610		Korea Exchange Bank		2,953
4,088,600		Krung Thai Bank PCL		1,410
326,000	*	Kyushu-Shinwa Holdings, Inc		103
107,545	e	Lakeland Bancorp, Inc		1,430
68,381	e	Lakeland Financial Corp		1,454
3,146,723		Lloyds TSB Group plc		34,980
333,174		M&T Bank Corp		35,616
101,972	e	Macatawa Bank Corp		1,622
199,227		MAF Bancorp, Inc		10,810
113,209	e	MainSource Financial Group, Inc		1,901
1,210,200		Malayan Banking BHD		4,206
1,010,206		Marshall & Ilsley Corp		48,116
203,304	e	MB Financial, Inc		7,063
134,205		MCB Bank Ltd		811
93,712	e	Mediobanca S.p.A.		2,129
2,353,737		Mellon Financial Corp		103,564
3,453,000		Metropolitan Bank & Trust		5,338
86,773	e	Midwest Banc Holdings, Inc		1,258
14,634		Mitsubishi UFJ Financial Group, Inc		161,277
1,667,100		Mitsui Trust Holdings, Inc		14,505
21,050		Mizrahi Tefahot Bank Ltd		155
17,032		Mizuho Financial Group. Inc		117,666
118,214	e	Nara Bancorp, Inc		1,883
19,311	e	NASB Financial, Inc		650
1,362,549		National Australia Bank Ltd		47,352
368,209		National Bank Of Canada		21,213
74,180		National Bank of Greece S.A.		4,224
146,465		National Bank Of Pakistan		635
2,168,137		National City Corp		72,242
6,467,325		National Finance PCL		2,710
277,599	e	National Penn Bancshares, Inc		4,630
193,866	e	NBT Bancorp, Inc		4,374
166,697		Nedbank Group Ltd		3,103

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
234,125	e*	Net 1 UEPS Technologies, Inc	$	5,654
1,235,448	e	New York Community Bancorp, Inc		21,027
603,886	e	NewAlliance Bancshares, Inc		8,889
2,922,100		Nishi-Nippon City Bank Ltd		10,693
529,110		Nordea Bank AB		8,269
5,680,904	e	Nordea Bank AB		88,729
1,763,267		Northern Trust Corp		113,272
103,988	e	Northwest Bancorp, Inc		2,718
16,880		OKO Bank (Class A)		313
420,866	e	Old National Bancorp		6,991
68,094	e	Old Second Bancorp, Inc		1,986
73,897	e	Omega Financial Corp		1,987
177,921	e	Oriental Financial Group, Inc		1,941
62,530	e*	Oritani Financial Corp		894
192,507		OTP Bank Rt		11,103
3,893,769		Oversea-Chinese Banking Corp		23,277
337,308		Pacific Capital Bancorp		9,101
73,005	e	Park National Corp		6,190
274,439		Partners Trust Financial Group, Inc		2,882
82,080		Peoples Bancorp, Inc		2,222
748,784		People's United Financial, Inc		13,276
142,124		PFF Bancorp, Inc		3,970
82,109	e*	Pinnacle Financial Partners, Inc		2,411
707,599		Piraeus Bank S.A.		25,785
1,695,477		PNC Financial Services Group, Inc		121,362
1,108,171		Popular, Inc		17,808
329,033		Powszechna Kasa Oszczednosci Bank Polski S.A.		6,462
58,915		Preferred Bank		2,357
4,191	e	Premierwest Bancorp		57
97,157	e	PrivateBancorp, Inc		2,798
193,539	e	Prosperity Bancshares, Inc		6,340
196,205		Provident Bankshares Corp		6,432
429,838		Provident Financial Services, Inc		6,774
238,657	e	Provident New York Bancorp		3,224
960,500		PT Bank Danamon Indonesia Tbk		734
235,067,000		PT Bank Internasional Indonesia Tbk		4,661
29,670,000		PT Bank Mandiri Persero Tbk		10,257
29,258,000		PT Bank Pan Indonesia Tbk		2,077
755,800		Public Bank BHD		2,179
169,210		Pusan Bank		2,440
28,371	e	QC Holdings, Inc		426
10,086	e	Raiffeisen International Bank Holding AG.		1,593
2,945,309		Regions Financial Corp		97,490
97,455	e	Renasant Corp		2,216
92,694	e	Republic Bancorp, Inc (Class A)		1,538
13,202	e	Resona Holdings, Inc		31,537
1,600,700		RHB Capital BHD		2,234
2,733,900		Rizal Commercial Banking Corp		2,108
49,257	e	Rockville Financial, Inc		744
54,218	e	Roma Financial Corp		898
65,453	e	Royal Bancshares of Pennsylvania (Class A)		1,290
2,251,219		Royal Bank of Canada		119,656
135,600	e*	Royal Bank Of Canada		7,196
25,150,649		Royal Bank of Scotland Group plc		318,243
151,674	e	S&T Bancorp, Inc		4,990
71,472	e	S.Y. Bancorp, Inc		1,698

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
89,037	e	Sandy Spring Bancorp, Inc	$	2,799
52,806		Santander BanCorp		785
728		Sapporo Hokuyo Holdings, Inc		8,024
54,600	e	Sberbank (GDR)		26,825
50,238		SCBT Financial Corp		1,829
74,355	e	Seacoast Banking Corp of Florida		1,617
75,020	e	Security Bank Corp		1,508
9,830,911		Shin Kong Financial Holding Co Ltd		11,425
467,683		Shinhan Financial Group Co Ltd		28,467
1,186,600		Shinsei Bank Ltd		4,796
1,447,300	e	Shizuoka Bank Ltd		14,685
135,800		Siam Commercial Bank PCL		287
33,220	e	Sierra Bancorp		937
154,305	*	Signature Bank		5,262
83,724	e	Simmons First National Corp (Class A)		2,310
3,506,947		SinoPac Financial Holdings Co Ltd		1,674
960,537	e	Skandinaviska Enskilda Banken AB (Class A)		30,926
515,334		Sky Financial Group, Inc		14,357
913,743	e	Societe Generale		169,297
470,822		South Financial Group, Inc		10,659
66,733	e	Southside Bancshares, Inc		1,449
94,241		Southwest Bancorp, Inc		2,266
1,578,627		Sovereign Bancorp, Inc		33,372
922,834		Standard Bank Group Ltd		12,778
10,200		State Bank of India Ltd		383
1,537,481		State Street Corp		105,164
106,295		Sterling Bancorp		1,704
469,455		Sterling Bancshares, Inc		5,310
188,580	e*	Sterling Financial Corp		1,984
295,920		Sterling Financial Corp		8,564
60,626	e	Suffolk Bancorp		1,935
10,413	e	Sumitomo Mitsui Financial Group, Inc		97,074
2,371,292		Sumitomo Trust & Banking Co Ltd		22,585
2,938	e	Summit Financial Group, Inc		58
92,786	e*	Sun Bancorp, Inc		1,565
4,338,777		SunTrust Banks, Inc		372,007
180,683	e*	Superior Bancorp		1,848
161,300		Suruga Bank Ltd		2,033
333,465		Susquehanna Bancshares, Inc		7,460
188,104	e*	SVB Financial Group		9,990
106,380	e	Svenska Handelsbanken (A Shares)		2,975
10,347		Sydbank A/S		495
1,456,583		Synovus Financial Corp		44,717
45,773		Taylor Capital Group, Inc		1,260
3,212,707		TCF Financial Corp		89,313
149,305	e*	Texas Capital Bancshares, Inc		3,337
124,021		TierOne Corp		3,733
43,692	e	Tompkins Trustco, Inc		1,634
91,258	e	Trico Bancshares		2,041
423,827	e	Trustco Bank Corp NY		4,187
299,426		Trustmark Corp		7,743
724,052		Turkiye Garanti Bankasi A.S.		4,005
17,850	e,m,v	Turkiye Garanti Bankasi AS (ADR)		94
627,942		Turkiye Is Bankasi		2,918
498,251		Turkiye Vakiflar Bankasi Tao		1,271
3,197,592		UBS A.G.		191,230

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
560,842	e	UCBH Holdings, Inc	$	10,247
184,565		UMB Financial Corp		6,805
357,211	e	Umpqua Holdings Corp		8,398
739,084		Unibanco - Uniao de Bancos Brasileiros S.A.		8,406
25,639,391		UniCredito Italiano S.p.A		229,001
472,500		Union Bank Of Philippines		634
83,149	e	Union Bankshares Corp		1,929
442,588		UnionBanCal Corp		26,422
93,450		United Bank Ltd		340
206,279		United Bankshares, Inc		6,560
200,475	e	United Community Banks, Inc		5,190
168,128	e	United Community Financial Corp		1,678
1,486,490		United Overseas Bank Ltd		21,369
38,746	e	United Security Bancshares		790
68,548	e	Univest Corp of Pennsylvania		1,544
9,704,403		US Bancorp		319,760
68,423	e	USB Holding Co, Inc		1,304
72,619		UTI Bank Ltd		1,080
469,566	e	Valley National Bancorp		10,561
63,993		ViewPoint Financial Group		1,101
11,597	e	Vineyard National Bancorp		266
93,593	e*	Virginia Commerce Bancorp		1,583
739,580	e	W Holding Co, Inc		1,952
10,479,730		Wachovia Corp		537,086
377,870		Washington Federal, Inc		9,186
4,857,843		Washington Mutual, Inc		207,138
82,661	e	Washington Trust Bancorp, Inc		2,084
84,000		Waterland Financial Holdings		27
56,552	e*	Wauwatosa Holdings, Inc		935
343,272		Webster Financial Corp		14,647
25,317,063		Wells Fargo & Co		890,401
121,416	e	WesBanco, Inc		3,582
91,034		West Coast Bancorp		2,767
162,544	e	Westamerica Bancorporation		7,191
88,634	e*	Western Alliance Bancorp		2,646
3,994,485		Western Union Co		83,205
85,187		Westfield Financial, Inc		849
2,257,161		Westpac Banking Corp		49,014
278,680		Whitney Holding Corp		8,388
275,423		Wilmington Trust Corp		11,433
106,744	e	Wilshire Bancorp, Inc		1,300
389,500		Wing Hang Bank Ltd		4,301
152,199	e	Wintrust Financial Corp		6,674
34,979		WSFS Financial Corp		2,289
298,804	*	Yapi ve Kredi Bankasi		660
49,338		Yardville National Bancorp		1,685
4,034,665	*	Yes Bank Ltd		17,859
556,963		Zions Bancorporation		42,836
		TOTAL DEPOSITORY INSTITUTIONS		14,215,069

EATING AND DRINKING PLACES - 0.88%
149,056	*	AFC Enterprises		2,577
1,379,000	*	Ajisen China Holdings Ltd		1,460
406,584		Applebees International, Inc		9,799
96,466		Autogrill S.p.A.		2,041
63,330	*	Benihana, Inc (Class A)		1,267

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
79,282	e*	BJ's Restaurants, Inc	$	1,565
210,497		Bob Evans Farms, Inc		7,757
565,237		Brinker International, Inc		16,545
112,570	e*	Buffalo Wild Wings, Inc		4,682
206,115		Burger King Holdings, Inc		5,429
166,873	*	California Pizza Kitchen, Inc		3,584
53,567	e*	Carrols Restaurant Group, Inc		817
154,541		CBRL Group, Inc		6,565
183,055	*	CEC Entertainment, Inc		6,444
300,116	e*	Cheesecake Factory		7,359
113,525	e*	Chipotle Mexican Grill, Inc (Class A)		9,681
157,854	e*	Chipotle Mexican Grill, Inc (Class B)		12,412
368,839	e	CKE Restaurants, Inc		7,403
23,587,050		Compass Group plc		162,869
3,768,245		Darden Restaurants, Inc		165,765
773,924	*	Denny's Corp		3,444
236,875		Domino's Pizza, Inc		4,328
1,820,439		Enterprise Inns plc		25,083
119,000		FU JI Food and Catering Services Holdings Ltd		410
124,156	e	IHOP Corp		6,758
181,391	*	Jack in the Box, Inc		12,868
8,000		Jollibee Foods Corp		9
6,650		Kappa Create Co Ltd		100
344,748	e*	Krispy Kreme Doughnuts, Inc		3,192
98,676	e	Landry's Restaurants, Inc		2,986
69,689	*	McCormick & Schmick's Seafood Restaurants, Inc		1,808
7,806,412		McDonald's Corp		396,253
85,071		Mitchells & Butlers plc		1,494
98,679	*	Morton's Restaurant Group, Inc		1,787
147,772	e	O'Charleys, Inc		2,979
315,761		Onex Corp		10,908
224,131	e*	Papa John's International, Inc		6,446
149,197	e*	PF Chang's China Bistro, Inc		5,252
578,603		Punch Taverns plc		14,195
168,765	*	Rare Hospitality International, Inc		4,518
92,518	e*	Red Robin Gourmet Burgers, Inc		3,735
295,894	e	Ruby Tuesday, Inc		7,791
91,761	e*	Ruth's Chris Steak House, Inc		1,559
6,700		Saizeriya Co Ltd		93
238,697	e	Sodexho Alliance S.A.		17,069
359,241	*	Sonic Corp		7,946
3,093,387	*	Starbucks Corp		81,170
166,175	e*	Steak N Shake Co		2,773
288,625	e*	Texas Roadhouse, Inc (Class A)		3,692
830,906		Tim Hortons, Inc		25,550
387,095		Triarc Cos (Class B)		6,077
360,642		Wendy's International, Inc		13,254
13,260		Wetherspoon (J.D.) plc		147
35,708		Whitbread plc		1,263
1,000	e	Yoshinoya D&C Co Ltd		1,864
3,405,800		Yum! Brands, Inc		111,438
		TOTAL EATING AND DRINKING PLACES		1,226,260

EDUCATIONAL SERVICES - 0.14%
1,242,076	*	Apollo Group, Inc (Class A)		72,575
43,472		Benesse Corp		1,259

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
312,721		CAE, Inc	$	4,169
447,482	*	Career Education Corp		15,111
480,270	e*	Corinthian Colleges, Inc		7,824
354,158		DeVry, Inc		12,048
417,128	*	ITT Educational Services, Inc		48,963
212,942	*	Laureate Education, Inc		13,130
15,401	e*	Lincoln Educational Services Corp		229
75,000		Raffles Education Corp Ltd		112
78,387		Strayer Education, Inc		10,324
125,006	e*	Universal Technical Institute, Inc		3,174
82,735		UP, Inc		490
		TOTAL EDUCATIONAL SERVICES		189,408

ELECTRIC, GAS, AND SANITARY SERVICES - 4.02%
3,741,013	*	AES Corp		81,853
345,619		AGL Energy Ltd		4,441
338,557		AGL Resources, Inc		13,705
838,163		Alinta Ltd		10,810
1,107,199	*	Allegheny Energy, Inc		57,286
139,962		Allete, Inc		6,585
666,790		Alliant Energy Corp		25,905
4,094,439	*	Allied Waste Industries, Inc		55,111
805,961		Ameren Corp		39,500
86,439		American Ecology Corp		1,852
3,607,899		American Electric Power Co, Inc		162,500
94,091	e	American States Water Co		3,347
522,182		Aqua America, Inc		11,744
2,160,479	*	Aquila, Inc		8,836
358,142		Atmos Energy Corp		10,766
3,717,514		AU Optronics Corp		6,351
283,148		Avista Corp		6,102
1,544,728	e*	Babcock & Brown Environmental Investments Ltd		983
386	e*	Beacon Power Corp		-	^
85,000	e	BKW FMB Energie AG.		8,941
230,404	e	Black Hills Corp		9,159
130,000		British Energy Group plc		1,402
99,345	e	California Water Service Group		3,724
248,332	e	Caltex Australia Ltd		4,973
177,472		Canadian Utilities Ltd (Class A)		7,714
86,138		Cascade Natural Gas Corp		2,275
122,419	*	Casella Waste Systems, Inc (Class A)		1,320
2,396,202		Centerpoint Energy, Inc		41,694
54,298		Central Vermont Public Service Corp		2,046
2,599,882		Centrica plc		20,199
161,057		CEZ		8,282
114,586	e	CH Energy Group, Inc		5,153
2,260,000		China Resources Power Holdings Co		5,401
545,300	e	Chubu Electric Power Co, Inc		14,468
31,191	*	Clean Energy Fuels Corp		392
111,839	*	Clean Harbors, Inc		5,527
337,734		Cleco Corp		8,274
2,032,045		CLP Holdings Ltd		13,641
3,786,536		CMS Energy Corp		65,128
1,911,743		Colbun S.A.		437
86,228		Companhia de Gas de Sao Paulo		20
146,006	*	Companhia de Gas de Sao Paulo - Comgas (B Shares)		23

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
199,925		Companhia de Saneamento Basico do Estado de Sao Paulo	$	4,355
179,149		Companhia Energetica de Minas Gerais		3,811
89,288,342	*	Companhia Energetica de Sao Paulo (Class B)		1,632
151,231,763		Companhia Paranaense de Energia		2,611
985,366		Consolidated Edison, Inc		44,460
76,635	e	Consolidated Water Co, Inc		2,246
2,466,146		Constellation Energy Group, Inc		214,974
212,788	e	Contact Energy Ltd		1,478
647,152	*	Covanta Holding Corp		15,952
184,195	e	Crosstex Energy, Inc		5,292
700,155	*	Dogan Sirketler Grubu Holdings		1,394
1,789,804		Dominion Resources, Inc		154,478
2,976,215	e	DPL, Inc		84,346
787,360		DTE Energy Co		37,966
37,217		DUET Group		121
5,799,177		Duke Energy Corp		106,125
2,103,130	*	Dynegy, Inc (Class A)		19,854
1,244,594	e	E.ON AG.		207,801
1,782,394		Edison International		100,028
40,109		EDP - Energias do Brasil S.A.		823
3,179,229		El Paso Corp		54,778
315,783	*	El Paso Electric Co		7,756
125,820	e	Electric Power Development Co		5,000
259,500		Electricity Generating PCL		812
344,100		Electricity Generating PCL		1,077
13,871,825		Eletropaulo Metropolitana de Sao Paulo S.A.		912
148,311		Empire District Electric Co		3,318
2,022,791		Empresa Nacional de Electricidad S.A.		3,297
527,863	e*	Enbridge, Inc		17,790
491,884	e	Endesa S.A.		26,770
5,796,267	e	Enel S.p.A.		62,304
441,565		Energen Corp		24,260
6,110,563		Energias de Portugal S.A.		33,789
590,000	e	Energy Developments Ltd		2,249
593,752		Energy East Corp		15,491
39,007	e	EnergySouth, Inc		1,989
18,736	*	EnerNOC, Inc		714
7,886,866		Enersis S.A.		3,169
3,500,000	*	Enric Energy Equipment Holdings Ltd		3,083
1,121,349		Entergy Corp		120,377
3,671,360		Exelon Corp		266,541
3,420,262		First Philippine Holdings Corp		6,660
2,157,392		FirstEnergy Corp		139,648
153,193	e	Fortis, Inc		3,739
7,456,834	e	Fortum Oyj		233,007
2,588,967		FPL Group, Inc		146,898
112,864	e	Gas Natural SDG S.A.		6,857
134,315	e	Gaz de France		6,776
1,505,800		Glow Energy PCL		1,330
330,096		Great Plains Energy, Inc		9,612
8,629	*	Greentech Energy Systems		137
444,400		Guangdong Electric Power Development Co Ltd (Class B)		409
1,126,000		Guangdong Investments Ltd		656
313,937	e	Hawaiian Electric Industries, Inc		7,437
385,200		Hokkaido Electric Power Co, Inc		8,362
7,321,019		Hong Kong & China Gas Ltd		15,427

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
1,629,911		Hong Kong Electric Holdings Ltd	$	8,222
304,000		Huadian Power International Co		158
1,584,000		Huaneng Power International, Inc		1,831
13,135		Hunting plc		192
839,326	e	Iberdrola S.A.		46,865
241,463		Idacorp, Inc		7,736
294,535	e	Integrys Energy Group, Inc		14,942
1,393,313		International Power plc		11,976
29,313		Inversiones Aguas Metropolitanas S.A.		37
211,033		ITC Holdings Corp		8,574
775,187		Kansai Electric Power Co, Inc		18,333
223,368		Kelda Group plc		4,210
296,255		Kelda Group plc (Class B)		1,163
825,654		KeySpan Corp		34,661
161,177		Korea Electric Power Corp		7,119
553,200		Kyushu Electric Power Co, Inc		14,499
157,891		Laclede Group, Inc		5,034
146,200		Manila Electric Co (Class B)		364
55,178		Markwest Hydrocarbon, Inc		3,169
1,143,165		MDU Resources Group, Inc		32,054
154,953		Metal Management, Inc		6,829
122,497	e	MGE Energy, Inc		4,002
100		Middlesex Water Co		2
1,732,162	*	Mirant Corp		73,877
1,294,987		MMC Corp BHD		2,933
323,160	e	National Fuel Gas Co		13,996
4,868,555		National Grid plc		71,837
173,005	e	New Jersey Resources Corp		8,827
297,093	e	Nicor, Inc		12,751
1,054,974		NiSource, Inc		21,849
833,978		Northeast Utilities		23,652
159,472		Northwest Natural Gas Co		7,366
817,411		NorthWestern Corp		26,002
2,940,651	e*	NRG Energy, Inc		122,243
411,335		NSTAR		13,348
50,936		Oest Elektrizitatswirts AG. (Class A)		2,605
352,160		OGE Energy Corp		12,907
144,870		Okinawa Electric Power Co, Inc		8,491
429,576		Oneok, Inc		21,655
72,262	e	Ormat Technologies, Inc		2,723
1,743,585		Osaka Gas Co Ltd		6,479
194,166	e	Otter Tail Corp		6,227
1,153,249		Pepco Holdings, Inc		32,522
205,200		Petronas Gas BHD		624
952,991		Petronet LNG Ltd		1,323
1,828,774		PG&E Corp		82,843
81,709	*	Pico Holdings, Inc		3,535
415,827		Piedmont Natural Gas Co, Inc		10,250
88,604	e*	Pike Electric Corp		1,983
385,195		Pinnacle West Capital Corp		15,350
485,457		PNM Resources, Inc		13,491
2,774,000		PNOC Energy Development Corp		336
1,271,483		Polish Oil & Gas Co		2,308
172,677		Portland General Electric Co		4,738
2,241,477		PPL Corp		104,879
995,739		Progress Energy, Inc		45,396

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
495,639	m,v'*	Progress Energy, Inc	$	5
1,207,500		PT Perusahaan Gas Negara		1,264
1,436,598		Public Service Enterprise Group, Inc		126,105
450,299		Puget Energy, Inc		10,888
8,670		Puma AG. Rudolf Dassler Sport		3,865
1,129,226		Questar Corp		59,680
12,800		Ratchaburi Electricity Generating Holding PCL		17
42,044		Reliance Energy Ltd		634
1,811,542	*	Reliant Energy, Inc		48,821
1,190,516		Republic Services, Inc		36,477
83,053	e	Resource America, Inc (Class A)		1,712
25,489		RWE AG.		2,530
1,086,585	e	RWE AG.		115,265
452,923		SCANA Corp		17,342
1,781,045		Scottish & Southern Energy plc		51,640
1,169,110		SembCorp Industries Ltd		4,358
216,217	*	SEMCO Energy, Inc		1,680
1,859,640		Sempra Energy		110,146
191,223		Severn Trent plc		5,281
6,000		Shizuoka Gas Co Ltd		33
1,141,211	*	Sierra Pacific Resources		20,040
80,452	e	SJW Corp		2,679
624,494		Snam Rete Gas S.p.A.		3,693
100	*	Sociedad General de Aguas de Barcelona S.A.		4
48,482	e	Sociedad General de Aguas de Barcelona S.A. (Class A)		1,778
9,099,201	e	Sojitz Holdings Corp		40,670
162,618		South Jersey Industries, Inc		5,753
3,031,005		Southern Co		103,933
475,830		Southern Union Co		15,507
291,475		Southwest Gas Corp		9,855
117,492	e	Southwest Water Co		1,500
377,937	*	Stericycle, Inc		16,803
14,167	m,v*	Suez S.A.		-	^
2,988,030		Suez S.A.		170,821
26,662		Tata Power Co Ltd		440
1,315,335		TECO Energy, Inc		22,597
2,258,475		Tenaga Nasional BHD		7,470
974,600		Tohoku Electric Power Co, Inc		21,862
2,381,794		Tokyo Electric Power Co, Inc		76,615
3,289,558		Tokyo Gas Co Ltd		15,599
68,296		Tractebel Energia S.A.		761
277,974		TransAlta Corp		6,980
28,100	e*	Transportadora de Gas del Sur S.A. (ADR)		225
1,973,433		TXU Corp		132,812
635,319		UGI Corp		17,331
182,337		UIL Holdings Corp		6,035
20,179	v*	Unified Energy System (ADR)		2,749
45,291	*	Unified Energy System (GDR)		6,126
488,471	e	Union Fenosa S.A.		26,079
260,139		Unisource Energy Corp		8,556
1,211,838		United Utilities plc		17,215
1,404,362		Vector Ltd		2,943
295,348	e	Vectren Corp		7,954
223,034	e	Veolia Environnement		17,517
220,451	e,v*	Veolia Environnement		251
501,715	*	Waste Connections, Inc		15,172

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
53,316		Waste Industries USA, Inc	$	1,820
134,324	e*	Waste Services, Inc		1,632
2,031,352		Westar Energy, Inc		49,321
302,737		WGL Holdings, Inc		9,881
2,473,388		Williams Cos, Inc		78,209
714,176		Wisconsin Energy Corp		31,588
1,594,491		Xcel Energy, Inc		32,639
486,000		Xinao Gas Holdings Ltd		611
203,405		Zhejiang Southeast Electric Power Co (Class B)		216
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		5,611,351

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 6.42%
1,453,939		ABB Ltd		32,783
36,095		ABB Ltd India		969
660,574	*	Accuris Co Ltd		850
151,790	e*	Acme Packet, Inc		1,744
181,777	*	Actel Corp		2,529
293,902		Acuity Brands, Inc		17,716
706,371	*	Adaptec, Inc		2,691
683,041	*	ADC Telecommunications, Inc		12,520
340,102		Adtran, Inc		8,832
202,061	*	Advanced Analogic Technologies, Inc		1,960
312,780	*	Advanced Energy Industries, Inc		7,088
2,414,863	e*	Advanced Micro Devices, Inc		34,533
4,684,789		Advanced Semiconductor Engineering, Inc		6,372
974,140		Advantest Corp		42,414
442,634	*	Aeroflex, Inc		6,272
9,245		Aga Foodservice Group plc		70
4,169,312	e	Alcatel S.A.		58,319
139,665		Alcatel S.A. (ADR)		1,955
9,700		Alpine Electronics, Inc		149
176,422		Alps Electric Co Ltd		1,763
2,172,686		Altera Corp		48,082
177,111	e*	American Superconductor Corp		3,420
466,009		Ametek, Inc		18,491
334,149	*	AMIS Holdings, Inc		4,184
787,704	e*	Amkor Technology, Inc		12,406
826,494		Amphenol Corp (Class A)		29,465
318,823	e*	Anadigics, Inc		4,397
1,584,715		Analog Devices, Inc		59,649
938,621	*	Andrew Corp		13,554
6,074,467	*	Apple Computer, Inc		741,328
1,804,398	*	Applied Micro Circuits Corp		4,511
99,501		Arcelik A.S.		853
3,493,491		ARM Holdings plc		10,219
811,803	*	Arris Group, Inc		14,280
3,011,500		Asustek Computer, Inc		8,282
291,100	e*	Atheros Communications, Inc		8,978
2,043,819	*	Atmel Corp		11,364
192,245	*	ATMI, Inc		5,767
9,500	e*	AudioCodes Ltd		53
938,897	e*	Avanex Corp		1,690
4,300,000		Avermedia Technologies		7,317
1,188,037	*	Avnet, Inc		47,094
636,762		AVX Corp		10,659
62,288	*	AZZ, Inc		2,096

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
252,572		Baldor Electric Co	$	12,447
7,324	e	Bang & Olufsen A/S (B Shares)		876
8,106	e	Barco NV		752
66,864		Bel Fuse, Inc (Class B)		2,275
425,352	*	Benchmark Electronics, Inc		9,621
5,747		Bharat Electronics Ltd		259
64,881	e*	BigBand Networks, Inc		851
1,221,900		Boustead Holdings BHD		1,071
2,294,335	*	Broadcom Corp (Class A)		67,109
41,000		Byd Co Ltd		236
400	e*	Catapult Communications Corp		4
456,340	*	C-COR, Inc		6,416
2,420,382	*	Celestica Inc		15,127
324,954	*	Celestica, Inc		2,050
192,756	e*	Ceradyne, Inc		14,256
688,309	*	Chartered Semiconductor Manufacturing Ltd		605
257,915	*	Checkpoint Systems, Inc		6,512
106,122		Cheng Uei Precision Industry Co Ltd		342
2,310,688		Chi Mei Optoelectronics Corp		2,739
11,538	e,m,v*	China Energy Savings Technology, Inc		1
3,319,000	*	Chunghwa Picture Tubes Ltd		893
733,720	*	Ciena Corp		26,509
44,807,527	*	Cisco Systems, Inc		1,247,890
7,100		CMK Corp		75
94,392	e*	Color Kinetics, Inc		3,154
110,000		Compal Communications, Inc		300
14,000		Compeq Manufacturing Co		7
165,204	*	Comtech Telecommunications Corp		7,669
3,025,627	e*	Conexant Systems, Inc		4,175
1,370,525		Cooper Industries Ltd (Class A)		78,243
51,525	*	CPI International, Inc		1,022
1,055,374	e*	Cree, Inc		27,281
69,364	*	CSR plc		1,087
248,494		CTS Corp		3,146
153,362		Cubic Corp		4,628
701,264	*	Cypress Semiconductor Corp		16,332
522,878		Daiichikosho Co Ltd		5,679
512,578	e	Dainippon Screen Manufacturing Co Ltd		3,868
1,185,000		Datacraft Asia Ltd		1,528
720,000		Datang International Power Generation Co Ltd		1,113
3,750,000	v*	Delta Networks, Inc		2,158
109,696	e*	Diodes, Inc		4,582
186,361	*	Ditech Networks, Inc		1,526
430,669	*	Dolby Laboratories, Inc (Class A)		15,250
171,525	*	DSP Group, Inc		3,511
99,452	e*	DTS, Inc		2,165
7,586	*	Eagle Broadband, Inc		1
710,417		Eaton Corp		66,069
22,700	*	ECI Telecom Ltd		208
169,033	*	Electro Scientific Industries, Inc		3,516
1,145,893		Electrolux AB (Series B)		27,131
555,367		EMI Group plc		2,976
109,340	*	EMS Technologies, Inc		2,412
12,409	*	EndWave Corp		142
342,086	e*	Energizer Holdings, Inc		34,072
213,675	e*	Energy Conversion Devices, Inc		6,585

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
131,825	e*	EnerSys	$	2,412
3,000	*	Entertainment Distribution Co, Inc		6
170,000		Epistar Corp		694
27,688,281		Ericsson (LM) (B Shares)		110,446
503,245	*	Evergreen Solar, Inc		4,680
194,419	*	Exar Corp		2,605
2,493,736	*	Fairchild Semiconductor International, Inc		48,179
85,528		Fanuc Ltd		8,828
3,708,000		Far EasTone Telecommunications Co Ltd		4,600
3,214,371	e*	Finisar Corp		12,150
372,058	e*	First Solar, Inc		33,221
236,113	e	Fisher & Paykel Appliances Holdings Ltd		633
1,137,668	e	Fisher & Paykel Healthcare Corp		2,954
2,468,517	*	Foxconn International Holdings Ltd		7,072
211,900		Foxconn Technology Co Ltd		2,543
116,386	e	Franklin Electric Co, Inc		5,491
320,497	e*	FuelCell Energy, Inc		2,538
322,401		Fuji Electric Holdings Co Ltd		1,635
338,424		Gamesa Corp Tecnologica S.A.		12,243
477,586		Garmin Ltd		35,327
1,123	*	Gemalto NV		26
1,497,932	*	Gemstar-TV Guide International, Inc		7,370
150,817	*	Genlyte Group, Inc		11,845
1,948	e	Geo Corp		3,302
850,000		Geodesic Information Systems Ltd		6,151
46,703	*	Gmarket, Inc (ADR)		907
639,801	*	GrafTech International Ltd		10,774
216,664	e*	Greatbatch, Inc		7,020
1,642		Groupe Steria SCA		109
1,406,149		GVK Power & Infrastructure Ltd		16,752
112,400	e	Hamamatsu Photonics KK		3,528
9,600		Hana Microelectronics PCL		8
2,592,000	*	HannStar Display Corp		640
294,176		Harman International Industries, Inc		34,360
436,513	e*	Harmonic, Inc		3,872
619,769		Harris Corp		33,808
138,308	*	Helen of Troy Ltd		3,734
510,367	e*	Hexcel Corp		10,753
203,600		High Tech Computer Corp		3,630
21,049	e	Hirose Electric Co Ltd		2,768
8,700		Hitachi High-Technologies Corp		226
3,439,379		Hitachi Ltd		24,339
87,023	*	Hittite Microwave Corp		3,718
3,850,037		Hon Hai Precision Industry Co, Ltd		33,255
6,301,057		Honeywell International, Inc		354,623
8,300		Hosiden Corp		110
721,558		Hoya Corp		23,936
148,651	e*	Hutchinson Technology, Inc		2,796
49,298		Hyundai Autonet Co Ltd		410
197,836		Ibiden Co Ltd		12,765
212,771		Imation Corp		7,843
1,645		Imtech NV		142
1,541,028	*	Infineon Technologies AG.		25,471
788,496	e*	Infineon Technologies AG. (ADR)		13,034
6,300		Information Services International-Dentsu Ltd		65
1,147,000	*	InnoLux Display Corp		4,738

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
1,711,000		Inotera Memories, Inc	$	2,159
1,064,037	*	Integrated Device Technology, Inc		16,248
41,409,359		Intel Corp		983,886
306,687	e*	Interdigital Communications Corp		9,866
296,463	*	International Rectifier Corp		11,046
636,748		Intersil Corp (Class A)		20,032
141,348		Inter-Tel, Inc		3,382
210,454	e*	InterVoice, Inc		1,753
9,806		Intracom S.A.		52
52,033	*	IPG Photonics Corp		1,038
80,588	e*	iRobot Corp		1,600
145,893	e*	IXYS Corp		1,218
22,000		Japan Radio Co Ltd		84
432,455	*	Jarden Corp		18,600
897,442	e*	JDS Uniphase Corp		12,053
573,755	e*	Kemet Corp		4,045
98,000		Kinsus Interconnect Technology Corp		387
3,941,802		Koninklijke Philips Electronics NV		167,042
2,091	*	Koor Industries Ltd		139
54,993	e	Kudelski S.A.		1,923
299,198		Kyocera Corp		31,786
1,469,988		L-3 Communications Holdings, Inc		143,162
9,367		Laird Group plc		102
163,893	e*	Lamson & Sessions Co		4,355
651,610	e*	Lattice Semiconductor Corp		3,727
55,590		LG Electronics, Inc		4,589
61,330	*	LG.Philips LCD Co Ltd		2,722
69,946	e*	LG.Philips LCD Co Ltd (ADR)		1,583
186,305	e	Lincoln Electric Holdings, Inc		13,831
1,048,605	e	Linear Technology Corp		37,939
189,291	*	Littelfuse, Inc		6,392
55,414	*	Loral Space & Communications, Inc		2,731
114,219		LSI Industries, Inc		2,045
3,472,516	*	LSI Logic Corp		26,079
19,211	e	Mabuchi Motor Co Ltd		1,177
1,401,529		Macronix International		663
98,000		Malaysian Pacific Industries		281
2,909,997	*	Marvell Technology Group Ltd		52,991
1,696,054		Matsushita Electric Industrial Co Ltd		33,611
603,350		Matsushita Electric Industrial Co Ltd (ADR)		11,952
121,557		Matsushita Electric Works Ltd		1,554
285,891	*	Mattson Technology, Inc		2,773
2,848,242		Maxim Integrated Products, Inc		95,160
855,700		MediaTek, Inc		13,313
115,526	e*	Medis Technologies Ltd		1,697
3,960		Melexis NV		71
1,646,104	*	MEMC Electronic Materials, Inc		100,610
129,535	*	Mercury Computer Systems, Inc		1,580
239,201		Methode Electronics, Inc		3,744
471,451		Micrel, Inc		5,997
911,962		Microchip Technology, Inc		33,779
3,618,939	*	Micron Technology, Inc		45,345
1,627	*	Micronas Semiconductor Holdings, Inc		32
406,696	e*	Microsemi Corp		9,740
287,804	*	Microtune, Inc		1,505
395,841		Minebea Co Ltd		2,237

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
236,320	*	MIPS Technologies, Inc	$	2,077
4,583,435		Mitsubishi Electric Corp		42,459
580,340		Molex, Inc		17,416
123,734	e*	Monolithic Power Systems, Inc		2,159
223,527	*	Moog, Inc (Class A)		9,860
486,000		Mosel Vitelic, Inc		640
11,237,829		Motorola, Inc		198,910
723,622	e*	MRV Communications, Inc		2,352
46,829	e*	Multi-Fineline Electronix, Inc		804
440,256		Murata Manufacturing Co Ltd		33,125
86,000		Nan Ya Printed Circuit Board Corp		524
1,105,000		Nanya Technology Corp		1,006
26,351		National Presto Industries, Inc		1,643
2,304,172		National Semiconductor Corp		65,139
111,200	m,v*	NCP Litigation Trust		-	^
285,844	e*	NEC Electronics Corp		7,507
330,000	e	NEC Tokin Corp		1,227
87,606	e*	Netlogic Microsystems, Inc		2,789
3,516,821	*	Network Appliance, Inc		102,691
9,000		New Japan Radio Co Ltd		50
160,995		NGK Spark Plug Co Ltd		2,797
24,706	*	Nice Systems Ltd		862
121,644		Nidec Corp		7,137
1,800		Nihon Dempa Kogyo Co Ltd		102
9,000		Nippon Chemi-Con Corp		76
41,573		Nitto Denko Corp		2,095
2,774		NKT Holding A/S		275
7,459,008	e	Nokia Oyj		209,488
765,356	*	Nortel Networks Corp		18,450
1,655,834	*	Novellus Systems, Inc		46,976
3,623,830	*	Nvidia Corp		149,700
315,300	e*	Ocean Power Technologies, Inc		4,994
11,153		Olympic Group Financial Investments		116
313,379	e*	Omnivision Technologies, Inc		5,675
241,308		Omron Corp		6,334
1,464,470	e*	ON Semiconductor Corp		15,699
646,347	e*	On2 Technologies, Inc		1,939
555,889	e	Openwave Systems, Inc		3,480
103,020	*	Oplink Communications, Inc		1,545
98,855	*	OpNext, Inc		1,309
65,312	e*	Optium Corp		826
415,000		Origin Electric Co Ltd		2,567
84,242	e*	OSI Systems, Inc		2,304
117,425		Park Electrochemical Corp		3,309
158,364	*	Pericom Semiconductor Corp		1,767
250,454		Phoenix Electric Co Ltd		1,076
254,061	e*	Photronics, Inc		3,780
85,900	e	Pioneer Corp		1,168
280,949	e	Plantronics, Inc		7,367
358,645	e*	Plexus Corp		8,245
132,857	e*	PLX Technology, Inc		1,483
1,417,851	e*	PMC - Sierra, Inc		10,960
502,235	*	Polycom, Inc		16,875
38,674	*	Powell Industries, Inc		1,228
4,885,000		Powerchip Semiconductor Corp		2,971
435,817	e*	Power-One, Inc		1,735

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
418,000		Powertech Technology, Inc	$	1,740
773,425	e*	Powerwave Technologies, Inc		5,182
3,115,000		ProMOS Technologies, Inc		1,306
21,600	e*	Q-Cells AG.		1,839
888,734	e*	Qimonda AG. (ADR)		13,731
753,188	*	QLogic Corp		12,541
10,438,878		Qualcomm, Inc		452,943
2,051,561		RadioShack Corp		67,989
433,019	e*	Rambus, Inc		7,786
87,524	e	Raven Industries, Inc		3,126
351,750		Realtek Semiconductor Corp		1,744
176,986	e	Regal-Beloit Corp		8,237
381,735		Reliance Communication Ventures Ltd		4,845
122,936		REMEC, Inc		187
336,534	*	Research In Motion Ltd		67,733
88,615		Reunert Ltd		949
1,116,813	e*	RF Micro Devices, Inc		6,969
694,196		Ricoh Co Ltd		16,061
10,800		Rinnai Corp		337
853,000	*	Ritek Corp		254
120,000		River Eletec Corp		1,198
102,355	*	Rogers Corp		3,787
160,845		Rohm Co Ltd		14,274
992		SAES Getters S.p.A.		31
32,640		Samsung Electro-Mechanics Co Ltd		1,783
112,351		Samsung Electronics Co Ltd		68,686
14,160		Samsung Electronics Co Ltd		6,617
15,609		Samsung SDI Co Ltd		1,012
78,498	e	Sanken Electric Co Ltd		759
2,454,781	*	Sanmina-SCI Corp		7,684
12,000		Sanyo Denki Co Ltd		81
5,116,000	e*	Sanyo Electric Co Ltd		8,377
2,512,649		Sanyo Electric Taiwan Co Ltd		2,146
462,282		Satyam Computer Services Ltd		5,309
249,366	e	Schindler Holding AG.		16,565
412,458		Schneider Electric S.A.		57,789
159,197	*	Seachange International, Inc		1,235
9,667,000	*	Semiconductor Manufacturing International Corp		1,325
453,823	*	Semtech Corp		7,865
1,393,146	*	SGL Carbon AG.		57,639
1,362,836		Sharp Corp		25,836
5,000		Shindengen Electric Manufacturing Co Ltd		24
300		Shinkawa Ltd		6
42,300	e	Shinko Electric Industries		910
15,392		Siemens India Ltd		527
481,229	*	Silicon Image, Inc		4,129
240,973	*	Silicon Laboratories, Inc		8,340
667,791	*	Silicon Storage Technology, Inc		2,491
2,445,824		Siliconware Precision Industries Co		5,220
190,022	e*	Sirenza Microdevices, Inc		2,256
6,816,684	e*	Sirius Satellite Radio, Inc		20,586
967,750	*	Skyworks Solutions, Inc		7,113
258,888	*	Smart Modular Technologies WWH, Inc		3,562
1,301,083		Sony Corp		66,787
753,938	e*	Spansion, Inc (Class A)		8,369
226,719	e*	Spectrum Brands, Inc		1,535

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
126,226	*	Standard Microsystems Corp	$	4,335
104,134		Stanley Electric Co Ltd		2,260
35,967	*	STATS ChipPAC Ltd		41
575,150	e	STMicroelectronics NV		11,084
76,998	*	Stoneridge, Inc		950
334,735		Sumco Corp		16,772
92,629	e*	Sunpower Corp (Class A)		5,840
853	*	Suntron Corp		1
65,663	e*	Supertex, Inc		2,058
1,056,775	*	Sycamore Networks, Inc		4,248
270,631	e*	Symmetricom, Inc		2,273
135,948	e*	Synaptics, Inc		4,866
305,944	e*	Syntax-Brillian Corp		1,505
17,479,235		Taiwan Semiconductor Manufacturing Co Ltd		37,434
1,911,619		Taiwan Semiconductor Manufacturing Co Ltd (ADR)		21,276
286,762		Taiyo Yuden Co Ltd		6,633
23,789		Tandberg ASA		531
1,894,000	*	Tatung Co Ltd		846
271,643		TDK Corp		26,291
2,389		Techem AG.		167
246,905		Technitrol, Inc		7,079
127,615	*	Techwell, Inc		1,672
5,135,000		Teco Electric and Machinery Co Ltd		2,922
341,753	*	Tekelec		4,928
506,094		Teleflex, Inc		41,388
205,000		Telefonaktiebolaget LM Ericsson (ADR)		8,178
2,028,773	*	Tellabs, Inc		21,830
3,171,999	e	Terna Rete Elettrica Nazionale S.p.A.		10,939
249,678	e*	Tessera Technologies, Inc		10,125
6,732,305		Texas Instruments, Inc		253,337
328,808	*	Thomas & Betts Corp		19,071
173,201	e	Thomson		3,312
395,105	e	Tokyo Denpa Co Ltd		4,864
32,500		Toyota Boshoku Corp		821
441,982	e*	Trident Microsystems, Inc		8,110
96,885	*	Tripath Technology, Inc		1
159,000		Tripod Technology Corp		809
831,285	*	Triquint Semiconductor, Inc		4,206
19,749		TT electronics plc		73
264,727	*	TTM Technologies, Inc		3,441
900	*	Ulticom, Inc		8
100,414	*	Ultra Clean Holdings		1,404
9,821	*	UMC Japan		1,601
9,777		Uniden Corp		72
383,000		Unimicron Technology Corp		587
12,565,188		United Microelectronics Corp		7,514
135,000	*	United Test and Assembly Center Ltd		102
125,927	e*	Universal Display Corp		1,978
107,157	*	Universal Electronics, Inc		3,892
271,724	e	Ushio, Inc		6,028
1,106,190	e*	Utstarcom, Inc		6,206
41,185	e*	Valence Technology, Inc		46
50,021	e	Valeo S.A.		2,684
4,567,700		Vanguard International Semiconductor Corp		4,565
432,721	*	Varian Semiconductor Equipment Associates, Inc		17,335
309,251		Venture Corp Ltd		3,170

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
1,613	*	Vestel Elektronik Sanayi	$	4
458,000	*	Via Technologies, Inc		483
145,356	*	Viasat, Inc		4,666
109,368		Vicor Corp		1,447
28,463		Videocon Industries Ltd		295
1,315,756	*	Vishay Intertechnology, Inc		20,815
1,926,515	e	Vivendi Universal S.A.		82,874
92,702	e*	Volterra Semiconductor Corp		1,316
14,000		Vtech Holdings Ltd		118
116,596		Weg S.A.		1,101
332,552		Whirlpool Corp		36,980
1,883,000		Winbond Electronics Corp		710
402,401		Wintek Corp		434
206,862		Wipro Ltd		2,635
898,000		Wistron Corp		1,675
1,085,668	*	Wolfson Microelectronics plc		6,576
1,253,597		Xilinx, Inc		33,559
15,750	v*	Ya Hsin Industrial Co Ltd		3
1,348,000		Yageo Corp		645
227,612	e	Yaskawa Electric Corp		2,587
3,075,175		YTL Power International		2,113
136,726	e*	Zhone Technologies, Inc		196
2,393,538		Zhuzhou CSR Times Electric Co Ltd		4,118
114,439	*	Zoltek Cos, Inc		4,753
418,454	*	Zoran Corp		8,386
60,000		ZTE Corp		285
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		8,953,536

ENGINEERING AND MANAGEMENT SERVICES - 0.64%
6,408		Aangpanneforeningen AB (B Shares)		175
102,811	*	Advisory Board Co		5,712
210,785	*	Aecom Technology Corp		5,230
45,724		Aeroplan Income Fund		911
39,089	e*	Affymax, Inc		1,054
544,267	e*	Amylin Pharmaceuticals, Inc		22,402
852	e*	Antigenics, Inc		2
459,903	*	Applera Corp (Celera Genomics Group)		5,703
389,257	e*	Ariad Pharmaceuticals, Inc		2,137
18,043		Babcock International Group		195
3,156	*	Budimex S.A.		141
704,013		Capita Group plc		10,220
109,906	e	CDI Corp		3,539
1,593,969	*	Celgene Corp		91,382
61,237	e*	Cornell Cos, Inc		1,504
174,224		Corporate Executive Board Co		11,309
59,256	e*	CRA International, Inc		2,856
107,871	e*	CuraGen Corp		213
297,953	e*	CV Therapeutics, Inc		3,936
92,460		Daewoo Engineering & Construction Co Ltd		2,646
3,613	*	Devgen		92
230,872		Diamond Management & Technology Consultants, Inc		3,048
11,731	a*	Digital Garage, Inc		14,822
4,170		Dinamia		160
2,220,897		Downer EDI Ltd		13,840
263,320	e*	eResearch Technology, Inc		2,504
658,445	*	Exelixis, Inc		7,967

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
104,953	*	Exponent, Inc	$	2,348
25,841	*	First Consulting Group, Inc		246
839,059		Fluor Corp		93,446
356,501	e	Fugro NV		22,585
223,058	*	Gen-Probe, Inc		13,477
500	*	Geo ASA		4
20,000	e*	GPC Biotech AG.		567
1,280,162		GRD Ltd		3,061
146,329	*	Greenfield Online, Inc		2,328
374,285	*	Harris Interactive, Inc		2,002
381,181	*	Hewitt Associates, Inc (Class A)		12,198
100,532	e*	Huron Consulting Group, Inc		7,340
32,033		IDB Development Corp Ltd		1,200
474,492	e*	Incyte Corp		2,847
241,209	*	Infrasource Services, Inc		8,949
426,967	e*	Isis Pharmaceuticals, Inc		4,133
39,403	*	ITM Power plc		109
512,588	*	Jacobs Engineering Group, Inc		29,479
50,304		Jaiprakash Associates Ltd		916
206,327	e	JGC Corp		3,866
711,423	*	KBR, Inc		18,661
1,958		Keller Group plc		42
68,484	e*	Kendle International, Inc		2,518
214,310	*	Kosan Biosciences, Inc		1,119
49,380		Landauer, Inc		2,432
115,815	*	LECG Corp		1,750
21,204	*	Lexicon Genetics, Inc		68
187,472	e*	Lifecell Corp		5,725
180,031	e*	Luminex Corp		2,216
124,876		MAXIMUS, Inc		5,417
146,288	*	Maxygen, Inc		1,254
569,974	*	McDermott International, Inc		47,376
23,734	e	Meitec Corp		680
38,224	*	Michael Baker Corp		1,420
1,514,455		Moody's Corp		94,199
76,842	*	MTC Technologies, Inc		1,887
221,738	e*	Myriad Genetics, Inc		8,246
261,308	e*	Navigant Consulting, Inc		4,850
184,427	*	Neurogen Corp		1,225
1,200		Nichii Gakkan Co		19
247,253	*	Omnicell, Inc		5,138
102,697	e*	Oscient Pharmaceuticals Corp		469
1,593,737		Paychex, Inc		62,347
125,421	e*	PharmaNet Development Group, Inc		3,998
590,896		QinetiQ plc		2,190
645,465		Quest Diagnostics, Inc		33,338
175,759	*	Regeneration Technologies, Inc		1,977
494,837	*	Regeneron Pharmaceuticals, Inc		8,868
789,300	e*	Rentech, Inc		2,044
358,764	*	Resources Connection, Inc		11,904
140,039	e*	Rigel Pharmaceuticals, Inc		1,248
16,492		Robert Walters plc		128
530,592	e*	SAIC, Inc		9,588
18,540		Samsung Engineering Co Ltd		1,956
320,070	e*	Savient Pharmaceuticals, Inc		3,975
16,116		Savills plc		190

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
28,243	e	SBM Offshore NV	$	1,077
293,190	*	Seattle Genetics, Inc		2,876
163,643	e*	Senomyx, Inc		2,209
92,818		Serco Group plc		837
498,753	*	Shaw Group, Inc		23,087
844,000		Shenzhen Expressway Co Ltd		657
787,930		Shui On Construction		2,534
253,301		SNC-Lavalin Group, Inc		9,250
63,572	*	Stanley, Inc		1,120
192,949	e*	Symyx Technologies, Inc		2,221
51,991	e*	Tejon Ranch Co		2,298
335,574	e*	Telik, Inc		1,134
466,258	*	Tetra Tech, Inc		10,048
1,498,957	e	Toyo Engineering Corp		9,145
324,622	*	URS Corp		15,760
167,894	e*	Verenium Corp		851
177,418	*	Washington Group International, Inc		14,195
261,012		Watson Wyatt & Co Holdings (Class A)		13,176
174,004	e	WorleyParsons Ltd		5,005
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		892,743

ENVIRONMENTAL QUALITY AND HOUSING - 0.00%**
1,777,115	*	Centillion Environment & Recycling Ltd		239
236,178	e*	Home Solutions of America, Inc		1,412
		TOTAL ENVIRONMENTAL QUALITY AND HOUSING		1,651

FABRICATED METAL PRODUCTS - 0.53%
74		AFG Arbonia-Forster Hldg		39
140,413	*	Alliant Techsystems, Inc		13,922
714,750		Amcor Ltd		4,526
47,772	e	Ameron International Corp		4,309
412,775		Aptargroup, Inc		14,678
783,312		Ball Corp		41,649
52,863		Bharat Forge Ltd		401
152,674		Bharat Heavy Electricals		5,775
66,902	*	Chart Industries, Inc		1,903
91,646		CIRCOR International, Inc		3,705
651,167		Commercial Metals Co		21,990
107,541	*	Commercial Vehicle Group, Inc		2,003
44,718		Compx International, Inc		827
213,913		Crane Co		9,722
2,618,959	*	Crown Holdings, Inc		65,395
64,731	e	Dynamic Materials Corp		2,427
8,223		Geberit AG.		1,401
125,000	*	Gerresheimer AG.		6,471
178,312	e*	Griffon Corp		3,884
2,410		Grupa Kety S.A.		198
97,170	e	Gulf Island Fabrication, Inc		3,372
1,122,538		Hitachi Cable Ltd		6,576
4,336,226		Illinois Tool Works, Inc		234,980
82,132	e	Insteel Industries, Inc		1,478
3,161		Jindal Steel & Power Ltd		269
957,509		JS Group Corp		19,413
17,000		Kitz Corp		148
77,118	e*	Ladish Co, Inc		3,316
55,308	e	Lifetime Brands, Inc		1,131

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
196,056	*	Mobile Mini, Inc	$	5,725
675,822	e	Mueller Water Products, Inc (Class A)		11,529
120,747	e*	NCI Building Systems, Inc		5,956
4,768		Norddeutsche Affinerie AG.		211
646,826		Parker Hannifin Corp		63,331
43,050	*	Park-Ohio Holdings Corp		1,175
408,893		Pentair, Inc		15,771
41,717	e*	PGT, Inc		456
166		Phoenix Mecano AG.		75
405,531		Rexam plc		4,039
152,921		Sanwa Shutter Corp		887
800,000		Shin Zu Shing Co Ltd		6,128
150,752		Silgan Holdings, Inc		8,334
205,892	e	Simpson Manufacturing Co, Inc		6,947
708,429	e	Sims Group Ltd		15,891
159,853	e*	Smith & Wesson Holding Corp		2,678
525,880		Snap-On, Inc		26,562
85,384		Ssab Svenskt Stal AB (Series A)		3,489
211,436	e	Ssab Svenskt Stal AB (Series B)		8,012
639,260		Stanley Works		38,803
167,114	e*	Sturm Ruger & Co, Inc		2,594
407,575	e	Sumitomo Precision Products Co Ltd		2,191
39,527	e	Sun Hydraulics Corp		1,947
3,000		Takuma Co Ltd		19
347,150	e*	Taser International, Inc		4,846
56,794		Tata Steel Ltd		834
8,625	b,m*	Tower Automotive, Inc		-	^
855,266	e	Toyo Seikan Kaisha Ltd		16,532
69,930	*	Trimas Corp		845
100,789	e	Valmont Industries, Inc		7,333
171,573	e	Watts Water Technologies, Inc (Class A)		6,429
18,190		Yieh Phui Enterprise		8
		TOTAL FABRICATED METAL PRODUCTS		745,485

FOOD AND KINDRED PRODUCTS - 3.10%
751,000		Ajinomoto Co, Inc		8,650
121,447	e*	Altus Pharmaceuticals, Inc		1,401
34,591	*	American Dairy, Inc		645
31,986		Anadolu Efes Biracilik Ve Malt Sanayii A.S.		1,266
3,719,080		Anheuser-Busch Cos, Inc		193,987
2,985,849		Archer Daniels Midland Co		98,802
1,000		Ariake Japan Co Ltd		19
217,799		Asahi Breweries Ltd		3,378
2,751		Bajaj Hindusthan Ltd		11
108,000		Beijing Enterprises Holdings Ltd		410
55,363	*	Boston Beer Co, Inc (Class A)		2,179
20,866		Britvic plc		161
454,824		Bunge Ltd		38,433
1,739,575		C&C Group plc		23,418
1,476,953		Cadbury Schweppes plc		20,046
939,327		Campbell Soup Co		36,455
108,440		Carlsberg A/S (Class B)		13,108
166,700		Charoen Pokphand Foods PCL		25
1,249,000	*	China Agri-Industries Holdings Ltd		848
9,029		CJ Corp		1,093
161,077		Coca Cola Hellenic Bottling Co S.A.		7,412

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
449,114		Coca-Cola Amatil Ltd	$	3,626
27,018		Coca-Cola Bottling Co Consolidated		1,359
12,491,987		Coca-Cola Co		653,456
2,467,020		Coca-Cola Enterprises, Inc		59,209
82,032		Coca-Cola Femsa S.A. de C.V.		363
556,562	e	Coca-Cola West Japan Co Ltd		12,927
238,000		Cofco International Ltd		161
12,572,353		Companhia de Bebidas das Americas		8,849
3,624,778		ConAgra Foods, Inc		97,362
825,768	e*	Constellation Brands, Inc (Class A)		20,050
501,058		Corn Products International, Inc		22,773
37,035	*	Cosan SA Industria e Comercio		605
99,628	*	Cott Corp		1,446
2,763,158	e	CSR Ltd		8,133
12,162		Dairy Crest Group plc		165
33,327	e	Danisco A/S		2,485
387,411	*	Darling International, Inc		3,541
1,194,277		Del Monte Foods Co		14,522
2,902,895		Diageo plc		60,336
5,633	e	Diamond Foods, Inc		99
12,824		East Asiatic Co Ltd A.S.		705
59,797	e	Ebro Puleva S.A.		1,285
213,452		Embotelladora Andina S.A.		688
719,143		Embotelladora Andina S.A.		2,473
741,321		Empresas Iansa S.A.		84
41,459	e	Farmer Bros Co		938
394,226		Flowers Foods, Inc		13,151
1,382,955		Fomento Economico Mexicano S.A. de C.V.		5,429
2,290,821		General Mills, Inc		133,830
1,141		Givaudan S.A.		1,125
241,100		Golden Hope Plantations BHD		594
860,758		Greencore Group plc		6,515
2,966,065		Groupe Danone		239,558
141,671		Grupo Bimbo S.A. de C.V. (Series A)		874
261,760		Grupo Modelo S.A. (Series C)		1,416
1,608,185		H.J. Heinz Co		76,341
282,741	e*	Hansen Natural Corp		12,152
831,456	e	Heineken NV		48,741
722,392		Hershey Co		36,567
2,900		Highlands & Lowlands BHD		6
5,181		Hite Brewery Co Ltd		673
413,792		Hormel Foods Corp		15,455
57,700	e	House Foods Corp		886
17,257		Iaws Group plc		362
64,066	e	Imperial Sugar Co		1,973
386,609		InBev NV		30,622
30,000	m,v*	International Hydron Liquidating Trust		1
2,383,200		IOI Corp BHD		3,597
269,300	e	Ito En Ltd		8,848
1,482,224		J Sainsbury plc		17,327
82,187		J&J Snack Foods Corp		3,102
414,379		J.M. Smucker Co		26,379
14,557,000		JG Summit Holdings		3,931
36,000		J-Oil Mills, Inc		127
126,032	e*	Jones Soda Co		1,767
63,675		Kaneka Corp		533

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
20,868		Katokichi Co Ltd	$	124
1,884,959		Kellogg Co		97,622
97,929		Kerry Group plc (Class A)		2,741
125,200	e	Kikkoman Corp		1,860
575,744	e	Kirin Brewery Co Ltd		8,612
10,031,214		Kraft Foods, Inc (Class A)		353,600
2,094,527		Kulim Malaysia BHD		4,464
141,870		Lancaster Colony Corp		5,943
167,559		Lance, Inc		3,948
7,745		Leroy Seafood Group ASA		161
237,133	e	Lion Nathan Ltd		1,861
148		Lotte Chilsung Beverage Co Ltd		190
759		Lotte Confectionery Co Ltd		1,011
69,512	e*	M&F Worldwide Corp		4,628
551,590		McCormick & Co, Inc		21,060
221,500		Meiji Dairies Corp		1,411
271,100		Meiji Seika Kaisha Ltd		1,240
52,650	e	MGP Ingredients, Inc		890
281,525		Molson Coors Brewing Co (Class B)		26,030
6,000	e	Morinaga & Co Ltd		14
50,366	e	National Beverage Corp		580
4,530		Nestle India Ltd		129
638,770		Nestle S.A.		242,716
2,014,500		Nichirei Corp		10,365
81,000		Nichiro Corp		139
1,181,400		Nippon Meat Packers, Inc		14,290
29,900		Nippon Suisan Kaisha Ltd		192
613,473		Nisshin Seifun Group, Inc		6,068
72,005	e	Nissin Food Products Co Ltd		2,414
1,210		Nong Shim Co Ltd		344
526,408		Olam International Ltd		1,062
1,455		Orion Corp		434
2,313,036	b,m,v*	Parmalat Finanziaria S.p.A.		-	^
961,100		Parmalat S.p.A.		4,062
77,283	e*	Peet's Coffee & Tea, Inc		1,903
1,221,655		Pepsi Bottling Group, Inc		41,145
316,787		PepsiAmericas, Inc		7,780
13,424,307		PepsiCo, Inc		870,566
113,459		Perdigao S.A.		2,147
208,835	*	Performance Food Group Co		6,785
76,060	e	Pernod-Ricard S.A.		16,793
3,061,000		Petra Foods Ltd		3,161
147,200		PPB Group BHD		324
389,624		PT Astra Agro Lestari Tbk		594
1,547,500		PT Indofood Sukses Makmur Tbk		346
85,900		Q.P. Corp		825
208,508	*	Ralcorp Holdings, Inc		11,145
144,849	e	Reddy Ice Holdings, Inc		4,131
270,576	e	Royal Numico NV		14,061
463,057		Sadia S.A.		2,156
84,726	e	Sampo Oyj (A Shares)		2,440
93,365	e	Sanderson Farms, Inc		4,203
214,800	e	Sapporo Holdings Ltd		1,365
216,684		Saputo, Inc		8,950
2,964,570		Sara Lee Corp		51,584
2,204,975		Scottish & Newcastle plc		28,265

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
558,162	*	Smithfield Foods, Inc	$	17,186
9,709		Strauss-Elite Ltd		116
44,804	e	Suedzucker AG.		994
932,932		Swire Pacific Ltd (Class A)		10,384
4,590	*	Synutra International, Inc		93
148,200	e	Takara Holdings, Inc		988
8,000		Takasago International Corp		46
90,661		Tata TEA Ltd		1,908
553,171		Tate & Lyle plc		6,278
2,981,600		Tingyi Cayman Islands Holding Corp		3,469
201,070	e	Tootsie Roll Industries, Inc		5,572
197,058		Topps Co, Inc		2,071
57,400	*	Total Produce plc		60
71,900		Toyo Suisan Kaisha Ltd		1,297
190,632	*	TreeHouse Foods, Inc		5,073
1,231,735		Tyson Foods, Inc (Class A)		28,379
1,206		Ulker Gida Sanayi ve Ticaret A.S.		5
4,440,712		Unilever plc		143,390
200,000	e	Unilever plc (ADR)		6,452
64,296		United Breweries Co, Inc		468
105,697		Vina Concha Y Toro S.A.		264
4,050		Vivartia S.A.		96
429,247		Want Want Holdings Ltd		989
995,373		Wrigley (Wm.) Jr Co		55,054
85,200	e	Yakult Honsha Co Ltd		2,154
1,362,474	e	Yamazaki Baking Co Ltd		11,632
		TOTAL FOOD AND KINDRED PRODUCTS		4,326,561

FOOD STORES - 0.75%
205,671		Alimentation Couche Tard, Inc (Class B)		4,242
9,124	e	Arden Group, Inc (Class A)		1,245
4,576,777		Carrefour S.A.		321,444
520,331		Centros Comerciales Sudamericanos S.A.		2,158
1,726,749		Coles Myer Ltd		23,576
3,733	e	Colruyt S.A.		779
14,582,474		Companhia Brasileira de Distribuicao Grupo Pao de Acucar		567
179,618	e	Delhaize Group		17,642
5,055		Discount Investment Corp		160
1,410,152		Distribucion y Servicio D&S S.A.		756
48,800		FamilyMart Co Ltd		1,286
72,714		George Weston Ltd		5,464
2,058,746		Goodman Fielder Ltd		4,237
104,354	e*	Great Atlantic & Pacific Tea Co, Inc		3,500
62,654		Ingles Markets, Inc (Class A)		2,158
347,340		Jeronimo Martins SGPS S.A.		2,053
155,099	e	Kesko Oyj (B Shares)		10,290
1,324,957	*	Koninklijke Ahold NV		16,619
5,858,609		Kroger Co		164,803
50,800		Lawson, Inc		1,757
153,280		Loblaw Cos Ltd		7,475
53,696		Migros Turk TAS		893
133,344	e*	Panera Bread Co (Class A)		6,142
126,774	e*	Pantry, Inc		5,844
179,717	*	Pathmark Stores, Inc		2,329
136,785		Pick'n Pay Stores Ltd		685
877,000		President Chain Store Corp		2,498

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
230,846		Ruddick Corp	$	6,953
2,612,710		Safeway, Inc		88,911
1,118,442		Seven & I Holdings Co Ltd		31,971
326,305		Shoprite Holdings Ltd		1,505
588,963		Sonae SPGS S.A.		1,672
145,812	*	Super-Sol Ltd		572
957,815		Supervalu, Inc		44,366
21,739,138		Tesco plc		181,885
167		Valora Holding AG.		44
31,356		Village Super Market (Class A)		1,499
70,136		Weis Markets, Inc		2,841
656,376	e	Whole Foods Market, Inc		25,139
172,804	e*	Wild Oats Markets, Inc		2,896
177,377	*	Winn-Dixie Stores, Inc		5,197
1,635,696		Woolworths Ltd		37,380
		TOTAL FOOD STORES		1,043,433

FORESTRY - 0.08%
38,689		Gunns Ltd		107
790,370		Rayonier, Inc		35,677
1,021,560		Weyerhaeuser Co		80,632
		TOTAL FORESTRY		116,416

FURNITURE AND FIXTURES - 0.23%
6,033	b,m,v*	Bush Industries, Inc (Class A)		1
68,890		Cal-Maine Foods, Inc		1,128
2,299		Ekornes ASA		52
154,808	e	Ethan Allen Interiors, Inc		5,302
280,760	e	Furniture Brands International, Inc		3,987
341,386		Herman Miller, Inc		10,788
241,706		Hillenbrand Industries, Inc		15,711
200,963		HNI Corp		8,239
66,674	e	Hooker Furniture Corp		1,496
287,590		Interface, Inc (Class A)		5,424
1,404,880		Johnson Controls, Inc		162,643
152,066		Kimball International, Inc (Class B)		2,131
305,073	e	La-Z-Boy, Inc		3,496
752,806		Leggett & Platt, Inc		16,599
1,972,445		Masco Corp		56,156
439,325	*	MFI Furniture plc		1,196
6,806		Neopost S.A.		996
207,745	e	Sealy Corp		3,432
374,842	e*	Select Comfort Corp		6,080
595,296		Steinhoff International Holdings Ltd		2,032
516,038	e	Tempur-Pedic International, Inc		13,365
163,714	e*	Williams Scotsman International, Inc		3,898
		TOTAL FURNITURE AND FIXTURES		324,152

FURNITURE AND HOMEFURNISHINGS STORES - 0.17%
1,207,871	*	Bed Bath & Beyond, Inc		43,471
1,890,126		Circuit City Stores, Inc		28,503
20,000	e*	Columbia Music Entertainment, Inc		17
380,234		DSG International plc		1,205
51,273		Ellerine Holdings Ltd		504
1,545,955	*	GameStop Corp (Class A)		60,447
162,096	e*	Guitar Center, Inc		9,695

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
1,305,104	e	Harvey Norman Holdings Ltd	$	5,838
111,579	e	Haverty Furniture Cos, Inc		1,302
15,000		Joshin Denki Co Ltd		101
114,998		Kesa Electricals plc		722
292,614		Knoll, Inc		6,555
3,400		K's Holdings Corp		95
362,610	e*	Mohawk Industries, Inc		36,548
29,750		Nitori Co Ltd		1,485
519,985	e	Pier 1 Imports, Inc		4,415
35,706		Shimachu Co Ltd		960
784,769		Steelcase, Inc (Class A)		14,518
180,164	e	Tuesday Morning Corp		2,227
782,267	*	Waterford Wedgwood plc		42
379,965	e	Williams-Sonoma, Inc		11,999
106,288		Yamada Denki Co Ltd		11,100
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		241,749

GENERAL BUILDING CONTRACTORS - 0.43%
7,111,493		Amec plc		83,330
22,682	e	Amrep Corp		1,079
516,016	e	Asunaro Aoki Construction Co Ltd		3,201
32,339	e*	Avatar Holdings, Inc		2,488
215,770		Aveng Ltd		1,520
83,797		Balfour Beatty plc		739
416,413		Barratt Developments plc		8,254
233,247		Beazer Homes USA, Inc		5,754
187,213		Bellway plc		4,713
97,871		Berkeley Group Holdings plc		3,475
5,374		Bilfinger Berger AG.		476
65,927	e	Brookfield Homes Corp		1,918
544,926		Centex Corp		21,852
362,100		Cheung Kong Infrastructure Holdings Ltd		1,336
7,600		Cleanup Corp		56
1,166,895		Consorcio ARA, S.A. de C.V.		1,888
239,829	*	Corp GEO S.A. de C.V.		1,313
728,094		CRH plc		35,848
3,155,416	e	Daikyo, Inc		14,299
100,949		Daito Trust Construction Co Ltd		4,807
876,201		Daiwa House Industry Co Ltd		12,524
1,669,181		DR Horton, Inc		33,267
1,287,039		Fletcher Building Ltd		12,258
619,060		George Wimpey plc		6,197
23,760		Hanjin Heavy Industries & Construction Co Ltd		1,685
2,462,700	*	Haseko Corp		7,283
27,832		Hellenic Technodomiki Tev S.A.		364
7,274		Hochtief AG.		792
212,996	e*	Hovnanian Enterprises, Inc (Class A)		3,521
38,842		Hyundai Development Co		2,764
1,854,950		IJM Corp BHD		4,488
6,679	e	Imerys S.A.		676
11,433,708		Italian-Thai Development PCL		2,004
1,600,308		Kajima Corp		6,689
535		Kaufman & Broad S.A.		41
676,768		KB Home		26,644
215,390		Leighton Holdings Ltd		7,508
353,253		Lend Lease Corp Ltd		5,545

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
839,549		Lennar Corp (Class A)	$	30,694
75,668	e	M/I Homes, Inc		2,013
132,815		McGrath RentCorp		4,475
9,035		McInerney Holdings plc		29
222,124		MDC Holdings, Inc		10,742
139,826	e*	Meritage Homes Corp		3,740
80,819	e*	NVR, Inc		54,937
670,007		Obayashi Corp		3,650
57,907	e*	Palm Harbor Homes, Inc		819
199,498	*	Perini Corp		12,275
409,433		Persimmon plc		9,468
4,625		Pfleiderer AG.		141
872,417		Pulte Homes, Inc		19,586
294,193	e	Ryland Group, Inc		10,994
462,796		Sekisui Chemical Co Ltd		3,577
710,929		Sekisui House Ltd		9,476
10,454,000		Shanghai Forte Land Co		5,893
420,842	e	Shimizu Corp		2,438
850		Sjaelso Gruppen		36
96,779		Skanska AB (B Shares)		2,072
799,539	e	Standard-Pacific Corp		14,016
727,425	e	Taisei Corp		2,459
274,193	e	Takamatsu Corp		3,655
888,721		Taylor Woodrow plc		6,398
36,945	e*	Team, Inc		1,661
2		Technical Olympic S.A.		-	^
9,613		Titan Cement Co S.A.		554
151,704	e	Toda Corp		807
1,164,184	e*	Toll Brothers, Inc		29,081
92,927		Unitech Ltd		1,149
187,082	*	Urbi Desarrollos Urbanos S.A. de C.V		855
713,761		Walter Industries, Inc		20,671
192,103	e*	WCI Communities, Inc		3,204
26,527	e	YIT OYJ		833
		TOTAL GENERAL BUILDING CONTRACTORS		604,994

GENERAL MERCHANDISE STORES - 1.32%
280,021	e*	99 Cents Only Stores		3,671
711,804		Aeon Co Ltd		13,212
1,120,205	e*	Big Lots, Inc		32,956
300,109	*	BJ's Wholesale Club, Inc		10,813
56,367	e	Bon-Ton Stores, Inc		2,258
198,394	e*	Cabela's, Inc		4,390
317,421		Casey's General Stores, Inc		8,653
67,753	e*	Conn's, Inc		1,935
2,245,831		Costco Wholesale Corp		131,426
173,400	e	Daimaru, Inc		2,071
32,228		David Jones Ltd		152
235,593	e	Dillard's, Inc (Class A)		8,465
1,309,285		Dollar General Corp		28,700
1,774,074		Family Dollar Stores, Inc		60,886
241,400		Fred's, Inc		3,230
150,000		Hankyu Department Stores, Inc		1,597
80,000		Hola Home Furnishings Co Ltd		78
25,620		Hyundai Department Store Co Ltd		3,017
1,113,000	*	Intime Department Store Group Co Ltd		927

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
154,900		Isetan Co Ltd	$	2,545
1,306,720		JC Penney Co, Inc		94,580
408,584		Keio Corp		2,720
1,173,389	e	Kintetsu Corp		3,534
17,830,041		Lojas Americanas S.A.		1,423
58,721		Lojas Renner S.A.		1,105
3,251,690		Macy's, Inc		129,352
4,378,461		Marks & Spencer Group plc		54,990
244,900		Marui Co Ltd		3,094
349,300	e	Mitsukoshi Ltd		1,748
166,221	e	PPR		28,995
144,679	e*	Retail Ventures, Inc		2,334
242,298		SACI Falabella		1,254
1,119,098		Saks, Inc		23,893
12,268		Shinsegae Co Ltd		7,984
143,703	e	Stein Mart, Inc		1,762
234,000	e	Takashimaya Co Ltd		2,956
5,015,067		Target Corp		318,958
4,469,099		TJX Cos, Inc		122,900
1,378,716		Tokyu Corp		9,215
1,372,172		UNY Co Ltd		16,266
2,116,042		Wal-Mart de Mexico S.A. de C.V.		8,027
14,231,950		Wal-Mart Stores, Inc		684,699
33,246		Warehouse Group Ltd		156
		TOTAL GENERAL MERCHANDISE STORES		1,842,927

HEALTH SERVICES - 1.11%
138,019	*	Alliance Imaging, Inc		1,296
146,128	*	Amedisys, Inc		5,309
87,482	*	American Dental Partners, Inc		2,272
1,204,495		AmerisourceBergen Corp		59,586
196,144	e*	Amsurg Corp		4,735
501,072	*	Apria Healthcare Group, Inc		14,416
280,534	*	Assisted Living Concepts, Inc (A Shares)		2,988
56,113	e*	Bio-Reference Labs, Inc		1,535
15,746	*	Biovitrum AB		234
114,677	e	Brookdale Senior Living, Inc		5,226
743,900		Bumrungrad Hospital PCL		1,029
1,444,728		Cigna Corp		75,444
15,689	e	Coloplast A/S (Class B)		1,271
510,062	*	Community Health Systems, Inc		20,632
68,476	*	Corvel Corp		1,790
233,148	*	Covance, Inc		15,985
1,567,266	*	Coventry Health Care, Inc		90,353
198,370	*	Cross Country Healthcare, Inc		3,309
137,529	*	CryoLife, Inc		1,789
654,710	*	DaVita, Inc		35,276
11,123		Diagnosticos da America S.A.		246
264,059	*	Edwards Lifesciences Corp		13,029
74,818	*	eHealth, Inc		1,428
28,193	e*	Emeritus Corp		873
159,726	e*	Enzo Biochem, Inc		2,388
1,444,836	*	Express Scripts, Inc		72,256
1,584,166		Fraser and Neave Ltd		5,647
229,032	e	Fresenius Medical Care AG.		10,527
113,742	*	Genesis HealthCare Corp		7,782

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
69,750	e*	Genomic Health, Inc	$	1,311
165,633	*	Gentiva Health Services, Inc		3,323
30,819		Getinge AB (B Shares)		664
961,094		Health Management Associates, Inc (Class A)		10,918
28,611	e	Healthscope Ltd		126
6,571,793	a*	Healthsouth Corp		119,015
189,997	e*	Healthways, Inc		9,000
148,720	*	Hythiam, Inc		1,286
438,279	*	Immunomedics, Inc		1,819
316,982		Intertek Group plc		6,221
380,824		Japan Care Service Corp		758
1,990		Japan Longlife Co Ltd		522
167,511	e*	Kindred Healthcare, Inc		5,146
517,016	*	Laboratory Corp of America Holdings		40,462
122,799	e	LCA-Vision, Inc		5,803
76,705	e*	LHC Group, Inc		2,010
251,550	*	LifePoint Hospitals, Inc		9,730
348,511	*	Lincare Holdings, Inc		13,888
275,417	*	Magellan Health Services, Inc		12,799
899,021		Manor Care, Inc		58,697
147,153	e*	Matria Healthcare, Inc		4,456
2,362,417		McKesson Corp		140,894
182,501	*	MDS, Inc		3,718
103,506	*	Medcath Corp		3,291
1,945,375	*	Medco Health Solutions, Inc		151,720
311,788	e	Mindray Medical International Ltd (ADR)		9,519
37,573	e	National Healthcare Corp		1,939
1,048,075	e*	Nektar Therapeutics		9,946
690,968		Network Healthcare Holdings Ltd		1,407
112,808	e*	Nighthawk Radiology Holdings, Inc		2,036
215,732	*	Odyssey HealthCare, Inc		2,558
503,976	e	Omnicare, Inc		18,173
144,269	e	Option Care, Inc		2,222
34,862	e*	PainCare Holdings, Inc		13
2,193,259		Parkway Holdings Ltd		5,742
204,766	*	Pediatrix Medical Group, Inc		11,293
440,895		Pharmaceutical Product Development, Inc		16,873
102,000	*	Pharmstandard (GDR)		1,711
33,100	g,v*	Pharmstandard (GDR)		555
110,000		Primary Health Care Ltd		1,184
285,285	*	Psychiatric Solutions, Inc		10,344
67,847	e*	Radiation Therapy Services, Inc		1,787
111,032	*	RehabCare Group, Inc		1,581
11,000		Rhoen Klinikum AG.		660
241,002	*	Sierra Health Services, Inc		10,021
6,565	e*	Sirtris Pharmaceuticals, Inc		65
128,175	*	Skilled Healthcare Group, Inc (Class A)		1,988
413,806	e	Sonic Healthcare Ltd		5,274
132,597	e*	Stereotaxis, Inc		1,732
4,467	e	Straumann Holding AG.		1,252
228,688	*	Sun Healthcare Group, Inc		3,314
245,303	e*	Sunrise Senior Living, Inc		9,810
120,819	*	Symbion, Inc		2,623
1,924,573	e*	Tenet Healthcare Corp		12,529
351,162	*	Triad Hospitals, Inc		18,878
176,899		Universal Health Services, Inc (Class B)		10,879

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
3,770,513	*	WellPoint, Inc	$	301,000
		TOTAL HEALTH SERVICES		1,545,136

HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.37%
158,180	e	Abertis Infraestructuras S.A.		4,906
324,995	e	ACS Actividades Cons y Servicios S.A.		20,663
69,962		Biffa plc		379
1,908,510	e	Bouygues S.A.		159,905
33,263,848	*	China Water Affairs Group Ltd		19,415
27,938		Chiyoda Corp		532
28,075	*	Comverge, Inc		871
16,559		Daelim Industrial Co		2,460
201,756	*	Empresas ICA Sociedad Controladora S.A. de C.V.		1,022
97,565	e	Fomento de Construcciones y Contratas S.A.		8,778
387,842	*	Foster Wheeler Ltd		41,495
1,212,200		Gamuda BHD		2,831
333,221		Giken Seisakusho Co, Inc		1,188
230,078		Granite Construction, Inc		14,766
11,642	*	Great Lakes Dredge & Dock Corp		111
140,531	e	Grupo Ferrovial S.A.		13,815
62,422		GS Engineering & Construction Corp		7,457
1,792,000		Guangzhou Investment Co Ltd		457
26,472	*	Hyundai Engineering & Construction Co Ltd		1,932
76,341	*	Jarvis plc		102
171,346	*	Matrix Service Co		4,258
1,037,093		Multiplex Group		4,317
151,016		Murray & Roberts Holdings Ltd		1,363
191,353	e	Nishimatsu Construction Co Ltd		676
121,496	e	Okumura Corp		622
1,167,110		Puncak Niaga Holding BHD		1,211
3,002		Telent plc		31
984,511		Transurban Group		6,675
275,900		UEM World BHD		302
2,590,730		Vinci S.A.		193,365
1,617,113		YTL Corp BHD		3,870
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		519,775

HOLDING AND OTHER INVESTMENT OFFICES - 2.26%
321,813		3i Group plc		7,491
203,792		Acadia Realty Trust		5,288
185,903	e*	Affiliated Managers Group, Inc		23,937
323,567	e*	Affordable Residential Communities LP		3,825
41,707	e	Agree Realty Corp		1,303
295,914		Alesco Financial, Inc		2,406
11,124	e*	Alexander's, Inc		4,497
166,988		Alexandria Real Estate Equities, Inc		16,168
645,164		Allan Gray Property Trust		592
11,809,000		Allco Commercial Real Estate Investment Trust		9,429
4,695,600	*	Allco Commercial Real Estate Investment Trust		460
661,765	e	Allied Capital Corp		20,488
635,394		AMB Property Corp		33,816
123,340		American Campus Communities, Inc		3,489
775,276		American Financial Realty Trust		8,001
263,965	e	American Home Mortgage Investment Corp		4,852
88,133	e*	Ampal American Israel (Class A)		524
1,301,611		Annaly Mortgage Management, Inc		18,769

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
435,540		Anthracite Capital, Inc	$	5,096
330,929		Anworth Mortgage Asset Corp		2,995
833,702		Apartment Investment & Management Co (Class A)		42,035
579,928	e	Apollo Investment Corp		12,480
99,094		Arbor Realty Trust, Inc		2,558
373,337		ARC Energy Trust		7,619
930,639		Archstone-Smith Trust		55,010
715,053		Ashford Hospitality Trust, Inc		8,409
10,111,547		Ashmore Group plc		54,483
170,311		Associated Estates Realty Corp		2,655
475,508		AvalonBay Communities, Inc		56,528
3,428,543	e	Babcock & Brown Wind Partners		5,665
389,505	e	BioMed Realty Trust, Inc		9,784
15,789	*	Blackrock International Land plc		10
145,534	*	Blackstone Group LP/The		4,260
24,070		Bodycote International plc		132
707,492		Boston Properties, Inc		72,256
598,040		Brandywine Realty Trust		17,092
195,868	e	BRE Properties, Inc (Class A)		11,613
1,105,879		Brookfield Asset Management, Inc (Class A)		44,235
37,414		BRT Realty Trust		973
472,959		Camden Property Trust		31,674
1,537,400		CapitaCommercial Trust		2,944
235,179	e	Capital Lease Funding, Inc		2,528
16,083	e	Capital Southwest Corp		2,506
113,165	e	Capital Trust, Inc (Class A)		3,863
3,779,659		CapitaMall Trust		10,436
29,135		CapMan Oyj (B Shares)		159
571,858		CBL & Associates Properties, Inc		20,615
165,158	e	CBRE Realty Finance, Inc		1,964
236,134		Cedar Shopping Centers, Inc		3,389
5,218,241		CFS Gandel Retail Trust		9,480
23,824	v	CFS Retail Property Trust		46
43,021	e	Cherokee, Inc		1,572
671,443		China Merchants Holdings International Co Ltd		3,250
84,506		CI Financial Income Fund		2,150
36,337	e	City Pacific Ltd		120
83,392		Cofide S.p.A.		146
464,131		Colonial Properties Trust		16,918
1,183,332		Commonwealth Property Office Fund		1,679
114,085		Companhia de Concessoes Rodoviarias		2,100
114,596	e	Compass Diversified Trust		2,043
222,431		Corporate Office Properties Trust		9,122
302,010		Cousins Properties, Inc		8,761
439,892	e	Crescent Real Estate Equities Co		9,871
70	e	Cross Timbers Royalty Trust		3
145,664		Crystal River Capital, Inc		3,537
947,567		DCT Industrial Trust, Inc		10,196
300,138		Deerfield Triarc Capital Corp		4,391
1,426		Deutsche Beteiligungs AG.		58
493,411		Developers Diversified Realty Corp		26,008
532,675		DiamondRock Hospitality Co		10,163
526,205		Digital Realty Trust, Inc		19,827
506,810		Douglas Emmett, Inc		12,538
557,137		Duke Realty Corp		19,873
215,983		EastGroup Properties, Inc		9,464

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
148,756	e	Education Realty Trust, Inc	$	2,087
14,865	*	EM.TV AG.		93
115,919	*	Energy Infrastructure Acquisition Corp		1,131
27,746		Enodis plc		109
166,937		Entertainment Properties Trust		8,978
423,343		Equity Inns, Inc		9,483
155,368		Equity Lifestyle Properties, Inc		8,109
206,155	e	Equity One, Inc		5,267
1,613,759		Equity Residential		73,636
131,533	e	Essex Property Trust, Inc		15,297
380,168		Extra Space Storage, Inc		6,273
306,936		Federal Realty Investment Trust		23,714
462,228		FelCor Lodging Trust, Inc		12,032
246,870	e	First Industrial Realty Trust, Inc		9,569
90,000		First Pacific Co		65
136,383		First Potomac Realty Trust		3,176
304,667	e	Franklin Street Properties Corp		5,039
857,191	e	Friedman Billings Ramsey Group, Inc (Class A)		4,680
4,764,608		GEA Group AG.		164,694
1,710,552		General Growth Properties, Inc		90,574
5,938,640		Genting BHD		14,211
98,005	e	Getty Realty Corp		2,576
586		Gimv NV		43
72,411	e	Gladstone Capital Corp		1,554
230,267	e	Glimcher Realty Trust		5,757
203,514	e	GMH Communities Trust		1,972
604,000		GOME Electrical Appliances Holdings Ltd		925
1,520,669		GPT Group		5,994
169,174	e	Gramercy Capital Corp		4,659
534,521		Great Portland Estates plc		7,090
62,932		Groupe Bruxelles Lambert S.A.		7,822
615	*	Groupe Bruxelles Lambert S.A.		-	^
63,959	e,v*	Groupe Bruxelles Lambert S.A.		60
7,721,573		Guinness Peat Group plc		12,257
1,255,582		Health Care Property Investors, Inc		36,324
328,484		Health Care REIT, Inc		13,258
268,194		Healthcare Realty Trust, Inc		7,450
214,020		Hersha Hospitality Trust		2,530
90,614	*	HFF, Inc (Class A)		1,405
424,806		Highland Hospitality Corp		8,156
304,392		Highwoods Properties, Inc		11,415
211,327		Home Properties, Inc		10,974
381,896		Hospitality Properties Trust		15,845
2,779,303		Host Marriott Corp		64,258
113,626		Housing Development Finance Corp		5,673
824,320		HRPT Properties Trust		8,573
888	e	Hugoton Royalty Trust		22
282,884	*	Immoeast AG		3,992
431,146	e	IMPAC Mortgage Holdings, Inc		1,988
3,860,990	e	ING Industrial Fund		7,646
141,988		ING Office Fund		210
352,535	e	Inland Real Estate Corp		5,986
344,672		Innkeepers U.S.A. Trust		6,111
58,933		Intek S.p.A.		73
309,006	e	Investors Real Estate Trust		3,192
3,851	*	Is Gayrimenkul Yatirim Ortakligi A.S.		6

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
810,000		iShares MSCI EAFE Index Fund	$	65,424
56,668	e	iShares MSCI South Korea Index Fund		3,417
150,000		iShares MSCI Taiwan Index Fund		2,400
368,000	e	iShares Russell 2000 Index Fund		30,529
916,728		iStar Financial, Inc		40,639
385,000	e*	Ithaka Acquisition Corp		1,964
141,800	e	Jafco Co Ltd		6,520
283,914	*	Jamba, Inc		2,595
134,000		Japan Asia Investment Co Ltd		838
404		Japan Prime Realty Investment Corp		1,576
510		Japan Real Estate Investment Corp		5,994
322	e	Japan Retail Fund Investment Corp		2,791
140,418	e	JER Investors Trust, Inc		2,106
518,664		JFE Holdings, Inc		32,238
164,829		Kilroy Realty Corp		11,677
861,115		Kimco Realty Corp		32,783
162,819		Kite Realty Group Trust		3,097
232,409		Kiwi Income Property Trust		296
7,834,000		KLCC Property Holdings BHD		8,274
390,848		Land Securities Group plc		13,612
230,135		LaSalle Hotel Properties		9,992
437,161		Lexington Corporate Properties Trust		9,093
609,117	e	Liberty Property Trust		26,759
1,006,078		Link Real Estate Investment Trust		2,227
130,023		LTC Properties, Inc		2,958
246,219	e	Luminent Mortgage Capital, Inc		2,484
363,187		Macerich Co		29,934
260,083		Mack-Cali Realty Corp		11,311
292,967	e	Macquarie Communications Infrastructure Group		1,568
8,408,531		Macquarie Infrastructure Group		25,612
37,601		Macquarie Media Group Ltd		154
6,079,173		Macquarie Office Trust		8,597
289,542		Maguire Properties, Inc		9,940
8,781,284		Man Group plc		106,815
994,000		Mapletree Logistics Trust		923
286,028	e	Medical Properties Trust, Inc		3,784
585,813		Melco International Development		871
468,898		MFA Mortgage Investments, Inc		3,414
16,000	e	MFS Diversified Group		12
135,590		Mid-America Apartment Communities, Inc		7,116
6,670,929		Midland Holdings Ltd		4,196
425,548	e	Mission West Properties, Inc		5,932
17,800	*	Mulpha International BHD		9
129,625		MVC Capital, Inc		2,438
128,984	e	National Health Investors, Inc		4,091
356,038		National Retail Properties, Inc		7,783
524,656		Nationwide Health Properties, Inc		14,271
478		New City Residence Investment Corp		2,656
261,514	e	Newcastle Investment Corp		6,556
220,475	*	NexCen Brands, Inc		2,456
467	e	Nippon Building Fund, Inc		6,478
34,453		Nobel Biocare Holding AG.		11,247
1,058,082		Noble Group Ltd		1,192
194		Nomura Real Estate Office Fund, Inc		2,091
418,192		NorthStar Realty Finance Corp		5,232
186,272	e	Novastar Financial, Inc		1,300

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
907		NTT Urban Development Corp	$	1,756
908,799		NWS Holdings Ltd		2,268
405,758		Omega Healthcare Investors, Inc		6,423
2,319		Ordina NV		48
7,460		Paragon Group Cos plc		73
89,314	e	Parkway Properties, Inc		4,290
107,262		PennantPark Investment Corp		1,506
215,054		Pennsylvania Real Estate Investment Trust		9,533
951,332		Plum Creek Timber Co, Inc		39,632
5,066,160		Polytec Asset Holdings Ltd		1,729
273,746	e	Post Properties, Inc		14,270
229,150	e	Potlatch Corp		9,865
320,292	e	PrimeWest Energy Trust		6,732
1,109,585		Prologis		63,135
105,228		Prospect Capital Corp		1,838
152,880		PS Business Parks, Inc		9,688
36,345		PSP Swiss Property AG.		2,037
720,645		Public Storage, Inc		55,360
84,765	e*	Quadra Realty Trust, Inc		1,060
43,740		RAB Capital plc		88
387,362	e	RAIT Investment Trust		10,079
115,222		Ramco-Gershenson Properties		4,140
2,499		Rathbone Brothers plc		63
574,137		Realty Income Corp		14,463
111,953		Redwood Trust, Inc		5,416
8,000,000	*	Regal Real Estate Investment Trust		2,722
358,246		Regency Centers Corp		25,256
143,041	e	Republic Property Trust		1,752
139,271	e	Resource Capital Corp		1,947
117,652		RioCan Real Estate Investment Trust		2,612
16,304	e	Sacyr Vallehermoso S.A.		782
64,614		Saul Centers, Inc		2,930
535,342		Senior Housing Properties Trust		10,894
203,000		Shanghai Industrial Holdings Ltd		779
917,500		Shimao Property Holdings Ltd		2,052
926,300		Sime Darby BHD		2,580
1,383,172		Simon Property Group, Inc		128,690
394,208		SL Green Realty Corp		48,838
3,305,807		SM Prime Holdings		840
111,780		Sovran Self Storage, Inc		5,383
1,164,000	e	SPDR Trust Series 1		175,101
731,865		Spirit Finance Corp		10,656
117,213	e*	Star Maritime Acquisition Corp		1,437
433,889	e	Strategic Hotels & Resorts, Inc		9,758
95,915		Sun Communities, Inc		2,855
367,084		Sunstone Hotel Investors, Inc		10,422
2,717,314		Suntec Real Estate Investment Trust		3,450
174,282	e	Tanger Factory Outlet Centers, Inc		6,527
66,090	e*	Tarragon Corp		559
737,603		Taubman Centers, Inc		36,593
374,028	*	TFS Financial Corp		4,316
569,992		Thornburg Mortgage, Inc		14,922
75,056	*	Tongaat-Hulett Group Ltd		997
589,527	e	UDR, Inc		15,505
37,254	*	United Arab Investors		112
65,803	e	Universal Health Realty Income Trust		2,191

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
119,618		Urstadt Biddle Properties, Inc (Class A)	$	2,035
252,164		U-Store-It Trust		4,133
520,079		Ventas, Inc		18,853
1,698,688		Virgin Media, Inc		41,397
7,865	e*	Virgin Media, Inc		2
662,325		Vornado Realty Trust		72,750
247,237	e	Washington Real Estate Investment Trust		8,406
318,867	e	Weingarten Realty Investors		13,105
2,369,766		Wharf Holdings Ltd		9,465
190,861	*	Winston Hotels, Inc		2,863
243,240		Winthrop Realty Trust		1,681
91,140	e*	WNS Holdings Ltd (ADR)		2,594
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		3,155,126

HOTELS AND OTHER LODGING PLACES - 0.89%
5,212,621	e	Accor S.A.		460,800
160,143		Ameristar Casinos, Inc		5,563
3,535,000		Banyan Tree Holdings Ltd		6,081
123,105	*	Bluegreen Corp		1,439
204,884		Boyd Gaming Corp		10,078
432,654		Choice Hotels International, Inc		17,099
239,815	*	Gaylord Entertainment Co		12,864
172,752	e*	Great Wolf Resorts, Inc		2,462
4,600,879		Hilton Hotels Corp		153,991
800		HIS Co Ltd		22
2,312,719		Hongkong & Shanghai Hotels		4,088
1,497,357		Indian Hotels Co Ltd		5,544
63,979		Intercontinental Hotels Group plc		1,589
83,145	e*	Isle of Capri Casinos, Inc		1,992
93,380		Kangwon Land, Inc		2,166
432,832	e*	Las Vegas Sands Corp		33,064
139,611	*	Lodgian, Inc		2,098
121,501		Marcus Corp		2,887
2,009,918		Marriott International, Inc (Class A)		86,909
1,502,582	*	MGM Mirage		123,933
13,206,618		Minor International PCL		5,199
80,406	e*	Monarch Casino & Resort, Inc		2,159
101,109	e*	Morgans Hotel Group Co		2,465
14,081	e*	NH Hoteles S.A.		304
42,759	*	Orascom Hotels & Development		447
14,497		Orbis S.A.		433
1,463,411	e	Orient-Express Hotels Ltd (Class A)		78,146
1,159		Pierre & Vacances		177
78,490	e*	Riviera Holdings Corp		2,853
3,428,630		Shangri-La Asia Ltd		8,287
1,744,139		Starwood Hotels & Resorts Worldwide, Inc		116,979
192,079	e	Station Casinos, Inc		16,672
61,446	*	Thomas Cook Group plc		400
178,820	e*	Trump Entertainment Resorts, Inc		2,244
1,164,130		United Overseas Land Ltd		4,426
194,087	e*	Vail Resorts, Inc		11,814
874,037	*	Wyndham Worldwide Corp		31,693
212,983	e	Wynn Resorts Ltd		19,102
		TOTAL HOTELS AND OTHER LODGING PLACES		1,238,469

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
INDUSTRIAL MACHINERY AND EQUIPMENT - 6.00%
53,024		Aaon, Inc	$	1,689
1,799,740		Acer, Inc		3,663
149,291	e	Actuant Corp (Class A)		9,414
78,079		Advantech Co Ltd		249
502,918	*	AGCO Corp		21,832
1,914		Alamo Group, Inc		48
154,853		Albany International Corp (Class A)		6,262
15,739	e	Alfa Laval AB		948
140,166	e*	Allis-Chalmers Energy, Inc		3,222
657,182	e	Alstom RGPT		109,587
53,976	*	Altra Holdings, Inc		933
411,923		Amada Co Ltd		5,152
2,800		Amano Corp		39
925,073		American Standard Cos, Inc		54,561
93,276	e	Ampco-Pittsburgh Corp		3,739
5,519		Andritz AG.		363
9,267,290		Applied Materials, Inc		184,141
360,575		ARRK Corp		3,250
4,534		ASM International NV		121
323,700		ASM Pacific Technology		2,345
552,618	*	ASML Holding NV		15,183
140,759	*	Astec Industries, Inc		5,943
102,302	e*	ASV, Inc		1,768
397,780	*	Asyst Technologies, Inc		2,876
166,021	e	Atlas Copco AB (A Shares)		2,765
82,287	e	Atlas Copco AB (B Shares)		1,287
618,131	*	Axcelis Technologies, Inc		4,012
1,088,000	*	Benq Corp		412
698,068		Black & Decker Corp		61,646
121,765		Black Box Corp		5,039
205,901	e*	Blount International, Inc		2,693
44,294	e	Boom Logistics Ltd		127
2,247,401	*	Brambles Ltd		23,169
288,318	e	Briggs & Stratton Corp		9,099
2,013,646	*	Brocade Communications Systems, Inc		15,747
546,267	e*	Brooks Automation, Inc		9,915
1,068		Bucher Industries AG.		171
188,889	e	Bucyrus International, Inc (Class A)		13,370
2,859,930	e	Canon, Inc		167,715
7,920		Cargotec Corp (B Shares)		487
252,037		Carlisle Cos, Inc		11,722
96,541		Cascade Corp		7,573
73,700	e	Casio Computer Co Ltd		1,149
4,390,077		Caterpillar, Inc		343,743
243,398		CDW Corp		20,682
107,510	*	Charter plc		2,372
498,841	*	Cirrus Logic, Inc		4,140
1,773,198	e	Citizen Watch Co Ltd		15,991
3,851	*	Clipper Windpower plc		65
124,956	*	Columbus McKinnon Corp		4,024
1,848,645		Compal Electronics, Inc		1,995
168,856	*	Cray, Inc		1,288
948,343		Cummins, Inc		95,982
276,209		Curtiss-Wright Corp		12,874
193,423	*	Cymer, Inc		7,776
10,500		Daifuku Co Ltd		145

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
27,000		Daihen Corp	$	167
49,265		Daikin Industries Ltd		1,794
143		Daum Commerce Co Ltd		1
1,647,152		Deere & Co		198,877
12,556,912	*	Dell, Inc		358,500
1,113,958		Delta Electronics, Inc		4,386
1,128,037	e*	Deutz AG.		14,632
272,059		Diebold, Inc		14,201
333,685		Donaldson Co, Inc		11,863
43,930		Doosan Infracore Co Ltd		1,470
1,419,106		Dover Corp		72,587
698,633	*	Dresser-Rand Group, Inc		27,596
182,164	*	Dril-Quip, Inc		8,188
101,493	e	Ebara Corp		466
3,500		Econocom Group		43
344,156	*	Electronics for Imaging, Inc		9,712
9,600,964	*	EMC Corp		173,777
514,335	*	Emulex Corp		11,233
89,049	e*	ENGlobal Corp		1,082
130,806	*	EnPro Industries, Inc		5,597
836,310	e*	Entegris, Inc		9,935
734,632	*	Extreme Networks, Inc		2,975
150,652	e	Ferrotec Corp		1,149
7,943,995		FKI plc		20,014
48,491	*	Flotek Industries, Inc		2,907
198,613	*	Flow International Corp		2,503
234,078		Flowserve Corp		16,760
282,543	*	FMC Technologies, Inc		22,383
406,880		Fu Sheng Industrial Co Ltd		460
91,810	e*	Fuel Tech, Inc		3,144
1,017,968		FUJIFILM Holdings Corp		45,499
74,000	e	Furukawa Co Ltd		161
495,512	*	Gardner Denver, Inc		21,084
1,594,325	e*	Gateway, Inc		2,535
60,995	e*	Gehl Co		1,852
60,328,693		General Electric Co		2,309,382
9,000		Gigabyte Technology Co Ltd		7
111,310		Glory Ltd		2,436
257,240	*	Goodman Global, Inc		5,716
68,097	e	Gorman-Rupp Co		2,170
403,075		Graco, Inc		16,236
933,572	*	Grant Prideco, Inc		50,254
58,385		Hardinge, Inc		1,987
10,885	e	Heidelberger Druckmaschinen		525
18,640,342		Hewlett-Packard Co		831,732
164,494		Hitachi Construction Machinery Co Ltd		5,715
4,000		Hosokawa Micron Corp		37
64,000		Howa Machinery Ltd		74
39,883	*	Hurco Cos, Inc		1,993
17,937	e	Husqvarna AB (A Shares)		253
206,766		Husqvarna AB (B Shares)		2,927
356,563		IDEX Corp		13,742
73,933		IMI plc		876
143,558	*	Immersion Corp		2,150
5,200		Ines Corp		39
1,374,156		Ingersoll-Rand Co Ltd (Class A)		75,331

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
301,308	e*	Intermec, Inc	$	7,626
9,290,805		International Business Machines Corp		977,857
3,116,171		International Game Technology		123,712
236,702	*	Intevac, Inc		5,032
42,000		Inventec Appliances Corp		89
3,645,360		Inventec Co Ltd		2,761
276,129		Ishikawajima-Harima Heavy Industries Co Ltd		1,007
44,376	e*	Isilon Systems, Inc		684
5,462		Itochu Techno-Science Corp		214
933,887		Jabil Circuit, Inc		20,611
2,345,000	e	Japan Steel Works Ltd		35,682
557,455		Joy Global, Inc		32,516
79,242	*	Kadant, Inc		2,472
400,000		Kato Works Co Ltd		2,431
156,372		Kaydon Corp		8,150
155,513		Kennametal, Inc		12,757
387,340		Kinpo Electronics		159
170,618	e*	Komag, Inc		5,441
3,273,820		Komatsu Ltd		94,885
19,223		Komori Corp		451
628,922		Konica Minolta Holdings, Inc		9,269
348,252		Krones AG.		80,712
227,867		Kubota Corp		1,842
461,718	*	Kulicke & Soffa Industries, Inc		4,834
96,834		Kumba Iron Ore Ltd		2,528
21,988		Kurita Water Industries Ltd		690
997,568	*	Lam Research Corp		51,275
78,682		Larsen & Toubro Ltd		4,251
258,776		Lennox International, Inc		8,858
756,932	*	Lexmark International, Inc (Class A)		37,324
6,290		LG Electronics, Inc		289
65,767	e	Lindsay Manufacturing Co		2,913
1,622,631		Lite-On Technology Corp		2,088
116,289	*	Logitech International S.A.		3,093
81,604		Lufkin Industries, Inc		5,268
15,000		Makino Milling Machine Co Ltd		214
21,592		Makita Corp		962
504,096		Manitowoc Co, Inc		40,519
2,686,914		Meggitt plc		16,510
100	e*	Mestek, Inc		1
24,293		Metso Oyj		1,430
77,403		Micron Machinery Co Ltd		2,514
283,345	*	Micros Systems, Inc		15,414
191,000		Micro-Star International Co Ltd		142
77,231	e*	Middleby Corp		4,620
130	*	MidgardXXI, Inc		-	^
1,897,324		Mitac International		2,406
4,391,723		Mitsubishi Heavy Industries Ltd		28,127
3,926,614		Mitsui & Co Ltd		78,363
154,556		Mitsui Engineering & Shipbuilding Co Ltd		824
48,449	e	Mitsumi Electric Co Ltd		1,736
105,345	e	Modec, Inc		4,123
219,523		Modine Manufacturing Co		4,961
40,000		Motech Industries, Inc		523
37,801		Nacco Industries, Inc (Class A)		5,878
154,928	*	NATCO Group, Inc (Class A)		7,133

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
243,017	*	Netgear, Inc	$	8,809
205,010		Nordson Corp		10,283
3,952,000	e	NTN Corp		34,075
296,436	e	OCE NV		5,782
32,646	e*	Ocean RIG ASA		242
286,259	*	Oil States International, Inc		11,834
108,636	e	Oki Electric Industry Co Ltd		202
20,000		Okuma Holdings, Inc		316
3,269		ONA S.A.		618
10,500	e	OSG Corp		145
3,232		Palfinger AG.		178
580,290		Pall Corp		26,688
642,969	e	Palm, Inc		10,294
4,668		Pinguely-Haulotte		193
1,232,596		Quanta Computer, Inc		1,918
1,194,537	e*	Quantum Corp		3,787
169,939	e*	Rackable Systems, Inc		2,101
162,094	*	RBC Bearings, Inc		6,686
988,433		Rheinmetall AG.		91,669
28,803	*	Rimage Corp		910
437,130	*	Riverbed Technology, Inc		19,155
86,427		Robbins & Myers, Inc		4,592
661,975		Rockwell Automation, Inc		45,968
102,459,748		Rolls-Royce Group plc (B Shares)		210
710,454	e*	Safeguard Scientifics, Inc		1,996
32,626	e	Safran S.A.		834
77,240		Samsung Corp		3,781
1,832,639	*	SanDisk Corp		89,689
683,484	e	Sandvik AB		13,775
1,913		Sartorius AG.		117
58,504	e	Sauer-Danfoss, Inc		1,741
147,292	e*	Scansource, Inc		4,712
2,252		Schoeller-Bleckmann Oilfield Equipment AG.		156
270,533	e*	Scientific Games Corp (Class A)		9,455
2,371,952		Seagate Technology, Inc		51,637
1,249,635	m,v*	Seagate Technology, Inc		-	^
226,864		Seiko Epson Corp		6,567
102,753	e*	Semitool, Inc		988
1,496,000		Shanghai Electric Group Co Ltd		674
75,400	e	Shima Seiki Manufacturing Ltd		2,554
226,590		Shinmaywa Industries Ltd		1,129
124,343	e*	Sigma Designs, Inc		3,244
976,404		SKF AB (B Shares)		20,429
124,913		SMC Corp		16,604
53,404	e	Solarworld AG.		2,458
4,328,277	*	Solectron Corp		15,928
347,567	e*	SourceForge, Inc		1,467
221,055		SPX Corp		19,411
81,167		Standex International Corp		2,308
168,906	e*	STEC, Inc		1,086
700		Sulzer AG.		905
2,539,893		Sumitomo Heavy Industries Ltd		28,715
60,957	*	Super Micro Computer, Inc		610
311,000		Synnex Technology International Corp		469
36,735	*	T-3 Energy Services, Inc		1,229
392,186	e	Tadano Ltd		5,845

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
306,459	e	Technip S.A.	$	25,330
867,800		Techtronic Industries Co		1,159
106,840	e*	Tecumseh Products Co (Class A)		1,679
99,122		Tennant Co		3,618
637,085	*	Terex Corp		51,795
22,318		THK Co Ltd		559
343,409		Timken Co		12,401
60,000		Tokimec, Inc		140
219,687		Tokyo Electron Ltd		16,162
22,500	e	Tokyo Seimitsu Co Ltd		870
184,825		Tomkins plc		960
632,958	e	Tomra Systems ASA		5,524
179,042		Toro Co		10,544
4,000,077	e	Toshiba Corp		34,852
6,000		Toyo Kanetsu K K		15
831,929		Toyota Tsusho Corp		19,243
84,296	*	TurboChef Technologies, Inc		1,173
3,056,776		Tutt Bryant Group Ltd		5,048
24,319		Twin Disc, Inc		1,749
136,113	e*	Ultratech, Inc		1,814
6,408	e*	Unaxis Holding AG.		3,396
4,142,766		Unisteel Technology Ltd		6,065
756,500		United Tractors Tbk PT		691
556,979	*	Varian Medical Systems, Inc		23,677
285,093	e*	VeriFone Holdings, Inc		10,050
30,657	*	Vestas Wind Systems A/S		2,012
329,040		Wartsila Oyj (B Shares)		21,637
270,170		Watsco, Inc		14,697
1,779,950	*	Western Digital Corp		34,442
22,458		Wincor Nixdorf AG.		2,048
166,034		Woodward Governor Co		8,911
27,740		Woongjin Coway Co Ltd		938
41,172		Yokogawa Electric Corp		552
14,929		Zardoya Otis S.A.		585
3,563	*	Zardoya Otis S.A.		14
294,010	*	Zebra Technologies Corp (Class A)		11,390
74,650		Zyxel Communications Corp		138
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		8,378,835

INSTRUMENTS AND RELATED PRODUCTS - 3.37%
111,685	e*	Abaxis, Inc		2,330
124,271	e*	Abiomed, Inc		1,340
87,577	*	Accuray, Inc		1,942
294,714	e*	Advanced Medical Optics, Inc		10,280
362,010	e*	Affymetrix, Inc		9,010
2,394,445	*	Agilent Technologies, Inc		92,042
308,303	e*	Align Technology, Inc		7,449
1,266,838		Allergan, Inc		73,021
386,389	e*	American Medical Systems Holdings, Inc		6,970
63,739	e*	American Science & Engineering, Inc		3,624
84,144		Analogic Corp		6,185
114,852	*	Anaren, Inc		2,023
105,378	e*	Angiodynamics, Inc		1,898
4,000		Anritsu Corp		18
1,408,276		Applera Corp (Applied Biosystems Group)		43,009
71,224	e*	Argon ST, Inc		1,653

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
132,047	*	Armor Holdings, Inc	$	11,471
131,795		Arrow International, Inc		5,045
147,874	e*	Arthrocare Corp		6,493
82,200		Asia Optical Co, Inc		396
91,329	e*	Aspect Medical Systems, Inc		1,366
65,122	e	Badger Meter, Inc		1,840
3,876,011		BAE Systems plc		31,277
490,961		Bard (C.R.), Inc		40,568
356,765		Bausch & Lomb, Inc		24,774
4,166,039		Baxter International, Inc		234,715
17,199,208	m,v*	BB Bioventures LP		6,128
255,785		Beckman Coulter, Inc		16,544
1,703,433		Becton Dickinson & Co		126,906
1,149,883		Biomet, Inc		52,573
113,752	*	Bio-Rad Laboratories, Inc (Class A)		8,596
92,540	*	Biosite, Inc		8,559
6,626,344	*	Boston Scientific Corp		101,648
498,681	*	Bruker BioSciences Corp		4,493
100	e*	Caliper Life Sciences, Inc		-	^
8,495	e*	Candela Corp		98
61,335	*	Cantel Medical Corp		1,043
104,309	*	Cardiodynamics International Corp		70
297,995	e*	Cepheid, Inc		4,351
3,652		Chemring Group plc		144
893,798		Cobham plc		3,636
57,023		Cochlear Ltd		2,944
204,246	e*	Coherent, Inc		6,232
143,713	e	Cohu, Inc		3,198
171	*	Concord Camera Corp		1
181,744	*	Conmed Corp		5,321
1,025,491	e	Cooper Cos, Inc		54,679
647,083	*	Credence Systems Corp		2,330
72,731	*	Cutera, Inc		1,812
123,638	e*	Cyberonics, Inc		2,080
40,869	*	Cynosure, Inc (Class A)		1,489
1,333,240		Danaher Corp		100,660
69,695		Datascope Corp		2,668
719,091		Dentsply International, Inc		27,512
20,898	e*	Depomed, Inc		100
134,752	*	Dionex Corp		9,566
125,639	e*	DJ Orthopedics, Inc		5,185
1,473		Draegerwerk AG.		137
160,940		DRS Technologies, Inc		9,217
234,523	*	Eagle Test Systems, Inc		3,766
1,778,798	e	Eastman Kodak Co		49,504
99,760	e	EDO Corp		3,279
55,744		Elekta AB		964
5,732,495		Emerson Electric Co		268,281
142,492	e*	ESCO Technologies, Inc		5,167
148,718	*	Esterline Technologies Corp		7,185
91,610	e*	ev3, Inc		1,546
87,778	*	Excel Technology, Inc		2,453
81,584	*	FARO Technologies, Inc		2,599
162,813	e*	FEI Co		5,285
843,715	e	Finmeccanica S.p.A.		25,922
356,766	e*	Flir Systems, Inc		16,500

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
252,506	e*	Formfactor, Inc	$	9,671
284,333	*	Fossil, Inc		8,385
163,365	e*	Foxhollow Technologies, Inc		3,470
4,800	*	Given Imaging Ltd		151
12,884,212		Golden Meditech Co Ltd		7,408
183,258	*	Haemonetics Corp		9,641
945,666	e*	Hologic, Inc		52,305
77,071	*	ICU Medical, Inc		3,309
111,150	e*	I-Flow Corp		1,861
150,756	*	II-VI, Inc		4,096
285,971	e*	Illumina, Inc		11,608
459		Inficon Holding AG.		80
401,069	e*	Input/Output, Inc		6,261
39,650	e*	Insulet Corp		563
103,445	e*	Integra LifeSciences Holdings Corp		5,112
175,899	e*	Intuitive Surgical, Inc		24,410
193,155	e	Invacare Corp		3,541
162,272	*	Invensys plc		1,236
155,050	e*	Ionatron, Inc		605
7,097	*	IRIS International, Inc		120
160,177	e*	Itron, Inc		12,484
251,650	*	Ixia		2,330
21,000	e	Jeol Ltd		139
17,052,063		Johnson & Johnson		1,050,748
57,486	*	Kensey Nash Corp		1,541
41,345		Keyence Corp		9,032
970,714		Kla-Tencor Corp		53,341
7,669	*	Kopin Corp		30
243,375	e*	Kyphon, Inc		11,719
333,644	e*	L-1 Identity Solutions, Inc		6,823
400	e*	LaBarge, Inc		5
584,401	e*	LTX Corp		3,249
108,990	e	Luxottica Group S.p.A.		4,234
77,117	e*	Measurement Specialties, Inc		1,826
76,075	*	Medical Action Industries, Inc		1,374
6,265,841		Medtronic, Inc		324,947
238,081	e	Mentor Corp		9,685
156,732	*	Merit Medical Systems, Inc		1,875
370,515	*	Mettler-Toledo International, Inc		35,388
1,900		Micronics Japan Co Ltd		68
80,503	*	Micrus Endovascular Corp		1,980
463,944	e*	Millipore Corp		34,838
149,450	e	Mine Safety Appliances Co		6,540
289,348	*	MKS Instruments, Inc		8,015
112,381	e	Movado Group, Inc		3,792
21,967,242	m,v*	MPM Bioventures II-QP LP		13,689
100,113		MTS Systems Corp		4,472
241,327		National Instruments Corp		7,860
106,516	e*	Natus Medical, Inc		1,696
205,752	e*	Newport Corp		3,185
108,632	e	Nidec Copal Corp		1,158
245,500	e	Nikon Corp		6,837
615,727		Nippon Electric Glass Co Ltd		10,856
9,000		Nipro Corp		185
102,863	*	Northstar Neuroscience, Inc		1,196
3,419	*	Novoste Corp		8

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
182,619	e*	NuVasive, Inc	$	4,933
77,890	e*	NxStage Medical, Inc		1,007
137,955	e	Oakley, Inc		3,918
409,581		Olympus Corp		15,980
20,600	*	Orbotech Ltd		460
87,310	*	Orthofix International NV		3,926
60,412		Osaki Electric Co Ltd		472
21,621	e*	OYO Geospace Corp		1,604
168,493	e*	Palomar Medical Technologies, Inc		5,848
9,992,616		PCCW Ltd		6,152
70,000		Peace Mark Holdings Ltd		96
591,489		PerkinElmer, Inc		15,414
1,443,260		Phonak Holding AG.		129,373
15,574	*	Photon Dynamics, Inc		170
896,020		Pitney Bowes, Inc		41,952
127,100		PolyMedica Corp		5,192
45,042	e*	Qiagen NV		804
4,179		Q-Med AB		60
1,148,374	e*	Resmed, Inc		4,693
331,001	*	Resmed, Inc		13,657
345,302	*	Respironics, Inc		14,706
972,570		Rockwell Collins, Inc		68,702
91,542	*	Rofin-Sinar Technologies, Inc		6,316
372,278		Roper Industries, Inc		21,257
158,330	*	Rudolph Technologies, Inc		2,630
28,227		Samsung Techwin Co Ltd		1,484
282,219	e*	Sirf Technology Holdings, Inc		5,853
91,479	e*	Sirona Dental Systems, Inc		3,461
4,126,206	m,v*	Skyline Venture Partners Qualified II		5,787
870,991	m,v*	Skyline Venture Partners Qualified III		817
428,996		Smith & Nephew plc		5,315
141,375	e*	Sonic Innovations, Inc		1,237
139,426	e*	Sonic Solutions, Inc		1,758
88,724	e*	SonoSite, Inc		2,789
168,240	e*	Spectranetics Corp		1,938
2,553,875	*	St. Jude Medical, Inc		105,960
380,726		STERIS Corp		11,650
1,554,814		Stryker Corp		98,093
26,105		Swatch Group AG.		7,416
233,496		Swatch Group AG.		13,207
216,298	e*	Symmetry Medical, Inc		3,463
8,900	e*	Syneron Medical Ltd		222
19,579		Synthes, Inc		2,347
344,588		Tecan Group AG.		23,140
204,621	*	Techne Corp		11,706
356,141		Tektronix, Inc		12,016
206,126	*	Teledyne Technologies, Inc		9,472
2,548,929	*	Teradyne, Inc		44,810
347,082		Terumo Corp		13,410
3,974,145	*	Thermo Electron Corp		205,543
289,519	e*	Thoratec Corp		5,324
633,510	*	Trimble Navigation Ltd		20,399
82,618	e	United Industrial Corp		4,955
1,035		Vaisala Oyj (A Shares)		54
239,002	*	Varian, Inc		13,104
182,541	*	Veeco Instruments, Inc		3,786

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
214,527	e*	Ventana Medical Systems, Inc	$	16,577
91,307	e*	Vital Images, Inc		2,480
60,209		Vital Signs, Inc		3,345
303,640	*	Vivus, Inc		1,588
136,940	*	Volcano Corp		2,768
547,655	*	Waters Corp		32,509
17,902	*	William Demant Holding		1,773
188,227	*	Wright Medical Group, Inc		4,540
5,334,265	*	Xerox Corp		98,577
152,855	e*	X-Rite, Inc		2,258
1,693,761	*	Zimmer Holdings, Inc		143,783
138,381	*	Zoll Medical Corp		3,087
77,069	*	Zygo Corp		1,101
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		4,698,312

INSURANCE AGENTS, BROKERS AND SERVICE - 0.56%
108,973		Alexander Forbes Ltd		265
1,672,523		AON Corp		71,266
523,803		Brown & Brown, Inc		13,168
167,081	e	Crawford & Co (Class B)		1,129
311,976		FBD Holdings plc		13,394
395,410	e	Gallagher (Arthur J.) & Co		11,024
2,623,863		Hartford Financial Services Group, Inc		258,477
5,542,820		HBOS plc		109,024
219,249		Hilb Rogal & Hobbs Co		9,397
38,601	e	James River Group, Inc		1,283
5,654,536		Marsh & McLennan Cos, Inc		174,612
41,067	e	MLP AG.		789
206,299	e	National Financial Partners Corp		9,554
1,852,297		QBE Insurance Group Ltd		48,873
1,448,391		Sanlam Ltd		4,597
1,604,926	e	Suncorp-Metway Ltd		27,411
704,576		Unipol S.p.A.		2,415
136,809	*	United America Indemnity Ltd (Class A)		3,402
35,496		White Mountains Insurance Group Ltd		21,511
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		781,591

INSURANCE CARRIERS - 5.07%
181,654	e	21st Century Insurance Group		3,971
1,293,036	e	ABC Learning Centres Ltd		7,566
43,928	e*	ACA Capital Holdings, Inc		523
3,517,392		ACE Ltd		219,907
11,717		Aditya Birla Nuvo Ltd		386
4,935,578		Admiral Group plc		87,566
727,455	e	Aegon NV		14,318
4,472		Aegon NV		88
6,364,856		Aetna, Inc		314,424
3,205,279		Aflac, Inc		164,751
77,836		Aksigorta A.S.		462
202,131		Alfa Corp		3,147
92,360	e	Alleanza Assicurazioni S.p.A		1,207
22,950	*	Alleghany Corp		9,329
872,707	e	Allianz AG.		203,513
301,936		Allied World Assurance Holdings Ltd		15,474
2,806,709		Allstate Corp		172,641
486,777		Ambac Financial Group, Inc		42,442

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
318,830	e	American Equity Investment Life Holding Co	$	3,851
796,560		American Financial Group, Inc		27,203
12,445,353		American International Group, Inc		871,548
76,528		American National Insurance Co		11,678
79,433	*	American Physicians Capital, Inc		3,217
498,635	*	AMERIGROUP Corp		11,868
103,538	*	Amerisafe, Inc		2,032
3,144,603		AMP Ltd		26,924
134,034	e	Amtrust Financial Services, Inc		2,519
307,264	*	Arch Capital Group Ltd		22,289
203,517	e	Argonaut Group, Inc		6,352
837,230		Aspen Insurance Holdings Ltd		23,501
384,164	e	Assicurazioni Generali S.p.A.		15,403
469,288		Assurant, Inc		27,650
343,088		Assured Guaranty Ltd		10,142
3,346,305		Aviva plc		49,675
1,677,044		AXA Asia Pacific Holdings Ltd		10,544
4,481,505	e	AXA S.A.		192,640
2,451,386		Axis Capital Holdings Ltd		99,649
56,985		Baldwin & Lyons, Inc (Class B)		1,480
112,049		Bristol West Holdings, Inc		2,507
41,609	e	Castlepoint Holdings Ltd		611
303,140	*	Centene Corp		6,493
60,118		Chaucer Holdings plc		116
6,249,836		China Life Insurance Co Ltd		22,356
2,273,115		Chubb Corp		123,066
672,162		Cincinnati Financial Corp		29,172
179,038	e*	Citizens, Inc		1,260
13,010	*	Clal Insurance		355
558,368	e	CNA Financial Corp		26,629
88,763	*	CNA Surety Corp		1,679
140,277	e	CNP Assurances		17,924
1,796		Codan A/S		196
364,740		Commerce Group, Inc		12,664
4,882,853	*	Conseco, Inc		102,003
4,024,226	e	Corp Mapfre S.A.		19,912
2,867,411		Credit Suisse Group		203,561
39,695	*	Darwin Professional Underwriters, Inc		999
289,729		Delphi Financial Group, Inc (Class A)		12,117
78,362		Donegal Group, Inc (Class A)		1,168
95,937		Dongbu Insurance Co Ltd		3,210
48,548		EMC Insurance Group, Inc		1,205
449,183	e	Employers Holdings, Inc		9,541
323,298		Endurance Specialty Holdings Ltd		12,945
37,384	e*	Enstar Group Ltd		4,513
400		Ergo Previdenza S.p.A.		2
190,824		Erie Indemnity Co (Class A)		10,312
603,888		Everest Re Group Ltd		65,606
53,913		Fairfax Financial Holdings Ltd		10,299
92,632		FBL Financial Group, Inc (Class A)		3,642
859,710		Fidelity National Title Group, Inc (Class A)		20,375
91,049	e*	First Acceptance Corp		925
343,306		First American Corp		16,994
65,868	*	First Mercury Financial Corp		1,381
57,946	*	Flagstone Reinsurance Holdings Ltd		772
74,095	e	Fondiaria-Sai S.p.A		3,582

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
55,545	*	Fpic Insurance Group, Inc	$	2,265
5,168,857		Friends Provident plc		18,502
737,846		Fuji Fire & Marine Insurance Co Ltd		2,949
3,562,695		Genworth Financial, Inc (Class A)		122,557
45,022		Great American Financial Resources, Inc		1,089
409,811		Great-West Lifeco, Inc		13,292
47,323	*	Greenlight Capital Re Ltd (Class A)		1,066
5,144	*	Hallmark Financial Services		62
231,365		Hanover Insurance Group, Inc		11,288
4,486		Harel Insurance Investments & Finances Ltd		248
100,901		Harleysville Group, Inc		3,366
1,121,333		HCC Insurance Holdings, Inc		37,464
468,525	*	Health Net, Inc		24,738
168,573	*	HealthExtras, Inc		4,986
381,549	*	Healthspring, Inc		7,272
318,697		Horace Mann Educators Corp		6,769
1,572,608	*	Humana, Inc		95,788
32,624		Hyundai Marine & Fire Insurance Co Ltd		588
31,967		Independence Holding Co		653
112,579		Infinity Property & Casualty Corp		5,711
1,418,945	e	Insurance Australia Group Ltd		6,844
306,932		IPC Holdings Ltd		9,911
82,155		Irish Life & Permanent plc		2,074
24,379		Kansas City Life Insurance Co		1,134
37,277		KBC Groep NV		5,024
24,116		Korean Reinsurance Co		376
108,661	e	LandAmerica Financial Group, Inc		10,485
631,428	e	Leucadia National Corp		22,258
77,050		Liberty Group Ltd		971
1,400,054		Lincoln National Corp		99,334
1,829,883		Loews Corp		93,287
2,956,494		Manulife Financial Corp		110,572
38,850	*	Markel Corp		18,825
750,000	*	MAX India Ltd		4,476
581,673		Max Re Capital Ltd		16,461
557,222		MBIA, Inc		34,670
183,625	*	Meadowbrook Insurance Group, Inc		2,013
177,784	e	Mediolanum S.p.A.		1,480
109,865		Mercury General Corp		6,055
2,022,235		Metlife, Inc		130,394
681,709		Metropolitan Holdings Ltd		1,430
1,303,840		MGIC Investment Corp		74,136
52,710		Midland Co		2,474
9,835		Migdal Insurance Holdings Ltd		16
2,016,941		Millea Holdings, Inc		82,921
2,000,904		Mitsui Sumitomo Insurance Co Ltd		25,671
107,517	e*	Molina Healthcare, Inc		3,281
1,423,714	e	Montpelier Re Holdings Ltd		26,396
98,551	e	Muenchener Rueckver AG.		18,073
62,608	e	National Interstate Corp		1,633
13,944		National Western Life Insurance Co (Class A)		3,527
428,181	e	Nationwide Financial Services, Inc (Class A)		27,070
74,999	*	Navigators Group, Inc		4,043
885,873	e	Nissay Dowa General Insurance Co Ltd		5,525
40,505		NYMAGIC, Inc		1,628
168,240		Odyssey Re Holdings Corp		7,216

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
338,206		Ohio Casualty Corp	$	14,648
1,810,031		Old Mutual plc		6,099
1,341,405		Old Republic International Corp		28,518
256,013		OneBeacon Insurance Group Ltd		6,485
697,624		PartnerRe Ltd		54,066
522,261	*	Philadelphia Consolidated Holding Co		21,831
738,216		Phoenix Cos, Inc		11,081
1,296,000	*	PICC Property & Casualty Co Ltd		1,055
1,078,000		Ping An Insurance Group Co of China Ltd		7,615
1,279,201		Platinum Underwriters Holdings Ltd		44,452
173,129	*	PMA Capital Corp (Class A)		1,851
375,711		PMI Group, Inc		16,783
790,971		Power Corp Of Canada		29,189
600,307		Power Financial Corp		22,795
128,776		Presidential Life Corp		2,532
254,391	*	Primus Guaranty Ltd		2,727
1,973,123		Principal Financial Group		115,013
196,877	*	ProAssurance Corp		10,960
3,384,219		Progressive Corp		80,984
396,347		Protective Life Corp		18,949
2,459,196		Prudential Financial, Inc		239,108
4,834,029		Prudential plc		68,809
315,383	*	PXRE Group Ltd		1,463
3,667,034		Radian Group, Inc		198,020
98,064	*	RAM Holdings Ltd		1,545
132,682	e	Reinsurance Group Of America, Inc		7,993
317,545		RenaissanceRe Holdings Ltd		19,685
467,548		Resolution plc		5,851
118,409		RLI Corp		6,625
615,805		Royal & Sun Alliance Insurance Group plc		1,792
428,063		Safeco Corp		26,651
107,768		Safety Insurance Group, Inc		4,462
35,618		Samsung Fire & Marine Insurance Co Ltd		6,857
56		Schweizerische National-Versicherungs-Gesellschaft		47
788,099	e	SCOR		21,393
380,013		Scottish Re Group Ltd		1,858
120,325	*	SeaBright Insurance Holdings, Inc		2,103
113,490		Security Capital Assurance Ltd		3,503
369,494		Selective Insurance Group, Inc		9,932
688,025		Sompo Japan Insurance, Inc		8,415
294,210		Stancorp Financial Group, Inc		15,440
370,366		Standard Life plc		2,445
76,874		State Auto Financial Corp		2,356
121,741		Stewart Information Services Corp		4,849
38,825	e	Storebrand ASA		601
1,064,129		Sun Life Financial, Inc		50,707
21,536		Swiss Life Holding		5,678
124,895		Swiss Reinsurance Co		11,390
421,750		T&D Holdings, Inc		28,482
3,510	*	Topdanmark A/S		599
455,463		Torchmark Corp		30,516
98,275		Tower Group, Inc		3,135
35,539	*	Tower Ltd		65
154,722		Transatlantic Holdings, Inc		11,005
3,472,997		Travelers Cos, Inc/The		185,805
68,713	e*	Triad Guaranty, Inc		2,744

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
17,355		TrygVesta A.S.	$	1,364
116,133		United Fire & Casualty Co		4,109
7,040,714		UnitedHealth Group, Inc		360,062
181,568		Unitrin, Inc		8,930
260,672	*	Universal American Financial Corp		5,547
1,663,095		UnumProvident Corp		43,423
82,441	*	Vesta Insurance Group, Inc		-	^
1,762,858		W.R. Berkley Corp		57,363
530,266	*	WellCare Health Plans, Inc		47,994
5,964		Wesco Financial Corp		2,296
4,377		Wiener Staedtische Allgemeine Versicherung AG.		312
1,264,430		XL Capital Ltd (Class A)		106,579
214,348		Zenith National Insurance Corp		10,094
916,997	e	Zurich Financial Services AG.		283,472
		TOTAL INSURANCE CARRIERS		7,075,416

JUSTICE, PUBLIC ORDER AND SAFETY - 0.02%
293,192	*	Corrections Corp of America		18,503
276,453	*	Geo Group, Inc		8,045
4,895,365	*	PAN Fish ASA		5,286
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		31,834

LEATHER AND LEATHER PRODUCTS - 0.16%
141,972	e	Adidas-Salomon AG.		9,054
2,510,455	*	Coach, Inc		118,970
334,102	e*	CROCS, Inc		14,376
134,909	e*	Genesco, Inc		7,057
48,623	e	Hermes International		5,497
272,495	e*	Iconix Brand Group, Inc		6,055
165,142	e	LVMH Moet Hennessy Louis Vuitton S.A.		19,002
1,229,687		Pou Chen Corp		1,382
131,366		Steven Madden Ltd		4,304
368,284		ThyssenKrupp AG.		21,796
259,062	*	Timberland Co (Class A)		6,526
52,585	e	Weyco Group, Inc		1,416
345,093		Wolverine World Wide, Inc		9,562
746,175		Yue Yuen Industrial Holdings		2,313
		TOTAL LEATHER AND LEATHER PRODUCTS		227,310

LEGAL SERVICES - 0.01%
236,153	e*	FTI Consulting, Inc		8,981
83,247	*	Pre-Paid Legal Services, Inc		5,354
		TOTAL LEGAL SERVICES		14,335

LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.05%
246,167	e	Brisa-Auto Estradas de Portugal S.A.		3,309
2,778,241		ComfortDelgro Corp Ltd		3,961
48,842	*	Emergency Medical Services Corp (Class A)		1,911
304,887	e	Keihin Electric Express Railway Co Ltd		2,013
206,510		Keisei Electric Railway Co Ltd		1,209
358,572		Laidlaw International, Inc		12,389
588,768		SMRT Corp Ltd		758
5,916,332		Stagecoach Group plc		21,543
4,158,019	e	Tobu Railway Co Ltd		18,796
		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		65,889

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
LUMBER AND WOOD PRODUCTS - 0.02%
85,485	e	American Woodmark Corp	$	2,958
429,426	e*	Champion Enterprises, Inc		4,221
56,913	e	Deltic Timber Corp		3,120
110,536		Duratex S.A.		3,180
428,595		Louisiana-Pacific Corp		8,109
1,510,966		Masisa S.A.		427
101,002		Nobia AB		1,258
44,864		Skyline Corp		1,346
46,474	*	Sonae Industria SGPS S.A.		676
101,549	e	Universal Forest Products, Inc		4,291
		TOTAL LUMBER AND WOOD PRODUCTS		29,586

METAL MINING - 0.98%
244,816		Agnico-Eagle Mines Ltd		8,899
228,609		Alumina Ltd		1,514
44,412		Anglo Platinum Ltd		7,293
98,616		AngloGold Ashanti Ltd		3,720
317,812	*	Apex Silver Mines Ltd		6,413
1,500,972		Barrick Gold Corp		43,652
198,302	e*	Barrick Gold Corp		5,765
7,902,747		BHP Billiton Ltd		236,140
358,983		Boliden AB		7,442
1,238,807	e	Cameco Corp		62,857
573,576	e	Cameco Corp		29,076
32,906		CAP S.A.		758
98,365	*	Central African Mining & Exploration Co plc		129
87,000	*	China Molybdenum Co Ltd		168
265,652	e	Cleveland-Cliffs, Inc		20,633
1,585,790	e*	Coeur d'Alene Mines Corp		5,693
446,256		Companhia Vale do Rio Doce		19,937
649,115		Companhia Vale do Rio Doce		24,393
103,952		Companhia Vale do Rio Doce (ADR)		4,631
49,583		Compania de Minas Buenaventura S.A.		1,831
613,185	*	Eldorado Gold Corp		3,592
148,134	e	Energy Resources of Australia Ltd		2,401
98,919		First Quantum Minerals Ltd		8,441
218,125		Foundation Coal Holdings, Inc		8,865
2,454,983		Freeport-McMoRan Copper & Gold, Inc (Class B)		203,322
446,725		Gold Fields Ltd		6,949
1,303,173		Goldcorp, Inc		30,938
210,901	*	Harmony Gold Mining Co Ltd		2,997
885,363	e*	Hecla Mining Co		7,561
75,056	*	Hulamin Ltd		350
253,226	e*	Idaho General Mines, Inc		1,605
55,499	e	Iluka Resources Ltd		289
430,774		Impala Platinum Holdings Ltd		13,096
299,627	*	Ivanhoe Mines Ltd		4,247
10,907		Jubilee Mines NL		147
17,585		Kagara Zinc Ltd		95
1,090,211	*	Kinross Gold Corp		12,680
9,900		Korea Zinc Co Ltd		1,681
3,808,300		Lanna Resources PCL		1,853
515,431	e*	LionOre Mining International Ltd		13,524
609,393	e*	Lundin Mining Corp		7,357
179,254	*	Meridian Gold, Inc		4,905

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
170,349		Minsur S.A.	$	560
21,100		MMC Norilsk Nickel (ADR)		4,682
674,515		MMC Norilsk Nickel (ADR)		149,742
490,322	e	Newcrest Mining Ltd		9,463
2,467,422		Newmont Mining Corp		96,378
79,300		Novolipetsk Steel (GDR)		2,317
880,161		Orica Ltd		22,178
1,111,064	e	Oxiana Ltd		3,309
655,199	*	Paladin Resources Ltd		4,553
89,552	*	PAN American Silver Corp		2,337
37,790		Perilya Ltd		139
52,301		Polyus Gold (ADR)		2,198
272,500		PT Aneka Tambang Tbk		379
86,000		PT International Nickel Indonesia Tbk		529
296,898	e	Rio Tinto Ltd		24,767
576,546		Rio Tinto plc		44,108
309,107	e*	Rosetta Resources, Inc		6,658
121,949	e	Royal Gold, Inc		2,899
140,898	e*	ShengdaTech, Inc		750
697,462		Sherritt International Corp		9,592
354,393	e	Southern Copper Corp		33,405
57,666		Southern Copper Corp		5,417
35,344	*	St Barbara Ltd		15
215,519	e*	Stillwater Mining Co		2,373
5,036,000		Straits Asia Resources Ltd		4,949
11,816	e	Sumitomo Titanium Corp		1,103
880,495		Teck Cominco Ltd (Class B)		37,361
15,348		Umicore		3,328
275,990	e*	Uranium Resources, Inc		3,044
248,147	*	US Gold Corp		1,365
452,629		Volcan Cia Minera S.A.		2,337
401,047		Xstrata plc		23,875
568,688		Yamana Gold, Inc		6,315
2,325,500		Zijin Mining Group Co Ltd		1,371
1,473,725		Zinifex Ltd		23,371
		TOTAL METAL MINING		1,365,006

MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.41%
421,320	e	Aderans Co Ltd		8,871
14,453	e	Amer Sports Oyj		357
51,879	*	Armstrong World Industries, Inc		2,602
218,704		Blyth, Inc		5,813
42,960	e	Bulgari S.p.A.		689
427,936		Callaway Golf Co		7,622
172,299	e	Daktronics, Inc		3,701
50		Escalade, Inc		-	^
585,812		Fortune Brands, Inc		48,253
1,995,884		Futuris Corp Ltd		4,701
1,036,221		Hasbro, Inc		32,548
162,585	e*	Jakks Pacific, Inc		4,575
326,337	*	K2, Inc		4,957
665,000		Magnum Corp BHD		671
92,845	e	Marine Products Corp		764
2,694,625		Mattel, Inc		68,147
21,042		Morgan Crucible Co plc		122
44,179		Namco Bandai Holdings, Inc		698

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
187,955	e	Nautilus, Inc	$	2,263
107,548,579		Playmates Holdings Ltd		13,482
135,540	*	RC2 Corp		5,423
78,594	*	Russ Berrie & Co, Inc		1,464
44,493		Sankyo Co Ltd		1,874
199,881	e*	Shuffle Master, Inc		3,318
56,763		Steinway Musical Instruments, Inc		1,963
82,830		Tasaki Shinju Co Ltd		322
10,317,951	*	Tyco International Ltd		348,644
114,700		Yamaha Corp		2,384
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		576,228

MISCELLANEOUS RETAIL - 1.18%
136,890	e*	1-800-FLOWERS.COM, Inc (Class A)		1,291
90,206	e*	AC Moore Arts & Crafts, Inc		1,769
1,625,496	*	Amazon.com, Inc		111,200
6,200		AOKI Holdings, Inc		118
6,648		Axis Communications AB		148
118,028		Aygaz A.S.		491
497,037		Barnes & Noble, Inc		19,121
2,760,640		Best Buy Co, Inc		128,839
117,811		Big 5 Sporting Goods Corp		3,004
90,268	e*	Blue Nile, Inc		5,452
109,113	e	Books-A-Million, Inc		1,848
336,387	e	Borders Group, Inc		6,412
76,459	*	Build-A-Bear Workshop, Inc		1,999
205,983		Cash America International, Inc		8,167
36,600		Circle K Sunkus Co Ltd		639
260,729	e*	CKX, Inc		3,603
257,971	e*	Coldwater Creek, Inc		5,993
919,230		Compagnie Financiere Richemont AG.		54,944
10,424,778		CVS Corp		379,983
2,262	*	Daum Communications Corp		188
55,828		DCC plc		1,884
163,681	*	Dick's Sporting Goods, Inc		9,521
748,408	*	Dollar Tree Stores, Inc		32,593
312,451		Douglas Holding AG.		20,379
57,600		EDION Corp		748
302,266	*	Ezcorp, Inc (Class A)		4,002
95,462		Folli-Follie S.A.		3,864
3,554,497		Game Group plc		11,876
5,859	*	Gander Mountain Co		67
552		GIFI		43
113,721	e*	GSI Commerce, Inc		2,583
111,500	e*	Hancock Fabrics, Inc/DE		312
940		Hellenic Duty Free Shops S.A.		18
176,551	*	Hibbett Sports, Inc		4,834
2,020,102		HMV Group plc		4,815
211,753		Home Retail Group		1,942
3,115,598		Hutchison Whampoa Ltd		30,929
685,482		Ichitaka Co Ltd		1,736
53	e	Index Corp		22
18,000		Izumiya Co Ltd		131
565,751		Jean Coutu Group, Inc (Class A)		8,232
23		Jelmoli Holding AG.		81
13,532	e*	KarstadtQuelle AG.		458

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
51,000		Largan Precision Co Ltd	$	715
175,713		Longs Drug Stores Corp		9,229
33,000	*	Maruetsu, Inc/The		154
85,000	e*	Maruzen Co Ltd		130
30,900	e	Matsumotokiyoshi Co Ltd		678
232,438	*	Meinl European Land Ltd		6,662
574,664		Metro AG.		47,497
186,059		MSC Industrial Direct Co (Class A)		10,233
45,041		Next plc		1,808
545,108		Nippon Mining Holdings, Inc		5,215
270,117	e*	Nutri/System, Inc		18,865
2,462,912	*	Office Depot, Inc		74,626
412,474		OfficeMax, Inc		16,210
627,423		Origin Energy Ltd		5,276
83,024	e*	Overstock.com, Inc		1,517
2,111,018		Pacific Brands Ltd		6,164
50,859	*	PC Connection, Inc		673
1,068,642		Petsmart, Inc		34,677
212,212	*	Priceline.com, Inc		14,587
61,054	e	Pricesmart, Inc		1,510
1,033	*	QXL Ricardo plc		22
5,638,866	e*	Rite Aid Corp		35,976
18,900		Ryohin Keikaku Co Ltd		1,170
10,651	e	Sanoma-WSOY Oyj		337
354,587	*	Sears Holdings Corp		60,103
374,250		Shoppers Drug Mart Corp		17,334
98,860	e*	Shutterfly, Inc		2,130
424,802		Signet Group plc		886
128,546	*	Stamps.com, Inc		1,771
5,453,234		Staples, Inc		129,405
114,472	e	Systemax, Inc		2,382
668,422		Tiffany & Co		35,467
331,603		Tsutsumi Jewelry Co Ltd		8,111
154,065	*	Valuevision International, Inc (Class A)		1,744
4,564,625		Walgreen Co		198,744
22,120		WH Smith plc		176
218,330		World Fuel Services Corp		9,183
113,506		Xebio Co Ltd		3,037
277,906	*	Zale Corp		6,617
82,664	e*	Zumiez, Inc		3,123
		TOTAL MISCELLANEOUS RETAIL		1,650,423

MOTION PICTURES - 0.84%
195,123		Astral Media, Inc		7,739
733,000		Astro All Asia Networks plc		952
249,598	e*	Avid Technology, Inc		8,823
1,152,583	e*	Blockbuster, Inc (Class A)		4,968
76,844	e	Carmike Cinemas, Inc		1,687
3,485,869		CBS Corp (Class B)		116,149
52,368	e*	Cinemark Holdings Inc		937
1,642,656	*	Discovery Holding Co (Class A)		37,765
626,812	*	DreamWorks Animation SKG, Inc (Class A)		18,077
90,014	e*	Gaiam, Inc (Class A)		1,641
285,760	e*	Macrovision Corp		8,590
222,191	*	National CineMedia, Inc		6,224
11,977,157		News Corp (Class A)		254,035

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
15,292	*	Premiere AG.	$	366
1,323,008	e	Regal Entertainment Group (Class A)		29,014
782,569	*	Time Warner Telecom, Inc (Class A)		15,730
22,237,949		Time Warner, Inc		467,886
216,000	e	Toei Animation Co Ltd		5,965
100,100		Toho Co Ltd		1,813
4,557,894	*	Viacom, Inc (Class B)		189,745
		TOTAL MOTION PICTURES		1,178,106

MUSEUMS, BOTANICAL, ZOOLOGICAL GARDENS - 0.00%**
155,096	*	Premier Exhibitions, Inc		2,444
		TOTAL MUSEUMS, BOTANICAL, ZOOLOGICAL GARDENS		2,444

NONDEPOSITORY INSTITUTIONS - 1.70%
120,457	e*	Accredited Home Lenders Holding Co		1,647
53,970	e	Acom Co Ltd		1,936
664,513	e	Advance America Cash Advance Centers, Inc		11,788
8,247		Advanta Corp (Class A)		234
196,192		Advanta Corp (Class B)		6,109
696,600	e	Aeon Credit Service Co Ltd		11,053
1,485,308		Aeon Thana Sinsap Thailand PCL		2,119
61,350	e	Aiful Corp		1,762
894,475		American Capital Strategies Ltd		38,033
7,802,464		American Express Co		477,355
830,982	e*	AmeriCredit Corp		22,063
381,955		Ares Capital Corp		6,436
60,744	e	Asta Funding, Inc		2,334
958,938		Broadridge Financial Solutions, Inc		18,335
1,183,200		Bursa Malaysia BHD		3,905
2,635,409		Capital One Financial Corp		206,721
597,798	e	CapitalSource, Inc		14,700
331,391		Cattles plc		2,595
307,108	e	Centerline Holding Co		5,528
2,732,119		Challenger Financial Services Group Ltd		13,460
890,509		CIT Group, Inc		48,827
5,098,870		Collins Stewart plc		22,435
257,543	e*	CompuCredit Corp		9,019
4,020,529		Countrywide Financial Corp		146,146
34,114	e*	Credit Acceptance Corp		915
133,530		Credit Saison Co Ltd		3,475
47,147	e	D Carnegie AB		822
87,378		Delta Financial Corp		1,072
1,594,809	e	Deutsche Postbank AG.		139,833
747,277	*	Discover Financial Services		21,297
125,839	e*	Doral Financial Corp		149
3,813,700		ECM Libra Avenue BHD		1,302
92,017	e*	Encore Capital Group, Inc		1,148
6,011,006		Fannie Mae		392,699
75,103	e	Federal Agricultural Mortgage Corp (Class C)		2,570
172,842	e	Financial Federal Corp		5,154
152,675	*	First Cash Financial Services, Inc		3,579
2,610,225		First Financial Holding Co Ltd		1,857
600,976	e	First Marblehead Corp		23,222
3,299,214		Freddie Mac		200,262
293,160	e*	Freedom Acquisition Holding, Inc		3,228
122,923		Hercules Technology Growth Capital, Inc		1,661

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
685,100		Hitachi Capital Corp	$	10,444
858,000		Hong Leong Finance Ltd		2,343
1,354,579	e	Hypo Real Estate Holding AG.		87,547
361,277		ICAP plc		3,561
477,298		ICICI Bank Ltd		11,199
212,050		IGM Financial, Inc		10,305
168,687	e*	Information Services Group, Inc		1,290
259,649		Infrastructure Development Finance Co Ltd		840
296,559	*	INVESTools, Inc		2,954
28,000		Jaccs Co Ltd		106
177,000		Japan Securities Finance Co Ltd		2,382
1,250		Kenedix, Inc		2,327
14,437,000		Kim Eng Holdings Ltd		19,338
81,445		Kohlberg Capital Corp		1,511
74,304		Kotak Mahindra Bank Ltd		1,228
213,193	e*	Marathon Acquisition Corp		1,680
308,200		MCG Capital Corp		4,937
5,270,360		Mega Financial Holding Co Ltd		3,572
789,198	v*	Morgan Stanley & Co		54,952
167,597		Nelnet, Inc (Class A)		4,096
71,122	e*	NewStar Financial, Inc		1,012
103,832	e	NGP Capital Resources Co		1,736
120		Nissin Co Ltd		-	^
136,719	e*	NTR Acquisition Co		1,295
251,905	e*	Ocwen Financial Corp		3,358
1,844	e	Osaka Securities Exchange Co Ltd		8,502
103,456	e	Patriot Capital Funding, Inc		1,536
94,270	e	Perpetual Trustees Australia Ltd		6,265
292,694	*	PHH Corp		9,135
1,090,798	*	Polaris Securities Co Ltd		566
63,600	e	Promise Co Ltd		1,962
177,735		Provident Financial plc		2,488
62,788		Reliance Capital Ltd		1,681
4,700		Ricoh Leasing Co Ltd		106
295		SFCG Co Ltd		49
1,718,835		SLM Corp		98,971
60,591		SM Investments Corp		557
27,438		Smiths News plc		74
16,635		Student Loan Corp		3,392
2,728,000	*	Taishin Financial Holdings Co Ltd		1,505
214,126	e	Takefuji Corp		7,201
109,246	e	Technology Investment Capital Corp		1,725
520,944		Textron, Inc		57,361
759,506	*	Tower Australia Group Ltd		1,476
5,368,592		Tullett Prebon plc		47,962
145,496	e*	World Acceptance Corp		6,217
		TOTAL NONDEPOSITORY INSTITUTIONS		2,371,529

NONMETALLIC MINERALS, EXCEPT FUELS - 0.11%
74,614		Aber Diamond Corp		2,868
136,891	e	AMCOL International Corp		3,739
114,282		Cimsa Cimento Sanayi Ve Tica		778
187,137		Compass Minerals International, Inc		6,486
207,906		Florida Rock Industries, Inc		14,034
735,970		Grupo Mexico S.A. de C.V. (Series B)		4,493
2,018,170		Itochu Corp		23,369

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
526,445		Potash Corp of Saskatchewan	$	41,157
34,000	e	Solvay S.A.		5,352
405,673		Vulcan Materials Co		46,466
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		148,742

OIL AND GAS EXTRACTION - 3.20%
11,761		Abbot Group plc		63
1,966,735		Acergy S.A.		44,277
85,657		Aker Kvaerner ASA		2,168
2,602,902		Anadarko Petroleum Corp		135,325
13,025		APCO Argentina, Inc		1,106
6,147,500		Apexindo Pratama Duta PT		1,479
71,305	e*	Arena Resources, Inc		4,144
172,738		Atlas America, Inc		9,281
109,062	e*	ATP Oil & Gas Corp		5,305
148,539	*	Atwood Oceanics, Inc		10,193
2,492,982		Baker Hughes, Inc		209,735
227,964	e*	Basic Energy Services, Inc		5,829
203,647		Berry Petroleum Co (Class A)		7,673
3,175,627		BG Group plc		52,057
163,564	e*	Bill Barrett Corp		6,024
1,230,980		BJ Services Co		35,009
115,227	e*	Bois d'Arc Energy, Inc		1,962
220,990	*	Brigham Exploration Co		1,297
146,393	e*	Bronco Drilling Co, Inc		2,402
117,919	e*	Cal Dive International, Inc		1,961
106,872	*	Callon Petroleum Co		1,514
859,792	*	Cameron International Corp		61,449
1,034,606		Canadian Natural Resources Ltd		68,744
289,493		Canadian Oil Sands Trust		8,952
265,347		Canetic Resources Trust		4,314
116,880	e*	Carrizo Oil & Gas, Inc		4,847
222,856	e*	Cheniere Energy, Inc		8,645
1,787,763		Chesapeake Energy Corp		61,857
14,650,000		China Oilfield Services Ltd		14,788
365,420	e	Cimarex Energy Co		14,401
34,262	*	Clayton Williams Energy, Inc		907
8,858,000		CNOOC Ltd		10,061
101,523	e*	CNX Gas Corp		3,107
325,691	e*	Compagnie Generale de Geophysique S.A.		81,277
218,070	*	Complete Production Services, Inc		5,637
238,126	*	Comstock Resources, Inc		7,137
70,030	*	Contango Oil & Gas Co		2,541
128,387	*	Continental Resources, Inc		2,054
42,938	e*	Dawson Geophysical Co		2,639
356,594	e*	Delta Petroleum Corp		7,160
4,614,893	*	Denbury Resources, Inc		173,058
277,987	e*	DET Norske Oljeselskap		581
285,025		Diamond Offshore Drilling, Inc		28,947
51,615	*	Duvernay Oil Corp		1,764
181,475	*	Edge Petroleum Corp		2,542
447,655	e*	Electromagnetic GeoServices AS		9,034
1,512,261		EnCana Corp		93,014
318,943	*	Encore Acquisition Co		8,867
100	*	Endeavour International Corp		-	^
195,515	e*	Energy Partners Ltd		3,263

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
257,931		Enerplus Resources Fund	$	12,124
250,618	b,m,v*	Enron Corp		-	^
1,264,709		ENSCO International, Inc		77,160
380,124		Ensign Energy Services, Inc		6,780
633,021		Equitable Resources, Inc		31,373
346,310	e*	EXCO Resources, Inc		6,040
4,661		Expro International Group plc		91
310,558	*	First Calgary Petroleums Ltd		1,516
230,030	e*	Forest Oil Corp		9,721
1,049,000		Formosa Petrochemical Corp		2,617
186,558	*	FX Energy, Inc		1,707
152,906		GAIL India Ltd		1,165
176,479	e*	Gasco Energy, Inc		418
167,379	e*	GeoGlobal Resources, Inc		852
34,530	*	Geokinetics, Inc		1,071
94,443	e*	Geomet, Inc		723
1,232,708	*	Global Industries Ltd		33,061
1,045,281		GlobalSantaFe Corp		75,522
60,088	e*	GMX Resources, Inc		2,079
78,549	e*	Goodrich Petroleum Corp		2,720
1,373,373	e*	Grey Wolf, Inc		11,317
104,165	e*	Gulfport Energy Corp		2,081
7,446,642		Halliburton Co		256,909
550,043	e*	Hanover Compressor Co		13,119
359,120		Harvest Energy Trust		11,108
268,276	e*	Harvest Natural Resources, Inc		3,195
384,715	*	Helix Energy Solutions Group, Inc		15,354
398,462		Helmerich & Payne, Inc		14,114
134,198	e*	Hercules Offshore, Inc		4,345
199,645	*	Horizon Offshore, Inc		3,833
286,648		Husky Energy, Inc		23,599
68,600		Idemitsu Kosan Co Ltd		7,677
767	g,m,v	INA Industrija Nafte DD (GDR)		426
12,686		INA Industrija Nafte DD (GDR)		7,041
2,114		Inpex Holdings, Inc		19,754
2,737,652	*	Integra Group Holdings (GDR)		49,825
10,919		JKX Oil & Gas plc		73
57,695		Kayne Anderson Energy Development Co		1,453
1,202,220	*	KazMunaiGas Exploration Production (GDR)		26,256
1,357	*	Key Energy Services, Inc		25
40,455	e*	Lundin Petroleum AB		403
527,817	*	Mariner Energy, Inc		12,800
138,594	e*	McMoRan Exploration Co		1,940
653,172	*	Meridian Resource Corp		1,973
1,144,843	*	Nabors Industries Ltd		38,215
1,442,106	*	National Oilwell Varco, Inc		150,325
721,621	e	Neste Oil Oyj		28,278
488,063	e*	Newpark Resources, Inc		3,782
764,383	e*	Nexen, Inc		23,680
46,668		Niko Resources Ltd		4,249
616,284		Noble Corp		60,100
50,500		NovaTek OAO (GDR)		2,606
341,920	*	Oceaneering International, Inc		17,999
353,800		Oil & Gas Development Co Ltd		701
175,703		Oil & Natural Gas Corp Ltd		3,914
627,485	*	Oilsands Quest, Inc		1,550

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
208,692	*	OPTI Canada, Inc	$	4,451
47,600		Pakistan Petroleum Ltd		207
204,344	e*	Parallel Petroleum Corp		4,475
647,329	*	Parker Drilling Co		6,823
850,441		Patterson-UTI Energy, Inc		22,290
238,638		Penn Virginia Corp		9,593
322,611		Penn West Energy Trust		10,788
1,007,477		Petro-Canada		53,672
34,057,075		PetroChina Co Ltd		50,586
33,900	m,v*	PetroCorp		-	^
922,223	e*	PetroHawk Energy Corp		14,626
84,661	*	Petroleum Development Corp		4,020
26,336	e	Petroleum Geo-Services ASA		658
346,680	*	Petroquest Energy, Inc		5,041
238,048	e*	Pioneer Drilling Co		3,549
482,351		Pioneer Natural Resources Co		23,495
330,287	*	Plains Exploration & Production Co		15,791
265,156	e	Pogo Producing Co		13,467
73,651		Precision Drilling Trust		1,798
2,462,949	*	Pride International, Inc		92,262
43,333		ProSafe ASA		693
289,836		Provident Energy Trust		3,406
1,810,000	*	PT Energi Mega Persada Tbk		160
1,230,300		PTT Exploration & Production PCL		3,852
18,732	e*	Quest Resource Corp		219
213,224	e*	Quicksilver Resources, Inc		9,506
611,227		Range Resources Corp		22,866
819,417	*	Renewable Energy Corp A.S.		31,735
454,452		Rowan Cos, Inc		18,623
174,860	e	RPC, Inc		2,980
3,135,644		Saipem S.p.A.		106,990
915,825	e	Santos Ltd		10,814
6,070,151		Schlumberger Ltd		515,599
11,900		Scomi Group BHD		6
90,577	*	SEACOR Holdings, Inc		8,456
119,760	*	SeaDrill Ltd		2,569
50	m,v*	Serval Integrated Energy Services		-	^
179,568		Singapore Petroleum Co Ltd		675
1,057,082		Smith International, Inc		61,987
1,160,371	*	Southwestern Energy Co		51,636
255,969		St. Mary Land & Exploration Co		9,374
177,891	*	Stone Energy Corp		6,095
219,865	e*	Sulphco, Inc		794
385,807	*	Superior Energy Services		15,401
53,249	*	Superior Offshore International, Inc		969
83,730	e*	Superior Well Services, Inc		2,128
65,300		Surgutneftegaz (ADR)		3,533
74,900	e	Surgutneftegaz (ADR)		4,084
175,512	*	Swift Energy Co		7,505
2,239,360		Talisman Energy, Inc		43,305
64,314	*	Tap Oil Ltd		99
324,142	*	Tetra Technologies, Inc		9,141
26,551	*	TGS Nopec Geophysical Co ASA		543
304,154	e	Tidewater, Inc		21,558
266,066	*	Todco		12,561
81,435	e*	Toreador Resources Corp		1,222

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
2,265,672	e	Total S.A.	$	183,697
1,203,956	*	Transocean, Inc		127,595
142,235		Trican Well Service Ltd		2,896
86,997	e*	Trico Marine Services, Inc		3,556
57,432	e*	Tri-Valley Corp		454
166,314	e*	TXCO Resources, Inc		1,710
80,978	*	Union Drilling, Inc		1,330
199,194	*	Unit Corp		12,531
531,232	*	UTS Energy Corp		3,022
396,137	e*	Vaalco Energy, Inc		1,913
66,174	*	Venoco, Inc		1,235
221,151	e	W&T Offshore, Inc		6,190
300,719	e*	Warren Resources, Inc		3,512
1,366,780	*	Weatherford International Ltd		75,501
181,513	*	Western Oil Sands, Inc (Class A)		6,049
167,819	*	W-H Energy Services, Inc		10,390
221,718	*	Whiting Petroleum Corp		8,984
137,923	*	Willbros Group, Inc		4,093
718,919		Woodside Petroleum Ltd		27,792
5,662,977		XTO Energy, Inc		340,345
		TOTAL OIL AND GAS EXTRACTION		4,472,621

PAPER AND ALLIED PRODUCTS - 0.71%
574,508		Abitibi-Consolidated, Inc		1,677
6,208,323	*	Anglo American plc		364,502
285,568		Aracruz Celulose S.A.		1,907
505,754		Bemis Co		16,781
437,823		Billerud AB		6,649
331,617	e	Bowater, Inc		8,274
236,184	*	Buckeye Technologies, Inc		3,654
352,023	*	Canfor Corp		4,451
295,696	e*	Cenveo, Inc		6,857
121,632	*	Chesapeake Corp		1,529
648,792		China International Marine Containers Co Ltd (Class B)		1,602
5,500	*	Domtar Corp		61
2,430,178	*	Domtar Corporation		27,121
69,140		Empresas CMPC S.A.		2,556
244,461		Glatfelter		3,322
373,201	e*	Graphic Packaging Corp		1,806
188,635		Greif, Inc (Class A)		11,245
43,970	e	Holmen AB (B Shares)		1,857
2,195,818		International Paper Co		85,747
2,888,944		Kimberly-Clark Corp		193,241
388,176		Kimberly-Clark de Mexico S.A. de C.V. (Class A)		1,686
521,009		Klabin S.A.		1,837
56,477	e	Kokuyo Co Ltd		663
3,063		Mayr-Melnhof Karton AG.		695
873,370		MeadWestvaco Corp		30,847
169,975	*	Mercer International, Inc		1,734
72,000		Mitsubishi Paper Mills Ltd		162
6,585		Mondi Packaging Paper Swiecie S.A.		236
529,270		Nampak Ltd		1,635
81,922	e	Neenah Paper, Inc		3,380
841,000		Nine Dragons Paper Holdings Ltd		1,961
1,067		Nippon Paper Group, Inc		3,553
133,554		Norske Skogindustrier ASA		1,922

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
700,300		OJI Paper Co Ltd	$	3,404
504,136		Packaging Corp of America		12,760
2,854,738	e	PaperlinX Ltd		8,985
314,103	*	Playtex Products, Inc		4,652
202,264		Rock-Tenn Co (Class A)		6,416
400,400	e	Sanrio Co Ltd		5,091
130,978		Sappi Ltd		2,382
114,283		Schweitzer-Mauduit International, Inc		3,543
1,371,609	*	Smurfit-Stone Container Corp		18,256
896,664		Sonoco Products Co		38,386
482,060		Stora Enso Oyj (R Shares)		9,070
580,533	e	Svenska Cellulosa AB (B shares)		9,708
938,820		Temple-Inland, Inc		57,766
33,600		Uni-Charm Corp		1,905
430,417	e	UPM-Kymmene Oyj		10,593
57,559		Votorantim Celulose e Papel S.A.		1,304
244,895		Wausau Paper Corp		3,282
695,760		Yuen Foong Yu Paper Manufacturing Co Ltd		304
		TOTAL PAPER AND ALLIED PRODUCTS		992,957

PERSONAL SERVICES - 0.11%
637,605		Cintas Corp		25,141
178,416	e	Coinmach Service Corp (Class A)		2,360
217,203	e*	Coinstar, Inc		6,838
44,577		CPI Corp		3,098
1,205,868		Davis Service Group plc		15,011
126,157		G & K Services, Inc (Class A)		4,984
1,478,719		H&R Block, Inc		34,558
178,361	e	Jackson Hewitt Tax Service, Inc		5,014
1,128,273		Kuala Lumpur Kepong BHD		4,220
6,414		Mcbride plc		28
268,900		Regis Corp		10,285
1,035,598		Rentokil Initial plc		3,324
492,221	*	Sally Beauty Holdings, Inc		4,430
1,437,563		Service Corp International		18,372
89,846	*	Steiner Leisure Ltd		4,413
78,490		Unifirst Corp		3,458
163,991	e	Weight Watchers International, Inc		8,337
		TOTAL PERSONAL SERVICES		153,871

PETROLEUM AND COAL PRODUCTS - 5.65%
118,563		Alon USA Energy, Inc		5,218
3,387,451		Apache Corp		276,382
189,600		Aromatics Thailand PCL		357
565,367		Ashland, Inc		36,155
75,970		Bharat Petroleum Corp Ltd		636
26,419,927		BP plc		317,893
62,458		BP plc (ADR)		4,506
1,156,667		Cabot Oil & Gas Corp		42,658
11,037,772		Chevron Corp		929,822
11,406,764		China Petroleum & Chemical Corp		12,726
8,589,946		ConocoPhillips		674,311
108,358	e	Delek US Holdings, Inc		2,888
3,131,660		Devon Energy Corp		245,178
7,596,677		ENI S.p.A.		275,436
1,219,131		EOG Resources, Inc		89,070

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
29,847,765		Exxon Mobil Corp	$	2,503,631
1,016,637		Frontier Oil Corp		44,498
269,154	e*	Headwaters, Inc		4,648
19,748		Hellenic Petroleum S.A.		318
1,566,176		Hess Corp		92,342
109,026		Hindustan Petroleum Corp Ltd		724
280,177		Holly Corp		20,786
705,673		Imperial Oil Ltd		32,851
303,704		LUKOIL (ADR)		22,975
4,522,817		Marathon Oil Corp		271,188
9,996		Motor Oil Hellas Corinth Refineries S.A.		262
726,588		Murphy Oil Corp		43,188
557,099	*	Newfield Exploration Co		25,376
1,308,229		Noble Energy, Inc		81,620
46,587	e*	Nova Biosource Fuels, Inc		119
10,448,321		Occidental Petroleum Corp		604,749
250,228		OMV AG.		16,692
35,200	*	Petkim Petrokimya Holding		238
71,900	*	Petrobras Energia Participaciones S.A.(ADR)		780
916,732		Petroleo Brasileiro S.A.		27,934
1,040,365		Petroleo Brasileiro S.A.		27,851
672,676		Petroleo Brasileiro S.A. (ADR)		81,575
79,900		PGG Wrightson Ltd		106
159,631		Polski Koncern Naftowy Orlen S.A.		3,135
912,840		Premier Farnell plc		3,646
1,501,000		PTT PCL		11,748
736,200		Rayong Refinery PCL		414
939,823	e	Repsol YPF S.A.		37,206
5,043,174		Royal Dutch Shell plc (A Shares)		205,312
3,408,080		Royal Dutch Shell plc (B Shares)		142,069
1,597		Samir		168
2,000		Shell Refining Co		6
27,773		Showa Shell Sekiyu KK		344
70,729	v	SK Corp		10,297
35,059		S-Oil Corp		2,698
2,818,460	e	Statoil ASA		87,445
1,409,200	*	Suncor Energy, Inc		126,715
1,188,599	e	Suncor Energy, Inc		107,072
539,715		Sunoco, Inc		43,005
54,296		Tatneft (GDR)		4,917
772,302		Tesoro Corp		44,137
202,749	e	TonenGeneral Sekiyu KK		1,978
90,538		Tupras Turkiye Petrol Rafine		2,153
38,167	*	Unipetrol		512
3,010,221		Valero Energy Corp		222,335
106,857		WD-40 Co		3,512
195,539	e	Western Refining, Inc		11,302
4,700		YPF S.A. (ADR)		212
		TOTAL PETROLEUM AND COAL PRODUCTS		7,890,025

PIPELINES, EXCEPT NATURAL GAS - 0.08%
2,693,087		Spectra Energy Corp		69,913
860,387		TransCanada Corp		29,594
636,423	*	Wellstream Holdings plc		5,447
		TOTAL PIPELINES, EXCEPT NATURAL GAS		104,954

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
PRIMARY METAL INDUSTRIES - 1.29%
307,908	e	Acerinox S.A.	$	7,511
461,422	e*	AK Steel Holding Corp		17,243
21,792		Alcan, Inc		1,789
1,495,470	*	Alcan, Inc		121,996
3,921,384		Alcoa, Inc		158,934
516,829		Allegheny Technologies, Inc		54,205
404,000		Angang New Steel Co Ltd		831
8,263		Bekaert S.A.		1,212
297,327	e	Belden CDT, Inc		16,457
4,950,677		BHP Billiton plc		137,524
723,449		BlueScope Steel Ltd		6,332
704		Boehler-Uddeholm AG.		70
108,800	e*	Brush Engineered Materials, Inc		4,568
229,642		Carpenter Technology Corp		29,925
217,144		Catcher Technology Co Ltd		2,029
158,446	*	Century Aluminum Co		8,656
279,527		Chaparral Steel Co		20,090
5,751,895		China Steel Corp		6,997
51,157	*	Claymont Steel, Inc		1,094
45,326	*	Coleman Cable, Inc		1,172
335,317	*	CommScope, Inc		19,566
68,656		Companhia Siderurgica Nacional S.A.		3,552
8,061,680	*	Corning, Inc		205,976
1,072		Cumerio		44
24,687		Daewoo International Corp		1,166
223,841	e	Daido Steel Co Ltd		1,524
14,480		Dongkuk Steel Mill Co Ltd		470
182,001		DOWA HOLDINGS CO Ltd		1,939
346,000	m,v*	Dowa Mining Co Ltd		3
7,052		EL Ezz Aldekhela Steel Alexandria		1,296
36,913		El Ezz Steel Co		355
139,105	e	Encore Wire Corp		4,095
209,119		Eregli Demir ve Celik Fabrikalari TAS		1,265
16,700		Evraz Group S.A. (GDR)		683
835,093		Fujikura Ltd		6,202
2,208,598		Furukawa Electric Co Ltd		12,197
225,299	*	General Cable Corp		17,066
157,637		Gerdau S.A.		3,334
169,801		Gerdau S.A.		4,357
150,453		Gibraltar Industries, Inc		3,333
8,000		Godo Steel Ltd		38
83,756	*	Haynes International, Inc		7,071
276,992		Hindalco Industries Ltd		1,090
17,927		Hoganas AB (Class B)		533
254,009		Hubbell, Inc (Class B)		13,772
730,000		Hunan Non-Ferrous Metal Corp Ltd		455
25,983		Hyundai Steel Co		1,431
95,665		IPSCO, Inc		15,124
1,941,000		Jiangxi Copper Co Ltd		3,261
142,752		Johnson Matthey plc		4,826
69,381		KGHM Polska Miedz S.A.		2,645
4,493,839		Kobe Steel Ltd		17,044
56,114	e*	LB Foster Co (Class A)		1,609
646,000		Maanshan Iron & Steel		504
182,640		Matthews International Corp (Class A)		7,965

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
21,100		Mechel Steel Group OAO (ADR)	$	771
3,751,552		Mitsubishi Materials Corp		20,453
409,633		Mitsui Mining & Smelting Co Ltd		1,911
649,062	e	Mittal Steel Co NV		40,568
97,628		Mittal Steel South Africa Ltd		1,753
233,585		Mueller Industries, Inc		8,045
1,025,413		Nippon Light Metal Co Ltd		2,676
12,000		Nippon Metal Industry Co Ltd		61
9,244,672		Nippon Steel Corp		65,032
8,000		Nippon Yakin Kogyo Co Ltd		93
1,815,876		Nisshin Steel Co Ltd		8,286
475,284	e	Norsk Hydro ASA		18,230
46,691	*	Northwest Pipe Co		1,661
2,026,972		Nucor Corp		118,882
46,048	e	Olympic Steel, Inc		1,320
513,973	e	OneSteel Ltd		2,796
224,021		Outokumpu Oyj		7,535
1,568		PKC Group Oyj		22
5,790		Poongsan Corp		176
50,103		POSCO		24,054
632,926		Precision Castparts Corp		76,812
375,118		Quanex Corp		18,268
126,937	*	RTI International Metals, Inc		9,567
55,661		Salzgitter AG.		10,667
133,277		Schnitzer Steel Industries, Inc (Class A)		6,389
108,600		Severstal (GDR)		1,531
9,800	m,v	Siderar SAIC (Class A) (ADR)		615
1,524		Sonasid		533
474,229		Steel Authority Of India		1,525
609,521		Steel Dynamics, Inc		25,545
978,239		Sumitomo Electric Industries Ltd		14,565
6,469,221		Sumitomo Metal Industries Ltd		38,034
910,577		Sumitomo Metal Mining Co Ltd		19,740
117,934	*	Superior Essex, Inc		4,405
160,261		Tenaris S.A. (ADR)		7,846
151,149	e	Texas Industries, Inc		11,852
415,630	e*	Titanium Metals Corp		13,259
2,439		TKH Group NV		73
17,508	e	Toho Titanium Co Ltd		710
708,538	e	Tokyo Steel Manufacturing Co Ltd		11,096
191,696		Tredegar Corp		4,083
664,026		United States Steel Corp		72,213
34,730	*	Universal Stainless & Alloy		1,224
79,967		Usinas Siderurgicas de Minas Gerais S.A.		4,560
37,000		Usinas Siderurgicas de Minas Gerais S.A.		2,446
355,782	e	Vallourec		113,753
395,870		Viohalco S.A.		6,129
248,487	e	Voestalpine AG.		20,888
3,334,150		Walsin Lihwa Corp		1,968
70,532	e*	Wheeling-Pittsburgh Corp		1,342
399,086	e	Worthington Industries, Inc		8,640
		TOTAL PRIMARY METAL INDUSTRIES		1,799,029

PRINTING AND PUBLISHING - 0.61%
302,668	e*	ACCO Brands Corp		6,976
20,317		Agora S.A.		306

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
7,203		Alma Media	$	106
370,127	e	American Greetings Corp (Class A)		10,486
1,479,201		APN News & Media Ltd		7,329
27,764	e	Arnoldo Mondadori Editore S.p.A.		272
484,897		Belo (A.H.) Corp (Class A)		9,984
160,395		Bowne & Co, Inc		3,129
9,028		Cermaq ASA		157
102,750	*	Consolidated Graphics, Inc		7,118
54,966	e	Courier Corp		2,199
35,185		CSS Industries, Inc		1,394
439,837		Dai Nippon Printing Co Ltd		6,564
55,194		Daily Mail & General Trust		844
31,140		De La Rue plc		484
93,401	*	Dogan Yayin Holding		374
249,076	e	Dow Jones & Co, Inc		14,309
452,920		Dun & Bradstreet Corp		46,642
36,522		Emap plc		599
1,189,989		Eniro AB		15,092
145,738		Ennis, Inc		3,428
432,043		EW Scripps Co (Class A)		19,740
16,633,000		Fung Choi Media Group Ltd		7,127
1,595,565		Gannett Co, Inc		87,676
56,943	e	GateHouse Media, Inc		1,056
206,589		Harte-Hanks, Inc		5,305
56,759		Hurriyet Gazetecilik A.S.		156
107,825		Independent News & Media plc		547
1,424,227	e	John Fairfax Holdings Ltd		5,666
286,045		John Wiley & Sons, Inc (Class A)		13,813
311,451		Journal Communications, Inc (Class A)		4,052
276,876		Lee Enterprises, Inc		5,776
136,770	e	Martha Stewart Living Omnimedia, Inc (Class A)		2,352
175,749	e	McClatchy Co (Class A)		4,448
2,586,167		McGraw-Hill Cos, Inc		176,066
130,181		Media General, Inc (Class A)		4,331
200,256		Meredith Corp		12,336
165	*	Metro International S.A. (A Shares)		-	^
331	*	Metro International S.A. (B Shares)		-	^
34,444		Multi-Color Corp		1,354
534,754	e	New York Times Co (Class A)		13,583
24,906	e	PagesJaunes Groupe S.A.		524
1,766,252		Pearson plc		29,753
108,314	e*	Playboy Enterprises, Inc (Class B)		1,227
76,081	*	PMP Ltd		114
1,508,352	e*	Primedia, Inc		4,299
346,800	e	PRONEXUS, Inc		3,012
106,838		Quebecor World, Inc		1,307
369,632	*	R.H. Donnelley Corp		28,011
1,185,989		R.R. Donnelley & Sons Co		51,602
1,326,875		Reed Elsevier NV		25,218
2,956,918		Reed Elsevier plc		38,215
870,257		Reuters Group plc		10,849
72,913	e	Schawk, Inc		1,460
319,634		Schibsted ASA		14,608
236,765	*	Scholastic Corp		8,509
48,000		SCMP Group Ltd		20
1,628,847		Singapore Press Holdings Ltd		4,939

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
25,807		St Ives Group plc	$	126
96,531	e	Standard Register Co		1,100
6,600		Star Publications Malaysia BHD		7
351,968	e*	Sun-Times Media Group, Inc (Class A)		1,848
351,066		Thomson Corp		14,336
1,437,244		Toppan Printing Co Ltd		15,444
396,281		Tribune Co		11,651
56,841		Trinity Mirror plc		599
1,380,061		United Business Media plc		21,831
279,583	*	Valassis Communications, Inc		4,806
227,733	*	VistaPrint Ltd		8,711
23,563		Washington Post Co (Class B)		18,287
90,736		Wolters Kluwer NV		2,767
1,833,982		Yell Group plc		16,941
763,516		Yellow Pages Income Fund		9,963
		TOTAL PRINTING AND PUBLISHING		855,260

RAILROAD TRANSPORTATION - 0.58%
2,178,994		Burlington Northern Santa Fe Corp		185,520
44,615		Canadian National Railway Co		2,272
940,083	e*	Canadian National Railway Co		47,832
363,202		Canadian Pacific Railway Ltd		25,084
1,229		Central Japan Railway Co		12,967
2,208,901		CSX Corp		99,577
6,940		East Japan Railway Co		53,474
163,556	*	Eurotunnel S.A.		170
366,501		Firstgroup plc		4,868
196,045	e	Florida East Coast Industries		16,268
195,604	*	Genesee & Wyoming, Inc (Class A)		5,837
570,000		Guangshen Railway Co Ltd		460
458,255	e*	Kansas City Southern Industries, Inc		17,203
2,178,970		Norfolk Southern Corp		114,548
449,164	e	Odakyu Electric Railway Co Ltd		2,770
1,669,604		Union Pacific Corp		192,255
5,002		West Japan Railway Co		23,290
		TOTAL RAILROAD TRANSPORTATION		804,395

REAL ESTATE - 0.76%
17,923		Aedes S.p.A.		134
267,900	e	Aeon Mall Co Ltd		8,237
15,825		Africa Israel Investments Ltd		1,601
720,000		Agile Property Holdings Ltd		943
14,145,500		Allgreen Properties Ltd		19,359
415	e	Ardepro Co Ltd		129
713,449		Ascendas Real Estate Investment Trust		1,373
95,778		Ayala Corp		1,129
11,849,643		Ayala Land, Inc		4,483
7,482,000		Beijing Capital Land Ltd		4,315
222,310		Bovis Homes Group plc		3,967
1,377,573		British Land Co plc		36,863
214,964		Brixton plc		1,882
285,455		Brookfield Properties Co		6,965
141,000	e*	Brookfield Properties Corp		3,428
5,907		Capital & Regional plc		137
3,332,587		CapitaLand Ltd		17,656
132,508		Castellum AB		1,593

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
174,000		Cathay Real Estate Development Co Ltd	$	102
1,430,204	*	CB Richard Ellis Group, Inc (Class A)		52,202
24,500		Central Pattana PCL		19
1,573,912		Centro Properties Group		11,318
100,542	m	Centro Retail Group		144
9,484,731		Champion Real Estate Investment Trust		5,436
5,369,646		Cheuk Nang Holdings Ltd		5,463
1,220,531		Cheung Kong Holdings Ltd		15,993
2,292,000		China Overseas Land & Investment Ltd		3,574
990,000		China Resources Land Ltd		1,496
1,479,195		City Developments Ltd		16,722
6,556		Cofinimmo		1,248
31,970	e	Consolidated-Tomoka Land Co		2,215
2,870	*	Conwert Immobilien Invest AG.		56
34,925	e	Corio NV		2,736
96,249		Cyrela Brazil Realty S.A.		1,193
7,499,894	e	DB RREEF Trust		12,451
193,367	*	Desarrolladora Homex S.A. de C.V.		1,944
2,966		Douja Promotion Groupe Addoha S.A.		1,004
134,200	*	E&O Property Development BHD		148
7,556	*	Echo Investment S.A.		295
43,194	v*	Fabege AB		21
127,782		Fabege AB		1,400
8,959,816		Far East Consortium		3,706
70,537,000	*	Filinvest Land, Inc		3,292
365,871	e	Forest City Enterprises, Inc (Class A)		22,494
42,996		Gafisa S.A.		673
89,259	e	Gecina S.A.		14,917
62,265	*	Globe Trade Centre S.A.		1,083
84,851	*	Grubb & Ellis Co		984
489,536		Guangzhou R&F Properties Co Ltd		1,503
260,882		Hammerson plc		7,471
1,154,546		Hang Lung Properties Ltd		3,987
1,643,026		Henderson Land Development Co Ltd		11,200
1,450,100		Hopewell Holdings		5,918
523,274		Hopson Development Holdings Ltd		1,472
1,836,007		Hysan Development Co Ltd		4,890
16,400		Icade		1,263
4,284,100		IGB Corp BHD		3,368
32,088		Immobiliare Grande Distribuzione		131
347,259	*	IMMOFINANZ Immobilien Anlagen AG.		5,057
1,173,215		Investa Property Group		2,896
277,200		IOI Properties BHD		1,071
14,200	e*	IRSA Inversiones y Representaciones S.A. (GDR)		263
74,727	e	IVG Immobilien AG.		2,934
500		Japan General Estate Co Ltd		11
432,745		Jones Lang LaSalle, Inc		49,117
529,000		Keppel Land Ltd		3,032
1,196,964		Kerry Properties Ltd		7,518
18,172		Klepierre		3,077
33,140		Klovern AB		131
2,142,130		Kowloon Development Co Ltd		4,278
1,480,065	e	Kungsleden AB		18,419
680,000	v*	KWG Property Holding Ltd		633
139,141,000		Lai Fung Holdings Ltd		7,658
5,914,009		Land and Houses PCL		1,165

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
78,100		Land and Houses PCL	$	15
710,700		Land and Houses PCL		154
578,600		Leopalace21 Corp		19,772
317,560		Liberty International plc		7,264
233,111	*	LoopNet, Inc		5,438
1,177,252	e	Macquarie Goodman Group		6,681
5,820,300	*	Malaysian Resources Corp BHD		4,571
82,425,500		Megaworld Corp		7,125
257,949	*	Meruelo Maddux Properties, Inc		2,105
20,000	*	MI Developments, Inc		729
127,837		MI Developments, Inc (Class A)		4,654
780,923		Mirvac Group		3,767
1,353,460		Mitsubishi Estate Co Ltd		36,720
1,397,315		Mitsui Fudosan Co Ltd		39,164
151,508	*	Musashino Kogyo Co Ltd		362
7,567,066		New World China Land Ltd		6,436
9,427,551		New World Development Ltd		23,593
38,400		Nomura Real Estate Holdings, Inc		1,247
219,000	*	Orient Resources Group Co Ltd		80
269,341		ORIX Corp		70,995
88		Pacific Management Corp		162
589,380		Parsvnath Developers Ltd		4,881
70,388,000	*	PT Bakrieland Development Tbk		2,581
5,830,000	*	PT Ciputra Development Tbk		582
52,000,000	*	PT Sentul City Tbk		3,069
9,861	e	Risa Partners, Inc		26,859
5,390,000		Robinsons Land Corp		2,273
9,370		Shaftesbury plc		110
21,133,471		Shanghai Real Estate Ltd		8,187
3,062,000		Shenzhen Investment Ltd		2,322
337,040	e	Shoei Co Ltd		7,070
4,795,362		Shui On Land Ltd		4,303
2,729,500		Shun TAK Holdings Ltd		4,017
396,510		Singapore Land Ltd		2,952
943,569		Sino Land Co		1,964
376,658		Slough Estates plc		4,698
882		Societe de la Tour Eiffel		129
2,464,600		SP Setia BHD		6,184
13,307,956	*	SPG Land Holdings Ltd		8,766
341,765	e	St. Joe Co		15,837
624,213	e	Stewart Enterprises, Inc (Class A)		4,863
28,798	v	Stockland		214
2,581,261		Stockland Trust Group		17,783
24,373	e*	Stratus Properties, Inc		841
1,123,920		Sumitomo Realty & Development Co Ltd		36,602
1,653	e	Sun Frontier Fudousan Co Ltd		3,348
1,239,789		Sun Hung Kai Properties Ltd		14,918
270,000		Suruga Corp		6,336
316,333		Thomas Properties Group, Inc		5,055
232,600	e	Tokyo Tatemono Co Ltd		2,896
1,944,977		Tokyu Land Corp		20,681
46,297	e	Unibail		11,840
66,967		Unibail-Rodamco		17,257
16,279,196	*	Unitech Corporate Parks plc		29,632
1,440,956		United Industrial Corp Ltd		3,297
2,526,516	e	Urban Corp		45,891

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
32,830	*	Urbas Proyectos Urbanisticos S.A.	$	79
1,338		Vivacon AG.		54
17,030		Wereldhave NV		2,372
1,952,353	e	Westfield Group		32,943
33,136		Wihlborgs Fastigheter AB		584
2,235,490		Wing Tai Holdings Ltd		5,822
		TOTAL REAL ESTATE		1,058,112

RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.56%
46,044	*	AEP Industries, Inc		2,073
561,039	e	Ansell Ltd		5,796
5,777,147	e	Bayer AG.		435,171
812,160		Bridgestone Corp		17,410
313,260		Cheng Shin Rubber Industry Co Ltd		400
135,356		Continental AG.		19,023
371,744		Cooper Tire & Rubber Co		10,268
95,960	*	Deckers Outdoor Corp		9,682
108,670		Denki Kagaku Kogyo KK		489
1,790,460		Formosa Chemicals & Fibre Corp		4,130
940,748	*	Goodyear Tire & Rubber Co		32,700
58,040		Hankook Tire Co Ltd		1,042
76,199	e*	Metabolix, Inc		1,907
101,586	e	Michelin (C.G.D.E.) (Class B)		14,196
2,409,216		Mitsui Chemicals, Inc		18,299
1,391,131		Newell Rubbermaid, Inc		40,941
5,600		Nifco, Inc		123
1,682,659		Nike, Inc (Class B)		98,082
74,862		Nokian Renkaat Oyj		2,623
2,233,137		Pirelli & C S.p.A.		2,656
3,265,081		PT Gajah Tunggal Tbk		217
187,575		Schulman (A.), Inc		4,564
781,055		Sealed Air Corp		24,228
76,897	*	Skechers U.S.A., Inc (Class A)		2,245
217,473		Spartech Corp		5,774
511,016	e	Sumitomo Bakelite Co Ltd		3,578
367		Tessenderlo Chemie NV		22
127,154		Titan International, Inc		4,019
66,442	e*	Trex Co, Inc		1,304
468,616		Tupperware Corp		13,468
11,812		Uponor Oyj		459
3,705		Viscofan S.A.		86
186,641		West Pharmaceutical Services, Inc		8,800
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		785,775

SECURITY AND COMMODITY BROKERS - 2.49%
404,809		A.G. Edwards, Inc		34,227
500,813	e	Allco Finance Group Ltd		4,507
171,610		AllianceBernstein Holding LP		14,946
1,251,348		Ameriprise Financial, Inc		79,548
1,340,564		Amvescap plc		17,273
257,015		Australian Stock Exchange Ltd		10,584
866,176	e	Babcock & Brown Ltd		23,481
62,647		Bank Pekao S.A.		5,772
1,500,142		Bear Stearns Cos, Inc		210,020
24,854	e*	BKF Capital Group, Inc		57
351,161	e	BlackRock, Inc		54,988

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
228,846		Calamos Asset Management, Inc (Class A)	$	5,847
22,087	*	Capinordic AS		110
273,634	e	Cbot Holdings, Inc (Class A)		56,533
4,497,983		Charles Schwab Corp		92,299
183,062		Chicago Mercantile Exchange Holdings, Inc		97,821
424,000	*	China Everbright Ltd		888
1,490,000	*	China Solar Energy Holdings Ltd		122
92,119	e	Cohen & Steers, Inc		4,003
102,052	*	Cowen Group, Inc		1,828
92,370		Daewoo Securities Co Ltd		2,841
17,060		Daishin Securities Co Ltd		550
1,747,750		Daiwa Securities Group, Inc		18,581
142,851	e	Deutsche Boerse AG.		16,039
2,094,380	*	E*Trade Financial Corp		46,265
1,108	e	E*Trade Securities Co Ltd		1,175
633,680		Eaton Vance Corp		27,996
49,217	*	Epoch Holding Corp		659
54,026		Evercore Partners, Inc (Class A)		1,608
32,225	e*	FCStone Group, Inc		1,847
918,793		Federated Investors, Inc (Class B)		35,217
1,110,520		Franklin Resources, Inc		147,111
34,815	e	GAMCO Investors, Inc (Class A)		1,951
448,505	e*	GFI Group, Inc		32,508
1,996,688		Goldman Sachs Group, Inc		432,782
98,219	e	Greenhill & Co, Inc		6,749
118,450		Hana Financial Group, Inc		5,765
45,274		Hellenic Exchanges S.A.		1,182
1,910,470		Hong Kong Exchanges and Clearing Ltd		26,970
175,150		Hyundai Securities Co		4,351
181,337		Indiabulls Financial Services Ltd		2,626
174,652	*	Indiabulls Real Estate Ltd		1,795
262,839	*	Interactive Brokers Group, Inc (Class A)		7,131
541,435	*	IntercontinentalExchange, Inc		80,051
210,702	e	International Securities Exchange, Inc		13,769
192,194	*	Investment Technology Group, Inc		8,328
797,379		Janus Capital Group, Inc		22,199
475,305		Jefferies Group, Inc		12,824
164,718	e*	KBW, Inc		4,839
1,599,800		Kim Eng Securities Thailand PCL		1,157
589,068	*	Knight Capital Group, Inc (Class A)		9,779
34,118		Korea Investment Holdings Co Ltd		2,329
368,572	e*	LaBranche & Co, Inc		2,720
520,585	e*	Ladenburg Thalmann Financial Services, Inc		1,197
519,585		Lazard Ltd (Class A)		23,397
11,611,419		Legal & General Group plc		34,835
644,480		Legg Mason, Inc		63,404
2,524,638		Lehman Brothers Holdings, Inc		188,136
112,935		London Stock Exchange Group plc		3,053
653,147	e	Macquarie Bank Ltd		46,912
185,226	e*	MarketAxess Holdings, Inc		3,332
96,900	e	Matsui Securities Co Ltd		864
4,171,862		Merrill Lynch & Co, Inc		348,684
25,323		MFS Ltd		124
10,528		Mirae Asset Securities Co Ltd		947
213,949		Mitsubishi Securities Co		2,397
6,911,711		Morgan Stanley		579,754

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
74,286	e*	Morningstar, Inc	$	3,493
633,866	e*	Nasdaq Stock Market, Inc		18,832
305,550		Nikko Cordial Corp		3,985
3,247,484		Nomura Holdings, Inc		63,077
40,476		Nordnet AB (B Shares)		132
2,504		Numis Corp plc		16
343,861		Nuveen Investments, Inc (Class A)		21,371
406,834	e	Nymex Holdings, Inc		51,111
4,081		NYSE Euronext		304
1,110,604	e	NYSE Euronext		81,763
53,618		OMX AB		1,607
265,640	e	optionsXpress Holdings, Inc		6,816
2,668,700		OSK Holdings BHD		2,332
76,335	*	Penson Worldwide, Inc		1,873
517,000	m,v*	Peregrine Investment Holdings		-	^
113,198	*	Piper Jaffray Cos		6,309
365,048		Raymond James Financial, Inc		11,280
31,657		Samsung Securities Co Ltd		2,541
83,371	e	Sanders Morris Harris Group, Inc		970
43,599	e	SBI Holdings, Inc		13,831
73,944		Schroders plc		1,889
1,129,158		SEI Investments Co		32,791
995,900	e	Shinko Securities Co Ltd		5,143
2,421,373		Singapore Exchange Ltd		15,535
79,076	e*	Stifel Financial Corp		4,657
920		Swissquote Group Holding S.A.		45
165,649		SWS Group, Inc		3,581
1,428,649		T Rowe Price Group, Inc		74,133
1,057,180	*	TD Ameritrade Holding Corp		21,144
129,772	e*	Thomas Weisel Partners Group, Inc		2,161
71,871		Tong Yang Investment Bank		1,417
90,747		TSX Group, Inc		3,552
3,645,565		UOB-Kay Hian Holdings Ltd		5,145
61,180	e	US Global Investors, Inc (Class A)		1,387
3,493,300	*	Utama Banking Group BHD		2,431
7,346		Value Line, Inc		323
468,558		Waddell & Reed Financial, Inc (Class A)		12,187
47,260		Woori Investment & Securities Co Ltd		1,443
124,057	e	WP Stewart & Co Ltd		1,351
		TOTAL SECURITY AND COMMODITY BROKERS		3,475,542

SOCIAL SERVICES - 0.01%
144,316	*	Bright Horizons Family Solutions, Inc		5,615
122,472	e*	Capital Senior Living Corp		1,154
64,988	e*	Providence Service Corp		1,736
134,003	*	Res-Care, Inc		2,833
258,230		Vedior NV		7,717
		TOTAL SOCIAL SERVICES		19,055

SPECIAL TRADE CONTRACTORS - 0.05%
20,022	e	Alico, Inc		1,221
173,268	*	AsiaInfo Holdings, Inc		1,681
10,118		Asian Paints Ltd		201
297,892	*	Carso Infraestructura y Construccion S.A. de C.V.		298
157,089		Chemed Corp		10,413
218,930		Comfort Systems USA, Inc		3,104

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
429,372		COMSYS Holdings Corp	$	4,973
12,000		Daimei Telecom Engineering Corp		127
253,849	*	Dycom Industries, Inc		7,610
211,232	*	EMCOR Group, Inc		15,399
160,991	e*	Insituform Technologies, Inc (Class A)		3,511
102,074	e*	Integrated Electrical Services, Inc		3,365
18,610		KCI Konecranes Oyj		778
90,138		Kinden Corp		783
13,284		Kone Oyj (Class B)		835
6,000		Kyowa Exeo Corp		70
66,760	e*	Layne Christensen Co		2,734
3,792	*	PBG S.A.		512
469,092	e*	Quanta Services, Inc		14,387
		TOTAL SPECIAL TRADE CONTRACTORS		72,002

STONE, CLAY, AND GLASS PRODUCTS - 0.61%
3,502,567		3M Co		303,988
963		Adana Cimento (Class A)		6
907		Akcansa Cimento A.S.		6
156,549		Apogee Enterprises, Inc		4,355
1,133,500	e	Asahi Glass Co Ltd		15,284
1,362,760		Asia Cement Corp		1,794
102,408		Associated Cement Co Ltd		2,354
132,999	e*	Cabot Microelectronics Corp		4,720
110,799	e	CARBO Ceramics, Inc		4,854
5,064,349	*	Cemex S.A. de C.V.		18,652
670,895		Central Glass Co Ltd		3,749
41,935		Cimpor Cimentos de Portugal S.A.		396
667,799	e	Compagnie de Saint-Gobain		74,809
611,051		Cookson Group plc		8,654
109,718		CRH plc		5,422
11,262		Cristalerias de Chile S.A.		157
1,730		Dyckerhoff AG.		127
218,408	e	Eagle Materials, Inc		10,713
8,210		Epcos AG.		161
7,212		FLSmidth & Co A/S		565
662,999		Gentex Corp		13,055
4,503,400		Goldsun Development & Construction Co Ltd		2,602
18,293		Grasim Industries Ltd		1,185
402,456		Grupo Carso S.A. de C.V. (Series A1)		1,558
841,525		Gujarat Ambuja Cements Ltd		2,578
140,059		Hanson plc		3,022
1,140,996	e	Holcim Ltd		123,225
510		Holcim Maroc S.A.		177
4,577,000		Holcim Philippines, Inc		791
2,508,500		Indocement Tunggal Prakarsa Tbk PT		1,734
140,770		Industrias Penoles S.A. de C.V.		1,679
12,565		Italcementi S.p.A.		388
395,979	e	James Hardie Industries NV		2,922
5,300		Jordan Cement Factories		91
12,000		Krosaki Harima Corp		47
61		Lafarge Ciments		41
2,625,100		Lafarge Malayan Cement BHD		1,324
142,536	e	Lafarge S.A.		25,978
64,688	e	Libbey, Inc		1,395
1,248,658		NGK Insulators Ltd		30,666

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
419,624	e	Nippon Sheet Glass Co Ltd	$	1,916
653,607	e*	Owens Corning, Inc		21,981
645,526	*	Owens-Illinois, Inc		22,593
13,193	m,v*	Paragon Trade Brands, Inc		-	^
18,415		Pretoria Portland Cement Co Ltd		1,274
6,180	*	RHI AG.		337
1,256,893		Rinker Group Ltd		20,029
793,500		Semen Gresik Persero Tbk PT		4,539
113,200		Siam Cement PCL		879
11,100		Siam Cement PCL		84
16,400		Siam City Cement PCL		131
2,000		Siam City Cement PCL		16
6,733,148		Sumitomo Osaka Cement Co Ltd		17,836
1,759,050		Taiheiyo Cement Corp		7,781
1,511,034		Taiwan Cement Corp		1,751
194,600		Taiwan Glass Industrial Corp		186
197,158	e	Toto Ltd		1,707
1,892		Trakya Cam Sanayi A.S.		7
156,049		Turk Sise ve Cam Fabrikalari A.S.		636
1,420,123		UBE Industries Ltd		4,372
8,682		Ultra Tech Cement Ltd		192
192,108	e*	US Concrete, Inc		1,669
460,069	e*	USG Corp		22,562
503,207	e	Wienerberger AG.		37,001
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		844,703

TEXTILE MILL PRODUCTS - 0.02%
51,790		Cheil Industries, Inc		2,484
692,000	*	China Grand Forestry Resources Group Ltd		134
1,597,072		Far Eastern Textile Co Ltd		1,635
6,057		Fiberweb plc		19
154,220		Formosa Taffeta Co Ltd		169
37,387	e*	Heelys, Inc		967
9,190		Hyosung Corp		491
17,000		Nitto Boseki Co Ltd		65
319,079		Oxford Industries, Inc		14,148
406,530	e	Seiren Co Ltd		4,061
4,636		Ten Cate NV		177
102,971		Texwinca Holdings Ltd		85
1,077,500		Weiqiao Textile Co		2,417
115,751		Xerium Technologies, Inc		882
		TOTAL TEXTILE MILL PRODUCTS		27,734

TOBACCO PRODUCTS - 1.04%
52,595	e	Altadis S.A.		3,476
15,014,728		Altria Group, Inc		1,053,133
174,100		British American Tobacco Malaysia BHD		2,269
3,106,323		British American Tobacco plc		105,943
5,348		Eastern Tobacco		385
999,284		Imperial Tobacco Group plc		46,073
1,281,170		ITC Ltd		4,880
15,165		Japan Tobacco, Inc		74,752
436,608		Loews Corp (Carolina Group)		33,737
375		Philip Morris CR		195
960,814	e	Reynolds American, Inc		62,645
60,835		Souza Cruz S.A.		1,460

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
686,483	e	Swedish Match AB	$	13,242
153,489		Universal Corp		9,351
642,888		UST, Inc		34,530
161,137	e	Vector Group Ltd		3,630
		TOTAL TOBACCO PRODUCTS		1,449,701

TRANSPORTATION BY AIR - 0.50%
342,638	*	ABX Air, Inc		2,762
320,090	*	ACE Aviation Holdings, Inc (Class A)		8,071
5,277		Aeroports de Paris		612
1,176,000		Air China Ltd		897
593,392		Air France-KLM		27,610
57,150	e*	Air Methods Corp		2,096
654,700	*	AirAsia BHD		361
14,400		Airports of Thailand PCL		25
500,472	e*	Airtran Holdings, Inc		5,465
239,332	*	Alaska Air Group, Inc		6,668
560,000		All Nippon Airways Co Ltd		2,131
28,056	e*	Allegiant Travel Co		862
2,197,556	e*	AMR Corp		57,906
111,076		Asiana Airlines		1,000
108,029	e*	Atlas Air Worldwide Holdings, Inc		6,367
758,126		Auckland International Airport Ltd		1,916
350,594		BBA Aviation plc		1,903
766,000		Beijing Capital International Airport Co Ltd		1,077
114,479	e*	Bristow Group, Inc		5,672
460,057	*	British Airways plc		3,848
2,715,294		Cathay Pacific Airways Ltd		6,753
360,839		China Airlines		162
62,000	v*	China Eastern Airlines Corp Ltd (H Shares)		30
272,000	*	China Southern Airlines Co Ltd		187
1,005,599	*	Continental Airlines, Inc (Class B)		34,060
79,749		Copa Holdings S.A. (Class A)		5,362
971,023	*	Delta Air Lines, Inc		19,129
1,053,146		Deutsche Lufthansa AG.		29,375
177,944	*	EGL, Inc		8,271
354,000		Eva Airways Corp		143
381,800	e*	ExpressJet Holdings, Inc		2,283
1,622,487		FedEx Corp		180,047
7,810		Flughafen Wien AG.		770
359		Flughafen Zuerich AG.		146
191,464	b,e,m,v*	FLYi, Inc		1
25,617		Gol Linhas Aereas Inteligentes S.A.		847
293,793		Grupo Aeroportuario del Pacifico S.A. de C.V. (B Shares)		1,450
116,147		Grupo Aeroportuario del Sureste S.A. de C.V. (Class B)		609
403,741		Iberia Lineas Aereas de Espana		2,009
715,000		Japan Airlines Corp		1,345
29,773		Jazz Air Income Fund		229
2,154,035	e*	JetBlue Airways Corp		25,310
18,758		Korean Air Lines Co Ltd		1,064
207,232		Lan Airlines S.A.		3,473
1,377,260		Macquarie Airports		4,706
13,600		Malaysian Airline System BHD		23
128,558	*	Midwest Air Group, Inc		1,931
1,273,079	*	Northwest Airlines Corp		28,262
75,026	e*	PHI, Inc		2,235

100

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
157,792	e*	Pinnacle Airlines Corp	$	2,959
2,561,315		Qantas Airways Ltd		12,152
217,441	*	Republic Airways Holdings, Inc		4,425
312,925	*	Ryanair Holdings plc		2,088
1,121,021		SABMiller plc		28,382
57,406	*	SAS AB		1,320
989,264		Singapore Airlines Ltd		12,157
3,303,135		Singapore Technologies Engineering Ltd		7,780
475,655		Skywest, Inc		11,335
3,529,223		Southwest Airlines Co		52,621
96	m,v*	Swissair Group		-	^
75,576		Tam S.A.		2,515
504,800		Thai Airways International PCL		632
7,300		Transmile Group BHD		10
920,000		Travelsky Technology Ltd		787
756	*	Turk Hava Yollari		6
1,083,218	e*	UAL Corp		43,968
484,818	*	US Airways Group, Inc		14,675
		TOTAL TRANSPORTATION BY AIR		695,273

TRANSPORTATION EQUIPMENT - 3.37%
142,079		A.O. Smith Corp		5,668
4,462,700		AAPICO Hitech PCL		1,912
206,992	*	AAR Corp		6,833
151,940	*	Accuride Corp		2,341
25,106	*	Aerovironment, Inc		517
140,820	*	Aftermarket Technology Corp		4,180
10,250		Aker Yards AS		178
263,142	e	American Axle & Manufacturing Holdings, Inc		7,794
50,383		American Railcar Industries, Inc		1,965
113,489	*	Amerigon, Inc		2,042
78,661	e	Arctic Cat, Inc		1,557
424,291	e	ArvinMeritor, Inc		9,419
718,098		Ashok Leyland Ltd		668
2,540,391		Austal Ltd		8,062
606,190		Autoliv, Inc		34,474
17,651		Bajaj Auto Ltd		929
353,126	*	BE Aerospace, Inc		14,584
5,770,284		Boeing Co		554,871
2,279,390	*	Bombardier, Inc (Class B)		13,695
680,000	*	Brilliance China Automotive Holdings Ltd		170
380,345		Brunswick Corp		12,411
952,058	e	Calsonic Kansei Corp		3,916
212,270		China Motor Corp		205
302,557	e	Clarcor, Inc		11,325
213,946	e*	Comtech Group, Inc		3,532
1,728,240		Cosco Corp Singapore Ltd		4,221
59,100		Daewoo Shipbuilding & Marine Engineering Co Ltd		3,341
1,499,949		DaimlerChrysler AG.		138,075
17,259	e	DaimlerChrysler AG.		1,587
7,900	b,e*	Dana Corp		16
1,428,805		Denso Corp		55,882
9,506		D'ieteren S.A.		4,249
16,993		Doosan Heavy Industries and Construction Co Ltd		1,625
10,867		Elbit Systems Ltd		457
274,995		Empresa Brasileira de Aeronautica S.A.		3,339

101

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
65,930	e	European Aeronautic Defence and Space Co	$	2,140
333,041		Federal Signal Corp		5,282
7,312,996	e	Fiat S.p.A.		217,217
337,387	e*	Fleetwood Enterprises, Inc		3,053
357,060	e*	Force Protection, Inc		7,370
14,049,348	e*	Ford Motor Co		132,345
57,748		Ford Otomotiv Sanayi A.S.		539
127,473	e	Freightcar America, Inc		6,098
311,785	e*	GenCorp, Inc		4,075
2,365,198		General Dynamics Corp		185,006
2,520,706	e	General Motors Corp		95,283
53,787	e*	GenTek, Inc		1,894
795,538		Genuine Parts Co		39,459
2,341,324		GKN plc		18,638
1,446,029		Goodpack Ltd		2,073
523,975		Goodrich Corp		31,208
79,225	e	Greenbrier Cos, Inc		2,394
152,412		Group 1 Automotive, Inc		6,148
1,512,600	e	Hankyu Hanshin Holdings, Inc		7,987
1,425,267		Harley-Davidson, Inc		84,960
510,979		Harsco Corp		26,571
648,616	*	Hayes Lemmerz International, Inc		3,470
135,214	e	Heico Corp		5,690
39,692		Hero Honda Motors Ltd		676
1,837,510	e	Hino Motors Ltd		10,985
2,937,603	e	Honda Motor Co Ltd		106,671
171,421		Hongkong Land Holdings Ltd		772
31,437		Hyundai Heavy Industries		11,713
9,744		Hyundai Mipo Dockyard		2,708
36,059		Hyundai Mobis		3,421
21,940		Hyundai Motor Co		1,049
99,444		Hyundai Motor Co		7,847
39,988		IMMSI S.p.A.		124
926,000		Isuzu Motors Ltd		5,006
1,764,322		ITT Industries, Inc		120,468
218,022		Japan Tecseed Co Ltd		928
1,175,100		Johnson Electric Holdings Ltd		653
101,737		JTEKT Corp		1,837
140,044		Kaman Corp		4,368
1,608,466		Kawasaki Heavy Industries Ltd		6,562
9,694,082		Keppel Corp Ltd		79,303
109,590		Kia Motors Corp		1,706
197,702	*	KOC Holding A.S.		779
23,944	e	Lagardere S.C.A.		2,077
3,519		Leoni AG.		164
2,421,160		Lockheed Martin Corp		227,904
236,299		Magna International, Inc (Class A)		21,628
208,619		Mahindra & Mahindra Ltd		3,709
46,689		MAN AG.		6,665
63,955		Maruti Udyog Ltd		1,170
52,893	*	Miller Industries, Inc		1,328
196,218	e	Monaco Coach Corp		2,816
38,663		MTU Aero Engines Holding AG.		2,514
454,000		Nabtesco Corp		6,613
37,047		NHK Spring Co Ltd		357
59,770	e	Noble International Ltd		1,222

102

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
1,756,676		Northrop Grumman Corp	$	136,792
215,317		Novatek Microelectronics Corp Ltd		1,125
1,561,687		NSK Ltd		16,145
476,219	*	Orbital Sciences Corp		10,005
344,584		Oshkosh Truck Corp		21,681
1,568,429		Paccar, Inc		136,516
1,050,407	*	Pactiv Corp		33,497
109,178		Peugeot S.A.		8,795
253,167	e	Polaris Industries, Inc		13,712
5,960		Porsche AG.		10,637
24,000		Press Kogyo Co Ltd		101
128,600		Proton Holdings BHD		223
3,156,451		Raytheon Co		170,101
592,572		Renault S.A.		95,042
22,240		Rieter Holding AG.		11,626
3,746,363		Rolls-Royce Group plc		40,339
109,980		Samsung Heavy Industries Co Ltd		5,374
21,000		Sanden Corp		92
911,244	e	Scania AB (B Shares)		22,226
4,362,731		SembCorp Marine Ltd		13,991
38,457	e*	Sequa Corp (Class A)		4,307
55,078	e	Shimano, Inc		1,889
3,168,839		Siemens AG.		453,783
200,758		Smiths Group plc		4,761
145,828	e	Spartan Motors, Inc		2,482
779,009	*	Spirit Aerosystems Holdings, Inc (Class A)		28,083
74,693		Standard Motor Products, Inc		1,123
127,731	e	Superior Industries International, Inc		2,779
138,116		Tata Motors Ltd		2,275
266,622	*	Tenneco, Inc		9,342
152,349		Thales S.A.		9,310
165,319	e	Thor Industries, Inc		7,462
45,796		Tofas Turk Otomobil Fabrik		219
91,800		Tokai Rika Co Ltd		2,509
46,783		Toyoda Gosei Co Ltd		1,319
315,635		Toyota Industries Corp		14,665
5,051,008		Toyota Motor Corp		318,549
49,523	e*	TransDigm Group, Inc		2,004
52,866		Trelleborg AB (B Shares)		1,455
338,352	e	Trinity Industries, Inc		14,732
93,837	e	Triumph Group, Inc		6,144
448,863	*	TRW Automotive Holdings Corp		16,532
5,777,707		United Technologies Corp		409,813
769,923	e*	Visteon Corp		6,236
513,826	e	Volkswagen AG.		81,715
84,436		Volkswagen AG.		8,718
305,647	e	Volvo AB (A Shares)		6,260
1,896,650	e	Volvo AB (B Shares)		37,710
182,456	e	Wabash National Corp		2,669
56,000		Weichai Power Co Ltd		363
354,045		Westinghouse Air Brake Technologies Corp		12,933
170,396	e	Winnebago Industries, Inc		5,030
1,048,830	e	Yamaha Motor Co Ltd		30,432
317,405		Yulon Motor Co Ltd		391
		TOTAL TRANSPORTATION EQUIPMENT		4,706,697

103

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
TRANSPORTATION SERVICES - 0.20%
235,946		All America Latina Logistica S.A.	$	3,229
96,058		Ambassadors Group, Inc		3,413
35,692	e	Ambassadors International, Inc		1,187
235,461		Arriva plc		3,234
937,120	*	Asciano Group		8,048
950,543		CH Robinson Worldwide, Inc		49,923
2,391		Clarkson plc		44
1,042	e	Dfds A/S		134
75,646	*	Dynamex, Inc		1,931
894,121		Expeditors International Washington, Inc		36,927
192,393		GATX Corp		9,475
15,000		Go-Ahead Group plc		785
309,266	*	HUB Group, Inc (Class A)		10,874
440,000		Jiangsu Express		445
1,100		Kintetsu World Express, Inc		37
522		Kuoni Reisen Holding		314
473,220	*	Lear Corp		16,851
1,715,297		MTR Corp		4,064
26,102		National Express Group plc		556
297,877		Pacer International, Inc		7,006
1,159,600		PLUS Expressways BHD		1,077
148,179		Ship Finance International Ltd		4,398
400,000		Sinotrans Ltd		189
282,822		Stolt-Nielsen S.A.		9,420
846,404		Toll Holdings Ltd		10,372
41,292	e	TUI AG.		1,137
3,445,907		UTI Worldwide, Inc		92,316
542,000		Zhejiang Expressway Co Ltd		582
		TOTAL TRANSPORTATION SERVICES		277,968

TRUCKING AND WAREHOUSING - 0.52%
131,279	e	Arkansas Best Corp		5,116
2,513		Big Yellow Group plc		26
125,919	e*	Celadon Group, Inc		2,002
119,293		Christian Salvesen plc		144
542,034		Con-way, Inc		27,232
300	*	Covenant Transport, Inc (Class A)		3
7,837,020		Deutsche Post AG.		253,692
1,189,616	e	DSV AS		23,301
172,312	e	Forward Air Corp		5,874
1,154,096		Grindrod Ltd		3,592
368,117	e	Heartland Express, Inc		6,000
412,380		J.B. Hunt Transport Services, Inc		12,091
412,002		Kamigumi Co Ltd		3,570
558,166		Landstar System, Inc		26,932
93,229	*	Marten Transport Ltd		1,679
76,672		Mitsubishi Logistics Corp		1,262
3,261,798		Nippon Express Co Ltd		18,542
1,445		Norbert Dentressangle		140
161,384	*	Old Dominion Freight Line		4,866
7,970	e*	Patriot Transportation Holding, Inc		691
96,132	*	Saia, Inc		2,621
513,341		Seino Holdings Corp		4,859
1,355,627		TNT NV		61,209
3,095,424		United Parcel Service, Inc (Class B)		225,966

104

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
36,269	e*	Universal Truckload Services, Inc	$	721
272,897	e	Werner Enterprises, Inc		5,499
258,800		Yamato Transport Co Ltd		3,658
530,400	e*	YRC Worldwide, Inc		19,519
		TOTAL TRUCKING AND WAREHOUSING		720,807

WATER TRANSPORTATION - 0.28%
198,767		Alexander & Baldwin, Inc		10,557
336,618	e*	American Commercial Lines, Inc		8,769
976		AP Moller - Maersk A/S		11,739
360,000	e	Aries Maritime Transport Ltd		3,503
71,051		Arlington Tankers Ltd		2,038
8,635,000		Berlian Laju Tanker Tbk PT		1,956
5,255		Brostrom AB (B Shares)		56
1,787,135		Carnival Corp		87,159
37,405		Carnival plc		1,788
1,046,000		China Shipping Container Lines Co Ltd		714
1,142,000		China Shipping Development Co Ltd		2,643
152,951		Compagnie Maritime Belge S.A.		10,677
13,761	*	Compania SudAmericana de Vapores S.A.		29
3,176,875		COSCO Holdings		4,566
526,781	e	D/S Torm AS		19,656
40,000		Daiichi Chuo Kisen Kaisha		187
210,000		Danaos Corp		6,605
184,424		Double Hull Tankers, Inc		2,875
221,530		Eagle Bulk Shipping, Inc		4,964
35,176	e	Euronav NV		1,280
670,222		Evergreen Marine Corp Tawain Ltd		443
1,042,000		Ezra Holdings Ltd		3,955
196,616	e	Frontline Ltd		9,015
52,050	e	Frontline Ltd		2,392
3,278		Ganger Rolf A/S		147
89,671	e	Genco Shipping & Trading Ltd		3,700
125,326	e	General Maritime Corp		3,356
191,992		Golar LNG Ltd		3,199
128,308	*	Gulfmark Offshore, Inc		6,572
40,920		Hanjin Shipping Co Ltd		1,800
270,023		Horizon Lines, Inc (Class A)		8,846
141,965	e*	Hornbeck Offshore Services, Inc		5,503
18,940		Hyundai Merchant Marine Co Ltd		736
4,205,000		International Container Term Services, Inc		2,590
1,343		Israel Corp Ltd		924
1,271,905		Kawasaki Kisen Kaisha Ltd		15,512
258,725	*	Kirby Corp		9,932
118,869		Knightsbridge Tankers Ltd		3,627
32,062		Kuehne & Nagel International AG.		2,953
473,600		Malaysia International Shipping Corp BHD		1,360
1,708,020		Mitsui OSK Lines Ltd		23,159
413,879		Neptune Orient Lines Ltd		1,435
2,690,672		Nippon Yusen Kabushiki Kaisha		24,677
144,869	e	Nordic American Tanker Shipping		5,916
6,935		Odfjell ASA (B Shares)		118
213,563	*	Odyssey Marine Exploration, Inc		1,284
170,000		Omega Navigation Enterprises, Inc (Class A)		3,698
527,042		Orient Overseas International Ltd		5,153
240,016		Overseas Shipholding Group, Inc		19,537

105

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
184,000		Pacific Basin Shipping Ltd	$	207
4,100		Port of Tauranga Ltd		22
144,800		Precious Shipping PCL		111
459,984		Royal Caribbean Cruises Ltd		19,770
13,000		Shinwa Kaiun Kaisha Ltd		100
1,928		Ship Finance International Ltd		57
22,396	*	TBS International Ltd (Class A)		636
163,381		Teekay Corp		9,461
83,773	*	Ultrapetrol Bahamas Ltd		1,985
381,000		U-Ming Marine Transport Corp		744
534,400		Wan Hai Lines Ltd		428
231,000		Yang Ming Marine Transport		179
		TOTAL WATER TRANSPORTATION		387,000

WHOLESALE TRADE-DURABLE GOODS - 0.59%
36,421	*	1-800 Contacts, Inc		854
23,459		AGFA-Gevaert NV		605
201,537		Agilysys, Inc		4,535
337,326		Applied Industrial Technologies, Inc		9,951
447,387	e	Argo Graphics, Inc		6,377
752,887	*	Arrow Electronics, Inc		28,933
59,530		Assa Abloy AB (Class B)		1,310
175,296		Autobacs Seven Co Ltd		5,469
100,800		Banpu PCL		790
153,513		Barloworld Ltd		4,265
243,775	e	Barnes Group, Inc		7,723
239,364	e*	Beacon Roofing Supply, Inc		4,067
77,466	e	BlueLinx Holdings, Inc		813
2,530		Bobst Group AG.		159
393,922		Boral Ltd		2,924
255,905		BorgWarner, Inc		22,018
71,074		Buhrmann NV		1,090
184,280	e	Building Material Holding Corp		2,615
73,123		Bunzl plc		1,012
658,136	e	Canon Marketing Japan Inc		13,463
59,573		Castle (A.M.) & Co		2,139
2,778,000		China Communications Construction Co Ltd		4,978
483,000	v*	China High Speed Transmission Equipment Group Co Ltd		437
859,000		Citic Pacific Ltd		4,306
1,104,000	*	CMC Magnetics Corp		373
147,719		Compagnie Generale d'Optique Essilor International S.A.		17,594
157,222	e*	Conceptus, Inc		3,045
4,417		Crane Group Ltd		63
2,750		Creative Technology Ltd		14
945,602	*	Cytyc Corp		40,765
4,552,000		Denway Motors Ltd		2,154
130,371	*	Digi International, Inc		1,922
538,800		D-Link Corp		1,277
1,366,000		Dongfeng Motor Group Co Ltd		727
162,563	e*	Drew Industries, Inc		5,387
313,786		Electrocomponents plc		1,647
745,462		Energy Support Corp		1,428
458,974		Finning International, Inc		13,046
104,240	e*	Fortescue Metals Group Ltd		2,978
371,389	e*	Genesis Microchip, Inc		3,476
37,733	*	Glu Mobile, Inc		524

106

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
2,445,321		Hagemeyer NV	$	12,601
5,100		Hakuto Co Ltd		80
52,363	e*	Hansen Medical, Inc		989
51,600		Hitachi Software Engineering Co Ltd		1,154
89,715	e*	Houston Wire & Cable Co		2,549
668,851		IKON Office Solutions, Inc		10,441
105,056		Imperial Holdings Ltd		2,159
3,856		IMS-Intl Metal Service		183
797,298	*	Ingram Micro, Inc (Class A)		17,309
302,114	*	Insight Enterprises, Inc		6,819
153,051	*	Interline Brands, Inc		3,992
87,925		JD Group Ltd		882
3,137,000		K Wah International Holdings Ltd		1,228
8,273		KCC Corp		3,759
85,854	*	Keystone Automotive Industries, Inc		3,552
845,032	*	Kingboard Laminates Holdings Ltd		785
20,288		Kingspan Group plc		569
1,365,945	e	Kloeckner & Co AG.		98,428
323,747	e	Knight Transportation, Inc		6,274
28,886		Lawson Products, Inc		1,118
105,188		Lewis Group Ltd		915
22,146		LG International Corp		744
248,498	e*	LKQ Corp		6,128
179,062		Martin Marietta Materials, Inc		29,012
26,965	e*	Merge Technologies, Inc		176
46,226	*	MWI Veterinary Supply, Inc		1,844
3,590		Mytilineos Holdings S.A.		180
9,303	*	Navarre Corp		36
26	e	NET One Systems Co Ltd		29
3,486,196		Nissan Motor Co Ltd		37,323
56,594		Orascom Construction Industries		3,700
240,611	e	Owens & Minor, Inc		8,407
663,041	*	Patterson Cos, Inc		24,712
267,740	e	PEP Boys-Manny Moe & Jack		5,398
880,647		Phoenix Precision Technology Corp		1,146
209,089	e	Pool Corp		8,161
518,815	*	PSS World Medical, Inc		9,453
3,138,203		PT Astra International Tbk		5,889
138,348		Rautaruukki Oyj		8,838
365,849		Reliance Steel & Aluminum Co		20,583
65,000	*	Renovo Group plc		263
111,042	*	RSC Holdings, Inc		2,221
161,255	e	Ryerson Tull, Inc		6,071
1,749		Schouw & Co		159
265,865	e*	Securitas Direct AB (B Shares)		717
215,347		Securitas Systems AB (B Shares)		731
45,000		Seika Corp		126
517,325	e	Softbank Corp		11,148
140,653	*	Solera Holdings, Inc		2,726
151,400	e*	Solid Group Holdings Co Ltd		68
3,124,156	e	Sumitomo Corp		56,958
9,000		Tamura Corp		48
5,236,315		Tat Hong Holdings Ltd		7,186
235,958	*	Tech Data Corp		9,075
19,834,975		Test-Rite International Co		12,825
145,648		TMK OAO (GDR)		5,315

107

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
9,000	g,m,v	TMK OAO (GDR)	$	328
60,536	*	TomoTherapy, Inc		1,327
290,000		TPV Technology Ltd		201
224,358	e*	Tyler Technologies, Inc		2,784
2,194	*	UBISOFT Entertainment		116
669,200	e	Ulvac, Inc		24,038
3,622,300		UMW Holdings BHD		13,224
442,205		W.W. Grainger, Inc		41,147
408,815	*	WESCO International, Inc		24,713
428,429		Wesfarmers Ltd		16,589
87,890	e*	West Marine, Inc		1,209
128,720		Wolseley plc		3,089
19,000		Yamazen Corp		141
7,704		Zodiac S.A.		592
		TOTAL WHOLESALE TRADE-DURABLE GOODS		819,933

WHOLESALE TRADE-NONDURABLE GOODS - 0.80%
473,151		Airgas, Inc		22,664
260,008	e*	Akorn, Inc		1,817
10,281,000	*	Alliance Global Group, Inc		1,305
671,441	*	Alliance One International, Inc		6,748
296,604	e*	Allscripts Healthcare Solutions, Inc		7,557
79,708	e	Andersons, Inc		3,613
147,264		AVI Ltd		410
5,455	e	Axfood AB		193
118,731	e*	Bare Escentuals, Inc		4,055
141,028	e*	Beijing Med-Pharm Corp		1,505
160,801		Bidvest Group Ltd		3,262
449,927		Billabong International Ltd		6,831
302,109	e	Brown-Forman Corp (Class B)		22,078
1,630,527		Cardinal Health, Inc		115,180
216,259	e	Casino Guichard Perrachon S.A.		21,867
56,552		Celesio AG.		3,676
179,466	e*	Central European Distribution Corp		6,213
562,000		China Mengniu Dairy Co Ltd		1,939
718,000		China Resources Enterprise		2,700
1,238,000		China Yurun Food Group Ltd		1,384
380		CMIC Co Ltd		92
476,058		Controladora Comercial Mexicana S.A. de C.V.		1,218
56,483	e*	Core-Mark Holding Co, Inc		2,032
1,366,173		Dean Foods Co		43,540
46,529		DS Smith plc		215
276,813		Empresas COPEC S.A.		4,040
900,580	*	Endo Pharmaceuticals Holdings, Inc		30,827
2,234,375		Esprit Holdings Ltd		28,389
3,762,443		Foster's Group Ltd		20,303
142,381	*	Fresh Del Monte Produce, Inc		3,567
15,789		Fyffes plc		19
2,483,645		Gazprom (ADR)		103,278
223,330		GIIR, Inc		3,525
161,408	*	Gildan Activewear, Inc		5,511
30,802	e*	Green Mountain Coffee Roasters, Inc		2,425
237,112	*	Hain Celestial Group, Inc		6,435
24,240		Hanwha Corp		1,409
500,430	*	Henry Schein, Inc		26,738
513,340		Herbalife Ltd		20,354

108

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				VALUE
SHARES				(000)
757,480		Idearc, Inc	$	26,762
15,665,900		IRPC PCL		2,746
8,800		Itochu Enex Co Ltd		73
45,000	e	Iwatani International Corp		128
59,104		Kenneth Cole Productions, Inc (Class A)		1,460
247,507	e	K-Swiss, Inc (Class A)		7,012
82,504		KT&G Corp		5,804
16,703		LG Fashion Corp		602
2,487,120		Li & Fung Ltd		8,952
78,028	e*	LSB Industries, Inc		1,668
245,000	e	Macquarie Infrastructure Co LLC		10,163
4,338,359		Marubeni Corp		35,688
126,572		Massmart Holdings Ltd		1,542
19,676	e*	Maui Land & Pineapple Co, Inc		723
303,157		Men's Wearhouse, Inc		15,482
3,742,229		Mitsubishi Corp		98,054
292,109		Myers Industries, Inc		6,458
94,657	e	Nash Finch Co		4,685
2,014,241		Nippon Oil Corp		18,708
267,382		Nu Skin Enterprises, Inc (Class A)		4,412
82,966	e*	Nuco2, Inc		2,130
5,617		Oriflame Cosmetics S.A.		264
1,750,989		Orkla ASA		33,015
51,200		Pakistan State Oil Co Ltd		331
77,813	e*	Perry Ellis International, Inc		2,503
3,097		Pescanova S.A.		159
279,300		Petronas Dagangan BHD		648
404,636		Reliance Industries Ltd		16,938
950		Samsung Fine Chemicals Co Ltd		37
1,166,600		San Miguel Corp (Class B)		2,069
48,900	e	San-A Co Ltd		1,444
146,251	*	School Specialty, Inc		5,183
2,700,000	e	Sigma Pharmaceuticals Ltd		4,845
4,862,000		Sinochem Hong Kong Holding Ltd		3,440
59,067	e	Societe BIC S.A.		4,350
208,587	e*	Source Interlink Cos, Inc		1,039
109,302		Spar Group Ltd		818
141,661		Spartan Stores, Inc		4,662
238,807		Stride Rite Corp		4,838
201,380		Suzuken Co Ltd		6,291
2,923,337		Sysco Corp		96,441
580,321	e*	Terra Industries, Inc		14,752
855,000		Thai Union Frozen Products PCL		612
100,535		Tiger Brands Ltd		2,573
146,274	e*	Tractor Supply Co		7,614
94,000		Tsingtao Brewery Co Ltd		228
1,276,000		Unilever Indonesia Tbk PT		947
2,157,228	e	Unilever NV		66,947
370,000		Unilever NV		11,477
1,549,000		Uni-President Enterprises Corp		1,551
236,173	e*	United Natural Foods, Inc		6,277
160,290	*	United Stationers, Inc		10,682
48,998	e	Valhi, Inc		799
74,824	e*	Volcom, Inc		3,751
12,200		Wimm-Bill-Dann Foods OJSC (ADR)		1,269
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		1,110,960

109

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				MATURITY		VALUE
SHARES			RATE	DATE		(000)

		TOTAL COMMON STOCKS			$	138,913,527
		(Cost $114,769,693)

WARRANTS - 0.00%**

COMMUNICATIONS - 0.00%**
81,197	*	Lucent Technologies, Inc (Expires 12/10/07)				14
		TOTAL COMMUNICATIONS				14

GENERAL BUILDING CONTRACTORS - 0.00%**
13,500	*	China Overseas Land & Investment Ltd (Expires 07/18/07)				13
		TOTAL GENERAL BUILDING CONTRACTORS				13

HOTELS AND OTHER LODGING PLACES - 0.00%**
1,397,640	v*	Minor International PCL (Expires 03/29/08)				301
		TOTAL HOTELS AND OTHER LODGING PLACES				301

NONDEPOSITORY INSTITUTIONS - 0.00%**
27,401	m,v*	Imperial Credit Industries (Expires 01/31/08)				-	^
		TOTAL NONDEPOSITORY INSTITUTIONS				-	^

REAL ESTATE - 0.00%**
196,459	*	Cheuk Nang Holdings Ltd (Expires 04/30/08)				58
		TOTAL REAL ESTATE				58

		TOTAL WARRANTS				386
		(Cost $0)



PRINCIPAL

SHORT-TERM INVESTMENTS - 6.46%

CERTIFICATE OF DEPOSITS - 0.22%
$ 50,000,000	Abbey National plc	5.298%	07/13/07	49,999
25,000,000	First Tennessee Bank NA	5.290	07/09/07	25,000
50,000,000	First Tennessee Bank NA	5.300	07/23/07	50,001
100,000,000	Rabobank Nederland	5.240	09/06/07	99,967
50,000,000	Toronto Dominion Bank	5.290	07/30/07	49,997
36,900,000	UBS Finance, (Delaware), Inc	5.300	07/20/07	36,899
	TOTAL CERTIFICATE OF DEPOSITS			311,863

COMMERCIAL PAPER - 2.19%
50,000,000	Abbey National North America LLC	0.000	07/30/07	49,795
40,000,000	Abbott Laboratories, Inc	0.000	07/06/07	39,976
40,600,000	Abbott Laboratories, Inc	0.000	07/12/07	40,540
40,000,000	American Honda Finance Corp	0.000	07/05/07	39,982
50,000,000	American Honda Finance Corp	0.000	07/24/07	49,838
50,000,000	AT&T, Inc	0.000	08/06/07	49,743
40,000,000	Atlantis One Funding Corp	0.000	07/12/07	39,940
17,971,000	Atlantis One Funding Corp	0.000	08/14/07	17,857
41,600,000	BMW US Capital Corp	0.000	07/25/07	41,459
100,000,000	Cargill Global Funding plc	0.000	07/02/07	100,000
50,000,000	Caterpillar, Inc	0.000	07/06/07	49,970
33,594,000	CC (USA), Inc	0.000	07/23/07	33,489
50,000,000	CC (USA), Inc	0.000	07/24/07	49,837

110

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

			MATURITY	VALUE
PRINCIPAL		RATE	DATE	(000)
80,000,000	Ciesco LLC	0.000%	08/14/07	$	79,491
75,000,000	Citigroup Funding, Inc	0.000	07/19/07		74,813
50,000,000	Coca-Cola Co	0.000	07/11/07		49,933
35,000,000	Coca-Cola Co	0.000	07/27/07		34,871
50,000,000	Corporate Asset Funding Corp, Inc	0.000	07/10/07		49,940
50,000,000	Corporate Asset Funding Corp, Inc	0.000	08/01/07		49,778
100,000,000	Danske Corp	0.000	08/01/07		99,562
100,000,000	Dexia	0.000	09/05/07		99,054
40,000,000	Dorada Finance, Inc	0.000	07/10/07		39,952
25,000,000	Dorada Finance, Inc	0.000	08/13/07		24,845
50,000,000	Eaton Corp	0.000	07/09/07		49,948
39,954,000	Edison Asset Securitization LLC	0.000	07/26/07		39,811
50,000,000	Edison Asset Securitization LLC	0.000	09/04/07		49,528
43,800,000	Emerson Electric Co	0.000	07/25/07		43,652
50,000,000	Fairway Finance Corp	0.000	07/23/07		49,844
50,000,000	Fairway Finance Corp	0.000	08/03/07		49,762
50,000,000	Govco LLC	0.000	07/19/07		49,873
50,000,000	Govco LLC	0.000	08/03/07		49,763
12,000,000	Grampian Funding LLC	0.000	07/23/07		11,962
50,000,000	Grampian Funding LLC	0.000	07/31/07		49,784
50,000,000	Greyhawk Funding LLC	0.000	07/02/07		50,000
50,000,000	Greyhawk Funding LLC	0.000	10/02/07		49,323
50,000,000	Harrier Finance Funding LLC	0.000	07/20/07		49,866
23,000,000	HBOS Treasury Services plc	0.000	07/02/07		23,000
20,400,000	Hershey Co	0.000	07/16/07		20,358
30,000,000	Hershey Co	0.000	07/23/07		29,907
45,000,000	Hewlett-Packard Co	0.000	07/11/07		44,940
40,000,000	Hewlett-Packard Co	0.000	07/16/07		39,917
48,600,000	Honeywell International	0.000	07/24/07		48,443
50,000,000	ING US Funding LLC	0.000	07/26/07		49,824
50,000,000	International Business Machines Corp	0.000	07/09/07		49,948
40,000,000	JPMorgan Chase & Co	0.000	07/10/07		39,953
50,000,000	Kitty Hawk Funding Corp	0.000	07/30/07		49,792
45,000,000	McGraw-Hill, Inc	0.000	08/28/07		44,621
40,000,000	Nestle Capital Corp	0.000	07/23/07		39,877
49,000,000	Old Line Funding LLC	0.000	07/02/07		49,000
50,000,000	Old Line Funding LLC	0.000	07/27/07		49,814
10,000,000	Pepsico, Inc	0.000	07/19/07		9,975
50,000,000	Pepsico, Inc	0.000	07/20/07		49,867
80,885,000	Pitney Bowes, Inc	0.000	07/12/07		80,765
40,000,000	PNC Bank	0.000	09/27/07		39,486
20,000,000	Private Export Funding Corp	0.000	07/10/07		19,976
50,000,000	Procter & Gamble International	0.000	07/18/07		49,882
25,000,000	Ranger Funding Co LLC	0.000	07/17/07		24,944
50,000,000	Ranger Funding Co LLC	0.000	08/01/07		49,778
50,000,000	Sedna Finance, Inc	0.000	07/05/07		49,978
25,000,000	Sheffield Receivables Corp	0.000	07/12/07		24,963
32,000,000	Sheffield Receivables Corp	0.000	07/16/07		31,933
50,000,000	Sigma Finance, Inc	0.000	07/03/07		49,993
25,000,000	UBS Finance, (Delaware), Inc	0.000	07/20/07		24,934
4,445,000	UBS Finance, (Delaware), Inc	0.000	07/24/07		4,431
75,000,000	Variable Funding Capital Corp	0.000	07/09/07		74,921
37,000,000	Yorktown Capital LLC	0.000	07/02/07		37,000
50,000,000	Yorktown Capital LLC	0.000	07/05/07		49,978
	TOTAL COMMERCIAL PAPER				3,049,979

111

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

				MATURITY	VALUE
PRINCIPAL			RATE	DATE	(000)
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 2.21%
		Federal National Mortgage Association
150,000,000		(FNMA)	0.000%	07/03/07	$	149,979
31,300,000		(FNMA)	0.000	07/10/07		31,264
169,090,000		(FNMA)	0.000	07/11/07		168,874
50,000,000		(FNMA)	0.000	07/18/07		49,887
52,791,000		(FNMA)	0.000	07/25/07		52,619
45,000,000		(FNMA)	0.000	07/27/07		44,841
98,777,000		(FNMA)	0.000	08/01/07		98,357
60,111,000		(FNMA)	0.000	08/08/07		59,796
49,598,000		(FNMA)	0.000	08/15/07		49,289
41,308,000		(FNMA)	0.000	09/19/07		40,846
100,000,000		(FNMA)	0.000	10/10/07		98,586
11,770,000		Federal Farm Credit Bank (FFCB)	0.000	07/11/07		11,755
200,000,000		Federal Home Loan Bank (FHLB)	0.000	07/05/07		199,915
42,000,000		(FHLB)	0.000	07/06/07		41,976
498,618,000		(FHLB)	0.000	07/13/07		497,841
49,000,000		(FHLB)	0.000	07/18/07		48,889
309,879,000		(FHLB)	0.000	07/20/07		309,089
44,447,000		(FHLB)	0.000	07/27/07		44,289
150,000,000		(FHLB)	0.000	09/04/07		149,952

150,000,000		Federal Home Loan Mortgage Corp (FHLMC)	0.000	07/02/07		150,000
25,780,000		(FHLMC)	0.000	07/09/07		25,754
118,180,000		(FHLMC)	0.000	07/16/07		117,946
50,000,000		(FHLMC)	0.000	07/25/07		49,837
115,000,000		(FHLMC)	0.000	07/30/07		114,544
8,100,000		(FHLMC)	0.000	08/06/07		8,060
200,000,000		(FHLMC)	0.000	08/17/07		198,696
50,000,000		(FHLMC)	0.000	09/04/07		49,547
100,000,000		(FHLMC)	0.000	09/14/07		98,952
125,435,000		(FHLMC)	0.000	09/17/07		124,067
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES				3,085,447

U.S. GOVERNMENT AND AGENCIES VARIABLE NOTES - 0.22%
100,000,000	i	Federal Farm Credit Bank (FFCB)	5.200	04/17/08		99,997
50,000,000	i	(FFCB)	5.210	05/13/08		49,997
100,000,000	i	(FFCB)	5.210	06/13/08		100,000
50,000,000	i	(FFCB)	5.200	07/28/08		49,993
		TOTAL U.S. GOVERNMENT AND AGENCIES VARIABLE NOTES				299,987

VARIABLE NOTES - 0.34%
50,000,000	i	American Express Bank FSB	5.290	12/13/07		49,996
50,000,000	i	Bank of Nova Scotia	5.265	12/31/07		50,013
50,000,000	g,i	Beta Finance, Inc	5.325	07/16/08		49,982
50,000,000	g,i	Harrier Finance Funding US LLC	5.320	02/21/08		50,011
25,000,000	g,i	Links Finance LLC	5.295	01/11/08		25,000
50,000,000	g,i	Sedna Finance, Inc	5.323	01/11/08		50,000
50,000,000	g,i	Sigma Finance, Inc	5.333	07/15/08		49,985
50,000,000	i	Societe Generale	5.328	07/24/07		49,998
50,000,000	i	Toronto Dominion Bank	5.320	07/11/07		49,999
50,000,000	i	Wells Fargo & Co	5.370	03/10/08		50,034
		TOTAL VARIABLE NOTES				475,018

112


COLLEGE RETIREMENT EQUITIES FUND - Stock Account

		VALUE
SHARES		(000)

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 1.28%
1,792,950,925	State Street Navigator Securities Lending Prime Portfolio	$	1,792,951
	TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED		1,792,951

	TOTAL SHORT-TERM INVESTMENTS		9,015,245
	(Cost $9,014,573)
	(includes $8,913,951 of cash collateral for securities on loan)

	TOTAL PORTFOLIO - 106.05%		148,041,467
	(Cost $123,897,384)
	OTHER ASSETS & LIABILITIES, NET - (6.05%)		(8,450,724	)

	NET ASSETS - 100.00%	$	139,590,743


		The following abbreviations are used in portfolio descriptions:
ADR		American Depositary Receipt
GDR		Global Depositary Receipt
LLC		Limited Liability Company
LP		Limited Partnership
plc		Public Limited Company
SPDR		Standard & Poor's Depository Receipt

*		Non-income producing.
**		Percentage represents less than 0.01%.
^		Amount represents less than $1,000.
a		Affiliated Holding.
b		In bankruptcy.
e		All or a portion of these securities are out on loan.
g		Security is exempt from registration under Rule 144 (A) of the Securities Act of 1933 and may be resold in transactions exempt from registration to qualified institutional buyers.
		At June 30, 2007, the value of these securities amounted to $226,286,713 or 0.16% of net assets.
i		Floating rate or variable rate securities reflects the rate in effect as of June 30, 2007.
m		Indicates a security that has been deemed illiquid.
v		Security valued at fair value.

		Cost amounts are in thousands.

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


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

113

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

COLLEGE RETIREMENT EQUITIES FUND TRANSACTIONS WITH AFFILIATED COMPANIES-STOCK ACCOUNT JANUARY 1, 2007 - JUNE 30, 2007
	Value at			Purchase		Realized			Dividend	Withholding		Shares at		Value at
Issue	December 31, 2006			Cost	Proceeds	Gain/(Loss)			Income	Expense		June 30, 2007		June 30, 2007

Adams Respiratory Therapeutics, Inc	$	**	$	-	$ 25,951,977	$	(3,466,463)	$	-	$	-	-		*
Digital Garage, Inc		20,717,415		$ 791,878	-		-		-		-	11,731	$	14,821,450
First NIS Regional Fund SICAV		15,984		-	-		-		-		-	1,598,400		15,984
GEA Group AG.		214,534,602		-	17,534,262		3,755,113		-		-	-		*
Healthsouth Corp		107,190,966		53,263,745	5,886,403		(1,958,309)		7		-	6,571,793		119,015,171
Information Development Co		3,311,591		-	-		-		62,793		4,396	427,900		2,674,733
Intelligent Wave, Inc		13,702,752		306,708	108,993		(47,958)		-		-	16,201		9,094,990
Lone Star Technologies, Inc		91,076,783		136,552	35,527,830		(4,467,603)		-		-	-		*
Playmates Holdings Ltd		11,693,577		108,871	744,051		(472,314)		687,589		-	-		*
Risa Partners, Inc		30,190,446		762,178	4,857,432		1,372,890		-		-	-		*
Shanghai Forte Land Co		32,443,552		16,385	9,669,700		2,664,709		-		-	-		*
Solomon Systech International Ltd		25,687,764		1,854,197	10,126,317		(5,751,498)		-		-	-		*
			$	57,240,514	$ 110,406,965	$	(8,371,433)	$	750,389	$	4,396		$	145,622,328

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

114

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

	COLLEGE RETIREMENT EQUITIES FUND
	STOCK ACCOUNT
	Summary of Market Values by Country (Unaudited)
	June 30, 2007
				% OF
				MARKET
			VALUE	VALUE
DOMESTIC
UNITED STATES		$	112,856,064,478	76.23	%
TOTAL DOMESTIC			112,856,064,478	76.23

FOREIGN
ARGENTINA			5,042,953	0.00
AUSTRALIA			1,447,960,542	0.98
AUSTRIA			296,691,808	0.20
BELGIUM			357,623,633	0.24
BRAZIL			293,478,121	0.20
CANADA			2,472,484,283	1.67
CAYMAN ISLANDS			81,942,026	0.06
CHILE			33,370,889	0.02
CHINA			51,059,813	0.03
COLUMBIA			4,251,157	0.00
CROATIA			7,466,415	0.01
CZECH REPUBLIC			14,964,283	0.01
DENMARK			137,406,664	0.09
EGYPT			14,960,808	0.01
FINLAND			592,333,415	0.40
FRANCE			3,782,891,468	2.56
GERMANY			3,416,356,195	2.31
GREECE			64,480,995	0.04
HONG KONG			831,679,336	0.56
HUNGARY			14,898,479	0.01
INDIA			202,086,493	0.14
INDONESIA			63,126,965	0.04
IRELAND			176,466,855	0.12
ISRAEL			210,704,155	0.14
ITALY			1,175,353,601	0.79
JAPAN			5,934,348,846	4.01
JORDAN			1,507,936	0.00
KAZAKHSTAN			26,256,485	0.02
LUXEMBOURG			58,412,150	0.04
MALAYSIA			172,977,061	0.12
MEXICO			142,189,830	0.10
MOROCCO			5,875,087	0.00
NETHERLANDS			1,372,438,228	0.93
NEW ZEALAND			57,130,487	0.04
NORWAY			323,066,039	0.22
PAKISTAN			4,283,465	0.00
PERU			12,546,264	0.01
PHILIPPINES			67,532,264	0.05
POLAND			37,072,941	0.03
PORTUGAL			47,833,014	0.03
REPUBLIC OF KOREA			376,605,390	0.25
RUSSIA			370,182,208	0.25
SINGAPORE			454,014,402	0.31
SOUTH AFRICA			174,776,155	0.12
SPAIN			768,080,238	0.52
SWEDEN			539,451,225	0.36
SWITZERLAND			2,143,541,726	1.45
TAIWAN (REPUBLIC OF CHINA)			370,308,677	0.25
THAILAND			92,504,504	0.06
TURKEY			28,794,039	0.02
UNITED KINGDOM			5,854,592,674	3.95
TOTAL FOREIGN			35,185,402,687	23.77
TOTAL PORTFOLIO		$	148,041,467,165	100.00	%

115

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

COLLEGE RETIREMENT EQUITIES FUND
GLOBAL EQUITIES ACCOUNT
STATEMENT OF INVESTMENTS (Unaudited)
June 30, 2007


			VALUE
SHARES			(000)

COMMON STOCKS - 99.25%

AGRICULTURAL SERVICES - 0.02%
103,294		Yara International ASA	$	3,097
		TOTAL AGRICULTURAL SERVICES		3,097

AMUSEMENT AND RECREATION SERVICES - 1.06%
72,601	*	Activision, Inc		1,356
329,652	e	Aristocrat Leisure Ltd		4,008
4,863	e*	bwin Interactive Entertainment		160
11,432,000	*	Galaxy Entertainment Group Ltd		11,142
64,983		Harrah's Entertainment, Inc		5,540
167,549		Ladbrokes plc		1,449
6,715,000	*	Leisure & Resorts World Corp		537
20,240	e	Lottomatica S.p.A.		803
26,000	e*	Marvel Entertainment, Inc		662
6,646,000		NagaCorp Ltd		1,858
275,268		Nintendo Co Ltd		100,430
51,856		OPAP S.A.		1,832
11,601		Oriental Land Co Ltd		606
20,776		Paddy Power plc		648
265,478		PartyGaming plc		163
100,697	*	Penn National Gaming, Inc		6,051
426,748	e	Publishing & Broadcasting Ltd		7,072
101,505		Rank Group plc		380
80		Round One Corp		145
45,444		Sega Sammy Holdings, Inc		735
85,694		Sky City Entertainment Group Ltd		336
112,473	e	TABCORP Holdings Ltd		1,634
867,676		Tattersall's Ltd		3,451
861,104		Walt Disney Co		29,398
94,203		William Hill plc		1,156
		TOTAL AMUSEMENT AND RECREATION SERVICES		181,552

APPAREL AND ACCESSORY STORES - 0.46%
48,372		Abercrombie & Fitch Co (Class A)		3,530
61,600	*	Aeropostale, Inc		2,567
117,880		American Eagle Outfitters, Inc		3,025
12,528		Aoyama Trading Co Ltd		385
229,000	*	Belle International Holdings Ltd		253
117,444		Burberry Group plc		1,609
45,480	e*	Chico's FAS, Inc		1,107
12,294		Fast Retailing Co Ltd		875
39,888		Foot Locker, Inc		870
1,053,140		Gap, Inc		20,115
444,061		Giordano International Ltd		219
26,186	*	Hanesbrands, Inc		708
272,489		Hennes & Mauritz AB (B Shares)		16,111
64,810		Inditex S.A.		3,815

116

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

			VALUE
SHARES			(000)
221,642	*	Kohl's Corp	$	15,743
92,916		Limited Brands, Inc		2,551
59,800		Nordstrom, Inc		3,057
388,000		Ports Design Ltd		1,091
36,505		Ross Stores, Inc		1,124
		TOTAL APPAREL AND ACCESSORY STORES		78,755

APPAREL AND OTHER TEXTILE PRODUCTS - 0.16%
298,200		Asics Corp		3,685
758		Benetton Group S.p.A.		13
42,737		Gunze Ltd		250
75,255		Jones Apparel Group, Inc		2,126
26,082	e	Liz Claiborne, Inc		973
645,495		Mitsubishi Rayon Co Ltd		4,598
509,636		Nisshinbo Industries, Inc		7,118
30,152		Onward Kashiyama Co Ltd		385
21,538		Polo Ralph Lauren Corp		2,113
4,926		Shimamura Co Ltd		526
157,000	v*	Stella International Holdings Ltd		311
145,659		Toyobo Co Ltd		417
47,678		VF Corp		4,366
23,627		Wacoal Holdings Corp		291
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		27,172

AUTO REPAIR, SERVICES AND PARKING - 0.04%
44,342		Aisin Seiki Co Ltd		1,627
161,700	*	Hertz Global Holdings, Inc		4,296
24,751		NOK Corp		523
21,200	e	Park24 Co Ltd		213
37,702		Sumitomo Rubber Industries, Inc		450
		TOTAL AUTO REPAIR, SERVICES AND PARKING		7,109

AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.13%
26,260		Advance Auto Parts		1,064
39,772	e*	Autonation, Inc		893
38,653	*	Autozone, Inc		5,281
34,935		Canadian Tire Corp (Class A)		2,757
55,424	*	Carmax, Inc		1,413
117,630		Inchcape plc		1,173
49,912		Jardine Cycle & Carriage Ltd		513
305,596		Suzuki Motor Corp		8,678
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		21,772

BUILDING MATERIALS AND GARDEN SUPPLIES - 0.32%
32,853	e	Fastenal Co		1,375
96,279		Grafton Group plc		1,374
898,732		Home Depot, Inc		35,365
624,505		Kingfisher plc		2,829
376,596		Lowe's Cos, Inc		11,558
50,341	*	RONA, Inc		1,051
30,905		Travis Perkins plc		1,173
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		54,725

BUSINESS SERVICES - 4.09%
395,712		Accenture Ltd (Class A)		16,972
49	e*	Access Co Ltd		148

117

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

			VALUE
SHARES			(000)
8,190	e	Acciona S.A.	$	2,228
19,969		Acxiom Corp		528
31,661	e	Adecco S.A.		2,449
779,725	*	Adobe Systems, Inc		31,306
218,904		Aegis Group plc		600
27,516	*	Affiliated Computer Services, Inc (Class A)		1,561
65,538		Aggreko plc		751
50,732	e*	Akamai Technologies, Inc		2,468
7,386		Asatsu-DK, Inc		250
16,950	*	Atos Origin S.A.		1,064
81,742	*	Autodesk, Inc		3,848
307,895		Automatic Data Processing, Inc		14,924
83,688		Autostrade S.p.A.		2,779
37,091	*	Avis Budget Group, Inc		1,054
241,498	*	BEA Systems, Inc		3,306
213,341	*	BMC Software, Inc		6,464
23,841	*	Business Objects S.A.		931
150,773		CA, Inc		3,894
233,276	e*	Cadence Design Systems, Inc		5,123
31,564		Cap Gemini S.A.		2,308
35,575	*	Ceridian Corp		1,245
276,738	*	CGI Group, Inc (Class A)		3,104
19,162	e*	Checkfree Corp		770
28,816	*	ChoicePoint, Inc		1,223
68,404	e	Cintra Concesiones de Infraestructuras de Transporte S.A.		1,087
46,746	*	Citrix Systems, Inc		1,574
36,997	*	Cognizant Technology Solutions Corp (Class A)		2,778
39,601	*	Cognos, Inc		1,579
375,925	*	Computer Sciences Corp		22,236
833,534		Computershare Ltd		7,953
474,955	e*	Compuware Corp		5,633
161,672	*	Convergys Corp		3,919
14,594		CSK Holdings Corp		514
44,229	e	Ctrip.com International Ltd (ADR)		3,478
14,179	e	Dassault Systemes S.A.		894
28,000		Deluxe Corp		1,137
450		Dentsu, Inc		1,276
13,808	*	DST Systems, Inc		1,094
170,000	e*	DynCorp International, Inc (Class A)		3,738
291	e	eAccess Ltd		174
396,955	*	eBay, Inc		12,774
80,521	*	Electronic Arts, Inc		3,810
295,928		Electronic Data Systems Corp		8,206
22,408	e*	Elpida Memory, Inc		984
52,541		Equifax, Inc		2,334
137,240	*	Expedia, Inc		4,020
285,914		Experian Group Ltd		3,598
49,240		Fidelity National Information Services, Inc		2,673
134,259		First Choice Holidays plc		853
458,765		First Data Corp		14,988
43,340	*	Fiserv, Inc		2,462
191,592	e*	Focus Media Holding Ltd (ADR)		9,675
6,587		FUJI SOFT, Inc		155
431,406		Fujitsu Ltd		3,178
1,784	e	Getronics NV		13
12,931	*	Getty Images, Inc		618

118

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

			VALUE
SHARES			(000)
45,015		GN Store Nord	$	531
278	e	Goodwill Group, Inc		96
83,152	*	Google, Inc (Class A)		43,520
306,643		Group 4 Securicor plc		1,293
2,059		Gruppo Editoriale L'Espresso S.p.A.		11
5,575		Hakuhodo DY Holdings, Inc		368
976,286		Hays plc		3,335
4,707,728		Huabao International Holdings Ltd		4,546
49,797		IMS Health, Inc		1,600
40,591	e	Indra Sistemas S.A.		1,012
59,299		Infosys Technologies Ltd		2,806
114,466	e*	Interpublic Group of Cos, Inc		1,305
117,357	e*	Intuit, Inc		3,530
48,057	e*	Iron Mountain, Inc		1,256
639,064	*	Juniper Networks, Inc		16,085
50,000	e*	Kinetic Concepts, Inc		2,599
223	e*	KK DaVinci Advisors		195
21,588		Konami Corp		496
20,914	e	Lamar Advertising Co (Class A)		1,313
407,543		LogicaCMG plc		1,235
43,544		Manpower, Inc		4,016
22,300	e	Mastercard, Inc (Class A)		3,699
88,800	*	McAfee, Inc		3,126
88,579		Michael Page International plc		931
4,227,447		Microsoft Corp		124,583
128,302		Misys plc		601
77,419		Mitsubishi UFJ Lease & Finance Co Ltd		3,477
30,487	*	Monster Worldwide, Inc		1,253
25,887	e*	NAVTEQ Corp		1,096
469,328		NEC Corp		2,416
24,910		Nomura Research Institute Ltd		733
262,000	*	Novell, Inc		2,041
1,834		NTT Data Corp		8,701
1,527		Obic Co Ltd		302
120,258		Omnicom Group, Inc		6,364
21,495	*	Open Text Corp		471
1,956,726	*	Oracle Corp		38,567
8,603	e	Oracle Corp Japan		380
3,400		Otsuka Corp		322
598,300		POS Malaysia & Services Holdings BHD		725
15,729	e	Promotora de Informaciones S.A.		345
23,100		Public Power Corp		651
19,006		Rakuten, Inc		6,390
13,295		Randstad Holdings NV		1,052
12,900		Ritchie Bros Auctioneers, Inc		810
41,419		Robert Half International, Inc		1,512
346,390		Sage Group plc		1,623
425,741		SAP AG.		21,767
48,713		Secom Co Ltd		2,298
78,489		Securitas AB (B Shares)		1,242
74,044	e	ServiceMaster Co		1,145
1,116		SGS S.A.		1,320
528,087		Singapore Post Ltd		439
5,263		Societe Des Autoroutes Paris-Rhin-Rhone		535
47,673,611		Solomon Systech International Ltd		6,819
26,000		Sotheby's		1,197

119

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

			VALUE
SHARES			(000)
81,000		Square Enix Co Ltd	$	2,046
1,800,715	*	Sun Microsystems, Inc		9,472
90,791	*	Synopsys, Inc		2,400
255,000		Tencent Holdings Ltd		1,025
267,563		Tietoenator Oyj		8,597
8,026		TIS, Inc		184
23,851		Trend Micro, Inc		770
88,508	*	Unisys Corp		809
81,300		United Internet AG.		1,684
5,392		USS Co Ltd		343
85,123	*	VeriSign, Inc		2,701
422,646		Waste Management, Inc		16,504
3,779,842		WPP Group plc		56,533
3,066		Yahoo! Japan Corp		1,039
686,757	*	Yahoo!, Inc		18,632
		TOTAL BUSINESS SERVICES		703,523

CHEMICALS AND ALLIED PRODUCTS - 8.06%
1,007,998		Abbott Laboratories		53,978
163,271	e*	Adams Respiratory Therapeutics, Inc		6,431
111,754	*	Agrium, Inc		4,898
225,388		Air Liquide		29,576
162,857		Air Products & Chemicals, Inc		13,089
911,831		Akzo Nobel NV		78,709
6,383		Alfresa Holdings Corp		446
18,691	e	Altana AG.		452
710,433	*	Amgen, Inc		39,280
273,093		Asahi Kasei Corp		1,794
122,483		Astellas Pharma, Inc		5,328
256,161		AstraZeneca plc		13,728
151,700		AstraZeneca plc (ADR)		8,113
25,393		Avery Dennison Corp		1,688
115,476		Avon Products, Inc		4,244
25,000	*	Barr Pharmaceuticals, Inc		1,256
170,853		BASF AG.		22,350
24,415		Beiersdorf AG.		1,738
121,732	e*	Biogen Idec, Inc		6,513
64,781	*	Biovail Corp International		1,651
793,979		Bristol-Myers Squibb Co		25,058
83,700		Celanese Corp (Series A)		3,246
15,645	e*	Cephalon, Inc		1,258
47,500		CF Industries Holdings, Inc		2,845
17,128	*	Charles River Laboratories International, Inc		884
64,864	e	Chugai Pharmaceutical Co Ltd		1,165
16,988	e	Ciba Specialty Chemicals AG.		1,104
53,222		Clariant AG.		861
54,358		Clorox Co		3,376
282,434		Colgate-Palmolive Co		18,316
128,870		CSL Ltd		9,593
232,511		Cytec Industries, Inc		14,827
59,630		Daicel Chemical Industries Ltd		388
161,579		Daiichi Sankyo Co Ltd		4,287
145,010		Dainippon Ink and Chemicals, Inc		559
341,276		Dow Chemical Co		15,091
239,363		DSM NV		11,789
460,221		Du Pont (E.I.) de Nemours & Co		23,398

120

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

			VALUE
SHARES			(000)
49,042		Ecolab, Inc	$	2,094
58,370		Eisai Co Ltd		2,549
178,291	*	Elan Corp plc		3,881
31,400	*	Elan Corp plc (ADR)		689
264,939		Eli Lilly & Co		14,805
81,820		Estee Lauder Cos (Class A)		3,724
32,100		FMC Corp		2,869
497,248	*	Genentech, Inc		37,622
173,762	*	Genzyme Corp		11,190
537,154	*	Gilead Sciences, Inc		20,825
1,855,506		GlaxoSmithKline plc		48,336
11,735		H Lundbeck A/S		297
32,304		Haw Par Corp Ltd		162
49,689	e	Henkel KGaA		2,618
23,952		Hitachi Chemical Co Ltd		542
139,302	*	Hospira, Inc		5,438
88,000		Huntsman Corp		2,139
318,030		Imperial Chemical Industries plc		3,956
20,774		International Flavors & Fragrances, Inc		1,083
16,773	e*	Invitrogen Corp		1,237
297,600		Ipsen		15,270
41,459		JSR Corp		1,000
48,480		Kansai Paint Co Ltd		424
120,757		Kao Corp		3,127
676,500	e*	Keryx Biopharmaceuticals, Inc		6,609
55,200	*	King Pharmaceuticals, Inc		1,129
669,807		Kingboard Chemical Holdings Ltd		3,083
7,383		Kose Corp		209
84,087		Kuraray Co Ltd		986
155,736		Kyowa Hakko Kogyo Co Ltd		1,470
32,619		Linde AG.		3,924
10,703		Lonza Group AG.		982
103,261	e	L'Oreal S.A.		12,205
18,200		Lubrizol Corp		1,175
50,792		Lupin Ltd		913
80,272		Lyondell Chemical Co		2,980
33,212		Mediceo Paltac Holdings Co Ltd		509
938,401		Merck & Co, Inc		46,732
168,193	e	Merck KGaA		23,012
46,773		Methanex Corp		1,161
80,967	*	Millennium Pharmaceuticals, Inc		856
303,994		Mitsubishi Chemical Holdings Corp		2,791
89,445		Mitsubishi Gas Chemical Co, Inc		816
176,678		Monsanto Co		11,933
32,300	*	Mosaic Co		1,260
22,600	*	NBTY, Inc		976
34,792		Nippon Kayaku Co Ltd		276
28,572		Nippon Shokubai Co Ltd		254
33,455		Nissan Chemical Industries Ltd		394
36,907		Nova Chemicals Corp		1,319
1,031,283		Novartis AG.		57,897
80,000		Novartis AG. (ADR)		4,486
55,917		Novo Nordisk A/S (Class B)		6,082
10,711		Novozymes A/S (B Shares)		1,241
7,825	e	Omega Pharma S.A.		677
19,036		Orion Oyj (Class B)		476

121

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

			VALUE
SHARES			(000)
30,189	e*	PDL BioPharma, Inc	$	703
3,236,715		Pfizer, Inc		82,763
226,343		PPG Industries, Inc		17,227
83,823		Praxair, Inc		6,034
1,344,567		Procter & Gamble Co		82,274
260,440		Ranbaxy Laboratories Ltd		2,274
792,684		Reckitt Benckiser plc		43,396
581,661		Roche Holding AG.		103,062
111,788		Rohm & Haas Co		6,113
252,388		Sanofi-Aventis		20,390
17,065		Santen Pharmaceutical Co Ltd		416
71,400	e	Sawai Pharmaceutical Co Ltd		2,461
80,698		Sherwin-Williams Co		5,364
321,047		Shin-Etsu Chemical Co Ltd		22,922
69,073		Shionogi & Co Ltd		1,126
80,148		Shiseido Co Ltd		1,711
253,826		Showa Denko KK		918
88,874		Sigma-Aldrich Corp		3,792
799,256		SSL International plc		6,981
362,982		Sumitomo Chemical Co Ltd		2,436
130,325		Symbion Health Ltd		450
24,956		Syngenta AG.		4,865
34,154		Taisho Pharmaceutical Co Ltd		678
64,897		Taiyo Nippon Sanso Corp		502
196,797		Takeda Pharmaceutical Co Ltd		12,713
49,895		Tanabe Seiyaku Co Ltd		593
193,807		Teijin Ltd		1,060
1,703,250		Teva Pharmaceutical Industries Ltd (ADR)		70,259
302,000	e*	Theravance, Inc		9,664
669,500	e	Tokai Carbon Co Ltd		6,264
49,693	e	Tokuyama Corp		646
199,300	e*	Tongjitang Chinese Medicines Co (ADR)		2,242
308,521		Toray Industries, Inc		2,280
111,647		Tosoh Corp		619
41,181	e	UCB S.A.		2,436
177,657	e*	Vertex Pharmaceuticals, Inc		5,074
606,214		Wyeth		34,760
33,226	e	Zeltia S.A.		312
37,798		Zeon Corp		402
		TOTAL CHEMICALS AND ALLIED PRODUCTS		1,386,179

COAL MINING - 0.25%
36,524	e	Arch Coal, Inc		1,271
5,088,000	*	China Coal Energy Co		7,639
47,420		Consol Energy, Inc		2,187
63,079		Fording Canadian Coal Trust		2,072
279,798		Gloucester Coal Ltd		1,201
20,336		Massey Energy Co		542
572,310		Peabody Energy Corp		27,688
		TOTAL COAL MINING		42,600

COMMUNICATIONS - 4.55%
2,653,089		Advanced Info Service PCL		6,645
239,985		Alltel Corp		16,211
147,782	*	American Tower Corp (Class A)		6,207
20,000	e*	Anixter International, Inc		1,504

122

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

			VALUE
SHARES			(000)
23,282	e*	Antena 3 de Television S.A.	$	484
2,708,681		AT&T, Inc		112,410
259,798	*	Avaya, Inc		4,375
447,318	e	BCE, Inc		16,940
2,299,800		BEC World PCL		1,533
61,547		Belgacom S.A.		2,724
26,600		Brasil Telecom Participacoes S.A. (ADR)		1,608
303,799		British Sky Broadcasting plc		3,895
2,909,373		BT Group plc		19,363
614,082		Cable & Wireless plc		2,385
79,922	*	Cablevision Systems Corp (Class A)		2,892
103,958		Carphone Warehouse Group plc		683
32,500		CenturyTel, Inc		1,594
362,500		China Mobile Hong Kong Ltd		3,900
38,944		Citadel Broadcasting Corp		251
138,850		Clear Channel Communications, Inc		5,251
700,215	*	Comcast Corp (Class A)		19,690
115,907	*	Comcast Corp (Special Class A)		3,241
26,759		Cosmote Mobile Telecommunications S.A.		826
118,647	*	Crown Castle International Corp		4,303
868,484	e	Deutsche Telekom AG.		15,995
263,100		Digi.Com BHD		1,755
344,078	*	DIRECTV Group, Inc		7,952
203,625	*	EchoStar Communications Corp (Class A)		8,831
109,287		Elisa Oyj		2,979
72,749		Embarq Corp		4,610
546,757	e	France Telecom S.A.		14,996
117		Fuji Television Network, Inc		235
8,642		Gestevision Telecinco S.A.		245
80,750		Globe Telecom, Inc		2,367
125,496		Hellenic Telecommunications Organization S.A.		3,890
5,068		Hikari Tsushin, Inc		213
451,405		Hutchison Telecommunications International Ltd		581
73,170	*	IAC/InterActiveCorp		2,532
562,723	*	Idea Cellular Ltd		1,721
485		Internet Initiative Japan Inc		1,636
1,036,336		ITV plc		2,365
2,388	*	Jupiter Telecommunications Co		1,973
1,615		KDDI Corp		11,964
287,500	e*	Level 3 Communications, Inc		1,682
131,327	e*	Liberty Global, Inc (Class A)		5,390
20,084	e*	Liberty Global, Inc (Series C)		789
89,442	*	Liberty Media Corp - Capital (Series A)		10,526
231,411	*	Liberty Media Holding Corp (Interactive A)		5,167
15,184	e	M6-Metropole Television		494
150,000	e	Manitoba Telecom Services, Inc		6,603
229,588		Mediaset S.p.A.		2,372
34,300	*	Mobile TeleSystems (ADR)		2,078
11,614	e	Mobistar S.A.		989
13,091		Modern Times Group AB (B Shares)		844
226,406	e	News Corp (Class B)		5,214
37,478	*	NII Holdings, Inc		3,026
1,201		Nippon Telegraph & Telephone Corp		5,315
4,076		NTT DoCoMo, Inc		6,447
1,887		Okinawa Cellular Telephone Co		5,086
10,013,485	*	Paxys, Inc		5,358

123

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

			VALUE
SHARES			(000)
110,498	e	Philippine Long Distance Telephone Co (ADR)	$	6,320
183,547		Portugal Telecom SGPS S.A.		2,538
84,003		ProSiebenSat.1 Media AG.		3,299
24,687	e	PT Multimedia Servicos de Telecomunicacoes e Multimedia SGPS S.A.		398
68,730	e	Publicis Groupe S.A.		3,037
800,635	e*	Qwest Communications International, Inc		7,766
221,066		Rogers Communications, Inc (Class B)		9,426
4,177,733		Royal KPN NV		69,312
1,222,141		Seat Pagine Gialle S.p.A.		733
77,280		Shaw Communications, Inc (Class B)		3,266
5,268,162		Singapore Telecommunications Ltd		11,717
38,237		Sky Network Television Ltd		166
29,112		Societe Television Francaise 1		1,006
8,762	*	Sogecable S.A.		366
1,350,871		Sprint Nextel Corp		27,977
5,367		Swisscom AG.		1,835
82,586		Tele2 AB (B Shares)		1,347
57,300	*	Telecom Argentina S.A. (ADR)		1,428
1,474,598	e	Telecom Corp of New Zealand Ltd		5,172
3,200,118		Telecom Italia S.p.A.		8,761
1,802,460		Telecom Italia S.p.A.		3,995
1,311,842		Telefonica S.A.		29,194
968,505		Telekom Austria AG.		24,119
656,500		Telekom Malaysia BHD		1,961
237,785		Telenor ASA		4,648
8,536		Telephone & Data Systems, Inc		491
56,456		Telephone & Data Systems, Inc		3,532
84,343		Television Broadcasts Ltd		593
454,376	e	TeliaSonera AB		3,333
786,175		Telstra Corp Ltd		3,059
72,375		Telstra Corp Ltd		190
26,195		TELUS Corp		1,568
71,682		TELUS Corp		4,223
3,268	*	Tiscali S.p.A.		10
8,500		Tokyo Broadcasting System, Inc		260
2,696,000	*	Total Access Communication PCL		3,477
24,920,520	*	True Corp PCL		5,557
96,200		Turkcell Iletisim Hizmetleri AS (ADR)		1,602
1,337,242		Verizon Communications, Inc		55,054
15,000		Vimpel-Communications (ADR)		1,580
15,611,993		Vodafone Group plc		52,313
635,320	e	Vodafone Group plc (ADR)		21,366
68,869	e*	XM Satellite Radio Holdings, Inc (Class A)		811
		TOTAL COMMUNICATIONS		781,941

DEPOSITORY INSTITUTIONS - 11.65%
79,083		77 Bank Ltd		513
2,702,661	e	ABN AMRO Holding NV		123,923
452,074		Allied Irish Banks plc		12,349
90,023		Alpha Bank S.A.		2,822
5,943,520		AMMB Holdings BHD		7,441
30,531		Associated Banc-Corp		998
395,184		Australia & New Zealand Banking Group Ltd		9,706
2,280,141		Banca Intesa S.p.A.		17,000
276,248		Banca Intesa S.p.A.		1,935
329,156	e	Banca Monte dei Paschi di Siena S.p.A.		2,226

124

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

			VALUE
SHARES			(000)
123,985		Banca Popolare di Milano	$	1,891
181,443	e	Banche Popolari Unite Scpa		4,612
2,663,304	e	Banco Bilbao Vizcaya Argentaria S.A.		65,131
68,151		Banco BPI S.A.		606
120,000	e	Banco Bradesco S.A. (ADR)		2,893
503,305	e	Banco Comercial Portugues S.A.		2,813
3,299,993		Banco de Oro Universal Bank		4,955
51,606		Banco Espirito Santo S.A.		1,151
111,809	e	Banco Popolare di Verona e Novara Scrl		3,215
245,045	e	Banco Popular Espanol S.A.		4,560
3,040,875		Banco Santander Central Hispano S.A.		55,897
2,091,859		Bank of America Corp		102,271
5,404,942	v*	Bank of Ayudhya PCL		1,800
551,939		Bank of East Asia Ltd		3,104
388,530		Bank of Ireland		7,849
599,287		Bank of Ireland		12,074
65,039		Bank of Kyoto Ltd		779
225,402		Bank of Montreal		14,473
950,815	*	Bank of New York Co, Inc		39,402
445,470		Bank of Nova Scotia		21,700
145,409		Bank of Okinawa Ltd		5,282
150,000		Bank of the Ryukyus Ltd		2,488
277,150		Bank of Yokohama Ltd		1,941
6,899,280		Barclays plc		95,989
142,279		BB&T Corp		5,788
359,208	e	BNP Paribas		42,668
1,181,701		BOC Hong Kong Holdings Ltd		2,814
1,671,100		Bumiputra-Commerce Holdings Bhd		5,662
180,890		Canadian Imperial Bank of Commerce		16,300
504,638		Capitalia S.p.A.		5,006
176,635		Chiba Bank Ltd		1,566
2,473,908		Citigroup, Inc		126,887
33,004		Close Brothers Group plc		567
38,980	e	Colonial Bancgroup, Inc		973
77,054		Comerica, Inc		4,582
47,633		Commerce Bancorp, Inc		1,762
215,988	e	Commerzbank AG.		10,302
276,421		Commonwealth Bank of Australia		12,932
57,228		Compass Bancshares, Inc		3,948
163,111	e	Credit Agricole S.A.		6,619
171,708		Danske Bank A/S		7,022
623,263		DBS Group Holdings Ltd		9,286
94,590		Depfa Bank plc		1,666
174,350		Deutsche Bank AG.		25,233
205,487	e	Dexia		6,419
209,323		DNB NOR Holding ASA		2,692
64,074		EFG Eurobank Ergasias S.A.		2,088
1,412,200		EON Capital BHD		2,763
43,842		Erste Bank der Oesterreichischen Sparkassen AG.		3,417
130,258	e	Fifth Third Bancorp		5,180
351,855	e	First Horizon National Corp		13,722
461,033	e	Fortis		19,540
8,982,365	*	Fuhwa Financial Holdings Co Ltd		5,096
142,489		Fukuoka Financial Group, Inc		942
86,160		Gunma Bank Ltd		579
90,000		Hachijuni Bank Ltd/The		634

125

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

			VALUE
SHARES			(000)
240,199		Hang Seng Bank Ltd	$	3,250
114,000		Hiroshima Bank Ltd/The		631
275,763		Hokuhoku Financial Group, Inc		892
4,950,056		HSBC Holdings plc		90,638
954,250		Hudson City Bancorp, Inc		11,661
57,749		Huntington Bancshares, Inc		1,313
436,006		ING Groep NV		19,190
95,076		Investec plc		1,221
16,532		Investors Financial Services Corp		1,020
154,338		Joyo Bank Ltd		959
1,819,328		JPMorgan Chase & Co		88,146
13,048	*	Jyske Bank		940
1,206,331		Kasikornbank PCL		2,668
686,200		Kasikornbank PCL		1,469
142,824		Keycorp		4,903
1,508,353		Lloyds TSB Group plc		16,767
17,112		M&T Bank Corp		1,829
59,706		Marshall & Ilsley Corp		2,844
146,442	e	Mediobanca S.p.A.		3,326
256,512		Mellon Financial Corp		11,287
2,398,000		Metropolitan Bank & Trust		3,707
1,908		Mitsubishi UFJ Financial Group, Inc		21,028
149,750		Mitsui Trust Holdings, Inc		1,303
4,686		Mizuho Financial Group. Inc		32,373
348,522		National Australia Bank Ltd		12,112
73,074		National Bank Of Canada		4,210
143,633		National Bank of Greece S.A.		8,178
171,623		National City Corp		5,719
70,194	e	New York Community Bancorp, Inc		1,195
155,045		Nishi-Nippon City Bank Ltd		567
601,858		Nordea Bank AB		9,400
50,812		Northern Trust Corp		3,264
20,898		OKO Bank (Class A)		387
1,005,393		Oversea-Chinese Banking Corp		6,010
32,500		People's United Financial, Inc		576
125,015		Piraeus Bank S.A.		4,556
117,741		PNC Financial Services Group, Inc		8,428
9,049,000		PT Bank Mandiri Persero Tbk		3,128
8,291	e	Raiffeisen International Bank Holding AG.		1,310
189,602		Regions Financial Corp		6,276
1,316	e	Resona Holdings, Inc		3,144
2,866,100		Rizal Commercial Banking Corp		2,210
575,033		Royal Bank of Canada		30,564
7,455,697		Royal Bank of Scotland Group plc		94,341
70		Sapporo Hokuyo Holdings, Inc		772
41,960		Shinhan Financial Group Co Ltd		2,554
327,320		Shinsei Bank Ltd		1,323
133,727		Shizuoka Bank Ltd		1,357
103,622	e	Skandinaviska Enskilda Banken AB (Class A)		3,336
279,744		Societe Generale		51,831
98,256	e	Sovereign Bancorp, Inc		2,077
86,644		State Street Corp		5,926
2,910	e	Sumitomo Mitsui Financial Group, Inc		27,128
290,488		Sumitomo Trust & Banking Co Ltd		2,767
588,799		SunTrust Banks, Inc		50,484
41,738		Suruga Bank Ltd		526

126

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

			VALUE
SHARES			(000)
118,491	e	Svenska Handelsbanken (A Shares)	$	3,313
13,943		Sydbank A/S		667
92,715		Synovus Financial Corp		2,846
361,958		TCF Financial Corp		10,062
657,769		UBS A.G.		39,337
9,727,418		UniCredito Italiano S.p.A		86,881
528,800		Union Bank Of Philippines		710
90,152		UnionBanCal Corp		5,382
447,260		United Overseas Bank Ltd		6,430
844,568		US Bancorp		27,829
790,490		Wachovia Corp		40,513
421,678		Washington Mutual, Inc		17,980
1,933,627		Wells Fargo & Co		68,006
380,465		Western Union Co		7,925
396,492		Westpac Banking Corp		8,610
56,235		Wing Hang Bank Ltd		621
795,000	*	Yes Bank Ltd		3,519
37,373		Zions Bancorporation		2,874
		TOTAL DEPOSITORY INSTITUTIONS		2,002,970

EATING AND DRINKING PLACES - 1.20%
1,608,000	*	Ajisen China Holdings Ltd		1,703
29,529		Autogrill S.p.A.		625
84,326		Brinker International, Inc		2,468
16,888,512		Compass Group plc		116,616
584,709	e	Darden Restaurants, Inc		25,721
148,043		Enterprise Inns plc		2,040
633,907		McDonald's Corp		32,177
100,418		Mitchells & Butlers plc		1,763
46,030		Onex Corp		1,590
70,678		Punch Taverns plc		1,734
23,491	e	Sodexho Alliance S.A.		1,680
195,380	*	Starbucks Corp		5,127
49,592	e	Tim Hortons, Inc		1,525
24,443	e	Wendy's International, Inc		898
49,333		Whitbread plc		1,745
1,200		Yoshinoya D&C Co Ltd		2,237
189,494		Yum! Brands, Inc		6,200
		TOTAL EATING AND DRINKING PLACES		205,849

EDUCATIONAL SERVICES - 0.03%
37,844	*	Apollo Group, Inc (Class A)		2,211
15,882		Benesse Corp		460
112,576		CAE, Inc		1,501
24,320	*	Career Education Corp		821
		TOTAL EDUCATIONAL SERVICES		4,993

ELECTRIC, GAS, AND SANITARY SERVICES - 4.21%
236,692	*	AES Corp		5,179
92,897		AGL Energy Ltd		1,194
105,768		Alinta Ltd		1,364
54,400	*	Allegheny Energy, Inc		2,815
107,179		Alliant Energy Corp		4,164
53,665		Ameren Corp		2,630
197,756		American Electric Power Co, Inc		8,907
34,179		Aqua America, Inc		769

127

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

			VALUE
SHARES			(000)
85,500		BKW FMB Energie AG.	$	8,994
223,814		British Energy Group plc		2,414
27,546		Caltex Australia Ltd		552
20,395		Canadian Utilities Ltd (Class A)		886
204,548		Centerpoint Energy, Inc		3,559
980,141		Centrica plc		7,615
153,161	e	Chubu Electric Power Co, Inc		4,064
511,539		CLP Holdings Ltd		3,434
30,000	e	Companhia de Saneamento Basico do Estado de Sao Paulo (ADR)		1,322
69,859		Consolidated Edison, Inc		3,152
350,122		Constellation Energy Group, Inc		30,520
55,914	e	Contact Energy Ltd		388
125,406		Dominion Resources, Inc		10,824
325,037	e	DPL, Inc		9,212
46,157		DTE Energy Co		2,226
380,074		Duke Energy Corp		6,955
328,094	e	E.ON AG.		54,779
212,573		Edison International		11,930
126,000		EDP - Energias do Brasil S.A.		2,587
250,408		El Paso Corp		4,315
35,039	e	Electric Power Development Co		1,392
156,099	e*	Enbridge, Inc		5,261
206,796	e	Endesa S.A.		11,254
1,289,459	e	Enel S.p.A.		13,860
40,000		Energen Corp		2,198
445,104		Energias de Portugal S.A.		2,461
39,300		Energy East Corp		1,025
129,753		Entergy Corp		13,929
353,356		Exelon Corp		25,654
3,743,102		First Philippine Holdings Corp		7,289
281,356		FirstEnergy Corp		18,212
48,500	e	Fortis, Inc		1,184
1,836,699	e	Fortum Oyj		57,392
132,540		FPL Group, Inc		7,520
49,999	e	Gas Natural SDG S.A.		3,038
48,582	e	Gaz de France		2,451
42,303		Hokkaido Electric Power Co, Inc		918
1,161,568		Hong Kong & China Gas Ltd		2,448
419,567		Hong Kong Electric Holdings Ltd		2,116
55,000	e	Huaneng Power International, Inc (ADR)		2,555
262,842	e	Iberdrola S.A.		14,676
372,426		International Power plc		3,201
178,453		Kansai Electric Power Co, Inc		4,220
73,555		Kelda Group plc		1,386
95,622		Kelda Group plc (Class B)		375
45,651		KeySpan Corp		1,916
87,860		Kyushu Electric Power Co, Inc		2,303
90,000	*	Mirant Corp		3,839
724,888		National Grid plc		10,696
108,619		NiSource, Inc		2,250
230,000		Northumbrian Water Group plc		1,411
180,400	e*	NRG Energy, Inc		7,499
17,053		Oest Elektrizitatswirts AG. (Class A)		872
148,480		Okinawa Electric Power Co, Inc		8,703
466,125		Osaka Gas Co Ltd		1,732
94,036		Pepco Holdings, Inc		2,652

128

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

			VALUE
SHARES			(000)
122,672		PG&E Corp	$	5,557
25,141		Pinnacle West Capital Corp		1,002
154,187		PPL Corp		7,214
63,117		Progress Energy, Inc		2,878
86,965		Public Service Enterprise Group, Inc		7,634
3,243		Puma AG. Rudolf Dassler Sport		1,446
210,892		Questar Corp		11,146
107,225	*	Reliant Energy, Inc		2,890
181,019		Republic Services, Inc		5,546
4,466		RWE AG.		443
505,524		RWE AG.		53,626
28,217		SCANA Corp		1,080
230,539		Scottish & Southern Energy plc		6,684
2,745,273		SembCorp Industries Ltd		10,233
122,413		Sempra Energy		7,251
62,148		Severn Trent plc		1,716
286,040		Snam Rete Gas S.p.A.		1,691
2	*	Sociedad General de Aguas de Barcelona S.A.		-	^
20,395	e	Sociedad General de Aguas de Barcelona S.A. (Class A)		748
3,446,364		Sojitz Holdings Corp		15,404
194,557		Southern Co		6,671
1,022,714	e	Suez S.A.		58,467
1,452,900		Tenaga Nasional BHD		4,806
99,063		Tohoku Electric Power Co, Inc		2,222
526,428		Tokyo Electric Power Co, Inc		16,934
520,838		Tokyo Gas Co Ltd		2,470
90,421		TransAlta Corp		2,271
155,282		TXU Corp		10,450
35,364	e	Union Fenosa S.A.		1,888
233,943		United Utilities plc		3,323
51,474		Vector Ltd		108
75,659	v*	Veolia Environnement		86
75,659	e	Veolia Environnement		5,942
275,000		Westar Energy, Inc		6,677
212,021		Williams Cos, Inc		6,704
54,501		Wisconsin Energy Corp		2,411
102,270		Xcel Energy, Inc		2,093
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		724,350

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 5.85%
897,311		ABB Ltd		20,232
1,036,744	e*	Acme Packet, Inc		11,912
31,436	*	ADC Telecommunications, Inc		576
142,574	e*	Advanced Micro Devices, Inc		2,039
273,342		Advantest Corp		11,901
1,570,008	e	Alcatel S.A.		21,961
3		Alcatel S.A. (ADR)		-	^
35,114		Alps Electric Co Ltd		351
125,885		Altera Corp		2,786
185,300	e*	Amkor Technology, Inc		2,918
44,932		Amphenol Corp (Class A)		1,602
120,041		Analog Devices, Inc		4,518
584,325	*	Apple Computer, Inc		71,311
358,007		ARM Holdings plc		1,047
122,327	e*	Avnet, Inc		4,849
2,382	e	Bang & Olufsen A/S (B Shares)		285

129

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

			VALUE
SHARES			(000)
4,674	e	Barco NV	$	434
1,431,800		Boustead Holdings BHD		1,255
167,844	*	Broadcom Corp (Class A)		4,909
87,208	*	Celestica, Inc		550
325,606	*	Chartered Semiconductor Manufacturing Ltd		286
3,279,048	*	Cisco Systems, Inc		91,321
1,700	e*	Comverse Technology, Inc		35
182,324	e	Cooper Industries Ltd (Class A)		10,409
225,000	e*	Cree, Inc		5,816
33,328	*	CSR plc		522
48,733	e	Dainippon Screen Manufacturing Co Ltd		368
1,330,283		Datacraft Asia Ltd		1,715
76,135	e	Eaton Corp		7,081
155,939		Electrolux AB (Series B)		3,692
213,281		EMI Group plc		1,143
29,564	e*	Energizer Holdings, Inc		2,945
10,514,156		Ericsson (LM) (B Shares)		41,940
208,000	*	Fairchild Semiconductor International, Inc		4,019
100,864		Fanuc Ltd		10,411
52,991	e	Fisher & Paykel Appliances Holdings Ltd		142
100,537		Fisher & Paykel Healthcare Corp		261
157,472	e*	Flextronics International Ltd		1,701
633,829	*	Foxconn International Holdings Ltd		1,816
129,822		Fuji Electric Holdings Co Ltd		659
49,704		Gamesa Corp Tecnologica S.A.		1,798
52,674	e	Garmin Ltd		3,896
2,265	e	Geo Corp		3,839
200,000		Geodesic Information Systems Ltd		1,447
54,640	*	Gmarket, Inc (ADR)		1,062
348,658		GVK Power & Infrastructure Ltd		4,154
131,300	e	Hamamatsu Photonics KK		4,122
15,925		Harman International Industries, Inc		1,860
7,363	e	Hirose Electric Co Ltd		968
15,700		Hitachi High-Technologies Corp		407
778,548		Hitachi Ltd		5,509
768,600		Hon Hai Precision Industry Co, Ltd		6,639
536,878		Honeywell International, Inc		30,216
94,531		Hoya Corp		3,136
127,008		Ibiden Co Ltd		8,195
97,400		Indesit Co S.p.A.		2,269
208,485	*	Infineon Technologies AG.		3,446
140,000	e*	Infineon Technologies AG. (ADR)		2,314
5,517,197		Intel Corp		131,089
35,960		Intersil Corp (Class A)		1,131
345		Intracom S.A.		2
55,503	e*	JDS Uniphase Corp		745
1,283,543		Koninklijke Philips Electronics NV		54,393
7,560	e	Kudelski S.A.		264
37,638		Kyocera Corp		3,999
136,523	e	L-3 Communications Holdings, Inc		13,296
8,500		Lincoln Electric Holdings, Inc		631
77,867		Linear Technology Corp		2,817
384,160	*	LSI Logic Corp		2,885
6,130		Mabuchi Motor Co Ltd		375
173,250	*	Marvell Technology Group Ltd		3,155
450,982		Matsushita Electric Industrial Co Ltd		8,937

130

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

			VALUE
SHARES			(000)
85,956		Matsushita Electric Works Ltd	$	1,099
333,396		Maxim Integrated Products, Inc		11,139
294,000		MediaTek, Inc		4,574
117,877	*	MEMC Electronic Materials, Inc		7,205
56,180		Microchip Technology, Inc		2,081
433,254	*	Micron Technology, Inc		5,429
80,900		Minebea Co Ltd		457
447,661		Mitsubishi Electric Corp		4,147
1,013,065		Motorola, Inc		17,931
103,256		Murata Manufacturing Co Ltd		7,769
162,612		National Semiconductor Corp		4,597
8,217	e*	NEC Electronics Corp		216
532,637	*	Network Appliance, Inc		15,553
39,988		NGK Spark Plug Co Ltd		695
25,206		Nidec Corp		1,479
36,777		Nitto Denko Corp		1,854
5,290		NKT Holding A/S		525
1,873,786	e	Nokia Oyj		52,626
195,703	*	Nortel Networks Corp		4,718
96,137	*	Novellus Systems, Inc		2,727
119,783	*	Nvidia Corp		4,948
189,358	e*	Ocean Power Technologies, Inc		2,999
49,711		Omron Corp		1,305
163,600	e*	ON Semiconductor Corp		1,754
43,000		Origin Electric Co Ltd		266
34,991		Pioneer Corp		476
10,000	*	Q-Cells AG.		851
42,271	*	QLogic Corp		704
850,902		Qualcomm, Inc		36,921
223,368	e	RadioShack Corp		7,402
74,977	*	Research In Motion Ltd		15,090
154,595		Ricoh Co Ltd		3,577
7,705		Rinnai Corp		240
23,844		Rohm Co Ltd		2,116
6,550		Samsung Electronics Co Ltd		4,004
24,434		Sanken Electric Co Ltd		236
133,407	e*	Sanmina-SCI Corp		418
368,755	e*	Sanyo Electric Co Ltd		604
13,302	e	Schindler Holding AG.		884
56,486		Schneider Electric S.A.		7,914
12,500		SEB S.A.		2,274
230,803		Sharp Corp		4,375
14,800		Shinko Electric Industries		319
333,280	e*	Sirius Satellite Radio, Inc		1,007
521,588		Sony Corp		26,774
34,835		Stanley Electric Co Ltd		756
2,000	*	STATS ChipPAC Ltd		2
168,250	e	STMicroelectronics NV		3,243
71,376		Sumco Corp		3,576
492,449		Taiwan Semiconductor Manufacturing Co Ltd (ADR)		5,481
21,601		Taiyo Yuden Co Ltd		500
34,479		Tandberg ASA		769
29,266		TDK Corp		2,832
15,000		Teleflex, Inc		1,227
125,000		Telefonaktiebolaget LM Ericsson (ADR)		4,986
149,005	*	Tellabs, Inc		1,603

131

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

			VALUE
SHARES			(000)
353,733	e	Terna Rete Elettrica Nazionale S.p.A.	$	1,220
448,009		Texas Instruments, Inc		16,859
59,569		Thomson		1,139
14,900		Toyota Boshoku Corp		377
25,784	e	Ushio, Inc		572
18,421		Valeo S.A.		988
4,003,800		Vanguard International Semiconductor Corp		4,001
37,800	*	Varian Semiconductor Equipment Associates, Inc		1,514
185,332		Venture Corp Ltd		1,900
285,992		Vivendi Universal S.A.		12,303
20,105		Whirlpool Corp		2,236
86,529	e	Xilinx, Inc		2,316
48,384		Yaskawa Electric Corp		550
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		1,005,943

ENGINEERING AND MANAGEMENT SERVICES - 0.29%
6,641		Aeroplan Income Fund		132
33,017	e*	Amylin Pharmaceuticals, Inc		1,359
181,499		Capita Group plc		2,635
126,629	e*	Celgene Corp		7,260
9,982		Corporate Executive Board Co		648
60,716		Downer EDI Ltd		378
87,769	e	Fluor Corp		9,775
14,985		Fugro NV		949
42,734	*	Jacobs Engineering Group, Inc		2,458
242,042	e	JGC Corp		4,535
10,848	*	KBR, Inc		285
7,802	e	Meitec Corp		223
84,777		Moody's Corp		5,273
89,049		Paychex, Inc		3,484
43,001		Quest Diagnostics, Inc		2,221
36,533	e	SBM Offshore NV		1,393
127,124		Serco Group plc		1,146
67,442		SNC-Lavalin Group, Inc		2,463
115,825		WorleyParsons Ltd		3,332
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		49,949

FABRICATED METAL PRODUCTS - 0.41%
193,028		Amcor Ltd		1,222
51,769		Ball Corp		2,753
42,902		Bharat Heavy Electricals		1,623
397,700	*	Crown Holdings, Inc		9,931
9,040		Geberit AG.		1,540
36,934		Hitachi Cable Ltd		216
474,224		Illinois Tool Works, Inc		25,698
59,239		JS Group Corp		1,201
84,439	e	Parker Hannifin Corp		8,267
24,309	e	Pentair, Inc		938
155,537		Rexam plc		1,549
43,612		Sanwa Shutter Corp		253
110,000		Sims Group Ltd		2,467
74,300		Snap-On, Inc		3,753
105,632		Ssab Svenskt Stal AB (Series A)		4,317
14,881	e	Ssab Svenskt Stal AB (Series B)		564
70,037	e	Stanley Works		4,251
37,067		Toyo Seikan Kaisha Ltd		717

132

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

			VALUE
SHARES			(000)
		TOTAL FABRICATED METAL PRODUCTS	$	71,260

FOOD AND KINDRED PRODUCTS - 3.10%
142,337		Ajinomoto Co, Inc		1,639
312,951		Anheuser-Busch Cos, Inc		16,324
209,747		Archer Daniels Midland Co		6,941
95,197		Asahi Breweries Ltd		1,476
42,538		Bunge Ltd		3,594
1,866,375		C&C Group plc		25,125
560,928		Cadbury Schweppes plc		7,613
82,125		Campbell Soup Co		3,187
29,233		Carlsberg A/S (Class B)		3,534
25,274		Coca Cola Hellenic Bottling Co S.A.		1,163
107,773		Coca-Cola Amatil Ltd		870
903,923		Coca-Cola Co		47,284
167,800		Coca-Cola Enterprises, Inc		4,027
91,371	e	Coca-Cola West Japan Co Ltd		2,122
180,425		ConAgra Foods, Inc		4,846
62,280	e*	Constellation Brands, Inc (Class A)		1,512
31,666	*	Cott Corp		460
179,481	e	CSR Ltd		528
10,820	e	Danisco A/S		807
721,890		Diageo plc		15,004
3,751		East Asiatic Co Ltd A.S.		206
23,060	e	Ebro Puleva S.A.		496
164,133		General Mills, Inc		9,589
1,544	e	Givaudan S.A.		1,523
62,473		Greencore Group plc		473
749,468		Groupe Danone		60,532
117,588		H.J. Heinz Co		5,582
56,980		Heineken NV		3,340
57,880		Hershey Co		2,930
15,890		House Foods Corp		244
54,084		Iaws Group plc		1,134
68,198		InBev NV		5,402
260,554	e	Ito En Ltd		8,561
411,589		J Sainsbury plc		4,811
14,766,876		JG Summit Holdings		3,988
70,494		Kaneka Corp		590
92,157		Kellogg Co		4,773
59,599		Kerry Group plc (Class A)		1,668
33,795		Kikkoman Corp		502
182,902	e	Kirin Brewery Co Ltd		2,736
1,186,158		Kraft Foods, Inc (Class A)		41,812
60,100		Lion Nathan Ltd		472
30,319		McCormick & Co, Inc		1,158
60,630		Meiji Dairies Corp		386
67,763		Meiji Seika Kaisha Ltd		310
25,800		Molson Coors Brewing Co (Class B)		2,385
107,275		Nestle S.A.		40,762
54,264		Nichirei Corp		279
41,357		Nippon Meat Packers, Inc		500
44,089		Nisshin Seifun Group, Inc		436
20,671	e	Nissin Food Products Co Ltd		693
230,740		Olam International Ltd		465
424,925		Parmalat S.p.A.		1,796

133

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

			VALUE
SHARES			(000)
1,168,128		PepsiCo, Inc	$	75,753
22,351	e	Pernod-Ricard S.A.		4,935
3,388,884		Petra Foods Ltd		3,500
22,673		Q.P. Corp		218
194,795	e	Royal Numico NV		10,123
187,566	e	Sampo Oyj (A Shares)		5,401
56,855	e	Sapporo Holdings Ltd		361
31,503		Saputo, Inc		1,301
191,202	e	Sara Lee Corp		3,327
213,472		Scottish & Newcastle plc		2,736
17,883	e	Suedzucker AG.		397
272,076		Swire Pacific Ltd (Class A)		3,028
39,692		Takara Holdings, Inc		265
130,540		Tate & Lyle plc		1,481
186,000		Tingyi Cayman Islands Holding Corp		216
20,099		Toyo Suisan Kaisha Ltd		363
92,322		Tyson Foods, Inc (Class A)		2,127
1,720,505		Unilever plc		55,555
167,787		Want Want Holdings Ltd		386
51,005	e	Wrigley (Wm.) Jr Co		2,821
24,426	e	Yakult Honsha Co Ltd		618
24,918		Yamazaki Baking Co Ltd		213
		TOTAL FOOD AND KINDRED PRODUCTS		533,715

FOOD STORES - 0.81%
62,100		Alimentation Couche Tard, Inc (Class B)		1,281
148,127		Carrefour S.A.		10,403
243,260		Coles Myer Ltd		3,321
6,127		Colruyt S.A.		1,279
29,269		Delhaize Group		2,875
13,855		FamilyMart Co Ltd		365
23,104		George Weston Ltd		1,736
225,251		Goodman Fielder Ltd		464
41,785		Jeronimo Martins SGPS S.A.		247
15,284		Kesko Oyj (B Shares)		1,014
366,825	*	Koninklijke Ahold NV		4,601
635,876		Kroger Co		17,887
14,490		Lawson, Inc		501
47,873		Loblaw Cos Ltd		2,335
276,431		Safeway, Inc		9,407
190,436		Seven & I Holdings Co Ltd		5,444
177,055		Sonae SPGS S.A.		503
53,834		Supervalu, Inc		2,494
7,866,341		Tesco plc		65,815
36,503	e	Whole Foods Market, Inc		1,398
257,967		Woolworths Ltd		5,895
		TOTAL FOOD STORES		139,265

FORESTRY - 0.03%
55,582		Weyerhaeuser Co		4,387
		TOTAL FORESTRY		4,387

FURNITURE AND FIXTURES - 0.10%
14,142		Hillenbrand Industries, Inc		919
70,032		Johnson Controls, Inc		8,108
45,884		Leggett & Platt, Inc		1,012

134

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

			VALUE
SHARES			(000)
139,415		Masco Corp	$	3,969
154,312	*	MFI Furniture plc		420
7,943		Neopost S.A.		1,162
48,300		Tempur-Pedic International, Inc		1,251
		TOTAL FURNITURE AND FIXTURES		16,841

FURNITURE AND HOMEFURNISHINGS STORES - 0.12%
73,651	*	Bed Bath & Beyond, Inc		2,651
46,857	e	Circuit City Stores, Inc		707
490,893		DSG International plc		1,556
1,097,941		Harvey Norman Holdings Ltd		4,911
141,113		Kesa Electricals plc		885
18,731	e*	Mohawk Industries, Inc		1,888
7,923		Nitori Co Ltd		395
10,291		Shimachu Co Ltd		277
24,732	e	Williams-Sonoma, Inc		781
63,391		Yamada Denki Co Ltd		6,620
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		20,671

GENERAL BUILDING CONTRACTORS - 0.72%
3,198,108		Amec plc		37,474
114,628		Balfour Beatty plc		1,011
77,690		Barratt Developments plc		1,540
30,417		Bellway plc		766
24,130		Berkeley Group Holdings plc		857
10,247		Bilfinger Berger AG.		908
31,261	e	Centex Corp		1,254
133,359		Cheung Kong Infrastructure Holdings Ltd		492
334,930		CRH plc		16,491
19,043		Daito Trust Construction Co Ltd		907
306,140		Daiwa House Industry Co Ltd		4,376
100,751	e	DR Horton, Inc		2,008
415,361		Fletcher Building Ltd		3,956
106,657		George Wimpey plc		1,068
1,986,905	*	Haseko Corp		5,876
26,349		Hellenic Technodomiki Tev S.A.		345
11,525		Hochtief AG.		1,255
1,728,869		IJM Corp BHD		4,183
7,826	e	Imerys S.A.		792
13,247,092		Italian-Thai Development PCL		2,321
82,600		JM AB		2,499
60,000	v*	JM AB		16
205,104		Kajima Corp		857
81,998	e	KB Home		3,228
28,614		Leighton Holdings Ltd		997
77,165		Lend Lease Corp Ltd		1,211
44,253		Lennar Corp (Class A)		1,618
8,402	e*	NVR, Inc		5,711
141,977		Obayashi Corp		773
30,000		Obrascon Huarte Lain S.A.		1,349
75,712		Persimmon plc		1,751
56,137		Pulte Homes, Inc		1,260
106,271		Sekisui Chemical Co Ltd		821
117,826		Sekisui House Ltd		1,571
7,500,000		Shanghai Forte Land Co		4,228
136,452	e	Shimizu Corp		790

135

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

			VALUE
SHARES			(000)
83,881		Skanska AB (B Shares)	$	1,796
219,136		Taisei Corp		741
147,901		Taylor Woodrow plc		1,065
314		Technical Olympic S.A.		1
14,184		Titan Cement Co S.A.		818
45,844	e	Toda Corp		244
53,766	e*	Toll Brothers, Inc		1,343
29,420		YIT OYJ		923
		TOTAL GENERAL BUILDING CONTRACTORS		123,491

GENERAL MERCHANDISE STORES - 0.91%
148,201		Aeon Co Ltd		2,751
148,000	e*	Big Lots, Inc		4,354
242,603		Costco Wholesale Corp		14,197
50,520		Daimaru, Inc		604
80,380	e	Dollar General Corp		1,762
37,064		Family Dollar Stores, Inc		1,272
31,973		Hankyu Department Stores, Inc		341
1,285,000	*	Intime Department Store Group Co Ltd		1,070
43,654		Isetan Co Ltd		717
150,436		JC Penney Co, Inc		10,889
133,386		Keio Corp		888
376,914	e	Kintetsu Corp		1,135
311,865		Macy's, Inc		12,406
453,468		Marks & Spencer Group plc		5,695
68,209		Marui Co Ltd		862
91,191	e	Mitsukoshi Ltd		456
18,709	e	PPR		3,264
3,897		Shinsegae Co Ltd		2,536
68,162		Takashimaya Co Ltd		861
307,789		Target Corp		19,575
425,863		TJX Cos, Inc		11,711
955,351	e	Tokyu Corp		6,385
41,220		UNY Co Ltd		489
1,088,366		Wal-Mart Stores, Inc		52,361
		TOTAL GENERAL MERCHANDISE STORES		156,581

HEALTH SERVICES - 0.83%
123,508		AmerisourceBergen Corp		6,110
864,300		Bumrungrad Hospital PCL		1,195
111,223		Cigna Corp		5,808
5,958	e	Coloplast A/S (Class B)		483
24,308	*	Community Health Systems, Inc		983
16,377	*	Covance, Inc		1,123
258,688	*	Coventry Health Care, Inc		14,913
144,871	*	DaVita, Inc		7,806
59,738	*	Express Scripts, Inc		2,987
298,082		Fraser and Neave Ltd		1,063
52,674	e	Fresenius Medical Care AG.		2,421
45,512		Getinge AB (B Shares)		980
64,925	e	Health Management Associates, Inc (Class A)		738
948,100	e*	Healthsouth Corp		17,170
39,125		Intertek Group plc		768
47,508	*	Laboratory Corp of America Holdings		3,718
23,595	*	Lincare Holdings, Inc		940
95,000		Manor Care, Inc		6,203

136

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

			VALUE
SHARES			(000)
284,251		McKesson Corp	$	16,953
55,430	*	MDS, Inc		1,129
153,982	*	Medco Health Solutions, Inc		12,009
39,152		Mindray Medical International Ltd (ADR)		1,195
31,102		Omnicare, Inc		1,122
1,963,183		Parkway Holdings Ltd		5,140
60,988		Sonic Healthcare Ltd		777
1,819	e	Straumann Holding AG.		510
128,301	e*	Tenet Healthcare Corp		835
22,541	*	Triad Hospitals, Inc		1,212
334,572	*	WellPoint, Inc		26,709
		TOTAL HEALTH SERVICES		143,000

HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.91%
66,506	e	Abertis Infraestructuras S.A.		2,063
109,655	e	ACS Actividades Cons y Servicios S.A.		6,972
89,299		Biffa plc		484
1,197,104	e	Bouygues S.A.		100,300
31,181		Chiyoda Corp		594
15,156	e	Fomento de Construcciones y Contratas S.A.		1,364
960,000		Gamuda BHD		2,242
18,076	e	Grupo Ferrovial S.A.		1,777
30,446		GS Engineering & Construction Corp		3,637
128,144		Multiplex Group		533
58,966	e	Nishimatsu Construction Co Ltd		208
40,403	e	Okumura Corp		207
259,327		Transurban Group		1,758
455,765		Vinci S.A.		34,017
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		156,156

HOLDING AND OTHER INVESTMENT OFFICES - 4.59%
203,671		3i Group plc		4,741
9,500	e*	Affiliated Managers Group, Inc		1,223
39,428	e	Allied Capital Corp		1,221
25,115		AMB Property Corp		1,337
34,538		Apartment Investment & Management Co (Class A)		1,741
43,600		ARC Energy Trust		890
77,714		Archstone-Smith Trust		4,594
32,326		AvalonBay Communities, Inc		3,843
1,407,300	e	Babcock & Brown Wind Partners		2,325
56,321		Boston Properties, Inc		5,752
222,737		Brookfield Asset Management, Inc (Class A)		8,909
19,496		Camden Property Trust		1,306
356,856		CapitaCommercial Trust		683
2,372,771		CapitaMall Trust		6,552
277,704		CFS Gandel Retail Trust		504
400	v	CFS Retail Property Trust		1
27,515		CI Financial Income Fund		700
292,615		Commonwealth Property Office Fund		415
24,628	e	Crescent Real Estate Equities Co		553
28,154		Developers Diversified Realty Corp		1,484
85,000	e	Douglas Emmett, Inc		2,103
35,094		Duke Realty Corp		1,252
145,865	e	Equity Residential		6,656
14,156		Federal Realty Investment Trust		1,094
77,386		General Growth Properties, Inc		4,098

137

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

			VALUE
SHARES			(000)
3,104,980		Genting BHD	$	7,430
485,357		GPT Group		1,913
42,000		Great Portland Estates plc		557
27,821		Groupe Bruxelles Lambert S.A.		3,458
75	*	Groupe Bruxelles Lambert S.A.		-	^
27,821	v*	Groupe Bruxelles Lambert S.A.		26
71,917		Health Care Property Investors, Inc		2,081
187,518		Host Marriott Corp		4,335
93,188	*	Immoeast AG		1,315
207,160	e	ING Industrial Fund		410
350,000		Investimentos Itau S.A.		2,197
39,338	e	iShares MSCI Australia Index Fund		1,118
325,003	e	iShares MSCI Canada Index Fund		9,705
2,129,978	e	iShares MSCI EAFE Index Fund		172,038
2,259,206		iShares MSCI Japan Index Fund		32,781
86,087	e	iShares MSCI Pacific ex-Japan Index Fund		12,612
66,330	e	iShares MSCI South Korea Index Fund		4,000
175,000		iShares MSCI Taiwan Index Fund		2,800
703,265	e	iShares S&P Europe 350 Index Fund		82,233
104,794		iStar Financial, Inc		4,646
7,476		Jafco Co Ltd		344
104		Japan Prime Realty Investment Corp		406
90		Japan Real Estate Investment Corp		1,058
81		Japan Retail Fund Investment Corp		702
130,580		JFE Holdings, Inc		8,116
80,321		Kimco Realty Corp		3,058
140,246		Kiwi Income Property Trust		178
2,490,100		KLCC Property Holdings BHD		2,630
125,724		Land Securities Group plc		4,378
22,698	e	Liberty Property Trust		997
681,978		Link Real Estate Investment Trust		1,510
18,394		Macerich Co		1,516
83,031	e	Macquarie Communications Infrastructure Group		444
893,466		Macquarie Infrastructure Group		2,721
405,296		Macquarie Office Trust		573
478,977		Man Group plc		5,826
1,124,000		Mapletree Logistics Trust		1,044
220,735		Melco International Development		328
609		New City Residence Investment Corp		3,384
106	e	Nippon Building Fund, Inc		1,470
5,684		Nobel Biocare Holding AG.		1,855
1,502,241		Noble Group Ltd		1,692
51		Nomura Real Estate Office Fund, Inc		550
266		NTT Urban Development Corp		515
1,047,246		NWS Holdings Ltd		2,613
106,110		Plum Creek Timber Co, Inc		4,421
37,000	e	PrimeWest Energy Trust		778
87,798		Prologis		4,996
10,783		PSP Swiss Property AG.		604
63,619		Public Storage, Inc		4,887
17,835		Regency Centers Corp		1,257
42,726		RioCan Real Estate Investment Trust		949
32,181	e	Sacyr Vallehermoso S.A.		1,544
133,304		Simon Property Group, Inc		12,403
20,492		SL Green Realty Corp		2,539
146,884		Spazio Investment NV		2,604

138

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

			VALUE
SHARES			(000)
1,842,865	e	SPDR Trust Series 1	$	277,222
370,076		Suntec Real Estate Investment Trust		470
48,000		Taubman Centers, Inc		2,381
34,079	e	UDR, Inc		896
57,196		Vanguard European ETF		4,363
71,996		Virgin Media, Inc		1,755
58,658		Vornado Realty Trust		6,443
389,785		Wharf Holdings Ltd		1,557
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		789,609

HOTELS AND OTHER LODGING PLACES - 1.84%
2,062,718		Accor S.A.		182,346
3,920,000		Banyan Tree Holdings Ltd		6,743
15,800		Choice Hotels International, Inc		624
1,347,808		Hilton Hotels Corp		45,111
3,098,839		Hongkong & Shanghai Hotels		5,477
801,317		Indian Hotels Co Ltd		2,967
79,444		Intercontinental Hotels Group plc		1,974
37,627	e*	Las Vegas Sands Corp		2,874
90,317		Marriott International, Inc (Class A)		3,905
282,041	*	MGM Mirage		23,263
13,560,038		Minor International PCL		5,338
1,424	*	NH Hoteles S.A.		31
292,980	e	Orient-Express Hotels Ltd (Class A)		15,645
2,897,037		Shangri-La Asia Ltd		7,003
121,317		Starwood Hotels & Resorts Worldwide, Inc		8,137
12,515	e	Station Casinos, Inc		1,086
191,284		United Overseas Land Ltd		727
51,391	*	Wyndham Worldwide Corp		1,863
14,116	e	Wynn Resorts Ltd		1,266
		TOTAL HOTELS AND OTHER LODGING PLACES		316,380

INDUSTRIAL MACHINERY AND EQUIPMENT - 4.72%
36,300	*	AGCO Corp		1,576
24,144		Alfa Laval AB		1,455
394,709	e	Alstom RGPT		65,819
83,498		Amada Co Ltd		1,044
119,137		American Standard Cos, Inc		7,027
8,632		Andritz AG.		568
733,160		Applied Materials, Inc		14,568
126,300		ARRK Corp		1,138
54,513		ASM Pacific Technology		395
108,538	*	ASML Holding NV		2,982
156,382	e	Atlas Copco AB (A Shares)		2,605
106,364	e	Atlas Copco AB (B Shares)		1,664
17,115		Black & Decker Corp		1,511
328,946	*	Brambles Ltd		3,391
907,254	e	Canon, Inc		53,204
45,627		Cargotec Corp (B Shares)		2,806
54,940	e	Casio Computer Co Ltd		857
365,429		Caterpillar, Inc		28,613
16,206		CDW Corp		1,377
44,412	*	Charter plc		980
577,476		Citizen Watch Co Ltd		5,208
96,504		Cummins, Inc		9,767
18,000		Daifuku Co Ltd		248

139

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

			VALUE
SHARES			(000)
52,505		Daikin Industries Ltd	$	1,912
181,186		Deere & Co		21,876
807,408	*	Dell, Inc		23,052
122,656		Dover Corp		6,274
82,890	e	Ebara Corp		380
787,242	*	EMC Corp		14,249
150,826		FKI plc		380
24,113	*	FMC Technologies, Inc		1,910
111,774		FUJIFILM Holdings Corp		4,996
4,635,821		General Electric Co		177,459
13,705		Glory Ltd		300
33,164	*	Grant Prideco, Inc		1,785
16,016	e	Heidelberger Druckmaschinen		773
1,580,208		Hewlett-Packard Co		70,509
22,422		Hitachi Construction Machinery Co Ltd		779
20,343	e	Husqvarna AB (A Shares)		287
67,811		Husqvarna AB (B Shares)		960
89,845		IMI plc		1,064
110,695		Ingersoll-Rand Co Ltd (Class A)		6,068
885,635		International Business Machines Corp		93,213
87,910		International Game Technology		3,490
305,114		Ishikawajima-Harima Heavy Industries Co Ltd		1,113
6,765		Itochu Techno-Science Corp		265
48,520		Jabil Circuit, Inc		1,071
434,437	e	Japan Steel Works Ltd		6,611
30,594		Joy Global, Inc		1,785
532,156		Komatsu Ltd		15,424
12,686		Komori Corp		297
110,842		Konica Minolta Holdings, Inc		1,634
256,546		Kubota Corp		2,074
26,021		Kurita Water Industries Ltd		817
36,792	*	Lam Research Corp		1,891
110,261	*	Lexmark International, Inc (Class A)		5,437
39,414	*	Logitech International S.A.		1,048
21,971		Makita Corp		979
45,700		Manitowoc Co, Inc		3,673
186,137		Meggitt plc		1,144
74,716		Metso Oyj		4,397
2,069,306		Mitsubishi Heavy Industries Ltd		13,253
953,709		Mitsui & Co Ltd		19,033
169,875		Mitsui Engineering & Shipbuilding Co Ltd		906
14,041	e	Mitsumi Electric Co Ltd		503
129,937	e	Modec, Inc		5,086
1,090,548		NTN Corp		9,403
17,315	e	OCE NV		338
48,747	e*	Ocean RIG ASA		362
128,368	e	Oki Electric Industry Co Ltd		238
33,000		Okuma Holdings, Inc		521
17,300	e	OSG Corp		238
43,474		Pall Corp		1,999
41,905		Rheinmetall AG.		3,886
41,058		Rockwell Automation, Inc		2,851
13,038,681		Rolls-Royce Group plc (B Shares)		27
41,180	e	Safran S.A.		1,053
91,501	*	SanDisk Corp		4,478
227,655	e	Sandvik AB		4,588

140

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
192,518		Seagate Technology, Inc	$	4,191
26,262	m,v*	Seagate Technology, Inc		-	^
29,173		Seiko Epson Corp		845
90,472		SKF AB (B Shares)		1,893
13,188		SMC Corp		1,753
22,828	e	Solarworld AG.		1,051
233,817	*	Solectron Corp		860
29,277		SPX Corp		2,571
828		Sulzer AG.		1,070
130,821		Sumitomo Heavy Industries Ltd		1,479
48,206	e	Technip S.A.		3,984
317,414		Techtronic Industries Co		424
99,099	*	Terex Corp		8,057
29,098		THK Co Ltd		729
39,581		Tokyo Electron Ltd		2,912
7,500	e	Tokyo Seimitsu Co Ltd		290
228,108		Tomkins plc		1,185
43,343	e	Tomra Systems ASA		378
26,400		Toro Co		1,555
697,542	e	Toshiba Corp		6,078
49,062		Toyota Tsusho Corp		1,135
1,521	e*	Unaxis Holding AG.		806
33,227	*	Varian Medical Systems, Inc		1,412
43,019	*	Vestas Wind Systems A/S		2,823
15,025		Wartsila Oyj (B Shares)		988
78,173	*	Western Digital Corp		1,513
8,658		Wincor Nixdorf AG.		789
49,733		Yokogawa Electric Corp		667
15,511	*	Zardoya Otis S.A.		59
15,511	e	Zardoya Otis S.A.		608
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		811,047

INSTRUMENTS AND RELATED PRODUCTS - 1.94%
239,674	*	Agilent Technologies, Inc		9,213
127,657		Applera Corp (Applied Biosystems Group)		3,899
898,130		BAE Systems plc		7,247
26,684		Bard (C.R.), Inc		2,205
19,406	e	Bausch & Lomb, Inc		1,348
224,737		Baxter International, Inc		12,662
15,532	e	Beckman Coulter, Inc		1,005
129,293		Becton Dickinson & Co		9,632
60,277		Biomet, Inc		2,756
445,430	*	Boston Scientific Corp		6,833
301,494		Cobham plc		1,226
11,205		Cochlear Ltd		579
11,259	e	Cooper Cos, Inc		600
95,118		Danaher Corp		7,181
36,709		Dentsply International, Inc		1,404
153,652	e	Eastman Kodak Co		4,276
17,369		Elekta AB		300
285,767		Emerson Electric Co		13,374
88,760		Finmeccanica S.p.A.		2,727
162,000	*	Hologic, Inc		8,960
212,298	*	Invensys plc		1,617
1,358,319		Johnson & Johnson		83,700
8,424		Keyence Corp		1,840

141

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
138,937		Kla-Tencor Corp	$	7,635
41,216	e	Luxottica Group S.p.A.		1,601
409,999		Medtronic, Inc		21,263
15,900	*	Mettler-Toledo International, Inc		1,519
13,820	e*	Millipore Corp		1,038
69,020		Nikon Corp		1,922
77,175		Nippon Electric Glass Co Ltd		1,361
53,512		Olympus Corp		2,088
1,292,301		PCCW Ltd		796
10,736		Phonak Holding AG.		962
57,687		Pitney Bowes, Inc		2,701
39,116	e*	Qiagen NV		698
1,342,349	e*	Resmed, Inc		5,486
59,583		Rockwell Collins, Inc		4,209
21,876	e	Roper Industries, Inc		1,249
251,392		Smith & Nephew plc		3,115
300,794	*	St. Jude Medical, Inc		12,480
101,977		Stryker Corp		6,434
9,689		Swatch Group AG.		2,752
115,095		Swatch Group AG.		6,510
13,920		Synthes, Inc		1,669
253,429	*	Teradyne, Inc		4,455
265,212		Terumo Corp		10,247
506,939	*	Thermo Electron Corp		26,219
26,284	*	Waters Corp		1,560
6,293	*	William Demant Holding		623
602,991	e*	Xerox Corp		11,143
92,526	*	Zimmer Holdings, Inc		7,854
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		334,173

INSURANCE AGENTS, BROKERS AND SERVICE - 1.09%
177,456	e	AON Corp		7,561
41,460		Brown & Brown, Inc		1,042
324,568		FBD Holdings plc		13,935
238,631		Hartford Financial Services Group, Inc		23,508
1,908,463		HBOS plc		37,538
2,547,024		Marsh & McLennan Cos, Inc		78,652
14,614		MLP AG.		281
748,885		QBE Insurance Group Ltd		19,759
197,235		Suncorp-Metway Ltd		3,369
268,750		Unipol S.p.A.		921
30,500	e	Willis Group Holdings Ltd		1,344
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		187,910

INSURANCE CARRIERS - 5.80%
75,734	e	ABC Learning Centres Ltd		443
300,958		ACE Ltd		18,816
1,553,100		Admiral Group plc		27,555
374,039		Aegon NV		7,362
733,771		Aetna, Inc		36,248
225,316		Aflac, Inc		11,581
126,423	e	Alleanza Assicurazioni S.p.A		1,653
203,992		Allianz AG.		47,570
153,022		Allstate Corp		9,412
50,336		Ambac Financial Group, Inc		4,389
12,000		American Financial Group, Inc		410

142

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
974,921		American International Group, Inc	$	68,274
54,000	*	AMERIGROUP Corp		1,285
1,027,991		AMP Ltd		8,802
47,500	*	Arch Capital Group Ltd		3,446
171,128		Aspen Insurance Holdings Ltd		4,804
308,220	e	Assicurazioni Generali S.p.A.		12,358
46,400		Assurant, Inc		2,734
684,513		Aviva plc		10,161
1,310,486		AXA Asia Pacific Holdings Ltd		8,240
1,199,451	e	AXA S.A.		51,559
334,043		Axis Capital Holdings Ltd		13,579
1,358,548		China Life Insurance Co Ltd		4,860
146,027		Chubb Corp		7,906
41,009		Cincinnati Financial Corp		1,780
43,800	e	CNA Financial Corp		2,089
10,980	e	CNP Assurances		1,403
2,949		Codan A/S		322
1,754,950	*	Conseco, Inc		36,661
86,100		Converium Holding AG.		1,584
188,265	e	Corp Mapfre S.A.		932
747,085		Credit Suisse Group		53,036
137,491		Everest Re Group Ltd		14,937
7,356		Fairfax Financial Holdings Ltd		1,405
49,166		Fidelity National Title Group, Inc (Class A)		1,165
50,987	e	First American Corp		2,524
22,077		Fondiaria-Sai S.p.A		1,067
481,520		Friends Provident plc		1,724
512,387		Genworth Financial, Inc (Class A)		17,626
120,177		Great-West Lifeco, Inc		3,898
43,400		HCC Insurance Holdings, Inc		1,450
41,245	*	Health Net, Inc		2,178
4,000		Helvetia Holding AG.		1,530
94,000	*	Humana, Inc		5,726
375,818		Insurance Australia Group Ltd		1,813
117,324		Irish Life & Permanent plc		2,962
80,695		KBC Groep NV		10,875
41,642	e	Leucadia National Corp		1,468
107,928		Lincoln National Corp		7,657
119,300		Loews Corp		6,082
694,610		Manulife Financial Corp		25,978
34,899	e	MBIA, Inc		2,171
76,204	e	Mediolanum S.p.A.		634
305,303		Metlife, Inc		19,686
675,229	e	MGIC Investment Corp		38,393
404,202		Millea Holdings, Inc		16,618
280,671		Mitsui Sumitomo Insurance Co Ltd		3,601
60,264	e	Muenchener Rueckver AG.		11,052
39,200		Nationwide Financial Services, Inc (Class A)		2,478
1,397,280		Old Mutual plc		4,708
77,582		Old Republic International Corp		1,649
108,520		OneBeacon Insurance Group Ltd		2,749
99,544		PartnerRe Ltd		7,715
28,000	*	Philadelphia Consolidated Holding Co		1,170
22,034		PMI Group, Inc		984
182,025		Power Corp Of Canada		6,717
111,045		Power Financial Corp		4,217

143

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
148,701		Principal Financial Group	$	8,668
184,233		Progressive Corp		4,409
300,451		Prudential Financial, Inc		29,213
882,675		Prudential plc		12,564
459,037		Radian Group, Inc		24,788
68,503	e	RenaissanceRe Holdings Ltd		4,246
182,677		Resolution plc		2,286
841,383		Royal & Sun Alliance Insurance Group plc		2,448
51,856		Safeco Corp		3,229
13,772		Samsung Fire & Marine Insurance Co Ltd		2,651
29,229	e	SCOR		793
194,709		Sompo Japan Insurance, Inc		2,381
561,646		Standard Life plc		3,707
64,725	e	Storebrand ASA		1,003
256,910		Sun Life Financial, Inc		12,242
7,214		Swiss Life Holding		1,902
107,255	e	Swiss Reinsurance Co		9,782
119,916		T&D Holdings, Inc		8,098
15,491	*	Topdanmark A/S		2,641
34,962		Torchmark Corp		2,342
479,154		Travelers Cos, Inc/The		25,635
6,084		TrygVesta A.S.		478
513,469		UnitedHealth Group, Inc		26,259
236,735		UnumProvident Corp		6,181
197,191		W.R. Berkley Corp		6,417
55,200	e*	WellCare Health Plans, Inc		4,996
7,045		Wiener Staedtische Allgemeine Versicherung AG.		502
226,670		XL Capital Ltd (Class A)		19,106
230,372		Zurich Financial Services AG.		71,215
		TOTAL INSURANCE CARRIERS		998,043

JUSTICE, PUBLIC ORDER AND SAFETY - 0.00%**
748,571	*	PAN Fish ASA		808
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		808

LEATHER AND LEATHER PRODUCTS - 0.17%
56,760		Adidas-Salomon AG.		3,620
168,295	*	Coach, Inc		7,975
16,971	e	Hermes International		1,918
60,649		LVMH Moet Hennessy Louis Vuitton S.A.		6,978
152,638		ThyssenKrupp AG.		9,034
192,781		Yue Yuen Industrial Holdings		598
		TOTAL LEATHER AND LEATHER PRODUCTS		30,123

LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.03%
66,400		Brisa-Auto Estradas de Portugal S.A.		893
647,400		ComfortDelgro Corp Ltd		923
98,581	e	Keihin Electric Express Railway Co Ltd		651
64,772		Keisei Electric Railway Co Ltd		379
198,987		SMRT Corp Ltd		256
130,497		Stagecoach Group plc		475
189,521	e	Tobu Railway Co Ltd		857
		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		4,434

LUMBER AND WOOD PRODUCTS - 0.00%**
37,515		Nobia AB		467

144

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
15,656	*	Sonae Industria SGPS S.A.	$	228
		TOTAL LUMBER AND WOOD PRODUCTS		695

METAL MINING - 1.67%
59,657		Agnico-Eagle Mines Ltd		2,168
236,757		Alumina Ltd		1,568
388,395		Barrick Gold Corp		11,296
1,791,617		BHP Billiton Ltd		53,535
174,569		Boliden AB		3,619
158,170	e	Cameco Corp		8,018
978,436	e	Cameco Corp		49,646
35,800	e	Cleveland-Cliffs, Inc		2,781
80,000		Companhia Vale do Rio Doce (ADR)		3,564
149,900	*	Eldorado Gold Corp		878
30,029		First Quantum Minerals Ltd		2,562
184,458		Freeport-McMoRan Copper & Gold, Inc (Class B)		15,277
315,096		Goldcorp, Inc		7,481
47,760	e	Iluka Resources Ltd		249
107,997	*	Ivanhoe Mines Ltd		1,531
259,745	*	Kinross Gold Corp		3,021
92,100	*	LionOre Mining International Ltd		2,417
107,500	e*	Lundin Mining Corp		1,298
45,061	*	Meridian Gold, Inc		1,233
57,461		MMC Norilsk Nickel (ADR)		12,756
71,710	e	Newcrest Mining Ltd		1,384
167,003		Newmont Mining Corp		6,523
265,634		Orica Ltd		6,694
1,283,753	e	Oxiana Ltd		3,823
765,474	*	Paladin Resources Ltd		5,319
31,500	*	PAN American Silver Corp		822
61,226	e	Rio Tinto Ltd		5,107
328,247		Rio Tinto plc		25,112
47,000		Sherritt International Corp		646
33,600	e	Southern Copper Corp		3,167
5,697,000		Straits Asia Resources Ltd		5,599
21,500	e	Sumitomo Titanium Corp		2,007
189,790		Teck Cominco Ltd (Class B)		8,053
9,339		Umicore		2,025
181,429		Xstrata plc		10,801
138,314	e	Yamana Gold, Inc		1,536
825,101	e	Zinifex Ltd		13,085
		TOTAL METAL MINING		286,601

MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.27%
7,907	e	Aderans Co Ltd		166
15,788	e	Amer Sports Oyj		390
44,552	e	Bulgari S.p.A.		715
39,166		Fortune Brands, Inc		3,226
126,367		Futuris Corp Ltd		298
203,367		Hasbro, Inc		6,388
189,060		Mattel, Inc		4,781
48,248		Namco Bandai Holdings, Inc		762
12,429		Sankyo Co Ltd		523
846,763	*	Tyco International Ltd		28,612
40,575		Yamaha Corp		843
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		46,704

145

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)

MISCELLANEOUS RETAIL - 0.86%
110,685	*	Amazon.com, Inc	$	7,572
78,000		Barnes & Noble, Inc		3,001
306,011		Best Buy Co, Inc		14,282
10,740		Circle K Sunkus Co Ltd		187
195,207		Compagnie Financiere Richemont AG.		11,668
837,598		CVS Corp		30,530
34,221		DCC plc		1,155
36,100	*	Dollar Tree Stores, Inc		1,572
8,402		Douglas Holding AG.		548
16,500		EDION Corp		214
3,549		Folli-Follie S.A.		144
10,694		HMV Group plc		26
233,947		Home Retail Group		2,145
737,766		Hutchison Whampoa Ltd		7,324
62,936		Jean Coutu Group, Inc (Class A)		916
17,421	*	KarstadtQuelle AG.		590
9,062		Matsumotokiyoshi Co Ltd		199
69,684	*	Meinl European Land Ltd		1,997
45,195		Metro AG.		3,735
116,774		Next plc		4,688
204,343		Nippon Mining Holdings, Inc		1,955
150,034	*	Office Depot, Inc		4,546
13,000		OfficeMax, Inc		511
186,226		Origin Energy Ltd		1,566
101,832		Pacific Brands Ltd		297
36,426		Petsmart, Inc		1,182
5,194		Ryohin Keikaku Co Ltd		322
18,688	e	Sanoma-WSOY Oyj		591
48,427	*	Sears Holdings Corp		8,208
86,894		Shoppers Drug Mart Corp		4,025
455,998		Signet Group plc		951
425,674		Staples, Inc		10,101
34,703		Tiffany & Co		1,841
342,442		Walgreen Co		14,910
132,610		Xebio Co Ltd		3,548
		TOTAL MISCELLANEOUS RETAIL		147,047

MOTION PICTURES - 0.60%
22,000		Astral Media, Inc		873
330,743	e	CBS Corp (Class B)		11,020
68,853	*	Discovery Holding Co (Class A)		1,583
825,672		News Corp (Class A)		17,512
133,560		News Corp (Class B)		3,064
22,852	*	Premiere AG.		547
2,003,860		Time Warner, Inc		42,161
124,100	e	Toei Animation Co Ltd		3,427
28,180		Toho Co Ltd		510
551,670	*	Viacom, Inc (Class B)		22,966
		TOTAL MOTION PICTURES		103,663

NONDEPOSITORY INSTITUTIONS - 1.19%
15,662	e	Acom Co Ltd		562
669,503	e	Aeon Credit Service Co Ltd		10,623
554,828		Aeon Thana Sinsap Thailand PCL		792

146

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
15,956		Aiful Corp	$	458
65,383	e	American Capital Strategies Ltd		2,780
404,492		American Express Co		24,747
33,073		Broadridge Financial Solutions, Inc		632
1,175,261		Bursa Malaysia BHD		3,879
145,416		Capital One Financial Corp		11,406
90,864		Cattles plc		712
1,428,296		Challenger Financial Services Group Ltd		7,037
70,484		CIT Group, Inc		3,865
7,179		Collins Stewart plc		32
33,000	e*	CompuCredit Corp		1,156
213,043		Countrywide Financial Corp		7,744
37,783		Credit Saison Co Ltd		983
15,491	e	D Carnegie AB		270
374,421	e	Deutsche Postbank AG.		32,829
95,050	*	Discover Financial Services		2,709
4,103,500		ECM Libra Avenue BHD		1,400
421,356		Fannie Mae		27,527
286,642		Freddie Mac		17,399
9,802		Hitachi Capital Corp		149
1,004,000		Hong Leong Finance Ltd		2,742
37,392		Hypo Real Estate Holding AG.		2,417
137,044		ICAP plc		1,351
53,745		IGM Financial, Inc		2,612
205,900		Japan Securities Finance Co Ltd		2,771
1,488	e	Kenedix, Inc		2,769
2,604,192		Kim Eng Holdings Ltd		3,488
1,071,500		Krungthai Card PCL		875
190,100	v*	Morgan Stanley & Co		13,237
8,365	e	Perpetual Trustees Australia Ltd		556
16,424	e	Promise Co Ltd		507
68,294		Provident Financial plc		956
106,168		SLM Corp		6,113
25,564	e	Takefuji Corp		860
29,165		Textron, Inc		3,211
58,249		Tullett Prebon plc		520
		TOTAL NONDEPOSITORY INSTITUTIONS		204,676

NONMETALLIC MINERALS, EXCEPT FUELS - 0.16%
25,372		Aber Diamond Corp		976
600,663		Itochu Corp		6,955
140,767		Potash Corp of Saskatchewan		11,005
24,018	e	Solvay S.A.		3,781
41,525		Vulcan Materials Co		4,756
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		27,473

OIL AND GAS EXTRACTION - 2.85%
60,563		Acergy S.A.		1,363
44,231		Aker Kvaerner ASA		1,120
113,589		Anadarko Petroleum Corp		5,905
9,377,600		Apexindo Pratama Duta PT		2,255
161,185	e	Baker Hughes, Inc		13,560
911,238		BG Group plc		14,938
75,206		BJ Services Co		2,139
82,666	*	Cameron International Corp		5,908
242,091		Canadian Natural Resources Ltd		16,086

147

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
104,340		Canadian Oil Sands Trust	$	3,226
100,400		Canetic Resources Trust		1,632
114,000	e	Chesapeake Energy Corp		3,944
28,544	e	Cimarex Energy Co		1,125
1	*	Compagnie Generale de Geophysique-Veritas (ADR)		-	^
225,766	*	Denbury Resources, Inc		8,466
222,550	e*	DET Norske Oljeselskap		465
17,815		Diamond Offshore Drilling, Inc		1,809
18,800	*	Duvernay Oil Corp		642
164,040	*	Electromagnetic GeoServices AS		3,310
347,667		EnCana Corp		21,384
55,188		Enerplus Resources Fund		2,594
65,170		ENSCO International, Inc		3,976
56,700		Ensign Energy Services, Inc		1,011
29,757		Equitable Resources, Inc		1,475
103,200	*	First Calgary Petroleums Ltd		504
87,640		GlobalSantaFe Corp		6,332
959,701		Halliburton Co		33,110
52,500		Harvest Energy Trust		1,624
57,197		Husky Energy, Inc		4,709
4,500		Idemitsu Kosan Co Ltd		504
7,500		INA Industrija Nafte DD (GDR)		4,163
428		Inpex Holdings, Inc		3,999
500,000	*	Integra Group Holdings (GDR)		9,100
3,800		Japan Petroleum Exploration Co		268
122,600	*	KazMunaiGas Exploration Production (GDR)		2,678
55,883	e*	Lundin Petroleum AB		557
77,653	*	Nabors Industries Ltd		2,592
117,640	*	National Oilwell Varco, Inc		12,263
29,779		Neste Oil Oyj		1,167
218,731	*	Nexen, Inc		6,776
17,000		Niko Resources Ltd		1,548
34,914		Noble Corp		3,405
76,500	*	OPTI Canada, Inc		1,632
41,065		Patterson-UTI Energy, Inc		1,076
106,156		Penn West Energy Trust		3,550
222,772		Petro-Canada		11,868
3,785,366		PetroChina Co Ltd		5,623
49,227	e	Petroleum Geo-Services ASA		1,229
31,924		Pioneer Natural Resources Co		1,555
27,000		Precision Drilling Trust		659
433,250	e*	Pride International, Inc		16,230
58,342		ProSafe ASA		933
90,900		Provident Energy Trust		1,068
37,733		Range Resources Corp		1,412
591,474	e*	Renewable Energy Corp A.S.		22,907
28,484	e	Rowan Cos, Inc		1,167
593,698		Saipem S.p.A.		20,257
128,221		Santos Ltd		1,514
420,567		Schlumberger Ltd		35,723
66,943	*	SeaDrill Ltd		1,436
64,795		Singapore Petroleum Co Ltd		244
70,923		Smith International, Inc		4,159
60,657	*	Southwestern Energy Co		2,699
59,500	*	Superior Energy Services		2,375
482,866		Talisman Energy, Inc		9,338

148

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
30,627	*	TGS Nopec Geophysical Co ASA	$	627
23,300	e	Tidewater, Inc		1,651
16,700	*	Todco		788
711,151	e	Total S.A.		57,659
105,912	*	Transocean, Inc		11,225
50,400		Trican Well Service Ltd		1,026
39,428	*	Ultra Petroleum Corp		2,178
187,900	*	UTS Energy Corp		1,069
120,958	*	Weatherford International Ltd		6,682
65,544	*	Western Oil Sands, Inc (Class A)		2,184
209,222		Woodside Petroleum Ltd		8,088
574,075		XTO Energy, Inc		34,502
		TOTAL OIL AND GAS EXTRACTION		489,965

PAPER AND ALLIED PRODUCTS - 1.20%
172,734		Abitibi-Consolidated, Inc		504
2,543,559	*	Anglo American plc		149,337
23,400		Aracruz Celulose S.A. (ADR)		1,550
5,461		Billerud AB		83
38,603	*	Canfor Corp		488
149		Canfor Plus Income Fund		2
27,190	*	Domtar Corp		302
135,222	*	Domtar Corporation		1,509
13,437		Holmen AB (B Shares)		568
112,381		International Paper Co		4,388
312,805		Kimberly-Clark Corp		20,923
18,667	e	Kokuyo Co Ltd		219
941		Mayr-Melnhof Karton AG.		213
65,032		MeadWestvaco Corp		2,297
205		Nippon Paper Group, Inc		683
48,704	e	Norske Skogindustrier ASA		701
195,563		OJI Paper Co Ltd		951
90,467		PaperlinX Ltd		285
229,278	e	Sanrio Co Ltd		2,915
63,242	*	Smurfit-Stone Container Corp		842
42,000		Sonoco Products Co		1,798
134,923		Stora Enso Oyj (R Shares)		2,539
127,443		Svenska Cellulosa AB (B shares)		2,131
126,720		Temple-Inland, Inc		7,797
9,541		Uni-Charm Corp		541
121,544	e	UPM-Kymmene Oyj		2,991
		TOTAL PAPER AND ALLIED PRODUCTS		206,557

PERSONAL SERVICES - 0.07%
37,145	e	Cintas Corp		1,465
164,017		Davis Service Group plc		2,042
82,711		H&R Block, Inc		1,933
1,464,437		Kuala Lumpur Kepong BHD		5,477
483,737		Rentokil Initial plc		1,552
		TOTAL PERSONAL SERVICES		12,469

PETROLEUM AND COAL PRODUCTS - 5.51%
352,964		Apache Corp		28,798
9,200		Ashland, Inc		588
7,283,574		BP plc		87,638
324,900		BP plc (ADR)		23,438

149

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
162,000		Cabot Oil & Gas Corp	$	5,975
965,222		Chevron Corp		81,310
2,000,000		China Petroleum & Chemical Corp		2,231
56,000		ConocoPhillips		4,396
294,485		Devon Energy Corp		23,055
2,240,315		ENI S.p.A.		81,228
63,271		EOG Resources, Inc		4,623
2,542,151		Exxon Mobil Corp		213,236
39,000		Frontier Oil Corp		1,707
23,569		Hellenic Petroleum S.A.		379
180,937		Hess Corp		10,668
33,300		Holly Corp		2,471
149,839		Imperial Oil Ltd		6,975
539,504		Marathon Oil Corp		32,349
9,630		Motor Oil Hellas Corinth Refineries S.A.		252
33,186	*	Newfield Exploration Co		1,512
185,418		Noble Energy, Inc		11,568
1,248,560		Occidental Petroleum Corp		72,267
38,326		OMV AG.		2,557
148,455		Petroleo Brasileiro S.A. (ADR)		18,003
94,411		Premier Farnell plc		377
235,638	e	Repsol YPF S.A.		9,329
1,801,064		Royal Dutch Shell plc (A Shares)		73,323
1,218,237		Royal Dutch Shell plc (B Shares)		50,783
43,566		Showa Shell Sekiyu KK		540
1,083,407	e	Statoil ASA		33,614
74,489	*	Suncor Energy, Inc		6,698
206,423		Suncor Energy, Inc		18,595
64,516		Sunoco, Inc		5,141
151,372		Tesoro Corp		8,651
67,353		TonenGeneral Sekiyu KK		657
309,574		Valero Energy Corp		22,865
		TOTAL PETROLEUM AND COAL PRODUCTS		947,797

PIPELINES, EXCEPT NATURAL GAS - 0.07%
163,487		Spectra Energy Corp		4,244
235,977		TransCanada Corp		8,117
		TOTAL PIPELINES, EXCEPT NATURAL GAS		12,361

PRIMARY METAL INDUSTRIES - 1.58%
58,676	e	Acerinox S.A.		1,431
55,000	e*	AK Steel Holding Corp		2,055
383,034	*	Alcan, Inc		31,247
224,607		Alcoa, Inc		9,103
23,340		Allegheny Technologies, Inc		2,448
5,261		Bekaert S.A.		772
926,891		BHP Billiton plc		25,748
155,578		BlueScope Steel Ltd		1,362
1,072		Boehler-Uddeholm AG.		107
20,000		Chaparral Steel Co		1,437
630,236	*	Corning, Inc		16,103
68,698	e	Daido Steel Co Ltd		468
62,530		DOWA HOLDINGS CO Ltd		666
10,913	m,v*	Dowa Mining Co Ltd		-	^
82,108		Fujikura Ltd		610
709,358		Furukawa Electric Co Ltd		3,918

150

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
17,900	*	General Cable Corp	$	1,356
3,282		Hoganas AB (Class B)		98
21,043		IPSCO, Inc		3,327
58,430		Johnson Matthey plc		1,975
614,723		Kobe Steel Ltd		2,331
259,186		Mitsubishi Materials Corp		1,413
132,239		Mitsui Mining & Smelting Co Ltd		617
249,483		Mittal Steel Co NV		15,593
102,308		Nippon Light Metal Co Ltd		267
1,390,818		Nippon Steel Corp		9,784
185,715		Nisshin Steel Co Ltd		847
221,844	e	Norsk Hydro ASA		8,509
182,621		Nucor Corp		10,711
116,959	e	OneSteel Ltd		636
26,893		Outokumpu Oyj		905
37,601		Salzgitter AG.		7,206
74,900		Sidenor Steel Products Manufacturing Co S.A.		1,591
700,000		Steel Authority Of India		2,251
20,000		Steel Dynamics, Inc		838
167,056		Sumitomo Electric Industries Ltd		2,487
2,529,614		Sumitomo Metal Industries Ltd		14,872
126,449		Sumitomo Metal Mining Co Ltd		2,741
6,700	e	Toho Titanium Co Ltd		272
23,648		Tokyo Steel Manufacturing Co Ltd		370
72,176		United States Steel Corp		7,849
43,000		Usinas Siderurgicas de Minas Gerais S.A.		2,452
213,243	e	Vallourec		68,179
120,076		Viohalco S.A.		1,859
43,525		Voestalpine AG.		3,659
		TOTAL PRIMARY METAL INDUSTRIES		272,470

PRINTING AND PUBLISHING - 0.59%
55,885		APN News & Media Ltd		277
33,872	e	Arnoldo Mondadori Editore S.p.A.		332
143,138		Dai Nippon Printing Co Ltd		2,136
184,551		Daily Mail & General Trust		2,822
168,759		De La Rue plc		2,625
14,587	e	Dow Jones & Co, Inc		838
21,545		Dun & Bradstreet Corp		2,219
57,515		Emap plc		944
43,996		Eniro AB		558
60,915		Gannett Co, Inc		3,347
238,802		Independent News & Media plc		1,210
255,333		John Fairfax Holdings Ltd		1,016
14,415	e	McClatchy Co (Class A)		365
198,654		McGraw-Hill Cos, Inc		13,524
34,008	e	New York Times Co (Class A)		864
28,894		PagesJaunes Groupe S.A.		608
214,988		Pearson plc		3,622
405,198	e	PRONEXUS, Inc		3,519
37,176		Quebecor World, Inc		455
103,221		R.R. Donnelley & Sons Co		4,491
165,325		Reed Elsevier NV		3,142
2,449,714		Reed Elsevier plc		31,660
340,737		Reuters Group plc		4,248
13,866		Schibsted ASA		634

151

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
541,140		Singapore Press Holdings Ltd	$	1,641
101,089		Thomson Corp		4,128
129,540		Toppan Printing Co Ltd		1,392
2,917		Tribune Co		86
78,111		Trinity Mirror plc		823
67,415		United Business Media plc		1,066
1,360		Washington Post Co (Class B)		1,056
67,172		Wolters Kluwer NV		2,048
207,666		Yell Group plc		1,918
112,200		Yellow Pages Income Fund		1,464
		TOTAL PRINTING AND PUBLISHING		101,078

RAILROAD TRANSPORTATION - 0.43%
143,616		Burlington Northern Santa Fe Corp		12,227
230,081	*	Canadian National Railway Co		11,707
70,063		Canadian Pacific Railway Ltd		4,839
363		Central Japan Railway Co		3,830
141,481		CSX Corp		6,378
786		East Japan Railway Co		6,056
260,480		Firstgroup plc		3,460
127,147		Norfolk Southern Corp		6,684
144,105	e	Odakyu Electric Railway Co Ltd		889
146,240		Union Pacific Corp		16,839
394		West Japan Railway Co		1,835
		TOTAL RAILROAD TRANSPORTATION		74,744

REAL ESTATE - 1.65%
276,810	e	Aeon Mall Co Ltd		8,511
6,561,863		Allgreen Properties Ltd		8,980
364,571		Ascendas Real Estate Investment Trust		701
10,195,901		Ayala Land, Inc		3,857
30,131		Bovis Homes Group plc		538
138,837		British Land Co plc		3,715
71,172		Brixton plc		623
97,193		Brookfield Properties Co		2,371
3,106,488		CapitaLand Ltd		16,458
39,388		Castellum AB		474
91,503	*	CB Richard Ellis Group, Inc (Class A)		3,340
181,075		Centro Properties Group		1,302
3,914	m	Centro Retail Group		6
1,263,556		Cheuk Nang Holdings Ltd		1,286
479,792		Cheung Kong Holdings Ltd		6,287
185,531		City Developments Ltd		2,097
3,152		Cofinimmo		600
10,221		Corio NV		801
610,632		DB RREEF Trust		1,014
40,932		Fabege AB		448
4,251,988		Far East Consortium		1,759
10,672	e	Forest City Enterprises, Inc (Class A)		656
2,866	e	Gecina S.A.		479
81,321		Hammerson plc		2,329
667,356		Hang Lung Properties Ltd		2,304
277,459		Henderson Land Development Co Ltd		1,891
189,638		Hopewell Holdings		774
188,326		Hysan Development Co Ltd		502
4,754		Icade		366

152

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
4,548,700		IGB Corp BHD	$	3,576
103,951	*	IMMOFINANZ Immobilien Anlagen AG.		1,514
313,301		Investa Property Group		773
25,755		IVG Immobilien AG.		1,011
13,909		Jones Lang LaSalle, Inc		1,579
131,676		Keppel Land Ltd		755
170,576		Kerry Properties Ltd		1,071
5,569		Klepierre		943
34,716		Kungsleden AB		432
264,000	v*	KWG Property Holding Ltd		246
6,851,433		Land and Houses PCL		1,350
29,513		Leopalace21 Corp		1,009
67,812		Liberty International plc		1,551
305,721		Macquarie Goodman Group		1,735
94,145,000		Megaworld Corp		8,139
20,988		MI Developments, Inc (Class A)		764
215,197		Mirvac Group		1,038
272,614		Mitsubishi Estate Co Ltd		7,396
193,863		Mitsui Fudosan Co Ltd		5,434
2,547,283		New World Development Ltd		6,375
11,800		Nomura Real Estate Holdings, Inc		383
122,152		ORIX Corp		32,198
6,794,000	*	PT Ciputra Development Tbk		679
4,690	e	Risa Partners, Inc		12,775
8,863,200		Robinsons Land Corp		3,738
10,114,942		Shanghai Real Estate Ltd		3,918
330,000		Shoei Co Ltd		6,923
2,167,904		Shui On Land Ltd		1,945
2,499,954		Shun TAK Holdings Ltd		3,679
39,286		Singapore Land Ltd		292
439,136		Sino Land Co		914
125,860		Slough Estates plc		1,570
2,507,500		SP Setia BHD		6,291
2,430,000	*	SPG Land Holdings Ltd		1,601
18,005	e	St. Joe Co		834
374	v	Stockland		3
306,928		Stockland Trust Group		2,114
784,433		Sumitomo Realty & Development Co Ltd		25,546
435,657		Sun Hung Kai Properties Ltd		5,242
270,000		Suruga Corp		6,336
65,572	e	Tokyo Tatemono Co Ltd		816
616,107		Tokyu Land Corp		6,551
11,380		Unibail		2,910
6,530		Unibail-Rodamco		1,683
4,689,875	*	Unitech Corporate Parks plc		8,537
915,800		Urban Corp		16,634
5,264		Wereldhave NV		733
344,269		Westfield Group		5,809
4,181		Wihlborgs Fastigheter AB		74
671,359		Wing Tai Holdings Ltd		1,749
		TOTAL REAL ESTATE		283,637

RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.29%
30,237		Ansell Ltd		312
242,467		Bayer AG.		18,264
195,161	e	Bridgestone Corp		4,184

153

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
40,228		Continental AG.	$	5,654
1,700		Cooper Tire & Rubber Co		47
108,738		Denki Kagaku Kogyo KK		489
34,880	e	Michelin (C.G.D.E.) (Class B)		4,874
146,282		Mitsui Chemicals, Inc		1,111
71,792		Newell Rubbermaid, Inc		2,113
124,356		Nike, Inc (Class B)		7,249
22,533		Nokian Renkaat Oyj		789
859,830		Pirelli & C S.p.A.		1,023
41,540	e	Sealed Air Corp		1,289
43,844		Sumitomo Bakelite Co Ltd		307
41,500		Tupperware Corp		1,193
12,154		Uponor Oyj		472
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		49,370

SECURITY AND COMMODITY BROKERS - 1.65%
117,805	e	Allco Finance Group Ltd		1,060
178,356		Ameriprise Financial, Inc		11,338
209,623		Amvescap plc		2,701
147,491		Australian Stock Exchange Ltd		6,074
48,717		Babcock & Brown Ltd		1,321
28,000		Bear Stearns Cos, Inc		3,920
383,137		Charles Schwab Corp		7,862
8,994		Chicago Mercantile Exchange Holdings, Inc		4,806
308,355		Daiwa Securities Group, Inc		3,278
53,297	e	Deutsche Boerse AG.		5,984
110,877	*	E*Trade Financial Corp		2,449
321		E*Trade Securities Co Ltd		341
63,146		Franklin Resources, Inc		8,365
84,621	e*	GFI Group, Inc		6,133
171,264		Goldman Sachs Group, Inc		37,121
13,495		Hellenic Exchanges S.A.		352
322,087		Hong Kong Exchanges and Clearing Ltd		4,547
4,300	*	IntercontinentalExchange, Inc		636
51,025		Janus Capital Group, Inc		1,421
1,874,800		Kim Eng Securities Thailand PCL		1,356
2,626,767		Legal & General Group plc		7,880
33,864		Legg Mason, Inc		3,332
218,575		Lehman Brothers Holdings, Inc		16,288
42,225		London Stock Exchange Group plc		1,142
212,529	e	Macquarie Bank Ltd		15,265
26,524		Matsui Securities Co Ltd		237
420,979		Merrill Lynch & Co, Inc		35,185
58,494		Mitsubishi Securities Co		655
380,065		Morgan Stanley		31,880
88,500		Nikko Cordial Corp		1,154
992,999		Nomura Holdings, Inc		19,287
18,200		Nymex Holdings, Inc		2,287
43,165	e	NYSE Euronext		3,178
17,151		OMX AB		514
1,953	e	Osaka Securities Exchange Co Ltd		9,005
2,901,900		OSK Holdings BHD		2,536
1,870		SBI Holdings, Inc		593
29,770		Schroders plc		761
98,956		Shinko Securities Co Ltd		511
2,245,056		Singapore Exchange Ltd		14,404

154

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
65,355		T Rowe Price Group, Inc	$	3,391
30,541		TSX Group, Inc		1,196
3,759,700	*	Utama Banking Group BHD		2,616
		TOTAL SECURITY AND COMMODITY BROKERS		284,362

SOCIAL SERVICES - 0.01%
43,382		Vedior NV		1,296
		TOTAL SOCIAL SERVICES		1,296

SPECIAL TRADE CONTRACTORS - 0.01%
23,349		COMSYS Holdings Corp		271
13,883		KCI Konecranes Oyj		580
29,131		Kinden Corp		253
16,879		Kone Oyj (Class B)		1,061
		TOTAL SPECIAL TRADE CONTRACTORS		2,165

STONE, CLAY, AND GLASS PRODUCTS - 0.77%
181,534		3M Co		15,755
219,298	e	Asahi Glass Co Ltd		2,957
70,000		Buzzi Unicem S.p.A.		2,410
70,000	*	Cemex S.A. de C.V. (ADR)		2,583
38,447		Central Glass Co Ltd		215
52,603		Cimpor Cimentos de Portugal S.A.		497
81,595	e	Compagnie de Saint-Gobain		9,141
49,980		Cookson Group plc		708
215,439		CRH plc		10,647
9,379		FLSmidth & Co A/S		734
299,501		Hanson plc		6,462
357,035		Holcim Ltd		38,559
14,343,000		Holcim Philippines, Inc		2,479
2,513,000		Indocement Tunggal Prakarsa Tbk PT		1,737
21,164		Italcementi S.p.A.		653
94,922	e	James Hardie Industries NV		701
2,988,000		Lafarge Malayan Cement BHD		1,507
37,092	e	Lafarge S.A.		6,760
419,021		NGK Insulators Ltd		10,291
137,222	e	Nippon Sheet Glass Co Ltd		626
71,553	e*	Owens Corning, Inc		2,406
38,584	*	Owens-Illinois, Inc		1,351
5,591	*	RHI AG.		305
191,782		Rinker Group Ltd		3,056
689,500		Semen Gresik Persero Tbk PT		3,944
84,952		Sumitomo Osaka Cement Co Ltd		225
669,376		Taiheiyo Cement Corp		2,961
63,977	e	Toto Ltd		554
220,260		UBE Industries Ltd		678
16,366		Wienerberger AG.		1,203
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		132,105

TEXTILE MILL PRODUCTS - 0.00%**
474		Fiberweb plc		2
		TOTAL TEXTILE MILL PRODUCTS		2

TOBACCO PRODUCTS - 1.00%
76,005	e	Altadis S.A.		5,023
1,398,033		Altria Group, Inc		98,058

155

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
739,115		British American Tobacco plc	$	25,208
181,291		Imperial Tobacco Group plc		8,359
712,124		ITC Ltd		2,712
4,991		Japan Tobacco, Inc		24,602
25,400		Loews Corp (Carolina Group)		1,963
62,000	e	Reynolds American, Inc		4,042
76,463	e	Swedish Match AB		1,475
		TOTAL TOBACCO PRODUCTS		171,442

TRANSPORTATION BY AIR - 0.35%
34,300	*	ACE Aviation Holdings, Inc (Class A)		865
7,653		Aeroports de Paris		888
27,915		Air France-KLM		1,299
147,000		All Nippon Airways Co Ltd		559
123,000	e*	AMR Corp		3,241
189,557		Auckland International Airport Ltd		479
105,388		BBA Aviation plc		572
368,950	*	British Airways plc		3,086
1,707,089		Cathay Pacific Airways Ltd		4,245
25,000	e*	Continental Airlines, Inc (Class B)		847
63,921		Deutsche Lufthansa AG.		1,783
131,773		FedEx Corp		14,623
2,329		Flughafen Wien AG.		230
157,199		Iberia Lineas Aereas de Espana		782
181,000		Japan Airlines Corp		341
5,121		Jazz Air Income Fund		39
146,013		Macquarie Airports		499
537,838		Qantas Airways Ltd		2,552
166,530	*	Ryanair Holdings plc		1,111
74	*	Ryanair Holdings plc (ADR)		3
240,883		SABMiller plc		6,099
9,479	*	SAS AB		218
207,192		Singapore Airlines Ltd		2,546
2,384,640		Singapore Technologies Engineering Ltd		5,616
69,779		Southwest Airlines Co		1,040
148,000	e*	UAL Corp		6,007
		TOTAL TRANSPORTATION BY AIR		59,570

TRANSPORTATION EQUIPMENT - 3.57%
740,994		Austal Ltd		2,350
138,000		Autoliv, Inc		7,848
38,000		Bayerische Motoren Werke AG.		2,446
521,692		Boeing Co		50,166
645,145	*	Bombardier, Inc (Class B)		3,876
22,948		Brunswick Corp		749
1,583,873		Cosco Corp Singapore Ltd		3,868
258,396		DaimlerChrysler AG.		23,786
346,135		Denso Corp		13,537
1,145		D'ieteren S.A.		512
80,582	e	European Aeronautic Defence and Space Co		2,615
353,294	e	Fiat S.p.A.		10,494
572,805	e*	Ford Motor Co		5,396
196,508		General Dynamics Corp		15,371
160,687	e	General Motors Corp		6,074
44,287		Genuine Parts Co		2,197
406,782		GKN plc		3,238

156

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
1,041,400	e	Hankyu Hanshin Holdings, Inc	$	5,499
92,544		Harley-Davidson, Inc		5,516
21,676	e	Harsco Corp		1,127
58,182		Hino Motors Ltd		348
360,896		Honda Motor Co Ltd		13,105
999,269		Isuzu Motors Ltd		5,402
45,514		ITT Industries, Inc		3,108
443,676		Johnson Electric Holdings Ltd		246
43,895		JTEKT Corp		793
310,044		Kawasaki Heavy Industries Ltd		1,265
2,174,010		Keppel Corp Ltd		17,785
29,927	e	Lagardere S.C.A.		2,595
193,945		Lockheed Martin Corp		18,256
48,783		Magna International, Inc (Class A)		4,465
54,825		MAN AG.		7,827
38,000		MTU Aero Engines Holding AG.		2,471
510,158		Nabtesco Corp		7,430
35,421		NHK Spring Co Ltd		341
141,576		Northrop Grumman Corp		11,024
102,401		NSK Ltd		1,059
18,527	e	Oshkosh Truck Corp		1,166
84,100		Paccar, Inc		7,320
136,504	*	Pactiv Corp		4,353
61,945	e	Peugeot S.A.		4,990
2,418		Porsche AG.		4,316
291,086		Raytheon Co		15,687
257,631		Renault S.A.		41,321
3,943		Rieter Holding AG.		2,061
479,879		Rolls-Royce Group plc		5,167
101,712	e	Scania AB (B Shares)		2,481
1,965,963		SembCorp Marine Ltd		6,305
15,761		Shimano, Inc		540
804,583		Siemens AG.		115,218
101,774		Smiths Group plc		2,414
105,317	*	Spirit Aerosystems Holdings, Inc (Class A)		3,797
21,881		Thales S.A.		1,337
12,600		Tokai Rika Co Ltd		344
13,996		Toyoda Gosei Co Ltd		395
43,194		Toyota Industries Corp		2,007
808,825		Toyota Motor Corp		51,010
20,813		Trelleborg AB (B Shares)		573
78,300	*	TRW Automotive Holdings Corp		2,884
410,068		United Technologies Corp		29,086
210,416	e	Volkswagen AG.		33,463
11,957		Volkswagen AG.		1,235
64,395	e	Volvo AB (A Shares)		1,319
413,450	e	Volvo AB (B Shares)		8,220
42,489		Yamaha Motor Co Ltd		1,233
		TOTAL TRANSPORTATION EQUIPMENT		614,427

TRANSPORTATION SERVICES - 0.12%
49,535		Arriva plc		680
424,881	*	Asciano Group		3,649
76,363		Expeditors International Washington, Inc		3,154
58,000		Go-Ahead Group plc		3,036
650		Kuoni Reisen Holding		391

157

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
16,831	e*	Lear Corp	$	599
442,195		MTR Corp		1,048
34,150		National Express Group plc		727
10,649		Stolt-Nielsen S.A.		355
362,566		Toll Holdings Ltd		4,443
59,563	e	TUI AG.		1,640
65,000	e	UTI Worldwide, Inc		1,741
		TOTAL TRANSPORTATION SERVICES		21,463

TRUCKING AND WAREHOUSING - 0.69%
1,719,207		Deutsche Post AG.		55,653
468,600	e	DSV AS		9,178
59,323		Kamigumi Co Ltd		514
26,262		Mitsubishi Logistics Corp		432
183,343		Nippon Express Co Ltd		1,042
31,991		Seino Holdings Corp		303
840,678		TNT NV		37,958
173,195		United Parcel Service, Inc (Class B)		12,643
89,378		Yamato Transport Co Ltd		1,264
		TOTAL TRUCKING AND WAREHOUSING		118,987

WATER TRANSPORTATION - 0.32%
255	e	AP Moller - Maersk A/S		3,067
180,000	e	Aries Maritime Transport Ltd		1,751
156,314		Carnival Corp		7,623
45,606		Carnival plc		2,180
1,706,000		China Shipping Development Co Ltd		3,949
38,661		Compagnie Maritime Belge S.A.		2,699
6,460	e	D/S Torm AS		241
135,000	e	Danaos Corp		4,246
8,375	e	Euronav NV		305
1,192,000		Ezra Holdings Ltd		4,524
34,545	e	Frontline Ltd		1,588
4,395,000		International Container Term Services, Inc		2,707
101,186		Kawasaki Kisen Kaisha Ltd		1,234
12,464		Kuehne & Nagel International AG.		1,148
341,145		Mitsui OSK Lines Ltd		4,626
760,381		Neptune Orient Lines Ltd		2,636
255,636		Nippon Yusen Kabushiki Kaisha		2,344
175,000	e	Omega Navigation Enterprises, Inc (Class A)		3,806
265,269		Orient Overseas International Ltd		2,593
47,423	e	Royal Caribbean Cruises Ltd		2,038
121		Ship Finance International Ltd		4
		TOTAL WATER TRANSPORTATION		55,309

WHOLESALE TRADE-DURABLE GOODS - 0.44%
46,268		AGFA-Gevaert NV		1,194
43,315	*	Arrow Electronics, Inc		1,665
79,368		Assa Abloy AB (Class B)		1,747
5,992		Autobacs Seven Co Ltd		187
215,400		Banpu PCL		1,672
212,000		Banpu PCL		1,645
120,812		Boral Ltd		897
23,605		Buhrmann NV		362
90,502		Bunzl plc		1,253
16,171		Canon Marketing Japan Inc		331

158

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				VALUE
SHARES				(000)
217,000	v*	China High Speed Transmission Equipment Group Co Ltd	$	196
24,349		Compagnie Generale d'Optique Essilor International S.A.		2,900
128,955	*	Cytyc Corp		5,559
111,542		Electrocomponents plc		586
80,122		Finning International, Inc		2,277
25,279	e*	Fortescue Metals Group Ltd		722
130,755		Hagemeyer NV		674
53,451		Kingspan Group plc		1,499
11,573		Martin Marietta Materials, Inc		1,875
522,905		Nissan Motor Co Ltd		5,598
29,760	*	Patterson Cos, Inc		1,109
2,093,500		PT Astra International Tbk		3,928
65,504		Rautaruukki Oyj		4,185
50,000		Reliance Steel & Aluminum Co		2,813
40,158	e*	Securitas Direct AB (B Shares)		108
40,095		Securitas Systems AB (B Shares)		136
171,210	e	Softbank Corp		3,689
245,947	e	Sumitomo Corp		4,484
241,100	e	Ulvac, Inc		8,660
992,000		UMW Holdings BHD		3,622
18,165		W.W. Grainger, Inc		1,690
81,218		Wesfarmers Ltd		3,145
175,691		Wolseley plc		4,217
9,528		Zodiac S.A.		732
		TOTAL WHOLESALE TRADE-DURABLE GOODS		75,357

WHOLESALE TRADE-NONDURABLE GOODS - 0.84%
11,571,000	*	Alliance Global Group, Inc		1,468
53,861	e	Axfood AB		1,905
428,367	e	Billabong International Ltd		6,504
11,997	e	Brown-Forman Corp (Class B)		877
143,145		Cardinal Health, Inc		10,112
10,750	e	Casino Guichard Perrachon S.A.		1,087
22,986		Celesio AG.		1,494
1,450,000		China Yurun Food Group Ltd		1,621
47,524		Dean Foods Co		1,515
1,096,243		Esprit Holdings Ltd		13,928
434,576		Foster's Group Ltd		2,345
1,226		Fyffes plc		1
444,880		Gazprom (ADR)		18,499
51,336	*	Gildan Activewear, Inc		1,753
52,486	e	Idearc, Inc		1,854
667,778		Li & Fung Ltd		2,404
150,000	e	Macquarie Infrastructure Co LLC		6,222
1,133,267		Marubeni Corp		9,322
20,000		Men's Wearhouse, Inc		1,021
312,598		Mitsubishi Corp		8,191
288,400		Nippon Oil Corp		2,679
8,262		Oriflame Cosmetics S.A.		388
371,989		Orkla ASA		7,014
25,372		Reliance Industries Ltd		1,062
432,400		San Miguel Corp (Class B)		767
56,600		San-A Co Ltd		1,672
4,281,585		Sinochem Hong Kong Holding Ltd		3,030
6,451	e	Societe BIC S.A.		475
14,371		Suzuken Co Ltd		449

159

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

				MATURITY		VALUE
SHARES			RATE	DATE		(000)
160,433		Sysco Corp			$	5,293
719,028		Unilever NV				22,314
225,000		Unilever NV				6,979
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS				144,245

		TOTAL COMMON STOCKS				17,068,410
		(Cost $15,498,866)

WARRANTS - 0.00%**

HOTELS AND OTHER LODGING PLACES - 0.00%**
1,550,848	v*	Minor International PCL (Expires 03/29/08)				335
		TOTAL HOTELS AND OTHER LODGING PLACES				335

REAL ESTATE - 0.00%**
52,313	*	Cheuk Nang Holdings Ltd (Expires 04/30/08)				15
		TOTAL REAL ESTATE				15

		TOTAL WARRANTS				350
		(Cost $26)

PRINCIPAL

SHORT-TERM INVESTMENTS - 9.11%

CERTIFICATE OF DEPOSITS - 0.11%
$ 20,000,000		First Tennessee Bank NA	5.300%	07/23/07		20,000
		TOTAL CERTIFICATE OF DEPOSITS				20,000

COMMERCIAL PAPER - 2.86%
20,000,000		Abbott Laboratories, Inc	0.000	07/06/07		19,988
25,000,000		American Honda Finance Corp	0.000	07/19/07		24,937
30,000,000		Calyon North America, Inc	0.000	07/27/07		29,890
30,000,000		Cargill Global Funding plc	0.000	07/27/07		29,890
15,000,000		Coca-Cola Co	0.000	07/27/07		14,945
25,000,000		Corporate Asset Funding Corp, Inc	0.000	08/23/07		24,808
20,000,000		Fairway Finance Corp	0.000	07/23/07		19,937
25,000,000		Govco LLC	0.000	07/19/07		24,937
25,000,000		Grampian Funding LLC	0.000	07/13/07		24,959
15,000,000		Hewlett-Packard Co	0.000	07/11/07		14,980
10,000,000		Hewlett-Packard Co	0.000	07/16/07		9,979
30,000,000		ING US Funding LLC	0.000	07/30/07		29,877
30,000,000		International Business Machines Corp	0.000	07/02/07		30,000
30,000,000		John Deere Capital Corp	0.000	08/24/07		29,764
20,000,000		Nestle Capital Corp	0.000	07/23/07		19,939
28,000,000		Old Line Funding LLC	0.000	07/20/07		27,925
30,000,000		Park Avenue Receivables Corp	0.000	07/26/07		29,892
30,000,000		Pitney Bowes, Inc	0.000	07/19/07		29,925
12,000,000		Private Export Funding Corp	0.000	07/10/07		11,986
18,000,000		Private Export Funding Corp	0.000	07/12/07		17,973
25,000,000		UBS Finance, (Delaware), Inc	0.000	07/20/07		24,934
		TOTAL COMMERCIAL PAPER				491,465

160

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

			MATURITY		VALUE
PRINCIPAL		RATE	DATE		(000)

U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES - 3.30%
$ 38,700,000	Federal Home Loan Bank (FHLB)	0.000%	07/18/07	$	38,612
37,000,000	(FHLB)	0.000	07/27/07		36,869
50,000,000	(FHLB)	0.000	07/30/07		49,802
100,000,000	Federal Home Loan Mortgage Corp (FHLMC)	0.000	07/02/07		100,000
15,170,000	(FHLMC)	0.000	07/16/07		15,140
84,800,000	(FHLMC)	0.000	07/25/07		84,524
25,944,000	(FHLMC)	0.000	09/17/07		25,661
14,650,000	Federal National Mortgage Association (FNMA)	0.000	07/20/07		14,612
40,000,000	(FNMA)	0.000	07/25/07		39,870
64,600,000	(FNMA)	0.000	07/26/07		64,380
48,255,000	(FNMA)	0.000	08/01/07		48,050
50,000,000	(FNMA)	0.000	09/28/07		49,377
	TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES				566,897

SHARES

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 2.84%
488,809,528	State Street Navigator Securities Lending Prime Portfolio				488,810
	TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED				488,810


	TOTAL SHORT-TERM INVESTMENTS				1,567,172
	(Cost $1,567,030)
	(includes $1,543,810 of cash collateral for securities on loan)

	TOTAL PORTFOLIO - 108.36%				18,635,932
	(Cost $17,065,922)
	OTHER ASSETS & LIABILITIES, NET - (8.36%)				(1,438,540	)

	NET ASSETS - 100.00%			$	17,197,392



			The following abbreviations are used in portfolio descriptions:
	ADR		American Depositary Receipt
	GDR		Global Depositary Receipt
	LLC		Limited Liability Company
	plc		Public Limited Company
	SPDR		Standard & Poor's Depository Receipt

	*		Non-income producing.
	**		Percentage represents less than 0.01%.
	^		Amount represents less than $1,000.
	e		All or a portion of these securities are out on loan.
	m		Indicates a security that has been deemed illiquid.
	v		Security valued at fair value.

			Cost amounts are in thousands.

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

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

161

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

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




		Value at		Purchase				Realized			Dividend		Withholding		Shares at	Value at
	Issue	December 31, 2006		Cost		Proceeds		Gain/(Loss)			Income		Expense		June 30, 2007	June 30, 2007

	Panva Gas Holdings		**	$	1,883,414	$	361,702	$	(100,689)		$	-	$	-	-		*
	Saic, Inc	$	97,288,369		-		96,243,284		(3,000,952	)		-		-	-		*
				$	1,883,414	$	96,604,986	$	(3,101,641	)	$	-	$	-		$	-

	*		Not an Affiliate as of June 30, 2007.

	**		Not an Affiliate as of December 31, 2006.

162

COLLEGE RETIREMENT EQUITIES FUND - GLOBAL EQUITIES ACCOUNT

COLLEGE RETIREMENT EQUITIES FUND
GLOBAL EQUITIES ACCOUNT
Summary of Market Values by Country (Unaudited)
June 30, 2007
			% OF
			MARKET
		VALUE	VALUE

DOMESTIC
UNITED STATES	$	9,756,478,501	52.35	%
TOTAL DOMESTIC		9,756,478,501	52.35

FOREIGN
ARGENTINA		1,427,916	0.01
AUSTRALIA		363,007,357	1.95
AUSTRIA		44,048,226	0.24
BELGIUM		69,019,996	0.37
BRAZIL		36,176,915	0.19
CANADA		539,476,257	2.89
CAYMAN ISLANDS		25,690,558	0.14
CHINA		2,554,750	0.01
CROATIA		4,162,500	0.02
DENMARK		42,728,888	0.23
FINLAND		153,655,755	0.82
FRANCE		1,081,283,144	5.80
GERMANY		664,797,645	3.57
GREECE		31,747,296	0.17
HONG KONG		191,754,742	1.03
INDIA		27,449,432	0.15
INDONESIA		15,672,173	0.08
IRELAND		116,276,014	0.62
ISRAEL		70,259,063	0.38
ITALY		305,103,792	1.64
JAPAN		1,391,326,986	7.47
KAZAKHSTAN		2,677,584	0.01
MALAYSIA		73,758,541	0.40
MEXICO		2,583,000	0.01
NETHERLANDS		467,460,370	2.51
NEW ZEALAND		11,186,646	0.06
NORWAY		99,565,465	0.53
PHILIPPINES		60,594,627	0.33
PORTUGAL		12,332,690	0.07
RUSSIA		34,913,837	0.19
SINGAPORE		184,243,935	0.99
SOUTH KOREA		16,444,572	0.09
SPAIN		231,835,901	1.24
SWEDEN		142,331,950	0.76
SWITZERLAND		503,060,895	2.70
TAIWAN		25,791,541	0.14
THAILAND		36,551,751	0.20
TURKEY		1,601,730	0.01
UNITED KINGDOM		1,794,898,796	9.63
TOTAL FOREIGN		8,879,453,236	47.65
TOTAL PORTFOLIO	$	18,635,931,737	100.00	%

163

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

		COLLEGE RETIREMENT EQUITIES FUND
		GROWTH ACCOUNT
		STATEMENT OF INVESTMENTS (Unaudited)
		June 30, 2007

				VALUE
SHARES				(000)

COMMON STOCKS - 99.89%

AMUSEMENT AND RECREATION SERVICES - 1.83%
2,988,278	*	Activision, Inc	$	55,791
35,864		Harrah's Entertainment, Inc		3,058
436,300		Nintendo Co Ltd		159,181
24,338	*	Penn National Gaming, Inc		1,462
290,760		Walt Disney Co		9,927
6,713	e	Warner Music Group Corp		97
		TOTAL AMUSEMENT AND RECREATION SERVICES		229,516

APPAREL AND ACCESSORY STORES - 0.48%
30,136	e	Abercrombie & Fitch Co (Class A)		2,199
61,477		American Eagle Outfitters, Inc		1,578
18,569	e*	AnnTaylor Stores Corp		658
60,681	*	Chico's FAS, Inc		1,477
32,239	e*	Hanesbrands, Inc		871
613,169	*	Kohl's Corp		43,553
116,144	e	Limited Brands, Inc		3,188
86,039	e	Nordstrom, Inc		4,398
46,524		Ross Stores, Inc		1,433
39,765	*	Urban Outfitters, Inc		956
		TOTAL APPAREL AND ACCESSORY STORES		60,311

APPAREL AND OTHER TEXTILE PRODUCTS - 0.57%
18,180	e	Guess ?, Inc		873
18,608		Phillips-Van Heusen Corp		1,127
707,865		Polo Ralph Lauren Corp		69,449
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		71,449

AUTO REPAIR, SERVICES AND PARKING - 0.01%
69,969	e*	Hertz Global Holdings, Inc		1,859
		TOTAL AUTO REPAIR, SERVICES AND PARKING		1,859

AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.06%
35,854		Advance Auto Parts		1,453
15,526	*	Autozone, Inc		2,121
69,608	e*	Carmax, Inc		1,775
21,547	*	Copart, Inc		659
39,780	*	O'Reilly Automotive, Inc		1,454
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		7,462

BUILDING MATERIALS AND GARDEN SUPPLIES - 0.88%
43,864	e	Fastenal Co		1,836
382,260		Home Depot, Inc		15,042
3,045,734		Lowe's Cos, Inc		93,474
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		110,352

BUSINESS SERVICES - 13.40%
198,594		Accenture Ltd (Class A)		8,518
21,176		Acxiom Corp		560

164

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES				(000)
5,364,699	*	Adobe Systems, Inc	$	215,393
13,703	*	Affiliated Computer Services, Inc (Class A)		777
8,253	e	Aircastle Ltd		329
54,894	e*	Akamai Technologies, Inc		2,670
26,350	*	Alliance Data Systems Corp		2,036
65,851	e*	Amdocs Ltd		2,622
23,636	e*	aQuantive, Inc		1,508
77,202	e*	Autodesk, Inc		3,635
185,138		Automatic Data Processing, Inc		8,974
12,149	*	Avis Budget Group, Inc		345
131,210	*	BEA Systems, Inc		1,796
67,129	e*	BMC Software, Inc		2,034
13,365	e	Brink's Co		827
86,065		CA, Inc		2,223
25,816	*	Cadence Design Systems, Inc		567
41,779	*	Ceridian Corp		1,462
23,006	e*	Cerner Corp		1,276
21,054	e*	Checkfree Corp		846
25,476	*	ChoicePoint, Inc		1,081
60,119	*	Citrix Systems, Inc		2,024
11,857	e*	Clear Channel Outdoor Holdings, Inc (Class A)		336
47,937	e*	Cognizant Technology Solutions Corp (Class A)		3,600
81,725	*	Compuware Corp		969
623,592	e*	DST Systems, Inc		49,395
4,702,661	*	eBay, Inc		151,332
1,440,599	*	Electronic Arts, Inc		68,169
101,205		Electronic Data Systems Corp		2,806
48,367	e	Equifax, Inc		2,148
3,043,743		Experian Group Ltd		38,304
14,716	*	F5 Networks, Inc		1,186
14,905		Factset Research Systems, Inc		1,019
1,909	e	Fair Isaac Corp		77
53,853		Fidelity National Information Services, Inc		2,923
39,892		First Data Corp		1,303
56,335	*	Fiserv, Inc		3,200
8,126	*	Getty Images, Inc		389
686,435	*	Google, Inc (Class A)		359,266
59,781	e*	HLTH Corp		838
57,837	e	IMS Health, Inc		1,858
96,843	e*	Interpublic Group of Cos, Inc		1,104
3,026,992	*	Intuit, Inc		91,052
58,263	e*	Iron Mountain, Inc		1,522
1,728,569	*	Juniper Networks, Inc		43,508
14,872	e*	Kinetic Concepts, Inc		773
27,679		Lamar Advertising Co (Class A)		1,737
51,218	e*	Limelight Networks, Inc		1,013
28,292	e	Manpower, Inc		2,610
185,597	e	Mastercard, Inc (Class A)		30,785
53,394	*	McAfee, Inc		1,879
5,749,636		Microsoft Corp		169,442
30,228		MoneyGram International, Inc		845
41,093	e*	Monster Worldwide, Inc		1,689
33,377	e*	NAVTEQ Corp		1,413
7,631	*	NCR Corp		401
14,040	e*	Novell, Inc		109

165

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES				(000)
3,178,398		Omnicom Group, Inc	$	168,201
5,024,700	*	Oracle Corp		99,037
64,263	e*	Red Hat, Inc		1,432
49,645	e	Robert Half International, Inc		1,812
31,798	e*	Salesforce.com, Inc		1,363
78,665		ServiceMaster Co		1,216
303,021	*	Sun Microsystems, Inc		1,594
43,455	e*	Symantec Corp		878
47,980	e*	Synopsys, Inc		1,268
14,299	e	Total System Services, Inc		422
81,274	*	VeriSign, Inc		2,579
97,150		Waste Management, Inc		3,794
2,696	*	WebMD Health Corp (Class A)		127
3,483,475	*	Yahoo!, Inc		94,507
		TOTAL BUSINESS SERVICES		1,678,733

CHEMICALS AND ALLIED PRODUCTS - 14.55%
3,665,418		Abbott Laboratories		196,283
10,263	e*	Abraxis BioScience, Inc		228
964,982	e	Air Products & Chemicals, Inc		77,556
26,711		Albemarle Corp		1,029
6,400	e	Alberto-Culver Co		152
277,454	*	Amgen, Inc		15,340
31,788	e	Avery Dennison Corp		2,113
135,382		Avon Products, Inc		4,975
35,278	e*	Barr Pharmaceuticals, Inc		1,772
21,851	*	Biogen Idec, Inc		1,169
658,182		Bristol-Myers Squibb Co		20,772
15,529		Cabot Corp		740
28,994		Celanese Corp (Series A)		1,124
22,258	e*	Cephalon, Inc		1,789
8,241	e*	Charles River Laboratories International, Inc		425
19,824	e	Church & Dwight Co, Inc		961
46,721		Clorox Co		2,901
2,479,909		Colgate-Palmolive Co		160,822
28,864		Dade Behring Holdings, Inc		1,533
49,164		Du Pont (E.I.) de Nemours & Co		2,500
60,653		Ecolab, Inc		2,590
162,565		Eli Lilly & Co		9,084
36,569		Estee Lauder Cos (Class A)		1,664
107,111	e*	Forest Laboratories, Inc		4,890
1,900,769	*	Genentech, Inc		143,812
751,156	*	Genzyme Corp		48,374
4,994,228	*	Gilead Sciences, Inc		193,626
52,258	*	Hospira, Inc		2,040
9,581	e*	Idexx Laboratories, Inc		907
20,035	*	ImClone Systems, Inc		708
22,240		International Flavors & Fragrances, Inc		1,160
6,846	*	Invitrogen Corp		505
888,021	e*	Keryx Biopharmaceuticals, Inc		8,676
6,037		Lubrizol Corp		390
3,722,817		Merck & Co, Inc		185,396
64,100	e*	Millennium Pharmaceuticals, Inc		678
3,404,941	e	Monsanto Co		229,970
665,847	*	Mosaic Co		25,981
80,364	e*	Mylan Laboratories, Inc		1,462

166

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES				(000)
48,246	e	Nalco Holding Co	$	1,324
18,252	*	NBTY, Inc		789
40,326	e*	PDL BioPharma, Inc		940
106,734	e	Praxair, Inc		7,684
416,791		Procter & Gamble Co		25,504
85,069		Roche Holding AG.		15,073
27,155	e	Rohm & Haas Co		1,485
34,781		RPM International, Inc		804
5,623,772		Schering-Plough Corp		171,188
3,051	e	Scotts Miracle-Gro Co (Class A)		131
36,413	*	Sepracor, Inc		1,494
37,158		Sherwin-Williams Co		2,470
721,005		Shire plc (ADR)		53,448
13,657		Sigma-Aldrich Corp		583
4,039,469		Teva Pharmaceutical Industries Ltd (ADR)		166,628
4,056		Valspar Corp		115
29,169	*	VCA Antech, Inc		1,099
40,554	e*	Vertex Pharmaceuticals, Inc		1,158
30,004	*	Warner Chilcott Ltd (Class A)		543
19,903	*	Watson Pharmaceuticals, Inc		648
236,743		Wyeth		13,575
		TOTAL CHEMICALS AND ALLIED PRODUCTS		1,822,780

COAL MINING - 0.08%
45,549	e	Arch Coal, Inc		1,585
61,146		Consol Energy, Inc		2,820
26,130	e	Massey Energy Co		696
89,830	e	Peabody Energy Corp		4,346
		TOTAL COAL MINING		9,447

COMMUNICATIONS - 2.88%
1,301,100		America Movil S.A. de C.V. (ADR) (Series L)		80,577
139,836	*	American Tower Corp (Class A)		5,873
2,073,677		AT&T, Inc		86,058
38,443	*	Avaya, Inc		647
24,388	*	Cablevision Systems Corp (Class A)		883
10,197	*	Central European Media Enterprises Ltd (Class A)		995
20,114	e	Citizens Communications Co		307
34,948		Clear Channel Communications, Inc		1,322
3,483,259	*	Comcast Corp (Class A)		97,949
65,869	e*	Crown Castle International Corp		2,389
17,375	e*	CTC Media, Inc		472
252,840	*	DIRECTV Group, Inc		5,843
70,670	*	EchoStar Communications Corp (Class A)		3,065
26,990	e	Global Payments, Inc		1,070
3,936	e*	IAC/InterActiveCorp		136
16,842	*	Leap Wireless International, Inc		1,423
509,712	e*	Level 3 Communications, Inc		2,982
64,808	e*	Liberty Global, Inc (Class A)		2,660
130,663	*	Liberty Media Holding Corp (Interactive A)		2,918
18,792	*	MetroPCS Communications, Inc		621
24,754	e*	NeuStar, Inc (Class A)		717
691,259	e*	NII Holdings, Inc		55,812
36,126	e*	SBA Communications Corp (Class A)		1,214
15,377		Telephone & Data Systems, Inc		962
28,648	*	Time Warner Cable, Inc (Class A)		1,122

167

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES				(000)
1,534	*	US Cellular Corp	$	139
87,006	e	Windstream Corp		1,284
95,581	e*	XM Satellite Radio Holdings, Inc (Class A)		1,125
		TOTAL COMMUNICATIONS		360,565

DEPOSITORY INSTITUTIONS - 0.73%
5,571		Bank of Hawaii Corp		288
5,087	e	Capitol Federal Financial		188
18,382		Commerce Bancorp, Inc		680
72,544	e	Hudson City Bancorp, Inc		886
23,380	e	Investors Financial Services Corp		1,442
130,847	e	Mellon Financial Corp		5,757
62,261		Northern Trust Corp		4,000
50,292	e	People's United Financial, Inc		892
87,131		State Street Corp		5,960
34,947		Synovus Financial Corp		1,073
1,168,500		Wells Fargo & Co		41,096
1,399,643	e	Western Union Co		29,154
		TOTAL DEPOSITORY INSTITUTIONS		91,416

EATING AND DRINKING PLACES - 0.19%
37,947		Brinker International, Inc		1,111
20,862	e	Burger King Holdings, Inc		549
24,086	e*	Cheesecake Factory		591
47,304		Darden Restaurants, Inc		2,081
81,954		McDonald's Corp		4,160
247,903	e*	Starbucks Corp		6,505
63,869	e	Tim Hortons, Inc		1,964
29,064	e	Wendy's International, Inc		1,068
175,260	e	Yum! Brands, Inc		5,734
		TOTAL EATING AND DRINKING PLACES		23,763

EDUCATIONAL SERVICES - 0.23%
434,565	*	Apollo Group, Inc (Class A)		25,392
34,445	e*	Career Education Corp		1,163
13,160	*	ITT Educational Services, Inc		1,545
12,141	*	Laureate Education, Inc		748
		TOTAL EDUCATIONAL SERVICES		28,848

ELECTRIC, GAS, AND SANITARY SERVICES - 0.79%
224,636	*	AES Corp		4,915
55,844	e*	Allegheny Energy, Inc		2,889
14,588	*	Allied Waste Industries, Inc		196
3,014		Aqua America, Inc		68
107,123		Centerpoint Energy, Inc		1,864
46,815		Constellation Energy Group, Inc		4,081
39,770	e*	Covanta Holding Corp		980
20,369	e	DPL, Inc		577
18,294	*	Dynegy, Inc (Class A)		173
101,731		Exelon Corp		7,386
1,596,196	e	Fortum Oyj		49,877
58,397	*	Mirant Corp		2,491
65,160	e*	NRG Energy, Inc		2,709
96,329		PPL Corp		4,507
19,973	e	Questar Corp		1,055
50,019		Republic Services, Inc		1,533

168

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES				(000)
10,765	*	Sierra Pacific Resources	$	189
27,412	*	Stericycle, Inc		1,219
112,676		TXU Corp		7,583
167,155		Williams Cos, Inc		5,285
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		99,577

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 14.70%
75,199	e*	Advanced Micro Devices, Inc		1,075
2,447,909	e	Alcatel S.A. (ADR)		34,271
118,849	e	Altera Corp		2,630
35,962		Ametek, Inc		1,427
59,900	e	Amphenol Corp (Class A)		2,135
109,458	e	Analog Devices, Inc		4,120
2,206,792	*	Apple Computer, Inc		269,317
29,216	*	Avnet, Inc		1,158
5,796	e	AVX Corp		97
155,694	*	Broadcom Corp (Class A)		4,554
28,304	e*	Ciena Corp		1,023
13,057,945	*	Cisco Systems, Inc		363,664
2,589,807		Cooper Industries Ltd (Class A)		147,852
7,022	e*	Cree, Inc		182
50,601	e*	Cypress Semiconductor Corp		1,178
13,336	*	Dolby Laboratories, Inc (Class A)		472
5,450		Eaton Corp		507
13,571	e*	Energizer Holdings, Inc		1,352
17,001	*	Fairchild Semiconductor International, Inc		328
11,171	e*	First Solar, Inc		997
38,535	e	Garmin Ltd		2,850
21,795		Harman International Industries, Inc		2,546
45,348	e	Harris Corp		2,474
222,691		Honeywell International, Inc		12,533
22,232	*	Integrated Device Technology, Inc		339
8,773,938		Intel Corp		208,469
5,502	e*	International Rectifier Corp		205
24,384		Intersil Corp (Class A)		767
11,293	e*	Jarden Corp		486
37,731	e*	JDS Uniphase Corp		507
13,613	e	L-3 Communications Holdings, Inc		1,326
9,992	e	Lincoln Electric Holdings, Inc		742
87,248	e	Linear Technology Corp		3,157
151,969	e*	LSI Logic Corp		1,141
157,972	*	Marvell Technology Group Ltd		2,877
2,575,213		Maxim Integrated Products, Inc		86,038
726,424	*	MEMC Electronic Materials, Inc		44,399
72,116	e	Microchip Technology, Inc		2,671
82,451	*	Micron Technology, Inc		1,033
26,740	e	Molex, Inc		802
1,024,315	e	National Semiconductor Corp		28,957
2,400	m,v*	NCP Litigation Trust		-	^
1,950,056	*	Network Appliance, Inc		56,942
27,456	e*	Novellus Systems, Inc		779
1,790,126	*	Nvidia Corp		73,950
799,700	e*	Polycom, Inc		26,870
45,977	*	QLogic Corp		766
6,187,689		Qualcomm, Inc		268,484
31,824	e	RadioShack Corp		1,055

169

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES				(000)
23,741	e*	Rambus, Inc	$	427
477,614	*	Research In Motion Ltd		95,518
44,900	e*	Sanmina-SCI Corp		141
16,408	e*	Silicon Laboratories, Inc		568
486,424	e*	Sirius Satellite Radio, Inc		1,469
7,423	e*	Sunpower Corp (Class A)		468
1,201,100		Taiwan Semiconductor Manufacturing Co Ltd (ADR)		13,368
1,337,465		Texas Instruments, Inc		50,329
20,607	*	Thomas & Betts Corp		1,195
30,041	*	Varian Semiconductor Equipment Associates, Inc		1,203
14,100	e*	Vishay Intertechnology, Inc		223
18,744	e	Whirlpool Corp		2,084
99,719		Xilinx, Inc		2,669
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		1,841,166

ENGINEERING AND MANAGEMENT SERVICES - 2.49%
43,470	e*	Amylin Pharmaceuticals, Inc		1,789
2,743,158	e*	Celgene Corp		157,265
12,495	e	Corporate Executive Board Co		811
843,974	e	Fluor Corp		93,993
115,217	*	Gen-Probe, Inc		6,962
19,819	e*	Hewitt Associates, Inc (Class A)		634
40,878	e*	Jacobs Engineering Group, Inc		2,351
422,387	*	McDermott International, Inc		35,109
75,841		Moody's Corp		4,717
113,364		Paychex, Inc		4,435
48,490	e	Quest Diagnostics, Inc		2,505
24,753	*	Shaw Group, Inc		1,146
4,102	*	URS Corp		199
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		311,916

FABRICATED METAL PRODUCTS - 0.09%
9,548	*	Alliant Techsystems, Inc		947
35,636		Ball Corp		1,895
58,208	*	Crown Holdings, Inc		1,453
123,840		Illinois Tool Works, Inc		6,711
9,067	e	Stanley Works		550
		TOTAL FABRICATED METAL PRODUCTS		11,556

FOOD AND KINDRED PRODUCTS - 1.99%
160,186		Anheuser-Busch Cos, Inc		8,355
41,816		Campbell Soup Co		1,623
510,118		Coca-Cola Co		26,684
9,268		General Mills, Inc		542
59,887		H.J. Heinz Co		2,843
21,739	e*	Hansen Natural Corp		934
39,942		Hershey Co		2,022
53,799		Kellogg Co		2,786
29,002	e	McCormick & Co, Inc		1,107
11,873		Pepsi Bottling Group, Inc		400
3,018,865		PepsiCo, Inc		195,774
128,617		Sara Lee Corp		2,238
70,746	e	Wrigley (Wm.) Jr Co		3,913
		TOTAL FOOD AND KINDRED PRODUCTS		249,221

170

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES				(000)

FOOD STORES - 0.05%
150,949		Kroger Co	$	4,246
10,255	e*	Panera Bread Co (Class A)		473
47,290	e	Whole Foods Market, Inc		1,811
		TOTAL FOOD STORES		6,530

FORESTRY - 0.00% **
3,075		Rayonier, Inc		139
		TOTAL FORESTRY		139

FURNITURE AND FIXTURES - 0.06%
3,515		Hillenbrand Industries, Inc		228
16,581	e	HNI Corp		680
52,255		Johnson Controls, Inc		6,050
7,343		Masco Corp		209
		TOTAL FURNITURE AND FIXTURES		7,167

FURNITURE AND HOMEFURNISHINGS STORES - 0.52%
92,714	e*	Bed Bath & Beyond, Inc		3,337
24,749	e	Circuit City Stores, Inc		373
1,540,660	e*	GameStop Corp (Class A)		60,240
22,765	e	Steelcase, Inc (Class A)		421
30,476	e	Williams-Sonoma, Inc		962
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		65,333

GENERAL BUILDING CONTRACTORS - 0.01%
2,073	e	Centex Corp		83
648	e*	NVR, Inc		441
25,226		Pulte Homes, Inc		566
		TOTAL GENERAL BUILDING CONTRACTORS		1,090

GENERAL MERCHANDISE STORES - 1.45%
37,628	e*	Big Lots, Inc		1,107
103,304	e	Costco Wholesale Corp		6,045
104,751	e	Dollar General Corp		2,296
49,821	e	Family Dollar Stores, Inc		1,710
75,566		JC Penney Co, Inc		5,470
40,234	e	Saks, Inc		859
2,063,385	e	Target Corp		131,231
153,936		TJX Cos, Inc		4,233
592,193		Wal-Mart Stores, Inc		28,491
		TOTAL GENERAL MERCHANDISE STORES		181,442

HEALTH SERVICES - 1.08%
29,304	e	AmerisourceBergen Corp		1,450
5,086	e	Brookdale Senior Living, Inc		232
96,044		Cigna Corp		5,015
2,767	*	Community Health Systems, Inc		112
21,037	*	Covance, Inc		1,442
48,924	*	Coventry Health Care, Inc		2,820
34,287	e*	DaVita, Inc		1,847
19,284	e*	Edwards Lifesciences Corp		952
79,546	*	Express Scripts, Inc		3,978
563,058	e*	Laboratory Corp of America Holdings		44,065
28,758	*	Lincare Holdings, Inc		1,146
24,535		Manor Care, Inc		1,602
91,705		McKesson Corp		5,469

171

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES				(000)
683,825	*	Medco Health Solutions, Inc	$	53,332
4,927		Omnicare, Inc		178
14,764	*	Pediatrix Medical Group, Inc		814
36,180	e	Pharmaceutical Product Development, Inc		1,385
19,508	*	Sierra Health Services, Inc		811
110,777	e*	Tenet Healthcare Corp		721
1,513	*	Triad Hospitals, Inc		81
3,690		Universal Health Services, Inc (Class B)		227
92,592	*	WellPoint, Inc		7,392
		TOTAL HEALTH SERVICES		135,071

HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.02%
23,536	*	Foster Wheeler Ltd		2,518
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		2,518

HOLDING AND OTHER INVESTMENT OFFICES - 0.68%
10,374	e*	Affiliated Managers Group, Inc		1,336
314,644	e*	Blackstone Group LP		9,210
33,463		Duke Realty Corp		1,194
3,169	e	Essex Property Trust, Inc		369
9,767		Federal Realty Investment Trust		755
39,968		General Growth Properties, Inc		2,116
3,116		Health Care REIT, Inc		126
15,986	e	Hugoton Royalty Trust		403
903,700	e	iShares Russell 1000 Growth Index Fund		53,508
10,916	e	Kilroy Realty Corp		773
24,194		Macerich Co		1,994
4,592		Plum Creek Timber Co, Inc		191
75,141		Prologis		4,275
3,720		Public Storage, Inc		286
40,963		Simon Property Group, Inc		3,811
8,880	e	Taubman Centers, Inc		440
44,564	e	UDR, Inc		1,172
44,411	e	Ventas, Inc		1,610
25,717	e	Weingarten Realty Investors		1,057
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		84,626

HOTELS AND OTHER LODGING PLACES - 2.12%
18,700	e	Boyd Gaming Corp		920
12,503		Choice Hotels International, Inc		494
4,013,908		Hilton Hotels Corp		134,346
34,892	e*	Las Vegas Sands Corp		2,665
109,635		Marriott International, Inc (Class A)		4,741
799,419	e*	MGM Mirage		65,936
13,428	e	Orient-Express Hotels Ltd (Class A)		717
790,857	e	Starwood Hotels & Resorts Worldwide, Inc		53,043
8,699	e	Station Casinos, Inc		755
4,584	*	Wyndham Worldwide Corp		166
16,947	e	Wynn Resorts Ltd		1,520
		TOTAL HOTELS AND OTHER LODGING PLACES		265,303

INDUSTRIAL MACHINERY AND EQUIPMENT - 6.50%
20,047	*	AGCO Corp		870
420,007	e	Alstom RGPT		70,037
61,017		American Standard Cos, Inc		3,599
462,459		Applied Materials, Inc		9,189

172

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES				(000)
11,469		Black & Decker Corp	$	1,013
133,266	*	Brocade Communications Systems, Inc		1,042
5,782	e	Carlisle Cos, Inc		269
1,108,313		Caterpillar, Inc		86,781
20,469		CDW Corp		1,739
34,835		Cummins, Inc		3,526
460,942		Deere & Co		55,654
1,700,703	*	Dell, Inc		48,555
21,946	e	Diebold, Inc		1,146
26,804	e	Donaldson Co, Inc		953
22,048		Dover Corp		1,128
28,723	e*	Dresser-Rand Group, Inc		1,134
700,562	*	EMC Corp		12,680
17,176		Flowserve Corp		1,230
21,924	*	FMC Technologies, Inc		1,737
382,126		General Electric Co		14,628
22,564	e	Graco, Inc		909
42,786	*	Grant Prideco, Inc		2,303
5,095,083		Hewlett-Packard Co		227,343
27,809		IDEX Corp		1,072
6,281		Ingersoll-Rand Co Ltd (Class A)		344
395,479		International Business Machines Corp		41,624
3,631,715		International Game Technology		144,179
38,677	e	Jabil Circuit, Inc		854
36,418	e	Joy Global, Inc		2,124
7,405		Kennametal, Inc		607
45,196	*	Lam Research Corp		2,323
17,193	e*	Lexmark International, Inc (Class A)		848
685,490		Manitowoc Co, Inc		55,100
37,560	e	Pall Corp		1,727
6,451	e*	Riverbed Technology, Inc		283
52,800	e	Rockwell Automation, Inc		3,666
45,386	e*	SanDisk Corp		2,221
23,307	e*	Scientific Games Corp (Class A)		815
68,931		Seagate Technology, Inc		1,501
108,879	m,v*	Seagate Technology, Inc		-	^
93,399	e*	Solectron Corp		344
34,504	*	Terex Corp		2,805
13,276	e	Toro Co		782
43,877	*	Varian Medical Systems, Inc		1,865
20,781	e*	VeriFone Holdings, Inc		732
22,146	*	Western Digital Corp		428
23,016	*	Zebra Technologies Corp (Class A)		892
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		814,601

INSTRUMENTS AND RELATED PRODUCTS - 5.74%
20,991	e*	Advanced Medical Optics, Inc		732
136,716	*	Agilent Technologies, Inc		5,255
892,363		Alcon, Inc		120,389
102,158		Allergan, Inc		5,888
11,031		Applera Corp (Applied Biosystems Group)		337
10,153	*	Armor Holdings, Inc		882
34,790		Bard (C.R.), Inc		2,875
3,878	e	Bausch & Lomb, Inc		269
218,000		Baxter International, Inc		12,282
16,814	e	Beckman Coulter, Inc		1,088

173

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES				(000)
81,962		Becton Dickinson & Co	$	6,106
83,568		Biomet, Inc		3,821
5,965	e	Cooper Cos, Inc		318
81,774	e	Danaher Corp		6,174
51,467	e	Dentsply International, Inc		1,969
751	e	DRS Technologies, Inc		43
4,962,963		Emerson Electric Co		232,267
422,050	e*	Flir Systems, Inc		19,520
815,358	e*	Hologic, Inc		45,097
12,319	e*	Intuitive Surgical, Inc		1,710
363,474		Johnson & Johnson		22,397
63,473	e	Kla-Tencor Corp		3,488
1,474,191		Medtronic, Inc		76,451
12,645	*	Mettler-Toledo International, Inc		1,208
17,284	e*	Millipore Corp		1,298
18,517		National Instruments Corp		603
10,011		PerkinElmer, Inc		261
58,879		Pitney Bowes, Inc		2,757
26,527	e*	Resmed, Inc		1,094
26,403	*	Respironics, Inc		1,124
56,313		Rockwell Collins, Inc		3,978
29,533	e	Roper Industries, Inc		1,686
113,216	*	St. Jude Medical, Inc		4,697
102,167	e	Stryker Corp		6,446
13,653	*	Techne Corp		781
5,266	e	Tektronix, Inc		178
32,130	e*	Teradyne, Inc		565
748,611	*	Thermo Electron Corp		38,718
40,250	e*	Trimble Navigation Ltd		1,296
34,631	e*	Waters Corp		2,056
961,174	e*	Zimmer Holdings, Inc		81,594
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		719,698

INSURANCE AGENTS, BROKERS AND SERVICE - 0.01%
38,532	e	Brown & Brown, Inc		969
7,167	e	Gallagher (Arthur J.) & Co		200
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		1,169

INSURANCE CARRIERS - 1.39%
4,656		ACE Ltd		291
1,108,830		Aetna, Inc		54,776
1,531,711		Aflac, Inc		78,730
52,504		American International Group, Inc		3,677
1,135	e	CNA Financial Corp		54
3,196		Erie Indemnity Co (Class A)		173
867		Hanover Insurance Group, Inc		42
16,201	e	HCC Insurance Holdings, Inc		541
37,321	*	Health Net, Inc		1,971
57,194	*	Humana, Inc		3,484
4,097		PartnerRe Ltd		317
16,018	*	Philadelphia Consolidated Holding Co		670
5,402		Principal Financial Group		315
36,704		Prudential Financial, Inc		3,569
3,716		Transatlantic Holdings, Inc		264
448,394		UnitedHealth Group, Inc		22,931
15,306		W.R. Berkley Corp		498

174

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES				(000)
13,585	e*	WellCare Health Plans, Inc	$	1,230
6,506		XL Capital Ltd (Class A)		548
		TOTAL INSURANCE CARRIERS		174,081

JUSTICE, PUBLIC ORDER AND SAFETY - 0.01%
20,566	e*	Corrections Corp of America		1,298
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		1,298

LEATHER AND LEATHER PRODUCTS - 0.69%
1,807,366	*	Coach, Inc		85,651
26,589	e*	CROCS, Inc		1,144
		TOTAL LEATHER AND LEATHER PRODUCTS		86,795

METAL MINING - 0.12%
13,660	e	Cleveland-Cliffs, Inc		1,061
14,259		Foundation Coal Holdings, Inc		579
105,071		Freeport-McMoRan Copper & Gold, Inc (Class B)		8,702
59,352		Newmont Mining Corp		2,318
24,269	e	Southern Copper Corp		2,288
		TOTAL METAL MINING		14,948

MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.02%
17,569		Hasbro, Inc		552
58,510		Mattel, Inc		1,480
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		2,032

MISCELLANEOUS RETAIL - 2.46%
501,873	e*	Amazon.com, Inc		34,333
1,563	e	Barnes & Noble, Inc		60
132,449		Best Buy Co, Inc		6,181
17,986	e*	Coldwater Creek, Inc		418
6,469,069		CVS Corp		235,798
12,665	e*	Dick's Sporting Goods, Inc		737
32,550	*	Dollar Tree Stores, Inc		1,418
15,385	e	MSC Industrial Direct Co (Class A)		846
11,392	e*	Nutri/System, Inc		796
91,979	*	Office Depot, Inc		2,787
11,071	e	OfficeMax, Inc		435
45,487		Petsmart, Inc		1,476
239,328		Staples, Inc		5,679
45,469		Tiffany & Co		2,413
333,750		Walgreen Co		14,531
		TOTAL MISCELLANEOUS RETAIL		307,908

MOTION PICTURES - 0.20%
51,761	e*	Discovery Holding Co (Class A)		1,190
17,541	*	DreamWorks Animation SKG, Inc (Class A)		506
503,993		News Corp (Class A)		10,690
24,400	e	Regal Entertainment Group (Class A)		535
181,458		Time Warner, Inc		3,818
204,665	*	Viacom, Inc (Class B)		8,520
		TOTAL MOTION PICTURES		25,259

NONDEPOSITORY INSTITUTIONS - 1.93%
2,374,500		American Express Co		145,272
4,902	e*	AmeriCredit Corp		130

175

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES				(000)
46,602	e	Broadridge Financial Solutions, Inc	$	891
24,255	e	CapitalSource, Inc		596
298,650	*	Discover Financial Services		8,512
20,065	e	First Marblehead Corp		775
86,770		Freddie Mac		5,267
597,300	v*	Morgan Stanley & Co		41,590
137,672		SLM Corp		7,927
282,551		Textron, Inc		31,112
		TOTAL NONDEPOSITORY INSTITUTIONS		242,072

NONMETALLIC MINERALS, EXCEPT FUELS - 0.04%
16,046	e	Florida Rock Industries, Inc		1,083
32,223	e	Vulcan Materials Co		3,691
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		4,774

OIL AND GAS EXTRACTION - 4.09%
107,195	e	Baker Hughes, Inc		9,018
98,198		BJ Services Co		2,793
36,993	e*	Cameron International Corp		2,644
17,534	e*	Cheniere Energy, Inc		680
89,193	e	Chesapeake Energy Corp		3,086
11,023	e*	CNX Gas Corp		337
39,339	e*	Denbury Resources, Inc		1,475
22,813	e	Diamond Offshore Drilling, Inc		2,317
46,267		ENSCO International, Inc		2,823
31,394		Equitable Resources, Inc		1,556
30,426	*	Global Industries Ltd		816
76,274	e	GlobalSantaFe Corp		5,511
305,876		Halliburton Co		10,553
24,401	e*	Helix Energy Solutions Group, Inc		974
82,885	e*	Nabors Industries Ltd		2,767
823,562	*	National Oilwell Varco, Inc		85,848
44,841	e	Noble Corp		4,373
18,193	*	Oceaneering International, Inc		958
348,729	e*	Pride International, Inc		13,063
17,981	e*	Quicksilver Resources, Inc		801
48,813		Range Resources Corp		1,826
26,439		Rowan Cos, Inc		1,083
1,635,715		Schlumberger Ltd		138,937
68,565		Smith International, Inc		4,021
57,318	*	Southwestern Energy Co		2,551
25,654	e*	Superior Energy Services		1,024
23,905	e*	Tetra Technologies, Inc		674
12,328	e	Tidewater, Inc		874
19,355	*	Todco		914
96,413	*	Transocean, Inc		10,218
12,159	*	Unit Corp		765
4,033		W&T Offshore, Inc		113
864,968	e*	Weatherford International Ltd		47,781
2,487,658	e	XTO Energy, Inc		149,508
		TOTAL OIL AND GAS EXTRACTION		512,682

PAPER AND ALLIED PRODUCTS - 1.02%
2,069,616	*	Anglo American plc		121,511
75,000	*	Domtar Corporation		837
67,917		Kimberly-Clark Corp		4,543

176

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES				(000)
29,785		Packaging Corp of America	$	754
		TOTAL PAPER AND ALLIED PRODUCTS		127,645

PERSONAL SERVICES - 0.04%
35,511		Cintas Corp		1,400
109,246	e	H&R Block, Inc		2,553
10,075	e	Weight Watchers International, Inc		512
		TOTAL PERSONAL SERVICES		4,465

PETROLEUM AND COAL PRODUCTS - 1.58%
742,890	e	Apache Corp		60,612
32,430		Cabot Oil & Gas Corp		1,196
136,500		Devon Energy Corp		10,687
384,279		Exxon Mobil Corp		32,233
18,686		Frontier Oil Corp		818
15,125		Holly Corp		1,122
7,984		Noble Energy, Inc		498
818,772	*	Suncor Energy, Inc		73,624
40,611	e	Sunoco, Inc		3,236
45,698		Tesoro Corp		2,612
144,848		Valero Energy Corp		10,698
4,689	e	Western Refining, Inc		271
		TOTAL PETROLEUM AND COAL PRODUCTS		197,607

PRIMARY METAL INDUSTRIES - 0.72%
37,175	*	AK Steel Holding Corp		1,389
136,100	*	Alcan, Inc		11,103
34,529		Allegheny Technologies, Inc		3,621
1,747,619		BHP Billiton plc		48,547
4,904	e	Carpenter Technology Corp		639
15,494		Chaparral Steel Co		1,114
20,397	e*	CommScope, Inc		1,190
526,229	*	Corning, Inc		13,445
17,493	*	General Cable Corp		1,325
6,489	e	Hubbell, Inc (Class B)		352
22,576		Nucor Corp		1,324
46,076		Precision Castparts Corp		5,592
10,475	e	Steel Dynamics, Inc		439
22,827	e*	Titanium Metals Corp		728
		TOTAL PRIMARY METAL INDUSTRIES		90,808

PRINTING AND PUBLISHING - 0.11%
20,844		Dow Jones & Co, Inc		1,197
19,107	e	Dun & Bradstreet Corp		1,968
11,979		Harte-Hanks, Inc		308
15,007		John Wiley & Sons, Inc (Class A)		725
114,856	e	McGraw-Hill Cos, Inc		7,819
16,072		Meredith Corp		990
12,101	e	New York Times Co (Class A)		307
		TOTAL PRINTING AND PUBLISHING		13,314

RAILROAD TRANSPORTATION - 0.41%
112,369		Burlington Northern Santa Fe Corp		9,567
693,186		CSX Corp		31,249
15,453	e*	Kansas City Southern Industries, Inc		580
66,856		Norfolk Southern Corp		3,514

177

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES				(000)
55,178		Union Pacific Corp	$	6,354
		TOTAL RAILROAD TRANSPORTATION		51,264

REAL ESTATE - 0.05%
63,397	e*	CB Richard Ellis Group, Inc (Class A)		2,314
24,233	e	Forest City Enterprises, Inc (Class A)		1,490
12,636		Jones Lang LaSalle, Inc		1,434
24,876	e	St. Joe Co		1,153
		TOTAL REAL ESTATE		6,391

RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.65%
1,130,365	e*	Goodyear Tire & Rubber Co		39,292
48,253		Newell Rubbermaid, Inc		1,420
695,797		Nike, Inc (Class B)		40,558
7,461		Sealed Air Corp		231
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		81,501

SECURITY AND COMMODITY BROKERS - 4.82%
21,979		A.G. Edwards, Inc		1,858
11,887	e	BlackRock, Inc		1,862
18,021	e	Cbot Holdings, Inc (Class A)		3,723
7,919,500		Charles Schwab Corp		162,508
315,202	e	Chicago Mercantile Exchange Holdings, Inc		168,431
1,000,532	*	E*Trade Financial Corp		22,102
36,965	e	Eaton Vance Corp		1,633
29,140		Federated Investors, Inc (Class B)		1,117
55,464		Franklin Resources, Inc		7,347
621,103		Goldman Sachs Group, Inc		134,624
23,219	*	IntercontinentalExchange, Inc		3,433
14,304	e*	Investment Technology Group, Inc		620
48,024		Janus Capital Group, Inc		1,337
17,261		Lazard Ltd (Class A)		777
18,174		Legg Mason, Inc		1,788
477,345		Lehman Brothers Holdings, Inc		35,572
71,945		Merrill Lynch & Co, Inc		6,013
20,116		Morgan Stanley		1,687
30,161	*	Nasdaq Stock Market, Inc		896
27,733	e	Nuveen Investments, Inc (Class A)		1,724
249,604	e	Nymex Holdings, Inc		31,358
88,302	e	NYSE Euronext		6,501
42,230	e	SEI Investments Co		1,226
89,764		T Rowe Price Group, Inc		4,658
83,145	e*	TD Ameritrade Holding Corp		1,663
		TOTAL SECURITY AND COMMODITY BROKERS		604,458

SPECIAL TRADE CONTRACTORS - 0.01%
38,489	e*	Quanta Services, Inc		1,180
		TOTAL SPECIAL TRADE CONTRACTORS		1,180

STONE, CLAY, AND GLASS PRODUCTS - 0.18%
225,573		3M Co		19,577
16,692	e	Eagle Materials, Inc		819
45,190		Gentex Corp		890
48,688	*	Owens-Illinois, Inc		1,704
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		22,990

178

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES				(000)
TOBACCO PRODUCTS - 0.25%
401,273		Altria Group, Inc	$	28,145
21,454		Loews Corp (Carolina Group)		1,658
29,807		UST, Inc		1,601
		TOTAL TOBACCO PRODUCTS		31,404

TRANSPORTATION BY AIR - 0.14%
80,517	e*	AMR Corp		2,122
30,795	e*	Continental Airlines, Inc (Class B)		1,043
5,823	e	Copa Holdings S.A. (Class A)		391
80,285	*	Delta Air Lines, Inc		1,582
86,419		FedEx Corp		9,590
58,389	*	Northwest Airlines Corp		1,296
56,072	e	Southwest Airlines Co		836
22,903	e*	UAL Corp		930
		TOTAL TRANSPORTATION BY AIR		17,790

TRANSPORTATION EQUIPMENT - 4.17%
15,777		Autoliv, Inc		897
30,848	*	BE Aerospace, Inc		1,274
2,298,060		Boeing Co		220,981
18,787		General Dynamics Corp		1,470
41,865		Goodrich Corp		2,493
86,169		Harley-Davidson, Inc		5,137
29,400		Harsco Corp		1,529
1,126,368		ITT Industries, Inc		76,908
118,075		Lockheed Martin Corp		11,114
8,201		Northrop Grumman Corp		639
25,129	e	Oshkosh Truck Corp		1,581
83,111		Paccar, Inc		7,234
44,697	e*	Pactiv Corp		1,425
75,982		Raytheon Co		4,095
19,322	*	Spirit Aerosystems Holdings, Inc (Class A)		697
9,719	e	Thor Industries, Inc		439
23,491	e	Trinity Industries, Inc		1,023
2,579,323		United Technologies Corp		182,951
		TOTAL TRANSPORTATION EQUIPMENT		521,887

TRANSPORTATION SERVICES - 0.06%
56,696	e	CH Robinson Worldwide, Inc		2,977
71,664	e	Expeditors International Washington, Inc		2,960
6,738	e	GATX Corp		332
33,149		UTI Worldwide, Inc		888
		TOTAL TRANSPORTATION SERVICES		7,157

TRUCKING AND WAREHOUSING - 0.24%
12,114	e	Con-way, Inc		609
32,675		J.B. Hunt Transport Services, Inc		958
18,102		Landstar System, Inc		873
254,500		TNT NV		11,491
224,337		United Parcel Service, Inc (Class B)		16,377
		TOTAL TRUCKING AND WAREHOUSING		30,308

WATER TRANSPORTATION - 0.03%
59,748	e	Carnival Corp		2,914
15,867		Frontline Ltd		728

179

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

				VALUE
SHARES				(000)
17,796	e*	Kirby Corp	$	683
		TOTAL WATER TRANSPORTATION		4,325

WHOLESALE TRADE-DURABLE GOODS - 0.08%
22,769	*	Arrow Electronics, Inc		875
4,045		BorgWarner, Inc		348
40,336	*	Cytyc Corp		1,739
14,261	e	Martin Marietta Materials, Inc		2,311
45,540	e*	Patterson Cos, Inc		1,697
18,354	e	Pool Corp		716
2,188		Reliance Steel & Aluminum Co		123
19,857		W.W. Grainger, Inc		1,848
15,242	e*	WESCO International, Inc		921
		TOTAL WHOLESALE TRADE-DURABLE GOODS		10,578

WHOLESALE TRADE-NONDURABLE GOODS - 0.19%
24,613		Airgas, Inc		1,179
13,023	e*	Bare Escentuals, Inc		445
18,397	e	Brown-Forman Corp (Class B)		1,344
128,714	e	Cardinal Health, Inc		9,092
46,835	*	Endo Pharmaceuticals Holdings, Inc		1,603
28,647	*	Henry Schein, Inc		1,531
16,945	e	Herbalife Ltd		672
207,048		Sysco Corp		6,831
12,199	e*	Tractor Supply Co		635
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		23,332

		TOTAL COMMON STOCKS		12,514,877
		(Cost $10,890,175)

SHORT-TERM INVESTMENTS - 4.36%

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 4.36%
546,240,340		State Street Navigator Securities Lending Prime Portfolio		546,240
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED		546,240

		TOTAL SHORT-TERM INVESTMENTS		546,240
		(Cost $546,240)

		TOTAL PORTFOLIO - 104.25%		13,061,117
		(Cost $11,436,415)

		OTHER ASSETS & LIABILITIES, NET - (4.25%)		(531,874)

		NET ASSETS - 100.00%	$	12,529,243

180

COLLEGE RETIREMENT EQUITIES FUND - Growth Account



			The following abbreviations are used in portfolio descriptions:
	ADR		American Depositary Receipt.
	LP		Limited Partnership
	plc		Public Limited Company

	*		Non-income producing.
	**		Percentage represents less than 0.01%.
	^		Amount represents less than $1,000.
	e		All or a portion of these securities are out on loan.
	m		Indicates a security that has been deemed illiquid.
	v		Security valued at fair value.

			Cost amounts are in thousands.

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

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

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


			Value at		Purchase				Realized		Dividend		Withholding		Shares at		Value at
		Issue	December 31, 2006		Cost		Proceeds		Gain/(Loss)		Income		Expense		June 30, 2007		June 30, 2007

		Keryx Biopharmaceuticals	$	37,822,620	$	-	$	10,045,898	$	(7,028,585)	$	-	$	-	-	$	*

					$	-	$	10,045,898	$	(7,028,585)	$	-	$	-	-	$	-

	*	Not an Affiliate as of June 30, 2007

181

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

COLLEGE RETIREMENT EQUITIES FUND
GROWTH ACCOUNT
Summary of Market Values by Country (Unaudited)
June 30, 2007

			% OF
			MARKET
		VALUE	VALUE

DOMESTIC
UNITED STATES	$	12,186,863,469	93.31	%
TOTAL DOMESTIC		12,186,863,469	93.31


FOREIGN
CANADA		11,939,643	0.09
FINLAND		49,877,114	0.38
FRANCE		104,308,028	0.80
ISRAEL		166,628,096	1.28
JAPAN		159,181,182	1.22
MEXICO		80,577,123	0.62
NETHERLANDS		11,491,132	0.09
SWITZERLAND		15,073,084	0.11
TAIWAN		13,368,243	0.10
UNITED KINGDOM		261,810,158	2.00
TOTAL FOREIGN		874,253,803	6.69
TOTAL PORTFOLIO	$	13,061,117,272	100.00	%

182

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

COLLEGE RETIREMENT EQUITIES FUND
EQUITY INDEX ACCOUNT
STATEMENT OF INVESTMENTS (Unaudited)
June 30, 2007


				VALUE
SHARES				(000)

COMMON STOCKS - 99.44%

AGRICULTURAL PRODUCTION-CROPS - 0.01%
30,203	e	Chiquita Brands International, Inc	$	573
		TOTAL AGRICULTURAL PRODUCTION-CROPS		573

AGRICULTURAL PRODUCTION-LIVESTOCK - 0.01%
28,510	e	Pilgrim's Pride Corp		1,088
269	e	Seaboard Corp		631
		TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK		1,719

AGRICULTURAL SERVICES - 0.00%**
8,402	e*	Cadiz, Inc		189
		TOTAL AGRICULTURAL SERVICES		189

AMUSEMENT AND RECREATION SERVICES - 0.64%
204,299	e*	Activision, Inc		3,814
37,655	e*	Bally Technologies, Inc		995
6,588	e	Churchill Downs, Inc		345
9,373		Dover Downs Gaming & Entertainment, Inc		141
132,020		Harrah's Entertainment, Inc		11,256
24,506	e	International Speedway Corp (Class A)		1,292
16,338	e*	Lakes Entertainment, Inc		193
22,402	e*	Leapfrog Enterprises, Inc		230
22,534	e*	Life Time Fitness, Inc		1,200
49,611	e*	Live Nation, Inc		1,110
26,149	e*	Magna Entertainment Corp		76
38,289	e*	Marvel Entertainment, Inc		976
14,684	e*	MTR Gaming Group, Inc		226
19,119	e*	Multimedia Games, Inc		244
51,861	*	Penn National Gaming, Inc		3,116
43,754	*	Pinnacle Entertainment, Inc		1,232
51,146	e*	Six Flags, Inc		311
9,984	e	Speedway Motorsports, Inc		399
11,514	e*	Town Sports International Holdings, Inc		222
1,401,024		Walt Disney Co		47,831
32,215	e	Warner Music Group Corp		466
53,876	e*	Westwood One, Inc		387
29,787	e*	WMS Industries, Inc		860
14,269	e	World Wrestling Entertainment, Inc		228
		TOTAL AMUSEMENT AND RECREATION SERVICES		77,150

APPAREL AND ACCESSORY STORES - 0.67%
62,025	e	Abercrombie & Fitch Co (Class A)		4,527
36,574	e*	Aeropostale, Inc		1,524
123,582	e	American Eagle Outfitters, Inc		3,171
49,019	*	AnnTaylor Stores Corp		1,736
16,896	e	Bebe Stores, Inc		270
32,106		Brown Shoe Co, Inc		781

183

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

			VALUE
SHARES			(000)
10,318	e	Buckle, Inc	$	407
8,748	e*	Cache, Inc		116
38,598	e*	Carter's, Inc		1,001
25,746	e*	Casual Male Retail Group, Inc		260
21,208	e	Cato Corp (Class A)		465
18,007	e*	Charlotte Russe Holding, Inc		484
84,814	e*	Charming Shoppes, Inc		919
124,659	e*	Chico's FAS, Inc		3,034
17,847	e*	Children's Place Retail Stores, Inc		922
27,159	e	Christopher & Banks Corp		466
9,666	e*	Citi Trends, Inc		367
2,900	e	DEB Shops, Inc		80
33,313	e*	Dress Barn, Inc		684
12,248	e*	DSW, Inc (Class A)		426
21,786	e*	Eddie Bauer Holdings, Inc		280
28,742	e	Finish Line, Inc (Class A)		262
110,542	e	Foot Locker, Inc		2,410
412,631		Gap, Inc		7,881
69,757	e*	Hanesbrands, Inc		1,886
31,627	e*	HOT Topic, Inc		344
25,925	e*	J Crew Group, Inc		1,402
15,736	e*	Jo-Ann Stores, Inc		447
12,803	e*	JOS A Bank Clothiers, Inc		531
226,975	*	Kohl's Corp		16,122
247,826	e	Limited Brands, Inc		6,803
15,006	e*	New York & Co, Inc		164
178,354	e	Nordstrom, Inc		9,117
49,497	e*	Pacific Sunwear Of California, Inc		1,089
45,917	*	Payless Shoesource, Inc		1,449
98,357	e	Ross Stores, Inc		3,029
5,056	e*	Shoe Carnival, Inc		139
30,798	e	Stage Stores, Inc		646
3,565	e*	Syms Corp		70
16,391	e	Talbots, Inc		410
21,729	e*	Tween Brands, Inc		969
15,224	e*	Under Armour, Inc (Class A)		695
81,421	*	Urban Outfitters, Inc		1,957
60,082	e*	Wet Seal, Inc (Class A)		361
		TOTAL APPAREL AND ACCESSORY STORES		80,103

APPAREL AND OTHER TEXTILE PRODUCTS - 0.20%
9,339	e	Columbia Sportswear Co		641
9,368	e*	G-III Apparel Group Ltd		148
38,371	e	Guess ?, Inc		1,843
24,603	*	Gymboree Corp		970
77,026		Jones Apparel Group, Inc		2,176
18,458	e	Kellwood Co		519
74,047	e	Liz Claiborne, Inc		2,762
13,600	e*	Maidenform Brands, Inc		270
39,481	e	Phillips-Van Heusen Corp		2,391
43,818	e	Polo Ralph Lauren Corp		4,299
88,227	e*	Quiksilver, Inc		1,247
9,215	e*	True Religion Apparel, Inc		187
63,199		VF Corp		5,788
33,246	*	Warnaco Group, Inc		1,308
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		24,549

184

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

			VALUE
SHARES			(000)
AUTO REPAIR, SERVICES AND PARKING - 0.10%
7,541	e*	Amerco, Inc	$	569
19,858	e*	Dollar Thrifty Automotive Group, Inc		811
42,985	e*	Exide Technologies		400
226,879	e*	Hertz Global Holdings, Inc		6,028
10,010	e*	Midas, Inc		227
8,304	e	Monro Muffler, Inc		311
43,349	e	Ryder System, Inc		2,332
3,701	e*	Standard Parking Corp		130
28,100	e*	Wright Express Corp		963
		TOTAL AUTO REPAIR, SERVICES AND PARKING		11,771

AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.18%
75,964		Advance Auto Parts		3,079
18,263	e	Asbury Automotive Group, Inc		456
112,366	e*	Autonation, Inc		2,521
32,750	e*	Autozone, Inc		4,474
155,144	*	Carmax, Inc		3,956
50,363	*	Copart, Inc		1,541
32,325	e*	CSK Auto Corp		595
12,002	e	Lithia Motors, Inc (Class A)		304
11,554	e*	MarineMax, Inc		231
80,048	e*	O'Reilly Automotive, Inc		2,926
14,443	*	Rush Enterprises, Inc (Class A)		314
21,187	e	Sonic Automotive, Inc (Class A)		614
39,290	e*	United Auto Group, Inc		836
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		21,847

BUILDING MATERIALS AND GARDEN SUPPLIES - 0.76%
9,000	e*	Builders FirstSource, Inc		145
53,181	e*	Central Garden and Pet Co (Class A)		624
89,499	e	Fastenal Co		3,746
1,392,282		Home Depot, Inc		54,786
1,064,382		Lowe's Cos, Inc		32,666
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		91,967

BUSINESS SERVICES - 6.98%
34,168	e*	24/7 Real Media, Inc		401
274,681	*	3Com Corp		1,134
10,702	e*	3D Systems Corp		266
30,587	e	Aaron Rents, Inc		893
34,759	e	ABM Industries, Inc		897
19,911	e*	Acacia Research (Acacia Technologies)		322
419,509		Accenture Ltd (Class A)		17,993
40,528	e*	Actuate Corp		275
44,925		Acxiom Corp		1,188
19,460		Administaff, Inc		652
415,810	*	Adobe Systems, Inc		16,695
17,568	e*	Advent Software, Inc		572
65,443	*	Affiliated Computer Services, Inc (Class A)		3,712
40,281	*	Agile Software Corp		325
17,375	e	Aircastle Ltd		692
115,353	e*	Akamai Technologies, Inc		5,611
55,591	*	Alliance Data Systems Corp		4,296
133,414	e*	Amdocs Ltd		5,313

185

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

			VALUE
SHARES			(000)
18,475	e*	American Reprographics Co	$	569
23,326	e*	AMN Healthcare Services, Inc		513
11,435	e*	Ansoft Corp		337
54,586	e*	Ansys, Inc		1,447
50,032	e*	aQuantive, Inc		3,192
22,433	e	Arbitron, Inc		1,156
55,146	e*	Ariba, Inc		546
79,212	e*	Art Technology Group, Inc		211
64,263	e*	Aspen Technology, Inc		900
11,658	e	Asset Acceptance Capital Corp		206
163,135	e*	Autodesk, Inc		7,680
391,052		Automatic Data Processing, Inc		18,954
73,503	e*	Avis Budget Group, Inc		2,090
35,025	e*	Avocent Corp		1,016
8,158	e*	Bankrate, Inc		391
4,811	e	Barrett Business Services		124
277,257	e*	BEA Systems, Inc		3,796
147,378	e*	BearingPoint, Inc		1,077
85,581	*	BISYS Group, Inc		1,012
31,258	e	Blackbaud, Inc		690
19,831	e*	Blackboard, Inc		835
8,392	e*	Blue Coat Systems, Inc		416
141,944	e*	BMC Software, Inc		4,301
52,351	e*	Borland Software Corp		311
12,774	e*	Bottomline Technologies, Inc		158
31,440	e*	BPZ Energy, Inc		175
35,469	e	Brady Corp (Class A)		1,317
30,798		Brink's Co		1,906
291,155		CA, Inc		7,521
23,836	e*	CACI International, Inc (Class A)		1,164
196,961	e*	Cadence Design Systems, Inc		4,325
7,726	e*	Capella Education Co		356
34,489	e	Catalina Marketing Corp		1,086
4,557	*	Cavium Networks, Inc		103
46,548	e*	CBIZ, Inc		342
101,262	*	Ceridian Corp		3,544
46,408	e*	Cerner Corp		2,574
56,334	e*	Checkfree Corp		2,265
53,696	e*	ChoicePoint, Inc		2,279
22,101	*	Chordiant Software, Inc		346
36,800	e*	Ciber, Inc		301
131,364	e*	Citrix Systems, Inc		4,423
5,919	*	Clayton Holdings, Inc		67
28,047	e*	Clear Channel Outdoor Holdings, Inc (Class A)		795
331,660	e*	CMGI, Inc		647
106,270	e*	CNET Networks, Inc		870
35,274	*	Cogent Communications Group, Inc		1,054
30,867	e*	Cogent, Inc		453
33,274	e	Cognex Corp		749
102,814	*	Cognizant Technology Solutions Corp (Class A)		7,720
24,951	e*	Commvault Systems, Inc		431
6,637	e	Computer Programs & Systems, Inc		206
122,395	e*	Computer Sciences Corp		7,240
224,076	e*	Compuware Corp		2,658
11,985	e*	COMSYS IT Partners, Inc		273
24,465	e*	Concur Technologies, Inc		559

186

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

			VALUE
SHARES			(000)
101,983	*	Convergys Corp	$	2,472
13,466	e*	CoStar Group, Inc		712
21,438	e*	Covansys Corp		727
35,280	*	CSG Systems International, Inc		935
22,032	e*	Cybersource Corp		266
23,730	e*	DealerTrack Holdings, Inc		874
37,676	e	Deluxe Corp		1,530
29,248	e*	Digital River, Inc		1,323
16,736	e*	DivX, Inc		251
5,742	e*	Double-Take Software, Inc		94
38,121	e*	DST Systems, Inc		3,020
18,300	e*	DynCorp International, Inc (Class A)		402
94,764	e*	Earthlink, Inc		708
807,990	*	eBay, Inc		26,001
18,386	e*	Echelon Corp		287
31,866	e*	Eclipsys Corp		631
15,642	e*	eCollege.com, Inc		348
33,247	e*	eFunds Corp		1,173
11,677	e	Electro Rent Corp		170
220,150	*	Electronic Arts, Inc		10,417
359,557		Electronic Data Systems Corp		9,971
42,487	e*	Epicor Software Corp		632
18,554	e*	EPIQ Systems, Inc		300
101,323		Equifax, Inc		4,501
22,324	e*	Equinix, Inc		2,042
15,409	e*	eSpeed, Inc (Class A)		133
51,812	e*	Evergreen Energy, Inc		312
16,145	e*	ExlService Holdings, Inc		303
143,093	e*	Expedia, Inc		4,191
30,207	e*	F5 Networks, Inc		2,435
30,351		Factset Research Systems, Inc		2,074
43,312	e	Fair Isaac Corp		1,738
22,225	*	FalconStor Software, Inc		234
136,153		Fidelity National Information Services, Inc		7,390
5,700	e*	First Advantage Corp (Class A)		131
533,363		First Data Corp		17,425
118,984	*	Fiserv, Inc		6,758
9,100	e*	Forrester Research, Inc		256
13,613	e	FTD Group, Inc		251
48,873	e*	Gartner, Inc		1,202
15,914	e*	Gerber Scientific, Inc		185
35,093	e*	Getty Images, Inc		1,678
19,091	e	Gevity HR, Inc		369
31,343	e*	Global Cash Access, Inc		502
11,148	e*	Global Sources Ltd		253
162,101	*	Google, Inc (Class A)		84,840
12,787	e*	H&E Equipment Services, Inc		355
18,495	e	Healthcare Services Group		546
10,050	e	Heartland Payment Systems, Inc		295
14,300	e*	Heidrick & Struggles International, Inc		733
121,999	e*	HLTH Corp		1,709
14,696	e*	HMS Holdings Corp		281
17,722	e*	Hudson Highland Group, Inc		379
37,591	e*	Hypercom Corp		222
10,436	e*	i2 Technologies, Inc		195
4,942	e*	ICT Group, Inc		92

187

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

			VALUE
SHARES			(000)
12,987	e*	iGate Corp	$	104
22,361	e*	IHS, Inc (Class A)		1,029
8,904	e	Imergent, Inc		218
138,645	e	IMS Health, Inc		4,455
14,150	e*	Infocrossing, Inc		261
62,260	e*	Informatica Corp		920
23,086	e	Infospace, Inc		536
20,612		infoUSA, Inc		211
16,715	e*	Innerworkings, Inc		268
11,821	e*	Innovative Solutions & Support, Inc		274
7,121	e	Integral Systems, Inc		173
25,164	e	Interactive Data Corp		674
9,285	e*	Interactive Intelligence, Inc		191
34,783	e*	Internap Network Services Corp		502
32,107	e*	Internet Capital Group, Inc		398
8,416	e	Interpool, Inc		226
331,264	e*	Interpublic Group of Cos, Inc		3,776
30,914	*	Interwoven, Inc		434
247,953	*	Intuit, Inc		7,458
20,768	*	inVentiv Health, Inc		760
45,508	e*	Ipass, Inc		247
126,088	e*	Iron Mountain, Inc		3,295
54,563	e	Jack Henry & Associates, Inc		1,405
18,698	e*	JDA Software Group, Inc		367
400,135	e*	Juniper Networks, Inc		10,071
16,327	e	Kelly Services, Inc (Class A)		448
17,839	e*	Kenexa Corp		673
10,875	e*	Keynote Systems, Inc		178
21,985	*	Kforce, Inc		351
33,337	e*	Kinetic Concepts, Inc		1,733
19,259	e*	Knot, Inc		389
30,104	*	Korn/Ferry International		791
38,790	*	Labor Ready, Inc		896
58,784	e	Lamar Advertising Co (Class A)		3,689
100,230	e*	Lawson Software, Inc		991
43,208	e*	Lionbridge Technologies		254
4,800	e*	Liquidity Services, Inc		90
25,944	e*	LivePerson, Inc		139
11,455	e*	LoJack Corp		255
23,625	e*	Magma Design Automation, Inc		332
19,563	e*	Manhattan Associates, Inc		546
59,795		Manpower, Inc		5,515
12,905	*	Mantech International Corp (Class A)		398
16,386	e	Marchex, Inc (Class B)		267
56,344	e	Mastercard, Inc (Class A)		9,346
112,729	e*	McAfee, Inc		3,968
62,676	e*	Mentor Graphics Corp		825
5,821,800		Microsoft Corp		171,568
7,982	e*	MicroStrategy, Inc (Class A)		754
25,516	e*	Midway Games, Inc		162
64,372		MoneyGram International, Inc		1,799
90,011	e*	Monster Worldwide, Inc		3,699
76,340	e*	Move, Inc		342
73,891	e*	MPS Group, Inc		988
30,812	e*	MSC.Software Corp		417
69,755	e*	NAVTEQ Corp		2,953

188

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

			VALUE
SHARES			(000)
127,189	*	NCR Corp	$	6,683
24,391	e*	Ness Technologies, Inc		317
32,938	e*	NetFlix, Inc		639
18,588	e*	Network Equipment Technologies, Inc		177
27,305	e	NIC, Inc		187
245,266	e*	Novell, Inc		1,911
93,462	e*	Nuance Communications, Inc		1,564
233,822		Omnicom Group, Inc		12,374
20,186	e*	Omniture, Inc		463
25,372	e*	On Assignment, Inc		272
14,464	e*	Online Resources Corp		159
66,009	e*	OpenTV Corp (Class A)		140
57,994	e*	Opsware, Inc		552
2,725,465	*	Oracle Corp		53,719
25,857	e*	Packeteer, Inc		202
82,059	e*	Parametric Technology Corp		1,773
13,662	e*	PDF Solutions, Inc		162
7,322	e	Pegasystems, Inc		80
13,179	e*	PeopleSupport, Inc		150
20,679	e*	Perficient, Inc		428
61,125	e*	Perot Systems Corp (Class A)		1,042
29,033	e*	Phase Forward, Inc		489
10,816	e	Portfolio Recovery Associates, Inc		649
12,518	e*	PRA International		317
49,575	*	Premiere Global Services, Inc		645
28,939	e*	Progress Software Corp		920
4,545	e*	Protection One, Inc		68
8,302	e	QAD, Inc		69
11,520	e	Quality Systems, Inc		437
47,410	*	Quest Software, Inc		768
15,387	e*	Radiant Systems, Inc		204
15,185	e*	Radisys Corp		188
21,858	e*	Raser Technologies, Inc		162
76,360	e*	RealNetworks, Inc		624
137,532	e*	Red Hat, Inc		3,064
5,893	e	Renaissance Learning, Inc		78
49,265	e*	Rent-A-Center, Inc		1,292
10,621	e*	RightNow Technologies, Inc		174
103,929	e	Robert Half International, Inc		3,793
20,193		Rollins, Inc		460
41,988	e*	S1 Corp		336
67,031	e*	Salesforce.com, Inc		2,873
55,315	e*	Sapient Corp		428
35,286	e*	Secure Computing Corp		268
212,713	e	ServiceMaster Co		3,289
8,963	e*	SI International, Inc		296
4,732	e*	Silicon Graphics, Inc		126
20,806	e*	Smith Micro Software, Inc		313
18,198	e*	Sohu.com, Inc		582
45,445	*	SonicWALL, Inc		390
178,279	e*	Sonus Networks, Inc		1,519
47,815	e	Sotheby's		2,201
4,962	*	Sourcefire, Inc		69
42,038	*	Spherion Corp		395
13,651	e*	SPSS, Inc		603
31,079	e*	SRA International, Inc (Class A)		785

189

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

			VALUE
SHARES			(000)
7,178	e*	Stratasys, Inc	$	337
2,524,295	*	Sun Microsystems, Inc		13,278
69,226	e*	Sybase, Inc		1,654
20,941	e*	SYKES Enterprises, Inc		398
640,259	e*	Symantec Corp		12,933
13,094	e*	Synchronoss Technologies, Inc		384
8,784	e*	SYNNEX Corp		181
102,202	e*	Synopsys, Inc		2,701
9,061	e	Syntel, Inc		275
52,739	e*	Take-Two Interactive Software, Inc		1,053
11,400	e	TAL International Group, Inc		339
9,690	e*	Taleo Corp (Class A)		218
5,765	*	TechTarget, Inc		74
29,375	e*	TeleTech Holdings, Inc		954
12,795	e	TheStreet.com, Inc		139
48,928	e*	THQ, Inc		1,493
147,312	*	TIBCO Software, Inc		1,333
16,913	e	TNS, Inc		244
25,671	e	Total System Services, Inc		758
18,504	e*	TradeStation Group, Inc		216
27,282	e*	Transaction Systems Architects, Inc		918
5,197	e*	Travelzoo, Inc		138
32,191	e*	Trizetto Group, Inc		623
15,759	e*	Ultimate Software Group, Inc		456
6,599	e*	Unica Corp		109
246,359	*	Unisys Corp		2,252
47,520	e	United Online, Inc		784
48,271	*	United Rentals, Inc		1,571
21,410	*	Universal Compression Holdings, Inc		1,552
70,702	e*	Valueclick, Inc		2,083
19,828	e*	Vasco Data Security International		451
171,525	*	VeriSign, Inc		5,443
5,226	e*	Vertrue, Inc		255
15,178	e	Viad Corp		640
20,615	e*	Vignette Corp		395
12,203	e*	Visual Sciences, Inc		189
9,154	*	Vocus, Inc		230
12,149	e*	Volt Information Sciences, Inc		224
365,656		Waste Management, Inc		14,279
4,946	e*	WebMD Health Corp (Class A)		233
33,540	e*	Websense, Inc		713
53,517	e*	Wind River Systems, Inc		589
854,882	e*	Yahoo!, Inc		23,193
		TOTAL BUSINESS SERVICES		839,327

CHEMICALS AND ALLIED PRODUCTS - 8.83%
1,088,942		Abbott Laboratories		58,313
18,485	e*	Abraxis BioScience, Inc		411
21,809	e*	Acadia Pharmaceuticals, Inc		298
15,016	e*	Acorda Therapeutics, Inc		256
21,334	e*	Adams Respiratory Therapeutics, Inc		840
10,122	e*	Advanced Magnetics, Inc		589
153,074		Air Products & Chemicals, Inc		12,303
17,349	e*	Albany Molecular Research, Inc		258
56,528	e	Albemarle Corp		2,178
61,370		Alberto-Culver Co		1,456

190

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

			VALUE
SHARES			(000)
27,335	e*	Alexion Pharmaceuticals, Inc	$	1,232
14,002	e*	Alexza Pharmaceuticals, Inc		116
70,988	e*	Alkermes, Inc		1,036
30,230	*	Allos Therapeutics, Inc		134
22,480	e*	Alnylam Pharmaceuticals, Inc		341
30,554	e*	Alpharma, Inc (Class A)		795
36,482	e*	American Oriental Bioengineering, Inc		325
12,379	e	American Vanguard Corp		177
819,785	e*	Amgen, Inc		45,326
8,652	e*	Animal Health International, Inc		125
16,685	e	Arch Chemicals, Inc		586
43,996	e*	Arena Pharmaceuticals, Inc		484
23,529	e*	Arqule, Inc		166
33,623	e*	Array Biopharma, Inc		392
24,502	e*	Arrowhead Research Corp		123
20,021	e*	Auxilium Pharmaceuticals, Inc		319
24,200	e*	Aventine Renewable Energy Holdings, Inc		411
68,606	e	Avery Dennison Corp		4,561
310,135	e	Avon Products, Inc		11,397
11,970	e	Balchem Corp		217
77,758	e*	Barr Pharmaceuticals, Inc		3,906
10,191	e*	Bentley Pharmaceuticals, Inc		124
3,558	e*	Biodel, Inc		70
39,215	e*	Bioenvision, Inc		227
241,961	*	Biogen Idec, Inc		12,945
66,973	e*	BioMarin Pharmaceuticals, Inc		1,201
7,589	e*	BioMimetic Therapeutics, Inc		119
31,390	e*	Bionovo, Inc		121
9,920	e*	Bradley Pharmaceuticals, Inc		215
1,391,202	e	Bristol-Myers Squibb Co		43,906
45,568		Cabot Corp		2,173
11,732	e*	Cadence Pharmaceuticals, Inc		142
28,512	e*	Calgon Carbon Corp		331
20,927	e	Cambrex Corp		278
5,883	e*	Caraco Pharmaceutical Laboratories Ltd		89
83,447		Celanese Corp (Series A)		3,236
52,007	e*	Cell Genesys, Inc		174
46,785	e*	Cephalon, Inc		3,761
39,849	e	CF Industries Holdings, Inc		2,387
47,691	e*	Charles River Laboratories International, Inc		2,462
12,829	e*	Chattem, Inc		813
179,587	e	Chemtura Corp		1,995
46,500	e	Church & Dwight Co, Inc		2,253
107,209		Clorox Co		6,658
361,629		Colgate-Palmolive Co		23,452
43,598	e*	Cubist Pharmaceuticals, Inc		859
27,159	e*	Cypress Bioscience, Inc		360
29,796		Cytec Industries, Inc		1,900
18,758	e*	Cytokinetics, Inc		106
62,426	*	CytRx Corp		195
60,930		Dade Behring Holdings, Inc		3,237
59,949	e*	Dendreon Corp		424
15,224	*	Digene Corp		914
58,878	e*	Discovery Laboratories, Inc		167
673,945	e	Dow Chemical Co		29,802
652,888		Du Pont (E.I.) de Nemours & Co		33,193

191

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

			VALUE
SHARES			(000)
50,131	e*	Durect Corp	$	193
59,583		Eastman Chemical Co		3,833
133,550	e	Ecolab, Inc		5,703
702,245		Eli Lilly & Co		39,241
17,426	e*	Elizabeth Arden, Inc		423
42,677	e*	Encysive Pharmaceuticals, Inc		76
28,467	e*	Enzon Pharmaceuticals, Inc		223
77,181		Estee Lauder Cos (Class A)		3,513
28,545	e	Ferro Corp		712
27,015	e	FMC Corp		2,415
226,321	*	Forest Laboratories, Inc		10,332
329,001	*	Genentech, Inc		24,892
47,588	e*	GenVec, Inc		112
186,756	*	Genzyme Corp		12,027
24,274	e	Georgia Gulf Corp		440
51,960	e*	Geron Corp		366
664,714	*	Gilead Sciences, Inc		25,771
11,695	e*	GTx, Inc		189
45,742		H.B. Fuller Co		1,367
45,558	e*	Halozyme Therapeutics, Inc		421
87,144	e*	Hercules, Inc		1,712
114,166	*	Hospira, Inc		4,457
102,740	e*	Human Genome Sciences, Inc		916
68,447		Huntsman Corp		1,664
17,140	e*	Idenix Pharmaceuticals, Inc		101
23,187	e*	Idexx Laboratories, Inc		2,194
42,460	e*	ImClone Systems, Inc		1,501
49,858	*	Immucor, Inc		1,395
42,987	e*	Indevus Pharmaceuticals, Inc		289
14,805	e	Innophos Holdings, Inc		212
8,064		Innospec, Inc		477
6,061	e	Inter Parfums, Inc		161
19,810	e*	InterMune, Inc		514
63,209		International Flavors & Fragrances, Inc		3,296
28,268	e*	Inverness Medical Innovations, Inc		1,442
33,038	e*	Invitrogen Corp		2,437
29,249	e*	Javelin Pharmaceuticals, Inc		181
10,660	e	Kaiser Aluminum Corp		777
27,654	e*	Keryx Biopharmaceuticals, Inc		270
172,331	e*	King Pharmaceuticals, Inc		3,526
12,441	e	Koppers Holdings, Inc		419
2,620	e	Kronos Worldwide, Inc		66
28,944	e*	KV Pharmaceutical Co (Class A)		788
14,893	e*	Landec Corp		200
64,160	e	Ligand Pharmaceuticals, Inc (Class B)		441
48,868		Lubrizol Corp		3,154
163,415	e	Lyondell Chemical Co		6,066
9,202	e	Mannatech, Inc		146
29,304	e*	MannKind Corp		361
23,199	e*	Martek Biosciences Corp		602
90,979	e*	Medarex, Inc		1,300
36,966	e*	Medicines Co		651
39,603	e	Medicis Pharmaceutical Corp (Class A)		1,209
15,000	e*	Medivation, Inc		306
1,532,145	e	Merck & Co, Inc		76,301
27,965	e	Meridian Bioscience, Inc		606

192

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

			VALUE
SHARES			(000)
56,362	e*	MGI Pharma, Inc	$	1,261
227,077	e*	Millennium Pharmaceuticals, Inc		2,400
14,800	e	Minerals Technologies, Inc		991
34,103	e*	Minrad International, Inc		202
15,457	e*	Momenta Pharmaceuticals, Inc		156
384,673	e	Monsanto Co		25,981
109,683	e*	Mosaic Co		4,280
175,875	e*	Mylan Laboratories, Inc		3,199
40,164	e*	Nabi Biopharmaceuticals		185
84,709	e	Nalco Holding Co		2,325
15,424	e*	Nastech Pharmaceutical Co, Inc		168
39,647	e*	NBTY, Inc		1,713
26,156	e*	Neurocrine Biosciences, Inc		294
12,540	e	NewMarket Corp		607
4,943	e	NL Industries, Inc		50
15,161	e*	Noven Pharmaceuticals, Inc		356
3,979	e*	Obagi Medical Products, Inc		71
57,638		Olin Corp		1,210
21,783	*	OM Group, Inc		1,153
9,743	e*	Omrix Biopharmaceuticals, Inc		307
34,447	e*	Onyx Pharmaceuticals, Inc		927
30,922	e*	OraSure Technologies, Inc		253
5,227	e*	Orexigen Therapeutics, Inc		79
41,855	e*	OSI Pharmaceuticals, Inc		1,516
9,330	*	Osiris Therapeutics, Inc		126
21,959	e*	Pacific Ethanol, Inc		290
24,948	e*	Pain Therapeutics, Inc		217
26,028	*	Par Pharmaceutical Cos, Inc		735
19,684	e*	Parexel International Corp		828
82,661	e*	PDL BioPharma, Inc		1,926
14,839	e*	Penwest Pharmaceuticals Co		185
54,947	e	Perrigo Co		1,076
13,027	e*	PetMed Express, Inc		167
4,961,458		Pfizer, Inc		126,864
16,760	e*	Pharmion Corp		485
7,693	e*	Pioneer Cos, Inc		264
67,684	e*	PolyOne Corp		487
15,652	e*	Poniard Pharmaceuticals, Inc		106
15,548	e*	Pozen, Inc		281
116,025		PPG Industries, Inc		8,831
225,266	e	Praxair, Inc		16,217
20,200	e*	Prestige Brands Holdings, Inc		262
2,226,034		Procter & Gamble Co		136,211
15,641	e*	Progenics Pharmaceuticals, Inc		337
23,015	*	Protalix BioTherapeutics, Inc		621
21,781	e*	Quidel Corp		382
128,735	e*	Revlon, Inc (Class A)		176
23,386	e*	Rockwood Holdings, Inc		855
107,754	e	Rohm & Haas Co		5,892
86,923	e	RPM International, Inc		2,009
32,161	e*	Salix Pharmaceuticals Ltd		396
32,144	*	Santarus, Inc		166
1,052,758		Schering-Plough Corp		32,046
24,810	e*	Sciele Pharma, Inc		585
30,925	e	Scotts Miracle-Gro Co (Class A)		1,328
33,451		Sensient Technologies Corp		849

193

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

			VALUE
SHARES			(000)
75,199	e*	Sepracor, Inc	$	3,085
78,570		Sherwin-Williams Co		5,223
97,966	e	Sigma-Aldrich Corp		4,180
3,797	*	Somaxon Pharmaceuticals, Inc		46
3,400		Stepan Co		103
36,010	e*	SuperGen, Inc		200
10,427	e*	SurModics, Inc		521
15,482	e*	Tanox, Inc		300
24,273	e*	Tercica, Inc		124
31,857		Tronox, Inc (Class B)		448
6,411	*	Trubion Pharmaceuticals, Inc		134
36,392	e	UAP Holding Corp		1,097
15,246	e*	United Therapeutics Corp		972
7,764	e*	US BioEnergy Corp		88
8,287	e*	USANA Health Sciences, Inc		371
63,674	e*	USEC, Inc		1,400
67,459	e	Valeant Pharmaceuticals International		1,126
75,915		Valspar Corp		2,157
18,703	e*	Vanda Pharmaceuticals, Inc		379
60,046	*	VCA Antech, Inc		2,263
16,400	e*	Verasun Energy Corp		237
92,537	*	Vertex Pharmaceuticals, Inc		2,643
47,837	e*	Viropharma, Inc		660
11,085	e*	Visicu, Inc		101
64,240	e*	Warner Chilcott Ltd (Class A)		1,162
72,549	*	Watson Pharmaceuticals, Inc		2,360
11,832	e	Westlake Chemical Corp		333
49,789	e*	WR Grace & Co		1,219
950,853		Wyeth		54,522
15,162	e*	Xenoport, Inc		673
93,790	*	XOMA Ltd		285
26,437	e*	Zymogenetics, Inc		386
		TOTAL CHEMICALS AND ALLIED PRODUCTS		1,061,429

COAL MINING - 0.18%
46,611	e*	Alpha Natural Resources, Inc		969
101,350	e	Arch Coal, Inc		3,527
131,179	e	Consol Energy, Inc		6,049
80,635	e*	International Coal Group, Inc		482
59,977	e	Massey Energy Co		1,598
187,317	e	Peabody Energy Corp		9,063
		TOTAL COAL MINING		21,688

COMMUNICATIONS - 4.84%
30,232	e	Alaska Communications Systems Group, Inc		479
243,097	e	Alltel Corp		16,421
295,390	*	American Tower Corp (Class A)		12,406
21,897	e*	Anixter International, Inc		1,647
5,854	e*	Aruba Networks, Inc		118
4,358,755	e	AT&T, Inc		180,888
6,765	e	Atlantic Tele-Network, Inc		194
10,900	e*	Audiovox Corp (Class A)		141
19,340	e*	Authorize.Net Holdings, Inc		346
317,965	*	Avaya, Inc		5,355
37,143	e*	Brightpoint, Inc		512
160,716	e*	Cablevision Systems Corp (Class A)		5,816

194

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

			VALUE
SHARES			(000)
14,532	e*	Cbeyond Communications, Inc	$	560
15,110	e*	Centennial Communications Corp		143
24,190	*	Central European Media Enterprises Ltd (Class A)		2,360
77,480		CenturyTel, Inc		3,800
284,093	e*	Charter Communications, Inc (Class A)		1,151
180,973	e*	Cincinnati Bell, Inc		1,046
143,100	e	Citadel Broadcasting Corp		923
242,015	e	Citizens Communications Co		3,696
351,009	e	Clear Channel Communications, Inc		13,275
8,891	*	Clearwire Corp (Class A)		217
2,087,831	e*	Comcast Corp (Class A)		58,710
14,680	e	Consolidated Communications Holdings, Inc		332
32,384	e*	Cox Radio, Inc (Class A)		461
152,178	e*	Crown Castle International Corp		5,520
13,062	e*	Crown Media Holdings, Inc (Class A)		94
14,279	e	CT Communications, Inc		436
36,653	e*	CTC Media, Inc		995
35,320	e*	Cumulus Media, Inc (Class A)		330
9,394	e*	DG FastChannel,Inc		191
533,030	e*	DIRECTV Group, Inc		12,318
110,581	e*	Dobson Communications Corp (Class A)		1,229
147,079	*	EchoStar Communications Corp (Class A)		6,379
106,754		Embarq Corp		6,765
26,410	e	Emmis Communications Corp (Class A)		243
22,831	e	Entercom Communications Corp (Class A)		568
52,691	e*	Entravision Communications Corp (Class A)		550
6,340	e*	Eschelon Telecom, Inc		188
24,592	e	Fairpoint Communications, Inc		437
86,527	e*	FiberTower Corp		375
5,404	e*	Fisher Communications, Inc		274
109,368	e*	Foundry Networks, Inc		1,822
38,028	e*	General Communication, Inc (Class A)		487
12,443	e*	GeoEye, Inc		270
17,256	e*	Global Crossing Ltd		326
47,416	e	Global Payments, Inc		1,880
8,275	e*	Globalstar, Inc		86
11,948		Golden Telecom, Inc		657
29,084	e	Gray Television, Inc		270
16,976	e*	Harris Stratex Networks, Inc (Class A)		305
18,785	e	Hearst-Argyle Television, Inc		453
4,578	e*	Hughes Communications, Inc		239
123,533	e*	IAC/InterActiveCorp		4,275
23,311	e*	Ibasis, Inc		234
73,766	*	ICO Global Communications Holdings Ltd		257
39,942	e	IDT Corp (Class B)		412
16,276	e*	InPhonic, Inc		76
22,094	e	Iowa Telecommunications Services, Inc		502
11,781		iPCS, Inc		399
35,358	e*	j2 Global Communications, Inc		1,234
18,344	e*	Knology, Inc		319
35,762	*	Leap Wireless International, Inc		3,022
1,082,052	e*	Level 3 Communications, Inc		6,330
271,543	e*	Liberty Global, Inc (Class A)		11,144
91,188	*	Liberty Media Corp - Capital (Series A)		10,731
460,518	*	Liberty Media Holding Corp (Interactive A)		10,283
17,509	e*	Lin TV Corp (Class A)		329

195

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

			VALUE
SHARES			(000)
16,181	e*	Lodgenet Entertainment Corp	$	519
28,940	e*	Mastec, Inc		458
42,748	*	Mediacom Communications Corp (Class A)		414
40,773	e*	MetroPCS Communications, Inc		1,347
53,746	e*	NeuStar, Inc (Class A)		1,557
7,635	e*	Nexstar Broadcasting Group, Inc (Class A)		100
19,431	e*	Nextwave Wireless, Inc		162
115,602	e*	NII Holdings, Inc		9,334
9,887	e	North Pittsburgh Systems, Inc		210
20,547	e*	Novatel Wireless, Inc		535
19,818		NTELOS Holdings Corp		548
18,865	e*	Orbcomm, Inc		310
49,151	*	PAETEC Holding Corp		555
1,801	e	Preformed Line Products Co		86
1,137,884	e*	Qwest Communications International, Inc		11,037
57,767	e*	Radio One, Inc (Class D)		408
20,736	e	RCN Corp		390
8,561	e*	Rural Cellular Corp (Class A)		375
8,327		Salem Communications Corp (Class A)		92
20,418	*	SAVVIS, Inc		1,011
72,846	e*	SBA Communications Corp (Class A)		2,447
5,360	e	Shenandoah Telecom Co		273
34,573	e	Sinclair Broadcast Group, Inc (Class A)		492
31,566	e*	Spanish Broadcasting System, Inc (Class A)		136
1,988,479		Sprint Nextel Corp		41,181
9,587	e	SureWest Communications		261
8,854	*	Switch & Data Facilities Co, Inc		170
16,874	*	Syniverse Holdings, Inc		217
75,527		Telephone & Data Systems, Inc		4,726
33,818	e*	Terremark Worldwide, Inc		218
109,696	e*	Time Warner Cable, Inc (Class A)		4,297
69,701	e*	TiVo, Inc		404
11,370	e*	US Cellular Corp		1,030
18,421		USA Mobility, Inc		493
2,052,548		Verizon Communications, Inc		84,503
47,364	e*	Vonage Holdings Corp		147
325,759	e	Windstream Corp		4,808
202,056	e*	XM Satellite Radio Holdings, Inc (Class A)		2,378
		TOTAL COMMUNICATIONS		581,860

DEPOSITORY INSTITUTIONS - 8.68%
9,281	e	1st Source Corp		231
8,068		Abington Bancorp, Inc		77
12,076	e	Alabama National Bancorp		747
16,250	e	Amcore Financial, Inc		471
12,311	e	AmericanWest Bancorp		224
7,905	e	Ameris Bancorp		178
16,200	e	Anchor Bancorp Wisconsin, Inc		424
96,885		Associated Banc-Corp		3,168
61,450		Astoria Financial Corp		1,539
5,016	e	Bancfirst Corp		215
19,277		Banco Latinoamericano de Exportaciones S.A.		362
7,613	e*	Bancorp, Inc		170
58,119		Bancorpsouth, Inc		1,422
48,672	e	Bank Mutual Corp		561
3,137,164		Bank of America Corp		153,376

196

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

			VALUE
SHARES			(000)
38,376		Bank of Hawaii Corp	$	1,982
536,281	e*	Bank of New York Co, Inc		22,223
8,348	e	Bank of the Ozarks, Inc		233
33,271	e	BankAtlantic Bancorp, Inc (Class A)		286
17,629	e	BankFinancial Corp		272
22,200	e	BankUnited Financial Corp (Class A)		446
8,647	e	Banner Corp		295
389,440	e	BB&T Corp		15,842
6,060	e	Berkshire Hills Bancorp, Inc		191
16,366		BOK Financial Corp		874
24,206	e	Boston Private Financial Holdings, Inc		650
49,152	e	Brookline Bancorp, Inc		566
9,158	e	Capital City Bank Group, Inc		287
6,231	e	Capital Corp of the West		149
9,528	e	Capitol Bancorp Ltd		260
16,280	e	Capitol Federal Financial		601
19,846	e	Cascade Bancorp		459
4,003	e	Cass Information Systems, Inc		145
36,547	e	Cathay General Bancorp		1,226
40,600	e*	Centennial Bank Holdings, Inc		344
7,848	e	Center Financial Corp		133
20,935	e	Central Pacific Financial Corp		691
16,601	e	Chemical Financial Corp		429
32,874	e	Chittenden Corp		1,149
3,498,146		Citigroup, Inc		179,420
54,766	e	Citizens Banking Corp		1,002
9,310	e	City Bank		293
12,921	e	City Holding Co		495
28,862	e	City National Corp		2,196
8,907	e	Clifton Savings Bancorp, Inc		97
10,291	e	CoBiz, Inc		186
112,443		Colonial Bancgroup, Inc		2,808
10,948	e	Columbia Banking System, Inc		320
110,338		Comerica, Inc		6,562
132,727		Commerce Bancorp, Inc		4,910
49,814	e	Commerce Bancshares, Inc		2,257
7,311	e*	Community Bancorp		205
20,690	e	Community Bank System, Inc		414
17,049	e	Community Banks, Inc		549
9,922	e	Community Trust Bancorp, Inc		320
93,095	e	Compass Bancshares, Inc		6,422
27,635	e	Corus Bankshares, Inc		477
42,425		Cullen/Frost Bankers, Inc		2,268
47,839	e	CVB Financial Corp		532
19,824	e	Dime Community Bancshares		261
11,361	e*	Dollar Financial Corp		324
14,931	e	Downey Financial Corp		985
42,390	e	East West Bancorp, Inc		1,648
5,234	e	Enterprise Financial Services Corp		130
32,402	e*	Euronet Worldwide, Inc		945
354,494	e	Fifth Third Bancorp		14,098
7,060	e	First Bancorp		132
58,870		First Bancorp		647
10,765	e	First Busey Corp		215
23,638	e	First Charter Corp		460
4,516		First Citizens Bancshares, Inc (Class A)		878

197

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

			VALUE
SHARES			(000)
51,852	e	First Commonwealth Financial Corp	$	566
18,350	e	First Community Bancorp, Inc		1,050
6,565	e	First Community Bancshares, Inc		205
23,858	e	First Financial Bancorp		358
14,678	e	First Financial Bankshares, Inc		570
8,954	e	First Financial Corp		263
8,300	e	First Financial Holdings, Inc		272
90,481	e	First Horizon National Corp		3,529
8,910	e	First Indiana Corp		197
12,330	e	First Merchants Corp		296
34,833	e	First Midwest Bancorp, Inc		1,237
79,187	e	First Niagara Financial Group, Inc		1,037
10,172	e	First Place Financial Corp		215
4,965	e*	First Regional Bancorp		126
20,191		First Republic Bank		1,083
5,157	e	First South Bancorp, Inc		139
12,414	e	First State Bancorporation		264
13,972	e*	FirstFed Financial Corp		793
59,714	e	FirstMerit Corp		1,250
31,002	e	Flagstar Bancorp, Inc		374
12,979	e	Flushing Financial Corp		208
43,167	e	FNB Corp		723
16,647	e*	Franklin Bank Corp		248
47,441	e	Fremont General Corp		510
28,387	e	Frontier Financial Corp		640
123,318	e	Fulton Financial Corp		1,778
37,500	e	Glacier Bancorp, Inc		763
7,290	e	Great Southern Bancorp, Inc		197
36,753	e	Greater Bay Bancorp		1,023
6,221	e	Greene County Bancshares, Inc		194
19,896	e	Hancock Holding Co		747
27,371	e	Hanmi Financial Corp		467
19,713	e	Harleysville National Corp		318
10,342	e	Heartland Financial USA, Inc		251
8,209		Heritage Commerce Corp		194
8,188	e	Home Bancshares, Inc		185
8,546	e	Horizon Financial Corp		186
385,057		Hudson City Bancorp, Inc		4,705
182,131	e	Huntington Bancshares, Inc		4,142
7,762	e	IBERIABANK Corp		384
9,704	e	Independent Bank Corp		287
16,011	e	Independent Bank Corp		276
51,913	e	IndyMac Bancorp, Inc		1,514
12,591	e	Integra Bank Corp		270
35,467	e	International Bancshares Corp		909
37,852	*	Investors Bancorp, Inc		508
47,500		Investors Financial Services Corp		2,929
15,442	e	Irwin Financial Corp		231
3,467	e	ITLA Capital Corp		181
2,415,076		JPMorgan Chase & Co		117,010
14,732	e	Kearny Financial Corp		199
277,310	e	Keycorp		9,520
22,471	e	KNBT Bancorp, Inc		330
13,136	e	Lakeland Bancorp, Inc		175
8,565	e	Lakeland Financial Corp		182
48,564	e	M&T Bank Corp		5,192

198

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

			VALUE
SHARES			(000)
10,842	e	Macatawa Bank Corp	$	173
23,701	e	MAF Bancorp, Inc		1,286
11,504	e	MainSource Financial Group, Inc		193
183,111	e	Marshall & Ilsley Corp		8,722
25,844	e	MB Financial, Inc		898
294,451		Mellon Financial Corp		12,956
11,521	e	Midwest Banc Holdings, Inc		167
15,140	e	Nara Bancorp, Inc		241
1,893	e	NASB Financial, Inc		64
361,818	e	National City Corp		12,056
34,239	e	National Penn Bancshares, Inc		571
24,427	e	NBT Bancorp, Inc		551
34,157	e*	Net 1 UEPS Technologies, Inc		825
226,140	e	New York Community Bancorp, Inc		3,849
78,754	e	NewAlliance Bancshares, Inc		1,159
155,077		Northern Trust Corp		9,962
12,217	e	Northwest Bancorp, Inc		319
50,588	e	Old National Bancorp		840
9,237	e	Old Second Bancorp, Inc		269
8,719	e	Omega Financial Corp		234
17,777	e	Oriental Financial Group, Inc		194
8,236	e*	Oritani Financial Corp		118
33,369	e	Pacific Capital Bancorp		900
9,214	e	Park National Corp		781
34,547	e	Partners Trust Financial Group, Inc		363
6,808	e	Peoples Bancorp, Inc		184
104,369	e	People's United Financial, Inc		1,850
17,415	e	PFF Bancorp, Inc		486
10,869	e*	Pinnacle Financial Partners, Inc		319
243,914	e	PNC Financial Services Group, Inc		17,459
204,398		Popular, Inc		3,285
6,370	e	Preferred Bank		255
500	e	Premierwest Bancorp		7
12,613	e	PrivateBancorp, Inc		363
23,642	e	Prosperity Bancshares, Inc		775
25,227	e	Provident Bankshares Corp		827
53,846	e	Provident Financial Services, Inc		849
30,181	e	Provident New York Bancorp		408
4,843	e	QC Holdings, Inc		73
498,218		Regions Financial Corp		16,491
10,908	e	Renasant Corp		248
6,105	e	Republic Bancorp, Inc (Class A)		101
6,115	e	Rockville Financial, Inc		92
7,271	e	Roma Financial Corp		121
3,344	e	Royal Bancshares of Pennsylvania (Class A)		66
20,998	e	S&T Bancorp, Inc		691
8,198	e	S.Y. Bancorp, Inc		195
9,617	e	Sandy Spring Bancorp, Inc		302
4,873		Santander BanCorp		72
5,836	e	SCBT Financial Corp		212
9,460	e	Seacoast Banking Corp of Florida		206
10,334	e	Security Bank Corp		208
3,786	e	Sierra Bancorp		107
20,862	e*	Signature Bank		711
9,660	e	Simmons First National Corp (Class A)		267
83,307		Sky Financial Group, Inc		2,321

199

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

			VALUE
SHARES			(000)
53,177	e	South Financial Group, Inc	$	1,204
8,362	e	Southside Bancshares, Inc		182
9,257		Southwest Bancorp, Inc		223
288,300		Sovereign Bancorp, Inc		6,095
237,784	e	State Street Corp		16,264
13,290	e	Sterling Bancorp		213
48,597	e	Sterling Bancshares, Inc		550
17,306	e*	Sterling Financial Corp		182
34,680	e	Sterling Financial Corp		1,004
7,140	e	Suffolk Bancorp		228
8,750	e*	Sun Bancorp, Inc		148
252,128		SunTrust Banks, Inc		21,617
23,978	e*	Superior Bancorp		245
34,534	e	Susquehanna Bancshares, Inc		773
24,169	e*	SVB Financial Group		1,284
196,051	e	Synovus Financial Corp		6,019
4,565	e	Taylor Capital Group, Inc		126
91,260	e	TCF Financial Corp		2,537
16,293	e*	Texas Capital Bancshares, Inc		364
14,873	e	TierOne Corp		448
6,413	e	Tompkins Trustco, Inc		240
9,919	e	Trico Bancshares		222
51,426	e	Trustco Bank Corp NY		508
34,436	e	Trustmark Corp		891
67,163	e	UCBH Holdings, Inc		1,227
24,432	e	UMB Financial Corp		901
43,224	e	Umpqua Holdings Corp		1,016
8,916	e	Union Bankshares Corp		207
33,774	e	UnionBanCal Corp		2,016
27,662	e	United Bankshares, Inc		880
24,124	e	United Community Banks, Inc		625
18,456	e	United Community Financial Corp		184
5,067	e	United Security Bancshares		103
7,380	e	Univest Corp of Pennsylvania		166
1,229,099	e	US Bancorp		40,499
8,850	e	USB Holding Co, Inc		169
89,986	e	Valley National Bancorp		2,024
5,300		ViewPoint Financial Group		91
300	e	Vineyard National Bancorp		7
12,360	e*	Virginia Commerce Bancorp		209
75,924	e	W Holding Co, Inc		200
1,352,541	e	Wachovia Corp		69,318
62,928		Washington Federal, Inc		1,530
623,796	e	Washington Mutual, Inc		26,599
8,575	e	Washington Trust Bancorp, Inc		216
7,507	e*	Wauwatosa Holdings, Inc		124
40,046		Webster Financial Corp		1,709
2,373,523		Wells Fargo & Co		83,477
15,679	e	WesBanco, Inc		463
10,009	e	West Coast Bancorp		304
23,845	e	Westamerica Bancorporation		1,055
11,887	e*	Western Alliance Bancorp		355
559,087	e	Western Union Co		11,646
10,962		Westfield Financial, Inc		109
46,684		Whitney Holding Corp		1,405
51,413		Wilmington Trust Corp		2,134

200

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

			VALUE
SHARES			(000)
9,638	e	Wilshire Bancorp, Inc	$	117
17,249	e	Wintrust Financial Corp		756
4,467		WSFS Financial Corp		292
6,959	e	Yardville National Bancorp		238
76,375	e	Zions Bancorporation		5,874
		TOTAL DEPOSITORY INSTITUTIONS		1,043,808

EATING AND DRINKING PLACES - 0.85%
18,260	e*	AFC Enterprises		316
52,752		Applebees International, Inc		1,271
8,606	*	Benihana, Inc (Class A)		172
9,771	e*	BJ's Restaurants, Inc		193
24,778	e	Bob Evans Farms, Inc		913
80,322		Brinker International, Inc		2,351
10,902	e*	Buffalo Wild Wings, Inc		453
37,312	e	Burger King Holdings, Inc		983
20,544	e*	California Pizza Kitchen, Inc		441
7,174	e*	Carrols Restaurant Group, Inc		109
17,289	e	CBRL Group, Inc		734
20,197	e*	CEC Entertainment, Inc		711
50,784	e*	Cheesecake Factory		1,245
21,255	e*	Chipotle Mexican Grill, Inc (Class B)		1,671
44,745	e	CKE Restaurants, Inc		898
99,900	e	Darden Restaurants, Inc		4,395
75,312	e*	Denny's Corp		335
30,059	e	Domino's Pizza, Inc		549
13,878	e	IHOP Corp		755
22,085	*	Jack in the Box, Inc		1,567
39,881	e*	Krispy Kreme Doughnuts, Inc		369
12,903	e	Landry's Restaurants, Inc		391
8,310	e*	McCormick & Schmick's Seafood Restaurants, Inc		216
844,110		McDonald's Corp		42,847
7,205	e*	Morton's Restaurant Group, Inc		131
14,289	e	O'Charleys, Inc		288
15,393	e*	Papa John's International, Inc		443
18,084	e*	PF Chang's China Bistro, Inc		637
25,931	e*	Rare Hospitality International, Inc		694
11,853	e*	Red Robin Gourmet Burgers, Inc		479
38,476	e	Ruby Tuesday, Inc		1,013
10,929	e*	Ruth's Chris Steak House, Inc		186
47,245	e*	Sonic Corp		1,045
523,895	e*	Starbucks Corp		13,747
19,171	e*	Steak N Shake Co		320
37,299	e*	Texas Roadhouse, Inc (Class A)		477
133,986	e	Tim Hortons, Inc		4,120
43,886	e	Triarc Cos (Class B)		689
61,697	e	Wendy's International, Inc		2,267
370,352	e	Yum! Brands, Inc		12,118
		TOTAL EATING AND DRINKING PLACES		102,539

EDUCATIONAL SERVICES - 0.15%
101,988	e*	Apollo Group, Inc (Class A)		5,959
69,638	e*	Career Education Corp		2,352
62,840	e*	Corinthian Colleges, Inc		1,024
42,460	e	DeVry, Inc		1,444
29,564	e*	ITT Educational Services, Inc		3,470

201

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

			VALUE
SHARES			(000)
32,368	*	Laureate Education, Inc	$	1,996
3,041	e*	Lincoln Educational Services Corp		45
10,353	e	Strayer Education, Inc		1,364
14,801	e*	Universal Technical Institute, Inc		376
		TOTAL EDUCATIONAL SERVICES		18,030

ELECTRIC, GAS, AND SANITARY SERVICES - 3.96%
471,951	*	AES Corp		10,326
55,012		AGL Resources, Inc		2,227
117,133	*	Allegheny Energy, Inc		6,060
17,427	e	Allete, Inc		820
80,451	e	Alliant Energy Corp		3,125
178,674	*	Allied Waste Industries, Inc		2,405
146,454		Ameren Corp		7,178
10,902	e	American Ecology Corp		233
281,975	e	American Electric Power Co, Inc		12,700
11,397	e	American States Water Co		405
95,948		Aqua America, Inc		2,158
276,036	e*	Aquila, Inc		1,129
65,777	e	Atmos Energy Corp		1,977
35,312	e	Avista Corp		761
23,485	e	Black Hills Corp		934
13,965	e	California Water Service Group		524
8,600	e	Cascade Natural Gas Corp		227
13,533	e*	Casella Waste Systems, Inc (Class A)		146
225,760	e	Centerpoint Energy, Inc		3,928
7,119	e	Central Vermont Public Service Corp		268
13,300	e	CH Energy Group, Inc		598
7,162	e*	Clean Energy Fuels Corp		90
11,577	e*	Clean Harbors, Inc		572
40,584	e	Cleco Corp		994
158,961	e	CMS Energy Corp		2,734
181,482	e	Consolidated Edison, Inc		8,188
10,306	e	Consolidated Water Co, Inc		302
127,465	e	Constellation Energy Group, Inc		11,111
85,275	e*	Covanta Holding Corp		2,102
22,377	e	Crosstex Energy, Inc		643
247,620	e	Dominion Resources, Inc		21,372
80,044	e	DPL, Inc		2,268
124,457		DTE Energy Co		6,001
890,673	e	Duke Energy Corp		16,299
238,240	*	Dynegy, Inc (Class A)		2,249
230,316	e	Edison International		12,925
495,165	e	El Paso Corp		8,532
32,219	e*	El Paso Electric Co		791
21,443		Empire District Electric Co		480
50,662		Energen Corp		2,783
110,044	e	Energy East Corp		2,871
4,326	e	EnergySouth, Inc		221
2,665	e*	EnerNOC, Inc		102
139,442		Entergy Corp		14,969
475,445		Exelon Corp		34,517
215,411	e	FirstEnergy Corp		13,943
287,303	e	FPL Group, Inc		16,302
63,000	e	Great Plains Energy, Inc		1,834
59,766	e	Hawaiian Electric Industries, Inc		1,416

202

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

			VALUE
SHARES			(000)
31,800	e	Idacorp, Inc	$	1,019
55,880	e	Integrys Energy Group, Inc		2,835
18,159	e	ITC Holdings Corp		738
124,743		KeySpan Corp		5,237
14,800	e	Laclede Group, Inc		472
4,287	e	Markwest Hydrocarbon, Inc		246
131,012	e	MDU Resources Group, Inc		3,674
20,394		Metal Management, Inc		899
14,002	e	MGE Energy, Inc		457
180,863	e*	Mirant Corp		7,714
58,945	e	National Fuel Gas Co		2,553
22,377	e	New Jersey Resources Corp		1,142
34,041	e	Nicor, Inc		1,461
193,868	e	NiSource, Inc		4,015
109,115		Northeast Utilities		3,094
19,700	e	Northwest Natural Gas Co		910
24,616	e	NorthWestern Corp		783
171,301	e*	NRG Energy, Inc		7,121
75,589	e	NSTAR		2,453
64,715		OGE Energy Corp		2,372
78,611		Oneok, Inc		3,963
4,962	e	Ormat Technologies, Inc		187
19,998	e	Otter Tail Corp		641
136,693		Pepco Holdings, Inc		3,855
248,387	e	PG&E Corp		11,252
10,816	e*	Pico Holdings, Inc		468
56,615		Piedmont Natural Gas Co, Inc		1,396
12,323	e*	Pike Electric Corp		276
70,786	e	Pinnacle West Capital Corp		2,821
54,221	e	PNM Resources, Inc		1,507
21,481	e	Portland General Electric Co		589
272,815		PPL Corp		12,765
182,248	e	Progress Energy, Inc		8,309
34,100	m,v*	Progress Energy, Inc		-	^
179,334		Public Service Enterprise Group, Inc		15,742
82,750	e	Puget Energy, Inc		2,001
121,788	e	Questar Corp		6,436
241,329	*	Reliant Energy, Inc		6,504
117,594	e	Republic Services, Inc		3,603
10,949	e	Resource America, Inc (Class A)		226
82,423	e	SCANA Corp		3,156
25,033	e*	SEMCO Energy, Inc		194
186,573		Sempra Energy		11,051
156,710	*	Sierra Pacific Resources		2,752
10,436	e	SJW Corp		348
20,851	e	South Jersey Industries, Inc		738
531,639	e	Southern Co		18,230
76,048	e	Southern Union Co		2,478
28,345		Southwest Gas Corp		958
16,033	e	Southwest Water Co		205
62,027	e*	Stericycle, Inc		2,758
148,252		TECO Energy, Inc		2,547
324,527		TXU Corp		21,841
75,102		UGI Corp		2,049
16,909	e	UIL Holdings Corp		560
24,831	e	Unisource Energy Corp		817

203

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

			VALUE
SHARES			(000)
55,079	e	Vectren Corp	$	1,483
48,547	e*	Waste Connections, Inc		1,468
3,755		Waste Industries USA, Inc		128
19,253	e*	Waste Services, Inc		234
62,830	e	Westar Energy, Inc		1,525
34,425	e	WGL Holdings, Inc		1,124
423,503	e	Williams Cos, Inc		13,391
82,788	e	Wisconsin Energy Corp		3,662
288,988		Xcel Energy, Inc		5,916
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		476,089

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 6.20%
15,750	e*	Acme Packet, Inc		181
22,958	e*	Actel Corp		319
30,632		Acuity Brands, Inc		1,846
82,321	e*	Adaptec, Inc		314
86,140	e*	ADC Telecommunications, Inc		1,579
42,374	e	Adtran, Inc		1,100
25,828	e*	Advanced Analogic Technologies, Inc		251
23,059	e*	Advanced Energy Industries, Inc		523
390,590	e*	Advanced Micro Devices, Inc		5,585
50,885	e*	Aeroflex, Inc		721
250,843	e	Altera Corp		5,551
22,354	e*	American Superconductor Corp		432
75,446	e	Ametek, Inc		2,994
47,376	e*	AMIS Holdings, Inc		593
73,876	e*	Amkor Technology, Inc		1,164
126,589	e	Amphenol Corp (Class A)		4,513
42,735	e*	Anadigics, Inc		589
231,278	e	Analog Devices, Inc		8,705
109,927	e*	Andrew Corp		1,587
611,470	*	Apple Computer, Inc		74,624
215,447	e*	Applied Micro Circuits Corp		539
78,929	e*	Arris Group, Inc		1,388
38,898	e*	Atheros Communications, Inc		1,200
336,155	e*	Atmel Corp		1,869
25,930	e*	ATMI, Inc		778
119,087	e*	Avanex Corp		214
101,613	e*	Avnet, Inc		4,028
34,410	e	AVX Corp		576
8,359	e*	AZZ, Inc		281
32,362	e	Baldor Electric Co		1,595
7,316	e	Bel Fuse, Inc (Class B)		249
51,432	e*	Benchmark Electronics, Inc		1,163
9,033	e*	BigBand Networks, Inc		118
330,478	e*	Broadcom Corp (Class A)		9,666
33,107	e*	C-COR, Inc		465
19,382	e*	Ceradyne, Inc		1,434
27,817	e*	Checkpoint Systems, Inc		702
60,188	e*	Ciena Corp		2,175
4,321,163	*	Cisco Systems, Inc		120,344
12,644	e*	Color Kinetics, Inc		422
15,327	e*	Comtech Telecommunications Corp		711
352,109	e*	Conexant Systems, Inc		486
129,303		Cooper Industries Ltd (Class A)		7,382
5,037	e*	CPI International, Inc		100

204

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

			VALUE
SHARES			(000)
60,981	e*	Cree, Inc	$	1,576
23,637	e	CTS Corp		299
14,434	e	Cubic Corp		436
108,831	e*	Cypress Semiconductor Corp		2,535
14,124	e*	Diodes, Inc		590
31,325	e*	Ditech Networks, Inc		257
28,077	*	Dolby Laboratories, Inc (Class A)		994
21,955	e*	DSP Group, Inc		449
10,894	e*	DTS, Inc		237
103,554		Eaton Corp		9,631
23,062	e*	Electro Scientific Industries, Inc		480
10,542	e*	EMS Technologies, Inc		233
40,393	e*	Energizer Holdings, Inc		4,023
28,552	e*	Energy Conversion Devices, Inc		880
18,146	e*	EnerSys		332
67,390	e*	Evergreen Solar, Inc		627
25,111	e*	Exar Corp		336
85,596	e*	Fairchild Semiconductor International, Inc		1,654
195,626	e*	Finisar Corp		739
23,626	e*	First Solar, Inc		2,110
16,105	e	Franklin Electric Co, Inc		760
46,577	e*	FuelCell Energy, Inc		369
79,992	e	Garmin Ltd		5,917
168,527	e*	Gemstar-TV Guide International, Inc		829
20,156	e*	Genlyte Group, Inc		1,583
69,879	*	GrafTech International Ltd		1,177
16,954	e*	Greatbatch, Inc		549
46,047	e	Harman International Industries, Inc		5,378
54,755	e*	Harmonic, Inc		486
94,943	e	Harris Corp		5,179
21,557	e*	Helen of Troy Ltd		582
67,315	e*	Hexcel Corp		1,418
11,513	e*	Hittite Microwave Corp		492
551,220		Honeywell International, Inc		31,023
16,902	e*	Hutchinson Technology, Inc		318
24,375	e	Imation Corp		898
139,841	*	Integrated Device Technology, Inc		2,135
4,107,539		Intel Corp		97,595
33,604	e*	Interdigital Communications Corp		1,081
50,270	e*	International Rectifier Corp		1,873
95,551	e	Intersil Corp (Class A)		3,006
13,338		Inter-Tel, Inc		319
28,293	e*	InterVoice, Inc		236
6,910	e*	IPG Photonics Corp		138
7,978	e*	iRobot Corp		158
16,725	e*	IXYS Corp		140
38,677	e*	Jarden Corp		1,664
145,351	e*	JDS Uniphase Corp		1,952
66,338	e*	Kemet Corp		468
87,515	e	L-3 Communications Holdings, Inc		8,523
9,858	e*	Lamson & Sessions Co		262
81,127	e*	Lattice Semiconductor Corp		464
29,989	e	Lincoln Electric Holdings, Inc		2,226
179,328	e	Linear Technology Corp		6,488
17,104	e*	Littelfuse, Inc		578
8,072	*	Loral Space & Communications, Inc		398

205

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

			VALUE
SHARES			(000)
12,960	e	LSI Industries, Inc	$	232
543,579	e*	LSI Logic Corp		4,082
325,459	e*	Marvell Technology Group Ltd		5,927
37,299	e*	Mattson Technology, Inc		362
226,845	e	Maxim Integrated Products, Inc		7,579
14,709	e*	Medis Technologies Ltd		216
152,719	*	MEMC Electronic Materials, Inc		9,334
13,858	e*	Mercury Computer Systems, Inc		169
23,004	e	Methode Electronics, Inc		360
46,581	e	Micrel, Inc		593
155,745	e	Microchip Technology, Inc		5,769
531,074	e*	Micron Technology, Inc		6,654
55,954	e*	Microsemi Corp		1,340
45,471	e*	Microtune, Inc		238
33,720	e*	MIPS Technologies, Inc		296
98,307	e	Molex, Inc		2,950
15,444	e*	Monolithic Power Systems, Inc		270
26,866	e*	Moog, Inc (Class A)		1,185
1,636,577		Motorola, Inc		28,967
89,555	e*	MRV Communications, Inc		291
6,600	e*	Multi-Fineline Electronix, Inc		113
3,138	e	National Presto Industries, Inc		196
221,736	e	National Semiconductor Corp		6,268
12,200	m,v*	NCP Litigation Trust		-	^
13,186	e*	Netlogic Microsystems, Inc		420
262,461	e*	Network Appliance, Inc		7,664
90,589	e*	Novellus Systems, Inc		2,570
254,885	e*	Nvidia Corp		10,529
39,050	e*	Omnivision Technologies, Inc		707
163,829	e*	ON Semiconductor Corp		1,756
80,242	*	On2 Technologies, Inc		241
68,043	e	Openwave Systems, Inc		426
15,398	e*	Oplink Communications, Inc		231
13,224	*	OpNext, Inc		175
8,730	e*	Optium Corp		110
10,891	e*	OSI Systems, Inc		298
13,852	e	Park Electrochemical Corp		390
14,362	e*	Pericom Semiconductor Corp		160
29,346	e*	Photronics, Inc		437
38,239	e	Plantronics, Inc		1,003
32,750	e*	Plexus Corp		753
15,100	e*	PLX Technology, Inc		169
150,922	e*	PMC - Sierra, Inc		1,167
66,237	e*	Polycom, Inc		2,226
3,961	e*	Powell Industries, Inc		126
51,516	e*	Power-One, Inc		205
96,435	e*	Powerwave Technologies, Inc		646
108,580	*	QLogic Corp		1,808
1,178,362		Qualcomm, Inc		51,129
95,926	e	RadioShack Corp		3,179
68,996	e*	Rambus, Inc		1,241
11,399	e	Raven Industries, Inc		407
22,604	e	Regal-Beloit Corp		1,052
136,976	e*	RF Micro Devices, Inc		855
12,342	e*	Rogers Corp		457
385,770	*	Sanmina-SCI Corp		1,207

206

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

			VALUE
SHARES			(000)
21,571	e*	Seachange International, Inc	$	167
52,119	e*	Semtech Corp		903
56,384	*	Silicon Image, Inc		484
38,539	e*	Silicon Laboratories, Inc		1,334
72,899	e*	Silicon Storage Technology, Inc		272
27,582	e*	Sirenza Microdevices, Inc		327
1,037,535	e*	Sirius Satellite Radio, Inc		3,133
112,344	e*	Skyworks Solutions, Inc		826
35,494	e*	Smart Modular Technologies WWH, Inc		488
65,116	e*	Spansion, Inc (Class A)		723
28,315	e*	Spectrum Brands, Inc		192
14,503	e*	Standard Microsystems Corp		498
10,374	*	Stoneridge, Inc		128
15,508	e*	Sunpower Corp (Class A)		978
8,595	e*	Supertex, Inc		269
129,793	*	Sycamore Networks, Inc		522
35,188	e*	Symmetricom, Inc		296
17,207	e*	Synaptics, Inc		616
41,522	e*	Syntax-Brillian Corp		204
30,703	e	Technitrol, Inc		880
10,550	e*	Techwell, Inc		138
42,847	e*	Tekelec		618
27,669		Teleflex, Inc		2,263
309,010	*	Tellabs, Inc		3,325
33,830	e*	Tessera Technologies, Inc		1,372
1,013,439	e	Texas Instruments, Inc		38,136
43,626	*	Thomas & Betts Corp		2,530
40,125	e*	Trident Microsystems, Inc		736
105,731	e*	Triquint Semiconductor, Inc		535
32,309	*	TTM Technologies, Inc		420
13,489	e*	Ultra Clean Holdings		189
16,474	e*	Universal Display Corp		259
8,900	*	Universal Electronics, Inc		323
87,200	e*	Utstarcom, Inc		489
63,729	e*	Varian Semiconductor Equipment Associates, Inc		2,553
15,575	*	Viasat, Inc		500
12,845	e	Vicor Corp		170
127,423	e*	Vishay Intertechnology, Inc		2,016
13,179	e*	Volterra Semiconductor Corp		187
52,762	e	Whirlpool Corp		5,867
210,715	e	Xilinx, Inc		5,641
15,313	e*	Zoltek Cos, Inc		636
35,864	e*	Zoran Corp		719
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		746,133

ENGINEERING AND MANAGEMENT SERVICES - 0.85%
13,465	e*	Advisory Board Co		748
28,593	*	Aecom Technology Corp		709
3,198	*	Affymax, Inc		86
92,912	e*	Amylin Pharmaceuticals, Inc		3,824
54,636	*	Applera Corp (Celera Genomics Group)		677
40,510	e*	Ariad Pharmaceuticals, Inc		222
7,981	e	CDI Corp		257
269,226	e*	Celgene Corp		15,435
8,356	e*	Cornell Cos, Inc		205
29,357	e	Corporate Executive Board Co		1,906

207

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

			VALUE
SHARES			(000)
8,400	e*	CRA International, Inc	$	405
41,854	e*	CV Therapeutics, Inc		553
20,365		Diamond Management & Technology Consultants, Inc		269
35,921	e*	eResearch Technology, Inc		342
65,374	e*	Exelixis, Inc		791
11,236	*	Exponent, Inc		251
62,325	e	Fluor Corp		6,941
36,978	e*	Gen-Probe, Inc		2,234
15,327	*	Greenfield Online, Inc		244
31,752	*	Harris Interactive, Inc		170
67,023	e*	Hewitt Associates, Inc (Class A)		2,145
13,227	e*	Huron Consulting Group, Inc		966
60,816	e*	Incyte Corp		365
28,775	e*	Infrasource Services, Inc		1,067
58,586	e*	Isis Pharmaceuticals, Inc		567
84,227	e*	Jacobs Engineering Group, Inc		4,844
119,883	*	KBR, Inc		3,144
8,794	e*	Kendle International, Inc		323
29,364	e*	Kosan Biosciences, Inc		153
6,175	e	Landauer, Inc		304
17,070	e*	LECG Corp		258
26,264	e*	Lifecell Corp		802
22,750	e*	Luminex Corp		280
15,124		MAXIMUS, Inc		656
16,427	e*	Maxygen, Inc		141
77,540	*	McDermott International, Inc		6,445
5,139	e*	Michael Baker Corp		191
163,736	e	Moody's Corp		10,184
7,000	e*	MTC Technologies, Inc		172
31,449	e*	Myriad Genetics, Inc		1,170
40,786	e*	Navigant Consulting, Inc		757
22,856	e*	Neurogen Corp		152
24,067	*	Omnicell, Inc		500
239,692		Paychex, Inc		9,377
14,301	e*	PharmaNet Development Group, Inc		456
110,430	e	Quest Diagnostics, Inc		5,704
20,942	e*	Regeneration Technologies, Inc		236
44,788	e*	Regeneron Pharmaceuticals, Inc		803
97,295	e*	Rentech, Inc		252
32,857	e*	Resources Connection, Inc		1,090
17,806	e*	Rigel Pharmaceuticals, Inc		159
68,000	e*	SAIC, Inc		1,229
36,415	e*	Savient Pharmaceuticals, Inc		452
29,620	*	Seattle Genetics, Inc		291
21,388	e*	Senomyx, Inc		289
56,724	e*	Shaw Group, Inc		2,626
5,857	*	Stanley, Inc		103
24,068	e*	Symyx Technologies, Inc		277
7,624	e*	Tejon Ranch Co		337
35,223	e*	Telik, Inc		119
38,899	e*	Tetra Tech, Inc		838
36,325	*	URS Corp		1,764
21,511	e*	Verenium Corp		109
22,525	e*	Washington Group International, Inc		1,802
30,194	e	Watson Wyatt & Co Holdings (Class A)		1,524
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		101,692

208

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

			VALUE
SHARES			(000)

ENVIRONMENTAL QUALITY AND HOUSING - 0.00%**
40,288	e*	Home Solutions of America, Inc	$	241
		TOTAL ENVIRONMENTAL QUALITY AND HOUSING		241

FABRICATED METAL PRODUCTS - 0.53%
23,634	e*	Alliant Techsystems, Inc		2,343
6,162	e	Ameron International Corp		556
53,416	e	Aptargroup, Inc		1,899
75,368		Ball Corp		4,007
8,848	*	Chart Industries, Inc		252
11,232	e	CIRCOR International, Inc		454
84,663	e	Commercial Metals Co		2,859
13,231	e*	Commercial Vehicle Group, Inc		246
2,198	e	Compx International, Inc		41
38,427		Crane Co		1,747
115,778	*	Crown Holdings, Inc		2,891
8,340	e	Dynamic Materials Corp		313
20,133	e*	Griffon Corp		438
9,089	e	Gulf Island Fabrication, Inc		315
353,105	e	Illinois Tool Works, Inc		19,135
10,094	e	Insteel Industries, Inc		182
9,968	e*	Ladish Co, Inc		429
8,117	e	Lifetime Brands, Inc		166
25,129	e*	Mobile Mini, Inc		734
80,964	e	Mueller Water Products, Inc (Class A)		1,381
15,669	e*	NCI Building Systems, Inc		773
81,901		Parker Hannifin Corp		8,019
5,880	e*	Park-Ohio Holdings Corp		161
71,324	e	Pentair, Inc		2,751
7,218	*	PGT, Inc		79
17,440		Silgan Holdings, Inc		964
26,264	e	Simpson Manufacturing Co, Inc		886
20,492	e*	Smith & Wesson Holding Corp		343
41,032		Snap-On, Inc		2,073
59,613	e	Stanley Works		3,619
16,048	e*	Sturm Ruger & Co, Inc		249
5,286	e	Sun Hydraulics Corp		260
44,785	e*	Taser International, Inc		625
9,351	*	Trimas Corp		113
13,461	e	Valmont Industries, Inc		979
23,144	e	Watts Water Technologies, Inc (Class A)		867
		TOTAL FABRICATED METAL PRODUCTS		63,149

FOOD AND KINDRED PRODUCTS - 3.08%
14,670	e*	Altus Pharmaceuticals, Inc		169
4,618	*	American Dairy, Inc		86
537,118		Anheuser-Busch Cos, Inc		28,016
461,262		Archer Daniels Midland Co		15,263
6,482	e*	Boston Beer Co, Inc (Class A)		255
82,449		Bunge Ltd		6,967
163,485		Campbell Soup Co		6,345
4,202		Coca-Cola Bottling Co Consolidated		211
1,600,057	e	Coca-Cola Co		83,699
226,312	e	Coca-Cola Enterprises, Inc		5,431
352,153	e	ConAgra Foods, Inc		9,459

209

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

			VALUE
SHARES			(000)
135,742	e*	Constellation Brands, Inc (Class A)	$	3,296
52,685	e	Corn Products International, Inc		2,395
56,731	e*	Darling International, Inc		519
142,789	e	Del Monte Foods Co		1,736
5,320	e	Farmer Bros Co		120
36,792		Flowers Foods, Inc		1,227
244,758		General Mills, Inc		14,299
229,611		H.J. Heinz Co		10,900
45,520	e*	Hansen Natural Corp		1,956
119,038		Hershey Co		6,026
53,755		Hormel Foods Corp		2,008
8,158	e	Imperial Sugar Co		251
9,626		J&J Snack Foods Corp		363
39,921		J.M. Smucker Co		2,541
15,444	e*	Jones Soda Co		217
166,943		Kellogg Co		8,646
1,133,920	e	Kraft Foods, Inc (Class A)		39,971
15,961	e	Lancaster Colony Corp		669
20,449	e	Lance, Inc		482
8,556	e*	M&F Worldwide Corp		570
96,193		McCormick & Co, Inc		3,673
6,584	e	MGP Ingredients, Inc		111
38,603		Molson Coors Brewing Co (Class B)		3,569
5,604	e	National Beverage Corp		64
9,395	e*	Peet's Coffee & Tea, Inc		231
99,580	e	Pepsi Bottling Group, Inc		3,354
41,694		PepsiAmericas, Inc		1,024
1,151,557		PepsiCo, Inc		74,678
24,523	e*	Performance Food Group Co		797
20,114	e*	Ralcorp Holdings, Inc		1,075
15,246	e	Reddy Ice Holdings, Inc		435
12,303	e	Sanderson Farms, Inc		554
519,533		Sara Lee Corp		9,040
77,264	e*	Smithfield Foods, Inc		2,379
2,988	*	Synutra International, Inc		61
26,158	e	Tootsie Roll Industries, Inc		725
24,314	e	Topps Co, Inc		256
20,712	e*	TreeHouse Foods, Inc		551
167,821	e	Tyson Foods, Inc (Class A)		3,867
169,417	e	Wrigley (Wm.) Jr Co		9,370
		TOTAL FOOD AND KINDRED PRODUCTS		369,907

FOOD STORES - 0.34%
837	e	Arden Group, Inc (Class A)		114
13,762	e*	Great Atlantic & Pacific Tea Co, Inc		462
8,163	e	Ingles Markets, Inc (Class A)		281
501,888		Kroger Co		14,118
20,111	e*	Panera Bread Co (Class A)		926
16,292	e*	Pantry, Inc		751
27,069	e*	Pathmark Stores, Inc		351
26,048	e	Ruddick Corp		785
312,249	e	Safeway, Inc		10,626
149,082		Supervalu, Inc		6,905
2,326	e	Village Super Market (Class A)		111
6,734	e	Weis Markets, Inc		273
99,875	e	Whole Foods Market, Inc		3,825

210

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

			VALUE
SHARES			(000)
19,665	*	Wild Oats Markets, Inc	$	330
21,903	*	Winn-Dixie Stores, Inc		642
		TOTAL FOOD STORES		40,500

FORESTRY - 0.12%
56,228	e	Rayonier, Inc		2,538
152,688		Weyerhaeuser Co		12,052
		TOTAL FORESTRY		14,590

FURNITURE AND FIXTURES - 0.32%
9,280	e	Cal-Maine Foods, Inc		152
18,783	e	Ethan Allen Interiors, Inc		643
34,198	e	Furniture Brands International, Inc		486
44,896		Herman Miller, Inc		1,419
43,616		Hillenbrand Industries, Inc		2,835
33,809	e	HNI Corp		1,386
7,413	e	Hooker Furniture Corp		166
38,561	e	Interface, Inc (Class A)		727
139,524		Johnson Controls, Inc		16,153
18,600		Kimball International, Inc (Class B)		261
36,828	e	La-Z-Boy, Inc		422
124,980	e	Leggett & Platt, Inc		2,756
267,097	e	Masco Corp		7,604
28,667	e	Sealy Corp		474
39,114	e*	Select Comfort Corp		634
50,500	e	Tempur-Pedic International, Inc		1,308
21,020	e*	Williams Scotsman International, Inc		500
		TOTAL FURNITURE AND FIXTURES		37,926

FURNITURE AND HOMEFURNISHINGS STORES - 0.19%
195,827	*	Bed Bath & Beyond, Inc		7,048
121,037	e	Circuit City Stores, Inc		1,825
103,816	e*	GameStop Corp (Class A)		4,059
21,760	e*	Guitar Center, Inc		1,302
16,062	e	Haverty Furniture Cos, Inc		187
31,963		Knoll, Inc		716
37,412	e*	Mohawk Industries, Inc		3,771
64,355	e	Pier 1 Imports, Inc		546
58,232	e	Steelcase, Inc (Class A)		1,077
21,617	e	Tuesday Morning Corp		267
64,234	e	Williams-Sonoma, Inc		2,029
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		22,827

GENERAL BUILDING CONTRACTORS - 0.25%
1,271	e	Amrep Corp		60
3,890	e*	Avatar Holdings, Inc		299
27,719	e	Beazer Homes USA, Inc		684
7,978	e	Brookfield Homes Corp		232
84,992	e	Centex Corp		3,408
221,862	e	DR Horton, Inc		4,422
26,548	e*	Hovnanian Enterprises, Inc (Class A)		439
54,387	e	KB Home		2,141
96,790	e	Lennar Corp (Class A)		3,539
9,603	e	M/I Homes, Inc		255
17,708	e	McGrath RentCorp		597
24,302	e	MDC Holdings, Inc		1,175

211

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

			VALUE
SHARES			(000)
16,766	e*	Meritage Homes Corp	$	449
3,299	e*	NVR, Inc		2,243
11,355	e*	Palm Harbor Homes, Inc		161
18,779	e*	Perini Corp		1,155
149,622	e	Pulte Homes, Inc		3,359
30,806	e	Ryland Group, Inc		1,151
45,800	e	Standard-Pacific Corp		803
4,378	e*	Team, Inc		197
89,281	e*	Toll Brothers, Inc		2,230
37,809	e	Walter Industries, Inc		1,095
21,762	e*	WCI Communities, Inc		363
		TOTAL GENERAL BUILDING CONTRACTORS		30,457

GENERAL MERCHANDISE STORES - 1.59%
31,592	e*	99 Cents Only Stores		414
79,587	e*	Big Lots, Inc		2,341
46,090	*	BJ's Wholesale Club, Inc		1,661
7,308	e	Bon-Ton Stores, Inc		293
21,144	e*	Cabela's, Inc		468
35,721	e	Casey's General Stores, Inc		974
8,648	e*	Conn's, Inc		247
315,732	e	Costco Wholesale Corp		18,477
43,294	e	Dillard's, Inc (Class A)		1,556
222,045		Dollar General Corp		4,867
106,643	e	Family Dollar Stores, Inc		3,660
29,664	e	Fred's, Inc		397
159,672	e	JC Penney Co, Inc		11,557
324,597	e	Macy's, Inc		12,912
17,729	e*	Retail Ventures, Inc		286
99,401	e	Saks, Inc		2,122
17,973	e	Stein Mart, Inc		220
604,665	e	Target Corp		38,457
321,388	e	TJX Cos, Inc		8,838
1,704,573		Wal-Mart Stores, Inc		82,007
		TOTAL GENERAL MERCHANDISE STORES		191,754

HEALTH SERVICES - 1.31%
18,580	e*	Alliance Imaging, Inc		174
18,220	e*	Amedisys, Inc		662
8,641	e*	American Dental Partners, Inc		224
135,181		AmerisourceBergen Corp		6,687
22,231	e*	Amsurg Corp		537
31,771	e*	Apria Healthcare Group, Inc		914
42,918	e*	Assisted Living Concepts, Inc (A Shares)		457
7,094	e*	Bio-Reference Labs, Inc		194
15,794	e	Brookdale Senior Living, Inc		720
203,564		Cigna Corp		10,630
69,024	e*	Community Health Systems, Inc		2,792
6,016	e*	Corvel Corp		157
38,604	e*	Covance, Inc		2,647
110,607	e*	Coventry Health Care, Inc		6,376
22,090	e*	Cross Country Healthcare, Inc		368
16,323	e*	CryoLife, Inc		212
74,364	e*	DaVita, Inc		4,007
44,798	e*	Edwards Lifesciences Corp		2,210
8,598	e*	eHealth, Inc		164

212

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

			VALUE
SHARES			(000)
3,311	e*	Emeritus Corp	$	103
18,855	e*	Enzo Biochem, Inc		282
164,380	*	Express Scripts, Inc		8,221
14,431	*	Genesis HealthCare Corp		987
8,923	e*	Genomic Health, Inc		168
18,949	e*	Gentiva Health Services, Inc		380
176,006	e	Health Management Associates, Inc (Class A)		1,999
44,500	*	Healthsouth Corp		806
24,588	e*	Healthways, Inc		1,165
18,980	e*	Hythiam, Inc		164
40,949	*	Immunomedics, Inc		170
21,589	*	Kindred Healthcare, Inc		663
83,142	e*	Laboratory Corp of America Holdings		6,507
14,843	e	LCA-Vision, Inc		701
8,098	e*	LHC Group, Inc		212
39,831	e*	LifePoint Hospitals, Inc		1,541
59,405	*	Lincare Holdings, Inc		2,367
24,894	e*	Magellan Health Services, Inc		1,157
51,746	e	Manor Care, Inc		3,379
13,215	e*	Matria Healthcare, Inc		400
210,008		McKesson Corp		12,525
6,947	e*	Medcath Corp		221
198,020	*	Medco Health Solutions, Inc		15,444
4,992	e	National Healthcare Corp		258
65,248	e*	Nektar Therapeutics		619
15,155	e*	Nighthawk Radiology Holdings, Inc		274
25,907	e*	Odyssey HealthCare, Inc		307
85,615	e	Omnicare, Inc		3,087
19,390	e	Option Care, Inc		299
34,263	*	Pediatrix Medical Group, Inc		1,890
73,265	e	Pharmaceutical Product Development, Inc		2,804
38,523	e*	Psychiatric Solutions, Inc		1,397
7,616	e*	Radiation Therapy Services, Inc		201
12,730	e*	RehabCare Group, Inc		181
38,163	*	Sierra Health Services, Inc		1,587
15,881	e*	Skilled Healthcare Group, Inc (Class A)		246
16,786	e*	Stereotaxis, Inc		219
30,632	e*	Sun Healthcare Group, Inc		444
31,480	e*	Sunrise Senior Living, Inc		1,259
15,543	*	Symbion, Inc		337
334,984	e*	Tenet Healthcare Corp		2,181
63,028	*	Triad Hospitals, Inc		3,388
32,048		Universal Health Services, Inc (Class B)		1,971
433,791	*	WellPoint, Inc		34,630
		TOTAL HEALTH SERVICES		157,273

HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.06%
3,709	e*	Comverge, Inc		115
49,821	*	Foster Wheeler Ltd		5,330
25,688	e	Granite Construction, Inc		1,649
17,122	*	Matrix Service Co		425
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		7,519

HOLDING AND OTHER INVESTMENT OFFICES - 2.53%
23,371	e	Acadia Realty Trust		606
21,553	e*	Affiliated Managers Group, Inc		2,775

213

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

			VALUE
SHARES			(000)
30,269	e*	Affordable Residential Communities LP	$	358
5,860	e	Agree Realty Corp		183
39,669	e	Alesco Financial, Inc		323
1,423	e*	Alexander's, Inc		575
21,174	e	Alexandria Real Estate Equities, Inc		2,050
109,067	e	Allied Capital Corp		3,377
70,448	e	AMB Property Corp		3,749
16,528	e	American Campus Communities, Inc		468
101,231	e	American Financial Realty Trust		1,045
35,107	e	American Home Mortgage Investment Corp		645
12,511	e*	Ampal American Israel (Class A)		74
187,331	e	Annaly Mortgage Management, Inc		2,701
40,991	e	Anthracite Capital, Inc		480
38,245		Anworth Mortgage Asset Corp		346
69,146	e	Apartment Investment & Management Co (Class A)		3,486
70,905	e	Apollo Investment Corp		1,526
8,687	e	Arbor Realty Trust, Inc		224
156,662	e	Archstone-Smith Trust		9,260
76,924	e	Ashford Hospitality Trust, Inc		905
10,813	e	Associated Estates Realty Corp		169
56,325		AvalonBay Communities, Inc		6,696
46,986		BioMed Realty Trust, Inc		1,180
72,439		Boston Properties, Inc		7,398
61,655	e	Brandywine Realty Trust		1,762
37,240	e	BRE Properties, Inc (Class A)		2,208
4,999	e	BRT Realty Trust		130
40,240	e	Camden Property Trust		2,695
30,528	e	Capital Lease Funding, Inc		328
2,167	e	Capital Southwest Corp		338
8,296	e	Capital Trust, Inc (Class A)		283
46,296	e	CBL & Associates Properties, Inc		1,669
20,960	e	CBRE Realty Finance, Inc		249
31,340	e	Cedar Shopping Centers, Inc		450
5,581	e	Cherokee, Inc		204
32,771		Colonial Properties Trust		1,195
14,638	e	Compass Diversified Trust		261
28,732	e	Corporate Office Properties Trust		1,178
28,724		Cousins Properties, Inc		833
56,150	e	Crescent Real Estate Equities Co		1,260
17,561	e	Crystal River Capital, Inc		426
123,500	e	DCT Industrial Trust, Inc		1,329
36,580	e	Deerfield Triarc Capital Corp		535
88,008	e	Developers Diversified Realty Corp		4,639
63,663	e	DiamondRock Hospitality Co		1,215
37,521	e	Digital Realty Trust, Inc		1,414
70,934	e	Douglas Emmett, Inc		1,755
99,425		Duke Realty Corp		3,546
15,783	e	EastGroup Properties, Inc		692
18,827	e	Education Realty Trust, Inc		264
16,159	e*	Energy Infrastructure Acquisition Corp		158
19,856	e	Entertainment Properties Trust		1,068
42,886	e	Equity Inns, Inc		961
15,082	e	Equity Lifestyle Properties, Inc		787
26,061	e	Equity One, Inc		666
205,608	e	Equity Residential		9,382
17,086	e	Essex Property Trust, Inc		1,987

214

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

			VALUE
SHARES			(000)
45,371	e	Extra Space Storage, Inc	$	749
39,843	e	Federal Realty Investment Trust		3,078
48,174	e	FelCor Lodging Trust, Inc		1,254
32,972	e	First Industrial Realty Trust, Inc		1,278
16,992	e	First Potomac Realty Trust		396
41,850	e	Franklin Street Properties Corp		692
106,628	e	Friedman Billings Ramsey Group, Inc (Class A)		582
153,090	e	General Growth Properties, Inc		8,106
11,498	e	Getty Realty Corp		302
7,828	e	Gladstone Capital Corp		168
26,916	e	Glimcher Realty Trust		673
27,800	e	GMH Communities Trust		269
12,400	e	Gramercy Capital Corp		341
146,608		Health Care Property Investors, Inc		4,241
54,454		Health Care REIT, Inc		2,198
34,672	e	Healthcare Realty Trust, Inc		963
28,508	e	Hersha Hospitality Trust		337
11,539	e*	HFF, Inc (Class A)		179
41,626	e	Highland Hospitality Corp		799
41,242	e	Highwoods Properties, Inc		1,547
27,131		Home Properties, Inc		1,409
66,278	e	Hospitality Properties Trust		2,750
368,977	e	Host Marriott Corp		8,531
150,177	e	HRPT Properties Trust		1,562
56,391	e	IMPAC Mortgage Holdings, Inc		260
48,741	e	Inland Real Estate Corp		828
33,769	e	Innkeepers U.S.A. Trust		599
32,947		Investors Real Estate Trust		340
292,550	e	iShares Russell 3000 Index Fund		25,461
90,509		iStar Financial, Inc		4,012
36,609	e*	Jamba, Inc		335
18,553	e	JER Investors Trust, Inc		278
24,426	e	Kilroy Realty Corp		1,730
151,738	e	Kimco Realty Corp		5,777
20,224	e	Kite Realty Group Trust		385
29,268	e	LaSalle Hotel Properties		1,271
51,795		Lexington Corporate Properties Trust		1,077
64,945	e	Liberty Property Trust		2,853
17,555		LTC Properties, Inc		399
31,753	e	Luminent Mortgage Capital, Inc		320
50,605	e	Macerich Co		4,171
49,047	e	Mack-Cali Realty Corp		2,133
29,713		Maguire Properties, Inc		1,020
36,111	e	Medical Properties Trust, Inc		478
61,319		MFA Mortgage Investments, Inc		446
20,324		Mid-America Apartment Communities, Inc		1,067
14,218	e	Mission West Properties, Inc		198
17,411		MVC Capital, Inc		328
18,515	e	National Health Investors, Inc		587
44,859		National Retail Properties, Inc		981
62,894		Nationwide Health Properties, Inc		1,711
29,156	e	Newcastle Investment Corp		731
29,330	e*	NexCen Brands, Inc		327
42,485	e	NorthStar Realty Finance Corp		531
28,455	e	Novastar Financial, Inc		199
47,487	e	Omega Healthcare Investors, Inc		752

215

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

			VALUE
SHARES			(000)
11,623	e	Parkway Properties, Inc	$	558
13,973	e	PennantPark Investment Corp		196
23,126		Pennsylvania Real Estate Investment Trust		1,025
124,866		Plum Creek Timber Co, Inc		5,202
32,866	e	Post Properties, Inc		1,713
29,592	e	Potlatch Corp		1,274
179,182	e	Prologis		10,195
14,058		Prospect Capital Corp		246
11,782	e	PS Business Parks, Inc		747
88,541		Public Storage, Inc		6,802
11,317	e*	Quadra Realty Trust, Inc		142
44,670	e	RAIT Investment Trust		1,162
11,548	e	Ramco-Gershenson Properties		415
71,615		Realty Income Corp		1,804
15,584		Redwood Trust, Inc		754
49,074	e	Regency Centers Corp		3,460
17,800	e	Republic Property Trust		218
15,662	e	Resource Capital Corp		219
8,737		Saul Centers, Inc		396
59,087	e	Senior Housing Properties Trust		1,202
155,845	e	Simon Property Group, Inc		14,500
42,555	e	SL Green Realty Corp		5,272
14,582		Sovran Self Storage, Inc		702
65,000	e	SPDR Trust Series 1		9,778
80,767	e	Spirit Finance Corp		1,176
13,165	e*	Star Maritime Acquisition Corp		161
55,726	e	Strategic Hotels & Resorts, Inc		1,253
12,790		Sun Communities, Inc		381
44,687	e	Sunstone Hotel Investors, Inc		1,269
22,030	e	Tanger Factory Outlet Centers, Inc		825
11,598	e*	Tarragon Corp		98
40,122	e	Taubman Centers, Inc		1,990
17,782	e*	TFS Financial Corp		205
85,349		Thornburg Mortgage, Inc		2,234
100,110	e	UDR, Inc		2,633
10,285	e	Universal Health Realty Income Trust		343
19,529	e	Urstadt Biddle Properties, Inc (Class A)		332
33,533	e	U-Store-It Trust		550
94,158		Ventas, Inc		3,413
206,994	e	Virgin Media, Inc		5,044
94,821	e	Vornado Realty Trust		10,415
33,112	e	Washington Real Estate Investment Trust		1,126
55,000	e	Weingarten Realty Investors		2,261
18,615	*	Winston Hotels, Inc		279
36,561		Winthrop Realty Trust		253
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		304,678

HOTELS AND OTHER LODGING PLACES - 0.52%
18,496	e	Ameristar Casinos, Inc		643
15,345	e*	Bluegreen Corp		179
33,369	e	Boyd Gaming Corp		1,641
26,796	e	Choice Hotels International, Inc		1,059
29,868	e*	Gaylord Entertainment Co		1,602
21,853	e*	Great Wolf Resorts, Inc		311
275,395		Hilton Hotels Corp		9,218
9,907	e*	Isle of Capri Casinos, Inc		237

216

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

			VALUE
SHARES			(000)
73,773	e*	Las Vegas Sands Corp	$	5,636
14,595	*	Lodgian, Inc		219
14,891	e	Marcus Corp		354
232,670	e	Marriott International, Inc (Class A)		10,061
83,621	*	MGM Mirage		6,897
8,692	e*	Monarch Casino & Resort, Inc		233
14,393	e*	Morgans Hotel Group Co		351
25,324	e	Orient-Express Hotels Ltd (Class A)		1,352
10,185	e*	Riviera Holdings Corp		370
152,023		Starwood Hotels & Resorts Worldwide, Inc		10,196
31,171	e	Station Casinos, Inc		2,706
19,819	e*	Trump Entertainment Resorts, Inc		249
22,214	e*	Vail Resorts, Inc		1,352
128,944	e*	Wyndham Worldwide Corp		4,676
36,029	e	Wynn Resorts Ltd		3,232
		TOTAL HOTELS AND OTHER LODGING PLACES		62,774

INDUSTRIAL MACHINERY AND EQUIPMENT - 6.85%
5,902	e	Aaon, Inc		188
19,907	e	Actuant Corp (Class A)		1,255
64,792	*	AGCO Corp		2,813
18,980	e	Albany International Corp (Class A)		768
17,732	e*	Allis-Chalmers Energy, Inc		408
7,249	*	Altra Holdings, Inc		125
127,623		American Standard Cos, Inc		7,527
5,232	e	Ampco-Pittsburgh Corp		210
977,204	e	Applied Materials, Inc		19,417
13,287	e*	Astec Industries, Inc		561
14,997	e*	ASV, Inc		259
39,136	e*	Asyst Technologies, Inc		283
73,014	e*	Axcelis Technologies, Inc		474
46,678	e	Black & Decker Corp		4,122
11,587	e	Black Box Corp		479
27,159	e*	Blount International, Inc		355
34,939	e	Briggs & Stratton Corp		1,103
283,655	*	Brocade Communications Systems, Inc		2,218
52,087	e*	Brooks Automation, Inc		945
25,013	e	Bucyrus International, Inc (Class A)		1,770
43,791	e	Carlisle Cos, Inc		2,037
8,415	e	Cascade Corp		660
452,725	e	Caterpillar, Inc		35,448
41,328	e	CDW Corp		3,512
62,093	e*	Cirrus Logic, Inc		515
12,813	e*	Columbus McKinnon Corp		413
22,453	e*	Cray, Inc		171
73,659		Cummins, Inc		7,455
31,330	e	Curtiss-Wright Corp		1,460
25,436	e*	Cymer, Inc		1,023
160,416	e	Deere & Co		19,369
1,605,885	*	Dell, Inc		45,848
51,236	e	Diebold, Inc		2,675
54,806	e	Donaldson Co, Inc		1,948
144,465	e	Dover Corp		7,389
60,631	e*	Dresser-Rand Group, Inc		2,395
19,841	e*	Dril-Quip, Inc		892
39,428	e*	Electronics for Imaging, Inc		1,113

217

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

			VALUE
SHARES			(000)
1,483,261	*	EMC Corp	$	26,847
60,542	e*	Emulex Corp		1,322
10,817	*	ENGlobal Corp		131
15,889	e*	EnPro Industries, Inc		680
97,823	e*	Entegris, Inc		1,162
89,895	e*	Extreme Networks, Inc		364
6,494	e*	Flotek Industries, Inc		389
26,655	e*	Flow International Corp		336
40,195		Flowserve Corp		2,878
46,911	*	FMC Technologies, Inc		3,716
12,288	e*	Fuel Tech, Inc		421
37,362	*	Gardner Denver, Inc		1,590
202,596	e*	Gateway, Inc		322
10,307	e*	Gehl Co		313
7,272,957		General Electric Co		278,409
26,440	e*	Goodman Global, Inc		587
7,678	e	Gorman-Rupp Co		245
46,962	e	Graco, Inc		1,892
90,683	e*	Grant Prideco, Inc		4,881
7,778	e	Hardinge, Inc		265
1,892,096	e	Hewlett-Packard Co		84,425
3,857	e*	Hurco Cos, Inc		193
56,272		IDEX Corp		2,169
18,659	e*	Immersion Corp		279
195,426		Ingersoll-Rand Co Ltd (Class A)		10,713
39,372	e*	Intermec, Inc		996
1,049,696		International Business Machines Corp		110,480
235,140		International Game Technology		9,335
14,156	e*	Intevac, Inc		301
5,817	e*	Isilon Systems, Inc		90
129,647	e	Jabil Circuit, Inc		2,861
76,748	e	Joy Global, Inc		4,477
9,545	e*	Kadant, Inc		298
21,080	e	Kaydon Corp		1,099
28,193		Kennametal, Inc		2,313
22,645	e*	Komag, Inc		722
40,500	*	Kulicke & Soffa Industries, Inc		424
95,530	*	Lam Research Corp		4,910
41,084	e	Lennox International, Inc		1,406
66,966	*	Lexmark International, Inc (Class A)		3,302
7,700	e	Lindsay Manufacturing Co		341
10,534	e	Lufkin Industries, Inc		680
43,929	e	Manitowoc Co, Inc		3,531
26,959	e*	Micros Systems, Inc		1,467
9,480	e*	Middleby Corp		567
24,902		Modine Manufacturing Co		563
3,910	e	Nacco Industries, Inc (Class A)		608
12,415	e*	NATCO Group, Inc (Class A)		572
24,403	e*	Netgear, Inc		885
23,832	e	Nordson Corp		1,195
34,849	e*	Oil States International, Inc		1,441
86,870		Pall Corp		3,995
72,885	e	Palm, Inc		1,167
134,455	e*	Quantum Corp		426
25,143	e*	Rackable Systems, Inc		311
14,719	e*	RBC Bearings, Inc		607

218

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

			VALUE
SHARES			(000)
7,282	e*	Rimage Corp	$	230
13,878	e*	Riverbed Technology, Inc		608
9,992		Robbins & Myers, Inc		531
111,505		Rockwell Automation, Inc		7,743
85,950	e*	Safeguard Scientifics, Inc		241
161,340	*	SanDisk Corp		7,896
6,258	e	Sauer-Danfoss, Inc		186
19,852	e*	Scansource, Inc		635
45,874	e*	Scientific Games Corp (Class A)		1,603
384,205		Seagate Technology, Inc		8,364
86,617	m,v*	Seagate Technology, Inc		-	^
15,689	e*	Semitool, Inc		151
16,564	e*	Sigma Designs, Inc		432
631,764	e*	Solectron Corp		2,325
44,258	e*	SourceForge, Inc		187
40,255		SPX Corp		3,535
8,469		Standex International Corp		241
22,478	e*	STEC, Inc		145
6,704	e*	Super Micro Computer, Inc		67
3,935	*	T-3 Energy Services, Inc		132
10,545	e*	Tecumseh Products Co (Class A)		166
11,200	e	Tennant Co		409
72,830	*	Terex Corp		5,921
62,888		Timken Co		2,271
28,407	e	Toro Co		1,673
14,313	*	TurboChef Technologies, Inc		199
3,252	e	Twin Disc, Inc		234
18,851	e*	Ultratech, Inc		251
92,020	e*	Varian Medical Systems, Inc		3,912
43,796	e*	VeriFone Holdings, Inc		1,544
16,186	e	Watsco, Inc		880
156,881	e*	Western Digital Corp		3,036
20,169	e	Woodward Governor Co		1,082
48,810	e*	Zebra Technologies Corp (Class A)		1,891
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		824,223

INSTRUMENTS AND RELATED PRODUCTS - 4.22%
15,924	e*	Abaxis, Inc		332
16,958	e*	Abiomed, Inc		183
11,700	*	Accuray, Inc		260
42,253	e*	Advanced Medical Optics, Inc		1,474
48,446	e*	Affymetrix, Inc		1,206
285,439	*	Agilent Technologies, Inc		10,972
42,246	e*	Align Technology, Inc		1,021
219,578	e	Allergan, Inc		12,656
51,214	e*	American Medical Systems Holdings, Inc		924
6,336	e*	American Science & Engineering, Inc		360
11,392		Analogic Corp		837
14,600	e*	Anaren, Inc		257
15,144	e*	Angiodynamics, Inc		273
130,885		Applera Corp (Applied Biosystems Group)		3,997
7,835	e*	Argon ST, Inc		182
21,305	*	Armor Holdings, Inc		1,851
17,738	e	Arrow International, Inc		679
18,626	e*	Arthrocare Corp		818
11,116	e*	Aspect Medical Systems, Inc		166

219

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

			VALUE
SHARES			(000)
9,964	e	Badger Meter, Inc	$	282
76,073	e	Bard (C.R.), Inc		6,286
38,459	e	Bausch & Lomb, Inc		2,671
460,594		Baxter International, Inc		25,950
44,153		Beckman Coulter, Inc		2,856
177,274	e	Becton Dickinson & Co		13,207
176,848	e	Biomet, Inc		8,085
12,755	e*	Bio-Rad Laboratories, Inc (Class A)		964
11,400	*	Biosite, Inc		1,054
911,444	*	Boston Scientific Corp		13,982
46,048	e*	Bruker BioSciences Corp		415
8,219	e*	Cantel Medical Corp		140
39,114	e*	Cepheid, Inc		571
21,088	e*	Coherent, Inc		643
15,857	e	Cohu, Inc		353
22,053	e*	Conmed Corp		646
31,515	e	Cooper Cos, Inc		1,680
70,483	e*	Credence Systems Corp		254
9,576	e*	Cutera, Inc		239
14,634	e*	Cyberonics, Inc		246
5,493	*	Cynosure, Inc (Class A)		200
174,221	e	Danaher Corp		13,154
9,120		Datascope Corp		349
113,641		Dentsply International, Inc		4,348
15,633	e*	Dionex Corp		1,110
17,084	e*	DJ Orthopedics, Inc		705
28,799	e	DRS Technologies, Inc		1,649
8,652	e*	Eagle Test Systems, Inc		139
203,504	e	Eastman Kodak Co		5,664
13,856	e	EDO Corp		455
562,162		Emerson Electric Co		26,309
19,238	e*	ESCO Technologies, Inc		698
18,700	e*	Esterline Technologies Corp		903
11,693	e*	ev3, Inc		197
7,765	*	Excel Technology, Inc		217
10,521	e*	FARO Technologies, Inc		335
24,915	e*	FEI Co		809
46,951	e*	Flir Systems, Inc		2,171
34,873	e*	Formfactor, Inc		1,336
30,712	e*	Fossil, Inc		906
13,416	e*	Foxhollow Technologies, Inc		285
19,314	e*	Haemonetics Corp		1,016
38,347	e*	Hologic, Inc		2,121
9,395	e*	ICU Medical, Inc		403
13,461	e*	I-Flow Corp		225
16,744	e*	II-VI, Inc		455
38,965	e*	Illumina, Inc		1,582
52,711	e*	Input/Output, Inc		823
5,270	e*	Insulet Corp		75
14,613	e*	Integra LifeSciences Holdings Corp		722
26,669	e*	Intuitive Surgical, Inc		3,701
22,994	e	Invacare Corp		421
17,103	e*	Ionatron, Inc		67
21,241	e*	Itron, Inc		1,656
30,992	e*	Ixia		287
2,047,663		Johnson & Johnson		126,177

220

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

			VALUE
SHARES			(000)
8,260	e*	Kensey Nash Corp	$	221
135,487	e	Kla-Tencor Corp		7,445
33,909	e*	Kyphon, Inc		1,633
41,961	e*	L-1 Identity Solutions, Inc		858
49,063	e*	LTX Corp		273
9,778	e*	Measurement Specialties, Inc		232
9,627	e*	Medical Action Industries, Inc		174
812,369	e	Medtronic, Inc		42,129
27,576	e	Mentor Corp		1,122
18,330	*	Merit Medical Systems, Inc		219
26,843	*	Mettler-Toledo International, Inc		2,564
10,806	e*	Micrus Endovascular Corp		266
38,216	e*	Millipore Corp		2,870
22,060	e	Mine Safety Appliances Co		965
35,548	e*	MKS Instruments, Inc		985
12,667	e	Movado Group, Inc		427
13,932	e	MTS Systems Corp		622
39,105	e	National Instruments Corp		1,274
13,063	e*	Natus Medical, Inc		208
27,910	e*	Newport Corp		432
13,692	e*	Northstar Neuroscience, Inc		159
23,547	e*	NuVasive, Inc		636
14,324	e*	NxStage Medical, Inc		185
16,400	e	Oakley, Inc		466
11,676	e*	Orthofix International NV		525
2,713	e*	OYO Geospace Corp		201
12,302	e*	Palomar Medical Technologies, Inc		427
85,092	e	PerkinElmer, Inc		2,217
163,250	e	Pitney Bowes, Inc		7,643
17,140	e	PolyMedica Corp		700
56,088	e*	Resmed, Inc		2,314
51,817	*	Respironics, Inc		2,207
118,375		Rockwell Collins, Inc		8,362
10,882	e*	Rofin-Sinar Technologies, Inc		751
62,447	e	Roper Industries, Inc		3,566
20,900	e*	Rudolph Technologies, Inc		347
37,475	e*	Sirf Technology Holdings, Inc		777
11,900	e*	Sirona Dental Systems, Inc		450
18,952	e*	Sonic Innovations, Inc		166
16,954	e*	Sonic Solutions, Inc		214
11,650	e*	SonoSite, Inc		366
21,581	e*	Spectranetics Corp		249
239,147	*	St. Jude Medical, Inc		9,922
49,670	e	STERIS Corp		1,520
219,488	e	Stryker Corp		13,847
24,549	e*	Symmetry Medical, Inc		393
27,552	*	Techne Corp		1,576
55,765		Tektronix, Inc		1,882
25,935	e*	Teledyne Technologies, Inc		1,192
134,076	e*	Teradyne, Inc		2,357
298,225	e*	Thermo Electron Corp		15,424
37,720	e*	Thoratec Corp		694
84,208	e*	Trimble Navigation Ltd		2,711
7,539	e	United Industrial Corp		452
23,832	e*	Varian, Inc		1,307
20,673	e*	Veeco Instruments, Inc		429

221

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

			VALUE
SHARES			(000)
21,331	e*	Ventana Medical Systems, Inc	$	1,648
11,927	e*	Vital Images, Inc		324
7,691		Vital Signs, Inc		427
40,285	e*	Vivus, Inc		211
16,979	e*	Volcano Corp		343
71,444	*	Waters Corp		4,241
24,247	e*	Wright Medical Group, Inc		585
662,689	*	Xerox Corp		12,246
20,207	e*	X-Rite, Inc		298
169,570	*	Zimmer Holdings, Inc		14,395
11,924	e*	Zoll Medical Corp		266
12,959	*	Zygo Corp		185
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		507,364

INSURANCE AGENTS, BROKERS AND SERVICE - 0.45%
207,580	e	AON Corp		8,845
83,749	e	Brown & Brown, Inc		2,105
14,025	e	Crawford & Co (Class B)		95
71,396	e	Gallagher (Arthur J.) & Co		1,990
223,875		Hartford Financial Services Group, Inc		22,054
27,850	e	Hilb Rogal & Hobbs Co		1,194
6,308	e	James River Group, Inc		210
392,806	e	Marsh & McLennan Cos, Inc		12,130
28,892	e	National Financial Partners Corp		1,338
4,573	e*	United America Indemnity Ltd (Class A)		114
6,431		White Mountains Insurance Group Ltd		3,897
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		53,972

INSURANCE CARRIERS - 4.82%
21,838	e	21st Century Insurance Group		477
5,584	e*	ACA Capital Holdings, Inc		66
232,287	e	ACE Ltd		14,523
362,226		Aetna, Inc		17,894
345,729	e	Aflac, Inc		17,770
21,901	e	Alfa Corp		341
3,604	e*	Alleghany Corp		1,465
42,741	e	Allied World Assurance Holdings Ltd		2,190
429,404	e	Allstate Corp		26,413
72,280		Ambac Financial Group, Inc		6,302
39,900	e	American Equity Investment Life Holding Co		482
63,573		American Financial Group, Inc		2,171
1,584,501		American International Group, Inc		110,963
11,112		American National Insurance Co		1,696
8,194	e*	American Physicians Capital, Inc		332
37,965	e*	AMERIGROUP Corp		903
13,065	*	Amerisafe, Inc		256
17,807	e	Amtrust Financial Services, Inc		335
35,944	e*	Arch Capital Group Ltd		2,607
22,573	e	Argonaut Group, Inc		704
58,959	e	Aspen Insurance Holdings Ltd		1,655
85,596	e	Assurant, Inc		5,043
47,954	e	Assured Guaranty Ltd		1,417
106,129	e	Axis Capital Holdings Ltd		4,314
4,897	e	Baldwin & Lyons, Inc (Class B)		127
11,795	e	Bristol West Holdings, Inc		264
5,529	e	Castlepoint Holdings Ltd		81

222

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

			VALUE
SHARES			(000)
31,767	*	Centene Corp	$	680
283,832		Chubb Corp		15,367
121,325		Cincinnati Financial Corp		5,265
24,979	*	Citizens, Inc		176
19,762	e	CNA Financial Corp		942
10,118	e*	CNA Surety Corp		191
39,862	e	Commerce Group, Inc		1,384
108,499	e*	Conseco, Inc		2,266
5,246	e*	Darwin Professional Underwriters, Inc		132
30,740	e	Delphi Financial Group, Inc (Class A)		1,285
9,364	e	Donegal Group, Inc (Class A)		139
4,503	e	EMC Insurance Group, Inc		112
41,600	e	Employers Holdings, Inc		884
39,380	e	Endurance Specialty Holdings Ltd		1,577
4,920	e*	Enstar Group Ltd		594
38,103		Erie Indemnity Co (Class A)		2,059
43,104	e	Everest Re Group Ltd		4,683
10,036		FBL Financial Group, Inc (Class A)		395
157,242	e	Fidelity National Title Group, Inc (Class A)		3,727
13,254	e*	First Acceptance Corp		135
68,320	e	First American Corp		3,382
8,814	*	First Mercury Financial Corp		185
10,047	e*	Flagstone Reinsurance Holdings Ltd		134
6,887	e*	Fpic Insurance Group, Inc		281
307,546		Genworth Financial, Inc (Class A)		10,580
6,247		Great American Financial Resources, Inc		151
6,240	*	Greenlight Capital Re Ltd (Class A)		141
38,385		Hanover Insurance Group, Inc		1,873
12,827	e	Harleysville Group, Inc		428
81,739	e	HCC Insurance Holdings, Inc		2,731
79,283	e*	Health Net, Inc		4,186
21,690	e*	HealthExtras, Inc		642
33,695	*	Healthspring, Inc		642
33,145	e	Horace Mann Educators Corp		704
118,769	e*	Humana, Inc		7,234
3,952	e	Independence Holding Co		81
16,217		Infinity Property & Casualty Corp		823
45,138	e	IPC Holdings Ltd		1,458
2,078		Kansas City Life Insurance Co		97
12,081	e	LandAmerica Financial Group, Inc		1,166
115,888	e	Leucadia National Corp		4,085
191,478		Lincoln National Corp		13,585
319,458	e	Loews Corp		16,286
7,360	*	Markel Corp		3,566
42,796	e	Max Re Capital Ltd		1,211
92,558	e	MBIA, Inc		5,759
18,349	e*	Meadowbrook Insurance Group, Inc		201
19,709		Mercury General Corp		1,086
333,375		Metlife, Inc		21,496
59,078	e	MGIC Investment Corp		3,359
8,179	e	Midland Co		384
8,801	e*	Molina Healthcare, Inc		269
79,211	e	Montpelier Re Holdings Ltd		1,469
11,286	e	National Interstate Corp		294
1,551	e	National Western Life Insurance Co (Class A)		392
36,646	e	Nationwide Financial Services, Inc (Class A)		2,317

223

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

			VALUE
SHARES			(000)
9,235	*	Navigators Group, Inc	$	498
4,145	e	NYMAGIC, Inc		167
20,098	e	Odyssey Re Holdings Corp		862
42,365		Ohio Casualty Corp		1,835
168,730		Old Republic International Corp		3,587
20,220		OneBeacon Insurance Group Ltd		512
37,106		PartnerRe Ltd		2,876
38,987	*	Philadelphia Consolidated Holding Co		1,630
79,793		Phoenix Cos, Inc		1,198
42,287		Platinum Underwriters Holdings Ltd		1,469
22,267	e*	PMA Capital Corp (Class A)		238
61,333	e	PMI Group, Inc		2,740
13,808		Presidential Life Corp		271
32,274	e*	Primus Guaranty Ltd		346
189,245		Principal Financial Group		11,031
24,172	e*	ProAssurance Corp		1,346
541,104	e	Progressive Corp		12,949
49,619		Protective Life Corp		2,372
327,418		Prudential Financial, Inc		31,835
41,920	e*	PXRE Group Ltd		194
56,697		Radian Group, Inc		3,062
12,774	*	RAM Holdings Ltd		201
21,524	e	Reinsurance Group Of America, Inc		1,297
49,901	e	RenaissanceRe Holdings Ltd		3,093
16,861	e	RLI Corp		943
74,162	e	Safeco Corp		4,617
10,157	e	Safety Insurance Group, Inc		420
47,210	e	Scottish Re Group Ltd		231
14,868	*	SeaBright Insurance Holdings, Inc		260
16,972	e	Security Capital Assurance Ltd		524
40,400	e	Selective Insurance Group, Inc		1,086
37,695		Stancorp Financial Group, Inc		1,978
9,480	e	State Auto Financial Corp		291
12,744	e	Stewart Information Services Corp		508
67,478	e	Torchmark Corp		4,521
14,216	e	Tower Group, Inc		453
19,325		Transatlantic Holdings, Inc		1,375
481,007		Travelers Cos, Inc/The		25,734
8,107	e*	Triad Guaranty, Inc		324
14,738	e	United Fire & Casualty Co		521
947,362		UnitedHealth Group, Inc		48,448
34,889	e	Unitrin, Inc		1,716
27,267	e*	Universal American Financial Corp		580
242,307	e	UnumProvident Corp		6,327
120,400		W.R. Berkley Corp		3,918
26,375	e*	WellCare Health Plans, Inc		2,387
921		Wesco Financial Corp		355
122,894	e	XL Capital Ltd (Class A)		10,359
26,173	e	Zenith National Insurance Corp		1,232
		TOTAL INSURANCE CARRIERS		580,179

JUSTICE, PUBLIC ORDER AND SAFETY - 0.03%
43,918	e*	Corrections Corp of America		2,772
33,722	e*	Geo Group, Inc		981
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		3,753

224

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				VALUE
SHARES				(000)
LEATHER AND LEATHER PRODUCTS - 0.16%
262,409	*	Coach, Inc	$	12,435
53,094	e*	CROCS, Inc		2,285
15,990	e*	Genesco, Inc		836
35,899	e*	Iconix Brand Group, Inc		798
16,270		Steven Madden Ltd		533
33,262	*	Timberland Co (Class A)		838
3,210	e	Weyco Group, Inc		86
39,829	e	Wolverine World Wide, Inc		1,104
		TOTAL LEATHER AND LEATHER PRODUCTS		18,915

LEGAL SERVICES - 0.01%
32,832	e*	FTI Consulting, Inc		1,249
7,324	*	Pre-Paid Legal Services, Inc		471
		TOTAL LEGAL SERVICES		1,720

LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.02%
6,514	e*	Emergency Medical Services Corp (Class A)		255
58,755		Laidlaw International, Inc		2,030
		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		2,285

LUMBER AND WOOD PRODUCTS - 0.03%
8,518	e	American Woodmark Corp		295
54,030	e*	Champion Enterprises, Inc		531
7,514	e	Deltic Timber Corp		412
75,407	e	Louisiana-Pacific Corp		1,427
4,307	e	Skyline Corp		129
11,966	e	Universal Forest Products, Inc		505
		TOTAL LUMBER AND WOOD PRODUCTS		3,299

METAL MINING - 0.39%
38,747	*	Apex Silver Mines Ltd		782
29,071	e	Cleveland-Cliffs, Inc		2,258
195,661	e*	Coeur d'Alene Mines Corp		702
35,179	e	Foundation Coal Holdings, Inc		1,430
270,808		Freeport-McMoRan Copper & Gold, Inc (Class B)		22,428
97,963	e*	Hecla Mining Co		837
33,604	e*	Idaho General Mines, Inc		213
300,786		Newmont Mining Corp		11,749
35,943	e*	Rosetta Resources, Inc		774
15,917	e	Royal Gold, Inc		378
19,857	*	ShengdaTech, Inc		106
51,548	e	Southern Copper Corp		4,859
30,773	e*	Stillwater Mining Co		339
36,838	*	Uranium Resources, Inc		406
33,336	*	US Gold Corp		183
		TOTAL METAL MINING		47,444

MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.59%
5,519	*	Armstrong World Industries, Inc		277
19,692	e	Blyth, Inc		523
51,179	e	Callaway Golf Co		911
22,322	e	Daktronics, Inc		479
108,399	e	Fortune Brands, Inc		8,929
112,677		Hasbro, Inc		3,539
19,429	e*	Jakks Pacific, Inc		547

225

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

			VALUE
SHARES			(000)
33,584	e*	K2, Inc	$	510
8,407	e	Marine Products Corp		69
278,121	e	Mattel, Inc		7,034
26,637	e	Nautilus, Inc		321
14,785	e*	RC2 Corp		591
11,572	e*	Russ Berrie & Co, Inc		216
25,055	e*	Shuffle Master, Inc		416
4,356	e	Steinway Musical Instruments, Inc		151
1,378,602	*	Tyco International Ltd		46,583
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		71,096

MISCELLANEOUS RETAIL - 1.34%
14,742	e*	1-800-FLOWERS.COM, Inc (Class A)		139
11,957	e*	AC Moore Arts & Crafts, Inc		235
215,236	e*	Amazon.com, Inc		14,724
36,298	e	Barnes & Noble, Inc		1,396
279,835	e	Best Buy Co, Inc		13,060
15,894	e	Big 5 Sporting Goods Corp		405
10,266	e*	Blue Nile, Inc		620
10,157	e	Books-A-Million, Inc		172
41,091	e	Borders Group, Inc		783
10,668	e*	Build-A-Bear Workshop, Inc		279
20,960	e	Cash America International, Inc		831
36,440	e*	CKX, Inc		504
46,768	e*	Coldwater Creek, Inc		1,086
1,102,264		CVS Corp		40,178
27,853	e*	Dick's Sporting Goods, Inc		1,620
68,940	*	Dollar Tree Stores, Inc		3,002
25,590	e*	Ezcorp, Inc (Class A)		339
16,458	e*	GSI Commerce, Inc		374
24,778	e*	Hibbett Sports, Inc		678
23,197	e	Longs Drug Stores Corp		1,218
26,978		MSC Industrial Direct Co (Class A)		1,484
24,699	e*	Nutri/System, Inc		1,725
194,377	*	Office Depot, Inc		5,890
53,228	e	OfficeMax, Inc		2,092
11,517	e*	Overstock.com, Inc		210
6,868	*	PC Connection, Inc		91
95,994		Petsmart, Inc		3,115
25,864	*	Priceline.com, Inc		1,778
9,367	e	Pricesmart, Inc		232
329,368	e*	Rite Aid Corp		2,101
57,078	e*	Sears Holdings Corp		9,675
10,339	*	Shutterfly, Inc		223
12,380	e*	Stamps.com, Inc		171
505,558		Staples, Inc		11,997
9,938	e	Systemax, Inc		207
96,385		Tiffany & Co		5,114
18,910	e*	Valuevision International, Inc (Class A)		214
705,008		Walgreen Co		30,696
20,188	e	World Fuel Services Corp		849
35,110	e*	Zale Corp		836
12,255	e*	Zumiez, Inc		463
		TOTAL MISCELLANEOUS RETAIL		160,806

226

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
			VALUE
SHARES			(000)

MOTION PICTURES - 1.15%
32,976	e*	Avid Technology, Inc .	$	1,166
143,498	e*	Blockbuster, Inc (Class A)		618
8,585	e	Carmike Cinemas, Inc		189
454,013		CBS Corp (Class B)		15,128
198,527	e*	Discovery Holding Co (Class A)		4,564
46,691	e*	DreamWorks Animation SKG, Inc (Class A)		1,347
11,202	e*	Gaiam, Inc (Class A)		204
36,572	e*	Macrovision Corp		1,099
30,800	e*	National CineMedia, Inc		863
1,638,220		News Corp (Class A)		34,747
48,987	e	Regal Entertainment Group (Class A)		1,074
102,526	e*	Time Warner Telecom, Inc (Class A)		2,061
2,676,875		Time Warner, Inc		56,321
439,353	*	Viacom, Inc (Class B)		18,290
		TOTAL MOTION PICTURES		137,671

MUSEUMS, BOTANICAL, ZOOLOGICAL GARDENS - 0.00%**
20,726	e*	Premier Exhibitions, Inc		327
		TOTAL MUSEUMS, BOTANICAL, ZOOLOGICAL GARDENS		327

NONDEPOSITORY INSTITUTIONS - 1.79%
14,426	e*	Accredited Home Lenders Holding Co		197
46,200	e	Advance America Cash Advance Centers, Inc		820
26,047	e	Advanta Corp (Class B)		811
113,512	e	American Capital Strategies Ltd		4,827
732,095		American Express Co		44,790
84,134	e*	AmeriCredit Corp		2,234
44,379	e	Ares Capital Corp		748
9,451	e	Asta Funding, Inc		363
98,705	e	Broadridge Financial Solutions, Inc		1,887
293,791		Capital One Financial Corp		23,045
72,835	e	CapitalSource, Inc		1,791
36,971	e	Centerline Holding Co		666
135,589		CIT Group, Inc		7,434
16,600	e*	CompuCredit Corp		581
419,589		Countrywide Financial Corp		15,252
6,736	e*	Credit Acceptance Corp		181
11,708		Delta Financial Corp		144
11,162	e*	Encore Capital Group, Inc		139
687,844		Fannie Mae		44,937
7,676	e	Federal Agricultural Mortgage Corp (Class C)		263
20,830	e	Financial Federal Corp		621
18,408	e*	First Cash Financial Services, Inc		431
43,239	e	First Marblehead Corp		1,671
467,651		Freddie Mac		28,386
37,598	e*	Freedom Acquisition Holding, Inc		414
16,475	e	Hercules Technology Growth Capital, Inc		223
22,394	e*	Information Services Group, Inc		171
47,885	e*	INVESTools, Inc		477
7,295		Kohlberg Capital Corp		135
26,632	e*	Marathon Acquisition Corp		210
44,000	e	MCG Capital Corp		705
13,901	e	Nelnet, Inc (Class A)		340
9,384	e*	NewStar Financial, Inc		134
12,077	e	NGP Capital Resources Co		202
17,991	e*	NTR Acquisition Co		170

227

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

			VALUE
SHARES			(000)
25,500	e*	Ocwen Financial Corp	$	340
12,881	e	Patriot Capital Funding, Inc		191
37,904	e*	PHH Corp		1,183
292,910		SLM Corp		16,866
2,846		Student Loan Corp		580
13,834	e	Technology Investment Capital Corp		218
88,123		Textron, Inc		9,703
12,929	e*	World Acceptance Corp		552
		TOTAL NONDEPOSITORY INSTITUTIONS		215,033

NONMETALLIC MINERALS, EXCEPT FUELS - 0.10%
18,209	e	AMCOL International Corp		497
22,877	e	Compass Minerals International, Inc		793
34,034	e	Florida Rock Industries, Inc		2,297
68,585	e	Vulcan Materials Co		7,856
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		11,443

OIL AND GAS EXTRACTION - 3.03%
328,030		Anadarko Petroleum Corp		17,054
1,645	e	APCO Argentina, Inc		140
10,065	e*	Arena Resources, Inc		585
17,079	e	Atlas America, Inc		918
15,008	e*	ATP Oil & Gas Corp		730
19,787	e*	Atwood Oceanics, Inc		1,358
227,441		Baker Hughes, Inc		19,135
28,976	e*	Basic Energy Services, Inc		741
27,860	e	Berry Petroleum Co (Class A)		1,050
21,932	e*	Bill Barrett Corp		808
207,173		BJ Services Co		5,892
11,997	e*	Bois d'Arc Energy, Inc		204
32,124	e*	Brigham Exploration Co		189
18,177	e*	Bronco Drilling Co, Inc		298
15,941	e*	Cal Dive International, Inc		265
14,536	e*	Callon Petroleum Co		206
77,828	e*	Cameron International Corp		5,562
14,847	e*	Carrizo Oil & Gas, Inc		616
35,790	e*	Cheniere Energy, Inc		1,388
315,853	e	Chesapeake Energy Corp		10,929
58,913	e	Cimarex Energy Co		2,322
3,369	e*	Clayton Williams Energy, Inc		89
19,768	e*	CNX Gas Corp		605
20,848	e*	Complete Production Services, Inc		539
31,390	e*	Comstock Resources, Inc		941
9,375	e*	Contango Oil & Gas Co		340
20,774	*	Continental Resources, Inc		332
5,228	e*	Dawson Geophysical Co		321
46,498	e*	Delta Petroleum Corp		934
85,574	e*	Denbury Resources, Inc		3,209
47,480	e	Diamond Offshore Drilling, Inc		4,822
20,797	e*	Edge Petroleum Corp		291
37,611	e*	Encore Acquisition Co		1,046
29,060	e*	Energy Partners Ltd		485
105,312	e	ENSCO International, Inc		6,425
84,592	e	Equitable Resources, Inc		4,192
43,665	e*	EXCO Resources, Inc		762
39,170	e*	Forest Oil Corp		1,655

228

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

			VALUE
SHARES			(000)
24,931	e*	FX Energy, Inc	$	228
21,487	e*	GeoGlobal Resources, Inc		109
4,904	*	Geokinetics, Inc		152
12,517	*	Geomet, Inc		96
66,121	*	Global Industries Ltd		1,773
156,007	e	GlobalSantaFe Corp		11,272
8,027	e*	GMX Resources, Inc		278
12,475	e*	Goodrich Petroleum Corp		432
140,077	e*	Grey Wolf, Inc		1,154
13,872	e*	Gulfport Energy Corp		277
646,147		Halliburton Co		22,292
65,661	e*	Hanover Compressor Co		1,566
29,621	e*	Harvest Natural Resources, Inc		353
65,623	e*	Helix Energy Solutions Group, Inc		2,619
73,077	e	Helmerich & Payne, Inc		2,588
18,818	e*	Hercules Offshore, Inc		609
23,167	e*	Horizon Offshore, Inc		445
6,902		Kayne Anderson Energy Development Co		174
51,788	e*	Mariner Energy, Inc		1,256
15,667	e*	McMoRan Exploration Co		219
76,660	e*	Meridian Resource Corp		232
193,720	e*	Nabors Industries Ltd		6,466
125,576	*	National Oilwell Varco, Inc		13,090
64,229	e*	Newpark Resources, Inc		498
93,005	e	Noble Corp		9,070
38,589	e*	Oceaneering International, Inc		2,031
74,608	e*	Oilsands Quest, Inc		184
27,407	e*	Parallel Petroleum Corp		600
80,330	e*	Parker Drilling Co		847
110,882	e	Patterson-UTI Energy, Inc		2,906
28,438	e	Penn Virginia Corp		1,143
3,037	m,v*	PetroCorp		-	^
119,714	e*	PetroHawk Energy Corp		1,899
12,730	e*	Petroleum Development Corp		604
28,296	e*	Petroquest Energy, Inc		411
35,470	e*	Pioneer Drilling Co		529
87,353	e	Pioneer Natural Resources Co		4,255
56,228	e*	Plains Exploration & Production Co		2,688
43,294	e	Pogo Producing Co		2,199
114,266	e*	Pride International, Inc		4,280
45,384	e*	Quicksilver Resources, Inc		2,023
99,918	e	Range Resources Corp		3,738
77,603		Rowan Cos, Inc		3,180
23,456	e	RPC, Inc		400
829,485		Schlumberger Ltd		70,457
17,655	e*	SEACOR Holdings, Inc		1,648
141,629	e	Smith International, Inc		8,305
120,039	e*	Southwestern Energy Co		5,342
47,011	e	St. Mary Land & Exploration Co		1,722
19,310	*	Stone Energy Corp		662
23,906	e*	Sulphco, Inc		86
57,007	e*	Superior Energy Services		2,276
7,105	*	Superior Offshore International, Inc		129
11,230	e*	Superior Well Services, Inc		285
21,103	e*	Swift Energy Co		902
54,419	e*	Tetra Technologies, Inc		1,535

229

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

			VALUE
SHARES			(000)
39,844	e	Tidewater, Inc	$	2,824
40,853	*	Todco		1,929
11,158	e*	Toreador Resources Corp		167
203,653	*	Transocean, Inc		21,583
8,324	e*	Trico Marine Services, Inc		340
20,290	e*	TXCO Resources, Inc		209
7,100	*	Union Drilling, Inc		117
35,116	e*	Unit Corp		2,209
40,557	e*	Vaalco Energy, Inc		196
9,100	e*	Venoco, Inc		170
19,562	e	W&T Offshore, Inc		548
37,871	e*	Warren Resources, Inc		442
238,229	e*	Weatherford International Ltd		13,160
22,401	e*	W-H Energy Services, Inc		1,387
28,820	e*	Whiting Petroleum Corp		1,168
18,431	e*	Willbros Group, Inc		547
260,486	e	XTO Energy, Inc		15,655
		TOTAL OIL AND GAS EXTRACTION		364,543

PAPER AND ALLIED PRODUCTS - 0.52%
74,376	e	Bemis Co		2,468
39,858	e	Bowater, Inc		994
26,323	*	Buckeye Technologies, Inc		407
38,005	e*	Cenveo, Inc		881
12,643	e*	Chesapeake Corp		159
311,381	*	Domtar Corporation		3,475
30,362	e	Glatfelter		413
55,065	e*	Graphic Packaging Corp		267
23,449		Greif, Inc (Class A)		1,398
307,898	e	International Paper Co		12,023
322,502		Kimberly-Clark Corp		21,572
129,492		MeadWestvaco Corp		4,574
20,151	e*	Mercer International, Inc		206
10,278	e	Neenah Paper, Inc		424
62,088	e	Packaging Corp of America		1,571
39,917	*	Playtex Products, Inc		591
25,737	e	Rock-Tenn Co (Class A)		816
9,960		Schweitzer-Mauduit International, Inc		309
180,480	e*	Smurfit-Stone Container Corp		2,402
71,238	e	Sonoco Products Co		3,050
74,852		Temple-Inland, Inc		4,606
29,954	e	Wausau Paper Corp		401
		TOTAL PAPER AND ALLIED PRODUCTS		63,007

PERSONAL SERVICES - 0.15%
97,477	e	Cintas Corp		3,844
20,819		Coinmach Service Corp (Class A)		275
20,600	e*	Coinstar, Inc		649
3,653	e	CPI Corp		254
15,088	e	G & K Services, Inc (Class A)		596
228,166	e	H&R Block, Inc		5,332
25,900	e	Jackson Hewitt Tax Service, Inc		728
31,315		Regis Corp		1,198
56,970	e*	Sally Beauty Holdings, Inc		513
207,979		Service Corp International		2,658
11,970	e*	Steiner Leisure Ltd		588

230

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

			VALUE
SHARES			(000)
9,989	e	Unifirst Corp	$	440
26,580	e	Weight Watchers International, Inc		1,351
		TOTAL PERSONAL SERVICES		18,426

PETROLEUM AND COAL PRODUCTS - 6.31%
9,171	e	Alon USA Energy, Inc		404
234,040		Apache Corp		19,095
39,719		Ashland, Inc		2,540
68,567		Cabot Oil & Gas Corp		2,529
1,519,400		Chevron Corp		127,994
1,155,360		ConocoPhillips		90,696
7,530	e	Delek US Holdings, Inc		201
314,600		Devon Energy Corp		24,630
172,902		EOG Resources, Inc		12,632
3,995,486		Exxon Mobil Corp		335,141
77,807	e	Frontier Oil Corp		3,406
34,562	e*	Headwaters, Inc		597
196,312		Hess Corp		11,574
32,029	e	Holly Corp		2,376
484,838		Marathon Oil Corp		29,071
132,989		Murphy Oil Corp		7,905
91,300	e*	Newfield Exploration Co		4,159
120,831		Noble Energy, Inc		7,539
589,526	e	Occidental Petroleum Corp		34,122
85,867	e	Sunoco, Inc		6,842
96,598	e	Tesoro Corp		5,520
388,113	e	Valero Energy Corp		28,666
11,564	e	WD-40 Co		380
17,700	e	Western Refining, Inc		1,023
		TOTAL PETROLEUM AND COAL PRODUCTS		759,042

PIPELINES, EXCEPT NATURAL GAS - 0.10%
446,459		Spectra Energy Corp		11,590
		TOTAL PIPELINES, EXCEPT NATURAL GAS		11,590

PRIMARY METAL INDUSTRIES - 1.07%
79,103	e*	AK Steel Holding Corp		2,956
614,558		Alcoa, Inc		24,908
72,511	e	Allegheny Technologies, Inc		7,605
31,881	e	Belden CDT, Inc		1,765
14,781	e*	Brush Engineered Materials, Inc		621
18,520	e	Carpenter Technology Corp		2,413
18,569	e*	Century Aluminum Co		1,014
33,148		Chaparral Steel Co		2,382
6,078	e*	Claymont Steel, Inc		130
6,101	e*	Coleman Cable, Inc		158
43,260	e*	CommScope, Inc		2,524
1,112,620	*	Corning, Inc		28,428
16,654	e	Encore Wire Corp		490
36,458	e*	General Cable Corp		2,762
20,138	e	Gibraltar Industries, Inc		446
8,302	e*	Haynes International, Inc		701
43,293	e	Hubbell, Inc (Class B)		2,347
7,262	e*	LB Foster Co (Class A)		208
21,924	e	Matthews International Corp (Class A)		956
25,216		Mueller Industries, Inc		868

231

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

			VALUE
SHARES			(000)
6,217	e*	Northwest Pipe Co	$	221
213,275	e	Nucor Corp		12,509
5,831	e	Olympic Steel, Inc		167
97,265	e	Precision Castparts Corp		11,804
26,576	e	Quanex Corp		1,294
16,800	e*	RTI International Metals, Inc		1,266
16,399	e	Schnitzer Steel Industries, Inc (Class A)		786
66,930	e	Steel Dynamics, Inc		2,805
14,234	e*	Superior Essex, Inc		532
19,242	e	Texas Industries, Inc		1,509
48,944	e*	Titanium Metals Corp		1,561
24,156	e	Tredegar Corp		515
83,594	e	United States Steel Corp		9,091
4,623	e*	Universal Stainless & Alloy		163
6,089	e*	Wheeling-Pittsburgh Corp		116
51,686	e	Worthington Industries, Inc		1,119
		TOTAL PRIMARY METAL INDUSTRIES		129,140

PRINTING AND PUBLISHING - 0.58%
36,106	e*	ACCO Brands Corp		832
39,339	e	American Greetings Corp (Class A)		1,114
59,879	e	Belo (A.H.) Corp (Class A)		1,233
22,675	e	Bowne & Co, Inc		442
8,210	e*	Consolidated Graphics, Inc		569
6,267	e	Courier Corp		251
5,480	e	CSS Industries, Inc		217
43,180	e	Dow Jones & Co, Inc		2,481
42,034		Dun & Bradstreet Corp		4,329
17,307		Ennis, Inc		407
63,593	e	EW Scripps Co (Class A)		2,906
165,881	e	Gannett Co, Inc		9,115
10,680	e	GateHouse Media, Inc		198
35,148	e	Harte-Hanks, Inc		903
34,409		John Wiley & Sons, Inc (Class A)		1,662
30,943	e	Journal Communications, Inc (Class A)		403
33,495	e	Lee Enterprises, Inc		699
19,558	e	Martha Stewart Living Omnimedia, Inc (Class A)		336
31,868	e	McClatchy Co (Class A)		807
242,589	e	McGraw-Hill Cos, Inc		16,515
16,876		Media General, Inc (Class A)		561
24,174		Meredith Corp		1,489
3,965	e	Multi-Color Corp		156
98,018	e	New York Times Co (Class A)		2,490
12,663	e*	Playboy Enterprises, Inc (Class B)		143
188,285	e*	Primedia, Inc		537
50,122	e*	R.H. Donnelley Corp		3,798
155,621		R.R. Donnelley & Sons Co		6,771
10,767	e	Schawk, Inc		215
24,827	e*	Scholastic Corp		892
10,680	e	Standard Register Co		122
53,732	e*	Sun-Times Media Group, Inc (Class A)		282
58,958	e	Tribune Co		1,733
35,061	e*	Valassis Communications, Inc		603
27,690	e*	VistaPrint Ltd		1,059
4,207	e	Washington Post Co (Class B)		3,265
		TOTAL PRINTING AND PUBLISHING		69,535

232

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

			VALUE
SHARES			(000)
RAILROAD TRANSPORTATION - 0.64%
251,772	e	Burlington Northern Santa Fe Corp	$	21,436
309,104	e	CSX Corp		13,934
26,604	e	Florida East Coast Industries		2,208
26,537	e*	Genesee & Wyoming, Inc (Class A)		792
54,298	e*	Kansas City Southern Industries, Inc		2,038
277,978		Norfolk Southern Corp		14,613
190,507		Union Pacific Corp		21,937
		TOTAL RAILROAD TRANSPORTATION		76,958

REAL ESTATE - 0.13%
135,323	e*	CB Richard Ellis Group, Inc (Class A)		4,939
4,977	e	Consolidated-Tomoka Land Co		345
51,548	e	Forest City Enterprises, Inc (Class A)		3,169
11,353	e*	Grubb & Ellis Co		132
25,773	e	Jones Lang LaSalle, Inc		2,925
19,220	e*	LoopNet, Inc		449
32,379	*	Meruelo Maddux Properties, Inc		264
53,649	e	St. Joe Co		2,486
72,534	e	Stewart Enterprises, Inc (Class A)		565
3,435	e*	Stratus Properties, Inc		119
16,966	e	Thomas Properties Group, Inc		271
		TOTAL REAL ESTATE		15,664

RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.30%
5,113	e*	AEP Industries, Inc		230
43,609	e	Cooper Tire & Rubber Co		1,204
9,028	e*	Deckers Outdoor Corp		911
148,175	e*	Goodyear Tire & Rubber Co		5,151
10,182	e*	Metabolix, Inc		255
197,303	e	Newell Rubbermaid, Inc		5,807
251,832	e	Nike, Inc (Class B)		14,679
21,213	e	Schulman (A.), Inc		516
114,127		Sealed Air Corp		3,540
14,571	*	Skechers U.S.A., Inc (Class A)		425
25,932	e	Spartech Corp		689
16,398		Titan International, Inc		518
7,903	e*	Trex Co, Inc		155
43,477	e	Tupperware Corp		1,250
25,167	e	West Pharmaceutical Services, Inc		1,187
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		36,517

SECURITY AND COMMODITY BROKERS - 3.23%
54,127		A.G. Edwards, Inc		4,576
157,989	e	Ameriprise Financial, Inc		10,043
84,142	e	Bear Stearns Cos, Inc		11,780
45,136	e	BlackRock, Inc		7,068
16,951		Calamos Asset Management, Inc (Class A)		433
37,849	e	Cbot Holdings, Inc (Class A)		7,820
716,455	e	Charles Schwab Corp		14,702
24,908	e	Chicago Mercantile Exchange Holdings, Inc		13,310
12,285	e	Cohen & Steers, Inc		534
11,481	e*	Cowen Group, Inc		206
302,010	*	E*Trade Financial Corp		6,671
82,778	e	Eaton Vance Corp		3,657

233

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

			VALUE
SHARES			(000)
6,384	e*	Epoch Holding Corp	$	85
6,107	e	Evercore Partners, Inc (Class A)		182
4,062	e*	FCStone Group, Inc		233
67,991	e	Federated Investors, Inc (Class B)		2,606
121,844		Franklin Resources, Inc		16,141
6,584	e	GAMCO Investors, Inc (Class A)		369
11,349	e*	GFI Group, Inc		823
283,045		Goldman Sachs Group, Inc		61,350
14,103	e	Greenhill & Co, Inc		969
28,478	e*	Interactive Brokers Group, Inc (Class A)		773
49,760	e*	IntercontinentalExchange, Inc		7,357
27,787	e	International Securities Exchange, Inc		1,816
31,292	e*	Investment Technology Group, Inc		1,356
131,606	e	Janus Capital Group, Inc		3,664
88,011	e	Jefferies Group, Inc		2,375
20,645	e*	KBW, Inc		607
73,184	e*	Knight Capital Group, Inc (Class A)		1,215
37,720	e*	LaBranche & Co, Inc		278
69,599	e*	Ladenburg Thalmann Financial Services, Inc		160
36,475		Lazard Ltd (Class A)		1,642
93,610	e	Legg Mason, Inc		9,209
376,513		Lehman Brothers Holdings, Inc		28,058
21,429	e*	MarketAxess Holdings, Inc		385
613,774		Merrill Lynch & Co, Inc		51,299
745,045		Morgan Stanley		62,494
8,769	e*	Morningstar, Inc		412
69,770	*	Nasdaq Stock Market, Inc		2,073
58,209	e	Nuveen Investments, Inc (Class A)		3,618
65,127	e	Nymex Holdings, Inc		8,182
187,716	e	NYSE Euronext		13,820
30,987	e	optionsXpress Holdings, Inc		795
10,161	*	Penson Worldwide, Inc		249
13,614	e*	Piper Jaffray Cos		759
66,932	e	Raymond James Financial, Inc		2,068
8,937	e	Sanders Morris Harris Group, Inc		104
92,752		SEI Investments Co		2,694
10,876	e*	Stifel Financial Corp		640
14,958	e	SWS Group, Inc		323
195,024	e	T Rowe Price Group, Inc		10,120
179,388	e*	TD Ameritrade Holding Corp		3,588
15,283	e*	Thomas Weisel Partners Group, Inc		254
8,114	e	US Global Investors, Inc (Class A)		184
800	e	Value Line, Inc		35
65,258		Waddell & Reed Financial, Inc (Class A)		1,697
15,152		WP Stewart & Co Ltd		165
		TOTAL SECURITY AND COMMODITY BROKERS		388,026

SOCIAL SERVICES - 0.01%
20,451	e*	Bright Horizons Family Solutions, Inc		796
15,384	e*	Capital Senior Living Corp		145
8,598	e*	Providence Service Corp		229
15,649	*	Res-Care, Inc		331
		TOTAL SOCIAL SERVICES		1,501

SPECIAL TRADE CONTRACTORS - 0.07%
2,319	e	Alico, Inc		141

234

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

			VALUE
SHARES			(000)
21,777	e*	AsiaInfo Holdings, Inc	$	211
17,970	e	Chemed Corp		1,191
28,901	e	Comfort Systems USA, Inc		410
32,076	e*	Dycom Industries, Inc		962
23,437	e*	EMCOR Group, Inc		1,708
20,939	e*	Insituform Technologies, Inc (Class A)		457
10,880	e*	Integrated Electrical Services, Inc		359
8,579	e*	Layne Christensen Co		351
81,175	e*	Quanta Services, Inc		2,490
		TOTAL SPECIAL TRADE CONTRACTORS		8,280

STONE, CLAY, AND GLASS PRODUCTS - 0.49%
509,135	e	3M Co		44,188
18,958		Apogee Enterprises, Inc		527
18,135	e*	Cabot Microelectronics Corp		644
14,827	e	CARBO Ceramics, Inc		650
33,989	e	Eagle Materials, Inc		1,667
100,799	e	Gentex Corp		1,985
9,960	e	Libbey, Inc		215
77,829	e*	Owens Corning, Inc		2,617
109,273	*	Owens-Illinois, Inc		3,824
23,708	e*	US Concrete, Inc		206
57,674	e*	USG Corp		2,828
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		59,351

TEXTILE MILL PRODUCTS - 0.01%
4,668	e*	Heelys, Inc		121
10,106	e	Oxford Industries, Inc		448
14,120	e	Xerium Technologies, Inc		107
		TOTAL TEXTILE MILL PRODUCTS		676

TOBACCO PRODUCTS - 1.04%
1,486,883		Altria Group, Inc		104,290
69,118		Loews Corp (Carolina Group)		5,341
121,095	e	Reynolds American, Inc		7,895
19,118	e	Universal Corp		1,165
113,222	e	UST, Inc		6,081
20,666	e	Vector Group Ltd		465
		TOTAL TOBACCO PRODUCTS		125,237

TRANSPORTATION BY AIR - 0.51%
39,511	e*	ABX Air, Inc		318
7,464	e*	Air Methods Corp		274
65,497	e*	Airtran Holdings, Inc		715
28,126	e*	Alaska Air Group, Inc		784
3,770	e*	Allegiant Travel Co		116
170,166	e*	AMR Corp		4,484
9,351	e*	Atlas Air Worldwide Holdings, Inc		551
16,313	e*	Bristow Group, Inc		808
68,696	e*	Continental Airlines, Inc (Class B)		2,327
12,231	e	Copa Holdings S.A. (Class A)		822
169,433	e*	Delta Air Lines, Inc		3,338
23,319	*	EGL, Inc		1,084
30,417	e*	ExpressJet Holdings, Inc		182
217,573		FedEx Corp		24,144
123,072	e*	JetBlue Airways Corp		1,446

235

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

			VALUE
SHARES			(000)
17,099	e*	Midwest Air Group, Inc	$	257
186,202	*	Northwest Airlines Corp		4,134
9,723	e*	PHI, Inc		290
14,196	e*	Pinnacle Airlines Corp		266
23,015	e*	Republic Airways Holdings, Inc		468
45,222	e	Skywest, Inc		1,078
551,598	e	Southwest Airlines Co		8,224
80,520	e*	UAL Corp		3,268
57,571	e*	US Airways Group, Inc		1,743
		TOTAL TRANSPORTATION BY AIR		61,121

TRANSPORTATION EQUIPMENT - 2.51%
13,757	e	A.O. Smith Corp		549
29,552	e*	AAR Corp		976
16,459	*	Accuride Corp		254
4,835	e*	Aerovironment, Inc		100
14,702	*	Aftermarket Technology Corp		436
31,425	e	American Axle & Manufacturing Holdings, Inc		931
7,032		American Railcar Industries, Inc		274
15,097	e*	Amerigon, Inc		272
9,760	e	Arctic Cat, Inc		193
50,384	e	ArvinMeritor, Inc		1,119
56,289		Autoliv, Inc		3,201
58,530	*	BE Aerospace, Inc		2,417
556,658		Boeing Co		53,528
63,775		Brunswick Corp		2,081
36,782	e	Clarcor, Inc		1,377
10,359	e*	Comtech Group, Inc		171
34,017	e	Federal Signal Corp		540
41,202	e*	Fleetwood Enterprises, Inc		373
48,080	e*	Force Protection, Inc		992
1,280,314	e*	Ford Motor Co		12,061
8,920	e	Freightcar America, Inc		427
42,477	e*	GenCorp, Inc		555
286,217		General Dynamics Corp		22,388
340,894	e	General Motors Corp		12,886
7,281	e*	GenTek, Inc		256
120,327	e	Genuine Parts Co		5,968
88,878		Goodrich Corp		5,294
12,975	e	Greenbrier Cos, Inc		392
17,217	e	Group 1 Automotive, Inc		695
182,050	e	Harley-Davidson, Inc		10,852
59,330		Harsco Corp		3,085
68,148	e*	Hayes Lemmerz International, Inc		365
18,067	e	Heico Corp		760
128,454		ITT Industries, Inc		8,771
17,547	e	Kaman Corp		547
248,910		Lockheed Martin Corp		23,430
6,589	*	Miller Industries, Inc		165
21,622	e	Monaco Coach Corp		310
6,171	e	Noble International Ltd		126
243,954		Northrop Grumman Corp		18,997
42,061	*	Orbital Sciences Corp		884
52,327		Oshkosh Truck Corp		3,292
175,610	e	Paccar, Inc		15,285
92,051	*	Pactiv Corp		2,935

236

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

			VALUE
SHARES			(000)
26,075	e	Polaris Industries, Inc	$	1,412
313,776		Raytheon Co		16,909
4,792	*	Sequa Corp (Class A)		537
22,924	e	Spartan Motors, Inc		390
44,800	e*	Spirit Aerosystems Holdings, Inc (Class A)		1,615
11,445		Standard Motor Products, Inc		172
17,715	e	Superior Industries International, Inc		385
32,620	e*	Tenneco, Inc		1,143
25,200	e	Thor Industries, Inc		1,138
7,965	e*	TransDigm Group, Inc		322
56,862	e	Trinity Industries, Inc		2,476
12,081	e	Triumph Group, Inc		791
29,954	*	TRW Automotive Holdings Corp		1,103
702,924		United Technologies Corp		49,858
91,916	e*	Visteon Corp		745
22,100	e	Wabash National Corp		323
34,451	e	Westinghouse Air Brake Technologies Corp		1,258
24,826	e	Winnebago Industries, Inc		733
		TOTAL TRANSPORTATION EQUIPMENT		301,820

TRANSPORTATION SERVICES - 0.18%
14,656		Ambassadors Group, Inc		521
4,915	e	Ambassadors International, Inc		164
124,463	e	CH Robinson Worldwide, Inc		6,537
8,003	e*	Dynamex, Inc		204
155,362	e	Expeditors International Washington, Inc		6,416
34,495	e	GATX Corp		1,699
28,305	*	HUB Group, Inc (Class A)		995
54,142	e*	Lear Corp		1,928
26,631		Pacer International, Inc		626
18,863		Ship Finance International Ltd		560
70,126	e	UTI Worldwide, Inc		1,879
		TOTAL TRANSPORTATION SERVICES		21,529

TRUCKING AND WAREHOUSING - 0.39%
17,410	e	Arkansas Best Corp		678
16,346	e*	Celadon Group, Inc		260
36,001	e	Con-way, Inc		1,809
22,919	e	Forward Air Corp		781
46,789		Heartland Express, Inc		763
68,660	e	J.B. Hunt Transport Services, Inc		2,013
43,462		Landstar System, Inc		2,097
14,139	*	Marten Transport Ltd		255
19,477	e*	Old Dominion Freight Line		587
1,137	e*	Patriot Transportation Holding, Inc		99
9,635	e*	Saia, Inc		263
471,612		United Parcel Service, Inc (Class B)		34,428
3,884	e*	Universal Truckload Services, Inc		77
35,401	e	Werner Enterprises, Inc		713
40,766	e*	YRC Worldwide, Inc		1,500
		TOTAL TRUCKING AND WAREHOUSING		46,323

WATER TRANSPORTATION - 0.27%
30,756	e	Alexander & Baldwin, Inc		1,633
47,660	e*	American Commercial Lines, Inc		1,242
9,576	e	Arlington Tankers Ltd		275

237

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

			VALUE
SHARES			(000)
287,182	e	Carnival Corp	$	14,006
15,398	e	Double Hull Tankers, Inc		240
29,664	e	Eagle Bulk Shipping, Inc		665
25,094	e	Frontline Ltd		1,151
12,530	e	Genco Shipping & Trading Ltd		517
16,856	e	General Maritime Corp		451
24,752	e	Golar LNG Ltd		412
16,074	e*	Gulfmark Offshore, Inc		823
23,837	e	Horizon Lines, Inc (Class A)		781
16,565	e*	Hornbeck Offshore Services, Inc		642
37,552	e*	Kirby Corp		1,442
11,975	e	Knightsbridge Tankers Ltd		365
18,051		Nordic American Tanker Shipping		737
28,315	*	Odyssey Marine Exploration, Inc		170
21,573	e	Overseas Shipholding Group, Inc		1,756
84,664	e	Royal Caribbean Cruises Ltd		3,639
3,426	e*	TBS International Ltd (Class A)		97
26,193	e	Teekay Corp		1,517
10,754	e*	Ultrapetrol Bahamas Ltd		255
		TOTAL WATER TRANSPORTATION		32,816

WHOLESALE TRADE-DURABLE GOODS - 0.41%
5,112	e*	1-800 Contacts, Inc		120
23,674	e	Agilysys, Inc		533
30,894		Applied Industrial Technologies, Inc		911
89,079	e*	Arrow Electronics, Inc		3,423
31,988	e	Barnes Group, Inc		1,013
30,944	e*	Beacon Roofing Supply, Inc		526
7,060	e	BlueLinx Holdings, Inc		74
41,029	e	BorgWarner, Inc		3,530
21,864	e	Building Material Holding Corp		310
7,176	e	Castle (A.M.) & Co		258
21,081	e*	Conceptus, Inc		408
82,309	e*	Cytyc Corp		3,548
13,898	e*	Digi International, Inc		205
13,174	e*	Drew Industries, Inc		437
26,458	e*	Genesis Microchip, Inc		248
4,972	*	Glu Mobile, Inc		69
6,620	e*	Hansen Medical, Inc		125
12,024	e*	Houston Wire & Cable Co		342
76,338		IKON Office Solutions, Inc		1,192
102,693	*	Ingram Micro, Inc (Class A)		2,230
34,716	e*	Insight Enterprises, Inc		784
19,381	e*	Interline Brands, Inc		506
13,159	e*	Keystone Automotive Industries, Inc		544
42,424	e	Knight Transportation, Inc		822
3,000	e	Lawson Products, Inc		116
31,919	e*	LKQ Corp		787
30,630	e	Martin Marietta Materials, Inc		4,963
6,104	e*	MWI Veterinary Supply, Inc		244
31,636	e	Owens & Minor, Inc		1,105
103,013	e*	Patterson Cos, Inc		3,839
29,853	e	PEP Boys-Manny Moe & Jack		602
34,775	e	Pool Corp		1,357
47,725	e*	PSS World Medical, Inc		870
46,192	e	Reliance Steel & Aluminum Co		2,599

238

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

			VALUE
SHARES			(000)
14,869	*	RSC Holdings, Inc	$	297
19,445	e	Ryerson Tull, Inc		732
18,883	e*	Solera Holdings, Inc		366
42,080	*	Tech Data Corp		1,618
8,047	e*	TomoTherapy, Inc		176
26,379	e*	Tyler Technologies, Inc		327
50,140	e	W.W. Grainger, Inc		4,666
33,088	e*	WESCO International, Inc		2,000
8,587	e*	West Marine, Inc		118
		TOTAL WHOLESALE TRADE-DURABLE GOODS		48,940

WHOLESALE TRADE-NONDURABLE GOODS - 0.61%
50,602		Airgas, Inc		2,424
31,521	e*	Akorn, Inc		220
68,179	e*	Alliance One International, Inc		685
39,080	e*	Allscripts Healthcare Solutions, Inc		996
10,925	e	Andersons, Inc		495
19,940	e*	Bare Escentuals, Inc		681
19,314	e*	Beijing Med-Pharm Corp		206
48,490	e	Brown-Forman Corp (Class B)		3,544
271,966	e	Cardinal Health, Inc		19,212
25,191	e*	Central European Distribution Corp		872
7,034	e*	Core-Mark Holding Co, Inc		253
91,893	e	Dean Foods Co		2,929
94,469	*	Endo Pharmaceuticals Holdings, Inc		3,234
20,119	e*	Fresh Del Monte Produce, Inc		504
4,128	e*	Green Mountain Coffee Roasters, Inc		325
28,103	e*	Hain Celestial Group, Inc		763
64,753	e*	Henry Schein, Inc		3,460
35,673	e	Herbalife Ltd		1,414
104,836	e	Idearc, Inc		3,704
6,203	e	Kenneth Cole Productions, Inc (Class A)		153
19,366	e	K-Swiss, Inc (Class A)		549
10,408	e*	LSB Industries, Inc		222
2,095	e*	Maui Land & Pineapple Co, Inc		77
38,303	e	Men's Wearhouse, Inc		1,956
18,114		Myers Industries, Inc		400
8,977	e	Nash Finch Co		444
38,826	e	Nu Skin Enterprises, Inc (Class A)		641
11,120	e*	Nuco2, Inc		285
9,998	e*	Perry Ellis International, Inc		322
17,687	e*	School Specialty, Inc		627
22,616	e*	Source Interlink Cos, Inc		113
14,127	e	Spartan Stores, Inc		465
25,507	e	Stride Rite Corp		517
436,807		Sysco Corp		14,410
67,197	e*	Terra Industries, Inc		1,708
24,470	e*	Tractor Supply Co		1,274
30,443	e*	United Natural Foods, Inc		809
19,665	e*	United Stationers, Inc		1,310
6,399	e	Valhi, Inc		104
9,361	e*	Volcom, Inc		469
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		72,776

		TOTAL COMMON STOCKS		11,958,406
		(Cost $8,345,567)

239

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

				MATURITY	VALUE
PRINCIPAL			RATE	DATE	(000)

SHORT-TERM INVESTMENTS - 20.19%

U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES - 0.16%
$ 13,081,000	d	Federal Home Loan Bank (FHLB)	0.000%	07/05/07	$	13,076
5,850,000	d	Federal National Mortgage Association (FNMA)	0.000	07/26/07		5,830
		TOTAL U.S. GOVERNMENT AND AGENCIES
		DISCOUNT AND COUPON NOTES			18,906


SHARES

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 20.03%
2,409,494,469		State Street Navigator Securities Lending Prime Portfolio			2,409,494
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED			2,409,494

		TOTAL SHORT-TERM INVESTMENTS			2,428,400
		(Cost $2,428,397)

		TOTAL PORTFOLIO - 119.63%			14,386,806
		(Cost $10,773,964)
		OTHER ASSETS & LIABILITIES, NET - (19.63%)			(2,360,538		)

		NET ASSETS - 100.00%			$	12,026,268



			The following abbreviation is used in portfolio descriptions:
	SPDR		Standard & Poor's Depository Receipt

	*		Non-income producing.
	**		Percentage represents less than 0.01%.
	^		Amount represents less than $1,000.
	d		All or a portion of these securities have been segregated by the Custodian to cover margin or other requirements on open futures contracts.
	e		All or a portion of these securities are out on loan.
	m		Indicates a security that has been deemed illiquid.
	v		Security valued at fair value.

			Cost amounts are in thousands.

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

OPEN FUTURES CONTRACTS:	NUMBER OF CONTRACTS	MARKET VALUE		EXPIRATION DATE	UNREALIZED APPRECIATION (DEPRECIATION)
E-mini S&P 500 Index	202	$	15,305,540	September 2007	$	(111,373)
E-mini S&P Mid 400 Index	15	1,356,300		September 2007		(5,243)
E-mini Russell 2000 Index	20	1,684,200		September 2007		3,130
					$	(113,486)

240

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

COLLEGE RETIREMENT EQUITIES FUND

BOND MARKET ACCOUNT

STATEMENT OF INVESTMENTS (Unaudited)

June 30, 2007

MATURITY

VALUE

PRINCIPAL

RATE

DATE

RATING +

(000)

BONDS - 98.13%

CORPORATE BONDS - 40.58%

AMUSEMENT AND RECREATION SERVICES - 0.06%

$ 2,000,000

Caesars Entertainment, Inc

7.875%

03/15/10

Ba1

2,048

2,000,000

Caesars Entertainment, Inc

7.000

04/15/13

Baa3

2,095

TOTAL AMUSEMENT AND RECREATION SERVICES

4,143

ASSET BACKED - 11.93%

10,000,000

AmeriCredit Automobile Receivables Trust

Series 2006-AF (Class A3)

5.560

09/06/11

Aaa

10,018

20,000,000

AmeriCredit Automobile Receivables Trust

Series 2006-AF (Class A4)

5.640

09/06/13

Aaa

20,092

14,000,000

AmeriCredit Automobile Receivables Trust

Series 2007-BF (Class A3A)

5.160

04/06/12

Aaa

13,946

372,699

AQ Finance NIM Trust Series 2004-RN2

5.520

04/25/09

Aaa

372

298,667

i,v

AQ Finance NIM Trust Series 2004-RN3

5.500

05/26/09

Aaa

299

74,236

Asset Backed Funding Corp NIM Trust Series 2005-

WMC1 (Class N1)

5.900

07/26/35

N/R

4,500,000

Capital One Auto Finance Trust Series 2007-A

(Class A3A)

5.250

08/15/11

Aaa

4,492

6,000,000

Capital One Auto Finance Trust Series 2007-B

(Class A3A)

5.030

04/15/12

Aaa

5,967

10,000,000

Centex Home Equity Series 2004-C (Class AF5)

5.980

06/25/34

Aaa

9,786

1,100,000

Centex Home Equity Series 2004-D (Class MF2)

5.560

09/25/34

1,045

31,815,273

Chase Funding Mortgage Loan Asset-Backed

Certificates Series 2003-6 (Class 1A7)

4.277

09/25/33

Aaa

30,208

1,375,000

Chase Funding Mortgage Loan Asset-Backed

Certificates Series 2004-2 (Class 1B)

5.700

02/25/35

Baa2

1,168

3,500,000

Chase Funding Mortgage Loan Asset-Backed

Certificates Series 2004-2 (Class 1M1)

5.700

02/25/35

Aa2

3,401

1,750,000

Chase Funding Mortgage Loan Asset-Backed

Certificates Series 2004-2 (Class 1M2)

5.700

02/25/35

1,661

1,570,549

Chase Manhattan Auto Owner Trust Series 2004-A

(Class A4)

2.830

09/15/10

Aaa

1,550

10,000,000

CIT Equipment Collateral Series 2005-VT1

(Class A4)

4.360

11/20/12

Aaa

9,922

5,301,779

CIT Group Home Equity Loan Trust Series 2002-1

(Class AF6)

6.200

02/25/30

Aaa

5,319

484,553

CIT Group Home Equity Loan Trust Series 2002-2

(Class MF2)

6.390

12/25/30

475

28,400,000

Citicorp Mortgage Securities, Inc Series 2006-1

(Class A3)

5.706

07/25/36

Aaa

28,224

20,812,000

Citicorp Mortgage Securities, Inc Series 2006-2

(Class A3)

5.563

09/25/36

Aaa

20,617

10,000,000

Countrywide Asset-Backed Certificates Series 2007-

S2 (Class A3)

5.813

05/25/37

Aaa

9,874

241

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)
$ 1,161,407	i	Countrywide Home Equity Loan Trust Series 2004-B
		(Class 1A)	5.540%	02/15/29	Aaa	$	1,162
10,539,730	i	Credit-Based Asset Servicing and Securitization
		LLC Series 2007-MX1 (Class A1)	6.159	12/25/36	Aaa		10,535
11,960,000	i	Credit-Based Asset Servicing and Securitization
		LLC Series 2007-MX1 (Class A2)	5.763	12/25/36	Aaa		11,899
3,543,430		Detroit Edison Securitization Funding LLC Series
		2001-1 (Class A3)	5.875	03/01/10	Aaa		3,550
25,000,000	i	Flagstar Home Equity Loan Trust Series 2007-1A
		(Class AF3)	5.781	01/25/35	Aaa		24,646
6,372,000		GMAC Mortgage Corporation Loan Trust 2006-
		HLTV A3	5.590	10/25/29	Aaa		6,343
2,600,000		GMAC Mortgage Corporation Loan Trust 2006-
		HLTV A4	5.810	10/25/29	Aaa		2,563
3,917,619	i	Golden Securities Corp Series 2003-A (Class A1)	5.620	12/02/13	Aaa		3,916
10,000,000		Hertz Vehicle Financing LLC Series 2005-1A (Class A3)	5.010	02/25/11	Aaa		9,890
5,000,000		Hertz Vehicle Financing LLC Series 2005-1A (Class A5)	5.080	11/25/11	Aaa		4,931
4,000,000		Hertz Vehicle Financing LLC Series 2005-2A (Class A2)	4.930	02/25/10	Aaa		3,972
11,045,544	i	HFC Home Equity Loan Asset Backed Certificates
		Series 2007-1 (Class A1F)	5.910	03/20/36	Aaa		11,036
4,000,000	i	HFC Home Equity Loan Asset Backed Certificates
		Series 2007-1 (Class A3F)	5.730	03/20/36	Aaa		3,962
15,000,000		Honda Auto Receivables Owner Trust Series 2007-1
		(Class A4)	5.090	07/18/13	N/R		14,880
3,868,553		Household Automotive Trust Series 2003-2 (Class A4)	3.020	12/17/10	Aaa		3,834
25,000,000		Household Automotive Trust Series 2006-2 (Class A3)	5.610	08/17/11	Aaa		25,076
45,000,000		Household Automotive Trust Series 2006-3 (Class A4)	5.340	09/17/13	Aaa		44,975
24,000,000		Household Credit Card Master Note Trust I Series
		2006-1 (Class A)	5.100	06/15/12	Aaa		23,882
35,000,000		Hyundai Auto Receivables Trust Series 2006-A
		(Class A3)	5.130	06/15/10	Aaa		34,954
40,000,000		Hyundai Auto Receivables Trust Series 2006-B
		(Class A4)	5.150	05/15/13	Aaa		39,655
3,000,000	i	IXIS Real Estate Capital Trust Series 2006-HE1
		(Class A2)	5.460	03/25/36	Aaa		3,001
6,800,183		JPMorgan Auto Receivables Trust Series 2007-A
		(Class A1)	5.344	02/15/08	N/R		6,803
11,000,000		JPMorgan Auto Receivables Trust Series 2007-A
		(Class A3)	5.190	02/15/11	Aaa		10,971
109,263		Long Beach Asset Holdings Corp Series 2006-4
		(Class N1)	5.877	06/25/46	N/R		82
1,874,244	v	Long Beach Asset Holdings Corp Series 2006-6
		(Class N1)	6.072	09/25/46	N/R		1,406
7,687,290		Marriott Vacation Club Owner Trust Series 2006-2A
		(Class A)	5.362	10/20/28	Aaa		7,590
7,000,000	v	Marriott Vacation Club Owner Trust Series 2007-1A
		(Class A)	5.518	05/20/29	Aaa		7,012
411,607	v	New York City Tax Lien Series 2006-AA (Class A)
			5.930	07/01/36	Aaa		411

242

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)
$ 30,800,000		Nissan Auto Lease Trust Series 2006-A (Class A3)	5.110%	03/15/10	Aaa	$	30,696
13,000,000		Nissan Auto Lease Trust Series 2006-A (Class A4)	5.100	07/16/12	Aaa		12,929
6,000,000		Nissan Auto Receivables Owner Trust Series 2007-A
		(Class A3)	5.100	11/15/10	Aaa		5,982
10,000,000		Peco Energy Transition Trust Series 1999-A (Class A7)	6.130	03/01/09	Aaa		10,040
3,882,029		Public Service New Hampshire Funding LLC Series
		2001-1 (Class A2)	5.730	11/01/10	Aaa		3,892
6,500,000	i	Renaissance Home Equity Loan Trust Series 2006-3
		(Class AF3)	5.586	11/25/36	Aaa		6,450
12,000,000	i	Residential Asset Mortgage Products, Inc Series
		2004-RS11 (Class M1)	5.940	11/25/34	Aa1		12,044
1,164,578		Residential Asset Securities Corp Series 2001-KS2
		(Class AI6)	6.489	10/25/30	Aaa		1,163
5,000,000	i	Residential Funding Mortgage Securities II, Inc
		Series 2005-HI1 (Class A5)	5.450	08/25/34	Aaa		4,878
8,000,000		Residential Funding Mortgage Securities II, Inc
		Series 2006-H12 (Class A2)	5.750	02/25/36	Aaa		7,987
5,014,000	i	Residential Funding Mortgage Securities II, Inc
		Series 2006-HI1 (Class A3)	5.570	02/25/36	Aaa		4,929
2,500,000	i	Residential Funding Mortgage Securities II, Inc
		Series 2006-HI1 (Class M1)	6.010	02/25/36	Aa1		2,437
250,000	i	Residential Funding Mortgage Securities II, Inc
		Series 2006-HI1 (Class M2)	6.060	02/25/36	Aa2		244
2,000,000		Residential Funding Mortgage Securities II, Inc
		Series 2006-HI3 (Class A2)	5.950	02/25/36	Aaa		2,000
6,000,000		Residential Funding Mortgage Securities II, Inc
		Series 2006-HI3 (Class A3)	5.960	02/25/36	Aaa		5,994
9,628,000		Residential Funding Mortgage Securities II, Inc
		Series 2006-HI4 (Class A2)	5.450	09/25/36	Aaa		9,572
30,000,000		Residential Funding Mortgage Securities II, Inc
		Series 2006-HI4 (Class A3)	5.440	09/25/36	Aaa		29,599
7,000,000		Residential Funding Mortgage Securities II, Inc
		Series 2006-HI5 (Class A2)	5.520	04/25/21	Aaa		6,961
13,500,000		Residential Funding Mortgage Securities II, Inc
		Series 2006-HI5 (Class A3)	5.500	08/25/25	Aaa		13,324
9,862,000	i	Residential Funding Mortgage Securities II, Inc
		Series 2006-HSA2 (Class AI3)	5.550	03/25/36	Aaa		9,790
3,328,435	v	Sierra Receivables Funding Co Series 2006-1A
		(Class A1)	5.840	05/20/18	Aaa		3,336
29,810,170	v	Sonic Capital LLC Series 2006-1A (Class A2)	5.096	12/20/31	Aaa		29,120
7,185,000		Triad Auto Receivables Owner Trust Series 2005-A
		(Class A4)	4.220	06/12/12	Aaa		7,065
25,000,000		Triad Auto Receivables Owner Trust Series 2006-C
		(Class A4)	5.310	05/13/13	Aaa		24,893
38,000,000		Volkswagen Auto Lease Trust Series 2006-A (Class A3)	5.500	09/21/09	Aaa		38,052
10,400,000		Volkswagen Auto Lease Trust Series 2006-A (Class A4)	5.540	04/20/11	Aaa		10,425
4,100,000	v	Wachovia Amortization Controlled Heloc NIM
		Series 2006-N1 (Class N1)	5.683	08/12/47	A3		3,982
17,838,000		Wachovia Auto Loan Owner Trust Series 2006-2A
		(Class A3)	5.230	08/22/11	Aaa		17,809

243

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)

$ 5,981,383	i	Wachovia Loan Trust Series 2005-SD1 (Class A)	5.680%	05/25/35	N/R	$	5,978
		TOTAL ASSET BACKED					823,018

BUILDING MATERIALS AND GARDEN SUPPLIES - 0.18%
7,000,000		Home Depot, Inc	5.400	03/01/16	Aa3		6,561
5,750,000		Lowe's Cos, Inc	8.250	06/01/10	A1		6,145
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES					12,706

CHEMICALS AND ALLIED PRODUCTS - 0.24%
6,500,000		Abbott Laboratories	5.600	05/15/11	A1		6,527
4,000,000	g	Amgen, Inc	5.850	06/01/17	A2		3,935
3,500,000		Chemtura Corp	6.875	06/01/16	Ba2		3,307
2,500,000		Lubrizol Corp	4.625	10/01/09	Baa3		2,450
							16,219

COMMUNICATIONS - 2.38%
5,000,000		Alamosa Delaware, Inc	11.000	07/31/10	Baa3		5,294
3,750,000		America Movil S.A. de C.V.	6.375	03/01/35	A3		3,653
9,500,000		AT&T, Inc	5.100	09/15/14	A2		9,069
6,750,000		AT&T, Inc	5.625	06/15/16	A2		6,585
2,000,000	e	AT&T, Inc	6.150	09/15/34	A2		1,917
11,521,001		Comcast Cable Communications Holdings, Inc	8.375	03/15/13	Baa2		12,866
15,400,000		Comcast Corp	5.875	02/15/18	Baa2		14,931
6,000,000		Comcast Corp	5.650	06/15/35	Baa2		5,237
2,750,000		Comcast Corp	6.500	11/15/35	Baa2		2,671
4,000,000		Deutsche Telekom International Finance BV	8.250	06/15/30	A3		4,787
4,000,000		Embarq Corp	7.995	06/01/36	Baa3		4,044
4,250,000		France Telecom S.A.	7.750	03/01/11	A3		4,542
1,150,000		GTE Corp	6.840	04/15/18	Baa1		1,202
4,000,000		New Cingular Wireless Services, Inc	7.875	03/01/11	A3		4,300
4,750,000		New Cingular Wireless Services, Inc	8.750	03/01/31	A3		5,932
500,000		Rogers Cable, Inc	6.750	03/15/15	Baa3		511
4,030,000		Rogers Wireless, Inc	7.500	03/15/15	Baa3		4,289
7,750,000	e	Sprint Capital Corp	8.375	03/15/12	Baa3		8,445
7,900,000	e	Sprint Nextel Corp	6.000	12/01/16	Baa3		7,486
8,000,000	h	Telefonica Emisiones SAU	6.221	07/03/17	Baa1		8,000
7,000,000	e,g	Time Warner Cable, Inc	5.400	07/02/12	Baa2		6,871
9,000,000	e,g	Time Warner Cable, Inc	5.850	05/01/17	Baa2		8,749
4,000,000	g	Time Warner Cable, Inc	6.550	05/01/37	Baa2		3,861
2,250,000	e	Verizon Communications, Inc	5.850	09/15/35	A3		2,065
6,500,000		Verizon Virginia, Inc	4.625	03/15/13	Baa1		6,011
4,850,000	e	Viacom, Inc	5.750	04/30/11	Baa3		4,843
3,500,000		Viacom, Inc	6.875	04/30/36	Baa3		3,384
2,000,000	e	Vodafone Group plc	5.000	12/16/13	Baa1		1,903
3,650,000		Vodafone Group plc	5.625	02/27/17	Baa1		3,491
7,550,000	e	Vodafone Group plc	6.150	02/27/37	Baa1		7,038
		TOTAL COMMUNICATIONS					163,977

DEPOSITORY INSTITUTIONS - 3.96%
4,000,000		Bank of America Corp	6.250	04/15/12	Aa1		4,120
7,550,000		Bank of America Corp	4.875	09/15/12	Aa1		7,319
14,550,000		Bank of America NA	5.300	03/15/17	Aa1		13,869
6,500,000		Bank of America NA	6.000	10/15/36	Aa1		6,268

244

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)
$ 4,250,000		Bank One Corp	5.250%	01/30/13	Aa3	$	4,149
5,000,000		Bank One NA	3.700	01/15/08	Aaa		4,958
2,500,000	i	BB&T Capital Trust IV	6.820	06/12/57	A1		2,494
5,250,000	g,i	BOI Capital Funding No. 2 LP	5.571	12/30/49	A1		4,978
4,000,000		Capital One Bank	5.125	02/15/14	A2		3,836
3,250,000		Citigroup, Inc	5.100	09/29/11	Aa1		3,198
4,350,000		Citigroup, Inc	5.250	02/27/12	Aa1		4,295
18,500,000		Citigroup, Inc	5.125	05/05/14	Aa1		17,872
6,655,000		Citigroup, Inc	5.000	09/15/14	Aa2		6,325
3,000,000		Citigroup, Inc	5.850	12/11/34	Aa1		2,867
3,650,000	g,i	Credit Agricole S.A.	6.637	12/30/49	Aa3		3,548
41,800,000	g	Depfa ACS Bank	5.125	03/16/37	Aaa		38,302
4,000,000		FIA Card Services NA	5.375	01/15/08	Aaa		3,999
4,000,000	e	FIA Card Services NA	4.625	08/03/09	Aaa		3,939
3,000,000		Golden West Financial Corp	4.125	08/15/07	Aa3		2,996
3,500,000		Golden West Financial Corp	4.750	10/01/12	Aa3		3,369
2,000,000		Greenpoint Financial Corp	3.200	06/06/08	A3		1,958
7,000,000		HSBC Bank USA NA	4.625	04/01/14	Aa3		6,541
3,500,000	i	Huntington Capital III	6.650	05/15/37	Baa1		3,348
3,600,000	i	ING Groep NV	5.775	12/30/49	A1		3,471
1,000,000		JPMorgan Chase & Co	7.875	06/15/10	Aa3		1,063
4,500,000	e	JPMorgan Chase & Co	4.500	01/15/12	Aa2		4,308
5,500,000		JPMorgan Chase & Co	5.750	01/02/13	Aa3		5,500
4,000,000		KeyBank NA	5.000	07/17/07	A1		3,999
2,000,000		M&I Marshall & Ilsley Bank	4.125	09/04/07	Aa3		1,996
5,700,000		M&I Marshall & Ilsley Bank	4.400	03/15/10	Aa3		5,549
4,250,000	i	Manufacturers & Traders Trust Co	5.629	12/01/21	A2		4,070
3,250,000		Popular North America, Inc	5.650	04/15/09	A2		3,243
4,250,000	g,i	Rabobank Capital Funding Trust	5.254	12/30/49	Aa2		3,979
2,500,000		Regions Financial Corp	6.375	05/15/12	A2		2,568
2,250,000	g,i	Societe Generale	5.922	12/30/49	A1		2,178
2,000,000		Union Bank of California NA	5.950	05/11/16	A1		1,989
2,500,000		US Bank NA	5.700	12/15/08	Aa2		2,508
5,000,000		US Bank NA	6.300	02/04/14	Aa2		5,140
12,750,000		Wachovia Bank NA	4.800	11/01/14	Aa2		11,988
2,050,000		Wachovia Bank NA	5.850	02/01/37	Aa2		1,930
6,050,000		Wachovia Corp	5.300	10/15/11	Aa3		5,988
4,500,000		Wachovia Corp	5.250	08/01/14	A1		4,350
7,000,000		Wachovia Corp	5.750	06/15/17	Aa3		6,921
4,500,000		Washington Mutual Bank	5.500	01/15/13	A2		4,409
2,150,000		Washington Mutual, Inc	5.500	08/24/11	A2		2,130
3,500,000	e	Wells Fargo & Co	4.875	01/12/11	Aa1		3,433
4,000,000		Wells Fargo & Co	5.300	08/26/11	Aa1		3,969
8,500,000		Wells Fargo Bank NA	6.450	02/01/11	Aa1		8,751
7,500,000		Wells Fargo Bank NA	4.750	02/09/15	Aa1		7,029
6,000,000	e	Wells Fargo Bank NA	5.950	08/26/36	Aa1		5,880
		TOTAL DEPOSITORY INSTITUTIONS					272,887

ELECTRIC, GAS, AND SANITARY SERVICES - 1.79%
2,000,000	e	AGL Capital Corp	6.000	10/01/34	Baa1		1,866
2,500,000		Atmos Energy Corp	4.000	10/15/09	Baa3		2,415
4,500,000		Carolina Power & Light Co	5.125	09/15/13	A2		4,361
2,750,000		Carolina Power & Light Co	5.700	04/01/35	A2		2,561
4,250,000		CenterPoint Energy Resources Corp	7.875	04/01/13	Baa3		4,636
3,550,000		CenterPoint Energy Resources Corp	6.250	02/01/37	Baa3		3,419
5,350,000		Centerpoint Energy, Inc	5.950	02/01/17	Ba1		5,243

245

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)
$ 2,750,000		Commonwealth Edison Co	3.700%	02/01/08	Baa2	$	2,718
3,500,000		Consolidated Natural Gas Co	6.250	11/01/11	Baa1		3,582
4,250,000		Consolidated Natural Gas Co	5.000	12/01/14	Baa1		4,040
9,000,000		FirstEnergy Corp	6.450	11/15/11	Baa3		9,265
3,400,000		Florida Power & Light Co	4.850	02/01/13	Aa3		3,274
3,500,000		Florida Power Corp	4.500	06/01/10	A2		3,406
4,000,000	i	FPL Group Capital, Inc	6.350	10/01/66	A3		3,869
4,000,000		National Fuel Gas Co	5.250	03/01/13	Baa1		3,883
3,000,000		National Rural Utilities Cooperative Finance Corp	5.750	08/28/09	A2		3,017
3,500,000		Nevada Power Co	6.650	04/01/36	Ba1		3,512
4,750,000		Nevada Power Co	6.750	07/01/37	Ba1		4,822
2,250,000		Northern States Power Co	6.250	06/01/36	A2		2,293
2,500,000		Northern States Power-Minnesota	5.250	07/15/35	A2		2,214
2,500,000	e	Ohio Edison Co	4.000	05/01/08	Baa2		2,469
3,500,000		Ohio Power Co	5.300	11/01/10	A3		3,472
4,075,000		ONEOK Partners LP	5.900	04/01/12	Baa2		4,098
6,000,000	e	Pacific Gas & Electric Co	4.200	03/01/11	Baa1		5,729
3,500,000		Pacific Gas & Electric Co	5.800	03/01/37	Baa1		3,267
2,000,000		Public Service Co of Colorado	7.875	10/01/12	A3		2,202
2,500,000		Public Service Co of Colorado	5.500	04/01/14	A3		2,467
2,250,000		Puget Sound Energy, Inc	6.274	03/15/37	Baa2		2,204
2,750,000	e	Southern California Edison Co	6.000	01/15/34	A2		2,729
3,250,000		Southern California Edison Co	5.350	07/15/35	A2		2,938
5,000,000		Southwestern Public Service Co	6.000	10/01/36	Baa1		4,751
2,000,000		Spectra Energy Capital LLC	6.250	02/15/13	Baa1		2,025
4,500,000		Virginia Electric and Power Co	4.750	03/01/13	Baa1		4,289
2,000,000		Waste Management, Inc	7.750	05/15/32	Baa3		2,206
1,500,000		Westar Energy, Inc	6.000	07/01/14	Baa2		1,506
3,000,000		Wisconsin Electric Power Co	5.625	05/15/33	A1		2,805
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES					123,553

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 0.09%
2,500,000		Cisco Systems, Inc	5.500	02/22/16	A1		2,441
4,000,000		Emerson Electric Co	4.500	05/01/13	A2		3,774
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT					6,215

FOOD AND KINDRED PRODUCTS - 0.60%
3,278,000		Archer-Daniels-Midland Co	7.125	03/01/13	A2		3,491
4,000,000		Bottling Group LLC	4.625	11/15/12	Aa2		3,837
1,750,000		Bunge Ltd Finance Corp	5.875	05/15/13	Baa2		1,711
2,750,000		Bunge Ltd Finance Corp	5.100	07/15/15	Baa2		2,518
3,500,000		Companhia Brasileira de Bebidas	8.750	09/15/13	Baa1		3,972
5,000,000		Coors Brewing Co	6.375	05/15/12	Baa2		5,150
5,000,000		Diageo Capital plc	5.125	01/30/12	A3		4,895
2,500,000	g	Foster's Finance Corp	4.875	10/01/14	Baa2		2,325
3,000,000		Kellogg Co	7.450	04/01/31	A3		3,407
4,000,000		Kraft Foods, Inc	6.500	11/01/31	Baa1		3,873
5,000,000		Reynolds American, Inc	6.500	07/15/10	Ba1		5,090
1,250,000		WM Wrigley Jr Co	4.650	07/15/15	A1		1,159
		TOTAL FOOD AND KINDRED PRODUCTS					41,428

FOOD STORES - 0.15%
2,000,000		Delhaize America, Inc	8.125	04/15/11	Baa3		2,173
3,500,000	e	Kroger Co	7.250	06/01/09	Baa2		3,600

246

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)
$ 2,500,000		Kroger Co	6.800%	04/01/11	Baa2	$	2,581
2,325,000		Safeway, Inc	4.125	11/01/08	Baa2		2,281
		TOTAL FOOD STORES					10,635

FORESTRY - 0.04%
2,665,000		Weyerhaeuser Co	5.950	11/01/08	Baa2		2,678
		TOTAL FORESTRY					2,678

GENERAL BUILDING CONTRACTORS - 0.05%
3,000,000		DR Horton, Inc	9.750	09/15/10	Ba1		3,251
		TOTAL GENERAL BUILDING CONTRACTORS					3,251

GENERAL MERCHANDISE STORES - 0.37%
1,750,000		JC Penney Corp, Inc	5.750	02/15/18	Baa3		1,692
10,000,000		Target Corp	5.375	05/01/17	A1		9,590
7,000,000	e	Wal-Mart Stores, Inc	4.000	01/15/10	Aa2		6,771
7,750,000		Wal-Mart Stores, Inc	4.125	02/15/11	Aa2		7,434
		TOTAL GENERAL MERCHANDISE STORES					25,487

HEALTH SERVICES - 0.05%
3,500,000	e	Quest Diagnostics, Inc	6.400	07/01/17	Baa3		3,533
		TOTAL HEALTH SERVICES					3,533

HOLDING AND OTHER INVESTMENT OFFICES - 0.50%
3,750,000		Archstone-Smith Trust	5.750	03/15/16	Baa1		3,747
3,500,000		BHP Billiton Finance Ltd	5.400	03/29/17	A1		3,366
5,000,000		Brookfield Asset Management, Inc	7.125	06/15/12	Baa2		5,253
4,000,000		Colonial Properties Trust	6.250	06/15/14	Baa3		4,038
4,500,000		iStar Financial, Inc	5.150	03/01/12	Baa2		4,336
3,650,000		iStar Financial, Inc	5.700	03/01/14	Baa2		3,561
5,000,000		iStar Financial, Inc	5.850	03/15/17	Baa2		4,768
2,825,000		Simon Property Group LP	5.600	09/01/11	A3		2,824
2,310,000	e	Sungard Data Systems, Inc	10.250	08/15/15	Caa1		2,443
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES					34,336

HOTELS AND OTHER LODGING PLACES - 0.03%
1,750,000		MGM Mirage	6.000	10/01/09	Ba2		1,735
		TOTAL HOTELS AND OTHER LODGING PLACES					1,735

INDUSTRIAL MACHINERY AND EQUIPMENT - 0.28%
5,000,000	g	Atlas Copco AB	5.600	05/22/17	A3		4,872
5,500,000	e	Caterpillar, Inc	6.050	08/15/36	A2		5,405
2,500,000	e	Hewlett-Packard Co	5.250	03/01/12	A2		2,470
5,400,000		Hewlett-Packard Co	5.400	03/01/17	A2		5,214
1,500,000		Kennametal, Inc	7.200	06/15/12	Baa3		1,561
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT					19,522

INSTRUMENTS AND RELATED PRODUCTS - 0.13%
3,000,000		Johnson & Johnson	3.800	05/15/13	Aaa		2,767
5,000,000	e	Medtronic, Inc	4.750	09/15/15	A1		4,633
2,000,000		Thermo Fisher Scientific, Inc	5.000	06/01/15	Baa2		1,845
		TOTAL INSTRUMENTS AND RELATED PRODUCTS					9,245

247

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)

INSURANCE CARRIERS - 1.18%
$ 6,250,000		Aetna, Inc	6.625%	06/15/36	A3	$	6,345
5,000,000	g	AIG SunAmerica Global Financing VI	6.300	05/10/11	Aa2		5,121
4,250,000		Allstate Corp	5.000	08/15/14	A1		4,075
5,000,000		American International Group, Inc	5.050	10/01/15	Aa2		4,788
6,000,000	i	Chubb Corp	6.375	03/29/37	A3		5,834
3,750,000		Chubb Corp	6.000	05/11/37	A2		3,586
4,000,000	g	John Hancock Global Funding II	7.900	07/02/10	Aa2		4,269
3,750,000	g	Liberty Mutual Group, Inc	6.500	03/15/35	Baa2		3,411
2,750,000	e,i	Lincoln National Corp	6.050	04/20/67	Baa2		2,626
4,000,000	g	Mantis Reef Ltd	4.799	11/03/09	A3		3,923
3,000,000	e	Metlife, Inc	5.375	12/15/12	A2		2,969
5,000,000		Metlife, Inc	5.000	06/15/15	A2		4,751
2,500,000		Metlife, Inc	5.700	06/15/35	A2		2,311
3,000,000	g	Pricoa Global Funding I	3.900	12/15/08	Aa3		2,932
5,500,000	g	Principal Life Global Funding I	5.125	10/15/13	Aa2		5,383
3,000,000		Prudential Financial, Inc	5.800	06/15/12	A3		3,019
3,000,000	g	Prudential Funding LLC	6.750	09/15/23	A1		3,117
4,000,000		UnitedHealth Group, Inc	5.250	03/15/11	A3		3,954
5,000,000		WellPoint, Inc	6.375	01/15/12	Baa1		5,117
1,800,000		WellPoint, Inc	5.875	06/15/17	Baa1		1,781
2,250,000		WellPoint, Inc	5.850	01/15/36	Baa1		2,051
		TOTAL INSURANCE CARRIERS					81,363

METAL MINING - 0.13%
5,900,000		Barrick Gold Finance Co	4.875	11/15/14	Baa1		5,532
3,500,000	g	Corp Nacional del Cobre de Chile - CODELCO	4.750	10/15/14	Aa3		3,267
		TOTAL METAL MINING					8,799

MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.05%
3,250,000	e,g	Controladora Mabe S.A. C.V.	6.500	12/15/15	N/R		3,258
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES					3,258

MISCELLANEOUS RETAIL - 0.16%
2,500,000		CVS Caremark Corp	5.750	08/15/11	Baa2		2,498
9,000,000		CVS Caremark Corp	5.750	06/01/17	Baa2		8,683
		TOTAL MISCELLANEOUS RETAIL					11,181

MOTION PICTURES - 0.54%
2,500,000		Historic TW, Inc	6.625	05/15/29	Baa2		2,429
4,250,000		News America, Inc	7.625	11/30/28	Baa2		4,601
7,000,000	g	News America, Inc	6.150	03/01/37	Baa2		6,449
3,000,000		Time Warner, Inc	5.500	11/15/11	Baa2		2,968
16,250,000		Time Warner, Inc	6.875	05/01/12	Baa2		16,955
3,750,000		Walt Disney Co	5.700	07/15/11	A2		3,780
		TOTAL MOTION PICTURES					37,182

NONDEPOSITORY INSTITUTIONS - 3.36%
3,500,000	g	American Honda Finance Corp	5.125	12/15/10	Aa3		3,466
52,000,000	g	BA Covered Bond Issuer	5.500	06/14/12	Aaa		52,176
4,650,000		Boeing Capital Corp Ltd	6.100	03/01/11	A2		4,755
6,500,000		Capital One Financial Corp	5.700	09/15/11	A3		6,471
3,000,000		Capital One Financial Corp	5.500	06/01/15	A3		2,882
4,500,000		Caterpillar Financial Services Corp	2.700	07/15/08	A2		4,373

248

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)
$ 3,750,000		CIT Group Funding Co of Canada	5.200%	06/01/15	A2	$	3,489
6,000,000		CIT Group, Inc	5.400	02/13/12	A2		5,878
7,500,000		CIT Group, Inc	5.850	09/15/16	A2		7,230
9,000,000		Ford Motor Credit Co	5.700	01/15/10	B1		8,598
6,000,000		Ford Motor Credit Co	9.875	08/10/11	B1		6,298
4,000,000		Ford Motor Credit Co	7.800	06/01/12	B1		3,902
27,750,000		General Electric Capital Corp	5.500	06/04/14	Aaa		27,430
11,750,000		General Motors Acceptance Corp LLC	5.625	05/15/09	Ba1		11,488
10,500,000		General Motors Acceptance Corp LLC	6.625	05/15/12	Ba1		10,140
3,000,000	e,g,i	HSBC Capital Funding LP	4.610	12/30/49	A1		2,812
10,000,000		HSBC Finance Corp	5.250	01/14/11	Aa3		9,880
10,000,000	e	HSBC Finance Corp	5.900	06/19/12	Aa3		10,056
4,000,000		HSBC Finance Corp	5.250	04/15/15	Aa3		3,808
5,000,000		HSBC Finance Corp	5.000	06/30/15	Aa3		4,671
1,500,000		HSBC Finance Corp	5.500	01/19/16	Aa3		1,443
1,750,000		International Lease Finance Corp	5.450	03/24/11	A1		1,738
5,250,000		International Lease Finance Corp	5.650	06/01/14	A1		5,190
2,000,000		John Deere Capital Corp	4.500	08/25/08	A2		1,980
1,900,000		John Deere Capital Corp	7.000	03/15/12	A2		2,008
4,000,000		MBNA Corp	6.125	03/01/13	Aa1		4,067
5,000,000		Residential Capital LLC	6.125	11/21/08	Baa3		4,960
3,150,000		Residential Capital LLC	6.500	06/01/12	Baa3		3,069
10,375,000		Residential Capital LLC	6.500	04/17/13	Baa3		10,020
4,750,000		SLM Corp	5.400	10/25/11	A2		4,358
3,500,000		Toyota Motor Credit Corp	2.875	08/01/08	Aaa		3,406
		TOTAL NONDEPOSITORY INSTITUTIONS					232,042

OIL AND GAS EXTRACTION - 1.31%
2,000,000		Anadarko Finance Co	6.750	05/01/11	Baa3		2,066
6,500,000		Apache Corp	6.000	01/15/37	A3		6,200
3,000,000		Baker Hughes, Inc	6.875	01/15/29	A2		3,240
3,500,000		BJ Services Co	5.750	06/01/11	Baa1		3,490
2,000,000		Burlington Resources Finance Co	6.400	08/15/11	A2		2,065
7,750,000		Burlington Resources Finance Co	7.200	08/15/31	A2		8,715
6,500,000		Chesapeake Energy Corp	6.500	08/15/17	Ba2		6,159
4,000,000	g	Empresa Nacional de Petroleo ENAP	6.750	11/15/12	A2		4,167
2,500,000		Enterprise Products Operating LP	4.625	10/15/09	Baa3		2,450
4,000,000		Equitable Resources, Inc	5.150	11/15/12	A2		3,872
3,000,000		Kerr-McGee Corp	6.950	07/01/24	Baa3		3,113
2,300,000	g	Lukoil International Finance BV	6.356	06/07/17	Baa2		2,231
4,250,000		Nexen, Inc	5.050	11/20/13	Baa2		4,053
7,150,000	e	Nexen, Inc	5.650	05/15/17	Baa2		6,877
4,250,000		PC Financial Partnership	5.000	11/15/14	Baa2		3,992
4,000,000		Petro-Canada	5.950	05/15/35	Baa2		3,691
3,000,000		Plains All American Pipeline LP	5.625	12/15/13	Baa3		2,936
4,500,000	g	TNK-BP Finance S.A.	6.625	03/20/17	Baa2		4,360
6,650,000	g	Weatherford International, Inc	5.950	06/15/12	Baa1		6,710
4,500,000	g	Weatherford International, Inc	6.800	06/15/37	Baa1		4,589
5,000,000	e	XTO Energy, Inc	6.250	04/15/13	Baa2		5,089
		TOTAL OIL AND GAS EXTRACTION					90,065

OTHER MORTGAGE BACKED SECURITIES - 7.09%
10,000,000	i	Banc of America Commercial Mortgage, Inc
		Series 2004-4 (Class A6)	4.877	07/10/42	N/R		9,496
13,955,000	i	Banc of America Commercial Mortgage, Inc
		Series 2005-1 (Class B)	5.143	11/10/42	N/R		13,399

249

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

MATURITY

VALUE

PRINCIPAL

RATE

DATE

RATING +

(000)

$ 1,630,000

Banc of America Commercial Mortgage, Inc

Series 2005-5 (Class AJ)

5.330%

10/10/45

Aaa

1,558

2,650,000

Banc of America Commercial Mortgage, Inc

Series 2005-6 (Class AJ)

5.353

09/10/47

Aaa

2,539

3,000,000

Banc of America Commercial Mortgage, Inc

Series 2006-2 (Class A4)

5.930

05/10/45

N/R

2,991

6,000,000

Banc of America Commercial Mortgage, Inc

Series 2006-5 (Class A4)

5.414

09/10/47

Aaa

5,810

11,914,782

Banc of America Mortgage Securities Series 2006-1

(Class A8)

6.000

05/01/36

Aaa

11,922

634,544

Bank of America Alternative Loan Trust Series 2004-8

(Class 3A1)

5.500

09/25/19

Aaa

630

9,225,000

Bear Stearns Commercial Mortgage Securities

Series 2005-PW10 (Class AJ)

5.615

12/11/40

Aaa

9,000

8,000,000

Bear Stearns Commercial Mortgage Securities

Series 2006-PW11 (Class A4)

5.625

03/11/39

N/R

7,838

5,300,000

Bear Stearns Commercial Mortgage Securities

Series 2006-PW12 (Class A4)

5.895

09/11/38

Aaa

5,276

13,000,000

Bear Stearns Commercial Mortgage Securities

Series 2006-PW13 (Class A4)

5.540

09/11/41

N/R

12,712

6,000,000

Bear Stearns Commercial Mortgage Securities

Series 2006-PW14 (Class A4)

5.201

12/11/38

N/R

5,712

3,000,000

Bear Stearns Commercial Mortgage Securities

Series 2006-T22 (Class A4)

5.633

04/12/38

Aaa

2,953

8,000,000

Bear Stearns Commercial Mortgage Securities

Series 2006-T24 (Class A4)

5.537

10/12/41

Aaa

7,824

5,000,000

Citigroup/Deutsche Bank Commercial Mortgage

Trust Series 2006-CD3 (Class A5)

5.617

10/15/48

Aaa

4,911

41,708,382

Citimortgage Alternative Loan Trust Series 2006-A1

(Class 2A1)

5.250

03/25/21

Aaa

40,496

12,233,293

Countrywide Home Loan Mortgage Pass Through

Trust Series 2005-17 (Class 1A10)

5.250

09/25/35

N/R

12,088

8,000,000

Credit Suisse Mortgage Capital Certificates

Series 2006-C1 (Class A4)

5.609

02/15/39

N/R

7,846

5,400,000

Credit Suisse Mortgage Capital Certificates

Series 2006-C2 (Class A3)

5.847

03/15/39

Aaa

5,350

8,700,000

Credit Suisse Mortgage Capital Certificates

Series 2006-C4 (Class A3)

5.467

09/15/39

Aaa

8,441

11,000,000

Credit Suisse Mortgage Capital Certificates

Series 2006-C5 (Class A3)

5.311

12/15/39

Aaa

10,546

14,000,000

Credit Suisse/Morgan Stanley Commercial Mortgage

Certificate Series HC1A (Class A1)

5.510

05/15/23

Aaa

14,011

14,000,000

CS First Boston Mortgage Securities Corp

Series 2001-CP4 (Class A4)

6.180

12/15/35

Aaa

14,256

15,765,502

CS First Boston Mortgage Securities Corp

Series 2005-5 (Class 7A1)

6.000

07/25/35

Aaa

15,536

2,726,861

First Horizon Asset Securities, Inc Series 2003-9

(Class 1A4)

5.500

11/25/33

N/R

2,709

21,000,000

GE Capital Commercial Mortgage Corp Series 2003-C2

(Class A4)

5.145

07/10/37

Aaa

20,405

18,000,000

Greenwich Capital Commercial Funding Corp

Series 2004-GG1 (Class A7)

5.317

06/10/36

Aaa

17,584

10,000,000

GS Mortgage Securities Corp II Series 2001-ROCK

(Class BFL)

5.800

05/03/18

Aaa

10,145

6,350,000

GS Mortgage Securities Corp II Series 2006-GG8

(Class A4)

5.560

11/10/39

Aaa

6,211

250

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)
$ 14,250,000		JP Morgan Chase Commercial Mortgage Securities
		Corp Series 2002-C1 (Class A3)	5.376%	07/12/37	Aaa	$	14,091
10,550,000		JP Morgan Chase Commercial Mortgage Securities
		Corp Series 2007-CB18 (Class A4)	5.440	06/12/47	Aaa		10,195
10,500,000	i	JP Morgan Chase Commercial Mortgage Securities
		Corp Series 2007-LD11 (Class AJ)	6.007	06/15/49	Aaa		10,355
6,400,000		LB-UBS Commercial Mortgage Trust Series 2005-C3
		(Class A2)	4.553	07/15/30	Aaa		6,253
4,000,000	i	LB-UBS Commercial Mortgage Trust Series 2005-C5
		(Class AJ)	5.057	09/15/40	N/R		3,786
3,600,000	i	LB-UBS Commercial Mortgage Trust Series 2006-C4
		(Class A4)	6.097	06/15/38	Aaa		3,626
4,806,846		MASTR Asset Securitization Trust Series 2005-2
		(Class 3A1)	5.000	10/25/20	Aaa		4,716
5,400,000	i	Merrill Lynch Mortgage Trust Series 2005-LC1
		(Class A4)	5.291	01/12/44	Aaa		5,209
2,500,000	i	Merrill Lynch Mortgage Trust Series 2006-C1 (ClassA4)	5.843	05/12/39	N/R		2,482
4,700,000	i	Merrill Lynch/Countrywide Commercial Mortgage
		Trust Series 2006-1 (Class A4)	5.608	02/12/39	N/R		4,593
19,000,000		Morgan Stanley Capital I Series 2005-HQ5 (Class A2)	4.809	01/14/42	N/R		18,716
12,000,000	i	Morgan Stanley Capital I Series 2006-HE1 (Class A2)	5.440	01/25/36	Aaa		11,996
15,600,000		Morgan Stanley Capital I Series 2006-HQ10 (Class A4)	5.328	11/12/41	Aaa		15,005
8,000,000	i	Morgan Stanley Capital I Series 2006-HQ8 (Class AJ)	5.641	03/12/44	Aaa		7,820
4,587,000	i	Morgan Stanley Capital I Series 2006-HQ9 (Class A4)	5.731	07/12/44	N/R		4,544
7,500,000	i	Morgan Stanley Capital I Series 2006-IQ11 (Class A4)	5.945	10/15/42	N/R		7,469
6,200,000	i	Morgan Stanley Capital I Series 2006-IQ11 (Class AJ)	5.949	10/15/42	N/R		6,126
2,700,000	i	Morgan Stanley Capital I Series 2006-T21 (Class AJ)	5.273	10/12/52	Aaa		2,585
5,000,000	i	Morgan Stanley Capital I Series 2006-T23 (Class A4)	5.983	08/12/41	N/R		5,020
4,000,000	i	Wachovia Bank Commercial Mortgage Trust Series
		2005-C20 (Class A7)	5.118	07/15/42	Aaa		3,824
10,000,000	i	Wachovia Bank Commercial Mortgage Trust Series
		2006-C24 (Class A3)	5.558	03/15/45	Aaa		9,794
14,006,985		Washington Mutual, Inc Series 2003-S10 (Class A1)	4.500	10/25/18	N/R		13,463
5,865,212		Wells Fargo Mortgage Backed Securities Trust
		Series 2004-7 (Class 1A1)	4.500	07/25/19	N/R		5,521
22,223,576		Wells Fargo Mortgage Backed Securities Trust
		Series 2005-1 (Class 2A1)	5.000	01/25/20	Aaa		21,746
		TOTAL OTHER MORTGAGE BACKED SECURITIES					489,130

PAPER AND ALLIED PRODUCTS - 0.08%
3,150,000		Bemis Co, Inc	4.875	04/01/12	Baa1		3,033
2,310,000		Cenveo Corp	7.875	12/01/13	B3		2,264
		TOTAL PAPER AND ALLIED PRODUCTS					5,297

251

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)
PETROLEUM AND COAL PRODUCTS - 0.24%
$ 7,000,000	e	Conoco Funding Co	6.350%	10/15/11	A1	$	7,224
2,000,000		ConocoPhillips	5.900	10/15/32	A1		1,949
4,500,000	e,i	Enterprise Products Operating LP	8.375	08/01/66	Ba1		4,803
2,500,000		Valero Energy Corp	6.625	06/15/37	Baa3		2,496
							16,472

PIPELINES, EXCEPT NATURAL GAS - 0.38%
3,000,000		Enterprise Products Operating LP	4.000	10/15/07	Baa3		2,988
3,500,000		Enterprise Products Operating LP	4.950	06/01/10	Baa3		3,441
4,000,000		Enterprise Products Operating LP	5.600	10/15/14	Baa3		3,899
2,000,000		Kaneb Pipe Line Operating Partnership LP	5.875	06/01/13	Baa3		1,975
2,000,000		Panhandle Eastern Pipe Line	4.800	08/15/08	Baa3		1,977
3,000,000		Plains All American Pipeline LP	4.750	08/15/09	Baa3		2,947
3,750,000		TransCanada Pipelines Ltd	4.000	06/15/13	A2		3,416
2,750,000		TransCanada Pipelines Ltd	5.850	03/15/36	A2		2,605
2,750,000	i	TransCanada Pipelines Ltd	6.350	05/15/67	A3		2,627
		TOTAL PIPELINES, EXCEPT NATURAL GAS					25,875

PRIMARY METAL INDUSTRIES - 0.01%
1,000,000		Corning, Inc	5.900	03/15/14	Baa1		1,003
		TOTAL PRIMARY METAL INDUSTRIES					1,003

PRINTING AND PUBLISHING - 0.10%
2,500,000		Dun & Bradstreet Corp	5.500	03/15/11	N/R		2,485
2,300,000	e	Idearc, Inc	8.000	11/15/16	B2		2,323
2,806,000		Morris Publishing Group LLC	7.000	08/01/13	B1		2,455
		TOTAL PRINTING AND PUBLISHING					7,263

RAILROAD TRANSPORTATION - 0.48%
3,750,000		Burlington Northern Santa Fe Corp	6.750	07/15/11	Baa1		3,886
3,700,000		Burlington Northern Santa Fe Corp	5.650	05/01/17	Baa1		3,596
4,000,000		Burlington Northern Santa Fe Corp	6.150	05/01/37	Baa1		3,863
3,500,000		Canadian National Railway Co	4.400	03/15/13	A3		3,268
3,500,000		Canadian National Railway Co	6.200	06/01/36	A3		3,441
4,000,000		CSX Corp	6.000	10/01/36	Baa3		3,711
2,056,000		Norfolk Southern Corp	5.590	05/17/25	Baa1		1,866
1,044,000		Norfolk Southern Corp	7.250	02/15/31	Baa1		1,123
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		3,087
		TOTAL RAILROAD TRANSPORTATION					32,844

REAL ESTATE - 0.02%
1,750,000	g,i	USB Realty Corp	6.091	12/30/49	A1		1,717
		TOTAL REAL ESTATE					1,717

RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.03%
1,750,000	g	Sealed Air Corp	5.375	04/15/08	Baa3		1,740
		TOTAL RUBBER AND MISCELLANEOUS
		PLASTIC PRODUCTS					1,740

SECURITY AND COMMODITY BROKERS - 1.49%
4,000,000		Bear Stearns Cos, Inc	5.700	11/15/14	A1		3,903
7,900,000		Credit Suisse USA, Inc	5.500	08/16/11	Aa1		7,883
3,000,000		Franklin Resources, Inc	3.700	04/15/08	A1		2,962

252

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)
$ 4,900,000	i	Goldman Sachs Capital II	5.793%	12/30/49	A2	$	4,782
2,750,000		Goldman Sachs Group, Inc	5.000	01/15/11	Aa3		2,697
3,250,000		Goldman Sachs Group, Inc	5.300	02/14/12	Aa3		3,198
2,000,000		Goldman Sachs Group, Inc	4.750	07/15/13	Aa3		1,889
3,750,000		Goldman Sachs Group, Inc	5.500	11/15/14	Aa3		3,661
7,000,000		Goldman Sachs Group, Inc	5.625	01/15/17	A1		6,703
5,000,000		Goldman Sachs Group, Inc	5.950	01/15/27	A1		4,726
3,150,000	i	Lehman Brothers Holdings Capital Trust V	5.857	12/30/49	A3		3,086
6,750,000	e	Lehman Brothers Holdings, Inc	5.250	02/06/12	A1		6,628
2,500,000	i	Lehman Brothers Holdings, Inc	6.000	05/03/32	A2		2,341
4,250,000	e	Merrill Lynch & Co, Inc	5.000	02/03/14	Aa3		4,063
5,500,000	e	Merrill Lynch & Co, Inc	5.700	05/02/17	A1		5,295
5,500,000		Merrill Lynch & Co, Inc	6.110	01/29/37	A1		5,167
10,000,000		Morgan Stanley	3.625	04/01/08	Aa3		9,863
5,000,000		Morgan Stanley	5.750	10/18/16	Aa3		4,856
7,250,000		Morgan Stanley	5.450	01/09/17	Aa3		6,873
9,250,000	e	Morgan Stanley	5.550	04/27/17	Aa3		8,824
3,500,000	e	Morgan Stanley	6.250	08/09/26	Aa3		3,470
		TOTAL SECURITY AND COMMODITY BROKERS					102,870

TRANSPORTATION BY AIR - 0.14%
5,000,000		Continental Airlines, Inc	6.563	02/15/12	Aaa		5,156
4,600,000		FedEx Corp	5.500	08/15/09	Baa2		4,593
		TOTAL TRANSPORTATION BY AIR					9,749

TRANSPORTATION EQUIPMENT - 0.60%
3,250,000		DaimlerChrysler NA Holding Corp	5.875	03/15/11	Baa1		3,266
7,400,000		DaimlerChrysler NA Holding Corp	5.750	09/08/11	Baa1		7,408
4,000,000		DaimlerChrysler NA Holding Corp	6.500	11/15/13	Baa1		4,130
4,250,000		General Dynamics Corp	3.000	05/15/08	A2		4,165
7,500,000		Honeywell International, Inc	5.700	03/15/37	A2		6,910
3,500,000		Lockheed Martin Corp	6.150	09/01/36	Baa1		3,491
4,000,000		Northrop Grumman Corp	7.750	02/15/31	Baa1		4,753
2,500,000		United Technologies Corp	7.500	09/15/29	A2		2,900
4,750,000		United Technologies Corp	6.050	06/01/36	A2		4,713
		TOTAL TRANSPORTATION EQUIPMENT					41,736

WHOLESALE TRADE-DURABLE GOODS - 0.15%
3,000,000		Vale Overseas Ltd	6.250	01/11/16	Baa3		2,982
3,500,000		Vale Overseas Ltd	6.250	01/23/17	Baa3		3,477
4,050,000		Vale Overseas Ltd	6.875	11/21/36	Baa3		4,064
		TOTAL WHOLESALE TRADE-DURABLE
		GOODS					10,523

WHOLESALE TRADE-NONDURABLE GOODS - 0.21%
3,000,000		Procter & Gamble Co	4.950	08/15/14	Aa3		2,890
12,000,000		Procter & Gamble Co	5.550	03/05/37	Aa3		11,313
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS					14,203

		TOTAL CORPORATE BONDS					2,798,880
		(Cost $2,841,309)

253


COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)

GOVERNMENT BONDS - 57.55%

AGENCY SECURITIES - 8.16%
$ 5,754,117		Cal Dive I- Title XI, Inc	4.930%	02/01/27	N/R	$	5,376
11,200,000		Federal Farm Credit Bank (FFCB)	3.375	07/15/08	Aaa		10,990
11,200,000	e	FFCB	4.125	04/15/09	Aaa		11,003
19,150,000	e	FFCB	5.375	07/18/11	Aaa		19,230
26,160,000	e	Federal Home Loan Mortgage Corp (FHLMC)	4.000	08/17/07	Aaa		26,113
7,500,000		FHLMC	5.125	10/24/07	Aaa		7,493
9,800,000		FHLMC	4.375	11/16/07	Aaa		9,764
15,000,000		FHLMC	3.500	05/21/08	Aaa		14,765
27,700,000	e	FHLMC	5.000	09/16/08	Aaa		27,632
20,000,000		FHLMC	5.000	06/11/09	Aaa		19,934
19,000,000		FHLMC	4.875	02/09/10	Aaa		18,858
15,900,000		FHLMC	4.750	01/18/11	Aaa		15,649
36,399,000	e	FHLMC	5.875	03/21/11	Aa2		37,040
14,000,000	e	FHLMC	6.000	06/15/11	Aaa		14,362
22,500,000	e	FHLMC	5.250	07/18/11	Aaa		22,488
15,000,000		FHLMC	5.500	08/20/12	Aaa		15,118
7,800,000		FHLMC	5.750	06/27/16	Aa2		7,870
5,000,000		Federal National Mortgage Association (FNMA)	3.750	07/06/07	Aaa		4,999
8,280,000		FNMA	3.750	08/15/07	Aaa		8,263
5,000,000		FNMA	3.375	09/07/07	Aaa		4,982
31,500,000		FNMA	5.250	12/03/07	Aaa		31,482
79,000,000		FNMA	6.000	05/15/08	Aaa		79,445
70,000,000	e	FNMA	5.000	09/15/08	Aaa		69,830
1,350,000		FNMA	4.250	01/19/10	Aaa		1,319
7,200,000	e	FNMA	7.125	06/15/10	Aaa		7,572
8,000,000		FNMA	5.000	10/15/11	Aaa		7,914
15,000,000	e	FNMA	5.375	06/12/17	Aaa		14,879
3,000,000		Housing Urban Development	5.380	08/01/18	N/R		2,950
2,500,000	j	Overseas Private Investment Corp	0.000	07/31/11	N/R		2,508
3,189,375		Overseas Private Investment Corp	3.420	01/15/15	N/R		3,006
3,540,000		Private Export Funding Corp	5.870	07/31/08	Aaa		3,563
1,000,000		Private Export Funding Corp	7.200	01/15/10	Aaa		1,046
13,000,000		Private Export Funding Corp	4.900	12/15/11	Aaa		12,816
7,000,000		Private Export Funding Corp	4.550	05/15/15	Aaa		6,617
500,000		Private Export Funding Corp	4.950	11/15/15	Aaa		480
10,825,000		Private Export Funding Corp	5.000	12/15/16	Aaa		10,466
5,195,312		Totem Ocean Trailer Express, Inc	4.514	12/18/19	N/R		4,861
		TOTAL AGENCY SECURITIES					562,683

FOREIGN GOVERNMENT BONDS - 2.82%
3,500,000		African Development Bank	3.250	08/01/08	Aaa		3,431
10,000,000		Canada Mortgage & Housing Corp	4.800	10/01/10	Aaa		9,881
4,000,000		Chile Government International Bond	5.500	01/15/13	A2		3,960
3,500,000	e	China Development Bank	5.000	10/15/15	A2		3,344
2,000,000	e	Development Bank of Japan	4.250	06/09/15	Aaa		1,845
4,660,000		Eksportfinans A/S	5.000	02/14/12	Aaa		4,613
3,500,000		European Investment Bank	4.875	02/15/36	Aaa		3,139
4,000,000	g	Federal Republic of Germany	3.875	06/01/10	Aaa		3,874
7,000,000	e	Federative Republic of Brazil	6.000	01/17/17	Ba2		6,860
30,000,000	g	Hypothekenbank in Essen AG.	5.000	01/20/12	Aaa		29,605
5,000,000		International Finance Corp	5.125	05/02/11	Aaa		4,981
9,000,000		Israel Government International Bond	5.500	11/09/16	A2		8,774
4,400,000		Italy Government International Bond	5.375	06/12/17	N/R		4,353
4,000,000		Italy Government International Bond	6.875	09/27/23	Aa2		4,448
5,000,000		Korea Development Bank	5.750	09/10/13	Aa3		5,013

254

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)
$ 3,500,000		Kreditanstalt fuer Wiederaufbau	5.250%	05/19/09	Aaa	$	3,509
4,150,000		Landwirtschaftliche Rentenbank	5.250	07/02/12	Aaa		4,136
5,000,000		Landwirtschaftliche Rentenbank	5.125	02/01/17	Aaa		4,890
5,900,000		Mexico Government International Bond	6.375	01/16/13	Baa1		6,115
6,152,000	e	Mexico Government International Bond	5.875	01/15/14	Baa1		6,210
8,000,000	e	Mexico Government International Bond	6.750	09/27/34	Baa1		8,543
5,400,000		Oesterreichische Kontrollbank AG.	5.000	04/25/17	Aaa		5,216
13,000,000		Province of British Columbia Canada	5.375	10/29/08	Aaa		13,029
3,000,000		Province of Manitoba Canada	4.450	04/12/10	Aa1		2,939
7,400,000	e	Province of Manitoba Canada	5.000	02/15/12	Aa1		7,318
5,000,000		Province of Ontario	5.500	10/01/08	Aa1		5,017
7,650,000	e	Province of Ontario	4.750	01/19/16	Aa1		7,323
2,250,000	e	Province of Quebec Canada	5.125	11/14/16	Aa2		2,189
6,000,000		Province of Quebec Canada	7.500	09/15/29	Aa2		7,326
2,000,000		Province of Saskatchewan Canada	8.000	02/01/13	Aa1		2,250
7,680,000		Svensk Exportkredit AB	5.125	03/01/17	Aa1		7,432
2,750,000	e	Turkey Government International Bond	7.375	02/05/25	Ba3		2,815
		TOTAL FOREIGN GOVERNMENT BONDS					194,378

MORTGAGE BACKED SECURITIES - 35.09%
30,432,274		Federal Home Loan Mortgage Corp (FHLMC)	6.000	09/15/16			30,621
11,720,000		FHLMC	4.000	09/15/18			10,447
3,863,888		FHLMC	5.750	12/15/18			3,831
10,013,000		FHLMC	4.000	04/15/19			8,855
3,500,000		FHLMC	4.000	09/15/19			3,141
25,000,000		FHLMC	5.000	06/15/28			24,409
11,491,832		FHLMC	5.000	06/15/29			11,215
5,040,882		FHLMC	6.000	12/15/30			5,064
19,953,204		FHLMC	5.000	06/15/31			19,229
14,020,000		FHLMC	5.500	05/15/33			13,587
8,870,099		FHLMC	4.500	09/15/35			8,392
12,573,352	i	FHLMC	5.091	02/01/36			12,449
13,427,829	i	FHLMC	5.009	09/01/36			13,349
13,256,263	i	FHLMC	6.146	09/01/36			13,365
22,914,155	i	FHLMC	5.717	02/01/37			22,826
30,855,933	i	FHLMC	5.650	03/01/37			31,012
39,397,750	i	FHLMC	5.803	03/01/37			39,467
21,940,879	i	FHLMC	5.893	04/01/37			22,182
56,000,000	h	FHLMC	6.000	08/15/37			55,422
118,210		Federal Home Loan Mortgage Corp Gold (FGLMC)	7.000	09/01/10			121
258,186		FGLMC	6.000	04/01/11			261
593,896		FGLMC	7.000	07/01/13			611
2,405,858		FGLMC	6.500	12/01/16			2,458
17,226,524		FGLMC	5.000	09/01/18			16,712
6,413,738		FGLMC	4.500	10/01/18			6,113
3,664,245		FGLMC	4.500	11/01/18			3,493
3,753,917		FGLMC	5.500	01/01/19			3,710
1,736,903		FGLMC	4.000	06/01/19			1,614
5,664,187		FGLMC	4.500	07/01/20			5,378
4,262,820		FGLMC	4.500	08/01/20			4,057
713,543		FGLMC	7.000	10/01/20			740
64,496,239		FGLMC	4.500	06/01/21			61,242
20,400,849		FGLMC	4.500	06/01/21			19,371
86,380		FGLMC	7.000	05/01/23			89
1,140,149		FGLMC	6.000	10/01/23			1,145

255

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

			MATURITY			VALUE
PRINCIPAL		RATE	DATE	RATING +		(000)
$ 1,151,486	FGLMC	6.000%	11/01/23		$	1,156
455,958	FGLMC	8.000	01/01/31			481
76,619	FGLMC	7.000	11/01/31			79
271,553	FGLMC	7.000	12/01/31			280
111,966	FGLMC	7.000	12/01/31			116
93,062	FGLMC	7.000	12/01/31			96
75,677	FGLMC	7.000	12/01/31			78
99,404	FGLMC	7.000	12/01/31			103
283,256	FGLMC	7.000	12/01/31			292
54,716	FGLMC	7.000	01/01/32			56
584,704	FGLMC	8.000	02/01/32			616
5,016,381	FGLMC	5.500	11/01/33			4,861
6,131,925	FGLMC	5.500	12/01/33			5,942
30,036,434	FGLMC	5.500	12/01/33			29,108
78,807,535	FGLMC	5.000	01/01/34			74,257
25,397,304	FGLMC	4.500	10/01/34			23,167
3,120,395	FGLMC	5.500	12/01/34			3,021
12,611,410	FGLMC	4.500	04/01/35			11,490
5,600,946	FGLMC	6.000	05/01/35			5,568
2,859,563	FGLMC	6.000	05/01/35			2,838
5,849,822	FGLMC	6.000	05/01/35			5,806
10,722,687	FGLMC	6.000	05/01/35			10,643
6,001,749	FGLMC	6.000	05/01/35			5,957
5,438,577	FGLMC	6.000	05/01/35			5,398
2,549,541	FGLMC	6.000	05/01/35			2,531
4,445,654	FGLMC	5.500	06/01/35			4,298
6,949,176	FGLMC	5.500	06/01/35			6,718
29,960,872	FGLMC	5.500	06/01/35			28,964
2,666,853	FGLMC	5.500	06/01/35			2,578
7,495,338	FGLMC	6.000	06/01/35			7,440
21,562,704	FGLMC	4.500	08/01/35			19,625
3,427,475	FGLMC	5.000	10/01/35			3,221
17,399,080	FGLMC	5.000	11/01/35			16,352
896,961	FGLMC	6.500	11/01/35			907
4,224,621	FGLMC	6.000	01/01/36			4,189
6,085,013	FGLMC	7.000	01/01/36			6,261
3,675,451	FGLMC	5.500	04/01/36			3,547
4,476,344	FGLMC	6.500	05/01/36			4,524
22,712,651	FGLMC	6.500	10/01/36			22,957
3,388,097	FGLMC	6.500	12/01/36			3,411
62,720,731	FGLMC	5.500	01/01/37			60,524
37,748,302	FGLMC	5.500	04/01/37			36,408
54,574,384	FGLMC	5.500	05/01/37			52,636
69,408	Federal National Mortgage Association (FNMA)	7.500	11/01/10			71
10,788	FNMA	8.000	06/01/11			11
7,758	FNMA	8.000	06/01/11			8
6,146	FNMA	8.000	06/01/11			6
5,839	FNMA	8.000	06/01/11			6
18,881	FNMA	8.000	07/01/11			20
7,679,877	FNMA	4.400	10/01/12			7,301
486,792	FNMA	5.000	06/01/13			478
2,830,573	FNMA	4.440	07/01/13			2,691
4,219,051	FNMA	4.732	10/01/13			4,055
1,859,082	FNMA	4.732	02/01/14			1,785
5,619,546	FNMA	4.440	04/01/14			5,312
671,677	FNMA	7.500	02/01/15			695

256

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)
$ 1,737,088		FNMA	7.500%	04/01/15		$	1,796
1,527,749		FNMA	7.500	04/01/15			1,580
41,347		FNMA	6.500	02/01/16			42
139,542		FNMA	6.500	03/01/16			142
63,794		FNMA	6.500	04/01/16			65
13,683,288		FNMA	6.000	06/25/16			13,684
1,508,102		FNMA	6.500	10/01/16			1,541
765,919		FNMA	6.500	11/01/16			783
2,671,261		FNMA	6.500	02/01/18			2,726
6,914,396		FNMA	5.500	03/01/18			6,836
1,217,279		FNMA	5.500	04/01/18			1,204
14,865,400	d	FNMA	5.500	04/01/18			14,697
1,409,870		FNMA	6.500	04/01/18			1,438
330,279		FNMA	5.500	05/01/18			327
20,012,526		FNMA	4.500	12/01/18			19,069
978,495		FNMA	6.000	01/01/19			983
156,599		FNMA	6.000	02/01/19			157
14,968,082		FNMA	5.000	04/01/19			14,502
4,799,819		FNMA	5.500	07/01/20			4,740
194,438		FNMA	8.000	03/01/23			205
7,219,693		FNMA	5.000	12/01/23			6,893
2,114,810		FNMA	5.500	02/01/24			2,068
4,319,882		FNMA	5.500	07/01/24			4,221
582,083		FNMA	8.000	07/01/24			615
6,180,225		FNMA	5.500	08/01/24			6,038
20,345,142	d	FNMA	5.000	10/01/25			19,378
113,434		FNMA	9.000	11/01/25			123
461,525		FNMA	7.000	07/01/32			478
726,370		FNMA	7.000	07/01/32			752
2,306,057		FNMA	5.000	02/01/33			2,172
11,178,211		FNMA	4.500	03/25/33			10,657
2,034,879		FNMA	5.500	06/01/33			1,972
6,548,979		FNMA	4.500	08/01/33			5,974
6,822,043		FNMA	5.000	08/01/33			6,426
11,000,000		FNMA	5.500	08/25/33			10,796
10,845,262		FNMA	4.500	10/01/33			9,894
2,148,522		FNMA	5.000	10/01/33			2,024
6,703,247		FNMA	5.000	10/01/33			6,314
2,792,495		FNMA	5.000	10/01/33			2,630
962,414		FNMA	5.000	11/01/33			907
8,969,461		FNMA	5.000	11/01/33			8,449
9,169,866		FNMA	5.000	11/01/33			8,638
56,958,969		FNMA	5.000	11/01/33			53,653
9,562,321		FNMA	5.500	12/01/33			9,265
1,566,635		FNMA	5.500	12/01/33			1,518
3,889,645		FNMA	5.500	12/01/33			3,769
1,839,751	d	FNMA	5.500	12/01/33			1,782
3,821,800		FNMA	5.500	01/01/34			3,703
7,964,425		FNMA	5.500	01/01/34			7,717
13,015,147		FNMA	5.500	02/01/34			12,610
2,495,949		FNMA	5.000	03/01/34			2,351
20,479,251		FNMA	5.000	03/01/34			19,291
2,688,227		FNMA	5.000	03/01/34			2,532
3,111,425		FNMA	5.000	03/01/34			2,931
7,603,203		FNMA	5.000	03/01/34			7,162
8,568,505		FNMA	5.500	03/01/34			8,296

257

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)
$ 20,128,547		FNMA	5.000%	04/01/34		$	18,940
91,554,029		FNMA	5.000	08/01/34			86,146
5,834,745		FNMA	5.500	09/01/34			5,649
4,084,058		FNMA	5.500	09/01/34			3,954
6,080,117		FNMA	5.500	09/01/34			5,887
2,766,502		FNMA	5.500	10/01/34			2,678
4,092,803		FNMA	5.500	10/01/34			3,963
9,730,650		FNMA	5.500	10/25/34			9,405
19,853,082		FNMA	5.500	12/01/34			19,221
7,750,284		FNMA	5.500	01/01/35			7,504
90,510,226		FNMA	5.500	02/01/35			87,695
33,159,907		FNMA	5.500	04/01/35			32,105
5,371,263		FNMA	5.500	04/01/35			5,194
21,610,733		FNMA	5.500	05/01/35			20,896
7,326,506		FNMA	6.000	05/01/35			7,261
1,159,630		FNMA	5.500	06/01/35			1,121
3,133,610		FNMA	5.500	06/01/35			3,030
2,775,711		FNMA	5.500	06/01/35			2,684
4,847,920		FNMA	5.500	06/01/35			4,688
1,860,398		FNMA	5.500	06/01/35			1,799
690,712		FNMA	7.500	06/01/35			715
2,392,919		FNMA	5.500	07/01/35			2,314
3,240,327		FNMA	6.000	07/01/35			3,211
15,132,626	d	FNMA	5.500	09/01/35			14,632
36,381,745		FNMA	5.500	09/01/35			35,250
15,291,560		FNMA	5.000	10/01/35			14,367
10,259,272		FNMA	5.500	11/01/35			9,920
14,976,740	i	FNMA	5.748	02/01/36			15,106
13,248,615		FNMA	5.500	04/01/36			12,811
19,859,425	i	FNMA	5.824	06/01/36			19,946
2,055,208		FNMA	6.000	06/01/36			2,034
10,107,719	i	FNMA	5.949	07/01/36			10,160
17,078,851		FNMA	6.000	10/01/36			16,906
67,745,371	i	FNMA	5.896	11/01/36			68,020
11,204,705		FNMA	6.500	12/01/36			11,268
9,975,162		FNMA	7.000	04/01/37			10,242
61,844,647		FNMA	6.000	06/01/37			61,207
213,000,000	h	FNMA	6.000	08/25/37			210,537
165,000,000	h	FNMA	6.500	08/25/37			166,392
3,468		Government National Mortgage Association (GNMA)	8.500	10/15/09			4
22,879		GNMA	8.500	12/15/09			24
23,258		GNMA	8.500	12/15/09			24
103,407		GNMA	9.000	12/15/09			107
31,532		GNMA	8.500	01/15/10			33
11,786		GNMA	8.500	01/15/10			12
30,805		GNMA	9.000	06/15/16			33
6,293		GNMA	9.000	09/15/16			7
5,697		GNMA	9.000	09/15/16			6
18,291		GNMA	9.000	09/15/16			20
23,844		GNMA	9.000	11/15/16			26
9,009		GNMA	9.000	12/15/16			10
12,401		GNMA	9.000	12/15/16			13
192,547		GNMA	9.500	12/15/16			208
13,956		GNMA	9.000	06/15/20			15
92,398		GNMA	8.000	06/15/24			98

258

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)
$ 149,062		GNMA	8.500%	11/20/30		$	160
105,298		GNMA	8.500	12/20/30			113
2,965,250		GNMA	5.500	11/20/33			2,879
11,628,019		GNMA	5.500	03/20/35			11,280
7,382,077		GNMA	5.500	12/20/35			7,161
68,000,000	h	GNMA	5.500	08/15/37			65,939
		TOTAL MORTGAGE BACKED SECURITIES					2,420,463

MUNICIPAL BONDS - 0.03%
2,000,000		Charlotte-Mecklenburg Hospital Authority	5.000	08/01/15			1,919
		TOTAL MUNICIPAL BONDS					1,919

U.S. TREASURY SECURITIES - 11.45%
282,505,000	d,e	United States Treasury Bond	8.000	11/15/21			361,612
44,400,000	e	United States Treasury Bond	5.250	02/15/29			44,752
3,861,000	e	United States Treasury Bond	5.375	02/15/31			3,970
4,354,000	e	United States Treasury Bond	4.500	02/15/36			3,946
1,476,000	e	United States Treasury Bond	4.750	02/15/37			1,393
900,000	e	United States Treasury Note	4.375	01/31/08			897
16,000,000	e	United States Treasury Note	5.125	06/30/08			16,016
49,435,000	e	United States Treasury Note	5.000	07/31/08			49,431
16,850,000	e	United States Treasury Note	4.875	10/31/08			16,830
15,025,000	e	United States Treasury Note	4.625	11/15/09			14,936
64,260,000	e	United States Treasury Note	4.625	02/29/12			63,454
16,250,000	e	United States Treasury Note	4.500	03/31/12			15,951
45,069,000	e	United States Treasury Note	4.750	05/31/12			44,719
22,500,000		United States Treasury Note	4.875	06/30/12			22,438
116,485,000	e	United States Treasury Note	4.500	05/15/17			111,716
50,000,000	j	United States Treasury Strip Principal	0.000	08/15/27			17,654
		TOTAL U.S. TREASURY SECURITIES					789,715

		TOTAL GOVERNMENT BONDS					3,969,158
		(Cost $4,033,078)

		TOTAL BONDS					6,768,038
		(Cost $6,874,387)
SHARES

PREFERRED STOCKS - 0.05%

DEPOSITORY INSTITUTIONS - 0.05%
134,000		Bank of America Corp					3,452
		TOTAL DEPOSITORY INSTITUTIONS					3,452

		TOTAL PREFERRED STOCKS					3,452
		(Cost $3,350)

TIAA-CREF MUTUAL FUNDS - 0.06%

426,793	a	TIAA-CREF Institutional High Yield Fund II					4,268

		TOTAL TIAA-CREF MUTUAL FUNDS					4,268
		(Cost $4,013)

259

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)

SHORT-TERM INVESTMENTS - 24.06%

COMMERCIAL PAPER - 8.24%
$ 20,000,000	d	Abbott Laboratories, Inc	0.000%	07/05/07		$	19,991
7,340,000	d	Abbott Laboratories, Inc	0.000	07/06/07			7,336
18,000,000	d	American Honda Finance Corp	0.000	07/25/07			17,939
9,600,000	d	American Honda Finance Corp	0.000	07/27/07			9,565
25,000,000	d	AT&T, Inc	0.000	07/18/07			24,941
13,600,000	d	Barclays U.S. Funding Corp	0.000	07/16/07			13,572
25,000,000	d	BMW US Capital Corp	0.000	07/16/07			24,948
25,000,000	d	BNP Paribas Finance, Inc	0.000	07/09/07			24,974
28,000,000	d	Cargill Global Funding plc	0.000	07/30/07			27,885
9,100,000	d	Ciesco LLC	0.000	07/17/07			9,080
25,000,000	d	Coca-Cola Co	0.000	07/16/07			24,948
25,000,000	d	Coca-Cola Enterprises, Inc	0.000	07/16/07			24,947
22,459,000	d	Concentrate Manufacturing Co	0.000	07/11/07			22,429
13,315,000	d	Dorada Finance, Inc	0.000	08/20/07			13,219
28,000,000	d	Dresdner US Finance, Inc	0.000	07/05/07			27,988
28,000,000	d	Emerson Electric Co	0.000	07/17/07			27,938
20,000,000	d	Fairway Finance Corp	0.000	07/20/07			19,946
25,000,000	d	Govco LLC	0.000	09/07/07			24,753
28,000,000	d	Harrier Finance Funding LLC	0.000	09/21/07			27,666
25,000,000	d	International Business Machines Corp	0.000	07/17/07			24,944
28,000,000	d	Park Avenue Receivables Corp	0.000	07/18/07			27,933
20,000,000	d	Pitney Bowes, Inc	0.000	07/12/07			19,970
5,600,000	d	Pitney Bowes, Inc	0.000	07/18/07			5,587
25,000,000	d	Ranger Funding Co LLC	0.000	08/28/07			24,790
16,000,000	d	Sheffield Receivables Corp	0.000	07/16/07			15,966
25,000,000	d	Svensk Exportkredit AB	0.000	07/13/07			24,960
20,000,000	d	Variable Funding Capital Corp	0.000	07/16/07			19,958
10,000,000		Verizon Communications, Inc	0.000	07/02/07			10,000
		TOTAL COMMERCIAL PAPER					568,173


U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES - 0.55%
38,000,000	d,e	Federal Home Loan Mortgage Corp (FHLMC)	0.000	07/25/07			37,876
		TOTAL U.S. GOVERNMENT AND AGENCIES
		DISCOUNT AND COUPON NOTES
							37,876

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 15.27%
1,053,268,000		Bank of New York Institutional Cash Reserves Fund	5.399	07/02/07			1,053,424
		TOTAL INVESTMENT OF CASH COLLATERAL
		FOR SECURITIES LOANED					1,053,424

		TOTAL SHORT-TERM INVESTMENTS					1,659,473
		(Cost $1,659,406)


		TOTAL PORTFOLIO - 122.30%					8,435,231
		(Cost $8,541,156)
		OTHER ASSETS & LIABILITIES, NET - (22.30%)					(1,538,021)

		NET ASSETS - 100.00%				$	6,897,210

260

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

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

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 June 30, 2007, the value of these securities amounted to $242,175,678 or 3.51% of net assets.

These securities were purchased on a delayed delivery basis.

Floating rate or variable rate securities reflects the rate in effect as of June 30, 2007.

Zero coupon

Security valued at fair value.

As provided by Moody's Investors Service.

Cost amounts are in thousands.

For ease of presentation, we have grouped a number of industry classification categories together in

the Statement of Investments. Note that the Accounts use more specific industry categories in following

their investment limitations on industry concentration.

Companies in which the Account held 5% or more of the outstanding voting shares are considered "affiliated companies" of the

Account pursuant to the Investment Company Act of 1940. Additionally, investments in other investment companies advised by

Investment Management or affiliated entities are treated as affiliated companies. Information regarding transactions with

affiliated companies is as follows:

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




	Value at		Purchase				Realized		Dividend		Withholding		Shares at	Value at
Issue	December 31, 2006		Cost		Proceeds		Gain/(Loss)		Income		Expense		June 30, 2007	June 30, 2007

TIAA-CREF High-Yield Bond Fund	$	4,147,626	$	97,441	$	-	$	-	$	97,441	$	-	-	$	*
TIAA-CREF Institutional High Yield Fund II		**		60,575		-		-		60,575		-	426,793		4,267,934

			$	158,016	$	-	$	-	$	158,016	$	-		$	4,267,934

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

261

COLLEGE RETIREMENT EQUITIES FUND - Inflation Linked Bond Account

COLLEGE RETIREMENT EQUITIES FUND
INFLATION-LINKED BOND ACCOUNT
STATEMENT OF INVESTMENTS (Unaudited)
June 30, 2007

				MATURITY			VALUE
PRINCIPAL			RATE	DATE			(000)

GOVERNMENT BONDS - 98.76%

U.S. TREASURY SECURITIES - 98.76%
$ 274,678,988	k	United States Treasury Inflation Indexed Bond	2.375%	01/15/25		$	264,093
178,450,317	k	United States Treasury Inflation Indexed Bond	2.000	01/15/26			161,574
82,589,173	e,k	United States Treasury Inflation Indexed Bond	2.375	01/15/27			79,315
182,136,873	k	United States Treasury Inflation Indexed Bond	3.625	04/15/28			211,144
209,434,160	k	United States Treasury Inflation Indexed Bond	3.875	04/15/29			252,892
57,056,346	k	United States Treasury Inflation Indexed Bond	3.375	04/15/32			65,761
174,775,891	k	United States Treasury Inflation Indexed Note	3.875	01/15/09			177,565
123,055,042	k	United States Treasury Inflation Indexed Note	4.250	01/15/10			127,748
293,608,634	k	United States Treasury Inflation Indexed Note	0.875	04/15/10			278,875
124,991,628	k	United States Treasury Inflation Indexed Note	3.500	01/15/11			128,665
182,575,113	k	United States Treasury Inflation Indexed Note	2.375	04/15/11			180,636
68,946,642	k	United States Treasury Inflation Indexed Note	3.375	01/15/12			71,177
81,466,629	e,k	United States Treasury Inflation Indexed Note	2.000	04/15/12			79,076
238,677,857	k	United States Treasury Inflation Indexed Note	3.000	07/15/12			243,373
222,635,410	k	United States Treasury Inflation Indexed Note	1.875	07/15/13			213,563
229,423,156	k	United States Treasury Inflation Indexed Note	2.000	01/15/14			220,531
205,932,496	k	United States Treasury Inflation Indexed Note	2.000	07/15/14			197,736
206,132,732	e,k	United States Treasury Inflation Indexed Note	1.625	01/15/15			191,625
178,903,356	k	United States Treasury Inflation Indexed Note	1.875	07/15/15			169,160
175,170,742	k	United States Treasury Inflation Indexed Note	2.000	01/15/16			166,395
175,482,743	e,k	United States Treasury Inflation Indexed Note	2.500	07/15/16			173,686
151,857,524	e,k	United States Treasury Inflation Indexed Note	2.375	01/15/17			148,335
		TOTAL U.S. TREASURY SECURITIES					3,802,925

		TOTAL GOVERNMENT BONDS					3,802,925
		(Cost $ 3,869,503)

SHORT-TERM INVESTMENTS - 3.88%

COMMERCIAL PAPER - 0.18%
4,560,000		Harrier Finance Funding LLC	0.000	07/02/07			4,560
2,240,000		UBS Finance, (Delaware), Inc	0.000	07/02/07			2,240
		TOTAL COMMERCIAL PAPER					6,800

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 3.70%
REPURCHASED AGREEMENTS
25,000,000		Bear Stearns & Co, Inc 5.320% Dated 06/29/2007,					25,004
		Due 07/02/2007 In the Amount of $25,003,694
		Fully Collateralized as follows:
		Federal Home Loan Bank (FHLB) 3.500%, 03/30/2010		$	25,568,490
		Total Market Value		25,568,490

262

COLLEGE RETIREMENT EQUITIES FUND - Inflation Linked Bond Account

		MATURITY		VALUE
PRINCIPAL		DATE		(000)
$ 25,000,000	Citigroup Global Markets, Inc 5.200% Dated 06/29/2007,		$	25,003
	Due 07/02/2007 In the Amount of $25,003,611
	Fully Collateralized as follows:
	Federal National Mortgage Association (FNMA)
	0.000% - 5.625%, 08/08/2007 - 12/05/2011	$ 25,528,779
	Total Market Value	25,528,779

25,000,000	Credit Suisse (USA), Inc 5.280% Dated 06/29/2007,			25,004
	Due 07/02/2007 In the Amount of $25,003,667
	Fully Collateralized as follows:
	Federal Home Loan Bank (FHLB) 5.000%, 03/12/2010	25,502,488
	Total Market Value	25,502,488

25,000,000	Goldman Sachs & Co, Inc 5.300% Dated 06/29/2007,			25,004
	Due 07/02/2007 In the Amount of $25,003,681
	Fully Collateralized as follows:
	Federal Home Loan Bank (FHLB) 4.875%, 12/13/2013	4,062,500
	Federal Home Loan Mortgage Corp (FHLMC) 4.500% - 4.750%, 01/15/2013 - 01/19/2016	8,918,417
	Federal National Mortgage Association (FNMA) 5.000% - 5.500%, 05/27/2011 - 03/26/2014	12,520,833
	Total Market Value	25,501,750

25,000,000	Merrill Lynch & Co, Inc 5.310% Dated 06/29/2007,			25,004
	Due 07/02/2007 In the Amount of $25,003,688
	Fully Collateralized as follows:
	Federal Home Loan Bank (FHLB) 5.100% - 5.550%, 07/17/2009 - 05/12/2015	16,737,815
	Federal Home Loan Mortgage Corp (FHLMC) 5.900%, 06/15/2022	4,093,515
	Federal National Mortgage Association (FNMA) 5.570%,
	02/22/2012	4,668,669
	Total Market Value	25,499,999

17,460,000	Morgan Stanley & Co, Inc 5.350% Dated 06/29/2007,			17,462
	Due 07/02/2007 In the Amount of $17,462,595
	Fully Collateralized as follows:
	Federal Home Loan Bank (FHLB) 0.000% - 6.000%,
	09/29/2008 - 07/21/2025	16,574,171
	Federal National Mortgage Association (FNMA) 5.300% -
	6.930%, 09/17/2012 - 12/29/2023	1,235,653
	Total Market Value	17,809,824

	TOTAL INVESTMENT OF CASH COLLATERAL
	FOR SECURITIES LOANED			142,481

	TOTAL SHORT-TERM INVESTMENTS			149,281
	(Cost $ 149,280)

	TOTAL PORTFOLIO - 102.64%			3,952,206
	(Cost $ 4,018,783)
	OTHER ASSETS & LIABILITIES, NET - (2.64%)			(101,604	)

	NET ASSETS - 100.00%		$	3,850,602

263

COLLEGE RETIREMENT EQUITIES FUND - Inflation Linked Bond Account



			The following abbreviations are used in portfolio descriptions:
	LLC		Limited Liability Company

	e		All or a portion of these securities are out on loan.
	k		Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.

			Cost amounts are in thousands.

			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.

264

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

COLLEGE RETIREMENT EQUITIES FUND

SOCIAL CHOICE ACCOUNT

STATEMENT OF INVESTMENTS (Unaudited)

June 30, 2007

MATURITY

VALUE

PRINCIPAL

RATE

DATE

RATING +

(000)

BONDS - 39.63%

CORPORATE BONDS - 16.92%

AMUSEMENT AND RECREATION SERVICES - 0.02%

$ 2,000,000

International Speedway Corp

5.400%

04/15/14

Baa2

1,918

TOTAL AMUSEMENT AND RECREATION SERVICES

1,918

ASSET BACKED - 4.42%

3,400,000

AmeriCredit Automobile Receivables Trust Series

2006-AF (Class A3)

5.560

09/06/11

Aaa

3,406

10,250,000

AmeriCredit Automobile Receivables Trust Series

2006-AF (Class A4)

5.640

09/06/13

Aaa

10,297

5,000,000

AmeriCredit Automobile Receivables Trust Series

2007-BF (Class A3A)

5.160

04/06/12

Aaa

4,981

4,000,000

Capital One Auto Finance Trust Series 2007-A (Class A3A)

5.250

08/15/11

Aaa

3,993

4,000,000

Capital One Auto Finance Trust Series 2007-B (Class A3A)

5.030

04/15/12

Aaa

3,978

10,000,000

Centex Home Equity Series 2004-C (Class AF5)

5.980

06/25/34

Aaa

9,786

7,000,000

Chase Funding Loan Acquisition Trust

Series 2004-OPT1 (Class M1)

5.890

06/25/34

Aa2

7,015

20,452,675

Chase Funding Mortgage Loan Asset-Backed

Certificates Series 2003-6 (Class 1A7)

4.277

09/25/33

Aaa

19,419

550,499

Chase Funding Mortgage Loan Asset-Backed

Certificates Series 2004-2 (Class 1A3)

4.209

02/25/35

Aaa

547

1,000,000

Chase Funding Mortgage Loan Asset-Backed

Certificates Series 2004-2 (Class 1B)

5.700

02/25/35

Baa2

849

1,365,694

Chase Manhattan Auto Owner Trust Series 2004-A

(Class A4)

2.830

09/15/10

Aaa

1,348

5,500,000

CIT Equipment Collateral Series 2005-VT1 (Class A4)

4.360

11/20/12

Aaa

5,457

7,000,000

Citicorp Mortgage Securities, Inc Series 2006-1 (Class A3)

5.706

07/25/36

Aaa

6,957

12,000,000

Citicorp Mortgage Securities, Inc Series 2006-2 (Class A3)

5.563

09/25/36

Aaa

11,888

2,227,388

Countrywide Asset-Backed Certificates Series 2002-S2

(Class A5)

5.978

01/25/17

Aaa

2,203

5,000,000

Countrywide Asset-Backed Certificates Series 2007-S2

(Class A3)

5.813

05/25/37

Aaa

4,937

1,055,825

Countrywide Home Equity Loan Trust Series 2004-B

(Class 1A)

5.540

02/15/29

Aaa

1,056

5,940,575

Credit-Based Asset Servicing and Securitization LLC

Series 2007-MX1 (Class A1)

6.159

12/25/36

Aaa

5,938

6,500,000

Credit-Based Asset Servicing and Securitization LLC

Series 2007-MX1 (Class A2)

5.763

12/25/36

Aaa

6,467

12,000,000

Flagstar Home Equity Loan Trust Series 2007-1A

(Class AF3)

5.781

01/25/35

Aaa

11,830

265

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)
$ 3,500,000		GMAC Mortgage Corporation Loan Trust 2006-HLTV A3	5.590%	10/25/29	Aaa	$	3,484
2,282,000		GMAC Mortgage Corporation Loan Trust 2006-HLTV A4	5.810	10/25/29	Aaa		2,249
10,000,000		Hertz Vehicle Financing LLC Series 2005-1A (Class A3)	5.010	02/25/11	Aaa		9,890
2,500,000		Hertz Vehicle Financing LLC Series 2005-1A (Class A5)	5.080	11/25/11	Aaa		2,465
3,635,000		Hertz Vehicle Financing LLC Series 2005-2A (Class A2)	4.930	02/25/10	Aaa		3,610
2,532,753	i	HFC Home Equity Loan Asset Backed Certificates
		Series 2006-4 (Class A1F)	5.790	03/20/36	Aaa		2,527
5,477,129	i	HFC Home Equity Loan Asset Backed Certificates
		Series 2007-1 (Class A1F)	5.910	03/20/36	Aaa		5,473
4,000,000	i	HFC Home Equity Loan Asset Backed Certificates
		Series 2007-1 (Class A3F)	5.730	03/20/36	Aaa		3,962
10,000,000		Honda Auto Receivables Owner Trust Series 2007-1
		(Class A4)	5.090	07/18/13	N/R		9,920
10,000,000		Household Automotive Trust Series 2006-2 (Class A3)	5.610	08/17/11	Aaa		10,030
21,000,000		Household Automotive Trust Series 2006-3 (Class A4)	5.340	09/17/13	Aaa		20,988
16,000,000		Household Credit Card Master Note Trust I
		Series 2006-1 (Class A)	5.100	06/15/12	Aaa		15,921
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		19,828
3,000,000	i	IXIS Real Estate Capital Trust Series 2006-HE1
		(Class A2)	5.460	03/25/36	Aaa		3,001
2,720,073		JPMorgan Auto Receivables Trust Series 2007-A
		(Class A1)	5.344	02/15/08	N/R		2,721
8,000,000		JPMorgan Auto Receivables Trust Series 2007-A
		(Class A3)	5.190	02/15/11	Aaa		7,979
109,263		Long Beach Asset Holdings Corp Series 2006-4 (Class N1)	5.877	06/25/46	N/R		82
904,121	v	Long Beach Asset Holdings Corp Series 2006-6 (Class N1)	6.072	09/25/46	N/R		678
3,494,223		Marriott Vacation Club Owner Trust Series 2006-2A
		(Class A)	5.362	10/20/28	Aaa		3,450
4,500,000	v	Marriott Vacation Club Owner Trust Series 2007-1A
		(Class A)	5.518	05/20/29	Aaa		4,508
16,000,000		Nissan Auto Lease Trust Series 2006-A (Class A3)	5.110	03/15/10	Aaa		15,946
7,500,000		Nissan Auto Lease Trust Series 2006-A (Class A4)	5.100	07/16/12	Aaa		7,459
5,000,000		Nissan Auto Receivables Owner Trust Series 2007-A
		(Class A3)	5.100	11/15/10	Aaa		4,986
3,250,000	i	Renaissance Home Equity Loan Trust Series 2006-3
		(Class AF3)	5.586	11/25/36	Aaa		3,225
2,977,531	i	Residential Asset Mortgage Products, Inc
		Series 2003-RZ5 (Class A7)	4.970	09/25/33	Aaa		2,912
4,000,000		Residential Funding Mortgage Securities II, Inc
		Series 2006-H12 (Class A2)	5.750	02/25/36	Aaa		3,993
3,000,000	i	Residential Funding Mortgage Securities II, Inc
		Series 2006-HI1 (Class A3)	5.570	02/25/36	Aaa		2,949
2,000,000	i	Residential Funding Mortgage Securities II, Inc
		Series 2006-HI1 (Class M1)	6.010	02/25/36	Aa1		1,950

266

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)
$ 200,000	i	Residential Funding Mortgage Securities II, Inc
		Series 2006-HI1 (Class M2)	6.060%	02/25/36	Aa2	$	195
5,700,000		Residential Funding Mortgage Securities II, Inc
		Series 2006-HI3 (Class A3)	5.960	02/25/36	Aaa		5,695
7,000,000		Residential Funding Mortgage Securities II, Inc
		Series 2006-HI4 (Class A2)	5.450	09/25/36	Aaa		6,959
18,000,000		Residential Funding Mortgage Securities II, Inc
		Series 2006-HI4 (Class A3)	5.440	09/25/36	Aaa		17,759
5,003,000		Residential Funding Mortgage Securities II, Inc
		Series 2006-HI5 (Class A2)	5.520	04/25/21	Aaa		4,975
9,000,000		Residential Funding Mortgage Securities II, Inc
		Series 2006-HI5 (Class A3)	5.500	08/25/25	Aaa		8,883
4,000,000	i	Residential Funding Mortgage Securities II, Inc
		Series 2006-HSA2 (Class AI3)	5.550	03/25/36	Aaa		3,971
2,782,972	v	Sierra Receivables Funding Co Series 2006-1A (Class A1)	5.840	05/20/18	Aaa		2,790
15,898,757	v	Sonic Capital LLC Series 2006-1A (Class A2)	5.096	12/20/31	Aaa		15,531
20,000,000		Volkswagen Auto Lease Trust Series 2006-A (Class A3)	5.500	09/21/09	Aaa		20,027
3,000,000	v	Wachovia Amortization Controlled Heloc NIM
		Series 2006-N1 (Class N1)	5.683	08/12/47	A3		2,914
10,000,000		Wachovia Auto Loan Owner Trust Series 2006-2A
		(Class A3)	5.230	08/22/11	Aaa		9,984
3,101,458	i	Wachovia Loan Trust Series 2005-SD1 (Class A)	5.680	05/25/35	N/R		3,100
		TOTAL ASSET BACKED					406,314

BUILDING MATERIALS AND GARDEN SUPPLIES - 0.13%
7,500,000		Home Depot, Inc	5.400	03/01/16	Aa3		7,030
5,000,000		Lowe's Cos, Inc	8.250	06/01/10	A1		5,343
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES					12,373

CHEMICALS AND ALLIED PRODUCTS - 0.21%
1,000,000		Abbott Laboratories	3.750	03/15/11	A1		943
4,000,000		Abbott Laboratories	5.600	05/15/11	A1		4,016
3,150,000	g	Amgen, Inc	5.850	06/01/17	A2		3,099
2,500,000		Ecolab, Inc	6.875	02/01/11	A2		2,598
3,000,000		Genentech, Inc	5.250	07/15/35	A1		2,642
1,500,000		Lubrizol Corp	4.625	10/01/09	Baa3		1,470
5,000,000		Praxair, Inc	3.950	06/01/13	A2		4,579
		TOTAL CHEMICALS AND ALLIED PRODUCTS					19,347

COMMUNICATIONS - 0.60%
6,000,000		Alamosa Delaware, Inc	11.000	07/31/10	Baa3		6,352
4,343,000		Alamosa Delaware, Inc	8.500	01/31/12	Baa3		4,555
2,205,000	g	ALLTEL Ohio LP	8.000	08/15/10	A2		2,232
1,184,000		AT&T Corp	7.300	11/15/11	A2		1,260
3,000,000		AT&T, Inc	5.100	09/15/14	A2		2,864
4,000,000		AT&T, Inc	5.625	06/15/16	A2		3,902
1,000,000		AT&T, Inc	6.150	09/15/34	A2		958
3,804,966		Bellsouth Telecommunications, Inc	6.300	12/15/15	A2		3,852
2,500,000		New Cingular Wireless Services, Inc	7.875	03/01/11	A3		2,688
1,500,000		New Cingular Wireless Services, Inc	8.750	03/01/31	A3		1,873
8,500,000		Sprint Capital Corp	8.375	03/15/12	Baa3		9,262
5,000,000	g	Time Warner Cable, Inc	5.400	07/02/12	Baa2		4,908
2,500,000	g	Time Warner Cable, Inc	5.850	05/01/17	Baa2		2,430
2,500,000	g	Time Warner Cable, Inc	6.550	05/01/37	Baa2		2,413

267

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)
$ 1,500,000		Verizon Communications, Inc	5.850%	09/15/35	A3	$	1,377
4,000,000		Verizon New Jersey, Inc	5.875	01/17/12	A3		3,984
		TOTAL COMMUNICATIONS					54,910

DEPOSITORY INSTITUTIONS - 2.11%
1,300,000		Amsouth Bank	4.850	04/01/13	A1		1,236
1,000,000		Astoria Financial Corp	5.750	10/15/12	A2		992
5,000,000		Bank of America Corp	4.875	09/15/12	Aa1		4,847
5,000,000		Bank of America NA	5.300	03/15/17	Aa1		4,766
5,250,000		Bank of America NA	6.000	10/15/36	Aa1		5,062
3,000,000		Bank of Hawaii	6.875	03/01/09	A1		3,063
1,000,000	i	Bank of New York Co, Inc	3.400	03/15/13	Aa3		985
1,500,000	i	BB&T Capital Trust IV	6.820	06/12/57	A1		1,497
2,500,000		Capital One Bank	4.250	12/01/08	A2		2,459
3,000,000	g	Corestates Capital Trust I	8.000	12/15/26	A1		3,107
5,300,000	g	Depfa ACS Bank	5.125	03/16/37	Aaa		4,856
6,500,000		FIA Card Services NA	7.125	11/15/12	Aa1		6,957
3,000,000		First Union National Bank of Florida	6.180	02/15/36	Aa2		3,089
5,000,000		Firstar Bank NA	7.125	12/01/09	Aa2		5,193
2,000,000		Greenpoint Financial Corp	3.200	06/06/08	A3		1,958
5,965,000		Imperial Capital Trust I	9.980	12/31/26	A3		6,294
2,500,000		Independence Community Bank Corp	4.900	09/23/10	A3		2,444
2,000,000		KeyBank NA	5.000	07/17/07	A1		2,000
5,000,000		M&I Marshall & Ilsley Bank	5.300	09/08/11	Aa3		4,948
5,000,000	i	Manufacturers & Traders Trust Co	5.629	12/01/21	A2		4,788
5,000,000		Mellon Funding Corp	6.400	05/14/11	Aa3		5,141
5,000,000		Mercantile Bankshares Corp	4.625	04/15/13	A2		4,700
1,250,000		Mercantile-Safe Deposit & Trust Co	5.700	11/15/11	N/R		1,259
1,250,000		National City Bank	7.250	07/15/10	N/R		1,305
5,000,000		NB Capital Trust IV	8.250	04/15/27	Aa2		5,194
2,140,000	g	OMX Timber Finance Investments LLC Series 1	5.420	01/29/20	Aa3		2,020
3,000,000		Popular North America, Inc	3.875	10/01/08	A2		2,934
2,000,000		Popular North America, Inc	5.650	04/15/09	A2		1,995
5,000,000		Regions Bank	6.450	06/26/37	A1		5,042
4,700,000		Republic New York Corp	7.530	12/04/26	A1		4,877
1,400,000		Roslyn Bancorp, Inc	5.750	11/15/07	A3		1,396
7,185,000		Roslyn Bancorp, Inc	7.500	12/01/08	A3		7,339
4,000,000		SouthTrust Bank	6.565	12/15/27	Aa2		4,161
1,365,000		SouthTrust Bank	6.125	01/09/28	Aa2		1,372
3,000,000		Sovereign Bank	4.000	02/01/08	A2		2,975
2,000,000		State Street Bank & Trust Co	5.250	10/15/18	Aa2		1,884
7,312,000		State Street Corp	7.650	06/15/10	A1		7,741
10,228,000		SunTrust Banks, Inc	6.000	02/15/26	A1		10,077
1,475,000		SunTrust Banks, Inc	6.000	01/15/28	N/R		1,504
4,000,000		Union Bank of California NA	5.950	05/11/16	A1		3,978
1,112,000		US Bank NA	6.375	08/01/11	Aa2		1,145
3,000,000		US Bank NA	6.300	02/04/14	Aa2		3,084
2,000,000		Wachovia Bank NA	5.850	02/01/37	Aa2		1,883
6,000,000		Wachovia Corp	5.300	10/15/11	Aa3		5,939
3,000,000		Wachovia Corp	5.750	06/15/17	Aa3		2,966
3,000,000		Washington Mutual Bank	5.650	08/15/14	A2		2,914
5,000,000		Webster Bank	5.875	01/15/13	A3		4,940
3,500,000		Wells Fargo & Co	4.875	01/12/11	Aa1		3,433
1,500,000		Wells Fargo Bank NA	6.450	02/01/11	Aa1		1,544
5,000,000		Wells Fargo Bank NA	4.750	02/09/15	Aa1		4,686
3,000,000		Wells Fargo Bank NA	5.950	08/26/36	Aa1		2,940

268

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)
$ 5,750,000		Western Financial Bank	9.625%	05/15/12	Aa2	$	6,163
5,000,000	i	World Savings Bank FSB	5.470	09/16/09	Aa1		5,001
		TOTAL DEPOSITORY INSTITUTIONS					194,073

EATING AND DRINKING PLACES - 0.06%
5,000,000		McDonald's Corp	5.750	03/01/12	A2		5,028
		TOTAL EATING AND DRINKING PLACES					5,028

ELECTRIC, GAS, AND SANITARY SERVICES - 0.89%
4,000,000		AGL Capital Corp	6.000	10/01/34	Baa1		3,732
5,000,000		Atmos Energy Corp	5.125	01/15/13	Baa3		4,789
2,000,000		Connecticut Light & Power	5.750	03/01/37	A3		1,870
5,000,000	g,h	Great River Energy	5.829	07/01/17	Aaa		5,010
5,000,000		Hawaiian Electric Industries, Inc	6.141	08/15/11	Baa2		5,040
3,000,000		Idaho Power Co	7.200	12/01/09	A3		3,116
5,000,000		Idaho Power Co	5.500	04/01/33	A3		4,566
7,500,000	g	International Transmission Co	4.450	07/15/13	A3		6,942
1,550,000		Laclede Gas Co	6.500	11/15/10	A3		1,588
2,500,000		Laclede Gas Co	6.150	06/01/36	A3		2,489
5,000,000		National Fuel Gas Co	6.000	03/01/09	Baa1		5,030
6,000,000		Nevada Power Co	6.650	04/01/36	Ba1		6,020
2,000,000		Nicor, Inc	6.580	02/15/28	A1		2,115
4,000,000		ONEOK Partners LP	5.900	04/01/12	Baa2		4,023
2,185,000	g	Pedernales Electric Cooperative	6.202	11/15/32	N/R		2,211
2,000,000		Piedmont Natural Gas Co	7.350	09/25/09	A3		2,073
2,000,000		Puget Sound Energy, Inc	6.274	03/15/37	Baa2		1,959
5,000,000		Questar Market Resources, Inc	6.050	09/01/16	Baa3		4,971
2,000,000		Questar Pipeline Co	6.570	09/26/11	A2		2,063
2,500,000		Texas Eastern Transmission LP	7.300	12/01/10	A3		2,628
5,000,000		Washington Gas Light Co	5.440	08/11/25	A2		4,599
5,000,000		Wisconsin Public Service Corp	6.125	08/01/11	Aa3		5,089
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES					81,923

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 0.09%
3,500,000		Cisco Systems, Inc	5.500	02/22/16	A1		3,417
5,000,000		Hubbell, Inc	6.375	05/15/12	A3		5,178
		TOTAL ELECTRONIC AND OTHER
		ELECTRIC EQUIPMENT					8,595

FABRICATED METAL PRODUCTS - 0.07%
2,000,000		Pentair, Inc	7.850	10/15/09	Baa3		2,084
4,000,000		Stanley Works	5.000	03/15/10	A2		3,957
		TOTAL FABRICATED METAL PRODUCTS					6,041

FOOD AND KINDRED PRODUCTS - 0.38%
5,000,000		Bottling Group LLC	4.625	11/15/12	Aa2		4,797
5,000,000		Campbell Soup Co	5.000	12/03/12	A3		4,854
6,700,000		Coca-Cola Bottling Co Consolidated	5.000	11/15/12	Baa2		6,437
5,000,000		Coca-Cola Enterprises, Inc	8.500	02/01/22	A3		6,100
5,000,000		Kellogg Co	6.600	04/01/11	A3		5,160
5,000,000		PepsiAmericas, Inc	5.625	05/31/11	Baa1		4,982
2,500,000		WM Wrigley Jr Co	4.650	07/15/15	A1		2,317
		TOTAL FOOD AND KINDRED PRODUCTS					34,647

269

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)

FOOD STORES - 0.06%

$ 5,000,000		Kroger Co	8.050%	02/01/10	Baa2	$	5,277
		TOTAL FOOD STORES					5,277

FURNITURE AND FIXTURES - 0.04%
4,000,000		Leggett & Platt, Inc	4.700	04/01/13	A2		3,765
		TOTAL FURNITURE AND FIXTURES					3,765

GENERAL BUILDING CONTRACTORS - 0.11%
3,000,000		Lennar Corp	5.125	10/01/10	Baa2		2,907
3,000,000	e	M/I Homes, Inc	6.875	04/01/12	Ba3		2,715
3,000,000		MDC Holdings, Inc	5.375	07/01/15	Baa3		2,725
2,000,000		Ryland Group, Inc	5.375	05/15/12	Baa3		1,889
		TOTAL GENERAL BUILDING CONTRACTORS					10,236

GENERAL MERCHANDISE STORES - 0.05%
5,000,000		Target Corp	5.375	05/01/17	A1		4,795
		TOTAL GENERAL MERCHANDISE STORES					4,795

HEALTH SERVICES - 0.02%
1,500,000		Quest Diagnostics, Inc	6.400	07/01/17	Baa3		1,514
		TOTAL HEALTH SERVICES					1,514

HOLDING AND OTHER INVESTMENT OFFICES - 0.28%
2,500,000		AMB Property LP	5.450	12/01/10	Baa1		2,486
5,000,000		Archstone-Smith Trust	7.500	02/15/14	Baa1		5,333
3,000,000	g	Highwoods Properties, Inc	5.850	03/15/17	Ba1		2,886
5,000,000		Kimco Realty Corp	5.304	02/22/11	Baa1		4,935
2,000,000		Simon Property Group LP	5.875	03/01/17	A3		1,984
5,500,000		Washington Real Estate Investment Trust	6.898	02/25/08	Baa1		5,548
3,000,000		Washington Real Estate Investment Trust	5.125	03/15/13	Baa1		2,947
		TOTAL HOLDING AND OTHER INVESTMENT
		OFFICES					26,119

INDUSTRIAL MACHINERY AND EQUIPMENT - 0.17%
4,340,000		Deere & Co	8.100	05/15/30	A2		5,354
10,065,000	g	Pall Corp	6.000	08/01/12	Baa1		9,988
		TOTAL INDUSTRIAL MACHINERY AND
		EQUIPMENT					15,342

INSTRUMENTS AND RELATED PRODUCTS - 0.34%
5,000,000		Beckman Coulter, Inc	6.875	11/15/11	Baa3		5,111
4,500,000		Becton Dickinson & Co	7.150	10/01/09	A2		4,659
5,000,000		Boston Scientific Corp	6.250	11/15/15	Baa3		4,792
6,450,000		CR Bard, Inc	6.700	12/01/26	Baa1		6,649
2,000,000		Johnson & Johnson	4.950	05/15/33	Aaa		1,779
3,500,000		Medtronic, Inc	4.750	09/15/15	A1		3,243
3,000,000		Thermo Fisher Scientific, Inc	7.625	10/30/08	Baa2		3,065
2,000,000		Thermo Fisher Scientific, Inc	5.000	06/01/15	Baa2		1,846
		TOTAL INSTRUMENTS AND RELATED
		PRODUCTS					31,144

INSURANCE CARRIERS - 0.82%
3,000,000		Aetna, Inc	6.625	06/15/36	A3		3,046
2,800,000	g	Anthem Insurance Co, Inc	9.125	04/01/10	A3		3,055
3,000,000	i	Chubb Corp	6.375	03/29/37	A3		2,917
3,500,000		Cincinnati Financial Corp	6.125	11/01/34	A2		3,386

270


COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)
$ 3,000,000		First American Corp	5.700%	08/01/14	Baa2	$	2,907
2,500,000	i	Hartford Life Global Funding Trusts	5.460	03/15/11	Aa3		2,503
5,000,000	g	Health Care Service Corp	7.750	06/15/11	A1		5,343
1,200,000	g	Jackson National Life Global Funding	6.125	05/30/12	A1		1,227
5,000,000	g,i	Jefferson-Pilot Life Funding Trust I	3.250	06/02/08	Baa3		5,001
1,945,000	g	John Hancock Global Funding II	7.900	07/02/10	Aa2		2,076
5,000,000		Markel Corp	7.000	05/15/08	Baa3		5,043
2,000,000		Markel Corp	6.800	02/15/13	Baa3		2,045
3,000,000		Markel Corp	7.350	08/15/34	Baa3		3,099
5,000,000	g	Nationwide Life Global Funding I	5.350	03/15/11	Aa3		4,970
5,000,000	g	New York Life Global Funding	4.625	08/16/10	Aaa		4,915
4,900,000	g	Ohio National Financial Services, Inc	7.000	07/15/11	Baa1		5,110
3,500,000	g	Pricoa Global Funding I	4.625	06/25/12	Aa3		3,336
2,500,000	g	Principal Life Global Funding I	5.125	10/15/13	Aa2		2,447
1,036,000		Protective Life Corp	4.300	06/01/13	A3		959
2,500,000		Protective Life Secured Trusts	4.850	08/16/10	Aa3		2,458
2,500,000		Protective Life Secured Trusts	4.000	04/01/11	Aa3		2,372
1,500,000	g	Prudential Funding LLC	6.600	05/15/08	A1		1,513
2,500,000	g	Prudential Funding LLC	6.750	09/15/23	A1		2,597
2,000,000		WellPoint, Inc	5.875	06/15/17	Baa1		1,978
1,500,000		WellPoint, Inc	5.850	01/15/36	Baa1		1,367
		TOTAL INSURANCE CARRIERS					75,670

MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.05%
5,000,000		Harsco Corp	5.125	09/15/13	A3		4,828
		TOTAL MISCELLANEOUS MANUFACTURING
		INDUSTRIES					4,828

MISCELLANEOUS RETAIL - 0.08%
3,000,000		CVS Caremark Corp	5.750	06/01/17	Baa2		2,894
4,418,835	g	CVS Caremark Corp	5.298	01/11/27	Baa2		4,098
		TOTAL MISCELLANEOUS RETAIL					6,992

MOTION PICTURES - 0.19%
6,000,000		Historic TW, Inc	6.625	05/15/29	Baa2		5,829
5,234,000		Time Warner Entertainment Co LP	10.150	05/01/12	Baa2		6,138
2,000,000		Time Warner, Inc	5.500	11/15/11	Baa2		1,979
3,000,000		Walt Disney Co	5.700	07/15/11	A2		3,024
		TOTAL MOTION PICTURES					16,970

NONDEPOSITORY INSTITUTIONS - 0.79%
5,000,000	e,i	American Express Credit Corp	5.470	10/04/10	Aa3		5,010
28,600,000	g	BA Covered Bond Issuer	5.500	06/14/12	Aaa		28,697
4,000,000		Capital One Financial Corp	5.700	09/15/11	A3		3,982
5,000,000		Capital One Financial Corp	5.500	06/01/15	A3		4,804
2,000,000		CIT Group, Inc	5.400	02/13/12	A2		1,959
2,500,000	i	Countrywide Financial Corp	5.780	05/07/12	A3		2,501
4,000,000	g	IBM Canada Credit Services Co	3.750	11/30/07	A1		3,978
2,000,000		John Deere Capital Corp	7.000	03/15/12	A2		2,114
6,000,000		Residential Capital LLC	6.500	04/17/13	Baa3		5,795
10,000,000		SLM Corp	5.400	10/25/11	A2		9,175
5,000,000		SLM Corp	5.375	05/15/14	A2		4,309
		TOTAL NONDEPOSITORY INSTITUTIONS					72,324

OIL AND GAS EXTRACTION - 0.52%
5,000,000		Apache Corp	5.250	04/15/13	A3		4,907

271


COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)
$ 3,000,000		Apache Corp	6.000%	01/15/37	A3	$	2,862
3,500,000		Chesapeake Energy Corp	6.500	08/15/17	Ba2		3,316
3,900,000		Devon OEI Operating, Inc	4.375	10/01/07	Baa3		3,889
5,700,000		ENSCO International, Inc	6.750	11/15/07	Baa1		5,725
8,500,000	g	EOG Resources Canada, Inc	4.750	03/15/14	A3		8,053
2,000,000		Equitable Resources, Inc	5.000	10/01/15	A2		1,861
2,000,000		Noble Energy, Inc	8.000	04/01/27	Baa2		2,264
7,775,000		Smith International, Inc	6.750	02/15/11	Baa1		8,000
2,000,000		Valero Logistics Operations LP	6.050	03/15/13	Baa3		1,999
5,000,000		XTO Energy, Inc	6.250	04/15/13	Baa2		5,089
		TOTAL OIL AND GAS EXTRACTION					47,965

OTHER MORTGAGE BACKED SECURITIES - 2.84%
6,000,000		Banc of America Commercial Mortgage, Inc
		Series 2002-2 (Class A3)	5.118	07/11/43	N/R		5,877
10,000,000	i	Banc of America Commercial Mortgage, Inc
		Series 2004-4 (Class A6)	4.877	07/10/42	N/R		9,496
3,000,000	i	Banc of America Commercial Mortgage, Inc
		Series 2005-1 (Class B)	5.143	11/10/42	N/R		2,880
8,370,000	i	Banc of America Commercial Mortgage, Inc
		Series 2005-5 (Class AJ)	5.330	10/10/45	Aaa		8,002
1,375,000	i	Banc of America Commercial Mortgage, Inc
		Series 2005-6 (Class AJ)	5.353	09/10/47	Aaa		1,318
2,000,000	i	Banc of America Commercial Mortgage, Inc
		Series 2006-2 (Class A4)	5.930	05/10/45	N/R		1,994
4,800,000		Banc of America Commercial Mortgage, Inc
		Series 2006-4 (Class A4)	5.634	07/10/46	Aaa		4,713
3,350,000		Banc of America Commercial Mortgage, Inc
		Series 2006-5 (Class A4)	5.414	09/10/47	Aaa		3,244
5,560,231		Banc of America Mortgage Securities Series 2006-1
		(Class A8)	6.000	05/01/36	Aaa		5,564
2,168,028		Bank of America Alternative Loan Trust Series 2004-8
		(Class 3A1)	5.500	09/25/19	Aaa		2,154
4,500,000	i	Bear Stearns Commercial Mortgage Securities
		Series 2005-PW10 (Class AJ)	5.615	12/11/40	Aaa		4,390
4,100,000	i	Bear Stearns Commercial Mortgage Securities
		Series 2006-PW11 (Class A4)	5.625	03/11/39	N/R		4,017
3,000,000	i	Bear Stearns Commercial Mortgage Securities
		Series 2006-PW12 (Class A4)	5.895	09/11/38	Aaa		2,987
5,375,000		Bear Stearns Commercial Mortgage Securities
		Series 2006-PW13 (Class A4)	5.540	09/11/41	N/R		5,256
3,000,000		Bear Stearns Commercial Mortgage Securities
		Series 2006-PW14 (Class A4)	5.201	12/11/38	N/R		2,856
2,000,000	i	Bear Stearns Commercial Mortgage Securities
		Series 2006-T22 (Class A4)	5.633	04/12/38	Aaa		1,969
4,000,000		Bear Stearns Commercial Mortgage Securities
		Series 2006-T24 (Class A4)	5.537	10/12/41	Aaa		3,912
10,500,000		Citigroup/Deutsche Bank Commercial Mortgage Trust
		Series 2006-CD3 (Class A5)	5.617	10/15/48	Aaa		10,312
9,175,844		Citimortgage Alternative Loan Trust Series 2006-A1
		(Class 2A1)	5.250	03/25/21	Aaa		8,909
4,077,764		Countrywide Home Loan Mortgage Pass Through
		Trust Series 2005-17 (Class 1A10)	5.250	09/25/35	N/R		4,029
4,500,000	i	Credit Suisse Mortgage Capital Certificates
		Series 2006-C1 (Class A4)	5.609	02/15/39	N/R		4,413

272

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)
$ 3,000,000	i	Credit Suisse Mortgage Capital Certificates
		Series 2006-C2 (Class A3)	5.847%	03/15/39	Aaa	$	2,972
4,800,000		Credit Suisse Mortgage Capital Certificates
		Series 2006-C4 (Class A3)	5.467	09/15/39	Aaa		4,657
5,000,000		Credit Suisse Mortgage Capital Certificates
		Series 2006-C5 (Class A3)	5.311	12/15/39	Aaa		4,793
7,000,000	i	Credit Suisse/Morgan Stanley Commercial Mortgage
		Certificate Series HC1A (Class A1)	5.510	05/15/23	Aaa		7,005
6,223,224		CS First Boston Mortgage Securities Corp Series 2005-5
		(Class 7A1)	6.000	07/25/35	Aaa		6,133
25,000,000		GS Mortgage Securities Corp II Series 2001-ROCK
		(Class A2)	6.624	05/03/18	Aaa		25,990
10,000,000	i	GS Mortgage Securities Corp II Series 2001-ROCK
		(Class BFL)	5.800	05/03/18	Aaa		10,145
3,000,000		GS Mortgage Securities Corp II Series 2006-GG8
		(Class A4)	5.560	11/10/39	Aaa		2,934
1,000,000		JP Morgan Chase Commercial Mortgage Securities
		Corp Series 2002-C1 (Class A3)	5.376	07/12/37	Aaa		989
9,000,000		JP Morgan Chase Commercial Mortgage Securities
		Corp Series 2003-CB6 (Class A2)	5.255	07/12/37	Aaa		8,791
6,000,000		JP Morgan Chase Commercial Mortgage Securities
		Corp Series 2007-CB18 (Class A4)	5.440	06/12/47	Aaa		5,798
5,000,000	i	JP Morgan Chase Commercial Mortgage Securities
		Corp Series 2007-LD11 (Class AJ)	6.007	06/15/49	Aaa		4,931
3,100,000		LB-UBS Commercial Mortgage Trust Series 2005-C3
		(Class A2)	4.553	07/15/30	Aaa		3,029
3,000,000	i	LB-UBS Commercial Mortgage Trust Series 2005-C5
		(Class AJ)	5.057	09/15/40	N/R		2,840
762,991		MASTR Asset Securitization Trust Series 2005-2
		(Class 3A1)	5.000	10/25/20	Aaa		748
10,000,000	i	Merrill Lynch Mortgage Trust Series 2003-KEY1
		(Class A4)	5.236	11/12/35	N/R		9,729
2,675,000	i	Merrill Lynch Mortgage Trust Series 2005-LC1
		(Class A4)	5.291	01/12/44	Aaa		2,580
1,300,000	i	Merrill Lynch Mortgage Trust Series 2006-C1
		(Class A4)	5.843	05/12/39	N/R		1,291
2,300,000	i	Merrill Lynch/Countrywide Commercial Mortgage
		Trust Series 2006-1 (Class A4)	5.608	02/12/39	N/R		2,248
10,000,000		Morgan Stanley Capital I Series 2005-HQ5 (Class A2)	4.809	01/14/42	N/R		9,851
5,000,000	i	Morgan Stanley Capital I Series 2006-HE1 (Class A2)	5.440	01/25/36	Aaa		4,998
4,400,000		Morgan Stanley Capital I Series 2006-HQ10 (Class A4)	5.328	11/12/41	Aaa		4,232
350,000	i	Morgan Stanley Capital I Series 2006-HQ8 (Class AJ)	5.641	03/12/44	Aaa		342
1,211,000	i	Morgan Stanley Capital I Series 2006-HQ9 (Class A4)	5.731	07/12/44	N/R		1,200
2,500,000	i	Morgan Stanley Capital I Series 2006-IQ11 (Class A4)	5.945	10/15/42	N/R		2,490
1,500,000	i	Morgan Stanley Capital I Series 2006-T21 (Class AJ)	5.273	10/12/52	Aaa		1,436
4,700,000	i	Morgan Stanley Capital I Series 2006-T23 (Class A4)	5.983	08/12/41	N/R		4,719
		Residential Funding Mortgage Security I Series 2004-S5
5,793,293		(Class 2A1)	4.500	05/25/19	N/R		5,475
		Wachovia Bank Commercial Mortgage Trust Series
3,000,000	i	2005-C20 (Class A7)	5.118	07/15/42	Aaa		2,868
		Wachovia Bank Commercial Mortgage Trust Series
2,700,000	i	2006-C24 (Class A3)	5.558	03/15/45	Aaa		2,644
		Wells Fargo Mortgage Backed Securities Trust Series
12,163,958		2003-16 (Class 2A1)	4.500	12/25/18	N/R		11,472
		Wells Fargo Mortgage Backed Securities Trust Series
2,884,680		2005-1 (Class 2A1)	5.000	01/25/20	Aaa		2,823

273

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)
		TOTAL OTHER MORTGAGE BACKED
		SECURITIES				$	260,445

PAPER AND ALLIED PRODUCTS - 0.05%
$ 5,000,000		Bemis Co, Inc	4.875%	04/01/12	Baa1		4,814
		TOTAL PAPER AND ALLIED PRODUCTS					4,814

PETROLEUM AND COAL PRODUCTS - 0.08%
6,500,000		Sunoco, Inc	4.875	10/15/14	Baa2		5,989
1,500,000		Valero Energy Corp	6.625	06/15/37	Baa3		1,498
		TOTAL PETROLEUM AND COAL PRODUCTS					7,487

PIPELINES, EXCEPT NATURAL GAS - 0.03%
2,500,000		Kinder Morgan Energy Partners LP	7.300	08/15/33	Baa2		2,612
		TOTAL PIPELINES, EXCEPT NATURAL GAS					2,612

PRINTING AND PUBLISHING - 0.11%
5,000,000		Dow Jones & Co, Inc	3.875	02/15/08	Baa1		4,950
2,500,000		Dun & Bradstreet Corp	5.500	03/15/11	N/R		2,485
3,000,000		EW Scripps Co	4.300	06/30/10	A2		2,896
		TOTAL PRINTING AND PUBLISHING					10,331

RAILROAD TRANSPORTATION - 0.13%
2,000,000		CSX Corp	6.000	10/01/36	Baa3		1,856
1,900,000		CSX Transportation, Inc	7.820	04/01/11	N/R		2,028
2,500,000		Norfolk Southern Corp	5.590	05/17/25	Baa1		2,269
4,815,000		Norfolk Southern Corp	5.640	05/17/29	Baa1		4,346
460,149	g	Sea-Land Service, Inc	6.600	01/02/11	Baa3		469
460,149	g	Sea-Land Service, Inc	6.600	01/02/11	Baa3		469
460,149	g	Sea-Land Service, Inc	6.600	01/02/11	Baa3		469
		TOTAL RAILROAD TRANSPORTATION					11,906

REAL ESTATE - 0.01%
1,000,000	g,i	USB Realty Corp	6.091	12/30/49	A1		981
		TOTAL REAL ESTATE					981

SECURITY AND COMMODITY BROKERS - 0.49%
2,292,000		Charles Schwab Corp	8.050	03/01/10	A2		2,425
3,000,000	i	Goldman Sachs Capital II	5.793	12/30/49	A2		2,928
3,000,000		Goldman Sachs Group, Inc	5.000	01/15/11	Aa3		2,942
2,500,000		Goldman Sachs Group, Inc	4.750	07/15/13	Aa3		2,362
2,000,000		Goldman Sachs Group, Inc	5.625	01/15/17	A1		1,915
7,000,000		Goldman Sachs Group, Inc	5.950	01/15/27	A1		6,616
5,000,000		Jefferies Group, Inc	6.450	06/08/27	Baa1		4,875
5,775,000		Legg Mason, Inc	6.750	07/02/08	A2		5,848
5,000,000	e	Merrill Lynch & Co, Inc	5.770	07/25/11	Aa3		5,029
5,000,000		Merrill Lynch & Co, Inc	6.220	09/15/26	A1		4,875
5,000,000		Merrill Lynch & Co, Inc	6.110	01/29/37	A1		4,697
		TOTAL SECURITY AND COMMODITY BROKERS					44,512

SOCIAL SERVICES - 0.12%
2,000,000		American National Red Cross	5.392	11/15/12	Aaa		2,009
4,000,000		American National Red Cross	5.567	11/15/17	Aaa		4,017
5,145,000		Salvation Army	5.637	09/01/26	Aaa		5,064
		TOTAL SOCIAL SERVICES					11,090

274

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)

STONE, CLAY, AND GLASS PRODUCTS - 0.05%
$ 2,500,000		3M Co	6.375%	02/15/28	Aa1	$	2,620
1,000,000		Martin Marietta Materials, Inc	5.875	12/01/08	Baa1		1,003
1,000,000		Martin Marietta Materials, Inc	6.875	04/01/11	Baa1		1,037
		TOTAL STONE, CLAY, AND GLASS PRODUCTS					4,660

TRANSPORTATION BY AIR - 0.12%
3,000,000		FedEx Corp	5.500	08/15/09	Baa2		2,996
5,000,000	i	JetBlue Airways Corp	5.810	11/15/16	Aaa		5,005
3,000,000		Southwest Airlines Co	5.125	03/01/17	Baa1		2,711
		TOTAL TRANSPORTATION BY AIR					10,712

TRANSPORTATION EQUIPMENT - 0.06%
4,136,012	g	Southern Capital Corp	5.700	06/30/22	Aaa		4,057
1,000,000		Union Tank CAR Co	6.790	05/01/10	A1		1,031
		TOTAL TRANSPORTATION EQUIPMENT					5,088

TRANSPORTATION SERVICES - 0.07%
1,732,992	g	GATX Corp	5.697	01/02/25	A3		1,633
5,000,000	g	TTX Co	3.875	03/01/08	Baa1		4,931
		TOTAL TRANSPORTATION SERVICES					6,564

TRUCKING AND WAREHOUSING - 0.05%
1,360,000		United Parcel Service of America, Inc (Step Bond
		8.375% until 04/01/20, 7.620% until 04/01/30)	8.375	04/01/30	Aaa		1,740
2,500,000		United Parcel Service, Inc	8.375	04/01/20	Aaa		3,064
		TOTAL TRUCKING AND WAREHOUSING					4,804

WHOLESALE TRADE-DURABLE GOODS - 0.03%
3,000,000		Reliance Steel & Aluminum Co	6.200	11/15/16	Baa3		2,929
		TOTAL WHOLESALE TRADE-DURABLE GOODS
							2,929

WHOLESALE TRADE-NONDURABLE GOODS - 0.18%
2,500,000		Procter & Gamble Co	8.750	06/01/22	Aa3		3,265
5,000,000		Procter & Gamble Co	5.550	03/05/37	Aa3		4,714
5,000,000		Sysco Corp	7.160	04/15/27	A1		5,502
3,000,000		Sysco International Co	6.100	06/01/12	A1		3,064
		TOTAL WHOLESALE TRADE-NONDURABLE					16,545
		GOODS

		TOTAL CORPORATE BONDS					1,553,590
		(Cost $1,580,821)

GOVERNMENT BONDS - 22.71%

AGENCY SECURITIES - 3.23%
3,836,078		Cal Dive I- Title XI, Inc	4.930	02/01/27	N/R		3,584
4,500,000		Egypt Government AID Bonds	4.450	09/15/15	Aaa		4,265
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		1,991
2,950,000		Federal Home Loan Mortgage Corp (FHLMC)	4.000	08/17/07	Aaa		2,945
7,500,000	e	FHLMC	5.125	10/24/07	Aaa		7,493
2,450,000		FHLMC	4.375	11/16/07	Aaa		2,441

275

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING +		(000)
$ 13,000,000		FHLMC	3.500%	05/21/08	Aaa	$	12,797
3,500,000		FHLMC	2.650	05/30/08	Aaa		3,418
10,000,000		FHLMC	5.000	09/16/08	Aaa		9,976
7,000,000		FHLMC	5.500	08/20/12	Aaa		7,055
8,500,000		FHLMC	5.750	06/27/16	Aa2		8,577
24,000,000	e	Federal National Mortgage Association (FNMA)	5.000	09/15/08	Aaa		23,942
12,500,000	e	FNMA	5.375	06/12/17	Aaa		12,399
10,963,000	j	Government Trust Certificate	0.000	11/15/07	N/R		10,768
4,000,000	j	Government Trust Certificate	0.000	04/01/21	N/R		1,868
5,007,000		Housing Urban Development	5.380	08/01/18	N/R		4,924
4,116,290		New Valley Generation II	5.572	05/01/20	Aaa		4,027
4,096,742		New Valley Generation III	4.929	01/15/21	Aaa		3,886
504,607		New Valley Generation III	4.687	01/15/22	Aaa		489
10,100,000	j	Overseas Private Investment Corp	0.000	09/15/08	N/R		11,558
2,500,000	j	Overseas Private Investment Corp	0.000	07/31/11	N/R		2,508
5,878,000		Overseas Private Investment Corp	4.050	11/15/14	N/R		5,580
3,189,375		Overseas Private Investment Corp	3.420	01/15/15	N/R		3,006
7,304,129		Overseas Private Investment Corp	3.740	04/15/15	N/R		6,935
4,688,000		Private Export Funding Corp	6.490	07/15/07	Aaa		4,689
2,858,000		Private Export Funding Corp	3.400	02/15/08	Aaa		2,824
3,500,000		Private Export Funding Corp	5.870	07/31/08	Aaa		3,522
3,800,000		Private Export Funding Corp	7.200	01/15/10	Aaa		3,976
5,000,000		Private Export Funding Corp	6.070	04/30/11	Aaa		5,140
10,000,000		Private Export Funding Corp	4.900	12/15/11	Aaa		9,859
26,585,000		Private Export Funding Corp	4.974	08/15/13	Aaa		26,088
40,435,000		Private Export Funding Corp	4.550	05/15/15	Aaa		38,220
10,860,000		Private Export Funding Corp	4.950	11/15/15	Aaa		10,434
11,900,000		Private Export Funding Corp	5.000	12/15/16	Aaa		11,505
16,025,000		Tennessee Valley Authority	5.880	04/01/36	N/R		16,699
7,831,855	g	US Trade Funding Corp	4.260	11/15/14	N/R		7,628
		TOTAL AGENCY SECURITIES					297,016

FOREIGN GOVERNMENT BONDS - 1.25%
1,500,000		Development Bank of Japan	4.250	06/09/15	Aaa		1,384
2,750,000		Eksportfinans A/S	5.000	02/14/12	Aaa		2,723
5,000,000		European Investment Bank	5.125	09/13/16	Aaa		4,894
2,000,000		European Investment Bank	4.875	02/15/36	Aaa		1,794
5,000,000	g	Federal Republic of Germany	3.875	06/01/10	Aaa		4,843
6,082,000		Hydro Quebec	8.400	01/15/22	Aa2		7,720
25,000,000	g	Hypothekenbank in Essen AG.	5.000	01/20/12	Aaa		24,670
5,000,000	g	International Finance Facility for Immunisation	5.000	11/14/11	Aaa		4,916
2,850,000		Italy Government International Bond	5.375	06/12/17	N/R		2,820
5,000,000		Landwirtschaftliche Rentenbank	5.125	02/01/17	Aaa		4,890
5,000,000		Oesterreichische Kontrollbank AG.	5.000	04/25/17	Aaa		4,830
10,000,000		Province of Manitoba Canada	5.000	02/15/12	Aa1		9,889
5,000,000		Province of Ontario	4.750	01/19/16	Aa1		4,786
7,500,000	e	Province of Quebec Canada	5.125	11/14/16	Aa2		7,295
5,000,000		Province of Quebec Canada	7.500	09/15/29	Aa2		6,105
10,000,000		Province of Saskatchewan Canada	8.000	02/01/13	Aa1		11,248
5,000,000		Svensk Exportkredit AB	4.125	10/15/08	Aa1		4,928
4,800,000		Svensk Exportkredit AB	5.125	03/01/17	Aa1		4,645
		TOTAL FOREIGN GOVERNMENT BONDS					114,380

MORTGAGE BACKED SECURITIES - 14.44%
1,381,401		Federal Home Loan Mortgage Corp (FHLMC)	6.000	09/15/16			1,390
6,000,000		FHLMC	5.000	06/15/29			5,855

276

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

COLLEGE RETIREMENT EQUITIES FUND
MONEY MARKET ACCOUNT
STATEMENT OF INVESTMENTS (Unaudited)
June 30, 2007

			MATURITY	VALUE
PRINCIPAL		RATE	DATE	(000)

SHORT-TERM INVESTMENTS - 99.73%

ASSET BACKED - 0.28%
$ 30,000,000	Honda Auto Receivables Owner Trust Series 2007-2 (Class A1)	5.326%	06/23/08	$	30,012
	TOTAL ASSET BACKED				30,012

CERTIFICATES OF DEPOSIT - 11.51%
50,000,000	Abbey National plc	5.300	08/16/07		49,998
35,000,000	Abbey National plc	5.300	08/17/07		34,998
49,500,000	Abbey National plc	5.300	09/04/07		49,496
25,000,000	American Express Bank FSB	5.280	07/05/07		25,000
25,000,000	American Express Bank FSB	5.270	07/10/07		25,000
32,000,000	American Express Bank FSB	5.280	07/18/07		32,000
25,000,000	American Express Centurion Bank	5.270	07/02/07		25,000
25,000,000	American Express Centurion Bank	5.280	07/12/07		25,000
50,000,000	American Express Centurion Bank	5.270	07/13/07		50,000
10,000,000	American Express Centurion Bank	5.280	07/23/07		10,000
7,000,000	American Express Centurion Bank	5.320	09/25/07		7,000
30,000,000	Barclays Bank plc	5.310	08/30/07		29,998
50,000,000	Calyon	5.290	08/07/07		49,998
50,000,000	Calyon	5.290	08/14/07		49,997
50,000,000	Calyon	5.295	08/24/07		49,997
40,000,000	Canadian Imperial Bank of Commerce	5.290	07/16/07		39,998
50,000,000	Deutsche Bank	5.315	07/17/07		49,998
50,000,000	Deutsche Bank	5.290	08/09/07		49,996
50,000,000	Deutsche Bank	5.290	08/15/07		49,997
40,000,000	Deutsche Bank	5.300	09/12/07		39,995
50,000,000	Dexia Banque	5.285	08/17/07		49,996
50,000,000	Dexia Banque	5.285	08/27/07		49,997
41,230,000	Dexia Banque	5.300	09/12/07		41,226
47,000,000	First Tennessee Bank NA	5.300	08/29/07		46,997
30,000,000	Fortis Bank N.V.	5.280	08/02/07		29,997
30,000,000	PNC Bank NA	5.330	10/17/07		29,999
50,000,000	Royal Bank of Canada	5.300	09/05/07		49,995
30,000,000	Royal Bank of Canada	5.300	09/07/07		29,997
30,000,000	Royal Bank of Canada	5.300	09/18/07		29,997
30,000,000	Royal Bank of Canada	5.305	09/20/07		29,998
14,590,000	Royal Bank of Canada	5.310	10/25/07		14,589
33,565,000	Societe Generale	5.280	07/09/07		33,565
36,045,000	Toronto Dominion Bank	5.315	07/12/07		36,044
15,000,000	UBS AG.	5.310	07/11/07		15,000
	TOTAL CERTIFICATES OF DEPOSIT				1,230,863

COMMERCIAL PAPER - 80.83%
7,200,000	Abbey National North America LLC	0.000	08/20/07		7,147
46,000,000	Abbey National North America LLC	0.000	08/27/07		45,617
4,070,000	Abbey National North America LLC	0.000	09/14/07		4,026
5,500,000	Abbey National North America LLC	0.000	09/25/07		5,432
5,000,000	Abbott Laboratories, Inc	0.000	07/09/07		4,993

		COLLEGE RETIREMENT EQUITIES FUND


Date: August 9, 2007		By: /s/ Herbert M. Allison, Jr.
		Herbert M. Allison, Jr.
		President and Chief Executive Officer

Date: August 9, 2007		By: /s/Herbert M. Allison. Jr.
		Herbert M. Allison, Jr.
		President and Chief Executive Officer
		(principal executive officer)

Date: August 9, 2007		By: /s/ Georganne C. Proctor
		Georganne C. Proctor
		Executive Vice President and Chief Financial Officer
		(principal financial officer)