N-CSR 1 c51933_ncsr.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number File No. 811-4415

 

 

 

 

COLLEGE RETIREMENT EQUITIES FUND

 

 

 

 

(Exact name of Registrant as specified in charter)

 

 

 

 

 

730 Third Avenue, New York, New York 10017-3206

 

 

 

 

(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: December 31, 2007

Item 1. Reports to Stockholders.

(COVER PAGE)

2007 ANNUAL REPORT

COLLEGE RETIREMENT
EQUITIES FUND

DECEMBER 31, 2007
Audited financial statements

Stock

Bond Market

Global Equities

Inflation-Linked Bond

Growth

Social Choice

Equity Index

Money Market

SIGN UP FOR ELECTRONIC DELIVERY AT

www.tiaa-cref.org

PERFORMANCE OVERVIEW AS OF DECEMBER 31, 2007

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total return

 

Average annual total returns

 

 

 

 

 

 

 

 

Inception date

 

1 year

 

5 years

 

10 years

 

since
inception

 

EQUITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CREF Stock

 

 

8/1/1952

 

 

7.99

%

 

15.20

%

 

6.60

%

 

10.56

%

CREF Global Equities

 

 

5/1/1992

 

 

10.07

 

 

16.84

 

 

6.37

 

 

9.76

*

CREF Growth

 

 

4/29/1994

 

 

16.73

 

 

11.99

 

 

2.89

 

 

8.41

*

CREF Equity Index

 

 

4/29/1994

 

 

4.70

 

 

13.13

 

 

5.90

 

 

10.58

*

FIXED INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CREF Bond Market

 

 

3/1/1990

 

 

5.97

 

 

4.16

 

 

5.74

 

 

7.05

*

CREF Inflation-Linked Bond

 

 

5/1/1997

 

 

11.04

 

 

5.76

 

 

7.03

 

 

6.85

*

EQUITIES & FIXED INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CREF Social Choice

 

 

3/1/1990

 

 

4.81

 

 

9.57

 

 

6.06

 

 

9.75

*

MONEY MARKET

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CREF Money Market†

 

 

4/1/1988

 

 

4.90

 

 

2.84

 

 

3.64

 

 

4.72

*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET ANNUALIZED YIELD

 

 

 

 

NET ANNUALIZED YIELD

 

(30-day period ended 12/31/2007)

 

 

 

 

(7-day period ended 12/24/2007)

 

 

 

 

Effective

 

 

 

 

 

 

 

Current

 

Effective

 

CREF Bond Market

 

 

4.65%

 

CREF Money Market†

 

 

4.36

%

 

4.45

%

 

 

 

*

The performance shown is computed from the inception date of the account (the date on which the account became publicly available). Previously, performance for this account was computed from the day prior to the inception date.

 

 

†

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 eight CREF accounts and describes the accounts’ results for the year ended December 31, 2007.

          Please note that Morningstar now rates the performance of group variable annuities by comparing them with mutual funds that have similar objectives. Previously, Morningstar compared such annuities with other annuities. Reflecting this change, we now show the performance of the relevant Morningstar mutual fund categories in this report’s performance commentaries, tables and graphs.

          In addition, Morningstar has changed the method it uses to calculate the category return of a $10,000 investment over ten years. The new method calculates that return by linking the monthly returns of those funds in the category that operated during all or part of that period, on a month-by-month basis. Previously, the return was calculated using all funds in the category on the last day of the 10-year period.

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

In 2007 the U.S. stock market posted a gain for the fifth calendar year in a row, but the year’s advance was trimmed by a decline in the fourth quarter, when concerns about the housing market and the subprime mortgage crisis negatively affected investor sentiment, resulting in lower equity prices.

          For the year, U.S. stocks returned 5.1%, as measured by the broad-based Russell 3000® Index. The heightened volatility sent many investors seeking safety in bonds, and, as a result, the Lehman Brothers U.S. Aggregate Index, which measures the return of investment-grade bonds, returned 7%. For the first time since 2002, bonds outperformed stocks in the U.S. markets.

          Worries about the domestic economy also took their toll on stocks abroad. The MSCI EAFE®+ Canada Index, which tracks 22 stock markets in developed nations outside the United States, returned just 4% in terms of local currencies. However, the rising strength of many foreign currencies, notably the euro and the pound, amplified those gains for U.S. investors. When converted into dollars, the return of the EAFE+Canada index was 12.4%.

          Among EAFE stocks, German stocks led the way, jumping 35.2%, while Japanese stocks posted a 4.2% decline.

Five of the CREF accounts outperform their peers

Four of the eight CREF accounts outpaced the average returns of their respective Morningstar categories (and, in the case of the Money Market Account, the average U.S. money market fund). The key to this superior performance was two-fold: successful selection of individual securities and low expenses.

          The year’s best result came from the Growth Account. Its 16.7% gain outpaced its Morningstar category by more than three percentage points and its benchmark index by nearly five points.

          The Inflation-Linked Bond Account posted a return of 11%, beating its Morningstar group by more than one percentage point but trailing its benchmark index.

          The Global Equities Account gained 10%, about one-and-a-quarter percentage points behind its Morningstar peers but more than one point ahead of its benchmark. The Stock Account benefited from its component of foreign stocks, posting a return of 8%. That return was nearly two percentage points ahead of its Morningstar category and three-quarters of a point ahead of its composite benchmark.

          The Bond Market Account returned 6%, about one-and-a-quarter percentage points ahead

 

 

2

2007 Annual Report § College Retirement Equities Fund

 

 
  (PHOTO OF EDWARD J. GRZYBOWSKI)
 

Edward J. Grzybowski

 

Chief Investment Officer
TIAA-CREF Investment Management, LLC

of its Morningstar group but one percentage point lower than its benchmark index.

          The Social Choice Account gained 4.8%, lagging its Morningstar category by more than a percentage point and its composite benchmark by 1.45 percentage points. The account’s social screens prevented it from owning a number of stocks that posted outsized returns during the year.

          The Equity Index Account rose 4.7%, trailing its benchmark by less than half a percentage point, and the Morningstar category, which includes actively managed funds, by about one-and-a-half percentage points.

          The Money Market Account’s 4.9% return was above the prevailing money market average, as measured by iMoneyNet.

Diversifying your portfolio for consistent growth

While no investment strategy can guarantee against loss, diversifying your assets among different types of investments helps to lower risk and often smoothes out returns over time.

          No one knows which area of investments will perform best in the future, so allocating your assets broadly is the best way to ensure that, when a given area does well, you will be able to share in its rewards.

Diversification can also limit your losses when declines occur in one investment area but not in others.

          Our goal is to provide investment choices that can be combined to create a diversified portfolio with the potential for consistent growth. Of course, the right mix of investments depends on your financial needs, your time horizon and 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 Annual Report

3

MORE INFORMATION FOR CREF PARTICIPANTS

Portfolio listings

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

          You can obtain a complete list of CREF’s holdings (called “CREF Statements of Investments”) as of the most recently completed fiscal quarter (currently for the period ended December 31, 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 Annual Report § College Retirement Equities Fund

SPECIAL TERMS

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

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

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

Benchmarks (benchmark indexes) are groups of securities, such as the Russell 3000® Index or MSCI EAFE®+Canada 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 annual 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 or funds with similar objectives whose performance can be compared with that of an individual variable annuity or fund 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 account’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 Russell Investment Group. TIAA-CREF products are not promoted or sponsored by, or affiliated with, Russell Investment Group. EAFE (which stands for Europe, Australasia, Far East) is a trademark of Morgan Stanley Capital International, Inc.

 

 

College Retirement Equities Fund § 2007 Annual 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 July 1, 2007, and held for six months until December 31, 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 Annual Report § College Retirement Equities Fund

CREF STOCK ACCOUNT U.S. AND FOREIGN STOCKS

PERFORMANCE IN THE TWELVE MONTHS ENDED DECEMBER 31, 2007

The CREF Stock Account returned 7.99% for the year, compared with the 7.27% gain of its composite benchmark, a weighted average of the Russell 3000® Index, the MSCI EAFE®+Canada Index and the MSCI Emerging Markets IndexSM.

          The average return of the account’s peers, as defined by the Morningstar Large Blend category, was 6.16%. The Morningstar category included 2,090 funds as of December 31, 2007.

Fourth-quarter slide dampens stock gains

Both U.S. and foreign stocks posted positive returns in 2007, but these gains were generally limited to the first nine months of the year. In the fourth quarter, stocks declined amid worrisome economic news and heightened market volatility.

          For the year, the Russell 3000 Index, which measures the broad U.S. stock market, advanced 5.14%, and the MSCI EAFE+Canada Index, which tracks stocks in 22 developed foreign countries, rose 12.44% in dollar terms.

          The relative advantage of foreign over domestic stocks was due entirely to a weak dollar, which had the effect of boosting foreign stock gains (and cushioning losses) for U.S. investors. For the year, the EAFE+Canada index returned just 4.02% in terms of local currencies, lagging the Russell 3000. However, a surge in the value of the euro and the pound against the dollar turned this modest return into a double-digit gain in dollar terms.

          The MSCI Emerging Markets Index, which tracks stocks in 25 emerging markets, soared 39.39% in dollars during the year.

Foreign exposure and superior stock selections drive returns

By maintaining one-quarter of its total portfolio investments 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 primary contributors to the account’s outperformance were larger-than-benchmark weightings in Occidental Petroleum, Japanese game maker Nintendo, German drug maker Bayer and Denbury Resources, an independent Texas-based energy company.

          The positive effects of these holdings were partly offset by other positions that did not perform as anticipated, including overweights in credit risk manager Radian Group and Darden Restaurants, the parent company of the Red Lobster and Olive Garden chains. Underweights in British mining company Rio Tinto and ExxonMobil also detracted from the account’s return.

 

 

College Retirement Equities Fund § 2007 Annual Report

7

CREF STOCK ACCOUNT  U.S. AND FOREIGN STOCKS

INVESTMENT OBJECTIVE

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

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 IndexSM, 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 DECEMBER 31, 2007

 

 

 

Total
return

 

Average annual
total returns

 

Cumulative
total returns

 

 

 

 

 

 

 

 

1 year

 

5 years

 

10 years

 

5 years

 

10 years

 

CREF Stock Account

 

 

7.99

%

 

15.20

%

 

6.60

%

 

102.99

%

 

89.46

%

CREF Composite Benchmark

 

 

7.27

 

 

15.51

 

 

6.92

 

 

105.69

 

 

95.26

 

Benchmark components (percentage of composite index)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Russell 3000 Index (75.3%)

 

 

5.14

 

 

13.62

 

 

6.21

 

 

89.42

 

 

82.77

 

MSCI EAFE+Canada Index (22.6%)

 

 

12.44

 

 

22.10

 

 

9.02

 

 

171.57

 

 

137.31

 

MSCI Emerging Markets Index (2.1%)

 

 

39.39

 

 

37.00

 

 

—

 

 

382.95

 

 

—

 

Morningstar Large Blend

 

 

6.16

 

 

12.63

 

 

5.92

 

 

82.31

 

 

82.12

 

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.

Russell 3000 is a trademark and service mark of Russell Investment Group. TIAA-CREF products are not promoted or sponsored by, or affiliated with, Russell Investment Group. EAFE is a trademark of Morgan Stanley Capital International, Inc. MSCI Emerging Markets Index is a service mark of Morgan Stanley Capital International, Inc.

 

 

8

2007 Annual Report § College Retirement Equities Fund

$10,000 OVER 10 YEARS

(LINE GRAPH)

An investment of $10,000 in this account on January 1, 1998, would have grown to $18,946 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. (Note: Morningstar has changed its method of calculating the peer group return. For more information, please see page 1.)

CALENDAR YEAR TOTAL RETURNS SINCE 1998

(BAR CHART)

 

 

College Retirement Equities Fund § 2007 Annual Report

9

CREF STOCK ACCOUNT U.S. AND FOREIGN STOCKS

EXPENSE EXAMPLE

 

 

 

 

 

 

 

 

 

 

 

Six months ended December 31, 2007

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CREF Stock Account

 

Starting
account value
(7/1/07)

 

Ending
account value
(12/31/07)

 

Expenses paid*
(7/1/07–
12/31/07)

 

Actual return

 

$

1,000.00

 

$

990.59

 

$

2.61

 

5% annual hypothetical return

 

 

1,000.00

 

 

1,022.56

 

 

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 0.50%.

 

 

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

 

 

 

 

 

ACCOUNT PROFILE

 

 

 

 

 

 

Inception date

 

 

8/1/1952

 

Net assets

 

$

134.56 billion

 

2007 actual expense ratio

 

 

0.52%

 

Number of stocks

 

 

6,254

 

Portfolio turnover rate

 

 

49%

 

Weighted median market capitalization

 

$

37.8 billion

 

P/E ratio (weighted 12-month trailing average)

 

 

16.8

 

Dividend yield

 

 

1.95%

 

 

 

 

 

 

 

HOLDINGS BY COMPANY SIZE

 

 

 

 

 

 

% of portfolio investments

 

 

Over $15 billion

 

 

69.45

 

$4 billion–$15 billion

 

 

17.91

 

Under $4 billion

 

 

12.64

 

 

Total

 

 

100.00

 

 

 

 

 

 

HOLDINGS BY COUNTRY

 

 

 

 

 

 

% of portfolio investments

 

 

United States

 

 

74.9

 

United Kingdom

 

 

4.2

 

Japan

 

 

3.8

 

France

 

 

2.6

 

Germany

 

 

2.4

 

Switzerland

 

 

1.7

 

Canada

 

 

1.6

 

45 other nations

 

 

8.7

 

Short-term investments

 

 

0.1

 

 

Total

 

 

100.0

 

 

 

 

 

 

PORTFOLIO COMPOSITION

 

 

 

 

 

 

% of portfolio investments

 

 

Manufacturing & materials

 

 

24.9

 

Consumer products & services

 

 

22.2

 

Financial

 

 

21.4

 

Technology

 

 

14.8

 

Energy

 

 

10.2

 

Utilities

 

 

4.3

 

Transportation

 

 

2.1

 

Short-term investments

 

 

0.1

 

 

Total

 

 

100.0

 


 

 

10

2007 Annual Report § College Retirement Equities Fund

CREF GLOBAL EQUITIES ACCOUNT FOREIGN AND U.S. STOCKS

PERFORMANCE IN THE TWELVE MONTHS ENDED DECEMBER 31, 2007

The CREF Global Equities Account returned 10.07% for the year, compared with the 9.04% gain of its benchmark, the MSCI World IndexSM, and the 11.28% average return of its peers, as defined by the Morningstar World Stock category, which included 581 funds as of December 31, 2007.

Global stocks rise despite volatility

After posting a double-digit gain through September 2007, global stocks reversed course in the fourth quarter amid a sharp slowdown in the U.S. economy and fears that a worsening global credit crunch was beginning to take its toll on economic growth and corporate profits. The MSCI World Index declined 2.42% in the last three months of the year.

          For U.S. investors, a weaker dollar improved the benchmark’s performance during the year. In terms of local currencies, the benchmark fell 3.03% in the fourth quarter and rose 4.69% for the year, but the surging value of the euro and pound versus the dollar converted these to a 2.42% loss for the quarter and a 9.04% gain for the year, in dollars.

European stocks set the pace

During the year, the benchmark’s European segment climbed 13.9% in dollar terms, propelled by German stocks, which soared 35.2%. French and British stocks rose 13.2% and 8.4%, respectively. In the Pacific segment, a 4.2% loss by Japanese stocks partly offset the 30.7% gain of the benchmark’s other Pacific stocks. As a result, the segment posted a modest return of 5.3% in dollars. North American stocks, representing more than half of the benchmark’s market capitalization at year-end, returned 7.1% in dollars.

Stock selections elevate the account’s return

The account topped its benchmark because of numerous successful stock selections. Among the chief positive contributors were larger-than-benchmark weightings in Japanese game maker Nintendo, Norwegian solar energy company Renewable Energy Corp., French industrial giant Alstom and Finnish energy company Fortum. An underweighting in Citigroup also helped performance.

          These positive contributions were partly offset by positions that did not perform as anticipated, including overweights in Irish beverage company C&C Group and British bank Barclays, as well as underweights in ExxonMobil and Spanish telecommunications firm Telefonica. Nonbenchmark holdings such as U.S. network equipment provider Acme Packet also trimmed the account’s return.

 

 

College Retirement Equities Fund § 2007 Annual Report

11

CREF GLOBAL EQUITIES ACCOUNT FOREIGN AND U.S. STOCKS

INVESTMENT OBJECTIVE

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

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 MSCI World IndexSM is an aggregate of 23 country indexes in developed markets, including the United States. You cannot invest directly in this index.

 

PERFORMANCE AS OF DECEMBER 31, 2007

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total
return

 

Average annual
total returns

 

Cumulative
total returns

 

 

 

 

 

 

 

 

1 year

 

5 years

 

10 years

 

5 years

 

10 years

 

CREF Global Equities Account

 

10.07

%

 

16.84

%

 

6.37

%

 

117.82

%

 

85.54

%

 

MSCI World Index

 

9.04

 

 

16.95

 

 

6.98

 

 

118.87

 

 

96.38

 

 

Morningstar World Stock

 

11.28

 

 

18.24

 

 

8.45

 

 

133.03

 

 

135.03

 

 

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.

MSCI World Index is a service mark of Morgan Stanley Capital International, Inc.

 

 

12

2007 Annual Report § College Retirement Equities Fund

$10,000 OVER 10 YEARS

(LINE GRAPH)

An investment of $10,000 in this account on January 1, 1998, would have grown to $18,554 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. (Note: Morningstar has changed its method of calculating the peer group return. For more information, please see page 1.)

CALENDAR YEAR TOTAL RETURNS SINCE 1998

(BAR CHART)

 

 

College Retirement Equities Fund § 2007 Annual Report

13

CREF GLOBAL EQUITIES ACCOUNT FOREIGN AND U.S. STOCKS

EXPENSE EXAMPLE

 

 

 

 

 

 

 

 

 

 

 

Six months ended December 31, 2007

 

 

 

 

 

 

 

 

 

 

 

CREF Global Equities Account

 

Starting
account value
(7/1/07)

 

Ending
account value
(12/31/07)

 

Expenses paid*
(7/1/07–
12/31/07)

 

Actual return

 

$

1,000.00

 

$

1,008.97

 

$

2.83

 

5% annual hypothetical return

 

 

1,000.00

 

 

1,022.36

 

 

2.85

 

 

 

*

“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%.

 

 

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

 

 

 

 

 

ACCOUNT PROFILE

 

 

 

 

 

 

Inception date

 

 

5/1/1992

 

Net assets

 

$

17.46 billion

 

2007 actual expense ratio

 

 

0.56%

 

Number of stocks

 

 

2,375

 

Portfolio turnover rate

 

 

108%

 

Weighted median market capitalization

 

$

41.1 billion

 

P/E ratio (weighted 12-month trailing average)

 

 

16.0

 

Dividend yield

 

 

2.21%

 

 

 

 

 

 

 

HOLDINGS BY COMPANY SIZE

 

 

 

 

 

 

% of portfolio investments

 

 

Over $15 billion

 

 

74.38

 

$4 billion–$15 billion

 

 

18.56

 

Under $4 billion

 

 

7.06

 

 

Total

 

 

100.00

 

 

 

 

 

 

HOLDINGS BY COUNTRY

 

 

 

 

 

 

% of portfolio investments

 

 

United States

 

 

47.2

 

United Kingdom

 

 

9.8

 

Japan

 

 

7.4

 

France

 

 

6.7

 

Germany

 

 

4.9

 

Switzerland

 

 

3.4

 

Canada

 

 

3.3

 

34 other nations

 

 

17.0

 

Short-term investments

 

 

0.3

 

 

Total

 

 

100.0

 

 

 

 

 

 

PORTFOLIO COMPOSITION

 

 

 

 

 

 

% of portfolio investments

 

 

Financial

 

 

25.5

 

Manufacturing & materials

 

 

25.0

 

Consumer products & services

 

 

20.0

 

Technology

 

 

13.4

 

Energy

 

 

8.9

 

Utilities

 

 

4.3

 

Transportation

 

 

2.6

 

Short-term investments

 

 

0.3

 

 

Total

 

 

100.0

 


 

 

14

2007 Annual Report § College Retirement Equities Fund

CREF GROWTH ACCOUNT LARGE-CAP GROWTH STOCKS

PERFORMANCE IN THE TWELVE MONTHS ENDED DECEMBER 31, 2007

The CREF Growth Account returned 16.73% for the year, compared with the 11.81% gain of its benchmark, the Russell 1000® Growth Index, and the 13.35% average return of its peers, as defined by the Morningstar Large Growth category, which included 1,748 funds as of December 31, 2007.

Large-cap growth reverses trend; outperforms large-cap value

In 2007, large-cap growth stocks scored double-digit gains, while large-cap value issues fell 0.17%, as measured by the Russell 1000 Value Index. After lagging the large-cap value category in the first quarter of 2007, large-cap growth stocks rebounded and outperformed by nearly twelve percentage points for the remainder of the year.

          Reversing a longer trend, this marked the first year in the last eight in which large-cap growth stocks outperformed large-cap value issues.

          For the ten years ended December 31, 2007, the Russell 1000 Growth Index posted an average annual return of just 3.83%—less than half the 7.68% recorded by the Russell 1000 Value Index.

“Other energy” and technology sectors drive the benchmark

Nine of the benchmark’s twelve sectors recorded positive returns, with seven producing double-digit gains. The index was boosted by the“other energy” and technology sectors, which advanced 41% and 19.7%, respectively. Together these sectors made up more than 25% of the benchmark’s market capitalization as of December 31, 2007.

          In contrast, the financials sector gained just 2%, and the consumer discretionary sector lost 0.9%. These two sectors constituted more than one-quarter of the benchmark at year’s end.

Stock choices propel gains

The account beat its benchmark by nearly five percentage points on the strength of numerous successful nonbenchmark stock selections, including BlackBerry manufacturer Research in Motion and Japanese game maker Nintendo. The account also benefited from larger-than-benchmark weightings in stocks that included agricultural giant Monsanto and Apple.

          These positive contributions were partly offset by overweights that did not perform as expected, including International Game Technology and biotechnology firm Genentech.

          On December 31, 2007, foreign securities made up 4.24% 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 Annual Report

15

CREF GROWTH ACCOUNT LARGE-CAP GROWTH STOCKS

INVESTMENT OBJECTIVE

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

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 DECEMBER 31, 2007

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total
return

 

Average annual
total returns

 

Cumulative
total returns

 

 

 

 

 

 

 

 

1 year

 

5 years

 

10 years

 

5 years

 

10 years

 

CREF Growth Account

 

 

 16.73%

 

 

   11.99%

 

 

     2.89%

 

 

   76.21%

 

 

    32.92%

 

Russell 1000 Growth Index

 

 

11.81

 

 

12.10

 

 

  3.83

 

 

77.06

 

 

45.59

 

Morningstar Large Growth

 

 

13.35

 

 

12.75

 

 

  5.28

 

 

83.64

 

 

73.44

 

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.

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

 

 

16

2007 Annual Report § College Retirement Equities Fund

$10,000 OVER 10 YEARS

(LINE GRAPH)

An investment of $10,000 in this account on January 1, 1998, would have grown to $13,292 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. (Note: Morningstar has changed its method of calculating the peer group return. For more information, please see page 1.)

CALENDAR YEAR TOTAL RETURNS SINCE 1998

(BAR CHART)

 

 

College Retirement Equities Fund § 2007 Annual Report

17

CREF GROWTH ACCOUNT LARGE-CAP GROWTH STOCKS

EXPENSE EXAMPLE

Six months ended December 31, 2007

 

 

 

 

 

 

 

 

 

 

 

 

CREF Growth Account

 

Starting
account value
(7/1/07)

 

Ending
account value
(12/31/07)

 

Expenses paid*
(7/1/07–
12/31/07)

 

Actual return

 

$

1,000.00

 

$

1,071.73

 

$

2.87

 

5% annual hypothetical return

 

 

1,000.00

 

 

1,022.41

 

 

2.80

 

 

 

*

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

 

 

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

 

 

ACCOUNT PROFILE

 

 

Inception date

4/29/1994

Net assets

$13.88 billion

2007 actual expense ratio

0.55%

Number of stocks

739

Portfolio turnover rate

127%

Weighted median market capitalization

$39.8 billion

P/E ratio (weighted 12-month trailing average)

21.8

Dividend yield

0.97%

 

 

HOLDINGS BY COMPANY SIZE

 

 

 

% of portfolio investments

Over $15 billion

77.05

$4 billion–$15 billion

19.24

Under $4 billion

3.71

Total

100.00

 

 

PORTFOLIO COMPOSITION

 

 

 

% of portfolio investments

Consumer products & services

30.3

Manufacturing & materials

29.6

Technology

17.5

Financial

11.5

Energy

6.5

Transportation

1.7

Utilities

1.7

Short-term investments

1.2

Total

100.0


 

 

18

2007 Annual Report § College Retirement Equities Fund

CREF EQUITY INDEX ACCOUNT U.S. STOCKS

PERFORMANCE IN THE TWELVE MONTHS ENDED DECEMBER 31, 2007

The CREF Equity Index Account returned 4.70% for the year, compared with the 5.14% gain of its benchmark, the Russell 3000® Index, and the 6.16% average return of its peers, as defined by the Morningstar Large Blend category, which included 2,090 funds as of December 31, 2007.

Broad equity market slumps after strong first half

During the first six months of 2007, U.S. stocks produced an impressive 7.11% return, as measured by the Russell 3000 Index. In the year’s second half, however, the market struggled because of investor concerns about a slowing domestic economy and mounting default rates in the subprime credit markets. The Russell 3000 Index fell 1.84% during the last six months of the year.

          For the year, growth stocks outperformed value issues by wide margins across all three capitalization sizes, as defined by the Russell indexes. Large-cap growth stocks were the top performers, posting an 11.81% gain, while small-cap value stocks posted a 9.78% loss.

          U.S. stocks lagged foreign equities entirely because of the weakening dollar versus other currencies. The MSCI EAFE® Index, which measures stocks in developed foreign markets, climbed 11.17% in dollar terms.

          For the ten-year period ended December 31, 2007, the average annual return of the Russell 3000 Index was 6.21%—more than two percentage points below the 8.66% average annual gain registered by the EAFE.

Integrated oils and technology lead the way

During the period, nine of the benchmark’s twelve industry sectors posted positive returns, with six generating double-digit gains. The strongest positive contributions to performance came from the integrated oils and technology sectors, which rose 29.7% and 15.8%, respectively.

          These robust returns were partly offset by losses in the financials and consumer discretionary sectors, which fell 16.3% and 3.6%, respectively.

Largest stocks generally post strong results

In descending order according to capitalization size, the five largest stocks in the benchmark performed as follows: ExxonMobil, 24.3%; General Electric, 2.7%; Microsoft, 20.8%; AT&T, 20.6%; and Procter & Gamble, 16.6%.

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

 

 

College Retirement Equities Fund § 2007 Annual Report

19

CREF EQUITY INDEX ACCOUNT U.S. STOCKS

INVESTMENT OBJECTIVE

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

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 DECEMBER 31, 2007

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total
return

 

Average annual
total returns

 

Cumulative
total returns

 

 

 

 

 

 

 

 

1 year

 

5 years

 

10 years

 

5 years

 

10 years

 

CREF Equity Index Account

 

 

4.70

%

 

 

13.13

%

 

 

5.90

%

 

 

85.37

%

 

 

77.40

%

 

Russell 3000 Index

 

 

5.14

 

 

 

13.62

 

 

 

6.21

 

 

 

89.42

 

 

 

82.77

 

 

Morningstar Large Blend

 

 

6.16

 

 

 

12.63

 

 

 

5.92

 

 

 

82.31

 

 

 

82.12

 

 

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.

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

 

 

20

2007 Annual Report § College Retirement Equities Fund

$10,000 OVER 10 YEARS

(LINE GRAPH)

An investment of $10,000 in this account on January 1, 1998, would have grown to $17,740 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. (Note: Morningstar has changed its method of calculating the peer group return. For more information, please see page 1.)

CALENDAR YEAR TOTAL RETURNS SINCE 1998

(BAR CHART)

 

 

College Retirement Equities Fund § 2007 Annual Report

21

CREF EQUITY INDEX ACCOUNT U.S. STOCKS

EXPENSE EXAMPLE

Six months ended December 31, 2007

 

 

 

 

 

 

 

 

 

 

 

 

CREF Growth Account

 

Starting
account value
(7/1/07)

 

Ending
account value
(12/31/07)

 

Expenses paid*
(7/1/07–
12/31/07)

 

Actual return

 

$

1,000.00

 

$

977.27

 

$

2.33

 

5% annual hypothetical return

 

 

1,000.00

 

 

1,022.83

 

 

2.38

 

 

 

*

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

 

 

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

 

 

ACCOUNT PROFILE

 

 

Inception date

4/29/1994

Net assets

$11.47 billion

2007 actual expense ratio

0.47%

Number of stocks

2,874

Portfolio turnover rate

9%

Weighted median market capitalization

$37.8 billion

P/E ratio (weighted 12-month trailing average)

17.7

Dividend yield

1.77%

 

 

PORTFOLIO COMPOSITION

 

 

 

% of portfolio investments

Consumer products & services

23.7

Manufacturing & materials

23.5

Financial

19.4

Technology

16.0

Energy

11.0

Utilities

4.3

Transportation

2.0

Short-term investments

0.1

Total

100.0



 

 

HOLDINGS BY COMPANY SIZE

 

 

 

% of portfolio investments

Over $15 billion

68.61

$4 billion–$15 billion

17.64

Under $4 billion

13.75

Total

100.00
 


 

 

22

2007 Annual Report § College Retirement Equities Fund

CREF BOND MARKET ACCOUNT INTERMEDIATE-TERM BONDS

PERFORMANCE IN THE TWELVE MONTHS ENDED DECEMBER 31, 2007

The CREF Bond Market Account returned 5.97% for the year, compared with the 6.97% gain of its benchmark, the Lehman Brothers U.S. Aggregate Index, and the 4.70% average return of its peers, as defined by the Morningstar Intermediate-Term Bond category, which included 1,097 funds as of December 31, 2007.

Second-half rally lifts bonds

After posting a lackluster 0.98% return in the first half of 2007, the Lehman Brothers U.S. Aggregate Index, which tracks the investment-grade U.S. bond market, gained 5.93% in the second half. Bond prices were lifted by a broad “flight to quality” as investors sought safe havens from increasingly volatile equity markets. At the same time, reductions in short-term interest rates pulled longer-term yields lower, further boosting prices. (Yields and prices move in opposite directions.)

           The Federal Reserve had kept the federal funds rate (the interest rate U.S. commercial banks charge one another for overnight loans) at 5.25% since June 2006, citing inflation concerns. However, as the U.S. housing market deteriorated and fallout from the subprime lending crisis threatened the broader economy, the Fed cut the rate three times between September and December; at year-end, the rate stood at 4.25%.

Yield curve returns to normal

During 2007 bond yields fell across the maturity spectrum. The 2-year Treasury yield declined sharply, from 4.82% at the beginning of the year to 3.05% on December 31, while the 10-year yield slid from 4.71% to 4.04%. For the first time since 2004, the year-end relationship between the 2- and 10-year yields represented a normal yield curve, in which longer-dated issues have higher yields to compensate for their greater inflation risk.

Sector weightings limit the account’s return

The account trailed the benchmark primarily because of an underweighting in U.S. Treasuries and an overweighting in mortgage- and asset-backed securities and in corporate bonds. Although the account’s non-Treasury investments focused on high-quality sectors, these sectors did not benefit as much as Treasuries from the flight to quality that buoyed fixed-income returns in the second half of the year.

          Moreover, as demand for Treasuries surged, the benchmark’s other high-quality sectors began to suffer from an atypical lack of liquidity that further dampened their returns. For the year, the Treasury component of the Lehman index gained 9.01%, while the overall index rose 6.97%.

 

 

College Retirement Equities Fund § 2007 Annual Report

23

CREF BOND MARKET ACCOUNT INTERMEDIATE-TERM BONDS

INVESTMENT OBJECTIVE

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

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 DECEMBER 31, 2007

 

 

 

 

 

 

 

 

 

 

Total
return

 

Average annual
total returns

 

Cumulative
total returns

 

 

 

 

 

 

 

1 year

 

5 years

 

10 years

 

5 years

 

10 years

 

CREF Bond Market Account

 

5.97

%

 

4.16

%

 

5.74

%

 

22.62

%

 

74.81

%

 

Lehman Brothers U.S. Aggregate Index

 

6.97

 

 

4.42

 

 

5.97

 

 

24.17

 

 

78.64

 

 

Morningstar Intermediate-Term Bond

 

4.70

 

 

4.07

 

 

5.16

 

 

22.26

 

 

65.72

 

 

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 Annual Report § College Retirement Equities Fund

$10,000 OVER 10 YEARS

(LINE GRAPH)

An investment of $10,000 in this account on January 1, 1998, would have grown to $17,481 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. (Note: Morningstar has changed its method of calculating the peer group return. For more information, please see page 1.)

CALENDAR YEAR TOTAL RETURNS SINCE 1998

(BAR CHART)

 

 

College Retirement Equities Fund § 2007 Annual Report

25

CREF BOND MARKET ACCOUNT INTERMEDIATE-TERM BONDS

EXPENSE EXAMPLE

 

 

 

 

 

 

 

 

 

 

 

Six months ended December 31, 2007

 

CREF Bond Market Account

 

Starting
account value
(7/1/07)

 

Ending
account value
(12/31/07)

 

Expenses paid*
(7/1/07–
12/31/07)

 

Actual return

 

$

1,000.00

 

$

1,048.87

 

$

2.63

 

5% annual hypothetical return

 

 

1,000.00

 

 

1,022.61

 

 

2.60

 

 

 

*

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

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

 

 

 

 

 

ACCOUNT PROFILE

 

 

 

 

 

Inception date

 

 

3/1/1990

Net assets

 

$

7.68 billion

2007 actual expense ratio

 

 

0.51%

Number of issues

 

 

710

Portfolio turnover rate

 

 

174%

Average quality

 

 

Aa1

Option-adjusted duration

 

 

4.30 years

Average coupon

 

 

5.47%

Average yield to maturity

 

 

5.23%

Average maturity

 

 

6.19 years

 

 

 

 

 

PORTFOLIO COMPOSITION

 

 

 

 

 

% of portfolio investments

 

Mortgage-backed securities and commercial mortgage-backed securities

 

 

40.0

Corporate bonds

 

 

20.1

U.S. Treasury securities

 

 

16.1

Asset-backed securities

 

 

9.9

U.S. agency securities

 

 

7.0

Foreign government and corporate bonds denominated in U.S. dollars

 

 

2.6

Preferred stock

 

 

0.9

TIAA-CREF High-Yield Fund II

 

 

0.1

Short-term investments

 

 

3.3

Total

 

 

100.0


 

 

26

2007 Annual Report § College Retirement Equities Fund

CREF INFLATION-LINKED BOND ACCOUNT INFLATION-LINKED BONDS

PERFORMANCE IN THE TWELVE MONTHS ENDED DECEMBER 31, 2007

The CREF Inflation-Linked Bond Account returned 11.04% for the year, compared with the 11.64% gain of its benchmark, the Lehman Brothers U.S. Treasury Inflation-Protected Securities (TIPS) Index, and the 9.86% average return of its peers, as defined by the Morningstar Inflation-Protected Bond category, which included 156 funds as of December 31, 2007.

The Fed trims the short-term interest rate

After keeping the federal funds rate at 5.25% since June 2006, the Federal Reserve lowered it in September and again in October and December, to 4.25%. (The federal funds rate is the interest rate U.S. commercial banks charge one another for overnight loans.) The Fed’s actions were taken to address well-publicized problems in the subprime lending market as well as declining housing prices, both of which threatened to affect the overall U.S. economy. At the same time, the Fed voiced concern about soaring energy prices, which in November helped boost the Consumer Price Index 4.3% higher than it had been one year earlier.

TIPS outshine the broad bond and stock markets

In 2007 TIPS easily outpaced the 6.97% gain of the overall investment-grade bond market, as measured by the Lehman Brothers U.S. Aggregate Index, and the 5.14% rise of the U.S. stock market, as measured by the Russell 3000® Index. For the five years ended December 31, 2007, TIPS posted an average annual return of 6.27%, compared with 4.42% for the Lehman aggregate index and 13.62% for the Russell 3000.

          Most of TIPS’ gain occurred in the second half of 2007, when the index rose 9.73%. In a flight to quality, investors bought U.S. Treasuries, favoring TIPS as oil prices approached $100 per barrel. TIPS outperformed the broad bond and stock markets in all but the second quarter, when rising long-term interest rates sent TIPS prices tumbling.

Solid gain tops peers but lags the benchmark

For the year, the account’s strong return surpassed the average return of similar inflation-linked bond accounts. However, the account underperformed the TIPS index, mainly because the account’s return includes a deduction for expenses, while the benchmark’s does not.

          Throughout the year, the account’s managers kept its maturity allocations and its overall duration—a measure of sensitivity to interest-rate changes—close to those of the benchmark. This helped the account more closely track its benchmark’s performance.

 

 

College Retirement Equities Fund §  2007 Annual Report

27

CREF INFLATION-LINKED BOND ACCOUNT INFLATION-LINKED BONDS

INVESTMENT OBJECTIVE

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

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 DECEMBER 31, 2007

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total
return

 

Average annual
total returns

 

Cumulative
total returns

 

 

 

 

 

 

 

 

1 year

 

5 years

 

10 years

 

5 years

 

10 years

 

CREF Inflation-Linked Bond Account

 

11.04

%

 

5.76

%

 

7.03

%

 

32.31

%

 

97.42

%

 

Lehman Brothers U.S. Treasury Inflation-Protected Securities Index

 

11.64

 

 

6.27

 

 

7.46

 

 

35.53

 

 

105.33

 

 

Morningstar Inflation-Protected Bond

 

9.86

 

 

5.16

 

 

6.42

 

 

28.69

 

 

87.49

 

 

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.

 

 

28

2007 Annual Report §  College Retirement Equities Fund

$10,000 OVER 10 YEARS

(LINE GRAPH)

An investment of $10,000 in this account on January 1, 1998, would have grown to $19,742 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. (Note: Morningstar has changed its method of calculating the peer group return. For more information, please see page 1.)

CALENDAR YEAR TOTAL RETURNS SINCE 1998

(BAR CHART)

 

 

College Retirement Equities Fund §  2007 Annual Report

29

CREF INFLATION-LINKED BOND ACCOUNT INFLATION-LINKED BONDS

EXPENSE EXAMPLE

Six months ended December 31, 2007

 

 

 

 

 

 

 

 

 

 

 

 

CREF Inflation-Linked Bond Account

 

Starting
account value
(7/1/07)

 

Ending
account value
(12/31/07)

 

Expenses paid*
(7/1/07–
12/31/07)

 

Actual return

 

 

$1,000.00

 

 

$1,091.77

 

 

$2.63

 

5% annual hypothetical return

 

 

1,000.00

 

 

1,022.66

 

 

2.55

 

 

 

*

“Expenses paid” is based on the account’s actual expense ratio for the most recent fiscal half year. The account’s annualized six-month expense ratio for that period was 0.47%.

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

 

 

 

 

 

ACCOUNT PROFILE

 

 

 

 

 

Inception date

 

 

5/1/1997

Net assets

 

 

$4.83 billion

2007 actual expense ratio

 

 

0.50%

Number of issues

 

 

23

Portfolio turnover rate

 

 

13%

Average quality

 

 

AAA

Option-adjusted duration

 

 

7.80 years

Average coupon

 

 

2.51%

Average yield to maturity

 

 

5.10%

Average maturity

 

 

9.22 years

 

 

 

 

 

HOLDINGS BY MATURITY

 

 

 

 

 

 

 

 

 

 

 

% of portfolio investments

 

1–10-year bonds

 

 

72.2

10–20-year bonds

 

 

14.1

Over-20-year bonds

 

 

13.2

Short-term investments

 

 

0.5

Total

 

 

100.0


 

 

30

2007 Annual Report § College Retirement Equities Fund

CREF SOCIAL CHOICE ACCOUNT SOCIALLY SCREENED STOCKS AND BONDS

PERFORMANCE IN THE TWELVE MONTHS ENDED DECEMBER 31, 2007

The CREF Social Choice Account returned 4.81% for the year, compared with the 6.26% 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 peers, as defined by the Morningstar Moderate Allocation category, was 5.99%. The Morningstar category included 1,103 funds as of December 31, 2007. Neither the benchmark nor the Morningstar category screens investments according to social criteria, as the account does.

Stock exclusions trim return

Because of its social screens, the account did not invest in several stocks that were included in the Russell 3000 Index. The net effect of these exclusions was to lower the account’s return versus the index. The exclusion of ExxonMobil was the biggest detractor for the year. The largest stock in the index in terms of market capitalization at year-end, ExxonMobil gained 24.3%.

          However, avoiding poorly performing stocks, such as Citigroup (down 44.7%), cable operator Comcast and insurer American International Group, helped relative performance.

Strategies help limit risk

Because the account’s social screens prevent it from investing in some stocks of the Russell 3000, the account’s managers use quantitative techniques to ensure that the risk characteristics of the portfolio resemble those of the index. One method is to overweight or underweight certain stocks relative to the index.

          For the year, the account’s return was enhanced by overweights that included McDonald’s, agricultural equipment maker Deere & Company and energy company Apache. However, overweights such as Washington Mutual, Merrill Lynch and home mortgage provider Freddie Mac reduced returns.

Bonds boost overall returns

The account’s fixed-income component posted a higher absolute return than its equity component, reflecting the general outperformance of bonds versus stocks for the year. In relative terms, the bond segment slightly lagged the Lehman index primarily because of an underweight in top-performing U.S. Treasuries.

          In July the account set a target allocation of 2% of its assets for proactive social investments in affordable housing, community development, alternative/renewable energy and environmental improvement. One such investment was the U.K.-based International Finance Facility for Immunisation, which promotes immunization programs in 70 of the world’s poorest countries.

 

 

College Retirement Equities Fund §  2007 Annual Report

31

CREF SOCIAL CHOICE ACCOUNT SOCIALLY SCREENED STOCKS AND BONDS

INVESTMENT OBJECTIVE

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

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 DECEMBER 31, 2007

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total
return

 

Average annual
total returns

 

Cumulative
total returns

 

 

 

 

 

 

 

 

1 year

 

5 years

 

10 years

 

5 years

 

10 years

 

CREF Social Choice Account

 

4.81

%

 

9.57

%

 

6.06

%

 

57.96

%

 

80.19

%

 

CREF Social Choice
Composite Benchmark

 

6.26

 

 

10.12

 

 

6.62

 

 

61.99

 

 

89.86

 

 

Benchmark components (percentage of composite index)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Russell 3000 Index (60%)

 

5.14

 

 

13.62

 

 

6.21

 

 

89.42

 

 

82.77

 

 

Lehman Brothers

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Aggregate Index (40%)

 

6.97

 

 

4.42

 

 

5.97

 

 

24.17

 

 

78.64

 

 

Morningstar Moderate Allocation

 

5.99

 

 

10.24

 

 

5.99

 

 

63.36

 

 

81.49

 

 

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.

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

 

 

32

2007 Annual Report § College Retirement Equities Fund

$10,000 OVER 10 YEARS

An investment of $10,000 in this account on January 1, 1998, would have grown to $18,019 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. (Note: Morningstar has changed its method of calculating the peer group return. For more information, please see page 1.)

CALENDAR YEAR TOTAL RETURNS SINCE 1998

 

 

College Retirement Equities Fund § 2007 Annual Report

33

CREF SOCIAL CHOICE ACCOUNT SOCIALLY SCREENED STOCKS AND BONDS

EXPENSE EXAMPLE

 

 

 

 

 

 

 

 

 

 

 

Six months ended December 31, 2007

 

 

 

 

 

 

 

 

CREF Social Choice Account

 

Starting
account value
(7/1/07)

 

Ending
account value
(12/31/07)

 

Expenses paid*
(7/1/07–
12/31/07)

 

Actual return

 

 

$1,000.00

 

 

$1,006.48

 

 

$2.42

 

5% annual hypothetical return

 

 

1,000.00

 

 

1,022.77

 

 

2.44

 

 

 

*

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

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

 

 

 

 

 

ACCOUNT PROFILE

 

 

 

 

 

Inception date

 

 

3/1/1990

 

Net assets

 

 

$9.20 billion

 

2007 actual expense ratio

 

 

0.48%

 

Portfolio turnover rate

 

 

60%

 

Equity segment

 

 

 

 

Number of stocks

 

 

1,101

 

Weighted median
market capitalization

 

 

$29.6 billion

 

P/E ratio
(weighted 12-month trailing average)

 

 

17.8

 

Dividend yield

 

 

1.79%

 

Fixed-income segment

 

 

 

 

Number of issues

 

 

583

 

Average quality

 

 

Aa1

 

Option-adjusted duration

 

 

4.40 years

 

Average coupon

 

 

5.52%

 

Average yield to maturity

 

 

5.23%

 

Average maturity

 

 

6.65 years

 

 

 

 

 

 

PORTFOLIO COMPOSITION

 

 

 

 

 

% of portfolio investments

Equities

 

 

59.5

 

Long-term bonds

 

 

39.4

 

Short-term investments

 

 

1.1

 

Total

 

 

100.0

 

 

 

 

 

 

HOLDINGS BY COMPANY SIZE

 

 

 

 

Equity segment

% of equity investments

 

Over $15 billion

 

 

67.18

 

$4 billion–$15 billion

 

 

20.48

 

Under $4 billion

 

 

12.34

 

Total

 

 

100.00

 


 

 

34

2007 Annual Report § College Retirement Equities Fund

CREF MONEY MARKET ACCOUNT CASH EQUIVALENTS

PERFORMANCE IN THE TWELVE MONTHS ENDED DECEMBER 31, 2007

The CREF Money Market Account returned 4.90% for the year, compared with the 4.69% gain of the iMoneyNet Money Fund Report Averages™—All Taxable, a simple average of over 1,000 taxable money market funds.

The Fed cuts the short-term interest rate

After keeping the federal funds rate at 5.25% for more than a year, the Federal Reserve lowered it three times in late 2007, to 4.25%. (The federal funds rate is the interest rate U.S. commercial banks charge one another for overnight loans.) The Fed was concerned that losses sustained by financial institutions that had invested in riskier subprime debt securities would threaten the broader economy. The Fed also held two money auctions to make cash more readily available to banks.

LIBOR falls as interest rates decline

The LIBOR remained flat through July, reflecting investor belief that the Fed would not change the short-term rate in the near term. (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.) When credit concerns roiled the financial markets in August, the yield on securities with one-month maturities soared from 5.32% to 5.82%.

          As the Fed cut rates, the one-month yield declined, to 4.60% by year-end. The twelve-month LIBOR yield fell from a high of 5.51% in June to 4.22% on December 31.

Portfolio strategies reduce risk

Because the account invests primarily in top-tier securities, it did not experience losses due to the credit crisis. To further limit risk, the account’s managers boosted its investments in the commercial paper of blue-chip companies, such as General Electric and Coca-Cola. They also increased its holdings in U.S. agency securities.

          Commercial paper fell to 51.3% of the portfolio, from 81.2% one year earlier. U.S. agency securities rose to 32.2% from 5.2%. At 11.3% of the portfolio, certificates of deposit were little changed from the previous year, while floating-rate securities rose to 3.1% from 2.6%. The rest of the portfolio included banker’s acceptances, bank notes and asset-backed securities. On December 31, 2007, foreign securities made up 10.3% of the account’s total portfolio investments.

          The account increased its investments in securities with longer maturities to benefit from their higher yields. On December 24, 2007, the account’s weighted average maturity was 50 days, versus 40 days for the average iMoneyNet fund (reported as of December 25, 2007).





 

 

College Retirement Equities Fund § 2007 Annual Report

35

CREF MONEY MARKET ACCOUNT CASH EQUIVALENTS

INVESTMENT OBJECTIVE

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

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 government agency. For a detailed discussion of risk, please see the prospectus.

 

 

 

 

 

 

 

 

 

 

 

NET ANNUALIZED YIELD

 

 

 

 

 

 

 

 

 

7-day period ended

 

Current yield

 

Effective yield

 

CREF Money Market Account

 

 

12/24/2007

 

 

4.36

%

 

4.45

%

iMoneyNet Money Fund Report AveragesTM—All Taxable

 

 

12/25/2007*

 

 

3.99

 

 

4.07

 

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

 

 

*

iMoneyNet reports its 7-day yields as of Tuesday of each week.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PERFORMANCE AS OF DECEMBER 31, 2007

 

 

 

 

 

 

 

 

 

Total
return

 

Average annual
total returns

 

Cumulative
total returns

 

 

 

 

 

 

 

 

1 year

 

5 years

 

10 years

 

5 years

 

10 years

 

CREF Money Market Account

 

 

4.90

%

 

2.84

%

 

3.64

%

 

15.05

%

 

43.06

%

iMoneyNet Money Fund Report Averages—All Taxable

 

 

4.69

 

 

2.65

 

 

3.36

 

 

13.95

 

 

39.22

 

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

 

 

36

2007 Annual Report § College Retirement Equities Fund

$10,000 OVER 10 YEARS

(LINE GRAPH)

An investment of $10,000 in this account on January 1, 1998, would have grown to $14,306 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 SINCE 1998

(BAR CHART)

 

 

College Retirement Equities Fund § 2007 Annual Report

37

CREF MONEY MARKET ACCOUNT CASH EQUIVALENTS

EXPENSE EXAMPLE

 

 

 

 

 

 

 

 

 

 

 

Six months ended December 31, 2007

 

 

 

 

 

 

 

CREF Money Market Account

 

Starting
account value
(7/1/07)

 

Ending
account value
(12/31/07)

 

Expenses paid*
(7/1/07–
12/31/07)

 

Actual return

 

 

$1,000.00

 

 

$1,021.73

 

 

$2.27

 

5% annual hypothetical return

 

 

1,000.00

 

 

1,022.94

 

 

2.27

 

 

 

*

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

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

 

 

 

 

 

ACCOUNT PROFILE

 

 

 

 

 

Inception date

 

 

4/1/1988

 

Net assets

 

 

$11.92 billion

 

2007 actual expense ratio

 

 

0.45%

 

 

 

 

 

 

PORTFOLIO COMPOSITION

 

 

 

 

 

% of portfolio investments

Commercial paper

 

 

51.3

 

U.S. agency securities

 

 

32.2

 

Certificates of deposit

 

 

11.3

 

Floating-rate securities

 

 

3.1

 

Banker’s acceptances

 

 

1.1

 

Bank notes

 

 

0.9

 

Asset-backed securities

 

 

0.1

 

Total

 

 

100.0

 

 

 

38

2007 Annual Report § College Retirement Equities Fund

SUMMARY PORTFOLIO OF INVESTMENTS

CREF STOCK ACCOUNT § DECEMBER 31, 2007

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

 

Company

 

 

 

 

 

 

Value
(000)

 

 

% of net
assets

 

GOVERNMENT BONDS

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. TREASURY SECURITIES

 

 

 

 

 

$

343

 

 

0.00

%**

 

 

 

 

 

 

 

 

 

 

TOTAL GOVERNMENT BONDS

 

(Cost $321)

 

 

343

 

 

0.00

**

 

 

 

 

 

 

MUTUAL FUNDS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,598,400

 

a,m,v*

 

First NIS Regional Fund SICAV

 

 

 

 

16

 

 

0.00

**

 

 

 

 

Other

 

 

 

 

 

 

1,551

 

 

0.00

**

 

 

 

 

 

 

 

 

 

 

 

TOTAL MUTUAL FUNDS

 

(Cost $4,132)

1,567

 

 

0.00

**

 

 

 

 

 

 

PREFERRED STOCKS

 

 

 

 

 

 

 

 

 

 

 

 

 

INSTRUMENTS AND RELATED PRODUCTS

 

 

 

 

 

 

2,191

 

 

0.00

**

 

 

 

 

 

 

REAL ESTATE

 

 

 

 

 

 

 

 

 

 

22

 

 

0.00

**

 

 

 

 

 

 

SECURITY AND COMMODITY BROKERS

 

 

 

 

 

 

157,913

 

 

0.12

 

 

 

 

 

 

 

TRANSPORTATION BY AIR

 

 

 

 

 

 

1

 

 

0.00

**

 

 

 

 

 

 

 

 

 

 

TOTAL PREFERRED STOCKS

 

(Cost $172,296)

160,127

 

 

0.12

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COMMON STOCKS

 

 

 

 

 

 

 

 

 

 

 

 

 

ADMINISTRATION OF ECONOMIC PROGRAMS

 

 

 

 

3,865

 

 

0.00

**

 

 

 

 

 

 

AGRICULTURAL PRODUCTION-CROPS

 

 

 

 

 

 

5,085

 

 

0.00

**

 

 

 

 

 

 

AGRICULTURAL PRODUCTION-LIVESTOCK

 

 

 

 

 

12,761

 

 

0.01

 

 

 

 

 

 

 

AGRICULTURAL SERVICES

 

 

 

 

 

 

29,540

 

 

0.02

 

 

 

 

 

 

 

AMUSEMENT AND RECREATION SERVICES

 

 

 

 

 

 

 

 

 

12,716,808

 

 

 

Walt Disney Co

 

 

 

 

 

 

410,499

 

 

0.30

 

 

 

 

 

Other

 

 

 

 

 

 

614,991

 

 

0.46

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,025,490

 

 

0.76

 

 

 

 

 

 

 

APPAREL AND ACCESSORY STORES

 

 

 

 

 

 

715,935

 

 

0.53

 

 

 

 

 

 

 

APPAREL AND OTHER TEXTILE PRODUCTS

 

 

 

 

154,456

 

 

0.12

 

 

 

 

 

 

 

AUTO REPAIR, SERVICES AND PARKING

 

 

 

 

 

 

109,800

 

 

0.08

 

 

 

 

 

 

 

AUTOMOTIVE DEALERS AND SERVICE STATIONS

 

 

 

 

207,878

 

 

0.15

 

 

 

 

 

 

 

BUILDING MATERIALS AND GARDEN SUPPLIES

 

 

 

 

418,246

 

 

0.31

 

 

 

 

 

 

 

BUSINESS SERVICES

 

 

 

 

 

 

 

 

 

 

 

 

 

1,478,755

 

*

 

Google, Inc (Class A)

 

 

 

 

1,022,530

 

 

0.76

 

431,900

 

a

 

Information Development Co

 

 

 

 

2,494

 

 

0.00

**

16,201

 

a,e

 

Intelligent Wave, Inc

 

 

 

 

4,235

 

 

0.00

**

53,475,988

 

 

 

Microsoft Corp

 

 

 

 

1,903,745

 

 

1.42

 

27,792,771

 

*

 

Oracle Corp

 

 

 

 

 

 

627,561

 

 

0.47

 

 

 

 

 

Other

 

 

 

 

 

 

4,660,792

 

 

3.46

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,221,357

 

 

6.11

 

 

 

 

 

 

 

 

 

 

See notes to financial statements

College Retirement Equities Fund § 2007 Annual Report

39


 

 

SUMMARY PORTFOLIO OF INVESTMENTS

continued

CREF STOCK ACCOUNT § DECEMBER 31, 2007

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

 

Company

 

 

 

 

 

Value
(000)

 

% of net
assets

 

CHEMICALS AND ALLIED PRODUCTS

 

 

 

 

 

 

 

 

 

 

 

9,756,555

 

 

 

Abbott Laboratories

 

 

 

$

547,831

 

 

0.41

%

16,703,979

 

 

 

Merck & Co, Inc

 

 

 

 

970,668

 

 

0.72

 

3,635,737

 

 

 

Monsanto Co

 

 

 

 

406,075

 

 

0.30

 

34,734,146

 

 

 

Pfizer, Inc

 

 

 

 

789,507

 

 

0.59

 

17,447,615

 

 

 

Procter & Gamble Co

 

 

 

 

1,281,004

 

 

0.95

 

 

 

 

 

Other

 

 

 

 

8,069,674

 

 

6.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12,064,759

 

 

8.97

 

 

 

 

 

 

 

 

 

 

 

COAL MINING

 

 

 

 

 

 

 

 

 

 

393,568

 

 

0.29

 

 

 

 

 

 

 

 

 

 

 

COMMUNICATIONS

 

 

 

 

 

 

 

 

 

 

 

 

 

35,486,291

 

 

 

AT&T, Inc

 

 

 

 

 

 

1,474,810

 

 

1.10

 

18,125,879

 

 

 

Verizon Communications, Inc

 

 

 

 

791,920

 

 

0.59

 

 

 

 

 

Other

 

 

 

 

 

 

4,026,341

 

 

2.99

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,293,071

 

 

4.68

 

 

 

 

 

 

 

 

 

 

 

DEPOSITORY INSTITUTIONS

 

 

 

 

 

 

 

 

 

 

 

18,667,929

 

 

 

Banco Santander Central Hispano S.A.

 

 

 

 

403,671

 

 

0.30

 

26,035,931

 

 

 

Bank of America Corp

 

 

 

1,074,243

 

 

0.80

 

10,440,803

 

 

 

Bank of New York Mellon Corp

 

 

 

509,094

 

 

0.38

 

27,776,950

 

 

 

Citigroup, Inc

 

 

 

 

 

 

817,753

 

 

0.61

 

21,390,518

 

 

 

JPMorgan Chase & Co

 

 

 

933,696

 

 

0.69

 

13,340,638

 

 

 

US Bancorp

 

 

 

 

 

423,432

 

 

0.31

 

10,087,240

 

 

 

Wachovia Corp

 

 

 

 

 

383,618

 

 

0.28

 

22,114,387

 

 

 

Wells Fargo & Co

 

 

 

 

 

667,633

 

 

0.50

 

 

 

 

 

Other

 

 

 

 

 

 

6,535,803

 

 

4.86

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,748,943

 

 

8.73

 

 

 

 

 

 

 

 

 

 

 

EATING AND DRINKING PLACES

 

 

 

 

 

 

 

 

 

 

 

7,508,599

 

 

 

McDonald's Corp

 

 

 

 

442,332

 

 

0.33

 

 

 

 

 

Other

 

 

 

 

 

 

699,047

 

 

0.52

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,141,379

 

 

0.85

 

 

 

 

 

 

 

 

 

 

 

EDUCATIONAL SERVICES

 

 

 

 

 

 

171,897

 

 

0.13

 

 

 

 

 

 

 

 

 

 

 

ELECTRIC, GAS, AND SANITARY SERVICES

 

 

 

 

 

5,954,462

 

 

4.43

 

 

 

 

 

 

 

 

 

 

 

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT

 

 

 

 

 

 

 

 

 

5,848,877

 

*

 

Apple Computer, Inc

 

 

 

 

1,158,546

 

 

0.86

 

41,576,015

 

*

 

Cisco Systems, Inc

 

 

 

 

1,125,463

 

 

0.84

 

6,687,841

 

 

 

Honeywell International, Inc

 

 

 

 

411,770

 

 

0.30

 

42,162,101

 

 

 

Intel Corp

 

 

 

 

 

 

1,124,042

 

 

0.83

 

10,197,881

 

 

 

Qualcomm, Inc

 

 

 

 

 

 

401,287

 

 

0.30

 

 

 

 

 

Other

 

 

 

 

 

 

4,879,716

 

 

3.63

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,100,824

 

 

6.76

 

 

 

 

 

 

 

 

 

 

 

ENGINEERING AND MANAGEMENT SERVICES

 

 

 

 

 

 

 

 

 

12,231

 

a,e*

 

Digital Garage, Inc

 

 

 

 

 

22,773

 

 

0.02

 

 

 

 

 

Other

 

 

 

1,048,764

 

 

0.78

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,071,537

 

 

0.80

 

 

 

 

 

 

 

 

 

 

 

ENVIRONMENTAL QUALITY AND HOUSING

 

 

 

 

 

286

 

 

0.00

**

 

 

 

 

 

 

 

 

 

 

FABRICATED METAL PRODUCTS

 

 

 

 

 

 

685,319

 

 

0.51

 

 

 

 

 

 

 

 

 

 

 

 

 

 

40

2007 Annual Report § College Retirement Equities Fund

See notes to financial statements


 

 

SUMMARY PORTFOLIO OF INVESTMENTS

continued

CREF STOCK ACCOUNT § DECEMBER 31, 2007

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

 

Company

 

 

 

 

 

Value
(000)

 

% of net
assets

 

FISHING, HUNTING, AND TRAPPING

 

 

 

 

$

11

 

 

0.00

%**

 

 

 

 

 

 

 

 

 

 

FOOD AND KINDRED PRODUCTS

 

 

 

 

 

 

 

 

 

 

13,317,089

 

 

 

Coca-Cola Co

 

 

 

 

 

817,270

 

 

0.61

 

822,098

 

 

 

Nestle S.A.

 

 

 

 

 

377,592

 

 

0.28

 

12,919,803

 

 

 

PepsiCo, Inc

 

 

 

 

 

980,613

 

 

0.73

 

 

 

 

 

Other

 

 

 

 

 

2,508,757

 

 

1.86

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,684,232

 

 

3.48

 

 

 

 

 

 

 

 

 

 

 

FOOD STORES

 

 

 

 

 

 

 

 

893,363

 

 

0.66

 

 

 

 

 

 

 

 

 

 

 

FORESTRY

 

 

 

 

 

 

 

 

 

 

110,411

 

 

0.08

 

 

 

 

 

 

 

 

 

 

 

FURNITURE AND FIXTURES

 

 

 

 

 

 

283,895

 

 

0.21

 

 

 

 

 

 

 

 

 

 

 

FURNITURE AND HOME FURNISHINGS STORES

 

 

 

 

207,547

 

 

0.15

 

 

 

 

 

 

 

 

 

 

 

GENERAL BUILDING CONTRACTORS

 

 

 

 

459,423

 

 

0.34

 

 

 

 

 

 

 

 

 

 

 

GENERAL MERCHANDISE STORES

 

 

 

 

 

 

 

 

 

 

 

15,857,579

 

 

 

Wal-Mart Stores, Inc

 

 

 

 

753,711

 

 

0.56

 

 

 

 

 

Other

 

 

 

 

 

 

951,997

 

 

0.71

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,705,708

 

 

1.27

 

 

 

 

 

 

 

 

 

 

 

HEALTH SERVICES

 

 

 

 

 

 

 

 

 

 

 

 

4,478,079

 

a*

 

Healthsouth Corp

 

 

 

 

94,040

 

 

0.07

 

 

 

 

 

Other

 

 

 

 

 

 

1,409,377

 

 

1.05

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,503,417

 

 

1.12

 

 

 

 

 

 

 

 

 

 

 

HEAVY CONSTRUCTION, EXCEPT BUILDING

 

 

 

 

475,082

 

 

0.35

 

 

 

 

 

 

 

 

 

 

 

HOLDING AND OTHER INVESTMENT OFFICES

 

 

 

 

2,544,245

 

 

1.89

 

 

 

 

 

 

 

 

 

 

 

HOTELS AND OTHER LODGING PLACES

 

 

 

 

826,896

 

 

0.62

 

 

 

 

 

 

 

 

 

 

 

INDUSTRIAL MACHINERY AND EQUIPMENT

 

 

 

 

 

 

 

 

 

 

61,858,619

 

 

 

General Electric Co

 

 

 

 

2,293,099

 

 

1.70

 

17,806,287

 

 

 

Hewlett-Packard Co

 

 

 

 

898,861

 

 

0.67

 

7,870,074

 

 

 

International Business Machines Corp

 

 

 

 

850,755

 

 

0.63

 

 

 

 

 

Other

 

 

 

 

 

 

3,979,882

 

 

2.96

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,022,597

 

 

5.96

 

 

 

 

 

 

 

 

 

 

 

INSTRUMENTS AND RELATED PRODUCTS

 

 

 

 

 

 

 

 

 

 

6,962,152

 

 

 

Emerson Electric Co

 

 

 

 

394,476

 

 

0.29

 

21,413,724

 

 

 

Johnson & Johnson

 

 

 

 

1,428,295

 

 

1.06

 

21,967,242

 

a,m,v*

 

MPM Bioventures II-QP LP

 

 

 

 

12,086

 

 

0.01

 

4,126,206

 

a,m,v*

 

Skyline Venture Partners Qualified II

 

 

 

 

3,695

 

 

0.00

**

 

 

 

 

Other

 

 

 

 

 

 

3,382,353

 

 

2.52

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,220,905

 

 

3.88

 

 

 

 

 

 

 

 

 

 

 

INSURANCE AGENTS, BROKERS AND SERVICE

 

 

 

 

641,706

 

 

0.48

 

 

 

 

 

 

 

 

 

 

 

INSURANCE CARRIERS

 

 

 

 

 

 

 

 

 

 

12,823,557

 

 

 

American International Group, Inc

 

 

 

747,613

 

 

0.56

 

7,341,114

 

 

 

UnitedHealth Group, Inc

 

 

 

 

427,253

 

 

0.32

 

 

 

 

 

Other

 

 

 

 

 

 

5,022,103

 

 

3.73

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,196,969

 

 

4.61

 

 

 

 

 

 

 

 

 

 

 

JUSTICE, PUBLIC ORDER AND SAFETY

 

 

 

 

27,267

 

 

0.02

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See notes to financial statements

College Retirement Equities Fund § 2007 Annual Report

41

 

 

SUMMARY PORTFOLIO OF INVESTMENTS

continued

 

CREF STOCK ACCOUNT § DECEMBER 31, 2007

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

 

Company

 

Value
(000)

 

% of net
assets

 

LEATHER AND LEATHER PRODUCTS

 

$

285,186

 

 

0.21

%

 

 

LEGAL SERVICES

 

 

 

 

19,525

 

 

0.01

 

 

 

 

 

 

 

LOCAL AND INTERURBAN PASSENGER TRANSIT

 

 

20,025

 

 

0.02

 

 

 

 

 

 

 

LUMBER AND WOOD PRODUCTS

 

 

29,946

 

 

0.02

 

 

 

 

 

 

 

METAL MINING

 

 

 

 

1,762,118

 

 

1.31

 

 

 

 

 

 

 

MISCELLANEOUS MANUFACTURING INDUSTRIES

 

 

301,357

 

 

0.22

 

 

 

MISCELLANEOUS RETAIL

 

 

 

 

 

 

 

9,092,033

 

 

 

CVS Corp

 

 

361,408

 

 

0.27

 

 

 

 

 

Other

 

 

1,086,682

 

 

0.81

 

 

 

 

 

 

 

 

 

 

1,448,090

 

 

1.08

 

 

 

MOTION PICTURES

 

 

1,080,249

 

 

0.80

 

 

 

MUSEUMS, BOTANICAL, ZOOLOGICAL GARDENS

 

 

1,697

 

 

0.00

 **

 

 

NONDEPOSITORY INSTITUTIONS

 

 

1,565,753

 

 

1.16

 

 

 

NONMETALLIC MINERALS, EXCEPT FUELS

 

 

178,633

 

 

0.13

 

 

 

OIL AND GAS EXTRACTION

 

 

 

 

 

 

 

6,213,725

 

 

 

Schlumberger Ltd

 

 

611,244

 

 

0.45

 

 

 

 

 

Other

 

 

3,982,296

 

 

2.96

 

 

 

 

 

 

 

 

 

 

4,593,540

 

 

3.41

 

 

 

PAPER AND ALLIED PRODUCTS

 

 

831,340

 

 

0.62

 

 

 

PERSONAL SERVICES

 

 

119,042

 

 

0.09

 

 

 

PETROLEUM AND COAL PRODUCTS

 

 

 

 

 

 

 

3,671,329

 

 

 

Apache Corp

 

 

394,815

 

 

0.30

 

32,894,119

 

 

 

BP plc

 

 

402,697

 

 

0.30

 

10,793,321

 

 

 

Chevron Corp

 

 

1,007,341

 

 

0.75

 

8,552,867

 

 

 

ConocoPhillips

 

 

755,218

 

 

0.56

 

30,589,383

 

 

 

Exxon Mobil Corp

 

 

2,865,919

 

 

2.13

 

9,129,475

 

 

 

Occidental Petroleum Corp

 

 

702,878

 

 

0.52

 

 

 

 

 

Other

 

 

2,988,312

 

 

2.22

 

 

 

 

 

 

 

 

 

 

9,117,180

 

 

6.78

 

 

 

PIPELINES, EXCEPT NATURAL GAS

 

 

120,860

 

 

0.09

 

 

 

PRIMARY METAL INDUSTRIES

 

 

1,536,175

 

 

1.14

 

 

 

PRINTING AND PUBLISHING

 

 

633,623

 

 

0.47

 

 

 

RAILROAD TRANSPORTATION

 

 

809,375

 

 

0.60

 

 

 

REAL ESTATE

 

 

940,456

 

 

0.70

 

 

 

RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS

 

 

 

 

 

 

 

4,045,714

 

e

 

Bayer AG.

 

 

369,868

 

 

0.28

 

 

 

 

 

Other

 

 

389,850

 

 

0.29

 

 

 

 

 

 

 

 

 

 

759,718

 

 

0.57

 

 

 

 

 

 

42

2007 Annual Report § College Retirement Equities Fund

See notes to financial statements


 

 

SUMMARY PORTFOLIO OF INVESTMENTS

continued

 

CREF STOCK ACCOUNT § DECEMBER 31, 2007

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

 

Company

 

 

 

 

 

Value
(000)

 

% of net
assets

 

SECURITY AND COMMODITY BROKERS

 

 

 

 

 

 

 

 

 

 

2,151,604

 

 

 

Goldman Sachs Group, Inc

 

 

$

462,702

 

 

0.34

%

1,000,000

 

a,v*

 

Daishin Securities Co Ltd (GDR)

 

 

 

 

6,450

 

 

0.01

 

 

 

 

 

Other

 

 

 

 

 

 

3,139,914

 

 

2.33

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,609,066

 

 

2.68

 

 

 

 

 

 

 

 

SOCIAL SERVICES

 

 

 

 

 

 

12,471

 

 

0.01

 

 

 

 

 

 

 

 

SPECIAL TRADE CONTRACTORS

 

 

 

 

 

 

75,564

 

 

0.06

 

 

 

 

 

 

 

 

STONE, CLAY, AND GLASS PRODUCTS

 

 

 

 

 

 

736,153

 

 

0.55

 

 

 

 

 

 

 

 

TEXTILE MILL PRODUCTS

 

 

 

 

 

 

18,116

 

 

0.01

 

 

 

 

 

 

 

 

TOBACCO PRODUCTS

 

 

 

 

 

 

 

 

 

 

 

14,741,745

 

 

 

Altria Group, Inc

 

 

 

 

 

1,114,181

 

 

0.83

 

 

 

 

 

Other

 

 

 

 

 

 

449,335

 

 

0.33

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,563,516

 

 

1.16

 

 

 

 

 

 

 

 

TRANSPORTATION BY AIR

 

 

 

 

 

 

567,847

 

 

0.42

 

 

 

 

 

 

 

 

TRANSPORTATION EQUIPMENT

 

 

 

 

 

 

 

 

 

 

 

6,306,727

 

 

 

Boeing Co

 

 

 

 

 

 

551,586

 

 

0.41

 

2,779,729

 

 

 

Siemens AG.

 

 

 

 

442,419

 

 

0.33

 

5,942,751

 

 

 

United Technologies Corp

 

 

 

454,858

 

 

0.34

 

 

 

 

 

Other

 

 

 

 

 

 

3,073,098

 

 

2.28

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,521,961

 

 

3.36

 

 

 

 

 

 

 

 

TRANSPORTATION SERVICES

 

 

 

 

 

 

251,084

 

 

0.19

 

 

 

 

 

 

 

 

TRUCKING AND WAREHOUSING

 

 

 

 

 

 

746,300

 

 

0.56

 

 

 

 

 

 

 

 

WATER TRANSPORTATION

 

 

 

 

 

 

455,930

 

 

0.34

 

 

 

 

 

 

 

 

WHOLESALE TRADE-DURABLE GOODS

 

 

 

 

779,423

 

 

0.58

 

 

 

 

 

 

 

 

WHOLESALE TRADE-NONDURABLE GOODS

 

 

 

 

1,126,800

 

 

0.84

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL COMMON STOCKS 

(Cost $117,604,998)

 

 

133,952,251

 

 

99.55

 

 

 

 

 

 

 

 

WARRANTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COMMUNICATIONS

 

 

 

 

 

 

 

 

—

^

 

0.00

 **

 

 

 

 

 

 

 

DEPOSITORY INSTITUTIONS

 

 

 

 

 

 

1,943

 

 

0.00

 **

 

 

 

 

 

 

 

GENERAL BUILDING CONTRACTORS

 

 

 

 

113

 

 

0.00

 **

 

 

 

 

 

 

 

HOTELS AND OTHER LODGING PLACES

 

 

 

 

 

494

 

 

0.00

 **

 

 

 

 

 

 

 

LUMBER AND WOOD PRODUCTS

 

 

 

 

 

 

63

 

 

0.00

 **

 

 

 

 

 

 

 

NONDEPOSITORY INSTITUTIONS

 

 

 

 

 

 

—

^

 

0.00

 **

 

 

 

 

 

 

 

REAL ESTATE

 

 

 

 

 

 

 

 

 

 

40

 

 

0.00

 **

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL WARRANTS 

(Cost $845)

 

 

2,653

 

 

0.00

 **

 

 

 

 

 

 

 

 

 

 

See notes to financial statements

College Retirement Equities Fund § 2007 Annual Report

43


 

 

SUMMARY PORTFOLIO OF INVESTMENTS

concluded

 

CREF STOCK ACCOUNT § DECEMBER 31, 2007

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

 

Company

 

 

 

 

 

 

Value
(000)

 

 

% of net
assets

 

SHORT-TERM INVESTMENTS

 

 

 

 

 

 

 

 

 

 

U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES

 

 

 

$

167,175

 

 

0.12

%

 

 

 

 

VARIABLE NOTES

 

 

 

 

 

224,011

 

 

0.17

 

 

 

 

 

 

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED

 

 

 

 

 

 

 

 

5,970,616,131

 

z

 

Stock Separate Collateral

 

 

 

 

5,970,616

 

 

4.44

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,970,616

 

 

4.44

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL SHORT-TERM INVESTMENTS

 (Cost $6,362,768)

 

 

 

 

 

 

 

 

 

 

 

(includes $6,271,034 of cash collateral for securities on loan)          

 

 

6,361,802

 

 

4.73

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL PORTFOLIO

 (Cost $124,145,360)

 

 

140,478,743

 

 

104.40

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OTHER ASSETS & LIABILITIES, NET

 

 

 

 

(5,918,873

)

 

(4.40

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET ASSETS

 

 

 

$

134,559,870

 

 

100.00

%

 

 

 

 

 

 

 

 

 

 

 

 

The following abbreviations are used in portfolio descriptions:

 

GDR

Global Depositary Receipt

LP

Limited Partnership

plc

Public Limited Company

 

 

*

Non-income producing.

**

Percentage represents less than 0.01%.

^

Amount represents less than $1,000.

a

Affiliated Holding.

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.

z

Stock Separate Collateral is invested in 28% Certificates of Deposit, 12% Commercial Paper, 15% Repurchase Agreements and 45% Variable Rate Securities.

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 Annual Report § College Retirement Equities Fund

See notes to financial statements

SUMMARY OF MARKET VALUES BY COUNTRY

CREF STOCK ACCOUNT § DECEMBER 31, 2007

 

 

 

 

 

 

 

 

Country

 

Value

 

% of
market
value

 

DOMESTIC

 

 

 

 

 

 

 

UNITED STATES

 

$

106,895,889,843

 

 

76.09

%

 

 

TOTAL DOMESTIC

 

 

106,895,889,843

 

 

76.09

 

 

 

 

 

 

 

 

 

FOREIGN

 

 

 

 

 

 

 

ARGENTINA

 

 

4,434,461

 

 

0.00

 

AUSTRALIA

 

 

1,403,113,702

 

 

1.00

 

AUSTRIA

 

 

221,286,089

 

 

0.16

 

BELGIUM

 

 

256,005,307

 

 

0.18

 

BERMUDA

 

 

1,689,347

 

 

0.00

 

BRAZIL

 

 

480,860,858

 

 

0.34

 

CANADA

 

 

2,176,165,777

 

 

1.55

 

CAYMAN ISLANDS

 

 

118,040,974

 

 

0.08

 

CHILE

 

 

33,453,851

 

 

0.02

 

CHINA

 

 

96,548,283

 

 

0.07

 

COLOMBIA

 

 

5,733,835

 

 

0.01

 

CROATIA

 

 

4,185,000

 

 

0.00

 

CZECH REPUBLIC

 

 

21,207,837

 

 

0.02

 

DENMARK

 

 

175,087,597

 

 

0.13

 

EGYPT

 

 

22,109,459

 

 

0.02

 

FINLAND

 

 

608,280,280

 

 

0.43

 

FRANCE

 

 

3,499,546,170

 

 

2.49

 

GERMANY

 

 

3,242,784,794

 

 

2.31

 

GREECE

 

 

88,910,401

 

 

0.06

 

HONG KONG

 

 

1,146,625,717

 

 

0.82

 

HUNGARY

 

 

20,413,922

 

 

0.02

 

INDIA

 

 

291,285,530

 

 

0.21

 

INDONESIA

 

 

82,136,797

 

 

0.06

 

IRELAND

 

 

119,372,271

 

 

0.08

 

ISRAEL

 

 

59,156,164

 

 

0.04

 

 

 

 

 

 

 

 

 

Country

 

Value

 

% of
market
value

 

ITALY

 

$

1,083,593,083

 

 

0.77

%

JAPAN

 

 

5,109,088,371

 

 

3.64

 

JORDAN

 

 

3,111,124

 

 

0.00

 

LUXEMBOURG

 

 

14,466,434

 

 

0.01

 

MALAYSIA

 

 

212,763,511

 

 

0.15

 

MEXICO

 

 

133,287,242

 

 

0.10

 

MOROCCO

 

 

8,964,957

 

 

0.01

 

NETHERLANDS

 

 

848,772,918

 

 

0.60

 

NEW ZEALAND

 

 

52,495,624

 

 

0.04

 

NORWAY

 

 

256,959,066

 

 

0.18

 

PAKISTAN

 

 

4,934,557

 

 

0.00

 

PERU

 

 

16,307,062

 

 

0.01

 

PHILIPPINES

 

 

72,974,501

 

 

0.05

 

POLAND

 

 

46,228,033

 

 

0.03

 

PORTUGAL

 

 

85,872,162

 

 

0.06

 

REPUBLIC OF KOREA

 

 

501,962,633

 

 

0.36

 

RUSSIA

 

 

381,515,806

 

 

0.27

 

SINGAPORE

 

 

475,013,553

 

 

0.34

 

SOUTH AFRICA

 

 

204,384,690

 

 

0.15

 

SPAIN

 

 

1,014,822,972

 

 

0.72

 

SWEDEN

 

 

433,374,147

 

 

0.31

 

SWITZERLAND

 

 

2,220,749,108

 

 

1.58

 

TAIWAN (REPUBLIC OF CHINA)

 

 

385,596,775

 

 

0.28

 

THAILAND

 

 

117,729,707

 

 

0.08

 

TURKEY

 

 

47,162,059

 

 

0.03

 

UNITED KINGDOM

 

 

5,672,289,051

 

 

4.04

 

 

 

TOTAL FOREIGN

 

 

33,582,853,569

 

 

23.91

 

 

 

 

 

 

 

 

 

 

 

TOTAL PORTFOLIO

 

$

140,478,743,412

 

 

100.00

%

 

 

 

 

 

See notes to financial statements

College Retirement Equities Fund § 2007 Annual Report

45

SUMMARY PORTFOLIO OF INVESTMENTS

CREF GLOBAL EQUITIES ACCOUNT § DECEMBER 31, 2007

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

 

Company

 

 

 

 

 

Value
(000)

 

% of net
assets

 

PREFERRED STOCKS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ELECTRIC, GAS, AND SANITARY SERVICES

 

 

 

$

118

 

 

0.00

%**

 

 

 

 

INSTRUMENTS AND RELATED PRODUCTS

 

 

 

 

91

 

 

0.00

**

 

 

 

 

 

 

 

 

 

 

REAL ESTATE

 

 

 

 

 

 

 

 

 

 

25

 

 

0.00

**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL PREFERRED STOCKS

 

(Cost $376)

 

 

234

 

 

0.00

**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COMMON STOCKS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AGRICULTURAL SERVICES

 

 

 

 

 

 

2,452

 

 

0.01

 

 

 

 

 

 

 

AMUSEMENT AND RECREATION SERVICES

 

 

 

 

 

 

 

 

 

153,168

 

 

 

Nintendo Co Ltd

 

 

 

 

 

 

91,724

 

 

0.53

 

Other

 

 

 

 

 

 

 

 

 

 

68,580

 

 

0.39

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

160,304

 

 

0.92

 

 

 

 

 

 

 

 

 

 

 

APPAREL AND ACCESSORY STORES

 

 

 

 

 

 

69,768

 

 

0.40

 

 

 

 

 

 

 

 

 

 

 

APPAREL AND OTHER TEXTILE PRODUCTS

 

 

 

 

16,067

 

 

0.09

 

 

 

 

 

 

 

 

 

 

 

AUTO REPAIR, SERVICES AND PARKING

 

 

 

 

9,992

 

 

0.06

 

 

 

 

 

 

 

 

 

 

 

AUTOMOTIVE DEALERS AND SERVICE STATIONS

 

 

 

 

21,503

 

 

0.12

 

 

 

 

 

 

 

 

 

 

 

BUILDING MATERIALS AND GARDEN SUPPLIES

 

 

 

 

34,387

 

 

0.20

 

 

 

 

 

BUSINESS SERVICES

 

 

 

 

 

 

 

 

 

 

 

113,752

 

*

 

Google, Inc (Class A)

 

 

 

 

78,657

 

 

0.45

 

4,446,516

 

 

 

Microsoft Corp

 

 

 

 

 

 

158,296

 

 

0.91

 

 

 

 

 

Other

 

 

 

 

 

 

534,205

 

 

3.06

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

771,158

 

 

4.42

 

 

 

 

 

CHEMICALS AND ALLIED PRODUCTS

 

 

 

 

 

 

 

 

 

889,363

 

 

 

Akzo Nobel NV

 

 

 

 

 

 

71,243

 

 

0.41

 

1,919,801

 

 

 

Merck & Co, Inc

 

 

 

 

 

 

111,560

 

 

0.64

 

1,616,981

 

 

 

Novartis AG.

 

 

 

 

 

 

88,694

 

 

0.51

 

1,326,067

 

 

 

Procter & Gamble Co

 

 

 

 

97,360

 

 

0.56

 

511,096

 

 

 

Roche Holding AG.

 

 

 

 

88,301

 

 

0.50

 

 

 

 

 

Other

 

 

 

 

 

 

1,086,378

 

 

6.22

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,543,536

 

 

8.84

 

 

 

 

 

 

 

 

 

 

 

COAL MINING

 

 

 

 

 

 

51,848

 

 

0.30

 

 

 

 

 

 

 

COMMUNICATIONS

 

 

 

 

 

 

 

 

 

 

 

2,764,081

 

 

 

AT&T, Inc

 

 

 

 

 

 

114,875

 

 

0.66

 

1,606,142

 

 

 

Verizon Communications, Inc

 

 

 

 

70,172

 

 

0.40

 

20,679,922

 

 

 

Vodafone Group plc

 

 

 

 

77,309

 

 

0.44

 

 

 

 

 

Other

 

 

 

 

 

 

550,558

 

 

3.16

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

812,914

 

 

4.66

 

 

 

 

 

 

 

 

 

 

 

DEPOSITORY INSTITUTIONS

 

 

 

 

 

 

 

 

 

 

 

5,613,691

 

 

 

Banco Santander Central Hispano S.A.

 

 

 

 

121,389

 

 

0.70

 

2,091,959

 

 

 

Bank of America Corp

 

 

 

 

86,314

 

 

0.50

 

7,687,192

 

 

 

Barclays plc

 

 

 

 

 

 

77,123

 

 

0.44

 

5,526,291

 

 

 

HSBC Holdings plc

 

 

 

 

92,626

 

 

0.53

 

1,849,628

 

 

 

JPMorgan Chase & Co

 

 

 

 

80,736

 

 

0.46

 

13,714,040

 

 

 

UniCredito Italiano S.p.A

 

 

 

 

113,888

 

 

0.65

 

 

 

 

46

2007 Annual Report § College Retirement Equities Fund

See notes to financial statements

 

 

SUMMARY PORTFOLIO OF INVESTMENTS

continued

CREF GLOBAL EQUITIES ACCOUNT § DECEMBER 31, 2007

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

 

Company

 

 

Value
(000)

 

 

% of net
assets

 

 

 

 

 

Other

 

$

1,178,613

 

 

6.75

%

 

 

 

 

 

 

 

 

 

 

 

 

 

1,750,689

 

 

10.03

 

 

 

 

 

 

 

EATING AND DRINKING PLACES

 

 

 

 

 

 

 

17,700,146

 

 

 

Compass Group plc

 

 

108,697

 

 

0.62

 

 

 

 

 

Other

 

 

91,205

 

 

0.52

 

 

 

 

 

 

 

 

 

 

 

 

 

 

199,902

 

 

1.14

 

 

 

 

 

 

 

EDUCATIONAL SERVICES

 

 

6,331

 

 

0.04

 

 

 

 

 

 

 

 

 

 

 

ELECTRIC, GAS, AND SANITARY SERVICES

 

 

 

 

 

 

469,288

 

 

 

E.ON AG.

 

 

99,893

 

 

0.57

 

1,045,925

 

 

 

Suez S.A.

 

 

71,215

 

 

0.41

 

 

 

 

 

Other

 

 

670,413

 

 

3.84

 

 

 

 

 

 

 

 

 

 

 

 

 

 

841,521

 

 

4.82

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT

 

 

 

 

 

 

 

545,325

 

*

 

Apple Computer, Inc

 

 

108,018

 

 

0.62

 

3,511,192

 

*

 

Cisco Systems, Inc

 

 

95,048

 

 

0.54

 

5,361,397

 

 

 

Intel Corp

 

 

142,935

 

 

0.82

 

2,066,321

 

 

 

Nokia Oyj

 

 

80,119

 

 

0.46

 

 

 

 

 

Other

 

 

703,016

 

 

4.03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,129,136

 

 

6.47

 

 

 

 

 

 

 

ENGINEERING AND MANAGEMENT SERVICES

 

 

67,839

 

 

0.39

 

 

 

 

 

 

 

FABRICATED METAL PRODUCTS

 

 

68,378

 

 

0.39

 

 

 

 

 

 

 

FISHING, HUNTING, AND TRAPPING

 

 

4

 

 

0.00

**

 

 

FOOD AND KINDRED PRODUCTS

 

 

 

 

 

 

 

924,376

 

 

 

Groupe Danone

 

 

82,981

 

 

0.48

 

285,729

 

 

 

Nestle S.A.

 

 

131,236

 

 

0.75

 

1,156,528

 

 

 

PepsiCo, Inc

 

 

87,780

 

 

0.50

 

 

 

 

 

Other

 

 

361,264

 

 

2.07

 

 

 

 

 

 

 

 

 

 

 

 

 

 

663,261

 

 

3.80

 

 

 

 

 

 

 

FOOD STORES

 

 

 

 

 

 

 

8,107,209

 

 

 

Tesco plc

 

 

77,020

 

 

0.44

 

 

 

 

 

Other

 

 

92,998

 

 

0.53

 

 

 

 

 

 

 

 

 

 

 

 

 

 

170,018

 

 

0.97

 

 

 

 

 

 

 

FORESTRY

 

 

 

 

 

 

4,128

 

 

0.02

 

 

 

 

 

 

 

FURNITURE AND FIXTURES

 

 

14,492

 

 

0.08

 

 

 

 

 

 

 

FURNITURE AND HOME FURNISHINGS STORES

 

 

25,611

 

 

0.15

 

 

 

 

 

 

 

GENERAL BUILDING CONTRACTORS

 

 

72,379

 

 

0.41

 

 

 

 

 

 

 

GENERAL MERCHANDISE STORES

 

 

157,583

 

 

0.90

 

 

 

 

 

 

 

HEALTH SERVICES

 

 

150,807

 

 

0.86

 

 

 

 

 

 

 

 

 

 

 

HEAVY CONSTRUCTION, EXCEPT BUILDING

 

 

 

 

 

 

 

1,231,885

 

 

 

Bouygues S.A.

 

 

102,662

 

 

0.59

 

 

 

 

 

Other

 

 

57,062

 

 

0.32

 

 

 

 

 

 

 

 

 

 

 

 

 

 

159,724

 

 

0.91

 

 

 

 

 

 

 

 

 

 

See notes to financial statements

College Retirement Equities Fund § 2007 Annual Report

47

 

 

SUMMARY PORTFOLIO OF INVESTMENTS

continued

CREF GLOBAL EQUITIES ACCOUNT § DECEMBER 31, 2007

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

 

Company

 

 

Value
(000)

 

 

% of net
assets

 

HOLDING AND OTHER INVESTMENT OFFICES

 

 

 

 

 

 

 

1,706,896

 

 

 

iShares MSCI EAFE Index Fund

 

$

133,991

 

 

0.77

%

703,265

 

e

 

iShares S&P Europe 350 Index Fund

 

 

80,411

 

 

0.46

 

1,724,834

 

e

 

SPDR Trust Series 1

 

 

252,188

 

 

1.44

 

 

 

 

 

Other

 

 

238,640

 

 

1.37

 

 

 

 

 

 

 

 

 

 

 

 

 

 

705,230

 

 

4.04

 

 

 

 

 

 

 

HOTELS AND OTHER LODGING PLACES

 

 

 

 

 

 

 

1,780,625

 

e

 

Accor S.A.

 

 

142,404

 

 

0.82

 

 

 

 

 

Other

 

 

79,212

 

 

0.45

 

 

 

 

 

 

 

 

 

 

 

 

 

 

221,616

 

 

1.27

 

 

 

 

 

 

 

INDUSTRIAL MACHINERY AND EQUIPMENT

 

 

 

 

 

 

 

333,166

 

 

 

Alstom RGPT

 

 

71,605

 

 

0.41

 

5,194,921

 

 

 

General Electric Co

 

 

192,576

 

 

1.10

 

1,559,908

 

 

 

Hewlett-Packard Co

 

 

78,744

 

 

0.45

 

818,635

 

 

 

International Business Machines Corp

 

 

88,494

 

 

0.51

 

 

 

 

 

Other

 

 

383,357

 

 

2.20

 

 

 

 

 

 

 

 

 

 

 

 

 

 

814,776

 

 

4.67

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INSTRUMENTS AND RELATED PRODUCTS

 

 

 

 

 

 

 

2,338,739

 

 

 

Johnson & Johnson

 

 

155,994

 

 

0.89

 

 

 

 

 

Other

 

 

289,782

 

 

1.66

 

 

 

 

 

 

 

 

 

 

 

 

 

 

445,776

 

 

2.55

 

 

 

 

 

 

 

INSURANCE AGENTS, BROKERS AND SERVICE

 

 

143,101

 

 

0.82

 

 

 

 

 

 

 

INSURANCE CARRIERS

 

 

745,006

 

 

4.27

 

 

 

 

 

 

 

JUSTICE, PUBLIC ORDER AND SAFETY

 

 

440

 

 

0.00

**

 

 

 

 

 

 

LEATHER AND LEATHER PRODUCTS

 

 

42,177

 

 

0.24

 

 

 

 

 

 

 

LOCAL AND INTERURBAN PASSENGER TRANSIT

 

 

3,481

 

 

0.02

 

 

 

 

 

 

 

LUMBER AND WOOD PRODUCTS

 

 

1,528

 

 

0.01

 

 

 

 

 

 

 

 

 

 

 

METAL MINING

 

 

 

 

 

 

 

 

 

 

 

2,036,388

 

 

 

BHP Billiton Ltd

 

 

71,772

 

 

0.41

 

 

 

 

 

Other

 

 

283,714

 

 

1.63

 

 

 

 

 

 

 

 

 

 

 

 

 

 

355,486

 

 

2.04

 

 

 

 

 

 

 

MISCELLANEOUS MANUFACTURING INDUSTRIES

 

 

20,005

 

 

0.11

 

 

 

 

 

 

 

MISCELLANEOUS RETAIL

 

 

150,529

 

 

0.86

 

 

 

 

 

 

 

MOTION PICTURES

 

 

90,995

 

 

0.52

 

 

 

 

 

 

 

NONDEPOSITORY INSTITUTIONS

 

 

163,486

 

 

0.94

 

 

 

 

 

 

 

NONMETALLIC MINERALS, EXCEPT FUELS

 

 

33,319

 

 

0.19

 

 

 

 

 

 

 

OIL AND GAS EXTRACTION

 

 

493,736

 

 

2.83

 

 

 

 

 

 

 

 

 

 

 

PAPER AND ALLIED PRODUCTS

 

 

 

 

 

 

 

2,136,403

 

 

 

Anglo American plc

 

 

130,984

 

 

0.75

 

 

 

 

 

Other

 

 

53,720

 

 

0.31

 

 

 

 

 

 

 

 

 

 

 

 

 

 

184,704

 

 

1.06

 

 

 

 

 

 

 

PERSONAL SERVICES

 

 

7,896

 

 

0.04

 

 

 

 

 

 

48

2007 Annual Report § College Retirement Equities Fund

See notes to financial statements

 

 

SUMMARY PORTFOLIO OF INVESTMENTS

continued

CREF GLOBAL EQUITIES ACCOUNT § DECEMBER 31, 2007

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

 

Company

 

Value
(000)

 

% of net
assets

 

PETROLEUM AND COAL PRODUCTS

 

 

 

 

 

 

 

7,638,761

 

 

 

BP plc

 

$

93,515

 

 

0.54

%

814,322

 

 

 

Chevron Corp

 

 

76,001

 

 

0.43

 

2,440,651

 

 

 

Exxon Mobil Corp

 

 

228,665

 

 

1.31

 

971,060

 

 

 

Occidental Petroleum Corp

 

 

74,762

 

 

0.43

 

1,822,264

 

 

 

Royal Dutch Shell plc (A Shares)

 

 

76,575

 

 

0.44

 

1,003,891

 

 

 

Total S.A.

 

 

83,412

 

 

0.48

 

 

 

 

 

Other

 

 

429,902

 

 

2.46

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,062,832

 

 

6.09

 

 

 

 

 

 

 

PIPELINES, EXCEPT NATURAL GAS

 

 

19,905

 

 

0.11

 

 

 

 

 

 

 

PRIMARY METAL INDUSTRIES

 

 

191,411

 

 

1.10

 

 

 

 

 

 

 

PRINTING AND PUBLISHING

 

 

92,644

 

 

0.53

 

 

 

 

 

 

 

RAILROAD TRANSPORTATION

 

 

90,399

 

 

0.52

 

 

 

 

 

 

 

REAL ESTATE

 

 

 

 

 

 

247,582

 

 

1.42

 

 

 

 

 

 

 

RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS

 

 

 

 

 

 

 

847,783

 

 

 

Bayer AG.

 

 

77,506

 

 

0.44

 

 

 

 

 

Other

 

 

27,661

 

 

0.16

 

 

 

 

 

 

 

 

 

 

 

 

 

 

105,167

 

 

0.60

 

 

 

 

 

 

 

SECURITY AND COMMODITY BROKERS

 

 

345,696

 

 

1.98

 

 

 

 

 

 

 

SOCIAL SERVICES

 

 

1,217

 

 

0.01

 

 

 

 

 

 

 

SPECIAL TRADE CONTRACTORS

 

 

413

 

 

0.00

**

 

 

 

 

 

 

STONE, CLAY, AND GLASS PRODUCTS

 

 

120,199

 

 

0.69

 

 

 

 

 

 

 

TEXTILE MILL PRODUCTS

 

 

—

^

 

0.00

**

 

 

 

 

 

 

TOBACCO PRODUCTS

 

 

 

 

 

 

 

1,384,933

 

 

 

Altria Group, Inc

 

 

104,673

 

 

0.60

 

 

 

 

 

Other

 

 

81,674

 

 

0.47

 

 

 

 

 

 

 

 

 

 

 

 

 

 

186,347

 

 

1.07

 

 

 

 

 

 

 

TRANSPORTATION BY AIR

 

 

43,719

 

 

0.25

 

 

 

TRANSPORTATION EQUIPMENT

 

 

 

 

 

 

 

846,956

 

 

 

Siemens AG.

 

 

134,801

 

 

0.77

 

 

 

 

 

Other

 

 

519,030

 

 

2.97

 

 

 

 

 

 

 

 

 

 

 

 

 

 

653,831

 

 

3.74

 

 

 

 

 

 

 

TRANSPORTATION SERVICES

 

 

21,675

 

 

0.12

 

 

 

TRUCKING AND WAREHOUSING

 

 

 

 

 

 

 

4,138,928

 

 

 

Deutsche Post AG.

 

 

142,267

 

 

0.81

 

 

 

 

 

Other

 

 

61,015

 

 

0.35

 

 

 

 

 

 

 

 

 

 

 

 

 

 

203,282

 

 

1.16

 

 

 

 

 

 

 

WATER TRANSPORTATION

 

 

74,452

 

 

0.43

 

 

 

 

 

 

 

WHOLESALE TRADE-DURABLE GOODS

 

 

87,221

 

 

0.50

 

 

 

 

 

 

 

WHOLESALE TRADE-NONDURABLE GOODS

 

 

143,077

 

 

0.82

 

 

 

 

 

 

 

TOTAL COMMON STOCKS

 

(Cost $15,994,123)

 

 

17,290,088

 

 

99.02

 

 

 

 

 

 

 

 

 

 

 

 

See notes to financial statements

College Retirement Equities Fund § 2007 Annual Report

49

 

 

SUMMARY PORTFOLIO OF INVESTMENTS

concluded

CREF GLOBAL EQUITIES ACCOUNT § DECEMBER 31, 2007

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

 

Company

 

Value
(000)

 

% of net
assets

 

WARRANTS

 

 

 

 

 

 

 

 

 

 

 

DEPOSITORY INSTITUTIONS

 

$

2,246

 

 

0.01

%

 

 

 

 

 

 

HOTELS AND OTHER LODGING PLACES

 

 

548

 

 

0.01

 

 

 

 

 

 

 

OIL AND GAS EXTRACTION

 

 

0

^

 

0.00

 **

 

 

 

 

 

 

REAL ESTATE

 

 

 

 

 

 

11

 

 

0.00

 **

 

 

 

 

 

 

 

 

 

 

TOTAL WARRANTS

 

(Cost $1,055)

 

 

2,805

 

 

0.02

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES

 

 

60,089

 

 

0.34

 

 

 

 

 

 

 

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED

 

 

 

 

 

 

 

928,317,005

 

z

 

Global Separate Collateral

 

 

928,317

 

 

5.32

 

 

 

 

 

 

 

 

 

 

 

 

 

 

928,317

 

 

5.32

 

 

 

 

 

 

 

 

 

 

 

TOTAL SHORT-TERM INVESTMENTS

 

(Cost $988,399)

 

 

 

 

 

 

 

 

 

 

 

(includes $928,317 of cash collateral for securities on loan)

 

 

988,406

 

 

5.66

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL PORTFOLIO

 

(Cost $16,983,953)

 

 

18,281,533

 

 

104.70

 

 

 

 

 

 

 

 

 

 

 

 

 

OTHER ASSETS & LIABILITIES, NET

 

 

 

 

(820,251

)

 

(4.70

)

 

 

 

 

 

 

 

 

 

 

 

 

NET ASSETS

 

 

 

$

17,461,282

 

 

100.00

%

 

 

 

 

 

 

 

 

 

 

The following abbreviations are used in portfolio descriptions:

 

 

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.

z

Global Separate Collateral is invested in 29% Certificates of Deposit, 12% Commercial Paper, 7% Repurchase Agreements and 52% Variable Rate Securities.

 

Cost amounts are in thousands.

 

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

 

 

 

 

 

50

2007 Annual Report § College Retirement Equities Fund

See notes to financial statements

SUMMARY OF MARKET VALUES BY COUNTRY

CREF GLOBAL EQUITIES ACCOUNT § DECEMBER 31, 2007

 

 

 

 

 

 

 

 

Country

 

Value

 

% of
market
value

 

DOMESTIC

 

 

 

 

 

 

 

UNITED STATES

 

$

9,174,190,108

 

 

50.18

%

 

 

TOTAL DOMESTIC

 

 

9,174,190,108

 

 

50.18

 

 

 

FOREIGN

 

 

 

 

 

 

 

ARGENTINA

 

 

1,942,425

 

 

0.01

 

AUSTRALIA

 

 

430,446,771

 

 

2.35

 

AUSTRIA

 

 

40,267,266

 

 

0.22

 

BELGIUM

 

 

49,550,201

 

 

0.27

 

BRAZIL

 

 

52,593,363

 

 

0.29

 

CANADA

 

 

574,649,666

 

 

3.14

 

CAYMAN ISLANDS

 

 

35,078,850

 

 

0.19

 

CHILE

 

 

1,531,158

 

 

0.01

 

CHINA

 

 

4,018,482

 

 

0.02

 

CROATIA

 

 

4,185,000

 

 

0.02

 

DENMARK

 

 

49,211,056

 

 

0.27

 

FINLAND

 

 

174,196,095

 

 

0.95

 

FRANCE

 

 

1,152,788,507

 

 

6.31

 

GERMANY

 

 

855,468,785

 

 

4.68

 

GREECE

 

 

42,058,226

 

 

0.23

 

HONG KONG

 

 

250,013,684

 

 

1.37

 

INDIA

 

 

40,205,092

 

 

0.22

 

INDONESIA

 

 

29,226,996

 

 

0.16

 

IRELAND

 

 

23,450,827

 

 

0.13

 

ITALY

 

 

306,433,868

 

 

1.68

 

 

 

 

 

 

 

 

 

Country

 

Value

 

% of
market
value

 

JAPAN

 

$

1,291,450,232

 

 

7.06

%

LUXEMBOURG

 

 

1,515,037

 

 

0.01

 

MALAYSIA

 

 

72,195,692

 

 

0.39

 

NETHERLANDS

 

 

319,838,687

 

 

1.75

 

NEW ZEALAND

 

 

4,356,628

 

 

0.02

 

NORWAY

 

 

91,175,784

 

 

0.50

 

PHILIPPINES

 

 

58,073,757

 

 

0.32

 

PORTUGAL

 

 

17,635,742

 

 

0.10

 

RUSSIA

 

 

62,195,122

 

 

0.34

 

SINGAPORE

 

 

191,169,248

 

 

1.05

 

SOUTH AFRICA

 

 

6,400,128

 

 

0.04

 

SOUTH KOREA

 

 

70,744,952

 

 

0.39

 

SPAIN

 

 

302,826,239

 

 

1.66

 

SWEDEN

 

 

102,439,769

 

 

0.56

 

SWITZERLAND

 

 

586,670,015

 

 

3.21

 

TAIWAN (REPUBLIC OF CHINA)

 

 

53,643,976

 

 

0.29

 

THAILAND

 

 

53,141,850

 

 

0.29

 

TURKEY

 

 

5,339,374

 

 

0.03

 

UNITED ARAB EMIRATES

 

 

3,891,800

 

 

0.02

 

UNITED KINGDOM

 

 

1,695,322,926

 

 

9.27

 

 

 

TOTAL FOREIGN

 

 

9,107,343,276

 

 

49.82

 

 

 

 

 

 

 

 

 

 

 

TOTAL PORTFOLIO

 

$

18,281,533,384

 

 

100.00

%

 

 

 

 

 

 

 

See notes to financial statements

College Retirement Equities Fund § 2007 Annual Report

51

SUMMARY PORTFOLIO OF INVESTMENTS

CREF GROWTH ACCOUNT § DECEMBER 31, 2007

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

 

Company

 

Value
(000)

 

% of net
assets

 

COMMON STOCKS

 

 

 

 

 

 

 

AMUSEMENT AND RECREATION SERVICES

 

 

 

 

 

 

 

219,535

 

 

 

Nintendo Co Ltd

 

$

131,468

 

 

0.94

%

 

 

 

 

Other

 

 

91,384

 

 

0.66

 

 

 

 

 

 

 

 

 

 

 

 

 

 

222,852

 

 

1.60

 

 

 

 

 

 

 

APPAREL AND ACCESSORY STORES

 

 

99,757

 

 

0.72

 

 

 

 

 

 

 

APPAREL AND OTHER TEXTILE PRODUCTS

 

 

6,933

 

 

0.05

 

 

 

 

 

 

 

AUTO REPAIR, SERVICES AND PARKING

 

 

2,899

 

 

0.02

 

 

 

 

 

 

 

AUTOMOTIVE DEALERS AND SERVICE STATIONS

 

 

16,989

 

 

0.12

 

 

 

 

 

 

 

BUILDING MATERIALS AND GARDEN SUPPLIES

 

 

56,376

 

 

0.41

 

BUSINESS SERVICES

 

2,004,563

 

*

 

Adobe Systems, Inc

 

 

85,655

 

 

0.62

 

2,863,276

 

*

 

eBay, Inc

 

 

95,032

 

 

0.69

 

491,340

 

*

 

Google, Inc (Class A)

 

 

339,752

 

 

2.45

 

2,032,131

 

*

 

Intuit, Inc

 

 

64,236

 

 

0.46

 

9,684,402

 

 

 

Microsoft Corp

 

 

344,765

 

 

2.48

 

2,495,400

 

 

 

Omnicom Group, Inc

 

 

118,606

 

 

0.85

 

8,029,500

 

*

 

Oracle Corp

 

 

181,306

 

 

1.31

 

 

 

 

 

Other

 

 

551,672

 

 

3.97

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,781,024

 

 

12.83

 

 

 

 

 

 

 

CHEMICALS AND ALLIED PRODUCTS

 

 

 

 

 

 

 

2,005,917

 

 

 

Abbott Laboratories

 

 

112,632

 

 

0.81

 

1,217,813

 

 

 

Colgate-Palmolive Co

 

 

94,941

 

 

0.68

 

1,520,354

 

*

 

Genentech, Inc

 

 

101,970

 

 

0.73

 

2,683,877

 

*

 

Gilead Sciences, Inc

 

 

123,485

 

 

0.89

 

3,362,340

 

 

 

Merck & Co, Inc

 

 

195,386

 

 

1.41

 

2,037,935

 

 

 

Monsanto Co

 

 

227,617

 

 

1.64

 

1,075,453

 

 

 

Procter & Gamble Co

 

 

78,960

 

 

0.57

 

4,946,022

 

 

 

Schering-Plough Corp

 

 

131,762

 

 

0.95

 

2,297,545

 

 

 

Teva Pharmaceutical Industries Ltd (ADR)

 

 

106,790

 

 

0.77

 

 

 

 

 

Other

 

 

543,588

 

 

3.92

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,717,131

 

 

12.37

 

 

 

 

 

 

 

COAL MINING

 

 

53,670

 

 

0.39

 

 

 

 

 

 

 

COMMUNICATIONS

 

 

147,000

 

 

1.06

 

 

 

 

 

 

 

DEPOSITORY INSTITUTIONS

 

 

188,892

 

 

1.36

 

 

 

EATING AND DRINKING PLACES

 

 

 

 

 

 

 

1,099,202

 

 

 

McDonald’s Corp

 

 

64,754

 

 

0.47

 

 

 

 

 

Other

 

 

73,471

 

 

0.53

 

 

 

 

 

 

 

 

 

 

 

 

 

 

138,225

 

 

1.00

 

 

 

 

 

 

 

EDUCATIONAL SERVICES

 

 

13,847

 

 

0.10

 

 

 

 

 

 

 

ELECTRIC, GAS, AND SANITARY SERVICES

 

 

221,635

 

 

1.60

 

 

 

 

 

 

 

52

2007 Annual Report § College Retirement Equities Fund

See notes to financial statements


 

 

SUMMARY PORTFOLIO OF INVESTMENTS

continued

CREF GROWTH ACCOUNT § DECEMBER 31, 2007

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

 

Company

 

Value
(000)

 

% of net
assets

 

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT

 

 

 

 

 

 

 

1,634,167

 

*

 

Apple Computer, Inc

 

$

323,696

 

 

2.33

%

11,388,457

 

*

 

Cisco Systems, Inc

 

 

308,286

 

 

2.22

 

10,840,288

 

 

 

Intel Corp

 

 

289,002

 

 

2.08

 

3,780,277

 

 

 

Qualcomm, Inc

 

 

148,754

 

 

1.07

 

1,691,355

 

*

 

Renewable Energy Corp A.S.

 

 

85,972

 

 

0.62

 

569,120

 

*

 

Research In Motion Ltd

 

 

64,538

 

 

0.47

 

 

 

 

 

Other

 

 

488,648

 

 

3.52

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,708,896

 

 

12.31

 

 

 

 

 

 

 

ENGINEERING AND MANAGEMENT SERVICES

 

 

150,820

 

 

1.09

 

 

 

 

 

 

 

FABRICATED METAL PRODUCTS

 

 

98,114

 

 

0.71

 

 

 

FOOD AND KINDRED PRODUCTS

 

 

 

 

 

 

 

1,599,549

 

 

 

Coca-Cola Co

 

 

98,164

 

 

0.71

 

2,115,165

 

 

 

PepsiCo, Inc

 

 

160,541

 

 

1.15

 

 

 

 

 

Other

 

 

129,197

 

 

0.93

 

 

 

 

 

 

 

 

 

 

 

 

 

 

387,902

 

 

2.79

 

 

 

 

 

 

 

FOOD STORES

 

 

42,063

 

 

0.30

 

 

 

 

 

 

 

FORESTRY

 

 

145

 

 

0.00

 **

 

 

 

 

 

 

FURNITURE AND FIXTURES

 

 

16,907

 

 

0.12

 

 

 

 

 

 

 

FURNITURE AND HOME FURNISHINGS STORES

 

 

49,768

 

 

0.36

 

 

 

 

 

 

 

GENERAL BUILDING CONTRACTORS

 

 

14,253

 

 

0.10

 

 

 

GENERAL MERCHANDISE STORES

 

 

 

 

 

 

 

2,895,067

 

 

 

TJX Cos, Inc

 

 

83,175

 

 

0.60

 

2,429,346

 

 

 

Wal-Mart Stores, Inc

 

 

115,467

 

 

0.83

 

 

 

 

 

Other

 

 

72,855

 

 

0.53

 

 

 

 

 

 

 

 

 

 

 

 

 

 

271,497

 

 

1.96

 

 

 

 

 

 

 

HEALTH SERVICES

 

 

253,278

 

 

1.82

 

 

 

 

 

 

 

HEAVY CONSTRUCTION, EXCEPT BUILDING

 

 

27,020

 

 

0.19

 

 

 

HOLDING AND OTHER INVESTMENT OFFICES

 

 

 

 

 

 

 

1,729,100

 

 

 

iShares Russell 1000 Growth Index Fund

 

 

105,095

 

 

0.76

 

 

 

 

 

Other

 

 

64,375

 

 

0.46

 

 

 

 

 

 

 

 

 

 

 

 

 

 

169,470

 

 

1.22

 

 

 

 

 

 

 

HOTELS AND OTHER LODGING PLACES

 

 

94,443

 

 

0.68

 

 

 

INDUSTRIAL MACHINERY AND EQUIPMENT

 

 

 

 

 

 

 

4,871,257

 

 

 

Hewlett-Packard Co

 

 

245,901

 

 

1.77

 

1,632,600

 

 

 

International Business Machines Corp

 

 

176,484

 

 

1.27

 

1,619,351

 

 

 

International Game Technology

 

 

71,138

 

 

0.52

 

 

 

 

 

Other

 

 

500,033

 

 

3.60

 

 

 

 

 

 

 

 

 

 

 

 

 

 

993,556

 

 

7.16

 

 

 

 

 

 

 

INSTRUMENTS AND RELATED PRODUCTS

 

 

 

 

 

 

 

3,043,717

 

 

 

Emerson Electric Co

 

 

172,457

 

 

1.24

 

1,607,579

 

 

 

Johnson & Johnson

 

 

107,226

 

 

0.77

 

 

 

 

 

Other

 

 

518,804

 

 

3.74

 

 

 

 

 

 

 

 

 

 

 

 

 

 

798,487

 

 

5.75

 

 

 

 

 

 

 

 

 

 

See notes to financial statements

College Retirement Equities Fund § 2007 Annual Report

53


 

 

SUMMARY PORTFOLIO OF INVESTMENTS

continued

CREF GROWTH ACCOUNT § DECEMBER 31, 2007

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

 

Company

 

Value
(000)

 

% of net
assets

 

INSURANCE AGENTS, BROKERS AND SERVICE

 

$

2,724

 

 

0.02

%

 

 

INSURANCE CARRIERS

 

 

 

 

 

 

 

1,480,901

 

 

 

Aetna, Inc

 

 

85,492

 

 

0.62

 

1,545,625

 

 

 

Aflac, Inc

 

 

96,803

 

 

0.70

 

1,153,558

 

 

 

UnitedHealth Group, Inc

 

 

67,137

 

 

0.48

 

 

 

 

 

Other

 

 

143,159

 

 

1.03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

392,591

 

 

2.83

 

 

 

 

 

 

 

JUSTICE, PUBLIC ORDER AND SAFETY

 

 

3,167

 

 

0.02

 

 

 

 

 

 

 

LEATHER AND LEATHER PRODUCTS

 

 

20,142

 

 

0.14

 

 

 

 

 

 

 

METAL MINING

 

 

99,206

 

 

0.71

 

 

 

 

 

 

 

MISCELLANEOUS MANUFACTURING INDUSTRIES

 

 

3,944

 

 

0.03

 

 

 

MISCELLANEOUS RETAIL

 

 

 

 

 

 

 

718,645

 

*

 

Amazon.com, Inc

 

 

66,575

 

 

0.48

 

4,661,111

 

 

 

CVS Corp

 

 

185,279

 

 

1.33

 

 

 

 

 

Other

 

 

118,001

 

 

0.85

 

 

 

 

 

 

 

 

 

 

 

 

 

 

369,855

 

 

2.66

 

 

 

 

 

 

 

MOTION PICTURES

 

 

113,439

 

 

0.82

 

 

 

 

 

 

 

NONDEPOSITORY INSTITUTIONS

 

 

121,184

 

 

0.87

 

 

 

 

 

 

 

NONMETALLIC MINERALS, EXCEPT FUELS

 

 

15,838

 

 

0.11

 

 

 

OIL AND GAS EXTRACTION

 

 

 

 

 

 

 

1,008,613

 

*

 

National Oilwell Varco, Inc

 

 

74,093

 

 

0.53

 

1,772,922

 

 

 

Schlumberger Ltd

 

 

174,402

 

 

1.26

 

1,724,560

 

 

 

XTO Energy, Inc

 

 

88,573

 

 

0.64

 

 

 

 

 

Other

 

 

331,809

 

 

2.39

 

 

 

 

 

 

 

 

 

 

 

 

 

 

668,877

 

 

4.82

 

 

 

 

 

 

 

PAPER AND ALLIED PRODUCTS

 

 

64,074

 

 

0.46

 

 

 

 

 

 

 

PERSONAL SERVICES

 

 

9,443

 

 

0.07

 

 

 

PETROLEUM AND COAL PRODUCTS

 

 

 

 

 

 

 

1,142,322

 

 

 

Exxon Mobil Corp

 

 

107,024

 

 

0.77

 

 

 

 

 

Other

 

 

218,109

 

 

1.57

 

 

 

 

 

 

 

 

 

 

 

 

 

 

325,133

 

 

2.34

 

 

 

 

 

 

 

PRIMARY METAL INDUSTRIES

 

 

128,871

 

 

0.93

 

 

 

 

 

 

 

PRINTING AND PUBLISHING

 

 

22,950

 

 

0.17

 

 

 

 

 

 

 

RAILROAD TRANSPORTATION

 

 

80,220

 

 

0.58

 

 

 

 

 

 

 

REAL ESTATE

 

 

10,836

 

 

0.08

 

 

 

 

 

 

 

RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS

 

 

56,096

 

 

0.40

 

 

 

SECURITY AND COMMODITY BROKERS

 

 

 

 

 

 

 

4,897,150

 

 

 

Charles Schwab Corp

 

 

125,122

 

 

0.90

 

215,017

 

 

 

CME Group, Inc

 

 

147,502

 

 

1.06

 

339,768

 

 

 

Goldman Sachs Group, Inc

 

 

73,067

 

 

0.53

 

 

 

 

 

Other

 

 

252,550

 

 

1.82

 

 

 

 

 

 

 

 

 

 

 

 

 

 

598,241

 

 

4.31

 

 

 

 

 

 

 

 

 

 

54

2007 Annual Report § College Retirement Equities Fund

See notes to financial statements


 

 

SUMMARY PORTFOLIO OF INVESTMENTS

concluded

CREF GROWTH ACCOUNT § DECEMBER 31, 2007

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

 

Company

 

 

 

Value
(000)

 

% of net
assets

 

SPECIAL TRADE CONTRACTORS

 

$

3,752

 

 

0.03

%

 

 

 

 

 

 

 

 

STONE, CLAY, AND GLASS PRODUCTS

 

 

66,013

 

 

0.48

 

 

 

TOBACCO PRODUCTS

 

 

 

 

 

 

 

1,567,333

 

 

 

Altria Group, Inc

 

 

 

 

118,459

 

 

0.85

 

 

 

 

 

Other

 

 

 

 

21,750

 

 

0.16

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

140,209

 

 

1.01

 

 

 

 

 

 

 

 

 

TRANSPORTATION BY AIR

 

 

37,330

 

 

0.27

 

 

 

TRANSPORTATION EQUIPMENT

 

 

 

 

 

 

 

1,435,580

 

 

 

Boeing Co

 

 

 

 

125,556

 

 

0.90

 

927,249

 

 

 

United Technologies Corp

 

 

 

 

70,972

 

 

0.51

 

 

 

 

 

Other

 

 

 

 

198,050

 

 

1.43

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

394,578

 

 

2.84

 

 

 

 

 

 

 

 

 

TRANSPORTATION SERVICES

 

 

18,355

 

 

0.13

 

 

 

 

 

 

 

 

 

TRUCKING AND WAREHOUSING

 

 

46,401

 

 

0.33

 

 

 

 

 

 

 

 

 

WATER TRANSPORTATION

 

 

55,402

 

 

0.40

 

 

 

 

 

 

 

 

 

WHOLESALE TRADE-DURABLE GOODS

 

 

34,955

 

 

0.25

 

 

 

 

 

 

 

 

 

WHOLESALE TRADE-NONDURABLE GOODS

 

 

65,276

 

 

0.47

 

 

 

 

 

 

 

TOTAL COMMON STOCKS

 

(Cost $12,256,980)

 

13,712,951

 

 

98.77

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

 

 

Issuer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS

 

 

 

 

 

 

 

U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES

 

 

 

 

 

 

 

$

148,665,000

 

d

 

Federal Home Loan Bank (FHLB)

 

0.000%, 01/02/08–01/07/08

 

 

148,625

 

 

1.07  

 

 

 

 

 

 

Other

 

 

 

 

24,914

 

 

0.18  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

173,539

 

 

1.25  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

Company

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED

 

 

 

 

 

 

 

517,674,948

 

State Street Navigator Securities Lending Prime Portfolio

 

 

 

517,675

 

3.73

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

517,675

 

3.73

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL SHORT-TERM INVESTMENTS

 

(Cost $691,190)

 

 

 

691,214

 

4.98

 

 

 

 

 

 

 

 

 

 

TOTAL PORTFOLIO

 

(Cost $12,948,170)

 

 

 

14,404,165

 

103.75

 

 

 

 

 

 

 

 

 

 

OTHER ASSETS & LIABILITIES, NET

 

 

 

 

 

(520,821

)

(3.75

)

 

 

 

 

 

 

 

 

 

NET ASSETS

 

 

 

 

$

13,883,344

 

100.00

%

 

 

 

 

 

 

 

 

 

The following abbreviations are used in portfolio descriptions:

 

 

ADR American Depositary Receipt

 

 

*

Non-income producing.

 

 

**

Percentage represents less than 0.01%.

 

 

d

All or a portion of these securities have been segregated by the Custodian to cover margin or other requirements.

 

 

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 Annual Report

55

SUMMARY OF MARKET VALUES BY COUNTRY

CREF GROWTH ACCOUNT § DECEMBER 31, 2007

 

 

 

 

 

 

 

 

Country

 

Value

 

% of
market
value

 

DOMESTIC

 

 

 

 

 

 

 

UNITED STATES

 

$

13,815,931,600

 

 

95.92

%

 

 

TOTAL DOMESTIC

 

 

13,815,931,600

 

 

95.92

 

 

 

 

 

 

 

 

 

 

 

FOREIGN

 

 

 

 

 

 

 

BRAZIL

 

 

16,364,080

 

 

0.11

 

CANADA

 

 

10,240,475

 

 

0.07

 

CAYMAN ISLANDS

 

 

8,433,841

 

 

0.06

 

FINLAND

 

 

29,455,088

 

 

0.20

 

FRANCE

 

 

56,993,755

 

 

0.40

 

GERMANY

 

 

81,502,457

 

 

0.57

 

ITALY

 

 

30,684,768

 

 

0.21

 

JAPAN

 

 

131,467,498

 

 

0.91

 

MEXICO

 

 

8,404,755

 

 

0.06

 

NORWAY

 

 

85,971,800

 

 

0.60

 

SWITZERLAND

 

 

70,305,861

 

 

0.49

 

UNITED KINGDOM

 

 

58,409,372

 

 

0.40

 

 

 

TOTAL FOREIGN

 

 

588,233,750

 

 

4.08

 

 

 

 

 

 

 

 

 

 

 

TOTAL PORTFOLIO

 

$

14,404,165,350

 

 

100.00

%

 

 

 

 

 

56

2007 Annual Report § College Retirement Equities Fund

See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS

CREF EQUITY INDEX ACCOUNT § DECEMBER 31, 2007

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

 

Company

 

Value
(000)

 

% of net
assets

 

COMMON STOCKS

 

 

 

 

 

 

 

 

AGRICULTURAL PRODUCTION-CROPS

 

$

555

 

 

0.00

%**

 

 

AGRICULTURAL PRODUCTION-LIVESTOCK

 

 

1,467

 

 

0.01

 

 

 

AGRICULTURAL SERVICES

 

 

176

 

 

0.00

**

 

 

AMUSEMENT AND RECREATION SERVICES

 

 

 

 

 

 

 

1,408,524

 

 

 

Walt Disney Co

 

 

45,467

 

 

0.39

 

 

 

 

 

Other

 

 

30,786

 

 

0.27

 

 

 

 

 

 

 

 

 

 

76,253

 

 

0.66

 

 

 

APPAREL AND ACCESSORY STORES

 

 

60,407

 

 

0.53

 

 

 

APPAREL AND OTHER TEXTILE PRODUCTS

 

 

16,975

 

 

0.15

 

 

 

AUTO REPAIR, SERVICES AND PARKING

 

 

8,597

 

 

0.08

 

 

 

AUTOMOTIVE DEALERS AND SERVICE STATIONS

 

 

18,646

 

 

0.16

 

 

 

BUILDING MATERIALS AND GARDEN SUPPLIES

 

 

60,825

 

 

0.53

 

 

 

BUSINESS SERVICES

 

 

 

 

 

 

 

163,401

 

*

 

Google, Inc (Class A)

 

 

112,989

 

 

0.99

 

5,843,700

 

 

 

Microsoft Corp

 

 

208,036

 

 

1.81

 

2,738,665

 

*

 

Oracle Corp

 

 

61,839

 

 

0.54

 

 

 

 

 

Other

 

 

460,161

 

 

4.01

 

 

 

 

 

 

 

 

 

 

843,025

 

 

7.35

 

 

 

CHEMICALS AND ALLIED PRODUCTS

 

 

 

 

 

 

 

1,093,842

 

 

 

Abbott Laboratories

 

 

61,419

 

 

0.54

 

1,543,245

 

 

 

Merck & Co, Inc

 

 

89,678

 

 

0.78

 

387,373

 

 

 

Monsanto Co

 

 

43,266

 

 

0.38

 

4,997,958

 

 

 

Pfizer, Inc

 

 

113,604

 

 

0.99

 

2,241,834

 

 

 

Procter & Gamble Co

 

 

164,595

 

 

1.43

 

956,153

 

 

 

Wyeth

 

 

42,252

 

 

0.37

 

 

 

 

 

Other

 

 

568,993

 

 

4.96

 

 

 

 

 

 

 

 

 

 

1,083,807

 

 

9.45

 

 

 

COAL MINING

 

 

29,572

 

 

0.26

 

 

 

COMMUNICATIONS

 

 

 

 

 

 

 

4,389,555

 

 

 

AT&T, Inc

 

 

182,430

 

 

1.59

 

2,066,848

 

 

 

Verizon Communications, Inc

 

 

90,301

 

 

0.79

 

 

 

 

 

Other

 

 

232,214

 

 

2.02

 

 

 

 

 

 

 

 

 

 

504,945

 

 

4.40

 

 

 

DEPOSITORY INSTITUTIONS

 

 

 

 

 

 

 

3,160,564

 

 

 

Bank of America Corp

 

 

130,405

 

 

1.14

 

806,077

 

 

 

Bank of New York Mellon Corp

 

 

39,304

 

 

0.34

 

3,516,446

 

 

 

Citigroup, Inc

 

 

103,524

 

 

0.90

 

2,432,876

 

 

 

JPMorgan Chase & Co

 

 

106,195

 

 

0.93

 

1,235,999

 

 

 

US Bancorp

 

 

39,231

 

 

0.34

 

1,413,523

 

 

 

Wachovia Corp

 

 

53,756

 

 

0.47

 

2,415,234

 

e

 

Wells Fargo & Co

 

 

72,916

 

 

0.64

 

 

 

 

 

Other

 

 

282,587

 

 

2.46

 

 

 

 

 

 

 

 

 

 

827,918

 

 

7.22

 

 

 

 

 

 

 

 

 

 

See notes to financial statements

College Retirement Equities Fund § 2007 Annual Report

57


 

 

SUMMARY PORTFOLIO OF INVESTMENTS

continued

CREF EQUITY INDEX ACCOUNT § DECEMBER 31, 2007

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

 

Company

 

Value
(000)

 

% of net
assets

 

EATING AND DRINKING PLACES

 

 

 

 

 

 

 

848,610

 

 

 

McDonald’s Corp

 

$

49,992

 

 

0.44

%

 

 

 

 

Other

 

 

51,035

 

 

0.44

 

 

 

 

 

 

 

 

 

 

 

 

 

 

101,027

 

 

0.88

 

 

 

 

 

 

 

EDUCATIONAL SERVICES

 

 

16,817

 

 

0.15

 

 

 

 

 

 

 

ELECTRIC, GAS, AND SANITARY SERVICES

 

 

 

 

 

 

 

480,045

 

 

 

Exelon Corp

 

 

39,191

 

 

0.34

 

 

 

 

 

Other

 

 

439,168

 

 

3.83

 

 

 

 

 

 

 

 

 

 

 

 

 

 

478,359

 

 

4.17

 

 

 

 

 

 

 

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT

 

 

 

 

 

 

 

614,970

 

*

 

Apple Computer, Inc

 

 

121,813

 

 

1.06

 

4,322,563

 

*

 

Cisco Systems, Inc

 

 

117,012

 

 

1.02

 

4,137,639

 

 

 

Intel Corp

 

 

110,309

 

 

0.96

 

1,186,962

 

 

 

Qualcomm, Inc

 

 

46,707

 

 

0.41

 

 

 

 

 

Other

 

 

376,476

 

 

3.28

 

 

 

 

 

 

 

 

 

 

 

 

 

 

772,317

 

 

6.73

 

 

 

 

 

 

 

ENGINEERING AND MANAGEMENT SERVICES

 

 

105,554

 

 

0.92

 

 

 

 

 

 

 

ENVIRONMENTAL QUALITY AND HOUSING

 

 

40

 

 

0.00

**

 

 

 

 

 

 

FABRICATED METAL PRODUCTS

 

 

60,735

 

 

0.53

 

 

 

 

 

 

 

FOOD AND KINDRED PRODUCTS

 

 

 

 

 

 

 

1,644,159

 

 

 

Coca-Cola Co

 

 

100,902

 

 

0.88

 

1,159,657

 

 

 

PepsiCo, Inc

 

 

88,018

 

 

0.77

 

 

 

 

 

Other

 

 

212,864

 

 

1.85

 

 

 

 

 

 

 

 

 

 

 

 

 

 

401,784

 

 

3.50

 

 

 

 

 

 

 

FOOD STORES

 

 

36,815

 

 

0.32

 

 

 

 

 

 

 

FORESTRY

 

 

13,915

 

 

0.12

 

 

 

 

 

 

 

FURNITURE AND FIXTURES

 

 

32,434

 

 

0.28

 

 

 

 

 

 

 

FURNITURE AND HOME FURNISHINGS STORES

 

 

19,671

 

 

0.17

 

 

 

 

 

 

 

GENERAL BUILDING CONTRACTORS

 

 

19,160

 

 

0.17

 

 

 

 

 

 

 

GENERAL MERCHANDISE STORES

 

 

 

 

 

 

 

1,712,773

 

 

 

Wal-Mart Stores, Inc

 

 

81,408

 

 

0.71

 

 

 

 

 

Other

 

 

86,643

 

 

0.75

 

 

 

 

 

 

 

 

 

 

 

 

 

 

168,051

 

 

1.46

 

 

 

 

 

 

 

HEALTH SERVICES

 

 

156,075

 

 

1.36

 

 

 

 

 

 

 

HEAVY CONSTRUCTION, EXCEPT BUILDING

 

 

9,391

 

 

0.08

 

 

 

 

 

 

 

HOLDING AND OTHER INVESTMENT OFFICES

 

 

 

 

 

 

 

466,350

 

e

 

iShares Russell 3000 Index Fund

 

 

39,360

 

 

0.34

 

 

 

 

 

Other

 

 

219,292

 

 

1.91

 

 

 

 

 

 

 

 

 

 

 

 

 

 

258,652

 

 

2.25

 

 

 

 

 

 

 

HOTELS AND OTHER LODGING PLACES

 

 

44,964

 

 

0.39

 

 

 

 

 

 

 

 

 

 

58

2007 Annual Report § College Retirement Equities Fund

See notes to financial statements


 

 

SUMMARY PORTFOLIO OF INVESTMENTS

continued

CREF EQUITY INDEX ACCOUNT § DECEMBER 31, 2007

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

 

Company

 

Value
(000)

 

% of net
assets

 

INDUSTRIAL MACHINERY AND EQUIPMENT

 

 

 

 

 

 

 

1,613,585

 

*

 

Dell, Inc

 

$

39,549

 

 

0.34

%

7,331,157

 

d

 

General Electric Co

 

 

271,766

 

 

2.37

 

1,905,796

 

 

 

Hewlett-Packard Co

 

 

96,205

 

 

0.84

 

972,796

 

 

 

International Business Machines Corp

 

 

105,159

 

 

0.92

 

 

 

 

 

Other

 

 

304,869

 

 

2.66

 

 

 

 

 

 

 

 

 

 

 

 

 

 

817,548

 

 

7.13

 

 

 

 

 

 

 

INSTRUMENTS AND RELATED PRODUCTS

 

 

 

 

 

 

 

2,060,663

 

 

 

Johnson & Johnson

 

 

137,446

 

 

1.20

 

817,769

 

 

 

Medtronic, Inc

 

 

41,109

 

 

0.36

 

 

 

 

 

Other

 

 

361,993

 

 

3.15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

540,548

 

 

4.71

 

 

 

 

 

 

 

INSURANCE AGENTS, BROKERS AND SERVICE

 

 

48,938

 

 

0.43

 

 

 

 

 

 

 

INSURANCE CARRIERS

 

 

 

 

 

 

 

1,591,201

 

 

 

American International Group, Inc

 

 

92,767

 

 

0.81

 

952,462

 

 

 

UnitedHealth Group, Inc

 

 

55,433

 

 

0.48

 

 

 

 

 

Other

 

 

381,890

 

 

3.33

 

 

 

 

 

 

 

 

 

 

 

 

 

 

530,090

 

 

4.62

 

 

 

 

 

 

 

JUSTICE, PUBLIC ORDER AND SAFETY

 

 

3,536

 

 

0.03

 

 

 

 

 

 

 

LEATHER AND LEATHER PRODUCTS

 

 

13,542

 

 

0.12

 

 

 

 

 

 

 

LEGAL SERVICES

 

 

2,429

 

 

0.02

 

 

 

 

 

 

 

LOCAL AND INTERURBAN PASSENGER TRANSIT

 

 

191

 

 

0.00

**

 

 

 

 

 

 

LUMBER AND WOOD PRODUCTS

 

 

2,561

 

 

0.02

 

 

 

 

 

 

 

METAL MINING

 

 

58,995

 

 

0.51

 

 

 

 

 

 

 

MISCELLANEOUS MANUFACTURING INDUSTRIES

 

 

33,718

 

 

0.29

 

 

 

 

 

 

 

MISCELLANEOUS RETAIL

 

 

 

 

 

 

 

1,052,264

 

 

 

CVS Corp

 

 

41,827

 

 

0.37

 

 

 

 

 

Other

 

 

107,145

 

 

0.93

 

 

 

 

 

 

 

 

 

 

 

 

 

 

148,972

 

 

1.30

 

 

 

 

 

 

 

MOTION PICTURES

 

 

 

 

 

 

 

2,676,875

 

 

 

Time Warner, Inc

 

 

44,195

 

 

0.39

 

 

 

 

 

Other

 

 

77,121

 

 

0.67

 

 

 

 

 

 

 

 

 

 

 

 

 

 

121,316

 

 

1.06

 

 

 

 

 

 

 

MUSEUMS, BOTANICAL, ZOOLOGICAL GARDENS

 

 

227

 

 

0.00

**

 

 

 

 

 

 

NONDEPOSITORY INSTITUTIONS

 

 

143,384

 

 

1.25

 

 

 

 

 

 

 

NONMETALLIC MINERALS, EXCEPT FUELS

 

 

7,722

 

 

0.07

 

 

 

 

 

 

 

OIL AND GAS EXTRACTION

 

 

 

 

 

 

 

837,985

 

 

 

Schlumberger Ltd

 

 

82,433

 

 

0.72

 

 

 

 

 

Other

 

 

323,039

 

 

2.81

 

 

 

 

 

 

 

 

 

 

 

 

 

 

405,472

 

 

3.53

 

 

 

 

 

 

 

PAPER AND ALLIED PRODUCTS

 

 

52,800

 

 

0.46

 

 

 

 

 

 

 

PERSONAL SERVICES

 

 

15,991

 

 

0.14

 

 

 

 

 

 

 

 

 

 

See notes to financial statements

College Retirement Equities Fund § 2007 Annual Report

59


 

 

SUMMARY PORTFOLIO OF INVESTMENTS

continued

CREF EQUITY INDEX ACCOUNT § DECEMBER 31, 2007

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

Company

 

 

 

 

 

 

 

 

Value
(000)

 

% of net
assets

 

PETROLEUM AND COAL PRODUCTS

 

 

 

 

 

 

 

 

 

 

1,530,400

 

Chevron Corp

 

 

 

 

 

 

 

 

$

142,832

 

1.24

%

1,164,060

 

ConocoPhillips

 

 

 

 

 

 

 

 

 

102,786

 

0.90

 

4,011,986

 

Exxon Mobil Corp

 

 

 

 

 

 

 

 

 

375,883

 

3.28

 

589,526

 

Occidental Petroleum Corp

 

 

 

 

 

 

45,388

 

0.39

 

 

 

Other

 

 

 

 

 

 

 

 

 

195,929

 

1.71

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

862,818

 

7.52

 

 

 

 

 

 

 

 

 

 

 

 

PIPELINES, EXCEPT NATURAL GAS

 

 

 

 

 

 

 

 

11,685

 

0.10

 

 

 

 

 

 

 

 

 

 

 

 

PRIMARY METAL INDUSTRIES

 

 

 

 

 

 

 

 

 

124,980

 

1.09

 

 

 

 

 

 

 

 

 

 

 

 

PRINTING AND PUBLISHING

 

 

 

 

 

 

 

 

 

50,154

 

0.44

 

 

 

 

 

 

 

 

 

 

 

 

RAILROAD TRANSPORTATION

 

 

 

 

 

 

 

 

 

75,224

 

0.66

 

 

 

 

 

 

 

 

 

 

 

 

REAL ESTATE

 

 

 

 

 

 

 

 

 

11,615

 

0.10

 

 

 

 

 

 

 

 

 

 

 

 

RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS

 

 

 

 

 

 

34,780

 

0.30

 

 

 

 

 

 

 

 

 

 

 

 

SECURITY AND COMMODITY BROKERS

 

 

 

 

 

 

 

 

 

 

290,686

 

Goldman Sachs Group, Inc

 

 

 

 

 

 

 

62,512

 

0.54

 

748,745

 

Morgan Stanley

 

 

 

 

 

 

 

 

 

39,766

 

0.35

 

 

 

Other

 

 

 

 

 

 

 

 

 

251,989

 

2.20

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

354,267

 

3.09

 

 

 

 

 

 

 

 

 

 

 

 

SOCIAL SERVICES

 

 

 

 

 

 

 

 

 

1,495

 

0.01

 

 

 

 

 

 

 

 

 

 

 

 

SPECIAL TRADE CONTRACTORS

 

 

 

 

 

 

7,650

 

0.07

 

 

 

 

 

 

 

 

 

 

 

 

STONE, CLAY, AND GLASS PRODUCTS

 

 

 

 

 

 

 

 

 

 

509,135

 

3M Co

 

 

 

 

 

 

 

 

 

42,930

 

0.37

 

 

 

Other

 

 

 

 

 

 

 

 

 

13,808

 

0.12

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

56,738

 

0.49

 

 

 

 

 

 

 

 

 

 

 

 

TEXTILE MILL PRODUCTS

 

 

 

 

 

 

366

 

0.00

**

 

 

 

 

 

 

 

 

 

 

 

TOBACCO PRODUCTS

 

 

 

 

 

 

 

 

 

 

1,497,683

 

Altria Group, Inc

 

 

 

 

 

 

 

 

 

113,195

 

0.99

 

 

 

Other

 

 

 

 

 

 

 

 

 

22,376

 

0.19

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

135,571

 

1.18

 

 

 

 

 

 

 

 

 

 

 

 

TRANSPORTATION BY AIR

 

 

 

 

 

 

 

46,093

 

0.40

 

 

 

 

 

 

 

 

 

 

 

 

TRANSPORTATION EQUIPMENT

 

 

 

 

 

 

 

 

 

 

 

559,758

 

Boeing Co

 

 

 

 

 

 

 

 

 

48,956

 

0.43

 

706,224

 

United Technologies Corp

 

 

 

 

 

 

 

 

54,054

 

0.47

 

 

 

Other

 

 

 

 

 

 

 

 

 

190,567

 

1.66

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

293,577

 

2.56

 

 

 

 

 

 

 

 

 

 

 

 

TRANSPORTATION SERVICES

 

 

 

 

 

 

 

 

 

20,205

 

0.18

 

 

 

 

 

 

 

 

 

 

 

 

TRUCKING AND WAREHOUSING

 

 

 

 

 

 

 

 

 

43,089

 

0.38

 

 

 

 

 

 

 

 

 

 

 

 

WATER TRANSPORTATION

 

 

 

 

 

 

 

 

 

33,232

 

0.29

 

 

 

 

 

 

 

 

 

 

 

 

WHOLESALE TRADE-DURABLE GOODS

 

 

 

 

 

 

 

 

39,916

 

0.35

 

 

 

 

 

 

 

 

 

 

 

 

WHOLESALE TRADE-NONDURABLE GOODS

 

 

 

 

 

 

 

 

 

65,275

 

0.57

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL COMMON STOCKS

 

(Cost $8,271,385)

 

 

 

11,445,639

 

99.75

 

 

 

 

 

 

 

 

 

 

 

 

60

2007 Annual Report § College Retirement Equities Fund

See notes to financial statements


 

 

SUMMARY PORTFOLIO OF INVESTMENTS

concluded

CREF EQUITY INDEX ACCOUNT § DECEMBER 31, 2007


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

Company

 

 

 

 

 

 

 

 

Value
(000)

 

% of net
assets

 

SHORT-TERM INVESTMENTS

 

 

 

 

 

 

 

 

 

 

U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES

 

 

 

 

 

$

8,700

 

0.08

%

 

 

 

 

 

 

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED

 

 

 

 

 

 

 

 

 

 

914,553,128

 

State Street Navigator Securities Lending Prime Portfolio

 

 

 

914,553

 

7.97

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

914,553

 

7.97

 

 

 

 

 

 

 

 

 

TOTAL SHORT-TERM INVESTMENTS

 

(Cost $923,252)

 

 

 

923,253

 

8.05

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL PORTFOLIO

 

(Cost $9,194,637)

 

 

 

12,368,892

 

107.80

 

 

 

 

 

 

 

 

 

OTHER ASSETS & LIABILITIES, NET

 

 

 

 

 

(895,341

)

(7.80

)

 

 

 

 

 

 

 

 

NET ASSETS

 

 

 

 

$

11,473,551

 

100.00

%

 

 

 

 

 

 

 

 

 

*

Non-income producing.

 

 

**

Percentage represents less than 0.01%.

 

 

d

All or a portion of these securities have been segregated by the Custodian to cover margin or other requirements on open futures contracts.

 

 

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.

 

 

 

See notes to financial statements

College Retirement Equities Fund § 2007 Annual Report

61

 

 

SUMMARY PORTFOLIO OF INVESTMENTS

 

 

CREF BOND MARKET ACCOUNT § DECEMBER 31, 2007

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

 

Issuer

 

 

 

 

Rating†                  

 

Value
(000)

 

% of net
assets

 

BONDS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CORPORATE BONDS

 

 

 

 

 

 

 

 

 

 

AMUSEMENT AND RECREATION SERVICES

 

 

 

 

 

$

12,577

 

0.16

%

 

 

 

 

 

 

APPAREL AND ACCESSORY STORES

 

 

 

 

 

 

3,667

 

0.05

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSET BACKED

 

 

 

 

 

 

 

 

 

 

$

29,537,277

 

i

Chase Funding Mortgage Loan Asset-Backed

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Certificates Series 2003-6 (Class 1A7)

 

 

 

4.277%, 09/25/33

     Aaa

 

28,668

 

0.37

 

 

45,000,000

 

 

Household Automotive Trust Series 2006-3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Class A4)

 

 

 

5.340%, 09/17/13

     Aaa

 

45,688

 

0.59

 

 

40,000,000

 

 

Hyundai Auto Receivables Trust Series 2006-B

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Class A4)

 

 

 

5.150%, 05/15/13

     Aaa

 

40,386

 

0.53

 

 

30,800,000

 

 

Nissan Auto Lease Trust Series 2006-A (Class A3)

 

 

 

5.110%, 03/15/10

     Aaa

 

30,936

 

0.40

 

 

30,000,000

 

 

Residential Funding Mortgage Securities II, Inc

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Series 2006-HI4 (Class A3)

 

 

 

5.440%, 09/25/36

     Aaa

 

28,930

 

0.38

 

 

38,000,000

 

 

Volkswagen Auto Lease Trust Series 2006-A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Class A3)

 

 

 

5.500%, 09/21/09

     Aaa

 

38,173

 

0.50

 

 

 

 

 

Other

 

 

 

 

 

 

559,011

 

7.28

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

771,792

 

10.05

 

 

 

 

 

 

 

 

 

 

 

BUILDING MATERIALS AND GARDEN SUPPLIES

 

 

 

 

 

 

10,470

 

0.14

 

 

 

 

 

 

 

 

 

 

 

BUSINESS SERVICES

 

 

 

 

 

 

11,172

 

0.15

 

 

 

 

 

 

 

 

 

 

 

CHEMICALS AND ALLIED PRODUCTS

 

 

 

 

 

 

23,724

 

0.31

 

 

 

 

 

 

 

 

 

 

 

COMMUNICATIONS

 

 

 

 

 

 

177,510

 

2.31

 

 

 

 

 

 

 

 

 

 

 

DEPOSITORY INSTITUTIONS

 

 

 

 

 

 

 

 

 

 

 

45,000,000

 

g

Depfa ACS Bank

 

 

 

5.125%, 03/16/37

     Aaa

 

44,479

 

0.58

 

 

 

 

 

Other

 

 

 

 

 

 

325,733

 

4.24

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

370,212

 

4.82

 

 

 

 

 

 

 

 

 

 

 

EATING AND DRINKING PLACES

 

 

 

 

 

 

2,852

 

0.04

 

 

 

 

 

 

 

 

 

 

 

ELECTRIC, GAS, AND SANITARY SERVICES

 

 

 

 

 

 

128,960

 

1.68

 

 

 

 

 

 

 

 

 

 

 

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT

 

 

 

 

 

 

11,523

 

0.15

 

 

 

 

 

 

 

 

 

 

 

FOOD AND KINDRED PRODUCTS

 

 

 

 

 

 

43,220

 

0.56

 

 

 

 

 

 

 

 

 

 

 

FOOD STORES

 

 

 

 

 

 

16,267

 

0.21

 

 

 

 

 

 

 

 

 

 

 

FORESTRY

 

 

 

 

 

 

2,687

 

0.04

 

 

 

 

 

 

 

 

 

 

 

GENERAL BUILDING CONTRACTORS

 

 

 

 

 

 

2,938

 

0.04

 

 

 

 

 

 

 

 

 

 

 

GENERAL MERCHANDISE STORES

 

 

 

 

 

 

11,784

 

0.15

 

 

 

 

 

 

 

 

 

 

 

HEALTH SERVICES

 

 

 

 

 

 

3,618

 

0.05

 

 

 

 

 

 

 

 

 

 

 

HOLDING AND OTHER INVESTMENT OFFICES

 

 

 

 

 

 

28,913

 

0.38

 

 

 

 

 

 

 

 

 

 

 

HOTELS AND OTHER LODGING PLACES

 

 

 

 

 

 

1,741

 

0.02

 

 

 

 

 

 

 

 

 

 

 

INDUSTRIAL MACHINERY AND EQUIPMENT

 

 

 

 

 

 

28,735

 

0.37

 

 

 

 

 

 

 

 

 

 

 

INSTRUMENTS AND RELATED PRODUCTS

 

 

 

 

 

 

13,295

 

0.17

 

 

 

 

 

 

 

 

 

 

 

INSURANCE CARRIERS

 

 

 

 

 

 

75,765

 

0.99

 

 

 

 

 

 

 

 

 

 

 

 

 

 

62

2007 Annual Report § College Retirement Equities Fund

See notes to financial statements


 

 

SUMMARY PORTFOLIO OF INVESTMENTS

continued

 

CREF BOND MARKET ACCOUNT § DECEMBER 31, 2007

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

 

Issuer

 

 

 

 

Rating†                  

 

Value
(000)

 

% of net
assets

 

METAL MINING

 

 

 

 

 

$

6,305

 

0.08

%

 

 

 

 

 

 

 

 

 

 

MISCELLANEOUS MANUFACTURING INDUSTRIES

 

 

 

 

 

 

3,312

 

0.04

 

 

 

 

 

 

 

 

 

 

 

MISCELLANEOUS RETAIL

 

 

 

 

 

 

11,619

 

0.15

 

 

 

 

 

 

 

 

 

 

 

MOTION PICTURES

 

 

 

 

 

 

37,949

 

0.49

 

 

 

 

 

 

 

 

 

 

 

NONDEPOSITORY INSTITUTIONS

 

 

 

 

 

 

 

 

 

 

 

27,750,000

 

 

General Electric Capital Corp

 

 

 

5.500%, 06/04/14

     Aaa

 

28,633

 

0.37

 

 

 

 

 

Other

 

 

 

 

 

 

141,197

 

1.84

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

169,830

 

2.21

 

 

 

 

 

 

 

 

 

 

 

OIL AND GAS EXTRACTION

 

 

 

 

 

 

102,129

 

1.33

 

 

 

 

 

 

 

 

 

 

 

OTHER MORTGAGE BACKED SECURITIES

 

 

 

 

 

 

 

 

 

 

 

38,915,929

 

 

Citimortgage Alternative Loan Trust

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Series 2006-A1 (Class 2A1)

 

 

 

5.250%, 03/25/21

     Aaa

 

39,269

 

0.51

 

 

 

 

 

Other

 

 

 

 

 

 

554,018

 

7.22

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

593,287

 

7.73

 

 

 

 

 

 

 

 

 

 

 

PAPER AND ALLIED PRODUCTS

 

 

 

 

 

 

8,015

 

0.10

 

 

 

 

 

 

 

 

 

 

 

PETROLEUM AND COAL PRODUCTS

 

 

 

 

 

 

10,056

 

0.13

 

 

 

 

 

 

 

 

 

 

 

PIPELINES, EXCEPT NATURAL GAS

 

 

 

 

 

 

23,998

 

0.31

 

 

 

 

 

 

 

 

 

 

 

PRIMARY METAL INDUSTRIES

 

 

 

 

 

 

7,075

 

0.09

 

 

 

 

 

 

 

 

 

 

 

PRINTING AND PUBLISHING

 

 

 

 

 

 

20,283

 

0.26

 

 

 

 

 

 

 

 

 

 

 

RAILROAD TRANSPORTATION

 

 

 

 

 

 

23,833

 

0.31

 

 

 

 

 

 

 

 

 

 

 

REAL ESTATE

 

 

 

 

 

 

1,555

 

0.02

 

 

 

 

 

 

 

 

 

 

 

RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS

 

 

 

 

 

 

1,749

 

0.02

 

 

 

 

 

 

 

 

 

 

 

SECURITY AND COMMODITY BROKERS

 

 

 

 

 

 

102,194

 

1.33

 

 

 

 

 

 

 

 

 

 

 

TOBACCO PRODUCTS

 

 

 

 

 

 

5,119

 

0.07

 

 

 

 

 

 

 

 

 

 

 

TRANSPORTATION BY AIR

 

 

 

 

 

 

9,735

 

0.13

 

 

 

 

 

 

 

 

 

 

 

TRANSPORTATION EQUIPMENT

 

 

 

 

 

 

31,270

 

0.41

 

 

 

 

 

 

 

 

 

 

 

WHOLESALE TRADE-DURABLE GOODS

 

 

 

 

 

 

6,516

 

0.09

 

 

 

 

 

 

 

 

 

 

 

WHOLESALE TRADE-NONDURABLE GOODS

 

 

 

 

 

 

15,108

 

0.20

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL CORPORATE BONDS  

(Cost $2,960,807)

 

 

2,944,359

 

38.34

 

 

 

 

 

 

 

 

 

 

 

GOVERNMENT BONDS

 

 

 

 

 

 

 

 

 

 

AGENCY SECURITIES

 

 

 

 

 

 

 

 

 

 

 

81,500,000

e

 

Federal Home Loan

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage Corp (FHLMC)

 

4.125–5.500%,

06/11/09–12/21/12

     Aaa

 

84,538

 

1.10

 

 

36,399,000

 

 

FHLMC

 

 

 

5.875%, 03/21/11

Aa2

 

38,835

 

0.51

 

 

79,000,000

 

 

Federal National

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage Association (FNMA)

 

 

 

6.000%, 05/15/08

     Aaa

 

79,400

 

1.03

 

 

70,000,000

 

 

FNMA

 

 

 

5.100%, 09/10/09

     Aaa

 

70,433

 

0.92

 

 

 

 

 

Other

 

 

 

 

 

 

269,823

 

3.51

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

543,029

 

7.07

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See notes to financial statements

College Retirement Equities Fund § 2007 Annual Report

63


 

 

SUMMARY PORTFOLIO OF INVESTMENTS

continued

 

CREF BOND MARKET ACCOUNT § DECEMBER 31, 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

$

30,964

 

0.40

%

 

 

 

 

Other

 

 

 

 

 

 

172,721

 

2.25

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

203,685

 

2.65

 

 

 

 

 

 

 

 

 

 

 

MORTGAGE BACKED SECURITIES

 

 

 

 

 

 

 

 

 

 

 

29,168,064

 

 

Federal Home Loan Mortgage Corp (FHLMC)

 

 

 

6.000%, 09/15/16

 

 

29,975

 

0.39

 

 

28,067,912

 

i

FHLMC

 

 

 

5.672%, 03/01/37

 

 

28,655

 

0.37

 

 

37,383,096

 

i

FHLMC

 

 

 

5.792%, 03/01/37

 

 

38,031

 

0.50

 

 

32,688,359

 

i

FHLMC

 

 

 

5.735%, 06/01/37

 

 

33,194

 

0.43

 

 

60,135,930

 

 

Federal Home Loan Mortgage Corp Gold (FGLMC)

 

 

 

4.500%, 06/01/21

 

 

59,095

 

0.77

 

 

28,446,122

 

 

FGLMC

 

 

 

5.500%, 12/01/33

 

 

28,469

 

0.37

 

 

75,244,230

 

 

FGLMC

 

 

 

5.000%, 01/01/34

 

 

73,528

 

0.96

 

 

28,968,882

 

 

FGLMC

 

 

 

5.500%, 06/01/35

 

 

28,920

 

0.38

 

 

61,541,576

 

 

FGLMC

 

 

 

5.500%, 01/01/37

 

 

61,422

 

0.80

 

 

36,753,687

 

 

FGLMC

 

 

 

5.500%, 04/01/37

 

 

36,678

 

0.48

 

 

54,562,891

 

 

FGLMC

 

 

 

5.500%, 05/01/37

 

 

54,450

 

0.71

 

 

54,278,961

 

 

Federal National Mortgage Association (FNMA)

 

 

 

5.000%, 11/01/33

 

 

53,042

 

0.69

 

 

72,032,646

 

 

FNMA

 

 

 

5.000%, 08/01/34

 

 

70,385

 

0.92

 

 

85,366,827

 

 

FNMA

 

 

 

5.500%, 02/01/35

 

 

85,430

 

1.11

 

 

31,045,339

 

 

FNMA

 

 

 

5.500%, 04/01/35

 

 

31,047

 

0.40

 

 

34,468,000

 

 

FNMA

 

 

 

5.500%, 09/01/35

 

 

34,494

 

0.45

 

 

35,080,395

 

i

FNMA

 

 

 

5.993%, 07/01/36

 

 

36,043

 

0.47

 

 

65,008,514

 

i

FNMA

 

 

 

5.885%, 11/01/36

 

 

66,602

 

0.87

 

 

60,926,889

 

 

FNMA

 

 

 

6.000%, 06/01/37

 

 

61,875

 

0.81

 

 

62,589,831

 

 

FNMA

 

 

 

6.000%, 08/01/37

 

 

63,038

 

0.82

 

 

28,542,638

 

i

FNMA

 

 

 

5.933%, 10/01/37

 

 

29,549

 

0.38

 

 

33,106,322

 

 

FNMA

 

 

 

6.500%, 10/01/37

 

 

34,031

 

0.44

 

 

29,000,000

 

h,v

FNMA

 

 

 

6.000%, 12/01/37

 

 

29,118

 

0.38

 

 

58,000,000

 

h

FNMA

 

 

 

6.000%, 01/25/38

 

 

58,888

 

0.77

 

 

42,000,000

 

h

FNMA

 

 

 

6.500%, 01/25/38

 

 

43,168

 

0.56

 

 

68,000,000

 

h

Government National Mortgage

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Association (GNMA)

 

 

 

5.500%, 01/15/38

 

 

68,489

 

0.89

 

 

 

 

 

Other

 

 

 

 

 

 

1,295,120

 

16.86

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,532,736

 

32.98

 

 

 

 

 

 

 

 

 

 

 

MUNICIPAL BONDS

 

 

 

 

 

 

2,002

 

0.03

 

 

 

 

 

 

 

 

 

 

 

U.S. TREASURY SECURITIES

 

 

 

 

 

 

 

 

 

 

 

272,505,000

 

d,e

United States Treasury Bond

 

 

 

8.000%, 11/15/21

 

 

372,949

 

4.86

 

 

58,400,000

 

 

United States Treasury Bond

 

 

 

5.250%, 02/15/29

 

 

64,245

 

0.84

 

 

38,535,778

 

k

United States Treasury Inflation Indexed Note

 

 

 

3.875%, 01/15/09

 

 

39,674

 

0.52

 

 

165,035,518

 

k

United States Treasury Inflation Indexed Note

 

 

 

0.875%, 04/15/10

 

 

164,481

 

2.14

 

 

82,905,000

 

e

United States Treasury Note

3.375–5.125%,  06/30/08–12/31/12

 

 

83,511

 

1.09

 

 

49,435,000

 

d,e

United States Treasury Note

 

 

 

5.000%, 07/31/08

 

 

49,868

 

0.65

 

 

38,000,000

 

e

United States Treasury Note

 

 

 

3.625%, 10/31/09

 

 

38,374

 

0.50

 

 

216,257,000

 

e

United States Treasury Note

 

 

 

4.250%, 09/30/12

 

 

223,843

 

2.91

 

 

37,931,000

 

e

United States Treasury Note

 

 

 

3.875%, 10/31/12

 

 

38,675

 

0.50

 

 

117,452,000

 

e

United States Treasury Note

 

 

 

4.750%, 08/15/17

 

 

124,049

 

1.61

 

 

30,135,000

 

e

United States Treasury Note

 

 

 

4.250%, 11/15/17

 

 

30,660

 

0.40

 

 

 

 

 

Other

 

 

 

 

 

 

33,916

 

0.44

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,264,245

 

16.46

 

 

 

 

 

 

 

 

 

 

 

 

 

 

64

2007 Annual Report § College Retirement Equities Fund

See notes to financial statements


 

 

SUMMARY PORTFOLIO OF INVESTMENTS

continued

 

CREF BOND MARKET ACCOUNT § DECEMBER 31, 2007

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

 

Company

 

 

 

 

 

Value
(000)

 

 

% of net
assets

 

 

 

 

 

 

TOTAL GOVERNMENT BONDS (Cost $4,469,739)

 

$

4,545,697

 

 

59.19

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL BONDS (Cost $7,430,546)

 

 

7,490,056

 

 

97.53

 

 

 

 

 

 

 

 

 

 

 

PREFERRED STOCKS

 

 

 

 

 

 

 

 

 

 

DEPOSITORY INSTITUTIONS

 

 

 

 

 

2,908

 

 

0.04

 

 

 

 

 

 

 

 

 

 

 

NONDEPOSITORY INSTITUTIONS

 

 

 

 

 

 

 

 

 

 

 

2,176,309

 

 

 

Federal National Mortgage Association (FNMA)

 

 

 

 

56,040

 

 

0.73

 

 

 

 

 

 

Other

 

 

 

 

 

14,543

 

 

0.19

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

70,583

 

 

0.92

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL PREFERRED STOCKS (Cost $71,662)

 

 

73,491

 

 

0.96

 

 

 

 

 

 

 

 

 

 

 

TIAA-CREF MUTUAL FUNDS

 

 

 

 

 

 

 

 

 

 

 

443,850

 

a

 

TIAA-CREF Institutional High-Yield Fund II

 

 

 

 

 

4,305

 

 

0.06

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL TIAA-CREF MUTUAL FUNDS (Cost $4,180)

 

 

4,305

 

 

0.06

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

 

 

Issuer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS

 

 

 

 

 

 

 

 

 

 

COMMERCIAL PAPER

 

 

 

 

 

234,679

 

 

3.05

 

 

 

 

 

 

 

 

 

 

 

U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES

 

 

 

 

20,686

 

 

0.27

 

 

 

 

 

 

 

 

 

 

 

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED

 

 

 

 

 

 

 

 

 

 

REPURCHASED AGREEMENTS

 

 

 

 

 

 

 

 

 

 

$

89,041,000

 

 

 

Bear Stearns & Co, Inc 4.250% Dated 12/31/2007,

 

 

 

 

 

89,052

 

 

1.16

 

 

 

 

 

 

Due 01/02/2008 In the Amount of $89,051,512

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fully Collateralized as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal Home Loan Bank (FHLB) 0.000%–5.648%,11/21/2011–11/27/2037

 

$

51,755,306

 

 

 

 

 

 

 

 

 

 

 

 

Federal Home Loan Mortgage Corp (FHLMC) 0.000%–5.800%, 08/20/2012–04/03/2037

 

 

36,727,262

 

 

 

 

 

 

 

 

 

 

 

 

Federal National Mortgage Association (FNMA) 0.000%–4.125%, 01/30/2012–10/03/2033

 

 

2,519,313

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Market Value

 

 

91,001,881

 

 

 

 

 

 

 

 

90,000,000

 

 

 

Goldman Sachs & Co, Inc 4.150% Dated 12/31/2007,

 

 

 

 

 

90,010

 

 

1.17

 

 

 

 

 

 

Due 01/02/2008 In the Amount of $90,010,375

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fully Collateralized as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal Home Loan Mortgage Corp (FHLMC) 6.625%, 09/15/2009

 

 

48,093,750

 

 

 

 

 

 

 

 

 

 

 

 

Federal National Mortgage Association (FNMA) 6.625%, 11/15/2030

 

 

43,712,393

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Market Value

 

 

91,806,143

 

 

 

 

 

 

 

 

 

 

See notes to financial statements

College Retirement Equities Fund § 2007 Annual Report

65

 

 

SUMMARY PORTFOLIO OF INVESTMENTS

continued

CREF BOND MARKET ACCOUNT  §  DECEMBER 31, 2007

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

Issuer

 

 

 

 

Value
(000)

 

% of net
assets

 

$

90,000,000

 

JP Morgan Securities 4.250% Dated 12/31/2007,

 

 

 

 

$

90,011

 

 

1.17

%

 

 

 

Due 01/02/2008 In the Amount of $90,010,625

 

 

 

 

 

 

 

 

 

 

 

 

 

Fully Collateralized as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal Home Loan Bank (FHLB)
4.750%–4.875%, 08/16/2010–11/30/2012

 

$

24,414,819

 

 

 

 

 

 

 

 

 

 

Federal Home Loan Mortgage Corp (FHLMC)
5.625%, 12/19/2017

 

 

5,478,318

 

 

 

 

 

 

 

 

 

 

Federal National Mortgage Association (FNMA)
4.750%–7.125%, 09/02/2008–03/28/2019

 

 

61,906,853

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Market Value

 

 

91,799,990

 

 

 

 

 

 

 

 

90,000,000

 

Lehman Brothers, Inc 4.200% Dated 12/31/2007,

 

 

 

 

 

90,010

 

 

1.17

 

 

 

 

Due 01/02/2008 In the Amount of $90,010,500

 

 

 

 

 

 

 

 

 

 

 

 

 

Fully Collateralized as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal National Mortgage Association (FNMA)
0.000%, 03/31/2008

 

 

92,700,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Market Value

 

 

92,700,000

 

 

 

 

 

 

 

 

90,000,000

 

Merrill Lynch & Co, Inc 4.290% Dated 12/31/2007,

 

 

 

 

 

90,011

 

 

1.17

 

 

 

 

Due 01/02/2008 In the Amount of $90,010,725

 

 

 

 

 

 

 

 

 

 

 

 

 

Fully Collateralized as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal Home Loan Bank (FHLB)
0.000%–5.000%, 03/04/2008–06/30/2023

 

 

45,046,800

 

 

 

 

 

 

 

 

 

 

Federal Home Loan Mortgage Corp (FHLMC)
3.500%–6.000%, 04/01/2008–09/19/2016

 

 

45,999,926

 

 

 

 

 

 

 

 

 

 

Federal National Mortgage Association (FNMA)
0.000%–6.000%, 02/01/2008–04/18/2036

 

 

24,512,880

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Market Value

 

 

115,559,606

 

 

 

 

 

 

 

 

86,387,000

 

Morgan Stanley & Co, Inc 4.250% Dated 12/31/2007,

 

 

 

 

 

86,397

 

 

1.13

 

 

 

 

Due 01/02/2008 In the Amount of $86,397,198

 

 

 

 

 

 

 

 

 

 

 

 

 

Fully Collateralized as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal Home Loan Bank (FHLB)
4.160%–5.760%, 02/01/2010–07/03/2025

 

 

68,919,314

 

 

 

 

 

 

 

 

 

 

Federal Home Loan Mortgage Corp (FHLMC)
0.000%, 04/08/2019

 

 

19,196,876

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Market Value

 

 

88,116,190

 

 

 

 

 

 

 

 

3,613,000

 

Morgan Stanley & Co, Inc 1.450% Dated 12/31/2007,

 

 

 

 

 

3,613

 

 

0.05

 

 

 

 

Due 01/02/2008 In the Amount of $3,613,146

 

 

 

 

 

 

 

 

 

 

 

 

 

Fully Collateralized as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury Bond 7.500%, 11/15/2016

 

 

3,675,915

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Market Value

 

 

3,675,915

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

539,104

 

 

7.02

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL SHORT-TERM INVESTMENTS

 

(Cost $794,483)

 

 

794,469

 

 

10.34

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL PORTFOLIO

 

(Cost $8,300,871)

 

 

8,362,321

 

 

108.89

 

 

 

 

 

 

 

 

 

 

 

OTHER ASSETS & LIABILITIES, NET

 

 

 

 

(682,525

)

 

(8.89

)

 

 

 

 

 

 

 

 

 

 

NET ASSETS

 

 

 

$

7,679,796

 

 

100.00

%

 

 

 

 

 

 

 


 

 

 

66

2007 Annual Report § College Retirement Equities Fund

See notes to financial statements


 

 

SUMMARY PORTFOLIO OF INVESTMENTS

concluded

CREF BOND MARKET ACCOUNT  §  DECEMBER 31, 2007

 

 

†

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

 

 

a

Affiliated Holding.

 

 

d

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

 

 

e

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

 

 

g

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

 

 

 

At December 31, 2007, the value of these securities amounted to $272,782,188 or 3.55% 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 December 31, 2007.

 

 

k

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

 

 

v

Security valued at fair value.

Cost amounts are in thousands.

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

 

 

 

See notes to financial statements

College Retirement Equities Fund § 2007 Annual Report

67

SUMMARY PORTFOLIO OF INVESTMENTS

CREF INFLATION-LINKED BOND ACCOUNT  §  DECEMBER 31, 2007

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

 

 

Issuer

 

 

 

 

 

Value
(000)

 

% of net
assets

 

GOVERNMENT BONDS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. TREASURY SECURITIES

 

 

 

 

 

 

 

 

$

297,993,671

 

k

 

United States Treasury Inflation Indexed Bond

 

 

2.375%, 01/15/25

 

$

313,314

 

6.49

%

 

193,682,080

 

k

 

United States Treasury Inflation Indexed Bond

 

 

2.000%, 01/15/26

 

 

193,161

 

4.00

 

 

157,107,885

 

k

 

United States Treasury Inflation Indexed Bond

 

 

2.375%, 01/15/27

 

 

166,374

 

3.45

 

 

198,225,816

 

k

 

United States Treasury Inflation Indexed Bond

 

 

3.625%, 04/15/28

 

 

251,681

 

5.21

 

 

227,884,260

 

e,k

 

United States Treasury Inflation Indexed Bond

 

 

3.875%, 04/15/29

 

 

301,935

 

6.25

 

 

60,128,067

 

k

 

United States Treasury Inflation Indexed Bond

 

 

3.375%, 04/15/32

 

 

77,154

 

1.60

 

 

189,398,570

 

k

 

United States Treasury Inflation Indexed Note

 

 

3.875%, 01/15/09

 

 

194,992

 

4.04

 

 

136,333,927

 

k

 

United States Treasury Inflation Indexed Note

 

 

4.250%, 01/15/10

 

 

145,473

 

3.01

 

 

319,015,942

 

k

 

United States Treasury Inflation Indexed Note

 

 

0.875%, 04/15/10

 

 

317,944

 

6.58

 

 

137,114,547

 

k

 

United States Treasury Inflation Indexed Note

 

 

3.500%, 01/15/11

 

 

147,462

 

3.05

 

 

196,183,260

 

k

 

United States Treasury Inflation Indexed Note

 

 

2.375%, 04/15/11

 

 

204,490

 

4.23

 

 

76,531,948

 

k

 

United States Treasury Inflation Indexed Note

 

 

3.375%, 01/15/12

 

 

83,486

 

1.73

 

 

156,185,769

 

k

 

United States Treasury Inflation Indexed Note

 

 

2.000%, 04/15/12

 

 

161,872

 

3.35

 

 

259,032,162

 

k

 

United States Treasury Inflation Indexed Note

 

 

3.000%, 07/15/12

 

 

280,544

 

5.81

 

 

242,837,770

 

k

 

United States Treasury Inflation Indexed Note

 

 

1.875%, 07/15/13

 

 

250,237

 

5.18

 

 

248,576,543

 

k

 

United States Treasury Inflation Indexed Note

 

 

2.000%, 01/15/14

 

 

256,752

 

5.32

 

 

227,712,562

 

k

 

United States Treasury Inflation Indexed Note

 

 

2.000%, 07/15/14

 

 

235,273

 

4.87

 

 

229,304,390

 

k

 

United States Treasury Inflation Indexed Note

 

 

1.625%, 01/15/15

 

 

230,218

 

4.77

 

 

196,128,834

 

k

 

United States Treasury Inflation Indexed Note

 

 

1.875%, 07/15/15

 

 

199,914

 

4.14

 

 

191,892,626

 

k

 

United States Treasury Inflation Indexed Note

 

 

2.000%, 01/15/16

 

 

196,930

 

4.08

 

 

189,470,508

 

k

 

United States Treasury Inflation Indexed Note

 

 

2.500%, 07/15/16

 

 

202,053

 

4.18

 

 

168,503,773

 

k

 

United States Treasury Inflation Indexed Note

 

 

2.375%, 01/15/17

 

 

177,811

 

3.68

 

 

154,631,802

 

e,k

 

United States Treasury Inflation Indexed Note

 

 

2.625%, 07/15/17

 

 

166,845

 

3.45

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,755,915

 

98.47

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL GOVERNMENT BONDS

 

(Cost $4,526,338)

 

 

4,755,915

 

98.47

 

 

 

 

 

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COMMERCIAL PAPER

 

 

 

 

 

 

 

 

 

 

22,400,000

 

 

 

Alcon Capital Corp

 

 

0.000%, 01/02/08

 

 

22,395

 

0.46

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

22,395

 

0.46

 

 

 

 

 

 

 

 

 

 

 

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REPURCHASED AGREEMENTS

 

 

 

 

 

 

 

 

 

 

20,000,000

 

 

 

Bear Stearns & Co, Inc 4.250% Dated 12/31/2007,

 

 

 

 

 

20,002

 

0.41

 

 

 

 

 

 

Due 01/02/2008 In the Amount of $20,002,361

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fully Collateralized as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal Home Loan Bank (FHLB)
0.000%–5.648%, 11/21/2011–11/27/2037

 

$

11,625,050

 

 

 

 

 

 

 

 

 

 

 

Federal Home Loan Mortgage Corp (FHLMC)
0.000%–5.800%, 08/20/2012–04/03/2037

 

 

8,249,517

 

 

 

 

 

 

 

 

 

 

 

Federal National Mortgage Association (FNMA)
0.000%–4.125%, 01/30/2012–10/03/2033

 

 

565,877

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Market Value

 

 

20,440,444

 

 

 

 

 

 

 

 

 

68

2007 Annual Report § College Retirement Equities Fund

See notes to financial statements


 

 

SUMMARY PORTFOLIO OF INVESTMENTS

concluded

CREF INFLATION-LINKED BOND ACCOUNT  §  DECEMBER 31, 2007

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

Issuer

 

 

 

 

 

Value
(000)

 

 

% of net
assets

 

$

10,000,000

 

Goldman Sachs & Co, Inc 4.150% Dated 12/31/2007,

 

 

 

 

$

10,001

 

 

0.21

%

 

 

 

Due 01/02/2008 In the Amount of $10,001,153

 

 

 

 

 

 

 

 

 

 

 

 

 

Fully Collateralized as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal Home Loan Mortgage Corp (FHLMC)
6.625%, 09/15/2009

 

 

5,343,750

 

 

 

 

 

 

 

 

 

 

Federal National Mortgage Association (FNMA)
6.625%, 11/15/2030

 

 

4,856,933

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Market Value

 

 

10,200,683

 

 

 

 

 

 

 

 

5,728,000

 

Morgan Stanley & Co, Inc 4.250% Dated 12/31/2007,

 

 

 

 

 

5,729

 

 

0.12

 

 

 

 

Due 01/02/2008 In the Amount of $5,728,676

 

 

 

 

 

 

 

 

 

 

 

 

 

Fully Collateralized as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal Home Loan Bank (FHLB)
4.160%–5.760%, 02/01/2010–07/03/2025

 

 

4,569,783

 

 

 

 

 

 

 

 

 

 

Federal Home Loan Mortgage Corp (FHLMC)
0.000%, 04/08/2019

 

 

1,272,873

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Market Value

 

 

5,842,656

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

35,732

 

 

0.74

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL SHORT-TERM INVESTMENTS

 

(Cost $58,130)

 

 

58,127

 

 

1.20

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL PORTFOLIO

 

(Cost $ 4,584,468)

 

 

4,814,042

 

 

99.67

 

 

 

 

 

 

 

 

 

 

 

OTHER ASSETS & LIABILITIES, NET

 

 

 

 

15,791

 

 

0.33

 

 

 

 

 

 

 

 

 

 

 

NET ASSETS

 

 

 

$

4,829,833

 

 

100.00

%

 

 

 

 

 

 

 

 

 

e

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

 

 

k

Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index for All Urban Consumers (“CPI-U”).

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 Annual Report

69

SUMMARY PORTFOLIO OF INVESTMENTS

CREF SOCIAL CHOICE ACCOUNT  §  DECEMBER 31, 2007

 

 

 

 

 

 

 

 

          Principal          Issuer

 

Value
(000)

 

% of net
assets

 

BONDS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CORPORATE BONDS

 

 

 

 

 

 

 

AMUSEMENT AND RECREATION SERVICES

 

$

5,155

 

 

0.06

%

 

 

ASSET BACKED

 

 

384,416

 

 

4.18

 

 

 

BUILDING MATERIALS AND GARDEN SUPPLIES

 

 

8,779

 

 

0.10

 

 

 

CHEMICALS AND ALLIED PRODUCTS

 

 

23,186

 

 

0.25

 

 

 

COMMUNICATIONS

 

 

45,369

 

 

0.49

 

 

 

DEPOSITORY INSTITUTIONS

 

 

216,851

 

 

2.36

 

 

 

EATING AND DRINKING PLACES

 

 

8,336

 

 

0.09

 

 

 

ELECTRIC, GAS, AND SANITARY SERVICES

 

 

86,982

 

 

0.95

 

 

 

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT

 

 

8,999

 

 

0.10

 

 

 

FABRICATED METAL PRODUCTS

 

 

6,196

 

 

0.07

 

 

 

FOOD AND KINDRED PRODUCTS

 

 

35,862

 

 

0.39

 

 

 

FOOD STORES

 

 

5,323

 

 

0.06

 

 

 

FURNITURE AND FIXTURES

 

 

4,008

 

 

0.04

 

 

 

GENERAL BUILDING CONTRACTORS

 

 

9,633

 

 

0.10

 

 

 

GENERAL MERCHANDISE STORES

 

 

2,443

 

 

0.03

 

 

 

HEALTH SERVICES

 

 

1,551

 

 

0.02

 

 

 

HOLDING AND OTHER INVESTMENT OFFICES

 

 

20,760

 

 

0.23

 

 

 

INDUSTRIAL MACHINERY AND EQUIPMENT

 

 

22,380

 

 

0.24

 

 

 

INSTRUMENTS AND RELATED PRODUCTS

 

 

29,559

 

 

0.32

 

 

 

INSURANCE CARRIERS

 

 

77,579

 

 

0.84

 

 

 

MISCELLANEOUS MANUFACTURING INDUSTRIES

 

 

5,150

 

 

0.06

 

 

 

MISCELLANEOUS RETAIL

 

 

7,306

 

 

0.08

 

 

 

MOTION PICTURES

 

 

16,500

 

 

0.18

 

 

 

NONDEPOSITORY INSTITUTIONS

 

 

27,284

 

 

0.30

 

 

 

OIL AND GAS EXTRACTION

 

 

39,978

 

 

0.43

 

 

 

OTHER MORTGAGE BACKED SECURITIES

 

 

302,003

 

 

3.28

 

 

 

PAPER AND ALLIED PRODUCTS

 

 

9,600

 

 

0.10

 

 

 

PETROLEUM AND COAL PRODUCTS

 

 

7,799

 

 

0.08

 

 

 

PIPELINES, EXCEPT NATURAL GAS

 

 

2,660

 

 

0.03

 

 

 

PRINTING AND PUBLISHING

 

 

10,585

 

 

0.12

 

 

 

RAILROAD TRANSPORTATION

 

 

12,159

 

 

0.13

 

 

 

REAL ESTATE

 

 

888

 

 

0.01

 

 

 

 

 

 

70

2007 Annual Report  §  College Retirement Equities Fund

See notes to financial statements


 

 

SUMMARY PORTFOLIO OF INVESTMENTS

continued

CREF SOCIAL CHOICE ACCOUNT  §  DECEMBER 31, 2007

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

 

 

Issuer

 

 

 

 

 

Value
(000)

 

% of net
assets

 

SECURITY AND COMMODITY BROKERS

 

 

 

 

 

$

30,165

 

 

0.33

%

 

 

 

 

 

 

SOCIAL SERVICES

 

 

 

 

 

 

11,550

 

 

0.13

 

 

 

 

 

 

 

STONE, CLAY, AND GLASS PRODUCTS

 

 

 

 

 

 

4,807

 

 

0.05

 

 

 

 

 

 

 

TRANSPORTATION BY AIR

 

 

 

 

 

 

10,557

 

 

0.11

 

 

 

 

 

 

 

TRANSPORTATION EQUIPMENT

 

 

 

 

 

 

4,924

 

 

0.05

 

 

 

 

 

 

 

TRANSPORTATION SERVICES

 

 

 

 

 

 

6,668

 

 

0.07

 

 

 

 

 

 

 

TRUCKING AND WAREHOUSING

 

 

 

 

 

 

5,061

 

 

0.06

 

 

 

 

 

 

 

WHOLESALE TRADE-DURABLE GOODS

 

 

 

 

 

 

2,972

 

 

0.03

 

 

 

 

 

 

 

WHOLESALE TRADE-NONDURABLE GOODS

 

 

 

 

17,340

 

 

0.19

 

 

 

 

 

 

 

 

TOTAL CORPORATE BONDS

 

(Cost $1,546,269)

 

1,539,323

 

 

16.74

 

 

 

 

 

 

 

GOVERNMENT BONDS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AGENCY SECURITIES

 

 

 

 

 

 

231,533

 

 

2.52

 

 

 

 

 

 

 

FOREIGN GOVERNMENT BONDS

 

 

 

 

 

 

120,341

 

 

1.31

 

 

 

 

 

 

 

MORTGAGE BACKED SECURITIES

 

 

 

 

 

 

 

 

 

 

 

$30,659,916

 

 

 

Federal National Mortgage Association (FNMA)

 

5.500%, 02/01/35

 

 

30,683

 

 

0.34

 

30,520,281

 

d

 

FNMA

 

 

 

5.500%, 04/01/35

 

 

30,502

 

 

0.33

 

36,603,984

 

i

 

FNMA

 

 

 

5.743%, 09/01/36

 

 

37,091

 

 

0.40

 

35,123,108

 

i

 

FNMA

 

 

 

5.874%, 01/01/37

 

 

35,932

 

 

0.39

 

 

 

 

 

Other

 

 

 

 

 

 

1,139,408

 

 

12.39

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,273,616

 

 

13.85

 

 

 

 

 

 

 

 

 

 

 

MUNICIPAL BONDS

 

 

 

 

 

 

 

 

98,959

 

 

1.07

 

 

 

 

 

 

 

 

 

 

 

U.S. TREASURY SECURITIES

 

 

 

 

 

 

 

 

 

 

 

45,000,000

 

e

 

United States Treasury Bond

 

8.000%, 11/15/21

 

 

61,587

 

 

0.67

 

55,030,219

 

k

 

United States Treasury Inflation Indexed Note

 

0.875%, 04/15/10

 

 

54,845

 

 

0.59

 

32,617,000

 

e

 

United States Treasury Note

 

4.250%, 09/30/12

 

 

33,761

 

 

0.37

 

82,815,000

 

e

 

United States Treasury Note

 

4.750%, 08/15/17

 

 

87,467

 

 

0.95

 

 

 

 

 

Other

 

 

 

 

136,224

 

 

1.48

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

373,884

 

 

4.06

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL GOVERNMENT BONDS

 

(Cost $2,064,514)

 

2,098,333

 

 

22.81

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL BONDS

 

(Cost $3,610,783)

 

3,637,656

 

 

39.55

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

 

Company

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PREFERRED STOCKS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COMMUNICATIONS

 

 

 

 

 

 

4,164

 

 

0.05

 

 

 

 

 

 

 

DEPOSITORY INSTITUTIONS

 

 

 

 

 

 

1,823

 

 

0.02

 

 

 

 

 

 

 

NONDEPOSITORY INSTITUTIONS

 

 

 

 

 

 

34,397

 

 

0.37

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL PREFERRED STOCKS

 

(Cost $40,455)

 

 

40,384

 

 

0.44

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See notes to financial statements

College Retirement Equities Fund §  2007 Annual Report

71


 

 

SUMMARY PORTFOLIO OF INVESTMENTS

continued

CREF SOCIAL CHOICE ACCOUNT  §  DECEMBER 31, 2007

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

 

Company

 

 

 

 

 

Value
(000)

 

% of net
assets

 

COMMON STOCKS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AGRICULTURAL PRODUCTION-CROPS

 

 

 

 

 

$

77

 

 

0.00

%**

 

 

 

 

 

 

AMUSEMENT AND RECREATION SERVICES

 

 

 

 

 

 

 

 

 

 

118,165

 

*

 

Activision, Inc

 

 

 

 

3,510

 

 

0.04

 

11,813

 

 

 

International Speedway Corp (Class A)

 

 

 

 

486

 

 

0.00

**

1,370,793

 

 

 

Walt Disney Co

 

 

 

 

44,249

 

 

0.48

 

 

 

 

 

 

 

 

 

 

 

 

 

 

48,245

 

 

0.52

 

 

 

 

 

APPAREL AND ACCESSORY STORES

 

 

 

 

31,354

 

 

0.34

 

 

 

 

 

APPAREL AND OTHER TEXTILE PRODUCTS

 

 

 

 

4,521

 

 

0.05

 

 

 

 

 

AUTO REPAIR, SERVICES AND PARKING

 

 

 

 

2,499

 

 

0.03

 

 

 

 

 

AUTOMOTIVE DEALERS AND SERVICE STATIONS

 

 

 

 

4,834

 

 

0.05

 

 

 

 

 

BUILDING MATERIALS AND GARDEN SUPPLIES

 

 

 

 

 

 

 

 

 

1,156,036

 

 

 

Home Depot, Inc

 

 

 

 

31,143

 

 

0.34

 

 

 

 

 

Other

 

 

 

 

18,079

 

 

0.20

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

49,222

 

 

0.54

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BUSINESS SERVICES

 

 

 

 

 

 

 

 

 

 

 

86,362

 

*

 

Google, Inc (Class A)

 

 

 

 

59,718

 

 

0.65

 

3,589,984

 

 

 

Microsoft Corp

 

 

 

 

127,803

 

 

1.39

 

 

 

 

 

Other

 

 

 

 

191,072

 

 

2.08

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

378,593

 

 

4.12

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CHEMICALS AND ALLIED PRODUCTS

 

 

 

 

 

 

 

 

 

1,192,943

 

 

 

Merck & Co, Inc

 

 

 

 

69,322

 

 

0.75

 

1,465,662

 

 

 

Procter & Gamble Co

 

 

 

 

107,609

 

 

1.17

 

 

 

 

 

Other

 

 

 

 

373,239

 

 

4.06

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

550,170

 

 

5.98

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COMMUNICATIONS

 

 

 

 

 

 

 

 

 

 

 

2,675,545

 

 

 

AT&T, Inc

 

 

 

 

111,196

 

 

1.21

 

1,456,195

 

 

 

Verizon Communications, Inc

 

 

 

 

63,621

 

 

0.69

 

 

 

 

 

Other

 

 

 

 

96,735

 

 

1.05

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

271,552

 

 

2.95

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DEPOSITORY INSTITUTIONS

 

 

 

 

 

 

 

 

 

1,903,543

 

 

 

Bank of America Corp

 

 

 

 

78,540

 

 

0.85

 

1,360,612

 

 

 

US Bancorp

 

 

 

 

43,186

 

 

0.47

 

1,162,759

 

 

 

Wachovia Corp

 

 

 

 

44,220

 

 

0.48

 

1,819,914

 

 

 

Wells Fargo & Co

 

 

 

 

54,943

 

 

0.60

 

 

 

 

 

Other

 

 

 

 

204,779

 

 

2.23

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

425,668

 

 

4.63

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EATING AND DRINKING PLACES

 

 

 

 

 

 

 

 

 

986,571

 

 

 

McDonald’s Corp

 

 

 

 

58,119

 

 

0.63

 

 

 

 

 

Other

 

 

 

 

19,445

 

 

0.21

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

77,564

 

 

0.84

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EDUCATIONAL SERVICES

 

 

 

 

58

 

 

0.00

**

 

 

 

 

 

 

 

72

2007 Annual Report  §  College Retirement Equities Fund

See notes to financial statements


 

 

SUMMARY PORTFOLIO OF INVESTMENTS

continued

CREF SOCIAL CHOICE ACCOUNT  §  DECEMBER 31, 2007

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

 

Company

 

 

 

 

 

Value
(000)

 

% of net
assets

 

ELECTRIC, GAS, AND SANITARY SERVICES

 

 

 

$

308,724

 

 

3.36

%

 

 

 

 

 

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT

 

 

 

 

 

 

 

 

 

360,694

 

*

 

Apple Computer, Inc

 

 

 

 

 

71,446

 

 

0.78

 

2,654,327

 

*

 

Cisco Systems, Inc

 

 

 

 

 

71,853

 

 

0.78

 

2,834,275

 

 

 

Intel Corp

 

 

 

 

 

 

75,562

 

 

0.82

 

837,441

 

 

 

Qualcomm, Inc

 

 

 

 

 

 

32,953

 

 

0.36

 

 

 

 

 

Other

 

 

 

 

 

 

114,205

 

 

1.24

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

366,019

 

 

3.98

 

 

 

 

 

 

 

 

 

 

 

ENGINEERING AND MANAGEMENT SERVICES

 

 

 

 

34,659

 

 

0.38

 

 

 

 

 

 

 

FABRICATED METAL PRODUCTS

 

 

 

 

 

 

48,388

 

 

0.53

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FOOD AND KINDRED PRODUCTS

 

 

 

 

 

 

 

 

 

 

 

956,954

 

 

 

PepsiCo, Inc

 

 

 

 

 

 

72,633

 

 

0.79

 

 

 

 

 

Other

 

 

 

 

 

 

122,744

 

 

1.33

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

195,377

 

 

2.12

 

 

 

 

 

 

 

 

 

 

 

FOOD STORES

 

 

 

 

 

 

14,232

 

 

0.16

 

 

 

 

 

 

 

FORESTRY

 

 

 

 

 

 

8,943

 

 

0.10

 

 

 

 

 

 

 

FURNITURE AND FIXTURES

 

 

 

 

 

 

36,713

 

 

0.40

 

 

 

 

 

 

 

FURNITURE AND HOME FURNISHINGS STORES

 

 

 

 

3,611

 

 

0.04

 

 

 

 

 

 

 

GENERAL BUILDING CONTRACTORS

 

 

 

 

 

 

10,463

 

 

0.11

 

 

 

 

 

 

 

GENERAL MERCHANDISE STORES

 

 

 

 

 

 

66,227

 

 

0.72

 

 

 

 

 

 

 

HEALTH SERVICES

 

 

 

 

 

 

 

 

 

 

 

433,608

 

*

 

WellPoint, Inc

 

 

 

 

 

 

38,040

 

 

0.41

 

 

 

 

 

Other

 

 

 

 

 

 

40,177

 

 

0.44

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

78,217

 

 

0.85

 

 

 

 

 

 

 

 

 

 

 

HOLDING AND OTHER INVESTMENT OFFICES

 

 

 

 

108,163

 

 

1.18

 

 

 

 

 

 

 

HOTELS AND OTHER LODGING PLACES

 

 

 

 

 

15,465

 

 

0.17

 

 

 

 

 

 

INDUSTRIAL MACHINERY AND EQUIPMENT

 

 

 

 

 

 

 

 

 

 

394,260

 

 

 

Deere & Co

 

 

 

 

 

 

36,713

 

 

0.40

 

1,300,123

 

 

 

Hewlett-Packard Co

 

 

 

 

65,630

 

 

0.71

 

773,627

 

 

 

International Business Machines Corp

 

 

 

 

83,629

 

 

0.91

 

 

 

 

 

Other

 

 

 

 

 

 

125,990

 

 

1.37

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

311,962

 

 

3.39

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INSTRUMENTS AND RELATED PRODUCTS

 

 

 

 

 

 

 

 

 

 

880,600

 

 

 

Emerson Electric Co

 

 

 

 

 

49,895

 

 

0.54

 

1,435,005

 

 

 

Johnson & Johnson

 

 

 

 

 

95,715

 

 

1.04

 

694,588

 

 

 

Medtronic, Inc

 

 

 

 

 

 

34,917

 

 

0.38

 

 

 

 

 

Other

 

 

 

 

 

 

145,554

 

 

1.59

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

326,081

 

 

3.55

 

 

 

 

 

 

 

 

 

 

 

INSURANCE AGENTS, BROKERS AND SERVICE

 

 

 

 

25,437

 

 

0.28

 

 

 

 

 

 

 

See notes to financial statements

College Retirement Equities Fund §  2007 Annual Report

73


 

 

SUMMARY PORTFOLIO OF INVESTMENTS

continued

CREF SOCIAL CHOICE ACCOUNT  §  DECEMBER 31, 2007

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

 

Company

 

 

 

 

 

Value
(000)

 

% of net
assets

 

INSURANCE CARRIERS

 

 

 

 

 

 

 

 

 

 

496,750

 

 

 

Aflac, Inc

 

 

 

 

$

31,111

 

 

0.34

%

553,687

 

 

 

Travelers Cos, Inc

 

 

 

 

 

29,788

 

 

0.32

 

 

 

 

 

Other

 

 

 

 

 

 

165,504

 

 

1.80

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

226,403

 

 

2.46

 

 

 

 

 

 

 

 

 

 

 

LEATHER AND LEATHER PRODUCTS

 

 

 

 

 

 

6,501

 

 

0.07

 

 

 

 

 

 

 

 

 

 

 

LEGAL SERVICES

 

 

 

 

 

 

 

 

 

111

 

 

0.00

**

 

 

 

 

 

 

 

 

 

 

LUMBER AND WOOD PRODUCTS

 

 

 

 

 

 

606

 

 

0.01

 

 

 

 

 

 

 

METAL MINING

 

 

 

 

 

 

6,086

 

 

0.07

 

 

 

 

 

 

 

MISCELLANEOUS MANUFACTURING INDUSTRIES

 

 

 

 

17,832

 

 

0.19

 

 

 

 

 

 

 

MISCELLANEOUS RETAIL

 

 

 

 

 

 

58,013

 

 

0.63

 

 

 

 

 

 

 

MOTION PICTURES

 

 

 

 

 

 

 

 

 

 

 

2,535,819

 

 

 

Time Warner, Inc

 

 

 

 

 

 

41,866

 

 

0.46

 

 

 

 

 

Other

 

 

 

 

 

 

24,306

 

 

0.26

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

66,172

 

 

0.72

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NONDEPOSITORY INSTITUTIONS

 

 

 

 

 

 

 

 

 

 

 

773,131

 

 

 

American Express Co

 

 

 

 

40,218

 

 

0.44

 

 

 

 

 

Other

 

 

 

 

 

 

46,257

 

 

0.50

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

86,475

 

 

0.94

 

 

 

 

 

 

 

 

 

 

 

NONMETALLIC MINERALS, EXCEPT FUELS

 

 

 

 

 

11,381

 

 

0.12

 

 

 

 

 

 

 

 

 

 

 

OIL AND GAS EXTRACTION

 

 

 

 

 

 

 

 

 

 

 

247,722

 

 

 

Transocean, Inc

 

 

 

 

 

 

35,461

 

 

0.39

 

 

 

 

 

Other

 

 

 

 

 

 

211,060

 

 

2.29

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

246,521

 

 

2.68

 

 

 

 

 

 

 

 

 

 

 

PAPER AND ALLIED PRODUCTS

 

 

 

 

 

 

48,213

 

 

0.52

 

 

 

 

 

 

 

 

 

 

 

PERSONAL SERVICES

 

 

 

 

 

 

 

 

2,249

 

 

0.02

 

 

 

 

 

 

 

 

 

 

 

PETROLEUM AND COAL PRODUCTS

 

 

 

 

 

 

 

 

 

 

 

411,886

 

 

 

Apache Corp

 

 

 

 

 

 

44,294

 

 

0.48

 

450,574

 

 

 

Devon Energy Corp

 

 

 

 

 

40,061

 

 

0.44

 

 

 

 

 

Other

 

 

 

 

 

 

149,833

 

 

1.63

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

234,188

 

 

2.55

 

 

 

 

 

 

 

 

 

 

 

PIPELINES, EXCEPT NATURAL GAS

 

 

 

 

 

 

16,945

 

 

0.18

 

 

 

 

 

 

 

PRIMARY METAL INDUSTRIES

 

 

 

 

 

 

90,513

 

 

0.98

 

 

 

 

 

 

 

PRINTING AND PUBLISHING

 

 

 

 

 

 

40,580

 

 

0.44

 

 

 

 

 

 

 

RAILROAD TRANSPORTATION

 

 

 

 

 

 

39,378

 

 

0.43

 

 

 

 

 

 

 

REAL ESTATE

 

 

 

 

 

 

3,400

 

 

0.04

 

 

 

 

 

 

 

RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS

 

 

 

 

24,868

 

 

0.27

 

 

 

 

 

 

 

 

 

 

74

2007 Annual Report  §  College Retirement Equities Fund

See notes to financial statements

 

 

SUMMARY PORTFOLIO OF INVESTMENTS

continued

CREF SOCIAL CHOICE ACCOUNT  §  DECEMBER 31, 2007

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

 

Company

 

 

 

 

 

Value
(000)

 

% of net
assets

 

SECURITY AND COMMODITY BROKERS

 

 

 

 

 

 

 

 

 

 

241,276

 

 

 

Goldman Sachs Group, Inc

 

 

 

 

 

$

51,886

 

 

0.56

%

 

609,309

 

 

 

Merrill Lynch & Co, Inc

 

 

 

 

 

 

32,708

 

 

0.36

 

 

 

 

 

 

Other

 

 

 

 

 

 

98,674

 

 

1.07

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

183,268

 

 

1.99

 

 

 

 

 

 

 

 

 

 

 

 

SOCIAL SERVICES

 

 

 

 

 

 

441

 

 

0.01

 

 

 

 

 

 

 

SPECIAL TRADE CONTRACTORS

 

 

 

 

 

 

1,741

 

 

0.02

 

 

 

 

 

 

 

STONE, CLAY, AND GLASS PRODUCTS

 

 

 

 

 

 

 

 

 

 

 

514,744

 

 

 

3M Co

 

 

 

 

 

 

43,403

 

 

0.47

 

 

 

 

 

 

Other

 

 

 

 

 

 

3,894

 

 

0.04

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

47,297

 

 

0.51

 

 

 

 

 

 

 

 

 

 

 

 

TEXTILE MILL PRODUCTS

 

 

 

 

 

41

 

 

0.00

**

 

 

 

 

 

 

TRANSPORTATION BY AIR

 

 

 

 

 

 

32,055

 

 

0.35

 

 

 

 

 

 

 

TRANSPORTATION EQUIPMENT

 

 

 

 

 

68,811

 

 

0.75

 

 

 

 

 

 

 

TRANSPORTATION SERVICES

 

 

 

 

 

 

2,890

 

 

0.03

 

 

 

 

 

 

 

TRUCKING AND WAREHOUSING

 

 

 

 

 

 

 

 

 

 

 

 

487,985

 

 

 

United Parcel Service, Inc (Class B)

 

 

 

 

34,510

 

 

0.38

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

34,510

 

 

0.38

 

 

 

 

 

 

 

 

 

 

 

 

WATER TRANSPORTATION

 

 

 

 

 

 

3,597

 

 

0.04

 

 

 

 

 

 

 

 

 

 

 

 

WHOLESALE TRADE-DURABLE GOODS

 

 

 

 

 

28,838

 

 

0.31

 

 

 

 

 

 

 

 

 

 

 

 

WHOLESALE TRADE-NONDURABLE GOODS

 

 

 

 

25,212

 

 

0.27

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL COMMON STOCKS

 

(Cost $3,785,477)

 

 

5,458,174

 

 

59.35

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

 

 

Issuer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BANK NOTES

 

 

 

 

 

 

21,612

 

 

0.24

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COMMERCIAL PAPER

 

 

 

 

 

 

 

 

 

 

$

35,000,000

 

 

 

AT&T, Inc

 

0.000%, 01/02/08

 

 

34,992

 

 

0.38

 

 

35,000,000

 

d

 

Goldman Sachs Group, Inc

 

0.000%, 01/22/08

 

 

34,899

 

 

0.38

 

 

34,700,000

 

d

 

Procter & Gamble International

 

0.000%, 02/14/08–03/10/08

 

 

34,470

 

 

0.37

 

 

 

 

 

 

Other

 

 

 

 

 

 

130,373

 

 

1.42

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

234,734

 

 

2.55

 

 

 

 

 

 

 

 

 

 

 

 

U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES

 

 

 

 

 

 

 

 

 

54,355,000

 

 

 

Federal Home Loan Bank (FHLB)

0.000%, 01/14/08–02/27/08

 

 

54,080

 

 

0.59

 

 

79,000,000

 

 

 

Federal Home Loan Mortgage Corp FHLMC)

0.000%, 02/04/08–04/25/08

 

 

78,391

 

 

0.85

 

 

56,419,000

 

d

 

Federal National Mortgage Association FNMA)

0.000%, 01/11/08–02/14/08

 

 

56,167

 

 

0.61

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

188,638

 

 

2.05

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See notes to financial statements

College Retirement Equities Fund § 2007 Annual Report

75


 

 

SUMMARY PORTFOLIO OF INVESTMENTS

continued

CREF SOCIAL CHOICE ACCOUNT  §  DECEMBER 31, 2007

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

Issuer

 

 

 

 

Value
(000)

 

% of net
assets

 

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED

 

 

 

 

 

 

 

 

 

 

 

REPURCHASED AGREEMENTS

 

 

 

 

 

 

 

$

90,000,000

 

Bear Stearns & Co, Inc 4.250% Dated 12/31/2007,

 

 

 

 

$

90,011

 

 

0.98

%

 

 

 

Due 01/02/2008 In the Amount of $90,010,625

 

 

 

 

 

 

 

 

 

 

 

 

 

Fully Collateralized as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal Home Loan Bank (FHLB)

 

 

 

 

 

 

 

 

 

 

 

 

 

0.000%–5.648%, 11/21/2011–11/27/2037

 

$

52,312,727

 

 

 

 

 

 

 

 

 

 

Federal Home Loan Mortgage Corp (FHLMC)

 

 

 

 

 

 

 

 

 

 

 

 

 

0.000%–5.800%, 08/20/2012–04/03/2037

 

 

37,122,827

 

 

 

 

 

 

 

 

 

 

Federal National Mortgage Association (FNMA)

 

 

 

 

 

 

 

 

 

 

 

 

 

0.000%–4.125%, 01/30/2012–10/03/2033

 

 

2,546,446

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Market Value

 

 

91,982,000

 

 

 

 

 

 

 

 

40,000,000

 

Goldman Sachs & Co, Inc 4.150% Dated 12/31/2007,

 

 

 

 

 

40,005

 

 

0.44

 

 

 

 

Due 01/02/2008 In the Amount of $40,004,611

 

 

 

 

 

 

 

 

 

 

 

 

 

Fully Collateralized as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal Home Loan Mortgage Corp (FHLMC)

 

 

 

 

 

 

 

 

 

 

 

 

 

6.625%, 09/15/2009

 

 

21,375,000

 

 

 

 

 

 

 

 

 

 

Federal National Mortgage Association (FNMA)

 

 

 

 

 

 

 

 

 

 

 

 

 

6.625%, 11/15/2030

 

 

19,427,730

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Market Value

 

 

40,802,730

 

 

 

 

 

 

 

 

10,000,000

 

JP Morgan Securities 4.250% Dated 12/31/2007,

 

 

 

 

 

10,001

 

 

0.11

 

 

 

 

Due 01/02/2008 In the Amount of $10,001,181

 

 

 

 

 

 

 

 

 

 

 

 

 

Fully Collateralized as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal Home Loan Bank (FHLB)

 

 

 

 

 

 

 

 

 

 

 

 

 

4.750%–4.875%, 08/16/2010–11/30/2012

 

 

2,712,758

 

 

 

 

 

 

 

 

 

 

Federal Home Loan Mortgage Corp (FHLMC)

 

 

 

 

 

 

 

 

 

 

 

 

 

5.625%, 12/19/2017

 

 

608,702

 

 

 

 

 

 

 

 

 

 

Federal National Mortgage Association (FNMA)

 

 

 

 

 

 

 

 

 

 

 

 

 

4.750%–7.125%, 09/02/2008–03/28/2019

 

 

6,878,539

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Market Value

 

 

10,199,999

 

 

 

 

 

 

 

 

10,000,000

 

Lehman Brothers, Inc 4.200% Dated 12/31/2007,

 

 

 

 

 

10,001

 

 

0.11

 

 

 

 

Due 01/02/2008 In the Amount of $10,001,167

 

 

 

 

 

 

 

 

 

 

 

 

 

Fully Collateralized as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal National Mortgage Association (FNMA)
0.000%, 03/31/2008

 

 

10,300,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Market Value

 

 

10,300,000

 

 

85,010

 

 

0.92

 

 

85,000,000

 

Merrill Lynch & Co, Inc 4.290% Dated 12/31/2007,

 

 

 

 

 

 

 

 

 

 

 

 

 

Due 01/02/2008 In the Amount of $85,010,129

 

 

 

 

 

 

 

 

 

 

 

 

 

Fully Collateralized as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal Home Loan Bank (FHLB)

 

 

 

 

 

 

 

 

 

 

 

 

 

0.000%–5.000%, 03/04/2008–06/30/2023

 

 

42,544,200

 

 

 

 

 

 

 

 

 

 

Federal Home Loan Mortgage Corp (FHLMC)

 

 

 

 

 

 

 

 

 

 

 

 

 

3.500%–6.000%, 04/01/2008–09/19/2016

 

 

43,444,375

 

 

 

 

 

 

 

 

 

 

Federal National Mortgage Association (FNMA)

 

 

 

 

 

 

 

 

 

 

 

 

 

0.000%–6.000%, 02/01/2008–04/18/2036

 

 

23,151,053

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Market Value

 

 

109,139,628

 

 

 

 

 

 

 

 

 

 

76

2007 Annual Report  §  College Retirement Equities Fund

See notes to financial statements


 

 

SUMMARY PORTFOLIO OF INVESTMENTS

concluded

CREF SOCIAL CHOICE ACCOUNT  §  DECEMBER 31, 2007

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

Issuer

 

 

 

 

Value
(000)

 

% of net
assets

 

$

25,276,000

 

Morgan Stanley & Co, Inc 4.250% Dated 12/31/2007,

 

 

 

 

$

25,279

 

 

0.27

%

 

 

 

Due 01/02/2008 In the Amount of $25,278,984

 

 

 

 

 

 

 

 

 

 

 

 

 

Fully Collateralized as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal Home Loan Bank (FHLB)

 

 

 

 

 

 

 

 

 

 

 

 

 

4.160%–5.760%, 02/01/2010–07/03/2025

 

 

20,165,124

 

 

 

 

 

 

 

 

 

 

Federal Home Loan Mortgage Corp (FHLMC)

 

 

 

 

 

 

 

 

 

 

 

 

 

0.000%, 04/08/2019

 

 

5,616,820

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Market Value

 

 

25,781,944

 

 

 

 

 

 

 

 

258,000

 

Morgan Stanley & Co, Inc 1.450% Dated 12/31/2007,

 

 

 

 

 

258

 

 

0.00

 

 

 

 

Due 01/02/2008 In the Amount of $258,010

 

 

 

 

 

 

 

 

 

 

 

 

 

Fully Collateralized as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury Bond 7.500%, 11/15/2016

 

 

262,493

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Market Value

 

 

262,493

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

260,565

 

 

2.83

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL SHORT-TERM INVESTMENTS

 

(Cost $705,551)

 

 

 

 

 

 

 

 

 

 

(includes $603,190 of cash collateral for securities on loan)     

 

 

705,549

 

 

7.67

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL PORTFOLIO

 

(Cost $8,142,266)

 

 

9,841,763

 

 

107.01

 

 

 

 

 

 

 

 

 

 

 

 

OTHER ASSETS & LIABILITIES, NET

 

 

 

 

 

(644,722

)

 

(7.01

)

 

 

 

 

 

 

 

 

 

 

 

NET ASSETS

 

 

 

 

$

9,197,041

 

 

100.00

%

 

 

 

 

 

 

 

 

 

 

*

Non-income producing.

 

 

**

Percentage represents less than 0.01%.

 

 

d

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

 

 

e

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

 

 

i

Floating rate or variable rate securities reflects the rate in effect as of December 31, 2007.

 

 

k

Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index for All Urban Consumers (“CPI-U”).

 

 

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 Annual Report

77

SUMMARY PORTFOLIO OF INVESTMENTS

CREF MONEY MARKET ACCOUNT  §  DECEMBER 31, 2007

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

Issuer

 

 

 

Value
(000)

 

% of net
assets

 

SHORT-TERM INVESTMENTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSET BACKED

 

 

 

$

16,649

 

 

0.14

%

 

 

 

 

 

 

 

 

BANKERS ACCEPTANCES

 

 

 

 

 

 

 

 

$

127,000,000

 

Wachovia Bank NA

 

0.000%, 01/25/08–05/27/08

 

 

125,627

 

 

1.05

 

 

 

 

Other

 

 

 

 

8,806

 

 

0.08

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

134,433

 

 

1.13

 

 

 

 

 

 

 

 

BANK NOTES

 

 

 

 

 

 

 

 

 

 

100,000,000

 

Wells Fargo Bank NA

 

4.600%, 01/07/08–01/08/08

 

 

100,000

 

 

0.84

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

100,000

 

 

0.84

 

 

 

 

 

 

 

 

CERTIFICATES OF DEPOSIT

 

 

 

 

 

 

 

 

 

140,000,000

 

American Express Bank FSB

 

4.850–5.200%, 01/09/08–03/05/08

 

 

140,034

 

 

1.17

 

 

135,000,000

 

Bank of Montreal

 

4.810–5.100%, 02/06/08–03/07/08

 

 

135,007

 

 

1.13

 

 

150,000,000

 

Bank of Nova Scotia

 

4.680–5.060%, 01/16/08–03/06/08

 

 

149,970

 

 

1.26

 

 

135,000,000

 

Calyon

 

4.820–5.090%, 01/17/08–03/04/08

 

 

134,991

 

 

1.13

 

 

150,000,000

 

Deutsche Bank AG.

 

4.950–5.020%, 01/16/08–01/24/08

 

 

149,991

 

 

1.26

 

 

179,000,000

 

Dexia Banque S.A.

 

4.820–4.990%, 01/03/08–03/25/08

 

 

179,015

 

 

1.50

 

 

90,000,000

 

Toronto Dominion Bank

 

4.940–5.040%, 02/26/08–04/01/08

 

 

90,023

 

 

0.76

 

 

 

 

Other

 

 

 

 

359,031

 

 

3.01

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,338,062

 

 

11.22

 

 

 

 

 

 

 

 

COMMERCIAL PAPER

 

 

 

 

 

 

 

 

 

 

199,950,000

 

American Honda Finance Corp

 

0.000%, 01/03/08–03/04/08

 

 

198,961

 

 

1.67

 

 

138,270,000

 

Bank of America Corp

 

0.000%, 01/15/08–04/08/08

 

 

137,316

 

 

1.15

 

 

171,725,000

 

Bank of Scotland

 

0.000%, 01/09/08–03/11/08

 

 

170,799

 

 

1.43

 

 

106,600,000

 

Barclays U.S. Funding Corp

 

0.000%, 01/18/08–02/29/08

 

 

105,917

 

 

0.89

 

 

99,000,000

 

Canadian Imperial Holding, Inc

 

0.000%, 01/28/08–02/12/08

 

 

98,555

 

 

0.83

 

 

173,000,000

 

Ciesco LLC

 

0.000%, 01/08/08–02/19/08

 

 

172,222

 

 

1.44

 

 

199,000,000

 

Citigroup Funding, Inc

 

0.000%, 01/11/08–03/18/08

 

 

197,927

 

 

1.66

 

 

122,500,000

 

Coca-Cola Co

 

0.000%, 01/24/08–02/25/08

 

 

121,728

 

 

1.02

 

 

90,951,000

 

Corporate Asset Funding Corp

 

0.000%, 01/10/08–02/26/08

 

 

90,611

 

 

0.76

 

 

95,000,000

 

Danske Corp

 

0.000%, 01/18/08–03/06/08

 

 

94,362

 

 

0.79

 

 

123,048,000

 

Edison Asset Securitization LLC

 

0.000%, 01/18/08–02/29/08

 

 

122,501

 

 

1.03

 

 

180,000,000

 

General Electric Capital Corp

 

0.000%, 01/17/08–07/24/08

 

 

177,950

 

 

1.49

 

 

90,740,000

 

Goldman Sachs Group, Inc

 

0.000%, 01/17/08–02/01/08

 

 

90,399

 

 

0.76

 

 

199,800,000

 

Govco LLC

 

0.000%, 01/07/08–03/13/08

 

 

198,950

 

 

1.67

 

 

165,000,000

 

HSBC Finance Corp

 

0.000%, 01/16/08–03/04/08

 

 

164,051

 

 

1.38

 

 

130,085,000

 

IBM International Group

 

0.000%, 01/14/08–02/05/08

 

 

129,592

 

 

1.09

 

 

188,000,000

 

ING US Funding LLC

 

0.000%, 01/10/08–03/06/08

 

 

186,896

 

 

1.57

 

 

134,738,000

 

JPMorgan Chase & Co

 

0.000%, 01/07/08–04/17/08

 

 

134,164

 

 

1.13

 

 

98,247,000

 

Kitty Hawk Funding Corp

 

0.000%, 01/11/08–04/11/08

 

 

97,644

 

 

0.82

 

 

178,075,000

 

Nestle Capital Corp

 

0.000%, 01/16/08–03/11/08

 

 

177,146

 

 

1.49

 

 

165,800,000

 

Paccar Financial Corp

 

0.000%, 01/10/08–03/12/08

 

 

164,752

 

 

1.38

 

 

114,910,000

 

Park Avenue Receivables Corp

 

0.000%, 01/02/08–03/18/08

 

 

113,850

 

 

0.95

 

 

175,000,000

 

Pfizer, Inc

 

0.000%, 05/01/08–05/27/08

 

 

171,951

 

 

1.44

 

 

191,500,000

 

Private Export Funding Corp

 

0.000%, 01/14/08–03/03/08

 

 

190,434

 

 

1.60

 

 

200,500,000

 

Procter & Gamble International

 

0.000%, 01/18/08–03/24/08

 

 

199,145

 

 

1.67

 

 

129,000,000

 

Rabobank USA Financial Corp

 

0.000%, 01/22/08–03/12/08

 

 

128,101

 

 

1.07

 

 

150,673,000

 

Ranger Funding Co LLC

 

0.000%, 01/10/08–02/27/08

 

 

150,237

 

 

1.26

 

 

98,000,000

 

Royal Bank of Scotland plc

 

0.000%, 02/08/08–02/12/08

 

 

97,430

 

 

0.82

 

 

 

 

78

2007 Annual Report  §  College Retirement Equities Fund

See notes to financial statements


 

 

SUMMARY PORTFOLIO OF INVESTMENTS

concluded

CREF MONEY MARKET ACCOUNT  §  DECEMBER 31, 2007

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

Issuer

 

 

 

 

Value
(000)

 

% of net
assets

 

$

100,000,000

 

Shell International Finance

 

0.000%, 03/28/08

 

$

98,844

 

 

0.83

%

 

177,295,000

 

Societe Generale North America, Inc

 

0.000%, 01/10/08–04/04/08

 

 

176,301

 

 

1.48

 

 

200,260,000

 

Svensk Exportkredit AB

 

0.000%, 01/08/08–04/09/08

 

 

199,029

 

 

1.67

 

 

110,000,000

 

Toronto–Dominion Holdings

 

0.000%, 01/04/08–03/27/08

 

 

109,331

 

 

0.92

 

 

201,000,000

 

Toyota Motor Credit Corp

 

0.000%, 01/08/08–04/02/08

 

 

199,882

 

 

1.68

 

 

128,720,000

 

UBS Finance (Delaware) LLC

 

0.000%, 01/14/08–04/07/08

 

 

127,649

 

 

1.07

 

 

200,755,000

 

United Parcel Service, Inc

 

0.000%, 02/29/08–03/31/08

 

 

198,857

 

 

1.67

 

 

123,800,000

 

Wal–Mart Stores, Inc

 

0.000%, 01/23/08–02/11/08

 

 

123,359

 

 

1.03

 

 

176,970,000

 

Yorktown Capital LLC

 

0.000%, 01/04/08–03/19/08

 

 

175,581

 

 

1.47

 

 

 

 

Other

 

 

 

 

622,863

 

 

5.22

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,115,287

 

 

51.30

 

 

 

 

 

 

 

 

 

U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES

 

1,400,567,000

 

Federal Home Loan Bank (FHLB)

 

0.000%, 01/03/08–04/16/08

 

 

1,394,565

 

 

11.70

 

 

1,008,555,000

 

Federal Home Loan Mortgage Corp

 

 

 

 

 

 

 

 

 

 

 

 

 

(FHLMC)

 

0.000%, 01/07/08–05/05/08

 

 

1,002,694

 

 

8.41

 

 

1,419,724,000

 

Federal National Mortgage Association

 

 

 

 

 

 

 

 

 

 

 

 

 

(FNMA)

 

0.000%, 01/03/08–04/30/08

 

 

1,411,758

 

 

11.84

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,809,017

 

 

31.95

 

 

 

 

 

 

 

 

 

U.S. GOVERNMENT AND AGENCIES VARIABLE NOTES

 

 

 

 

 

29,984

 

 

0.25

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

VARIABLE NOTES

 

 

 

 

 

 

 

 

 

 

 

93,900,000

i

Wells Fargo & Co

 

5.186–5.293%, 03/10/08

 

 

93,910

 

 

0.79

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

276,238

 

 

2.31

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

370,148

 

 

3.10

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL SHORT-TERM INVESTMENTS

(Cost $11,915,528)

 

 

11,913,580

 

 

99.93

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL PORTFOLIO

(Cost $11,915,528)

 

 

11,913,580

 

 

99.93

 

 

 

 

 

 

 

 

 

 

OTHER ASSETS & LIABILITIES, NET

 

 

 

8,105

 

 

0.07

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET ASSETS

 

 

$

11,921,685

 

 

100.00

%

 

 

 

 

 

 

 

 

 

 

The following abbreviations are used in portfolio descriptions:

 

 

LLC

Limited Liability Company

 

 

plc

Public Limited Company

 

 

i

Floating rate or variable rate securities reflects the rate in effect as of December 31, 2007.

 

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 Annual Report

79

STATEMENTS OF ASSETS AND LIABILITIES

COLLEGE RETIREMENT EQUITIES FUND  §  DECEMBER 31, 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

 

$

123,957,514

 

$

16,983,953

 

$

12,948,170

 

$

9,194,637

 

$

8,296,692

 

$

4,584,468

 

$

8,142,266

 

$

11,915,528

 

Affiliated issuers

 

 

187,846

 

 

—

 

 

—

 

 

—

 

 

4,179

 

 

—

 

 

—

 

 

—

 

Total portfolio investments, at cost

 

 

124,145,360

 

 

16,983,953

 

 

12,948,170

 

 

9,194,637

 

 

8,300,871

 

 

4,584,468

 

 

8,142,266

 

 

11,915,528

 

Portfolio investments, at value:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unaffiliated issuers

 

 

140,329,110

 

 

18,281,533

 

 

14,404,165

 

 

12,368,892

 

 

8,358,016

 

 

4,814,042

 

 

9,841,763

 

 

11,913,580

 

Affiliated issuers

 

 

149,633

 

 

—

 

 

—

 

 

—

 

 

4,305

 

 

—

 

 

—

 

 

—

 

Total portfolio investments, at value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(including securities loaned of $6,033,660,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$888,728, $504,983, $886,753,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$529,858, $35,300, & $588,015, $— respectively)

 

$

140,478,743

 

$

18,281,533

 

$

14,404,165

 

$

12,368,892

 

$

8,362,321

 

$

4,814,042

 

$

9,841,763

 

$

11,913,580

 

Cash

 

 

38,673

 

 

18,899

 

 

—

 

 

276

 

 

521

 

 

2

 

 

8,062

 

 

88

 

Cash – foreign (cost of $119,051, $78,201, $8,889, $—, $—, $—, $— and $—, respectively)

 

 

119,284

 

 

79,099

 

 

8,852

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

Dividends and interest receivable

 

 

198,156

 

 

32,771

 

 

12,759

 

 

15,900

 

 

62,315

 

 

43,554

 

 

40,497

 

 

11,271

 

Receivable from securities sold

 

 

100,191

 

 

1,644

 

 

3,677

 

 

4,373

 

 

65,857

 

 

35,736

 

 

32,941

 

 

—

 

Amounts due from TIAA

 

 

—

 

 

7,864

 

 

13,236

 

 

1,598

 

 

3,370

 

 

10,239

 

 

1,703

 

 

—

 

Other

 

 

8,248

 

 

1,067

 

 

374

 

 

705

 

 

408

 

 

99

 

 

22

 

 

18

 

Total assets

 

 

140,943,295

 

 

18,422,877

 

 

14,443,063

 

 

12,391,744

 

 

8,494,792

 

 

4,903,672

 

 

9,924,988

 

 

11,924,957

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payable for collateral for securities loaned – Note 1

 

 

6,271,034

 

 

928,317

 

 

517,675

 

 

914,553

 

 

539,104

 

 

35,732

 

 

603,190

 

 

—

 

Amount due to banks

 

 

—

 

 

—

 

 

170

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

Amount due to investment advisor

 

 

16,547

 

 

728

 

 

559

 

 

402

 

 

289

 

 

170

 

 

321

 

 

3,157

 

Accumulation withdrawals payable

 

 

2,361

 

 

109

 

 

35

 

 

—

 

 

33

 

 

—

 

 

20

 

 

115

 

Payable for securities purchased

 

 

93,483

 

 

32,441

 

 

40,639

 

 

3,176

 

 

275,570

 

 

37,937

 

 

123,076

 

 

—

 

Payable for variation margin on open futures contracts

 

 

—

 

 

—

 

 

641

 

 

62

 

 

—

 

 

—

 

 

—

 

 

—

 

Other

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

1,340

 

 

—

 

Total liabilities

 

 

6,383,425

 

 

961,595

 

 

559,719

 

 

918,193

 

 

814,996

 

 

73,839

 

 

727,947

 

 

3,272

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET ASSETS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulation Fund

 

$

117,077,872

 

$

17,038,523

 

$

13,665,686

 

$

11,225,072

 

$

7,494,047

 

$

4,667,794

 

$

8,916,563

 

$

11,669,831

 

Annuity Fund

 

 

17,481,998

 

 

422,759

 

 

217,658

 

 

248,479

 

 

185,749

 

 

162,039

 

 

280,478

 

 

251,854

 

Total net assets

 

$

134,559,870

 

$

17,461,282

 

$

13,883,344

 

$

11,473,551

 

$

7,679,796

 

$

4,829,833

 

$

9,197,041

 

$

11,921,685

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulation units outstanding – Note 4

 

 

447,734

 

 

153,123

 

 

180,671

 

 

112,608

 

 

88,915

 

 

90,526

 

 

67,773

 

 

468,749

 

Net asset value per accumulation unit

 

$

261.49

 

$

111.27

 

$

75.64

 

$

99.68

 

$

84.28

 

$

51.56

 

$

131.57

 

$

24.90

 

 

 

 

 

 

 

80

2007 Annual Report § College Retirement Equities Fund 

See notes to financial statements

See notes to financial statements

College Retirement Equities Fund § 2007 Annual Report

81

STATEMENTS OF OPERATIONS

COLLEGE RETIREMENT EQUITIES FUND   §  DECEMBER 31, 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

 

$

87,827

 

$

17,353

 

$

5,293

 

$

6,020

 

$

373,571

 

$

220,919

 

$

196,294

 

$

562,500

 

Dividends:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unaffiliated issuers

 

 

2,679,454

 

 

358,130

 

 

143,126

 

 

212,579

 

 

209

 

 

—

 

 

103,261

 

 

—

 

Affiliated issuers

 

 

821

 

 

—

 

 

—

 

 

—

 

 

324

 

 

—

 

 

—

 

 

—

 

Foreign taxes withheld:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unaffiliated issuers

 

 

(100,653

)

 

(23,989

)

 

(2,224

)

 

(4

)

 

—

 

 

—

 

 

—

 

 

—

 

Affiliated issuers

 

 

(9

)

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

Total income

 

 

2,667,440

 

 

351,494

 

 

146,195

 

 

218,595

 

 

374,104

 

 

220,919

 

 

299,555

 

 

562,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EXPENSES – NOTE 2:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Administrative

 

 

401,848

 

 

48,968

 

 

37,585

 

 

34,551

 

 

20,817

 

 

11,837

 

 

26,281

 

 

31,077

 

Distribution

 

 

115,768

 

 

14,137

 

 

10,834

 

 

9,958

 

 

5,874

 

 

3,430

 

 

7,736

 

 

8,956

 

Investment Advisory

 

 

184,583

 

 

30,248

 

 

20,894

 

 

9,772

 

 

8,441

 

 

4,574

 

 

9,102

 

 

7,312

 

Mortality and expense risk charges

 

 

6,822

 

 

843

 

 

637

 

 

588

 

 

348

 

 

201

 

 

456

 

 

537

 

Total expenses

 

 

709,021

 

 

94,196

 

 

69,950

 

 

54,869

 

 

35,480

 

 

20,042

 

 

43,575

 

 

47,882

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income (loss)

 

 

1,958,419

 

 

257,298

 

 

76,245

 

 

163,726

 

 

338,624

 

 

200,877

 

 

255,980

 

 

514,618

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS – NOTE 3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gain (loss) on:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Portfolio investments

 

 

15,368,077

 

 

1,642,286

 

 

1,936,093

 

 

368,593

 

 

(3,387

)

 

(1,279

)

 

237,494

 

 

51

 

Futures transactions

 

 

—

 

 

(1,108

)

 

3,503

 

 

(3,412

)

 

—

 

 

—

 

 

—

 

 

—

 

Foreign currency transactions

 

 

17,096

 

 

2,617

 

 

(1,739

)

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

Net realized gain (loss) on total investments

 

 

15,385,173

 

 

1,643,795

 

 

1,937,857

 

 

365,181

 

 

(3,387

)

 

(1,279

)

 

237,494

 

 

51

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net change in unrealized appreciation (depreciation) on:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Portfolio investments

 

 

(6,956,153

)

 

(338,876

)

 

(66,075

)

 

9,412

 

 

77,700

 

 

230,933

 

 

(70,626

)

 

(1,665

)

Futures transactions

 

 

—

 

 

(212

)

 

(1,460

)

 

(140

)

 

—

 

 

—

 

 

—

 

 

—

 

Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies

 

 

530

 

 

825

 

 

(32

)

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

Net change in unrealized appreciation (depreciation) on total investments

 

 

(6,955,623

)

 

(338,263

)

 

(67,567

)

 

9,272

 

 

77,700

 

 

230,933

 

 

(70,626

)

 

(1,665

)

Net realized and unrealized gain (loss) on total investments

 

 

8,429,550

 

 

1,305,532

 

 

1,870,290

 

 

374,453

 

 

74,313

 

 

229,654

 

 

166,868

 

 

(1,614

)

Net increase (decrease) in net assets resulting from operations

 

$

10,387,969

 

$

1,562,830

 

$

1,946,535

 

$

538,179

 

$

412,937

 

$

430,531

 

$

422,848

 

$

513,004

 

 

 

 

 

 

 

82  

2007 Annual Report § College Retirement Equities Fund

See notes to financial statements

See notes to financial statements 

College Retirement Equities Fund § 2007 Annual Report

  83

 

STATEMENTS OF CHANGES IN NET ASSETS

 

COLLEGE RETIREMENT EQUITIES FUND

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock Account

 

Global Equities Account

 

Growth Account

 

 

 

 

 

(amounts in thousands)

 

For the
Year Ended
December 31, 2007

 

For the
Year Ended
December 31, 2006

 

For the
Year Ended
December 31, 2007

 

For the
Year Ended
December 31, 2006

 

For the
Year Ended
December 31, 2007

 

For the
Year Ended
December 31, 2006

 

 

FROM OPERATIONS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

1,958,419

 

$

1,752,130

 

$

257,298

 

$

185,506

 

$

76,245

 

$

58,565

 

Net realized gain (loss) on total investments

 

 

15,385,173

 

 

12,865,279

 

 

1,643,795

 

 

1,458,738

 

 

1,937,857

 

 

624,264

 

Net change in unrealized appreciation (depreciation) on total investments

 

 

(6,955,623

)

 

4,928,073

 

 

(338,263

)

 

766,404

 

 

(67,567

)

 

(55,173

)

Net increase (decrease) in net assets resulting from operations

 

 

10,387,969

 

 

19,545,482

 

 

1,562,830

 

 

2,410,648

 

 

1,946,535

 

 

627,656

 

 

FROM PARTICIPANT TRANSACTIONS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Premiums

 

 

3,996,363

 

 

3,864,717

 

 

1,031,127

 

 

947,544

 

 

926,819

 

 

1,002,849

 

Net transfers from (to) TIAA

 

 

(701,077

)

 

(745,913

)

 

(17,603

)

 

11,581

 

 

(3,857

)

 

(20,160

)

Net transfers from (to) other CREF Accounts and affiliated mutual funds

 

 

(3,739,742

)

 

(1,883,653

)

 

(97,013

)

 

745,141

 

 

(469,091

)

 

(1,284,901

)

Annuity payments

 

 

(2,191,070

)

 

(1,968,518

)

 

(71,212

)

 

(54,898

)

 

(33,219

)

 

(31,987

)

Withdrawals and death benefits

 

 

(4,289,204

)

 

(3,579,173

)

 

(621,044

)

 

(487,034

)

 

(469,333

)

 

(435,876

)

Net increase (decrease) in net assets resulting from participant transactions

 

 

(6,924,730

)

 

(4,312,540

)

 

224,255

 

 

1,162,334

 

 

(48,681

)

 

(770,075

)

 

Net increase (decrease) in net assets

 

 

3,463,239

 

 

15,232,942

 

 

1,787,085

 

 

3,572,982

 

 

1,897,854

 

 

(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 year

 

$

134,559,870

 

$

131,096,631

 

$

17,461,282

 

$

15,674,197

 

$

13,883,344

 

$

11,985,490

 


 

 

 

 

 

 

84

2007 Annual Report § College Retirement Equities Fund 

See notes to financial statements

See notes to financial statements

College Retirement Equities Fund § 2007 Annual Report

85

 

 

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
Year Ended
December 31, 2007

 

For the
Year Ended
December 31, 2006

 

For the
Year Ended
December 31, 2007

 

For the
Year Ended
December 31, 2006

 

For the
Year Ended
December 31, 2007

 

For the
Year Ended
December 31, 2006

 

FROM OPERATIONS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

163,726

 

$

144,683

 

$

338,624

 

$

279,736

 

$

200,877

 

$

107,441

 

Net realized gain (loss) on total investments

 

 

365,181

 

 

125,029

 

 

(3,387

)

 

(49,031

)

 

(1,279

)

 

(16,014

)

Net change in unrealized appreciation (depreciation) on total investments

 

 

9,272

 

 

1,221,567

 

 

77,700

 

 

14,483

 

 

230,933

 

 

(97,374

)

Net increase (decrease) in net assets resulting from operations

 

 

538,179

 

 

1,491,279

 

 

412,937

 

 

245,188

 

 

430,531

 

 

(5,947

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FROM PARTICIPANT TRANSACTIONS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Premiums

 

 

813,145

 

 

797,823

 

 

514,311

 

 

478,969

 

 

300,702

 

 

315,855

 

Net transfers from (to) TIAA

 

 

(28,010

)

 

(22,883

)

 

68,347

 

 

23,801

 

 

37,858

 

 

(18,605

)

Net transfers from (to) other CREF Accounts and affiliated mutual funds

 

 

(614,320

)

 

(423,255

)

 

641,514

 

 

148,119

 

 

533,761

 

 

(322,644

)

Annuity payments

 

 

(49,756

)

 

(42,957

)

 

(40,655

)

 

(35,343

)

 

(34,839

)

 

(26,647

)

Withdrawals and death benefits

 

 

(468,257

)

 

(394,923

)

 

(311,491

)

 

(263,318

)

 

(181,942

)

 

(198,578

)

Net increase (decrease) in net assets resulting from participant transactions

 

 

(347,198

)

 

(86,195

)

 

872,026

 

 

352,228

 

 

655,540

 

 

(250,619

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net increase (decrease) in net assets

 

 

190,981

 

 

1,405,084

 

 

1,284,963

 

 

597,416

 

 

1,086,071

 

 

(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 year

 

$

11,473,551

 

$

11,282,570

 

$

7,679,796

 

$

6,394,833

 

$

4,829,833

 

$

3,743,762

 

 

 

 

 

 

 

86  

2007 Annual Report § College Retirement Equities Fund

See notes to financial statements

See notes to financial statements

College Retirement Equities Fund § 2007 Annual Report

  87

 

 

STATEMENTS OF CHANGES IN NET ASSETS

concluded

 

 

COLLEGE RETIREMENT EQUITIES FUND

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Social Choice Account

 

Money Market Account

 

 

 

 

 

(amounts in thousands)

 

For the
Year Ended
December 31, 2007

 

For the
Year Ended
December 31, 2006

 

For the
Year Ended
December 31, 2007

 

For the
Year Ended
December 31, 2006

 

 

 

FROM OPERATIONS

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

255,980

 

$

215,743

 

$

514,618

 

$

393,754

 

Net realized gain (loss) on total investments

 

 

237,494

 

 

100,485

 

 

51

 

 

(37

)

Net change in unrealized appreciation (depreciation) on total investments

 

 

(70,626

)

 

480,881

 

 

(1,665

)

 

344

 

 

Net increase (decrease) in net assets resulting from operations

 

 

422,848

 

 

797,109

 

 

513,004

 

 

394,061

 

 

 

FROM PARTICIPANT TRANSACTIONS

 

 

 

 

 

 

 

 

 

 

 

 

 

Premiums

 

 

612,268

 

 

607,389

 

 

1,284,524

 

 

1,059,375

 

Net transfers from (to) TIAA

 

 

(18,036

)

 

(24,280

)

 

330,603

 

 

497,361

 

Net transfers from (to) other CREF Accounts and affiliated mutual funds

 

 

(212,989

)

 

(165,177

)

 

1,370,895

 

 

1,074,294

 

Annuity payments

 

 

(41,743

)

 

(36,848

)

 

(72,381

)

 

(60,154

)

Withdrawals and death benefits

 

 

(298,203

)

 

(239,714

)

 

(1,075,477

)

 

(800,465

)

 

Net increase (decrease) in net assets resulting from participant transactions

 

 

41,297

 

 

141,370

 

 

1,838,164

 

 

1,770,411

 

 

 

Net increase (decrease) in net assets

 

 

464,145

 

 

938,479

 

 

2,351,168

 

 

2,164,472

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of year

 

 

8,732,896

 

 

7,794,417

 

 

9,570,517

 

 

7,406,045

 

 

End of year

 

$

9,197,041

 

$

8,732,896

 

$

11,921,685

 

$

9,570,517

 

 

 

 

 

 

 

 

88

2007 Annual Report §   College Retirement Equities Fund

See notes to financial statements

See notes to financial statements

College Retirement Equities Fund §  2007 Annual Report

89

FINANCIAL HIGHLIGHTS

COLLEGE RETIREMENT EQUITIES FUND

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock Account

 

 

 

 

 

For the Years Ended December 31,

 

 

 

 

 

2007

 

2006

 

2005

 

2004

 

2003

 

PER ACCUMULATION UNIT DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment income

 

$

4.754

 

$

4.329

 

$

3.819

 

$

3.564

 

$

2.796

 

Expenses

 

 

0.992

 

 

1.095

 

 

0.901

 

 

0.717

 

 

0.746

 

Investment income-net

 

 

3.762

 

 

3.234

 

 

2.918

 

 

2.847

 

 

2.050

 

Net realized and unrealized gain (loss) on total investments

 

 

15.589

 

 

32.372

 

 

11.478

 

 

19.297

 

 

39.127

 

Net increase (decrease) in Accumulation Unit Value

 

 

19.351

 

 

35.606

 

 

14.396

 

 

22.144

 

 

41.177

 

Accumulation Unit Value:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of year

 

 

242.139

 

 

206.533

 

 

192.137

 

 

169.993

 

 

128.816

 

End of year

 

$

261.490

 

$

242.139

 

$

206.533

 

$

192.137

 

$

169.993

 

TOTAL RETURN*

 

 

7.99

%

 

17.24

%

 

7.49

%

 

13.03

%

 

31.97

%

RATIOS TO AVERAGE NET ASSETS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

0.52

%

 

0.49

%

 

0.46

%

 

0.41

%

 

0.52

%

Investment income-net

 

 

1.44

%

 

1.44

%

 

1.49

%

 

1.63

%

 

1.43

%

Portfolio turnover rate

 

 

49

%

 

51

%

 

58

%

 

58

%

 

47

%

Accumulation Units outstanding at end of year (in thousands)

 

 

447,734

 

 

469,488

 

 

484,028

 

 

494,584

 

 

499,306

 

Accumulation Fund Net Assets (in thousands)

 

$

117,077,872

 

$

113,675,149

 

$

99,967,674

 

$

95,028,020

 

$

84,878,666

 

Net Assets at end of year (in thousands)

 

$

134,559,870

 

$

131,096,631

 

$

115,863,689

 

$

110,781,826

 

$

99,624,341

 

 

 

*

Based on per accumulation data.

 

 

 

90

2007 Annual Report § College Retirement Equities Fund

See notes to financial statements

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global Equities Account

 

 

 

 

 

 

For the Years Ended December 31,

 

 

 

 

 

2007

 

2006

 

2005

 

2004

 

2003

 

PER ACCUMULATION UNIT DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment income

 

$

2.069

 

$

1.716

 

$

1.641

 

$

1.462

 

$

1.249

 

Expenses

 

 

0.409

 

 

0.481

 

 

0.397

 

 

0.323

 

 

0.325

 

Investment income-net

 

 

1.660

 

 

1.235

 

 

1.244

 

 

1.139

 

 

0.924

 

Net realized and unrealized gain (loss) on total investments

 

 

8.522

 

 

14.969

 

 

6.205

 

 

8.064

 

 

16.227

 

Net increase (decrease) in Accumulation Unit Value

 

 

10.182

 

 

16.204

 

 

7.449

 

 

9.203

 

 

17.151

 

Accumulation Unit Value:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of year

 

 

101.091

 

 

84.887

 

 

77.438

 

 

68.235

 

 

51.084

 

End of year

 

$

111.273

 

$

101.091

 

$

84.887

 

$

77.438

 

$

68.235

 

TOTAL RETURN*

 

 

10.07

%

 

19.09

%

 

9.62

%

 

13.49

%

 

33.57

%

RATIOS TO AVERAGE NET ASSETS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

0.56

%

 

0.52

%

 

0.50

%

 

0.46

%

 

0.57

%

Investment income-net

 

 

1.53

%

 

1.35

%

 

1.57

%

 

1.62

%

 

1.60

%

Portfolio turnover rate

 

 

108

%

 

137

%

 

137

%

 

74

%

 

140

%

Accumulation Units outstanding at end of year (in thousands)

 

 

153,123

 

 

151,295

 

 

139,042

 

 

129,787

 

 

117,021

 

Accumulation Fund
Net Assets (in thousands)

 

$

17,038,523

 

$

15,293,183

 

$

11,802,797

 

$

10,050,446

 

$

7,984,938

 

Net Assets at end of year (in thousands)

 

$

17,461,282

 

$

15,674,197

 

$

12,101,215

 

$

10,311,276

 

$

8,204,411

 

 

 

*

Based on per accumulation data.

 

 

 

See notes to financial statements

College Retirement Equities Fund § 2007 Annual Report

91

FINANCIAL HIGHLIGHTS

COLLEGE RETIREMENT EQUITIES FUND

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Growth Account

 

 

 

 

For the Years Ended December 31,

 

 

 

 

2007

 

2006

 

2005

 

2004

 

2003

 

PER ACCUMULATION UNIT DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment income

 

$

0.694

 

$

0.625

 

$

0.520

 

$

0.672

 

$

0.606

 

Expenses

 

 

0.272

 

 

0.321

 

 

0.291

 

 

0.249

 

 

0.265

 

Investment income-net

 

 

0.422

 

 

0.304

 

 

0.229

 

 

0.423

 

 

0.341

 

Net realized and unrealized gain (loss) on total investments

 

 

10.416

 

 

3.066

 

 

2.935

 

 

3.005

 

 

11.572

 

Net increase (decrease) in Accumulation Unit Value

 

 

10.838

 

 

3.370

 

 

3.164

 

 

3.428

 

 

11.913

 

Accumulation Unit Value:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of year

 

 

64.800

 

 

61.430

 

 

58.266

 

 

54.838

 

 

42.925

 

End of year

 

$

75.638

 

$

64.800

 

$

61.430

 

$

58.266

 

$

54.838

 

TOTAL RETURN*

 

 

16.73

%

 

5.49

%

 

5.43

%

 

6.25

%

 

27.75

%

RATIOS TO AVERAGE NET ASSETS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

0.55

%

 

0.52

%

 

0.50

%

 

0.45

%

 

0.54

%

Investment income-net

 

 

0.60

%

 

0.49

%

 

0.39

%

 

0.77

%

 

0.70

%

Portfolio turnover rate

 

 

127

%

 

109

%

 

87

%

 

65

%

 

76

%

Accumulation Units outstanding at end of year (in thousands)

 

 

180,671

 

 

181,824

 

 

194,004

 

 

196,256

 

 

197,453

 

Accumulation Fund
Net Assets (in thousands)

 

$

13,665,686

 

$

11,779,920

 

$

11,917,736

 

$

11,435,018

 

$

10,827,972

 

Net Assets at end of year (in thousands)

 

$

13,883,344

 

$

11,985,490

 

$

12,127,909

 

$

11,653,744

 

$

11,041,732

 

 

 

 

*

Based on per accumulation data.

 

 

92

2007 Annual Report § College Retirement Equities Fund

See notes to financial statements


continued

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Index Account

 

 

 

 

For the Years Ended December 31,

 

 

 

 

 

2007

 

 

2006

 

 

2005

 

 

2004

 

 

2003

 

PER ACCUMULATION UNIT DATA:

 

 

Investment income

 

$

1.806

 

$

1.636

 

$

1.441

 

$

1.400

 

$

1.073

 

Expenses

 

 

0.383

 

 

0.385

 

 

0.325

 

 

0.256

 

 

0.278

 

Investment income-net

 

 

1.423

 

 

1.251

 

 

1.116

 

 

1.144

 

 

0.795

 

Net realized and unrealized gain (loss) on total investments

 

 

3.050

 

 

11.332

 

 

3.320

 

 

6.954

 

 

15.521

 

Net increase (decrease) in Accumulation Unit Value

 

 

4.473

 

 

12.583

 

 

4.436

 

 

8.098

 

 

16.316

 

Accumulation Unit Value:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of year

 

 

95.210

 

 

82.627

 

 

78.191

 

 

70.093

 

 

53.777

 

End of year

 

$

99.683

 

$

95.210

 

$

82.627

 

$

78.191

 

$

70.093

 

TOTAL RETURN*

 

 

4.70

%

 

15.23

%

 

5.67

%

 

11.55

%

 

30.34

%

 

RATIOS TO AVERAGE NET ASSETS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

0.47

%

 

0.43

%

 

0.41

%

 

0.36

%

 

0.46

%

Investment income-net

 

 

1.39

%

 

1.39

%

 

1.40

%

 

1.60

%

 

1.33

%

Portfolio turnover rate

 

 

9

%

 

10

%

 

7

%

 

3

%

 

3

%

Accumulation Units outstanding at end of year (in thousands)

 

 

112,608

 

 

115,880

 

 

116,883

 

 

112,708

 

 

103,603

 

Accumulation Fund
Net Assets (in thousands)

 

$

11,225,072

 

$

11,033,065

 

$

9,657,753

 

$

8,812,812

 

$

7,261,874

 

Net Assets at end of year (in thousands)

 

$

11,473,551

 

$

11,282,570

 

$

9,877,486

 

$

9,018,989

 

$

7,432,047

 

 

 

*

Based on per accumulation data.

 

 

 

See notes to financial statements

College Retirement Equities Fund § 2007 Annual Report

93

FINANCIAL HIGHLIGHTS

COLLEGE RETIREMENT EQUITIES FUND

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bond Market Account

 

 

 

 

 

 

For the Years Ended December 31,

 

 

 

 

 

 

2007

 

2006

 

2005

 

2004

 

2003

 

 

PER ACCUMULATION UNIT DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment income

 

$

4.260

 

$

3.990

 

$

3.437

 

$

3.265

 

$

2.946

 

Expenses

 

 

0.315

 

 

0.373

 

 

0.342

 

 

0.292

 

 

0.347

 

Investment income-net

 

 

3.945

 

 

3.617

 

 

3.095

 

 

2.973

 

 

2.599

 

Net realized and unrealized ain (loss) on total investments

 

 

0.806

 

 

(0.467

)

 

(1.414

)

 

0.015

 

 

0.377

 

Net increase (decrease) in Accumulation Unit Value

 

 

4.751

 

 

3.150

 

 

1.681

 

 

2.988

 

 

2.976

 

Accumulation Unit Value:
Beginning of year

 

 

79.532

 

 

76.382

 

 

74.701

 

 

71.713

 

 

68.737

 

    End of year

 

$

84.283

 

$

79.532

 

$

76.382

 

$

74.701

 

$

71.713

 

TOTAL RETURN*

 

 

5.97

%

 

4.12

%

 

2.25

%

 

4.17

%

 

4.33

%

 

RATIOS TO AVERAGE NET ASSETS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Expenses

 

 

0.51

%

 

0.48

%

 

0.45

%

 

0.40

%

 

0.49

%

    Investment income-net

 

 

4.86

%

 

4.69

%

 

4.09

%

 

4.07

%

 

3.69

%

Portfolio turnover rate

 

 

174

%

 

219

%

 

275

%

 

100

%

 

164

%

Accumulation Units outstanding at end of year (in thousands)

 

 

88,915

 

 

78,203

 

 

73,664

 

 

70,239

 

 

73,111

 

Accumulation Fund

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Net Assets (in thousands)

 

$

7,494,047

 

$

6,219,211

 

$

5,626,558

 

$

5,246,934

 

$

5,243,017

 

Net Assets at end of year (in thousands)

 

$

7,679,796

 

$

6,394,833

 

$

5,797,417

 

$

5,415,938

 

$

5,408,805

 

 

 

*

Based on per accumulation data.

 

 

 

94

2007 Annual Report § College Retirement Equities Fund

See notes to financial statements

continued

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Inflation-Linked Bond Account

 

 

 

 

 

 

For the Years Ended December 31,

 

 

 

 

 

 

2007

 

2006

 

2005

 

2004

 

2003

 

PER ACCUMULATION UNIT DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment income

 

$

2.618

 

$

1.560

 

$

2.657

 

$

2.028

 

$

1.764

 

Expenses

 

 

0.186

 

 

0.228

 

 

0.194

 

 

0.166

 

 

0.193

 

Investment income-net

 

 

2.432

 

 

1.332

 

 

2.463

 

 

1.862

 

 

1.571

 

Net realized and unrealized gain (loss) on total investments

 

 

2.695

 

 

(1.339

)

 

(1.316

)

 

1.497

 

 

1.395

 

Net increase (decrease) in Accumulation Unit Value

 

 

5.127

 

 

(0.007

)

 

1.147

 

 

3.359

 

 

2.966

 

Accumulation Unit Value:
Beginning of year

 

 

46.436

 

 

46.443

 

 

45.296

 

 

41.937

 

 

38.971

 

    End of year

 

$

51.563

 

$

46.436

 

$

46.443

 

$

45.296

 

$

41.937

 

TOTAL RETURN*

 

 

11.04

%

 

(0.01

%)

 

2.53

%

 

8.01

%

 

7.61

%

 

RATIOS TO AVERAGE NET ASSETS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Expenses

 

 

0.50

%

 

0.49

%

 

0.43

%

 

0.39

%

 

0.48

%

    Investment income-net

 

 

5.00

%

 

2.83

%

 

5.47

%

 

4.34

%

 

3.93

%

Portfolio turnover rate

 

 

13

%

 

23

%

 

24

%

 

110

%

 

240

%

Accumulation Units outstanding at end of year (in thousands)

 

 

90,526

 

 

77,482

 

 

82,764

 

 

72,643

 

 

57,499

 

Accumulation Fund
Net Assets (in thousands)

 

$

4,667,794

 

$

3,597,035

 

$

3,843,780

 

$

3,290,430

 

$

2,411,323

 

Net Assets at end of year (in thousands)

 

$

4,829,833

 

$

3,743,762

 

$

4,000,328

 

$

3,424,643

 

$

2,522,182

 

 

 

*

Based on per accumulation data.

 

 

 

See notes to financial statements

College Retirement Equities Fund § 2007 Annual Report

95

FINANCIAL HIGHLIGHTS

COLLEGE RETIREMENT EQUITIES FUND

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Social Choice Account

 

 

 

 

 

For the Years Ended December 31,

 

 

 

 

 

2007

 

2006

 

2005

 

2004

 

2003

 

PER ACCUMULATION UNIT DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment income

 

$

4.165

 

$

3.687

 

$

2.987

 

$

2.883

 

$

2.418

 

Expenses

 

 

0.492

 

 

0.535

 

 

0.465

 

 

0.377

 

 

0.422

 

Investment income-net

 

 

3.673

 

 

3.152

 

 

2.522

 

 

2.506

 

 

1.996

 

Net realized and unrealized gain (loss) on total investments

 

 

2.371

 

 

8.412

 

 

2.877

 

 

6.473

 

 

14.293

 

Net increase (decrease) in Accumulation Unit Value

 

 

6.044

 

 

11.564

 

 

5.399

 

 

8.979

 

 

16.289

 

Accumulation Unit Value:
Beginning of year

 

 

125.522

 

 

113.958

 

 

108.559

 

 

99.580

 

 

83.291

 

End of year

 

$

131.566

 

$

125.522

 

$

113.958

 

$

108.559

 

$

99.580

 

TOTAL RETURN*

 

 

4.81

%

 

10.15

%

 

4.97

%

 

9.02

%

 

19.56

%

RATIOS TO AVERAGE NET ASSETS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

0.48

%

 

0.45

%

 

0.42

%

 

0.37

%

 

0.47

%

Investment income-net

 

 

2.81

%

 

2.65

%

 

2.29

%

 

2.46

%

 

2.22

%

Portfolio turnover rate

 

 

60

%

 

84

%

 

97

%

 

37

%

 

41

%

Accumulation Units outstanding at end of year (in thousands)

 

 

67,773

 

 

67,385

 

 

66,154

 

 

62,316

 

 

57,111

 

Accumulation Fund
Net Assets (in thousands)

 

$

8,916,563

 

$

8,457,623

 

$

7,538,737

 

$

6,764,931

 

$

5,687,041

 

Net Assets at end of year (in thousands)

 

$

9,197,041

 

$

8,732,896

 

$

7,794,417

 

$

7,001,614

 

$

5,893,322

 

 

 

*

Based on per accumulation data.

 

 

 

96

2007 Annual Report § College Retirement Equities Fund

See notes to financial statements


concluded

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money Market Account

 

 

 

 

 

For the Years Ended December 31,

 

 

 

 

 

2007

 

2006

 

2005

 

2004

 

2003

 

PER ACCUMULATION UNIT DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment income

 

$

1.258

 

$

1.169

 

$

0.726

 

$

0.307

 

$

0.264

 

Expenses

 

 

0.092

 

 

0.098

 

 

0.090

 

 

0.078

 

 

0.097

 

Investment income-net

 

 

1.166

 

 

1.071

 

 

0.636

 

 

0.229

 

 

0.167

 

Net realized and unrealized gain (loss) on total investments

 

 

(0.004

)

 

—

 

 

0.003

 

 

(0.006

)

 

(0.004

)

Net increase (decrease) in Accumulation Unit Value

 

 

1.162

 

 

1.071

 

 

0.639

 

 

0.223

 

 

0.163

 

Accumulation Unit Value:
Beginning of year

 

 

23.734

 

 

22.663

 

 

22.024

 

 

21.801

 

 

21.638

 

End of year

 

$

24.896

 

$

23.734

 

$

22.663

 

$

22.024

 

$

21.801

 

TOTAL RETURN*

 

 

4.90

%

 

4.73

%

 

2.90

%

 

1.02

%

 

0.75

%

RATIOS TO AVERAGE NET ASSETS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

0.45

%

 

0.43

%

 

0.41

%

 

0.36

%

 

0.45

%

Investment income-net

 

 

4.79

%

 

4.64

%

 

2.86

%

 

1.05

%

 

0.77

%

Accumulation Units outstanding at end of year (in thousands)

 

 

468,749

 

 

392,914

 

 

316,665

 

 

297,573

 

 

305,732

 

Accumulation Fund
Net Assets (in thousands)

 

$

11,669,831

 

$

9,327,073

 

$

7,176,389

 

$

6,553,688

 

$

6,665,202

 

Net Assets at end of year (in thousands)

 

$

11,921,685

 

$

9,570,517

 

$

7,406,045

 

$

6,781,310

 

$

6,907,760

 

 

 

*

Based on per accumulation data.

 

 

 

See notes to financial statements

College Retirement Equities Fund § 2007 Annual Report

97

NOTES TO FINANCIAL STATEMENTS

COLLEGE RETIREMENT EQUITIES FUND

Note 1—significant accounting policies

The purpose of the 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 with a remaining maturity of 60 days or less are valued on an amortized cost basis, or at market value if market value is materially different from amortized cost. Investments in registered investment companies are valued at their net asset value on the valuation date. 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.

 

 

98

2007 Annual Report § College Retirement Equities Fund

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

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 based on the identified cost basis.

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

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

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

 

 

College Retirement Equities Fund § 2007 Annual Report

99

NOTES TO FINANCIAL STATEMENTS

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 their accounts 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 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.

 

 

100

2007 Annual Report § College Retirement Equities Fund



 

continued

Forward foreign currency contracts: The Accounts may use forward foreign currency contracts to facilitate transactions in securities denominated in foreign currencies. Such contracts are entered into directly with a counterparty and are “marked-to-market” at the end of each day’s trading. The Accounts are also exposed to credit risk associated with counterparty nonperformance on these forward foreign currency contracts which is typically limited to the unrealized gain on each open contract. Forward foreign currency contracts will be used primarily to protect the Accounts from adverse currency movements and will generally not be entered into for terms greater than one year. The use of forward foreign currency contracts does not eliminate fluctuations in the underlying prices of an Account’s investment securities; however, it does establish a rate of exchange that can be achieved in the future. The use of forward foreign currency contracts involves the risk that anticipated currency movements will not be accurately predicted. A forward foreign currency contract would limit the risk of loss due to a decline in the value of a particular currency; however, it also would limit any potential gain that might result should the value of the currency increase instead of decrease. The use of derivative instruments involves, to varying degrees, elements of market risk in excess of the amount recognized in the Statements of assets and liabilities. There were no open forward foreign currency contracts at December 31, 2007.

Securities lending: The Accounts may lend portfolio securities to qualified financial 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 (“State Street”), 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. The value of the loaned securities and the liability related to return the cash collateral received are reflected on the Statements of Assets and Liabilities.

The loans are secured by collateral 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 the Stock and Global Equity Accounts (domestic securities only) is invested in the Stock Separate Collateral Account and the Global Separate Collateral Account, respectively, which are both managed by State Street. The Growth and Equity Index Accounts are 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, LLC according to the securities lending agreement. The cash collateral for the Social Choice Account (fixed-income securities) along with the Bond Market and the

 

 

College Retirement Equities Fund § 2007 Annual Report

101

NOTES TO FINANCIAL STATEMENTS

Inflation-Linked Bond Accounts 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.

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

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

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

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

Treasury Inflation-Indexed Securities: The Social Choice Account, Bond Market Account and Inflation-Linked Bond Account may invest in Treasury Inflation-Indexed Securities (“TIIS”), which are specially structured bonds in which the principal amount is adjusted periodically for inflation, as measured by the U.S. Consumer Price Index for All Urban Consumers (“CPI-U”). The adjustments for

 

 

102

2007 Annual Report § College Retirement Equities Fund



 

continued

interest income due to inflation are reflected in the interest income on the Statements of Operations. The principal amount of a TIIS investment can go down in times of negative inflation. However, the U.S. Treasury guarantees that the final principal payment at maturity will not be less than the original principal amount of the bond.

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. Investment Management is a registered investment adviser and a wholly-owned subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”), a companion organization of CREF.

Administrative services and distribution functions, pursuant to a 12b-1 plan, 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 Financial Industry Regulatory Authority (“FINRA”).

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

 

 

College Retirement Equities Fund § 2007 Annual Report

103

NOTES TO FINANCIAL STATEMENTS

objective of keeping the estimated expenses as close as possible to each Account’s actual expenses. Any differences between actual expenses and the estimated expenses 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 year ended December 31, 2007.

Note 3—investments

At December 31, 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

 

$

24,449,644,450

 

$

8,127,561,043

 

$

16,322,083,407

 

Global Equities Account

 

$

2,254,724,249

 

$

957,803,205

 

$

1,296,921,044

 

Growth Account

 

$

1,955,690,218

 

$

499,694,928

 

$

1,455,995,290

 

Equity Index Account

 

$

3,874,233,877

 

$

701,115,418

 

$

3,173,118,459

 

Bond Market Account

 

$

123,552,094

 

$

62,101,503

 

$

61,450,591

 

Inflation-Linked Bond Account

 

$

229,576,821

 

$

2,333

 

$

229,574,488

 

Social Choice Account

 

$

2,007,158,168

 

$

308,164,143

 

$

1,698,994,025

 

Money Market Account

 

$

1,143,268

 

$

3,091,092

 

$

(1,947,824

)

 

 

 

104

2007 Annual Report § College Retirement Equities Fund

 

continued

At December 31, 2007, Equity Index Account held the following open futures contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of
Contracts

 

Market
Value

 

Expiration
Date

 

Unrealized
(Depreciation

)

Equity Index Account

 

 

 

 

 

 

 

 

 

 

 

 

 

E-mini S&P 500 Index

 

 

91

 

$

6,721,260

 

 

March 2008

 

$

(99,725

)

E-mini Mid 400 Index

 

 

9

 

$

778,320

 

 

March 2008

 

$

(16,264

)

E-mini Russell 2000 Index

 

 

11

 

$

849,420

 

 

March 2008

 

$

(23,462

)

 

 

 

 

 

 

 

 

 

 

 

$

(139,451

)

At December 31, 2007, Growth Account held the following open futures contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of
Contracts

 

Market
Value

 

Expiration
Date

 

Unrealized
(Depreciation)

 

Growth Account

 

 

 

 

 

 

 

 

 

 

 

 

 

E-mini S&P 500 Index

 

 

1,545

 

$

114,113,700

 

 

March 2008

 

$

(1,459,467

)

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 may be deemed to be affiliated companies. Information regarding transactions with affiliated companies is as follows:

 

 

 

 

College Retirement Equities Fund § 2007 Annual Report

     105

 

 

NOTES TO FINANCIAL STATEMENTS

continued

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issue

 

Value at
December 31, 2006

 

Purchase
Cost

 

Proceeds

 

Realized
Gain/(Loss)

 

Dividend
Income

 

Withholding
Expense

 

Shares at
December 31, 2007

 

Value at
December 31, 2007

 

Stock Account

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adams Respiratory Therapeutics, Inc

 

$

**

 

$

—

 

$

25,951,977

 

$

(3,466,463

)

$

—

 

$

—

 

 

—

 

$

*

 

CMGI, Inc

 

 

**

 

 

89,692

 

 

—

 

 

—

 

 

7

 

 

—

 

 

293,690

 

 

3,844,402

 

Daishin Securities Co

 

 

**

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

1,000,000

 

 

6,450,000

 

Digital Garage, Inc

 

 

20,717,415

 

 

1,269,655

 

 

—

 

 

—

 

 

—

 

 

—

 

 

12,231

 

 

22,772,663

 

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

 

 

57,964,674

 

 

51,216,238

 

 

(14,837,442

)

 

7

 

 

—

 

 

4,478,079

 

 

94,039,659

 

Information Development Co

 

 

3,311,591

 

 

19,629

 

 

—

 

 

—

 

 

62,793

 

 

4,396

 

 

431,900

 

 

2,493,627

 

Intelligent Wave, Inc

 

 

13,702,752

 

 

306,708

 

 

108,993

 

 

(47,958

)

 

70,522

 

 

4,937

 

 

16,201

 

 

4,234,608

 

Lone Star Technologies

 

 

91,076,783

 

 

136,552

 

 

35,527,830

 

 

(4,467,603

)

 

—

 

 

—

 

 

—

 

 

*

 

MPM Bioventures II

 

 

**

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

21,967,242

 

 

12,086,377

 

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

 

 

—

 

 

—

 

 

—

 

 

*

 

Skyline Venture Partners

 

 

**

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

4,126,206

 

 

3,695,430

 

Solomon Systech International Ltd

 

 

25,687,764

 

 

1,854,197

 

 

10,126,317

 

 

(5,751,498

)

 

—

 

 

—

 

 

—

 

 

*

 

 

 

 

 

 

$

62,528,541

 

$

155,736,800

 

$

(21,250,566

)

$

820,918

 

$

9,333

 

 

 

 

$

149,632,750

 

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 Biopharmaceuticals

 

$

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

 

 

**

 

 

226,997

 

 

—

 

 

—

 

 

226,997

 

 

—

 

 

443,851

 

 

4,305,350

 

 

 

 

 

 

$

324,438

 

$

—

 

$

—

 

$

324,438

 

$

—

 

 

 

 

$

4,305,350

 

 

 

*

Not an Affiliate as of December 31, 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 year ended December 31, 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

 

$

67,406,561,166

 

$

18,593,153,177

 

$

16,301,916,618

 

$

1,095,107,063

 

$

1,710,343,132

 

$

—

 

$

1,579,807,737

 

Government

 

 

149,981,750

 

 

—

 

 

—

 

 

—

 

 

10,092,835,731

 

 

1,209,893,411

 

 

3,997,561,465

 

Total Purchases

 

$

67,556,542,916

 

$

18,593,153,177

 

$

16,301,916,618

 

$

1,095,107,063

 

$

11,803,178,863

 

$

1,209,893,411

 

$

5,577,369,202

 

Sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-Government

 

$

72,427,091,111

 

$

18,088,164,316

 

$

16,428,580,492

 

$

1,290,366,861

 

$

1,237,962,387

 

$

—

 

$

1,223,134,775

 

Government

 

 

299,863,905

 

 

—

 

 

—

 

 

—

 

 

9,429,441,414

 

 

512,604,949

 

 

4,002,185,496

 

Total Sales

 

$

72,726,955,016

 

$

18,088,164,316

 

$

16,428,580,492

 

$

1,290,366,861

 

$

10,667,403,801

 

$

512,604,949

 

$

5,225,320,271

 

 

 

 

 

106

2007 Annual Report § College Retirement Equities Fund

College Retirement Equities Fund § 2007 Annual Report

107

NOTES TO FINANCIAL STATEMENTS

In July 2006, the Financial Accounting Standards Board (FASB) issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (“FIN 48”). FIN 48 establishes for all entities, including pass-through entities such as CREF, a minimum threshold for financial statement recognition of the benefit of positions taken in filing tax returns (including what jurisdiction the entity may be taxable in), and requires certain expanded tax disclosures. FIN 48 is effective for fiscal years beginning after December 15, 2006, and is to be applied to all open tax years as of the date of effectiveness. Management has evaluated the application of FIN 48 to the Accounts’ financial statements for the period ended December 31, 2007. There was no material impact to the financial statements or disclosures as a result of adopting this pronouncement.

Note 4—accumulation units

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock Account

 

Global Equities Account

 

 

 

 

 

 

 

For the Year Ended December 31,

 

 

 

 

 

 

2007

 

2006

 

2007

 

2006

 

 

Accumulation Units:

 

 

 

 

 

 

 

 

 

 

 

 

 

Credited for premiums

 

 

14,678,238

 

 

16,883,685

 

 

9,088,302

 

 

10,031,965

 

Credited (cancelled) for transfers, disbursements and amounts applied to the Annuity Fund

 

 

(36,432,903

)

 

(31,423,916

)

 

(7,259,809

)

 

2,221,256

 

Outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of year

 

 

469,488,316

 

 

484,028,547

 

 

151,294,832

 

 

139,041,611

 

 

End of year

 

 

447,733,651

 

 

469,488,316

 

 

153,123,325

 

 

151,294,832

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Growth Account

 

Equity Index Account

 

 

 

 

 

 

 

For the Year Ended December 31,

 

 

 

 

 

 

2007

 

2006

 

2007

 

2006

 

 

Accumulation Units:

 

 

 

 

 

 

 

 

 

 

 

 

 

Credited for premiums

 

 

12,779,334

 

 

15,948,285

 

 

7,739,115

 

 

8,816,726

 

Credited (cancelled) for transfers, disbursements and amounts applied to the Annuity Fund

 

 

(13,931,829

)

 

(28,128,966

)

 

(11,011,546

)

 

(9,819,785

)

Outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of year

 

 

181,823,521

 

 

194,004,202

 

 

115,880,124

 

 

116,883,183

 

 

End of year

 

 

180,671,026

 

 

181,823,521

 

 

112,607,693

 

 

115,880,124

 

 

 

 

108

2007 Annual Report § College Retirement Equities Fund

continued

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bond Market Account

 

Inflation-Linked Bond Account

 

 

 

 

 

 

 

For the Year Ended December 31,

 

 

 

 

 

 

2007

 

2006

 

2007

 

2006

 

 

Accumulation Units:

 

 

 

 

 

 

 

 

 

 

 

 

 

Credited for premiums

 

 

5,917,963

 

 

5,946,001

 

 

5,797,664

 

 

6,532,389

 

Credited (cancelled) for transfers, disbursements and amounts applied to the Annuity Fund

 

 

4,794,011

 

 

(1,406,371

)

 

7,246,452

 

 

(11,815,100

)

Outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of year

 

 

78,203,414

 

 

73,663,784

 

 

77,481,756

 

 

82,764,467

 

 

End of year

 

 

88,915,388

 

 

78,203,414

 

 

90,525,872

 

 

77,481,756

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Social Choice Account

 

Money Market Account

 

 

 

 

 

 

 

For the Year Ended December 31,

 

 

 

 

 

 

2007

 

2006

 

2007

 

2006

 

 

Accumulation Units:

 

 

 

 

 

 

 

 

 

 

 

 

 

Credited for premiums

 

 

4,461,911

 

 

4,973,236

 

 

46,265,833

 

 

40,173,945

 

Credited (cancelled) for transfers,disbursements and amounts applied to the Annuity Fund

 

 

(4,074,193

)

 

(3,741,940

)

 

29,569,160

 

 

36,074,930

 

Outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of year

 

 

67,384,885

 

 

66,153,589

 

 

392,913,867

 

 

316,664,992

 

 

End of year

 

 

67,772,603

 

 

67,384,885

 

 

468,748,860

 

 

392,913,867

 

 

Note 5—line of credit

Each of the Accounts, except the Bond Market and Money Market Accounts, participate in a $1.5 billion unsecured revolving credit facility to be used for temporary purposes, including the funding of participant withdrawals. Certain affiliated accounts and mutual funds, each of which is managed by Investment Management, or an affiliate of Investment Management, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating Account. Interest associated with any borrowing under the facility is charged to the borrowing Accounts at rates which are based on the Federal Funds Rate in effect during the time of the borrowing. The Accounts are not liable for borrowings under the facility by affiliated accounts or mutual funds. For the year ended December 31, 2007, there were no borrowings under this credit facility by the Accounts.

 

 

College Retirement Equities Fund § 2007 Annual Report

109

 

 

NOTES TO FINANCIAL STATEMENTS

concluded

Note 6—new accounting pronouncements

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 U.S. 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.

 

 

110

2007 Annual Report § College Retirement Equities Fund

REPORT OF INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM

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

In our opinion, the accompanying statements of assets and liabilities, including the summary portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Stock Account, Global Equities Account, Growth Account, Equity Index Account, Bond Market Account, Inflation-Linked Bond Account, Social Choice Account and Money Market Account (constituting the College Retirement Equities Fund, hereafter referred to as the “Funds”) at December 31, 2007, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the three years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2007 by correspondence with the custodians and brokers, provide a reasonable basis for our opinion. The financial highlights which were included in the financial statements for each of the years in the two years ended December 31, 2004, were audited by other auditors whose report dated February 25, 2005 expressed an unqualified opinion on those financial statements.


PricewaterhouseCoopers LLP
New York, New York
February 21, 2008

 

College Retirement Equities Fund § 2007 Annual Report     111

2007 ANNUAL MEETING (UNAUDITED)

COLLEGE RETIREMENT EQUITIES FUND

Trustees

The results below were certified by ComputerShare Fund Services, Inc., independent tabulator for the College Retirement Equities Fund.

On July 17, 2007, at an annual meeting of participants, the following persons were elected to serve on the Board:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nominee

 

Dollars for

 

Percent

 

Dollars against

 

Percent

 

Dollars abstain

 

Percent

 

Forrest Berkley

 

$

32,813,636,214.82

 

 

94.552

 

$

824,271,778.61

 

 

2.375

 

$

1,066,387,030.44

 

 

3.073

 

Nancy A. Eckl

 

 

32,721,283,350.67

 

 

94.286

 

 

919,154,437.26

 

 

2.649

 

 

1,063,857,235.94

 

 

3.065

 

Eugene Flood, Jr.

 

 

32,844,882,627.81

 

 

94.642

 

 

808,114,530.36

 

 

2.329

 

 

1,051,297,865.70

 

 

3.029

 

Howell E. Jackson

 

 

32,814,388,890.49

 

 

94.554

 

 

832,377,727.81

 

 

2.398

 

 

1,057,528,405.57

 

 

3.047

 

Nancy L. Jacob

 

 

32,816,925,443.79

 

 

94.562

 

 

871,000,934.44

 

 

2.510

 

 

1,016,368,645.64

 

 

2.929

 

Bridget A. Macaskill

 

 

32,764,037,273.37

 

 

94.409

 

 

906,994,576.56

 

 

2.613

 

 

1,033,263,173.94

 

 

2.977

 

James M. Poterba

 

 

33,000,233,709.25

 

 

95.090

 

 

683,416,119.02

 

 

1.969

 

 

1,020,645,195.60

 

 

2.941

 

Maceo K. Sloan

 

 

32,621,289,899.29

 

 

93.998

 

 

1,000,389,962.60

 

 

2.883

 

 

1,082,615,161.98

 

 

3.120

 

Laura T. Starks

 

 

32,957,440,383.63

 

 

94.966

 

 

733,233,122.82

 

 

2.113

 

 

1,013,621,517.42

 

 

2.921

 

Forrest Berkley, Nancy A. Eckl, Eugene Flood, Jr., Howell E. Jackson, Nancy L. Jacob, Bridget A. Macaskill, James M. Poterba, Maceo K. Sloan and Laura T. Starks continued in office.

Independent registered public accounting firm

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Account

 

Dollars for

 

Percent

 

Dollars against

 

Percent

 

Dollars abstain

 

Percent

 

Overall
CREF Accounts

 

$

33,185,897,607.15

 

 

95.625

 

$

592,179,170.21

 

 

1.706

 

$

926,218,246.51

 

 

2.669

 

112     2007 Annual Report § College Retirement Equities Fund

 

MANAGEMENT (UNAUDITED)

 

TRUSTEES AND OFFICERS OF THE COLLEGE RETIREMENT EQUITIES FUND

 

Disinterested trustees

 

 

 

 

 

 

 

 

 

 

 

Name, Address
and Date of Birth (“DOB”)

 

Position(s)
Held with
CREF

 

Term of Office
and Length of
Time Served

 

Principal Occupation(s)
During Past 5 Years

 

Number of
Portfolios
in Fund
Complex
Overseen
by Trustee

 

Other Directorships
Held by Trustees

Forrest Berkley
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
DOB: 4/25/1954

 

Trustee

 

One-year term.
Trustee since
2006.

 

Retired Partner (since 2006), Partner (1990-2005) and Head of Global Product Management (2003-2005), GMO (formerly, Grantham, Mayo, Van Otterloo & Co.) (investment management); and member of asset allocation portfolio management team, GMO (2003-2005).

 

61

 

Director and member of the Investment Committee, the Maine Coast Heritage Trust and the Boston Athaneum, and Director, Appalachain Mountain Club.

Nancy A. Eckl
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
DOB: 10/6/1962

 

Trustee

 

One year term.
Trustee since
September 2007.

 

Former Vice President (1990-2006), American Beacon Advisors, Inc. and Vice President of certain funds advised by American Beacon Advisors, Inc.

 

61

 

Independent Director, the Lazard Funds, Inc., Lazard Retirement Series, Inc., Lazard Global Total Return and Income Fund, Inc. and Lazard World Dividend and Income Fund, Inc. and Member of the Board of Managers of Lazard Alternative Strategies Fund, LLC.

Eugene Flood, Jr.
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
DOB: 10/31/1955

 

Trustee

 

One-year term.
Trustee since
2005.

 

President, and Chief Executive Officer (since 2000) and a Director (since 1994) of Smith Breeden Associates, Inc. (investment advisor).

 

61

 

None

 

 

College Retirement Equities Fund § 2007 Annual Report

113

 

 

MANAGEMENT (UNAUDITED)

continued

 

 

TRUSTEES AND OFFICERS OF THE COLLEGE RETIREMENT EQUITIES FUND

 

 

 

Disinterested trustees—concluded

 

 

 

 

 

 

 

 

 

 

 

 

Name, Address
and Date of Birth (“DOB”)

 

Position(s)
Held with
CREF

 

Term of Office
and Length of
Time Served

 

Principal Occupation(s)
During Past 5 Years

 

Number of
Portfolios
in Fund
Complex
Overseen
by Trustee

 

Other Directorships
Held by Trustees

Michael A. Forrester
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
DOB: 11/05/67

 

Trustee

 

One year term.
Trustee since
2007.

 

Chief Operating Officer, Copper Rock Capital Partners (since September 2007). Formerly Chief Operating Officer, DDJ Capital Management (2003-2006); and Executive Vice President (2000-2002), Senior Vice President (1995-2000) and Vice President (1992-1995), Fidelity Investments.

 

61

 

None

Howell E. Jackson
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
DOB: 1/4/1954

 

Trustee

 

One-year term.
Trustee since
2005.

 

James S. Reid, Jr. Professor of Law (since 2004), Vice Dean for Budget (2003-2006) and on the faculty (since 1989) of Harvard Law School.

 

61

 

None

Nancy L. Jacob
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
DOB: 1/15/1943

 

Chairman of
the Board,
Trustee

 

One-year term.
Trustee since
1979.

 

President and Founder (since October 2006) of NLJ Advisors, Inc. (investment advisor). Formerly, President and Managing Principal, Windermere Investment Associates (1997-June 2006), Chairman and Chief Executive Officer, CTC Consulting, Inc. (1994-1997) and Executive Vice President, U.S. Trust Company of the Pacific Northwest (1993-1997).

 

61

 

Director and Chairman of the Investment Committee of the Okabena Company (financial services).

 

 

114

2007 Annual Report § College Retirement Equities Fund

 

 

 

 

 

 

 

 

 

 

 

Bridget A. Macaskill
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
DOB: 8/5/48

 

Trustee

 

One-year term.
Trustee since
2003.

 

Principal, BAM Consulting LLC (since 2003), Independent Consultant for Merrill Lynch (since 2003). Formerly, Chairman, Oppenheimer Funds, Inc. (2000-2001). Chief Executive Officer (1995-2001); President (1991-2000); and Chief Operating Officer (1989-1995) of that firm.

 

61

 

Director, Prudential plc, Scottish & Newcastle plc (brewer), Federal National Mortgage Association (Fannie Mae), International Advisory Board, and British-American Business Council.

James M. Poterba
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
DOB: 7/13/58

 

Trustee

 

One-year term.
Trustee since
2006.

 

Head (since 2006) and Associate Head (1994-2000 and 2001-2006) Economics Department, Massachusetts Institute of Technology (MIT), Mitsui Professor of Economics, MIT (1996-present). Program Director, National Bureau of Economic Research (since 1990).

 

61

 

The Jeffrey Company and Jeflion Company (unregistered investment companies)

Maceo K. Sloan
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
DOB: 10/18/49

 

Trustee

 

One-year term.
Trustee since
1991.

 

Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (since 1991); Chairman, CEO and CIO, NCM Capital Management Group, Inc. (since 1991); and Chairman and CEO, NCM Capital Advisers Inc. (since 2003).

 

61

 

Director, SCANA Corporation (energy holding company) and M&F Bancorp, Inc.

Laura T. Starks
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
DOB: 2/17/50

 

Trustee

 

One-year term.
Trustee since
2006.

 

Chairman, Department of Finance, the Charles E. and Sarah M. Seay Regents Chair in Finance (since 2002-present), and Director, AIM Investment Center, McCombs School of Business, University of Texas at Austin (2000-present); Professor, University of Texas at Austin (1987-present); Fellow, Financial Management Association (2002-present). Associate Dean for Research (2001-2002), Associate Director of Research, the Center for International Business Education and Research, University of Texas at Austin (2002-2003) and Director of the Bureau of Business Research, University of Texas at Austin (2001-2002).

 

61

 

None

 

 

College Retirement Equities Fund § 2007 Annual Report

115

 

 

MANAGEMENT (UNAUDITED)

continued

 

 

TRUSTEES AND OFFICERS OF THE COLLEGE RETIREMENT EQUITIES FUND

 

 

 

Executive officers

 

 

 

 

 

 

 

 

Name, Address
and Date of Birth (“DOB”)

 

Position(s)
Held with
Fund

 

Term of Office
and Length of
Time Served

 

Principal Occupation(s) During Past 5 Years

Herbert M. Allison, Jr.
TIAA-CREF
730 Third Avenue
New York, NY 10017-3206
DOB: 8/2/43

 

President and
Chief
Executive Officer

 

One-year term.
President and Chief Executive Officer since 2002.

 

Chairman, President and Chief Executive Officer of TIAA and President and Chief Executive Officer of CREF and TIAA Separate Account VA-1 (since 2002). Formerly, President and Chief Executive Officer of TIAA-CREF Institutional Mutual Funds and TIAA-CREF Life Funds (2002-2/2007). President and Chief Executive Officer of Alliance for Lifelong Learning, Inc. (2000-2002), President, Chief Operating Officer and Member of the Board of Directors of Merrill Lynch & Co., Inc. (1997-1999).

Mary (Maliz) E. Beams
TIAA-CREF
730 Third Avenue
New York, NY 10017-3206
DOB: 3/29/56

 

Executive Vice
President

 

One-year term. Executive Vice President since July 2007.

 

Executive Vice President of TIAA (since July 2007) and of TIAA-CREF Institutional Mutual Funds, CREF, TIAA-CREF Life Funds and TIAA Separate Account VA-1 (collectively, the “TIAA-CREF Fund Complex”) (since September 2007). Manager, President and Chief Executive Officer, TIAA-CREF Individual & Institutional Services, LLC (since July 2007); Senior Managing Director and Head of Wealth Management Group, TIAA (since 2004). Formerly Partner, Spyglass Investments (2002-2003); Partner and Managing Director, President of Global Business Development for the Mutual Fund Group and Head of International Mutual Fund and Offshore Business of Zurich Scudder Investments; and Head of U.S. Scudder Direct Retail Business and Chief Executive Officer of Scudder Brokerage (1997-2002).

Richard S. Biegen
TIAA-CREF
730 Third Avenue
New York, NY 10017-3206
DOB: 5/8/62

 

Vice President
and Chief
Compliance
Officer

 

One-year term.
Vice President and Chief Compliance Officer since February 2008.

 

Chief Compliance Officer of the TIAA-CREF Fund Complex, Vice President and Advisor Chief Compliance Officer of TIAA, and Chief Compliance Officer of Advisors and Investment Management. Formerly, Managing Director/Director of Global Compliance, AIG Global Investment Group (2000-2008); Senior Vice President/Group Head, Regulatory Oversight Group, Scudder Kemper Investments, Inc. (1998-2000); Chief Compliance Officer/Vice President, Legal Department, Salomon Brothers Asset Management, Inc. (1997-1998); Assistant General Counsel/Director, Securities Law Compliance, the Prudential Insurance Company of America (1994-1997); and Enforcement Staff Attorney, U.S. Securities and Exchange Commission (1988-1994).

 

 

116

2007 Annual Report § College Retirement Equities Fund

 

 

 

 

 

 

 

Gary Chinery
TIAA-CREF
730 Third Avenue
New York, NY 10017-3206
DOB: 11/28/49

 

Vice President
and Treasurer

 

One-year term.
Vice President and Treasurer since 2004.

 

Vice President and Treasurer of TIAA, CREF and TIAA Separate Account VA-1 (since 2004), Vice President (since 2004) and Treasurer (2004-2007) of TIAA-CREF Institutional Mutual Funds and TIAA-CREF Life Funds. Vice President and Treasurer of Teachers Advisors, Inc. (“Advisors”), TIAA-CREF Investment Management, LLC (“Investment Management”), TIAA-CREF Individual Institutional Services, LLC (“Services”), Teachers Personal Investors Services, Inc. (“TPIS”), TIAA-CREF Tuition Financing, Inc. (“Tuition Financing”), TIAA-CREF Life Insurance Company (“TIAA-CREF Life”) and TCT Holdings, Inc.

Scott C. Evans
TIAA-CREF
730 Third Avenue
New York, NY 10017-3206
DOB: 5/11/59

 

Executive Vice
President

 

One-year term. Executive Vice President since 1997.

 

Principal Executive Officer and President of TIAA-CREF Institutional Mutual Funds and TIAA-CREF Life Funds (since 2007); Executive Vice President (since 1999) and Head of Asset Management (since 2006) of TIAA, CREF and TIAA Separate Account VA-1. Director of TPIS (since 2006) and Advisors (since 2004). President and Chief Executive Officer of Investment Management and Advisors, and Manager of Investment Management (since 2004). Executive Vice President and Head of Asset Management of the TIAA-CREF Mutual Funds (2006-2007). Formerly, Manager of TIAA Realty Capital Management, LLC (2004-2006), Chief Investment Officer of TIAA (2004-2006) and the TIAA-CREF Funds Complex (2003-2005).

I. Steven Goldstein
TIAA-CREF
730 Third Avenue
New York, NY 10017-3206
DOB: 9/24/52

 

Executive Vice
President

 

One-year term. Executive Vice President since 2003.

 

Executive Vice President of TIAA and the TIAA-CREF Funds Complex (since 2003). Formerly, Director of TIAA-CREF Life (2003-2006); Advisor for McKinsey & Company (2003); Vice President, Corporate Communications for Dow Jones & Co. and The Wall Street Journal (2001-2002); and Senior Vice and Chief Communications Officer for Insurance Information Institute (1993-2001).

George W. Madison
TIAA-CREF
730 Third Avenue
New York, NY 10017-3206
DOB: 10/17/53

 

Executive Vice
President and
General Counsel

 

One-year term. Executive Vice President and General Counsel since 2003.

 

Executive Vice President and General Counsel of TIAA and the TIAA-CREF Fund Complex (since 2003). Formerly, Executive Vice President, Corporate Secretary, and General Counsel of Comerica Incorporated (1997-2003).

Erwin W. Martens
TIAA-CREF
730 Third Avenue
New York, NY 10017-3206
DOB: 3/18/56

 

Executive Vice
President

 

One-year term. Executive Vice President since 2003.

 

Executive Vice President of TIAA and the TIAA-CREF Funds Complex (since 2003). Director of Advisors, TPIS, and Manager of Investment Management. Formerly, Managing Director and Chief Risk Officer, Putnam Investments (1999-2003); and Head and Deputy Head of Global Market Risk Management, Lehman Brothers (1997-1999).

 

 

College Retirement Equities Fund § 2007 Annual Report

117

 

 

MANAGEMENT (UNAUDITED)

concluded

 

 

TRUSTEES AND OFFICERS OF THE COLLEGE RETIREMENT EQUITIES FUND

 

 

 

Executive officers—concluded

 

 

 

 

 

 

 

 

Name, Address
and Date of Birth (“DOB”)

 

Position(s)
Held with
Fund

 

Term of Office
and Length of
Time Served

 

Principal Occupation(s) During Past 5 Years

Dermot J. O’Brien
TIAA-CREF
730 Third Avenue
New York, NY 10017-3206
DOB: 3/13/66

 

Executive Vice
President

 

One year-term. Executive Vice President since 2003.

 

Executive Vice President of TIAA and the TIAA-CREF Funds Complex (since 2003), and head of Corporate Services (since 2006). Formerly Director, TIAA-CREF Life (2003-2006); First Vice President and Head of Human Resources, International Private Client Division and Global Debt Markets, Merrill Lynch & Co. (1999-2003); and Vice President and Head of Human Resources, Japan Morgan Stanley (1998-1999

Marjorie Pierre-Merritt
TIAA-CREF
730 Third Avenue
New York, NY
10017-3206
DOB: 5/28/66

 

Vice President and
Acting Corporate
Secretary

 

One year term. Vice President and Acting Corporate Secretary since September 2007.

 

Vice President and Acting Corporate Secretary of TIAA and the TIAA-CREF Fund Complex (since September 2007); Assistant Corporate Secretary of TIAA (2006-2007); Assistant Corporate Secretary of The Dun & Bradstreet Corporation (2003-2006); and Counsel, The New York Times Company (2001-2003).

Georganne C. Proctor
TIAA-CREF
730 Third Avenue
New York, NY
10017-3206
DOB: 10/25/56

 

Executive Vice
President and
Chief Financial
Officer

 

One year term. Executive Vice President and Chief Financial Officer since 2006.

 

Executive Vice President and Chief Financial Officer of TIAA, CREF and TIAA Separate Account VA-1 (since 2006). Manager and Executive Vice President of Investment Management, Director and Vice President of TPIS and Advisors (since 2006). Formerly Executive Vice President and Chief Financial Officer of Life Funds, TIAA-CREF Mutual Funds and TIAA-CREF Institutional Mutual Funds (2006–2/2007); Executive Vice President, Finance, Golden West Financial Corporation (2002-2006) and Senior Vice President, Chief Financial Officer and Director, Bechtel Group, Inc. (1999-2002).

Cara L. Schnaper
TIAA-CREF
730 Third Avenue
New York, NY 10017-3206
DOB: 2/13/54

 

Executive
Vice President

 

One-Year Term. Executive Vice President since February 2008.

 

Executive Vice President, Technology and Operations of TIAA, and Executive Vice President of the TIAA-CREF Fund Complex (since February 2008). Formerly, Principal, Market Resolve, LLC (2006-February 2008); and Head, Middle Office, Investment Banking (2000-2002), Head, Technology and Operations, Equities (1999-2000) and Chief Operating Officer Technology and Operations, Emerging Markets, Foreign Exchange and Commodities (1997-1999), JP Morgan Chase & Co.

 

 

118

2007 Annual Report § College Retirement Equities Fund

 

 

 

 

 

 

 

Bertram L. Scott
TIAA-CREF
730 Third Avenue
New York, NY 10017-3206
DOB: 3/26/51

 

Executive Vice
President

 

One-year term. Executive Vice President since 2000.

 

Executive Vice President of TIAA and the TIAA-CREF Funds Complex (since 2006). Director and President of TIAA-CREF Enterprises, Inc. (since 2000). Formerly, Executive Vice President, Product Management of TIAA and TIAA-CREF Funds Complex (2000-2005); President and Chief Executive Officer, Horizon Mercy (1996-2000).

Edward D. Van Dolsen
TIAA-CREF
730 Third Avenue
New York, NY 10017-3206
DOB: 4/21/58

 

Executive Vice
President

 

One-year term. Executive Vice President since 2006.

 

Executive Vice President (since 2006). Director of Tuition Financing and Manager of Services. President and CEO, TIAA-CREF Redwood, LLC. Formerly Senior Vice President, Pension Products (2003-2006), Vice President, Support Services (1998-2003), of TIAA and the TIAA-CREF Funds Complex.

Please note that CREF’s Statement of Additional Information (SAI) includes additional information about CREF’s trustees and is available, without charge, through our website, www.tiaa-cref.org or by telephone at 877 518-9161.

 

 

College Retirement Equities Fund § 2007 Annual Report

119

[This page intentionally left blank.]

HOW TO REACH US

TIAA-CREF WEBSITE

Account performance, personal account information and transactions, product descriptions, and information about investment choices and income options

www.tiaa-cref.org
24 hours a day, 7 days a week

AUTOMATED TELEPHONE SERVICE

Check account performance and accumulation balances, change allocations, transfer funds and verify credited premiums

800 842-2252
24 hours a day, 7 days a week

TELEPHONE COUNSELING CENTER

Retirement saving and planning, income options and payments, and tax reporting

800 842-2776
8 a.m. to 10 p.m. ET, Monday–Friday
9 a.m. to 6 p.m. ET, Saturday

PLANNING AND SERVICE CENTER

TIAA-CREF mutual funds

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

INSURANCE PLANNING CENTER

After-tax annuities and life insurance

877 825-0411
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.

You should carefully consider the investment objectives, risks, charges and expenses of any account 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. Investment products are not FDIC insured, may lose value and are not bank guaranteed. TIAA-CREF Individual & Institutional Services, LLC, and Teachers Personal Investors Services, Inc., members FINRA/SIPC, distribute securities products. TIAA-CREF Investment Management serves as investment manager to CREF. Teachers Insurance and Annuity Association (TIAA), New York, NY, and TIAA-CREF Life Insurance Co., New York, NY, issue insurance and annuities. TIAA-CREF Brokerage Services is a division of TIAA-CREF Individual & Institutional Services, LLC. TIAA-CREF Trust Company, FSB, provides trust services.

 

©2008 Teachers Insurance and Annuity Association—College Retirement Equities Fund (TIAA-CREF), New York, NY 10017-3206

(TIAA CREF LOGO)

730 Third Avenue
New York, NY 10017-3206

 

 

(LOGO) Printed on recycled paper
C40631

A10922
2/08

Item 2. Code of Ethics.

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

2(b) No response required.

2(c) During the reporting period, there were no amendments to the code of ethics.

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

2(e) Not applicable.

2(f) A copy of the current code of ethics is filed as an exhibit to this Form N-CSR.

Item 3. Audit Committee Financial Expert.

3(a)(1) The Registrant’s Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its Audit Committee.

3(a)(2) Maceo K. Sloan is the Registrant’s audit committee financial expert and is “independent” for purposes of Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

          PricewaterhouseCoopers LLP (“PwC”) performs independent audits of the Registrant’s financial statements. To maintain auditor independence and avoid the appearance of conflicts of interest, the Registrant, as a policy, does not engage PwC for management advisory or consulting services.

4(a) Audit Fees.

For the fiscal years ended December 31, 2007 and December 31, 2006, PwC’s aggregate fees for the audit of the Registrant’s annual financial statements were $1,315,000 and $1,300,000, respectively.

4(b) Audit Related Fees.

For the fiscal years ended December 31, 2007 and December 31, 2006, PwC’s aggregate fees for services related to the performance of the audit of the Registrant’s annual financial statements were $0 and $0, respectively.

For the fiscal years ended December 31, 2007 and December 31, 2006, the Audit-Related Fees billed by PwC to Teachers Advisors, Inc. (“Advisors”) or to any entity controlling, controlled by or under common control with Advisors that provides ongoing services to the Registrant (collectively, “Fund Service Providers”) were $0 and $834,000, respectively.

4(c) Tax Fees.

For the fiscal years ended December 31, 2007 and December 31, 2006, PwC’s aggregate fees for tax services billed to the Registrant were $0 and $0, respectively.

For the fiscal years ended December 31, 2007 and December 31, 2006, PwC’s aggregate fees for tax services billed to the Fund Service Providers were $0 and $0, respectively.

4(d) All Other Fees.

For the fiscal years ended December 31, 2007 and December 31, 2006, PwC’s aggregate fees for all other services to the Registrant were $0 and $0, respectively.

For the fiscal years ended December 31, 2007 and December 31, 2006, PwC’s aggregate fees for all other services billed to the Fund Service Providers were $0 and $0, respectively.

4(e)(1) Preapproval Policy.

          The Registrant’s audit committee (“Audit Committee”) has adopted a Preapproval Policy for External Audit Firm Services (the “Policy”). The Policy describes the types of services that

may be provided by the independent auditor to the Registrant and certain of its affiliates without impairing the auditor’s independence. Under the Policy, the Audit Committee is required to preapprove all services to be performed by the Registrant’s independent auditor in order to ensure that such services do not impair the auditor’s independence.

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

4(e)(2) Services provided pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X (the “de minimis exception”):

Audit-Related Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2007 and December 31, 2006 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2007 and December 31, 2006 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

Tax Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2007 and December 31, 2006 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2007 and December 31, 2006 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

All Other Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2007 and December 31, 2006 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2007 and December 31, 2006 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

4(f) The percentage of hours expended by PwC’s engagement to audit the Registrant’s financial statements for the most recent fiscal year attributable to work performed by persons other than PwC’s full-time, permanent employees was less than 50%.

4(g) Non-Audit Fees for Related Entities.

For the fiscal years ended December 31, 2007 and December 31, 2006, aggregate non-audit fees billed to the Registrant and to its Fund Service Providers by PwC were $0 and $0, respectively.

4(h) The Registrant’s Audit Committee has considered whether the non-audit services that were rendered by PwC to the Registrant’s Fund Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X are compatible with maintaining PwC’s independence.

Item 5. Audited Committee of Listed Registrants.

Not Applicable.

Item 6. Schedule of Investments.


COLLEGE RETIREMENT EQUITIES FUND - Stock Account
                 
 
COLLEGE RETIREMENT EQUITIES FUND
STOCK ACCOUNT
STATEMENT OF INVESTMENTS (unaudited)
December 31, 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
 
$
 343  
 
  TOTAL U.S. TREASURY SECURITIES               343  
 
 
  TOTAL GOVERNMENT BONDS               343  
 
  (Cost $321 )                  
 
SHARES
                     
 
MUTUAL FUNDS - 0.00%**                  
1,598,400
a,m,v*
  First NIS Regional Fund SICAV               16  
75,000
  Hang Seng Investment Index Funds Series - H-Share Index ETF               1,551  
 
 
  TOTAL MUTUAL FUNDS               1,567  
 
  (Cost $4,132)                  
 
PREFERRED STOCKS - 0.12%                  
 
INSTRUMENTS AND RELATED PRODUCTS - 0.00%**                  
26,341
  Fresenius SE               2,191  
 
  TOTAL INSTRUMENTS AND RELATED PRODUCTS               2,191  
 
REAL ESTATE - 0.00%**                  
9,247,920
m,v*
  Ayala Land, Inc               22  
 
  TOTAL REAL ESTATE               22  
 
SECURITY AND COMMODITY BROKERS - 0.12%                  
70,000
v*
  Goldman Sachs Group, Inc               65,118  
50,000
g,v*
  Morgan Stanley               46,400  
5,000,000
v*
  UBS AG. Jersey               46,395  
 
  TOTAL SECURITY AND COMMODITY BROKERS               157,913  
 
TRANSPORTATION BY AIR - 0.00%**                  
4,533
*
  Malaysian Airline System BHD               1  
 
  TOTAL TRANSPORTATION BY AIR               1  
 
 
  TOTAL PREFERRED STOCKS               160,127  
 
  (Cost $172,296)                  
 
COMMON STOCKS - 99.55%                  
 
ADMINISTRATION OF ECONOMIC PROGRAMS - 0.00%**                  
161,081
  Centrais Eletricas Brasileiras S.A.               2,166  
131,817
  Centrais Eletricas Brasileiras S.A.               1,699  
 
  TOTAL ADMINISTRATION OF ECONOMIC PROGRAMS               3,865  

1

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
 
 
      VALUE  
SHARES
      (000)  
AGRICULTURAL PRODUCTION-CROPS - 0.00%**      
250,081
e*
  Chiquita Brands International, Inc
$
4,599  
9,700
e
  Cresud S.A. (ADR)   193  
324,000
  PT Gudang Garam Tbk   293  
 
  TOTAL AGRICULTURAL PRODUCTION-CROPS   5,085  
 
AGRICULTURAL PRODUCTION-LIVESTOCK - 0.01%      
132,065
e
  Cal-Maine Foods, Inc   3,504  
217,497
e
  Pilgrim's Pride Corp   6,296  
2,014
e
  Seaboard Corp   2,961  
 
  TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK   12,761  
 
AGRICULTURAL SERVICES - 0.02%      
17,263
  AWB Ltd   44  
62,748
e*
  Cadiz, Inc   1,318  
1,864,000
  Chaoda Modern Agriculture   1,688  
571,913
  Yara International ASA   26,490  
 
  TOTAL AGRICULTURAL SERVICES   29,540  
 
AMUSEMENT AND RECREATION SERVICES - 0.76%      
2,321,223
*
  Activision, Inc   68,940  
816,148
e
  Aristocrat Leisure Ltd   8,062  
500
  Aruze Corp   19  
301,919
e*
  Bally Technologies, Inc   15,011  
669,300
  Berjaya Sports Toto BHD   1,022  
7,277
e*
  bwin Interactive Entertainment   283  
1,990,000
  China Travel International Inv HK   1,312  
45,523
  Churchill Downs, Inc   2,457  
5,208,000
  Dore Holdings Ltd   1,202  
77,860
e
  Dover Downs Gaming & Entertainment, Inc   876  
8
  Fields Corp   10  
11,168,959
*
  Galaxy Entertainment Group Ltd   10,499  
771,845
  Harrah's Entertainment, Inc   68,501  
14,044
  IG Group Holdings plc   113  
188,563
  International Speedway Corp (Class A)   7,765  
2,139
  Intralot S.A.-Integrated Lottery Systems & Services   42  
186,344
  Ladbrokes plc   1,199  
99,213
e*
  Lakes Entertainment, Inc   688  
242,731
*
  Leapfrog Enterprises, Inc   1,634  
7,129,000
  Leisure & Resorts World Corp   383  
163,851
e*
  Life Time Fitness, Inc   8,140  
395,823
e*
  Live Nation, Inc   5,747  
20,966
e
  Lottomatica S.p.A.   768  
218,261
e*
  Magna Entertainment Corp   212  
271,940
e*
  Marvel Entertainment, Inc   7,264  
3,185,424
*
  Melco PBL Entertainment Macau Ltd (ADR)   36,823  
123,933
e*
  MTR Gaming Group, Inc   842  
142,243
e*
  Multimedia Games, Inc   1,186  
406,100
  Multi-Purpose Holdings BHD   285  
7,574,000
  NagaCorp Ltd   2,477  
414,144
  Nintendo Co Ltd   248,008  
61,079
  OPAP S.A.   2,449  
38,300
e
  Oriental Land Co Ltd   2,311  

2

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
 
 
      VALUE  
SHARES
     
(000)
 
369,807
  Paddy Power plc
$
12,171  
349,067
  PartyGaming plc   201  
403,360
*
  Penn National Gaming, Inc   24,020  
329,536
*
  Pinnacle Entertainment, Inc   7,764  
725,101
  Publishing & Broadcasting Ltd   2,674  
111,890
  Rank Group plc   203  
3,854,600
  Resorts World BHD   4,522  
22,350,000
*
  Rexcapital Financial Holdings Ltd   4,271  
810
  Round One Corp   1,617  
141,600
e
  Sega Sammy Holdings, Inc   1,766  
475,770
e*
  Six Flags, Inc   966  
330,574
e
  Sky City Entertainment Group Ltd   1,170  
74,755
e
  Speedway Motorsports, Inc   2,323  
547,385
e
  TABCORP Holdings Ltd   7,104  
256,146
  Tanjong plc   1,433  
1,271,856
e
  Tattersall's Ltd   4,456  
10,000
  Tokyo Dome Corp   53  
89,290
e*
  Town Sports International Holdings, Inc   854  
15
  USJ Co Ltd   10  
700
  Valor Co Ltd   9  
12,716,808
  Walt Disney Co   410,499  
332,982
e
  Warner Music Group Corp   2,018  
994,322
e*
  Westwood One, Inc   1,979  
114,773
  William Hill plc   1,198  
654,735
e*
  WMS Industries, Inc   23,989  
114,511
  World Wrestling Entertainment, Inc   1,690  
 
  TOTAL AMUSEMENT AND RECREATION SERVICES   1,025,490  
 
APPAREL AND ACCESSORY STORES - 0.53%      
593,417
  Abercrombie & Fitch Co (Class A)   47,456  
506,605
*
  Aeropostale, Inc   13,425  
983,638
  American Eagle Outfitters, Inc   20,430  
397,057
*
  AnnTaylor Stores Corp   10,149  
394,800
  Aoyama Trading Co Ltd   10,284  
126,147
e
  Bebe Stores, Inc   1,622  
1,171,200
  Belle International Holdings Ltd   1,769  
257,805
  Brown Shoe Co, Inc   3,911  
94,005
  Buckle, Inc   3,102  
588,381
  Burberry Group plc   6,670  
74,070
*
  Cache, Inc   692  
293,391
*
  Carter's, Inc   5,677  
169,802
e*
  Casual Male Retail Group, Inc   880  
237,928
e
  Cato Corp (Class A)   3,726  
136,417
e*
  Charlotte Russe Holding, Inc   2,203  
738,823
e*
  Charming Shoppes, Inc   3,997  
736,811
*
  Chico's FAS, Inc   6,653  
122,920
e*
  Children's Place Retail Stores, Inc   3,187  
192,326
e
  Christopher & Banks Corp   2,202  
72,598
e*
  Citi Trends, Inc   1,121  
362,574
*
  Collective Brands, Inc   6,305  
360,592
*
  Dress Barn, Inc   4,511  
89,465
e*
  DSW, Inc (Class A)   1,678  
179,893
e*
  Eddie Bauer Holdings, Inc   1,142  

3

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
     
 
 
      VALUE  
SHARES
      (000)  
40,100
e
  Fast Retailing Co Ltd
$
2,864  
267,364
*
  Finish Line, Inc (Class A)   647  
583,796
  Foot Locker, Inc   7,975  
130,951
  Foschini Ltd   925  
7,634,486
  Gap, Inc   162,462  
831,100
  Giordano International Ltd   399  
725,620
*
  Hanesbrands, Inc   19,715  
517,498
  Hennes & Mauritz AB (B Shares)   31,507  
293,366
*
  HOT Topic, Inc   1,707  
190,946
  Inditex S.A.   11,731  
536,801
e*
  J Crew Group, Inc   25,879  
165,287
e*
  Jo-Ann Stores, Inc   2,162  
102,596
e*
  JOS A Bank Clothiers, Inc   2,919  
453,491
  Just Group Ltd   1,852  
3,100
  KappAhl Holding AB   41  
2,417,444
*
  Kohl's Corp   110,719  
1,328,175
  Limited Brands, Inc   25,142  
6,389
  Lotte Shopping Co Ltd   2,819  
1,387
  Macintosh Retail Group NV   47  
118,227
*
  New York & Co, Inc   754  
2,329,536
  Nordstrom, Inc   85,564  
389,197
e*
  Pacific Sunwear Of California, Inc   5,492  
660,500
  Ports Design Ltd   2,304  
1,679,500
  PT Ramayana Lestari Sentosa Tbk   152  
580,932
  Ross Stores, Inc   14,854  
58,181
e*
  Shoe Carnival, Inc   821  
14,924
  Specialty Fashion Group Ltd   22  
255,783
  Stage Stores, Inc   3,786  
37,875
e
  Syms Corp   572  
154,135
e
  Talbots, Inc   1,822  
412,234
  Truworths International Ltd   1,629  
132,211
e*
  Tween Brands, Inc   3,501  
129,627
e*
  Under Armour, Inc (Class A)   5,661  
459,528
*
  Urban Outfitters, Inc   12,527  
398,005
*
  Wet Seal, Inc (Class A)   927  
531,104
  Woolworths Holdings Ltd   1,243  
 
  TOTAL APPAREL AND ACCESSORY STORES   715,935  
 
APPAREL AND OTHER TEXTILE PRODUCTS - 0.12%
     
568,300
e
  Asics Corp   8,190  
5,000
  Benetton Group S.p.A.   90  
1,357,000
  C C Land Holdings Ltd   1,977  
73,826
e
  Columbia Sportswear Co   3,255  
53,648
  Companhia de Tecidos Norte de Minas - Coteminas   310  
4,900
  Daidoh Ltd   60  
78,436
*
  G-III Apparel Group Ltd   1,158  
222,848
  Guess ?, Inc   8,444  
108,700
  Gunze Ltd   480  
173,006
*
  Gymboree Corp   5,270  
332,328
e
  Jones Apparel Group, Inc   5,314  
167,923
e
  Kellwood Co   2,794  
514,500
  Li Ning Co Ltd   1,917  
474,640
e
  Liz Claiborne, Inc   9,659  

4

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
      (000)  
68,065
e*
  Lululemon Athletica, Inc
$
3,224  
156,662
*
  Maidenform Brands, Inc   2,120  
2,900
m,v
  Marzotto S.p.A.   16  
366,414
  Mitsubishi Rayon Co Ltd   1,781  
1,800
  New Wave Group AB (B Shares)   19  
226,124
  Nisshinbo Industries, Inc   2,767  
107,400
  Onward Kashiyama Co Ltd   1,102  
255,169
  Phillips-Van Heusen Corp   9,406  
632,635
  Polo Ralph Lauren Corp   39,090  
710,167
e*
  Quiksilver, Inc   6,093  
16,900
  Shimamura Co Ltd   1,442  
11,394
  Tokyo Style Co Ltd   115  
160,006
  Toyobo Co Ltd   325  
73,138
e*
  True Religion Apparel, Inc   1,561  
391,109
  VF Corp   26,854  
53,600
e
  Wacoal Holdings Corp   702  
256,339
*
  Warnaco Group, Inc   8,921  
 
  TOTAL APPAREL AND OTHER TEXTILE PRODUCTS   154,456  
 
AUTO REPAIR, SERVICES AND PARKING - 0.08%      
423,013
  Aisin Seiki Co Ltd   17,645  
54,638
e*
  Amerco, Inc   3,589  
143,337
e*
  Dollar Thrifty Automotive Group, Inc   3,394  
412,288
e*
  Exide Technologies   3,298  
1,537,358
*
  Hertz Global Holdings, Inc   24,428  
24,000
  Ichikoh Industries Ltd   57  
10,000
  Kayaba Industry Co Ltd   58  
1,000
  Koito Manufacturing Co Ltd   14  
87,160
e*
  Midas, Inc   1,278  
90,866
  Monro Muffler, Inc   1,771  
446,629
  NOK Corp   9,495  
1,070
  Northgate plc   16  
2,169
  Park24 Co Ltd   17  
224,060
  Ryder System, Inc   10,533  
760
  Sixt AG.   34  
1,310
  Sixt AG.   43  
100,350
  Standard Chartered plc   3,732  
45,113
*
  Standard Parking Corp   2,187  
114,029
  Sumitomo Rubber Industries, Inc   1,019  
3,027,653
e
  T RAD Co Ltd   19,432  
216,622
*
  Wright Express Corp   7,688  
12,000
  Yokohama Rubber Co Ltd   72  
 
  TOTAL AUTO REPAIR, SERVICES AND PARKING   109,800  
 
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.15%      
751,814
  Advance Auto Parts   28,561  
116,584
  Asbury Automotive Group, Inc   1,755  
607,446
*
  Autonation, Inc   9,513  
563,628
*
  Autozone, Inc   67,585  
135,513
  Barloworld Ltd   2,135  
8,000
  Bosch Corp   39  
2,963
  Brembo S.p.A.   47  
132,417
  Canadian Tire Corp (Class A)   9,955  

5

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
      (000)  
892,398
e*
  Carmax, Inc
$
17,625  
383,785
*
  Copart, Inc   16,330  
232,819
e*
  CSK Auto Corp   1,166  
148,000
  Fuji Heavy Industries Ltd   691  
550
  Gulliver International Co Ltd   38  
2,903
  Halfords Group plc   17  
363,134
  Inchcape plc   2,736  
93,718
e
  Lithia Motors, Inc (Class A)   1,287  
24,348
  Lookers Plc   56  
97,203
e*
  MarineMax, Inc   1,507  
45,164
  MOL Hungarian Oil and Gas plc   6,398  
489,357
*
  O'Reilly Automotive, Inc   15,870  
268,622
e
  Penske Auto Group, Inc   4,690  
188,106
e*
  Rush Enterprises, Inc (Class A)   3,420  
176,683
  Sonic Automotive, Inc (Class A)   3,420  
240,321
  Super Group Ltd   408  
418,353
  Suzuki Motor Corp   12,620  
740
e*
  TravelCenters of America LLC   9  
 
  TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS   207,878  
 
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.31%      
316,000
  Anhui Conch Cement Co Ltd   2,750  
91,857
e*
  Builders FirstSource, Inc   663  
401,364
e*
  Central Garden and Pet Co (Class A)   2,151  
590,386
e
  Fastenal Co   23,863  
3,104
  Grafton Group plc   25  
8,661,337
  Home Depot, Inc   233,336  
3,100
  Keiyo Co Ltd   18  
1,022,214
  Kingfisher plc   2,963  
6,575,788
  Lowe's Cos, Inc   148,744  
1,000
  Nice Holdings, Inc   3  
153,170
*
  RONA, Inc   2,646  
45,221
  Travis Perkins plc   1,084  
 
  TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES   418,246  
 
BUSINESS SERVICES - 6.11%      
2,418,409
*
  3Com Corp   10,931  
69,493
e*
  3D Systems Corp   1,073  
254,061
e
  Aaron Rents, Inc   4,888  
257,931
  ABM Industries, Inc   5,259  
153,113
e*
  Acacia Research (Acacia Technologies)   1,375  
4,716,851
  Accenture Ltd (Class A)   169,948  
28
e*
  Access Co Ltd   128  
35,042
e
  Acciona S.A.   11,110  
195,515
e*
  ACI Worldwide, Inc   3,723  
457,948
*
  Actuate Corp   3,558  
328,162
  Acxiom Corp   3,849  
670,021
  Adecco S.A.   36,249  
168,602
  Administaff, Inc   4,768  
4,881,417
*
  Adobe Systems, Inc   208,583  
91,928
e*
  Advent Software, Inc   4,973  
79,759
  Aegis Group plc   186  
500
  Aeon Delight Co Ltd   9  

6

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
      (000)  
1,196,410
*
  Affiliated Computer Services, Inc (Class A)
$
53,958  
63,880
  Aggreko plc   678  
116,752
e
  Aircastle Ltd   3,074  
701,357
*
  Akamai Technologies, Inc   24,267  
8,200
*
  Aladdin Knowledge Systems   214  
362,479
e*
  Alliance Data Systems Corp   27,182  
120,147
e
  Alpha Systems, Inc   2,538  
914,944
*
  Amdocs Ltd   31,538  
147,648
e*
  American Reprographics Co   2,433  
183,464
*
  AMN Healthcare Services, Inc   3,150  
145,430
*
  Ansoft Corp   3,759  
490,418
*
  Ansys, Inc   20,333  
168,362
e
  Arbitron, Inc   6,999  
452,701
e*
  Ariba, Inc   5,048  
636,399
e*
  Art Technology Group, Inc   2,749  
18,200
  Asatsu-DK, Inc   510  
617,422
*
  Aspen Technology, Inc   10,015  
18,076
  Asseco Poland S.A.   540  
70,366
e
  Asset Acceptance Capital Corp   732  
31,600
e*
  athenahealth, Inc   1,138  
58,064
*
  Atos Origin S.A.   3,001  
1,581,413
*
  Autodesk, Inc   78,691  
2,875,548
  Automatic Data Processing, Inc   128,048  
257,356
*
  Autonomy Corp plc   4,529  
238,172
  Autostrade S.p.A.   9,029  
3,958
  Aveva Group plc   76  
534,384
*
  Avis Budget Group, Inc   6,947  
311,058
*
  Avocent Corp   7,251  
3,729
  Axon Group Plc   39  
38,603
  B2W Companhia Global Do Varejo   1,540  
58,176
e*
  Bankrate, Inc   2,798  
60,620
e
  Barrett Business Services   1,092  
2,527,924
*
  BEA Systems, Inc   39,891  
1,165,286
e*
  BearingPoint, Inc   3,298  
235
  Bechtle AG.   9  
246,080
  Blackbaud, Inc   6,900  
155,617
e*
  Blackboard, Inc   6,264  
31,903
*
  BladeLogic, Inc   943  
215,552
*
  Blue Coat Systems, Inc   7,085  
1,394,692
*
  BMC Software, Inc   49,707  
16,614
  Boom Logistics Ltd   27  
433,120
e*
  Borland Software Corp   1,304  
108,771
e*
  Bottomline Technologies, Inc   1,523  
419,480
e*
  BPZ Energy, Inc   4,690  
296,209
  Brady Corp (Class A)   10,394  
202,186
  Brink's Co   12,079  
932
  Brunel International   22  
30,248
*
  Business Objects S.A.   1,849  
1,855,100
  CA, Inc   46,285  
235,787
*
  CACI International, Inc (Class A)   10,556  
1,225,054
*
  Cadence Design Systems, Inc   20,838  
141,500
  Capcom Co Ltd   3,616  
57,395
e*
  Capella Education Co   3,757  

7

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
      (000)  
35,311
e*
  Cavium Networks, Inc
$
813  
349,821
e*
  CBIZ, Inc   3,432  
270,716
e*
  Cerner Corp   15,268  
825,819
*
  CGI Group, Inc (Class A)   9,698  
122,901
*
  Check Point Software Technologies   2,699  
2,389
  Cheil Communications, Inc   720  
60,000
*
  China LotSynergy Holdings Ltd   7  
355,682
*
  ChoicePoint, Inc   12,954  
312,397
*
  Chordiant Software, Inc   2,671  
338,923
*
  Ciber, Inc   2,071  
76,371
e
  Cintra Concesiones de Infraestructuras de Transporte S.A.   1,153  
852,533
*
  Citrix Systems, Inc   32,405  
71,775
e*
  Clayton Holdings, Inc   371  
170,873
e*
  Clear Channel Outdoor Holdings, Inc (Class A)   4,726  
293,690
e*
  CMGI, Inc   3,844  
818,915
e*
  CNET Networks, Inc   7,485  
1,895
v
  Coates Hire Ltd   11  
285,657
*
  Cogent Communications Group, Inc   6,773  
235,287
e*
  Cogent, Inc   2,623  
272,943
  Cognex Corp   5,500  
1,327,322
*
  Cognizant Technology Solutions Corp (Class A)   45,049  
107,230
*
  Cognos, Inc   6,206  
186,469
e*
  Commvault Systems, Inc   3,949  
153,696
  Compass Diversified Trust   2,290  
47,162
e
  Computer Programs & Systems, Inc   1,072  
1,821,321
*
  Computer Sciences Corp   90,101  
892,081
  Computershare Ltd   7,739  
1,234,562
*
  Compuware Corp   10,963  
122,710
*
  COMSYS IT Partners, Inc   1,936  
226,538
e*
  Concur Technologies, Inc   8,203  
9,000
*
  Constant Contact Inc   193  
778,923
*
  Convergys Corp   12,821  
806,000
  COSCO Pacific Ltd   2,150  
100,883
e*
  CoStar Group, Inc   4,767  
8,437
  CPL Resources plc   59  
1,750
  Cramo Oyj   44  
328,335
*
  CSG Systems International, Inc   4,833  
7,147
  CSK Holdings Corp   232  
324,043
  Ctrip.com International Ltd (ADR)   18,623  
408,483
*
  Cybersource Corp   7,259  
20,960
e
  Dassault Systemes S.A.   1,241  
17,200
*
  Data Domain, Inc   453  
179,607
*
  DealerTrack Holdings, Inc   6,011  
11,100
*
  Deltek, Inc   169  
306,020
  Deluxe Corp   10,065  
487
  Dena Co Ltd   2,354  
1,445
  Dentsu, Inc   3,829  
24,300
*
  Dice Holdings, Inc   194  
217,294
e*
  Digital River, Inc   7,186  
101,818
*
  DivX, Inc   1,425  
95,099
*
  Double-Take Software, Inc   2,066  
473,447
e*
  DST Systems, Inc   39,083  
1,401,310
*
  DynCorp International, Inc (Class A)   37,667  

8

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
     
(000)
 
14,346
e
  eAccess Ltd
$
8,925  
764,573
e*
  Earthlink, Inc   5,406  
7,134,463
*
  eBay, Inc   236,793  
154,502
e*
  Echelon Corp   3,189  
246,697
*
  Eclipsys Corp   6,244  
1,040
  Econtext, Inc   1,164  
99,361
e
  Electro Rent Corp   1,476  
1,454,148
*
  Electronic Arts, Inc   84,937  
3,802,845
  Electronic Data Systems Corp   78,833  
177,447
e*
  Elpida Memory, Inc   6,163  
15,200
*
  Eneserve Corp   55  
311,448
*
  Epicor Software Corp   3,669  
168,977
e*
  EPIQ Systems, Inc   2,942  
630,313
  Equifax, Inc   22,918  
195,388
e*
  Equinix, Inc   19,748  
156,563
e*
  eSpeed, Inc (Class A)   1,769  
472,876
e*
  Evergreen Energy, Inc   1,055  
120,574
e*
  ExlService Holdings, Inc   2,783  
949,145
*
  Expedia, Inc   30,012  
1,661,225
  Experian Group Ltd   13,128  
343,640
*
  F5 Networks, Inc   9,801  
220,663
  Factset Research Systems, Inc   12,291  
246,396
e
  Fair Isaac Corp   7,922  
218,965
e*
  FalconStor Software, Inc   2,466  
1,093
e
  Fidec Corp   1,145  
883,932
  Fidelity National Information Services, Inc   36,763  
37,666
e*
  First Advantage Corp (Class A)   620  
908,994
*
  Fiserv, Inc   50,440  
122,321
e*
  Focus Media Holding Ltd (ADR)   6,949  
86,801
*
  Forrester Research, Inc   2,432  
113,488
  FTD Group, Inc   1,462  
5,060
e
  FUJI SOFT, Inc   80  
1,941,990
  Fujitsu Ltd   13,090  
16,997
  Fuyo General Lease Co Ltd   450  
382,303
*
  Gartner, Inc   6,713  
127,331
*
  Gerber Scientific, Inc   1,375  
314,882
*
  Getty Images, Inc   9,132  
160,286
e
  Gevity HR, Inc   1,233  
234,587
e*
  Global Cash Access, Inc   1,422  
150,595
e*
  Global Sources Ltd   4,250  
560
e
  Goodwill Group, Inc   72  
1,478,755
*
  Google, Inc (Class A)   1,022,530  
6
  Gourmet Navigator, Inc   12  
350,000
e*
  Gravity Co Ltd (ADR)   1,085  
757,577
  Group 4 Securicor plc   3,691  
8,717
e
  Gruppo Editoriale L'Espresso S.p.A.   39  
4,595
e*
  Guidance Software, Inc   64  
95,339
e*
  H&E Equipment Services, Inc   1,800  
18,890
  Hakuhodo DY Holdings, Inc   1,048  
1,466,023
  Hays plc   3,371  
98,000
  HCL Technologies Ltd   820  
227,049
e
  Healthcare Services Group   4,809  
76,037
e
  Heartland Payment Systems, Inc   2,038  

9

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
      (000)  
122,998
  Heidrick & Struggles International, Inc
$
4,564  
96,000
*
  Hi Sun Technology China Ltd   31  
1,300
  Hitachi Systems & Services Ltd   29  
762,396
e*
  HLTH Corp   10,216  
123,758
e*
  HMS Holdings Corp   4,110  
2,699
e*
  HSW International Inc   17  
199,938
*
  Hudson Highland Group, Inc   1,681  
296,168
e*
  Hypercom Corp   1,475  
85,585
e*
  i2 Technologies, Inc   1,078  
1,200
  IBJ Leasing Co Ltd   20  
38,408
e*
  ICT Group, Inc   459  
1,470,366
  IFIL - Investments S.p.A.   13,866  
125,666
*
  iGate Corp   1,064  
181,734
*
  IHS, Inc (Class A)   11,006  
23
  Ikyu Corp   19  
64,125
e
  Imergent, Inc   679  
950,473
  IMS Health, Inc   21,899  
385,410
  Indra Sistemas S.A.   10,470  
546,077
*
  Informatica Corp   9,840  
431,900
a
  Information Development Co   2,494  
187,948
  Infospace, Inc   3,533  
317,319
  Infosys Technologies Ltd   14,249  
127,090
e
  Infosys Technologies Ltd (ADR)   5,765  
196,721
  infoUSA, Inc   1,757  
124,522
e*
  Innerworkings, Inc   2,149  
72,013
e*
  Innovative Solutions & Support, Inc   698  
4,400
  INTEC Holdings Ltd   59  
45,184
e*
  Integral Systems, Inc   1,051  
16,201
a,e
  Intelligent Wave, Inc   4,235  
200,029
  Interactive Data Corp   6,603  
88,466
*
  Interactive Intelligence, Inc   2,331  
259,027
e*
  Internap Network Services Corp   2,158  
228,730
e*
  Internet Capital Group, Inc   2,685  
444
e
  Internet Initiative Japan, Inc   1,777  
4,334,544
e*
  Interpublic Group of Cos, Inc   35,153  
321,416
*
  Interwoven, Inc   4,571  
1,574,007
*
  Intuit, Inc   49,754  
161,805
*
  inVentiv Health, Inc   5,009  
296,193
e*
  Ipass, Inc   1,203  
833,606
*
  Iron Mountain, Inc   30,860  
467,676
  Jack Henry & Associates, Inc   11,383  
43,137
  JC Decaux S.A.   1,697  
180,247
*
  JDA Software Group, Inc   3,688  
310,529
  JSR Corp   8,019  
2,513,626
*
  Juniper Networks, Inc   83,452  
807
e
  Kakaku.com, Inc   3,511  
118,992
  Kelly Services, Inc (Class A)   2,220  
133,652
e*
  Kenexa Corp   2,596  
85,946
*
  Keynote Systems, Inc   1,208  
201,218
*
  Kforce, Inc   1,962  
758,105
*
  Kinetic Concepts, Inc   40,604  
6,419
*
  KK DaVinci Advisors   5,688  
146,717
e*
  Knot, Inc   2,339  

10

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
     
(000)
 
13,310
e
  Konami Corp
$
436  
2,702
  Kontron AG.   54  
326,340
*
  Korn/Ferry International   6,142  
342,395
e
  Lamar Advertising Co (Class A)   16,459  
7,171
  Lavendon Group Plc   68  
771,482
e*
  Lawson Software, Inc   7,900  
117,859
e*
  Limelight Networks, Inc   812  
326,672
e*
  Lionbridge Technologies   1,160  
43,148
e*
  Liquidity Services, Inc   557  
194,419
*
  LivePerson, Inc   1,038  
1,373,840
  LogicaCMG plc   3,220  
151,899
*
  LoJack Corp   2,553  
69,763
e*
  Longtop Financial Technologies Ltd (ADR)   1,652  
344
e
  Macromill, Inc   453  
264,218
e*
  Magma Design Automation, Inc   3,226  
161,896
*
  Manhattan Associates, Inc   4,268  
628,214
  Manpower, Inc   35,745  
167,812
*
  Mantech International Corp (Class A)   7,354  
126,016
e
  Marchex, Inc (Class B)   1,369  
517,019
e
  Mastercard, Inc (Class A)   111,262  
913,940
*
  McAfee, Inc   34,273  
15,134
e
  Meitec Corp   457  
897,686
*
  Mentor Graphics Corp   9,677  
865,779
  Michael Page International plc   4,963  
3,531
  Micro Focus International plc   18  
53,475,988
  Microsoft Corp   1,903,745  
75,165
*
  MicroStrategy, Inc (Class A)   7,148  
176,197
e*
  Midway Games, Inc   486  
118,796
  Misys plc   437  
158,460
  Mitsubishi UFJ Lease & Finance Co Ltd   5,262  
377,117
e
  MoneyGram International, Inc   5,796  
42,604
*
  Monotype Imaging Holdings, Inc   646  
566,228
*
  Monster Worldwide, Inc   18,346  
750
  Moshi Moshi Hotline, Inc   38  
553,985
e*
  Move, Inc   1,357  
658,169
*
  MPS Group, Inc   7,200  
205,601
e*
  MSC.Software Corp   2,671  
3,406
e*
  Napster, Inc   7  
516,280
*
  NAVTEQ Corp   39,031  
713,257
*
  NCR Corp   17,903  
9,588
*
  NCSoft Corp   501  
2,383,628
e
  NEC Corp   10,988  
4,200
  NEC Networks & System Integration Corp   53  
169,653
*
  Ness Technologies, Inc   1,566  
246,997
e*
  NetFlix, Inc   6,575  
166,208
e*
  NetSuite, Inc   6,512  
148,384
*
  Network Equipment Technologies, Inc   1,249  
31,639
*
  NHN Corp   7,642  
211,637
e
  NIC, Inc   1,786  
1,300
  Nippon Kanzai Co Ltd   35  
109,138
e
  Nippon System Development Co Ltd   1,447  
365,401
  Nippon Systemware Co Ltd   1,940  
419,455
  Nomura Research Institute Ltd   13,817  

11

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
      (000)  
13,002
  Northgate Information Solutions plc
$
24  
3,294,972
*
  Novell, Inc   22,636  
5,280
e
  NTT Data Corp   23,490  
731,701
e*
  Nuance Communications, Inc   13,668  
22,085
  Obic Co Ltd   4,084  
2,011,500
  Omnicom Group, Inc   95,607  
169,413
*
  Omniture, Inc   5,640  
202,371
*
  On Assignment, Inc   1,419  
122,903
e*
  Online Resources Corp   1,465  
30,423
*
  Open Text Corp   967  
532,353
e*
  OpenTV Corp (Class A)   703  
27,792,771
*
  Oracle Corp   627,561  
151,059
e
  Oracle Corp Japan   6,666  
9,800
  Otsuka Corp   841  
198,620
e*
  Packeteer, Inc   1,223  
742,844
*
  Parametric Technology Corp   13,260  
18
  Pasona Group, Inc   17  
275,000
  PCA Corp   2,575  
1,700
*
  PC-Tel, Inc   12  
108,921
e*
  PDF Solutions, Inc   981  
92,628
e
  Pegasystems, Inc   1,105  
118,061
e*
  PeopleSupport, Inc   1,615  
156,989
e*
  Perficient, Inc   2,471  
504,307
*
  Perot Systems Corp (Class A)   6,808  
217,171
*
  Phase Forward, Inc   4,723  
2,000
*
  Phoenix Technologies Ltd   26  
88,965
e
  Portfolio Recovery Associates, Inc   3,529  
292,300
  POS Malaysia BHD   216  
1,300
e*
  Possis Medical Inc   19  
409,798
*
  Premiere Global Services, Inc   6,086  
258,303
*
  Progress Software Corp   8,700  
10,305
  Prokom Software S.A.   556  
25,940
  Promotora de Informaciones S.A.   487  
2,200
*
  PROS Holdings, Inc   43  
32,790
e
  Protection One, Inc   390  
181,048
  Public Power Corp   9,529  
1,523,256
  Publicis Groupe S.A.   59,641  
42
  PubliGroupe AG.   14  
105,704
  QAD, Inc   987  
90,652
e
  Quality Systems, Inc   2,764  
401,326
*
  Quest Software, Inc   7,400  
185,094
e*
  Radiant Systems, Inc   3,189  
124,738
e*
  Radisys Corp   1,671  
11,400
*
  RADWARE Ltd   176  
70,233
e
  Rakuten, Inc   34,577  
3,618
  Ramirent Oyj   59  
15,015
e
  Randstad Holdings NV   593  
164,012
e*
  Raser Technologies, Inc   2,436  
564,275
e*
  RealNetworks, Inc   3,436  
795,404
e*
  Red Hat, Inc   16,576  
1,298
  Redflex Holdings Ltd   4  
36,677
  Regus Group plc   60  
47,625
e
  Renaissance Learning, Inc   667  

12

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
      (000)  
453,048
*
  Rent-A-Center, Inc
$
6,578  
10,987
*
  Retalix Ltd   175  
200
*
  Rewards Network Inc   1  
6,120
  Rightmove plc   57  
86,727
e*
  RightNow Technologies, Inc   1,375  
52,588
  Ritchie Bros Auctioneers, Inc   4,391  
934,292
  Robert Half International, Inc   25,263  
222,268
  Rollins, Inc   4,268  
111,042
e*
  RSC Holdings, Inc   1,394  
336,103
*
  S1 Corp   2,454  
18,500
  S1 Corp   1,115  
1,633,909
  Sage Group plc   7,481  
805,543
*
  Salesforce.com, Inc   50,499  
1,261,051
  SAP AG.   65,507  
596,961
*
  Sapient Corp   5,259  
258,056
  Secom Co Ltd   14,114  
291,564
e*
  Secure Computing Corp   2,799  
140,857
  Securitas AB (B Shares)   1,961  
7,137
  Seek Ltd   50  
10,145
  SGS S.A.   12,088  
85,411
e*
  SI International, Inc   2,346  
225
  SimCorp AS   45  
993,032
  Singapore Post Ltd   773  
155,187
e*
  Smith Micro Software, Inc   1,314  
49,453
e
  Societe Des Autoroutes Paris-Rhin-Rhone   4,844  
677,525
e
  Softbank Corp   14,010  
145,732
e*
  Sohu.com, Inc   7,945  
87,388,511
e
  Solomon Systech International Ltd   7,397  
552
  So-net Entertainment Corp   1,591  
481,789
*
  SonicWALL, Inc   5,165  
1,451,812
e*
  Sonus Networks, Inc   8,464  
764
  Sopra Group S.A.   61  
390,618
e
  Sorun Corp   2,000  
367,499
e
  Sotheby's   14,002  
9,587
*
  Sourcefire, Inc   80  
478,447
*
  Spherion Corp   3,483  
156,088
*
  SPSS, Inc   5,605  
145,695
  Square Enix Co Ltd   4,460  
267,875
*
  SRA International, Inc (Class A)   7,889  
117,434
e*
  Stratasys, Inc   3,034  
14,933
  STW Communications Group Ltd   31  
13,400
e*
  SuccessFactors Inc   158  
4,272,905
*
  Sun Microsystems Inc   77,468  
532,050
*
  Sybase, Inc   13,881  
6,947
  Sygnity S.A.   99  
175,111
*
  SYKES Enterprises, Inc   3,152  
4,980,019
*
  Symantec Corp   80,377  
99,281
e*
  Synchronoss Technologies, Inc   3,518  
82,952
*
  SYNNEX Corp   1,626  
985,460
*
  Synopsys, Inc   25,553  
67,299
e
  Syntel, Inc   2,592  
158,080
  Taiwan Secom Co Ltd   246  
12,256,402
  Taiwan-Sogo Shinkong Security Corp   11,185  

13

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
     
(000)
 
402,525
e*
  Take-Two Interactive Software, Inc
$
7,427  
86,986
e
  TAL International Group, Inc   1,981  
119,664
e*
  Taleo Corp (Class A)   3,564  
94,377
  Tata Consultancy Services Ltd   2,580  
42,444
*
  TechTarget, Inc   627  
37,235
*
  Telelogic AB   108  
248,499
*
  TeleTech Holdings, Inc   5,286  
104,692
*
  Temenos Group AG.   2,585  
1,301,900
  Tencent Holdings Ltd   9,859  
102,504
e
  TheStreet.com, Inc   1,632  
358,216
*
  THQ, Inc   10,098  
1,210,110
*
  TIBCO Software, Inc   9,766  
10,736
e*
  Tiens Biotech Group USA, Inc   25  
28,581
e
  Tietoenator Oyj   642  
39,982
  TIS, Inc   695  
125,845
e
  TNS, Inc   2,234  
252,396
e
  Total System Services, Inc   7,067  
146,272
e*
  TradeStation Group, Inc   2,079  
166,000
  Transcend Information, Inc   522  
44,877
e*
  Travelzoo, Inc   614  
370,703
  Trend Micro, Inc   13,273  
238,880
*
  Trizetto Group, Inc   4,149  
354,514
*
  TrueBlue, Inc   5,133  
361
*
  UBISOFT Entertainment   37  
131,068
e*
  Ultimate Software Group, Inc   4,125  
50,080
e*
  Unica Corp   463  
1,447,659
*
  Unisys Corp   6,847  
2,079
  United Internet AG.   51  
428,692
  United Online, Inc   5,067  
376,268
*
  United Rentals, Inc   6,908  
607
  USG People NV   16  
19,280
  USS Co Ltd   1,199  
555,275
*
  Valueclick, Inc   12,160  
183,389
e*
  Vasco Data Security International   5,120  
12,996
e*
  Veraz Networks, Inc   63  
973,548
*
  VeriSign, Inc   36,615  
138,483
  Viad Corp   4,373  
223,546
*
  Vignette Corp   3,266  
3,200
*
  Virtusa Corp   55  
113,845
e*
  Visual Sciences, Inc   2,104  
244,376
e*
  VMware, Inc (Class A)   20,769  
117,383
*
  Vocus, Inc   4,053  
83,434
e*
  Volt Information Sciences, Inc   1,523  
2,844,264
  Waste Management, Inc   92,922  
30,830
e*
  WebMD Health Corp (Class A)   1,266  
246,949
e*
  Websense, Inc   4,193  
427,193
*
  Wind River Systems, Inc   3,815  
9
  Works Applications Co Ltd   10  
10,745,497
  WPP Group plc   138,393  
2,194
  Yahoo! Japan Corp   982  
6,295,965
*
  Yahoo!, Inc   146,444  
24,151
*
  Zee News Ltd   50  
 
  TOTAL BUSINESS SERVICES   8,221,357  

14

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
     
VALUE
 
SHARES
      (000)  
CHEMICALS AND ALLIED PRODUCTS - 8.97%
     
9,756,555
  Abbott Laboratories
$
547,831  
73,781
  b,e,m,v*
  Able Laboratories, Inc  
-
^
15,056
*
  Ablynx NV   154  
27,447
e*
  Abraxis Bioscience, Inc   1,888  
156,344
e*
  Acadia Pharmaceuticals, Inc   1,731  
187,065
e*
  Acorda Therapeutics, Inc   4,108  
92,082
*
  Actelion Ltd   4,233  
1,000
*
  Active Biotech AB   9  
185,613
e*
  Adams Respiratory Therapeutics, Inc   11,089  
6,500
  ADEKA Corp   67  
161,768
*
  Agrium, Inc   11,747  
580,015
  Air Liquide   86,319  
1,439,108
  Air Products & Chemicals, Inc   141,939  
262,000
  Air Water, Inc   2,650  
1,365,939
  Akzo Nobel NV   109,420  
10,247
*
  Alapis Holding Industrial and Commercial SA of Pharmaceutical Chemical & Organi   35  
136,417
*
  Albany Molecular Research, Inc   1,962  
414,067
  Albemarle Corp   17,080  
733,287
  Alberto-Culver Co   17,995  
28,606
  Alexandria Mineral Oils Co   407  
194,186
e*
  Alexion Pharmaceuticals, Inc   14,570  
105,706
e*
  Alexza Pharmaceuticals, Inc   855  
272,573
  Alfa S.A. de C.V. (Class A)   1,768  
18,225
  Alfresa Holdings Corp   1,100  
530,565
*
  Alkermes, Inc   8,272  
225,057
e*
  Allos Therapeutics, Inc   1,416  
193,930
e*
  Alnylam Pharmaceuticals, Inc   5,639  
253,696
*
  Alpharma, Inc (Class A)   5,112  
84,783
e*
  AMAG Pharmaceuticals, Inc   5,098  
281,112
*
  American Oriental Bioengineering, Inc   3,115  
97,580
  American Vanguard Corp   1,693  
6,338,505
*
  Amgen, Inc   294,360  
29,940
e*
  Amicus Therapeutics, Inc   322  
2,186
  Amorepacific Corp   1,658  
2,345
  Amorepacific Corp   390  
109,119
*
  Animal Health International, Inc   1,342  
97,288
b,e*
  Aphton Corp  
-
^
109,793
e*
  APP Pharmaceuticals, Inc   1,128  
152,720
  Arch Chemicals, Inc   5,612  
367,125
e*
  Arena Pharmaceuticals, Inc   2,875  
829
*
  Arkema   54  
281,387
e*
  Arqule, Inc   1,632  
256,082
e*
  Array Biopharma, Inc   2,156  
240,775
e*
  Arrowhead Research Corp   910  
3,004,167
  Asahi Kasei Corp   20,007  
161,469
  Aspen Pharmacare Holdings Ltd   898  
1,076,575
  Astellas Pharma, Inc   46,931  
1,792,436
  AstraZeneca plc   77,212  
406
  AstraZeneca plc (ADR)   17  
152,292
*
  Auxilium Pharmaceuticals, Inc   4,567  
159,031
e*
  Aventine Renewable Energy Holdings, Inc   2,029  

15

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
      (000)  
453,979
  Avery Dennison Corp
$
24,124  
1,809,561
  Avon Products, Inc   71,532  
93,986
e
  Balchem Corp   2,103  
450,517
*
  Barr Pharmaceuticals, Inc   23,922  
799,056
  BASF AG.   118,473  
112
*
  Basilea Pharmaceutica   22  
24,520
  Beiersdorf AG.   1,900  
107,452
e*
  Bentley Pharmaceuticals, Inc   1,621  
26,626
e*
  Biodel, Inc   619  
2,284,369
*
  Biogen Idec, Inc   130,026  
497,377
e*
  BioMarin Pharmaceuticals, Inc   17,607  
383
  BioMerieux   44  
56,884
e*
  BioMimetic Therapeutics, Inc   988  
237,269
e*
  Bionovo, Inc   406  
8,728
*
  Biota Holdings Ltd   9  
358
  Biotest AG.   18  
340,373
e*
  Biovail Corp International   4,608  
114,149
e*
  Bradley Pharmaceuticals, Inc   2,249  
108,451
  Braskem S.A.   877  
9,092,220
  Bristol-Myers Squibb Co   241,126  
522,762
  Cabot Corp   17,429  
87,345
e*
  Cadence Pharmaceuticals, Inc   1,298  
219,227
e*
  Calgon Carbon Corp   3,484  
155,110
  Cambrex Corp   1,300  
81,433
e*
  Caraco Pharmaceutical Laboratories Ltd   1,397  
1,185,860
  Celanese Corp (Series A)   50,186  
345,526
*
  Cell Genesys, Inc   795  
437,092
*
  Cephalon, Inc   31,366  
367,971
  CF Industries Holdings, Inc   40,499  
261,321
*
  Charles River Laboratories International, Inc   17,195  
338,046
e*
  Chattem, Inc   25,536  
924,010
  Chemtura Corp   7,207  
151,068
  Christian Dior S.A.   19,856  
326,670
e
  Chugai Pharmaceutical Co Ltd   4,679  
5,000
  Chugoku Marine Paints Ltd   46  
386,975
  Church & Dwight Co, Inc   20,924  
21,722
  Ciba Specialty Chemicals AG.   1,007  
255,632
  Cipla Ltd   1,379  
9,539
  Clariant AG.   89  
612,564
  Clorox Co   39,921  
4,317,623
  Colgate-Palmolive Co   336,602  
642
  Croda International   7  
238,200
e*
  Crucell NV   3,970  
1,111,652
  CSL Ltd   35,490  
417,980
e*
  Cubist Pharmaceuticals, Inc   8,573  
187,804
*
  Cypress Bioscience, Inc   2,071  
525,341
  Cytec Industries, Inc   32,351  
222,012
*
  Cytokinetics, Inc   1,050  
601,186
e*
  CytRx Corp   1,707  
325,470
  Daicel Chemical Industries Ltd   1,952  
969,412
  Daiichi Sankyo Co Ltd   29,851  
2,161,099
  Dainippon Ink and Chemicals, Inc   10,833  
40,000
e
  Dainippon Sumitomo Pharma Co Ltd   293  

16

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
      (000)  
474,763
e*
  Dendreon Corp
$
2,953  
541,761
e*
  Discovery Laboratories, Inc   1,165  
84,162
*
  Dov Pharmaceutical, Inc   7  
5,513,941
  Dow Chemical Co   217,360  
94,781
  Dr Reddy's Laboratories Ltd   1,761  
822,462
  DSM NV   38,876  
5,943,668
  Du Pont (E.I.) de Nemours & Co   262,056  
323,777
e*
  Durect Corp   2,082  
771,607
  Dyno Nobel Ltd   1,511  
526,455
  Eastman Chemical Co   32,161  
781,212
  Ecolab, Inc   40,006  
44,640
  Egyptian International Pharmaceutical Industrial Co   264  
215,300
  Eisai Co Ltd   8,480  
484,970
*
  Elan Corp plc   10,488  
595,870
*
  Elan Corp plc (ADR)   13,097  
4,558,495
  Eli Lilly & Co   243,378  
146,417
*
  Elizabeth Arden, Inc   2,980  
27,767
e*
  Emergent Biosolutions, Inc   141  
334,392
e*
  Encysive Pharmaceuticals, Inc   284  
111,620
  Engro Chemical Pakistan Ltd   481  
333,962
e*
  Enzon Pharmaceuticals, Inc   3,183  
627,171
  Estee Lauder Cos (Class A)   27,351  
369,640
  Eternal Chemical Co Ltd   401  
265,000
  Fauji Fertilizer Co Ltd   511  
264,390
  Ferro Corp   5,481  
22,272
  Fertilizantes Fosfatados S.A.   997  
295,840
  FMC Corp   16,138  
2,246,727
*
  Forest Laboratories, Inc   81,893  
2,969,235
  Formosa Plastics Corp   8,340  
130,595
*
  Freeworld Coatings Ltd   202  
766
  Fuchs Petrolub AG.   68  
3,967,978
*
  Genentech, Inc   266,132  
350
*
  Genmab AS   21  
355,142
e*
  GenVec, Inc   522  
1,494,009
*
  Genzyme Corp   111,214  
200,532
e
  Georgia Gulf Corp   1,328  
375,343
e*
  Geron Corp   2,132  
6,154,807
*
  Gilead Sciences, Inc   283,183  
7,203,096
  GlaxoSmithKline plc   183,390  
161
  GlaxoSmithKline plc (ADR)   8  
101,892
  Glenmark Pharmaceuticals Ltd   1,541  
1,102,000
  Global Bio-Chem Technology Group Co Ltd   334  
31,660
e*
  GlobeTel Communications Corp   3  
2,198
  Grifols S.A.   50  
74,754
e*
  GTx, Inc   1,073  
17,488
  H Lundbeck AS   473  
607,765
  H.B. Fuller Co   13,644  
340,580
e*
  Halozyme Therapeutics, Inc   2,422  
4,431
  Hanmi Pharm Co Ltd   786  
43,790
  Hanwha Chemical Corp   865  
74,000
  Haw Par Corp Ltd   366  
56,218
  Henkel KGaA   3,159  
636,504
  Hercules, Inc   12,316  

17

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
     
VALUE
 
SHARES
      (000)  
822
  Hikma Pharmaceuticals plc
$
8  
639,664
  Hindustan Lever Ltd   3,468  
2,700
  Hisamitsu Pharmaceutical Co, Inc   82  
700
  Hogy Medical Co Ltd   30  
11,051
  Honam Petrochemical Corp   1,246  
701,296
*
  Hospira, Inc   29,903  
739,276
e*
  Human Genome Sciences, Inc   7,718  
629,147
  Huntsman Corp   16,169  
91,811
e*
  Idenix Pharmaceuticals, Inc   248  
275,206
*
  Idexx Laboratories, Inc   16,135  
249,516
*
  ImClone Systems, Inc   10,729  
433,929
*
  Immucor, Inc   14,749  
747,643
v
  Imperial Chemical Industries plc   9,927  
57,277
  Incitec Pivot Ltd   5,889  
300,667
e*
  Indevus Pharmaceuticals, Inc   2,090  
118,591
e
  Innophos Holdings, Inc   1,765  
147,492
  Innospec, Inc   2,531  
32,181
e
  Inter Parfums, Inc   578  
208,732
e*
  InterMune, Inc   2,782  
331,393
  International Flavors & Fragrances, Inc   15,950  
505,079
e*
  Inverness Medical Innovations, Inc   28,375  
479,513
*
  Invitrogen Corp   44,791  
14,000
*
  Ishihara Sangyo Kaisha Ltd   27  
367,286
  Israel Chemicals Ltd   4,677  
220,756
e*
  Javelin Pharmaceuticals, Inc   826  
2,100
e*
  Jazz Pharmaceuticals, Inc   31  
26,248
  K+S AG.   6,246  
76,737
e
  Kaiser Aluminum Corp   6,099  
6,000
  Kaken Pharmaceutical Co Ltd   42  
32,144
  Kansai Paint Co Ltd   233  
437,029
  Kao Corp   13,144  
1,518,094
e*
  Keryx Biopharmaceuticals, Inc   12,752  
2,327,595
*
  King Pharmaceuticals, Inc   23,835  
1,418,227
  Kingboard Chemical Holdings Ltd   8,439  
111,987
  Koppers Holdings, Inc   4,842  
91,837
  Kose Corp   2,446  
19,104
e
  Kronos Worldwide, Inc   333  
982,000
  Kuraray Co Ltd   11,946  
9,000
  KUREHA CORP   48  
240,868
e*
  KV Pharmaceutical Co (Class A)   6,874  
124,815
  Kyowa Hakko Kogyo Co Ltd   1,334  
189
  La Seda de Barcelona S.A. (Class B)  
-
^
186,168
*
  Landec Corp   2,495  
1,964
  Lanxess AG.   96  
43,064
  LG Chem Ltd   4,122  
7,714
  LG Household & Health Care Ltd   1,599  
476,476
e
  Ligand Pharmaceuticals, Inc (Class B)   2,301  
86,801
  Linde AG.   11,479  
14,000
  Lion Corp   67  
14,202
  Lonza Group AG.   1,724  
224,812
  L'Oreal S.A.   32,205  
630,129
  Lubrizol Corp   34,128  
189,222
  Makhteshim-Agan Industries Ltd   1,737  

18

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
      (000)  
300
  Mandom Corp
$
8  
99,116
e
  Mannatech, Inc   626  
240,398
e*
  MannKind Corp   1,914  
38,157
*
  MAP Pharmaceuticals Inc   668  
197,449
e*
  Martek Biosciences Corp   5,841  
1,450
  Meda AB (A Shares)   18  
662,785
e*
  Medarex, Inc   6,906  
94,919
  Mediceo Paltac Holdings Co Ltd   1,406  
276,149
*
  Medicines Co   5,291  
350,440
e
  Medicis Pharmaceutical Corp (Class A)   9,101  
112,527
e*
  Medivation, Inc   1,620  
16,703,979
  Merck & Co, Inc   970,668  
19,405
  Merck KGaA   2,505  
230,157
  Meridian Bioscience, Inc   6,923  
326,791
  Methanex Corp   9,125  
466,404
*
  MGI Pharma, Inc   18,903  
1,299,500
*
  Millennium Pharmaceuticals, Inc   19,467  
114,972
  Minerals Technologies, Inc   7,697  
253,851
e*
  Minrad International, Inc   825  
500
  Miraca Holdings, Inc   12  
760,154
  Mitsubishi Chemical Holdings Corp   5,838  
315,081
  Mitsubishi Gas Chemical Co, Inc   3,102  
4,426,414
  Mitsui & Co Ltd   93,707  
1,000
  Mochida Pharmaceutical Co Ltd   9  
7,173
e*
  Molecular Insight Pharmaceuticals, Inc   65  
121,191
e*
  Momenta Pharmaceuticals, Inc   865  
3,635,737
  Monsanto Co   406,075  
1,130,638
*
  Mosaic Co   106,664  
8,532,176
e*
  Mylan Laboratories, Inc   119,962  
486,901
e*
  Nabi Biopharmaceuticals   1,758  
753,586
  Nalco Holding Co   18,222  
3,871,821
  Nan Ya Plastics Corp   10,266  
126,180
e*
  Nastech Pharmaceutical Co, Inc   480  
103,581
  Natura Cosmeticos S.A.   989  
648,850
*
  NBTY, Inc   17,778  
215,069
e*
  Neurocrine Biosciences, Inc   976  
288
*
  NeuroSearch AS   18  
97,522
e
  NewMarket Corp   5,431  
677
*
  NicOx S.A.   11  
485,550
e
  Nippon Chemiphar Co Ltd   2,486  
25,429
  Nippon Kayaku Co Ltd   166  
5,000
  Nippon Shinyaku Co Ltd   46  
20,446
  Nippon Shokubai Co Ltd   197  
12,000
  Nippon Soda Co Ltd   49  
7,000
  Nippon Valqua Industries Ltd   22  
21,429
  Nissan Chemical Industries Ltd   280  
47,100
e
  NL Industries, Inc   538  
11,000
  NOF Corp   44  
98,729
  Nova Chemicals Corp   3,228  
27,477
e*
  Novacea, Inc   82  
5,174,463
  Novartis AG.   283,826  
110,000
  Novartis AG. (ADR)   5,974  
159,165
e*
  Noven Pharmaceuticals, Inc   2,209  

19

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
     
(000)
 
990,452
  Novo Nordisk AS (Class B)
$
65,058  
12,667
  Novozymes AS (B Shares)   1,446  
150,321
  Nufarm Ltd   1,870  
7,796
*
  Obagi Medical Products, Inc   143  
468,822
  Olin Corp   9,062  
177,556
*
  OM Group, Inc   10,217  
4,180
  Omega Pharma S.A.   292  
2,300
*
  Omnova Solutions Inc   10  
72,567
e*
  Omrix Biopharmaceuticals, Inc   2,521  
27,400
  Ono Pharmaceutical Co Ltd   1,280  
319,937
e*
  Onyx Pharmaceuticals, Inc   17,795  
3,151
  OPG Groep NV   88  
245,834
e*
  OraSure Technologies, Inc   2,185  
39,030
e*
  Orexigen Therapeutics, Inc   556  
306,820
  Oriental Union Chemical Corp   372  
3,708
  Oriola-KD Oyj (B Shares)   16  
247,733
  Orion Oyj (Class B)   5,806  
386,196
e*
  OSI Pharmaceuticals, Inc   18,734  
69,317
e*
  Osiris Therapeutics, Inc   833  
162,303
e*
  Pacific Ethanol, Inc   1,333  
179,671
*
  Pain Therapeutics, Inc   1,905  
243,611
e*
  Par Pharmaceutical Cos, Inc   5,847  
156,988
*
  Parexel International Corp   7,583  
477,854
e*
  PDL BioPharma, Inc   8,372  
122,456
e*
  Penwest Pharmaceuticals Co   716  
521,645
  Perrigo Co   18,263  
118,457
e*
  PetMed Express, Inc   1,433  
34,734,146
  Pfizer, Inc   789,507  
159,005
e*
  PharMerica Corp   2,207  
139,104
*
  Pharmion Corp   8,744  
29,829
*
  Pharmos Corp   10  
566,261
*
  PolyOne Corp   3,726  
118,654
e*
  Poniard Pharmaceuticals, Inc   523  
145,637
e*
  Pozen, Inc   1,748  
944,113
  PPG Industries, Inc   66,305  
2,141,207
  Praxair, Inc   189,946  
227,184
e*
  Prestige Brands Holdings, Inc   1,699  
17,447,615
  Procter & Gamble Co   1,281,004  
125,051
e*
  Progenics Pharmaceuticals, Inc   2,260  
7,638
*
  Protalix BioTherapeutics, Inc   26  
366,400
  PTT Chemical PCL   1,349  
2,898
  PZ Cussons plc   12  
235,514
e*
  Quidel Corp   4,585  
329,427
  Ranbaxy Laboratories Ltd   3,556  
12,000
  Rasa Industries Ltd   22  
2,581,466
  Reckitt Benckiser Group plc   149,741  
9,522
  Recordati S.p.A.   85  
1,213,703
e*
  Revlon, Inc (Class A)   1,432  
234
*
  Rhodia S.A.   9  
10,699
  Richter Gedeon Nyrt   2,568  
8,153
  Roche Holding AG.   1,534  
1,618,857
  Roche Holding AG.   279,688  
199,931
*
  Rockwood Holdings, Inc   6,642  

20

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
      (000)  
708,599
  Rohm & Haas Co
$
37,605  
536,057
  RPM International, Inc   10,882  
253,626
e*
  Salix Pharmaceuticals Ltd   1,999  
1,380,263
e
  Sanofi-Aventis   127,095  
1,708
  Sanofi-Aventis (ADR)   78  
373,038
e*
  Santarus, Inc   1,026  
49,318
  Santen Pharmaceutical Co Ltd   1,221  
1,510
  Sarantis S.A.   31  
12,433,742
  Schering-Plough Corp   331,235  
203,921
e*
  Sciele Pharma, Inc   4,170  
198,117
  Scotts Miracle-Gro Co (Class A)   7,414  
275,672
  Sensient Technologies Corp   7,796  
791,631
*
  Sepracor, Inc   20,780  
1,003,338
  Sherwin-Williams Co   58,234  
904,800
  Shin-Etsu Chemical Co Ltd   56,856  
198,622
  Shionogi & Co Ltd   3,511  
213,298
  Shire plc   4,879  
24,000
  Shire plc (ADR)   1,655  
188,800
  Shiseido Co Ltd   4,470  
2,435,951
  Showa Denko KK   8,722  
768,453
  Sigma-Aldrich Corp   41,958  
5,500,000
e
  Sinochem Hong Kong Holding Ltd   5,135  
1,588,000
  Sinopec Shanghai Petrochemical Co Ltd   980  
1,038,000
*
  Sinopec Yizheng Chemical Fibre Co Ltd   358  
27,614
*
  Skyepharma plc   7  
81,030
  Sociedad Quimica y Minera de Chile S.A. (Class B)   1,465  
21,680
  Solvay S.A.   3,033  
33,273
e*
  Somaxon Pharmaceuticals, Inc   173  
9
*
  Sosei Co Ltd   12  
2,271,244
  SSL International plc   24,188  
151,191
  Stada Arzneimittel AG.   9,295  
28,752
  Stepan Co   935  
900
*
  Sucampo Pharmaceuticals Inc   17  
2,845,120
  Sumitomo Chemical Co Ltd   25,391  
17,960
*
  Sun Pharma Advanced Research Co Ltd   73  
42,508
  Sun Pharmaceuticals Industries Ltd   1,298  
287,410
e*
  SuperGen, Inc   1,049  
94,892
e*
  SurModics, Inc   5,150  
418,499
e
  Symbion Health Ltd   1,463  
205,776
  Syngenta AG.   52,437  
55,547
e*
  Synta Pharmaceuticals Corp   372  
171,655
  Taisho Pharmaceutical Co Ltd   3,304  
404,000
  Taiwan Fertilizer Co Ltd   991  
40,127
  Taiyo Nippon Sanso Corp   377  
1,559,056
  Takeda Pharmaceutical Co Ltd   91,689  
542,327
  Tanabe Seiyaku Co Ltd   5,141  
224,000
  Teijin Ltd   960  
179,216
e*
  Tercica, Inc   1,215  
1,676
  Tessenderlo Chemie NV   81  
575,895
  Teva Pharmaceutical Industries Ltd   26,573  
2,295,900
  Teva Pharmaceutical Industries Ltd (ADR)   106,713  
772,834
e*
  Theravance, Inc   15,070  
329,000
e
  Tokai Carbon Co Ltd   2,960  

21

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
     
VALUE
 
SHARES
      (000)  
33,527
e
  Tokuyama Corp
$
337  
348,663
  Toray Industries, Inc   2,731  
1,346,161
  Tosoh Corp   5,796  
1,304
*
  Transgene S.A.   28  
239,105
e
  Tronox, Inc (Class B)   2,068  
47,462
e*
  Trubion Pharmaceuticals, Inc   475  
278,441
e
  UAP Holding Corp   10,748  
2,554,123
  UBE Industries Ltd   8,711  
34,063
  UCB S.A.   1,545  
62,200
e*
  Ulta Salon Cosmetics & Fragrance, Inc   1,067  
11,644
  United Drug plc   67  
58,000
*
  United Laboratories Ltd   35  
119,462
*
  United Therapeutics Corp   11,665  
1,629,360
*
  Uralkali (GDR)   60,694  
573,298
g,v*
  Uralkali (GDR)   21,355  
56,926
*
  US BioEnergy Corp   667  
50,787
e*
  USANA Health Sciences, Inc   1,883  
630,123
e*
  USEC, Inc   5,671  
515,889
*
  Valeant Pharmaceuticals International   6,175  
403,473
  Valspar Corp   9,094  
140,256
e*
  Vanda Pharmaceuticals, Inc   965  
364,865
*
  VCA Antech, Inc   16,138  
182,117
e*
  Verasun Energy Corp   2,783  
1,050,926
*
  Vertex Pharmaceuticals, Inc   24,413  
4,210
  Victrex plc   60  
757
  Virbac S.A.   76  
554,587
e*
  Viropharma, Inc   4,403  
51,099
e*
  Visicu, Inc   607  
74,807
  Wacker Chemie AG.   21,623  
2,060,876
  Wah Lee Industrial Corp   3,939  
420,675
e*
  Warner Chilcott Ltd (Class A)   7,459  
778,014
*
  Watson Pharmaceuticals, Inc   21,115  
67,580
e
  Westlake Chemical Corp   1,283  
392,988
e*
  WR Grace & Co   10,288  
7,529,306
  Wyeth   332,720  
159,197
e*
  Xenoport, Inc   8,896  
707,043
*
  XOMA Ltd   2,397  
5,786
  Yuhan Corp   1,255  
63,701
e
  Zeltia S.A.   569  
17,626
  Zentiva NV   942  
27,921
  Zeon Corp   168  
206,311
e*
  Zymogenetics, Inc   2,408  
 
  TOTAL CHEMICALS AND ALLIED PRODUCTS   12,064,759  
 
COAL MINING - 0.29%
     
421,589
e*
  Alpha Natural Resources, Inc   13,693  
618,846
e
  Arch Coal, Inc   27,805  
10,152,700
  China Coal Energy Co   31,901  
2,249,500
  China Shenhua Energy Co Ltd   13,444  
787,194
  Consol Energy, Inc   56,300  
236,295
  Fording Canadian Coal Trust   9,189  
441,333
  Gloucester Coal Ltd   2,558  
684,207
e*
  International Coal Group, Inc   3,667  

22

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
     
(000)
 
100,182
  Kumba Resources Ltd
$
1,516  
346,553
  Massey Energy Co   12,389  
1,000
*
  Mitsui Mining Co Ltd   3  
2,643,825
  Peabody Energy Corp   162,965  
12,447,194
  PT Bumi Resources Tbk   7,951  
517,348
  Sasol Ltd   25,662  
441,574
e
  Sasol Ltd (ADR)   21,845  
5,507
*
  UK Coal plc   51  
1,326,000
  Yanzhou Coal Mining Co Ltd   2,629  
 
  TOTAL COAL MINING   393,568  
 
COMMUNICATIONS - 4.68%
     
4,701,253
  Advanced Info Service PCL   13,538  
79,463
  AFK Sistema (GDR)   3,318  
261,047
e
  Alaska Communications Systems Group, Inc   3,916  
36,900
*
  Alvarion Ltd   351  
136,429
  America Movil S.A. de C.V. (ADR) (Series L)   8,375  
13,639,513
  America Movil S.A. de C.V. (Series L)   41,840  
2,229,532
*
  American Tower Corp (Class A)   94,978  
184,759
e*
  Anixter International, Inc   11,505  
24,187
e
  Antena 3 de Television S.A.   371  
43,441
e*
  Aruba Networks, Inc   648  
35,486,291
  AT&T, Inc   1,474,810  
52,169
  Atlantic Tele-Network, Inc   1,762  
105,142
e*
  Audiovox Corp (Class A)   1,304  
440,385
e
  Austar United Communications Ltd   613  
291
*
  Avanzit S.A.   2  
405,469
*
  Axtel SAB de CV   1,011  
660,820
e
  BCE, Inc   26,548  
2,823,443
  BEC World PCL   2,410  
1,116,263
e
  Belgacom S.A.   55,065  
52
  Bell Aliant Regional Communications Income Fund   2  
809,924
  Bezeq Israeli Telecommunication Corp Ltd   1,507  
36,814
  Brasil Telecom Participacoes S.A.   962  
191,060
  Brasil Telecom Participacoes S.A.   2,793  
126,965
  Brasil Telecom S.A.   1,302  
325,061
*
  Brightpoint, Inc   4,993  
888,641
  British Sky Broadcasting plc   10,950  
9,458,496
  BT Group plc   51,354  
730,037
  Cable & Wireless plc   2,703  
883,613
  Cablevision Systems Corp (Class A)   21,649  
103,014
  Carphone Warehouse Group plc   706  
506,618
*
  Carso Global Telecom SAB de CV   2,372  
108,624
*
  Cbeyond Communications, Inc   4,235  
25,200
  Cellcom Israel Ltd   800  
211,462
e
  Centennial Communications Corp   1,964  
157,505
*
  Central European Media Enterprises Ltd (Class A)   18,267  
20,149
*
  Central European Media Enterprises Ltd (Class A)   2,333  
704,677
  CenturyTel, Inc   29,216  
2,426,275
e*
  Charter Communications, Inc (Class A)   2,839  
1,102,000
*
  China Communications Services Corp Ltd   1,095  
4,703,147
  China Mobile Hong Kong Ltd   83,177  
1,091,500
  China Netcom Group Corp Hong Kong Ltd   3,283  

23

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
     
VALUE
 
SHARES
      (000)  
9,818,111
  China Telecom Corp Ltd
$
7,807  
2,406,538
  China Unicom Ltd   5,525  
3,887,488
v
  Chunghwa Telecom Co Ltd   7,179  
1,585,467
*
  Cincinnati Bell, Inc   7,531  
1,018,815
e
  Citadel Broadcasting Corp   2,099  
1,334,018
  Citizens Communications Co   16,982  
2,449,509
  Clear Channel Communications, Inc   84,557  
166,080
e*
  Clearwire Corp (Class A)   2,277  
13,983,538
*
  Comcast Corp (Class A)   255,339  
297,523
  Compania de Telecomunicaciones de Chile S.A. (Class A)   568  
134,900
  Comstar United Telesystems (GDR)   1,698  
131,425
e
  Consolidated Communications Holdings, Inc   2,615  
33,490
  Cosmote Mobile Telecommunications S.A.   1,268  
220,324
e*
  Cox Radio, Inc (Class A)   2,677  
950,641
*
  Crown Castle International Corp   39,547  
128,610
e*
  Crown Media Holdings, Inc (Class A)   836  
306,159
*
  CTC Media, Inc   9,246  
227,574
e*
  Cumulus Media, Inc (Class A)   1,830  
2,406,212
  Deutsche Telekom AG.   52,840  
70,884
*
  DG FastChannel,Inc   1,817  
527,600
  Digi.Com BHD   3,957  
5,416,782
*
  DIRECTV Group, Inc   125,236  
121,727
*
  Dish TV India Ltd   316  
1,937,845
*
  EchoStar Communications Corp (Class A)   73,096  
13
*
  Ectel Ltd  
-
^
34,143
  Egyptian Co for Mobile Services   1,268  
40,767
  Elisa Oyj   1,252  
798,466
  Embarq Corp   39,548  
63,170,658
  Embratel Participacoes S.A.   238  
179,348
e
  Emmis Communications Corp (Class A)   690  
57,998
  Empresa Nacional de Telecomunicaciones S.A.   906  
188,461
e
  Entercom Communications Corp (Class A)   2,580  
376,929
*
  Entravision Communications Corp (Class A)   2,951  
2,000
  Epson Toyocom Corp   9  
191,451
e
  Fairpoint Communications, Inc   2,493  
561,880
e*
  FiberTower Corp   1,281  
36,810
*
  Fisher Communications, Inc   1,397  
1,389,107
*
  Foundry Networks, Inc   24,337  
2,987,699
  France Telecom S.A.   107,544  
1,795
  Freenet AG.   42  
385
  Fuji Television Network, Inc   638  
300,283
*
  General Communication, Inc (Class A)   2,627  
136,272
*
  GeoEye, Inc   4,586  
673,142
e
  Gestevision Telecinco S.A.   17,233  
163,722
e*
  Global Crossing Ltd   3,610  
357,473
  Global Payments, Inc   16,630  
52,897
*
  Global Village Telecom Holding S.A.   1,062  
104,203
e*
  Globalstar, Inc   834  
116,250
  Globe Telecom, Inc   4,422  
90,253
*
  Golden Telecom, Inc   9,111  
257,651
e
  Gray Television, Inc   2,066  
1,965,773
  Grupo Televisa S.A.   9,382  
131,885
e*
  Harris Stratex Networks, Inc (Class A)   2,202  

24

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
     
VALUE
 
SHARES
      (000)  
100,266
e
  Hearst-Argyle Television, Inc
$
2,217  
92,623
  Hellenic Telecommunications Organization S.A.   3,413  
152,700
e
  Hikari Tsushin, Inc   5,221  
34,324
e*
  Hughes Communications, Inc   1,874  
10,419
e*
  Hungarian Telephone & Cable   184  
1,528,369
  Hutchison Telecommunications International Ltd   2,297  
761,341
*
  IAC/InterActiveCorp   20,495  
230,720
e
  Ibasis, Inc   1,184  
569,556
e*
  ICO Global Communications Holdings Ltd   1,811  
488,285
*
  Idea Cellular Ltd   1,723  
304,647
e
  IDT Corp (Class B)   2,574  
3,628,299
  Informa plc   33,350  
6,697
  Inmarsat plc   72  
8,128
*
  InPhonic, Inc  
-
^
182,804
e
  Iowa Telecommunications Services, Inc   2,972  
94,053
e
  iPCS, Inc   3,385  
1,883
e*
  ITC DeltaCom, Inc   9  
2,197
v*
  ITC Deltacom, Inc   4  
1,656,333
  ITV plc   2,816  
42,000
  Iwatsu Electric Co Ltd   45  
337,631
e*
  j2 Global Communications, Inc   7,148  
461
*
  Jupiter Telecommunications Co   393  
167,627
e
  Kadokawa Holdings, Inc   4,847  
8,085
  KDDI Corp   60,213  
139,365
e*
  Knology, Inc   1,781  
105,021
  KT Corp   5,486  
54,198
  KT Freetel Co Ltd   1,757  
230,892
e*
  Leap Wireless International, Inc   10,769  
7,205,327
e*
  Level 3 Communications, Inc   21,904  
36,187
  LG Dacom Corp   823  
122,598
*
  LG Telecom Ltd   1,289  
2,018,335
*
  Liberty Global, Inc (Class A)   79,099  
17,915
*
  Liberty Global, Inc (Series C)   656  
808,116
*
  Liberty Media Corp - Capital (Series A)   94,137  
2,902,773
*
  Liberty Media Holding Corp (Interactive A)   55,385  
204,205
e*
  Lin TV Corp (Class A)   2,485  
120,955
e*
  Lodgenet Entertainment Corp   2,109  
17,879
  LS Cable Ltd   1,721  
18,728
  M6-Metropole Television   493  
355,106
  Magyar Telekom   1,848  
121,585
  Mahanagar Telephone Nigam   594  
714,350
e
  Manitoba Telecom Services, Inc   33,273  
150,039
  Maroc Telecom   2,830  
282,145
e*
  Mastec, Inc   2,869  
500,800
  Media Prima BHD   426  
328,464
e*
  Mediacom Communications Corp (Class A)   1,508  
626,967
  Mediaset S.p.A.   6,330  
270,286
*
  MetroPCS Communications, Inc   5,257  
147,211
  Mobile TeleSystems (ADR)   14,985  
8,687
  Mobistar S.A.   791  
12,408
  Modern Times Group AB (B Shares)   874  
1,139,479
  MTN Group Ltd   21,351  
250,470
  Naspers Ltd (N Shares)   5,937  

25

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
     
VALUE
 
SHARES
      (000)  
123,508
*
  NET Servicos de Comunicacao S.A.
$
1,506  
568,887
e*
  NeuStar, Inc (Class A)   16,316  
8,200
*
  Neutral Tandem Inc   156  
112,731
e*
  Nexstar Broadcasting Group, Inc (Class A)   1,030  
151,712
e*
  Nextwave Wireless, Inc   816  
773,518
*
  NII Holdings, Inc   37,376  
10,036
  Nippon Telegraph & Telephone Corp   50,218  
84,665
e*
  North Pittsburgh Systems, Inc   1,921  
281,601
e*
  Novatel Wireless, Inc   4,562  
223,935
  NTELOS Holdings Corp   6,649  
14,371
  NTT DoCoMo, Inc   23,927  
1,297
  Okinawa Cellular Telephone Co   2,844  
344,767
  Orascom Telecom Holding SAE   5,710  
140,448
e*
  Orbcomm, Inc   883  
465,359
e*
  PAETEC Holding Corp   4,537  
273,500
  Pakistan Telecommunication Co Ltd   187  
81,522
  Partner Communications   1,805  
21,128,600
*
  Paxys, Inc   3,020  
760
e*
  Pegasus Wireless Corp  
-
^
45,847
  Philippine Long Distance Telephone Co   3,527  
46,693
  Philippine Long Distance Telephone Co (ADR)   3,536  
1,283,590
  Portugal Telecom SGPS S.A.   16,759  
12,844
  Preformed Line Products Co   764  
944,842
  ProSiebenSat.1 Media AG.   22,641  
1,638,000
  PT Indosat Tbk   1,509  
66,391
e
  PT Multimedia Servicos de Telecomunicacoes e Multimedia SGPS S.A.   927  
7,208,325
  PT Telekomunikasi Indonesia Tbk   7,790  
9,217,735
e
  Qwest Communications International, Inc   64,616  
522,432
*
  Radio One, Inc (Class D)   1,238  
185,625
e
  RCN Corp   2,894  
806,851
  Rogers Communications, Inc (Class B)   36,780  
44,400
e
  Rostelecom (ADR)   3,088  
10,513,359
  Royal KPN NV   191,216  
83,497
*
  Rural Cellular Corp (Class A)   3,681  
72,267
  Salem Communications Corp (Class A)   476  
146,950
e*
  SAVVIS, Inc   4,101  
478,492
*
  SBA Communications Corp (Class A)   16,192  
1,283,263
  Seat Pagine Gialle S.p.A.   508  
114,177
  SES Global S.A.   3,005  
4,170
  Seven Network Ltd   47  
202
*
  Seven Network Ltd   18  
816,563
  Shaw Communications, Inc (Class B)   19,559  
127,540
e
  Shenandoah Telecom Co   3,058  
6,300
m,v
  Sibirtelecom (ADR)   580  
266,928
e
  Sinclair Broadcast Group, Inc (Class A)   2,191  
8,976,228
  Singapore Telecommunications Ltd   24,943  
23,911
  SK Telecom Co Ltd   6,361  
30,000
  SK Telecom Co Ltd (ADR)   895  
94,415
e
  Sky Network Television Ltd   436  
163
  Sky Perfect Jsat Corp   64  
41,500
  SmarTone Telecommunications Holding Ltd   39  
43,285
  Societe Television Francaise 1   1,158  
15,048
*
  Sogecable S.A.   603  

26

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
      (000)  
241,330
e*
  Spanish Broadcasting System, Inc (Class A)
$
446  
22,698,625
  Sprint Nextel Corp   298,033  
82,345
e
  SureWest Communications   1,408  
48,899
  Swisscom AG.   19,091  
57,256
e*
  Switch & Data Facilities Co, Inc   917  
175,315
*
  Syniverse Holdings, Inc   2,731  
9,686,000
  Taiwan Mobile Co Ltd   12,991  
59,462
  Tele Norte Leste Participacoes S.A.   1,956  
192,878
  Tele Norte Leste Participacoes S.A.   3,700  
85,823
  Tele2 AB (B Shares)   1,720  
56,500
e*
  Telecom Argentina S.A. (ADR)   1,257  
7,284,652
e
  Telecom Corp of New Zealand Ltd   24,386  
229,193
  Telecom Egypt   876  
55,409
*
  Telecom Italia Media S.p.A.   19  
5,231,943
  Telecom Italia S.p.A.   16,255  
1,890,145
  Telecom Italia S.p.A.   4,493  
80,088
  Telefonica O2 Czech Republic A.S.   2,399  
5,271,572
  Telefonica S.A.   171,257  
5,928,119
  Telefonos de Mexico S.A. de C.V. (Series L)   10,961  
4,419,768
  Telekom Austria AG.   122,971  
1,549,100
  Telekom Malaysia BHD   5,246  
490,581
  Telekomunikacja Polska S.A.   4,490  
826
  Telenet Group Holding NV   24  
254,715
  Telenor ASA   6,087  
700,257
  Telephone & Data Systems, Inc   43,836  
351,605
  Telesp Celular Participacoes S.A.   1,859  
242,700
  Television Broadcasts Ltd   1,458  
6,205,744
  TeliaSonera AB   58,090  
207,007
  Telkom S.A. Ltd   4,180  
4,822,761
  Telstra Corp Ltd   19,860  
147,497
e
  Telstra Corp Ltd   411  
67,475
  TELUS Corp   3,380  
359,456
  TELUS Corp   17,486  
5,275
  Ten Network Holdings Ltd   13  
199,718
e*
  Terremark Worldwide, Inc   1,298  
5,055
*
  THUS Group plc   13  
420,315
  Tim Participacoes S.A.   1,436  
2,651,815
*
  Time Warner Cable, Inc (Class A)   73,190  
11,996
e*
  Tiscali S.p.A.   35  
510,171
e*
  TiVo, Inc   4,255  
28,400
  Tokyo Broadcasting System, Inc   610  
67,765,515
v*
  True Corp PCL   11,668  
447,615
  Turkcell Iletisim Hizmet A.S.   4,888  
24
  TV Asahi Corp   38  
105,092
  TVN S.A.   1,068  
54,400
m,v
  Uralsvyazinform (ADR)   688  
106,121
*
  US Cellular Corp   8,925  
162,666
  USA Mobility, Inc   2,326  
18,125,879
  Verizon Communications, Inc   791,920  
1,097
*
  VERSATEL AG.   42  
37,076
  Videsh Sanchar Nigam Ltd   719  
340,250
  Vimpel-Communications (ADR)   14,154  
134,200
*
  Virgin Mobile USA, Inc   1,193  

27

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
     
(000)
 
1,934,281
  Vivendi Universal S.A.
$
88,743  
67,776,814
  Vodafone Group plc   253,374  
505,935
  Vodafone Group plc (ADR)   18,881  
35,350
v
  VolgaTelecom (ADR)   428  
435,827
e*
  Vonage Holdings Corp   1,002  
516
*
  Wavecom S.A.   9  
1,976,469
  Windstream Corp   25,734  
13
*
  Xanadoo Co   5  
1,355,979
*
  XM Satellite Radio Holdings, Inc (Class A)   16,597  
146,902
  ZEE Telefilms Ltd   1,219  
 
  TOTAL COMMUNICATIONS   6,293,071  
 
DEPOSITORY INSTITUTIONS - 8.73%      
100,679
  1st Source Corp   1,743  
1,145,400
  77 Bank Ltd   7,167  
68,906
e
  Abington Bancorp, Inc   648  
191,775
  ABSA Group Ltd   3,115  
396,284
  African Bank Investments Ltd   1,913  
623,723
  Akbank TAS   4,629  
99,231
e
  Alabama National Bancorp   7,721  
110,200
  Alliance & Leicester plc   1,421  
432,500
  Alliance Financial Group BHD   403  
382,151
  Allied Irish Banks plc   8,756  
253,671
  Alpha Bank S.A.   9,235  
141,664
e
  Amcore Financial, Inc   3,216  
97,032
e
  AmericanWest Bancorp   1,711  
67,377
e
  Ameris Bancorp   1,135  
21,897,540
  AMMB Holdings BHD   25,162  
136,653
e
  Anchor Bancorp Wisconsin, Inc   3,214  
741,888
  Anglo Irish Bank Corp plc   11,866  
1,637,000
  Aozora Bank Ltd   4,792  
25,020
  Arab Bank plc   1,033  
493,956
e
  Associated Banc-Corp   13,381  
372,637
  Astoria Financial Corp   8,671  
73,885
*
  Asya Katilim Bankasi AS   693  
2,192
  Attijariwafa Bank   869  
1,763,142
  Australia & New Zealand Banking Group Ltd   42,511  
140,400
  Banca Carige S.p.A.   717  
9,344,532
  Banca Intesa S.p.A.   73,912  
1,521,613
  Banca Intesa S.p.A.   11,118  
333,149
e
  Banca Monte dei Paschi di Siena S.p.A.   1,794  
169,531
  Banca Popolare di Milano   2,310  
50,821
e
  Bancfirst Corp   2,178  
169,367
  Banche Popolari Unite Scpa   4,658  
6,363,022
  Banco Bilbao Vizcaya Argentaria S.A.   155,919  
3,486
e
  Banco Bilbao Vizcaya Argentaria S.A. (ADR)   85  
561,683
e
  Banco BPI S.A.   4,402  
707,487
  Banco Bradesco S.A.   22,636  
601,745
e
  Banco Comercial Portugues S.A.   2,569  
22
  Banco de Chile (ADR)   1  
25,151
  Banco de Credito e Inversiones   755  
3,389,900
  Banco de Oro Universal Bank   4,969  
103,314
e
  Banco de Sabadell S.A.   1,119  

28

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
     
(000)
 
209,900
  Banco do Brasil S.A.
$
3,585  
135,523
  Banco do Estado do Rio Grande do Sul   837  
413,814
e
  Banco Espirito Santo S.A.   9,075  
776,054
  Banco Itau Holding Financeira S.A.   19,837  
169,762
  Banco Latinoamericano de Exportaciones S.A.   2,769  
27,600
  Banco Macro S.A. (ADR)   683  
24,132
  Banco Nossa Caixa S.A.   320  
185,586
*
  Banco Popolare Scarl   4,113  
266,464
e
  Banco Popular Espanol S.A.   4,558  
18,667,929
  Banco Santander Central Hispano S.A.   403,671  
42,395,994
  Banco Santander Chile S.A.   2,086  
26,600
  BanColombia S.A.   230  
161,791
e
  BanColombia S.A. (ADR)   5,504  
61,030
e*
  Bancorp, Inc   821  
321,154
  Bancorpsouth, Inc   7,582  
90,500
  Bangkok Bank PCL   317  
813,558
  Bangkok Bank PCL   2,898  
7,259
  Banif SGPS S.A.   42  
674,942
  Bank Hapoalim Ltd   3,370  
725,195
  Bank Leumi Le-Israel   3,523  
194,503
  Bank Millennium S.A.   920  
351,610
  Bank Mutual Corp   3,717  
26,035,931
  Bank of America Corp   1,074,243  
1,830,500
  Bank of Ayudhya Pcl   1,426  
16,940,000
  Bank of China Ltd   8,212  
4,603,022
  Bank of Communications Co Ltd   6,423  
1,656,232
  Bank of East Asia Ltd   11,332  
199,841
  Bank of Hawaii Corp   10,220  
1,600
  Bank of Ikeda Ltd   57  
864,249
  Bank of Ireland   12,878  
37,625
  Bank of Ireland   559  
12,789
  Bank of Jordan   55  
613,000
e
  Bank of Kyoto Ltd   7,276  
792,660
  Bank of Montreal   45,241  
11,000
  Bank of Nagoya Ltd   67  
10,440,803
  Bank of New York Mellon Corp   509,094  
1,763,553
  Bank of Nova Scotia   89,844  
140,800
  Bank of Okinawa Ltd   4,953  
1,827
e
  Bank of Queensland Ltd   29  
64,843
e
  Bank of the Ozarks, Inc   1,699  
850,400
  Bank of the Philippine Islands   1,267  
253,500
  Bank of the Ryukyus Ltd   3,145  
1,749,300
  Bank of Yokohama Ltd   12,276  
14,787
  Bank Przemyslowo-Handlowy Bph   625  
3,903,000
  Bank Rakyat Indonesia   3,075  
19,220
  Bank Zachodni WBK S.A.   1,962  
291,371
e
  BankAtlantic Bancorp, Inc (Class A)   1,195  
139,778
e
  BankFinancial Corp   2,211  
84,500
  Bankinter S.A.   1,550  
146,184
e
  BankUnited Financial Corp (Class A)   1,009  
63,926
e
  Banner Corp   1,837  
2,339
  Banque Marocaine du Commerce Exterieur   848  
21,378,247
  Barclays plc   214,480  

29

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
      (000)  
3,051,999
  BB&T Corp
$
93,605  
35,214
e
  BBVA Banco Frances S.A. (ADR)   266  
154,618
  Bendigo Bank Ltd   2,004  
127,753
e*
  Beneficial Mutual Bancorp, Inc   1,242  
44,175
e
  Berkshire Hills Bancorp, Inc   1,149  
3,782
  BinckBank NV   56  
1,759,807
  BNP Paribas   190,963  
7,743,767
  BOC Hong Kong Holdings Ltd   21,700  
107,782
  BOK Financial Corp   5,572  
233,456
e
  Boston Private Financial Holdings, Inc   6,322  
5,710
*
  BRE Bank S.A.   1,172  
345,554
e
  Brookline Bancorp, Inc   3,511  
3,342,169
  Bumiputra-Commerce Holdings BHD   11,117  
11,104
  Cairo Amman Bank   52  
632,952
  Canadian Imperial Bank of Commerce   45,245  
14,744
v*
  Capital Bank of Jordan   42  
69,749
e
  Capital City Bank Group, Inc   1,968  
61,871
e
  Capital Corp of the West   1,202  
89,948
e
  Capitol Bancorp Ltd   1,810  
92,068
e
  Capitol Federal Financial   2,854  
153,993
e
  Cascade Bancorp   2,144  
36,038
e
  Cass Information Systems, Inc   1,204  
4,123,920
  Cathay Financial Holding Co Ltd   8,595  
297,602
e
  Cathay General Bancorp   7,883  
379,435
e*
  Centennial Bank Holdings, Inc   2,193  
73,188
e
  Center Financial Corp   902  
204,543
e
  Central Pacific Financial Corp   3,776  
2,723,548
*
  Centurion Bank of Punjab Ltd   4,084  
3,404,000
  Chang Hwa Commercial Bank   1,863  
173,308
e
  Chemical Financial Corp   4,123  
2,597,255
  Chiba Bank Ltd   21,157  
3,754,000
*
  China Citic Bank   2,354  
18,947,545
  China Construction Bank   16,062  
6,186,463
  China Development Financial Holding Corp   2,441  
1,949,123
  China Merchants Bank Co Ltd   7,962  
5,172,305
  Chinatrust Financial Holding Co   3,676  
273,456
  Chittenden Corp   9,741  
14,000
  Chong Hing Bank Ltd   33  
363,885
  CITIC International Financial Holdings Ltd   227  
27,776,950
  Citigroup, Inc   817,753  
457,379
e
  Citizens Banking Corp   6,637  
74,387
e
  City Bank   1,668  
107,823
  City Holding Co   3,649  
156,924
  City National Corp   9,345  
71,196
e
  Clifton Savings Bancorp, Inc   698  
79,912
e
  CoBiz, Inc   1,188  
609,500
e
  Colonial Bancgroup, Inc   8,253  
93,375
e
  Columbia Banking System, Inc   2,776  
1,526,336
  Comerica, Inc   66,441  
845,490
  Commerce Bancorp, Inc   32,247  
304,300
e
  Commerce Bancshares, Inc   13,651  
122,575
  Commercial International Bank   2,039  
314,687
  Commerzbank AG.   12,082  

30

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
      (000)  
1,106,324
  Commonwealth Bank of Australia
$
57,410  
67,622
e*
  Community Bancorp   1,175  
203,607
e
  Community Bank System, Inc   4,046  
92,095
e
  Community Trust Bancorp, Inc   2,535  
34,111,755
  CorpBanca S.A.   236  
245,093
e
  Corus Bankshares, Inc   2,615  
48,614
  Credicorp Ltd   3,646  
40,050
  Credit Agricole Egypt SAE   189  
301,329
  Credit Agricole S.A.   10,164  
227,779
  Cullen/Frost Bankers, Inc   11,539  
407,306
e
  CVB Financial Corp   4,212  
94,520
  Daegu Bank   1,570  
2,000
  Dah Sing Financial Holdings Ltd   20  
13,000
  Daito Bank Ltd   13  
138,872
  Danske Bank AS   5,439  
1,711,878
  DBS Group Holdings Ltd   24,618  
396,872
e
  Deutsche Bank AG.   51,874  
1,146,873
  Dexia   28,891  
176,101
  Dime Community Bancshares   2,249  
1,710,159
  DNB NOR Holding ASA   26,141  
85,055
e*
  Dollar Financial Corp   2,610  
123,150
e
  Downey Financial Corp   3,831  
2,025,700
*
  E.Sun Financial Holding Co Ltd   1,052  
248,600
e
  East West Bancorp, Inc   6,024  
91,323
  EFG Eurobank Ergasias S.A.   3,215  
64,473
  EFG International   2,591  
137,104
  Egyptian Financial Group-Hermes Holding   1,640  
44,655
e
  Enterprise Financial Services Corp   1,063  
3,595,900
  EON Capital BHD   7,177  
79,500
  Erste Bank der Oesterreichischen Sparkassen AG.   5,637  
242,063
e*
  Euronet Worldwide, Inc   7,262  
87,500
  Faysal Bank Ltd   94  
2,675,955
  Fifth Third Bancorp   67,247  
67,239
e
  First Bancorp   1,270  
474,170
  First Bancorp   3,457  
97,740
e
  First Busey Corp   1,941  
187,575
e
  First Charter Corp   5,601  
31,865
  First Citizens Bancshares, Inc (Class A)   4,648  
417,020
e
  First Commonwealth Financial Corp   4,441  
136,290
e
  First Community Bancorp, Inc   5,621  
57,292
e
  First Community Bancshares, Inc   1,827  
196,782
e
  First Financial Bancorp   2,243  
113,813
e
  First Financial Bankshares, Inc   4,285  
81,964
e
  First Financial Corp   2,323  
75,055
e
  First Financial Holdings, Inc   2,058  
1,313,546
e
  First Horizon National Corp   23,841  
80,621
e
  First Indiana Corp   2,580  
122,660
e
  First Merchants Corp   2,679  
276,669
e
  First Midwest Bancorp, Inc   8,466  
627,240
e
  First Niagara Financial Group, Inc   7,552  
97,853
e
  First Place Financial Corp   1,369  
57,912
e*
  First Regional Bancorp   1,094  
45,834
e
  First South Bancorp, Inc   1,017  

31

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
      (000)  
115,927
  First State Bancorporation
$
1,611  
90,079
e*
  FirstFed Financial Corp   3,227  
492,401
e
  FirstMerit Corp   9,853  
2,132,879
  FirstRand Ltd   6,164  
260,135
e
  Flagstar Bancorp, Inc   1,813  
104,991
  Flushing Financial Corp   1,685  
333,436
e
  FNB Corp   4,902  
1,900
  Forstaedernes Bank AS   63  
2,344,039
  Fortis   61,722  
1,905,463
e,m*
  Fortis   28  
164,505
e*
  Franklin Bank Corp   709  
427,358
e*
  Fremont General Corp   1,496  
225,245
e
  Frontier Financial Corp   4,183  
32,000
  Fubon Bank Hong Kong Ltd   20  
3,258,818
  Fubon Financial Holding Co Ltd   2,894  
10,923,587
*
  Fuhwa Financial Holdings Co Ltd   7,123  
980,000
  Fukuoka Financial Group, Inc   5,737  
695,340
e
  Fulton Financial Corp   7,802  
5,964
*
  Geniki Bank   45  
296,427
e
  Glacier Bancorp, Inc   5,555  
63,514
e
  Great Southern Bancorp, Inc   1,395  
44,959
e
  Greene County Bancshares, Inc   863  
928,003
  Grupo Financiero Banorte S.A. de C.V.   3,833  
45,000
e*
  Grupo Financiero Galicia S.A. (ADR)   341  
659,060
e
  Gunma Bank Ltd   4,354  
552,500
  Hachijuni Bank Ltd   3,729  
152,006
e
  Hancock Holding Co   5,807  
1,060,245
  Hang Seng Bank Ltd   21,878  
245,918
e
  Hanmi Financial Corp   2,120  
176,486
e
  Harleysville National Corp   2,571  
179,522
  HDFC Bank Ltd   7,875  
70,842
e
  Heartland Financial USA, Inc   1,316  
60,384
  Heritage Commerce Corp   1,110  
299,300
  Hiroshima Bank Ltd   1,624  
2,483,300
  Hokuhoku Financial Group, Inc   7,224  
62,257
e
  Home Bancshares, Inc   1,306  
617,200
  Hong Leong Bank BHD   1,185  
154,100
  Hong Leong Credit BHD   280  
71,507
e
  Horizon Financial Corp   1,247  
15,540,463
  HSBC Holdings plc   260,472  
2,376,000
  Hua Nan Financial Holdings Co Ltd   1,560  
5,129,927
  Hudson City Bancorp, Inc   77,051  
1,612,088
  Huntington Bancshares, Inc   23,794  
67,009
  IBERIABANK Corp   3,133  
20,109
  ICICI Bank Ltd (ADR)   1,237  
54,010
  Imperial Capital Bancorp, Inc   988  
108,842
e
  Independent Bank Corp   2,963  
147,991
e
  Independent Bank Corp   1,406  
21,817,000
  Industrial & Commercial Bank of China   15,669  
100,800
  Industrial Bank Of Korea   1,895  
291,201
e
  IndyMac Bancorp, Inc   1,733  
2,104,213
  ING Groep NV   82,296  
120,123
e
  Integra Bank Corp   1,695  

32

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
          VALUE  
SHARES         (000)  
332,377     International Bancshares Corp
$
6,960  
135,025     Investec Ltd   1,289  
307,429     Investec plc   2,755  
272,216 *   Investors Bancorp, Inc   3,849  
142,997 e   Irwin Financial Corp   1,051  
265,313 *   Israel Discount Bank Ltd   676  
31,276     Jordan Ahli Bank   138  
38,318     Jordan Islamic Bank   311  
1,069,500     Joyo Bank Ltd   5,983  
21,390,518     JPMorgan Chase & Co   933,696  
434,873     Julius Baer Holding AG.   35,953  
15,643 *   Jyske Bank   1,233  
8,200     Kanto Tsukuba Bank Ltd   50  
1,260     KAS Bank NV   46  
108,200     Kasikornbank PCL   279  
2,170,568     Kasikornbank PCL   5,638  
612,700     Kasikornbank PCL   1,582  
122,273 e   Kearny Financial Corp   1,456  
8,000     Keiyo Bank Ltd   46  
1,900,119     Keycorp   44,558  
5,830 e   K-Fed Bancorp   59  
54,000     Kiyo Holdings, Inc   81  
182,579 e   KNBT Bancorp, Inc   2,815  
9,975     Komercni Banka A.S.   2,397  
454,172     Kookmin Bank   33,479  
188,352     Korea Exchange Bank   2,918  
2,021,300     Krung Thai Bank PCL   606  
112,921 e   Lakeland Bancorp, Inc   1,309  
68,381 e   Lakeland Financial Corp   1,429  
3,642,157     Lloyds TSB Group plc   34,220  
384,774     M&T Bank Corp   31,386  
105,721 e   Macatawa Bank Corp   908  
113,209 e   MainSource Financial Group, Inc   1,762  
1,329,400     Malayan Banking BHD   4,623  
1,036,409     Marshall & Ilsley Corp   27,444  
194,904 e   MB Financial, Inc   6,009  
180,205     MCB Bank Ltd   1,170  
144,008 e   Mediobanca S.p.A.   2,973  
329,702 *   Metavante Technologies, Inc   7,689  
2,399,100     Metropolitan Bank & Trust   3,168  
94,973 e   Midwest Banc Holdings, Inc   1,180  
4,000     Mie Bank Ltd   20  
19,000     Minato Bank Ltd   40  
13,332,543     Mitsubishi UFJ Financial Group, Inc   124,953  
2,099,800     Mitsui Trust Holdings, Inc   16,108  
71,900     Mizrahi Tefahot Bank Ltd   560  
16,809     Mizuho Financial Group. Inc   80,347  
5,175,000 e   Mizuho Trust & Banking Co Ltd   9,635  
111,514 e   Nara Bancorp, Inc   1,301  
19,311 e   NASB Financial, Inc   509  
1,214,538     National Australia Bank Ltd   40,300  
264,522     National Bank Of Canada   14,015  
350,274     National Bank of Greece S.A.   24,059  

33

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
      (000)  
178,165
  National Bank Of Pakistan
$
671  
2,488,447
  National City Corp   40,960  
288,295
e
  National Penn Bancshares, Inc   4,365  
211,466
e
  NBT Bancorp, Inc   4,826  
173,952
  Nedbank Group Ltd   3,462  
242,025
e*
  Net 1 UEPS Technologies, Inc   7,106  
1,239,048
e
  New York Community Bancorp, Inc   21,782  
624,186
e
  NewAlliance Bancshares, Inc   7,191  
1,261,300
  Nishi-Nippon City Bank Ltd   3,161  
89,510
  Nordea Bank AB   1,492  
2,396,707
  Nordea Bank AB   40,049  
22,377
  Northern Rock plc   37  
1,549,989
  Northern Trust Corp   118,698  
97,000
*
  Northfield Bancorp Inc   1,050  
129,688
e
  Northwest Bancorp, Inc   3,446  
2,000
  Ogaki Kyoritsu Bank Ltd   11  
499,209
  OKO Bank (Class A)   9,539  
374,966
e
  Old National Bancorp   5,609  
70,394
e
  Old Second Bancorp, Inc   1,886  
76,297
e
  Omega Financial Corp   2,232  
156,621
  Oriental Financial Group, Inc   2,100  
71,030
e*
  Oritani Financial Corp   874  
188,832
  OTP Bank Rt   9,600  
3,665,769
  Oversea-Chinese Banking Corp   21,112  
283,077
e
  Pacific Capital Bancorp   5,698  
63,805
e
  Park National Corp   4,115  
82,080
  Peoples Bancorp, Inc   2,043  
1,028,683
  People's United Financial, Inc   18,311  
163,824
e
  PFF Bancorp, Inc   1,972  
82,109
e*
  Pinnacle Financial Partners, Inc   2,087  
89,392
  Piraeus Bank S.A.   3,490  
1,717,153
  PNC Financial Services Group, Inc   112,731  
1,099,776
  Popular, Inc   11,658  
394,987
  Powszechna Kasa Oszczednosci Bank Polski S.A.   8,448  
51,545
e
  Preferred Bank   1,341  
225
e
  Premierwest Bancorp   3  
97,157
e
  PrivateBancorp, Inc   3,172  
193,739
e
  Prosperity Bancshares, Inc   5,694  
186,205
e
  Provident Bankshares Corp   3,983  
396,738
e
  Provident Financial Services, Inc   5,721  
272,457
e
  Provident New York Bancorp   3,520  
4,309,000
  PT Bank Central Asia Tbk   3,349  
1,169,500
  PT Bank Danamon Indonesia Tbk   996  
280,422,000
  PT Bank Internasional Indonesia Tbk   8,509  
14,000,000
  PT Bank Mandiri Persero Tbk   5,217  
33,200,000
*
  PT Bank Pan Indonesia Tbk   2,404  
763,200
  Public Bank BHD   2,539  
111,800
  Pusan Bank   1,875  
28,371
e
  QC Holdings, Inc   319  
104,045
  Raiffeisen International Bank Holding AG.   15,760  
3,729,531
  Regions Financial Corp   88,203  
103,422
e
  Renasant Corp   2,231  
90,894
e
  Republic Bancorp, Inc (Class A)   1,502  

34

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
      (000)  
5,024
e
  Resona Holdings, Inc
$
9,039  
341,900
  RHB Capital BHD   605  
49,257
e
  Rockville Financial, Inc   601  
54,218
e
  Roma Financial Corp   851  
65,453
e
  Royal Bancshares of Pennsylvania (Class A)   720  
2,091,847
  Royal Bank of Canada   107,544  
135,600
e*
  Royal Bank Of Canada   6,921  
28,592,069
  Royal Bank of Scotland Group plc   252,705  
292,656
*
  Royal Bank of Scotland Group plc   2,507  
151,674
e
  S&T Bancorp, Inc   4,192  
68,885
e
  S.Y. Bancorp, Inc   1,649  
89,037
e
  Sandy Spring Bancorp, Inc   2,477  
3,000
  San-In Godo Bank Ltd   24  
39,806
  Santander BanCorp   345  
880
  Sapporo Hokuyo Holdings, Inc   7,846  
55,282
e
  Sberbank (GDR)   29,986  
51,938
e
  SCBT Financial Corp   1,645  
74,355
e
  Seacoast Banking Corp of Florida   764  
80,720
e
  Security Bank Corp   738  
11,000
  Shikoku Bank Ltd   41  
10,280,721
  Shin Kong Financial Holding Co Ltd   7,068  
1,158,700
e
  Shinsei Bank Ltd   4,232  
1,325,200
e
  Shizuoka Bank Ltd   14,555  
812,700
  Siam Commercial Bank PCL   2,087  
33,220
e
  Sierra Bancorp   827  
153,705
*
  Signature Bank   5,188  
83,724
e
  Simmons First National Corp (Class A)   2,219  
4,507,947
  SinoPac Financial Holdings Co Ltd   1,689  
516,245
  Skandinaviska Enskilda Banken AB (Class A)   13,219  
1,233,990
  Societe Generale   178,485  
427,139
e
  South Financial Group, Inc   6,676  
66,733
e
  Southside Bancshares, Inc   1,365  
94,241
  Southwest Bancorp, Inc   1,727  
2,117,269
  Sovereign Bancorp, Inc   24,137  
2,400
  Spar Nord Bank AS   55  
4,900
  Sparebanken Midt-Norge   65  
250
  Sparebanken Nord-Norge   6  
174
  St Galler Kantonalbank   77  
206,479
  St George Bank Ltd   5,727  
947,051
  Standard Bank Group Ltd   13,868  
1,069,740
  Standard Chartered plc   39,267  
32,696
  State Bank of India Ltd   1,967  
2,717,261
  State Street Corp   220,642  
117,795
e
  Sterling Bancorp   1,607  
439,855
  Sterling Bancshares, Inc   4,909  
176,580
e*
  Sterling Financial Corp   2,899  
304,620
  Sterling Financial Corp   5,115  
63,126
e
  Suffolk Bancorp   1,939  
10,683
e
  Sumitomo Mitsui Financial Group, Inc   80,040  
1,555,492
  Sumitomo Trust & Banking Co Ltd   10,415  
92,786
e*
  Sun Bancorp, Inc   1,464  
3,264,191
  SunTrust Banks, Inc   203,979  
180,683
e*
  Superior Bancorp   970  

35

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
      (000)  
153,000
  Suruga Bank Ltd
$
1,668  
466,950
e
  Susquehanna Bancshares, Inc   8,611  
212,104
e*
  SVB Financial Group   10,690  
152,472
  Svenska Handelsbanken (A Shares)   4,883  
123,100
  Swedbank AB (A Shares)   3,485  
16,575
  Sydbank AS   713  
1,458,283
  Synovus Financial Corp   35,115  
45,573
  Taylor Capital Group, Inc   930  
3,782,998
  TCF Financial Corp   67,829  
121,438
*
  Texas Capital Bancshares, Inc   2,216  
448,996
*
  TFS Financial Corp   5,361  
117,921
e
  TierOne Corp   2,612  
1,000
  Tochigi Bank Ltd   6  
22
  Tokyo Star Bank Ltd   69  
49,292
e
  Tompkins Trustco, Inc   1,913  
673,881
e*
  Toronto-Dominion Bank   47,454  
81,158
e
  Trico Bancshares   1,566  
422,713
e
  Trustco Bank Corp NY   4,193  
298,826
e
  Trustmark Corp   7,578  
799,961
  Turkiye Garanti Bankasi A.S.   7,165  
198,017
*
  Turkiye Halk Bankasi AS   2,061  
697,522
  Turkiye Is Bankasi   4,373  
676,651
  Turkiye Vakiflar Bankasi Tao   2,390  
5,408,027
  UBS A.G.   250,303  
583,142
e
  UCBH Holdings, Inc   8,257  
168,365
e
  UMB Financial Corp   6,458  
360,111
e
  Umpqua Holdings Corp   5,524  
815,484
  Unibanco - Uniao de Bancos Brasileiros S.A.   11,330  
40,631,005
  UniCredito Italiano S.p.A   337,418  
43,269
*
  Union Bank FOR Saving & Inv   227  
85,249
e
  Union Bankshares Corp   1,802  
469,871
  UnionBanCal Corp   22,981  
93,450
  United Bank Ltd   262  
214,079
  United Bankshares, Inc   5,999  
239,775
e
  United Community Banks, Inc   3,788  
179,528
e
  United Community Financial Corp   991  
824,490
  United Overseas Bank Ltd   11,398  
39,308
e
  United Security Bancshares   601  
68,548
e
  Univest Corp of Pennsylvania   1,447  
13,340,638
  US Bancorp   423,432  
68,423
e
  USB Holding Co, Inc   1,355  
150,870
  UTI Bank Ltd   3,715  
1,190,287
e
  Valley National Bancorp   22,687  
69,793
  ViewPoint Financial Group   1,154  
121
e
  Vineyard National Bancorp   1  
93,593
e*
  Virginia Commerce Bancorp   1,098  
581,600
*
  VTB Bank OJSC (GDR)   5,932  
812,080
e
  W Holding Co, Inc   983  
10,087,240
  Wachovia Corp   383,618  
330,910
  Washington Federal, Inc   6,986  
4,929,772
  Washington Mutual, Inc   67,094  
82,661
e
  Washington Trust Bancorp, Inc   2,086  
1,113,460
  Waterland Financial Holdings   360  

36

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
     
VALUE
 
SHARES
      (000)  
56,552
e*
  Wauwatosa Holdings, Inc
$
725  
357,372
  Webster Financial Corp   11,425  
22,114,387
  Wells Fargo & Co   667,633  
123,716
e
  WesBanco, Inc   2,549  
91,034
  West Coast Bancorp   1,684  
165,344
e
  Westamerica Bancorporation   7,366  
88,634
e*
  Western Alliance Bancorp   1,664  
5,572,092
  Western Union Co   135,290  
85,187
  Westfield Financial, Inc   826  
1,987,038
  Westpac Banking Corp   48,712  
265,841
e
  Whitney Holding Corp   6,952  
264,348
  Wilmington Trust Corp   9,305  
106,744
e
  Wilshire Bancorp, Inc   838  
123,487
  Wing Hang Bank Ltd   1,848  
143,473
e
  Wintrust Financial Corp   4,753  
156,480
  Woori Finance Holdings Co Ltd   3,151  
43,779
  WSFS Financial Corp   2,198  
462,170
*
  Yapi ve Kredi Bankasi   1,624  
733,346
*
  Yes Bank Ltd   4,638  
544,563
  Zions Bancorporation   25,426  
 
  TOTAL DEPOSITORY INSTITUTIONS   11,748,943  
 
EATING AND DRINKING PLACES - 0.85%
     
199,723
*
  AFC Enterprises   2,261  
1,587,000
*
  Ajisen China Holdings Ltd   2,825  
32,440
  Autogrill S.p.A.   553  
64,230
e*
  Benihana, Inc (Class A)   819  
79,282
e*
  BJ's Restaurants, Inc   1,289  
232,597
  Bob Evans Farms, Inc   6,264  
453,537
  Brinker International, Inc   8,871  
92,778
e*
  Buffalo Wild Wings, Inc   2,154  
414,183
  Burger King Holdings, Inc   11,808  
166,173
e*
  California Pizza Kitchen, Inc   2,587  
53,567
e*
  Carrols Restaurant Group, Inc   513  
189,656
  CBRL Group, Inc   6,143  
156,284
*
  CEC Entertainment, Inc   4,057  
300,116
e*
  Cheesecake Factory   7,116  
69,224
e*
  Chipotle Mexican Grill, Inc (Class A)   10,181  
179,126
e*
  Chipotle Mexican Grill, Inc (Class B)   22,041  
314,177
e
  CKE Restaurants, Inc   4,147  
24,627,922
  Compass Group plc   151,240  
4,354,330
  Darden Restaurants, Inc   120,658  
689,424
*
  Denny's Corp   2,585  
236,875
e
  Domino's Pizza, Inc   3,134  
172,679
  Enterprise Inns plc   1,674  
179,000
  FU JI Food and Catering Services Holdings Ltd   413  
4,555
  Greene King Plc   73  
93,156
e
  IHOP Corp   3,408  
384,682
*
  Jack in the Box, Inc   9,913  
237,400
  Jollibee Foods Corp   299  
329,048
e*
  Krispy Kreme Doughnuts, Inc   1,040  
5
  Kura Corp   11  
94,276
e
  Landry's Restaurants, Inc   1,857  

37

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
     
(000)
 
65,704
e*
  McCormick & Schmick's Seafood Restaurants, Inc
$
784  
7,508,599
  McDonald's Corp   442,332  
2,500
  McDonald's Holdings Co Japan Ltd   42  
125,744
  Mitchells & Butlers plc   1,061  
50,330
*
  Morton's Restaurant Group, Inc   470  
126,772
e
  O'Charleys, Inc   1,899  
271,803
  Onex Corp   9,636  
202,611
e*
  Papa John's International, Inc   4,599  
137,168
e*
  PF Chang's China Bistro, Inc   3,133  
471,074
  Punch Taverns plc   7,169  
92,218
e*
  Red Robin Gourmet Burgers, Inc   2,950  
20,093
  Restaurant Group plc   75  
294,994
e
  Ruby Tuesday, Inc   2,876  
91,761
e*
  Ruth's Chris Steak House, Inc   820  
2,200
  Saizeriya Co Ltd   33  
287,604
  Sodexho Alliance S.A.   17,661  
348,241
e*
  Sonic Corp   7,626  
3,061,704
*
  Starbucks Corp   62,673  
157,575
e*
  Steak N Shake Co   1,718  
287,425
e*
  Texas Roadhouse, Inc (Class A)   3,179  
829,106
e
  Tim Hortons, Inc   30,619  
320,195
e
  Triarc Cos (Class B)   2,805  
350,972
  Wendy's International, Inc   9,069  
60,135
  Whitbread plc   1,676  
1,432
  Yoshinoya D&C Co Ltd   2,423  
3,504,500
  Yum! Brands, Inc   134,117  
 
  TOTAL EATING AND DRINKING PLACES   1,141,379  
 
EDUCATIONAL SERVICES - 0.13%      
6,600
*
  American Public Education, Inc   276  
1,006,175
*
  Apollo Group, Inc (Class A)   70,583  
100,472
  Benesse Corp   4,290  
725,545
  CAE, Inc   9,785  
451,675
e*
  Career Education Corp   11,355  
463,893
*
  Corinthian Colleges, Inc   7,144  
382,558
  DeVry, Inc   19,878  
318,928
*
  ITT Educational Services, Inc   27,195  
16,701
e*
  Lincoln Educational Services Corp   246  
30,000
  Raffles Education Corp Ltd   63  
76,768
  Strayer Education, Inc   13,095  
125,006
e*
  Universal Technical Institute, Inc   2,125  
82,735
  UP, Inc   530  
335,000
  YBM Sisa.com, Inc   5,332  
 
  TOTAL EDUCATIONAL SERVICES   171,897  
 
ELECTRIC, GAS, AND SANITARY SERVICES - 4.43%      
228,500
  A2A S.p.A.   1,048  
4,036
  ACEA S.p.A.   84  
458
  Actelios S.p.A.   4  
3,513,001
*
  AES Corp   75,143  
195,274
  AGL Energy Ltd   2,284  
509,965
  AGL Resources, Inc   19,195  
931,732
  Allegheny Energy, Inc   59,267  

38

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
      (000)  
135,962
e
  Allete, Inc
$
5,381  
515,490
  Alliant Energy Corp   20,975  
6,715,786
*
  Allied Waste Industries, Inc   74,008  
802,261
  Ameren Corp   43,491  
86,439
  American Ecology Corp   2,030  
3,108,461
  American Electric Power Co, Inc   144,730  
102,591
e
  American States Water Co   3,866  
561,272
  Aqua America, Inc   11,899  
2,247,679
*
  Aquila, Inc   8,384  
3,161
  ASM S.p.A.   23  
348,478
  Atmos Energy Corp   9,771  
4,162,561
  AU Optronics Corp   8,149  
350,648
  Avista Corp   7,553  
386
e*
  Beacon Power Corp   1  
85,110
  BKW FMB Energie AG.   10,825  
210,004
e
  Black Hills Corp   9,261  
1,779,266
  British Energy Group plc   19,445  
99,045
e
  California Water Service Group   3,667  
430,844
  Caltex Australia Ltd   7,328  
168,401
e
  Canadian Utilities Ltd (Class A)   7,917  
122,419
*
  Casella Waste Systems, Inc (Class A)   1,596  
2,186,002
  Centerpoint Energy, Inc   37,446  
65,098
  Central Vermont Public Service Corp   2,008  
7,300,792
  Centrica plc   52,137  
163,751
  CEZ   12,264  
97,686
e
  CH Energy Group, Inc   4,351  
1,838,000
  China Resources Power Holdings Co   6,353  
31,467,848
*
  China Water Affairs Group Ltd   19,371  
1,208,300
  Chubu Electric Power Co, Inc   31,528  
76,900
  Chugoku Electric Power Co, Inc   1,497  
2,967
  CIR-Compagnie Industriali Riunite S.p.A.   11  
55,465
e*
  Clean Energy Fuels Corp   840  
106,239
*
  Clean Harbors, Inc   5,493  
350,434
  Cleco Corp   9,742  
1,857,287
  CLP Holdings Ltd   12,684  
4,676,264
  CMS Energy Corp   81,273  
3,785,389
  Colbun S.A.   779  
83,495
  Companhia de Saneamento Basico do Estado de Sao Paulo   1,929  
226,949
  Companhia Energetica de Minas Gerais   4,144  
106,788
*
  Companhia Energetica de Sao Paulo (Class B)   2,605  
81,002
  Companhia Paranaense de Energia   1,220  
1,029,766
  Consolidated Edison, Inc   50,304  
76,635
e
  Consolidated Water Co, Inc   1,930  
2,597,001
  Constellation Energy Group, Inc   266,270  
161,623
  Contact Energy Ltd   1,025  
681,729
*
  Covanta Holding Corp   18,857  
105,800
  CPFL Energia S.A.   2,001  
183,595
e
  Crosstex Energy, Inc   6,837  
404,436
  Dogan Sirketler Grubu Holdings   766  
2,830,576
  Dominion Resources, Inc   134,311  
1,324,116
e
  DPL, Inc   39,260  
4,534
  Drax Group plc   55  
630,360
  DTE Energy Co   27,711  

39

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
      (000)  
5,200
  DUET Group
$
13  
5,181,606
  Duke Energy Corp   104,513  
1,640,416
*
  Dynegy, Inc (Class A)   11,713  
1,340,067
  E.ON AG.   285,247  
1,826,600
  Edison International   97,486  
45,392
  EDP - Energias do Brasil S.A.   737  
2,688,846
  El Paso Corp   46,356  
309,883
*
  El Paso Electric Co   7,924  
222,320
  Electric Power Development Co   8,299  
191,859
  Electricite de France   22,856  
27,600
  Electricity Generating PCL   92  
224,100
  Electricity Generating PCL   745  
15,190,898
  Eletropaulo Metropolitana de Sao Paulo S.A.   1,242  
148,311
  Empire District Electric Co   3,379  
2,309,275
  Empresa Nacional de Electricidad S.A.   2,922  
2,424
  Enagas   71  
490,384
e*
  Enbridge, Inc   19,880  
6,919,623
  Enel S.p.A.   82,301  
467,387
  Energen Corp   30,020  
1,680,452
  Energias de Portugal S.A.   10,982  
590,467
e
  Energy Developments Ltd   2,017  
691,198
  Energy East Corp   18,807  
39,513
*
  Energy World Corp Ltd   33  
147,300
*
  EnergySolutions Inc   3,976  
38,558
e
  EnergySouth, Inc   2,236  
20,636
e*
  EnerNOC, Inc   1,013  
9,302,998
  Enersis S.A.   2,999  
955,116
  Entergy Corp   114,155  
3,593,102
  Exelon Corp   293,341  
3,547,962
  First Philippine Holdings Corp   6,232  
1,975,356
  FirstEnergy Corp   142,897  
191,831
e
  Fortis, Inc   5,635  
3,921,799
e
  Fortum Oyj   176,661  
4,013,661
  FPL Group, Inc   272,046  
92,850
  Gas Natural SDG S.A.   5,433  
382,000
  Glow Energy PCL   380  
330,096
e
  Great Plains Energy, Inc   9,678  
428,300
  Guangdong Electric Power Development Co Ltd (Class B)   372  
1,978,000
  Guangdong Investments Ltd   1,129  
2,350
  Hafslund ASA (B shares)   67  
12,482
  Hastings Diversified Utilities Fund   33  
313,937
e
  Hawaiian Electric Industries, Inc   7,148  
144,900
  Hokkaido Electric Power Co, Inc   3,139  
48,400
  Hokuriku Electric Power Co   1,009  
7,672,777
  Hong Kong & China Gas Ltd   23,518  
1,931,372
  Hong Kong Electric Holdings Ltd   11,109  
1,094,000
  Huadian Power International Co   556  
2,192,000
  Huaneng Power International, Inc   2,308  
267,000
  HUB Power Co   132  
309
  Hunting plc   4  
3,559,300
*
  Iberdrola Renovables   29,402  
4,036,192
  Iberdrola S.A.   61,372  
240,263
e
  Idacorp, Inc   8,462  

40

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
      (000)  
288,135
  Integrys Energy Group, Inc
$
14,894  
1,852,554
  International Power plc   16,724  
305,131
  Inversiones Aguas Metropolitanas S.A.   368  
231,809
  ITC Holdings Corp   13,079  
49,224
  Jordanian Electric Power Co   306  
925,487
  Kansai Electric Power Co, Inc   21,581  
182,547
  Kelda Group plc   3,943  
260,640
*
  KOC Holding A.S.   1,412  
184,107
  Korea Electric Power Corp   7,799  
15,154
  Korea Gas Corp   1,049  
293,721
  Kyushu Electric Power Co, Inc   7,230  
157,491
e
  Laclede Group, Inc   5,392  
306,860
  Manila Electric Co   613  
49,653
e
  Markwest Hydrocarbon, Inc   3,111  
1,107,237
  MDU Resources Group, Inc   30,571  
147,653
  Metal Management, Inc   6,723  
122,197
e
  MGE Energy, Inc   4,334  
1,627,992
*
  Mirant Corp   63,459  
1,446,387
  MMC Corp BHD   4,068  
316,060
e
  National Fuel Gas Co   14,754  
2,667,154
  National Grid plc   44,279  
168,705
e
  New Jersey Resources Corp   8,439  
257,693
e
  Nicor, Inc   10,913  
1,024,774
  NiSource, Inc   19,358  
942,671
  Northeast Utilities   29,515  
12,445
  Northumbrian Water Group plc   85  
172,072
  Northwest Natural Gas Co   8,373  
237,363
  NorthWestern Corp   7,002  
2,283,527
*
  NRG Energy, Inc   98,968  
403,735
  NSTAR   14,623  
529,122
  NTPC Ltd   3,368  
315,300
e*
  Ocean Power Technologies, Inc   5,117  
60,938
  Oest Elektrizitatswirts AG. (Class A)   4,266  
350,660
  OGE Energy Corp   12,725  
144,870
  Okinawa Electric Power Co, Inc   6,743  
397,076
  Oneok, Inc   17,777  
56,372
  Ormat Industries   843  
72,062
e
  Ormat Technologies, Inc   3,964  
4,734,900
  Osaka Gas Co Ltd   18,691  
179,459
e
  Otter Tail Corp   6,209  
1,795
  Pennon Group plc   24  
1,143,911
  Pepco Holdings, Inc   33,551  
297,100
  Petronas Gas BHD   961  
952,991
  Petronet LNG Ltd   2,596  
2,356,436
  PG&E Corp   101,539  
85,809
e*
  Pico Holdings, Inc   2,885  
444,108
  Piedmont Natural Gas Co, Inc   11,618  
88,604
e*
  Pike Electric Corp   1,485  
377,395
  Pinnacle West Capital Corp   16,005  
442,517
  PNM Resources, Inc   9,492  
4,020,000
  PNOC Energy Development Corp   633  
808,971
  Polish Oil & Gas Co   1,678  
191,477
  Portland General Electric Co   5,319  

41

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
     
VALUE
 
SHARES
      (000)  
2,734,414
  PPL Corp
$
142,436  
987,239
  Progress Energy, Inc   47,812  
495,639
m,v*
  Progress Energy, Inc   5  
1,439,500
  PT Perusahaan Gas Negara   2,353  
1,803,690
  Public Service Enterprise Group, Inc   177,194  
448,193
  Puget Energy, Inc   12,294  
4,460
  Puma AG. Rudolf Dassler Sport   1,780  
1,595,106
  Questar Corp   86,295  
64
  Raetia Energie AG.   28  
421,400
  Ratchaburi Electricity Generating Holding PCL   572  
71,425
  Red Electrica de Espana   4,515  
71,539
  Reliance Energy Ltd   3,876  
464,155
*
  Reliance Natural Resources Ltd   2,150  
2,085,842
*
  Reliant Energy, Inc   54,732  
1,236,874
  Republic Services, Inc   38,776  
83,053
e
  Resource America, Inc (Class A)   1,218  
29,935
  RWE AG.   3,636  
1,722,097
  RWE AG.   241,708  
503,623
  SCANA Corp   21,228  
1,670,322
  Scottish & Southern Energy plc   54,463  
1,149,110
  SembCorp Industries Ltd   4,630  
1,752,640
  Sempra Energy   108,453  
190,586
  Severn Trent plc   5,789  
252,200
  Shikoku Electric Power Co, Inc   6,761  
5,000
  Shizuoka Gas Co Ltd   23  
857,701
  Sierra Pacific Resources   14,564  
80,152
e
  SJW Corp   2,779  
702,363
  Snam Rete Gas S.p.A.   4,487  
20,006
e
  Sociedad General de Aguas de Barcelona S.A. (Class A)   805  
6,318,109
  Sojitz Holdings Corp   22,905  
199,018
e
  South Jersey Industries, Inc   7,183  
3,256,329
  Southern Co   126,183  
633,652
  Southern Union Co   18,604  
248,415
  Southwest Gas Corp   7,395  
117,907
e
  Southwest Water Co   1,476  
439,937
*
  Stericycle, Inc   26,132  
14,167
m,*
  Suez S.A.  
-
^
2,606,403
  Suez S.A.   177,464  
50,025
  Tata Power Co Ltd   1,866  
1,191,305
  TECO Energy, Inc   20,502  
937,175
  Tenaga Nasional BHD   2,721  
8,000
  Toho Gas Co Ltd   40  
330,000
  Tohoku Electric Power Co, Inc   7,444  
2,126,194
  Tokyo Electric Power Co, Inc   55,003  
1,729,058
  Tokyo Gas Co Ltd   8,095  
126,796
  Tractebel Energia S.A.   1,517  
284,048
  TransAlta Corp   9,598  
37,000
e*
  Transportadora de Gas del Sur S.A. (ADR)   221  
616,919
  UGI Corp   16,811  
143,237
e
  UIL Holdings Corp   5,293  
16,400
e,v
  Unified Energy System (ADR)   2,118  
53,159
  Unified Energy System (GDR)   6,911  
390,297
  Union Fenosa S.A.   26,358  

42

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
     
(000)
 
247,139
  Unisource Energy Corp
$
7,797  
652,156
  United Utilities plc   9,814  
198,607
  Vector Ltd   336  
323,148
e
  Vectren Corp   9,375  
225,911
  Veolia Environnement   20,627  
421,630
*
  Waste Connections, Inc   13,028  
55,597
  Waste Industries USA, Inc   2,018  
130,624
e*
  Waste Services, Inc   1,119  
2,398,733
  Westar Energy, Inc   62,223  
310,537
  WGL Holdings, Inc   10,173  
2,453,488
  Williams Cos, Inc   87,786  
578,353
  Wisconsin Energy Corp   28,172  
1,566,514
  Xcel Energy, Inc   35,356  
500,505
  Zhejiang Southeast Electric Power Co (Class B)   578  
 
  TOTAL ELECTRIC, GAS, AND SANITARY SERVICES   5,954,462  
 
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 6.76%      
4,031,838
  ABB Ltd   116,167  
41,597
  ABB Ltd India   1,596  
115,688
e*
  Acme Packet, Inc   1,457  
188,077
*
  Actel Corp   2,569  
303,035
  Acuity Brands, Inc   13,637  
767,071
*
  Adaptec, Inc   2,593  
496,860
*
  ADC Telecommunications, Inc   7,726  
388,559
  Adtran, Inc   8,307  
202,061
*
  Advanced Analogic Technologies, Inc   2,279  
286,878
*
  Advanced Energy Industries, Inc   3,752  
2,277,883
e*
  Advanced Micro Devices, Inc   17,084  
3,629,940
  Advanced Semiconductor Engineering, Inc   3,637  
648,040
e
  Advantest Corp   18,447  
2,400
e*
  Airvana, Inc   13  
2,444,935
  Alcatel S.A.   17,694  
3,056
  Alcatel S.A. (ADR)   22  
377,522
  Alps Electric Co Ltd   4,897  
1,438,739
  Altera Corp   27,796  
210,132
e*
  American Superconductor Corp   5,745  
568,579
  Ametek, Inc   26,632  
307,254
*
  AMIS Holdings, Inc   3,079  
720,833
e*
  Amkor Technology, Inc   6,149  
899,732
  Amphenol Corp (Class A)   41,721  
317,823
e*
  Anadigics, Inc   3,677  
1,285,515
  Analog Devices, Inc   40,751  
5,848,877
*
  Apple Computer, Inc   1,158,546  
397,599
e*
  Applied Micro Circuits Corp   3,475  
800
  Applied Signal Technology, Inc   11  
74,344
  Arcelik A.S.   517  
2,261,769
  ARM Holdings plc   5,583  
936,999
*
  Arris Group, Inc   9,351  
4,720,778
  Asustek Computer, Inc   14,176  
332,004
e*
  Atheros Communications, Inc   10,139  
1,819,513
*
  Atmel Corp   7,860  
191,745
*
  ATMI, Inc   6,184  
20,200
e*
  AudioCodes Ltd   102  

43

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
     
VALUE
 
SHARES
     
(000)
 
2,452
  Austria Technologie & Systemtechnik AG.
$
57  
286
*
  Austriamicrosystems AG.   13  
938,897
e*
  Avanex Corp   939  
4,456,950
  Avermedia Technologies   9,990  
1,320,737
*
  Avnet, Inc   46,186  
340,210
  AVX Corp   4,566  
7
  Axell Corp   20  
62,288
e*
  AZZ, Inc   1,766  
246,072
  Baldor Electric Co   8,283  
6,086
e
  Bang & Olufsen AS (B Shares)   573  
6,701
  Barco NV   511  
66,764
e
  Bel Fuse, Inc (Class B)   1,954  
423,752
*
  Benchmark Electronics, Inc   7,513  
10,778
  Bharat Electronics Ltd   577  
64,881
e*
  BigBand Networks, Inc   333  
2,404,935
*
  Broadcom Corp (Class A)   62,865  
108,000
  Byd Co Ltd   715  
1,800
e*
  C&D Technologies Inc   12  
500
  Canon Electronics, Inc   11  
133,383
*
  Celestica, Inc   783  
187,412
e*
  Ceradyne, Inc   8,795  
21,720
*
  Chartered Semiconductor Manufacturing Ltd   15  
252,315
*
  Checkpoint Systems, Inc   6,555  
196,678
  Cheng Uei Precision Industry Co Ltd   435  
2,726,115
  Chi Mei Optoelectronics Corp   3,824  
11,538
e,m,v*
  China Energy Savings Technology, Inc   1  
3,773,000
*
  Chunghwa Picture Tubes Ltd   1,309  
582,539
*
  Ciena Corp   19,870  
41,576,015
*
  Cisco Systems, Inc   1,125,463  
2,000
  CMK Corp   15  
142,500
  Compal Communications, Inc   354  
556,000
  Compeq Manufacturing Co   189  
170,970
*
  Comtech Telecommunications Corp   9,234  
3,283,306
e*
  Conexant Systems, Inc   2,725  
1,360,951
  Cooper Industries Ltd (Class A)   71,967  
52,225
*
  CPI International, Inc   893  
514,611
e*
  Cree, Inc   14,136  
270,226
*
  CSR plc   3,227  
233,710
e
  CTS Corp   2,321  
140,266
  Cubic Corp   5,498  
702,199
*
  Cypress Semiconductor Corp   25,300  
513,978
  Daiichikosho Co Ltd   5,549  
16,525
e
  Dainippon Screen Manufacturing Co Ltd   92  
3,000
  Daiwa Industries Ltd   17  
36,000
  Datacraft Asia Ltd   45  
2,390,000
  Datang International Power Generation Co Ltd   2,133  
164,143
e*
  Diodes, Inc   4,936  
183,061
e*
  Ditech Networks, Inc   635  
524,480
*
  Dolby Laboratories, Inc (Class A)   26,077  
174,925
*
  DSP Group, Inc   2,134  
99,452
e*
  DTS, Inc   2,543  
7,586
*
  Eagle Broadband, Inc  
-
^
941,542
  Eaton Corp   91,282  

44

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
      (000)  
34,100
  e,m,v*
  ECI Telecom Ltd
$
340  
172,529
e*
  Electro Scientific Industries, Inc   3,425  
112,055
*
  EMS Technologies, Inc   3,389  
355,346
e*
  Energizer Holdings, Inc   39,845  
213,275
e*
  Energy Conversion Devices, Inc   7,177  
137,225
*
  EnerSys   3,425  
396
  Epcos AG.   7  
248,465
  Epistar Corp   1,065  
11,662,358
  Ericsson (LM) (B Shares)   27,391  
489,545
e*
  Evergreen Solar, Inc   8,454  
167,000
  Everlight Electronics Co Ltd   613  
102
  EVS Broadcast Equipment S.A.   12  
207,219
e*
  Exar Corp   1,652  
854,828
*
  Fairchild Semiconductor International, Inc   12,335  
8,126,000
  Far EasTone Telecommunications Co Ltd   10,272  
1,473,197
e*
  Finisar Corp   2,136  
253,015
e*
  First Solar, Inc   67,590  
125,984
e
  Fisher & Paykel Appliances Holdings Ltd   333  
987,636
e
  Fisher & Paykel Healthcare Corp   2,653  
281,460
*
  Flextronics International Ltd   3,394  
800
  Foster Electric Co Ltd   22  
1,321,100
*
  Foxconn International Holdings Ltd   2,965  
277,085
  Foxconn Technology Co Ltd   2,255  
106,850
e
  Franklin Electric Co, Inc   4,089  
402,884
e*
  FuelCell Energy, Inc   3,997  
3,040,401
  Fuji Electric Holdings Co Ltd   10,641  
340,573
  Gamesa Corp Tecnologica S.A.   15,924  
761
*
  Gemalto NV   24  
1,408,148
*
  Gemstar-TV Guide International, Inc   6,703  
172,817
*
  Genlyte Group, Inc   16,452  
1,958
e
  Geo Corp   3,540  
787,500
  Geodesic Information Systems Ltd   4,624  
6,922
  GFI Informatique   61  
40,201
e
  GN Store Nord   316  
607,512
*
  GrafTech International Ltd   10,783  
189,064
e*
  Greatbatch, Inc   3,779  
2,508
  Groupe Steria SCA   92  
163,129
  GVK Power & Infrastructure Ltd   3,318  
128,100
  Hamamatsu Photonics KK   4,243  
532,800
  Hana Microelectronics PCL   342  
2,791,400
*
  HannStar Display Corp   1,239  
286,896
  Harman International Industries, Inc   21,147  
494,506
*
  Harmonic, Inc   5,182  
902,497
  Harris Corp   56,569  
154,508
*
  Helen of Troy Ltd   2,648  
508,667
e*
  Hexcel Corp   12,350  
359,553
  High Tech Computer Corp   6,640  
19,949
  Hirose Electric Co Ltd   2,307  
399,290
  Hitachi Chemical Co Ltd   9,204  
7,000
  Hitachi High-Technologies Corp   153  
3,114,379
  Hitachi Ltd   23,222  
2,700
  Hitachi Maxell Ltd   33  
110,034
*
  Hittite Microwave Corp   5,255  

45

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
     
VALUE
 
SHARES
     
(000)
 
5,182,644
  Hon Hai Precision Industry Co, Ltd
$
32,277  
6,687,841
  Honeywell International, Inc   411,770  
900
  Horiba Ltd   33  
1,800
e
  Hosiden Corp   28  
897,558
  Hoya Corp   28,602  
169,151
e*
  Hutchinson Technology, Inc   4,452  
121,450
*
  Hynix Semiconductor, Inc   3,367  
71,748
  Hyundai Autonet Co Ltd   489  
231,936
  Ibiden Co Ltd   16,090  
212,171
e
  Imation Corp   4,456  
910
  Imtech NV   23  
2,676
  Indesit Co S.p.A.   42  
2,331,506
*
  Infineon Technologies AG.   27,509  
530,000
*
  Infineon Technologies AG. (ADR)   6,169  
71,960
e*
  Infinera Corp   1,068  
2,906,323
  InnoLux Display Corp   9,857  
2,001,100
  Inotera Memories, Inc   1,586  
1,042,077
*
  Integrated Device Technology, Inc   11,786  
42,162,101
  Intel Corp   1,124,042  
247,152
e*
  InterDigital, Inc   5,766  
281,063
*
  International Rectifier Corp   9,548  
560,048
  Intersil Corp (Class A)   13,710  
230,354
*
  InterVoice, Inc   1,841  
1
  Intracom S.A.  
-
^
52,033
*
  IPG Photonics Corp   1,040  
80,588
e*
  iRobot Corp   1,457  
145,893
e*
  IXYS Corp   1,170  
64,945
e*
  JA Solar Holdings Co Ltd (ADR)   4,534  
1,000
  Japan Aviation Electronics Industry Ltd   15  
900
  Japan Digital Laboratory Co Ltd   11  
1,000
  Japan Radio Co Ltd   3  
344,114
*
  Jarden Corp   8,125  
868,801
e*
  JDS Uniphase Corp   11,555  
284,134
  Johnson Electric Holdings Ltd   156  
11,100
  Jurong Technologies Industrial Corp Ltd   3  
541,255
e*
  Kemet Corp   3,589  
150,800
  Kinsus Interconnect Technology Corp   474  
2,829,891
  Koninklijke Philips Electronics NV   122,138  
6,360
  Koor Industries Ltd   529  
10,875
  Kudelski S.A.   215  
204,898
  Kyocera Corp   18,176  
1,104,632
  L-3 Communications Holdings, Inc   117,025  
7,036
  Laird Group plc   81  
651,110
e*
  Lattice Semiconductor Corp   2,116  
303,947
  Legrand S.A.   10,376  
74,842
  LG Electronics, Inc   7,996  
72,282
*
  LG.Philips LCD Co Ltd   3,822  
9,768
e
  LG.Philips LCD Co Ltd (ADR)   254  
175,707
  Lincoln Electric Holdings, Inc   12,507  
944,265
e
  Linear Technology Corp   30,056  
182,989
*
  Littelfuse, Inc   6,031  
53,114
e*
  Loral Space & Communications, Inc   1,819  
108,819
  LSI Industries, Inc   1,981  

46

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
     
VALUE
 
SHARES
      (000)  
3,054,416
*
  LSI Logic Corp
$
16,219  
18,811
  Mabuchi Motor Co Ltd   1,135  
2,276,400
  Macronix International   1,049  
2,400
e*
  Magnetek, Inc   10  
98,000
  Malaysian Pacific Industries   276  
6,865,772
*
  Marvell Technology Group Ltd   95,984  
1,582,054
  Matsushita Electric Industrial Co Ltd   32,784  
603,350
  Matsushita Electric Industrial Co Ltd (ADR)   12,332  
58,557
  Matsushita Electric Works Ltd   648  
314,891
*
  Mattson Technology, Inc   2,695  
4,310,456
  Maxim Integrated Products, Inc   114,141  
797,575
  MediaTek, Inc   10,353  
115,526
e*
  Medis Technologies Ltd   1,783  
11,552
  e,m,v*
  Medis Technologies Ltd  
-
^
1,582,491
*
  MEMC Electronic Materials, Inc   140,035  
136,059
e*
  Mercury Computer Systems, Inc   2,192  
254,701
  Methode Electronics, Inc   4,187  
325,712
  Micrel, Inc   2,752  
905,762
e
  Microchip Technology, Inc   28,459  
7,063,222
*
  Micron Technology, Inc   51,208  
1,627
  Micronas Semiconductor Holdings, Inc   16  
405,096
e*
  Microsemi Corp   8,969  
287,804
*
  Microtune, Inc   1,879  
23,575
*
  Millicom International Cellular S.A.   2,728  
3,000
  Mimasu Semiconductor Industry Co Ltd   56  
802,841
  Minebea Co Ltd   5,153  
236,320
e*
  MIPS Technologies, Inc   1,172  
4,451,435
  Mitsubishi Electric Corp   46,541  
160,249
  Mitsumi Electric Co Ltd   5,451  
553,726
  Molex, Inc   15,117  
179,384
e*
  Monolithic Power Systems, Inc   3,851  
211,527
*
  Moog, Inc (Class A)   9,690  
580,580
  Mosel Vitelic, Inc   482  
11,336,682
  Motorola, Inc   181,840  
730,122
e*
  MRV Communications, Inc   1,694  
52,729
e*
  Multi-Fineline Electronix, Inc   914  
441,956
  Murata Manufacturing Co Ltd   25,636  
148,273
  Nan Ya Printed Circuit Board Corp   1,013  
1,793,096
  Nanya Technology Corp   1,012  
26,351
e
  National Presto Industries, Inc   1,388  
1,496,863
  National Semiconductor Corp   33,889  
158,944
e*
  NEC Electronics Corp   3,792  
92,153
e*
  Netlogic Microsystems, Inc   2,967  
6,039,946
*
  Network Appliance, Inc   150,757  
3,100
  Neuf Cegetel   157  
752
  Nexans S.A.   94  
109,295
  NGK Spark Plug Co Ltd   1,914  
38,464
*
  Nice Systems Ltd   1,327  
141,944
e
  Nidec Corp   10,521  
800
  Nihon Dempa Kogyo Co Ltd   39  
1,000
  Nippon Carbon Co Ltd   4  
2,000
  Nippon Chemi-Con Corp   12  
5,000
  Nissin Electric Co Ltd   23  

47

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
      (000)  
79,673
  Nitto Denko Corp
$
4,222  
1,600
  Nitto Kogyo Corp   17  
5,224
  NKT Holding AS   470  
7,601,564
  Nokia Oyj   294,740  
51,000
  Nokia Oyj (ADR)   1,958  
585,517
*
  Nortel Networks Corp   8,887  
1,272,427
e*
  Novellus Systems, Inc   35,081  
4,718,633
*
  Nvidia Corp   160,528  
21,662
  Olympic Group Financial Investments   294  
310,179
e*
  Omnivision Technologies, Inc   4,854  
348,508
  Omron Corp   8,314  
1,539,969
e*
  ON Semiconductor Corp   13,675  
610,787
e*
  On2 Technologies, Inc   623  
562,815
e
  Openwave Systems, Inc   1,463  
111,094
e*
  Oplink Communications, Inc   1,705  
98,855
*
  OpNext, Inc   875  
80,012
e*
  Optium Corp   631  
560,000
  Origin Electric Co Ltd   3,068  
84,242
e*
  OSI Systems, Inc   2,230  
124,125
  Park Electrochemical Corp   3,505  
219,737
*
  Pericom Semiconductor Corp   4,109  
250,454
  Phoenix Electric Co Ltd   1,123  
254,061
*
  Photronics, Inc   3,168  
105,100
e
  Pioneer Corp   950  
284,345
e
  Plantronics, Inc   7,393  
344,153
*
  Plexus Corp   9,037  
132,857
e*
  PLX Technology, Inc   1,236  
1,199,566
e*
  PMC - Sierra, Inc   7,845  
508,519
*
  Polycom, Inc   14,127  
78,000
*
  Polypore International, Inc   1,365  
38,674
*
  Powell Industries, Inc   1,704  
4,816,035
  Powerchip Semiconductor Corp   2,049  
454,617
e*
  Power-One, Inc   1,814  
405,750
  Powertech Technology, Inc   1,445  
782,325
e*
  Powerwave Technologies, Inc   3,153  
4,143,000
  ProMOS Technologies, Inc   1,111  
16,278
*
  PV Crystalox Solar plc   49  
36,163
*
  Q-Cells AG.   5,160  
1,025,768
*
  QLogic Corp   14,566  
10,197,881
  Qualcomm, Inc   401,287  
2,434,391
  RadioShack Corp   41,044  
415,467
e*
  Rambus, Inc   8,700  
87,524
e
  Raven Industries, Inc   3,360  
265,337
  Realtek Semiconductor Corp   920  
1,843
*
  Redes Energeticas Nacionais S.A.   10  
187,586
  Regal-Beloit Corp   8,432  
459,278
  Reliance Communication Ventures Ltd   8,697  
1,046,750
e*
  Renewable Energy Corp A.S.   53,206  
131,958
*
  Research In Motion Ltd   14,964  
1,039,883
*
  Research In Motion Ltd   118,597  
112,755
  Reunert Ltd   1,179  
1,619,163
e*
  RF Micro Devices, Inc   9,245  
49,000
  Richtek Technology Corp   443  

48

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
      (000)  
867,196
  Ricoh Co Ltd
$
16,030  
10,100
  Rinnai Corp   330  
1,239,000
*
  Ritek Corp   294  
108,155
e*
  Rogers Corp   4,691  
169,045
  Rohm Co Ltd   14,754  
40,084
  Samsung Electro-Mechanics Co Ltd   2,105  
94,922
  Samsung Electronics Co Ltd   56,382  
14,701
  Samsung Electronics Co Ltd   6,722  
22,479
  Samsung SDI Co Ltd   1,597  
272,898
e
  Sanken Electric Co Ltd   1,468  
3,609,691
*
  Sanmina-SCI Corp   6,570  
3,000
  Sanyo Denki Co Ltd   14  
1,008,000
*
  Sanyo Electric Co Ltd   1,390  
320,744
  Satyam Computer Services Ltd   3,678  
400,425
  Schindler Holding AG.   25,819  
182,297
*
  Seachange International, Inc   1,318  
430
  SEB S.A.   78  
10,806,000
*
  Semiconductor Manufacturing International Corp   1,136  
440,344
*
  Semtech Corp   6,834  
411,322
*
  SGL Carbon AG.   22,263  
161,771
  Sharp Corp   2,911  
234,800
  Shinko Electric Industries   4,803  
2,494
*
  ShoreTel, Inc   35  
27,845
  Siemens India Ltd   1,335  
472,838
*
  Silicon Image, Inc   2,137  
223,838
*
  Silicon Laboratories, Inc   8,378  
601,168
e*
  Silicon Storage Technology, Inc   1,798  
2,214,076
  Siliconware Precision Industries Co   3,980  
119,943
  Sino-American Silicon Products Inc   980  
6,887,884
e*
  Sirius Satellite Radio, Inc   20,870  
16,359
  Sirti S.p.A.   63  
1,007,150
*
  Skyworks Solutions, Inc   8,561  
258,888
*
  Smart Modular Technologies WWH, Inc   2,636  
118,781
  Smiths Group plc   2,395  
1,401,783
  Sony Corp   77,797  
667,038
e*
  Spansion, Inc (Class A)   2,621  
226,719
e*
  Spectrum Brands, Inc   1,208  
129,426
*
  Standard Microsystems Corp   5,057  
97,434
  Stanley Electric Co Ltd   2,433  
1,400
  Star Micronics Co Ltd   31  
85,297
e*
  Starent Networks Corp   1,557  
10,967
*
  STATS ChipPAC Ltd   12  
218,958
  STMicroelectronics NV   3,137  
95,698
*
  Stoneridge, Inc   769  
66,035
  Sumco Corp   1,903  
114,158
e*
  Sunpower Corp (Class A)   14,885  
65,663
e*
  Supertex, Inc   2,055  
1,024,475
*
  Sycamore Networks, Inc   3,934  
270,631
e*
  Symmetricom, Inc   1,275  
178,548
e*
  Synaptics, Inc   7,349  
305,944
e*
  Syntax-Brillian Corp   942  
15,744,952
  Taiwan Semiconductor Manufacturing Co Ltd   30,097  
695,000
  Taiwan Semiconductor Manufacturing Co Ltd (ADR)   6,922  

49

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
     
VALUE
 
SHARES
      (000)  
257,162
e
  Taiyo Yuden Co Ltd
$
4,150  
294,036
  Tandberg ASA   6,146  
2,458,000
*
  Tatung Co Ltd   1,194  
220,226
  TDK Corp   16,401  
2,531
  Techem AG.   207  
314,034
  Technitrol, Inc   8,975  
102,384
e*
  Techwell, Inc   1,127  
1,415,000
  Teco Electric and Machinery Co Ltd   707  
356,653
e*
  Tekelec   4,458  
507,995
  Teleflex, Inc   32,009  
170,000
  Telefonaktiebolaget LM Ericsson (ADR)   3,970  
1,674,373
*
  Tellabs, Inc   10,950  
6,173,890
e
  Terna Rete Elettrica Nazionale S.p.A.   24,891  
249,078
*
  Tessera Technologies, Inc   10,362  
8,096,885
  Texas Instruments, Inc   270,436  
254,308
*
  Thomas & Betts Corp   12,471  
194,147
  Thomson   2,762  
395,105
e
  Tokyo Denpa Co Ltd   4,828  
674,581
  Tomkins plc   2,373  
39,800
  Toyota Boshoku Corp   1,293  
300,193
e*
  Trident Microsystems, Inc   1,969  
96,885
e*
  Tripath Technology, Inc  
-
^
230,260
  Tripod Technology Corp   831  
844,185
*
  Triquint Semiconductor, Inc   5,597  
281,127
*
  TTM Technologies, Inc   3,278  
2,172,891
  Tyco Electronics Ltd   80,680  
100,414
e*
  Ultra Clean Holdings   1,225  
9,777
  Uniden Corp   57  
690,260
  Unimicron Technology Corp   1,213  
314
  Unit 4 Agresso NV   9  
7,969,347
  United Microelectronics Corp   4,951  
133,827
e*
  Universal Display Corp   2,766  
77,813
*
  Universal Electronics, Inc   2,602  
771,924
e
  Ushio, Inc   16,998  
690,859
e*
  Utstarcom, Inc   1,900  
56,892
e
  Valeo S.A.   2,346  
1,296,414
  Vanguard International Semiconductor Corp   971  
338,761
*
  Varian Semiconductor Equipment Associates, Inc   12,534  
30,000
  Varitronix International Ltd   22  
145,105
  Venture Corp Ltd   1,290  
107,046
*
  Vestel Elektronik Sanayi   265  
613,000
*
  Via Technologies, Inc   347  
166,925
*
  Viasat, Inc   5,747  
109,368
e
  Vicor Corp   1,705  
6,000
*
  Victor Co Of Japan Ltd   13  
1,151,214
*
  Vishay Intertechnology, Inc   13,135  
92,702
e*
  Volterra Semiconductor Corp   1,023  
4,000
  Vtech Holdings Ltd   29  
106,000
  Wafer Works Corp   618  
360,852
e
  Whirlpool Corp   29,456  
2,209,000
  Winbond Electronics Corp   612  
643,401
  Wintek Corp   883  
199,865
  Wipro Ltd   2,666  

50

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
     
(000)
 
1,240,597
  Xilinx, Inc
$
27,132  
15,750
m,v*
  Ya Hsin Industrial Co Ltd   3  
1,591,000
  Yageo Corp   559  
302,012
  Yaskawa Electric Corp   4,120  
4,682,266
  YTL Power International   3,823  
1,393,538
  Zhuzhou CSR Times Electric Co Ltd   2,055  
142,000
  Zinwell Corp   473  
129,810
e*
  Zoltek Cos, Inc   5,565  
339,846
*
  Zoran Corp   7,650  
115,600
  ZTE Corp   623  
1,840
  Zumtobel AG.   67  
 
  TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT   9,100,824  
 
ENGINEERING AND MANAGEMENT SERVICES - 0.80%
     
2,508
  Aangpanneforeningen AB (B Shares)   66  
11,038
*
  Acambis plc   26  
102,411
*
  Advisory Board Co   6,574  
267,585
e*
  Aecom Technology Corp   7,645  
105,970
  Aeroplan Income Fund   2,545  
24,581
*
  Affymax, Inc   550  
1,111,431
e*
  Amylin Pharmaceuticals, Inc   41,123  
465,303
*
  Applera Corp (Celera Genomics Group)   7,384  
532,870
e*
  Ariad Pharmaceuticals, Inc   2,265  
3,074
  Babcock International Group   34  
25
*
  Bavarian Nordic AS   1  
501,906
e
  Cap Gemini S.A.   31,554  
553,229
  Capita Group plc   7,687  
141,406
e
  CDI Corp   3,430  
2,432,716
*
  Celgene Corp   112,416  
12,930
e*
  comScore, Inc   422  
69,737
e*
  Cornell Cos, Inc   1,626  
174,265
e
  Corporate Executive Board Co   10,473  
80,856
*
  CRA International, Inc   3,850  
5,216
e*
  CuraGen Corp   5  
311,753
*
  CV Therapeutics, Inc   2,821  
147
*
  Cytos Biotechnology AG.   11  
124,167
  Daewoo Engineering & Construction Co Ltd   3,276  
200,720
  Diamond Management & Technology Consultants, Inc   1,459  
12,231
a,e*
  Digital Garage, Inc   22,773  
982
  Dinamia   30  
2,358,940
  Downer EDI Ltd   11,143  
330,820
e*
  eResearch Technology, Inc   3,910  
54
  Eurofins Scientific   6  
558,748
*
  Exelixis, Inc   4,822  
90,552
*
  Exponent, Inc   2,448  
649,461
  Fluor Corp   94,639  
14,722
e
  Fugro NV   1,136  
143,620
*
  Genpact Ltd   2,187  
216,469
*
  Gen-Probe, Inc   13,622  
565
  GFK AG.   23  
1,280,162
  GRD Ltd   2,383  
168,140
*
  Greenfield Online, Inc   2,456  
325,650
*
  Harris Interactive, Inc   1,387  

51

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
      (000)  
616,525
*
  Hewitt Associates, Inc (Class A)
$
23,607  
106,432
*
  Huron Consulting Group, Inc   8,582  
889
*
  Icon plc   58  
24,877
  IDB Development Corp Ltd   944  
472,392
e*
  Incyte Corp   4,748  
481,167
e*
  Isis Pharmaceuticals, Inc   7,578  
679,748
*
  Jacobs Engineering Group, Inc   64,991  
409,727
  JGC Corp   7,075  
10,309
  John Wood Group plc   89  
708,950
*
  KBR, Inc   27,507  
4,678
  Keller Group plc   62  
68,484
*
  Kendle International, Inc   3,350  
529,300
  KNM Group BHD   1,232  
220,710
e*
  Kosan Biosciences, Inc   795  
1,829
v*
  Kumho Industrial Co Ltd   27  
15,246
  Kumho Industrial Co Ltd   922  
49,380
e
  Landauer, Inc   2,560  
144,868
*
  LECG Corp   2,182  
219,527
e*
  Lifecell Corp   9,464  
179,331
e*
  Luminex Corp   2,912  
169,504
e
  MAXIMUS, Inc   6,545  
166,288
e*
  Maxygen, Inc   1,335  
1,538,075
*
  McDermott International, Inc   90,793  
83,024
*
  Michael Baker Corp   3,412  
18,280
  Mitie Group   103  
1,202,883
e
  Moody's Corp   42,943  
66,077
e*
  MTC Technologies, Inc   1,553  
220,938
e*
  Myriad Genetics, Inc   10,256  
251,208
e*
  Navigant Consulting, Inc   3,434  
169,007
e*
  Neurogen Corp   583  
1,200
e
  Nichii Gakkan Co   16  
211,391
*
  Omnicell, Inc   5,693  
1,592,437
  Paychex, Inc   57,678  
5,442
  Petrofac Ltd   60  
147,754
e*
  PharmaNet Development Group, Inc   5,793  
175
*
  Phorm, Inc   10  
1,196
  Poyry Oyj   30  
523,200
  QinetiQ plc   2,052  
639,265
  Quest Diagnostics, Inc   33,817  
182,304
*
  Regeneration Technologies, Inc   1,582  
431,941
e*
  Regeneron Pharmaceuticals, Inc   10,431  
978,500
e*
  Rentech, Inc   1,771  
264,922
  Resources Connection, Inc   4,811  
149,965
e*
  Rigel Pharmaceuticals, Inc   3,808  
18,147
  Robert Walters plc   55  
506
  RPS Group plc   3  
965,306
e*
  SAIC, Inc   19,422  
24,013
  Samsung Engineering Co Ltd   2,406  
292,405
e*
  Savient Pharmaceuticals, Inc   6,717  
12,834
  Savills plc   71  
43,824
  SBM Offshore NV   1,384  
362,356
e*
  Seattle Genetics, Inc   4,131  
163,643
e*
  Senomyx, Inc   1,226  

52

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
     
(000)
 
459,151
  Serco Group plc
$
4,225  
782,211
*
  Shaw Group, Inc   47,277  
704,000
  Shenzhen Expressway Co Ltd   778  
1,300
  Shinko Plantech Co Ltd   18  
6,180
*
  Silex Systems Ltd   33  
237,029
  SNC-Lavalin Group, Inc   11,561  
43,520
*
  Stanley, Inc   1,393  
15,000
*
  Swiber Holdings Ltd   36  
180,849
e*
  Symyx Technologies, Inc   1,389  
333,335
  Tecan Group AG.   20,021  
51,991
e*
  Tejon Ranch Co   2,124  
314,274
e*
  Telik, Inc   1,090  
350,167
*
  Tetra Tech, Inc   7,529  
1,505,957
e
  Toyo Engineering Corp   7,482  
4,010
  Transfield Services Ltd   48  
493
  Trevi Finanziaria S.p.A.   9  
13,000
  United Engineers Ltd   34  
5,165
  United Group Ltd   87  
645,699
*
  URS Corp   35,081  
167,894
e*
  Verenium Corp   838  
294,612
  Watson Wyatt & Co Holdings (Class A)   13,673  
446,522
  WHK Group Ltd   863  
254,868
  WorleyParsons Ltd   11,637  
906,600
  Zelan BHD   1,494  
 
  TOTAL ENGINEERING AND MANAGEMENT SERVICES   1,071,537  
 
ENVIRONMENTAL QUALITY AND HOUSING - 0.00%**      
1,777,115
*
  Centillion Environment & Recycling Ltd   50  
236,178
e*
  Home Solutions of America, Inc   236  
 
  TOTAL ENVIRONMENTAL QUALITY AND HOUSING   286  
 
FABRICATED METAL PRODUCTS - 0.51%
     
164,400
e*
  Alliant Techsystems, Inc   18,702  
552,243
  Amcor Ltd   3,351  
49,572
  Ameron International Corp   4,568  
406,775
  Aptargroup, Inc   16,641  
683,966
  Ball Corp   30,778  
189,468
  Bharat Heavy Electricals   12,449  
97,602
*
  Chart Industries, Inc   3,016  
547,412
  China International Marine Containers Co Ltd (Class B)   1,016  
93,446
  CIRCOR International, Inc   4,332  
802,259
  Commercial Metals Co   23,627  
99,941
e*
  Commercial Vehicle Group, Inc   1,449  
27,898
  Compx International, Inc   408  
215,713
  Crane Co   9,254  
3,142,830
*
  Crown Holdings, Inc   80,614  
64,531
e
  Dynamic Materials Corp   3,801  
12,326
  Geberit AG.   1,693  
431
*
  Gerresheimer AG.   24  
173,412
e*
  Griffon Corp   2,159  
89,870
  Gulf Island Fabrication, Inc   2,850  
807,538
  Hitachi Cable Ltd   4,800  
42,000
  Hitachi Metals Ltd   567  

53

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
     
VALUE
 
SHARES
      (000)  
4,368,518
  Illinois Tool Works, Inc
$
233,890  
3,100
  Indutrade AB   59  
98,732
e
  Insteel Industries, Inc   1,158  
8,154
  Jindal Steel & Power Ltd   3,185  
172,909
  JS Group Corp   2,769  
2,000
  Kitz Corp   10  
77,118
e*
  Ladish Co, Inc   3,331  
55,308
e
  Lifetime Brands, Inc   718  
195,456
e*
  Mobile Mini, Inc   3,624  
668,722
e
  Mueller Water Products, Inc (Class A)   6,366  
123,747
*
  NCI Building Systems, Inc   3,563  
782
  Norddeutsche Affinerie AG.   30  
866,713
  Parker Hannifin Corp   65,272  
43,450
*
  Park-Ohio Holdings Corp   1,091  
825,665
  Pentair, Inc   28,741  
51,005
e*
  PGT, Inc   243  
515,424
  Rexam plc   4,294  
74,921
  Sanwa Shutter Corp   370  
1,000,000
  Shin Zu Shing Co Ltd   6,135  
187,312
  Silgan Holdings, Inc   9,729  
210,492
e
  Simpson Manufacturing Co, Inc   5,597  
159,853
e*
  Smith & Wesson Holding Corp   975  
327,431
  Snap-On, Inc   15,795  
325,753
  Ssab Svenskt Stal AB (Series A)   8,871  
22,516
e
  Ssab Svenskt Stal AB (Series B)   554  
491,820
  Stanley Works   23,843  
277,364
e*
  Sturm Ruger & Co, Inc   2,297  
59,390
e
  Sun Hydraulics Corp   1,498  
329,450
e*
  Taser International, Inc   4,741  
102,099
m,v*
  Tata Steel Ltd   29  
155,924
  Tata Steel Ltd   3,700  
8,625
b,m,v*
  Tower Automotive, Inc  
-
^
23,140
  Toyo Seikan Kaisha Ltd   411  
71,030
*
  Trimas Corp   752  
113,089
e
  Valmont Industries, Inc   10,079  
177,673
e
  Watts Water Technologies, Inc (Class A)   5,295  
557,735
  Yieh Phui Enterprise   205  
 
  TOTAL FABRICATED METAL PRODUCTS   685,319  
 
FISHING, HUNTING, AND TRAPPING - 0.00%**
     
11,739
e*
  Lighthouse Caledonia ASA   11  
 
  TOTAL FISHING, HUNTING, AND TRAPPING   11  
 
FOOD AND KINDRED PRODUCTS - 3.48%      
194,059
  Ajinomoto Co, Inc   2,208  
110,708
e*
  Altus Pharmaceuticals, Inc   573  
34,591
e*
  American Dairy, Inc   448  
157,026
  Anadolu Efes Biracilik Ve Malt Sanayii A.S.   1,862  
4,788,648
  Anheuser-Busch Cos, Inc   250,638  
2,923,501
  Archer Daniels Midland Co   135,738  
1,000
  Ariake Japan Co Ltd   18  
925,313
  Asahi Breweries Ltd   15,671  
109,791
  Associated British Foods plc   1,966  

54

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
      (000)  
282,583
  AVI Ltd
$
829  
422,000
  Beijing Enterprises Holdings Ltd   2,005  
102
  Bonduelle S.C.A.   12  
86,763
e*
  Boston Beer Co, Inc (Class A)   3,267  
667
  Bourbon S.A.   44  
263
  Brasseries Maroc   63  
9,966
  Britvic plc   69  
470,797
  Bunge Ltd   54,805  
878,521
  Cadbury Schweppes plc   10,860  
920,627
  Campbell Soup Co   32,894  
101,757
  Carlsberg AS (Class B)   12,310  
53,200
  Charoen Pokphand Foods PCL   7  
1,029,000
*
  China Agri-Industries Holdings Ltd   689  
19,259
*
  CJ CheilJedang Corp   6,090  
28,513
  CJ Corp   2,513  
246,940
  Coca Cola Hellenic Bottling Co S.A.   10,687  
820,027
  Coca-Cola Amatil Ltd   6,826  
27,018
  Coca-Cola Bottling Co Consolidated   1,591  
4
  Coca-Cola Central Japan Co Ltd   31  
13,317,089
  Coca-Cola Co   817,270  
2,056,463
  Coca-Cola Enterprises, Inc   53,530  
200,826
  Coca-Cola Femsa S.A. de C.V.   987  
515,562
e
  Coca-Cola West Japan Co Ltd   11,422  
644,000
*
  Cofco International Ltd   480  
121,622
  Companhia de Bebidas das Americas   8,790  
1,933,518
  ConAgra Foods, Inc   45,998  
817,616
*
  Constellation Brands, Inc (Class A)   19,328  
539,120
  Corn Products International, Inc   19,813  
47,135
  Cosan SA Industria e Comercio   551  
16,136
*
  Cosan SA Industria e Comercio   1  
48,428
*
  Cott Corp   321  
1,801,768
  CSR Ltd   4,904  
5,434
  Dairy Crest Group plc   63  
38,099
e
  Danisco AS   2,701  
611,187
*
  Darling International, Inc   7,065  
1,190,877
  Del Monte Foods Co   11,266  
1,957,100
  Diageo plc   42,075  
200
*
  Doutor Nichires Holdings Co Ltd   3  
8,139
  East Asiatic Co Ltd A.S.   634  
5,720
  Ebro Puleva S.A.   105  
192,460
  Embotelladora Andina S.A.   518  
270,928
  Embotelladora Andina S.A.   783  
741,321
  Empresas Iansa S.A.   57  
41,459
e
  Farmer Bros Co   953  
553,039
  Flowers Foods, Inc   12,947  
1,524,255
  Fomento Economico Mexicano S.A. de C.V.   5,824  
2,305,998
  General Mills, Inc   131,442  
1,827
  Givaudan S.A.   1,761  
3,983
  Glanbia Plc   27  
898,290
  Greencore Group plc   5,884  
692
  Greggs Plc   65  
2,829,814
  Groupe Danone   254,032  
184,971
  Grupo Bimbo S.A. de C.V. (Series A)   1,102  

55

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
     
VALUE
 
SHARES
      (000)  
384,260
  Grupo Modelo S.A. (Series C)
$
1,813  
6,800
  Guinness Anchor BHD   11  
1,396,717
  H.J. Heinz Co   65,199  
377,589
e*
  Hansen Natural Corp   16,723  
779,165
  Heineken NV   50,375  
778,892
  Hershey Co   30,688  
9
  Hiestand Holding AG.   22  
8,717
  Hite Brewery Co Ltd   1,327  
378,592
  Hormel Foods Corp   15,325  
24,600
  House Foods Corp   414  
37,042
  Iaws Group plc   815  
78,966
e
  Imperial Sugar Co   1,482  
162,401
  InBev NV   13,534  
30,000
m,v*
  International Hydron Liquidating Trust   1  
2,676,260
  IOI Corp BHD   6,272  
36,400
e
  Ito En Ltd   692  
5,139
e
  Ito En Ltd   73  
479,327
  J Sainsbury plc   4,058  
73,126
  J&J Snack Foods Corp   2,287  
319,179
  J.M. Smucker Co   16,419  
14,557,000
  JG Summit Holdings   4,056  
126,032
e*
  Jones Soda Co   938  
42,675
  Kaneka Corp   354  
20,868
  Katokichi Co Ltd   130  
1,876,539
  Kellogg Co   98,387  
363,048
  Kerry Group plc (Class A)   11,518  
199,000
  Kikkoman Corp   2,738  
120,762
  Kirin Brewery Co Ltd   1,774  
9,613,097
  Kraft Foods, Inc (Class A)   313,675  
2,094,527
  Kulim Malaysia BHD   5,035  
130,670
  Lancaster Colony Corp   5,188  
163,059
  Lance, Inc   3,330  
409
  Laurent-Perrier   78  
85
  LDC   11  
400
  Lindt & Spruengli AG.   1,385  
238,050
e
  Lion Nathan Ltd   2,009  
403
  Lotte Chilsung Beverage Co Ltd   452  
558
  Lotte Confectionery Co Ltd   1,007  
61,558
e*
  M&F Worldwide Corp   3,315  
1
  Maruha Nichiro Holdings, Inc  
-
^
104,000
e
  Matsumotokiyoshi Holdings Co Ltd   2,532  
778,980
  McCormick & Co, Inc   29,531  
73,000
e
  Meiji Dairies Corp   372  
93,000
e
  Meiji Seika Kaisha Ltd   395  
52,650
e
  MGP Ingredients, Inc   496  
4,000
  Mitsui Sugar Co Ltd   14  
927,344
  Molson Coors Brewing Co (Class B)   47,870  
6,000
e
  Morinaga & Co Ltd   13  
75,862
e
  National Beverage Corp   610  
822,098
  Nestle S.A.   377,592  
55,500
  Nichirei Corp   231  
50,000
  Nippon Meat Packers, Inc   504  
500
  Nippon Suisan Kaisha Ltd   3  

56

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
      (000)  
1,246,973
e
  Nisshin Seifun Group, Inc
$
12,535  
112,705
e
  Nissin Food Products Co Ltd   3,642  
2,406
  Nong Shim Co Ltd   500  
29,050
  Northern Foods plc   54  
4,000
  Nosan Corp   10  
1,316
  Nutreco Holding NV   76  
500,808
  Olam International Ltd   995  
2,458
  Orion Corp   656  
1,190,018
  Parmalat S.p.A.   4,628  
76,883
e*
  Peet's Coffee & Tea, Inc   2,235  
700
  Penford Corp   18  
1,414,602
  Pepsi Bottling Group, Inc   55,820  
304,181
  PepsiAmericas, Inc   10,135  
12,919,803
  PepsiCo, Inc   980,613  
72,859
  Perdigao S.A.   1,812  
208,435
*
  Performance Food Group Co   5,601  
47,328
e
  Pernod-Ricard S.A.   10,940  
3,828,000
  Petra Foods Ltd   4,095  
306,800
  PPB Group BHD   1,021  
309,124
  PT Astra Agro Lestari Tbk   922  
4,475,514
  PT Indofood Sukses Makmur Tbk   1,227  
3,704,500
  PT Kalbe Farma Tbk   497  
936,200
  Q.P. Corp   9,755  
159,208
*
  Ralcorp Holdings, Inc   9,678  
125,149
e
  Reddy Ice Holdings, Inc   3,168  
317,748
  Remgro Ltd   9,232  
1,499
  Robert Wiseman Dairies Plc   16  
318,586
  Sadia S.A.   1,811  
2,146,891
  Sampo Oyj (A Shares)   56,751  
93,365
e
  Sanderson Farms, Inc   3,154  
75,000
e
  Sapporo Holdings Ltd   604  
372,156
  Saputo, Inc   11,248  
2,933,870
  Sara Lee Corp   47,118  
266,258
  Scottish & Newcastle plc   3,930  
410,347
*
  Smithfield Foods, Inc   11,867  
20,000
  Snow Brand Milk Products Co Ltd   66  
19,825
  Strauss-Elite Ltd   319  
31,207
e
  Suedzucker AG.   739  
859,932
  Swire Pacific Ltd (Class A)   11,856  
54,000
e
  Takara Holdings, Inc   325  
3,000
  Takasago International Corp   21  
26,261
  Tata TEA Ltd   605  
153,632
  Tate & Lyle plc   1,361  
5,096,300
  Tingyi Cayman Islands Holding Corp   8,235  
187,853
e
  Tootsie Roll Industries, Inc   5,151  
15,789
  Total Produce plc   14  
165,000
  Toyo Suisan Kaisha Ltd   2,998  
195,832
*
  TreeHouse Foods, Inc   4,502  
1,004,176
  Tyson Foods, Inc (Class A)   15,394  
53,551
  Ulker Gida Sanayi ve Ticaret A.S.   218  
3,284,878
  Unilever plc   123,585  
2,978,000
*
  Uni-President China Holdings Ltd   2,345  
102,237
  United Breweries Co, Inc   716  

57

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
     
(000)
 
12,000
  Vitasoy International Holdings Ltd
$
5  
1,221,000
  Wilmar International Ltd   4,572  
1,022,773
  Wrigley (Wm.) Jr Co   59,883  
140,200
e
  Yakult Honsha Co Ltd   3,244  
1,047,974
e
  Yamazaki Baking Co Ltd   10,263  
128,200
  Yantai Changyu Pioneer Wine Co   962  
 
  TOTAL FOOD AND KINDRED PRODUCTS   4,684,232  
 
FOOD STORES - 0.66%
     
180,401
  Alimentation Couche Tard, Inc (Class B)   3,343  
1,300
  Arcs Co Ltd   16  
9,052
e
  Arden Group, Inc (Class A)   1,400  
2,131,567
e
  Carrefour S.A.   166,076  
2,600
  Cawachi Ltd   67  
633,569
  Centros Comerciales Sudamericanos S.A.   2,550  
5,587
  Colruyt S.A.   1,315  
48,524
  Companhia Brasileira de Distribuicao Grupo Pao de Acucar   930  
1,727,600
  CP Seven Eleven PCL   559  
155,064
  Delhaize Group   13,648  
15,059
  Discount Investment Corp   481  
1,613,275
  Distribucion y Servicio D&S S.A.   844  
376,600
  FamilyMart Co Ltd   11,765  
69,033
  George Weston Ltd   3,788  
3,361,373
  Goodman Fielder Ltd   5,593  
132,143
e
  Great Atlantic & Pacific Tea Co, Inc   4,140  
62,654
  Ingles Markets, Inc (Class A)   1,591  
2,399,318
  Jeronimo Martins SGPS S.A.   18,943  
193,503
  Kesko Oyj (B Shares)   10,671  
389,240
  Koninklijke Ahold NV   5,423  
5,729,812
  Kroger Co   153,043  
48,100
  Lawson, Inc   1,705  
146,031
  Loblaw Cos Ltd   5,026  
65,453
  Migros Turk TAS   1,279  
119,644
e*
  Panera Bread Co (Class A)   4,286  
128,674
e*
  Pantry, Inc   3,362  
136,785
  Pick'n Pay Stores Ltd   753  
371,000
  President Chain Store Corp   975  
242,246
  Ruddick Corp   8,399  
2,429,315
  Safeway, Inc   83,107  
1,145,686
  Seven & I Holdings Co Ltd   33,433  
375,109
  Shoprite Holdings Ltd   2,363  
4,970,330
  Sonae SPGS S.A.   14,388  
1,081,508
  Supervalu, Inc   40,578  
19,052,649
  Tesco plc   181,003  
167
  Valora Holding AG.   41  
31,356
e
  Village Super Market (Class A)   1,596  
76,436
e
  Weis Markets, Inc   3,053  
793,578
e
  Whole Foods Market, Inc   32,378  
179,777
*
  Winn-Dixie Stores, Inc   3,033  
1,726,810
  WM Morrison Supermarkets plc   11,068  
1,854,626
  Woolworths Ltd   55,351  
 
  TOTAL FOOD STORES   893,363  

58

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
      (000)  
FORESTRY - 0.08%
     
26,929
  Great Southern Ltd
$
46  
5,353
  Gunns Ltd   17  
772,266
  Rayonier, Inc   36,482  
1,001,714
  Weyerhaeuser Co   73,866  
 
  TOTAL FORESTRY   110,411  
 
FURNITURE AND FIXTURES - 0.21%      
154,508
e
  Ethan Allen Interiors, Inc   4,404  
280,760
e
  Furniture Brands International, Inc   2,824  
411,839
  Herman Miller, Inc   13,339  
240,906
  Hillenbrand Industries, Inc   13,426  
337,028
e
  HNI Corp   11,816  
54,974
e
  Hooker Furniture Corp   1,105  
654
  Hunter Douglas NV   48  
286,790
  Interface, Inc (Class A)   4,680  
3,624,712
  Johnson Controls, Inc   130,635  
153,005
e
  Kimball International, Inc (Class B)   2,096  
294,973
e
  La-Z-Boy, Inc   2,339  
795,806
e
  Leggett & Platt, Inc   13,879  
3,001,271
  Masco Corp   64,858  
10,031
  Neopost S.A.   1,034  
234,045
e
  Sealy Corp   2,619  
273,329
e*
  Select Comfort Corp   1,916  
495,838
e
  Tempur-Pedic International, Inc   12,877  
 
  TOTAL FURNITURE AND FIXTURES   283,895  
 
FURNITURE AND HOME FURNISHINGS STORES - 0.15%      
1,196,871
*
  Bed Bath & Beyond, Inc   35,176  
900
e*
  Bell Microproducts, Inc   5  
3,495,664
e
  Circuit City Stores, Inc   14,682  
468,747
  DSG International plc   926  
81,178
  Ellerine Holdings Ltd   986  
963,838
*
  GameStop Corp (Class A)   59,864  
48,469
  Grupo Elektra S.A. de CV   1,443  
4,537
  GUD Holdings Ltd   40  
2,305,597
e
  Harvey Norman Holdings Ltd   13,766  
121,079
e
  Haverty Furniture Cos, Inc   1,088  
22,400
e*
  hhgregg, Inc   308  
1,219
  JB Hi-Fi Ltd   17  
2,670,054
  Kesa Electricals plc   12,411  
334,564
  Knoll, Inc   5,497  
2,200
  Kohnan Shoji Co Ltd   38  
1,000
  Komeri Co Ltd   27  
700
  K's Holdings Corp   18  
257,371
e*
  Mohawk Industries, Inc   19,148  
29,250
  Nitori Co Ltd   1,403  
519,985
e*
  Pier 1 Imports, Inc   2,719  
24,606
  Shimachu Co Ltd   698  
410,003
  Steelcase, Inc (Class A)   6,507  
222,394
e
  Tuesday Morning Corp   1,128  
301,894
*
  Waterford Wedgwood plc   9  
371,265
e
  Williams-Sonoma, Inc   9,616  

59

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
      (000)  
175,198
  Yamada Denki Co Ltd
$
20,027  
 
  TOTAL FURNITURE AND HOME FURNISHINGS STORES   207,547  
 
GENERAL BUILDING CONTRACTORS - 0.34%
     
2,357,247
  Amec plc   39,345  
9,636
e
  Amrep Corp   294  
162,000
  ASK Planning Center, Inc   479  
366,016
e
  Asunaro Aoki Construction Co Ltd   2,274  
34,954
e*
  Avatar Holdings, Inc   1,462  
329,774
  Aveng Ltd   2,936  
576,220
  Balfour Beatty plc   5,704  
250,363
  Barratt Developments plc   2,270  
231,547
e*
  Beazer Homes USA, Inc   1,720  
8,923
  Bellway plc   148  
394,564
  Berkeley Group Holdings plc   10,603  
257,781
  Bilfinger Berger AG.   19,892  
65,927
e
  Brookfield Homes Corp   1,042  
970,928
  Centex Corp   24,526  
1,574,200
  Cheung Kong Infrastructure Holdings Ltd   5,885  
667,280
  Consorcio ARA, S.A. de C.V.   731  
283,429
*
  Corp GEO S.A. de C.V. (Series B)   813  
182,525
  CRH plc   6,330  
1,971,416
e
  Daikyo, Inc   5,753  
98,149
  Daito Trust Construction Co Ltd   5,438  
484,101
  Daiwa House Industry Co Ltd   6,253  
140,978
  DLF Ltd   3,841  
1,651,434
  DR Horton, Inc   21,749  
2,500,000
  Eastern & Oriental BHD   2,026  
112,305
  Eiffage S.A.   11,060  
1,109,256
  Fletcher Building Ltd   9,817  
2,655,403
  Haseko Corp   4,587  
32,254
  Hellenic Technodomiki Tev S.A.   462  
12,538
  Hochtief AG.   1,686  
17
  Hoosiers Corp   6  
210,996
e*
  Hovnanian Enterprises, Inc (Class A)   1,513  
76,604
  Hyundai Development Co   7,488  
6,256,050
  IJM Corp BHD   16,269  
86,551
e
  Imerys S.A.   7,117  
11,433,708
*
  Italian-Thai Development PCL   2,817  
500
  JM AB   10  
615,508
  Kajima Corp   2,011  
745,168
e
  KB Home   16,096  
2,244
  Kier Group plc   65  
396,558
  Lend Lease Corp Ltd   6,024  
988,051
e
  Lennar Corp (Class A)   17,676  
85,368
e
  M/I Homes, Inc   896  
688,100
*
  Malaysian Resources Corp BHD   531  
132,315
e
  McGrath RentCorp   3,407  
508,744
  MDC Holdings, Inc   18,890  
5,996
  Mears Group plc   28  
129,026
e*
  Meritage Homes Corp   1,880  
50,277
*
  MRV Engenharia e Participacoes S.A.   1,075  
65,241
e*
  NVR, Inc   34,186  

60

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
     
VALUE
 
SHARES
      (000)  
407,407
  Obayashi Corp
$
2,050  
1,979
  Obrascon Huarte Lain S.A.   67  
57,907
e*
  Palm Harbor Homes, Inc   611  
6,057
*
  PBG S.A.   756  
190,398
*
  Perini Corp   7,886  
238,852
  Persimmon plc   3,804  
1,256,063
e
  Pulte Homes, Inc   13,239  
710,524
e
  Ryland Group, Inc   19,575  
27,646
e
  Sacyr Vallehermoso S.A.   1,075  
747,796
  Sekisui Chemical Co Ltd   5,040  
486,629
  Sekisui House Ltd   5,262  
5,834,000
  Shanghai Forte Land Co   3,195  
357,800
  Shanghai Lujiazui Finance & Trade Zone Development Co Ltd   837  
383,842
  Shimizu Corp   1,677  
408,131
  Skanska AB (B Shares)   7,704  
45,633
  Sobha Developers Ltd   1,055  
369,671
e*
  Standard-Pacific Corp   1,238  
171,700
  Suruga Corp   2,873  
48,000
*
  SxL Corp   26  
617,425
  Taisei Corp   1,669  
199,193
  Takamatsu Corp   2,648  
954,009
  Taylor Woodrow plc   3,860  
73,890
e*
  Team, Inc   2,703  
2
*
  Technical Olympic S.A.  
-
^
14,481
  Titan Cement Co S.A.   661  
89,504
  Toda Corp   432  
3,710
  Tokyu Construction Co Ltd   14  
991,065
e*
  Toll Brothers, Inc   19,881  
291,282
*
  Urbi Desarrollos Urbanos S.A. de C.V   1,003  
278,910
  Walter Industries, Inc   10,021  
155,023
e*
  WCI Communities, Inc   586  
39,420
e
  YIT Oyj   864  
 
  TOTAL GENERAL BUILDING CONTRACTORS   459,423  
 
GENERAL MERCHANDISE STORES - 1.27%
     
258,521
e*
  99 Cents Only Stores   2,058  
495,840
  Aeon Co Ltd   7,270  
1,268,494
e*
  Big Lots, Inc   20,283  
425,184
*
  BJ's Wholesale Club, Inc   14,384  
56,367
e
  Bon-Ton Stores, Inc   535  
206,894
e*
  Cabela's, Inc   3,118  
309,121
  Casey's General Stores, Inc   9,153  
64,853
e*
  Conn's, Inc   1,110  
2,506,385
  Costco Wholesale Corp   174,845  
2,300
*
  Daiei, Inc   12  
18,934
  David Jones Ltd   92  
233,293
e
  Dillard's, Inc (Class A)   4,381  
1,530,150
  Family Dollar Stores, Inc   29,425  
454,000
  Far Eastern Department Stores Co Ltd   549  
234,500
e
  Fred's, Inc   2,258  
76,000
e
  Hankyu Department Stores, Inc   595  
82,456
  Hola Home Furnishings Co Ltd   56  
14,670
  Hyundai Department Store Co Ltd   1,865  

61

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
     
(000)
 
1,113,000
*
  Intime Department Store Group Co Ltd
$
1,319  
189,000
  Isetan Co Ltd   2,570  
359,920
  J Front Retailing Co Ltd   3,180  
700
  Japan Airport Terminal Co Ltd   12  
1,275,648
  JC Penney Co, Inc   56,116  
21,807
e*
  KarstadtQuelle AG.   518  
381,484
  Keio Corp   2,315  
1,060,489
e
  Kintetsu Corp   3,294  
225,800
  Lojas Americanas S.A.   1,973  
107,021
  Lojas Renner S.A.   2,164  
4,033,629
  Macy's, Inc   104,350  
3,108,974
  Marks & Spencer Group plc   34,657  
231,000
  Marui Co Ltd   2,281  
323,900
e
  Mitsukoshi Ltd   1,473  
2,070,581
*
  New World Department Store China Ltd   2,932  
202,512
  PPR   32,569  
981
  Rallye S.A.   70  
144,679
e*
  Retail Ventures, Inc   736  
204,206
  SACI Falabella   992  
567,084
e
  Saks, Inc   11,773  
13,011
  Shinsegae Co Ltd   10,091  
143,703
e
  Stein Mart, Inc   681  
226,300
e
  Takashimaya Co Ltd   2,735  
5,049,870
  Target Corp   252,493  
4,099,648
  TJX Cos, Inc   117,783  
2,805,119
e
  Tobu Railway Co Ltd   13,107  
1,350,016
  Tokyu Corp   8,882  
136,400
  UNY Co Ltd   1,171  
2,233,989
  Wal-Mart de Mexico S.A. de C.V. (Series V)   7,714  
15,857,579
  Wal-Mart Stores, Inc   753,711  
13,046
  Warehouse Group Ltd   57  
 
  TOTAL GENERAL MERCHANDISE STORES   1,705,708  
 
HEALTH SERVICES - 1.12%
     
158,519
e*
  Alliance Imaging, Inc   1,525  
138,227
e*
  Amedisys, Inc   6,707  
88,182
e*
  American Dental Partners, Inc   884  
1,033,056
  AmerisourceBergen Corp   46,353  
188,944
e*
  Amsurg Corp   5,113  
340,872
*
  Apria Healthcare Group, Inc   7,353  
274,634
e*
  Assisted Living Concepts, Inc (A Shares)   2,060  
56,113
e*
  Bio-Reference Labs, Inc   1,834  
898,078
*
  Bioton S.A.   325  
146,377
e
  Brookdale Senior Living, Inc   4,159  
888,300
  Bumrungrad Hospital PCL   1,068  
1,601,928
  Cigna Corp   86,072  
1,820
*
  Clinica Baviera S.A.   63  
18,333
e
  Coloplast AS (Class B)   1,591  
535,648
*
  Community Health Systems, Inc   19,744  
42,798
*
  Corvel Corp   985  
305,448
*
  Covance, Inc   26,458  
1,478,966
*
  Coventry Health Care, Inc   87,629  
191,679
*
  Cross Country Healthcare, Inc   2,729  

62

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
      (000)  
178,636
e*
  CryoLife, Inc
$
1,420  
646,310
*
  DaVita, Inc   36,420  
29,206
  Diagnosticos da America S.A.   605  
289,559
*
  Edwards Lifesciences Corp   13,317  
64,790
*
  eHealth, Inc   2,080  
51,193
e*
  Emeritus Corp   1,287  
159,726
e*
  Enzo Biochem, Inc   2,035  
1,432,346
*
  Express Scripts, Inc   104,561  
14,900
*
  FGX International Holdings Ltd   177  
1,863,666
  Fraser and Neave Ltd   7,639  
425,118
  Fresenius Medical Care AG.   22,804  
69,750
e*
  Genomic Health, Inc   1,579  
27,100
*
  Genoptix Inc   832  
158,333
*
  Gentiva Health Services, Inc   3,015  
48,019
  Getinge AB (B Shares)   1,289  
961,094
  Health Management Associates, Inc (Class A)   5,747  
4,478,079
a*
  Healthsouth Corp   94,040  
189,197
e*
  Healthways, Inc   11,057  
2,400
*
  Hooper Holmes, Inc   4  
148,720
e*
  Hythiam, Inc   436  
307,097
e*
  Immunomedics, Inc   712  
149,289
  Intertek Group plc   2,942  
380,824
  Japan Care Service Corp   716  
1,990
  Japan Longlife Co Ltd   387  
170,511
*
  Kindred Healthcare, Inc   4,259  
3,912
*
  Laboratorios Almirall S.A.   86  
483,304
*
  Laboratory Corp of America Holdings   36,504  
128,309
e
  LCA-Vision, Inc   2,562  
77,605
e*
  LHC Group, Inc   1,939  
227,050
*
  LifePoint Hospitals, Inc   6,752  
525,066
*
  Lincare Holdings, Inc   18,461  
268,230
*
  Magellan Health Services, Inc   12,508  
111,653
e*
  Matria Healthcare, Inc   2,654  
2,197,617
  McKesson Corp   143,966  
150,924
*
  MDS, Inc   2,934  
98,397
*
  Medcath Corp   2,417  
1,807,975
*
  Medco Health Solutions, Inc   183,329  
274,627
  Mindray Medical International Ltd (ADR)   11,801  
36,521
e
  National Healthcare Corp   1,888  
553,291
e*
  Nektar Therapeutics   3,713  
34,354
  Nestor Healthcare Group plc   23  
794,834
  Network Healthcare Holdings Ltd   1,347  
112,808
e*
  Nighthawk Radiology Holdings, Inc   2,375  
2,300
  Nihon Kohden Corp   55  
202,132
*
  Odyssey HealthCare, Inc   2,236  
502,496
e
  Omnicare, Inc   11,462  
1,100
*
  Osteotech, Inc   9  
1,879,534
  Parkway Holdings Ltd   5,171  
203,694
*
  Pediatrix Medical Group, Inc   13,882  
424,618
  Pharmaceutical Product Development, Inc   17,142  
133,900
*
  Pharmstandard (GDR)   3,682  
115,591
  Primary Health Care Ltd   1,208  
284,285
*
  Psychiatric Solutions, Inc   9,239  

63

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
     
(000)
 
67,847
e*
  Radiation Therapy Services, Inc
$
2,097  
21,000
  Raffles Medical Group Ltd   22  
172,846
  Ramsay Health Care Ltd   1,662  
100,232
*
  RehabCare Group, Inc   2,261  
1,983
  Rhoen Klinikum AG.   63  
234,801
*
  Sierra Health Services, Inc   9,852  
8,265
e*
  Sirtris Pharmaceuticals, Inc   113  
136,375
e*
  Skilled Healthcare Group, Inc (Class A)   1,995  
596,100
  Sonic Healthcare Ltd   8,751  
132,597
e*
  Stereotaxis, Inc   1,620  
5,673
  Straumann Holding AG.   1,565  
227,988
*
  Sun Healthcare Group, Inc   3,915  
244,703
e*
  Sunrise Senior Living, Inc   7,507  
1,862,373
e*
  Tenet Healthcare Corp   9,461  
900,000
*
  Town Health International Holdings Co Ltd   14  
188,699
  Universal Health Services, Inc (Class B)   9,661  
3,664,670
*
  WellPoint, Inc   321,501  
 
  TOTAL HEALTH SERVICES   1,503,417  
 
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.35%
     
305,306
e
  Abertis Infraestructuras S.A.   9,838  
547,861
  ACS Actividades Cons y Servicios S.A.   32,561  
5,045
  Astaldi S.p.A.   38  
165
  Athens Water Supply & Sewage Co S.A.   3  
245,000
  Bangkok Expressway PCL   173  
62,169
  Biffa plc   408  
1,073
  Boskalis Westminster   65  
2,103,941
  Bouygues S.A.   175,336  
91,938
e
  Chiyoda Corp   1,048  
35
  Compagnie d'Entreprises CFE   72  
28,075
e*
  Comverge, Inc   884  
10,256
  ConnectEast Group   14  
20,572
  Daelim Industrial Co   3,934  
303,656
*
  Empresas ICA Sociedad Controladora S.A. de C.V.   2,007  
160,244
e
  Fomento de Construcciones y Contratas S.A.   12,042  
383,485
*
  Foster Wheeler Ltd   59,448  
4,096,800
  Gamuda BHD   5,971  
11,769
  Gemina S.p.A.   21  
333,221
  Giken Seisakusho Co, Inc   1,223  
200,690
  Granite Construction, Inc   7,261  
11,642
  Great Lakes Dredge & Dock Corp   102  
30,335
e
  Grupo Ferrovial S.A.   2,134  
51,684
  GS Engineering & Construction Corp   8,614  
3,306,055
  Guangzhou Investment Co Ltd   971  
31,395
*
  Hyundai Engineering & Construction Co Ltd   2,958  
133,666
*
  Matrix Service Co   2,917  
206,520
  Murray & Roberts Holdings Ltd   3,082  
3,500
  NCC AB (B Shares)   75  
89,853
e
  Nishimatsu Construction Co Ltd   251  
57,696
e
  Okumura Corp   281  
5,200
  Peab AB   54  
5,685,217
*
  PT Truba Alam Manunggal Engineering   859  
1,167,110
  Puncak Niaga Holding BHD   1,765  

64

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
     
VALUE
 
SHARES
      (000)  
3,000
  Takuma Co Ltd
$
12  
4,400
*
  TK Development   63  
1,356
  Tognum AG.   41  
855,217
  Transurban Group   5,136  
515,900
  UEM World BHD   615  
1,730,496
e
  Vinci S.A.   128,148  
128,367
v*
  YTL Corp BHD   57  
1,925,513
  YTL Corp BHD   4,600  
 
  TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING   475,082  
 
HOLDING AND OTHER INVESTMENT OFFICES - 1.89%
     
1,153,795
  3i Group plc   23,036  
900
*
  4Kids Entertainment, Inc   12  
175,692
  Acadia Realty Trust   4,499  
876
  Ackermans & Van Haaren   86  
175,603
e*
  Affiliated Managers Group, Inc   20,626  
63,252
e
  Agree Realty Corp   1,904  
278,014
e
  Alesco Financial, Inc   912  
10,324
e*
  Alexander's, Inc   3,647  
162,188
  Alexandria Real Estate Equities, Inc   16,490  
1,007,191
  Allan Gray Property Trust   995  
16,447,600
  Allco Commercial Real Estate Investment Trust   10,227  
726,480
e
  Allied Capital Corp   15,619  
583,694
  AMB Property Corp   33,597  
139,640
  American Campus Communities, Inc   3,749  
711,576
  American Financial Realty Trust   5,707  
868
  AmFirst Real Estate Investment Trust  
-
^
89,963
e*
  Ampal American Israel (Class A)   665  
1,836,617
  Annaly Mortgage Management, Inc   33,390  
371,140
e
  Anthracite Capital, Inc   2,687  
386,829
  Anworth Mortgage Asset Corp   3,195  
683,202
e
  Apartment Investment & Management Co (Class A)   23,728  
608,444
e
  Apollo Investment Corp   10,374  
83,694
e
  Arbor Realty Trust, Inc   1,348  
400,005
  ARC Energy Trust   8,268  
658,153
  Ashford Hospitality Trust, Inc   4,732  
1,066,886
  Ashmore Group plc   5,713  
14
  Asset Managers Co Ltd   17  
136,611
  Associated Estates Realty Corp   1,290  
20,292
  Australian Infrastructure Fund   55  
521,561
  AvalonBay Communities, Inc   49,100  
2,231,707
e
  Babcock & Brown Wind Partners   3,331  
944
  Bellevue Group AG.   72  
391,805
  BioMed Realty Trust, Inc   9,078  
15,000
  Boardwalk Real Estate Investment Trust   677  
1,579
  Bodycote International plc   6  
662,192
  Boston Properties, Inc   60,796  
363,653
  Brandywine Realty Trust   6,520  
193,968
e
  BRE Properties, Inc (Class A)   7,862  
11,506
  Brewin Dolphin Holdings plc   38  
1,005,873
  Brookfield Asset Management, Inc (Class A)   36,130  
61,014
e
  BRT Realty Trust   934  
285,029
  Camden Property Trust   13,724  

65

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
      (000)  
2,223,800
  CapitaCommercial Trust
$
3,770  
239,779
  Capital Lease Funding, Inc   2,019  
16,083
e
  Capital Southwest Corp   1,904  
84,545
e
  Capital Trust, Inc (Class A)   2,591  
4,097,659
  CapitaMall Trust   9,850  
13,619
  CapMan Oyj (B Shares)   65  
501,657
  CBL & Associates Properties, Inc   11,995  
165,158
e
  CBRE Realty Finance, Inc   882  
256,934
  Cedar Shopping Centers, Inc   2,628  
1,379,243
e
  CFS Gandel Retail Trust   2,834  
45,358
e
  Cherokee, Inc   1,464  
775,927
  China Merchants Holdings International Co Ltd   4,826  
95,259
  CI Financial Income Fund   2,709  
322,210
  Colonial Properties Trust   7,292  
998,070
  Commonwealth Property Office Fund   1,354  
111,185
  Companhia de Concessoes Rodoviarias   1,718  
1,117
  Corp Financiera Alba   76  
219,721
  Corporate Office Properties Trust   6,921  
210,909
  Cousins Properties, Inc   4,661  
4
  Crescendo Investment Corp   15  
61
e
  Cross Timbers Royalty Trust   3  
126,656
e
  Crystal River Capital, Inc   1,829  
10
  DA Office Investment Corp   65  
1,007,467
  DCT Industrial Trust, Inc   9,380  
250,638
e
  Deerfield Capital Corp   2,005  
475,464
  Developers Diversified Realty Corp   18,206  
542,144
  DiamondRock Hospitality Co   8,121  
301,261
  Digital Realty Trust, Inc   11,559  
542,832
  Douglas Emmett, Inc   12,273  
902,988
  Duke Realty Corp   23,550  
157,115
  EastGroup Properties, Inc   6,575  
196,756
e
  Education Realty Trust, Inc   2,212  
172,937
  Entertainment Properties Trust   8,128  
140,268
  Equity Lifestyle Properties, Inc   6,406  
200,255
e
  Equity One, Inc   4,612  
1,323,159
  Equity Residential   48,256  
132,477
  Essex Property Trust, Inc   12,915  
118,323
  Eurazeo   15,180  
379,668
e
  Extra Space Storage, Inc   5,425  
370,636
  Federal Realty Investment Trust   30,448  
429,616
  FelCor Lodging Trust, Inc   6,698  
240,970
e
  First Industrial Realty Trust, Inc   8,338  
86,000
  First Pacific Co   67  
138,983
e
  First Potomac Realty Trust   2,403  
302,867
e
  Franklin Street Properties Corp   4,482  
907,591
e*
  Friedman Billings Ramsey Group, Inc (Class A)   2,850  
1,229,353
  General Growth Properties, Inc   50,625  
5,885,340
  Genting BHD   14,059  
239,223
*
  Getin Holding S.A.   1,430  
98,005
  Getty Realty Corp   2,615  
67,311
e
  Gladstone Capital Corp   1,144  
201,367
e
  Glimcher Realty Trust   2,878  
195,814
e
  GMH Communities Trust   1,081  

66

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
     
VALUE
 
SHARES
      (000)  
1,225,000
  GOME Electrical Appliances Holdings Ltd
$
3,111  
130,410
*
  Goodman PLUS Trust   10,849  
43,025
  Goodman Property Trust   48  
1,923,981
  GPT Group   6,825  
179,674
e
  Gramercy Capital Corp   4,368  
393,605
  Great Portland Estates plc   3,682  
75,159
  Groupe Bruxelles Lambert S.A.   9,656  
3,325
e*
  Groupe Bruxelles Lambert S.A.  
-
^
1,600
*
  Groupe Eurotunnel S.A.   28  
33,672
  GS Holdings Corp   2,090  
7,721,573
  Guinness Peat Group plc   10,339  
1,226
  HCI Capital AG.   27  
1,521,085
  HCP, Inc   52,903  
332,210
  Health Care REIT, Inc   14,846  
281,094
e
  Healthcare Realty Trust, Inc   7,137  
246,070
  Heineken Holding NV   13,934  
232,620
  Hersha Hospitality Trust   2,210  
88,378
e*
  HFF, Inc (Class A)   684  
297,492
  Highwoods Properties, Inc   8,740  
289,835
e*
  Hilltop Holdings, Inc   3,165  
51,200
  HKR International Ltd   49  
205,202
  Home Properties, Inc   9,203  
357,396
  Hospitality Properties Trust   11,515  
2,764,939
  Host Marriott Corp   47,115  
141,717
  Housing Development Finance Corp   10,347  
824,320
  HRPT Properties Trust   6,372  
888
e
  Hugoton Royalty Trust   20  
313,122
*
  Immoeast AG.   3,374  
510,146
e,v
  IMPAC Mortgage Holdings, Inc   281  
1,995,247
e
  ING Industrial Fund   4,450  
49,141
  ING Office Fund   70  
329,535
e
  Inland Real Estate Corp   4,666  
1,316,100
  Investimentos Itau S.A.   8,688  
366,406
  Investors Real Estate Trust   3,287  
125,188
  Is Gayrimenkul Yatirim Ortakligi A.S.   184  
830,000
  iShares MSCI EAFE Index Fund   65,155  
636,724
e
  iShares MSCI Japan Index Fund   8,462  
368,000
e
  iShares Russell 2000 Index Fund   27,939  
834,624
e
  iStar Financial, Inc   21,742  
58,455
*
  Istituto Finanziario Industriale S.p.A.   1,991  
226,500
e
  Jafco Co Ltd   7,461  
274,514
e*
  Jamba, Inc   1,016  
880,000
  Japan Asia Investment Co Ltd   5,128  
660
  Japan Prime Realty Investment Corp   2,659  
296
  Japan Real Estate Investment Corp   3,709  
263
  Japan Retail Fund Investment Corp   1,876  
140,418
e
  JER Investors Trust, Inc   1,512  
659,864
  JFE Holdings, Inc   33,432  
8,000
  KBC Ancora   906  
139,329
  Kilroy Realty Corp   7,658  
1,013,815
  Kimco Realty Corp   36,903  
165,419
  Kite Realty Group Trust   2,526  
234,171
  Kiwi Income Property Trust   241  

67

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
      (000)  
7,933,200
  KLCC Property Holdings BHD
$
8,396  
523,000
*
  KWG Property Holding Ltd   771  
444,359
  Land Securities Group plc   13,321  
255,252
  LaSalle Hotel Properties   8,143  
434,261
  Lexington Corporate Properties Trust   6,314  
163,021
  LG Corp   12,174  
714,905
  Liberty Property Trust   20,596  
3,290,000
*
  Lippo-Mapletree Indonesia Retail Trust   1,520  
142,123
  LTC Properties, Inc   3,560  
246,219
e,v
  Luminent Mortgage Capital, Inc   192  
441,387
  Macerich Co   31,365  
260,083
  Mack-Cali Realty Corp   8,843  
202,554
e
  Macquarie Communications Infrastructure Group   966  
4,748,047
e
  Macquarie Infrastructure Group   12,632  
12,608
  Macquarie Media Group Ltd   46  
6,045,459
  Macquarie Office Trust   7,431  
229,442
e
  Maguire Properties, Inc   6,762  
4,158,006
  Man Group plc   47,096  
2,715,000
  Mapletree Logistics Trust   2,056  
301,228
e
  Medical Properties Trust, Inc   3,070  
4,176,813
  Melco International Development   6,278  
242,586
*
  Meruelo Maddux Properties, Inc   970  
727,346
  MFA Mortgage Investments, Inc   6,728  
160,174
  Mid-America Apartment Communities, Inc   6,847  
1,758,929
  Midland Holdings Ltd   2,779  
24,000
  Minth Group Ltd   35  
317,303
e
  Mission West Properties, Inc   3,018  
2
  Mori Hills REIT Investment Corp   14  
2
  Mori Trust Sogo Reit, Inc   21  
627,700
*
  Mulpha International BHD   296  
147,825
  MVC Capital, Inc   2,386  
136,693
e
  National Health Investors, Inc   3,814  
409,234
  National Retail Properties, Inc   9,568  
10,100
  Nationale A Portefeuille   727  
601,556
  Nationwide Health Properties, Inc   18,871  
4
  New City Residence Investment Corp   16  
220,914
e
  Newcastle Investment Corp   2,863  
220,475
e*
  NexCen Brands, Inc   1,067  
335
  Nippon Building Fund, Inc   4,708  
12
  Nippon Commercial Investment Corp   54  
3
  Nippon Residential Investment Corp   14  
7,025
  Nobel Biocare Holding AG.   1,880  
2,176,482
  Noble Group Ltd   3,674  
183
  Nomura Real Estate Office Fund, Inc   1,736  
348,592
e
  NorthStar Realty Finance Corp   3,109  
46,567
e*
  Novastar Financial, Inc   135  
855
  NTT Urban Development Corp   1,385  
1,143,799
  NWS Holdings Ltd   3,653  
330,993
  Omega Healthcare Investors, Inc   5,312  
23,000
  Pacific Century Premium Developments Ltd   8  
81,539
e
  Parkway Properties, Inc   3,015  
363
  Partners Group   49  
104,724
e
  PennantPark Investment Corp   1,049  

68

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
      (000)  
212,454
  Pennsylvania Real Estate Investment Trust
$
6,306  
1,025,788
  Plum Creek Timber Co, Inc   47,227  
5,066,160
  Polytec Asset Holdings Ltd   1,507  
261,946
e
  Post Properties, Inc   9,200  
227,550
e
  Potlatch Corp   10,112  
3
  Premier Investment Co   18  
166,344
e
  PrimeWest Energy Trust   4,537  
1,745,685
  Prologis   110,642  
132,928
e
  Prospect Capital Corp   1,735  
126,480
  PS Business Parks, Inc   6,647  
30,035
  PSP Swiss Property AG.   1,517  
671,745
  Public Storage, Inc   49,313  
84,765
e
  Quadra Realty Trust, Inc   681  
379,962
e
  RAIT Investment Trust   3,275  
108,922
  Ramco-Gershenson Properties   2,328  
700
  Ratos AB (B Shares)   19  
602,937
e
  Realty Income Corp   16,291  
133,621
e
  Redwood Trust, Inc   4,575  
53,949,000
  Regal Real Estate Investment Trust   14,737  
361,946
  Regency Centers Corp   23,342  
127,337
e
  Resource Capital Corp   1,185  
179,904
  RioCan Real Estate Investment Trust   3,977  
468,219
  RMB Holdings Ltd   2,028  
59,814
  Saul Centers, Inc   3,196  
4
  Secured Capital Japan Co Ltd   6  
491,842
  Senior Housing Properties Trust   11,155  
475,000
  Shanghai Industrial Holdings Ltd   2,071  
1,261,500
  Shimao Property Holdings Ltd   3,220  
342,318
  Shinhan Financial Group Co Ltd   19,565  
1,241,469
  Simon Property Group, Inc   107,834  
384,321
  SL Green Realty Corp   35,919  
2,893,552
  SM Prime Holdings   719  
119,380
  Sovran Self Storage, Inc   4,787  
1,180,000
e
  SPDR Trust Series 1   172,528  
445,489
e
  Strategic Hotels & Resorts, Inc   7,453  
95,915
  Sun Communities, Inc   2,021  
387,084
  Sunstone Hotel Investors, Inc   7,080  
185,552
  Suntec Real Estate Investment Trust   220  
173,782
e
  Tanger Factory Outlet Centers, Inc   6,553  
66,090
e
  Tarragon Corp   99  
776,636
  Taubman Centers, Inc   38,203  
514,042
e
  Thornburg Mortgage, Inc   4,750  
588,927
e
  UDR, Inc   11,690  
82,553
  United Arab Investors   332  
2
  United Urban Investment Corp   13  
65,803
e
  Universal Health Realty Income Trust   2,332  
119,618
e
  Urstadt Biddle Properties, Inc (Class A)   1,854  
277,264
  U-Store-It Trust   2,540  
656,083
  Ventas, Inc   29,688  
1,756,032
  Virgin Media, Inc   30,098  
7,865
e*
  Virgin Media, Inc (Expires 1/10/11)   2  
409,000
*
  Vista Land & Lifescapes, Inc   59  
652,351
  Vornado Realty Trust   57,374  

69

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
     
(000)
 
475
*
  Vostok Gas Ltd
$
38  
277,767
  WABCO Holdings, Inc   13,913  
246,737
e
  Washington Real Estate Investment Trust   7,750  
310,881
e
  Weingarten Realty Investors   9,774  
40,161
e
  Wendel   5,809  
345,970
*
  Wharf Holdings Ltd   475  
2,772,766
  Wharf Holdings Ltd   14,526  
238,164
  Winthrop Realty Trust   1,260  
 
  TOTAL HOLDING AND OTHER INVESTMENT OFFICES   2,544,245  
 
HOTELS AND OTHER LODGING PLACES - 0.62%
     
4,313,322
e
  Accor S.A.   344,955  
149,403
e
  Ameristar Casinos, Inc   4,115  
3,535,000
  Banyan Tree Holdings Ltd   5,034  
123,105
e*
  Bluegreen Corp   885  
305,173
  Boyd Gaming Corp   10,397  
492,654
  Choice Hotels International, Inc   16,356  
816,761
*
  Crown Ltd   9,646  
232,515
e*
  Gaylord Entertainment Co   9,410  
11,000
  Great Eagle Holdings Ltd   41  
171,952
e*
  Great Wolf Resorts, Inc   1,687  
2,322,768
  Hongkong & Shanghai Hotels   4,081  
1,490,884
  Indian Hotels Co Ltd   6,037  
93,522
  Intercontinental Hotels Group plc   1,646  
94,145
e*
  Isle of Capri Casinos, Inc   1,296  
198,437
  Kangwon Land, Inc   5,215  
429,332
*
  Las Vegas Sands Corp   44,243  
137,294
*
  Lodgian, Inc   1,546  
121,501
e
  Marcus Corp   1,877  
1,373,866
  Marriott International, Inc (Class A)   46,959  
968,754
*
  MGM Mirage   81,395  
13,206,618
  Minor International PCL   7,136  
89,506
e*
  Monarch Casino & Resort, Inc   2,155  
101,109
e*
  Morgans Hotel Group Co   1,949  
14,079
e
  NH Hoteles S.A.   251  
62,743
*
  Orascom Hotels & Development   935  
18,699
  Orbis S.A.   528  
344,130
e
  Orient-Express Hotels Ltd (Class A)   19,794  
345
  Pierre & Vacances   48  
118,000
  Regal Hotels International Holdings Ltd   10  
2,000
  Rezidor Hotel Group AB   12  
88,190
e*
  Riviera Holdings Corp   2,716  
3,039,231
  Shangri-La Asia Ltd   9,550  
4,275
  Sol Melia S.A.   65  
2,415,201
  Starwood Hotels & Resorts Worldwide, Inc   106,341  
3,290,446
  Thomas Cook Group plc   18,471  
178,820
e*
  Trump Entertainment Resorts, Inc   769  
452,326
  TUI Travel plc   2,645  
1,153,130
  United Overseas Land Ltd   3,621  
165,997
e*
  Vail Resorts, Inc   8,932  
803,509
  Wyndham Worldwide Corp   18,931  
224,883
  Wynn Resorts Ltd   25,216  
 
  TOTAL HOTELS AND OTHER LODGING PLACES   826,896  

70

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
      (000)  
INDUSTRIAL MACHINERY AND EQUIPMENT - 5.96%
     
79,536
e
  Aaon, Inc
$
1,576  
1,784,636
  Acer, Inc   3,494  
376,982
e
  Actuant Corp (Class A)   12,821  
183,142
  Advantech Co Ltd   417  
584,942
*
  AGCO Corp   39,764  
4,700
  Aichi Corp   46  
4,297
*
  Aixtron AG.   60  
150,653
e
  Albany International Corp (Class A)   5,589  
23,989
  Alfa Laval AB   1,351  
145,166
e*
  Allis-Chalmers Energy, Inc   2,141  
577,911
  Alstom RGPT   124,206  
53,976
*
  Altra Holdings, Inc   898  
641,923
  Amada Co Ltd   5,643  
2,800
  Amano Corp   33  
84,876
  Ampco-Pittsburgh Corp   3,236  
201,633
  Andritz AG.   12,219  
8,059,229
  Applied Materials, Inc   143,132  
242,775
e
  ARRK Corp   730  
203,900
  ASM Pacific Technology   1,500  
824,658
  ASML Holding NV   26,115  
127,679
*
  Astec Industries, Inc   4,748  
102,302
e*
  ASV, Inc   1,417  
359,104
*
  Asyst Technologies, Inc   1,171  
555,525
  Atlas Copco AB (A Shares)   8,294  
355,623
  Atlas Copco AB (B Shares)   4,856  
2,200
*
  AuthenTec, Inc   32  
592,431
e*
  Axcelis Technologies, Inc   2,725  
771,000
*
  Benq Corp   851  
528,248
  Black & Decker Corp   36,792  
105,865
  Black Box Corp   3,829  
214,601
*
  Blount International, Inc   2,642  
3,798
  Bradken Ltd   26  
2,440,795
  Brambles Ltd   24,710  
304,118
e
  Briggs & Stratton Corp   6,891  
6,495,636
*
  Brocade Communications Systems, Inc   47,678  
593,767
*
  Brooks Automation, Inc   7,844  
66,500
  Brother Industries Ltd   859  
182
  Bucher Industries AG.   42  
200,189
  Bucyrus International, Inc (Class A)   19,897  
49
  Burckhardt Compression Holding AG.   16  
2,259,730
  Canon, Inc   105,184  
12,038
  Cargotec Corp (B Shares)   557  
245,200
  Carlisle Cos, Inc   9,080  
71,400
e
  Cascade Corp   3,317  
61,800
  Casio Computer Co Ltd   719  
4,160,815
  Caterpillar, Inc   301,909  
793,678
*
  Charter plc   12,536  
26,000
  Chen Hsong Holdings   16  
498,841
*
  Cirrus Logic, Inc   2,634  
1,674,898
e
  Citizen Watch Co Ltd   16,327  
153,286
*
  Columbus McKinnon Corp   5,000  

71

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
     
(000)
 
2,457,898
  Compal Electronics, Inc
$
2,690  
168,856
*
  Cray, Inc   1,011  
655,331
  Cummins, Inc   83,470  
291,609
  Curtiss-Wright Corp   14,639  
221,623
e*
  Cymer, Inc   8,628  
35,500
  Daifuku Co Ltd   505  
202,465
  Daikin Industries Ltd   11,345  
143
  Daum Commerce Co Ltd   1  
2,827,044
  Deere & Co   263,254  
12,622,930
*
  Dell, Inc   309,388  
1,023,316
  Delta Electronics, Inc   3,502  
266,759
  Diebold, Inc   7,731  
500
  Disco Corp   28  
12,404
  Domino Printing Sciences   73  
332,528
  Donaldson Co, Inc   15,423  
114,000
  Dongfang Electric Co Ltd   962  
52,150
  Doosan Infracore Co Ltd   1,666  
807,465
  Dover Corp   37,216  
525,433
*
  Dresser-Rand Group, Inc   20,518  
186,264
*
  Dril-Quip, Inc   10,367  
500
  DTS Corp   8  
250,493
e
  Ebara Corp   857  
2,417
  Econocom Group   27  
205,830
  Electrolux AB (Series B)   3,455  
355,756
*
  Electronics for Imaging, Inc   7,997  
11,008,064
*
  EMC Corp   203,979  
549,135
*
  Emulex Corp   8,962  
89,049
e*
  ENGlobal Corp   1,012  
140,606
e*
  EnPro Industries, Inc   4,310  
1,300,000
*
  Enric Energy Equipment Holdings Ltd   1,512  
743,410
e*
  Entegris, Inc   6,416  
905,547
*
  Extreme Networks, Inc   3,206  
249,928
  Fanuc Ltd   24,341  
90,652
e
  Ferrotec Corp   880  
46,000
  Firich Enterprises Co Ltd   445  
1,003,064
  FKI plc   1,173  
96,782
e*
  Flotek Industries, Inc   3,488  
198,613
e*
  Flow International Corp   1,851  
230,278
  Flowserve Corp   22,153  
655,616
*
  FMC Technologies, Inc   37,173  
91,810
e*
  Fuel Tech, Inc   2,079  
700
  Fuji Machine Manufacturing Co Ltd   15  
930,468
  FUJIFILM Holdings Corp   39,396  
30,000
e
  Furukawa Co Ltd   58  
412,279
*
  Gardner Denver, Inc   13,605  
2,061,113
*
  GEA Group AG.   71,720  
60,995
e*
  Gehl Co   978  
61,858,619
  General Electric Co   2,293,099  
2,707
  Gildemeister AG.   73  
231,610
  Glory Ltd   5,401  
276,410
*
  GMR Infrastructure Ltd   1,740  
199,465
e*
  Goodman Global, Inc   4,895  
81,746
e
  Gorman-Rupp Co   2,550  

72

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
      (000)  
275,828
  Graco, Inc
$
10,277  
856,272
*
  Grant Prideco, Inc   47,532  
24,300
*
  Hanjin Heavy Industries & Construction Co Ltd   1,789  
450,000
  Harbin Power Equipment   1,443  
58,385
  Hardinge, Inc   980  
18,777
  Heidelberger Druckmaschinen   631  
17,806,287
  Hewlett-Packard Co   898,861  
309,694
  Hitachi Construction Machinery Co Ltd   9,287  
2,000
  Hitachi Koki Co Ltd   32  
4,000
  Hitachi Kokusai Electric, Inc   49  
16,000
e*
  Hitachi Zosen Corp   22  
51,296
*
  Hurco Cos, Inc   2,239  
3,775
  Husqvarna AB (A Shares)   45  
218,657
  Husqvarna AB (B Shares)   2,597  
348,713
  IDEX Corp   12,599  
101,818
  IMI plc   798  
159,658
e*
  Immersion Corp   2,068  
2,271
  Industria Macchine Automatiche S.p.A.   46  
1,290,101
  Ingersoll-Rand Co Ltd (Class A)   59,951  
317,108
e*
  Intermec, Inc   6,440  
7,870,074
  International Business Machines Corp   850,755  
2,123,683
  International Game Technology   93,293  
6,554
  Interpump Group S.p.A.   68  
186,381
*
  Intevac, Inc   2,710  
140,100
  Inventec Appliances Corp   281  
1,321,408
  Inventec Co Ltd   766  
2,595,129
e
  Ishikawajima-Harima Heavy Industries Co Ltd   5,413  
44,376
e*
  Isilon Systems, Inc   225  
4,862
  Itochu Techno-Science Corp   164  
794,035
  Jabil Circuit, Inc   12,125  
1,793,000
  Japan Steel Works Ltd   26,434  
904,431
  Joy Global, Inc   59,530  
5,000
  Juki Corp   31  
81,042
*
  Kadant, Inc   2,405  
1,050,000
e
  Kato Works Co Ltd   4,070  
155,972
e
  Kaydon Corp   8,507  
40,065
  KCI Konecranes Oyj   1,381  
353,200
  Kennametal, Inc   13,372  
815,086
  Kinpo Electronics   275  
2,220,920
  Komatsu Ltd   60,436  
262,123
  Komori Corp   5,842  
21,145
  Kone Oyj (Class B)   1,482  
1,020,422
  Konica Minolta Holdings, Inc   18,076  
1,001,576
  Krones AG.   80,525  
17,000
  KS Energy Services Ltd   38  
707,767
  Kubota Corp   4,796  
1,411
*
  KUKA AG.   54  
410,434
*
  Kulicke & Soffa Industries, Inc   2,816  
90,175
  Kumba Iron Ore Ltd   3,760  
73,588
  Kurita Water Industries Ltd   2,233  
818,168
*
  Lam Research Corp   35,369  
77,928
  Larsen & Toubro Ltd   8,239  
291,476
  Lennox International, Inc   12,073  

73

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
     
VALUE
 
SHARES
      (000)  
2,444,000
  Lenovo Group Ltd
$
2,197  
983,466
*
  Lexmark International, Inc (Class A)   34,284  
11,410
  LG Electronics, Inc   609  
67,567
e
  Lindsay Manufacturing Co   4,776  
1,804,916
  Lite-On Technology Corp   3,150  
240,370
*
  Logitech International S.A.   8,815  
85,204
  Lufkin Industries, Inc   4,881  
218,392
  Makita Corp   9,266  
765,166
  Manitowoc Co, Inc   37,363  
28
  MCJ Co Ltd   14  
537,156
  Meggitt plc   3,558  
77,403
e
  Micron Machinery Co Ltd   2,079  
266,844
*
  Micros Systems, Inc   18,722  
831,040
  Micro-Star International Co Ltd   703  
73,421
e*
  Middleby Corp   5,626  
130
*
  MidgardXXI, Inc  
-
^
762,987
  Mitac International   749  
4,753,323
  Mitsubishi Heavy Industries Ltd   20,466  
5,000
  Mitsubishi Kakoki Kaisha Ltd   15  
45
  Modec, Inc   1  
169,926
e
  Modine Manufacturing Co   2,805  
2,600
  Mori Seiki Co Ltd   50  
65,500
  Motech Industries, Inc   601  
36,501
  Nacco Industries, Inc (Class A)   3,639  
14,000
  Nachi-Fujikoshi Corp   55  
137,528
*
  NATCO Group, Inc (Class A)   7,447  
14,500
e*
  Netezza Corp   200  
241,917
*
  Netgear, Inc   8,629  
2,000
  Nippon Thompson Co Ltd   15  
500
  Nitto Kohki Co Ltd   10  
177,600
  Nordson Corp   10,294  
882,573
  NTN Corp   7,671  
132,574
e
  OCE NV   2,400  
35,246
e*
  Ocean RIG ASA   258  
292,759
*
  Oil States International, Inc   9,989  
78,636
e*
  Oki Electric Industry Co Ltd   123  
6,000
  OKK Corp   13  
89,000
  Okuma Holdings, Inc   959  
3,269
  ONA S.A.   673  
29,000
e
  OSG Corp   317  
369
  Outotec Oyj   20  
500,228
  Pall Corp   20,169  
616,051
e
  Palm, Inc   3,906  
186,000
  Pan-International Industrial   407  
68
  Pfeiffer Vacuum Technology AG.   5  
2,225
  Pinguely-Haulotte   67  
2,181,310
  Pt United Tractors Tbk   2,531  
1,407,607
  Quanta Computer, Inc   1,999  
1,220,637
e*
  Quantum Corp   3,284  
169,939
e*
  Rackable Systems, Inc   1,699  
129,577
*
  RBC Bearings, Inc   5,631  
522,353
  Rheinmetall AG.   41,530  
49,622
*
  Rimage Corp   1,288  

74

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
     
VALUE
 
SHARES
      (000)  
150,783
*
  Riverbed Technology, Inc
$
4,032  
81,427
  Robbins & Myers, Inc   6,158  
702,590
  Rockwell Automation, Inc   48,451  
200
  Roland DG Corp   10  
66,228,636
  Rolls-Royce Group plc (B Shares)   145  
710,454
e*
  Safeguard Scientifics, Inc   1,279  
55,990
  Safran S.A.   1,149  
93,631
  Samsung Corp   7,202  
997,124
*
  SanDisk Corp   33,075  
2,433,147
  Sandvik AB   41,881  
58,504
  Sauer-Danfoss, Inc   1,466  
146,892
e*
  Scansource, Inc   4,752  
112
  Schoeller-Bleckmann Oilfield Equipment AG.   10  
270,533
e*
  Scientific Games Corp (Class A)   8,995  
3,535,441
  Seagate Technology, Inc   90,154  
1,249,635
m,v*
  Seagate Technology, Inc  
-
^
81,664
  Seiko Epson Corp   1,773  
102,753
e*
  Semitool, Inc   892  
1,600
*
  Sevan Marine ASA   24  
2,324,000
  Shanghai Electric Group Co Ltd   1,967  
459,147
  Shanghai Zhenhua Port Machinery Co   1,285  
700
  Shima Seiki Manufacturing Ltd   33  
226,590
  Shinmaywa Industries Ltd   862  
164,043
e*
  Sigma Designs, Inc   9,055  
34,472
e*
  Silicon Graphics, Inc   630  
78,413
  SMC Corp   9,349  
65,131
  Solarworld AG.   3,976  
347,567
e*
  SourceForge, Inc   852  
201,555
  SPX Corp   20,730  
81,167
  Standex International Corp   1,416  
168,906
e*
  STEC, Inc   1,476  
9,528
  STX Engine Co Ltd   657  
949
  Sulzer AG.   1,396  
362,893
  Sumitomo Heavy Industries Ltd   3,346  
80,191
e*
  Super Micro Computer, Inc   615  
502,750
  Synnex Technology International Corp   1,256  
40,487
*
  T-3 Energy Services, Inc   1,903  
396,186
e
  Tadano Ltd   4,046  
5,000
  Takisawa Machine Tool Co Ltd   8  
3,186,315
  Tat Hong Holdings Ltd   7,570  
147,694
  Techtronic Industries Co   147  
103,240
e*
  Tecumseh Products Co (Class A)   2,417  
300
  Teikoku Piston Ring Co Ltd   3  
95,322
  Tennant Co   4,222  
755,557
*
  Teradata Corp   20,710  
574,985
*
  Terex Corp   37,702  
80,518
  THK Co Ltd   1,633  
364,951
  Timken Co   11,989  
2,000
  Tokimec, Inc   6  
241,787
  Tokyo Electron Ltd   14,847  
11,000
e
  Tokyo Seimitsu Co Ltd   269  
623,362
e
  Tomra Systems ASA   4,420  
170,742
e
  Toro Co   9,295  

75

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
     
(000)
 
4,245,077
e
  Toshiba Corp
$
31,805  
206,529
  Toyota Tsusho Corp   5,602  
3,334,654
  Trane, Inc   155,762  
84,296
e*
  TurboChef Technologies, Inc   1,391  
3,723,299
  Tutt Bryant Group Ltd   6,473  
24,319
e
  Twin Disc, Inc   1,721  
136,113
e*
  Ultratech, Inc   1,544  
4,645
e*
  Unaxis Holding AG.   1,942  
4,142,766
  Unisteel Technology Ltd   4,835  
532,369
*
  Varian Medical Systems, Inc   27,768  
279,451
e*
  VeriFone Holdings, Inc   6,497  
51,296
*
  Vestas Wind Systems AS   5,552  
8
  Wacom Co Ltd   17  
17,000
  Wartsila Oyj (B Shares)   1,295  
125,300
e
  Watsco, Inc   4,606  
4,575
  Weir Group Plc (The)   74  
1,471,639
*
  Western Digital Corp   44,458  
125,517
  Wincor Nixdorf AG.   11,928  
913,504
  Wistron Corp   1,698  
157,999
  Woodward Governor Co   10,736  
31,990
  Woongjin Coway Co Ltd   1,042  
138,472
  Yokogawa Electric Corp   1,522  
900
  Yushin Precision Equipment Co Ltd   16  
88,620
e
  Zardoya Otis S.A.   2,510  
286,065
*
  Zebra Technologies Corp (Class A)   9,926  
240,143
  Zyxel Communications Corp   312  
 
  TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT   8,022,597  
 
INSTRUMENTS AND RELATED PRODUCTS - 3.88%
     
123,109
e*
  Abaxis, Inc   4,415  
124,271
e*
  Abiomed, Inc   1,931  
87,577
e*
  Accuray, Inc   1,333  
268,134
e*
  Advanced Medical Optics, Inc   6,577  
361,210
e*
  Affymetrix, Inc   8,358  
27,019
  AGFA-Gevaert NV   414  
3,361,686
*
  Agilent Technologies, Inc   123,508  
321,191
e*
  Align Technology, Inc   5,357  
1,255,338
  Allergan, Inc   80,643  
385,000
e*
  Alsius Corp   1,424  
385,289
e*
  American Medical Systems Holdings, Inc   5,571  
53,846
e
  American Science & Engineering, Inc   3,056  
85,744
  Analogic Corp   5,807  
139,752
*
  Anaren, Inc   2,305  
102,978
e*
  Angiodynamics, Inc   1,961  
14,000
  Anritsu Corp   58  
1,512,840
  Applera Corp (Applied Biosystems Group)   51,316  
78,593
e*
  Argon ST, Inc   1,459  
154,946
e*
  Arthrocare Corp   7,445  
127,021
  Asia Optical Co, Inc   356  
91,329
e*
  Aspect Medical Systems, Inc   1,279  
213
  Audika   11  
77,622
e
  Badger Meter, Inc   3,489  
8,580,706
  BAE Systems plc   85,062  

76

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
      (000)  
512,061
  Bard (C.R.), Inc
$
48,543  
4,102,775
  Baxter International, Inc   238,166  
17,199,208
m,v*
  BB Bioventures LP   6,187  
251,485
  Beckman Coulter, Inc   18,308  
1,489,861
  Becton Dickinson & Co   124,523  
110,052
*
  Bio-Rad Laboratories, Inc (Class A)   11,404  
6,018,437
*
  Boston Scientific Corp   69,994  
392,366
*
  Bruker BioSciences Corp   5,218  
61,335
*
  Cantel Medical Corp   894  
297,295
e*
  Cepheid, Inc   7,834  
1,834
  Chemring Group plc   75  
82,130
  Cochlear Ltd   5,401  
132,213
  Cohu, Inc   2,023  
136,067
  Compagnie Generale d'Optique Essilor International S.A.   8,684  
181,344
*
  Conmed Corp   4,191  
177,585
e
  Cooper Cos, Inc   6,748  
2,549,358
  Covidien Ltd   112,911  
627,083
*
  Credence Systems Corp   1,518  
113,722
e*
  Cutera, Inc   1,785  
123,638
e*
  Cyberonics, Inc   1,627  
88,223
e*
  Cynosure, Inc (Class A)   2,334  
1,304,596
  Danaher Corp   114,465  
69,695
  Datascope Corp   2,537  
818,791
  Dentsply International, Inc   36,862  
134,052
*
  Dionex Corp   11,108  
212,816
  DRS Technologies, Inc   11,550  
196,853
*
  Eagle Test Systems, Inc   2,516  
1,256,687
e
  Eastman Kodak Co   27,484  
61,344
  Elekta AB (B Shares)   1,023  
6,962,152
  Emerson Electric Co   394,476  
344,833
e*
  EnteroMedics, Inc   2,776  
142,292
e*
  ESCO Technologies, Inc   5,683  
147,818
*
  Esterline Technologies Corp   7,650  
258,204
*
  ev3, Inc   3,282  
69,518
*
  Excel Technology, Inc   1,884  
118,523
e*
  FARO Technologies, Inc   3,221  
203,613
e*
  FEI Co   5,056  
177,793
  Finmeccanica S.p.A.   5,711  
776,384
e*
  Flir Systems, Inc   24,301  
251,706
e*
  Formfactor, Inc   8,331  
299,374
*
  Fossil, Inc   12,568  
755,788
e
  Garmin Ltd   73,311  
10,000
e*
  Given Imaging Ltd   233  
12,884,212
  Golden Meditech Co Ltd   5,750  
1,118
*
  Gyrus Group plc   14  
142,058
*
  Haemonetics Corp   8,952  
2,400
  Hexagon AB (B Shares)   50  
1,868,533
*
  Hologic, Inc   128,256  
77,939
e*
  ICU Medical, Inc   2,807  
111,150
e*
  I-Flow Corp   1,754  
129,030
*
  II-VI, Inc   3,942  
308,649
e*
  Illumina, Inc   18,291  
43,650
e*
  Insulet Corp   1,025  

77

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
     
(000)
 
95,645
e*
  Integra LifeSciences Holdings Corp
$
4,010  
203,315
*
  Intuitive Surgical, Inc   65,976  
203,055
e
  Invacare Corp   5,117  
245,764
*
  Invensys plc   1,111  
420,060
e*
  ION Geophysical Corp   6,629  
155,050
e*
  Ionatron, Inc   443  
159,477
e*
  Itron, Inc   15,305  
251,650
*
  Ixia   2,386  
21,413,724
  Johnson & Johnson   1,428,295  
230
  Kaba Holding AG.   72  
1,100
  Keithley Instruments Inc   11  
57,486
e*
  Kensey Nash Corp   1,720  
33,975
  Keyence Corp   8,385  
896,358
  Kla-Tencor Corp   43,169  
7,669
e*
  Kopin Corp   24  
318,144
e*
  L-1 Identity Solutions, Inc   5,711  
351,920
e*
  LTX Corp   1,119  
123,569
e
  Luxottica Group S.p.A.   3,928  
1,200
*
  Lydall Inc   13  
39,206
e*
  Masimo Corp   1,547  
79,417
e*
  Measurement Specialties, Inc   1,755  
76,075
*
  Medical Action Industries, Inc   1,586  
6,032,796
  Medtronic, Inc   303,269  
180,730
e
  Mentor Corp   7,067  
192,944
*
  Merit Medical Systems, Inc   2,682  
377,457
*
  Mettler-Toledo International, Inc   42,955  
80,503
e*
  Micrus Endovascular Corp   1,584  
218,139
e*
  Millipore Corp   15,963  
154,950
e
  Mine Safety Appliances Co   8,037  
347,262
*
  MKS Instruments, Inc   6,647  
122,381
e
  Movado Group, Inc   3,095  
21,967,242
a,m,v*
  MPM Bioventures II-QP LP   12,086  
101,513
  MTS Systems Corp   4,332  
247,827
  National Instruments Corp   8,260  
106,516
e*
  Natus Medical, Inc   2,061  
204,852
e*
  Newport Corp   2,620  
75,532
  Nidec Copal Corp   982  
5,000
  Nikkiso Co Ltd   38  
600,701
e
  Nikon Corp   20,809  
979,327
  Nippon Electric Glass Co Ltd   16,007  
102,863
e*
  Northstar Neuroscience, Inc   957  
3,419
*
  NOVT Corp   8  
252,119
e*
  NuVasive, Inc   9,964  
92,278
e*
  NxStage Medical, Inc   1,400  
800
  Ohara Inc   13  
364,581
  Olympus Corp   15,077  
87,110
e*
  Orthofix International NV   5,050  
60,412
e
  Osaki Electric Co Ltd   310  
21,621
e*
  OYO Geospace Corp   1,629  
97,213
e*
  Palomar Medical Technologies, Inc   1,489  
8,239,616
  PCCW Ltd   4,893  
36,000
  Peace Mark Holdings Ltd   58  
556,289
  PerkinElmer, Inc   14,475  

78

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
      (000)  
846,962
  Phonak Holding AG.
$
95,682  
1,200
e*
  Photon Dynamics Inc   10  
886,620
  Pitney Bowes, Inc   33,727  
35,350
*
  Qiagen NV   766  
1,779
  Q-Med AB   23  
737
  Renishaw Plc   9  
317,301
e*
  Resmed, Inc   16,668  
310,602
*
  Respironics, Inc   20,338  
761,303
  Rockwell Collins, Inc   54,791  
201,332
*
  Rofin-Sinar Technologies, Inc   9,686  
362,778
  Roper Industries, Inc   22,688  
162,173
e*
  Rudolph Technologies, Inc   1,836  
38,200
  Samsung Techwin Co Ltd   1,720  
3,000
  Shimadzu Corp   27  
279,220
e*
  Sirf Technology Holdings, Inc   7,017  
91,179
e
  Sirona Dental Systems, Inc   3,053  
4,126,206
  a,m,v*
  Skyline Venture Partners Qualified II   3,695  
892,313
m,v*
  Skyline Venture Partners Qualified III   693  
513,803
  Smith & Nephew plc   5,932  
141,375
e*
  Sonic Innovations, Inc   1,091  
139,426
e*
  Sonic Solutions, Inc   1,449  
88,724
e*
  SonoSite, Inc   2,987  
168,240
e*
  Spectranetics Corp   2,579  
5,237
  Spectris plc   71  
335
  Sperian Protection   38  
2,612,435
*
  St. Jude Medical, Inc   106,169  
451,626
  STERIS Corp   13,025  
165
  Stratec Biomedical Systems   5  
1,748,345
  Stryker Corp   130,636  
71,703
  Swatch Group AG.   21,613  
160,883
  Swatch Group AG.   9,500  
215,598
*
  Symmetry Medical, Inc   3,758  
28,208
  Synthes, Inc   3,503  
49,600
  Sysmex Corp   2,109  
200,121
*
  Techne Corp   13,218  
239,946
*
  Teledyne Technologies, Inc   12,796  
761,222
*
  Teradyne, Inc   7,871  
379,882
  Terumo Corp   19,995  
1,600
*
  Theragenics Corp   6  
2,981,716
*
  Thermo Electron Corp   171,985  
288,263
e*
  Thoratec Corp   5,243  
99,983
*
  TomTom NV   7,528  
553,753
*
  Trimble Navigation Ltd   16,745  
380
  Ultra Electronics Holdings   10  
212,619
*
  Varian, Inc   13,884  
176,541
e*
  Veeco Instruments, Inc   2,948  
178,255
*
  Ventana Medical Systems, Inc   15,549  
91,307
e*
  Vital Images, Inc   1,650  
58,123
  Vital Signs, Inc   2,971  
386,489
e*
  Vivus, Inc   2,002  
127,563
*
  Volcano Corp   1,596  
698,390
*
  Waters Corp   55,222  
19,502
e*
  William Demant Holding   1,809  

79

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
     
(000)
 
187,627
*
  Wright Medical Group, Inc
$
5,473  
5,132,265
  Xerox Corp   83,091  
158,955
e*
  X-Rite, Inc   1,847  
1,150,408
*
  Zimmer Holdings, Inc   76,099  
109,330
*
  Zoll Medical Corp   2,921  
84,369
e*
  Zygo Corp   1,051  
 
  TOTAL INSTRUMENTS AND RELATED PRODUCTS   5,220,905  
 
INSURANCE AGENTS, BROKERS AND SERVICE - 0.48%      
3,310,637
  AON Corp   157,884  
461,903
  Brown & Brown, Inc   10,855  
167,081
e
  Crawford & Co (Class B)   693  
417,610
e
  Gallagher (Arthur J.) & Co   10,102  
2,427,548
  Hartford Financial Services Group, Inc   211,658  
4,230,941
  HBOS plc   61,903  
205,349
  Hilb Rogal & Hobbs Co   8,331  
3,063,636
  Marsh & McLennan Cos, Inc   81,094  
34,402
e
  MLP AG.   541  
206,199
e
  National Financial Partners Corp   9,405  
1,622,200
  QBE Insurance Group Ltd   47,489  
1,292,640
  Suncorp-Metway Ltd   19,204  
169,822
  Unipol Gruppo Finanziario S.p.A.   585  
293,490
  Unipol S.p.A.   930  
149,209
*
  United America Indemnity Ltd (Class A)   2,972  
35,133
  White Mountains Insurance Group Ltd   18,060  
 
  TOTAL INSURANCE AGENTS, BROKERS AND SERVICE   641,706  
 
INSURANCE CARRIERS - 4.61%      
2,522,347
e
  ABC Learning Centres Ltd   11,472  
4,154,635
  ACE Ltd   256,673  
23,235
  Aditya Birla Nuvo Ltd   1,184  
2,234,914
  Admiral Group plc   48,937  
471,492
  Aegon NV   8,334  
3,864
  Aegon NV   68  
5,149,101
  Aetna, Inc   297,258  
3,435,714
  Aflac, Inc   215,179  
195,000
  Aioi Insurance Co Ltd   922  
96,974
  Aksigorta A.S.   571  
201,531
  Alfa Corp   4,367  
134,618
  Alleanza Assicurazioni S.p.A   1,750  
19,322
e*
  Alleghany Corp   7,767  
580,041
  Allianz AG.   125,469  
317,336
  Allied World Assurance Holdings Ltd   15,921  
2,979,803
  Allstate Corp   155,635  
620,977
e
  Ambac Financial Group, Inc   16,003  
324,630
e
  American Equity Investment Life Holding Co   2,691  
649,060
  American Financial Group, Inc   18,745  
12,823,557
  American International Group, Inc   747,613  
76,528
  American National Insurance Co   9,278  
79,033
  American Physicians Capital, Inc   3,277  
515,726
*
  AMERIGROUP Corp   18,798  
121,838
*
  Amerisafe, Inc   1,890  
2,986,757
  AMP Ltd   26,094  

80

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
      (000)  
223,292
e
  Amtrust Financial Services, Inc
$
3,075  
311,375
*
  Arch Capital Group Ltd   21,905  
158,098
*
  Argo Group International Holdings Ltd   6,661  
568,329
  Aspen Insurance Holdings Ltd   16,391  
627,602
  Assicurazioni Generali S.p.A.   28,445  
817,334
  Assurant, Inc   54,680  
423,388
  Assured Guaranty Ltd   11,237  
2,117,667
  Aviva plc   28,370  
2,429,010
  AXA Asia Pacific Holdings Ltd   15,740  
1,843,929
e
  AXA S.A.   73,841  
2,364,767
  Axis Capital Holdings Ltd   92,155  
43,614
e
  Baldwin & Lyons, Inc (Class B)   1,198  
973
  Baloise Holding AG.   96  
21,930
  Beazley Group plc   71  
12,108
  Brit Insurance Holdings Plc   55  
41,609
e
  Castlepoint Holdings Ltd   499  
339,440
*
  Centene Corp   9,314  
469,000
*
  China Insurance International Holdings Co Ltd   1,287  
5,976,119
  China Life Insurance Co Ltd   30,925  
2,156,942
  Chubb Corp   117,726  
656,022
  Cincinnati Financial Corp   25,939  
185,038
e*
  Citizens, Inc   1,023  
13,010
  Clal Insurance   354  
188,797
  CNA Financial Corp   6,366  
109,243
*
  CNA Surety Corp   2,162  
124,470
  CNP Assurances   16,195  
318,340
e
  Commerce Group, Inc   11,454  
2,634,878
*
  Conseco, Inc   33,094  
151,276
  Corp Mapfre S.A.   666  
63,895
*
  Darwin Professional Underwriters, Inc   1,544  
271,029
  Delphi Financial Group, Inc (Class A)   9,562  
78,362
  Donegal Group, Inc (Class A)   1,345  
32,087
  Dongbu Insurance Co Ltd   1,875  
48,548
  EMC Insurance Group, Inc   1,149  
454,983
  Employers Holdings, Inc   7,603  
407,058
  Endurance Specialty Holdings Ltd   16,987  
38,879
e*
  Enstar Group Ltd   4,760  
189,138
e
  Erie Indemnity Co (Class A)   9,814  
343,417
  Everest Re Group Ltd   34,479  
42,873
  Fairfax Financial Holdings Ltd   12,467  
92,332
  FBL Financial Group, Inc (Class A)   3,188  
843,510
e
  Fidelity National Title Group, Inc (Class A)   12,324  
119,249
e*
  First Acceptance Corp   503  
351,506
  First American Corp   11,993  
65,868
*
  First Mercury Financial Corp   1,607  
63,946
e
  Flagstone Reinsurance Holdings Ltd   889  
18,099
  Fondiaria-Sai S.p.A   746  
54,145
*
  Fpic Insurance Group, Inc   2,327  
587,503
  Friends Provident plc   1,911  
541,846
  Fuji Fire & Marine Insurance Co Ltd   1,460  
3,419,603
  Genworth Financial, Inc (Class A)   87,029  
359,672
  Great-West Lifeco, Inc   12,963  
47,323
e*
  Greenlight Capital Re Ltd (Class A)   984  

81

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
      (000)  
16,551
*
  Hallmark Financial Services
$
262  
1,882
  Hannover Rueckversicherung AG.   87  
224,165
  Hanover Insurance Group, Inc   10,267  
4,410
  Harel Insurance Investments & Finances Ltd   258  
100,401
  Harleysville Group, Inc   3,552  
764,122
  HCC Insurance Holdings, Inc   21,915  
519,325
*
  Health Net, Inc   25,083  
212,928
*
  HealthExtras, Inc   5,553  
385,549
*
  Healthspring, Inc   7,345  
10,566
  Highway Insurance Holdings plc   15  
15,364
  Hiscox Ltd   88  
295,197
  Horace Mann Educators Corp   5,591  
1,334,808
*
  Humana, Inc   100,524  
50,574
  Hyundai Marine & Fire Insurance Co Ltd   1,378  
31,967
e
  Independence Holding Co   404  
121,779
  Infinity Property & Casualty Corp   4,400  
20,900
  ING Canada, Inc   839  
1,346,939
e
  Insurance Australia Group Ltd   4,873  
344,507
  IPC Holdings Ltd   9,946  
271,045
  Irish Life & Permanent plc   4,680  
24,379
  Kansas City Life Insurance Co   1,063  
248,679
  KBC Groep NV   34,977  
47,926
  Korean Reinsurance Co   671  
104,161
e
  LandAmerica Financial Group, Inc   3,484  
710,770
e
  Leucadia National Corp   33,477  
120,686
  Liberty Group Ltd   1,585  
1,917,993
  Lincoln National Corp   111,666  
1,994,983
  Loews Corp   100,427  
2,590,494
  Manulife Financial Corp   106,486  
37,969
*
  Markel Corp   18,647  
1,318,262
*
  MAX India Ltd   8,773  
567,388
  Max Re Capital Ltd   15,881  
621,673
e
  MBIA, Inc   11,582  
183,625
*
  Meadowbrook Insurance Group, Inc   1,728  
205,908
e
  Mediolanum S.p.A.   1,654  
102,665
  Mercury General Corp   5,114  
2,088,835
  Metlife, Inc   128,714  
585,770
  Metropolitan Holdings Ltd   1,293  
1,065,731
e
  MGIC Investment Corp   23,904  
52,510
  Midland Co   3,397  
308,768
  Migdal Insurance Holdings Ltd   482  
5,933
  Milano Assicurazioni S.p.A.   46  
1,382,741
  Millea Holdings, Inc   46,663  
2,130,096
  Mitsui Sumitomo Insurance Co Ltd   20,745  
83,083
e*
  Molina Healthcare, Inc   3,215  
592,986
  Montpelier Re Holdings Ltd   10,087  
544,942
  Muenchener Rueckver AG.   105,918  
48,520
e
  National Interstate Corp   1,606  
13,944
  National Western Life Insurance Co (Class A)   2,892  
370,081
  Nationwide Financial Services, Inc (Class A)   16,657  
78,049
*
  Navigators Group, Inc   5,073  
201,000
  Nipponkoa Insurance Co Ltd   1,830  
335,873
  Nissay Dowa General Insurance Co Ltd   1,636  

82

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
      (000)  
31,450
e
  NYMAGIC, Inc
$
727  
183,740
e
  Odyssey Re Holdings Corp   6,745  
11,990,849
  Old Mutual plc   40,005  
962,013
  Old Republic International Corp   14,825  
261,096
  OneBeacon Insurance Group Ltd   5,614  
81,000
*
  Pacific Century Regional Developments Ltd   19  
395,281
  PartnerRe Ltd   32,623  
371,061
*
  Philadelphia Consolidated Holding Co   14,601  
704,416
  Phoenix Cos, Inc   8,361  
1,720,000
  PICC Property & Casualty Co Ltd   2,462  
1,094,500
  Ping An Insurance Group Co of China Ltd   11,749  
820,837
  Platinum Underwriters Holdings Ltd   29,189  
173,129
e*
  PMA Capital Corp (Class A)   1,423  
536,252
e
  PMI Group, Inc   7,121  
739,498
  Power Corp Of Canada   30,068  
390,248
  Power Financial Corp   16,121  
128,776
  Presidential Life Corp   2,255  
240,991
e*
  Primus Guaranty Ltd   1,689  
2,061,826
  Principal Financial Group   141,936  
195,377
*
  ProAssurance Corp   10,730  
3,682,698
*
  Progressive Corp   70,561  
270,849
  Protective Life Corp   11,110  
2,889,137
  Prudential Financial, Inc   268,805  
10,329,244
  Prudential plc   146,397  
955,917
e
  Radian Group, Inc   11,165  
105,364
e*
  RAM Holdings Ltd   521  
124,982
e
  Reinsurance Group Of America, Inc   6,559  
402,482
  RenaissanceRe Holdings Ltd   24,246  
348,471
  Resolution plc   4,939  
124,344
  RLI Corp   7,062  
5,576,816
  Royal & Sun Alliance Insurance Group plc   16,452  
361,663
  Safeco Corp   20,137  
102,668
  Safety Insurance Group, Inc   3,760  
35,595
  Samsung Fire & Marine Insurance Co Ltd   9,621  
1,756,966
  Sanlam Ltd   5,849  
1,401,980
  SCOR   35,871  
309,613
v*
  Scottish Re Group Ltd   223  
300
e*
  SCPIE Holdings Inc   8  
129,125
*
  SeaBright Insurance Holdings, Inc   1,947  
136,690
e
  Security Capital Assurance Ltd   532  
350,594
  Selective Insurance Group, Inc   8,060  
2,192
  SNS Reaal   49  
1,966,425
  Sompo Japan Insurance, Inc   17,796  
2,033
  Sony Financial Holdings, Inc   7,771  
310,647
  Stancorp Financial Group, Inc   15,650  
547,651
  Standard Life plc   2,755  
76,874
  State Auto Financial Corp   2,022  
98,015
e
  Stewart Information Services Corp   2,557  
59,855
  Storebrand ASA   625  
423
v*
  Storebrand ASA   1  
1,053,251
  Sun Life Financial, Inc   59,452  
127,600
  Swiss Life Holding   31,896  
603,567
  Swiss Reinsurance Co   42,889  

83

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
     
VALUE
 
SHARES
     
(000)
 
329,469
  T&D Holdings, Inc
$
17,017  
5,535
e*
  Topdanmark AS   797  
521,622
  Torchmark Corp   31,574  
99,675
e
  Tower Group, Inc   3,329  
25,839
  Tower Ltd   46  
110,795
  Transatlantic Holdings, Inc   8,052  
4,399,596
  Travelers Cos, Inc   236,698  
68,713
e*
  Triad Guaranty, Inc   673  
259,685
e
  TrygVesta A.S.   19,756  
122,733
  United Fire & Casualty Co   3,570  
7,341,114
  UnitedHealth Group, Inc   427,253  
175,168
e
  Unitrin, Inc   8,406  
348,075
*
  Universal American Financial Corp   8,907  
1,750,534
  UnumProvident Corp   41,645  
574,500
*
  Validus Holdings Ltd   14,926  
82,441
*
  Vesta Insurance Group, Inc  
-
^
1,642,801
  W.R. Berkley Corp   48,972  
609,866
*
  WellCare Health Plans, Inc   25,864  
6,764
  Wesco Financial Corp   2,753  
13,812
  Wiener Staedtische Allgemeine Versicherung AG.   1,111  
1,298,070
  XL Capital Ltd (Class A)   65,306  
202,848
  Zenith National Insurance Corp   9,073  
411,756
  Zurich Financial Services AG.   120,928  
 
  TOTAL INSURANCE CARRIERS   6,196,969  
 
JUSTICE, PUBLIC ORDER AND SAFETY - 0.02%      
630,884
*
  Corrections Corp of America   18,618  
264,153
e*
  Geo Group, Inc   7,396  
1,950,038
e*
  PAN Fish ASA   1,253  
 
  TOTAL JUSTICE, PUBLIC ORDER AND SAFETY   27,267  
 
LEATHER AND LEATHER PRODUCTS - 0.21%
     
164,533
  Adidas-Salomon AG.   12,331  
3,628,750
*
  Coach, Inc   110,967  
197,002
  Continental AG.   25,632  
336,702
e*
  CROCS, Inc   12,394  
983,831
  Deutsche Lufthansa AG.   26,208  
123,209
e*
  Genesco, Inc   4,657  
81,803
  Henkel KGaA   4,180  
56,794
  Hermes International   7,178  
271,695
*
  Iconix Brand Group, Inc   5,341  
233,203
  LVMH Moet Hennessy Louis Vuitton S.A.   28,190  
1,323,580
  Pou Chen Corp   1,241  
147,669
  Steven Madden Ltd   2,953  
448,587
  ThyssenKrupp AG.   25,152  
282,562
*
  Timberland Co (Class A)   5,109  
43,596
e
  Weyco Group, Inc   1,199  
313,139
  Wolverine World Wide, Inc   7,678  
1,329,981
  Yue Yuen Industrial Holdings   4,776  
 
  TOTAL LEATHER AND LEATHER PRODUCTS   285,186  
 
LEGAL SERVICES - 0.01%      
237,513
*
  FTI Consulting, Inc   14,640  

84

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
     
VALUE
 
SHARES
      (000)  
88,247
*
  Pre-Paid Legal Services, Inc
$
4,885  
 
  TOTAL LEGAL SERVICES   19,525  
 
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.02%      
286,760
  Brisa-Auto Estradas de Portugal S.A.   4,213  
1,508,241
  ComfortDelgro Corp Ltd   1,917  
42,642
e*
  Emergency Medical Services Corp (Class A)   1,249  
279,287
e
  Keihin Electric Express Railway Co Ltd   1,717  
195,510
  Keisei Electric Railway Co Ltd   1,047  
534,368
  SMRT Corp Ltd   624  
1,631,884
  Stagecoach Group plc   9,258  
 
  TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT   20,025  
 
LUMBER AND WOOD PRODUCTS - 0.02%      
75,991
e
  American Woodmark Corp   1,382  
489,426
e*
  Champion Enterprises, Inc   4,610  
56,913
e
  Deltic Timber Corp   2,930  
59,436
  Duratex S.A.   1,452  
429,943
e
  Louisiana-Pacific Corp   5,882  
2,043,097
  Masisa S.A.   410  
2,034,613
*
  MFI Furniture plc   3,665  
68,200
  Nobia AB   607  
179,200
*
  Sino-Forest Corp   3,893  
44,864
e
  Skyline Corp   1,317  
82,859
*
  Sonae Industria SGPS S.A.   806  
101,549
e
  Universal Forest Products, Inc   2,992  
 
  TOTAL LUMBER AND WOOD PRODUCTS   29,946  
 
METAL MINING - 1.31%
     
74,496
  African Rainbow Minerals Ltd   1,657  
226,690
  Agnico-Eagle Mines Ltd   12,500  
142,266
  Alumina Ltd   796  
70,879
  Anglo Platinum Ltd   10,475  
149,354
  AngloGold Ashanti Ltd   6,403  
990,151
  Antofagasta plc   14,132  
318,744
*
  Apex Silver Mines Ltd   4,858  
2,757
  Aquarius Platinum Ltd   31  
1,407,453
  Barrick Gold Corp   59,581  
198,302
*
  Barrick Gold Corp   8,339  
253
*
  Bendigo Mining Ltd  
-
^
6,864,309
  BHP Billiton Ltd   241,931  
3,332,990
  BHP Billiton plc   102,572  
84,791
  Boliden AB   1,066  
502,894
e
  Cameco Corp   20,163  
53,820
  Cameco Corp   2,143  
49,063
  CAP S.A.   1,344  
13,525
*
  Central African Mining & Exploration Co plc   10  
2,909,000
*
  China Molybdenum Co Ltd   5,320  
386,474
  Cia Minera Milpo SAA   929  
278,556
e
  Cleveland-Cliffs, Inc   28,078  
2,488,390
e*
  Coeur d'Alene Mines Corp   12,293  
985,325
  Companhia Vale do Rio Doce   32,831  
1,355,376
  Companhia Vale do Rio Doce   38,643  

85

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
      (000)  
367,476
  Companhia Vale do Rio Doce (ADR)
$
12,005  
56,979
  Compania de Minas Buenaventura S.A.   3,214  
10,040
  Consolidated Minerals Ltd   44  
637,449
*
  Eldorado Gold Corp   3,765  
148,134
e
  Energy Resources of Australia Ltd   2,536  
167,079
  First Quantum Minerals Ltd   14,401  
210,625
  Foundation Coal Holdings, Inc   11,058  
2,517,373
  Freeport-McMoRan Copper & Gold, Inc (Class B)   257,880  
9,148
*
  Gindalbie Metals Ltd   10  
424,539
  Gold Fields Ltd   6,150  
345,553
  Gold Fields Ltd (ADR)   4,907  
1,212,682
  Goldcorp, Inc   41,531  
35,877
  Griffin Mining Ltd   67  
229,042
*
  Harmony Gold Mining Co Ltd   2,361  
861,163
e*
  Hecla Mining Co   8,052  
6,138,000
*
  Hidili Industry International Development Ltd   9,430  
2,205
  Hulamin Ltd   7  
20,196
e
  Iluka Resources Ltd   82  
372,956
  Impala Platinum Holdings Ltd   12,947  
5,405
  Independence Group NL   42  
50,900
  Inmet Mining Corp   4,154  
293,510
*
  Ivanhoe Mines Ltd   3,212  
862
  Jubilee Mines NL   17  
6,203
  Kagara Zinc Ltd   34  
103,074
  Kazakhmys plc   2,813  
1,385
  Kingsgate Consolidated Ltd   6  
1,001,527
*
  Kinross Gold Corp   18,570  
8,945
  Korea Zinc Co Ltd   1,247  
3,808,300
  Lanna Resources PCL   2,046  
57,484
  Lonmin Plc   3,539  
399,000
*
  Lundin Mining Corp   3,857  
15,482
  Macmahon Holdings Ltd   23  
1,495
  Managem   97  
8,233
  Minara Resources Ltd   45  
9,984
  Mincor Resources NL   37  
236,486
  Minsur S.A.   663  
21,100
v
  MMC Norilsk Nickel (ADR)   5,697  
463,810
  MMC Norilsk Nickel (ADR)   125,576  
2,336
*
  Mount Gibson Iron Ltd   6  
643,000
e
  Newcrest Mining Ltd   18,688  
2,415,114
  Newmont Mining Corp   117,930  
91,265
  Novolipetsk Steel (GDR)   3,733  
501,950
  Orica Ltd   13,993  
1,381,918
e
  Oxiana Ltd   4,223  
1,064,378
e*
  Paladin Resources Ltd   6,346  
85,952
*
  PAN American Silver Corp   3,047  
2,215,140
*
  Pan Australian Resources Ltd   1,926  
178,100
e*
  Patriot Coal Corp   7,434  
1,771
  Perilya Ltd   4  
577
*
  Peter Hambro Mining Plc   14  
57,601
e,v
  Polyus Gold (ADR)   2,719  
4,037
*
  Portman Ltd   37  
2,338,500
  PT Aneka Tambang Tbk   1,114  

86

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
     
(000)
 
156,500
  PT International Nickel Indonesia Tbk
$
1,604  
448,470
e
  Rio Tinto Ltd   52,747  
1,465,386
  Rio Tinto plc   155,097  
282,807
e*
  Rosetta Resources, Inc   5,608  
138,599
e
  Royal Gold, Inc   4,230  
9,295
  Sally Malay Mining Ltd   44  
149,498
e*
  ShengdaTech, Inc   2,160  
276,810
  Sherritt International Corp   3,727  
93,610
*
  Sino Gold Mining Ltd   571  
389,816
e
  Southern Copper Corp   40,981  
62,904
  Southern Copper Corp   6,684  
13,900
*
  St Barbara Ltd   9  
240,919
e*
  Stillwater Mining Co   2,327  
5,835,000
  Straits Asia Resources Ltd   12,647  
11,316
e
  Sumitomo Titanium Corp   845  
31,497
*
  Sundance Resources Ltd   12  
858,913
  Teck Cominco Ltd (Class B)   30,834  
264,400
*
  Uranium One, Inc   2,365  
274,990
e*
  Uranium Resources, Inc   3,432  
281,327
*
  US Gold Corp   833  
56,370
  Vedanta Resources plc   2,296  
455,835
  Volcan Cia Minera S.A.   1,171  
724,894
  Xstrata plc   51,226  
1,082,540
  Yamana Gold, Inc   14,138  
2,869,500
  Zijin Mining Group Co Ltd   4,453  
1,161,488
  Zinifex Ltd   12,646  
 
  TOTAL METAL MINING   1,762,118  
 
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.22%      
692
  Aalberts Industries NV   14  
127,920
e
  Aderans Co Ltd   2,016  
24,457
  Amer Sports Oyj (A Shares)   661  
71,879
*
  Armstrong World Industries, Inc   2,883  
244,704
  Blyth, Inc   5,369  
64,868
  Bulgari S.p.A.   907  
442,136
  Callaway Golf Co   7,706  
926,000
  Citic Pacific Ltd   5,172  
16,000
  Daiwa Seiko, Inc   29  
171,899
e
  Daktronics, Inc   3,880  
94
  Forbo Holding AG.   58  
599,712
  Fortune Brands, Inc   43,395  
956,500
*
  Fosun International   895  
1,853,660
  Futuris Corp Ltd   3,499  
1,229,561
  Hasbro, Inc   31,452  
6,724
  Hills Industries Ltd   32  
168,385
e*
  Jakks Pacific, Inc   3,976  
428,700
  Magnum Corp BHD   425  
75,249
e
  Marine Products Corp   527  
1,612,136
  Mattel, Inc   30,695  
13,000,000
  Ming Fung Jewellery Group Ltd   1,317  
885
  Morgan Crucible Co plc   4  
30,279
  Namco Bandai Holdings, Inc   473  
187,955
e
  Nautilus, Inc   912  

87

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
      (000)  
107,548,579
  Playmates Holdings Ltd
$
11,448  
132,904
*
  RC2 Corp   3,731  
78,594
*
  Russ Berrie & Co, Inc   1,286  
4,000
  Ryobi Ltd   21  
40,093
  Sankyo Co Ltd   1,863  
199,881
e*
  Shuffle Master, Inc   2,397  
9,270
  Societe BIC S.A.   664  
44,193
  Steinway Musical Instruments, Inc   1,218  
82,830
  Tasaki Shinju Co Ltd   289  
3,030,019
  Tyco International Ltd   120,140  
524,800
  Yamaha Corp   12,003  
 
  TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES   301,357  
 
MISCELLANEOUS RETAIL - 1.08%      
162,158
*
  1-800-FLOWERS.COM, Inc (Class A)   1,416  
91,406
e*
  AC Moore Arts & Crafts, Inc   1,257  
709,500
*
  Alibaba.com Ltd   2,516  
1,902,144
*
  Amazon.com, Inc   176,215  
3,598
  Axis Communications AB   88  
72,528
  Aygaz A.S.   325  
280,132
  Barnes & Noble, Inc   9,650  
3,209,667
  Best Buy Co, Inc   168,989  
117,811
e
  Big 5 Sporting Goods Corp   1,699  
94,168
e*
  Blue Nile, Inc   6,409  
90,913
e
  Books-A-Million, Inc   1,084  
339,887
e
  Borders Group, Inc   3,620  
76,459
*
  Build-A-Bear Workshop, Inc   1,067  
9,000,000
*
  C&O Pharmaceutical Technology Holdings Ltd   2,782  
232,283
  Cash America International, Inc   7,503  
30,000,000
*
  China WindPower Group Ltd   2,347  
24,200
  Circle K Sunkus Co Ltd   358  
254,929
e*
  CKX, Inc   3,059  
259,071
e*
  Coldwater Creek, Inc   1,733  
907,071
  Compagnie Financiere Richemont AG.   62,253  
9,092,033
  CVS Corp   361,408  
6,861
*
  Daum Communications Corp   570  
41,744
  DCC plc   1,176  
483,362
*
  Dick's Sporting Goods, Inc   13,418  
873,008
*
  Dollar Tree Stores, Inc   22,628  
2,200
  Don Quijote Co Ltd   43  
5,550
*
  Doosan Corp   1,076  
25,253
  Douglas Holding AG.   1,457  
12
  Dr Ci:Labo Co Ltd   19  
136,800
  EDION Corp   1,488  
284,295
*
  Ezcorp, Inc (Class A)   3,210  
5,874
  Folli-Follie S.A.   219  
1,000,000
  Game Group plc   4,976  
5,859
e*
  Gander Mountain Co   29  
31,810
  Grupa Lotos S.A.   576  
113,721
e*
  GSI Commerce, Inc   2,218  
163,500
e*
  Hancock Fabrics, Inc   168  
940
  Hellenic Duty Free Shops S.A.   17  
167,851
e*
  Hibbett Sports, Inc   3,354  

88

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
      (000)  
20,102
  HMV Group plc
$
48  
501,473
  Home Retail Group   3,274  
2,094,798
  Hutchison Whampoa Ltd   23,762  
685,482
  Ichitaka Co Ltd   1,301  
53
e
  Index Corp   16  
21,023
  Jean Coutu Group, Inc (Class A)   238  
19
  Jelmoli Holding AG.   46  
68,020
  Largan Precision Co Ltd   902  
344,000
  Lifestyle International Holdings Ltd   926  
185,913
  Longs Drug Stores Corp   8,738  
4,177
  Majestic Wine plc   21  
3,000
e*
  Maruetsu, Inc   19  
9,000
*
  Maruzen Co Ltd   11  
235,198
*
  Meinl European Land Ltd   3,243  
141,405
  Metro AG.   11,875  
1,600
  Ministop Co Ltd   29  
212,796
  MSC Industrial Direct Co (Class A)   8,612  
13,820
  N Brown Group plc   65  
931,231
  Next plc   30,104  
257,608
  Nippon Mining Holdings, Inc   1,651  
163,382
e*
  Nutri/System, Inc   4,408  
1,139,120
*
  Office Depot, Inc   15,845  
294,503
  OfficeMax, Inc   6,084  
555,041
  Origin Energy Ltd   4,313  
4,000,000
  OSIM International Ltd   1,667  
132,527
e*
  Overstock.com, Inc   2,058  
297,368
  Pacific Brands Ltd   849  
178,500
  Parkson Retail Group Ltd   2,151  
59,559
e*
  PC Connection, Inc   676  
1,143,042
  Petsmart, Inc   26,896  
220,612
*
  Priceline.com, Inc   25,339  
65,154
e
  Pricesmart, Inc   1,958  
5,264,388
e*
  Rite Aid Corp   14,688  
12,800
  Ryohin Keikaku Co Ltd   773  
88,000
  SA SA International Holdings Ltd   36  
25,649
e
  Sanoma-WSOY Oyj   736  
311,737
e*
  Sears Holdings Corp   31,813  
339,053
  Shoppers Drug Mart Corp   18,297  
77,312
*
  Shutterfly, Inc   1,981  
2,004,079
  Signet Group plc   2,782  
100,814
e*
  Stamps.com, Inc   1,228  
4,219,781
  Staples, Inc   97,350  
99,628
e
  Systemax, Inc   2,024  
3,694
  Takkt AG.   64  
749,075
  Tiffany & Co   34,480  
331,603
  Tsutsumi Jewelry Co Ltd   6,189  
154,065
e*
  Valuevision International, Inc (Class A)   969  
4,175,123
  Walgreen Co   158,989  
14,055
  WH Smith plc   91  
203,130
  World Fuel Services Corp   5,897  
113,506
  Xebio Co Ltd   3,251  
290,706
e*
  Zale Corp   4,669  

89

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
     
(000)
 
91,864
e*
  Zumiez, Inc
$
2,238  
 
  TOTAL MISCELLANEOUS RETAIL   1,448,090  
 
MOTION PICTURES - 0.80%      
191,205
  Astral Media, Inc   9,036  
524,400
  Astro All Asia Networks plc   555  
250,098
e*
  Avid Technology, Inc   7,088  
1,150,583
e*
  Blockbuster, Inc (Class A)   4,487  
76,844
e
  Carmike Cinemas, Inc   558  
3,178,871
  CBS Corp (Class B)   86,624  
178,196
e
  Cinemark Holdings, Inc   3,029  
3,200
  Culture Convenience Club Co Ltd   17  
2,016,464
*
  Discovery Holding Co (Class A)   50,694  
707,851
*
  DreamWorks Animation SKG, Inc (Class A)   18,079  
90,014
e*
  Gaiam, Inc (Class A)   2,672  
282,460
e*
  Macrovision Corp   5,177  
2,650,900
  Major Cineplex Group PCL   1,495  
221,491
  National CineMedia, Inc   5,584  
13,694,331
  News Corp (Class A)   280,597  
24,381
*
  Premiere AG.   460  
11,610,500
*
  PT Media Nusantara Citra MNC   1,001  
1,051,134
e
  Regal Entertainment Group (Class A)   18,994  
775,413
e*
  Time Warner Telecom, Inc (Class A)   15,733  
20,987,598
  Time Warner, Inc   346,505  
59,454
e
  Toei Animation Co Ltd   1,293  
92,100
  Toho Co Ltd   2,082  
4,974,703
*
  Viacom, Inc (Class B)   218,489  
 
  TOTAL MOTION PICTURES   1,080,249  
 
MUSEUMS, BOTANICAL, ZOOLOGICAL GARDENS - 0.00%**      
155,096
e*
  Premier Exhibitions, Inc   1,697  
 
  TOTAL MUSEUMS, BOTANICAL, ZOOLOGICAL GARDENS   1,697  
 
NONDEPOSITORY INSTITUTIONS - 1.16%      
1,337
  Aareal Bank AG.   61  
48,850
e
  Acom Co Ltd   999  
548,513
  Advance America Cash Advance Centers, Inc   5,573  
8,247
  Advanta Corp (Class A)   60  
206,392
  Advanta Corp (Class B)   1,666  
632,100
  Aeon Credit Service Co Ltd   9,393  
1,485,308
  Aeon Thana Sinsap Thailand PCL   1,962  
59,650
e
  Aiful Corp   1,066  
72,500
e*
  Aldabra 2 Acquisition Corp   706  
66,176
e*
  Alternative Asset Management Acquisition Corp   606  
925,620
e
  American Capital Strategies Ltd   30,508  
6,180,618
  American Express Co   321,516  
818,582
e*
  AmeriCredit Corp   10,470  
1,873,000
g*
  ARA Asset Management Ltd   1,288  
392,855
e
  Ares Capital Corp   5,747  
60,744
e
  Asta Funding, Inc   1,606  
20,974
  Australian Wealth Management Ltd   46  
181,441
*
  Banco Compartamos S.A. de CV   787  
76,189
  Bank Pekao S.A.   7,032  
13,900
e
  BlackRock Kelso Capital Corp   212  

90

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
      (000)  
1,269,074
  Bovespa Holding S.A.
$
24,455  
3,479
  Bradford & Bingley plc   19  
1,160,400
  Bursa Malaysia BHD   5,018  
2,643,241
  Capital One Financial Corp   124,920  
600,384
e
  CapitalSource, Inc   10,561  
195,727
  Cattles plc   1,145  
303,608
e
  Centerline Holding Co   2,313  
5,000
  Central Finance Co Ltd   10  
1,392,175
e
  Challenger Financial Services Group Ltd   6,100  
164,400
  Chimera Investment Corp   2,939  
1,179,713
  CIT Group, Inc   28,349  
620,215
  Collins Stewart plc   2,136  
114,489
e*
  CompuCredit Corp   1,143  
2,878,546
  Countrywide Financial Corp   25,734  
34,114
e*
  Credit Acceptance Corp   705  
142,230
  Credit Saison Co Ltd   3,896  
38,621
e
  D Carnegie AB   750  
21,480
  Deutsche Postbank AG.   1,908  
4,924,995
  Discover Financial Services   74,269  
84,017
*
  Encore Capital Group, Inc   813  
121,519
e*
  Energy Infrastructure Acquisition Corp   1,232  
8,150,668
  Fannie Mae   325,864  
72,103
e
  Federal Agricultural Mortgage Corp (Class C)   1,898  
156,742
e
  Financial Federal Corp   3,494  
151,675
*
  First Cash Financial Services, Inc   2,227  
3,743,709
  First Financial Holding Co Ltd   2,764  
253,132
e
  First Marblehead Corp   3,873  
3,497,681
  Freddie Mac   119,166  
356,049
e*
  GLG Partners Inc   4,842  
350,000
*
  Golden Pond Healthcare Inc   2,747  
185,051
*
  Guaranty Financial Group, Inc   2,961  
266,800
e*
  Heckmann Corp   1,961  
513,335
*
  Heckmann Corp   4,132  
18,842
  Henderson Group plc   47  
140,623
e
  Hercules Technology Growth Capital, Inc   1,747  
268,700
e*
  Hicks Acquisition Co I, Inc   2,469  
10,232
  Hitachi Capital Corp   132  
874,000
  Hong Leong Finance Ltd   2,301  
637,044
  Hypo Real Estate Holding AG.   33,623  
421,747
  ICAP plc   6,099  
657,336
  ICICI Bank Ltd   20,658  
154,672
  IGM Financial, Inc   7,841  
174,987
e*
  Information Services Group, Inc   1,199  
446,579
  Infrastructure Development Finance Co Ltd   2,589  
1,854
  Intermediate Capital Group plc   61  
12,759
  International Personal Finance plc   49  
2,800
  Intrum Justitia AB   50  
290,259
e*
  INVESTools, Inc   5,149  
741,645
  Investor AB (B Shares)   16,868  
7,000
  Jaccs Co Ltd   16  
35
  Kenedix, Inc   57  
15,181,000
  Kim Eng Holdings Ltd   23,835  
81,445
  Kohlberg Capital Corp   977  

91

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
     
VALUE
 
SHARES
     
(000)
 
91,751
  Kotak Mahindra Bank Ltd
$
3,018  
7,700
*
  Lopro Corp   6  
221,093
e*
  Marathon Acquisition Corp   1,720  
343,900
e
  MCG Capital Corp   3,986  
5,853,360
  Mega Financial Holding Co Ltd   3,600  
86,746
*
  Mercadolibre, Inc   6,409  
311,017
*
  Moneysupermarket.com Group plc   867  
7,207,725
  National Finance PCL   3,124  
164,318
  Natixis   3,157  
120,940
e
  Nelnet, Inc (Class A)   1,537  
71,122
e*
  NewStar Financial, Inc   589  
96,932
e
  NGP Capital Resources Co   1,515  
6
  Nissin Co Ltd  
-
^
201,500
*
  NRDC Acquisition Corp   1,848  
136,719
e*
  NTR Acquisition Co   1,299  
216,205
e*
  Ocwen Financial Corp   1,198  
6,000
*
  Orient Corp   10  
1,844
e
  Osaka Securities Exchange Co Ltd   8,633  
921
  OZ Holding AG.   67  
103,456
e
  Patriot Capital Funding, Inc   1,044  
92,059
e
  Perpetual Trustees Australia Ltd   5,354  
301,794
*
  PHH Corp   5,324  
1,167,563
*
  Polaris Securities Co Ltd   545  
58,450
e
  Promise Co Ltd   1,454  
10,761
  Provident Financial plc   179  
119,800
  Redecard S.A.   1,938  
1,700
  Ricoh Leasing Co Ltd   36  
59,663
*
  Samsung Card Co   3,206  
295
  SFCG Co Ltd   41  
1,701,334
*
  SLM Corp   34,265  
87,191
  SM Investments Corp   718  
18,034
  Student Loan Corp   1,984  
3,422,000
*
  Taishin Financial Holdings Co Ltd   1,419  
1,704,112
  Taiwan Cooperative Bank   1,211  
277,836
  Takefuji Corp   6,752  
1,195,988
  Textron, Inc   85,274  
109,246
e
  TICC Capital Corp   1,008  
759,506
  Tower Australia Group Ltd   1,867  
234,700
*
  Triplecrown Acquisition Corp   2,145  
4,536,880
  Tullett Prebon plc   42,379  
133,879
e*
  World Acceptance Corp   3,612  
 
  TOTAL NONDEPOSITORY INSTITUTIONS   1,565,753  
 
NONMETALLIC MINERALS, EXCEPT FUELS - 0.13%
     
9,985
  Adelaide Brighton Ltd   31  
140,891
e
  AMCOL International Corp   5,076  
37,670
  Cimsa Cimento Sanayi Ve Tica   278  
192,637
e
  Compass Minerals International, Inc   7,898  
258,426
e*
  General Moly Inc   3,016  
964,970
  Grupo Mexico S.A. de C.V. (Series B)   6,060  
343,567
  Haci Omer Sabanci Holding A.S.   1,890  
71,714
  Harry Winston Diamond Corp   2,358  
2,827,170
  Itochu Corp   27,635  

92

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
      (000)  
594,800
  Potash Corp of Saskatchewan
$
86,476  
1,315
  S&B Industrial Minerals S.A.   24  
479,084
  Vulcan Materials Co   37,891  
 
  TOTAL NONMETALLIC MINERALS, EXCEPT FUELS   178,633  
 
OIL AND GAS EXTRACTION - 3.41%      
434
  Abbot Group plc   3  
1,138,583
e
  Acergy S.A.   25,425  
142,897
e
  Addax Petroleum Corp   6,219  
43,207
  Aker Kvaerner ASA   1,150  
2,018,088
  Anadarko Petroleum Corp   132,568  
54,500
e
  APCO Argentina, Inc   1,500  
168,810
e*
  Arena Resources, Inc   7,041  
5,852
*
  Arrow Energy NL   14  
158,579
  Atlas America, Inc   9,385  
114,595
*
  ATP Oil & Gas Corp   5,792  
178,239
*
  Atwood Oceanics, Inc   17,867  
21,434
*
  Australian Worldwide Exploration Ltd   63  
3,263,445
  Baker Hughes, Inc   264,665  
226,458
e*
  Basic Energy Services, Inc   4,971  
218,647
e
  Berry Petroleum Co (Class A)   9,719  
4,747,453
  BG Group plc   108,678  
158,464
e*
  Bill Barrett Corp   6,635  
1,421,251
  BJ Services Co   34,480  
205,678
e*
  Bois d'Arc Energy, Inc   4,083  
220,990
e*
  Brigham Exploration Co   1,662  
146,393
e*
  Bronco Drilling Co, Inc   2,174  
2,335
  Burren Energy plc   57  
2,170
  Cairn Energy Plc   133  
232,383
*
  Cairn India Ltd   1,517  
242,697
e*
  Cal Dive International, Inc   3,213  
114,172
e*
  Callon Petroleum Co   1,878  
1,631,666
*
  Cameron International Corp   78,532  
869,183
  Canadian Natural Resources Ltd   63,919  
288,051
  Canadian Oil Sands Trust   11,298  
269,556
  Canetic Resources Trust   3,654  
127,180
e*
  Carrizo Oil & Gas, Inc   6,963  
195,546
e*
  Cheniere Energy, Inc   6,383  
1,847,863
  Chesapeake Energy Corp   72,436  
7,718,000
  China Oilfield Services Ltd   17,619  
327,920
  Cimarex Energy Co   13,946  
36,462
e*
  Clayton Williams Energy, Inc   1,136  
12,170,000
  CNOOC Ltd   20,727  
5,620,000
  Cnpc Hong Kong Ltd   3,597  
112,523
e*
  CNX Gas Corp   3,595  
64,053
e*
  Compagnie Generale de Geophysique S.A.   18,262  
217,270
e*
  Complete Production Services, Inc   3,904  
316,778
*
  Comstock Resources, Inc   10,770  
122,700
e*
  Concho Resources, Inc   2,529  
70,030
e*
  Contango Oil & Gas Co   3,564  
138,819
*
  Continental Resources, Inc   3,627  
47,314
e*
  Dawson Geophysical Co   3,381  
390,967
e*
  Delta Petroleum Corp   7,370  

93

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
     
VALUE
 
SHARES
      (000)  
8,582,970
*
  Denbury Resources, Inc
$
255,343  
180,887
e*
  DET Norske Oljeselskap   336  
283,625
  Diamond Offshore Drilling, Inc   40,275  
583
*
  Duvernay Oil Corp   17  
166,775
*
  Edge Petroleum Corp   989  
1,357,399
  EnCana Corp   92,836  
315,743
*
  Encore Acquisition Co   10,536  
194,015
*
  Energy Partners Ltd   2,291  
318,124
e
  Enerplus Resources Fund   12,851  
250,618
  b,m,v*
  Enron Corp  
-
^
1,213,609
  ENSCO International, Inc   72,355  
274,917
  Ensign Energy Services, Inc   4,248  
556,322
  Equitable Resources, Inc   29,641  
349,110
e*
  EXCO Resources, Inc   5,404  
1,184
  Expro International Group plc   24  
352,877
e*
  Exterran Holdings, Inc   28,865  
297,958
e*
  First Calgary Petroleums Ltd   872  
301,845
*
  Forest Oil Corp   15,346  
1,409,000
  Formosa Petrochemical Corp   4,214  
250
  Fred Olsen Energy ASA   14  
186,558
e*
  FX Energy, Inc   1,060  
215,060
  GAIL India Ltd   2,966  
331,781
  Gaz de France   19,403  
167,379
e*
  GeoGlobal Resources, Inc   829  
36,530
*
  Geokinetics, Inc   710  
94,443
*
  Geomet, Inc   491  
983,408
*
  Global Industries Ltd   21,065  
63,688
e*
  GMX Resources, Inc   2,056  
85,149
e*
  Goodrich Petroleum Corp   1,926  
1,050,367
e*
  Grey Wolf, Inc   5,598  
104,165
e*
  Gulfport Energy Corp   1,902  
5,343,766
  Halliburton Co   202,582  
156,028
  Harvest Energy Trust   3,261  
231,476
e*
  Harvest Natural Resources, Inc   2,893  
376,115
*
  Helix Energy Solutions Group, Inc   15,609  
397,162
  Helmerich & Payne, Inc   15,914  
433,723
*
  Hercules Offshore, Inc   10,314  
543,296
  Husky Energy, Inc   24,546  
1,075
  Idemitsu Kosan Co Ltd   114  
7,500
  INA Industrija Nafte DD (GDR)   4,185  
1,425
  Inpex Holdings, Inc   15,434  
2,923,160
*
  Integra Group Holdings (GDR)   49,460  
2,600
  Japan Petroleum Exploration Co   190  
9,493
  JKX Oil & Gas plc   76  
51,895
  Kayne Anderson Energy Development Co   1,189  
1,564,553
  KazMunaiGas Exploration Production (GDR)   48,501  
52,255
*
  Lundin Petroleum AB   546  
476,702
*
  Mariner Energy, Inc   10,907  
150,894
e*
  McMoRan Exploration Co   1,975  
578,941
*
  Meridian Resource Corp   1,048  
1,158,975
*
  Nabors Industries Ltd   31,744  
2,232,312
*
  National Oilwell Varco, Inc   163,986  
40,379
  Neste Oil Oyj   1,425  

94

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
     
VALUE
 
SHARES
      (000)  
488,063
e*
  Newpark Resources, Inc
$
2,660  
680,546
*
  Nexen, Inc   22,134  
26,226
*
  Nexus Energy Ltd   42  
51,208
  Niko Resources Ltd   4,631  
1,266,104
  Noble Corp   71,548  
595,933
  Norsk Hydro ASA   8,517  
57,900
  NovaTek OAO (GDR)   4,453  
369,638
*
  Oceaneering International, Inc   24,895  
353,800
  Oil & Gas Development Co Ltd   686  
195,949
  Oil & Natural Gas Corp Ltd   6,149  
632,284
  Oil Refineries Ltd   616  
725,185
e*
  Oilsands Quest, Inc   2,959  
218,509
*
  OPTI Canada, Inc   3,675  
20,500
  Pakistan Petroleum Ltd   82  
203,644
*
  Parallel Petroleum Corp   3,590  
598,129
e*
  Parker Drilling Co   4,516  
951,053
e
  Patterson-UTI Energy, Inc   18,565  
254,038
  Penn Virginia Corp   11,084  
368,747
  Penn West Energy Trust   9,654  
925,030
  Petro-Canada   49,909  
17,239,075
  PetroChina Co Ltd   30,731  
33,900
m,v*
  PetroCorp  
-
^
935,023
e*
  PetroHawk Energy Corp   16,185  
85,161
e*
  Petroleum Development Corp   5,036  
526,163
  Petroleum Geo-Services ASA   15,286  
1,075,000
  Petron Corp   148  
371
*
  Petroplus Holdings AG.   29  
273,804
e*
  Petroquest Energy, Inc   3,915  
283,148
e*
  Pioneer Drilling Co   3,364  
468,951
  Pioneer Natural Resources Co   22,904  
434,340
*
  Plains Exploration & Production Co   23,454  
147,582
  Precision Drilling Trust   2,256  
555
*
  Premier Oil plc   14  
1,258,264
*
  Pride International, Inc   42,655  
56,765
  ProSafe ASA   988  
543,869
  Provident Energy Trust   5,500  
6,682,275
  PT Apexindo Pratama Duta   1,494  
2,941,000
*
  PT Energi Mega Persada Tbk   467  
1,616,700
  PTT Exploration & Production PCL   7,871  
212,724
*
  Quicksilver Resources, Inc   12,676  
616,627
  Range Resources Corp   31,670  
2,600
*
  Revus Energy ASA   38  
30,947
*
  Rex Energy Corp   369  
450,252
  Rowan Cos, Inc   17,767  
174,860
e
  RPC, Inc   2,048  
3,811,266
  Saipem S.p.A.   152,847  
1,061,579
e
  Santos Ltd   13,161  
6,213,725
  Schlumberger Ltd   611,244  
1,120,407
  Scomi Group BHD   471  
93,677
e*
  SEACOR Holdings, Inc   8,688  
61,771
*
  SeaDrill Ltd   1,507  
580,568
  Singapore Petroleum Co Ltd   3,053  
35,129
*
  SK Energy Co Ltd   6,793  

95

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
     
(000)
 
1,085,815
  Smith International, Inc
$
80,187  
738,171
*
  Southwestern Energy Co   41,131  
298,354
  St. Mary Land & Exploration Co   11,519  
186,591
*
  Stone Energy Corp   8,753  
1,000
*
  Subsea 7, Inc   22  
251,005
e*
  Sulphco, Inc   1,310  
330,507
*
  Superior Energy Services   11,376  
59,949
e*
  Superior Offshore International, Inc   301  
84,630
e*
  Superior Well Services, Inc   1,796  
71,700
e,v
  Surgutneftegaz (ADR)   4,320  
82,600
  Surgutneftegaz (ADR)   5,063  
183,207
*
  Swift Energy Co   8,067  
1,905,184
  Talisman Energy, Inc   35,500  
14,382
*
  Tap Oil Ltd   26  
49,596
  Tatneft (GDR)   6,001  
28,770
  Technip S.A.   2,292  
324,142
e*
  Tetra Technologies, Inc   5,047  
24,243
*
  TGS Nopec Geophysical Co ASA   333  
266,639
  Tidewater, Inc   14,628  
480,000
  Titan Petrochemicals Group Ltd   32  
81,435
e*
  Toreador Resources Corp   569  
1,775,011
  Transocean, Inc   254,093  
145,740
  Trican Well Service Ltd   2,840  
80,097
e*
  Trico Marine Services, Inc   2,965  
551,808
  Tullow Oil plc   7,156  
182,414
e*
  TXCO Resources, Inc   2,200  
90,621
*
  Union Drilling, Inc   1,429  
270,594
*
  Unit Corp   12,515  
547,662
*
  UTS Energy Corp   2,985  
417,755
e*
  Vaalco Energy, Inc   1,943  
70,574
e*
  Venoco, Inc   1,407  
4,113
  Venture Production plc   65  
293,795
e
  W&T Offshore, Inc   8,802  
292,372
e*
  Warren Resources, Inc   4,131  
1,527,547
*
  Weatherford International Ltd   104,790  
20,000
*
  West Siberian Resources Ltd (GDR)   13  
163,119
*
  W-H Energy Services, Inc   9,169  
248,918
*
  Whiting Petroleum Corp   14,353  
175,943
*
  Willbros Group, Inc   6,737  
628,335
  Woodside Petroleum Ltd   27,801  
6,744,800
  XTO Energy, Inc   346,413  
 
  TOTAL OIL AND GAS EXTRACTION   4,593,540  
 
PAPER AND ALLIED PRODUCTS - 0.62%
     
4,755
*
  AbitibiBowater, Inc   99  
274,473
e*
  AbitibiBowater, Inc   5,657  
5,516,212
  Anglo American plc   338,202  
341,968
  Aracruz Celulose S.A.   2,480  
400,771
  Bemis Co   10,973  
47,948
e
  Billerud AB   493  
223,784
*
  Buckeye Technologies, Inc   2,797  
199,458
*
  Canfor Corp   1,764  
298,796
e*
  Cenveo, Inc   5,220  

96

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
      (000)  
109,684
e*
  Chesapeake Corp
$
569  
7,000
  Daio Paper Corp   57  
2,228,478
*
  Domtar Corporation   17,137  
69,527
  Empresas CMPC S.A.   2,625  
269,961
  Glatfelter   4,133  
373,201
e*
  Graphic Packaging Corp   1,377  
173,343
  Greif, Inc (Class A)   11,331  
444,273
  Hengan International Group Co Ltd   1,994  
46,425
  Holmen AB (B Shares)   1,724  
2,082,352
  International Paper Co   67,427  
2,297,926
  Kimberly-Clark Corp   159,338  
381,776
  Kimberly-Clark de Mexico S.A. de C.V. (Class A)   1,674  
2,100
  Kinnevik Investment AB   48  
331,095
  Klabin S.A.   1,230  
28,477
e
  Kokuyo Co Ltd   257  
868,400
  Lee & Man Paper Manufacturing Ltd   3,814  
5,643
  Mayr-Melnhof Karton AG.   612  
889,976
  MeadWestvaco Corp   27,856  
161,254
e*
  Mercer International, Inc   1,263  
36,003
  Metso Oyj   1,965  
6,000
  Mitsubishi Paper Mills Ltd   13  
95,494
  Mondi Ltd   922  
2,300,411
  Mondi plc   19,462  
403,394
  Nampak Ltd   1,269  
81,913
  Neenah Paper, Inc   2,388  
929,000
  Nine Dragons Paper Holdings Ltd   2,349  
103
  Nippon Paper Group, Inc   310  
12,169
  Norske Skogindustrier ASA   101  
2,501,910
  OJI Paper Co Ltd   12,295  
647,236
  Packaging Corp of America   18,252  
2,629,797
e
  PaperlinX Ltd   6,142  
5
  Pilot Corp   11  
213,264
  Rock-Tenn Co (Class A)   5,419  
146,848
  Sappi Ltd   2,091  
89,383
  Schweitzer-Mauduit International, Inc   2,316  
7,400
*
  Smurfit Kappa Group plc   122  
1,207,395
*
  Smurfit-Stone Container Corp   12,750  
898,737
  Sonoco Products Co   29,371  
500,362
e
  Stora Enso Oyj (R Shares)   7,491  
478,541
  Svenska Cellulosa AB (B Shares)   8,478  
555,155
  Temple-Inland, Inc   11,575  
11,800
  Uni-Charm Corp   747  
427,717
  UPM-Kymmene Oyj   8,642  
24,000
*
  Vinda International Holdings Ltd   13  
72,222
  Votorantim Celulose e Papel S.A.   2,199  
239,595
  Wausau Paper Corp   2,154  
912,717
  Yuen Foong Yu Paper Manufacturing Co Ltd   342  
 
  TOTAL PAPER AND ALLIED PRODUCTS   831,340  
 
PERSONAL SERVICES - 0.09%
     
616
e
  Angelica Corp   12  
620,405
  Cintas Corp   20,858  
148,061
e*
  Coinstar, Inc   4,168  

97

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
     
(000)
 
51,777
e
  CPI Corp
$
1,219  
42,379
  Davis Service Group plc   433  
133,957
e
  G & K Services, Inc (Class A)   5,026  
1,505,319
  H&R Block, Inc   27,954  
168,061
e
  Jackson Hewitt Tax Service, Inc   5,336  
852,073
  Kuala Lumpur Kepong BHD   4,483  
269,000
  Regis Corp   7,521  
968,515
  Rentokil Initial plc   2,331  
451,376
e*
  Sally Beauty Holdings, Inc   4,085  
1,217,163
  Service Corp International   17,101  
89,246
*
  Steiner Leisure Ltd   3,941  
1,456
  Synergy Healthcare plc   23  
84,490
  Unifirst Corp   3,211  
250,991
e
  Weight Watchers International, Inc   11,340  
 
  TOTAL PERSONAL SERVICES   119,042  
 
PETROLEUM AND COAL PRODUCTS - 6.78%
     
122,655
e
  Alon USA Energy, Inc   3,334  
3,671,329
  Apache Corp   394,815  
3,700
  Aromatics Thailand PCL   7  
249,500
  Aromatics Thailand PCL   485  
300,938
  Ashland, Inc   14,274  
84,769
  Bharat Petroleum Corp Ltd   1,126  
32,894,119
  BP plc   402,697  
266,686
  BP plc (ADR)   19,513  
1,424,424
  Cabot Oil & Gas Corp   57,504  
10,793,321
  Chevron Corp   1,007,341  
12,182,764
  China Petroleum & Chemical Corp   18,405  
8,552,867
  ConocoPhillips   755,218  
278,000
  Cosmo Oil Co Ltd   1,045  
24,900
*
  CVR Energy Inc   621  
200
  Daiseki Co Ltd   6  
160,558
e
  Delek US Holdings, Inc   3,248  
3,424,449
  Devon Energy Corp   304,468  
3,524,254
  ENI S.p.A.   129,074  
1,269,010
  EOG Resources, Inc   113,259  
30,589,383
  Exxon Mobil Corp   2,865,919  
467,553
  Frontier Oil Corp   18,973  
246,754
e*
  Headwaters, Inc   2,897  
25,664
  Hellenic Petroleum S.A.   423  
1,569,676
  Hess Corp   158,318  
183,308
  Holly Corp   9,329  
640,187
  Imperial Oil Ltd   35,429  
21,504
  Jordan Petroleum Refinery   234  
368,270
  LUKOIL (ADR)   31,855  
4,507,170
  Marathon Oil Corp   274,306  
6,159
  Motor Oil Hellas Corinth Refineries S.A.   142  
720,188
  Murphy Oil Corp   61,101  
493,149
*
  Newfield Exploration Co   25,989  
1,355,147
  Noble Energy, Inc   107,761  
46,587
e*
  Nova Biosource Fuels, Inc   135  
9,129,475
  Occidental Petroleum Corp   702,878  
242,348
  OMV AG.   19,637  

98

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
     
(000)
 
54,580
*
  Petkim Petrokimya Holding
$
400  
52,600
e
  Petrobras Energia Participaciones S.A.(ADR)   734  
940,559
  Petroleo Brasileiro S.A.   55,482  
1,145,865
  Petroleo Brasileiro S.A.   56,907  
599,490
  Petroleo Brasileiro S.A. (ADR)   69,085  
16,548
  PGG Wrightson Ltd   28  
205,269
  Polski Koncern Naftowy Orlen S.A.   4,332  
229,919
  Premier Farnell plc   672  
1,691,600
  PTT PCL   18,882  
700
  Quaker Chemical Corp   15  
1,457,500
  Rayong Refinery PCL   965  
255,574
  Repsol YPF S.A.   9,110  
869,314
  Rosneft Oil Co (GDR)   8,432  
5,460,655
  Royal Dutch Shell plc (A Shares)   229,466  
4,416,586
  Royal Dutch Shell plc (B Shares)   183,746  
1,597
  Samir   165  
301,587
e*
  SandRidge Energy, Inc   10,815  
82,500
  Shell Refining Co   282  
21,873
  Showa Shell Sekiyu KK   243  
33,802
  SK Corp   7,150  
36,200
  S-Oil Corp   3,055  
2,261,049
  Statoil ASA   70,373  
1,008,281
  Suncor Energy, Inc   110,242  
1,433,200
*
  Suncor Energy, Inc   155,832  
501,315
  Sunoco, Inc   36,315  
900,802
  Tesoro Corp   42,968  
526,300
  Thai Oil PCL   1,352  
181,749
e
  TonenGeneral Sekiyu KK   1,794  
3,602,855
  Total S.A.   299,356  
99,278
  Tupras Turkiye Petrol Rafine   2,901  
38,167
*
  Unipetrol   709  
2,637,015
  Valero Energy Corp   184,670  
129,203
e
  WD-40 Co   4,906  
166,446
e
  Western Refining, Inc   4,030  
 
  TOTAL PETROLEUM AND COAL PRODUCTS   9,117,180  
 
PIPELINES, EXCEPT NATURAL GAS - 0.09%
     
2,705,767
  Spectra Energy Corp   69,863  
966,052
  TransCanada Corp   39,682  
524,871
*
  Wellstream Holdings plc   11,315  
 
  TOTAL PIPELINES, EXCEPT NATURAL GAS   120,860  
 
PRIMARY METAL INDUSTRIES - 1.14%      
53,601
e
  Acerinox S.A.   1,319  
412
*
  Advanced Metallurgical Group NV   31  
7,000
  Aichi Steel Corp   34  
785,522
*
  AK Steel Holding Corp   36,323  
3,781,872
  Alcoa, Inc   138,227  
501,195
  Allegheny Technologies, Inc   43,303  
2,284,000
  Aluminum Corp of China Ltd   4,716  
720,720
  Angang New Steel Co Ltd   1,973  
550,472
e
  Arcelor   42,808  
701
  Arques Industries AG.   24  

99

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
      (000)  
258
  A-TEC Industries AG.
$
34  
1,000
  BE Group AB   9  
6,185
  Bekaert S.A.   832  
286,327
e
  Belden CDT, Inc   12,742  
1,389,709
  BlueScope Steel Ltd   11,775  
15,226
  Boryszew S.A.   74  
127,554
e*
  Brush Engineered Materials, Inc   4,722  
221,020
  Carpenter Technology Corp   16,614  
329,987
  Catcher Technology Co Ltd   1,923  
154,673
*
  Century Aluminum Co   8,343  
5,948,941
  China Steel Corp   7,979  
2,000
  Chugai Ro Co Ltd   7  
45,657
*
  Claymont Steel, Inc   1,066  
45,326
e*
  Coleman Cable, Inc   428  
492,290
*
  CommScope, Inc   24,226  
91,742
  Companhia Siderurgica Nacional S.A.   8,123  
9,252,934
  Corning, Inc   221,978  
32,907
  Daewoo International Corp   1,392  
206,841
e
  Daido Steel Co Ltd   1,553  
24,420
  Dongkuk Steel Mill Co Ltd   1,241  
169,001
  DOWA HOLDINGS CO Ltd   1,186  
346,000
m,v*
  Dowa Mining Co Ltd   3  
1,141
  Duro Felguera S.A.   15  
2,965
  EL Ezz Aldekhela Steel Alexandria   574  
53,778
  El Ezz Steel Co   647  
151,405
  Encore Wire Corp   2,410  
7,623
*
  EnerTAD S.p.A.   34  
368,995
e*
  Equinox Minerals Ltd   2,025  
320,429
  Eregli Demir ve Celik Fabrikalari TAS   2,815  
25,884
e*
  Esmark, Inc   366  
5,300
  Evraz Group S.A. (GDR)   411  
49,093
  Fujikura Ltd   250  
2,141,598
e
  Furukawa Electric Co Ltd   8,320  
239,740
e*
  General Cable Corp   17,568  
40,325
  Gerdau S.A.   963  
206,401
  Gerdau S.A.   6,025  
150,453
e
  Gibraltar Industries, Inc   2,320  
6,155
  Grupa Kety S.A.   400  
8,089
  Halcor S.A.   37  
64,567
*
  Haynes International, Inc   4,487  
408,203
  Hindalco Industries Ltd   2,225  
16,656
  Hoganas AB (Class B)   352  
29,388
*
  Horsehead Holding Corp   499  
238,009
  Hubbell, Inc (Class B)   12,281  
1,112,000
  Hunan Non-Ferrous Metal Corp Ltd   702  
33,499
  Hyundai Steel Co   2,827  
7,000
  JFE Shoji Holdings Inc   45  
967,412
  Jiangxi Copper Co Ltd   2,375  
167,621
  Johnson Matthey plc   6,276  
94,523
  KGHM Polska Miedz S.A.   4,066  
13,013
*
  KME Group S.p.A.   28  
5,444,839
  Kobe Steel Ltd   17,741  
77,082
*
  LB Foster Co (Class A)   3,987  

100

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
      (000)  
1,160,000
  Maanshan Iron & Steel
$
769  
1,587,967
  Madeco S.A.   183  
121,826
  Magnitogorsk Iron & Steel Works (GDR)   2,041  
175,295
  Matthews International Corp (Class A)   8,216  
24,000
  Mechel Steel Group OAO (ADR)   2,331  
3,129,552
  Mitsubishi Materials Corp   13,391  
2,000
  Mitsubishi Shindoh Co Ltd   5  
636,433
  Mitsui Mining & Smelting Co Ltd   2,552  
156,829
  Mittal Steel South Africa Ltd   3,132  
238,285
  Mueller Industries, Inc   6,908  
4,000
  Nippon Denko Co Ltd   24  
297,413
  Nippon Light Metal Co Ltd   519  
22,000
e
  Nippon Metal Industry Co Ltd   67  
9,157,672
  Nippon Steel Corp   56,726  
2,500
  Nippon Yakin Kogyo Co Ltd   17  
1,555,876
e
  Nisshin Steel Co Ltd   5,473  
46,691
e*
  Northwest Pipe Co   1,827  
1,596,066
  Nucor Corp   94,519  
46,048
e
  Olympic Steel, Inc   1,460  
849,124
  OneSteel Ltd   4,585  
237,799
  Outokumpu Oyj   7,374  
15,310
  Poongsan Corp   360  
53,497
  POSCO   32,862  
751,926
  Precision Castparts Corp   104,292  
221,435
e
  Quanex Corp   11,492  
575
*
  Recylex S.A.   13  
122,637
*
  RTI International Metals, Inc   8,453  
149,655
  Salzgitter AG.   22,329  
130,877
e
  Schnitzer Steel Industries, Inc (Class A)   9,048  
159,450
  Severstal (GDR)   3,699  
1,832,000
  Shougang Concord International Enterprises Co Ltd   750  
2,081
  Sidenor Steel Products Manufacturing Co S.A.   31  
9,800
m,v
  Siderar SAIC (Class A) (ADR)   517  
1,595,976
  SKF AB (B Shares)   27,039  
2,046
  Sonasid   785  
494,588
  Steel Dynamics, Inc   29,463  
119,740
  Sterlite Industries India Ltd   3,144  
972,739
  Sumitomo Electric Industries Ltd   15,473  
7,246,221
  Sumitomo Metal Industries Ltd   33,664  
594,510
  Sumitomo Metal Mining Co Ltd   10,164  
130,034
e*
  Superior Essex, Inc   3,121  
14,394
  Taihan Electric Wire Co Ltd   754  
186,061
  Tenaris S.A. (ADR)   8,323  
150,349
e
  Texas Industries, Inc   10,539  
409,930
e
  Titanium Metals Corp   10,843  
17,208
e
  Toho Titanium Co Ltd   518  
712,138
  Tokyo Steel Manufacturing Co Ltd   7,943  
4,000
  Tokyo Tekko Co Ltd   15  
205,896
e
  Tredegar Corp   3,311  
4,665
  Tubacex S.A.   46  
441,000
  Tung Ho Steel Enterprise Corp   729  
17,939
  Umicore   4,459  
724,726
  United States Steel Corp   87,627  

101

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
     
VALUE
 
SHARES
     
(000)
 
36,830
e*
  Universal Stainless & Alloy
$
1,310  
36,129
  Usinas Siderurgicas de Minas Gerais S.A.   1,685  
119,675
  Usinas Siderurgicas de Minas Gerais S.A.   5,480  
473,957
  Vallourec   128,300  
34,650
  Viohalco S.A.   504  
338,712
  Voestalpine AG.   24,488  
8,872,150
  Walsin Lihwa Corp   3,665  
438,086
e
  Worthington Industries, Inc   7,833  
22,000
  Yamato Kogyo Co Ltd   906  
 
  TOTAL PRIMARY METAL INDUSTRIES   1,536,175  
 
PRINTING AND PUBLISHING - 0.47%
     
301,845
e*
  ACCO Brands Corp   4,842  
28,187
  Agora S.A.   636  
354,927
  American Greetings Corp (Class A)   7,205  
47,698
  APN News & Media Ltd   221  
38,568
  Arnoldo Mondadori Editore S.p.A.   317  
483,697
  Belo (A.H.) Corp (Class A)   8,436  
159,795
  Bowne & Co, Inc   2,812  
14
  CHINTAI Corp   5  
93,050
*
  Consolidated Graphics, Inc   4,450  
54,966
e
  Courier Corp   1,814  
50,685
e
  CSS Industries, Inc   1,860  
951,237
  Dai Nippon Printing Co Ltd   13,990  
85,538
  Daily Mail & General Trust   846  
1,020,273
  De La Rue plc   19,832  
187,846
*
  Dogan Yayin Holding   763  
29,550
*
  Dolan Media Co   862  
476,526
  Dun & Bradstreet Corp   42,234  
113,543
  Emap plc   2,079  
50,241
  Eniro AB   451  
60,141
m,v*
  Eniro AB   21  
148,738
  Ennis, Inc   2,677  
385,643
e
  EW Scripps Co (Class A)   17,358  
20,133,000
  Fung Choi Media Group Ltd   7,413  
40,891
  Future plc   26  
1,472,435
  Gannett Co, Inc   57,425  
73,352
e
  GateHouse Media, Inc   644  
205,787
e
  Harte-Hanks, Inc   3,560  
126,783
*
  Hurriyet Gazetecilik A.S.   391  
4,515
  Independent News & Media plc   16  
896,127
  John Fairfax Holdings Ltd   3,682  
258,301
  John Wiley & Sons, Inc (Class A)   11,066  
321,351
  Journal Communications, Inc (Class A)   2,873  
7,000
  Kyodo Printing Co Ltd   19  
288,876
e
  Lee Enterprises, Inc   4,232  
136,770
e
  Martha Stewart Living Omnimedia, Inc (Class A)   1,268  
175,749
e
  McClatchy Co (Class A)   2,200  
2,273,570
  McGraw-Hill Cos, Inc   99,605  
132,305
  Media General, Inc (Class A)   2,811  
292,979
  Meredith Corp   16,108  
165
*
  Metro International S.A. (A Shares)  
-
^
331
*
  Metro International S.A. (B Shares)  
-
^

102

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
      (000)  
53,100
*
  MSCI, Inc
$
2,039  
60,794
  Multi-Color Corp   1,670  
552,754
e
  New York Times Co (Class A)   9,690  
258,607
  Orkla ASA   5,013  
363,682
  PagesJaunes Groupe S.A.   7,290  
426,586
  Pearson plc   6,216  
108,314
e*
  Playboy Enterprises, Inc (Class B)   988  
30,783
  PMP Ltd   49  
252,590
e
  Primedia, Inc   2,147  
39,438
*
  Quebecor World, Inc   71  
341,067
e
  R.H. Donnelley Corp   12,442  
1,048,360
  R.R. Donnelley & Sons Co   39,565  
14,582
  RCS MediaGroup S.p.A.   63  
1,322,717
e
  Reed Elsevier NV   26,397  
3,057,331
*
  Reed Elsevier plc   41,354  
953,632
  Reuters Group plc   12,092  
72,913
e
  Schawk, Inc   1,132  
46,284
  Schibsted ASA   2,007  
177,751
e*
  Scholastic Corp   6,202  
48,000
  SCMP Group Ltd   17  
4,170,647
  Singapore Press Holdings Ltd   13,038  
14,076
  St Ives Group plc   68  
96,531
e
  Standard Register Co   1,126  
178,600
  Star Publications Malaysia BHD   186  
351,968
e*
  Sun-Times Media Group, Inc (Class A)   774  
1,117
  Teleperformance   43  
319,506
  Thomson Corp   13,043  
370,844
  Toppan Printing Co Ltd   3,648  
570,920
  Trinity Mirror plc   3,961  
1,592,026
  United Business Media plc   20,583  
250,883
e*
  Valassis Communications, Inc   2,933  
226,933
e*
  VistaPrint Ltd   9,724  
22,458
  Washington Post Co (Class B)   17,774  
1,604
  West Australian Newspapers Holdings Ltd   18  
119,684
  Wolters Kluwer NV   3,934  
1,761,217
  Yell Group plc   14,059  
370,399
  Yellow Pages Income Fund   5,217  
 
  TOTAL PRINTING AND PUBLISHING   633,623  
 
RAILROAD TRANSPORTATION - 0.60%
     
767,981
  Asciano Group   4,720  
1,519,416
  Burlington Northern Santa Fe Corp   126,461  
837,804
e*
  Canadian National Railway Co   39,600  
328,273
  Canadian Pacific Railway Ltd   21,361  
3,070
  Central Japan Railway Co   26,189  
1,990,358
  CSX Corp   87,536  
8,596
  East Japan Railway Co   70,944  
2,134,838
  Firstgroup plc   34,634  
193,804
e*
  Genesee & Wyoming, Inc (Class A)   4,684  
1,006,000
  Guangshen Railway Co Ltd   730  
1,557,000
  Hankyu Hanshin Holdings, Inc   6,732  
350,362
e*
  Kansas City Southern Industries, Inc   12,028  
2,327,170
  Norfolk Southern Corp   117,383  

103

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
      (000)  
417,364
e
  Odakyu Electric Railway Co Ltd
$
2,656  
1,868,839
  Union Pacific Corp   234,764  
3,815
  West Japan Railway Co   18,953  
 
  TOTAL RAILROAD TRANSPORTATION   809,375  
 
REAL ESTATE - 0.70%
     
26,082
  Abacus Property Group   40  
286,800
  Aeon Mall Co Ltd   7,573  
9,416
  Africa Israel Investments Ltd   844  
1,074,000
  Agile Property Holdings Ltd   1,956  
13,193,500
  Allgreen Properties Ltd   13,657  
70
e
  Ardepro Co Ltd   15  
14
  Arealink Co Ltd   5  
1,611,000
  Ascendas India Trust   1,433  
642,449
  Ascendas Real Estate Investment Trust   1,098  
15,648
  Aspen Group   32  
900
  Atrium Co Ltd   19  
19,583
  Australand Property Group   40  
102,182
  Ayala Corp   1,399  
16,704,743
  Ayala Land, Inc   5,767  
102,983
*
  Blackrock International Land plc   50  
71,073
  Bovis Homes Group plc   871  
513,662
  British Land Co plc   9,663  
130,195
  Brixton plc   764  
266,000
  Brookfield Properties Co   5,180  
115,000
e*
  Brookfield Properties Corp   2,214  
2,626,041
  CapitaLand Ltd   11,439  
109,924
  Castellum AB   1,144  
586,000
  Cathay Real Estate Development Co Ltd   273  
1,261,504
e*
  CB Richard Ellis Group, Inc (Class A)   27,185  
2,452,300
  Central Pattana PCL   1,820  
779,853
e
  Centro Properties Group   692  
2,776,702
  Centro Retail Group   2,316  
15,019,731
  Champion Real Estate Investment Trust   8,803  
4,394,534
  Cheuk Nang Holdings Ltd   3,720  
940,531
  Cheung Kong Holdings Ltd   17,394  
4,311,000
*
  China Aoyuan Property Group Ltd   2,294  
1,663,000
*
  China New Town Development Co Ltd   682  
2,697,500
  China Overseas Land & Investment Ltd   5,577  
1,196,000
  China Resources Land Ltd   2,644  
561,600
  China Vanke Co Ltd   1,458  
456,000
  Chinese Estates Holdings Ltd   828  
3,041,195
  City Developments Ltd   30,001  
1,305
  Citycon Oyj   7  
5,560
  Cofinimmo   1,046  
31,970
e
  Consolidated-Tomoka Land Co   2,004  
4,178
*
  Conwert Immobilien Invest AG.   74  
37,448
  Corio NV   3,033  
2,385,000
*
  Country Garden Holdings Co Ltd   2,759  
14
  Creed Corp   28  
151,048
  Cyrela Brazil Realty S.A.   2,054  
1,445,900
  Daiman Development BHD   791  
2,186,649
e
  DB RREEF Trust   3,840  

104

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
      (000)  
2,722
  Derwent London plc
$
77  
120,127
*
  Desarrolladora Homex S.A. de C.V.   990  
2,379
  Deutsche Euroshop AG.   82  
923
  Deutsche Wohnen AG.   28  
4,083
  Douja Promotion Groupe Addoha S.A.   1,772  
173,500
  DuPont Fabros Technology Inc   3,401  
134,200
*
  E&O Property Development BHD   114  
166,310
v*
  Echo Investment S.A.   539  
1,392
  Eurocommercial Properties NV   72  
89,049
  Fabege AB   913  
4,908,096
  Far East Consortium   2,795  
263,500,000
*
  Filinvest Land, Inc   8,682  
330,224
e
  Forest City Enterprises, Inc (Class A)   14,675  
185,051
*
  Forestar Real Estate Group, Inc   4,365  
8
  Funai Zaisan Consultants Co Ltd   13  
65,496
  Gafisa S.A.   1,221  
37,476
  Gazit Globe Ltd   409  
12,056
  Gecina S.A.   1,892  
1,221,000
*
  Genting International plc   581  
83,227
*
  Globe Trade Centre S.A.   1,506  
400
  Goldcrest Co Ltd   12  
12,534,500
  Greentown China Holdings Ltd   19,580  
84,851
e
  Grubb & Ellis Co   544  
740,336
  Guangzhou R&F Properties Co Ltd   2,639  
3,037
  Hamborner AG.   40  
300,910
  Hammerson plc   6,140  
25,000
  Hang Lung Group Ltd   137  
1,039,831
  Hang Lung Properties Ltd   4,707  
295,000
  Henderson Investment Ltd   64  
2,166,681
  Henderson Land Development Co Ltd   20,410  
572,718
  Hopewell Holdings   2,644  
1,367,274
  Hopson Development Holdings Ltd   3,779  
3,600,147
  Hysan Development Co Ltd   10,273  
13,049
  ICADE   1,946  
9,229,500
  IGB Corp BHD   6,307  
334,675
  IMMOFINANZ Immobilien Anlagen AG.   3,401  
193,425
  IOI Properties BHD   766  
15,300
*
  IRSA Inversiones y Representaciones S.A. (GDR)   223  
83,540
  IVG Immobilien AG.   2,880  
57,004
*
  IVR Prime Urban Developers Ltd   657  
1,200
  Japan General Estate Co Ltd   16  
2,001,600
  Johor Land BHD   775  
1,400
  Joint Corp   27  
477,547
e
  Jones Lang LaSalle, Inc   33,982  
36,000
  K Wah International Holdings Ltd   23  
85,000
  Keppel Land Ltd   430  
746,676
  Kerry Properties Ltd   5,999  
63,501
  Klepierre   3,247  
78,125
  Kungsleden AB   870  
234,904,000
  Lai Fung Holdings Ltd   11,900  
78,100
  Land and Houses PCL   17  
1,717,233
  Land and Houses PCL   456  
6,800,409
  Land and Houses PCL   1,514  

105

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
      (000)  
271,043
  Leighton Holdings Ltd
$
14,565  
203,200
  Leopalace21 Corp   5,475  
1,102,680
  Liberty International plc   23,640  
347,348
  Link Real Estate Investment Trust   752  
203,799
e*
  LoopNet, Inc   2,863  
1,344,145
  Macquarie Goodman Group   5,771  
145
  Maisons France Confort   9  
20,774
  Medinet Nasr Housing   256  
62,613,500
  Megaworld Corp   5,689  
3,480,000
*
  Metro Pacific Investments Corp   371  
115,278
  MI Developments, Inc (Class A)   3,241  
754,823
  Mirvac Group   3,977  
1,204,460
  Mitsubishi Estate Co Ltd   29,056  
1,261,715
  Mitsui Fudosan Co Ltd   27,445  
151,508
*
  Musashino Kogyo Co Ltd   354  
7,406,666
  New World China Land Ltd   6,649  
8,159,584
  New World Development Ltd   28,934  
419
  Nexity   19  
401,900
  Nomura Real Estate Holdings, Inc   9,713  
6,300
  Norwegian Property ASA   77  
225,581
  ORIX Corp   38,548  
6
  Pacific Management Corp   6  
217,678
  Parque Arauco S.A.   256  
74,252
*
  PIK Group (GDR)   2,265  
15,956,000
*
  PT Ciputra Property Tbk   1,019  
10,580,000
*
  PT Jasa Marga   2,140  
52,000,000
*
  PT Sentul City Tbk   3,654  
22,616,800
  Quality House PCL   1,423  
2,876
  Realia Business S.A.   27  
14
  Recrm Research Co Ltd   13  
9,869
e
  Risa Partners, Inc   21,732  
5,390,000
  Robinsons Land Corp   2,155  
14,844
  Rubicon America Trust   10  
379,099
  Segro plc   3,547  
636
  Shaftesbury plc   6  
63,091,104
  Shanghai Real Estate Ltd   16,021  
1,308,000
  Shenzhen Investment Ltd   936  
397,200
e
  Shoei Co Ltd   5,379  
4,162,862
  Shui On Land Ltd   4,858  
33,720
  Singapore Land Ltd   187  
831,467
  Sino Land Co   2,954  
479
  Societe de la Tour Eiffel   66  
553,875
*
  SP Setia BHD   70  
3,323,250
  SP Setia BHD   5,004  
20,816,956
*
  SPG Land Holdings Ltd   18,635  
303,425
e*
  St. Joe Co   10,775  
577,513
e
  Stewart Enterprises, Inc (Class A)   5,140  
2,907,787
  Stockland Trust Group   21,498  
24,473
e*
  Stratus Properties, Inc   831  
1,125,120
  Sumitomo Realty & Development Co Ltd   27,847  
1,600
  Sun Frontier Fudousan Co Ltd   2,478  
1,182,789
  Sun Hung Kai Properties Ltd   25,120  
1,025
  Swiss Prime Site AG.   52  

106

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
      (000)  
3,741
  Technopolis plc
$
32  
165,344
  Thomas Properties Group, Inc   1,782  
219,500
  Tokyo Tatemono Co Ltd   2,079  
1,988,777
  Tokyu Land Corp   17,126  
172,526
  Unibail   37,816  
1,167
  Unibail-Rodamco   255  
625
  Unite Group plc   4  
14,139,899
*
  Unitech Corporate Parks plc   31,947  
228,033
  Unitech Ltd   2,831  
1,452,956
  United Industrial Corp Ltd   2,776  
1,627,616
e
  Urban Corp   21,781  
17,554
*
  Urbas Proyectos Urbanisticos S.A.   16  
8,008
  Valad Property Group   9  
98
  Vastned Retail NV   9  
11,858
  Wereldhave NV   1,295  
1,276,924
e
  Westfield Group   23,545  
1,176,000
  Wheelock & Co Ltd   3,620  
183,032
  Wihlborgs Fastigheter AB   3,278  
2,362,039
  Wing Tai Holdings Ltd   4,430  
13,174
  Workspace Group plc   71  
224,000
  Yanlord Land Group Ltd   517  
4,752,200
  YNH Property BHD   3,880  
18,372,000
*
  Zhong An Real Estate Ltd   10,791  
 
  TOTAL REAL ESTATE   940,456  
 
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.57%
     
46,044
*
  AEP Industries, Inc   1,474  
280,499
  Ansell Ltd   2,973  
4,045,714
e
  Bayer AG.   369,868  
1,198,960
  Bridgestone Corp   21,336  
481,298
  Cheng Shin Rubber Industry Co Ltd   786  
381,544
  Cooper Tire & Rubber Co   6,326  
83,399
e*
  Deckers Outdoor Corp   12,932  
613,670
  Denki Kagaku Kogyo KK   2,675  
1,961,460
  Formosa Chemicals & Fibre Corp   5,019  
1,117,418
*
  Goodyear Tire & Rubber Co   31,534  
62,940
  Hankook Tire Co Ltd   1,204  
76,199
e*
  Metabolix, Inc   1,814  
118,642
  Michelin (C.G.D.E.) (Class B)   13,617  
1,550,216
  Mitsui Chemicals, Inc   10,185  
2,586,441
  Newell Rubbermaid, Inc   66,937  
1,600
  Nifco, Inc   37  
2,244,959
  Nike, Inc (Class B)   144,216  
84,973
  Nokian Renkaat Oyj   2,988  
2,497,687
  Pirelli & C S.p.A.   2,750  
3,591,589
  PT Gajah Tunggal Tbk   187  
198,241
  Schulman (A.), Inc   4,272  
638,834
  Sealed Air Corp   14,783  
109,097
*
  Skechers U.S.A., Inc (Class A)   2,128  
206,173
  Spartech Corp   2,907  
635,582
e
  Sumitomo Bakelite Co Ltd   3,840  
152,654
e
  Titan International, Inc   4,772  
66,442
e*
  Trex Co, Inc   565  

107

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
      (000)  
603,916
  Tupperware Corp
$
19,947  
14,722
  Uponor Oyj   371  
1,681
  Viscofan S.A.   36  
178,354
e
  West Pharmaceutical Services, Inc   7,239  
 
  TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS   759,718  
 
SECURITY AND COMMODITY BROKERS - 2.68%
     
1,287,692
e
  Allco Finance Group Ltd   7,010  
109,611
  AllianceBernstein Holding LP   8,248  
1,240,048
  Ameriprise Financial, Inc   68,339  
212,753
  Australian Stock Exchange Ltd   11,302  
400
  Avanza AB   8  
4,080
  Azimut Holding S.p.A.   53  
855,972
e
  Babcock & Brown Ltd   20,406  
987,838
e
  Bear Stearns Cos, Inc   87,177  
253,561
e
  BlackRock, Inc   54,972  
1,307,125
  Bolsa de Mercadorias e Futuros - BM&F   18,358  
340
  Bolsas y Mercados Espanoles   23  
845,055
  Broadridge Financial Solutions, Inc   18,955  
213,822
  Calamos Asset Management, Inc (Class A)   6,368  
11,967
  Charlemagne Capital Ltd   18  
4,146,835
  Charles Schwab Corp   105,952  
1,540,308
*
  China Everbright Ltd   4,889  
74,645
  Close Brothers Group plc   1,412  
302,601
  CME Group, Inc   207,584  
92,119
e
  Cohen & Steers, Inc   2,761  
85,252
e*
  Cowen Group, Inc   811  
2,702,969
  Credit Suisse Group   162,586  
98,455
  Daewoo Securities Co Ltd   3,219  
93,301
  Daishin Securities Co Ltd   2,950  
1,000,000
a,v*
  Daishin Securities Co Ltd (GDR)   6,450  
1,324,400
  Daiwa Securities Group, Inc   12,045  
203,114
e
  Deutsche Boerse AG.   40,313  
47,500
*
  Duff & Phelps Corp   935  
3,555,404
e*
  E*Trade Financial Corp   12,622  
1,116
e
  E*Trade Securities Co Ltd   1,039  
748,680
  Eaton Vance Corp   33,998  
62,161
e
  Epoch Holding Corp   932  
56,926
e
  Evercore Partners, Inc (Class A)   1,227  
66,200
*
  FBR Capital Markets Corp   634  
58,700
e*
  FCStone Group, Inc   2,702  
1,100,593
  Federated Investors, Inc (Class B)   45,300  
909,846
  Franklin Resources, Inc   104,114  
60,337
e
  GAMCO Investors, Inc (Class A)   4,175  
162,946
e*
  GFI Group, Inc   15,597  
2,151,604
  Goldman Sachs Group, Inc   462,702  
103,119
e
  Greenhill & Co, Inc   6,855  
137,480
  Hana Financial Group, Inc   7,402  
535,480
  Hellenic Exchanges S.A.   18,790  
1,601,414
  Hong Kong Exchanges and Clearing Ltd   45,430  
101,257
  Hyundai Securities Co   2,488  
105,929
  Indiabulls Financial Services Ltd   2,632  
134,992
*
  Indiabulls Real Estate Ltd   2,547  

108

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
     
VALUE
 
SHARES
      (000)  
241,248
e*
  Interactive Brokers Group, Inc (Class A)
$
7,797  
428,892
*
  IntercontinentalExchange, Inc   82,562  
2,629,361
  Invesco Ltd   82,509  
192,194
*
  Investment Technology Group, Inc   9,146  
953,801
  Janus Capital Group, Inc   31,332  
473,405
  Jefferies Group, Inc   10,912  
160,118
e*
  KBW, Inc   4,097  
2,067,404
  KGI Securities Co Ltd   1,068  
2,601,800
  Kim Eng Securities Thailand PCL   1,970  
607,648
*
  Knight Capital Group, Inc (Class A)   8,750  
27,538
  Korea Investment Holdings Co Ltd   2,351  
2,653,130
  Kowloon Development Co Ltd   6,873  
353,972
e*
  LaBranche & Co, Inc   1,784  
520,585
e*
  Ladenburg Thalmann Financial Services, Inc   1,104  
1,588,089
  Lazard Ltd (Class A)   64,603  
2,822,081
  Legal & General Group plc   7,337  
657,632
  Legg Mason, Inc   48,106  
5,054,144
  Lehman Brothers Holdings, Inc   330,743  
135,401
  London Stock Exchange Group plc   5,334  
612,656
e
  Macquarie Group Ltd   40,991  
174,150
e*
  MarketAxess Holdings, Inc   2,234  
94,000
e
  Matsui Securities Co Ltd   745  
5,194,776
  Merrill Lynch & Co, Inc   278,856  
656,136
*
  MF Global Ltd   20,649  
17,748
  MFS Ltd   69  
14,523
  Mirae Asset Securities Co Ltd   2,669  
7,000
  Mizuho Investors Securities Co Ltd   10  
6,119,987
  Morgan Stanley   325,032  
74,505
e*
  Morningstar, Inc   5,793  
624,662
*
  Nasdaq Stock Market, Inc   30,915  
826,450
e
  Nikko Cordial Corp   12,295  
2,886,084
  Nomura Holdings, Inc   48,956  
915,484
e
  Nymex Holdings, Inc   122,318  
1,088,104
  NYSE Euronext   95,503  
37,518
  OMX AB   1,518  
275,700
e
  optionsXpress Holdings, Inc   9,324  
2,856,000
  OSK Holdings BHD   2,004  
86,835
*
  Penson Worldwide, Inc   1,246  
517,000
m,v*
  Peregrine Investment Holdings  
-
^
109,098
e*
  Piper Jaffray Cos   5,053  
718,253
  Raymond James Financial, Inc   23,458  
86,483
  Reliance Capital Ltd   5,676  
38,312
  Samsung Securities Co Ltd   3,716  
83,371
e
  Sanders Morris Harris Group, Inc   855  
6,822
e
  SBI Holdings, Inc   1,866  
490,941
  Schroders plc   12,724  
1,101,306
  SEI Investments Co   35,429  
2,330,000
e
  Shinko Securities Co Ltd   9,636  
1,668,204
  Singapore Exchange Ltd   15,553  
78,876
e*
  Stifel Financial Corp   4,146  
283
  Swissquote Group Holding S.A.   16  
144,183
  SWS Group, Inc   1,827  
1,399,449
  T Rowe Price Group, Inc   85,198  

109

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
     
(000)
 
556,000
  TA Enterprise BHD
$
215  
1,589,844
  TD Ameritrade Holding Corp   31,892  
634,000
*
  Techpacific Capital Ltd   19  
129,772
e*
  Thomas Weisel Partners Group, Inc   1,782  
53,431
  Tong Yang Investment Bank   1,047  
137,336
  TSX Group, Inc   7,347  
2,745,565
  UOB-Kay Hian Holdings Ltd   4,082  
61,180
e
  US Global Investors, Inc (Class A)   1,019  
7,446
e
  Value Line, Inc   300  
549,858
  Waddell & Reed Financial, Inc (Class A)   19,844  
69,280
  Woori Investment & Securities Co Ltd   1,950  
113,657
e*
  WP Stewart & Co Ltd   581  
 
  TOTAL SECURITY AND COMMODITY BROKERS   3,609,066  
 
SOCIAL SERVICES - 0.01%
     
134,216
*
  Bright Horizons Family Solutions, Inc   4,636  
122,472
*
  Capital Senior Living Corp   1,216  
64,988
e*
  Providence Service Corp   1,829  
134,003
*
  Res-Care, Inc   3,371  
9,981
  Ryman Healthcare Ltd   16  
1,269
  Southern Cross Healthcare Ltd   13  
55,202
  Vedior NV   1,390  
 
  TOTAL SOCIAL SERVICES   12,471  
 
SPECIAL TRADE CONTRACTORS - 0.06%      
20,022
e
  Alico, Inc   731  
182,768
e*
  AsiaInfo Holdings, Inc   2,010  
5,673
*
  Cape plc   27  
424,981
*
  Carso Infraestructura y Construccion S.A. de C.V.   404  
170,089
  Chemed Corp   9,505  
280,430
  Comfort Systems USA, Inc   3,584  
611,972
  COMSYS Holdings Corp   5,029  
274,549
*
  Dycom Industries, Inc   7,317  
404,664
*
  EMCOR Group, Inc   9,562  
160,991
e*
  Insituform Technologies, Inc (Class A)   2,383  
114,976
e*
  Integrated Electrical Services, Inc   2,160  
2,000
  Kandenko Co Ltd   11  
82,838
  Kinden Corp   651  
100,187
*
  Layne Christensen Co   4,930  
80,900
  Metalurgica Gerdau S.A.   3,227  
308,176
  Polimex Mostostal S.A.   1,073  
874,244
e*
  Quanta Services, Inc   22,940  
4,000
  Taihei Kogyo Co Ltd   20  
 
  TOTAL SPECIAL TRADE CONTRACTORS   75,564  
 
STONE, CLAY, AND GLASS PRODUCTS - 0.55%      
3,591,238
  3M Co   302,813  
28,744
  Adana Cimento (Class A)   173  
33,206
  Akcansa Cimento A.S.   201  
433,303
  Anant Raj Industries Ltd   3,839  
232,240
e
  Apogee Enterprises, Inc   3,974  
1,079,300
e
  Asahi Glass Co Ltd   14,482  
1,101,780
  Asia Cement Corp   1,610  

110

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
     
VALUE
 
SHARES
      (000)  
41,956
  Associated Cement Co Ltd
$
1,091  
368,683
  Boral Ltd   1,981  
153,600
  Bradespar S.A.   4,108  
3,061
  Buzzi Unicem S.p.A.   85  
132,699
e*
  Cabot Microelectronics Corp   4,765  
110,499
e
  CARBO Ceramics, Inc   4,111  
1,412
  Cementir S.p.A.   12  
5,477,349
*
  Cemex S.A. de C.V.   14,197  
75,195
  Central Glass Co Ltd   285  
54,107
*
  Cersanit Krasnystaw S.A.   737  
309,091
  Cimpor Cimentos de Portugal S.A.   2,711  
385,599
  Compagnie de Saint-Gobain   36,357  
1,195,262
  Cookson Group plc   16,584  
413,474
  CRH plc   14,418  
11,262
  Cristalerias de Chile S.A.   136  
1,117
  Dyckerhoff AG.   67  
195,708
e
  Eagle Materials, Inc   6,944  
357,253
  Egypt Kuwait Holding Co   872  
16,012
  FLSmidth & Co AS   1,639  
674,955
  Gentex Corp   11,994  
2,608,502
  Goldsun Development & Construction Co Ltd   1,162  
25,109
  Grasim Industries Ltd   2,333  
406,303
  Grupo Carso S.A. de C.V. (Series A1)   1,537  
123,581
  HeidelbergCement AG.   19,152  
806,892
  Holcim Ltd   86,451  
25,139,000
  Holcim Philippines, Inc   4,690  
66,870
  Industrias Penoles S.A. de C.V.   1,409  
25,698
  Italcementi S.p.A.   550  
27,686
  Italcementi S.p.A.   433  
352,487
  Jaiprakash Associates Ltd   3,820  
342,019
e
  James Hardie Industries NV   1,937  
8,559
  Jordan Cement Factories   132  
5,000
  Krosaki Harima Corp   13  
3,043
  Lafarge Ciments   725  
2,367,260
  Lafarge Malayan Cement BHD   4,188  
85,637
  Lafarge S.A.   15,588  
64,688
e
  Libbey, Inc   1,025  
141,500
  Lucky Cement Ltd   267  
3,532,000
  Luks Group Vietnam Holdings Ltd   4,349  
10,587
  Marshalls plc   51  
5,675
  Misr Beni Suef Cement Co   123  
1,019,958
  NGK Insulators Ltd   27,664  
2,143,130
e
  Nippon Sheet Glass Co Ltd   10,954  
432,984
e*
  Owens Corning, Inc   8,755  
881,711
*
  Owens-Illinois, Inc   43,645  
13,193
m,v*
  Paragon Trade Brands, Inc  
-
^
6,900
  Pargesa Holding S.A.   771  
407,840
  Pretoria Portland Cement Co Ltd   2,609  
2,824,000
  PT Indocement Tunggal Prakarsa Tbk   2,465  
9,866,000
  PT Semen Gresik Persero Tbk   5,882  
11,150
*
  RHI AG.   456  
3,440
  Semapa-Sociedade de Investimento e Gestao   44  
293,000
  Siam Cement PCL   2,035  

111

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
     
(000)
 
11,100
  Siam Cement PCL
$
76  
97,400
  Siam City Cement PCL   746  
34
  Sika AG.   64  
641
  Societe Nationale d'Investissement   138  
327
  STO AG.   27  
4,137,148
  Sumitomo Osaka Cement Co Ltd   7,925  
221,050
  Taiheiyo Cement Corp   528  
1,875,144
  Taiwan Cement Corp   2,602  
566,281
  Taiwan Glass Industrial Corp   616  
179,958
e
  Toto Ltd   1,429  
2,184,300
  TPI Polene PCL   483  
107,492
  Trakya Cam Sanayi A.S.   257  
246,506
  Turk Sise ve Cam Fabrikalari A.S.   496  
25,252
  Ultra Tech Cement Ltd   649  
183,808
e*
  US Concrete, Inc   612  
311,058
e*
  USG Corp   11,133  
623
  Vidrala S.A.   23  
53,153
  Wienerberger AG.   2,948  
 
  TOTAL STONE, CLAY, AND GLASS PRODUCTS   736,153  
 
TEXTILE MILL PRODUCTS - 0.01%      
102,985
  Cheil Industries, Inc   5,754  
290,000
*
  China Grand Forestry Resources Group Ltd   61  
2,345,934
  Far Eastern Textile Co Ltd   2,752  
6,057
  Fiberweb plc   4  
520,220
  Formosa Taffeta Co Ltd   525  
37,387
e*
  Heelys, Inc   260  
21,637
  Hyosung Corp   1,352  
10,000
  Kurabo Industries Ltd   23  
32,000
  Nishat Mills Ltd   55  
1,000
  Nitto Boseki Co Ltd   3  
7,581
  Oriental Weavers   73  
91,626
e
  Oxford Industries, Inc   2,361  
408,030
  Seiren Co Ltd   3,145  
126,971
  Texwinca Holdings Ltd   114  
562,000
  Weiqiao Textile Co   804  
159,651
  Xerium Technologies, Inc   830  
 
  TOTAL TEXTILE MILL PRODUCTS   18,116  
 
TOBACCO PRODUCTS - 1.16%      
14,741,745
  Altria Group, Inc   1,114,181  
109,700
  British American Tobacco Malaysia BHD   1,368  
3,249,390
  British American Tobacco plc   127,101  
573
  Eastern Tobacco   47  
4,331,712
  Huabao International Holdings Ltd   4,333  
1,003,603
  Imperial Tobacco Group plc   54,180  
1,558,498
  ITC Ltd   8,282  
11,028
  Japan Tobacco, Inc   65,942  
704,359
  Loews Corp (Carolina Group)   60,082  
375
  Philip Morris CR   163  
775,405
e
  Reynolds American, Inc   51,146  
64,535
  Souza Cruz S.A.   1,747  
288,261
  Swedish Match AB   6,891  

112

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
     
(000)
 
158,389
e
  Universal Corp
$
8,113  
1,030,688
  UST, Inc   56,482  
172,373
e
  Vector Group Ltd   3,458  
 
  TOTAL TOBACCO PRODUCTS   1,563,516  
 
TRANSPORTATION BY AIR - 0.42%      
371,138
e*
  ABX Air, Inc   1,551  
302,057
e*
  ACE Aviation Holdings, Inc (Class A)   8,677  
8,328
*
  AER Lingus   25  
24,893
  Aeroports de Paris   2,548  
1,712,000
  Air China Ltd   2,551  
633,157
  Air France-KLM   22,263  
72,890
e*
  Air Methods Corp   3,620  
20,802
  Air New Zealand Ltd   30  
677,500
*
  AirAsia BHD   328  
344,500
  Airports of Thailand PCL   588  
499,672
e*
  Airtran Holdings, Inc   3,578  
239,696
e*
  Alaska Air Group, Inc   5,995  
844,000
  All Nippon Airways Co Ltd   3,120  
43,298
*
  Allegiant Travel Co   1,392  
2,261,092
e*
  AMR Corp   31,723  
101,481
  Asiana Airlines   927  
86,117
e*
  Atlas Air Worldwide Holdings, Inc   4,669  
678,405
e
  Auckland International Airport Ltd   1,519  
694,059
  BBA Aviation plc   2,836  
1,100,000
  Beijing Capital International Airport Co Ltd   1,868  
121,113
e*
  Bristow Group, Inc   6,861  
385,810
*
  British Airways plc   2,379  
975,900
  Cathay Pacific Airways Ltd   2,553  
746,471
  China Airlines   335  
1,104,000
*
  China Eastern Airlines Corp Ltd (H Shares)   1,092  
786,000
*
  China Southern Airlines Co Ltd   1,036  
710,953
*
  Continental Airlines, Inc (Class B)   15,819  
80,896
e
  Copa Holdings S.A. (Class A)   3,039  
1,183,138
*
  Delta Air Lines, Inc   17,617  
336,215
*
  easyJet plc   4,106  
657,000
  Eva Airways Corp   273  
253,114
e*
  ExpressJet Holdings, Inc   628  
1,579,014
  FedEx Corp   140,801  
6,033
  Flughafen Wien AG.   697  
19
  Flughafen Zuerich AG.   8  
191,464
b,m,v*
  FLYi, Inc   1  
2,008
  Fraport AG. Frankfurt Airport Services Worldwide   158  
2,700
e*
  Frontier Airlines Holdings, Inc   14  
39,517
  Gol Linhas Aereas Inteligentes S.A.   971  
340,193
  Grupo Aeroportuario del Pacifico S.A. de C.V. (B Shares)   1,523  
142,547
  Grupo Aeroportuario del Sureste S.A. de C.V. (Class B)   874  
33,600
  Hong Kong Aircraft Engineerg   914  
206,449
  Iberia Lineas Aereas de Espana   906  
662,000
*
  Japan Airlines Corp   1,511  
591
  Jazz Air Income Fund   5  
1,737,896
e*
  JetBlue Airways Corp   10,254  
25,528
  Korean Air Lines Co Ltd   2,094  

113

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
     
VALUE
 
SHARES
      (000)  
128,555
  Lan Airlines S.A.
$
1,810  
3,225,635
  Macquarie Airports   11,471  
193,833
*
  Malaysian Airline System BHD   286  
2,100
*
  Mesa Air Group, Inc   6  
189,559
e*
  Midwest Air Group, Inc   2,805  
1,727,036
*
  Northwest Airlines Corp   25,059  
75,026
e*
  PHI, Inc   2,327  
153,913
e*
  Pinnacle Airlines Corp   2,347  
2,974,634
  Qantas Airways Ltd   14,209  
226,131
*
  Republic Airways Holdings, Inc   4,430  
122,517
*
  Ryanair Holdings plc   829  
10,800
e*
  Ryanair Holdings plc (ADR)   426  
2,825,220
  SABMiller plc   79,634  
28,187
*
  SAS AB   362  
809,199
  Singapore Airlines Ltd   9,770  
389,149
  Skywest, Inc   10,449  
3,279,374
  Southwest Airlines Co   40,008  
96
m,v*
  Swissair Group  
-
^
49,076
  Tam S.A.   1,176  
363,600
  Thai Airways International PCL   424  
2,000
  Transmile Group BHD   2  
696,814
  Travelsky Technology Ltd   741  
964,751
e
  UAL Corp   34,403  
584,383
*
  US Airways Group, Inc   8,596  
 
  TOTAL TRANSPORTATION BY AIR   567,847  
 
TRANSPORTATION EQUIPMENT - 3.36%
     
134,379
e
  A.O. Smith Corp   4,710  
4,462,700
  AAPICO Hitech PCL   1,457  
206,392
*
  AAR Corp   7,849  
152,828
*
  Accuride Corp   1,201  
41,108
e*
  Aerovironment, Inc   995  
140,420
*
  Aftermarket Technology Corp   3,828  
800
  Aisan Industry Co Ltd   10  
800
  Aker Yards AS   9  
268,242
e
  American Axle & Manufacturing Holdings, Inc   4,995  
50,383
e
  American Railcar Industries, Inc   970  
141,151
e*
  Amerigon, Inc   2,984  
99,896
e
  Arctic Cat, Inc   1,193  
406,791
e
  ArvinMeritor, Inc   4,772  
2,972,486
  Austal Ltd   7,412  
890,156
  Autoliv, Inc   46,920  
20,342
  Bajaj Auto Ltd   1,356  
139,316
  Bayerische Motoren Werke AG.   8,626  
9,607
  Bayerische Motoren Werke AG.   510  
438,162
*
  BE Aerospace, Inc   23,179  
2,614
  Beneteau S.A.   67  
6,306,727
  Boeing Co   551,586  
1,999,464
*
  Bombardier, Inc (Class B)   12,074  
1,850,000
*
  Brilliance China Automotive Holdings Ltd   413  
390,345
e
  Brunswick Corp   6,655  
16,000
*
  BW Offshore Ltd   67  
956,058
e
  Calsonic Kansei Corp   4,887  

114

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
     
VALUE
 
SHARES
      (000)  
354,331
  China Motor Corp
$
267  
284,057
e
  Clarcor, Inc   10,786  
927,067
  Cobham plc   3,857  
767
  Compagnie Plastic-Omnium S.A.   41  
158,492
e*
  Comtech Group, Inc   2,553  
97
  Construcciones y Auxiliar de Ferrocarriles S.A.   39  
3,022,140
  Cosco Corp Singapore Ltd   12,135  
67,931
  Daewoo Shipbuilding & Marine Engineering Co Ltd   3,745  
68,000
  Daihatsu Motor Co Ltd   640  
1,513,571
  DaimlerChrysler AG.   147,159  
17,259
  DaimlerChrysler AG.   1,650  
7,900
b,e*
  Dana Corp  
-
^
889,805
  Denso Corp   36,479  
4,186,000
  Denway Motors Ltd   2,690  
10,688
  D'ieteren S.A.   3,844  
22,073
  Doosan Heavy Industries and Construction Co Ltd   2,971  
383,800
  DRB-Hicom BHD   185  
16,608
  Elbit Systems Ltd   995  
317,895
  Empresa Brasileira de Aeronautica S.A.   3,599  
103,798
e
  European Aeronautic Defence and Space Co   3,313  
287
  Faiveley S.A.   17  
297,141
e
  Federal Signal Corp   3,334  
5,453,724
  Fiat S.p.A.   141,133  
337,387
e*
  Fleetwood Enterprises, Inc   2,018  
356,260
e*
  Force Protection, Inc   1,667  
15,395,140
e*
  Ford Motor Co   103,609  
91,898
  Ford Otomotiv Sanayi A.S.   949  
89,138
e
  Freightcar America, Inc   3,120  
900
  Futaba Industrial Co Ltd   25  
310,485
e*
  GenCorp, Inc   3,620  
2,484,684
  General Dynamics Corp   221,112  
2,361,389
  General Motors Corp   58,775  
53,787
e*
  GenTek, Inc   1,574  
760,340
  Genuine Parts Co   35,204  
94
  Georg Fischer AG.   58  
1,605,285
  GKN plc   9,011  
1,146,029
  Goodpack Ltd   1,791  
699,175
  Goodrich Corp   49,369  
81,425
e
  Greenbrier Cos, Inc   1,813  
131,712
e
  Group 1 Automotive, Inc   3,128  
1,176,819
  Harley-Davidson, Inc   54,969  
638,992
  Harsco Corp   40,940  
721,252
e*
  Hayes Lemmerz International, Inc   3,296  
135,014
e
  Heico Corp   7,356  
55,328
  Hero Honda Motors Ltd   977  
1,031,510
e
  Hino Motors Ltd   6,713  
2,709,303
  Honda Motor Co Ltd   90,945  
800,000
  Hong Leong Asia Ltd   2,067  
35,146
  Hyundai Heavy Industries   16,615  
8,801
  Hyundai Mipo Dockyard   2,713  
41,034
  Hyundai Mobis   3,823  
26,110
  Hyundai Motor Co   960  
115,169
  Hyundai Motor Co   8,809  

115

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
      (000)  
1,488,000
  Isuzu Motors Ltd
$
6,766  
1,101,063
  ITT Industries, Inc   72,714  
218,022
  Japan Tecseed Co Ltd   570  
283,296
  Jardine Cycle & Carriage Ltd   4,290  
36,000
  Jaya Holdings Ltd   48  
141,237
  JTEKT Corp   2,541  
132,802
  Kaman Corp   4,888  
1,678,066
  Kawasaki Heavy Industries Ltd   4,972  
9,732,082
  Keppel Corp Ltd   87,893  
131,470
*
  Kia Motors Corp   1,419  
250
  Kongsberg Automotive ASA   2  
51,184
  Lagardere S.C.A.   3,838  
863
  Leoni AG.   42  
2,454,618
  Lockheed Martin Corp   258,373  
192,915
  Magna International, Inc (Class A)   15,672  
103,098
  Mahindra & Mahindra Ltd   2,255  
489,100
  Malaysian Bulk Carriers BHD   660  
148,102
  MAN AG.   24,641  
65,510
  Maruti Udyog Ltd   1,653  
300,000
  Mazda Motor Corp   1,498  
58,193
*
  Miller Industries, Inc   797  
1,047,000
e*
  Mitsubishi Motors Corp   1,771  
535,556
  Mitsui Engineering & Shipbuilding Co Ltd   2,090  
196,218
e
  Monaco Coach Corp   1,742  
228,193
  MTU Aero Engines Holding AG.   13,345  
5,368
*
  Mundra Port and Special Economic Zone Ltd   173  
471,000
  Nabtesco Corp   7,496  
96,047
  NHK Spring Co Ltd   885  
57,370
e
  Noble International Ltd   936  
1,662,329
  Northrop Grumman Corp   130,726  
297,622
  Novatek Microelectronics Corp Ltd   1,138  
536,687
  NSK Ltd   5,602  
434,919
*
  Orbital Sciences Corp   10,664  
351,784
  Oshkosh Truck Corp   16,625  
2,092,323
  Paccar, Inc   113,990  
1,799,452
*
  Pactiv Corp   47,919  
283,114
  Peugeot S.A.   21,462  
256,767
e
  Polaris Industries, Inc   12,266  
32,020
  Porsche AG.   64,880  
204,300
  Proton Holdings BHD   227  
2,899,397
  Raytheon Co   175,993  
468,042
  Renault S.A.   66,384  
23,841
  Rieter Holding AG.   10,529  
35,598,379
m,v*
  Rolls-Royce Group plc   71  
554,969
  Rolls-Royce Group plc   6,032  
131,413
  Samsung Heavy Industries Co Ltd   5,644  
12,000
  Sanden Corp   62  
1,043,287
  Scania AB (B Shares)   24,859  
5,337,423
  SembCorp Marine Ltd   14,980  
174,478
  Shimano, Inc   6,325  
2,779,729
  Siemens AG.   442,419  
4,599,935
  Singapore Technologies Engineering Ltd   11,984  
159,295
e
  Spartan Motors, Inc   1,217  

116

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
     
(000)
 
420,343
*
  Spirit Aerosystems Holdings, Inc (Class A)
$
14,502  
74,693
  Standard Motor Products, Inc   610  
31,975
  STX Shipbuilding Co Ltd   1,708  
407,575
  Sumitomo Precision Products Co Ltd   1,339  
127,731
e
  Superior Industries International, Inc   2,321  
136,382
  Tata Motors Ltd   2,567  
261,222
*
  Tenneco, Inc   6,810  
385,378
  Thales S.A.   22,960  
242,845
e
  Thor Industries, Inc   9,231  
81,196
  Tofas Turk Otomobil Fabrik   426  
32,500
  Tokai Rika Co Ltd   1,018  
4,000
  Topy Industries Ltd   11  
42,183
  Toyoda Gosei Co Ltd   1,499  
375,835
  Toyota Industries Corp   15,375  
4,810,308
  Toyota Motor Corp   260,075  
44,323
*
  TransDigm Group, Inc   2,002  
38,307
  Trelleborg AB (B Shares)   803  
327,971
e
  Trinity Industries, Inc   9,105  
91,937
e
  Triumph Group, Inc   7,571  
187,445
*
  TRW Automotive Holdings Corp   3,918  
5,942,751
  United Technologies Corp   454,858  
5,060,000
*
  Vietnam Manufacturing & Export Processing Holdings Ltd   2,375  
719,723
e*
  Visteon Corp   3,160  
324,079
  Volkswagen AG.   73,963  
93,406
  Volkswagen AG.   13,656  
687,764
  Volvo AB (A Shares)   11,493  
1,442,932
  Volvo AB (B Shares)   24,223  
182,456
e
  Wabash National Corp   1,403  
151,000
  Weichai Power Co Ltd   1,102  
256,236
  Westinghouse Air Brake Technologies Corp   8,825  
169,096
e
  Winnebago Industries, Inc   3,554  
1,039,230
  Yamaha Motor Co Ltd   25,163  
430,131
  Yulon Motor Co Ltd   412  
12,070
  Zodiac S.A.   772  
 
  TOTAL TRANSPORTATION EQUIPMENT   4,521,961  
 
TRANSPORTATION SERVICES - 0.19%
     
1,240
  Aker ASA (A Shares)   77  
287,946
  All America Latina Logistica S.A.   3,727  
79,953
  Altadis S.A.   5,811  
90,258
e
  Ambassadors Group, Inc   1,653  
35,692
e*
  Ambassadors International, Inc   520  
65,002
  Arriva plc   1,029  
933,925
  CH Robinson Worldwide, Inc   50,544  
2,548
  Clarkson plc   52  
450
  D/S Norden   50  
78,377
e*
  Dynamex, Inc   2,121  
884,821
  Expeditors International Washington, Inc   39,534  
2,285
  Flight Centre Ltd   65  
5,292
  Freightways Ltd   15  
226,639
e
  GATX Corp   8,313  
1,374
  Go-Ahead Group plc   68  
289,177
*
  HUB Group, Inc (Class A)   7,686  

117

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
      (000)  
874,000
  Jiangsu Express
$
953  
1,300
  Kintetsu World Express, Inc   45  
867
  Kuoni Reisen Holding   452  
503,320
*
  Lear Corp   13,922  
1,664,625
  MTR Corp   6,127  
576,333
  National Express Group plc   14,249  
80,800
*
  Orbitz Worldwide, Inc   687  
321,448
e
  Pacer International, Inc   4,693  
1,052,600
  PLUS Expressways BHD   1,044  
154,479
e
  Ship Finance International Ltd   4,281  
1,318,000
  Sinotrans Ltd   581  
7,630
  Stolt-Nielsen S.A.   228  
171,000
  Taiwan Navigation Co Ltd   299  
880,475
e
  Toll Holdings Ltd   8,852  
500
  Trancom Co Ltd   8  
63,771
*
  TUI AG.   1,784  
3,558,433
  UTI Worldwide, Inc   69,745  
1,168,019
  Zhejiang Expressway Co Ltd   1,869  
 
  TOTAL TRANSPORTATION SERVICES   251,084  
 
TRUCKING AND WAREHOUSING - 0.56%
     
131,279
e
  Arkansas Best Corp   2,880  
800
  ASKUL Corp   21  
125,919
e*
  Celadon Group, Inc   1,153  
720,841
  Con-way, Inc   29,944  
9,660,829
  Deutsche Post AG.   332,070  
929,962
e
  DSV AS   20,377  
168,112
e
  Forward Air Corp   5,240  
317,315
e
  Heartland Express, Inc   4,499  
1,300
  Hitachi Transport System Ltd   14  
391,780
e
  J.B. Hunt Transport Services, Inc   10,794  
396,602
  Kamigumi Co Ltd   2,872  
550,560
  Landstar System, Inc   23,206  
93,229
e*
  Marten Transport Ltd   1,301  
76,172
e
  Mitsubishi Logistics Corp   855  
872,598
  Nippon Express Co Ltd   4,491  
1,000
  Nippon Konpo Unyu Soko Co Ltd   13  
558
  Norbert Dentressangle   58  
160,784
e*
  Old Dominion Freight Line   3,716  
7,970
e*
  Patriot Transportation Holding, Inc   735  
91,332
*
  Saia, Inc   1,215  
13,000
  Sankyu, Inc   71  
50,947
  Seino Holdings Corp   347  
7,000
  Sumitomo Warehouse Co Ltd   38  
26,000
  Tianjin Port Development Holdings Ltd   20  
1,393,753
  TNT NV   57,566  
3,149,133
  United Parcel Service, Inc (Class B)   222,707  
38,969
e*
  Universal Truckload Services, Inc   747  
277,497
e
  Werner Enterprises, Inc   4,726  
8,626
  Wincanton Plc   64  
318,100
  Yamato Transport Co Ltd   4,587  
583,563
e*
  YRC Worldwide, Inc   9,973  
 
  TOTAL TRUCKING AND WAREHOUSING   746,300  

118

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
      (000)  
WATER TRANSPORTATION - 0.34%      
142
  A P Moller - Maersk AS (Class A)
$
1,506  
187,439
  Alexander & Baldwin, Inc   9,683  
283,179
e*
  American Commercial Lines, Inc   4,599  
4,409
  Anek Lines S.A.   15  
980
  AP Moller - Maersk AS (Class B)   10,453  
360,000
e
  Aries Maritime Transport Ltd   2,340  
71,051
e
  Arlington Tankers Ltd   1,572  
1,880,545
  Carnival Corp   83,665  
73,892
  Carnival plc   3,264  
25,000
  CH Offshore Ltd   14  
2,385,300
  China Shipping Container Lines Co Ltd   1,404  
1,926,000
  China Shipping Development Co Ltd   5,088  
207,175
  Compagnie Maritime Belge S.A.   17,947  
251,609
  Compania SudAmericana de Vapores S.A.   551  
1,880,875
  COSCO Holdings   5,198  
496,693
e
  D/S Torm AS   17,433  
4,000
  Daiichi Chuo Kisen Kaisha   21  
210,000
  Danaos Corp   5,546  
114,547
e
  Double Hull Tankers, Inc   1,402  
235,430
e
  Eagle Bulk Shipping, Inc   6,251  
10,378
  Euronav NV   366  
4,542,222
  Evergreen Marine Corp Tawain Ltd   4,145  
2,070,000
  Ezra Holdings Ltd   4,774  
287
  Forth Ports plc   11  
223,213
e
  Frontline Ltd   10,714  
9,696
e
  Frontline Ltd   466  
104,471
e
  Genco Shipping & Trading Ltd   5,721  
139,326
e
  General Maritime Corp   3,407  
192,892
e
  Golar LNG Ltd   4,267  
3,300
  Golar LNG Ltd   72  
380,111
  Grindrod Ltd   1,303  
131,108
e*
  Gulfmark Offshore, Inc   6,135  
210,968
*
  Hamburger Hafen und Logistik AG.   18,815  
37,434
  Hanjin Shipping Co Ltd   1,592  
182,323
e
  Horizon Lines, Inc (Class A)   3,399  
144,765
e*
  Hornbeck Offshore Services, Inc   6,507  
29,830
  Hyundai Merchant Marine Co Ltd   1,370  
4,304,300
  International Container Term Services, Inc   4,745  
1,525
  Israel Corp Ltd   1,608  
1,156,305
e
  Kawasaki Kisen Kaisha Ltd   11,365  
250,819
*
  Kirby Corp   11,658  
92,400
e
  Knightsbridge Tankers Ltd   2,231  
4,683
  Korea Line Corp   825  
112,527
  K-Sea Transportation Partners LP   4,039  
89,896
  Kuehne & Nagel International AG.   8,615  
750,500
  Malaysia International Shipping Corp BHD   2,247  
8,432
  Minoan Lines S.A.   60  
1,868,020
  Mitsui OSK Lines Ltd   23,845  
324,579
  Neptune Orient Lines Ltd   882  
2,580,672
  Nippon Yusen Kabushiki Kaisha   20,513  
151,669
e
  Nordic American Tanker Shipping   4,978  

119

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
      (000)  
3,535
  Odfjell ASA (B Shares)
$
46  
213,563
e*
  Odyssey Marine Exploration, Inc   1,322  
170,000
e
  Omega Navigation Enterprises, Inc (Class A)   2,677  
654,942
  Orient Overseas International Ltd   4,846  
146,985
e
  Overseas Shipholding Group, Inc   10,940  
2,432,000
  Pacific Basin Shipping Ltd   3,924  
214,800
  Precious Shipping PCL   185  
18,780
  Premuda S.p.A.   45  
1,594,133
e
  Royal Caribbean Cruises Ltd   67,655  
2,000
  Shinwa Kaiun Kaisha Ltd   12  
67
  Ship Finance International Ltd   2  
826,500
  Shun TAK Holdings Ltd   1,300  
737
  Smit Internationale NV   75  
28,755
e*
  TBS International Ltd (Class A)   951  
171,741
e
  Teekay Corp   9,138  
91,873
e*
  Ultrapetrol Bahamas Ltd   1,563  
489,000
  U-Ming Marine Transport Corp   1,336  
718,400
  Wan Hai Lines Ltd   653  
818,123
  Yang Ming Marine Transport   633  
 
  TOTAL WATER TRANSPORTATION   455,930  
 
WHOLESALE TRADE-DURABLE GOODS - 0.58%
     
183,937
  Agilysys, Inc   2,781  
352,077,000
*
  A-Max Holdings Ltd   4,741  
308,526
  Applied Industrial Technologies, Inc   8,953  
447,387
e
  Argo Graphics, Inc   5,366  
1,309,858
*
  Arrow Electronics, Inc   51,451  
331,328
  Assa Abloy AB (Class B)   6,652  
15,196
  Autobacs Seven Co Ltd   308  
80
*
  Azkoyen S.A.   1  
211,900
  Banpu PCL   2,592  
254,775
e
  Barnes Group, Inc   8,507  
239,364
e*
  Beacon Roofing Supply, Inc   2,015  
15
  BIC CAMERA INC   12  
77,466
e*
  BlueLinx Holdings, Inc   305  
56,053
*
  Boart Longyear Group   116  
1,014
  Bobst Group AG.   72  
531,548
  BorgWarner, Inc   25,732  
8,194
  BSS Group plc   63  
25,648
  Buhrmann NV   201  
184,280
e
  Building Material Holding Corp   1,019  
190,262
  Bunzl plc   2,687  
74,762
  Canon Marketing Japan, Inc   1,392  
71,573
  Castle (A.M.) & Co   1,946  
3,070,000
  China Communications Construction Co Ltd   8,052  
1,187,000
*
  China High Speed Transmission Equipment Group Co Ltd   3,166  
647,000
  China National Building Material Co Ltd   2,493  
1,651,000
*
  CMC Magnetics Corp   575  
157,222
e*
  Conceptus, Inc   3,025  
162
  Crane Group Ltd   2  
2,750
  Creative Technology Ltd   12  
37,803
  Dar Al Dawa Development & Investment Co Ltd   251  
4,003
  Debica   171  

120

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
      (000)  
754
  Demag Cranes AG.
$
32  
137,171
*
  Digi International, Inc   1,947  
66,082
  Dimension Data Holdings plc   81  
404,376
  D-Link Corp   714  
2,684,000
  Dongfeng Motor Group Co Ltd   1,893  
164,270
e*
  Drew Industries, Inc   4,501  
635,028
  Electrocomponents plc   2,636  
745,462
  Energy Support Corp   1,315  
290,472
  Finning International, Inc   8,435  
1,007,759
*
  Fortescue Metals Group Ltd   6,637  
372
  Frigoglass S.A.   14  
352,929
e*
  Genesis Microchip, Inc   3,025  
232,000
  GeoVision, Inc   2,139  
357,000
  Gigabyte Technology Co Ltd   231  
37,733
e*
  Glu Mobile, Inc   197  
113,613
e
  Hagemeyer NV   777  
51,985
e*
  Hansen Medical, Inc   1,556  
7,143
  Headlam Group Plc   61  
1,600
  Hitachi Software Engineering Co Ltd   30  
89,715
e
  Houston Wire & Cable Co   1,269  
650,251
e
  IKON Office Solutions, Inc   8,466  
123,037
  Imperial Holdings Ltd   1,879  
1,942
  IMS-Intl Metal Service   74  
1,200
  Inaba Denki Sangyo Co Ltd   43  
788,088
*
  Ingram Micro, Inc (Class A)   14,217  
220,800
  Inner Mongolia Yitai Coal Co   2,131  
287,814
*
  Insight Enterprises, Inc   5,250  
163,951
*
  Interline Brands, Inc   3,592  
119,983
  JD Group Ltd   895  
10,000
*
  Kanematsu Corp   15  
13,137
  KCC Corp   7,396  
96,692
  Kingspan Group plc   1,463  
562,696
  Kloeckner & Co AG.   22,624  
322,547
e
  Knight Transportation, Inc   4,777  
2,900
  Kuroda Electric Co Ltd   41  
28,886
e
  Lawson Products, Inc   1,095  
75,700
  Lewis Group Ltd   509  
21,406
  LG International Corp   508  
3,000
  Lindab International AB   68  
562,346
e*
  LKQ Corp   11,821  
178,662
e
  Martin Marietta Materials, Inc   23,691  
2,996,529
  Mitsubishi Corp   82,078  
45,545
e*
  MWI Veterinary Supply, Inc   1,822  
588
  Mytilineos Holdings S.A.   12  
26
  NET One Systems Co Ltd   29  
3,182,996
  Nissan Motor Co Ltd   35,045  
56,850
  Orascom Construction Industries   5,897  
228,411
  Owens & Minor, Inc   9,692  
4,731,000
  Pan-United Corp Ltd   2,564  
964,441
*
  Patterson Cos, Inc   32,743  
239,240
e
  PEP Boys-Manny Moe & Jack   2,747  
506,011
  Phoenix Precision Technology Corp   429  
13,462
  Polska Grupa Farmaceutyczna S.A.   488  

121

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
      (000)  
209,089
e
  Pool Corp
$
4,146  
22,933
*
  Prysmian S.p.A.   566  
488,415
e*
  PSS World Medical, Inc   9,558  
3,723,334
  PT Astra International Tbk   10,822  
294,229
  Rautaruukki Oyj   12,755  
520,490
  Reliance Steel & Aluminum Co   28,211  
131,416
*
  Renovo Group plc   351  
4,300
e
  Rockwool International AS (B Shares)   1,002  
20,000
  Sagami Railway Co Ltd   70  
319,353
  Schneider Electric S.A.   43,273  
83,693
*
  Securitas Direct AB (B Shares)   335  
76,747
  Securitas Systems AB (B Shares)   273  
3,300
  Shinko Shoji Co Ltd   37  
4,000
  Shinsho Corp   13  
3,883
  SIG Plc   58  
1,700,228
*
  Sime Darby BHD   6,118  
641,681
e
  Sims Group Ltd   15,128  
35,710
*
  SK Networks Co Ltd   857  
204,253
*
  Solera Holdings, Inc   5,061  
710,766
  Steinhoff International Holdings Ltd   2,018  
3,000
  Sumikin Bussan Corp   11  
3,317,256
e
  Sumitomo Corp   47,124  
230,058
*
  Tech Data Corp   8,678  
19,708,799
  Test-Rite International Co   11,697  
46,700
  TMK OAO (GDR)   2,102  
123,803
e*
  TomoTherapy, Inc   2,422  
1,022,000
  TPV Technology Ltd   742  
215,675
e*
  Tyler Technologies, Inc   2,780  
197,500
e
  Ulvac, Inc   8,981  
2,615,400
  UMW Holdings BHD   12,338  
314,695
  W.W. Grainger, Inc   27,542  
223,986
e*
  WESCO International, Inc   8,879  
203,639
*
  Wesfarmers Ltd   7,277  
694,363
  Wesfarmers Ltd   24,692  
87,890
e*
  West Marine, Inc   789  
437,858
  Wolseley plc   6,467  
 
  TOTAL WHOLESALE TRADE-DURABLE GOODS   779,423  
 
WHOLESALE TRADE-NONDURABLE GOODS - 0.84%
     
443,640
  Airgas, Inc   23,118  
260,008
e*
  Akorn, Inc   1,908  
10,281,000
*
  Alliance Global Group, Inc   1,395  
664,404
*
  Alliance One International, Inc   2,704  
295,904
e*
  Allscripts Healthcare Solutions, Inc   5,746  
410,666
e
  Altana AG.   9,997  
87,508
e
  Andersons, Inc   3,920  
1,100
  AOC Holdings, Inc   16  
46,523
  Axfood AB   1,875  
405,843
e*
  Bare Escentuals, Inc   9,842  
874
*
  Baron de Ley   63  
144,228
e*
  Beijing Med-Pharm Corp   1,584  
184,951
  Bidvest Group Ltd   3,261  
279,068
e
  Billabong International Ltd   3,631  

122

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
      VALUE  
SHARES
      (000)  
312,809
  Brown-Forman Corp (Class B)
$
23,182  
282,880
  C&C Group plc   1,696  
1,952,291
  Cardinal Health, Inc   112,745  
88,284
  Casino Guichard Perrachon S.A.   9,602  
82,833
  Celesio AG.   5,147  
185,366
e*
  Central European Distribution Corp   10,766  
1,142,000
  China BlueChemical Ltd   738  
716,000
  China Mengniu Dairy Co Ltd   2,626  
854,000
  China Resources Enterprise   3,669  
339,858
  Controladora Comercial Mexicana S.A. de C.V.   853  
51,083
e*
  Core-Mark Holding Co, Inc   1,467  
664,000
  Dalian Port PDA Co Ltd   507  
7,933
  DC Chemical Co Ltd   2,127  
1,121,951
  Dean Foods Co   29,014  
2,860
  Delek Group Ltd   646  
23,912
  DS Smith plc   100  
337,779
  Empresas COPEC S.A.   6,037  
759,080
*
  Endo Pharmaceuticals Holdings, Inc   20,245  
2,461,275
  Esprit Holdings Ltd   36,616  
2,486,677
  Foster's Group Ltd   14,301  
161,981
e*
  Fresh Del Monte Produce, Inc   5,439  
15,789
  Fyffes plc   22  
131
  Galenica AG.   57  
3,520,698
  Gazprom (ADR)   199,624  
400,000
  GIIR, Inc   4,807  
149,749
*
  Gildan Activewear, Inc   6,212  
92,406
e*
  Green Mountain Coffee Roasters, Inc   3,761  
236,512
e*
  Hain Celestial Group, Inc   7,568  
7,000
  Hanwa Co Ltd   29  
93,023
  Hanwha Corp   7,036  
507,708
*
  Henry Schein, Inc   31,173  
385,031
  Herbalife Ltd   15,509  
703,489
e
  Idearc, Inc   12,353  
13,473,500
  IRPC PCL   2,540  
1,400
  Itochu Enex Co Ltd   9  
6,000
  Iwatani International Corp   17  
208,534
*
  JBS S.A.   703  
3,600
  Kato Sangyo Co Ltd   43  
69,104
e
  Kenneth Cole Productions, Inc (Class A)   1,209  
1,328
  Koninklijke Vopak NV   75  
151,707
e
  K-Swiss, Inc (Class A)   2,746  
123,955
  KT&G Corp   10,554  
16,103
  LG Fashion Corp   518  
2,031,963
  Li & Fung Ltd   8,209  
139,191
*
  LSB Industries, Inc   3,928  
238,000
e
  Macquarie Infrastructure Co LLC   9,646  
4,911,359
  Marubeni Corp   34,863  
181,842
  Massmart Holdings Ltd   1,916  
19,676
e*
  Maui Land & Pineapple Co, Inc   573  
339,457
  Men's Wearhouse, Inc   9,159  
202,996
  Metro, Inc (Class A)   5,420  
211,880
  Myers Industries, Inc   3,066  
85,957
e
  Nash Finch Co   3,033  

123

COLLEGE RETIREMENT EQUITIES FUND - Stock Account      
 
 
     
VALUE
 
SHARES
     
(000)
 
2,162,241
  Nippon Oil Corp
$
17,594  
278,782
  Nu Skin Enterprises, Inc (Class A)   4,580  
82,566
e*
  Nuco2, Inc   2,056  
305,737
  Oriflame Cosmetics S.A.   19,537  
51,200
  Pakistan State Oil Co Ltd   338  
69,613
e*
  Perry Ellis International, Inc   1,071  
68
  Pescanova S.A.   4  
279,300
  Petronas Dagangan BHD   731  
130
  Point, Inc   7  
68,000
  Prime Success International Group Ltd   50  
908,500
  PT Unilever Indonesia Tbk   653  
505,212
  Reliance Industries Ltd   36,950  
11,107
  Samsung Fine Chemicals Co Ltd   522  
201,400
  San Miguel Corp (Class B)   290  
48,900
  San-A Co Ltd   1,479  
134,851
e*
  School Specialty, Inc   4,659  
175,000
  Siam Makro PCL   514  
2,700,000
e
  Sigma Pharmaceuticals Ltd   3,781  
268,987
e*
  Source Interlink Cos, Inc   775  
183,685
  Spar Group Ltd   1,621  
127,707
  Spartan Stores, Inc   2,918  
94,634
  Suzano Papel e Celulose S.A.   1,542  
114,804
  Suzuken Co Ltd   4,100  
5,351
e*
  Synutra International, Inc   162  
3,748,743
  Sysco Corp   116,998  
639,321
e*
  Terra Industries, Inc   30,534  
855,000
  Thai Union Frozen Products PCL   571  
116,415
  Tiger Brands Ltd   2,862  
1,500
  Toho Pharmaceutical Co Ltd   29  
146,274
e*
  Tractor Supply Co   5,257  
258,000
  Tsingtao Brewery Co Ltd   867  
2,269,510
e
  Unilever NV   83,451  
265,000
  Unilever NV   9,662  
2,136,940
  Uni-President Enterprises Corp   2,892  
235,484
e*
  United Natural Foods, Inc   7,470  
28,510
  United Spirits Ltd   1,446  
200,790
e*
  United Stationers, Inc   9,278  
45,998
e
  Valhi, Inc   733  
227
  Vilmorin & Cie   36  
267,210
  Vina Concha Y Toro S.A.   558  
74,824
e*
  Volcom, Inc   1,648  
12,300
e
  Wimm-Bill-Dann Foods OJSC (ADR)   1,612  
144,267
*
  Zep Inc   2,001  
 
  TOTAL WHOLESALE TRADE-NONDURABLE GOODS   1,126,800  
 
 
  TOTAL COMMON STOCKS   133,952,251  
 
  (Cost $117,604,998)      
WARRANTS - 0.00%**
     
COMMUNICATIONS - 0.00%**      
74,159
v*
  Lucent Technologies, Inc (Expires 1/16/08)  
-
^
 
  TOTAL COMMUNICATIONS  
-
^
 
       

124

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
 
 
           
MATURITY
    
VALUE
 
SHARES
       
RATE
 
DATE
   
(000)
 
DEPOSITORY INSTITUTIONS - 0.00%**
         
4,675,358
*
  Bank of Ayudhya Pcl (Expires 9/3/08)            
$
1,943  
 
  TOTAL DEPOSITORY INSTITUTIONS               1,943  
 
GENERAL BUILDING CONTRACTORS - 0.00%**                  
206,958
*
  China Overseas Land & Investment Ltd (Expires 8/27/08)               113  
 
  TOTAL GENERAL BUILDING CONTRACTORS               113  
 
HOTELS AND OTHER LODGING PLACES - 0.00%**                  
1,397,640
*
  Minor International plc (Expires 3/29/08)               494  
 
  TOTAL HOTELS AND OTHER LODGING PLACES               494  
 
LUMBER AND WOOD PRODUCTS - 0.00%**                  
180,753
*
  Goodpack Ltd (Expires 7/16/09)               63  
 
  TOTAL LUMBER AND WOOD PRODUCTS               63  
 
NONDEPOSITORY INSTITUTIONS - 0.00%**                  
27,401
m,v*
  Imperial Credit Industries (Expires 1/31/08)              
-
^
 
  TOTAL NONDEPOSITORY INSTITUTIONS              
-
^
 
REAL ESTATE - 0.00%**                  
196,459
*
  Cheuk Nang Holdings Ltd (Expires 4/30/08)               40  
 
  TOTAL REAL ESTATE               40  
 
 
  TOTAL WARRANTS               2,653  
 
  (Cost $845)                  
 
PRINCIPAL
                     
SHORT-TERM INVESTMENTS - 0.29%                  
 
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.12%                  
$      133,900,000     Federal Home Loan Bank (FHLB)        0.000%   01/02/08     133,900  
33,300,000     (FHLB)     0.000   01/09/08     33,275  
 
      TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES               167,175  
 
VARIABLE NOTES - 0.17%                  
50,000,000 g,i   Beta Finance, Inc     4.325   07/16/08     49,649  
50,000,000 g,i   Harrier Finance Funding US LLC     4.932   02/21/08     49,938  
25,000,000 g,i   Links Finance LLC     5.213   01/11/08     24,993  
50,000,000 g,i   Sedna Finance, Inc     4.323   01/11/08     49,985  
50,000,000 g,i   Sigma Finance, Inc     4.333   07/15/08     49,446  
      TOTAL VARIABLE NOTES               224,011  
 
      TOTAL SHORT-TERM INVESTMENTS               391,186  
      (Cost $392,152)                  
 
INVESTMENT OF COLLATERAL FOR SECURITIES LOANED - 4.44%                  
 
CERTIFICATE OF DEPOSITS - 1.23%                  
      ABN Amro Bank NV Chicago               115,193  
      ABN Amro Bank NV Chicago               119,885  

125

COLLEGE RETIREMENT EQUITIES FUND - Stock Account                
                         
 
                 
VALUE
 
SHARES
                 
(000)
 
      Allied Irish Banks plc            
$
140,092  
      Barclays Bank plc               84,986  
      Calyon New York               169,867  
      Citibank               140,866  
      Citibank               99,917  
      HBOS plc               100,177  
      Landesbank Baden               127,083  
      Royal Bank of Scotland plc               85,043  
      Royal Bank of Scotland plc               49,959  
      Svenska Handelsbanken               119,892  
      UBS AG.               100,167  
      UBS AG.               150,017  
      Westpac Banking Corp               49,947  
      TOTAL CERTIFICATE OF DEPOSITS               1,653,091  
 
COMMERCIAL PAPER - 0.53%                  
      Alliance & Leicester plc               167,897  
      Alliance & Leicester plc               88,861  
      Bank of America Corp               99,019  
      Bank of America Corp               84,431  
      Banco Santander Central Hispano S.A.               174,936  
      Societe Generale North America, Inc               99,109  
      TOTAL COMMERCIAL PAPER               714,253  
 
REPURCHASE AGREEMENTS - 0.67%                  
      Deutsche Bank               108,279  
      Deutsche Bank               235,000  
      Deutsche Bank               41,733  
      Lehman Brothers               332,000  
      Merrill Lynch & Co, Inc               183,000  
      TOTAL REPURCHASE AGREEMENTS               900,012  
VARIABLE NOTES - 2.01%                  
  g,i   ARG Funding Corp               20,657  
  i   American Express Credit Account Master Trust               24,861  
  g,i   American Express Credit Account Master Trust               81,356  
  i   American Express Credit Account Master Trust               57,858  
  i   Bank of Americal Credit Card Trust               84,353  
  i   Bank of Americal Credit Card Trust               63,460  
  i   Bank One Issuance Trust               24,835  
  i   Brunel Residential Mortgage Securistisation plc               50,627  
  i   Capital One Multi-Asset Execution Trust               12,975  
  i   Capital One Multi-Asset Execution Trust               13,972  
  i   Capital One Multi-Asset Execution Trust               43,239  
  i   Capital One Multi-Asset Execution Trust               168,839  
  i   Chase Issuance Trust               31,728  
  i   Chase Issuance Trust               16,857  
  i   Chase Issuance Trust               50,365  
  i   Chase Issuance Trust               101,954  
  i   Citibank Credit Card Issuance Trust               110,011  
  i   Discover Card Master Trust               15,964  
  i   Discover Card Master Trust               67,755  
  i   Discover Card Master Trust               84,398  
  i   Discover Card Master Trust               16,880  

126

COLLEGE RETIREMENT EQUITIES FUND - Stock Account                  
                         
 
           
   
VALUE
 
SHARES
       
 
   
(000)
 
  i   Discover Card Master Trust            
$
15,898  
  i   Discover Card Master Trust               7,947  
  i   GE Dealer Floorplan Master Note Trust               39,709  
  i   GE Equipment Midticket LLC               39,000  
  i   General Electric Capital Corp               20,897  
  i   General Electric Capital Corp               20,452  
  i   General Electric Capital Corp               110,289  
  i   General Electric Capital Corp               49,986  
  i   General Electric Capital Corp               16,954  
  i   Granite Master Issuer plc               42,117  
  i   Granite Master Issuer plc               33,707  
  i   JP Morgan Chase & Co               127,584  
  i   JP Morgan Chase & Co               99,602  
  i   Medallion Trust               18,787  
  i   Nelnet Student Loan Trust               72,941  
  g,i   Nelnet Student Loan Trust               52,281  
  g,i   Nelnet Student Loan Trust               44,648  
  i   Permanent Master Issuer plc               130,113  
  i   Permanent Financing plc               92,126  
  i   Permanent Financing plc               24,765  
  g,i   Puma Finance Limited               49,850  
  i   SLM Student Loan Trust               52,835  
  i   SLM Student Loan Trust               164,932  
  i   Wachovia Student Loan Trust               68,928  
  i   Wachovia Corp               54,463  
  i   Wells Fargo & Co               41,903  
  i   Wells Fargo & Co               67,602  
      TOTAL VARIABLE NOTES               2,703,260  
 
      TOTAL INVESTMENT OF COLLATERAL FOR SECURITIES LOANED             5,970,616  
      (Cost $5,970,616)                  
 
      TOTAL PORTFOLIO - 104.40%               140,478,743  
      (Cost $124,145,360)                  
      OTHER ASSETS & LIABILITIES, NET - (4.40 %)               (5,918,873)  
      NET ASSETS - 100.00%             $ 134,559,870  
 
     
 
                  

 
      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                  
 

127

COLLEGE RETIREMENT EQUITIES FUND - Stock Account  
   
   
     
 
  

 
  *   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 December 31, 2007, the value of these securities amounted to $541,845,804 or 0.40% of net assets.
  i   Floating rate or variable rate securities reflects the rate in effect as of December 31, 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.  

128

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account      
 
COLLEGE RETIREMENT EQUITIES FUND
GLOBAL EQUITIES ACCOUNT
STATEMENT OF INVESTMENTS (unaudited)
December 31, 2007
 
 
      VALUE  
SHARES
      (000)  
 
PREFERRED STOCKS - 0.00%**      
 
ELECTRIC, GAS, AND SANITARY SERVICES - 0.00%**      
158,300
  BBI EPS Ltd
$
 118  
 
  TOTAL ELECTRIC, GAS, AND SANITARY SERVICES   118  
 
INSTRUMENTS AND RELATED PRODUCTS - 0.00%**      
1,100
  Fresenius SE   91  
 
  TOTAL INSTRUMENTS AND RELATED PRODUCTS   91  
 
REAL ESTATE - 0.00%**      
10,195,901
m,v*
  Ayala Land, Inc   25  
 
  TOTAL REAL ESTATE   25  
 
 
  TOTAL PREFERRED STOCKS   234  
 
  (Cost $ 376)      
 
COMMON STOCKS - 99.02%      
 
AGRICULTURAL SERVICES - 0.01%      
52,941
  Yara International ASA   2,452  
 
  TOTAL AGRICULTURAL SERVICES   2,452  
 
AMUSEMENT AND RECREATION SERVICES - 0.92%      
183,551
*
  Activision, Inc   5,451  
326,389
e
  Aristocrat Leisure Ltd   3,224  
5,235
*
  bwin Interactive Entertainment   204  
6,128,000
  Dore Holdings Ltd   1,415  
49,083
  Harrah's Entertainment, Inc   4,356  
163,489
  Ladbrokes plc   1,052  
8,339,000
  Leisure & Resorts World Corp   449  
17,653
e
  Lottomatica S.p.A.   646  
795,459
*
  Melco PBL Entertainment Macau Ltd (ADR)   9,195  
8,862,000
  NagaCorp Ltd   2,898  
153,168
  Nintendo Co Ltd   91,724  
58,207
  OPAP S.A.   2,333  
11,801
e
  Oriental Land Co Ltd   712  
11,765
  Paddy Power plc   387  
240,985
  PartyGaming plc   139  
598,348
e
  Publishing & Broadcasting Ltd   2,207  
93,988
  Rank Group plc   171  
2,352,300
  Resorts World BHD   2,760  
2,700,000
*
  Rexcapital Financial Holdings Ltd   516  
77
  Round One Corp   154  
46,844
  Sega Sammy Holdings, Inc   584  
101,231
  Sky City Entertainment Group Ltd   358  
124,038
e
  TABCORP Holdings Ltd   1,610  

129

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account      
 
 
      VALUE  
SHARES
      (000)  
242,560
e
  Tattersall's Ltd
$
850  
803,904
  Walt Disney Co   25,950  
91,853
  William Hill plc   959  
 
  TOTAL AMUSEMENT AND RECREATION SERVICES   160,304  
 
APPAREL AND ACCESSORY STORES - 0.40%      
31,972
  Abercrombie & Fitch Co (Class A)   2,557  
92,400
*
  Aeropostale, Inc   2,448  
51,980
  American Eagle Outfitters, Inc   1,080  
12,828
  Aoyama Trading Co Ltd   334  
415,000
  Belle International Holdings Ltd   627  
114,346
  Burberry Group plc   1,296  
10,812
*
  Chico's FAS, Inc   98  
12,594
  Fast Retailing Co Ltd   899  
9,765
  Foot Locker, Inc   133  
996,896
  Gap, Inc   21,214  
302,061
  Giordano International Ltd   145  
26,086
*
  Hanesbrands, Inc   709  
289,889
  Hennes & Mauritz AB (B Shares)   17,649  
57,016
  Inditex S.A.   3,503  
532,856
  Just Group Ltd   2,176  
176,042
*
  Kohl's Corp   8,063  
93,316
  Limited Brands, Inc   1,766  
40,300
  Nordstrom, Inc   1,480  
761,000
  Ports Design Ltd   2,655  
36,605
  Ross Stores, Inc   936  
 
  TOTAL APPAREL AND ACCESSORY STORES   69,768  
 
APPAREL AND OTHER TEXTILE PRODUCTS - 0.09%      
386,200
  Asics Corp   5,566  
758
  Benetton Group S.p.A.   13  
28,000
  C C Land Holdings Ltd   41  
40,737
  Gunze Ltd   180  
6,856
e
  Jones Apparel Group, Inc   110  
26,182
e
  Liz Claiborne, Inc   533  
128,495
  Mitsubishi Rayon Co Ltd   624  
270,636
  Nisshinbo Industries, Inc   3,312  
30,152
  Onward Kashiyama Co Ltd   309  
38,638
  Polo Ralph Lauren Corp   2,387  
5,026
  Shimamura Co Ltd   429  
24,920
  Toyobo Co Ltd   51  
32,278
  VF Corp   2,216  
22,627
e
  Wacoal Holdings Corp   296  
 
  TOTAL APPAREL AND OTHER TEXTILE PRODUCTS   16,067  
 
AUTO REPAIR, SERVICES AND PARKING - 0.06%      
100,342
  Aisin Seiki Co Ltd   4,186  
31,700
*
  Hertz Global Holdings, Inc   504  
25,351
  NOK Corp   539  
3,618
e
  Park24 Co Ltd   28  
118,050
  Standard Chartered plc   4,390  
38,602
  Sumitomo Rubber Industries, Inc   345  
 
  TOTAL AUTO REPAIR, SERVICES AND PARKING   9,992  

130

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account      
 
 
      VALUE  
SHARES
      (000)  
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.12%      
27,760
  Advance Auto Parts
$
1,055  
39,972
*
  Autonation, Inc   626  
26,653
*
  Autozone, Inc   3,196  
35,623
  Canadian Tire Corp (Class A)   2,678  
55,824
e*
  Carmax, Inc   1,102  
8,000
  Fuji Heavy Industries Ltd   37  
114,901
  Inchcape plc   866  
395,896
  Suzuki Motor Corp   11,943  
 
  TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS   21,503  
 
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.20%      
33,953
e
  Fastenal Co   1,372  
14,048
  Grafton Group plc   111  
686,732
  Home Depot, Inc   18,501  
608,901
  Kingfisher plc   1,765  
486,696
  Lowe's Cos, Inc   11,009  
52,441
*
  RONA, Inc   906  
30,170
  Travis Perkins plc   723  
 
  TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES   34,387  
 
BUSINESS SERVICES - 4.42%      
399,512
  Accenture Ltd (Class A)   14,394  
47
e*
  Access Co Ltd   215  
7,184
e
  Acciona S.A.   2,278  
19,969
  Acxiom Corp   234  
34,429
  Adecco S.A.   1,863  
759,625
*
  Adobe Systems, Inc   32,459  
51,909
  Aegis Group plc   121  
202,616
*
  Affiliated Computer Services, Inc (Class A)   9,138  
41,063
  Aggreko plc   436  
54,332
*
  Akamai Technologies, Inc   1,880  
15,300
e*
  Alliance Data Systems Corp   1,147  
7,086
e
  Asatsu-DK, Inc   199  
17,873
*
  Atos Origin S.A.   924  
96,942
*
  Autodesk, Inc   4,824  
305,095
  Automatic Data Processing, Inc   13,586  
73,909
  Autostrade S.p.A.   2,802  
6,696
*
  Avis Budget Group, Inc   87  
242,098
*
  BEA Systems, Inc   3,820  
184,741
*
  BMC Software, Inc   6,584  
25,088
*
  Business Objects S.A.   1,533  
152,773
  CA, Inc   3,812  
72,376
*
  Cadence Design Systems, Inc   1,231  
165,100
e
  Capcom Co Ltd   4,219  
281,838
*
  CGI Group, Inc (Class A)   3,310  
28,816
*
  ChoicePoint, Inc   1,050  
62,200
e
  Cintra Concesiones de Infraestructuras de Transporte S.A.   939  
46,846
*
  Citrix Systems, Inc   1,781  
75,994
*
  Cognizant Technology Solutions Corp (Class A)   2,579  
40,353
*
  Cognos, Inc   2,335  
304,725
*
  Computer Sciences Corp   15,075  

131

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account      
 
 
      VALUE  
SHARES
      (000)  
698,489
  Computershare Ltd
$
6,059  
338,553
*
  Compuware Corp   3,006  
3,600
*
  Convergys Corp   59  
14,794
  CSK Holdings Corp   479  
127,278
  Ctrip.com International Ltd (ADR)   7,315  
14,931
  Dassault Systemes S.A.   884  
48,000
  Deluxe Corp   1,579  
361
  Dena Co Ltd   1,745  
461
  Dentsu, Inc   1,221  
26,808
e*
  DST Systems, Inc   2,213  
138,000
e*
  DynCorp International, Inc (Class A)   3,709  
280
  eAccess Ltd   174  
397,255
*
  eBay, Inc   13,185  
82,321
*
  Electronic Arts, Inc   4,808  
254,828
  Electronic Data Systems Corp   5,283  
22,908
e*
  Elpida Memory, Inc   796  
52,641
  Equifax, Inc   1,914  
166,540
*
  Expedia, Inc   5,266  
279,452
  Experian Group Ltd   2,208  
50,840
  Fidelity National Information Services, Inc   2,114  
43,140
*
  Fiserv, Inc   2,394  
143,703
e*
  Focus Media Holding Ltd (ADR)   8,164  
6,387
e
  FUJI SOFT, Inc   101  
448,406
  Fujitsu Ltd   3,022  
3,106
*
  Getty Images, Inc   90  
268
e
  Goodwill Group, Inc   35  
113,752
*
  Google, Inc (Class A)   78,657  
299,294
  Group 4 Securicor plc   1,458  
2,059
  Gruppo Editoriale L'Espresso S.p.A.   9  
5,655
  Hakuhodo DY Holdings, Inc   314  
377,264
  Hays plc   867  
5,170
  IFIL - Investments S.p.A.   49  
51,697
  IMS Health, Inc   1,191  
36,483
  Indra Sistemas S.A.   991  
485
e
  Internet Initiative Japan, Inc   1,941  
122,366
*
  Interpublic Group of Cos, Inc   992  
117,457
*
  Intuit, Inc   3,713  
48,457
e*
  Iron Mountain, Inc   1,794  
1,891
  JC Decaux S.A.   74  
146,259
  JSR Corp   3,777  
130,284
*
  Juniper Networks, Inc   4,325  
50,000
*
  Kinetic Concepts, Inc   2,678  
216
e*
  KK DaVinci Advisors   191  
22,088
e
  Konami Corp   724  
20,914
e
  Lamar Advertising Co (Class A)   1,005  
396,484
  LogicaCMG plc   929  
82,133
e*
  Longtop Financial Technologies Ltd (ADR)   1,945  
30,044
  Manpower, Inc   1,710  
22,500
e
  Mastercard, Inc (Class A)   4,842  
107,800
*
  McAfee, Inc   4,043  
7,502
  Meitec Corp   226  
20,482
  Michael Page International plc   117  
4,446,516
  Microsoft Corp   158,296  

132

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account      
 
 
      VALUE  
SHARES
      (000)  
118,094
  Misys plc
$
434  
9,410
  Mitsubishi UFJ Lease & Finance Co Ltd   313  
30,787
*
  Monster Worldwide, Inc   998  
25,987
*
  NAVTEQ Corp   1,965  
488,328
  NEC Corp   2,251  
170,710
  Nomura Research Institute Ltd   5,623  
262,000
*
  Novell, Inc   1,800  
1,623
e
  NTT Data Corp   7,220  
1,567
  Obic Co Ltd   290  
120,258
  Omnicom Group, Inc   5,716  
17,234
*
  Open Text Corp   548  
2,607,159
*
  Oracle Corp   58,870  
8,903
e
  Oracle Corp Japan   393  
3,400
  Otsuka Corp   292  
13,036
e
  Promotora de Informaciones S.A.   245  
27,417
  Public Power Corp   1,443  
957,692
  Publicis Groupe S.A.   37,497  
26,419
  Rakuten, Inc   13,007  
14,787
e
  Randstad Holdings NV   584  
13,400
  Ritchie Bros Auctioneers, Inc   1,119  
41,519
  Robert Half International, Inc   1,123  
338,262
  Sage Group plc   1,549  
18,100
*
  Salesforce.com, Inc   1,135  
414,015
  SAP AG.   21,507  
50,713
  Secom Co Ltd   2,774  
87,489
  Securitas AB (B Shares)   1,218  
1,213
  SGS S.A.   1,445  
319,087
  Singapore Post Ltd   248  
5,559
e
  Societe Des Autoroutes Paris-Rhin-Rhone   545  
178,210
e
  Softbank Corp   3,685  
47,673,611
e
  Solomon Systech International Ltd   4,035  
649
  So-net Entertainment Corp   1,871  
120,400
  Square Enix Co Ltd   3,686  
453,578
*
  Sun Microsystems Inc   8,223  
176,100
*
  Symantec Corp   2,842  
92,591
*
  Synopsys, Inc   2,401  
206,400
  Tencent Holdings Ltd   1,563  
18,015
e
  Tietoenator Oyj   405  
7,726
  TIS, Inc   134  
24,351
  Trend Micro, Inc   872  
20,589
*
  Unisys Corp   97  
5,532
  USS Co Ltd   344  
87,023
*
  VeriSign, Inc   3,273  
21,734
e*
  VMware, Inc (Class A)   1,847  
422,746
  Waste Management, Inc   13,811  
3,771,385
  WPP Group plc   48,572  
3,567
  Yahoo! Japan Corp   1,596  
439,057
*
  Yahoo!, Inc   10,213  
 
  TOTAL BUSINESS SERVICES   771,158  
 
CHEMICALS AND ALLIED PRODUCTS - 8.84%
     
989,198
  Abbott Laboratories   55,543  
18,742
*
  Actelion Ltd   862  

133

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account      
 
 
      VALUE  
SHARES
      (000)  
61,539
*
  Agrium, Inc
$
4,469  
259,520
  Air Liquide   38,622  
163,757
  Air Products & Chemicals, Inc   16,151  
302,000
  Air Water, Inc   3,055  
889,363
  Akzo Nobel NV   71,243  
6,583
  Alfresa Holdings Corp   397  
469,733
*
  Amgen, Inc   21,814  
287,093
  Asahi Kasei Corp   1,912  
117,583
  Astellas Pharma, Inc   5,126  
245,044
  AstraZeneca plc   10,556  
146,000
  AstraZeneca plc (ADR)   6,252  
25,493
  Avery Dennison Corp   1,355  
115,576
  Avon Products, Inc   4,569  
19,800
*
  Barr Pharmaceuticals, Inc   1,051  
160,051
  BASF AG.   23,730  
22,813
  Beiersdorf AG.   1,768  
210,232
*
  Biogen Idec, Inc   11,966  
67,281
e*
  Biovail Corp International   911  
824,679
  Bristol-Myers Squibb Co   21,870  
109,800
  Celanese Corp (Series A)   4,647  
17,145
*
  Cephalon, Inc   1,230  
47,500
  CF Industries Holdings, Inc   5,228  
17,228
*
  Charles River Laboratories International, Inc   1,134  
5,326
  Christian Dior S.A.   700  
66,464
  Chugai Pharmaceutical Co Ltd   952  
18,466
  Ciba Specialty Chemicals AG.   856  
14,149
  Clariant AG.   132  
54,758
  Clorox Co   3,569  
361,234
  Colgate-Palmolive Co   28,162  
453,259
  CSL Ltd   14,471  
205,000
  Cytec Industries, Inc   12,624  
60,630
  Daicel Chemical Industries Ltd   364  
168,379
  Daiichi Sankyo Co Ltd   5,185  
148,010
  Dainippon Ink and Chemicals, Inc   742  
2,000
  Dainippon Sumitomo Pharma Co Ltd   15  
344,776
  Dow Chemical Co   13,591  
295,376
e
  DSM NV   13,962  
479,421
  Du Pont (E.I.) de Nemours & Co   21,138  
24,400
  Eastman Chemical Co   1,491  
49,042
  Ecolab, Inc   2,511  
60,770
  Eisai Co Ltd   2,393  
98,715
*
  Elan Corp plc   2,135  
22,700
*
  Elan Corp plc (ADR)   499  
270,339
  Eli Lilly & Co   14,433  
30,420
  Estee Lauder Cos (Class A)   1,327  
64,200
  FMC Corp   3,502  
44,100
*
  Forest Laboratories, Inc   1,607  
600,000
  Formosa Plastics Corp   1,685  
576,548
*
  Genentech, Inc   38,669  
95,262
*
  Genzyme Corp   7,091  
549,254
*
  Gilead Sciences, Inc   25,271  
1,801,610
  GlaxoSmithKline plc   45,869  
12,335
  H Lundbeck AS   334  

134

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account      
 
 
      VALUE  
SHARES
      (000)  
110,000
  Hanwha Chemical Corp
$
2,174  
17,304
  Haw Par Corp Ltd   85  
46,453
  Henkel KGaA   2,610  
55,502
*
  Hospira, Inc   2,367  
30,200
  Huntsman Corp   776  
315,389
v
  Imperial Chemical Industries plc   4,188  
66,409
  Incitec Pivot Ltd   6,828  
20,874
  International Flavors & Fragrances, Inc   1,005  
81,117
e*
  Inverness Medical Innovations, Inc   4,557  
70,373
*
  Invitrogen Corp   6,574  
7,255
  K+S AG.   1,726  
49,480
  Kansai Paint Co Ltd   358  
125,757
  Kao Corp   3,782  
701,500
e*
  Keryx Biopharmaceuticals, Inc   5,893  
636,807
  Kingboard Chemical Holdings Ltd   3,789  
7,083
e
  Kose Corp   189  
86,087
  Kuraray Co Ltd   1,047  
187,736
  Kyowa Hakko Kogyo Co Ltd   2,006  
24,025
  LG Chem Ltd   2,300  
31,535
  Linde AG.   4,170  
11,650
  Lonza Group AG.   1,414  
94,309
  L'Oreal S.A.   13,510  
33,200
  Lubrizol Corp   1,798  
33,912
  Mediceo Paltac Holdings Co Ltd   502  
1,919,801
  Merck & Co, Inc   111,560  
16,874
  Merck KGaA   2,178  
46,706
  Methanex Corp   1,304  
84,631
*
  Millennium Pharmaceuticals, Inc   1,268  
278,494
  Mitsubishi Chemical Holdings Corp   2,139  
91,445
  Mitsubishi Gas Chemical Co, Inc   900  
1,002,709
  Mitsui & Co Ltd   21,227  
179,478
  Monsanto Co   20,046  
32,600
*
  Mosaic Co   3,075  
845,001
e*
  Mylan Laboratories, Inc   11,881  
800,000
  Nan Ya Plastics Corp   2,121  
33,792
  Nippon Kayaku Co Ltd   221  
28,572
  Nippon Shokubai Co Ltd   275  
33,455
  Nissan Chemical Industries Ltd   438  
37,757
  Nova Chemicals Corp   1,235  
1,616,981
  Novartis AG.   88,694  
62,000
  Novartis AG. (ADR)   3,367  
127,484
  Novo Nordisk AS (Class B)   8,374  
12,011
  Novozymes AS (B Shares)   1,371  
176,869
  Nufarm Ltd   2,201  
5,321
  Omega Pharma S.A.   371  
1,300
  Ono Pharmaceutical Co Ltd   61  
21,535
  Orion Oyj (Class B)   505  
28,889
*
  PDL BioPharma, Inc   506  
36,000
  Perrigo Co   1,260  
3,020,915
  Pfizer, Inc   68,665  
2,009
e*
  PharMerica Corp   28  
127,343
  PPG Industries, Inc   8,943  
215,623
  Praxair, Inc   19,128  

135

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account      
 
 
     
VALUE
 
SHARES
     
(000)
 
1,326,067
  Procter & Gamble Co
$
97,360  
260,440
  Ranbaxy Laboratories Ltd   2,812  
695,373
  Reckitt Benckiser Group plc   40,336  
511,096
  Roche Holding AG.   88,301  
113,888
  Rohm & Haas Co   6,044  
267,343
  Sanofi-Aventis   24,617  
17,465
  Santen Pharmaceutical Co Ltd   432  
531,100
  Schering-Plough Corp   14,148  
80,798
  Sherwin-Williams Co   4,690  
293,247
  Shin-Etsu Chemical Co Ltd   18,427  
70,073
  Shionogi & Co Ltd   1,239  
54,489
  Shire plc   1,246  
81,148
  Shiseido Co Ltd   1,921  
260,826
  Showa Denko KK   934  
102,874
  Sigma-Aldrich Corp   5,617  
4,281,585
e
  Sinochem Hong Kong Holding Ltd   3,997  
16,581
  Solvay S.A.   2,320  
745,326
  SSL International plc   7,938  
877,982
  Sumitomo Chemical Co Ltd   7,836  
136,236
e
  Symbion Health Ltd   476  
27,529
  Syngenta AG.   7,015  
34,154
  Taisho Pharmaceutical Co Ltd   657  
66,897
  Taiyo Nippon Sanso Corp   628  
204,097
  Takeda Pharmaceutical Co Ltd   12,003  
49,895
  Tanabe Seiyaku Co Ltd   473  
211,807
  Teijin Ltd   908  
1,273,550
  Teva Pharmaceutical Industries Ltd (ADR)   59,195  
324,000
e*
  Theravance, Inc   6,318  
533,500
  Tokai Carbon Co Ltd   4,799  
49,693
e
  Tokuyama Corp   500  
315,521
  Toray Industries, Inc   2,471  
113,647
  Tosoh Corp   489  
226,260
  UBE Industries Ltd   772  
29,124
  UCB S.A.   1,321  
584,326
*
  Uralkali (GDR)   21,766  
610,800
g,v*
  Uralkali (GDR)   22,752  
145,957
*
  Vertex Pharmaceuticals, Inc   3,391  
223
  Wacker Chemie AG.   64  
658,314
  Wyeth   29,091  
30,535
e
  Zeltia S.A.   273  
37,798
  Zeon Corp   228  
 
  TOTAL CHEMICALS AND ALLIED PRODUCTS   1,543,536  
 
COAL MINING - 0.30%
     
36,724
e
  Arch Coal, Inc   1,650  
2,702,000
  China Coal Energy Co   8,490  
47,620
  Consol Energy, Inc   3,406  
65,579
  Fording Canadian Coal Trust   2,550  
516,741
  Gloucester Coal Ltd   2,994  
13,136
e
  Massey Energy Co   470  
523,810
  Peabody Energy Corp   32,288  
 
  TOTAL COAL MINING   51,848  

136

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account      
 
 
      VALUE  
SHARES
      (000)  
COMMUNICATIONS - 4.66%      
2,653,089
  Advanced Info Service PCL
$
7,640  
147,782
*
  American Tower Corp (Class A)   6,296  
20,527
e
  Antena 3 de Television S.A.   315  
2,764,081
  AT&T, Inc   114,875  
249,774
e
  BCE, Inc   10,035  
2,299,800
  BEC World PCL   1,963  
100,371
  Belgacom S.A.   4,951  
37,600
  Brasil Telecom Participacoes S.A. (ADR)   2,804  
300,794
  British Sky Broadcasting plc   3,706  
2,525,238
  BT Group plc   13,710  
601,262
  Cable & Wireless plc   2,226  
80,422
  Cablevision Systems Corp (Class A)   1,970  
101,451
  Carphone Warehouse Group plc   696  
51,500
  CenturyTel, Inc   2,135  
264,500
  China Mobile Hong Kong Ltd   4,678  
9,472
e
  Citadel Broadcasting Corp   20  
141,850
  Clear Channel Communications, Inc   4,897  
700,215
*
  Comcast Corp (Class A)   12,786  
115,607
*
  Comcast Corp (Special Class A)   2,095  
26,759
  Cosmote Mobile Telecommunications S.A.   1,013  
124,647
*
  Crown Castle International Corp   5,185  
750,060
  Deutsche Telekom AG.   16,471  
375,500
  Digi.Com BHD   2,816  
359,078
*
  DIRECTV Group, Inc   8,302  
205,025
*
  EchoStar Communications Corp (Class A)   7,734  
39,256
  Elisa Oyj   1,205  
54,849
  Embarq Corp   2,717  
98,000
  Empresa Nacional de Telecomunicaciones S.A.   1,531  
857,097
e
  France Telecom S.A.   30,852  
119
  Fuji Television Network, Inc   197  
20,322
  Gestevision Telecinco S.A.   520  
100,130
  Globe Telecom, Inc   3,809  
82,361
  Hellenic Telecommunications Organization S.A.   3,035  
5,268
  Hikari Tsushin, Inc   180  
336,405
  Hutchison Telecommunications International Ltd   506  
73,270
*
  IAC/InterActiveCorp   1,972  
562,723
*
  Idea Cellular Ltd   1,986  
1,353,063
  Informa plc   12,437  
1,011,029
  ITV plc   1,719  
525
*
  Jupiter Telecommunications Co   447  
1,641
  KDDI Corp   12,221  
300,800
e*
  Level 3 Communications, Inc   914  
75,227
*
  Liberty Global, Inc (Class A)   2,948  
20,384
*
  Liberty Global, Inc (Series C)   746  
89,642
*
  Liberty Media Corp - Capital (Series A)   10,442  
167,311
*
  Liberty Media Holding Corp (Interactive A)   3,192  
17,000
  LS Cable Ltd   1,636  
16,047
  M6-Metropole Television   422  
208,000
e
  Manitoba Telecom Services, Inc   9,688  
200,740
  Mediaset S.p.A.   2,027  
4,900
*
  MetroPCS Communications, Inc   95  
34,300
  Mobile TeleSystems (ADR)   3,491  

137

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account      
 
 
      VALUE  
SHARES
      (000)  
7,909
  Mobistar S.A.
$
720  
14,566
  Modern Times Group AB (B Shares)   1,025  
42,178
*
  NII Holdings, Inc   2,038  
1,253
  Nippon Telegraph & Telephone Corp   6,270  
3,882
  NTT DoCoMo, Inc   6,463  
1,380
  Okinawa Cellular Telephone Co   3,026  
20,191,985
*
  Paxys, Inc   2,886  
97,609
e
  Philippine Long Distance Telephone Co (ADR)   7,391  
206,023
  Portugal Telecom SGPS S.A.   2,690  
21,112
  ProSiebenSat.1 Media AG.   506  
60,556
e
  PT Multimedia Servicos de Telecomunicacoes e Multimedia SGPS S.A.   846  
569,135
e
  Qwest Communications International, Inc   3,990  
228,460
  Rogers Communications, Inc (Class B)   10,414  
3,645,687
  Royal KPN NV   66,308  
1,068,646
  Seat Pagine Gialle S.p.A.   423  
29,534
  SES Global S.A.   777  
162,111
  Shaw Communications, Inc (Class B)   3,883  
4,652,162
  Singapore Telecommunications Ltd   12,928  
41,004
  Sky Network Television Ltd   189  
30,636
  Societe Television Francaise 1   820  
7,042
*
  Sogecable S.A.   282  
1,420,171
  Sprint Nextel Corp   18,647  
5,840
  Swisscom AG.   2,280  
4,884,000
  Taiwan Mobile Co Ltd   6,550  
116,000
e
  Tele Norte Leste Participacoes S.A.(ADR)   2,236  
91,286
  Tele2 AB (B Shares)   1,829  
87,300
*
  Telecom Argentina S.A. (ADR)   1,942  
357,219
e
  Telecom Corp of New Zealand Ltd   1,196  
2,835,277
  Telecom Italia S.p.A.   8,809  
1,602,019
  Telecom Italia S.p.A.   3,809  
1,213,376
  Telefonica S.A.   39,419  
670,918
  Telekom Austria AG.   18,667  
1,067,100
  Telekom Malaysia BHD   3,614  
220,213
  Telenor ASA   5,262  
7,036
  Telephone & Data Systems, Inc   405  
48,256
  Telephone & Data Systems, Inc   3,021  
61,343
  Television Broadcasts Ltd   369  
518,376
  TeliaSonera AB   4,852  
849,368
  Telstra Corp Ltd   3,498  
105,132
e
  Telstra Corp Ltd   293  
26,991
  TELUS Corp   1,352  
72,721
  TELUS Corp   3,538  
58,900
*
  Time Warner Cable, Inc (Class A)   1,626  
3,268
*
  Tiscali S.p.A.   10  
8,700
  Tokyo Broadcasting System, Inc   187  
22,500,520
v*
  True Corp PCL   3,874  
96,200
  Turkcell Iletisim Hizmetleri AS (ADR)   2,652  
1,606,142
  Verizon Communications, Inc   70,172  
75,000
  Vimpel-Communications (ADR)   3,120  
306,053
  Vivendi Universal S.A.   14,041  
20,679,922
  Vodafone Group plc   77,309  
623,220
  Vodafone Group plc (ADR)   23,259  
6,700
  Windstream Corp   87  

138

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account      
 
          VALUE  
SHARES         (000)  
70,269 *   XM Satellite Radio Holdings, Inc (Class A)
$
860  
      TOTAL COMMUNICATIONS   812,914  
 
DEPOSITORY INSTITUTIONS - 10.03%
     
81,083     77 Bank Ltd   507  
5,502     Alliance & Leicester plc   71  
232,632     Allied Irish Banks plc   5,330  
172,551     Alpha Bank S.A.   6,282  
9,161,460     AMMB Holdings BHD   10,527  
73,792     Anglo Irish Bank Corp plc   1,180  
10,000     Aozora Bank Ltd   29  
30,631 e   Associated Banc-Corp   830  
444,490     Australia & New Zealand Banking Group Ltd   10,717  
6,909     Banca Carige S.p.A.   35  
2,024,418     Banca Intesa S.p.A.   16,013  
247,252     Banca Intesa S.p.A.   1,807  
287,831 e   Banca Monte dei Paschi di Siena S.p.A.   1,550  
108,391     Banca Popolare di Milano   1,477  
160,746     Banche Popolari Unite Scpa   4,421  
1,773,597     Banco Bilbao Vizcaya Argentaria S.A.   43,460  
30,661 e   Banco Bilbao Vizcaya Argentaria S.A. (ADR)   744  
574,636 e   Banco BPI S.A.   4,503  
120,000 e   Banco Bradesco S.A. (ADR)   3,840  
494,927 e   Banco Comercial Portugues S.A.   2,113  
3,299,993     Banco de Oro Universal Bank   4,837  
95,685 e   Banco de Sabadell S.A.   1,037  
58,006     Banco Espirito Santo S.A.   1,272  
169,616 *   Banco Popolare Scarl   3,759  
224,069 e   Banco Popular Espanol S.A.   3,833  
5,613,691     Banco Santander Central Hispano S.A.   121,389  
2,091,959     Bank of America Corp   86,314  
1,000,939     Bank of East Asia Ltd   6,848  
227,216     Bank of Ireland   3,386  
30,334     Bank of Ireland   451  
67,039 e   Bank of Kyoto Ltd   796  
232,317     Bank of Montreal   13,259  
1,116,049     Bank of New York Mellon Corp   54,419  
454,243     Bank of Nova Scotia   23,141  
145,409     Bank of Okinawa Ltd   5,115  
150,000 e   Bank of the Ryukyus Ltd   1,861  
283,150     Bank of Yokohama Ltd   1,987  
3,951     Bankinter S.A.   72  
7,687,192     Barclays plc   77,123  
142,879     BB&T Corp   4,382  
50,051     Bendigo Bank Ltd   649  
351,314     BNP Paribas   38,122  
888,201     BOC Hong Kong Holdings Ltd   2,489  
1,671,100     Bumiputra-Commerce Holdings BHD   5,559  
156,307     Canadian Imperial Bank of Commerce   11,173  
180,635     Chiba Bank Ltd   1,471  
21,000     CITIC International Financial Holdings Ltd   13  
2,236,756     Citigroup, Inc   65,850  
39,080 e   Colonial Bancgroup, Inc   529  

139

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account      
 
 
      VALUE  
SHARES
      (000)  
41,054
  Comerica, Inc
$
1,787  
47,537
  Commerce Bancorp, Inc   1,813  
207,062
e
  Commerzbank AG.   7,950  
305,142
  Commonwealth Bank of Australia   15,835  
32,000
  Credicorp Ltd   2,442  
174,555
  Credit Agricole S.A.   5,888  
121,165
  Danske Bank AS   4,746  
958,263
  DBS Group Holdings Ltd   13,780  
133,625
  Deutsche Bank AG.   17,466  
144,235
  Dexia   3,633  
293,764
  DNB NOR Holding ASA   4,490  
81,510
  EFG Eurobank Ergasias S.A.   2,870  
1,252
  EFG International   50  
734,100
  EON Capital BHD   1,465  
49,972
  Erste Bank der Oesterreichischen Sparkassen AG.   3,543  
130,258
  Fifth Third Bancorp   3,273  
167,255
e
  First Horizon National Corp   3,036  
542,053
  Fortis   14,273  
50,293
m*
  Fortis   1  
8,207,365
*
  Fuhwa Financial Holdings Co Ltd   5,352  
175,489
  Fukuoka Financial Group, Inc   1,027  
88,160
  Gunma Bank Ltd   582  
93,000
  Hachijuni Bank Ltd   628  
182,799
  Hang Seng Bank Ltd   3,772  
117,000
  Hiroshima Bank Ltd   635  
280,763
  Hokuhoku Financial Group, Inc   817  
5,526,291
  HSBC Holdings plc   92,626  
853,950
  Hudson City Bancorp, Inc   12,826  
83,849
  Huntington Bancshares, Inc   1,238  
23,589
  ICICI Bank Ltd (ADR)   1,451  
489,449
  ING Groep NV   19,142  
101,415
  Investec plc   909  
157,338
  Joyo Bank Ltd   880  
1,849,628
  JPMorgan Chase & Co   80,736  
20,725
  Julius Baer Holding AG.   1,713  
15,448
*
  Jyske Bank   1,218  
686,200
  Kasikornbank PCL   1,772  
1,206,331
  Kasikornbank PCL   3,134  
142,924
  Keycorp   3,352  
20,217
  Kookmin Bank   1,490  
1,494,187
  Lloyds TSB Group plc   14,039  
17,212
  M&T Bank Corp   1,404  
61,406
  Marshall & Ilsley Corp   1,626  
130,336
e
  Mediobanca S.p.A.   2,691  
4,826
*
  Metavante Technologies, Inc   113  
2,398,000
  Metropolitan Bank & Trust   3,166  
2,064,663
  Mitsubishi UFJ Financial Group, Inc   19,350  
172,750
  Mitsui Trust Holdings, Inc   1,325  
4,739
  Mizuho Financial Group. Inc   22,652  
17,000
e
  Mizuho Trust & Banking Co Ltd   32  
384,607
  National Australia Bank Ltd   12,762  
73,980
  National Bank Of Canada   3,920  
210,074
  National Bank of Greece S.A.   14,429  

140

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account      
 
 
     
VALUE
 
SHARES
     
(000)
 
179,723
  National City Corp
$
2,958  
75,794
e
  New York Community Bancorp, Inc   1,332  
160,045
  Nishi-Nippon City Bank Ltd   401  
524,073
  Nordea Bank AB   8,757  
88,012
  Northern Trust Corp   6,740  
23,621
  OKO Bank (Class A)   451  
785,393
  Oversea-Chinese Banking Corp   4,523  
69,800
  People's United Financial, Inc   1,242  
153,956
  Piraeus Bank S.A.   6,010  
119,741
  PNC Financial Services Group, Inc   7,861  
43,463,500
  PT Bank Internasional Indonesia Tbk   1,319  
9,049,000
  PT Bank Mandiri Persero Tbk   3,372  
160,000
  Pusan Bank   2,684  
9,306
  Raiffeisen International Bank Holding AG.   1,410  
189,702
  Regions Financial Corp   4,486  
1,350
e
  Resona Holdings, Inc   2,429  
591,798
  Royal Bank of Canada   30,425  
7,693,852
  Royal Bank of Scotland Group plc   68,000  
34,585
*
  Royal Bank of Scotland Group plc   296  
72
  Sapporo Hokuyo Holdings, Inc   642  
340,320
e
  Shinsei Bank Ltd   1,243  
136,727
e
  Shizuoka Bank Ltd   1,502  
116,822
  Skandinaviska Enskilda Banken AB (Class A)   2,991  
457,667
  Societe Generale   66,197  
98,756
e
  Sovereign Bancorp, Inc   1,126  
52,041
  St George Bank Ltd   1,443  
130,246
  Standard Chartered plc   4,781  
251,521
  State Street Corp   20,423  
2,823
e
  Sumitomo Mitsui Financial Group, Inc   21,151  
297,488
  Sumitomo Trust & Banking Co Ltd   1,992  
320,099
  SunTrust Banks, Inc   20,003  
46,738
  Suruga Bank Ltd   510  
132,591
  Svenska Handelsbanken (A Shares)   4,247  
35,200
  Swedbank AB (A Shares)   997  
15,693
  Sydbank AS   675  
93,215
  Synovus Financial Corp   2,245  
361,958
  TCF Financial Corp   6,490  
141,859
e*
  Toronto-Dominion Bank   9,990  
300,000
  Turkiye Garanti Bankasi A.S.   2,687  
1,026,608
  UBS A.G.   47,515  
13,714,040
  UniCredito Italiano S.p.A   113,888  
90,152
  UnionBanCal Corp   4,409  
292,260
  United Overseas Bank Ltd   4,040  
1,081,968
  US Bancorp   34,342  
767,290
  Wachovia Corp   29,180  
408,678
  Washington Mutual, Inc   5,562  
1,972,227
  Wells Fargo & Co   59,542  
458,465
  Western Union Co   11,132  
444,842
  Westpac Banking Corp   10,905  
42,235
  Wing Hang Bank Ltd   632  
632,654
*
  Yes Bank Ltd   4,002  
38,273
  Zions Bancorporation   1,787  
 
  TOTAL DEPOSITORY INSTITUTIONS   1,750,689  

141

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account      
 
 
      VALUE  
SHARES
      (000)  
EATING AND DRINKING PLACES - 1.14%
     
1,858,000
*
  Ajisen China Holdings Ltd
$
3,307  
25,706
  Autogrill S.p.A.   438  
7,671
  Brinker International, Inc   150  
17,700,146
  Compass Group plc   108,697  
770,709
  Darden Restaurants, Inc   21,356  
143,243
  Enterprise Inns plc   1,389  
653,607
  McDonald's Corp   38,504  
104,935
  Mitchells & Butlers plc   886  
94,186
  Onex Corp   3,339  
68,980
  Punch Taverns plc   1,050  
24,739
  Sodexho Alliance S.A.   1,519  
195,780
*
  Starbucks Corp   4,008  
49,692
e
  Tim Hortons, Inc   1,835  
24,343
  Wendy's International, Inc   629  
51,448
  Whitbread plc   1,434  
1,676
e
  Yoshinoya D&C Co Ltd   2,835  
222,794
  Yum! Brands, Inc   8,526  
 
  TOTAL EATING AND DRINKING PLACES   199,902  
 
EDUCATIONAL SERVICES - 0.04%      
52,644
*
  Apollo Group, Inc (Class A)   3,693  
16,382
  Benesse Corp   700  
115,557
  CAE, Inc   1,558  
15,120
e*
  Career Education Corp   380  
 
  TOTAL EDUCATIONAL SERVICES   6,331  
 
ELECTRIC, GAS, AND SANITARY SERVICES - 4.82%      
12,800
  A2A S.p.A.   59  
240,692
*
  AES Corp   5,148  
102,449
  AGL Energy Ltd   1,198  
70,500
  Allegheny Energy, Inc   4,485  
29,779
  Alliant Energy Corp   1,212  
812,000
*
  Allied Waste Industries, Inc   8,948  
54,765
  Ameren Corp   2,969  
203,156
  American Electric Power Co, Inc   9,459  
34,279
  Aqua America, Inc   727  
85,500
  BKW FMB Energie AG.   10,875  
227,478
  British Energy Group plc   2,486  
179,924
  Caltex Australia Ltd   3,060  
21,195
e
  Canadian Utilities Ltd (Class A)   996  
109,048
  Centerpoint Energy, Inc   1,868  
972,140
  Centrica plc   6,942  
750,000
  China Resources Power Holdings Co   2,592  
160,261
  Chubu Electric Power Co, Inc   4,182  
3,900
  Chugoku Electric Power Co, Inc   76  
313,039
  CLP Holdings Ltd   2,138  
50,000
e
  Companhia de Saneamento Basico do Estado de Sao Paulo (ADR)   2,350  
102,000
  Companhia Energetica de Minas Gerais   1,862  
71,259
  Consolidated Edison, Inc   3,481  
314,222
  Constellation Energy Group, Inc   32,217  
64,115
  Contact Energy Ltd   407  

142

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account      
 
 
      VALUE  
SHARES
      (000)  
213,112
  Dominion Resources, Inc
$
10,112  
46,157
  DTE Energy Co   2,029  
386,874
  Duke Energy Corp   7,803  
113,500
*
  Dynegy, Inc (Class A)   810  
469,288
  E.ON AG.   99,893  
166,273
  Edison International   8,874  
126,000
  EDP - Energias do Brasil S.A.   2,046  
251,008
  El Paso Corp   4,327  
35,839
  Electric Power Development Co   1,338  
19,586
  Electricite de France   2,333  
450,000
  Electricity Generating PCL   1,496  
162,115
*
  Enbridge, Inc   6,572  
1,145,939
  Enel S.p.A.   13,630  
40,000
  Energen Corp   2,569  
528,220
  Energias de Portugal S.A.   3,452  
41,500
  Energy East Corp   1,129  
83,253
  Entergy Corp   9,950  
405,156
  Exelon Corp   33,077  
3,743,102
  First Philippine Holdings Corp   6,575  
279,456
  FirstEnergy Corp   20,216  
68,404
e
  Fortis, Inc   2,009  
1,520,081
  Fortum Oyj   68,473  
328,240
  FPL Group, Inc   22,248  
30,973
  Gas Natural SDG S.A.   1,812  
43,303
  Hokkaido Electric Power Co, Inc   938  
2,500
e
  Hokuriku Electric Power Co   52  
2,358,568
  Hong Kong & China Gas Ltd   7,229  
328,567
  Hong Kong Electric Holdings Ltd   1,890  
2,755,000
*
  Iberdrola Renovables   22,758  
999,502
  Iberdrola S.A.   15,198  
390,722
  International Power plc   3,527  
185,753
  Kansai Electric Power Co, Inc   4,331  
71,732
  Kelda Group plc   1,549  
89,960
  Kyushu Electric Power Co, Inc   2,215  
115,700
*
  Mirant Corp   4,510  
690,490
  National Grid plc   11,463  
70,319
  NiSource, Inc   1,328  
213,600
e*
  NRG Energy, Inc   9,257  
189,358
e*
  Ocean Power Technologies, Inc   3,073  
20,238
  Oest Elektrizitatswirts AG. (Class A)   1,417  
148,480
  Okinawa Electric Power Co, Inc   6,911  
477,125
  Osaka Gas Co Ltd   1,884  
70,036
  Pepco Holdings, Inc   2,054  
127,472
  PG&E Corp   5,493  
26,341
  Pinnacle West Capital Corp   1,117  
214,787
  PPL Corp   11,188  
64,817
  Progress Energy, Inc   3,139  
222,565
  Public Service Enterprise Group, Inc   21,865  
1,501
  Puma AG. Rudolf Dassler Sport   599  
292,392
  Questar Corp   15,818  
21,148
  Red Electrica de Espana   1,337  
108,525
*
  Reliant Energy, Inc   2,848  
182,819
  Republic Services, Inc   5,731  

143

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account      
 
 
     
VALUE
 
SHARES
      (000)  
3,757
  RWE AG.
$
456  
410,571
  RWE AG.   57,627  
28,417
  SCANA Corp   1,198  
228,442
  Scottish & Southern Energy plc   7,449  
229,273
  SembCorp Industries Ltd   924  
123,913
  Sempra Energy   7,668  
60,671
  Severn Trent plc   1,843  
2,600
  Shikoku Electric Power Co, Inc   70  
252,605
  Snam Rete Gas S.p.A.   1,614  
18,286
e
  Sociedad General de Aguas de Barcelona S.A. (Class A)   736  
2,468,964
  Sojitz Holdings Corp   8,951  
198,957
  Southern Co   7,710  
1,045,925
  Suez S.A.   71,215  
101,463
  Tohoku Electric Power Co, Inc   2,289  
290,028
  Tokyo Electric Power Co, Inc   7,503  
541,838
  Tokyo Gas Co Ltd   2,537  
92,848
  TransAlta Corp   3,137  
218,313
  Union Fenosa S.A.   14,743  
232,148
  United Utilities plc   3,494  
55,029
  Vector Ltd   93  
91,250
  Veolia Environnement   8,332  
275,000
  Westar Energy, Inc   7,134  
214,321
  Williams Cos, Inc   7,668  
30,101
  Wisconsin Energy Corp   1,466  
107,870
  Xcel Energy, Inc   2,435  
 
  TOTAL ELECTRIC, GAS, AND SANITARY SERVICES   841,521  
 
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 6.47%      
943,412
  ABB Ltd   27,182  
29,936
*
  ADC Telecommunications, Inc   465  
143,274
e*
  Advanced Micro Devices, Inc   1,075  
167,342
e
  Advantest Corp   4,763  
611,887
  Alcatel S.A.   4,428  
3
  Alcatel S.A. (ADR)  
-
^
288,314
  Alps Electric Co Ltd   3,740  
90,785
  Altera Corp   1,754  
95,032
  Amphenol Corp (Class A)   4,407  
85,541
  Analog Devices, Inc   2,712  
545,325
*
  Apple Computer, Inc   108,018  
348,466
  ARM Holdings plc   860  
1,191,653
  Asustek Computer, Inc   3,578  
81,000
  AU Optronics Corp (ADR)   1,555  
156,627
*
  Avnet, Inc   5,477  
2,522
e
  Bang & Olufsen AS (B Shares)   237  
3,193
  Barco NV   244  
168,344
*
  Broadcom Corp (Class A)   4,401  
69,341
*
  Celestica, Inc   407  
29,920
*
  Chartered Semiconductor Manufacturing Ltd   20  
3,511,192
*
  Cisco Systems, Inc   95,048  
301
*
  Comverse Technology, Inc   5  
170,024
  Cooper Industries Ltd (Class A)   8,991  
211,000
e*
  Cree, Inc   5,796  
30,740
*
  CSR plc   367  

144

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account      
 
 
     
VALUE
 
SHARES
      (000)  
8,588
e
  Dainippon Screen Manufacturing Co Ltd
$
48  
76,335
  Eaton Corp   7,401  
24,664
e*
  Energizer Holdings, Inc   2,766  
4,894,256
  Ericsson (LM) (B Shares)   11,495  
208,000
*
  Fairchild Semiconductor International, Inc   3,001  
3,500,000
  Far EasTone Telecommunications Co Ltd   4,424  
9,300
e*
  First Solar, Inc   2,484  
56,836
e
  Fisher & Paykel Appliances Holdings Ltd   150  
107,779
  Fisher & Paykel Healthcare Corp   289  
228,394
*
  Flextronics International Ltd   2,754  
497,829
*
  Foxconn International Holdings Ltd   1,117  
132,822
  Fuji Electric Holdings Co Ltd   465  
43,708
  Gamesa Corp Tecnologica S.A.   2,044  
2,265
e
  Geo Corp   4,095  
787,500
  Geodesic Information Systems Ltd   4,624  
47,815
e
  GN Store Nord   376  
191,636
  GVK Power & Infrastructure Ltd   3,897  
150,700
  Hamamatsu Photonics KK   4,991  
16,025
  Harman International Industries, Inc   1,181  
40,300
  Harris Corp   2,526  
7,563
  Hirose Electric Co Ltd   875  
246,452
  Hitachi Chemical Co Ltd   5,681  
16,200
  Hitachi High-Technologies Corp   355  
1,163,548
  Hitachi Ltd   8,676  
1,325,720
  Hon Hai Precision Industry Co, Ltd   8,256  
503,478
  Honeywell International, Inc   30,999  
269,031
  Hoya Corp   8,573  
125,008
  Ibiden Co Ltd   8,672  
1,130,041
*
  Infineon Technologies AG.   13,333  
140,000
*
  Infineon Technologies AG. (ADR)   1,630  
1,369,400
  InnoLux Display Corp   4,644  
5,361,397
  Intel Corp   142,935  
35,960
  Intersil Corp (Class A)   880  
61
  Intracom S.A.  
-
^
56,003
e*
  JDS Uniphase Corp   745  
52,147
  Johnson Electric Holdings Ltd   29  
1,239,348
  Koninklijke Philips Electronics NV   53,490  
7,798
  Kudelski S.A.   154  
39,138
  Kyocera Corp   3,472  
139,323
  L-3 Communications Holdings, Inc   14,760  
1,342
  Legrand S.A.   46  
87,000
e
  LG.Philips LCD Co Ltd (ADR)   2,260  
63,067
e
  Linear Technology Corp   2,007  
199,660
*
  LSI Logic Corp   1,060  
6,230
  Mabuchi Motor Co Ltd   376  
573,950
*
  Marvell Technology Group Ltd   8,024  
469,982
  Matsushita Electric Industrial Co Ltd   9,739  
88,956
  Matsushita Electric Works Ltd   985  
647,206
  Maxim Integrated Products, Inc   17,138  
239,700
  MediaTek, Inc   3,111  
122,077
*
  MEMC Electronic Materials, Inc   10,803  
57,680
e
  Microchip Technology, Inc   1,812  
269,254
*
  Micron Technology, Inc   1,952  

145

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account      
 
 
      VALUE  
SHARES
      (000)  
6,375
*
  Millicom International Cellular S.A.
$
738  
765,900
  Minebea Co Ltd   4,916  
712,661
  Mitsubishi Electric Corp   7,451  
17,641
  Mitsumi Electric Co Ltd   600  
982,665
  Motorola, Inc   15,762  
51,156
  Murata Manufacturing Co Ltd   2,967  
231,312
  National Semiconductor Corp   5,237  
8,317
e*
  NEC Electronics Corp   198  
1,878,337
*
  Network Appliance, Inc   46,883  
888
  Neuf Cegetel   45  
39,988
e
  NGK Spark Plug Co Ltd   700  
25,806
  Nidec Corp   1,913  
39,477
  Nitto Denko Corp   2,092  
5,615
  NKT Holding AS   505  
2,066,321
  Nokia Oyj   80,119  
201,562
*
  Nortel Networks Corp   3,059  
93,037
*
  Novellus Systems, Inc   2,565  
285,674
*
  Nvidia Corp   9,719  
50,911
  Omron Corp   1,214  
43,000
  Origin Electric Co Ltd   236  
35,791
e
  Pioneer Corp   324  
19,287
*
  Q-Cells AG.   2,752  
85,071
*
  QLogic Corp   1,208  
1,036,102
  Qualcomm, Inc   40,771  
152,568
e
  RadioShack Corp   2,572  
655,827
e*
  Renewable Energy Corp A.S.   33,336  
263,704
*
  Research In Motion Ltd   30,075  
160,595
  Ricoh Co Ltd   2,968  
7,405
  Rinnai Corp   242  
24,344
  Rohm Co Ltd   2,125  
8,545
  Samsung Electronics Co Ltd   5,076  
23,434
e
  Sanken Electric Co Ltd   126  
126,307
*
  Sanmina-SCI Corp   230  
377,755
*
  Sanyo Electric Co Ltd   521  
12,948
  Schindler Holding AG.   835  
12,500
  SEB S.A.   2,266  
260,407
*
  SGL Carbon AG.   14,095  
239,803
  Sharp Corp   4,315  
15,100
  Shinko Electric Industries   309  
372,880
e*
  Sirius Satellite Radio, Inc   1,130  
101,401
  Smiths Group plc   2,045  
521,388
  Sony Corp   28,936  
35,635
  Stanley Electric Co Ltd   890  
2,000
*
  STATS ChipPAC Ltd   2  
180,113
  STMicroelectronics NV   2,581  
24,276
  Sumco Corp   700  
7,000
e*
  Sunpower Corp (Class A)   913  
425,000
  Taiwan Semiconductor Manufacturing Co Ltd (ADR)   4,233  
21,601
  Taiyo Yuden Co Ltd   349  
18,731
  Tandberg ASA   392  
30,366
  TDK Corp   2,262  
107,000
  Telefonaktiebolaget LM Ericsson (ADR)   2,498  
149,405
*
  Tellabs, Inc   977  

146

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account      
 
 
      VALUE  
SHARES
     
(000)
 
308,639
e
  Terna Rete Elettrica Nazionale S.p.A.
$
1,244  
555,809
  Texas Instruments, Inc   18,564  
62,834
  Thomson   894  
223,268
  Tomkins plc   786  
15,300
  Toyota Boshoku Corp   497  
155,240
  Tyco Electronics Ltd   5,764  
106,384
e
  Ushio, Inc   2,343  
19,349
  Valeo S.A.   798  
54,332
  Venture Corp Ltd   483  
20,205
  Whirlpool Corp   1,649  
85,829
  Xilinx, Inc   1,877  
50,384
  Yaskawa Electric Corp   687  
40,000
  Zumtobel AG.   1,447  
 
  TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT   1,129,136  
 
ENGINEERING AND MANAGEMENT SERVICES - 0.39%      
22,467
  Aeroplan Income Fund   540  
184,717
*
  Amylin Pharmaceuticals, Inc   6,835  
35,779
  Cap Gemini S.A.   2,249  
155,482
  Capita Group plc   2,160  
124,029
*
  Celgene Corp   5,731  
2,280,000
*
  China Railway Group Ltd   3,140  
1,000
  Corporate Executive Board Co   60  
63,974
  Downer EDI Ltd   302  
73,869
  Fluor Corp   10,764  
16,636
  Fugro NV   1,284  
43,534
*
  Jacobs Engineering Group, Inc   4,162  
340,042
  JGC Corp   5,872  
33,038
*
  KBR, Inc   1,282  
46,900
*
  McDermott International, Inc   2,769  
84,777
e
  Moody's Corp   3,027  
90,949
  Paychex, Inc   3,294  
43,201
  Quest Diagnostics, Inc   2,285  
40,337
  SBM Offshore NV   1,274  
124,191
  Serco Group plc   1,143  
69,174
  SNC-Lavalin Group, Inc   3,374  
137,795
  WorleyParsons Ltd   6,292  
 
  TOTAL ENGINEERING AND MANAGEMENT SERVICES   67,839  
 
FABRICATED METAL PRODUCTS - 0.39%
     
212,370
  Amcor Ltd   1,288  
23,505
  Ball Corp   1,058  
57,955
  Bharat Heavy Electricals   3,808  
609,700
*
  Crown Holdings, Inc   15,639  
10,371
  Geberit AG.   1,424  
36,934
  Hitachi Cable Ltd   219  
2,000
  Hitachi Metals Ltd   27  
444,900
  Illinois Tool Works, Inc   23,820  
63,739
  JS Group Corp   1,021  
110,458
  Parker Hannifin Corp   8,319  
24,409
  Pentair, Inc   850  
165,820
  Rexam plc   1,381  
42,612
  Sanwa Shutter Corp   210  

147

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account      
 
 
     
VALUE
 
SHARES
      (000)  
52,000
  Snap-On, Inc
$
2,508  
137,240
  Ssab Svenskt Stal AB (Series A)   3,737  
21,001
e
  Ssab Svenskt Stal AB (Series B)   517  
38,737
  Stanley Works   1,878  
37,967
  Toyo Seikan Kaisha Ltd   674  
 
  TOTAL FABRICATED METAL PRODUCTS   68,378  
 
FISHING, HUNTING, AND TRAPPING - 0.00%**      
4,672
e*
  Lighthouse Caledonia ASA   4  
 
  TOTAL FISHING, HUNTING, AND TRAPPING   4  
 
FOOD AND KINDRED PRODUCTS - 3.80%
     
157,337
  Ajinomoto Co, Inc   1,790  
310,551
  Anheuser-Busch Cos, Inc   16,254  
209,947
  Archer Daniels Midland Co   9,748  
277,997
  Asahi Breweries Ltd   4,708  
5,061
  Associated British Foods plc   91  
55,738
  Bunge Ltd   6,488  
547,564
  Cadbury Schweppes plc   6,769  
82,525
  Campbell Soup Co   2,949  
30,183
  Carlsberg AS (Class B)   3,652  
9,398
*
  CJ CheilJedang Corp   2,972  
33,331
  CJ Corp   2,938  
42,559
  Coca Cola Hellenic Bottling Co S.A.   1,842  
596,266
  Coca-Cola Amatil Ltd   4,963  
1,130,123
  Coca-Cola Co   69,356  
252,800
  Coca-Cola Enterprises, Inc   6,580  
199,271
e
  Coca-Cola West Japan Co Ltd   4,415  
22,000
  Companhia de Bebidas das Americas   1,590  
180,425
  ConAgra Foods, Inc   4,292  
64,180
e*
  Constellation Brands, Inc (Class A)   1,517  
25,387
*
  Cott Corp   168  
223,190
  CSR Ltd   608  
12,170
e
  Danisco AS   863  
692,676
  Diageo plc   14,892  
3,951
  East Asiatic Co Ltd A.S.   308  
4,852
e
  Ebro Puleva S.A.   89  
161,933
  General Mills, Inc   9,230  
1,682
  Givaudan S.A.   1,621  
33,813
  Greencore Group plc   221  
924,376
  Groupe Danone   82,981  
117,688
  H.J. Heinz Co   5,494  
1,900
*
  Hansen Natural Corp   84  
127,948
  Heineken NV   8,272  
57,980
  Hershey Co   2,284  
15,190
  House Foods Corp   256  
20,027
  Iaws Group plc   441  
47,298
  InBev NV   3,942  
13,237
e
  Ito En Ltd   252  
6
  Ito En Ltd  
-
^
409,641
  J Sainsbury plc   3,468  
14,766,876
  JG Summit Holdings   4,114  
71,494
  Kaneka Corp   593  

148

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account      
 
 
      VALUE  
SHARES
      (000)  
122,357
  Kellogg Co
$
6,415  
35,749
  Kerry Group plc (Class A)   1,134  
218,795
  Kikkoman Corp   3,010  
189,902
  Kirin Brewery Co Ltd   2,789  
1,167,058
  Kraft Foods, Inc (Class A)   38,081  
23
  Lindt & Spruengli AG.   80  
66,963
  Lion Nathan Ltd   565  
8,662
e
  Matsumotokiyoshi Holdings Co Ltd   211  
30,419
  McCormick & Co, Inc   1,153  
61,630
e
  Meiji Dairies Corp   314  
65,763
e
  Meiji Seika Kaisha Ltd   280  
12,500
  Molson Coors Brewing Co (Class B)   645  
285,729
  Nestle S.A.   131,236  
52,264
  Nichirei Corp   218  
42,357
  Nippon Meat Packers, Inc   427  
45,089
  Nisshin Seifun Group, Inc   453  
21,171
e
  Nissin Food Products Co Ltd   684  
146,740
  Olam International Ltd   292  
365,993
  Parmalat S.p.A.   1,423  
119,900
  Pepsi Bottling Group, Inc   4,731  
45,000
  PepsiAmericas, Inc   1,499  
1,156,528
  PepsiCo, Inc   87,780  
23,844
e
  Pernod-Ricard S.A.   5,512  
4,497,884
  Petra Foods Ltd   4,812  
21,773
  Q.P. Corp   227  
114,324
  Sampo Oyj (A Shares)   3,022  
57,855
e
  Sapporo Holdings Ltd   466  
63,452
  Saputo, Inc   1,918  
191,602
  Sara Lee Corp   3,077  
211,720
  Scottish & Newcastle plc   3,125  
15,737
e
  Suedzucker AG.   373  
202,076
  Swire Pacific Ltd (Class A)   2,786  
38,692
e
  Takara Holdings, Inc   233  
127,184
  Tate & Lyle plc   1,127  
48,000
  Tingyi Cayman Islands Holding Corp   78  
20,099
  Toyo Suisan Kaisha Ltd   365  
68,122
  Tyson Foods, Inc (Class A)   1,044  
1,238,458
  Unilever plc   46,594  
3,475,000
*
  Uni-President China Holdings Ltd   2,736  
1,006,000
  Wilmar International Ltd   3,767  
60,705
  Wrigley (Wm.) Jr Co   3,554  
25,026
e
  Yakult Honsha Co Ltd   579  
137,918
e
  Yamazaki Baking Co Ltd   1,351  
 
  TOTAL FOOD AND KINDRED PRODUCTS   663,261  
 
FOOD STORES - 0.97%
     
64,700
  Alimentation Couche Tard, Inc (Class B)   1,199  
333,536
  Carrefour S.A.   25,987  
4,180
e
  Colruyt S.A.   984  
20,847
  Delhaize Group   1,835  
14,055
  FamilyMart Co Ltd   439  
23,814
  George Weston Ltd   1,307  
250,009
  Goodman Fielder Ltd   416  

149

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account      
 
 
      VALUE  
SHARES
      (000)  
44,470
  Jeronimo Martins SGPS S.A.
$
351  
17,161
  Kesko Oyj (B Shares)   946  
329,369
  Koninklijke Ahold NV   4,589  
685,376
  Kroger Co   18,306  
14,790
  Lawson, Inc   524  
50,554
  Loblaw Cos Ltd   1,740  
200,031
  Safeway, Inc   6,843  
198,436
  Seven & I Holdings Co Ltd   5,791  
280,000
  Shoprite Holdings Ltd   1,764  
199,810
  Sonae SPGS S.A.   578  
55,434
  Supervalu, Inc   2,080  
8,107,209
  Tesco plc   77,020  
36,703
e
  Whole Foods Market, Inc   1,498  
236,037
  WM Morrison Supermarkets plc   1,513  
479,422
  Woolworths Ltd   14,308  
 
  TOTAL FOOD STORES   170,018  
 
FORESTRY - 0.02%
     
55,982
  Weyerhaeuser Co   4,128  
 
  TOTAL FORESTRY   4,128  
 
FURNITURE AND FIXTURES - 0.08%      
15,342
  Hillenbrand Industries, Inc   855  
213,596
  Johnson Controls, Inc   7,698  
45,884
e
  Leggett & Platt, Inc   800  
139,815
e
  Masco Corp   3,022  
8,370
  Neopost S.A.   863  
48,300
e
  Tempur-Pedic International, Inc   1,254  
 
  TOTAL FURNITURE AND FIXTURES   14,492  
 
FURNITURE AND HOME FURNISHINGS STORES - 0.15%      
73,551
*
  Bed Bath & Beyond, Inc   2,162  
5,000
e
  Circuit City Stores, Inc   21  
478,709
  DSG International plc   946  
69,900
*
  GameStop Corp (Class A)   4,341  
1,165,751
  Harvey Norman Holdings Ltd   6,960  
137,663
  Kesa Electricals plc   640  
14,231
e*
  Mohawk Industries, Inc   1,059  
8,123
  Nitori Co Ltd   390  
9,891
  Shimachu Co Ltd   281  
24,832
e
  Williams-Sonoma, Inc   643  
71,461
  Yamada Denki Co Ltd   8,168  
 
  TOTAL FURNITURE AND HOME FURNISHINGS STORES   25,611  
 
GENERAL BUILDING CONTRACTORS - 0.41%      
937,139
  Amec plc   15,642  
111,947
  Balfour Beatty plc   1,108  
75,835
  Barratt Developments plc   688  
7,066
  Bellway plc   117  
23,583
  Berkeley Group Holdings plc   634  
9,571
  Bilfinger Berger AG.   739  
31,461
  Centex Corp   795  
97,359
  Cheung Kong Infrastructure Holdings Ltd   364  

150

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account      
 
 
      VALUE  
SHARES
      (000)  
16,854
  CRH plc
$
585  
19,443
  Daito Trust Construction Co Ltd   1,077  
119,840
  Daiwa House Industry Co Ltd   1,548  
101,051
e
  DR Horton, Inc   1,331  
530
  Eiffage S.A.   52  
116,620
  Fletcher Building Ltd   1,032  
2,497,905
  Haseko Corp   4,315  
28,043
  Hellenic Technodomiki Tev S.A.   402  
11,107
  Hochtief AG.   1,494  
36,800
  Hyundai Development Co   3,597  
1,728,869
  IJM Corp BHD   4,496  
8,238
e
  Imerys S.A.   677  
13,247,092
*
  Italian-Thai Development PCL   3,264  
210,104
  Kajima Corp   686  
66,893
e
  KB Home   1,445  
180,124
  Lend Lease Corp Ltd   2,736  
44,453
e
  Lennar Corp (Class A)   795  
5,873
*
  NVR, Inc   3,077  
144,977
  Obayashi Corp   729  
30,000
  Obrascon Huarte Lain S.A.   1,010  
73,940
  Persimmon plc   1,178  
56,437
e
  Pulte Homes, Inc   595  
49,474
*
  Puravankara Projects Ltd   571  
24,337
e
  Sacyr Vallehermoso S.A.   947  
108,271
  Sekisui Chemical Co Ltd   730  
119,826
  Sekisui House Ltd   1,296  
5,000,000
  Shanghai Forte Land Co   2,738  
139,452
e
  Shimizu Corp   609  
99,081
  Skanska AB (B Shares)   1,870  
170,000
  Suruga Corp   2,844  
224,136
  Taisei Corp   606  
300,168
  Taylor Woodrow plc   1,214  
15,934
  Titan Cement Co S.A.   727  
43,844
  Toda Corp   212  
53,966
e*
  Toll Brothers, Inc   1,083  
33,030
  YIT Oyj   724  
 
  TOTAL GENERAL BUILDING CONTRACTORS   72,379  
 
GENERAL MERCHANDISE STORES - 0.90%
     
151,901
  Aeon Co Ltd   2,227  
148,000
e*
  Big Lots, Inc   2,366  
18,000
*
  BJ's Wholesale Club, Inc   609  
312,803
  Costco Wholesale Corp   21,821  
51,064
  Family Dollar Stores, Inc   982  
30,973
e
  Hankyu Department Stores, Inc   242  
1,285,000
*
  Intime Department Store Group Co Ltd   1,523  
44,754
  Isetan Co Ltd   609  
97,728
  J Front Retailing Co Ltd   863  
98,636
  JC Penney Co, Inc   4,339  
16,327
e*
  KarstadtQuelle AG.   388  
136,386
  Keio Corp   828  
385,914
  Kintetsu Corp   1,199  
233,165
  Macy's, Inc   6,032  

151

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account      
 
 
      VALUE  
SHARES
      (000)  
449,850
  Marks & Spencer Group plc
$
5,015  
69,909
e
  Marui Co Ltd   690  
93,191
  Mitsukoshi Ltd   424  
1,718,830
*
  New World Department Store China Ltd   2,434  
20,050
  PPR   3,225  
3,208
  Shinsegae Co Ltd   2,488  
70,162
  Takashimaya Co Ltd   848  
359,580
  Target Corp   17,979  
459,863
  TJX Cos, Inc   13,212  
193,521
  Tobu Railway Co Ltd   904  
998,351
  Tokyu Corp   6,568  
42,220
  UNY Co Ltd   362  
1,249,866
  Wal-Mart Stores, Inc   59,406  
 
  TOTAL GENERAL MERCHANDISE STORES   157,583  
 
HEALTH SERVICES - 0.86%      
60,108
  AmerisourceBergen Corp   2,697  
1,040,100
  Bumrungrad Hospital PCL   1,250  
176,923
  Cigna Corp   9,506  
6,708
e
  Coloplast AS (Class B)   582  
5,901
*
  Community Health Systems, Inc   217  
16,477
*
  Covance, Inc   1,427  
124,488
*
  Coventry Health Care, Inc   7,376  
145,071
*
  DaVita, Inc   8,175  
113,838
*
  Express Scripts, Inc   8,310  
815,082
  Fraser and Neave Ltd   3,341  
50,110
  Fresenius Medical Care AG.   2,688  
50,512
  Getinge AB (B Shares)   1,356  
61,825
  Health Management Associates, Inc (Class A)   370  
948,100
e*
  Healthsouth Corp   19,910  
24,893
  Intertek Group plc   491  
32,308
*
  Laboratory Corp of America Holdings   2,440  
23,495
*
  Lincare Holdings, Inc   826  
284,151
  McKesson Corp   18,615  
57,430
*
  MDS, Inc   1,117  
182,182
*
  Medco Health Solutions, Inc   18,473  
86,808
  Mindray Medical International Ltd (ADR)   3,730  
31,302
e
  Omnicare, Inc   714  
1,881,183
  Parkway Holdings Ltd   5,175  
198,203
  Ramsay Health Care Ltd   1,906  
158,785
  Sonic Healthcare Ltd   2,331  
1,982
  Straumann Holding AG.   547  
13,700
*
  Tenet Healthcare Corp   70  
309,672
*
  WellPoint, Inc   27,167  
 
  TOTAL HEALTH SERVICES   150,807  
 
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.91%      
61,836
e
  Abertis Infraestructuras S.A.   1,993  
57,282
  ACS Actividades Cons y Servicios S.A.   3,404  
82,048
  Biffa plc   539  
1,231,885
  Bouygues S.A.   102,662  
33,181
e
  Chiyoda Corp   378  
13,549
e
  Fomento de Construcciones y Contratas S.A.   1,018  

152

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account      
 
 
     
VALUE
 
SHARES
      (000)  
13,500
*
  Foster Wheeler Ltd
$
2,093  
3,624,000
  Gamuda BHD   5,282  
16,603
e
  Grupo Ferrovial S.A.   1,168  
28,783
  GS Engineering & Construction Corp   4,797  
56,966
e
  Nishimatsu Construction Co Ltd   159  
38,403
e
  Okumura Corp   187  
282,653
e
  Transurban Group   1,698  
463,802
e
  Vinci S.A.   34,346  
 
  TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING   159,724  
 
HOLDING AND OTHER INVESTMENT OFFICES - 4.04%
     
101,824
  3i Group plc   2,033  
1,339,000
  Allco Commercial Real Estate Investment Trust   833  
39,728
e
  Allied Capital Corp   854  
26,215
  AMB Property Corp   1,509  
34,738
e
  Apartment Investment & Management Co (Class A)   1,206  
45,500
  ARC Energy Trust   941  
83,026
  AvalonBay Communities, Inc   7,816  
57,421
  Boston Properties, Inc   5,272  
229,322
  Brookfield Asset Management, Inc (Class A)   8,237  
19,596
  Camden Property Trust   944  
229,856
  CapitaCommercial Trust   390  
2,244,771
  CapitaMall Trust   5,396  
312,643
e
  CFS Gandel Retail Trust   642  
28,028
  CI Financial Income Fund   797  
305,888
  Commonwealth Property Office Fund   415  
31,954
  Developers Diversified Realty Corp   1,224  
70,000
  Douglas Emmett, Inc   1,583  
38,302
  Duke Realty Corp   999  
135,765
  Equity Residential   4,951  
349
  Eurazeo   45  
27,856
  Federal Realty Investment Trust   2,288  
79,186
  General Growth Properties, Inc   3,261  
3,104,980
  Genting BHD   7,417  
546,064
  GPT Group   1,937  
43,976
  Great Portland Estates plc   411  
21,119
  Groupe Bruxelles Lambert S.A.   2,713  
477
*
  Groupe Bruxelles Lambert S.A.  
-
^
72,317
  HCP, Inc   2,515  
1,569
  Heineken Holding NV   89  
187,718
  Host Marriott Corp   3,199  
105,047
*
  Immoeast AG.   1,132  
94,579
e
  ING Industrial Fund   211  
350,000
  Investimentos Itau S.A.   2,310  
325,003
  iShares MSCI Canada Index Fund   10,439  
1,706,896
  iShares MSCI EAFE Index Fund   133,991  
2,556,707
e
  iShares MSCI Japan Index Fund   33,979  
86,087
e
  iShares MSCI Pacific ex-Japan Index Fund   13,282  
703,265
e
  iShares S&P Europe 350 Index Fund   80,411  
32,994
e
  iStar Financial, Inc   860  
1,638
*
  Istituto Finanziario Industriale S.p.A.   56  
7,576
  Jafco Co Ltd   250  
131
  Japan Prime Realty Investment Corp   528  

153

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account      
 
 
      VALUE  
SHARES
      (000)  
92
  Japan Real Estate Investment Corp
$
1,153  
83
  Japan Retail Fund Investment Corp   592  
139,680
  JFE Holdings, Inc   7,077  
445
  KBC Ancora   50  
97,921
  Kimco Realty Corp   3,564  
150,426
  Kiwi Income Property Trust   155  
2,490,100
  KLCC Property Holdings BHD   2,635  
124,428
  Land Securities Group plc   3,730  
30,000
  LG Corp   2,240  
24,098
  Liberty Property Trust   694  
3,873,000
*
  Lippo-Mapletree Indonesia Retail Trust   1,789  
18,494
  Macerich Co   1,314  
88,512
e
  Macquarie Communications Infrastructure Group   422  
627,352
  Macquarie Infrastructure Group   1,669  
464,294
  Macquarie Office Trust   571  
419,267
  Man Group plc   4,749  
3,099,000
  Mapletree Logistics Trust   2,347  
161,735
  Melco International Development   243  
563
  Nationale A Portefeuille   41  
109
  Nippon Building Fund, Inc   1,532  
6,178
  Nobel Biocare Holding AG.   1,653  
3,162,241
  Noble Group Ltd   5,338  
53
  Nomura Real Estate Office Fund, Inc   503  
273
  NTT Urban Development Corp   442  
1,059,246
  NWS Holdings Ltd   3,383  
106,210
  Plum Creek Timber Co, Inc   4,890  
49,840
e
  PrimeWest Energy Trust   1,359  
108,798
  Prologis   6,896  
11,079
  PSP Swiss Property AG.   560  
64,419
  Public Storage, Inc   4,729  
3,431,000
  Regal Real Estate Investment Trust   937  
17,935
  Regency Centers Corp   1,157  
44,526
  RioCan Real Estate Investment Trust   984  
86,960
  Shinhan Financial Group Co Ltd   4,970  
134,804
  Simon Property Group, Inc   11,709  
20,992
  SL Green Realty Corp   1,962  
1,724,834
e
  SPDR Trust Series 1   252,188  
38,329
  Suntec Real Estate Investment Trust   46  
48,000
  Taubman Centers, Inc   2,361  
34,179
  UDR, Inc   678  
57,196
  Vanguard European ETF   4,279  
25,900
  Ventas, Inc   1,172  
148,296
  Virgin Media, Inc   2,542  
55,158
  Vornado Realty Trust   4,851  
1,566
  WABCO Holdings, Inc   78  
465
  Wendel   67  
36,098
*
  Wharf Holdings Ltd   50  
288,785
  Wharf Holdings Ltd   1,513  
 
  TOTAL HOLDING AND OTHER INVESTMENT OFFICES   705,230  
 
HOTELS AND OTHER LODGING PLACES - 1.27%
     
1,780,625
e
  Accor S.A.   142,404  
3,920,000
  Banyan Tree Holdings Ltd   5,583  

154

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account      
 
 
      VALUE  
SHARES
      (000)  
15,800
  Choice Hotels International, Inc
$
525  
598,348
*
  Crown Ltd   7,066  
3,112,304
  Hongkong & Shanghai Hotels   5,468  
801,317
  Indian Hotels Co Ltd   3,245  
77,540
  Intercontinental Hotels Group plc   1,364  
124,800
  Kangwon Land, Inc   3,280  
37,727
e*
  Las Vegas Sands Corp   3,888  
91,517
  Marriott International, Inc (Class A)   3,128  
68,341
*
  MGM Mirage   5,742  
13,560,038
  Minor International PCL   7,327  
1,424
  NH Hoteles S.A.   25  
121,980
e
  Orient-Express Hotels Ltd (Class A)   7,016  
2,514,485
  Shangri-La Asia Ltd   7,901  
294,717
  Starwood Hotels & Resorts Worldwide, Inc   12,976  
114,341
  Thomas Cook Group plc   642  
144,119
  TUI Travel plc   843  
122,284
  United Overseas Land Ltd   384  
51,091
  Wyndham Worldwide Corp   1,204  
14,316
  Wynn Resorts Ltd   1,605  
 
  TOTAL HOTELS AND OTHER LODGING PLACES   221,616  
 
INDUSTRIAL MACHINERY AND EQUIPMENT - 4.67%
     
36,300
*
  AGCO Corp   2,468  
26,844
  Alfa Laval AB   1,512  
333,166
  Alstom RGPT   71,605  
85,498
  Amada Co Ltd   752  
9,741
  Andritz AG.   590  
566,060
  Applied Materials, Inc   10,053  
45,013
  ASM Pacific Technology   331  
108,133
  ASML Holding NV   3,424  
175,582
  Atlas Copco AB (A Shares)   2,622  
117,564
  Atlas Copco AB (B Shares)   1,605  
17,215
  Black & Decker Corp   1,199  
1,156,774
  Brambles Ltd   11,711  
1,100,000
*
  Brocade Communications Systems, Inc   8,074  
3,700
  Brother Industries Ltd   48  
805,754
  Canon, Inc   37,505  
9,528
  Cargotec Corp (B Shares)   441  
56,240
  Casio Computer Co Ltd   654  
326,129
  Caterpillar, Inc   23,664  
26,899
*
  Charter plc   425  
489,776
e
  Citizen Watch Co Ltd   4,774  
88,604
  Cummins, Inc   11,286  
17,500
  Daifuku Co Ltd   249  
61,605
  Daikin Industries Ltd   3,452  
297,472
  Deere & Co   27,701  
842,636
*
  Dell, Inc   20,653  
53,256
  Dover Corp   2,455  
84,890
e
  Ebara Corp   290  
75,834
  Electrolux AB (Series B)   1,273  
784,242
*
  EMC Corp   14,532  
127,964
  Fanuc Ltd   12,463  
138,777
  FKI plc   162  

155

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account      
 
 
     
VALUE
 
SHARES
      (000)  
48,226
*
  FMC Technologies, Inc
$
2,734  
191,174
  FUJIFILM Holdings Corp   8,094  
31,253
*
  GEA Group AG.   1,088  
5,194,921
  General Electric Co   192,576  
13,105
  Glory Ltd   306  
33,364
*
  Grant Prideco, Inc   1,852  
14,893
  Heidelberger Druckmaschinen   501  
1,559,908
  Hewlett-Packard Co   78,744  
23,222
  Hitachi Construction Machinery Co Ltd   696  
2,432
  Husqvarna AB (A Shares) `   29  
75,611
  Husqvarna AB (B Shares)   898  
87,479
  IMI plc   686  
110,495
  Ingersoll-Rand Co Ltd (Class A)   5,135  
818,635
  International Business Machines Corp   88,494  
87,910
  International Game Technology   3,862  
313,114
  Ishikawajima-Harima Heavy Industries Co Ltd   653  
6,865
  Itochu Techno-Science Corp   231  
48,920
  Jabil Circuit, Inc   747  
436,437
  Japan Steel Works Ltd   6,434  
30,494
  Joy Global, Inc   2,007  
14,747
  KCI Konecranes Oyj   508  
581,356
  Komatsu Ltd   15,820  
12,086
  Komori Corp   269  
55,051
  Kone Oyj (Class B)   3,858  
113,342
  Konica Minolta Holdings, Inc   2,008  
30,000
  Krones AG.   2,412  
262,546
  Kubota Corp   1,779  
26,621
  Kurita Water Industries Ltd   808  
50,392
*
  Lam Research Corp   2,178  
110,261
*
  Lexmark International, Inc (Class A)   3,844  
43,072
*
  Logitech International S.A.   1,580  
78,871
  Makita Corp   3,346  
119,700
  Manitowoc Co, Inc   5,845  
183,183
  Meggitt plc   1,213  
1,952,306
  Mitsubishi Heavy Industries Ltd   8,406  
37
  Modec, Inc   1  
91,948
  NTN Corp   799  
18,434
e
  OCE NV   334  
42,227
e*
  Ocean RIG ASA   309  
123,368
e*
  Oki Electric Industry Co Ltd   193  
33,000
  Okuma Holdings, Inc   356  
16,600
e
  OSG Corp   181  
31,574
  Pall Corp   1,273  
1,350,000
  Pt United Tractors Tbk   1,567  
9,262
  Rheinmetall AG.   736  
40,758
  Rockwell Automation, Inc   2,811  
1,258,355
  Rolls-Royce Group plc (B Shares)   3  
43,358
  Safran S.A.   889  
82,201
*
  SanDisk Corp   2,727  
254,655
  Sandvik AB   4,383  
253,118
  Seagate Technology, Inc   6,455  
26,262
m,v*
  Seagate Technology, Inc  
-
^
29,873
  Seiko Epson Corp   648  

156

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account      
 
 
      VALUE  
SHARES
      (000)  
13,588
  SMC Corp
$
1,620  
21,305
  Solarworld AG.   1,300  
29,277
  SPX Corp   3,011  
889
  Sulzer AG.   1,307  
133,821
  Sumitomo Heavy Industries Ltd   1,234  
35,795
  Techtronic Industries Co   36  
24,700
*
  Teradata Corp   677  
46,499
*
  Terex Corp   3,049  
29,898
  THK Co Ltd   606  
41,281
  Tokyo Electron Ltd   2,535  
7,200
e
  Tokyo Seimitsu Co Ltd   176  
37,178
e
  Tomra Systems ASA   264  
728,542
  Toshiba Corp   5,458  
50,262
  Toyota Tsusho Corp   1,363  
568,637
  Trane, Inc   26,561  
1,654
e*
  Unaxis Holding AG.   691  
33,227
*
  Varian Medical Systems, Inc   1,733  
48,269
*
  Vestas Wind Systems AS   5,224  
16,874
  Wartsila Oyj (B Shares)   1,285  
131,273
*
  Western Digital Corp   3,966  
4,989
  Wincor Nixdorf AG.   474  
50,933
  Yokogawa Electric Corp   560  
12,946
e
  Zardoya Otis S.A.   367  
 
  TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT   814,776  
 
INSTRUMENTS AND RELATED PRODUCTS - 2.55%
     
29,346
  AGFA-Gevaert NV   450  
156,774
*
  Agilent Technologies, Inc   5,760  
29,700
  Allergan, Inc   1,908  
120,857
  Applera Corp (Applied Biosystems Group)   4,099  
1,043,313
  BAE Systems plc   10,343  
27,384
  Bard (C.R.), Inc   2,596  
253,037
  Baxter International, Inc   14,689  
16,332
  Beckman Coulter, Inc   1,189  
123,815
  Becton Dickinson & Co   10,348  
468,230
*
  Boston Scientific Corp   5,446  
43,972
  Cochlear Ltd   2,892  
52,052
  Compagnie Generale d'Optique Essilor International S.A.   3,322  
10,759
  Cooper Cos, Inc   409  
156,240
  Covidien Ltd   6,920  
96,518
  Danaher Corp   8,469  
38,109
  Dentsply International, Inc   1,716  
74,952
e
  Eastman Kodak Co   1,639  
20,969
  Elekta AB (B Shares)   350  
430,867
  Emerson Electric Co   24,413  
77,612
  Finmeccanica S.p.A.   2,493  
52,874
e
  Garmin Ltd   5,129  
301,756
*
  Hologic, Inc   20,713  
7,200
*
  Intuitive Surgical, Inc   2,336  
207,118
*
  Invensys plc   936  
2,338,739
  Johnson & Johnson   155,994  
8,524
  Keyence Corp   2,104  
135,859
  Kla-Tencor Corp   6,543  

157

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account      
 
 
      VALUE  
SHARES
      (000)  
36,050
e
  Luxottica Group S.p.A.
$
1,146  
409,399
  Medtronic, Inc   20,580  
15,900
*
  Mettler-Toledo International, Inc   1,809  
13,920
e*
  Millipore Corp   1,019  
76,020
e
  Nikon Corp   2,633  
210,175
  Nippon Electric Glass Co Ltd   3,435  
115,512
  Olympus Corp   4,777  
956,301
  PCCW Ltd   568  
12,248
  Phonak Holding AG.   1,384  
57,787
  Pitney Bowes, Inc   2,198  
35,054
*
  Qiagen NV   760  
59,683
  Rockwell Collins, Inc   4,295  
23,176
  Roper Industries, Inc   1,449  
244,431
  Smith & Nephew plc   2,822  
205,794
*
  St. Jude Medical, Inc   8,363  
120,677
  Stryker Corp   9,017  
19,345
  Swatch Group AG.   5,831  
73,153
  Swatch Group AG.   4,319  
15,158
  Synthes, Inc   1,882  
58,400
  Sysmex Corp   2,483  
11,630
*
  Teradyne, Inc   120  
332,112
  Terumo Corp   17,480  
473,939
*
  Thermo Electron Corp   27,337  
10,142
*
  TomTom NV   764  
26,384
*
  Waters Corp   2,086  
6,968
e*
  William Demant Holding   646  
515,791
  Xerox Corp   8,351  
75,826
*
  Zimmer Holdings, Inc   5,016  
 
  TOTAL INSTRUMENTS AND RELATED PRODUCTS   445,776  
 
INSURANCE AGENTS, BROKERS AND SERVICE - 0.82%      
1,387,656
  AON Corp   66,177  
43,360
  Brown & Brown, Inc   1,019  
266,631
  Hartford Financial Services Group, Inc   23,248  
979,978
  HBOS plc   14,338  
315,649
  Marsh & McLennan Cos, Inc   8,355  
12,856
e
  MLP AG.   202  
815,813
  QBE Insurance Group Ltd   23,882  
217,698
  Suncorp-Metway Ltd   3,234  
8,308
  Unipol Gruppo Finanziario S.p.A.   29  
234,954
  Unipol S.p.A.   745  
49,300
  Willis Group Holdings Ltd   1,872  
 
  TOTAL INSURANCE AGENTS, BROKERS AND SERVICE   143,101  
 
INSURANCE CARRIERS - 4.27%      
84,564
e
  ABC Learning Centres Ltd   385  
377,958
  ACE Ltd   23,350  
791,600
  Admiral Group plc   17,333  
330,791
  Aegon NV   5,847  
701,171
  Aetna, Inc   40,479  
226,716
  Aflac, Inc   14,199  
9,000
  Aioi Insurance Co Ltd   43  
110,522
  Alleanza Assicurazioni S.p.A   1,437  

158

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account      
 
          VALUE  
SHARES         (000)  
179,367     Allianz AG.
$
38,799  
147,722     Allstate Corp   7,716  
27,436 e   Ambac Financial Group, Inc   707  
12,000     American Financial Group, Inc   347  
878,521     American International Group, Inc   51,218  
1,007,699 e   AMP Ltd   8,804  
47,500 *   Arch Capital Group Ltd   3,342  
274,454 e   Assicurazioni Generali S.p.A.   12,439  
47,800     Assurant, Inc   3,198  
680,717     Aviva plc   9,119  
1,329,291 e   AXA Asia Pacific Holdings Ltd   8,614  
760,109 e   AXA S.A.   30,439  
383,843     Axis Capital Holdings Ltd   14,958  
776,548     China Life Insurance Co Ltd   4,018  
145,927     Chubb Corp   7,965  
41,209     Cincinnati Financial Corp   1,629  
11,563     CNP Assurances   1,504  
198,450 *   Conseco, Inc   2,493  
168,262 e   Corp Mapfre S.A.   741  
73,000     Endurance Specialty Holdings Ltd   3,046  
95,771     Everest Re Group Ltd   9,615  
13,656     Fairfax Financial Holdings Ltd   3,971  
54,466 e   Fidelity National Title Group, Inc (Class A)   796  
20,587     First American Corp   702  
19,158     Fondiaria-Sai S.p.A   790  
470,196     Friends Provident plc   1,529  
301,638     Genworth Financial, Inc (Class A)   7,677  
123,475     Great-West Lifeco, Inc   4,450  
41,245 *   Health Net, Inc   1,992  
151,200 *   Humana, Inc   11,387  
4,146     ING Canada, Inc   166  
415,616 e   Insurance Australia Group Ltd   1,504  
72,874     Irish Life & Permanent plc   1,258  
47,440     KBC Groep NV   6,672  
42,942     Leucadia National Corp   2,023  
98,028     Lincoln National Corp   5,707  
41,700     Loews Corp   2,099  
717,778     Manulife Financial Corp   29,505  
166,260 *   MAX India Ltd   1,106  
34,799 e   MBIA, Inc   648  
66,599 e   Mediolanum S.p.A.   535  
323,603     Metlife, Inc   19,940  
5,131 e   MGIC Investment Corp   115  
322,702     Millea Holdings, Inc   10,890  
290,671     Mitsui Sumitomo Insurance Co Ltd   2,831  
54,487 e   Muenchener Rueckver AG.   10,590  
700     Nationwide Financial Services, Inc (Class A)   31  
9,000     Nipponkoa Insurance Co Ltd   82  
1,384,113     Old Mutual plc   4,618  
77,882     Old Republic International Corp   1,200  
80,000     OneBeacon Insurance Group Ltd   1,720  
100,244     PartnerRe Ltd   8,273  
72,000     Platinum Underwriters Holdings Ltd   2,560  

159

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account      
 
 
      VALUE  
SHARES
      (000)  
5,045
e
  PMI Group, Inc
$
67  
216,654
  Power Corp Of Canada   8,809  
113,839
  Power Financial Corp   4,703  
260,801
  Principal Financial Group   17,954  
184,233
*
  Progressive Corp   3,530  
329,551
  Prudential Financial, Inc   30,661  
2,756,997
  Prudential plc   39,075  
4,892
e
  Radian Group, Inc   57  
69,703
  RenaissanceRe Holdings Ltd   4,199  
180,979
  Resolution plc   2,565  
835,312
  Royal & Sun Alliance Insurance Group plc   2,464  
28,656
  Safeco Corp   1,596  
11,246
  Samsung Fire & Marine Insurance Co Ltd   3,040  
32,347
  SCOR   828  
201,709
  Sompo Japan Insurance, Inc   1,825  
1,118
  Sony Financial Holdings, Inc   4,273  
558,015
  Standard Life plc   2,808  
47,395
e,v*
  Storebrand ASA   122  
64,390
e
  Storebrand ASA   672  
265,064
  Sun Life Financial, Inc   14,962  
7,919
  Swiss Life Holding   1,980  
93,014
  Swiss Reinsurance Co   6,610  
47,248
  T&D Holdings, Inc   2,440  
4,445
e*
  Topdanmark AS   640  
34,962
  Torchmark Corp   2,116  
507,154
  Travelers Cos, Inc   27,285  
6,834
  TrygVesta A.S.   520  
449,469
  UnitedHealth Group, Inc   26,159  
122,935
  UnumProvident Corp   2,925  
163,291
  W.R. Berkley Corp   4,868  
42,000
*
  WellCare Health Plans, Inc   1,781  
7,941
  Wiener Staedtische Allgemeine Versicherung AG.   639  
240,870
  XL Capital Ltd (Class A)   12,118  
134,714
  Zurich Financial Services AG.   39,564  
 
  TOTAL INSURANCE CARRIERS   745,006  
 
JUSTICE, PUBLIC ORDER AND SAFETY - 0.00%**      
685,154
e*
  PAN Fish ASA   440  
 
  TOTAL JUSTICE, PUBLIC ORDER AND SAFETY   440  
 
LEATHER AND LEATHER PRODUCTS - 0.24%      
53,850
  Adidas-Salomon AG.   4,036  
170,295
*
  Coach, Inc   5,208  
57,477
  Continental AG.   7,478  
59,761
  Deutsche Lufthansa AG.   1,592  
23,156
  Henkel KGaA   1,183  
17,910
  Hermes International   2,263  
64,904
  LVMH Moet Hennessy Louis Vuitton S.A.   7,846  
147,488
  ThyssenKrupp AG.   8,270  
1,197,781
  Yue Yuen Industrial Holdings   4,301  
 
  TOTAL LEATHER AND LEATHER PRODUCTS   42,177  
 

160

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account      
 
 
      VALUE  
SHARES
      (000)  
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.02%      
78,796
  Brisa-Auto Estradas de Portugal S.A.
$
1,158  
403,400
  ComfortDelgro Corp Ltd   513  
100,581
e
  Keihin Electric Express Railway Co Ltd   619  
65,772
  Keisei Electric Railway Co Ltd   352  
99,987
  SMRT Corp Ltd   116  
127,494
  Stagecoach Group plc   723  
 
  TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT   3,481  
 
LUMBER AND WOOD PRODUCTS - 0.01%
     
141,851
*
  MFI Furniture plc   256  
39,615
  Nobia AB   352  
34,952
*
  Sino-Forest Corp   759  
16,552
*
  Sonae Industria SGPS S.A.   161  
 
  TOTAL LUMBER AND WOOD PRODUCTS   1,528  
 
METAL MINING - 2.04%      
61,260
  Agnico-Eagle Mines Ltd   3,378  
270,287
  Alumina Ltd   1,512  
12,155
  Anglo Platinum Ltd   1,796  
5,625
  Antofagasta plc   80  
398,855
  Barrick Gold Corp   16,885  
2,036,388
  BHP Billiton Ltd   71,772  
670,617
  BHP Billiton plc   20,638  
81,865
  Boliden AB   1,029  
82,549
  Cameco Corp   3,286  
162,728
  Cameco Corp   6,524  
35,800
e
  Cleveland-Cliffs, Inc   3,609  
160,000
  Companhia Vale do Rio Doce (ADR)   5,227  
156,300
*
  Eldorado Gold Corp   923  
30,894
  First Quantum Minerals Ltd   2,663  
192,068
  Freeport-McMoRan Copper & Gold, Inc (Class B)   19,675  
200,000
e
  Gold Fields Ltd (ADR)   2,840  
299,901
  Goldcorp, Inc   10,271  
3,969,000
*
  Hidili Industry International Development Ltd   6,098  
50,633
e
  Iluka Resources Ltd   205  
16,626
  Inmet Mining Corp   1,357  
112,497
*
  Ivanhoe Mines Ltd   1,231  
2,988
  Kazakhmys plc   82  
269,860
*
  Kinross Gold Corp   5,004  
15,232
  Lonmin Plc   938  
132,600
*
  Lundin Mining Corp   1,282  
40,869
  MMC Norilsk Nickel (ADR)   11,065  
104,417
  Newcrest Mining Ltd   3,035  
229,503
  Newmont Mining Corp   11,207  
304,348
  Orica Ltd   8,485  
1,766,683
e
  Oxiana Ltd   5,398  
932,761
*
  Paladin Resources Ltd   5,561  
32,800
*
  PAN American Silver Corp   1,163  
2,573,964
*
  Pan Australian Resources Ltd   2,237  
28,981
*
  Patriot Coal Corp   1,210  
266,500
  PT International Nickel Indonesia Tbk   2,731  
87,296
e
  Rio Tinto Ltd   10,267  
547,914
  Rio Tinto plc   57,991  

161

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account      
 
 
      VALUE  
SHARES
      (000)  
101,000
  Sherritt International Corp
$
1,360  
109,890
*
  Sino Gold Mining Ltd   671  
33,600
e
  Southern Copper Corp   3,532  
5,047,000
  Straits Asia Resources Ltd   10,939  
4,300
e
  Sumitomo Titanium Corp   321  
196,913
  Teck Cominco Ltd (Class B)   7,069  
46,789
*
  Uranium One, Inc   419  
2,044
  Vedanta Resources plc   83  
166,266
  Xstrata plc   11,749  
267,238
  Yamana Gold, Inc   3,490  
661,108
e
  Zinifex Ltd   7,198  
 
  TOTAL METAL MINING   355,486  
 
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.11%      
7,607
e
  Aderans Co Ltd   120  
16,815
  Amer Sports Oyj (A Shares)   455  
38,974
  Bulgari S.p.A.   545  
40,166
  Fortune Brands, Inc   2,906  
46,000
*
  Fosun International   43  
134,520
  Futuris Corp Ltd   254  
122,267
  Hasbro, Inc   3,128  
139,160
  Mattel, Inc   2,650  
49,273
  Namco Bandai Holdings, Inc   770  
12,729
  Sankyo Co Ltd   591  
6,805
  Societe BIC S.A.   487  
179,190
  Tyco International Ltd   7,105  
41,575
  Yamaha Corp   951  
 
  TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES   20,005  
 
MISCELLANEOUS RETAIL - 0.86%      
176,000
*
  Alibaba.com Ltd   624  
126,085
*
  Amazon.com, Inc   11,681  
344,489
  Best Buy Co, Inc   18,137  
10,340
  Circle K Sunkus Co Ltd   153  
202,118
  Compagnie Financiere Richemont AG.   13,871  
878,698
  CVS Corp   34,928  
19,390
  DCC plc   546  
7,386
  Douglas Holding AG.   426  
15,900
  EDION Corp   173  
3,783
  Folli-Follie S.A.   141  
10,694
  HMV Group plc   25  
228,234
  Home Retail Group   1,490  
1,588,766
  Hutchison Whampoa Ltd   18,022  
8,670
  Jean Coutu Group, Inc (Class A)   98  
19,500
  Lifestyle International Holdings Ltd   53  
78,217
*
  Meinl European Land Ltd   1,078  
42,863
  Metro AG.   3,600  
98,601
  Next plc   3,188  
209,343
  Nippon Mining Holdings, Inc   1,342  
72,134
*
  Office Depot, Inc   1,003  
205,464
  Origin Energy Ltd   1,597  
106,411
  Pacific Brands Ltd   304  
3,000
  Parkson Retail Group Ltd   36  

162

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account      
 
 
      VALUE  
SHARES
      (000)  
36,526
  Petsmart, Inc
$
859  
4,994
  Ryohin Keikaku Co Ltd   302  
21,040
e
  Sanoma-WSOY Oyj   604  
22,227
e*
  Sears Holdings Corp   2,268  
90,569
  Shoppers Drug Mart Corp   4,888  
444,578
  Signet Group plc   617  
426,274
  Staples, Inc   9,834  
35,903
  Tiffany & Co   1,653  
346,342
  Walgreen Co   13,189  
132,610
  Xebio Co Ltd   3,799  
 
  TOTAL MISCELLANEOUS RETAIL   150,529  
 
MOTION PICTURES - 0.52%      
22,402
  Astral Media, Inc   1,059  
309,243
  CBS Corp (Class B)   8,427  
143,253
*
  Discovery Holding Co (Class A)   3,601  
3,110,900
  Major Cineplex Group PCL   1,755  
872,272
  News Corp (Class A)   17,873  
121,260
  News Corp (Class B)   2,577  
23,020
e*
  Premiere AG.   434  
13,670,500
*
  PT Media Nusantara Citra MNC   1,179  
1,805,160
  Time Warner, Inc   29,803  
10,546
e
  Toei Animation Co Ltd   229  
28,780
  Toho Co Ltd   650  
532,970
*
  Viacom, Inc (Class B)   23,408  
 
  TOTAL MOTION PICTURES   90,995  
 
NONDEPOSITORY INSTITUTIONS - 0.94%
     
16,032
  Acom Co Ltd   328  
581,603
  Aeon Credit Service Co Ltd   8,642  
554,828
  Aeon Thana Sinsap Thailand PCL   733  
18,406
e
  Aiful Corp   329  
44,983
e
  American Capital Strategies Ltd   1,483  
360,192
  American Express Co   18,737  
2,202,000
g*
  ARA Asset Management Ltd   1,514  
625,500
  Bovespa Holding S.A.   12,053  
1,100,161
  Bursa Malaysia BHD   4,757  
232,616
  Capital One Financial Corp   10,993  
89,568
  Cattles plc   524  
1,344,697
  Challenger Financial Services Group Ltd   5,892  
70,484
  CIT Group, Inc   1,694  
7,179
  Collins Stewart plc   25  
217,660
  Countrywide Financial Corp   1,946  
38,683
  Credit Saison Co Ltd   1,060  
16,491
e
  D Carnegie AB   320  
21,390
  Deutsche Postbank AG.   1,900  
168,632
  Discover Financial Services   2,543  
986,156
  Fannie Mae   39,427  
206,442
  Freddie Mac   7,033  
32,939
*
  Guaranty Financial Group, Inc   527  
323,017
*
  Heckmann Corp   2,600  
1,725
  Hitachi Capital Corp   22  
1,004,000
  Hong Leong Finance Ltd   2,643  

163

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account      
 
 
     
VALUE
 
SHARES
      (000)  
53,125
  Hypo Real Estate Holding AG.
$
2,804  
133,730
  ICAP plc   1,934  
54,812
  IGM Financial, Inc   2,778  
6,572
  International Personal Finance plc   25  
44,400
  Investor AB (B Shares)   1,010  
3,467,192
  Kim Eng Holdings Ltd   5,444  
1,071,500
  Krungthai Card PCL   986  
35,789
  Natixis   688  
1,953
  Osaka Securities Exchange Co Ltd   9,143  
9,214
e
  Perpetual Trustees Australia Ltd   536  
16,674
e
  Promise Co Ltd   415  
3,286
  Provident Financial plc   55  
41,595
*
  Samsung Card Co   2,235  
108,768
*
  SLM Corp   2,191  
26,184
  Takefuji Corp   636  
64,230
  Textron, Inc   4,580  
32,236
  Tullett Prebon plc   301  
 
  TOTAL NONDEPOSITORY INSTITUTIONS   163,486  
 
NONMETALLIC MINERALS, EXCEPT FUELS - 0.19%      
25,372
  Harry Winston Diamond Corp   834  
614,663
  Itochu Corp   6,008  
159,305
  Potash Corp of Saskatchewan   23,161  
41,925
e
  Vulcan Materials Co   3,316  
 
  TOTAL NONMETALLIC MINERALS, EXCEPT FUELS   33,319  
 
OIL AND GAS EXTRACTION - 2.83%      
163,701
  Acergy S.A.   3,656  
5,026
  Addax Petroleum Corp   219  
41,994
  Aker Kvaerner ASA   1,118  
121,289
  Anadarko Petroleum Corp   7,968  
261,485
  Baker Hughes, Inc   21,206  
883,258
  BG Group plc   20,220  
77,506
  BJ Services Co   1,880  
166,332
*
  Cameron International Corp   8,006  
248,627
  Canadian Natural Resources Ltd   18,284  
108,440
  Canadian Oil Sands Trust   4,253  
104,700
  Canetic Resources Trust   1,419  
116,500
  Chesapeake Energy Corp   4,567  
854,000
  China Oilfield Services Ltd   1,950  
29,744
  Cimarex Energy Co   1,265  
1,494,000
  CNOOC Ltd   2,545  
4,000,000
  Cnpc Hong Kong Ltd   2,560  
5,084
*
  Compagnie Generale de Geophysique S.A.   1,449  
1
*
  Compagnie Generale de Geophysique-Veritas (ADR)  
-
^
363,332
*
  Denbury Resources, Inc   10,809  
192,379
e*
  DET Norske Oljeselskap   357  
17,915
  Diamond Offshore Drilling, Inc   2,544  
2,602
*
  Duvernay Oil Corp   77  
352,495
  EnCana Corp   24,108  
57,588
  Enerplus Resources Fund   2,326  
96,270
  ENSCO International, Inc   5,740  
59,100
  Ensign Energy Services, Inc   913  

164

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account      
 
 
      VALUE  
SHARES
      (000)  
29,957
  Equitable Resources, Inc
$
1,596  
14,400
e*
  Exterran Holdings, Inc   1,178  
85,685
e*
  First Calgary Petroleums Ltd   251  
600,000
  Formosa Petrochemical Corp   1,794  
51,914
  Gaz de France   3,036  
691,501
  Halliburton Co   26,215  
56,756
  Harvest Energy Trust   1,186  
108,575
  Husky Energy, Inc   4,905  
4,600
  Idemitsu Kosan Co Ltd   488  
7,500
  INA Industrija Nafte DD (GDR)   4,185  
500
  Inpex Holdings, Inc   5,416  
500,000
*
  Integra Group Holdings (GDR)   8,460  
6,300
  Japan Petroleum Exploration Co   461  
247,600
  KazMunaiGas Exploration Production (GDR)   7,676  
62,683
e*
  Lundin Petroleum AB   655  
77,453
*
  Nabors Industries Ltd   2,121  
187,780
*
  National Oilwell Varco, Inc   13,794  
33,425
  Neste Oil Oyj   1,179  
217,047
*
  Nexen, Inc   7,059  
18,774
  Niko Resources Ltd   1,698  
86,428
  Noble Corp   4,884  
264,169
  Norsk Hydro ASA   3,775  
83,605
*
  OPTI Canada, Inc   1,406  
41,265
  Patterson-UTI Energy, Inc   806  
109,933
  Penn West Energy Trust   2,878  
226,919
  Petro-Canada   12,243  
44,973
  Petroleum Geo-Services ASA   1,307  
32,124
  Pioneer Natural Resources Co   1,569  
22,100
*
  Plains Exploration & Production Co   1,193  
28,100
  Precision Drilling Trust   430  
433,550
*
  Pride International, Inc   14,697  
53,795
  ProSafe ASA   936  
98,400
  Provident Energy Trust   995  
8,193,825
  PT Apexindo Pratama Duta   1,832  
38,033
  Range Resources Corp   1,953  
28,684
  Rowan Cos, Inc   1,132  
1,068,568
  Saipem S.p.A.   42,854  
290,793
  Santos Ltd   3,605  
424,267
  Schlumberger Ltd   41,735  
60,912
*
  SeaDrill Ltd   1,486  
399,795
  Singapore Petroleum Co Ltd   2,103  
72,123
  Smith International, Inc   5,326  
61,857
*
  Southwestern Energy Co   3,447  
490,060
  Talisman Energy, Inc   9,131  
50,113
  Technip S.A.   3,993  
26,481
*
  TGS Nopec Geophysical Co ASA   364  
23,300
e
  Tidewater, Inc   1,278  
126,813
  Transocean, Inc   18,153  
53,610
  Trican Well Service Ltd   1,045  
140,504
  Tullow Oil plc   1,822  
39,628
*
  Ultra Petroleum Corp   2,833  
144,920
*
  UTS Energy Corp   790  
122,458
*
  Weatherford International Ltd   8,401  

165

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account      
 
 
     
VALUE
 
SHARES
      (000)  
9,085
*
  WesternZagros Resources Ltd
$
22  
258,924
  Woodside Petroleum Ltd   11,456  
760,593
  XTO Energy, Inc   39,064  
 
  TOTAL OIL AND GAS EXTRACTION   493,736  
 
PAPER AND ALLIED PRODUCTS - 1.06%
     
1,909
e*
  AbitibiBowater, Inc   40  
2,136,403
  Anglo American plc   130,984  
6,161
e
  Billerud AB   63  
30,701
*
  Canfor Corp   272  
26
  Canfor Plus Income Fund  
-
^
135,722
*
  Domtar Corporation   1,044  
15,037
  Holmen AB (B Shares)   558  
112,081
  International Paper Co   3,629  
284,105
  Kimberly-Clark Corp   19,700  
17,867
e
  Kokuyo Co Ltd   160  
11,600
  Lee & Man Paper Manufacturing Ltd   51  
2,001
  Mayr-Melnhof Karton AG.   217  
65,332
  MeadWestvaco Corp   2,045  
33,242
  Metso Oyj   1,814  
59,206
  Mondi Ltd   572  
1,096,424
  Mondi plc   9,276  
210
  Nippon Paper Group, Inc   632  
11,021
  Norske Skogindustrier ASA   92  
200,563
  OJI Paper Co Ltd   986  
94,570
  PaperlinX Ltd   221  
3,407
*
  Smurfit Kappa Group plc   56  
63,542
*
  Smurfit-Stone Container Corp   671  
42,000
  Sonoco Products Co   1,373  
151,452
  Stora Enso Oyj (R Shares)   2,267  
143,643
  Svenska Cellulosa AB (B Shares)   2,545  
98,820
  Temple-Inland, Inc   2,060  
9,741
  Uni-Charm Corp   616  
136,590
  UPM-Kymmene Oyj   2,760  
 
  TOTAL PAPER AND ALLIED PRODUCTS   184,704  
 
PERSONAL SERVICES - 0.04%      
37,345
  Cintas Corp   1,256  
40,501
  Davis Service Group plc   414  
83,211
  H&R Block, Inc   1,545  
673,738
  Kuala Lumpur Kepong BHD   3,545  
471,955
  Rentokil Initial plc   1,136  
 
  TOTAL PERSONAL SERVICES   7,896  
 
PETROLEUM AND COAL PRODUCTS - 6.09%
     
323,764
  Apache Corp   34,818  
1,000,000
  Aromatics Thailand PCL   1,944  
20,000
  Ashland, Inc   949  
7,638,761
  BP plc   93,515  
311,200
  BP plc (ADR)   22,771  
235,000
  Cabot Oil & Gas Corp   9,487  
814,322
  Chevron Corp   76,001  
2,000,000
  China Petroleum & Chemical Corp   3,022  

166

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account      
 
 
     
VALUE
 
SHARES
     
(000)
 
253,900
  ConocoPhillips
$
22,419  
15,000
  Cosmo Oil Co Ltd   56  
311,785
  Devon Energy Corp   27,721  
1,384,537
  ENI S.p.A.   50,708  
139,671
  EOG Resources, Inc   12,466  
2,440,651
  Exxon Mobil Corp   228,665  
59,000
  Frontier Oil Corp   2,394  
26,612
  Hellenic Petroleum S.A.   439  
187,837
  Hess Corp   18,945  
151,752
  Imperial Oil Ltd   8,398  
511,511
  Marathon Oil Corp   31,131  
10,260
  Motor Oil Hellas Corinth Refineries S.A.   237  
17,400
  Murphy Oil Corp   1,476  
33,386
*
  Newfield Exploration Co   1,759  
186,218
  Noble Energy, Inc   14,808  
971,060
  Occidental Petroleum Corp   74,762  
43,658
  OMV AG.   3,537  
123,910
  Petroleo Brasileiro S.A. (ADR)   14,279  
86,726
  Premier Farnell plc   253  
210,362
  Repsol YPF S.A.   7,498  
1,822,264
  Royal Dutch Shell plc (A Shares)   76,575  
1,202,734
  Royal Dutch Shell plc (B Shares)   50,038  
61,371
e*
  SandRidge Energy, Inc   2,201  
44,566
  Showa Shell Sekiyu KK   495  
15,550
  SK Corp   3,289  
678,374
  Statoil ASA   21,114  
212,332
  Suncor Energy, Inc   23,216  
74,489
*
  Suncor Energy, Inc   8,099  
65,116
  Sunoco, Inc   4,717  
83,672
  Tesoro Corp   3,991  
68,353
  TonenGeneral Sekiyu KK   675  
1,003,891
  Total S.A.   83,412  
293,474
  Valero Energy Corp   20,552  
 
  TOTAL PETROLEUM AND COAL PRODUCTS   1,062,832  
 
PIPELINES, EXCEPT NATURAL GAS - 0.11%
     
166,987
  Spectra Energy Corp   4,312  
348,133
  TransCanada Corp   14,300  
60,000
*
  Wellstream Holdings plc   1,293  
 
  TOTAL PIPELINES, EXCEPT NATURAL GAS   19,905  
 
PRIMARY METAL INDUSTRIES - 1.10%      
44,376
e
  Acerinox S.A.   1,092  
55,000
*
  AK Steel Holding Corp   2,543  
230,107
  Alcoa, Inc   8,410  
23,540
  Allegheny Technologies, Inc   2,034  
262,858
e
  Arcelor   20,442  
2,139
  Bekaert S.A.   288  
175,520
  BlueScope Steel Ltd   1,487  
1,072
  Boehler-Uddeholm AG.   108  
594,536
  Corning, Inc   14,263  
76,698
e
  Daido Steel Co Ltd   576  
63,530
  DOWA HOLDINGS CO Ltd   446  

167

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account      
 
 
     
VALUE
 
SHARES
      (000)  
10,913
m,v*
  Dowa Mining Co Ltd
$
-
^
432,136
*
  Equinox Minerals Ltd   2,371  
83,108
  Fujikura Ltd   423  
147,458
  Furukawa Electric Co Ltd   573  
5,382
  Hoganas AB (Class B)   114  
56,883
  Johnson Matthey plc   2,130  
629,723
  Kobe Steel Ltd   2,052  
266,186
  Mitsubishi Materials Corp   1,139  
135,239
  Mitsui Mining & Smelting Co Ltd   542  
98,308
  Nippon Light Metal Co Ltd   172  
1,388,818
  Nippon Steel Corp   8,603  
188,715
e
  Nisshin Steel Co Ltd   664  
108,921
  Nucor Corp   6,450  
135,127
  OneSteel Ltd   730  
30,245
  Outokumpu Oyj   938  
4,000
  POSCO   2,457  
19,300
  Precision Castparts Corp   2,677  
36,855
  Salzgitter AG.   5,499  
102,072
  SKF AB (B Shares)   1,729  
600,000
  Steel Authority Of India   4,332  
20,000
  Steel Dynamics, Inc   1,191  
179,656
  Sumitomo Electric Industries Ltd   2,858  
2,551,614
  Sumitomo Metal Industries Ltd   11,854  
132,449
  Sumitomo Metal Mining Co Ltd   2,264  
6,700
e
  Toho Titanium Co Ltd   202  
24,248
  Tokyo Steel Manufacturing Co Ltd   270  
6,448
  Umicore   1,603  
55,876
  United States Steel Corp   6,756  
42,000
  Usinas Siderurgicas de Minas Gerais S.A.   1,923  
234,288
  Vallourec   63,422  
24,229
  Viohalco S.A.   352  
46,799
  Voestalpine AG.   3,383  
1,200
  Yamato Kogyo Co Ltd   49  
 
  TOTAL PRIMARY METAL INDUSTRIES   191,411  
 
PRINTING AND PUBLISHING - 0.53%
     
10,187
  APN News & Media Ltd   47  
27,828
e
  Arnoldo Mondadori Editore S.p.A.   229  
149,138
  Dai Nippon Printing Co Ltd   2,193  
77,055
  Daily Mail & General Trust   762  
142,449
  De La Rue plc   2,769  
28,545
  Dun & Bradstreet Corp   2,530  
56,110
  Emap plc   1,028  
43,996
  e,m,v*
  Eniro AB   16  
27,296
  Eniro AB   245  
1,200
e
  EW Scripps Co (Class A)   54  
61,215
  Gannett Co, Inc   2,387  
34,845
  Independent News & Media plc   121  
287,007
  John Fairfax Holdings Ltd   1,179  
13,715
e
  McClatchy Co (Class A)   172  
198,554
  McGraw-Hill Cos, Inc   8,699  
8,327
e
  New York Times Co (Class A)   146  
354,291
  Orkla ASA   6,867  

168

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account      
 
 
      VALUE  
SHARES
      (000)  
32,890
  PagesJaunes Groupe S.A.
$
659  
212,958
  Pearson plc   3,103  
37,176
*
  Quebecor World, Inc   67  
79,021
  R.R. Donnelley & Sons Co   2,982  
185,841
e
  Reed Elsevier NV   3,709  
2,448,083
*
  Reed Elsevier plc   33,113  
332,082
  Reuters Group plc   4,211  
12,060
  Schibsted ASA   523  
355,140
  Singapore Press Holdings Ltd   1,110  
104,227
  Thomson Corp   4,255  
132,540
  Toppan Printing Co Ltd   1,304  
72,090
  Trinity Mirror plc   500  
65,677
  United Business Media plc   849  
1,360
  Washington Post Co (Class B)   1,076  
75,234
  Wolters Kluwer NV   2,473  
202,735
  Yell Group plc   1,618  
117,000
  Yellow Pages Income Fund   1,648  
 
  TOTAL PRINTING AND PUBLISHING   92,644  
 
RAILROAD TRANSPORTATION - 0.52%      
537,660
e
  Asciano Group   3,305  
112,816
  Burlington Northern Santa Fe Corp   9,390  
234,152
e*
  Canadian National Railway Co   11,068  
71,201
  Canadian Pacific Railway Ltd   4,633  
379
  Central Japan Railway Co   3,233  
115,781
  CSX Corp   5,092  
1,821
  East Japan Railway Co   15,029  
262,307
  Firstgroup plc   4,255  
1,243,400
  Hankyu Hanshin Holdings, Inc   5,376  
127,447
  Norfolk Southern Corp   6,428  
147,105
e
  Odakyu Electric Railway Co Ltd   936  
156,440
  Union Pacific Corp   19,652  
403
  West Japan Railway Co   2,002  
 
  TOTAL RAILROAD TRANSPORTATION   90,399  
 
REAL ESTATE - 1.42%
     
298,410
  Aeon Mall Co Ltd   7,880  
6,698,863
  Allgreen Properties Ltd   6,934  
1,893,000
  Ascendas India Trust   1,683  
234,571
  Ascendas Real Estate Investment Trust   401  
10,195,901
  Ayala Land, Inc   3,520  
28,321
  Bovis Homes Group plc   347  
137,401
  British Land Co plc   2,585  
66,023
  Brixton plc   387  
101,293
  Brookfield Properties Co   1,973  
2,494,488
  CapitaLand Ltd   10,866  
20,288
  Castellum AB   211  
52,803
e*
  CB Richard Ellis Group, Inc (Class A)   1,138  
2,288,600
  Central Pattana PCL   1,699  
204,142
e
  Centro Properties Group   181  
32,617
  Centro Retail Group   27  
360,792
  Cheung Kong Holdings Ltd   6,672  
827,000
*
  China Aoyuan Property Group Ltd   440  

169

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account      
 
          VALUE  
SHARES         (000)  
1,891,000 *   China New Town Development Co Ltd
$
775  
17,000     Chinese Estates Holdings Ltd   31  
519,531     City Developments Ltd   5,125  
2,032     Cofinimmo   382  
11,369     Corio NV   921  
692,582     DB RREEF Trust   1,216  
42,932     Fabege AB   440  
14,072 e   Forest City Enterprises, Inc (Class A)   625  
32,939 *   Forestar Real Estate Group, Inc   777  
2,948     Gecina S.A.   463  
69,000 *   Genting International plc   33  
4,173,000     Greentown China Holdings Ltd   6,518  
79,618     Hammerson plc   1,625  
13,000     Hang Lung Group Ltd   71  
1,188,356     Hang Lung Properties Ltd   5,380  
16,000     Henderson Investment Ltd   3  
211,684     Henderson Land Development Co Ltd   1,994  
139,638     Hopewell Holdings   645  
138,477     Hysan Development Co Ltd   395  
937     ICADE   140  
4,548,700     IGB Corp BHD   3,109  
120,728     IMMOFINANZ Immobilien Anlagen AG.   1,227  
24,069     IVG Immobilien AG.   830  
19,000     Jones Lang LaSalle, Inc   1,352  
84,676     Keppel Land Ltd   428  
134,860     Kerry Properties Ltd   1,084  
17,642     Klepierre   902  
19,316     Kungsleden AB   215  
19,635,000     Lai Fung Holdings Ltd   995  
8,011,933     Land and Houses PCL   1,784  
31,678     Leighton Holdings Ltd   1,702  
30,213     Leopalace21 Corp   814  
66,156     Liberty International plc   1,418  
504,478     Link Real Estate Investment Trust   1,092  
341,684     Macquarie Goodman Group   1,467  
67,013,000     Megaworld Corp   6,088  
4,079,600 *   Metro Pacific Investments Corp   435  
16,789     MI Developments, Inc (Class A)   472  
244,756     Mirvac Group   1,289  
282,614     Mitsubishi Estate Co Ltd   6,818  
200,863     Mitsui Fudosan Co Ltd   4,369  
2,699,283     New World Development Ltd   9,572  
12,100     Nomura Real Estate Holdings, Inc   292  
113,562     ORIX Corp   19,406  
18,770,500 *   PT Ciputra Property Tbk   1,199  
12,420,000 *   PT Jasa Marga   2,512  
26,645,900     Quality House PCL   1,677  
4,690 e   Risa Partners, Inc   10,328  
8,863,200     Robinsons Land Corp   3,543  
113,311     Segro plc   1,060  
10,114,942     Shanghai Real Estate Ltd   2,569  
408,600     Shoei Co Ltd   5,534  
438,104     Shui On Land Ltd   511  

170

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account      
 
 
      VALUE  
SHARES
      (000)  
23,286
  Singapore Land Ltd
$
129  
329,973
  Sino Land Co   1,172  
3,338,400
  SP Setia BHD   5,027  
556,400
*
  SP Setia BHD   71  
3,679,000
*
  SPG Land Holdings Ltd   3,293  
4,409
e*
  St. Joe Co   157  
291,038
  Stockland Trust Group   2,152  
788,433
  Sumitomo Realty & Development Co Ltd   19,514  
327,657
  Sun Hung Kai Properties Ltd   6,959  
66,572
  Tokyo Tatemono Co Ltd   631  
619,107
  Tokyu Land Corp   5,331  
16,862
  Unibail   3,696  
743
  Unibail-Rodamco   162  
5,398,135
*
  Unitech Corporate Parks plc   12,196  
420,600
  Urban Corp   5,629  
3,515
  Wereldhave NV   384  
412,718
e
  Westfield Group   7,610  
13,000
  Wheelock & Co Ltd   40  
4,681
  Wihlborgs Fastigheter AB   84  
112,994
  Wing Tai Holdings Ltd   212  
13,000
  Yanlord Land Group Ltd   30  
1,163,600
  YNH Property BHD   950  
2,650,000
*
  Zhong An Real Estate Ltd   1,557  
 
  TOTAL REAL ESTATE   247,582  
 
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.60%      
31,499
  Ansell Ltd   334  
847,783
  Bayer AG.   77,506  
146,961
  Bridgestone Corp   2,615  
1,700
  Cooper Tire & Rubber Co   28  
110,738
  Denki Kagaku Kogyo KK   483  
54,800
*
  Goodyear Tire & Rubber Co   1,546  
36,827
  Michelin (C.G.D.E.) (Class B)   4,227  
149,282
  Mitsui Chemicals, Inc   981  
73,592
  Newell Rubbermaid, Inc   1,904  
172,956
  Nike, Inc (Class B)   11,111  
27,341
  Nokian Renkaat Oyj   961  
751,620
  Pirelli & C S.p.A.   827  
41,740
  Sealed Air Corp   966  
7,788
  Sumitomo Bakelite Co Ltd   47  
39,500
  Tupperware Corp   1,305  
12,935
e
  Uponor Oyj   326  
 
  TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS   105,167  
 
SECURITY AND COMMODITY BROKERS - 1.98%
     
511,269
e
  Allco Finance Group Ltd   2,783  
151,356
  Ameriprise Financial, Inc   8,341  
145,940
  Australian Stock Exchange Ltd   7,753  
53,927
e
  Babcock & Brown Ltd   1,286  
10,600
e
  Bear Stearns Cos, Inc   935  
312,520
  Bolsa de Mercadorias e Futuros - BM&F   4,389  
21,873
  Broadridge Financial Solutions, Inc   491  
475,337
  Charles Schwab Corp   12,145  

171

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account      
 
 
      VALUE  
SHARES
      (000)  
30,281
  Close Brothers Group plc
$
573  
12,294
  CME Group, Inc   8,434  
814,230
  Credit Suisse Group   48,977  
320,355
  Daiwa Securities Group, Inc   2,914  
63,073
  Deutsche Boerse AG.   12,518  
199,877
e*
  E*Trade Financial Corp   710  
326
  E*Trade Securities Co Ltd   303  
63,246
  Franklin Resources, Inc   7,237  
49,621
e*
  GFI Group, Inc   4,750  
157,664
  Goldman Sachs Group, Inc   33,906  
14,344
  Hellenic Exchanges S.A.   503  
252,587
  Hong Kong Exchanges and Clearing Ltd   7,166  
12,800
*
  IntercontinentalExchange, Inc   2,464  
166,258
  Invesco Ltd   5,217  
80,825
  Janus Capital Group, Inc   2,655  
3,049,200
  Kim Eng Securities Thailand PCL   2,308  
34,000
  Korea Investment Holdings Co Ltd   2,902  
1,729,041
  Legal & General Group plc   4,495  
34,764
  Legg Mason, Inc   2,543  
440,475
  Lehman Brothers Holdings, Inc   28,825  
40,995
  London Stock Exchange Group plc   1,615  
152,004
e
  Macquarie Group Ltd   10,170  
27,224
  Matsui Securities Co Ltd   216  
417,655
  Merrill Lynch & Co, Inc   22,420  
472,765
  Morgan Stanley   25,109  
51,000
*
  Nasdaq Stock Market, Inc   2,524  
91,000
e
  Nikko Cordial Corp   1,354  
939,699
  Nomura Holdings, Inc   15,940  
110,600
e
  Nymex Holdings, Inc   14,777  
36,065
  NYSE Euronext   3,165  
13,251
  OMX AB   536  
3,341,600
  OSK Holdings BHD   2,344  
2,192
  SBI Holdings, Inc   599  
109,039
  Schroders plc   2,826  
40,660
  SEI Investments Co   1,308  
121,956
  Shinko Securities Co Ltd   504  
1,819,056
  Singapore Exchange Ltd   16,959  
66,655
  T Rowe Price Group, Inc   4,058  
3,800
  TD Ameritrade Holding Corp   76  
31,272
  TSX Group, Inc   1,673  
 
  TOTAL SECURITY AND COMMODITY BROKERS   345,696  
 
SOCIAL SERVICES - 0.01%      
48,327
  Vedior NV   1,217  
 
  TOTAL SOCIAL SERVICES   1,217  
 
SPECIAL TRADE CONTRACTORS - 0.00%**
     
22,349
  COMSYS Holdings Corp   184  
29,131
  Kinden Corp   229  
 
  TOTAL SPECIAL TRADE CONTRACTORS   413  
 
STONE, CLAY, AND GLASS PRODUCTS - 0.69%      
224,134
  3M Co   18,899  

172

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account      
 
 
     
VALUE
 
SHARES
      (000)  
228,298
e
  Asahi Glass Co Ltd
$
3,063  
1,300,000
  Asia Cement Corp   1,900  
134,046
  Boral Ltd   720  
34,000
  Bradespar S.A.   909  
37,447
  Central Glass Co Ltd   142  
58,337
  Cimpor Cimentos de Portugal S.A.   512  
86,199
  Compagnie de Saint-Gobain   8,127  
32,963
  Cookson Group plc   457  
125,577
  CRH plc   4,379  
35,279
  FLSmidth & Co AS   3,611  
341
  HeidelbergCement AG.   53  
324,545
  Holcim Ltd   34,772  
25,841,000
  Holcim Philippines, Inc   4,821  
18,501
  Italcementi S.p.A.   396  
1,499
  Italcementi S.p.A.   23  
105,858
e
  James Hardie Industries NV   600  
1,147,200
  Lafarge Malayan Cement BHD   2,029  
39,622
  Lafarge S.A.   7,212  
1,408,000
  Luks Group Vietnam Holdings Ltd   1,734  
418,021
  NGK Insulators Ltd   11,338  
142,222
  Nippon Sheet Glass Co Ltd   727  
86,884
*
  Owens-Illinois, Inc   4,301  
384
  Pargesa Holding S.A.   43  
2,513,000
  PT Indocement Tunggal Prakarsa Tbk   2,194  
6,895,000
  PT Semen Gresik Persero Tbk   4,111  
5,964
*
  RHI AG.   244  
81,952
  Sumitomo Osaka Cement Co Ltd   157  
211,376
  Taiheiyo Cement Corp   505  
64,977
e
  Toto Ltd   516  
2,558,600
  TPI Polene PCL   566  
20,518
  Wienerberger AG.   1,138  
 
  TOTAL STONE, CLAY, AND GLASS PRODUCTS   120,199  
 
TEXTILE MILL PRODUCTS - 0.00%**      
83
  Fiberweb plc  
-
^
 
  TOTAL TEXTILE MILL PRODUCTS  
-
^
 
TOBACCO PRODUCTS - 1.07%      
1,384,933
  Altria Group, Inc   104,673  
695,103
  British American Tobacco plc   27,189  
4,707,728
  Huabao International Holdings Ltd   4,709  
179,501
  Imperial Tobacco Group plc   9,691  
891,989
  ITC Ltd   4,740  
4,123
  Japan Tobacco, Inc   24,654  
45,900
  Loews Corp (Carolina Group)   3,915  
57,200
e
  Reynolds American, Inc   3,773  
74,263
  Swedish Match AB   1,775  
22,400
  UST, Inc   1,228  
 
  TOTAL TOBACCO PRODUCTS   186,347  
 
TRANSPORTATION BY AIR - 0.25%      
35,800
e*
  ACE Aviation Holdings, Inc (Class A)   1,028  
8,120
  Aeroports de Paris   831  

173

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account      
 
 
     
VALUE
 
SHARES
      (000)  
32,543
  Air France-KLM
$
1,144  
150,000
  All Nippon Airways Co Ltd   555  
141,000
e*
  AMR Corp   1,978  
217,356
  Auckland International Airport Ltd   487  
97,001
  BBA Aviation plc   396  
149,624
*
  British Airways plc   923  
324,089
  Cathay Pacific Airways Ltd   848  
105,000
*
  Continental Airlines, Inc (Class B)   2,336  
133,373
  FedEx Corp   11,893  
2,478
  Flughafen Wien AG.   286  
456
  Fraport AG. Frankfurt Airport Services Worldwide   36  
2,000
  Hong Kong Aircraft Engineerg   54  
140,591
  Iberia Lineas Aereas de Espana   617  
210,000
*
  Japan Airlines Corp   479  
30,000
  Korean Air Lines Co Ltd   2,461  
162,127
  Macquarie Airports   577  
229,774
  Qantas Airways Ltd   1,098  
100,580
*
  Ryanair Holdings plc   681  
9
e*
  Ryanair Holdings plc (ADR)  
-
^
238,664
  SABMiller plc   6,727  
17,579
*
  SAS AB   226  
124,379
  Singapore Airlines Ltd   1,502  
69,679
  Southwest Airlines Co   850  
160,000
e
  UAL Corp   5,706  
 
  TOTAL TRANSPORTATION BY AIR   43,719  
 
TRANSPORTATION EQUIPMENT - 3.74%
     
1,256,843
  Austal Ltd   3,134  
145,000
  Autoliv, Inc   7,643  
34,979
  Bayerische Motoren Werke AG.   2,166  
520
  Bayerische Motoren Werke AG.   28  
596,392
  Boeing Co   52,160  
661,852
*
  Bombardier, Inc (Class B)   3,997  
21,748
e
  Brunswick Corp   371  
294,308
  Cobham plc   1,224  
1,099,873
  Cosco Corp Singapore Ltd   4,416  
2,000
  Daihatsu Motor Co Ltd   19  
537,339
  DaimlerChrysler AG.   52,244  
337,435
  Denso Corp   13,834  
782
  D'ieteren S.A.   281  
86,245
e
  European Aeronautic Defence and Space Co   2,753  
326,351
e
  Fiat S.p.A.   8,445  
621,605
e*
  Ford Motor Co   4,183  
196,108
  General Dynamics Corp   17,452  
118,187
  General Motors Corp   2,942  
44,487
  Genuine Parts Co   2,060  
402,193
  GKN plc   2,258  
17,600
  Goodrich Corp   1,243  
93,544
  Harley-Davidson, Inc   4,369  
30,776
  Harsco Corp   1,972  
59,182
  Hino Motors Ltd   385  
476,196
  Honda Motor Co Ltd   15,985  
3,430
  Hyundai Heavy Industries   1,621  

174

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account      
 
 
      VALUE  
SHARES
      (000)  
1,277,269
  Isuzu Motors Ltd
$
5,808  
45,614
  ITT Industries, Inc   3,012  
32,639
  Jardine Cycle & Carriage Ltd   494  
44,995
  JTEKT Corp   810  
338,044
  Kawasaki Heavy Industries Ltd   1,002  
2,032,010
  Keppel Corp Ltd   18,352  
33,224
  Lagardere S.C.A.   2,491  
213,940
  Lockheed Martin Corp   22,519  
43,722
  Magna International, Inc (Class A)   3,552  
52,776
  MAN AG.   8,781  
13,000
  Mazda Motor Corp   65  
50,000
*
  Mitsubishi Motors Corp   85  
174,875
  Mitsui Engineering & Shipbuilding Co Ltd   683  
555,158
  Nabtesco Corp   8,836  
35,421
  NHK Spring Co Ltd   326  
141,876
  Northrop Grumman Corp   11,157  
104,401
  NSK Ltd   1,090  
18,627
  Oshkosh Truck Corp   880  
128,050
  Paccar, Inc   6,976  
47,904
*
  Pactiv Corp   1,276  
74,528
  Peugeot S.A.   5,650  
2,292
  Porsche AG.   4,644  
289,472
  Raytheon Co   17,571  
260,849
  Renault S.A.   36,997  
1,072
  Rieter Holding AG.   473  
474,158
  Rolls-Royce Group plc   5,153  
19,387,111
m,v*
  Rolls-Royce Group plc   39  
99,712
  Scania AB (B Shares)   2,376  
2,814,348
  SembCorp Marine Ltd   7,899  
16,061
  Shimano, Inc   582  
846,956
  Siemens AG.   134,801  
2,226,640
  Singapore Technologies Engineering Ltd   5,801  
78,000
*
  Spirit Aerosystems Holdings, Inc (Class A)   2,691  
23,041
  Thales S.A.   1,373  
12,700
  Tokai Rika Co Ltd   398  
14,296
  Toyoda Gosei Co Ltd   508  
44,194
  Toyota Industries Corp   1,808  
999,225
  Toyota Motor Corp   54,024  
22,013
  Trelleborg AB (B Shares)   461  
476,168
  United Technologies Corp   36,446  
5,940,000
*
  Vietnam Manufacturing & Export Processing Holdings Ltd   2,788  
69,636
  Volkswagen AG.   15,893  
10,044
  Volkswagen AG.   1,468  
117,727
  Volvo AB (A Shares)   1,967  
294,769
  Volvo AB (B Shares)   4,948  
43,489
  Yamaha Motor Co Ltd   1,053  
9,993
  Zodiac S.A.   639  
 
  TOTAL TRANSPORTATION EQUIPMENT   653,831  
 
TRANSPORTATION SERVICES - 0.12%
     
67,847
  Altadis S.A.   4,931  
31,430
  Arriva plc   497  
15,900
  CH Robinson Worldwide, Inc   861  

175

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account      
 
          VALUE  
SHARES         (000)  
77,463     Expeditors International Washington, Inc
$
3,461  
668     Kuoni Reisen Holding   348  
16,031 *   Lear Corp   443  
329,399     MTR Corp   1,212  
33,311     National Express Group plc   824  
9,253     Stolt-Nielsen S.A.   276  
439,868 e   Toll Holdings Ltd   4,422  
55,686 *   TUI AG.   1,558  
145,000     UTI Worldwide, Inc   2,842  
      TOTAL TRANSPORTATION SERVICES   21,675  
 
TRUCKING AND WAREHOUSING - 1.16%      
4,138,928     Deutsche Post AG.   142,267  
476,800 e   DSV AS   10,447  
60,323     Kamigumi Co Ltd   437  
26,262     Mitsubishi Logistics Corp   295  
187,343     Nippon Express Co Ltd   964  
30,991     Seino Holdings Corp   211  
840,103     TNT NV   34,699  
178,795     United Parcel Service, Inc (Class B)   12,644  
91,378     Yamato Transport Co Ltd   1,318  
      TOTAL TRUCKING AND WAREHOUSING   203,282  
 
WATER TRANSPORTATION - 0.43%
     
8     A P Moller - Maersk AS (Class A)   85  
291     AP Moller - Maersk AS (Class B)   3,104  
180,000 e   Aries Maritime Transport Ltd   1,170  
158,514     Carnival Corp   7,052  
44,414     Carnival plc   1,962  
1,078,000     China Shipping Development Co Ltd   2,848  
26,422     Compagnie Maritime Belge S.A.   2,289  
46,860     D/S Torm AS   1,645  
135,000     Danaos Corp   3,565  
3,190,000 *   DP World Ltd   3,892  
5,272     Euronav NV   186  
4,574,000     Evergreen Marine Corp Tawain Ltd   4,174  
2,384,000     Ezra Holdings Ltd   5,499  
32,491 e   Frontline Ltd   1,562  
95,300 *   Hamburger Hafen und Logistik AG.   8,499  
4,395,000     International Container Term Services, Inc   4,845  
128,186 e   Kawasaki Kisen Kaisha Ltd   1,260  
14,217     Kuehne & Nagel International AG.   1,362  
451,145     Mitsui OSK Lines Ltd   5,759  
1,002,381     Neptune Orient Lines Ltd   2,723  
265,636     Nippon Yusen Kabushiki Kaisha   2,111  
175,000 e   Omega Navigation Enterprises, Inc (Class A)   2,756  
251,769     Orient Overseas International Ltd   1,863  
36,000     Pacific Basin Shipping Ltd   58  
47,623 e   Royal Caribbean Cruises Ltd   2,021  
217,954     Shun TAK Holdings Ltd   343  
2,000,000     Wan Hai Lines Ltd   1,819  
      TOTAL WATER TRANSPORTATION   74,452  

176

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account      
 
         
VALUE
 
SHARES
        (000)  
WHOLESALE TRADE-DURABLE GOODS - 0.50%
     
361,374,500 *   A-Max Holdings Ltd
$
4,866  
75,715 *   Arrow Electronics, Inc   2,974  
88,368     Assa Abloy AB (Class B)   1,774  
5,792     Autobacs Seven Co Ltd   117  
281,887     Banpu PCL   3,448  
145,513     Banpu PCL   1,728  
38,021 *   Boart Longyear Group   78  
32,000     BorgWarner, Inc   1,549  
25,222     Buhrmann NV   197  
87,973     Bunzl plc   1,243  
16,571     Canon Marketing Japan, Inc   309  
753,000 *   China High Speed Transmission Equipment Group Co Ltd   2,009  
102,510     Electrocomponents plc   425  
82,407     Finning International, Inc   2,393  
280,980 *   Fortescue Metals Group Ltd   1,850  
94,645 e   Hagemeyer NV   648  
31,929     Kingspan Group plc   483  
11,573 e   Martin Marietta Materials, Inc   1,535  
325,998     Mitsubishi Corp   8,929  
545,205     Nissan Motor Co Ltd   6,003  
29,960 *   Patterson Cos, Inc   1,017  
3,840 *   Prysmian S.p.A.   95  
2,481,000     PT Astra International Tbk   7,211  
21,901     Rautaruukki Oyj   949  
215 e   Rockwool International AS (B Shares)   50  
57,962     Schneider Electric S.A.   7,854  
44,658 *   Securitas Direct AB (B Shares)   179  
44,595     Securitas Systems AB (B Shares)   159  
256,347 e   Sumitomo Corp   3,642  
205,600 e   Ulvac, Inc   9,349  
803,800     UMW Holdings BHD   3,792  
18,765     W.W. Grainger, Inc   1,642  
38,413 *   Wesfarmers Ltd   1,373  
134,324     Wesfarmers Ltd   4,777  
174,249     Wolseley plc   2,574  
      TOTAL WHOLESALE TRADE-DURABLE GOODS   87,221  
 
WHOLESALE TRADE-NONDURABLE GOODS - 0.82%      
11,571,000 *   Alliance Global Group, Inc   1,570  
16,417 e   Altana AG.   400  
4,311     Axfood AB   174  
218,454 e   Billabong International Ltd   2,843  
12,197     Brown-Forman Corp (Class B)   904  
20,433     C&C Group plc   122  
116,845     Cardinal Health, Inc   6,748  
11,319     Casino Guichard Perrachon S.A.   1,231  
22,394     Celesio AG.   1,392  
778,000     Dalian Port PDA Co Ltd   594  
34,624     Dean Foods Co   895  
1,072,243     Esprit Holdings Ltd   15,952  
477,628     Foster's Group Ltd   2,747  
217     Fyffes plc  
-
^

177

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account                  
 
 
           
MATURITY
    
VALUE
 
SHARES
       
RATE
 
DATE
    (000)  
506,463
  Gazprom (ADR)             $ 28,716  
52,752
*
  Gildan Activewear, Inc               2,188  
25,000
  Hanwha Corp               1,891  
52,686
e
  Idearc, Inc               925  
69,832
  KT&G Corp               5,946  
1,055,778
  Li & Fung Ltd               4,265  
150,000
e
  Macquarie Infrastructure Co LLC               6,080  
1,234,267
  Marubeni Corp               8,761  
9,199
  Metro, Inc (Class A)               246  
300,400
  Nippon Oil Corp               2,444  
8,862
  Oriflame Cosmetics S.A.               566  
49,658
  Reliance Industries Ltd               3,632  
56,600
  San-A Co Ltd               1,712  
14,571
  Suzuken Co Ltd               520  
163,333
  Sysco Corp               5,098  
40,000
*
  Terra Industries, Inc               1,910  
650,727
  Unilever NV               23,928  
238,000
  Unilever NV               8,677  
 
  TOTAL WHOLESALE TRADE-NONDURABLE GOODS               143,077  
 
 
  TOTAL COMMON STOCKS               17,290,088  
 
  (Cost $15,994,123)                  
 
WARRANTS - 0.02%
                 
 
DEPOSITORY INSTITUTIONS - 0.01%                  
5,404,942
*
  Bank of Ayudhya Pcl (Expires 9/3/08)               2,246  
 
  TOTAL DEPOSITORY INSTITUTIONS               2,246  
 
HOTELS AND OTHER LODGING PLACES - 0.01%                  
1,550,848
*
  Minor International plc (Expires 3/29/08)               548  
 
  TOTAL HOTELS AND OTHER LODGING PLACES               548  
 
OIL AND GAS EXTRACTION - 0. 00%**                  
908
*
  WesternZagros Resources Ltd (Expires 1/18/08)              
-
^
 
                 
-
^
REAL ESTATE - 0.00%**                  
52,313
*
  Cheuk Nang Holdings Ltd (Expires 4/30/08)               11  
 
  TOTAL REAL ESTATE               11  
 
 
  TOTAL WARRANTS               2,805  
 
  (Cost $1,055)                  
PRINCIPAL
                     
 
SHORT-TERM INVESTMENTS - 0.34%                  
 
U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES - 0.34%                  
$ 46,100,000     Federal Home Loan Bank (FHLB)        0.000%   01/02/08     46,100  
14,000,000     (FHLB)     0.000   01/09/08     13,989  
      TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES               60,089  
                         
      TOTAL SHORT-TERM INVESTMENTS               60,089  
      (Cost $60,082)                  

178

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account      
 
          VALUE  
SHARES
        (000)  
INVESTMENT OF COLLATERAL FOR SECURITIES LOANED - 5.32%      
 
CERTIFICATE OF DEPOSITS - 1.56%      
      ABN Amro Bank NV Chicago $ 20,034  
      ABN Amro Bank NV Chicago   24,976  
      Allied Irish Banks plc   25,016  
      Bank of Scotland   14,993  
      Calyon New York   29,977  
      HBOS plc   15,026  
      Landesbank Baden   23,015  
      Royal Bank of Scotland plc   15,008  
      Royal Bank of Scotland plc   24,979  
      Svenska Handelsbanken   29,973  
      UBS AG.   25,003  
      UBS AG.   15,025  
      Westpac Banking Corp   9,989  
      TOTAL CERTIFICATE OF DEPOSITS   273,014  
 
COMMERCIAL PAPER - 0.65%      
      Alliance & Leicester plc   29,629  
      Alliance & Leicester plc   19,747  
      Banco Santander Central Hispano S.A.   29,650  
      Societe Generale North America, Inc   34,688  
      TOTAL COMMERCIAL PAPER   113,714  
 
REPURCHASE AGREEMENTS - 0.36%      
      Deutsche Bank   32,484  
      Salomon Brothers   30,000  
      TOTAL REPURCHASE AGREEMENTS   62,484  
 
VARIABLE NOTES - 2.75%      
  g,i   ARG Funding Corp   3,332  
  i   American Express Credit Account Master Trust   4,984  
  g,i   American Express Credit Account Master Trust   13,890  
  i   American Express Credit Account Master Trust   10,973  
  i   Bank of Americal Credit Card Trust   14,886  
  i   Bank of Americal Credit Card Trust   10,907  
  i   Bank One Issuance Trust   4,967  
  i   Brunel Residential Mortgage Securistisation plc   8,934  
  i   Capital One Multi-Asset Execution Trust   2,994  
  i   Capital One Multi-Asset Execution Trust   2,994  
  i   Capital One Multi-Asset Execution Trust   7,947  
  i   Capital One Multi-Asset Execution Trust   29,795  
  i   Chase Issuance Trust   4,958  
  i   Chase Issuance Trust   3,842  
  i   Chase Issuance Trust   8,888  
  i   Chase Issuance Trust   17,992  
  i   Citibank Credit Card Issuance Trust   20,002  
  i   Discover Card Master Trust   2,995  
  i   Discover Card Master Trust   11,957  
  i   Discover Card Master Trust   2,979  
  i   Discover Card Master Trust   14,894  
  i   Discover Card Master Trust   2,981  
  i   Discover Card Master Trust   1,987  

179

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account      
 
          VALUE  
SHARES
        (000)  
  i   GE Dealer Floorplan Master Note Trust $ 6,949  
  i   GE Equipment Midticket LLC   8,000  
  i   General Electric Capital Corp   5,970  
  i   General Electric Capital Corp   3,971  
  i   General Electric Capital Corp   20,053  
  i   General Electric Capital Corp   9,997  
  i   General Electric Capital Corp   2,992  
  i   Granite Master Issuer plc   6,856  
  i   Granite Master Issuer plc   5,948  
  i   JP Morgan Chase & Co   21,928  
  i   JP Morgan Chase & Co   19,920  
  i   Medallion Trust   3,579  
  i   Nelnet Student Loan Trust   12,990  
  g,i   Nelnet Student Loan Trust   8,986  
  g,i   Nelnet Student Loan Trust   4,961  
  i   Permanent Master Issuer plc   24,095  
  i   Permanent Financing plc   16,840  
  i   Permanent Financing plc   4,953  
  g,i   Puma Finance Limited   8,436  
  i   SLM Student Loan Trust   9,969  
  i   SLM Student Loan Trust   29,106  
  i   Wachovia Student Loan Trust   11,850  
  i   Wachovia Corp   9,902  
  i   Wells Fargo & Co   10,776  
      TOTAL VARIABLE NOTES   479,105  
 
      TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED   928,317  
      (Cost $928,317)      
 
      TOTAL PORTFOLIO - 104.70%   18,281,533  
      (Cost $16,983,953)      
      OTHER ASSETS & LIABILITIES, NET - (4.70%)   (820,251 )
 
      NET ASSETS - 100.00%   $ 17,461,282  
     
 
      

 
      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.      
  g   Security is exempt from registration under Rule 144 (A) of the Securities Act of 1933      
      and may be resold in transactions exempt from registration to qualified institutional buyers.      
      At December 31, 2007, the value of these securities amounted to $39,604,639 or 0.23% of net assets.      
  i   Floating rate or variable rate securities reflects the rate in effect as of December 31, 2007.      
  m   Indicates a security that has been deemed illiquid.      
  v   Security valued at fair value.      

180

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account      
 
      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.      

181

COLLEGE RETIREMENT EQUITIES FUND - Growth Account      
 
COLLEGE RETIREMENT EQUITIES FUND
GROWTH ACCOUNT
STATEMENT OF INVESTMENTS (unaudited)
December 31, 2007
 
 
      VALUE  
SHARES
      (000)  
COMMON STOCKS - 98.77%      
 
AMUSEMENT AND RECREATION SERVICES - 1.60%      
1,295,388
*
  Activision, Inc
$
 38,473  
91,964
  Harrah's Entertainment, Inc   8,162  
729,571
e*
  Melco PBL Entertainment Macau Ltd (ADR)   8,434  
219,535
  Nintendo Co Ltd   131,468  
64,438
*
  Penn National Gaming, Inc   3,837  
1,001,067
  Walt Disney Co   32,314  
27,125
e
  Warner Music Group Corp   164  
 
  TOTAL AMUSEMENT AND RECREATION SERVICES   222,852  
 
APPAREL AND ACCESSORY STORES - 0.72%      
317,544
  Abercrombie & Fitch Co (Class A)   25,394  
195,000
*
  Aeropostale, Inc   5,168  
162,627
  American Eagle Outfitters, Inc   3,378  
48,073
e*
  AnnTaylor Stores Corp   1,229  
155,606
e*
  Chico's FAS, Inc   1,405  
83,839
*
  Hanesbrands, Inc   2,278  
344,153
*
  Kohl's Corp   15,762  
272,732
e
  Limited Brands, Inc   5,163  
931,943
e
  Nordstrom, Inc   34,230  
118,099
  Ross Stores, Inc   3,020  
100,165
*
  Urban Outfitters, Inc   2,730  
 
  TOTAL APPAREL AND ACCESSORY STORES   99,757  
 
APPAREL AND OTHER TEXTILE PRODUCTS - 0.05%      
46,140
  Guess ?, Inc   1,748  
8,060
e
  Liz Claiborne, Inc   164  
48,608
  Phillips-Van Heusen Corp   1,792  
52,266
  Polo Ralph Lauren Corp   3,229  
 
  TOTAL APPAREL AND OTHER TEXTILE PRODUCTS   6,933  
 
AUTO REPAIR, SERVICES AND PARKING - 0.02%      
182,411
*
  Hertz Global Holdings, Inc   2,899  
 
  TOTAL AUTO REPAIR, SERVICES AND PARKING   2,899  
 
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.12%      
88,698
  Advance Auto Parts   3,370  
37,226
*
  Autozone, Inc   4,464  
184,588
e*
  Carmax, Inc   3,646  
55,947
*
  Copart, Inc   2,380  
96,486
*
  O'Reilly Automotive, Inc   3,129  
 
  TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS   16,989  
 
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.41%      
107,910
e
  Fastenal Co   4,362  
844,913
  Home Depot, Inc   22,762  

182

COLLEGE RETIREMENT EQUITIES FUND - Growth Account      
 
 
      VALUE  
SHARES
      (000)  
1,293,222
  Lowe's Cos, Inc
$
29,252  
 
  TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES   56,376  
 
BUSINESS SERVICES - 12.83%      
932,727
  Accenture Ltd (Class A)   33,606  
51,336
  Acxiom Corp   602  
2,004,563
*
  Adobe Systems, Inc   85,655  
32,203
*
  Affiliated Computer Services, Inc (Class A)   1,452  
23,413
e
  Aircastle Ltd   616  
142,494
*
  Akamai Technologies, Inc   4,930  
68,006
e*
  Alliance Data Systems Corp   5,100  
169,221
*
  Amdocs Ltd   5,833  
199,902
*
  Autodesk, Inc   9,947  
475,006
  Automatic Data Processing, Inc   21,152  
29,349
*
  Avis Budget Group, Inc   382  
337,110
*
  BEA Systems, Inc   5,320  
645,979
*
  BMC Software, Inc   23,023  
36,826
  Brink's Co   2,200  
220,465
  CA, Inc   5,501  
775,416
*
  Cadence Design Systems, Inc   13,190  
55,223
e*
  Cerner Corp   3,115  
65,676
*
  ChoicePoint, Inc   2,392  
163,519
*
  Citrix Systems, Inc   6,215  
36,357
e*
  Clear Channel Outdoor Holdings, Inc (Class A)   1,006  
245,422
e*
  Cognizant Technology Solutions Corp (Class A)   8,330  
214,025
*
  Compuware Corp   1,901  
480,556
e*
  DST Systems, Inc   39,670  
2,863,276
*
  eBay, Inc   95,032  
879,966
*
  Electronic Arts, Inc   51,399  
251,612
  Electronic Data Systems Corp   5,216  
114,578
  Equifax, Inc   4,166  
583,000
*
  Expedia, Inc   18,434  
71,172
*
  F5 Networks, Inc   2,030  
36,065
  Factset Research Systems, Inc   2,009  
6,009
e
  Fair Isaac Corp   193  
138,263
  Fidelity National Information Services, Inc   5,750  
144,935
*
  Fiserv, Inc   8,042  
25,164
e*
  Getty Images, Inc   730  
491,340
*
  Google, Inc (Class A)   339,752  
152,781
e*
  HLTH Corp   2,047  
152,596
  IMS Health, Inc   3,516  
250,943
e*
  Interpublic Group of Cos, Inc   2,035  
2,032,131
*
  Intuit, Inc   64,236  
152,731
e*
  Iron Mountain, Inc   5,654  
319,066
*
  Juniper Networks, Inc   10,593  
394,172
e*
  Kinetic Concepts, Inc   21,112  
70,427
e
  Lamar Advertising Co (Class A)   3,385  
158,030
  Manpower, Inc   8,992  
274,737
e
  Mastercard, Inc (Class A)   59,123  
404,714
*
  McAfee, Inc   15,177  
9,684,402
  Microsoft Corp   344,765  
69,924
e
  MoneyGram International, Inc   1,075  
106,522
*
  Monster Worldwide, Inc   3,451  

183

COLLEGE RETIREMENT EQUITIES FUND - Growth Account      
 
 
      VALUE  
SHARES
     
(000)
 
83,828
*
  NAVTEQ Corp
$
6,337  
18,331
*
  NCR Corp   460  
35,140
*
  Novell, Inc   241  
2,495,400
  Omnicom Group, Inc   118,606  
8,029,500
*
  Oracle Corp   181,306  
163,417
e*
  Red Hat, Inc   3,406  
127,625
e
  Robert Half International, Inc   3,451  
82,798
e*
  Salesforce.com, Inc   5,191  
190,929
*
  Sun Microsystems Inc   3,462  
113,755
*
  Symantec Corp   1,836  
645,580
*
  Synopsys, Inc   16,740  
31,999
e
  Total System Services, Inc   896  
189,963
*
  VeriSign, Inc   7,144  
27,400
e*
  VMware, Inc (Class A)   2,329  
248,488
  Waste Management, Inc   8,118  
7,776
e*
  WebMD Health Corp (Class A)   319  
2,671,109
*
  Yahoo!, Inc   62,130  
 
  TOTAL BUSINESS SERVICES   1,781,024  
 
CHEMICALS AND ALLIED PRODUCTS - 12.37%
     
2,005,917
  Abbott Laboratories   112,632  
5,637
e*
  Abraxis Bioscience, Inc   388  
588,475
  Air Products & Chemicals, Inc   58,041  
67,811
  Albemarle Corp   2,797  
10,880
  Alberto-Culver Co   267  
670,489
*
  Amgen, Inc   31,137  
22,548
e*
  APP Pharmaceuticals, Inc   232  
77,750
  Avery Dennison Corp   4,132  
348,628
  Avon Products, Inc   13,781  
95,418
*
  Barr Pharmaceuticals, Inc   5,067  
48,651
*
  Biogen Idec, Inc   2,769  
1,696,904
  Bristol-Myers Squibb Co   45,002  
41,929
  Cabot Corp   1,398  
419,394
  Celanese Corp (Series A)   17,749  
55,758
e*
  Cephalon, Inc   4,001  
115,000
  CF Industries Holdings, Inc   12,657  
19,341
*
  Charles River Laboratories International, Inc   1,273  
16,100
  Chemtura Corp   126  
54,860
e
  Church & Dwight Co, Inc   2,966  
110,401
  Clorox Co   7,195  
1,217,813
  Colgate-Palmolive Co   94,941  
125,564
  Du Pont (E.I.) de Nemours & Co   5,536  
149,953
  Ecolab, Inc   7,679  
417,345
  Eli Lilly & Co   22,282  
92,459
  Estee Lauder Cos (Class A)   4,032  
276,211
*
  Forest Laboratories, Inc   10,068  
1,520,354
*
  Genentech, Inc   101,970  
227,037
*
  Genzyme Corp   16,901  
2,683,877
*
  Gilead Sciences, Inc   123,485  
134,220
e*
  Hospira, Inc   5,723  
54,042
*
  Idexx Laboratories, Inc   3,168  
52,035
*
  ImClone Systems, Inc   2,237  
56,640
  International Flavors & Fragrances, Inc   2,726  

184

COLLEGE RETIREMENT EQUITIES FUND - Growth Account      
 
 
      VALUE  
SHARES
     
(000)
 
202,646
*
  Invitrogen Corp
$
18,929  
161,077
  Lubrizol Corp   8,724  
3,362,340
  Merck & Co, Inc   195,386  
148,500
*
  Millennium Pharmaceuticals, Inc   2,225  
2,037,935
  Monsanto Co   227,617  
474,038
*
  Mosaic Co   44,721  
1,677,188
e*
  Mylan Laboratories, Inc   23,581  
121,746
  Nalco Holding Co   2,944  
48,452
*
  NBTY, Inc   1,328  
501,242
  Novartis AG. (ADR)   27,222  
103,326
e*
  PDL BioPharma, Inc   1,810  
680,355
  Praxair, Inc   60,354  
1,075,453
  Procter & Gamble Co   78,960  
63,687
  Rohm & Haas Co   3,380  
89,281
  RPM International, Inc   1,812  
4,946,022
  Schering-Plough Corp   131,762  
6,191
  Scotts Miracle-Gro Co (Class A)   232  
93,213
*
  Sepracor, Inc   2,447  
95,022
  Sherwin-Williams Co   5,515  
136,792
e
  Shire plc (ADR)   9,432  
34,222
  Sigma-Aldrich Corp   1,869  
2,297,545
  Teva Pharmaceutical Industries Ltd (ADR)   106,790  
10,252
  Valspar Corp   231  
72,150
*
  VCA Antech, Inc   3,191  
110,862
*
  Vertex Pharmaceuticals, Inc   2,575  
78,254
e*
  Warner Chilcott Ltd (Class A)   1,387  
50,303
*
  Watson Pharmaceuticals, Inc   1,365  
610,643
  Wyeth   26,984  
 
  TOTAL CHEMICALS AND ALLIED PRODUCTS   1,717,131  
 
COAL MINING - 0.39%
     
122,429
  Arch Coal, Inc   5,501  
155,951
  Consol Energy, Inc   11,154  
71,764
  Massey Energy Co   2,565  
227,946
  Peabody Energy Corp   14,050  
412,368
e
  Sasol Ltd (ADR)   20,400  
 
  TOTAL COAL MINING   53,670  
 
COMMUNICATIONS - 1.06%      
359,599
*
  American Tower Corp (Class A)   15,319  
473,450
  AT&T, Inc   19,677  
64,288
  Cablevision Systems Corp (Class A)   1,575  
27,197
*
  Central European Media Enterprises Ltd (Class A)   3,154  
48,768
  Citizens Communications Co   621  
91,600
  Clear Channel Communications, Inc   3,162  
1,562,854
*
  Comcast Corp (Class A)   28,538  
161,567
e*
  Crown Castle International Corp   6,721  
42,561
*
  CTC Media, Inc   1,285  
613,153
*
  DIRECTV Group, Inc   14,176  
177,395
*
  EchoStar Communications Corp (Class A)   6,691  
68,850
  Global Payments, Inc   3,203  
8,336
*
  IAC/InterActiveCorp   224  
43,700
e*
  Leap Wireless International, Inc   2,038  

185

COLLEGE RETIREMENT EQUITIES FUND - Growth Account      
 
 
      VALUE  
SHARES
      (000)  
1,319,583
e*
  Level 3 Communications, Inc
$
4,012  
167,968
*
  Liberty Global, Inc (Class A)   6,583  
313,173
*
  Liberty Media Holding Corp (Interactive A)   5,975  
53,392
*
  MetroPCS Communications, Inc   1,038  
65,254
e*
  NeuStar, Inc (Class A)   1,872  
148,494
*
  NII Holdings, Inc   7,175  
86,526
*
  SBA Communications Corp (Class A)   2,928  
39,677
  Telephone & Data Systems, Inc   2,484  
74,948
*
  Time Warner Cable, Inc (Class A)   2,069  
5,714
*
  US Cellular Corp   481  
232,001
  Windstream Corp   3,021  
243,327
*
  XM Satellite Radio Holdings, Inc (Class A)   2,978  
 
  TOTAL COMMUNICATIONS   147,000  
 
DEPOSITORY INSTITUTIONS - 1.36%      
14,231
  Bank of Hawaii Corp   728  
784,644
  Bank of New York Mellon Corp   38,259  
13,207
e
  Capitol Federal Financial   409  
44,828
  Commerce Bancorp, Inc   1,710  
182,120
  Hudson City Bancorp, Inc   2,736  
355,514
  Northern Trust Corp   27,225  
130,592
  People's United Financial, Inc   2,325  
632,686
  State Street Corp   51,374  
84,979
  Synovus Financial Corp   2,046  
15,200
e*
  TFS Financial Corp   182  
2,549,349
  Western Union Co   61,898  
 
  TOTAL DEPOSITORY INSTITUTIONS   188,892  
 
EATING AND DRINKING PLACES - 1.00%      
90,366
  Brinker International, Inc   1,767  
56,744
  Burger King Holdings, Inc   1,618  
64,204
e*
  Cheesecake Factory   1,522  
593,792
  Darden Restaurants, Inc   16,454  
1,099,202
  McDonald's Corp   64,754  
636,131
*
  Starbucks Corp   13,022  
163,733
e
  Tim Hortons, Inc   6,047  
75,164
  Wendy's International, Inc   1,942  
812,615
  Yum! Brands, Inc   31,099  
 
  TOTAL EATING AND DRINKING PLACES   138,225  
 
EDUCATIONAL SERVICES - 0.10%      
125,544
*
  Apollo Group, Inc (Class A)   8,807  
81,082
e*
  Career Education Corp   2,038  
35,200
*
  ITT Educational Services, Inc   3,002  
 
  TOTAL EDUCATIONAL SERVICES   13,847  
 
ELECTRIC, GAS, AND SANITARY SERVICES - 1.60%      
575,802
*
  AES Corp   12,316  
142,719
  Allegheny Energy, Inc   9,078  
1,032,140
*
  Allied Waste Industries, Inc   11,374  
9,414
  Aqua America, Inc   200  
275,461
  Centerpoint Energy, Inc   4,719  
354,917
  Constellation Energy Group, Inc   36,390  

186

COLLEGE RETIREMENT EQUITIES FUND - Growth Account      
 
 
      VALUE  
SHARES
      (000)  
103,270
*
  Covanta Holding Corp
$
2,856  
55,108
e
  DPL, Inc   1,634  
44,094
*
  Dynegy, Inc (Class A)   315  
263,163
  Exelon Corp   21,485  
406,741
  Fortum Oyj   18,322  
361,403
  FPL Group, Inc   24,496  
149,647
e*
  Mirant Corp   5,833  
480,330
e*
  NRG Energy, Inc   20,817  
248,661
  PPL Corp   12,953  
50,268
  Questar Corp   2,719  
128,019
  Republic Services, Inc   4,013  
83,000
  RWE AG.   11,650  
26,121
  Sierra Pacific Resources   444  
76,712
*
  Stericycle, Inc   4,557  
432,199
  Williams Cos, Inc   15,464  
 
  TOTAL ELECTRIC, GAS, AND SANITARY SERVICES   221,635  
 
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 12.31%
     
380,000
  ABB Ltd   10,949  
213,126
e*
  Advanced Micro Devices, Inc   1,598  
288,779
  Altera Corp   5,579  
90,462
  Ametek, Inc   4,237  
153,700
  Amphenol Corp (Class A)   7,127  
262,222
e
  Analog Devices, Inc   8,312  
1,634,167
*
  Apple Computer, Inc   323,696  
534,316
*
  Avnet, Inc   18,685  
5,796
  AVX Corp   78  
404,975
e*
  Broadcom Corp (Class A)   10,586  
74,520
*
  Ciena Corp   2,542  
11,388,457
*
  Cisco Systems, Inc   308,286  
385,456
  Cooper Industries Ltd (Class A)   20,383  
274,542
e*
  Cree, Inc   7,542  
137,001
*
  Cypress Semiconductor Corp   4,936  
35,136
*
  Dolby Laboratories, Inc (Class A)   1,747  
123,050
  Eaton Corp   11,930  
132,251
e*
  Energizer Holdings, Inc   14,829  
41,301
*
  Fairchild Semiconductor International, Inc   596  
91,231
e*
  First Solar, Inc   24,371  
52,075
  Harman International Industries, Inc   3,838  
115,168
  Harris Corp   7,219  
1,026,140
  Honeywell International, Inc   63,179  
494,381
*
  Infineon Technologies AG. (ADR)   5,755  
53,832
*
  Integrated Device Technology, Inc   609  
10,840,288
  Intel Corp   289,002  
15,022
*
  International Rectifier Corp   510  
64,584
  Intersil Corp (Class A)   1,581  
32,473
e*
  Jarden Corp   767  
101,704
e*
  JDS Uniphase Corp   1,353  
196,473
  L-3 Communications Holdings, Inc   20,814  
25,972
  Lincoln Electric Holdings, Inc   1,849  
188,829
e
  Linear Technology Corp   6,010  
361,935
e*
  LSI Logic Corp   1,922  
401,272
*
  Marvell Technology Group Ltd   5,610  

187

COLLEGE RETIREMENT EQUITIES FUND - Growth Account      
 
 
      VALUE  
SHARES
     
(000)
 
1,015,925
  Maxim Integrated Products, Inc
$
26,902  
522,579
*
  MEMC Electronic Materials, Inc   46,243  
188,648
e
  Microchip Technology, Inc   5,927  
215,864
e*
  Micron Technology, Inc   1,565  
64,040
e
  Molex, Inc   1,748  
233,292
  National Semiconductor Corp   5,282  
297,612
*
  Network Appliance, Inc   7,428  
290,000
  Nokia Oyj (ADR)   11,133  
72,256
*
  Novellus Systems, Inc   1,992  
1,011,794
*
  Nvidia Corp   34,421  
121,361
*
  QLogic Corp   1,723  
3,780,277
  Qualcomm, Inc   148,754  
84,524
  RadioShack Corp   1,425  
70,039
e*
  Rambus, Inc   1,467  
1,691,355
*
  Renewable Energy Corp A.S.   85,972  
569,120
*
  Research In Motion Ltd   64,538  
113,100
*
  Sanmina-SCI Corp   206  
46,108
*
  Silicon Laboratories, Inc   1,726  
1,239,531
e*
  Sirius Satellite Radio, Inc   3,756  
21,503
e*
  Sunpower Corp (Class A)   2,804  
1,236,603
  Texas Instruments, Inc   41,303  
48,227
*
  Thomas & Betts Corp   2,365  
66,541
*
  Varian Semiconductor Equipment Associates, Inc   2,462  
30,795
*
  Vishay Intertechnology, Inc   351  
47,318
e
  Whirlpool Corp   3,863  
252,102
  Xilinx, Inc   5,513  
 
  TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT   1,708,896  
 
ENGINEERING AND MANAGEMENT SERVICES - 1.09%      
114,279
e*
  Amylin Pharmaceuticals, Inc   4,228  
1,341,864
*
  Celgene Corp   62,007  
31,543
e
  Corporate Executive Board Co   1,896  
76,315
  Fluor Corp   11,121  
26,894
*
  Genpact Ltd   410  
45,620
*
  Gen-Probe, Inc   2,871  
52,619
*
  Hewitt Associates, Inc (Class A)   2,015  
101,878
*
  Jacobs Engineering Group, Inc   9,741  
476,180
*
  McDermott International, Inc   28,109  
184,069
e
  Moody's Corp   6,571  
292,536
  Paychex, Inc   10,596  
124,428
  Quest Diagnostics, Inc   6,582  
64,153
*
  Shaw Group, Inc   3,877  
14,657
*
  URS Corp   796  
 
  TOTAL ENGINEERING AND MANAGEMENT SERVICES   150,820  
 
FABRICATED METAL PRODUCTS - 0.71%      
25,408
e*
  Alliant Techsystems, Inc   2,891  
85,912
  Ball Corp   3,866  
446,127
*
  Crown Holdings, Inc   11,443  
1,132,759
  Illinois Tool Works, Inc   60,648  
241,000
  Parker Hannifin Corp   18,150  
23,027
e
  Stanley Works   1,116  
 
  TOTAL FABRICATED METAL PRODUCTS   98,114  

188

COLLEGE RETIREMENT EQUITIES FUND - Growth Account      
 
 
      VALUE  
SHARES
      (000)  
FOOD AND KINDRED PRODUCTS - 2.79%      
414,049
  Anheuser-Busch Cos, Inc
$
21,671  
59,000
  Bunge Ltd   6,868  
112,816
  Campbell Soup Co   4,031  
1,599,549
  Coca-Cola Co   98,164  
22,468
  General Mills, Inc   1,281  
154,856
  H.J. Heinz Co   7,229  
59,882
e*
  Hansen Natural Corp   2,652  
130,000
  Heineken NV   8,405  
103,342
e
  Hershey Co   4,072  
139,017
  Kellogg Co   7,288  
73,405
  McCormick & Co, Inc   2,783  
69,964
  Nestle S.A.   32,135  
375,669
  Pepsi Bottling Group, Inc   14,824  
2,115,165
  PepsiCo, Inc   160,541  
329,417
  Sara Lee Corp   5,290  
182,205
  Wrigley (Wm.) Jr Co   10,668  
 
  TOTAL FOOD AND KINDRED PRODUCTS   387,902  
 
FOOD STORES - 0.30%
     
1,354,696
  Kroger Co   36,184  
24,792
e*
  Panera Bread Co (Class A)   888  
122,318
e
  Whole Foods Market, Inc   4,991  
 
  TOTAL FOOD STORES   42,063  
 
FORESTRY - 0.00%**
     
3,075
  Rayonier, Inc   145  
 
  TOTAL FORESTRY   145  
 
FURNITURE AND FIXTURES - 0.12%      
8,515
  Hillenbrand Industries, Inc   474  
42,889
e
  HNI Corp   1,504  
404,229
  Johnson Controls, Inc   14,568  
16,690
  Masco Corp   361  
 
  TOTAL FURNITURE AND FIXTURES   16,907  
 
FURNITURE AND HOME FURNISHINGS STORES - 0.36%      
235,454
*
  Bed Bath & Beyond, Inc   6,920  
78,771
e
  Circuit City Stores, Inc   331  
638,571
*
  GameStop Corp (Class A)   39,661  
53,765
  Steelcase, Inc (Class A)   853  
77,326
e
  Williams-Sonoma, Inc   2,003  
 
  TOTAL FURNITURE AND HOME FURNISHINGS STORES   49,768  
 
GENERAL BUILDING CONTRACTORS - 0.10%      
7,673
  Centex Corp   194  
1,722
e*
  NVR, Inc   902  
69,776
e
  Pulte Homes, Inc   735  
450,873
e
  Ryland Group, Inc   12,422  
 
  TOTAL GENERAL BUILDING CONTRACTORS   14,253  
 
 

189

COLLEGE RETIREMENT EQUITIES FUND - Growth Account      
 
 
      VALUE  
SHARES
      (000)  
GENERAL MERCHANDISE STORES - 1.96%      
89,023
e*
  Big Lots, Inc
$
1,423  
264,288
  Costco Wholesale Corp   18,437  
129,624
  Family Dollar Stores, Inc   2,493  
192,671
  JC Penney Co, Inc   8,476  
115,000
  Macy's, Inc   2,975  
106,034
e
  Saks, Inc   2,201  
737,001
  Target Corp   36,850  
2,895,067
  TJX Cos, Inc   83,175  
2,429,346
  Wal-Mart Stores, Inc   115,467  
 
  TOTAL GENERAL MERCHANDISE STORES   271,497  
 
HEALTH SERVICES - 1.82%      
71,004
  AmerisourceBergen Corp   3,186  
9,386
e
  Brookdale Senior Living, Inc   267  
579,116
  Cigna Corp   31,116  
11,075
*
  Community Health Systems, Inc   408  
55,762
*
  Covance, Inc   4,830  
126,301
*
  Coventry Health Care, Inc   7,483  
89,391
*
  DaVita, Inc   5,037  
49,784
e*
  Edwards Lifesciences Corp   2,290  
441,736
*
  Express Scripts, Inc   32,247  
100,115
*
  Laboratory Corp of America Holdings   7,562  
312,540
*
  Lincare Holdings, Inc   10,989  
535,905
  McKesson Corp   35,107  
485,598
*
  Medco Health Solutions, Inc   49,240  
16,143
e
  Omnicare, Inc   368  
42,564
e*
  Pediatrix Medical Group, Inc   2,901  
87,958
  Pharmaceutical Product Development, Inc   3,551  
49,608
*
  Sierra Health Services, Inc   2,081  
328,125
e*
  Tenet Healthcare Corp   1,667  
12,490
  Universal Health Services, Inc (Class B)   639  
596,249
*
  WellPoint, Inc   52,309  
 
  TOTAL HEALTH SERVICES   253,278  
 
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.19%      
211,000
  Bouygues S.A.   17,584  
60,867
*
  Foster Wheeler Ltd   9,436  
 
  TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING   27,020  
 
HOLDING AND OTHER INVESTMENT OFFICES - 1.22%      
106,674
e*
  Affiliated Managers Group, Inc   12,530  
4,300
e
  Apartment Investment & Management Co (Class A)   149  
93,549
  Duke Realty Corp   2,440  
9,097
e
  Essex Property Trust, Inc   887  
26,167
  Federal Realty Investment Trust   2,150  
102,697
  General Growth Properties, Inc   4,229  
7,039
  Health Care REIT, Inc   314  
1,729,100
  iShares Russell 1000 Growth Index Fund   105,095  
26,945
  Kilroy Realty Corp   1,481  
62,087
  Macerich Co   4,412  
10,096
  Plum Creek Timber Co, Inc   465  
193,674
  Prologis   12,275  
8,220
  Public Storage, Inc   603  

190

COLLEGE RETIREMENT EQUITIES FUND - Growth Account      
 
 
      VALUE  
SHARES
      (000)  
103,714
  Simon Property Group, Inc
$
9,009  
26,800
  Taubman Centers, Inc   1,318  
115,823
e
  UDR, Inc   2,299  
113,298
  Ventas, Inc   5,127  
52,139
  WABCO Holdings, Inc   2,612  
66,005
e
  Weingarten Realty Investors   2,075  
 
  TOTAL HOLDING AND OTHER INVESTMENT OFFICES   169,470  
 
HOTELS AND OTHER LODGING PLACES - 0.68%      
49,200
e
  Boyd Gaming Corp   1,676  
30,283
  Choice Hotels International, Inc   1,005  
89,811
*
  Las Vegas Sands Corp   9,255  
280,591
  Marriott International, Inc (Class A)   9,591  
687,040
*
  MGM Mirage   57,725  
35,628
  Orient-Express Hotels Ltd (Class A)   2,049  
172,259
  Starwood Hotels & Resorts Worldwide, Inc   7,585  
10,984
  Wyndham Worldwide Corp   259  
47,247
  Wynn Resorts Ltd   5,298  
 
  TOTAL HOTELS AND OTHER LODGING PLACES   94,443  
 
INDUSTRIAL MACHINERY AND EQUIPMENT - 7.16%      
156,347
*
  AGCO Corp   10,629  
105,277
  Alstom RGPT   22,626  
1,187,032
  Applied Materials, Inc   21,082  
29,146
  Black & Decker Corp   2,030  
341,836
e*
  Brocade Communications Systems, Inc   2,509  
13,782
e
  Carlisle Cos, Inc   510  
549,823
  Caterpillar, Inc   39,895  
206,171
  Cummins, Inc   26,260  
598,362
  Deere & Co   55,720  
2,480,419
*
  Dell, Inc   60,795  
57,079
  Diebold, Inc   1,654  
67,472
  Donaldson Co, Inc   3,129  
55,408
  Dover Corp   2,554  
75,724
*
  Dresser-Rand Group, Inc   2,957  
2,116,298
*
  EMC Corp   39,215  
43,676
  Flowserve Corp   4,202  
113,272
*
  FMC Technologies, Inc   6,423  
130,000
*
  Gardner Denver, Inc   4,290  
982,110
d
  Gardner Denver, Inc   36,407  
56,064
  Graco, Inc   2,089  
109,705
*
  Grant Prideco, Inc   6,090  
4,871,257
  Hewlett-Packard Co   245,901  
69,072
  IDEX Corp   2,496  
16,621
  Ingersoll-Rand Co Ltd (Class A)   772  
1,632,600
  International Business Machines Corp   176,484  
1,619,351
  International Game Technology   71,138  
93,877
  Jabil Circuit, Inc   1,434  
306,668
  Joy Global, Inc   20,185  
38,786
  Kennametal, Inc   1,468  
338,103
*
  Lam Research Corp   14,616  
6,500
  Lennox International, Inc   269  
44,406
*
  Lexmark International, Inc (Class A)   1,548  

191

COLLEGE RETIREMENT EQUITIES FUND - Growth Account      
 
 
     
VALUE
 
SHARES
      (000)  
558,290
  Manitowoc Co, Inc
$
27,261  
94,860
  Pall Corp   3,825  
15,475
*
  Riverbed Technology, Inc   414  
128,100
  Rockwell Automation, Inc   8,834  
116,780
e*
  SanDisk Corp   3,874  
54,207
e*
  Scientific Games Corp (Class A)   1,802  
433,971
  Seagate Technology, Inc   11,066  
108,879
m,v*
  Seagate Technology, Inc  
-
^
18,331
*
  Teradata Corp   502  
330,704
*
  Terex Corp   21,684  
34,996
e
  Toro Co   1,905  
155,317
  Trane, Inc   7,255  
110,044
*
  Varian Medical Systems, Inc   5,740  
52,484
e*
  VeriFone Holdings, Inc   1,220  
290,433
*
  Western Digital Corp   8,774  
58,312
*
  Zebra Technologies Corp (Class A)   2,023  
 
  TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT   993,556  
 
INSTRUMENTS AND RELATED PRODUCTS - 5.75%
     
49,491
*
  Advanced Medical Optics, Inc   1,214  
792,408
*
  Agilent Technologies, Inc   29,113  
240,962
  Alcon, Inc   34,467  
261,098
  Allergan, Inc   16,773  
26,631
  Applera Corp (Applied Biosystems Group)   903  
90,025
  Bard (C.R.), Inc   8,534  
561,950
  Baxter International, Inc   32,621  
42,878
e
  Beckman Coulter, Inc   3,121  
210,644
  Becton Dickinson & Co   17,606  
14,465
e
  Cooper Cos, Inc   550  
211,374
  Danaher Corp   18,546  
130,982
  Dentsply International, Inc   5,897  
3,651
  DRS Technologies, Inc   198  
3,043,717
  Emerson Electric Co   172,457  
709,168
e*
  Flir Systems, Inc   22,197  
225,012
e
  Garmin Ltd   21,826  
757,150
*
  Hologic, Inc   51,971  
32,519
*
  Intuitive Surgical, Inc   10,552  
1,607,579
  Johnson & Johnson   107,226  
163,336
  Kla-Tencor Corp   7,866  
990,641
  Medtronic, Inc   49,800  
192,045
*
  Mettler-Toledo International, Inc   21,855  
45,824
e*
  Millipore Corp   3,353  
51,336
  National Instruments Corp   1,711  
24,111
  PerkinElmer, Inc   627  
153,615
  Pitney Bowes, Inc   5,844  
66,244
e*
  Resmed, Inc   3,480  
63,201
*
  Respironics, Inc   4,138  
144,653
  Rockwell Collins, Inc   10,411  
74,133
  Roper Industries, Inc   4,636  
292,039
*
  St. Jude Medical, Inc   11,868  
260,771
  Stryker Corp   19,485  
34,655
*
  Techne Corp   2,289  
77,730
*
  Teradyne, Inc   804  

192

COLLEGE RETIREMENT EQUITIES FUND - Growth Account      
 
 
      VALUE  
SHARES
      (000)  
590,087
*
  Thermo Electron Corp
$
34,036  
102,910
e*
  Trimble Navigation Ltd   3,112  
555,289
*
  Waters Corp   43,907  
203,970
*
  Zimmer Holdings, Inc   13,493  
 
  TOTAL INSTRUMENTS AND RELATED PRODUCTS   798,487  
 
INSURANCE AGENTS, BROKERS AND SERVICE - 0.02%      
97,534
  Brown & Brown, Inc   2,292  
17,847
e
  Gallagher (Arthur J.) & Co   432  
 
  TOTAL INSURANCE AGENTS, BROKERS AND SERVICE   2,724  
 
INSURANCE CARRIERS - 2.83%      
402,756
  ACE Ltd   24,882  
1,480,901
  Aetna, Inc   85,492  
1,545,625
  Aflac, Inc   96,803  
134,126
  American International Group, Inc   7,820  
135,000
*
  Arch Capital Group Ltd   9,497  
512,000
  Axis Capital Holdings Ltd   19,953  
1,135
  CNA Financial Corp   38  
8,296
e
  Erie Indemnity Co (Class A)   430  
867
  Hanover Insurance Group, Inc   40  
41,525
  HCC Insurance Holdings, Inc   1,191  
97,244
*
  Health Net, Inc   4,697  
519,778
*
  Humana, Inc   39,144  
10,977
  PartnerRe Ltd   906  
36,718
*
  Philadelphia Consolidated Holding Co   1,445  
12,502
  Principal Financial Group   861  
299,940
  Prudential Financial, Inc   27,906  
8,316
  Transatlantic Holdings, Inc   604  
1,153,558
  UnitedHealth Group, Inc   67,137  
36,523
  W.R. Berkley Corp   1,089  
41,285
e*
  WellCare Health Plans, Inc   1,751  
17,986
  XL Capital Ltd (Class A)   905  
 
  TOTAL INSURANCE CARRIERS   392,591  
 
JUSTICE, PUBLIC ORDER AND SAFETY - 0.02%      
107,312
*
  Corrections Corp of America   3,167  
 
  TOTAL JUSTICE, PUBLIC ORDER AND SAFETY   3,167  
 
LEATHER AND LEATHER PRODUCTS - 0.14%      
319,992
*
  Coach, Inc   9,785  
60,000
  Continental AG.   7,806  
69,289
e*
  CROCS, Inc   2,551  
 
  TOTAL LEATHER AND LEATHER PRODUCTS   20,142  
 
METAL MINING - 0.71%      
106,032
e
  Cleveland-Cliffs, Inc   10,688  
630,000
  Companhia Vale do Rio Doce (ADR)   20,582  
39,636
  Foundation Coal Holdings, Inc   2,081  
400,677
  Freeport-McMoRan Copper & Gold, Inc (Class B)   41,045  
153,154
  Newmont Mining Corp   7,479  
22,484
e*
  Patriot Coal Corp   938  

193

COLLEGE RETIREMENT EQUITIES FUND - Growth Account      
 
 
      VALUE  
SHARES
      (000)  
155,927
e
  Southern Copper Corp
$
16,393  
 
  TOTAL METAL MINING   99,206  
 
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.03%      
43,169
  Hasbro, Inc   1,104  
149,162
  Mattel, Inc   2,840  
 
  TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES   3,944  
 
MISCELLANEOUS RETAIL - 2.66%      
718,645
*
  Amazon.com, Inc   66,575  
1,563
  Barnes & Noble, Inc   54  
296,813
  Best Buy Co, Inc   15,627  
56,486
e*
  Coldwater Creek, Inc   378  
4,661,111
  CVS Corp   185,279  
71,630
*
  Dick's Sporting Goods, Inc   1,989  
330,550
*
  Dollar Tree Stores, Inc   8,568  
38,805
  MSC Industrial Direct Co (Class A)   1,571  
32,952
e*
  Nutri/System, Inc   889  
239,988
*
  Office Depot, Inc   3,338  
28,712
  OfficeMax, Inc   593  
117,229
  Petsmart, Inc   2,758  
614,861
  Staples, Inc   14,185  
766,482
  Tiffany & Co   35,281  
860,559
  Walgreen Co   32,770  
 
  TOTAL MISCELLANEOUS RETAIL   369,855  
 
MOTION PICTURES - 0.82%      
131,161
*
  Discovery Holding Co (Class A)   3,297  
267,801
*
  DreamWorks Animation SKG, Inc (Class A)   6,840  
2,796,163
  News Corp (Class A)   57,293  
51,400
e
  Regal Entertainment Group (Class A)   929  
464,538
  Time Warner, Inc   7,670  
851,778
*
  Viacom, Inc (Class B)   37,410  
 
  TOTAL MOTION PICTURES   113,439  
 
NONDEPOSITORY INSTITUTIONS - 0.87%      
1,034,133
  American Express Co   53,796  
13,902
e*
  AmeriCredit Corp   178  
75,625
e
  CapitalSource, Inc   1,330  
24,840
  Discover Financial Services   375  
52,290
e
  First Marblehead Corp   800  
225,414
  Freddie Mac   7,680  
28,525
*
  GLG Partners Inc   388  
352,601
*
  SLM Corp   7,101  
694,758
  Textron, Inc   49,536  
 
  TOTAL NONDEPOSITORY INSTITUTIONS   121,184  
 
NONMETALLIC MINERALS, EXCEPT FUELS - 0.11%      
60,000
  Potash Corp of Saskatchewan   8,723  
89,962
e
  Vulcan Materials Co   7,115  
 
  TOTAL NONMETALLIC MINERALS, EXCEPT FUELS   15,838  
 
OIL AND GAS EXTRACTION - 4.82%      
522,341
  Baker Hughes, Inc   42,362  

194

COLLEGE RETIREMENT EQUITIES FUND - Growth Account      
 
 
     
VALUE
 
SHARES
      (000)  
252,549
  BJ Services Co
$
6,127  
576,846
*
  Cameron International Corp   27,764  
37,094
e*
  Cheniere Energy, Inc   1,211  
228,193
  Chesapeake Energy Corp   8,945  
22,243
e*
  CNX Gas Corp   711  
11,300
e*
  Continental Resources, Inc   295  
1,212,500
*
  Denbury Resources, Inc   36,072  
59,366
e
  Diamond Offshore Drilling, Inc   8,430  
117,886
e
  ENSCO International, Inc   7,028  
78,734
  Equitable Resources, Inc   4,195  
80,326
*
  Global Industries Ltd   1,721  
788,923
  Halliburton Co   29,908  
64,721
e*
  Helix Energy Solutions Group, Inc   2,686  
212,127
*
  Nabors Industries Ltd   5,810  
1,008,613
*
  National Oilwell Varco, Inc   74,093  
231,456
  Noble Corp   13,079  
46,278
*
  Oceaneering International, Inc   3,117  
108,484
*
  Pride International, Inc   3,678  
43,481
*
  Quicksilver Resources, Inc   2,591  
127,313
  Range Resources Corp   6,539  
68,135
  Rowan Cos, Inc   2,689  
765,128
  Saipem S.p.A.   30,685  
1,772,922
  Schlumberger Ltd   174,402  
172,824
  Smith International, Inc   12,763  
145,518
*
  Southwestern Energy Co   8,108  
68,545
*
  Superior Energy Services   2,359  
63,387
e*
  Tetra Technologies, Inc   987  
32,728
e
  Tidewater, Inc   1,795  
266,751
  Transocean, Inc   38,185  
31,042
*
  Unit Corp   1,436  
20,429
e
  W&T Offshore, Inc   612  
290,390
*
  Weatherford International Ltd   19,921  
1,724,560
  XTO Energy, Inc   88,573  
 
  TOTAL OIL AND GAS EXTRACTION   668,877  
 
PAPER AND ALLIED PRODUCTS - 0.46%
     
798,843
  Anglo American plc   48,978  
197,300
*
  Domtar Corporation   1,517  
163,717
  Kimberly-Clark Corp   11,352  
1
  Mondi plc  
-
^
78,985
  Packaging Corp of America   2,227  
 
  TOTAL PAPER AND ALLIED PRODUCTS   64,074  
 
PERSONAL SERVICES - 0.07%      
87,258
  Cintas Corp   2,933  
277,859
  H&R Block, Inc   5,160  
29,875
e
  Weight Watchers International, Inc   1,350  
 
  TOTAL PERSONAL SERVICES   9,443  
 
PETROLEUM AND COAL PRODUCTS - 2.34%      
173,467
  Apache Corp   18,655  
81,470
  Cabot Oil & Gas Corp   3,289  
394,768
  Devon Energy Corp   35,099  

195

COLLEGE RETIREMENT EQUITIES FUND - Growth Account      
 
 
      VALUE  
SHARES
      (000)  
1,142,322
  Exxon Mobil Corp
$
107,024  
198,586
  Frontier Oil Corp   8,059  
39,025
  Holly Corp   1,986  
21,384
  Noble Energy, Inc   1,700  
151,000
  Occidental Petroleum Corp   11,625  
142,000
  Petroleo Brasileiro S.A. (ADR)   16,364  
10,000
*
  SandRidge Energy, Inc   359  
569,351
*
  Suncor Energy, Inc   61,905  
103,640
  Sunoco, Inc   7,508  
235,744
  Tesoro Corp   11,245  
571,088
  Valero Energy Corp   39,993  
13,289
e
  Western Refining, Inc   322  
 
  TOTAL PETROLEUM AND COAL PRODUCTS   325,133  
 
PRIMARY METAL INDUSTRIES - 0.93%
     
96,575
*
  AK Steel Holding Corp   4,466  
87,945
  Allegheny Technologies, Inc   7,598  
23,648
  Carpenter Technology Corp   1,778  
52,297
*
  CommScope, Inc   2,574  
2,299,312
  Corning, Inc   55,160  
46,373
e*
  General Cable Corp   3,398  
18,029
  Hubbell, Inc (Class B)   930  
58,323
  Nucor Corp   3,454  
118,296
  Precision Castparts Corp   16,408  
247,526
  Steel Dynamics, Inc   14,745  
59,627
e
  Titanium Metals Corp   1,577  
62,000
  Vallourec   16,783  
 
  TOTAL PRIMARY METAL INDUSTRIES   128,871  
 
PRINTING AND PUBLISHING - 0.17%      
50,507
  Dun & Bradstreet Corp   4,476  
28,579
e
  Harte-Hanks, Inc   494  
45,207
  John Wiley & Sons, Inc (Class A)   1,937  
295,977
  McGraw-Hill Cos, Inc   12,967  
39,852
  Meredith Corp   2,191  
9,000
*
  MSCI, Inc   346  
30,761
e
  New York Times Co (Class A)   539  
 
  TOTAL PRINTING AND PUBLISHING   22,950  
 
RAILROAD TRANSPORTATION - 0.58%
     
288,462
  Burlington Northern Santa Fe Corp   24,009  
302,539
  CSX Corp   13,306  
37,453
e*
  Kansas City Southern Industries, Inc   1,286  
271,209
  Norfolk Southern Corp   13,680  
222,414
  Union Pacific Corp   27,939  
 
  TOTAL RAILROAD TRANSPORTATION   80,220  
 
REAL ESTATE - 0.08%
     
167,949
e*
  CB Richard Ellis Group, Inc (Class A)   3,619  
61,698
e
  Forest City Enterprises, Inc (Class A)   2,742  
31,052
  Jones Lang LaSalle, Inc   2,210  
63,801
e*
  St. Joe Co   2,265  
 
  TOTAL REAL ESTATE   10,836  

196

COLLEGE RETIREMENT EQUITIES FUND - Growth Account      
 
 
      VALUE  
SHARES
      (000)  
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.40%      
182,736
e*
  Goodyear Tire & Rubber Co
$
5,157  
122,053
  Newell Rubbermaid, Inc   3,158  
737,279
  Nike, Inc (Class B)   47,363  
18,061
  Sealed Air Corp   418  
 
  TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS   56,096  
 
SECURITY AND COMMODITY BROKERS - 4.31%      
31,467
e
  BlackRock, Inc   6,822  
120,974
  Broadridge Financial Solutions, Inc   2,713  
4,897,150
  Charles Schwab Corp   125,122  
215,017
  CME Group, Inc   147,502  
237,627
  Deutsche Boerse AG.   47,163  
141,738
*
  E*Trade Financial Corp   503  
96,165
  Eaton Vance Corp   4,367  
73,195
  Federated Investors, Inc (Class B)   3,013  
213,526
  Franklin Resources, Inc   24,434  
339,768
  Goldman Sachs Group, Inc   73,067  
171,784
*
  IntercontinentalExchange, Inc   33,068  
666,000
e
  Invesco Ltd   20,899  
39,564
e*
  Investment Technology Group, Inc   1,883  
447,224
  Janus Capital Group, Inc   14,691  
45,061
e
  Lazard Ltd (Class A)   1,833  
46,412
  Legg Mason, Inc   3,395  
302,390
  Merrill Lynch & Co, Inc   16,232  
44,100
*
  MF Global Ltd   1,388  
49,965
  Morgan Stanley   2,654  
305,141
*
  Nasdaq Stock Market, Inc   15,101  
79,670
e
  Nymex Holdings, Inc   10,645  
226,854
  NYSE Euronext   19,911  
110,230
  SEI Investments Co   3,546  
228,920
  T Rowe Price Group, Inc   13,937  
216,945
  TD Ameritrade Holding Corp   4,352  
 
  TOTAL SECURITY AND COMMODITY BROKERS   598,241  
 
SPECIAL TRADE CONTRACTORS - 0.03%      
142,989
e*
  Quanta Services, Inc   3,752  
 
  TOTAL SPECIAL TRADE CONTRACTORS   3,752  
 
STONE, CLAY, AND GLASS PRODUCTS - 0.48%      
581,184
  3M Co   49,005  
42,673
e
  Eagle Materials, Inc   1,514  
120,380
  Gentex Corp   2,139  
269,788
*
  Owens-Illinois, Inc   13,355  
 
  TOTAL STONE, CLAY, AND GLASS PRODUCTS   66,013  
 
TOBACCO PRODUCTS - 1.01%      
1,567,333
  Altria Group, Inc   118,459  
205,854
  Loews Corp (Carolina Group)   17,559  
76,479
  UST, Inc   4,191  
 
  TOTAL TOBACCO PRODUCTS   140,209  

197

COLLEGE RETIREMENT EQUITIES FUND - Growth Account      
 
 
      VALUE  
SHARES
      (000)  
TRANSPORTATION BY AIR - 0.27%      
205,590
e*
  AMR Corp
$
2,884  
84,530
*
  Continental Airlines, Inc (Class B)   1,881  
14,323
e
  Copa Holdings S.A. (Class A)   538  
231,296
*
  Delta Air Lines, Inc   3,444  
221,808
  FedEx Corp   19,779  
156,051
*
  Northwest Airlines Corp   2,264  
144,993
e
  Southwest Airlines Co   1,769  
133,789
e
  UAL Corp   4,771  
 
  TOTAL TRANSPORTATION BY AIR   37,330  
 
TRANSPORTATION EQUIPMENT - 2.84%
     
40,815
  Autoliv, Inc   2,151  
337,479
*
  BE Aerospace, Inc   17,853  
1,435,580
  Boeing Co   125,556  
47,287
  General Dynamics Corp   4,208  
177,665
  Goodrich Corp   12,545  
210,481
  Harley-Davidson, Inc   9,832  
70,644
  Harsco Corp   4,526  
99,433
  ITT Industries, Inc   6,567  
547,709
  Lockheed Martin Corp   57,652  
220,541
  Northrop Grumman Corp   17,343  
63,198
  Oshkosh Truck Corp   2,987  
319,866
  Paccar, Inc   17,426  
112,197
*
  Pactiv Corp   2,988  
466,669
  Raytheon Co   28,327  
51,222
*
  Spirit Aerosystems Holdings, Inc (Class A)   1,767  
27,555
e
  Thor Industries, Inc   1,047  
61,329
e
  Trinity Industries, Inc   1,702  
927,249
  United Technologies Corp   70,972  
40,000
  Volkswagen AG.   9,129  
 
  TOTAL TRANSPORTATION EQUIPMENT   394,578  
 
TRANSPORTATION SERVICES - 0.13%
     
146,963
  CH Robinson Worldwide, Inc   7,954  
182,233
  Expeditors International Washington, Inc   8,142  
17,328
  GATX Corp   636  
82,829
  UTI Worldwide, Inc   1,623  
 
  TOTAL TRANSPORTATION SERVICES   18,355  
 
TRUCKING AND WAREHOUSING - 0.33%      
29,021
  Con-way, Inc   1,206  
83,175
e
  J.B. Hunt Transport Services, Inc   2,291  
46,682
  Landstar System, Inc   1,968  
578,847
  United Parcel Service, Inc (Class B)   40,936  
 
  TOTAL TRUCKING AND WAREHOUSING   46,401  
 
WATER TRANSPORTATION - 0.40%      
153,660
  Carnival Corp   6,836  
40,858
e
  Frontline Ltd   1,961  
45,280
*
  Kirby Corp   2,105  
1,048,542
e
  Royal Caribbean Cruises Ltd   44,500  
 
  TOTAL WATER TRANSPORTATION   55,402  

198

COLLEGE RETIREMENT EQUITIES FUND - Growth Account                  
 
 
           
MATURITY
    
VALUE
 
SHARES
       
RATE
 
DATE
    (000)  
WHOLESALE TRADE-DURABLE GOODS - 0.25%                  
58,789
*
  Arrow Electronics, Inc            
$
2,309  
152,770
  BorgWarner, Inc               7,395  
35,761
e
  Martin Marietta Materials, Inc               4,742  
120,764
e*
  Patterson Cos, Inc               4,100  
46,374
e
  Pool Corp               920  
6,230
  Reliance Steel & Aluminum Co               338  
154,757
  W.W. Grainger, Inc               13,544  
40,542
e*
  WESCO International, Inc               1,607  
 
  TOTAL WHOLESALE TRADE-DURABLE GOODS               34,955  
 
WHOLESALE TRADE-NONDURABLE GOODS - 0.47%                  
64,163
  Airgas, Inc               3,344  
31,523
e*
  Bare Escentuals, Inc               764  
47,617
  Brown-Forman Corp (Class B)               3,529  
313,042
  Cardinal Health, Inc               18,078  
7,000
  Dean Foods Co               181  
115,835
*
  Endo Pharmaceuticals Holdings, Inc               3,089  
77,221
*
  Henry Schein, Inc               4,741  
43,945
  Herbalife Ltd               1,770  
531,000
  Sysco Corp               16,573  
255,000
*
  Terra Industries, Inc               12,179  
28,599
e*
  Tractor Supply Co               1,028  
 
  TOTAL WHOLESALE TRADE-NONDURABLE GOODS               65,276  
 
 
  TOTAL COMMON STOCKS               13,712,951  
 
  (Cost $12,256,980)                  
PRINCIPAL
                     
 
SHORT-TERM INVESTMENTS - 4.98%
                 
 
U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES - 1.25%                  
$        75,700,000
d
  Federal Home Loan Bank (FHLB)        0.000%  
01/02/08
    75,700  
72,965,000
d
  (FHLB)     0.000  
01/07/08
    72,925  
25,000,000
  Federal National Mortgage Association (FNMA)     0.000  
02/01/08
    24,914  
 
  TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES     173,539  
 
 
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 3.73%                  
517,674,948
  State Street Navigator Securities Lending Prime Portfolio               517,675  
 
  TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED     517,675  
 
 
  TOTAL SHORT-TERM INVESTMENTS               691,214  
 
  (Cost $691,190)                  
 
 
  TOTAL PORTFOLIO - 103.75%               14,404,165  
 
  (Cost $12,948,170)                  
 
  OTHER ASSETS & LIABILITIES, NET - (3.75%)               (520,821 )
                         
                         
 
  NET ASSETS - 100.00%            
$
 13,883,344  
     
 
                  

 
 
  The following abbreviations are used in portfolio descriptions:                  
 
ADR
  American Depositary Receipt.                  
 
plc
   Public Limited Company                  

199

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
 
 
 
*
  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.      
 
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.      

        NUMBER OF       MARKET       EXPIRATION       UNREALIZED
OPEN FUTURES CONTRACTS:   CONTRACTS   VALUE   DATE   (DEPRECIATION)
 
E-mini S&P 500 Index   1,545   $                114,113,700   March 2008  
$                     (1,459,467)

200

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account      
 
COLLEGE RETIREMENT EQUITIES FUND
EQUITY INDEX ACCOUNT
STATEMENT OF INVESTMENTS (unaudited)
December 31, 2007
 
 
      VALUE  
SHARES
      (000)  
COMMON STOCKS - 99.75%      
 
AGRICULTURAL PRODUCTION-CROPS - 0.00%**      
30,203
e*
  Chiquita Brands International, Inc
$
 555  
 
  TOTAL AGRICULTURAL PRODUCTION-CROPS   555  
 
AGRICULTURAL PRODUCTION-LIVESTOCK - 0.01%      
9,280
e
  Cal-Maine Foods, Inc   246  
28,510
e
  Pilgrim's Pride Corp   825  
269
e
  Seaboard Corp   396  
 
  TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK   1,467  
 
AGRICULTURAL SERVICES - 0.00%**      
8,402
e*
  Cadiz, Inc   176  
 
  TOTAL AGRICULTURAL SERVICES   176  
 
AMUSEMENT AND RECREATION SERVICES - 0.66%      
204,299
*
  Activision, Inc   6,068  
37,655
e*
  Bally Technologies, Inc   1,872  
6,588
  Churchill Downs, Inc   356  
9,373
e
  Dover Downs Gaming & Entertainment, Inc   106  
132,020
  Harrah's Entertainment, Inc   11,717  
24,506
  International Speedway Corp (Class A)   1,009  
16,338
e*
  Lakes Entertainment, Inc   113  
22,402
*
  Leapfrog Enterprises, Inc   151  
22,534
e*
  Life Time Fitness, Inc   1,120  
49,611
e*
  Live Nation, Inc   720  
26,149
e*
  Magna Entertainment Corp   25  
38,289
e*
  Marvel Entertainment, Inc   1,023  
14,684
e*
  MTR Gaming Group, Inc   100  
19,119
e*
  Multimedia Games, Inc   159  
51,861
*
  Penn National Gaming, Inc   3,088  
43,754
e*
  Pinnacle Entertainment, Inc   1,031  
51,146
e*
  Six Flags, Inc   104  
9,984
e
  Speedway Motorsports, Inc   310  
11,514
e*
  Town Sports International Holdings, Inc   110  
1,408,524
  Walt Disney Co   45,467  
32,215
e
  Warner Music Group Corp   195  
53,876
e*
  Westwood One, Inc   107  
29,786
e*
  WMS Industries, Inc   1,091  
14,269
  World Wrestling Entertainment, Inc   211  
 
  TOTAL AMUSEMENT AND RECREATION SERVICES   76,253  
 
APPAREL AND ACCESSORY STORES - 0.53%      
62,025
  Abercrombie & Fitch Co (Class A)   4,960  
54,861
*
  Aeropostale, Inc   1,454  
131,782
  American Eagle Outfitters, Inc   2,737  
49,019
*
  AnnTaylor Stores Corp   1,253  
16,896
e
  Bebe Stores, Inc   217  
32,106
e
  Brown Shoe Co, Inc   487  
10,318
  Buckle, Inc   340  

201

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account      
 
 
      VALUE  
SHARES
      (000)  
8,748
e*
  Cache, Inc
$
82  
38,598
e*
  Carter's, Inc   747  
25,746
e*
  Casual Male Retail Group, Inc   133  
21,208
e
  Cato Corp (Class A)   332  
18,007
e*
  Charlotte Russe Holding, Inc   291  
84,814
e*
  Charming Shoppes, Inc   459  
124,659
*
  Chico's FAS, Inc   1,126  
17,847
e*
  Children's Place Retail Stores, Inc   463  
27,159
e
  Christopher & Banks Corp   311  
9,666
e*
  Citi Trends, Inc   149  
45,917
e*
  Collective Brands, Inc   798  
33,313
e*
  Dress Barn, Inc   417  
12,248
e*
  DSW, Inc (Class A)   230  
21,786
e*
  Eddie Bauer Holdings, Inc   138  
28,742
*
  Finish Line, Inc (Class A)   70  
110,542
  Foot Locker, Inc   1,510  
392,231
  Gap, Inc   8,347  
69,757
e*
  Hanesbrands, Inc   1,895  
31,627
e*
  HOT Topic, Inc   184  
30,725
e*
  J Crew Group, Inc   1,481  
15,736
e*
  Jo-Ann Stores, Inc   206  
12,803
e*
  JOS A Bank Clothiers, Inc   364  
226,975
*
  Kohl's Corp   10,395  
226,826
  Limited Brands, Inc   4,294  
15,006
*
  New York & Co, Inc   96  
182,654
  Nordstrom, Inc   6,709  
49,497
*
  Pacific Sunwear Of California, Inc   698  
98,357
  Ross Stores, Inc   2,515  
5,056
e*
  Shoe Carnival, Inc   71  
30,798
e
  Stage Stores, Inc   456  
3,565
e
  Syms Corp   54  
16,391
e
  Talbots, Inc   194  
21,729
e*
  Tween Brands, Inc   575  
18,524
e*
  Under Armour, Inc (Class A)   809  
81,421
*
  Urban Outfitters, Inc   2,220  
60,082
e*
  Wet Seal, Inc (Class A)   140  
 
  TOTAL APPAREL AND ACCESSORY STORES   60,407  
 
APPAREL AND OTHER TEXTILE PRODUCTS - 0.15%      
9,339
e
  Columbia Sportswear Co   412  
9,368
*
  G-III Apparel Group Ltd   138  
38,371
e
  Guess ?, Inc   1,454  
24,603
*
  Gymboree Corp   749  
77,026
e
  Jones Apparel Group, Inc   1,232  
18,458
e
  Kellwood Co   307  
74,047
  Liz Claiborne, Inc   1,507  
8,000
e*
  Lululemon Athletica, Inc   379  
13,600
*
  Maidenform Brands, Inc   184  
39,481
  Phillips-Van Heusen Corp   1,455  
43,818
  Polo Ralph Lauren Corp   2,708  
88,227
*
  Quiksilver, Inc   757  
9,215
e*
  True Religion Apparel, Inc   197  
63,199
  VF Corp   4,339  
33,246
*
  Warnaco Group, Inc   1,157  
 
  TOTAL APPAREL AND OTHER TEXTILE PRODUCTS   16,975  

202

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account      
 
 
      VALUE  
SHARES
      (000)  
AUTO REPAIR, SERVICES AND PARKING - 0.08%      
7,541
e*
  Amerco, Inc
$
495  
19,858
e*
  Dollar Thrifty Automotive Group, Inc   470  
52,808
e*
  Exide Technologies   422  
226,879
e*
  Hertz Global Holdings, Inc   3,605  
10,010
e*
  Midas, Inc   147  
12,456
  Monro Muffler, Inc   243  
43,349
  Ryder System, Inc   2,038  
3,701
*
  Standard Parking Corp   180  
28,100
*
  Wright Express Corp   997  
 
  TOTAL AUTO REPAIR, SERVICES AND PARKING   8,597  
 
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.16%      
75,964
  Advance Auto Parts   2,886  
18,263
  Asbury Automotive Group, Inc   275  
112,366
e*
  Autonation, Inc   1,759  
32,750
*
  Autozone, Inc   3,927  
155,144
e*
  Carmax, Inc   3,064  
50,363
*
  Copart, Inc   2,143  
32,325
e*
  CSK Auto Corp   162  
12,002
e
  Lithia Motors, Inc (Class A)   165  
11,554
e*
  MarineMax, Inc   179  
80,048
*
  O'Reilly Automotive, Inc   2,596  
39,290
e
  Penske Auto Group, Inc   686  
21,664
e*
  Rush Enterprises, Inc (Class A)   394  
21,187
e
  Sonic Automotive, Inc (Class A)   410  
 
  TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS   18,646  
 
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.53%      
9,000
e*
  Builders FirstSource, Inc   65  
53,181
e*
  Central Garden and Pet Co (Class A)   285  
89,499
e
  Fastenal Co   3,617  
1,211,282
  Home Depot, Inc   32,632  
1,070,982
  Lowe's Cos, Inc   24,226  
 
  TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES   60,825  
 
BUSINESS SERVICES - 7.35%      
274,681
*
  3Com Corp   1,242  
10,702
e*
  3D Systems Corp   165  
30,587
e
  Aaron Rents, Inc   588  
34,759
  ABM Industries, Inc   709  
19,911
e*
  Acacia Research (Acacia Technologies)   179  
424,709
  Accenture Ltd (Class A)   15,302  
27,282
e*
  ACI Worldwide, Inc   519  
40,528
*
  Actuate Corp   315  
44,925
  Acxiom Corp   527  
19,460
e
  Administaff, Inc   550  
415,810
*
  Adobe Systems, Inc   17,768  
17,568
e*
  Advent Software, Inc   950  
65,443
*
  Affiliated Computer Services, Inc (Class A)   2,951  
17,375
e
  Aircastle Ltd   457  
119,553
*
  Akamai Technologies, Inc   4,137  
55,591
e*
  Alliance Data Systems Corp   4,169  
140,314
*
  Amdocs Ltd   4,837  
18,475
e*
  American Reprographics Co   304  
23,326
*
  AMN Healthcare Services, Inc   401  

203

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account      
 
 
      VALUE  
SHARES
      (000)  
11,435
*
  Ansoft Corp
$
296  
54,586
*
  Ansys, Inc   2,263  
22,433
e
  Arbitron, Inc   933  
55,146
e*
  Ariba, Inc   615  
79,212
*
  Art Technology Group, Inc   342  
64,263
*
  Aspen Technology, Inc   1,042  
11,658
e
  Asset Acceptance Capital Corp   121  
4,900
e*
  athenahealth, Inc   176  
163,135
*
  Autodesk, Inc   8,118  
391,052
  Automatic Data Processing, Inc   17,414  
73,503
*
  Avis Budget Group, Inc   956  
35,025
*
  Avocent Corp   816  
8,158
e*
  Bankrate, Inc   392  
4,811
e
  Barrett Business Services   87  
277,257
*
  BEA Systems, Inc   4,375  
147,378
e*
  BearingPoint, Inc   417  
31,258
e
  Blackbaud, Inc   876  
19,831
*
  Blackboard, Inc   798  
4,100
*
  BladeLogic, Inc   121  
21,784
*
  Blue Coat Systems, Inc   716  
141,944
*
  BMC Software, Inc   5,059  
52,351
e*
  Borland Software Corp   158  
12,774
e*
  Bottomline Technologies, Inc   179  
31,440
e*
  BPZ Energy, Inc   351  
35,469
e
  Brady Corp (Class A)   1,245  
30,798
  Brink's Co   1,840  
291,155
  CA, Inc   7,264  
23,836
e*
  CACI International, Inc (Class A)   1,067  
196,961
*
  Cadence Design Systems, Inc   3,350  
7,726
*
  Capella Education Co   506  
4,557
e*
  Cavium Networks, Inc   105  
46,548
e*
  CBIZ, Inc   457  
46,408
e*
  Cerner Corp   2,617  
53,696
*
  ChoicePoint, Inc   1,956  
22,101
*
  Chordiant Software, Inc   189  
36,800
e*
  Ciber, Inc   225  
131,364
*
  Citrix Systems, Inc   4,993  
5,919
e*
  Clayton Holdings, Inc   31  
28,047
e*
  Clear Channel Outdoor Holdings, Inc (Class A)   776  
33,165
e*
  CMGI, Inc   434  
106,270
e*
  CNET Networks, Inc   971  
35,274
*
  Cogent Communications Group, Inc   836  
30,867
e*
  Cogent, Inc   344  
33,274
  Cognex Corp   670  
205,628
*
  Cognizant Technology Solutions Corp (Class A)   6,979  
24,951
*
  Commvault Systems, Inc   528  
14,638
e
  Compass Diversified Trust   218  
6,637
e
  Computer Programs & Systems, Inc   151  
122,395
*
  Computer Sciences Corp   6,055  
224,076
*
  Compuware Corp   1,990  
11,985
*
  COMSYS IT Partners, Inc   189  
24,465
e*
  Concur Technologies, Inc   886  
5,100
*
  Constant Contact Inc   110  
101,983
*
  Convergys Corp   1,679  
13,466
e*
  CoStar Group, Inc   636  
35,280
e*
  CSG Systems International, Inc   519  

204

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account      
 
 
      VALUE  
SHARES
      (000)  
44,487
e*
  Cybersource Corp
$
791  
4,000
*
  Data Domain, Inc   105  
23,730
*
  DealerTrack Holdings, Inc   794  
37,676
  Deluxe Corp   1,239  
29,248
e*
  Digital River, Inc   967  
16,736
*
  DivX, Inc   234  
5,742
*
  Double-Take Software, Inc   125  
38,121
e*
  DST Systems, Inc   3,147  
18,300
e*
  DynCorp International, Inc (Class A)   492  
94,764
e*
  Earthlink, Inc   670  
813,390
*
  eBay, Inc   26,996  
18,386
e*
  Echelon Corp   379  
31,866
e*
  Eclipsys Corp   807  
11,677
e
  Electro Rent Corp   173  
220,150
*
  Electronic Arts, Inc   12,859  
359,557
  Electronic Data Systems Corp   7,454  
42,487
e*
  Epicor Software Corp   501  
18,554
e*
  EPIQ Systems, Inc   323  
101,323
  Equifax, Inc   3,684  
25,524
e*
  Equinix, Inc   2,580  
15,409
e*
  eSpeed, Inc (Class A)   174  
51,812
e*
  Evergreen Energy, Inc   116  
16,145
e*
  ExlService Holdings, Inc   373  
135,693
e*
  Expedia, Inc   4,291  
60,414
*
  F5 Networks, Inc   1,723  
30,351
e
  Factset Research Systems, Inc   1,691  
43,312
e
  Fair Isaac Corp   1,392  
22,225
e*
  FalconStor Software, Inc   250  
136,153
  Fidelity National Information Services, Inc   5,663  
5,700
e*
  First Advantage Corp (Class A)   94  
118,984
*
  Fiserv, Inc   6,602  
9,100
*
  Forrester Research, Inc   255  
13,613
e
  FTD Group, Inc   175  
48,873
e*
  Gartner, Inc   858  
15,914
*
  Gerber Scientific, Inc   172  
35,093
*
  Getty Images, Inc   1,018  
19,091
e
  Gevity HR, Inc   147  
31,343
e*
  Global Cash Access, Inc   190  
12,262
e*
  Global Sources Ltd   346  
163,401
*
  Google, Inc (Class A)   112,989  
12,787
e*
  H&E Equipment Services, Inc   241  
27,742
e
  Healthcare Services Group   588  
10,050
e
  Heartland Payment Systems, Inc   269  
14,300
  Heidrick & Struggles International, Inc   531  
121,999
e*
  HLTH Corp   1,635  
14,696
*
  HMS Holdings Corp   488  
17,722
*
  Hudson Highland Group, Inc   149  
37,591
e*
  Hypercom Corp   187  
10,436
e*
  i2 Technologies, Inc   131  
4,942
e*
  ICT Group, Inc   59  
12,987
e*
  iGate Corp   110  
22,361
*
  IHS, Inc (Class A)   1,354  
8,904
e
  Imergent, Inc   94  
138,645
  IMS Health, Inc   3,194  
62,260
*
  Informatica Corp   1,122  
23,086
e
  Infospace, Inc   434  

205

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account      
 
 
      VALUE  
SHARES
      (000)  
20,612
  infoUSA, Inc
$
184  
16,715
e*
  Innerworkings, Inc   289  
11,821
e*
  Innovative Solutions & Support, Inc   115  
5,702
e*
  Integral Systems, Inc   133  
25,164
e
  Interactive Data Corp   831  
9,285
e*
  Interactive Intelligence, Inc   245  
34,783
e*
  Internap Network Services Corp   290  
32,107
e*
  Internet Capital Group, Inc   377  
331,264
e*
  Interpublic Group of Cos, Inc   2,687  
30,914
*
  Interwoven, Inc   440  
247,953
*
  Intuit, Inc   7,838  
20,768
*
  inVentiv Health, Inc   643  
45,508
e*
  Ipass, Inc   185  
126,088
e*
  Iron Mountain, Inc   4,668  
54,563
  Jack Henry & Associates, Inc   1,328  
18,698
e*
  JDA Software Group, Inc   383  
369,335
*
  Juniper Networks, Inc   12,262  
16,327
  Kelly Services, Inc (Class A)   305  
17,839
e*
  Kenexa Corp   346  
10,875
*
  Keynote Systems, Inc   153  
21,985
*
  Kforce, Inc   214  
37,837
e*
  Kinetic Concepts, Inc   2,027  
19,259
e*
  Knot, Inc   307  
30,104
e*
  Korn/Ferry International   567  
58,784
e
  Lamar Advertising Co (Class A)   2,826  
100,230
*
  Lawson Software, Inc   1,026  
43,208
e*
  Lionbridge Technologies   153  
4,800
e*
  Liquidity Services, Inc   62  
25,944
*
  LivePerson, Inc   139  
11,455
e*
  LoJack Corp   193  
23,625
e*
  Magma Design Automation, Inc   288  
19,563
*
  Manhattan Associates, Inc   516  
59,795
  Manpower, Inc   3,402  
12,905
*
  Mantech International Corp (Class A)   565  
16,386
e
  Marchex, Inc (Class B)   178  
57,244
e
  Mastercard, Inc (Class A)   12,319  
116,829
*
  McAfee, Inc   4,381  
62,676
*
  Mentor Graphics Corp   676  
5,843,700
  Microsoft Corp   208,036  
7,982
*
  MicroStrategy, Inc (Class A)   759  
25,516
e*
  Midway Games, Inc   70  
64,372
e
  MoneyGram International, Inc   989  
90,011
*
  Monster Worldwide, Inc   2,916  
76,340
e*
  Move, Inc   187  
73,891
*
  MPS Group, Inc   808  
30,812
*
  MSC.Software Corp   400  
69,755
*
  NAVTEQ Corp   5,273  
127,189
*
  NCR Corp   3,192  
24,391
e*
  Ness Technologies, Inc   225  
32,938
e*
  NetFlix, Inc   877  
18,588
*
  Network Equipment Technologies, Inc   157  
27,305
  NIC, Inc   230  
245,266
*
  Novell, Inc   1,685  
93,462
e*
  Nuance Communications, Inc   1,746  
233,822
  Omnicom Group, Inc   11,114  
20,186
e*
  Omniture, Inc   672  

206

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account      
 
 
      VALUE  
SHARES
      (000)  
25,372
e*
  On Assignment, Inc
$
178  
14,464
e*
  Online Resources Corp   172  
66,009
e*
  OpenTV Corp (Class A)   87  
2,738,665
*
  Oracle Corp   61,839  
25,857
e*
  Packeteer, Inc   159  
82,059
*
  Parametric Technology Corp   1,465  
13,662
e*
  PDF Solutions, Inc   123  
7,322
  Pegasystems, Inc   87  
13,179
e*
  PeopleSupport, Inc   180  
20,679
e*
  Perficient, Inc   325  
61,125
*
  Perot Systems Corp (Class A)   825  
29,033
*
  Phase Forward, Inc   631  
10,816
e
  Portfolio Recovery Associates, Inc   429  
49,575
*
  Premiere Global Services, Inc   736  
28,939
*
  Progress Software Corp   975  
4,545
e
  Protection One, Inc   54  
8,302
e
  QAD, Inc   78  
11,520
e
  Quality Systems, Inc   351  
47,410
*
  Quest Software, Inc   874  
15,387
e*
  Radiant Systems, Inc   265  
15,185
e*
  Radisys Corp   203  
21,858
e*
  Raser Technologies, Inc   325  
76,360
e*
  RealNetworks, Inc   465  
137,532
e*
  Red Hat, Inc   2,866  
5,893
e
  Renaissance Learning, Inc   83  
49,265
*
  Rent-A-Center, Inc   715  
10,621
e*
  RightNow Technologies, Inc   168  
103,929
  Robert Half International, Inc   2,810  
30,289
e
  Rollins, Inc   582  
14,869
e*
  RSC Holdings, Inc   187  
41,988
*
  S1 Corp   307  
67,031
e*
  Salesforce.com, Inc   4,202  
55,315
*
  Sapient Corp   487  
35,286
e*
  Secure Computing Corp   339  
8,963
e*
  SI International, Inc   246  
20,806
e*
  Smith Micro Software, Inc   176  
21,198
e*
  Sohu.com, Inc   1,156  
45,445
*
  SonicWALL, Inc   487  
178,279
e*
  Sonus Networks, Inc   1,039  
47,815
e
  Sotheby's   1,822  
4,962
*
  Sourcefire, Inc   41  
42,038
*
  Spherion Corp   306  
13,651
e*
  SPSS, Inc   490  
31,079
e*
  SRA International, Inc (Class A)   915  
14,356
e*
  Stratasys, Inc   371  
631,073
*
  Sun Microsystems Inc   11,441  
69,226
*
  Sybase, Inc   1,806  
20,941
*
  SYKES Enterprises, Inc   377  
640,259
*
  Symantec Corp   10,334  
13,094
e*
  Synchronoss Technologies, Inc   464  
8,784
e*
  SYNNEX Corp   172  
102,202
*
  Synopsys, Inc   2,650  
9,061
e
  Syntel, Inc   349  
52,739
e*
  Take-Two Interactive Software, Inc   973  
11,400
e
  TAL International Group, Inc   260  
9,690
*
  Taleo Corp (Class A)   289  

207

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account      
 
 
      VALUE  
SHARES
      (000)  
5,765
e*
  TechTarget, Inc
$
85  
29,375
*
  TeleTech Holdings, Inc   625  
12,795
e
  TheStreet.com, Inc   204  
48,928
e*
  THQ, Inc   1,379  
147,312
*
  TIBCO Software, Inc   1,189  
16,913
e
  TNS, Inc   300  
25,671
e
  Total System Services, Inc   719  
18,504
e*
  TradeStation Group, Inc   263  
5,197
e*
  Travelzoo, Inc   71  
32,191
e*
  Trizetto Group, Inc   559  
38,790
e*
  TrueBlue, Inc   562  
15,759
e*
  Ultimate Software Group, Inc   496  
6,599
e*
  Unica Corp   61  
246,359
*
  Unisys Corp   1,165  
47,520
e
  United Online, Inc   562  
57,871
*
  United Rentals, Inc   1,063  
70,702
*
  Valueclick, Inc   1,548  
19,828
e*
  Vasco Data Security International   554  
157,725
*
  VeriSign, Inc   5,932  
15,178
e
  Viad Corp   479  
20,615
*
  Vignette Corp   301  
12,203
*
  Visual Sciences, Inc   226  
27,400
e*
  VMware, Inc (Class A)   2,329  
9,154
*
  Vocus, Inc   316  
12,149
e*
  Volt Information Sciences, Inc   222  
365,656
  Waste Management, Inc   11,946  
4,946
e*
  WebMD Health Corp (Class A)   203  
33,540
e*
  Websense, Inc   570  
53,517
*
  Wind River Systems, Inc   478  
862,982
*
  Yahoo!, Inc   20,073  
 
  TOTAL BUSINESS SERVICES   843,025  
 
CHEMICALS AND ALLIED PRODUCTS - 9.45%
     
1,093,842
  Abbott Laboratories   61,419  
4,621
e*
  Abraxis Bioscience, Inc   318  
21,809
e*
  Acadia Pharmaceuticals, Inc   241  
15,016
e*
  Acorda Therapeutics, Inc   330  
21,334
e*
  Adams Respiratory Therapeutics, Inc   1,274  
153,074
  Air Products & Chemicals, Inc   15,098  
17,349
e*
  Albany Molecular Research, Inc   249  
56,528
e
  Albemarle Corp   2,332  
61,370
  Alberto-Culver Co   1,506  
27,335
e*
  Alexion Pharmaceuticals, Inc   2,051  
14,002
e*
  Alexza Pharmaceuticals, Inc   113  
70,988
*
  Alkermes, Inc   1,107  
30,230
e*
  Allos Therapeutics, Inc   190  
22,480
e*
  Alnylam Pharmaceuticals, Inc   654  
30,554
e*
  Alpharma, Inc (Class A)   616  
10,122
e*
  AMAG Pharmaceuticals, Inc   609  
49,682
*
  American Oriental Bioengineering, Inc   550  
12,379
  American Vanguard Corp   215  
772,385
*
  Amgen, Inc   35,870  
8,652
*
  Animal Health International, Inc   106  
18,485
e*
  APP Pharmaceuticals, Inc   190  
16,685
  Arch Chemicals, Inc   613  
43,996
e*
  Arena Pharmaceuticals, Inc   344  

208

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account      
 
 
      VALUE  
SHARES
      (000)  
23,529
e*
  Arqule, Inc
$
136  
33,623
e*
  Array Biopharma, Inc   283  
24,502
e*
  Arrowhead Research Corp   93  
20,021
*
  Auxilium Pharmaceuticals, Inc   600  
24,200
e*
  Aventine Renewable Energy Holdings, Inc   309  
75,706
  Avery Dennison Corp   4,023  
310,135
  Avon Products, Inc   12,260  
11,970
e
  Balchem Corp   268  
77,758
*
  Barr Pharmaceuticals, Inc   4,129  
10,191
e*
  Bentley Pharmaceuticals, Inc   154  
3,558
e*
  Biodel, Inc   83  
209,961
*
  Biogen Idec, Inc   11,951  
72,673
*
  BioMarin Pharmaceuticals, Inc   2,573  
7,589
e*
  BioMimetic Therapeutics, Inc   132  
31,390
e*
  Bionovo, Inc   54  
9,920
e*
  Bradley Pharmaceuticals, Inc   195  
1,398,402
  Bristol-Myers Squibb Co   37,086  
45,568
  Cabot Corp   1,519  
11,732
e*
  Cadence Pharmaceuticals, Inc   174  
28,512
e*
  Calgon Carbon Corp   453  
20,927
  Cambrex Corp   175  
5,883
e*
  Caraco Pharmaceutical Laboratories Ltd   101  
95,347
  Celanese Corp (Series A)   4,035  
52,007
*
  Cell Genesys, Inc   120  
46,785
*
  Cephalon, Inc   3,357  
39,849
  CF Industries Holdings, Inc   4,386  
47,691
*
  Charles River Laboratories International, Inc   3,138  
12,829
e*
  Chattem, Inc   969  
179,587
  Chemtura Corp   1,401  
46,500
e
  Church & Dwight Co, Inc   2,514  
102,209
  Clorox Co   6,661  
364,229
  Colgate-Palmolive Co   28,395  
43,598
*
  Cubist Pharmaceuticals, Inc   894  
27,159
e*
  Cypress Bioscience, Inc   300  
29,796
  Cytec Industries, Inc   1,835  
18,758
e*
  Cytokinetics, Inc   89  
62,426
e*
  CytRx Corp   177  
59,949
e*
  Dendreon Corp   373  
58,878
e*
  Discovery Laboratories, Inc   127  
673,945
  Dow Chemical Co   26,567  
652,888
  Du Pont (E.I.) de Nemours & Co   28,786  
50,131
e*
  Durect Corp   322  
59,583
  Eastman Chemical Co   3,640  
125,150
  Ecolab, Inc   6,409  
706,045
  Eli Lilly & Co   37,696  
17,426
e*
  Elizabeth Arden, Inc   355  
42,677
e*
  Encysive Pharmaceuticals, Inc   36  
28,467
e*
  Enzon Pharmaceuticals, Inc   271  
77,181
  Estee Lauder Cos (Class A)   3,366  
28,545
  Ferro Corp   592  
54,030
  FMC Corp   2,947  
226,321
*
  Forest Laboratories, Inc   8,249  
331,501
*
  Genentech, Inc   22,234  
47,588
e*
  GenVec, Inc   70  
186,756
*
  Genzyme Corp   13,902  
24,274
e
  Georgia Gulf Corp   161  

209

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account      
 
 
      VALUE  
SHARES
      (000)  
51,960
e*
  Geron Corp
$
295  
664,714
*
  Gilead Sciences, Inc   30,583  
11,695
e*
  GTx, Inc   168  
45,958
  H.B. Fuller Co   1,032  
45,558
e*
  Halozyme Therapeutics, Inc   324  
87,144
  Hercules, Inc   1,686  
114,166
*
  Hospira, Inc   4,868  
102,740
e*
  Human Genome Sciences, Inc   1,073  
68,447
  Huntsman Corp   1,759  
17,140
e*
  Idenix Pharmaceuticals, Inc   46  
46,374
*
  Idexx Laboratories, Inc   2,719  
42,460
*
  ImClone Systems, Inc   1,826  
49,858
*
  Immucor, Inc   1,695  
42,987
e*
  Indevus Pharmaceuticals, Inc   299  
14,805
e
  Innophos Holdings, Inc   220  
16,128
  Innospec, Inc   277  
6,061
e
  Inter Parfums, Inc   109  
19,810
e*
  InterMune, Inc   264  
63,209
  International Flavors & Fragrances, Inc   3,042  
47,868
e*
  Inverness Medical Innovations, Inc   2,689  
33,038
*
  Invitrogen Corp   3,086  
29,249
e*
  Javelin Pharmaceuticals, Inc   109  
10,660
e
  Kaiser Aluminum Corp   847  
27,654
e*
  Keryx Biopharmaceuticals, Inc   232  
172,331
*
  King Pharmaceuticals, Inc   1,765  
12,441
  Koppers Holdings, Inc   538  
2,620
e
  Kronos Worldwide, Inc   46  
28,944
e*
  KV Pharmaceutical Co (Class A)   826  
14,893
*
  Landec Corp   200  
64,160
e
  Ligand Pharmaceuticals, Inc (Class B)   310  
48,868
  Lubrizol Corp   2,647  
9,202
e
  Mannatech, Inc   58  
29,304
e*
  MannKind Corp   233  
23,199
e*
  Martek Biosciences Corp   686  
90,979
e*
  Medarex, Inc   948  
36,966
*
  Medicines Co   708  
39,603
e
  Medicis Pharmaceutical Corp (Class A)   1,028  
15,000
e*
  Medivation, Inc   216  
1,543,245
  Merck & Co, Inc   89,678  
27,965
e
  Meridian Bioscience, Inc   841  
61,562
*
  MGI Pharma, Inc   2,495  
227,077
*
  Millennium Pharmaceuticals, Inc   3,402  
14,800
e
  Minerals Technologies, Inc   991  
34,103
e*
  Minrad International, Inc   111  
15,457
e*
  Momenta Pharmaceuticals, Inc   110  
387,373
  Monsanto Co   43,266  
109,683
*
  Mosaic Co   10,347  
215,675
e*
  Mylan Laboratories, Inc   3,032  
40,164
e*
  Nabi Biopharmaceuticals   145  
102,409
  Nalco Holding Co   2,476  
15,424
e*
  Nastech Pharmaceutical Co, Inc   59  
39,647
*
  NBTY, Inc   1,086  
26,156
e*
  Neurocrine Biosciences, Inc   119  
12,540
e
  NewMarket Corp   698  
4,943
e
  NL Industries, Inc   57  
15,161
e*
  Noven Pharmaceuticals, Inc   210  

210

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account      
 
 
      VALUE  
SHARES
      (000)  
3,979
e*
  Obagi Medical Products, Inc
$
73  
57,638
  Olin Corp   1,114  
21,783
*
  OM Group, Inc   1,253  
9,743
e*
  Omrix Biopharmaceuticals, Inc   338  
39,447
e*
  Onyx Pharmaceuticals, Inc   2,194  
30,922
e*
  OraSure Technologies, Inc   275  
5,227
e*
  Orexigen Therapeutics, Inc   74  
41,855
e*
  OSI Pharmaceuticals, Inc   2,030  
9,330
e*
  Osiris Therapeutics, Inc   112  
21,959
e*
  Pacific Ethanol, Inc   180  
24,948
*
  Pain Therapeutics, Inc   264  
26,028
e*
  Par Pharmaceutical Cos, Inc   625  
19,684
*
  Parexel International Corp   951  
82,661
e*
  PDL BioPharma, Inc   1,448  
14,839
e*
  Penwest Pharmaceuticals Co   87  
54,947
e
  Perrigo Co   1,924  
13,027
e*
  PetMed Express, Inc   158  
4,997,958
  Pfizer, Inc   113,604  
19,172
e*
  PharMerica Corp   266  
16,760
*
  Pharmion Corp   1,054  
67,684
*
  PolyOne Corp   445  
15,652
e*
  Poniard Pharmaceuticals, Inc   69  
15,548
e*
  Pozen, Inc   187  
116,025
  PPG Industries, Inc   8,148  
225,266
  Praxair, Inc   19,983  
20,200
e*
  Prestige Brands Holdings, Inc   151  
2,241,834
  Procter & Gamble Co   164,595  
15,641
e*
  Progenics Pharmaceuticals, Inc   283  
1,015
*
  Protalix BioTherapeutics, Inc   3  
21,781
e*
  Quidel Corp   424  
128,735
e*
  Revlon, Inc (Class A)   152  
23,386
*
  Rockwood Holdings, Inc   777  
101,754
e
  Rohm & Haas Co   5,400  
86,923
  RPM International, Inc   1,765  
32,161
e*
  Salix Pharmaceuticals Ltd   253  
32,144
e*
  Santarus, Inc   88  
1,155,158
  Schering-Plough Corp   30,773  
24,810
e*
  Sciele Pharma, Inc   507  
30,925
  Scotts Miracle-Gro Co (Class A)   1,157  
33,451
  Sensient Technologies Corp   946  
75,199
*
  Sepracor, Inc   1,974  
78,570
  Sherwin-Williams Co   4,560  
97,966
  Sigma-Aldrich Corp   5,349  
3,797
e*
  Somaxon Pharmaceuticals, Inc   20  
3,400
e
  Stepan Co   111  
36,010
e*
  SuperGen, Inc   131  
10,427
e*
  SurModics, Inc   566  
24,273
e*
  Tercica, Inc   165  
31,857
e
  Tronox, Inc (Class B)   276  
6,411
e*
  Trubion Pharmaceuticals, Inc   64  
36,392
e
  UAP Holding Corp   1,405  
9,300
e*
  Ulta Salon Cosmetics & Fragrance, Inc   160  
15,246
*
  United Therapeutics Corp   1,489  
7,764
*
  US BioEnergy Corp   91  
8,287
e*
  USANA Health Sciences, Inc   307  
81,074
e*
  USEC, Inc   730  

211

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account      
 
 
      VALUE  
SHARES
     
(000)
 
67,459
e*
  Valeant Pharmaceuticals International
$
808  
75,915
  Valspar Corp   1,711  
18,703
e*
  Vanda Pharmaceuticals, Inc   129  
60,046
*
  VCA Antech, Inc   2,656  
16,400
e*
  Verasun Energy Corp   251  
92,537
*
  Vertex Pharmaceuticals, Inc   2,150  
47,837
e*
  Viropharma, Inc   380  
11,085
e*
  Visicu, Inc   132  
64,240
e*
  Warner Chilcott Ltd (Class A)   1,139  
72,549
*
  Watson Pharmaceuticals, Inc   1,969  
11,832
e
  Westlake Chemical Corp   225  
49,789
e*
  WR Grace & Co   1,303  
956,153
  Wyeth   42,252  
15,162
*
  Xenoport, Inc   847  
93,790
*
  XOMA Ltd   318  
26,437
e*
  Zymogenetics, Inc   309  
 
  TOTAL CHEMICALS AND ALLIED PRODUCTS   1,083,807  
 
COAL MINING - 0.26%
     
46,611
e*
  Alpha Natural Resources, Inc   1,514  
101,350
e
  Arch Coal, Inc   4,554  
131,179
  Consol Energy, Inc   9,382  
80,635
e*
  International Coal Group, Inc   432  
59,977
  Massey Energy Co   2,144  
187,317
  Peabody Energy Corp   11,546  
 
  TOTAL COAL MINING   29,572  
 
COMMUNICATIONS - 4.40%      
30,232
e
  Alaska Communications Systems Group, Inc   453  
298,790
*
  American Tower Corp (Class A)   12,728  
21,897
e*
  Anixter International, Inc   1,364  
5,854
e*
  Aruba Networks, Inc   87  
4,389,555
  AT&T, Inc   182,430  
6,765
  Atlantic Tele-Network, Inc   229  
10,900
e*
  Audiovox Corp (Class A)   135  
37,143
e*
  Brightpoint, Inc   571  
160,716
  Cablevision Systems Corp (Class A)   3,938  
14,532
e*
  Cbeyond Communications, Inc   567  
15,110
e
  Centennial Communications Corp   140  
24,190
e*
  Central European Media Enterprises Ltd (Class A)   2,806  
77,480
  CenturyTel, Inc   3,212  
284,093
e*
  Charter Communications, Inc (Class A)   332  
180,973
*
  Cincinnati Bell, Inc   860  
143,100
e
  Citadel Broadcasting Corp   295  
253,715
  Citizens Communications Co   3,230  
351,009
  Clear Channel Communications, Inc   12,117  
8,891
e*
  Clearwire Corp (Class A)   122  
2,096,131
*
  Comcast Corp (Class A)   38,275  
14,680
e
  Consolidated Communications Holdings, Inc   292  
32,384
e*
  Cox Radio, Inc (Class A)   393  
167,978
e*
  Crown Castle International Corp   6,988  
13,062
e*
  Crown Media Holdings, Inc (Class A)   85  
36,653
e*
  CTC Media, Inc   1,107  
35,320
e*
  Cumulus Media, Inc (Class A)   284  
9,394
e*
  DG FastChannel,Inc   241  
509,030
*
  DIRECTV Group, Inc   11,769  

212

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account      
 
 
      VALUE  
SHARES
      (000)  
147,079
*
  EchoStar Communications Corp (Class A)
$
5,548  
106,754
  Embarq Corp   5,288  
26,410
e
  Emmis Communications Corp (Class A)   102  
22,831
e
  Entercom Communications Corp (Class A)   313  
52,691
*
  Entravision Communications Corp (Class A)   413  
24,592
e
  Fairpoint Communications, Inc   320  
86,527
e*
  FiberTower Corp   197  
5,404
*
  Fisher Communications, Inc   205  
109,368
*
  Foundry Networks, Inc   1,916  
38,028
*
  General Communication, Inc (Class A)   333  
12,443
*
  GeoEye, Inc   419  
17,256
e*
  Global Crossing Ltd   381  
53,416
  Global Payments, Inc   2,485  
8,275
e*
  Globalstar, Inc   66  
11,948
*
  Golden Telecom, Inc   1,206  
29,084
e
  Gray Television, Inc   233  
16,976
e*
  Harris Stratex Networks, Inc (Class A)   284  
18,785
e
  Hearst-Argyle Television, Inc   415  
4,578
e*
  Hughes Communications, Inc   250  
123,533
*
  IAC/InterActiveCorp   3,326  
23,311
e
  Ibasis, Inc   120  
73,766
e*
  ICO Global Communications Holdings Ltd   235  
39,942
e
  IDT Corp (Class B)   338  
22,094
e
  Iowa Telecommunications Services, Inc   359  
11,781
  iPCS, Inc   424  
35,358
e*
  j2 Global Communications, Inc   749  
18,344
e*
  Knology, Inc   234  
38,462
e*
  Leap Wireless International, Inc   1,794  
1,082,052
e*
  Level 3 Communications, Inc   3,289  
275,743
e*
  Liberty Global, Inc (Class A)   10,806  
91,188
*
  Liberty Media Corp - Capital (Series A)   10,622  
445,518
*
  Liberty Media Holding Corp (Interactive A)   8,500  
17,509
e*
  Lin TV Corp (Class A)   213  
16,181
e*
  Lodgenet Entertainment Corp   282  
28,940
*
  Mastec, Inc   294  
42,748
e*
  Mediacom Communications Corp (Class A)   196  
48,873
*
  MetroPCS Communications, Inc   951  
53,746
e*
  NeuStar, Inc (Class A)   1,541  
7,635
e*
  Nexstar Broadcasting Group, Inc (Class A)   70  
19,431
e*
  Nextwave Wireless, Inc   105  
125,602
*
  NII Holdings, Inc   6,069  
9,887
e*
  North Pittsburgh Systems, Inc   224  
20,547
e*
  Novatel Wireless, Inc   333  
19,818
  NTELOS Holdings Corp   588  
18,865
e*
  Orbcomm, Inc   119  
49,151
e*
  PAETEC Holding Corp   479  
1,801
e
  Preformed Line Products Co   107  
1,159,984
e
  Qwest Communications International, Inc   8,132  
57,767
*
  Radio One, Inc (Class D)   137  
20,736
e
  RCN Corp   323  
8,561
*
  Rural Cellular Corp (Class A)   377  
8,327
  Salem Communications Corp (Class A)   55  
20,418
e*
  SAVVIS, Inc   570  
77,246
*
  SBA Communications Corp (Class A)   2,614  
16,080
e
  Shenandoah Telecom Co   386  
34,573
e
  Sinclair Broadcast Group, Inc (Class A)   284  

213

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account      
 
 
      VALUE  
SHARES
      (000)  
31,566
e*
  Spanish Broadcasting System, Inc (Class A)
$
58  
1,999,879
  Sprint Nextel Corp   26,258  
9,587
e
  SureWest Communications   164  
8,854
e*
  Switch & Data Facilities Co, Inc   142  
16,874
*
  Syniverse Holdings, Inc   263  
75,527
  Telephone & Data Systems, Inc   4,728  
33,818
e*
  Terremark Worldwide, Inc   220  
109,696
*
  Time Warner Cable, Inc (Class A)   3,028  
69,701
e*
  TiVo, Inc   581  
11,370
*
  US Cellular Corp   956  
18,421
  USA Mobility, Inc   263  
2,066,848
  Verizon Communications, Inc   90,301  
19,600
*
  Virgin Mobile USA, Inc   174  
47,364
e*
  Vonage Holdings Corp   109  
339,959
  Windstream Corp   4,426  
212,856
*
  XM Satellite Radio Holdings, Inc (Class A)   2,605  
 
  TOTAL COMMUNICATIONS   504,945  
 
DEPOSITORY INSTITUTIONS - 7.22%
     
9,281
e
  1st Source Corp   161  
8,068
e
  Abington Bancorp, Inc   76  
12,076
  Alabama National Bancorp   940  
16,250
e
  Amcore Financial, Inc   369  
12,311
e
  AmericanWest Bancorp   217  
7,905
e
  Ameris Bancorp   133  
16,200
e
  Anchor Bancorp Wisconsin, Inc   381  
96,885
e
  Associated Banc-Corp   2,625  
61,450
  Astoria Financial Corp   1,430  
5,016
e
  Bancfirst Corp   215  
19,277
  Banco Latinoamericano de Exportaciones S.A.   314  
7,613
e*
  Bancorp, Inc   103  
58,119
e
  Bancorpsouth, Inc   1,372  
48,672
e
  Bank Mutual Corp   514  
3,160,564
  Bank of America Corp   130,405  
38,376
  Bank of Hawaii Corp   1,963  
806,077
  Bank of New York Mellon Corp   39,304  
8,348
e
  Bank of the Ozarks, Inc   219  
33,271
e
  BankAtlantic Bancorp, Inc (Class A)   136  
17,629
e
  BankFinancial Corp   279  
22,200
e
  BankUnited Financial Corp (Class A)   153  
8,647
e
  Banner Corp   248  
389,439
e
  BB&T Corp   11,944  
6,060
  Berkshire Hills Bancorp, Inc   158  
16,366
  BOK Financial Corp   846  
24,206
e
  Boston Private Financial Holdings, Inc   656  
49,152
e
  Brookline Bancorp, Inc   499  
9,158
e
  Capital City Bank Group, Inc   258  
6,231
e
  Capital Corp of the West   121  
9,528
e
  Capitol Bancorp Ltd   192  
16,280
e
  Capitol Federal Financial   505  
19,846
e
  Cascade Bancorp   276  
4,403
e
  Cass Information Systems, Inc   147  
36,547
e
  Cathay General Bancorp   968  
40,600
e*
  Centennial Bank Holdings, Inc   235  
7,848
e
  Center Financial Corp   97  
20,935
e
  Central Pacific Financial Corp   387  

214

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account      
 
 
      VALUE  
SHARES
      (000)  
16,601
e
  Chemical Financial Corp
$
395  
32,874
e
  Chittenden Corp   1,171  
3,516,446
  Citigroup, Inc   103,524  
54,766
e
  Citizens Banking Corp   795  
9,310
e
  City Bank   209  
12,921
e
  City Holding Co   437  
28,862
  City National Corp   1,719  
8,907
e
  Clifton Savings Bancorp, Inc   87  
10,291
e
  CoBiz, Inc   153  
112,443
e
  Colonial Bancgroup, Inc   1,523  
10,948
e
  Columbia Banking System, Inc   326  
110,338
  Comerica, Inc   4,803  
133,656
  Commerce Bancorp, Inc   5,098  
52,304
e
  Commerce Bancshares, Inc   2,346  
7,311
e*
  Community Bancorp   127  
20,690
e
  Community Bank System, Inc   411  
9,922
e
  Community Trust Bancorp, Inc   273  
27,635
e
  Corus Bankshares, Inc   295  
42,425
  Cullen/Frost Bankers, Inc   2,149  
47,839
e
  CVB Financial Corp   495  
19,824
e
  Dime Community Bancshares   253  
11,361
e*
  Dollar Financial Corp   349  
14,931
e
  Downey Financial Corp   465  
42,390
e
  East West Bancorp, Inc   1,027  
5,234
e
  Enterprise Financial Services Corp   125  
32,402
e*
  Euronet Worldwide, Inc   972  
390,894
  Fifth Third Bancorp   9,823  
7,060
e
  First Bancorp   133  
58,870
  First Bancorp   429  
11,558
e
  First Busey Corp   230  
23,638
e
  First Charter Corp   706  
4,516
  First Citizens Bancshares, Inc (Class A)   659  
51,852
e
  First Commonwealth Financial Corp   552  
18,350
e
  First Community Bancorp, Inc   757  
6,565
e
  First Community Bancshares, Inc   209  
23,858
e
  First Financial Bancorp   272  
14,678
e
  First Financial Bankshares, Inc   553  
8,954
e
  First Financial Corp   254  
8,300
e
  First Financial Holdings, Inc   228  
90,481
e
  First Horizon National Corp   1,642  
8,910
e
  First Indiana Corp   285  
12,330
e
  First Merchants Corp   269  
34,833
e
  First Midwest Bancorp, Inc   1,066  
79,187
e
  First Niagara Financial Group, Inc   953  
10,172
e
  First Place Financial Corp   142  
4,965
e*
  First Regional Bancorp   94  
5,157
e
  First South Bancorp, Inc   114  
12,414
e
  First State Bancorporation   173  
13,972
e*
  FirstFed Financial Corp   500  
59,714
e
  FirstMerit Corp   1,195  
31,002
e
  Flagstar Bancorp, Inc   216  
12,979
  Flushing Financial Corp   208  
43,167
e
  FNB Corp   635  
16,647
e*
  Franklin Bank Corp   72  
47,441
e*
  Fremont General Corp   166  
28,387
e
  Frontier Financial Corp   527  

215

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account      
 
 
      VALUE  
SHARES
      (000)  
123,318
e
  Fulton Financial Corp
$
1,384  
37,500
e
  Glacier Bancorp, Inc   703  
7,290
e
  Great Southern Bancorp, Inc   160  
6,221
e
  Greene County Bancshares, Inc   119  
19,896
e
  Hancock Holding Co   760  
27,371
e
  Hanmi Financial Corp   236  
19,713
e
  Harleysville National Corp   287  
10,342
e
  Heartland Financial USA, Inc   192  
8,209
  Heritage Commerce Corp   151  
8,188
e
  Home Bancshares, Inc   172  
8,546
e
  Horizon Financial Corp   149  
385,057
  Hudson City Bancorp, Inc   5,784  
273,602
e
  Huntington Bancshares, Inc   4,038  
7,762
e
  IBERIABANK Corp   363  
3,467
  Imperial Capital Bancorp, Inc   63  
9,704
e
  Independent Bank Corp   264  
16,011
e
  Independent Bank Corp   152  
51,913
e
  IndyMac Bancorp, Inc   309  
12,591
e
  Integra Bank Corp   178  
35,467
e
  International Bancshares Corp   743  
37,852
*
  Investors Bancorp, Inc   535  
15,442
e
  Irwin Financial Corp   114  
2,432,876
  JPMorgan Chase & Co   106,195  
14,732
e
  Kearny Financial Corp   175  
277,310
  Keycorp   6,503  
22,471
e
  KNBT Bancorp, Inc   347  
13,792
e
  Lakeland Bancorp, Inc   160  
8,565
e
  Lakeland Financial Corp   179  
53,342
  M&T Bank Corp   4,351  
10,842
e
  Macatawa Bank Corp   93  
11,504
e
  MainSource Financial Group, Inc   179  
183,111
  Marshall & Ilsley Corp   4,849  
25,844
e
  MB Financial, Inc   797  
61,037
*
  Metavante Technologies, Inc   1,423  
11,521
e
  Midwest Banc Holdings, Inc   143  
15,140
e
  Nara Bancorp, Inc   177  
1,893
e
  NASB Financial, Inc   50  
409,075
e
  National City Corp   6,733  
35,266
e
  National Penn Bancshares, Inc   534  
24,427
e
  NBT Bancorp, Inc   557  
34,157
e*
  Net 1 UEPS Technologies, Inc   1,003  
226,140
e
  New York Community Bancorp, Inc   3,976  
78,754
e
  NewAlliance Bancshares, Inc   907  
155,077
  Northern Trust Corp   11,876  
12,217
e
  Northwest Bancorp, Inc   325  
50,588
e
  Old National Bancorp   757  
9,237
e
  Old Second Bancorp, Inc   248  
8,719
e
  Omega Financial Corp   255  
17,777
  Oriental Financial Group, Inc   238  
8,236
e*
  Oritani Financial Corp   101  
33,369
e
  Pacific Capital Bancorp   672  
9,214
e
  Park National Corp   594  
6,808
e
  Peoples Bancorp, Inc   169  
147,837
  People's United Financial, Inc   2,632  
17,415
e
  PFF Bancorp, Inc   210  
10,869
e*
  Pinnacle Financial Partners, Inc   276  

216

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account      
 
 
      VALUE  
SHARES
      (000)  
247,343
  PNC Financial Services Group, Inc
$
16,238  
208,887
  Popular, Inc   2,214  
6,370
e
  Preferred Bank   166  
12,613
e
  PrivateBancorp, Inc   412  
23,642
e
  Prosperity Bancshares, Inc   695  
25,227
e
  Provident Bankshares Corp   540  
53,846
e
  Provident Financial Services, Inc   777  
30,181
e
  Provident New York Bancorp   390  
4,843
e
  QC Holdings, Inc   55  
498,218
  Regions Financial Corp   11,783  
10,908
e
  Renasant Corp   235  
6,104
e
  Republic Bancorp, Inc (Class A)   101  
6,115
e
  Rockville Financial, Inc   75  
7,271
e
  Roma Financial Corp   114  
3,344
e
  Royal Bancshares of Pennsylvania (Class A)   37  
20,998
e
  S&T Bancorp, Inc   580  
8,198
e
  S.Y. Bancorp, Inc   196  
9,617
e
  Sandy Spring Bancorp, Inc   268  
4,873
  Santander BanCorp   42  
5,836
e
  SCBT Financial Corp   185  
9,460
e
  Seacoast Banking Corp of Florida   97  
10,334
e
  Security Bank Corp   94  
3,786
e
  Sierra Bancorp   94  
20,862
*
  Signature Bank   704  
9,660
e
  Simmons First National Corp (Class A)   256  
53,177
e
  South Financial Group, Inc   831  
8,362
e
  Southside Bancshares, Inc   171  
9,257
  Southwest Bancorp, Inc   170  
304,500
  Sovereign Bancorp, Inc   3,471  
283,119
  State Street Corp   22,989  
13,290
e
  Sterling Bancorp   181  
48,597
  Sterling Bancshares, Inc   542  
17,306
e*
  Sterling Financial Corp   284  
34,680
e
  Sterling Financial Corp   582  
7,140
e
  Suffolk Bancorp   219  
8,750
e*
  Sun Bancorp, Inc   138  
252,128
  SunTrust Banks, Inc   15,755  
23,978
e*
  Superior Bancorp   129  
54,735
e
  Susquehanna Bancshares, Inc   1,009  
24,169
e*
  SVB Financial Group   1,218  
196,051
  Synovus Financial Corp   4,721  
4,565
  Taylor Capital Group, Inc   93  
91,260
  TCF Financial Corp   1,636  
16,293
e*
  Texas Capital Bancshares, Inc   297  
54,801
e*
  TFS Financial Corp   654  
14,873
e
  TierOne Corp   329  
6,413
e
  Tompkins Trustco, Inc   249  
9,919
e
  Trico Bancshares   191  
51,426
e
  Trustco Bank Corp NY   510  
34,436
e
  Trustmark Corp   873  
67,163
e
  UCBH Holdings, Inc   951  
24,432
e
  UMB Financial Corp   937  
43,224
e
  Umpqua Holdings Corp   663  
8,916
e
  Union Bankshares Corp   189  
33,774
  UnionBanCal Corp   1,652  
27,662
e
  United Bankshares, Inc   775  

217

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account      
 
 
      VALUE  
SHARES
      (000)  
24,124
e
  United Community Banks, Inc
$
381  
18,456
e
  United Community Financial Corp   102  
5,067
e
  United Security Bancshares   77  
7,380
e
  Univest Corp of Pennsylvania   156  
1,235,999
  US Bancorp   39,231  
8,850
e
  USB Holding Co, Inc   175  
89,986
e
  Valley National Bancorp   1,715  
5,300
  ViewPoint Financial Group   88  
12,360
e*
  Virginia Commerce Bancorp   145  
75,924
e
  W Holding Co, Inc   92  
1,413,523
  Wachovia Corp   53,756  
62,928
  Washington Federal, Inc   1,328  
623,796
e
  Washington Mutual, Inc   8,490  
8,575
e
  Washington Trust Bancorp, Inc   216  
7,507
e*
  Wauwatosa Holdings, Inc   96  
40,046
  Webster Financial Corp   1,280  
2,415,234
e
  Wells Fargo & Co   72,916  
15,679
  WesBanco, Inc   323  
10,009
e
  West Coast Bancorp   185  
23,845
e
  Westamerica Bancorporation   1,062  
11,887
e*
  Western Alliance Bancorp   223  
559,087
  Western Union Co   13,575  
10,962
  Westfield Financial, Inc   106  
46,684
e
  Whitney Holding Corp   1,221  
51,413
  Wilmington Trust Corp   1,810  
9,638
e
  Wilshire Bancorp, Inc   76  
17,249
e
  Wintrust Financial Corp   571  
4,467
e
  WSFS Financial Corp   224  
76,375
  Zions Bancorporation   3,566  
 
  TOTAL DEPOSITORY INSTITUTIONS   827,918  
 
EATING AND DRINKING PLACES - 0.88%
     
18,260
e*
  AFC Enterprises   207  
8,606
e*
  Benihana, Inc (Class A)   110  
9,771
e*
  BJ's Restaurants, Inc   159  
24,778
e
  Bob Evans Farms, Inc   667  
80,322
e
  Brinker International, Inc   1,571  
10,902
e*
  Buffalo Wild Wings, Inc   253  
37,312
  Burger King Holdings, Inc   1,064  
20,543
e*
  California Pizza Kitchen, Inc   320  
7,174
e*
  Carrols Restaurant Group, Inc   69  
17,289
e
  CBRL Group, Inc   560  
20,197
e*
  CEC Entertainment, Inc   524  
50,784
e*
  Cheesecake Factory   1,204  
22,655
e*
  Chipotle Mexican Grill, Inc (Class B)   2,788  
44,745
e
  CKE Restaurants, Inc   591  
99,900
  Darden Restaurants, Inc   2,768  
75,312
e*
  Denny's Corp   282  
30,059
e
  Domino's Pizza, Inc   398  
13,878
e
  IHOP Corp   508  
44,170
*
  Jack in the Box, Inc   1,138  
39,881
e*
  Krispy Kreme Doughnuts, Inc   126  
12,903
e
  Landry's Restaurants, Inc   254  
8,310
e*
  McCormick & Schmick's Seafood Restaurants, Inc   99  
848,610
  McDonald's Corp   49,992  
7,205
e*
  Morton's Restaurant Group, Inc   67  

218

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account      
 
 
      VALUE  
SHARES
      (000)  
14,289
e
  O'Charleys, Inc
$
214  
15,393
e*
  Papa John's International, Inc   349  
18,084
e*
  PF Chang's China Bistro, Inc   413  
11,853
e*
  Red Robin Gourmet Burgers, Inc   379  
38,476
e
  Ruby Tuesday, Inc   375  
10,929
e*
  Ruth's Chris Steak House, Inc   98  
47,245
e*
  Sonic Corp   1,035  
523,895
*
  Starbucks Corp   10,724  
19,171
e*
  Steak N Shake Co   209  
37,299
e*
  Texas Roadhouse, Inc (Class A)   413  
133,986
e
  Tim Hortons, Inc   4,948  
43,886
e
  Triarc Cos (Class B)   384  
61,697
  Wendy's International, Inc   1,594  
370,352
  Yum! Brands, Inc   14,173  
 
  TOTAL EATING AND DRINKING PLACES   101,027  
 
EDUCATIONAL SERVICES - 0.15%      
3,700
*
  American Public Education, Inc   154  
101,988
*
  Apollo Group, Inc (Class A)   7,154  
69,638
e*
  Career Education Corp   1,751  
62,840
e*
  Corinthian Colleges, Inc   968  
42,460
  DeVry, Inc   2,206  
29,564
*
  ITT Educational Services, Inc   2,521  
3,041
e*
  Lincoln Educational Services Corp   45  
10,353
  Strayer Education, Inc   1,766  
14,801
e*
  Universal Technical Institute, Inc   252  
 
  TOTAL EDUCATIONAL SERVICES   16,817  
 
ELECTRIC, GAS, AND SANITARY SERVICES - 4.17%      
478,851
*
  AES Corp   10,243  
55,012
  AGL Resources, Inc   2,071  
119,733
  Allegheny Energy, Inc   7,616  
17,427
e
  Allete, Inc   690  
80,451
  Alliant Energy Corp   3,274  
200,074
*
  Allied Waste Industries, Inc   2,205  
146,454
  Ameren Corp   7,939  
10,902
  American Ecology Corp   256  
281,975
  American Electric Power Co, Inc   13,129  
11,397
e
  American States Water Co   429  
96,063
  Aqua America, Inc   2,037  
276,036
*
  Aquila, Inc   1,030  
65,777
  Atmos Energy Corp   1,844  
35,312
e
  Avista Corp   761  
23,485
e
  Black Hills Corp   1,036  
13,965
e
  California Water Service Group   517  
13,533
*
  Casella Waste Systems, Inc (Class A)   176  
225,760
  Centerpoint Energy, Inc   3,867  
7,119
  Central Vermont Public Service Corp   220  
13,300
e
  CH Energy Group, Inc   592  
7,162
e*
  Clean Energy Fuels Corp   108  
11,577
e*
  Clean Harbors, Inc   599  
40,584
  Cleco Corp   1,128  
158,961
e
  CMS Energy Corp   2,763  
191,082
  Consolidated Edison, Inc   9,334  
10,306
e
  Consolidated Water Co, Inc   260  
129,065
  Constellation Energy Group, Inc   13,233  

219

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account      
 
 
     
VALUE
 
SHARES
      (000)  
85,275
*
  Covanta Holding Corp
$
2,359  
22,377
e
  Crosstex Energy, Inc   833  
415,240
  Dominion Resources, Inc   19,703  
80,044
e
  DPL, Inc   2,373  
124,457
  DTE Energy Co   5,471  
890,673
  Duke Energy Corp   17,965  
256,640
*
  Dynegy, Inc (Class A)   1,832  
233,116
  Edison International   12,441  
495,165
  El Paso Corp   8,537  
32,219
*
  El Paso Electric Co   824  
21,443
  Empire District Electric Co   488  
50,662
  Energen Corp   3,254  
110,044
  Energy East Corp   2,994  
21,200
*
  EnergySolutions Inc   572  
4,326
e
  EnergySouth, Inc   251  
2,665
e*
  EnerNOC, Inc   131  
141,442
  Entergy Corp   16,905  
480,045
  Exelon Corp   39,191  
218,611
  FirstEnergy Corp   15,814  
290,603
  FPL Group, Inc   19,697  
63,000
e
  Great Plains Energy, Inc   1,847  
59,766
e
  Hawaiian Electric Industries, Inc   1,361  
31,800
e
  Idacorp, Inc   1,120  
55,880
  Integrys Energy Group, Inc   2,888  
29,759
e
  ITC Holdings Corp   1,679  
14,800
e
  Laclede Group, Inc   507  
4,287
e
  Markwest Hydrocarbon, Inc   269  
131,012
  MDU Resources Group, Inc   3,617  
20,394
  Metal Management, Inc   929  
14,002
e
  MGE Energy, Inc   497  
180,863
e*
  Mirant Corp   7,050  
58,945
e
  National Fuel Gas Co   2,752  
22,377
e
  New Jersey Resources Corp   1,119  
34,041
e
  Nicor, Inc   1,442  
193,868
  NiSource, Inc   3,662  
109,115
  Northeast Utilities   3,416  
19,700
e
  Northwest Natural Gas Co   959  
24,616
  NorthWestern Corp   726  
171,301
e*
  NRG Energy, Inc   7,424  
75,589
  NSTAR   2,738  
64,715
  OGE Energy Corp   2,349  
78,611
  Oneok, Inc   3,519  
6,662
e
  Ormat Technologies, Inc   366  
19,998
e
  Otter Tail Corp   692  
136,693
  Pepco Holdings, Inc   4,009  
248,387
  PG&E Corp   10,703  
10,816
e*
  Pico Holdings, Inc   364  
57,789
  Piedmont Natural Gas Co, Inc   1,512  
12,323
e*
  Pike Electric Corp   206  
70,786
  Pinnacle West Capital Corp   3,002  
54,221
e
  PNM Resources, Inc   1,163  
21,481
  Portland General Electric Co   597  
277,015
  PPL Corp   14,430  
182,248
  Progress Energy, Inc   8,826  
34,100
m,v*
  Progress Energy, Inc  
-
^
181,034
  Public Service Enterprise Group, Inc   17,785  

220

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account      
 
 
      VALUE  
SHARES
      (000)  
82,750
  Puget Energy, Inc
$
2,270  
121,788
  Questar Corp   6,589  
249,129
*
  Reliant Energy, Inc   6,537  
117,594
  Republic Services, Inc   3,687  
10,949
e
  Resource America, Inc (Class A)   161  
82,423
  SCANA Corp   3,474  
186,573
  Sempra Energy   11,545  
156,710
  Sierra Pacific Resources   2,661  
10,436
e
  SJW Corp   362  
20,851
e
  South Jersey Industries, Inc   752  
537,239
  Southern Co   20,818  
76,048
  Southern Union Co   2,233  
28,345
  Southwest Gas Corp   844  
16,033
e
  Southwest Water Co   201  
62,027
*
  Stericycle, Inc   3,684  
148,252
e
  TECO Energy, Inc   2,551  
75,102
  UGI Corp   2,046  
16,909
e
  UIL Holdings Corp   625  
24,831
  Unisource Energy Corp   783  
55,079
e
  Vectren Corp   1,598  
48,547
*
  Waste Connections, Inc   1,500  
3,755
  Waste Industries USA, Inc   136  
19,253
e*
  Waste Services, Inc   165  
62,830
  Westar Energy, Inc   1,630  
34,425
  WGL Holdings, Inc   1,128  
427,803
  Williams Cos, Inc   15,307  
82,788
  Wisconsin Energy Corp   4,033  
288,988
  Xcel Energy, Inc   6,522  
 
  TOTAL ELECTRIC, GAS, AND SANITARY SERVICES   478,359  
 
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 6.73%      
15,750
e*
  Acme Packet, Inc   198  
22,958
*
  Actel Corp   314  
30,632
  Acuity Brands, Inc   1,378  
82,321
e*
  Adaptec, Inc   278  
86,140
*
  ADC Telecommunications, Inc   1,339  
42,374
  Adtran, Inc   906  
25,828
e*
  Advanced Analogic Technologies, Inc   291  
23,059
*
  Advanced Energy Industries, Inc   302  
390,590
e*
  Advanced Micro Devices, Inc   2,929  
250,843
  Altera Corp   4,846  
22,354
e*
  American Superconductor Corp   611  
75,446
  Ametek, Inc   3,534  
47,376
*
  AMIS Holdings, Inc   475  
73,876
e*
  Amkor Technology, Inc   630  
126,589
  Amphenol Corp (Class A)   5,870  
42,735
e*
  Anadigics, Inc   494  
216,278
  Analog Devices, Inc   6,856  
614,970
*
  Apple Computer, Inc   121,813  
53,861
e*
  Applied Micro Circuits Corp   471  
94,273
*
  Arris Group, Inc   941  
38,898
e*
  Atheros Communications, Inc   1,188  
336,155
*
  Atmel Corp   1,452  
25,930
*
  ATMI, Inc   836  
119,087
e*
  Avanex Corp   119  
101,613
*
  Avnet, Inc   3,553  

221

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account      
 
 
      VALUE  
SHARES
      (000)  
34,410
e
  AVX Corp
$
462  
8,359
e*
  AZZ, Inc   237  
32,362
e
  Baldor Electric Co   1,089  
7,316
e
  Bel Fuse, Inc (Class B)   214  
51,432
*
  Benchmark Electronics, Inc   912  
9,033
e*
  BigBand Networks, Inc   46  
330,478
*
  Broadcom Corp (Class A)   8,639  
19,382
e*
  Ceradyne, Inc   910  
27,817
e*
  Checkpoint Systems, Inc   723  
60,188
*
  Ciena Corp   2,053  
4,322,563
*
  Cisco Systems, Inc   117,012  
15,327
e*
  Comtech Telecommunications Corp   828  
352,109
e*
  Conexant Systems, Inc   292  
129,303
  Cooper Industries Ltd (Class A)   6,838  
5,037
*
  CPI International, Inc   86  
60,981
e*
  Cree, Inc   1,675  
23,637
e
  CTS Corp   235  
14,434
e
  Cubic Corp   566  
108,831
*
  Cypress Semiconductor Corp   3,921  
21,186
e*
  Diodes, Inc   637  
31,325
e*
  Ditech Networks, Inc   109  
28,077
*
  Dolby Laboratories, Inc (Class A)   1,396  
21,955
e*
  DSP Group, Inc   268  
10,894
e*
  DTS, Inc   279  
103,554
  Eaton Corp   10,040  
23,062
e*
  Electro Scientific Industries, Inc   458  
10,542
*
  EMS Technologies, Inc   319  
40,393
e*
  Energizer Holdings, Inc   4,529  
28,552
e*
  Energy Conversion Devices, Inc   961  
18,146
*
  EnerSys   453  
67,390
e*
  Evergreen Solar, Inc   1,164  
25,111
e*
  Exar Corp   200  
85,596
*
  Fairchild Semiconductor International, Inc   1,235  
195,626
e*
  Finisar Corp   284  
25,826
*
  First Solar, Inc   6,899  
16,105
e
  Franklin Electric Co, Inc   616  
46,577
e*
  FuelCell Energy, Inc   462  
168,527
*
  Gemstar-TV Guide International, Inc   802  
20,156
*
  Genlyte Group, Inc   1,919  
81,779
*
  GrafTech International Ltd   1,452  
16,954
e*
  Greatbatch, Inc   339  
46,047
  Harman International Industries, Inc   3,394  
54,755
e*
  Harmonic, Inc   574  
94,943
  Harris Corp   5,951  
21,557
e*
  Helen of Troy Ltd   369  
67,315
e*
  Hexcel Corp   1,634  
11,513
*
  Hittite Microwave Corp   550  
554,920
  Honeywell International, Inc   34,166  
16,902
e*
  Hutchinson Technology, Inc   445  
24,375
e
  Imation Corp   512  
9,000
e*
  Infinera Corp   134  
139,841
*
  Integrated Device Technology, Inc   1,582  
4,137,639
  Intel Corp   110,309  
33,604
e*
  InterDigital, Inc   784  
50,270
e*
  International Rectifier Corp   1,708  
95,551
  Intersil Corp (Class A)   2,339  

222

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account      
 
 
     
VALUE
 
SHARES
      (000)  
28,293
*
  InterVoice, Inc
$
226  
6,910
*
  IPG Photonics Corp   138  
7,978
e*
  iRobot Corp   144  
16,725
e*
  IXYS Corp   134  
48,831
e*
  Jarden Corp   1,153  
145,351
e*
  JDS Uniphase Corp   1,933  
66,338
*
  Kemet Corp   440  
87,515
  L-3 Communications Holdings, Inc   9,271  
81,127
e*
  Lattice Semiconductor Corp   264  
29,989
  Lincoln Electric Holdings, Inc   2,135  
157,428
e
  Linear Technology Corp   5,011  
17,104
*
  Littelfuse, Inc   564  
8,072
e*
  Loral Space & Communications, Inc   276  
12,960
e
  LSI Industries, Inc   236  
543,579
e*
  LSI Logic Corp   2,886  
337,959
*
  Marvell Technology Group Ltd   4,725  
37,299
e*
  Mattson Technology, Inc   319  
14,709
e*
  Medis Technologies Ltd   227  
1,470
 e,m,v*
  Medis Technologies Ltd  
-
^
158,819
*
  MEMC Electronic Materials, Inc   14,054  
13,858
*
  Mercury Computer Systems, Inc   223  
23,004
  Methode Electronics, Inc   378  
46,581
e
  Micrel, Inc   394  
155,745
e
  Microchip Technology, Inc   4,894  
531,074
e*
  Micron Technology, Inc   3,850  
55,954
e*
  Microsemi Corp   1,239  
45,471
*
  Microtune, Inc   297  
33,720
e*
  MIPS Technologies, Inc   167  
98,307
  Molex, Inc   2,684  
15,444
e*
  Monolithic Power Systems, Inc   332  
26,866
*
  Moog, Inc (Class A)   1,231  
1,648,977
  Motorola, Inc   26,450  
89,555
e*
  MRV Communications, Inc   208  
6,600
e*
  Multi-Fineline Electronix, Inc   114  
3,138
e
  National Presto Industries, Inc   165  
196,436
  National Semiconductor Corp   4,447  
13,186
e*
  Netlogic Microsystems, Inc   425  
245,461
*
  Network Appliance, Inc   6,127  
90,589
e*
  Novellus Systems, Inc   2,498  
387,127
*
  Nvidia Corp   13,170  
39,050
e*
  Omnivision Technologies, Inc   611  
163,829
e*
  ON Semiconductor Corp   1,455  
80,242
e*
  On2 Technologies, Inc   82  
68,043
e
  Openwave Systems, Inc   177  
15,398
e*
  Oplink Communications, Inc   236  
13,224
*
  OpNext, Inc   117  
8,730
e*
  Optium Corp   69  
10,891
e*
  OSI Systems, Inc   288  
13,852
e
  Park Electrochemical Corp   391  
14,362
*
  Pericom Semiconductor Corp   269  
29,346
*
  Photronics, Inc   366  
38,239
  Plantronics, Inc   994  
32,750
*
  Plexus Corp   860  
15,100
e*
  PLX Technology, Inc   140  
150,922
e*
  PMC - Sierra, Inc   987  
66,237
*
  Polycom, Inc   1,840  

223

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account      
 
 
      VALUE  
SHARES
      (000)  
3,961
*
  Powell Industries, Inc
$
175  
51,516
e*
  Power-One, Inc   206  
96,435
e*
  Powerwave Technologies, Inc   389  
108,580
*
  QLogic Corp   1,542  
1,186,962
  Qualcomm, Inc   46,707  
95,926
  RadioShack Corp   1,617  
76,796
e*
  Rambus, Inc   1,608  
11,399
e
  Raven Industries, Inc   438  
22,604
e
  Regal-Beloit Corp   1,016  
186,204
e*
  RF Micro Devices, Inc   1,063  
12,342
e*
  Rogers Corp   535  
385,770
*
  Sanmina-SCI Corp   702  
21,571
*
  Seachange International, Inc   156  
52,119
*
  Semtech Corp   809  
56,384
e*
  Silicon Image, Inc   255  
38,539
*
  Silicon Laboratories, Inc   1,443  
72,899
e*
  Silicon Storage Technology, Inc   218  
1,080,235
e*
  Sirius Satellite Radio, Inc   3,273  
112,344
*
  Skyworks Solutions, Inc   955  
35,494
e*
  Smart Modular Technologies WWH, Inc   361  
65,116
e*
  Spansion, Inc (Class A)   256  
28,315
e*
  Spectrum Brands, Inc   151  
14,503
e*
  Standard Microsystems Corp   567  
5,300
e*
  Starent Networks Corp   97  
10,374
e*
  Stoneridge, Inc   83  
18,208
e*
  Sunpower Corp (Class A)   2,374  
8,595
e*
  Supertex, Inc   269  
129,793
e*
  Sycamore Networks, Inc   498  
35,188
e*
  Symmetricom, Inc   166  
20,007
e*
  Synaptics, Inc   823  
41,522
e*
  Syntax-Brillian Corp   128  
30,703
  Technitrol, Inc   877  
10,550
e*
  Techwell, Inc   116  
42,847
e*
  Tekelec   536  
27,669
  Teleflex, Inc   1,743  
309,010
e*
  Tellabs, Inc   2,021  
33,830
*
  Tessera Technologies, Inc   1,407  
1,013,439
  Texas Instruments, Inc   33,849  
43,626
*
  Thomas & Betts Corp   2,139  
40,125
e*
  Trident Microsystems, Inc   263  
105,731
e*
  Triquint Semiconductor, Inc   701  
32,309
*
  TTM Technologies, Inc   377  
352,250
  Tyco Electronics Ltd   13,079  
13,489
e*
  Ultra Clean Holdings   165  
16,474
e*
  Universal Display Corp   341  
8,900
e*
  Universal Electronics, Inc   298  
87,200
e*
  Utstarcom, Inc   240  
63,729
*
  Varian Semiconductor Equipment Associates, Inc   2,358  
15,575
*
  Viasat, Inc   536  
12,845
e
  Vicor Corp   200  
127,423
*
  Vishay Intertechnology, Inc   1,454  
13,179
e*
  Volterra Semiconductor Corp   145  
56,062
e
  Whirlpool Corp   4,576  
210,715
  Xilinx, Inc   4,608  
15,313
e*
  Zoltek Cos, Inc   656  

224

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account      
 
 
      VALUE  
SHARES
      (000)  
35,864
*
  Zoran Corp
$
807  
 
  TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT   772,317  
 
ENGINEERING AND MANAGEMENT SERVICES - 0.92%
     
13,465
*
  Advisory Board Co   864  
28,593
*
  Aecom Technology Corp   817  
3,198
*
  Affymax, Inc   72  
96,612
*
  Amylin Pharmaceuticals, Inc   3,575  
54,636
*
  Applera Corp (Celera Genomics Group)   867  
40,510
e*
  Ariad Pharmaceuticals, Inc   172  
7,981
e
  CDI Corp   194  
271,626
*
  Celgene Corp   12,552  
4,200
e*
  comScore, Inc   137  
8,356
e*
  Cornell Cos, Inc   195  
29,357
e
  Corporate Executive Board Co   1,764  
8,400
e*
  CRA International, Inc   400  
41,854
e*
  CV Therapeutics, Inc   379  
20,365
  Diamond Management & Technology Consultants, Inc   148  
35,921
e*
  eResearch Technology, Inc   425  
65,374
*
  Exelixis, Inc   564  
11,236
*
  Exponent, Inc   304  
62,325
  Fluor Corp   9,082  
12,000
*
  Genpact Ltd   183  
36,978
*
  Gen-Probe, Inc   2,327  
15,327
*
  Greenfield Online, Inc   224  
31,752
e*
  Harris Interactive, Inc   135  
67,023
*
  Hewitt Associates, Inc (Class A)   2,566  
13,227
*
  Huron Consulting Group, Inc   1,066  
60,816
e*
  Incyte Corp   611  
58,586
e*
  Isis Pharmaceuticals, Inc   923  
84,227
e*
  Jacobs Engineering Group, Inc   8,053  
119,883
*
  KBR, Inc   4,651  
8,794
*
  Kendle International, Inc   430  
29,364
e*
  Kosan Biosciences, Inc   106  
6,175
  Landauer, Inc   320  
17,070
e*
  LECG Corp   257  
26,264
e*
  Lifecell Corp   1,132  
22,750
e*
  Luminex Corp   369  
15,124
e
  MAXIMUS, Inc   584  
16,427
*
  Maxygen, Inc   132  
160,080
*
  McDermott International, Inc   9,450  
5,139
*
  Michael Baker Corp   211  
152,736
e
  Moody's Corp   5,453  
7,000
e*
  MTC Technologies, Inc   164  
31,449
e*
  Myriad Genetics, Inc   1,460  
40,786
e*
  Navigant Consulting, Inc   558  
22,856
e*
  Neurogen Corp   79  
24,067
e*
  Omnicell, Inc   648  
239,692
  Paychex, Inc   8,682  
14,301
*
  PharmaNet Development Group, Inc   561  
110,430
  Quest Diagnostics, Inc   5,842  
20,942
*
  Regeneration Technologies, Inc   182  
44,788
e*
  Regeneron Pharmaceuticals, Inc   1,082  
97,295
e*
  Rentech, Inc   176  
32,857
  Resources Connection, Inc   597  
17,806
e*
  Rigel Pharmaceuticals, Inc   452  
118,800
*
  SAIC, Inc   2,390  

225

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account      
 
 
      VALUE  
SHARES
      (000)  
36,415
e*
  Savient Pharmaceuticals, Inc
$
836  
29,620
e*
  Seattle Genetics, Inc   338  
21,388
e*
  Senomyx, Inc   160  
56,724
*
  Shaw Group, Inc   3,428  
5,857
*
  Stanley, Inc   188  
24,068
e*
  Symyx Technologies, Inc   185  
7,624
e*
  Tejon Ranch Co   311  
35,223
e*
  Telik, Inc   122  
38,899
*
  Tetra Tech, Inc   836  
56,597
*
  URS Corp   3,075  
21,511
e*
  Verenium Corp   107  
30,194
  Watson Wyatt & Co Holdings (Class A)   1,401  
 
  TOTAL ENGINEERING AND MANAGEMENT SERVICES   105,554  
 
ENVIRONMENTAL QUALITY AND HOUSING - 0.00%**      
40,288
e*
  Home Solutions of America, Inc   40  
 
  TOTAL ENVIRONMENTAL QUALITY AND HOUSING   40  
 
FABRICATED METAL PRODUCTS - 0.53%
     
23,634
e*
  Alliant Techsystems, Inc   2,689  
6,162
  Ameron International Corp   568  
53,416
  Aptargroup, Inc   2,185  
75,683
  Ball Corp   3,406  
8,848
*
  Chart Industries, Inc   273  
11,232
e
  CIRCOR International, Inc   521  
84,663
  Commercial Metals Co   2,493  
13,231
e*
  Commercial Vehicle Group, Inc   192  
2,198
  Compx International, Inc   32  
38,427
  Crane Co   1,649  
115,778
*
  Crown Holdings, Inc   2,970  
8,340
e
  Dynamic Materials Corp   491  
20,133
e*
  Griffon Corp   251  
9,089
  Gulf Island Fabrication, Inc   288  
353,105
  Illinois Tool Works, Inc   18,905  
10,094
e
  Insteel Industries, Inc   118  
9,968
e*
  Ladish Co, Inc   430  
8,117
e
  Lifetime Brands, Inc   105  
25,129
e*
  Mobile Mini, Inc   466  
80,964
e
  Mueller Water Products, Inc (Class A)   771  
15,669
e*
  NCI Building Systems, Inc   451  
122,851
  Parker Hannifin Corp   9,252  
5,880
*
  Park-Ohio Holdings Corp   148  
71,324
  Pentair, Inc   2,483  
7,218
*
  PGT, Inc   34  
17,440
  Silgan Holdings, Inc   906  
26,264
e
  Simpson Manufacturing Co, Inc   698  
20,492
e*
  Smith & Wesson Holding Corp   125  
41,032
  Snap-On, Inc   1,979  
59,613
  Stanley Works   2,890  
16,048
e*
  Sturm Ruger & Co, Inc   133  
7,928
e
  Sun Hydraulics Corp   200  
44,785
e*
  Taser International, Inc   644  
9,351
e*
  Trimas Corp   99  
13,461
e
  Valmont Industries, Inc   1,200  
23,144
e
  Watts Water Technologies, Inc (Class A)   690  
 
  TOTAL FABRICATED METAL PRODUCTS   60,735  

226

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account      
 
 
      VALUE  
SHARES
      (000)  
FOOD AND KINDRED PRODUCTS - 3.50%
     
14,670
e*
  Altus Pharmaceuticals, Inc
$
76  
4,618
e*
  American Dairy, Inc   60  
541,218
  Anheuser-Busch Cos, Inc   28,327  
461,262
  Archer Daniels Midland Co   21,416  
6,482
e*
  Boston Beer Co, Inc (Class A)   244  
87,576
  Bunge Ltd   10,195  
163,485
  Campbell Soup Co   5,841  
4,202
  Coca-Cola Bottling Co Consolidated   247  
1,644,159
  Coca-Cola Co   100,902  
226,312
  Coca-Cola Enterprises, Inc   5,891  
352,153
  ConAgra Foods, Inc   8,378  
135,742
e*
  Constellation Brands, Inc (Class A)   3,209  
52,685
  Corn Products International, Inc   1,936  
56,731
*
  Darling International, Inc   656  
142,789
  Del Monte Foods Co   1,351  
5,320
e
  Farmer Bros Co   122  
55,188
  Flowers Foods, Inc   1,292  
230,858
  General Mills, Inc   13,159  
229,611
  H.J. Heinz Co   10,718  
49,620
e*
  Hansen Natural Corp   2,198  
119,038
e
  Hershey Co   4,690  
53,755
  Hormel Foods Corp   2,176  
8,158
e
  Imperial Sugar Co   153  
9,626
  J&J Snack Foods Corp   301  
39,921
  J.M. Smucker Co   2,054  
15,444
e*
  Jones Soda Co   115  
166,943
  Kellogg Co   8,753  
1,140,720
  Kraft Foods, Inc (Class A)   37,222  
15,961
e
  Lancaster Colony Corp   634  
20,449
  Lance, Inc   418  
8,556
e*
  M&F Worldwide Corp   461  
96,193
  McCormick & Co, Inc   3,647  
6,584
e
  MGP Ingredients, Inc   62  
77,206
  Molson Coors Brewing Co (Class B)   3,985  
5,604
  National Beverage Corp   45  
9,395
e*
  Peet's Coffee & Tea, Inc   273  
99,580
  Pepsi Bottling Group, Inc   3,929  
41,694
  PepsiAmericas, Inc   1,389  
1,159,657
  PepsiCo, Inc   88,018  
24,523
e*
  Performance Food Group Co   659  
20,114
e*
  Ralcorp Holdings, Inc   1,223  
15,246
e
  Reddy Ice Holdings, Inc   386  
12,303
e
  Sanderson Farms, Inc   416  
519,533
  Sara Lee Corp   8,344  
77,264
e*
  Smithfield Foods, Inc   2,234  
26,158
e
  Tootsie Roll Industries, Inc   717  
20,712
e*
  TreeHouse Foods, Inc   476  
187,021
  Tyson Foods, Inc (Class A)   2,867  
169,417
  Wrigley (Wm.) Jr Co   9,919  
 
  TOTAL FOOD AND KINDRED PRODUCTS   401,784  
 
FOOD STORES - 0.32%
     
837
e
  Arden Group, Inc (Class A)   129  
17,270
e
  Great Atlantic & Pacific Tea Co, Inc   541  

227

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account      
 
 
      VALUE  
SHARES
      (000)  
8,163
e
  Ingles Markets, Inc (Class A)
$
207  
478,488
  Kroger Co   12,780  
20,111
e*
  Panera Bread Co (Class A)   720  
16,292
e*
  Pantry, Inc   426  
26,048
  Ruddick Corp   903  
312,249
  Safeway, Inc   10,682  
149,082
  Supervalu, Inc   5,594  
2,326
e
  Village Super Market (Class A)   118  
6,734
  Weis Markets, Inc   269  
99,875
e
  Whole Foods Market, Inc   4,075  
21,903
e*
  Winn-Dixie Stores, Inc   371  
 
  TOTAL FOOD STORES   36,815  
 
FORESTRY - 0.12%
     
56,228
  Rayonier, Inc   2,656  
152,688
  Weyerhaeuser Co   11,259  
 
  TOTAL FORESTRY   13,915  
 
FURNITURE AND FIXTURES - 0.28%      
18,783
e
  Ethan Allen Interiors, Inc   535  
34,198
e
  Furniture Brands International, Inc   344  
44,896
  Herman Miller, Inc   1,454  
43,616
  Hillenbrand Industries, Inc   2,431  
33,809
e
  HNI Corp   1,186  
7,413
e
  Hooker Furniture Corp   149  
38,561
  Interface, Inc (Class A)   629  
418,572
  Johnson Controls, Inc   15,085  
18,600
e
  Kimball International, Inc (Class B)   255  
36,828
e
  La-Z-Boy, Inc   292  
124,980
e
  Leggett & Platt, Inc   2,180  
267,097
  Masco Corp   5,772  
28,667
e
  Sealy Corp   321  
39,114
e*
  Select Comfort Corp   274  
58,800
e
  Tempur-Pedic International, Inc   1,527  
 
  TOTAL FURNITURE AND FIXTURES   32,434  
 
FURNITURE AND HOME FURNISHINGS STORES - 0.17%      
195,827
*
  Bed Bath & Beyond, Inc   5,755  
121,037
e
  Circuit City Stores, Inc   508  
111,416
*
  GameStop Corp (Class A)   6,920  
16,062
e
  Haverty Furniture Cos, Inc   144  
31,963
  Knoll, Inc   525  
37,412
e*
  Mohawk Industries, Inc   2,784  
64,355
e*
  Pier 1 Imports, Inc   337  
58,232
e
  Steelcase, Inc (Class A)   924  
21,617
e
  Tuesday Morning Corp   110  
64,234
e
  Williams-Sonoma, Inc   1,664  
 
  TOTAL FURNITURE AND HOME FURNISHINGS STORES   19,671  
 
GENERAL BUILDING CONTRACTORS - 0.17%      
1,271
e
  Amrep Corp   39  
3,890
e*
  Avatar Holdings, Inc   163  
27,719
e*
  Beazer Homes USA, Inc   206  
7,978
e
  Brookfield Homes Corp   126  
84,992
  Centex Corp   2,147  
221,862
e
  DR Horton, Inc   2,922  

228

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account      
 
 
      VALUE  
SHARES
      (000)  
26,548
e*
  Hovnanian Enterprises, Inc (Class A)
$
190  
54,387
e
  KB Home   1,175  
96,790
e
  Lennar Corp (Class A)   1,732  
9,603
e
  M/I Homes, Inc   101  
17,708
e
  McGrath RentCorp   456  
24,302
e
  MDC Holdings, Inc   902  
16,766
e*
  Meritage Homes Corp   244  
3,299
e*
  NVR, Inc   1,729  
11,355
e*
  Palm Harbor Homes, Inc   120  
18,779
*
  Perini Corp   778  
149,622
e
  Pulte Homes, Inc   1,577  
30,806
e
  Ryland Group, Inc   849  
45,800
e*
  Standard-Pacific Corp   153  
8,756
e*
  Team, Inc   320  
89,281
e*
  Toll Brothers, Inc   1,791  
37,809
  Walter Industries, Inc   1,358  
21,762
e*
  WCI Communities, Inc   82  
 
  TOTAL GENERAL BUILDING CONTRACTORS   19,160  
 
GENERAL MERCHANDISE STORES - 1.46%
     
31,592
e*
  99 Cents Only Stores   252  
79,587
e*
  Big Lots, Inc   1,273  
46,090
*
  BJ's Wholesale Club, Inc   1,559  
7,308
e
  Bon-Ton Stores, Inc   69  
21,144
e*
  Cabela's, Inc   319  
35,721
  Casey's General Stores, Inc   1,058  
8,648
e*
  Conn's, Inc   148  
315,732
  Costco Wholesale Corp   22,025  
43,294
e
  Dillard's, Inc (Class A)   813  
106,643
  Family Dollar Stores, Inc   2,051  
29,664
e
  Fred's, Inc   286  
159,672
  JC Penney Co, Inc   7,024  
311,597
  Macy's, Inc   8,061  
17,729
e*
  Retail Ventures, Inc   90  
99,401
e
  Saks, Inc   2,064  
17,973
e
  Stein Mart, Inc   85  
604,665
  Target Corp   30,233  
321,388
  TJX Cos, Inc   9,233  
1,712,773
  Wal-Mart Stores, Inc   81,408  
 
  TOTAL GENERAL MERCHANDISE STORES   168,051  
 
HEALTH SERVICES - 1.36%      
18,580
e*
  Alliance Imaging, Inc   179  
18,220
e*
  Amedisys, Inc   884  
8,641
e*
  American Dental Partners, Inc   87  
119,181
  AmerisourceBergen Corp   5,348  
22,231
*
  Amsurg Corp   602  
31,771
*
  Apria Healthcare Group, Inc   685  
42,918
e*
  Assisted Living Concepts, Inc (A Shares)   322  
7,094
e*
  Bio-Reference Labs, Inc   232  
27,594
e
  Brookdale Senior Living, Inc   784  
203,564
  Cigna Corp   10,937  
69,024
*
  Community Health Systems, Inc   2,544  
6,016
e*
  Corvel Corp   138  
45,004
*
  Covance, Inc   3,898  
110,607
*
  Coventry Health Care, Inc   6,553  

229

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account      
 
 
      VALUE  
SHARES
      (000)  
22,090
e*
  Cross Country Healthcare, Inc
$
315  
16,323
e*
  CryoLife, Inc   130  
74,364
*
  DaVita, Inc   4,190  
44,798
e*
  Edwards Lifesciences Corp   2,060  
8,598
*
  eHealth, Inc   276  
3,311
e*
  Emeritus Corp   83  
18,855
e*
  Enzo Biochem, Inc   240  
157,880
*
  Express Scripts, Inc   11,525  
8,200
*
  FGX International Holdings Ltd   97  
8,923
e*
  Genomic Health, Inc   202  
4,000
*
  Genoptix Inc   123  
18,949
*
  Gentiva Health Services, Inc   361  
176,006
  Health Management Associates, Inc (Class A)   1,053  
49,800
*
  Healthsouth Corp   1,046  
24,588
e*
  Healthways, Inc   1,437  
18,980
e*
  Hythiam, Inc   56  
40,949
e*
  Immunomedics, Inc   95  
21,589
e*
  Kindred Healthcare, Inc   539  
83,142
*
  Laboratory Corp of America Holdings   6,280  
14,843
e
  LCA-Vision, Inc   296  
8,098
e*
  LHC Group, Inc   202  
39,831
*
  LifePoint Hospitals, Inc   1,185  
59,405
*
  Lincare Holdings, Inc   2,089  
24,894
*
  Magellan Health Services, Inc   1,161  
13,215
e*
  Matria Healthcare, Inc   314  
210,008
  McKesson Corp   13,758  
6,947
*
  Medcath Corp   171  
200,320
*
  Medco Health Solutions, Inc   20,312  
4,992
e
  National Healthcare Corp   258  
65,248
e*
  Nektar Therapeutics   438  
15,155
e*
  Nighthawk Radiology Holdings, Inc   319  
25,907
*
  Odyssey HealthCare, Inc   287  
85,615
e
  Omnicare, Inc   1,953  
34,263
*
  Pediatrix Medical Group, Inc   2,335  
73,265
  Pharmaceutical Product Development, Inc   2,958  
38,523
e*
  Psychiatric Solutions, Inc   1,252  
7,616
e*
  Radiation Therapy Services, Inc   235  
12,730
*
  RehabCare Group, Inc   287  
38,163
*
  Sierra Health Services, Inc   1,601  
15,881
e*
  Skilled Healthcare Group, Inc (Class A)   232  
16,786
e*
  Stereotaxis, Inc   205  
30,632
*
  Sun Healthcare Group, Inc   526  
31,480
e*
  Sunrise Senior Living, Inc   966  
334,984
e*
  Tenet Healthcare Corp   1,702  
32,048
  Universal Health Services, Inc (Class B)   1,641  
411,391
*
  WellPoint, Inc   36,091  
 
  TOTAL HEALTH SERVICES   156,075  
 
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.08%
     
3,709
e*
  Comverge, Inc   117  
51,421
*
  Foster Wheeler Ltd   7,971  
25,688
  Granite Construction, Inc   929  
17,122
*
  Matrix Service Co   374  
 
  TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING   9,391  
 

230

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account      
 
 
      VALUE  
SHARES
      (000)  
HOLDING AND OTHER INVESTMENT OFFICES - 2.25%      
23,371
  Acadia Realty Trust
$
598  
21,553
e*
  Affiliated Managers Group, Inc   2,532  
5,860
e
  Agree Realty Corp   176  
39,669
e
  Alesco Financial, Inc   130  
1,423
e*
  Alexander's, Inc   503  
21,174
e
  Alexandria Real Estate Equities, Inc   2,153  
109,067
e
  Allied Capital Corp   2,345  
70,448
  AMB Property Corp   4,055  
16,528
  American Campus Communities, Inc   444  
101,231
  American Financial Realty Trust   812  
12,511
e*
  Ampal American Israel (Class A)   92  
282,231
  Annaly Mortgage Management, Inc   5,131  
40,991
e
  Anthracite Capital, Inc   297  
38,245
  Anworth Mortgage Asset Corp   316  
69,146
e
  Apartment Investment & Management Co (Class A)   2,401  
70,905
  Apollo Investment Corp   1,209  
8,687
e
  Arbor Realty Trust, Inc   140  
76,924
  Ashford Hospitality Trust, Inc   553  
10,813
  Associated Estates Realty Corp   102  
56,325
  AvalonBay Communities, Inc   5,302  
46,986
  BioMed Realty Trust, Inc   1,089  
72,439
  Boston Properties, Inc   6,651  
61,655
  Brandywine Realty Trust   1,105  
37,240
e
  BRE Properties, Inc (Class A)   1,509  
4,999
e
  BRT Realty Trust   76  
40,240
  Camden Property Trust   1,938  
30,528
e
  Capital Lease Funding, Inc   257  
2,167
e
  Capital Southwest Corp   257  
8,296
e
  Capital Trust, Inc (Class A)   254  
46,296
  CBL & Associates Properties, Inc   1,107  
20,960
e
  CBRE Realty Finance, Inc   112  
31,340
e
  Cedar Shopping Centers, Inc   321  
5,581
e
  Cherokee, Inc   180  
32,771
  Colonial Properties Trust   742  
28,732
  Corporate Office Properties Trust   905  
28,724
  Cousins Properties, Inc   635  
17,561
e
  Crystal River Capital, Inc   254  
123,500
e
  DCT Industrial Trust, Inc   1,150  
36,580
e
  Deerfield Capital Corp   293  
88,008
  Developers Diversified Realty Corp   3,370  
63,663
  DiamondRock Hospitality Co   954  
37,521
  Digital Realty Trust, Inc   1,440  
70,934
e
  Douglas Emmett, Inc   1,604  
102,754
  Duke Realty Corp   2,680  
15,783
e
  EastGroup Properties, Inc   660  
18,827
e
  Education Realty Trust, Inc   212  
16,159
e*
  Energy Infrastructure Acquisition Corp   164  
19,856
  Entertainment Properties Trust   933  
15,082
  Equity Lifestyle Properties, Inc   689  
26,061
e
  Equity One, Inc   600  
193,308
  Equity Residential   7,050  
17,086
e
  Essex Property Trust, Inc   1,666  
45,371
e
  Extra Space Storage, Inc   648  
39,843
  Federal Realty Investment Trust   3,273  
48,174
  FelCor Lodging Trust, Inc   751  
32,972
e
  First Industrial Realty Trust, Inc   1,141  

231

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account      
 
 
      VALUE  
SHARES
      (000)  
16,992
  First Potomac Realty Trust
$
294  
41,850
e
  Franklin Street Properties Corp   619  
106,628
e*
  Friedman Billings Ramsey Group, Inc (Class A)   335  
153,090
  General Growth Properties, Inc   6,304  
11,498
  Getty Realty Corp   307  
7,828
e
  Gladstone Capital Corp   133  
26,916
e
  Glimcher Realty Trust   385  
27,800
e
  GMH Communities Trust   153  
12,400
e
  Gramercy Capital Corp   301  
146,608
  HCP, Inc   5,099  
56,306
  Health Care REIT, Inc   2,516  
34,672
e
  Healthcare Realty Trust, Inc   880  
28,508
  Hersha Hospitality Trust   271  
11,539
e*
  HFF, Inc (Class A)   89  
41,242
e
  Highwoods Properties, Inc   1,212  
30,269
e*
  Hilltop Holdings, Inc   331  
27,908
  Home Properties, Inc   1,252  
66,278
  Hospitality Properties Trust   2,135  
368,977
e
  Host Marriott Corp   6,287  
150,177
  HRPT Properties Trust   1,161  
56,391
e,v
  IMPAC Mortgage Holdings, Inc   31  
48,741
e
  Inland Real Estate Corp   690  
32,947
  Investors Real Estate Trust   296  
466,350
e
  iShares Russell 3000 Index Fund   39,360  
90,509
e
  iStar Financial, Inc   2,358  
36,609
e*
  Jamba, Inc   135  
18,553
e
  JER Investors Trust, Inc   200  
24,426
  Kilroy Realty Corp   1,342  
151,738
e
  Kimco Realty Corp   5,523  
20,224
  Kite Realty Group Trust   309  
29,268
e
  LaSalle Hotel Properties   934  
51,795
e
  Lexington Corporate Properties Trust   753  
64,945
e
  Liberty Property Trust   1,871  
17,555
  LTC Properties, Inc   440  
31,753
e,v
  Luminent Mortgage Capital, Inc   25  
50,605
e
  Macerich Co   3,596  
49,047
  Mack-Cali Realty Corp   1,668  
29,713
e
  Maguire Properties, Inc   876  
36,111
e
  Medical Properties Trust, Inc   368  
32,379
e*
  Meruelo Maddux Properties, Inc   129  
61,319
  MFA Mortgage Investments, Inc   567  
20,324
  Mid-America Apartment Communities, Inc   869  
14,218
  Mission West Properties, Inc   135  
17,411
  MVC Capital, Inc   281  
18,515
e
  National Health Investors, Inc   517  
46,252
  National Retail Properties, Inc   1,081  
62,894
  Nationwide Health Properties, Inc   1,973  
29,156
e
  Newcastle Investment Corp   378  
29,330
e*
  NexCen Brands, Inc   142  
42,485
e
  NorthStar Realty Finance Corp   379  
7,113
e*
  Novastar Financial, Inc   21  
47,487
  Omega Healthcare Investors, Inc   762  
11,623
  Parkway Properties, Inc   430  
13,973
e
  PennantPark Investment Corp   140  
23,126
  Pennsylvania Real Estate Investment Trust   686  
124,866
  Plum Creek Timber Co, Inc   5,749  

232

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account      
 
 
      VALUE  
SHARES
      (000)  
32,866
e
  Post Properties, Inc
$
1,154  
29,592
  Potlatch Corp   1,315  
179,182
  Prologis   11,357  
14,058
e
  Prospect Capital Corp   183  
11,782
  PS Business Parks, Inc   619  
88,541
  Public Storage, Inc   6,500  
11,317
e
  Quadra Realty Trust, Inc   91  
44,670
e
  RAIT Investment Trust   385  
11,548
  Ramco-Gershenson Properties   247  
71,615
e
  Realty Income Corp   1,935  
17,153
e
  Redwood Trust, Inc   587  
49,074
  Regency Centers Corp   3,165  
15,662
e
  Resource Capital Corp   146  
8,737
  Saul Centers, Inc   467  
59,087
e
  Senior Housing Properties Trust   1,340  
155,845
  Simon Property Group, Inc   13,537  
42,555
  SL Green Realty Corp   3,977  
14,582
  Sovran Self Storage, Inc   585  
55,726
e
  Strategic Hotels & Resorts, Inc   932  
12,790
  Sun Communities, Inc   269  
44,687
  Sunstone Hotel Investors, Inc   817  
22,030
e
  Tanger Factory Outlet Centers, Inc   831  
11,598
e
  Tarragon Corp   17  
40,122
  Taubman Centers, Inc   1,974  
89,770
e
  Thornburg Mortgage, Inc   829  
100,110
e
  UDR, Inc   1,987  
10,285
e
  Universal Health Realty Income Trust   364  
19,529
  Urstadt Biddle Properties, Inc (Class A)   303  
33,533
  U-Store-It Trust   307  
94,158
  Ventas, Inc   4,261  
215,894
e
  Virgin Media, Inc   3,700  
94,821
  Vornado Realty Trust   8,339  
42,541
  WABCO Holdings, Inc   2,131  
33,112
e
  Washington Real Estate Investment Trust   1,040  
55,000
e
  Weingarten Realty Investors   1,729  
36,561
  Winthrop Realty Trust   193  
 
  TOTAL HOLDING AND OTHER INVESTMENT OFFICES   258,652  
 
HOTELS AND OTHER LODGING PLACES - 0.39%
     
18,496
e
  Ameristar Casinos, Inc   509  
15,345
e*
  Bluegreen Corp   110  
39,969
  Boyd Gaming Corp   1,362  
26,796
e
  Choice Hotels International, Inc   890  
29,868
e*
  Gaylord Entertainment Co   1,209  
21,853
e*
  Great Wolf Resorts, Inc   214  
9,907
e*
  Isle of Capri Casinos, Inc   137  
73,773
*
  Las Vegas Sands Corp   7,602  
14,595
e*
  Lodgian, Inc   164  
14,891
e
  Marcus Corp   230  
232,670
  Marriott International, Inc (Class A)   7,953  
83,621
*
  MGM Mirage   7,026  
8,692
e*
  Monarch Casino & Resort, Inc   209  
14,393
e*
  Morgans Hotel Group Co   278  
30,124
e
  Orient-Express Hotels Ltd (Class A)   1,733  
10,185
e*
  Riviera Holdings Corp   314  
144,023
  Starwood Hotels & Resorts Worldwide, Inc   6,341  

233

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account      
 
 
      VALUE  
SHARES
      (000)  
19,819
e*
  Trump Entertainment Resorts, Inc
$
85  
22,214
e*
  Vail Resorts, Inc   1,195  
128,944
  Wyndham Worldwide Corp   3,038  
38,929
  Wynn Resorts Ltd   4,365  
 
  TOTAL HOTELS AND OTHER LODGING PLACES   44,964  
 
INDUSTRIAL MACHINERY AND EQUIPMENT - 7.13%      
8,853
e
  Aaon, Inc   175  
39,814
e
  Actuant Corp (Class A)   1,354  
64,792
*
  AGCO Corp   4,405  
18,980
e
  Albany International Corp (Class A)   704  
17,732
e*
  Allis-Chalmers Energy, Inc   262  
7,249
*
  Altra Holdings, Inc   121  
5,232
  Ampco-Pittsburgh Corp   199  
977,204
  Applied Materials, Inc   17,355  
13,287
*
  Astec Industries, Inc   494  
14,997
e*
  ASV, Inc   208  
39,136
*
  Asyst Technologies, Inc   128  
73,014
e*
  Axcelis Technologies, Inc   336  
46,678
e
  Black & Decker Corp   3,251  
11,587
e
  Black Box Corp   419  
27,159
*
  Blount International, Inc   334  
34,939
  Briggs & Stratton Corp   792  
283,655
*
  Brocade Communications Systems, Inc   2,082  
52,087
*
  Brooks Automation, Inc   688  
28,113
  Bucyrus International, Inc (Class A)   2,794  
43,791
  Carlisle Cos, Inc   1,622  
8,415
e
  Cascade Corp   391  
455,525
  Caterpillar, Inc   33,053  
62,093
*
  Cirrus Logic, Inc   328  
12,813
*
  Columbus McKinnon Corp   418  
22,453
e*
  Cray, Inc   134  
73,659
  Cummins, Inc   9,382  
31,330
e
  Curtiss-Wright Corp   1,573  
25,436
e*
  Cymer, Inc   990  
320,832
  Deere & Co   29,876  
1,613,585
*
  Dell, Inc   39,549  
51,236
  Diebold, Inc   1,485  
54,806
  Donaldson Co, Inc   2,542  
144,465
  Dover Corp   6,658  
60,631
*
  Dresser-Rand Group, Inc   2,368  
19,841
*
  Dril-Quip, Inc   1,104  
39,428
*
  Electronics for Imaging, Inc   886  
1,492,361
*
  EMC Corp   27,653  
60,542
*
  Emulex Corp   988  
10,817
*
  ENGlobal Corp   123  
15,889
e*
  EnPro Industries, Inc   487  
97,823
e*
  Entegris, Inc   844  
89,895
e*
  Extreme Networks, Inc   318  
12,988
e*
  Flotek Industries, Inc   468  
26,655
*
  Flow International Corp   248  
40,195
  Flowserve Corp   3,867  
93,822
e*
  FMC Technologies, Inc   5,320  
12,288
e*
  Fuel Tech, Inc   278  
37,362
*
  Gardner Denver, Inc   1,233  
10,307
e*
  Gehl Co   165  

234

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account      
 
 
     
VALUE
 
SHARES
      (000)  
7,331,157
d
  General Electric Co
$
271,766  
26,440
e*
  Goodman Global, Inc   649  
9,597
e
  Gorman-Rupp Co   299  
46,962
  Graco, Inc   1,750  
90,683
*
  Grant Prideco, Inc   5,034  
7,778
e
  Hardinge, Inc   131  
1,905,796
  Hewlett-Packard Co   96,205  
3,857
e*
  Hurco Cos, Inc   168  
56,272
  IDEX Corp   2,033  
18,659
*
  Immersion Corp   242  
194,390
  Ingersoll-Rand Co Ltd (Class A)   9,033  
39,372
e*
  Intermec, Inc   800  
972,796
  International Business Machines Corp   105,159  
224,740
  International Game Technology   9,873  
14,156
*
  Intevac, Inc   206  
5,817
e*
  Isilon Systems, Inc   30  
129,647
e
  Jabil Circuit, Inc   1,980  
76,748
  Joy Global, Inc   5,052  
9,545
*
  Kadant, Inc   283  
21,080
e
  Kaydon Corp   1,150  
56,712
  Kennametal, Inc   2,147  
40,500
e*
  Kulicke & Soffa Industries, Inc   278  
95,530
e*
  Lam Research Corp   4,130  
41,084
  Lennox International, Inc   1,702  
66,966
*
  Lexmark International, Inc (Class A)   2,334  
7,700
e
  Lindsay Manufacturing Co   544  
10,534
  Lufkin Industries, Inc   604  
87,858
  Manitowoc Co, Inc   4,290  
26,959
*
  Micros Systems, Inc   1,891  
9,480
e*
  Middleby Corp   726  
24,902
e
  Modine Manufacturing Co   411  
3,910
e
  Nacco Industries, Inc (Class A)   390  
12,415
*
  NATCO Group, Inc (Class A)   672  
24,403
*
  Netgear, Inc   870  
23,832
  Nordson Corp   1,381  
34,849
*
  Oil States International, Inc   1,189  
86,870
  Pall Corp   3,503  
72,885
e
  Palm, Inc   462  
134,455
e*
  Quantum Corp   362  
25,143
e*
  Rackable Systems, Inc   251  
14,719
*
  RBC Bearings, Inc   640  
7,282
e*
  Rimage Corp   189  
13,878
*
  Riverbed Technology, Inc   371  
9,992
  Robbins & Myers, Inc   756  
111,505
  Rockwell Automation, Inc   7,689  
85,950
e*
  Safeguard Scientifics, Inc   155  
161,340
*
  SanDisk Corp   5,352  
6,258
e
  Sauer-Danfoss, Inc   157  
19,852
e*
  Scansource, Inc   642  
45,874
e*
  Scientific Games Corp (Class A)   1,525  
392,405
  Seagate Technology, Inc   10,006  
86,617
m,v*
  Seagate Technology, Inc                  - ^
15,689
e*
  Semitool, Inc   136  
20,064
e*
  Sigma Designs, Inc   1,108  
4,732
e*
  Silicon Graphics, Inc   87  
44,258
e*
  SourceForge, Inc   108  

235

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account      
 
 
      VALUE  
SHARES
      (000)  
40,255
  SPX Corp
$
4,140  
8,469
  Standex International Corp   148  
22,478
e*
  STEC, Inc   196  
6,704
e*
  Super Micro Computer, Inc   51  
3,935
*
  T-3 Energy Services, Inc   185  
10,545
e*
  Tecumseh Products Co (Class A)   247  
11,200
  Tennant Co   496  
127,189
*
  Teradata Corp   3,486  
72,830
*
  Terex Corp   4,775  
62,888
  Timken Co   2,066  
28,407
e
  Toro Co   1,547  
127,623
  Trane, Inc   5,961  
14,313
e*
  TurboChef Technologies, Inc   236  
3,252
e
  Twin Disc, Inc   230  
18,851
e*
  Ultratech, Inc   214  
92,020
*
  Varian Medical Systems, Inc   4,800  
43,796
e*
  VeriFone Holdings, Inc   1,018  
16,186
e
  Watsco, Inc   595  
156,881
*
  Western Digital Corp   4,739  
20,169
  Woodward Governor Co   1,371  
48,810
*
  Zebra Technologies Corp (Class A)   1,694  
 
  TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT   817,548  
 
INSTRUMENTS AND RELATED PRODUCTS - 4.71%
     
15,924
e*
  Abaxis, Inc   571  
16,958
e*
  Abiomed, Inc   264  
11,700
e*
  Accuray, Inc   178  
42,253
e*
  Advanced Medical Optics, Inc   1,036  
48,446
e*
  Affymetrix, Inc   1,121  
264,939
*
  Agilent Technologies, Inc   9,734  
42,246
*
  Align Technology, Inc   705  
219,578
  Allergan, Inc   14,106  
51,214
e*
  American Medical Systems Holdings, Inc   741  
6,336
e
  American Science & Engineering, Inc   360  
11,392
  Analogic Corp   771  
14,600
e*
  Anaren, Inc   241  
15,144
e*
  Angiodynamics, Inc   288  
130,885
  Applera Corp (Applied Biosystems Group)   4,440  
7,835
e*
  Argon ST, Inc   145  
18,626
e*
  Arthrocare Corp   895  
11,116
e*
  Aspect Medical Systems, Inc   156  
9,964
e
  Badger Meter, Inc   448  
76,073
e
  Bard (C.R.), Inc   7,212  
463,694
  Baxter International, Inc   26,917  
44,153
  Beckman Coulter, Inc   3,214  
177,274
  Becton Dickinson & Co   14,817  
12,755
*
  Bio-Rad Laboratories, Inc (Class A)   1,322  
942,844
*
  Boston Scientific Corp   10,965  
46,048
*
  Bruker BioSciences Corp   612  
8,219
e*
  Cantel Medical Corp   120  
39,114
e*
  Cepheid, Inc   1,031  
15,857
e
  Cohu, Inc   243  
22,053
e*
  Conmed Corp   510  
31,515
e
  Cooper Cos, Inc   1,198  
351,950
  Covidien Ltd   15,588  
70,483
e*
  Credence Systems Corp   171  

236

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account      
 
 
      VALUE  
SHARES
      (000)  
9,576
e*
  Cutera, Inc
$
150  
14,634
e*
  Cyberonics, Inc   193  
5,493
e*
  Cynosure, Inc (Class A)   145  
174,221
  Danaher Corp   15,286  
9,120
  Datascope Corp   332  
113,641
  Dentsply International, Inc   5,116  
15,633
e*
  Dionex Corp   1,295  
28,799
  DRS Technologies, Inc   1,563  
8,652
*
  Eagle Test Systems, Inc   111  
203,504
e
  Eastman Kodak Co   4,451  
566,162
  Emerson Electric Co   32,079  
19,238
e*
  ESCO Technologies, Inc   768  
18,700
*
  Esterline Technologies Corp   968  
48,426
e*
  ev3, Inc   616  
7,765
*
  Excel Technology, Inc   210  
10,521
e*
  FARO Technologies, Inc   286  
24,915
e*
  FEI Co   619  
93,902
e*
  Flir Systems, Inc   2,939  
34,873
*
  Formfactor, Inc   1,154  
30,712
*
  Fossil, Inc   1,289  
83,692
e
  Garmin Ltd   8,118  
19,314
*
  Haemonetics Corp   1,217  
87,147
*
  Hologic, Inc   5,982  
9,395
e*
  ICU Medical, Inc   338  
13,461
e*
  I-Flow Corp   212  
16,744
e*
  II-VI, Inc   512  
38,965
e*
  Illumina, Inc   2,309  
5,270
e*
  Insulet Corp   124  
14,613
e*
  Integra LifeSciences Holdings Corp   613  
26,669
*
  Intuitive Surgical, Inc   8,654  
22,994
e
  Invacare Corp   579  
52,711
*
  ION Geophysical Corp   832  
17,103
e*
  Ionatron, Inc   49  
21,241
e*
  Itron, Inc   2,039  
30,992
*
  Ixia   294  
2,060,663
  Johnson & Johnson   137,446  
8,260
e*
  Kensey Nash Corp   247  
135,487
  Kla-Tencor Corp   6,525  
41,961
e*
  L-1 Identity Solutions, Inc   753  
49,063
e*
  LTX Corp   156  
6,900
e*
  Masimo Corp   272  
9,778
e*
  Measurement Specialties, Inc   216  
9,627
e*
  Medical Action Industries, Inc   201  
817,769
  Medtronic, Inc   41,109  
27,576
e
  Mentor Corp   1,078  
18,330
*
  Merit Medical Systems, Inc   255  
26,843
*
  Mettler-Toledo International, Inc   3,055  
10,806
e*
  Micrus Endovascular Corp   213  
38,216
*
  Millipore Corp   2,797  
22,060
e
  Mine Safety Appliances Co   1,144  
35,548
e*
  MKS Instruments, Inc   680  
12,667
e
  Movado Group, Inc   320  
13,932
  MTS Systems Corp   594  
39,105
  National Instruments Corp   1,303  
13,063
e*
  Natus Medical, Inc   253  
27,910
e*
  Newport Corp   357  

237

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account      
 
 
      VALUE  
SHARES
      (000)  
13,692
e*
  Northstar Neuroscience, Inc
$
127  
23,547
e*
  NuVasive, Inc   931  
14,324
e*
  NxStage Medical, Inc   217  
11,676
*
  Orthofix International NV   677  
2,713
e*
  OYO Geospace Corp   204  
12,302
e*
  Palomar Medical Technologies, Inc   188  
85,092
  PerkinElmer, Inc   2,214  
163,250
  Pitney Bowes, Inc   6,210  
56,088
e*
  Resmed, Inc   2,946  
51,817
*
  Respironics, Inc   3,393  
118,375
  Rockwell Collins, Inc   8,519  
21,764
*
  Rofin-Sinar Technologies, Inc   1,047  
62,447
  Roper Industries, Inc   3,905  
20,900
e*
  Rudolph Technologies, Inc   237  
37,475
e*
  Sirf Technology Holdings, Inc   942  
11,900
e
  Sirona Dental Systems, Inc   398  
18,952
e*
  Sonic Innovations, Inc   146  
16,954
e*
  Sonic Solutions, Inc   176  
11,650
e*
  SonoSite, Inc   392  
21,581
e*
  Spectranetics Corp   331  
239,147
*
  St. Jude Medical, Inc   9,719  
49,670
  STERIS Corp   1,433  
219,488
  Stryker Corp   16,400  
24,549
e*
  Symmetry Medical, Inc   428  
27,552
*
  Techne Corp   1,820  
25,935
*
  Teledyne Technologies, Inc   1,383  
134,076
*
  Teradyne, Inc   1,386  
298,225
*
  Thermo Electron Corp   17,202  
37,720
e*
  Thoratec Corp   686  
84,208
*
  Trimble Navigation Ltd   2,546  
23,832
*
  Varian, Inc   1,556  
20,673
e*
  Veeco Instruments, Inc   345  
21,331
*
  Ventana Medical Systems, Inc   1,861  
11,927
e*
  Vital Images, Inc   216  
7,691
  Vital Signs, Inc   393  
40,285
e*
  Vivus, Inc   209  
16,979
e*
  Volcano Corp   212  
71,444
*
  Waters Corp   5,649  
24,247
e*
  Wright Medical Group, Inc   707  
662,689
  Xerox Corp   10,729  
20,207
e*
  X-Rite, Inc   235  
169,570
*
  Zimmer Holdings, Inc   11,217  
11,924
*
  Zoll Medical Corp   319  
12,959
*
  Zygo Corp   161  
 
  TOTAL INSTRUMENTS AND RELATED PRODUCTS   540,548  
 
INSURANCE AGENTS, BROKERS AND SERVICE - 0.43%
     
207,580
  AON Corp   9,899  
83,749
  Brown & Brown, Inc   1,968  
14,025
e
  Crawford & Co (Class B)   58  
71,396
e
  Gallagher (Arthur J.) & Co   1,727  
223,875
  Hartford Financial Services Group, Inc   19,520  
27,850
  Hilb Rogal & Hobbs Co   1,130  
374,806
  Marsh & McLennan Cos, Inc   9,921  
28,892
e
  National Financial Partners Corp   1,318  
4,573
*
  United America Indemnity Ltd (Class A)   91  

238

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account      
 
 
      VALUE  
SHARES
      (000)  
6,431
  White Mountains Insurance Group Ltd
$
3,306  
 
  TOTAL INSURANCE AGENTS, BROKERS AND SERVICE   48,938  
 
INSURANCE CARRIERS - 4.62%      
232,287
  ACE Ltd   14,351  
365,026
  Aetna, Inc   21,073  
348,229
  Aflac, Inc   21,810  
21,901
  Alfa Corp   475  
3,604
e*
  Alleghany Corp   1,449  
42,741
  Allied World Assurance Holdings Ltd   2,144  
407,104
  Allstate Corp   21,263  
72,280
e
  Ambac Financial Group, Inc   1,863  
39,900
e
  American Equity Investment Life Holding Co   331  
63,573
  American Financial Group, Inc   1,836  
1,591,201
  American International Group, Inc   92,767  
11,112
  American National Insurance Co   1,347  
8,194
  American Physicians Capital, Inc   340  
37,965
*
  AMERIGROUP Corp   1,384  
13,065
*
  Amerisafe, Inc   203  
17,807
e
  Amtrust Financial Services, Inc   245  
35,944
*
  Arch Capital Group Ltd   2,529  
18,828
*
  Argo Group International Holdings Ltd   793  
66,759
  Aspen Insurance Holdings Ltd   1,925  
85,596
  Assurant, Inc   5,726  
47,954
  Assured Guaranty Ltd   1,273  
111,529
  Axis Capital Holdings Ltd   4,346  
4,897
  Baldwin & Lyons, Inc (Class B)   134  
5,529
e
  Castlepoint Holdings Ltd   66  
31,767
*
  Centene Corp   872  
283,832
  Chubb Corp   15,492  
121,325
  Cincinnati Financial Corp   4,797  
24,979
e*
  Citizens, Inc   138  
19,762
  CNA Financial Corp   666  
10,118
*
  CNA Surety Corp   200  
39,862
e
  Commerce Group, Inc   1,434  
134,174
e*
  Conseco, Inc   1,685  
5,246
*
  Darwin Professional Underwriters, Inc   127  
30,740
e
  Delphi Financial Group, Inc (Class A)   1,085  
9,364
e
  Donegal Group, Inc (Class A)   161  
4,503
  EMC Insurance Group, Inc   107  
41,600
  Employers Holdings, Inc   695  
44,580
e
  Endurance Specialty Holdings Ltd   1,860  
4,920
e*
  Enstar Group Ltd   602  
38,103
e
  Erie Indemnity Co (Class A)   1,977  
45,104
  Everest Re Group Ltd   4,528  
10,036
  FBL Financial Group, Inc (Class A)   347  
157,242
e
  Fidelity National Title Group, Inc (Class A)   2,297  
13,254
e*
  First Acceptance Corp   56  
68,320
e
  First American Corp   2,331  
8,814
*
  First Mercury Financial Corp   215  
10,047
  Flagstone Reinsurance Holdings Ltd   140  
6,887
e*
  Fpic Insurance Group, Inc   296  
307,546
  Genworth Financial, Inc (Class A)   7,827  
6,240
e*
  Greenlight Capital Re Ltd (Class A)   130  
38,385
  Hanover Insurance Group, Inc   1,758  
12,827
  Harleysville Group, Inc   454  

239

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account      
 
 
      VALUE  
SHARES
      (000)  
81,739
  HCC Insurance Holdings, Inc
$
2,344  
79,283
*
  Health Net, Inc   3,829  
21,690
e*
  HealthExtras, Inc   566  
33,695
*
  Healthspring, Inc   642  
33,145
  Horace Mann Educators Corp   628  
118,769
*
  Humana, Inc   8,944  
3,952
e
  Independence Holding Co   50  
16,217
e
  Infinity Property & Casualty Corp   586  
45,138
  IPC Holdings Ltd   1,303  
2,078
  Kansas City Life Insurance Co   91  
12,081
e
  LandAmerica Financial Group, Inc   404  
115,888
e
  Leucadia National Corp   5,458  
191,478
  Lincoln National Corp   11,148  
307,958
  Loews Corp   15,503  
7,360
*
  Markel Corp   3,614  
42,796
  Max Re Capital Ltd   1,198  
92,558
e
  MBIA, Inc   1,724  
18,349
*
  Meadowbrook Insurance Group, Inc   173  
19,709
  Mercury General Corp   982  
333,375
  Metlife, Inc   20,543  
59,078
e
  MGIC Investment Corp   1,325  
8,179
e
  Midland Co   529  
8,801
e*
  Molina Healthcare, Inc   341  
79,211
  Montpelier Re Holdings Ltd   1,347  
11,286
e
  National Interstate Corp   374  
1,551
  National Western Life Insurance Co (Class A)   322  
36,646
  Nationwide Financial Services, Inc (Class A)   1,649  
9,235
*
  Navigators Group, Inc   600  
4,145
e
  NYMAGIC, Inc   96  
20,098
e
  Odyssey Re Holdings Corp   738  
168,730
  Old Republic International Corp   2,600  
20,220
  OneBeacon Insurance Group Ltd   435  
40,306
  PartnerRe Ltd   3,326  
38,987
*
  Philadelphia Consolidated Holding Co   1,534  
79,793
  Phoenix Cos, Inc   947  
42,287
  Platinum Underwriters Holdings Ltd   1,504  
22,267
e*
  PMA Capital Corp (Class A)   183  
61,333
e
  PMI Group, Inc   814  
13,808
e
  Presidential Life Corp   242  
32,274
e*
  Primus Guaranty Ltd   226  
189,245
  Principal Financial Group   13,028  
24,172
e*
  ProAssurance Corp   1,328  
496,804
e*
  Progressive Corp   9,519  
49,619
  Protective Life Corp   2,035  
327,418
  Prudential Financial, Inc   30,463  
56,697
e
  Radian Group, Inc   662  
12,774
e*
  RAM Holdings Ltd   63  
21,524
e
  Reinsurance Group Of America, Inc   1,130  
49,901
  RenaissanceRe Holdings Ltd   3,006  
16,861
e
  RLI Corp   958  
74,162
  Safeco Corp   4,129  
10,157
  Safety Insurance Group, Inc   372  
47,210
v*
  Scottish Re Group Ltd   34  
14,868
*
  SeaBright Insurance Holdings, Inc   224  
16,972
e
  Security Capital Assurance Ltd   66  
40,400
e
  Selective Insurance Group, Inc   929  

240

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account      
 
 
      VALUE  
SHARES
      (000)  
37,695
  Stancorp Financial Group, Inc
$
1,899  
9,480
  State Auto Financial Corp   249  
12,744
e
  Stewart Information Services Corp   332  
67,478
  Torchmark Corp   4,084  
14,216
e
  Tower Group, Inc   475  
19,325
  Transatlantic Holdings, Inc   1,404  
469,907
  Travelers Cos, Inc   25,281  
8,107
e*
  Triad Guaranty, Inc   79  
14,738
  United Fire & Casualty Co   429  
952,462
  UnitedHealth Group, Inc   55,433  
34,889
e
  Unitrin, Inc   1,674  
27,267
*
  Universal American Financial Corp   698  
256,407
  UnumProvident Corp   6,100  
8,000
*
  Validus Holdings Ltd   208  
120,400
  W.R. Berkley Corp   3,589  
29,275
*
  WellCare Health Plans, Inc   1,242  
921
  Wesco Financial Corp   375  
131,394
  XL Capital Ltd (Class A)   6,610  
26,173
  Zenith National Insurance Corp   1,171  
 
  TOTAL INSURANCE CARRIERS   530,090  
 
JUSTICE, PUBLIC ORDER AND SAFETY - 0.03%      
87,836
*
  Corrections Corp of America   2,592  
33,722
e*
  Geo Group, Inc   944  
 
  TOTAL JUSTICE, PUBLIC ORDER AND SAFETY   3,536  
 
LEATHER AND LEATHER PRODUCTS - 0.12%      
262,409
*
  Coach, Inc   8,025  
60,194
e*
  CROCS, Inc   2,216  
15,990
e*
  Genesco, Inc   604  
35,899
*
  Iconix Brand Group, Inc   706  
16,270
e
  Steven Madden Ltd   325  
33,262
*
  Timberland Co (Class A)   601  
3,210
e
  Weyco Group, Inc   88  
39,829
  Wolverine World Wide, Inc   977  
 
  TOTAL LEATHER AND LEATHER PRODUCTS   13,542  
 
LEGAL SERVICES - 0.02%      
32,832
*
  FTI Consulting, Inc   2,024  
7,324
e*
  Pre-Paid Legal Services, Inc   405  
 
  TOTAL LEGAL SERVICES   2,429  
 
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.00%**      
6,514
e*
  Emergency Medical Services Corp (Class A)   191  
 
  TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT   191  
 
LUMBER AND WOOD PRODUCTS - 0.02%
     
8,518
e
  American Woodmark Corp   155  
54,030
e*
  Champion Enterprises, Inc   509  
7,514
e
  Deltic Timber Corp   387  
75,407
e
  Louisiana-Pacific Corp   1,032  
4,307
e
  Skyline Corp   126  
11,966
e
  Universal Forest Products, Inc   352  
 
  TOTAL LUMBER AND WOOD PRODUCTS   2,561  
 

241

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account      
 
 
      VALUE  
SHARES
      (000)  
METAL MINING - 0.51%
     
38,747
*
  Apex Silver Mines Ltd
$
590  
29,071
e
  Cleveland-Cliffs, Inc   2,930  
247,956
e*
  Coeur d'Alene Mines Corp   1,225  
35,179
  Foundation Coal Holdings, Inc   1,847  
270,808
  Freeport-McMoRan Copper & Gold, Inc (Class B)   27,741  
97,963
e*
  Hecla Mining Co   916  
303,886
  Newmont Mining Corp   14,839  
23,931
*
  Patriot Coal Corp   999  
35,943
e*
  Rosetta Resources, Inc   713  
15,917
e
  Royal Gold, Inc   486  
19,857
e*
  ShengdaTech, Inc   287  
52,948
e
  Southern Copper Corp   5,566  
30,773
e*
  Stillwater Mining Co   297  
36,838
e*
  Uranium Resources, Inc   460  
33,336
*
  US Gold Corp   99  
 
  TOTAL METAL MINING   58,995  
 
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.29%      
6,919
*
  Armstrong World Industries, Inc   278  
19,692
  Blyth, Inc   432  
51,179
e
  Callaway Golf Co   892  
22,322
e
  Daktronics, Inc   504  
108,399
  Fortune Brands, Inc   7,844  
112,677
  Hasbro, Inc   2,882  
19,429
e*
  Jakks Pacific, Inc   459  
8,407
e
  Marine Products Corp   59  
278,121
  Mattel, Inc   5,295  
26,637
e
  Nautilus, Inc   129  
14,785
*
  RC2 Corp   415  
11,572
e*
  Russ Berrie & Co, Inc   189  
25,055
e*
  Shuffle Master, Inc   300  
4,356
e
  Steinway Musical Instruments, Inc   120  
351,065
  Tyco International Ltd   13,920  
 
  TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES   33,718  
 
MISCELLANEOUS RETAIL - 1.30%      
14,742
e*
  1-800-FLOWERS.COM, Inc (Class A)   129  
11,957
*
  AC Moore Arts & Crafts, Inc   164  
217,636
*
  Amazon.com, Inc   20,162  
36,298
  Barnes & Noble, Inc   1,250  
248,835
  Best Buy Co, Inc   13,101  
15,894
e
  Big 5 Sporting Goods Corp   229  
10,266
e*
  Blue Nile, Inc   699  
10,157
e
  Books-A-Million, Inc   121  
41,091
e
  Borders Group, Inc   438  
10,668
*
  Build-A-Bear Workshop, Inc   149  
20,960
  Cash America International, Inc   677  
36,440
e*
  CKX, Inc   437  
46,768
e*
  Coldwater Creek, Inc   313  
1,052,264
  CVS Corp   41,827  
55,706
*
  Dick's Sporting Goods, Inc   1,546  
68,940
*
  Dollar Tree Stores, Inc   1,787  
25,590
*
  Ezcorp, Inc (Class A)   289  
16,458
*
  GSI Commerce, Inc   321  
24,778
e*
  Hibbett Sports, Inc   495  
23,197
  Longs Drug Stores Corp   1,090  

242

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account      
 
 
      VALUE  
SHARES
      (000)  
30,878
  MSC Industrial Direct Co (Class A)
$
1,250  
24,699
e*
  Nutri/System, Inc   666  
194,377
*
  Office Depot, Inc   2,704  
53,228
e
  OfficeMax, Inc   1,100  
11,517
e*
  Overstock.com, Inc   179  
6,868
*
  PC Connection, Inc   78  
95,994
  Petsmart, Inc   2,259  
28,164
e*
  Priceline.com, Inc   3,235  
9,367
e
  Pricesmart, Inc   281  
500,268
e*
  Rite Aid Corp   1,396  
53,578
e*
  Sears Holdings Corp   5,468  
10,339
*
  Shutterfly, Inc   265  
12,380
e*
  Stamps.com, Inc   151  
505,558
  Staples, Inc   11,663  
9,938
e
  Systemax, Inc   202  
96,385
  Tiffany & Co   4,437  
18,910
e*
  Valuevision International, Inc (Class A)   119  
705,008
  Walgreen Co   26,847  
20,188
e
  World Fuel Services Corp   586  
35,110
e*
  Zale Corp   564  
12,255
e*
  Zumiez, Inc   298  
 
  TOTAL MISCELLANEOUS RETAIL   148,972  
 
MOTION PICTURES - 1.06%      
32,976
e*
  Avid Technology, Inc   935  
143,498
e*
  Blockbuster, Inc (Class A)   560  
8,585
e
  Carmike Cinemas, Inc   62  
427,713
  CBS Corp (Class B)   11,655  
16,000
e
  Cinemark Holdings, Inc   272  
198,527
*
  Discovery Holding Co (Class A)   4,991  
46,691
*
  DreamWorks Animation SKG, Inc (Class A)   1,193  
11,202
*
  Gaiam, Inc (Class A)   333  
36,572
e*
  Macrovision Corp   670  
30,800
e
  National CineMedia, Inc   777  
1,623,820
  News Corp (Class A)   33,272  
48,987
e
  Regal Entertainment Group (Class A)   885  
109,426
e*
  Time Warner Telecom, Inc (Class A)   2,220  
2,676,875
  Time Warner, Inc   44,195  
439,353
*
  Viacom, Inc (Class B)   19,296  
 
  TOTAL MOTION PICTURES   121,316  
 
MUSEUMS, BOTANICAL, ZOOLOGICAL GARDENS - 0.00%**      
20,726
e*
  Premier Exhibitions, Inc   227  
 
  TOTAL MUSEUMS, BOTANICAL, ZOOLOGICAL GARDENS   227  
 
NONDEPOSITORY INSTITUTIONS - 1.25%
     
46,200
e
  Advance America Cash Advance Centers, Inc   469  
26,047
  Advanta Corp (Class B)   210  
15,000
e*
  Aldabra 2 Acquisition Corp   146  
20,000
e*
  Alternative Asset Management Acquisition Corp   183  
133,012
e
  American Capital Strategies Ltd   4,384  
732,095
  American Express Co   38,084  
84,134
e*
  AmeriCredit Corp   1,076  
44,379
e
  Ares Capital Corp   649  
9,451
e
  Asta Funding, Inc   250  
7,100
e
  BlackRock Kelso Capital Corp   109  

243

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account      
 
 
      VALUE  
SHARES
      (000)  
280,791
  Capital One Financial Corp
$
13,270  
89,235
e
  CapitalSource, Inc   1,570  
36,971
e
  Centerline Holding Co   282  
23,500
  Chimera Investment Corp   420  
135,589
  CIT Group, Inc   3,258  
16,600
e*
  CompuCredit Corp   166  
429,076
  Countrywide Financial Corp   3,836  
6,736
e*
  Credit Acceptance Corp   139  
342,322
  Discover Financial Services   5,162  
11,162
e*
  Encore Capital Group, Inc   108  
691,244
  Fannie Mae   27,636  
7,676
e
  Federal Agricultural Mortgage Corp (Class C)   202  
20,830
e
  Financial Federal Corp   464  
18,408
e*
  First Cash Financial Services, Inc   270  
43,239
e
  First Marblehead Corp   662  
471,251
  Freddie Mac   16,056  
37,598
e*
  GLG Partners Inc   511  
24,950
*
  Guaranty Financial Group, Inc   399  
16,475
e
  Hercules Technology Growth Capital, Inc   205  
22,394
e*
  Information Services Group, Inc   153  
47,885
e*
  INVESTools, Inc   849  
7,295
  Kohlberg Capital Corp   88  
26,632
e*
  Marathon Acquisition Corp   207  
44,000
e
  MCG Capital Corp   510  
8,000
*
  Mercadolibre, Inc   591  
13,901
e
  Nelnet, Inc (Class A)   177  
9,384
e*
  NewStar Financial, Inc   78  
12,077
e
  NGP Capital Resources Co   189  
17,991
e*
  NTR Acquisition Co   171  
25,500
e*
  Ocwen Financial Corp   141  
12,881
e
  Patriot Capital Funding, Inc   130  
37,904
*
  PHH Corp   669  
292,910
*
  SLM Corp   5,899  
2,846
e
  Student Loan Corp   313  
176,246
  Textron, Inc   12,566  
13,836
e
  TICC Capital Corp   128  
12,929
e*
  World Acceptance Corp   349  
 
  TOTAL NONDEPOSITORY INSTITUTIONS   143,384  
 
NONMETALLIC MINERALS, EXCEPT FUELS - 0.07%
     
18,209
e
  AMCOL International Corp   656  
22,877
e
  Compass Minerals International, Inc   938  
33,604
e*
  General Moly Inc   392  
72,519
e
  Vulcan Materials Co   5,736  
 
  TOTAL NONMETALLIC MINERALS, EXCEPT FUELS   7,722  
 
OIL AND GAS EXTRACTION - 3.53%      
328,030
  Anadarko Petroleum Corp   21,548  
6,580
e
  APCO Argentina, Inc   181  
20,130
e*
  Arena Resources, Inc   840  
17,079
  Atlas America, Inc   1,011  
15,008
*
  ATP Oil & Gas Corp   759  
19,787
e*
  Atwood Oceanics, Inc   1,983  
227,441
  Baker Hughes, Inc   18,445  
28,976
e*
  Basic Energy Services, Inc   636  
27,860
e
  Berry Petroleum Co (Class A)   1,238  

244

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account      
 
 
      VALUE  
SHARES
      (000)  
21,932
e*
  Bill Barrett Corp
$
918  
207,173
  BJ Services Co   5,026  
11,997
e*
  Bois d'Arc Energy, Inc   238  
32,124
*
  Brigham Exploration Co   242  
18,177
e*
  Bronco Drilling Co, Inc   270  
30,420
e*
  Cal Dive International, Inc   403  
14,536
e*
  Callon Petroleum Co   239  
155,656
e*
  Cameron International Corp   7,492  
14,847
e*
  Carrizo Oil & Gas, Inc   813  
35,790
e*
  Cheniere Energy, Inc   1,168  
326,953
  Chesapeake Energy Corp   12,817  
58,913
e
  Cimarex Energy Co   2,506  
3,369
e*
  Clayton Williams Energy, Inc   105  
19,768
e*
  CNX Gas Corp   632  
20,848
e*
  Complete Production Services, Inc   375  
31,390
*
  Comstock Resources, Inc   1,067  
5,000
*
  Concho Resources, Inc   103  
9,375
e*
  Contango Oil & Gas Co   477  
20,774
*
  Continental Resources, Inc   543  
5,228
e*
  Dawson Geophysical Co   374  
46,498
e*
  Delta Petroleum Corp   876  
171,148
*
  Denbury Resources, Inc   5,092  
47,480
e
  Diamond Offshore Drilling, Inc   6,742  
20,797
e*
  Edge Petroleum Corp   123  
37,611
*
  Encore Acquisition Co   1,255  
29,060
e*
  Energy Partners Ltd   343  
105,312
  ENSCO International, Inc   6,279  
84,592
  Equitable Resources, Inc   4,507  
43,665
e*
  EXCO Resources, Inc   676  
42,749
e*
  Exterran Holdings, Inc   3,497  
55,808
*
  Forest Oil Corp   2,837  
24,931
e*
  FX Energy, Inc   142  
21,487
e*
  GeoGlobal Resources, Inc   106  
4,904
e*
  Geokinetics, Inc   95  
12,517
*
  Geomet, Inc   65  
66,121
*
  Global Industries Ltd   1,416  
8,027
e*
  GMX Resources, Inc   259  
12,475
e*
  Goodrich Petroleum Corp   282  
140,077
*
  Grey Wolf, Inc   747  
13,872
e*
  Gulfport Energy Corp   253  
651,647
  Halliburton Co   24,704  
29,621
e*
  Harvest Natural Resources, Inc   370  
65,623
e*
  Helix Energy Solutions Group, Inc   2,723  
73,077
  Helmerich & Payne, Inc   2,928  
67,246
*
  Hercules Offshore, Inc   1,599  
6,902
  Kayne Anderson Energy Development Co   158  
51,788
*
  Mariner Energy, Inc   1,185  
15,667
e*
  McMoRan Exploration Co   205  
76,660
e*
  Meridian Resource Corp   139  
200,220
*
  Nabors Industries Ltd   5,484  
253,552
*
  National Oilwell Varco, Inc   18,626  
64,229
e*
  Newpark Resources, Inc   350  
190,810
  Noble Corp   10,783  
38,589
*
  Oceaneering International, Inc   2,599  
74,608
e*
  Oilsands Quest, Inc   304  
27,407
e*
  Parallel Petroleum Corp   483  

245

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account      
 
 
     
VALUE
 
SHARES
      (000)  
80,330
e*
  Parker Drilling Co
$
606  
110,882
  Patterson-UTI Energy, Inc   2,164  
28,438
  Penn Virginia Corp   1,241  
3,037
m,v*
  PetroCorp  
-
^
128,414
e*
  PetroHawk Energy Corp   2,223  
12,730
e*
  Petroleum Development Corp   753  
28,296
e*
  Petroquest Energy, Inc   405  
35,470
e*
  Pioneer Drilling Co   421  
87,353
  Pioneer Natural Resources Co   4,266  
79,717
*
  Plains Exploration & Production Co   4,305  
114,266
*
  Pride International, Inc   3,874  
38,384
*
  Quicksilver Resources, Inc   2,287  
105,318
  Range Resources Corp   5,409  
77,603
  Rowan Cos, Inc   3,062  
23,456
e
  RPC, Inc   275  
837,985
  Schlumberger Ltd   82,433  
17,655
e*
  SEACOR Holdings, Inc   1,637  
141,629
  Smith International, Inc   10,459  
120,039
*
  Southwestern Energy Co   6,689  
47,011
  St. Mary Land & Exploration Co   1,815  
19,310
e*
  Stone Energy Corp   906  
23,906
e*
  Sulphco, Inc   125  
57,007
*
  Superior Energy Services   1,962  
7,105
e*
  Superior Offshore International, Inc   36  
11,230
e*
  Superior Well Services, Inc   238  
21,103
e*
  Swift Energy Co   929  
54,419
e*
  Tetra Technologies, Inc   847  
39,844
e
  Tidewater, Inc   2,186  
11,158
e*
  Toreador Resources Corp   78  
221,701
  Transocean, Inc   31,736  
8,324
e*
  Trico Marine Services, Inc   308  
20,290
e*
  TXCO Resources, Inc   245  
7,100
*
  Union Drilling, Inc   112  
35,116
*
  Unit Corp   1,624  
40,557
e*
  Vaalco Energy, Inc   189  
9,100
e*
  Venoco, Inc   181  
19,562
e
  W&T Offshore, Inc   586  
37,871
e*
  Warren Resources, Inc   535  
238,229
*
  Weatherford International Ltd   16,344  
22,401
e*
  W-H Energy Services, Inc   1,259  
28,820
*
  Whiting Petroleum Corp   1,662  
18,431
*
  Willbros Group, Inc   706  
344,107
  XTO Energy, Inc   17,673  
 
  TOTAL OIL AND GAS EXTRACTION   405,472  
 
PAPER AND ALLIED PRODUCTS - 0.46%
     
38,425
e*
  AbitibiBowater, Inc   792  
74,376
  Bemis Co   2,036  
26,323
*
  Buckeye Technologies, Inc   329  
38,005
e*
  Cenveo, Inc   664  
12,643
e*
  Chesapeake Corp   66  
336,181
e*
  Domtar Corporation   2,585  
30,362
  Glatfelter   465  
55,065
e*
  Graphic Packaging Corp   203  
23,449
  Greif, Inc (Class A)   1,533  
307,898
  International Paper Co   9,970  

246

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account      
 
 
      VALUE  
SHARES
      (000)  
301,702
  Kimberly-Clark Corp
$
20,920  
129,492
  MeadWestvaco Corp   4,053  
20,151
e*
  Mercer International, Inc   158  
10,278
  Neenah Paper, Inc   299  
62,088
  Packaging Corp of America   1,751  
25,737
  Rock-Tenn Co (Class A)   654  
9,960
  Schweitzer-Mauduit International, Inc   258  
180,480
e*
  Smurfit-Stone Container Corp   1,906  
71,238
  Sonoco Products Co   2,328  
74,852
  Temple-Inland, Inc   1,561  
29,954
e
  Wausau Paper Corp   269  
 
  TOTAL PAPER AND ALLIED PRODUCTS   52,800  
 
PERSONAL SERVICES - 0.14%      
97,477
  Cintas Corp   3,277  
20,600
e*
  Coinstar, Inc   580  
3,653
e
  CPI Corp   86  
15,088
e
  G & K Services, Inc (Class A)   566  
228,166
  H&R Block, Inc   4,237  
25,900
e
  Jackson Hewitt Tax Service, Inc   822  
31,315
  Regis Corp   875  
56,970
*
  Sally Beauty Holdings, Inc   516  
207,979
  Service Corp International   2,922  
11,970
e*
  Steiner Leisure Ltd   529  
9,989
  Unifirst Corp   380  
26,580
e
  Weight Watchers International, Inc   1,201  
 
  TOTAL PERSONAL SERVICES   15,991  
 
PETROLEUM AND COAL PRODUCTS - 7.52%
     
9,171
e
  Alon USA Energy, Inc   249  
235,940
  Apache Corp   25,373  
39,719
  Ashland, Inc   1,884  
68,567
  Cabot Oil & Gas Corp   2,768  
1,530,400
  Chevron Corp   142,832  
1,164,060
  ConocoPhillips   102,786  
14,100
*
  CVR Energy Inc   352  
7,530
e
  Delek US Holdings, Inc   152  
314,600
  Devon Energy Corp   27,971  
172,902
  EOG Resources, Inc   15,432  
4,011,986
  Exxon Mobil Corp   375,883  
77,807
  Frontier Oil Corp   3,157  
34,562
e*
  Headwaters, Inc   406  
196,312
  Hess Corp   19,800  
32,029
  Holly Corp   1,630  
511,738
  Marathon Oil Corp   31,144  
132,989
  Murphy Oil Corp   11,283  
91,300
*
  Newfield Exploration Co   4,812  
120,831
  Noble Energy, Inc   9,608  
589,526
  Occidental Petroleum Corp   45,388  
20,100
*
  SandRidge Energy, Inc   721  
85,867
  Sunoco, Inc   6,220  
96,598
e
  Tesoro Corp   4,608  
391,113
  Valero Energy Corp   27,390  
11,564
  WD-40 Co   439  
21,900
e
  Western Refining, Inc   530  
 
  TOTAL PETROLEUM AND COAL PRODUCTS   862,818  

247

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account      
 
 
      VALUE  
SHARES
      (000)  
PIPELINES, EXCEPT NATURAL GAS - 0.10%
     
452,559
  Spectra Energy Corp
$
11,685  
 
  TOTAL PIPELINES, EXCEPT NATURAL GAS   11,685  
 
PRIMARY METAL INDUSTRIES - 1.09%      
82,603
*
  AK Steel Holding Corp   3,820  
620,258
  Alcoa, Inc   22,670  
72,511
  Allegheny Technologies, Inc   6,265  
31,881
e
  Belden CDT, Inc   1,419  
14,781
e*
  Brush Engineered Materials, Inc   547  
37,040
  Carpenter Technology Corp   2,784  
21,469
e*
  Century Aluminum Co   1,158  
6,078
*
  Claymont Steel, Inc   142  
6,101
e*
  Coleman Cable, Inc   58  
46,727
e*
  CommScope, Inc   2,299  
1,119,120
  Corning, Inc   26,848  
16,654
e
  Encore Wire Corp   265  
92
e*
  Esmark, Inc   1  
36,458
*
  General Cable Corp   2,672  
20,138
e
  Gibraltar Industries, Inc   310  
8,302
*
  Haynes International, Inc   577  
43,293
  Hubbell, Inc (Class B)   2,234  
7,262
*
  LB Foster Co (Class A)   376  
21,924
e
  Matthews International Corp (Class A)   1,028  
25,216
  Mueller Industries, Inc   731  
6,217
e*
  Northwest Pipe Co   243  
213,275
  Nucor Corp   12,630  
5,831
  Olympic Steel, Inc   185  
97,265
  Precision Castparts Corp   13,491  
26,576
e
  Quanex Corp   1,379  
16,800
*
  RTI International Metals, Inc   1,158  
16,399
  Schnitzer Steel Industries, Inc (Class A)   1,134  
66,930
  Steel Dynamics, Inc   3,987  
14,234
e*
  Superior Essex, Inc   342  
19,242
e
  Texas Industries, Inc   1,349  
48,944
e
  Titanium Metals Corp   1,295  
24,156
e
  Tredegar Corp   388  
83,594
  United States Steel Corp   10,107  
4,623
e*
  Universal Stainless & Alloy   164  
51,686
e
  Worthington Industries, Inc   924  
 
  TOTAL PRIMARY METAL INDUSTRIES   124,980  
 
PRINTING AND PUBLISHING - 0.44%      
36,106
e*
  ACCO Brands Corp   579  
39,339
e
  American Greetings Corp (Class A)   799  
59,879
  Belo (A.H.) Corp (Class A)   1,044  
22,675
e
  Bowne & Co, Inc   399  
8,210
*
  Consolidated Graphics, Inc   393  
6,267
e
  Courier Corp   207  
5,480
e
  CSS Industries, Inc   201  
7,900
*
  Dolan Media Co   230  
42,034
  Dun & Bradstreet Corp   3,725  
17,307
  Ennis, Inc   312  
63,593
e
  EW Scripps Co (Class A)   2,862  
165,881
  Gannett Co, Inc   6,469  

248

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account      
 
 
      VALUE  
SHARES
      (000)  
10,680
e
  GateHouse Media, Inc
$
94  
35,148
e
  Harte-Hanks, Inc   608  
34,409
  John Wiley & Sons, Inc (Class A)   1,474  
30,943
  Journal Communications, Inc (Class A)   277  
33,495
e
  Lee Enterprises, Inc   491  
19,558
e
  Martha Stewart Living Omnimedia, Inc (Class A)   181  
31,868
e
  McClatchy Co (Class A)   399  
242,589
  McGraw-Hill Cos, Inc   10,628  
17,216
  Media General, Inc (Class A)   366  
33,992
  Meredith Corp   1,869  
9,900
*
  MSCI, Inc   380  
5,947
  Multi-Color Corp   163  
98,018
e
  New York Times Co (Class A)   1,718  
12,663
e*
  Playboy Enterprises, Inc (Class B)   115  
31,380
e
  Primedia, Inc   267  
50,122
e
  R.H. Donnelley Corp   1,828  
155,621
  R.R. Donnelley & Sons Co   5,873  
10,767
e
  Schawk, Inc   167  
24,827
e*
  Scholastic Corp   866  
10,680
e
  Standard Register Co   125  
53,732
e*
  Sun-Times Media Group, Inc (Class A)   118  
35,061
e*
  Valassis Communications, Inc   410  
27,690
e*
  VistaPrint Ltd   1,187  
4,207
  Washington Post Co (Class B)   3,330  
 
  TOTAL PRINTING AND PUBLISHING   50,154  
 
RAILROAD TRANSPORTATION - 0.66%      
254,372
  Burlington Northern Santa Fe Corp   21,171  
309,104
  CSX Corp   13,594  
26,537
e*
  Genesee & Wyoming, Inc (Class A)   642  
54,298
e*
  Kansas City Southern Industries, Inc   1,864  
277,978
  Norfolk Southern Corp   14,021  
190,507
  Union Pacific Corp   23,932  
 
  TOTAL RAILROAD TRANSPORTATION   75,224  
 
REAL ESTATE - 0.10%
     
135,323
e*
  CB Richard Ellis Group, Inc (Class A)   2,916  
4,977
e
  Consolidated-Tomoka Land Co   312  
24,500
  DuPont Fabros Technology Inc   480  
51,548
e
  Forest City Enterprises, Inc (Class A)   2,291  
24,950
*
  Forestar Real Estate Group, Inc   589  
11,353
e
  Grubb & Ellis Co   73  
25,773
e
  Jones Lang LaSalle, Inc   1,834  
19,220
e*
  LoopNet, Inc   270  
53,649
e*
  St. Joe Co   1,905  
72,534
e
  Stewart Enterprises, Inc (Class A)   645  
3,435
e*
  Stratus Properties, Inc   117  
16,966
  Thomas Properties Group, Inc   183  
 
  TOTAL REAL ESTATE   11,615  
 
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.30%      
5,113
e*
  AEP Industries, Inc   164  
43,609
  Cooper Tire & Rubber Co   723  
9,028
*
  Deckers Outdoor Corp   1,400  
148,175
*
  Goodyear Tire & Rubber Co   4,181  
10,182
e*
  Metabolix, Inc   242  

249

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account      
 
 
      VALUE  
SHARES
      (000)  
197,303
  Newell Rubbermaid, Inc
$
5,106  
251,832
  Nike, Inc (Class B)   16,178  
21,213
e
  Schulman (A.), Inc   457  
114,127
e
  Sealed Air Corp   2,641  
14,571
*
  Skechers U.S.A., Inc (Class A)   284  
25,932
  Spartech Corp   366  
16,398
e
  Titan International, Inc   513  
7,903
e*
  Trex Co, Inc   67  
43,477
  Tupperware Corp   1,436  
25,167
e
  West Pharmaceutical Services, Inc   1,022  
 
  TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS   34,780  
 
SECURITY AND COMMODITY BROKERS - 3.09%
     
166,289
  Ameriprise Financial, Inc   9,164  
84,142
e
  Bear Stearns Cos, Inc   7,425  
45,136
e
  BlackRock, Inc   9,786  
98,705
  Broadridge Financial Solutions, Inc   2,214  
16,951
  Calamos Asset Management, Inc (Class A)   505  
668,755
  Charles Schwab Corp   17,087  
39,101
  CME Group, Inc   26,823  
12,285
e
  Cohen & Steers, Inc   368  
11,481
e*
  Cowen Group, Inc   109  
6,700
*
  Duff & Phelps Corp   132  
302,010
e*
  E*Trade Financial Corp   1,072  
73,778
  Eaton Vance Corp   3,350  
6,384
e
  Epoch Holding Corp   96  
6,107
e
  Evercore Partners, Inc (Class A)   132  
3,400
*
  FBR Capital Markets Corp   33  
6,093
e*
  FCStone Group, Inc   280  
67,991
  Federated Investors, Inc (Class B)   2,798  
117,544
  Franklin Resources, Inc   13,451  
6,584
e
  GAMCO Investors, Inc (Class A)   456  
11,349
e*
  GFI Group, Inc   1,086  
290,686
  Goldman Sachs Group, Inc   62,512  
14,103
e
  Greenhill & Co, Inc   938  
28,478
e*
  Interactive Brokers Group, Inc (Class A)   920  
49,760
*
  IntercontinentalExchange, Inc   9,579  
298,900
e
  Invesco Ltd   9,379  
31,292
e*
  Investment Technology Group, Inc   1,489  
131,606
  Janus Capital Group, Inc   4,323  
88,011
  Jefferies Group, Inc   2,029  
20,645
e*
  KBW, Inc   528  
73,184
e*
  Knight Capital Group, Inc (Class A)   1,054  
37,720
e*
  LaBranche & Co, Inc   190  
69,599
e*
  Ladenburg Thalmann Financial Services, Inc   147  
36,475
e
  Lazard Ltd (Class A)   1,484  
93,610
  Legg Mason, Inc   6,848  
376,513
  Lehman Brothers Holdings, Inc   24,639  
21,429
e*
  MarketAxess Holdings, Inc   275  
628,578
  Merrill Lynch & Co, Inc   33,742  
67,100
*
  MF Global Ltd   2,112  
748,745
  Morgan Stanley   39,766  
8,769
e*
  Morningstar, Inc   682  
79,970
e*
  Nasdaq Stock Market, Inc   3,958  
65,127
e
  Nymex Holdings, Inc   8,702  
187,716
  NYSE Euronext   16,476  

250

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account      
 
 
      VALUE  
SHARES
      (000)  
30,987
e
  optionsXpress Holdings, Inc
$
1,048  
10,161
e*
  Penson Worldwide, Inc   146  
13,614
e*
  Piper Jaffray Cos   631  
66,932
  Raymond James Financial, Inc   2,186  
8,937
e
  Sanders Morris Harris Group, Inc   92  
92,752
  SEI Investments Co   2,984  
10,876
e*
  Stifel Financial Corp   572  
14,958
e
  SWS Group, Inc   189  
195,024
  T Rowe Price Group, Inc   11,873  
179,388
  TD Ameritrade Holding Corp   3,598  
15,283
e*
  Thomas Weisel Partners Group, Inc   210  
8,114
e
  US Global Investors, Inc (Class A)   135  
800
  Value Line, Inc   32  
65,258
  Waddell & Reed Financial, Inc (Class A)   2,355  
15,152
e*
  WP Stewart & Co Ltd   77  
 
  TOTAL SECURITY AND COMMODITY BROKERS   354,267  
 
SOCIAL SERVICES - 0.01%      
20,451
*
  Bright Horizons Family Solutions, Inc   706  
15,384
e*
  Capital Senior Living Corp   153  
8,598
e*
  Providence Service Corp   242  
15,649
*
  Res-Care, Inc   394  
 
  TOTAL SOCIAL SERVICES   1,495  
 
SPECIAL TRADE CONTRACTORS - 0.07%      
2,319
e
  Alico, Inc   85  
21,777
e*
  AsiaInfo Holdings, Inc   240  
17,970
e
  Chemed Corp   1,004  
28,901
  Comfort Systems USA, Inc   369  
32,076
e*
  Dycom Industries, Inc   855  
46,874
*
  EMCOR Group, Inc   1,108  
20,939
e*
  Insituform Technologies, Inc (Class A)   310  
10,880
e*
  Integrated Electrical Services, Inc   204  
8,579
e*
  Layne Christensen Co   422  
116,366
e*
  Quanta Services, Inc   3,053  
 
  TOTAL SPECIAL TRADE CONTRACTORS   7,650  
 
STONE, CLAY, AND GLASS PRODUCTS - 0.49%      
509,135
  3M Co   42,930  
18,958
e
  Apogee Enterprises, Inc   324  
18,135
e*
  Cabot Microelectronics Corp   651  
14,827
e
  CARBO Ceramics, Inc   552  
33,989
e
  Eagle Materials, Inc   1,206  
100,799
e
  Gentex Corp   1,791  
9,960
  Libbey, Inc   158  
77,829
e*
  Owens Corning, Inc   1,574  
109,273
*
  Owens-Illinois, Inc   5,409  
23,708
e*
  US Concrete, Inc   79  
57,674
e*
  USG Corp   2,064  
 
  TOTAL STONE, CLAY, AND GLASS PRODUCTS   56,738  
 
TEXTILE MILL PRODUCTS - 0.00%**      
4,668
e*
  Heelys, Inc   33  
10,106
e
  Oxford Industries, Inc   260  
14,120
  Xerium Technologies, Inc   73  
 
  TOTAL TEXTILE MILL PRODUCTS   366  

251

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account      
 
 
      VALUE  
SHARES
      (000)  
TOBACCO PRODUCTS - 1.18%      
1,497,683
  Altria Group, Inc
$
113,195  
77,510
  Loews Corp (Carolina Group)   6,612  
123,495
e
  Reynolds American, Inc   8,146  
19,118
e
  Universal Corp   979  
113,222
  UST, Inc   6,204  
21,698
e
  Vector Group Ltd   435  
 
  TOTAL TOBACCO PRODUCTS   135,571  
 
TRANSPORTATION BY AIR - 0.40%      
39,511
e*
  ABX Air, Inc   165  
7,464
e*
  Air Methods Corp   371  
65,497
e*
  Airtran Holdings, Inc   469  
28,126
e*
  Alaska Air Group, Inc   703  
3,770
*
  Allegiant Travel Co   121  
170,166
e*
  AMR Corp   2,387  
9,351
e*
  Atlas Air Worldwide Holdings, Inc   507  
16,313
e*
  Bristow Group, Inc   924  
74,996
*
  Continental Airlines, Inc (Class B)   1,669  
12,231
e
  Copa Holdings S.A. (Class A)   460  
191,933
*
  Delta Air Lines, Inc   2,858  
30,417
e*
  ExpressJet Holdings, Inc   75  
217,573
  FedEx Corp   19,401  
123,072
e*
  JetBlue Airways Corp   726  
17,099
e*
  Midwest Air Group, Inc   253  
186,202
*
  Northwest Airlines Corp   2,702  
9,723
e*
  PHI, Inc   302  
14,196
e*
  Pinnacle Airlines Corp   217  
23,015
*
  Republic Airways Holdings, Inc   451  
45,222
  Skywest, Inc   1,214  
524,598
  Southwest Airlines Co   6,400  
80,520
e
  UAL Corp   2,871  
57,571
*
  US Airways Group, Inc   847  
 
  TOTAL TRANSPORTATION BY AIR   46,093  
 
TRANSPORTATION EQUIPMENT - 2.56%      
13,757
e
  A.O. Smith Corp   482  
29,552
e*
  AAR Corp   1,124  
16,459
*
  Accuride Corp   129  
4,835
e*
  Aerovironment, Inc   117  
14,702
*
  Aftermarket Technology Corp   401  
31,425
e
  American Axle & Manufacturing Holdings, Inc   585  
7,032
e
  American Railcar Industries, Inc   135  
15,097
e*
  Amerigon, Inc   319  
9,760
e
  Arctic Cat, Inc   117  
50,384
e
  ArvinMeritor, Inc   591  
56,289
  Autoliv, Inc   2,967  
68,430
*
  BE Aerospace, Inc   3,620  
559,758
  Boeing Co   48,956  
63,775
e
  Brunswick Corp   1,087  
36,782
e
  Clarcor, Inc   1,397  
10,359
e*
  Comtech Group, Inc   167  
34,017
e
  Federal Signal Corp   382  
41,202
e*
  Fleetwood Enterprises, Inc   246  
48,080
e*
  Force Protection, Inc   225  

252

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account      
 
 
      VALUE  
SHARES
      (000)  
1,453,614
e*
  Ford Motor Co
$
9,783  
8,920
e
  Freightcar America, Inc   312  
42,477
e*
  GenCorp, Inc   495  
288,217
  General Dynamics Corp   25,648  
340,894
e
  General Motors Corp   8,485  
7,281
e*
  GenTek, Inc   213  
120,327
  Genuine Parts Co   5,571  
88,878
  Goodrich Corp   6,276  
12,975
e
  Greenbrier Cos, Inc   289  
17,217
e
  Group 1 Automotive, Inc   409  
176,050
e
  Harley-Davidson, Inc   8,223  
59,330
  Harsco Corp   3,801  
68,148
e*
  Hayes Lemmerz International, Inc   312  
18,067
e
  Heico Corp   984  
128,454
  ITT Industries, Inc   8,483  
17,547
  Kaman Corp   646  
250,710
  Lockheed Martin Corp   26,390  
6,589
e*
  Miller Industries, Inc   90  
21,622
e
  Monaco Coach Corp   192  
6,171
e
  Noble International Ltd   101  
243,954
  Northrop Grumman Corp   19,185  
42,061
e*
  Orbital Sciences Corp   1,031  
52,327
e
  Oshkosh Truck Corp   2,473  
263,415
e
  Paccar, Inc   14,351  
92,051
*
  Pactiv Corp   2,451  
26,075
e
  Polaris Industries, Inc   1,246  
313,776
  Raytheon Co   19,046  
22,924
e
  Spartan Motors, Inc   175  
50,700
*
  Spirit Aerosystems Holdings, Inc (Class A)   1,749  
11,445
  Standard Motor Products, Inc   93  
17,715
e
  Superior Industries International, Inc   322  
32,620
*
  Tenneco, Inc   850  
25,200
e
  Thor Industries, Inc   958  
7,965
*
  TransDigm Group, Inc   360  
56,862
e
  Trinity Industries, Inc   1,579  
12,081
e
  Triumph Group, Inc   995  
29,954
*
  TRW Automotive Holdings Corp   626  
706,224
  United Technologies Corp   54,054  
91,916
e*
  Visteon Corp   404  
22,100
e
  Wabash National Corp   170  
34,451
  Westinghouse Air Brake Technologies Corp   1,187  
24,826
e
  Winnebago Industries, Inc   522  
 
  TOTAL TRANSPORTATION EQUIPMENT   293,577  
 
TRANSPORTATION SERVICES - 0.18%
     
14,656
e
  Ambassadors Group, Inc   268  
4,915
e*
  Ambassadors International, Inc   72  
124,463
  CH Robinson Worldwide, Inc   6,736  
8,003
e*
  Dynamex, Inc   216  
155,362
  Expeditors International Washington, Inc   6,942  
34,495
e
  GATX Corp   1,265  
28,305
*
  HUB Group, Inc (Class A)   752  
54,142
*
  Lear Corp   1,498  
20,000
e*
  Orbitz Worldwide, Inc   170  
26,631
e
  Pacer International, Inc   389  
18,863
e
  Ship Finance International Ltd   523  

253

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account      
 
 
      VALUE  
SHARES
      (000)  
70,126
  UTI Worldwide, Inc
$
1,374  
 
  TOTAL TRANSPORTATION SERVICES   20,205  
 
TRUCKING AND WAREHOUSING - 0.38%      
17,410
e
  Arkansas Best Corp   382  
16,346
e*
  Celadon Group, Inc   150  
36,001
e
  Con-way, Inc   1,496  
22,919
e
  Forward Air Corp   714  
46,789
e
  Heartland Express, Inc   663  
68,660
e
  J.B. Hunt Transport Services, Inc   1,892  
43,462
  Landstar System, Inc   1,832  
14,139
e*
  Marten Transport Ltd   197  
19,477
e*
  Old Dominion Freight Line   450  
1,137
e*
  Patriot Transportation Holding, Inc   105  
9,635
e*
  Saia, Inc   128  
476,612
  United Parcel Service, Inc (Class B)   33,706  
3,884
e*
  Universal Truckload Services, Inc   74  
35,401
e
  Werner Enterprises, Inc   603  
40,766
e*
  YRC Worldwide, Inc   697  
 
  TOTAL TRUCKING AND WAREHOUSING   43,089  
 
WATER TRANSPORTATION - 0.29%      
30,756
  Alexander & Baldwin, Inc   1,589  
47,660
e*
  American Commercial Lines, Inc   774  
9,576
e
  Arlington Tankers Ltd   212  
310,082
  Carnival Corp   13,796  
15,398
e
  Double Hull Tankers, Inc   188  
29,664
e
  Eagle Bulk Shipping, Inc   788  
34,394
e
  Frontline Ltd   1,651  
12,530
e
  Genco Shipping & Trading Ltd   686  
16,856
  General Maritime Corp   412  
24,752
e
  Golar LNG Ltd   548  
16,074
*
  Gulfmark Offshore, Inc   752  
23,837
e
  Horizon Lines, Inc (Class A)   444  
16,565
e*
  Hornbeck Offshore Services, Inc   745  
37,552
*
  Kirby Corp   1,745  
11,975
e
  Knightsbridge Tankers Ltd   289  
18,051
e
  Nordic American Tanker Shipping   592  
28,315
e*
  Odyssey Marine Exploration, Inc   175  
21,573
e
  Overseas Shipholding Group, Inc   1,606  
99,815
e
  Royal Caribbean Cruises Ltd   4,236  
7,126
e*
  TBS International Ltd (Class A)   236  
29,793
e
  Teekay Corp   1,585  
10,754
e*
  Ultrapetrol Bahamas Ltd   183  
 
  TOTAL WATER TRANSPORTATION   33,232  
 
WHOLESALE TRADE-DURABLE GOODS - 0.35%      
23,674
e
  Agilysys, Inc   358  
30,894
  Applied Industrial Technologies, Inc   896  
89,079
*
  Arrow Electronics, Inc   3,499  
31,988
e
  Barnes Group, Inc   1,068  
30,944
e*
  Beacon Roofing Supply, Inc   260  
7,060
e*
  BlueLinx Holdings, Inc   28  
82,058
  BorgWarner, Inc   3,972  
21,864
e
  Building Material Holding Corp   121  
7,176
e
  Castle (A.M.) & Co   195  

254

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account      
 
 
      VALUE  
SHARES
      (000)  
21,081
e*
  Conceptus, Inc
$
406  
13,898
*
  Digi International, Inc   197  
13,174
e*
  Drew Industries, Inc   361  
26,458
e*
  Genesis Microchip, Inc   227  
4,972
e*
  Glu Mobile, Inc   26  
6,620
e*
  Hansen Medical, Inc   198  
12,024
e
  Houston Wire & Cable Co   170  
76,338
  IKON Office Solutions, Inc   994  
102,693
*
  Ingram Micro, Inc (Class A)   1,853  
34,716
*
  Insight Enterprises, Inc   633  
19,381
*
  Interline Brands, Inc   425  
42,424
e
  Knight Transportation, Inc   628  
3,000
  Lawson Products, Inc   114  
63,838
e*
  LKQ Corp   1,342  
30,630
e
  Martin Marietta Materials, Inc   4,062  
6,104
e*
  MWI Veterinary Supply, Inc   244  
31,636
e
  Owens & Minor, Inc   1,342  
103,013
*
  Patterson Cos, Inc   3,497  
29,853
e
  PEP Boys-Manny Moe & Jack   343  
34,775
e
  Pool Corp   690  
47,725
*
  PSS World Medical, Inc   934  
46,192
  Reliance Steel & Aluminum Co   2,504  
18,883
*
  Solera Holdings, Inc   468  
42,080
*
  Tech Data Corp   1,587  
8,047
e*
  TomoTherapy, Inc   157  
26,379
e*
  Tyler Technologies, Inc   340  
50,140
  W.W. Grainger, Inc   4,388  
33,088
e*
  WESCO International, Inc   1,312  
8,587
e*
  West Marine, Inc   77  
 
  TOTAL WHOLESALE TRADE-DURABLE GOODS   39,916  
 
WHOLESALE TRADE-NONDURABLE GOODS - 0.57%
     
55,802
  Airgas, Inc   2,908  
31,521
e*
  Akorn, Inc   231  
68,179
*
  Alliance One International, Inc   277  
39,080
e*
  Allscripts Healthcare Solutions, Inc   759  
10,925
e
  Andersons, Inc   489  
19,940
e*
  Bare Escentuals, Inc   484  
19,314
e*
  Beijing Med-Pharm Corp   212  
54,890
e
  Brown-Forman Corp (Class B)   4,068  
261,466
  Cardinal Health, Inc   15,100  
25,191
e*
  Central European Distribution Corp   1,463  
7,034
e*
  Core-Mark Holding Co, Inc   202  
91,893
  Dean Foods Co   2,376  
94,469
*
  Endo Pharmaceuticals Holdings, Inc   2,519  
20,119
*
  Fresh Del Monte Produce, Inc   676  
12,384
e*
  Green Mountain Coffee Roasters, Inc   504  
28,103
e*
  Hain Celestial Group, Inc   899  
64,753
*
  Henry Schein, Inc   3,976  
39,473
  Herbalife Ltd   1,590  
104,836
e
  Idearc, Inc   1,841  
6,203
e
  Kenneth Cole Productions, Inc (Class A)   109  
19,366
e
  K-Swiss, Inc (Class A)   351  
10,408
e*
  LSB Industries, Inc   294  
2,095
e*
  Maui Land & Pineapple Co, Inc   61  
38,303
  Men's Wearhouse, Inc   1,033  

255

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
                 
 
 
           
MATURITY
    
VALUE
 
SHARES
       
RATE
 
DATE
    (000)  
18,114
  Myers Industries, Inc            
$
262  
8,977
e
  Nash Finch Co               317  
38,826
  Nu Skin Enterprises, Inc (Class A)               638  
11,120
e*
  Nuco2, Inc               277  
9,998
*
  Perry Ellis International, Inc               154  
17,687
e*
  School Specialty, Inc               611  
22,616
e*
  Source Interlink Cos, Inc               65  
14,127
e
  Spartan Stores, Inc               323  
2,988
e*
  Synutra International, Inc               90  
436,807
  Sysco Corp               13,633  
67,197
e*
  Terra Industries, Inc               3,209  
24,470
e*
  Tractor Supply Co               879  
30,443
e*
  United Natural Foods, Inc               966  
19,665
e*
  United Stationers, Inc               909  
6,399
e
  Valhi, Inc               102  
9,361
e*
  Volcom, Inc               206  
15,316
e*
  Zep Inc               212  
 
  TOTAL WHOLESALE TRADE-NONDURABLE GOODS               65,275  
 
 
  TOTAL COMMON STOCKS               11,445,639  
 
  (Cost $8,271,385)                  
 
PRINCIPAL
                     
 
SHORT-TERM INVESTMENTS - 8.05%                  
 
U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES - 0.08%                  
$        8,700,000
d
  Federal Home Loan Bank (FHLB)    
0.000%
 
01/02/08
    8,700  
 
  TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES     8,700  
 
SHARES
                     
 
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 7.97%                  
914,553,128
  State Street Navigator Securities Lending Prime Portfolio               914,553  
 
  TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED     914,553  
 
 
  TOTAL SHORT-TERM INVESTMENTS               923,253  
 
  (Cost $923,252)                  
 
 
  TOTAL PORTFOLIO - 107.80%               12,368,892  
 
  (Cost $9,194,637)                  
 
  OTHER ASSETS & LIABILITIES, NET - (7.80%)               (895,341 )
                         
 
  NET ASSETS - 100.00%            
$
 11,473,551  
     
 
                  

 
 
*
  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.                  

256

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
 
             
      Cost amounts are in thousands.      
 
      For ease of presentation, we have grouped a number of industry classification categories together in      
      the Statement of Investments. Note that the Accounts use more specific industry categories in following      
      their investment limitations on industry concentration.      

    NUMBER OF      
MARKET
      EXPIRATION         UNREALIZED
OPEN FUTURES CONTRACTS:                        CONTRACTS   VALUE   DATE   (DEPRECIATION)
 
E-Mini Russell 2000 Index   11   $      872,882   March 2008   $ (23,462)
E-Mini S&P 500 Index   91   6,820,985   March 2008     (99,725)
E-Mini S&P Mid 400 Index   9   794,584   March 2008  
 
(16,264)
                  (139,451)

257

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
               
 
COLLEGE RETIREMENT EQUITIES FUND
BOND MARKET ACCOUNT
STATEMENT OF INVESTMENTS (unaudited)
December 31, 2007
 
 
   
  MATURITY         VALUE  
PRINCIPAL
   
RATE
  DATE   RATING †     (000)  
 
BONDS - 97.53%
               
 
CORPORATE BONDS - 38.34%
               
 
AMUSEMENT AND RECREATION SERVICES - 0.16%
               
$        2,000,000
  Caesars Entertainment, Inc
   7.875%
  03/15/10   Ba1  
$
 1,880  
2,000,000
e
  Caesars Entertainment, Inc
7.000
  04/15/13   Baa3     2,288  
3,750,000
  Walt Disney Co
5.700
  07/15/11   A2     3,909  
4,500,000
  Walt Disney Co
4.700
  12/01/12   A2     4,500  
 
  TOTAL AMUSEMENT AND RECREATION SERVICES               12,577  
 
APPAREL AND ACCESSORY STORES - 0.05%
               
3,650,000
  Kohl's Corp
6.250
  12/15/17   Baa1     3,667  
 
  TOTAL APPAREL AND ACCESSORY STORES
            3,667  
 
ASSET BACKED - 10.05%
               
9,863,703
  AmeriCredit Automobile Receivables Trust Series
               
 
  2006-AF (Class A3)
5.560
  09/06/11   Aaa     9,914  
20,000,000
  AmeriCredit Automobile Receivables Trust Series
               
 
  2006-AF (Class A4)
5.640
  09/06/13   Aaa     20,397  
14,000,000
  AmeriCredit Automobile Receivables Trust Series
               
 
  2007-BF (Class A3A)
5.160
  04/06/12   Aaa     14,105  
372,699
i
  AQ Finance NIM Trust Series 2004-RN2
5.065
  04/25/09   Aaa     367  
298,667
i,m,v
  AQ Finance NIM Trust Series 2004-RN3
5.045
  05/25/09   Aaa     298  
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     4,530  
6,000,000
  Capital One Auto Finance Trust Series 2007-B
               
 
  (Class A3A)
5.030
  04/15/12   Aaa     6,037  
10,000,000
i
  Centex Home Equity Series 2004-C (Class AF5)
5.980
  06/25/34   Aaa     9,985  
1,500,000
i
  Centex Home Equity Series 2004-D (Class MF2)
5.560
  09/25/34   Aa3     1,259  
29,537,277
i
  Chase Funding Mortgage Loan Asset-Backed
               
 
  Certificates Series 2003-6 (Class 1A7)
4.277
  09/25/33   Aaa     28,668  
1,170,302
i
  Chase Funding Mortgage Loan Asset-Backed
               
 
  Certificates Series 2004-2 (Class 1B)
5.700
  02/25/35   Baa2     683  
2,978,951
i
  Chase Funding Mortgage Loan Asset-Backed
               
 
  Certificates Series 2004-2 (Class 1M1)
5.700
  02/25/35   Aa2     2,914  
1,489,475
i
  Chase Funding Mortgage Loan Asset-Backed
               
 
  Certificates Series 2004-2 (Class 1M2)
5.700
  02/25/35   A2     1,326  
1,019,324
  Chase Manhattan Auto Owner Trust Series 2004-A
               
 
  (Class A4)
2.830
  09/15/10   Aaa     1,015  
9,402,584
  CIT Equipment Collateral Series 2005-VT1 (Class
               
 
  A4)
4.360
  11/20/12   Aaa     9,376  
5,062,131
i
  CIT Group Home Equity Loan Trust Series 2002-1
               
 
  (Class AF6)
6.200
  02/25/30   Aaa     5,034  
36,207
i
  CIT Group Home Equity Loan Trust Series 2002-2
               
 
  (Class BF)
6.830
  06/25/33   Ba1     17  
715,719
i
  CIT Group Home Equity Loan Trust Series 2002-2
               
 
  (Class MF2)
6.390
  12/25/30   A3     570  

258

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
               
 
 
   
  MATURITY         VALUE  
PRINCIPAL
   
RATE
  DATE   RATING †     (000)  
$        28,400,000
i
  Citicorp Mortgage Securities, Inc Series 2006-1
               
 
  (Class A3)
   5.706%
  07/25/36   Aaa  
$
27,900  
20,812,000
  Citicorp Mortgage Securities, Inc Series 2006-2
               
 
  (Class A3)
5.563
  09/25/36   Aaa     20,339  
10,000,000
i
  Countrywide Asset-Backed Certificates Series 2007-
               
 
  S2 (Class A3)
5.813
  05/25/37   Aaa     9,232  
935,844
i
  Countrywide Home Equity Loan Trust Series 2004-
               
 
  B (Class 1A)
5.248
  02/15/29   Aaa     912  
8,865,734
i
  Credit-Based Asset Servicing and Securitization
               
 
  LLC Series 2007-MX1 (Class A1)
5.763
  12/25/36   Aaa     8,844  
11,960,000
i
  Credit-Based Asset Servicing and Securitization
               
 
  LLC Series 2007-MX1 (Class A2)
5.825
  12/25/36   Aaa     10,873  
1,888,226
  Detroit Edison Securitization Funding LLC Series
               
 
  2001-1 (Class A3)
5.875
  03/01/10   Aaa     1,892  
25,000,000
i
  Flagstar Home Equity Loan Trust Series 2007-1A
               
 
  (Class AF3)
5.781
  01/25/35   Aaa     23,175  
6,537,000
  GMAC Mortgage Corporation Loan Trust 2006-
               
 
  HLTV A3
5.590
  10/25/29   Aaa     6,098  
2,600,000
  GMAC Mortgage Corporation Loan Trust 2006-
               
 
  HLTV A4
5.810
  10/25/29   Aaa     2,216  
2,135,195
i
  Golden Securities Corp Series 2003-A (Class A1)
5.525
  12/02/13   Aaa     2,132  
4,913,542
i
  GSAA Trust Series 2004-3 (Class AF3)
5.691
  04/25/34   Aaa     4,926  
10,000,000
  Hertz Vehicle Financing LLC Series 2005-1A (Class
               
 
  A3)
5.010
  02/25/11   Aaa     10,077  
5,000,000
  Hertz Vehicle Financing LLC Series 2005-1A (Class
               
 
  A5)
5.080
  11/25/11   Aaa     5,035  
4,000,000
  Hertz Vehicle Financing LLC Series 2005-2A (Class
               
 
  A2)
4.930
  02/25/10   Aaa     4,009  
8,612,310
i
  HFC Home Equity Loan Asset Backed Certificates
               
 
  Series 2007-1 (Class A1F)
5.910
  03/20/36   Aaa     8,577  
4,000,000
i
  HFC Home Equity Loan Asset Backed Certificates
               
 
  Series 2007-1 (Class A3F)
5.730
  03/20/36   Aaa     3,694  
15,000,000
  Honda Auto Receivables Owner Trust Series 2007-1
               
 
  (Class A4)
5.090
  07/18/13   N/R     15,159  
22,115,888
  Household Automotive Trust Series 2006-2 (Class
               
 
  A3)
5.610
  08/17/11   Aaa     22,265  
45,000,000
  Household Automotive Trust Series 2006-3 (Class
               
 
  A4)
5.340
  09/17/13   Aaa     45,688  
24,000,000
  Household Credit Card Master Note Trust I Series
               
 
  2006-1 (Class A)
5.100
  06/15/12   Aaa     24,225  
23,556,563
  Hyundai Auto Receivables Trust Series 2006-A
               
 
  (Class A3)
5.130
  06/15/10   Aaa     23,607  
40,000,000
  Hyundai Auto Receivables Trust Series 2006-B
               
 
  (Class A4)
5.150
  05/15/13   Aaa     40,386  
2,154,670
i
  IXIS Real Estate Capital Trust Series 2006-HE1
               
 
  (Class A2)
5.005
  03/25/36   Aaa     2,136  
11,000,000
  JPMorgan Auto Receivables Trust Series 2007-A
               
 
  (Class A3)
5.190
  02/15/11   Aaa     11,081  
6,456,048
  Marriott Vacation Club Owner Trust Series 2006-2A
               
 
  (Class A)
5.362
  10/20/28   Aaa     6,577  
5,438,798
  Marriott Vacation Club Owner Trust Series 2007-1A
               
 
  (Class A)
5.518
  05/20/29   Aaa     5,427  
230,196
m,v
  New York City Tax Lien Series 2006-AA
               
 
  (Class A)
5.930
  11/10/19   Aaa     230  
30,800,000
  Nissan Auto Lease Trust Series 2006-A
               
 
  (Class A3)
5.110
  03/15/10   Aaa     30,936  

259

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
               
 
 
   
  MATURITY         VALUE  
PRINCIPAL
   
RATE
  DATE   RATING †     (000)  
$        14,500,000
  Nissan Auto Lease Trust Series 2006-A
               
 
  (Class A4)
   5.100%
  07/16/12   Aaa  
$
14,635  
6,000,000
  Nissan Auto Receivables Owner Trust Series 2007-A
               
 
  (Class A3)
5.100
  11/15/10   Aaa     6,039  
6,412,734
  Peco Energy Transition Trust Series 1999-A (Class
               
 
  A7)
6.130
  03/01/09   Aaa     6,451  
2,625,778
  Public Service New Hampshire Funding LLC Series
               
 
  2001-1 (Class A2)
5.730
  11/01/10   Aaa     2,636  
6,500,000
i
  Renaissance Home Equity Loan Trust Series 2006-3
               
 
  (Class AF3)
5.586
  11/25/36   Aaa     6,358  
12,000,000
i
  Residential Asset Mortgage Products, Inc Series
               
 
  2004-RS11 (Class M1)
5.485
  11/25/34   Aa1     11,609  
1,054,087
i
  Residential Asset Securities Corp Series 2001-KS2
               
 
  (Class AI6)
6.489
  10/25/30   Aaa     1,050  
5,000,000
i
  Residential Funding Mortgage Securities II, Inc
               
 
  Series 2005-HI1 (Class A5)
5.450
  08/25/34   Aaa     4,884  
8,000,000
  Residential Funding Mortgage Securities II, Inc
               
 
  Series 2006-H12 (Class A2)
5.750
  02/25/36   Aaa     7,571  
5,014,000
i
  Residential Funding Mortgage Securities II, Inc
               
 
  Series 2006-HI1 (Class A3)
5.570
  02/25/36   Aaa     4,143  
2,500,000
i
  Residential Funding Mortgage Securities II, Inc
               
 
  Series 2006-HI1 (Class M1)
6.010
  02/25/36   Aa1     1,292  
350,000
i
  Residential Funding Mortgage Securities II, Inc
               
 
  Series 2006-HI1 (Class M2)
6.060
  02/25/36   Aa2     152  
2,000,000
  Residential Funding Mortgage Securities II, Inc
               
 
  Series 2006-HI3 (Class A2)
5.950
  02/25/36   Aaa     1,946  
6,000,000
  Residential Funding Mortgage Securities II, Inc
               
 
  Series 2006-HI3 (Class A3)
5.960
  02/25/36   Aaa     5,422  
9,628,000
  Residential Funding Mortgage Securities II, Inc
               
 
  Series 2006-HI4 (Class A2)
5.450
  09/25/36   Aaa     9,525  
30,000,000
  Residential Funding Mortgage Securities II, Inc
               
 
  Series 2006-HI4 (Class A3)
5.440
  09/25/36   Aaa     28,930  
7,000,000
  Residential Funding Mortgage Securities II, Inc
               
 
  Series 2006-HI5 (Class A2)
5.520
  04/25/21   Aaa     6,635  
13,500,000
  Residential Funding Mortgage Securities II, Inc
               
 
  Series 2006-HI5 (Class A3)
5.500
  08/25/25   Aaa     11,743  
9,862,000
i
  Residential Funding Mortgage Securities II, Inc
               
 
  Series 2006-HSA2 (Class AI3)
5.550
  03/25/36   Aaa     8,563  
2,524,711
m
  Sierra Receivables Funding Co Series 2006-1A
               
 
  (Class A1)
5.840
  05/20/18   Aaa     2,597  
29,499,998
m,v
  Sonic Capital LLC Series 2006-1A (Class A2)
5.096
  12/20/31   Aaa     28,337  
7,185,000
  Triad Auto Receivables Owner Trust Series 2005-A
               
 
  (Class A4)
4.220
  06/12/12   Aaa     7,155  
25,000,000
  Triad Auto Receivables Owner Trust Series 2006-C
               
 
  (Class A4)
5.310
  05/13/13   Aaa     25,139  
38,000,000
  Volkswagen Auto Lease Trust Series 2006-A (Class
               
 
  A3)
5.500
  09/21/09   Aaa     38,173  
10,400,000
  Volkswagen Auto Lease Trust Series 2006-A (Class
               
 
  A4)
5.540
  04/20/11   Aaa     10,505  
3,462,483
m,v
  Wachovia Amortization Controlled Heloc NIM
               
 
  Series 2006-N1 (Class N1)
5.683
  08/12/47   A3     3,408  
17,838,000
  Wachovia Auto Loan Owner Trust Series 2006-2A
               
 
  (Class A3)
5.230
  08/22/11   Aaa     17,868  
5,011,153
i
  Wachovia Loan Trust Series 2005-SD1 (Class A)
5.225
  05/25/35   N/R     4,883  
 
  TOTAL ASSET BACKED
            771,792  

260

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
               
 
 
   
  MATURITY         VALUE  
PRINCIPAL
   
RATE
  DATE   RATING †     (000)  
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.14%
               
$        4,420,000
  Home Depot, Inc
   5.400%
  03/01/16   Baa1  
$
4,188  
5,750,000
  Lowe's Cos, Inc
8.250
  06/01/10   A1     6,282  
 
  TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES               10,470  
 
BUSINESS SERVICES - 0.15%
               
3,250,000
  Daimler Finance North America LLC
5.875
  03/15/11   A3     3,298  
7,400,000
  Daimler Finance North America LLC
5.750
  09/08/11   A3     7,510  
375,000
g
  Lamar Media Corp
6.625
  08/15/15   Ba3     364  
 
  TOTAL BUSINESS SERVICES
            11,172  
 
CHEMICALS AND ALLIED PRODUCTS - 0.31%
               
1,550,000
  Abbott Laboratories
5.600
  05/15/11   A1     1,605  
4,000,000
g
  Amgen, Inc
5.850
  06/01/17   A2     4,060  
3,500,000
  Chemtura Corp
6.875
  06/01/16   Ba2     3,290  
2,700,000
  Clorox Co
5.950
  10/15/17   Baa1     2,690  
4,150,000
  Johnson & Johnson
5.950
  08/15/37   Aaa     4,479  
2,500,000
  Lubrizol Corp
4.625
  10/01/09   Baa3     2,511  
5,050,000
  Praxair, Inc
5.250
  11/15/14   A2     5,089  
 
  TOTAL CHEMICALS AND ALLIED PRODUCTS
            23,724  
 
COMMUNICATIONS - 2.31%
               
4,000,000
  America Movil SAB de C.V.
6.125
  11/15/37   A3     3,809  
17,500,000
  AT&T, Inc
5.100
  09/15/14   A2     17,319  
2,000,000
  AT&T, Inc
6.150
  09/15/34   A2     1,997  
6,700,000
  AT&T, Inc
6.500
  09/01/37   A2     7,006  
6,800,000
  AT&T, Inc
6.300
  01/15/38   A2     6,909  
11,521,001
  Comcast Cable Communications Holdings, Inc
8.375
  03/15/13   Baa2     12,925  
3,750,000
  Comcast Corp
6.300
  11/15/17   Baa2     3,891  
11,650,000
  Comcast Corp
5.875
  02/15/18   Baa2     11,615  
6,000,000
  Comcast Corp
5.650
  06/15/35   Baa2     5,492  
2,750,000
  Comcast Corp
6.500
  11/15/35   Baa2     2,806  
3,750,000
  Comcast Corp
6.950
  08/15/37   Baa2     4,047  
4,000,000
  Deutsche Telekom International Finance BV
8.250
  06/15/30   A3     4,991  
7,900,000
  France Telecom S.A.
7.750
  03/01/11   A3     8,491  
1,150,000
  GTE Corp
6.840
  04/15/18   Baa1     1,248  
4,000,000
  New Cingular Wireless Services, Inc
7.875
  03/01/11   A3     4,332  
4,750,000
  New Cingular Wireless Services, Inc
8.750
  03/01/31   A3     6,156  
3,000,000
  Qwest Communications International, Inc
7.250
  02/15/11   Ba3     3,000  
500,000
  Rogers Cable, Inc
6.750
  03/15/15   Baa3     526  
2,500,000
  Rogers Wireless, Inc
8.000
  12/15/12   Ba1     2,608  
4,030,000
  Rogers Wireless, Inc
7.500
  03/15/15   Baa3     4,407  
7,750,000
  Sprint Capital Corp
8.375
  03/15/12   Baa3     8,393  
4,500,000
  Sprint Capital Corp
8.750
  03/15/32   Baa3     5,072  
8,000,000
  Telefonica Emisiones SAU
6.221
  07/03/17   Baa1     8,312  
7,000,000
  Time Warner Cable, Inc
5.400
  07/02/12   Baa2     7,014  
9,000,000
  Time Warner Cable, Inc
5.850
  05/01/17   Baa2     9,022  
6,500,000
  Verizon Virginia, Inc
4.625
  03/15/13   Baa1     6,278  
4,850,000
  Viacom, Inc
5.750
  04/30/11   Baa3     4,911  
2,000,000
  Viacom, Inc
6.125
  10/05/17   Baa3     2,000  
3,500,000
  Viacom, Inc
6.875
  04/30/36   Baa3     3,510  
2,000,000
  Vodafone Group plc
5.000
  12/16/13   Baa1     1,966  
7,550,000
  Vodafone Group plc
6.150
  02/27/37   Baa1     7,457  
 
  TOTAL COMMUNICATIONS
            177,510  
 
DEPOSITORY INSTITUTIONS - 4.82%
               

261

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
               
 
 
   
  MATURITY         VALUE  
PRINCIPAL
   
RATE
  DATE   RATING †     (000)  
$        18,200,000
g
  BA Covered Bond Issuer
   5.500%
  06/14/12   Aaa  
$
19,195  
26,500,000
g
  Banco Bilbao Vizcaya Argentaria S.A.
5.750
  07/20/17   Aaa     28,296  
3,500,000
  Banco Nacional de Comercio Exterior SNC
3.875
  01/21/09   A1     3,404  
4,000,000
  Bank of America Corp
6.250
  04/15/12   Aa1     4,200  
7,550,000
  Bank of America Corp
4.875
  09/15/12   Aa1     7,569  
4,000,000
  Bank of America Corp
5.750
  12/01/17   Aa1     4,009  
14,550,000
  Bank of America NA
5.300
  03/15/17   Aa1     14,148  
6,500,000
  Bank of America NA
6.000
  10/15/36   Aa1     6,217  
4,250,000
  Bank One Corp
5.250
  01/30/13   Aa3     4,238  
5,000,000
  Bank One NA
3.700
  01/15/08   Aaa     4,997  
2,500,000
i
  BB&T Capital Trust IV
6.820
  06/12/57   A1     2,352  
4,000,000
  Capital One Bank
5.125
  02/15/14   A2     3,725  
3,250,000
  Citigroup, Inc
5.100
  09/29/11   Aa3     3,268  
4,350,000
e
  Citigroup, Inc
5.250
  02/27/12   Aa3     4,384  
18,500,000
  Citigroup, Inc
5.125
  05/05/14   Aa3     18,052  
6,655,000
  Citigroup, Inc
5.000
  09/15/14   A1     6,341  
3,000,000
  Citigroup, Inc
5.875
  05/29/37   Aa3     2,800  
3,650,000
g,i
  Credit Agricole S.A.
6.637
  12/30/49   Aa3     3,386  
45,000,000
g
  Depfa ACS Bank
5.125
  03/16/37   Aaa     44,479  
7,325,000
  Deutsche Bank AG.
5.375
  10/12/12   Aa1     7,506  
4,000,000
  FIA Card Services NA
5.375
  01/15/08   Aaa     4,001  
4,000,000
  FIA Card Services NA
4.625
  08/03/09   Aaa     3,999  
3,500,000
  Golden West Financial Corp
4.750
  10/01/12   Aa3     3,456  
2,000,000
  Greenpoint Financial Corp
3.200
  06/06/08   A3     1,971  
7,000,000
  HSBC Bank USA NA
4.625
  04/01/14   Aa3     6,708  
5,800,000
  HSBC Holdings plc
6.500
  09/15/37   Aa3     5,621  
3,500,000
i
  Huntington Capital III
6.650
  05/15/37   Baa1     2,990  
3,600,000
i
  ING Groep NV
5.775
  12/30/49   A1     3,328  
1,000,000
  JPMorgan Chase & Co
7.875
  06/15/10   Aa3     1,076  
4,500,000
  JPMorgan Chase & Co
4.500
  01/15/12   Aa2     4,428  
5,500,000
  JPMorgan Chase & Co
5.750
  01/02/13   Aa3     5,605  
5,700,000
  M&I Marshall & Ilsley Bank
4.400
  03/15/10   Aa3     5,677  
4,250,000
i
  Manufacturers & Traders Trust Co
5.629
  12/01/21   A2     3,925  
15,000,000
g
  Nationwide Building Society
5.500
  07/18/12   Aaa     15,580  
3,250,000
  Popular North America, Inc
5.650
  04/15/09   A3     3,282  
4,250,000
g,i
  Rabobank Capital Funding Trust
5.254
  12/30/49   Aa2     3,804  
2,500,000
  Regions Financial Corp
6.375
  05/15/12   A2     2,565  
9,000,000
g
  Royal Bank of Scotland Group plc
6.990
  12/30/49   Aa3     8,973  
2,250,000
g,i
  Societe Generale
5.922
  12/30/49   A1     2,082  
2,000,000
  Union Bank of California NA
5.950
  05/11/16   A1     1,920  
2,500,000
  US Bank NA
5.700
  12/15/08   Aa2     2,531  
5,000,000
  US Bank NA
6.300
  02/04/14   Aa2     5,318  
3,000,000
g
  VTB Capital S.A.
6.609
  10/31/12   A2     2,944  
12,750,000
  Wachovia Bank NA
4.800
  11/01/14   Aa2     12,120  
8,500,000
  Wachovia Bank NA
4.875
  02/01/15   Aa2     8,092  
2,050,000
  Wachovia Bank NA
5.850
  02/01/37   Aa2     1,847  
3,500,000
  Wachovia Bank NA
6.600
  01/15/38   Aa2     3,518  
6,050,000
  Wachovia Corp
5.300
  10/15/11   Aa3     6,063  
4,500,000
  Wachovia Corp
4.875
  02/15/14   A1     4,321  
4,500,000
  Washington Mutual Bank
5.500
  01/15/13   Baa2     3,993  
2,150,000
  Washington Mutual, Inc
5.500
  08/24/11   Baa2     1,918  
3,500,000
  Wells Fargo & Co
4.875
  01/12/11   Aa1     3,547  
4,000,000
  Wells Fargo & Co
5.300
  08/26/11   Aa1     4,081  
10,200,000
  Wells Fargo & Co
5.625
  12/11/17   Aa1     10,206  
8,500,000
  Wells Fargo Bank NA
6.450
  02/01/11   Aa1     8,993  

262

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
               
 
       
  MATURITY         VALUE  
PRINCIPAL      
RATE
  DATE   RATING †     (000)  
$        7,500,000
  Wells Fargo Bank NA
   4.750%
  02/09/15   Aa1  
$
7,163  
      TOTAL DEPOSITORY INSTITUTIONS
            370,212  
 
EATING AND DRINKING PLACES - 0.04%
               
2,750,000     McDonald's Corp
6.300
  10/15/37   A3     2,852  
      TOTAL EATING AND DRINKING PLACES
            2,852  
 
ELECTRIC, GAS, AND SANITARY SERVICES - 1.68%
               
2,000,000     AGL Capital Corp
6.000
  10/01/34   Baa1     1,799  
8,225,000
g
 
American Water Capital Corp
6.085
  10/15/17   Baa2     8,197  
2,500,000     Atmos Energy Corp
4.000
  10/15/09   Baa3     2,463  
4,500,000     Carolina Power & Light Co
5.125
  09/15/13   A2     4,509  
2,750,000     Carolina Power & Light Co
5.700
  04/01/35   A2     2,653  
4,250,000     CenterPoint Energy Resources Corp
7.875
  04/01/13   Baa3     4,666  
3,550,000     CenterPoint Energy Resources Corp
6.250
  02/01/37   Baa3     3,407  
5,350,000     Centerpoint Energy, Inc
5.950
  02/01/17   Ba1     5,300  
2,750,000     Commonwealth Edison Co
3.700
  02/01/08   Baa2     2,747  
3,500,000     Consolidated Natural Gas Co
6.250
  11/01/11   Baa2     3,638  
4,250,000     Consolidated Natural Gas Co
5.000
  12/01/14   Baa2     4,086  
9,000,000     FirstEnergy Corp
6.450
  11/15/11   Baa3     9,294  
3,400,000     Florida Power & Light Co
4.850
  02/01/13   Aa3     3,407  
3,500,000     Florida Power Corp
4.500
  06/01/10   A2     3,523  
3,850,000     Midamerican Energy Holdings Co
6.125
  04/01/36   Baa1     3,841  
4,000,000     National Fuel Gas Co
5.250
  03/01/13   Baa1     3,967  
3,000,000     National Rural Utilities Cooperative Finance Corp
5.750
  08/28/09   A2     3,056  
3,500,000     Nevada Power Co
6.650
  04/01/36   Baa3     3,543  
4,750,000     Nevada Power Co
6.750
  07/01/37   Baa3     4,910  
1,750,000     Northern States Power Co
6.250
  06/01/36   A2     1,818  
2,500,000     Ohio Edison Co
4.000
  05/01/08   Baa2     2,490  
3,500,000     Ohio Power Co
5.300
  11/01/10   A3     3,575  
4,075,000     ONEOK Partners LP
5.900
  04/01/12   Baa2     4,190  
6,000,000     Pacific Gas & Electric Co
4.200
  03/01/11   A3     5,904  
2,000,000     Public Service Co of Colorado
7.875
  10/01/12   A3     2,244  
2,825,000     Public Service Co of Colorado
4.875
  03/01/13   A3     2,773  
2,500,000     Public Service Co of Colorado
5.500
  04/01/14   A3     2,522  
2,250,000     Puget Sound Energy, Inc
6.274
  03/15/37   Baa2     2,209  
2,750,000     Southern California Edison Co
6.000
  01/15/34   A2     2,782  
3,250,000     Southern California Edison Co
5.350
  07/15/35   A2     3,003  
3,550,000     Southern California Edison Co
5.550
  01/15/37   A2     3,349  
2,000,000     Spectra Energy Capital LLC
6.250
  02/15/13   Baa1     2,073  
4,500,000     Virginia Electric and Power Co
4.750
  03/01/13   Baa1     4,373  
2,000,000     Waste Management, Inc
7.750
  05/15/32   Baa3     2,269  
1,500,000     Westar Energy, Inc
6.000
  07/01/14   Baa2     1,530  
3,000,000     Wisconsin Electric Power Co
5.625
  05/15/33   A1     2,850  
      TOTAL ELECTRIC, GAS, AND SANITARY SERVICES               128,960  
 
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 0.15%
               
2,500,000     Cisco Systems, Inc
5.500
  02/22/16   A1     2,542  
9,000,000     General Electric Co
5.250
  12/06/17   Aaa     8,981  
      TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT               11,523  
 
FOOD AND KINDRED PRODUCTS - 0.56%
               
1,000,000     Anheuser-Busch Co, Inc
5.500
  01/15/18   A2     1,021  
3,278,000     Archer-Daniels-Midland Co
7.125
  03/01/13   A2     3,628  
9,815,000     Bottling Group LLC
4.625
  11/15/12   Aa2     9,846  
1,750,000     Bunge Ltd Finance Corp
5.875
  05/15/13   Baa2     1,780  
2,750,000     Bunge Ltd Finance Corp
5.100
  07/15/15   Baa2     2,605  

263

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
               
 
       
  MATURITY         VALUE  
PRINCIPAL      
RATE
  DATE   RATING †     (000)  
$        4,000,000     Coca-Cola Co
   5.350%
  11/15/17   Aa3  
$
4,098  
3,500,000     Companhia Brasileira de Bebidas
8.750
  09/15/13   Baa1     3,981  
3,125,000     Diageo Capital plc
5.125
  01/30/12   A3     3,128  
2,190,000     Diageo Finance BV
3.875
  04/01/11   A3     2,120  
2,500,000 g   Foster's Finance Corp
4.875
  10/01/14   Baa2     2,436  
3,000,000     Kellogg Co
7.450
  04/01/31   A3     3,450  
4,000,000     Kraft Foods, Inc
6.500
  11/01/31   Baa2     3,924  
1,250,000     WM Wrigley Jr Co
4.650
  07/15/15   A1     1,203  
      TOTAL FOOD AND KINDRED PRODUCTS
            43,220  
 
FOOD STORES - 0.21%
               
3,500,000     Kroger Co
7.250
  06/01/09   Baa2     3,600  
2,500,000     Kroger Co
6.800
  04/01/11   Baa2     2,631  
6,400,000     Kroger Co
6.400
  08/15/17   Baa2     6,694  
2,325,000     Safeway, Inc
4.125
  11/01/08   Baa2     2,300  
1,000,000     Safeway, Inc
6.350
  08/15/17   Baa2     1,042  
      TOTAL FOOD STORES
            16,267  
 
FORESTRY - 0.04%
               
2,665,000     Weyerhaeuser Co
5.950
  11/01/08   Baa2     2,687  
      TOTAL FORESTRY
            2,687  
 
GENERAL BUILDING CONTRACTORS - 0.04%
               
3,000,000     DR Horton, Inc
9.750
  09/15/10   Ba2     2,938  
      TOTAL GENERAL BUILDING CONTRACTORS
            2,938  
 
GENERAL MERCHANDISE STORES - 0.15%
               
1,750,000     JC Penney Corp, Inc
5.750
  02/15/18   Baa3     1,644  
2,500,000     Target Corp
5.375
  05/01/17   A2     2,443  
7,750,000     Wal-Mart Stores, Inc
4.125
  02/15/11   Aa2     7,697  
      TOTAL GENERAL MERCHANDISE STORES
            11,784  
 
HEALTH SERVICES - 0.05%
               
3,500,000     Quest Diagnostics, Inc
6.400
  07/01/17   Baa3     3,618  
      TOTAL HEALTH SERVICES
            3,618  
 
HOLDING AND OTHER INVESTMENT OFFICES - 0.38%
               
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     5,368  
4,000,000     Colonial Realty LP
6.250
  06/15/14   Baa3     3,928  
4,500,000     iStar Financial, Inc
5.150
  03/01/12   Baa2     3,889  
3,650,000     iStar Financial, Inc
5.700
  03/01/14   Baa2     3,056  
5,000,000     iStar Financial, Inc
5.850
  03/15/17   Baa2     4,110  
2,825,000     Simon Property Group LP
5.600
  09/01/11   A3     2,834  
2,310,000     Sungard Data Systems, Inc
10.250
  08/15/15   Caa1     2,362  
      TOTAL HOLDING AND OTHER INVESTMENT OFFICES               28,913  
 
HOTELS AND OTHER LODGING PLACES - 0.02%
               
1,750,000     MGM Mirage
6.000
  10/01/09   Ba2     1,741  
      TOTAL HOTELS AND OTHER LODGING PLACES               1,741  
 
INDUSTRIAL MACHINERY AND EQUIPMENT - 0.37%
               
5,000,000 g   Atlas Copco AB
5.600
  05/22/17   A3     5,002  
4,500,000     Caterpillar Financial Services Corp
2.700
  07/15/08   A2     4,447  
5,500,000     Caterpillar, Inc
6.050
  08/15/36   A2     5,644  
2,500,000     Hewlett-Packard Co
5.250
  03/01/12   A2     2,561  

264

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
               
 
 
   
  MATURITY         VALUE  
PRINCIPAL
   
RATE
  DATE   RATING †     (000)  
$        5,400,000
  Hewlett-Packard Co
   5.400%
  03/01/17   A2  
$
5,388  
2,000,000
  John Deere Capital Corp
4.500
  08/25/08   A2     1,994  
1,900,000
  John Deere Capital Corp
7.000
  03/15/12   A2     2,069  
1,500,000
  Kennametal, Inc
7.200
  06/15/12   Baa3     1,630  
 
  TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT               28,735  
 
INSTRUMENTS AND RELATED PRODUCTS - 0.17%
               
4,000,000
  Emerson Electric Co
4.500
  05/01/13   A2     3,914  
3,000,000
  Johnson & Johnson
3.800
  05/15/13   Aaa     2,930  
5,000,000
  Medtronic, Inc
4.750
  09/15/15   A1     4,825  
1,750,000
  Thermo Fisher Scientific, Inc
5.000
  06/01/15   Baa2     1,626  
 
  TOTAL INSTRUMENTS AND RELATED PRODUCTS               13,295  
 
INSURANCE CARRIERS - 0.99%
               
5,285,000
  Aetna, Inc
6.625
  06/15/36   A3     5,232  
1,125,000
  Aetna, Inc
6.750
  12/15/37   A3     1,122  
5,000,000
g
  AIG SunAmerica Global Financing VI
6.300
  05/10/11   Aa2     5,194  
4,250,000
  Allstate Corp
5.000
  08/15/14   A1     4,155  
5,000,000
  American International Group, Inc
5.050
  10/01/15   Aa2     4,829  
6,000,000
i
  Chubb Corp
6.375
  03/29/37   A3     5,852  
3,750,000
  Chubb Corp
6.000
  05/11/37   A2     3,543  
4,000,000
g
  John Hancock Global Funding II
7.900
  07/02/10   Aa1     4,362  
3,750,000
g
  Liberty Mutual Group, Inc
6.500
  03/15/35   Baa2     3,422  
4,000,000
g
  Mantis Reef Ltd
4.799
  11/03/09   A3     4,057  
3,000,000
  Metlife, Inc
5.375
  12/15/12   A2     3,024  
5,000,000
  Metlife, Inc
5.000
  06/15/15   A2     4,839  
2,500,000
  Metlife, Inc
5.700
  06/15/35   A2     2,283  
3,000,000
g
  Pricoa Global Funding I
3.900
  12/15/08   Aa3     2,968  
5,500,000
g
  Principal Life Global Funding I
5.125
  10/15/13   A2     5,570  
3,000,000
  Prudential Financial, Inc
5.800
  06/15/12   A3     3,074  
3,000,000
g
  Prudential Funding LLC
6.750
  09/15/23   A1     3,156  
5,000,000
  WellPoint, Inc
6.375
  01/15/12   Baa1     5,198  
1,800,000
  WellPoint, Inc
5.875
  06/15/17   Baa1     1,812  
2,250,000
  WellPoint, Inc
5.850
  01/15/36   Baa1     2,073  
 
  TOTAL INSURANCE CARRIERS
            75,765  
 
METAL MINING - 0.08%
               
3,075,000
  Barrick Gold Finance Co
4.875
  11/15/14   Baa1     2,936  
3,500,000
g
  Corp Nacional del Cobre de Chile - CODELCO
4.750
  10/15/14   Aa3     3,369  
 
  TOTAL METAL MINING
            6,305  
 
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.04%
               
3,350,000
g
  Controladora Mabe S.A. C.V.
6.500
  12/15/15   N/R     3,312  
 
  TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES               3,312  
 
MISCELLANEOUS RETAIL - 0.15%
               
2,500,000
  CVS Caremark Corp
5.750
  08/15/11   Baa2     2,561  
9,000,000
  CVS Caremark Corp
5.750
  06/01/17   Baa2     9,058  
 
  TOTAL MISCELLANEOUS RETAIL
            11,619  
 
MOTION PICTURES - 0.49%
               
2,500,000
  Historic TW, Inc
6.625
  05/15/29   Baa2     2,461  
4,250,000
  News America, Inc
7.625
  11/30/28   Baa2     4,710  
7,000,000
  News America, Inc
6.150
  03/01/37   Baa2     6,762  
3,000,000
  Time Warner, Inc
5.500
  11/15/11   Baa2     3,012  
16,250,000
  Time Warner, Inc
6.875
  05/01/12   Baa2     17,112  

265

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
               
 
 
   
  MATURITY         VALUE  
PRINCIPAL
   
RATE
  DATE   RATING †     (000)  
$        4,000,000
  Time Warner, Inc
   6.500%
  11/15/36   Baa2  
$
3,892  
 
  TOTAL MOTION PICTURES
            37,949  
 
NONDEPOSITORY INSTITUTIONS - 2.21%
               
4,500,000
  American Express Centurion Bank
6.000
  09/13/17   Aa3     4,525  
7,500,000
  American General Finance Corp
6.900
  12/15/17   A1     7,507  
3,500,000
g
  American Honda Finance Corp
5.125
  12/15/10   Aa3     3,597  
4,650,000
  Boeing Capital Corp Ltd
6.100
  03/01/11   A2     4,874  
6,500,000
  Capital One Financial Corp
5.700
  09/15/11   A3     6,279  
3,000,000
  Capital One Financial Corp
5.500
  06/01/15   A3     2,767  
3,750,000
  CIT Group Funding Co of Canada
5.200
  06/01/15   A2     3,211  
4,500,000
  CIT Group, Inc
5.850
  09/15/16   A2     3,973  
1,000,000
e
  Countrywide Home Loans, Inc
3.250
  05/21/08   Baa3     904  
9,000,000
  Ford Motor Credit Co
5.700
  01/15/10   B1     8,109  
6,000,000
  Ford Motor Credit Co
9.875
  08/10/11   B1     5,675  
4,000,000
  Ford Motor Credit Co
7.800
  06/01/12   B1     3,507  
27,750,000
  General Electric Capital Corp
5.500
  06/04/14   Aaa     28,633  
11,750,000
  General Motors Acceptance Corp LLC
5.625
  05/15/09   Ba3     11,086  
10,500,000
  General Motors Acceptance Corp LLC
6.625
  05/15/12   Ba3     8,729  
3,000,000
g,i
  HSBC Capital Funding LP
4.610
  12/30/49   A1     2,761  
10,000,000
  HSBC Finance Corp
5.250
  01/14/11   Aa3     9,997  
10,000,000
  HSBC Finance Corp
5.900
  06/19/12   Aa3     10,158  
7,750,000
  HSBC Finance Corp
4.750
  07/15/13   Aa3     7,470  
5,000,000
e
  HSBC Finance Corp
5.000
  06/30/15   Aa3     4,769  
1,750,000
  International Lease Finance Corp
5.450
  03/24/11   A1     1,763  
5,000,000
  International Lease Finance Corp
5.750
  06/15/11   A1     5,063  
2,250,000
  International Lease Finance Corp
5.650
  06/01/14   A1     2,286  
2,400,000
g
  Lukoil International Finance BV
6.356
  06/07/17   Baa2     2,272  
4,000,000
  MBNA Corp
6.125
  03/01/13   Aa1     4,168  
5,000,000
  Residential Capital LLC
7.625
  11/21/08   Ba3     3,975  
3,150,000
  Residential Capital LLC
8.000
  06/01/12   Ba3     1,937  
10,375,000
  Residential Capital LLC
8.000
  04/17/13   Ba3     6,381  
3,500,000
  Toyota Motor Credit Corp
2.875
  08/01/08   Aaa     3,454  
 
  TOTAL NONDEPOSITORY INSTITUTIONS
            169,830  
 
OIL AND GAS EXTRACTION - 1.33%
               
2,000,000
  Anadarko Finance Co
6.750
  05/01/11   Baa3     2,115  
3,000,000
  Baker Hughes, Inc
6.875
  01/15/29   A2     3,251  
3,500,000
  BJ Services Co
5.750
  06/01/11   Baa1     3,588  
2,000,000
  Burlington Resources Finance Co
6.400
  08/15/11   A2     2,112  
7,750,000
  Burlington Resources Finance Co
7.200
  08/15/31   A2     8,980  
5,668,083
  Cal Dive I- Title XI, Inc
4.930
  02/01/27   N/R     5,793  
6,500,000
  Chesapeake Energy Corp
6.500
  08/15/17   Ba3     6,273  
4,000,000
g
  Empresa Nacional del Petroleo
6.750
  11/15/12   A2     4,265  
3,900,000
  EnCana Corp
6.500
  02/01/38   Baa2     4,030  
2,500,000
  Enterprise Products Operating LP
4.625
  10/15/09   Baa3     2,496  
4,000,000
  Equitable Resources, Inc
5.150
  11/15/12   Baa1     4,069  
3,250,000
  Husky Energy, Inc
6.250
  06/15/12   Baa2     3,417  
1,000,000
  Husky Energy, Inc
6.800
  09/15/37   Baa2     1,051  
3,000,000
  Kerr-McGee Corp
6.950
  07/01/24   Baa3     3,205  
4,250,000
  Nexen, Inc
5.050
  11/20/13   Baa2     4,127  
7,150,000
  Nexen, Inc
5.650
  05/15/17   Baa2     7,056  
3,480,000
  Nexen, Inc
6.400
  05/15/37   Baa2     3,474  
4,250,000
  PC Financial Partnership
5.000
  11/15/14   Baa2     4,133  
3,000,000
  Plains All American Pipeline LP
5.625
  12/15/13   Baa3     3,059  
5,000,000
g
  Tengizchevroil Finance Co SARL
6.124
  11/15/14   Baa3     4,713  

266

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
               
 
 
   
  MATURITY         VALUE  
PRINCIPAL
   
RATE
  DATE   RATING †     (000)  
$        4,500,000
g
  TNK-BP Finance S.A.
   6.625%
  03/20/17   Baa2  
$
4,106  
6,650,000
g
  Weatherford International, Inc
5.950
  06/15/12   Baa1     6,904  
4,500,000
g
  Weatherford International, Inc
6.800
  06/15/37   Baa1     4,682  
5,000,000
  XTO Energy, Inc
6.250
  04/15/13   Baa2     5,230  
 
  TOTAL OIL AND GAS EXTRACTION
            102,129  
 
OTHER MORTGAGE BACKED SECURITIES - 7.73%
               
10,000,000
i
  Banc of America Commercial Mortgage, Inc Series
               
 
  2004-4 (Class A6)
4.877
  07/10/42   N/R     9,933  
13,955,000
i
  Banc of America Commercial Mortgage, Inc Series
               
 
  2005-1 (Class B)
4.990
  11/10/42   N/R     13,383  
1,630,000
i
  Banc of America Commercial Mortgage, Inc Series
               
 
  2005-5 (Class AJ)
5.158
  10/10/45   Aaa     1,524  
2,650,000
i
  Banc of America Commercial Mortgage, Inc Series
               
 
  2005-6 (Class AJ)
5.181
  09/10/47   Aaa     2,490  
3,000,000
i
  Banc of America Commercial Mortgage, Inc Series
               
 
  2006-2 (Class A4)
5.740
  05/10/45   N/R     3,101  
9,000,000
  Banc of America Commercial Mortgage, Inc Series
               
 
  2007-2 (Class A2)
5.634
  04/10/49   N/R     9,128  
10,141,398
  Banc of America Mortgage Securities, Inc Series
               
 
  2006-1 (Class A8)
6.000
  05/25/36   Aaa     10,198  
585,315
  Bank of America Alternative Loan Trust Series 2004-
               
 
  8 (Class 3A1)
5.500
  09/25/19   Aaa     576  
9,225,000
i
  Bear Stearns Commercial Mortgage Securities Series
               
 
  2005-PW10 (Class AJ)
5.459
  12/11/40   Aaa     8,822  
8,000,000
i
  Bear Stearns Commercial Mortgage Securities Series
               
 
  2006-PW11 (Class A4)
5.457
  03/11/39   N/R     8,119  
13,000,000
  Bear Stearns Commercial Mortgage Securities Series
               
 
  2006-PW13 (Class A4)
5.540
  09/11/41   N/R     13,198  
6,000,000
  Bear Stearns Commercial Mortgage Securities Series
               
 
  2006-PW14 (Class A4)
5.201
  12/11/38   N/R     5,940  
3,000,000
i
  Bear Stearns Commercial Mortgage Securities Series
               
 
  2006-T22 (Class A4)
5.465
  04/12/38   Aaa     3,062  
8,000,000
  Bear Stearns Commercial Mortgage Securities Series
               
 
  2006-T24 (Class A4)
5.537
  10/12/41   Aaa     8,124  
5,000,000
  Citigroup/Deutsche Bank Commercial Mortgage
               
 
  Trust Series 2006-CD3 (Class A5)
5.617
  10/15/48   Aaa     5,097  
38,915,929
  Citimortgage Alternative Loan Trust Series 2006-A1
               
 
  (Class 2A1)
5.250
  03/25/21   Aaa     39,269  
7,313,078
  Countrywide Alternative Loan Trust Series 2004-
               
 
  29CB (Class A7)
5.375
  01/25/35   N/R     7,022  
9,823,264
  Countrywide Alternative Loan Trust Series 2004-
               
 
  30CB (Class 1A15)
5.500
  08/25/16   Aaa     9,641  
11,089,171
  Countrywide Home Loan Mortgage Pass Through
               
 
  Trust Series 2005-17 (Class 1A10)
5.250
  09/25/35   N/R     11,104  
18,905,190
  Countrywide Home Loan Mortgage Pass Through
               
 
  Trust Series 2007-3 (Class A10)
6.000
  04/25/37   N/R     19,064  
8,000,000
i
  Credit Suisse Mortgage Capital Certificates Series
               
 
  2006-C1 (Class A4)
5.555
  02/15/39   N/R     8,121  
8,700,000
  Credit Suisse Mortgage Capital Certificates Series
               
 
  2006-C4 (Class A3)
5.467
  09/15/39   Aaa     8,768  
11,000,000
  Credit Suisse Mortgage Capital Certificates Series
               
 
  2006-C5 (Class A3)
5.311
  12/15/39   Aaa     10,962  
13,863,652
i
  Credit Suisse/Morgan Stanley Commercial Mortgage
               
 
  Certificate Series HC1A (Class A1)
5.218
  05/15/23   Aaa     13,658  

267

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
               
 
       
  MATURITY         VALUE  
PRINCIPAL      
RATE
  DATE   RATING †     (000)  
$        14,000,000     CS First Boston Mortgage Securities Corp Series
               
      2001-CP4 (Class A4)
   6.180%
  12/15/35   Aaa  
$
14,589  
14,652,599     CS First Boston Mortgage Securities Corp Series
               
      2005-5 (Class 7A1)
6.000
  07/25/35   Aaa     14,827  
2,507,429     First Horizon Asset Securities, Inc Series 2003-9
               
      (Class 1A4)
5.500
  11/25/33   N/R     2,526  
21,000,000     GE Capital Commercial Mortgage Corp Series 2003-
               
      C2 (Class A4)
5.145
  07/10/37   Aaa     21,193  
5,500,000 i   GE Capital Commercial Mortgage Corp Series 2005-
               
      C3 (Class A5)
4.979
  07/10/45   N/R     5,434  
18,000,000 i   Greenwich Capital Commercial Funding Corp Series
               
      2004-GG1 (Class A7)
5.317
  06/10/36   Aaa     18,318  
11,600,000 i   Greenwich Capital Commercial Funding Corp Series
               
      2007-GG11 (Class A2)
5.597
  12/10/49   N/R     11,718  
10,000,000 i   GS Mortgage Securities Corp II Series 2001-ROCK
               
      (Class BFL)
5.705
  05/03/18   Aaa     10,129  
6,350,000     GS Mortgage Securities Corp II Series 2006-GG8
               
      (Class A4)
5.560
  11/10/39   Aaa     6,449  
11,250,000 i   GS Mortgage Securities Corp II Series 2007-GG10
               
      (Class A2)
5.778
  08/10/45   Aaa     11,466  
14,250,000     JP Morgan Chase Commercial Mortgage Securities
               
      Corp Series 2002-C1 (Class A3)
5.376
  07/12/37   Aaa     14,535  
8,100,000 i   JP Morgan Chase Commercial Mortgage Securities
               
      Corp Series 2006-LDP7 (Class A2)
5.861
  04/15/45   Aaa     8,292  
10,550,000     JP Morgan Chase Commercial Mortgage Securities
               
      Corp Series 2007-CB18 (Class A4)
5.440
  06/12/47   Aaa     10,592  
10,500,000 i   JP Morgan Chase Commercial Mortgage Securities
               
      Corp Series 2007-LD11 (Class AJ)
5.819
  06/15/49   Aaa     10,138  
6,400,000     LB-UBS Commercial Mortgage Trust Series 2005-
               
      C3 (Class A2)
4.553
  07/15/30   Aaa     6,341  
4,000,000 i   LB-UBS Commercial Mortgage Trust Series 2005-
               
      C5 (Class AJ)
5.057
  09/15/40   N/R     3,700  
3,600,000 i   LB-UBS Commercial Mortgage Trust Series 2006-
               
      C4 (Class A4)
5.883
  06/15/38   Aaa     3,757  
4,447,291     MASTR Asset Securitization Trust Series 2005-2
               
      (Class 3A1)
5.000
  10/25/20   Aaa     4,429  
5,400,000 i   Merrill Lynch Mortgage Trust Series 2005-LC1
               
      (Class A4)
5.291
  01/12/44   Aaa     5,385  
2,500,000 i   Merrill Lynch Mortgage Trust Series 2006-C1 (Class
               
      A4)
5.659
  05/12/39   N/R     2,574  
4,700,000 i   Merrill Lynch/Countrywide Commercial Mortgage
               
      Trust Series 2006-1 (Class A4)
5.428
  02/12/39   N/R     4,765  
19,000,000     Morgan Stanley Capital I Series 2005-HQ5 (Class
               
      A2)
4.809
  01/14/42   N/R     18,935  
9,259,854 i   Morgan Stanley Capital I Series 2006-HE1 (Class
               
      A2)
4.985
  01/25/36   Aaa     9,120  
15,600,000     Morgan Stanley Capital I Series 2006-HQ10 (Class
               
      A4)
5.328
  11/12/41   Aaa     15,594  
8,000,000 i   Morgan Stanley Capital I Series 2006-HQ8 (Class
               
      AJ)
5.468
  03/12/44   Aaa     7,673  
4,587,000 i   Morgan Stanley Capital I Series 2006-HQ9 (Class
               
      A4)
5.731
  07/12/44   N/R     4,714  
7,500,000 i   Morgan Stanley Capital I Series 2006-IQ11 (Class
               
      A4)
5.773
  10/15/42   N/R     7,725  
6,200,000 i   Morgan Stanley Capital I Series 2006-IQ11 (Class
               
      AJ)
5.777
  10/15/42   N/R     5,998  

268

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
               
 
 
   
  MATURITY         VALUE  
PRINCIPAL
   
RATE
  DATE   RATING †     (000)  
$        12,320,000
  Morgan Stanley Capital I Series 2006-IQ12 (Class
               
 
  A2)
   5.283%
  12/15/43   N/R  
$
12,345  
2,700,000
i
  Morgan Stanley Capital I Series 2006-T21 (Class
               
 
  AJ)
5.273
  10/12/52   Aaa     2,537  
8,000,000
  Morgan Stanley Capital I Series 2007-HQ11 (Class
               
 
  A31)
5.439
  02/12/44   Aaa     7,982  
5,500,000
  Residential Accredit Loans, Inc Series 2005-QS17
               
 
  (Class A1)
6.000
  12/25/35   Aaa     5,281  
4,000,000
i
  Wachovia Bank Commercial Mortgage Trust Series
               
 
  2005-C20 (Class A7)
5.118
  07/15/42   Aaa     3,931  
10,000,000
i
  Wachovia Bank Commercial Mortgage Trust Series
               
 
  2006-C24 (Class A3)
5.558
  03/15/45   Aaa     10,145  
5,000,000
  Wachovia Bank Commercial Mortgage Trust Series
               
 
  2007-C30 (Class AM)
5.383
  12/15/43   Aaa     4,876  
8,000,000
  Wachovia Bank Commercial Mortgage Trust Series
               
 
  2007-C31 (Class A2)
5.421
  04/15/47   Aaa     8,036  
13,108,176
  Washington Mutual, Inc Series 2003-S10
               
 
  (Class A1)
4.500
  10/25/18   N/R     12,807  
5,570,565
  Wells Fargo Mortgage Backed Securities Trust
               
 
  Series 2004-7 (Class 1A1)
4.500
  07/25/19   N/R     5,442  
20,656,295
  Wells Fargo Mortgage Backed Securities Trust
               
 
  Series 2005-1 (Class 2A1)
5.000
  01/25/20   Aaa     20,481  
8,364,251
i
  Wells Fargo Mortgage Backed Securities Trust
               
 
  Series 2006-AR4 (Class 1A1)
5.857
  04/25/36   N/R     8,204  
 
  TOTAL OTHER MORTGAGE BACKED SECURITIES               593,287  
 
PAPER AND ALLIED PRODUCTS - 0.10%
               
3,150,000
  Bemis Co, Inc
4.875
  04/01/12   Baa1     3,189  
2,310,000
  Cenveo Corp
7.875
  12/01/13   B3     2,059  
2,500,000
  Kimberly-Clark Corp
6.625
  08/01/37   A2     2,767  
 
  TOTAL PAPER AND ALLIED PRODUCTS
            8,015  
 
PETROLEUM AND COAL PRODUCTS - 0.13%
               
3,990,000
  ConocoPhillips
4.750
  10/15/12   A3     4,023  
3,750,000
g
  GS Caltex Corp
5.500
  04/24/17   Baa1     3,515  
2,500,000
  Valero Energy Corp
6.625
  06/15/37   Baa3     2,518  
 
  TOTAL PETROLEUM AND COAL PRODUCTS
            10,056  
 
PIPELINES, EXCEPT NATURAL GAS - 0.31%
               
3,500,000
  Enterprise Products Operating LP
4.950
  06/01/10   Baa3     3,502  
4,000,000
  Enterprise Products Operating LP
5.600
  10/15/14   Baa3     3,992  
2,000,000
  Kaneb Pipe Line Operating Partnership LP
5.875
  06/01/13   Baa3     2,035  
2,000,000
  Panhandle Eastern Pipe Line
4.800
  08/15/08   Baa3     1,991  
3,000,000
  Plains All American Pipeline LP
4.750
  08/15/09   Baa3     3,014  
3,750,000
  TransCanada Pipelines Ltd
4.000
  06/15/13   A2     3,581  
2,050,000
  TransCanada Pipelines Ltd
5.850
  03/15/36   A2     1,965  
1,350,000
  TransCanada Pipelines Ltd
6.200
  10/15/37   A2     1,340  
2,750,000
i
  TransCanada Pipelines Ltd
6.350
  05/15/67   A3     2,578  
 
  TOTAL PIPELINES, EXCEPT NATURAL GAS
            23,998  
 
PRIMARY METAL INDUSTRIES - 0.09%
               
1,000,000
  Corning, Inc
5.900
  03/15/14   Baa1     1,016  
4,440,000
g
  Xstrata Finance Canada Ltd
5.500
  11/16/11   Baa2     4,517  
1,550,000
g
  Xstrata Finance Canada Ltd
6.900
  11/15/37   Baa2     1,542  
 
  TOTAL PRIMARY METAL INDUSTRIES
            7,075  

269

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
               
 
 
   
  MATURITY         VALUE  
PRINCIPAL
   
RATE
  DATE   RATING †     (000)  
PRINTING AND PUBLISHING - 0.26%
               
$        2,500,000
  Dun & Bradstreet Corp
   5.500%
  03/15/11   N/R  
$
2,580  
2,300,000
  Idearc, Inc
8.000
  11/15/16   B2     2,110  
2,806,000
  Morris Publishing Group LLC
7.000
  08/01/13   B1     2,038  
13,500,000
  Thomson Corp
5.700
  10/01/14   Baa1     13,555  
 
  TOTAL PRINTING AND PUBLISHING
            20,283  
 
RAILROAD TRANSPORTATION - 0.31%
               
3,750,000
  Burlington Northern Santa Fe Corp
6.750
  07/15/11   Baa1     3,961  
4,000,000
  Burlington Northern Santa Fe Corp
6.150
  05/01/37   Baa1     3,889  
3,500,000
  Canadian National Railway Co
4.400
  03/15/13   A3     3,433  
4,000,000
  CSX Corp
6.150
  05/01/37   Baa3     3,738  
2,056,000
  Norfolk Southern Corp
5.590
  05/17/25   Baa1     1,905  
3,000,000
  Union Pacific Corp
6.500
  04/15/12   Baa2     3,171  
3,750,000
  Union Pacific Corp
5.750
  11/15/17   Baa2     3,736  
 
  TOTAL RAILROAD TRANSPORTATION
            23,833  
 
REAL ESTATE - 0.02%
               
1,750,000
g,i
  USB Realty Corp
6.091
  12/30/49   A1     1,555  
 
  TOTAL REAL ESTATE
            1,555  
 
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.02%
               
1,750,000
g
  Sealed Air Corp
5.375
  04/15/08   Baa3     1,749  
 
  TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS               1,749  
 
SECURITY AND COMMODITY BROKERS - 1.33%
               
4,000,000
  Bear Stearns Cos, Inc
5.700
  11/15/14   A2     3,793  
3,750,000
  Bear Stearns Cos, Inc
6.400
  10/02/17   A2     3,623  
7,900,000
  Credit Suisse USA, Inc
5.500
  08/16/11   Aa1     8,117  
1,500,000
  Eaton Vance Corp
6.500
  10/02/17   A3     1,574  
3,000,000
  Franklin Resources, Inc
3.700
  04/15/08   A1     2,993  
4,900,000
i
  Goldman Sachs Capital II
5.793
  12/30/49   A2     4,363  
2,750,000
e
  Goldman Sachs Group, Inc
5.000
  01/15/11   Aa3     2,772  
3,250,000
  Goldman Sachs Group, Inc
5.300
  02/14/12   Aa3     3,287  
2,000,000
  Goldman Sachs Group, Inc
4.750
  07/15/13   Aa3     1,959  
3,750,000
  Goldman Sachs Group, Inc
5.150
  01/15/14   Aa3     3,712  
7,000,000
  Goldman Sachs Group, Inc
5.625
  01/15/17   A1     6,836  
3,000,000
  Goldman Sachs Group, Inc
6.750
  10/01/37   A1     2,939  
3,150,000
i
  Lehman Brothers Holdings Capital Trust V
5.857
  12/30/49   A3     2,807  
6,750,000
  Lehman Brothers Holdings, Inc
5.250
  02/06/12   A1     6,679  
2,500,000
i
  Lehman Brothers Holdings, Inc
6.000
  05/03/32   A2     2,222  
4,250,000
  Merrill Lynch & Co, Inc
5.000
  02/03/14   A1     4,054  
5,500,000
  Merrill Lynch & Co, Inc
5.700
  05/02/17   A2     5,242  
10,000,000
  Morgan Stanley
3.625
  04/01/08   Aa3     9,958  
9,350,000
  Morgan Stanley
5.375
  10/15/15   Aa3     9,090  
5,000,000
  Morgan Stanley
5.750
  10/18/16   Aa3     4,934  
3,500,000
  Morgan Stanley
5.550
  04/27/17   Aa3     3,413  
3,750,000
  Morgan Stanley
6.250
  08/28/17   Aa3     3,812  
3,500,000
  Morgan Stanley
6.250
  08/09/26   Aa3     3,417  
600,000
g
  Nuveen Investments, Inc
10.500
  11/15/15   B3     598  
 
  TOTAL SECURITY AND COMMODITY BROKERS               102,194  
 
TOBACCO PRODUCTS - 0.07%
               
5,000,000
  Reynolds American, Inc
6.500
  07/15/10   Ba1     5,119  
 
  TOTAL TOBACCO PRODUCTS
            5,119  

270

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
               
 
 
   
  MATURITY         VALUE  
PRINCIPAL
   
RATE
  DATE   RATING †    
(000)
 
TRANSPORTATION BY AIR - 0.13%
               
$        5,000,000
  Continental Airlines, Inc
   6.563%
  02/15/12   Aaa  
$
5,175  
4,510,000
  FedEx Corp
5.500
  08/15/09   Baa2     4,560  
 
  TOTAL TRANSPORTATION BY AIR
            9,735  
 
TRANSPORTATION EQUIPMENT - 0.41%
               
3,000,000
  Embraer Overseas Ltd
6.375
  01/24/17   Baa3     2,846  
4,250,000
  General Dynamics Corp
3.000
  05/15/08   A2     4,225  
7,500,000
  Honeywell International, Inc
5.700
  03/15/37   A2     7,405  
3,675,000
  Lockheed Martin Corp
6.150
  09/01/36   Baa1     3,801  
4,000,000
  Northrop Grumman Corp
7.750
  02/15/31   Baa1     4,904  
4,000,000
  United Technologies Corp
5.375
  12/15/17   A2     4,035  
2,500,000
  United Technologies Corp
7.500
  09/15/29   A2     2,948  
1,075,000
  United Technologies Corp
6.050
  06/01/36   A2     1,106  
 
  TOTAL TRANSPORTATION EQUIPMENT
            31,270  
 
WHOLESALE TRADE-DURABLE GOODS - 0.09%
               
3,000,000
  Vale Overseas Ltd
6.250
  01/11/16   Baa3     3,005  
3,500,000
  Vale Overseas Ltd
6.250
  01/23/17   Baa3     3,511  
 
  TOTAL WHOLESALE TRADE-DURABLE GOODS
            6,516  
 
WHOLESALE TRADE-NONDURABLE GOODS - 0.20%
               
3,000,000
  Procter & Gamble Co
4.950
  08/15/14   Aa3     3,040  
12,000,000
  Procter & Gamble Co
5.550
  03/05/37   Aa3     12,068  
 
  TOTAL WHOLESALE TRADE-NONDURABLE GOODS               15,108  
 
 
  TOTAL CORPORATE BONDS
            2,944,359  
 
  (Cost $2,960,807)
               
 
GOVERNMENT BONDS - 59.19%
               
 
AGENCY SECURITIES - 7.07%
               
11,200,000
  Federal Farm Credit Bank (FFCB)
3.375
  07/15/08   Aaa     11,140  
11,200,000
e
  (FFCB)
4.125
  04/15/09   Aaa     11,246  
7,250,000
  (FFCB)
5.375
  07/18/11   Aaa     7,629  
20,600,000
  Federal Home Loan Bank (FHLB)
5.000
  10/16/09   Aaa     20,725  
10,000,000
  (FHLB)
4.625
  10/10/12   Aaa     10,292  
20,000,000
e
  (FHLB)
5.000
  11/17/17   Aaa     20,737  
15,000,000
  Federal Home Loan Mortgage Corp (FHLMC)
3.500
  05/21/08   Aaa     14,927  
20,000,000
  (FHLMC)
5.000
  06/11/09   Aaa     20,372  
19,000,000
  (FHLMC)
4.875
  02/09/10   Aaa     19,497  
15,900,000
  (FHLMC)
4.750
  01/18/11   Aaa     16,410  
36,399,000
  (FHLMC)
5.875
  03/21/11   Aa2     38,835  
14,000,000
  (FHLMC)
6.000
  06/15/11   Aaa     15,042  
22,500,000
  (FHLMC)
5.250
  07/18/11   Aaa     23,645  
15,000,000
e
  (FHLMC)
5.500
  08/20/12   Aaa     15,989  
5,000,000
  (FHLMC)
4.125
  12/21/12   Aaa     5,035  
7,800,000
  (FHLMC)
5.750
  06/27/16   Aa2     8,423  
79,000,000
  Federal National Mortgage Association (FNMA)
6.000
  05/15/08   Aaa     79,400  
70,000,000
  (FNMA)
5.100
  09/10/09   Aaa     70,433  
1,350,000
  (FNMA)
4.250
  01/19/10   Aaa     1,368  
20,400,000
  (FNMA)
5.300
  02/26/10   Aaa     20,441  
7,200,000
  (FNMA)
7.125
  06/15/10   Aaa     7,789  
8,000,000
  (FNMA)
5.000
  10/15/11   Aaa     8,340  
15,000,000
e
  (FNMA)
5.375
  06/12/17   Aaa     15,934  
6,500,000
  (FNMA)
5.625
  07/15/37   Aaa     7,204  

271

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
               
 
 
   
  MATURITY         VALUE  
PRINCIPAL
   
RATE
  DATE   RATING †     (000)  
$        2,500,000
 j,m,v
  Overseas Private Investment Corp
   0.000%
  07/31/11   N/R  
$
2,656  
2,990,039
  Overseas Private Investment Corp
3.420
  01/15/15   N/R     2,973  
3,540,000
  Private Export Funding Corp
5.870
  07/31/08   Aaa     3,571  
1,000,000
  Private Export Funding Corp
7.200
  01/15/10   Aaa     1,070  
13,000,000
  Private Export Funding Corp
4.900
  12/15/11   Aaa     13,498  
7,000,000
  Private Export Funding Corp
4.550
  05/15/15   Aaa     7,152  
500,000
  Private Export Funding Corp
4.950
  11/15/15   Aaa     523  
10,825,000
  Private Export Funding Corp
5.000
  12/15/16   Aaa     11,242  
20,000,000
  Private Export Funding Corp
5.450
  09/15/17   Aaa     21,273  
4,987,499
  Totem Ocean Trailer Express, Inc
4.514
  12/18/19   N/R     5,043  
3,000,000
  US Department of Housing and Urban Development
               
 
   
5.380
  08/01/18   N/R     3,175  
 
  TOTAL AGENCY SECURITIES
            543,029  
 
FOREIGN GOVERNMENT BONDS - 2.65%
               
3,500,000
  African Development Bank
3.250
  08/01/08   Aaa     3,477  
10,000,000
  Canada Mortgage & Housing Corp
4.800
  10/01/10   Aaa     10,245  
4,000,000
  Chile Government International Bond
5.500
  01/15/13   A2     4,172  
3,500,000
  China Development Bank
5.000
  10/15/15   A1     3,452  
2,000,000
  Development Bank of Japan
4.250
  06/09/15   Aaa     1,952  
4,660,000
  Eksportfinans A/S
5.000
  02/14/12   Aaa     4,810  
3,000,000
g
  Emirate of Abu Dhabi
5.500
  08/02/12   Aa2     3,085  
3,500,000
  European Investment Bank
4.875
  02/15/36   Aaa     3,444  
4,000,000
g
  Federal Republic of Germany
3.875
  06/01/10   Aaa     4,014  
4,000,000
  Federative Republic of Brazil
6.000
  01/17/17   Ba1     4,064  
30,000,000
g
  Hypothekenbank in Essen AG.
5.000
  01/20/12   Aaa     30,964  
5,000,000
  International Finance Corp
5.125
  05/02/11   Aaa     5,244  
9,000,000
  Israel Government International Bond
5.500
  11/09/16   A2     9,167  
4,400,000
  Italy Government International Bond
5.375
  06/12/17   N/R     4,664  
4,000,000
  Italy Government International Bond
6.875
  09/27/23   Aa2     4,775  
5,000,000
  Korea Development Bank
5.750
  09/10/13   Aa3     5,067  
3,500,000
  Kreditanstalt fuer Wiederaufbau
5.250
  05/19/09   Aaa     3,573  
4,150,000
  Landwirtschaftliche Rentenbank
5.250
  07/02/12   Aaa     4,379  
5,000,000
  Landwirtschaftliche Rentenbank
5.125
  02/01/17   Aaa     5,237  
5,900,000
  Mexico Government International Bond
6.375
  01/16/13   Baa1     6,275  
6,152,000
  Mexico Government International Bond
5.875
  01/15/14   Baa1     6,398  
8,000,000
  Mexico Government International Bond
6.750
  09/27/34   Baa1     8,836  
5,400,000
  Oesterreichische Kontrollbank AG.
5.000
  04/25/17   Aaa     5,589  
13,000,000
  Province of British Columbia Canada
5.375
  10/29/08   Aaa     13,172  
3,000,000
  Province of Manitoba Canada
4.450
  04/12/10   Aa1     3,034  
7,400,000
  Province of Manitoba Canada
5.000
  02/15/12   Aa1     7,678  
5,000,000
  Province of Ontario
5.500
  10/01/08   Aa1     5,039  
7,650,000
e
  Province of Ontario
4.750
  01/19/16   Aa1     7,750  
2,250,000
  Province of Quebec Canada
5.125
  11/14/16   Aa2     2,326  
6,000,000
  Province of Quebec Canada
7.500
  09/15/29   Aa2     7,846  
2,000,000
  Province of Saskatchewan Canada
8.000
  02/01/13   Aa1     2,305  
7,680,000
  Svensk Exportkredit AB
5.125
  03/01/17   Aa1     7,918  
3,800,000
g
  Ukraine Government International
6.750
  11/14/17   B1     3,734  
 
  TOTAL FOREIGN GOVERNMENT BONDS
            203,685  
 
MORTGAGE BACKED SECURITIES - 32.98%
               
29,168,064
  Federal Home Loan Mortgage Corp (FHLMC)
6.000
  09/15/16         29,975  
11,720,000
  (FHLMC)
4.000
  09/15/18         11,020  
3,519,837
  (FHLMC)
5.750
  12/15/18         3,572  
10,013,000
  (FHLMC)
4.000
  04/15/19         9,361  
3,500,000
  (FHLMC)
4.000
  09/15/19         3,316  

272

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
               
 
 
   
  MATURITY         VALUE  
PRINCIPAL
   
RATE
  DATE         (000)  
$        25,000,000
 
(FHLMC)
   5.000%
  06/15/28      
$
25,162  
11,491,832
 
(FHLMC)
5.000
  06/15/29         11,549  
4,251,710
 
(FHLMC)
6.000
  12/15/30         4,301  
19,953,204
d
 
(FHLMC)
5.000
  06/15/31         19,913  
14,020,000
 
(FHLMC)
5.500
  05/15/33         14,002  
8,534,531
 
(FHLMC)
4.500
  09/15/35         8,364  
11,080,458
i
 
(FHLMC)
5.089
  02/01/36         11,104  
14,574,975
i
  
(FHLMC)
5.793
  07/01/36         14,760  
12,205,955
i
  
(FHLMC)
5.020
  09/01/36         12,259  
9,192,890
i
  
(FHLMC)
5.895
  09/01/36         9,332  
11,896,258
i
  
(FHLMC)
6.125
  09/01/36         12,067  
22,261,851
i
  
(FHLMC)
5.723
  02/01/37         22,587  
28,067,912
i
  
(FHLMC)
5.672
  03/01/37         28,655  
37,383,096
i
  
(FHLMC)
5.792
  03/01/37         38,031  
20,851,803
i
  
(FHLMC)
5.880
  04/01/37         21,113  
32,688,359
i
  
(FHLMC)
5.735
  06/01/37         33,194  
16,978,477
i
  
(FHLMC)
5.910
  08/01/37         17,267  
15,949,460
i
  
(FHLMC)
5.861
  09/01/37         16,234  
92,657
 
Federal Home Loan Mortgage Corp Gold
               
 
 
(FGLMC)
7.000
  09/01/10         95  
207,555
 
(FGLMC)
6.000
  04/01/11         212  
517,134
 
(FGLMC)
7.000
  07/01/13         538  
2,036,797
 
(FGLMC)
6.500
  12/01/16         2,109  
15,897,741
 
(FGLMC)
5.000
  09/01/18         15,937  
5,765,737
 
(FGLMC)
4.500
  10/01/18         5,670  
3,431,844
 
(FGLMC)
4.500
  11/01/18         3,375  
3,443,907
 
(FGLMC)
5.500
  01/01/19         3,491  
1,595,066
 
(FGLMC)
4.000
  06/01/19         1,531  
5,286,777
 
(FGLMC)
4.500
  07/01/20         5,195  
3,961,803
 
(FGLMC)
4.500
  08/01/20         3,894  
656,008
 
(FGLMC)
7.000
  10/01/20         689  
60,135,930
 
(FGLMC)
4.500
  06/01/21         59,095  
19,026,224
 
(FGLMC)
4.500
  06/01/21         18,697  
78,594
 
(FGLMC)
7.000
  05/01/23         83  
1,119,332
 
(FGLMC)
6.000
  10/01/23         1,141  
1,075,210
 
(FGLMC)
6.000
  11/01/23         1,096  
426,060
 
(FGLMC)
8.000
  01/01/31         456  
76,148
 
(FGLMC)
7.000
  11/01/31         80  
269,258
 
(FGLMC)
7.000
  12/01/31         283  
110,256
 
(FGLMC)
7.000
  12/01/31         116  
92,199
 
(FGLMC)
7.000
  12/01/31         97  
75,184
 
(FGLMC)
7.000
  12/01/31         79  
98,780
 
(FGLMC)
7.000
  12/01/31         104  
282,334
 
(FGLMC)
7.000
  12/01/31         296  
44,283
 
(FGLMC)
7.000
  01/01/32         46  
510,598
 
(FGLMC)
8.000
  02/01/32         547  
4,684,152
 
(FGLMC)
5.500
  11/01/33         4,692  
6,057,178
 
(FGLMC)
5.500
  12/01/33         6,055  
28,446,122
 
(FGLMC)
5.500
  12/01/33         28,469  
75,244,230
 
(FGLMC)
5.000
  01/01/34         73,528  
24,810,996
 
(FGLMC)
4.500
  10/01/34         23,477  
2,999,078
 
(FGLMC)
5.500
  12/01/34         2,996  
12,086,774
 
(FGLMC)
4.500
  04/01/35         11,430  
5,417,346
 
(FGLMC)
6.000
  05/01/35         5,507  
2,484,160
 
(FGLMC)
6.000
  05/01/35         2,523  
4,798,988
 
(FGLMC)
6.000
  05/01/35         4,874  

273

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
               
 
       
  MATURITY         VALUE  
PRINCIPAL      
RATE
  DATE         (000)  
$        2,529,763     (FGLMC)
   6.000%
  05/01/35      
$
2,569  
9,735,446     (FGLMC)
6.000
  05/01/35         9,888  
5,700,766     (FGLMC)
6.000
  05/01/35         5,790  
5,402,411     (FGLMC)
6.000
  05/01/35         5,487  
4,413,158     (FGLMC)
5.500
  06/01/35         4,406  
6,895,093     (FGLMC)
5.500
  06/01/35         6,884  
2,425,886     (FGLMC)
5.500
  06/01/35         2,422  
28,968,882     (FGLMC)
5.500
  06/01/35         28,920  
6,586,272     (FGLMC)
6.000
  06/01/35         6,690  
20,768,881     (FGLMC)
4.500
  08/01/35         19,643  
3,268,859     (FGLMC)
5.000
  10/01/35         3,191  
16,385,624     (FGLMC)
5.000
  11/01/35         15,998  
889,211     (FGLMC)
6.500
  11/01/35         915  
3,953,332     (FGLMC)
6.000
  01/01/36         4,013  
5,413,837     (FGLMC)
7.000
  01/01/36         5,661  
3,455,687     (FGLMC)
5.500
  04/01/36         3,449  
4,111,993     (FGLMC)
6.500
  05/01/36         4,228  
21,177,499     (FGLMC)
6.500
  10/01/36         21,773  
3,172,136     (FGLMC)
6.500
  12/01/36         3,236  
61,541,576     (FGLMC)
5.500
  01/01/37         61,422  
36,753,687     (FGLMC)
5.500
  04/01/37         36,678  
54,562,891     (FGLMC)
5.500
  05/01/37         54,450  
15,754,296     (FGLMC)
6.000
  08/01/37         15,990  
8,894,264     (FGLMC)
6.000
  09/01/37         9,027  
55,565     Federal National Mortgage Association (FNMA)
7.500
  11/01/10         57  
6,052     (FNMA)
8.000
  06/01/11         6  
6,141     (FNMA)
8.000
  06/01/11         6  
5,466     (FNMA)
8.000
  06/01/11         6  
15,091     (FNMA)
8.000
  07/01/11         16  
7,613,059     (FNMA)
4.400
  10/01/12         7,571  
422,221     (FNMA)
5.000
  06/01/13         428  
2,806,419     (FNMA)
4.440
  07/01/13         2,781  
3,963,796     (FNMA)
4.739
  10/01/13         3,978  
1,479,709     (FNMA)
4.719
  02/01/14         1,484  
5,571,424     (FNMA)
4.440
  04/01/14         5,496  
1,706,191     (FNMA)
4.557
  01/01/15         1,694  
627,961     (FNMA)
7.500
  02/01/15         656  
1,504,504     (FNMA)
7.500
  04/01/15         1,571  
1,310,110     (FNMA)
7.500
  04/01/15         1,368  
39,214     (FNMA)
6.500
  02/01/16         41  
131,422     (FNMA)
6.500
  03/01/16         137  
49,241     (FNMA)
6.500
  04/01/16         51  
1,133,510     (FNMA)
6.500
  10/01/16         1,174  
704,632     (FNMA)
6.500
  11/01/16         730  
2,280,296     (FNMA)
6.500
  02/01/18         2,357  
6,286,388     (FNMA)
5.500
  03/01/18         6,380  
13,782,548
d
  (FNMA)
5.500
  04/01/18         13,987  
1,115,221     (FNMA)
5.500
  04/01/18         1,132  
1,112,128     (FNMA)
6.500
  04/01/18         1,149  
318,229     (FNMA)
5.500
  05/01/18         323  
18,649,832     (FNMA)
4.500
  12/01/18         18,350  
939,805     (FNMA)
6.000
  01/01/19         963  
145,072     (FNMA)
6.000
  02/01/19         149  
13,542,959     (FNMA)
5.000
  04/01/19         13,568  
4,270,288     (FNMA)
5.500
  07/01/20         4,330  
187,382     (FNMA)
8.000
  03/01/23         200  

274

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
               
 
 
 
  MATURITY         VALUE  
PRINCIPAL
 
RATE
  DATE         (000)  
$        6,813,395
 
(FNMA)
   5.000%
  12/01/23      
$
6,724  
1,966,621
 
(FNMA)
5.500
  02/01/24         1,979  
3,998,310
 
(FNMA)
5.500
  07/01/24         4,020  
541,875
 
(FNMA)
8.000
  07/01/24         580  
5,740,668
 
(FNMA)
5.500
  08/01/24         5,772  
19,181,700
d
 
(FNMA)
5.000
  10/01/25         18,915  
108,595
 
(FNMA)
9.000
  11/01/25         118  
319,941
 
(FNMA)
7.000
  07/01/32         337  
718,921
 
(FNMA)
7.000
  07/01/32         757  
2,169,735
 
(FNMA)
5.000
  02/01/33         2,120  
10,646,601
 
(FNMA)
4.500
  03/25/33         10,511  
1,866,963
 
(FNMA)
5.500
  06/01/33         1,868  
6,410,172
 
(FNMA)
4.500
  08/01/33         6,074  
6,222,642
 
(FNMA)
5.000
  08/01/33         6,081  
11,000,000
d
 
(FNMA)
5.500
  08/25/33         11,120  
10,416,565
 
(FNMA)
4.500
  10/01/33         9,870  
6,382,409
 
(FNMA)
5.000
  10/01/33         6,237  
2,768,011
 
(FNMA)
5.000
  10/01/33         2,705  
2,030,452
 
(FNMA)
5.000
  10/01/33         1,984  
8,791,708
 
(FNMA)
5.000
  11/01/33         8,591  
952,333
 
(FNMA)
5.000
  11/01/33         931  
54,278,961
 
(FNMA)
5.000
  11/01/33         53,042  
8,765,941
 
(FNMA)
5.000
  11/01/33         8,566  
3,681,661
 
(FNMA)
5.500
  12/01/33         3,684  
9,124,240
 
(FNMA)
5.500
  12/01/33         9,147  
1,519,127
 
(FNMA)
5.500
  12/01/33         1,520  
1,733,554
d
 
(FNMA)
5.500
  12/01/33         1,735  
3,672,403
 
(FNMA)
5.500
  01/01/34         3,675  
7,547,398
 
(FNMA)
5.500
  01/01/34         7,553  
11,765,751
 
(FNMA)
5.500
  02/01/34         11,774  
2,975,606
 
(FNMA)
5.000
  03/01/34         2,908  
7,238,952
 
(FNMA)
5.000
  03/01/34         7,074  
2,564,249
 
(FNMA)
5.000
  03/01/34         2,506  
19,542,152
 
(FNMA)
5.000
  03/01/34         19,097  
2,375,246
 
(FNMA)
5.000
  03/01/34         2,321  
8,029,407
 
(FNMA)
5.500
  03/01/34         8,030  
19,158,682
 
(FNMA)
5.000
  04/01/34         18,714  
72,032,646
 
(FNMA)
5.000
  08/01/34         70,385  
5,709,658
 
(FNMA)
5.500
  09/01/34         5,710  
5,372,705
 
(FNMA)
5.500
  09/01/34         5,373  
3,924,896
 
(FNMA)
5.500
  09/01/34         3,925  
4,050,368
 
(FNMA)
5.500
  10/01/34         4,051  
2,643,534
 
(FNMA)
5.500
  10/01/34         2,644  
9,730,650
 
(FNMA)
5.500
  10/25/34         9,682  
19,165,342
 
(FNMA)
5.500
  12/01/34         19,166  
7,128,629
 
(FNMA)
5.500
  01/01/35         7,129  
85,366,827
 
(FNMA)
5.500
  02/01/35         85,430  
31,045,339
 
(FNMA)
5.500
  04/01/35         31,047  
4,876,922
 
(FNMA)
5.500
  04/01/35         4,874  
20,176,070
 
(FNMA)
5.500
  05/01/35         20,164  
6,803,531
 
(FNMA)
6.000
  05/01/35         6,913  
1,149,866
 
(FNMA)
5.500
  06/01/35         1,149  
3,103,771
 
(FNMA)
5.500
  06/01/35         3,102  
2,628,666
 
(FNMA)
5.500
  06/01/35         2,627  
4,500,688
 
(FNMA)
5.500
  06/01/35         4,498  
1,726,136
 
(FNMA)
5.500
  06/01/35         1,725  

275

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
               
 
 
   
  MATURITY         VALUE  
PRINCIPAL
   
RATE
  DATE         (000)  
$        606,366
  (FNMA)
   7.500%
  06/01/35      
$
641  
2,008,345
  (FNMA)
5.500
  07/01/35         2,007  
2,966,403
  (FNMA)
6.000
  07/01/35         3,014  
34,468,000
  (FNMA)
5.500
  09/01/35         34,494  
14,139,612
d
  (FNMA)
5.500
  09/01/35         14,131  
14,986,056
  (FNMA)
5.000
  10/01/35         14,630  
9,811,734
  (FNMA)
5.500
  11/01/35         9,806  
14,166,248
i
  (FNMA)
5.735
  02/01/36         14,415  
12,589,872
  (FNMA)
5.500
  04/01/36         12,582  
18,455,154
i
  (FNMA)
5.795
  06/01/36         18,958  
1,925,883
  (FNMA)
6.000
  06/01/36         1,956  
9,477,688
i
  (FNMA)
5.961
  07/01/36         9,711  
35,080,395
i
  (FNMA)
5.993
  07/01/36         36,043  
15,768,695
  (FNMA)
6.000
  10/01/36         16,016  
65,008,514
i
  (FNMA)
5.885
  11/01/36         66,602  
11,858,164
i
  (FNMA)
5.776
  12/01/36         12,047  
10,890,630
  (FNMA)
6.500
  12/01/36         11,110  
10,741,824
h,i
  (FNMA)
6.027
  02/01/37         10,912  
1,022,996
  (FNMA)
6.500
  03/01/37         1,052  
9,476,927
  (FNMA)
7.000
  04/01/37         9,858  
60,926,889
  (FNMA)
6.000
  06/01/37         61,875  
62,589,831
  (FNMA)
6.000
  08/01/37         63,038  
13,273,469
  (FNMA)
6.000
  08/01/37         13,480  
17,400,442
  (FNMA)
6.500
  08/01/37         17,887  
7,717,263
  (FNMA)
6.000
  09/01/37         7,837  
8,166,917
  (FNMA)
6.000
  09/01/37         8,294  
4,872,889
  (FNMA)
6.000
  09/01/37         4,949  
28,217,754
  (FNMA)
6.000
  09/01/37         28,420  
6,110,170
  (FNMA)
6.000
  09/01/37         6,205  
21,893,996
  (FNMA)
6.500
  09/01/37         22,506  
13,034,615
  (FNMA)
6.500
  09/01/37         13,399  
10,391,473
  (FNMA)
6.500
  09/01/37         10,682  
19,155,354
  (FNMA)
6.500
  09/01/37         19,691  
28,542,638
i
  (FNMA)
5.933
  10/01/37         29,549  
6,379,929
  (FNMA)
6.000
  10/01/37         6,479  
33,106,322
  (FNMA)
6.500
  10/01/37         34,031  
14,131,172
  (FNMA)
7.000
  11/01/37         14,700  
29,000,000
h,v
  (FNMA)
6.000
  12/01/37         29,118  
58,000,000
h
  (FNMA)
6.000
  01/25/38         58,888  
42,000,000
h
  (FNMA)
6.500
  01/25/38         43,168  
16,111
  Government National Mortgage Association
               
 
  (GNMA)
8.500
  12/15/09         17  
18,927
  (GNMA)
8.500
  12/15/09         20  
59,858
  (GNMA)
9.000
  12/15/09         61  
25,340
  (GNMA)
8.500
  01/15/10         26  
9,027
  (GNMA)
8.500
  01/15/10         9  
29,652
  (GNMA)
9.000
  06/15/16         32  
6,075
  (GNMA)
9.000
  09/15/16         7  
17,151
  (GNMA)
9.000
  09/15/16         18  
22,655
  (GNMA)
9.000
  11/15/16         24  
8,698
  (GNMA)
9.000
  12/15/16         9  
11,982
  (GNMA)
9.000
  12/15/16         13  
175,339
  (GNMA)
9.500
  12/15/16         191  
13,628
  (GNMA)
9.000
  06/15/20         15  
84,655
  (GNMA)
8.000
  06/15/24         92  
138,614
  (GNMA)
8.500
  11/20/30         150  

276

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
               
 
 
   
  MATURITY         VALUE  
PRINCIPAL
   
RATE
  DATE        
(000)
 
$        104,209
  (GNMA)
   8.500%
  12/20/30      
$
113  
2,739,169
  (GNMA)
5.500
  11/20/33         2,746  
10,772,177
  (GNMA)
5.500
  03/20/35         10,797  
6,965,598
  (GNMA)
5.500
  12/20/35         6,982  
68,000,000
h
  (GNMA)
5.500
  01/15/38         68,489  
 
  TOTAL MORTGAGE BACKED SECURITIES
            2,532,736  
 
MUNICIPAL BONDS - 0.03%
               
2,000,000
  Charlotte-Mecklenburg Hospital Authority
5.000
  08/01/15         2,002  
 
  TOTAL MUNICIPAL BONDS
            2,002  
 
U.S. TREASURY SECURITIES - 16.46%
               
272,505,000
d,e
  United States Treasury Bond
8.000
  11/15/21         372,949  
58,400,000
  United States Treasury Bond
5.250
  02/15/29         64,245  
3,861,000
e
  United States Treasury Bond
5.375
  02/15/31         4,350  
677,000
  United States Treasury Bond
4.500
  02/15/36         680  
8,290,000
e
  United States Treasury Bond
4.750
  02/15/37         8,676  
38,535,778
k
  United States Treasury Inflation Indexed Note
3.875
  01/15/09         39,674  
165,035,518
k
  United States Treasury Inflation Indexed Note
0.875
  04/15/10         164,481  
16,000,000
e
  United States Treasury Note
5.125
  06/30/08         16,132  
49,435,000
d,e
  United States Treasury Note
5.000
  07/31/08         49,868  
9,050,000
  United States Treasury Note
4.875
  10/31/08         9,160  
14,500,000
e
  United States Treasury Note
4.000
  08/31/09         14,713  
38,000,000
e
  United States Treasury Note
3.625
  10/31/09         38,374  
216,257,000
e
  United States Treasury Note
4.250
  09/30/12         223,843  
37,931,000
e
  United States Treasury Note
3.875
  10/31/12         38,675  
16,075,000
e
  United States Treasury Note
3.375
  11/30/12         16,021  
27,280,000
  United States Treasury Note
  12/31/12         27,485  
117,452,000
e
  United States Treasury Note
4.750
  08/15/17         124,049  
30,135,000
e
  United States Treasury Note
4.250
  11/15/17         30,660  
50,000,000
j
  United States Treasury Strip Principal
0.000
  08/15/27         20,210  
 
  TOTAL U.S. TREASURY SECURITIES
            1,264,245  
 
 
  TOTAL GOVERNMENT BONDS
            4,545,697  
 
  (Cost $4,469,739)
               
 
 
  TOTAL BONDS
            7,490,056  
 
  (Cost $7,430,546)
               
SHARES
   
               
 
PREFERRED STOCKS - 0.96%
               
 
DEPOSITORY INSTITUTIONS - 0.04%
               
134,000
  Bank of America Corp
            2,908  
 
  TOTAL DEPOSITORY INSTITUTIONS
            2,908  
 
NONDEPOSITORY INSTITUTIONS - 0.92%
               
556,160
  Federal Home Loan Mortgage Corp (FHLMC)
            14,543  
2,176,309
  Federal National Mortgage Association (FNMA)
            56,040  
 
  TOTAL NONDEPOSITORY INSTITUTIONS
            70,583  
 
 
  TOTAL PREFERRED STOCKS
            73,491  
 
  (Cost $71,662)
               
 

277

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
 
            MATURITY         VALUE  
SHARES       RATE   DATE         (000)  
TIAA-CREF MUTUAL FUNDS - 0.06%
               
443,850 a   TIAA-CREF Institutional High Yield Fund II            
$
4,305  
 
 
      TOTAL TIAA-CREF MUTUAL FUNDS               4,305  
      (Cost $4,180)                  
PRINCIPAL
                       
 
SHORT-TERM INVESTMENTS - 10.34%                  
 
COMMERCIAL PAPER - 3.05%                  
$        25,000,000     American Honda Finance Corp    0.000%  
01/29/08
        24,908  
25,000,000 d   Bank of America Corp 0.000  
01/25/08
        24,919  
25,000,000 d   Bank of Nova Scotia 0.000  
02/01/08
        24,899  
25,300,000 d   Cargill, Inc 0.000  
02/28/08
        25,109  
25,000,000     Ciesco LLC 0.000  
01/15/08
        24,943  
17,172,000     Coca-Cola Co 0.000  
02/19/08
        17,063  
10,200,000     Eaton Corp 0.000  
01/02/08
        10,198  
4,434,000     Edison Asset Securitization LLC 0.000  
02/06/08
        4,409  
24,000,000     General Electric Capital Corp 0.000  
02/04/08
        23,894  
25,000,000     Govco LLC 0.000  
03/12/08
        24,734  
20,000,000     PepsiAmericas, Inc 0.000  
01/18/08
        19,952  
9,686,000 d   Royal Bank of Scotland plc 0.000  
01/28/08
        9,651  
      TOTAL COMMERCIAL PAPER               234,679  
 
U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES - 0.27%                
4,923,000     Federal Home Loan Bank (FHLB) 0.000  
04/16/08
        4,864  
15,900,000     Federal Home Loan Mortgage Corp (FHLMC) 0.000  
02/14/08
        15,822  
      TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES     20,686  
 
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 7.02%                
REPURCHASED AGREEMENTS                  
89,041,000     Bear Stearns & Co, Inc 4.250% Dated 12/31/2007,               89,052  
      Due 01/02/2008 In the Amount of $89,051,512                  
      Fully Collateralized as follows:                  
      Federal Home Loan Bank (FHLB) 0.000% -                  
      5.648%, 11/21/2011 - 11/27/2037    
$ 51,755,306
           
      Federal Home Loan Mortgage Corp (FHLMC)                  
      0.000% - 5.800%, 08/20/2012 - 04/03/2037    
36,727,262
           
      Federal National Mortgage Association (FNMA)                  
      0.000% - 4.125%, 01/30/2012 - 10/03/2033    
2,519,313
           
      Total Market Value    
91,001,881
           
 
90,000,000     Goldman Sachs & Co, Inc 4.150% Dated 12/31/2007,               90,010  
      Due 01/02/2008 In the Amount of $90,010,375                  
      Fully Collateralized as follows:                  
      Federal Home Loan Mortgage Corp (FHLMC)                  
      6.625%, 09/15/2009    
48,093,750
           
      Federal National Mortgage Association (FNMA)                  
      6.625%, 11/15/2030    
43,712,393
           
      Total Market Value    
91,806,143
           
 
90,000,000     JP Morgan Securities 4.250% Dated 12/31/2007,               90,011  
      Due 01/02/2008 In the Amount of $90,010,625                  
      Fully Collateralized as follows:                  
      Federal Home Loan Bank (FHLB) 4.750% -                  
      4.875%, 08/16/2010 - 11/30/2012    
24,414,819
           

278

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
 
                      VALUE  
PRINCIPAL                    
(000)
 
      Federal Home Loan Mortgage Corp (FHLMC)                  
      5.625%, 12/19/2017     5,478,318            
      Federal National Mortgage Association (FNMA)                  
      4.750% - 7.125%, 09/02/2008 - 03/28/2019     61,906,853            
      Total Market Value     91,799,990            
 
$        90,000,000     Lehman Brothers, Inc 4.200% Dated 12/31/2007,             $ 90,010  
      Due 01/02/2008 In the Amount of $90,010,500                  
      Fully Collateralized as follows:                  
      Federal National Mortgage Association (FNMA)                  
      0.000%, 03/31/2008     92,700,000            
      Total Market Value     92,700,000            
 
90,000,000     Merrill Lynch & Co, Inc 4.290% Dated 12/31/2007,               90,011  
      Due 01/02/2008 In the Amount of $90,010,725                  
      Fully Collateralized as follows:                  
      Federal Home Loan Bank (FHLB) 0.000% -                  
      5.000%, 03/04/2008 - 06/30/2023     45,046,800            
      Federal Home Loan Mortgage Corp (FHLMC)                  
      3.500% - 6.000%, 04/01/2008 - 09/19/2016     45,999,926            
      Federal National Mortgage Association (FNMA)                  
      0.000% - 6.000%, 02/01/2008 - 04/18/2036     24,512,880            
      Total Market Value     115,559,606            
 
86,387,000     Morgan Stanley & Co, Inc 4.250% Dated 12/31/2007,               86,397  
      Due 01/02/2008 In the Amount of $86,397,198                  
      Fully Collateralized as follows:                  
      Federal Home Loan Bank (FHLB) 4.160% -                  
      5.760%, 02/01/2010 - 07/03/2025     68,919,314            
      Federal Home Loan Mortgage Corp (FHLMC)                  
      0.000%, 04/08/2019     19,196,876            
      Total Market Value     88,116,190            
 
3,613,000     Morgan Stanley & Co, Inc 1.450% Dated 12/31/2007,               3,613  
      Due 01/02/2008 In the Amount of $3,613,146                  
      Fully Collateralized as follows:                  
      U.S. Treasury Bond 7.500%, 11/15/2016     3,675,915            
      Total Market Value     3,675,915            
 
      TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED   539,104  
 
      TOTAL SHORT-TERM INVESTMENTS               794,469  
      (Cost $794,483)                  
 
      TOTAL PORTFOLIO - 108.89%               8,362,321  
      (Cost $8,300,871)                  
      OTHER ASSETS & LIABILITIES, NET - (8.89%)               (682,525 )
                         
      NET ASSETS - 100.00%             $ 7,679,796  

279

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
     
 
     
 
      

 
      The following abbreviations are used in portfolio descriptions:      
 
LLC
  Limited Liability Company      
 
LP
  Limited Partnership      
 
N/R
  Not rated by Moody's      
 
plc
  Public Limited Company      
 
 
†
  As provided by Moody's Investors Service (Unaudited).      
 
a
  Affiliated Holding      
 
d
  All or a portion of these securities have been segregated by the Custodian to cover securities purchased on a      
 
  delayed delivery basis.      
 
e
  All or a portion of these securities are out on loan.      
 
g
  Security is exempt from registration under Rule 144 (A) of the Securities Act of 1933 and may be resold in      
 
  transactions exempt from registration to qualified institutional buyers.      
 
  At December 31, 2007, the value of these securities amounted to $272,782,188 or 3.55% 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 December 31, 2007.      
 
j
  Zero coupon      
 
k
  Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.      
 
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.      

280

COLLEGE RETIREMENT EQUITIES FUND - Inflation-Linked Bond Account
 
COLLEGE RETIREMENT EQUITIES FUND
INFLATION-LINKED BOND ACCOUNT
STATEMENT OF INVESTMENTS (unaudited)
December 31, 2007
 
 
       
  MATURITY     VALUE  
PRINCIPAL
       
RATE
  DATE    
(000)
 
 
GOVERNMENT BONDS - 98.47%    
           
 
U.S. TREASURY SECURITIES - 98.47%
   
           
$        297,993,671
k
  United States Treasury Inflation Indexed Bond    
   2.375%
  01/15/25  
$
 313,314  
193,682,080
k
  United States Treasury Inflation Indexed Bond    
2.000
  01/15/26     193,161  
157,107,885
k
  United States Treasury Inflation Indexed Bond    
2.375
  01/15/27     166,374  
198,225,816
k
  United States Treasury Inflation Indexed Bond    
3.625
  04/15/28     251,681  
227,884,260
e,k
  United States Treasury Inflation Indexed Bond    
3.875
  04/15/29     301,935  
60,128,067
k
  United States Treasury Inflation Indexed Bond    
3.375
  04/15/32     77,154  
189,398,570
k
  United States Treasury Inflation Indexed Note    
3.875
  01/15/09     194,992  
136,333,927
k
  United States Treasury Inflation Indexed Note    
4.250
  01/15/10     145,473  
319,015,942
k
  United States Treasury Inflation Indexed Note    
0.875
  04/15/10     317,944  
137,114,547
k
  United States Treasury Inflation Indexed Note    
3.500
  01/15/11     147,462  
196,183,260
k
  United States Treasury Inflation Indexed Note    
2.375
  04/15/11     204,490  
76,531,948
k
  United States Treasury Inflation Indexed Note    
3.375
  01/15/12     83,486  
156,185,769
k
  United States Treasury Inflation Indexed Note    
2.000
  04/15/12     161,872  
259,032,162
k
  United States Treasury Inflation Indexed Note    
3.000
  07/15/12     280,544  
242,837,770
k
  United States Treasury Inflation Indexed Note    
1.875
  07/15/13     250,237  
248,576,543
k
  United States Treasury Inflation Indexed Note    
2.000
  01/15/14     256,752  
227,712,562
k
  United States Treasury Inflation Indexed Note    
2.000
  07/15/14     235,273  
229,304,390
k
  United States Treasury Inflation Indexed Note    
1.625
  01/15/15     230,218  
196,128,834
k
  United States Treasury Inflation Indexed Note    
1.875
  07/15/15     199,914  
191,892,626
k
  United States Treasury Inflation Indexed Note    
2.000
  01/15/16     196,930  
189,470,508
k
  United States Treasury Inflation Indexed Note    
2.500
  07/15/16     202,053  
168,503,773
k
  United States Treasury Inflation Indexed Note    
2.375
  01/15/17     177,811  
154,631,802
e,k
  United States Treasury Inflation Indexed Note    
2.625
  07/15/17     166,845  
 
  TOTAL U.S. TREASURY SECURITIES    
        4,755,915  
 
 
  TOTAL GOVERNMENT BONDS    
        4,755,915  
 
  (Cost $4,526,338)    
           
 
SHORT-TERM INVESTMENTS - 1.20%    
           
 
COMMERCIAL PAPER - 0.46%    
           
22,400,000
  Alcon Capital Corp    
0.000
  01/02/08     22,395  
 
  TOTAL COMMERCIAL PAPER    
        22,395  
 
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 0.74%    
           
REPURCHASED AGREEMENTS    
           
20,000,000
  Bear Stearns & Co, Inc 4.250% Dated 12/31/2007,    
        20,002  
 
  Due 01/02/2008 In the Amount of $20,002,361    
           
 
  Fully Collateralized as follows:    
           
 
  Federal Home Loan Bank (FHLB) 0.000% - 5.648%, 11/21/2011 - 11/27/2037        
$ 11,625,050
       
 
  Federal Home Loan Mortgage Corp (FHLMC) 0.000% - 5.800%,    
           
 
  08/20/2012 - 04/03/2037    
  8,249,517        
 
  Federal National Mortgage Association (FNMA) 0.000% -    
           
 
  4.125%, 01/30/2012 - 10/03/2033    
  565,877        
 
  Total Market Value    
 
20,440,444
       

281

COLLEGE RETIREMENT EQUITIES FUND - Inflation-Linked Bond Account
                 
 
                      VALUE  
PRINCIPAL
                   
(000)
 
$        10,000,000
  Goldman Sachs & Co, Inc 4.150% Dated 12/31/2007,    
     
$
10,001  
      Due 01/02/2008 In the Amount of $10,001,153                  
      Fully Collateralized as follows:                  
      Federal Home Loan Mortgage Corp (FHLMC) 6.625%, 09/15/2009         5,343,750        
      Federal National Mortgage Association (FNMA) 6.625%, 11/15/2030         4,856,933        
      Total Market Value         10,200,683        
 
5,728,000     Morgan Stanley & Co, Inc 4.250% Dated 12/31/2007,               5,729  
      Due 01/02/2008 In the Amount of $5,728,676                  
      Fully Collateralized as follows:                  
      Federal Home Loan Bank (FHLB) 4.160% - 5.760%, 02/01/2010 - 07/03/2025         4,569,783        
      Federal Home Loan Mortgage Corp (FHLMC) 0.000%, 04/08/2019         1,272,873        
      Total Market Value         5,842,656        
 
      TOTAL INVESTMENT OF CASH COLLATERAL                  
      FOR SECURITIES LOANED               35,732  
 
      TOTAL SHORT-TERM INVESTMENTS               58,127  
      (Cost $58,130)                  
 
      TOTAL PORTFOLIO - 99.67%               4,814,042  
      (Cost $ 4,584,468)                  
      OTHER ASSETS & LIABILITIES, NET - 0.33%               15,791  
                         
      NET ASSETS - 100.00%            
$
 4,829,833  
     
 
                  

 
 
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.                  

282

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
 
COLLEGE RETIREMENT EQUITIES FUND
SOCIAL CHOICE ACCOUNT
STATEMENT OF INVESTMENTS (unaudited)
December 31, 2007
 
 
   
  MATURITY         VALUE  
PRINCIPAL
   
RATE
  DATE   RATING †     (000)  
 
BONDS - 39.55%
               
 
CORPORATE BONDS - 16.74%
               
 
AMUSEMENT AND RECREATION SERVICES - 0.06%
               
$        2,000,000
  International Speedway Corp
   5.400%
  04/15/14   Baa2  
$
 2,028  
3,000,000
  Walt Disney Co
5.700
  07/15/11   A2     3,127  
 
  TOTAL AMUSEMENT AND RECREATION SERVICES               5,155  
 
ASSET BACKED - 4.18%
               
3,353,659
  AmeriCredit Automobile Receivables Trust Series
               
 
  2006-AF (Class A3)
5.560
  09/06/11   Aaa     3,371  
10,250,000
  AmeriCredit Automobile Receivables Trust Series
               
 
  2006-AF (Class A4)
5.640
  09/06/13   Aaa     10,453  
5,000,000
  AmeriCredit Automobile Receivables Trust Series
               
 
  2007-BF (Class A3A)
5.160
  04/06/12   Aaa     5,038  
4,000,000
  Capital One Auto Finance Trust Series 2007-A
               
 
  (Class A3A)
5.250
  08/15/11   Aaa     4,026  
4,000,000
  Capital One Auto Finance Trust Series 2007-B
               
 
  (Class A3A)
5.030
  04/15/12   Aaa     4,025  
10,000,000
i
  Centex Home Equity Series 2004-C (Class AF5)
5.980
  06/25/34   Aaa     9,985  
3,501,139
i
  Chase Funding Loan Acquisition Trust Series 2004-
               
 
  OPT1 (Class M1)
5.435
  06/25/34   Aa1     3,241  
18,988,250
i
  Chase Funding Mortgage Loan Asset-Backed
               
 
  Certificates Series 2003-6 (Class 1A7)
4.277
  09/25/33   Aaa     18,430  
851,128
i
  Chase Funding Mortgage Loan Asset-Backed
               
 
  Certificates Series 2004-2 (Class 1B)
5.700
  02/25/35   Baa2     497  
886,369
  Chase Manhattan Auto Owner Trust Series 2004-A
               
 
  (Class A4)
2.830
  09/15/10   Aaa     883  
5,171,421
  CIT Equipment Collateral Series 2005-VT1 (Class
               
 
  A4)
4.360
  11/20/12   Aaa     5,157  
7,000,000
i
  Citicorp Mortgage Securities, Inc Series 2006-1
               
 
  (Class A3)
5.706
  07/25/36   Aaa     6,877  
12,000,000
  Citicorp Mortgage Securities, Inc Series 2006-2
               
 
  (Class A3)
5.563
  09/25/36   Aaa     11,727  
1,903,822
  Countrywide Asset-Backed Certificates Series 2002-
               
 
  S2 (Class A5)
5.978
  01/25/17   Aaa     1,882  
5,000,000
i
  Countrywide Asset-Backed Certificates Series 2007-
               
 
  S2 (Class A3)
5.813
  05/25/37   Aaa     4,616  
850,768
i
  Countrywide Home Equity Loan Trust Series 2004-B
               
 
  (Class 1A)
5.248
  02/15/29   Aaa     829  
4,997,050
i
  Credit-Based Asset Servicing and Securitization
               
 
  LLC Series 2007-MX1 (Class A1)
5.763
  12/25/36   Aaa     4,985  
6,500,000
i
  Credit-Based Asset Servicing and Securitization
               
 
  LLC Series 2007-MX1 (Class A2)
5.825
  12/25/36   Aaa     5,909  
12,000,000
i
  Flagstar Home Equity Loan Trust Series 2007-1A
               
 
  (Class AF3)
5.781
  01/25/35   Aaa     11,124  
3,500,000
  GMAC Mortgage Corporation Loan Trust 2006-
               
 
  HLTV A3
5.590
  10/25/29   Aaa     3,265  

283

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
 
       
  MATURITY         VALUE  
PRINCIPAL      
RATE
  DATE   RATING †     (000)  
$        2,282,000     GMAC Mortgage Corporation Loan Trust 2006-
               
      HLTV A4
   5.810%
  10/25/29   Aaa  
$
1,945  
2,636,586 i   GSAA Trust Series 2004-3 (Class AF3)
5.691
  04/25/34   Aaa     2,643  
10,000,000     Hertz Vehicle Financing LLC Series 2005-1A (Class
               
      A3)
5.010
  02/25/11   Aaa     10,077  
2,500,000     Hertz Vehicle Financing LLC Series 2005-1A (Class
               
      A5)
5.080
  11/25/11   Aaa     2,517  
3,635,000     Hertz Vehicle Financing LLC Series 2005-2A (Class
               
      A2)
4.930
  02/25/10   Aaa     3,643  
1,704,677     HFC Home Equity Loan Asset Backed Certificates
               
      Series 2006-4 (Class A1F)
5.790
  03/20/36   Aaa     1,696  
4,270,567 i   HFC Home Equity Loan Asset Backed Certificates
               
      Series 2007-1 (Class A1F)
5.910
  03/20/36   Aaa     4,253  
4,000,000 i   HFC Home Equity Loan Asset Backed Certificates
               
      Series 2007-1 (Class A3F)
5.730
  03/20/36   Aaa     3,694  
10,000,000     Honda Auto Receivables Owner Trust Series 2007-1
               
      (Class A4)
5.090
  07/18/13   N/R     10,106  
8,846,355     Household Automotive Trust Series 2006-2 (Class
               
      A3)
5.610
  08/17/11   Aaa     8,906  
21,000,000     Household Automotive Trust Series 2006-3 (Class
               
      A4)
5.340
  09/17/13   Aaa     21,321  
16,000,000     Household Credit Card Master Note Trust I Series
               
      2006-1 (Class A)
5.100
  06/15/12   Aaa     16,150  
3,365,223     Hyundai Auto Receivables Trust Series 2006-A
               
      (Class A3)
5.130
  06/15/10   Aaa     3,372  
20,000,000     Hyundai Auto Receivables Trust Series 2006-B
               
      (Class A4)
5.150
  05/15/13   Aaa     20,193  
2,154,670 i   IXIS Real Estate Capital Trust Series 2006-HE1
               
      (Class A2)
5.005
  03/25/36   Aaa     2,136  
8,000,000     JPMorgan Auto Receivables Trust Series 2007-A
               
      (Class A3)
5.190
  02/15/11   Aaa     8,059  
2,934,567     Marriott Vacation Club Owner Trust Series 2006-2A
               
      (Class A)
5.362
  10/20/28   Aaa     2,989  
3,496,370     Marriott Vacation Club Owner Trust Series 2007-1A
               
      (Class A)
5.518
  05/20/29   Aaa     3,489  
16,000,000     Nissan Auto Lease Trust Series 2006-A
               
      (Class A3)
5.110
  03/15/10   Aaa     16,071  
8,500,000     Nissan Auto Lease Trust Series 2006-A
               
      (Class A4)
5.100
  07/16/12   Aaa     8,579  
5,000,000     Nissan Auto Receivables Owner Trust Series 2007-A
               
      (Class A3)
5.100
  11/15/10   Aaa     5,032  
3,250,000 i   Renaissance Home Equity Loan Trust Series 2006-3
               
      (Class AF3)
5.586
  11/25/36   Aaa     3,179  
2,829,431 i   Residential Asset Mortgage Products, Inc Series
               
      2003-RZ5 (Class A7)
4.970
  09/25/33   Aaa     2,764  
4,000,000     Residential Funding Mortgage Securities II, Inc
               
      Series 2006-H12 (Class A2)
5.750
  02/25/36   Aaa     3,786  
3,000,000 i   Residential Funding Mortgage Securities II, Inc
               
      Series 2006-HI1 (Class A3)
5.570
  02/25/36   Aaa     2,479  
2,000,000 i   Residential Funding Mortgage Securities II, Inc
               
      Series 2006-HI1 (Class M1)
6.010
  02/25/36   Aa1     1,033  
200,000 i   Residential Funding Mortgage Securities II, Inc
               
      Series 2006-HI1 (Class M2)
6.060
  02/25/36   Aa2     87  
5,700,000     Residential Funding Mortgage Securities II, Inc
               
      Series 2006-HI3 (Class A3)
5.960
  02/25/36   Aaa     5,151  

284

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
 
 
   
  MATURITY         VALUE  
PRINCIPAL
   
RATE
  DATE   RATING †    
(000)
 
$        7,000,000
  Residential Funding Mortgage Securities II, Inc
               
 
  Series 2006-HI4 (Class A2)
   5.450%
  09/25/36   Aaa  
$
6,925  
18,000,000
  Residential Funding Mortgage Securities II, Inc
               
 
  Series 2006-HI4 (Class A3)
5.440
  09/25/36   Aaa     17,358  
5,003,000
  Residential Funding Mortgage Securities II, Inc
               
 
  Series 2006-HI5 (Class A2)
5.520
  04/25/21   Aaa     4,742  
9,000,000
  Residential Funding Mortgage Securities II, Inc
               
 
  Series 2006-HI5 (Class A3)
5.500
  08/25/25   Aaa     7,829  
4,000,000
i
  Residential Funding Mortgage Securities II, Inc
               
 
  Series 2006-HSA2 (Class AI3)
5.550
  03/25/36   Aaa     3,473  
2,110,963
m
  Sierra Receivables Funding Co Series 2006-1A
               
 
  (Class A1)
5.840
  05/20/18   Aaa     2,172  
15,733,333
m,v
  Sonic Capital LLC Series 2006-1A (Class A2)
5.096
  12/20/31   Aaa     15,113  
20,000,000
  Volkswagen Auto Lease Trust Series 2006-A (Class
               
 
  A3)
5.500
  09/21/09   Aaa     20,091  
2,533,524
m,v
  Wachovia Amortization Controlled Heloc NIM
               
 
  Series 2006-N1 (Class N1)
5.683
  08/12/47   A3     2,494  
10,000,000
  Wachovia Auto Loan Owner Trust Series 2006-2A
               
 
  (Class A3)
5.230
  08/22/11   Aaa     10,017  
2,598,375
i
  Wachovia Loan Trust Series 2005-SD1 (Class A)
5.225
  05/25/35   N/R     2,532  
 
  TOTAL ASSET BACKED
            384,416  
 
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.10%
               
3,500,000
  Home Depot, Inc
5.400
  03/01/16   Baa1     3,316  
5,000,000
  Lowe's Cos, Inc
8.250
  06/01/10   A1     5,463  
 
  TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES               8,779  
 
CHEMICALS AND ALLIED PRODUCTS - 0.25%
               
1,000,000
  Abbott Laboratories
3.750
  03/15/11   A1     981  
1,000,000
  Abbott Laboratories
5.600
  05/15/11   A1     1,036  
3,150,000
g
  Amgen, Inc
5.850
  06/01/17   A2     3,198  
1,500,000
  Clorox Co
5.950
  10/15/17   Baa1     1,494  
2,500,000
  Ecolab, Inc
6.875
  02/01/11   A2     2,680  
3,000,000
  Genentech, Inc
5.250
  07/15/35   A1     2,774  
2,000,000
  Johnson & Johnson
5.950
  08/15/37   Aaa     2,159  
1,500,000
  Lubrizol Corp
4.625
  10/01/09   Baa3     1,506  
5,000,000
  Praxair, Inc
3.950
  06/01/13   A2     4,839  
2,500,000
  Praxair, Inc
5.250
  11/15/14   A2     2,519  
 
  TOTAL CHEMICALS AND ALLIED PRODUCTS
            23,186  
 
COMMUNICATIONS - 0.49%
               
4,343,000
  Alamosa Delaware, Inc
8.500
  01/31/12   Baa3     4,429  
1,184,000
  AT&T Corp
7.300
  11/15/11   A2     1,283  
8,000,000
  AT&T, Inc
5.100
  09/15/14   A2     7,917  
1,000,000
  AT&T, Inc
6.150
  09/15/34   A2     998  
700,000
  AT&T, Inc
6.500
  09/01/37   A2     732  
700,000
  AT&T, Inc
6.300
  01/15/38   A2     711  
3,632,310
  Bellsouth Telecommunications, Inc
6.300
  12/15/15   A2     3,806  
2,500,000
  New Cingular Wireless Services, Inc
7.875
  03/01/11   A3     2,708  
1,500,000
  New Cingular Wireless Services, Inc
8.750
  03/01/31   A3     1,944  
8,500,000
  Sprint Capital Corp
8.375
  03/15/12   Baa3     9,206  
5,000,000
  Time Warner Cable, Inc
5.400
  07/02/12   Baa2     5,010  
2,500,000
  Time Warner Cable, Inc
5.850
  05/01/17   Baa2     2,506  
4,000,000
  Verizon New Jersey, Inc
5.875
  01/17/12   A3     4,119  
 
  TOTAL COMMUNICATIONS
            45,369  

285

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
 
 
   
  MATURITY         VALUE  
PRINCIPAL
   
RATE
  DATE   RATING †    
(000)
 
DEPOSITORY INSTITUTIONS - 2.36%
               
$        1,300,000
g
  Amsouth Bank
   4.850%
  04/01/13   A1  
$
1,251  
1,000,000
  Astoria Financial Corp
5.750
  10/15/12   A2     1,026  
9,940,000
g
  BA Covered Bond Issuer
5.500
  06/14/12   Aaa     10,483  
13,000,000
g
  Banco Bilbao Vizcaya Argentaria S.A.
5.750
  07/20/17   Aaa     13,881  
5,000,000
  Bank of America Corp
4.875
  09/15/12   Aa1     5,012  
5,000,000
  Bank of America NA
5.300
  03/15/17   Aa1     4,862  
5,250,000
  Bank of America NA
6.000
  10/15/36   Aa1     5,021  
3,000,000
  Bank of Hawaii
6.875
  03/01/09   A1     3,081  
1,000,000
i
  Bank of New York Mellon Corp
3.400
  03/15/13   Aa3     994  
1,500,000
i
  BB&T Capital Trust IV
6.820
  06/12/57   A1     1,411  
2,500,000
  Capital One Bank
4.250
  12/01/08   A2     2,446  
3,000,000
g
  Corestates Capital Trust I
8.000
  12/15/26   A1     3,106  
8,800,000
g
  Depfa ACS Bank
5.125
  03/16/37   Aaa     8,698  
6,500,000
  FIA Card Services NA
7.125
  11/15/12   Aa1     7,062  
3,000,000
  First Union National Bank of Florida
6.180
  02/15/36   Aa2     3,047  
5,000,000
  Firstar Bank NA
7.125
  12/01/09   Aa2     5,254  
2,000,000
  Greenpoint Financial Corp
3.200
  06/06/08   A3     1,971  
2,500,000
  Independence Community Bank Corp
4.900
  09/23/10   A3     2,503  
5,000,000
  M&I Marshall & Ilsley Bank
5.300
  09/08/11   Aa3     5,007  
5,000,000
i
  Manufacturers & Traders Trust Co
5.629
  12/01/21   A2     4,618  
5,000,000
  Mellon Funding Corp
6.400
  05/14/11   Aa3     5,285  
5,000,000
  Mercantile Bankshares Corp
4.625
  04/15/13   A2     4,939  
1,250,000
  Mercantile-Safe Deposit & Trust Co
5.700
  11/15/11   N/R     1,314  
1,250,000
  National City Bank
7.250
  07/15/10   N/R     1,338  
8,000,000
g
  Nationwide Building Society
5.500
  07/18/12   Aaa     8,309  
5,000,000
  NB Capital Trust IV
8.250
  04/15/27   Aa2     5,193  
2,140,000
g
  OMX Timber Finance Investments LLC Series 1
5.420
  01/29/20   Aa3     2,178  
3,000,000
  Popular North America, Inc
3.875
  10/01/08   A3     2,971  
2,000,000
  Popular North America, Inc
5.650
  04/15/09   A3     2,020  
5,000,000
  Regions Bank
6.450
  06/26/37   A1     4,567  
7,185,000
  Roslyn Bancorp, Inc
7.500
  12/01/08   A3     7,324  
1,365,000
  SouthTrust Bank
6.125
  01/09/28   Aa2     1,388  
3,000,000
  Sovereign Bank
4.000
  02/01/08   A2     2,997  
2,000,000
  State Street Bank & Trust Co
5.250
  10/15/18   Aa2     1,891  
7,312,000
  State Street Corp
7.650
  06/15/10   A1     7,803  
10,228,000
  SunTrust Banks, Inc
6.000
  02/15/26   A1     9,864  
1,475,000
  SunTrust Banks, Inc
6.000
  01/15/28   N/R     1,476  
4,000,000
  Union Bank of California NA
5.950
  05/11/16   A1     3,840  
1,112,000
  US Bank NA
6.375
  08/01/11   Aa2     1,166  
3,000,000
  US Bank NA
6.300
  02/04/14   Aa2     3,191  
4,000,000
  Wachovia Bank NA
4.875
  02/01/15   Aa2     3,808  
2,000,000
  Wachovia Bank NA
5.850
  02/01/37   Aa2     1,802  
5,000,000
  Wachovia Corp
5.300
  10/15/11   Aa3     5,011  
3,000,000
  Washington Mutual Bank
5.650
  08/15/14   Baa2     2,648  
5,000,000
  Webster Bank
5.875
  01/15/13   A3     4,913  
3,500,000
  Wells Fargo & Co
4.875
  01/12/11   Aa1     3,547  
5,150,000
  Wells Fargo & Co
5.625
  12/11/17   Aa1     5,153  
1,500,000
  Wells Fargo Bank NA
6.450
  02/01/11   Aa1     1,587  
5,000,000
  Wells Fargo Bank NA
4.750
  02/09/15   Aa1     4,776  
8,195,000
  Western Financial Bank
9.625
  05/15/12   Aa2     8,814  
5,000,000
i
  World Savings Bank FSB
5.101
  09/16/09   Aa1     5,004  
 
  TOTAL DEPOSITORY INSTITUTIONS
            216,851  
 
EATING AND DRINKING PLACES - 0.09%
               
5,000,000
  McDonald's Corp
5.750
  03/01/12   A3     5,225  

286

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
 
 
   
  MATURITY         VALUE  
PRINCIPAL
   
RATE
  DATE   RATING †     (000)  
$        3,000,000
  McDonald's Corp
   6.300%
  10/15/37   A3  
$
3,111  
 
  TOTAL EATING AND DRINKING PLACES
            8,336  
 
ELECTRIC, GAS, AND SANITARY SERVICES - 0.95%
               
3,510,000
  AGL Capital Corp
6.000
  10/01/34   Baa1     3,158  
5,000,000
  Atmos Energy Corp
5.125
  01/15/13   Baa3     4,900  
2,000,000
  Connecticut Light & Power
5.750
  03/01/37   A3     1,863  
5,000,000
g
  Great River Energy
5.829
  07/01/17   Aaa     5,127  
5,000,000
  Hawaiian Electric Industries, Inc
6.141
  08/15/11   Baa2     5,239  
3,000,000
  Idaho Power Co
7.200
  12/01/09   A3     3,157  
5,000,000
  Idaho Power Co
5.500
  04/01/33   A3     4,672  
2,500,000
  Idaho Power Co
6.250
  10/15/37   A3     2,565  
7,500,000
g
  International Transmission Co
4.450
  07/15/13   A3     7,151  
1,550,000
  Laclede Gas Co
6.500
  11/15/10   A3     1,630  
2,500,000
  Laclede Gas Co
6.150
  06/01/36   A3     2,599  
5,000,000
  National Fuel Gas Co
6.000
  03/01/09   Baa1     5,055  
6,000,000
  Nevada Power Co
6.650
  04/01/36   Baa3     6,074  
2,000,000
  Nicor, Inc
6.580
  02/15/28   A1     2,179  
1,500,000
  Northwest Natural Gas Co
5.620
  11/21/23   A2     1,417  
4,000,000
  ONEOK Partners LP
5.900
  04/01/12   Baa2     4,113  
2,185,000
g
  Pedernales Electric Cooperative
6.202
  11/15/32   N/R     2,208  
2,000,000
  Piedmont Natural Gas Co
7.350
  09/25/09   A3     2,096  
2,000,000
  Puget Sound Energy, Inc
6.274
  03/15/37   Baa2     1,964  
5,000,000
  Questar Market Resources, Inc
6.050
  09/01/16   Baa3     5,000  
2,000,000
  Questar Pipeline Co
6.570
  09/26/11   A2     2,141  
2,500,000
  Texas Eastern Transmission LP
7.300
  12/01/10   A3     2,680  
5,000,000
  Washington Gas Light Co
5.440
  08/11/25   A2     4,745  
5,000,000
  Wisconsin Public Service Corp
6.125
  08/01/11   Aa3     5,249  
 
  TOTAL ELECTRIC, GAS, AND SANITARY SERVICES               86,982  
 
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 0.10%
               
3,500,000
  Cisco Systems, Inc
5.500
  02/22/16   A1     3,559  
5,000,000
  Hubbell, Inc
6.375
  05/15/12   A3     5,440  
 
  TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT               8,999  
 
FABRICATED METAL PRODUCTS - 0.07%
               
2,000,000
  Pentair, Inc
7.850
  10/15/09   Baa3     2,131  
4,000,000
  Stanley Works
5.000
  03/15/10   A2     4,065  
 
  TOTAL FABRICATED METAL PRODUCTS
            6,196  
 
FOOD AND KINDRED PRODUCTS - 0.39%
               
7,650,000
  Bottling Group LLC
4.625
  11/15/12   Aa2     7,674  
5,000,000
  Campbell Soup Co
5.000
  12/03/12   A3     5,076  
6,700,000
  Coca-Cola Bottling Co Consolidated
5.000
  11/15/12   Baa2     6,657  
5,000,000
  Coca-Cola Enterprises, Inc
8.500
  02/01/22   A3     6,270  
2,500,000
  Kraft Foods, Inc
6.000
  02/11/13   Baa2     2,570  
5,000,000
  PepsiAmericas, Inc
5.625
  05/31/11   Baa1     5,208  
2,500,000
  WM Wrigley Jr Co
4.650
  07/15/15   A1     2,407  
 
  TOTAL FOOD AND KINDRED PRODUCTS
            35,862  
 
FOOD STORES - 0.06%
               
5,000,000
  Kroger Co
8.050
  02/01/10   Baa2     5,323  
 
  TOTAL FOOD STORES
            5,323  
 
FURNITURE AND FIXTURES - 0.04%
               
4,000,000
  Leggett & Platt, Inc
4.700
  04/01/13   A2  
 
4,008
 
 
  TOTAL FURNITURE AND FIXTURES
            4,008  

287

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
 
 
   
  MATURITY         VALUE  
PRINCIPAL
   
RATE
  DATE   RATING †     (000)  
GENERAL BUILDING CONTRACTORS - 0.10%
               
$        3,000,000
  Lennar Corp
   5.125%
  10/01/10   Ba1  
$
2,574  
3,000,000
e
  M/I Homes, Inc
6.875
  04/01/12   Ba3     2,460  
3,000,000
  MDC Holdings, Inc
5.375
  07/01/15   Baa3     2,800  
2,000,000
  Ryland Group, Inc
5.375
  05/15/12   Ba1     1,799  
 
  TOTAL GENERAL BUILDING CONTRACTORS
            9,633  
 
GENERAL MERCHANDISE STORES - 0.03%
               
2,500,000
  Target Corp
5.375
  05/01/17   A2     2,443  
 
  TOTAL GENERAL MERCHANDISE STORES
            2,443  
 
HEALTH SERVICES - 0.02%
               
1,500,000
  Quest Diagnostics, Inc
6.400
  07/01/17   Baa3     1,551  
 
  TOTAL HEALTH SERVICES
            1,551  
 
HOLDING AND OTHER INVESTMENT OFFICES - 0.23%
               
2,500,000
  AMB Property LP
5.450
  12/01/10   Baa1     2,550  
3,000,000
  Highwoods Properties, Inc
5.850
  03/15/17   Ba1     2,823  
5,000,000
  Kimco Realty Corp
5.304
  02/22/11   Baa1     5,115  
2,000,000
  Simon Property Group LP
5.250
  12/01/16   A3     1,861  
5,500,000
  Washington Real Estate Investment Trust
6.898
  02/25/08   Baa1     5,520  
3,000,000
  Washington Real Estate Investment Trust
5.125
  03/15/13   Baa1     2,891  
 
  TOTAL HOLDING AND OTHER INVESTMENT OFFICES               20,760  
 
INDUSTRIAL MACHINERY AND EQUIPMENT - 0.24%
               
4,340,000
  Deere & Co
8.100
  05/15/30   A2     5,530  
4,000,000
  IBM International Group Capital LLC
5.050
  10/22/12   A1     4,075  
2,000,000
  John Deere Capital Corp
7.000
  03/15/12   A2     2,178  
10,065,000
g
  Pall Corp
6.000
  08/01/12   Baa1     10,597  
 
  TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT               22,380  
 
INSTRUMENTS AND RELATED PRODUCTS - 0.32%
               
5,000,000
  Beckman Coulter, Inc
6.875
  11/15/11   Baa3     5,274  
4,500,000
  Becton Dickinson & Co
7.150
  10/01/09   A2     4,731  
5,000,000
  Boston Scientific Corp
6.250
  11/15/15   Ba2     4,700  
6,450,000
  CR Bard, Inc
6.700
  12/01/26   Baa1     6,785  
3,500,000
  Medtronic, Inc
4.750
  09/15/15   A1     3,377  
3,000,000
  Thermo Fisher Scientific, Inc
7.625
  10/30/08   Baa2     3,066  
1,750,000
  Thermo Fisher Scientific, Inc
5.000
  06/01/15   Baa2     1,626  
 
  TOTAL INSTRUMENTS AND RELATED PRODUCTS               29,559  
 
INSURANCE CARRIERS - 0.84%
               
2,540,000
  Aetna, Inc
6.625
  06/15/36   A3     2,515  
530,000
  Aetna, Inc
6.750
  12/15/37   A3     529  
2,800,000
g
  Anthem Insurance Co, Inc
9.125
  04/01/10   A3     3,081  
3,000,000
i
  Chubb Corp
6.375
  03/29/37   A3     2,926  
3,500,000
  Cincinnati Financial Corp
6.125
  11/01/34   A2     3,343  
3,000,000
  First American Corp
5.700
  08/01/14   Baa2     2,931  
2,500,000
i
  Hartford Life Global Funding Trusts
5.091
  03/15/11   Aa3     2,479  
5,000,000
g
  Health Care Service Corp
7.750
  06/15/11   A1     5,586  
1,200,000
g
  Jackson National Life Global Funding
6.125
  05/30/12   A1     1,282  
5,000,000
g,i
  Jefferson-Pilot Life Funding Trust I
3.250
  06/02/08   Baa3     5,004  
1,945,000
g
  John Hancock Global Funding II
7.900
  07/02/10   Aa1     2,121  
5,000,000
  Markel Corp
7.000
  05/15/08   Baa3     5,046  

288

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
 
 
   
  MATURITY         VALUE  
PRINCIPAL
   
RATE
  DATE   RATING †     (000)  
$        2,000,000
  Markel Corp
   6.800%
  02/15/13   Baa3  
$
2,107  
3,300,000
  Markel Corp
7.350
  08/15/34   Baa3     3,474  
5,000,000
g
  Nationwide Life Global Funding I
5.350
  03/15/11   Aa3     5,265  
5,000,000
g
  New York Life Global Funding
4.625
  08/16/10   Aaa     5,011  
4,900,000
g
  Ohio National Financial Services, Inc
7.000
  07/15/11   Baa1     5,309  
3,500,000
g
  Pricoa Global Funding I
4.625
  06/25/12   Aa3     3,522  
2,500,000
g
  Principal Life Global Funding I
5.125
  10/15/13   Aa2     2,532  
1,036,000
  Protective Life Corp
4.300
  06/01/13   A3     998  
2,500,000
  Protective Life Secured Trusts
4.850
  08/16/10   Aa3     2,481  
2,500,000
  Protective Life Secured Trusts
4.000
  04/01/11   Aa3     2,505  
1,500,000
g
  Prudential Funding LLC
6.600
  05/15/08   A1     1,506  
2,500,000
g
  Prudential Funding LLC
6.750
  09/15/23   A1     2,630  
2,000,000
  WellPoint, Inc
5.875
  06/15/17   Baa1     2,014  
1,500,000
  WellPoint, Inc
5.850
  01/15/36   Baa1     1,382  
 
  TOTAL INSURANCE CARRIERS
            77,579  
 
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.06%
               
5,000,000
  Harsco Corp
5.125
  09/15/13   A3     5,150  
 
  TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES               5,150  
 
MISCELLANEOUS RETAIL - 0.08%
               
3,000,000
  CVS Caremark Corp
5.750
  06/01/17   Baa2     3,019  
4,286,490
g
  CVS Caremark Corp
5.298
  01/11/27   Baa2     4,287  
 
  TOTAL MISCELLANEOUS RETAIL
            7,306  
 
MOTION PICTURES - 0.18%
               
6,000,000
  Historic TW, Inc
6.625
  05/15/29   Baa2     5,907  
5,234,000
  Time Warner Entertainment Co LP
10.150
  05/01/12   Baa2     6,152  
2,000,000
  Time Warner, Inc
5.500
  11/15/11   Baa2     2,008  
2,500,000
  Time Warner, Inc
6.500
  11/15/36   Baa2     2,433  
 
  TOTAL MOTION PICTURES
            16,500  
 
NONDEPOSITORY INSTITUTIONS - 0.30%
               
5,000,000
  American Capital Strategies Ltd
6.850
  08/01/12   Baa2     5,039  
5,000,000
i
  American Express Credit Corp
5.386
  10/04/10   Aa3     4,883  
4,000,000
  Capital One Financial Corp
5.700
  09/15/11   A3     3,864  
5,000,000
  Capital One Financial Corp
5.500
  06/01/15   A3     4,612  
2,500,000
i
  Countrywide Financial Corp
5.315
  05/07/12   Baa3     1,874  
3,500,000
g,i
  Meridian Funding Co LLC
5.410
  07/21/11   Aaa     3,322  
6,000,000
  Residential Capital LLC
8.000
  04/17/13   Ba3     3,690  
 
  TOTAL NONDEPOSITORY INSTITUTIONS
            27,284  
 
OIL AND GAS EXTRACTION - 0.43%
               
5,000,000
  Apache Corp
5.250
  04/15/13   A3     5,118  
3,000,000
  Apache Corp
6.000
  01/15/37   A3     2,975  
3,500,000
  Chesapeake Energy Corp
6.500
  08/15/17   Ba3     3,378  
8,500,000
g
  EOG Resources Canada, Inc
4.750
  03/15/14   A3     8,612  
2,000,000
  Equitable Resources, Inc
5.000
  10/01/15   Baa1     1,952  
2,000,000
  Noble Energy, Inc
8.000
  04/01/27   Baa2     2,324  
7,775,000
  Smith International, Inc
6.750
  02/15/11   Baa1     8,345  
2,000,000
  Valero Logistics Operations LP
6.050
  03/15/13   Baa3     2,044  
5,000,000
  XTO Energy, Inc
6.250
  04/15/13   Baa2     5,230  
 
  TOTAL OIL AND GAS EXTRACTION
            39,978  
 
 
               

289

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
 
       
  MATURITY         VALUE  
PRINCIPAL      
RATE
  DATE   RATING †     (000)  
OTHER MORTGAGE BACKED SECURITIES - 3.28%                  
$        6,000,000     Banc of America Commercial Mortgage, Inc Series
               
      2002-2 (Class A3)
   5.118%
  07/11/43   N/R  
$
6,070  
10,000,000 i   Banc of America Commercial Mortgage, Inc Series
               
      2004-4 (Class A6)
4.877
  07/10/42   N/R     9,933  
3,000,000 i   Banc of America Commercial Mortgage, Inc Series
               
      2005-1 (Class B)
4.990
  11/10/42   N/R     2,877  
8,370,000 i   Banc of America Commercial Mortgage, Inc Series
               
      2005-5 (Class AJ)
5.158
  10/10/45   Aaa     7,825  
1,375,000 i   Banc of America Commercial Mortgage, Inc Series
               
      2005-6 (Class AJ)
5.181
  09/10/47   Aaa     1,292  
2,000,000 i   Banc of America Commercial Mortgage, Inc Series
               
      2006-2 (Class A4)
5.740
  05/10/45   N/R     2,067  
4,800,000     Banc of America Commercial Mortgage, Inc Series
               
      2006-4 (Class A4)
5.634
  07/10/46   Aaa     4,901  
5,000,000     Banc of America Commercial Mortgage, Inc Series
               
      2007-2 (Class A2)
5.634
  04/10/49   N/R     5,071  
4,732,652     Banc of America Mortgage Securities, Inc Series
               
      2006-1 (Class A8)
6.000
  05/25/36   Aaa     4,759  
1,999,828     Bank of America Alternative Loan Trust Series 2004-8
               
      (Class 3A1)
5.500
  09/25/19   Aaa     1,968  
4,500,000 i   Bear Stearns Commercial Mortgage Securities Series
               
      2005-PW10 (Class AJ)
5.459
  12/11/40   Aaa     4,303  
4,100,000 i   Bear Stearns Commercial Mortgage Securities Series
               
      2006-PW11 (Class A4)
5.457
  03/11/39   N/R     4,161  
5,375,000     Bear Stearns Commercial Mortgage Securities Series
               
      2006-PW13 (Class A4)
5.540
  09/11/41   N/R     5,457  
3,000,000     Bear Stearns Commercial Mortgage Securities Series
               
      2006-PW14 (Class A4)
5.201
  12/11/38   N/R     2,970  
2,000,000 i   Bear Stearns Commercial Mortgage Securities Series
               
      2006-T22 (Class A4)
5.465
  04/12/38   Aaa     2,041  
4,000,000     Bear Stearns Commercial Mortgage Securities Series
               
      2006-T24 (Class A4)
5.537
  10/12/41   Aaa     4,062  
10,500,000     Citigroup/Deutsche Bank Commercial Mortgage
               
      Trust Series 2006-CD3 (Class A5)
5.617
  10/15/48   Aaa     10,704  
8,561,504     Citimortgage Alternative Loan Trust Series 2006-A1
               
      (Class 2A1)
5.250
  03/25/21   Aaa     8,639  
3,225,000     Countrywide Alternative Loan Trust Series 2004-
               
      29CB (Class A7)
5.375
  01/25/35   N/R     3,096  
4,813,599     Countrywide Alternative Loan Trust Series 2004-
               
      30CB (Class 1A15)
5.500
  08/25/16   Aaa     4,725  
3,696,390     Countrywide Home Loan Mortgage Pass Through
               
      Trust Series 2005-17 (Class 1A10)
5.250
  09/25/35   N/R     3,701  
4,500,000 i   Credit Suisse Mortgage Capital Certificates Series
               
      2006-C1 (Class A4)
5.555
  02/15/39   N/R     4,568  
4,800,000     Credit Suisse Mortgage Capital Certificates Series
               
      2006-C4 (Class A3)
5.467
  09/15/39   Aaa     4,838  
5,000,000     Credit Suisse Mortgage Capital Certificates Series
               
      2006-C5 (Class A3)
5.311
  12/15/39   Aaa     4,983  
6,931,826 i   Credit Suisse/Morgan Stanley Commercial Mortgage
               
      Certificate Series HC1A (Class A1)
5.218
  05/15/23   Aaa     6,829  
5,783,920     CS First Boston Mortgage Securities Corp Series
               
      2005-5 (Class 7A1)
6.000
  07/25/35   Aaa     5,853  
2,500,000 i   GE Capital Commercial Mortgage Corp Series 2005-
               
      C3 (Class A5)
4.979
  07/10/45   N/R     2,470  
5,000,000 i   Greenwich Capital Commercial Funding Corp Series
               
      2007-GG11 (Class A2)
5.597
  12/10/49   N/R     5,051  

290

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
 
       
  MATURITY         VALUE  
PRINCIPAL      
RATE
  DATE   RATING †     (000)  
$        25,000,000     GS Mortgage Securities Corp II Series 2001-ROCK
               
      (Class A2)
   6.624%
  05/03/18   Aaa  
$
26,966  
10,000,000 i   GS Mortgage Securities Corp II Series 2001-ROCK
               
      (Class BFL)
5.705
  05/03/18   Aaa     10,129  
3,000,000     GS Mortgage Securities Corp II Series 2006-GG8
               
      (Class A4)
5.560
  11/10/39   Aaa     3,047  
5,000,000 i   GS Mortgage Securities Corp II Series 2007-GG10
               
      (Class A2)
5.778
  08/10/45   Aaa     5,096  
1,000,000     JP Morgan Chase Commercial Mortgage Securities
               
      Corp Series 2002-C1 (Class A3)
5.376
  07/12/37   Aaa     1,020  
9,000,000 i   JP Morgan Chase Commercial Mortgage Securities
               
      Corp Series 2003-CB6 (Class A2)
5.255
  07/12/37   Aaa     9,131  
4,000,000 i   JP Morgan Chase Commercial Mortgage Securities
               
      Corp Series 2006-LDP7 (Class A2)
5.861
  04/15/45   Aaa     4,095  
6,000,000     JP Morgan Chase Commercial Mortgage Securities
               
      Corp Series 2007-CB18 (Class A4)
5.440
  06/12/47   Aaa     6,024  
5,000,000 i   JP Morgan Chase Commercial Mortgage Securities
               
      Corp Series 2007-LD11 (Class AJ)
5.819
  06/15/49   Aaa     4,828  
3,100,000     LB-UBS Commercial Mortgage Trust Series 2005-
               
      C3 (Class A2)
4.553
  07/15/30   Aaa     3,071  
3,000,000 i   LB-UBS Commercial Mortgage Trust Series 2005-
               
      C5 (Class AJ)
5.057
  09/15/40   N/R     2,775  
705,919     MASTR Asset Securitization Trust Series 2005-2
               
      (Class 3A1)
5.000
  10/25/20   Aaa     703  
10,000,000 i   Merrill Lynch Mortgage Trust Series 2003-KEY1
               
      (Class A4)
5.236
  11/12/35   N/R     10,132  
2,675,000 i   Merrill Lynch Mortgage Trust Series 2005-LC1
               
      (Class A4)
5.291
  01/12/44   Aaa     2,667  
1,300,000 i   Merrill Lynch Mortgage Trust Series 2006-C1 (Class
               
      A4)
5.659
  05/12/39   N/R     1,339  
2,300,000 i   Merrill Lynch/Countrywide Commercial Mortgage
               
      Trust Series 2006-1 (Class A4)
5.428
  02/12/39   N/R     2,332  
10,000,000     Morgan Stanley Capital I Series 2005-HQ5 (Class
               
      A2)
4.809
  01/14/42   N/R     9,966  
3,858,272 i   Morgan Stanley Capital I Series 2006-HE1 (Class
               
      A2)
4.985
  01/25/36   Aaa     3,800  
4,400,000     Morgan Stanley Capital I Series 2006-HQ10 (Class
               
      A4)
5.328
  11/12/41   Aaa     4,398  
350,000 i   Morgan Stanley Capital I Series 2006-HQ8 (Class
               
      AJ)
5.468
  03/12/44   Aaa     336  
1,211,000 i   Morgan Stanley Capital I Series 2006-HQ9 (Class
               
      A4)
5.731
  07/12/44   N/R     1,244  
2,500,000 i   Morgan Stanley Capital I Series 2006-IQ11 (Class
               
      A4)
5.773
  10/15/42   N/R     2,575  
5,500,000     Morgan Stanley Capital I Series 2006-IQ12 (Class
               
      A2)
5.283
  12/15/43   N/R     5,511  
1,500,000 i   Morgan Stanley Capital I Series 2006-T21 (Class
               
      AJ)
5.273
  10/12/52   Aaa     1,410  
4,000,000     Morgan Stanley Capital I Series 2007-HQ11 (Class
               
      A31)
5.439
  02/12/44   Aaa     3,991  
2,800,000     Residential Accredit Loans, Inc Series 2005-QS17
               
      (Class A1)
6.000
  12/25/35   Aaa     2,689  
5,475,428     Residential Funding Mortgage Security I Series 2004-
               
      S5 (Class 2A1)
4.500
  05/25/19   N/R     5,369  
3,000,000 i   Wachovia Bank Commercial Mortgage Trust Series
               
      2005-C20 (Class A7)
5.118
  07/15/42   Aaa     2,948  

291

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
 
 
   
  MATURITY         VALUE  
PRINCIPAL
   
RATE
  DATE   RATING †    
(000)
 
2,700,000
i
  Wachovia Bank Commercial Mortgage Trust Series
               
 
  2006-C24 (Class A3)
   5.558%
  03/15/45   Aaa  
$
2,739  
4,700,000
  Wachovia Bank Commercial Mortgage Trust Series
               
 
  2007-C30 (Class AM)
5.383
  12/15/43   Aaa     4,584  
4,000,000
  Wachovia Bank Commercial Mortgage Trust Series
               
 
  2007-C31 (Class A2)
5.421
  04/15/47   Aaa     4,018  
11,439,309
  Wells Fargo Mortgage Backed Securities Trust
               
 
  Series 2003-16 (Class 2A1)
4.500
  12/25/18   N/R     11,196  
2,681,242
  Wells Fargo Mortgage Backed Securities Trust
               
 
  Series 2005-1 (Class 2A1)
5.000
  01/25/20   Aaa     2,658  
4,079,706
i
  Wells Fargo Mortgage Backed Securities Trust
               
 
  Series 2006-AR4 (Class 1A1)
5.857
  04/25/36   N/R     4,002  
 
  TOTAL OTHER MORTGAGE BACKED SECURITIES               302,003  
 
PAPER AND ALLIED PRODUCTS - 0.10%
               
5,000,000
  Bemis Co, Inc
4.875
  04/01/12   Baa1     5,062  
4,100,000
  Kimberly-Clark Corp
6.625
  08/01/37   A2     4,538  
 
  TOTAL PAPER AND ALLIED PRODUCTS
            9,600  
 
PETROLEUM AND COAL PRODUCTS - 0.08%
               
6,500,000
  Sunoco, Inc
4.875
  10/15/14   Baa2     6,288  
1,500,000
  Valero Energy Corp
6.625
  06/15/37   Baa3     1,511  
 
  TOTAL PETROLEUM AND COAL PRODUCTS
            7,799  
 
PIPELINES, EXCEPT NATURAL GAS - 0.03%
               
2,500,000
  Kinder Morgan Energy Partners LP
7.300
  08/15/33   Baa2     2,660  
 
  TOTAL PIPELINES, EXCEPT NATURAL GAS
            2,660  
 
PRINTING AND PUBLISHING - 0.12%
               
5,000,000
  Dow Jones & Co, Inc
3.875
  02/15/08   Baa2     4,994  
2,500,000
  Dun & Bradstreet Corp
5.500
  03/15/11   N/R     2,580  
3,000,000
  EW Scripps Co
4.300
  06/30/10   A2     3,011  
 
  TOTAL PRINTING AND PUBLISHING
            10,585  
 
RAILROAD TRANSPORTATION - 0.13%
               
2,000,000
  CSX Corp
6.150
  05/01/37   Baa3     1,869  
1,900,000
  CSX Transportation, Inc
7.820
  04/01/11   N/R     2,088  
2,500,000
  Norfolk Southern Corp
5.590
  05/17/25   Baa1     2,317  
4,815,000
  Norfolk Southern Corp
5.640
  05/17/29   Baa1     4,421  
460,149
g
  Sea-Land Service, Inc
6.600
  01/02/11   Baa3     488  
460,149
g
  Sea-Land Service, Inc
6.600
  01/02/11   Baa3     488  
460,149
g
  Sea-Land Service, Inc
6.600
  01/02/11   Baa3     488  
 
  TOTAL RAILROAD TRANSPORTATION
            12,159  
 
REAL ESTATE - 0.01%
               
1,000,000
g,i
  USB Realty Corp
6.091
  12/30/49   A1     888  
 
  TOTAL REAL ESTATE
            888  
 
SECURITY AND COMMODITY BROKERS - 0.33%
               
2,292,000
  Charles Schwab Corp
8.050
  03/01/10   A2     2,449  
1,500,000
  Eaton Vance Corp
6.500
  10/02/17   A3     1,573  
3,000,000
i
  Goldman Sachs Capital II
5.793
  12/30/49   A2     2,671  
3,000,000
e
  Goldman Sachs Group, Inc
5.000
  01/15/11   Aa3     3,024  
2,500,000
  Goldman Sachs Group, Inc
4.750
  07/15/13   Aa3     2,449  
2,000,000
  Goldman Sachs Group, Inc
5.625
  01/15/17   A1     1,953  
1,000,000
  Goldman Sachs Group, Inc
6.750
  10/01/37   A1     980  

292

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
 
 
   
  MATURITY        
VALUE
 
PRINCIPAL
   
RATE
  DATE   RATING †     (000)  
$        5,000,000
  Jefferies Group, Inc
   6.450%
  06/08/27   Baa1  
$
4,645  
5,775,000
  Legg Mason, Inc
6.750
  07/02/08   A2     5,817  
5,000,000
  Merrill Lynch & Co, Inc
6.220
  09/15/26   A2     4,604  
 
  TOTAL SECURITY AND COMMODITY BROKERS
            30,165  
 
SOCIAL SERVICES - 0.13%
               
2,000,000
  American National Red Cross
5.392
  11/15/12   Aaa     2,080  
4,000,000
  American National Red Cross
5.567
  11/15/17   Aaa     4,179  
5,145,000
  Salvation Army
5.637
  09/01/26   Aaa     5,291  
 
  TOTAL SOCIAL SERVICES
            11,550  
 
STONE, CLAY, AND GLASS PRODUCTS - 0.05%
               
2,500,000
  3M Co
6.375
  02/15/28   Aa1     2,744  
1,000,000
  Martin Marietta Materials, Inc
5.875
  12/01/08   Baa1     1,011  
1,000,000
  Martin Marietta Materials, Inc
6.875
  04/01/11   Baa1     1,052  
 
  TOTAL STONE, CLAY, AND GLASS PRODUCTS
            4,807  
 
TRANSPORTATION BY AIR - 0.11%
               
3,000,000
  FedEx Corp
5.500
  08/15/09   Baa2     3,033  
5,000,000
i
  JetBlue Airways Corp
5.319
  11/15/16   Aaa     4,642  
3,000,000
  Southwest Airlines Co
5.125
  03/01/17   Baa1     2,882  
 
  TOTAL TRANSPORTATION BY AIR
            10,557  
 
TRANSPORTATION EQUIPMENT - 0.05%
               
3,821,509
g
  Southern Capital Corp
5.700
  06/30/22   Aaa     3,883  
1,000,000
  Union Tank CAR Co
6.790
  05/01/10   A1     1,041  
 
  TOTAL TRANSPORTATION EQUIPMENT
            4,924  
 
TRANSPORTATION SERVICES - 0.07%
               
1,693,147
g
  GATX Corp
5.697
  01/02/25   A3     1,679  
5,000,000
g
  TTX Co
3.875
  03/01/08   Baa1     4,989  
 
  TOTAL TRANSPORTATION SERVICES
            6,668  
 
TRUCKING AND WAREHOUSING - 0.06%
               
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   Aa2     1,815  
2,500,000
  United Parcel Service, Inc
8.375
  04/01/20   Aa2     3,246  
 
  TOTAL TRUCKING AND WAREHOUSING
            5,061  
 
WHOLESALE TRADE-DURABLE GOODS - 0.03%
               
3,000,000
  Reliance Steel & Aluminum Co
6.200
  11/15/16   Baa3     2,972  
 
  TOTAL WHOLESALE TRADE-DURABLE GOODS               2,972  
 
WHOLESALE TRADE-NONDURABLE GOODS - 0.19%
               
2,500,000
  Procter & Gamble Co
8.750
  06/01/22   Aa3     3,341  
5,000,000
  Procter & Gamble Co
5.550
  03/05/37   Aa3     5,028  
5,000,000
  Sysco Corp
7.160
  04/15/27   A1     5,772  
3,000,000
  Sysco International Co
6.100
  06/01/12   A1     3,199  
 
  TOTAL WHOLESALE TRADE-NONDURABLE GOODS               17,340  
 
 
  TOTAL CORPORATE BONDS
            1,539,323  
 
  (Cost $1,546,269)
               
 
GOVERNMENT BONDS - 22.81%
               
 
AGENCY SECURITIES - 2.52%
               
3,778,722
  Cal Dive I- Title XI, Inc
4.930
  02/01/27   N/R     3,862  

293

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
 
 
   
  MATURITY         VALUE  
PRINCIPAL
   
RATE
  DATE   RATING †    
(000)
 
$        4,500,000
  Egypt Government AID Bonds
   4.450%
  09/15/15   Aaa  
$
4,477  
10,000,000
  Federal Home Loan Bank (FHLB)
4.625
  10/10/12   Aaa     10,292  
12,500,000
e
  (FHLB)
5.000
  11/17/17   Aaa     12,961  
2,000,000
  Federal Home Loan Mortgage Corp (FHLMC)
4.125
  12/21/12   Aaa     2,014  
8,500,000
e
  (FHLMC)
5.750
  06/27/16   Aa2     9,179  
12,840,000
  Federal National Mortgage Association (FNMA)
5.100
  09/10/09   Aaa     12,919  
12,500,000
e
  (FNMA)
5.375
  06/12/17   Aaa     13,278  
6,150,000
  (FNMA)
5.625
  07/15/37   Aaa     6,816  
4,000,000
j
  Government Trust Certificate
0.000
  04/01/21   N/R     2,086  
4,116,290
  New Valley Generation II
5.572
  05/01/20   Aaa     4,344  
4,096,742
  New Valley Generation III
4.929
  01/15/21   Aaa     4,089  
504,607
  New Valley Generation III
4.687
  01/15/22   Aaa     532  
10,100,000
j
  Overseas Private Investment Corp
0.000
  09/15/08   N/R     12,008  
2,500,000
j,m,v
  Overseas Private Investment Corp
0.000
  07/31/11   N/R     2,656  
2,643,478
m,v
  Overseas Private Investment Corp
5.410
  12/15/11   N/R     2,692  
5,420,000
  Overseas Private Investment Corp
4.050
  11/15/14   N/R     5,449  
2,990,039
  Overseas Private Investment Corp
3.420
  01/15/15   N/R     2,973  
6,759,183
  Overseas Private Investment Corp
3.740
  04/15/15   N/R     6,738  
2,858,000
  Private Export Funding Corp
3.400
  02/15/08   Aaa     2,854  
3,500,000
  Private Export Funding Corp
5.870
  07/31/08   Aaa     3,530  
3,800,000
  Private Export Funding Corp
7.200
  01/15/10   Aaa     4,067  
10,000,000
  Private Export Funding Corp
4.900
  12/15/11   Aaa     10,383  
20,085,000
  Private Export Funding Corp
4.974
  08/15/13   Aaa     21,061  
10,860,000
  Private Export Funding Corp
4.950
  11/15/15   Aaa     11,360  
11,900,000
  Private Export Funding Corp
5.000
  12/15/16   Aaa     12,359  
14,500,000
  Private Export Funding Corp
5.450
  09/15/17   Aaa     15,423  
16,025,000
  Tennessee Valley Authority
5.880
  04/01/36   N/R     18,406  
5,007,000
  US Department of Housing and Urban Development
               
 
   
5.380
  08/01/18   N/R     5,299  
7,325,571
g
  US Trade Funding Corp
4.260
  11/15/14   N/R     7,426  
 
  TOTAL AGENCY SECURITIES
            231,533  
 
FOREIGN GOVERNMENT BONDS - 1.31%
               
1,500,000
  Development Bank of Japan
4.250
  06/09/15   Aaa     1,464  
2,750,000
  Eksportfinans A/S
5.000
  02/14/12   Aaa     2,838  
5,000,000
  European Investment Bank
5.125
  09/13/16   Aaa     5,221  
2,000,000
  European Investment Bank
4.875
  02/15/36   Aaa     1,968  
5,000,000
g
  Federal Republic of Germany
3.875
  06/01/10   Aaa     5,018  
6,082,000
  Hydro Quebec
8.400
  01/15/22   Aa2     8,235  
25,000,000
g
  Hypothekenbank in Essen AG.
5.000
  01/20/12   Aaa     25,803  
5,000,000
g
  International Finance Facility for Immunisation
5.000
  11/14/11   Aaa     5,161  
2,850,000
  Italy Government International Bond
5.375
  06/12/17   N/R     3,021  
5,000,000
  Landwirtschaftliche Rentenbank
5.125
  02/01/17   Aaa     5,237  
5,000,000
  Oesterreichische Kontrollbank AG.
5.000
  04/25/17   Aaa     5,175  
10,000,000
  Province of Manitoba Canada
5.000
  02/15/12   Aa1     10,376  
5,000,000
  Province of Ontario
4.750
  01/19/16   Aa1     5,065  
7,500,000
  Province of Quebec Canada
5.125
  11/14/16   Aa2     7,754  
5,000,000
  Province of Quebec Canada
7.500
  09/15/29   Aa2     6,538  
10,000,000
  Province of Saskatchewan Canada
8.000
  02/01/13   Aa1     11,526  
5,000,000
  Svensk Exportkredit AB
4.125
  10/15/08   Aa1     4,992  
4,800,000
  Svensk Exportkredit AB
5.125
  03/01/17   Aa1     4,949  
 
  TOTAL FOREIGN GOVERNMENT BONDS
            120,341  
 
MORTGAGE BACKED SECURITIES - 13.85%
               
1,324,015
  Federal Home Loan Mortgage Corp (FHLMC)
6.000
  09/15/16         1,361  

294

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
 
 
 
  MATURITY         VALUE  
PRINCIPAL
 
RATE
  DATE         (000)  
$        6,000,000
 
(FHLMC)
   5.000%
  06/15/29      
$
6,030  
2,244,981
 
(FHLMC)
6.000
  12/15/30         2,271  
9,000,000
 
(FHLMC)
5.000
  06/15/31         8,982  
7,000,000
 
(FHLMC)
5.500
  05/15/33         6,991  
5,120,718
 
(FHLMC)
4.500
  09/15/35         5,019  
5,697,045
i
  
(FHLMC)
5.089
  02/01/36         5,709  
9,046,537
i
  
(FHLMC)
5.793
  07/01/36         9,162  
4,061,388
i
  
(FHLMC)
5.020
  09/01/36         4,079  
17,844,387
i
  
(FHLMC)
6.125
  09/01/36         18,100  
10,646,972
i
  
(FHLMC)
5.723
  02/01/37         10,802  
15,303,987
i
  
(FHLMC)
5.672
  03/01/37         15,624  
20,382,171
i
  
(FHLMC)
5.792
  03/01/37         20,736  
11,391,582
i
  
(FHLMC)
5.880
  04/01/37         11,534  
20,289,326
i
  
(FHLMC)
5.735
  06/01/37         20,603  
8,455,312
i
  
(FHLMC)
5.910
  08/01/37         8,599  
14,949,440
i
  
(FHLMC)
5.861
  09/01/37         15,216  
135,582
 
Federal Home Loan Mortgage Corp Gold
               
 
 
(FGLMC)
6.000
  03/01/11         138  
530,451
 
(FGLMC)
6.500
  12/01/16         549  
885,754
 
(FGLMC)
6.000
  12/01/17         907  
5,589,899
 
(FGLMC)
4.500
  10/01/18         5,497  
6,680,335
 
(FGLMC)
4.500
  11/01/18         6,569  
7,573,353
 
(FGLMC)
4.500
  11/01/18         7,447  
8,331,838
 
(FGLMC)
4.500
  01/01/19         8,189  
3,556,753
d
  
(FGLMC)
5.500
  01/01/19         3,606  
3,396,373
 
(FGLMC)
5.000
  02/01/19         3,403  
570,263
 
(FGLMC)
4.500
  07/01/20         560  
546,674
d
  
(FGLMC)
7.000
  10/01/20         575  
19,210,089
 
(FGLMC)
4.500
  06/01/21         18,878  
5,188,970
 
(FGLMC)
4.500
  06/01/21         5,099  
31,456
 
(FGLMC)
7.000
  05/01/23         33  
253,252
d
  
(FGLMC)
8.000
  01/01/31         271  
6,161,868
 
(FGLMC)
5.500
  09/01/33         6,160  
5,096,432
 
(FGLMC)
5.500
  09/01/33         5,095  
14,553,829
 
(FGLMC)
5.500
  12/01/33         14,565  
15,048,846
 
(FGLMC)
5.000
  01/01/34         14,706  
2,287,961
 
(FGLMC)
5.500
  12/01/34         2,286  
16,115,699
d
  
(FGLMC)
4.500
  04/01/35         15,240  
1,388,815
 
(FGLMC)
6.000
  05/01/35         1,411  
2,599,724
 
(FGLMC)
6.000
  05/01/35         2,640  
1,728,263
 
(FGLMC)
6.000
  05/01/35         1,755  
2,965,107
 
(FGLMC)
6.000
  05/01/35         3,012  
1,217,389
 
(FGLMC)
6.000
  05/01/35         1,236  
1,093,153
 
(FGLMC)
6.000
  05/01/35         1,110  
2,582,873
 
(FGLMC)
5.500
  06/01/35         2,579  
2,888,354
 
(FGLMC)
6.000
  08/01/35         2,934  
2,699,687
 
(FGLMC)
4.500
  09/01/35         2,553  
7,648,261
 
(FGLMC)
4.500
  09/01/35         7,234  
6,235,536
 
(FGLMC)
4.500
  09/01/35         5,898  
13,330,786
 
(FGLMC)
5.000
  09/01/35         13,015  
2,860,252
 
(FGLMC)
5.000
  10/01/35         2,793  
3,277,124
 
(FGLMC)
5.000
  11/01/35         3,200  
1,010,757
 
(FGLMC)
4.500
  12/01/35         956  
2,322,483
 
(FGLMC)
7.000
  01/01/36         2,428  
10,343,740
 
(FGLMC)
5.500
  04/01/36         10,324  
822,398
 
(FGLMC)
6.500
  05/01/36         845  

295

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
 
 
   
  MATURITY         VALUE  
PRINCIPAL
   
RATE
  DATE         (000)  
$        3,547,102
  (FGLMC)
   6.500%
  10/01/36      
$
3,647  
1,586,068
  (FGLMC)
6.500
  12/01/36         1,618  
17,510,317
  (FGLMC)
5.500
  01/01/37         17,476  
10,155,624
  (FGLMC)
5.500
  04/01/37         10,135  
25,108,587
  (FGLMC)
5.500
  05/01/37         25,057  
8,179,265
  (FGLMC)
6.000
  08/01/37         8,301  
4,764,784
  (FGLMC)
6.000
  09/01/37         4,836  
37,901
  Federal National Mortgage Association (FNMA)
7.500
  06/01/11         39  
30,182
  (FNMA)
8.000
  07/01/11         31  
5,780
  (FNMA)
7.500
  08/01/11         6  
8,480
  (FNMA)
7.500
  09/01/11         9  
932
  (FNMA)
7.500
  10/01/11         1  
24,973
  (FNMA)
7.500
  10/01/11         26  
5,859
  (FNMA)
7.500
  10/01/11         6  
209,609
  (FNMA)
7.000
  04/01/12         218  
11,973
  (FNMA)
6.500
  09/01/12         12  
156,378
  (FNMA)
5.000
  06/01/13         158  
2,806,419
  (FNMA)
4.440
  07/01/13         2,781  
4,432,698
  (FNMA)
4.019
  08/01/13         4,316  
2,444,342
  (FNMA)
4.548
  05/01/14         2,427  
4,314,635
  (FNMA)
4.265
  06/01/14         4,213  
3,124,885
  (FNMA)
4.530
  10/01/14         3,096  
12,036
  (FNMA)
8.500
  11/01/14         13  
387,284
  (FNMA)
6.500
  10/01/16         401  
1,536,154
d
  (FNMA)
6.500
  04/01/17         1,589  
687,975
  (FNMA)
6.500
  02/01/18         711  
2,926,812
  (FNMA)
5.500
  03/01/18         2,970  
557,610
d
  (FNMA)
5.500
  04/01/18         566  
66,773
  (FNMA)
5.500
  05/01/18         68  
12,858,187
  (FNMA)
5.500
  11/01/18         13,049  
5,524,554
  (FNMA)
5.000
  12/01/18         5,538  
4,428,412
  (FNMA)
5.000
  01/01/19         4,439  
602,778
  (FNMA)
6.000
  01/01/19         618  
621,576
  (FNMA)
6.000
  02/01/19         637  
600,000
  (FNMA)
4.000
  02/25/19         563  
264,952
  (FNMA)
4.500
  03/01/19         261  
6,102,763
  (FNMA)
5.000
  03/01/19         6,114  
821,842
  (FNMA)
4.500
  05/01/19         808  
51,391
  (FNMA)
8.000
  03/01/23         55  
328,575
  (FNMA)
5.000
  01/01/24         324  
983,310
  (FNMA)
5.500
  02/01/24         989  
149,918
  (FNMA)
8.000
  07/01/24         161  
27,973,313
d
  (FNMA)
5.000
  10/01/25         27,585  
11,796,390
  (FNMA)
6.000
  03/01/32         12,074  
580,011
  (FNMA)
5.000
  02/01/33         567  
5,323,300
  (FNMA)
4.500
  03/25/33         5,256  
1,165,284
  (FNMA)
5.500
  06/01/33         1,166  
1,634,903
  (FNMA)
5.500
  07/01/33         1,636  
2,733,139
  (FNMA)
4.500
  08/01/33         2,590  
1,555,660
  (FNMA)
5.000
  08/01/33         1,520  
2,694,604
  (FNMA)
6.000
  08/01/33         2,742  
6,000,000
  (FNMA)
5.500
  08/25/33         6,066  
385,077
  (FNMA)
4.500
  09/01/33         365  
1,750,781
  (FNMA)
5.000
  10/01/33         1,711  
1,838,957
  (FNMA)
5.000
  10/01/33         1,797  
2,284,238
  (FNMA)
5.000
  11/01/33         2,232  

296

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
 
 
 
  MATURITY         VALUE  
PRINCIPAL
 
RATE
  DATE         (000)  
$        2,048,789
 
(FNMA)
   5.500%
  11/01/33      
$
2,050  
2,261,458
 
(FNMA)
5.500
  11/01/33         2,263  
2,970,847
 
(FNMA)
5.500
  11/01/33         2,973  
3,531,144
 
(FNMA)
5.500
  11/01/33         3,534  
2,569,258
 
(FNMA)
5.500
  11/01/33         2,571  
687,765
 
(FNMA)
5.500
  12/01/33         688  
460,451
 
(FNMA)
5.500
  12/01/33         461  
1,342,728
 
(FNMA)
5.500
  12/01/33         1,344  
1,836,201
 
(FNMA)
5.500
  01/01/34         1,838  
236,514
 
(FNMA)
7.000
  01/01/34         248  
773,657
 
(FNMA)
5.000
  03/01/34         756  
1,686,385
 
(FNMA)
5.000
  03/01/34         1,648  
666,877
 
(FNMA)
5.000
  03/01/34         652  
9,160,383
 
(FNMA)
5.000
  03/01/34         8,952  
593,811
 
(FNMA)
5.000
  03/01/34         580  
5,110,962
 
(FNMA)
5.000
  04/01/34         4,992  
1,417,827
 
(FNMA)
4.500
  05/01/34         1,343  
77,747
 
(FNMA)
4.500
  05/01/34         74  
68,145
 
(FNMA)
4.500
  05/01/34         65  
105,380
 
(FNMA)
4.500
  06/01/34         100  
65,995
 
(FNMA)
4.500
  06/01/34         62  
275,714
 
(FNMA)
4.500
  06/01/34         261  
69,793
 
(FNMA)
4.500
  06/01/34         66  
196,859
 
(FNMA)
4.500
  07/01/34         186  
214,998
 
(FNMA)
4.500
  07/01/34         204  
64,443
 
(FNMA)
4.500
  07/01/34         61  
1,794,199
 
(FNMA)
4.500
  08/01/34         1,699  
113,263
 
(FNMA)
4.500
  08/01/34         107  
23,311,043
 
(FNMA)
5.000
  08/01/34         22,778  
79,438
 
(FNMA)
4.500
  09/01/34         75  
5,000,000
 
(FNMA)
5.500
  10/25/34         4,975  
13,824,996
 
(FNMA)
5.000
  11/01/34         13,510  
14,343,646
 
(FNMA)
5.500
  01/01/35         14,344  
4,187,615
 
(FNMA)
5.500
  01/01/35         4,188  
25,175,020
d
 
(FNMA)
5.500
  02/01/35         25,176  
30,659,916
 
(FNMA)
5.500
  02/01/35         30,683  
5,705,067
 
(FNMA)
5.000
  02/25/35         5,733  
939,419
d
 
(FNMA)
5.500
  03/01/35         939  
2,516,414
 
(FNMA)
5.500
  04/01/35         2,515  
30,520,281
d
 
(FNMA)
5.500
  04/01/35         30,502  
2,500,814
 
(FNMA)
5.500
  04/01/35         2,499  
3,459,107
 
(FNMA)
5.500
  04/01/35         3,457  
11,649,474
 
(FNMA)
5.500
  04/01/35         11,642  
17,002,814
 
(FNMA)
5.500
  04/01/35         17,004  
845,431
 
(FNMA)
5.500
  05/01/35         845  
930,579
 
(FNMA)
5.500
  05/01/35         930  
4,769,889
 
(FNMA)
5.500
  05/01/35         4,767  
1,215,930
 
(FNMA)
5.500
  05/01/35         1,215  
5,741,893
 
(FNMA)
6.000
  05/01/35         5,834  
4,177,630
 
(FNMA)
5.500
  06/01/35         4,175  
3,261,464
 
(FNMA)
5.500
  06/01/35         3,259  
3,180,189
 
(FNMA)
5.500
  06/01/35         3,178  
307,695
 
(FNMA)
7.500
  06/01/35         325  
833,152
 
(FNMA)
6.000
  07/01/35         847  
8,377,491
 
(FNMA)
5.000
  09/01/35         8,179  
18,338,476
 
(FNMA)
5.500
  09/01/35         18,352  

297

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
 
 
   
  MATURITY         VALUE  
PRINCIPAL
   
RATE
  DATE         (000)  
$        11,552,825
  (FNMA)
   4.000%
  10/01/35      
$
10,650  
6,154,339
  (FNMA)
5.000
  10/01/35         6,008  
13,012,050
  (FNMA)
5.500
  10/01/35         13,004  
8,428,762
  (FNMA)
5.500
  11/01/35         8,424  
3,620,263
i
  (FNMA)
5.735
  02/01/36         3,684  
1,827,038
  (FNMA)
6.500
  02/01/36         1,880  
1,793,330
  (FNMA)
6.500
  02/01/36         1,844  
4,196,624
  (FNMA)
5.500
  04/01/36         4,194  
11,070,968
i
  (FNMA)
5.795
  06/01/36         11,373  
5,597,689
i
  (FNMA)
5.961
  07/01/36         5,736  
36,603,984
i
  (FNMA)
5.743
  09/01/36         37,091  
8,760,386
  (FNMA)
6.000
  10/01/36         8,898  
7,360,240
i
  (FNMA)
5.776
  12/01/36         7,477  
6,169,720
  (FNMA)
6.500
  12/01/36         6,294  
35,123,108
i
  (FNMA)
5.874
  01/01/37         35,932  
9,701,155
h,i
  (FNMA)
6.027
  02/01/37         9,855  
2,678,746
  (FNMA)
7.000
  02/01/37         2,787  
1,895,385
  (FNMA)
7.000
  04/01/37         1,972  
13,792,243
  (FNMA)
6.000
  06/01/37         14,007  
12,713,559
  (FNMA)
6.000
  08/01/37         12,805  
7,110,787
  (FNMA)
6.000
  08/01/37         7,221  
1,611,151
  (FNMA)
6.500
  08/01/37         1,656  
3,273,305
  (FNMA)
6.000
  09/01/37         3,324  
2,610,476
  (FNMA)
6.000
  09/01/37         2,651  
4,134,247
  (FNMA)
6.000
  09/01/37         4,199  
4,375,133
  (FNMA)
6.000
  09/01/37         4,443  
24,961,482
  (FNMA)
6.000
  09/01/37         25,140  
1,948,401
  (FNMA)
6.500
  09/01/37         2,003  
3,591,628
  (FNMA)
6.500
  09/01/37         3,692  
1,206,913
  (FNMA)
6.500
  09/01/37         1,241  
4,105,124
  (FNMA)
6.500
  09/01/37         4,220  
2,656,051
i
  (FNMA)
5.933
  10/01/37         2,750  
3,417,820
  (FNMA)
6.000
  10/01/37         3,471  
16,864,851
  (FNMA)
6.500
  10/01/37         17,336  
7,224,658
  (FNMA)
7.000
  11/01/37         7,515  
14,000,000
h,v
  (FNMA)
6.000
  12/01/37         14,057  
23,000,000
h
  (FNMA)
6.000
  01/25/38         23,352  
21,000,000
h
  (FNMA)
6.500
  01/25/38         21,584  
21,250
  Government National Mortgage Association
               
 
  (GNMA)
8.500
  10/15/09         22  
4,437
  (GNMA)
8.500
  12/15/09         5  
57,875
  (GNMA)
9.000
  12/15/09         59  
4,896,231
  (GNMA)
6.250
  12/15/11         5,043  
4,022,692
  (GNMA)
5.220
  04/15/15         4,093  
147,831
  (GNMA)
9.000
  12/15/17         159  
92,519
  (GNMA)
8.000
  06/15/22         100  
51,472
  (GNMA)
6.500
  08/15/23         53  
13,832
  (GNMA)
6.500
  08/15/23         14  
18,268
  (GNMA)
6.500
  09/15/23         19  
10,000,000
  (GNMA)
4.500
  11/16/29         9,852  
11,833,854
  (GNMA)
4.385
  08/16/30         11,763  
408,069
d
  (GNMA)
6.500
  05/20/31         423  
164,285
  (GNMA)
5.000
  06/20/33         160  
4,321,185
  (GNMA)
5.500
  09/15/33         4,355  
2,236,110
  (GNMA)
5.500
  11/20/33         2,242  
159,986
  (GNMA)
5.000
  03/20/34         156  

298

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
 
 
   
  MATURITY        
VALUE
 
PRINCIPAL
   
RATE
  DATE         (000)  
$        2,789,223
  (GNMA)
   5.000%
  06/20/34      
$
2,725  
269,860
  (GNMA)
5.000
  07/20/34         264  
1,993,916
  (GNMA)
5.000
  02/20/35         1,948  
8,661,044
  (GNMA)
5.000
  03/20/35         8,461  
2,019,782
  (GNMA)
5.500
  03/20/35         2,024  
10,921,873
  (GNMA)
5.500
  12/20/35         10,947  
21,000,000
h
  (GNMA)
5.500
  01/15/38         21,151  
 
  TOTAL MORTGAGE BACKED SECURITIES
            1,273,616  
 
MUNICIPAL BONDS - 1.07%
               
1,860,000
  Allegheny County Redevelopment Authority
5.000
  09/01/11         1,885  
2,115,000
  Atlanta Urban Residential Finance Authority
5.068
  12/01/11         2,131  
4,500,000
  Basin Electric Power Coop
6.127
  06/01/41         4,875  
2,390,000
  Charlotte-Mecklenburg Hospital Authority
5.000
  08/01/15         2,393  
3,000,000
  City of Chicago IL
5.200
  01/01/09         3,020  
4,000,000
  City of Dallas TX
5.078
  02/15/22         3,897  
1,500,000
  City of Dallas TX
5.195
  02/15/35         1,441  
985,000
  City of Eugene OR
6.320
  08/01/22         1,055  
5,000,000
  City of New York NY
4.500
  06/01/15         4,853  
1,055,000
j
  City of Oakland CA
0.000
  12/15/11         880  
1,075,000
  County of Harnett NC
5.150
  05/01/12         1,085  
3,000,000
  County of Mercer NJ
5.380
  02/01/17         3,025  
585,000
  County of Sacramento CA
6.875
  08/15/08         594  
1,680,000
  Douglas County Public Utility District No 1 Wells
               
 
  Hydroelectric
5.112
  09/01/18         1,643  
1,400,000
  Elkhart Redevelopment District
5.500
  06/15/18         1,450  
8,500,000
  Fiscal Year 2005 Securitization Corp
4.760
  08/15/19         8,276  
2,000,000
  Guadalupe Valley Electric Coop, Inc
5.671
  10/01/32         2,022  
1,000,000
  Kansas Development Finance Authority
4.592
  05/01/14         988  
1,350,000
  Kansas Development Finance Authority
4.722
  05/01/15         1,333  
4,235,000
  LL & P Wind Energy, Inc
5.217
  12/01/12         4,279  
3,000,000
  Metropolitan Washington Airports Authority
5.690
  10/01/30         3,009  
1,000,000
  Minnesota State Municipal Power Agency
4.510
  10/01/09         1,003  
5,000,000
  Mississippi Development Bank Special Obligation
5.320
  07/01/14         5,147  
3,185,000
  New York City Housing Development Corp
4.660
  11/01/10         3,188  
2,180,000
  New York State Environmental Facilities Corp
6.000
  03/15/09         2,222  
4,130,000
  New York State Environmental Facilities Corp
4.900
  12/15/11         4,159  
2,500,000
  Newport News Economic Development Authority
5.640
  01/15/29         2,505  
2,500,000
  Oklahoma Capital Improvement Authority
5.180
  07/01/14         2,554  
1,100,000
  San Dieguito Public Facilities Authority
7.000
  08/01/18         1,137  
5,570,000
  State of Illinois
4.350
  06/01/18         5,231  
975,000
  State of New Jersey
6.450
  02/01/18         996  
3,265,000
  State of Texas
4.900
  08/01/20         3,171  
6,090,000
  State of Washington
5.050
  01/01/18         6,018  
1,033,000
  State of Wisconsin
5.700
  05/01/26         1,059  
4,250,000
  Tennessee State School Bond Authority
7.750
  05/01/15         4,566  
2,025,000
  University Central Fl University Revenues
5.125
  10/01/20         1,869  
 
  TOTAL MUNICIPAL BONDS
            98,959  
 
U.S. TREASURY SECURITIES - 4.06%
               
45,000,000
e
  United States Treasury Bond
8.000
  11/15/21         61,587  
13,700,000
  United States Treasury Bond
5.250
  02/15/29         15,071  
8,176,000
e
  United States Treasury Bond
5.375
  02/15/31         9,211  
3,550,000
e
  United States Treasury Bond
4.500
  02/15/36         3,568  
14,273,000
e
  United States Treasury Bond
4.750
  02/15/37         14,938  
21,656,470
k
  United States Treasury Inflation Indexed Note
3.875
  01/15/09         22,296  

299

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
 
 
   
  MATURITY        
VALUE
 
PRINCIPAL
   
RATE
  DATE         (000)  
$        55,030,219
k
  United States Treasury Inflation Indexed Note
   0.875%
  04/15/10      
$
54,845  
32,617,000
e
  United States Treasury Note
4.250
  09/30/12         33,761  
28,950,000
e
  United States Treasury Note
3.875
  10/31/12         29,518  
1,470,000
e
  United States Treasury Note
3.375
  11/30/12         1,465  
13,267,000
  United States Treasury Note
3.625
  12/31/12         13,366  
82,815,000
e
  United States Treasury Note
4.750
  08/15/17         87,467  
16,400,000
e
  United States Treasury Note
4.250
  11/15/17         16,686  
25,000,000
j
  United States Treasury Strip Principal
0.000
  08/15/27         10,105  
 
  TOTAL U.S. TREASURY SECURITIES
            373,884  
 
 
  TOTAL GOVERNMENT BONDS
            2,098,333  
 
  (Cost $2,064,514)
               
 
 
  TOTAL BONDS
            3,637,656  
 
  (Cost $3,610,783)
               
SHARES
   
               
 
PREFERRED STOCKS - 0.44%
               
 
COMMUNICATIONS - 0.05%
               
200,000
  Telephone & Data Systems, Inc
7.600
  12/01/41         4,164  
 
  TOTAL COMMUNICATIONS
            4,164  
 
DEPOSITORY INSTITUTIONS - 0.02%
               
84,000
  Bank of America Corp
6.204
  12/30/49         1,823  
 
  TOTAL DEPOSITORY INSTITUTIONS
            1,823  
 
NONDEPOSITORY INSTITUTIONS - 0.37%
               
275,500
  Federal Home Loan Mortgage Corp (FHLMC)
8.375
  12/30/49         7,204  
1,056,027
  Federal National Mortgage Association (FNMA)
8.250
  12/30/49         27,193  
 
  TOTAL NONDEPOSITORY INSTITUTIONS
            34,397  
 
 
 
  TOTAL PREFERRED STOCKS
            40,384  
 
  (Cost $40,455)
               
 
COMMON STOCKS - 59.35%
               
 
AGRICULTURAL PRODUCTION-CROPS - 0.00% **
               
4,200
e*
  Chiquita Brands International, Inc
            77  
 
  TOTAL AGRICULTURAL PRODUCTION-CROPS
            77  
 
AMUSEMENT AND RECREATION SERVICES - 0.52%
               
118,165
*
  Activision, Inc
            3,510  
11,813
  International Speedway Corp (Class A)
            486  
1,370,793
  Walt Disney Co
            44,249  
 
  TOTAL AMUSEMENT AND RECREATION SERVICES               48,245  
 
APPAREL AND ACCESSORY STORES - 0.34%
               
112,155
  American Eagle Outfitters, Inc
            2,330  
750
*
  AnnTaylor Stores Corp
            19  
31,689
e
  Bebe Stores, Inc
            408  
3,300
  Buckle, Inc
            109  
2,700
*
  Cache, Inc
            25  
3,931
e*
  Casual Male Retail Group, Inc
            20  
14,700
e
  Cato Corp (Class A)
            230  

300

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
     
 
 
      VALUE  
SHARES
      (000)  
1,800
e*
  Charlotte Russe Holding, Inc
$
29  
67,100
*
  Chico's FAS, Inc   606  
3,400
e
  Christopher & Banks Corp   39  
3,973
*
  Dress Barn, Inc   50  
2,586
*
  Finish Line, Inc (Class A)   6  
88,808
  Foot Locker, Inc   1,213  
408,830
  Gap, Inc   8,700  
3,200
e*
  Jo-Ann Stores, Inc   42  
148,311
*
  Kohl's Corp   6,793  
239,620
  Limited Brands, Inc   4,536  
126,438
  Nordstrom, Inc   4,644  
51,754
  Ross Stores, Inc   1,323  
1,800
e*
  Shoe Carnival, Inc   25  
14,007
  Stage Stores, Inc   207  
 
  TOTAL APPAREL AND ACCESSORY STORES   31,354  
 
APPAREL AND OTHER TEXTILE PRODUCTS - 0.05%      
4,650
*
  Gymboree Corp   142  
14,000
e
  Kellwood Co   233  
48,054
  Liz Claiborne, Inc   978  
15,280
  Polo Ralph Lauren Corp   944  
32,400
  VF Corp   2,224  
 
  TOTAL APPAREL AND OTHER TEXTILE PRODUCTS   4,521  
 
AUTO REPAIR, SERVICES AND PARKING - 0.03%      
78,995
e*
  Hertz Global Holdings, Inc   1,255  
16,790
e
  Ryder System, Inc   790  
12,800
*
  Wright Express Corp   454  
 
  TOTAL AUTO REPAIR, SERVICES AND PARKING   2,499  
 
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.05%      
5,550
  Advance Auto Parts   211  
23,941
*
  Autozone, Inc   2,871  
54,400
e*
  Carmax, Inc   1,074  
14,532
*
  Copart, Inc   618  
3,300
e*
  Rush Enterprises, Inc (Class A)   60  
 
  TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS   4,834  
 
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.54%      
15,910
e
  Fastenal Co   643  
1,156,036
  Home Depot, Inc   31,143  
770,808
  Lowe's Cos, Inc   17,436  
 
  TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES   49,222  
 
BUSINESS SERVICES - 4.12%      
197,100
*
  3Com Corp   891  
600
e*
  Acacia Research (Acacia Technologies)   5  
223,445
  Accenture Ltd (Class A)   8,051  
4,500
  Administaff, Inc   127  
228,703
*
  Adobe Systems, Inc   9,772  
25,918
e*
  Alliance Data Systems Corp   1,944  
49,392
e*
  Ariba, Inc   551  
225,855
e*
  Art Technology Group, Inc   976  
71,407
*
  Autodesk, Inc   3,553  
509,570
  Automatic Data Processing, Inc   22,691  
156,506
*
  BEA Systems, Inc   2,470  

301

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account      
 
 
      VALUE  
SHARES
     
(000)
 
52,912
e*
  BearingPoint, Inc
$
150  
28,902
*
  Blue Coat Systems, Inc   950  
3,170
  Brink's Co   189  
15,210
e*
  Cerner Corp   858  
29,200
e*
  Ciber, Inc   178  
71,965
e*
  CMGI, Inc   942  
72,373
e*
  CNET Networks, Inc   661  
76,913
*
  Cogent Communications Group, Inc   1,824  
39,918
e*
  Cogent, Inc   445  
4,800
  Cognex Corp   97  
89,838
*
  Compuware Corp   798  
82,701
*
  Convergys Corp   1,361  
6,200
*
  CSG Systems International, Inc   91  
28,900
  Deluxe Corp   951  
7,233
e*
  Digital River, Inc   239  
68,453
e*
  DST Systems, Inc   5,651  
15,200
e*
  Earthlink, Inc   107  
512,677
*
  eBay, Inc   17,016  
134,601
*
  Electronic Arts, Inc   7,862  
20,548
e*
  Equinix, Inc   2,077  
100,576
*
  Expedia, Inc   3,180  
24,000
  Fair Isaac Corp   772  
143,697
*
  Fiserv, Inc   7,974  
8,443
*
  Gartner, Inc   148  
12,500
*
  Getty Images, Inc   363  
86,362
*
  Google, Inc (Class A)   59,718  
2,800
*
  Hudson Highland Group, Inc   24  
2,600
*
  iGate Corp   22  
123,843
  IMS Health, Inc   2,853  
47,677
*
  Informatica Corp   859  
3,920
  infoUSA, Inc   35  
208,450
e*
  Innovative Solutions & Support, Inc   2,020  
80,790
e*
  Internap Network Services Corp   673  
2,232
*
  Interwoven, Inc   32  
114,764
*
  Intuit, Inc   3,628  
43,824
e*
  Ipass, Inc   178  
58,761
e*
  Iron Mountain, Inc   2,175  
50,890
  Jack Henry & Associates, Inc   1,239  
3,011
*
  Kforce, Inc   29  
28,600
e*
  Kinetic Concepts, Inc   1,532  
36,349
e
  Lamar Advertising Co (Class A)   1,747  
53,370
e*
  Lionbridge Technologies   189  
22,188
  Manpower, Inc   1,262  
15,736
e
  Marchex, Inc (Class B)   171  
50,960
e
  Mastercard, Inc (Class A)   10,967  
3,589,984
  Microsoft Corp   127,803  
50,820
e
  MoneyGram International, Inc   781  
46,510
*
  Monster Worldwide, Inc   1,507  
220,909
e
  NIC, Inc   1,864  
222,200
*
  Novell, Inc   1,527  
275,928
  Omnicom Group, Inc   13,115  
3,300
e*
  Online Resources Corp   39  
14,360
*
  Parametric Technology Corp   256  
16,200
e
  Pegasystems, Inc   193  
13,870
*
  Premiere Global Services, Inc   206  
1,500
e*
  Radisys Corp   20  

302

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account      
 
 
      VALUE  
SHARES
     
(000)
 
45,939
e*
  RealNetworks, Inc
$
280  
72,818
  Robert Half International, Inc   1,969  
33,306
e*
  Salesforce.com, Inc   2,088  
140,148
e*
  Sapient Corp   1,235  
51,141
e*
  Smith Micro Software, Inc   433  
23,695
e*
  Sohu.com, Inc   1,292  
28,120
*
  SonicWALL, Inc   302  
291,935
e*
  Sonus Networks, Inc   1,702  
40,437
*
  Spherion Corp   294  
414,894
*
  Sun Microsystems, Inc   7,522  
1,300
*
  SYKES Enterprises, Inc   23  
491,988
*
  Symantec Corp   7,941  
17,284
*
  TeleTech Holdings, Inc   368  
35,400
*
  TIBCO Software, Inc   286  
700
e*
  Tiens Biotech Group USA, Inc   2  
99,262
e
  Total System Services, Inc   2,779  
29,020
e*
  TradeStation Group, Inc   412  
14,060
e*
  Travelzoo, Inc   192  
141,052
*
  Unisys Corp   667  
21,267
  United Online, Inc   251  
14,696
*
  United Rentals, Inc   270  
32,414
e*
  Vasco Data Security International   905  
126,642
e*
  VeriSign, Inc   4,763  
2,100
e*
  Volt Information Sciences, Inc   38  
 
  TOTAL BUSINESS SERVICES   378,593  
 
CHEMICALS AND ALLIED PRODUCTS - 5.98%
     
15,085
e*
  Abraxis Bioscience, Inc   1,037  
258,446
  Air Products & Chemicals, Inc   25,491  
7,370
  Alberto-Culver Co   181  
7,040
e*
  Alexion Pharmaceuticals, Inc   528  
6,874
*
  Alkermes, Inc   107  
500
e*
  AMAG Pharmaceuticals, Inc   30  
25,093
*
  American Oriental Bioengineering, Inc   278  
584,241
*
  Amgen, Inc   27,132  
60,343
e*
  APP Pharmaceuticals, Inc   620  
14,752
e*
  Arena Pharmaceuticals, Inc   116  
4,001
e*
  Array Biopharma, Inc   34  
21,108
e*
  Auxilium Pharmaceuticals, Inc   633  
134,190
  Avery Dennison Corp   7,131  
203,200
  Avon Products, Inc   8,032  
1,200
e
  Balchem Corp   27  
81,034
*
  Barr Pharmaceuticals, Inc   4,303  
66,184
e*
  Bentley Pharmaceuticals, Inc   999  
76,640
*
  Biogen Idec, Inc   4,362  
43,527
e*
  BioMarin Pharmaceuticals, Inc   1,541  
14,870
e*
  Bradley Pharmaceuticals, Inc   293  
1,071,387
  Bristol-Myers Squibb Co   28,413  
48,000
  Cabot Corp   1,600  
36,600
e*
  Calgon Carbon Corp   582  
14,360
*
  Caraco Pharmaceutical Laboratories Ltd   246  
19,166
*
  Cell Genesys, Inc   44  
15,908
e*
  Cephalon, Inc   1,142  
2,445
  Church & Dwight Co, Inc   132  
60,944
  Clorox Co   3,972  
312,731
  Colgate-Palmolive Co   24,380  

303

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account      
 
 
      VALUE  
SHARES
     
(000)
 
7,981
*
  Cypress Bioscience, Inc
$
88  
77,374
e*
  Dendreon Corp   481  
324,406
e*
  Durect Corp   2,086  
230,450
  Ecolab, Inc   11,801  
554,554
  Eli Lilly & Co   29,608  
56,586
e*
  Encysive Pharmaceuticals, Inc   48  
29,757
e*
  Enzon Pharmaceuticals, Inc   284  
5,550
  Estee Lauder Cos (Class A)   242  
229,332
*
  Forest Laboratories, Inc   8,359  
305,367
*
  Genentech, Inc   20,481  
148,797
*
  Genzyme Corp   11,076  
22,156
e*
  Geron Corp   126  
500,172
*
  Gilead Sciences, Inc   23,013  
56,249
  H.B. Fuller Co   1,263  
60,776
e*
  Human Genome Sciences, Inc   634  
49,358
*
  Idexx Laboratories, Inc   2,894  
25,985
*
  Immucor, Inc   883  
41,681
*
  Inverness Medical Innovations, Inc   2,342  
18,185
*
  Invitrogen Corp   1,699  
174,710
e*
  King Pharmaceuticals, Inc   1,789  
64,635
  Lubrizol Corp   3,501  
73,303
e
  Mannatech, Inc   463  
38,348
e*
  Medarex, Inc   400  
70,112
e
  Medicis Pharmaceutical Corp (Class A)   1,821  
1,192,943
  Merck & Co, Inc   69,322  
27,052
*
  MGI Pharma, Inc   1,096  
108,616
*
  Millennium Pharmaceuticals, Inc   1,627  
29,899
  Minerals Technologies, Inc   2,002  
256,616
e*
  Mylan Laboratories, Inc   3,608  
108,365
e*
  Nabi Biopharmaceuticals   391  
7,300
  Nalco Holding Co   176  
46,923
e*
  Nastech Pharmaceutical Co, Inc   178  
71,281
e*
  Neurocrine Biosciences, Inc   324  
58,514
e*
  Noven Pharmaceuticals, Inc   812  
1,500
e*
  OraSure Technologies, Inc   13  
30,895
e*
  Pacific Ethanol, Inc   254  
31,300
e*
  Par Pharmaceutical Cos, Inc   751  
23,161
e*
  PDL BioPharma, Inc   406  
63,742
e*
  Penwest Pharmaceuticals Co   373  
42,492
*
  Pharmion Corp   2,671  
73,809
e*
  Pozen, Inc   886  
106,880
  PPG Industries, Inc   7,506  
289,394
  Praxair, Inc   25,672  
34,117
e*
  Prestige Brands Holdings, Inc   255  
1,465,662
  Procter & Gamble Co   107,609  
23,666
e*
  Progenics Pharmaceuticals, Inc   428  
231,224
  Rohm & Haas Co   12,271  
85,940
  RPM International, Inc   1,745  
58,884
e*
  Salix Pharmaceuticals Ltd   464  
761,745
  Schering-Plough Corp   20,293  
21,362
*
  Sciele Pharma, Inc   437  
47,469
e
  Sensient Technologies Corp   1,342  
55,729
*
  Sepracor, Inc   1,463  
152,122
  Sigma-Aldrich Corp   8,306  
4,300
e*
  Somaxon Pharmaceuticals, Inc   22  
37,526
e*
  SuperGen, Inc   137  

304

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account      
 
 
      VALUE  
SHARES
     
(000)
  
6,800
e*
  United Therapeutics Corp
$
664  
26,481
e*
  USANA Health Sciences, Inc   982  
34,300
  Valspar Corp   773  
20,070
*
  VCA Antech, Inc   888  
26,431
*
  Vertex Pharmaceuticals, Inc   614  
75,139
e*
  Warner Chilcott Ltd (Class A)   1,332  
102,872
e*
  Watson Pharmaceuticals, Inc   2,792  
44,333
e*
  Zymogenetics, Inc   517  
 
  TOTAL CHEMICALS AND ALLIED PRODUCTS   550,170  
 
COMMUNICATIONS - 2.95%      
3,157
e
  Alaska Communications Systems Group, Inc   47  
142,517
*
  American Tower Corp (Class A)   6,071  
3,960
e*
  Anixter International, Inc   247  
2,675,545
  AT&T, Inc   111,196  
129,500
  Cablevision Systems Corp (Class A)   3,173  
4,030
e
  Centennial Communications Corp   37  
14,550
  CenturyTel, Inc   603  
242,333
e
  Citadel Broadcasting Corp   499  
74,690
  Citizens Communications Co   951  
60,300
e*
  Cox Radio, Inc (Class A)   733  
26,700
*
  Crown Castle International Corp   1,111  
117,375
e*
  Crown Media Holdings, Inc (Class A)   763  
66,010
  Embarq Corp   3,270  
33,529
e
  Entercom Communications Corp (Class A)   459  
29,362
*
  Entravision Communications Corp (Class A)   230  
66,565
e*
  FiberTower Corp   152  
54,400
e
  Gray Television, Inc   436  
16,940
e
  Hearst-Argyle Television, Inc   375  
193,943
*
  IAC/InterActiveCorp   5,221  
427,320
e*
  Level 3 Communications, Inc   1,299  
290,645
e*
  Liberty Global, Inc (Class A)   11,390  
125,308
*
  Liberty Media Corp - Capital (Series A)   14,597  
496,445
*
  Liberty Media Holding Corp (Interactive A)   9,472  
66,360
e*
  Lin TV Corp (Class A)   808  
29,120
e*
  Mediacom Communications Corp (Class A)   134  
6,950
*
  NeuStar, Inc (Class A)   199  
48,220
*
  NII Holdings, Inc   2,330  
79,611
e*
  Novatel Wireless, Inc   1,290  
34,845
*
  Radio One, Inc (Class D)   83  
37,486
e*
  SAVVIS, Inc   1,046  
26,980
*
  SBA Communications Corp (Class A)   913  
31,532
e*
  Spanish Broadcasting System, Inc (Class A)   58  
1,158,802
  Sprint Nextel Corp   15,215  
25,756
  Telephone & Data Systems, Inc   1,612  
4,500
e*
  Terremark Worldwide, Inc   29  
208,603
*
  Time Warner Cable, Inc (Class A)   5,757  
122,097
e*
  TiVo, Inc   1,018  
4,756
e
  USA Mobility, Inc   68  
1,456,195
  Verizon Communications, Inc   63,621  
201,528
  Windstream Corp   2,624  
197,299
*
  XM Satellite Radio Holdings, Inc (Class A)   2,415  
 
  TOTAL COMMUNICATIONS   271,552  
 
DEPOSITORY INSTITUTIONS - 4.63%
     
1,864
e
  Associated Banc-Corp   50  

305

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account      
 
 
      VALUE  
SHARES
     
(000)
  
15,409
  Astoria Financial Corp
$
359  
1,903,543
  Bank of America Corp   78,540  
22,639
e
  Bank of Hawaii Corp   1,158  
564,458
  Bank of New York Mellon Corp   27,523  
503,314
  BB&T Corp   15,437  
17,440
  Chittenden Corp   621  
30,138
  City National Corp   1,795  
106,913
  Comerica, Inc   4,654  
24,321
  Commerce Bancorp, Inc   928  
2,000
e
  Community Bank System, Inc   40  
606,127
  Fifth Third Bancorp   15,232  
20,000
e
  First Horizon National Corp   363  
13,372
e
  First Midwest Bancorp, Inc   409  
145,801
e*
  Fremont General Corp   510  
22,979
e
  Fulton Financial Corp   258  
34,500
  Hudson City Bancorp, Inc   518  
450
  Imperial Capital Bancorp, Inc   8  
52,715
e
  IndyMac Bancorp, Inc   314  
1,147
  International Bancshares Corp   24  
2,000
e
  Irwin Financial Corp   15  
341,641
  Keycorp   8,011  
99,447
  M&T Bank Corp   8,112  
201,469
  Marshall & Ilsley Corp   5,335  
41,493
*
  Metavante Technologies, Inc   968  
563,551
  National City Corp   9,276  
58,300
e
  New York Community Bancorp, Inc   1,025  
22,999
e
  NewAlliance Bancshares, Inc   265  
121,422
  Northern Trust Corp   9,298  
22,638
  Old National Bancorp   339  
8,090
e
  Pacific Capital Bancorp   163  
19,233
  People's United Financial, Inc   342  
288,393
  PNC Financial Services Group, Inc   18,933  
99,390
  Popular, Inc   1,053  
48,519
e
  Provident Financial Services, Inc   700  
587,363
  Regions Financial Corp   13,891  
16,852
e
  South Financial Group, Inc   263  
119,580
  Sovereign Bancorp, Inc   1,363  
187,174
  State Street Corp   15,198  
309,662
  SunTrust Banks, Inc   19,351  
27,566
e*
  SVB Financial Group   1,389  
130,894
  Synovus Financial Corp   3,152  
60,932
  UnionBanCal Corp   2,980  
1,360,612
  US Bancorp   43,186  
36,937
e
  Valley National Bancorp   704  
15,470
e
  W Holding Co, Inc   19  
1,162,759
  Wachovia Corp   44,220  
5,478
  Washington Federal, Inc   116  
818,749
  Washington Mutual, Inc   11,143  
8,224
  Webster Financial Corp   263  
1,819,914
  Wells Fargo & Co   54,943  
19,506
  Zions Bancorporation   911  
 
  TOTAL DEPOSITORY INSTITUTIONS   425,668  
 
EATING AND DRINKING PLACES - 0.84%
     
35,220
e*
  AFC Enterprises   399  
12,843
e
  Bob Evans Farms, Inc   346  

306

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account      
 
 
      VALUE  
SHARES
      (000)  
9,500
e*
  Cheesecake Factory
$
225  
136,100
  Darden Restaurants, Inc   3,771  
986,571
  McDonald's Corp   58,119  
12,376
e
  O'Charleys, Inc   185  
31,128
e*
  Sonic Corp   682  
446,898
*
  Starbucks Corp   9,148  
5,700
e*
  Steak N Shake Co   62  
85,534
e
  Tim Hortons, Inc   3,159  
1,900
e
  Triarc Cos (Class B)   17  
56,151
  Wendy's International, Inc   1,451  
 
  TOTAL EATING AND DRINKING PLACES   77,564  
 
EDUCATIONAL SERVICES - 0.00% **
     
700
e*
  Corinthian Colleges, Inc   11  
900
  DeVry, Inc   47  
 
  TOTAL EDUCATIONAL SERVICES   58  
 
ELECTRIC, GAS, AND SANITARY SERVICES - 3.36%
     
615,354
*
  AES Corp   13,162  
176,695
  AGL Resources, Inc   6,651  
130,899
  Alliant Energy Corp   5,326  
37,776
  Aqua America, Inc   801  
162,161
  Atmos Energy Corp   4,547  
251,340
e
  Avista Corp   5,414  
2,700
  California Water Service Group   100  
250,462
  Centerpoint Energy, Inc   4,290  
22,932
  Central Vermont Public Service Corp   707  
7,160
e
  CH Energy Group, Inc   319  
334,981
e
  Cleco Corp   9,312  
145,500
e
  CMS Energy Corp   2,529  
439,598
  Consolidated Edison, Inc   21,474  
86,970
e
  Crosstex Energy, Inc   3,239  
557,082
  El Paso Corp   9,604  
319,132
  Empire District Electric Co   7,270  
50,000
  Energen Corp   3,211  
186,298
  Energy East Corp   5,069  
750
e
  EnergySouth, Inc   44  
406,928
e
  Hawaiian Electric Industries, Inc   9,266  
293,771
e
  Idacorp, Inc   10,347  
5,500
  ITC Holdings Corp   310  
41,139
e
  Laclede Group, Inc   1,409  
20,283
e
  Markwest Hydrocarbon, Inc   1,271  
54,964
  Metal Management, Inc   2,502  
91,293
e
  MGE Energy, Inc   3,238  
232,197
e
  National Fuel Gas Co   10,839  
27,359
e
  New Jersey Resources Corp   1,368  
111,362
e
  Nicor, Inc   4,716  
623,704
  NiSource, Inc   11,782  
113,206
  Northeast Utilities   3,544  
35,979
e
  Northwest Natural Gas Co   1,751  
130,419
  NSTAR   4,724  
462,148
  OGE Energy Corp   16,771  
113,544
  Oneok, Inc   5,083  
688,360
  Pepco Holdings, Inc   20,190  
86,785
  Piedmont Natural Gas Co, Inc   2,270  
93,124
  Pinnacle West Capital Corp   3,949  

307

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account      
 
 
      VALUE  
SHARES
     
(000)
  
705,565
  Puget Energy, Inc
$
19,354  
248,444
  Questar Corp   13,441  
34,491
e
  Resource America, Inc (Class A)   506  
118,950
  Sempra Energy   7,361  
350,478
  Sierra Pacific Resources   5,951  
41,900
e
  SJW Corp   1,453  
66,769
e
  South Jersey Industries, Inc   2,410  
30,419
  Southwest Gas Corp   906  
3,300
e
  Southwest Water Co   41  
245,876
  TECO Energy, Inc   4,231  
57,800
  UGI Corp   1,575  
33,306
e
  UIL Holdings Corp   1,231  
218,854
e
  Unisource Energy Corp   6,905  
45,399
e
  Vectren Corp   1,317  
15,260
e*
  Waste Services, Inc   131  
103,197
e
  WGL Holdings, Inc   3,381  
562,635
  Williams Cos, Inc   20,131  
 
  TOTAL ELECTRIC, GAS, AND SANITARY SERVICES   308,724  
 
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 3.98%
     
8,400
*
  Adaptec, Inc   28  
1,523
*
  Advanced Energy Industries, Inc   20  
245,970
e*
  Advanced Micro Devices, Inc   1,845  
2,655
e*
  American Superconductor Corp   73  
238,433
  Ametek, Inc   11,168  
55,078
e*
  Anadigics, Inc   637  
360,694
*
  Apple Computer, Inc   71,446  
81,231
*
  Arris Group, Inc   811  
38,995
*
  Atheros Communications, Inc   1,191  
41,240
  Baldor Electric Co   1,388  
2,654,327
*
  Cisco Systems, Inc   71,853  
657,296
e*
  Conexant Systems, Inc   546  
14,230
e*
  Cree, Inc   391  
7,400
e
  CTS Corp   73  
57,473
e*
  Ditech Networks, Inc   199  
7,500
*
  Dolby Laboratories, Inc (Class A)   373  
1,805
e*
  DTS, Inc   46  
10,485
e*
  Energizer Holdings, Inc   1,176  
39,446
e*
  Evergreen Solar, Inc   681  
338,624
e*
  Finisar Corp   491  
37,454
e*
  GrafTech International Ltd   665  
13,100
e*
  Greatbatch, Inc   262  
24,800
  Harman International Industries, Inc   1,828  
108,382
e*
  Harmonic, Inc   1,136  
2,834,275
  Intel Corp   75,562  
29,012
e*
  InterDigital, Inc   677  
74,873
*
  InterVoice, Inc   598  
3,100
  Lincoln Electric Holdings, Inc   221  
1,068
*
  Littelfuse, Inc   35  
434,610
e*
  LSI Logic Corp   2,308  
14,183
*
  Mattson Technology, Inc   121  
30,404
e*
  Medis Technologies Ltd   469  
3,040
 e,m,v*
 
Medis Technologies Ltd
   -
^
354,613
*
  Micron Technology, Inc   2,571  
67,684
e*
  Microtune, Inc   442  
96,263
  Molex, Inc   2,628  

308

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account      
 
 
      VALUE  
SHARES
     
(000)
  
1,305,468
  Motorola, Inc
$
20,940  
277,490
e*
  MRV Communications, Inc   644  
50,440
*
  Novellus Systems, Inc   1,391  
163,771
e*
  ON Semiconductor Corp   1,454  
7,800
e
  Park Electrochemical Corp   220  
38,473
e
  Plantronics, Inc   1,000  
6,800
*
  Plexus Corp   179  
12,160
*
  Polycom, Inc   338  
15,700
e*
  Power-One, Inc   63  
107,344
e*
  Powerwave Technologies, Inc   433  
2,906
*
  QLogic Corp   41  
837,441
  Qualcomm, Inc   32,953  
43,147
e
  RadioShack Corp   727  
140,631
e*
  RF Micro Devices, Inc   803  
1,100
e*
  Rogers Corp   48  
109,628
e*
  Silicon Storage Technology, Inc   328  
1,169,119
e*
  Sirius Satellite Radio, Inc   3,542  
84,452
e*
  Sycamore Networks, Inc   324  
44,039
e*
  Symmetricom, Inc   207  
11,100
  Technitrol, Inc   317  
15,703
e*
  Tekelec   196  
56,053
  Teleflex, Inc   3,532  
265,220
*
  Tellabs, Inc   1,735  
3,600
*
  Tessera Technologies, Inc   150  
748,964
  Texas Instruments, Inc   25,015  
63,300
*
  Thomas & Betts Corp   3,104  
105,205
e*
  Triquint Semiconductor, Inc   698  
7,500
*
  TTM Technologies, Inc   87  
176,897
  Tyco Electronics Ltd   6,568  
2,600
e
  Vicor Corp   41  
13,207
e
  Whirlpool Corp   1,078  
135,600
  Xilinx, Inc   2,966  
11,700
*
  Zoltek Cos, Inc   502  
19,389
*
  Zoran Corp   436  
 
  TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT   366,019  
 
ENGINEERING AND MANAGEMENT SERVICES - 0.38%
     
17,962
*
  Amylin Pharmaceuticals, Inc   665  
24,675
*
  Applera Corp (Celera Genomics Group)   392  
61,621
e*
  Ariad Pharmaceuticals, Inc   262  
152,817
*
  Celgene Corp   7,062  
5,300
  Corporate Executive Board Co   318  
13,718
*
  CV Therapeutics, Inc   124  
18,735
e
  Diamond Management & Technology Consultants, Inc   136  
59,278
*
  Hewitt Associates, Inc (Class A)   2,270  
79,816
e*
  Incyte Corp   802  
59,590
e*
  Isis Pharmaceuticals, Inc   938  
1,400
  Landauer, Inc   73  
12,351
e*
  Lifecell Corp   532  
145,828
e
  Moody's Corp   5,206  
214,126
  Paychex, Inc   7,756  
109,970
  Quest Diagnostics, Inc   5,817  
21,643
e*
  Regeneron Pharmaceuticals, Inc   523  
153,896
e*
  Rentech, Inc   279  
40,579
e*
  Savient Pharmaceuticals, Inc   932  
16,700
e*
  Telik, Inc   58  

309

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account      
 
 
      VALUE  
SHARES
     
(000)
  
23,930
*
  Tetra Tech, Inc
$
514  
 
  TOTAL ENGINEERING AND MANAGEMENT SERVICES   34,659  
 
FABRICATED METAL PRODUCTS - 0.53%      
900
  Ameron International Corp   83  
21,800
  Aptargroup, Inc   892  
125,760
  Commercial Metals Co   3,704  
58,048
e
  Dynamic Materials Corp   3,419  
22,906
  Gulf Island Fabrication, Inc   726  
555,200
  Illinois Tool Works, Inc   29,725  
2,300
e
  Insteel Industries, Inc   27  
40,960
  Pentair, Inc   1,426  
36,383
e
  Silgan Holdings, Inc   1,890  
22,346
  Snap-On, Inc   1,078  
96,144
  Stanley Works   4,661  
8,500
e
  Valmont Industries, Inc   757  
 
  TOTAL FABRICATED METAL PRODUCTS   48,388  
 
FOOD AND KINDRED PRODUCTS - 2.12%      
239,625
  Campbell Soup Co   8,562  
7,270
  Corn Products International, Inc   267  
366,629
  General Mills, Inc   20,898  
281,848
  H.J. Heinz Co   13,157  
5,540
e*
  Hansen Natural Corp   245  
141,329
e
  Hershey Co   5,568  
34,918
  J.M. Smucker Co   1,796  
20,275
e*
  Jones Soda Co   151  
391,125
  Kellogg Co   20,507  
871,118
  Kraft Foods, Inc (Class A)   28,425  
10,103
  Lancaster Colony Corp   401  
21,000
  McCormick & Co, Inc   796  
50,600
  Pepsi Bottling Group, Inc   1,997  
49,999
  PepsiAmericas, Inc   1,666  
956,954
  PepsiCo, Inc   72,633  
251,880
  Sara Lee Corp   4,045  
20,097
e
  Tootsie Roll Industries, Inc   551  
234,199
  Wrigley (Wm.) Jr Co   13,712  
 
  TOTAL FOOD AND KINDRED PRODUCTS   195,377  
 
FOOD STORES - 0.16%      
2,302
e
  Great Atlantic & Pacific Tea Co, Inc   72  
269,010
  Safeway, Inc   9,203  
80,380
  Supervalu, Inc   3,016  
47,580
e
  Whole Foods Market, Inc   1,941  
 
  TOTAL FOOD STORES   14,232  
 
FORESTRY - 0.10%
     
14,330
  Rayonier, Inc   677  
112,099
  Weyerhaeuser Co   8,266  
 
  TOTAL FORESTRY   8,943  
 
FURNITURE AND FIXTURES - 0.40%      
15,729
  Herman Miller, Inc   509  
74,700
  Hillenbrand Industries, Inc   4,163  
27,119
e
  HNI Corp   951  
633,234
  Johnson Controls, Inc   22,822  

310

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account      
 
 
      VALUE  
SHARES
      (000)  
73,884
e
  Leggett & Platt, Inc
$
1,289  
320,473
  Masco Corp   6,925  
2,100
e
  Tempur-Pedic International, Inc   54  
 
  TOTAL FURNITURE AND FIXTURES   36,713  
 
FURNITURE AND HOME FURNISHINGS STORES - 0.04%      
107,795
*
  Bed Bath & Beyond, Inc   3,168  
53,694
e
  Circuit City Stores, Inc   225  
2,200
e
  Haverty Furniture Cos, Inc   20  
2,380
e*
  Mohawk Industries, Inc   177  
800
e
  Williams-Sonoma, Inc   21  
 
  TOTAL FURNITURE AND HOME FURNISHINGS STORES   3,611  
 
GENERAL BUILDING CONTRACTORS - 0.11%      
301
e*
  Avatar Holdings, Inc   12  
3,524
e
  Brookfield Homes Corp   56  
49,500
  Centex Corp   1,250  
194,299
  DR Horton, Inc   2,559  
20,602
e*
  Hovnanian Enterprises, Inc (Class A)   148  
1,120
  Lennar Corp (B Shares)   19  
62,500
e
  Lennar Corp (Class A)   1,118  
292
  M/I Homes, Inc   3  
25,414
e
  MDC Holdings, Inc   944  
410
e*
  NVR, Inc   215  
219,436
e
  Pulte Homes, Inc   2,313  
24,862
  Ryland Group, Inc   685  
42,187
e*
  Standard-Pacific Corp   141  
47,400
e*
  Toll Brothers, Inc   951  
13,000
e*
  WCI Communities, Inc   49  
 
  TOTAL GENERAL BUILDING CONTRACTORS   10,463  
 
GENERAL MERCHANDISE STORES - 0.72%      
1,687
e
  Bon-Ton Stores, Inc   16  
3,600
e*
  Cabela's, Inc   54  
319,278
  Costco Wholesale Corp   22,273  
84,497
  Family Dollar Stores, Inc   1,625  
141,195
  JC Penney Co, Inc   6,211  
10,500
e*
  Retail Ventures, Inc   53  
3,300
e
  Stein Mart, Inc   16  
539,125
  Target Corp   26,956  
314,051
  TJX Cos, Inc   9,023  
 
  TOTAL GENERAL MERCHANDISE STORES   66,227  
 
HEALTH SERVICES - 0.85%      
122,038
e*
  Alliance Imaging, Inc   1,174  
4,293
e*
  Bio-Reference Labs, Inc   140  
24,560
e
  Brookdale Senior Living, Inc   698  
109,880
*
  Community Health Systems, Inc   4,050  
4,670
e*
  Corvel Corp   108  
42,400
*
  DaVita, Inc   2,389  
44,118
*
  Edwards Lifesciences Corp   2,029  
156,776
*
  Express Scripts, Inc   11,445  
281,198
  Health Management Associates, Inc (Class A)   1,682  
9,590
e*
  Healthways, Inc   560  
4,400
e*
  Hythiam, Inc   13  
80,570
*
  Laboratory Corp of America Holdings   6,085  

311

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account      
 
 
      VALUE  
SHARES
      (000)  
14,720
e*
  LHC Group, Inc
$
368  
29,540
e*
  LifePoint Hospitals, Inc   879  
88,217
*
  Lincare Holdings, Inc   3,102  
26,959
*
  Medcath Corp   662  
63,705
e*
  Nektar Therapeutics   427  
65,405
e
  Omnicare, Inc   1,492  
9,400
*
  Pediatrix Medical Group, Inc   641  
16,900
e*
  Psychiatric Solutions, Inc   549  
29,873
*
  RehabCare Group, Inc   674  
24,070
*
  Sierra Health Services, Inc   1,010  
433,608
*
  WellPoint, Inc   38,040  
 
  TOTAL HEALTH SERVICES   78,217  
 
HOLDING AND OTHER INVESTMENT OFFICES - 1.18%
     
2,476
e
  Acadia Realty Trust   63  
256,768
e
  Allied Capital Corp   5,521  
7,100
  AMB Property Corp   409  
37,900
  American Financial Realty Trust   304  
47,700
  Annaly Mortgage Management, Inc   867  
47,600
  Anworth Mortgage Asset Corp   393  
3,098
e
  Ashford Hospitality Trust, Inc   22  
36,567
  AvalonBay Communities, Inc   3,442  
68,455
  Boston Properties, Inc   6,285  
600
  Brandywine Realty Trust   11  
3,200
  Capital Lease Funding, Inc   27  
1,200
e
  Capital Trust, Inc (Class A)   37  
6,414
e
  Cedar Shopping Centers, Inc   66  
3,360
e
  Cherokee, Inc   108  
26,259
  Colonial Properties Trust   594  
27,030
  Developers Diversified Realty Corp   1,035  
87,982
  Duke Realty Corp   2,295  
286,388
  Equity Residential   10,445  
3,160
e
  Essex Property Trust, Inc   308  
8,247
  FelCor Lodging Trust, Inc   129  
12,044
e
  First Industrial Realty Trust, Inc   417  
134,884
  General Growth Properties, Inc   5,555  
2,700
e
  Gladstone Capital Corp   46  
40,600
  HCP, Inc   1,412  
34,912
  Health Care REIT, Inc   1,560  
20,556
e
  Healthcare Realty Trust, Inc   522  
7,346
  Highwoods Properties, Inc   216  
37,685
  Hospitality Properties Trust   1,214  
294,253
  Host Marriott Corp   5,014  
47,488
  HRPT Properties Trust   367  
816
e
  Investors Real Estate Trust   7  
73,200
e
  iStar Financial, Inc   1,907  
141,231
  Kimco Realty Corp   5,141  
23,996
  Lexington Corporate Properties Trust   349  
6,565
e
  LTC Properties, Inc   164  
105,900
e,v
  Luminent Mortgage Capital, Inc   83  
500
  Macerich Co   36  
23,145
e
  Mack-Cali Realty Corp   787  
47,300
  MFA Mortgage Investments, Inc   437  
13,720
  Mid-America Apartment Communities, Inc   587  
2,761
e
  National Health Investors, Inc   77  
44,367
e*
  NexCen Brands, Inc   215  

312

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account      
 
 
      VALUE  
SHARES
     
(000)
  
7,100
e
  NorthStar Realty Finance Corp
$
63  
8,050
e
  Omega Healthcare Investors, Inc   129  
15,279
  Pennsylvania Real Estate Investment Trust   453  
9,890
e
  Post Properties, Inc   347  
14,679
e
  Potlatch Corp   652  
150,024
  Prologis   9,508  
95,119
  Public Storage, Inc   6,983  
1,400
e
  RAIT Investment Trust   12  
15,226
e
  Realty Income Corp   411  
700
  Regency Centers Corp   45  
2,766
e
  Senior Housing Properties Trust   63  
165,395
  Simon Property Group, Inc   14,366  
4,500
e
  Sun Communities, Inc   95  
1,000
  UDR, Inc   20  
1,100
  Universal Health Realty Income Trust   39  
5,660
  Urstadt Biddle Properties, Inc (Class A)   88  
159,654
e
  Virgin Media, Inc   2,736  
101,503
  Vornado Realty Trust   8,927  
32,816
  WABCO Holdings, Inc   1,644  
98,847
e
  Weingarten Realty Investors   3,108  
 
  TOTAL HOLDING AND OTHER INVESTMENT OFFICES   108,163  
 
HOTELS AND OTHER LODGING PLACES - 0.17%      
5,161
e*
  Bluegreen Corp   37  
109,560
e
  Choice Hotels International, Inc   3,637  
76,499
e*
  Gaylord Entertainment Co   3,096  
110,458
e*
  Great Wolf Resorts, Inc   1,084  
54,170
e*
  Lodgian, Inc   610  
43,668
e
  Marcus Corp   675  
185,078
  Marriott International, Inc (Class A)   6,326  
 
  TOTAL HOTELS AND OTHER LODGING PLACES   15,465  
 
INDUSTRIAL MACHINERY AND EQUIPMENT - 3.39%
     
79,500
*
  AGCO Corp   5,404  
1,300
  Albany International Corp (Class A)   48  
3,500
e*
  Allis-Chalmers Energy, Inc   52  
4,300
  Ampco-Pittsburgh Corp   164  
727,736
  Applied Materials, Inc   12,925  
13,569
e*
  Astec Industries, Inc   505  
74,230
e*
  Axcelis Technologies, Inc   341  
41,845
e
  Black & Decker Corp   2,914  
16,890
  Briggs & Stratton Corp   383  
15,494
*
  Brooks Automation, Inc   205  
3,900
e
  Cascade Corp   181  
7,900
*
  Columbus McKinnon Corp   258  
75,600
  Cummins, Inc   9,629  
394,260
  Deere & Co   36,713  
1,119,443
*
  Dell, Inc   27,438  
10,400
  Donaldson Co, Inc   482  
18,700
*
  Dril-Quip, Inc   1,041  
1,017,840
*
  EMC Corp   18,861  
9,460
*
  Emulex Corp   154  
71,799
*
  ENGlobal Corp   816  
5,149
e*
  Entegris, Inc   44  
7,700
  Flowserve Corp   741  
28,312
e*
  FMC Technologies, Inc   1,605  

313

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account      
 
 
      VALUE  
SHARES
     
(000)
  
4,200
*
  Gardner Denver, Inc
$
139  
14,404
e*
  Gehl Co   231  
82,775
  Graco, Inc   3,084  
148,463
*
  Grant Prideco, Inc   8,241  
1,300,123
  Hewlett-Packard Co   65,630  
2,986
e*
  Intermec, Inc   61  
773,627
  International Business Machines Corp   83,629  
22,664
*
  Intevac, Inc   329  
2,300
*
  Kulicke & Soffa Industries, Inc   16  
56,682
e*
  Lam Research Corp   2,450  
6,800
  Lennox International, Inc   282  
39,462
*
  Lexmark International, Inc (Class A)   1,376  
2,400
e
  Lindsay Manufacturing Co   170  
6,754
e
  Lufkin Industries, Inc   387  
77,888
  Manitowoc Co, Inc   3,803  
38,400
e
  Modine Manufacturing Co   634  
30,450
  Nordson Corp   1,765  
7,286
*
  Oil States International, Inc   249  
44,540
  Pall Corp   1,796  
13,936
e*
  Rackable Systems, Inc   139  
1,000
  Robbins & Myers, Inc   76  
45,177
e*
  Semitool, Inc   392  
43,161
e*
  Sigma Designs, Inc   2,382  
166,071
e*
  SourceForge, Inc   407  
22,138
  SPX Corp   2,277  
56,244
  Tennant Co   2,491  
27,688
*
  Terex Corp   1,815  
93,450
  Trane, Inc   4,365  
4,026
e*
  TurboChef Technologies, Inc   66  
10,500
e*
  Ultratech, Inc   119  
43,264
*
  Varian Medical Systems, Inc   2,257  
 
  TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT   311,962  
 
INSTRUMENTS AND RELATED PRODUCTS - 3.55%
     
29,918
e*
  Advanced Medical Optics, Inc   734  
17,804
*
  Affymetrix, Inc   412  
3,704
e
  Analogic Corp   251  
44,094
  Bard (C.R.), Inc   4,180  
438,937
  Baxter International, Inc   25,480  
63,145
  Beckman Coulter, Inc   4,597  
209,372
  Becton Dickinson & Co   17,499  
3,700
*
  Bruker BioSciences Corp   49  
10,897
e*
  Cepheid, Inc   287  
5,510
e
  Cooper Cos, Inc   209  
186,377
  Covidien Ltd   8,255  
208,273
e*
  Credence Systems Corp   504  
900
  Datascope Corp   33  
113,277
  Dentsply International, Inc   5,100  
880,600
  Emerson Electric Co   49,895  
1,100
*
  Excel Technology, Inc   30  
5,300
*
  Formfactor, Inc   175  
12,000
*
  Hologic, Inc   824  
900
e*
  ICU Medical, Inc   32  
12,063
e*
  Illumina, Inc   715  
8,990
*
  Intuitive Surgical, Inc   2,917  
4,500
e
  Invacare Corp   113  

314

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account      
 
 
      VALUE  
SHARES
     
(000)
  
62,328
e*
  ION Geophysical Corp
$
984  
700
e*
  Itron, Inc   67  
1,435,005
  Johnson & Johnson   95,715  
74,755
  Kla-Tencor Corp   3,600  
10,628
e*
  L-1 Identity Solutions, Inc   191  
110,147
e*
  LTX Corp   350  
694,588
  Medtronic, Inc   34,917  
1,166
e*
  Merit Medical Systems, Inc   16  
2,300
*
  Mettler-Toledo International, Inc   262  
17,712
*
  Millipore Corp   1,296  
5,300
*
  MKS Instruments, Inc   102  
3,000
e
  Movado Group, Inc   76  
2,970
e*
  OYO Geospace Corp   224  
1,888
e*
  Palomar Medical Technologies, Inc   29  
196,101
  Pitney Bowes, Inc   7,460  
3,970
e*
  Resmed, Inc   209  
3,100
*
  Respironics, Inc   203  
8,400
  Roper Industries, Inc   525  
2,223
*
  Rudolph Technologies, Inc   25  
177,452
*
  St. Jude Medical, Inc   7,212  
49,797
  STERIS Corp   1,436  
212,180
  Stryker Corp   15,854  
10,100
*
  Techne Corp   667  
221,398
*
  Thermo Electron Corp   12,770  
1,600
e*
  Thoratec Corp   29  
45,643
*
  Waters Corp   3,609  
413,373
  Xerox Corp   6,693  
2,400
*
  X-Rite, Inc   28  
137,630
*
  Zimmer Holdings, Inc   9,104  
5,140
e*
  Zoll Medical Corp   137  
 
  TOTAL INSTRUMENTS AND RELATED PRODUCTS   326,081  
 
INSURANCE AGENTS, BROKERS AND SERVICE - 0.28%
     
59,580
  Brown & Brown, Inc   1,400  
4,400
e
  Crawford & Co (Class B)   18  
275,475
  Hartford Financial Services Group, Inc   24,019  
 
  TOTAL INSURANCE AGENTS, BROKERS AND SERVICE   25,437  
 
INSURANCE CARRIERS - 2.46%      
371,100
  Aetna, Inc   21,424  
496,750
  Aflac, Inc   31,111  
720
e*
  Alleghany Corp   289  
91,600
e
  Ambac Financial Group, Inc   2,361  
36,400
  American Financial Group, Inc   1,051  
5,925
  American Physicians Capital, Inc   246  
31,786
*
  AMERIGROUP Corp   1,159  
60,930
  Assurant, Inc   4,076  
63,893
  Axis Capital Holdings Ltd   2,490  
6,800
*
  Centene Corp   187  
421,544
  Chubb Corp   23,008  
217,935
  Cincinnati Financial Corp   8,617  
44,018
  Commerce Group, Inc   1,584  
1,400
e
  Donegal Group, Inc (Class A)   24  
64,254
e
  Endurance Specialty Holdings Ltd   2,681  
37,568
e
  Erie Indemnity Co (Class A)   1,949  
36,167
  Everest Re Group Ltd   3,631  

315

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account      
 
 
      VALUE  
SHARES
     
(000)
  
1,251
e*
  Fpic Insurance Group, Inc
$
54  
307,040
  Genworth Financial, Inc (Class A)   7,814  
12,850
  Hanover Insurance Group, Inc   589  
1,200
  Harleysville Group, Inc   42  
30,700
  HCC Insurance Holdings, Inc   880  
2,616
*
  HealthExtras, Inc   68  
2,200
  Horace Mann Educators Corp   42  
1,859
e
  Infinity Property & Casualty Corp   67  
2,100
e
  LandAmerica Financial Group, Inc   70  
272,327
  Lincoln National Corp   15,855  
6,340
*
  Markel Corp   3,114  
113,799
e
  MBIA, Inc   2,120  
60,238
  Mercury General Corp   3,001  
69,700
e
  MGIC Investment Corp   1,563  
13,770
e*
  Molina Healthcare, Inc   533  
61,239
  Nationwide Financial Services, Inc (Class A)   2,756  
14,340
  Odyssey Re Holdings Corp   526  
22,800
  Phoenix Cos, Inc   271  
40,300
e
  PMI Group, Inc   535  
1,400
e
  Presidential Life Corp   25  
210,935
  Principal Financial Group   14,521  
583,880
*
  Progressive Corp   11,187  
10,350
  Protective Life Corp   425  
28,500
e
  Radian Group, Inc   333  
10,128
  RenaissanceRe Holdings Ltd   610  
162,685
  Safeco Corp   9,058  
3,140
  Stancorp Financial Group, Inc   158  
700
e
  Tower Group, Inc   23  
553,687
  Travelers Cos, Inc   29,788  
30,639
e
  Unitrin, Inc   1,470  
148,400
  UnumProvident Corp   3,531  
74,681
  W.R. Berkley Corp   2,226  
24,562
*
  WellCare Health Plans, Inc   1,042  
100
  Wesco Financial Corp   41  
122,774
  XL Capital Ltd (Class A)   6,177  
 
  TOTAL INSURANCE CARRIERS   226,403  
 
LEATHER AND LEATHER PRODUCTS - 0.07%      
199,600
*
  Coach, Inc   6,104  
400
*
  Timberland Co (Class A)   7  
14,200
e
  Weyco Group, Inc   390  
 
  TOTAL LEATHER AND LEATHER PRODUCTS   6,501  
 
LEGAL SERVICES - 0.00% **      
1,800
*
  FTI Consulting, Inc   111  
 
  TOTAL LEGAL SERVICES   111  
 
LUMBER AND WOOD PRODUCTS - 0.01%      
50,547
e*
  Champion Enterprises, Inc   476  
4,415
e
  Skyline Corp   130  
 
  TOTAL LUMBER AND WOOD PRODUCTS   606  
 
METAL MINING - 0.07%      
64,927
*
  Apex Silver Mines Ltd   990  
166,975
e
  Royal Gold, Inc   5,096  
 
  TOTAL METAL MINING   6,086  

316

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account      
 
 
      VALUE  
SHARES
      (000)  
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.19%
     
19,178
e
  Callaway Golf Co
$
334  
12,100
e
  Daktronics, Inc   273  
9,675
e
  Marine Products Corp   68  
439,224
  Mattel, Inc   8,363  
27,261
*
  RC2 Corp   765  
59,200
e*
  Russ Berrie & Co, Inc   969  
178,057
  Tyco International Ltd   7,060  
 
  TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES   17,832  
 
MISCELLANEOUS RETAIL - 0.63%
     
151,855
*
  Amazon.com, Inc   14,068  
2,300
  Barnes & Noble, Inc   79  
161,290
  Best Buy Co, Inc   8,492  
11,723
*
  Dollar Tree Stores, Inc   304  
55,413
e*
  GSI Commerce, Inc   1,081  
78,885
*
  Office Depot, Inc   1,097  
10,103
e*
  Overstock.com, Inc   157  
11,430
  Petsmart, Inc   269  
1,340
e*
  Priceline.com, Inc   154  
345,513
  Staples, Inc   7,971  
10,100
e
  Systemax, Inc   205  
28,676
  Tiffany & Co   1,320  
513,971
  Walgreen Co   19,572  
111,764
e
  World Fuel Services Corp   3,244  
 
  TOTAL MISCELLANEOUS RETAIL   58,013  
 
MOTION PICTURES - 0.72%      
3,931
e*
  Avid Technology, Inc   111  
197,077
*
  Discovery Holding Co (Class A)   4,955  
70,497
*
  DreamWorks Animation SKG, Inc (Class A)   1,801  
28,691
  Regal Entertainment Group (Class A)   518  
8,288
e*
  Time Warner Telecom, Inc (Class A)   168  
2,535,819
  Time Warner, Inc   41,866  
381,437
*
  Viacom, Inc (Class B)   16,753  
 
  TOTAL MOTION PICTURES   66,172  
 
NONDEPOSITORY INSTITUTIONS - 0.94%      
61,474
  Advanta Corp (Class A)   449  
166,075
e
  American Capital Strategies Ltd   5,474  
773,131
  American Express Co   40,218  
94,294
e*
  AmeriCredit Corp   1,206  
18,339
e
  Asta Funding, Inc   485  
257,299
  Capital One Financial Corp   12,160  
78,600
e
  CapitalSource, Inc   1,383  
20,400
e
  Centerline Holding Co   155  
19,600
e*
  Credit Acceptance Corp   405  
20,595
e
  Federal Agricultural Mortgage Corp (Class C)   542  
59,450
e
  First Marblehead Corp   910  
592,577
  Freddie Mac   20,189  
20,265
*
  Guaranty Financial Group, Inc   324  
27,100
e*
  INVESTools, Inc   481  
125,847
e
  MCG Capital Corp   1,458  
18,410
e
  Nelnet, Inc (Class A)   234  
3,700
*
  PHH Corp   65  

317

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account      
 
 
      VALUE  
SHARES
      (000)  
12,483
e*
  World Acceptance Corp
$
337  
 
  TOTAL NONDEPOSITORY INSTITUTIONS   86,475  
 
NONMETALLIC MINERALS, EXCEPT FUELS - 0.12%      
94,768
e
  AMCOL International Corp   3,415  
5,200
e
  Compass Minerals International, Inc   213  
98,032
e
  Vulcan Materials Co   7,753  
 
  TOTAL NONMETALLIC MINERALS, EXCEPT FUELS   11,381  
 
OIL AND GAS EXTRACTION - 2.68%
     
43,767
  Atlas America, Inc   2,590  
18,190
*
  ATP Oil & Gas Corp   919  
2,970
*
  Atwood Oceanics, Inc   298  
40,138
  Berry Petroleum Co (Class A)   1,784  
9,766
e*
  Bronco Drilling Co, Inc   145  
98,626
e*
  Callon Petroleum Co   1,622  
85,644
e*
  Cameron International Corp   4,122  
3,200
e*
  Carrizo Oil & Gas, Inc   175  
76,853
e*
  Cheniere Energy, Inc   2,508  
411,937
  Chesapeake Energy Corp   16,148  
88,652
e
  Cimarex Energy Co   3,770  
6,315
e*
  Complete Production Services, Inc   113  
31,222
e*
  Contango Oil & Gas Co   1,589  
28,057
e*
  Delta Petroleum Corp   529  
350,676
*
  Denbury Resources, Inc   10,433  
32,193
e*
  Edge Petroleum Corp   191  
30,001
e*
  Encore Acquisition Co   1,001  
177,736
  ENSCO International, Inc   10,597  
322,216
  Equitable Resources, Inc   17,168  
13,780
e*
  EXCO Resources, Inc   213  
11,535
e*
  Exterran Holdings, Inc   944  
55,136
*
  Forest Oil Corp   2,803  
19,800
e*
  GeoGlobal Resources, Inc   98  
52,104
*
  Global Industries Ltd   1,116  
18,740
e*
  GMX Resources, Inc   605  
30,098
e*
  Goodrich Petroleum Corp   681  
45,337
e*
  Grey Wolf, Inc   242  
33,475
e*
  Helix Energy Solutions Group, Inc   1,389  
187,470
  Helmerich & Payne, Inc   7,512  
65,929
e*
  McMoRan Exploration Co   863  
263,284
e*
  Meridian Resource Corp   477  
137,118
*
  Nabors Industries Ltd   3,756  
215,030
*
  National Oilwell Varco, Inc   15,796  
136,852
  Noble Corp   7,734  
14,762
*
  Oceaneering International, Inc   994  
15,629
e*
  Parallel Petroleum Corp   276  
164,168
e*
  PetroHawk Energy Corp   2,842  
27,290
e*
  Petroleum Development Corp   1,614  
29,100
e*
  Petroquest Energy, Inc   416  
137,217
  Pioneer Natural Resources Co   6,702  
156,895
*
  Plains Exploration & Production Co   8,472  
122,390
*
  Pride International, Inc   4,149  
64,013
*
  Quicksilver Resources, Inc   3,815  
102,753
  Range Resources Corp   5,277  
77,900
  Rowan Cos, Inc   3,074  
9,820
e
  RPC, Inc   115  

318

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account      
 
 
      VALUE  
SHARES
     
(000)
  
150,786
  Smith International, Inc
$
11,136  
75,146
*
  Southwestern Energy Co   4,187  
40,830
  St. Mary Land & Exploration Co   1,576  
27,978
e*
  Stone Energy Corp   1,312  
6,000
*
  Superior Energy Services   207  
50,335
e*
  Swift Energy Co   2,216  
94,026
e
  Tidewater, Inc   5,158  
30,538
e*
  Toreador Resources Corp   214  
247,722
  Transocean, Inc   35,461  
23,727
e*
  TXCO Resources, Inc   286  
25,345
*
  Unit Corp   1,172  
38,653
e*
  Venoco, Inc   770  
19,400
e
  W&T Offshore, Inc   581  
3,800
*
  Warren Resources, Inc   54  
2,905
e*
  W-H Energy Services, Inc   163  
14,605
*
  Whiting Petroleum Corp   842  
457,732
  XTO Energy, Inc   23,509  
 
  TOTAL OIL AND GAS EXTRACTION   246,521  
 
PAPER AND ALLIED PRODUCTS - 0.52%      
20,800
e*
  AbitibiBowater, Inc   429  
87,110
  Bemis Co   2,385  
52,800
*
  Buckeye Technologies, Inc   660  
2,600
e*
  Cenveo, Inc   45  
34,100
e*
  Chesapeake Corp   177  
25,642
*
  Domtar Corporation   197  
22,564
  Glatfelter   345  
213,205
  International Paper Co   6,904  
331,425
  Kimberly-Clark Corp   22,981  
220,839
  MeadWestvaco Corp   6,912  
69,697
  Packaging Corp of America   1,966  
8,700
  Rock-Tenn Co (Class A)   221  
110,950
  Sonoco Products Co   3,626  
60,796
  Temple-Inland, Inc   1,268  
10,800
e
  Wausau Paper Corp   97  
 
  TOTAL PAPER AND ALLIED PRODUCTS   48,213  
 
PERSONAL SERVICES - 0.02%      
55,699
  Regis Corp   1,557  
13,656
  Unifirst Corp   519  
3,820
  Weight Watchers International, Inc   173  
 
  TOTAL PERSONAL SERVICES   2,249  
 
PETROLEUM AND COAL PRODUCTS - 2.55%      
37,600
e
  Alon USA Energy, Inc   1,022  
411,886
  Apache Corp   44,294  
20,270
  Ashland, Inc   962  
63,100
  Cabot Oil & Gas Corp   2,547  
450,574
  Devon Energy Corp   40,061  
264,430
  EOG Resources, Inc   23,600  
199,616
  Frontier Oil Corp   8,101  
42,962
e*
  Headwaters, Inc   504  
244,381
  Hess Corp   24,648  
54,670
  Holly Corp   2,782  
174,442
  Murphy Oil Corp   14,800  
119,240
*
  Newfield Exploration Co   6,284  

319

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account      
 
 
      VALUE  
SHARES
     
(000)
  
281,490
  Noble Energy, Inc
$
22,384  
150,944
  Sunoco, Inc   10,934  
416,206
  Valero Energy Corp   29,147  
87,486
e
  Western Refining, Inc   2,118  
 
  TOTAL PETROLEUM AND COAL PRODUCTS   234,188  
 
PIPELINES, EXCEPT NATURAL GAS - 0.18%      
656,263
e
  Spectra Energy Corp   16,945  
 
  TOTAL PIPELINES, EXCEPT NATURAL GAS   16,945  
 
PRIMARY METAL INDUSTRIES - 0.98%      
251,846
  Alcoa, Inc   9,205  
17,626
  Allegheny Technologies, Inc   1,523  
25,669
e*
  Brush Engineered Materials, Inc   950  
110,448
*
  Century Aluminum Co   5,957  
10,580
*
  CommScope, Inc   521  
716,841
  Corning, Inc   17,197  
48,876
e
  Gibraltar Industries, Inc   754  
41,040
  Hubbell, Inc (Class B)   2,118  
36,587
e*
  LB Foster Co (Class A)   1,893  
59,078
  Mueller Industries, Inc   1,713  
304,136
  Nucor Corp   18,011  
38,577
e
  Olympic Steel, Inc   1,223  
45,667
e
  Quanex Corp   2,370  
117,236
  Steel Dynamics, Inc   6,984  
53,314
e
  Tredegar Corp   857  
124,733
  United States Steel Corp   15,081  
232,450
e
  Worthington Industries, Inc   4,156  
 
  TOTAL PRIMARY METAL INDUSTRIES   90,513  
 
PRINTING AND PUBLISHING - 0.44%
     
1,300
*
  ACCO Brands Corp   21  
5,100
e
  Bowne & Co, Inc   90  
800
e
  CSS Industries, Inc   29  
56,410
  Dun & Bradstreet Corp   5,000  
2,100
e
  Ennis, Inc   38  
114,032
e
  EW Scripps Co (Class A)   5,133  
49,559
e
  Harte-Hanks, Inc   857  
17,999
e
  John Wiley & Sons, Inc (Class A)   771  
24,900
e
  Lee Enterprises, Inc   365  
1,800
e
  McClatchy Co (Class A)   22  
326,154
  McGraw-Hill Cos, Inc   14,289  
50,247
  Meredith Corp   2,762  
238,488
e
  New York Times Co (Class A)   4,181  
21,328
e
  R.H. Donnelley Corp   778  
23,349
e
  Standard Register Co   272  
7,546
e
  Washington Post Co (Class B)   5,972  
 
  TOTAL PRINTING AND PUBLISHING   40,580  
 
RAILROAD TRANSPORTATION - 0.43%      
328,040
  CSX Corp   14,427  
40,644
e*
  Kansas City Southern Industries, Inc   1,395  
467,010
  Norfolk Southern Corp   23,556  
 
  TOTAL RAILROAD TRANSPORTATION   39,378  
 

320

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account      
 
 
      VALUE  
SHARES
     
(000)
  
REAL ESTATE - 0.04%      
85,217
e*
  CB Richard Ellis Group, Inc (Class A)
$
1,836  
13,900
e
  Forest City Enterprises, Inc (Class A)   618  
20,265
*
  Forestar Real Estate Group Inc   478  
2,400
  Jones Lang LaSalle, Inc   171  
33,399
e
  Stewart Enterprises, Inc (Class A)   297  
 
  TOTAL REAL ESTATE   3,400  
 
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.27%      
1,981
*
  Deckers Outdoor Corp   307  
337,650
  Nike, Inc (Class B)   21,691  
63,800
  Sealed Air Corp   1,476  
11,100
  Spartech Corp   157  
1,800
e*
  Trex Co, Inc   15  
36,984
  Tupperware Corp   1,222  
 
  TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS   24,868  
 
SECURITY AND COMMODITY BROKERS - 1.99%      
86,161
  Ameriprise Financial, Inc   4,748  
15,100
e
  BlackRock, Inc   3,274  
595,243
  Charles Schwab Corp   15,208  
22,654
  CME Group, Inc   15,541  
169,245
e*
  E*Trade Financial Corp   601  
3,800
  Eaton Vance Corp   173  
23,089
  Federated Investors, Inc (Class B)   950  
183,417
  Franklin Resources, Inc   20,988  
1,830
e
  GAMCO Investors, Inc (Class A)   127  
241,276
  Goldman Sachs Group, Inc   51,886  
31,600
*
  IntercontinentalExchange, Inc   6,083  
72,720
  Janus Capital Group, Inc   2,389  
49,052
  Legg Mason, Inc   3,588  
609,309
  Merrill Lynch & Co, Inc   32,708  
36,363
*
  Nasdaq Stock Market, Inc   1,800  
25,750
e
  Nymex Holdings, Inc   3,440  
90,000
  NYSE Euronext   7,899  
68,569
  SEI Investments Co   2,206  
158,652
  T Rowe Price Group, Inc   9,659  
 
  TOTAL SECURITY AND COMMODITY BROKERS   183,268  
 
SOCIAL SERVICES - 0.01%      
44,409
*
  Capital Senior Living Corp   441  
 
  TOTAL SOCIAL SERVICES   441  
 
SPECIAL TRADE CONTRACTORS - 0.02%      
400
e
  Alico, Inc   15  
2,050
e
  Comfort Systems USA, Inc   26  
9,383
*
  Layne Christensen Co   462  
47,182
e*
  Quanta Services, Inc   1,238  
 
  TOTAL SPECIAL TRADE CONTRACTORS   1,741  
 
STONE, CLAY, AND GLASS PRODUCTS - 0.51%      
514,744
  3M Co   43,403  
2,065
e
  Apogee Enterprises, Inc   35  
1,122
e*
  Cabot Microelectronics Corp   40  
10,425
e
  CARBO Ceramics, Inc   388  
42,148
e
  Eagle Materials, Inc   1,496  
83,512
  Gentex Corp   1,484  

321

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account      
 
 
      VALUE  
SHARES
      (000)  
22,303
e*
  Owens Corning, Inc
$
451  
 
  TOTAL STONE, CLAY, AND GLASS PRODUCTS   47,297  
 
TEXTILE MILL PRODUCTS - 0.00% **
     
1,600
e
  Oxford Industries, Inc   41  
 
  TOTAL TEXTILE MILL PRODUCTS   41  
 
TRANSPORTATION BY AIR - 0.35%
     
13,184
e*
  Air Methods Corp   655  
74,620
e*
  Airtran Holdings, Inc   534  
18,300
e*
  Alaska Air Group, Inc   458  
102,830
e*
  AMR Corp   1,443  
92,958
*
  Continental Airlines, Inc (Class B)   2,068  
56,600
e*
  ExpressJet Holdings, Inc   140  
196,244
  FedEx Corp   17,499  
76,683
e*
  JetBlue Airways Corp   453  
42,865
  Skywest, Inc   1,151  
627,375
  Southwest Airlines Co   7,654  
 
  TOTAL TRANSPORTATION BY AIR   32,055  
 
TRANSPORTATION EQUIPMENT - 0.75%      
3,800
e
  A.O. Smith Corp   133  
4,700
*
  Accuride Corp   37  
7,885
*
  Aftermarket Technology Corp   215  
51,000
e
  American Axle & Manufacturing Holdings, Inc   950  
70,430
e
  ArvinMeritor, Inc   826  
127,036
  Autoliv, Inc   6,696  
265,688
*
  BE Aerospace, Inc   14,055  
14,800
e
  Federal Signal Corp   166  
224,750
  Genuine Parts Co   10,406  
205,687
  Harley-Davidson, Inc   9,608  
80,556
  Harsco Corp   5,161  
20,829
e
  Noble International Ltd   340  
197,076
  Paccar, Inc   10,737  
177,317
*
  Spirit Aerosystems Holdings, Inc (Class A)   6,117  
62,300
e
  Superior Industries International, Inc   1,132  
25,384
e*
  Tenneco, Inc   662  
400
e
  Thor Industries, Inc   15  
169,570
e*
  Visteon Corp   744  
23,540
  Westinghouse Air Brake Technologies Corp   811  
 
  TOTAL TRANSPORTATION EQUIPMENT   68,811  
 
TRANSPORTATION SERVICES - 0.03%      
26,100
  CH Robinson Worldwide, Inc   1,413  
31,835
e
  Expeditors International Washington, Inc   1,422  
2,064
*
  HUB Group, Inc (Class A)   55  
 
  TOTAL TRANSPORTATION SERVICES   2,890  
 
TRUCKING AND WAREHOUSING - 0.38%      
487,985
  United Parcel Service, Inc (Class B)   34,510  
 
  TOTAL TRUCKING AND WAREHOUSING   34,510  
 
WATER TRANSPORTATION - 0.04%
     
24,396
  Alexander & Baldwin, Inc   1,260  
24,700
e*
  Gulfmark Offshore, Inc   1,156  

322

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
 
 
        MATURITY        
VALUE
 
SHARES
    RATE   DATE         (000)  
26,279
e*
  Hornbeck Offshore Services, Inc            
$
1,181  
 
  TOTAL WATER TRANSPORTATION               3,597  
 
WHOLESALE TRADE-DURABLE GOODS - 0.31%                  
3,400
e
  Agilysys, Inc               51  
157,794
e
  Barnes Group, Inc               5,269  
39,400
  BorgWarner, Inc               1,907  
6,024
e
  Building Material Holding Corp               33  
39,080
e
  Castle (A.M.) & Co               1,063  
122,900
  IKON Office Solutions, Inc               1,600  
5,070
e
  Martin Marietta Materials, Inc               672  
8,672
e*
  MWI Veterinary Supply, Inc               347  
9,158
  Owens & Minor, Inc               389  
101,785
*
  Patterson Cos, Inc               3,456  
2,500
*
  PSS World Medical, Inc               49  
96,272
  Reliance Steel & Aluminum Co               5,218  
3,500
*
  Tech Data Corp               132  
23,000
e*
  Tyler Technologies, Inc               296  
89,100
  W.W. Grainger, Inc               7,798  
14,080
e*
  WESCO International, Inc               558  
 
  TOTAL WHOLESALE TRADE-DURABLE GOODS               28,838  
 
WHOLESALE TRADE-NONDURABLE GOODS - 0.27%                  
7,080
  Airgas, Inc               369  
24,761
e*
  Akorn, Inc               182  
23,472
e*
  Allscripts Healthcare Solutions, Inc               456  
15,860
  Dean Foods Co               410  
87,798
*
  Endo Pharmaceuticals Holdings, Inc               2,341  
24,135
*
  Henry Schein, Inc               1,482  
72,764
e
  Idearc, Inc               1,278  
3,700
  Kenneth Cole Productions, Inc (Class A)               65  
6,000
  Men's Wearhouse, Inc               162  
2,100
  Myers Industries, Inc               30  
13,256
e
  Nash Finch Co               468  
14,982
e
  Spartan Stores, Inc               342  
563,443
  Sysco Corp               17,585  
1,900
e*
  Volcom, Inc               42  
 
  TOTAL WHOLESALE TRADE-NONDURABLE GOODS               25,212  
 
 
  TOTAL COMMON STOCKS               5,458,174  
 
  (Cost $3,785,477)                  
PRINCIPAL
                     
 
SHORT-TERM INVESTMENTS - 7.67%                  
 
BANK NOTES - 0.24%
                 
$        21,600,000
  Bank of America Corp
   5.000%
  02/29/08         21,612  
 
  TOTAL BANK NOTES
            21,612  
 
COMMERCIAL PAPER - 2.55%
               
35,000,000
  AT&T, Inc
0.000
  01/02/08         34,992  
25,000,000
d
  Campbell Soup Co
0.000
  02/05/08         24,883  
8,400,000
  Clorox Co
0.000
  01/08/08         8,391  
24,500,000
  General Mills, Inc
0.000
  01/03/08         24,490  
35,000,000
d
  Goldman Sachs Group, Inc
0.000
  01/22/08         34,899  
26,262,000
d
  Hershey Co
0.000
  02/11/08         26,123  
21,600,000
  IBM Capital, Inc
0.000
  01/29/08         21,520  

323

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
 
 
        MATURITY         VALUE  
PRINCIPAL
    RATE  
DATE
       
(000)
  
$        24,700,000
d
  Procter & Gamble International    0.000%  
02/14/08
     
$
24,560  
10,000,000
  Procter & Gamble International 0.000  
03/10/08
        9,910  
25,000,000
d
  Verizon Communications, Inc 0.000  
01/10/08
        24,966  
 
  TOTAL COMMERCIAL PAPER    
        234,734  
 
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 2.05%
   
           
850,000
  Federal Home Loan Bank (FHLB) 0.000  
01/14/08
        849  
4,210,000
  (FHLB) 0.000  
01/15/08
        4,204  
11,650,000
  (FHLB) 0.000  
01/23/08
        11,623  
37,645,000
  (FHLB) 0.000  
02/27/08
        37,404  
26,300,000
  Federal Home Loan Mortgage Corp (FHLMC) 0.000  
02/04/08
        26,201  
24,000,000
  (FHLMC) 0.000  
02/21/08
        23,863  
28,700,000
  (FHLMC) 0.000  
04/25/08
        28,327  
4,163,000
  Federal National Mortgage Association (FNMA) 0.000  
01/11/08
        4,159  
27,256,000
  (FNMA) 0.000  
02/11/08
        27,131  
25,000,000
d
  (FNMA) 0.000  
02/14/08
        24,877  
 
  TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES     188,638  
 
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 2.83%
               
REPURCHASED AGREEMENTS                  
90,000,000
  Bear Stearns & Co, Inc 4.250% Dated 12/31/2007,               90,011  
 
  Due 01/02/2008 In the Amount of $90,010,625                  
 
  Fully Collateralized as follows:                  
 
  Federal Home Loan Bank (FHLB) 0.000% -                  
 
  5.648%, 11/21/2011 - 11/27/2037    
$ 52,312,727
           
 
  Federal Home Loan Mortgage Corp (FHLMC)                  
 
  0.000% - 5.800%, 08/20/2012 - 04/03/2037    
37,122,827
           
 
  Federal National Mortgage Association (FNMA)                  
 
  0.000% - 4.125%, 01/30/2012 - 10/03/2033    
2,546,446
           
 
  Total Market Value    
91,982,000
           
 
40,000,000
  Goldman Sachs & Co, Inc 4.150% Dated 12/31/2007,               40,005  
 
  Due 01/02/2008 In the Amount of $40,004,611                  
 
  Fully Collateralized as follows:                  
 
  Federal Home Loan Mortgage Corp (FHLMC)                  
 
  6.625%, 09/15/2009    
21,375,000
           
 
  Federal National Mortgage Association (FNMA)    
           
 
  6.625%, 11/15/2030    
19,427,730
           
 
  Total Market Value    
40,802,730
           
 
10,000,000
  JP Morgan Securities 4.250% Dated 12/31/2007,               10,001  
 
  Due 01/02/2008 In the Amount of $10,001,181                  
 
  Fully Collateralized as follows:                  
 
  Federal Home Loan Bank (FHLB) 4.750% -                  
 
  4.875%, 08/16/2010 - 11/30/2012    
2,712,758
           
 
  Federal Home Loan Mortgage Corp (FHLMC)                  
 
  5.625%, 12/19/2017    
608,702
           
 
  Federal National Mortgage Association (FNMA)                  
 
  4.750% - 7.125%, 09/02/2008 - 03/28/2019    
6,878,539
           
 
  Total Market Value    
10,199,999
           
 
10,000,000
  Lehman Brothers, Inc 4.200% Dated 12/31/2007,               10,001  
 
  Due 01/02/2008 In the Amount of $10,001,167                  
 
  Fully Collateralized as follows:                  
 
  Federal National Mortgage Association (FNMA)                  
 
  0.000%, 03/31/2008    
10,300,000
           
      Total Market Value    
10,300,000
           

324

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
 
                      VALUE  
PRINCIPAL                    
(000)
  
$        85,000,000     Merrill Lynch & Co, Inc 4.290% Dated 12/31/2007,            
$
85,010  
      Due 01/02/2008 In the Amount of $85,010,129                  
      Fully Collateralized as follows:                  
      Federal Home Loan Bank (FHLB) 0.000% -                  
      5.000%, 03/04/2008 - 06/30/2023     42,544,200            
      Federal Home Loan Mortgage Corp (FHLMC)                  
      3.500% - 6.000%, 04/01/2008 - 09/19/2016     43,444,375            
      Federal National Mortgage Association (FNMA)                  
      0.000% - 6.000%, 02/01/2008 - 04/18/2036     23,151,053            
      Total Market Value     109,139,628            
 
25,276,000     Morgan Stanley & Co, Inc 4.250% Dated 12/31/2007,               25,279  
      Due 01/02/2008 In the Amount of $25,278,984                  
      Fully Collateralized as follows:                  
      Federal Home Loan Bank (FHLB) 4.160% -                  
      5.760%, 02/01/2010 - 07/03/2025     20,165,124            
      Federal Home Loan Mortgage Corp (FHLMC)                  
      0.000%, 04/08/2019     5,616,820            
      Total Market Value     25,781,944            
 
258,000     Morgan Stanley & Co, Inc 1.450% Dated 12/31/2007,               258  
      Due 01/02/2008 In the Amount of $258,010                  
      Fully Collateralized as follows:                  
      U.S. Treasury Bond 7.500%, 11/15/2016     262,493            
      Total Market Value     262,493        
             
      TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED   260,565  
 
      TOTAL SHORT-TERM INVESTMENTS               705,549  
      (Cost $705,551)                  
 
 
      TOTAL PORTFOLIO - 107.01%               9,841,763  
      (Cost $8,142,266)                  
      OTHER ASSETS & LIABILITIES, NET - (7.01%)               (644,722 )
                         
      NET ASSETS - 100.00%            
$
 9,197,041  
     
 
                  

 
      The following abbreviations are used in portfolio descriptions:                  
 
LLC
  Limited Liability Company                  
 
LP
  Limited Partnership                  
 
N/R
  Not rated by Moody's                  
 
 
*
  Non-income producing.                  
 
**
  Percentage represents less than 0.01%.                  
 
^
  Amount represents less than $1,000.                  
 
†
  As provided by Moody's Investors Service (Unaudited).                  
 
d
  All or a portion of these securities have been segregated by the custodian to cover securities  
 
  purchased on a delayed delivery basis.                  
 
e
  All or a portion of these securities are out on loan.                  
 
g
  Security is exempt from registration under Rule 144 (A) of the Securities Act of 1933  
      and may be resold in transactions exempt from registration                  
      to qualified institutional buyers.                  
      At December 31, 2007, the value of these securities amounted to $191,569,8121 or 2.08% of net assets.  

325

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account      
 
 
 
h
  These securities were purchased on a delayed delivery basis.      
 
i
  Floating rate or variable rate securities reflects the rate in effect as of December 31, 2007.      
 
j
  Zero coupon.      
 
k
  Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.      
 
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.      

326

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account    
           
 
COLLEGE RETIREMENT EQUITIES FUND
MONEY MARKET ACCOUNT
STATEMENT OF INVESTMENTS (unaudited)
December 31, 2007
 
           
  MATURITY     VALUE  
PRINCIPAL
         
RATE
  DATE     (000)  
 
SHORT-TERM INVESTMENTS - 99.93%    
           
 
ASSET BACKED - 0.14%    
           
$        9,774,624 v   BMW Vehicle Lease Trust Series 2007-1 (Class A1)    
   5.062%
  11/17/08  
$
 9,768  
6,873,327     Honda Auto Receivables Owner Trust Series 2007-2 (Class A1)    
5.326
  06/23/08     6,881  
      TOTAL ASSET BACKED    
        16,649  
 
BANKERS ACCEPTANCE - 1.13%    
           
8,896,000     JPMorgan Chase Bank NA    
0.000
  03/20/08     8,806  
20,000,000     Wachovia Bank NA    
0.000
  01/25/08     19,929  
25,000,000     Wachovia Bank NA    
0.000
  03/06/08     24,791  
20,000,000     Wachovia Bank NA    
0.000
  03/11/08     19,817  
25,000,000     Wachovia Bank NA    
0.000
  03/14/08     24,761  
17,000,000     Wachovia Bank NA    
0.000
  05/23/08     16,696  
20,000,000     Wachovia Bank NA    
0.000
  05/27/08     19,633  
      TOTAL BANKERS ACCEPTANCE    
        134,433  
 
BANK NOTE - 0.84%        
           
50,000,000     Wells Fargo Bank NA    
4.600
  01/07/08     50,000  
50,000,000     Wells Fargo Bank NA    
4.600
  01/08/08     50,000  
      TOTAL BANK NOTE    
        100,000  
 
CERTIFICATES OF DEPOSIT - 11.22%    
           
50,000,000     Abbey National plc    
4.700
  02/07/08     49,970  
25,000,000     American Express Bank FSB    
5.170
  01/09/08     25,000  
25,000,000     American Express Bank FSB    
5.160
  01/10/08     25,000  
25,000,000     American Express Bank FSB    
5.160
  01/15/08     25,000  
25,000,000     American Express Bank FSB    
4.850
  02/01/08     25,000  
20,000,000     American Express Bank FSB    
5.170
  03/03/08     20,016  
20,000,000     American Express Bank FSB    
5.200
  03/05/08     20,018  
13,000,000     American Express Centurion Bank    
4.750
  02/05/08     12,993  
25,000,000     American Express Centurion Bank    
4.750
  02/13/08     24,991  
50,000,000     Bank of Montreal    
4.810
  02/06/08     49,977  
40,000,000     Bank of Montreal    
5.030
  02/14/08     39,999  
45,000,000     Bank of Montreal    
5.100
  03/07/08     45,031  
25,000,000     Bank of Nova Scotia    
5.060
  01/16/08     25,000  
50,000,000     Bank of Nova Scotia    
4.680
  02/11/08     49,970  
25,000,000     Bank of Nova Scotia    
5.000
  02/26/08     25,001  
50,000,000     Bank of Nova Scotia    
4.700
  03/06/08     49,999  
25,000,000     Barclays Bank plc    
5.190
  02/12/08     25,003  
50,000,000     Barclays Bank plc    
4.990
  02/27/08     50,021  
50,000,000     Calyon    
5.090
  01/17/08     50,002  
35,000,000     Calyon    
4.820
  01/31/08     34,979  
50,000,000     Calyon    
4.820
  03/04/08     50,010  
25,000,000     Canadian Imperial Bank of Commerce    
5.050
  02/13/08     25,001  
40,000,000     Canadian Imperial Bank of Commerce    
5.000
  03/13/08     40,023  
50,000,000     Deutsche Bank AG.    
5.020
  01/16/08     50,000  
50,000,000     Deutsche Bank AG.    
4.950
  01/22/08     49,996  
50,000,000     Deutsche Bank AG.    
4.950
  01/24/08     49,995  
40,000,000     Dexia Banque S.A.    
4.850
  01/03/08     40,000  

327

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account    
           
 
           
  MATURITY     VALUE  
PRINCIPAL
         
RATE
  DATE    
(000)
 
$        50,000,000     Dexia Banque S.A.    
   4.820%
  01/07/08  
$
49,999  
50,000,000     Dexia Banque S.A.    
4.820
  01/10/08     49,999  
9,000,000     Dexia Banque S.A.    
4.990
  03/10/08     9,005  
30,000,000     Dexia Banque S.A.    
4.880
  03/25/08     30,012  
18,000,000     JPMorgan Chase Bank NA    
5.130
  01/10/08     18,000  
20,000,000     Lloyds TSB Bank plc    
5.060
  02/06/08     19,996  
9,000,000     Lloyds TSB Bank plc    
5.300
  02/22/08     9,003  
20,000,000     Rabobank Nederland    
5.020
  03/05/08     20,011  
50,000,000     Royal Bank of Canada    
5.060
  01/25/08     49,999  
14,000,000     Royal Bank of Scotland plc    
5.460
  03/14/08     14,020  
50,000,000     Toronto Dominion Bank    
5.040
  02/26/08     50,006  
40,000,000     Toronto Dominion Bank    
4.940
  04/01/08     40,017  
      TOTAL CERTIFICATES OF DEPOSIT    
        1,338,062  
 
COMMERCIAL PAPER - 51.30%    
           
20,000,000     Abbey National North America LLC    
0.000
  01/08/08     19,979  
30,000,000     Abbey National North America LLC    
0.000
  03/06/08     29,759  
19,315,000     Air Products & Chemicals    
0.000
  01/09/08     19,300  
16,900,000     American Express Credit Corp    
0.000
  01/22/08     16,848  
10,000,000     American Honda Finance Corp    
0.000
  01/03/08     9,996  
22,000,000     American Honda Finance Corp    
0.000
  01/10/08     21,972  
20,000,000     American Honda Finance Corp    
0.000
  01/24/08     19,933  
2,000,000     American Honda Finance Corp    
0.000
  01/25/08     1,994  
50,000,000     American Honda Finance Corp    
0.000
  01/29/08     49,794  
35,000,000     American Honda Finance Corp    
0.000
  02/12/08     34,792  
14,450,000     American Honda Finance Corp    
0.000
  02/21/08     14,346  
19,000,000     American Honda Finance Corp    
0.000
  02/25/08     18,859  
3,000,000     American Honda Finance Corp    
0.000
  02/28/08     2,977  
24,500,000     American Honda Finance Corp    
0.000
  03/04/08     24,298  
18,000,000     Bank of America Corp    
0.000
  01/15/08     17,964  
21,420,000     Bank of America Corp    
0.000
  01/24/08     21,348  
68,850,000     Bank of America Corp    
0.000
  02/21/08     68,353  
10,000,000     Bank of America Corp    
0.000
  03/06/08     9,915  
20,000,000     Bank of America Corp    
0.000
  04/08/08     19,736  
25,000,000     Bank of Scotland    
0.000
  01/09/08     24,970  
30,000,000     Bank of Scotland    
0.000
  01/18/08     29,925  
10,000,000     Bank of Scotland    
0.000
  01/22/08     9,970  
20,000,000     Bank of Scotland    
0.000
  01/25/08     19,929  
30,000,000     Bank of Scotland    
0.000
  02/26/08     29,771  
26,725,000     Bank of Scotland    
0.000
  02/29/08     26,510  
30,000,000     Bank of Scotland    
0.000
  03/11/08     29,724  
20,000,000     Barclays U.S. Funding Corp    
0.000
  01/18/08     19,949  
11,600,000     Barclays U.S. Funding Corp    
0.000
  01/25/08     11,559  
25,000,000     Barclays U.S. Funding Corp    
0.000
  02/26/08     24,811  
50,000,000     Barclays U.S. Funding Corp    
0.000
  02/29/08     49,598  
16,000,000     BMW US Capital LLC    
0.000
  01/09/08     15,981  
5,357,000     Calyon North America, Inc    
0.000
  01/18/08     5,344  
50,000,000     Canadian Imperial Holding, Inc    
0.000
  01/28/08     49,805  
24,000,000     Canadian Imperial Holding, Inc    
0.000
  01/30/08     23,898  
25,000,000     Canadian Imperial Holding, Inc    
0.000
  02/12/08     24,852  
10,000,000     Canadian Wheat Board    
0.000
  01/15/08     9,982  
15,000,000     Canadian Wheat Board    
0.000
  02/08/08     14,914  
20,000,000     Ciesco LLC    
0.000
  01/08/08     19,976  
12,000,000     Ciesco LLC    
0.000
  01/15/08     11,974  
24,000,000     Ciesco LLC    
0.000
  01/22/08     23,921  
20,000,000     Ciesco LLC    
0.000
  01/30/08     19,908  

328

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account                  
 
                MATURITY     VALUE  
PRINCIPAL
          RATE   DATE     (000)  
$        42,500,000     Ciesco LLC        0.000%   02/05/08  
$
42,273  
25,000,000     Ciesco LLC     0.000   02/11/08     24,854  
29,500,000     Ciesco LLC     0.000   02/19/08     29,316  
30,000,000     Citigroup Funding, Inc     0.000   01/11/08     29,955  
19,000,000     Citigroup Funding, Inc     0.000   01/25/08     18,933  
50,000,000     Citigroup Funding, Inc     0.000   01/29/08     49,795  
50,000,000     Citigroup Funding, Inc     0.000   02/04/08     49,751  
50,000,000     Citigroup Funding, Inc     0.000   03/18/08     49,493  
6,000,000     Coca-Cola Co     0.000   01/24/08     5,980  
24,500,000     Coca-Cola Co     0.000   01/29/08     24,399  
55,000,000     Coca-Cola Co     0.000   02/19/08     54,624  
37,000,000     Coca-Cola Co     0.000   02/25/08     36,725  
5,000,000     Corporate Asset Funding Corp     0.000   01/10/08     4,993  
25,000,000     Corporate Asset Funding Corp     0.000   01/11/08     24,960  
4,530,000     Corporate Asset Funding Corp     0.000   01/14/08     4,520  
39,000,000     Corporate Asset Funding Corp     0.000   01/28/08     38,834  
8,921,000     Corporate Asset Funding Corp     0.000   01/29/08     8,882  
8,500,000     Corporate Asset Funding Corp     0.000   02/26/08     8,422  
25,000,000     Danske Corp     0.000   01/18/08     24,938  
40,000,000     Danske Corp     0.000   03/03/08     39,678  
30,000,000     Danske Corp     0.000   03/06/08     29,746  
50,000,000     Dexia Delaware LLC     0.000   01/02/08     49,986  
50,000,000     Dresdner US Finance, Inc     0.000   01/14/08     49,907  
11,815,000     Edison Asset Securitization LLC     0.000   01/18/08     11,784  
40,000,000     Edison Asset Securitization LLC     0.000   01/23/08     39,864  
51,233,000     Edison Asset Securitization LLC     0.000   01/24/08     51,049  
20,000,000     Edison Asset Securitization LLC     0.000   02/29/08     19,804  
20,000,000     General Electric Capital Corp     0.000   01/17/08     19,954  
12,000,000     General Electric Capital Corp     0.000   02/15/08     11,922  
50,000,000     General Electric Capital Corp     0.000   03/07/08     49,570  
12,000,000     General Electric Capital Corp     0.000   03/25/08     11,866  
50,000,000     General Electric Capital Corp     0.000   03/26/08     49,436  
11,000,000     General Electric Capital Corp     0.000   04/02/08     10,877  
25,000,000     General Electric Capital Corp     0.000   07/24/08     24,325  
5,000,000     General Electric Co     0.000   03/04/08     4,959  
25,000,000     Goldman Sachs Group, Inc     0.000   01/17/08     24,943  
65,740,000     Goldman Sachs Group, Inc     0.000   02/01/08     65,456  
4,600,000     Govco LLC     0.000   01/07/08     4,595  
95,000,000     Govco LLC     0.000   01/17/08     94,765  
25,000,000     Govco LLC     0.000   01/22/08     24,920  
25,000,000     Govco LLC     0.000   01/24/08     24,910  
18,000,000     Govco LLC     0.000   02/12/08     17,872  
13,200,000     Govco LLC     0.000   02/20/08     13,093  
19,000,000     Govco LLC     0.000   03/13/08     18,795  
25,000,000     Greenwich Capital Holdings, Inc     0.000   02/01/08     24,883  
15,000,000     Greenwich Capital Holdings, Inc     0.000   02/15/08     14,902  
25,000,000     Greenwich Capital Holdings, Inc     0.000   03/18/08     24,747  
20,000,000     Greenwich Capital Holdings, Inc     0.000   04/14/08     19,721  
4,350,000     Harley-Davidson Funding Corp     0.000   01/25/08     4,335  
12,600,000     Harley-Davidson Funding Corp     0.000   01/29/08     12,548  
20,000,000     Harley-Davidson Funding Corp     0.000   01/30/08     19,915  
12,000,000     Harley-Davidson Funding Corp     0.000   02/11/08     11,929  
9,510,000     Harley-Davidson Funding Corp     0.000   02/21/08     9,441  
50,000,000     HSBC Finance Corp     0.000   01/16/08     49,892  
25,000,000     HSBC Finance Corp     0.000   01/30/08     24,893  
50,000,000     HSBC Finance Corp     0.000   03/03/08     49,595  

329

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account                  
 
                MATURITY     VALUE  
PRINCIPAL
          RATE   DATE     (000)  
$        40,000,000     HSBC Finance Corp        0.000%   03/04/08  
$
39,671  
25,000,000     IBM Capital, Inc     0.000   03/10/08     24,773  
1,600,000     IBM Capital, Inc     0.000   03/18/08     1,586  
30,000,000     IBM International Group     0.000   01/14/08     29,944  
17,000,000     IBM International Group     0.000   01/18/08     16,957  
25,085,000     IBM International Group     0.000   01/31/08     24,973  
38,000,000     IBM International Group     0.000   02/01/08     37,821  
20,000,000     IBM International Group     0.000   02/05/08     19,897  
20,000,000     ING US Funding LLC     0.000   01/10/08     19,973  
50,000,000     ING US Funding LLC     0.000   01/30/08     49,788  
20,000,000     ING US Funding LLC     0.000   02/07/08     19,890  
50,000,000     ING US Funding LLC     0.000   02/22/08     49,628  
25,000,000     ING US Funding LLC     0.000   02/26/08     24,811  
23,000,000     ING US Funding LLC     0.000   03/06/08     22,806  
25,000,000     International Business Machines Corp     0.000   01/11/08     24,966  
38,120,000     JPMorgan Chase & Co     0.000   01/07/08     38,084  
30,000,000     JPMorgan Chase & Co     0.000   01/22/08     29,909  
25,000,000     JPMorgan Chase & Co     0.000   01/23/08     24,921  
10,000,000     JPMorgan Chase & Co     0.000   02/13/08     9,939  
20,000,000     JPMorgan Chase & Co     0.000   02/20/08     19,861  
11,618,000     JPMorgan Chase & Co     0.000   04/17/08     11,450  
23,000,000     Kitty Hawk Funding Corp     0.000   01/11/08     22,963  
45,000,000     Kitty Hawk Funding Corp     0.000   01/25/08     44,829  
15,000,000     Kitty Hawk Funding Corp     0.000   03/14/08     14,836  
15,247,000     Kitty Hawk Funding Corp     0.000   04/11/08     15,016  
10,000,000     Lloyds TSB Bank plc     0.000   01/22/08     9,973  
50,000,000     Lloyds TSB Bank plc     0.000   03/17/08     49,500  
50,000,000     Nestle Capital Corp     0.000   01/16/08     49,893  
15,000,000     Nestle Capital Corp     0.000   02/04/08     14,925  
29,000,000     Nestle Capital Corp     0.000   02/06/08     28,847  
30,000,000     Nestle Capital Corp     0.000   02/07/08     29,835  
10,075,000     Nestle Capital Corp     0.000   02/13/08     10,024  
30,000,000     Nestle Capital Corp     0.000   03/05/08     29,750  
14,000,000     Nestle Capital Corp     0.000   03/11/08     13,872  
20,000,000     Paccar Financial Corp     0.000   01/10/08     19,973  
23,600,000     Paccar Financial Corp     0.000   02/11/08     23,462  
60,000,000     Paccar Financial Corp     0.000   02/15/08     59,610  
11,200,000     Paccar Financial Corp     0.000   02/21/08     11,120  
40,000,000     Paccar Financial Corp     0.000   02/28/08     39,689  
11,000,000     Paccar Financial Corp     0.000   03/12/08     10,898  
4,910,000     Park Avenue Receivables Corp     0.000   01/02/08     4,909  
20,000,000     Park Avenue Receivables Corp     0.000   01/22/08     19,930  
50,000,000     Park Avenue Receivables Corp     0.000   03/11/08     49,473  
40,000,000     Park Avenue Receivables Corp     0.000   03/18/08     39,538  
100,000,000     Pfizer, Inc     0.000   05/01/08     98,363  
50,000,000     Pfizer, Inc     0.000   05/15/08     49,086  
25,000,000     Pfizer, Inc     0.000   05/27/08     24,502  
19,500,000     Private Export Funding Corp     0.000   01/14/08     19,464  
20,000,000     Private Export Funding Corp     0.000   01/29/08     19,917  
17,500,000     Private Export Funding Corp     0.000   01/30/08     17,425  
5,500,000     Private Export Funding Corp     0.000   01/31/08     5,475  
20,000,000     Private Export Funding Corp     0.000   02/05/08     19,897  
39,000,000     Private Export Funding Corp     0.000   02/11/08     38,770  
18,000,000     Private Export Funding Corp     0.000   02/13/08     17,891  
20,000,000     Private Export Funding Corp     0.000   02/26/08     19,848  
20,000,000     Private Export Funding Corp     0.000   02/28/08     19,844  

330

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account                  
 
                MATURITY     VALUE  
PRINCIPAL
          RATE   DATE     (000)  
$        12,000,000     Private Export Funding Corp        0.000%   03/03/08  
$
11,903  
15,000,000     Procter & Gamble International     0.000   01/18/08     14,963  
34,000,000     Procter & Gamble International     0.000   01/31/08     33,877  
13,000,000     Procter & Gamble International     0.000   02/01/08     12,939  
11,000,000     Procter & Gamble International     0.000   02/05/08     10,944  
20,000,000     Procter & Gamble International     0.000   02/14/08     19,875  
28,000,000     Procter & Gamble International     0.000   02/27/08     27,790  
30,000,000     Procter & Gamble International     0.000   03/06/08     29,746  
12,000,000     Procter & Gamble International     0.000   03/12/08     11,889  
22,500,000     Procter & Gamble International     0.000   03/14/08     22,285  
3,000,000     Procter & Gamble International     0.000   03/19/08     2,969  
12,000,000     Procter & Gamble International     0.000   03/24/08     11,868  
40,000,000     Rabobank USA Financial Corp     0.000   01/22/08     39,879  
50,000,000     Rabobank USA Financial Corp     0.000   03/05/08     49,584  
39,000,000     Rabobank USA Financial Corp     0.000   03/12/08     38,638  
36,102,000     Ranger Funding Co LLC     0.000   01/10/08     36,050  
33,976,000     Ranger Funding Co LLC     0.000   01/15/08     33,898  
46,595,000     Ranger Funding Co LLC     0.000   01/18/08     46,467  
24,000,000     Ranger Funding Co LLC     0.000   01/24/08     23,914  
10,000,000     Ranger Funding Co LLC     0.000   02/27/08     9,908  
48,000,000     Royal Bank of Scotland plc     0.000   02/08/08     47,725  
50,000,000     Royal Bank of Scotland plc     0.000   02/12/08     49,705  
25,000,000     Sedna Finance, Inc     0.000   01/28/08     24,894  
100,000,000     Shell International Finance     0.000   03/28/08     98,844  
25,000,000     Societe Generale North America, Inc     0.000   01/10/08     24,966  
40,000,000     Societe Generale North America, Inc     0.000   01/15/08     39,919  
24,445,000     Societe Generale North America, Inc     0.000   01/23/08     24,368  
20,000,000     Societe Generale North America, Inc     0.000   01/31/08     19,911  
39,545,000     Societe Generale North America, Inc     0.000   03/12/08     39,178  
17,410,000     Societe Generale North America, Inc     0.000   03/31/08     17,201  
10,895,000     Societe Generale North America, Inc     0.000   04/04/08     10,758  
40,000,000     Svensk Exportkredit AB     0.000   01/08/08     39,958  
1,260,000     Svensk Exportkredit AB     0.000   01/14/08     1,258  
36,000,000     Svensk Exportkredit AB     0.000   01/15/08     35,928  
16,000,000     Svensk Exportkredit AB     0.000   01/17/08     15,963  
16,000,000     Svensk Exportkredit AB     0.000   03/12/08     15,851  
63,000,000     Svensk Exportkredit AB     0.000   03/14/08     62,397  
16,000,000     Svensk Exportkredit AB     0.000   03/20/08     15,833  
12,000,000     Svensk Exportkredit AB     0.000   04/09/08     11,841  
30,000,000     Toronto-Dominion Holdings     0.000   01/04/08     29,984  
15,000,000     Toronto-Dominion Holdings     0.000   02/08/08     14,914  
15,000,000     Toronto-Dominion Holdings     0.000   02/11/08     14,912  
25,000,000     Toronto-Dominion Holdings     0.000   02/28/08     24,806  
25,000,000     Toronto-Dominion Holdings     0.000   03/27/08     24,715  
35,000,000     Toyota Motor Credit Corp     0.000   01/08/08     34,963  
25,000,000     Toyota Motor Credit Corp     0.000   01/14/08     24,954  
12,000,000     Toyota Motor Credit Corp     0.000   01/16/08     11,974  
38,000,000     Toyota Motor Credit Corp     0.000   02/13/08     37,771  
26,000,000     Toyota Motor Credit Corp     0.000   02/14/08     25,837  
37,000,000     Toyota Motor Credit Corp     0.000   02/25/08     36,727  
28,000,000     Toyota Motor Credit Corp     0.000   04/02/08     27,656  
10,000,000     UBS Finance (Delaware) LLC     0.000   01/14/08     9,980  
15,000,000     UBS Finance (Delaware) LLC     0.000   02/11/08     14,912  
12,000,000     UBS Finance (Delaware) LLC     0.000   02/13/08     11,928  
12,500,000     UBS Finance (Delaware) LLC     0.000   02/14/08     12,422  
11,500,000     UBS Finance (Delaware) LLC     0.000   02/15/08     11,425  

331

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account                  
 
                MATURITY     VALUE  
PRINCIPAL
          RATE   DATE    
(000)
 
$        7,000,000     UBS Finance (Delaware) LLC        0.000%   02/22/08  
$
6,948  
2,320,000     UBS Finance (Delaware) LLC     0.000   03/13/08     2,298  
3,400,000     UBS Finance (Delaware) LLC     0.000   03/17/08     3,366  
10,000,000     UBS Finance (Delaware) LLC     0.000   03/18/08     9,899  
20,000,000     UBS Finance (Delaware) LLC     0.000   03/19/08     19,795  
25,000,000     UBS Finance (Delaware) LLC     0.000   04/07/08     24,676  
25,000,000     Unilever Capital Corp     0.000   01/15/08     24,957  
10,000,000     Unilever Capital Corp     0.000   01/18/08     9,975  
20,000,000     Unilever Capital Corp     0.000   01/22/08     19,949  
25,000,000     United Parcel Service, Inc     0.000   02/29/08     24,799  
50,000,000     United Parcel Service, Inc     0.000   03/03/08     49,598  
50,000,000     United Parcel Service, Inc     0.000   03/04/08     49,591  
12,000,000     United Parcel Service, Inc     0.000   03/18/08     11,878  
63,755,000     United Parcel Service, Inc     0.000   03/31/08     62,991  
25,000,000     Variable Funding Capital Corp     0.000   01/22/08     24,918  
20,000,000     Variable Funding Capital Corp     0.000   04/25/08     19,651  
80,000,000     Wal-Mart Stores, Inc     0.000   01/23/08     79,749  
37,800,000     Wal-Mart Stores, Inc     0.000   01/29/08     37,645  
6,000,000     Wal-Mart Stores, Inc     0.000   02/11/08     5,965  
8,350,000     Washington Gas Light Co     0.000   01/09/08     8,341  
20,000,000     Yorktown Capital LLC     0.000   01/04/08     19,988  
30,500,000     Yorktown Capital LLC     0.000   01/23/08     30,395  
40,000,000     Yorktown Capital LLC     0.000   02/21/08     39,663  
1,470,000     Yorktown Capital LLC     0.000   03/03/08     1,456  
40,000,000     Yorktown Capital LLC     0.000   03/07/08     39,603  
45,000,000     Yorktown Capital LLC     0.000   03/19/08     44,476  
      TOTAL COMMERCIAL PAPER               6,115,287  
 
U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES - 31.95%                  
35,284,000     Federal Home Loan Bank (FHLB)     0.000   01/03/08     35,272  
45,000,000     (FHLB)     0.000   01/04/08     44,979  
16,000,000     (FHLB)     0.000   01/08/08     15,985  
133,732,000     (FHLB)     0.000   01/09/08     133,600  
38,270,000     (FHLB)     0.000   01/11/08     38,222  
25,330,000     (FHLB)     0.000   01/15/08     25,285  
152,300,000     (FHLB)     0.000   01/16/08     152,024  
72,055,000     (FHLB)     0.000   01/18/08     71,903  
54,905,000     (FHLB)     0.000   01/23/08     54,762  
23,122,000     (FHLB)     0.000   01/24/08     23,058  
55,950,000     (FHLB)     0.000   01/25/08     55,786  
80,500,000     (FHLB)     0.000   01/28/08     80,239  
45,885,000     (FHLB)     0.000   01/29/08     45,731  
32,544,000     (FHLB)     0.000   01/30/08     32,434  
50,000,000     (FHLB)     0.000   01/31/08     49,823  
10,400,000     (FHLB)     0.000   02/01/08     10,362  
3,025,000     (FHLB)     0.000   02/06/08     3,012  
40,000,000     (FHLB)     0.000   02/15/08     39,789  
64,270,000     (FHLB)     0.000   02/20/08     63,899  
37,426,000     (FHLB)     0.000   02/22/08     37,193  
19,705,000     (FHLB)     0.000   02/26/08     19,574  
20,000,000     (FHLB)     0.000   02/28/08     19,867  
44,035,000     (FHLB)     0.000   03/05/08     43,718  
7,224,000     (FHLB)     0.000   03/07/08     7,170  
9,200,000     (FHLB)     0.000   03/12/08     9,126  
50,000,000     (FHLB)     0.000   03/17/08     49,572  
55,510,000     (FHLB)     0.000   03/19/08     55,022  

332

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account                  
 
                MATURITY     VALUE  
PRINCIPAL
          RATE   DATE     (000)  
$        88,700,000     (FHLB)        0.000%   03/24/08  
$
87,870  
50,000,000     (FHLB)     0.000   03/26/08     49,520  
25,000,000     (FHLB)     0.000   03/28/08     24,755  
15,195,000     (FHLB)     0.000   04/16/08     15,013  
40,816,000     Federal Home Loan Mortgage Corp (FHLMC)     0.000   01/07/08     40,783  
18,515,000     (FHLMC)     0.000   01/08/08     18,497  
23,360,000     (FHLMC)     0.000   01/11/08     23,330  
10,800,000     (FHLMC)     0.000   01/14/08     10,782  
40,000,000     (FHLMC)     0.000   01/29/08     39,862  
75,000,000     (FHLMC)     0.000   01/31/08     74,726  
20,497,000     (FHLMC)     0.000   02/04/08     20,414  
25,000,000     (FHLMC)     0.000   02/11/08     24,882  
36,725,000     (FHLMC)     0.000   02/14/08     36,539  
50,000,000     (FHLMC)     0.000   02/15/08     49,736  
122,999,000     (FHLMC)     0.000   02/19/08     122,281  
100,000,000     (FHLMC)     0.000   02/20/08     99,422  
89,450,000     (FHLMC)     0.000   02/21/08     88,911  
131,454,000     (FHLMC)     0.000   02/25/08     130,597  
40,000,000     (FHLMC)     0.000   02/28/08     39,733  
30,000,000     (FHLMC)     0.000   03/03/08     29,791  
50,000,000     (FHLMC)     0.000   03/10/08     49,612  
12,762,000     (FHLMC)     0.000   03/20/08     12,648  
33,605,000     (FHLMC)     0.000   03/24/08     33,290  
6,790,000     (FHLMC)     0.000   03/31/08     6,719  
20,070,000     (FHLMC)     0.000   04/07/08     19,851  
11,900,000     (FHLMC)     0.000   04/29/08     11,740  
18,812,000     (FHLMC)     0.000   05/05/08     18,548  
29,970,000     Federal National Mortgage Association (FNMA)     0.000   01/03/08     29,960  
41,733,000     (FNMA)     0.000   01/04/08     41,713  
15,645,000     (FNMA)     0.000   01/09/08     15,629  
50,000,000     (FNMA)     0.000   01/11/08     49,934  
79,330,000     (FNMA)     0.000   01/14/08     79,200  
50,000,000     (FNMA)     0.000   01/15/08     49,911  
38,410,000     (FNMA)     0.000   01/17/08     38,333  
18,000,000     (FNMA)     0.000   01/23/08     17,952  
20,380,000     (FNMA)     0.000   01/24/08     20,322  
64,575,000     (FNMA)     0.000   01/30/08     64,358  
9,100,000     (FNMA)     0.000   02/01/08     9,067  
50,000,000     (FNMA)     0.000   02/12/08     49,759  
80,000,000     (FNMA)     0.000   02/13/08     79,610  
100,000,000     (FNMA)     0.000   02/14/08     99,492  
40,000,000     (FNMA)     0.000   02/15/08     39,789  
40,000,000     (FNMA)     0.000   02/19/08     39,767  
50,000,000     (FNMA)     0.000   02/22/08     49,689  
100,000,000     (FNMA)     0.000   02/27/08     99,355  
56,707,000     (FNMA)     0.000   02/28/08     56,329  
50,000,000     (FNMA)     0.000   02/29/08     49,655  
50,000,000     (FNMA)     0.000   03/07/08     49,629  
23,515,000     (FNMA)     0.000   03/11/08     23,330  
50,000,000     (FNMA)     0.000   03/12/08     49,600  
100,000,000     (FNMA)     0.000   03/20/08     99,110  
50,000,000     (FNMA)     0.000   03/21/08     49,549  
35,190,000     (FNMA)     0.000   03/26/08     34,853  
50,000,000     (FNMA)     0.000   03/27/08     49,515  
31,689,000     (FNMA)     0.000   03/28/08     31,378  
33,110,000     (FNMA)     0.000   04/02/08     32,767  

333

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account    
           
 
 
       
  MATURITY    
VALUE
 
PRINCIPAL
       
RATE
  DATE     (000)  
$        2,370,000
  (FNMA)    
   0.000%
  04/25/08  
$
2,339  
10,000,000
  (FNMA)    
0.000
  04/30/08     9,864  
 
  TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES     3,809,017  
 
U.S. GOVERNMENT AND AGENCIES VARIABLE NOTES - 0.25%
   
           
30,000,000
i
  Federal Home Loan Bank (FHLB)    
4.250
  11/20/08     29,984  
 
  TOTAL U.S. GOVERNMENT AND AGENCIES VARIABLE NOTES     29,984  
 
VARIABLE NOTES - 3.10%    
           
25,000,000
i
  Bank of Scotland plc    
5.412
  11/12/08     24,972  
45,000,000
i
  Deutsche Bank AG.    
4.490
  11/03/08     44,966  
50,000,000
i
  National City Bank of Indiana    
4.933
  05/06/08     50,032  
50,000,000
i
  PNC Bank NA    
5.170
  01/02/08     50,000  
44,000,000
i
  Suntrust Bank    
4.845
  01/28/08     43,997  
37,300,000
i
  US Bank NA    
5.178
  02/08/08     37,294  
25,000,000
i
  Wachovia Bank NA    
4.981
  11/25/08     24,977  
18,900,000
i
  Wells Fargo & Co    
5.186
  03/10/08     18,912  
75,000,000
i
  Wells Fargo & Co    
5.293
  03/10/08     74,998  
 
  TOTAL VARIABLE NOTES    
      370,148  
 
 
  TOTAL SHORT-TERM INVESTMENTS    
      11,913,580  
 
  (Cost $11,915,528)    
           
 
 
  TOTAL PORTFOLIO - 99.93%    
        11,913,580  
 
  (Cost $11,915,528)    
           
 
  OTHER ASSETS & LIABILITIES, NET - 0.07%    
      8,105  
                         
 
  NET ASSETS - 100.00%    
   
$
 11,921,685  
     
 
                  

 
 
  The following abbreviations are used in portfolio descriptions:    
           
 
LLC
  Limited Liability Company    
           
 
plc
  Public Limited Company    
           
 
 
i
  Floating rate or variable rate securities reflects the rate in effect as of December 31, 2007.  
 
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.
 

334

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

Not Applicable.

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

Not Applicable.

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

Not Applicable.

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

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

Item 11. Controls and Procedures.

          (a) An evaluation was performed within 90 days of the date hereof under the supervision of the Registrant’s management, including the principal executive officer and principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on that evaluation, the Registrant’s management, including the principal executive officer and principal financial officer, concluded that the Registrant’s disclosure controls and procedures were effective for this annual reporting period.

          (b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s fiscal year end that materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Exhibits.

12(a)(1) Copy of current code of ethics

12(a)(2)(i) Section 302 certification of the principal executive officer

12(a)(2)(ii) Section 302 certification of the principal financial officer

12(b) Section 906 certification of principal executive officer and principal financial officer

SIGNATURES

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

 

 

 

 

 

 

COLLEGE RETIREMENT EQUITIES FUND

 

 

 

 

Date:

February 22, 2008

By:

/s/ Herbert M. Allison, Jr.

 

 

 

 

 

 

Herbert M. Allison, Jr.

 

 

 

President and Chief Executive Officer

          Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

 

 

 

Date:

February 22, 2008

By:

/s/ Herbert M. Allison. Jr.

 

 

 

 

 

 

Herbert M. Allison, Jr.

 

 

 

President and Chief Executive Officer

 

 

 

(principal executive officer)

 

 

 

 

Date:

February 22, 2008

By:

/s/ Georganne C. Proctor

 

 

 

 

 

 

Georganne C. Proctor

 

 

 

Executive Vice President and Chief Financial Officer

 

 

 

(principal financial officer)

EXHIBIT INDEX

Item 12. Exhibits.

12(a)(1) Copy of current code of ethics
12(a)(2)(i) Section 302 certification of the principal executive officer
12(a)(2)(ii) Section 302 certification of the principal financial officer
12(b) Section 906 certification of principal executive officer and principal financial officer