N-Q

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number File No. 811-4415

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

730 Third Avenue, New York, New York 10017-3206
(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: March 31, 2008

Item 1. Schedule of Investments.

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
COLLEGE RETIREMENT EQUITIES FUND
STOCK ACCOUNT
STATEMENT OF INVESTMENTS (Unaudited)
March 31, 2008
				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	$	354
		TOTAL U.S. TREASURY SECURITIES				354
		TOTAL GOVERNMENT BONDS				354
		(Cost $322)
SHARES
TIAA-CREF MUTUAL FUNDS - 0.24%
1,598,400	a,m,v*	First NIS Regional Fund SICAV				16
94,000		iShares Dow Jones US Financial Services Index Fund				8,159
830,000		iShares MSCI EAFE Index Fund				59,677
2,428,107	e	iShares MSCI Japan Index Fund				30,036
368,000	e	iShares Russell 2000 Index Fund				25,212
1,180,000	e	SPDR Trust Series 1				155,725
47,354	e*	Streettracks Gold Trust				4,280
		TOTAL TIAA-CREF MUTUAL FUNDS				283,105
		(Cost $325,949)
PREFERRED STOCKS - 0.13%
HOLDING AND OTHER INVESTMENT OFFICES - 0.01%
120,410	*	Goodman PLUS Trust				10,014
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES				10,014
SECURITY AND COMMODITY BROKERS - 0.12%
70,000	v*	Goldman Sachs Group, Inc				58,801
50,000	g,v*	Morgan Stanley				41,979
5,000,000	g,v*	UBS AG. Jersey				41,899
		TOTAL SECURITY AND COMMODITY BROKERS				142,679
TRANSPORTATION BY AIR - 0.00%**
4,533	*	Malaysian Airline System BHD				1
		TOTAL TRANSPORTATION BY AIR				1
		TOTAL PREFERRED STOCKS				152,694
		(Cost $180,315)
COMMON STOCKS - 99.25%
ADMINISTRATION OF ECONOMIC PROGRAMS - 0.00%**
153,917		Centrais Eletricas Brasileiras S.A.				2,210
182,481		Centrais Eletricas Brasileiras S.A.				2,787
		TOTAL ADMINISTRATION OF ECONOMIC PROGRAMS				4,997

1

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
AGRICULTURAL PRODUCTION-CROPS - 0.01%
245,781	e*	Chiquita Brands International, Inc	$	5,680
13,300	e	Cresud S.A. (ADR)		207
324,000		PT Gudang Garam Tbk		269
		TOTAL AGRICULTURAL PRODUCTION-CROPS		6,156
AGRICULTURAL PRODUCTION-LIVESTOCK - 0.01%
86,865	e	Cal-Maine Foods, Inc		2,899
220,597	e	Pilgrim's Pride Corp		4,463
2,014	e	Seaboard Corp		3,152
		TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK		10,514
AGRICULTURAL SERVICES - 0.02%
37,740	e	AWB Ltd		95
62,748	e*	Cadiz, Inc		965
1,743,475		Chaoda Modern Agriculture		1,980
2,000	e	Hokuto Corp		35
432,313	e	Yara International ASA		25,002
		TOTAL AGRICULTURAL SERVICES		28,077
AMUSEMENT AND RECREATION SERVICES - 0.67%
12,020		888 Holdings plc		37
33		Accordia Golf Co Ltd		30
2,549,723	*	Activision, Inc		69,633
10,734		Arena Leisure plc		9
927,179	e	Aristocrat Leisure Ltd		8,135
2,300		Aruze Corp		71
343,119	e*	Bally Technologies, Inc		11,783
669,300		Berjaya Sports Toto BHD		1,078
7,934	e*	bwin Interactive Entertainment		261
2,456,000		China Travel International Inv HK		991
46,623		Churchill Downs, Inc		2,202
1,078		CTS Eventim AG.		44
5,396,842		Dore Holdings Ltd		700
77,860	e	Dover Downs Gaming & Entertainment, Inc		663
2,188	*	Euro Disney SCA		24
12		Fields Corp		16
3,000		Fuji Kyuko Co Ltd		12
19,050,959	*	Galaxy Entertainment Group Ltd		14,124
6,162,000	*	Gallant Venture Ltd		2,843
4,353	*	GameLoft		19
355		GL Events		17
6,559	*	Great Canadian Gaming Corp		73
713	*	Groupe Partouche		10
4,644	*	Gruppo Coin S.p.A.		32
2,200	e	Heiwa Corp		21
41,890		IG Group Holdings plc		272
7,190		Inspired Gaming Group plc		17
188,587		International Speedway Corp (Class A)		7,770
6,550		Intralot S.A.-Integrated Lottery Systems & Services		117
186,010		Ladbrokes plc		1,149
99,213	e*	Lakes Entertainment, Inc		438
209,131	*	Leapfrog Enterprises, Inc		1,474
7,129,000		Leisure & Resorts World Corp		410
165,751	e*	Life Time Fitness, Inc		5,173
393,786	e*	Live Nation, Inc		4,777
20,564	e	Lottomatica S.p.A.		640

2

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
6,142		Luminar Group Holdings plc	$	37
218,261	e*	Magna Entertainment Corp		74
267,940	e*	Marvel Entertainment, Inc		7,178
370	*	Meetic		10
2,330,639	*	Melco PBL Entertainment Macau Ltd (ADR)		26,523
9,000		Mizuno Corp		56
123,933	e*	MTR Gaming Group, Inc		868
142,243	e*	Multimedia Games, Inc		760
195,300		Multi-Purpose Holdings BHD		114
7,141,900		NagaCorp Ltd		1,551
341,444	e	Nintendo Co Ltd		176,066
62,055		OPAP S.A.		2,212
37,100	e	Oriental Land Co Ltd		2,177
1,520	e*	Pacific Golf Group International Holdings KK		1,586
342,225		Paddy Power plc		12,654
150	*	Parken Sport & Entertainment AS		37
288,718	*	PartyGaming plc		119
630,460	*	Penn National Gaming, Inc		27,570
318,336	e*	Pinnacle Entertainment, Inc		4,075
69,128	e	Publishing & Broadcasting Ltd		236
101,452		Rank Group plc		178
458,470	v	Resorts World BHD		31
4,718,100		Resorts World BHD		5,074
24,618,800	*	Rexcapital Financial Holdings Ltd		2,752
177		Round One Corp		185
148,800	e	Sega Sammy Holdings, Inc		1,575
475,770	e*	Six Flags, Inc		780
1,900		SkiStar AB		31
353,991	e	Sky City Entertainment Group Ltd		1,027
5,962	*	Snai S.p.A.		32
85,456	e	Speedway Motorsports, Inc		2,142
39,266	*	Sportingbet plc		29
547,253	e	TABCORP Holdings Ltd		7,077
256,146		Tanjong plc		1,345
1,307,011	e	Tattersall's Ltd		4,157
22,000	e	Tokyo Dome Corp		92
89,290	e*	Town Sports International Holdings, Inc		572
1,049		Trigano S.A.		40
165		USJ Co Ltd		113
4,200		Valor Co Ltd		45
3,121		Vocento S.A.		69
11,000,742	*	Walt Disney Co		345,203
552,882	e	Warner Music Group Corp		2,753
744,522		Westwood One, Inc		1,563
106,632		William Hill plc		795
688,835	e*	WMS Industries, Inc		24,777
134,811	e	World Wrestling Entertainment, Inc		2,509
4,000		Yomiuri Land Co Ltd		14
1,500		Yoshimoto Kogyo Co Ltd		20
		TOTAL AMUSEMENT AND RECREATION SERVICES		803,948
APPAREL AND ACCESSORY STORES - 0.51%
453,517		Abercrombie & Fitch Co (Class A)		33,170
466,805	*	Aeropostale, Inc		12,655
905,538		American Eagle Outfitters, Inc		15,856
643,941	*	AnnTaylor Stores Corp		15,570

3

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
257,500	e	Aoyama Trading Co Ltd	$	5,554
260,000	*	Apac Resources Ltd		22
126,147	e	Bebe Stores, Inc		1,356
1,279,200		Belle International Holdings Ltd		1,326
246,505	e	Brown Shoe Co, Inc		3,715
102,405	e	Buckle, Inc		4,581
637,282		Burberry Group plc		5,698
71,370	*	Cache, Inc		806
316,691	*	Carter's, Inc		5,115
169,802	e*	Casual Male Retail Group, Inc		713
215,428	e	Cato Corp (Class A)		3,218
836		Charles Voegele Holding AG.		71
161,991	e*	Charlotte Russe Holding, Inc		2,809
662,723	e*	Charming Shoppes, Inc		3,201
774,111	*	Chico's FAS, Inc		5,504
116,520	e*	Children's Place Retail Stores, Inc		2,862
1,300		Chiyoda Co Ltd		21
182,626	e	Christopher & Banks Corp		1,824
72,598	e*	Citi Trends, Inc		1,339
354,374	e*	Collective Brands, Inc		4,295
248,471	e*	Dress Barn, Inc		3,215
83,465	e*	DSW, Inc (Class A)		1,081
179,893	e*	Eddie Bauer Holdings, Inc		700
40,500	e	Fast Retailing Co Ltd		3,571
234,664	e	Finish Line, Inc (Class A)		1,117
585,296		Foot Locker, Inc		6,889
3,478		Forzani Group Ltd (Class A)		60
138,167		Foschini Ltd		656
7,436,524		Gap, Inc		146,351
913,100		Giordano International Ltd		368
34,000		Glorious Sun Enterprises Ltd		17
710,320	*	Hanesbrands, Inc		20,741
663,038		Hennes & Mauritz AB (B Shares)		40,730
750	e	Honeys Co Ltd		13
237,165	*	HOT Topic, Inc		1,022
94,901	e	Inditex S.A.		5,272
528,901	e*	J Crew Group, Inc		23,362
138,987	e*	Jo-Ann Stores, Inc		2,047
94,448	e*	JOS A Bank Clothiers, Inc		1,936
667,917	e	Just Group Ltd		2,417
5,700	e	KappAhl Holding AB		53
1,550,844	*	Kohl's Corp		66,516
1,309,375	*	Limited Brands, Inc		22,390
7,204		Lotte Shopping Co Ltd		2,182
1,819		Macintosh Retail Group NV		54
101,527	e*	New York & Co, Inc		583
5,400	e	Nishimatsuya Chain Co Ltd		65
1,904,632	e	Nordstrom, Inc		62,091
378,397	*	Pacific Sunwear Of California, Inc		4,772
639,500		Ports Design Ltd		1,808
1,679,500		PT Ramayana Lestari Sentosa Tbk		148
5,215		Reitmans Canada Ltd (Class A)		94
800		Right On Co Ltd		9
2,800		rnb Retail and Brands AB		15
628,732		Ross Stores, Inc		18,837
52,981	e*	Shoe Carnival, Inc		717

4

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
35,079		Specialty Fashion Group Ltd	$	39
27,037		Sports Direct International plc		60
241,583	e	Stage Stores, Inc		3,914
140,735	e	Talbots, Inc		1,517
462,402		Truworths International Ltd		1,454
127,511	*	Tween Brands, Inc		3,155
228,927	e*	Under Armour, Inc (Class A)		8,379
3,000	e	United Arrows Ltd		19
633,228	*	Urban Outfitters, Inc		19,852
548,705	e*	Wet Seal, Inc (Class A)		1,860
621,321		Woolworths Holdings Ltd		928
		TOTAL APPAREL AND ACCESSORY STORES		614,357
APPAREL AND OTHER TEXTILE PRODUCTS - 0.15%
4,273		Aeffe S.p.A.		13
1,611,200	e	Asics Corp		18,524
18,000		Atsugi Co Ltd		21
5,008		Benetton Group S.p.A.		71
623,000		C C Land Holdings Ltd		597
70,326	e	Columbia Sportswear Co		3,097
53,648		Companhia de Tecidos Norte de Minas - Coteminas		263
6,100	e	Daidoh Ltd		72
42,800		Debenhams plc		48
3,000	e	Descente Ltd		18
1,093	*	Escada AG.		30
180		Gamma Holding NV		11
1,369		Gerry Weber International AG.		49
78,436	e*	G-III Apparel Group Ltd		1,053
569,048		Guess ?, Inc		23,029
116,700	e	Gunze Ltd		492
192,606	*	Gymboree Corp		7,681
21,062	e	Hermes International		2,630
874		Hugo Boss AG.		44
323,728		Jones Apparel Group, Inc		4,344
571,500		Li Ning Co Ltd		1,612
403,559	e	Liz Claiborne, Inc		7,325
68,065	e*	Lululemon Athletica, Inc		1,935
165,662	e*	Maidenform Brands, Inc		2,695
1,496	e	Mariella Burani S.p.A.		41
394,414	e	Mitsubishi Rayon Co Ltd		1,262
5,800		New Wave Group AB (B Shares)		42
42,624		Nisshinbo Industries, Inc		396
107,400		Onward Kashiyama Co Ltd		1,097
232,569		Phillips-Van Heusen Corp		8,819
576,930	e	Polo Ralph Lauren Corp		33,629
701,467	e*	Quiksilver, Inc		6,881
4,500	*	Renown, Inc		18
600		Sanei-International Co Ltd		9
10,000		Sanyo Shokai Ltd		64
16,600	e	Shimamura Co Ltd		1,422
24,500		Stella International Holdings Ltd		42
2,119		Ten Cate NV		78
17,394		Tokyo Style Co Ltd		173
175,006	e	Toyobo Co Ltd		365
73,138	e*	True Religion Apparel, Inc		1,357
402,255		VF Corp		31,179

5

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
51,600	e	Wacoal Holdings Corp	$	763
268,339	*	Warnaco Group, Inc		10,583
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		173,874
AUTO REPAIR, SERVICES AND PARKING - 0.08%
428,813		Aisin Seiki Co Ltd		16,003
57,238	e*	Amerco, Inc		3,268
20,945	*	Avis Europe plc		11
125,237	e*	Dollar Thrifty Automotive Group, Inc		1,708
432,885	e*	Exide Technologies		5,671
2,200		Haldex AB		39
18,723		Helphire plc		67
1,696,458	*	Hertz Global Holdings, Inc		20,459
29,000		Ichikoh Industries Ltd		72
26,000		Kayaba Industry Co Ltd		100
6,000		Koito Manufacturing Co Ltd		82
70,000		Localiza Rent A CAR		667
101,560	e*	Midas, Inc		1,746
90,866		Monro Muffler, Inc		1,536
677		Montupet		9
372,829		NOK Corp		7,630
7,913		Northgate plc		89
11,869	e	Park24 Co Ltd		117
222,060		Ryder System, Inc		13,526
1,338		Sixt AG.		60
1,059		Sixt AG.		40
94,650		Standard Chartered plc		3,237
89,126	e*	Standard Parking Corp		1,868
107,829		Sumitomo Rubber Industries, Inc		826
3,032,653	e	T RAD Co Ltd		15,760
215,822	*	Wright Express Corp		6,632
24,000	e	Yokohama Rubber Co Ltd		115
		TOTAL AUTO REPAIR, SERVICES AND PARKING		101,338
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.15%
579,114		Advance Auto Parts		19,719
116,584		Asbury Automotive Group, Inc		1,604
606,646	e*	Autonation, Inc		9,082
470,028	*	Autozone, Inc		53,503
800		Bilia AB (A Shares)		13
16,000		Bosch Corp		65
5,243		Brembo S.p.A.		76
176,525	e	Canadian Tire Corp (Class A)		11,393
889,998	e*	Carmax, Inc		17,284
319,660	*	Copart, Inc		12,390
249,919	e*	CSK Auto Corp		2,327
164,000	e	Fuji Heavy Industries Ltd		686
1,100		Gulliver International Co Ltd		39
13,430		Halfords Group plc		76
358,613		Inchcape plc		2,861
85,218	e	Lithia Motors, Inc (Class A)		866
30,831		Lookers plc		55
97,203	e*	MarineMax, Inc		1,211
52,548		MOL Hungarian Oil and Gas plc		6,841
13,000		Nippon Sharyo Ltd		30
8,000		Nissan Shatai Co Ltd		62

6

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
3,700	e	Nissin Kogyo Co Ltd	$	65
471,143	*	O'Reilly Automotive, Inc		13,437
67,809		Pendragon plc		46
245,222	e	Penske Auto Group, Inc		4,772
726		Rodriguez Group		15
188,106	e*	Rush Enterprises, Inc (Class A)		2,980
170,783	e	Sonic Automotive, Inc (Class A)		3,510
103,058		Super Group Ltd		93
411,653	e	Suzuki Motor Corp		10,386
14,000	e	Toyo Tire & Rubber Co Ltd		45
740	e*	TravelCenters of America LLC		4
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		175,536
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.40%
350,000		Anhui Conch Cement Co Ltd		2,404
91,857	e*	Builders FirstSource, Inc		667
401,364	e*	Central Garden and Pet Co (Class A)		1,782
1,000		Dalhoff Larsen & Horneman AS (Class B)		16
3,800		DCM Japan Holdings Co Ltd		19
586,276	e	Fastenal Co		26,928
26,659		Grafton Group plc		245
8,567,048		Home Depot, Inc		239,620
6,100		Keiyo Co Ltd		43
1,051,100		Kingfisher plc		2,753
8,784,988		Lowe's Cos, Inc		201,528
8,000		Nice Holdings, Inc		15
9,000		Nichias Corp		32
1,900		Nichiha Corp		18
2,885		Praktiker Bau- und Heimwerkermaerkte AG.		77
148,670	*	RONA, Inc		2,067
25,000		Sankyo-Tateyama Holdings, Inc		32
5,000		Takiron Co Ltd		13
41,464		Travis Perkins plc		882
2,000		Wood One Co Ltd		13
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		479,154
BUSINESS SERVICES - 5.72%
2,263,809	*	3Com Corp		5,184
69,493	e*	3D Systems Corp		1,021
247,961	e	Aaron Rents, Inc		5,341
248,181		ABM Industries, Inc		5,569
153,113	e*	Acacia Research (Acacia Technologies)		880
4,140,051		Accenture Ltd (Class A)		145,606
28	e*	Access Co Ltd		99
63,677	e	Acciona S.A.		17,055
195,515	e*	ACI Worldwide, Inc		3,895
471,448	*	Actuate Corp		1,933
358,062		Acxiom Corp		4,250
121,104		Adecco S.A.		6,994
136,798		Administaff, Inc		3,230
4,789,592	*	Adobe Systems, Inc		170,461
115,498	e*	Advent Software, Inc		4,922
102,230		Aegis Group plc		252
1,200	e	Aeon Delight Co Ltd		30
1,209,111	*	Affiliated Computer Services, Inc (Class A)		60,588
57,101		Aggreko plc		731

7

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
116,752	e	Aircastle Ltd	$	1,313
810,857	e*	Akamai Technologies, Inc		22,834
6,100	*	Aladdin Knowledge Systems		116
553,279	*	Alliance Data Systems Corp		26,286
110,147	e	Alpha Systems, Inc		3,425
10,024	*	Altran Technologies S.A.		78
915,269	*	Amdocs Ltd		25,957
147,648	e*	American Reprographics Co		2,191
218,164	*	AMN Healthcare Services, Inc		3,364
17,661		Anite plc		14
108,999	*	Ansoft Corp		3,327
443,709	*	Ansys, Inc		15,317
150,862	e	Arbitron, Inc		6,511
458,175	e*	Ariba, Inc		4,426
889,909	e*	Art Technology Group, Inc		3,453
17,700	e	Asatsu-DK, Inc		630
18,076		Asseco Poland S.A.		590
70,366	e	Asset Acceptance Capital Corp		678
33,300	e*	athenahealth, Inc		788
58,064		Atos Origin S.A.		3,232
1,427,144	*	Autodesk, Inc		44,926
2,736,248		Automatic Data Processing, Inc		115,990
541,950	*	Autonomy Corp plc		9,879
220,629		Autostrade S.p.A.		6,670
5,265		Aveva Group plc		119
495,184	*	Avis Budget Group, Inc		5,259
281,958	*	Avocent Corp		4,765
6,122		Axon Group plc		48
45,403		B2W Companhia Global Do Varejo		1,527
57,676	e*	Bankrate, Inc		2,877
41,863	e	Barrett Business Services		717
2,570,678	*	BEA Systems, Inc		49,228
1,219,486	e*	BearingPoint, Inc		2,049
1,294		Bechtle AG.		41
245,080		Blackbaud, Inc		5,951
152,617	*	Blackboard, Inc		5,087
31,100	e*	BladeLogic, Inc		872
225,652	*	Blue Coat Systems, Inc		4,973
1,281,192	*	BMC Software, Inc		41,664
16,306		Boom Logistics Ltd		15
433,120	e*	Borland Software Corp		875
108,771	*	Bottomline Technologies, Inc		1,370
316,734	e*	BPZ Energy, Inc		6,883
292,009		Brady Corp (Class A)		9,762
202,686		Brink's Co		13,616
1,142		Brunel International		29
8,246	*	Bull S.A.		34
1,995,498		CA, Inc		44,899
5,418		Cabcharge Australia Ltd		48
219,857	*	CACI International, Inc (Class A)		10,014
1,153,438	*	Cadence Design Systems, Inc		12,319
195,100		Capcom Co Ltd		6,655
57,395	e*	Capella Education Co		3,134
14,100	*	Cardtronics, Inc		98
48,166	e*	Cavium Networks, Inc		790
281,721	e*	CBIZ, Inc		2,288

8

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
254		Cegid Group	$	9
1,400	e	Century Leasing System, Inc		12
273,316	e*	Cerner Corp		10,189
591,296	*	CGI Group, Inc		6,279
143,101	*	Check Point Software Technologies		3,205
1,868		Cheil Communications, Inc		450
456,000	*	China LotSynergy Holdings Ltd		25
323,482	*	ChoicePoint, Inc		15,398
308,597	*	Chordiant Software, Inc		1,861
345,723	*	Ciber, Inc		1,694
61,866		Cintra Concesiones de Infraestructuras de Transporte S.A.		915
7,500		Cision AB		21
779,333	*	Citrix Systems, Inc		22,858
71,775	e*	Clayton Holdings, Inc		333
162,073	e*	Clear Channel Outdoor Holdings, Inc (Class A)		3,081
293,690	*	CMGI, Inc		3,894
836,215	e*	CNET Networks, Inc		5,937
280,303	e*	Cogent Communications Group, Inc		5,132
250,587	e*	Cogent, Inc		2,363
264,514		Cognex Corp		5,774
1,395,822	*	Cognizant Technology Solutions Corp (Class A)		40,242
1,416		ComBOTS AG.		25
252,283	e*	Commvault Systems, Inc		3,128
129,896		Compass Diversified Trust		1,708
7,600	e*	Compellent Technologies, Inc		95
10,356		Computacenter plc		35
47,162	e	Computer Programs & Systems, Inc		986
1,657,340	*	Computer Sciences Corp		67,603
974,665		Computershare Ltd		7,794
1,286,562	*	Compuware Corp		9,443
133,146	*	COMSYS IT Partners, Inc		1,126
243,938	e*	Concur Technologies, Inc		7,574
6,150		Connaught plc		46
10,300	e*	Constant Contact, Inc		149
774,623	*	Convergys Corp		11,666
930,000		COSCO Pacific Ltd		1,814
100,383	e*	CoStar Group, Inc		4,316
6,099		CPL Resources plc		38
2,762		Cramo Oyj		71
1,313		CryptoLogic Ltd		21
37,000		CSE Global Ltd		25
296,235	*	CSG Systems International, Inc		3,368
9,147		CSK Holdings Corp		211
97,182		Ctrip.com International Ltd (ADR)		5,153
43		CyberAgent, Inc		59
343,108	*	Cybersource Corp		5,013
20,960	e	Dassault Systemes S.A.		1,217
17,200	*	Data Domain, Inc		409
179,607	e*	DealerTrack Holdings, Inc		3,632
11,600	e*	Deltek, Inc		151
304,720		Deluxe Corp		5,854
766	e	Dena Co Ltd		4,826
1,457	e	Dentsu, Inc		3,318
5,563		Detica Group plc		28
311		Devoteam S.A.		10
59,900	e*	Dice Holdings, Inc		534

9

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
237,794	e*	Digital River, Inc	$	7,364
97,118	*	DivX, Inc		680
101,898	*	Double-Take Software, Inc		1,190
350,947	e*	DST Systems, Inc		23,071
1,900		Duskin Co Ltd		32
1,191,223	*	DynCorp International, Inc (Class A)		19,870
12,184	e	eAccess Ltd		7,505
663,173	e*	Earthlink, Inc		5,007
7,074,063	*	eBay, Inc		211,090
154,502	e*	Echelon Corp		2,086
305,797	e*	Eclipsys Corp		5,997
1,040		Econtext, Inc		834
3,400		EDB Business Partner ASA		25
99,361	e	Electro Rent Corp		1,505
1,445,948	*	Electronic Arts, Inc		72,182
3,249,045		Electronic Data Systems Corp		54,097
65,247	e*	Elpida Memory, Inc		2,173
30,087		Emeco Holdings Ltd		22
4,600	*	Ementor ASA		30
12,200		Eneserve Corp		50
469		Engineering Ingegneria Informatica S.p.A.		17
11		en-japan, Inc		23
323,247	*	Epicor Software Corp		3,620
120,869	e*	EPIQ Systems, Inc		1,876
677,313		Equifax, Inc		23,354
192,988	e*	Equinix, Inc		12,832
156,563	e*	eSpeed, Inc (Class A)		1,826
2,024		Euromoney Institutional Investor plc		16
512,022	e*	Evergreen Energy, Inc		788
618		Exact Holding NV		21
120,574	e*	ExlService Holdings, Inc		2,768
947,845	*	Expedia, Inc		20,748
1,619,028		Experian Group Ltd		11,792
348,540	*	F5 Networks, Inc		6,333
204,763	e	Factset Research Systems, Inc		11,031
199,296	e	Fair Isaac Corp		4,289
169,310	e*	FalconStor Software, Inc		1,288
1,093	e	Fidec Corp		629
952,647		Fidelity National Information Services, Inc		36,334
3,132		Fidessa Group plc		46
498		Fimalac		30
37,666	e*	First Advantage Corp (Class A)		798
2,769	*	FirstService Corp		60
816,730	*	Fiserv, Inc		39,276
115,321	e*	Focus Media Holding Ltd (ADR)		4,053
86,106	*	Forrester Research, Inc		2,289
8,786		F-Secure Oyj		35
106,988		FTD Group, Inc		1,436
6,860	e	FUJI SOFT, Inc		128
2,441,990	e	Fujitsu Ltd		15,973
17		Fullcast Co Ltd		11
23	e	Future Architect, Inc		13
17,897		Fuyo General Lease Co Ltd		522
1,275	*	Garda World Security Corp (Class A)		16
371,903	e*	Gartner, Inc		7,193
1,161	*	General de Alquiler de Maquinaria		33

10

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
127,331	*	Gerber Scientific, Inc	$	1,132
342,282	*	Getty Images, Inc		10,953
160,286		Gevity HR, Inc		1,388
234,587	e*	Global Cash Access, Inc		1,375
105,544	e*	Global Sources Ltd		1,567
5,800		GMO internet, Inc		36
713	e	Goodwill Group, Inc		93
1,464,655	*	Google, Inc (Class A)		645,137
6		Gourmet Navigator, Inc		18
350,000	e*	Gravity Co Ltd (ADR)		481
412		Grenkeleasing AG.		14
3,151,178		Group 4 Securicor plc		14,243
8,450	e	Gruppo Editoriale L'Espresso S.p.A.		35
4,595	e*	Guidance Software, Inc		41
95,339	e*	H&E Equipment Services, Inc		1,198
18,180	e	Hakuhodo DY Holdings, Inc		1,081
16,714	e	Havas S.A.		70
1,066,713		Hays plc		2,419
83,154		HCL Technologies Ltd		525
220,172	e	Healthcare Services Group		4,544
76,037	e	Heartland Payment Systems, Inc		1,750
121,398	e	Heidrick & Struggles International, Inc		3,949
162,000	*	Hi Sun Technology China Ltd		21
1,000		Hitachi Information Systems Ltd		21
2,100		Hitachi Systems & Services Ltd		46
750,096	e*	HLTH Corp		7,156
128,158	e*	HMS Holdings Corp		3,659
15,320		Hogg Robinson Group plc		12
5,499	e*	HSW International, Inc		28
148,405	*	Hudson Highland Group, Inc		1,257
280,368	e*	Hypercom Corp		1,217
79,185	e*	i2 Technologies, Inc		892
21,226	*	IBA Health Group Ltd		9
900		IBJ Leasing Co Ltd		16
38,408	e*	ICT Group, Inc		388
1,745		IDS Scheer AG.		27
146,132	e	IFIL - Investments S.p.A.		1,179
125,666	*	iGate Corp		895
189,334	*	IHS, Inc (Class A)		12,176
23		Ikyu Corp		16
64,125	e	Imergent, Inc		730
1,760,873		IMS Health, Inc		36,996
37,000	*	Indofood Agri Resources Ltd		63
300,776		Indra Sistemas S.A.		8,661
542,177	*	Informatica Corp		9,250
431,900	a	Information Development Co		2,643
182,648		Infospace, Inc		2,113
364,762		Infosys Technologies Ltd		13,091
127,090	e	Infosys Technologies Ltd (ADR)		4,546
196,721		infoUSA, Inc		1,202
124,522	e*	Innerworkings, Inc		1,747
58,124		Innovation Group plc		36
72,013	e*	Innovative Solutions & Support, Inc		761
5,100	v	INTEC Holdings Ltd		80
45,184	e	Integral Systems, Inc		1,321
21		Intelligence Ltd		20

11

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
16,201	a,e	Intelligent Wave, Inc	$	2,324
202,029		Interactive Data Corp		5,752
91,334	e*	Interactive Intelligence, Inc		1,075
259,027	e*	Internap Network Services Corp		1,285
228,730	e*	Internet Capital Group, Inc		2,395
443	e	Internet Initiative Japan, Inc		1,427
4,648,390	e*	Interpublic Group of Cos, Inc		39,093
328,716	*	Interwoven, Inc		3,511
1,459,707	*	Intuit, Inc		39,427
161,005	*	inVentiv Health, Inc		4,639
296,193	e*	Ipass, Inc		894
6,400	*	IPC The Hospitalist Co, Inc		127
6,677	e	Iress Market Technology Ltd		42
825,658	*	Iron Mountain, Inc		21,830
9,510		ITE Group plc		27
465,743		Jack Henry & Associates, Inc		11,490
47,400	e	JC Decaux S.A.		1,393
241,518	*	JDA Software Group, Inc		4,408
174,129	e	JSR Corp		3,939
3,630,476	*	Juniper Networks, Inc		90,762
7,300	*	K12, Inc		143
486	e	Kakaku.com, Inc		2,974
141,188		Kelly Services, Inc (Class A)		2,903
133,652	e*	Kenexa Corp		2,470
85,946	e*	Keynote Systems, Inc		1,013
250,018	*	Kforce, Inc		2,210
722,205	*	Kinetic Concepts, Inc		33,388
3,318	e*	KK DaVinci Advisors		2,540
146,717	e*	Knot, Inc		1,724
12,510	e	Konami Corp		471
5,317		Kontron AG.		86
235,604	*	Korn/Ferry International		3,982
346,095	e*	Lamar Advertising Co (Class A)		12,435
10,948		Lavendon Group plc		73
768,782	*	Lawson Software, Inc		5,789
2,200	*	LBI International AB		11
117,859	e*	Limelight Networks, Inc		382
326,672	e*	Lionbridge Technologies		1,094
43,148	e*	Liquidity Services, Inc		345
194,419	e*	LivePerson, Inc		603
1,359,891		LogicaCMG plc		2,854
150,328	*	LoJack Corp		1,900
65,763	e*	Longtop Financial Technologies Ltd (ADR)		1,242
3,322	*	MacDonald Dettwiler & Associates Ltd		150
352	e	Macromill, Inc		530
211,759	e*	Magma Design Automation, Inc		2,027
140,996	*	Manhattan Associates, Inc		3,233
514,414		Manpower, Inc		28,941
154,912	*	Mantech International Corp (Class A)		7,027
126,016	e	Marchex, Inc (Class B)		1,258
492,219	e	Mastercard, Inc (Class A)		109,760
814,350	*	McAfee, Inc		26,947
71,100	*	MedAssets, Inc		1,054
16,134	e	Meitec Corp		489
464,173	*	Mentor Graphics Corp		4,099
585,833		Michael Page International plc		3,514

12

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
19,162		Micro Focus International plc	$	72
52,515,632		Microsoft Corp		1,490,394
68,865	*	MicroStrategy, Inc (Class A)		5,095
176,197	e*	Midway Games, Inc		476
126,567		Misys plc		348
265,070		Mitsubishi UFJ Lease & Finance Co Ltd		9,227
595	e*	Mixi Inc		6,088
54		Monex Beans Holdings, Inc		31
326,717	e	MoneyGram International, Inc		608
55,507	e*	Monotype Imaging Holdings, Inc		839
560,343	*	Monster Worldwide, Inc		13,566
3,625		Morgan Sindall plc		71
10,330		Morse plc		13
3,800	e	Moshi Moshi Hotline, Inc		115
597,185	e*	Move, Inc		1,839
617,748	*	MPS Group, Inc		7,302
224,522	e*	MSC.Software Corp		2,917
11,903		MYOB Ltd		17
3,406	e*	Napster, Inc		5
417,580	*	NAVTEQ Corp		28,395
839,857	*	NCR Corp		19,174
5,758		NCSoft Corp		268
1,197,628	e	NEC Corp		4,566
1,000		NEC Fielding Ltd		12
5,300		NEC Networks & System Integration Corp		90
14,572	*	Neowiz Games Corp		520
169,653	*	Ness Technologies, Inc		1,610
278,082	e*	NetFlix, Inc		9,636
196,172	e*	NetSuite, Inc		4,226
149,613	*	Network Equipment Technologies, Inc		983
34,174	*	NHN Corp		7,975
220,391	e	NIC, Inc		1,567
1,900		Nippon Kanzai Co Ltd		56
114,838	e	Nippon System Development Co Ltd		1,673
365,401		Nippon Systemware Co Ltd		1,650
1,500		Nishio Rent All Co Ltd		17
335,355		Nomura Research Institute Ltd		8,764
2,346,522	*	Novell, Inc		14,760
1,300		NS Solutions Corp		32
4,157	e	NTT Data Corp		18,183
746,501	*	Nuance Communications, Inc		12,997
350		OBIC Business Consultants Ltd		21
21,975	e	Obic Co Ltd		3,898
2,379,200		Omnicom Group, Inc		105,113
247,695	*	Omniture, Inc		5,749
202,371	*	On Assignment, Inc		1,285
122,903	e*	Online Resources Corp		1,182
33,399	e*	Open Text Corp		1,057
541,653	e*	OpenTV Corp (Class A)		639
5		OPT, Inc		15
28,054,205	*	Oracle Corp		548,740
286,559	e	Oracle Corp Japan		13,281
10,300	*	Orion Energy Systems, Inc		98
10,300	e	Otsuka Corp		869
198,620	e*	Packeteer, Inc		1,011
684,144	*	Parametric Technology Corp		10,933

13

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
36		Pasona Group, Inc	$	23
275,000		PCA Corp		2,858
1,700	*	PC-Tel, Inc		12
108,921	e*	PDF Solutions, Inc		600
92,628	e	Pegasystems, Inc		892
145,722	*	PeopleSupport, Inc		1,329
174,589	e*	Perficient, Inc		1,386
511,807	*	Perot Systems Corp (Class A)		7,698
278,671	*	Phase Forward, Inc		4,760
6,336		Phoenix IT Group Ltd		36
2,000	*	Phoenix Technologies Ltd		31
90,000		Pico Far East Holdings Ltd		11
84,665	e	Portfolio Recovery Associates, Inc		3,631
222,300		POS Malaysia BHD		131
1,300	*	Possis Medical, Inc		25
409,698	*	Premiere Global Services, Inc		5,875
257,403	*	Progress Software Corp		7,701
15,865	v	Prokom Software S.A.		913
289,348	e	Promotora de Informaciones S.A.		4,358
12,000	*	PROS Holdings, Inc		151
1,248		Prosegur Cia de Seguridad S.A.		52
31,881	e*	Protection One, Inc		306
84,694		Public Power Corp		3,704
828,198		Publicis Groupe S.A.		31,642
367		PubliGroupe AG.		114
105,704	e	QAD, Inc		889
90,652	e	Quality Systems, Inc		2,708
452,091	e*	Quest Software, Inc		5,909
183,594	*	Radiant Systems, Inc		2,565
138,067	e*	Radisys Corp		1,393
6,900	*	RADWARE Ltd		71
42,590	e	Rakuten, Inc		25,508
7,178		Ramirent Oyj		136
16,046	e	Randstad Holdings NV		752
164,012	e*	Raser Technologies, Inc		1,409
564,275	e*	RealNetworks, Inc		3,233
807,104	e*	Red Hat, Inc		14,843
1,298		Redflex Holdings Ltd		4
31,893		Regus Group plc		60
47,625	e	Renaissance Learning, Inc		666
422,848	e*	Rent-A-Center, Inc		7,759
10,987	*	Retalix Ltd		153
200	*	Rewards Network Inc		1
7,495		Rightmove plc		73
105,660	e*	RightNow Technologies, Inc		1,257
93,000	*	Riskmetrics Group Inc		1,800
39,994		Ritchie Bros Auctioneers, Inc		3,303
743,092		Robert Half International, Inc		19,127
224,568		Rollins, Inc		3,973
111,042	e*	RSC Holdings, Inc		1,210
349,903	*	S1 Corp		2,488
16,951		S1 Corp		880
1,687,558		Sage Group plc		6,300
873,138	*	Salesforce.com, Inc		50,528
6,378	*	Sandvine Corp		11
1,215,854		SAP AG.		60,427

14

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
564,461	*	Sapient Corp	$	3,929
3,608	*	SDL plc		22
256,556		Secom Co Ltd		12,457
330,894	e*	Secure Computing Corp		2,134
95,385		Securitas AB (B Shares)		1,260
24,472	e	Seek Ltd		118
628	*	SeLoger.com		33
16,552		SGS S.A.		23,800
78,411	e*	SI International, Inc		1,505
715		SimCorp AS		148
1,111,032		Singapore Post Ltd		928
33		SJ Holdings, Inc		12
6,114		Skilled Group Ltd		21
155,187	e*	Smith Micro Software, Inc		950
54,262	e	Societe Des Autoroutes Paris-Rhin-Rhone		6,562
900,925	e*	Softbank Corp		16,332
1,149		Software AG.		88
2,900	e	Sohgo Security Services Co Ltd		40
158,532	e*	Sohu.com, Inc		7,155
81,612,511	e	Solomon Systech International Ltd		4,719
647	e	So-net Entertainment Corp		2,668
11	e	So-net M3, Inc		45
478,589	*	SonicWALL, Inc		3,910
1,502,612	e*	Sonus Networks, Inc		5,169
844		Sopra Group S.A.		63
565,618	e	Sorun Corp		3,949
368,699	e	Sotheby's		10,659
9,587	e*	Sourcefire, Inc		57
2,467		Speedy Hire plc		37
391,947	*	Spherion Corp		2,399
9,457	e	Spotless Group Ltd		29
136,888	*	SPSS, Inc		5,308
155,695	e	Square Enix Co Ltd		5,436
265,775	*	SRA International, Inc (Class A)		6,461
5,560		Sthree plc		21
117,434	e*	Stratasys, Inc		2,090
29,273		STW Communications Group Ltd		59
15,600	e*	SuccessFactors, Inc		152
3,379,612	*	Sun Microsystems, Inc		52,485
744		Sword Group		32
1,030	*	SXC Health Solutions Corp		12
528,540	*	Sybase, Inc		13,901
6,947		Sygnity S.A.		103
160,723	*	SYKES Enterprises, Inc		2,827
4,775,198	*	Symantec Corp		79,364
109,781	e*	Synchronoss Technologies, Inc		2,199
82,952	e*	SYNNEX Corp		1,760
1,062,360	*	Synopsys, Inc		24,126
67,299	e	Syntel, Inc		1,794
958,080		Taiwan Secom Co Ltd		1,974
12,256,402		Taiwan-Sogo Shinkong Security Corp		11,196
405,425	*	Take-Two Interactive Software, Inc		10,346
86,986	e	TAL International Group, Inc		2,050
143,985	*	Taleo Corp (Class A)		2,793
110,979		Tata Consultancy Services Ltd		2,242
42,444	*	TechTarget, Inc		601

15

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
227,106	e*	TeleTech Holdings, Inc	$	5,101
250,278	*	Temenos Group AG.		6,552
11		Tempstaff Co Ltd		15
1,278,700		Tencent Holdings Ltd		7,287
11,900		Textainer Group Holdings Ltd		179
102,504	e	TheStreet.com, Inc		828
357,016	e*	THQ, Inc		7,783
1,125,710	e*	TIBCO Software, Inc		8,038
8,236	e*	Tiens Biotech Group USA, Inc		17
30,615	e	Tietoenator Oyj		756
405,482	e,v	TIS, Inc		8,217
900		TKC		19
134,545		TNS, Inc		2,777
1,200	e	Tokyo Leasing Co Ltd		11
180,000	*	Tom Group Ltd		11
507,162	e	Tomra Systems ASA		3,834
799,191		Total System Services, Inc		18,909
1,200		TradeDoubler AB		25
146,272	e*	TradeStation Group, Inc		1,246
2,800		Trans Cosmos, Inc/Japan		34
181,000		Transcend Information, Inc		537
44,877	e*	Travelzoo, Inc		495
37,203	e	Trend Micro, Inc		1,459
259,916	e*	Trizetto Group, Inc		4,338
245,279	*	TrueBlue, Inc		3,297
1,318,700		UBG BHD		960
3,464	*	UBISOFT Entertainment		298
131,068	e*	Ultimate Software Group, Inc		3,940
50,080	e*	Unica Corp		341
1,434,259	*	Unisys Corp		6,354
9,005		United Internet AG.		194
383,292	e	United Online, Inc		4,048
381,068	*	United Rentals, Inc		7,179
2,846	e	USG People NV		67
19,380	e	USS Co Ltd		1,342
552,675	*	Valueclick, Inc		9,534
159,026	e*	Vasco Data Security International		2,175
12,996	e*	Veraz Networks, Inc		32
11		VeriSign Japan KK		9
969,148	e*	VeriSign, Inc		32,214
129,683		Viad Corp		4,670
233,946	*	Vignette Corp		3,090
10,000	e*	Virtusa Corp		98
375,672	*	Visa, Inc (Class A)		23,427
305,021	e*	VMware, Inc (Class A)		13,061
116,083	*	Vocus, Inc		3,065
77,234	e*	Volt Information Sciences, Inc		1,310
2,825,264		Waste Management, Inc		94,816
30,830	e*	WebMD Health Corp (Class A)		727
245,849	e*	Websense, Inc		4,610
402,292	*	Wind River Systems, Inc		3,114
5,714	*	Wirecard AG.		100
46		Works Applications Co Ltd		67
12,300		Wotif.com Holdings Ltd		51
9,458,656		WPP Group plc		112,820
20,894		Xchanging plc		116

16

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
2,343	e	Yahoo! Japan Corp	$	1,218
7,186,154	*	Yahoo!, Inc		207,895
		TOTAL BUSINESS SERVICES		6,828,272
CHEMICALS AND ALLIED PRODUCTS - 9.30%
9,357,577	*	Abbott Laboratories		516,070
73,781	b,e,m,v*	Able Laboratories, Inc		-	^
10,056	*	Ablynx NV		95
30,041	e*	Abraxis Bioscience, Inc		1,775
156,344	e*	Acadia Pharmaceuticals, Inc		1,416
10,895	*	Accsys Technologies plc		40
161,665	e*	Acorda Therapeutics, Inc		2,902
105,376	*	Actelion Ltd		5,746
1,600	*	Active Biotech AB		15
14,900		ADEKA Corp		150
172,756		Agrium, Inc		10,731
509,787	e	Air Liquide		77,722
1,167,976		Air Products & Chemicals, Inc		107,454
251,400	e	Air Water, Inc		2,404
1,685,795		Akzo Nobel NV		135,255
69,990		Alapis Holding Industrial and Commercial S.A.		240
148,217	*	Albany Molecular Research, Inc		1,799
326,863		Albemarle Corp		11,937
668,997		Alberto-Culver Co		18,337
11,261		Alexandria Mineral Oils Co		161
191,386	e*	Alexion Pharmaceuticals, Inc		11,349
105,706	e*	Alexza Pharmaceuticals, Inc		727
17,825	e	Alfresa Holdings Corp		1,400
20,237	*	Alizyme plc		18
690		ALK-Abello AS		90
528,565	e*	Alkermes, Inc		6,279
225,057	e*	Allos Therapeutics, Inc		1,368
225,334	e*	Alnylam Pharmaceuticals, Inc		5,498
242,596	e*	Alpharma, Inc (Class A)		6,358
87,783	e*	AMAG Pharmaceuticals, Inc		3,549
302,912	*	American Oriental Bioengineering, Inc		2,454
97,580		American Vanguard Corp		1,624
7,014,371	*	Amgen, Inc		293,060
19,829	e*	Amicus Therapeutics, Inc		212
2,590		Amorepacific Corp		1,399
1,513		Amorepacific Corp		184
4	*	AnGes MG, Inc		19
4,618	*	Angiotech Pharmaceuticals, Inc		10
113,619	*	Animal Health International, Inc		1,243
54,053	*	Antisoma plc		25
97,288	b,e*	Aphton Corp		-	^
109,793	e*	APP Pharmaceuticals, Inc		1,326
145,020		Arch Chemicals, Inc		5,403
379,473	e*	Arena Pharmaceuticals, Inc		2,596
1,600		Arisawa Manufacturing Co Ltd		12
19,392	*	Ark Therapeutics Group plc		28
3,442		Arkema		192
292,287	e*	Arqule, Inc		1,251
259,382	e*	Array Biopharma, Inc		1,818
182,536	e*	Arrowhead Research Corp		517
2,546,167	e	Asahi Kasei Corp		13,283

17

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
193,404		Aspen Pharmacare Holdings Ltd	$	761
1,052,875		Astellas Pharma, Inc		40,771
2,052,130		AstraZeneca plc		76,731
219,082		AstraZeneca plc (ADR)		8,323
704	*	Atrium Innovations Inc		11
1,400		Auriga Industries (Class B)		43
153,992	e*	Auxilium Pharmaceuticals, Inc		4,118
174,831	e*	Aventine Renewable Energy Holdings, Inc		909
402,579		Avery Dennison Corp		19,827
3,795,231	*	Avon Products, Inc		150,063
418		Bachem Holding AG.		39
93,986	e	Balchem Corp		2,154
452,817	*	Barr Pharmaceuticals, Inc		21,876
772,882		BASF AG.		104,094
767	*	Basilea Pharmaceutica		112
28,737		Beiersdorf AG.		2,418
107,452	e*	Bentley Pharmaceuticals, Inc		1,746
26,626	e*	Biodel, Inc		289
27,854	e*	BioForm Medical, Inc		128
1,523,787	*	Biogen Idec, Inc		94,002
546,887	e*	BioMarin Pharmaceuticals, Inc		19,343
1,082		BioMerieux		126
56,884	e*	BioMimetic Therapeutics, Inc		455
237,269	e*	Bionovo, Inc		301
8,728	*	Biota Holdings Ltd		10
617		Biotest AG.		36
340,173	e	Biovail Corp		3,662
887		Boiron S.A.		25
135,251		Braskem S.A.		1,148
9,759,020		Bristol-Myers Squibb Co		207,867
270,310		Cabot Corp		7,569
130,903	e*	Cadence Pharmaceuticals, Inc		779
217,627	e*	Calgon Carbon Corp		3,275
155,110		Cambrex Corp		1,075
81,433	e*	Caraco Pharmaceutical Laboratories Ltd		1,462
6,508	*	Cardiome Pharma Corp		55
1,073,217		Celanese Corp (Series A)		41,909
374,326	e*	Cell Genesys, Inc		880
145,000		Century Sunshine Ecological Technology Holdings Ltd		6
359,892	e*	Cephalon, Inc		23,177
18,000		Cerebos Pacific Ltd		50
345,471		CF Industries Holdings, Inc		35,798
264,921	*	Charles River Laboratories International, Inc		15,614
333,603	e*	Chattem, Inc		22,131
1,000,810		Chemtura Corp		7,346
79,222		Christian Dior S.A.		8,769
182,970	e	Chugai Pharmaceutical Co Ltd		2,069
10,000		Chugoku Marine Paints Ltd		70
370,775		Church & Dwight Co, Inc		20,111
23,189		Ciba Specialty Chemicals AG.		846
266,439		Cipla Ltd		1,461
304,000	*	CK Life Sciences International Holdings, Inc		14
27,928		Clariant AG.		238
1,517,723		Clorox Co		85,964
3,537,349		Colgate-Palmolive Co		275,595
14,199		Croda International		187

18

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
2,631	*	CropEnergies AG.	$	12
4,053	*	Crucell NV		62
1,096,245	e	CSL Ltd		36,979
403,380	e*	Cubist Pharmaceuticals, Inc		7,430
193,704	*	Cypress Bioscience, Inc		1,387
513,741		Cytec Industries, Inc		27,665
223,912	*	Cytokinetics, Inc		743
465,343	e*	CytRx Corp		535
12,000		Dai Nippon Toryo Co Ltd		16
322,470		Daicel Chemical Industries Ltd		1,656
1,028,312	e	Daiichi Sankyo Co Ltd		30,381
3,000		Dainichiseika Color & Chemicals Manufacturing Co Ltd		13
769,099		Dainippon Ink and Chemicals, Inc		2,392
354,000	e	Dainippon Sumitomo Pharma Co Ltd		3,235
4,000		Daiso Co Ltd		13
438,563	e*	Dendreon Corp		2,114
1,261	*	Devgen		25
2,470		DiaSorin S.p.A.		51
452,068	e*	Discovery Laboratories, Inc		1,062
84,162	e*	Dov Pharmaceutical, Inc		6
5,048,422		Dow Chemical Co		186,034
91,222		Dr Reddy's Laboratories Ltd		1,344
255,140	e	DSM NV		12,306
7,616,901	*	Du Pont (E.I.) de Nemours & Co		356,166
323,777	e*	Durect Corp		1,700
853,636	e	Dyno Nobel Ltd		1,997
700		Earth Chemical Co Ltd		18
417,440		Eastman Chemical Co		26,069
720,326		Ecolab, Inc		31,284
35,664		Egyptian International Pharmaceutical Industrial Co		228
218,800	e	Eisai Co Ltd		7,463
479,536	*	Elan Corp plc		9,834
469,177	*	Elan Corp plc (ADR)		9,787
41,478		Elementis plc		55
5,213,567	*	Eli Lilly & Co		268,968
140,117	e*	Elizabeth Arden, Inc		2,795
40,067	e*	Emergent Biosolutions, Inc		357
348,592	e*	Encysive Pharmaceuticals, Inc		819
111,620		Engro Chemical Pakistan Ltd		577
11,162	v	Engro Chemical Pakistan Ltd		27
339,374	e*	Enzon Pharmaceuticals, Inc		3,126
653,771	e	Estee Lauder Cos (Class A)		29,975
369,640		Eternal Chemical Co Ltd		431
8,524	e	FAES FARMA S.A.		145
1,800	e	Fancl Corp		25
265,000		Fauji Fertilizer Co Ltd		594
264,390		Ferro Corp		3,929
31,472		Fertilizantes Fosfatados S.A.		1,475
21,058		Filtrona plc		72
293,040		FMC Corp		16,261
2,211,627	*	Forest Laboratories, Inc		88,487
3,876,235		Formosa Plastics Corp		11,726
7,010	*	Freeworld Coatings Ltd		8
2,058		Fuchs Petrolub AG.		192
323		Fuchs Petrolub AG.		31
1,700	e	Fujimi, Inc		25

19

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
3,995,208	*	Genentech, Inc	$	324,331
2,385	*	Genmab AS		121
477,339	e*	GenVec, Inc		840
1,561,431	*	Genzyme Corp		116,389
215,032	e	Georgia Gulf Corp		1,490
375,343	e*	Geron Corp		1,832
6,701,312	*	Gilead Sciences, Inc		345,319
1,864		Givaudan S.A.		1,844
6,772,868		GlaxoSmithKline plc		143,289
109,162		Glenmark Pharmaceuticals Ltd		1,331
810,000		Global Bio-Chem Technology Group Co Ltd		311
8,602		Grifols S.A.		226
74,754	e*	GTx, Inc		1,202
5,000		Gun-Ei Chemical Industry Co Ltd		11
25,588	e	H Lundbeck AS		639
1,502		H&R WASAG AG.		35
331,609		H.B. Fuller Co		6,768
340,580	e*	Halozyme Therapeutics, Inc		2,166
2,762		Hanmi Pharm Co Ltd		435
48,150		Hanwha Chemical Corp		814
31,000		Haw Par Corp Ltd		155
58,860		Henkel KGaA		2,721
696,504		Hercules, Inc		12,739
13,138		Hikma Pharmaceuticals plc		122
730,387		Hindustan Lever Ltd		4,165
6,000	e	Hisamitsu Pharmaceutical Co, Inc		218
1,800	e	Hogy Medical Co Ltd		93
15,498		Honam Petrochemical Corp		1,263
644,514	*	Hospira, Inc		27,566
887,576	e*	Human Genome Sciences, Inc		5,228
629,347		Huntsman Corp		14,821
91,811	e*	Idenix Pharmaceuticals, Inc		461
272,006	*	Idexx Laboratories, Inc		13,399
249,516	*	ImClone Systems, Inc		10,584
392,729	*	Immucor, Inc		8,381
117,971	e	Incitec Pivot Ltd		15,218
384,450	e*	Indevus Pharmaceuticals, Inc		1,834
2,308	*	Innogenetics NV		16
146,643	e	Innophos Holdings, Inc		2,359
140,192		Innospec, Inc		2,972
357		Inter Parfums S.A.		15
32,181	e	Inter Parfums, Inc		711
4,076	*	Intercell AG.		169
176,729	e*	InterMune, Inc		2,577
326,793		International Flavors & Fragrances, Inc		14,395
536,179	e*	Inverness Medical Innovations, Inc		16,139
297,894	*	Invitrogen Corp		25,461
1,223		Ipsen		69
45,000		Ishihara Sangyo Kaisha Ltd		103
444,338		Israel Chemicals Ltd		6,218
220,756	e*	Javelin Pharmaceuticals, Inc		620
5,300	e*	Jazz Pharmaceuticals, Inc		48
83,000		Jiutian Chemical Group Ltd		10
29,100		K+S AG.		9,524
76,437	e	Kaiser Aluminum Corp		5,297
15,000		Kaken Pharmaceutical Co Ltd		111

20

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
32,144		Kansai Paint Co Ltd	$	209
785,029		Kao Corp		22,248
2,100		Katakura Industries Co Ltd		41
3,155		Kemira Oyj		48
1,552,744	e*	Keryx Biopharmaceuticals, Inc		932
2,783,095	*	King Pharmaceuticals, Inc		24,213
1,205,762		Kingboard Chemical Holdings Ltd		4,268
2,000		Kissei Pharmaceutical Co Ltd		42
121,087		Koppers Holdings, Inc		5,365
65,037		Kose Corp		1,406
19,104	e	Kronos Worldwide, Inc		461
999,500	e	Kuraray Co Ltd		11,912
14,000	e	KUREHA CORP		87
196,759	e*	KV Pharmaceutical Co (Class A)		4,911
261,000		Kyorin Co Ltd		3,380
232,815	e	Kyowa Hakko Kogyo Co Ltd		2,224
43,890		La Seda de Barcelona S.A. (Class B)		81
137,057	e*	Landec Corp		1,155
4,817		Lanxess AG.		193
48,644		LG Chem Ltd		3,635
8,822		LG Household & Health Care Ltd		1,519
476,476	e	Ligand Pharmaceuticals, Inc (Class B)		1,906
196,963		Linde AG.		27,827
24,000		Lion Corp		116
24,202		Lonza Group AG.		3,210
228,178		L'Oreal S.A.		28,977
713,829		Lubrizol Corp		39,625
214,759		Makhteshim-Agan Industries Ltd		1,570
1,800		Mandom Corp		54
99,116	e	Mannatech, Inc		707
248,908	e*	MannKind Corp		1,486
55,100	e*	MAP Pharmaceuticals, Inc		770
196,649	e*	Martek Biosciences Corp		6,012
9,050		Meda AB (A Shares)		93
660,085	e*	Medarex, Inc		5,842
93,319	e	Mediceo Paltac Holdings Co Ltd		1,691
322,249	e*	Medicines Co		6,509
375,440	e	Medicis Pharmaceutical Corp (Class A)		7,392
112,527	e*	Medivation, Inc		1,601
16,112,399		Merck & Co, Inc		611,466
248,257		Meridian Bioscience, Inc		8,299
310,887	e	Methanex Corp		8,178
500		Milbon Co Ltd		11
1,289,000	*	Millennium Pharmaceuticals, Inc		19,928
112,672		Minerals Technologies, Inc		7,076
253,851	e*	Minrad International, Inc		597
5,400	e	Miraca Holdings, Inc		141
1,990,994	e	Mitsubishi Chemical Holdings Corp		13,163
645,081	e	Mitsubishi Gas Chemical Co, Inc		4,588
8,000		Mochida Pharmaceutical Co Ltd		73
16,537	e*	Molecular Insight Pharmaceuticals, Inc		112
136,843	e*	Momenta Pharmaceuticals, Inc		1,496
3,876,783		Monsanto Co		432,261
629	*	Morphosys AG.		39
1,066,217	*	Mosaic Co		109,394
4,233,130	e	Mylan Laboratories, Inc		49,104

21

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
409,524	e*	Nabi Biopharmaceuticals	$	1,646
728,186		Nalco Holding Co		15,401
4,126,821		Nan Ya Plastics Corp		10,256
1,800	e*	Nanosphere, Inc		16
126,180	e*	Nastech Pharmaceutical Co, Inc		297
11,877	*	Natraceutical S.A.		15
110,081		Natura Cosmeticos S.A.		1,123
60,000		Natural Beauty Bio-Technology Ltd		15
447,650	*	NBTY, Inc		13,407
2,874		Neochimiki LV Lavrentiadis S.A.		78
230,199	e*	Neurocrine Biosciences, Inc		1,243
1,488	*	NeuroSearch AS		86
107,122	e	NewMarket Corp		8,082
1,100		Nichi-iko Pharmaceutical Co Ltd		32
5,167	e*	NicOx S.A.		74
4,000		Nihon Nohyaku Co Ltd		37
3,000		Nihon Parkerizing Co Ltd		40
485,550	e	Nippon Chemiphar Co Ltd		2,781
23,429		Nippon Kayaku Co Ltd		142
11,000		Nippon Paint Co Ltd		40
8,000		Nippon Shinyaku Co Ltd		83
20,446		Nippon Shokubai Co Ltd		136
27,000		Nippon Soda Co Ltd		87
3,000		Nippon Synthetic Chemical Industry Co Ltd		22
14,000		Nippon Valqua Industries Ltd		41
21,429	e	Nissan Chemical Industries Ltd		226
47,100	e	NL Industries, Inc		514
27,000		NOF Corp		111
285,616	e	Nova Chemicals Corp		6,876
23,141	e*	Novacea, Inc		62
5,990,606		Novartis AG.		307,040
110,000	e	Novartis AG. (ADR)		5,635
134,938	e*	Noven Pharmaceuticals, Inc		1,212
959,760		Novo Nordisk AS (Class B)		65,631
13,692	e	Novozymes AS (B Shares)		1,281
217,383		Nufarm Ltd		3,403
12,227		Nuplex Industries Ltd		59
7,796	*	Obagi Medical Products, Inc		68
447,332		Olin Corp		8,839
176,756	*	OM Group, Inc		9,640
3,711		Omega Pharma S.A.		172
2,300	*	Omnova Solutions, Inc		9
72,567	e*	Omrix Biopharmaceuticals, Inc		1,016
33,800	e	Ono Pharmaceutical Co Ltd		1,634
302,237	e*	Onyx Pharmaceuticals, Inc		8,774
7,541		OPG Groep NV		213
245,834	e*	OraSure Technologies, Inc		1,797
39,030	e*	Orexigen Therapeutics, Inc		402
306,820		Oriental Union Chemical Corp		343
12,838		Oriola-KD Oyj (B Shares)		60
22,978		Orion Oyj (Class B)		498
369,096	e*	OSI Pharmaceuticals, Inc		13,801
71,117	e*	Osiris Therapeutics, Inc		895
50,982	*	Oxford Biomedica plc		23
162,303	e*	Pacific Ethanol, Inc		714
179,671	e*	Pain Therapeutics, Inc		1,518

22

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
248,411	e*	Par Pharmaceutical Cos, Inc	$	4,320
306,576	e*	Parexel International Corp		8,002
8,254	*	Patheon, Inc		24
484,935	*	PDL BioPharma, Inc		5,135
122,456	e*	Penwest Pharmaceuticals Co		318
477,445		Perrigo Co		18,014
54,580	*	Petkim Petrokimya Holding		266
123,634	e*	PetMed Express, Inc		1,371
40,316,626		Pfizer, Inc		843,827
12,911	*	Pharmaxis Ltd		25
159,005	e*	PharMerica Corp		2,635
545,861	*	PolyOne Corp		3,477
118,654	e*	Poniard Pharmaceuticals, Inc		398
145,637	e*	Pozen, Inc		1,509
872,813	*	PPG Industries, Inc		52,814
2,481,950		Praxair, Inc		209,055
203,584	e*	Prestige Brands Holdings, Inc		1,665
17,783,483	*	Procter & Gamble Co		1,246,089
125,051	e*	Progenics Pharmaceuticals, Inc		817
7,638	*	Protalix BioTherapeutics, Inc		20
22,452	*	Protherics plc		24
408,700	v	PTT Chemical PCL		1,363
30,800		PZ Cussons plc		113
7,475	*	QLT, Inc		27
244,914	*	Quidel Corp		3,933
416,105		Ranbaxy Laboratories Ltd		4,547
6,000		Rasa Industries Ltd		11
2,689,132		Reckitt Benckiser Group plc		148,955
18,857		Recordati S.p.A.		141
1,213,703	e,v*	Revlon, Inc (Class A)		1,177
5,242	e	Rhodia S.A.		122
11,774		Richter Gedeon Nyrt		2,425
1,502,037	e	Roche Holding AG.		282,681
199,231	*	Rockwood Holdings, Inc		6,529
738,499		Rohm & Haas Co		39,938
4,000		Rohto Pharmaceutical Co Ltd		50
621,757		RPM International, Inc		13,020
2,088	e*	RXi Pharmaceuticals Corp		20
9,000		Sakai Chemical Industry Co Ltd		32
253,626	e*	Salix Pharmaceuticals Ltd		1,593
1,334,442	e	Sanofi-Aventis		100,113
356,046	e*	Santarus, Inc		915
47,118	e	Santen Pharmaceutical Co Ltd		1,099
3,000		Sanyo Chemical Industries Ltd		15
3,566		Sarantis S.A.		67
1,300	e	Sawai Pharmaceutical Co Ltd		63
8,201,285		Schering-Plough Corp		118,181
190,783	e*	Sciele Pharma, Inc		3,720
196,017		Scotts Miracle-Gro Co (Class A)		6,355
2,900		Seikagaku Corp		33
267,872		Sensient Technologies Corp		7,900
840,531	*	Sepracor, Inc		16,407
763,573	e	Sherwin-Williams Co		38,973
605,747	e	Shin-Etsu Chemical Co Ltd		31,296
1,900		Shin-Etsu Polymer Co Ltd		11
198,622	e	Shionogi & Co Ltd		3,391

23

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
224,111		Shire plc	$	4,330
328,800	e	Shiseido Co Ltd		8,692
1,080,951	e	Showa Denko KK		3,644
733,053		Sigma-Aldrich Corp		43,727
9,158,000	e	Sinochem Hong Kong Holding Ltd		8,449
1,852,000		Sinopec Shanghai Petrochemical Co Ltd		638
656,000		Sinopec Yizheng Chemical Fibre Co Ltd		137
106,281	*	Skyepharma plc		29
5,903	*	Sociedad Nacional de Industrias Apicaciones Celulosa Espanola S.A.		19
95,359		Sociedad Quimica y Minera de Chile S.A. (Class B)		2,225
1,515		SOL S.p.A.		11
29,499		Solvay S.A.		3,764
39,773	e*	Somaxon Pharmaceuticals, Inc		189
23,906	*	Sorin S.p.A.		39
9	*	Sosei Co Ltd		8
160	*	Speedel Holding AG.		15
1,888,508		SSL International plc		16,997
2,000		SSP Co Ltd		9
3,946		Stada Arzneimittel AG.		287
355		Stallergenes		26
400		Stella Chemifa Corp		9
28,752		Stepan Co		1,099
6,300	*	Sucampo Pharmaceuticals, Inc		50
3,416,120	e	Sumitomo Chemical Co Ltd		21,865
2,000		Sumitomo Seika Chemicals Co Ltd		9
52,141	*	Sun Pharmaceuticals Industries Ltd		1,598
287,410	e*	SuperGen, Inc		721
85,847	e*	SurModics, Inc		3,595
370,229	e	Symbion Health Ltd		1,377
269,760		Syngenta AG.		79,046
35,053	e*	Synta Pharmaceuticals Corp		284
171,655	e	Taisho Pharmaceutical Co Ltd		3,405
517,000		Taiwan Fertilizer Co Ltd		2,255
900		Taiyo Ink Manufacturing Co Ltd		22
40,127	e	Taiyo Nippon Sanso Corp		321
1,548,556	e	Takeda Pharmaceutical Co Ltd		77,521
516,327	e	Tanabe Seiyaku Co Ltd		6,014
106,000	e	Tenma Corp		1,398
179,216	e*	Tercica, Inc		1,027
3,598		Tessenderlo Chemie NV		164
645,240		Teva Pharmaceutical Industries Ltd		29,854
2,059,300		Teva Pharmaceutical Industries Ltd (ADR)		95,119
2,953	*	Theratechnologies, Inc		20
734,671	e*	Theravance, Inc		7,736
26,000		Toagosei Co Ltd		107
254,000	e	Tokai Carbon Co Ltd		2,569
28,527	e	Tokuyama Corp		207
1,900	e	Tokyo Ohka Kogyo Co Ltd		42
361,663	e	Toray Industries, Inc		2,347
600		Torii Pharmaceutical Co Ltd		8
1,330,161	e	Tosoh Corp		4,577
900		Towa Pharmaceutical Co Ltd		38
18,000		Toyo Ink Manufacturing Co Ltd		62
2,415	*	Transgene S.A.		45
247,705	e	Tronox, Inc (Class B)		966
49,363	e*	Trubion Pharmaceuticals, Inc		466

24

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
3,000		Tsumura & Co	$	75
277,041		UAP Holding Corp		10,622
1,582,123		UBE Industries Ltd		5,127
37,545		UCB S.A.		1,304
57,200	e*	Ulta Salon Cosmetics & Fragrance, Inc		803
27,998		United Drug plc		168
180,000	*	United Laboratories Ltd		69
114,662	*	United Therapeutics Corp		9,941
356,646	*	Uralkali (GDR)		14,622
548,498	g,v*	Uralkali (GDR)		22,488
56,926	*	US BioEnergy Corp		336
52,787	e*	USANA Health Sciences, Inc		1,163
618,923	e*	USEC, Inc		2,290
552,289	e*	Valeant Pharmaceuticals International		7,086
394,373		Valspar Corp		7,824
155,356	e*	Vanda Pharmaceuticals, Inc		601
347,756	*	VCA Antech, Inc		9,511
16,053	*	Vectura Group plc		15
858,569	e*	Verasun Energy Corp		6,310
630,167	e*	Vertex Pharmaceuticals, Inc		15,055
11,987		Victrex plc		179
586		Virbac S.A.		54
486,349	e*	Viropharma, Inc		4,348
63,860		Wacker Chemie AG.		13,084
2,060,876		Wah Lee Industrial Corp		4,002
378,875	e*	Warner Chilcott Ltd (Class A)		6,820
841,514	*	Watson Pharmaceuticals, Inc		24,673
60,080	e	Westlake Chemical Corp		784
407,388	e*	WR Grace & Co		9,297
8,099,258		Wyeth		338,225
125,443	*	Xenoport, Inc		5,077
908,899	*	XOMA Ltd		2,354
3,754		Yuhan Corp		705
5,339		Yule Catto & Co plc		17
42,058	e	Zeltia S.A.		307
20,782		Zentiva NV		1,256
23,921	e	Zeon Corp		107
206,311	e*	Zymogenetics, Inc		2,022
		TOTAL CHEMICALS AND ALLIED PRODUCTS		11,110,871
COAL MINING - 0.31%
529,092	*	Alpha Natural Resources, Inc		22,984
635,447		Arch Coal, Inc		27,642
31,183	e	Centennial Coal Co Ltd		116
17,621,400		China Coal Energy Co		30,702
2,603,500		China Shenhua Energy Co Ltd		10,404
2,602	*	CIC Energy Corp		43
845,570		Consol Energy, Inc		58,505
311,403		Fording Canadian Coal Trust		16,304
423,499		Gloucester Coal Ltd		3,762
681,007	e*	International Coal Group, Inc		4,324
121,895		Kumba Resources Ltd		1,659
9,405		MacArthur Coal Ltd		112
339,953		Massey Energy Co		12,408
10,500		Mitsui Mining Co Ltd		30
2,310,788		Peabody Energy Corp		117,850

25

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
14,286,194		PT Bumi Resources Tbk	$	9,622
499,240		Sasol Ltd		23,920
604,937	e	Sasol Ltd (ADR)		29,273
15,009		UK Coal plc		130
1,516,000		Yanzhou Coal Mining Co Ltd		2,147
		TOTAL COAL MINING		371,937
COMMUNICATIONS - 4.47%
4,669,053	v	Advanced Info Service PCL		14,829
84,863		AFK Sistema (GDR)		2,724
238,447	e	Alaska Communications Systems Group, Inc		2,919
21,000	e*	Alvarion Ltd		152
135,629		America Movil S.A. de C.V. (ADR) (Series L)		8,638
15,493,713		America Movil S.A. de C.V. (Series L)		49,381
2,198,532	*	American Tower Corp (Class A)		86,204
2,378		Amper S.A.		44
167,159	e*	Anixter International, Inc		10,705
28,868		Antena 3 de Television S.A.		396
43,441	e*	Aruba Networks, Inc		226
35,202,356		AT&T, Inc		1,348,250
57,469		Atlantic Tele-Network, Inc		1,944
94,742	e*	Audiovox Corp (Class A)		1,012
322,178	e	Austar United Communications Ltd		390
6,382	e	Austereo Group Ltd		10
16,938	*	Avanzit S.A.		72
405,469	*	Axtel SAB de CV		876
507,200	e	BCE, Inc		17,171
3,218,443	v	BEC World PCL		2,913
619,775		Belgacom S.A.		27,446
52		Bell Aliant Regional Communications Income Fund		1
773,214		Bezeq Israeli Telecommunication Corp Ltd		1,449
205,260		Brasil Telecom Participacoes S.A.		2,747
42,314		Brasil Telecom Participacoes S.A.		1,190
142,065		Brasil Telecom S.A.		1,563
337,361	e*	Brightpoint, Inc		2,820
895,208		British Sky Broadcasting plc		9,887
13,017,445		BT Group plc		56,127
802,708		Cable & Wireless plc		2,372
869,413	*	Cablevision Systems Corp (Class A)		18,631
2,398		Canal Plus		26
5,995	*	CanWest Global Communications Corp		29
118,723		Carphone Warehouse Group plc		672
485,018	*	Carso Global Telecom SAB de CV		2,579
121,166	e*	Cbeyond Communications, Inc		2,277
27,700		Cellcom Israel Ltd		871
123,127	e*	Centennial Communications Corp		728
155,805	e*	Central European Media Enterprises Ltd (Class A)		13,279
23,099	*	Central European Media Enterprises Ltd (Class A)		1,987
701,677		CenturyTel, Inc		23,324
2,426,275	e*	Charter Communications, Inc (Class A)		2,067
1,234,000	*	China Communications Services Corp Ltd		839
5,387,247		China Mobile Hong Kong Ltd		80,158
736,000		China Netcom Group Corp Hong Kong Ltd		2,118
11,456,111		China Telecom Corp Ltd		7,183
1,460,538		China Unicom Ltd		3,074
5,455,080		Chunghwa Telecom Co Ltd		14,347

26

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
1,563,767	*	Cincinnati Bell, Inc	$	6,662
978,333	e	Citadel Broadcasting Corp		1,624
96,000		Citic 1616 Holdings Ltd		27
1,335,918	e	Citizens Communications Co		14,014
2,826,133		Clear Channel Communications, Inc		82,580
104,880	e*	Clearwire Corp (Class A)		1,553
1,775		Cogeco Cable, Inc		62
17,049	*	Colt Telecom Group S.A.		56
15,402,007		Comcast Corp (Class A)		297,875
352,637		Compania de Telecomunicaciones de Chile S.A. (Class A)		750
138,450		Comstar United Telesystems (GDR)		1,447
112,014	e	Consolidated Communications Holdings, Inc		1,695
8,037		Corus Entertainment, Inc		141
197,724	e*	Cox Radio, Inc (Class A)		2,349
942,341	*	Crown Castle International Corp		32,501
98,276	e*	Crown Media Holdings, Inc (Class A)		508
218,618	*	CTC Media, Inc		6,067
259,886	e*	Cumulus Media, Inc (Class A)		1,658
3,016	e*	D+S europe AG.		41
5,000		Denki Kogyo Co Ltd		31
2,416,867	e	Deutsche Telekom AG.		40,255
77,484	e*	DG FastChannel, Inc		1,486
527,900		Digi.Com BHD		4,027
695	*	Digital Multimedia Technologies S.p.A.		23
5,420,782	*	DIRECTV Group, Inc		134,381
1,946,825	*	DISH Network Corp (Class A)		55,932
121,727	*	Dish TV India Ltd		150
34,147		Egyptian Co for Mobile Services		1,254
42,961	e	Elisa Oyj		1,073
578,366		Embarq Corp		23,192
179,348	e*	Emmis Communications Corp (Class A)		624
72,543		Empresa Nacional de Telecomunicaciones S.A.		1,288
193,661	e	Entercom Communications Corp (Class A)		1,923
444,529	*	Entravision Communications Corp (Class A)		2,961
6,000		Epson Toyocom Corp		21
3,282		Eutelsat Communications		90
191,451	e	Fairpoint Communications, Inc		1,727
6,565,424		Far EasTone Telecommunications Co Ltd		11,238
812		Fastweb		26
561,880	e*	FiberTower Corp		989
36,810	*	Fisher Communications, Inc		1,147
2,950	*	Forthnet S.A.		29
886,535	*	Foundry Networks, Inc		10,266
3,686,308	e	France Telecom S.A.		123,961
116,889	*	Freedom4 Communications plc		16
5,396		Freenet AG.		85
411		Fuji Television Network, Inc		606
16,480		GCAP Media plc		64
326,400	e*	General Communication, Inc (Class A)		2,004
127,303	*	GeoEye, Inc		3,309
30,165	e	Gestevision Telecinco S.A.		614
174,722	e*	Global Crossing Ltd		2,649
349,973		Global Payments, Inc		14,475
58,897	*	Global Village Telecom Holding S.A.		1,111
104,203	e*	Globalstar, Inc		760
128,540		Globe Telecom, Inc		4,631

27

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
280,151	e	Gray Television, Inc	$	1,594
2,172,273		Grupo Televisa S.A.		10,583
131,885	e*	Harris Stratex Networks, Inc (Class A)		1,323
96,666	e	Hearst-Argyle Television, Inc		1,994
90,344		Hellenic Telecommunications Organization S.A.		2,564
25,100	e	Hikari Tsushin, Inc		740
33,924	e*	Hughes Communications, Inc		1,719
10,419	e*	Hungarian Telephone & Cable		181
4,018,369		Hutchison Telecommunications International Ltd		5,731
784,841	*	IAC/InterActiveCorp		16,293
174,109	e	Ibasis, Inc		714
56,000		I-CABLE Communications Ltd		8
569,556	e*	ICO Global Communications Holdings Ltd		1,760
304,647	e	IDT Corp (Class B)		1,179
679		Iliad S.A.		68
4,867,449		Informa plc		30,261
27,471		Inmarsat plc		242
8,128	*	InPhonic, Inc		-	^
8,690		Intracom S.A.		30
945		Invoice, Inc		17
189,048	e	Iowa Telecommunications Services, Inc		3,352
94,053		iPCS, Inc		2,196
1,598,770		ITV plc		2,008
34,000		Iwatsu Electric Co Ltd		33
289,136	*	j2 Global Communications, Inc		6,453
115,447	*	Jazztel plc		51
331	*	Jupiter Telecommunications Co		309
169,427	e	Kadokawa Holdings, Inc		4,096
69,099		Kcom Group plc		60
7,054		KDDI Corp		43,097
139,365	e*	Knology, Inc		1,805
116,691		KT Corp		5,532
57,048		KT Freetel Co Ltd		1,668
234,192	e*	Leap Wireless International, Inc		10,913
7,543,027	e*	Level 3 Communications, Inc		15,991
29,060		LG Dacom Corp		549
89,214		LG Telecom Ltd		703
1,732,938	e*	Liberty Global, Inc (Class A)		59,059
17,915	*	Liberty Global, Inc (Series C)		582
823,226	*	Liberty Media Corp - Capital (Series A)		12,958
3,068,704	*	Liberty Media Corp - Entertainment (Series A)		69,475
2,773,014	*	Liberty Media Holding Corp (Interactive A)		44,756
200,089	e*	Lin TV Corp (Class A)		1,923
120,955	e*	Lodgenet Entertainment Corp		737
18,050		LS Cable Ltd		1,631
20,395	e	M6-Metropole Television		454
355,106		Magyar Telekom		1,740
121,585		Mahanagar Telephone Nigam		293
888,432	e	Manitoba Telecom Services, Inc		33,894
135,803		Maroc Telecom		3,696
255,645	e*	Mastec, Inc		2,099
500,800		Media Prima BHD		354
328,464	e*	Mediacom Communications Corp (Class A)		1,422
116,000	*	MediaRing Ltd		11
243,678		Mediaset S.p.A.		2,254
237,140	e*	MetroPCS Communications, Inc		4,031

28

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
166,311		Mobile TeleSystems (ADR)	$	12,615
46,000		MobileOne Ltd		71
10,215		Mobistar S.A.		926
14,233	e	Modern Times Group AB (B Shares)		992
1,296,154		MTN Group Ltd		19,658
312,254		Naspers Ltd (N Shares)		5,429
145,834	*	NET Servicos de Comunicacao S.A.		1,558
347,987	e*	NeuStar, Inc (Class A)		9,215
9,800	e*	Neutral Tandem, Inc		176
92,002	e*	Nexstar Broadcasting Group, Inc (Class A)		543
151,712	e*	Nextwave Wireless, Inc		766
808,618	*	NII Holdings, Inc		25,698
9,050		Nippon Telegraph & Telephone Corp		39,040
219,793	e*	Novatel Wireless, Inc		2,128
1,044		NRJ Group		9
215,135		NTELOS Holdings Corp		5,206
20,631	e	NTT DoCoMo, Inc		31,253
13		Okinawa Cellular Telephone Co		25
395,345		Orascom Telecom Holding SAE		5,460
140,448	e*	Orbcomm, Inc		697
440,859	e*	PAETEC Holding Corp		2,936
273,500		Pakistan Telecommunication Co Ltd		198
79,246		Partner Communications		1,754
19,140,300	*	Paxys, Inc		1,558
760	e*	Pegasus Wireless Corp		-	^
52,577		Philippine Long Distance Telephone Co		3,543
43,993		Philippine Long Distance Telephone Co (ADR)		2,924
104,000		Phoenix Satellite Television Holdings Ltd		15
1,290,149	e	Portugal Telecom SGPS S.A.		14,991
12,844	e	Preformed Line Products Co		625
248,861		ProSiebenSat.1 Media AG.		5,383
1,879,000		PT Indosat Tbk		1,449
69,139	e	PT Multimedia Servicos de Telecomunicacoes e Multimedia SGPS S.A.		820
8,283,325		PT Telekomunikasi Indonesia Tbk		8,684
7,526	*	QSC AG.		20
8,038,235	e	Qwest Communications International, Inc		36,413
522,432	e*	Radio One, Inc (Class D)		794
184,332	e	RCN Corp		2,061
4,774		Reverse Corp Ltd		12
798,691	e	Rogers Communications, Inc (Class B)		28,728
50,100	e	Rostelecom (ADR)		3,607
374		Roularta Media Group NV		24
5,875,714		Royal KPN NV		99,256
82,697	e*	Rural Cellular Corp (Class A)		3,658
72,267		Salem Communications Corp (Class A)		290
146,950	e*	SAVVIS, Inc		2,391
517,592	e*	SBA Communications Corp (Class A)		15,440
1,283,263	e	Seat Pagine Gialle S.p.A.		222
125,833		SES Global S.A.		2,656
691	*	Seven Network Ltd		58
11,022	e	Seven Network Ltd		96
832,567		Shaw Communications, Inc (B Shares)		15,233
127,540	e	Shenandoah Telecom Co		1,893
12,500,000	v*	Shin Satellite PCL		4,089
6,300	m,v	Sibirtelecom (ADR)		482
274,528	e	Sinclair Broadcast Group, Inc (Class A)		2,446

29

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
9,747,328		Singapore Telecommunications Ltd	$	27,689
31,510		SK Telecom Co Ltd		5,934
30,000		SK Telecom Co Ltd (ADR)		648
93,078	e	Sky Network Television Ltd		351
331	e	Sky Perfect Jsat Corp		133
75,500		SmarTone Telecommunications Holding Ltd		80
37,444		Societe Television Francaise 1		823
14,406	*	Sogecable S.A.		632
909,501	*	SONAECOM - SGPS S.A.		3,094
241,330	e*	Spanish Broadcasting System, Inc (Class A)		427
369		Spir Communication		35
22,214,296		Sprint Nextel Corp		148,614
91,445	e	SureWest Communications		1,414
46,863		Swisscom AG.		16,056
57,256	e*	Switch & Data Facilities Co, Inc		585
175,315	*	Syniverse Holdings, Inc		2,921
6,696,791		Taiwan Mobile Co Ltd		12,896
228,078		Tele Norte Leste Participacoes S.A.		6,057
60,362		Tele Norte Leste Participacoes S.A.		2,084
92,723		Tele2 AB (B Shares)		1,752
65,500	*	Telecom Argentina S.A. (ADR)		1,387
6,605,136	e	Telecom Corp of New Zealand Ltd		19,422
258,686		Telecom Egypt		963
114,929		Telecom Italia Media S.p.A.		25
3,494,483		Telecom Italia S.p.A.		7,310
1,871,923	e	Telecom Italia S.p.A.		3,100
90,088		Telefonica O2 Czech Republic A.S.		2,885
5,854,697		Telefonica S.A.		168,224
5,661,719		Telefonos de Mexico S.A. de C.V. (Series L)		10,677
535		Telegate A.G.		8
3,091,410		Telekom Austria AG.		63,887
1,606,800		Telekom Malaysia BHD		5,325
596,052		Telekomunikacja Polska S.A.		5,920
37,100		Telemar Norte Leste S.A.		1,924
176,137		Telenet Group Holding NV		3,899
879,815	e	Telenor ASA		16,845
720,187		Telephone & Data Systems, Inc		28,282
406,205	*	Telesp Celular Participacoes S.A.		2,368
257,700		Television Broadcasts Ltd		1,381
4,854,744	e	TeliaSonera AB		38,973
249,245		Telkom S.A. Ltd		4,032
219,649	e	Telstra Corp Ltd		564
5,439,378	e	Telstra Corp Ltd		21,873
66,575		TELUS Corp		2,899
358,286		TELUS Corp		15,097
101,993	e	Ten Network Holdings Ltd		200
199,718	e*	Terremark Worldwide, Inc		1,094
375		Thrane & Thrane AS		21
23,349	*	THUS Group plc		55
493,215		Tim Participacoes S.A.		1,596
2,237,615	*	Time Warner Cable, Inc (Class A)		55,896
37,531	*	Tiscali S.p.A.		118
507,671	e*	TiVo, Inc		4,447
29,500		Tokyo Broadcasting System, Inc		704
62,033,515	v*	True Corp PCL		10,048
503,420		Turkcell Iletisim Hizmet AS		4,188

30

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
35		TV Asahi Corp	$	49
119,087		TVN S.A.		1,226
54,400	m,v	Uralsvyazinform (ADR)		569
95,821	*	US Cellular Corp		5,270
147,766		USA Mobility, Inc		1,055
3,150		Usen Corp		19
2,475		UTV Media plc		12
17,731,587		Verizon Communications, Inc		646,316
3,962	*	VERSATEL AG.		126
41,136		Videsh Sanchar Nigam Ltd		526
387,050		Vimpel-Communications (ADR)		11,569
139,200	e*	Virgin Mobile USA, Inc		283
2,228,060		Vivendi Universal S.A.		87,059
69,057,282		Vodafone Group plc		206,815
658,140		Vodafone Group plc (ADR)		19,422
35,350	v	VolgaTelecom (ADR)		343
443,430	e*	Vonage Holdings Corp		820
1,607	e*	Wavecom S.A.		19
4,572	*	Wi-Lan, Inc		9
2,752,669		Windstream Corp		32,894
13	*	Xanadoo Co		6
1,342,279	*	XM Satellite Radio Holdings, Inc (Class A)		15,597
479,759		ZEE Telefilms Ltd		2,942
		TOTAL COMMUNICATIONS		5,342,883
DEPOSITORY INSTITUTIONS - 8.73%
97,179		1st Source Corp		2,046
737,400	e	77 Bank Ltd		4,128
72,506	e	Abington Bancorp, Inc		748
135,402		ABSA Group Ltd		1,695
680,589		African Bank Investments Ltd		2,236
11,374		Agricultural Bank of Greece		52
800		Aichi Bank Ltd		58
720,826		Akbank TAS		3,025
19,000		Akita Bank Ltd		87
41,908		Alliance & Leicester plc		431
535,100		Alliance Financial Group BHD		448
390,920		Allied Irish Banks plc		8,332
845,601		Alpha Bank S.A.		28,035
2,100	e	Amagerbanken AS		88
137,864	e	Amcore Financial, Inc		2,806
97,032	e	AmericanWest Bancorp		846
67,377	e	Ameris Bancorp		1,082
20,124,840		AMMB Holdings BHD		21,644
107,853	e	Anchor Bancorp Wisconsin, Inc		2,046
1,618,523		Anglo Irish Bank Corp plc		21,720
449,000	e	Aozora Bank Ltd		1,333
25,020		Arab Bank plc		937
486,156	e	Associated Banc-Corp		12,946
533,770		Astoria Financial Corp		14,497
73,885	*	Asya Katilim Bankasi AS		462
2,192		Attijariwafa Bank		1,024
1,753,269		Australia & New Zealand Banking Group Ltd		36,132
10,000		Awa Bank Ltd		57
197,830		Banca Carige S.p.A.		778
2,025	e	Banca Generali SpA		18

31

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
4,796		Banca Intermobiliare S.p.A.	$	39
10,371,057		Banca Intesa S.p.A.		73,107
292,994		Banca Intesa S.p.A.		1,929
357,856	e	Banca Monte dei Paschi di Siena S.p.A.		1,585
5,379	e	Banca Popolare dell'Etruria e del Lazio		63
1,488		Banca Popolare di Intra Scrl		24
174,894	e	Banca Popolare di Milano		1,920
5,728		Banca Profilo S.p.A.		13
50,821	e	Bancfirst Corp		2,327
184,187		Banche Popolari Unite Scpa		4,719
6,277,727	e	Banco Bilbao Vizcaya Argentaria S.A.		138,258
574,323	e	Banco BPI S.A.		3,037
829,587		Banco Bradesco S.A.		23,072
9,780	v*	Banco Bradesco S.A.		265
571,299	e	Banco Comercial Portugues S.A.		1,858
25,151		Banco de Credito e Inversiones		912
3,221,700		Banco de Oro Universal Bank		4,011
128,779		Banco de Sabadell S.A.		1,413
7,028		Banco di Desio e della Brianza S.p.A.		71
144,700		Banco do Brasil S.A.		1,906
150,123		Banco do Estado do Rio Grande do Sul		787
69,310	e	Banco Espirito Santo S.A.		1,205
816,154		Banco Itau Holding Financeira S.A.		18,610
163,062		Banco Latinoamericano de Exportaciones S.A.		2,511
27,600	e	Banco Macro S.A. (ADR)		700
12,632		Banco Nossa Caixa S.A.		153
7,724	e	Banco Pastor S.A.		119
198,082		Banco Popolare Scarl		3,280
256,230	e	Banco Popular Espanol S.A.		4,652
19,424,283		Banco Santander Central Hispano S.A.		387,006
43,573,195		Banco Santander Chile S.A.		2,193
26,600		BanColombia S.A.		232
227,491	e	BanColombia S.A. (ADR)		8,067
61,030	e*	Bancorp, Inc		737
316,654		Bancorpsouth, Inc		7,334
90,500		Bangkok Bank PCL		388
911,658		Bangkok Bank PCL		4,025
16,028		Banif SGPS S.A.		71
601		Bank Coop AG.		49
674,942		Bank Hapoalim Ltd		2,606
711,092		Bank Leumi Le-Israel		3,048
225,406		Bank Millennium S.A.		840
347,471		Bank Mutual Corp		3,732
25,781,537		Bank of America Corp		977,378
1,679,400		Bank of Ayudhya PCL		1,232
4,675,358		Bank of Ayudhya PCL		3,475
18,781,000		Bank of China Ltd		8,012
5,238,022		Bank of Communications Co Ltd		6,118
2,757,032		Bank of East Asia Ltd		13,798
197,141		Bank of Hawaii Corp		9,770
1,500	e	Bank of Ikeda Ltd		40
945,439		Bank of Ireland		14,060
800		Bank of Iwate Ltd		52
12,789		Bank of Jordan		48
855,000		Bank of Kyoto Ltd		10,396
822,722	e	Bank of Montreal		36,830

32

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
19,000		Bank of Nagoya Ltd	$	116
8,597,870		Bank of New York Mellon Corp		358,789
1,759,538	e	Bank of Nova Scotia		79,796
140,400		Bank of Okinawa Ltd		5,113
14,709	e	Bank of Queensland Ltd		221
7,000		Bank of Saga Ltd		23
64,843	e	Bank of the Ozarks, Inc		1,550
850,400		Bank of the Philippine Islands		1,079
237,900	e*	Bank of the Ryukyus Ltd		2,119
1,805,300	e	Bank of Yokohama Ltd		12,261
6,495		Bank Przemyslowo-Handlowy Bph		263
4,552,500		Bank Rakyat Indonesia		3,116
33		Bank Sarasin & Compagnie AG.		144
17,132		Bank Zachodni WBK S.A.		1,421
291,371	e	BankAtlantic Bancorp, Inc (Class A)		1,139
156,078	e	BankFinancial Corp		2,483
35,998	e	Bankinter S.A.		571
146,184	e	BankUnited Financial Corp (Class A)		732
63,926	e	Banner Corp		1,473
301		Banque Cantonale Vaudoise		130
2,899		Banque Marocaine du Commerce Exterieur		1,267
15,693,668		Barclays plc		141,093
573		Basler Kantonalbank		67
2,595,678		BB&T Corp		83,217
20,000		BBVA Banco Frances S.A. (ADR)		142
282,021	e	Bendigo Bank Ltd		3,067
101,290	e*	Beneficial Mutual Bancorp, Inc		1,002
46,945	e	Berkshire Hills Bancorp, Inc		1,183
10,602		BinckBank NV		138
2,322,703		BNP Paribas		234,282
6,229,767		BOC Hong Kong Holdings Ltd		15,001
88,982		BOK Financial Corp		4,648
214,056	e	Boston Private Financial Holdings, Inc		2,267
6,559	*	BRE Bank S.A.		1,066
366,268	e	Brookline Bancorp, Inc		4,205
3,319,869		Bumiputra-Commerce Holdings BHD		10,328
11,104		Cairo Amman Bank		46
623,801	e	Canadian Imperial Bank of Commerce/Canada		40,171
5,725	e	Canadian Western Bank		144
14,744	*	Capital Bank of Jordan		47
73,849	e	Capital City Bank Group, Inc		2,142
57,971	e	Capital Corp of the West		465
89,948	e	Capitol Bancorp Ltd		1,902
86,568	e	Capitol Federal Financial		3,245
150,593	e	Cascade Bancorp		1,440
35,037	e	Cass Information Systems, Inc		1,106
5,466,920		Cathay Financial Holding Co Ltd		13,946
292,202	e	Cathay General Bancorp		6,057
379,435	e*	Centennial Bank Holdings, Inc		2,383
73,188	e	Center Financial Corp		663
177,043	e	Central Pacific Financial Corp		3,337
815,603	*	Centurion Bank of Punjab Ltd		879
2,739,000		Chang Hwa Commercial Bank		2,069
157,308	e	Chemical Financial Corp		3,750
2,601,255	e	Chiba Bank Ltd		17,667
3,600	*	Chiba Kogyo Bank Ltd		49

33

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
4,173,000		China Citic Bank	$	2,204
23,441,545		China Construction Bank		17,500
6,652,463		China Development Financial Holding Corp		3,066
1,213,123		China Merchants Bank Co Ltd		4,201
5,724,305	*	Chinatrust Financial Holding Co		5,530
19,000		Chong Hing Bank Ltd		45
9,000		Chugoku Bank Ltd		129
6,000		Chukyo Bank Ltd		17
1,662,885		CITIC International Financial Holdings Ltd		850
29,012,261		Citigroup, Inc		621,443
438,679	e	Citizens Banking Corp		5,453
74,387	e	City Bank		1,657
101,353		City Holding Co		4,044
154,724	e	City National Corp		7,653
71,196	e	Clifton Savings Bancorp, Inc		718
79,912	e	CoBiz, Inc		1,040
652,700	e	Colonial Bancgroup, Inc		6,286
93,375	e	Columbia Banking System, Inc		2,090
1,745		Comdirect Bank AG.		22
1,354,702		Comerica, Inc		47,523
328,500		Commerce Bancshares, Inc		13,807
145,490		Commercial International Bank		2,402
238,700		Commerzbank AG.		7,462
928,609	e	Commonwealth Bank of Australia		35,482
67,622	e*	Community Bancorp		917
199,207	e	Community Bank System, Inc		4,893
92,095	e	Community Trust Bancorp, Inc		2,698
34,111,755		CorpBanca S.A.		234
218,799	e	Corus Bankshares, Inc		2,129
54,085		Credicorp Ltd		3,868
56,701	*	Credit Agricole Egypt SAE		249
307,976		Credit Agricole S.A.		9,530
3,618		Credito Artigiano S.p.A.		16
4,267		Credito Emiliano S.p.A.		57
229,379		Cullen/Frost Bankers, Inc		12,166
376,206	e	CVB Financial Corp		3,916
94,520		Daegu Bank		1,269
15,200		Dah Sing Banking Group Ltd		26
7,200		Dah Sing Financial Holdings Ltd		47
15,000		Daishi Bank Ltd		58
13,000		Daito Bank Ltd		12
141,972		Danske Bank AS		5,237
4,165		Datacash Group plc		21
1,447,504		DBS Group Holdings Ltd		18,929
798,794	e	Deutsche Bank AG.		90,421
1,102,649	e	Dexia		31,422
161,101	e	Dime Community Bancshares		2,816
1,248,746	e	DNB NOR Holding ASA		18,956
100,655	e*	Dollar Financial Corp		2,315
126,950	e	Downey Financial Corp		2,333
2,025,700	*	E.Sun Financial Holding Co Ltd		1,237
469,503	e	East West Bancorp, Inc		8,334
93,209		EFG Eurobank Ergasias S.A.		2,831
34,985		EFG International		1,198
7,000		Ehime Bank Ltd		27
8,000	e	Eighteenth Bank Ltd		29

34

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
3,994	*	Emporiki Bank S.A.	$	121
43,955	e	Enterprise Financial Services Corp		1,099
2,977,600		EON Capital BHD		4,264
79,039		Erste Bank der Oesterreichischen Sparkassen AG.		5,122
248,563	e*	Euronet Worldwide, Inc		4,787
127,000		Faysal Bank Ltd		106
2,263,698		Fifth Third Bancorp		47,357
600		Fionia Bank AS		17
67,239	e	First Bancorp		1,340
483,570	e	First Bancorp		4,913
99,103	e	First Busey Corp		2,093
186,675	e	First Charter Corp		4,986
32,065		First Citizens Bancshares, Inc (Class A)		4,468
422,320	e	First Commonwealth Financial Corp		4,895
137,790		First Community Bancorp, Inc		3,700
57,292	e	First Community Bancshares, Inc		2,087
196,782	e	First Financial Bancorp		2,647
119,513	e	First Financial Bankshares, Inc		4,898
81,964	e	First Financial Corp		2,523
78,455	e	First Financial Holdings, Inc		1,841
484,655	e	First Horizon National Corp		6,790
128,960	e	First Merchants Corp		3,681
275,869	e	First Midwest Bancorp, Inc		7,661
609,740	e	First Niagara Financial Group, Inc		8,286
97,853	e	First Place Financial Corp		1,272
52,812	e*	First Regional Bancorp		866
44,134	e	First South Bancorp, Inc		993
115,927	e	First State Bancorporation		1,552
86,379	e*	FirstFed Financial Corp		2,345
466,137	e	FirstMerit Corp		9,630
2,401,359		FirstRand Ltd		4,738
248,035	e	Flagstar Bancorp, Inc		1,791
121,271	e	Flushing Financial Corp		2,132
331,936	e	FNB Corp		5,182
3,750		Forstaedernes Bank AS		100
3,578,247		Fortis		90,160
147,405	e*	Franklin Bank Corp		447
335,058	e,v*	Fremont General Corp		168
225,245	e	Frontier Financial Corp		3,982
54,000		Fubon Bank Hong Kong Ltd		40
3,349,818		Fubon Financial Holding Co Ltd		3,804
10,846,587		Fuhwa Financial Holdings Co Ltd		10,176
11,000		Fukui Bank Ltd		35
1,007,000	e	Fukuoka Financial Group, Inc		5,243
22,000		Fukushima Bank Ltd		21
871,940	e	Fulton Financial Corp		10,716
4,549	*	Geniki Bank		29
317,028	e	Glacier Bancorp, Inc		6,077
63,514	e	Great Southern Bancorp, Inc		991
3,854		Greek Postal Savings Bank		71
44,959	e	Greene County Bancshares, Inc		795
1,010,103		Grupo Financiero Banorte S.A. de C.V.		4,379
28,000	e*	Grupo Financiero Galicia S.A. (ADR)		185
750,060	e	Gunma Bank Ltd		5,365
549,500		Hachijuni Bank Ltd		3,490
151,406	e	Hancock Holding Co		6,362

35

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
1,024,645		Hang Seng Bank Ltd	$	18,551
245,918	e	Hanmi Financial Corp		1,817
176,486	e	Harleysville National Corp		2,545
204,088		HDFC Bank Ltd		6,772
70,842	e	Heartland Financial USA, Inc		1,499
60,384	e	Heritage Commerce Corp		1,107
9,000		Higashi-Nippon Bank Ltd		31
9,000		Higo Bank Ltd		52
326,300	e	Hiroshima Bank Ltd		1,575
14,000		Hokkoku Bank Ltd		63
19,000		Hokuetsu Bank Ltd		44
2,143,300		Hokuhoku Financial Group, Inc		6,451
62,257	e	Home Bancshares, Inc		1,299
1,585		Home Capital Group, Inc		55
617,200		Hong Leong Bank BHD		1,119
154,100		Hong Leong Credit BHD		214
71,507	e	Horizon Financial Corp		988
1,150		HQ AB		30
15,546,331		HSBC Holdings plc		256,089
3,068,000		Hua Nan Financial Holdings Co Ltd		2,828
5,583,621		Hudson City Bancorp, Inc		98,718
1,582,288		Huntington Bancshares, Inc		17,010
11,000	e	Hyakugo Bank Ltd		65
11,000		Hyakujushi Bank Ltd		58
60,709	e	IBERIABANK Corp		2,686
212,870		ICICI Bank Ltd (ADR)		8,130
2,200		IKB Deutsche Industriebank AG.		14
38,910		Imperial Capital Bancorp, Inc		841
102,042	e	Independent Bank Corp		3,015
140,991	e	Independent Bank Corp		1,463
34,777,000		Industrial & Commercial Bank of China		24,219
68,670		Industrial Bank Of Korea		1,012
274,201	e	IndyMac Bancorp, Inc		1,360
2,705,200		ING Groep NV		101,304
120,123	e	Integra Bank Corp		1,946
320,697		International Bancshares Corp		7,241
135,025		Investec Ltd		956
1,186,987		Investec plc		7,974
302,316	*	Investors Bancorp, Inc		4,641
136,797	e	Irwin Financial Corp		726
312,093	*	Israel Discount Bank Ltd		757
14,000	e	Iyo Bank Ltd		149
31,276		Jordan Ahli Bank		116
14,611		Jordan Islamic Bank		139
1,069,500		Joyo Bank Ltd		5,408
21,255,415		JPMorgan Chase & Co		912,920
451,734		Julius Baer Holding AG.		33,297
15,000		Juroku Bank Ltd		86
17,643	*	Jyske Bank		1,184
6,000		Kagawa Bank Ltd		37
7,000		Kagoshima Bank Ltd		52
9,000		Kansai Urban Banking Corp		23
14,000		Kanto Tsukuba Bank Ltd		76
1,627		KAS Bank NV		70
108,200		Kasikornbank PCL		309
2,293,868		Kasikornbank PCL		6,703

36

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
577,700		Kasikornbank PCL	$	1,651
122,273	e	Kearny Financial Corp		1,339
20,000		Keiyo Bank Ltd		127
1,533,697		Keycorp		33,665
5,830	e	K-Fed Bancorp		67
121,000		Kiyo Holdings, Inc		192
89,577		Komercni Banka A.S.		21,408
488,669		Kookmin Bank		27,336
208,882		Korea Exchange Bank		2,784
2,021,300	v	Krung Thai Bank PCL		648
112,921	e	Lakeland Bancorp, Inc		1,460
68,381	e	Lakeland Financial Corp		1,549
1,567		Liechtenstein Landesbank		125
3,064,972		Lloyds TSB Group plc		27,434
1,452,475	e	M&T Bank Corp		116,895
103,721	e	Macatawa Bank Corp		1,080
113,209	e	MainSource Financial Group, Inc		1,755
2,133,400		Malayan Banking BHD		5,636
1,023,206		Marshall & Ilsley Corp		23,738
181,004	e	MB Financial, Inc		5,571
180,205		MCB Bank Ltd		1,194
760,975	e	Mediobanca S.p.A.		15,606
374,382	*	Metavante Technologies, Inc		7,484
2,291,700		Metropolitan Bank & Trust		2,195
6,000		Michinoku Bank Ltd		18
88,673	e	Midwest Banc Holdings, Inc		1,133
12,000		Mie Bank Ltd		63
24,000		Minato Bank Ltd		50
13,653,043		Mitsubishi UFJ Financial Group, Inc		117,793
2,180,800	e	Mitsui Trust Holdings, Inc		13,192
12,000		Miyazaki Bank Ltd		50
71,900		Mizrahi Tefahot Bank Ltd		563
16,693	e	Mizuho Financial Group, Inc		61,125
5,542,000	e	Mizuho Trust & Banking Co Ltd		7,951
3,100		Musashino Bank Ltd		127
127,714	e	Nara Bancorp, Inc		1,659
19,311	e	NASB Financial, Inc		506
1,073,887	e	National Australia Bank Ltd		29,590
210,758	e	National Bank Of Canada		9,823
334,617		National Bank of Greece S.A.		17,655
139,441		National Bank Of Pakistan		518
2,798,103	e	National City Corp		27,841
452,550	e	National Penn Bancshares, Inc		8,232
79,339	e	Natixis		1,276
203,466	e	NBT Bancorp, Inc		4,517
161,596		Nedbank Group Ltd		2,327
250,925	e*	Net 1 UEPS Technologies, Inc		5,658
1,222,548	e	New York Community Bancorp, Inc		22,275
613,886	e	NewAlliance Bancshares, Inc		7,526
1,054,936	e	Nishi-Nippon City Bank Ltd		2,773
89,510		Nordea Bank AB		1,440
2,502,107	e	Nordea Bank AB		40,552
22,377	m,v*	Northern Rock plc		40
1,420,234		Northern Trust Corp		94,403
97,400	*	Northfield Bancorp, Inc		998
121,688	e	Northwest Bancorp, Inc		3,326

37

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
13,000		Ogaki Kyoritsu Bank Ltd	$	70
6,000		Oita Bank Ltd		43
29,297	e	OKO Bank (Class A)		552
355,366	e	Old National Bancorp		6,397
68,794	e	Old Second Bancorp, Inc		1,827
75,197	e	Omega Financial Corp		2,346
142,221		Oriental Financial Group, Inc		2,803
62,530	e*	Oritani Financial Corp		949
752,184		OTP Bank Rt		30,756
2,902,849		Oversea-Chinese Banking Corp		17,082
270,258	e	Pacific Capital Bancorp		5,811
71,616	e	Park National Corp		5,074
2,900		PayPoint plc		33
79,580		Peoples Bancorp, Inc		1,919
1,532,921		People's United Financial, Inc		26,535
149,424	e	PFF Bancorp, Inc		1,243
8,064		Piccolo Credito Valtellinese Scarl		105
89,941	e*	Pinnacle Financial Partners, Inc		2,302
96,518		Piraeus Bank S.A.		2,968
1,588,379		PNC Financial Services Group, Inc		104,150
1,156,296		Popular, Inc		13,482
402,423		Powszechna Kasa Oszczednosci Bank Polski S.A.		8,139
51,545	e	Preferred Bank		860
225	e	Premierwest Bancorp		2
97,157	e	PrivateBancorp, Inc		3,058
200,739	e	Prosperity Bancshares, Inc		5,753
186,205	e	Provident Bankshares Corp		2,000
361,238	e	Provident Financial Services, Inc		5,108
265,957	e	Provident New York Bancorp		3,590
9,204,500		PT Bank Central Asia Tbk		3,250
1,306,000		PT Bank Danamon Indonesia Tbk		979
100		PT Bank Internasional Indonesia Tbk		-	^
13,774,500		PT Bank Mandiri Persero Tbk		4,714
33,200,000		PT Bank Pan Indonesia Tbk		2,308
842,400		Public Bank BHD		2,871
97,550		Pusan Bank		1,221
42,571	e	QC Holdings, Inc		385
158,410	e	Raiffeisen International Bank Holding AG.		21,595
3,949,031		Regions Financial Corp		77,993
106,972	e	Renasant Corp		2,407
80,894	e	Republic Bancorp, Inc (Class A)		1,527
4,377	e	Resona Holdings, Inc		7,289
474,100		RHB Capital BHD		709
260		Ringkjoebing Bank AS		25
530		Ringkjoebing Landbobank AS		75
49,257	e	Rockville Financial, Inc		675
54,218	e	Roma Financial Corp		808
1,200		Roskilde Bank		60
55,453	e	Royal Bancshares of Pennsylvania (Class A)		802
137,023	e*	Royal Bank of Canada		6,372
2,213,055	e	Royal Bank of Canada		103,382
26,053,557		Royal Bank of Scotland Group plc		174,383
249,365		Royal Bank of Scotland Group plc		1,728
145,274	e	S&T Bancorp, Inc		4,673
68,885	e	S.Y. Bancorp, Inc		1,601
93,538	e	Sandy Spring Bancorp, Inc		2,574

38

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
10,000	e	San-In Godo Bank Ltd	$	80
45,506		Santander BanCorp		460
833	e	Sapporo Hokuyo Holdings, Inc		5,808
71,108	e	Sberbank (GDR)		24,360
51,938	e	SCBT Financial Corp		1,756
74,355	e	Seacoast Banking Corp of Florida		814
103,419	e	Security Bank Corp		822
11,000	e	Shiga Bank Ltd		75
20,000		Shikoku Bank Ltd		85
7,941,114	m,v	Shin Kong Financial Holding Co Ltd		-	^
10,870,273		Shin Kong Financial Holding Co Ltd		8,158
606,700	e	Shinsei Bank Ltd		2,002
1,304,200	e	Shizuoka Bank Ltd		15,400
5,000		Shonai Bank Ltd		12
928,900	v	Siam Commercial Bank PCL		2,670
33,220	e	Sierra Bancorp		718
152,905	e*	Signature Bank		3,899
89,124	e	Simmons First National Corp (Class A)		2,650
4,715,947		SinoPac Financial Holdings Co Ltd		2,235
294,045		Skandinaviska Enskilda Banken AB (Class A)		7,695
273,292	e*	Societe Generale		26,297
1,421,824	e	Societe Generale		139,216
462,888	e	South Financial Group, Inc		6,879
76,133	e	Southside Bancshares, Inc		1,833
97,522		Southwest Bancorp, Inc		1,708
2,153,769	e	Sovereign Bancorp, Inc		20,073
2,100		Spar Nord Bank AS		43
6,000		Sparebanken Midt-Norge		60
1,650		Sparebanken Nord-Norge		33
282		St Galler Kantonalbank		133
345,929	e	St George Bank Ltd		8,128
969,531		Standard Bank Group Ltd		10,544
1,402,330		Standard Chartered plc		47,926
41,122		State Bank of India Ltd		1,640
2,486,328		State Street Corp		196,420
128,595	e	Sterling Bancorp		1,997
429,855		Sterling Bancshares, Inc		4,273
176,580	e	Sterling Financial Corp		3,081
313,120	e	Sterling Financial Corp		4,888
63,126	e	Suffolk Bancorp		2,000
10,820	e	Sumitomo Mitsui Financial Group, Inc		71,207
1,569,492	e	Sumitomo Trust & Banking Co Ltd		10,801
92,786	e*	Sun Bancorp, Inc		1,222
2,852,200		SunTrust Banks, Inc		157,270
180,683	e*	Superior Bancorp		898
603,000	e	Suruga Bank Ltd		7,604
488,550	e	Susquehanna Bancshares, Inc		9,952
193,904	e*	SVB Financial Group		8,462
151,772	e	Svenska Handelsbanken (A Shares)		4,419
135,900	e	Swedbank AB (A Shares)		3,808
19,975	e	Sydbank AS		726
1,689,983	e	Synovus Financial Corp		18,691
40,873		Taylor Capital Group, Inc		671
3,540,795		TCF Financial Corp		63,451
121,438	e*	Texas Capital Bancshares, Inc		2,050
419,796	e	TFS Financial Corp		5,050

39

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
117,921	e	TierOne Corp	$	1,330
13,932,000	v*	TMB Bank PCL		580
10,000		Tochigi Bank Ltd		61
9,000		Toho Bank Ltd		39
3,000		Tokushima Bank Ltd		18
3,000		Tokyo Tomin Bank Ltd		62
47,292	e	Tompkins Trustco, Inc		2,327
177,826		Toronto-Dominion Bank		10,910
678,097	e	Toronto-Dominion Bank		41,692
11,000		Towa Bank Ltd		11
71,358	e	Trico Bancshares		1,235
431,313	e	Trustco Bank Corp NY		3,834
269,726	e	Trustmark Corp		6,010
904,711		Turkiye Garanti Bankasi AS		4,068
238,493		Turkiye Halk Bankasi AS		1,323
768,004		Turkiye Is Bankasi		2,843
676,651		Turkiye Vakiflar Bankasi Tao		1,232
2,093,797		UBS A.G.		60,847
581,242	e	UCBH Holdings, Inc		4,510
177,665	e	UMB Financial Corp		7,320
350,111	e	Umpqua Holdings Corp		5,430
919,784		Unibanco - Uniao de Bancos Brasileiros S.A.		10,767
40,395,216		UniCredito Italiano S.p.A		270,401
43,269	*	Union Bank FOR Saving & Inv		233
82,149	e	Union Bankshares Corp		1,591
436,788		UnionBanCal Corp		21,438
116,812		United Bank Ltd		295
216,679	e	United Bankshares, Inc		5,775
238,575	e	United Community Banks, Inc		4,051
179,528	e	United Community Financial Corp		1,113
554,877		United Overseas Bank Ltd		7,716
39,346	e	United Security Bancshares		661
68,548	e	Univest Corp of Pennsylvania		1,795
12,719,317		US Bancorp		411,597
167,918		UTI Bank Ltd		3,306
1,369,206	e	Valley National Bancorp		26,302
449		Verwalt & Privat-Bank AG.		99
775		Vestjysk Bank AS		33
60,129		ViewPoint Financial Group		993
121	e	Vineyard National Bancorp		1
93,593	e*	Virginia Commerce Bancorp		1,074
1,114		Vontobel Holding AG.		39
687,750	*	VTB Bank OJSC (GDR)		4,972
812,080	e	W Holding Co, Inc		966
10,955,654		Wachovia Corp		295,803
333,110		Washington Federal, Inc		7,608
4,930,317	e	Washington Mutual, Inc		50,782
81,075	e	Washington Trust Bancorp, Inc		2,012
930,460		Waterland Financial Holdings		368
56,552	e*	Wauwatosa Holdings, Inc		673
384,922		Webster Financial Corp		10,728
20,222,293		Wells Fargo & Co		588,469
131,421	e	WesBanco, Inc		3,247
96,634		West Coast Bancorp		1,410
172,344	e	Westamerica Bancorporation		9,065
88,634	e*	Western Alliance Bancorp		1,140

40

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
5,441,392		Western Union Co	$	115,738
85,187		Westfield Financial, Inc		832
1,851,360	e	Westpac Banking Corp		40,184
262,541	e	Whitney Holding Corp		6,508
265,148		Wilmington Trust Corp		8,246
106,744		Wilshire Bancorp, Inc		816
129,487		Wing Hang Bank Ltd		1,968
10,100		Wing Lung Bank		176
142,873		Wintrust Financial Corp		4,993
98,930		Woori Finance Holdings Co Ltd		1,723
40,979		WSFS Financial Corp		2,019
14		Yachiyo Bank Ltd		59
14,000		Yamagata Bank Ltd		89
17,000		Yamaguchi Financial Group, Inc		193
7,000		Yamanashi Chuo Bank Ltd		42
554,258	*	Yapi ve Kredi Bankasi		1,072
733,346	*	Yes Bank Ltd		3,085
545,863	e	Zions Bancorporation		24,864
		TOTAL DEPOSITORY INSTITUTIONS		10,423,575
EATING AND DRINKING PLACES - 0.83%
217,372	e*	AFC Enterprises		1,954
500	*	Ajisen China Holdings Ltd		1
32,440		Autogrill S.p.A.		484
64,230	e*	Benihana, Inc (Class A)		724
79,282	e*	BJ's Restaurants, Inc		1,142
199,690	e	Bob Evans Farms, Inc		5,509
437,437		Brinker International, Inc		8,114
81,062	e*	Buffalo Wild Wings, Inc		1,986
415,883		Burger King Holdings, Inc		11,503
26,000		Cafe de Coral Holdings Ltd		50
166,173	e*	California Pizza Kitchen, Inc		2,179
53,567	e*	Carrols Restaurant Group, Inc		478
191,356		CBRL Group, Inc		6,845
159,784	*	CEC Entertainment, Inc		4,615
298,644	e*	Cheesecake Factory		6,507
68,824	e*	Chipotle Mexican Grill, Inc (Class A)		7,807
189,026	e*	Chipotle Mexican Grill, Inc (Class B)		18,353
298,677	e	CKE Restaurants, Inc		3,351
22,883,403		Compass Group plc		146,352
5,033		Cremonini S.p.A.		24
3,724,003		Darden Restaurants, Inc		121,216
705,585	*	Denny's Corp		2,103
3,886		Domino's Pizza UK & IRL plc		15
229,375	e	Domino's Pizza, Inc		3,094
348,368		Enterprise Inns plc		2,774
128,000		FU JI Food and Catering Services Holdings Ltd		215
11,508		Greene King plc		129
92,656	e	IHOP Corp		4,438
365,282	*	Jack in the Box, Inc		9,815
237,400		Jollibee Foods Corp		273
1,100		Kappa Create Co Ltd		22
1,000		Kisoji Co Ltd		22
344,848	e*	Krispy Kreme Doughnuts, Inc		1,052
67,076	e	Landry's Restaurants, Inc		1,092
13,975		Marston's plc		57

41

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
65,704	e*	McCormick & Schmick's Seafood Restaurants, Inc	$	765
6,365,531	*	McDonald's Corp		355,006
4,800	e	McDonald's Holdings Co Japan Ltd		77
118,951		Mitchells & Butlers plc		810
93,230	e*	Morton's Restaurant Group, Inc		739
2,600		MOS Food Services, Inc		38
133,072	e	O'Charleys, Inc		1,533
178,958		Onex Corp		5,222
146,436	e*	Papa John's International, Inc		3,545
128,768	e*	PF Chang's China Bistro, Inc		3,662
5,300		Plenus Co Ltd		68
395,436		Punch Taverns plc		4,230
92,218	e*	Red Robin Gourmet Burgers, Inc		3,465
27,580		Restaurant Group plc		84
2,700	e	Royal Holdings Co Ltd		28
269,194	e	Ruby Tuesday, Inc		2,019
91,761	e*	Ruth's Chris Steak House, Inc		634
3,000	e	Saizeriya Co Ltd		29
29,296		Sodexho Alliance S.A.		1,801
320,641	e*	Sonic Corp		7,067
700	e	St Marc Holdings Co Ltd		24
3,940,504	*	Starbucks Corp		68,959
157,575	e*	Steak N Shake Co		1,240
287,425	e*	Texas Roadhouse, Inc (Class A)		2,817
799,106	e	Tim Hortons, Inc		27,210
320,195	e	Triarc Cos (Class B)		2,213
8,600	*	Venture Link Co Ltd		9
245,000	*	Vongroup Ltd		9
1,400		WATAMI Co Ltd		24
355,772		Wendy's International, Inc		8,204
11,477		Wetherspoon (J.D.) plc		62
59,456		Whitbread plc		1,377
47		Yoshinoya D&C Co Ltd		82
2,914,600		Yum! Brands, Inc		108,452
3,500	e	Zensho Co Ltd		21
		TOTAL EATING AND DRINKING PLACES		985,820
EDUCATIONAL SERVICES - 0.09%
9,900	*	American Public Education, Inc		301
809,175	*	Apollo Group, Inc (Class A)		34,956
87,672		Benesse Corp		4,134
4,979		BPP Holdings plc		52
751,700		CAE, Inc		8,517
612,875	e*	Career Education Corp		7,796
496,663	e*	Corinthian Colleges, Inc		3,591
20,000		Cross-Harbour Holdings Ltd		20
377,757		DeVry, Inc		15,805
216,628	e*	ITT Educational Services, Inc		9,950
16,701	e*	Lincoln Educational Services Corp		200
176,000		Raffles Education Corp Ltd		132
92,970	e	Strayer Education, Inc		14,178
2,474	*	Tele Atlas NV		99
125,006	e*	Universal Technical Institute, Inc		1,466
82,735		UP, Inc		531
335,000		YBM Sisa.com, Inc		3,281
		TOTAL EDUCATIONAL SERVICES		105,009

42

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
ELECTRIC, GAS, AND SANITARY SERVICES - 4.46%
443,248		A2A S.p.A.	$	1,629
8,295		ACEA S.p.A.		162
1,036	e	AcegasAps S.p.A.		9
2,500		Actelios S.p.A.		25
3,900,823	*	AES Corp		65,027
101,065	e	AGL Energy Ltd		1,020
466,425		AGL Resources, Inc		16,008
3,277		Algonquin Power Income Fund		25
743,632		Allegheny Energy, Inc		37,553
140,562		Allete, Inc		5,429
543,490		Alliant Energy Corp		19,028
5,794,634	*	Allied Waste Industries, Inc		62,640
789,661		Ameren Corp		34,777
94,324		American Ecology Corp		2,389
3,116,871		American Electric Power Co, Inc		129,755
107,991	e	American States Water Co		3,888
27,086	e	APA Group		71
1,632,251		Aqua America, Inc		30,654
2,241,079	*	Aquila, Inc		7,194
4,472		Ascopiave S.p.A.		11
2,045		Atco Ltd		95
351,578		Atmos Energy Corp		8,965
5,313,561		AU Optronics Corp		9,218
349,248	e	Avista Corp		6,831
29,721		Babcock & Brown Power		43
386	e*	Beacon Power Corp		-	^
1,312		BFI Canada Income Fund		29
50,000		BKW FMB Energie AG.		6,379
204,004		Black Hills Corp		7,299
6,997,004		British Energy Group plc		90,610
5,106	e	Brookfield Infrastructure Partners LP		87
99,045	e	California Water Service Group		3,779
1,053,430	e*	Calpine Corp		19,404
166,220		Caltex Australia Ltd		1,976
6,379	*	Canadian Hydro Developers, Inc		40
64,676	e	Canadian Utilities Ltd		2,614
122,419	*	Casella Waste Systems, Inc (Class A)		1,338
1,970,302		Centerpoint Energy, Inc		28,116
68,698		Central Vermont Public Service Corp		1,642
7,403,270		Centrica plc		43,822
5,347	*	Ceres Power Holdings plc		19
178,227		CEZ		13,603
97,686	e	CH Energy Group, Inc		3,800
1,707,000		China Resources Power Holdings Co		3,356
330,000	*	China Solar Energy Holdings Ltd		21
15,067,848	*	China Water Affairs Group Ltd		5,034
1,102,400	e	Chubu Electric Power Co, Inc		27,538
204,000	e	Chugoku Electric Power Co, Inc		4,543
35,412	e	CIR-Compagnie Industriali Riunite S.p.A.		95
55,465	e*	Clean Energy Fuels Corp		741
118,339	e*	Clean Harbors, Inc		7,692
323,934		Cleco Corp		7,185
1,021,889		CLP Holdings Ltd		8,410
4,124,560		CMS Energy Corp		55,847

43

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
4,005,159		Colbun S.A.	$	765
89,095		Companhia de Saneamento Basico do Estado de Sao Paulo		1,960
248,749		Companhia Energetica de Minas Gerais		4,465
118,288	*	Companhia Energetica de Sao Paulo (Class B)		1,941
79,302		Companhia Paranaense de Energia		1,297
1,033,066		Consolidated Edison, Inc		41,013
89,461	e	Consolidated Water Co, Inc		1,971
2,460,951		Constellation Energy Group, Inc		217,228
313,663		Contact Energy Ltd		1,970
819,529	*	Covanta Holding Corp		22,537
110,900		CPFL Energia S.A.		2,232
182,995	e	Crosstex Energy, Inc		6,213
404,436	*	Dogan Sirketler Grubu Holdings		406
2,251,866		Dominion Resources, Inc		91,966
447,830	e	DPL, Inc		11,482
19,397		Drax Group plc		207
623,160		DTE Energy Co		24,235
986,397		DUET Group		2,749
6,091,752		Duke Energy Corp		108,738
1,886,060	*	Dynegy, Inc (Class A)		14,881
1,320,376		E.ON AG.		244,433
787		EDF Energies Nouvelles S.A.		48
2,085,790		Edison International		102,245
45,392		EDP - Energias do Brasil S.A.		678
3,121,146		El Paso Corp		51,936
283,183	*	El Paso Electric Co		6,052
232,920	e	Electric Power Development Co		8,389
1,167,136		Electricite de France		101,546
228,000		Electricity Generating PCL		713
22,250,898		Eletropaulo Metropolitana de Sao Paulo S.A.		1,750
1,244		Emera, Inc		26
162,511		Empire District Electric Co		3,291
2,650,268		Empresa Nacional de Electricidad S.A.		4,293
131,265		Enagas		3,923
504,730	e	Enbridge, Inc		20,815
7,198,154	e	Enel S.p.A.		76,367
558,087		Energen Corp		34,769
1,609,499		Energias de Portugal S.A.		9,757
65	*	Energiedienst Holding AG.		42
601,715	e	Energy Developments Ltd		1,292
700,398		Energy East Corp		16,894
4,889		Energy Savings Income Fund		62
39,362	e*	Energy World Corp Ltd		48
157,900		EnergySolutions, Inc		3,622
38,558	e	EnergySouth, Inc		2,012
18,736	e*	EnerNOC, Inc		214
10,303,744		Enersis S.A.		3,654
6,446		Enia S.p.A.		97
77,738		Enka Insaat ve Sanayi AS		955
1,005,220		Entergy Corp		109,649
72,103		Envestra Ltd		48
4,164,540		Exelon Corp		338,452
4,935		Fersa Energias Renovables S.A.		40
3,318,962		First Philippine Holdings Corp		3,258
1,918,849		FirstEnergy Corp		131,671
191,831	e	Fortis, Inc		5,459

44

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
1,717,676	e	Fortum Oyj	$	69,991
4,044,695	*	FPL Group, Inc		253,764
268,612		Gas Natural SDG S.A.		16,615
373,040		Gaz de France		22,521
423,100	v	Glow Energy PCL		430
1,227		Great Lakes Hydro Income Fund		20
330,196	e	Great Plains Energy, Inc		8,139
3,700	*	Greentech Energy Systems		65
428,300		Guangdong Electric Power Development Co Ltd (Class B)		240
2,166,000		Guangdong Investments Ltd		1,077
2,100		Hafslund ASA (B shares)		40
22,647	e	Hastings Diversified Utilities Fund		55
313,437	e	Hawaiian Electric Industries, Inc		7,482
28,025		Hera S.p.A.		113
138,800	e	Hokkaido Electric Power Co, Inc		3,224
53,300	e	Hokuriku Electric Power Co		1,257
9,539,777		Hong Kong & China Gas Ltd		28,683
2,112,372		Hong Kong Electric Holdings Ltd		13,340
558,000		Huadian Power International Co		139
2,286,000		Huaneng Power International, Inc		1,736
10,190		Hunting plc		168
4,036,877	*	Iberdrola Renovables		28,106
3,707,595		Iberdrola S.A.		57,480
230,063	e	Idacorp, Inc		7,387
336,135		Integrys Energy Group, Inc		15,677
11,800	v	Interconexion Electrica S.A.		1,075
1,785,705		International Power plc		14,105
164,891		Inversiones Aguas Metropolitanas S.A.		215
14,536	e	Iride S.p.A.		46
252,309		ITC Holdings Corp		13,135
87,511		Jordanian Electric Power Co		661
1,114,587	e	Kansai Electric Power Co, Inc		27,731
1,500		Keyera Facilities Income Fund		31
260,640	*	KOC Holding AS		727
208,407		Korea Electric Power Corp		6,324
17,363		Korea Gas Corp		1,289
296,521	e	Kyushu Electric Power Co, Inc		7,243
143,391	e	Laclede Group, Inc		5,109
3,169		Lassila & Tikanoja Oyj		90
355,350		Manila Electric Co		681
804,957		MDU Resources Group, Inc		19,762
122,197	e	MGE Energy, Inc		4,162
1,336,096	e*	Mirant Corp		48,621
2,942,974		MMC Corp BHD		2,944
318,160	e	National Fuel Gas Co		15,020
2,679,258		National Grid plc		36,770
265,606	e	New Jersey Resources Corp		8,247
2,081		Newalta Income Fund		35
238,893	e	Nicor, Inc		8,005
1,522,474		NiSource, Inc		26,247
1,066,971		Northeast Utilities		26,183
2,979		Northland Power Income Fund		37
38,314		Northumbrian Water Group plc		266
168,672	e	Northwest Natural Gas Co		7,327
231,363		NorthWestern Corp		5,638
2,229,027	e*	NRG Energy, Inc		86,910

45

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
410,035	e	NSTAR	$	12,477
433,321		NTPC Ltd		2,123
300,000	e*	Ocean Power Technologies, Inc		3,666
63,242	e	Oest Elektrizitatswirts AG. (Class A)		4,502
351,860		OGE Energy Corp		10,967
1,470		Okinawa Electric Power Co, Inc		58
397,976		Oneok, Inc		17,762
108,972		Ormat Industries		1,354
78,762	e	Ormat Technologies, Inc		3,388
4,567,900	e	Osaka Gas Co Ltd		18,239
175,218	e	Otter Tail Corp		6,201
19,193		Pennon Group plc		247
1,210,511		Pepco Holdings, Inc		29,924
388,600		Petronas Gas BHD		1,215
952,991		Petronet LNG Ltd		1,675
1,769,220		PG&E Corp		65,143
85,809	e*	Pico Holdings, Inc		2,594
447,894		Piedmont Natural Gas Co, Inc		11,762
88,604	e*	Pike Electric Corp		1,234
383,295		Pinnacle West Capital Corp		13,446
436,217	e	PNM Resources, Inc		5,440
4,559,000		PNOC Energy Development Corp		644
905,934		Polish Oil & Gas Co		1,991
189,677		Portland General Electric Co		4,277
343	*	Poweo		12
2,173,625		PPL Corp		99,813
1,079,446		Progress Energy, Inc		45,013
495,639	m,v*	Progress Energy, Inc		5
2,929,000		PT Perusahaan Gas Negara		4,502
3,603,352		Public Service Enterprise Group, Inc		144,819
450,593		Puget Energy, Inc		11,657
19,678		Puma AG. Rudolf Dassler Sport		7,578
1,591,019		Questar Corp		89,988
148		Raetia Energie AG.		71
421,400	v	Ratchaburi Electricity Generating Holding PCL		619
84,192		Red Electrica de Espana		5,155
84,173		Reliance Energy Ltd		2,624
495,302	*	Reliance Natural Resources Ltd		1,232
1,976,199	*	Reliant Energy, Inc		46,737
975,916		Republic Services, Inc		28,536
83,053	e	Resource America, Inc (Class A)		785
31,676		RWE AG.		3,005
842,245	e	RWE AG.		103,530
12,000		Saibu Gas Co Ltd		30
745,963		SCANA Corp		27,287
1,678,909		Scottish & Southern Energy plc		46,782
175		Seche Environnement S.A.		22
1,855,205		Sempra Energy		98,845
170,750		Severn Trent plc		4,809
23,714		Shanks Group plc		122
372,300	e	Shikoku Electric Power Co, Inc		11,074
7,500		Shizuoka Gas Co Ltd		47
863,401		Sierra Pacific Resources		10,905
14,000	*	Sino-Environment Technology Group Ltd		12
80,152	e	SJW Corp		2,292
718,179		Snam Rete Gas S.p.A.		4,566

46

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
6,418,809		Sojitz Holdings Corp	$	21,250
3,017	*	Solaria Energia y Medio Ambiente S.A.		57
198,118	e	South Jersey Industries, Inc		6,956
2,865,129		Southern Co		102,027
427,394		Southern Union Co		9,945
241,715		Southwest Gas Corp		6,758
117,907	e	Southwest Water Co		1,305
50,460		SP AusNet		56
430,924	*	Stericycle, Inc		22,193
14,167	v*	Suez S.A.		-	^
2,559,768		Suez S.A.		167,994
64,940		Tata Power Co Ltd		1,896
813,378		TECO Energy, Inc		12,973
1,058,575		Tenaga Nasional BHD		2,433
30,000		Toho Gas Co Ltd		144
557,200	e	Tohoku Electric Power Co, Inc		13,611
1,901,694	e	Tokyo Electric Power Co, Inc		50,843
1,725,058	e	Tokyo Gas Co Ltd		6,974
2,020,000	*	Towngas China Co Ltd		851
135,496		Tractebel Energia S.A.		1,737
453,729	e	TransAlta Corp		14,114
22,000	e*	Transportadora de Gas del Sur S.A. (ADR)		97
615,719		UGI Corp		15,344
133,591	e	UIL Holdings Corp		4,025
58,600		Ultrapar Participacoes S.A.		2,061
16,400	v	Unified Energy System (ADR)		1,718
63,559	*	Unified Energy System (GDR)		6,594
370,185	e	Union Fenosa S.A.		24,879
214,739		Unisource Energy Corp		4,780
664,335		United Utilities plc		9,104
62,885		Vector Ltd		85
293,648	e	Vectren Corp		7,879
245,050		Veolia Environnement		17,084
406,130	*	Waste Connections, Inc		12,484
32,100	e	Waste Industries USA, Inc		1,160
130,624	e*	Waste Services, Inc		1,061
2,331,802		Westar Energy, Inc		53,095
307,937	e	WGL Holdings, Inc		9,872
2,429,988		Williams Cos, Inc		80,141
528,433		Wisconsin Energy Corp		23,246
1,591,614		Xcel Energy, Inc		31,753
275,005		Zhejiang Southeast Electric Power Co (Class B)		252
656	*	Zhongde Waste Technology AG.		26
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		5,320,266
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 5.93%
32,000	*	AAC Acoustic Technologies Holdings, Inc		26
1,461	*	Aastra Technologies Ltd		43
3,444,218		ABB Ltd		92,461
41,649		ABB Ltd India		1,225
115,688	e*	Acme Packet, Inc		924
174,977	e*	Actel Corp		2,679
284,735	e	Acuity Brands, Inc		12,229
686,571	*	Adaptec, Inc		2,019
448,760	*	ADC Telecommunications, Inc		5,421
330,602		Adtran, Inc		6,116

47

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
202,061	*	Advanced Analogic Technologies, Inc	$	1,136
248,643	*	Advanced Energy Industries, Inc		3,297
2,246,883	e*	Advanced Micro Devices, Inc		13,234
3,389,808		Advanced Semiconductor Engineering, Inc		3,303
312,640	e	Advantest Corp		8,108
11,305		Aga Foodservice Group plc		70
700		Aiphone Co Ltd		11
27,470	e*	Airvana, Inc		144
1,727,735		Alcatel S.A.		9,874
4,200		Alpine Electronics, Inc		46
365,822	e	Alps Electric Co Ltd		3,600
1,267,039		Altera Corp		23,352
209,232	e*	American Superconductor Corp		4,852
567,479		Ametek, Inc		24,918
719,033	e*	Amkor Technology, Inc		7,694
910,332		Amphenol Corp (Class A)		33,910
330,423	e*	Anadigics, Inc		2,168
1,250,415		Analog Devices, Inc		36,912
6,005		Ansaldo STS S.p.A.		84
5,453,478	*	Apple Computer, Inc		782,574
466,399	e*	Applied Micro Circuits Corp		3,349
800		Applied Signal Technology, Inc		9
74,344		Arcelik AS		295
2,812,794		ARM Holdings plc		4,913
901,098	*	Arris Group, Inc		5,244
2,886		Ascom Holding AG.		33
4,208,078		Asustek Computer, Inc		12,328
330,304	e*	Atheros Communications, Inc		6,884
1,851,613	*	Atmel Corp		6,444
179,645	e*	ATMI, Inc		5,000
18,100	e*	AudioCodes Ltd		73
3,184		Austria Technologie & Systemtechnik AG.		52
656		Austriamicrosystems AG.		25
938,897	e*	Avanex Corp		667
4,456,950		Avermedia Technologies		7,776
3,300	e	Avex Group Holdings, Inc		35
1,072,606	*	Avnet, Inc		35,106
215,310	e	AVX Corp		2,758
14	e	Axell Corp		51
63,888	e*	AZZ, Inc		2,273
240,672	e	Baldor Electric Co		6,739
4,214	*	Ballard Power Systems, Inc		17
6,026	e	Bang & Olufsen AS (B Shares)		376
6,984		Barco NV		500
66,764	e	Bel Fuse, Inc (Class B)		1,860
438,468	*	Benchmark Electronics, Inc		7,870
10,778		Bharat Electronics Ltd		287
64,881	e*	BigBand Networks, Inc		372
2,101,535	*	Broadcom Corp (Class A)		40,497
615,900		Byd Co Ltd		1,132
1,800	e*	C&D Technologies, Inc		9
1,400		Canon Electronics, Inc		32
1,379		Carbone Lorraine		83
112,458	*	Celestica, Inc		763
175,912	e*	Ceradyne, Inc		5,622
127,720	*	Chartered Semiconductor Manufacturing Ltd		67

48

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
241,715	*	Checkpoint Systems, Inc	$	6,490
196,678		Cheng Uei Precision Industry Co Ltd		437
3,349,115		Chi Mei Optoelectronics Corp		4,410
11,538	e,m,v*	China Energy Savings Technology, Inc		1
12,793		Chloride Group plc		48
4,974		Chrysalis Group plc		13
4,695,000	*	Chunghwa Picture Tubes Ltd		1,436
514,071	e*	Ciena Corp		15,849
38,869,327	*	Cisco Systems, Inc		936,362
4,900		CMK Corp		50
142,500		Compal Communications, Inc		254
556,000		Compeq Manufacturing Co		184
155,070	*	Comtech Telecommunications Corp		6,048
2,288		Conergy AG.		48
3,721,006	e*	Conexant Systems, Inc		2,158
1,209,835		Cooper Industries Ltd (Class A)		48,575
1,300	e	Cosel Co Ltd		14
45,389	*	CPI International, Inc		450
424,911	e*	Cree, Inc		11,881
121,281	*	CSR plc		785
241,910		CTS Corp		2,588
148,166		Cubic Corp		4,212
634,698	*	Cypress Semiconductor Corp		14,985
503,778		Daiichikosho Co Ltd		4,917
23,525	e	Dainippon Screen Manufacturing Co Ltd		99
6,000		Daiwa Industries Ltd		26
53,000		Datacraft Asia Ltd		47
2,616,000		Datang International Power Generation Co Ltd		1,388
1,781		De'Longhi S.p.A.		8
164,143	e*	Diodes, Inc		3,605
183,061	e*	Ditech Networks, Inc		538
379,469	*	Dolby Laboratories, Inc (Class A)		13,760
190,525	*	DSP Group, Inc		2,427
99,452	e*	DTS, Inc		2,387
3,250		E2V Technologies plc		11
7,586	*	Eagle Broadband, Inc		-	^
825,847		Eaton Corp		65,795
276,609	e*	EchoStar Corp (Class A)		8,171
2,542	*	EEMS Italia S.p.A.		10
1,400	e	Eizo Nanao Corp		27
172,529	e*	Electro Scientific Industries, Inc		2,843
4,200	*	Eltek ASA		19
104,155	*	EMS Technologies, Inc		2,827
227,288	*	Energizer Holdings, Inc		20,565
212,275	e*	Energy Conversion Devices, Inc		6,347
133,125	*	EnerSys		3,184
9,484		Epcos AG.		144
380,465		Epistar Corp		1,066
11,946,238		Ericsson (LM) (B Shares)		23,443
488	*	Ersol Solar Energy AG.		40
481,245	e*	Evergreen Solar, Inc		4,461
180,000		Everlight Electronics Co Ltd		610
625		EVS Broadcast Equipment S.A.		67
222,759	e*	Exar Corp		1,833
925,028	*	Fairchild Semiconductor International, Inc		11,026
1,714,365	e*	Finisar Corp		2,194

49

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
243,715	*	First Solar, Inc	$	56,332
142,858	e	Fisher & Paykel Appliances Holdings Ltd		264
1,020,243	e	Fisher & Paykel Healthcare Corp		2,350
2,800		Foster Electric Co Ltd		57
1,437,100	*	Foxconn International Holdings Ltd		1,939
634,085		Foxconn Technology Co Ltd		3,757
100,434	e	Franklin Electric Co, Inc		3,432
329,151	e*	FuelCell Energy, Inc		2,189
3,172,401	e	Fuji Electric Holdings Co Ltd		12,889
6,000	*	Fujitsu General Ltd		19
900		Funai Electric Co Ltd		31
1,800	e	Futaba Corp/Chiba		31
337,637		Gamesa Corp Tecnologica S.A.		15,405
8,073	*	Gemalto NV		235
1,452,148	*	Gemstar-TV Guide International, Inc		6,825
43	e	Geo Corp		36
787,500		Geodesic Information Systems Ltd		3,536
2,294		Gewiss S.p.A.		13
8,755		GFI Informatique		56
39,701	e	GN Store Nord		198
611,812	*	GrafTech International Ltd		9,917
125,702	e*	Greatbatch, Inc		2,314
4,487		Groupe Steria SCA		147
38,000	e	GS Yuasa Corp		108
1,887,022	*	GVK Power & Infrastructure Ltd		1,884
59,000	*	Haier Electronics Group Co Ltd		9
19,274		Halma plc		74
124,300	e	Hamamatsu Photonics KK		3,467
532,800	v	Hana Microelectronics PCL		313
3,545,400	*	HannStar Display Corp		1,529
292,896		Harman International Industries, Inc		12,753
561,206	*	Harmonic, Inc		4,265
639,897		Harris Corp		31,054
145,308	*	Helen of Troy Ltd		2,437
516,667	e*	Hexcel Corp		9,874
423,553		High Tech Computer Corp		9,522
20,549	e	Hirose Electric Co Ltd		2,307
95,290		Hitachi Chemical Co Ltd		1,791
10,800		Hitachi High-Technologies Corp		179
3,951,279	e	Hitachi Ltd		23,427
5,100		Hitachi Maxell Ltd		53
105,534	*	Hittite Microwave Corp		3,949
5,454,044		Hon Hai Precision Industry Co, Ltd		31,238
6,555,847		Honeywell International, Inc		369,881
3,500	e	Horiba Ltd		116
7,400	e	Hosiden Corp		147
500,058	e	Hoya Corp		11,739
757		Huber & Suhner AG.		38
158,651	e*	Hutchinson Technology, Inc		2,524
71,590	*	Hynix Semiconductor, Inc		2,013
51,658		Hyundai Autonet Co Ltd		295
176,621		Ibiden Co Ltd		6,946
500		Icom, Inc		12
1,500		Idec Corp		18
11,175	*	Imagination Technologies Group plc		15
206,964	e	Imation Corp		4,706

50

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
6,558		Imtech NV	$	174
3,351		Indesit Co S.p.A.		44
1,508,978	e*	Infineon Technologies AG.		10,601
550,000	*	Infineon Technologies AG. (ADR)		3,861
97,960	e*	Infinera Corp		1,176
1,400		Information Services International-Dentsu Ltd		12
1,558,823		InnoLux Display Corp		4,100
2,280,100		Inotera Memories, Inc		2,023
1,137,777	*	Integrated Device Technology, Inc		10,160
35,973,047		Intel Corp		761,909
245,952	e*	InterDigital, Inc		4,872
281,863	*	International Rectifier Corp		6,060
503,863		Intersil Corp (Class A)		12,934
254,337	*	InterVoice, Inc		2,025
1,552	*	Ion Beam Applications		35
52,033	e*	IPG Photonics Corp		816
80,588	e*	iRobot Corp		1,379
145,893	e*	IXYS Corp		996
19,000		Janome Sewing Machine Co Ltd		18
5,000	e	Japan Aviation Electronics Industry Ltd		37
2,800		Japan Digital Laboratory Co Ltd		39
6	e	Japan Pure Chemical Co Ltd		20
11,000		Japan Radio Co Ltd		31
279,528	e*	Jarden Corp		6,077
841,601	e*	JDS Uniphase Corp		11,269
433,134		Johnson Electric Holdings Ltd		205
67,100		Jurong Technologies Industrial Corp Ltd		15
526,155	e*	Kemet Corp		2,126
173,800		Kinsus Interconnect Technology Corp		462
2,100		Koa Corp		15
2,774,663	e	Koninklijke Philips Electronics NV		106,139
10,768		Koor Industries Ltd		594
10,710	e	Kudelski S.A.		157
144,198	e	Kyocera Corp		12,108
1,124,295		L-3 Communications Holdings, Inc		122,930
24,854		Laird Group plc		249
614,910	*	Lattice Semiconductor Corp		1,746
141,945	e	Legrand S.A.		4,453
113,158		LG Electronics, Inc		14,511
82,902		LG.Philips LCD Co Ltd		3,721
9,768	e	LG.Philips LCD Co Ltd (ADR)		218
174,307		Lincoln Electric Holdings, Inc		11,241
917,178	e	Linear Technology Corp		28,148
138,796	*	Littelfuse, Inc		4,854
769		Loewe AG.		13
53,114	e*	Loral Space & Communications, Inc		1,266
108,819		LSI Industries, Inc		1,437
3,043,964	*	LSI Logic Corp		15,068
18,311	e	Mabuchi Motor Co Ltd		884
2,770,400		Macronix International		1,258
2,400	e*	Magnetek, Inc		8
77,000		Malaysian Pacific Industries		211
4,250	*	Manz Automation AG.		982
2,129,494	*	Marvell Technology Group Ltd		23,169
42,000		Matsunichi Communication Holdings Ltd		37
1,605,054	e	Matsushita Electric Industrial Co Ltd		34,780

51

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
603,350		Matsushita Electric Industrial Co Ltd (ADR)	$	13,099
58,557	e	Matsushita Electric Works Ltd		602
295,588	*	Mattson Technology, Inc		1,800
5,466,680		Maxim Integrated Products, Inc		111,466
62,000		Meadville Holdings Ltd		16
1,536,575		MediaTek, Inc		20,232
115,526	e*	Medis Technologies Ltd		1,048
900	*	Megachips Corp		11
500		Meiko Electronics Co		16
3,607		Melexis NV		60
1,423,736	*	MEMC Electronic Materials, Inc		100,943
136,059	e*	Mercury Computer Systems, Inc		765
239,201		Methode Electronics, Inc		2,796
320	*	Meyer Burger Technology AG.		98
368,822	e	Micrel, Inc		3,419
784,162	e	Microchip Technology, Inc		25,666
5,864,379	e*	Micron Technology, Inc		35,010
2,903	*	Micronas Semiconductor Holdings, Inc		28
4,000	*	Micronic Laser Systems AB		20
402,996	e*	Microsemi Corp		9,188
327,694	*	Microtune, Inc		1,199
25,250	*	Millicom International Cellular S.A.		2,405
4,700	e	Mimasu Semiconductor Industry Co Ltd		96
778,741		Minebea Co Ltd		4,531
236,320	*	MIPS Technologies, Inc		936
13,000		Mitsubishi Cable Industries Ltd		18
4,696,435		Mitsubishi Electric Corp		40,613
1,400		Mitsui High-Tec, Inc		11
361,849	e	Mitsumi Electric Co Ltd		11,435
547,932		Molex, Inc		12,690
162,226	e*	Monolithic Power Systems, Inc		2,860
209,827	*	Moog, Inc (Class A)		8,857
642,580		Mosel Vitelic, Inc		531
9,850,615	*	Motorola, Inc		91,611
795,920	e*	MRV Communications, Inc		1,090
73,683	e*	Multi-Fineline Electronix, Inc		1,383
320,500	e	Murata Manufacturing Co Ltd		15,916
107,273		Nan Ya Printed Circuit Board Corp		514
1,855,096		Nanya Technology Corp		1,105
23,351	e	National Presto Industries, Inc		1,224
2,346,963		National Semiconductor Corp		42,996
6,057	e*	NEC Electronics Corp		117
10,500		Neo-Neon Holdings Ltd		7
3,710,516	*	NetApp, Inc		74,396
87,606	e*	Netlogic Microsystems, Inc		2,115
4,620		Neuf Cegetel		257
1,413		Nexans S.A.		167
110,295	e	NGK Spark Plug Co Ltd		1,434
48,304	*	Nice Systems Ltd		1,383
3,200	e	Nichicon Corp		25
143,144	e	Nidec Corp		8,803
2,400	e	Nihon Dempa Kogyo Co Ltd		67
3,200	e	Nihon Unisys Ltd		37
12,000		Nippon Carbon Co Ltd		57
14,000		Nippon Chemi-Con Corp		52
4,900		Nippon Signal Co Ltd		25

52

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
2,000	e	Nissha Printing Co Ltd	$	98
8,000		Nissin Electric Co Ltd		38
98,273		Nitto Denko Corp		4,151
3,100		Nitto Kogyo Corp		39
4,974		NKT Holding AS		358
6,762,309		Nokia Oyj		213,947
50,000		Nokia Oyj (ADR)		1,591
527,517	*	Nortel Networks Corp		3,597
963,583	e*	Novellus Systems, Inc		20,283
5,052,993	*	Nvidia Corp		99,999
700		Obara Corp		17
1,808		Oberthur Technologies		13
42,811		Olympic Group Financial Investments		600
307,979	e*	Omnivision Technologies, Inc		5,180
192,708	e	Omron Corp		3,954
1,863,811	e*	ON Semiconductor Corp		10,586
652,887	e*	On2 Technologies, Inc		666
562,815	e	Openwave Systems, Inc		1,379
109,720	e*	Oplink Communications, Inc		973
98,855	e*	OpNext, Inc		539
1,750	*	Option NV		16
65,312	e*	Optium Corp		459
675,000		Origin Electric Co Ltd		4,158
84,242	e*	OSI Systems, Inc		1,939
124,125		Park Electrochemical Corp		3,209
323	*	Parrot S.A.		7
203,783	*	Pericom Semiconductor Corp		2,992
250,454		Phoenix Electric Co Ltd		691
239,261	*	Photronics, Inc		2,285
196,500	e	Pioneer Corp		1,952
289,745		Plantronics, Inc		5,595
318,353	*	Plexus Corp		8,930
132,857	e*	PLX Technology, Inc		886
1,213,966	e*	PMC - Sierra, Inc		6,920
514,019	*	Polycom, Inc		11,586
63,800	e*	Polypore International, Inc		1,320
38,674	*	Powell Industries, Inc		1,523
6,003,035		Powerchip Semiconductor Corp		2,243
454,617	e*	Power-One, Inc		1,459
513,750		Powertech Technology, Inc		1,843
789,525	e*	Powerwave Technologies, Inc		2,013
4,691,000		ProMOS Technologies, Inc		1,147
31,359	*	PV Crystalox Solar plc		80
38,997	e*	Q-Cells AG.		3,870
1,175,268	*	QLogic Corp		18,040
10,703,728		Qualcomm, Inc		438,853
2,485,691		RadioShack Corp		40,392
421,567	e*	Rambus, Inc		9,827
87,524	e	Raven Industries, Inc		2,652
282,337		Realtek Semiconductor Corp		842
41,494	*	Redes Energeticas Nacionais S.A.		229
181,086	e	Regal-Beloit Corp		6,633
525,531		Reliance Communication Ventures Ltd		6,677
7,026	*	Reliance Power Ltd		56
448,509	e*	Renewable Energy Corp AS		12,507
258,921	*	Research In Motion Ltd		29,059

53

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
954,171	*	Research In Motion Ltd	$	107,358
112,755		Reunert Ltd		786
1,406,416	e*	RF Micro Devices, Inc		3,741
53,000		Richtek Technology Corp		422
863,196		Ricoh Co Ltd		14,185
10,000	e	Rinnai Corp		327
1,239,000	*	Ritek Corp		322
102,855	*	Rogers Corp		3,436
178,945	e	Rohm Co Ltd		11,076
9,700	e*	Rubicon Technology, Inc		281
803		SAES Getters S.p.A.		20
1,112		Saft Groupe S.A.		44
44,464		Samsung Electro-Mechanics Co Ltd		2,429
17,043		Samsung Electronics Co Ltd		7,675
109,961		Samsung Electronics Co Ltd		69,173
28,549		Samsung SDI Co Ltd		2,246
355,898	e	Sanken Electric Co Ltd		2,092
3,390,791	*	Sanmina-SCI Corp		5,493
7,000		Sanyo Denki Co Ltd		30
408,000	*	Sanyo Electric Co Ltd		860
353,230		Satyam Computer Services Ltd		3,490
78		Schweiter Technologies AG.		29
167,447	*	Seachange International, Inc		1,177
815		SEB S.A.		149
12,234,000	*	Semiconductor Manufacturing International Corp		849
380,944	*	Semtech Corp		5,459
224,981	*	SGL Carbon AG.		14,208
662,771	e	Sharp Corp		11,263
21,000		Shell Electric MFG		15
3,000	e	Shibaura Mechatronics Corp		12
8,000	e	Shindengen Electric Manufacturing Co Ltd		16
1,800		Shinkawa Ltd		22
43,800	e	Shinko Electric Industries		494
13,794	*	ShoreTel, Inc		71
60,490		Siemens India Ltd		929
472,838	e*	Silicon Image, Inc		2,369
226,938	*	Silicon Laboratories, Inc		7,158
653,468	*	Silicon Storage Technology, Inc		1,712
2,366,076		Siliconware Precision Industries Co		3,972
199,280		Siliconware Precision Industries Co (ADR)		1,674
62,000		SIM Technology Group Ltd		7
128,943		Sino-American Silicon Products, Inc		898
7,151,784	e*	Sirius Satellite Radio, Inc		20,454
6,063	*	Sirti S.p.A.		25
1,024,550	e*	Skyworks Solutions, Inc		7,459
266,652	*	Smart Modular Technologies WWH, Inc		1,656
125,799		Smiths Group plc		2,347
4,000		SMK Corp		21
3,526	e*	SOITEC		25
620	*	Solar Millennium AG.		27
791	*	Solon AG Fuer Solartechnik		56
1,424,483	e	Sony Corp		56,733
845,738	e*	Spansion, Inc (Class A)		2,326
226,719	e*	Spectrum Brands, Inc		1,036
130,126	*	Standard Microsystems Corp		3,797
96,434	e	Stanley Electric Co Ltd		2,351

54

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
5,600		Star Micronics Co Ltd	$	77
89,397	e*	Starent Networks Corp		1,207
10,967	*	STATS ChipPAC Ltd		9
622,676	e	STMicroelectronics NV		6,626
95,698	*	Stoneridge, Inc		1,287
79,435	e	Sumco Corp		1,733
500		Sumco Techxiv Corp		13
117,033	e*	Sunpower Corp (Class A)		8,720
62,463	e*	Supertex, Inc		1,275
1,024,475	*	Sycamore Networks, Inc		3,750
270,631	e*	Symmetricom, Inc		944
172,248	e*	Synaptics, Inc		4,113
305,944	e*	Syntax-Brillian Corp		300
19,925,952		Taiwan Semiconductor Manufacturing Co Ltd		41,387
695,000		Taiwan Semiconductor Manufacturing Co Ltd (ADR)		7,138
123,162	e	Taiyo Yuden Co Ltd		1,201
27,489	e	Tandberg ASA		411
35,242	*	Tanfield Group plc		68
2,940,000	*	Tatung Co Ltd		1,897
367,026	e	TDK Corp		21,687
288,404		Technitrol, Inc		6,671
102,384	e*	Techwell, Inc		1,110
1,415,000		Teco Electric and Machinery Co Ltd		871
354,953	e*	Tekelec		4,419
542,895		Teleflex, Inc		25,901
170,000		Telefonaktiebolaget LM Ericsson (ADR)		3,340
1,679,644	e*	Tellabs, Inc		9,154
4,140,928	e	Terna Rete Elettrica Nazionale S.p.A.		17,668
312,578	*	Tessera Technologies, Inc		6,502
7,895,185	*	Texas Instruments, Inc		223,197
1,060	*	Theolia SA		32
237,696	*	Thomas & Betts Corp		8,645
212,376		Thomson		1,475
8,000		Toko, Inc		18
395,105	e	Tokyo Denpa Co Ltd		4,717
7,000		Toshiba TEC Corp		42
5,800	e	Toyo Corp/Chuo-ku		92
500	e	Toyo Tanso Co Ltd		47
109,000		Toyota Boshoku Corp		3,264
280,693	e*	Trident Microsystems, Inc		1,446
96,885	e*	Tripath Technology, Inc		-	^
246,260		Tripod Technology Corp		831
846,986	*	Triquint Semiconductor, Inc		4,286
20,000		Truly International Holdings		23
14,103		TT electronics plc		27
356,764	*	TTM Technologies, Inc		4,039
2,292,091		Tyco Electronics Ltd		78,665
100,414	e*	Ultra Clean Holdings		984
15,777	e	Uniden Corp		97
621,260		Unimicron Technology Corp		859
909		Unit 4 Agresso NV		26
9,070,347		United Microelectronics Corp		5,583
10		United Technology Holdings Co Ltd		14
125,927	e*	Universal Display Corp		1,803
77,813	e*	Universal Electronics, Inc		1,884
1,158,724	e	Ushio, Inc		21,761

55

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
723,369	e*	Utstarcom, Inc	$	2,054
617		Vacon plc		27
1,165,237		Vanguard International Semiconductor Corp		836
336,372	*	Varian Semiconductor Equipment Associates, Inc		9,469
48,000		Varitronix International Ltd		28
148,105		Venture Corp Ltd		1,134
40,653	*	Vestel Elektronik Sanayi		51
714,000	*	Via Technologies, Inc		402
156,125	*	Viasat, Inc		3,391
109,368	e	Vicor Corp		1,306
15,000		Victor Co Of Japan Ltd		35
1,668,875	*	Vishay Intertechnology, Inc		15,120
92,702	e*	Volterra Semiconductor Corp		1,050
15,000		Vtech Holdings Ltd		73
114,000		Wafer Works Corp		486
358,552	e	Whirlpool Corp		31,115
2,209,000		Winbond Electronics Corp		653
686,401		Wintek Corp		619
221,213		Wipro Ltd		2,382
11,361	*	Wolfson Microelectronics plc		26
1,247,315		Xilinx, Inc		29,624
15,750	m,v	Ya Hsin Industrial Co Ltd		3
1,591,000		Yageo Corp		584
315,012		Yaskawa Electric Corp		2,993
5,267,633		YTL Power International		4,002
1,393,538		Zhuzhou CSR Times Electric Co Ltd		1,094
152,000		Zinwell Corp		390
129,810	e*	Zoltek Cos, Inc		3,443
355,726	*	Zoran Corp		4,859
115,600		ZTE Corp		544
3,133		Zumtobel AG.		83
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		7,083,100
ENGINEERING AND MANAGEMENT SERVICES - 0.85%
3,708		Aangpanneforeningen AB (B Shares)		91
15,506	*	Acambis plc		38
103,288	*	Advisory Board Co		5,675
309,385	*	Aecom Technology Corp		8,047
4,620		Aero Inventory plc		55
105,970		Aeroplan Income Fund		1,884
23,585	e*	Affymax, Inc		333
546,470	e*	Amylin Pharmaceuticals, Inc		15,962
470,336	*	Applera Corp (Celera Genomics Group)		6,914
1,343		Arcadis NV		81
532,870	e*	Ariad Pharmaceuticals, Inc		1,796
934	e*	Arpida Ltd		13
1,617		Assystem		21
6,195		Atkins WS plc		129
7,822		Ausenco Ltd		98
23,000		Ausgroup Ltd		16
29,053		Babcock International Group		330
625	*	Bavarian Nordic AS		34
13,000		Boustead Singapore Ltd		19
509,872	e	Cap Gemini S.A.		29,035
556,925		Capita Group plc		7,499
139,706	e	CDI Corp		3,500

56

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
2,808,278	*	Celgene Corp	$	172,119
33,345	e*	China Architectural Engineering, Inc		182
2,429,000	*	China Railway Group Ltd		2,356
24,460	e*	comScore, Inc		491
67,437	e*	Cornell Cos, Inc		1,515
166,965	e	Corporate Executive Board Co		6,759
62,110	e*	CRA International, Inc		1,996
383,853	*	CV Therapeutics, Inc		2,737
372	*	Cytos Biotechnology AG.		27
122,467		Daewoo Engineering & Construction Co Ltd		2,671
227,496	e	Diamond Management & Technology Consultants, Inc		1,467
12,156	a,e*	Digital Garage, Inc		23,780
1,921		Dinamia		66
5,800	*	DOF Subsea ASA		31
2,127,227		Downer EDI Ltd		12,170
5,323		DTZ Holdings plc		23
249,173	e*	eResearch Technology, Inc		3,095
753		Eurofins Scientific		75
582,892	e*	Exelixis, Inc		4,051
87,552	*	Exponent, Inc		2,875
605,151		Fluor Corp		85,423
16,176		Fugro NV		1,256
600,731	*	Genpact Ltd		7,359
218,369	*	Gen-Probe, Inc		10,525
1,380		GFK AG.		55
3,133	*	GPC Biotech AG.		10
1,280,162		GRD Ltd		1,252
155,840	*	Greenfield Online, Inc		1,848
19,020		Hargreaves Lansdown plc		67
303,842	e*	Harris Interactive, Inc		829
611,925	*	Hewitt Associates, Inc (Class A)		24,336
10,571		Huntsworth plc		15
107,532	*	Huron Consulting Group, Inc		4,468
2,657	*	Icon plc		171
24,877		IDB Development Corp Ltd		769
469,792	e*	Incyte Corp		4,938
12,437		Interserve plc		119
2,398		IPSOS		74
486,637	e*	Isis Pharmaceuticals, Inc		6,866
6,918	*	ITM Power plc		9
505,648	*	Jacobs Engineering Group, Inc		37,211
526,627		JGC Corp		8,041
25,088		John Wood Group plc		202
721	*	Kapsch TrafficCom AG.		36
716,781		KBR, Inc		19,876
10,290		Keller Group plc		138
97,433	*	Kendle International, Inc		4,377
220,710	e*	Kosan Biosciences, Inc		347
22,943		Kumho Industrial Co Ltd		1,055
928		Lamda Development S.A.		15
49,380		Landauer, Inc		2,486
159,428	*	LECG Corp		1,492
205,027	e*	Lifecell Corp		8,617
179,331	e*	Luminex Corp		3,524
141,103		MAXIMUS, Inc		5,180
166,288	e*	Maxygen, Inc		1,074

57

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
1,606,518	*	McDermott International, Inc	$	88,069
2,421		Medion AG.		61
70,944	*	Michael Baker Corp		1,593
48,391		Mitie Group		232
6,572	e	Monadelphous Group Ltd		84
1,517,183	e	Moody's Corp		52,843
5,536		Mouchel Group plc		48
63,745	e*	MTC Technologies, Inc		1,516
220,538	e*	Myriad Genetics, Inc		8,885
287,408	*	Navigant Consulting, Inc		5,455
170,207	e*	Neurogen Corp		317
3,400	e	Nichii Gakkan Co		49
2,000		Nippon Densetsu Kogyo Co Ltd		14
233,356	e*	Omnicell, Inc		4,690
1,552,225		Paychex, Inc		53,179
24,500	*	Penta-Ocean Construction Co Ltd		30
16,584		Petrofac Ltd		185
134,950	e*	PharmaNet Development Group, Inc		3,405
175	*	Phorm, Inc		9
3,161		Poyry Oyj		79
549,535		QinetiQ plc		2,105
638,665		Quest Diagnostics, Inc		28,912
406,141	*	Regeneron Pharmaceuticals, Inc		7,794
1,158,557	e*	Rentech, Inc		1,031
239,522		Resources Connection, Inc		4,280
160,165	e*	Rigel Pharmaceuticals, Inc		2,989
13,000		Road King Infrastructure		15
15,223		Robert Walters plc		52
27,000		Rotary Engineering Ltd		17
21,610		RPS Group plc		138
198,054	*	RTI Biologics, Inc		1,872
7,109		SAI Global Ltd		18
985,306	e*	SAIC, Inc		18,317
26,385		Samsung Engineering Co Ltd		2,448
291,305	e*	Savient Pharmaceuticals, Inc		5,826
22,826		Savills plc		160
3,769		Scott Wilson Group plc		18
360,768	e*	Seattle Genetics, Inc		3,283
1,174,110		SembCorp Industries Ltd		3,472
163,643	e*	Senomyx, Inc		966
459,151		Serco Group plc		4,135
756,411	*	Shaw Group, Inc		35,657
464,000		Shenzhen Expressway Co Ltd		355
600		Shin Nippon Biomedical Laboratories Ltd		9
3,200		Shinko Plantech Co Ltd		41
8,000		Shui On Construction and Materials Ltd		19
17,823	*	Silex Systems Ltd		82
235,288		SNC-Lavalin Group, Inc		10,196
74,020	*	Stanley, Inc		2,181
4,615	*	Stantec, Inc		135
37,000	*	Swiber Holdings Ltd		68
203,249	e*	Symyx Technologies, Inc		1,524
9	*	Takara Bio, Inc		23
20,713		Taylor Nelson Sofres plc		65
317,593		Tecan Group AG.		19,124
51,991	e*	Tejon Ranch Co		1,940

58

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
314,274	e*	Telik, Inc	$	767
324,507	e*	Tetra Tech, Inc		6,331
1,520,957	e	Toyo Engineering Corp		5,875
11,582	e	Transfield Services Ltd		116
2,884		Trevi Finanziaria S.p.A.		58
20,673	e	United Group Ltd		228
1,109,355	*	URS Corp		36,265
180,585	e*	Verenium Corp		636
13,451		VT Group plc		175
286,412		Watson Wyatt & Co Holdings (Class A)		16,254
446,522		WHK Group Ltd		649
248,332	e	WorleyParsons Ltd		7,596
3,116		WSP Group plc		37
43,000	e*	WuXi PharmaTech Cayman, Inc (ADR)		962
906,600		Zelan BHD		723
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		1,020,798
ENVIRONMENTAL QUALITY AND HOUSING - 0.00%**
1,777,115	*	Centillion Environment & Recycling Ltd		32
9,544	e	Transpacific Industries Group Ltd		77
		TOTAL ENVIRONMENTAL QUALITY AND HOUSING		109
FABRICATED METAL PRODUCTS - 0.50%
140		AFG Arbonia-Forster Hldg		42
211,200	*	Alliant Techsystems, Inc		21,866
574,733		Amcor Ltd		3,755
50,572		Ameron International Corp		4,730
399,175		Aptargroup, Inc		15,540
7,000		Asahi Organic Chemicals Industry Co Ltd		19
664,422		Ball Corp		30,524
194,209		Bharat Heavy Electricals		9,978
5,000		Bunka Shutter Co Ltd		16
2,645		CCL Industries (Class B)		77
111,062	*	Chart Industries, Inc		3,758
615,112		China International Marine Containers Co Ltd (Class B)		1,051
1,000		Chofu Seisakusho Co Ltd		20
99,246		CIRCOR International, Inc		4,590
702,632		Commercial Metals Co		21,058
99,941	*	Commercial Vehicle Group, Inc		990
27,898		Compx International, Inc		257
192,971		Crane Co		7,786
3,393,225	*	Crown Holdings, Inc		85,374
65,531	e	Dynamic Materials Corp		2,831
11,744		Geberit AG.		1,750
2,834		Gerresheimer AG.		143
183,812	e*	Griffon Corp		1,581
65,514		Gulf Island Fabrication, Inc		1,882
2,800		Gunnebo AB		32
1,000		Hisaka Works Ltd		17
366,538	e	Hitachi Cable Ltd		1,364
46,000	e	Hitachi Metals Ltd		677
3,103,041		Illinois Tool Works, Inc		149,660
98,732	e	Insteel Industries, Inc		1,148
47,105		Jindal Steel & Power Ltd		2,430
179,109	e	JS Group Corp		2,690
12,000	e	Kitz Corp		71

59

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
80,118	*	Ladish Co, Inc	$	2,884
4,997		Landi Renzo S.p.A.		21
55,308	e	Lifetime Brands, Inc		494
518		LISI		53
2,800		Miura Co Ltd		63
187,956	e*	Mobile Mini, Inc		3,571
657,522	e	Mueller Water Products, Inc (Class A)		5,378
126,347	e*	NCI Building Systems, Inc		3,058
6,100		Nibe Industrier AB		57
5,844		Norddeutsche Affinerie AG.		231
1,100		Oiles Corp		23
856,313		Parker Hannifin Corp		59,317
43,450	e*	Park-Ohio Holdings Corp		683
1,298,345		Pentair, Inc		41,417
1,938		Permasteelisa S.p.A		37
51,005	*	PGT, Inc		140
77		Phoenix Mecano AG.		39
745,634		Rexam plc		6,311
4,415		Rotork plc		95
85,921	e	Sanwa Shutter Corp		373
1,000,000		Shin Zu Shing Co Ltd		4,707
141,904		Silgan Holdings, Inc		7,043
199,492	e	Simpson Manufacturing Co, Inc		5,422
40,000		Singamas Container Holdings Ltd		11
159,853	e*	Smith & Wesson Holding Corp		802
322,331		Snap-On, Inc		16,391
1,332		Socotherm S.p.A.		13
331,953	e	Ssab Svenskt Stal AB (Series A)		9,330
26,616		Ssab Svenskt Stal AB (Series B)		683
456,620		Stanley Works		21,744
240,064	e*	Sturm Ruger & Co, Inc		1,978
59,290	e	Sun Hydraulics Corp		1,735
338,650	e*	Taser International, Inc		3,183
1,300		Tocalo Co Ltd		21
8,625	b,m,v*	Tower Automotive, Inc		-	^
86,440	e	Toyo Seikan Kaisha Ltd		1,642
71,030	*	Trimas Corp		374
1,000		Tsukishima Kikai Co Ltd		8
119,689	e	Valmont Industries, Inc		10,519
176,873	e	Watts Water Technologies, Inc (Class A)		4,958
557,735		Yieh Phui Enterprise		269
12		Zehnder Group AG.		17
		TOTAL FABRICATED METAL PRODUCTS		592,802
FISHING, HUNTING, AND TRAPPING - 0.00%**
5,400	*	Copeinca ASA		36
438	e*	Lighthouse Caledonia ASA		-	^
		TOTAL FISHING, HUNTING, AND TRAPPING		36
FOOD AND KINDRED PRODUCTS - 3.77%
363		Agrana Beteiligungs AG.		39
101,059	e	Ajinomoto Co, Inc		1,024
119,741	e	Ajinomoto Co, Inc		545
34,591	e*	American Dairy, Inc		318
182,735		Anadolu Efes Biracilik Ve Malt Sanayii AS		1,630
4,409,070	*	Anheuser-Busch Cos, Inc		209,210

60

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
3,365,111	*	Archer Daniels Midland Co	$	138,508
1,000		Ariake Japan Co Ltd		14
1,354,113	e	Asahi Breweries Ltd		27,916
728,000		Asiatic Development BHD		1,912
307,468		Associated British Foods plc		5,339
1,342		Atria Group plc		34
257,703		AVI Ltd		502
130		Barry Callebaut AG.		113
472,500		Beijing Enterprises Holdings Ltd		1,803
200		Biomar Holding AS		8
747		Bonduelle S.C.A.		90
622		Bongrain S.A.		67
62,963	e*	Boston Beer Co, Inc (Class A)		2,993
2,711	e	Bourbon S.A.		163
263		Brasseries Maroc		70
28,372		Britvic plc		179
459,997	e	Bunge Ltd		39,965
36,847		C&C Group plc		230
655,239		Cadbury Schweppes plc		7,198
920,027		Campbell Soup Co		31,235
1,224	*	Campofrio Alimentacion S.A.		19
11,745	e	Carlsberg AS (Class B)		1,502
1,122,000	*	China Agri-Industries Holdings Ltd		678
20,435	*	CJ CheilJedang Corp		4,540
54,662		Coca Cola Hellenic Bottling Co S.A.		2,546
553,856		Coca-Cola Amatil Ltd		4,302
27,018		Coca-Cola Bottling Co Consolidated		1,665
6	e	Coca-Cola Central Japan Co Ltd		52
13,657,832		Coca-Cola Co		831,352
2,057,763		Coca-Cola Enterprises, Inc		49,798
174,132		Coca-Cola Femsa S.A. de C.V.		988
481,362	e	Coca-Cola West Japan Co Ltd		11,590
530,000		Cofco International Ltd		300
139,522		Companhia de Bebidas das Americas		10,496
1,903,718		ConAgra Foods, Inc		45,594
823,516	*	Constellation Brands, Inc (Class A)		14,552
450,020		Corn Products International, Inc		16,714
76,135		Cosan SA Industria e Comercio		1,128
16,136	m,v*	Cosan SA Industria e Comercio		1
55,698	*	Cott Corp		198
2,660		CSM		91
2,743,246		CSR Ltd		8,023
16,994		Dairy Crest Group plc		158
39,349		Danisco AS		2,874
560,887	*	Darling International, Inc		7,263
7,439		Davide Campari-Milano S.p.A.		72
1,371,777		Del Monte Foods Co		13,073
2,859,597		Diageo plc		57,661
3,600		Doutor Nichires Holdings Co Ltd		71
400		Dydo Drinco, Inc		17
10,260	e	Ebro Puleva S.A.		210
184,874	v	Embotelladora Andina S.A.		592
197,684		Embotelladora Andina S.A.		681
741,321		Empresas Iansa S.A.		50
5,000	e	Ezaki Glico Co Ltd		62
41,459	e	Farmer Bros Co		959

61

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
517,039		Flowers Foods, Inc	$	12,797
1,776,455		Fomento Economico Mexicano S.A. de C.V.		7,473
6,100	e	Fuji Oil Co Ltd		57
1,000		Fujicco Co Ltd		11
2,622,721		General Mills, Inc		157,049
17,197		Glanbia plc		137
815,084		Greencore Group plc		4,813
1,066		Greggs plc		96
3,069,997	e	Groupe Danone		274,520
240,071		Grupo Bimbo S.A. de C.V. (Series A)		1,444
384,260		Grupo Modelo S.A. (Series C)		1,682
2,476		Guala Closures S.p.A.		15
6,800		Guinness Anchor BHD		12
1,387,417		H.J. Heinz Co		65,167
377,798	e*	Hansen Natural Corp		13,336
455,793		Heineken NV		26,473
778,692	e	Hershey Co		29,333
39		Hiestand Holding AG.		69
28,546		Hite Brewery Co Ltd		3,214
1,719		HKScan Oyj		26
281,496		Hormel Foods Corp		11,727
11,758	e	House Foods Corp		175
32,332		Iaws Group plc		755
66,722	e	Imperial Sugar Co		1,256
264,036		InBev NV		23,235
30,000	m,v*	International Hydron Liquidating Trust		1
3,014,460		IOI Corp BHD		6,691
967		Ito En Ltd		11
28,096	e	Ito En Ltd		497
12,000		Itoham Foods, Inc		71
511,633		J Sainsbury plc		3,483
73,126		J&J Snack Foods Corp		2,009
341,083		J.M. Smucker Co		17,262
13,726,600		JG Summit Holdings		3,155
9,000		J-Oil Mills, Inc		25
126,032	e*	Jones Soda Co		440
3,500		Kagome Co Ltd		62
42,675	e	Kaneka Corp		267
1,584,801		Kellogg Co		83,297
111,168		Kerry Group plc (Class A)		3,484
332,800	e	Kikkoman Corp		4,090
1,066,762		Kirin Brewery Co Ltd		20,173
7,243		Koninklijke Wessanen NV		101
9,047,600		Kraft Foods, Inc (Class A)		280,566
2,667,527		Kulim Malaysia BHD		6,630
114,770		Lancaster Colony Corp		4,586
163,059		Lance, Inc		3,196
685		Laurent-Perrier		108
2,364		Laurent-Perrier		98
501		LDC		52
3,000	e	Leroy Seafood Group ASA		67
621		Lindt & Spruengli AG.		2,064
334,436	e	Lion Nathan Ltd		2,674
269		Lotte Chilsung Beverage Co Ltd		253
558		Lotte Confectionery Co Ltd		716
61,558	e*	M&F Worldwide Corp		2,302

62

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
6,366		Maple Leaf Foods, Inc	$	81
5,000		Marudai Food Co Ltd		12
38,000		Maruha Nichiro Holdings, Inc		59
319,900	e	Matsumotokiyoshi Holdings Co Ltd		6,948
630,586		McCormick & Co, Inc		23,313
37,270	e	Meiji Dairies Corp		224
50,241	e	Meiji Seika Kaisha Ltd		256
5,000		Mercian Corp		10
54,916	e	MGP Ingredients, Inc		384
2,500		Mikuni Coca-Cola Bottling Co Ltd		29
15,000		Mitsui Sugar Co Ltd		51
1,369,930		Molson Coors Brewing Co (Class B)		72,017
25,000	e	Morinaga & Co Ltd		58
9,000		Morinaga Milk Industry Co Ltd		28
50,365	e	National Beverage Corp		386
729,418		Nestle S.A.		364,489
1,336,753	e	Nichirei Corp		6,424
12,000		Nippon Beet Sugar Manufacturing Co Ltd		26
12,000		Nippon Flour Mills Co Ltd		49
23,921	e	Nippon Meat Packers, Inc		353
25,600	e	Nippon Suisan Kaisha Ltd		96
58,000		Nisshin Oillio Group Ltd		225
453,611	e	Nisshin Seifun Group, Inc		4,842
102,035	e	Nissin Food Products Co Ltd		3,439
1,782		Nong Shim Co Ltd		325
78,257		Northern Foods plc		143
9,000		Nosan Corp		22
2,120		Nutreco Holding NV		163
475,808		Olam International Ltd		743
14,561	*	Origin Enterprises plc		118
1,779		Orion Corp		304
1,235,461		Parmalat S.p.A.		4,749
76,883	e*	Peet's Coffee & Tea, Inc		1,808
700		Penford Corp		15
1,310,002		Pepsi Bottling Group, Inc		44,422
447,381		PepsiAmericas, Inc		11,422
11,346,077	*	PepsiCo, Inc		819,187
82,059		Perdigao S.A.		1,880
204,099	*	Performance Food Group Co		6,670
56,841	e	Pernod-Ricard S.A.		5,847
3,609,600		Petra Foods Ltd		3,383
368,100		PPB Group BHD		1,174
42,378		Premier Foods plc		94
309,124		PT Astra Agro Lestari Tbk		868
4,786,014		PT Indofood Sukses Makmur Tbk		1,209
3,704,500		PT Kalbe Farma Tbk		394
26,271	e	Q.P. Corp		271
12,711	e	Raisio plc (V Shares)		29
144,608	*	Ralcorp Holdings, Inc		8,409
117,249	e	Reddy Ice Holdings, Inc		1,528
188,660		Remgro Ltd		4,558
1,088		Remy Cointreau S.A.		73
750,005	e	Reynolds American, Inc		44,273
3,123		Robert Wiseman Dairies plc		28
300		Royal UNIBREW AS		31
338,486		Sadia S.A.		2,006

63

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
3,070,410	e	Sampo Oyj (A Shares)	$	83,133
89,165	e	Sanderson Farms, Inc		3,389
325,000	e	Sapporo Holdings Ltd		2,657
359,032		Saputo, Inc		9,682
2,922,970		Sara Lee Corp		40,863
875		Schouw & Co		71
262,334		Scottish & Newcastle plc		4,113
4,000		Showa Sangyo Co Ltd		10
417,047	*	Smithfield Foods, Inc		10,743
44,000	e	Snow Brand Milk Products Co Ltd		129
1,389	e	SOS Cuetara S.A.		31
33,810	*	Strauss-Elite Ltd		489
30,090	e	Suedzucker AG.		667
872,432		Swire Pacific Ltd (Class A)		9,842
1,100		T Hasegawa Co Ltd		19
36,795	e	Takara Holdings, Inc		253
9,000	e	Takasago International Corp		73
18,440		Tata TEA Ltd		380
163,653		Tate & Lyle plc		1,754
3,750,300		Tingyi Cayman Islands Holding Corp		4,915
194,338	e	Tootsie Roll Industries, Inc		4,897
47,142		Total Produce plc		45
153,589		Toyo Suisan Kaisha Ltd		2,311
188,732	*	TreeHouse Foods, Inc		4,314
1,551,033		Tyson Foods, Inc (Class A)		24,739
53,552		Ulker Gida Sanayi ve Ticaret AS		107
1,000		Unicharm Petcare Corp		31
3,302,254		Unilever plc		111,349
11,537		Uniq plc		23
122,526		United Breweries Co, Inc		866
18,305		United Spirits Ltd		685
2,200,000		Universal Robina Corp		737
52,000		Vitasoy International Holdings Ltd		23
179		Vranken - Pommery Monopole		14
10,323,000	*	Want Want China Holdings Ltd		3,847
1,242,000		Wilmar International Ltd		3,772
1,030,073		Wrigley (Wm.) Jr Co		64,730
139,500	e	Yakult Honsha Co Ltd		4,324
251,592	e	Yamazaki Baking Co Ltd		2,383
140,100		Yantai Changyu Pioneer Wine Co		882
1,500		Yonekyu Corp		12
		TOTAL FOOD AND KINDRED PRODUCTS		4,497,529
FOOD STORES - 0.59%
179,101		Alimentation Couche Tard, Inc		2,808
2,600		Arcs Co Ltd		32
8,885	e	Arden Group, Inc (Class A)		1,271
1,013,274	e	Carrefour S.A.		78,178
4,000		Cawachi Ltd		103
680,027		Centros Comerciales Sudamericanos S.A.		2,910
5,587		Colruyt S.A.		1,438
51,424		Companhia Brasileira de Distribuicao Grupo Pao de Acucar		1,055
7,227,600	v	CP Seven Eleven PCL		2,387
159,940		Delhaize Group		12,585
21,192		Discount Investment Corp		546
1,887,807		Distribucion y Servicio D&S S.A.		782

64

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
319,500		FamilyMart Co Ltd	$	11,443
69,033		George Weston Ltd		3,176
3,144,373	e	Goodman Fielder Ltd		5,173
199,443	e*	Great Atlantic & Pacific Tea Co, Inc		5,229
536	e	Guyenne et Gascogne S.A.		83
2,700		Hakon Invest AB		63
1,500		Heiwado Co Ltd		23
62,654	e	Ingles Markets, Inc (Class A)		1,541
3,100		Izumi Co Ltd		43
2,110,750		Jeronimo Martins SGPS S.A.		16,962
3,000		Kasumi Co Ltd		16
368,801	e	Kesko Oyj (B Shares)		19,069
400,904		Koninklijke Ahold NV		5,950
5,393,712		Kroger Co		137,000
47,700	e	Lawson, Inc		2,110
146,031	e	Loblaw Cos Ltd		4,326
73,480		Migros Turk TAS		1,079
113,544	e*	Panera Bread Co (Class A)		4,756
128,674	e*	Pantry, Inc		2,712
158,581		Pick'n Pay Stores Ltd		557
399,000		President Chain Store Corp		1,366
247,646		Ruddick Corp		9,128
2,294,425		Safeway, Inc		67,341
1,018,486		Seven & I Holdings Co Ltd		25,544
428,257		Shoprite Holdings Ltd		1,996
628,107		Sonae SPGS S.A.		1,155
1,238,448		Supervalu, Inc		37,129
18,866,265		Tesco plc		141,909
163		Valora Holding AG.		42
26,356		Village Super Market (Class A)		1,357
68,736		Weis Markets, Inc		2,369
658,185	e	Whole Foods Market, Inc		21,700
189,277	*	Winn-Dixie Stores, Inc		3,399
3,493,032		WM Morrison Supermarkets plc		19,012
1,932,255		Woolworths Ltd		51,211
1,650	*	X 5 Retail Group NV (GDR)		49
400		Yaoko Co Ltd		11
		TOTAL FOOD STORES		710,124
FORESTRY - 0.08%
25,632		Great Southern Ltd		40
43,726	e	Gunns Ltd		125
11,000		Hokuetsu Paper Mills Ltd		50
678,638		Rayonier, Inc		29,480
959,077	*	Weyerhaeuser Co		62,378
		TOTAL FORESTRY		92,073
FURNITURE AND FIXTURES - 0.21%
1,506		Beter BED Holding NV		34
2,736		Dorel Industries, Inc (Class B)		81
3,500		Ekornes ASA		64
144,108	e	Ethan Allen Interiors, Inc		4,097
367		Faurecia		19
6,000		France Bed Holdings Co Ltd		8
298,460	e	Furniture Brands International, Inc		3,492
362,139		Herman Miller, Inc		8,898

65

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
258,906	*	Hillenbrand Industries, Inc	$	12,376
311,328	e	HNI Corp		8,372
64,174	e	Hooker Furniture Corp		1,434
26,000		HTL International Holdings Ltd		7
1,273	e	Hunter Douglas NV		86
309,790		Interface, Inc (Class A)		4,352
1,800		Itoki Corp		11
3,339,327		Johnson Controls, Inc		112,869
36,000		Kenwood Corp		40
139,382		Kimball International, Inc (Class B)		1,494
277,273	e	La-Z-Boy, Inc		2,312
1,049,806	e	Leggett & Platt, Inc		16,009
3,339,208		Masco Corp		66,216
824		Mecalux S.A.		27
10,031	e	Neopost S.A.		1,126
2,000		Okamura Corp		14
800	e	Paramount Bed Co Ltd		11
45,000		Samson Holding Ltd		11
234,045	e	Sealy Corp		1,779
250,029	e*	Select Comfort Corp		900
487,238	e	Tempur-Pedic International, Inc		5,360
5,000		Uchida Yoko Co Ltd		22
1,244		Villeroy & Boch AG.		17
		TOTAL FURNITURE AND FIXTURES		251,538
FURNITURE AND HOME FURNISHINGS STORES - 0.14%
1,077,271	e*	Bed Bath & Beyond, Inc		31,780
900	e*	Bell Microproducts, Inc		2
1,511,627	e	Circuit City Stores, Inc		6,016
508,922		DSG International plc		641
3,844		Dunelm Group plc		12
918,038	*	GameStop Corp (Class A)		47,472
57,994	*	Grupo Elektra S.A. de CV		1,583
10,492	e	GUD Holdings Ltd		93
1,376,656	e	Harvey Norman Holdings Ltd		4,919
121,079	e	Haverty Furniture Cos, Inc		1,288
14,300	e*	hhgregg, Inc		161
6,313	e	JB Hi-Fi Ltd		52
5,000	e	Joshin Denki Co Ltd		52
670,054		Kesa Electricals plc		2,736
338,634		Knoll, Inc		3,908
4,500		Kohnan Shoji Co Ltd		57
2,800	e	Komeri Co Ltd		68
4,300		K's Holdings Corp		86
229,871	e*	Mohawk Industries, Inc		16,461
28,100	e	Nitori Co Ltd		1,590
536,885	e*	Pier 1 Imports, Inc		3,372
336,806		Shimachu Co Ltd		10,120
380,203		Steelcase, Inc (Class A)		4,205
765,438		Steinhoff International Holdings Ltd		1,708
169,094	e	Tuesday Morning Corp		876
906,852	*	Waterford Wedgwood plc		21
374,165	e	Williams-Sonoma, Inc		9,070
172,878	e	Yamada Denki Co Ltd		14,915
		TOTAL FURNITURE AND HOME FURNISHINGS STORES		163,264

66

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
GENERAL BUILDING CONTRACTORS - 0.45%
1,910,722		Amec plc	$	27,436
9,636	e	Amrep Corp		504
162,000		ASK Planning Center, Inc		476
366,016	e	Asunaro Aoki Construction Co Ltd		1,964
32,654	e*	Avatar Holdings, Inc		1,423
331,180		Aveng Ltd		2,368
127,581		Balfour Beatty plc		1,193
259,822		Barratt Developments plc		2,132
213,947	e	Beazer Homes USA, Inc		2,022
13,165		Becton Property Group		26
15,785		Bellway plc		280
83,464		Berkeley Group Holdings plc		1,845
57,565	e	Bilfinger Berger AG.		4,958
65,927	e	Brookfield Homes Corp		1,108
19,562		Carillion plc		153
1,079,728	e	Centex Corp		26,140
1,002,000		Century City International		14
350,737		Cheung Kong Infrastructure Holdings Ltd		1,408
2,100	e	Cleanup Corp		10
493,180		Consorcio ARA, S.A. de C.V.		502
339,529	*	Corp GEO S.A. de C.V. (Series B)		1,083
87,919		CRH plc		3,326
20,000		Daikyo, Inc		42
61,200	e	Daito Trust Construction Co Ltd		3,156
627,101	e	Daiwa House Industry Co Ltd		6,209
168,750		DLF Ltd		2,716
1,533,734	e	DR Horton, Inc		24,156
2,500,000		Eastern & Oriental BHD		1,407
209,104	e	Eiffage S.A.		20,336
1,622,723		Fletcher Building Ltd		10,704
3,000		Fujitec Co Ltd		17
18,362		Galliford Try plc		24
2,723,603		Haseko Corp		4,017
26,265		Hellenic Technodomiki Tev S.A.		321
12,403		Hochtief AG.		1,136
17		Hoosiers Corp		6
204,596	e*	Hovnanian Enterprises, Inc (Class A)		2,169
51,615		Hyundai Development Co		3,523
5,665,550		IJM Corp BHD		10,805
10,853	e	Imerys S.A.		995
820	*	Implenia AG.		25
15,497	e*	Impregilo S.p.A.		84
10,781,508	v	Italian-Thai Development PCL		2,705
2,930		J&P-Avax SA		25
6,200		JM AB		146
617,508	e	Kajima Corp		1,747
594,268	e	KB Home		14,696
4,059		Kier Group plc		111
4,435		Koninklijke BAM Groep NV		105
14,000		Kumagai Gumi Co Ltd		15
301		Lemminkainen Oyj		17
524,638		Lend Lease Corp Ltd		6,353
525,677	e	Lennar Corp (Class A)		9,888
85,368	e	M/I Homes, Inc		1,450
7,000		Maeda Corp		20

67

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
173		Maisons France Confort	$	9
516,300	*	Malaysian Resources Corp BHD		220
132,315	e	McGrath RentCorp		3,190
18,095		McInerney Holdings plc		34
523,819		MDC Holdings, Inc		22,938
8,510		Mears Group plc		46
142,426	e*	Meritage Homes Corp		2,752
2,237		Michaniki S.A.		12
8,083		Michaniki S.A.		61
1,200	*	Misawa Homes Co Ltd		6
9,348		Mota Engil SGPS S.A.		71
54,177		MRV Engenharia e Participacoes S.A.		963
54,748	e*	NVR, Inc		32,712
422,407	e	Obayashi Corp		1,771
3,218	e	Obrascon Huarte Lain S.A.		119
57,907	e*	Palm Harbor Homes, Inc		305
4,000		PanaHome Corp		26
6,899	*	PBG S.A.		992
190,498	*	Perini Corp		6,902
316,368		Persimmon plc		4,803
1,603,063	e	Pulte Homes, Inc		23,325
428,765	*	Puravankara Projects Ltd		2,576
106,000		PYI Corp Ltd		25
7,885		Redrow plc		51
1,243		Renta Corp Real Estate S.A.		22
7,864		ROK plc		19
15,993	e	Ruukki Group Oyj		58
989,151	e	Ryland Group, Inc		32,533
30,889	e	Sacyr Vallehermoso S.A.		1,073
556,796	e	Sekisui Chemical Co Ltd		3,368
312,629	e	Sekisui House Ltd		2,892
5,506,000		Shanghai Forte Land Co		2,045
376,100		Shanghai Lujiazui Finance & Trade Zone Development Co Ltd		765
373,842	e	Shimizu Corp		1,718
2,000		Sjaelso Gruppen		57
115,226	e	Skanska AB (B Shares)		2,308
280,648		Sobha Developers Ltd		4,223
369,671	e	Standard-Pacific Corp		1,797
6,800	e	Sumitomo Forestry Co Ltd		47
13,525	e	Sunland Group Ltd		31
4,600	e	Suruga Corp		13
48,000	*	SxL Corp		23
619,425	e	Taisei Corp		1,578
166,193	e	Takamatsu Corp		2,668
927,609		Taylor Woodrow plc		3,452
73,890	*	Team, Inc		2,017
10,855	v*	Technical Olympic S.A.		10
12,596		Teixeira Duarte - Engenharia Construcoes S.A.		30
17,460		Titan Cement Co S.A.		742
83,504	e	Toda Corp		343
390		Token Corp		13
7,830		Tokyu Construction Co Ltd		28
682,354	*	Toll Brothers, Inc		16,022
15,000		United Engineers Ltd		43
343,582	*	Urbi Desarrollos Urbanos S.A. de C.V		1,127
5,400		Veidekke ASA		53

68

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
1,662,389	e	Vinci S.A.	$	120,176
301,810		Walter Industries, Inc		18,902
168,523	e*	WCI Communities, Inc		565
37,729		YIT Oyj		1,070
		TOTAL GENERAL BUILDING CONTRACTORS		535,237
GENERAL MERCHANDISE STORES - 1.46%
258,521	e*	99 Cents Only Stores		2,557
510,821	e	Aeon Co Ltd		6,088
1,041,694	e*	Big Lots, Inc		23,230
409,709	*	BJ's Wholesale Club, Inc		14,623
39,767	e	Bon-Ton Stores, Inc		218
285,021		Casey's General Stores, Inc		6,441
64,853	e*	Conn's, Inc		1,058
2,594,248		Costco Wholesale Corp		168,548
5,800	*	Daiei, Inc		34
67,031		David Jones Ltd		223
215,593	e	Dillard's, Inc (Class A)		3,710
1,520,210		Family Dollar Stores, Inc		29,644
559,000		Far Eastern Department Stores Co Ltd		927
218,200	e	Fred's, Inc		2,237
72,000	e	Hankyu Department Stores, Inc		483
82,456		Hola Home Furnishings Co Ltd		65
13,035		Hyundai Department Store Co Ltd		1,257
1,049,500	*	Intime Department Store Group Co Ltd		754
145,000	e,v	Isetan Co Ltd		1,685
369,920		J Front Retailing Co Ltd		2,360
2,800	e	Japan Airport Terminal Co Ltd		61
1,093,148		JC Penney Co, Inc		41,223
20,080	e*	KarstadtQuelle AG.		402
25,000		Keihan Electric Railway Co Ltd		115
371,484	e	Keio Corp		2,068
1,043,489	e	Kintetsu Corp		3,727
257,900		Lojas Americanas S.A.		1,918
104,921		Lojas Renner S.A.		1,979
3,368,548		Macy's, Inc		77,679
2,748,556		Marks & Spencer Group plc		21,124
227,500	e	Marui Co Ltd		2,422
1,600	e	Matsuya Co Ltd		38
31,000		Metro Holdings Ltd		16
314,900	e,v	Mitsukoshi Ltd		1,229
4,138		Mothercare plc		34
1,421,912	*	New World Department Store China Ltd		1,653
2,419		North West Co Fund		44
144,250		PPR		21,373
1,664		Rallye S.A.		105
144,679	e*	Retail Ventures, Inc		702
268,109		SACI Falabella		1,451
734,350	e*	Saks, Inc		9,157
1,667	*	Sears Canada, Inc		37
15,665		Shinsegae Co Ltd		9,870
159,003	e	Stein Mart, Inc		894
2,701		Stockmann Oyj Abp (B Share)		128
223,300	e	Takashimaya Co Ltd		2,511
4,300,243		Target Corp		217,936
4,110,563		TJX Cos, Inc		135,936

69

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
2,617,119	e	Tobu Railway Co Ltd	$	13,968
1,493,916	e	Tokyu Corp		7,613
136,400	e	UNY Co Ltd		1,305
2,466,689		Wal-Mart de Mexico S.A. de C.V. (Series V)		10,444
16,904,487		Wal-Mart Stores, Inc		890,528
22,729		Warehouse Group Ltd		105
12,000		Wing On Co International Ltd		20
144,029		Woolworths Group plc		31
		TOTAL GENERAL MERCHANDISE STORES		1,745,988
HEALTH SERVICES - 0.89%
138,019	e*	Alliance Imaging, Inc		1,187
155,756	e*	Amedisys, Inc		6,127
65,169	e*	American Dental Partners, Inc		630
881,095		AmerisourceBergen Corp		36,107
179,344	e*	Amsurg Corp		4,247
289,172	*	Apria Healthcare Group, Inc		5,711
274,634	e*	Assisted Living Concepts, Inc (A Shares)		1,618
3,944		Athens Medical Center S.A.		19
56,113	e*	Bio-Reference Labs, Inc		1,483
992,764	*	Bioton S.A.		361
1,700	*	Biovitrum AB		21
162,377	e	Brookdale Senior Living, Inc		3,881
1,798,300	v	Bumrungrad Hospital PCL		1,942
1,740,928		Cigna Corp		70,629
2,476	*	Clinica Baviera S.A.		59
4,258		CML Healthcare Income Fund		66
8,333	e	Coloplast AS (Class B)		761
567,557	*	Community Health Systems, Inc		19,053
1,868	*	Corp Dermoestetica		17
48,047	*	Corvel Corp		1,470
301,948	*	Covance, Inc		25,053
968,016	*	Coventry Health Care, Inc		39,059
191,679	e*	Cross Country Healthcare, Inc		2,371
197,536	e*	CryoLife, Inc		1,857
644,510	*	DaVita, Inc		30,782
19,606		Diagnosticos da America S.A.		390
237,359	*	Edwards Lifesciences Corp		10,574
87,290	e*	eHealth, Inc		1,927
51,193	e*	Emeritus Corp		1,068
15,814		Ensign Group, Inc		147
159,726	e*	Enzo Biochem, Inc		1,452
1,536		Euromedica S.A.		21
1,160,217	*	Express Scripts, Inc		74,625
2,784		Extendicare Real Estate Investment Trust		32
1,856,666		Fraser and Neave Ltd		6,542
408,252	e	Fresenius Medical Care AG.		20,528
69,750	e*	Genomic Health, Inc		1,318
47,447	*	Genoptix, Inc		1,187
164,733	*	Gentiva Health Services, Inc		3,585
205,082	e	Getinge AB (B Shares)		5,315
914,994	e*	Health Management Associates, Inc (Class A)		4,840
21,652	e	Healthscope Ltd		103
3,597,967	a*	Healthsouth Corp		64,008
218,197	e*	Healthways, Inc		7,711
2,400	*	Hooper Holmes, Inc		2

70

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
148,720	e*	Hythiam, Inc	$	180
2,219		Iaso S.A.		34
330,774	e*	Immunomedics, Inc		929
124,802		Intertek Group plc		2,556
380,824		Japan Care Service Corp		554
1,990		Japan Longlife Co Ltd		503
168,611	*	Kindred Healthcare, Inc		3,688
9,719	*	Laboratorios Almirall S.A.		198
483,304	*	Laboratory Corp of America Holdings		35,610
106,199	e	LCA-Vision, Inc		1,327
86,555	e*	LHC Group, Inc		1,454
220,158	*	LifePoint Hospitals, Inc		6,048
343,366	*	Lincare Holdings, Inc		9,652
225,730	e*	Magellan Health Services, Inc		8,959
123,808	*	Matria Healthcare, Inc		2,761
1,589,417		McKesson Corp		83,238
150,924	*	MDS, Inc		2,941
52,399	*	Medcath Corp		954
3,581,437	*	Medco Health Solutions, Inc		156,831
337,366		Mindray Medical International Ltd (ADR)		9,763
36,521	e	National Healthcare Corp		1,779
579,691	e*	Nektar Therapeutics		4,023
46,087		Nestor Healthcare Group plc		40
928,883		Network Healthcare Holdings Ltd		979
112,808	e*	Nighthawk Radiology Holdings, Inc		1,056
5,800	e	Nihon Kohden Corp		133
202,132	*	Odyssey HealthCare, Inc		1,819
558,296	e	Omnicare, Inc		10,139
1,673	*	Orpea		101
1,100	*	Osteotech, Inc		5
2,196,834		Parkway Holdings Ltd		5,107
202,094	*	Pediatrix Medical Group, Inc		13,621
426,618		Pharmaceutical Product Development, Inc		17,875
6,870	*	Pharming Group NV		10
116,900	*	Pharmstandard (GDR)		2,747
330,274	e	Primary Health Care Ltd		1,826
283,385	e*	Psychiatric Solutions, Inc		9,612
49,000		Raffles Medical Group Ltd		44
168,598	e	Ramsay Health Care Ltd		1,656
98,832	*	RehabCare Group, Inc		1,482
6,150		Rhoen Klinikum AG.		182
8,265	e*	Sirtris Pharmaceuticals, Inc		107
131,075	e*	Skilled Healthcare Group, Inc (Class A)		1,439
560,810		Sonic Healthcare Ltd		7,047
132,597	e*	Stereotaxis, Inc		785
2,673	e	Straumann Holding AG.		763
259,752	*	Sun Healthcare Group, Inc		3,413
243,703	e*	Sunrise Senior Living, Inc		5,430
6,774		Synergy Healthcare plc		87
1,889,173	e*	Tenet Healthcare Corp		10,693
1,830,000	*	Town Health International Holdings Co Ltd		35
59,500	*	Triple-S Management Corp (Class B)		1,050
509,462		Universal Health Services, Inc (Class B)		27,353
17,403	e*	Virtual Radiologic Corp		266
3,136,770	*	WellPoint, Inc		138,426
		TOTAL HEALTH SERVICES		1,059,196

71

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.19%
1,819		Abengoa S.A.	$	65
258,004	e	Abertis Infraestructuras S.A.		8,407
158,354	e	ACS Actividades Cons y Servicios S.A.		9,018
9,983		Astaldi S.p.A.		77
3,999		Athens Water Supply & Sewage Co S.A.		59
3,400	*	Awilco Offshore ASA		35
245,000	v	Bangkok Expressway PCL		158
79,726		Biffa plc		552
3,864	e	Boskalis Westminster		223
1,631,979		Bouygues S.A.		103,678
91,938	e	Chiyoda Corp		835
1,061		Compagnie d'Entreprises CFE		103
28,075	e*	Comverge, Inc		290
141,244		ConnectEast Group		169
26,133		Daelim Industrial Co		3,338
349,756	*	Empresas ICA Sociedad Controladora S.A. de C.V.		2,079
16,501	e	Fomento de Construcciones y Contratas S.A.		1,086
846,037	*	Foster Wheeler Ltd		47,903
24,900		Fudo Tetra Corp		23
4,368,700		Gamuda BHD		4,507
2,137		GEK Group of Cos S.A.		25
85,415		Gemina S.p.A.		126
333,221		Giken Seisakusho Co, Inc		1,304
186,190	e	Granite Construction, Inc		6,090
11,642		Great Lakes Dredge & Dock Corp		60
21,243		Grupo Ferrovial S.A.		1,542
48,232		GS Engineering & Construction Corp		7,062
4,000,055		Guangzhou Investment Co Ltd		828
3,000		Hitachi Plant Technologies Ltd		9
31,000		Hyflux Ltd		68
36,141		Hyundai Engineering & Construction Co Ltd		3,138
21,314	*	Jarvis plc		7
3,000		Maeda Road Construction Co Ltd		25
149,086	*	Matrix Service Co		2,561
276,853		Murray & Roberts Holdings Ltd		3,260
5,500		NCC AB (B Shares)		160
3,000		Nippo Corp		17
116,853	e	Nishimatsu Construction Co Ltd		251
75,696	e	Okumura Corp		386
65,989		Orascom Construction Industries		4,976
9,100		Peab AB		97
5,340,680		PT Truba Alam Manunggal Engineering		493
2,200		SHO-BOND Holdings Co Ltd		27
71		STRABAG AG.		25
2,000		Taihei Dengyo Kaisha Ltd		15
10,000		Takuma Co Ltd		27
1,120		Tecnicas Reunidas S.A.		85
1,141		Terna S.A.		13
7,100	*	TK Development		92
18,000		Toa Corp/Tokyo		15
9,895		Tognum AG.		217
2,000		Toshiba Plant Systems & Services Corp		16
23,000	*	Toyo Construction Co Ltd		15
1,224,531	e	Transurban Group		7,274

72

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
582,900		UEM World BHD	$	591
733		Vianini Lavori S.p.A.		10
3,848,713		YTL Corp BHD		8,904
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		232,416
HOLDING AND OTHER INVESTMENT OFFICES - 1.86%
453,419		3i Group plc		7,469
900	*	4Kids Entertainment, Inc		9
31,486		Aberdeen Asset Management plc		87
174,792	e	Acadia Realty Trust		4,221
1,896		Ackermans & Van Haaren		197
507,034	e*	Affiliated Managers Group, Inc		46,008
60,852	e	Agree Realty Corp		1,670
325,714	e	Alesco Financial, Inc		938
10,324	e*	Alexander's, Inc		3,660
166,588		Alexandria Real Estate Equities, Inc		15,446
854,827		Allan Gray Property Trust		638
23,487,600		Allco Commercial Real Estate Investment Trust		13,992
1,652,860	e	Allco Finance Group Ltd		717
663,259	e	Allied Capital Corp		12,224
1,422		Allied Properties Real Estate Investment Trust		27
563,194		AMB Property Corp		30,649
139,640		American Campus Communities, Inc		3,821
675,176		American Financial Realty Trust		5,361
25,000		American Land Lease, Inc		514
89,963	e*	Ampal American Israel (Class A)		576
2,442,360		Annaly Mortgage Management, Inc		37,417
351,940	e	Anthracite Capital, Inc		2,323
354,829		Anworth Mortgage Asset Corp		2,175
708,238	e	Apartment Investment & Management Co (Class A)		25,362
612,344	e	Apollo Investment Corp		9,693
64,068	e	Arbor Realty Trust, Inc		966
337,964		ARC Energy Trust		8,686
62,000		Ascott Residence Trust		58
655,153	e	Ashford Hospitality Trust, Inc		3,721
24,985		Ashmore Group plc		139
54	e	Asset Managers Co Ltd		38
127,311		Associated Estates Realty Corp		1,456
58,649	e	Australian Infrastructure Fund		146
397,703		AvalonBay Communities, Inc		38,386
98		AVW Invest AG.		21
123,522		Ayala Corp		1,168
52,061		Babcock & Brown Japan Property Trust		51
2,303,360	e	Babcock & Brown Wind Partners		3,242
1,125		Befimmo SCA Sicafi		137
1,623		Bellevue Group AG.		112
385,605		BioMed Realty Trust, Inc		9,212
17,521		Boardwalk Real Estate Investment Trust		649
34,021		Bodycote International plc		126
646,733		Boston Properties, Inc		59,545
2,163	*	Boursorama		24
466,253		Brandywine Realty Trust		7,908
196,068	e	BRE Properties, Inc (Class A)		8,933
32,186		Brewin Dolphin Holdings plc		88
797,000	e	Brookfield Asset Management, Inc		21,477
37,414	e	BRT Realty Trust		524

73

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
15,180	*	BTG plc	$	26
10,832		Bunnings Warehouse Property Trust		19
3,785		Calloway Real Estate Investment Trust		74
255,575		Camden Property Trust		12,830
3,200		Canadian Apartment Properties REI		49
1,550		Canadian Real Estate Investment Trust		41
2,623,800	e	CapitaCommercial Trust		4,232
228,879		Capital Lease Funding, Inc		1,778
16,083	e	Capital Southwest Corp		1,990
79,345	e	Capital Trust, Inc (Class A)		2,138
2,356,159		CapitaMall Trust		5,906
22,000		CapitaRetail China Trust		21
4,580		CapMan Oyj (B Shares)		18
637,297		CBL & Associates Properties, Inc		14,996
205,899	e	CBRE Realty Finance, Inc		830
28,000		CDL Hospitality Trusts		42
293,134		Cedar Shopping Centers, Inc		3,424
1,551,397	e	CFS Gandel Retail Trust		3,077
46,773		Challenger Diversified Property Group		33
16,184		Charter Hall Group		21
39,175	e	Cherokee, Inc		1,319
96,000	*	China Chengtong Development Group Ltd		12
887,927		China Merchants Holdings International Co Ltd		4,216
83,506		CI Financial Income Fund		1,773
9,152		City Pacific Ltd		10
3,816	*	Climate Exchange plc		140
46,358		Cofide S.p.A.		53
5,508		Cofinimmo		1,191
188,110		Colonial Properties Trust		4,524
2,200		Cominar Real Estate Investment Trust		44
1,009,910	e	Commonwealth Property Office Fund		1,228
122,885		Companhia de Concessoes Rodoviarias		1,813
2,383		Corp Financiera Alba		157
221,521		Corporate Office Properties Trust		7,445
211,909		Cousins Properties, Inc		5,236
20		Creed Office Investment Corp		66
10		Crescendo Investment Corp		31
5	e	Cross Timbers Royalty Trust		-	^
145,656	e	Crystal River Capital, Inc		1,301
20		DA Office Investment Corp		88
1,855		DAB Bank AG.		16
962,911		DCT Industrial Trust, Inc		9,591
295,267	e	Deerfield Capital Corp		416
1,131		Deutsche Beteiligungs AG.		29
478,764		Developers Diversified Realty Corp		20,051
561,144		DiamondRock Hospitality Co		7,110
279,848	e	Digital Realty Trust, Inc		9,935
529,432		Douglas Emmett, Inc		11,679
1,164,301		Duke Realty Corp		26,558
126,783	e	EastGroup Properties, Inc		5,890
1,861	*	Eco Business-Immobilien AG.		21
174,256	e	Education Realty Trust, Inc		2,190
5,441	*	EM.Sport Media AG.		23
88,000		Emperor International Holdings		35
121,519	e*	Energy Infrastructure Acquisition Corp		1,209
36,962		Enodis plc		102

74

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
172,337	e	Entertainment Properties Trust	$	8,501
139,768		Equity Lifestyle Properties, Inc		6,900
188,355	e	Equity One, Inc		4,515
1,234,559		Equity Residential		51,222
132,577	e	Essex Property Trust, Inc		15,111
113,544		Eurazeo		14,520
21,270		Evolution Group plc		44
400,768	e	Extra Space Storage, Inc		6,488
415,036		Federal Realty Investment Trust		32,352
428,016		FelCor Lodging Trust, Inc		5,149
242,670	e	First Industrial Realty Trust, Inc		7,496
266,000		First Pacific Co		175
138,983	e	First Potomac Realty Trust		2,136
837		Fonciere Des Regions		123
24,000		Fortune Real Estate Investment Trust		16
1,045,500	*	Fosun International		705
301,467	e	Franklin Street Properties Corp		4,317
63,000		Frasers Centrepoint Trust		57
851,891	e	Friedman Billings Ramsey Group, Inc (Class A)		1,448
5		Frontier Real Estate Investment Corp		43
4	e	Fukuoka REIT Corp		24
1,283,153		General Growth Properties, Inc		48,978
5,923,640		Genting BHD		12,131
151,297	*	Getin Holding S.A.		846
101,505	e	Getty Realty Corp		1,617
1,703		Gimv NV		128
83,286	e	Gladstone Capital Corp		1,558
201,567	e	Glimcher Realty Trust		2,411
5		Global One Real Estate Investment Corp		56
169,314	e	GMH Communities Trust		1,470
1,419,000		GOME Electrical Appliances Holdings Ltd		3,260
93,126		Goodman Property Trust		97
2,757,632		GPT Group		8,191
155,174	e	Gramercy Capital Corp		3,248
109,553		Great Portland Estates plc		1,151
76,296		Groupe Bruxelles Lambert S.A.		9,310
3,325	e*	Groupe Bruxelles Lambert S.A.		-	^
7,966	*	Groupe Eurotunnel S.A.		132
20,374		GS Holdings Corp		793
7,721,573		Guinness Peat Group plc		9,956
3,374		H&R Real Estate Investment		64
4		Hankyu Reit, Inc		24
705		HCI Capital AG.		16
1,414,785		HCP, Inc		47,834
357,959		Health Care REIT, Inc		16,155
295,194	e	Healthcare Realty Trust, Inc		7,719
380,003		Heineken Holding NV		19,108
214,020		Hersha Hospitality Trust		1,933
77,519	*	HFF, Inc (Class A)		388
288,500	e*	Hicks Acquisition Co I, Inc		2,648
320,492		Highwoods Properties, Inc		9,958
282,235	e*	Hilltop Holdings, Inc		2,935
121,600		HKR International Ltd		83
192,385		Home Properties, Inc		9,233
31,000		Hong Fok Corp Ltd		22
357,996		Hospitality Properties Trust		12,179

75

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
2,331,003		Host Marriott Corp	$	37,110
174,201		Housing Development Finance Corp		10,333
828,520		HRPT Properties Trust		5,576
333,257	e*	Immoeast AG.		3,209
510,146	e	IMPAC Mortgage Holdings, Inc		648
36,452		Infratil Ltd		61
2,067,955	e	ING Industrial Fund		4,025
167,942		ING Office Fund		203
397,880	e	Inland Real Estate Corp		6,052
14,730		Intek S.p.A.		14
702		Intervest Offices		32
904,800		Investimentos Itau S.A.		5,311
336,545		Investors Real Estate Trust		3,291
12,549	*	IP Group plc		27
125,188		Is Gayrimenkul Yatirim Ortakligi AS		96
683,154	e	iStar Financial, Inc		9,585
199,473	*	Istituto Finanziario Industriale S.p.A.		5,492
227,200	e*	Jafco Co Ltd		7,567
274,514	e*	Jamba, Inc		727
885,000		Japan Asia Investment Co Ltd		3,498
8		Japan Excellent, Inc		49
4		Japan Hotel and Resort Inc		13
6		Japan Logistics Fund Inc		40
1,444		Japan Prime Realty Investment Corp		4,766
293	e	Japan Real Estate Investment Corp		3,410
550		Japan Retail Fund Investment Corp		3,471
156,218	e	JER Investors Trust, Inc		1,325
525,764	e	JFE Holdings, Inc		23,313
5		Joint Reit Investment Corp		14
11,612		KBC Ancora		1,195
9		Kenedix Realty Investment Corp		54
141,329		Kilroy Realty Corp		6,941
909,915		Kimco Realty Corp		35,641
158,919		Kite Realty Group Trust		2,225
7,786,600		KLCC Property Holdings BHD		7,109
13,123,500	*	KWG Property Holding Ltd		11,096
1,086,739		Land Securities Group plc		32,546
233,952		LaSalle Hotel Properties		6,721
438,631	e	Lexington Corporate Properties Trust		6,321
43,292		LG Corp		3,265
792,405		Liberty Property Trust		24,652
3,102,300	*	Lippo-Mapletree Indonesia Retail Trust		1,341
142,123		LTC Properties, Inc		3,654
246,219	e,v	Luminent Mortgage Capital, Inc		143
363,587		Macerich Co		25,549
262,583		Mack-Cali Realty Corp		9,377
205,287	e	Macquarie Communications Infrastructure Group		788
52,116	e	Macquarie CountryWide Trust		56
91,405	e	Macquarie DDR Trust		35
5,854,573	e	Macquarie Infrastructure Group		14,874
9,408		Macquarie Leisure Trust Group		22
78,000		Macquarie MEAG Prime REIT		70
28,831	e	Macquarie Media Group Ltd		97
3,109,804	e	Macquarie Office Trust		2,586
204,442	e	Maguire Properties, Inc		2,926
5,563,410		Man Group plc		61,225

76

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
2,656,900		Mapletree Logistics Trust	$	1,921
2,516	*	Martifer SGPS S.A.		34
331,228	e	Medical Properties Trust, Inc		3,749
6,974	*	Meinl Airports International AG.		47
761,813		Melco International Development		1,059
275,972	e*	Meruelo Maddux Properties, Inc		701
664,946		MFA Mortgage Investments, Inc		4,189
9		MID Reit, Inc		35
147,774		Mid-America Apartment Communities, Inc		7,365
572,929		Midland Holdings Ltd		567
28,000		Minth Group Ltd		29
337,319	e	Mission West Properties, Inc		3,188
337	*	Mobimo Holding AG.		66
2,815		Morguard Real Estate Investment Trust		35
8		Mori Hills REIT Investment Corp		51
6		Mori Trust Sogo Reit, Inc		51
688		MPC Muenchmeyer Petersen Capital AG.		48
275,600	*	Mulpha International BHD		78
147,825		MVC Capital, Inc		2,253
135,993		National Health Investors, Inc		4,250
443,551		National Retail Properties, Inc		9,780
14,137		Nationale A Portefeuille		1,077
596,956		Nationwide Health Properties, Inc		20,147
11		New City Residence Investment Corp		34
217,914	e	Newcastle Investment Corp		1,800
220,475	e*	NexCen Brands, Inc		756
6		Nippon Accommodations Fund, Inc		29
729		Nippon Building Fund, Inc		9,215
38		Nippon Commercial Investment Corp		147
15		Nippon Residential Investment Corp		52
7,587	e	Nobel Biocare Holding AG.		1,765
2,470,982		Noble Group Ltd		3,949
183		Nomura Real Estate Office Fund, Inc		1,483
333,892	e	NorthStar Realty Finance Corp		2,728
211,612	*	NRDC Acquisition Corp		1,945
3,361	e	NTT Urban Development Corp		4,822
1,124,690		NWS Holdings Ltd		3,815
422,193		Omega Healthcare Investors, Inc		7,329
3,514		Ordina NV		58
12		Orix JREIT, Inc		70
97,000		Pacific Century Premium Developments Ltd		35
103,141		Parkway Properties, Inc		3,812
3,083		Partners Group		448
104,724	e	PennantPark Investment Corp		891
202,754	e	Pennsylvania Real Estate Investment Trust		4,945
7,614	*	Pinetree Capital Ltd		23
1,027,570		Plum Creek Timber Co, Inc		41,822
58,000		Poly Hong Kong Investment Ltd		37
5,211,160		Polytec Asset Holdings Ltd		1,266
292,346		Post Properties, Inc		11,290
213,450		Potlatch Corp		8,809
6		Premier Investment Co		36
1,417		Primaris Retail Real Estate Investment Trust		23
1,751,285		Prologis		103,081
132,928	e	Prospect Capital Corp		2,023
120,280		PS Business Parks, Inc		6,243

77

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
35,005		PSP Swiss Property AG.	$	2,363
619,045		Public Storage, Inc		54,860
19,101		RAB Capital plc		20
345,362	e	RAIT Investment Trust		2,397
94,222		Ramco-Gershenson Properties		1,989
4,252		Rathbone Brothers		89
5,800		Ratos AB (B Shares)		195
564,037	e	Realty Income Corp		14,451
133,021	e	Redwood Trust, Inc		4,835
61,045,000		Regal Real Estate Investment Trust		14,119
344,946		Regency Centers Corp		22,339
115,737	e	Resource Capital Corp		876
351,152		RioCan Real Estate Investment Trust		7,082
315,174		RMB Holdings Ltd		952
59,814		Saul Centers, Inc		3,005
1,633		Sechilienne-Sidec		126
15		Secured Capital Japan Co Ltd		23
531,042		Senior Housing Properties Trust		12,586
537,000		Shanghai Industrial Holdings Ltd		2,029
1,357,500		Shimao Property Holdings Ltd		2,435
394,603		Shinhan Financial Group Co Ltd		20,839
112,000		Silver Grant International		16
1,329,718		Simon Property Group, Inc		123,544
372,571		SL Green Realty Corp		30,353
8,913,552		SM Prime Holdings		1,814
324		Societe Fonciere Financiere et de Participations FFP		38
487		Societe Immobiliere de Location pour l'Industrie et le Commerce		74
11,275	*	Sonae Capital SGPS S.A.		25
118,780		Sovran Self Storage, Inc		5,073
7,795	e	Sponda Oyj		102
439,289	e	Strategic Hotels & Resorts, Inc		5,768
98,615		Sun Communities, Inc		2,022
54,000		Sunlight Real Estate Investment Trust		15
362,584		Sunstone Hotel Investors, Inc		5,805
240,552		Suntec Real Estate Investment Trust		253
172,982	e	Tanger Factory Outlet Centers, Inc		6,655
66,090	e*	Tarragon Corp		142
723,936		Taubman Centers, Inc		37,717
33,850		Tishman Speyer Office Fund		43
8		Tokyu REIT, Inc		60
8		Top REIT Inc		34
243,200	e*	Triplecrown Acquisition Corp		2,218
566,227		UDR, Inc		13,884
64,686		United Arab Investors		209
7		United Urban Investment Corp		44
68,903	e	Universal Health Realty Income Trust		2,294
3,409	e*	Uranium Participation Corp		32
123,619		Urstadt Biddle Properties, Inc (Class A)		1,945
287,464		U-Store-It Trust		3,257
2,086		Vastned Offices/Industrial		74
701,483		Ventas, Inc		31,504
1,781,132		Virgin Media, Inc		25,061
642,840		Vornado Realty Trust		55,419
2,075	*	Vostok Gas Ltd		150
279,467		WABCO Holdings, Inc		12,749
245,937	e	Washington Real Estate Investment Trust		8,219

78

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
315,581	e	Weingarten Realty Investors	$	10,869
97,730	e	Wendel		12,269
568,772		Wharf Holdings Ltd		2,678
271,414		Winthrop Realty Trust		1,118
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		2,222,452
HOTELS AND OTHER LODGING PLACES - 0.53%
3,010,084	e	Accor S.A.		219,835
143,203	e	Ameristar Casinos, Inc		2,613
3,381,300		Banyan Tree Holdings Ltd		3,365
123,105	e*	Bluegreen Corp		825
365,073	e	Boyd Gaming Corp		7,301
464,854	e	Choice Hotels International, Inc		15,856
1,269	*	Club Mediterranee S.A.		68
1,246,244	e	Crown Ltd		11,959
5,000	e	Fujita Kanko, Inc		36
224,115	e*	Gaylord Entertainment Co		6,788
382,000	*	Golden Resorts Group Ltd		14
27,000		Great Eagle Holdings Ltd		73
171,952	e*	Great Wolf Resorts, Inc		1,097
2,200		HIS Co Ltd		32
2,523		Holidaybreak plc		27
2,383,168		Hongkong & Shanghai Hotels		3,913
17,000		Hotel Plaza Ltd		23
10,000		Hotel Properties Ltd		20
1,683,586		Indian Hotels Co Ltd		4,708
168,358	m	Indian Hotels Co Ltd		4
295,833		Indian Hotels Co Ltd		340
86,065		Intercontinental Hotels Group plc		1,298
83,145	e*	Isle of Capri Casinos, Inc		595
207,017		Kangwon Land, Inc		4,264
1,000		Kyoritsu Maintenance Co Ltd		18
1,718,000	*	Lai Sun Development		27
2,178,600		Landmarks BHD		1,526
429,432	e*	Las Vegas Sands Corp		31,623
124,194	e*	Lodgian, Inc		1,385
111,301	e	Marcus Corp		2,137
1,840,066		Marriott International, Inc (Class A)		63,225
936,751	*	MGM Mirage		55,053
7,530		Millennium & Copthorne Hotels plc		62
13,249,820	v	Minor International PCL		7,112
90,906	e*	Monarch Casino & Resort, Inc		1,610
101,109	e*	Morgans Hotel Group Co		1,498
12,441	*	NH Hoteles S.A.		207
17,000		Nishi-Nippon Railroad Co Ltd		61
69,707	*	Orascom Hotels & Development		1,112
20,299		Orbis S.A.		530
281,041	e	Orient-Express Hotels Ltd (Class A)		12,130
964		Pierre & Vacances		116
662,000		Regal Hotels International Holdings Ltd		39
2,100		Resorttrust, Inc		26
6,600		Rezidor Hotel Group AB		39
62,373	e*	Riviera Holdings Corp		1,286
3,158,431		Shangri-La Asia Ltd		8,522
3,637	e	Sol Melia S.A.		51
1,783,001		Starwood Hotels & Resorts Worldwide, Inc		92,270

79

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
3,071,498		Thomas Cook Group plc	$	17,678
178,820	e*	Trump Entertainment Resorts, Inc		644
168,526		TUI Travel plc		862
663,130		United Overseas Land Ltd		1,860
173,897	e*	Vail Resorts, Inc		8,398
668		Warimpex Finanz- und Beteiligungs AG.		7
700,604		Wyndham Worldwide Corp		14,489
224,083		Wynn Resorts Ltd		22,552
		TOTAL HOTELS AND OTHER LODGING PLACES		633,209
INDUSTRIAL MACHINERY AND EQUIPMENT - 6.62%
9,280	*	3PAR, Inc		63
79,536	e	Aaon, Inc		1,593
1,745,636		Acer, Inc		3,126
351,682	e	Actuant Corp (Class A)		10,624
183,142		Advantech Co Ltd		433
507,252	*	AGCO Corp		30,374
6,300		Aichi Corp		47
3,000		Aida Engineering Ltd		19
10,441		Aixtron AG.		143
156,253	e	Albany International Corp (Class A)		5,647
366,700	e	Alfa Laval AB		22,279
145,166	e*	Allis-Chalmers Energy, Inc		2,002
692,482	e	Alstom RGPT		150,126
1,723	*	Alten		51
53,976	*	Altra Holdings, Inc		726
231,224		Amada Co Ltd		1,749
11,900		Amano Corp		123
80,076		Ampco-Pittsburgh Corp		3,442
11,592	e	Andritz AG.		636
9,858,091		Applied Materials, Inc		192,331
248,775	e	ARRK Corp		789
3,000		Asahi Diamond Industrial Co Ltd		18
4,396	e	ASM International NV		81
214,900		ASM Pacific Technology		1,550
952,950	e	ASML Holding NV		23,440
112,649	*	Astec Industries, Inc		4,366
318,678	*	Asyst Technologies, Inc		1,115
223,653		Atlas Copco AB (A Shares)		3,820
130,002		Atlas Copco AB (B Shares)		2,040
7,854	*	ATS Automation Tooling Systems, Inc		46
11,900	*	AuthenTec, Inc		118
557,431	e*	Axcelis Technologies, Inc		3,122
3,370	*	Balda AG.		13
22		Belimo Holding AG.		24
939,000		Benq Corp		791
636		Biesse S.p.A.		14
437,448	e	Black & Decker Corp		28,915
105,865		Black Box Corp		3,266
221,501	e*	Blount International, Inc		2,740
9,221	e	Bradken Ltd		57
2,646,149		Brambles Ltd		24,135
299,118	e	Briggs & Stratton Corp		5,354
6,537,939	*	Brocade Communications Systems, Inc		47,727
414,442	*	Brooks Automation, Inc		4,028
73,900	e	Brother Industries Ltd		760

80

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
819		Bucher Industries AG.	$	222
210,489		Bucyrus International, Inc (Class A)		21,396
305		Burckhardt Compression Holding AG.		97
893		BWT AG.		40
1,400		Canon Finetech, Inc		19
2,010,630		Canon, Inc		92,584
2,000		Cardo AB		55
11,195		Cargotec Corp (B Shares)		549
240,300		Carlisle Cos, Inc		8,036
68,700	e	Cascade Corp		3,388
73,000	e	Casio Computer Co Ltd		1,068
4,010,652		Caterpillar, Inc		313,994
93,876		Charter plc		1,584
40,000		Chen Hsong Holdings		19
1,300		Chiyoda Integre Co Ltd		21
995	*	Christ Water Technology AG.		17
498,841	*	Cirrus Logic, Inc		3,352
1,445,598	e	Citizen Watch Co Ltd		12,226
5,400		CKD Corp		36
163,686	*	Columbus McKinnon Corp		5,071
2,817,898		Compal Electronics, Inc		2,704
188,556	e*	Cray, Inc		1,124
1,236,262		Cummins, Inc		57,882
254,806		Curtiss-Wright Corp		10,569
191,923	e*	Cymer, Inc		4,998
266,500		Daifuku Co Ltd		3,409
2,000		Daihatsu Diesel Manufacturing Co Ltd		17
11,000		Daihen Corp		39
460,865	e	Daikin Industries Ltd		19,835
732	e	Danieli & Co S.p.A.		26
4,838		Danieli & Co S.p.A.		115
1,551		Datalogic S.p.A.		15
2,840,038		Deere & Co		228,453
12,000,676	*	Dell, Inc		239,053
1,132,455		Delta Electronics, Inc		3,347
6,112		Delta plc		11
3,346	e	Deutz AG.		39
270,159		Diebold, Inc		10,144
1,700	e	Disco Corp		73
16,011		Domino Printing Sciences		98
326,528		Donaldson Co, Inc		13,153
124,000		Dongfang Electric Co Ltd		502
61,340		Doosan Infracore Co Ltd		2,041
807,465		Dover Corp		33,736
527,333	*	Dresser-Rand Group, Inc		16,215
164,564	*	Dril-Quip, Inc		7,647
2,600		DTS Corp		52
323		Duerr AG.		14
3,000	e	Eagle Industry Co Ltd		20
242,493	e	Ebara Corp		740
3,737		Econocom Group		46
205,230	e	Electrolux AB (Series B)		3,368
326,156	*	Electronics for Imaging, Inc		4,866
11,508,704	*	EMC Corp		165,035
603,135	*	Emulex Corp		9,795
89,049	e*	ENGlobal Corp		761

81

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
140,773	*	EnPro Industries, Inc	$	4,391
1,300,000	*	Enric Energy Equipment Holdings Ltd		1,320
705,710	*	Entegris, Inc		5,074
525	*	Envitec Biogas AG.		11
1,325	*	Eurotech S.p.A.		9
829,447	e*	Extreme Networks, Inc		2,571
205,328		Fanuc Ltd		19,528
8,035		Fenner plc		37
40,652	e	Ferrotec Corp		458
54,000		Firich Enterprises Co Ltd		555
113,857		FKI plc		158
96,782	e*	Flotek Industries, Inc		1,412
198,613	e*	Flow International Corp		1,845
409,278		Flowserve Corp		42,720
988,947	*	FMC Technologies, Inc		56,261
91,810	e*	Fuel Tech, Inc		1,882
2,600		Fuji Machine Manufacturing Co Ltd		54
1,027,968	e	FUJIFILM Holdings Corp		36,404
66,000	e	Furukawa Co Ltd		121
393,579	*	Gardner Denver, Inc		14,602
2,917,976		GEA Group AG.		98,124
60,995	e*	Gehl Co		1,033
65,928,348	*	General Electric Co		2,440,008
4,534		Gildemeister AG.		114
26,915		Glory Ltd		572
347,933	*	GMR Infrastructure Ltd		1,291
77,246	e	Gorman-Rupp Co		2,541
259,228		Graco, Inc		9,400
627,474	*	Grant Prideco, Inc		30,884
39		Gurit Holding AG.		30
26,790		Hanjin Heavy Industries & Construction Co Ltd		1,691
476,000		Harbin Power Equipment		845
58,385	e	Hardinge, Inc		803
2		Harmonic Drive Systems, Inc		7
16,828		Heidelberger Druckmaschinen		452
16,806,291	*	Hewlett-Packard Co		767,375
72,994	e	Hitachi Construction Machinery Co Ltd		1,827
4,500	e	Hitachi Koki Co Ltd		57
7,000	e	Hitachi Kokusai Electric, Inc		72
69,000	e*	Hitachi Zosen Corp		68
708	*	Homag Group AG.		21
3,000		Hosokawa Micron Corp		19
49,996	*	Hurco Cos, Inc		2,339
775		Husqvarna AB (A Shares)		9
380,057	e	Husqvarna AB (B Shares)		4,573
333,313		IDEX Corp		10,229
101,818		IMI plc		919
165,358	*	Immersion Corp		1,176
2,855		Industria Macchine Automatiche S.p.A.		60
3,600		Ines Corp		18
2,646		Ingenico		87
1,326,840		Ingersoll-Rand Co Ltd (Class A)		59,151
316,208	e*	Intermec, Inc		7,017
8,005,337	*	International Business Machines Corp		921,735
2,343,773		International Game Technology		94,243
9,718	e	Interpump Group S.p.A.		93

82

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
194,081	*	Intevac, Inc	$	2,513
133,100		Inventec Appliances Corp		265
1,905,408		Inventec Co Ltd		1,167
17,000		Iseki & Co Ltd		28
5,444,129	e	Ishikawajima-Harima Heavy Industries Co Ltd		10,541
44,376	e*	Isilon Systems, Inc		217
4,862	e	Itochu Techno-Science Corp		147
700,373		ITT Industries, Inc		36,286
1,785,835		Jabil Circuit, Inc		16,894
1,684,100	e	Japan Steel Works Ltd		28,705
803,586		Joy Global, Inc		52,362
19,000		Juki Corp		70
791		Jungheinrich AG.		29
81,042	*	Kadant, Inc		2,381
1,055,000	e	Kato Works Co Ltd		4,022
148,472	e	Kaydon Corp		6,519
367,892	e	KCI Konecranes Oyj		14,172
2,100		Keihin Corp		30
347,115		Kennametal, Inc		10,216
815,086		Kinpo Electronics		284
653		Koenig & Bauer AG.		21
4,260		Kofax plc		16
1,820,920	e	Komatsu Ltd		50,510
297		Komax Holding AG		46
27,723	e	Komori Corp		576
44,777		Kone Oyj (Class B)		1,837
1,203,922	e	Konica Minolta Holdings, Inc		16,353
1,003,165		Krones AG.		81,880
18,000		KS Energy Services Ltd		24
44		KSB AG.		27
27		KSB AG.		18
731,767	e	Kubota Corp		4,544
3,957		KUKA AG.		136
309,418	*	Kulicke & Soffa Industries, Inc		1,479
104,421		Kumba Iron Ore Ltd		3,985
72,688	e	Kurita Water Industries Ltd		2,676
811,581	*	Lam Research Corp		31,019
85,547		Larsen & Toubro Ltd		6,473
265,976		Lennox International, Inc		9,567
3,294,000		Lenovo Group Ltd		2,116
738,666	*	Lexmark International, Inc (Class A)		22,692
9,930		LG Electronics, Inc		568
70,167	e	Lindsay Manufacturing Co		7,190
2,300	e	Lintec Corp		33
1,457,916		Lite-On Technology Corp		1,696
100,174	*	Logitech International S.A.		2,536
82,504	e	Lufkin Industries, Inc		5,265
11,000	e	Makino Milling Machine Co Ltd		78
276,692	e	Makita Corp		8,688
677		Manitou BF S.A.		26
760,766		Manitowoc Co, Inc		31,039
1,000		Mars Engineering Corp		17
2,000		Max Co Ltd		22
22		MCJ Co Ltd		9
526,023		Meggitt plc		2,879
17,000		Meidensha Corp		43

83

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
600		Melco Holdings, Inc	$	10
12,371		Melrose plc		35
2,613		Metka S.A.		55
77,403		Micron Machinery Co Ltd		1,972
516,116	*	Micros Systems, Inc		17,372
373,040		Micro-Star International Co Ltd		320
73,021	e*	Middleby Corp		4,556
130	*	MidgardXXI, Inc		-	^
762,987		Mitac International		691
3,523,623	e	Mitsubishi Heavy Industries Ltd		15,059
11,000		Mitsubishi Kakoki Kaisha Ltd		29
800	e	Modec, Inc		26
169,926	e	Modine Manufacturing Co		2,462
6,800	e	Mori Seiki Co Ltd		122
77,500		Motech Industries, Inc		532
32,601		Nacco Industries, Inc (Class A)		2,639
23,000	e	Nachi-Fujikoshi Corp		87
130,928	*	NATCO Group, Inc (Class A)		6,121
14,600	*	Netezza Corp		138
202,812	*	Netgear, Inc		4,046
4,000		Nidec Sankyo Corp		33
8,000		Nippon Thompson Co Ltd		49
600		Nitto Kohki Co Ltd		13
1,676	e*	Nordex AG.		65
182,000	e	Nordson Corp		9,801
1,500	e	Noritz Corp		19
703,573	e	NTN Corp		4,800
76,603	e	OCE NV		1,304
48,646	e*	Ocean RIG ASA		373
291,259	*	Oil States International, Inc		13,051
106,636	e	Oki Electric Industry Co Ltd		205
7,000		OKK Corp		14
93,000		Okuma Holdings, Inc		996
3,269		ONA S.A.		857
2,000		Organo Corp		15
27,300	e	OSG Corp		316
2,281	e	Outotec Oyj		121
1,489		Palfinger AG.		53
501,228		Pall Corp		17,578
597,551	e	Palm, Inc		2,988
219,000		Pan-International Industrial		392
3,036		Pason Systems, Inc		45
969	e	Pfeiffer Vacuum Technology AG.		89
3,931	e	Pinguely-Haulotte		89
12,550		Psion plc		25
3,301,410		Pt United Tractors Tbk		4,501
1,519,856	v	PTT Aromatics & Refining PCL		1,822
1,475,507		Quanta Computer, Inc		2,037
1,174,237	e*	Quantum Corp		2,513
211,831	e*	Rackable Systems, Inc		1,932
170		Rational AG.		34
111,785	*	RBC Bearings, Inc		4,151
175		Renk AG.		15
464,461		Rheinmetall AG.		32,777
48,215	*	Rimage Corp		1,056
900		Riso Kagaku Corp		11

84

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
77,783	*	Riverbed Technology, Inc	$	1,156
162,254		Robbins & Myers, Inc		5,298
617,179		Rockwell Automation, Inc		35,438
700		Roland DG Corp		17
710,454	e*	Safeguard Scientifics, Inc		1,059
60,117	e	Safran S.A.		1,231
108,769		Samsung Corp		7,622
1,108,775	*	SanDisk Corp		25,025
2,255,233		Sandvik AB		39,189
891		Sartorius AG.		36
58,504	e	Sauer-Danfoss, Inc		1,295
159,070	e*	Scansource, Inc		5,757
449,594		Schindler Holding AG.		33,682
1,139		Schoeller-Bleckmann Oilfield Equipment AG.		101
399		Schulthess Group		29
271,433	e*	Scientific Games Corp (Class A)		5,730
3,739,861		Seagate Technology, Inc		78,313
1,249,635	m,v	Seagate Technology, Inc		-	^
80,564	e	Seiko Epson Corp		2,170
132,453	e*	Semitool, Inc		1,102
9,823		Service Point Solutions S.A.		38
17,610	*	Sevan Marine ASA		225
2,566,000		Shanghai Electric Group Co Ltd		1,566
493,847	v	Shanghai Zhenhua Port Machinery Co		674
5,904		ShawCor Ltd		161
2,000	e	Shima Seiki Manufacturing Ltd		94
11,000	e	Shinko Electric Co Ltd		42
231,590	e	Shinmaywa Industries Ltd		716
179,043	e*	Sigma Designs, Inc		4,059
34,472	e*	Silicon Graphics, Inc		409
3,724	*	Singulus Technologies		62
2,500		Sintokogio Ltd		21
2,545,875	e	SKF AB (B Shares)		51,202
78,613	e	SMC Corp		8,289
5,000	e	Sodick Co Ltd		22
68,131		Solarworld AG.		3,245
347,567	e*	SourceForge, Inc		692
199,155		SPX Corp		20,891
81,167		Standex International Corp		1,813
265,806	e*	STEC, Inc		1,645
10,438		STX Engine Co Ltd		484
920	e	Sulzer AG.		1,216
367,893		Sumitomo Heavy Industries Ltd		2,377
82,978	e*	Super Micro Computer, Inc		693
569,750		Synnex Technology International Corp		1,549
29,560	*	T-3 Energy Services, Inc		1,258
401,186	e	Tadano Ltd		4,025
400		Takeuchi Manufacturing Co Ltd		8
2,862,315		Tat Hong Holdings Ltd		4,616
260,194		Techtronic Industries Co		257
102,940	e*	Tecumseh Products Co (Class A)		3,158
1,800		Teikoku Piston Ring Co Ltd		15
92,022		Tennant Co		3,663
853,256	*	Teradata Corp		18,823
522,385	*	Terex Corp		32,649
79,418		THK Co Ltd		1,368

85

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
360,751		Timken Co	$	10,722
5,500	*	Titan Machinery, Inc		103
2,000		Tokimec, Inc		6
414,387	e	Tokyo Electron Ltd		25,192
7,000		Tokyo Kikai Seisakusho Ltd		19
13,000	e	Tokyo Seimitsu Co Ltd		239
2,000		Topre Corp		18
162,742	e	Toro Co		6,736
5,286,077	e	Toshiba Corp		35,318
10,000		Toshiba Machine Co Ltd		61
11,000		Toyo Kanetsu K K		21
213,729	e	Toyota Tsusho Corp		4,535
1,475,150		Trane, Inc		67,709
8,000	e	Tsubakimoto Chain Co		48
7,000		Tsugami Corp		23
84,296	e*	TurboChef Technologies, Inc		550
3,823,172		Tutt Bryant Group Ltd		5,381
67,120	e	Twin Disc, Inc		1,062
148,905	e*	Ultratech, Inc		1,431
4,645	e*	Unaxis Holding AG.		1,635
600	e	Union Tool Co		23
4,163,766		Unisteel Technology Ltd		3,963
660,492	*	Varian Medical Systems, Inc		30,937
258,386	e*	VeriFone Holdings, Inc		4,101
55,696	*	Vestas Wind Systems AS		6,084
2,469	*	Wacker Construction Equipment AG.		50
38	e	Wacom Co Ltd		80
101,742	e	Wartsila Oyj (B Shares)		6,867
124,700	e	Watsco, Inc		5,165
15,108		Weir Group plc		228
1,835,739	*	Western Digital Corp		49,638
54,000		Win Hanverky Holdings Ltd		9
199,351		Wincor Nixdorf AG.		15,957
1,050,504		Wistron Corp		1,674
397,926		Woodward Governor Co		10,633
37,350		Woongjin Coway Co Ltd		1,128
3,200		Yamatake Corp		90
138,872	e	Yokogawa Electric Corp		1,390
1,540		Yushin Precision Equipment Co Ltd		33
94,455	e	Zardoya Otis S.A.		2,625
290,565	*	Zebra Technologies Corp (Class A)		9,682
240,143		Zyxel Communications Corp		281
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		7,906,941
INSTRUMENTS AND RELATED PRODUCTS - 3.90%
1,000		A&D Co Ltd		10
154,277	e*	Abaxis, Inc		3,575
124,271	e*	Abiomed, Inc		1,633
87,577	e*	Accuray, Inc		684
250,634	e*	Advanced Medical Optics, Inc		5,088
360,110	e*	Affymetrix, Inc		6,270
33,425	e	AGFA-Gevaert NV		261
2,631,434	*	Agilent Technologies, Inc		78,496
365,791	e*	Align Technology, Inc		4,064
1,483,238		Allergan, Inc		83,640
3,000	e	Aloka Co Ltd		40

86

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
375,094	e*	Alsius Corp	$	675
384,089	e*	American Medical Systems Holdings, Inc		5,450
48,657	e	American Science & Engineering, Inc		2,655
4,088		Amplifon S.p.A.		14
81,444		Analogic Corp		5,419
134,952	*	Anaren, Inc		1,708
102,978	e*	Angiodynamics, Inc		1,190
22,000	e	Anritsu Corp		61
1,301,850		Applera Corp (Applied Biosystems Group)		42,779
155,050	e*	Applied Energetics, Inc		257
74,593	e*	Argon ST, Inc		1,269
146,092	e*	Arthrocare Corp		4,872
127,021		Asia Optical Co, Inc		341
91,329	e*	Aspect Medical Systems, Inc		557
711		Audika		35
66,722	e	Badger Meter, Inc		2,882
8,577,644		BAE Systems plc		82,607
536,361		Bard (C.R.), Inc		51,705
3,916,094		Baxter International, Inc		226,429
17,199,208	m,v*	BB Bioventures L.P.		6,187
250,385		Beckman Coulter, Inc		16,162
1,530,257		Becton Dickinson & Co		131,373
107,392	*	Bio-Rad Laboratories, Inc (Class A)		9,553
70,000	*	Biosensors International Group Ltd		37
5,709,755	*	Boston Scientific Corp		73,485
384,366	*	Bruker BioSciences Corp		5,915
61,335	*	Cantel Medical Corp		651
305,091	e*	Cepheid, Inc		7,441
3,657		Chemring Group plc		178
94,782	e	Cochlear Ltd		4,738
130,536	e	Cohu, Inc		2,121
61,937		Compagnie Generale d'Optique Essilor International S.A.		4,047
180,544	*	Conmed Corp		4,629
1,341		Consort Medical plc		15
177,985	e	Cooper Cos, Inc		6,128
4,146		Corin Group plc		39
3,197,268		Covidien Ltd		141,479
589,383	e*	Credence Systems Corp		1,002
101,421	e*	Cutera, Inc		1,366
123,638	e*	Cyberonics, Inc		1,793
59,818	e*	Cynosure, Inc (Class A)		1,274
1,080,660		Danaher Corp		82,163
77,595		Datascope Corp		3,215
837,291		Dentsply International, Inc		32,319
128,252	e*	Dionex Corp		9,874
628		Draegerwerk AG.		37
212,516		DRS Technologies, Inc		12,385
174,583	*	Eagle Test Systems, Inc		1,833
1,258,887	e*	Eastman Kodak Co		22,245
22,544	e	Elekta AB (B Shares)		389
5,923,350		Emerson Electric Co		304,816
204,203	e*	EnteroMedics, Inc		852
135,492	e*	ESCO Technologies, Inc		5,382
175,168	*	Esterline Technologies Corp		8,823
258,204	e*	ev3, Inc		2,102
69,518	*	Excel Technology, Inc		1,874

87

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
1,728	*	Exfo Electro Optical Engineering, Inc	$	8
106,845	e*	FARO Technologies, Inc		3,331
198,913	e*	FEI Co		4,342
34,268	*	FGX International Holdings Ltd		410
634		Fielmann AG.		39
185,368		Finmeccanica S.p.A.		6,304
784,384	e*	Flir Systems, Inc		23,602
250,506	e*	Formfactor, Inc		4,785
285,674	e*	Fossil, Inc		8,724
30,239		Fresenius SE		2,518
2,200		Furuno Electric Co Ltd		21
514,373	e	Garmin Ltd		27,781
6,300	*	Given Imaging Ltd		106
12,884,212		Golden Meditech Co Ltd		3,708
122		Guerbet		24
138,958	*	Haemonetics Corp		8,279
2,404		Hamworthy plc		22
8,600	e	Hexagon AB (B Shares)		175
400		Hioki EE Corp		9
1,565,110	*	Hologic, Inc		87,020
430	*	Icos Vision Systems NV		24
73,239	e*	ICU Medical, Inc		2,107
6,200	e*	ICx Technologies, Inc		28
111,150	e*	I-Flow Corp		1,559
129,730	*	II-VI, Inc		4,927
303,797	e*	Illumina, Inc		23,058
232		Inficon Holding AG.		37
66,420	e*	Insulet Corp		956
95,145	e*	Integra LifeSciences Holdings Corp		4,136
204,215	*	Intuitive Surgical, Inc		66,237
186,055	e	Invacare Corp		4,145
1,701,151		Invensys plc		7,596
427,060	e*	ION Geophysical Corp		5,893
164,477	e*	Itron, Inc		14,841
282,116	*	Ixia		2,189
2,221	*	Jenoptik AG.		16
7,000		Jeol Ltd		26
18,711,111		Johnson & Johnson		1,213,790
313		Kaba Holding AG.		106
1,100		Keithley Instruments, Inc		11
68,177	e*	Kensey Nash Corp		1,974
34,375		Keyence Corp		7,904
1,213,078		Kla-Tencor Corp		45,005
7,669	e*	Kopin Corp		20
316,444	e*	L-1 Identity Solutions, Inc		4,209
900		Lasertec Corp		12
351,920	e*	LTX Corp		1,105
125,721	e	Luxottica Group S.p.A.		3,170
1,200	*	Lydall, Inc		14
51,904	e*	Masimo Corp		1,350
79,417	*	Measurement Specialties, Inc		1,387
95,475	*	Medical Action Industries, Inc		1,569
7,877,920		Medtronic, Inc		381,055
179,930	e	Mentor Corp		4,628
241,879	*	Merit Medical Systems, Inc		3,829
302,357	*	Mettler-Toledo International, Inc		29,365

88

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
1,500		Micronics Japan Co Ltd	$	48
80,503	e*	Micrus Endovascular Corp		995
221,139	e*	Millipore Corp		14,907
154,350	e	Mine Safety Appliances Co		6,358
316,162	*	MKS Instruments, Inc		6,766
100,726		Movado Group, Inc		1,963
21,967,242	a,m,v*	MPM Bioventures II-QP LP		12,086
149,597		MTS Systems Corp		4,826
200		Nakanishi, Inc		20
240,327		National Instruments Corp		6,282
119,016	e*	Natus Medical, Inc		2,160
204,852	e*	Newport Corp		2,288
2,519		Nice S.p.A.		12
2,300		Nidec Copal Corp		27
10,000		Nikkiso Co Ltd		60
605,701	e	Nikon Corp		16,133
1,127,927	e	Nippon Electric Glass Co Ltd		17,437
4,000	e	Nipro Corp		70
800		Noritsu Koki Co Ltd		12
197,663	e*	Northstar Neuroscience, Inc		312
241,519	e*	NuVasive, Inc		8,335
138,879	e*	NxStage Medical, Inc		600
3,800	*	ODIM ASA		66
415,581	e	Olympus Corp		12,591
94,312	*	Orthofix International NV		3,751
62,412	e	Osaki Electric Co Ltd		261
21,621	e*	OYO Geospace Corp		982
97,213	e*	Palomar Medical Technologies, Inc		1,468
9,371,616		PCCW Ltd		5,900
94,000		Peace Mark Holdings Ltd		85
507,689		PerkinElmer, Inc		12,311
613,445	e	Phonak Holding AG.		56,273
1,200	*	Photon Dynamics Inc		13
888,120		Pitney Bowes, Inc		31,102
38,374	*	Qiagen NV		794
7,279	e	Q-Med AB		48
4,104		Raymarine plc		19
2,634		Renishaw plc		36
319,700	*	Resmed, Inc		13,485
689,703		Rockwell Collins, Inc		39,417
201,032	*	Rofin-Sinar Technologies, Inc		9,026
363,278		Roper Industries, Inc		21,593
204	*	Roth & Rau AG.		42
153,685	e*	Rudolph Technologies, Inc		1,502
395		SAES Getters S.p.A.		11
14,542	e	Safilo Group S.p.A.		46
41,212		Samsung Techwin Co Ltd		2,247
2,200		Sectra AB		22
4,000	e	Seiko Holdings Corp		19
16,000	e	Shimadzu Corp		148
288,354	e*	Sirf Technology Holdings, Inc		1,468
98,279	e*	Sirona Dental Systems, Inc		2,651
4,126,206	a,m,v*	Skyline Venture Partners Qualified II		3,695
892,313	m,v*	Skyline Venture Partners Qualified III		693
718,161		Smith & Nephew plc		9,500
141,375	e*	Sonic Innovations, Inc		683

89

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
139,426	e*	Sonic Solutions, Inc	$	1,345
91,924	e*	SonoSite, Inc		2,613
204,240	*	Spectranetics Corp		1,707
11,155		Spectris plc		165
835		Sperian Protection		97
3,863		Spirax-Sarco Engineering plc		79
73,013	*	Spirent Communications plc		92
3,105,210	*	St. Jude Medical, Inc		134,114
436,726		STERIS Corp		11,717
711		Stratec Biomedical Systems		16
1,660,045		Stryker Corp		107,986
49,988		Swatch Group AG.		13,364
157,937		Swatch Group AG.		8,111
210,898	*	Symmetry Medical, Inc		3,501
44,817		Synthes, Inc		6,268
48,300	e	Sysmex Corp		1,744
900		Tamron Co Ltd		22
189,921	*	Techne Corp		12,793
236,146	*	Teledyne Technologies, Inc		11,099
700,922	*	Teradyne, Inc		8,705
391,082	e	Terumo Corp		20,402
1,600	*	Theragenics Corp		6
2,924,792	*	Thermo Electron Corp		166,245
286,763	e*	Thoratec Corp		4,098
45,623	*	TomTom NV		1,887
2,900	e	Topcon Corp		23
6,200	e*	Trans1, Inc		72
540,853	e*	Trimble Navigation Ltd		15,463
7,151		Ultra Electronics Holdings		184
1,086		Vaisala Oyj (A Shares)		49
204,819	*	Varian, Inc		11,863
182,541	e*	Veeco Instruments, Inc		3,036
91,307	e*	Vital Images, Inc		1,353
58,123		Vital Signs, Inc		2,944
455,954	e*	Vivus, Inc		2,749
133,563	*	Volcano Corp		1,670
698,890	*	Waters Corp		38,928
13,287		Whatman plc		71
7,502	e*	William Demant Holding		600
186,827	*	Wright Medical Group, Inc		4,510
4,608,965		Xerox Corp		68,996
158,955	*	X-Rite, Inc		949
395	*	Ypsomed Holding AG.		37
1,416,642	*	Zimmer Holdings, Inc		110,300
142,524	*	Zoll Medical Corp		3,790
84,369	*	Zygo Corp		1,050
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		4,662,532
INSURANCE AGENTS, BROKERS AND SERVICE - 0.46%
4,253,411		AON Corp		170,987
738		April Group		37
8,884		Benfield Group Ltd		44
462,903		Brown & Brown, Inc		8,045
167,081	e*	Crawford & Co (Class B)		877
366,450	e	Gallagher (Arthur J.) & Co		8,656
2,412		Grupo Catalana Occidente S.A.		93

90

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
2,095,253		Hartford Financial Services Group, Inc	$	158,757
4,201,153		HBOS plc		46,692
204,649		Hilb Rogal & Hobbs Co		6,440
14,888		Jardine Lloyd Thompson Group plc		109
3,261,237		Marsh & McLennan Cos, Inc		79,411
27,819	e	MLP AG.		396
205,099	e	National Financial Partners Corp		4,609
1,546,598		QBE Insurance Group Ltd		31,392
9,542		St James's Place plc		49
1,214,219		Suncorp-Metway Ltd		14,282
171,317		Unipol Gruppo Finanziario S.p.A.		532
341,849		Unipol S.p.A.		982
142,809	*	United America Indemnity Ltd (Class A)		2,751
36,133		White Mountains Insurance Group Ltd		17,344
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		552,485
INSURANCE CARRIERS - 4.32%
2,970,116	e	ABC Learning Centres Ltd		3,800
3,971,013		ACE Ltd		218,644
25,571	*	Aditya Birla Nuvo Ltd		890
2,686,950		Admiral Group plc		42,821
472,029		Aegon NV		6,945
4,993,802		Aetna, Inc		210,189
3,376,914		Aflac, Inc		219,331
212,000	e	Aioi Insurance Co Ltd		1,172
96,974		Aksigorta AS		353
176,302	e	Alfa Corp		3,875
127,790		Alleanza Assicurazioni S.p.A		1,669
19,095	e*	Alleghany Corp		6,521
1,360,815		Allianz AG.		269,579
277,136		Allied World Assurance Holdings Ltd		11,002
2,460,594		Allstate Corp		118,256
725	*	Alm Brand AS		46
378,780		Ambac Financial Group, Inc		2,178
334,530	e	American Equity Investment Life Holding Co		3,104
620,260		American Financial Group, Inc		15,854
11,899,737		American International Group, Inc		514,664
76,928		American National Insurance Co		8,208
66,333		American Physicians Capital, Inc		3,075
558,426	e*	AMERIGROUP Corp		15,262
121,838	*	Amerisafe, Inc		1,540
22,575		Amlin plc		122
3,087,963	e	AMP Ltd		22,153
197,792	e	Amtrust Financial Services, Inc		3,206
303,005	*	Arch Capital Group Ltd		20,807
159,798	*	Argo Group International Holdings Ltd		5,676
42,000		Asia Financial Holdings Ltd		21
552,474		Aspen Insurance Holdings Ltd		14,574
540,922		Assicurazioni Generali S.p.A.		24,321
858,806		Assurant, Inc		52,267
421,088	e	Assured Guaranty Ltd		9,997
1,845,537		Aviva plc		22,617
1,692,903	e	AXA Asia Pacific Holdings Ltd		8,509
1,119,543		AXA S.A.		40,634
1,887,513		Axis Capital Holdings Ltd		64,138
43,614	e	Baldwin & Lyons, Inc (Class B)		1,120

91

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
3,657		Baloise Holding AG.	$	363
38,996		Beazley Group plc		123
18,481		Brit Insurance Holdings plc		89
41,609	e	Castlepoint Holdings Ltd		405
345,140	*	Centene Corp		4,811
49,137		Chaucer Holdings plc		98
10,040		Chesnara plc		33
528,000		China Insurance International Holdings Co Ltd		1,212
6,051,419		China Life Insurance Co Ltd		20,800
2,054,732		Chubb Corp		101,668
655,401		Cincinnati Financial Corp		24,931
199,938	e*	Citizens, Inc		1,338
13,010		Clal Insurance		251
154,597	e	CNA Financial Corp		3,987
109,243	*	CNA Surety Corp		1,680
25,122	e	CNP Assurances		3,097
281,840	e	Commerce Group, Inc		10,163
2,232,778	*	Conseco, Inc		22,774
3,414,561		Corp Mapfre S.A.		17,143
72,588	e*	Darwin Professional Underwriters, Inc		1,633
260,229		Delphi Financial Group, Inc (Class A)		7,607
78,362		Donegal Group, Inc (Class A)		1,364
38,167	*	Dongbu Insurance Co Ltd		1,464
45,448	e	EMC Insurance Group, Inc		1,222
430,983		Employers Holdings, Inc		7,990
330,158		Endurance Specialty Holdings Ltd		12,084
38,735	e*	Enstar Group Ltd		4,310
2,702		ERGO Previdenza S.p.A.		15
174,920		Erie Indemnity Co (Class A)		8,954
427,717		Everest Re Group Ltd		38,294
44,126	e	Fairfax Financial Holdings Ltd		12,849
1,465		FBD Holdings plc		68
89,032		FBL Financial Group, Inc (Class A)		2,537
850,210	e	Fidelity National Title Group, Inc (Class A)		15,584
119,249	e*	First Acceptance Corp		340
351,706		First American Corp		11,937
83,868	*	First Mercury Financial Corp		1,460
63,946	e	Flagstone Reinsurance Holdings Ltd		774
398,974	e	Fondiaria-Sai S.p.A		16,528
56,245	*	Fpic Insurance Group, Inc		2,651
552,244		Friends Provident plc		1,355
551,846	e	Fuji Fire & Marine Insurance Co Ltd		1,467
3,251,084		Genworth Financial, Inc (Class A)		73,605
351,617	e	Great-West Lifeco, Inc		10,606
47,323	e*	Greenlight Capital Re Ltd (Class A)		880
16,551	*	Hallmark Financial Services		185
4,771		Hannover Rueckversicherung AG.		249
224,365		Hanover Insurance Group, Inc		9,230
5,787		Harel Insurance Investments & Finances Ltd		286
91,619		Harleysville Group, Inc		3,307
933,322		HCC Insurance Holdings, Inc		21,177
818,125	*	Health Net, Inc		25,198
209,428	*	HealthExtras, Inc		5,202
379,749	*	Healthspring, Inc		5,347
257		Helvetia Holding AG.		97
30,651		Highway Insurance Holdings plc		40

92

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
33,921		Hiscox Ltd	$	161
284,497		Horace Mann Educators Corp		4,973
1,254,608	*	Humana, Inc		56,282
42,744	*	Hyundai Marine & Fire Insurance Co Ltd		902
31,967	e	Independence Holding Co		381
3,985		Industrial Alliance Insurance and Financial Services, Inc		147
101,979	e	Infinity Property & Casualty Corp		4,242
133,256		ING Canada, Inc		4,737
1,420,720	e	Insurance Australia Group Ltd		4,752
350,107		IPC Holdings Ltd		9,803
116,201		Irish Life & Permanent plc		2,271
8,950		Just Retirement plc		16
24,379		Kansas City Life Insurance Co		1,172
243,519		KBC Groep NV		31,579
5,624		Kingsway Financial Services, Inc		67
36,338	*	Korean Reinsurance Co		371
98,461	e	LandAmerica Financial Group, Inc		3,886
711,670		Leucadia National Corp		32,182
128,141		Liberty Group Ltd		1,160
1,853,186	*	Lincoln National Corp		96,366
2,095,383		Loews Corp		84,276
2,812,819	e	Manulife Financial Corp		107,668
39,069	*	Markel Corp		17,189
2,395,698	*	MAX India Ltd		8,853
514,263	e	Max Re Capital Ltd		13,469
889,073	e	MBIA, Inc		10,864
178,125		Meadowbrook Insurance Group, Inc		1,391
205,808	e	Mediolanum S.p.A.		1,261
99,865		Mercury General Corp		4,425
2,031,435		Metlife, Inc		122,414
395,910		Metropolitan Holdings Ltd		654
1,931,868	e	MGIC Investment Corp		20,343
50,841		Midland Co		3,301
333,042		Migdal Insurance Holdings Ltd		482
13,579		Milano Assicurazioni S.p.A.		91
1,411		Milano Assicurazioni S.p.A.		10
1,302,241	e	Millea Holdings, Inc		48,076
56,000		Ming An Holdings Co Ltd		10
1,846,096	e,v	Mitsui Sumitomo Insurance Co Ltd		18,650
77,383	e*	Molina Healthcare, Inc		1,890
555,584	e	Montpelier Re Holdings Ltd		8,917
466,359		Muenchener Rueckver AG.		91,208
41,648	e	National Interstate Corp		972
13,944		National Western Life Insurance Co (Class A)		3,023
238,481		Nationwide Financial Services, Inc (Class A)		11,275
76,091	*	Navigators Group, Inc		4,139
220,000	e	Nipponkoa Insurance Co Ltd		1,677
294,873		Nissay Dowa General Insurance Co Ltd		1,512
1,099		Northbridge Financial Corp		35
36,667		Novae Group plc		25
31,450	e	NYMAGIC, Inc		714
163,840	e	Odyssey Re Holdings Corp		6,021
11,032,993		Old Mutual plc		24,196
875,913		Old Republic International Corp		11,308
256,896	e	OneBeacon Insurance Group Ltd		4,886
167,000		Pacific Century Regional Developments Ltd		39

93

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
372,981		PartnerRe Ltd	$	28,458
304,461	*	Philadelphia Consolidated Holding Co		9,804
668,116		Phoenix Cos, Inc		8,158
1,966,000		PICC Property & Casualty Co Ltd		1,776
1,221,500		Ping An Insurance Group Co of China Ltd		8,656
742,351		Platinum Underwriters Holdings Ltd		24,097
187,329	e*	PMA Capital Corp (Class A)		1,600
861,252	e	PMI Group, Inc		5,012
623,235	e	Power Corp Of Canada		20,644
350,439	e	Power Financial Corp		11,987
22,114		Premafin Finanziaria S.p.A.		59
128,776		Presidential Life Corp		2,246
258,491	e*	Primus Guaranty Ltd		925
1,983,662		Principal Financial Group		110,530
193,191	*	ProAssurance Corp		10,399
3,662,398		Progressive Corp		58,855
267,749		Protective Life Corp		10,860
2,818,002		Prudential Financial, Inc		220,509
6,291,629		Prudential plc		83,099
966,917	e	Radian Group, Inc		6,353
105,364	e*	RAM Holdings Ltd		239
111,342		Reinsurance Group Of America, Inc		6,061
473,882		RenaissanceRe Holdings Ltd		24,599
1,000,475		Resolution plc		13,591
116,726	e	RLI Corp		5,786
2,159,670		Royal & Sun Alliance Insurance Group plc		5,516
340,063		Safeco Corp		14,922
90,974		Safety Insurance Group, Inc		3,105
39,580	*	Samsung Fire & Marine Insurance Co Ltd		8,173
1,981,116		Sanlam Ltd		4,666
52		Schweizerische National-Versicherungs-Gesellschaft		43
672,557		SCOR		16,054
300	*	SCPIE Holdings Inc		8
129,125	*	SeaBright Insurance Holdings, Inc		1,902
126,629	e,v	Security Capital Assurance Ltd		65
324,193		Selective Insurance Group, Inc		7,742
8,727		SNS Reaal		177
2,584	e	Societa Cattolica di Assicurazioni SCRL		126
686,425		Sompo Japan Insurance, Inc		6,060
3,652		Sony Financial Holdings, Inc		14,765
344,647		Stancorp Financial Group, Inc		16,443
634,849		Standard Life plc		3,103
75,416	e	State Auto Financial Corp		2,197
104,515	e	Stewart Information Services Corp		2,925
89,755	e	Storebrand ASA		707
890,157	e	Sun Life Financial, Inc		41,618
104,426		Swiss Life Holding		29,022
1,072,743	e	Swiss Reinsurance Co		93,707
456,919	e	T&D Holdings, Inc		23,928
5,535	e*	Topdanmark AS		932
501,022		Torchmark Corp		30,116
99,675		Tower Group, Inc		2,509
42,389		Tower Ltd		61
105,495		Transatlantic Holdings, Inc		7,000
4,359,673		Travelers Cos, Inc		208,610
68,713	e*	Triad Guaranty, Inc		344

94

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
8,739	e	TrygVesta A.S.	$	768
127,033		United Fire & Casualty Co		4,751
7,220,647		UnitedHealth Group, Inc		248,101
175,568	e	Unitrin, Inc		6,205
324,109	*	Universal American Financial Corp		3,436
1,428,534		UnumProvident Corp		31,442
559,600		Validus Holdings Ltd		13,111
82,441	*	Vesta Insurance Group, Inc		-	^
1,125		Vittoria Assicurazioni S.p.A.		20
1,533,501		W.R. Berkley Corp		42,463
644,766	*	WellCare Health Plans, Inc		25,114
6,364		Wesco Financial Corp		2,571
15,341		Wiener Staedtische Allgemeine Versicherung AG.		1,175
1,848,923		XL Capital Ltd (Class A)		54,636
216,048		Zenith National Insurance Corp		7,748
357,847	e	Zurich Financial Services AG.		112,694
		TOTAL INSURANCE CARRIERS		5,157,800
JUSTICE, PUBLIC ORDER AND SAFETY - 0.01%
263,153	*	Geo Group, Inc		7,484
308,015	e*	PAN Fish ASA		180
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		7,664
LEATHER AND LEATHER PRODUCTS - 0.20%
164,659	e	Adidas-Salomon AG.		10,947
1,988		Antichi Pellettieri S.p.A.		24
4,689,250	*	Coach, Inc		141,381
338,402	e*	CROCS, Inc		5,912
123,209	e*	Genesco, Inc		2,847
3,940	e	Geox S.p.A.		61
265,295	e*	Iconix Brand Group, Inc		4,603
280,818		LVMH Moet Hennessy Louis Vuitton S.A.		31,256
1,552,580		Pou Chen Corp		1,510
115,844	e*	Steven Madden Ltd		1,984
405,135		ThyssenKrupp AG.		23,179
266,962	*	Timberland Co (Class A)		3,665
543		Tod's S.p.A.		33
43,596	e	Weyco Group, Inc		1,294
309,139		Wolverine World Wide, Inc		8,968
1,310,881		Yue Yuen Industrial Holdings		4,110
		TOTAL LEATHER AND LEATHER PRODUCTS		241,774
LEGAL SERVICES - 0.04%
590,035	e*	FTI Consulting, Inc		41,916
59,947	e*	Pre-Paid Legal Services, Inc		2,542
		TOTAL LEGAL SERVICES		44,458
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.01%
210,177	e	Brisa-Auto Estradas de Portugal S.A.		3,003
1,538,241		ComfortDelgro Corp Ltd		2,034
42,642	e*	Emergency Medical Services Corp (Class A)		1,053
280,287	e	Keihin Electric Express Railway Co Ltd		1,906
184,510	e	Keisei Electric Railway Co Ltd		990
44,000		Nagoya Railroad Co Ltd		143
8,000		SBS Transit Ltd		14
2,303,368		SMRT Corp Ltd		3,046

95

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
590,841		Stagecoach Group plc	$	2,838
		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		15,027
LUMBER AND WOOD PRODUCTS - 0.02%
2,900		Aica Kogyo Co Ltd		25
70,291	e	American Woodmark Corp		1,445
417,726	e*	Champion Enterprises, Inc		4,190
4,000		Daiken Corp		8
56,913	e	Deltic Timber Corp		3,170
59,436		Duratex S.A.		1,137
431,143	e	Louisiana-Pacific Corp		3,958
2,513,298		Masisa S.A.		587
334,254		MFI Furniture plc		526
71,900	e	Nobia AB		620
4,795	e	Pfleiderer AG.		121
179,200	*	Sino-Forest Corp		2,793
44,864		Skyline Corp		1,248
54,586	e*	Sonae Industria SGPS S.A.		379
4,000		Takara Standard Co Ltd		17
99,149	e	Universal Forest Products, Inc		3,193
1,712		West Fraser Timber Co Ltd		56
		TOTAL LUMBER AND WOOD PRODUCTS		23,473
METAL MINING - 1.78%
7,717	*	Aditya Birla Minerals Ltd		13
88,093		African Rainbow Minerals Ltd		2,444
231,926		Agnico-Eagle Mines Ltd		15,731
9,898	*	Alamos Gold, Inc		58
150,058	e	Alumina Ltd		782
5,451,928		Anglo American plc		327,635
69,318		Anglo Platinum Ltd		10,171
172,879		AngloGold Ashanti Ltd		5,798
1,148,348		Antofagasta plc		15,976
307,316	e*	Apex Silver Mines Ltd		3,725
14,279		Aquarius Platinum Ltd		222
2,836	*	Aquiline Resources, Inc		25
42,946	*	Aricom plc		63
8,434	*	Aurizon Mines Ltd		40
1,378,370		Barrick Gold Corp		60,267
448,302		Barrick Gold Corp		19,479
253	*	Bendigo Mining Ltd		-	^
5,640,438		BHP Billiton Ltd		184,593
2,512,776		BHP Billiton plc		74,555
99,691		Boliden AB		1,061
35,765	*	Breakwater Resources Ltd		40
488,556	e	Cameco Corp		16,107
57,206		CAP S.A.		1,924
4,072	*	Centerra Gold, Inc		53
119,444	*	Central African Mining & Exploration Co plc		128
855,000		China Molybdenum Co Ltd		944
254,168		Cia Minera Milpo SAA		814
221,403	e	Cleveland-Cliffs, Inc		26,528
2,586,790	e*	Coeur d'Alene Mines Corp		10,451
1,585,576		Companhia Vale do Rio Doce		45,895
1,129,625		Companhia Vale do Rio Doce		38,948
128,300		Companhia Vale do Rio Doce (ADR)		4,444

96

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
65,365		Compania de Minas Buenaventura S.A.	$	4,477
27,480	*	Crystallex International Corp		62
19,024	*	Denison Mines Corp		120
33,429	*	Eastern Platinum Ltd		105
559,549	*	Eldorado Gold Corp		3,860
148,134	e	Energy Resources of Australia Ltd		2,667
76,694	*	Eurasian Natural Resources Corp		1,499
7,222	*	European Goldfields Ltd		38
17,510	*	European Nickel plc		10
3,458		Felix Resources Ltd		39
15,268		Ferrexpo plc		107
162,315		First Quantum Minerals Ltd		13,163
8,666	*	FNX Mining Co, Inc		243
208,925		Foundation Coal Holdings, Inc		10,515
2,502,421		Freeport-McMoRan Copper & Gold, Inc (Class B)		240,783
3,587	*	Fronteer Development Group, Inc		18
23,157	*	Gabriel Resources Ltd		38
11,776	*	Gammon Gold, Inc		90
45,224	v*	Gindalbie Metals Ltd		29
485,369		Gold Fields Ltd		6,883
2,165,821	e	Gold Fields Ltd (ADR)		29,953
1,196,305		Goldcorp, Inc		46,491
12,599	*	Golden Star Resources Ltd		44
273,273	m*	GreenergyCapital S.p.A.		2
780,780	m,v*	GreenergyCapital S.p.A.		2
25,939		Griffin Mining Ltd		34
2,321	*	Guyana Goldfields, Inc		16
261,411	*	Harmony Gold Mining Co Ltd		3,135
831,463	e*	Hecla Mining Co		9,279
12,813,700	*	Hidili Industry International Development Ltd		16,925
17,148	*	High River Gold Mines Ltd		44
8,936	*	Highland Gold Mining Ltd		38
6,371	*	HudBay Minerals, Inc		101
2,205		Hulamin Ltd		7
30,330		Iamgold Corp		225
13,302	m,v	Iluka Resources Ltd		26
23,280	e	Iluka Resources Ltd		99
431,839		Impala Platinum Holdings Ltd		16,667
10,278		Independence Group NL		75
88,662		INMET MINING CORP		6,478
293,510	*	Ivanhoe Mines Ltd		3,060
47,969	*	Jabiru Metals Ltd		28
16,190	e	Kagara Zinc Ltd		65
35,346		Kazakhmys plc		1,120
10,776	*	Kingsgate Consolidated Ltd		43
1,032,779		Kinross Gold Corp		23,041
3,173	*	Kirkland Lake Gold, Inc		28
8,017		Korea Zinc Co Ltd		967
3,195		Labrador Iron Ore Royalty Income Fund		171
3,808,300	v	Lanna Resources PCL		2,286
22,695		Lonmin plc		1,383
399,000	e*	Lundin Mining Corp		2,721
52,775	*	Lynas Corp Ltd		62
66,014	e	Macmahon Holdings Ltd		90
1,495		Managem		111
4,963	*	Metallica Resources, Inc		29

97

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
11,678	*	Midwest Corp Ltd	$	65
19,819		Minara Resources Ltd		110
21,065		Mincor Resources NL		59
2,452	*	Minefinders Corp		30
264,011		Minsur S.A.		879
8,913	e*	Mirabela Nickel Ltd		52
211,000	v	MMC Norilsk Nickel (ADR)		5,855
4,814,788		MMC Norilsk Nickel (ADR)		135,536
4,100	*	MMX Mineracao e Metalicos S.A.		2,208
62,381	e*	Mount Gibson Iron Ltd		164
15,162	*	Murchison Metals Ltd		54
656,404		Newcrest Mining Ltd		20,018
1,935,446		Newmont Mining Corp		87,676
2,337	*	North American Palladium Ltd		13
27,403	*	Northgate Minerals Corp		87
4,945	e*	Novagold Resources, Inc		38
98,315		Novolipetsk Steel (GDR)		4,223
435,413		Orica Ltd		11,591
32,248	*	Oriel Resources plc		69
1,376,195	e	Oxiana Ltd		3,999
1,049,314	e*	Paladin Resources Ltd		4,881
85,952	*	PAN American Silver Corp		3,323
2,164,278	*	Pan Australian Resources Ltd		2,067
111,607	e*	Patriot Coal Corp		5,242
22,381	e	Perilya Ltd		21
3,381	*	Peter Hambro Mining plc		87
43,201	e,v	Polyus Gold (ADR)		2,195
7,465	*	Portman Ltd		85
2,536,500		PT Aneka Tambang Tbk		923
1,477,500		PT International Nickel Indonesia Tbk		1,124
5,501	*	Quadra Mining Ltd		101
6,520		Quest Capital Corp		13
998,440	e	Rio Tinto Ltd		111,778
3,516		Rio Tinto plc		1,448
2,021,792		Rio Tinto plc		209,977
271,507	e*	Rosetta Resources, Inc		5,341
142,399	e	Royal Gold, Inc		4,296
18,757		Sally Malay Mining Ltd		90
150,298	e*	ShengdaTech, Inc		1,278
276,810		Sherritt International Corp		3,916
3,139	*	Silver Standard Resources, Inc		96
11,144	*	Silver Wheaton Corp		173
7,599		Silvercorp Metals, Inc		61
264,331	*	Sino Gold Mining Ltd		1,805
4,372	*	Skye Resources, Inc		34
71,980		Southern Copper Corp		7,414
378,516	e	Southern Copper Corp		39,301
93,908	e*	St Barbara Ltd		74
273,519	e*	Stillwater Mining Co		4,231
5,349,700		Straits Asia Resources Ltd		12,631
11,916	e	Sumitomo Titanium Corp		738
164,596	*	Sundance Resources Ltd		38
4,818	*	Tanzanian Royalty Exploration Corp		28
648,129	e	Teck Cominco Ltd		26,577
10,760	*	Thompson Creek Metals Co, Inc		196
14,623	*	Uex Corp		58

98

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
264,400	*	Uranium One, Inc	$	871
287,942	e*	Uranium Resources, Inc		1,725
291,885	*	US Gold Corp		741
25,392		Vedanta Resources plc		1,056
459,553		Volcan Cia Minera S.A.		1,365
5,497	*	Western Areas NL		30
778,435		Xstrata plc		54,489
999,798	e	Yamana Gold, Inc		14,669
3,263,500		Zijin Mining Group Co Ltd		3,120
557,691		Zinifex Ltd		5,087
		TOTAL METAL MINING		2,126,026
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.26%
5,331		Aalberts Industries NV		114
129,120	e	Aderans Co Ltd		2,391
700		Alpen Co Ltd		12
20,677	e	Amer Sports Oyj (A Shares)		416
84,579		Armstrong World Industries, Inc		3,016
203		Bijou Brigitte AG.		32
197,204		Blyth, Inc		3,889
64,868		Bulgari S.p.A.		750
402,836		Callaway Golf Co		5,914
22,000		Chow Sang Sang Hldg		23
1,014,000		Citic Pacific Ltd		4,300
24,000		Daiwa Seiko, Inc		42
171,899	e	Daktronics, Inc		3,079
198		Forbo Holding AG.		105
583,212		Fortune Brands, Inc		40,533
1,877,170		Futuris Corp Ltd		3,251
19,565	e	GWA International Ltd		57
1,248,561		Hasbro, Inc		34,835
19,167	e	Hills Industries Ltd		82
274,000		Hutchison Harbour Ring Ltd		21
4,200		Indutrade AB		101
166,985	e*	Jakks Pacific, Inc		4,604
2,280		JUMBO S.A.		68
472,900		Magnum Corp BHD		497
75,249	e	Marine Products Corp		608
1,741,736		Mattel, Inc		34,661
1,550	*	MEGA Brands, Inc		7
13,000,000		Ming Fung Jewellery Group Ltd		1,503
1,100		Mitsubishi Pencil Co Ltd		16
7,000		Mitsuboshi Belting Co Ltd		28
28,603		Morgan Crucible Co plc		124
28,279	e	Namco Bandai Holdings, Inc		383
167,554	e	Nautilus, Inc		551
10,768,857		Playmates Holdings Ltd		6,919
118,604	*	RC2 Corp		2,487
1,000		Roland Corp		19
78,594	e*	Russ Berrie & Co, Inc		1,105
18,000	e	Ryobi Ltd		68
41,493	e	Sankyo Co Ltd		2,464
1,100	e	Sato Corp		14
199,881	e*	Shuffle Master, Inc		1,069
9,270		Societe BIC S.A.		572
39,393	e*	Steinway Musical Instruments, Inc		1,123

99

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
82,830		Tasaki Shinju Co Ltd	$	242
5,800	e	Tomy Co Ltd		43
3,110,219		Tyco International Ltd		137,005
520,600	e	Yamaha Corp		9,954
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		309,097
MISCELLANEOUS RETAIL - 1.13%
174,886	*	1-800-FLOWERS.COM, Inc (Class A)		1,488
129,527	*	AC Moore Arts & Crafts, Inc		883
7,093,500	*	Alibaba.com Ltd		14,693
2,246,744	*	Amazon.com, Inc		160,193
2,000		AOKI Holdings, Inc		33
4,848		Avenir Telecom		11
5,098		Axis Communications AB		102
149,399		Aygaz AS		504
218,362	e	Barnes & Noble, Inc		6,693
817		BayWa AG.		49
2,650		Belluna Co Ltd		22
2,396,890		Best Buy Co, Inc		99,375
5,500		Best Denki Co Ltd		44
120,211	e	Big 5 Sporting Goods Corp		1,054
86,468	e*	Blue Nile, Inc		4,682
90,913	e	Books-A-Million, Inc		795
327,587	e	Borders Group, Inc		1,923
76,459	e*	Build-A-Bear Workshop, Inc		695
6,484	*	Buongiorno SpA		17
9,000,000	v	C&O Pharmaceutical Technology Holdings Ltd		2,060
206,894	e*	Cabela's, Inc		2,930
3,713		Carpetright plc		56
232,883		Cash America International, Inc		8,477
30,000,000	*	China WindPower Group Ltd		1,735
73,100	e	Circle K Sunkus Co Ltd		1,242
266,858	e*	CKX, Inc		2,540
611		Clarins		41
3,300		Clas Ohlson AB (B Shares)		60
259,071	e*	Coldwater Creek, Inc		1,308
1,112,932		Compagnie Financiere Richemont AG.		62,421
9,928,350		CVS Corp		402,197
4,658	*	Daum Communications Corp		349
38,530		DCC plc		909
488,162	e*	Dick's Sporting Goods, Inc		13,073
23,500		Dickson Concepts International Ltd		16
659,008	*	Dollar Tree, Inc		18,182
6,900	e	Don Quijote Co Ltd		125
6,444	*	Doosan Corp		1,243
6,959		Douglas Holding AG.		379
23		Dr Ci:Labo Co Ltd		36
37,100	e	EDION Corp		343
651		Etam Developpement S.A.		25
284,295	*	Ezcorp, Inc (Class A)		3,500
6,718		Folli-Follie S.A.		225
1,034,245		Game Group plc		4,357
5,859	e*	Gander Mountain Co		36
206		GIFI		17
31,810		Grupa Lotos S.A.		500
113,721	e*	GSI Commerce, Inc		1,495

100

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
2,508		Hellenic Duty Free Shops S.A.	$	44
167,851	e*	Hibbett Sports, Inc		2,592
45,143		HMV Group plc		116
1,414,148		Home Retail Group		7,332
1,525,698		Hutchison Whampoa Ltd		14,438
685,482		Ichitaka Co Ltd		1,203
58		Index Corp		8
7,000		Izumiya Co Ltd		38
31,506		Jean Coutu Group PJC, Inc		318
64		Jelmoli Holding AG.		180
8,884		JJB Sports plc		19
2,300		Kojima Co Ltd		12
77,020		Largan Precision Co Ltd		802
466,000		Lifestyle International Holdings Ltd		990
177,313	e	Longs Drug Stores Corp		7,529
9,662		Majestic Wine plc		43
9,000	e*	Maruetsu, Inc		83
14,000	*	Maruzen Co Ltd		15
240,695	*	Meinl European Land Ltd		2,740
149,407		Metro AG.		12,072
3,000		Ministop Co Ltd		59
1,400		Mitsuuroko Co Ltd		8
212,296	e	MSC Industrial Direct Co (Class A)		8,969
19,310		N Brown Group plc		93
1,084,109		Next plc		24,506
266,108		Nippon Mining Holdings, Inc		1,410
4,500		Nissen Holdings Co Ltd		30
144,682	e*	Nutri/System, Inc		2,180
1,129,620	*	Office Depot, Inc		12,482
295,903		OfficeMax, Inc		5,664
1,000		Okuwa Co Ltd		14
1,158,514		Origin Energy Ltd		9,698
4,032,000		OSIM International Ltd		1,025
600		Otsuka Kagu Ltd		8
107,994	e*	Overstock.com, Inc		1,286
296,845	e	Pacific Brands Ltd		548
5,000		Parco Co Ltd		71
1,400	e	Paris Miki, Inc		20
54,967		Parkson Retail Group Ltd		463
77,859	e*	PC Connection, Inc		617
858,642		Petsmart, Inc		17,551
221,112	e*	Priceline.com, Inc		26,724
65,154	e	Pricesmart, Inc		1,805
3,065,924	e*	Rite Aid Corp		9,014
12,500	e	Ryohin Keikaku Co Ltd		725
138,000		SA SA International Holdings Ltd		51
286,037	e*	Sears Holdings Corp		29,202
600	v	Seijo Corp		10
3,400		Senshukai Co Ltd		28
356,090	e	Shoppers Drug Mart Corp		18,019
77,312	e*	Shutterfly, Inc		1,150
504,079		Signet Group plc		618
3,000		Sinanen Co Ltd		12
100,814	e*	Stamps.com, Inc		1,034
4,330,681		Staples, Inc		95,751
114,100	e	Sugi Pharmacy Co Ltd		3,234

101

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
1,700		Sundrug Co Ltd	$	48
48,610	*	Swisslog Holding AG.		57
99,628	e	Systemax, Inc		1,202
3,564		Takkt AG.		64
9		Telepark Corp		9
523,206		Tiffany & Co		21,891
1,600		Tsuruha Holdings, Inc		69
332,003		Tsutsumi Jewelry Co Ltd		7,228
154,065	e*	Valuevision International, Inc (Class A)		854
4,099,623		Walgreen Co		156,155
27,443		WH Smith plc		202
170,430		World Fuel Services Corp		4,784
2,406		Xebio Co Ltd		62
266,406	e*	Zale Corp		5,264
91,864	e*	Zumiez, Inc		1,441
		TOTAL MISCELLANEOUS RETAIL		1,347,116
MOTION PICTURES - 0.77%
187,718		Astral Media, Inc		7,131
524,400		Astro All Asia Networks plc		574
242,765	e*	Avid Technology, Inc		5,909
1,097,283	e*	Blockbuster, Inc (Class A)		3,577
89,344	e	Carmike Cinemas, Inc		918
3,261,919		CBS Corp (Class B)		72,023
155,396	e	Cinemark Holdings, Inc		1,988
7,627		Cineworld Group plc		20
8,600		Culture Convenience Club Co Ltd		41
1,765,764	*	Discovery Holding Co (Class A)		37,469
663,761	*	DreamWorks Animation SKG, Inc (Class A)		17,112
54,570	*	Entertainment Rights plc		11
34,000	*	eSun Holdings Ltd		11
90,014	e*	Gaiam, Inc (Class A)		1,559
182		Kinepolis		9
281,060	e*	Macrovision Corp		3,794
2,499,700	v	Major Cineplex Group PCL		1,445
220,591		National CineMedia, Inc		4,959
13,982,906		News Corp (Class A)		262,179
23,655	e*	Premiere AG.		510
1,027,997	e	Regal Entertainment Group (Class A)		19,830
5,000		Shaw Brothers (Hong Kong)		10
4,000	f	Shochiku Co Ltd		25
777,113	e*	Time Warner Telecom, Inc (Class A)		12,037
19,864,503		Time Warner, Inc		278,500
9,000		Toei Co Ltd		47
91,400	e	Toho Co Ltd		2,146
1,000		Tohokushinsha Film Corp		11
400		TV Tokyo Corp		18
4,565,691	*	Viacom, Inc (Class B)		180,893
		TOTAL MOTION PICTURES		914,756
MUSEUMS, BOTANICAL, ZOOLOGICAL GARDENS - 0.00%**
155,096	e*	Premier Exhibitions, Inc		937
		TOTAL MUSEUMS, BOTANICAL, ZOOLOGICAL GARDENS		937
NONDEPOSITORY INSTITUTIONS - 1.14%
2,498		Aareal Bank AG.		82

102

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
48,950	e	Acom Co Ltd	$	1,299
391,513		Advance America Cash Advance Centers, Inc		2,956
8,247		Advanta Corp (Class A)		49
214,192	e	Advanta Corp (Class B)		1,506
693,300		Aeon Credit Service Co Ltd		9,264
1,445,008	v	Aeon Thana Sinsap Thailand PCL		1,824
66,900	e	Aiful Corp		1,075
2,500		Aktiv Kapital ASA		44
90,976	e*	Alternative Asset Management Acquisition Corp		862
814,823	e	American Capital Strategies Ltd		27,834
5,374,799	*	American Express Co		234,986
668,566	e*	AmeriCredit Corp		6,732
1,873,000	g	ARA Asset Management Ltd		973
374,355	e	Ares Capital Corp		4,706
124,785	*	Ares Capital Corp		70
60,744	e	Asta Funding, Inc		846
66,743	e	Australian Wealth Management Ltd		103
4,190		Banca Italease S.p.A.		35
194,641	*	Banco Compartamos S.A. de CV		858
89,330		Bank Pekao S.A.		7,921
13,900	e	BlackRock Kelso Capital Corp		166
1,926		BlueBay Asset Management/United Kingdom		13
101,324	e*	Boise, Inc		648
241,900		Bovespa Holding S.A.		3,260
38,314		Bradford & Bingley plc		142
257,000		Bursa Malaysia BHD		727
3,717,887		Capital One Financial Corp		182,994
587,684	e	CapitalSource, Inc		5,683
178,895		Cattles plc		822
303,608	e,v	Centerline Holding Co		1,233
8,000		Central Finance Co Ltd		21
1,411,826	e	Challenger Financial Services Group Ltd		2,348
225,603	e	Chimera Investment Corp		2,775
830,839		CIT Group, Inc		9,845
630,569		Collins Stewart plc		1,536
122,989	e*	CompuCredit Corp		1,091
2,709,973		Countrywide Financial Corp		14,905
34,114	e*	Credit Acceptance Corp		530
233,930	e	Credit Saison Co Ltd		6,524
522,619		Criteria Caixacorp S.A.		3,589
30,421	e	D Carnegie AB		512
690,864	e	Deutsche Postbank AG.		65,955
5,164,354		Discover Financial Services		84,540
84,017	e*	Encore Capital Group, Inc		571
7,998,374		Fannie Mae		210,517
69,803	e	Federal Agricultural Mortgage Corp (Class C)		1,822
156,742	e	Financial Federal Corp		3,419
151,675	*	First Cash Financial Services, Inc		1,567
3,872,709		First Financial Holding Co Ltd		4,060
254,732	e	First Marblehead Corp		1,900
570	*	Formuepleje Epikur AS		69
3,189,334		Freddie Mac		80,754
275,224	e	GLG Partners, Inc		3,267
350,000	*	Golden Pond Healthcare, Inc		2,663
174,188	e*	Guaranty Financial Group, Inc		1,850
289,286	e*	Heckmann Corp		2,155

103

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
513,335	*	Heckmann Corp	$	4,125
55,003		Henderson Group plc		115
148,623	e	Hercules Technology Growth Capital, Inc		1,614
10,732	e	Hitachi Capital Corp		129
847,000		Hong Leong Finance Ltd		2,357
15,137		HSBC Infrastructure Co Ltd		35
183,812		Hypo Real Estate Holding AG.		4,777
417,569		ICAP plc		4,715
801,272		ICICI Bank Ltd		15,366
27,401	v	Imperial Credit Industries		-	^
174,987	e*	Information Services Group, Inc		903
501,803		Infrastructure Development Finance Co Ltd		1,889
429		Interhyp AG.		33
6,541		Intermediate Capital Group plc		203
25,603		International Personal Finance plc		116
8,700		Intrum Justitia AB		155
303,959	e*	INVESTools, Inc		3,341
194,100		Investor AB (B Shares)		4,369
17,000		Jaccs Co Ltd		56
8,700		Japan Securities Finance Co Ltd		49
93	e	Kenedix, Inc		103
17,033,900		Kim Eng Holdings Ltd		25,245
87,932		Kohlberg Capital Corp		913
103,157		Kotak Mahindra Bank Ltd		1,609
33,600		Lopro Corp		22
221,093	e*	Marathon Acquisition Corp		1,707
331,500	e	MCG Capital Corp		3,013
47,357	*	MCG Capital Corp		51
6,474,360		Mega Financial Holding Co Ltd		5,083
5,613		Meliorbanca S.p.A.		24
95,546	e*	Mercadolibre, Inc		3,799
36,000	e	Mitsubishi UFJ Nicos Co Ltd		104
24,898		Moneysupermarket.com Group plc		62
7,260,125	v	National Finance PCL		3,574
111,540	e	Nelnet, Inc (Class A)		1,311
71,122	e*	NewStar Financial, Inc		368
96,932	e	NGP Capital Resources Co		1,592
4,806		Nissin Co Ltd		7
136,719	e*	NTR Acquisition Co		1,308
216,205	e*	Ocwen Financial Corp		960
3,400		OMC Card, Inc		10
13,000		Orient Corp		17
186,881	e	ORIX Corp		25,497
1,557	e	Osaka Securities Exchange Co Ltd		7,076
977		OZ Holding AG.		55
33,406		Paragon Group of Cos plc		65
103,456	e	Patriot Capital Funding, Inc		1,083
74,130	e	Perpetual Trustees Australia Ltd		3,648
318,094	*	PHH Corp		5,544
1,624,563		Polaris Securities Co Ltd		1,160
58,650	e	Promise Co Ltd		1,686
17,137		Provident Financial plc		288
32,000		Public Financial Holdings Ltd		27
213,200		Redecard S.A.		3,547
3,206	*	RHJ International		36
3,300		Ricoh Leasing Co Ltd		69

104

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
76,503		Samsung Card Co	$	3,615
515		SFCG Co Ltd		55
5,171,859		SLM Corp		79,388
114,611		SM Investments Corp		768
18,184		Smiths News plc		36
18,034		Student Loan Corp		1,784
3,652,000	*	Taishin Financial Holdings Co Ltd		1,827
2,066,112		Taiwan Cooperative Bank		2,037
200,156	e	Takefuji Corp		4,237
1,096,788		Textron, Inc		60,784
514,042	e	Thornburg Mortgage, Inc		545
109,246	e	TICC Capital Corp		822
773,133	e	Tower Australia Group Ltd		1,569
4,608,931		Tullett Prebon plc		43,563
97,013	e*	World Acceptance Corp		3,090
		TOTAL NONDEPOSITORY INSTITUTIONS		1,357,628
NONMETALLIC MINERALS, EXCEPT FUELS - 0.12%
28,863		Adelaide Brighton Ltd		90
10,787	*	African Minerals Ltd		31
148,391	e	AMCOL International Corp		4,634
37,670		Cimsa Cimento Sanayi Ve Tica		188
189,537		Compass Minerals International, Inc		11,179
5,386	*	Gem Diamonds Ltd		94
260,116	e*	General Moly, Inc		2,078
1,084,870		Grupo Mexico S.A. de C.V. (Series B)		7,203
385,002		Haci Omer Sabanci Holding AS		1,200
6,551		Harry Winston Diamond Corp		157
1,600	e	Nippon Ceramic Co Ltd		15
3,000		Nittetsu Mining Co Ltd		20
4,514	*	Petra Diamonds Ltd		9
534,153		Potash Corp of Saskatchewan		83,002
2,032		S&B Industrial Minerals S.A.		30
18,298	*	Shore Gold, Inc		72
460,533	e	Vulcan Materials Co		30,580
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		140,582
OIL AND GAS EXTRACTION - 3.90%
11,432		Aban Offshore Ltd		859
585,146	e	Acergy S.A.		12,611
166,006		Addax Petroleum Corp		6,590
13,476		Advantage Energy Income Fund		155
5,813	e*	AED Oil Ltd		12
2,000	*	AGR Group ASA		16
49,207	e	Aker Kvaerner ASA		1,121
1,434		AltaGas Income Trust		34
1,970,149		Anadarko Petroleum Corp		124,179
18,731	*	Anzon Australia Ltd		24
50,108	e	APCO Argentina, Inc		1,301
11,400	*	Approach Resources, Inc		179
199,710	*	Arena Resources, Inc		7,731
33,117	*	Arrow Energy NL		53
120,529		Atlas America, Inc		7,285
122,995	*	ATP Oil & Gas Corp		4,024
216,739	*	Atwood Oceanics, Inc		19,879
66,632	*	Australian Worldwide Exploration Ltd		215

105

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
3,207,867		Baker Hughes, Inc	$	219,739
221,258	e*	Basic Energy Services, Inc		4,885
8,491		Baytex Energy Trust		188
52,857	e	Beach Petroleum Ltd		61
238,247	e	Berry Petroleum Co (Class A)		11,076
7,526,270		BG Group plc		174,315
172,364	e*	Bill Barrett Corp		8,144
1,371,044		BJ Services Co		39,089
191,178	*	Bois d'Arc Energy, Inc		4,108
2,187		Bonavista Energy Trust		64
4,072	*	Bow Valley Energy Ltd		20
210,880	e*	Brigham Exploration Co		1,280
146,393	e*	Bronco Drilling Co, Inc		2,358
9,093	*	Cairn Energy plc		511
147,939	*	Cairn India Ltd		826
226,260	e*	Cal Dive International, Inc		2,349
1,138		Calfrac Well Services Ltd		25
114,172	e*	Callon Petroleum Co		2,065
4,212	*	Calvalley Petroleums, Inc		20
1,256,289	*	Cameron International Corp		52,312
866,765		Canadian Natural Resources Ltd		59,338
133,480	*	Carrizo Oil & Gas, Inc		7,911
1,444	e*	CAT Oil AG.		24
181,646	e*	Cheniere Energy, Inc		3,597
2,186,706		Chesapeake Energy Corp		100,917
10,948,400		China Oilfield Services Ltd		17,950
413,168		Cimarex Energy Co		22,617
36,462	*	Clayton Williams Energy, Inc		1,914
14,313,200		CNOOC Ltd		21,150
1,920,000		Cnpc Hong Kong Ltd		881
112,623	e*	CNX Gas Corp		3,636
65,690	e*	Compagnie Generale de Geophysique S.A.		16,353
216,170	*	Complete Production Services, Inc		4,959
9,231	*	Compton Petroleum Corp		103
277,078	*	Comstock Resources, Inc		11,166
179,100	*	Concho Resources, Inc		4,592
21,000	*	Connacher Oil and Gas Ltd		64
74,330	e*	Contango Oil & Gas Co		4,803
115,519	*	Continental Resources, Inc		3,684
2,842		Crescent Point Energy Trust		79
4,357	*	Crew Energy, Inc		57
4,313	*	Dana Petroleum plc		108
61,252	e*	Dawson Geophysical Co		4,135
7,841		Daylight Resources Trust		69
2,500	v	Deep Ocean		12
372,536	e*	Delta Petroleum Corp		8,397
8,066,131	*	Denbury Resources, Inc		230,288
225,887	e*	DET Norske Oljeselskap		403
279,825		Diamond Offshore Drilling, Inc		32,572
5,302	*	Duvernay Oil Corp		227
186,417	e*	Edge Petroleum Corp		751
2,600	e*	Electromagnetic GeoServices AS		14
1,338,756		EnCana Corp		101,993
314,043	*	Encore Acquisition Co		12,650
207,515	*	Energy Partners Ltd		1,965
202,137		Enerplus Resources Fund		8,793

106

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
250,618	b,m,v*	Enron Corp	$	-	^
1,402,409		ENSCO International, Inc		87,819
150,600		Ensign Energy Services, Inc		2,936
549,477		Equitable Resources, Inc		32,364
3,038		ERG S.p.A.		68
212,352	*	Essar Oil Ltd		1,082
3,908		Etablissements Maurel et Prom		80
347,810	*	EXCO Resources, Inc		6,435
12,462		Expro International Group plc		289
347,277	e*	Exterran Holdings, Inc		22,413
6,501		Fairborne Energy Ltd		44
200,095	e*	First Calgary Petroleums Ltd		563
1,171	*	Flint Energy Services Ltd		22
301,345	*	Forest Oil Corp		14,754
1,690,000		Formosa Petrochemical Corp		5,023
2,400	e	Fred Olsen Energy ASA		136
186,558	e*	FX Energy, Inc		795
237,468		GAIL India Ltd		2,518
3,045	*	Galleon Energy, Inc (Class A)		44
171,279	e*	GeoGlobal Resources, Inc		478
36,530	*	Geokinetics, Inc		662
94,443	e*	Geomet, Inc		629
603,708	*	Global Industries Ltd		9,714
66,488	*	GMX Resources, Inc		2,322
5,016	*	Gold Eagle Mines Ltd		45
89,649	e*	Goodrich Petroleum Corp		2,697
1,274,226	e*	Grey Wolf, Inc		8,639
108,065	e*	Gulfport Energy Corp		1,146
5,047,515		Halliburton Co		198,519
153,428		Harvest Energy Trust		3,438
221,976	e*	Harvest Natural Resources, Inc		2,677
378,315	*	Helix Energy Solutions Group, Inc		11,917
393,462		Helmerich & Payne, Inc		18,442
957,932	*	Hercules Offshore, Inc		24,063
905	*	Heritage Oil Corp		46
2,986	*	Highpine Oil & Gas Ltd		28
540,496	e	Husky Energy, Inc		21,163
2,075		Idemitsu Kosan Co Ltd		161
2,258	*	Imperial Energy Corp plc		59
7,500		INA Industrija Nafte DD (GDR)		3,574
874		Inpex Holdings, Inc		9,733
2,804,664	*	Integra Group Holdings (GDR)		30,935
16,003	*	Iteration Energy Ltd		94
19,585	*	Ivanhoe Energy, Inc		36
4,100		Japan Petroleum Exploration Co		272
17,872		JKX Oil & Gas plc		156
102,000		K1 Ventures Ltd		14
3,000		Kanto Natural Gas Development Ltd		18
64,295	e	Kayne Anderson Energy Development Co		1,601
1,599,249		KazMunaiGas Exploration Production (GDR)		40,061
5,787	*	Kereco Energy Ltd		23
62,255	*	Lundin Petroleum AB		846
1,194	*	Major Drilling Group International		62
517,846	e*	Mariner Energy, Inc		13,987
3,085		MarkWest Energy Partners LP		95
32,549	*	Max Petroleum plc		37

107

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
181,594	e*	McMoRan Exploration Co	$	3,140
2,797		Melrose Resources plc		18
578,941	*	Meridian Resource Corp		857
1,145,975	*	Nabors Industries Ltd		38,700
2,104,212	*	National Oilwell Varco, Inc		122,844
42,892	e	Neste Oil Oyj		1,499
488,063	e*	Newpark Resources, Inc		2,489
859,051		Nexen Inc		25,492
38,873	e*	Nexus Energy Ltd		53
50,708		Niko Resources Ltd		4,113
1,267,704		Noble Corp		62,967
60,800		NovaTek OAO (GDR)		4,907
3,848	*	NuVista Energy Ltd		59
228,238	*	Oceaneering International, Inc		14,379
427,300		Oil & Gas Development Co Ltd		913
225,517		Oil & Natural Gas Corp Ltd		5,512
1,185,156		Oil Refineries Ltd		1,056
10,992	*	Oilexco, Inc		144
741,785	e*	Oilsands Quest, Inc		2,923
218,509	e*	OPTI Canada, Inc		3,683
5,400	*	PA Resources AB		44
20,500		Pakistan Petroleum Ltd		85
207,844	e*	Parallel Petroleum Corp		4,068
2,774		Paramount Energy Trust		22
1,814	*	Paramount Resources Ltd (Class A)		27
583,129	e*	Parker Drilling Co		3,767
1,201,953	e	Patterson-UTI Energy, Inc		31,467
213,138		Penn Virginia Corp		9,397
485,957		Penn West Energy Trust		13,635
6,944	*	Petrobank Energy & Resources Ltd		316
920,622		Petro-Canada		40,109
20,023,075		PetroChina Co Ltd		25,007
1,056,723	e*	PetroHawk Energy Corp		21,314
1,290,165		Petroleo Brasileiro S.A.		54,402
1,064,859		Petroleo Brasileiro S.A.		54,417
85,175	e*	Petroleum Development Corp		5,900
494,215	e	Petroleum Geo-Services ASA		12,228
56,000	*	Petrolia Drilling ASA		21
3,802	*	Petrolifera Petroleum Ltd		34
1,075,000		Petron Corp		147
3,803		Petroplus Holdings AG.		234
286,997	e*	Petroquest Energy, Inc		4,977
2,682		Peyto Energy Trust		51
301,348	e*	Pioneer Drilling Co		4,800
469,251		Pioneer Natural Resources Co		23,050
427,640	*	Plains Exploration & Production Co		22,725
200,982		Precision Drilling Trust		4,680
4,675	*	Premier Oil plc		129
1,333,564	*	Pride International, Inc		46,608
2,222	*	ProEx Energy Ltd		36
2,496		Progress Energy Trust		31
54,565	e	ProSafe ASA		857
278,607		Provident Energy Trust		2,972
4,941,775		PT Apexindo Pratama Duta		923
2,291,500		PT Energi Mega Persada Tbk		281
1,655,700	v	PTT Exploration & Production PCL		7,941

108

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
16,768	e*	Queensland Gas Co Ltd	$	56
418,148	*	Quicksilver Resources, Inc		15,275
624,327		Range Resources Corp		39,614
6,807		Real Resources, Inc		96
19,951	*	Regal Petroleum plc		48
435,633	*	Reliance Petroleum Ltd		1,696
6,100	*	Revus Energy ASA		79
39,245	e*	Rex Energy Corp		653
15,835	*	Riversdale Mining Ltd		119
30,381	*	Roc Oil Co Ltd		64
447,452		Rowan Cos, Inc		18,426
174,860	e	RPC, Inc		2,656
4,664,016		Saipem S.p.A.		188,795
3,841	*	Salamander Energy plc		23
819,558		Santos Ltd		10,860
5,407		Savanna Energy Services Corp		101
7,714	*	Saxon Energy Services, Inc		45
41,582		SBM Offshore NV		1,341
6,166,131	*	Schlumberger Ltd		536,453
921,907		Scomi Group BHD		285
86,577	e*	SEACOR Holdings, Inc		7,390
72,271	e	SeaDrill Ltd		1,937
7,148		Sibir Energy plc		78
1,103,568		Singapore Petroleum Co Ltd		5,420
52,864		SK Energy Co Ltd		5,445
826,767		Smith International, Inc		53,103
2,859	*	Soco International plc		109
3,600	*	Songa Offshore ASA		48
1,398,736	*	Southwestern Energy Co		47,123
244,269		St. Mary Land & Exploration Co		9,404
241,119	*	Sterling Energy plc		38
177,891	*	Stone Energy Corp		9,305
5,750	*	Subsea 7, Inc		130
251,005	e*	Sulphco, Inc		1,047
331,507	*	Superior Energy Services		13,134
59,949	e*	Superior Offshore International, Inc		198
4,253		Superior Plus Income Fund		58
84,630	e*	Superior Well Services, Inc		1,851
71,700	e,v	Surgutneftegaz (ADR)		3,417
104,100		Surgutneftegaz (ADR)		4,962
167,407	e*	Swift Energy Co		7,532
2,708	*	Synenco Energy, Inc		19
1,564,884	e	Talisman Energy, Inc		27,762
14,382	*	Tap Oil Ltd		21
56,696		Tatneft (GDR)		7,370
30,096	e	Technip S.A.		2,344
3,152	*	Tesco Corp		76
304,942	e*	Tetra Technologies, Inc		4,830
25,243	e*	TGS Nopec Geophysical Co ASA		367
559,300	v	Thai Oil PCL		1,243
247,339	e	Tidewater, Inc		13,631
740,000	*	Titan Petrochemicals Group Ltd		36
81,435	e*	Toreador Resources Corp		634
1,901,192		Transocean, Inc		257,041
141,240		Trican Well Service Ltd		2,957
77,097	e*	Trico Marine Services, Inc		3,004

109

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
2,175		Trilogy Energy Trust	$	21
4,185		Trinidad Drilling Ltd		53
567,408		Tullow Oil plc		7,438
195,114	e*	TXCO Resources, Inc		2,416
73,788	*	Union Drilling, Inc		1,291
407,694	*	Unit Corp		23,096
33,900	v*	Unit Corp		-	^
5,413	*	Urals Energy PCL		18
267,114	*	UTS Energy Corp		1,361
404,055	e*	Vaalco Energy, Inc		2,008
70,574	e*	Venoco, Inc		820
10,931		Venture Production plc		135
1,255	*	Verenex Energy, Inc		11
1,718		Vermilion Energy Trust		61
532,440	e	W&T Offshore, Inc		18,162
297,172	e*	Warren Resources, Inc		3,527
7,000	*	Wavefield Inseis ASA		53
1,757,538	*	Weatherford International Ltd		127,369
128,000	*	West Siberian Resources Ltd (GDR)		95
182,519	*	W-H Energy Services, Inc		12,566
246,218	*	Whiting Petroleum Corp		15,918
188,143	e*	Willbros Group, Inc		5,757
502,403	e	Woodside Petroleum Ltd		25,024
6,829,186		XTO Energy, Inc		422,454
		TOTAL OIL AND GAS EXTRACTION		4,655,502
PAPER AND ALLIED PRODUCTS - 0.36%
4,755	e	AbitibiBowater, Inc		61
295,273	e	AbitibiBowater, Inc		3,812
1,424		Ahlstrom Oyj		41
6,137		Altri SGPS S.A.		43
383,268		Aracruz Celulose S.A.		2,615
398,771	e	Bemis Co		10,141
45,548	e	Billerud AB		517
214,784	*	Buckeye Technologies, Inc		2,397
81,116	*	Canfor Corp		635
3,484		Cascades, Inc		27
11,332	*	Catalyst Paper Corp		10
293,196	e*	Cenveo, Inc		3,067
109,684	e	Chesapeake Corp		528
12,000	e	Daio Paper Corp		81
1,840,604	*	Domtar Corporation		12,571
78,688		Empresas CMPC S.A.		3,241
700		FP Corp		17
269,961		Glatfelter		4,079
373,201	e*	Graphic Packaging Holding Co		1,090
191,243		Greif, Inc (Class A)		12,991
7,626		Grupo Empresarial Ence S.A.		71
1,226,273		Hengan International Group Co Ltd		4,207
46,425	e	Holmen AB (B Shares)		1,606
4,018		Huhtamaki Oyj		43
1,889,722		International Paper Co		51,400
2,175,122		Kimberly-Clark Corp		140,404
464,576		Kimberly-Clark de Mexico S.A. de C.V. (Class A)		2,061
14,110	e	Kinnevik Investment AB		268
324,995		Klabin S.A.		1,074

110

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
32,877		Kokuyo Co Ltd	$	282
250,400		Lee & Man Paper Manufacturing Ltd		401
5,203	e	Mayr-Melnhof Karton AG.		525
1,063,405		MeadWestvaco Corp		28,946
161,254	e*	Mercer International, Inc		1,124
40,458		Metso Oyj		2,184
773		Miquel y Costas & Miquel S.A.		17
34,000		Mitsubishi Paper Mills Ltd		73
26,721		Mondi Ltd		227
1,549,469		Mondi plc		12,854
9,863		M-real Oyj		33
240,159		Nampak Ltd		486
75,255		Neenah Paper, Inc		1,940
1,194,000		Nine Dragons Paper Holdings Ltd		971
103	e	Nippon Paper Group, Inc		244
28,769	e	Norske Skogindustrier ASA		100
159,910	e	OJI Paper Co Ltd		720
504,636		Packaging Corp of America		11,269
2,041		Papeles y Cartones de Europa S.A.		21
2,675,875	e	PaperlinX Ltd		6,725
28	e	Pilot Corp		51
22,960		Portucel Empresa Produtora de Pasta e Papel S.A.		81
11,000	e	Rengo Co Ltd		61
218,364		Rock-Tenn Co (Class A)		6,544
5,000	e	Sanrio Co Ltd		44
170,883		Sappi Ltd		1,937
89,383		Schweitzer-Mauduit International, Inc		2,068
9,349	e	Semapa-Sociedade de Investimento e Gestao		120
83,118		Smurfit Kappa Group plc		1,000
1,112,337	*	Smurfit-Stone Container Corp		8,565
885,737		Sonoco Products Co		25,359
507,034	e	Stora Enso Oyj (R Shares)		5,851
938,045		Svenska Cellulosa AB (B Shares)		17,090
870,455	e	Temple-Inland, Inc		11,072
396,000		Uni-Bio Science Group Ltd		21
136,000	e	Uni-Charm Corp		9,946
431,918	e	UPM-Kymmene Oyj		7,671
62,000	*	Vinda International Holdings Ltd		21
73,822		Votorantim Celulose e Papel S.A.		2,112
257,995	e	Wausau Paper Corp		2,131
912,717		Yuen Foong Yu Paper Manufacturing Co Ltd		410
		TOTAL PAPER AND ALLIED PRODUCTS		430,395
PERSONAL SERVICES - 0.10%
616		Angelica Corp		11
775,205		Cintas Corp		22,124
158,561	e*	Coinstar, Inc		4,462
28,007	e	CPI Corp		484
486,006		Davis Service Group plc		4,765
3,198		Dignity plc		49
8,546		Fairpoint Group plc		17
123,157	e	G & K Services, Inc (Class A)		4,386
1,497,319		H&R Block, Inc		31,084
4,922	e	Invocare Ltd		29
160,061	e	Jackson Hewitt Tax Service, Inc		1,836
1,489,273		Kuala Lumpur Kepong BHD		7,543

111

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
17,892		Mcbride plc	$	37
28,737		Photo-Me International plc		9
259,300		Regis Corp		7,128
551,996		Rentokil Initial plc		1,065
451,376	e*	Sally Beauty Holdings, Inc		3,115
1,224,963		Service Corp International		12,421
85,046	e*	Steiner Leisure Ltd		2,807
81,490		Unifirst Corp		3,022
277,491	e	Weight Watchers International, Inc		12,856
		TOTAL PERSONAL SERVICES		119,250
PETROLEUM AND COAL PRODUCTS - 6.56%
88,555	e	Alon USA Energy, Inc		1,347
3,551,308		Apache Corp		429,069
235,738		Ashland, Inc		11,150
95,214		Bharat Petroleum Corp Ltd		970
32,829,936		BP plc		333,599
135		BP plc (ADR)		8
1,383,476		Cabot Oil & Gas Corp		70,336
10,489,825		Chevron Corp		895,411
13,988,764		China Petroleum & Chemical Corp		11,971
8,383,295		ConocoPhillips		638,891
308,000		Cosmo Oil Co Ltd		967
29,200	e*	CVR Energy, Inc		672
1,700	e	Daiseki Co Ltd		51
134,158	e	Delek US Holdings, Inc		1,700
3,057,744		Devon Energy Corp		319,014
3,541,638	e	ENI S.p.A.		120,773
1,187,252		EOG Resources, Inc		142,470
131		Esso SA Francaise		28
28,368,112		Exxon Mobil Corp		2,399,375
513,953		Frontier Oil Corp		14,010
234,354	e*	Headwaters, Inc		3,091
26,821		Hellenic Petroleum S.A.		353
1,515,376		Hess Corp		133,626
186,108		Holly Corp		8,079
622,778	e	Imperial Oil Ltd		32,642
21,504		Jordan Petroleum Refinery		416
390,770		LUKOIL (ADR)		33,528
5,015,799		Marathon Oil Corp		228,720
5,326		Motor Oil Hellas Corinth Refineries S.A.		112
789,076		Murphy Oil Corp		64,815
494,349	*	Newfield Exploration Co		26,126
1,341,347		Noble Energy, Inc		97,650
46,587	e*	Nova Biosource Fuels, Inc		70
8,663,989	*	Occidental Petroleum Corp		633,944
223,420		OMV AG.		14,765
1,771		Parkland Income Fund		24
3,800		Peab Industri AB (B Shares)		41
63,100	e	Petrobras Energia Participaciones S.A.(ADR)		716
603,369		Petroleo Brasileiro S.A. (ADR)		61,610
19,155		PGG Wrightson Ltd		31
250,299	*	Polski Koncern Naftowy Orlen S.A.		4,449
241,467		Premier Farnell plc		854
1,713,600	v	PTT PCL		17,199
700		Quaker Chemical Corp		22

112

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
626,097		Repsol YPF S.A.	$	21,608
576,614		Rosneft Oil Co (GDR)		5,195
4,706,697		Royal Dutch Shell plc (A Shares)		162,256
3,051,895		Royal Dutch Shell plc (B Shares)		102,726
844		Rubis		71
1,360		Samir		144
287,018	e*	SandRidge Energy, Inc		11,237
19,095		Saras S.p.A.		98
61,200		Shell Refining Co		209
439,373	e	Showa Shell Sekiyu KK		4,443
29,824		SK Corp		4,276
40,356		S-Oil Corp		2,571
1,681,542	e	Statoil ASA		50,390
1,114,153		Suncor Energy, Inc		107,687
1,426,500		Suncor Energy, Inc		137,443
645,715		Sunoco, Inc		33,881
841,602		Tesoro Corp		25,248
43,749	e	TonenGeneral Sekiyu KK		374
3,565,394		Total S.A.		264,782
115,506		Tupras Turkiye Petrol Rafine		2,554
38,167	*	Unipetrol		622
2,663,318		Valero Energy Corp		130,796
113,403	e	WD-40 Co		3,771
107,862	e	Western Refining, Inc		1,453
3,800	e	YPF S.A.		167
		TOTAL PETROLEUM AND COAL PRODUCTS		7,828,697
PIPELINES, EXCEPT NATURAL GAS - 0.09%
3,222		Pembina Pipeline Income Fund		51
2,430,538		Spectra Energy Corp		55,295
956,997	e	TransCanada Corp		36,874
784,997	*	Wellstream Holdings plc		20,487
		TOTAL PIPELINES, EXCEPT NATURAL GAS		112,707
PRIMARY METAL INDUSTRIES - 1.20%
53,601	e	Acerinox S.A.		1,486
2,149	e*	Advanced Metallurgical Group NV		173
800		Ahresty Corp		11
17,000	e	Aichi Steel Corp		82
910,322	e	AK Steel Holding Corp		49,540
3,277,272		Alcoa, Inc		118,178
569,700		Allegheny Technologies, Inc		40,654
2,606,000		Aluminum Corp of China Ltd		4,212
840,720		Angang New Steel Co Ltd		1,919
587,510	e	Arcelor		48,130
2,735		Arques Industries AG.		53
1,200		Asahi Pretec Corp		32
367		A-TEC Industries AG.		30
3,400		BE Group AB		36
5,750	e	Bekaert S.A.		837
264,927	e	Belden CDT, Inc		9,357
1,252,235	e	BlueScope Steel Ltd		11,295
15,226	*	Boryszew S.A.		55
121,654	e*	Brush Engineered Materials, Inc		3,123
1,974		Canam Group, Inc		21
222,120		Carpenter Technology Corp		12,432

113

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
376,987		Catcher Technology Co Ltd	$	1,402
162,973	*	Century Aluminum Co		10,795
7,244,941		China Steel Corp		11,447
10,000		Chugai Ro Co Ltd		44
45,326	e*	Coleman Cable, Inc		499
551,642	*	CommScope, Inc		19,214
293,526		Companhia Siderurgica Nacional S.A.		10,465
2,457		Corinth Pipeworks S.A.		15
8,494,745		Corning, Inc		204,214
38,287		Daewoo International Corp		1,384
48,841	e	Daido Steel Co Ltd		252
31,990		Dongkuk Steel Mill Co Ltd		1,252
346,000	m,v	DOWA HOLDINGS CO LTD		3
162,001		DOWA HOLDINGS CO Ltd		961
631		Draka Holding		20
3,138		Duro Felguera S.A.		35
1,985		EL Ezz Aldekhela Steel Alexandria		543
77,216		El Ezz Steel Co		1,288
2,298		Elval Aluminium Process Co		8
145,205	e	Encore Wire Corp		2,644
3,492	*	EnerTAD S.p.A.		14
56,486	*	Equinox Minerals Ltd		269
474,243	*	Equinox Minerals Ltd		2,349
328,245		Eregli Demir ve Celik Fabrikalari TAS		2,300
41,936	e*	Esmark, Inc		474
5,000		Evraz Group S.A. (GDR)		432
7,415		Foseco plc		43
45,093	e	Fujikura Ltd		204
1,337,598	e	Furukawa Electric Co Ltd		4,321
242,840	*	General Cable Corp		14,345
491,641		Gerdau Ameristeel Corp		7,007
239,401		Gerdau S.A.		7,381
44,225		Gerdau S.A.		1,138
158,953	e	Gibraltar Industries, Inc		1,865
10,000		Godo Steel Ltd		33
6,155		Grupa Kety S.A.		332
8,089		Halcor S.A.		29
61,810	e*	Haynes International, Inc		3,392
456,748	*	Hindalco Industries Ltd		1,880
17,756		Hoganas AB (Class B)		422
29,388	e*	Horsehead Holding Corp		340
228,709		Hubbell, Inc (Class B)		9,992
1,282,000		Hunan Non-Ferrous Metal Corp Ltd		496
41,062		Hyundai Steel Co		2,873
10,000		JFE Shoji Holdings, Inc		70
1,101,412		Jiangxi Copper Co Ltd		2,078
169,377		Johnson Matthey plc		6,740
104,943		KGHM Polska Miedz S.A.		4,830
17,324		KME Group S.p.A.		28
529,300		KNM Group BHD		877
7,522,839		Kobe Steel Ltd		21,433
5,000		Kurimoto Ltd		6
700		Kyoei Steel Ltd		19
84,412	*	LB Foster Co (Class A)		3,635
3,817		Leoni AG.		183
1,316,000		Maanshan Iron & Steel		690

114

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
1,587,967		Madeco S.A.	$	178
118,476		Magnitogorsk Iron & Steel Works (GDR)		1,884
2,400		Maruichi Steel Tube Ltd		79
600		Matsuda Sangyo Co Ltd		14
165,969		Matthews International Corp (Class A)		8,008
27,100		Mechel Steel Group OAO (ADR)		3,084
17,000		Midas Holdings Ltd		12
2,761,672		Mitsubishi Materials Corp		11,996
17,000		Mitsubishi Steel Manufacturing Co Ltd		51
370,433		Mitsui Mining & Smelting Co Ltd		1,159
177,655		Mittal Steel South Africa Ltd		4,315
230,385		Mueller Industries, Inc		6,647
10,000		Nakayama Steel Works Ltd		21
1,500		Neturen Co Ltd		15
13,000		Nippon Denko Co Ltd		124
7,000		Nippon Koshuha Steel Co Ltd		13
102,413	e	Nippon Light Metal Co Ltd		154
15,000	e	Nippon Metal Industry Co Ltd		48
4,078,788	e	Nippon Steel Corp		20,664
13,500	e	Nippon Yakin Kogyo Co Ltd		108
2,495,876	e	Nisshin Steel Co Ltd		8,638
604,333	e	Norsk Hydro ASA		8,806
46,691	e*	Northwest Pipe Co		1,984
1,425,560		Nucor Corp		96,567
52,848	e	Olympic Steel, Inc		2,383
371,477		OneSteel Ltd		2,169
800		Osaka Steel Co Ltd		10
40,515	e	Outokumpu Oyj		1,843
7,000	e	Pacific Metals Co Ltd		68
3,855		PKC Group Oyj		43
8,590		Poongsan Corp		150
61,508		POSCO		29,563
808,214		Precision Castparts Corp		82,502
218,535	e	Quanex Corp		11,307
2,232	*	Recylex S.A.		54
122,237	e*	RTI International Metals, Inc		5,526
131,481		Salzgitter AG.		22,873
6,000		Sanyo Special Steel Co Ltd		27
722		Schmolz + Bickenbach AG.		60
129,677	e	Schnitzer Steel Industries, Inc (Class A)		9,210
170,750		Severstal (GDR)		3,859
2,352,000		Shougang Concord International Enterprises Co Ltd		553
3,083		Sidenor Steel Products Manufacturing Co S.A.		39
9,800	v	Siderar SAIC (Class A) (ADR)		517
338		Sonasid		193
2,660,718		Steel Authority Of India		12,289
815,424		Steel Dynamics, Inc		26,942
134,154	*	Sterlite Industries India Ltd		2,389
8,417	e	Straits Resources Ltd		47
1,258,039	e	Sumitomo Electric Industries Ltd		15,927
28,000		Sumitomo Light Metal Industries Ltd		37
5,627,421	e	Sumitomo Metal Industries Ltd		21,340
824,510	e	Sumitomo Metal Mining Co Ltd		15,344
130,034	*	Superior Essex, Inc		3,657
23,000		SWCC Showa Holdings Co Ltd		35
16,959		Taihan Electric Wire Co Ltd		914

115

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
152,732		Tata Steel Ltd	$	2,643
212,861	e	Tenaris S.A. (ADR)		10,611
149,849	e	Texas Industries, Inc		9,007
388,830	e	Titanium Metals Corp		5,852
2,750		TKH Group NV		65
17,908	e	Toho Titanium Co Ltd		460
16,000		Toho Zinc Co Ltd		86
205,738	e	Tokyo Steel Manufacturing Co Ltd		2,791
8,000	e	Tokyo Tekko Co Ltd		33
4,000		Toyo Kohan Co Ltd		21
191,696		Tredegar Corp		3,491
15,098		Tubacex S.A.		167
17,709		Tubos Reunidos S.A.		129
669,000		Tung Ho Steel Enterprise Corp		1,255
279,626		Umicore		14,551
617,199		United States Steel Corp		78,304
36,830	e*	Universal Stainless & Alloy		1,094
141,875		Usinas Siderurgicas de Minas Gerais S.A.		7,956
39,329		Usinas Siderurgicas de Minas Gerais S.A.		2,304
610,956		Vallourec		148,318
34,650		Viohalco S.A.		359
192,952		Voestalpine AG.		13,403
4,611		Von Roll Holding AG.		41
12,082,150		Walsin Lihwa Corp		5,966
421,186	e	Worthington Industries, Inc		7,105
54,500	e	Yamato Kogyo Co Ltd		2,198
6,000		Yodogawa Steel Works Ltd		29
		TOTAL PRIMARY METAL INDUSTRIES		1,435,339
PRINTING AND PUBLISHING - 0.45%
300,345	e*	ACCO Brands Corp		4,076
33,616		Agora S.A.		641
95,399	e	AH Belo Corp (Class A)		1,090
6,736		Alma Media		90
328,027	e	American Greetings Corp (Class A)		6,085
62,514		APN News & Media Ltd		262
31,041	e	Arnoldo Mondadori Editore S.p.A.		262
475,197		Belo (A.H.) Corp (Class A)		5,023
168,595		Bowne & Co, Inc		2,571
3,400		Caltagirone Editore S.p.A.		21
5,600		Cermaq ASA		71
19		CHINTAI Corp		5
57,810	*	Consolidated Graphics, Inc		3,240
54,966	e	Courier Corp		1,371
39,285		CSS Industries, Inc		1,373
1,102,237	e	Dai Nippon Printing Co Ltd		17,538
90,958		Daily Mail & General Trust		780
2,114		Davis & Henderson Income Fund		35
321,394		De La Rue plc		5,655
157,762	*	Dogan Yayin Holding		270
29,550	*	Dolan Media Co		594
458,726		Dun & Bradstreet Corp		37,331
2,119,258	e	Eniro AB		15,408
157,038		Ennis, Inc		2,635
615,554	e	EW Scripps Co (Class A)		25,859
1,100	e	Fuji Seal International, Inc		15

116

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
20,133,000		Fung Choi Media Group Ltd	$	6,728
73,068		Future plc		41
7,000		Gakken Co Ltd		21
1,437,260		Gannett Co, Inc		41,752
73,352	e	GateHouse Media, Inc		428
202,382	e	Harte-Hanks, Inc		2,767
126,783		Hurriyet Gazetecilik AS		194
6,763	*	Impresa SGPS		16
59,671		Independent News & Media plc		196
962,928	e	John Fairfax Holdings Ltd		3,054
208,304		John Wiley & Sons, Inc (Class A)		8,270
15,357		Johnston Press plc		38
259,451		Journal Communications, Inc (Class A)		1,915
15,000		Kyodo Printing Co Ltd		41
3,745		Lambrakis Press S.A.		22
279,276	e	Lee Enterprises, Inc		2,796
136,770	e*	Martha Stewart Living Omnimedia, Inc (Class A)		1,016
165,249	e	McClatchy Co (Class A)		1,768
2,524,670		McGraw-Hill Cos, Inc		93,287
78,382	*	Mecom Group plc		49
121,045		Media General, Inc (Class A)		1,697
215,479		Meredith Corp		8,242
165	*	Metro International S.A. (A Shares)		-	^
331	*	Metro International S.A. (B Shares)		-	^
53,100	*	MSCI, Inc		1,580
44,071	e	Multi-Color Corp		985
556,854	e	New York Times Co (Class A)		10,513
34,000		Next Media Ltd		13
110,000		Oriental Press Group		15
266,207	e	Orkla ASA		3,372
490,901	e	PagesJaunes Groupe S.A.		8,742
410,973		Pearson plc		5,559
108,314	e*	Playboy Enterprises, Inc (Class B)		902
61,559	e	PMP Ltd		85
249,290	e	Primedia, Inc		1,832
1,300		PRONEXUS, INC		11
4,839	b*	Quebecor World, Inc		1
4,293		Quebecor, Inc (Class B)		108
707,267	e*	R.H. Donnelley Corp		3,579
1,043,460		R.R. Donnelley & Sons Co		31,627
24,072		RCS MediaGroup S.p.A.		93
1,147,902		Reed Elsevier NV		21,892
3,207,185		Reed Elsevier plc		40,801
905,876		Reuters Group plc		10,428
264,945	e	Sanoma-WSOY Oyj		7,345
122,513	e	Schawk, Inc		1,959
10,284	e	Schibsted ASA		307
173,751	e*	Scholastic Corp		5,259
3,255,647		Singapore Press Holdings Ltd		10,880
24,323		St Ives Group plc		117
96,531	e	Standard Register Co		752
178,600		Star Publications Malaysia BHD		191
351,968	e,v*	Sun-Times Media Group, Inc (Class A)		253
1,753		Telegraaf Media Groep NV		57
5,773		Teleperformance		215
7,158		Teranet Income Fund		67

117

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
302,101	e	Thomson Corp	$	10,160
4,800	e	Toppan Forms Co Ltd		49
418,844	e	Toppan Printing Co Ltd		4,857
2,621		Torstar Corp (Class B)		42
6,753		Transcontinental, Inc (Class A)		123
555,872		Trinity Mirror plc		3,255
548,202		United Business Media plc		5,864
250,883	e*	Valassis Communications, Inc		2,722
226,033	e*	VistaPrint Ltd		7,900
22,258		Washington Post Co (Class B)		14,724
10,033	e	West Australian Newspapers Holdings Ltd		101
158,532		Wolters Kluwer NV		4,197
2,140,963		Yell Group plc		6,544
459,694		Yellow Pages Income Fund		4,698
		TOTAL PRINTING AND PUBLISHING		541,415
RAILROAD TRANSPORTATION - 0.80%
426,653	e	Asciano Group		1,560
2,014,077		Burlington Northern Santa Fe Corp		185,738
894,040	e	Canadian National Railway Co		43,350
332,008	e	Canadian Pacific Railway Ltd		21,348
3,922		Central Japan Railway Co		40,526
1,935,176		CSX Corp		108,505
590		Delachaux S.A.		49
8,637	e	East Japan Railway Co		71,831
2,101,532		Firstgroup plc		23,502
171,904	*	Genesee & Wyoming, Inc (Class A)		5,913
1,056,000		Guangshen Railway Co Ltd		549
1,572,400	e	Hankyu Hanshin Holdings, Inc		6,799
345,962	e*	Kansas City Southern Industries, Inc		13,877
1,719,125		MTR Corp		5,898
2,344,970		Norfolk Southern Corp		127,379
407,364	e	Odakyu Electric Railway Co Ltd		3,016
2,215,272		Union Pacific Corp		277,751
4,167	e	West Japan Railway Co		18,310
		TOTAL RAILROAD TRANSPORTATION		955,901
REAL ESTATE - 0.63%
56,074		Abacus Property Group		68
4,204		Acanthe Developpement S.A.		16
4,459		Aedes S.p.A.		14
275,700	e	Aeon Mall Co Ltd		7,648
9,416		Africa Israel Investments Ltd		497
3,244,000		Agile Property Holdings Ltd		3,422
13,967,800		Allgreen Properties Ltd		12,482
970		Allreal Holding AG.		137
2,784		Alstria Office REIT-AG.		59
2,972,000	v	Amata Corp PCL		1,595
46,244		AMP NZ Office Trust		41
53		Apamanshop Holdings Co Ltd		12
223	e	Ardepro Co Ltd		11
100		Ascendas India Trust		-	^
666,449		Ascendas Real Estate Investment Trust		1,152
27,348		Aspen Group		42
1,800	e	Atrium Co Ltd		21
42,406	e	Australand Property Group		70

118

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
9,247,920	m,v*	Ayala Land, Inc	$	22
17,116,843		Ayala Land, Inc		4,405
2,197	*	Babis Vovos International Construction S.A.		68
1,882,000		Beijing Capital Land Ltd		742
28,964	e	Beni Stabili S.p.A.		36
44,542	*	Blackrock International Land plc		21
71,507		Bovis Homes Group plc		860
511,762		British Land Co plc		9,319
633,271		Brixton plc		4,148
115,000		Brookfield Properties Co		2,221
257,858	e	Brookfield Properties Corp		4,974
7,000		Bukit Sembawang Estates Ltd		46
2,136	*	CA Immo International AG.		34
4,453	*	CA Immobilien Anlagen AG.		95
7,863		Capital & Regional plc		86
3,138,741		CapitaLand Ltd		14,480
84,224	e	Castellum AB		1,028
723,000		Cathay Real Estate Development Co Ltd		643
1,054,504	e*	CB Richard Ellis Group, Inc (Class A)		22,819
2,921,400	v	Central Pattana PCL		2,621
146,336	e	Centro Properties Group		40
127,492		Centro Retail Group		40
5,562,565		Champion Real Estate Investment Trust		2,845
5,022,110		Cheuk Nang Holdings Ltd		3,549
702,531		Cheung Kong Holdings Ltd		9,975
4,311,000	*	China Aoyuan Property Group Ltd		1,407
3,353,500		China Overseas Land & Investment Ltd		6,188
60,000		China Properties Group Ltd		26
1,374,000		China Resources Land Ltd		2,383
587,200		China Vanke Co Ltd		1,305
490,000		Chinese Estates Holdings Ltd		759
2,312,195		City Developments Ltd		18,512
10,199		Citycon Oyj		62
1,853	*	CLS Holdings plc		13
86,000		Coastal Greenland Ltd		13
1,319		Colonia Real Estate AG.		27
31,970	e	Consolidated-Tomoka Land Co		1,792
12,369	*	Conwert Immobilien Invest AG.		208
37,448		Corio NV		3,281
3,000		Cosmos Initia Co Ltd		9
2,719,000		Country Garden Holdings Co Ltd		2,344
22		Creed Corp		27
37		C's Create Co Ltd		5
172,948		Cyrela Brazil Realty S.A.		2,267
4,300		Daibiru Corp		41
1,445,900		Daiman Development BHD		741
63,237		Dawnay Day Treveria plc		66
2,142,079	e	DB RREEF Trust		3,299
4,167		Derwent London plc		126
127,627	*	Desarrolladora Homex S.A. de C.V.		1,241
3,153		Deutsche Euroshop AG.		132
3,506		Deutsche Wohnen AG.		101
1,980		Development Securities plc		18
713		DIC Asset AG.		24
4,033		Douja Promotion Groupe Addoha S.A.		2,439
1,337		Dundee Real Estate Investment Trust		42

119

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
179,900	e	DuPont Fabros Technology, Inc	$	2,967
134,200	*	E&O Property Development BHD		79
184,625	*	Echo Investment S.A.		552
1,054		Eurobank Properties Real Estate Investment Co		14
2,534		Eurocommercial Properties NV		142
88,649	e	Fabege AB		947
98,000		Far East Consortium		37
263,500,000	*	Filinvest Land, Inc		6,561
11,896	e	FKP Property Group		31
330,119	e	Forest City Enterprises, Inc (Class A)		12,148
156,985	*	Forestar Real Estate Group, Inc		3,910
16		Funai Zaisan Consultants Co Ltd		28
51,685	e*	FX Real Estate and Entertainment, Inc		304
25,492	e*	FX Real Estate and Entertainment, Inc		2
74,096		Gafisa S.A.		1,225
44,497		Gazit Globe Ltd		427
14,364		Gecina S.A.		2,143
1,344,000	*	Genting International plc		586
94,618	*	Globe Trade Centre S.A.		1,593
1,340		Goldcrest Co Ltd		30
5,780		Grainger plc		47
11,934,600		Greentown China Holdings Ltd		11,179
129,651		Grubb & Ellis Co		891
831,936		Guangzhou R&F Properties Co Ltd		2,207
2,763		Hamborner AG.		37
300,010		Hammerson plc		6,633
472,000		Hang Lung Group Ltd		2,229
3,317,231		Hang Lung Properties Ltd		11,743
14,500	e	Heiwa Real Estate Co Ltd		69
3,794		Helical Bar plc		28
26,000		Henderson Investment Ltd		3
1,936,460		Henderson Land Development Co Ltd		13,760
28,000		Ho Bee Investment Ltd		19
610,718		Hopewell Holdings		2,319
6,520,674		Hopson Development Holdings Ltd		10,054
4,400	e	Hufvudstaden AB		46
2,059,034		Hysan Development Co Ltd		5,768
5,537		ICADE		824
20		IDU Co		15
9,943,800		IGB Corp BHD		4,881
14,024		Immobiliare Grande Distribuzione		50
349,422		IMMOFINANZ Immobilien Anlagen AG.		3,784
105		Intershop Holdings		34
184,325		IOI Properties BHD		686
15,300	e*	IRSA Inversiones y Representaciones S.A. (GDR)		215
84,719		IVG Immobilien AG.		2,370
57,004	*	IVR Prime Urban Developers Ltd		249
4,300	e	Japan General Estate Co Ltd		34
270		Jeudan AS		35
2,001,600		Johor Land BHD		695
4,400	e	Joint Corp		28
421,447	e	Jones Lang LaSalle, Inc		32,595
52,000		K Wah International Holdings Ltd		20
1,639		Kardan NV		18
762,000	e	Keppel Land Ltd		3,072
1,298,176		Kerry Properties Ltd		7,823

120

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
202,747		Kiwi Income Property Trust	$	193
62,532		Klepierre		3,837
10,500		Klovern AB		43
78,425	e	Kungsleden AB		973
259,123,000		Lai Fung Holdings Ltd		9,656
78,100		Land and Houses PCL		24
1,455,600		Land and Houses PCL		472
8,318,309		Land and Houses PCL		2,576
165		Leasinvest Real Estate SCA		18
251,289		Leighton Holdings Ltd		9,829
97,400	e	Leopalace21 Corp		1,574
244,117		Liberty International plc		4,726
1,001,364		Link Real Estate Investment Trust		2,221
143,778	e*	LoopNet, Inc		1,826
3,328,570	e	Macquarie Goodman Group		13,111
732		Mapeley Ltd		21
15,000		MCL Land Ltd		20
25,967		Medinet Nasr Housing		336
54,826,200		Megaworld Corp		3,229
4,270,000	*	Metro Pacific Investments Corp		409
134,268	e	MI Developments, Inc		3,918
16,161	*	Minerva plc		31
765,262		Mirvac Group		2,811
1,757,960		Mitsubishi Estate Co Ltd		42,679
993,715	e	Mitsui Fudosan Co Ltd		19,729
151,508	*	Musashino Kogyo Co Ltd		378
7,406,666		New World China Land Ltd		4,701
8,640,689		New World Development Ltd		20,939
1,726	e	Nexity		74
490,500	e	Nomura Real Estate Holdings, Inc		8,168
160		Nordicom AS		21
10,700	e	Norwegian Property ASA		92
14,000		Orchard Parade Holdings Ltd		11
52		Pacific Management Corp		33
217,678		Parque Arauco S.A.		269
404		Parquesol Inmobiliaria y Proyectos S.A.		11
1,504,598		Parsvnath Developers Ltd		7,881
1,271		Patrizia Immobilien AG.		9
83,702	*	PIK Group (GDR)		2,109
956		Pirelli & C Real Estate S.p.A.		36
25,606,100	*	PT Ciputra Property Tbk		1,015
27,907,600	v	Quality House PCL		2,429
6,502		Quintain Estates & Development plc		58
30,546		Realia Business S.A.		226
28	e	Recrm Research Co Ltd		18
9,476	e	Risa Partners, Inc		19,013
4,308	*	Risanamento S.p.A.		13
14,844		Rubicon America Trust		2
3,100		Sankei Building Co Ltd		20
18,000		SC Global Developments Ltd		18
424,686		Segro plc		4,282
14,131		Shaftesbury plc		162
73,403,104		Shanghai Real Estate Ltd		12,921
1,308,000		Shenzhen Investment Ltd		551
333,000	e	Shoei Co Ltd		4,149
4,200,862		Shui On Land Ltd		3,935

121

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
33,720		Singapore Land Ltd	$	167
903,467		Sino Land Co		1,950
13,121	*	Societa Partecipazioni Finanziarie S.p.A.		10
896		Societe de la Tour Eiffel		133
3,323,250		SP Setia BHD		3,865
2,746	*	Sparkassen Immobilien AG.		30
27,168,556		SPG Land Holdings Ltd		11,311
5,133		ST Modwen Properties plc		50
373,025	e	St. Joe Co		16,014
543,713	e	Stewart Enterprises, Inc (Class A)		3,491
3,051,026		Stockland Trust Group		19,490
24,473	e*	Stratus Properties, Inc		721
460		Sumitomo Real Estate Sales Co Ltd		16
630,431	e	Sumitomo Realty & Development Co Ltd		11,112
16		Sun Frontier Fudousan Co Ltd		5
1,219,789		Sun Hung Kai Properties Ltd		19,027
1,811		Swiss Prime Site AG.		124
300		Tachihi Enterprise Co Ltd		19
1,154		TAG Tegernsee Immobilien und Beteiligungs AG.		11
45,000		TAI Cheung Holdings		24
7,755		Technopolis plc		69
165,344		Thomas Properties Group, Inc		1,452
54,000		Tian An China Investment		47
10,000		TOC Co Ltd		75
219,500	e	Tokyo Tatemono Co Ltd		1,445
15,000		Tokyotokeiba Co Ltd		29
1,620,377	e	Tokyu Land Corp		10,160
2,000		Tokyu Livable, Inc		17
62,000		Tomson Group Ltd		16
17		Tosei Corp		11
6,000		Towa Real Estate Development Co Ltd		7
800	*	T-Zone Holdings, Inc		12
26,983		Uni Land S.p.A.		12
154,335		Unibail		39,718
12,328		Unite Group plc		80
10,365,218	*	Unitech Corporate Parks plc		18,103
262,953		Unitech Ltd		1,810
1,481,956		United Industrial Corp Ltd		2,972
105,800	e	Urban Corp		450
4,875	*	Urbas Proyectos Urbanisticos S.A.		4
68,000		USI Holdings Ltd		41
153,432	e	Valad Property Group		136
2,430		Vastned Retail NV		258
1,680		Vivacon AG.		35
2,800		Wallenstam Byggnads AB (B Shares)		57
315		Warehouses De Pauw SCA		22
4,046		Warner Estate Holdings plc		26
12,431	e	Wereldhave NV		1,534
1,171,588	e	Westfield Group		19,059
356,000		Wheelock & Co Ltd		997
16,000		Wheelock Properties S Ltd		23
301,642		Wihlborgs Fastigheter AB		6,891
4,875,471		Wing Tai Holdings Ltd		7,757
21,807		Workspace Group plc		119
255,000		Yanlord Land Group Ltd		395
3,600,400		YNH Property BHD		2,398

122

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
20,102,000	*	Zhong An Real Estate Ltd	$	9,712
2,649		Zueblin Immobilien Holding AG.		27
		TOTAL REAL ESTATE		750,840
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.57%
41,010	e*	AEP Industries, Inc		1,242
254,081	e	Ansell Ltd		2,701
8,000		Bando Chemical Industries Ltd		29
3,973,975	e	Bayer AG.		318,464
850,260		Bridgestone Corp		14,475
637,298		Cheng Shin Rubber Industry Co Ltd		1,294
366,944	e	Cooper Tire & Rubber Co		5,493
1,306		Deceuninck NV		27
79,499	e*	Deckers Outdoor Corp		8,572
66,670	e	Denki Kagaku Kogyo KK		210
7,130		Devro plc		11
2,356,460		Formosa Chemicals & Fibre Corp		6,112
1,314,518	*	Goodyear Tire & Rubber Co		33,915
74,000		Hankook Tire Co Ltd		1,173
76,199	e*	Metabolix, Inc		834
123,027		Michelin (C.G.D.E.) (Class B)		12,843
1,550,216	e	Mitsui Chemicals, Inc		10,264
2,289,198		Newell Rubbermaid, Inc		52,354
5,900	e	Nifco, Inc		136
2,151,159		Nike, Inc (Class B)		146,279
1,100		Nitta Corp		20
83,330	e	Nokian Renkaat Oyj		3,552
4,200		Nolato AB (B Shares)		41
2,000	e	Okamoto Industries, Inc		7
2,495,587	e	Pirelli & C S.p.A.		2,185
3,591,589		PT Gajah Tunggal Tbk		146
272	*	Quadrant AG.		32
4,791		RPC Group plc		19
160,011		Schulman (A.), Inc		3,285
659,734		Sealed Air Corp		16,658
2,000		Sekisui Jushi Corp		19
138,097	*	Skechers U.S.A., Inc (Class A)		2,791
192,873		Spartech Corp		1,630
646,582	e	Sumitomo Bakelite Co Ltd		3,276
161,054	e	Titan International, Inc		4,930
1,800		Tokai Rubber Industries, Inc		26
66,442	e*	Trex Co, Inc		524
379,116		Tupperware Corp		14,664
11,745	e	Uponor Oyj		276
6,379		Viscofan S.A.		146
171,854	e	West Pharmaceutical Services, Inc		7,601
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		678,256
SECURITY AND COMMODITY BROKERS - 2.32%
12,000		ABG Sundal Collier ASA		22
8,500		Acta Holding ASA		28
4,600		AGF Management Ltd (Class B)		97
2,200		Aizawa Securities Co Ltd		10
1,237,848		Ameriprise Financial, Inc		64,182
170,739	e	Australian Stock Exchange Ltd		5,836
2,200		Avanza AB		48

123

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
12,746		Azimut Holding S.p.A.	$	132
1,113,850	e	Babcock & Brown Ltd		14,984
26,220		Banca Finnat Euramerica S.p.A.		31
745,308	e	Bear Stearns Cos, Inc		7,818
264,661	e	BlackRock, Inc		54,038
247,745		Bolsa de Mercadorias e Futuros - BM&F		2,259
3,896	e	Bolsas y Mercados Espanoles		190
637,021		Broadridge Financial Solutions, Inc		11,212
186,422		Calamos Asset Management, Inc (Class A)		3,035
3,917		Canaccord Capital, Inc		37
5,500	*	Capinordic AS		17
26,055		Charlemagne Capital Ltd		21
7,917,614		Charles Schwab Corp		149,089
1,676,308	*	China Everbright Ltd		3,265
303,304		Close Brothers Group plc		3,714
268,463		CME Group, Inc		125,936
92,119	e	Cohen & Steers, Inc		2,440
699,784	*	Corrections Corp of America		19,258
21,000	e*	Cosmo Securities Co Ltd		19
85,252	e*	Cowen Group, Inc		604
3,669,683		Credit Suisse Group		186,791
63,769	e	Cromwell Group		47
98,315	*	Daewoo Securities Co Ltd		2,174
79,250	*	Daishin Securities Co Ltd		1,813
1,000,000	a,m,v	Daishin Securities Co Ltd (GDR)		6,480
1,338,400		Daiwa Securities Group, Inc		11,601
15,463	*	DeA Capital S.p.A.		41
174,550		Deutsche Boerse AG.		28,116
47,900	*	Duff & Phelps Corp		862
6,246	*	Dundee Corp (Class A)		80
2,690		DundeeWealth, Inc		32
2,995,984	e*	E*Trade Financial Corp		11,564
1,119	e	E*Trade Securities Co Ltd		973
621,680		Eaton Vance Corp		18,967
158,339		Egyptian Financial Group-Hermes Holding		1,631
46,961	e	Epoch Holding Corp		563
56,926	e	Evercore Partners, Inc (Class A)		1,010
7,401		F&C Asset Management plc		27
86,300	*	FBR Capital Markets Corp		583
64,088	*	FCStone Group, Inc		1,775
1,046,593		Federated Investors, Inc (Class B)		40,985
68		Fintech Global, Inc		7
1,448,400		Franklin Resources, Inc		140,480
51,037	e	GAMCO Investors, Inc (Class A)		2,570
114,146	e	GFI Group, Inc		6,541
2,030		GMP Capital Trust		33
2,441,580		Goldman Sachs Group, Inc		403,813
97,219	e	Greenhill & Co, Inc		6,763
111,610		Hana Financial Group, Inc		4,564
706,607		Hellenic Exchanges S.A.		16,778
1,556,914		Hong Kong Exchanges and Clearing Ltd		26,727
116,047	*	Hyundai Securities Co		1,810
2,100	e	Ichiyoshi Securities Co Ltd		21
154,672	e	IGM Financial, Inc		6,810
117,852		Indiabulls Financial Services Ltd		1,224
105,929	m,v	Indiabulls Financial Services Ltd		696

124

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
148,173	*	Indiabulls Real Estate Ltd	$	1,802
254,448	e*	Interactive Brokers Group, Inc (Class A)		6,532
451,992	*	IntercontinentalExchange, Inc		58,985
3,081,991		Invesco Ltd		75,077
205,094	*	Investment Technology Group, Inc		9,471
6,640		Invista Real Estate Investment Management Holdings plc		9
3,192		IOOF Holdings Ltd		17
800		Iwai Securities Co Ltd		9
675,861		Janus Capital Group, Inc		15,727
481,305		Jefferies Group, Inc		7,763
18		kabu.com Securities Co Ltd		21
160,118	e*	KBW, Inc		3,531
2,546,404		KGI Securities Co Ltd		1,907
2,453,400	v	Kim Eng Securities Thailand PCL		1,855
577,012	*	Knight Capital Group, Inc (Class A)		9,371
31,698	*	Korea Investment Holdings Co Ltd		1,488
2,642,130		Kowloon Development Co Ltd		5,086
383,422	e*	LaBranche & Co, Inc		1,668
520,585	e*	Ladenburg Thalmann Financial Services, Inc		973
1,531,092		Lazard Ltd (Class A)		58,488
11,457,000		Legal & General Group plc		28,741
520,005		Legg Mason, Inc		29,110
2,650,492		Lehman Brothers Holdings, Inc		99,765
124,354		London Stock Exchange Group plc		2,981
525,603	e	Macquarie Group Ltd		25,372
174,150	e*	MarketAxess Holdings, Inc		1,731
6,600		Marusan Securities Co Ltd		37
91,200	e	Matsui Securities Co Ltd		516
5,088,500		Merrill Lynch & Co, Inc		207,305
779,536	*	MF Global Ltd		7,725
17,748	m,v	MFS Ltd		16
16,443	*	Mirae Asset Securities Co Ltd		2,308
3,000		Mito Securities Co Ltd		8
1,316		Mittel S.p.A.		9
28,000	*	Mizuho Investors Securities Co Ltd		33
6,469,045		Morgan Stanley		295,635
74,505	e*	Morningstar, Inc		4,571
888,224	*	Nasdaq Stock Market, Inc		34,339
2,848,584	e	Nomura Holdings, Inc		42,580
5,000		Nordnet AB		15
8,651		Numis Corp plc		32
480,553	e	Nymex Holdings, Inc		43,553
1,221,596		NYSE Euronext		75,385
9,000	*	Okasan Holdings, Inc		44
229,149	e	optionsXpress Holdings, Inc		4,746
78,615	*	Penson Worldwide, Inc		726
517,000	m,v*	Peregrine Investment Holdings		-	^
106,498	e*	Piper Jaffray Cos		3,617
4,997		Proton Bank S.A.		57
7,600	e	Pzena Investment Management, Inc		86
1,005,648	e	Raymond James Financial, Inc		23,110
93,691		Reliance Capital Ltd		2,870
42,890	*	Samsung Securities Co Ltd		3,153
83,371	e	Sanders Morris Harris Group, Inc		680
7,051	e	SBI Holdings, Inc		1,696
508,225		Schroders plc		9,461

125

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
1,116,306		SEI Investments Co	$	27,562
25,000		Shenyin Wanguo HK Ltd		18
3,014,000	e*	Shinko Securities Co Ltd		8,769
831,404		Singapore Exchange Ltd		4,530
47		Sparx Group Co Ltd		23
78,876	e*	Stifel Financial Corp		3,542
60,000		Sun Hung Kai & Co Ltd		57
1,158		Swissquote Group Holding S.A.		63
150,483	e	SWS Group, Inc		1,840
1,213,749		T Rowe Price Group, Inc		60,687
307,900		TA Enterprise BHD		113
30,000		Tai Fook Securities Group Ltd		13
7,254		Tamburi Investment Partners S.p.A.		22
1,211,444	*	TD Ameritrade Holding Corp		20,001
634,000	*	Techpacific Capital Ltd		11
129,772	e*	Thomas Weisel Partners Group, Inc		859
11,000		Tokai Tokyo Securities Co Ltd		36
66,209	*	Tong Yang Investment Bank		1,093
3,000		Toyo Securities Co Ltd		9
222,432		TSX Group, Inc		8,414
399		Union Financiere de France BQE S.A.		24
2,776,565		UOB-Kay Hian Holdings Ltd		3,954
61,180	e	US Global Investors, Inc (Class A)		828
7,546		Value Line, Inc		346
1,796		Viel et Compagnie		12
3,200	*	Vostok Nafta Investment Ltd		62
280		VZ Holding AG.		22
530,958		Waddell & Reed Financial, Inc (Class A)		17,060
70,340	*	Woori Investment & Securities Co Ltd		1,492
137,357		WP Stewart & Co Ltd		266
		TOTAL SECURITY AND COMMODITY BROKERS		2,776,795
SOCIAL SERVICES - 0.01%
144,585	*	Bright Horizons Family Solutions, Inc		6,223
122,472	*	Capital Senior Living Corp		986
5,105		Care UK plc		41
690		Korian		26
64,988	e*	Providence Service Corp		1,950
134,003	*	Res-Care, Inc		2,298
36,855		Ryman Healthcare Ltd		49
10,702		Southern Cross Healthcare Ltd		80
52,055		Vedior NV		1,512
		TOTAL SOCIAL SERVICES		13,165
SPECIAL TRADE CONTRACTORS - 0.07%
20,022	e	Alico, Inc		884
182,768	*	AsiaInfo Holdings, Inc		1,985
1,366		Bauer AG.		90
11,365	*	Cape plc		54
424,981	*	Carso Infraestructura y Construccion S.A. de C.V.		422
130,449	e	Chemed Corp		5,505
1,400		Chudenko Corp		22
279,030		Comfort Systems USA, Inc		3,630
62,972	e	COMSYS Holdings Corp		546
4,000		Daimei Telecom Engineering Corp		36
262,949	*	Dycom Industries, Inc		3,158

126

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
389,864	*	EMCOR Group, Inc	$	8,659
2,613		Homeserve plc		100
160,991	e*	Insituform Technologies, Inc (Class A)		2,227
101,176	e*	Integrated Electrical Services, Inc		1,589
7,000		Kandenko Co Ltd		38
82,838		Kinden Corp		797
8,000	e	Kyowa Exeo Corp		62
2,000		Kyudenko Corp		10
85,035	*	Layne Christensen Co		2,978
53,600		Metalurgica Gerdau S.A.		2,233
356,079		Polimex Mostostal S.A.		1,280
2,018,882	e*	Quanta Services, Inc		46,777
3,000	e	Sanki Engineering Co Ltd		18
4,406		Severfield-Rowen plc		26
2,430		Spice plc		21
9,000		Taihei Kogyo Co Ltd		31
1,400		Taikisha Ltd		17
3,000	e	Takasago Thermal Engineering Co Ltd		23
13,893		Timbercorp Ltd		16
3,000		Toenec Corp		14
2,000		Yurtec Corp		11
		TOTAL SPECIAL TRADE CONTRACTORS		83,259
STONE, CLAY, AND GLASS PRODUCTS - 0.58%
3,506,980		3M Co		277,577
28,744		Adana Cimento (Class A)		136
33,206		Akcansa Cimento AS		133
453,238		Ambuja Cements Ltd		1,368
201,063		Apogee Enterprises, Inc		3,096
955,300		Asahi Glass Co Ltd		10,532
2,607,780		Asia Cement Corp		4,661
41,956		Associated Cement Co Ltd		864
391,878	e	Boral Ltd		2,242
99,200		Bradespar S.A.		2,677
6,777		Buzzi Unicem S.p.A.		169
2,013		Buzzi Unicem SpA		32
124,499	e*	Cabot Microelectronics Corp		4,003
109,899	e	CARBO Ceramics, Inc		4,407
7,736		Cementir S.p.A.		72
479		Cementos Portland Valderrivas S.A.		47
5,975,949	*	Cemex S.A. de C.V.		15,790
85,195		Central Glass Co Ltd		333
58,878	*	Cersanit Krasnystaw S.A.		693
71,612	e	Cimpor Cimentos de Portugal S.A.		649
158,481		Compagnie de Saint-Gobain		12,923
1,337,913		Cookson Group plc		17,631
625,271		CRH plc		23,770
11,262		Cristalerias de Chile S.A.		135
1,398		Dyckerhoff AG.		89
185,608	e	Eagle Materials, Inc		6,598
386,260		Egypt Kuwait Holding Co		1,707
97,562		FLSmidth & Co AS		9,656
662,228		Gentex Corp		11,357
2,608,502		Goldsun Development & Construction Co Ltd		1,898
1,466		GranitiFiandre S.p.A.		16
31,261	*	Grasim Industries Ltd		2,007

127

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
567,203		Grupo Carso S.A. de C.V. (Series A1)	$	2,397
40		H+H International AS		11
117,050		HeidelbergCement AG.		20,155
849		Heracles General Cement Co		22
693,418		Holcim Ltd		72,826
27,275,400		Holcim Philippines, Inc		3,657
75,835		Industrias Penoles S.A. de C.V.		2,293
29,625	e	Italcementi S.p.A.		600
30,508		Italcementi S.p.A.		442
382	e	Italmobiliare S.p.A.		40
807		Italmobiliare S.p.A.		53
422,459		Jaiprakash Associates Ltd		2,386
369,363	e	James Hardie Industries NV		2,110
8,559		Jordan Cement Factories		148
8,000		Krosaki Harima Corp		23
2,737		Lafarge Ciments		831
2,821,360		Lafarge Malayan Cement BHD		3,740
60,009		Lafarge S.A.		10,436
64,688		Libbey, Inc		1,089
113,000		Lucky Cement Ltd		252
3,674,000		Luks Group Vietnam Holdings Ltd		2,856
1,523		Marazzi Group S.p.A.		13
27,388		Marshalls plc		140
5,675		Misr Beni Suef Cement Co		118
828,158	e	NGK Insulators Ltd		14,656
2,761,130	e	Nippon Sheet Glass Co Ltd		12,216
5,000		Noritake Co Ltd		20
417,984	e*	Owens Corning, Inc		7,578
959,326	*	Owens-Illinois, Inc		54,135
13,193	m,v*	Paragon Trade Brands, Inc		-	^
8,387		Pargesa Holding S.A.		935
1,400		Pigeon Corp		29
443,409		Pretoria Portland Cement Co Ltd		2,190
635,000	*	PT Indo Tambangraya Megah		1,414
2,842,800		PT Indocement Tunggal Prakarsa Tbk		2,177
11,194,000		PT Semen Gresik Persero Tbk		6,080
11,783	*	RHI AG.		474
337,400		Siam Cement PCL		2,336
11,100		Siam Cement PCL		75
97,400	v	Siam City Cement PCL		705
141	e	Sika AG.		277
641		Societe Nationale d'Investissement		169
571		STO AG.		43
3,676,148	e	Sumitomo Osaka Cement Co Ltd		8,519
221,050	e	Taiheiyo Cement Corp		532
2,124,144		Taiwan Cement Corp		4,118
630,281		Taiwan Glass Industrial Corp		772
24,000		TCC International Holdings Ltd		16
179,958	e	Toto Ltd		1,702
269,329		Trakya Cam Sanayi AS		339
246,506		Turk Sise ve Cam Fabrikalari AS		305
25,252	*	Ultra Tech Cement Ltd		494
183,808	e*	US Concrete, Inc		698
322,996	e*	USG Corp		11,893
13		Vetropack Holding AG.		29
2,584		Vidrala S.A.		83

128

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
186,718		Wienerberger AG.	$	9,931
40,000		Xinyi Glass Holdings Co Ltd		27
4,097	*	Zignago Vetro S.p.A.		28
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		688,901
TEXTILE MILL PRODUCTS - 0.02%
255,373		Alfa S.A. de C.V. (Class A)		1,704
35,125		Cheil Industries, Inc		1,708
774,000	*	China Grand Forestry Resources Group Ltd		85
22,000		Daiwabo Co Ltd		49
4,167,934		Far Eastern Textile Co Ltd		7,024
6,057		Fiberweb plc		7
686,220		Formosa Taffeta Co Ltd		777
50,000		Fountain SET Hldgs		8
57,057	e*	Heelys, Inc		245
20,390		Hyosung Corp		1,377
3,000		Japan Wool Textile Co Ltd		26
29,000		Kurabo Industries Ltd		65
7,416		Low & Bonar plc		16
32,000		Nitto Boseki Co Ltd		66
7,581		Oriental Weavers		82
82,226	e	Oxford Industries, Inc		1,853
51,000		Pacific Textile Holdings Ltd		10
492,230	e	Seiren Co Ltd		3,146
208,000	e	Teijin Ltd		876
184,971		Texwinca Holdings Ltd		133
44,000		Unitika Ltd		43
72,000		Victory City International Hlds		20
409,000		Weiqiao Textile Co		526
210,477	e	Xerium Technologies, Inc		271
		TOTAL TEXTILE MILL PRODUCTS		20,117
TOBACCO PRODUCTS - 1.19%
14,676,032		Altria Group, Inc		325,808
7,085		Australian Agricultural Co Ltd		17
109,700		British American Tobacco Malaysia BHD		1,458
3,180,048		British American Tobacco plc		119,346
573		Eastern Tobacco		41
4,224,612		Huabao International Holdings Ltd		3,474
845,999		Imperial Tobacco Group plc		38,919
1,708,086		ITC Ltd		8,781
10,844		Japan Tobacco, Inc		54,285
744,359		Loews Corp (Carolina Group)		54,003
375		Philip Morris CR		168
14,846,752	*	Philip Morris International, Inc		750,949
6,794		Rothmans, Inc		173
74,335		Souza Cruz S.A.		1,927
244,310	e	Swedish Match AB		5,325
159,189	e	Universal Corp		10,432
797,188		UST, Inc		43,463
167,373	e	Vector Group Ltd		2,944
		TOTAL TOBACCO PRODUCTS		1,421,513
TRANSPORTATION BY AIR - 0.40%
355,131	e*	ABX Air, Inc		1,044
18,494	*	ACE Aviation Holdings, Inc (Class A)		379

129

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
4,013	*	Aegean Airlines S.A.	$	30
18,792	*	AER Lingus		61
11,870		Aeroports de Paris		1,352
2,275	e*	Air Berlin plc		27
1,000	*	Air Canada (Class A)		9
2,020,000		Air China Ltd		1,705
67,828		Air France-KLM		1,910
67,590	e*	Air Methods Corp		3,269
33,857		Air New Zealand Ltd		34
677,500	*	AirAsia BHD		290
355,400	v	Airports of Thailand PCL		643
496,872	e*	Airtran Holdings, Inc		3,279
227,896	e*	Alaska Air Group, Inc		4,471
69,178	e*	Alitalia S.p.A.		52
542,000		All Nippon Airways Co Ltd		2,387
59,580	*	Allegiant Travel Co		1,574
2,099,326	e*	AMR Corp		18,936
90,501		Asiana Airlines		613
81,117	e*	Atlas Air Worldwide Holdings, Inc		4,461
726,547		Auckland International Airport Ltd		1,302
3,797	*	Austrian Airlines AG.		28
504,439		BBA Aviation plc		1,507
1,206,000		Beijing Capital International Airport Co Ltd		1,092
115,013	e*	Bristow Group, Inc		6,173
216,288	*	British Airways plc		1,006
1,054,900		Cathay Pacific Airways Ltd		2,074
1,767		CHC Helicopter Corp (Class A)		52
5,929,471		China Airlines		3,445
1,196,000		China Eastern Airlines Corp Ltd (H Shares)		606
826,000	*	China Southern Airlines Co Ltd		645
207,792	e	Continental AG.		21,189
745,277	*	Continental Airlines, Inc (Class B)		14,332
81,096	e	Copa Holdings S.A. (Class A)		3,091
1,197,038	*	Delta Air Lines, Inc		10,295
9,264		Derichebourg		74
962,801	e	Deutsche Lufthansa AG.		26,038
424,362	*	easyJet plc		3,127
5,955,000	*	Eva Airways Corp		3,568
253,114	e*	ExpressJet Holdings, Inc		666
1,489,015		FedEx Corp		137,987
2,872		Finnair Oyj		33
5,307		Flughafen Wien AG.		640
419		Flughafen Zuerich AG.		176
191,464	b,m,v*	FLYi, Inc		1
2,750		Fraport AG. Frankfurt Airport Services Worldwide		199
2,700	e*	Frontier Airlines Holdings, Inc		7
41,817		Gol Linhas Aereas Inteligentes S.A.		622
437,593		Grupo Aeroportuario del Pacifico S.A. de C.V. (B Shares)		1,979
128,347		Grupo Aeroportuario del Sureste S.A. de C.V. (Class B)		733
84,835		Henkel KGaA		3,600
36,800		Hong Kong Aircraft Engineerg		607
206,449		Iberia Lineas Aereas de Espana		900
693,000		Japan Airlines Corp		1,801
6,359		Jazz Air Income Fund		49
1,560,560	e*	JetBlue Airways Corp		9,051
29,808		Korean Air Lines Co Ltd		1,607

130

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
103,994		Lan Airlines S.A.	$	1,482
3,104,572		Macquarie Airports		9,164
249,633	*	Malaysian Airline System BHD		276
21,372	e	Merck KGaA		2,634
2,100	*	Mesa Air Group, Inc		5
1,657,336	*	Northwest Airlines Corp		14,899
1,150	*	Norwegian Air Shuttle AS		28
75,026	e*	PHI, Inc		2,366
144,969	e*	Pinnacle Airlines Corp		1,266
3,095,807		Qantas Airways Ltd		11,119
212,631	*	Republic Airways Holdings, Inc		4,606
142,499	*	Ryanair Holdings plc		630
7,100	e*	Ryanair Holdings plc (ADR)		201
1,885,476		SABMiller plc		41,312
18,351	e*	SAS AB		169
881		SAVE S.p.A.		15
827,199		Singapore Airlines Ltd		9,375
14,000		Singapore Airport Terminal Services Ltd		23
363,449		Skywest, Inc		7,676
3,630,674		Southwest Airlines Co		45,020
96	m,v*	Swissair Group		-	^
53,876		Tam S.A.		1,038
363,600	v	Thai Airways International PCL		335
253,000		Travelsky Technology Ltd		188
928,348	e	UAL Corp		19,987
446,283	*	US Airways Group, Inc		3,976
		TOTAL TRANSPORTATION BY AIR		484,618
TRANSPORTATION EQUIPMENT - 3.12%
124,979	e	A.O. Smith Corp		4,108
6,462,700	v	AAPICO Hitech PCL		2,258
195,192	e*	AAR Corp		5,323
143,728	e*	Accuride Corp		1,176
54,008	e*	Aerovironment, Inc		1,104
133,920	*	Aftermarket Technology Corp		2,603
4,130	*	Aicon S.p.A.		8
2,100	e	Aisan Industry Co Ltd		22
2,900		Akebono Brake Industry Co Ltd		21
12,000	e	Aker Yards AS		159
263,242		American Axle & Manufacturing Holdings, Inc		5,396
50,383	e	American Railcar Industries, Inc		1,024
153,957	e*	Amerigon, Inc		2,279
91,196	e	Arctic Cat, Inc		665
417,591	e	ArvinMeritor, Inc		5,224
2,916,037		Austal Ltd		6,929
975,156		Autoliv, Inc		48,953
24,530		Bajaj Auto Ltd		423
24,530	v	Bajaj Auto Ltd		411
24,530	v	Bajaj Auto Ltd		411
9,607		Bayerische Motoren Werke AG.		423
148,489		Bayerische Motoren Werke AG.		8,203
440,162	*	BE Aerospace, Inc		15,384
4,374		Beneteau S.A.		117
5,977,806		Boeing Co		444,569
1,933,297	*	Bombardier, Inc (Class B)		10,303
1,344,000		Brilliance China Automotive Holdings Ltd		223

131

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
346,345	e*	Brunswick Corp	$	5,531
19,000	*	BW Offshore Ltd		57
961,058	e	Calsonic Kansei Corp		3,481
354,331		China Motor Corp		343
2,797		Cie Automotive S.A.		27
280,057	e	Clarcor, Inc		9,956
918,968		Cobham plc		3,648
1,502		Compagnie Plastic-Omnium S.A.		60
133,687	*	Comtech Group, Inc		1,442
259		Construcciones y Auxiliar de Ferrocarriles S.A.		114
1,838,740		Cosco Corp Singapore Ltd		4,929
77,891		Daewoo Shipbuilding & Marine Engineering Co Ltd		2,969
3,000	e	Daido Metal Co Ltd		17
449,000	e	Daihatsu Motor Co Ltd		5,392
1,258,885	e	DaimlerChrysler AG.		107,621
17,259	e*	DaimlerChrysler AG.		1,476
7,900	b,e,m,v*	Dana Corp		-	^
842,505	e	Denso Corp		27,216
4,522,000		Denway Motors Ltd		1,917
25,414		Doosan Heavy Industries and Construction Co Ltd		3,400
383,800		DRB-Hicom BHD		152
23,052	*	Ducati Motor Holding S.p.A.		61
18,846		Elbit Systems Ltd		1,035
483		ElringKlinger AG.		54
361,095		Empresa Brasileira de Aeronautica S.A.		3,595
111,037	e	European Aeronautic Defence and Space Co		2,631
2,700		Exedy Corp		77
527		Faiveley S.A.		31
1,700	e	FCC Co Ltd		21
297,141	e	Federal Signal Corp		4,148
7,313,106	e	Fiat S.p.A.		169,142
4,202		Fleetwood Corp Ltd		32
337,387	e*	Fleetwood Enterprises, Inc		1,552
356,260	e*	Force Protection, Inc		716
14,471,501	e*	Ford Motor Co		82,777
89,640		Ford Otomotiv Sanayi AS		699
80,894	e	Freightcar America, Inc		2,775
3,700	e	Futaba Industrial Co Ltd		83
310,485	e*	GenCorp, Inc		3,195
2,287,490		General Dynamics Corp		190,708
2,232,889	e*	General Motors Corp		42,537
53,787	e*	GenTek, Inc		1,618
783,816		Genuine Parts Co		31,525
314		Georg Fischer AG.		155
2,414,342		GKN plc		14,578
975,029		Goodpack Ltd		1,126
642,675		Goodrich Corp		36,960
80,225	e	Greenbrier Cos, Inc		2,128
127,112	e	Group 1 Automotive, Inc		2,985
1,126,288		Harley-Davidson, Inc		42,236
627,092		Harsco Corp		34,728
662,178	e*	Hayes Lemmerz International, Inc		1,847
134,414	e	Heico Corp		6,553
63,110		Hero Honda Motors Ltd		1,093
1,483,510	e	Hino Motors Ltd		9,793
2,777,203	e	Honda Motor Co Ltd		79,265

132

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
1,294,000		Hong Leong Asia Ltd	$	2,407
36,719		Hyundai Heavy Industries		13,737
9,968		Hyundai Mipo Dockyard		2,239
46,848		Hyundai Mobis		3,652
29,820		Hyundai Motor Co		983
134,226		Hyundai Motor Co		10,694
17,126		IMMSI S.p.A.		28
1,069		Indus Holding AG.		37
1,465,100	e	Isuzu Motors Ltd		7,320
218,022		Japan Tecseed Co Ltd		702
440,296		Jardine Cycle & Carriage Ltd		6,250
73,000		Jaya Holdings Ltd		78
336,437	e	JTEKT Corp		5,488
137,852		Kaman Corp		3,900
1,700		Kanto Auto Works Ltd		24
938,066	e	Kawasaki Heavy Industries Ltd		2,089
823		Kendrion NV		21
8,852,682		Keppel Corp Ltd		63,672
151,520		Kia Motors Corp		1,744
4,000		Kinki Sharyo Co Ltd		12
250		Kongsberg Automotive ASA		1
46,873		Lagardere S.C.A.		3,505
5,596		Linamar Corp		75
2,250,253		Lockheed Martin Corp		223,450
138,420		Magna International, Inc		10,065
106,740		Mahindra & Mahindra Ltd		1,854
189,500		Malaysian Bulk Carriers BHD		254
160,159	e	MAN AG.		21,275
59,692		Maruti Udyog Ltd		1,230
325,000	e	Mazda Motor Corp		1,151
800		Mekonomen AB		16
58,193	*	Miller Industries, Inc		560
2,000		Mitsuba Corp		9
1,142,000	e*	Mitsubishi Motors Corp		1,879
477,556	e	Mitsui Engineering & Shipbuilding Co Ltd		1,279
187,418	e	Monaco Coach Corp		1,777
161,112		MTU Aero Engines Holding AG.		6,804
1,000		Musashi Seimitsu Industry Co Ltd		20
399,200		Nabtesco Corp		5,406
4,300	e	Namura Shipbuilding Co Ltd		33
371,047		NHK Spring Co Ltd		2,628
2,000		Nippon Seiki Co Ltd		27
57,370	e	Noble International Ltd		359
64,000		Norstar Founders Group Ltd		19
2,473,716		Northrop Grumman Corp		192,480
325,622		Novatek Microelectronics Corp Ltd		1,190
1,340,687	e	NSK Ltd		10,155
394,519	e*	Orbital Sciences Corp		9,508
306,978		Oshkosh Truck Corp		11,137
1,978,727		Paccar, Inc		89,043
1,018,262	*	Pactiv Corp		26,689
397,796		Peugeot S.A.		30,842
9,048		Piaggio & C S.p.A.		24
231,967	e	Polaris Industries, Inc		9,513
311,999		Porsche AG.		57,030
10,000		Press Kogyo Co Ltd		50

133

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
204,300	*	Proton Holdings BHD	$	247
2,425,627		Raytheon Co		156,720
400,022		Renault S.A.		44,271
2,278		Rieter Holding AG.		872
9,000		Riken Corp		42
572,010		Rolls-Royce Group plc		4,575
49,725,222	v*	Rolls-Royce Group plc		99
2,800		Saab AB (Class B)		71
145,433		Samsung Heavy Industries Co Ltd		4,633
23,000	e	Sanden Corp		94
21,000	e	Sasebo Heavy Industries Co Ltd		65
1,058,067		Scania AB (B Shares)		22,214
5,943,823		SembCorp Marine Ltd		16,496
19,692		Senior plc		39
139,878		Shimano, Inc		6,427
1,000		Showa Aircraft Industry Co Ltd		9
4,600	e	Showa Corp		41
2,032,598		Siemens AG.		220,295
4,637,935		Singapore Technologies Engineering Ltd		11,389
2,273		Sogefi S.p.A.		20
159,295	e	Spartan Motors, Inc		1,348
424,143	*	Spirit Aerosystems Holdings, Inc (Class A)		9,407
70,792		Standard Motor Products, Inc		433
589		Ste Industrielle d'Aviation Latecoere S.A.		12
37,135		STX Shipbuilding Co Ltd		1,378
410,575	e	Sumitomo Precision Products Co Ltd		1,425
119,731	e	Superior Industries International, Inc		2,484
1,000		Tachi-S Co Ltd		9
1,100	e	Takata Corp		24
152,924		Tata Motors Ltd		2,374
259,722	*	Tenneco, Inc		7,257
342,104	e	Thales S.A.		22,149
160,045	e	Thor Industries, Inc		4,765
91,801		Tofas Turk Otomobil Fabrik		296
158,500		Tokai Rika Co Ltd		4,142
309,914		Tomkins plc		1,099
19,000		Topy Industries Ltd		54
139,383		Toyoda Gosei Co Ltd		5,244
2,100		Toyota Auto Body Co Ltd		42
176,635	e	Toyota Industries Corp		6,273
5,057,508	e	Toyota Motor Corp		252,165
44,323	*	TransDigm Group, Inc		1,642
40,007	e	Trelleborg AB (B Shares)		798
328,771	e	Trinity Industries, Inc		8,762
91,537	e	Triumph Group, Inc		5,211
188,445	*	TRW Automotive Holdings Corp		4,404
3,800		TS Tech Co Ltd		70
2,314		Umeco plc		24
5,366,490		United Technologies Corp		369,322
719,723	e*	Visteon Corp		2,706
98,587		Volkswagen AG.		16,382
312,776	e	Volkswagen AG.		90,680
663,860	e	Volvo AB (A Shares)		9,888
702,824		Volvo AB (B Shares)		10,646
192,356	e	Wabash National Corp		1,729
64,000		Weichai Power Co Ltd		238

134

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
274,936		Westinghouse Air Brake Technologies Corp	$	10,354
169,096	e	Winnebago Industries, Inc		2,858
889,630		Yamaha Motor Co Ltd		16,368
559,131		Yulon Motor Co Ltd		813
12,070		Zodiac S.A.		592
		TOTAL TRANSPORTATION EQUIPMENT		3,730,826
TRANSPORTATION SERVICES - 0.20%
2,520		Aker ASA (A Shares)		146
328,246		All America Latina Logistica S.A.		3,311
90,258	e	Ambassadors Group, Inc		1,705
35,692	e	Ambassadors International, Inc		264
42,007		Arriva plc		572
1,967	e	Autostrada Torino-Milano S.p.A.		38
978,725		CH Robinson Worldwide, Inc		53,243
3,679		Clarkson plc		56
28,000		CWT Ltd		16
1,100		D/S Norden		122
410		Dfds AS		64
72,266	e*	Dynamex, Inc		1,828
878,221		Expeditors International Washington, Inc		39,678
96,000		First Shanghai Investments Ltd		19
6,783		Flight Centre Ltd		131
22,161		Freightways Ltd		60
214,639		GATX Corp		8,386
3,432		Go-Ahead Group plc		106
267,977	*	HUB Group, Inc (Class A)		8,814
928,000		Jiangsu Express		835
3,100	e	Kintetsu World Express, Inc		72
16,176		Kuoni Reisen Holding		8,983
499,420	*	Lear Corp		12,940
9,632		Mainfreight Ltd		45
755,980		National Express Group plc		15,079
1,761		Oesterreichische Post AG.		77
72,800	e*	Orbitz Worldwide, Inc		502
322,448		Pacer International, Inc		5,298
756		Panalpina Welttransport Holding AG.		93
769		Piraeus Port Authority		26
1,052,600		PLUS Expressways BHD		1,053
7,000		Senko Co Ltd		27
153,679	e	Ship Finance International Ltd		4,039
1,149,000		Sinotrans Ltd		332
4,632		Societa Iniziative Autostradali e Servizi S.p.A.		61
7,280	e	Stolt-Nielsen S.A.		152
204,000		Taiwan Navigation Co Ltd		389
7,874		TDG plc		36
883,639	e	Toll Holdings Ltd		8,092
500		Trancom Co Ltd		7
64,756	e	TUI AG.		1,661
2,671,969		UTI Worldwide, Inc		53,653
1,800	e	Yusen Air & Sea Service Co Ltd		24
1,256,019		Zhejiang Expressway Co Ltd		1,091
		TOTAL TRANSPORTATION SERVICES		233,126
TRUCKING AND WAREHOUSING - 0.64%
136,679	e	Arkansas Best Corp		4,355

135

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
1,900	e	ASKUL Corp	$	35
8,623		Big Yellow Group plc		74
310		Bollore		70
1,266		Business Post Group plc		7
125,919	e*	Celadon Group, Inc		1,219
874,651		Con-way, Inc		43,278
10,614,297		Deutsche Post AG.		324,254
937,962	e	DSV AS		20,503
171,768	e	Forward Air Corp		6,087
10,000		Fukuyama Transporting Co Ltd		37
383		Geodis		44
306,015	e	Heartland Express, Inc		4,364
3,600		Hitachi Transport System Ltd		55
364,680	e	J.B. Hunt Transport Services, Inc		11,462
391,602	e	Kamigumi Co Ltd		3,096
506,860		Landstar System, Inc		26,438
99,129	e*	Marten Transport Ltd		1,538
5,000		Maruzen Showa Unyu Co Ltd		15
74,172	e	Mitsubishi Logistics Corp		951
11,000	e	Mitsui-Soko Co Ltd		63
1,524		Mullen Group Income Fund		28
534,145	e	Nippon Express Co Ltd		3,070
6,000		Nippon Konpo Unyu Soko Co Ltd		82
889		Norbert Dentressangle		76
167,084	e*	Old Dominion Freight Line		5,318
7,970	e*	Patriot Transportation Holding, Inc		625
26,329		Safestore Holdings plc		84
82,932	*	Saia, Inc		1,315
38,000	e	Sankyu, Inc		207
57,947	e	Seino Holdings Corp		377
3,000		Shibusawa Warehouse Co Ltd		20
24,000		Sumitomo Warehouse Co Ltd		113
2,809	*	Thiel Logistik AG		8
40,000		Tianjin Port Development Holdings Ltd		17
1,372,351		TNT NV		50,980
3,487	e	TransForce Income Fund		26
3,274,154		United Parcel Service, Inc (Class B)		239,079
38,969	e*	Universal Truckload Services, Inc		813
253,522	e	Werner Enterprises, Inc		4,705
14,679		Wincanton plc		101
332,100	e	Yamato Transport Co Ltd		4,864
305,493	e*	YRC Worldwide, Inc		4,008
		TOTAL TRUCKING AND WAREHOUSING		763,861
WATER TRANSPORTATION - 0.33%
83		A P Moller - Maersk AS (Class A)		919
185,539	e	Alexander & Baldwin, Inc		7,993
290,012	e*	American Commercial Lines, Inc		4,582
20,341		Anek Lines S.A.		65
988		AP Moller - Maersk AS (Class B)		11,023
360,000		Aries Maritime Transport Ltd		2,070
71,051	e	Arlington Tankers Ltd		1,492
106,163	e	Babcock & Brown Infrastructure Group		114
4,900		Brostrom AB (B Shares)		35
3,000		BW Gas ASA		26
2,300	*	Camillo Eitzen & Co ASA		28

136

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
1,722,277		Carnival Corp	$	69,718
73,892		Carnival plc		2,935
56,000		CH Offshore Ltd		23
2,573,300		China Shipping Container Lines Co Ltd		976
1,997,200		China Shipping Development Co Ltd		6,274
38,000		Chu Kong Shipping Development		6
4,535		Compagnie Maritime Belge S.A.		305
220,245	*	Compania SudAmericana de Vapores S.A.		416
2,138,875		COSCO Holdings		5,189
34,350	e	D/S Torm AS		1,018
16,000	e	Daiichi Chuo Kisen Kaisha		114
210,000	e	Danaos Corp		5,164
13,500		Deep Sea Supply plc		58
1,800		DOF ASA		18
226,197	e	Double Hull Tankers, Inc		2,400
160,000		DryShips, Inc		9,586
238,130	e	Eagle Bulk Shipping, Inc		6,134
5,000	e*	Eitzen Chemical ASA		16
765		Euro-Kai KGaA		92
8,599		Euronav NV		327
4,090,222		Evergreen Marine Corp Tawain Ltd		4,039
1,613		Exmar NV		42
1,984,900		Ezra Holdings Ltd		2,985
2,114		Finnlines Oyj		45
3,953		Forth Ports plc		161
226,113	e	Frontline Ltd		10,406
12,596	e	Frontline Ltd		576
106,771	e	Genco Shipping & Trading Ltd		6,025
147,926	e	General Maritime Corp		3,493
192,792	e	Golar LNG Ltd		3,522
4,200		Golar LNG Ltd		76
219,643		Grindrod Ltd		597
128,708	e*	Gulfmark Offshore, Inc		7,043
330,760		Hamburger Hafen und Logistik AG.		25,196
42,274		Hanjin Shipping Co Ltd		1,661
169,140	e	Horizon Lines, Inc (Class A)		3,148
127,065	e*	Hornbeck Offshore Services, Inc		5,803
32,100		Hyundai Merchant Marine Co Ltd		1,459
8,400		Iino Kaiun Kaisha Ltd		85
4,561,500		International Container Term Services, Inc		3,440
1,900		Inui Steamship Co Ltd		24
785		Irish Continental Group plc		28
1,751	*	Israel Corp Ltd		1,640
893,305	e	Kawasaki Kisen Kaisha Ltd		8,684
398,019	*	Kirby Corp		22,687
92,400	e	Knightsbridge Tankers Ltd		2,465
4,542		Korea Line Corp		853
111,927		K-Sea Transportation Partners LP		3,951
16,993		Kuehne & Nagel International AG.		1,700
958,200		Malaysia International Shipping Corp BHD		2,756
3,027		Minoan Lines S.A.		21
1,849,020	e	Mitsui OSK Lines Ltd		22,352
2,279		Navigazione Montanari S.p.A.		9
348,579		Neptune Orient Lines Ltd		823
2,702,672	e	Nippon Yusen Kabushiki Kaisha		25,378
7,000		Nissin Corp		18

137

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
159,823	e	Nordic American Tanker Shipping	$	4,475
700		Odfjell ASA (B Shares)		8
213,563	e*	Odyssey Marine Exploration, Inc		1,151
170,000	e	Omega Navigation Enterprises, Inc (Class A)		2,547
413,442		Orient Overseas International Ltd		2,420
134,985	e	Overseas Shipholding Group, Inc		9,454
4,774,000		Pacific Basin Shipping Ltd		7,852
6,453		Port of Tauranga Ltd		31
214,800	v	Precious Shipping PCL		166
24,831		Premuda S.p.A.		50
1,258,297	e	Royal Caribbean Cruises Ltd		41,398
9,000	e	Shinwa Kaiun Kaisha Ltd		57
67	m,v	Ship Finance International Ltd		2
870,500		Shun TAK Holdings Ltd		1,152
1,896		Smit Internationale NV		193
812,600		STX Pan Ocean Co Ltd		1,772
28,755	e*	TBS International Ltd (Class A)		868
174,041	e	Teekay Corp		7,392
60,900		Teekay Tankers Ltd		1,043
80,373	e*	Ultrapetrol Bahamas Ltd		823
451,000		U-Ming Marine Transport Corp		1,361
1,046	*	VTG AG.		17
718,400		Wan Hai Lines Ltd		669
1,700		Wilh Wilhelmsen ASA		57
874,123		Yang Ming Marine Transport		689
		TOTAL WATER TRANSPORTATION		397,954
WHOLESALE TRADE-DURABLE GOODS - 0.73%
149,337	e	Agilysys, Inc		1,732
8,962	e	Alesco Corp Ltd		80
160,322,000	*	A-Max Holdings Ltd		1,462
292,726	e	Applied Industrial Technologies, Inc		8,750
447,387	e	Argo Graphics, Inc		5,480
1,280,558	*	Arrow Electronics, Inc		43,091
550		As One Corp		12
99,776	e	Assa Abloy AB (Class B)		1,809
16,896	e	Autobacs Seven Co Ltd		462
80	*	Azkoyen S.A.		1
211,900		Banpu PCL		2,880
153,326		Barloworld Ltd		2,038
256,875	e	Barnes Group, Inc		5,895
225,864	e*	Beacon Roofing Supply, Inc		2,259
70	e	BIC CAMERA, Inc		48
77,466	e	BlueLinx Holdings, Inc		394
810,494	e	Boart Longyear Group		1,355
1,507		Bobst Group AG.		117
553,848		BorgWarner, Inc		23,832
14,265		BSS Group plc		111
33,955		Buhrmann NV		395
164,280	e	Building Material Holding Corp		720
188,698		Bunzl plc		2,657
419		C Rokas S.A.		7
496,917		Canadian Oil Sands Trust		20,091
57,162	e	Canon Marketing Japan, Inc		1,078
1,647		Carl Zeiss Meditec AG.		26
74,273		Castle (A.M.) & Co		2,005

138

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
3,526,000		China Communications Construction Co Ltd	$	7,793
1,548,400	*	China High Speed Transmission Equipment Group Co Ltd		2,256
743,000		China National Building Material Co Ltd		1,751
300,000	*	China Power New Energy Development Co Ltd		23
1,943,000	*	CMC Magnetics Corp		640
157,222	e*	Conceptus, Inc		2,918
2,458		Consumers' Waterheater Income Fund		31
6,581	e	Crane Group Ltd		92
5,850		Creative Technology Ltd		26
239		Daetwyler Holding AG.		19
5,000		Daiichi Jitsugyo Co Ltd		23
28,256		Dar Al Dawa Development & Investment Co Ltd		188
4,003		Debica		183
1,717		Demag Cranes AG.		78
10,187		D'ieteren S.A.		3,623
137,171	*	Digi International, Inc		1,583
143,998		Dimension Data Holdings plc		139
323,500		D-Link Corp		533
2,922,000		Dongfeng Motor Group Co Ltd		1,314
1,000		Doshisha Co Ltd		16
121,870	e*	Drew Industries, Inc		2,981
592,726		Electrocomponents plc		2,138
745,462		Energy Support Corp		1,369
1,700		Enplas Corp		18
991		Eriks Group NV		72
2,687		Esprinet S.p.A.		30
266,878		Finning International, Inc		7,558
1,013,906	e*	Fortescue Metals Group Ltd		6,032
2,887		Fourlis Holdings S.A.		94
1,597		Frigoglass S.A.		49
120,000	*	Fushan International Energy Group Ltd		57
232,000		GeoVision, Inc		1,630
357,000		Gigabyte Technology Co Ltd		282
37,733	e*	Glu Mobile, Inc		169
13		Green Hospital Supply, Inc		8
1,600		Hakuto Co Ltd		15
51,985	e*	Hansen Medical, Inc		731
11,072		Headlam Group plc		84
1,200		Hemtex AB		14
2,200		Hitachi Software Engineering Co Ltd		51
80,215	e	Houston Wire & Cable Co		1,285
475,451		IKON Office Solutions, Inc		3,613
84,000	*	Imagi International Holdings Ltd		17
135,997		Imperial Holdings Ltd		1,329
3,554		IMS-Intl Metal Service		141
2,900		Inaba Denki Sangyo Co Ltd		89
757,988	*	Ingram Micro, Inc (Class A)		11,999
250,100		Inner Mongolia Yitai Coal Co		1,503
292,514	*	Insight Enterprises, Inc		5,119
158,651	*	Interline Brands, Inc		2,943
275		Interseroh AG.		22
2,563,170	e	Itochu Corp		25,303
135,632		JD Group Ltd		611
2,300		Kaga Electronics Co Ltd		30
47,000	*	Kanematsu Corp		62
4,263		KCC Corp		1,971

139

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
522,216		Kingspan Group plc	$	6,967
231,712		Kloeckner & Co AG.		11,856
300,547	e	Knight Transportation, Inc		4,947
1,100	e	Koei Co Ltd		18
5,700		Kuroda Electric Co Ltd		75
28,886		Lawson Products, Inc		796
30,843		Lewis Group Ltd		159
16,036		LG International Corp		321
1,699,963		Li & Fung Ltd		6,302
4,700		Lindab International AB		116
600,246	*	LKQ Corp		13,488
600		Macnica, Inc		7
176,562	e	Martin Marietta Materials, Inc		18,746
3,900	e	MISUMI Group, Inc		69
3,028,129		Mitsubishi Corp		91,439
4,382,314	e	Mitsui & Co Ltd		88,807
119	*	Motodynamic S.A.		1
5,300		Munters AB		61
45,245	e*	MWI Veterinary Supply, Inc		1,595
9,924		Mytilineos Holdings S.A.		120
600		Nafco Co Ltd		8
500		Nagaileben Co Ltd		10
53	e	NET One Systems Co Ltd		62
9,000		Nihon Yamamura Glass Co Ltd		18
3,046,644	e	Nissan Motor Co Ltd		25,185
9,832		Norbord, Inc		48
265,811		Owens & Minor, Inc		10,457
5,731,000		Pan-United Corp Ltd		2,561
801,213	e*	Patterson Cos, Inc		29,084
253,340	e	PEP Boys-Manny Moe & Jack		2,523
409,011		Phoenix Precision Technology Corp		288
10,754,857	*	Playmates Toys Ltd		484
13,861		Polska Grupa Farmaceutyczna S.A.		455
207,789	e	Pool Corp		3,925
113,455		Prysmian S.p.A.		2,422
390,715	e*	PSS World Medical, Inc		6,509
3,844,134		PT Astra International Tbk		10,127
27,569	e	Rautaruukki Oyj		1,331
734,758		Reliance Steel & Aluminum Co		43,983
19,325	*	Renovo Group plc		14
910	e	Rockwool International AS (B Shares)		152
6,383		Russel Metals, Inc		163
1,800		Ryosan Co Ltd		42
2,500		Ryoyo Electro Corp		24
33,000		Sagami Railway Co Ltd		134
1,200		Sangetsu Co Ltd		26
2,900		Sanshin Electronics Co Ltd		30
446,928	e	Schneider Electric S.A.		57,830
81,247	e	Securitas Systems AB (B Shares)		237
7,000		Seika Corp		14
2,400		Shinko Shoji Co Ltd		22
9,000		Shinsho Corp		26
3,150	*	Sierra Wireless, Inc		50
9,380		SIG plc		164
1,956,626		Sime Darby BHD		5,720
1,215,829	e	Sims Group Ltd		33,001

140

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
155,163	e	Sims Group Ltd	$	4,270
60,400	*	SK Networks Co Ltd		1,247
500		Solar Holdings AS (B Shares)		47
204,253	*	Solera Holdings, Inc		4,976
2,200		Sumisho Computer Systems Corp		42
3,331,256	e	Sumitomo Corp		43,880
7,000		Tamura Corp		22
212,058	*	Tech Data Corp		6,955
19,708,799		Test-Rite International Co		12,910
36,700		TMK OAO (GDR)		1,193
80,062	e*	TomoTherapy, Inc		1,149
6,751		Topps Tiles plc		15
3,322		Toromont Industries Ltd		93
1,166,000		TPV Technology Ltd		688
800		Trusco Nakayama Corp		12
215,675	e*	Tyler Technologies, Inc		3,015
273,200	e	Ulvac, Inc		10,936
1,829,241		UMW Holdings BHD		3,460
56,892	e	Valeo S.A.		2,256
1,263		Vossloh AG.		178
272,404		W.W. Grainger, Inc		20,809
781		Wajax Income Fund		23
3,735	e	Wavin NV		47
328,086	e*	WESCO International, Inc		11,972
638,062		Wesfarmers Ltd		23,319
140,105		Wesfarmers Ltd		5,155
87,890	e*	West Marine, Inc		613
207,691		Wolseley plc		2,185
5,400		Yamazen Corp		19
19,000		Yuasa Trading Co Ltd		26
900	e	Zenrin Co Ltd		19
		TOTAL WHOLESALE TRADE-DURABLE GOODS		875,985
WHOLESALE TRADE-NONDURABLE GOODS - 0.84%
3,000		AarhusKarlshamn AB		83
7,117	e	ABB Grain Ltd		57
1,300	e	ABC-Mart, Inc		31
633,151		Airgas, Inc		28,789
260,008	e*	Akorn, Inc		1,230
15,216,000	*	Alliance Global Group, Inc		1,421
604,404	e*	Alliance One International, Inc		3,651
295,904	e	Allscripts Healthcare Solutions, Inc		3,054
21,331	e	Altana AG.		450
87,508	e	Andersons, Inc		3,904
4,700		AOC Holdings, Inc		42
56,078		Ashtead Group plc		69
9,897	e	Australian Pharmaceutical Industries Ltd		14
6,973	e	Axfood AB		248
157,043	e*	Bare Escentuals, Inc		3,678
1,244	*	Baron de Ley		94
210,653		Bidvest Group Ltd		2,909
123,689	e	Billabong International Ltd		1,470
144,228	e*	BMP Sunstone Corp		1,105
312,409	e	Brown-Forman Corp (Class B)		20,688
300		C Uyemura & Co Ltd		12
27,414		Cam Finanziaria S.p.A.		48

141

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
3,138,105		Cardinal Health, Inc	$	164,782
105,075		Casino Guichard Perrachon S.A.		12,597
111,510		Celesio AG.		5,521
225,130	e*	Central European Distribution Corp		13,100
19,000		China Aviation Oil Singapore Corp Ltd		20
1,266,000		China BlueChemical Ltd		670
835,000		China Mengniu Dairy Co Ltd		2,435
978,000		China Resources Enterprise		3,142
882		Cia de Distribucion Integral Logista S.A.		73
284,100		Controladora Comercial Mexicana S.A. de C.V.		802
51,083	e*	Core-Mark Holding Co, Inc		1,468
8,459	e	Corporate Express Australia Ltd		43
1,696,000		Dalian Port PDA Co Ltd		937
9,225		DC Chemical Co Ltd		3,516
989,551		Dean Foods Co		19,880
4,261		Delek Group Ltd		641
57,017		DS Smith plc		177
153,739	e	East Asiatic Co Ltd A.S.		13,442
91		Emmi AG.		13
375,067		Empresas COPEC S.A.		6,994
490		EMS-Chemie Holding AG.		76
739,980	*	Endo Pharmaceuticals Holdings, Inc		17,715
40,473	*	Ercros S.A.		17
2,529,275		Esprit Holdings Ltd		30,354
3,993		Findel plc		39
1,834,193		Foster's Group Ltd		8,583
161,381	e*	Fresh Del Monte Produce, Inc		5,874
11,000	*	Fujiya Co Ltd		17
30,586		Fyffes plc		43
375		Galenica AG.		124
2,653,927		Gazprom (ADR)		135,350
375,000		GIIR, Inc		3,211
156,386	*	Gildan Activewear, Inc		5,899
2,450		GrainCorp Ltd		27
92,406	e*	Green Mountain Coffee Roasters, Inc		2,925
235,712	e*	Hain Celestial Group, Inc		6,954
26,000		Hanwa Co Ltd		110
41,085		Hanwha Corp		2,174
382,377	*	Henry Schein, Inc		21,948
376,831		Herbalife Ltd		17,899
575		IC Companys AS		22
686,153	e	Idearc, Inc		2,498
2,300		Inabata & Co Ltd		12
13,473,500	v	IRPC PCL		2,461
7,300		Itochu Enex Co Ltd		42
25,000		Iwatani International Corp		66
4,000		Japan Pulp & Paper Co Ltd		14
220,234	*	JBS S.A.		897
1,761		John Menzies plc		20
1,700		Kato Sangyo Co Ltd		18
64,804	e	Kenneth Cole Productions, Inc (Class A)		1,098
1,800		Kibun Food Chemifa Co Ltd		19
1,400	e	Kobayashi Pharmaceutical Co Ltd		54
2,601		Koninklijke Vopak NV		164
143,207	e	K-Swiss, Inc (Class A)		2,266
131,667		KT&G Corp		10,317

142

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				VALUE
SHARES				(000)
11,593		LG Fashion Corp	$	297
141,522	e*	LSB Industries, Inc		2,086
238,000	e	Macquarie Infrastructure Co LLC		6,933
2,901		MARR S.p.A.		33
4,701,159		Marubeni Corp		34,240
157,969		Massmart Holdings Ltd		1,301
19,676	e*	Maui Land & Pineapple Co, Inc		627
301,364	e	Men's Wearhouse, Inc		7,013
53,903	e	Metcash Ltd		201
159,706		Metro, Inc (Class A)		3,781
216,146	e	Myers Industries, Inc		2,838
5,000		Nagase & Co Ltd		51
88,257	e	Nash Finch Co		2,999
1,485,241	e	Nippon Oil Corp		9,268
284,882		Nu Skin Enterprises, Inc (Class A)		5,134
82,566	e*	Nuco2, Inc		2,293
232,514		Oriflame Cosmetics S.A.		15,437
90,000		Pacific Andes International Holdings Ltd		14
57,700		Pakistan State Oil Co Ltd		491
77,713	*	Perry Ellis International, Inc		1,696
580		Pescanova S.A.		29
279,300		Petronas Dagangan BHD		699
1,710	e	Point, Inc		80
110,000		Prime Success International Group Ltd		59
3,918,500		PT Unilever Indonesia Tbk		2,937
534,582	*	Reliance Industries Ltd		30,191
500		Ryoshoku Ltd		9
1,800	e	Sakata Seed Corp		26
8,427		Samsung Fine Chemicals Co Ltd		459
201,400		San Miguel Corp (Class B)		231
46,500		San-A Co Ltd		1,432
2,000		San-Ai Oil Co Ltd		7
425		Sartorius Stedim Biotech		19
10,254		Saskatchewan Wheat Pool, Inc		145
122,451	e*	School Specialty, Inc		3,862
187		Schweizerhall Holding AG.		31
94,700	v	Siam Makro PCL		301
2,740,880	e	Sigma Pharmaceuticals Ltd		3,131
855		Sligro Food Group NV		33
268,987	e*	Source Interlink Cos, Inc		511
145,177		Spar Group Ltd		868
127,465		Spartan Stores, Inc		2,658
11,000		Sumikin Bussan Corp		36
5,770	*	Super De Boer		40
104,534		Suzano Papel e Celulose S.A.		1,578
167,804		Suzuken Co Ltd		6,902
5,904		Symrise AG.		153
5,579	e*	Synutra International, Inc		174
3,245,243		Sysco Corp		94,177
602,821	e*	Terra Industries, Inc		21,418
855,000	v	Thai Union Frozen Products PCL		546
134,578		Tiger Brands Ltd		2,215
3,100	e	Toho Pharmaceutical Co Ltd		79
144,574	e*	Tractor Supply Co		5,714
180,000		Tsingtao Brewery Co Ltd		532
2,609,957	e	Unilever NV		87,642

143

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
				MATURITY		VALUE
SHARES			RATE	DATE		(000)
265,000		Unilever NV			$	8,938
2,395,940		Uni-President Enterprises Corp				3,553
239,813	e*	United Natural Foods, Inc				4,487
167,490	e*	United Stationers, Inc				7,989
36,398	e	Valhi, Inc				851
602		VAN DE Velde				30
634		Vilmorin & Cie				110
235,390		Vina Concha Y Toro S.A.				436
74,824	e*	Volcom, Inc				1,512
12,800	e	Wimm-Bill-Dann Foods OJSC (ADR)				1,312
2,000		Yokohama Reito Co Ltd				14
119,759	e	Zep, Inc				1,943
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS				999,439
		TOTAL COMMON STOCKS				118,532,612
		(Cost $116,136,677)
WARRANTS - 0.00%**
GENERAL BUILDING CONTRACTORS - 0.00%**
206,958	*	China Overseas Land & Investment Ltd (Expires 8/27/08)				77
		TOTAL GENERAL BUILDING CONTRACTORS				77
HOLDING AND OTHER INVESTMENT OFFICES - 0.00%**
7,865	e*	Virgin Media, Inc (Expires 1/10/11)				1
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES				1
LUMBER AND WOOD PRODUCTS - 0.00%**
180,753	v*	Goodpack Ltd (Expires 7/16/09)				30
		TOTAL LUMBER AND WOOD PRODUCTS				30
REAL ESTATE - 0.00%**
196,459	*	Cheuk Nang Holdings Ltd (Expires 4/30/08)				5
553,875	*	SP Setia BHD (Expires 1/21/13)				117
		TOTAL REAL ESTATE				122
		TOTAL WARRANTS				230
		(Cost $26,498)
PRINCIPAL
SHORT-TERM INVESTMENTS - 8.33%
VARIABLE NOTES - 0.08%
$      50,000,000	g,i	Beta Finance, Inc	2.325%	07/16/08		49,756
50,000,000	g,i	Sigma Finance, Inc	2.333	07/15/08		48,422
		TOTAL VARIABLE NOTES				98,178
SHARES
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 8.25%
CERTIFICATE OF DEPOSITS - 1.40%
		ABN Amro Bank NV Chicago				115,650
		Banco Bilbao Vizcaya				60,001
		Bank of Scotland plc				102,028
		Barclays Bank plc				102,032

144

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
			VALUE
			(000)
	Dexia Credit S.A.	$	125,000
	Fortis Bank		130,000
	Governor & Co.of The Bank		125,000
	HBOS plc		100,563
	Natixis		100,000
	Rabobank Nederland		200,018
	Societe Generale		102,040
	Societe Generale		100,000
	UBS AG.		100,558
	Unicredito Italiano SP		125,000
	Westpac Banking Corp		90,000
	TOTAL CERTIFICATE OF DEPOSITS		1,677,890
COMMERCIAL PAPER - 0.51%
	Amstel Funding Corp		159,640
	Can Ast & Can Ltd		79,871
	Falcon Asset Co LLC		96,087
	Grampian Funding Ltd		101,180
	Grampian Funding Ltd		84,484
	Jupiter Co LLC		86,237
	TOTAL COMMERCIAL PAPER		607,499
MONEY MARKET INSTRUMENTS - 0.79%
	State Street Navigator Securities Lending Prime Portfolio		941,399
	TOTAL MONEY MARKET INSTRUMENTS		941,399
REPURCHASE AGREEMENTS - 3.01%
	Bank of America		450,000
	BNP Bank		450,000
	CS First Boston		430,000
	Deutsche Bank		75,000
	Deutsche Bank		656,409
	Deutsche Bank		450,000
	Merrill Lynch & Co, Inc		350,000
	Merrill Lynch & Co, Inc		100,000
	Morgan Stanley		330,000
	Morgan Stanley		304,000
	TOTAL REPURCHASE AGREEMENTS		3,595,409
VARIABLE NOTES - 2.54%
	ARG Funding Corp		5,165
	American Express Credit Account Master Trust		24,754
	American Express Credit Account Master Trust		80,316
	American Express Credit Account Master Trust		56,467
	American Express Credit Account Master Trust		84,442
	BA Credit Card Trust		83,413
	BA Credit Card Trust		62,650
	BA Credit Card Trust		60,000
	Bank One Issuance Trust		24,444
	Brunel Residential Mortgage Securitisation plc		50,499
	Capital One Multi-Asset Execution Trust		12,921
	Capital One Multi-Asset Execution Trust		13,909
	Capital One Multi-Asset Execution Trust		42,563
	Capital One Multi-Asset Execution Trust		167,128
	Capital One Multi-Asset Execution Trust		30,006
	Chase Issuance Trust		31,338

145

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
			VALUE
			(000)
	Chase Issuance Trust	$	16,642
	Chase Issuance Trust		49,274
	Chase Issuance Trust		101,274
	Citibank Credit Card Issuance Trust		107,457
	Citibank Credit Card Issuance Trust		78,000
	Discover Card Master Trust I		15,825
	Discover Card Master Trust I		65,230
	Discover Card Master Trust I		82,908
	Discover Card Master Trust I		16,582
	Discover Card Master Trust		64,580
	Discover Card Master Trust		43,000
	Discover Card Master Trust I		15,771
	Discover Card Master Trust I		7,878
	GE Dealer Floorplan Master Note Trust		39,592
	GE Equipment Midticket LLC		37,148
	General Electric Capital Corp		20,921
	General Electric Capital Corp		20,362
	General Electric Capital Corp		108,590
	General Electric Capital Corp		49,917
	General Electric Capital Corp		16,697
	Granite Master Issuer PLC		41,396
	Granite Master Issuer PLC		32,480
	JPMorgan Chase & Co		127,718
	JPMorgan Chase & Co		99,771
	Medallion Trust		17,533
	Nelnet Student Loan Trust		71,902
	Nelnet Student Loan Trust		44,523
	Nelnet Student Loan Trust		43,903
	Permanent Master Issuer plc		129,358
	Permanent Financing plc		90,848
	Permanent Financing plc		24,422
	Puma Finance Ltd		43,867
	SLM Student Loan Trust		52,230
	SLM Student Loan Trust		42,356
	SLM Student Loan Trust		164,567
	Wachovia Student Loan Trust		68,927
	Wachovia Corp		54,584
	Wells Fargo & Co		41,728
	World Omni Auto Receivables Trust		50,000
	TOTAL VARIABLE NOTES		3,029,776
	TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED		9,851,973
	TOTAL SHORT-TERM INVESTMENTS		9,950,151
	(Cost $9,951,971)
	TOTAL PORTFOLIO - 107.95%		128,919,146
	(Cost $126,621,732)
	OTHER ASSETS & LIABILITIES, NET - (7.95 %)		(9,499,441	)
	NET ASSETS - 100.00%	$	119,419,705

146

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
		The following abbreviations are used in portfolio descriptions:
	ADR	American Depositary Receipt
	GDR	Global Depositary Receipt
	LLC	Limited Liability Company
	LP	Limited Partnership
	plc	Public Limited Company
	SPDR	Standard & Poor's Depository Receipt
	*	Non-income producing.
	**	Percentage represents less than 0.01%.
	^	Amount represents less than $1,000.
	a	Affiliated Holding.
	b	In bankruptcy.
	e	All or a portion of these securities are out on loan.
	g	Security is exempt from registration under Rule 144 (A) of the Securities Act of 1933 and may be resold in
		transactions exempt from registration to qualified institutional buyers.
		At March 31, 2008, the value of these securities amounted to $205,517,342 or 0.17% of net assets.
	i	Floating rate or variable rate securities reflects the rate in effect as of March 31, 2008.
	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.
		At March 31, 2008, the unrealized appreciation on investments was $2,297,414,065, consisting of
		gross unrealized appreciation of $14,783,616,337 and gross unrealized depreciation of $12,486,202,272.
		Companies in which the Account held 5% or more of the outstanding voting shares are considered "affiliated companies" of the
		Account pursuant to the Investment Company Act of 1940. Additionally, investments in other investment companies advised
		by Investment Management or affiliated entities are treated as affiliated companies. Information regarding transactions with
		affiliated companies is as follows:

147

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

COLLEGE RETIREMENT EQUITIES FUND
TRANSACTIONS WITH AFFILIATED COMPANIES-STOCK ACCOUNT
JANUARY 1, 2008 - MARCH 31, 2008

	Value at			Purchase				Realized	Dividend		Withholding			Shares at		Value at
Issue	December 31, 2007			Cost		Proceeds		Gain/(Loss)	Income		Expense			March 31, 2008		March 31, 2008
Daishin Securities Co	$	6,450,000	$	-	$	-	$	-	$	-		$	-	1,000,000	$	6,480,000
Digital Garage, Inc		22,772,663		-		150,980		(54,529)		-			-	12,156		23,780,297
First NIS Regional Fund SICAV		15,984		-		-		-		-			-	1,598,400		15,984
Healthsouth Corp		94,039,659		1,168,346		17,045,411		(4,618,270)		-			-	3,597,967		64,007,833
Information Development Co		2,493,627		-		-		-		-			-	431,900		2,643,048
Intelligent Wave, Inc		4,234,608		-		-		-		-			-	16,201		2,324,180
MPM Bioventures II		12,086,377		-		-		-		-			-	21,967,242		12,086,377
Skyline Venture Partners		3,695,430		-		-		-		-			-	4,126,206		3,695,430
			$	1,168,346	$	17,196,391	$	(4,672,799)	$	-		$	-		$	115,033,149

148

COLLEGE RETIREMENT EQUITIES FUND - Stock Account
COLLEGE RETIREMENT EQUITIES FUND STOCK ACCOUNT Summary of Market Values by Country (Unaudited) March 31, 2008
COUNTRY		VALUE	% OF      MARKET      VALUE
DOMESTIC UNITED STATES	$	97,765,486,984	75.83	%
TOTAL DOMESTIC		97,765,486,984	75.83
FOREIGN AFGHANISTAN		10,110,450	0.01
ARGENTINA		18,742,786	0.01
AUSTRALIA		1,262,789,853	0.98
AUSTRIA		147,842,131	0.11
BAHAMAS		823,020	0.00
BELGIUM		262,456,346	0.20
BERMUDA		232,152,763	0.18
BRAZIL		464,563,111	0.36
CANADA		2,233,965,806	1.73
CAYMAN ISLANDS		7,175,573	0.01
CHILE		39,522,140	0.03
CHINA		565,764,743	0.44
COLUMBIA		9,374,545	0.01
CZECH REPUBLIC		55,207,858	0.04
DENMARK		147,682,628	0.12
EGYPT		23,152,459	0.02
FINLAND		448,661,852	0.35
FRANCE		3,125,745,754	2.42
GERMANY		2,882,106,158	2.24
GHANA		43,942	0.00
GREECE		95,073,840	0.07
HONG KONG		538,828,795	0.42
HUNGARY		41,761,351	0.04
INDIA		270,416,585	0.21
INDONESIA		73,656,544	0.06
IRELAND		126,138,997	0.10
ISRAEL		159,154,255	0.12
ITALY		1,050,878,077	0.81
JAPAN		4,596,196,256	3.56
JORDAN		3,187,288	0.00
KAZAKHSTAN		41,560,464	0.03
LIECHTENSTEIN		124,653	0.00
LUXEMBOURG		2,880,095	0.00
MALAYSIA		185,477,862	0.14
MEXICO		152,999,009	0.12
MOROCCO		10,800,723	0.01
NETHERLANDS		730,580,876	0.57
NEW ZEALAND		38,344,607	0.03
NORWAY		178,155,908	0.14
PAKISTAN		5,250,037	0.00
PANAMA		75,319,496	0.06
PERU		18,817,327	0.01
PHILIPPINES		56,369,373	0.04
POLAND		61,782,718	0.05
PORTUGAL		57,630,628	0.04
PUERTO RICO		5,879,446	0.00
RUSSIA		462,153,570	0.36
SINGAPORE		407,062,540	0.32
SOUTH AFRICA		241,033,727	0.19
SOUTH KOREA		448,604,278	0.35
SPAIN		962,310,922	0.75
SWEDEN		437,744,624	0.34
SWITZERLAND		2,025,153,293	1.57
TAIWAN (REPUBLIC OF CHINA)		463,169,236	0.37
THAILAND		132,917,030	0.10
TURKEY		33,295,310	0.03
UNITED KINGDOM		5,025,065,756	3.90
TOTAL FOREIGN		31,153,659,414	24.17
TOTAL PORTFOLIO	$	128,919,146,398	100.00	%

149

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
COLLEGE RETIREMENT EQUITIES FUND
GLOBAL EQUITIES ACCOUNT
STATEMENT OF INVESTMENTS (Unaudited)
March 31, 2008
				VALUE
SHARES				(000)
PREFERRED STOCKS - 0.00%**
ELECTRIC, GAS, AND SANITARY SERVICES - 0.00%**
31,344		BBI EPS Ltd	$	20
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		20
		TOTAL PREFERRED STOCKS		20
		(Cost $51)
COMMON STOCKS - 99.22%
AGRICULTURAL SERVICES - 0.02%
62,191	e	Yara International ASA		3,597
		TOTAL AGRICULTURAL SERVICES		3,597
AMUSEMENT AND RECREATION SERVICES - 0.74%
157,589	*	Activision, Inc		4,304
484,448	e	Aristocrat Leisure Ltd		4,250
4,832	*	bwin Interactive Entertainment		159
8,232,049		Dore Holdings Ltd		1,068
5,606,000	*	Galaxy Entertainment Group Ltd		4,156
5,085,000	*	Gallant Venture Ltd		2,346
235,230	v	Genting BHD		16
170,541		Ladbrokes plc		1,053
8,339,000		Leisure & Resorts World Corp		479
18,559	e	Lottomatica S.p.A.		578
785,917	*	Melco PBL Entertainment Macau Ltd (ADR)		8,944
8,862,000		NagaCorp Ltd		1,924
97,307	e	Nintendo Co Ltd		50,176
59,694		OPAP S.A.		2,128
9,101	e	Oriental Land Co Ltd		534
1,862	e*	Pacific Golf Group International Holdings KK		1,943
10,014		Paddy Power plc		370
228,037	*	PartyGaming plc		94
62,209		Rank Group plc		109
2,352,300		Resorts World BHD		2,530
5,050,000	*	Rexcapital Financial Holdings Ltd		565
60		Round One Corp		63
36,744	e	Sega Sammy Holdings, Inc		389
83,621		Sky City Entertainment Group Ltd		243
82,920	e	TABCORP Holdings Ltd		1,072
168,824	e	Tattersall's Ltd		537
757,632	*	Walt Disney Co		23,775
95,116		William Hill plc		709
		TOTAL AMUSEMENT AND RECREATION SERVICES		114,514
APPAREL AND ACCESSORY STORES - 0.46%
32,520		Abercrombie & Fitch Co (Class A)		2,378
92,400	*	Aeropostale, Inc		2,505

150

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
54,114		American Eagle Outfitters, Inc	$	948
10,228		Aoyama Trading Co Ltd		221
343,800		Belle International Holdings Ltd		356
117,852		Burberry Group plc		1,054
9,794		Fast Retailing Co Ltd		864
1,071,583		Gap, Inc		21,089
204,793		Giordano International Ltd		83
23,355	*	Hanesbrands, Inc		682
294,326	e	Hennes & Mauritz AB (B Shares)		18,080
59,008	e	Inditex S.A.		3,278
826,021	e	Just Group Ltd		2,989
177,738	*	Kohl's Corp		7,623
96,435	*	Limited Brands, Inc		1,649
64,395		Nordstrom, Inc		2,099
761,000		Ports Design Ltd		2,151
116,984		Ross Stores, Inc		3,505
		TOTAL APPAREL AND ACCESSORY STORES		71,554
APPAREL AND OTHER TEXTILE PRODUCTS - 0.15%
1,155,200	e	Asics Corp		13,281
758		Benetton Group S.p.A.		11
28,000		C C Land Holdings Ltd		27
30,737	e	Gunze Ltd		129
19,315	e	Hermes International		2,412
27,373	e	Liz Claiborne, Inc		497
100,495	e	Mitsubishi Rayon Co Ltd		321
27,636	e	Nisshinbo Industries, Inc		257
24,152	e	Onward Kashiyama Co Ltd		247
39,260	e	Polo Ralph Lauren Corp		2,288
4,026	e	Shimamura Co Ltd		345
1,920	e	Toyobo Co Ltd		4
32,494		VF Corp		2,519
16,627	e	Wacoal Holdings Corp		246
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		22,584
AUTO REPAIR, SERVICES AND PARKING - 0.06%
89,642		Aisin Seiki Co Ltd		3,345
39,557	*	Hertz Global Holdings, Inc		477
20,151		NOK Corp		412
118	e	Park24 Co Ltd		1
5,000		Ryder System, Inc		305
118,050		Standard Chartered plc		4,038
31,302		Sumitomo Rubber Industries, Inc		240
		TOTAL AUTO REPAIR, SERVICES AND PARKING		8,818
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.12%
28,652		Advance Auto Parts		976
41,166	*	Autonation, Inc		616
26,745	*	Autozone, Inc		3,044
38,359	e	Canadian Tire Corp Ltd (Class A)		2,476
58,991	e*	Carmax, Inc		1,146
8,000	e	Fuji Heavy Industries Ltd		33
119,050		Inchcape plc		950
393,996	e	Suzuki Motor Corp		9,941
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		19,182

151

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.23%
34,114	e	Fastenal Co	$	1,567
589		Grafton Group plc		6
609,545		Home Depot, Inc		17,049
651,637		Kingfisher plc		1,707
637,455		Lowe's Cos, Inc		14,623
56,341	*	RONA, Inc		783
30,805		Travis Perkins plc		655
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		36,390
BUSINESS SERVICES - 4.44%
400,836		Accenture Ltd (Class A)		14,097
37	e*	Access Co Ltd		131
15,778	e	Acciona S.A.		4,226
36,772		Adecco S.A.		2,124
696,866	*	Adobe Systems, Inc		24,801
17,397		Aegis Group plc		43
228,903	*	Affiliated Computer Services, Inc (Class A)		11,470
37,805		Aggreko plc		484
55,991	e*	Akamai Technologies, Inc		1,577
21,198	*	Alliance Data Systems Corp		1,007
5,486	e	Asatsu-DK, Inc		195
18,933		Atos Origin S.A.		1,054
97,642	*	Autodesk, Inc		3,074
306,573		Automatic Data Processing, Inc		12,996
275,000	*	Autonomy Corp plc		5,013
69,781		Autostrade S.p.A.		2,110
142,546	*	BEA Systems, Inc		2,730
185,102	*	BMC Software, Inc		6,020
150,955		CA, Inc		3,396
75,457	*	Cadence Design Systems, Inc		806
237,100	e	Capcom Co Ltd		8,087
371,354	*	CGI Group, Inc		3,943
21,016	*	ChoicePoint, Inc		1,000
58,526	e	Cintra Concesiones de Infraestructuras de Transporte S.A.		866
49,093	*	Citrix Systems, Inc		1,440
77,181	*	Cognizant Technology Solutions Corp (Class A)		2,225
302,380	*	Computer Sciences Corp		12,334
762,598		Computershare Ltd		6,098
11,594		CSK Holdings Corp		268
79,550		Ctrip.com International Ltd (ADR)		4,218
15,586	e	Dassault Systemes S.A.		905
488	e	Dena Co Ltd		3,074
360	e	Dentsu, Inc		820
26,492	e*	DST Systems, Inc		1,742
138,000	e*	DynCorp International, Inc (Class A)		2,302
221	e	eAccess Ltd		136
396,701	*	eBay, Inc		11,838
83,220	*	Electronic Arts, Inc		4,154
256,459		Electronic Data Systems Corp		4,270
17,908	e*	Elpida Memory, Inc		596
52,349		Equifax, Inc		1,805
161,473	*	Expedia, Inc		3,535
276,921		Experian Group Ltd		2,017
51,526		Fidelity National Information Services, Inc		1,965
41,771	*	Fiserv, Inc		2,009

152

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
143,703	e*	Focus Media Holding Ltd (ADR)	$	5,051
4,987	e	FUJI SOFT, Inc		93
333,406		Fujitsu Ltd		2,181
268	e	Goodwill Group, Inc		35
129,298	*	Google, Inc (Class A)		56,952
316,284		Group 4 Securicor plc		1,430
2,059	e	Gruppo Editoriale L'Espresso S.p.A.		8
4,385	e	Hakuhodo DY Holdings, Inc		261
376,741		Hays plc		854
25,077		IFIL - Investments S.p.A.		202
71,008		IMS Health, Inc		1,492
36,200		Indra Sistemas S.A.		1,042
485	e	Internet Initiative Japan, Inc		1,562
129,632	*	Interpublic Group of Cos, Inc		1,090
117,274	*	Intuit, Inc		3,168
51,736	e*	Iron Mountain, Inc		1,368
8,838	e	JC Decaux S.A.		260
33,159	e	JSR Corp		750
130,296	*	Juniper Networks, Inc		3,257
80,000	*	Kinetic Concepts, Inc		3,698
169	e*	KK DaVinci Advisors		129
17,288	e	Konami Corp		650
21,400	e*	Lamar Advertising Co (Class A)		769
400,234		LogicaCMG plc		840
82,133	e*	Longtop Financial Technologies Ltd (ADR)		1,551
30,951		Manpower, Inc		1,741
24,816	e	Mastercard, Inc (Class A)		5,534
119,765	*	McAfee, Inc		3,963
5,802	e	Meitec Corp		176
3,630		Michael Page International plc		22
4,625,180		Microsoft Corp		131,263
109,760		Misys plc		302
7,460		Mitsubishi UFJ Lease & Finance Co Ltd		260
400	*	Mixi Inc		4,093
32,299	*	Monster Worldwide, Inc		782
26,911	*	NAVTEQ Corp		1,830
363,328	e	NEC Corp		1,385
202,510	e	Nomura Research Institute Ltd		5,292
262,000	*	Novell, Inc		1,648
1,561	e	NTT Data Corp		6,828
1,237	e	Obic Co Ltd		219
120,468		Omnicom Group, Inc		5,322
15,434	e*	Open Text Corp		488
2,667,827	*	Oracle Corp		52,183
7,003	e	Oracle Corp Japan		325
2,700	e	Otsuka Corp		228
16,537	e	Promotora de Informaciones S.A.		249
27,844		Public Power Corp		1,218
452,264		Publicis Groupe S.A.		17,279
16,341	e	Rakuten, Inc		9,787
14,977	e	Randstad Holdings NV		702
14,400		Ritchie Bros Auctioneers, Inc		1,189
42,858		Robert Half International, Inc		1,103
357,358		Sage Group plc		1,334
85,100	*	Salesforce.com, Inc		4,925
419,215		SAP AG.		20,835

153

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
37,613		Secom Co Ltd	$	1,826
85,097		Securitas AB (B Shares)		1,124
3,295		SGS S.A.		4,738
133,908		Singapore Post Ltd		112
5,855	e	Societe Des Autoroutes Paris-Rhin-Rhone		708
139,410	e*	Softbank Corp		2,527
47,673,611	e	Solomon Systech International Ltd		2,757
801	e	So-net Entertainment Corp		3,303
137,100	e	Square Enix Co Ltd		4,786
461,217	*	Sun Microsystems, Inc		7,163
288,296	*	Symantec Corp		4,791
39,773	*	Synopsys, Inc		903
100,000	e*	Temenos Group AG.		2,618
147,951		Tencent Holdings Ltd		843
15,560	e	Tietoenator Oyj		384
5,926	e,v	TIS, Inc		120
26,578		Tomra Systems ASA		201
39,961		Total System Services, Inc		945
18,851	e	Trend Micro, Inc		739
4,442	e	USS Co Ltd		307
90,191	e*	VeriSign, Inc		2,998
133,347	*	Visa, Inc (Class A)		8,316
422,186		Waste Management, Inc		14,169
3,776,283		WPP Group plc		45,043
2,703	e	Yahoo! Japan Corp		1,405
834,397	*	Yahoo!, Inc		24,139
		TOTAL BUSINESS SERVICES		687,164
CHEMICALS AND ALLIED PRODUCTS - 9.52%
989,740	*	Abbott Laboratories		54,584
26,520	*	Actelion Ltd		1,446
65,181		Agrium, Inc		4,049
271,000	e	Air Liquide		41,317
164,091		Air Products & Chemicals, Inc		15,096
302,000		Air Water, Inc		2,887
1,058,948		Akzo Nobel NV		84,962
5,183		Alfresa Holdings Corp		407
469,863	*	Amgen, Inc		19,631
214,093	e	Asahi Kasei Corp		1,117
88,283		Astellas Pharma, Inc		3,419
244,438		AstraZeneca plc		9,140
154,562		AstraZeneca plc (ADR)		5,872
25,606		Avery Dennison Corp		1,261
716,107	*	Avon Products, Inc		33,786
27,422	*	Barr Pharmaceuticals, Inc		1,325
169,382		BASF AG.		22,813
24,373		Beiersdorf AG.		2,051
144,801	*	Biogen Idec, Inc		8,933
71,881	e	Biovail Corp		774
827,440		Bristol-Myers Squibb Co		17,624
119,919		Celanese Corp (Series A)		4,683
25,395	e*	Cephalon, Inc		1,635
32,500		CF Industries Holdings, Inc		3,368
18,183	*	Charles River Laboratories International, Inc		1,072
7,535		Christian Dior S.A.		834
51,764	e	Chugai Pharmaceutical Co Ltd		585

154

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
18,876		Ciba Specialty Chemicals AG.	$	688
896		Clariant AG.		8
121,958		Clorox Co		6,908
251,095		Colgate-Palmolive Co		19,563
421,653	e	CSL Ltd		14,223
205,000		Cytec Industries, Inc		11,039
48,630		Daicel Chemical Industries Ltd		250
125,679		Daiichi Sankyo Co Ltd		3,713
118,010		Dainippon Ink and Chemicals, Inc		367
2,000		Dainippon Sumitomo Pharma Co Ltd		18
345,219		Dow Chemical Co		12,721
119,717	e	DSM NV		5,774
612,817	*	Du Pont (E.I.) de Nemours & Co		28,655
56,697		Eastman Chemical Co		3,541
48,950		Ecolab, Inc		2,126
45,170	e	Eisai Co Ltd		1,541
98,715	*	Elan Corp plc		2,024
62,385	*	Elan Corp plc (ADR)		1,301
272,264	*	Eli Lilly & Co		14,046
28,520	e	Estee Lauder Cos (Class A)		1,308
49,200		FMC Corp		2,730
79,659	*	Forest Laboratories, Inc		3,187
592,365	*	Genentech, Inc		48,088
95,692	*	Genzyme Corp		7,133
549,983	*	Gilead Sciences, Inc		28,341
1,785	e	Givaudan S.A.		1,766
1,840,028		GlaxoSmithKline plc		38,928
7,472	e	H Lundbeck AS		187
12,075		Haw Par Corp Ltd		60
48,382		Henkel KGaA		2,236
57,573	*	Hospira, Inc		2,462
41,876		Huntsman Corp		986
74,433	e	Incitec Pivot Ltd		9,602
21,716		International Flavors & Fragrances, Inc		957
81,117	e*	Inverness Medical Innovations, Inc		2,442
70,707	*	Invitrogen Corp		6,043
10,242		K+S AG.		3,352
39,480		Kansai Paint Co Ltd		257
97,757		Kao Corp		2,771
201,500	e*	Keryx Biopharmaceuticals, Inc		121
120,000	*	King Pharmaceuticals, Inc		1,044
97,570		Kingboard Chemical Holdings Ltd		345
5,683		Kose Corp		123
67,587		Kuraray Co Ltd		806
322,000	e	Kyorin Co Ltd		4,170
267,736	e	Kyowa Hakko Kogyo Co Ltd		2,557
32,815		Linde AG.		4,636
12,475	e	Lonza Group AG.		1,654
94,625		L'Oreal S.A.		12,017
18,200		Lubrizol Corp		1,010
26,612	e	Mediceo Paltac Holdings Co Ltd		482
1,960,594		Merck & Co, Inc		91,611
109,679	e	Methanex Corp		2,885
88,600	*	Millennium Pharmaceuticals, Inc		1,370
209,994		Mitsubishi Chemical Holdings Corp		1,388
71,445		Mitsubishi Gas Chemical Co, Inc		508

155

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
286,459		Monsanto Co	$	31,940
39,738	*	Mosaic Co		4,077
470,000	e	Mylan Laboratories, Inc		5,452
800,000		Nan Ya Plastics Corp		1,988
25,792		Nippon Kayaku Co Ltd		157
22,572		Nippon Shokubai Co Ltd		150
176,455	e	Nissan Chemical Industries Ltd		1,859
87,986	e	Nova Chemicals Corp		2,118
1,956,166		Novartis AG.		100,261
62,000	e	Novartis AG. (ADR)		3,176
131,813	e	Novo Nordisk AS (Class B)		9,014
12,634	e	Novozymes AS (B Shares)		1,182
261,222		Nufarm Ltd		4,089
4,304		Omega Pharma S.A.		199
3,000		Ono Pharmaceutical Co Ltd		145
22,881	e	Orion Oyj (Class B)		496
23,916	*	PDL BioPharma, Inc		253
36,000		Perrigo Co		1,358
3,133,388		Pfizer, Inc		65,582
1,584	e*	PharMerica Corp		26
127,746	*	PPG Industries, Inc		7,730
205,327		Praxair, Inc		17,295
1,356,681	*	Procter & Gamble Co		95,063
372,531		Ranbaxy Laboratories Ltd		4,071
700,788		Reckitt Benckiser Group plc		38,818
517,977		Roche Holding AG.		97,483
113,932		Rohm & Haas Co		6,161
277,464		Sanofi-Aventis		20,816
13,965	e	Santen Pharmaceutical Co Ltd		326
336,029		Schering-Plough Corp		4,842
80,455	e	Sherwin-Williams Co		4,106
170,247		Shin-Etsu Chemical Co Ltd		8,796
55,073	e	Shionogi & Co Ltd		940
76,320		Shire plc		1,475
61,148	e	Shiseido Co Ltd		1,616
207,826	e	Showa Denko KK		701
114,985		Sigma-Aldrich Corp		6,859
8,167,585	e	Sinochem Hong Kong Holding Ltd		7,535
17,170		Solvay S.A.		2,191
527,606		SSL International plc		4,749
781,982	e	Sumitomo Chemical Co Ltd		5,005
130,371	e	Symbion Health Ltd		485
28,397		Syngenta AG.		8,321
127,154		Taisho Pharmaceutical Co Ltd		2,522
52,897	e	Taiyo Nippon Sanso Corp		423
151,997	e	Takeda Pharmaceutical Co Ltd		7,609
39,895		Tanabe Seiyaku Co Ltd		465
130,900		Tenma Corp		1,727
1,455,950		Teva Pharmaceutical Industries Ltd (ADR)		48,312
390,000	e*	Theravance, Inc		4,107
438,500	e	Tokai Carbon Co Ltd		4,434
38,693	e	Tokuyama Corp		281
237,521	e	Toray Industries, Inc		1,542
88,647	e	Tosoh Corp		305
177,260		UBE Industries Ltd		574
29,719		UCB S.A.		1,032

156

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
121,541	*	Uralkali (GDR)	$	4,983
560,800	g,v*	Uralkali (GDR)		22,993
47,004	*	Vertex Pharmaceuticals, Inc		1,123
1,081		Wacker Chemie AG.		221
83,000	e*	Warner Chilcott Ltd (Class A)		1,494
680,400		Wyeth		28,413
29,627	e	Zeltia S.A.		217
29,798	e	Zeon Corp		133
		TOTAL CHEMICALS AND ALLIED PRODUCTS		1,474,556
COAL MINING - 0.24%
38,551		Arch Coal, Inc		1,677
4,202,000		China Coal Energy Co		7,321
48,898		Consol Energy, Inc		3,383
71,675		Fording Canadian Coal Trust		3,753
516,741		Gloucester Coal Ltd		4,590
11,232		Massey Energy Co		410
279,256		Peabody Energy Corp		14,242
42,000	e	Sasol Ltd (ADR)		2,033
		TOTAL COAL MINING		37,409
COMMUNICATIONS - 4.58%
2,653,089	v	Advanced Info Service PCL		8,427
146,598	*	American Tower Corp (Class A)		5,748
21,055		Antena 3 de Television S.A.		289
2,785,394		AT&T, Inc		106,681
129,371	e	BCE, Inc		4,380
3,131,600	v	BEC World PCL		2,835
103,243		Belgacom S.A.		4,572
37,600		Brasil Telecom Participacoes S.A. (ADR)		2,461
100,000		Brasil Telecom S.A.		1,100
308,785		British Sky Broadcasting plc		3,410
3,463,491		BT Group plc		14,933
660,981		Cable & Wireless plc		1,953
83,644	*	Cablevision Systems Corp (Class A)		1,792
110,088		Carphone Warehouse Group plc		623
51,500		CenturyTel, Inc		1,712
311,000		China Mobile Hong Kong Ltd		4,627
1,987,000		Chunghwa Telecom Co Ltd		5,226
171,108		Clear Channel Communications, Inc		5,000
784,685		Comcast Corp (Class A)		15,176
115,007		Comcast Corp (Special Class A)		2,182
130,489	*	Crown Castle International Corp		4,501
769,321	e	Deutsche Telekom AG.		12,814
453,200		Digi.Com BHD		3,457
409,385	*	DIRECTV Group, Inc		10,305
205,838	*	DISH Network Corp (Class A)		5,914
40,015	e	Elisa Oyj		999
56,818		Embarq Corp		2,278
2,827,834		Far EasTone Telecommunications Co Ltd		4,840
888,254	e	France Telecom S.A.		29,870
119		Fuji Television Network, Inc		175
26,564	e	Gestevision Telecinco S.A.		541
116,470		Globe Telecom, Inc		4,196
78,968		Hellenic Telecommunications Organization S.A.		2,242
4,268	e	Hikari Tsushin, Inc		126

157

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
234,195		Hutchison Telecommunications International Ltd	$	334
75,209	*	IAC/InterActiveCorp		1,561
2,300,000		Informa plc		13,958
61		Intracom S.A.		-	^
1,050,986		ITV plc		1,320
422	*	Jupiter Telecommunications Co		395
1,706		KDDI Corp		10,423
41,000		KT Corp		1,944
360,251	e*	Level 3 Communications, Inc		764
74,836	*	Liberty Global, Inc (Class A)		2,550
20,384	*	Liberty Global, Inc (Series C)		662
72,994	*	Liberty Media Corp - Capital (Series A)		1,149
355,824	*	Liberty Media Corp - Entertainment (Series A)		8,056
159,926	*	Liberty Media Holding Corp (Interactive A)		2,581
16,830	e	M6-Metropole Television		375
238,000	e	Manitoba Telecom Services, Inc		9,080
211,798		Mediaset S.p.A.		1,959
23,459	e*	MetroPCS Communications, Inc		399
34,300		Mobile TeleSystems (ADR)		2,602
8,176		Mobistar S.A.		741
14,116	e	Modern Times Group AB (B Shares)		984
46,310	*	NII Holdings, Inc		1,472
935		Nippon Telegraph & Telephone Corp		4,033
2,889		NTT DoCoMo, Inc		4,376
18,936,985	*	Paxys, Inc		1,541
87,609		Philippine Long Distance Telephone Co (ADR)		5,822
212,426	e	Portugal Telecom SGPS S.A.		2,468
21,923		ProSiebenSat.1 Media AG.		474
64,618	e	PT Multimedia Servicos de Telecomunicacoes e Multimedia SGPS S.A.		766
569,168	e	Qwest Communications International, Inc		2,578
246,561	e	Rogers Communications, Inc (Class B)		8,868
2,557,951		Royal KPN NV		43,210
1,096,944	e	Seat Pagine Gialle S.p.A.		190
41,293		SES Global S.A.		872
169,787		Shaw Communications, Inc (B Shares)		3,106
4,009,508		Singapore Telecommunications Ltd		11,390
15,364	e	Sky Network Television Ltd		58
32,440	e	Societe Television Francaise 1		713
10,102	*	Sogecable S.A.		443
1,738,961		Sprint Nextel Corp		11,634
6,083		Swisscom AG.		2,084
3,712,056		Taiwan Mobile Co Ltd		7,148
116,000		Tele Norte Leste Participacoes S.A.(ADR)		3,079
82,986		Tele2 AB (B Shares)		1,568
97,300	*	Telecom Argentina S.A. (ADR)		2,061
296,521	e	Telecom Corp of New Zealand Ltd		872
1,631,913		Telecom Italia S.p.A.		2,703
3,000,474		Telecom Italia S.p.A.		6,277
1,580,989		Telefonica S.A.		45,427
373,045		Telekom Austria AG.		7,709
1,067,100		Telekom Malaysia BHD		3,536
219,583	e	Telenor ASA		4,204
7,036		Telephone & Data Systems, Inc		262
49,013		Telephone & Data Systems, Inc		1,925
200,000	*	Telesp Celular Participacoes S.A.		1,166
43,177		Television Broadcasts Ltd		231

158

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
595,965	e	TeliaSonera AB	$	4,784
82,202	e	Telstra Corp Ltd		211
1,726,854	e	Telstra Corp Ltd		6,944
28,170		TELUS Corp		1,227
75,763		TELUS Corp		3,192
66,745	*	Time Warner Cable, Inc (Class A)		1,667
4,420	*	Tiscali S.p.A.		14
6,900		Tokyo Broadcasting System, Inc		165
22,500,520	v*	True Corp PCL		3,645
96,200		Turkcell Iletisim Hizmetleri AS (ADR)		2,010
1,468,761		Verizon Communications, Inc		53,536
75,000		Vimpel-Communications (ADR)		2,242
315,083		Vivendi Universal S.A.		12,312
20,790,043		Vodafone Group plc		62,263
668,932		Vodafone Group plc (ADR)		19,740
32,246		Windstream Corp		385
77,767	*	XM Satellite Radio Holdings, Inc (Class A)		904
397,952		ZEE Telefilms Ltd		2,441
		TOTAL COMMUNICATIONS		709,170
DEPOSITORY INSTITUTIONS - 10.24%
64,083		77 Bank Ltd		359
27,253		Alliance & Leicester plc		280
245,782		Allied Irish Banks plc		5,238
177,217		Alpha Bank S.A.		5,875
11,231,560		AMMB Holdings BHD		12,080
103,512		Anglo Irish Bank Corp plc		1,389
10,000	e	Aozora Bank Ltd		30
32,143	e	Associated Banc-Corp		856
297,297		Australia & New Zealand Banking Group Ltd		6,127
35,122		Banca Carige S.p.A.		138
2,091,453	e	Banca Intesa S.p.A.		14,743
250,138		Banca Intesa S.p.A.		1,647
305,071	e	Banca Monte dei Paschi di Siena S.p.A.		1,351
114,387		Banca Popolare di Milano		1,256
170,588		Banche Popolari Unite Scpa		4,371
1,588,840	e	Banco Bilbao Vizcaya Argentaria S.A.		34,992
27,055		Banco Bilbao Vizcaya Argentaria S.A. (ADR)		595
564,632	e	Banco BPI S.A.		2,986
120,000	e	Banco Bradesco S.A. (ADR)		3,331
505,136	e	Banco Comercial Portugues S.A.		1,643
3,299,993		Banco de Oro Universal Bank		4,108
134,066	e	Banco de Sabadell S.A.		1,471
89,000		Banco do Brasil S.A.		1,172
61,918	e	Banco Espirito Santo S.A.		1,076
187,143	e	Banco Popolare Scarl		3,099
238,326	e	Banco Popular Espanol S.A.		4,327
6,156,925		Banco Santander Central Hispano S.A.		122,669
2,348,118		Bank of America Corp		89,017
5,404,942		Bank of Ayudhya PCL		4,017
1,415,704		Bank of East Asia Ltd		7,085
4,000		Bank of India		25
246,091		Bank of Ireland		3,660
10,365		Bank of Ireland		154
53,039	e	Bank of Kyoto Ltd		645
243,430	e	Bank of Montreal		10,897

159

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
885,816		Bank of New York Mellon Corp	$	36,965
480,487	e	Bank of Nova Scotia		21,790
145,409		Bank of Okinawa Ltd		5,295
150,000	e*	Bank of the Ryukyus Ltd		1,336
220,150		Bank of Yokohama Ltd		1,495
23,041	e	Bankinter S.A.		366
5,896,069		Barclays plc		53,008
146,989		BB&T Corp		4,713
41,697	e	Bendigo Bank Ltd		453
691,048		BNP Paribas		69,703
618,448		BOC Hong Kong Holdings Ltd		1,489
1,483,600		Bumiputra-Commerce Holdings BHD		4,615
184,541	e	Canadian Imperial Bank of Commerce/Canada		11,884
2,207,000		Cathay Financial Holding Co Ltd		5,630
606,014	*	Centurion Bank of Punjab Ltd		653
140,635		Chiba Bank Ltd		955
21,000		CITIC International Financial Holdings Ltd		11
2,617,977		Citigroup, Inc		56,077
40,287	e	Colonial Bancgroup, Inc		388
40,847		Comerica, Inc		1,433
211,281	e	Commerzbank AG.		6,605
209,399		Commonwealth Bank of Australia		8,001
32,000		Credicorp Ltd		2,296
178,482		Credit Agricole S.A.		5,523
123,730		Danske Bank AS		4,565
964,552		DBS Group Holdings Ltd		12,614
137,170		Deutsche Bank AG.		15,527
141,965	e	Dexia		4,046
186,964	e	DNB NOR Holding ASA		2,838
84,137		EFG Eurobank Ergasias S.A.		2,556
6,068		EFG International		208
51,248		Erste Bank der Oesterreichischen Sparkassen AG.		3,321
128,480		Fifth Third Bancorp		2,688
34,075	e	First Horizon National Corp		477
559,733		Fortis		14,104
7,989,365		Fuhwa Financial Holdings Co Ltd		7,495
142,489		Fukuoka Financial Group, Inc		742
71,160	e	Gunma Bank Ltd		509
74,000		Hachijuni Bank Ltd		470
127,793		Hang Seng Bank Ltd		2,314
93,000	e	Hiroshima Bank Ltd		449
218,763		Hokuhoku Financial Group, Inc		658
5,662,897		HSBC Holdings plc		93,283
857,795		Hudson City Bancorp, Inc		15,166
95,887		Huntington Bancshares, Inc		1,031
28,441		ICICI Bank Ltd (ADR)		1,086
508,641		ING Groep NV		19,048
107,228		Investec plc		720
123,338		Joyo Bank Ltd		624
1,852,907		JPMorgan Chase & Co		79,582
79,392		Julius Baer Holding AG.		5,852
16,036	*	Jyske Bank		1,076
686,200		Kasikornbank PCL		1,962
1,206,331		Kasikornbank PCL		3,525
145,600		Keycorp		3,196
20,217		Kookmin Bank		1,131

160

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
1,536,169		Lloyds TSB Group plc	$	13,750
78,624	e	M&T Bank Corp		6,328
235,450		Malayan Banking BHD		622
61,631		Marshall & Ilsley Corp		1,430
137,954	e	Mediobanca S.p.A.		2,829
2,398,000		Metropolitan Bank & Trust		2,296
2,085,263		Mitsubishi UFJ Financial Group, Inc		17,991
141,750		Mitsui Trust Holdings, Inc		858
4,040	e	Mizuho Financial Group, Inc		14,793
17,000	e	Mizuho Trust & Banking Co Ltd		24
258,290		National Australia Bank Ltd		7,117
78,506	e	National Bank Of Canada		3,659
163,626		National Bank of Greece S.A.		8,633
182,486		National City Corp		1,816
50,300	e	Natixis		809
80,097	e	New York Community Bancorp, Inc		1,459
125,045		Nishi-Nippon City Bank Ltd		329
565,860		Nordea Bank AB		9,171
71,892		Northern Trust Corp		4,779
25,136	e	OKO Bank (Class A)		473
488,614		Oversea-Chinese Banking Corp		2,875
120,378		People's United Financial, Inc		2,084
169,358		Piraeus Bank S.A.		5,208
120,485		PNC Financial Services Group, Inc		7,900
12,146,500		PT Bank Mandiri Persero Tbk		4,157
11,305	e	Raiffeisen International Bank Holding AG.		1,541
187,556		Regions Financial Corp		3,704
1,025	e	Resona Holdings, Inc		1,707
627,820	e	Royal Bank of Canada		29,328
7,292,303		Royal Bank of Scotland Group plc		48,809
34,585		Royal Bank of Scotland Group plc		240
58		Sapporo Hokuyo Holdings, Inc		404
77,320	e	Shinsei Bank Ltd		255
106,727		Shizuoka Bank Ltd		1,260
126,171		Skandinaviska Enskilda Banken AB (Class A)		3,302
121,826	*	Societe Generale		11,723
508,769	e	Societe Generale		49,816
103,776	e	Sovereign Bancorp, Inc		967
188,505	e	St George Bank Ltd		4,429
186,910		Standard Chartered plc		6,388
175,850		State Street Corp		13,892
2,412	e	Sumitomo Mitsui Financial Group, Inc		15,874
226,488	e	Sumitomo Trust & Banking Co Ltd		1,559
285,883		SunTrust Banks, Inc		15,764
487,738		Suruga Bank Ltd		6,151
134,406	e	Svenska Handelsbanken (A Shares)		3,913
49,856		Swedbank AB (A Shares)		1,397
16,500	e	Sydbank AS		600
50,000	e	Synovus Financial Corp		553
362,458	e	TCF Financial Corp		6,495
175,456		Toronto Dominion Bank Ontario		10,788
20,754	e	Toronto-Dominion Bank		1,273
1,652,700		UBG BHD		1,204
873,540	e	UBS A.G.		25,386
13,284,084		UniCredito Italiano S.p.A		88,922
90,386		UnionBanCal Corp		4,436

161

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
233,741		United Overseas Bank Ltd	$	3,250
1,262,319		US Bancorp		40,849
850,899		Wachovia Corp		22,974
407,908	e	Washington Mutual, Inc		4,201
1,823,532		Wells Fargo & Co		53,065
488,497		Western Union Co		10,390
296,776		Westpac Banking Corp		6,442
29,626		Wing Hang Bank Ltd		450
632,654	*	Yes Bank Ltd		2,661
39,679		Zions Bancorporation		1,807
		TOTAL DEPOSITORY INSTITUTIONS		1,585,815
EATING AND DRINKING PLACES - 1.22%
26,363		Autogrill S.p.A.		394
16,706,284		Compass Group plc		106,846
708,218		Darden Restaurants, Inc		23,052
140,274		Enterprise Inns plc		1,117
657,449	*	McDonald's Corp		36,666
110,667		Mitchells & Butlers plc		753
50,631		Onex Corp		1,477
72,039		Punch Taverns plc		771
26,379		Sodexho Alliance S.A.		1,622
269,486	*	Starbucks Corp		4,716
50,309	e	Tim Hortons, Inc		1,713
24,643		Wendy's International, Inc		568
53,058		Whitbread plc		1,229
222,370		Yum! Brands, Inc		8,274
		TOTAL EATING AND DRINKING PLACES		189,198
EDUCATIONAL SERVICES - 0.03%
53,030	*	Apollo Group, Inc (Class A)		2,291
12,782		Benesse Corp		603
124,751		CAE, Inc		1,413
12,566	e*	Career Education Corp		160
		TOTAL EDUCATIONAL SERVICES		4,467
ELECTRIC, GAS, AND SANITARY SERVICES - 4.95%
156,138		A2A S.p.A.		574
242,305	*	AES Corp		4,039
71,130	e	AGL Energy Ltd		718
30,329		Allegheny Energy, Inc		1,532
30,734		Alliant Energy Corp		1,076
55,488		Ameren Corp		2,444
174,731		American Electric Power Co, Inc		7,274
235,915		Aqua America, Inc		4,430
50,000		BKW FMB Energie AG.		6,379
3,584,234		British Energy Group plc		46,415
8,610	e	Brookfield Infrastructure Partners LP		146
200,000	*	Calpine Corp		3,684
21,356		Caltex Australia Ltd		254
23,546	e	Canadian Utilities Ltd		952
112,933		Centerpoint Energy, Inc		1,612
1,009,647		Centrica plc		5,976
20,000		CEZ		1,527
119,361	e	Chubu Electric Power Co, Inc		2,982
3,900	e	Chugoku Electric Power Co, Inc		87

162

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
217,021		CLP Holdings Ltd	$	1,786
50,000	e	Companhia de Saneamento Basico do Estado de Sao Paulo (ADR)		2,217
102,000		Companhia Energetica de Minas Gerais		1,831
60,000		Companhia Paranaense de Energia		981
72,334		Consolidated Edison, Inc		2,872
295,009		Constellation Energy Group, Inc		26,040
45,009		Contact Energy Ltd		283
211,330		Dominion Resources, Inc		8,631
45,431		DTE Energy Co		1,767
1,157,173		DUET Group		3,225
390,000		Duke Energy Corp		6,961
133,892	*	Dynegy, Inc (Class A)		1,056
479,744		E.ON AG.		88,812
166,892		Edison International		8,181
325,831		El Paso Corp		5,422
28,139		Electric Power Development Co		1,013
237,389	e	Electricite de France		20,654
11,000,000		Eletropaulo Metropolitana de Sao Paulo S.A.		865
26,558		Enagas		794
170,519	e	Enbridge, Inc		7,032
1,176,022		Enel S.p.A.		12,477
40,000		Energen Corp		2,492
541,120		Energias de Portugal S.A.		3,280
43,508		Energy East Corp		1,049
72,252		Entergy Corp		7,881
406,437		Exelon Corp		33,031
3,743,102		First Philippine Holdings Corp		3,674
279,999		FirstEnergy Corp		19,214
76,513	e	Fortis, Inc		2,177
825,748		Fortum Oyj		33,647
330,159	*	FPL Group, Inc		20,714
31,064		Gas Natural SDG S.A.		1,921
53,431		Gaz de France		3,226
34,803		Hokkaido Electric Power Co, Inc		808
2,500	e	Hokuriku Electric Power Co		59
2,095,923		Hong Kong & China Gas Ltd		6,302
231,864		Hong Kong Electric Holdings Ltd		1,464
3,130,682	*	Iberdrola Renovables		21,797
978,350		Iberdrola S.A.		15,168
419,913		International Power plc		3,317
138,153	e	Kansai Electric Power Co, Inc		3,437
28,000		Korea Gas Corp		2,078
70,860		Kyushu Electric Power Co, Inc		1,731
124,364	*	Mirant Corp		4,526
705,263		National Grid plc		9,679
73,833		NiSource, Inc		1,273
167,695	*	NRG Energy, Inc		6,538
188,000	e*	Ocean Power Technologies, Inc		2,297
20,692	e	Oest Elektrizitatswirts AG. (Class A)		1,473
80		Okinawa Electric Power Co, Inc		3
374,125		Osaka Gas Co Ltd		1,494
70,729		Pepco Holdings, Inc		1,748
129,231		PG&E Corp		4,758
27,614		Pinnacle West Capital Corp		969
214,902		PPL Corp		9,868
65,590		Progress Energy, Inc		2,735

163

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
1,628,000		PT Perusahaan Gas Negara	$	2,503
455,672		Public Service Enterprise Group, Inc		18,313
10,762		Puma AG. Rudolf Dassler Sport		4,145
293,046		Questar Corp		16,575
29,673		Red Electrica de Espana		1,817
116,920	*	Reliant Energy, Inc		2,765
182,409		Republic Services, Inc		5,334
3,757		RWE AG.		357
224,416	e	RWE AG.		27,586
29,803		SCANA Corp		1,090
234,551		Scottish & Southern Energy plc		6,536
124,872		Sempra Energy		6,653
64,237		Severn Trent plc		1,809
6,400	e	Shikoku Electric Power Co, Inc		190
254,109		Snam Rete Gas S.p.A.		1,616
2,423,464	e	Sojitz Holdings Corp		8,023
201,852		Southern Co		7,188
1,055,223		Suez S.A.		69,253
79,863	e	Tohoku Electric Power Co, Inc		1,951
217,928	e	Tokyo Electric Power Co, Inc		5,826
423,838	e	Tokyo Gas Co Ltd		1,714
100,080	e	TransAlta Corp		3,113
218,313		Union Fenosa S.A.		14,672
238,600		United Utilities plc		3,270
37,440		Vector Ltd		51
94,955		Veolia Environnement		6,620
275,000	e	Westar Energy, Inc		6,262
216,807		Williams Cos, Inc		7,150
31,541		Wisconsin Energy Corp		1,387
111,924		Xcel Energy, Inc		2,233
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		766,831
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 5.26%
890,162		ABB Ltd		23,897
24,608	*	ADC Telecommunications, Inc		297
151,401	e*	Advanced Micro Devices, Inc		892
29,542	e	Advantest Corp		766
645,874		Alcatel S.A.		3,691
280,114		Alps Electric Co Ltd		2,757
91,575		Altera Corp		1,688
95,589		Amphenol Corp (Class A)		3,561
82,760		Analog Devices, Inc		2,443
480,128	*	Apple Computer, Inc		68,898
347,760		ARM Holdings plc		607
1,421,653		Asustek Computer, Inc		4,165
81,000	e	AU Optronics Corp (ADR)		1,392
158,948	*	Avnet, Inc		5,202
2,402	e	Bang & Olufsen AS (B Shares)		150
2,798		Barco NV		200
169,902	*	Broadcom Corp (Class A)		3,274
50,641	*	Celestica, Inc		343
3,705,845	*	Cisco Systems, Inc		89,274
169,884		Cooper Industries Ltd (Class A)		6,821
121,000	e*	Cree, Inc		3,383
28,726	*	CSR plc		186
588		Dainippon Screen Manufacturing Co Ltd		2

164

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
76,659		Eaton Corp	$	6,107
30,000	e*	EchoStar Corp (Class A)		886
14,675	*	Energizer Holdings, Inc		1,328
4,010,360	e	Ericsson (LM) (B Shares)		7,870
208,000	*	Fairchild Semiconductor International, Inc		2,479
18,983	*	First Solar, Inc		4,388
38,729	e	Fisher & Paykel Appliances Holdings Ltd		72
40,215		Fisher & Paykel Healthcare Corp		93
221,220	*	Flextronics International Ltd		2,077
351,728	*	Foxconn International Holdings Ltd		474
385,000		Foxconn Technology Co Ltd		2,281
103,822		Fuji Electric Holdings Co Ltd		422
45,699		Gamesa Corp Tecnologica S.A.		2,085
787,500		Geodesic Information Systems Ltd		3,536
41,532	e	GN Store Nord		207
466,071	*	GVK Power & Infrastructure Ltd		465
150,700	e	Hamamatsu Photonics KK		4,203
16,705		Harman International Industries, Inc		727
18,469		Harris Corp		896
5,963	e	Hirose Electric Co Ltd		669
19,152		Hitachi Chemical Co Ltd		360
12,700		Hitachi High-Technologies Corp		210
602,548	e	Hitachi Ltd		3,572
1,225,720		Hon Hai Precision Industry Co, Ltd		7,020
523,437		Honeywell International, Inc		29,532
73,931	e	Hoya Corp		1,735
118,708		Ibiden Co Ltd		4,668
1,142,535	e*	Infineon Technologies AG.		8,027
350,000	e*	Infineon Technologies AG. (ADR)		2,457
3,094,969		Intel Corp		65,551
36,854		Intersil Corp (Class A)		946
58,131	*	JDS Uniphase Corp		778
862,841	e	Koninklijke Philips Electronics NV		33,006
7,029	e	Kudelski S.A.		103
29,138	e	Kyocera Corp		2,447
145,246		L-3 Communications Holdings, Inc		15,881
6,509	e	Legrand S.A.		204
24,000		LG Electronics, Inc		3,078
87,000	e	LG.Philips LCD Co Ltd (ADR)		1,943
59,324	e	Linear Technology Corp		1,821
190,853	*	LSI Logic Corp		945
4,930	e	Mabuchi Motor Co Ltd		238
300,755	*	Marvell Technology Group Ltd		3,272
351,982	e	Matsushita Electric Industrial Co Ltd		7,627
69,956	e	Matsushita Electric Works Ltd		719
1,559,000		Maxim Integrated Products, Inc		31,788
639,000		MediaTek, Inc		8,414
124,882	*	MEMC Electronic Materials, Inc		8,854
58,206	e	Microchip Technology, Inc		1,905
488,274	*	Micron Technology, Inc		2,915
9,090	*	Millicom International Cellular S.A.		866
748,900		Minebea Co Ltd		4,358
723,661		Mitsubishi Electric Corp		6,258
14,441	e	Mitsumi Electric Co Ltd		456
685,563	*	Motorola, Inc		6,376
38,256	e	Murata Manufacturing Co Ltd		1,900

165

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
223,045		National Semiconductor Corp	$	4,086
6,517	*	NEC Electronics Corp		126
543,694	*	NetApp, Inc		10,901
7,194		Neuf Cegetel		401
30,988	e	NGK Spark Plug Co Ltd		403
19,506	e	Nidec Corp		1,200
29,577		Nitto Denko Corp		1,249
3,644		NKT Holding AS		262
1,826,073		Nokia Oyj		57,774
215,379	*	Nortel Networks Corp		1,469
94,416	*	Novellus Systems, Inc		1,987
293,333	*	Nvidia Corp		5,805
39,611	e	Omron Corp		813
43,000		Origin Electric Co Ltd		265
28,591	e	Pioneer Corp		284
33,087	e*	Q-Cells AG.		3,284
80,166	*	QLogic Corp		1,231
737,655		Qualcomm, Inc		30,244
153,879		RadioShack Corp		2,500
362,194	e*	Renewable Energy Corp AS		10,100
246,773	*	Research In Motion Ltd		27,765
120,595		Ricoh Co Ltd		1,982
5,605	e	Rinnai Corp		183
18,044		Rohm Co Ltd		1,117
12,545		Samsung Electronics Co Ltd		7,892
17,434	e	Sanken Electric Co Ltd		102
106,058	*	Sanmina-SCI Corp		172
294,755	*	Sanyo Electric Co Ltd		621
260,407	*	SGL Carbon AG.		16,445
344,803	e	Sharp Corp		5,860
11,900	e	Shinko Electric Industries		134
385,913	e*	Sirius Satellite Radio, Inc		1,104
108,415		Smiths Group plc		2,023
535,588	e	Sony Corp		21,331
28,135		Stanley Electric Co Ltd		686
184,270	e	STMicroelectronics NV		1,961
19,276	e	Sumco Corp		421
9,742	e*	Sunpower Corp (Class A)		726
2,049,000		Taiwan Semiconductor Manufacturing Co Ltd		4,256
425,000		Taiwan Semiconductor Manufacturing Co Ltd (ADR)		4,365
17,601	e	Taiyo Yuden Co Ltd		172
18,731	e	Tandberg ASA		280
97,066		TDK Corp		5,736
107,000		Telefonaktiebolaget LM Ericsson (ADR)		2,103
152,663	e*	Tellabs, Inc		832
324,675	e	Terna Rete Elettrica Nazionale S.p.A.		1,385
558,175	*	Texas Instruments, Inc		15,780
66,399		Thomson		461
67,400		Toyota Boshoku Corp		2,018
198,216		Tyco Electronics Ltd		6,803
350,584		Ushio, Inc		6,584
38,159		Venture Corp Ltd		292
21,329	e	Whirlpool Corp		1,851
79,529		Xilinx, Inc		1,889
40,384		Yaskawa Electric Corp		384
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		815,484

166

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
ENGINEERING AND MANAGEMENT SERVICES - 0.40%
36,067		Aeroplan Income Fund	$	641
36,417	e*	Amylin Pharmaceuticals, Inc		1,064
37,163	e	Cap Gemini S.A.		2,116
161,399		Capita Group plc		2,173
126,154	*	Celgene Corp		7,732
2,280,000	*	China Railway Group Ltd		2,212
24,096		Downer EDI Ltd		138
63,579		Fluor Corp		9,540
15,714		Fugro NV		1,220
44,032	*	Jacobs Engineering Group, Inc		3,240
411,042		JGC Corp		6,276
45,605		KBR, Inc		1,265
90,792	*	McDermott International, Inc		4,977
86,133	e	Moody's Corp		3,000
91,556		Paychex, Inc		3,137
43,808		Quest Diagnostics, Inc		1,983
159,811		SembCorp Industries Ltd		473
126,467		Serco Group plc		1,139
74,613		SNC-Lavalin Group, Inc		3,233
100,000	*	URS Corp		3,269
125,547	e	WorleyParsons Ltd		3,840
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		62,668
FABRICATED METAL PRODUCTS - 0.37%
147,136		Amcor Ltd		961
24,765		Ball Corp		1,138
57,955		Bharat Heavy Electricals		2,978
34,000		Crane Co		1,372
635,000	*	Crown Holdings, Inc		15,977
11,009		Geberit AG.		1,641
29,934		Hitachi Cable Ltd		111
2,000	e	Hitachi Metals Ltd		29
286,026		Illinois Tool Works, Inc		13,795
50,039	e	JS Group Corp		751
110,869		Parker Hannifin Corp		7,680
25,796		Pentair, Inc		823
170,648		Rexam plc		1,444
32,612	e	Sanwa Shutter Corp		142
80,000		Snap-On, Inc		4,068
48,893	e	Ssab Svenskt Stal AB (Series A)		1,374
22,194		Ssab Svenskt Stal AB (Series B)		570
38,713		Stanley Works		1,844
29,967		Toyo Seikan Kaisha Ltd		569
		TOTAL FABRICATED METAL PRODUCTS		57,267
FISHING, HUNTING, AND TRAPPING - 0.00%**
1,425	e*	Lighthouse Caledonia ASA		1
		TOTAL FISHING, HUNTING, AND TRAPPING		1
FOOD AND KINDRED PRODUCTS - 4.33%
124,337	e	Ajinomoto Co, Inc		1,260
312,485	*	Anheuser-Busch Cos, Inc		14,827
453,513	*	Archer Daniels Midland Co		18,667
391,797		Asahi Breweries Ltd		8,077

167

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
		Associated British Foods plc	$	416
43,752	e	Bunge Ltd		3,801
78		C&C Group plc		-	^
573,487		Cadbury Schweppes plc		6,300
83,900		Campbell Soup Co		2,848
25,621	e	Carlsberg AS (Class B)		3,276
9,398	*	CJ CheilJedang Corp		2,088
43,092		Coca Cola Hellenic Bottling Co S.A.		2,007
83,393		Coca-Cola Amatil Ltd		648
1,220,220		Coca-Cola Co		74,275
315,023		Coca-Cola Enterprises, Inc		7,624
196,571	e	Coca-Cola West Japan Co Ltd		4,733
179,776		ConAgra Foods, Inc		4,306
64,480	*	Constellation Brands, Inc (Class A)		1,139
25,387	*	Cott Corp		90
2,345,031		CSR Ltd		6,858
12,804	e	Danisco AS		935
709,806		Diageo plc		14,313
390	e	Ebro Puleva S.A.		8
163,135		General Mills, Inc		9,769
30,044		Greencore Group plc		177
926,945	e	Groupe Danone		82,888
117,075		H.J. Heinz Co		5,499
9,219	e*	Hansen Natural Corp		325
68,080		Heineken NV		3,954
59,639	e	Hershey Co		2,247
21,727		Hite Brewery Co Ltd		2,446
11,590	e	House Foods Corp		172
17,625		Iaws Group plc		412
49,875		InBev NV		4,389
10,637	e	Ito En Ltd		188
425,097		J Sainsbury plc		2,894
14,766,876		JG Summit Holdings		3,394
56,494	e	Kaneka Corp		353
123,939		Kellogg Co		6,514
37,297		Kerry Group plc (Class A)		1,169
390,795		Kikkoman Corp		4,803
410,902		Kirin Brewery Co Ltd		7,770
1,164,812		Kraft Foods, Inc (Class A)		36,121
717,300		Kulim Malaysia BHD		1,783
183		Lindt & Spruengli AG.		608
46,664	e	Lion Nathan Ltd		373
6,562	e	Matsumotokiyoshi Holdings Co Ltd		143
31,640		McCormick & Co, Inc		1,170
48,630	e	Meiji Dairies Corp		293
48,763	e	Meiji Seika Kaisha Ltd		248
17,320		Molson Coors Brewing Co (Class B)		910
289,118		Nestle S.A.		144,472
38,264		Nichirei Corp		184
34,357	e	Nippon Meat Packers, Inc		507
59,000		Nisshin Oillio Group Ltd		229
35,589	e	Nisshin Seifun Group, Inc		380
16,471	e	Nissin Food Products Co Ltd		555
102,089		Olam International Ltd		159
433,326		Parmalat S.p.A.		1,666
47,153		Pepsi Bottling Group, Inc		1,599

168

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
1,039,948	*	PepsiCo, Inc	$	75,084
49,942	e	Pernod-Ricard S.A.		5,138
4,497,884		Petra Foods Ltd		4,215
16,073	e	Q.P. Corp		166
63,834	e	Reynolds American, Inc		3,768
118,366		Sampo Oyj (A Shares)		3,205
365,855	e	Sapporo Holdings Ltd		2,991
70,712		Saputo, Inc		1,907
193,207		Sara Lee Corp		2,701
217,913		Scottish & Newcastle plc		3,417
13,529	e	Suedzucker AG.		300
140,204		Swire Pacific Ltd (Class A)		1,582
28,692		Takara Holdings, Inc		197
132,753		Tate & Lyle plc		1,423
226,000		Tingyi Cayman Islands Holding Corp		296
16,099		Toyo Suisan Kaisha Ltd		242
72,675		Tyson Foods, Inc (Class A)		1,159
1,153,501		Unilever plc		38,895
12,859,000	*	Want Want China Holdings Ltd		4,792
1,026,000		Wilmar International Ltd		3,116
52,084		Wrigley (Wm.) Jr Co		3,273
19,626	e	Yakult Honsha Co Ltd		608
294,918	e	Yamazaki Baking Co Ltd		2,793
		TOTAL FOOD AND KINDRED PRODUCTS		670,527
FOOD STORES - 0.96%
67,302		Alimentation Couche Tard, Inc		1,055
337,129	e	Carrefour S.A.		26,011
4,451		Colruyt S.A.		1,145
24,678		Delhaize Group		1,942
10,955		FamilyMart Co Ltd		392
25,388		George Weston Ltd		1,168
181,469	e	Goodman Fielder Ltd		299
28,183		Jeronimo Martins SGPS S.A.		226
18,145	e	Kesko Oyj (B Shares)		938
442,104		Koninklijke Ahold NV		6,561
685,377		Kroger Co		17,409
11,590	e	Lawson, Inc		513
54,391	e	Loblaw Cos Ltd		1,611
200,425		Safeway, Inc		5,882
147,136		Seven & I Holdings Co Ltd		3,690
450,000		Shoprite Holdings Ltd		2,097
199,810		Sonae SPGS S.A.		368
56,762		Supervalu, Inc		1,702
8,168,756		Tesco plc		61,444
37,184	e	Whole Foods Market, Inc		1,226
332,092		WM Morrison Supermarkets plc		1,808
430,157		Woolworths Ltd		11,400
		TOTAL FOOD STORES		148,887
FORESTRY - 0.02%
58,728	*	Weyerhaeuser Co		3,820
		TOTAL FORESTRY		3,820
FURNITURE AND FIXTURES - 0.13%
16,139	*	Hillenbrand Industries, Inc		772

169

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
215,305		Johnson Controls, Inc	$	7,277
64,364	e	Leggett & Platt, Inc		982
491,475		Masco Corp		9,746
8,860		Neopost S.A.		994
		TOTAL FURNITURE AND FIXTURES		19,771
FURNITURE AND HOME FURNISHINGS STORES - 0.09%
72,264	*	Bed Bath & Beyond, Inc		2,132
494,893		DSG International plc		624
38,657	*	GameStop Corp (Class A)		1,999
86,835		Harvey Norman Holdings Ltd		310
139,224		Kesa Electricals plc		568
14,915	e*	Mohawk Industries, Inc		1,068
6,523	e	Nitori Co Ltd		369
7,491		Shimachu Co Ltd		225
25,526	e	Williams-Sonoma, Inc		619
66,391	e	Yamada Denki Co Ltd		5,728
		TOTAL FURNITURE AND HOME FURNISHINGS STORES		13,642
GENERAL BUILDING CONTRACTORS - 0.60%
694,490		Amec plc		9,972
116,569		Balfour Beatty plc		1,090
75,835		Barratt Developments plc		622
2,851		Bellway plc		50
23,583		Berkeley Group Holdings plc		521
9,923		Bilfinger Berger AG.		855
67,648		Centex Corp		1,638
68,661		Cheung Kong Infrastructure Holdings Ltd		276
5,758		CRH plc		218
15,143	e	Daito Trust Construction Co Ltd		781
94,840	e	Daiwa House Industry Co Ltd		939
105,003	e	DR Horton, Inc		1,654
2,638		Eiffage S.A.		257
81,607		Fletcher Building Ltd		538
2,453,905	e	Haseko Corp		3,619
18,470		Hellenic Technodomiki Tev S.A.		226
11,417		Hochtief AG.		1,045
1,956,669		IJM Corp BHD		3,732
8,515	e	Imerys S.A.		781
13,247,092	v	Italian-Thai Development PCL		3,324
166,104	e	Kajima Corp		470
50,000	e	KB Home		841
59,110		Lend Lease Corp Ltd		716
34,042	e	Lennar Corp (Class A)		640
7,000		MDC Holdings, Inc		306
5,600	*	NVR, Inc		3,346
112,977	e	Obayashi Corp		474
76,238		Persimmon plc		1,157
131,287	e	Pulte Homes, Inc		1,910
49,474	*	Puravankara Projects Ltd		297
85,000	e	Ryland Group, Inc		2,796
23,854	e	Sacyr Vallehermoso S.A.		828
84,271		Sekisui Chemical Co Ltd		510
92,826	e	Sekisui House Ltd		859
5,000,000		Shanghai Forte Land Co		1,857
108,452	e	Shimizu Corp		498

170

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
102,098		Skanska AB (B Shares)	$	2,045
178,486		Sobha Developers Ltd		2,686
177,136	e	Taisei Corp		451
294,464		Taylor Woodrow plc		1,096
16,094		Titan Cement Co S.A.		684
32,844	e	Toda Corp		135
35,617	*	Toll Brothers, Inc		836
469,609	e	Vinci S.A.		33,948
34,782		YIT Oyj		987
		TOTAL GENERAL BUILDING CONTRACTORS		92,511
GENERAL MERCHANDISE STORES - 1.15%
114,501	e	Aeon Co Ltd		1,365
138,000	e*	Big Lots, Inc		3,077
22,000	*	BJ's Wholesale Club, Inc		785
355,813		Costco Wholesale Corp		23,117
52,327		Family Dollar Stores, Inc		1,020
22,973	e	Hankyu Department Stores, Inc		154
1,285,000	*	Intime Department Store Group Co Ltd		923
35,354	e,v	Isetan Co Ltd		411
79,728		J Front Retailing Co Ltd		509
89,230		JC Penney Co, Inc		3,365
17,464	e*	KarstadtQuelle AG.		349
107,386	e	Keio Corp		598
303,914	e	Kintetsu Corp		1,085
229,162		Macy's, Inc		5,284
462,631		Marks & Spencer Group plc		3,556
54,509	e	Marui Co Ltd		580
73,191	e,v	Mitsukoshi Ltd		286
1,718,830	*	New World Department Store China Ltd		1,999
31,845		PPR		4,718
5,048		Shinsegae Co Ltd		3,181
55,162	e	Takashimaya Co Ltd		620
290,367		Target Corp		14,716
526,598		TJX Cos, Inc		17,415
151,521	e	Tobu Railway Co Ltd		809
1,154,351	e	Tokyu Corp		5,883
33,220	e	UNY Co Ltd		318
1,547,291		Wal-Mart Stores, Inc		81,511
		TOTAL GENERAL MERCHANDISE STORES		177,634
HEALTH SERVICES - 0.74%
47,684		AmerisourceBergen Corp		1,954
2,253,000	v	Bumrungrad Hospital PCL		2,433
176,722		Cigna Corp		7,170
7,006	e	Coloplast AS (Class B)		640
23,795	*	Covance, Inc		1,974
81,352	*	Coventry Health Care, Inc		3,283
146,659	*	DaVita, Inc		7,004
111,281	*	Express Scripts, Inc		7,158
757,354		Fraser and Neave Ltd		2,669
51,431		Fresenius Medical Care AG.		2,586
46,451	e	Getinge AB (B Shares)		1,204
32,722	*	Health Management Associates, Inc (Class A)		173
768,100	*	Healthsouth Corp		13,665
23,361		Intertek Group plc		478

171

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
31,263	*	Laboratory Corp of America Holdings	$	2,303
74,495	*	Lincare Holdings, Inc		2,094
251,640		McKesson Corp		13,178
61,590	*	MDS, Inc		1,200
364,244	*	Medco Health Solutions, Inc		15,950
128,499		Mindray Medical International Ltd (ADR)		3,719
32,637	e	Omnicare, Inc		593
1,837,167		Parkway Holdings Ltd		4,271
16,100		Pharmaceutical Product Development, Inc		675
198,203	e	Ramsay Health Care Ltd		1,947
138,386		Sonic Healthcare Ltd		1,739
2,079	e	Straumann Holding AG.		594
305,218	*	WellPoint, Inc		13,469
		TOTAL HEALTH SERVICES		114,123
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.55%
67,388		Abertis Infraestructuras S.A.		2,196
57,642	e	ACS Actividades Cons y Servicios S.A.		3,282
72,347		Biffa plc		501
42,000	e	Boskalis Westminster		2,419
1,048,018	e	Bouygues S.A.		60,750
26,181	e	Chiyoda Corp		238
13,549	e	Fomento de Construcciones y Contratas S.A.		892
34,576	*	Foster Wheeler Ltd		1,958
3,866,700		Gamuda BHD		3,989
17,678		Grupo Ferrovial S.A.		1,284
21,924		GS Engineering & Construction Corp		3,210
45,966	e	Nishimatsu Construction Co Ltd		99
29,403	e	Okumura Corp		150
687,757	e	Transurban Group		4,085
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		85,053
HOLDING AND OTHER INVESTMENT OFFICES - 2.88%
108,014		3i Group plc		1,779
1,339,000		Allco Commercial Real Estate Investment Trust		798
41,838	e	Allied Capital Corp		771
26,565		AMB Property Corp		1,446
116,800		Annaly Mortgage Management, Inc		1,789
37,056		Apartment Investment & Management Co (Class A)		1,327
48,355		ARC Energy Trust		1,243
33,239		AvalonBay Communities, Inc		3,208
57,980		Boston Properties, Inc		5,338
238,489	e	Brookfield Asset Management, Inc		6,427
20,256		Camden Property Trust		1,017
159,698		CapitaCommercial Trust		258
2,171,430		CapitaMall Trust		5,443
218,310	e	CFS Gandel Retail Trust		433
30,628		CI Financial Income Fund		650
1,246		Cofinimmo		269
114,958		Commonwealth Property Office Fund		140
33,167		Developers Diversified Realty Corp		1,389
70,000		Douglas Emmett, Inc		1,544
40,823		Duke Realty Corp		931
133,784		Equity Residential		5,551
1,696		Eurazeo		217
28,467	e	Federal Realty Investment Trust		2,219

172

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
256,000	*	Fosun International	$	173
79,984		General Growth Properties, Inc		3,053
3,104,980		Genting BHD		6,359
325,774		GPT Group		968
26,795		Great Portland Estates plc		282
22,365		Groupe Bruxelles Lambert S.A.		2,729
477	*	Groupe Bruxelles Lambert S.A.		-	^
75,697		HCP, Inc		2,559
7,362		Heineken Holding NV		370
187,322		Host Marriott Corp		2,982
113,446	e*	Immoeast AG.		1,093
76,268	e	ING Industrial Fund		148
350,000		Investimentos Itau S.A.		2,055
94,000	e	iShares Dow Jones US Financial Services Index Fund		8,159
1,519,742	e	iShares MSCI EAFE Index Fund		109,269
2,796,044	e	iShares MSCI Japan Index Fund		34,587
35,424	e	iStar Financial, Inc		497
7,084	*	Istituto Finanziario Industriale S.p.A.		195
5,976	e*	Jafco Co Ltd		199
1,382		Japan Prime Realty Investment Corp		4,561
72	e	Japan Real Estate Investment Corp		838
65		Japan Retail Fund Investment Corp		410
104,280	e	JFE Holdings, Inc		4,624
2,500		KBC Ancora		257
98,577		Kimco Realty Corp		3,861
56,528		Kiwi Income Property Trust		54
2,490,100		KLCC Property Holdings BHD		2,273
5,580,000	*	KWG Property Holding Ltd		4,718
126,525		Land Securities Group plc		3,789
40,000		LG Corp		3,017
25,136		Liberty Property Trust		782
3,873,000	*	Lippo-Mapletree Indonesia Retail Trust		1,674
19,559		Macerich Co		1,374
35,089	e	Macquarie Communications Infrastructure Group		135
413,505	e	Macquarie Infrastructure Group		1,051
332,197		Macquarie Office Trust		276
443,096		Man Group plc		4,876
3,099,000		Mapletree Logistics Trust		2,240
113,177		Melco International Development		157
5,317		Nationale A Portefeuille		405
522		Nippon Building Fund, Inc		6,598
6,577	e	Nobel Biocare Holding AG.		1,530
3,052,542		Noble Group Ltd		4,879
43	e	Nomura Real Estate Office Fund, Inc		349
215	e	NTT Urban Development Corp		308
1,085,718		NWS Holdings Ltd		3,683
106,638		Plum Creek Timber Co, Inc		4,340
112,781		Prologis		6,638
9,721		PSP Swiss Property AG.		656
64,833		Public Storage, Inc		5,746
3,431,000		Regal Real Estate Investment Trust		794
18,844		Regency Centers Corp		1,220
50,626		RioCan Real Estate Investment Trust		1,021
57,150		Shinhan Financial Group Co Ltd		3,018
135,516		Simon Property Group, Inc		12,591
21,188		SL Green Realty Corp		1,726

173

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
7,532,000		SM Prime Holdings	$	1,533
6,082	*	Sonae Capital SGPS S.A.		13
833,334	e	SPDR Trust Series 1		109,975
58,997	e*	Streettracks Gold Trust		5,332
48,000		Taubman Centers, Inc		2,501
35,868		UDR, Inc		880
36,040		Ventas, Inc		1,619
151,605		Virgin Media, Inc		2,133
55,613		Vornado Realty Trust		4,794
1,711		Wendel		215
225,875		Wharf Holdings Ltd		1,064
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		446,392
HOTELS AND OTHER LODGING PLACES - 0.95%
1,070,672	e	Accor S.A.		78,194
3,920,000		Banyan Tree Holdings Ltd		3,902
15,800	e	Choice Hotels International, Inc		539
575,482	e	Crown Ltd		5,522
2,939,304		Hongkong & Shanghai Hotels		4,827
109,481		Indian Hotels Co Ltd		3
218,962		Indian Hotels Co Ltd		251
1,094,810		Indian Hotels Co Ltd		3,062
82,953		Intercontinental Hotels Group plc		1,251
124,800		Kangwon Land, Inc		2,571
2,716,600		Landmarks BHD		1,903
38,347	e*	Las Vegas Sands Corp		2,824
90,051		Marriott International, Inc (Class A)		3,094
59,875	*	MGM Mirage		3,519
15,113,506	v	Minor International PCL		8,112
501	e*	NH Hoteles S.A.		8
60,000	e	Orient-Express Hotels Ltd (Class A)		2,590
2,134,977		Shangri-La Asia Ltd		5,761
293,691		Starwood Hotels & Resorts Worldwide, Inc		15,198
133,984		Thomas Cook Group plc		771
157,100		TUI Travel plc		804
84,965		United Overseas Land Ltd		238
47,691		Wyndham Worldwide Corp		986
15,684		Wynn Resorts Ltd		1,578
		TOTAL HOTELS AND OTHER LODGING PLACES		147,508
INDUSTRIAL MACHINERY AND EQUIPMENT - 5.14%
25,169		Alfa Laval AB		1,529
387,687	e	Alstom RGPT		84,048
67,498		Amada Co Ltd		511
9,741	e	Andritz AG.		535
556,496		Applied Materials, Inc		10,857
32,458		ASM Pacific Technology		234
111,091	e	ASML Holding NV		2,732
178,161	e	Atlas Copco AB (A Shares)		3,043
106,564		Atlas Copco AB (B Shares)		1,672
17,965	e	Black & Decker Corp		1,187
1,182,323		Brambles Ltd		10,784
900,000	*	Brocade Communications Systems, Inc		6,570
3,700	e	Brother Industries Ltd		38
537,454		Canon, Inc		24,748
10,142		Cargotec Corp (B Shares)		498

174

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
43,840	e	Casio Computer Co Ltd	$	642
333,493		Caterpillar, Inc		26,109
25,560		Charter plc		431
472,876	e	Citizen Watch Co Ltd		3,999
136,039		Cummins, Inc		6,369
8,500		Daifuku Co Ltd		109
96,105		Daikin Industries Ltd		4,136
307,917		Deere & Co		24,769
874,503	*	Dell, Inc		17,420
54,482		Dover Corp		2,276
67,890	e	Ebara Corp		207
69,134	e	Electrolux AB (Series B)		1,134
788,175	*	EMC Corp		11,302
34,253		Fanuc Ltd		3,258
138,777		FKI plc		192
47,666	*	FMC Technologies, Inc		2,712
219,174		FUJIFILM Holdings Corp		7,762
42,247		GEA Group AG.		1,421
5,720,396	*	General Electric Co		211,712
6,705		Glory Ltd		143
34,992	*	Grant Prideco, Inc		1,722
15,287		Heidelberger Druckmaschinen		411
1,541,516	*	Hewlett-Packard Co		70,386
18,722		Hitachi Construction Machinery Co Ltd		469
938		Husqvarna AB (A Shares)		11
73,528	e	Husqvarna AB (B Shares)		885
87,323		IMI plc		788
76,097		Ingersoll-Rand Co Ltd (Class A)		3,392
801,637	*	International Business Machines Corp		92,300
311,536		International Game Technology		12,527
244,114	e	Ishikawajima-Harima Heavy Industries Co Ltd		473
5,365	e	Itochu Techno-Science Corp		162
45,899		ITT Industries, Inc		2,378
113,664		Jabil Circuit, Inc		1,075
423,437	e	Japan Steel Works Ltd		7,217
39,472		Joy Global, Inc		2,572
57,287	e	KCI Konecranes Oyj		2,207
398,756		Komatsu Ltd		11,061
8,986	e	Komori Corp		187
39,408	e	Kone Oyj (Class B)		1,617
180,342		Konica Minolta Holdings, Inc		2,450
30,000	e	Krones AG.		2,449
197,546	e	Kubota Corp		1,227
20,921	e	Kurita Water Industries Ltd		770
91,878	*	Lam Research Corp		3,512
104,200	*	Lexmark International, Inc (Class A)		3,201
46,562	*	Logitech International S.A.		1,179
73,671		Makita Corp		2,313
129,269		Manitowoc Co, Inc		5,274
173,789		Meggitt plc		951
573,506	e	Mitsubishi Heavy Industries Ltd		2,451
72,948	e	NTN Corp		498
13,598	e	OCE NV		231
30,427	e*	Ocean RIG ASA		233
94,368	e	Oki Electric Industry Co Ltd		182
26,000		Okuma Holdings, Inc		279

175

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
13,000	e	OSG Corp	$	150
33,024		Pall Corp		1,158
2,453,500		Pt United Tractors Tbk		3,345
1,524,428	v	PTT Aromatics & Refining PCL		1,828
9,262		Rheinmetall AG.		654
38,595		Rockwell Automation, Inc		2,216
46,421	e	Safran S.A.		951
82,780	*	SanDisk Corp		1,868
255,019		Sandvik AB		4,431
12,948		Schindler Holding AG.		970
252,445		Seagate Technology, Inc		5,286
26,262	m,v	Seagate Technology, Inc		-	^
23,673	e	Seiko Epson Corp		638
104,813	e	SKF AB (B Shares)		2,108
10,588		SMC Corp		1,116
23,227		Solarworld AG.		1,106
28,974		SPX Corp		3,039
843	e	Sulzer AG.		1,115
105,821		Sumitomo Heavy Industries Ltd		684
40,248	*	Teradata Corp		888
27,892	*	Terex Corp		1,743
23,298		THK Co Ltd		401
115,781		Tokyo Electron Ltd		7,039
5,500	e	Tokyo Seimitsu Co Ltd		101
1,302,542	e	Toshiba Corp		8,703
39,362		Toyota Tsusho Corp		835
331,868		Trane, Inc		15,233
1,763	e*	Unaxis Holding AG.		620
33,688	*	Varian Medical Systems, Inc		1,578
51,383	*	Vestas Wind Systems AS		5,613
16,874	e	Wartsila Oyj (B Shares)		1,139
153,024	*	Western Digital Corp		4,138
4,447		Wincor Nixdorf AG.		356
39,733	e	Yokogawa Electric Corp		398
21,118	e	Zardoya Otis S.A.		587
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		796,164
INSTRUMENTS AND RELATED PRODUCTS - 2.65%
26,039		AGFA-Gevaert NV		204
155,414	*	Agilent Technologies, Inc		4,636
41,195		Allergan, Inc		2,323
189,559		Applera Corp (Applied Biosystems Group)		6,229
1,101,095		BAE Systems plc		10,604
27,521		Bard (C.R.), Inc		2,653
261,662		Baxter International, Inc		15,129
17,231		Beckman Coulter, Inc		1,112
123,853		Becton Dickinson & Co		10,633
477,496	*	Boston Scientific Corp		6,145
58,039	e	Cochlear Ltd		2,901
55,317		Compagnie Generale d'Optique Essilor International S.A.		3,615
6,115		Cooper Cos, Inc		211
179,127		Covidien Ltd		7,926
81,856		Danaher Corp		6,224
38,574		Dentsply International, Inc		1,489
78,334	e*	Eastman Kodak Co		1,384
12,291		Elekta AB (B Shares)		212

176

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
431,058		Emerson Electric Co	$	22,182
81,013		Finmeccanica S.p.A.		2,755
8,749		Fresenius SE		729
53,786	e	Garmin Ltd		2,905
255,803	*	Hologic, Inc		14,223
10,002	*	Intuitive Surgical, Inc		3,244
211,294		Invensys plc		944
1,747,007		Johnson & Johnson		113,328
6,424	e	Keyence Corp		1,477
135,236		Kla-Tencor Corp		5,017
38,052	e	Luxottica Group S.p.A.		959
763,983		Medtronic, Inc		36,954
15,900	*	Mettler-Toledo International, Inc		1,544
14,605	e*	Millipore Corp		985
58,020	e	Nikon Corp		1,545
411,175	e	Nippon Electric Glass Co Ltd		6,357
126,512	e	Olympus Corp		3,833
665,226		PCCW Ltd		419
13,132		Phonak Holding AG.		1,205
58,402		Pitney Bowes, Inc		2,045
24,909	*	Qiagen NV		515
59,689		Rockwell Collins, Inc		3,411
23,658		Roper Industries, Inc		1,406
246,691		Smith & Nephew plc		3,263
344,679	*	St. Jude Medical, Inc		14,887
104,564		Stryker Corp		6,802
19,534		Swatch Group AG.		5,222
73,153		Swatch Group AG.		3,757
16,092		Synthes, Inc		2,251
58,400	e	Sysmex Corp		2,109
322,812		Terumo Corp		16,840
490,595	*	Thermo Electron Corp		27,886
15,422	*	TomTom NV		638
26,631	*	Waters Corp		1,483
6,968	e*	William Demant Holding		557
424,244		Xerox Corp		6,351
85,990	*	Zimmer Holdings, Inc		6,695
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		410,353
INSURANCE AGENTS, BROKERS AND SERVICE - 0.80%
1,667,351		AON Corp		67,027
44,705		Brown & Brown, Inc		777
267,396		Hartford Financial Services Group, Inc		20,261
1,011,581		HBOS plc		11,243
313,595		Marsh & McLennan Cos, Inc		7,636
11,232	e	MLP AG.		160
607,191		QBE Insurance Group Ltd		12,324
146,304		Suncorp-Metway Ltd		1,721
34,631		Unipol Gruppo Finanziario S.p.A.		107
244,245		Unipol S.p.A.		701
53,754		Willis Group Holdings Ltd		1,807
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		123,764
INSURANCE CARRIERS - 4.40%
58,983	e	ABC Learning Centres Ltd		75
379,118		ACE Ltd		20,874

177

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
791,600		Admiral Group plc	$	12,616
395,800		Aegon NV		5,824
577,483		Aetna, Inc		24,306
280,234		Aflac, Inc		18,201
9,000	e	Aioi Insurance Co Ltd		50
117,733		Alleanza Assicurazioni S.p.A		1,538
264,058		Allianz AG.		52,310
147,718		Allstate Corp		7,099
10,921		Ambac Financial Group, Inc		63
12,000		American Financial Group, Inc		307
832,521		American International Group, Inc		36,007
728,944		AMP Ltd		5,230
47,500	*	Arch Capital Group Ltd		3,262
290,229	e	Assicurazioni Generali S.p.A.		13,049
53,220		Assurant, Inc		3,239
703,265		Aviva plc		8,619
477,744		AXA Asia Pacific Holdings Ltd		2,401
427,849	e	AXA S.A.		15,529
359,106		Axis Capital Holdings Ltd		12,202
548		China Life Insurance Co Ltd		2
163,652		Chubb Corp		8,097
42,397		Cincinnati Financial Corp		1,613
12,325	e	CNP Assurances		1,519
168,262		Corp Mapfre S.A.		845
30,000	*	Dongbu Insurance Co Ltd		1,151
73,000		Endurance Specialty Holdings Ltd		2,672
95,770		Everest Re Group Ltd		8,574
16,202	e	Fairfax Financial Holdings Ltd		4,718
57,938		Fidelity National Title Group, Inc (Class A)		1,062
21,600		First American Corp		733
19,418	e	Fondiaria-Sai S.p.A		804
506,164		Friends Provident plc		1,242
302,111		Genworth Financial, Inc (Class A)		6,840
132,065	e	Great-West Lifeco Inc		3,983
102,669	*	Health Net, Inc		3,162
152,722	*	Humana, Inc		6,851
6,646		ING Canada, Inc		236
290,651	e	Insurance Australia Group Ltd		972
77,421		Irish Life & Permanent plc		1,513
45,887		KBC Groep NV		5,951
44,712		Leucadia National Corp		2,022
98,358	*	Lincoln National Corp		5,115
57,797		Loews Corp		2,325
756,952	e	Manulife Financial Corp		28,974
503,320	*	MAX India Ltd		1,860
20,563	e	MBIA, Inc		251
70,256	e	Mediolanum S.p.A.		430
323,486		Metlife, Inc		19,493
248,902		Millea Holdings, Inc		9,189
227,671	e,v	Mitsui Sumitomo Insurance Co Ltd		2,300
76,049	e	Muenchener Rueckver AG.		14,873
3,439		Nationwide Financial Services, Inc (Class A)		163
40,000	e	Nipponkoa Insurance Co Ltd		305
1,416,274		Old Mutual plc		3,106
80,885		Old Republic International Corp		1,044
80,000		OneBeacon Insurance Group Ltd		1,522

178

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
100,338		PartnerRe Ltd	$	7,656
72,000		Platinum Underwriters Holdings Ltd		2,337
169,574	e	Power Corp Of Canada		5,617
121,735	e	Power Financial Corp		4,164
251,765		Principal Financial Group		14,028
180,421		Progressive Corp		2,899
308,750		Prudential Financial, Inc		24,160
2,772,793		Prudential plc		36,623
18,878		RenaissanceRe Holdings Ltd		980
92,525		Resolution plc		1,257
875,583		Royal & Sun Alliance Insurance Group plc		2,236
27,184		Safeco Corp		1,193
11,246	*	Samsung Fire & Marine Insurance Co Ltd		2,322
40,912		SCOR		977
158,709		Sompo Japan Insurance, Inc		1,401
1,110		Sony Financial Holdings, Inc		4,488
589,339		Standard Life plc		2,880
106,441	e	Storebrand ASA		838
277,195	e	Sun Life Financial, Inc		12,960
9,442		Swiss Life Holding		2,624
503,187		Swiss Reinsurance Co		43,955
36,798	e	T&D Holdings, Inc		1,927
4,520	e*	Topdanmark AS		761
35,412		Torchmark Corp		2,129
504,177		Travelers Cos, Inc		24,125
7,098	e	TrygVesta A.S.		624
558,477		UnitedHealth Group, Inc		19,189
128,859		UnumProvident Corp		2,836
164,487		W.R. Berkley Corp		4,555
54,000	*	WellCare Health Plans, Inc		2,103
8,166		Wiener Staedtische Allgemeine Versicherung AG.		626
208,307		XL Capital Ltd (Class A)		6,155
136,580	e	Zurich Financial Services AG.		43,012
		TOTAL INSURANCE CARRIERS		681,950
JUSTICE, PUBLIC ORDER AND SAFETY - 0.00%**
255,990	e*	PAN Fish ASA		150
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		150
LEATHER AND LEATHER PRODUCTS - 0.22%
55,315		Adidas-Salomon AG.		3,677
451,657	*	Coach, Inc		13,618
66,196		LVMH Moet Hennessy Louis Vuitton S.A.		7,368
99,179		ThyssenKrupp AG.		5,674
1,153,589		Yue Yuen Industrial Holdings		3,617
		TOTAL LEATHER AND LEATHER PRODUCTS		33,954
LEGAL SERVICES - 0.02%
50,000	*	FTI Consulting, Inc		3,552
		TOTAL LEGAL SERVICES		3,552
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.02%
79,629	e	Brisa-Auto Estradas de Portugal S.A.		1,138
282,028		ComfortDelgro Corp Ltd		373
78,581	e	Keihin Electric Express Railway Co Ltd		534
52,772		Keisei Electric Railway Co Ltd		283

179

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
68,579		SMRT Corp Ltd	$	91
134,449		Stagecoach Group plc		646
		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		3,065
LUMBER AND WOOD PRODUCTS - 0.01%
133,049		MFI Furniture plc		209
21,338	e	Nobia AB		184
55,001	*	Sino-Forest Corp		857
16,552	*	Sonae Industria SGPS S.A.		115
		TOTAL LUMBER AND WOOD PRODUCTS		1,365
METAL MINING - 3.37%
66,295		Agnico-Eagle Mines Ltd		4,497
178,341	e	Alumina Ltd		929
2,147,716		Anglo American plc		129,067
51,215		Antofagasta plc		712
423,657		Barrick Gold Corp		18,524
250,000		Barrick Gold Corp		10,862
1,760,085		BHP Billiton Ltd		57,602
690,550		BHP Billiton plc		20,489
83,320	e	Boliden AB		887
174,341	e	Cameco Corp		5,748
20,800	e	Cleveland-Cliffs, Inc		2,492
160,000		Companhia Vale do Rio Doce (ADR)		5,542
164,011	*	Eldorado Gold Corp		1,131
51,227	*	Eurasian Natural Resources Corp		1,001
33,171		First Quantum Minerals Ltd		2,690
165,904		Freeport-McMoRan Copper & Gold, Inc (Class B)		15,963
422,000	e	Gold Fields Ltd (ADR)		5,836
344,510		Goldcorp, Inc		13,388
5,585,000	*	Hidili Industry International Development Ltd		7,377
10,730	v	Iluka Resources Ltd		21
18,779	e	Iluka Resources Ltd		80
21,018		Inmet Mining Corp		1,536
117,690	*	Ivanhoe Mines Ltd		1,227
14,660		Kazakhmys plc		465
290,700		Kinross Gold Corp		6,485
21,517		Lonmin plc		1,311
152,147	e*	Lundin Mining Corp		1,038
565,020		MMC Norilsk Nickel (ADR)		15,905
85,115		Newcrest Mining Ltd		2,596
119,921		Newmont Mining Corp		5,432
278,621		Orica Ltd		7,417
1,720,441	e	Oxiana Ltd		5,000
892,725	e*	Paladin Resources Ltd		4,153
35,224	*	PAN American Silver Corp		1,362
2,573,964	*	Pan Australian Resources Ltd		2,458
2,665,000		PT International Nickel Indonesia Tbk		2,027
252,358	e	Rio Tinto Ltd		28,252
663,916		Rio Tinto plc		68,952
114,803		Sherritt International Corp		1,624
297,000	*	Sino Gold Mining Ltd		2,028
5,401,000		Straits Asia Resources Ltd		12,753
3,500	e	Sumitomo Titanium Corp		217
211,969	e	Teck Cominco Ltd		8,692
84,289	*	Uranium One, Inc		278

180

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
10,066		Vedanta Resources plc	$	419
422,355		Xstrata plc		29,564
304,245	e	Yamana Gold, Inc		4,464
174,423		Zinifex Ltd		1,591
		TOTAL METAL MINING		522,084
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.16%
5,807	e	Aderans Co Ltd		108
10,876	e	Amer Sports Oyj (A Shares)		219
39,479		Bulgari S.p.A.		456
40,875		Fortune Brands, Inc		2,841
108,343		Futuris Corp Ltd		188
209,029		Hasbro, Inc		5,832
141,278		Mattel, Inc		2,811
38,673	e	Namco Bandai Holdings, Inc		524
10,029	e	Sankyo Co Ltd		596
6,965		Societe BIC S.A.		429
222,827		Tyco International Ltd		9,815
32,475		Yamaha Corp		621
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		24,440
MISCELLANEOUS RETAIL - 0.89%
2,972,000	*	Alibaba.com Ltd		6,846
127,706	*	Amazon.com, Inc		9,105
366,144		Best Buy Co, Inc		15,180
7,940		Circle K Sunkus Co Ltd		135
205,407		Compagnie Financiere Richemont AG.		11,521
881,995		CVS Corp		35,730
16,484		DCC plc		389
6,668		Douglas Holding AG.		363
7,800	e	EDION Corp		72
3,783		Folli-Follie S.A.		127
7,178		HMV Group plc		19
243,261		Home Retail Group		1,261
856,401		Hutchison Whampoa Ltd		8,104
19,500		Lifestyle International Holdings Ltd		42
82,326	*	Meinl European Land Ltd		937
43,938		Metro AG.		3,550
117,228		Next plc		2,650
163,343		Nippon Mining Holdings, Inc		865
74,841	*	Office Depot, Inc		827
562,436		Origin Energy Ltd		4,708
39,668	e	Pacific Brands Ltd		73
3,000		Parkson Retail Group Ltd		25
37,439		Petsmart, Inc		765
3,694	e	Ryohin Keikaku Co Ltd		214
20,930	e*	Sears Holdings Corp		2,137
95,276		Shoppers Drug Mart Corp		4,821
455,679		Signet Group plc		559
427,940		Staples, Inc		9,462
139,200		Sugi Pharmacy Co Ltd		3,945
36,482		Tiffany & Co		1,526
294,909		Walgreen Co		11,233
		TOTAL MISCELLANEOUS RETAIL		137,191

181

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
MOTION PICTURES - 0.52%
23,663		Astral Media, Inc	$	899
301,879		CBS Corp (Class B)		6,665
86,146	*	Discovery Holding Co (Class A)		1,828
3,110,900	v	Major Cineplex Group PCL		1,798
1,070,392		News Corp (Class A)		20,070
118,160		News Corp (Class B)		2,250
20,369	e*	Premiere AG.		439
1,740,145		Time Warner, Inc		24,397
22,180	e	Toho Co Ltd		521
533,343	*	Viacom, Inc (Class B)		21,131
		TOTAL MOTION PICTURES		79,998
NONDEPOSITORY INSTITUTIONS - 1.13%
12,372		Acom Co Ltd		328
477,903		Aeon Credit Service Co Ltd		6,386
554,828	v	Aeon Thana Sinsap Thailand PCL		700
14,656	e	Aiful Corp		235
49,623	e	American Capital Strategies Ltd		1,695
383,897	*	American Express Co		16,784
2,202,000	g	ARA Asset Management Ltd		1,144
125,000		Bovespa Holding S.A.		1,685
61		Bursa Malaysia BHD		-	^
389,357		Capital One Financial Corp		19,164
79,467		Cattles plc		365
656,629	e	Challenger Financial Services Group Ltd		1,092
69,937		CIT Group, Inc		829
7,179		Collins Stewart plc		17
225,727		Countrywide Financial Corp		1,242
30,183		Credit Saison Co Ltd		842
107,022		Criteria Caixacorp S.A.		735
10,258	e	D Carnegie AB		173
172,798	e	Deutsche Postbank AG.		16,496
159,332		Discover Financial Services		2,608
798,030		Fannie Mae		21,004
202,991		Freddie Mac		5,140
323,017	*	Heckmann Corp		2,595
225	e	Hitachi Capital Corp		3
1,004,000		Hong Leong Finance Ltd		2,794
54,645		Hypo Real Estate Holding AG.		1,420
143,264		ICAP plc		1,618
26,364		ICICI Bank Ltd		506
2,108		International Personal Finance plc		10
62,082		Investor AB (B Shares)		1,397
3,467,192		Kim Eng Holdings Ltd		5,139
1,071,500	v	Krungthai Card PCL		793
82,024		ORIX Corp		11,191
1,653		Osaka Securities Exchange Co Ltd		7,512
6,378	e	Perpetual Trustees Australia Ltd		314
13,124	e	Promise Co Ltd		377
1,103		Provident Financial plc		19
60,295		Samsung Card Co		2,849
2,149,301		SLM Corp		32,992
20,424	e	Takefuji Corp		432
66,376		Textron, Inc		3,679
26,459		Tullett Prebon plc		250
		TOTAL NONDEPOSITORY INSTITUTIONS		174,554

182

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
NONMETALLIC MINERALS, EXCEPT FUELS - 0.19%
19,431		Harry Winston Diamond Corp	$	465
168,290		Potash Corp of Saskatchewan		26,151
44,520	e	Vulcan Materials Co		2,956
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		29,572
OIL AND GAS EXTRACTION - 3.29%
14,270		Aban Offshore Ltd		1,072
164,087	e	Acergy S.A.		3,536
14,026		Addax Petroleum Corp		557
113,994	e	Aker Kvaerner ASA		2,597
124,220		Anadarko Petroleum Corp		7,830
263,300		Baker Hughes, Inc		18,036
2,111,882		BG Group plc		48,913
77,792		BJ Services Co		2,218
58,131	*	Cameron International Corp		2,421
263,675		Canadian Natural Resources Ltd		18,051
114,543		Canadian Oil Sands Trust		4,631
120,048		Chesapeake Energy Corp		5,540
1,664,000		China Oilfield Services Ltd		2,728
41,909		Cimarex Energy Co		2,294
2,812,000		CNOOC Ltd		4,155
7,240	*	Compagnie Generale de Geophysique S.A.		1,802
1	*	Compagnie Generale de Geophysique-Veritas (ADR)		-	^
366,440	*	Denbury Resources, Inc		10,462
137,379	e*	DET Norske Oljeselskap		245
18,572		Diamond Offshore Drilling, Inc		2,162
367,921		EnCana Corp		28,030
63,821		Enerplus Resources Fund		2,776
89,259		ENSCO International, Inc		5,589
63,400		Ensign Energy Services, Inc		1,236
31,493		Equitable Resources, Inc		1,855
16,683	e*	Exterran Holdings, Inc		1,077
74,885	e*	First Calgary Petroleums Ltd		211
675,215		Halliburton Co		26,556
64,666		Harvest Energy Trust		1,449
150,000	*	Hercules Offshore, Inc		3,768
124,146	e	Husky Energy, Inc		4,861
3,800	e	Idemitsu Kosan Co Ltd		294
7,500		INA Industrija Nafte DD (GDR)		3,574
451		Inpex Holdings, Inc		5,022
500,000	*	Integra Group Holdings (GDR)		5,515
5,500		Japan Petroleum Exploration Co		364
144,783		KazMunaiGas Exploration Production (GDR)		3,627
66,913	e*	Lundin Petroleum AB		909
75,242	*	Nabors Industries Ltd		2,541
181,102	*	National Oilwell Varco, Inc		10,573
35,849	e	Neste Oil Oyj		1,253
225,524		Nexen Inc		6,692
21,020		Niko Resources Ltd		1,705
97,588		Noble Corp		4,847
94,073	e*	OPTI Canada, Inc		1,586
108,809		Patterson-UTI Energy, Inc		2,849
178,950		Penn West Energy Trust		5,021
238,539		Petro-Canada		10,393

183

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
44,973		Petroleum Geo-Services ASA	$	1,113
33,442		Pioneer Natural Resources Co		1,643
30,511	*	Plains Exploration & Production Co		1,621
30,100		Precision Drilling Trust		701
386,067	*	Pride International, Inc		13,493
49,595	e	ProSafe ASA		779
104,298		Provident Energy Trust		1,113
6,225,825		PT Apexindo Pratama Duta		1,132
40,303		Range Resources Corp		2,557
30,133		Rowan Cos, Inc		1,241
1,208,315		Saipem S.p.A.		48,911
191,394		Santos Ltd		2,536
38,314		SBM Offshore NV		1,236
429,694	*	Schlumberger Ltd		37,383
62,190	e	SeaDrill Ltd		1,667
487,222		Singapore Petroleum Co Ltd		2,393
14,507		SK Energy Co Ltd		1,494
72,494		Smith International, Inc		4,656
124,966	*	Southwestern Energy Co		4,210
511,463	e	Talisman Energy, Inc		9,074
27,837	e	Technip S.A.		2,168
15,881	e*	TGS Nopec Geophysical Co ASA		231
23,300	e	Tidewater, Inc		1,284
141,062		Transocean, Inc		19,072
58,710	e	Trican Well Service Ltd		1,229
197,675		Tullow Oil plc		2,591
40,644	*	Ultra Petroleum Corp		3,150
133,020	*	UTS Energy Corp		678
138,905	*	Weatherford International Ltd		10,066
908	*	WesternZagros Resources Ltd		2
212,388		Woodside Petroleum Ltd		10,579
587,685		XTO Energy, Inc		36,354
		TOTAL OIL AND GAS EXTRACTION		509,780
PAPER AND ALLIED PRODUCTS - 0.31%
6,161	e	Billerud AB		70
30,701	*	Canfor Corp		240
141,532	*	Domtar Corporation		967
15,037	e	Holmen AB (B Shares)		520
114,535		International Paper Co		3,115
283,907		Kimberly-Clark Corp		18,326
13,867		Kokuyo Co Ltd		119
11,600		Lee & Man Paper Manufacturing Ltd		19
2,001		Mayr-Melnhof Karton AG.		202
67,771		MeadWestvaco Corp		1,845
35,181		Metso Oyj		1,899
753		Mondi Ltd		6
751,535		Mondi plc		6,235
165	e	Nippon Paper Group, Inc		391
6,578	e	Norske Skogindustrier ASA		23
157,563	e	OJI Paper Co Ltd		710
63,894	e	PaperlinX Ltd		161
16,836		Smurfit Kappa Group plc		202
67,277	*	Smurfit-Stone Container Corp		518
42,000		Sonoco Products Co		1,202
160,314	e	Stora Enso Oyj (R Shares)		1,850

184

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
154,088		Svenska Cellulosa AB (B Shares)	$	2,807
50,141		Uni-Charm Corp		3,667
143,273	e	UPM-Kymmene Oyj		2,545
		TOTAL PAPER AND ALLIED PRODUCTS		47,639
PERSONAL SERVICES - 0.06%
39,113		Cintas Corp		1,116
36,710		Davis Service Group plc		360
88,456		H&R Block, Inc		1,836
931,138		Kuala Lumpur Kepong BHD		4,716
485,187		Rentokil Initial plc		937
		TOTAL PERSONAL SERVICES		8,965
PETROLEUM AND COAL PRODUCTS - 6.01%
289,868		Apache Corp		35,022
130,000		Bharat Petroleum Corp Ltd		1,324
7,655,255		BP plc		77,788
335,896		BP plc (ADR)		20,372
190,000		Cabot Oil & Gas Corp		9,660
821,992		Chevron Corp		70,165
2,200,000		China Petroleum & Chemical Corp		1,883
308,761		ConocoPhillips		23,531
15,000		Cosmo Oil Co Ltd		47
301,897		Devon Energy Corp		31,497
1,345,117		ENI S.p.A.		45,870
105,213		EOG Resources, Inc		12,626
2,440,854		Exxon Mobil Corp		206,447
59,000		Frontier Oil Corp		1,608
26,987		Hellenic Petroleum S.A.		355
200,373		Hess Corp		17,669
157,970	e	Imperial Oil Ltd		8,280
500,348		Marathon Oil Corp		22,816
7,553		Motor Oil Hellas Corinth Refineries S.A.		159
33,617		Murphy Oil Corp		2,761
35,382	*	Newfield Exploration Co		1,870
186,623		Noble Energy, Inc		13,586
983,495	*	Occidental Petroleum Corp		71,962
45,027		OMV AG.		2,976
145,427		Petroleo Brasileiro S.A. (ADR)		14,850
58,917		Premier Farnell plc		208
217,282		Repsol YPF S.A.		7,499
1,440,541		Royal Dutch Shell plc (A Shares)		49,660
875,093		Royal Dutch Shell plc (B Shares)		29,455
61,371	e*	SandRidge Energy, Inc		2,403
35,366		Showa Shell Sekiyu KK		358
545,357	e	Statoil ASA		16,342
225,675		Suncor Energy, Inc		21,812
74,489		Suncor Energy, Inc		7,177
81,986		Sunoco, Inc		4,302
230,524		Tesoro Corp		6,916
54,353	e	TonenGeneral Sekiyu KK		465
1,025,849		Total S.A.		76,184
258,115		Valero Energy Corp		12,676
		TOTAL PETROLEUM AND COAL PRODUCTS		930,581

185

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
PIPELINES, EXCEPT NATURAL GAS - 0.13%
168,568		Spectra Energy Corp	$	3,835
363,158	e	TransCanada Corp		13,993
95,000	*	Wellstream Holdings plc		2,479
		TOTAL PIPELINES, EXCEPT NATURAL GAS		20,307
PRIMARY METAL INDUSTRIES - 1.21%
43,802	e	Acerinox S.A.		1,214
55,000	e	AK Steel Holding Corp		2,993
239,660		Alcoa, Inc		8,642
24,908		Allegheny Technologies, Inc		1,777
281,169	e	Arcelor		23,034
21,000		ArcelorMittal		1,718
1,846	e	Bekaert S.A.		269
122,027	e	BlueScope Steel Ltd		1,101
456		Boehler-Uddeholm AG.		50
599,987		Corning, Inc		14,424
61,698	e	Daido Steel Co Ltd		319
50,530		DOWA HOLDINGS CO Ltd		300
10,913	m,v	Dowa Holdings Ltd.		-	^
591,282	e*	Equinox Minerals Ltd		2,929
65,108	e	Fujikura Ltd		294
116,458		Furukawa Electric Co Ltd		376
4,100		Gerdau Ameristeel Corp		58
5,382		Hoganas AB (Class B)		128
58,273		Johnson Matthey plc		2,319
490,723		Kobe Steel Ltd		1,398
209,186		Mitsubishi Materials Corp		909
106,239		Mitsui Mining & Smelting Co Ltd		332
78,308	e	Nippon Light Metal Co Ltd		118
1,034,818	e	Nippon Steel Corp		5,243
148,715	e	Nisshin Steel Co Ltd		515
180,436	e	Norsk Hydro ASA		2,629
108,503		Nucor Corp		7,350
95,455		OneSteel Ltd		557
32,243	e	Outokumpu Oyj		1,467
24,499		Precision Castparts Corp		2,501
11,375		Salzgitter AG.		1,979
928,062		Steel Authority Of India		4,286
40,000		Steel Dynamics, Inc		1,322
141,156	e	Sumitomo Electric Industries Ltd		1,787
2,309,614	e	Sumitomo Metal Industries Ltd		8,758
103,449		Sumitomo Metal Mining Co Ltd		1,925
5,300	e	Toho Titanium Co Ltd		136
19,248	e	Tokyo Steel Manufacturing Co Ltd		261
33,990		Umicore		1,769
43,494		United States Steel Corp		5,518
42,000		Usinas Siderurgicas de Minas Gerais S.A.		2,355
279,894		Vallourec		67,948
24,229		Viohalco S.A.		251
53,266		Voestalpine AG.		3,700
1,200		Yamato Kogyo Co Ltd		48
		TOTAL PRIMARY METAL INDUSTRIES		187,007
PRINTING AND PUBLISHING - 0.47%
25,836	e	Arnoldo Mondadori Editore S.p.A.		218
111,138		Dai Nippon Printing Co Ltd		1,768

186

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
77,055		Daily Mail & General Trust	$	661
139,940		De La Rue plc		2,462
29,158		Dun & Bradstreet Corp		2,373
20,937		Eniro AB		152
5,928		EW Scripps Co (Class A)		249
62,018		Gannett Co, Inc		1,802
2,644		Independent News & Media plc		9
187,756	e	John Fairfax Holdings Ltd		595
11,715	e	McClatchy Co (Class A)		125
196,790		McGraw-Hill Cos, Inc		7,271
237,169	e	Orkla ASA		3,004
34,395	e	PagesJaunes Groupe S.A.		613
219,298		Pearson plc		2,966
29	b*	Quebecor World, Inc		-	^
79,095		R.R. Donnelley & Sons Co		2,397
168,713		Reed Elsevier NV		3,218
2,126,493		Reed Elsevier plc		27,052
347,085		Reuters Group plc		3,995
21,814	e	Sanoma-WSOY Oyj		605
8,510		Schibsted ASA		254
248,344		Singapore Press Holdings Ltd		830
109,397	e	Thomson Corp		3,679
103,540	e	Toppan Printing Co Ltd		1,201
44,591		Trinity Mirror plc		261
65,495		United Business Media plc		701
1,464		Washington Post Co (Class B)		969
80,772		Wolters Kluwer NV		2,139
215,566		Yell Group plc		659
125,464		Yellow Pages Income Fund		1,282
		TOTAL PRINTING AND PUBLISHING		73,510
RAILROAD TRANSPORTATION - 0.58%
88,163	e	Asciano Group		322
127,600		Burlington Northern Santa Fe Corp		11,767
244,856	e	Canadian National Railway Co		11,872
74,674	e	Canadian Pacific Railway Ltd		4,802
281		Central Japan Railway Co		2,904
141,579		CSX Corp		8,219
1,608		East Japan Railway Co		13,373
271,453		Firstgroup plc		3,036
1,185,400	e	Hankyu Hanshin Holdings, Inc		5,126
229,469		MTR Corp		787
104,854		Norfolk Southern Corp		5,696
115,105	e	Odakyu Electric Railway Co Ltd		852
156,906		Union Pacific Corp		19,673
303		West Japan Railway Co		1,331
		TOTAL RAILROAD TRANSPORTATION		89,760
REAL ESTATE - 1.17%
295,710	e	Aeon Mall Co Ltd		8,203
2,000,000		Agile Property Holdings Ltd		2,110
5,517,507		Allgreen Properties Ltd		4,930
3,720,300	v	Amata Corp PCL		1,997
163,007		Ascendas Real Estate Investment Trust		282
10,195,901	m,v*	Ayala Land, Inc		24
10,195,901		Ayala Land, Inc		2,624

187

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
27,244		Bovis Homes Group plc	$	328
139,984		British Land Co plc		2,549
40,293		Brixton plc		264
107,552	e	Brookfield Properties Corp		2,075
2,374,248		CapitaLand Ltd		10,953
20,288	e	Castellum AB		248
55,723	e*	CB Richard Ellis Group, Inc (Class A)		1,206
3,019,300	v	Central Pattana PCL		2,709
251,696		Cheung Kong Holdings Ltd		3,574
827,000	*	China Aoyuan Property Group Ltd		270
17,000		Chinese Estates Holdings Ltd		26
482,495		City Developments Ltd		3,863
10,672		Corio NV		935
481,771		DB RREEF Trust		742
20,311	e	Fabege AB		217
16,975	e	Forest City Enterprises, Inc (Class A)		625
3,138		Gecina S.A.		468
69,000	*	Genting International plc		30
5,373,000		Greentown China Holdings Ltd		5,033
78,923		Hammerson plc		1,745
1,013,000		Hang Lung Group Ltd		4,783
1,199,793		Hang Lung Properties Ltd		4,247
170,273		Henderson Land Development Co Ltd		1,210
97,717		Hopewell Holdings		371
3,408,000		Hopson Development Holdings Ltd		5,255
96,994		Hysan Development Co Ltd		272
2,733		ICADE		407
6,159,600		IGB Corp BHD		3,023
120,189		IMMOFINANZ Immobilien Anlagen AG.		1,302
25,510		IVG Immobilien AG.		714
19,000	e	Jones Lang LaSalle, Inc		1,469
282,500		Keppel Land Ltd		1,139
99,927		Kerry Properties Ltd		602
18,890		Klepierre		1,159
17,357		Kungsleden AB		215
19,635,000		Lai Fung Holdings Ltd		732
15,429,333		Land and Houses PCL		4,778
22,035		Leighton Holdings Ltd		862
23,613	e	Leopalace21 Corp		382
70,348		Liberty International plc		1,362
359,996		Link Real Estate Investment Trust		798
237,559		Macquarie Goodman Group		936
61,445,000		Megaworld Corp		3,619
4,989,600	*	Metro Pacific Investments Corp		479
14,989	e	MI Developments, Inc		437
173,208		Mirvac Group		636
798,614		Mitsubishi Estate Co Ltd		19,388
149,863		Mitsui Fudosan Co Ltd		2,975
3,282,895		New World Development Ltd		7,956
9,600		Nomura Real Estate Holdings, Inc		160
47,799		Parsvnath Developers Ltd		250
32,394,500	*	PT Ciputra Property Tbk		1,284
34,990,100	v	Quality House PCL		3,045
3,588	e	Risa Partners, Inc		7,199
117,292		Segro plc		1,183
19,874,942		Shanghai Real Estate Ltd		3,499

188

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
330,000	e	Shoei Co Ltd	$	4,112
304,522		Shui On Land Ltd		285
16,696		Singapore Land Ltd		82
229,934		Sino Land Co		496
3,338,400		SP Setia BHD		3,883
4,975,000		SPG Land Holdings Ltd		2,071
9,301		Stockland		53
227,864		Stockland Trust Group		1,456
69,256	e	Sumitomo Realty & Development Co Ltd		1,221
228,448		Sun Hung Kai Properties Ltd		3,563
52,572	e	Tokyo Tatemono Co Ltd		346
78,988		Tokyu Land Corp		495
17,463	e	Unibail		4,494
743		Unibail-Rodamco		191
3,208,260	*	Unitech Corporate Parks plc		5,603
4,800		Urban Corp		20
3,072	e	Wereldhave NV		379
276,117	e	Westfield Group		4,492
13,000		Wheelock & Co Ltd		36
4,681		Wihlborgs Fastigheter AB		107
77,150		Wing Tai Holdings Ltd		123
13,000		Yanlord Land Group Ltd		20
1,163,600		YNH Property BHD		775
2,650,000	*	Zhong An Real Estate Ltd		1,280
		TOTAL REAL ESTATE		181,741
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.63%
11,237		Ansell Ltd		119
902,869		Bayer AG.		72,354
109,561		Bridgestone Corp		1,865
1,700	e	Cooper Tire & Rubber Co		25
85,738	e	Denki Kagaku Kogyo KK		270
69,167	*	Goodyear Tire & Rubber Co		1,785
39,399		Michelin (C.G.D.E.) (Class B)		4,113
116,282	e	Mitsui Chemicals, Inc		770
74,536		Newell Rubbermaid, Inc		1,705
133,544		Nike, Inc (Class B)		9,081
29,173	e	Nokian Renkaat Oyj		1,244
751,620	e	Pirelli & C S.p.A.		658
43,973		Sealed Air Corp		1,110
788		Sumitomo Bakelite Co Ltd		4
39,500		Tupperware Corp		1,528
11,625	e	Uponor Oyj		273
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		96,904
SECURITY AND COMMODITY BROKERS - 1.59%
107,632		Ameriprise Financial, Inc		5,581
81,274		Australian Stock Exchange Ltd		2,778
37,611	e	Babcock & Brown Ltd		506
14,675	e	Bear Stearns Cos, Inc		154
19,150		Broadridge Financial Solutions, Inc		337
1,023,840		Charles Schwab Corp		19,279
26,901		Close Brothers Group plc		329
12,804		CME Group, Inc		6,006
710,478		Credit Suisse Group		36,164
239,355		Daiwa Securities Group, Inc		2,075

189

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
67,215	e	Deutsche Boerse AG.	$	10,827
134,272	e*	E*Trade Financial Corp		518
259	e	E*Trade Securities Co Ltd		225
62,980		Franklin Resources, Inc		6,108
217,838		Goldman Sachs Group, Inc		36,028
11,468		Hellenic Exchanges S.A.		272
178,398		Hong Kong Exchanges and Clearing Ltd		3,063
58,656	e	IGM Financial Inc		2,582
15,004	*	IntercontinentalExchange, Inc		1,958
165,458		Invesco Ltd		4,031
30,000	*	Investment Technology Group, Inc		1,385
80,725		Janus Capital Group, Inc		1,879
3,049,200	v	Kim Eng Securities Thailand PCL		2,305
39,000	*	Korea Investment Holdings Co Ltd		1,831
1,751,954		Legal & General Group plc		4,395
35,514		Legg Mason, Inc		1,988
305,860	e	Lehman Brothers Holdings, Inc		11,513
42,672		London Stock Exchange Group plc		1,023
145,271	e	Macquarie Group Ltd		7,013
21,624	e	Matsui Securities Co Ltd		122
391,629		Merrill Lynch & Co, Inc		15,955
486,792		Morgan Stanley		22,246
73,600	*	Nasdaq Stock Market, Inc		2,845
975,699	e	Nomura Holdings, Inc		14,585
52,260	e	Nymex Holdings, Inc		4,736
35,265		NYSE Euronext		2,176
1,750	e	SBI Holdings, Inc		421
110,213		Schroders plc		2,052
51,678		SEI Investments Co		1,276
97,956	*	Shinko Securities Co Ltd		285
767,111		Singapore Exchange Ltd		2,654
69,494		T Rowe Price Group, Inc		3,475
18,147	*	TD Ameritrade Holding Corp		300
33,642		TSX Group, Inc		1,273
		TOTAL SECURITY AND COMMODITY BROKERS		246,554
SOCIAL SERVICES - 0.01%
47,066		Vedior NV		1,367
		TOTAL SOCIAL SERVICES		1,367
SPECIAL TRADE CONTRACTORS - 0.03%
17,349	e	COMSYS Holdings Corp		150
23,131		Kinden Corp		223
200,000	e*	Quanta Services, Inc		4,634
		TOTAL SPECIAL TRADE CONTRACTORS		5,007
STONE, CLAY, AND GLASS PRODUCTS - 0.71%
216,230		3M Co		17,115
170,298		Asahi Glass Co Ltd		1,878
2,996,000		Asia Cement Corp		5,355
93,346	e	Boral Ltd		534
137,277		CRH plc		5,219
29,447		Central Glass Co Ltd		115
58,337	e	Cimpor Cimentos de Portugal S.A.		529
78,570		Compagnie de Saint-Gobain		6,407
32,963		Cookson Group plc		434

190

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
14,082		FLSmidth & Co AS	$	1,394
1,680		HeidelbergCement AG.		289
328,344		Holcim Ltd		34,484
25,841,000		Holcim Philippines, Inc		3,464
791,000	*	PT Indo Tambangraya Megah		1,762
2,513,000		PT Indocement Tunggal Prakarsa Tbk		1,925
18,501	e	Italcementi S.p.A.		375
5,204		Italcementi S.p.A.		75
73,662	e	James Hardie Industries NV		421
1,147,200		Lafarge Malayan Cement BHD		1,521
39,954		Lafarge S.A.		6,949
1,408,000		Luks Group Vietnam Holdings Ltd		1,094
251,021		NGK Insulators Ltd		4,442
111,222		Nippon Sheet Glass Co Ltd		492
127,365	*	Owens-Illinois, Inc		7,187
1,877		Pargesa Holding S.A.		209
5,964	*	RHI AG.		240
6,895,000		PT Semen Gresik Persero Tbk		3,745
61,952		Sumitomo Osaka Cement Co Ltd		143
167,376	e	Taiheiyo Cement Corp		403
50,977	e	Toto Ltd		482
21,690		Wienerberger AG.		1,154
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		109,836
TEXTILE MILL PRODUCTS - 0.03%
2,067,000		Far Eastern Textile Co Ltd		3,484
83		Fiberweb plc		-	^
166,807	e	Teijin Ltd		703
		TOTAL TEXTILE MILL PRODUCTS		4,187
TOBACCO PRODUCTS - 1.11%
1,419,902	*	Philip Morris International, Inc		71,819
1,419,902		Altria Group, Inc		31,522
707,117		British American Tobacco plc		26,538
4,707,728		Huabao International Holdings Ltd		3,871
992,638		ITC Ltd		5,103
184,101		Imperial Tobacco Group plc		8,469
3,870		Japan Tobacco, Inc		19,373
29,904		Loews Corp (Carolina Group)		2,170
74,263	e	Swedish Match AB		1,618
28,374		UST, Inc		1,547
		TOTAL TOBACCO PRODUCTS		172,030
TRANSPORTATION BY AIR - 0.31%
165,000	e*	AMR Corp		1,488
9,643		Aeroports de Paris		1,098
35,660		Air France-KLM		1,004
119,000		All Nippon Airways Co Ltd		524
152,581		Auckland International Airport Ltd		273
65,216		BBA Aviation plc		195
158,185	*	British Airways plc		735
226,237		Cathay Pacific Airways Ltd		445
5,000,000		China Airlines		2,905
40,076	e	Continental AG.		4,087
105,000	*	Continental Airlines, Inc (Class B)		2,019
63,142	e	Deutsche Lufthansa AG.		1,708

191

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
5,000,000	*	Eva Airways Corp	$	2,995
134,350		FedEx Corp		12,450
1,623		Flughafen Wien AG.		196
2,081		Fraport AG. Frankfurt Airport Services Worldwide		150
28,035		Henkel KGaA		1,190
2,000		Hong Kong Aircraft Engineerg		33
140,591		Iberia Lineas Aereas de Espana		613
170,000		Japan Airlines Corp		442
112,782		Macquarie Airports		333
17,508	e	Merck KGaA		2,158
160,008		Qantas Airways Ltd		575
100,580	*	Ryanair Holdings plc		445
956	e*	Ryanair Holdings plc (ADR)		27
245,361		SABMiller plc		5,376
7,214	e*	SAS AB		66
85,774		Singapore Airlines Ltd		972
70,922		Southwest Airlines Co		879
160,000	e	UAL Corp		3,445
		TOTAL TRANSPORTATION BY AIR		48,826
TRANSPORTATION EQUIPMENT - 3.47%
1,256,843		Austal Ltd		2,986
145,000		Autoliv, Inc		7,279
520		Bayerische Motoren Werke AG.		23
24,570		Porsche AG.		4,491
10,044		Volkswagen AG.		1,669
49,377		Bayerische Motoren Werke AG.		2,728
524,252		Boeing Co		38,989
699,275		Bombardier Inc (Class B)		3,726
12,041	e*	Brunswick Corp		192
307,688		Cobham plc		1,221
1,043,584		Cosco Corp Singapore Ltd		2,798
22,945		Jardine Cycle & Carriage Ltd		326
2,000	e	Daihatsu Motor Co Ltd		24
380,154	e	DaimlerChrysler AG.		32,499
273,535		Denso Corp		8,836
88,369	e	European Aeronautic Defence and Space Co		2,094
361,625	e	Fiat S.p.A.		8,364
632,919	e*	Ford Motor Co		3,620
408,315		GKN plc		2,466
195,861		General Dynamics Corp		16,166
120,974	e*	General Motors Corp		2,305
45,278		Genuine Parts Co		1,821
21,988		Goodrich Corp		1,265
92,291		Harley-Davidson, Inc		3,461
31,887		Harsco Corp		1,766
308,182	e	Hino Motors Ltd		2,034
380,196	e	Honda Motor Co Ltd		10,851
1,277,269	e	Isuzu Motors Ltd		6,381
267,044	e	Kawasaki Heavy Industries Ltd		595
2,001,472		Keppel Corp Ltd		14,395
35,495	e	JTEKT Corp		579
35,758	e	Lagardere S.C.A.		2,674
219,174		Lockheed Martin Corp		21,764
51,808	e	MAN AG.		6,882
45,131		Magna International, Inc		3,282

192

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
13,000	e	Mazda Motor Corp	$	46
50,000	e*	Mitsubishi Motors Corp		82
138,875	e	Mitsui Engineering & Shipbuilding Co Ltd		372
27,421		NHK Spring Co Ltd		194
81,401	e	NSK Ltd		617
489,158		Nabtesco Corp		6,625
167,531		Northrop Grumman Corp		13,036
19,776		Oshkosh Truck Corp		717
128,851		Paccar, Inc		5,798
70,465	*	Pactiv Corp		1,847
62,643		Peugeot S.A.		4,857
285,512		Raytheon Co		18,447
219,817		Renault S.A.		24,327
822		Rieter Holding AG.		315
44,261,772	v*	Rolls-Royce Group plc		88
493,993		Rolls-Royce Group plc		3,951
98,038	e	Scania AB (B Shares)		2,058
2,753,655		SembCorp Marine Ltd		7,642
12,661		Shimano, Inc		582
808,891		Siemens AG.		87,668
2,131,227		Singapore Technologies Engineering Ltd		5,233
78,000	*	Spirit Aerosystems Holdings, Inc (Class A)		1,730
24,650		Thales S.A.		1,596
70,200		Tokai Rika Co Ltd		1,835
227,552		Tomkins plc		807
11,696		Toyoda Gosei Co Ltd		440
32,294		Toyota Industries Corp		1,147
1,341,325	e	Toyota Motor Corp		66,878
11,547		Trelleborg AB (B Shares)		230
451,141		United Technologies Corp		31,047
68,692	e	Volkswagen AG.		19,915
131,162		Volvo AB (A Shares)		1,954
294,763	e	Volvo AB (B Shares)		4,465
34,689		Yamaha Motor Co Ltd		638
10,462		Zodiac S.A.		513
		TOTAL TRANSPORTATION EQUIPMENT		538,249
TRANSPORTATION SERVICES - 0.09%
29,558		Arriva plc		402
22,055		CH Robinson Worldwide, Inc		1,200
77,916		Expeditors International Washington, Inc		3,520
587		Kuoni Reisen Holding		326
9,440	*	Lear Corp		244
34,147		National Express Group plc		681
9,253	e	Stolt-Nielsen S.A.		193
59,297		TUI AG.		1,521
405,221		Toll Holdings Ltd		3,711
145,000		UTI Worldwide, Inc		2,912
		TOTAL TRANSPORTATION SERVICES		14,710
TRUCKING AND WAREHOUSING - 1.26%
479,971	e	DSV AS		10,492
4,479,468		Deutsche Post AG.		136,842
48,323		Kamigumi Co Ltd		382
20,262	e	Mitsubishi Logistics Corp		260
146,343	e	Nippon Express Co Ltd		841

193

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
23,991		Seino Holdings Corp	$	156
837,896		TNT NV		31,126
197,927		United Parcel Service, Inc (Class B)		14,453
71,378	e	Yamato Transport Co Ltd		1,045
		TOTAL TRUCKING AND WAREHOUSING		195,597
WATER TRANSPORTATION - 0.51%
39		A P Moller - Maersk AS (Class A)		432
180,000	e	Aries Maritime Transport Ltd		1,035
159,427		Carnival Corp		6,454
45,918		Carnival plc		1,823
1,078,000		China Shipping Development Co Ltd		3,387
3,566		Compagnie Maritime Belge S.A.		240
4,516		D/S Torm AS		134
2,390,000	*	DP World Ltd		2,270
310		AP Moller - Maersk AS (Class B)		3,459
135,000	e	Danaos Corp		3,320
103,000		DryShips, Inc		6,171
42,699		Euronav NV		1,622
3,539,000		Evergreen Marine Corp Tawain Ltd		3,495
2,384,000		Ezra Holdings Ltd		3,585
55,003	e	Frontline Ltd		2,517
166,200		Hamburger Hafen und Logistik AG.		12,660
4,983,000		International Container Term Services, Inc		3,758
105,186	e	Kawasaki Kisen Kaisha Ltd		1,022
14,869		Kuehne & Nagel International AG.		1,487
387,145		Mitsui OSK Lines Ltd		4,680
971,838		Neptune Orient Lines Ltd		2,295
207,636	e	Nippon Yusen Kabushiki Kaisha		1,950
175,000	e	Omega Navigation Enterprises, Inc (Class A)		2,621
36,864		Orient Overseas International Ltd		216
4,336,000		Pacific Basin Shipping Ltd		7,131
49,600	e	Royal Caribbean Cruises Ltd		1,632
155,121		Shun TAK Holdings Ltd		205
		TOTAL WATER TRANSPORTATION		79,601
WHOLESALE TRADE-DURABLE GOODS - 0.63%
500,000		Rajesh Exports Ltd		947
192,164,500	*	A-Max Holdings Ltd		1,590
76,034	*	Arrow Electronics, Inc		2,559
85,482	e	Assa Abloy AB (Class B)		1,550
4,492	e	Autobacs Seven Co Ltd		123
281,887		Banpu PCL		3,832
38,021	e	Boart Longyear Group		64
25,222		Buhrmann NV		293
86,488		Bunzl plc		1,218
13,371	e	Canon Marketing Japan, Inc		252
1,161,000	*	China High Speed Transmission Equipment Group Co Ltd		1,692
400		D'ieteren S.A.		142
66,814		Electrocomponents plc		241
88,369		Finning International, Inc		2,503
200,516	e*	Fortescue Metals Group Ltd		1,193
526,663		Itochu Corp		5,199
34,481		Kingspan Group plc		460
440,881		Li & Fung Ltd		1,634
11,798	e	Martin Marietta Materials, Inc		1,253

194

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
SHARES				(000)
311,898		Mitsubishi Corp	$	9,418
864,709		Mitsui & Co Ltd		17,523
404,705	e	Nissan Motor Co Ltd		3,345
3,281,000		PT Astra International Tbk		8,644
30,849	e*	Patterson Cos, Inc		1,120
18,770		Prysmian S.p.A.		401
23,161		Rautaruukki Oyj		1,118
1,031	e	Rockwool International AS (B Shares)		172
59,882	e	Schneider Electric S.A.		7,748
50,020	e	Securitas Systems AB (B Shares)		146
2,701	e	Sims Group Ltd		73
190,347	e	Sumitomo Corp		2,507
859,500		UMW Holdings BHD		1,626
231,100	e	Ulvac, Inc		9,251
19,806		Valeo S.A.		785
19,063		W.W. Grainger, Inc		1,456
23,081		Wesfarmers Ltd		849
85,801		Wesfarmers Ltd		3,136
180,744		Wolseley plc		1,901
		TOTAL WHOLESALE TRADE-DURABLE GOODS		97,964
WHOLESALE TRADE-NONDURABLE GOODS - 0.66%
19,052,000	*	Alliance Global Group, Inc		1,779
14,580	e	Altana AG.		308
4,311	e	Axfood AB		153
27,213	e	Billabong International Ltd		323
14,261	e	Brown-Forman Corp (Class B)		944
111,150		Cardinal Health, Inc		5,836
12,035		Casino Guichard Perrachon S.A.		1,443
2,124,000		Dalian Port PDA Co Ltd		1,174
36,100		Dean Foods Co		725
1,051,215		Esprit Holdings Ltd		12,616
329,945		Foster's Group Ltd		1,544
316,463		Gazprom (ADR)		16,140
22,770		Celesio AG.		1,127
56,399	*	Gildan Activewear, Inc		2,128
13,800	*	Henry Schein, Inc		792
54,512	e	Idearc, Inc		198
43,832		KT&G Corp		3,435
150,000	e	Macquarie Infrastructure Co LLC		4,370
1,420,267		Marubeni Corp		10,344
17,499		Metro, Inc (Class A)		414
224,400		Nippon Oil Corp		1,400
5,641		Oriflame Cosmetics S.A.		375
3,497		East Asiatic Co Ltd A.S.		306
34,000	*	Reliance Industries Ltd		1,920
56,600		San-A Co Ltd		1,743
11,671		Suzuken Co Ltd		480
162,589		Sysco Corp		4,718
40,000	e*	Terra Industries, Inc		1,421
464,353		Unilever NV		15,593
251,000		Unilever NV		8,466
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		102,215
		TOTAL COMMON STOCKS		15,371,030
		(Cost $15,737,385)

195

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				MATURITY		VALUE
SHARES			RATE	DATE		(000)
WARRANTS - 0.00%**
REAL ESTATE - 0.00%**
52,313	*	Cheuk Nang Holdings Ltd (Expires 4/30/08)			$	1
556,400	*	SP Setia BHD (Expires 1/21/13)				118
		TOTAL REAL ESTATE				119
		TOTAL WARRANTS				119
		(Cost $51)
SHORT-TERM INVESTMENTS - 10.89%
U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES - 0.29%
44,900,000		Federal Home Loan Bank(FHLB)	0.000%	04/25/08		44,846
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES				44,846
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 10.60%
CERTIFICATE OF DEPOSITS - 2.45%
		ABN Amro Bank NV Chicago				20,113
		Banco Bilbao Vizcaya				15,000
		Bank of Scotland plc				15,036
		Bank Scotland plc				18,005
		Barclays Bank plc				18,006
		Dexia Credit S.A.				30,000
		Fortis Bank				30,000
		Governor & Co.of The Bank				30,000
		HBOS plc				15,084
		Natixis				25,000
		Rabobank Nederland				35,003
		Societe Generale				18,007
		Societe Generale				30,000
		UBS AG.				15,084
		Unicredito Italiano SP				20,042
		Unicredito Italiano SP				30,000
		Westpac Banking Corp				15,000
		TOTAL CERTIFICATE OF DEPOSITS				379,380
COMMERCIAL PAPER - 0.82%
		Amstel Funding Corp				39,910
		Can Ast & Can Ltd				19,968
		Falcon Asset Co LLC				19,963
		Grampian Funding Ltd				17,855
		Grampian Funding Ltd				14,909
		Jupiter Co LLC				14,916
		TOTAL COMMERCIAL PAPER				127,521
MONEY MARKET INSTRUMENTS - 0.81%
		State Street Navigator Securities Lending Prime Portfolio				125,000
		TOTAL MONEY MARKET INSTRUMENTS				125,000
REPURCHASE AGREEMENTS - 2.97%
		Bank of America				37,634
		Bank of America				75,000
		BNP Bank				18,112

196

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
				(000)
		Deutsche Bank	$	179,591
		Deutsche Bank		75,000
		Merrill Lynch & Co, Inc		75,000
		TOTAL REPURCHASE AGREEMENTS		460,337
VARIABLE NOTES - 3.55%
	i	ARG Funding Corp		833
	i	American Express Credit Account Master Trust		4,963
	i	American Express Credit Account Master Trust		13,712
	i	American Express Credit Account Master Trust		10,709
	i	American Express Credit Account Master Trust		14,902
	i	BA Credit Card Trust		14,720
	i	BA Credit Card Trust		10,768
	i	BA Credit Card Trust		10,000
	i	Bank One Issuance Trust		4,889
	i	Brunel Residential Mortgage Securitisation PLC		8,912
	i	Capital One Multi-Asset Execution Trust		2,982
	i	Capital One Multi-Asset Execution Trust		2,981
	i	Capital One Multi-Asset Execution Trust		7,823
	i	Capital One Multi-Asset Execution Trust		29,493
	i	Capital One Multi-Asset Execution Trust		5,001
	i	Chase Issuance Trust		4,897
	i	Chase Issuance Trust		3,793
	i	Chase Issuance Trust		8,696
	i	Chase Issuance Trust		17,872
	i	Citibank Credit Card Issuance Trust		19,538
	i	Citibank Credit Card Issuance Trust		12,000
	i	Discover Card Master Trust I		2,967
	i	Discover Card Master Trust I		11,511
	i	Discover Card Master Trust I		2,926
	i	Discover Card Master Trust I		14,631
	i	Discover Card Master Trust		9,935
	i	Discover Card Master Trust		7,000
	i	Discover Card Master Trust I		2,957
	i	Discover Card Master Trust I		1,970
	i	GE Dealer Floorplan Master Note Trust		6,929
	i	GE Equipment Midticket LLC		7,620
	i	General Electric Capital Corp		5,977
	i	General Electric Capital Corp		3,954
	i	General Electric Capital Corp		19,744
	i	General Electric Capital Corp		9,983
	i	General Electric Capital Corp		2,946
	i	Granite Master Issuer PLC		6,739
	i	Granite Master Issuer PLC		5,732
	i	JPMorgan Chase & Co		21,951
	i	JPMorgan Chase & Co		19,954
	i	Medallion Trust		3,340
	i	Nelnet Student Loan Trust		12,804
	i	Nelnet Student Loan Trust		7,652
	i	Nelnet Student Loan Trust		4,878
	i	Permanent Master Issuer PLC		23,955
	i	Permanent Financing PLC		16,607
	i	Permanent Financing PLC		4,884
	i	Puma Finance Ltd		7,424
	i	SLM Student Loan Trust		9,855
	i	SLM Student Loan Trust		7,880

197

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
				VALUE
				(000)
	i	SLM Student Loan Trust	$	29,041
	i	Wachovia Student Loan Trust		11,850
	i	Wachovia Corp		9,924
	i	Wells Fargo & Co		7,948
	i	World Omni Auto Receivables Trust		16,423
		TOTAL VARIABLE NOTES		549,375
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED		1,641,613
		TOTAL SHORT-TERM INVESTMENTS		1,686,459
		(Cost $1,686,453)
		TOTAL PORTFOLIO - 110.11%		17,057,628
		(Cost $17,423,940)
		OTHER ASSETS & LIABILITIES, NET - (10.11%)		(1,566,620	)
		NET ASSETS - 100.00%	$	15,491,008
		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.
	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 March 31, 2008, the value of these securities amounted to $24,136,634 or 0.16% of net assets.
	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.
		At March 31, 2008, the unrealized depreciation on investments was $366,311,628, consisting of
		gross unrealized appreciation of $1,218,462,238 and gross unrealized depreciation of $1,584,773,866.

198

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
COLLEGE RETIREMENT EQUITIES FUND
GLOBAL EQUITIES ACCOUNT
Summary of Market Values by Country (Unaudited)
March 31, 2008
			% OF
			MARKET
COUNTRY	VALUE		VALUE
DOMESTIC
UNITED STATES	$	8,732,852,244	51.20	%
TOTAL DOMESTIC		8,732,852,244	51.20
FOREIGN
AFGHANISTAN		5,941,150	0.04
ARGENTINA		2,060,814	0.01
AUSTRALIA		339,960,438	1.99
AUSTRIA		27,212,683	0.16
BELGIUM		48,417,229	0.28
BERMUDA		20,874,237	0.12
BRAZIL		44,689,389	0.26
CANADA		581,564,138	3.41
CHINA		96,209,092	0.56
CZECH REPUBLIC		1,526,507	0.01
DENMARK		46,036,988	0.27
FINLAND		116,835,888	0.69
FRANCE		1,041,275,153	6.11
GERMANY		760,335,566	4.46
GREECE		39,146,849	0.23
HONG KONG		145,822,403	0.86
INDIA		41,484,116	0.24
INDONESIA		30,522,522	0.18
IRELAND		24,382,422	0.14
ISRAEL		48,312,431	0.28
ITALY		276,387,393	1.62
JAPAN		1,081,070,102	6.34
KAZAKHSTAN		4,628,241	0.03
LUXEMBOURG		1,064,213	0.01
MALAYSIA		63,760,000	0.37
NETHERLANDS		275,403,543	1.62
NEW ZEALAND		2,535,594	0.01
NORWAY		57,377,965	0.34
PANAMA		6,453,605	0.04
PERU		2,295,680	0.01
PHILIPPINES		42,791,732	0.25
PORTUGAL		14,608,795	0.09
RUSSIA		64,864,312	0.38
SINGAPORE		151,309,512	0.89
SOUTH AFRICA		9,972,458	0.06
SOUTH KOREA		50,677,616	0.30
SPAIN		299,241,661	1.75
SWEDEN		96,011,091	0.56
SWITZERLAND		628,105,964	3.68
TAIWAN (REPUBLIC OF CHINA)		82,454,612	0.48
THAILAND		62,063,909	0.36
TURKEY		2,009,618	0.01
UNITED ARAB EMIRATES		2,270,500	0.01
UNITED KINGDOM		1,584,807,544	9.29
TOTAL FOREIGN		8,324,775,675	48.80
TOTAL PORTFOLIO	$	17,057,627,919	100.00	%

199

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
COLLEGE RETIREMENT EQUITIES FUND
GROWTH ACCOUNT
STATEMENT OF INVESTMENTS (Unaudited)
March 31, 2008
				VALUE
SHARES				(000)
COMMON STOCKS - 98.88%
AMUSEMENT AND RECREATION SERVICES - 1.17%
881,588	*	Activision, Inc	$	24,076
162,735	e	Nintendo Co Ltd		83,914
64,438	*	Penn National Gaming, Inc		2,818
992,067	*	Walt Disney Co		31,131
27,125	e	Warner Music Group Corp		135
		TOTAL AMUSEMENT AND RECREATION SERVICES		142,074
APPAREL AND ACCESSORY STORES - 0.64%
175,521		Abercrombie & Fitch Co (Class A)		12,838
271,000	*	Aeropostale, Inc		7,347
162,627		American Eagle Outfitters, Inc		2,847
42,273	*	AnnTaylor Stores Corp		1,022
155,606	*	Chico's FAS, Inc		1,106
83,839	e*	Hanesbrands, Inc		2,448
280,553	*	Kohl's Corp		12,033
272,732	e*	Limited Brands, Inc		4,664
504,839	e	Nordstrom, Inc		16,458
447,099		Ross Stores, Inc		13,395
100,165	*	Urban Outfitters, Inc		3,140
		TOTAL APPAREL AND ACCESSORY STORES		77,298
APPAREL AND OTHER TEXTILE PRODUCTS - 0.14%
300,440		Guess ?, Inc		12,159
8,060		Liz Claiborne, Inc		146
48,608		Phillips-Van Heusen Corp		1,843
52,266		Polo Ralph Lauren Corp		3,047
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		17,195
AUTO REPAIR, SERVICES AND PARKING - 0.02%
182,411	e*	Hertz Global Holdings, Inc		2,200
		TOTAL AUTO REPAIR, SERVICES AND PARKING		2,200
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.16%
82,598		Advance Auto Parts		2,812
65,226	*	Autozone, Inc		7,425
189,988	e*	Carmax, Inc		3,690
55,947	*	Copart, Inc		2,169
100,186	*	O'Reilly Automotive, Inc		2,857
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		18,953
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.75%
110,710	e	Fastenal Co		5,085
851,013		Home Depot, Inc		23,803
2,703,810		Lowe's Cos, Inc		62,025
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		90,913

200

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
				VALUE
SHARES				(000)
BUSINESS SERVICES - 12.66%
938,227		Accenture Ltd (Class A)	$	32,997
51,336	e	Acxiom Corp		609
1,806,763	*	Adobe Systems, Inc		64,303
32,203	e*	Affiliated Computer Services, Inc (Class A)		1,614
23,413	e	Aircastle Ltd		263
141,494	e*	Akamai Technologies, Inc		3,985
68,006	*	Alliance Data Systems Corp		3,231
172,821	*	Amdocs Ltd		4,901
202,202	*	Autodesk, Inc		6,365
455,206		Automatic Data Processing, Inc		19,296
31,549	*	Avis Budget Group, Inc		335
362,010	*	BEA Systems, Inc		6,933
645,979	*	BMC Software, Inc		21,007
38,726		Brink's Co		2,602
342,465		CA, Inc		7,705
62,416	*	Cadence Design Systems, Inc		667
57,923	e*	Cerner Corp		2,159
62,176	*	ChoicePoint, Inc		2,960
166,419	*	Citrix Systems, Inc		4,881
36,357	e*	Clear Channel Outdoor Holdings, Inc (Class A)		691
250,322	*	Cognizant Technology Solutions Corp (Class A)		7,217
214,025	*	Compuware Corp		1,571
594,264	e*	DST Systems, Inc		39,067
2,705,440	*	eBay, Inc		80,730
269,432	*	Electronic Arts, Inc		13,450
251,612		Electronic Data Systems Corp		4,189
114,578		Equifax, Inc		3,951
708,000	*	Expedia, Inc		15,498
12,034,181		Experian Group Ltd		87,653
71,172	*	F5 Networks, Inc		1,293
38,065	e	Factset Research Systems, Inc		2,051
6,009		Fair Isaac Corp		129
141,863		Fidelity National Information Services, Inc		5,411
147,035	*	Fiserv, Inc		7,071
20,464	*	Getty Images, Inc		655
589,310	*	Google, Inc (Class A)		259,573
160,581	e*	HLTH Corp		1,532
152,596		IMS Health, Inc		3,206
250,943	e*	Interpublic Group of Cos, Inc		2,110
1,449,417	*	Intuit, Inc		39,149
155,731	*	Iron Mountain, Inc		4,118
1,562,384	*	Juniper Networks, Inc		39,060
228,172	e*	Kinetic Concepts, Inc		10,548
70,427	e*	Lamar Advertising Co (Class A)		2,530
158,030		Manpower, Inc		8,891
271,627	e	Mastercard, Inc (Class A)		60,570
140,594	*	McAfee, Inc		4,652
11,036,802		Microsoft Corp		313,224
44,424		MoneyGram International, Inc		83
110,022	*	Monster Worldwide, Inc		2,664
83,928	*	NAVTEQ Corp		5,707
18,331	*	NCR Corp		419
35,140	*	Novell, Inc		221
1,179,210		Omnicom Group, Inc		52,097
8,760,405	*	Oracle Corp		171,354
168,817	e*	Red Hat, Inc		3,105

201

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
				VALUE
SHARES				(000)
127,625		Robert Half International, Inc	$	3,285
82,798	e*	Salesforce.com, Inc		4,792
357,529	*	Sun Microsystems, Inc		5,552
281,755	*	Symantec Corp		4,683
596,980	*	Synopsys, Inc		13,557
169,522		Total System Services, Inc		4,011
189,063	e*	VeriSign, Inc		6,284
214,960	*	Visa, Inc (Class A)		13,405
27,400	e*	VMware, Inc (Class A)		1,173
253,288		Waste Management, Inc		8,500
7,776	e*	WebMD Health Corp (Class A)		183
1,050,486	*	Yahoo!, Inc		30,391
		TOTAL BUSINESS SERVICES		1,538,069
CHEMICALS AND ALLIED PRODUCTS - 13.01%
2,004,241	*	Abbott Laboratories		110,534
5,637	*	Abraxis Bioscience, Inc		333
299,447		Air Products & Chemicals, Inc		27,549
67,811		Albemarle Corp		2,476
10,880		Alberto-Culver Co		298
674,989	*	Amgen, Inc		28,201
22,548	e*	APP Pharmaceuticals, Inc		272
73,250		Avery Dennison Corp		3,608
1,442,763	*	Avon Products, Inc		57,047
95,418	*	Barr Pharmaceuticals, Inc		4,610
260,651	*	Biogen Idec, Inc		16,080
1,709,604		Bristol-Myers Squibb Co		36,415
41,929		Cabot Corp		1,174
500,394		Celanese Corp (Series A)		19,540
57,958	e*	Cephalon, Inc		3,732
81,000		CF Industries Holdings, Inc		8,393
19,341	*	Charles River Laboratories International, Inc		1,140
16,100		Chemtura Corp		118
52,060	e	Church & Dwight Co, Inc		2,824
564,291		Clorox Co		31,961
761,121		Colgate-Palmolive Co		59,299
853,864	*	Du Pont (E.I.) de Nemours & Co		39,927
149,753		Ecolab, Inc		6,504
421,845	*	Eli Lilly & Co		21,763
96,059	e	Estee Lauder Cos (Class A)		4,404
276,711	*	Forest Laboratories, Inc		11,071
1,594,636	*	Genentech, Inc		129,453
229,137	*	Genzyme Corp		17,080
2,418,581	*	Gilead Sciences, Inc		124,629
134,120	*	Hospira, Inc		5,736
54,042	*	Idexx Laboratories, Inc		2,662
52,035	*	ImClone Systems, Inc		2,207
53,240		International Flavors & Fragrances, Inc		2,345
202,646	*	Invitrogen Corp		17,320
161,077		Lubrizol Corp		8,941
4,315,281		Merck & Co, Inc		163,765
155,200	*	Millennium Pharmaceuticals, Inc		2,399
1,613,622		Monsanto Co		179,919
286,212	*	Mosaic Co		29,365
954,108	e	Mylan Laboratories, Inc		11,068
128,346		Nalco Holding Co		2,715

202

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
				VALUE
SHARES				(000)
48,452	*	NBTY, Inc	$	1,451
1,070,657		Novartis AG. (ADR)		54,850
103,326	e*	PDL BioPharma, Inc		1,094
867,310		Praxair, Inc		73,053
1,317,453	*	Procter & Gamble Co		92,314
65,787	e	Rohm & Haas Co		3,558
89,281	e	RPM International, Inc		1,870
2,190,629		Schering-Plough Corp		31,567
6,191		Scotts Miracle-Gro Co (Class A)		201
93,213	*	Sepracor, Inc		1,820
89,822	e	Sherwin-Williams Co		4,584
33,422		Sigma-Aldrich Corp		1,994
1,733,050		Teva Pharmaceutical Industries Ltd (ADR)		80,050
10,252		Valspar Corp		203
70,050	*	VCA Antech, Inc		1,916
115,562	e*	Vertex Pharmaceuticals, Inc		2,761
78,254	e*	Warner Chilcott Ltd (Class A)		1,409
50,303	*	Watson Pharmaceuticals, Inc		1,475
614,743		Wyeth		25,672
		TOTAL CHEMICALS AND ALLIED PRODUCTS		1,580,719
COAL MINING - 0.48%
125,029		Arch Coal, Inc		5,439
158,351		Consol Energy, Inc		10,956
71,764		Massey Energy Co		2,619
230,646	e	Peabody Energy Corp		11,763
583,560	e	Sasol Ltd (ADR)		28,239
		TOTAL COAL MINING		59,016
COMMUNICATIONS - 1.03%
345,599	*	American Tower Corp (Class A)		13,551
64,288	*	Cablevision Systems Corp (Class A)		1,378
27,197	e*	Central European Media Enterprises Ltd (Class A)		2,318
48,768		Citizens Communications Co		512
91,600		Clear Channel Communications, Inc		2,676
1,573,254		Comcast Corp (Class A)		30,427
165,567	*	Crown Castle International Corp		5,710
42,661	*	CTC Media, Inc		1,184
979,153	*	DIRECTV Group, Inc		24,273
182,095	*	DISH Network Corp (Class A)		5,232
68,850		Global Payments, Inc		2,848
8,336	*	IAC/InterActiveCorp		173
42,100	e*	Leap Wireless International, Inc		1,962
1,353,783	e*	Level 3 Communications, Inc		2,870
152,668	e*	Liberty Global, Inc (Class A)		5,203
313,173	*	Liberty Media Holding Corp (Interactive A)		5,055
53,392	*	MetroPCS Communications, Inc		908
65,254	e*	NeuStar, Inc (Class A)		1,728
151,494	*	NII Holdings, Inc		4,814
94,626	e*	SBA Communications Corp (Class A)		2,823
39,677		Telephone & Data Systems, Inc		1,558
74,948	*	Time Warner Cable, Inc (Class A)		1,872
5,714	*	US Cellular Corp		314
232,001		Windstream Corp		2,772
243,927	*	XM Satellite Radio Holdings, Inc (Class A)		2,834
		TOTAL COMMUNICATIONS		124,995

203

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
				VALUE
SHARES				(000)
DEPOSITORY INSTITUTIONS - 1.37%
14,231		Bank of Hawaii Corp	$	705
697,444		Bank of New York Mellon Corp		29,104
13,207	e	Capitol Federal Financial		495
189,620		Hudson City Bancorp, Inc		3,353
283,192		JPMorgan Chase & Co		12,163
330,914		Northern Trust Corp		21,996
130,592		People's United Financial, Inc		2,261
453,316		State Street Corp		35,812
84,979	e	Synovus Financial Corp		940
15,200	e	TFS Financial Corp		183
18,636		Toronto-Dominion Bank		1,143
2,737,537		Western Union Co		58,227
		TOTAL DEPOSITORY INSTITUTIONS		166,382
EATING AND DRINKING PLACES - 0.86%
90,366		Brinker International, Inc		1,676
56,744		Burger King Holdings, Inc		1,570
64,204	e*	Cheesecake Factory		1,399
694,792		Darden Restaurants, Inc		22,615
571,054	*	McDonald's Corp		31,848
644,331	*	Starbucks Corp		11,276
166,533	e	Tim Hortons, Inc		5,670
75,164		Wendy's International, Inc		1,733
722,115		Yum! Brands, Inc		26,870
		TOTAL EATING AND DRINKING PLACES		104,657
EDUCATIONAL SERVICES - 0.07%
124,544	*	Apollo Group, Inc (Class A)		5,380
85,582	e*	Career Education Corp		1,089
35,200	e*	ITT Educational Services, Inc		1,617
		TOTAL EDUCATIONAL SERVICES		8,086
ELECTRIC, GAS, AND SANITARY SERVICES - 1.46%
584,702	*	AES Corp		9,747
145,119		Allegheny Energy, Inc		7,328
1,032,140	*	Allied Waste Industries, Inc		11,157
9,414		Aqua America, Inc		177
275,461		Centerpoint Energy, Inc		3,931
354,717		Constellation Energy Group, Inc		31,311
103,270	e*	Covanta Holding Corp		2,840
55,108	e	DPL, Inc		1,413
44,094	*	Dynegy, Inc (Class A)		348
263,863		Exelon Corp		21,444
437,527	*	FPL Group, Inc		27,450
128,247	*	Mirant Corp		4,667
483,630	e*	NRG Energy, Inc		18,857
248,361		PPL Corp		11,405
50,268		Questar Corp		2,843
126,619		Republic Services, Inc		3,702
26,121		Sierra Pacific Resources		330
74,012	*	Stericycle, Inc		3,812
434,899		Williams Cos, Inc		14,343
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		177,105

204

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
				VALUE
SHARES				(000)
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 11.33%
464,000		ABB Ltd	$	12,456
210,526	e*	Advanced Micro Devices, Inc		1,240
267,779		Altera Corp		4,935
93,862		Ametek, Inc		4,122
156,500		Amphenol Corp (Class A)		5,830
262,222		Analog Devices, Inc		7,741
1,309,381	*	Apple Computer, Inc		187,896
534,316	*	Avnet, Inc		17,488
5,796	e	AVX Corp		74
409,675	*	Broadcom Corp (Class A)		7,894
74,520	e*	Ciena Corp		2,297
10,779,403	*	Cisco Systems, Inc		259,676
187,456		Cooper Industries Ltd (Class A)		7,526
274,542	e*	Cree, Inc		7,676
140,301	*	Cypress Semiconductor Corp		3,313
35,136	*	Dolby Laboratories, Inc (Class A)		1,274
123,050		Eaton Corp		9,803
35,479	e*	EchoStar Corp (Class A)		1,048
35,751	*	Energizer Holdings, Inc		3,235
41,301	*	Fairchild Semiconductor International, Inc		492
90,531	*	First Solar, Inc		20,925
52,075		Harman International Industries, Inc		2,267
117,768		Harris Corp		5,715
1,092,740		Honeywell International, Inc		61,652
53,832	*	Integrated Device Technology, Inc		481
10,345,700		Intel Corp		219,122
15,022	*	International Rectifier Corp		323
64,584		Intersil Corp (Class A)		1,658
32,473	e*	Jarden Corp		706
101,704	*	JDS Uniphase Corp		1,362
214,473		L-3 Communications Holdings, Inc		23,451
25,972		Lincoln Electric Holdings, Inc		1,675
193,829	e	Linear Technology Corp		5,949
361,935	e*	LSI Logic Corp		1,792
413,772	*	Marvell Technology Group Ltd		4,502
2,030,527		Maxim Integrated Products, Inc		41,403
432,079	*	MEMC Electronic Materials, Inc		30,634
164,548	e	Microchip Technology, Inc		5,386
215,864	e*	Micron Technology, Inc		1,289
64,040		Molex, Inc		1,483
222,392		National Semiconductor Corp		4,074
297,612	*	NetApp, Inc		5,967
290,000		Nokia Oyj (ADR)		9,231
65,656	e*	Novellus Systems, Inc		1,382
1,011,594	*	Nvidia Corp		20,019
107,861	*	QLogic Corp		1,656
4,017,644		Qualcomm, Inc		164,723
84,524		RadioShack Corp		1,374
70,039	e*	Rambus, Inc		1,633
445,000	e*	Renewable Energy Corp AS		12,409
1,096,834	*	Research In Motion Ltd		123,098
113,100	*	Sanmina-SCI Corp		183
46,108	e*	Silicon Laboratories, Inc		1,454
1,290,631	e*	Sirius Satellite Radio, Inc		3,691
21,503	e*	Sunpower Corp (Class A)		1,602

205

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
				VALUE
SHARES				(000)
1,155,403	*	Texas Instruments, Inc	$	32,663
51,527	*	Thomas & Betts Corp		1,874
69,641	*	Varian Semiconductor Equipment Associates, Inc		1,960
30,795	*	Vishay Intertechnology, Inc		279
49,318	e	Whirlpool Corp		4,280
259,502		Xilinx, Inc		6,163
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		1,377,506
ENGINEERING AND MANAGEMENT SERVICES - 1.79%
114,279	e*	Amylin Pharmaceuticals, Inc		3,338
1,634,389	*	Celgene Corp		100,172
31,543	e	Corporate Executive Board Co		1,277
77,115		Fluor Corp		10,886
26,894	*	Genpact Ltd		329
45,620	*	Gen-Probe, Inc		2,199
52,619	*	Hewitt Associates, Inc (Class A)		2,093
506,836	*	Jacobs Engineering Group, Inc		37,298
475,980	*	McDermott International, Inc		26,093
187,169	e	Moody's Corp		6,519
296,536		Paychex, Inc		10,159
126,628		Quest Diagnostics, Inc		5,732
64,153	*	Shaw Group, Inc		3,024
247,834	*	URS Corp		8,102
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		217,221
FABRICATED METAL PRODUCTS - 0.43%
24,008	*	Alliant Techsystems, Inc		2,486
89,312		Ball Corp		4,103
142,127	*	Crown Holdings, Inc		3,576
500,985		Illinois Tool Works, Inc		24,162
241,000		Parker Hannifin Corp		16,694
23,027		Stanley Works		1,097
		TOTAL FABRICATED METAL PRODUCTS		52,118
FOOD AND KINDRED PRODUCTS - 2.59%
393,449	*	Anheuser-Busch Cos, Inc		18,669
115,816		Campbell Soup Co		3,932
1,615,849		Coca-Cola Co		98,357
72,468		General Mills, Inc		4,339
157,056		H.J. Heinz Co		7,377
59,882	e*	Hansen Natural Corp		2,114
103,342	e	Hershey Co		3,893
136,017		Kellogg Co		7,149
73,205		McCormick & Co, Inc		2,707
211,069		Pepsi Bottling Group, Inc		7,157
1,972,565	*	PepsiCo, Inc		142,419
336,217		Sara Lee Corp		4,700
181,905		Wrigley (Wm.) Jr Co		11,431
		TOTAL FOOD AND KINDRED PRODUCTS		314,244
FOOD STORES - 0.32%
1,352,596		Kroger Co		34,356
24,792	e*	Panera Bread Co (Class A)		1,038
122,318	e	Whole Foods Market, Inc		4,033
		TOTAL FOOD STORES		39,427

206

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
				VALUE
SHARES				(000)
FORESTRY - 0.00%**
3,075		Rayonier, Inc	$	134
		TOTAL FORESTRY		134
FURNITURE AND FIXTURES - 0.13%
8,515	*	Hillenbrand Industries, Inc		407
42,889	e	HNI Corp		1,153
410,329		Johnson Controls, Inc		13,869
16,690		Masco Corp		331
		TOTAL FURNITURE AND FIXTURES		15,760
FURNITURE AND HOME FURNISHINGS STORES - 0.23%
228,454	*	Bed Bath & Beyond, Inc		6,739
78,771	e	Circuit City Stores, Inc		314
355,271	*	GameStop Corp (Class A)		18,371
53,765		Steelcase, Inc (Class A)		595
77,326	e	Williams-Sonoma, Inc		1,874
		TOTAL FURNITURE AND HOME FURNISHINGS STORES		27,893
GENERAL BUILDING CONTRACTORS - 0.09%
1,873		Centex Corp		45
1,422	*	NVR, Inc		850
60,276	e	Pulte Homes, Inc		877
275,891	e	Ryland Group, Inc		9,074
		TOTAL GENERAL BUILDING CONTRACTORS		10,846
GENERAL MERCHANDISE STORES - 2.55%
79,523	e*	Big Lots, Inc		1,773
525,788		Costco Wholesale Corp		34,161
122,224		Family Dollar Stores, Inc		2,384
488,871		JC Penney Co, Inc		18,435
432,000		Macy's, Inc		9,962
106,034	e*	Saks, Inc		1,322
743,001		Target Corp		37,655
2,343,984		TJX Cos, Inc		77,516
2,401,601		Wal-Mart Stores, Inc		126,516
		TOTAL GENERAL MERCHANDISE STORES		309,724
HEALTH SERVICES - 1.61%
66,704		AmerisourceBergen Corp		2,734
9,386	e	Brookdale Senior Living, Inc		224
642,016		Cigna Corp		26,047
6,375	e*	Community Health Systems, Inc		214
53,962	*	Covance, Inc		4,477
126,301	*	Coventry Health Care, Inc		5,096
92,091	*	DaVita, Inc		4,398
49,784	e*	Edwards Lifesciences Corp		2,218
507,236	*	Express Scripts, Inc		32,625
96,915	*	Laboratory Corp of America Holdings		7,141
306,840	*	Lincare Holdings, Inc		8,625
443,405		McKesson Corp		23,221
1,002,296	*	Medco Health Solutions, Inc		43,891
16,143	e	Omnicare, Inc		293
42,564	*	Pediatrix Medical Group, Inc		2,869
88,258		Pharmaceutical Product Development, Inc		3,698
328,125	e*	Tenet Healthcare Corp		1,857

207

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
				VALUE
SHARES				(000)
9,490		Universal Health Services, Inc (Class B)	$	510
585,349	*	WellPoint, Inc		25,831
		TOTAL HEALTH SERVICES		195,969
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.11%
103,000		Bouygues S.A.		6,543
123,134	*	Foster Wheeler Ltd		6,972
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		13,515
HOLDING AND OTHER INVESTMENT OFFICES - 0.73%
142,923	*	Affiliated Managers Group, Inc		12,969
4,489		Apartment Investment & Management Co (Class A)		161
95,486		Duke Realty Corp		2,178
9,097	e	Essex Property Trust, Inc		1,037
26,167	e	Federal Realty Investment Trust		2,040
102,697		General Growth Properties, Inc		3,920
9,595		Health Care REIT, Inc		433
423,700		iShares Russell 1000 Growth Index Fund		23,066
29,045	e	Kilroy Realty Corp		1,426
62,087		Macerich Co		4,363
12,596		Plum Creek Timber Co, Inc		513
196,774		Prologis		11,582
8,220		Public Storage, Inc		728
105,714		Simon Property Group, Inc		9,822
26,800		Taubman Centers, Inc		1,396
115,823		UDR, Inc		2,840
116,898		Ventas, Inc		5,250
52,139		WABCO Holdings, Inc		2,379
66,005	e	Weingarten Realty Investors		2,273
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		88,376
HOTELS AND OTHER LODGING PLACES - 0.55%
49,200	e	Boyd Gaming Corp		984
30,283	e	Choice Hotels International, Inc		1,033
91,111	e*	Las Vegas Sands Corp		6,709
262,791	e	Marriott International, Inc (Class A)		9,030
576,933	e*	MGM Mirage		33,906
35,628		Orient-Express Hotels Ltd (Class A)		1,538
164,159		Starwood Hotels & Resorts Worldwide, Inc		8,495
10,984		Wyndham Worldwide Corp		227
48,247		Wynn Resorts Ltd		4,856
		TOTAL HOTELS AND OTHER LODGING PLACES		66,778
INDUSTRIAL MACHINERY AND EQUIPMENT - 8.13%
155,747	*	AGCO Corp		9,326
44,277		Alstom RGPT		9,599
2,232,216		Applied Materials, Inc		43,551
29,146	e	Black & Decker Corp		1,927
341,836	e*	Brocade Communications Systems, Inc		2,495
13,782	e	Carlisle Cos, Inc		461
556,423		Caterpillar, Inc		43,562
414,342		Cummins, Inc		19,400
290,878		Deere & Co		23,398
1,973,419	*	Dell, Inc		39,311
57,079		Diebold, Inc		2,143
67,472		Donaldson Co, Inc		2,718

208

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
				VALUE
SHARES				(000)
55,408		Dover Corp	$	2,315
75,724	*	Dresser-Rand Group, Inc		2,329
2,780,987	*	EMC Corp		39,879
44,876		Flowserve Corp		4,684
113,272	*	FMC Technologies, Inc		6,444
130,000	*	Gardner Denver, Inc		4,823
4,165,380	d*	General Electric Co		154,161
56,064		Graco, Inc		2,033
109,605	*	Grant Prideco, Inc		5,395
4,276,674	*	Hewlett-Packard Co		195,273
69,072		IDEX Corp		2,120
16,621		Ingersoll-Rand Co Ltd (Class A)		741
1,529,300	*	International Business Machines Corp		176,084
1,614,594		International Game Technology		64,923
19,001		ITT Industries, Inc		984
100,877		Jabil Circuit, Inc		954
306,668		Joy Global, Inc		19,982
38,937		Kennametal, Inc		1,146
340,703	*	Lam Research Corp		13,022
6,500		Lennox International, Inc		234
44,406	*	Lexmark International, Inc (Class A)		1,364
521,890	e	Manitowoc Co, Inc		21,293
98,160		Pall Corp		3,442
15,475	*	Riverbed Technology, Inc		230
130,700		Rockwell Automation, Inc		7,505
116,780	*	SanDisk Corp		2,636
54,207	e*	Scientific Games Corp (Class A)		1,144
433,971		Seagate Technology, Inc		9,087
108,879	m,v	Seagate Technology, Inc		-	^
18,331	*	Teradata Corp		404
330,704	*	Terex Corp		20,669
34,996	e	Toro Co		1,448
157,917		Trane, Inc		7,248
109,044	*	Varian Medical Systems, Inc		5,108
52,484	e*	VeriFone Holdings, Inc		833
290,433	*	Western Digital Corp		7,853
61,412	*	Zebra Technologies Corp (Class A)		2,046
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		987,727
INSTRUMENTS AND RELATED PRODUCTS - 5.97%
49,491	e*	Advanced Medical Optics, Inc		1,005
1,320,164	*	Agilent Technologies, Inc		39,380
193,234		Alcon, Inc		27,488
855,394		Allergan, Inc		48,236
318,631		Applera Corp (Applied Biosystems Group)		10,470
89,525		Bard (C.R.), Inc		8,630
716,850		Baxter International, Inc		41,448
44,278		Beckman Coulter, Inc		2,858
212,844		Becton Dickinson & Co		18,273
14,465	e	Cooper Cos, Inc		498
213,274	e	Danaher Corp		16,215
133,182		Dentsply International, Inc		5,141
951		DRS Technologies, Inc		55
2,697,910		Emerson Electric Co		138,834
709,168	e*	Flir Systems, Inc		21,339
98,912	e	Garmin Ltd		5,342

209

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
				VALUE
SHARES				(000)
579,546	*	Hologic, Inc	$	32,223
32,319	*	Intuitive Surgical, Inc		10,483
1,234,609		Johnson & Johnson		80,089
157,336	e	Kla-Tencor Corp		5,837
1,002,841		Medtronic, Inc		48,507
113,845	*	Mettler-Toledo International, Inc		11,057
47,324	e*	Millipore Corp		3,190
51,336		National Instruments Corp		1,342
24,111		PerkinElmer, Inc		585
157,215		Pitney Bowes, Inc		5,506
68,344	e*	Resmed, Inc		2,883
146,353		Rockwell Collins, Inc		8,364
76,933	e	Roper Industries, Inc		4,573
582,664	*	St. Jude Medical, Inc		25,165
263,471		Stryker Corp		17,139
32,455	*	Techne Corp		2,186
77,730	*	Teradyne, Inc		965
592,487	*	Thermo Electron Corp		33,677
102,910	e*	Trimble Navigation Ltd		2,942
343,430	*	Waters Corp		19,129
310,397	*	Zimmer Holdings, Inc		24,168
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		725,222
INSURANCE AGENTS, BROKERS AND SERVICE - 0.02%
97,534	e	Brown & Brown, Inc		1,695
17,847	e	Gallagher (Arthur J.) & Co		422
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		2,117
INSURANCE CARRIERS - 2.31%
402,756		ACE Ltd		22,176
1,058,023		Aetna, Inc		44,532
760,310		Aflac, Inc		49,382
137,826		American International Group, Inc		5,961
135,000	*	Arch Capital Group Ltd		9,270
516,000		Axis Capital Holdings Ltd		17,534
1,135		CNA Financial Corp		29
8,296		Erie Indemnity Co (Class A)		425
867		Hanover Insurance Group, Inc		36
41,525		HCC Insurance Holdings, Inc		942
97,244	*	Health Net, Inc		2,995
403,078	*	Humana, Inc		18,082
777,580	*	Lincoln National Corp		40,434
10,977		PartnerRe Ltd		838
36,718	*	Philadelphia Consolidated Holding Co		1,182
12,502		Principal Financial Group		697
210,840		Prudential Financial, Inc		16,498
8,316		Transatlantic Holdings, Inc		552
192,000		Travelers Cos, Inc		9,187
1,089,558		UnitedHealth Group, Inc		37,437
36,523		W.R. Berkley Corp		1,011
36,085	e*	WellCare Health Plans, Inc		1,406
17,986		XL Capital Ltd (Class A)		532
		TOTAL INSURANCE CARRIERS		281,138
LEATHER AND LEATHER PRODUCTS - 0.08%
305,692	*	Coach, Inc		9,217

210

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
				VALUE
SHARES				(000)
66,789	e*	CROCS, Inc	$	1,167
		TOTAL LEATHER AND LEATHER PRODUCTS		10,384
METAL MINING - 1.24%
798,843		Anglo American plc		48,007
109,232	e	Cleveland-Cliffs, Inc		13,088
728,000		Companhia Vale do Rio Doce (ADR)		25,218
39,636		Foundation Coal Holdings, Inc		1,995
402,777		Freeport-McMoRan Copper & Gold, Inc (Class B)		38,755
153,154		Newmont Mining Corp		6,938
22,384	e*	Patriot Coal Corp		1,051
157,027	e	Southern Copper Corp		16,304
		TOTAL METAL MINING		151,356
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.09%
278,169		Hasbro, Inc		7,761
141,862		Mattel, Inc		2,823
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		10,584
MISCELLANEOUS RETAIL - 3.26%
1,241,130	*	Amazon.com, Inc		88,493
1,563	e	Barnes & Noble, Inc		48
679,913		Best Buy Co, Inc		28,189
56,486	e*	Coldwater Creek, Inc		285
4,217,147		CVS Corp		170,837
71,630	*	Dick's Sporting Goods, Inc		1,918
82,550	*	Dollar Tree, Inc		2,278
38,805	e	MSC Industrial Direct Co (Class A)		1,640
23,052	e*	Nutri/System, Inc		347
239,988	*	Office Depot, Inc		2,652
27,912		OfficeMax, Inc		534
110,729		Petsmart, Inc		2,263
2,672,428		Staples, Inc		59,087
110,829	e	Tiffany & Co		4,637
866,659		Walgreen Co		33,011
		TOTAL MISCELLANEOUS RETAIL		396,219
MOTION PICTURES - 0.87%
135,361	*	Discovery Holding Co (Class A)		2,872
46,141	*	DreamWorks Animation SKG, Inc (Class A)		1,190
2,811,963		News Corp (Class A)		52,724
51,400	e	Regal Entertainment Group (Class A)		992
444,638		Time Warner, Inc		6,234
1,062,978	*	Viacom, Inc (Class B)		42,115
		TOTAL MOTION PICTURES		106,127
NONDEPOSITORY INSTITUTIONS - 0.63%
1,041,433	*	American Express Co		45,532
3,802	e*	AmeriCredit Corp		38
75,625	e	CapitalSource, Inc		731
24,840		Discover Financial Services		407
172,295		Fannie Mae		4,535
48,690	e	First Marblehead Corp		363
225,414		Freddie Mac		5,708
36,625	e	GLG Partners, Inc		435
408,301	e	SLM Corp		6,267

211

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
				VALUE
SHARES				(000)
218,266		Textron, Inc	$	12,096
		TOTAL NONDEPOSITORY INSTITUTIONS		76,112
NONMETALLIC MINERALS, EXCEPT FUELS - 0.12%
60,000		Potash Corp of Saskatchewan		9,323
89,962	e	Vulcan Materials Co		5,974
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		15,297
OIL AND GAS EXTRACTION - 5.28%
525,341		Baker Hughes, Inc		35,986
252,549		BJ Services Co		7,200
414,146	*	Cameron International Corp		17,245
37,094	e*	Cheniere Energy, Inc		734
248,293		Chesapeake Energy Corp		11,459
22,243	*	CNX Gas Corp		718
11,300	*	Continental Resources, Inc		360
1,651,300	*	Denbury Resources, Inc		47,145
59,366		Diamond Offshore Drilling, Inc		6,910
120,486		ENSCO International, Inc		7,545
78,534		Equitable Resources, Inc		4,626
80,326	*	Global Industries Ltd		1,292
793,723		Halliburton Co		31,217
64,721	*	Helix Energy Solutions Group, Inc		2,039
217,827	*	Nabors Industries Ltd		7,356
868,288	*	National Oilwell Varco, Inc		50,691
231,856		Noble Corp		11,516
45,978	*	Oceaneering International, Inc		2,897
108,484	*	Pride International, Inc		3,791
86,962	*	Quicksilver Resources, Inc		3,177
127,313		Range Resources Corp		8,078
68,135		Rowan Cos, Inc		2,806
887,980		Saipem S.p.A.		35,945
1,933,876	*	Schlumberger Ltd		168,247
172,924		Smith International, Inc		11,107
296,836	*	Southwestern Energy Co		10,000
70,845	*	Superior Energy Services		2,807
63,387	e*	Tetra Technologies, Inc		1,004
32,728	e	Tidewater, Inc		1,804
316,251		Transocean, Inc		42,757
31,042	*	Unit Corp		1,758
16,129	e	W&T Offshore, Inc		550
292,990	*	Weatherford International Ltd		21,233
1,280,453		XTO Energy, Inc		79,209
		TOTAL OIL AND GAS EXTRACTION		641,209
PAPER AND ALLIED PRODUCTS - 0.11%
197,300	*	Domtar Corporation		1,348
163,617		Kimberly-Clark Corp		10,561
78,985		Packaging Corp of America		1,764
		TOTAL PAPER AND ALLIED PRODUCTS		13,673
PERSONAL SERVICES - 0.08%
90,458		Cintas Corp		2,582
277,859		H&R Block, Inc		5,768
29,875	e	Weight Watchers International, Inc		1,384
		TOTAL PERSONAL SERVICES		9,734

212

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
				VALUE
SHARES				(000)
PETROLEUM AND COAL PRODUCTS - 2.38%
159,467		Apache Corp	$	19,267
85,170		Cabot Oil & Gas Corp		4,330
394,768		Devon Energy Corp		41,186
1,242,622		Exxon Mobil Corp		105,101
198,586		Frontier Oil Corp		5,413
39,025	e	Holly Corp		1,694
21,384		Noble Energy, Inc		1,557
240,000	*	Occidental Petroleum Corp		17,561
142,000		Petroleo Brasileiro S.A. (ADR)		14,500
10,000	e*	SandRidge Energy, Inc		391
308,729		Suncor Energy, Inc		29,746
105,940		Sunoco, Inc		5,559
345,644		Tesoro Corp		10,369
649,988		Valero Energy Corp		31,921
13,289	e	Western Refining, Inc		179
		TOTAL PETROLEUM AND COAL PRODUCTS		288,774
PRIMARY METAL INDUSTRIES - 0.99%
96,475	e	AK Steel Holding Corp		5,250
88,045		Allegheny Technologies, Inc		6,283
23,648		Carpenter Technology Corp		1,324
52,297	e*	CommScope, Inc		1,822
2,273,012		Corning, Inc		54,643
44,073	e*	General Cable Corp		2,603
18,029		Hubbell, Inc (Class B)		788
58,323		Nucor Corp		3,951
119,096		Precision Castparts Corp		12,157
490,052		Steel Dynamics, Inc		16,191
59,627	e	Titanium Metals Corp		898
62,000		Vallourec		15,051
		TOTAL PRIMARY METAL INDUSTRIES		120,961
PRINTING AND PUBLISHING - 0.16%
49,207		Dun & Bradstreet Corp		4,004
28,579	e	Harte-Hanks, Inc		391
45,207		John Wiley & Sons, Inc (Class A)		1,795
279,977		McGraw-Hill Cos, Inc		10,345
42,152		Meredith Corp		1,612
9,700	*	MSCI, Inc		289
30,761	e	New York Times Co (Class A)		581
		TOTAL PRINTING AND PUBLISHING		19,017
RAILROAD TRANSPORTATION - 0.92%
291,562		Burlington Northern Santa Fe Corp		26,888
154,628		CSX Corp		8,670
38,353	e*	Kansas City Southern Industries, Inc		1,538
458,809		Norfolk Southern Corp		24,923
398,006		Union Pacific Corp		49,902
		TOTAL RAILROAD TRANSPORTATION		111,921
REAL ESTATE - 0.09%
150,149	e*	CB Richard Ellis Group, Inc (Class A)		3,249
61,698		Forest City Enterprises, Inc (Class A)		2,271
27,752	e	Jones Lang LaSalle, Inc		2,146

213

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
				VALUE
SHARES				(000)
80,101	e	St. Joe Co	$	3,439
		TOTAL REAL ESTATE		11,105
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.45%
93,000		Bayer AG.		7,453
203,236	*	Goodyear Tire & Rubber Co		5,243
122,053		Newell Rubbermaid, Inc		2,791
563,379		Nike, Inc (Class B)		38,310
18,061		Sealed Air Corp		456
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		54,253
SECURITY AND COMMODITY BROKERS - 2.92%
91,267	e	BlackRock, Inc		18,635
120,974		Broadridge Financial Solutions, Inc		2,129
5,109,340		Charles Schwab Corp		96,209
71,450		CME Group, Inc		33,517
107,312	*	Corrections Corp of America		2,953
111,138	e*	E*Trade Financial Corp		429
90,265		Eaton Vance Corp		2,754
76,195		Federated Investors, Inc (Class B)		2,984
145,026		Franklin Resources, Inc		14,066
234,968		Goldman Sachs Group, Inc		38,861
61,599	*	IntercontinentalExchange, Inc		8,039
666,000	e	Invesco Ltd		16,224
103,564	*	Investment Technology Group, Inc		4,783
110,424		Janus Capital Group, Inc		2,569
795,924	e	Lazard Ltd (Class A)		30,404
46,412		Legg Mason, Inc		2,598
208,690	e	Merrill Lynch & Co, Inc		8,502
44,100	*	MF Global Ltd		437
251,721		Morgan Stanley		11,504
322,841	*	Nasdaq Stock Market, Inc		12,481
80,570	e	Nymex Holdings, Inc		7,302
324,363	e	NYSE Euronext		20,016
110,230		SEI Investments Co		2,722
232,520		T Rowe Price Group, Inc		11,626
216,945	*	TD Ameritrade Holding Corp		3,582
		TOTAL SECURITY AND COMMODITY BROKERS		355,326
SPECIAL TRADE CONTRACTORS - 0.03%
142,989	e*	Quanta Services, Inc		3,313
		TOTAL SPECIAL TRADE CONTRACTORS		3,313
STONE, CLAY, AND GLASS PRODUCTS - 0.60%
585,484		3M Co		46,341
38,573	e	Eagle Materials, Inc		1,371
120,380	e	Gentex Corp		2,065
411,088	*	Owens-Illinois, Inc		23,198
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		72,975
TOBACCO PRODUCTS - 1.55%
2,297,788		Altria Group, Inc		51,011
237,854		Loews Corp (Carolina Group)		17,256
2,294,388	*	Philip Morris International, Inc		116,050
72,079	e	UST, Inc		3,930
		TOTAL TOBACCO PRODUCTS		188,247

214

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
				VALUE
SHARES				(000)
TRANSPORTATION BY AIR - 0.26%
206,090	e*	AMR Corp	$	1,859
84,330	e*	Continental Airlines, Inc (Class B)		1,622
14,323	e	Copa Holdings S.A. (Class A)		546
255,296	e*	Delta Air Lines, Inc		2,195
224,308		FedEx Corp		20,787
156,051	*	Northwest Airlines Corp		1,403
133,193		Southwest Airlines Co		1,651
57,789	e	UAL Corp		1,244
		TOTAL TRANSPORTATION BY AIR		31,307
TRANSPORTATION EQUIPMENT - 2.57%
100,815	e	Autoliv, Inc		5,061
398,562	*	BE Aerospace, Inc		13,930
1,045,701		Boeing Co		77,769
49,087		General Dynamics Corp		4,092
238,965		Goodrich Corp		13,743
210,481		Harley-Davidson, Inc		7,893
73,544		Harsco Corp		4,073
549,809		Lockheed Martin Corp		54,596
220,541		Northrop Grumman Corp		17,160
65,498	e	Oshkosh Truck Corp		2,376
322,966		Paccar, Inc		14,534
112,197	*	Pactiv Corp		2,941
521,369		Raytheon Co		33,686
51,222	*	Spirit Aerosystems Holdings, Inc (Class A)		1,136
27,555	e	Thor Industries, Inc		820
61,329	e	Trinity Industries, Inc		1,634
827,249		United Technologies Corp		56,931
		TOTAL TRANSPORTATION EQUIPMENT		312,375
TRANSPORTATION SERVICES - 0.15%
146,963		CH Robinson Worldwide, Inc		7,995
185,933		Expeditors International Washington, Inc		8,400
17,328	e	GATX Corp		677
82,429		UTI Worldwide, Inc		1,655
		TOTAL TRANSPORTATION SERVICES		18,727
TRUCKING AND WAREHOUSING - 0.40%
31,621		Con-way, Inc		1,565
76,975	e	J.B. Hunt Transport Services, Inc		2,419
46,682		Landstar System, Inc		2,435
586,147		United Parcel Service, Inc (Class B)		42,800
		TOTAL TRUCKING AND WAREHOUSING		49,219
WATER TRANSPORTATION - 0.34%
157,360		Carnival Corp		6,370
43,258	e	Frontline Ltd		1,991
45,280	*	Kirby Corp		2,581
911,250	e	Royal Caribbean Cruises Ltd		29,980
		TOTAL WATER TRANSPORTATION		40,922
WHOLESALE TRADE-DURABLE GOODS - 0.14%
58,789	*	Arrow Electronics, Inc		1,978
20,770		BorgWarner, Inc		894

215

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
				MATURITY		VALUE
SHARES			RATE	DATE		(000)
37,161	e	Martin Marietta Materials, Inc			$	3,945
112,964	e*	Patterson Cos, Inc				4,101
46,374	e	Pool Corp				876
6,230		Reliance Steel & Aluminum Co				373
49,757		W.W. Grainger, Inc				3,801
40,542	e*	WESCO International, Inc				1,479
		TOTAL WHOLESALE TRADE-DURABLE GOODS				17,447
WHOLESALE TRADE-NONDURABLE GOODS - 0.46%
64,163		Airgas, Inc				2,917
31,523	e*	Bare Escentuals, Inc				738
47,617		Brown-Forman Corp (Class B)				3,153
316,742		Cardinal Health, Inc				16,632
7,000		Dean Foods Co				141
115,835	*	Endo Pharmaceuticals Holdings, Inc				2,773
76,421	e*	Henry Schein, Inc				4,387
40,445		Herbalife Ltd				1,921
535,500		Sysco Corp				15,540
186,000	e*	Terra Industries, Inc				6,609
28,599	e*	Tractor Supply Co				1,130
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS				55,941
		TOTAL COMMON STOCKS				12,015,902
		(Cost $12,132,768)
PRINCIPAL
SHORT-TERM INVESTMENTS - 5.87%
U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES - 0.78%
$      18,080,000		Federal Home Loan Bank (FHLB)	0.000%	04/01/08		18,080
76,240,000		(FHLB)	0.000	04/25/08		76,149
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES				94,229
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 5.09%
618,684,275		State Street Navigator Securities Lending Prime Portfolio				618,684
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED				618,684
		TOTAL SHORT-TERM INVESTMENTS				712,913
		(Cost $712,899)
		TOTAL PORTFOLIO - 104.75%				12,728,815
		(Cost $12,845,667)
		OTHER ASSETS & LIABILITIES, NET - (4.75%)				(576,905	)
		NET ASSETS - 100.00%			$	12,151,910
		The following abbreviations are used in portfolio descriptions:
	ADR	American Depositary Receipt.
	plc	Public Limited Company
	*	Non-income producing.
	**	Percentage represents less than 0.01%.
	^	Amount represents less than $1,000.
	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.

216

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
	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.
		At March 31, 2008, the unrealized depreciation on investments was $116,851,549, consisting of
		gross unrealized appreciation of $847,337,878 and gross unrealized depreciation of $964,189,427.

	NUMBER OF	MARKET	EXPIRATION	UNREALIZED
OPEN FUTURES CONTRACTS:	CONTRACTS	VALUE	DATE	APPRECIATION
E-mini S&P 500 Index	995	$      65,869,000	June 2008	$        719,165

217

COLLEGE RETIREMENT EQUITIES FUND - Growth Account
COLLEGE RETIREMENT EQUITIES FUND
GROWTH ACCOUNT
Summary of Market Values by Country (Unaudited)
March 31, 2008
			% OF
			MARKET
COUNTRY	VALUE		VALUE
DOMESTIC
UNITED STATES	$	11,968,637,173	94.03	%
TOTAL DOMESTIC		11,968,637,173	94.03
FOREIGN
BERMUDA		22,175,745	0.17
BRAZIL		39,717,540	0.31
CANADA		168,980,883	1.33
CZECH REPUBLIC		2,318,000	0.02
FINLAND		9,230,700	0.07
FRANCE		31,193,830	0.25
GERMANY		7,452,768	0.06
ISRAEL		80,049,580	0.63
ITALY		35,944,648	0.28
JAPAN		83,914,316	0.66
NORWAY		12,408,809	0.10
PANAMA		6,915,782	0.05
RUSSIA		1,183,843	0.01
SOUTH AFRICA		28,238,469	0.22
SWITZERLAND		94,793,482	0.74
UNITED KINGDOM		135,659,629	1.07
TOTAL FOREIGN		760,178,024	5.97
TOTAL PORTFOLIO	$	12,728,815,197	100.00	%

218

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
COLLEGE RETIREMENT EQUITIES FUND
EQUITY INDEX ACCOUNT
STATEMENT OF INVESTMENTS (Unaudited)
March 31, 2008
				VALUE
SHARES				(000)
COMMON STOCKS - 99.39%
AGRICULTURAL PRODUCTION-CROPS - 0.01%
30,203	e*	Chiquita Brands International, Inc	$	698
		TOTAL AGRICULTURAL PRODUCTION-CROPS		698
AGRICULTURAL PRODUCTION-LIVESTOCK - 0.01%
9,280	e	Cal-Maine Foods, Inc		310
28,510	e	Pilgrim's Pride Corp		577
269	e	Seaboard Corp		421
		TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK		1,308
AGRICULTURAL SERVICES - 0.00%**
8,402	e*	Cadiz, Inc		129
		TOTAL AGRICULTURAL SERVICES		129
AMUSEMENT AND RECREATION SERVICES - 0.59%
204,299	*	Activision, Inc		5,579
37,655	e*	Bally Technologies, Inc		1,293
6,588		Churchill Downs, Inc		311
9,373	e	Dover Downs Gaming & Entertainment, Inc		80
24,506		International Speedway Corp (Class A)		1,010
16,338	e*	Lakes Entertainment, Inc		72
22,402	e*	Leapfrog Enterprises, Inc		158
22,534	e*	Life Time Fitness, Inc		703
49,611	e*	Live Nation, Inc		602
26,149	e*	Magna Entertainment Corp		9
38,289	e*	Marvel Entertainment, Inc		1,026
14,684	e*	MTR Gaming Group, Inc		103
19,119	e*	Multimedia Games, Inc		102
51,861	*	Penn National Gaming, Inc		2,268
43,754	e*	Pinnacle Entertainment, Inc		560
51,146	e*	Six Flags, Inc		84
9,984	e	Speedway Motorsports, Inc		250
11,514	e*	Town Sports International Holdings, Inc		74
1,410,224	*	Walt Disney Co		44,253
32,215	e	Warner Music Group Corp		160
53,876		Westwood One, Inc		113
29,786	e*	WMS Industries, Inc		1,071
14,269	e	World Wrestling Entertainment, Inc		266
		TOTAL AMUSEMENT AND RECREATION SERVICES		60,147
APPAREL AND ACCESSORY STORES - 0.54%
62,025		Abercrombie & Fitch Co (Class A)		4,536
47,661	*	Aeropostale, Inc		1,292
131,782		American Eagle Outfitters, Inc		2,308
38,719	*	AnnTaylor Stores Corp		936
16,896	e	Bebe Stores, Inc		182
32,106	e	Brown Shoe Co, Inc		484
10,318	e	Buckle, Inc		462

219

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
8,748	*	Cache, Inc	$	99
38,598	*	Carter's, Inc		623
25,746	e*	Casual Male Retail Group, Inc		108
21,208		Cato Corp (Class A)		317
18,007	*	Charlotte Russe Holding, Inc		312
84,814	e*	Charming Shoppes, Inc		410
124,859	*	Chico's FAS, Inc		888
17,847	*	Children's Place Retail Stores, Inc		438
27,159	e	Christopher & Banks Corp		271
9,666	e*	Citi Trends, Inc		178
45,917	e*	Collective Brands, Inc		556
33,313	e*	Dress Barn, Inc		431
12,248	e*	DSW, Inc (Class A)		159
21,786	e*	Eddie Bauer Holdings, Inc		85
28,742	e	Finish Line, Inc (Class A)		137
110,542	e	Foot Locker, Inc		1,301
391,631		Gap, Inc		7,707
65,357	*	Hanesbrands, Inc		1,908
31,627	*	HOT Topic, Inc		136
27,725	e*	J Crew Group, Inc		1,225
15,736	e*	Jo-Ann Stores, Inc		232
12,803	e*	JOS A Bank Clothiers, Inc		262
226,975	*	Kohl's Corp		9,735
220,726	*	Limited Brands, Inc		3,774
15,006	e*	New York & Co, Inc		86
157,054		Nordstrom, Inc		5,120
49,497	*	Pacific Sunwear Of California, Inc		624
98,357		Ross Stores, Inc		2,947
5,056	e*	Shoe Carnival, Inc		68
30,798	e	Stage Stores, Inc		499
16,391	e	Talbots, Inc		177
17,529	e*	Tween Brands, Inc		434
18,524	e*	Under Armour, Inc (Class A)		678
81,421	e*	Urban Outfitters, Inc		2,553
60,082	e*	Wet Seal, Inc (Class A)		204
		TOTAL APPAREL AND ACCESSORY STORES		54,882
APPAREL AND OTHER TEXTILE PRODUCTS - 0.16%
9,339	e	Columbia Sportswear Co		411
9,368	e*	G-III Apparel Group Ltd		126
38,371	e	Guess ?, Inc		1,553
20,403	*	Gymboree Corp		814
60,626		Jones Apparel Group, Inc		814
74,047	e	Liz Claiborne, Inc		1,344
8,000	e*	Lululemon Athletica, Inc		227
13,600	e*	Maidenform Brands, Inc		221
39,481		Phillips-Van Heusen Corp		1,497
43,818	e	Polo Ralph Lauren Corp		2,554
88,227	*	Quiksilver, Inc		865
9,215	e*	True Religion Apparel, Inc		171
63,199		VF Corp		4,899
33,246	*	Warnaco Group, Inc		1,311
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		16,807
AUTO REPAIR, SERVICES AND PARKING - 0.08%
7,541	e*	Amerco, Inc		431

220

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
19,858	e*	Dollar Thrifty Automotive Group, Inc	$	271
52,808	e*	Exide Technologies		692
226,879	*	Hertz Global Holdings, Inc		2,736
10,010	e*	Midas, Inc		172
12,456		Monro Muffler, Inc		210
41,149		Ryder System, Inc		2,506
7,402	e*	Standard Parking Corp		155
28,100	*	Wright Express Corp		864
		TOTAL AUTO REPAIR, SERVICES AND PARKING		8,037
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.17%
71,764		Advance Auto Parts		2,443
18,263	e	Asbury Automotive Group, Inc		251
98,266	*	Autonation, Inc		1,471
30,650	*	Autozone, Inc		3,489
155,144	e*	Carmax, Inc		3,013
48,263	*	Copart, Inc		1,871
32,325	e*	CSK Auto Corp		301
12,002	e	Lithia Motors, Inc (Class A)		122
11,554	e*	MarineMax, Inc		144
80,048	*	O'Reilly Automotive, Inc		2,283
39,290	e	Penske Auto Group, Inc		765
21,664	e*	Rush Enterprises, Inc (Class A)		343
21,187	e	Sonic Automotive, Inc (Class A)		435
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		16,931
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.61%
9,000	e*	Builders FirstSource, Inc		65
53,181	e*	Central Garden and Pet Co (Class A)		236
89,499	e	Fastenal Co		4,111
1,199,882		Home Depot, Inc		33,561
1,068,281		Lowe's Cos, Inc		24,506
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		62,479
BUSINESS SERVICES - 6.83%
274,681	*	3Com Corp		629
10,702	e*	3D Systems Corp		157
30,587	e	Aaron Rents, Inc		659
34,759		ABM Industries, Inc		780
19,911	e*	Acacia Research (Acacia Technologies)		114
424,709		Accenture Ltd (Class A)		14,937
27,282	e*	ACI Worldwide, Inc		543
40,528	*	Actuate Corp		166
44,925		Acxiom Corp		533
19,460		Administaff, Inc		459
392,310	*	Adobe Systems, Inc		13,962
12,368	e*	Advent Software, Inc		527
65,443	*	Affiliated Computer Services, Inc (Class A)		3,279
21,575	e	Aircastle Ltd		243
119,553	e*	Akamai Technologies, Inc		3,367
55,591	*	Alliance Data Systems Corp		2,641
140,314	*	Amdocs Ltd		3,979
18,475	e*	American Reprographics Co		274
23,326	*	AMN Healthcare Services, Inc		360
11,435	*	Ansoft Corp		349
54,586	*	Ansys, Inc		1,884

221

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
22,433	e	Arbitron, Inc	$	968
55,146	e*	Ariba, Inc		533
79,212	*	Art Technology Group, Inc		307
11,658	e	Asset Acceptance Capital Corp		112
4,900	e*	athenahealth, Inc		116
163,135	*	Autodesk, Inc		5,135
370,552		Automatic Data Processing, Inc		15,708
72,203	*	Avis Budget Group, Inc		767
35,025	*	Avocent Corp		592
8,158	e*	Bankrate, Inc		407
4,811	e	Barrett Business Services		82
295257	*	BEA Systems, Inc		5,654
147,378	e*	BearingPoint, Inc		248
31,258	e	Blackbaud, Inc		759
19,831	*	Blackboard, Inc		661
4,100	e*	BladeLogic, Inc		115
24,984	*	Blue Coat Systems, Inc		551
141,944	*	BMC Software, Inc		4,616
52,351	e*	Borland Software Corp		106
12,774	*	Bottomline Technologies, Inc		161
43840	e*	BPZ Energy, Inc		953
35,469		Brady Corp (Class A)		1,186
30,798		Brink's Co		2,069
291,155		CA, Inc		6,551
21,336	e*	CACI International, Inc (Class A)		972
196,961	*	Cadence Design Systems, Inc		2,104
7,726	e*	Capella Education Co		422
4,557	e*	Cavium Networks, Inc		75
46,548	e*	CBIZ, Inc		378
46,408	e*	Cerner Corp		1,730
50,496	*	ChoicePoint, Inc		2,404
22,101	*	Chordiant Software, Inc		133
36,800	e*	Ciber, Inc		180
135,464	*	Citrix Systems, Inc		3,973
5,919	e*	Clayton Holdings, Inc		27
28,047	e*	Clear Channel Outdoor Holdings, Inc (Class A)		533
33,165	e*	CMGI, Inc		440
106,270	e*	CNET Networks, Inc		755
35,274	e*	Cogent Communications Group, Inc		646
30,867	e*	Cogent, Inc		291
33,274	e	Cognex Corp		726
205,628	*	Cognizant Technology Solutions Corp (Class A)		5,928
24,951	*	Commvault Systems, Inc		309
14,638	e	Compass Diversified Trust		193
6,637		Computer Programs & Systems, Inc		139
116,595	e*	Computer Sciences Corp		4,756
195,276	*	Compuware Corp		1,433
11,985	*	COMSYS IT Partners, Inc		101
24,465	e*	Concur Technologies, Inc		760
5,100	e*	Constant Contact, Inc		74
94,883	*	Convergys Corp		1,429
13,466	e*	CoStar Group, Inc		579
35,280	*	CSG Systems International, Inc		401
44,487	e*	Cybersource Corp		650
4,000	*	Data Domain, Inc		95
23,730	e*	DealerTrack Holdings, Inc		480

222

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
37,676		Deluxe Corp	$	724
29,248	*	Digital River, Inc		906
16,736	*	DivX, Inc		117
5,742	*	Double-Take Software, Inc		67
32,321	e*	DST Systems, Inc		2,125
18,300	*	DynCorp International, Inc (Class A)		305
94,764	e*	Earthlink, Inc		715
809,390	*	eBay, Inc		24,152
18,386	e*	Echelon Corp		248
31,866	e*	Eclipsys Corp		625
11,677		Electro Rent Corp		177
220,150	*	Electronic Arts, Inc		10,990
359,556		Electronic Data Systems Corp		5,987
42,487	e*	Epicor Software Corp		476
18,554	e*	EPIQ Systems, Inc		288
93,923		Equifax, Inc		3,238
25,524	e*	Equinix, Inc		1,697
15,409	e	eSpeed, Inc (Class A)		180
51,812	e*	Evergreen Energy, Inc		80
16,145	e*	ExlService Holdings, Inc		371
135,693	*	Expedia, Inc		2,970
60,414	*	F5 Networks, Inc		1,098
30,351	e	Factset Research Systems, Inc		1,635
36,812		Fair Isaac Corp		792
22,225	e*	FalconStor Software, Inc		169
136,153		Fidelity National Information Services, Inc		5,193
5,700	e*	First Advantage Corp (Class A)		121
118,984	*	Fiserv, Inc		5,722
9,100	*	Forrester Research, Inc		242
13,613		FTD Group, Inc		183
48,873	e*	Gartner, Inc		945
15,914	*	Gerber Scientific, Inc		141
35,093	e*	Getty Images, Inc		1,123
19,091		Gevity HR, Inc		165
31,343	e*	Global Cash Access, Inc		184
12,262	e*	Global Sources Ltd		182
163,101	*	Google, Inc (Class A)		71,841
12,787	e*	H&E Equipment Services, Inc		161
27,742	e	Healthcare Services Group		573
10,050	e	Heartland Payment Systems, Inc		231
14,300	e	Heidrick & Struggles International, Inc		465
121,999	e*	HLTH Corp		1,164
14,696	*	HMS Holdings Corp		420
17,722	*	Hudson Highland Group, Inc		150
37,591	e*	Hypercom Corp		163
10,436	e*	i2 Technologies, Inc		118
4,942	e*	ICT Group, Inc		50
12,987	e*	iGate Corp		93
22,361	*	IHS, Inc (Class A)		1,438
8,904	e	Imergent, Inc		101
138,645		IMS Health, Inc		2,913
62,260	*	Informatica Corp		1,062
23,086		Infospace, Inc		267
20,612		infoUSA, Inc		126
16,715	e*	Innerworkings, Inc		235
11,821	e*	Innovative Solutions & Support, Inc		125

223

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
5,702	e	Integral Systems, Inc	$	167
25,164		Interactive Data Corp		716
9,285	e*	Interactive Intelligence, Inc		109
34,783	e*	Internap Network Services Corp		173
32,107	e*	Internet Capital Group, Inc		336
331,264	e*	Interpublic Group of Cos, Inc		2,786
30,914	*	Interwoven, Inc		330
239,653	*	Intuit, Inc		6,473
20,768	*	inVentiv Health, Inc		598
45,508	e*	Ipass, Inc		137
126,088	*	Iron Mountain, Inc		3,334
54,563		Jack Henry & Associates, Inc		1,346
18,698	e*	JDA Software Group, Inc		341
364,335	*	Juniper Networks, Inc		9,108
16,327		Kelly Services, Inc (Class A)		336
17,839	e*	Kenexa Corp		330
10,875	e*	Keynote Systems, Inc		128
21,985	*	Kforce, Inc		194
37,837	*	Kinetic Concepts, Inc		1,749
19,259	e*	Knot, Inc		226
30,104	e*	Korn/Ferry International		509
58,784	e*	Lamar Advertising Co (Class A)		2,112
100,230	*	Lawson Software, Inc		755
43,208	e*	Lionbridge Technologies		145
4,800	e*	Liquidity Services, Inc		38
25,944	e*	LivePerson, Inc		80
11,455	*	LoJack Corp		145
23,625	e*	Magma Design Automation, Inc		226
19,563	*	Manhattan Associates, Inc		449
59,795		Manpower, Inc		3,364
12,905	*	Mantech International Corp (Class A)		585
16,386	e	Marchex, Inc (Class B)		164
56,244	e	Mastercard, Inc (Class A)		12,542
116,829	*	McAfee, Inc		3,866
10,200	*	MedAssets, Inc		151
62,676	e*	Mentor Graphics Corp		553
5,840,900		Microsoft Corp		165,765
7,982	*	MicroStrategy, Inc (Class A)		591
25,516	e*	Midway Games, Inc		69
64,372		MoneyGram International, Inc		120
90,011	*	Monster Worldwide, Inc		2,179
76,340	e*	Move, Inc		235
73,891	*	MPS Group, Inc		873
30,812	e*	MSC.Software Corp		400
69,755	*	NAVTEQ Corp		4,743
127,189	*	NCR Corp		2,904
24,391	*	Ness Technologies, Inc		231
32,938	e*	NetFlix, Inc		1,141
18,588	*	Network Equipment Technologies, Inc		122
27,305		NIC, Inc		194
245,266	*	Novell, Inc		1,543
106,262	*	Nuance Communications, Inc		1,850
233,922		Omnicom Group, Inc		10,335
35,764	e*	Omniture, Inc		830
25,372	*	On Assignment, Inc		161
14,464	e*	Online Resources Corp		139

224

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
66,009	e*	OpenTV Corp (Class A)	$	78
2,743,765	*	Oracle Corp		53,668
25,857	e*	Packeteer, Inc		132
82,059	*	Parametric Technology Corp		1,311
13,662	e*	PDF Solutions, Inc		75
7,322	e	Pegasystems, Inc		71
13,179	*	PeopleSupport, Inc		120
20,679	e*	Perficient, Inc		164
61,125	*	Perot Systems Corp (Class A)		919
29,033	*	Phase Forward, Inc		496
10,816	e	Portfolio Recovery Associates, Inc		464
49,575	*	Premiere Global Services, Inc		711
28,939	*	Progress Software Corp		866
4,545	e*	Protection One, Inc		44
8,302	e	QAD, Inc		70
11,520	e	Quality Systems, Inc		344
47,410	*	Quest Software, Inc		620
15,387	*	Radiant Systems, Inc		215
15,185	*	Radisys Corp		153
21,858	e*	Raser Technologies, Inc		188
76,360	e*	RealNetworks, Inc		438
137,532	e*	Red Hat, Inc		2,529
5,893	e	Renaissance Learning, Inc		82
49,265	*	Rent-A-Center, Inc		904
10,621	e*	RightNow Technologies, Inc		126
14,300	*	Riskmetrics Group Inc		277
103,929		Robert Half International, Inc		2,675
30,289		Rollins, Inc		536
14,869	e*	RSC Holdings, Inc		162
41,988	*	S1 Corp		299
67,031	e*	Salesforce.com, Inc		3,879
55,315	*	Sapient Corp		385
35,286	e*	Secure Computing Corp		228
8,963	e*	SI International, Inc		172
20,806	e*	Smith Micro Software, Inc		127
21,198	e*	Sohu.com, Inc		957
45,445	*	SonicWALL, Inc		371
178,279	e*	Sonus Networks, Inc		613
47,815	e	Sotheby's		1,382
4,962	e*	Sourcefire, Inc		30
42,038	*	Spherion Corp		257
13,651	e*	SPSS, Inc		529
31,079	e*	SRA International, Inc (Class A)		756
14,356	e*	Stratasys, Inc		256
562,173	*	Sun Microsystems, Inc		8,731
69,226	*	Sybase, Inc		1,821
20,941	*	SYKES Enterprises, Inc		368
600,159	*	Symantec Corp		9,975
13,094	e*	Synchronoss Technologies, Inc		262
8,784	e*	SYNNEX Corp		186
102,202	*	Synopsys, Inc		2,321
9,061	e	Syntel, Inc		242
52,739	*	Take-Two Interactive Software, Inc		1,346
11,400	e	TAL International Group, Inc		269
9,690	e*	Taleo Corp (Class A)		188
5,765	*	TechTarget, Inc		82

225

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
29,375	e*	TeleTech Holdings, Inc	$	660
12,795	e	TheStreet.com, Inc		103
48,928	e*	THQ, Inc		1,067
147,312	e*	TIBCO Software, Inc		1,052
16,913		TNS, Inc		349
140,844		Total System Services, Inc		3,332
18,504	e*	TradeStation Group, Inc		158
5,197	e*	Travelzoo, Inc		57
32,191	e*	Trizetto Group, Inc		537
38,790	*	TrueBlue, Inc		521
15,759	e*	Ultimate Software Group, Inc		474
6,599	e*	Unica Corp		45
246,359	*	Unisys Corp		1,091
47,520	e	United Online, Inc		502
57,871	*	United Rentals, Inc		1,090
70,702	*	Valueclick, Inc		1,220
19,828	e*	Vasco Data Security International		271
157,725	e*	VeriSign, Inc		5,243
15,178	e	Viad Corp		547
20,615	*	Vignette Corp		272
27,400	e*	VMware, Inc (Class A)		1,173
9,154	*	Vocus, Inc		242
12,149	e*	Volt Information Sciences, Inc		206
366,456		Waste Management, Inc		12,298
4,946	e*	WebMD Health Corp (Class A)		117
33,540	*	Websense, Inc		629
53,517	*	Wind River Systems, Inc		414
858,282	*	Yahoo!, Inc		24,830
		TOTAL BUSINESS SERVICES		699,340
CHEMICALS AND ALLIED PRODUCTS - 9.64%
1,092,242	*	Abbott Laboratories		60,237
4,621	*	Abraxis Bioscience, Inc		273
21,809	e*	Acadia Pharmaceuticals, Inc		198
15,016	e*	Acorda Therapeutics, Inc		270
153,074		Air Products & Chemicals, Inc		14,083
17,349	*	Albany Molecular Research, Inc		211
56,528		Albemarle Corp		2,064
57,070		Alberto-Culver Co		1,564
27,335	*	Alexion Pharmaceuticals, Inc		1,621
14,002	e*	Alexza Pharmaceuticals, Inc		96
70,988	e*	Alkermes, Inc		843
30,230	e*	Allos Therapeutics, Inc		184
22,480	e*	Alnylam Pharmaceuticals, Inc		549
30,554	e*	Alpharma, Inc (Class A)		801
10,122	e*	AMAG Pharmaceuticals, Inc		409
38,182	*	American Oriental Bioengineering, Inc		309
12,379		American Vanguard Corp		206
769,385	*	Amgen, Inc		32,145
8,652	*	Animal Health International, Inc		95
18,485	e*	APP Pharmaceuticals, Inc		223
16,685		Arch Chemicals, Inc		622
43,996	e*	Arena Pharmaceuticals, Inc		301
23,529	e*	Arqule, Inc		101
33,623	e*	Array Biopharma, Inc		236
24,502	e*	Arrowhead Research Corp		69

226

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
20,021	e*	Auxilium Pharmaceuticals, Inc	$	535
24,200	e*	Aventine Renewable Energy Holdings, Inc		126
73,506		Avery Dennison Corp		3,620
310,635	*	Avon Products, Inc		12,283
11,970		Balchem Corp		274
77,758	*	Barr Pharmaceuticals, Inc		3,757
10,191	e*	Bentley Pharmaceuticals, Inc		166
3,558	e*	Biodel, Inc		39
204,861	*	Biogen Idec, Inc		12,638
70,273	e*	BioMarin Pharmaceuticals, Inc		2,486
7,589	e*	BioMimetic Therapeutics, Inc		61
31,390	e*	Bionovo, Inc		40
1,394,001		Bristol-Myers Squibb Co		29,692
45,568		Cabot Corp		1,276
11,732	e*	Cadence Pharmaceuticals, Inc		70
28,512	e*	Calgon Carbon Corp		429
20,927		Cambrex Corp		145
5,883	e*	Caraco Pharmaceutical Laboratories Ltd		106
90,747		Celanese Corp (Series A)		3,544
52,007	e*	Cell Genesys, Inc		122
46,785	e*	Cephalon, Inc		3,013
38,749		CF Industries Holdings, Inc		4,015
47,691	e*	Charles River Laboratories International, Inc		2,811
12,829	e*	Chattem, Inc		851
179,587		Chemtura Corp		1,318
46,500	e	Church & Dwight Co, Inc		2,522
96,909		Clorox Co		5,489
362,229		Colgate-Palmolive Co		28,221
43,598	e*	Cubist Pharmaceuticals, Inc		803
27,159	e*	Cypress Bioscience, Inc		194
29,796		Cytec Industries, Inc		1,605
18,758	e*	Cytokinetics, Inc		62
62,426	e*	CytRx Corp		72
59,949	e*	Dendreon Corp		289
58,878	e*	Discovery Laboratories, Inc		138
673,945		Dow Chemical Co		24,835
654,188	*	Du Pont (E.I.) de Nemours & Co		30,590
50,131	e*	Durect Corp		263
57,783		Eastman Chemical Co		3,609
123,049		Ecolab, Inc		5,344
703,545	*	Eli Lilly & Co		36,296
17,426	e*	Elizabeth Arden, Inc		348
42,677	e*	Encysive Pharmaceuticals, Inc		100
28,467	e*	Enzon Pharmaceuticals, Inc		262
77,181	e	Estee Lauder Cos (Class A)		3,539
28,545		Ferro Corp		424
54,030		FMC Corp		2,998
226,321	*	Forest Laboratories, Inc		9,055
331,001	*	Genentech, Inc		26,871
47,588	e*	GenVec, Inc		84
188,156	*	Genzyme Corp		14,025
24,274	e	Georgia Gulf Corp		168
51,960	e*	Geron Corp		254
663,214	*	Gilead Sciences, Inc		34,175
11,695	e*	GTx, Inc		188
46,094		H.B. Fuller Co		941

227

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
45,558	e*	Halozyme Therapeutics, Inc	$	290
80,744		Hercules, Inc		1,477
111,466	*	Hospira, Inc		4,767
102,740	e*	Human Genome Sciences, Inc		605
64,047		Huntsman Corp		1,508
17,140	e*	Idenix Pharmaceuticals, Inc		86
43,974	*	Idexx Laboratories, Inc		2,166
42,460	*	ImClone Systems, Inc		1,801
49,858	*	Immucor, Inc		1,064
42,987	e*	Indevus Pharmaceuticals, Inc		205
14,805	e	Innophos Holdings, Inc		238
16,128		Innospec, Inc		342
6,061	e	Inter Parfums, Inc		134
19,810	e*	InterMune, Inc		289
55,209		International Flavors & Fragrances, Inc		2,432
53,468	e*	Inverness Medical Innovations, Inc		1,609
33,038	*	Invitrogen Corp		2,824
29,249	e*	Javelin Pharmaceuticals, Inc		82
10,660	e	Kaiser Aluminum Corp		739
27,654	e*	Keryx Biopharmaceuticals, Inc		17
172,331	e*	King Pharmaceuticals, Inc		1,499
12,441		Koppers Holdings, Inc		551
2,620	e	Kronos Worldwide, Inc		63
28,944	e*	KV Pharmaceutical Co (Class A)		722
14,893	e*	Landec Corp		126
64,160	e	Ligand Pharmaceuticals, Inc (Class B)		257
48,868		Lubrizol Corp		2,713
9,202	e	Mannatech, Inc		66
29,304	e*	MannKind Corp		175
23,199	e*	Martek Biosciences Corp		709
90,979	e*	Medarex, Inc		805
36,966	e*	Medicines Co		747
39,603	e	Medicis Pharmaceutical Corp (Class A)		780
15,000	e*	Medivation, Inc		213
1,542,645		Merck & Co, Inc		58,543
27,965	e	Meridian Bioscience, Inc		935
227,077	*	Millennium Pharmaceuticals, Inc		3,511
14,800	e	Minerals Technologies, Inc		929
34,103	e*	Minrad International, Inc		80
15,457	e*	Momenta Pharmaceuticals, Inc		169
385,473		Monsanto Co		42,980
109,683	*	Mosaic Co		11,253
215,675	e	Mylan Laboratories, Inc		2,502
40,164	e*	Nabi Biopharmaceuticals		161
102,409	e	Nalco Holding Co		2,166
15,424	e*	Nastech Pharmaceutical Co, Inc		36
39,647	*	NBTY, Inc		1,187
26,156	e*	Neurocrine Biosciences, Inc		141
12,540	e	NewMarket Corp		946
4,943	e	NL Industries, Inc		54
15,161	e*	Noven Pharmaceuticals, Inc		136
3,979	*	Obagi Medical Products, Inc		35
52,038		Olin Corp		1,028
21,783	e*	OM Group, Inc		1,188
9,743	e*	Omrix Biopharmaceuticals, Inc		136
39,447	e*	Onyx Pharmaceuticals, Inc		1,145

228

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
30,922	e*	OraSure Technologies, Inc	$	226
5,227	e*	Orexigen Therapeutics, Inc		54
41,855	e*	OSI Pharmaceuticals, Inc		1,565
9,330	e*	Osiris Therapeutics, Inc		117
21,959	e*	Pacific Ethanol, Inc		97
24,948	e*	Pain Therapeutics, Inc		211
26,028	e*	Par Pharmaceutical Cos, Inc		453
39,368	*	Parexel International Corp		1,028
82,661	*	PDL BioPharma, Inc		875
14,839	e*	Penwest Pharmaceuticals Co		39
54,947	e	Perrigo Co		2,073
13,027	e*	PetMed Express, Inc		144
4,994,758		Pfizer, Inc		104,540
19,172	e*	PharMerica Corp		318
67,684	*	PolyOne Corp		431
15,652	e*	Poniard Pharmaceuticals, Inc		52
15,548	e*	Pozen, Inc		161
116,025	*	PPG Industries, Inc		7,021
225,266		Praxair, Inc		18,974
20,200	*	Prestige Brands Holdings, Inc		165
2,240,334	*	Procter & Gamble Co		156,980
15,641	e*	Progenics Pharmaceuticals, Inc		102
1,015	e*	Protalix BioTherapeutics, Inc		3
21,781	e*	Quidel Corp		350
128,735	e,v*	Revlon, Inc (Class A)		125
23,386	*	Rockwood Holdings, Inc		766
95,954	e	Rohm & Haas Co		5,189
86,923		RPM International, Inc		1,820
3	e*	RXi Pharmaceuticals Corp		-	^
32,161	e*	Salix Pharmaceuticals Ltd		202
32,144	e*	Santarus, Inc		83
1,144,758		Schering-Plough Corp		16,496
24,810	e*	Sciele Pharma, Inc		484
30,925		Scotts Miracle-Gro Co (Class A)		1,003
33,451	e	Sensient Technologies Corp		986
75,199	e*	Sepracor, Inc		1,468
76,670	e	Sherwin-Williams Co		3,913
91,466		Sigma-Aldrich Corp		5,456
3,797	e*	Somaxon Pharmaceuticals, Inc		18
3,400		Stepan Co		130
36,010	e*	SuperGen, Inc		90
10,427	e*	SurModics, Inc		437
24,273	e*	Tercica, Inc		139
31,857	e	Tronox, Inc (Class B)		124
6,411	e*	Trubion Pharmaceuticals, Inc		61
36,392		UAP Holding Corp		1,395
9,300	e*	Ulta Salon Cosmetics & Fragrance, Inc		131
16,346	*	United Therapeutics Corp		1,417
7,764	*	US BioEnergy Corp		46
8,287	e*	USANA Health Sciences, Inc		183
81,074	e*	USEC, Inc		300
67,459	e*	Valeant Pharmaceuticals International		866
75,915	e	Valspar Corp		1,506
18,703	e*	Vanda Pharmaceuticals, Inc		72
60,046	*	VCA Antech, Inc		1,642
28,104	e*	Verasun Energy Corp		207

229

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
99,037	*	Vertex Pharmaceuticals, Inc	$	2,366
47,837	e*	Viropharma, Inc		428
64,240	e*	Warner Chilcott Ltd (Class A)		1,156
72,549	e*	Watson Pharmaceuticals, Inc		2,127
11,832	e	Westlake Chemical Corp		154
49,789	e*	WR Grace & Co		1,136
954,152		Wyeth		39,845
15,162	*	Xenoport, Inc		614
93,790	*	XOMA Ltd		243
26,437	e*	Zymogenetics, Inc		259
		TOTAL CHEMICALS AND ALLIED PRODUCTS		987,315
COAL MINING - 0.27%
46,611	*	Alpha Natural Resources, Inc		2,025
101,350		Arch Coal, Inc		4,409
129,779		Consol Energy, Inc		8,979
80,635	e*	International Coal Group, Inc		512
59,977		Massey Energy Co		2,189
187,317		Peabody Energy Corp		9,553
		TOTAL COAL MINING		27,667
COMMUNICATIONS - 4.23%
30,232	e	Alaska Communications Systems Group, Inc		370
281,890	*	American Tower Corp (Class A)		11,053
21,897	e*	Anixter International, Inc		1,402
5,854	e*	Aruba Networks, Inc		30
4,381,555		AT&T, Inc		167,814
6,765	e	Atlantic Tele-Network, Inc		229
10,900	e*	Audiovox Corp (Class A)		116
37,143	e*	Brightpoint, Inc		311
156,316	e*	Cablevision Systems Corp (Class A)		3,350
14,532	e*	Cbeyond Communications, Inc		273
15,110	e*	Centennial Communications Corp		89
25,290	e*	Central European Media Enterprises Ltd (Class A)		2,155
77,480		CenturyTel, Inc		2,575
284,093	e*	Charter Communications, Inc (Class A)		242
180,973	e*	Cincinnati Bell, Inc		771
143,100	e	Citadel Broadcasting Corp		238
242,615	e	Citizens Communications Co		2,545
351,009		Clear Channel Communications, Inc		10,256
8,891	e*	Clearwire Corp (Class A)		132
2,094,331		Comcast Corp (Class A)		40,504
15,026	e	Consolidated Communications Holdings, Inc		227
32,384	e*	Cox Radio, Inc (Class A)		385
164,878	*	Crown Castle International Corp		5,687
13,062	e*	Crown Media Holdings, Inc (Class A)		68
36,653	*	CTC Media, Inc		1,017
35,320	e*	Cumulus Media, Inc (Class A)		225
9,394	e*	DG FastChannel, Inc		180
503,330	*	DIRECTV Group, Inc		12,478
147,078	*	DISH Network Corp (Class A)		4,226
106,754		Embarq Corp		4,281
26,410	e*	Emmis Communications Corp (Class A)		92
22,831	e	Entercom Communications Corp (Class A)		227
52,691	*	Entravision Communications Corp (Class A)		351
24,592	e	Fairpoint Communications, Inc		222

230

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
86,527	e*	FiberTower Corp	$	152
5,404	e*	Fisher Communications, Inc		168
109,368	*	Foundry Networks, Inc		1,266
38,028	e*	General Communication, Inc (Class A)		233
12,443	*	GeoEye, Inc		323
25,456	e*	Global Crossing Ltd		386
53,416		Global Payments, Inc		2,209
8,275	e*	Globalstar, Inc		60
29,084	e	Gray Television, Inc		165
16,976	e*	Harris Stratex Networks, Inc (Class A)		170
18,785	e	Hearst-Argyle Television, Inc		388
4,578	e*	Hughes Communications, Inc		232
123,533	e*	IAC/InterActiveCorp		2,565
23,311	e	Ibasis, Inc		96
73,766	e*	ICO Global Communications Holdings Ltd		228
39,942	e	IDT Corp (Class B)		155
22,094	e	Iowa Telecommunications Services, Inc		392
11,781		iPCS, Inc		275
35,358	e*	j2 Global Communications, Inc		789
18,344	e*	Knology, Inc		238
38,462	e*	Leap Wireless International, Inc		1,792
1,126,352	e*	Level 3 Communications, Inc		2,388
244,243	e*	Liberty Global, Inc (Class A)		8,324
91,188	*	Liberty Media Corp - Capital (Series A)		1,435
364,752	*	Liberty Media Corp - Entertainment (Series A)		8,258
426,318	e*	Liberty Media Holding Corp (Interactive A)		6,881
17,509	e*	Lin TV Corp (Class A)		168
16,181	e*	Lodgenet Entertainment Corp		99
28,940	*	Mastec, Inc		238
42,748	e*	Mediacom Communications Corp (Class A)		185
40,573	e*	MetroPCS Communications, Inc		690
53,746	e*	NeuStar, Inc (Class A)		1,423
7,635	e*	Nexstar Broadcasting Group, Inc (Class A)		45
19,431	e*	Nextwave Wireless, Inc		98
122,502	*	NII Holdings, Inc		3,893
20,547	e*	Novatel Wireless, Inc		199
19,818		NTELOS Holdings Corp		480
18,865	e*	Orbcomm, Inc		94
49,151	e*	PAETEC Holding Corp		327
1,801	e	Preformed Line Products Co		88
1,139,484	e	Qwest Communications International, Inc		5,162
57,767	e*	Radio One, Inc (Class D)		88
20,736	e	RCN Corp		232
8,561	e*	Rural Cellular Corp (Class A)		379
8,327	e	Salem Communications Corp (Class A)		33
20,418	e*	SAVVIS, Inc		332
77,246	e*	SBA Communications Corp (Class A)		2,304
16,080	e	Shenandoah Telecom Co		239
34,573	e	Sinclair Broadcast Group, Inc (Class A)		308
31,566	e*	Spanish Broadcasting System, Inc (Class A)		56
1,983,979		Sprint Nextel Corp		13,273
9,587	e	SureWest Communications		148
8,854	e*	Switch & Data Facilities Co, Inc		90
16,874	*	Syniverse Holdings, Inc		281
72,927		Telephone & Data Systems, Inc		2,864
33,818	e*	Terremark Worldwide, Inc		185

231

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
109,696	e*	Time Warner Cable, Inc (Class A)	$	2,740
69,701	e*	TiVo, Inc		611
11,370	*	US Cellular Corp		625
18,421		USA Mobility, Inc		132
2,066,048		Verizon Communications, Inc		75,307
19,600	e*	Virgin Mobile USA, Inc		40
47,364	e*	Vonage Holdings Corp		88
339,959		Windstream Corp		4,062
202,956	*	XM Satellite Radio Holdings, Inc (Class A)		2,358
		TOTAL COMMUNICATIONS		433,653
DEPOSITORY INSTITUTIONS - 7.19%
9,281	e	1st Source Corp		195
8,068		Abington Bancorp, Inc		83
16,250	e	Amcore Financial, Inc		331
12,311	e	AmericanWest Bancorp		107
7,905	e	Ameris Bancorp		127
16,200	e	Anchor Bancorp Wisconsin, Inc		307
91,285	e	Associated Banc-Corp		2,431
61,450	e	Astoria Financial Corp		1,669
5,016	e	Bancfirst Corp		230
19,277		Banco Latinoamericano de Exportaciones S.A.		297
7,613	*	Bancorp, Inc		92
58,119		Bancorpsouth, Inc		1,346
48,672	e	Bank Mutual Corp		523
3,148,863		Bank of America Corp		119,373
38,376		Bank of Hawaii Corp		1,902
801,677		Bank of New York Mellon Corp		33,454
8,348	e	Bank of the Ozarks, Inc		200
33,271	e	BankAtlantic Bancorp, Inc (Class A)		130
17,629	e	BankFinancial Corp		280
22,200	e	BankUnited Financial Corp (Class A)		111
8,647	e	Banner Corp		199
393,639	e	BB&T Corp		12,620
6,060	e	Berkshire Hills Bancorp, Inc		153
16,366		BOK Financial Corp		855
24,206	e	Boston Private Financial Holdings, Inc		256
49,152	e	Brookline Bancorp, Inc		564
9,158	e	Capital City Bank Group, Inc		266
6,231	e	Capital Corp of the West		50
9,528	e	Capitol Bancorp Ltd		201
16,280	e	Capitol Federal Financial		610
19,846	e	Cascade Bancorp		190
4,403	e	Cass Information Systems, Inc		139
36,547	e	Cathay General Bancorp		758
40,600	e*	Centennial Bank Holdings, Inc		255
7,848	e	Center Financial Corp		71
20,935	e	Central Pacific Financial Corp		395
16,601	e	Chemical Financial Corp		396
3,691,946		Citigroup, Inc		79,082
54,766	e	Citizens Banking Corp		681
9,310	e	City Bank		207
12,921		City Holding Co		516
28,862	e	City National Corp		1,428
8,907	e	Clifton Savings Bancorp, Inc		90
10,291	e	CoBiz, Inc		134

232

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
112,443	e	Colonial Bancgroup, Inc	$	1,083
10,948	e	Columbia Banking System, Inc		245
110,338		Comerica, Inc		3,871
52,303		Commerce Bancshares, Inc		2,198
7,311	e*	Community Bancorp		99
20,690	e	Community Bank System, Inc		508
9,922	e	Community Trust Bancorp, Inc		291
27,635	e	Corus Bankshares, Inc		269
42,425	e	Cullen/Frost Bankers, Inc		2,250
47,839	e	CVB Financial Corp		498
19,824		Dime Community Bancshares		347
11,361	e*	Dollar Financial Corp		261
14,931	e	Downey Financial Corp		274
42,390	e	East West Bancorp, Inc		752
5,234	e	Enterprise Financial Services Corp		131
32,402	e*	Euronet Worldwide, Inc		624
390,893	e	Fifth Third Bancorp		8,178
7,060	e	First Bancorp		141
58,870		First Bancorp		598
11,558	e	First Busey Corp		244
23,638	e	First Charter Corp		631
4,516		First Citizens Bancshares, Inc (Class A)		629
51,852	e	First Commonwealth Financial Corp		601
18,350		First Community Bancorp, Inc		493
6,565	e	First Community Bancshares, Inc		239
23,858	e	First Financial Bancorp		321
14,678	e	First Financial Bankshares, Inc		602
8,954	e	First Financial Corp		276
8,300	e	First Financial Holdings, Inc		195
90,481	e	First Horizon National Corp		1,268
12,330	e	First Merchants Corp		352
34,833	e	First Midwest Bancorp, Inc		967
79,187	e	First Niagara Financial Group, Inc		1,076
10,172	e	First Place Financial Corp		132
4,965	e*	First Regional Bancorp		81
5,157	e	First South Bancorp, Inc		116
12,414	e	First State Bancorporation		166
9,672	e*	FirstFed Financial Corp		263
59,714	e	FirstMerit Corp		1,234
31,002	e	Flagstar Bancorp, Inc		224
12,979		Flushing Financial Corp		228
43,167	e	FNB Corp		674
16,647	e*	Franklin Bank Corp		50
47,441	e,v*	Fremont General Corp		24
28,387	e	Frontier Financial Corp		502
123,318	e	Fulton Financial Corp		1,516
37,500	e	Glacier Bancorp, Inc		719
7,290	e	Great Southern Bancorp, Inc		114
6,221	e	Greene County Bancshares, Inc		110
19,896	e	Hancock Holding Co		836
27,371	e	Hanmi Financial Corp		202
19,713	e	Harleysville National Corp		284
10,342	e	Heartland Financial USA, Inc		219
8,209	e	Heritage Commerce Corp		150
8,188	e	Home Bancshares, Inc		171
8,546	e	Horizon Financial Corp		118

233

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
385,057		Hudson City Bancorp, Inc	$	6,808
259,202	e	Huntington Bancshares, Inc		2,786
7,762	e	IBERIABANK Corp		343
3,467		Imperial Capital Bancorp, Inc		75
9,704	e	Independent Bank Corp		287
16,011	e	Independent Bank Corp		166
51,913	e	IndyMac Bancorp, Inc		258
12,591	e	Integra Bank Corp		204
35,467	e	International Bancshares Corp		801
37,852	*	Investors Bancorp, Inc		581
15,442	e	Irwin Financial Corp		82
2,423,976		JPMorgan Chase & Co		104,110
14,732	e	Kearny Financial Corp		161
281,336		Keycorp		6,175
13,792	e	Lakeland Bancorp, Inc		178
8,565	e	Lakeland Financial Corp		194
50,990	e	M&T Bank Corp		4,104
10,842	e	Macatawa Bank Corp		113
11,504	e	MainSource Financial Group, Inc		178
183,111		Marshall & Ilsley Corp		4,248
25,844	e	MB Financial, Inc		796
61,037	*	Metavante Technologies, Inc		1,220
11,521	e	Midwest Banc Holdings, Inc		147
15,140	e	Nara Bancorp, Inc		197
1,893	e	NASB Financial, Inc		50
409,074	e	National City Corp		4,070
58,409	e	National Penn Bancshares, Inc		1,063
24,427	e	NBT Bancorp, Inc		542
34,157	e*	Net 1 UEPS Technologies, Inc		770
226,140	e	New York Community Bancorp, Inc		4,120
78,754	e	NewAlliance Bancshares, Inc		966
156,677		Northern Trust Corp		10,414
12,217	e	Northwest Bancorp, Inc		334
50,588	e	Old National Bancorp		911
9,237	e	Old Second Bancorp, Inc		245
8,719	e	Omega Financial Corp		272
17,777		Oriental Financial Group, Inc		350
8,236	e*	Oritani Financial Corp		125
33,369	e	Pacific Capital Bancorp		717
9,214	e	Park National Corp		653
6,808	e	Peoples Bancorp, Inc		164
184,256		People's United Financial, Inc		3,190
17,415	e	PFF Bancorp, Inc		145
10,869	e*	Pinnacle Financial Partners, Inc		278
247,343		PNC Financial Services Group, Inc		16,218
211,921		Popular, Inc		2,471
6,370	e	Preferred Bank		106
12,613	e	PrivateBancorp, Inc		397
23,642	e	Prosperity Bancshares, Inc		678
25,227	e	Provident Bankshares Corp		271
53,846		Provident Financial Services, Inc		761
30,181	e	Provident New York Bancorp		407
4,843	e	QC Holdings, Inc		44
497,118	e	Regions Financial Corp		9,818
10,908	e	Renasant Corp		245
6,104	e	Republic Bancorp, Inc (Class A)		115

234

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
6,115	e	Rockville Financial, Inc	$	84
7,271	e	Roma Financial Corp		108
3,344	e	Royal Bancshares of Pennsylvania (Class A)		48
20,998	e	S&T Bancorp, Inc		676
8,198	e	S.Y. Bancorp, Inc		191
9,617	e	Sandy Spring Bancorp, Inc		265
4,873		Santander BanCorp		49
5,836	e	SCBT Financial Corp		197
9,460	e	Seacoast Banking Corp of Florida		104
13,240	e	Security Bank Corp		105
3,786	e	Sierra Bancorp		82
20,862	e*	Signature Bank		532
9,660	e	Simmons First National Corp (Class A)		287
53,177	e	South Financial Group, Inc		790
8,362	e	Southside Bancshares, Inc		201
9,257		Southwest Bancorp, Inc		162
304,500	e	Sovereign Bancorp, Inc		2,838
281,819		State Street Corp		22,264
13,290	e	Sterling Bancorp		206
48,597		Sterling Bancshares, Inc		483
17,306	e	Sterling Financial Corp		302
34,680	e	Sterling Financial Corp		541
7,140	e	Suffolk Bancorp		226
8,750	*	Sun Bancorp, Inc		115
253,028		SunTrust Banks, Inc		13,952
23,978	e*	Superior Bancorp		119
60,235	e	Susquehanna Bancshares, Inc		1,227
24,169	e*	SVB Financial Group		1,055
196,051	e	Synovus Financial Corp		2,168
4,565		Taylor Capital Group, Inc		75
91,260	e	TCF Financial Corp		1,635
16,293	e*	Texas Capital Bancshares, Inc		275
75,201	e	TFS Financial Corp		905
14,873	e	TierOne Corp		168
6,413	e	Tompkins Trustco, Inc		316
9,919	e	Trico Bancshares		172
51,426	e	Trustco Bank Corp NY		457
34,436	e	Trustmark Corp		767
67,163	e	UCBH Holdings, Inc		521
24,432	e	UMB Financial Corp		1,007
43,224	e	Umpqua Holdings Corp		670
8,916	e	Union Bankshares Corp		173
33,774		UnionBanCal Corp		1,658
27,662	e	United Bankshares, Inc		737
29,424	e	United Community Banks, Inc		500
18,456	e	United Community Financial Corp		114
5,067	e	United Security Bancshares		85
7,380	e	Univest Corp of Pennsylvania		193
1,231,699		US Bancorp		39,858
89,986	e	Valley National Bancorp		1,729
5,300		ViewPoint Financial Group		88
12,360	e*	Virginia Commerce Bancorp		142
75,924	e	W Holding Co, Inc		90
1,405,723		Wachovia Corp		37,955
62,928		Washington Federal, Inc		1,437
623,796	e	Washington Mutual, Inc		6,425

235

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
8,575	e	Washington Trust Bancorp, Inc	$	213
7,507	e*	Wauwatosa Holdings, Inc		89
36,246		Webster Financial Corp		1,010
2,410,933	e	Wells Fargo & Co		70,158
15,679		WesBanco, Inc		387
10,009		West Coast Bancorp		146
23,845	e	Westamerica Bancorporation		1,254
11,887	e*	Western Alliance Bancorp		153
545,087		Western Union Co		11,594
10,962		Westfield Financial, Inc		107
46,684	e	Whitney Holding Corp		1,157
51,413		Wilmington Trust Corp		1,599
9,638		Wilshire Bancorp, Inc		74
17,249	e	Wintrust Financial Corp		603
4,467	e	WSFS Financial Corp		220
76,375	e	Zions Bancorporation		3,479
		TOTAL DEPOSITORY INSTITUTIONS		736,843
EATING AND DRINKING PLACES - 0.92%
18,260	e*	AFC Enterprises		164
8,606	e*	Benihana, Inc (Class A)		97
9,771	e*	BJ's Restaurants, Inc		141
24,778	e	Bob Evans Farms, Inc		684
74,822		Brinker International, Inc		1,388
10,902	e*	Buffalo Wild Wings, Inc		267
41,112		Burger King Holdings, Inc		1,137
20,543	e*	California Pizza Kitchen, Inc		269
7,174	e*	Carrols Restaurant Group, Inc		64
17,289	e	CBRL Group, Inc		618
20,197	e*	CEC Entertainment, Inc		583
50,784	e*	Cheesecake Factory		1,107
23,855	e*	Chipotle Mexican Grill, Inc (Class B)		2,316
44,745	e	CKE Restaurants, Inc		502
99,900		Darden Restaurants, Inc		3,252
75,312	*	Denny's Corp		224
30,059	e	Domino's Pizza, Inc		405
11,578	e	IHOP Corp		555
44,170	*	Jack in the Box, Inc		1,187
39,881	e*	Krispy Kreme Doughnuts, Inc		122
12,903	e	Landry's Restaurants, Inc		210
8,310	e*	McCormick & Schmick's Seafood Restaurants, Inc		97
849,810	*	McDonald's Corp		47,394
7,205	e*	Morton's Restaurant Group, Inc		57
14,289	e	O'Charleys, Inc		165
15,393	e*	Papa John's International, Inc		373
18,084	e*	PF Chang's China Bistro, Inc		514
11,853	e*	Red Robin Gourmet Burgers, Inc		445
38,476	e	Ruby Tuesday, Inc		289
10,929	e*	Ruth's Chris Steak House, Inc		75
47,245	e*	Sonic Corp		1,041
522,395	*	Starbucks Corp		9,142
19,171	e*	Steak N Shake Co		151
37,299	e*	Texas Roadhouse, Inc (Class A)		366
133,986	e	Tim Hortons, Inc		4,562
43,886	e	Triarc Cos (Class B)		303
61,697		Wendy's International, Inc		1,423

236

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
337,252		Yum! Brands, Inc	$	12,549
		TOTAL EATING AND DRINKING PLACES		94,238
EDUCATIONAL SERVICES - 0.10%
3,700	*	American Public Education, Inc		112
101,988	*	Apollo Group, Inc (Class A)		4,406
69,638	e*	Career Education Corp		886
62,840	e*	Corinthian Colleges, Inc		454
42,460		DeVry, Inc		1,777
28,064	e*	ITT Educational Services, Inc		1,289
3,041	e*	Lincoln Educational Services Corp		36
10,353	e	Strayer Education, Inc		1,579
14,801	e*	Universal Technical Institute, Inc		174
		TOTAL EDUCATIONAL SERVICES		10,713
ELECTRIC, GAS, AND SANITARY SERVICES - 4.16%
478,851	*	AES Corp		7,982
55,012		AGL Resources, Inc		1,888
119,733		Allegheny Energy, Inc		6,047
17,427	e	Allete, Inc		673
80,451		Alliant Energy Corp		2,817
200,074	*	Allied Waste Industries, Inc		2,163
146,454	e	Ameren Corp		6,450
10,902		American Ecology Corp		276
282,775		American Electric Power Co, Inc		11,772
11,397	e	American States Water Co		410
96,135		Aqua America, Inc		1,805
276,036	*	Aquila, Inc		886
62,677		Atmos Energy Corp		1,598
35,312		Avista Corp		691
26,385	e	Black Hills Corp		944
13,965	e	California Water Service Group		533
13,533	*	Casella Waste Systems, Inc (Class A)		148
225,760		Centerpoint Energy, Inc		3,222
7,119		Central Vermont Public Service Corp		170
13,300	e	CH Energy Group, Inc		517
7,162	e*	Clean Energy Fuels Corp		96
11,577	e*	Clean Harbors, Inc		752
40,584		Cleco Corp		900
158,961	e	CMS Energy Corp		2,152
191,082	e	Consolidated Edison, Inc		7,586
10,306	e	Consolidated Water Co, Inc		227
127,165		Constellation Energy Group, Inc		11,225
85,275	e*	Covanta Holding Corp		2,345
26,277	e	Crosstex Energy, Inc		892
410,940	e	Dominion Resources, Inc		16,783
80,044	e	DPL, Inc		2,052
116,457		DTE Energy Co		4,529
892,873		Duke Energy Corp		15,938
251,740	*	Dynegy, Inc (Class A)		1,986
231,016		Edison International		11,324
495,165		El Paso Corp		8,240
32,219	*	El Paso Electric Co		689
21,443		Empire District Electric Co		434
50,662		Energen Corp		3,156
110,044		Energy East Corp		2,654

237

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
21,200		EnergySolutions, Inc	$	486
4,326	e	EnergySouth, Inc		226
2,665	e*	EnerNOC, Inc		30
139,842		Entergy Corp		15,254
477,645		Exelon Corp		38,818
216,611		FirstEnergy Corp		14,864
288,503	*	FPL Group, Inc		18,101
63,000	e	Great Plains Energy, Inc		1,553
59,766	e	Hawaiian Electric Industries, Inc		1,427
31,800	e	Idacorp, Inc		1,021
53,480	e	Integrys Energy Group, Inc		2,494
36,259	e	ITC Holdings Corp		1,888
14,800	e	Laclede Group, Inc		527
131,012	e	MDU Resources Group, Inc		3,216
14,002	e	MGE Energy, Inc		477
152,863	*	Mirant Corp		5,563
58,945	e	National Fuel Gas Co		2,783
33,565	e	New Jersey Resources Corp		1,042
31,941	e	Nicor, Inc		1,070
193,868		NiSource, Inc		3,342
109,115		Northeast Utilities		2,678
19,700	e	Northwest Natural Gas Co		856
24,616		NorthWestern Corp		600
171,301	*	NRG Energy, Inc		6,679
75,589	e	NSTAR		2,300
64,715		OGE Energy Corp		2,017
73,311		Oneok, Inc		3,272
9,662	e	Ormat Technologies, Inc		416
19,998	e	Otter Tail Corp		708
136,693		Pepco Holdings, Inc		3,379
248,387		PG&E Corp		9,146
10,816	e*	Pico Holdings, Inc		327
52,959		Piedmont Natural Gas Co, Inc		1,391
12,323	e*	Pike Electric Corp		172
70,786		Pinnacle West Capital Corp		2,483
54,221	e	PNM Resources, Inc		676
21,481		Portland General Electric Co		484
273,615		PPL Corp		12,564
182,248		Progress Energy, Inc		7,600
34,100	m,v*	Progress Energy, Inc		-	^
357,868		Public Service Enterprise Group, Inc		14,383
89,350		Puget Energy, Inc		2,312
121,788		Questar Corp		6,888
249,129	*	Reliant Energy, Inc		5,892
117,594		Republic Services, Inc		3,438
10,949	e	Resource America, Inc (Class A)		103
82,423		SCANA Corp		3,015
186,773		Sempra Energy		9,951
156,710		Sierra Pacific Resources		1,979
10,436	e	SJW Corp		298
20,851	e	South Jersey Industries, Inc		732
533,239	e	Southern Co		18,989
76,048		Southern Union Co		1,770
28,345		Southwest Gas Corp		793
16,033	e	Southwest Water Co		177
62,027	*	Stericycle, Inc		3,194

238

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
148,252	e	TECO Energy, Inc	$	2,365
75,102		UGI Corp		1,872
16,909	e	UIL Holdings Corp		509
24,831		Unisource Energy Corp		553
55,079	e	Vectren Corp		1,478
48,547	*	Waste Connections, Inc		1,492
3,755	e	Waste Industries USA, Inc		136
19,253	e*	Waste Services, Inc		156
70,730	e	Westar Energy, Inc		1,611
34,425	e	WGL Holdings, Inc		1,104
427,803		Williams Cos, Inc		14,109
82,788	e	Wisconsin Energy Corp		3,642
288,988		Xcel Energy, Inc		5,765
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		425,588
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 6.19%
15,750	e*	Acme Packet, Inc		126
22,958	e*	Actel Corp		351
30,632	e	Acuity Brands, Inc		1,316
82,321	e*	Adaptec, Inc		242
86,140	*	ADC Telecommunications, Inc		1,041
42,374		Adtran, Inc		784
25,828	*	Advanced Analogic Technologies, Inc		145
23,059	*	Advanced Energy Industries, Inc		306
430,590	e*	Advanced Micro Devices, Inc		2,536
218943		Altera Corp		4,035
27,254	e*	American Superconductor Corp		632
75,446		Ametek, Inc		3,313
73,876	e*	Amkor Technology, Inc		790
126,589		Amphenol Corp (Class A)		4,715
42,735	e*	Anadigics, Inc		280
212,578		Analog Devices, Inc		6,275
612,970	*	Apple Computer, Inc		87,961
53,861	e*	Applied Micro Circuits Corp		387
94,272	e*	Arris Group, Inc		549
38,898	*	Atheros Communications, Inc		811
336,155	*	Atmel Corp		1,170
25,930	e*	ATMI, Inc		722
119,087	e*	Avanex Corp		85
101,613	*	Avnet, Inc		3,326
34,410	e	AVX Corp		441
8,359	e*	AZZ, Inc		297
32,362	e	Baldor Electric Co		906
7,316	e	Bel Fuse, Inc (Class B)		204
51,432	*	Benchmark Electronics, Inc		923
9,033	e*	BigBand Networks, Inc		52
330,478	*	Broadcom Corp (Class A)		6,368
19,382	e*	Ceradyne, Inc		619
27,817	e*	Checkpoint Systems, Inc		747
60,188	e*	Ciena Corp		1,856
4,320,363	*	Cisco Systems, Inc		104,078
15,327	*	Comtech Telecommunications Corp		598
352,109	e*	Conexant Systems, Inc		204
129,303		Cooper Industries Ltd (Class A)		5,192
5,037	*	CPI International, Inc		50
60,981	e*	Cree, Inc		1,705

239

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
23,637		CTS Corp	$	253
14,434		Cubic Corp		410
108,831	*	Cypress Semiconductor Corp		2,569
21,186	e*	Diodes, Inc		465
31,325	e*	Ditech Networks, Inc		92
28,077	*	Dolby Laboratories, Inc (Class A)		1,018
21,955	e*	DSP Group, Inc		280
10,894	e*	DTS, Inc		261
103,354		Eaton Corp		8,234
29,415	e*	EchoStar Corp (Class A)		869
23,062	e*	Electro Scientific Industries, Inc		380
10,542	*	EMS Technologies, Inc		286
40,393	*	Energizer Holdings, Inc		3,655
28,552	e*	Energy Conversion Devices, Inc		854
18,146	*	EnerSys		434
67,390	e*	Evergreen Solar, Inc		625
25,111	e*	Exar Corp		207
85,596	*	Fairchild Semiconductor International, Inc		1,020
195,626	e*	Finisar Corp		250
25,326	*	First Solar, Inc		5,854
13,705	e	Franklin Electric Co, Inc		468
46,577	e*	FuelCell Energy, Inc		310
168,527	*	Gemstar-TV Guide International, Inc		792
73,879	e*	GrafTech International Ltd		1,198
16,954	e*	Greatbatch, Inc		312
42,847		Harman International Industries, Inc		1,866
54,755	*	Harmonic, Inc		416
94,943		Harris Corp		4,608
21,557	e*	Helen of Troy Ltd		362
67,315	*	Hexcel Corp		1,286
11,513	*	Hittite Microwave Corp		431
554,920		Honeywell International, Inc		31,309
16,902	e*	Hutchinson Technology, Inc		269
24,375	e	Imation Corp		554
9,000	*	Infinera Corp		108
139,841	*	Integrated Device Technology, Inc		1,249
4,135,039		Intel Corp		87,580
33,604	e*	InterDigital, Inc		666
50,270	*	International Rectifier Corp		1,081
95,551		Intersil Corp (Class A)		2,453
28,293	*	InterVoice, Inc		225
6,910	e*	IPG Photonics Corp		108
7,978	e*	iRobot Corp		136
16,725	*	IXYS Corp		114
48,831	e*	Jarden Corp		1,062
145,351	*	JDS Uniphase Corp		1,946
66,338	*	Kemet Corp		268
87,515		L-3 Communications Holdings, Inc		9,569
81,127	e*	Lattice Semiconductor Corp		230
29,989		Lincoln Electric Holdings, Inc		1,934
157,428	e	Linear Technology Corp		4,831
17,104	*	Littelfuse, Inc		598
8,072	e*	Loral Space & Communications, Inc		192
12,960		LSI Industries, Inc		171
507,879	e*	LSI Logic Corp		2,514
337,959	*	Marvell Technology Group Ltd		3,677

240

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
37,299	*	Mattson Technology, Inc	$	227
14,709	e*	Medis Technologies Ltd		133
158,819	*	MEMC Electronic Materials, Inc		11,260
13,858	*	Mercury Computer Systems, Inc		78
23,004		Methode Electronics, Inc		269
46,581	e	Micrel, Inc		432
133,945	e	Microchip Technology, Inc		4,384
531,074	e*	Micron Technology, Inc		3,171
55,954	e*	Microsemi Corp		1,276
45,471	*	Microtune, Inc		166
33,720	e*	MIPS Technologies, Inc		134
97,407		Molex, Inc		2,256
15,444	e*	Monolithic Power Systems, Inc		272
26,866	*	Moog, Inc (Class A)		1,134
1,642,877	*	Motorola, Inc		15,279
89,555	e*	MRV Communications, Inc		123
6,600	e*	Multi-Fineline Electronix, Inc		124
3,138	e	National Presto Industries, Inc		164
191,136		National Semiconductor Corp		3,502
245,461	*	NetApp, Inc		4,921
13,186	e*	Netlogic Microsystems, Inc		318
72,689	e*	Novellus Systems, Inc		1,530
383,727	*	Nvidia Corp		7,594
39,050	e*	Omnivision Technologies, Inc		657
218,311	e*	ON Semiconductor Corp		1,240
80,242	e*	On2 Technologies, Inc		82
68,043	e	Openwave Systems, Inc		167
15,398	e*	Oplink Communications, Inc		137
13,224	e*	OpNext, Inc		72
8,730	e*	Optium Corp		61
10,891	e*	OSI Systems, Inc		251
13,852	e	Park Electrochemical Corp		358
14,362	*	Pericom Semiconductor Corp		211
29,346	*	Photronics, Inc		280
38,239		Plantronics, Inc		738
32,750	*	Plexus Corp		919
15,100	e*	PLX Technology, Inc		101
150,922	e*	PMC - Sierra, Inc		860
66,237	*	Polycom, Inc		1,493
3,961	*	Powell Industries, Inc		156
51,516	e*	Power-One, Inc		165
96,435	e*	Powerwave Technologies, Inc		246
96,680	*	QLogic Corp		1,484
1,186,162		Qualcomm, Inc		48,633
95,926		RadioShack Corp		1,559
76,796	e*	Rambus, Inc		1,790
11,399	e	Raven Industries, Inc		345
22,604	e	Regal-Beloit Corp		828
186,204	e*	RF Micro Devices, Inc		495
12,342	*	Rogers Corp		412
385,770	*	Sanmina-SCI Corp		625
21,571	e*	Seachange International, Inc		152
52,119	*	Semtech Corp		747
56,384	e*	Silicon Image, Inc		282
38,539	e*	Silicon Laboratories, Inc		1,216
72,899	*	Silicon Storage Technology, Inc		191

241

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
1,068,735	e*	Sirius Satellite Radio, Inc	$	3,057
112,344	e*	Skyworks Solutions, Inc		818
35,494	e*	Smart Modular Technologies WWH, Inc		220
65,116	e*	Spansion, Inc (Class A)		179
28,315	e*	Spectrum Brands, Inc		129
14,503	e*	Standard Microsystems Corp		423
5,300	e*	Starent Networks Corp		72
10,374	e*	Stoneridge, Inc		140
18,208	e*	Sunpower Corp (Class A)		1,357
8,595	e*	Supertex, Inc		175
129,793	*	Sycamore Networks, Inc		475
35,188	e*	Symmetricom, Inc		123
20,007	e*	Synaptics, Inc		478
41,522	e*	Syntax-Brillian Corp		41
30,703		Technitrol, Inc		710
10,550	e*	Techwell, Inc		114
42,847	e*	Tekelec		533
27,669		Teleflex, Inc		1,320
309,010	e*	Tellabs, Inc		1,684
33,830	*	Tessera Technologies, Inc		704
942,139	*	Texas Instruments, Inc		26,634
41,326	*	Thomas & Betts Corp		1,503
40,125	e*	Trident Microsystems, Inc		207
105,731	*	Triquint Semiconductor, Inc		535
32,309	*	TTM Technologies, Inc		366
352,250		Tyco Electronics Ltd		12,089
13,489	e*	Ultra Clean Holdings		132
16,474	e*	Universal Display Corp		236
8,900	e*	Universal Electronics, Inc		215
87,200	e*	Utstarcom, Inc		248
54,329	*	Varian Semiconductor Equipment Associates, Inc		1,529
15,575	*	Viasat, Inc		338
12,845	e	Vicor Corp		153
127,423	*	Vishay Intertechnology, Inc		1,154
13,179	*	Volterra Semiconductor Corp		149
56,062	e	Whirlpool Corp		4,865
210,715		Xilinx, Inc		5,005
19,213	e*	Zoltek Cos, Inc		510
35,864	*	Zoran Corp		490
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		633,857
ENGINEERING AND MANAGEMENT SERVICES - 0.97%
13,465	e*	Advisory Board Co		740
28,593	*	Aecom Technology Corp		744
3,198	e*	Affymax, Inc		45
93,512	e*	Amylin Pharmaceuticals, Inc		2,731
54,636	*	Applera Corp (Celera Genomics Group)		803
40,510	e*	Ariad Pharmaceuticals, Inc		137
7,981	e	CDI Corp		200
301,755	*	Celgene Corp		18,495
4,200	*	comScore, Inc		84
8,356	e*	Cornell Cos, Inc		188
27,057	e	Corporate Executive Board Co		1,095
8,400	e*	CRA International, Inc		270
41,854	*	CV Therapeutics, Inc		298
20,365	e	Diamond Management & Technology Consultants, Inc		131

242

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
35,921	e*	eResearch Technology, Inc	$	446
65,374	e*	Exelixis, Inc		454
11,236	*	Exponent, Inc		369
62,125		Fluor Corp		8,770
12,000	e*	Genpact Ltd		147
36,978	*	Gen-Probe, Inc		1,782
15,327	*	Greenfield Online, Inc		182
31,752	e*	Harris Interactive, Inc		87
67,023	*	Hewitt Associates, Inc (Class A)		2,666
13,227	*	Huron Consulting Group, Inc		550
60,816	e*	Incyte Corp		639
65,186	e*	Isis Pharmaceuticals, Inc		920
84,227	*	Jacobs Engineering Group, Inc		6,198
119,883		KBR, Inc		3,324
8,794	*	Kendle International, Inc		395
29,364	e*	Kosan Biosciences, Inc		46
6,175		Landauer, Inc		311
17,070	*	LECG Corp		160
26,264	e*	Lifecell Corp		1,104
22,750	e*	Luminex Corp		447
15,124		MAXIMUS, Inc		555
16,427	e*	Maxygen, Inc		106
160,080	*	McDermott International, Inc		8,776
5,139	*	Michael Baker Corp		115
152,736	e	Moody's Corp		5,320
7,000	e*	MTC Technologies, Inc		166
31,449	e*	Myriad Genetics, Inc		1,267
40,786	*	Navigant Consulting, Inc		774
22,856	e*	Neurogen Corp		43
24,067	e*	Omnicell, Inc		484
239,692		Paychex, Inc		8,212
14,301	e*	PharmaNet Development Group, Inc		361
110,430		Quest Diagnostics, Inc		4,999
44,788	*	Regeneron Pharmaceuticals, Inc		859
97,295	e*	Rentech, Inc		87
32,857		Resources Connection, Inc		587
17,806	*	Rigel Pharmaceuticals, Inc		332
20,942	*	RTI Biologics, Inc		198
118,800	e*	SAIC, Inc		2,208
41,515	e*	Savient Pharmaceuticals, Inc		830
29,620	e*	Seattle Genetics, Inc		270
21,388	e*	Senomyx, Inc		126
56,724	*	Shaw Group, Inc		2,674
5,857	*	Stanley, Inc		173
24,068	e*	Symyx Technologies, Inc		180
7,624	e*	Tejon Ranch Co		285
35,223	e*	Telik, Inc		86
38,899	e*	Tetra Tech, Inc		759
56,597	*	URS Corp		1,850
21,511	e*	Verenium Corp		76
30,194		Watson Wyatt & Co Holdings (Class A)		1,713
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		99,429
FABRICATED METAL PRODUCTS - 0.54%
23,434	*	Alliant Techsystems, Inc		2,426
6,162	e	Ameron International Corp		576

243

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
49,516		Aptargroup, Inc	$	1,928
69,983		Ball Corp		3,215
8,848	*	Chart Industries, Inc		299
11,232	e	CIRCOR International, Inc		520
84,663		Commercial Metals Co		2,537
13,231	e*	Commercial Vehicle Group, Inc		131
2,198	e	Compx International, Inc		20
35,527	e	Crane Co		1,434
115,778	*	Crown Holdings, Inc		2,913
8,340	e	Dynamic Materials Corp		360
20,133	e*	Griffon Corp		173
9,089		Gulf Island Fabrication, Inc		261
332905		Illinois Tool Works, Inc		16,056
10,094	e	Insteel Industries, Inc		117
9,968	*	Ladish Co, Inc		359
8,117	e	Lifetime Brands, Inc		73
25,129	e*	Mobile Mini, Inc		478
80,964	e	Mueller Water Products, Inc (Class A)		662
15,669	e*	NCI Building Systems, Inc		379
122,851		Parker Hannifin Corp		8,510
5,880	e*	Park-Ohio Holdings Corp		92
71,324	e	Pentair, Inc		2,275
7,218	*	PGT, Inc		20
17,440		Silgan Holdings, Inc		866
26,264	e	Simpson Manufacturing Co, Inc		714
20,492	e*	Smith & Wesson Holding Corp		103
41,032		Snap-On, Inc		2,087
59,613	e	Stanley Works		2,839
16,048	e*	Sturm Ruger & Co, Inc		132
7,928	e	Sun Hydraulics Corp		232
44,785	e*	Taser International, Inc		421
9,351	e*	Trimas Corp		49
13,461	e	Valmont Industries, Inc		1,183
23,144	e	Watts Water Technologies, Inc (Class A)		649
		TOTAL FABRICATED METAL PRODUCTS		55,089
FOOD AND KINDRED PRODUCTS - 3.80%
14,670	e*	Altus Pharmaceuticals, Inc		67
4,618	e*	American Dairy, Inc		42
508,918	*	Anheuser-Busch Cos, Inc		24,148
461,261	*	Archer Daniels Midland Co		18,986
6,482	e*	Boston Beer Co, Inc (Class A)		308
86,176	e	Bunge Ltd		7,487
163,485		Campbell Soup Co		5,550
4,202		Coca-Cola Bottling Co Consolidated		259
1,641,559		Coca-Cola Co		99,922
221,712		Coca-Cola Enterprises, Inc		5,365
352,153		ConAgra Foods, Inc		8,434
135,742	e*	Constellation Brands, Inc (Class A)		2,399
52,685		Corn Products International, Inc		1,957
56,731	*	Darling International, Inc		735
142,789		Del Monte Foods Co		1,361
5,320	e	Farmer Bros Co		123
55,188		Flowers Foods, Inc		1,366
228,958		General Mills, Inc		13,710
229,711		H.J. Heinz Co		10,790

244

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
49,620	e*	Hansen Natural Corp	$	1,752
119,038	e	Hershey Co		4,484
51,155	e	Hormel Foods Corp		2,131
8,158	e	Imperial Sugar Co		154
9,626		J&J Snack Foods Corp		264
39,921		J.M. Smucker Co		2,020
15,444	e*	Jones Soda Co		54
166,943		Kellogg Co		8,774
1,139,720		Kraft Foods, Inc (Class A)		35,343
15,961		Lancaster Colony Corp		638
20,449		Lance, Inc		401
8,556	e*	M&F Worldwide Corp		320
92,993		McCormick & Co, Inc		3,438
6,584	e	MGP Ingredients, Inc		46
82,604		Molson Coors Brewing Co (Class B)		4,342
5,604		National Beverage Corp		43
9,395	e*	Peet's Coffee & Tea, Inc		221
99,580		Pepsi Bottling Group, Inc		3,377
41,694		PepsiAmericas, Inc		1,064
1,158,957	*	PepsiCo, Inc		83,677
24,523	*	Performance Food Group Co		801
18,114	e*	Ralcorp Holdings, Inc		1,053
15,246	e	Reddy Ice Holdings, Inc		199
121,895		Reynolds American, Inc		7,195
12,303	e	Sanderson Farms, Inc		468
519,532		Sara Lee Corp		7,263
77,264	e*	Smithfield Foods, Inc		1,990
26,942	e	Tootsie Roll Industries, Inc		679
20,712	*	TreeHouse Foods, Inc		473
187,021		Tyson Foods, Inc (Class A)		2,983
171,217		Wrigley (Wm.) Jr Co		10,759
		TOTAL FOOD AND KINDRED PRODUCTS		389,415
FOOD STORES - 0.32%
837	e	Arden Group, Inc (Class A)		120
17,270	e*	Great Atlantic & Pacific Tea Co, Inc		453
8,163	e	Ingles Markets, Inc (Class A)		201
474,488		Kroger Co		12,052
20,111	e*	Panera Bread Co (Class A)		842
16,292	*	Pantry, Inc		343
29,048		Ruddick Corp		1,071
312,849		Safeway, Inc		9,182
149,082		Supervalu, Inc		4,470
2,326	e	Village Super Market (Class A)		120
6,734		Weis Markets, Inc		232
99,875	e	Whole Foods Market, Inc		3,293
21,903	e*	Winn-Dixie Stores, Inc		393
		TOTAL FOOD STORES		32,772
FORESTRY - 0.12%
53,628		Rayonier, Inc		2,329
152,288	*	Weyerhaeuser Co		9,905
		TOTAL FORESTRY		12,234
FURNITURE AND FIXTURES - 0.28%
18,783	e	Ethan Allen Interiors, Inc		534

245

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
34,198	e	Furniture Brands International, Inc	$	400
44,896	e	Herman Miller, Inc		1,103
43,616	*	Hillenbrand Industries, Inc		2,085
33,809	e	HNI Corp		909
7,413	e	Hooker Furniture Corp		166
38,561		Interface, Inc (Class A)		542
417,572		Johnson Controls, Inc		14,114
18,600		Kimball International, Inc (Class B)		199
36,828	e	La-Z-Boy, Inc		307
124,980	e	Leggett & Platt, Inc		1,906
267,097	e	Masco Corp		5,297
28,667	e	Sealy Corp		218
39,114	e*	Select Comfort Corp		141
53,400	e	Tempur-Pedic International, Inc		587
		TOTAL FURNITURE AND FIXTURES		28,508
FURNITURE AND HOME FURNISHINGS STORES - 0.17%
186,627	e*	Bed Bath & Beyond, Inc		5,506
121,037	e	Circuit City Stores, Inc		482
111,416	*	GameStop Corp (Class A)		5,761
16,062	e	Haverty Furniture Cos, Inc		171
31,963		Knoll, Inc		369
37,412	e*	Mohawk Industries, Inc		2,679
64,355	e*	Pier 1 Imports, Inc		404
58,232		Steelcase, Inc (Class A)		644
21,617	e	Tuesday Morning Corp		112
64,234	e	Williams-Sonoma, Inc		1,557
		TOTAL FURNITURE AND HOME FURNISHINGS STORES		17,685
GENERAL BUILDING CONTRACTORS - 0.22%
1,271	e	Amrep Corp		66
3,890	e*	Avatar Holdings, Inc		170
27,719	e	Beazer Homes USA, Inc		262
7,978	e	Brookfield Homes Corp		134
84,992	e	Centex Corp		2,058
221,862	e	DR Horton, Inc		3,494
26,548	e*	Hovnanian Enterprises, Inc (Class A)		281
54,387	e	KB Home		1,345
96,790	e	Lennar Corp (Class A)		1,821
9,603	e	M/I Homes, Inc		163
17,708	e	McGrath RentCorp		427
24,302	e	MDC Holdings, Inc		1,064
16,766	e*	Meritage Homes Corp		324
2,899	*	NVR, Inc		1,732
11,355	e*	Palm Harbor Homes, Inc		60
18,779	*	Perini Corp		680
149,622	e	Pulte Homes, Inc		2,177
27,006		Ryland Group, Inc		888
45,800	e	Standard-Pacific Corp		223
8,756	e*	Team, Inc		239
89,281	e*	Toll Brothers, Inc		2,096
37,809		Walter Industries, Inc		2,368
21,762	e*	WCI Communities, Inc		73
		TOTAL GENERAL BUILDING CONTRACTORS		22,145

246

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
GENERAL MERCHANDISE STORES - 1.70%
31,592	e*	99 Cents Only Stores	$	313
64,387	e*	Big Lots, Inc		1,436
46,090	e*	BJ's Wholesale Club, Inc		1,645
7,308	e	Bon-Ton Stores, Inc		40
35,721		Casey's General Stores, Inc		807
8,648	e*	Conn's, Inc		141
315,132		Costco Wholesale Corp		20,474
37,494	e	Dillard's, Inc (Class A)		645
99,442	e	Family Dollar Stores, Inc		1,939
29,664	e	Fred's, Inc		304
159,672		JC Penney Co, Inc		6,021
306,997		Macy's, Inc		7,079
17,729	e*	Retail Ventures, Inc		86
99,401	e*	Saks, Inc		1,240
17,973	e	Stein Mart, Inc		101
607,265		Target Corp		30,776
304,988		TJX Cos, Inc		10,086
1,716,873		Wal-Mart Stores, Inc		90,445
		TOTAL GENERAL MERCHANDISE STORES		173,578
HEALTH SERVICES - 1.14%
18,580	e*	Alliance Imaging, Inc		160
18,220	e*	Amedisys, Inc		717
8,641	e*	American Dental Partners, Inc		84
119,181		AmerisourceBergen Corp		4,884
22,231	*	Amsurg Corp		526
31,771	*	Apria Healthcare Group, Inc		627
42,918	e*	Assisted Living Concepts, Inc (A Shares)		253
7,094	e*	Bio-Reference Labs, Inc		187
27,594	e	Brookdale Senior Living, Inc		659
203,764		Cigna Corp		8,267
65,924	*	Community Health Systems, Inc		2,213
6,016	*	Corvel Corp		184
45,004	*	Covance, Inc		3,734
110,607	*	Coventry Health Care, Inc		4,463
22,090	e*	Cross Country Healthcare, Inc		273
16,323	e*	CryoLife, Inc		153
74,364	*	DaVita, Inc		3,552
41,198	*	Edwards Lifesciences Corp		1,835
8,598	e*	eHealth, Inc		190
7,411	e*	Emeritus Corp		155
18,855	e*	Enzo Biochem, Inc		171
156,380	*	Express Scripts, Inc		10,058
8,923	e*	Genomic Health, Inc		169
4,000	*	Genoptix, Inc		100
18,949	*	Gentiva Health Services, Inc		412
156,106	*	Health Management Associates, Inc (Class A)		826
55,200	*	Healthsouth Corp		982
24,588	e*	Healthways, Inc		869
18,980	e*	Hythiam, Inc		23
40,949	e*	Immunomedics, Inc		115
21,589	*	Kindred Healthcare, Inc		472
79,042	*	Laboratory Corp of America Holdings		5,824
14,843	e	LCA-Vision, Inc		186
8,098	*	LHC Group, Inc		136
39,831	e*	LifePoint Hospitals, Inc		1,094

247

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
59,405	*	Lincare Holdings, Inc	$	1,670
27,594	e*	Magellan Health Services, Inc		1,095
13,215	*	Matria Healthcare, Inc		295
210,008		McKesson Corp		10,998
6,947	e*	Medcath Corp		126
371,540	*	Medco Health Solutions, Inc		16,270
4,992	e	National Healthcare Corp		243
65,248	e*	Nektar Therapeutics		453
15,155	*	Nighthawk Radiology Holdings, Inc		142
25,907	*	Odyssey HealthCare, Inc		233
85,615	e	Omnicare, Inc		1,555
34,263	*	Pediatrix Medical Group, Inc		2,309
73,265		Pharmaceutical Product Development, Inc		3,070
38,523	e*	Psychiatric Solutions, Inc		1,307
12,730	*	RehabCare Group, Inc		191
15,881	e*	Skilled Healthcare Group, Inc (Class A)		174
16,786	e*	Stereotaxis, Inc		99
30,632	*	Sun Healthcare Group, Inc		403
35,130	e*	Sunrise Senior Living, Inc		783
334,984	e*	Tenet Healthcare Corp		1,896
8,100	*	Triple-S Management Corp (Class B)		143
32,048		Universal Health Services, Inc (Class B)		1,721
384,291	*	WellPoint, Inc		16,959
		TOTAL HEALTH SERVICES		116,688
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.07%
3,709	e*	Comverge, Inc		38
99,442	*	Foster Wheeler Ltd		5,631
25,688	e	Granite Construction, Inc		840
17,122	e*	Matrix Service Co		294
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		6,803
HOLDING AND OTHER INVESTMENT OFFICES - 2.33%
23,371	e	Acadia Realty Trust		564
25953	e*	Affiliated Managers Group, Inc		2,355
5,860	e	Agree Realty Corp		161
39,669	e	Alesco Financial, Inc		114
1,423	e*	Alexander's, Inc		504
22,774	e	Alexandria Real Estate Equities, Inc		2,112
109,067	e	Allied Capital Corp		2,010
70,448		AMB Property Corp		3,834
16,528		American Campus Communities, Inc		452
101,231		American Financial Realty Trust		804
12,511	e*	Ampal American Israel (Class A)		80
325,431		Annaly Mortgage Management, Inc		4,986
40,991	e	Anthracite Capital, Inc		271
49,445		Anworth Mortgage Asset Corp		303
65,085	e	Apartment Investment & Management Co (Class A)		2,331
84,805	e	Apollo Investment Corp		1,342
8,687	e	Arbor Realty Trust, Inc		131
76,924		Ashford Hospitality Trust, Inc		437
10,813		Associated Estates Realty Corp		124
56,325		AvalonBay Communities, Inc		5,436
46,986	e	BioMed Realty Trust, Inc		1,122
72,439		Boston Properties, Inc		6,669
61,655		Brandywine Realty Trust		1,046

248

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
37,240	e	BRE Properties, Inc (Class A)	$	1,697
4,999	e	BRT Realty Trust		70
40,240		Camden Property Trust		2,020
30,528	e	Capital Lease Funding, Inc		237
2,167	e	Capital Southwest Corp		268
8,296	e	Capital Trust, Inc (Class A)		224
46,296	e	CBL & Associates Properties, Inc		1,089
20,960	e	CBRE Realty Finance, Inc		84
31,340		Cedar Shopping Centers, Inc		366
5,581	e	Cherokee, Inc		188
32,771		Colonial Properties Trust		788
28,732		Corporate Office Properties Trust		966
28,724		Cousins Properties, Inc		710
17,561	e	Crystal River Capital, Inc		157
123,500	e	DCT Industrial Trust, Inc		1,230
41,233	e	Deerfield Capital Corp		58
88,008	e	Developers Diversified Realty Corp		3,686
63,663		DiamondRock Hospitality Co		807
37,521	e	Digital Realty Trust, Inc		1,332
70,934	e	Douglas Emmett, Inc		1,565
104,881		Duke Realty Corp		2,392
15,783	e	EastGroup Properties, Inc		733
18,827		Education Realty Trust, Inc		237
16,159	e*	Energy Infrastructure Acquisition Corp		161
19,856	e	Entertainment Properties Trust		979
15,082		Equity Lifestyle Properties, Inc		745
26,061	e	Equity One, Inc		625
193,308		Equity Residential		8,020
17,086	e	Essex Property Trust, Inc		1,947
45,371	e	Extra Space Storage, Inc		735
41,943	e	Federal Realty Investment Trust		3,269
48,174		FelCor Lodging Trust, Inc		580
32,972	e	First Industrial Realty Trust, Inc		1,018
16,992	e	First Potomac Realty Trust		261
41,850	e	Franklin Street Properties Corp		599
106,628	e	Friedman Billings Ramsey Group, Inc (Class A)		181
153,090	e	General Growth Properties, Inc		5,843
11,498	e	Getty Realty Corp		183
7,828	e	Gladstone Capital Corp		146
26,916	e	Glimcher Realty Trust		322
27,800	e	GMH Communities Trust		241
12,400	e	Gramercy Capital Corp		260
154,108	e	HCP, Inc		5,210
57,238		Health Care REIT, Inc		2,583
34,672	e	Healthcare Realty Trust, Inc		907
28,508		Hersha Hospitality Trust		257
11,539	e*	HFF, Inc (Class A)		58
29,600	e*	Hicks Acquisition Co I, Inc		272
41,242		Highwoods Properties, Inc		1,281
30,269	e*	Hilltop Holdings, Inc		315
25,159		Home Properties, Inc		1,207
66,278		Hospitality Properties Trust		2,255
368,977		Host Marriott Corp		5,874
150,177	e	HRPT Properties Trust		1,011
56,391	e	IMPAC Mortgage Holdings, Inc		72
48,741	e	Inland Real Estate Corp		741

249

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
32,947	e	Investors Real Estate Trust	$	322
295,350	e	iShares Russell 3000 Index Fund		22,509
90,509	e	iStar Financial, Inc		1,270
36,609	e*	Jamba, Inc		97
18,553	e	JER Investors Trust, Inc		157
24,426	e	Kilroy Realty Corp		1,200
151,738		Kimco Realty Corp		5,944
20,224		Kite Realty Group Trust		283
29,268	e	LaSalle Hotel Properties		841
51,795	e	Lexington Corporate Properties Trust		746
64,945		Liberty Property Trust		2,020
17,555		LTC Properties, Inc		451
31,753	e,v	Luminent Mortgage Capital, Inc		18
50,605		Macerich Co		3,556
49,047		Mack-Cali Realty Corp		1,751
29,713	e	Maguire Properties, Inc		425
36,111	e	Medical Properties Trust, Inc		409
32,379	e*	Meruelo Maddux Properties, Inc		82
93,419		MFA Mortgage Investments, Inc		589
20,324		Mid-America Apartment Communities, Inc		1,013
14,218	e	Mission West Properties, Inc		134
17,411		MVC Capital, Inc		265
18,515	e	National Health Investors, Inc		579
47,005		National Retail Properties, Inc		1,036
62,894		Nationwide Health Properties, Inc		2,123
29,156	e	Newcastle Investment Corp		241
29,330	e*	NexCen Brands, Inc		101
42,485	e	NorthStar Realty Finance Corp		347
47,487		Omega Healthcare Investors, Inc		824
11,623		Parkway Properties, Inc		430
13,973	e	PennantPark Investment Corp		119
23,126	e	Pennsylvania Real Estate Investment Trust		564
124,866	e	Plum Creek Timber Co, Inc		5,082
30,066		Post Properties, Inc		1,161
26,992		Potlatch Corp		1,114
179,182		Prologis		10,547
14,058	e	Prospect Capital Corp		214
11,782		PS Business Parks, Inc		611
88,541		Public Storage, Inc		7,847
44,670	e	RAIT Investment Trust		310
11,548		Ramco-Gershenson Properties		244
71,615	e	Realty Income Corp		1,835
17,153	e	Redwood Trust, Inc		624
49,074		Regency Centers Corp		3,178
15,662	e	Resource Capital Corp		119
8,737		Saul Centers, Inc		439
59,087		Senior Housing Properties Trust		1,400
156,245		Simon Property Group, Inc		14,517
42,555		SL Green Realty Corp		3,467
14,582	e	Sovran Self Storage, Inc		623
55,726	e	Strategic Hotels & Resorts, Inc		732
12,790		Sun Communities, Inc		262
44,687		Sunstone Hotel Investors, Inc		715
22,030	e	Tanger Factory Outlet Centers, Inc		847
11,598	e*	Tarragon Corp		25
37,822		Taubman Centers, Inc		1,971

250

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
19,900	e*	Triplecrown Acquisition Corp	$	181
100,110		UDR, Inc		2,455
10,285	e	Universal Health Realty Income Trust		342
19,529	e	Urstadt Biddle Properties, Inc (Class A)		307
33,533		U-Store-It Trust		380
94,158		Ventas, Inc		4,229
209,494		Virgin Media, Inc		2,948
94,821		Vornado Realty Trust		8,175
42,541		WABCO Holdings, Inc		1,941
33,112	e	Washington Real Estate Investment Trust		1,107
55,000	e	Weingarten Realty Investors		1,894
36,561		Winthrop Realty Trust		151
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		238,690
HOTELS AND OTHER LODGING PLACES - 0.37%
18,496	e	Ameristar Casinos, Inc		337
15,345	e*	Bluegreen Corp		103
39,969	e	Boyd Gaming Corp		799
26,796		Choice Hotels International, Inc		914
29,868	e*	Gaylord Entertainment Co		905
21,853	e*	Great Wolf Resorts, Inc		139
9,907	e*	Isle of Capri Casinos, Inc		71
73,773	e*	Las Vegas Sands Corp		5,433
14,595	*	Lodgian, Inc		163
14,891	e	Marcus Corp		286
213,970	e	Marriott International, Inc (Class A)		7,352
83,467	*	MGM Mirage		4,905
8,692	*	Monarch Casino & Resort, Inc		154
14,393	e*	Morgans Hotel Group Co		213
30,124	e	Orient-Express Hotels Ltd (Class A)		1,300
10,185	e*	Riviera Holdings Corp		210
133,623		Starwood Hotels & Resorts Worldwide, Inc		6,915
19,819	e*	Trump Entertainment Resorts, Inc		71
22,214	e*	Vail Resorts, Inc		1,073
128,944		Wyndham Worldwide Corp		2,667
38,929		Wynn Resorts Ltd		3,918
		TOTAL HOTELS AND OTHER LODGING PLACES		37,928
INDUSTRIAL MACHINERY AND EQUIPMENT - 7.57%
8,853	e	Aaon, Inc		177
39,814	e	Actuant Corp (Class A)		1,203
64,792	*	AGCO Corp		3,880
18,980	e	Albany International Corp (Class A)		686
17,732	e*	Allis-Chalmers Energy, Inc		245
7,249	*	Altra Holdings, Inc		97
5,232		Ampco-Pittsburgh Corp		225
977,204		Applied Materials, Inc		19,065
13,287	*	Astec Industries, Inc		515
39,136	*	Asyst Technologies, Inc		137
73,014	*	Axcelis Technologies, Inc		409
44,378	e	Black & Decker Corp		2,933
11,587		Black Box Corp		357
27,159	e*	Blount International, Inc		336
34,939	e	Briggs & Stratton Corp		625
283,655	*	Brocade Communications Systems, Inc		2,071
52,087	e*	Brooks Automation, Inc		506

251

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
26,513		Bucyrus International, Inc (Class A)	$	2,695
43,791	e	Carlisle Cos, Inc		1,464
8,415	e	Cascade Corp		415
453,825	e	Caterpillar, Inc		35,530
62,093	*	Cirrus Logic, Inc		417
12,813	*	Columbus McKinnon Corp		397
22,453	e*	Cray, Inc		134
147,318		Cummins, Inc		6,897
31,330		Curtiss-Wright Corp		1,300
22,436	e*	Cymer, Inc		584
320,832		Deere & Co		25,808
1,608,985	*	Dell, Inc		32,051
51,236		Diebold, Inc		1,924
54,806		Donaldson Co, Inc		2,208
136,565		Dover Corp		5,706
60,631	*	Dresser-Rand Group, Inc		1,864
19,841	*	Dril-Quip, Inc		922
39,428	*	Electronics for Imaging, Inc		588
1,495,961	*	EMC Corp		21,452
60,542	*	Emulex Corp		983
10,817	*	ENGlobal Corp		92
15,889	e*	EnPro Industries, Inc		496
97,823	*	Entegris, Inc		703
89,895	e*	Extreme Networks, Inc		279
12,988	e*	Flotek Industries, Inc		190
26,655	e*	Flow International Corp		248
40,195		Flowserve Corp		4,196
91,622	e*	FMC Technologies, Inc		5,212
12,288	e*	Fuel Tech, Inc		252
37,362	*	Gardner Denver, Inc		1,386
10,307	e*	Gehl Co		175
7,311,257	d*	General Electric Co		270,590
9,597	e	Gorman-Rupp Co		316
43,862		Graco, Inc		1,590
90,683	*	Grant Prideco, Inc		4,463
7,778	e	Hardinge, Inc		107
1,754,896	*	Hewlett-Packard Co		80,129
3,857	e*	Hurco Cos, Inc		180
56,272		IDEX Corp		1,727
18,659	*	Immersion Corp		133
192,090		Ingersoll-Rand Co Ltd (Class A)		8,563
39,372	e*	Intermec, Inc		874
972,196	*	International Business Machines Corp		111,939
222,540		International Game Technology		8,948
14,156	*	Intevac, Inc		183
5,817	e*	Isilon Systems, Inc		28
128,454		ITT Industries, Inc		6,655
129,647		Jabil Circuit, Inc		1,226
76,748		Joy Global, Inc		5,001
9,545	*	Kadant, Inc		280
21,080	e	Kaydon Corp		926
56,933		Kennametal, Inc		1,676
40,500	*	Kulicke & Soffa Industries, Inc		194
88,030	*	Lam Research Corp		3,365
38,084		Lennox International, Inc		1,370
66,966	*	Lexmark International, Inc (Class A)		2,057

252

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
9,300	e	Lindsay Manufacturing Co	$	953
10,534		Lufkin Industries, Inc		672
87,858	e	Manitowoc Co, Inc		3,585
57,418	*	Micros Systems, Inc		1,933
9,480	e*	Middleby Corp		591
24,902	e	Modine Manufacturing Co		361
3,910	e	Nacco Industries, Inc (Class A)		316
12,415	*	NATCO Group, Inc (Class A)		580
24,403	e*	Netgear, Inc		487
23,832	e	Nordson Corp		1,283
34,849	e*	Oil States International, Inc		1,562
86,870		Pall Corp		3,047
72,885	e	Palm, Inc		364
134,455	e*	Quantum Corp		288
25,143	e*	Rackable Systems, Inc		229
14,719	*	RBC Bearings, Inc		547
7,282	*	Rimage Corp		159
13,878	*	Riverbed Technology, Inc		206
19,984		Robbins & Myers, Inc		653
106,305		Rockwell Automation, Inc		6,104
85,950	e*	Safeguard Scientifics, Inc		128
161,340	*	SanDisk Corp		3,641
6,258	e	Sauer-Danfoss, Inc		139
19,852	e*	Scansource, Inc		718
45,874	e*	Scientific Games Corp (Class A)		968
392,405		Seagate Technology, Inc		8,217
86,617	m,v	Seagate Technology, Inc		-	^
15,689	e*	Semitool, Inc		131
20,064	e*	Sigma Designs, Inc		455
4,732	e*	Silicon Graphics, Inc		56
44,258	e*	SourceForge, Inc		88
37,255		SPX Corp		3,908
8,469		Standex International Corp		189
22,478	e*	STEC, Inc		139
6,704	*	Super Micro Computer, Inc		56
3,935	*	T-3 Energy Services, Inc		168
10,545	*	Tecumseh Products Co (Class A)		324
11,200		Tennant Co		446
127,189	*	Teradata Corp		2,806
72,830	*	Terex Corp		4,552
62,888		Timken Co		1,869
26,107	e	Toro Co		1,081
127,623		Trane, Inc		5,858
14,313	e*	TurboChef Technologies, Inc		93
6,504	e	Twin Disc, Inc		103
18,851	*	Ultratech, Inc		181
90,420	*	Varian Medical Systems, Inc		4,235
43,796	e*	VeriFone Holdings, Inc		695
16,186	e	Watsco, Inc		670
156,881	*	Western Digital Corp		4,242
40,338		Woodward Governor Co		1,078
48,810	e*	Zebra Technologies Corp (Class A)		1,626
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		775,335
INSTRUMENTS AND RELATED PRODUCTS - 4.87%
15,924	e*	Abaxis, Inc		369

253

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
16,958	e*	Abiomed, Inc	$	223
11,700	e*	Accuray, Inc		91
42,253	e*	Advanced Medical Optics, Inc		858
48,446	e*	Affymetrix, Inc		844
262,139	*	Agilent Technologies, Inc		7,820
42,246	e*	Align Technology, Inc		469
216,878		Allergan, Inc		12,230
51,214	e*	American Medical Systems Holdings, Inc		727
6,336	e	American Science & Engineering, Inc		346
11,392		Analogic Corp		758
14,600	e*	Anaren, Inc		185
15,144	*	Angiodynamics, Inc		175
119,785		Applera Corp (Applied Biosystems Group)		3,936
17,103	e*	Applied Energetics, Inc		28
7,835	e*	Argon ST, Inc		133
18,626	e*	Arthrocare Corp		621
11,116	e*	Aspect Medical Systems, Inc		68
9,964	e	Badger Meter, Inc		431
73,773		Bard (C.R.), Inc		7,112
461,294		Baxter International, Inc		26,672
44,153		Beckman Coulter, Inc		2,850
173,674		Becton Dickinson & Co		14,910
12,755	*	Bio-Rad Laboratories, Inc (Class A)		1,135
942,844	*	Boston Scientific Corp		12,134
46,048	*	Bruker BioSciences Corp		709
8,219	e*	Cantel Medical Corp		87
39,114	e*	Cepheid, Inc		954
15,857	e	Cohu, Inc		258
22,053	e*	Conmed Corp		565
31,515	e	Cooper Cos, Inc		1,085
349,750		Covidien Ltd		15,476
70,483	e*	Credence Systems Corp		120
9,576	e*	Cutera, Inc		129
14,634	e*	Cyberonics, Inc		212
5,493	*	Cynosure, Inc (Class A)		117
174,221		Danaher Corp		13,246
9,120		Datascope Corp		378
106,541		Dentsply International, Inc		4,112
15,633	e*	Dionex Corp		1,204
28,799		DRS Technologies, Inc		1,678
8,652	*	Eagle Test Systems, Inc		91
203,504	e*	Eastman Kodak Co		3,596
563,062		Emerson Electric Co		28,975
19,238	e*	ESCO Technologies, Inc		764
18,700	*	Esterline Technologies Corp		942
48,426	e*	ev3, Inc		394
7,765	*	Excel Technology, Inc		209
10,521	e*	FARO Technologies, Inc		328
24,915	e*	FEI Co		544
8,200	*	FGX International Holdings Ltd		98
93,902	e*	Flir Systems, Inc		2,826
34,873	e*	Formfactor, Inc		666
30,712	e*	Fossil, Inc		938
83,692	e	Garmin Ltd		4,520
19,314	*	Haemonetics Corp		1,151
87,147	*	Hologic, Inc		4,845

254

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
9,395	e*	ICU Medical, Inc	$	270
13,461	e*	I-Flow Corp		189
16,744	e*	II-VI, Inc		636
38,965	e*	Illumina, Inc		2,957
5,270	e*	Insulet Corp		76
14,613	e*	Integra LifeSciences Holdings Corp		635
26,669	*	Intuitive Surgical, Inc		8,650
22,994	e	Invacare Corp		512
52,711	e*	ION Geophysical Corp		727
21,241	e*	Itron, Inc		1,917
30,992	*	Ixia		240
2,060,863		Johnson & Johnson		133,688
8,260	e*	Kensey Nash Corp		239
128,287		Kla-Tencor Corp		4,759
41,961	e*	L-1 Identity Solutions, Inc		558
49,063	e*	LTX Corp		154
9,698	e*	Masimo Corp		252
9,778	e*	Measurement Specialties, Inc		171
9,627	e*	Medical Action Industries, Inc		158
813,569		Medtronic, Inc		39,352
23,876	e	Mentor Corp		614
18,330	*	Merit Medical Systems, Inc		290
26,843	*	Mettler-Toledo International, Inc		2,607
10,806	e*	Micrus Endovascular Corp		134
38,216	e*	Millipore Corp		2,576
19,960	e	Mine Safety Appliances Co		822
35,548	*	MKS Instruments, Inc		761
12,667		Movado Group, Inc		247
13,932		MTS Systems Corp		449
39,105		National Instruments Corp		1,022
13,063	e*	Natus Medical, Inc		237
27,910	e*	Newport Corp		312
13,692	e*	Northstar Neuroscience, Inc		22
23,547	e*	NuVasive, Inc		813
14,324	e*	NxStage Medical, Inc		62
11,676	e*	Orthofix International NV		464
2,713	e*	OYO Geospace Corp		123
12,302	e*	Palomar Medical Technologies, Inc		186
85,092		PerkinElmer, Inc		2,064
156,250		Pitney Bowes, Inc		5,472
56,088	e*	Resmed, Inc		2,366
118,475		Rockwell Collins, Inc		6,771
21,764	*	Rofin-Sinar Technologies, Inc		977
62,447		Roper Industries, Inc		3,712
20,900	e*	Rudolph Technologies, Inc		204
37,475	e*	Sirf Technology Holdings, Inc		191
11,900	e*	Sirona Dental Systems, Inc		321
18,952	e*	Sonic Innovations, Inc		92
16,954	e*	Sonic Solutions, Inc		164
11,650	e*	SonoSite, Inc		331
21,581	e*	Spectranetics Corp		180
239,147	*	St. Jude Medical, Inc		10,329
45,970		STERIS Corp		1,233
215,788		Stryker Corp		14,037
24,549	*	Symmetry Medical, Inc		408
27,552	*	Techne Corp		1,856

255

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
25,935	*	Teledyne Technologies, Inc	$	1,219
122,676	*	Teradyne, Inc		1,524
298,225	*	Thermo Electron Corp		16,951
37,720	e*	Thoratec Corp		539
84,208	e*	Trimble Navigation Ltd		2,408
23,832	*	Varian, Inc		1,380
20,673	e*	Veeco Instruments, Inc		344
11,927	e*	Vital Images, Inc		177
7,691		Vital Signs, Inc		390
40,285	e*	Vivus, Inc		243
16,979	e*	Volcano Corp		212
71,444	*	Waters Corp		3,979
24,247	e*	Wright Medical Group, Inc		585
662,689	e	Xerox Corp		9,920
20,207	e*	X-Rite, Inc		121
168,070	*	Zimmer Holdings, Inc		13,086
11,924	*	Zoll Medical Corp		317
12,959	e*	Zygo Corp		161
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		498,487
INSURANCE AGENTS, BROKERS AND SERVICE - 0.41%
207,579		AON Corp		8,345
79,149		Brown & Brown, Inc		1,376
14,025	e*	Crawford & Co (Class B)		74
66,596	e	Gallagher (Arthur J.) & Co		1,573
223,875		Hartford Financial Services Group, Inc		16,963
27,850		Hilb Rogal & Hobbs Co		876
366,906		Marsh & McLennan Cos, Inc		8,934
28,892	e	National Financial Partners Corp		649
4,573	*	United America Indemnity Ltd (Class A)		88
6,431		White Mountains Insurance Group Ltd		3,087
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		41,965
INSURANCE CARRIERS - 4.15%
232,287		ACE Ltd		12,790
361,326		Aetna, Inc		15,208
346,929		Aflac, Inc		22,533
21,901	e	Alfa Corp		481
3,676	e*	Alleghany Corp		1,255
34,741		Allied World Assurance Holdings Ltd		1,379
402,604		Allstate Corp		19,349
72,280	e	Ambac Financial Group, Inc		416
39,900	e	American Equity Investment Life Holding Co		370
54,873		American Financial Group, Inc		1,403
1,591,701		American International Group, Inc		68,841
11,112		American National Insurance Co		1,186
8,194		American Physicians Capital, Inc		380
37,965	e*	AMERIGROUP Corp		1,038
13,065	*	Amerisafe, Inc		165
17,807	e	Amtrust Financial Services, Inc		289
32,144	*	Arch Capital Group Ltd		2,207
18,828	*	Argo Group International Holdings Ltd		669
66,759		Aspen Insurance Holdings Ltd		1,761
83,996		Assurant, Inc		5,112
56,754	e	Assured Guaranty Ltd		1,347
111,529		Axis Capital Holdings Ltd		3,790

256

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
4,897		Baldwin & Lyons, Inc (Class B)	$	126
5,529	e	Castlepoint Holdings Ltd		54
31,767	*	Centene Corp		443
265,732		Chubb Corp		13,148
121,325		Cincinnati Financial Corp		4,615
24,979	e*	Citizens, Inc		167
19,762		CNA Financial Corp		510
10,118	*	CNA Surety Corp		156
32,662	e	Commerce Group, Inc		1,178
134,174	*	Conseco, Inc		1,369
5,246	e*	Darwin Professional Underwriters, Inc		118
30,740		Delphi Financial Group, Inc (Class A)		899
9,364		Donegal Group, Inc (Class A)		163
4,503	e	EMC Insurance Group, Inc		121
41,600		Employers Holdings, Inc		771
38,280	e	Endurance Specialty Holdings Ltd		1,401
4,920	e*	Enstar Group Ltd		547
32,103	e	Erie Indemnity Co (Class A)		1,643
45,104		Everest Re Group Ltd		4,038
10,036		FBL Financial Group, Inc (Class A)		286
157,242		Fidelity National Title Group, Inc (Class A)		2,882
13,254	e*	First Acceptance Corp		38
65,120	e	First American Corp		2,210
8,814	*	First Mercury Financial Corp		153
10,047	e	Flagstone Reinsurance Holdings Ltd		122
6,887	e*	Fpic Insurance Group, Inc		325
307,546		Genworth Financial, Inc (Class A)		6,963
6,240	e*	Greenlight Capital Re Ltd (Class A)		116
36,385		Hanover Insurance Group, Inc		1,497
10,427	e	Harleysville Group, Inc		376
78,139		HCC Insurance Holdings, Inc		1,773
79,283	*	Health Net, Inc		2,442
21,690	e*	HealthExtras, Inc		539
33,695	*	Healthspring, Inc		474
33,145		Horace Mann Educators Corp		579
118,769	*	Humana, Inc		5,328
3,952	e	Independence Holding Co		47
16,217		Infinity Property & Casualty Corp		675
45,138		IPC Holdings Ltd		1,264
2,078		Kansas City Life Insurance Co		100
12,081	e	LandAmerica Financial Group, Inc		477
115,888	e	Leucadia National Corp		5,240
191,478	*	Lincoln National Corp		9,957
305,658		Loews Corp		12,294
7,160	*	Markel Corp		3,150
42,796		Max Re Capital Ltd		1,121
157,358	e	MBIA, Inc		1,923
18,349	e	Meadowbrook Insurance Group, Inc		143
19,709		Mercury General Corp		873
333,375		Metlife, Inc		20,089
59,078	e	MGIC Investment Corp		622
8,179	e	Midland Co		531
8,801	e*	Molina Healthcare, Inc		215
79,211	e	Montpelier Re Holdings Ltd		1,271
11,286	e	National Interstate Corp		264
1,551		National Western Life Insurance Co (Class A)		336

257

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
36,646		Nationwide Financial Services, Inc (Class A)	$	1,733
9,235	*	Navigators Group, Inc		502
4,145	e	NYMAGIC, Inc		94
20,098	e	Odyssey Re Holdings Corp		739
161,230		Old Republic International Corp		2,081
20,220		OneBeacon Insurance Group Ltd		385
40,306		PartnerRe Ltd		3,075
38,987	*	Philadelphia Consolidated Holding Co		1,255
79,793	e	Phoenix Cos, Inc		974
42,287		Platinum Underwriters Holdings Ltd		1,373
22,267	e*	PMA Capital Corp (Class A)		190
61,333	e	PMI Group, Inc		357
13,808		Presidential Life Corp		241
32,274	e*	Primus Guaranty Ltd		116
188,945	e	Principal Financial Group		10,528
24,172	e*	ProAssurance Corp		1,301
491,204		Progressive Corp		7,894
49,619		Protective Life Corp		2,013
311,418		Prudential Financial, Inc		24,368
56,697	e	Radian Group, Inc		372
12,774	e*	RAM Holdings Ltd		29
21,524	e	Reinsurance Group Of America, Inc		1,172
49,901		RenaissanceRe Holdings Ltd		2,590
14,961	e	RLI Corp		742
65,362		Safeco Corp		2,868
10,157		Safety Insurance Group, Inc		347
14,868	*	SeaBright Insurance Holdings, Inc		219
16,972	e,v	Security Capital Assurance Ltd		9
40,400		Selective Insurance Group, Inc		965
34,895		Stancorp Financial Group, Inc		1,665
9,480	e	State Auto Financial Corp		276
12,744	e	Stewart Information Services Corp		357
67,478		Torchmark Corp		4,056
14,216		Tower Group, Inc		358
19,325		Transatlantic Holdings, Inc		1,282
439,807		Travelers Cos, Inc		21,045
8,107	e*	Triad Guaranty, Inc		41
14,738		United Fire & Casualty Co		551
887,062		UnitedHealth Group, Inc		30,479
32,289	e	Unitrin, Inc		1,141
34,467	*	Universal American Financial Corp		365
256,407		UnumProvident Corp		5,643
8,000		Validus Holdings Ltd		187
111,200		W.R. Berkley Corp		3,079
29,275	*	WellCare Health Plans, Inc		1,140
921	e	Wesco Financial Corp		372
131,394	e	XL Capital Ltd (Class A)		3,883
26,173		Zenith National Insurance Corp		939
		TOTAL INSURANCE CARRIERS		425,522
JUSTICE, PUBLIC ORDER AND SAFETY - 0.01%
33,722	e*	Geo Group, Inc		959
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		959
LEATHER AND LEATHER PRODUCTS - 0.11%
250,909	*	Coach, Inc		7,565

258

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
56,694	e*	CROCS, Inc	$	990
15,990	e*	Genesco, Inc		370
35,899	e*	Iconix Brand Group, Inc		623
16,270	e*	Steven Madden Ltd		279
33,262	*	Timberland Co (Class A)		457
3,210	e	Weyco Group, Inc		95
39,829		Wolverine World Wide, Inc		1,155
		TOTAL LEATHER AND LEATHER PRODUCTS		11,534
LEGAL SERVICES - 0.03%
32,832	e*	FTI Consulting, Inc		2,332
7,324	e*	Pre-Paid Legal Services, Inc		311
		TOTAL LEGAL SERVICES		2,643
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.00%**
6,514	e*	Emergency Medical Services Corp (Class A)		161
		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		161
LUMBER AND WOOD PRODUCTS - 0.02%
8,518	e	American Woodmark Corp		175
54,030	e*	Champion Enterprises, Inc		542
7,514	e	Deltic Timber Corp		419
75,407	e	Louisiana-Pacific Corp		692
4,307	e	Skyline Corp		120
11,966	e	Universal Forest Products, Inc		385
		TOTAL LUMBER AND WOOD PRODUCTS		2,333
METAL MINING - 0.55%
38,747	e*	Apex Silver Mines Ltd		470
31871	e	Cleveland-Cliffs, Inc		3,819
342,556	e*	Coeur d'Alene Mines Corp		1,384
31,879		Foundation Coal Holdings, Inc		1,604
269,708		Freeport-McMoRan Copper & Gold, Inc (Class B)		25,951
95,263	e*	Hecla Mining Co		1,063
301,686		Newmont Mining Corp		13,666
20,131	e*	Patriot Coal Corp		946
35,943	e*	Rosetta Resources, Inc		707
15,917	e	Royal Gold, Inc		480
19,857	e*	ShengdaTech, Inc		169
51,848	e	Southern Copper Corp		5,383
30,773	e*	Stillwater Mining Co		476
36,838	e*	Uranium Resources, Inc		221
33,336	*	US Gold Corp		85
		TOTAL METAL MINING		56,424
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.34%
12,119		Armstrong World Industries, Inc		432
19,692		Blyth, Inc		388
51,179		Callaway Golf Co		751
22,322	e	Daktronics, Inc		400
106,799		Fortune Brands, Inc		7,423
104,177		Hasbro, Inc		2,907
19,429	e*	Jakks Pacific, Inc		536
8,407	e	Marine Products Corp		68
261,421		Mattel, Inc		5,202
26,637	e	Nautilus, Inc		88

259

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
14,785	*	RC2 Corp	$	310
11,572	e*	Russ Berrie & Co, Inc		163
25,055	e*	Shuffle Master, Inc		134
4,356	e*	Steinway Musical Instruments, Inc		124
351,065		Tyco International Ltd		15,464
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		34,390
MISCELLANEOUS RETAIL - 1.34%
14,742	*	1-800-FLOWERS.COM, Inc (Class A)		125
11,957	e*	AC Moore Arts & Crafts, Inc		82
215,236	*	Amazon.com, Inc		15,346
32,698	e	Barnes & Noble, Inc		1,002
243,635		Best Buy Co, Inc		10,101
15,894	e	Big 5 Sporting Goods Corp		139
10,266	e*	Blue Nile, Inc		556
10,157	e	Books-A-Million, Inc		89
41,091	e	Borders Group, Inc		241
10,668	e*	Build-A-Bear Workshop, Inc		97
21,144	e*	Cabela's, Inc		299
20,960		Cash America International, Inc		763
36,440	e*	CKX, Inc		347
46,768	e*	Coldwater Creek, Inc		236
1,047,664		CVS Corp		42,441
55,706	*	Dick's Sporting Goods, Inc		1,492
64,540	*	Dollar Tree, Inc		1,781
25,590	*	Ezcorp, Inc (Class A)		315
16,458	*	GSI Commerce, Inc		216
24,778	e*	Hibbett Sports, Inc		383
23,197	e	Longs Drug Stores Corp		985
30,878	e	MSC Industrial Direct Co (Class A)		1,305
24,699	e*	Nutri/System, Inc		372
194,377	*	Office Depot, Inc		2,148
53,228		OfficeMax, Inc		1,019
11,517	e*	Overstock.com, Inc		137
6,868	*	PC Connection, Inc		54
91,194		Petsmart, Inc		1,864
26,864	e*	Priceline.com, Inc		3,247
9,367	e	Pricesmart, Inc		260
451,168	e*	Rite Aid Corp		1,326
49,578	e*	Sears Holdings Corp		5,061
10,339	e*	Shutterfly, Inc		154
12,380	e*	Stamps.com, Inc		127
505,558		Staples, Inc		11,178
9,938	e	Systemax, Inc		120
90085		Tiffany & Co		3,769
18,910	e*	Valuevision International, Inc (Class A)		105
705,007		Walgreen Co		26,854
20,188		World Fuel Services Corp		567
35,110	e*	Zale Corp		694
12,255	e*	Zumiez, Inc		192
		TOTAL MISCELLANEOUS RETAIL		137,589
MOTION PICTURES - 1.01%
32,976	e*	Avid Technology, Inc		803
143,498	e*	Blockbuster, Inc (Class A)		468
8,585	e	Carmike Cinemas, Inc		88

260

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
423,713		CBS Corp (Class B)	$	9,355
16,000	e	Cinemark Holdings, Inc		205
198,527	*	Discovery Holding Co (Class A)		4,213
46,691	*	DreamWorks Animation SKG, Inc (Class A)		1,204
11,202	e*	Gaiam, Inc (Class A)		194
36,572	e*	Macrovision Corp		494
30,800	e	National CineMedia, Inc		692
1,621,120		News Corp (Class A)		30,396
55,387	e	Regal Entertainment Group (Class A)		1,068
102,126	e*	Time Warner Telecom, Inc (Class A)		1,582
2,528,075		Time Warner, Inc		35,443
429,253	*	Viacom, Inc (Class B)		17,007
		TOTAL MOTION PICTURES		103,212
MUSEUMS, BOTANICAL, ZOOLOGICAL GARDENS - 0.00%**
20,726	e*	Premier Exhibitions, Inc		125
		TOTAL MUSEUMS, BOTANICAL, ZOOLOGICAL GARDENS		125
NONDEPOSITORY INSTITUTIONS - 1.12%
46,200		Advance America Cash Advance Centers, Inc		349
26,047	e	Advanta Corp (Class B)		183
20,000	e*	Alternative Asset Management Acquisition Corp		189
133,012	e	American Capital Strategies Ltd		4,544
733,895	*	American Express Co		32,086
83,434	e*	AmeriCredit Corp		840
44,379	e	Ares Capital Corp		558
14,793	*	Ares Capital Corp		8
9,451	e	Asta Funding, Inc		132
7,100	e	BlackRock Kelso Capital Corp		85
29,500	e*	Boise, Inc		189
277,091	e	Capital One Financial Corp		13,638
89,235	e	CapitalSource, Inc		863
36,971	e	Centerline Holding Co		150
23,500	e	Chimera Investment Corp		289
135,589		CIT Group, Inc		1,607
16,600	e*	CompuCredit Corp		147
419,906		Countrywide Financial Corp		2,309
6,736	e*	Credit Acceptance Corp		105
334,422	e	Discover Financial Services		5,474
11,162	e*	Encore Capital Group, Inc		76
693,644		Fannie Mae		18,257
7,676	e	Federal Agricultural Mortgage Corp (Class C)		200
20,830	e	Financial Federal Corp		454
18,408	e*	First Cash Financial Services, Inc		190
43,239	e	First Marblehead Corp		323
468,151		Freddie Mac		11,854
37,598	e	GLG Partners, Inc		446
24,950	e*	Guaranty Financial Group, Inc		265
16,475	e	Hercules Technology Growth Capital, Inc		179
22,394	e*	Information Services Group, Inc		116
47,885	e*	INVESTools, Inc		526
7,295		Kohlberg Capital Corp		76
26,632	e*	Marathon Acquisition Corp		206
44,000	e	MCG Capital Corp		400
6,285	*	MCG Capital Corp		7
11,400	e*	Mercadolibre, Inc		453

261

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
13,901	e	Nelnet, Inc (Class A)	$	163
9,384	e*	NewStar Financial, Inc		49
12,077	e	NGP Capital Resources Co		198
17,991	e*	NTR Acquisition Co		172
25,500	e*	Ocwen Financial Corp		113
12,881	e	Patriot Capital Funding, Inc		135
37,904	*	PHH Corp		661
330,610		SLM Corp		5,075
2,846		Student Loan Corp		281
176,246		Textron, Inc		9,767
89,770	e	Thornburg Mortgage, Inc		95
13,836	e	TICC Capital Corp		104
12,929	e*	World Acceptance Corp		412
		TOTAL NONDEPOSITORY INSTITUTIONS		114,998
NONMETALLIC MINERALS, EXCEPT FUELS - 0.07%
18,209	e	AMCOL International Corp		569
22,877		Compass Minerals International, Inc		1,349
33,604	e*	General Moly, Inc		269
73,019	e	Vulcan Materials Co		4,848
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		7,035
OIL AND GAS EXTRACTION - 3.91%
328,030		Anadarko Petroleum Corp		20,676
6,580	e	APCO Argentina, Inc		171
22,830	*	Arena Resources, Inc		884
17,079		Atlas America, Inc		1,032
18,008	*	ATP Oil & Gas Corp		589
19,787	*	Atwood Oceanics, Inc		1,815
225,841		Baker Hughes, Inc		15,470
28,976	e*	Basic Energy Services, Inc		640
27,860	e	Berry Petroleum Co (Class A)		1,295
21,932	e*	Bill Barrett Corp		1,036
207,173		BJ Services Co		5,906
11,997	*	Bois d'Arc Energy, Inc		258
32,124	e*	Brigham Exploration Co		195
18,177	e*	Bronco Drilling Co, Inc		293
30,420	e*	Cal Dive International, Inc		316
14,536	e*	Callon Petroleum Co		263
155,656	*	Cameron International Corp		6,482
16,647	e*	Carrizo Oil & Gas, Inc		987
35,790	e*	Cheniere Energy, Inc		709
346,953		Chesapeake Energy Corp		16,012
58,913		Cimarex Energy Co		3,225
3,369	*	Clayton Williams Energy, Inc		177
22,568	*	CNX Gas Corp		728
30,248	*	Complete Production Services, Inc		694
31,390	*	Comstock Resources, Inc		1,265
16,400	*	Concho Resources, Inc		420
9,375	*	Contango Oil & Gas Co		606
20,774	*	Continental Resources, Inc		662
5,228	e*	Dawson Geophysical Co		353
51,698	e*	Delta Petroleum Corp		1,165
174,348	*	Denbury Resources, Inc		4,978
48,480	e	Diamond Offshore Drilling, Inc		5,643
20,797	e*	Edge Petroleum Corp		84

262

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
37,611	*	Encore Acquisition Co	$	1,515
29,060	e*	Energy Partners Ltd		275
105,312		ENSCO International, Inc		6,595
84,592		Equitable Resources, Inc		4,982
43,665	e*	EXCO Resources, Inc		808
42,749	e*	Exterran Holdings, Inc		2,759
55,808	*	Forest Oil Corp		2,732
24,931	e*	FX Energy, Inc		106
21,487	e*	GeoGlobal Resources, Inc		60
4,904	e*	Geokinetics, Inc		89
12,517	*	Geomet, Inc		83
66,121	*	Global Industries Ltd		1,064
8,027	*	GMX Resources, Inc		280
17,175	e*	Goodrich Petroleum Corp		517
140,077	e*	Grey Wolf, Inc		950
13,872	e*	Gulfport Energy Corp		147
644,247		Halliburton Co		25,338
29,621	e*	Harvest Natural Resources, Inc		357
65,623	*	Helix Energy Solutions Group, Inc		2,067
73,077		Helmerich & Payne, Inc		3,425
59,046	*	Hercules Offshore, Inc		1,483
6,902	e	Kayne Anderson Energy Development Co		172
61,793	e*	Mariner Energy, Inc		1,669
25,267	e*	McMoRan Exploration Co		437
76,660	e*	Meridian Resource Corp		113
196,220	e*	Nabors Industries Ltd		6,626
250,352	*	National Oilwell Varco, Inc		14,616
64,229	e*	Newpark Resources, Inc		328
188,910		Noble Corp		9,383
38,589	*	Oceaneering International, Inc		2,431
97,508	e*	Oilsands Quest, Inc		384
27,407	e*	Parallel Petroleum Corp		536
80,330	e*	Parker Drilling Co		519
110,882		Patterson-UTI Energy, Inc		2,903
28,438		Penn Virginia Corp		1,254
136,214	e*	PetroHawk Energy Corp		2,747
12,730	*	Petroleum Development Corp		882
28,296	e*	Petroquest Energy, Inc		491
35,470	e*	Pioneer Drilling Co		565
87,353		Pioneer Natural Resources Co		4,291
79,717	*	Plains Exploration & Production Co		4,236
114,266	*	Pride International, Inc		3,994
71,068	*	Quicksilver Resources, Inc		2,596
105,318		Range Resources Corp		6,682
77,603	e	Rowan Cos, Inc		3,196
23,456	e	RPC, Inc		356
836,185	*	Schlumberger Ltd		72,748
16,455	e*	SEACOR Holdings, Inc		1,405
141,329		Smith International, Inc		9,078
243,078	*	Southwestern Energy Co		8,189
47,011		St. Mary Land & Exploration Co		1,810
19,310	*	Stone Energy Corp		1,010
23,906	e*	Sulphco, Inc		100
57,007	*	Superior Energy Services		2,259
7,105	e*	Superior Offshore International, Inc		24
11,230	e*	Superior Well Services, Inc		246

263

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
21,103	e*	Swift Energy Co	$	949
54,419	e*	Tetra Technologies, Inc		862
37,744	e	Tidewater, Inc		2,080
11,158	e*	Toreador Resources Corp		87
220,401		Transocean, Inc		29,798
8,324	e*	Trico Marine Services, Inc		324
20,290	e*	TXCO Resources, Inc		251
7,100	*	Union Drilling, Inc		124
3,037		Unit Corp		-	^
32,716	*	Unit Corp		1,853
40,557	e*	Vaalco Energy, Inc		202
9,100	e*	Venoco, Inc		106
19,562		W&T Offshore, Inc		667
37,871	*	Warren Resources, Inc		450
238,929	*	Weatherford International Ltd		17,315
22,401	e*	W-H Energy Services, Inc		1,542
28,820	*	Whiting Petroleum Corp		1,863
26,231	e*	Willbros Group, Inc		803
362,207		XTO Energy, Inc		22,406
		TOTAL OIL AND GAS EXTRACTION		400,619
PAPER AND ALLIED PRODUCTS - 0.45%
38,425	e	AbitibiBowater, Inc		496
74,376	e	Bemis Co		1,891
26,323	*	Buckeye Technologies, Inc		294
38,005	e*	Cenveo, Inc		398
12,643	e	Chesapeake Corp		61
322,781	e*	Domtar Corporation		2,205
30,362		Glatfelter		459
55,065	e*	Graphic Packaging Holding Co		161
23,449		Greif, Inc (Class A)		1,593
307,698		International Paper Co		8,369
301,901		Kimberly-Clark Corp		19,488
129,492		MeadWestvaco Corp		3,525
20,151	e*	Mercer International, Inc		140
10,278		Neenah Paper, Inc		265
62,088		Packaging Corp of America		1,386
25,737		Rock-Tenn Co (Class A)		771
9,960		Schweitzer-Mauduit International, Inc		230
180,480	*	Smurfit-Stone Container Corp		1,390
71,238		Sonoco Products Co		2,040
74,852	e	Temple-Inland, Inc		952
29,954	e	Wausau Paper Corp		247
		TOTAL PAPER AND ALLIED PRODUCTS		46,361
PERSONAL SERVICES - 0.14%
94,277		Cintas Corp		2,691
20,600	e*	Coinstar, Inc		580
3,653	e	CPI Corp		63
15,088	e	G & K Services, Inc (Class A)		537
228,166		H&R Block, Inc		4,737
25,900	e	Jackson Hewitt Tax Service, Inc		297
31,315		Regis Corp		861
56,970	e*	Sally Beauty Holdings, Inc		393
196,879	e	Service Corp International		1,996
11,970	e*	Steiner Leisure Ltd		395

264

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
9,989		Unifirst Corp	$	371
24,180	e	Weight Watchers International, Inc		1,120
		TOTAL PERSONAL SERVICES		14,041
PETROLEUM AND COAL PRODUCTS - 7.50%
9,171	e	Alon USA Energy, Inc		140
233,740		Apache Corp		28,240
39,719	e	Ashland, Inc		1,879
68,567		Cabot Oil & Gas Corp		3,486
1,527,000		Chevron Corp		130,345
1,159,460		ConocoPhillips		88,362
14,100	*	CVR Energy, Inc		325
7,530	e	Delek US Holdings, Inc		95
315,200		Devon Energy Corp		32,885
173,602		EOG Resources, Inc		20,832
3,801,886		Exxon Mobil Corp		321,564
77,807		Frontier Oil Corp		2,121
34,562	e*	Headwaters, Inc		456
196,112		Hess Corp		17,293
32,029	e	Holly Corp		1,390
507,438		Marathon Oil Corp		23,139
132,989	e	Murphy Oil Corp		10,924
91,300	*	Newfield Exploration Co		4,825
120,831		Noble Energy, Inc		8,797
591,026	*	Occidental Petroleum Corp		43,245
20,100	e*	SandRidge Energy, Inc		787
85,867		Sunoco, Inc		4,505
96,598	e	Tesoro Corp		2,898
389,613		Valero Energy Corp		19,134
11,564	e	WD-40 Co		385
21,900	e	Western Refining, Inc		295
		TOTAL PETROLEUM AND COAL PRODUCTS		768,347
PIPELINES, EXCEPT NATURAL GAS - 0.10%
448,759	e	Spectra Energy Corp		10,209
		TOTAL PIPELINES, EXCEPT NATURAL GAS		10,209
PRIMARY METAL INDUSTRIES - 1.15%
78,603	e	AK Steel Holding Corp		4,278
575,758		Alcoa, Inc		20,762
72,511		Allegheny Technologies, Inc		5,174
31,881	e	Belden CDT, Inc		1,126
14,781	e*	Brush Engineered Materials, Inc		379
34,840		Carpenter Technology Corp		1,950
21,469	*	Century Aluminum Co		1,422
6,101	e*	Coleman Cable, Inc		67
46,727	*	CommScope, Inc		1,627
1,114,320		Corning, Inc		26,788
16,654	e	Encore Wire Corp		303
92	e*	Esmark, Inc		1
36,458	e*	General Cable Corp		2,154
20,138	e	Gibraltar Industries, Inc		236
8,302	e*	Haynes International, Inc		456
40,893		Hubbell, Inc (Class B)		1,787
7,262	*	LB Foster Co (Class A)		313
21,924	e	Matthews International Corp (Class A)		1,058

265

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
25,216		Mueller Industries, Inc	$	727
6,217	*	Northwest Pipe Co		264
213,275		Nucor Corp		14,447
5,831	e	Olympic Steel, Inc		263
97,265		Precision Castparts Corp		9,929
26,576	e	Quanex Corp		1,375
16,800	e*	RTI International Metals, Inc		760
16,399		Schnitzer Steel Industries, Inc (Class A)		1,165
135,060		Steel Dynamics, Inc		4,462
14,234	*	Superior Essex, Inc		400
19,242	e	Texas Industries, Inc		1,157
48,944	e	Titanium Metals Corp		737
24,156	e	Tredegar Corp		440
83,594		United States Steel Corp		10,606
4,623	e*	Universal Stainless & Alloy		137
51,686	e	Worthington Industries, Inc		872
		TOTAL PRIMARY METAL INDUSTRIES		117,622
PRINTING AND PUBLISHING - 0.39%
36,106	e*	ACCO Brands Corp		490
11,975	e	AH Belo Corp (Class A)		137
39,339	e	American Greetings Corp (Class A)		730
59,879		Belo (A.H.) Corp (Class A)		633
22,675		Bowne & Co, Inc		346
8,210	*	Consolidated Graphics, Inc		460
6,267	e	Courier Corp		156
5,480		CSS Industries, Inc		192
7,900	e*	Dolan Media Co		159
42,034		Dun & Bradstreet Corp		3,421
17,307		Ennis, Inc		290
63,593	e	EW Scripps Co (Class A)		2,672
165,881		Gannett Co, Inc		4,819
10,680	e	GateHouse Media, Inc		62
35,148	e	Harte-Hanks, Inc		480
34,409		John Wiley & Sons, Inc (Class A)		1,366
30,943	e	Journal Communications, Inc (Class A)		228
33,495	e	Lee Enterprises, Inc		335
19,558	e*	Martha Stewart Living Omnimedia, Inc (Class A)		145
31,868	e	McClatchy Co (Class A)		341
228,289		McGraw-Hill Cos, Inc		8,435
17,235		Media General, Inc (Class A)		242
33,992		Meredith Corp		1,300
9,900	*	MSCI, Inc		295
5,947	e	Multi-Color Corp		133
98,018	e	New York Times Co (Class A)		1,851
12,663	e*	Playboy Enterprises, Inc (Class B)		105
31,380	e	Primedia, Inc		231
50,122	e*	R.H. Donnelley Corp		254
155,621		R.R. Donnelley & Sons Co		4,717
10,767	e	Schawk, Inc		172
24,827	e*	Scholastic Corp		751
10,680	e	Standard Register Co		83
53,732	v*	Sun-Times Media Group, Inc (Class A)		39
35,061	e*	Valassis Communications, Inc		380
30,590	e*	VistaPrint Ltd		1,069

266

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
4,007		Washington Post Co (Class B)	$	2,651
		TOTAL PRINTING AND PUBLISHING		40,170
RAILROAD TRANSPORTATION - 0.79%
251,672		Burlington Northern Santa Fe Corp		23,209
285,204		CSX Corp		15,991
26,537	e*	Genesee & Wyoming, Inc (Class A)		913
54,298	e*	Kansas City Southern Industries, Inc		2,178
277,878		Norfolk Southern Corp		15,094
190,507		Union Pacific Corp		23,886
		TOTAL RAILROAD TRANSPORTATION		81,271
REAL ESTATE - 0.11%
123,123	e*	CB Richard Ellis Group, Inc (Class A)		2,664
4,977	e	Consolidated-Tomoka Land Co		279
24,500	e	DuPont Fabros Technology, Inc		404
51,548		Forest City Enterprises, Inc (Class A)		1,897
24,950	*	Forestar Real Estate Group, Inc		622
7,288	e*	FX Real Estate and Entertainment, Inc		43
3,644	e*	FX Real Estate and Entertainment, Inc		-	^
11,353		Grubb & Ellis Co		78
22,673	e	Jones Lang LaSalle, Inc		1,754
19,220	e*	LoopNet, Inc		244
65,249	e	St. Joe Co		2,801
72,534	e	Stewart Enterprises, Inc (Class A)		466
3,435	e*	Stratus Properties, Inc		101
16,966		Thomas Properties Group, Inc		149
		TOTAL REAL ESTATE		11,502
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.34%
5,113	e*	AEP Industries, Inc		155
43,609	e	Cooper Tire & Rubber Co		653
9,028	e*	Deckers Outdoor Corp		973
169,675	e*	Goodyear Tire & Rubber Co		4,378
10,182	e*	Metabolix, Inc		111
197,303		Newell Rubbermaid, Inc		4,512
252,832		Nike, Inc (Class B)		17,193
21,213	e	Schulman (A.), Inc		436
114,127		Sealed Air Corp		2,882
14,571	*	Skechers U.S.A., Inc (Class A)		294
25,932		Spartech Corp		219
16,398	e	Titan International, Inc		502
7,903	e*	Trex Co, Inc		62
43,477		Tupperware Corp		1,682
25,167	e	West Pharmaceutical Services, Inc		1,113
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		35,165
SECURITY AND COMMODITY BROKERS - 2.64%
166,289		Ameriprise Financial, Inc		8,622
84,142	e	Bear Stearns Cos, Inc		883
45,136	e	BlackRock, Inc		9,216
98,705		Broadridge Financial Solutions, Inc		1,737
16,951		Calamos Asset Management, Inc (Class A)		276
668,755		Charles Schwab Corp		12,593
38,601		CME Group, Inc		18,108
12,285	e	Cohen & Steers, Inc		325
87,836	*	Corrections Corp of America		2,417

267

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
11,481	e*	Cowen Group, Inc	$	81
6,700	*	Duff & Phelps Corp		121
301,910	e*	E*Trade Financial Corp		1,165
73,778		Eaton Vance Corp		2,251
6,384	e	Epoch Holding Corp		77
6,107	e	Evercore Partners, Inc (Class A)		108
3,400	*	FBR Capital Markets Corp		23
6,093	*	FCStone Group, Inc		169
61,491		Federated Investors, Inc (Class B)		2,408
116,944		Franklin Resources, Inc		11,342
6,584	e	GAMCO Investors, Inc (Class A)		332
11,349	e	GFI Group, Inc		650
289,286		Goldman Sachs Group, Inc		47,845
14,103	e	Greenhill & Co, Inc		981
28,478	e*	Interactive Brokers Group, Inc (Class A)		731
49,760	*	IntercontinentalExchange, Inc		6,494
298,900		Invesco Ltd		7,281
31,292	*	Investment Technology Group, Inc		1,445
126,406		Janus Capital Group, Inc		2,941
88,011	e	Jefferies Group, Inc		1,420
20,645	e*	KBW, Inc		455
73,184	e*	Knight Capital Group, Inc (Class A)		1,189
37,720	e*	LaBranche & Co, Inc		164
69,599	e*	Ladenburg Thalmann Financial Services, Inc		130
36,475	e	Lazard Ltd (Class A)		1,393
93,610		Legg Mason, Inc		5,240
374,713		Lehman Brothers Holdings, Inc		14,104
21,429	e*	MarketAxess Holdings, Inc		213
684,278		Merrill Lynch & Co, Inc		27,878
70,628	*	MF Global Ltd		700
744,745		Morgan Stanley		34,035
8,769	e*	Morningstar, Inc		538
98,570	*	Nasdaq Stock Market, Inc		3,811
65,127	e	Nymex Holdings, Inc		5,902
187,716		NYSE Euronext		11,584
30,987	e	optionsXpress Holdings, Inc		642
10,161	e*	Penson Worldwide, Inc		94
13,614	e*	Piper Jaffray Cos		462
66,932	e	Raymond James Financial, Inc		1,538
8,937	e	Sanders Morris Harris Group, Inc		73
92,752		SEI Investments Co		2,290
10,876	e*	Stifel Financial Corp		488
14,958	e	SWS Group, Inc		183
189,024		T Rowe Price Group, Inc		9,451
179,388	*	TD Ameritrade Holding Corp		2,962
15,283	e*	Thomas Weisel Partners Group, Inc		101
8,114	e	US Global Investors, Inc (Class A)		110
800		Value Line, Inc		37
65,258		Waddell & Reed Financial, Inc (Class A)		2,097
15,152		WP Stewart & Co Ltd		29
		TOTAL SECURITY AND COMMODITY BROKERS		269,935
SOCIAL SERVICES - 0.02%
20,451	*	Bright Horizons Family Solutions, Inc		880
15,384	*	Capital Senior Living Corp		124
8,598	e*	Providence Service Corp		258

268

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
15,649	*	Res-Care, Inc	$	268
		TOTAL SOCIAL SERVICES		1,530
SPECIAL TRADE CONTRACTORS - 0.06%
2,319	e	Alico, Inc		102
21,777	*	AsiaInfo Holdings, Inc		237
17,970	e	Chemed Corp		758
28,901		Comfort Systems USA, Inc		376
32,076	*	Dycom Industries, Inc		385
46,874	*	EMCOR Group, Inc		1,041
20,939	e*	Insituform Technologies, Inc (Class A)		290
10,880	e*	Integrated Electrical Services, Inc		171
8,579	*	Layne Christensen Co		301
116,366	e*	Quanta Services, Inc		2,696
		TOTAL SPECIAL TRADE CONTRACTORS		6,357
STONE, CLAY, AND GLASS PRODUCTS - 0.53%
509,135		3M Co		40,298
18,958		Apogee Enterprises, Inc		292
18,135	*	Cabot Microelectronics Corp		583
14,827	e	CARBO Ceramics, Inc		595
30,689	e	Eagle Materials, Inc		1,091
100,799	e	Gentex Corp		1,729
9,960		Libbey, Inc		168
77,829	e*	Owens Corning, Inc		1,411
109,273	*	Owens-Illinois, Inc		6,166
23,708	e*	US Concrete, Inc		90
57,674	e*	USG Corp		2,123
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		54,546
TEXTILE MILL PRODUCTS - 0.00%**
4,668	e*	Heelys, Inc		20
10,106	e	Oxford Industries, Inc		228
14,120	e	Xerium Technologies, Inc		18
		TOTAL TEXTILE MILL PRODUCTS		266
TOBACCO PRODUCTS - 1.19%
1,496,783		Altria Group, Inc		33,228
76,210		Loews Corp (Carolina Group)		5,529
1,488,983	*	Philip Morris International, Inc		75,313
19,118	e	Universal Corp		1,253
106,222		UST, Inc		5,791
21,698	e	Vector Group Ltd		382
		TOTAL TOBACCO PRODUCTS		121,496
TRANSPORTATION BY AIR - 0.40%
39,511	e*	ABX Air, Inc		116
7,464	e*	Air Methods Corp		361
65,497	e*	Airtran Holdings, Inc		432
28,126	e*	Alaska Air Group, Inc		552
3,770	e*	Allegiant Travel Co		100
170,266	e*	AMR Corp		1,536
9,351	*	Atlas Air Worldwide Holdings, Inc		514
14,413	e*	Bristow Group, Inc		774
69,096	*	Continental Airlines, Inc (Class B)		1,329
12,231	e	Copa Holdings S.A. (Class A)		466

269

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
207,133	*	Delta Air Lines, Inc	$	1,781
30,417	e*	ExpressJet Holdings, Inc		80
217,573		FedEx Corp		20,162
123,072	e*	JetBlue Airways Corp		714
186,202	*	Northwest Airlines Corp		1,674
9,723	e*	PHI, Inc		307
14,196	e*	Pinnacle Airlines Corp		124
23,015	*	Republic Airways Holdings, Inc		498
45,222		Skywest, Inc		955
516,197		Southwest Airlines Co		6,401
80,520	e	UAL Corp		1,734
57,571	*	US Airways Group, Inc		513
		TOTAL TRANSPORTATION BY AIR		41,123
TRANSPORTATION EQUIPMENT - 2.49%
13,757	e	A.O. Smith Corp		452
29,552	e*	AAR Corp		806
16,459	e*	Accuride Corp		135
4,835	e*	Aerovironment, Inc		99
14,702	*	Aftermarket Technology Corp		286
31,425	e	American Axle & Manufacturing Holdings, Inc		644
7,032	e	American Railcar Industries, Inc		143
15,097	e*	Amerigon, Inc		223
9,760	e	Arctic Cat, Inc		71
50,384	e	ArvinMeritor, Inc		630
56,289		Autoliv, Inc		2,826
65,130	*	BE Aerospace, Inc		2,276
557,858		Boeing Co		41,488
63,775	e*	Brunswick Corp		1,018
36,782	e	Clarcor, Inc		1,308
10,359	e*	Comtech Group, Inc		112
34,017	e	Federal Signal Corp		475
41,202	e*	Fleetwood Enterprises, Inc		189
48,080	e*	Force Protection, Inc		97
1,506,614	e*	Ford Motor Co		8,618
8,920	e	Freightcar America, Inc		306
42,477	e*	GenCorp, Inc		437
285,717		General Dynamics Corp		23,820
340,894	e*	General Motors Corp		6,494
7,281	e*	GenTek, Inc		219
120,327		Genuine Parts Co		4,840
87,178		Goodrich Corp		5,014
12,975	e	Greenbrier Cos, Inc		344
17,217	e	Group 1 Automotive, Inc		404
171,850	e	Harley-Davidson, Inc		6,444
59,330		Harsco Corp		3,286
68,148	e*	Hayes Lemmerz International, Inc		190
18,067	e	Heico Corp		881
17,547		Kaman Corp		496
249,310		Lockheed Martin Corp		24,756
6,589	*	Miller Industries, Inc		63
21,622	e	Monaco Coach Corp		205
6,171	e	Noble International Ltd		39
243,554		Northrop Grumman Corp		18,951
42,061	*	Orbital Sciences Corp		1,014
52,327	e	Oshkosh Truck Corp		1,898

270

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
263,415	e	Paccar, Inc	$	11,854
92,051	*	Pactiv Corp		2,413
26,075	e	Polaris Industries, Inc		1,069
313,176		Raytheon Co		20,234
22,924	e	Spartan Motors, Inc		194
50,700	*	Spirit Aerosystems Holdings, Inc (Class A)		1,125
11,445		Standard Motor Products, Inc		70
17,715	e	Superior Industries International, Inc		368
32,620	e*	Tenneco, Inc		911
25,200	e	Thor Industries, Inc		750
7,965	*	TransDigm Group, Inc		295
56,862	e	Trinity Industries, Inc		1,515
12,081	e	Triumph Group, Inc		688
29,954	*	TRW Automotive Holdings Corp		700
707,624		United Technologies Corp		48,699
91,916	e*	Visteon Corp		346
22,100	e	Wabash National Corp		199
34,451		Westinghouse Air Brake Technologies Corp		1,297
24,826	e	Winnebago Industries, Inc		420
		TOTAL TRANSPORTATION EQUIPMENT		255,144
TRANSPORTATION SERVICES - 0.19%
14,656	e	Ambassadors Group, Inc		277
4,915	e	Ambassadors International, Inc		36
118,363		CH Robinson Worldwide, Inc		6,439
8,003	e*	Dynamex, Inc		202
149,362	e	Expeditors International Washington, Inc		6,748
34,495		GATX Corp		1,348
28,305	*	HUB Group, Inc (Class A)		931
54,142	*	Lear Corp		1,403
20,000	e*	Orbitz Worldwide, Inc		138
26,631		Pacer International, Inc		438
18,863	e	Ship Finance International Ltd		496
70,126		UTI Worldwide, Inc		1,408
		TOTAL TRANSPORTATION SERVICES		19,864
TRUCKING AND WAREHOUSING - 0.44%
17,410	e	Arkansas Best Corp		555
16,346	e*	Celadon Group, Inc		158
30,001		Con-way, Inc		1,485
22,919	e	Forward Air Corp		812
46,789	e	Heartland Express, Inc		667
62,260	e	J.B. Hunt Transport Services, Inc		1,957
40,262		Landstar System, Inc		2,100
14,139	e*	Marten Transport Ltd		220
19,477	e*	Old Dominion Freight Line		620
1,137	e*	Patriot Transportation Holding, Inc		89
9,635	*	Saia, Inc		153
477,912		United Parcel Service, Inc (Class B)		34,897
3,884	e*	Universal Truckload Services, Inc		81
35,401	e	Werner Enterprises, Inc		657
34,166	e*	YRC Worldwide, Inc		448
		TOTAL TRUCKING AND WAREHOUSING		44,899
WATER TRANSPORTATION - 0.30%
30,756		Alexander & Baldwin, Inc		1,325

271

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
47,660	e*	American Commercial Lines, Inc	$	753
9,576	e	Arlington Tankers Ltd		201
310,082		Carnival Corp		12,552
15,398	e	Double Hull Tankers, Inc		163
29,664	e	Eagle Bulk Shipping, Inc		764
34,394	e	Frontline Ltd		1,583
14,530	e	Genco Shipping & Trading Ltd		820
20,656	e	General Maritime Corp		488
24,752	e	Golar LNG Ltd		452
16,074	e*	Gulfmark Offshore, Inc		880
23,837	e	Horizon Lines, Inc (Class A)		444
16,565	e*	Hornbeck Offshore Services, Inc		757
37,552	*	Kirby Corp		2,140
11,975	e	Knightsbridge Tankers Ltd		320
18,051	e	Nordic American Tanker Shipping		505
28,315	e*	Odyssey Marine Exploration, Inc		153
21,573	e	Overseas Shipholding Group, Inc		1,511
99,815		Royal Caribbean Cruises Ltd		3,284
7,126	e*	TBS International Ltd (Class A)		215
29,793	e	Teekay Corp		1,265
9000		Teekay Tankers Ltd		154
10,754	e*	Ultrapetrol Bahamas Ltd		110
		TOTAL WATER TRANSPORTATION		30,839
WHOLESALE TRADE-DURABLE GOODS - 0.35%
23,674	e	Agilysys, Inc		275
30,894	e	Applied Industrial Technologies, Inc		923
89,079	*	Arrow Electronics, Inc		2,998
31,988	e	Barnes Group, Inc		734
30,944	e*	Beacon Roofing Supply, Inc		309
7,060	e	BlueLinx Holdings, Inc		36
82,058		BorgWarner, Inc		3,531
21,864	e	Building Material Holding Corp		96
7,176	e	Castle (A.M.) & Co		194
21,081	e*	Conceptus, Inc		391
13,898	*	Digi International, Inc		160
13,174	e*	Drew Industries, Inc		322
4,972	e*	Glu Mobile, Inc		22
6,620	e*	Hansen Medical, Inc		93
12,024	e	Houston Wire & Cable Co		193
76,338		IKON Office Solutions, Inc		580
102,693	*	Ingram Micro, Inc (Class A)		1,626
34,716	*	Insight Enterprises, Inc		608
19,381	*	Interline Brands, Inc		360
42,424	e	Knight Transportation, Inc		698
3,000		Lawson Products, Inc		83
80,338	*	LKQ Corp		1,805
30,630	e	Martin Marietta Materials, Inc		3,252
6,104	e*	MWI Veterinary Supply, Inc		215
28,836		Owens & Minor, Inc		1,134
92,113	e*	Patterson Cos, Inc		3,344
29,853	e	PEP Boys-Manny Moe & Jack		297
34,775	e	Pool Corp		657
47,725	e*	PSS World Medical, Inc		795
46,192		Reliance Steel & Aluminum Co		2,765
18,883	*	Solera Holdings, Inc		460

272

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				VALUE
SHARES				(000)
42,080	*	Tech Data Corp	$	1,380
8,047	e*	TomoTherapy, Inc		116
26,379	e*	Tyler Technologies, Inc		369
47,640		W.W. Grainger, Inc		3,639
33,088	e*	WESCO International, Inc		1,207
8,587	e*	West Marine, Inc		60
		TOTAL WHOLESALE TRADE-DURABLE GOODS		35,727
WHOLESALE TRADE-NONDURABLE GOODS - 0.57%
55,802		Airgas, Inc		2,537
31,521	e*	Akorn, Inc		149
68,179	e*	Alliance One International, Inc		412
39,080	e	Allscripts Healthcare Solutions, Inc		403
10,925	e	Andersons, Inc		487
28,440	e*	Bare Escentuals, Inc		666
19,314	e*	BMP Sunstone Corp		148
54,890	e	Brown-Forman Corp (Class B)		3,635
257,166		Cardinal Health, Inc		13,504
25,191	e*	Central European Distribution Corp		1,466
7,034	e*	Core-Mark Holding Co, Inc		202
91,893		Dean Foods Co		1,846
94,469	*	Endo Pharmaceuticals Holdings, Inc		2,262
23,219	*	Fresh Del Monte Produce, Inc		845
12,384	e*	Green Mountain Coffee Roasters, Inc		392
28,103	e*	Hain Celestial Group, Inc		829
63,053	*	Henry Schein, Inc		3,619
36,273		Herbalife Ltd		1,723
104,836	e	Idearc, Inc		382
6,203	e	Kenneth Cole Productions, Inc (Class A)		105
19,366	e	K-Swiss, Inc (Class A)		306
10,408	*	LSB Industries, Inc		153
2,095	e*	Maui Land & Pineapple Co, Inc		67
38,303	e	Men's Wearhouse, Inc		891
18,114	e	Myers Industries, Inc		238
8,977	e	Nash Finch Co		305
38,826		Nu Skin Enterprises, Inc (Class A)		700
11,120	e*	Nuco2, Inc		309
9,998	e*	Perry Ellis International, Inc		218
17,687	e*	School Specialty, Inc		558
22,616	e*	Source Interlink Cos, Inc		43
14,127		Spartan Stores, Inc		295
2,988	e*	Synutra International, Inc		93
437,706		Sysco Corp		12,702
67,197	e*	Terra Industries, Inc		2,388
24,470	e*	Tractor Supply Co		967
30,443	e*	United Natural Foods, Inc		570
19,665	e*	United Stationers, Inc		938
6,399	e	Valhi, Inc		150
9,361	e*	Volcom, Inc		189
15,316	e	Zep, Inc		248
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		57,940
		TOTAL COMMON STOCKS		10,179,281
		(Cost $8,214,371)

273

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
SHORT-TERM INVESTMENTS - 9.70%
U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES - 0.10%
$      6,790,000		Federal Home Loan Bank (FHLB)	0.000%	04/01/08	$	6,790
3,490,000		(FHLB)	0.000	04/25/08		3,486
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES				10,276
SHARES
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 9.60%
982,990,126		State Street Navigator Securities Lending Prime Portfolio				982,990
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED				982,990
		TOTAL SHORT-TERM INVESTMENTS				993,266
		(Cost $993,265)
		TOTAL PORTFOLIO - 109.09%				11,172,547
		(Cost $9,207,636)
		OTHER ASSETS & LIABILITIES, NET - (9.09%)				(930,722	)
		NET ASSETS - 100.00%			$	10,241,825
	*	Non-income producing.
	**	Percentage represents less than 0.01%.
	^	Amount represents less than $1,000.
	d	All or a portion of these securities have been segregated by
		the Custodian to cover margin or other requirements
		on open futures contracts.
	e	All or a portion of these securities are out on loan.
	m	Indicates a security that has been deemed illiquid.
	v	Security valued at fair value.
		Cost amounts are in thousands.
		For ease of presentation, we have grouped a number of industry classification categories together in
		the Statement of Investments. Note that the Accounts use more specific industry categories in following
		their investment limitations on industry concentration.
		At March 31, 2008, the unrealized appreciation on investments was $1,964,910,170 consisting of
		gross unrealized appreciation of $3,025,003,635 and gross unrealized depreciation of $1,060,093,465.

	NUMBER OF	MARKET	EXPIRATION	UNREALIZED
OPEN FUTURES CONTRACTS:	CONTRACTS	VALUE	DATE	APPRECIATION
E-mini Russell 2000 Index	14	$      966,000	June 2008	$	12,942
E-mini S&P 500 Index	121	8,010,200	June 2008		16,571
E-mini S&P Mid 400 Index	12	937,800	June 2008		13,082
					42,595

274

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
COLLEGE RETIREMENT EQUITIES FUND
BOND MARKET ACCOUNT
STATEMENT OF INVESTMENTS (Unaudited)
March 31, 2008
				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING †		(000)
BONDS - 96.85%
CORPORATE BONDS - 33.01%
AMUSEMENT AND RECREATION SERVICES - 0.13%
$      2,000,000		Caesars Entertainment, Inc	7.875%	03/15/10	Caa1	$	1,875
4,500,000		Walt Disney Co	4.700	12/01/12	A2		4,619
3,750,000		Walt Disney Co	5.700	07/15/11	A2		3,977
		TOTAL AMUSEMENT AND RECREATION SERVICES					10,471
APPAREL AND ACCESSORY STORES - 0.04%
3,650,000		Kohl's Corp	6.250	12/15/17	Baa1		3,476
		TOTAL APPAREL AND ACCESSORY STORES					3,476
ASSET BACKED - 8.50%
7,765,296		AmeriCredit Automobile Receivables Trust Series 2006-AF
		(Class A3)	5.560	09/06/11	Aaa		7,803
20,000,000		AmeriCredit Automobile Receivables Trust Series 2006-AF
		(Class A4)	5.640	09/06/13	Aaa		20,260
14,000,000		AmeriCredit Automobile Receivables Trust Series 2007-BF
		(Class A3A)	5.160	04/06/12	Aaa		13,973
372,699	i	AQ Finance NIM Trust Series 2004-RN2	2.799	04/25/09	Aaa		330
298,667	i,m,v	AQ Finance NIM Trust Series 2004-RN3	2.779	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		-	^
6,000,000		Capital One Auto Finance Trust Series 2007-B
		(Class A3A)	5.030	04/15/12	Aaa		5,825
10,000,000		Centex Home Equity Series 2004-C (Class AF5)	5.980	06/25/34	Aaa		8,833
1,466,363		Centex Home Equity Series 2004-D (Class MF2)	5.560	09/25/34	Aa3		934
28,594,085		Chase Funding Mortgage Loan Asset-Backed Certificates
		Series 2003-6 (Class 1A7)	4.277	09/25/33	Aaa		27,850
1,123,958	i	Chase Funding Mortgage Loan Asset-Backed Certificates
		Series 2004-2 (Class 1B)	5.700	02/25/35	Baa2		561
2,860,984	i	Chase Funding Mortgage Loan Asset-Backed Certificates
		Series 2004-2 (Class 1M1)	5.700	02/25/35	Aa2		2,137
1,430,492	i	Chase Funding Mortgage Loan Asset-Backed Certificates
		Series 2004-2 (Class 1M2)	5.700	02/25/35	A2		1,018
7,241,864		CIT Equipment Collateral Series 2005-VT1 (Class A4)	4.360	11/20/12	Aaa		7,245
4,957,406		CIT Group Home Equity Loan Trust Series 2002-1
		(Class AF6)	6.200	02/25/30	Aaa		4,724
682,304		CIT Group Home Equity Loan Trust Series 2002-2
		(Class MF2)	6.390	12/25/30	A3		459
28,400,000		Citicorp Mortgage Securities, Inc Series 2006-1
		(Class A3)	5.706	07/25/36	Aaa		27,137
20,812,000		Citicorp Mortgage Securities, Inc Series 2006-2
		(Class A3)	5.563	09/25/36	Aaa		19,932
10,000,000	i	Countrywide Asset-Backed Certificates Series 2007-S2
		(Class A3)	5.813	05/25/37	Aaa		7,279

275

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING †		(000)
$      882,769	i	Countrywide Home Equity Loan Trust Series 2004-B
		(Class 1A)	3.038%	02/15/29	A3	$	618
8,157,449		Credit-Based Asset Servicing and Securitization LLC Series
		2007-MX1 (Class A1)	6.159	12/25/36	Aaa		8,147
25,000,000		Flagstar Home Equity Loan Trust Series 2007-1A
		(Class AF3)	5.781	01/25/35	Aaa		20,446
6,537,000		GMAC Mortgage Corporation Loan Trust 2006-HLTV
		A3	5.590	10/25/29	Baa3		5,810
2,600,000		GMAC Mortgage Corporation Loan Trust 2006-HLTV
		A4	5.810	10/25/29	Baa3		1,902
1,197,086	i	Golden Securities Corp Series 2003-A (Class A1)	3.009	12/02/13	Aaa		1,199
3,721,998	i	GSAA Trust Series 2004-3 (Class AF3)	5.691	04/25/34	Aaa		3,735
10,000,000		Hertz Vehicle Financing LLC Series 2005-1A (Class A3)	5.010	02/25/11	Aaa		9,661
5,000,000		Hertz Vehicle Financing LLC Series 2005-1A (Class A5)	5.080	11/25/11	Aaa		4,604
4,000,000		Hertz Vehicle Financing LLC Series 2005-2A (Class A2)	4.930	02/25/10	Aaa		3,952
7,758,139		HFC Home Equity Loan Asset Backed Certificates Series
		2007-1 (Class A1F)	5.910	03/20/36	Aaa		7,758
4,000,000		HFC Home Equity Loan Asset Backed Certificates Series
		2007-1 (Class A3F)	5.730	03/20/36	Aaa		3,415
15,000,000		Honda Auto Receivables Owner Trust Series 2007-1
		(Class A4)	5.090	07/18/13	N/A		15,395
18,757,154		Household Automotive Trust Series 2006-2 (Class A3)	5.610	08/17/11	Aaa		19,068
45,000,000		Household Automotive Trust Series 2006-3 (Class A4)	5.340	09/17/13	Aaa		46,058
24,000,000		Household Credit Card Master Note Trust I Series 2006-1
		(Class A)	5.100	06/15/12	Aaa		24,394
17,768,359		Hyundai Auto Receivables Trust Series 2006-A
		(Class A3)	5.130	06/15/10	Aaa		17,907
40,000,000		Hyundai Auto Receivables Trust Series 2006-B
		(Class A4)	5.150	05/15/13	Aaa		41,002
11,000,000		JPMorgan Auto Receivables Trust Series 2007-A
		(Class A3)	5.190	02/15/11	Aaa		11,094
7,321,823		Marriott Vacation Club Owner Trust Series 2006-2A
		(Class A)	5.362	10/20/28	Aaa		7,631
4,978,775		Marriott Vacation Club Owner Trust Series 2007-1A
		(Class A)	5.518	05/20/29	Aaa		4,968
164,029	m,v	New York City Tax Lien Series 2006-AA (Class A)	5.930	11/10/19	Aaa		164
30,800,000		Nissan Auto Lease Trust Series 2006-A (Class A3)	5.110	03/15/10	Aaa		31,178
14,500,000		Nissan Auto Lease Trust Series 2006-A (Class A4)	5.100	07/16/12	Aaa		14,793
6,000,000		Nissan Auto Receivables Owner Trust Series 2007-A
		(Class A3)	5.100	11/15/10	Aaa		6,091
3,128,762		Peco Energy Transition Trust Series 1999-A (Class A7)	6.130	03/01/09	Aaa		3,167
1,998,220		Public Service New Hampshire Funding LLC Series 2001-1
		(Class A2)	5.730	11/01/10	Aaa		2,013
6,500,000		Renaissance Home Equity Loan Trust Series 2006-3
		(Class AF3)	5.586	11/25/36	Aaa		6,293
12,000,000	i	Residential Asset Mortgage Products, Inc Series 2004-RS11
		(Class M1)	3.219	11/25/34	Aa1		9,393
990,780	i	Residential Asset Securities Corp Series 2001-KS2
		(Class AI6)	6.489	10/25/30	Aaa		988
5,000,000		Residential Funding Mortgage Securities II, Inc Series 2005-
		HI1 (Class A5)	5.450	08/25/34	A3		3,604
8,000,000		Residential Funding Mortgage Securities II, Inc Series 2006-
		H12 (Class A2)	5.750	02/25/36	A3		7,142
2,500,000		Residential Funding Mortgage Securities II, Inc Series 2006-
		HI1 (Class M1)	6.010	02/25/36	Aa1		1,334

276

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING †		(000)
$      350,000		Residential Funding Mortgage Securities II, Inc Series 2006-
		HI1 (Class M2)	6.060%	02/25/36	Aa2	$	137
2,000,000		Residential Funding Mortgage Securities II, Inc Series 2006-
		HI3 (Class A2)	5.950	02/25/36	A3		1,653
6,000,000		Residential Funding Mortgage Securities II, Inc Series 2006-
		HI3 (Class A3)	5.960	02/25/36	A3		4,134
9,628,000		Residential Funding Mortgage Securities II, Inc Series 2006-
		HI4 (Class A2)	5.450	09/25/36	A3		8,113
30,000,000		Residential Funding Mortgage Securities II, Inc Series 2006-
		HI4 (Class A3)	5.440	09/25/36	A3		21,847
7,000,000		Residential Funding Mortgage Securities II, Inc Series 2006-
		HI5 (Class A2)	5.520	04/25/21	A3		5,867
13,500,000		Residential Funding Mortgage Securities II, Inc Series 2006-
		HI5 (Class A3)	5.500	08/25/25	A3		9,803
9,862,000	i	Residential Funding Mortgage Securities II, Inc Series 2006-
		HSA2 (Class AI3)	5.550	03/25/36	A3		6,460
2,216,303	m	Sierra Receivables Funding Co Series 2006-1A
		(Class A1)	5.840	05/20/18	Aaa		2,028
29,309,648	m,v	Sonic Capital LLC Series 2006-1A (Class A2)	5.096	12/20/31	Aaa		26,982
7,185,000		Triad Auto Receivables Owner Trust Series 2005-A
		(Class A4)	4.220	06/12/12	Aaa		6,985
25,000,000		Triad Auto Receivables Owner Trust Series 2006-C
		(ClassA4)	5.310	05/13/13	Aaa		23,738
37,986,426		Volkswagen Auto Lease Trust Series 2006-A (Class A3)	5.500	09/21/09	Aaa		38,299
10,400,000		Volkswagen Auto Lease Trust Series 2006-A (Class A4)	5.540	04/20/11	Aaa		10,586
3,008,770	m,v	Wachovia Amortization Controlled Heloc NIM Series 2006-
		N1 (Class N1)	5.683	08/12/47	A3		2,886
17,838,000		Wachovia Auto Loan Owner Trust Series 2006-2A
		(Class A3)	5.230	08/22/11	Aaa		17,997
4,666,092	i	Wachovia Loan Trust Series 2005-SD1 (Class A)	2.959	05/25/35	N/R		4,329
		TOTAL ASSET BACKED					693,366
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.14%
5,525,000		Home Depot, Inc	5.250	12/16/13	Baa1		5,406
5,750,000		Lowe's Cos, Inc	8.250	06/01/10	A1		6,401
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES					11,807
BUSINESS SERVICES - 0.16%
7,400,000		Daimler Finance North America LLC	5.750	09/08/11	A3		7,556
3,250,000		Daimler Finance North America LLC	5.875	03/15/11	A3		3,322
375,000		Lamar Media Corp	6.625	08/15/15	Ba3		330
2,310,000		Sungard Data Systems, Inc	10.250	08/15/15	Caa1		2,321
		TOTAL BUSINESS SERVICES					13,529
CHEMICALS AND ALLIED PRODUCTS - 0.38%
1,550,000		Abbott Laboratories	5.600	05/15/11	A1		1,646
4,600,000		Air Products & Chemicals, Inc	4.150	02/01/13	A2		4,606
1,000,000		Amgen, Inc	5.850	06/01/17	A2		999
3,500,000		Chemtura Corp	6.875	06/01/16	Ba2		3,115
1,570,000		Clorox Co	5.950	10/15/17	Baa2		1,572
3,385,000		Johnson & Johnson	5.150	08/15/12	Aaa		3,660
4,150,000		Johnson & Johnson	5.950	08/15/37	Aaa		4,401
2,500,000		Lubrizol Corp	4.625	10/01/09	Baa3		2,509
5,050,000		Praxair, Inc	5.250	11/15/14	A2		5,228
3,225,000		Schering-Plough Corp	6.550	09/15/37	Baa1		3,106
		TOTAL CHEMICALS AND ALLIED PRODUCTS					30,842

277

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING †		(000)
COMMUNICATIONS - 2.35%
$      6,400,000		Alamosa Delaware, Inc	8.500%	01/31/12	Baa3	$	5,776
4,000,000		America Movil SAB de C.V.	6.125	11/15/37	A3		3,708
3,000,000		AT&T Corp	7.300	11/15/11	A2		3,249
17,500,000		AT&T, Inc	5.100	09/15/14	A2		17,386
2,000,000		AT&T, Inc	6.150	09/15/34	A2		1,921
6,700,000		AT&T, Inc	6.500	09/01/37	A2		6,628
10,300,000		AT&T, Inc	6.300	01/15/38	A2		9,959
16,299,001		Comcast Cable Communications Holdings, Inc	8.375	03/15/13	Baa2		18,105
4,125,000		Comcast Corp	5.900	03/15/16	Baa2		4,091
11,650,000		Comcast Corp	5.875	02/15/18	Baa2		11,348
6,000,000		Comcast Corp	5.650	06/15/35	Baa2		5,095
2,750,000		Comcast Corp	6.500	11/15/35	Baa2		2,601
2,175,000		Comcast Corp	6.950	08/15/37	Baa2		2,179
4,000,000		Deutsche Telekom International Finance BV	8.250	06/15/30	A3		4,798
7,900,000		France Telecom S.A.	7.750	03/01/11	A3		8,566
1,150,000		GTE Corp	6.840	04/15/18	Baa1		1,233
4,000,000		New Cingular Wireless Services, Inc	7.875	03/01/11	A3		4,351
4,750,000		New Cingular Wireless Services, Inc	8.750	03/01/31	A3		5,765
3,000,000		Qwest Communications International, Inc	7.250	02/15/11	Ba3		2,880
500,000		Rogers Cable, Inc	6.750	03/15/15	Baa3		498
2,500,000		Rogers Wireless, Inc	8.000	12/15/12	Ba1		2,588
4,030,000		Rogers Wireless, Inc	7.500	03/15/15	Baa3		4,234
1,225,000		Sprint Capital Corp	8.375	03/15/12	Baa3		1,133
4,500,000		Sprint Capital Corp	8.750	03/15/32	Baa3		3,802
6,300,000		Telecom Italia Capital S.A.	5.250	11/15/13	Baa2		5,887
8,000,000		Telefonica Emisiones SAU	6.221	07/03/17	Baa1		8,050
7,000,000		Time Warner Cable, Inc	5.400	07/02/12	Baa2		6,878
9,000,000		Time Warner Cable, Inc	5.850	05/01/17	Baa2		8,615
2,275,000		Time Warner Cable, Inc	6.550	05/01/37	Baa2		2,148
2,900,000		Verizon Communications, Inc	6.400	02/15/38	A3		2,823
6,500,000		Verizon Virginia, Inc	4.625	03/15/13	Baa1		6,320
4,850,000		Viacom, Inc	5.750	04/30/11	Baa3		4,902
5,610,000		Viacom, Inc	6.125	10/05/17	Baa3		5,470
3,500,000		Viacom, Inc	6.875	04/30/36	Baa3		3,370
2,000,000		Vodafone Group plc	5.000	12/16/13	Baa1		1,959
3,725,000		Vodafone Group plc	6.150	02/27/37	Baa1		3,472
		TOTAL COMMUNICATIONS					191,788
DEPOSITORY INSTITUTIONS - 4.27%
18,200,000	g	BA Covered Bond Issuer	5.500	06/14/12	Aaa		19,586
26,500,000	g	Banco Bilbao Vizcaya Argentaria S.A.	5.750	07/20/17	Aaa		29,525
4,000,000		Bank of America Corp	6.250	04/15/12	Aa1		4,268
7,550,000		Bank of America Corp	4.875	09/15/12	Aa1		7,660
4,000,000		Bank of America Corp	5.750	12/01/17	Aa1		4,139
14,550,000		Bank of America NA	5.300	03/15/17	Aa1		14,452
6,500,000		Bank of America NA	6.000	10/15/36	Aa1		6,218
4,250,000		Bank One Corp	5.250	01/30/13	Aa3		4,337
2,500,000	i	BB&T Capital Trust IV	6.820	06/12/57	A1		2,064
2,700,000		Citigroup, Inc	5.125	02/14/11	Aa3		2,716
3,250,000		Citigroup, Inc	5.100	09/29/11	Aa3		3,246
2,275,000		Citigroup, Inc	5.250	02/27/12	Aa3		2,269
18,500,000		Citigroup, Inc	5.125	05/05/14	Aa3		18,079
6,655,000		Citigroup, Inc	5.000	09/15/14	A1		6,272
7,575,000		Citigroup, Inc	6.875	03/05/38	Aa3		7,570

278

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING †		(000)
$      45,000,000	g	Depfa ACS Bank	5.125%	03/16/37	Aaa	$	43,950
3,650,000		Deutsche Bank AG.	5.375	10/12/12	Aa1		3,815
4,000,000		FIA Card Services NA	4.625	08/03/09	Aaa		4,053
3,500,000		Golden West Financial Corp	4.750	10/01/12	Aa3		3,610
2,000,000		Greenpoint Financial Corp	3.200	06/06/08	A3		1,989
7,000,000		HSBC Bank USA NA	4.625	04/01/14	Aa3		6,753
5,100,000		HSBC Holdings plc	6.500	09/15/37	Aa3		4,838
3,500,000	i	Huntington Capital III	6.650	05/15/37	Baa1		2,690
3,600,000	i	ING Groep NV	5.775	12/30/49	A1		3,067
1,000,000		JPMorgan Chase & Co	7.875	06/15/10	Aa3		1,077
4,500,000		JPMorgan Chase & Co	4.500	01/15/12	Aa2		4,546
5,500,000		JPMorgan Chase & Co	5.750	01/02/13	Aa3		5,746
5,700,000		M&I Marshall & Ilsley Bank	4.400	03/15/10	Aa3		5,636
4,250,000	i	Manufacturers & Traders Trust Co	5.629	12/01/21	A2		3,946
15,000,000	g	Nationwide Building Society	5.500	07/18/12	Aaa		16,272
3,250,000		Popular North America, Inc	5.650	04/15/09	A3		3,233
4,250,000	g,i	Rabobank Capital Funding Trust	5.254	12/30/49	Aa2		3,530
2,500,000		Regions Financial Corp	6.375	05/15/12	A3		2,528
5,250,000	g,i	Royal Bank of Scotland Group plc	6.990	12/30/49	Aa3		4,457
2,000,000		Union Bank of California NA	5.950	05/11/16	A1		1,953
2,500,000		US Bank NA	5.700	12/15/08	Aa2		2,550
5,000,000		US Bank NA	6.300	02/04/14	Aa2		5,421
12,750,000		Wachovia Bank NA	4.800	11/01/14	Aa2		12,060
8,500,000		Wachovia Bank NA	4.875	02/01/15	Aa2		8,029
2,050,000		Wachovia Bank NA	5.850	02/01/37	Aa2		1,731
3,500,000		Wachovia Bank NA	6.600	01/15/38	Aa2		3,243
6,050,000		Wachovia Corp	5.300	10/15/11	Aa3		6,108
4,500,000		Wachovia Corp	4.875	02/15/14	A1		4,384
5,000,000	i	Wachovia Corp	7.980	12/30/49	A2		4,913
4,500,000		Washington Mutual Bank	5.500	01/15/13	Baa3		3,577
2,150,000		Washington Mutual, Inc	5.500	08/24/11	Baa3		1,849
3,500,000		Wells Fargo & Co	4.875	01/12/11	Aa1		3,561
4,000,000		Wells Fargo & Co	5.300	08/26/11	Aa1		4,142
7,050,000		Wells Fargo & Co	5.625	12/11/17	Aa1		7,211
8,500,000		Wells Fargo Bank NA	6.450	02/01/11	Aa1		9,041
10,650,000		Wells Fargo Bank NA	4.750	02/09/15	Aa1		10,386
		TOTAL DEPOSITORY INSTITUTIONS					348,296
EATING AND DRINKING PLACES - 0.07%
2,850,000		McDonald's Corp	5.350	03/01/18	A3		2,885
2,750,000		McDonald's Corp	6.300	10/15/37	A3		2,825
		TOTAL EATING AND DRINKING PLACES					5,710
ELECTRIC, GAS, AND SANITARY SERVICES - 1.41%
2,000,000		AGL Capital Corp	6.000	10/01/34	Baa1		1,794
8,225,000	g	American Water Capital Corp	6.085	10/15/17	Baa2		8,560
2,500,000		Atmos Energy Corp	4.000	10/15/09	Baa3		2,488
4,500,000		Carolina Power & Light Co	5.125	09/15/13	A2		4,719
2,750,000		Carolina Power & Light Co	5.700	04/01/35	A2		2,618
4,250,000		CenterPoint Energy Resources Corp	7.875	04/01/13	Baa3		4,721
3,550,000		CenterPoint Energy Resources Corp	6.250	02/01/37	Baa3		3,311
5,350,000		Centerpoint Energy, Inc	5.950	02/01/17	Ba1		5,339
3,500,000		Consolidated Natural Gas Co	6.250	11/01/11	Baa2		3,698
4,250,000		Consolidated Natural Gas Co	5.000	12/01/14	Baa2		4,126
3,400,000		Florida Power & Light Co	4.850	02/01/13	Aa3		3,540
3,500,000		Florida Power Corp	4.500	06/01/10	A2		3,596

279

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING †		(000)
$      4,000,000	g	Midamerican Energy Holdings Co	5.750%	04/01/18	Baa1	$	4,039
4,000,000		National Fuel Gas Co	5.250	03/01/13	Baa1		4,141
3,000,000		National Rural Utilities Cooperative Finance Corp	5.750	08/28/09	A2		3,080
3,500,000		Nevada Power Co	6.650	04/01/36	Baa3		3,296
1,750,000		Nevada Power Co	6.750	07/01/37	Baa3		1,678
1,750,000		Northern States Power Co	6.250	06/01/36	A2		1,813
2,500,000		Ohio Edison Co	4.000	05/01/08	Baa2		2,500
3,500,000		Ohio Power Co	5.300	11/01/10	A3		3,599
4,075,000		ONEOK Partners LP	5.900	04/01/12	Baa2		4,234
6,000,000		Pacific Gas & Electric Co	4.200	03/01/11	A3		6,025
2,000,000		Public Service Co of Colorado	7.875	10/01/12	A3		2,305
2,825,000		Public Service Co of Colorado	4.875	03/01/13	A3		2,925
2,500,000		Public Service Co of Colorado	5.500	04/01/14	A3		2,606
2,250,000		Puget Sound Energy, Inc	6.274	03/15/37	Baa2		2,133
2,750,000		Southern California Edison Co	6.000	01/15/34	A2		2,774
3,250,000		Southern California Edison Co	5.350	07/15/35	A2		2,995
3,550,000		Southern California Edison Co	5.550	01/15/37	A2		3,363
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		4,605
2,200,000		Waste Management, Inc	6.100	03/15/18	Baa3		2,208
1,500,000		Westar Energy, Inc	6.000	07/01/14	Baa2		1,569
3,000,000		Wisconsin Electric Power Co	5.625	05/15/33	A1		2,806
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES					115,277
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 0.18%
2,500,000		Cisco Systems, Inc	5.500	02/22/16	A1		2,586
9,000,000		General Electric Co	5.250	12/06/17	Aaa		8,988
2,750,000		Koninklijke Philips Electronics NV	6.875	03/11/38	A3		2,933
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT					14,507
FOOD AND KINDRED PRODUCTS - 0.55%
3,278,000		Archer-Daniels-Midland Co	7.125	03/01/13	A2		3,684
3,000,000		Archer-Daniels-Midland Co	5.450	03/15/18	A2		3,016
9,815,000		Bottling Group LLC	4.625	11/15/12	Aa2		10,231
1,750,000		Bunge Ltd Finance Corp	5.875	05/15/13	Baa2		1,824
2,750,000		Bunge Ltd Finance Corp	5.100	07/15/15	Baa2		2,526
4,000,000		Coca-Cola Co	5.350	11/15/17	Aa3		4,174
3,125,000		Diageo Capital plc	5.125	01/30/12	A3		3,219
2,190,000		Diageo Finance BV	3.875	04/01/11	A3		2,198
2,500,000	g	Foster's Finance Corp	4.875	10/01/14	Baa2		2,525
1,130,000		Kraft Foods, Inc	6.125	02/01/18	Baa2		1,129
4,000,000		Kraft Foods, Inc	6.500	11/01/31	Baa2		3,757
5,000,000		Reynolds American, Inc	6.500	07/15/10	Ba1		5,100
1,250,000		WM Wrigley Jr Co	4.650	07/15/15	A1		1,260
		TOTAL FOOD AND KINDRED PRODUCTS					44,643
FOOD STORES - 0.20%
3,500,000		Kroger Co	7.250	06/01/09	Baa2		3,610
2,500,000		Kroger Co	6.800	04/01/11	Baa2		2,659
6,400,000		Kroger Co	6.400	08/15/17	Baa2		6,754
2,325,000		Safeway, Inc	4.125	11/01/08	Baa2		2,333

280

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING †		(000)
$      1,000,000		Safeway, Inc	6.350%	08/15/17	Baa2	$	1,057
		TOTAL FOOD STORES					16,413
FORESTRY - 0.03%
2,665,000		Weyerhaeuser Co	5.950	11/01/08	Baa2		2,706
		TOTAL FORESTRY					2,706
GENERAL BUILDING CONTRACTORS - 0.04%
3,000,000		DR Horton, Inc	9.750	09/15/10	Ba2		2,963
		TOTAL GENERAL BUILDING CONTRACTORS					2,963
GENERAL MERCHANDISE STORES - 0.16%
1,750,000		JC Penney Corp, Inc	5.750	02/15/18	Baa3		1,616
3,225,000		Target Corp	6.000	01/15/18	A2		3,301
7,750,000		Wal-Mart Stores, Inc	4.125	02/15/11	Aa2		7,932
		TOTAL GENERAL MERCHANDISE STORES					12,849
HEALTH SERVICES - 0.04%
3,500,000		Quest Diagnostics, Inc	6.400	07/01/17	Baa3		3,521
		TOTAL HEALTH SERVICES					3,521
HOLDING AND OTHER INVESTMENT OFFICES - 0.30%
3,500,000		BHP Billiton Finance Ltd	5.400	03/29/17	A1		3,408
5,000,000		Brookfield Asset Management, Inc	7.125	06/15/12	Baa2		4,991
4,000,000		Colonial Realty LP	6.250	06/15/14	Baa3		3,598
4,500,000		iStar Financial, Inc	5.150	03/01/12	Baa2		3,330
3,650,000		iStar Financial, Inc	5.700	03/01/14	Baa2		2,628
5,000,000		iStar Financial, Inc	5.850	03/15/17	Baa2		3,450
2,825,000		Simon Property Group LP	5.600	09/01/11	A3		2,826
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES					24,231
HOTELS AND OTHER LODGING PLACES - 0.02%
1,750,000		MGM Mirage	6.000	10/01/09	Ba2		1,737
		TOTAL HOTELS AND OTHER LODGING PLACES					1,737
INDUSTRIAL MACHINERY AND EQUIPMENT - 0.31%
4,500,000		Caterpillar Financial Services Corp	2.700	07/15/08	A2		4,490
5,500,000		Caterpillar, Inc	6.050	08/15/36	A2		5,628
2,500,000		Hewlett-Packard Co	5.250	03/01/12	A2		2,612
5,400,000		Hewlett-Packard Co	5.400	03/01/17	A2		5,515
2,000,000		John Deere Capital Corp	4.500	08/25/08	A2		2,010
3,600,000		John Deere Capital Corp	5.350	04/03/18	A2		3,589
1,500,000		Kennametal, Inc	7.200	06/15/12	Baa3		1,643
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT					25,487
INSTRUMENTS AND RELATED PRODUCTS - 0.19%
4,000,000		Emerson Electric Co	4.500	05/01/13	A2		4,095
5,000,000		Medtronic, Inc	4.750	09/15/15	A1		4,898
4,000,000		Northrop Grumman Corp	7.750	02/15/31	Baa1		4,934
1,750,000		Thermo Fisher Scientific, Inc	5.000	06/01/15	Baa2		1,660
		TOTAL INSTRUMENTS AND RELATED PRODUCTS					15,587
INSURANCE CARRIERS - 0.93%
5,285,000		Aetna, Inc	6.625	06/15/36	A3		5,133
1,125,000		Aetna, Inc	6.750	12/15/37	A3		1,072
5,000,000	g	AIG SunAmerica Global Financing VI	6.300	05/10/11	Aa2		5,254
4,250,000		Allstate Corp	5.000	08/15/14	A1		4,319

281

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING †		(000)
$      5,000,000		American International Group, Inc	5.050%	10/01/15	Aa2	$	4,876
6,000,000	i	Chubb Corp	6.375	03/29/37	A3		5,589
3,750,000		Chubb Corp	6.000	05/11/37	A2		3,367
4,000,000	g	John Hancock Global Funding II	7.900	07/02/10	Aa1		4,455
3,750,000	g	Liberty Mutual Group, Inc	6.500	03/15/35	Baa2		3,427
4,000,000	g	Mantis Reef Ltd	4.799	11/03/09	A3		4,129
3,000,000		Metlife, Inc	5.375	12/15/12	A2		3,137
5,000,000		Metlife, Inc	5.000	06/15/15	A2		4,914
2,500,000		Metlife, Inc	5.700	06/15/35	A2		2,224
3,000,000	g	Pricoa Global Funding I	3.900	12/15/08	Aa3		3,011
5,500,000	g	Principal Life Global Funding I	5.125	10/15/13	Aa2		5,774
3,000,000		Prudential Financial, Inc	5.800	06/15/12	A3		3,144
3,000,000	g	Prudential Funding LLC	6.750	09/15/23	A1		2,975
5,000,000		WellPoint, Inc	6.375	01/15/12	Baa1		5,321
1,800,000		WellPoint, Inc	5.875	06/15/17	Baa1		1,762
2,250,000		WellPoint, Inc	5.850	01/15/36	Baa1		1,880
		TOTAL INSURANCE CARRIERS					75,763
METAL MINING - 0.14%
3,075,000		Barrick Gold Finance Co	4.875	11/15/14	Baa1		3,032
3,500,000	g	Corp Nacional del Cobre de Chile - CODELCO	4.750	10/15/14	Aa3		3,490
3,000,000		Freeport-McMoRan Copper & Gold, Inc	8.375	04/01/17	Ba2		3,184
1,400,000		Vale Overseas Ltd	6.250	01/11/16	Baa3		1,396
		TOTAL METAL MINING					11,102
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.04%
3,350,000	g	Controladora Mabe S.A. C.V.	6.500	12/15/15	N/R		3,317
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES					3,317
MISCELLANEOUS RETAIL - 0.11%
2,500,000		CVS Caremark Corp	5.750	08/15/11	Baa2		2,615
6,000,000		CVS Caremark Corp	5.750	06/01/17	Baa2		6,094
		TOTAL MISCELLANEOUS RETAIL					8,709
MOTION PICTURES - 0.33%
2,500,000		Historic TW, Inc	6.625	05/15/29	Baa2		2,344
4,250,000		News America, Inc	7.625	11/30/28	Baa2		4,649
3,000,000		Time Warner, Inc	6.750	04/15/11	Baa1		3,085
16,250,000		Time Warner, Inc	6.875	05/01/12	Baa2		16,775
		TOTAL MOTION PICTURES					26,853
NONDEPOSITORY INSTITUTIONS - 1.75%
4,500,000		American Express Centurion Bank	6.000	09/13/17	Aa3		4,365
7,500,000		American General Finance Corp	6.900	12/15/17	A1		7,330
3,500,000	g	American Honda Finance Corp	5.125	12/15/10	Aa3		3,667
6,500,000		Capital One Financial Corp	5.700	09/15/11	A3		6,131
3,750,000		CIT Group Funding Co of Canada	5.200	06/01/15	A2		2,805
4,500,000		CIT Group, Inc	5.850	09/15/16	A3		3,459
1,000,000		Countrywide Home Loans, Inc	3.250	05/21/08	Baa3		981
3,500,000		General Electric Capital Corp	6.000	06/15/12	Aaa		3,732
24,950,000		General Electric Capital Corp	5.500	06/04/14	Aaa		25,996
10,500,000		General Motors Acceptance Corp LLC	6.625	05/15/12	B1		7,943
3,000,000	g	HSBC Capital Funding LP	4.610	12/30/49	A1		2,644
10,000,000		HSBC Finance Corp	5.250	01/14/11	Aa3		9,966
5,250,000		HSBC Finance Corp	5.900	06/19/12	Aa3		5,262
7,750,000		HSBC Finance Corp	4.750	07/15/13	Aa3		7,619

282

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING †		(000)
$      5,000,000		HSBC Finance Corp	5.500%	01/19/16	Aa3	$	4,837
1,750,000		International Lease Finance Corp	5.450	03/24/11	A1		1,748
5,000,000		International Lease Finance Corp	5.750	06/15/11	A1		5,031
2,250,000		International Lease Finance Corp	5.650	06/01/14	A1		2,161
15,350,000		Kreditanstalt fuer Wiederaufbau	4.375	03/15/18	Aaa		15,704
4,000,000		MBNA Corp	6.125	03/01/13	Aa1		4,277
2,250,000		National Rural Utilities Cooperative Finance Corp	5.450	02/01/18	A1		2,248
5,000,000		Residential Capital LLC	8.125	11/21/08	B2		3,450
3,150,000		Residential Capital LLC	8.500	06/01/12	B2		1,544
2,320,000		Residential Capital LLC	8.500	04/17/13	B2		1,125
3,500,000		Toyota Motor Credit Corp	2.875	08/01/08	Aaa		3,494
5,500,000	g	TransCapitalInvest Ltd	5.670	03/05/14	A2		5,111
		TOTAL NONDEPOSITORY INSTITUTIONS					142,630
OIL AND GAS EXTRACTION - 1.25%
2,000,000		Anadarko Finance Co	6.750	05/01/11	Baa3		2,136
3,000,000		Baker Hughes, Inc	6.875	01/15/29	A2		3,324
3,500,000		BJ Services Co	5.750	06/01/11	Baa1		3,655
2,000,000		Burlington Resources Finance Co	6.400	08/15/11	A2		2,173
7,750,000		Burlington Resources Finance Co	7.200	08/15/31	A2		8,974
3,800,000		Canadian Natural Resources Ltd	5.150	02/01/13	Baa2		3,876
6,500,000		Chesapeake Energy Corp	6.500	08/15/17	Ba3		6,273
3,990,000		ConocoPhillips Canada Funding Co	5.300	04/15/12	A1		4,212
4,000,000		Enterprise Products Operating LLC	6.500	01/31/19	Baa3		3,995
2,500,000		Enterprise Products Operating LP	4.625	10/15/09	Baa3		2,531
4,000,000		Equitable Resources, Inc	5.150	11/15/12	Baa1		3,965
3,250,000		Husky Energy, Inc	6.250	06/15/12	Baa2		3,513
6,825,000		Husky Energy, Inc	6.800	09/15/37	Baa2		6,936
3,000,000		Kerr-McGee Corp	6.950	07/01/24	Baa3		3,180
4,250,000		Nexen, Inc	5.050	11/20/13	Baa2		4,273
7,150,000		Nexen, Inc	5.650	05/15/17	Baa2		7,079
3,480,000		Nexen, Inc	6.400	05/15/37	Baa2		3,333
4,000,000		Petrobras International Finance Co	5.875	03/01/18	Baa1		3,850
3,000,000		Plains All American Pipeline LP	5.625	12/15/13	Baa3		3,165
5,000,000	g	Tengizchevroil Finance Co SARL	6.124	11/15/14	Baa3		4,771
6,650,000		Weatherford International, Inc	5.950	06/15/12	Baa1		6,932
4,500,000		Weatherford International, Inc	6.800	06/15/37	Baa1		4,454
5,000,000		XTO Energy, Inc	6.250	04/15/13	Baa2		5,434
		TOTAL OIL AND GAS EXTRACTION					102,034
OTHER MORTGAGE BACKED SECURITIES - 5.97%
10,000,000	i	Banc of America Commercial Mortgage, Inc Series 2004-4
		(Class A6)	4.877	07/10/42	N/R		9,875
13,955,000	i	Banc of America Commercial Mortgage, Inc Series 2005-1
		(Class B)	5.108	11/10/42	N/R		11,315
3,000,000	i	Banc of America Commercial Mortgage, Inc Series 2006-2
		(Class A4)	5.740	05/10/45	N/R		3,031
9,000,000	i	Banc of America Commercial Mortgage, Inc Series 2007-2
		(Class A2)	5.634	04/10/49	N/R		8,851
9,513,784		Banc of America Mortgage Securities, Inc Series 2006-1
		(Class A8)	6.000	05/25/36	Aaa		9,589
562,308		Bank of America Alternative Loan Trust Series 2004-8
		(Class 3A1)	5.500	09/25/19	Aaa		538
8,000,000	i	Bear Stearns Commercial Mortgage Securities Series 2006-
		PW11 (Class A4)	5.457	03/11/39	N/R		7,965

283

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING †		(000)
$      13,000,000		Bear Stearns Commercial Mortgage Securities Series 2006-
		PW13 (Class A4)	5.540%	09/11/41	N/R	$	12,881
6,000,000		Bear Stearns Commercial Mortgage Securities Series 2006-
		PW14 (Class A4)	5.201	12/11/38	N/R		5,788
3,000,000	i	Bear Stearns Commercial Mortgage Securities Series 2006-
		T22 (Class A4)	5.465	04/12/38	Aaa		2,999
8,000,000		Bear Stearns Commercial Mortgage Securities Series 2006-
		T24 (Class A4)	5.537	10/12/41	Aaa		7,919
34,769		CIT Group Home Equity Loan Trust Series 2002-2 (Class
		BF)	6.830	06/25/33	Ba1		17
5,000,000		Citigroup/Deutsche Bank Commercial Mortgage Trust Series
		2006-CD3 (Class A5)	5.617	10/15/48	Aaa		4,971
7,313,078		Countrywide Alternative Loan Trust Series 2004-29CB
		(Class A7)	5.375	01/25/35	N/R		6,768
9,600,147		Countrywide Alternative Loan Trust Series 2004-30CB
		(Class 1A15)	5.500	08/25/16	Aaa		8,841
10,562,025		Countrywide Home Loan Mortgage Pass Through Trust
		Series 2005-17 (Class 1A10)	5.250	09/25/35	N/R		10,393
18,118,969		Countrywide Home Loan Mortgage Pass Through Trust
		Series 2007-3 (Class A10)	6.000	04/25/37	N/R		18,068
8,000,000	i	Credit Suisse Mortgage Capital Certificates Series 2006-C1
		(Class A4)	5.555	02/15/39	N/R		7,973
8,700,000		Credit Suisse Mortgage Capital Certificates Series 2006-C4
		(Class A3)	5.467	09/15/39	Aaa		8,555
11,000,000		Credit Suisse Mortgage Capital Certificates Series 2006-C5
		(Class A3)	5.311	12/15/39	Aaa		10,685
13,863,652	i	Credit Suisse/Morgan Stanley Commercial Mortgage
		Certificate Series HC1A (Class A1)	3.008	05/15/23	Aaa		13,055
14,000,000		CS First Boston Mortgage Securities Corp Series 2001-CP4
		(Class A4)	6.180	12/15/35	Aaa		14,235
14,062,710		CS First Boston Mortgage Securities Corp Series 2005-5
		(Class 7A1)	6.000	07/25/35	Aaa		14,353
2,395,435		First Horizon Asset Securities, Inc Series 2003-9
		(Class 1A4)	5.500	11/25/33	N/R		2,403
21,000,000		GE Capital Commercial Mortgage Corp Series 2003-C2
		(Class A4)	5.145	07/10/37	Aaa		20,313
5,500,000	i	GE Capital Commercial Mortgage Corp Series 2005-C3
		(Class A5)	4.979	07/10/45	N/R		5,336
18,000,000	i	Greenwich Capital Commercial Funding Corp Series 2004-
		GG1 (Class A7)	5.317	06/10/36	Aaa		17,949
11,600,000		Greenwich Capital Commercial Funding Corp Series 2007-
		GG11 (Class A2)	5.597	12/10/49	N/R		11,262
10,000,000	i	GS Mortgage Securities Corp II Series 2001-ROCK
		(Class BFL)	3.599	05/03/18	Aaa		10,010
6,350,000		GS Mortgage Securities Corp II Series 2006-GG8
		(Class A4)	5.560	11/10/39	Aaa		6,289
11,250,000	i	GS Mortgage Securities Corp II Series 2007-GG10
		(Class A2)	5.778	08/10/45	Aaa		11,127
14,250,000		JP Morgan Chase Commercial Mortgage Securities Corp
		Series 2002-C1 (Class A3)	5.376	07/12/37	Aaa		14,344
8,100,000	i	JP Morgan Chase Commercial Mortgage Securities Corp
		Series 2006-LDP7 (Class A2)	5.861	04/15/45	Aaa		8,119
10,550,000		JP Morgan Chase Commercial Mortgage Securities Corp
		Series 2007-CB18 (Class A4)	5.440	06/12/47	Aaa		10,246
7,490,000	i	LB-UBS Commercial Mortgage Trust Series 2006-C3
		(Class A4)	5.661	03/15/39	Aaa		7,512

284

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING †		(000)
$      4,211,847		MASTR Asset Securitization Trust Series 2005-2 (Class
		3A1)	5.000%	10/25/20	Aaa	$	4,107
5,400,000	i	Merrill Lynch Mortgage Trust Series 2005-LC1
		(Class A4)	5.291	01/12/44	Aaa		5,378
2,500,000	i	Merrill Lynch Mortgage Trust Series 2006-C1 (Class A4)	5.658	05/12/39	N/R		2,517
4,700,000	i	Merrill Lynch/Countrywide Commercial Mortgage Trust
		Series 2006-1 (Class A4)	5.426	02/12/39	N/R		4,666
19,000,000		Morgan Stanley Capital I Series 2005-HQ5 (Class A2)	4.809	01/14/42	N/R		18,879
15,600,000		Morgan Stanley Capital I Series 2006-HQ10 (Class A4)	5.328	11/12/41	Aaa		15,208
4,587,000	i	Morgan Stanley Capital I Series 2006-HQ9 (Class A4)	5.731	07/12/44	N/R		4,601
7,500,000	i	Morgan Stanley Capital I Series 2006-IQ11 (Class A4)	5.773	10/15/42	N/R		7,578
6,200,000	i	Morgan Stanley Capital I Series 2006-IQ11 (Class AJ)	5.777	10/15/42	N/R		5,147
12,320,000		Morgan Stanley Capital I Series 2006-IQ12 (Class A2)	5.283	12/15/43	N/R		12,074
8,000,000		Morgan Stanley Capital I Series 2007-HQ11 (Class A31)	5.439	02/12/44	Aaa		7,805
5,500,000		Residential Accredit Loans, Inc Series 2005-QS17
		(Class A1)	6.000	12/25/35	Aaa		4,749
4,000,000	i	Wachovia Bank Commercial Mortgage Trust Series 2005-
		C20 (Class A7)	5.118	07/15/42	Aaa		3,953
10,000,000	i	Wachovia Bank Commercial Mortgage Trust Series 2006-
		C24 (Class A3)	5.558	03/15/45	Aaa		9,927
5,000,000		Wachovia Bank Commercial Mortgage Trust Series 2007-
		C30 (Class AM)	5.383	12/15/43	Aaa		4,453
8,000,000		Wachovia Bank Commercial Mortgage Trust Series 2007-
		C31 (Class A2)	5.421	04/15/47	Aaa		7,806
12,655,598		Washington Mutual, Inc Series 2003-S10 (Class A1)	4.500	10/25/18	N/R		12,263
5,330,462		Wells Fargo Mortgage Backed Securities Trust Series 2004-7
		(Class 1A1)	4.500	07/25/19	N/R		5,260
20,070,608		Wells Fargo Mortgage Backed Securities Trust Series 2005-1
		(Class 2A1)	5.000	01/25/20	Aaa		19,609
8,117,874	i	Wells Fargo Mortgage Backed Securities Trust Series 2006-
		AR4 (Class 1A1)	5.857	04/25/36	N/R		7,353
		TOTAL OTHER MORTGAGE BACKED SECURITIES					486,908
PAPER AND ALLIED PRODUCTS - 0.05%
2,310,000		Cenveo Corp	7.875	12/01/13	B3		1,871
2,500,000		Kimberly-Clark Corp	6.625	08/01/37	A2		2,736
		TOTAL PAPER AND ALLIED PRODUCTS					4,607
PETROLEUM AND COAL PRODUCTS - 0.07%
3,750,000	g	GS Caltex Corp	5.500	04/24/17	Baa1		3,306
2,500,000		Valero Energy Corp	6.625	06/15/37	Baa3		2,390
		TOTAL PETROLEUM AND COAL PRODUCTS					5,696
PIPELINES, EXCEPT NATURAL GAS - 0.29%
3,500,000		Enterprise Products Operating LP	4.950	06/01/10	Baa3		3,571
4,000,000		Enterprise Products Operating LP	5.600	10/15/14	Baa3		4,002
2,000,000		Kaneb Pipe Line Operating Partnership LP	5.875	06/01/13	Baa3		2,044
2,000,000		Panhandle Eastern Pipe Line	4.800	08/15/08	Baa3		2,002
3,000,000		Plains All American Pipeline LP	4.750	08/15/09	Baa3		3,036
3,750,000		TransCanada Pipelines Ltd	4.000	06/15/13	A2		3,644
3,400,000		TransCanada Pipelines Ltd	5.850	03/15/36	A2		3,229
2,750,000	i	TransCanada Pipelines Ltd	6.350	05/15/67	A3		2,431
		TOTAL PIPELINES, EXCEPT NATURAL GAS					23,959

285

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING †		(000)
PRIMARY METAL INDUSTRIES - 0.09%
$      1,000,000		Corning, Inc	5.900%	03/15/14	Baa1	$	1,049
4,440,000	g	Xstrata Finance Canada Ltd	5.500	11/16/11	Baa2		4,555
1,550,000	g	Xstrata Finance Canada Ltd	6.900	11/15/37	Baa2		1,498
		TOTAL PRIMARY METAL INDUSTRIES					7,102
PRINTING AND PUBLISHING - 0.27%
2,500,000		Dun & Bradstreet Corp	5.500	03/15/11	N/R		2,600
2,300,000		Idearc, Inc	8.000	11/15/16	B3		1,489
2,806,000		Morris Publishing Group LLC	7.000	08/01/13	B2		1,599
3,500,000		News America, Inc	6.150	03/01/37	Baa2		3,306
13,500,000		Thomson Corp	5.700	10/01/14	Baa1		13,349
		TOTAL PRINTING AND PUBLISHING					22,343
RAILROAD TRANSPORTATION - 0.28%
3,750,000		Burlington Northern Santa Fe Corp	6.750	07/15/11	Baa1		4,009
4,000,000		Burlington Northern Santa Fe Corp	6.150	05/01/37	Baa1		3,838
3,500,000		Canadian National Railway Co	4.400	03/15/13	A3		3,466
2,930,000		CSX Corp	6.150	05/01/37	Baa3		2,580
2,056,000		Norfolk Southern Corp	5.590	05/17/25	Baa1		1,882
3,000,000		Union Pacific Corp	6.500	04/15/12	Baa2		3,246
3,750,000		Union Pacific Corp	5.750	11/15/17	Baa2		3,797
		TOTAL RAILROAD TRANSPORTATION					22,818
REAL ESTATE - 0.01%
1,750,000	g,i	USB Realty Corp	6.091	12/30/49	A1		1,138
		TOTAL REAL ESTATE					1,138
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.02%
1,750,000	g	Sealed Air Corp	5.375	04/15/08	Baa3		1,751
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS					1,751
SECURITY AND COMMODITY BROKERS - 1.22%
4,000,000		Bear Stearns Cos, Inc	5.700	11/15/14	Baa1		3,848
3,750,000		Bear Stearns Cos, Inc	6.400	10/02/17	Baa1		3,703
4,250,000		Bear Stearns Cos, Inc	7.250	02/01/18	A2		4,392
7,900,000		Credit Suisse USA, Inc	5.500	08/16/11	Aa1		8,181
1,500,000		Eaton Vance Corp	6.500	10/02/17	A3		1,600
3,000,000		Franklin Resources, Inc	3.700	04/15/08	A1		3,001
4,900,000	i	Goldman Sachs Capital II	5.793	12/30/49	A2		3,264
2,750,000		Goldman Sachs Group, Inc	5.000	01/15/11	Aa3		2,802
3,250,000		Goldman Sachs Group, Inc	5.300	02/14/12	Aa3		3,292
2,000,000		Goldman Sachs Group, Inc	4.750	07/15/13	Aa3		1,945
3,750,000		Goldman Sachs Group, Inc	5.150	01/15/14	Aa3		3,695
3,850,000		Goldman Sachs Group, Inc	5.950	01/18/18	Aa3		3,813
1,150,000		Goldman Sachs Group, Inc	6.450	05/01/36	A1		1,036
3,100,000		Goldman Sachs Group, Inc	6.750	10/01/37	A1		2,884
3,150,000	i	Lehman Brothers Holdings Capital Trust V	5.857	12/30/49	A3		1,992
6,750,000		Lehman Brothers Holdings, Inc	5.250	02/06/12	A1		6,513
2,500,000	i	Lehman Brothers Holdings, Inc	6.000	05/03/32	A2		1,998
4,250,000		Merrill Lynch & Co, Inc	5.000	02/03/14	A1		4,000
5,500,000		Merrill Lynch & Co, Inc	5.700	05/02/17	A2		5,225
10,000,000		Morgan Stanley	3.625	04/01/08	Aa3		10,000
9,350,000		Morgan Stanley	5.375	10/15/15	Aa3		8,873
5,000,000		Morgan Stanley	5.750	10/18/16	Aa3		4,835
4,125,000		Morgan Stanley	5.450	01/09/17	Aa3		3,859
3,500,000		Morgan Stanley	5.550	04/27/17	Aa3		3,291

286

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING †		(000)
$      1,560,000	g	Nuveen Investments, Inc	10.500%	11/15/15	B3	$	1,338
		TOTAL SECURITY AND COMMODITY BROKERS					99,380
TRANSPORTATION BY AIR - 0.12%
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		4,618
		TOTAL TRANSPORTATION BY AIR					9,793
TRANSPORTATION EQUIPMENT - 0.36%
4,650,000	g	BAE Systems Holdings, Inc	6.400	12/15/11	Baa2		5,030
3,000,000		Embraer Overseas Ltd	6.375	01/24/17	Baa3		2,992
4,250,000		General Dynamics Corp	3.000	05/15/08	A2		4,249
2,425,000		Honeywell International, Inc	5.700	03/15/37	A2		2,398
2,500,000		Lockheed Martin Corp	4.121	03/14/13	Baa1		2,504
3,675,000		Lockheed Martin Corp	6.150	09/01/36	Baa1		3,795
4,000,000		United Technologies Corp	5.375	12/15/17	A2		4,104
2,500,000		United Technologies Corp	7.500	09/15/29	A2		2,997
1,075,000		United Technologies Corp	6.050	06/01/36	A2		1,110
		TOTAL TRANSPORTATION EQUIPMENT					29,179
WHOLESALE TRADE-DURABLE GOODS - 0.09%
3,850,000		Midamerican Energy Co	5.800	10/15/36	A2		3,658
3,500,000		Vale Overseas Ltd	6.250	01/23/17	Baa3		3,486
		TOTAL WHOLESALE TRADE-DURABLE GOODS					7,144
WHOLESALE TRADE-NONDURABLE GOODS - 0.15%
3,000,000		Procter & Gamble Co	4.950	08/15/14	Aa3		3,139
8,975,000		Procter & Gamble Co	5.550	03/05/37	Aa3		8,962
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS					12,101
		TOTAL CORPORATE BONDS					2,693,533
		(Cost $2,759,547)
GOVERNMENT BONDS - 63.84%
AGENCY SECURITIES - 6.63%
5,580,911		Cal Dive I- Title XI, Inc	4.930	02/01/27	N/R		6,044
11,200,000		Federal Farm Credit Bank (FFCB)	3.375	07/15/08	Aaa		11,230
11,200,000		(FFCB)	4.125	04/15/09	Aaa		11,411
7,250,000		(FFCB)	5.375	07/18/11	Aaa		7,815
20,600,000		Federal Home Loan Bank (FHLB)	5.000	10/16/09	Aaa		20,882
10,000,000		(FHLB)	2.375	04/30/10	Aaa		10,017
15,000,000		Federal Home Loan Mortgage Corp (FHLMC)	3.500	05/21/08	Aaa		15,022
20,000,000		(FHLMC)	5.000	06/11/09	Aaa		20,640
19,000,000		(FHLMC)	4.875	02/09/10	Aaa		19,890
15,900,000		(FHLMC)	4.750	01/18/11	Aaa		16,791
36,399,000		(FHLMC)	5.875	03/21/11	Aa2		39,265
22,500,000		(FHLMC)	5.250	07/18/11	Aaa		24,193
15,000,000		(FHLMC)	5.500	08/20/12	Aaa		16,442
5,000,000		(FHLMC)	4.125	12/21/12	Aaa		5,193
6,000,000		(FHLMC)	3.500	05/29/13	Aaa		6,040
7,800,000		(FHLMC)	5.750	06/27/16	Aa2		8,588
55,450,000		(FHLMC)	5.125	11/17/17	Aaa		59,476
79,000,000		Federal National Mortgage Association (FNMA)	6.000	05/15/08	Aaa		79,340
70,000,000		(FNMA)	5.100	09/10/09	Aaa		70,795
1,350,000		(FNMA)	4.250	01/19/10	Aaa		1,397
7,200,000		(FNMA)	7.125	06/15/10	Aaa		7,933

287

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING †		(000)
$      8,000,000		(FNMA)	5.000	10/15/11	Aaa	$	8,587
15,000,000		(FNMA)	5.375	06/12/17	Aaa		16,474
2,500,000	j,m	Overseas Private Investment Corp		07/31/11	N/R		2,819
2,790,703		Overseas Private Investment Corp	3.420%	01/15/15	N/R		2,890
3,540,000		Private Export Funding Corp	5.870	07/31/08	Aaa		3,580
13,000,000		Private Export Funding Corp	4.900	12/15/11	Aaa		13,905
7,000,000		Private Export Funding Corp	4.550	05/15/15	Aaa		7,347
17,000,000		Private Export Funding Corp	5.450	09/15/17	Aaa		18,823
4,987,499		Totem Ocean Trailer Express, Inc	4.514	12/18/19	N/R		5,308
3,000,000		US Department of Housing and Urban Development	5.380	08/01/18	N/R		3,287
		TOTAL AGENCY SECURITIES					541,424
FOREIGN GOVERNMENT BONDS - 2.78%
3,500,000		African Development Bank	3.250	08/01/08	Aaa		3,503
10,000,000		Canada Mortgage & Housing Corp	4.800	10/01/10	Aaa		10,614
4,000,000		Chile Government International Bond	5.500	01/15/13	A2		4,232
3,500,000		China Development Bank	5.000	10/15/15	A1		3,483
2,000,000		Development Bank of Japan	4.250	06/09/15	Aaa		2,067
4,660,000		Eksportfinans A/S	5.000	02/14/12	Aaa		4,961
3,000,000	g	Emirate of Abu Dhabi	5.500	08/02/12	Aa2		3,237
3,500,000		European Investment Bank	4.875	02/15/36	Aaa		3,527
4,000,000	g	Federal Republic of Germany	3.875	06/01/10	Aaa		4,095
4,000,000		Federative Republic of Brazil	6.000	01/17/17	Ba1		4,078
3,000,000	g	Gabonese Republic	8.200	12/12/17	N/R		3,146
30,000,000	g	Hypothekenbank in Essen AG.	5.000	01/20/12	Aaa		31,972
5,000,000		International Finance Corp	5.125	05/02/11	Aaa		5,423
9,000,000		Israel Government International Bond	5.500	11/09/16	A2		9,452
4,400,000		Italy Government International Bond	5.375	06/12/17	N/R		4,861
4,000,000		Italy Government International Bond	6.875	09/27/23	Aa2		4,958
3,500,000		Kreditanstalt fuer Wiederaufbau	5.250	05/19/09	Aaa		3,613
4,150,000		Landwirtschaftliche Rentenbank	5.250	07/02/12	Aaa		4,529
5,000,000		Landwirtschaftliche Rentenbank	5.125	02/01/17	Aaa		5,481
5,900,000		Mexico Government International Bond	6.375	01/16/13	Baa1		6,481
6,152,000		Mexico Government International Bond	5.875	01/15/14	Baa1		6,583
3,800,000		Mexico Government International Bond	6.750	09/27/34	Baa1		4,239
4,600,000		Mexico Government International Bond	6.050	01/11/40	Baa1		4,588
5,400,000		Oesterreichische Kontrollbank AG.	5.000	04/25/17	Aaa		5,837
13,000,000		Province of British Columbia Canada	5.375	10/29/08	Aaa		13,209
3,000,000		Province of Manitoba Canada	4.450	04/12/10	Aa1		3,125
7,400,000		Province of Manitoba Canada	5.000	02/15/12	Aa1		7,928
5,000,000		Province of Ontario	5.500	10/01/08	Aa1		5,083
7,650,000		Province of Ontario	4.750	01/19/16	Aa1		8,083
16,620,000		Province of Ontario Canada	2.750	02/22/11	Aa1		16,631
2,250,000		Province of Quebec Canada	5.125	11/14/16	Aa2		2,433
6,000,000		Province of Quebec Canada	7.500	09/15/29	Aa2		8,044
2,000,000		Province of Saskatchewan Canada	8.000	02/01/13	Aa1		2,409
3,700,000		South Africa Government International Bond	5.875	05/30/22	Baa1		3,404
7,680,000		Svensk Exportkredit AB	5.125	03/01/17	Aa1		8,209
3,800,000	g	Ukraine Government International	6.750	11/14/17	B1		3,743
		TOTAL FOREIGN GOVERNMENT BONDS					227,261
MORTGAGE BACKED SECURITIES - 36.56%
20,080,000		Federal Home Loan Mortgage Corp (FHLMC)	5.750	05/23/11			20,152
28,521,629		(FHLMC)	6.000	09/15/16			29,705
11,720,000		(FHLMC)	4.000	09/15/18			11,452
3,328,976		(FHLMC)	5.750	12/15/18			3,399
10,013,000		(FHLMC)	4.000	04/15/19			9,646

288

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$      3,500,000		(FHLMC)	4.000%	09/15/19	$	3,415
25,000,000	d	(FHLMC)	5.000	06/15/28		25,641
11,491,832		(FHLMC)	5.000	06/15/29		11,763
3,873,853		(FHLMC)	6.000	12/15/30		3,933
19,953,204	d	(FHLMC)	5.000	06/15/31		20,094
14,020,000		(FHLMC)	5.500	05/15/33		14,265
8,364,489		(FHLMC)	4.500	09/15/35		8,338
10,398,325	i	(FHLMC)	5.075	02/01/36		10,436
13,964,779	i	(FHLMC)	5.790	07/01/36		14,288
11,348,684	i	(FHLMC)	5.005	09/01/36		11,410
8,670,691	i	(FHLMC)	5.897	09/01/36		8,873
15,177,510	i	(FHLMC)	5.900	09/01/36		15,518
11,478,216	i	(FHLMC)	6.119	09/01/36		11,734
21,865,945	i	(FHLMC)	5.724	02/01/37		22,273
27,109,474	i	(FHLMC)	5.672	03/01/37		27,591
35,180,638	i	(FHLMC)	5.790	03/01/37		35,743
20,470,185	i	(FHLMC)	5.885	04/01/37		21,865
2,571,997	i	(FHLMC)	6.130	05/01/37		2,623
32,152,247	i	(FHLMC)	5.734	06/01/37		32,722
16,657,802	i	(FHLMC)	5.903	08/01/37		16,961
15,722,618	i	(FHLMC)	5.860	09/01/37		15,952
52,764,811		Federal Home Loan Mortgage Corp Gold (FGLMC)	7.000	12/15/09		56,032
80,873		(FGLMC)	7.000	09/01/10		84
181,476		(FGLMC)	6.000	04/01/11		187
480,089		(FGLMC)	7.000	07/01/13		504
1,922,906		(FGLMC)	6.500	12/01/16		2,015
15,231,023		(FGLMC)	5.000	09/01/18		15,456
5,450,877		(FGLMC)	4.500	10/01/18		5,444
3,292,894		(FGLMC)	4.500	11/01/18		3,289
3,353,805		(FGLMC)	5.500	01/01/19		3,438
1,535,436		(FGLMC)	4.000	06/01/19		1,503
5,128,186		(FGLMC)	4.500	07/01/20		5,107
3,817,294		(FGLMC)	4.500	08/01/20		3,807
641,045		(FGLMC)	7.000	10/01/20		681
57,724,017		(FGLMC)	4.500	06/01/21		57,491
18,382,433		(FGLMC)	4.500	06/01/21		18,308
77,131		(FGLMC)	7.000	05/01/23		82
1,108,049		(FGLMC)	6.000	10/01/23		1,145
1,046,054		(FGLMC)	6.000	11/01/23		1,081
399,175		(FGLMC)	8.000	01/01/31		433
75,905		(FGLMC)	7.000	11/01/31		80
268,137		(FGLMC)	7.000	12/01/31		284
109,404		(FGLMC)	7.000	12/01/31		116
91,744		(FGLMC)	7.000	12/01/31		97
74,930		(FGLMC)	7.000	12/01/31		79
98,458		(FGLMC)	7.000	12/01/31		104
281,637		(FGLMC)	7.000	12/01/31		299
44,129		(FGLMC)	7.000	01/01/32		47
506,906		(FGLMC)	8.000	02/01/32		550
9,435,806	h	(FGLMC)	4.500	07/01/33		9,116
4,428,610		(FGLMC)	5.500	11/01/33		4,500
5,931,719		(FGLMC)	5.500	12/01/33		6,010
27,680,109	d	(FGLMC)	5.500	12/01/33		28,056
14,641,642		(FGLMC)	7.000	12/01/33		15,548
73,873,360		(FGLMC)	5.000	01/01/34		73,361
24,435,148		(FGLMC)	4.500	10/01/34		23,606

289

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$      2,933,372		(FGLMC)	5.500%	12/01/34	$	2,969
11,891,179		(FGLMC)	4.500	04/01/35		11,474
5,144,833		(FGLMC)	6.000	05/01/35		5,295
2,474,609		(FGLMC)	6.000	05/01/35		2,543
4,778,463		(FGLMC)	6.000	05/01/35		4,910
2,384,044		(FGLMC)	6.000	05/01/35		2,449
5,024,980		(FGLMC)	6.000	05/01/35		5,163
9,523,131		(FGLMC)	6.000	05/01/35		9,785
5,672,858		(FGLMC)	6.000	05/01/35		5,829
4,396,932		(FGLMC)	5.500	06/01/35		4,448
6,810,208		(FGLMC)	5.500	06/01/35		6,890
28,839,229		(FGLMC)	5.500	06/01/35		29,177
2,234,717		(FGLMC)	5.500	06/01/35		2,261
6,159,980		(FGLMC)	6.000	06/01/35		6,329
20,527,367		(FGLMC)	4.500	08/01/35		19,797
3,255,420		(FGLMC)	5.000	10/01/35		3,228
16,110,681		(FGLMC)	5.000	11/01/35		15,978
886,014		(FGLMC)	6.500	11/01/35		921
3,784,777		(FGLMC)	6.000	01/01/36		3,886
5,155,236		(FGLMC)	7.000	01/01/36		5,447
3,363,480		(FGLMC)	5.500	04/01/36		3,400
3,772,514		(FGLMC)	6.500	05/01/36		3,917
19,818,451		(FGLMC)	6.500	10/01/36		20,576
2,878,325		(FGLMC)	6.500	12/01/36		2,962
61,052,625		(FGLMC)	5.500	01/01/37		61,725
35,079,436		(FGLMC)	5.500	04/01/37		35,457
52,559,751		(FGLMC)	5.500	05/01/37		53,125
15,164,905		(FGLMC)	6.000	08/01/37		15,565
8,545,131		(FGLMC)	6.000	09/01/37		8,771
24,000,000		Federal National Mortgage Association (FNMA)	6.500	05/01/08		24,809
50,045		(FNMA)	7.500	11/01/10		52
3,860		(FNMA)	8.000	06/01/11		4
5,300		(FNMA)	8.000	06/01/11		6
5,114		(FNMA)	8.000	06/01/11		5
13,457		(FNMA)	8.000	07/01/11		14
7,579,026		(FNMA)	4.400	10/01/12		7,633
10,000,000		(FNMA)	3.625	02/12/13		10,173
392,592		(FNMA)	5.000	06/01/13		402
2,793,899		(FNMA)	4.440	07/01/13		2,789
3,944,201		(FNMA)	4.739	10/01/13		3,998
1,472,507		(FNMA)	4.771	02/01/14		1,496
5,546,532		(FNMA)	4.440	04/01/14		5,505
1,697,458		(FNMA)	4.558	01/01/15		1,704
605,302		(FNMA)	7.500	02/01/15		635
1,421,669		(FNMA)	7.500	04/01/15		1,491
1,208,463		(FNMA)	7.500	04/01/15		1,268
38,118		(FNMA)	6.500	02/01/16		40
127,053		(FNMA)	6.500	03/01/16		133
43,075		(FNMA)	6.500	04/01/16		45
1,103,153		(FNMA)	6.500	10/01/16		1,158
685,803		(FNMA)	6.500	11/01/16		720
2,166,931		(FNMA)	6.500	02/01/18		2,269
6,102,165		(FNMA)	5.500	03/01/18		6,260
1,075,996		(FNMA)	5.500	04/01/18		1,104
13,103,248	d	(FNMA)	5.500	04/01/18		13,443

290

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$      1,090,648		(FNMA)	6.500%	04/01/18	$	1,142
312,069		(FNMA)	5.500	05/01/18		320
17,959,733		(FNMA)	4.500	12/01/18		17,950
920,118		(FNMA)	6.000	01/01/19		953
139,025		(FNMA)	6.000	02/01/19		144
12,609,755		(FNMA)	5.000	04/01/19		12,773
4,206,019		(FNMA)	5.500	07/01/20		4,309
14,700,511	h	(FNMA)	4.500	03/01/23		14,633
183,837		(FNMA)	8.000	03/01/23		200
37,000,000	h	(FNMA)	4.500	04/25/23		36,792
6,561,436		(FNMA)	5.000	12/01/23		6,582
1,898,808		(FNMA)	5.500	02/01/24		1,934
3,826,932		(FNMA)	5.500	07/01/24		3,895
519,012		(FNMA)	8.000	07/01/24		565
5,547,459		(FNMA)	5.500	08/01/24		5,646
18,547,596	d	(FNMA)	5.000	10/01/25		18,583
104,499		(FNMA)	9.000	11/01/25		116
318,617		(FNMA)	7.000	07/01/32		339
714,645		(FNMA)	7.000	07/01/32		759
2,135,569		(FNMA)	5.000	02/01/33		2,120
10,362,755		(FNMA)	4.500	03/25/33		10,392
1,789,932		(FNMA)	5.500	06/01/33		1,813
6,373,983		(FNMA)	4.500	08/01/33		6,161
6,164,567		(FNMA)	5.000	08/01/33		6,118
11,000,000	d	(FNMA)	5.500	08/25/33		11,248
10,245,512		(FNMA)	4.500	10/01/33		9,903
6,242,201		(FNMA)	5.000	10/01/33		6,196
2,754,503		(FNMA)	5.000	10/01/33		2,734
1,999,877		(FNMA)	5.000	10/01/33		1,985
8,623,300		(FNMA)	5.000	11/01/33		8,559
8,723,735		(FNMA)	5.000	11/01/33		8,658
926,870		(FNMA)	5.000	11/01/33		920
53,086,426		(FNMA)	5.000	11/01/33		52,690
3,553,748		(FNMA)	5.500	12/01/33		3,599
8,839,673		(FNMA)	5.500	12/01/33		8,987
1,509,396		(FNMA)	5.500	12/01/33		1,529
1,724,204	d	(FNMA)	5.500	12/01/33		1,746
3,636,982		(FNMA)	5.500	01/01/34		3,683
7,290,218		(FNMA)	5.500	01/01/34		7,383
11,527,937		(FNMA)	5.500	02/01/34		11,675
2,508,912		(FNMA)	5.000	03/01/34		2,490
19,108,247		(FNMA)	5.000	03/01/34		18,965
2,324,717		(FNMA)	5.000	03/01/34		2,307
2,907,346		(FNMA)	5.000	03/01/34		2,886
7,069,674		(FNMA)	5.000	03/01/34		7,017
7,850,100		(FNMA)	5.500	03/01/34		7,944
18,846,722		(FNMA)	5.000	04/01/34		18,695
70,510,522		(FNMA)	5.000	08/01/34		69,975
5,680,279		(FNMA)	5.500	09/01/34		5,749
5,223,561		(FNMA)	5.500	09/01/34		5,286
3,899,357		(FNMA)	5.500	09/01/34		3,946
3,632,619		(FNMA)	5.500	10/01/34		3,676
2,630,103		(FNMA)	5.500	10/01/34		2,662
9,730,650		(FNMA)	5.500	10/25/34		9,705
18,678,483		(FNMA)	5.500	12/01/34		18,903
7,024,154		(FNMA)	5.500	01/01/35		7,109

291

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$      82,847,008		(FNMA)	5.500%	02/01/35	$	83,903
4,662,376		(FNMA)	5.500	04/01/35		4,716
30,177,673		(FNMA)	5.500	04/01/35		30,540
20,096,513		(FNMA)	5.500	05/01/35		20,328
6,712,126		(FNMA)	6.000	05/01/35		6,888
1,144,850		(FNMA)	5.500	06/01/35		1,158
2,905,579		(FNMA)	5.500	06/01/35		2,939
2,618,937		(FNMA)	5.500	06/01/35		2,649
4,481,519		(FNMA)	5.500	06/01/35		4,533
1,718,790		(FNMA)	5.500	06/01/35		1,739
555,139		(FNMA)	7.500	06/01/35		593
2,000,686		(FNMA)	5.500	07/01/35		2,024
2,956,563		(FNMA)	6.000	07/01/35		3,034
13,807,750	d	(FNMA)	5.500	09/01/35		13,967
33,501,162		(FNMA)	5.500	09/01/35		33,928
14,594,887		(FNMA)	5.000	10/01/35		14,467
9,528,120		(FNMA)	5.500	11/01/35		9,638
13,571,266	i	(FNMA)	5.728	02/01/36		13,863
12,211,548		(FNMA)	5.500	04/01/36		12,352
16,814,460	i	(FNMA)	5.777	06/01/36		17,198
1,887,457		(FNMA)	6.000	06/01/36		1,936
9,321,863	i	(FNMA)	5.961	07/01/36		9,531
34,071,271	i	(FNMA)	5.987	07/01/36		34,777
8,531,757	h	(FNMA)	6.500	09/01/36		8,844
14,789,351		(FNMA)	6.000	10/01/36		15,167
61,831,667	i	(FNMA)	5.867	11/01/36		63,035
11,458,974	i	(FNMA)	5.776	12/01/36		11,646
18,616,426	h	(FNMA)	6.500	12/01/36		19,298
10,509,723		(FNMA)	6.500	12/01/36		10,796
10,365,494	i	(FNMA)	6.033	02/01/37		10,599
39,202,310		(FNMA)	5.500	03/01/37		39,610
955,265		(FNMA)	6.500	03/01/37		990
13,984,062	h	(FNMA)	6.500	03/01/37		14,496
9,283,662		(FNMA)	7.000	04/01/37		9,752
59,922,722		(FNMA)	6.000	06/01/37		61,439
13,482,118		(FNMA)	6.000	07/01/37		13,823
6,500,000		(FNMA)	5.625	07/15/37		7,239
60,898,571		(FNMA)	6.000	08/01/37		61,830
12,912,698		(FNMA)	6.000	08/01/37		13,240
5,273,320		(FNMA)	6.500	08/01/37		5,466
17,068,354		(FNMA)	6.500	08/01/37		17,692
4,822,630		(FNMA)	6.000	09/01/37		4,945
5,930,269		(FNMA)	6.000	09/01/37		6,080
8,048,585		(FNMA)	6.000	09/01/37		8,252
7,594,636		(FNMA)	6.000	09/01/37		7,787
26,854,493		(FNMA)	6.000	09/01/37		27,265
12,627,308		(FNMA)	6.500	09/01/37		13,089
21,198,777		(FNMA)	6.500	09/01/37		21,973
10,365,452		(FNMA)	6.500	09/01/37		10,744
19,105,016		(FNMA)	6.500	09/01/37		19,803
27,150,970	i	(FNMA)	5.931	10/01/37		28,121
6,286,357		(FNMA)	6.000	10/01/37		6,445
32,820,576		(FNMA)	6.500	10/01/37		34,020
13,916,238		(FNMA)	7.000	11/01/37		14,618
28,021,349		(FNMA)	6.000	12/01/37		28,450
9,869,302		(FNMA)	5.500	01/01/38		9,972

292

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$      1,752,360		(FNMA)	6.500%	01/01/38	$	1,816
84,817,698	h	(FNMA)	5.500	02/01/38		85,703
19,957,879		(FNMA)	6.000	02/01/38		20,463
1,001,426		(FNMA)	6.500	02/01/38		1,038
7,994,534		(FNMA)	6.000	03/01/38		8,197
14,333,977		(FNMA)	6.500	03/01/38		14,858
2,003,749		(FNMA)	6.500	03/01/38		2,077
6,537,467		(FNMA)	6.500	03/01/38		6,776
4,598,964		(FNMA)	6.500	03/01/38		4,767
6,004,975		(FNMA)	7.000	03/01/38		6,308
9,479,996		(FNMA)	7.000	03/01/38		9,958
4,560,908		(FNMA)	7.000	03/01/38		4,791
75,000,000	h	(FNMA)	5.500	04/25/38		75,703
25,000,000		Government National Mortgage Association (GNMA)	5.000	05/01/08		24,945
14,086		(GNMA)	8.500	12/15/09		15
16,698		(GNMA)	8.500	12/15/09		17
41,102		(GNMA)	9.000	12/15/09		42
22,080		(GNMA)	8.500	01/15/10		23
7,600		(GNMA)	8.500	01/15/10		8
29,055		(GNMA)	9.000	06/15/16		32
5,961		(GNMA)	9.000	09/15/16		7
16,540		(GNMA)	9.000	09/15/16		18
22,040		(GNMA)	9.000	11/15/16		24
8,537		(GNMA)	9.000	12/15/16		9
11,765		(GNMA)	9.000	12/15/16		13
163,452		(GNMA)	9.500	12/15/16		181
13,456		(GNMA)	9.000	06/15/20		15
77,100		(GNMA)	8.000	06/15/24		84
126,063		(GNMA)	8.500	11/20/30		138
103,649		(GNMA)	8.500	12/20/30		114
2,658,173		(GNMA)	5.500	11/20/33		2,712
10,411,508		(GNMA)	5.500	03/20/35		10,615
6,727,590		(GNMA)	5.500	12/20/35		6,859
68,000,000	h	(GNMA)	5.500	04/15/38		69,317
		TOTAL MORTGAGE BACKED SECURITIES				2,983,084
MUNICIPAL BONDS - 0.14%
2,000,000		Charlotte-Mecklenburg Hospital Authority	5.000	08/01/15		2,070
9,150,000	i	State of Wisconsin	10.800	05/01/32		9,150
		TOTAL MUNICIPAL BONDS				11,220
U.S. TREASURY SECURITIES - 17.73%
272,505,000	d	United States Treasury Bond	8.000	11/15/21		384,360
58,400,000		United States Treasury Bond	5.250	02/15/29		65,823
3,861,000		United States Treasury Bond	5.375	02/15/31		4,466
677,000		United States Treasury Bond	4.500	02/15/36		699
1,945,000		United States Treasury Bond	4.750	02/15/37		2,092
14,398,000		United States Treasury Bond	5.000	05/15/37		16,107
222,414,093	k	United States Treasury Inflation Indexed Note	0.875	04/15/10		227,609
47,130,949	k	United States Treasury Inflation Indexed Note	2.375	04/15/11		50,636
16,000,000		United States Treasury Note	5.125	06/30/08		16,148
9,050,000		United States Treasury Note	4.875	10/31/08		9,232
14,500,000		United States Treasury Note	4.000	08/31/09		14,996
20,000,000		United States Treasury Note	2.125	01/31/10		20,170
1,000,000		United States Treasury Note	2.000	02/28/10		1,007
15,333,000		United States Treasury Note	2.875	01/31/13		15,629
364,738,000		United States Treasury Note	2.750	02/28/13		369,753

293

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$      25,000,000		United States Treasury Note	2.500%	03/31/13	$	25,037
117,452,000		United States Treasury Note	4.750	08/15/17		129,950
35,635,000		United States Treasury Note	4.250	11/15/17		38,021
33,705,000		United States Treasury Note	3.500	02/15/18		33,900
50,000,000	j	United States Treasury Strip Principal	6.375	08/15/27		20,757
		TOTAL U.S. TREASURY SECURITIES				1,446,392
		TOTAL GOVERNMENT BONDS				5,209,381
		(Cost $5,074,591)
		TOTAL BONDS				7,902,914
		(Cost $7,834,138)
SHARES
PREFERRED STOCKS - 0.84%
DEPOSITORY INSTITUTIONS - 0.03%
134,000		Bank of America Corp				2,913
		TOTAL DEPOSITORY INSTITUTIONS				2,913
NONDEPOSITORY INSTITUTIONS - 0.81%
556,160		Federal Home Loan Mortgage Corp (FHLMC)				13,571
2,176,309		Federal National Mortgage Association (FNMA)				52,340
		TOTAL NONDEPOSITORY INSTITUTIONS				65,911
		TOTAL PREFERRED STOCKS				68,824
		(Cost $71,662)
TIAA-CREF MUTUAL FUNDS - 0.05%
452,541	a	TIAA-CREF Institutional High Yield Fund II				4,204
		TOTAL TIAA-CREF MUTUAL FUNDS				4,204
		(Cost $4,261)
PRINCIPAL
SHORT-TERM INVESTMENTS - 6.77%
COMMERCIAL PAPER - 2.04%
$      8,600,000		American Honda Finance Corp	0.000	04/15/08		8,590
12,000,000		Cafco LLC	0.000	04/02/08		11,998
12,000,000		Cargill Global Funding	0.000	04/02/08		11,998
6,400,000		Ciesco LLC	0.000	04/09/08		6,395
12,000,000		Coca-Cola Enterprises, Inc	0.000	04/01/08		11,999
12,000,000		Danske Corp	0.000	04/14/08		11,987
12,000,000		Eaton Corp	0.000	04/14/08		11,987
12,000,000		Edison Asset Securitization LLC	0.000	06/09/08		11,929
12,000,000		Govco LLC	0.000	05/23/08		11,946
12,000,000		JPMorgan Chase & Co	0.000	07/01/08		11,915
12,000,000		Kitty Hawk Funding Corp	0.000	04/01/08		11,999
12,000,000		Park Avenue Receivables Corp	0.000	04/15/08		11,984
12,000,000		Rabobank USA Financial Corp	0.000	04/09/08		11,991
7,850,000		UBS Finance (Delaware) LLC	0.000	06/05/08		7,811
12,000,000		Verizon Communications, Inc	0.000	04/01/08		11,999
		TOTAL COMMERCIAL PAPER				166,528

294

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES - 4.73%
$      3,720,000		Federal Farm Credit Bank (FFCB)	0.000%	07/21/08	$	3,697
17,470,000		Federal Home Loan Bank (FHLB)	0.000	04/01/08		17,470
54,923,000	d	(FHLB)	0.000	04/16/08		54,882
50,029,000		(FHLB)	0.000	04/18/08		49,986
9,340,000		(FHLB)	0.000	04/23/08		9,330
14,800,000	d	(FHLB)	0.000	04/25/08		14,782
8,950,000		(FHLB)	0.000	07/01/08		8,904
1,051,000		(FHLB)	0.000	10/24/08		1,039
46,200,000		Federal Home Loan Mortgage Corp (FHLMC)	0.000	04/29/08		46,135
45,992,000		(FHLMC)	0.000	05/09/08		45,905
31,013,000		(FHLMC)	0.000	05/16/08		30,943
50,000,000		Federal National Mortgage Association (FNMA)	0.000	05/07/08		49,910
51,300,000		(FNMA)	0.000	05/21/08		51,172
1,489,000		(FNMA)	0.000	08/01/08		1,479
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES				385,634
		TOTAL SHORT-TERM INVESTMENTS				552,162
		(Cost $552,068)
		TOTAL PORTFOLIO - 104.51%				8,528,104
		(Cost $8,462,129)
		OTHER ASSETS & LIABILITIES, NET - (4.51%)				(368,340	)
		NET ASSETS - 100.00%			$	8,159,764
		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).
	^	Amount represents less than $1,000.
	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.
	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 March 31, 2008, the value of these securities amounted to $249,277,775 or 3.05% 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 March 31, 2008.
	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.

295

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

At March 31, 2008, the net unrealized appreciation on investments was $65,975,139, consisting of gross

unrealized appreciation of $178,286,288 and gross unrealized depreciation of $112,311,149.

Companies in which the Account held 5% or more of the outstanding voting shares are considered "affiliated companies" of the

Account pursuant to the Investment Company Act of 1940. Additionally, investments in other investment companies advised

by Investment Management or affiliated entities are treated as affiliated companies. Information regarding transactions with

affiliated companies is as follows:

COLLEGE RETIREMENT EQUITIES FUND
TRANSACTIONS WITH AFFILIATED COMPANIES-BOND MARKET ACCOUNT
JANUARY 1, 2008 - MARCH 31, 2008

	Value at		Purchase				Realized		Dividend	Withholding		Shares at	Value at
Issue	December 31, 2007		Cost	Proceeds			Gain/(Loss)		Income	Expense		March 31, 2008	March 31, 2008
TIAA-CREF Institutional High Yield Fund II	$	4,305,350	$      81,833		$	-	$	-	$      81,833	$	-	452,541	$	4,204,113
			$      81,833		$	-	$	-	$      81,833	$	-	452,541	$	4,204,113

296

COLLEGE RETIREMENT EQUITIES FUND - Inflation-Linked Bond Account
COLLEGE RETIREMENT EQUITIES FUND
INFLATION-LINKED BOND ACCOUNT
STATEMENT OF INVESTMENTS (Unaudited)
March 31, 2008
				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
GOVERNMENT BONDS - 99.01%
U.S. TREASURY SECURITIES - 99.01%
$      383,484,471	k	United States Treasury Inflation Indexed Bond	2.375%	01/15/25	$	417,249
249,005,302	k	United States Treasury Inflation Indexed Bond	2.000	01/15/26		256,709
201,821,382	k	United States Treasury Inflation Indexed Bond	2.375	01/15/27		220,301
110,310,300	k	United States Treasury Inflation Indexed Bond	1.750	01/15/28		109,354
258,373,348	k	United States Treasury Inflation Indexed Bond	3.625	04/15/28		335,038
296,863,599	k	United States Treasury Inflation Indexed Bond	3.875	04/15/29		401,299
78,455,505	k	United States Treasury Inflation Indexed Bond	3.375	04/15/32		103,022
174,505,856	k	United States Treasury Inflation Indexed Note	4.250	01/15/10		189,339
408,344,030	k	United States Treasury Inflation Indexed Note	0.875	04/15/10		417,883
175,311,645	k	United States Treasury Inflation Indexed Note	3.500	01/15/11		193,870
255,064,922	k	United States Treasury Inflation Indexed Note	2.375	04/15/11		274,035
97,099,409	k	United States Treasury Inflation Indexed Note	3.375	01/15/12		109,305
201,455,748	k	United States Treasury Inflation Indexed Note	2.000	04/15/12		216,896
334,263,769	k	United States Treasury Inflation Indexed Note	3.000	07/15/12		374,636
313,161,497	k	United States Treasury Inflation Indexed Note	1.875	07/15/13		337,774
320,150,146	k	United States Treasury Inflation Indexed Note	2.000	01/15/14		346,763
292,979,180	k	United States Treasury Inflation Indexed Note	2.000	07/15/14		318,180
289,221,527	k	United States Treasury Inflation Indexed Note	1.625	01/15/15		306,778
250,965,125	k	United States Treasury Inflation Indexed Note	1.875	07/15/15		270,905
248,287,554	k	United States Treasury Inflation Indexed Note	2.000	01/15/16		269,217
242,603,714	k	United States Treasury Inflation Indexed Note	2.500	07/15/16		273,289
215,321,489	k	United States Treasury Inflation Indexed Note	2.375	01/15/17		240,319
194,901,186	k	United States Treasury Inflation Indexed Note	2.625	07/15/17		222,096
106,079,220	k	United States Treasury Inflation Indexed Note	1.625	01/15/18		111,391
		TOTAL U.S. TREASURY SECURITIES				6,315,648
		TOTAL GOVERNMENT BONDS				6,315,648
		(Cost $5,890,591)
SHORT-TERM INVESTMENTS - 0.25%
U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES - 0.25%
16,050,000		Federal Home Loan Bank (FHLB)	0.000	04/01/08		16,050
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES				16,050
		TOTAL SHORT-TERM INVESTMENTS				16,050
		(Cost $16,050)
		TOTAL PORTFOLIO - 99.26%				6,331,698
		(Cost $5,906,641)
		OTHER ASSETS & LIABILITIES, NET - 0.74 %				47,466
		NET ASSETS - 100.00%			$	6,379,164
	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.
		At March 31, 2008, the net unrealized appreciation on investments was $425,057,603 consisting of gross
		unrealized appreciation of $426,804,837 and gross unrealized depreciation of $1,747,234.

297

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
COLLEGE RETIREMENT EQUITIES FUND
SOCIAL CHOICE ACCOUNT
STATEMENT OF INVESTMENTS (Unaudited)
March 31, 2008
			MATURITY			VALUE
PRINCIPAL		RATE	DATE	RATING †		(000)
BONDS - 39.85%
CORPORATE BONDS - 14.49%
AMUSEMENT AND RECREATION SERVICES - 0.02%
$      2,000,000	International Speedway Corp	5.40%	04/15/14	Baa2	$	2,072
	TOTAL AMUSEMENT AND RECREATION SERVICES					2,072
ASSET BACKED - 3.39%
2,640,201	AmeriCredit Automobile Receivables Trust Series
	2006-AF (Class A3)	5.560	09/06/11	AAA		2,653
10,250,000	AmeriCredit Automobile Receivables Trust Series
	2006-AF (Class A4)	5.640	09/06/13	Aaa		10,383
5,000,000	AmeriCredit Automobile Receivables Trust Series
	2007-BF (Class A3A)	5.160	04/06/12	Aaa		4,990
4,000,000	Capital One Auto Finance Trust Series 2007-B
	(Class A3A)	5.030	04/15/12	AAA		3,883
10,000,000	Centex Home Equity Series 2004-C (Class AF5)	5.980	06/25/34	Aaa		8,833
3,501,139	Chase Funding Loan Acquisition Trust Series 2004-
	OPT1 (Class M1)	3.169	06/25/34	Aa1		2,992
18,381,912	Chase Funding Mortgage Loan Asset-Backed
	Certificates Series 2003-6 (Class 1A7)	4.277	09/25/33	AAA		17,904
817,424	Chase Funding Mortgage Loan Asset-Backed
	Certificates Series 2004-2 (Class 1B)	5.700	02/25/35	Baa2		408
3,983,026	CIT Equipment Collateral Series 2005-VT1
	(Class A4)	4.360	11/20/12	Aaa		3,985
7,000,000	Citicorp Mortgage Securities, Inc Series 2006-1
	(Class A3)	5.706	07/25/36	Aaa		6,689
12,000,000	Citicorp Mortgage Securities, Inc Series 2006-2
	(Class A3)	5.563	09/25/36	Aaa		11,493
1,747,389	Countrywide Asset-Backed Certificates Series 2002-
	S2 (Class A5)	5.978	01/25/17	Aaa		1,703
5,000,000	Countrywide Asset-Backed Certificates Series 2007-
	S2 (Class A3)	5.813	05/25/37	AAA		3,640
802,518	Countrywide Home Equity Loan Trust Series 2004-B
	(Class 1A)	3.038	02/15/29	A3		562
4,597,835	Credit-Based Asset Servicing and Securitization LLC
	Series 2007-MX1 (Class A1)	6.159	12/25/36	Aaa		4,592
12,000,000	Flagstar Home Equity Loan Trust Series 2007-1A
	(Class AF3)	5.781	01/25/35	AAA		9,814
3,500,000	GMAC Mortgage Corporation Loan Trust 2006-
	HLTV A3	5.590	10/25/29	A3		3,111
2,282,000	GMAC Mortgage Corporation Loan Trust 2006-
	HLTV A4	5.810	10/25/29	A3		1,669
10,000,000	Hertz Vehicle Financing LLC Series 2005-1A
	(Class A3)	5.010	02/25/11	AAA		9,661
2,500,000	Hertz Vehicle Financing LLC Series 2005-1A
	(Class A5)	5.080	11/25/11	AAA		2,302
3,635,000	Hertz Vehicle Financing LLC Series 2005-2A
	(Class A2)	4.930	02/25/10	AAA		3,591

298

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING †		(000)
$      1,431,902		HFC Home Equity Loan Asset Backed Certificates
		Series 2006-4 (Class A1F)	5.790%	03/20/36	Aaa	$	1,408
3,847,012		HFC Home Equity Loan Asset Backed Certificates
		Series 2007-1 (Class A1F)	5.910	03/20/36	Aaa		3,847
4,000,000		HFC Home Equity Loan Asset Backed Certificates
		Series 2007-1 (Class A3F)	5.730	03/20/36	Aaa		3,415
21,000,000		Household Automotive Trust Series 2006-3
		(Class A4)	5.340	09/17/13	Aaa		21,494
16,000,000		Household Credit Card Master Note Trust I Series
		2006-1 (Class A)	5.100	06/15/12	Aaa		16,263
2,538,337		Hyundai Auto Receivables Trust Series 2006-A
		(Class A3)	5.130	06/15/10	AAA		2,558
20,000,000		Hyundai Auto Receivables Trust Series 2006-B
		(Class A4)	5.150	05/15/13	Aaa		20,501
8,000,000		JPMorgan Auto Receivables Trust Series 2007-A
		(Class A3)	5.190	02/15/11	Aaa		8,068
2,707,775		Marriott Vacation Club Owner Trust Series 2006-2A
		(Class A)	5.362	10/20/28	Aaa		2,822
3,200,642		Marriott Vacation Club Owner Trust Series 2007-1A
		(Class A)	5.518	05/20/29	Aaa		3,194
16,000,000		Nissan Auto Lease Trust Series 2006-A (Class A3)	5.110	03/15/10	AAA		16,196
8,500,000		Nissan Auto Lease Trust Series 2006-A (Class A4)	5.100	07/16/12	AAA		8,672
5,000,000		Nissan Auto Receivables Owner Trust Series 2007-A
		(Class A3)	5.100	11/15/10	Aaa		5,076
3,250,000		Renaissance Home Equity Loan Trust Series 2006-3
		(Class AF3)	5.586	11/25/36	Aaa		3,147
2,777,951		Residential Asset Mortgage Products, Inc Series
		2003-RZ5 (Class A7)	4.970	09/25/33	AAA		2,796
4,000,000		Residential Funding Mortgage Securities II, Inc
		Series 2006-H12 (Class A2)	5.750	02/25/36	A3		3,571
2,000,000		Residential Funding Mortgage Securities II, Inc
		Series 2006-HI1 (Class M1)	6.010	02/25/36	Aa1		1,067
200,000		Residential Funding Mortgage Securities II, Inc
		Series 2006-HI1 (Class M2)	6.060	02/25/36	Aa2		78
5,700,000		Residential Funding Mortgage Securities II, Inc
		Series 2006-HI3 (Class A3)	5.960	02/25/36	A3		3,927
7,000,000		Residential Funding Mortgage Securities II, Inc
		Series 2006-HI4 (Class A2)	5.450	09/25/36	A3		5,899
18,000,000		Residential Funding Mortgage Securities II, Inc
		Series 2006-HI4 (Class A3)	5.440	09/25/36	A3		13,108
5,003,000		Residential Funding Mortgage Securities II, Inc
		Series 2006-HI5 (Class A2)	5.520	04/25/21	A3		4,194
9,000,000		Residential Funding Mortgage Securities II, Inc
		Series 2006-HI5 (Class A3)	5.500	08/25/25	A3		6,535
4,000,000	i	Residential Funding Mortgage Securities II, Inc
		Series 2006-HSA2 (Class AI3)	5.550	03/25/36	A3		2,620
1,853,096	m	Sierra Receivables Funding Co Series 2006-1A
		(Class A1)	5.840	05/20/18	AAA		1,696
15,631,814	m,v	Sonic Capital LLC Series 2006-1A (Class A2)	5.096	12/20/31	AAA		14,390
2,201,540	m,v	Wachovia Amortization Controlled Heloc NIM
		Series 2006-N1 (Class N1)	5.683	08/12/47	A3		2,112
2,419,456	i	Wachovia Loan Trust Series 2005-SD1 (Class A)	2.959	05/25/35	N/R		2,245
		TOTAL ASSET BACKED					295,757
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.11%
4,375,000		Home Depot, Inc	5.250	12/16/13	BAA1		4,281

299

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING †		(000)
$      5,000,000		Lowe's Cos, Inc	8.250%	06/01/10	A1	$	5,566
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES					9,847
CHEMICALS AND ALLIED PRODUCTS - 0.25%
1,000,000		Abbott Laboratories	3.750	03/15/11	A1		1,011
2,150,000		Air Products & Chemicals, Inc	4.150	02/01/13	A2		2,153
3,150,000		Amgen, Inc	5.850	06/01/17	A2		3,148
965,000		Clorox Co	5.950	10/15/17	Baa2		966
2,500,000		Ecolab, Inc	6.875	02/01/11	A2		2,674
3,000,000		Genentech, Inc	5.250	07/15/35	A1		2,775
1,500,000		Lubrizol Corp	4.625	10/01/09	Baa3		1,506
5,000,000		Praxair, Inc	3.950	06/01/13	A2		4,921
2,500,000		Praxair, Inc	5.250	11/15/14	A2		2,588
		TOTAL CHEMICALS AND ALLIED PRODUCTS					21,742
COMMUNICATIONS - 0.45%
8,318,000		Alamosa Delaware, Inc	8.500	01/31/12	BAA3		7,507
1,184,000		AT&T Corp	7.300	11/15/11	A2		1,282
1,000,000		AT&T, Inc	6.150	09/15/34	A2		960
700,000		AT&T, Inc	6.500	09/01/37	A2		692
700,000		AT&T, Inc	6.300	01/15/38	A2		677
3,632,310		Bellsouth Telecommunications, Inc	6.300	12/15/15	A2		3,855
2,500,000		New Cingular Wireless Services, Inc	7.875	03/01/11	A3		2,719
1,500,000		New Cingular Wireless Services, Inc	8.750	03/01/31	A3		1,820
4,500,000		Sprint Capital Corp	8.375	03/15/12	Baa3		4,163
5,000,000		Time Warner Cable, Inc	5.400	07/02/12	BAA2		4,913
2,500,000		Time Warner Cable, Inc	5.850	05/01/17	Baa2		2,393
2,500,000		Time Warner Cable, Inc	6.550	05/01/37	BAA2		2,360
1,400,000		Verizon Communications, Inc	6.400	02/15/38	A3		1,363
4,000,000		Verizon New Jersey, Inc	5.875	01/17/12	A3		4,124
		TOTAL COMMUNICATIONS					38,828
DEPOSITORY INSTITUTIONS - 1.94%
1,300,000	g	Amsouth Bank	4.850	04/01/13	A2		1,255
1,000,000		Astoria Financial Corp	5.750	10/15/12	A2		1,013
5,000,000		Bank of America Corp	4.875	09/15/12	AA1		5,073
5,000,000		Bank of America NA	5.300	03/15/17	Aa1		4,966
3,000,000		Bank of Hawaii	6.875	03/01/09	A1		3,082
1,500,000	i	BB&T Capital Trust IV	6.820	06/12/57	A1		1,238
2,500,000		Capital One Bank	4.250	12/01/08	A2		2,464
3,000,000	g	Corestates Capital Trust I	8.000	12/15/26	A1		3,123
8,800,000	g	Depfa ACS Bank	5.125	03/16/37	Aaa		8,595
6,500,000		FIA Card Services NA	7.125	11/15/12	Baa2		7,206
3,000,000		First Union National Bank of Florida	6.180	02/15/36	Aa2		3,132
5,000,000		Firstar Bank NA	7.125	12/01/09	AA2		5,336
2,000,000		Greenpoint Financial Corp	3.200	06/06/08	A3		1,989
2,500,000		Independence Community Bank Corp	4.900	09/23/10	A3		2,493
5,000,000	e	M&I Marshall & Ilsley Bank	5.300	09/08/11	Aa3		4,991
5,000,000	i	Manufacturers & Traders Trust Co	5.629	12/01/21	A2		4,643
5,000,000		Mellon Funding Corp	6.400	05/14/11	Aa3		5,311
5,000,000		Mercantile Bankshares Corp	4.625	04/15/13	A2		5,049
1,250,000		Mercantile-Safe Deposit & Trust Co	5.700	11/15/11	N/R		1,349
1,250,000		National City Bank	7.250	07/15/10	N/R		1,265
8,000,000	g	Nationwide Building Society	5.500	07/18/12	Aaa		8,679
5,000,000		NB Capital Trust IV	8.250	04/15/27	AA3		5,137
2,140,000	g	OMX Timber Finance Investments LLC Series 1	5.420	01/29/20	Aa3		2,054
3,000,000		Popular North America, Inc	3.875	10/01/08	A3		2,989

300

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING †		(000)
$      2,000,000		Popular North America, Inc	5.650%	04/15/09	A3	$	1,990
5,000,000		Regions Bank	6.450	06/26/37	A2		4,189
7,185,000		Roslyn Bancorp, Inc	7.500	12/01/08	A3		7,367
2,000,000		State Street Bank & Trust Co	5.250	10/15/18	Aa2		1,931
7,312,000		State Street Corp	7.650	06/15/10	A2		7,894
4,000,000		Union Bank of California NA	5.950	05/11/16	A1		3,907
1,112,000		US Bank NA	6.375	08/01/11	Aa2		1,204
3,000,000		US Bank NA	6.300	02/04/14	Aa2		3,252
5,000,000		Wachovia Corp	5.300	10/15/11	Aa3		5,048
3,500,000	i	Wachovia Corp	7.980	12/30/49	A2		3,439
3,000,000		Washington Mutual Bank	5.650	08/15/14	Baa3		2,475
5,000,000		Webster Bank	5.875	01/15/13	A3		4,887
3,500,000		Wells Fargo & Co	4.875	01/12/11	Aa1		3,561
5,150,000		Wells Fargo & Co	5.625	12/11/17	Aa1		5,268
1,500,000		Wells Fargo Bank NA	6.450	02/01/11	Aa1		1,595
5,000,000		Wells Fargo Bank NA	4.750	02/09/15	Aa1		4,876
8,195,000		Western Financial Bank	9.625	05/15/12	Aa2		8,691
5,000,000	i	World Savings Bank FSB	2.910	09/16/09	Aa1		4,978
		TOTAL DEPOSITORY INSTITUTIONS					168,984
EATING AND DRINKING PLACES - 0.01%
1,250,000		McDonald's Corp	5.350	03/01/18	A3		1,265
		TOTAL EATING AND DRINKING PLACES					1,265
ELECTRIC, GAS, AND SANITARY SERVICES - 1.06%
3,510,000		AGL Capital Corp	6.000	10/01/34	Baa1		3,148
5,000,000		Atmos Energy Corp	5.125	01/15/13	Baa3		4,959
5,000,000	h	Avista Corp	5.950	06/01/18	BAA2		5,007
2,000,000		Connecticut Light & Power	5.750	03/01/37	A3		1,859
5,000,000	g	Great River Energy	5.829	07/01/17	AAA		5,197
5,000,000		Hawaiian Electric Industries, Inc	6.141	08/15/11	Baa2		5,446
3,000,000		Idaho Power Co	7.200	12/01/09	A3		3,181
5,000,000		Idaho Power Co	5.500	04/01/33	A3		4,660
2,500,000		Idaho Power Co	6.250	10/15/37	A3		2,575
7,500,000	g	International Transmission Co	4.450	07/15/13	A3		7,406
1,550,000		Laclede Gas Co	6.500	11/15/10	A3		1,662
2,500,000		Laclede Gas Co	6.150	06/01/36	A3		2,505
5,000,000		National Fuel Gas Co	6.000	03/01/09	Baa1		5,110
6,000,000		Nevada Power Co	6.650	04/01/36	Baa3		5,651
2,000,000		Nicor, Inc	6.580	02/15/28	A1		2,222
1,500,000		Northwest Natural Gas Co	5.620	11/21/23	A2		1,407
4,000,000		ONEOK Partners LP	5.900	04/01/12	Baa2		4,156
2,185,000	g	Pedernales Electric Cooperative	6.202	11/15/32	N/R		2,076
2,000,000		Piedmont Natural Gas Co	7.350	09/25/09	A3		2,106
2,000,000		Puget Sound Energy, Inc	6.274	03/15/37	Baa2		1,896
5,000,000		Questar Market Resources, Inc	6.050	09/01/16	BAA3		5,200
2,000,000		Questar Pipeline Co	6.570	09/26/11	A3		2,091
2,500,000		Texas Eastern Transmission LP	7.300	12/01/10	A3		2,753
5,000,000		Washington Gas Light Co	5.440	08/11/25	A2		4,763
5,000,000		Wisconsin Public Service Corp	6.125	08/01/11	AA3		5,349
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES					92,385
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 0.11%
3,500,000		Cisco Systems, Inc	5.500	02/22/16	A1		3,621
5,000,000		Hubbell, Inc	6.375	05/15/12	A3		5,614
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT					9,235

301

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING †		(000)
FABRICATED METAL PRODUCTS - 0.07%
$      2,000,000		Pentair, Inc	7.850%	10/15/09	BAA3	$	2,059
4,000,000		Stanley Works	5.000	03/15/10	A2		4,137
		TOTAL FABRICATED METAL PRODUCTS					6,196
FOOD AND KINDRED PRODUCTS - 0.25%
5,000,000		Campbell Soup Co	5.000	12/03/12	A3		5,239
6,700,000		Coca-Cola Bottling Co Consolidated	5.000	11/15/12	Baa2		6,735
5,000,000		Coca-Cola Enterprises, Inc	8.500	02/01/22	A3		6,337
535,000		Kraft Foods, Inc	6.125	02/01/18	BAA2		535
2,500,000		WM Wrigley Jr Co	4.650	07/15/15	A1		2,519
		TOTAL FOOD AND KINDRED PRODUCTS					21,365
FOOD STORES - 0.06%
5,000,000		Kroger Co	8.050	02/01/10	Baa2		5,332
		TOTAL FOOD STORES					5,332
FURNITURE AND FIXTURES - 0.05%
4,000,000		Leggett & Platt, Inc	4.700	04/01/13	A2		4,161
		TOTAL FURNITURE AND FIXTURES					4,161
GENERAL BUILDING CONTRACTORS - 0.08%
3,000,000		Lennar Corp	5.125	10/01/10	Ba1		2,610
3,000,000		MDC Holdings, Inc	5.375	07/01/15	Baa3		2,886
2,000,000		Ryland Group, Inc	5.375	05/15/12	Ba1		1,807
		TOTAL GENERAL BUILDING CONTRACTORS					7,303
GENERAL MERCHANDISE STORES - 0.02%
1,800,000		Target Corp	6.000	01/15/18	A2		1,843
		TOTAL GENERAL MERCHANDISE STORES					1,843
HEALTH SERVICES - 0.02%
1,500,000		Quest Diagnostics, Inc	6.400	07/01/17	Baa3		1,509
		TOTAL HEALTH SERVICES					1,509
HOLDING AND OTHER INVESTMENT OFFICES - 0.17%
2,500,000		AMB Property LP	5.450	12/01/10	Baa1		2,588
3,000,000		Highwoods Properties, Inc	5.850	03/15/17	Ba1		2,563
5,000,000		Kimco Realty Corp	5.304	02/22/11	Baa1		4,961
2,000,000		Simon Property Group LP	5.250	12/01/16	A3		1,816
3,000,000		Washington Real Estate Investment Trust	5.125	03/15/13	Baa1		3,052
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES					14,980
INDUSTRIAL MACHINERY AND EQUIPMENT - 0.25%
4,340,000		Deere & Co	8.100	05/15/30	A2		5,460
4,000,000		IBM International Group Capital LLC	5.050	10/22/12	A1		4,178
1,575,000		John Deere Capital Corp	5.350	04/03/18	N/R		1,570
10,065,000	g	Pall Corp	6.000	08/01/12	Baa1		10,974
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT					22,182
INSTRUMENTS AND RELATED PRODUCTS - 0.32%
5,000,000		Beckman Coulter, Inc	6.875	11/15/11	Baa3		5,475
4,500,000		Becton Dickinson & Co	7.150	10/01/09	A2		4,802
3,000,000		Boston Scientific Corp	6.250	11/15/15	Ba2		2,798
6,450,000		CR Bard, Inc	6.700	12/01/26	Baa1		6,677
3,500,000		Medtronic, Inc	4.750	09/15/15	A1		3,428
3,000,000		Thermo Fisher Scientific, Inc	7.625	10/30/08	Baa2		3,074

302

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING †		(000)
$      1,750,000		Thermo Fisher Scientific, Inc	5.000%	06/01/15	Baa2	$	1,660
		TOTAL INSTRUMENTS AND RELATED PRODUCTS					27,914
INSURANCE CARRIERS - 0.87%
2,540,000		Aetna, Inc	6.625	06/15/36	A3		2,467
530,000		Aetna, Inc	6.750	12/15/37	A3		505
2,800,000	g	Anthem Insurance Co, Inc	9.125	04/01/10	A3		3,085
3,000,000	i	Chubb Corp	6.375	03/29/37	A3		2,794
3,500,000		Cincinnati Financial Corp	6.125	11/01/34	A2		3,209
3,000,000		First American Corp	5.700	08/01/14	Baa2		3,103
2,500,000	i	Hartford Life Global Funding Trusts	2.900	03/15/11	Aa3		2,480
5,000,000	g	Health Care Service Corp	7.750	06/15/11	A1		5,573
1,200,000	g	Jackson National Life Global Funding	6.125	05/30/12	A1		1,285
5,000,000	g,i	Jefferson-Pilot Life Funding Trust I	3.250	06/02/08	Baa3		5,003
1,945,000	g	John Hancock Global Funding II	7.900	07/02/10	Aa1		2,166
5,000,000		Markel Corp	7.000	05/15/08	Baa3		5,022
2,000,000		Markel Corp	6.800	02/15/13	Baa3		2,091
3,300,000		Markel Corp	7.350	08/15/34	Baa3		3,404
5,000,000	g	Nationwide Life Global Funding I	5.350	03/15/11	Aa3		5,310
5,000,000	g	New York Life Global Funding	4.625	08/16/10	Aaa		5,172
4,900,000	g	Ohio National Financial Services, Inc	7.000	07/15/11	Baa1		5,515
3,500,000	g	Pricoa Global Funding I	4.625	06/25/12	AA3		3,582
2,500,000	g	Principal Life Global Funding I	5.125	10/15/13	AA2		2,625
1,036,000		Protective Life Corp	4.300	06/01/13	A3		1,008
2,500,000		Protective Life Secured Trusts	4.850	08/16/10	Aa3		2,467
2,500,000		Protective Life Secured Trusts	4.000	04/01/11	Aa3		2,436
1,500,000	g	Prudential Funding LLC	6.600	05/15/08	A1		1,505
2,500,000	g	Prudential Funding LLC	6.750	09/15/23	A1		2,479
1,500,000		WellPoint, Inc	5.850	01/15/36	Baa1		1,253
		TOTAL INSURANCE CARRIERS					75,539
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.06%
5,000,000		Harsco Corp	5.125	09/15/13	A3		5,398
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES					5,398
MISCELLANEOUS RETAIL - 0.08%
3,000,000		CVS Caremark Corp	5.750	06/01/17	Baa2		3,047
4,218,995	g	CVS Caremark Corp	5.298	01/11/27	Baa2		4,026
		TOTAL MISCELLANEOUS RETAIL					7,073
MOTION PICTURES - 0.16%
6,000,000		Historic TW, Inc	6.625	05/15/29	Baa2		5,626
5,234,000		Time Warner Entertainment Co LP	10.150	05/01/12	Baa2		5,965
2,000,000		Time Warner, Inc	6.750	04/15/11	Baa1		2,056
		TOTAL MOTION PICTURES					13,647
NONDEPOSITORY INSTITUTIONS - 0.28%
5,000,000		American Capital Strategies Ltd	6.850	08/01/12	Baa2		4,941
5,000,000	i	American Express Credit Corp	3.261	10/04/10	Aa3		4,725
4,000,000		Capital One Financial Corp	5.700	09/15/11	A3		3,773
2,500,000	i	Countrywide Financial Corp	3.602	05/07/12	BAA3		2,007
5,000,000		Kreditanstalt fuer Wiederaufbau	4.375	03/15/18	Aaa		5,115
3,500,000	g,i	Meridian Funding Co LLC	4.124	07/21/11	AAA		3,321
1,350,000		Residential Capital LLC	8.500	04/17/13	B2		655
		TOTAL NONDEPOSITORY INSTITUTIONS					24,537

303

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING †		(000)
OIL AND GAS EXTRACTION - 0.47%
$      5,000,000		Apache Corp	5.250%	04/15/13	A3	$	5,235
3,000,000		Apache Corp	6.000	01/15/37	A3		3,028
3,500,000		Chesapeake Energy Corp	6.500	08/15/17	Ba3		3,377
8,500,000	g	EOG Resources Canada, Inc	4.750	03/15/14	A3		9,088
2,000,000		Equitable Resources, Inc	5.000	10/01/15	Baa1		1,838
2,000,000		Noble Energy, Inc	8.000	04/01/27	Baa2		2,213
7,775,000		Smith International, Inc	6.750	02/15/11	Baa1		8,599
2,000,000		Valero Logistics Operations LP	6.050	03/15/13	Baa3		2,071
5,000,000		XTO Energy, Inc	6.250	04/15/13	Baa2		5,434
		TOTAL OIL AND GAS EXTRACTION					40,883
OTHER MORTGAGE BACKED SECURITIES - 2.69%
6,000,000		Banc of America Commercial Mortgage, Inc Series
		2002-2 (Class A3)	5.118	07/11/43	N/R		5,900
10,000,000	i	Banc of America Commercial Mortgage, Inc Series
		2004-4 (Class A6)	4.877	07/10/42	N/R		9,875
3,000,000	i	Banc of America Commercial Mortgage, Inc Series
		2005-1 (Class B)	5.108	11/10/42	N/R		2,432
2,000,000	i	Banc of America Commercial Mortgage, Inc Series
		2006-2 (Class A4)	5.740	05/10/45	N/R		2,021
5,000,000	i	Banc of America Commercial Mortgage, Inc Series
		2007-2 (Class A2)	5.634	04/10/49	N/R		4,917
4,439,767		Banc of America Mortgage Securities, Inc Series
		2006-1 (Class A8)	6.000	05/25/36	Aaa		4,475
1,921,220		Bank of America Alternative Loan Trust Series 2004-
		8 (Class 3A1)	5.500	09/25/19	Aaa		1,840
4,100,000	i	Bear Stearns Commercial Mortgage Securities Series
		2006-PW11 (Class A4)	5.457	03/11/39	N/R		4,082
5,375,000		Bear Stearns Commercial Mortgage Securities Series
		2006-PW13 (Class A4)	5.540	09/11/41	N/R		5,326
3,000,000		Bear Stearns Commercial Mortgage Securities Series
		2006-PW14 (Class A4)	5.201	12/11/38	N/R		2,894
2,000,000	i	Bear Stearns Commercial Mortgage Securities Series
		2006-T22 (Class A4)	5.465	04/12/38	Aaa		2,000
4,000,000		Bear Stearns Commercial Mortgage Securities Series
		2006-T24 (Class A4)	5.537	10/12/41	Aaa		3,960
3,225,000		Countrywide Alternative Loan Trust Series 2004-
		29CB (Class A7)	5.375	01/25/35	N/R		2,984
4,704,268		Countrywide Alternative Loan Trust Series 2004-
		30CB (Class 1A15)	5.500	08/25/16	Aaa		4,332
3,520,675		Countrywide Home Loan Mortgage Pass Through
		Trust Series 2005-17 (Class 1A10)	5.250	09/25/35	N/R		3,464
4,500,000	i	Credit Suisse Mortgage Capital Certificates Series
		2006-C1 (Class A4)	5.555	02/15/39	N/R		4,485
4,800,000		Credit Suisse Mortgage Capital Certificates Series
		2006-C4 (Class A3)	5.467	09/15/39	Aaa		4,720
6,931,826	i	Credit Suisse/Morgan Stanley Commercial Mortgage
		Certificate Series HC1A (Class A1)	3.008	05/15/23	Aaa		6,528
5,551,070		CS First Boston Mortgage Securities Corp Series
		2005-5 (Class 7A1)	6.000	07/25/35	Aaa		5,666
2,500,000	i	GE Capital Commercial Mortgage Corp Series 2005-
		C3 (Class A5)	4.979	07/10/45	N/R		2,426
21,000,000	h	Government National Mortgage Association
		(GNMA)	5.500	04/15/38	N/R		21,407
5,000,000		Greenwich Capital Commercial Funding Corp Series
		2007-GG11 (Class A2)	5.597	12/10/49	N/R		4,855

304

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING †		(000)
$      10,000,000	i	GS Mortgage Securities Corp II Series 2001-ROCK
		(Class BFL)	3.599%	05/03/18	Aaa	$	10,010
3,000,000		GS Mortgage Securities Corp II Series 2006-GG8
		(Class A4)	5.560	11/10/39	Aaa		2,971
5,000,000	i	GS Mortgage Securities Corp II Series 2007-GG10
		(Class A2)	5.778	08/10/45	Aaa		4,945
1,997,209	i	GSAA Trust Series 2004-3 (Class AF3)	5.691	04/25/34	AAA		2,004
1,000,000		JP Morgan Chase Commercial Mortgage Securities
		Corp Series 2002-C1 (Class A3)	5.376	07/12/37	Aaa		1,007
9,000,000	i	JP Morgan Chase Commercial Mortgage Securities
		Corp Series 2003-CB6 (Class A2)	5.255	07/12/37	Aaa		8,888
4,000,000	i	JP Morgan Chase Commercial Mortgage Securities
		Corp Series 2006-LDP7 (Class A2)	5.861	04/15/45	AAA		4,009
11,520,000	i	LB-UBS Commercial Mortgage Trust Series 2006-
		C3 (Class A4)	5.661	03/15/39	AAA		11,554
668,547		MASTR Asset Securitization Trust Series 2005-2
		(Class 3A1)	5.000	10/25/20	Aaa		652
10,000,000	i	Merrill Lynch Mortgage Trust Series 2003-KEY1
		(Class A4)	5.236	11/12/35	N/R		9,856
2,675,000	i	Merrill Lynch Mortgage Trust Series 2005-LC1
		(Class A4)	5.291	01/12/44	Aaa		2,664
1,300,000	i	Merrill Lynch Mortgage Trust Series 2006-C1
		(Class A4)	5.658	05/12/39	N/R		1,309
2,300,000	i	Merrill Lynch/Countrywide Commercial Mortgage
		Trust Series 2006-1 (Class A4)	5.426	02/12/39	N/R		2,283
10,000,000		Morgan Stanley Capital I Series 2005-HQ5
		(Class A2)	4.809	01/14/42	N/R		9,936
1,211,000	i	Morgan Stanley Capital I Series 2006-HQ9
		(Class A4)	5.731	07/12/44	N/R		1,215
2,500,000	i	Morgan Stanley Capital I Series 2006-IQ11
		(Class A4)	5.773	10/15/42	N/R		2,526
5,500,000		Morgan Stanley Capital I Series 2006-IQ12
		(Class A2)	5.283	12/15/43	N/R		5,390
4,000,000		Morgan Stanley Capital I Series 2007-HQ11
		(Class A31)	5.439	02/12/44	AAA		3,902
2,800,000		Residential Accredit Loans, Inc Series 2005-QS17
		(Class A1)	6.000	12/25/35	AAA		2,418
5,294,427		Residential Funding Mortgage Security I Series 2004-
		S5 (Class 2A1)	4.500	05/25/19	N/R		5,245
3,000,000	i	Wachovia Bank Commercial Mortgage Trust Series
		2005-C20 (Class A7)	5.118	07/15/42	Aaa		2,964
2,700,000	i	Wachovia Bank Commercial Mortgage Trust Series
		2006-C24 (Class A3)	5.558	03/15/45	Aaa		2,680
4,700,000		Wachovia Bank Commercial Mortgage Trust Series
		2007-C30 (Class AM)	5.383	12/15/43	AAA		4,185
4,000,000		Wachovia Bank Commercial Mortgage Trust Series
		2007-C31 (Class A2)	5.421	04/15/47	AAA		3,903
11,059,297		Wells Fargo Mortgage Backed Securities Trust Series
		2003-16 (Class 2A1)	4.500	12/25/18	N/R		10,935
2,605,219		Wells Fargo Mortgage Backed Securities Trust Series
		2005-1 (Class 2A1)	5.000	01/25/20	Aaa		2,545
3,959,535	i	Wells Fargo Mortgage Backed Securities Trust Series
		2006-AR4 (Class 1A1)	5.857	04/25/36	N/R		3,587
		TOTAL OTHER MORTGAGE BACKED SECURITIES					234,172
PAPER AND ALLIED PRODUCTS - 0.05%
4,100,000		Kimberly-Clark Corp	6.625	08/01/37	A2		4,487
		TOTAL PAPER AND ALLIED PRODUCTS					4,487

305

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING †		(000)
PETROLEUM AND COAL PRODUCTS - 0.09%
$      6,500,000		Sunoco, Inc	4.875%	10/15/14	Baa2	$	6,476
1,500,000		Valero Energy Corp	6.625	06/15/37	BAA3		1,434
		TOTAL PETROLEUM AND COAL PRODUCTS					7,910
PIPELINES, EXCEPT NATURAL GAS - 0.03%
2,500,000		Kinder Morgan Energy Partners LP	7.300	08/15/33	Baa2		2,552
		TOTAL PIPELINES, EXCEPT NATURAL GAS					2,552
PRINTING AND PUBLISHING - 0.07%
2,500,000		Dun & Bradstreet Corp	5.500	03/15/11	N/R		2,600
3,000,000		EW Scripps Co	4.300	06/30/10	A2		3,103
		TOTAL PRINTING AND PUBLISHING					5,703
RAILROAD TRANSPORTATION - 0.13%
1,440,000		CSX Corp	6.150	05/01/37	BAA3		1,268
1,900,000		CSX Transportation, Inc	7.820	04/01/11	A1		2,153
2,500,000		Norfolk Southern Corp	5.590	05/17/25	Baa1		2,289
4,815,000		Norfolk Southern Corp	5.640	05/17/29	Baa1		4,368
335,657	g	Sea-Land Service, Inc	6.600	01/02/11	Baa3		362
335,657	g	Sea-Land Service, Inc	6.600	01/02/11	Baa3		362
335,657	g	Sea-Land Service, Inc	6.600	01/02/11	Baa3		362
		TOTAL RAILROAD TRANSPORTATION					11,164
REAL ESTATE - 0.01%
1,000,000	g,i	USB Realty Corp	6.091	12/30/49	A1		650
		TOTAL REAL ESTATE					650
SECURITY AND COMMODITY BROKERS - 0.21%
2,292,000		Charles Schwab Corp	8.050	03/01/10	A2		2,464
1,500,000		Eaton Vance Corp	6.500	10/02/17	A3		1,599
3,000,000	i	Goldman Sachs Capital II	5.793	12/30/49	A2		1,998
2,000,000		Goldman Sachs Group, Inc	5.625	01/15/17	A1		1,919
1,000,000		Goldman Sachs Group, Inc	6.750	10/01/37	A1		930
5,000,000		Jefferies Group, Inc	6.450	06/08/27	Baa1		4,018
5,775,000		Legg Mason, Inc	6.750	07/02/08	A2		5,824
		TOTAL SECURITY AND COMMODITY BROKERS					18,752
SOCIAL SERVICES - 0.13%
2,000,000		American National Red Cross	5.392	11/15/12	N/R		2,133
4,000,000		American National Red Cross	5.567	11/15/17	N/R		4,305
5,145,000		Salvation Army	5.637	09/01/26	Aaa		5,273
		TOTAL SOCIAL SERVICES					11,711
STONE, CLAY, AND GLASS PRODUCTS - 0.05%
2,500,000		3M Co	6.375	02/15/28	AA1		2,769
1,000,000		Martin Marietta Materials, Inc	5.875	12/01/08	Baa1		1,013
1,000,000		Martin Marietta Materials, Inc	6.875	04/01/11	Baa1		1,056
		TOTAL STONE, CLAY, AND GLASS PRODUCTS					4,838
TRANSPORTATION BY AIR - 0.12%
3,000,000		FedEx Corp	5.500	08/15/09	Baa2		3,072
5,000,000	i	JetBlue Airways Corp	3.515	11/15/16	N/R		4,287
3,000,000		Southwest Airlines Co	5.125	03/01/17	Baa1		2,799
		TOTAL TRANSPORTATION BY AIR					10,158

306

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING †		(000)
TRANSPORTATION EQUIPMENT - 0.06%
$      3,589,621	g	Southern Capital Corp	5.700%	06/30/22	AAA	$	3,915
1,000,000		Union Tank CAR Co	6.790	05/01/10	A1		1,068
		TOTAL TRANSPORTATION EQUIPMENT					4,983
TRANSPORTATION SERVICES - 0.02%
1,653,299	g	GATX Corp	5.697	01/02/25	A3		1,574
		TOTAL TRANSPORTATION SERVICES					1,574
TRUCKING AND WAREHOUSING - 0.06%
1,360,000	i	United Parcel Service of America, Inc	8.375	04/01/30	Aa2		1,737
2,500,000		United Parcel Service, Inc	8.375	04/01/20	Aa2		3,236
		TOTAL TRUCKING AND WAREHOUSING					4,973
WHOLESALE TRADE-DURABLE GOODS - 0.03%
3,000,000		Reliance Steel & Aluminum Co	6.200	11/15/16	Baa3		3,093
		TOTAL WHOLESALE TRADE-DURABLE GOODS					3,093
WHOLESALE TRADE-NONDURABLE GOODS - 0.19%
2,500,000		Procter & Gamble Co	8.750	06/01/22	Aa3		3,402
3,750,000		Procter & Gamble Co	5.550	03/05/37	Aa3		3,744
5,000,000		Sysco Corp	7.160	04/15/27	A1		5,886
3,000,000		Sysco International Co	6.100	06/01/12	A1		3,256
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS					16,288
		TOTAL CORPORATE BONDS					1,262,985
		(Cost $1,287,042)
GOVERNMENT BONDS - 25.36%
AGENCY SECURITIES - 1.63%
3,720,607		Cal Dive I- Title XI, Inc	4.930	02/01/27	N/R		4,029
4,500,000		Egypt Government AID Bonds	4.450	09/15/15	Aaa		4,670
2,000,000		Federal Home Loan Mortgage Corp (FHLMC)	4.125	12/21/12	Aaa		2,077
3,000,000		(FHLMC)	3.500	05/29/13	Aaa		3,020
8,500,000		(FHLMC)	5.750	06/27/16	Aa2		9,358
16,000,000		(FHLMC)	5.125	11/17/17	Aaa		17,162
12,840,000		Federal National Mortgage Association (FNMA)	5.100	09/10/09	Aaa		12,986
12,500,000		(FNMA)	5.375	06/12/17	Aaa		13,728
4,000,000	j	Government Trust Certificate	0.000	04/01/21	N/R		2,178
4,116,291		New Valley Generation II	5.572	05/01/20	Aaa		4,418
3,931,145		New Valley Generation III	4.929	01/15/21	N/R		3,933
469,514		New Valley Generation III	4.687	01/15/22	Aaa		504
10,100,000	j	Overseas Private Investment Corp	0.000	09/15/08	N/R		12,214
2,500,000	j,m	Overseas Private Investment Corp	0.000	07/31/11	N/R		2,819
2,478,261	m	Overseas Private Investment Corp	5.410	12/15/11	N/R		2,601
5,420,000		Overseas Private Investment Corp	4.050	11/15/14	N/R		5,626
2,790,704		Overseas Private Investment Corp	3.420	01/15/15	N/R		2,890
6,776,148		Overseas Private Investment Corp	3.740	04/15/15	N/R		7,071
10,000,000		Private Export Funding Corp	4.900	12/15/11	Aaa		10,697
6,085,000		Private Export Funding Corp	4.974	08/15/13	Aaa		6,550
5,007,000		US Department of Housing and Urban Development	5.380	08/01/18	AAA		5,486
7,325,571	g	US Trade Funding Corp	4.260	11/15/14	N/R		7,794
		TOTAL AGENCY SECURITIES					141,811
FOREIGN GOVERNMENT BONDS - 0.87%
1,500,000		Development Bank of Japan	4.250	06/09/15	Aaa		1,551
2,750,000		Eksportfinans A/S	5.000	02/14/12	Aaa		2,928

307

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				MATURITY			VALUE
PRINCIPAL			RATE	DATE	RATING †		(000)
$      2,000,000		European Investment Bank	4.875	02/15/36	Aaa	$	2,016
5,000,000	g	Federal Republic of Germany	3.875	06/01/10	Aaa		5,118
6,082,000		Hydro Quebec	8.400%	01/15/22	Aa2		8,321
5,000,000	g	International Finance Facility for Immunisation	5.000	11/14/11	Aaa		5,380
2,850,000	e	Italy Government International Bond	5.375	06/12/17	N/R		3,149
5,000,000		Oesterreichische Kontrollbank AG.	5.000	04/25/17	Aaa		5,404
10,000,000	e	Province of Manitoba Canada	5.000	02/15/12	Aa1		10,714
5,000,000		Province of Ontario	4.750	01/19/16	Aa1		5,283
7,500,000		Province of Ontario Canada	2.750	02/22/11	Aa1		7,505
5,000,000		Province of Quebec Canada	7.500	09/15/29	Aa2		6,703
10,000,000		Province of Saskatchewan Canada	8.000	02/01/13	Aa1		12,047
		TOTAL FOREIGN GOVERNMENT BONDS					76,119
MORTGAGE BACKED SECURITIES - 15.30%
1,294,672		Federal Home Loan Mortgage Corp (FHLMC)	6.000	09/15/16			1,348
6,000,000		(FHLMC)	5.000	06/15/29			6,142
2,045,466		(FHLMC)	6.000	12/15/30			2,077
9,000,000		(FHLMC)	5.000	06/15/31			9,064
7,000,000		(FHLMC)	5.500	05/15/33			7,122
5,018,694		(FHLMC)	4.500	09/15/35			5,003
5,346,326	i	(FHLMC)	5.075	02/01/36			5,365
8,667,795	i	(FHLMC)	5.790	07/01/36			8,868
3,776,142	i	(FHLMC)	5.005	09/01/36			3,796
17,217,325	i	(FHLMC)	6.119	09/01/36			17,600
10,457,626	i	(FHLMC)	5.724	02/01/37			10,652
14,781,401	i	(FHLMC)	5.672	03/01/37			15,044
19,181,338	i	(FHLMC)	5.790	03/01/37			19,488
11,183,100	i	(FHLMC)	5.885	04/01/37			11,945
19,956,567	i	(FHLMC)	5.734	06/01/37			20,310
8,295,616	i	(FHLMC)	5.903	08/01/37			8,447
14,736,821	i	(FHLMC)	5.860	09/01/37			14,952
116,577		Federal Home Loan Mortgage Corp Gold (FGLMC)	6.000	03/01/11			119
500,791		(FGLMC)	6.500	12/01/16			525
855,716		(FGLMC)	6.000	12/01/17			883
5,440,043		(FGLMC)	4.500	10/01/18			5,433
6,461,016		(FGLMC)	4.500	11/01/18			6,453
7,266,721		(FGLMC)	4.500	11/01/18			7,257
8,037,840		(FGLMC)	4.500	01/01/19			8,017
3,431,918	d	(FGLMC)	5.500	01/01/19			3,519
3,217,813		(FGLMC)	5.000	02/01/19			3,261
553,157		(FGLMC)	4.500	07/01/20			551
534,205	d	(FGLMC)	7.000	10/01/20			567
18,439,617		(FGLMC)	4.500	06/01/21			18,365
5,013,391		(FGLMC)	4.500	06/01/21			4,993
30,871		(FGLMC)	7.000	05/01/23			33
237,272	d	(FGLMC)	8.000	01/01/31			258
4,141,189	h	(FGLMC)	4.500	07/01/33			4,001
6,124,513		(FGLMC)	5.500	09/01/33			6,205
4,980,960		(FGLMC)	5.500	09/01/33			5,046
14,161,917		(FGLMC)	5.500	12/01/33			14,354
23,177,534		(FGLMC)	7.000	12/01/33			24,613
14,774,672		(FGLMC)	5.000	01/01/34			14,672
2,237,835		(FGLMC)	5.500	12/01/34			2,265
15,854,906	d	(FGLMC)	4.500	04/01/35			15,299
1,089,672		(FGLMC)	6.000	05/01/35			1,120
1,722,266		(FGLMC)	6.000	05/01/35			1,770

308

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$      2,713,925		(FGLMC)	6.000%	05/01/35	$	2,788
1,095,343		(FGLMC)	6.000	05/01/35		1,125
1,383,723		(FGLMC)	6.000	05/01/35		1,422
2,590,370		(FGLMC)	6.000	05/01/35		2,661
6,430,834		(FGLMC)	7.000	05/01/35		6,829
2,565,982		(FGLMC)	5.500	06/01/35		2,596
2,878,063		(FGLMC)	6.000	08/01/35		2,957
2,661,664		(FGLMC)	4.500	09/01/35		2,567
7,502,787		(FGLMC)	4.500	09/01/35		7,236
6,199,339		(FGLMC)	4.500	09/01/35		5,979
12,965,067		(FGLMC)	5.000	09/01/35		12,858
2,848,493		(FGLMC)	5.000	10/01/35		2,825
3,222,136		(FGLMC)	5.000	11/01/35		3,195
1,006,452		(FGLMC)	4.500	12/01/35		971
2,211,546		(FGLMC)	7.000	01/01/36		2,337
10,067,742		(FGLMC)	5.500	04/01/36		10,179
754,503		(FGLMC)	6.500	05/01/36		783
3,319,470		(FGLMC)	6.500	10/01/36		3,446
1,439,163		(FGLMC)	6.500	12/01/36		1,481
17,371,198		(FGLMC)	5.500	01/01/37		17,562
9,693,002		(FGLMC)	5.500	04/01/37		9,797
24,186,788		(FGLMC)	5.500	05/01/37		24,447
7,873,267		(FGLMC)	6.000	08/01/37		8,081
4,577,749		(FGLMC)	6.000	09/01/37		4,698
33,440		Federal National Mortgage Association (FNMA)	7.500	06/01/11		35
26,914		(FNMA)	8.000	07/01/11		28
5,429		(FNMA)	7.500	08/01/11		6
7,577		(FNMA)	7.500	09/01/11		8
791		(FNMA)	7.500	10/01/11		1
22,845		(FNMA)	7.500	10/01/11		24
3,800		(FNMA)	7.500	10/01/11		4
191,988		(FNMA)	7.000	04/01/12		202
10,368		(FNMA)	6.500	09/01/12		11
145,405		(FNMA)	5.000	06/01/13		149
2,793,899		(FNMA)	4.440	07/01/13		2,789
3,894,227		(FNMA)	4.020	08/01/13		3,839
2,433,311		(FNMA)	4.556	05/01/14		2,445
4,295,985		(FNMA)	4.265	06/01/14		4,222
3,111,553		(FNMA)	4.530	10/01/14		3,100
11,510		(FNMA)	8.500	11/01/14		12
376,913		(FNMA)	6.500	10/01/16		396
1,441,871	d	(FNMA)	6.500	04/01/17		1,512
653,773		(FNMA)	6.500	02/01/18		685
2,647,817		(FNMA)	5.500	03/01/18		2,716
537,998	d	(FNMA)	5.500	04/01/18		552
65,481		(FNMA)	5.500	05/01/18		67
12,233,453		(FNMA)	5.500	11/01/18		12,550
5,153,689		(FNMA)	5.000	12/01/18		5,227
4,175,821		(FNMA)	5.000	01/01/19		4,235
581,657		(FNMA)	6.000	01/01/19		602
595,668		(FNMA)	6.000	02/01/19		617
600,000		(FNMA)	4.000	02/25/19		580
259,751		(FNMA)	4.500	03/01/19		259
5,942,960		(FNMA)	5.000	03/01/19		6,020
771,401		(FNMA)	4.500	05/01/19		770
6,453,883	h	(FNMA)	4.500	03/01/23		6,424

309

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$      50,419		(FNMA)	8.000%	03/01/23	$	55
9,000,000	h	(FNMA)	4.500	04/25/23		8,949
318,577		(FNMA)	5.000	01/01/24		320
949,404		(FNMA)	5.500	02/01/24		967
143,593		(FNMA)	8.000	07/01/24		156
27,048,579	d	(FNMA)	5.000	10/01/25		27,100
11,444,477		(FNMA)	6.000	03/01/32		11,830
570,879		(FNMA)	5.000	02/01/33		567
5,181,378		(FNMA)	4.500	03/25/33		5,196
1,117,205		(FNMA)	5.500	06/01/33		1,131
1,627,365		(FNMA)	5.500	07/01/33		1,648
2,717,710		(FNMA)	4.500	08/01/33		2,627
1,541,142		(FNMA)	5.000	08/01/33		1,530
2,554,494		(FNMA)	6.000	08/01/33		2,630
6,000,000		(FNMA)	5.500	08/25/33		6,135
382,397		(FNMA)	4.500	09/01/33		370
1,798,560		(FNMA)	5.000	10/01/33		1,785
1,724,418		(FNMA)	5.000	10/01/33		1,712
2,188,103		(FNMA)	5.000	11/01/33		2,172
1,966,278		(FNMA)	5.500	11/01/33		1,991
2,248,905		(FNMA)	5.500	11/01/33		2,278
2,949,396		(FNMA)	5.500	11/01/33		2,987
3,513,209		(FNMA)	5.500	11/01/33		3,558
2,393,838		(FNMA)	5.500	11/01/33		2,424
1,296,077		(FNMA)	5.500	12/01/33		1,313
683,360		(FNMA)	5.500	12/01/33		692
457,968		(FNMA)	5.500	12/01/33		464
1,818,491		(FNMA)	5.500	01/01/34		1,842
235,732		(FNMA)	7.000	01/01/34		250
755,910		(FNMA)	5.000	03/01/34		750
1,646,951		(FNMA)	5.000	03/01/34		1,635
652,486		(FNMA)	5.000	03/01/34		648
8,956,991		(FNMA)	5.000	03/01/34		8,890
581,179		(FNMA)	5.000	03/01/34		577
11,000,000		(FNMA)	6.500	03/01/34		11,371
5,027,741		(FNMA)	5.000	04/01/34		4,987
1,408,198		(FNMA)	4.500	05/01/34		1,360
75,916		(FNMA)	4.500	05/01/34		73
65,449		(FNMA)	4.500	05/01/34		63
68,652		(FNMA)	4.500	06/01/34		66
101,777		(FNMA)	4.500	06/01/34		98
64,379		(FNMA)	4.500	06/01/34		62
274,222		(FNMA)	4.500	06/01/34		265
212,136		(FNMA)	4.500	07/01/34		205
64,099		(FNMA)	4.500	07/01/34		62
182,783		(FNMA)	4.500	07/01/34		177
1,776,802		(FNMA)	4.500	08/01/34		1,716
112,582		(FNMA)	4.500	08/01/34		109
22,818,457		(FNMA)	5.000	08/01/34		22,645
79,025		(FNMA)	4.500	09/01/34		76
5,000,000		(FNMA)	5.500	10/25/34		4,987
13,559,630		(FNMA)	5.000	11/01/34		13,458
13,593,089		(FNMA)	5.500	01/01/35		13,756
4,126,243		(FNMA)	5.500	01/01/35		4,176
24,799,203	d	(FNMA)	5.500	02/01/35		25,097
29,754,912		(FNMA)	5.500	02/01/35		30,134
5,550,532		(FNMA)	5.000	02/25/35		5,670

310

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$      934,963	d	(FNMA)	5.500%	03/01/35	$	946
2,415,773		(FNMA)	5.500	04/01/35		2,444
16,527,614		(FNMA)	5.500	04/01/35		16,726
2,394,350		(FNMA)	5.500	04/01/35		2,422
3,254,936		(FNMA)	5.500	04/01/35		3,292
11,597,681		(FNMA)	5.500	04/01/35		11,731
29,693,260		(FNMA)	5.500	04/01/35		30,035
4,642,287		(FNMA)	5.500	05/01/35		4,696
1,210,601		(FNMA)	5.500	05/01/35		1,224
841,772		(FNMA)	5.500	05/01/35		851
927,298		(FNMA)	5.500	05/01/35		938
5,434,131		(FNMA)	6.000	05/01/35		5,577
4,073,988		(FNMA)	5.500	06/01/35		4,121
3,152,375		(FNMA)	5.500	06/01/35		3,189
3,063,649		(FNMA)	5.500	06/01/35		3,099
281,701		(FNMA)	7.500	06/01/35		301
830,389		(FNMA)	6.000	07/01/35		852
8,185,344		(FNMA)	5.000	09/01/35		8,113
17,824,077		(FNMA)	5.500	09/01/35		18,051
11,372,120		(FNMA)	4.000	10/01/35		10,714
5,993,697		(FNMA)	5.000	10/01/35		5,941
12,772,351		(FNMA)	5.500	10/01/35		12,919
8,185,124		(FNMA)	5.500	11/01/35		8,279
3,468,213	i	(FNMA)	5.728	02/01/36		3,543
1,617,474		(FNMA)	6.500	02/01/36		1,678
1,788,207		(FNMA)	6.500	02/01/36		1,854
4,070,516		(FNMA)	5.500	04/01/36		4,117
10,086,741	i	(FNMA)	5.777	06/01/36		10,317
5,505,656	i	(FNMA)	5.961	07/01/36		5,629
35,371,323	i	(FNMA)	5.741	09/01/36		36,039
4,316,718	h	(FNMA)	6.500	09/01/36		4,475
8,216,306		(FNMA)	6.000	10/01/36		8,426
7,112,467	i	(FNMA)	5.776	12/01/36		7,229
9,566,389	h	(FNMA)	6.500	12/01/36		9,917
5,953,930		(FNMA)	6.500	12/01/36		6,116
32,946,070	i	(FNMA)	5.877	01/01/37		33,528
9,361,284	i	(FNMA)	6.033	02/01/37		9,572
2,582,385		(FNMA)	7.000	02/01/37		2,713
9,869,434		(FNMA)	5.500	03/01/37		9,972
7,117,569	h	(FNMA)	6.500	03/01/37		7,378
1,856,733		(FNMA)	7.000	04/01/37		1,950
13,564,927		(FNMA)	6.000	06/01/37		13,908
5,401,245		(FNMA)	6.000	07/01/37		5,538
6,150,000		(FNMA)	5.625	07/15/37		6,849
12,370,022		(FNMA)	6.000	08/01/37		12,559
6,917,517		(FNMA)	6.000	08/01/37		7,093
1,580,403		(FNMA)	6.500	08/01/37		1,638
2,325,031		(FNMA)	6.500	08/01/37		2,410
4,311,742		(FNMA)	6.000	09/01/37		4,421
2,583,553		(FNMA)	6.000	09/01/37		2,649
3,176,930		(FNMA)	6.000	09/01/37		3,257
4,068,555		(FNMA)	6.000	09/01/37		4,172
23,755,539		(FNMA)	6.000	09/01/37		24,119
3,974,771		(FNMA)	6.500	09/01/37		4,120
1,169,199		(FNMA)	6.500	09/01/37		1,212
1,943,523		(FNMA)	6.500	09/01/37		2,015
3,582,190		(FNMA)	6.500	09/01/37		3,713

311

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$      2,526,549	i	(FNMA)	5.931%	10/01/37	$	2,617
3,367,692		(FNMA)	6.000	10/01/37		3,453
16,719,288		(FNMA)	6.500	10/01/37		17,330
7,114,772		(FNMA)	7.000	11/01/37		7,473
13,527,548		(FNMA)	6.000	12/01/37		13,735
7,895,442		(FNMA)	5.500	01/01/38		7,978
467,598		(FNMA)	6.500	01/01/38		485
266,769		(FNMA)	6.500	02/01/38		277
1,226,121		(FNMA)	6.500	03/01/38		1,271
534,769		(FNMA)	6.500	03/01/38		554
1,742,893		(FNMA)	6.500	03/01/38		1,807
3,822,349		(FNMA)	6.500	03/01/38		3,962
4,197,253		(FNMA)	7.000	03/01/38		4,409
2,019,265		(FNMA)	7.000	03/01/38		2,121
2,658,269		(FNMA)	7.000	03/01/38		2,792
15,000,000		Government National Mortgage Association (GNMA)	5.000	05/01/34		14,967
17,929		(GNMA)	8.500	10/15/09		19
3,925		(GNMA)	8.500	12/15/09		4
39,741		(GNMA)	9.000	12/15/09		40
4,625,996		(GNMA)	6.250	12/15/11		4,778
3,910,408		(GNMA)	5.220	04/15/15		4,014
140,458		(GNMA)	9.000	12/15/17		153
91,111		(GNMA)	8.000	06/15/22		100
50,790		(GNMA)	6.500	08/15/23		53
13,693		(GNMA)	6.500	08/15/23		14
14,650		(GNMA)	6.500	09/15/23		15
10,000,000		(GNMA)	4.500	11/16/29		9,977
11,728,551		(GNMA)	4.385	08/16/30		11,838
393,943		(GNMA)	6.500	05/20/31		412
159,538		(GNMA)	5.000	06/20/33		159
4,202,610		(GNMA)	5.500	09/15/33		4,296
2,169,990		(GNMA)	5.500	11/20/33		2,214
154,928		(GNMA)	5.000	03/20/34		154
2,719,326		(GNMA)	5.000	06/20/34		2,712
261,731		(GNMA)	5.000	07/20/34		261
1,928,501		(GNMA)	5.000	02/20/35		1,923
8,388,892		(GNMA)	5.000	03/20/35		8,364
1,952,158		(GNMA)	5.500	03/20/35		1,990
10,548,684		(GNMA)	5.500	12/20/35		10,755
		TOTAL MORTGAGE BACKED SECURITIES				1,333,564
MUNICIPAL BONDS - 1.26%
1,860,000		Allegheny County Redevelopment Authority	5.000	09/01/11		1,933
2,115,000		Atlanta Urban Residential Finance Authority	5.068	12/01/11		2,157
4,500,000	g	Basin Electric Power Coop	6.127	06/01/41		4,847
1,000,000		Bellevue Community Schools	4.630	05/01/10		1,007
2,390,000		Charlotte-Mecklenburg Hospital Authority	5.000	08/01/15		2,474
3,000,000		City of Chicago IL	5.200	01/01/09		3,031
4,000,000		City of Dallas TX	5.078	02/15/22		3,993
1,500,000		City of Dallas TX	5.195	02/15/35		1,492
985,000		City of Eugene OR	6.320	08/01/22		1,069
5,000,000		City of New York NY	4.500	06/01/15		4,985
1,055,000	j	City of Oakland CA	0.000	12/15/11		914
1,075,000		County of Harnett NC	5.150	05/01/12		1,097
2,860,000		County of Mercer NJ	5.380	02/01/17		2,934
585,000		County of Sacramento CA	6.875	08/15/08		592
4,000,000	i	District of Columbia Water & Sewer Authority	7.000	10/01/29		4,000

312

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$      1,680,000		Douglas County Public Utility District No 1 Wells
		Hydroelectric	5.112%	09/01/18	$	1,655
1,400,000		Elkhart Redevelopment District	5.500	06/15/18		1,492
8,500,000		Fiscal Year 2005 Securitization Corp	4.760	08/15/19		8,470
2,000,000		Guadalupe Valley Electric Coop, Inc	5.671	10/01/32		1,963
1,000,000		Kansas Development Finance Authority	4.592	05/01/14		1,015
1,350,000		Kansas Development Finance Authority	4.722	05/01/15		1,372
4,235,000		LL & P Wind Energy, Inc	5.217	12/01/12		4,304
3,000,000		Metropolitan Washington Airports Authority	5.690	10/01/30		2,941
1,000,000		Minnesota State Municipal Power Agency	4.510	10/01/09		1,015
5,000,000		Mississippi Development Bank Special Obligation	5.320	07/01/14		5,280
3,185,000		New York City Housing Development Corp	4.660	11/01/10		3,206
2,180,000		New York State Environmental Facilities Corp	6.000	03/15/09		2,229
4,130,000		New York State Environmental Facilities Corp	4.900	12/15/11		4,214
2,500,000		Newport News Economic Development Authority	5.640	01/15/29		2,519
2,500,000		Oklahoma Capital Improvement Authority	5.180	07/01/14		2,621
1,100,000		San Dieguito Public Facilities Authority	7.000	08/01/18		1,134
5,570,000		State of Illinois	4.350	06/01/18		5,475
975,000		State of New Jersey	6.450	02/01/18		998
3,265,000		State of Texas	4.900	08/01/20		3,255
5,660,000		State of Washington	5.050	01/01/18		5,742
1,033,000		State of Wisconsin	5.700	05/01/26		1,092
4,400,000	i	State of Wisconsin	10.800	05/01/32		4,400
4,250,000		Tennessee State School Bond Authority	7.750	05/01/15		4,612
2,025,000		University Central Fl University Revenues	5.125	10/01/20		1,801
		TOTAL MUNICIPAL BONDS				109,330
U.S. TREASURY SECURITIES - 6.30%
45,000,000		United States Treasury Bond	8.000	11/15/21		63,471
13,700,000		United States Treasury Bond	5.250	02/15/29		15,442
8,176,000		United States Treasury Bond	5.375	02/15/31		9,456
3,550,000		United States Treasury Bond	4.500	02/15/36		3,667
14,193,000		United States Treasury Bond	4.750	02/15/37		15,265
6,852,000		United States Treasury Bond	5.000	05/15/37		7,665
84,554,118	k	United States Treasury Inflation Indexed Bonds	0.875	04/15/10		86,529
34,402,424	k	United States Treasury Inflation Indexed Bonds	2.375	04/15/11		36,961
53,987,000		United States Treasury Note	2.875	01/31/13		55,029
107,545,000		United States Treasury Note	2.750	02/28/13		109,024
15,000,000		United States Treasury Note	2.500	03/31/13		15,022
82,815,000		United States Treasury Note	4.750	08/15/17		91,627
11,725,000		United States Treasury Note	4.250	11/15/17		12,510
16,465,000		United States Treasury Note	3.500	02/15/18		16,560
25,000,000	j	United States Treasury Strip Principal		08/15/27		10,379
		TOTAL U.S. TREASURY SECURITIES				548,607
		TOTAL GOVERNMENT BONDS				2,209,431
		(Cost $2,153,266)
		TOTAL BONDS				3,472,416
		(Cost $3,440,308)
PREFERRED STOCKS - 0.44%
COMMUNICATIONS - 0.05%
200,000	e	Telephone & Data Systems, Inc				4,172
		TOTAL COMMUNICATIONS				4,172

313

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				MATURITY		VALUE
SHARES			RATE	DATE		(000)
DEPOSITORY INSTITUTIONS - 0.02%
84,000	e	Bank of America Corp	6.204%	12/30/49	$	1,826
		TOTAL DEPOSITORY INSTITUTIONS				1,826
NONDEPOSITORY INSTITUTIONS - 0.37%
275,500		Federal Home Loan Mortgage Corp (FHLMC)	8.375	12/30/49		6,722
1,056,027		Federal National Mortgage Association (FNMA)	8.250	12/30/49		25,398
		TOTAL NONDEPOSITORY INSTITUTIONS				32,120
		TOTAL PREFERRED STOCKS				38,118
		(Cost $40,454)
COMMON STOCKS - 58.97%
AGRICULTURAL PRODUCTION-CROPS - 0.00%**
4,200	e*	Chiquita Brands International, Inc				97
		TOTAL AGRICULTURAL PRODUCTION-CROPS				97
AGRICULTURAL SERVICES - 0.01%
20,900		Yara International ASA				1,209
		TOTAL AGRICULTURAL SERVICES				1,209
AMUSEMENT AND RECREATION SERVICES - 0.43%
118,165	*	Activision, Inc				3,227
11,813		International Speedway Corp (Class A)				487
1,083,838	*	Walt Disney Co				34,011
		TOTAL AMUSEMENT AND RECREATION SERVICES				37,725
APPAREL AND ACCESSORY STORES - 0.35%
29,055	e	American Eagle Outfitters, Inc				509
31,689	e	Bebe Stores, Inc				341
3,300	e	Buckle, Inc				148
2,700	*	Cache, Inc				30
3,931	e*	Casual Male Retail Group, Inc				17
14,700	e	Cato Corp (Class A)				220
1,800	*	Charlotte Russe Holding, Inc				31
67,100	*	Chico's FAS, Inc				477
3,400	e	Christopher & Banks Corp				34
3,973	e*	Dress Barn, Inc				51
13,600		Fast Retailing Co Ltd				1,199
2,586	e	Finish Line, Inc (Class A)				12
66,092		Foot Locker, Inc				778
337,846		Gap, Inc				6,649
56,400		Hennes & Mauritz AB (B Shares)				3,465
45,790		Inditex S.A.				2,544
3,200	e*	Jo-Ann Stores, Inc				47
126,637	*	Kohl's Corp				5,431
191,690	*	Limited Brands, Inc				3,278
94,336	e	Nordstrom, Inc				3,075
53,794		Ross Stores, Inc				1,612
1,800	e*	Shoe Carnival, Inc				24
14,007		Stage Stores, Inc				227
		TOTAL APPAREL AND ACCESSORY STORES				30,199
APPAREL AND OTHER TEXTILE PRODUCTS - 0.05%
4,650	*	Gymboree Corp				185

314

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
48,054	e	Liz Claiborne, Inc	$	872
13,858	e	Polo Ralph Lauren Corp		808
30,938		VF Corp		2,398
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		4,263
AUTO REPAIR, SERVICES AND PARKING - 0.04%
32,000		Aisin Seiki Co Ltd		1,194
78,995	e*	Hertz Global Holdings, Inc		953
12,955		Ryder System, Inc		789
12,800	*	Wright Express Corp		393
		TOTAL AUTO REPAIR, SERVICES AND PARKING		3,329
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.06%
5,550		Advance Auto Parts		189
18,804	*	Autozone, Inc		2,141
41,236	e*	Carmax, Inc		801
14,532	*	Copart, Inc		563
224,757		Inchcape plc		1,793
3,300	e*	Rush Enterprises, Inc (Class A)		52
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		5,539
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.48%
15,910	e	Fastenal Co		731
936,448		Home Depot, Inc		26,192
599,701		Lowe's Cos, Inc		13,757
45,129		Travis Perkins plc		960
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		41,640
BUSINESS SERVICES - 3.08%
197,100	*	3Com Corp		451
600	e*	Acacia Research (Acacia Technologies)		3
191,193		Accenture Ltd (Class A)		6,724
33,058		Adecco S.A.		1,909
4,500	e	Administaff, Inc		106
179,307	*	Adobe Systems, Inc		6,382
6,100	*	Amdocs Ltd		173
49,392	e*	Ariba, Inc		477
225,855	*	Art Technology Group, Inc		876
64,572	*	Autodesk, Inc		2,033
425,046		Automatic Data Processing, Inc		18,018
87,109		Autostrade S.p.A.		2,634
120,133	*	BEA Systems, Inc		2,301
52,912	e*	BearingPoint, Inc		89
28,902	*	Blue Coat Systems, Inc		637
3,170		Brink's Co		213
18,310	e*	Cerner Corp		683
29,200	e*	Ciber, Inc		143
78,154		Cintra Concesiones de Infraestructuras de Transporte S.A.		1,156
40,747	*	CMGI, Inc		540
72,373	e*	CNET Networks, Inc		514
76,913	e*	Cogent Communications Group, Inc		1,408
39,918	e*	Cogent, Inc		376
4,800	e	Cognex Corp		105
59,876		Computershare Ltd		479
89,838	*	Compuware Corp		659
62,344	*	Convergys Corp		939
6,200	*	CSG Systems International, Inc		71

315

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
61,169		Dassault Systemes S.A.	$	3,552
28,900		Deluxe Corp		555
7,233	e*	Digital River, Inc		224
52,219	e*	DST Systems, Inc		3,433
15,200	e*	Earthlink, Inc		115
391,126	*	eBay, Inc		11,671
102,661	*	Electronic Arts, Inc		5,125
14,287	e*	Equinix, Inc		950
90,783	e*	Expedia, Inc		1,987
207,857		Experian Group Ltd		1,514
24,000	e	Fair Isaac Corp		517
117,799	*	Fiserv, Inc		5,665
8,443	e*	Gartner, Inc		163
12,500	*	Getty Images, Inc		400
65,377	*	Google, Inc (Class A)		28,797
306,476		Group 4 Securicor plc		1,385
62,958		Hays plc		143
2,800	*	Hudson Highland Group, Inc		24
2,600	*	iGate Corp		19
97,701		IMS Health, Inc		2,053
47,677	*	Informatica Corp		813
3,920		infoUSA, Inc		24
208,450	e*	Innovative Solutions & Support, Inc		2,203
42,117	e*	Internap Network Services Corp		209
2,232	*	Interwoven, Inc		24
111,363	*	Intuit, Inc		3,008
43,824	e*	Ipass, Inc		132
43,472	*	Iron Mountain, Inc		1,149
50,890		Jack Henry & Associates, Inc		1,255
45,100		JSR Corp		1,020
3,011	*	Kforce, Inc		27
25,263	e*	Kinetic Concepts, Inc		1,168
31,706	e*	Lamar Advertising Co (Class A)		1,139
53,370	e*	Lionbridge Technologies		179
20,016		Manpower, Inc		1,126
15,736	e	Marchex, Inc (Class B)		157
40,363	e	Mastercard, Inc (Class A)		9,001
2,860,840		Microsoft Corp		81,191
50,820	e	MoneyGram International, Inc		95
36,742	*	Monster Worldwide, Inc		890
165,999	e	NIC, Inc		1,180
165,374	*	Novell, Inc		1,040
208,514		Omnicom Group, Inc		9,212
3,300	e*	Online Resources Corp		32
14,360	*	Parametric Technology Corp		229
16,200	e	Pegasystems, Inc		156
13,870	*	Premiere Global Services, Inc		199
29,965		Public Power Corp		1,310
1,500	e*	Radisys Corp		15
45,939	e*	RealNetworks, Inc		263
61,756		Robert Half International, Inc		1,590
26,437	e*	Salesforce.com, Inc		1,530
92,740	e*	Sapient Corp		645
51,100		Secom Co Ltd		2,481
51,141	e*	Smith Micro Software, Inc		313
23,695	e*	Sohu.com, Inc		1,069
28,120	*	SonicWALL, Inc		230

316

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
222,719	e*	Sonus Networks, Inc	$	766
40,437	*	Spherion Corp		247
318,417	*	Sun Microsystems, Inc		4,945
4,800	*	Sybase, Inc		126
1,300	*	SYKES Enterprises, Inc		23
444,520	*	Symantec Corp		7,388
17,284	e*	TeleTech Holdings, Inc		388
35,400	e*	TIBCO Software, Inc		253
700	e*	Tiens Biotech Group USA, Inc		1
127,382		Total System Services, Inc		3,014
29,020	e*	TradeStation Group, Inc		247
14,060	e*	Travelzoo, Inc		155
85,047	*	Unisys Corp		377
21,267	e	United Online, Inc		225
14,696	*	United Rentals, Inc		277
32,414	e*	Vasco Data Security International		443
94,223	e*	VeriSign, Inc		3,132
2,100	e*	Volt Information Sciences, Inc		36
120,533		WPP Group plc		1,438
		TOTAL BUSINESS SERVICES		268,176
CHEMICALS AND ALLIED PRODUCTS - 6.02%
11,000		Agrium, Inc		683
71,002		Air Liquide		10,825
221,936		Air Products & Chemicals, Inc		20,418
13,170		Alberto-Culver Co		361
7,040	*	Alexion Pharmaceuticals, Inc		417
6,874	e*	Alkermes, Inc		82
500	e*	AMAG Pharmaceuticals, Inc		20
522,030	*	Amgen, Inc		21,810
14,752	e*	Arena Pharmaceuticals, Inc		101
4,001	e*	Array Biopharma, Inc		28
10,000		Asahi Kasei Corp		52
114,500		Astellas Pharma, Inc		4,434
178,896		AstraZeneca plc		6,689
21,108	e*	Auxilium Pharmaceuticals, Inc		564
117,573		Avery Dennison Corp		5,790
153,510	*	Avon Products, Inc		6,070
1,200		Balchem Corp		28
63,397	*	Barr Pharmaceuticals, Inc		3,063
97,627		BASF AG.		13,149
66,184	e*	Bentley Pharmaceuticals, Inc		1,076
60,153	*	Biogen Idec, Inc		3,711
47,327	e*	BioMarin Pharmaceuticals, Inc		1,674
879,479		Bristol-Myers Squibb Co		18,733
37,126		Cabot Corp		1,040
36,600	e*	Calgon Carbon Corp		551
14,360	e*	Caraco Pharmaceutical Laboratories Ltd		258
19,166	e*	Cell Genesys, Inc		45
11,344	e*	Cephalon, Inc		731
2,000		Chugai Pharmaceutical Co Ltd		23
8,545		Church & Dwight Co, Inc		463
59,571		Clorox Co		3,374
287,774		Colgate-Palmolive Co		22,420
7,981	e*	Cypress Bioscience, Inc		57
141,300		Daiichi Sankyo Co Ltd		4,175
77,374	e*	Dendreon Corp		373

317

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
251,617	e*	Durect Corp	$	1,321
188,152		Ecolab, Inc		8,171
32,700		Eisai Co Ltd		1,115
470,670	*	Eli Lilly & Co		24,282
56,586	e*	Encysive Pharmaceuticals, Inc		133
29,757	e*	Enzon Pharmaceuticals, Inc		274
4,012		Estee Lauder Cos (Class A)		184
197,050	*	Forest Laboratories, Inc		7,884
247,590	*	Genentech, Inc		20,099
118,665	*	Genzyme Corp		8,845
22,156	e*	Geron Corp		108
397,367	*	Gilead Sciences, Inc		20,476
56,415		H.B. Fuller Co		1,151
82,151		Henkel KGaA		3,797
60,776	e*	Human Genome Sciences, Inc		358
37,623	*	Idexx Laboratories, Inc		1,853
25,985	*	Immucor, Inc		555
29,403	e*	Inverness Medical Innovations, Inc		885
15,289	*	Invitrogen Corp		1,307
118,000		Kao Corp		3,344
125,402	*	King Pharmaceuticals, Inc		1,091
17,500		Kuraray Co Ltd		209
20,006		Lonza Group AG.		2,653
44,796		L'Oreal S.A.		5,689
49,313		Lubrizol Corp		2,737
28,861	e	Mannatech, Inc		206
38,348	e*	Medarex, Inc		339
62,780	e	Medicis Pharmaceutical Corp (Class A)		1,236
931,758		Merck & Co, Inc		35,360
82,247	*	Millennium Pharmaceuticals, Inc		1,272
22,056	e	Minerals Technologies, Inc		1,385
234,000		Mitsubishi Chemical Holdings Corp		1,547
191,050	e	Mylan Laboratories, Inc		2,216
108,365	e*	Nabi Biopharmaceuticals		436
7,300		Nalco Holding Co		154
46,923	e*	Nastech Pharmaceutical Co, Inc		110
71,281	e*	Neurocrine Biosciences, Inc		385
343,043		Novartis AG.		17,582
58,514	e*	Noven Pharmaceuticals, Inc		525
117,035		Novo Nordisk AS (Class B)		8,003
6,700		Novozymes AS (B Shares)		627
9,300		Ono Pharmaceutical Co Ltd		450
1,500	e*	OraSure Technologies, Inc		11
30,895	e*	Pacific Ethanol, Inc		136
31,300	e*	Par Pharmaceutical Cos, Inc		544
23,161	e*	PDL BioPharma, Inc		245
63,742	e*	Penwest Pharmaceuticals Co		166
73,809	e*	Pozen, Inc		765
88,156	*	PPG Industries, Inc		5,334
249,502		Praxair, Inc		21,016
34,117	e*	Prestige Brands Holdings, Inc		279
1,168,825	*	Procter & Gamble Co		81,900
23,666	e*	Progenics Pharmaceuticals, Inc		155
102,501		Reckitt Benckiser Group plc		5,678
91,495		Roche Holding AG.		17,219
193,384	e	Rohm & Haas Co		10,458
68,914	e	RPM International, Inc		1,443

318

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
58,884	e*	Salix Pharmaceuticals Ltd	$	370
619,687		Schering-Plough Corp		8,930
21,362	*	Sciele Pharma, Inc		417
34,928	e	Sensient Technologies Corp		1,030
41,643	*	Sepracor, Inc		813
68,300		Shin-Etsu Chemical Co Ltd		3,529
69,000		Shiseido Co Ltd		1,824
119,418		Sigma-Aldrich Corp		7,123
4,300	e*	Somaxon Pharmaceuticals, Inc		20
309,000		Sumitomo Chemical Co Ltd		1,978
37,526	e*	SuperGen, Inc		94
223,000		Toray Industries, Inc		1,447
213,000		UBE Industries Ltd		690
6,800	*	United Therapeutics Corp		590
18,375	e*	USANA Health Sciences, Inc		405
34,300	e	Valspar Corp		681
20,070	*	VCA Antech, Inc		549
26,431	e*	Vertex Pharmaceuticals, Inc		631
75,139	e*	Warner Chilcott Ltd (Class A)		1,353
85,459	*	Watson Pharmaceuticals, Inc		2,506
44,333	e*	Zymogenetics, Inc		434
		TOTAL CHEMICALS AND ALLIED PRODUCTS		524,405
COMMUNICATIONS - 2.92%
3,157	e	Alaska Communications Systems Group, Inc		39
106,041	*	American Tower Corp (Class A)		4,158
3,960	e*	Anixter International, Inc		254
2,062,780		AT&T, Inc		79,004
55,400		BCE, Inc		1,875
1,328,851		BT Group plc		5,729
112,071	*	Cablevision Systems Corp (Class A)		2,402
4,030	e*	Centennial Communications Corp		24
22,239	e	CenturyTel, Inc		739
242,333	e	Citadel Broadcasting Corp		402
99,640	e	Citizens Communications Co		1,045
60,300	e*	Cox Radio, Inc (Class A)		716
26,700	e*	Crown Castle International Corp		921
688,995		Deutsche Telekom AG.		11,476
47,793		Embarq Corp		1,916
33,529	e	Entercom Communications Corp (Class A)		333
29,362	*	Entravision Communications Corp (Class A)		196
66,565	e*	FiberTower Corp		117
54,400	e	Gray Television, Inc		309
16,940	e	Hearst-Argyle Television, Inc		349
146,502	*	IAC/InterActiveCorp		3,041
1,212,477		ITV plc		1,523
603		KDDI Corp		3,684
304,612	e*	Level 3 Communications, Inc		646
221,725	e*	Liberty Global, Inc (Class A)		7,556
94,644	*	Liberty Media Corp - Capital (Series A)		1,490
378,576	*	Liberty Media Corp - Entertainment (Series A)		8,571
378,706	*	Liberty Media Holding Corp (Interactive A)		6,112
66,360	e*	Lin TV Corp (Class A)		638
29,120	e*	Mediacom Communications Corp (Class A)		126
11,150	e*	NeuStar, Inc (Class A)		295
37,653	*	NII Holdings, Inc		1,197
50,917	e*	Novatel Wireless, Inc		493

319

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
4,086		NTT DoCoMo, Inc	$	6,190
109,013		Portugal Telecom SGPS S.A.		1,267
34,845	e*	Radio One, Inc (Class D)		53
46,400		Rogers Communications, Inc (Class B)		1,669
37,486	e*	SAVVIS, Inc		610
26,980	e*	SBA Communications Corp (Class A)		805
36,600		Shaw Communications, Inc (B Shares)		670
31,532	e*	Spanish Broadcasting System, Inc (Class A)		56
936,275		Sprint Nextel Corp		6,264
23,851		Swisscom AG.		8,172
205,983		Telecom Corp of New Zealand Ltd		606
2,262,258		Telecom Italia S.p.A.		3,746
2,090,407		Telecom Italia S.p.A.		4,373
20,099		Telephone & Data Systems, Inc		789
9,700		Telus Corp		409
4,500	e*	Terremark Worldwide, Inc		25
187,719	*	Time Warner Cable, Inc (Class A)		4,689
93,154	e*	TiVo, Inc		816
4,756	e	USA Mobility, Inc		34
1,185,634		Verizon Communications, Inc		43,216
6,213,231		Vodafone Group plc		18,608
162,897		Windstream Corp		1,947
150,469	e*	XM Satellite Radio Holdings, Inc (Class A)		1,748
		TOTAL COMMUNICATIONS		254,138
DEPOSITORY INSTITUTIONS - 5.48%
8,064	e	Associated Banc-Corp		215
24,190		Astoria Financial Corp		657
299,971		Australia & New Zealand Banking Group Ltd		6,182
657,489		Banco Bilbao Vizcaya Argentaria S.A.		14,480
161,089		Banco Comercial Portugues S.A.		524
131,357		Banco Espirito Santo S.A.		2,283
1,721,812		Bank of America Corp		65,274
21,936		Bank of Hawaii Corp		1,087
31,700		Bank of Montreal		1,419
463,587		Bank of New York Mellon Corp		19,346
149,800		Bank of Nova Scotia		6,794
408,944	e	BB&T Corp		13,111
32,600		Canadian Imperial Bank of Commerce/Canada		2,099
26,101		City National Corp		1,291
89,804	e	Comerica, Inc		3,150
237,988		Commonwealth Bank of Australia		9,094
2,000	e	Community Bank System, Inc		49
37,786		Dexia		1,077
39,100		DNB NOR Holding ASA		594
478,130		Fifth Third Bancorp		10,003
20,000	e	First Horizon National Corp		280
13,372	e	First Midwest Bancorp, Inc		371
180,978		Fortis		4,560
145,801	e,v*	Fremont General Corp		73
22,979	e	Fulton Financial Corp		282
462,000		Hokuhoku Financial Group, Inc		1,390
1,437,687		HSBC Holdings plc		23,682
46,000		Hudson City Bancorp, Inc		813
450		Imperial Capital Bancorp, Inc		10
52,715	e	IndyMac Bancorp, Inc		261
235,157		ING Groep NV		8,806

320

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
1,147	e	International Bancshares Corp	$	26
2,000	e	Irwin Financial Corp		11
221,000		Joyo Bank Ltd		1,117
283,263		Keycorp		6,218
972,355		Lloyds TSB Group plc		8,703
86,885	e	M&T Bank Corp		6,993
152,193		Marshall & Ilsley Corp		3,531
29,026	*	Metavante Technologies, Inc		580
1,228		Mizuho Financial Group, Inc		4,497
243,577		National Australia Bank Ltd		6,712
446,484		National City Corp		4,443
58,300	e	New York Community Bancorp, Inc		1,062
22,999	e	NewAlliance Bancshares, Inc		282
98,875		Northern Trust Corp		6,572
22,638		Old National Bancorp		408
8,090	e	Pacific Capital Bancorp		174
25,820		People's United Financial, Inc		447
245,535		PNC Financial Services Group, Inc		16,100
78,249		Popular, Inc		912
48,519	e	Provident Financial Services, Inc		686
476,376		Regions Financial Corp		9,408
228		Resona Holdings, Inc		380
181,910		Royal Bank of Canada		8,498
1,607,156		Royal Bank of Scotland Group plc		10,757
521,000		Shinsei Bank Ltd		1,720
284,000		Shizuoka Bank Ltd		3,353
88,400		Skandinaviska Enskilda Banken AB (Class A)		2,313
16,852	e	South Financial Group, Inc		250
92,552	e	Sovereign Bancorp, Inc		863
161,015		State Street Corp		12,720
261,000		Sumitomo Trust & Banking Co Ltd		1,796
266,801		SunTrust Banks, Inc		14,711
20,325	e*	SVB Financial Group		887
155,810		Svenska Handelsbanken (A Shares)		4,537
94,404	e	Synovus Financial Corp		1,044
10,111		Toronto-Dominion Bank		620
68,400		Toronto-Dominion Bank		4,206
1,394,986		UniCredito Italiano S.p.A		9,338
54,946		UnionBanCal Corp		2,697
1,047,141		US Bancorp		33,886
42,537	e	Valley National Bancorp		817
15,470	e	W Holding Co, Inc		18
934,378		Wachovia Corp		25,228
10,178		Washington Federal, Inc		232
646,493	e	Washington Mutual, Inc		6,659
8,224		Webster Financial Corp		229
1,468,882		Wells Fargo & Co		42,744
376,271		Westpac Banking Corp		8,167
19,506	e	Zions Bancorporation		889
		TOTAL DEPOSITORY INSTITUTIONS		477,698
EATING AND DRINKING PLACES - 0.66%
35,220	e*	AFC Enterprises		316
12,843	e	Bob Evans Farms, Inc		354
9,500	e*	Cheesecake Factory		207
476,283		Compass Group plc		3,046
99,041		Darden Restaurants, Inc		3,224

322

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
706,250	*	McDonald's Corp	$	39,388
12,376		O'Charleys, Inc		143
31,128	e*	Sonic Corp		686
359,751	*	Starbucks Corp		6,296
5,700	e*	Steak N Shake Co		45
85,534	e	Tim Hortons, Inc		2,912
1,900	e	Triarc Cos (Class B)		13
43,208		Wendy's International, Inc		996
		TOTAL EATING AND DRINKING PLACES		57,626
EDUCATIONAL SERVICES - 0.02%
5,900	*	Apollo Group, Inc (Class A)		255
29,600		Benesse Corp		1,396
700	e*	Corinthian Colleges, Inc		5
900	e	DeVry, Inc		37
		TOTAL EDUCATIONAL SERVICES		1,693
ELECTRIC, GAS, AND SANITARY SERVICES - 3.25%
455,216	*	AES Corp		7,588
137,496		AGL Resources, Inc		4,719
109,929		Alliant Energy Corp		3,849
47,302		Aqua America, Inc		888
127,942		Atmos Energy Corp		3,263
214,762	e	Avista Corp		4,201
2,700	e	California Water Service Group		103
203,847		Centerpoint Energy, Inc		2,909
22,932		Central Vermont Public Service Corp		548
621,262		Centrica plc		3,677
7,160	e	CH Energy Group, Inc		279
255,509		Cleco Corp		5,667
252,000		CLP Holdings Ltd		2,074
117,393	e	CMS Energy Corp		1,590
387,675	e	Consolidated Edison, Inc		15,391
69,171	e	Crosstex Energy, Inc		2,348
462,368		El Paso Corp		7,694
258,498		Empire District Electric Co		5,235
64,800		Enbridge, Inc		2,672
374,952		Enel S.p.A.		3,978
37,894		Energen Corp		2,361
163,659		Energy East Corp		3,947
750	e	EnergySouth, Inc		39
77,463		Gas Natural SDG S.A.		4,791
299,824	e	Hawaiian Electric Industries, Inc		7,157
704,000		Hong Kong & China Gas Ltd		2,117
648,946		Iberdrola S.A.		10,061
236,777	e	Idacorp, Inc		7,603
270,156		International Power plc		2,134
5,500	e	ITC Holdings Corp		286
30,434	e	Laclede Group, Inc		1,084
67,199	e	MGE Energy, Inc		2,289
183,147	e	National Fuel Gas Co		8,646
519,242		National Grid plc		7,126
28,600	e	New Jersey Resources Corp		888
89,683	e	Nicor, Inc		3,005
549,776		NiSource, Inc		9,478
104,648		Northeast Utilities		2,568
26,497	e	Northwest Natural Gas Co		1,151

322

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
103,685	e	NSTAR	$	3,155
42,193		Oest Elektrizitatswirts AG. (Class A)		3,004
356,132		OGE Energy Corp		11,101
90,286		Oneok, Inc		4,029
710,000		Osaka Gas Co Ltd		2,835
564,975		Pepco Holdings, Inc		13,966
69,630		Piedmont Natural Gas Co, Inc		1,828
78,775		Pinnacle West Capital Corp		2,763
484,792		Puget Energy, Inc		12,542
194,061		Questar Corp		10,976
14,716	e	Resource America, Inc (Class A)		139
210,665		Scottish & Southern Energy plc		5,870
101,480		Sempra Energy		5,407
297,054		Sierra Pacific Resources		3,752
28,831	e	SJW Corp		824
476,800		Sojitz Holdings Corp		1,578
51,413	e	South Jersey Industries, Inc		1,805
30,419		Southwest Gas Corp		850
3,300	e	Southwest Water Co		37
212,640		TECO Energy, Inc		3,392
115,600		Tohoku Electric Power Co, Inc		2,824
592,000		Tokyo Gas Co Ltd		2,393
44,164		UGI Corp		1,101
23,742	e	UIL Holdings Corp		715
166,924		Unisource Energy Corp		3,716
129,827		United Utilities plc		1,779
29,772	e	Vectren Corp		799
122,172		Veolia Environnement		8,518
15,260	e*	Waste Services, Inc		124
73,356	e	WGL Holdings, Inc		2,352
418,850		Williams Cos, Inc		13,814
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		283,392
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 3.38%
251,802		ABB Ltd		6,760
8,400	e*	Adaptec, Inc		25
1,523	*	Advanced Energy Industries, Inc		20
78,870	e*	Advanced Micro Devices, Inc		464
2,655	e*	American Superconductor Corp		62
176,372		Ametek, Inc		7,744
39,278	e*	Anadigics, Inc		258
293,486	*	Apple Computer, Inc		42,115
81,230	e*	Arris Group, Inc		473
29,719	e*	Atheros Communications, Inc		619
29,674		Baldor Electric Co		831
2,078,166	*	Cisco Systems, Inc		50,063
657,296	e*	Conexant Systems, Inc		381
19,330	e*	Cree, Inc		540
7,400		CTS Corp		79
57,473	e*	Ditech Networks, Inc		169
10,200	*	Dolby Laboratories, Inc (Class A)		370
1,805	e*	DTS, Inc		43
5,900		Eaton Corp		470
7,866	*	Energizer Holdings, Inc		712
1,495,000		Ericsson (LM) (B Shares)		2,934
39,446	e*	Evergreen Solar, Inc		366
203,689	e*	Finisar Corp		261

323

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
7,678	*	First Solar, Inc	$	1,775
16,499		Gamesa Corp Tecnologica S.A.		753
37,454	*	GrafTech International Ltd		607
13,100	e*	Greatbatch, Inc		241
16,975	e	Harman International Industries, Inc		739
82,668	*	Harmonic, Inc		628
35,700		Ibiden Co Ltd		1,404
2,286,989		Intel Corp		48,438
29,012	e*	InterDigital, Inc		575
74,873	*	InterVoice, Inc		596
173,604		Koninklijke Philips Electronics NV		6,641
28,300		Kyocera Corp		2,376
3,100		Lincoln Electric Holdings, Inc		200
1,068	*	Littelfuse, Inc		37
294,163	e*	LSI Logic Corp		1,456
170,000		Matsushita Electric Industrial Co Ltd		3,684
14,183	*	Mattson Technology, Inc		86
30,404	e*	Medis Technologies Ltd		276
270,542	e*	Micron Technology, Inc		1,615
67,684	e*	Microtune, Inc		248
86,127	e	Molex, Inc		1,995
995,969	*	Motorola, Inc		9,262
91,739	e*	MRV Communications, Inc		126
23,600		Murata Manufacturing Co Ltd		1,172
26,100		Nidec Corp		1,605
36,300		Nitto Denko Corp		1,533
338,880		Nokia Oyj		10,721
18,000	*	Nortel Networks Corp		123
36,524	*	Novellus Systems, Inc		769
163,771	e*	ON Semiconductor Corp		930
7,800	e	Park Electrochemical Corp		202
38,473		Plantronics, Inc		743
6,800	*	Plexus Corp		191
12,160	*	Polycom, Inc		274
15,700	e*	Power-One, Inc		50
107,344	e*	Powerwave Technologies, Inc		274
2,906	*	QLogic Corp		45
686,667		Qualcomm, Inc		28,153
25,541		RadioShack Corp		415
140,631	e*	RF Micro Devices, Inc		374
62,000		Ricoh Co Ltd		1,019
1,100	*	Rogers Corp		37
2,400		Rohm Co Ltd		149
683,000	*	Sanyo Electric Co Ltd		1,439
46,000		Sharp Corp		782
109,628	*	Silicon Storage Technology, Inc		287
920,226	e*	Sirius Satellite Radio, Inc		2,632
94,700		Sony Corp		3,772
208,573		STMicroelectronics NV		2,219
6,300	e*	Sunpower Corp (Class A)		469
84,452	e*	Sycamore Networks, Inc		309
44,039	e*	Symmetricom, Inc		154
26,000		TDK Corp		1,536
11,100		Technitrol, Inc		257
15,703	e*	Tekelec		195
44,409		Teleflex, Inc		2,119
197,426	e*	Tellabs, Inc		1,076

324

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
3,600	*	Tessera Technologies, Inc	$	75
629,187	*	Texas Instruments, Inc		17,787
52,499	*	Thomas & Betts Corp		1,909
105,205	e*	Triquint Semiconductor, Inc		532
7,500	*	TTM Technologies, Inc		85
133,675		Tyco Electronics Ltd		4,588
2,600	e	Vicor Corp		31
10,426	e	Whirlpool Corp		905
97,678	e	Xilinx, Inc		2,320
11,700	e*	Zoltek Cos, Inc		310
19,389	*	Zoran Corp		265
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		294,349
ENGINEERING AND MANAGEMENT SERVICES - 0.41%
26,362	e*	Amylin Pharmaceuticals, Inc		770
24,675	*	Applera Corp (Celera Genomics Group)		363
61,621	e*	Ariad Pharmaceuticals, Inc		208
86,959		Capita Group plc		1,171
145,685	*	Celgene Corp		8,929
5,300		Corporate Executive Board Co		215
13,718	*	CV Therapeutics, Inc		98
18,735	e	Diamond Management & Technology Consultants, Inc		121
3,387		Fluor Corp		478
43,833	*	Hewitt Associates, Inc (Class A)		1,743
79,816	e*	Incyte Corp		839
59,590	e*	Isis Pharmaceuticals, Inc		841
49,000		JGC Corp		748
1,400		Landauer, Inc		70
12,351	e*	Lifecell Corp		519
125,191	e	Moody's Corp		4,360
164,358		Paychex, Inc		5,631
94,712		Quest Diagnostics, Inc		4,288
21,643	*	Regeneron Pharmaceuticals, Inc		415
153,896	e*	Rentech, Inc		137
27,272	e*	Savient Pharmaceuticals, Inc		545
971,000		SembCorp Industries Ltd		2,871
16,700	e*	Telik, Inc		41
23,930	e*	Tetra Tech, Inc		467
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		35,868
FABRICATED METAL PRODUCTS - 0.44%
900	e	Ameron International Corp		84
21,800		Aptargroup, Inc		849
93,959		Commercial Metals Co		2,816
44,247	e	Dynamic Materials Corp		1,911
391		Geberit AG.		58
22,906		Gulf Island Fabrication, Inc		658
449,059		Illinois Tool Works, Inc		21,658
2,300	e	Insteel Industries, Inc		27
29,885		Pentair, Inc		953
28,831		Silgan Holdings, Inc		1,431
21,196		Snap-On, Inc		1,078
79,926		Stanley Works		3,806
109,300		Toyo Seikan Kaisha Ltd		2,076
8,500	e	Valmont Industries, Inc		747
		TOTAL FABRICATED METAL PRODUCTS		38,152

325

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
FOOD AND KINDRED PRODUCTS - 2.30%
259,837		Cadbury Schweppes plc	$	2,854
211,615		Campbell Soup Co		7,184
155,314		Coca Cola Hellenic Bottling Co S.A.		7,233
7,270		Corn Products International, Inc		270
410,067		CSR Ltd		1,199
333,425		General Mills, Inc		19,965
111,407		Groupe Danone		9,962
241,896		H.J. Heinz Co		11,362
13,340	e*	Hansen Natural Corp		471
131,383		Heineken NV		7,631
131,654	e	Hershey Co		4,959
25,368		J.M. Smucker Co		1,284
20,275	e*	Jones Soda Co		71
333,575		Kellogg Co		17,533
753,678		Kraft Foods, Inc (Class A)		23,372
10,103	e	Lancaster Colony Corp		404
22,147		McCormick & Co, Inc		819
49,000		Olam International Ltd		76
50,789		Pepsi Bottling Group, Inc		1,722
37,337		PepsiAmericas, Inc		953
739,209	*	PepsiCo, Inc		53,371
223,442		Sara Lee Corp		3,124
374,000		Swire Pacific Ltd (Class A)		4,219
10,157	e	Tootsie Roll Industries, Inc		256
210,939		Unilever plc		7,113
192,437		Wrigley (Wm.) Jr Co		12,093
32,600		Yakult Honsha Co Ltd		1,011
		TOTAL FOOD AND KINDRED PRODUCTS		200,511
FOOD STORES - 0.33%
117,016		Carrefour S.A.		9,028
2,301	e*	Great Atlantic & Pacific Tea Co, Inc		60
2,488		Kesko Oyj (B Shares)		129
75,357		Koninklijke Ahold NV		1,118
221,033		Safeway, Inc		6,487
61,546		Supervalu, Inc		1,845
882,576		Tesco plc		6,639
34,281	e	Whole Foods Market, Inc		1,130
82,652		Woolworths Ltd		2,191
		TOTAL FOOD STORES		28,627
FORESTRY - 0.09%
23,830		Rayonier, Inc		1,035
98,213	*	Weyerhaeuser Co		6,388
		TOTAL FORESTRY		7,423
FURNITURE AND FIXTURES - 0.27%
15,729	e	Herman Miller, Inc		386
27,119	e	HNI Corp		729
483,099		Johnson Controls, Inc		16,329
82,284	e	Leggett & Platt, Inc		1,255
250,759		Masco Corp		4,973
9,700	e	Tempur-Pedic International, Inc		107
		TOTAL FURNITURE AND FIXTURES		23,779

326

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
FURNITURE AND HOME FURNISHINGS STORES - 0.05%
92,025	e*	Bed Bath & Beyond, Inc	$	2,715
53,694	e	Circuit City Stores, Inc		214
12,900	*	GameStop Corp (Class A)		667
2,200	e	Haverty Furniture Cos, Inc		24
6,080	e*	Mohawk Industries, Inc		435
800	e	Williams-Sonoma, Inc		19
		TOTAL FURNITURE AND HOME FURNISHINGS STORES		4,074
GENERAL BUILDING CONTRACTORS - 0.25%
84,144		Amec plc		1,208
301	e*	Avatar Holdings, Inc		13
3,524	e	Brookfield Homes Corp		59
36,208	e	Centex Corp		877
21,700		Daito Trust Construction Co Ltd		1,119
145,411	e	DR Horton, Inc		2,290
30,180		Hochtief AG.		2,764
20,602	e*	Hovnanian Enterprises, Inc (Class A)		218
1,120		Lennar Corp (B Shares)		19
49,042	e	Lennar Corp (Class A)		923
292	e	M/I Homes, Inc		5
18,962	e	MDC Holdings, Inc		830
910	e*	NVR, Inc		544
17,644		Persimmon plc		268
145,162	e	Pulte Homes, Inc		2,112
15,304		Ryland Group, Inc		503
12,000		Shimizu Corp		55
42,187	e	Standard-Pacific Corp		205
47,400	e*	Toll Brothers, Inc		1,113
95,297		Vinci S.A.		6,889
13,000	e*	WCI Communities, Inc		44
		TOTAL GENERAL BUILDING CONTRACTORS		22,058
GENERAL MERCHANDISE STORES - 0.69%
1,687	e	Bon-Ton Stores, Inc		9
268,344		Costco Wholesale Corp		17,434
71,873	e	Family Dollar Stores, Inc		1,402
109,624		JC Penney Co, Inc		4,134
352,000		Kintetsu Corp		1,257
30,427		PPR		4,508
10,500	e*	Retail Ventures, Inc		51
3,300	e	Stein Mart, Inc		19
439,943		Target Corp		22,296
241,004		TJX Cos, Inc		7,970
139,000		Tokyu Corp		709
		TOTAL GENERAL MERCHANDISE STORES		59,789
HEALTH SERVICES - 0.52%
122,038	e*	Alliance Imaging, Inc		1,050
4,293	e*	Bio-Reference Labs, Inc		114
24,560	e	Brookdale Senior Living, Inc		587
91,938	e*	Community Health Systems, Inc		3,086
4,670	*	Corvel Corp		143
31,721	*	DaVita, Inc		1,515
32,497	e*	Edwards Lifesciences Corp		1,448
122,579	*	Express Scripts, Inc		7,884
209,335	e*	Health Management Associates, Inc (Class A)		1,107
9,590	e*	Healthways, Inc		339

327

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
4,400	e*	Hythiam, Inc	$	5
79,898	e*	Laboratory Corp of America Holdings		5,887
14,720	*	LHC Group, Inc		247
29,540	*	LifePoint Hospitals, Inc		811
65,197	e*	Lincare Holdings, Inc		1,833
26,959	*	Medcath Corp		491
63,705	e*	Nektar Therapeutics		442
47,356	e	Omnicare, Inc		860
9,400	*	Pediatrix Medical Group, Inc		634
16,900	e*	Psychiatric Solutions, Inc		573
29,873	*	RehabCare Group, Inc		448
351,682	*	WellPoint, Inc		15,520
		TOTAL HEALTH SERVICES		45,024
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.03%
87,708		Abertis Infraestructuras S.A.		2,858
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		2,858
HOLDING AND OTHER INVESTMENT OFFICES - 1.07%
2,476	e	Acadia Realty Trust		60
202,378	e	Allied Capital Corp		3,730
11,900		AMB Property Corp		648
20,800		American Financial Realty Trust		165
35,500		Annaly Mortgage Management, Inc		544
47,600		Anworth Mortgage Asset Corp		292
3,098	e	Ashford Hospitality Trust, Inc		18
27,227		AvalonBay Communities, Inc		2,628
51,692		Boston Properties, Inc		4,759
600		Brandywine Realty Trust		10
63,200		Brookfield Asset Management, Inc		1,703
3,200	e	Capital Lease Funding, Inc		25
1,200	e	Capital Trust, Inc (Class A)		32
6,414		Cedar Shopping Centers, Inc		75
3,360	e	Cherokee, Inc		113
26,259	e	Colonial Properties Trust		632
201		Deerfield Capital Corp		-	^
27,030	e	Developers Diversified Realty Corp		1,132
78,212		Duke Realty Corp		1,784
222,448		Equity Residential		9,229
5,858	e	Essex Property Trust, Inc		668
8,247		FelCor Lodging Trust, Inc		99
12,044	e	First Industrial Realty Trust, Inc		372
103,542		General Growth Properties, Inc		3,952
2,700	e	Gladstone Capital Corp		50
33,280		HCP, Inc		1,125
26,392		Health Care REIT, Inc		1,191
20,556	e	Healthcare Realty Trust, Inc		538
7,346		Highwoods Properties, Inc		228
27,724		Hospitality Properties Trust		943
222,297		Host Marriott Corp		3,539
47,488		HRPT Properties Trust		320
816	e	Investors Real Estate Trust		8
73,200	e	iStar Financial, Inc		1,027
121,766		Kimco Realty Corp		4,770
23,996	e	Lexington Corporate Properties Trust		346
3,900		Liberty Property Trust		121
6,565		LTC Properties, Inc		169

328

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
105,900	e,v	Luminent Mortgage Capital, Inc	$	62
4,500		Macerich Co		316
24,788		Mack-Cali Realty Corp		885
47,300	e	MFA Mortgage Investments, Inc		298
16,720		Mid-America Apartment Communities, Inc		833
2,761	e	National Health Investors, Inc		86
44,367	e*	NexCen Brands, Inc		152
1,023,000		Noble Group Ltd		1,635
7,100	e	NorthStar Realty Finance Corp		58
8,050		Omega Healthcare Investors, Inc		140
15,279	e	Pennsylvania Real Estate Investment Trust		373
7,528		Post Properties, Inc		291
14,679	e	Potlatch Corp		606
115,165		Prologis		6,779
71,828		Public Storage, Inc		6,365
1,400	e	RAIT Investment Trust		10
35,326	e	Realty Income Corp		905
11,900		Regency Centers Corp		771
2,766		Senior Housing Properties Trust		66
126,147		Simon Property Group, Inc		11,720
4,500	e	Sun Communities, Inc		92
22,200	e	UDR, Inc		544
1,100	e	Universal Health Realty Income Trust		37
5,660	e	Urstadt Biddle Properties, Inc (Class A)		89
119,433		Virgin Media, Inc		1,680
77,896		Vornado Realty Trust		6,715
32,816		WABCO Holdings, Inc		1,497
84,959	e	Weingarten Realty Investors		2,926
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		92,976
HOTELS AND OTHER LODGING PLACES - 0.22%
80,159		Accor S.A.		5,854
5,161	e*	Bluegreen Corp		35
84,116		Choice Hotels International, Inc		2,869
58,301	e*	Gaylord Entertainment Co		1,766
110,458	e*	Great Wolf Resorts, Inc		705
54,170	e*	Lodgian, Inc		604
43,668	e	Marcus Corp		838
146,570	e	Marriott International, Inc (Class A)		5,036
278,163		TUI Travel plc		1,423
		TOTAL HOTELS AND OTHER LODGING PLACES		19,130
INDUSTRIAL MACHINERY AND EQUIPMENT - 3.05%
44,700	*	AGCO Corp		2,677
1,300	e	Albany International Corp (Class A)		47
13,350		Alfa Laval AB		811
3,500	e*	Allis-Chalmers Energy, Inc		48
4,300		Ampco-Pittsburgh Corp		185
613,409		Applied Materials, Inc		11,968
13,569	*	Astec Industries, Inc		526
74,230	e*	Axcelis Technologies, Inc		416
37,826	e	Black & Decker Corp		2,500
53,202		Brambles Ltd		485
16,890	e	Briggs & Stratton Corp		302
15,494	*	Brooks Automation, Inc		151
162,900		Canon, Inc		7,501
3,900	e	Cascade Corp		192

329

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
102,100		Casio Computer Co Ltd	$	1,494
7,900	*	Columbus McKinnon Corp		245
127,277		Cummins, Inc		5,959
29,200		Daikin Industries Ltd		1,257
310,122		Deere & Co		24,946
878,147	*	Dell, Inc		17,493
10,400		Donaldson Co, Inc		419
13,934	*	Dril-Quip, Inc		648
796,314	*	EMC Corp		11,419
9,460	*	Emulex Corp		154
38,963	*	ENGlobal Corp		333
5,149	*	Entegris, Inc		37
41,300		Fanuc Ltd		3,928
4,554		Flowserve Corp		475
48,912	e*	FMC Technologies, Inc		2,783
75,700		FUJIFILM Holdings Corp		2,681
4,200	*	Gardner Denver, Inc		156
14,404	e*	Gehl Co		244
61,237	e	Graco, Inc		2,220
113,253	*	Grant Prideco, Inc		5,574
1,060,202	*	Hewlett-Packard Co		48,409
57,237		Hill-Rom Holdings, Inc		2,736
27,600		Hitachi Construction Machinery Co Ltd		691
2,986	e*	Intermec, Inc		66
555,638	*	International Business Machines Corp		63,976
22,664	*	Intevac, Inc		293
137,500		Konica Minolta Holdings, Inc		1,868
103,000		Kubota Corp		640
2,300	*	Kulicke & Soffa Industries, Inc		11
39,800		Kurita Water Industries Ltd		1,465
42,147	*	Lam Research Corp		1,611
6,800		Lennox International, Inc		245
28,635	*	Lexmark International, Inc (Class A)		880
2,400	e	Lindsay Manufacturing Co		246
6,754	e	Lufkin Industries, Inc		431
58,158		Manitowoc Co, Inc		2,373
38,400	e	Modine Manufacturing Co		556
30,450	e	Nordson Corp		1,640
15,186	e*	Oil States International, Inc		680
32,564		Pall Corp		1,142
13,936	e*	Rackable Systems, Inc		127
2,000		Robbins & Myers, Inc		65
126,400		Sandvik AB		2,196
36,700		Seagate Technology, Inc		769
45,177	e*	Semitool, Inc		376
31,782	e*	Sigma Designs, Inc		721
33,957		Solarworld AG.		1,617
166,071	e*	SourceForge, Inc		330
19,880		SPX Corp		2,085
60,000		Sumitomo Heavy Industries Ltd		388
45,730		Tennant Co		1,821
21,378	*	Terex Corp		1,336
31,900		Tokyo Electron Ltd		1,939
135,500		Toyota Tsusho Corp		2,875
89,044		Trane, Inc		4,087
4,026	e*	TurboChef Technologies, Inc		26
10,500	*	Ultratech, Inc		101

330

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
40,288	*	Varian Medical Systems, Inc	$	1,887
27,500	*	Vestas Wind Systems AS		3,004
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		265,983
INSTRUMENTS AND RELATED PRODUCTS - 3.04%
15,118	e*	Advanced Medical Optics, Inc		307
17,804	*	Affymetrix, Inc		310
10,100	*	Agilent Technologies, Inc		301
3,704	e	Analogic Corp		247
48,227		Bard (C.R.), Inc		4,649
354,572		Baxter International, Inc		20,501
50,598		Beckman Coulter, Inc		3,266
187,083		Becton Dickinson & Co		16,061
3,700	*	Bruker BioSciences Corp		57
10,897	e*	Cepheid, Inc		266
8,610	e	Cooper Cos, Inc		297
152,645		Covidien Ltd		6,755
208,273	e*	Credence Systems Corp		354
16,300		Danaher Corp		1,239
900		Datascope Corp		37
86,936		Dentsply International, Inc		3,356
608,527		Emerson Electric Co		31,315
1,100	*	Excel Technology, Inc		30
5,300	e*	Formfactor, Inc		101
11,700	e	Garmin Ltd		632
10,072	e*	Hologic, Inc		560
900	e*	ICU Medical, Inc		26
8,213	e*	Illumina, Inc		623
9,997	*	Intuitive Surgical, Inc		3,243
4,500	e	Invacare Corp		100
160,625		Invensys plc		717
62,328	e*	ION Geophysical Corp		860
3,400	e*	Itron, Inc		307
1,121,529		Johnson & Johnson		72,754
57,360		Kla-Tencor Corp		2,128
10,628	e*	L-1 Identity Solutions, Inc		141
32,218	e*	LTX Corp		101
646,150		Medtronic, Inc		31,254
1,166	*	Merit Medical Systems, Inc		18
5,300	*	Mettler-Toledo International, Inc		515
29,512	e*	Millipore Corp		1,989
5,300	*	MKS Instruments, Inc		113
3,000		Movado Group, Inc		59
131,000		Nikon Corp		3,489
31,000		Olympus Corp		939
2,970	e*	OYO Geospace Corp		135
1,888	e*	Palomar Medical Technologies, Inc		29
162,881		Pitney Bowes, Inc		5,704
3,970	e*	Resmed, Inc		167
14,400	e	Roper Industries, Inc		856
2,223	e*	Rudolph Technologies, Inc		22
147,624	*	St. Jude Medical, Inc		6,376
36,659		STERIS Corp		984
173,421		Stryker Corp		11,281
10,100	*	Techne Corp		680
70,700		Terumo Corp		3,688
185,668	*	Thermo Electron Corp		10,553

331

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
1,600	e*	Thoratec Corp	$	23
33,761	*	Waters Corp		1,881
308,910		Xerox Corp		4,624
2,400	e*	X-Rite, Inc		14
104,995	*	Zimmer Holdings, Inc		8,175
5,140	e*	Zoll Medical Corp		137
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		265,346
INSURANCE AGENTS, BROKERS AND SERVICE - 0.31%
59,580		Brown & Brown, Inc		1,035
4,400	e*	Crawford & Co (Class B)		23
223,427		Hartford Financial Services Group, Inc		16,929
632,060		HBOS plc		7,025
112,915		QBE Insurance Group Ltd		2,292
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		27,304
INSURANCE CARRIERS - 2.63%
298,251		Aetna, Inc		12,553
389,350		Aflac, Inc		25,288
734	e*	Alleghany Corp		251
68,756		Allianz AG.		13,621
69,849	e	Ambac Financial Group, Inc		402
46,800		American Financial Group, Inc		1,196
5,925		American Physicians Capital, Inc		275
31,786	*	AMERIGROUP Corp		869
56,841		Assurant, Inc		3,459
462,999		Aviva plc		5,674
56,194		Axis Capital Holdings Ltd		1,909
6,800	*	Centene Corp		95
361,987		Chubb Corp		17,911
206,405		Cincinnati Financial Corp		7,852
32,542	e	Commerce Group, Inc		1,173
1,400	e	Donegal Group, Inc (Class A)		24
52,887	e	Endurance Specialty Holdings Ltd		1,936
27,664		Erie Indemnity Co (Class A)		1,416
28,936		Everest Re Group Ltd		2,591
1,251	e*	Fpic Insurance Group, Inc		59
242,095		Genworth Financial, Inc (Class A)		5,481
16,450		Hanover Insurance Group, Inc		677
1,200		Harleysville Group, Inc		43
38,900		HCC Insurance Holdings, Inc		883
2,616	*	HealthExtras, Inc		65
2,200		Horace Mann Educators Corp		38
1,859		Infinity Property & Casualty Corp		77
49,599		KBC Groep NV		6,432
2,100	e	LandAmerica Financial Group, Inc		83
3,800		Leucadia National Corp		172
224,639	*	Lincoln National Corp		11,681
191,400		Manulife Financial Corp		7,326
4,614	*	Markel Corp		2,030
85,009	e	MBIA, Inc		1,039
44,375	e	Mercury General Corp		1,966
50,427	e	MGIC Investment Corp		531
163,500		Millea Holdings, Inc		6,036
13,770	e*	Molina Healthcare, Inc		336
41,398		Muenchener Rueckver AG.		8,096
47,660		Nationwide Financial Services, Inc (Class A)		2,253

332

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
14,340	e	Odyssey Re Holdings Corp	$	527
8,145	e	PartnerRe Ltd		621
22,800		Phoenix Cos, Inc		278
40,300	e	PMI Group, Inc		235
1,400		Presidential Life Corp		24
185,849		Principal Financial Group		10,356
458,544		Progressive Corp		7,369
13,450		Protective Life Corp		546
405,945		Prudential plc		5,362
28,500	e	Radian Group, Inc		187
6,775		RenaissanceRe Holdings Ltd		352
139,760		Safeco Corp		6,133
7,440		Stancorp Financial Group, Inc		355
44,300		Sun Life Financial, Inc		2,071
78,211		Swiss Reinsurance Co		6,832
45,150		T&D Holdings, Inc		2,364
700		Tower Group, Inc		18
466,447		Travelers Cos, Inc		22,320
22,056	e	Unitrin, Inc		779
113,208		UnumProvident Corp		2,492
80,735		W.R. Berkley Corp		2,236
24,562	*	WellCare Health Plans, Inc		957
100		Wesco Financial Corp		40
91,731		XL Capital Ltd (Class A)		2,711
		TOTAL INSURANCE CARRIERS		228,964
LEATHER AND LEATHER PRODUCTS - 0.06%
149,137	*	Coach, Inc		4,497
400	*	Timberland Co (Class A)		5
14,200	e	Weyco Group, Inc		421
		TOTAL LEATHER AND LEATHER PRODUCTS		4,923
LEGAL SERVICES - 0.00%**
1,800	e*	FTI Consulting, Inc		128
		TOTAL LEGAL SERVICES		128
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.01%
35,628		Brisa-Auto Estradas de Portugal S.A.		509
415,000		ComfortDelgro Corp Ltd		549
		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		1,058
LUMBER AND WOOD PRODUCTS - 0.01%
50,547	e*	Champion Enterprises, Inc		507
4,415	e	Skyline Corp		123
		TOTAL LUMBER AND WOOD PRODUCTS		630
METAL MINING - 0.43%
34,000		Agnico-Eagle Mines Ltd		2,306
580,217		Alumina Ltd		3,023
64,927	e*	Apex Silver Mines Ltd		787
5,800	e	Cleveland-Cliffs, Inc		695
124,000		Goldcorp, Inc		4,819
13,800		Inmet Mining Corp		1,008
127,600		Kinross Gold Corp		2,847
87,500	*	Lundin Mining Corp		597
140,020		Newcrest Mining Ltd		4,270
11,193		Orica Ltd		298

333

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
124,266	e	Royal Gold, Inc	$	3,749
69,600		Teck Cominco Ltd		2,854
119,766		Xstrata plc		8,383
107,500		Yamana Gold, Inc		1,577
		TOTAL METAL MINING		37,213
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.20%
19,178		Callaway Golf Co		281
12,100	e	Daktronics, Inc		217
9,675	e	Marine Products Corp		78
354,550		Mattel, Inc		7,055
27,261	*	RC2 Corp		572
36,900	e*	Russ Berrie & Co, Inc		519
149,634		Tyco International Ltd		6,591
120,600		Yamaha Corp		2,306
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		17,619
MISCELLANEOUS RETAIL - 0.56%
103,355	*	Amazon.com, Inc		7,369
6,600	e	Barnes & Noble, Inc		202
123,806		Best Buy Co, Inc		5,133
3,600	e*	Cabela's, Inc		51
11,723	*	Dollar Tree, Inc		324
38,120	e*	GSI Commerce, Inc		501
60,616		Metro AG.		4,898
358,500		Nippon Mining Holdings, Inc		1,899
78,885	*	Office Depot, Inc		872
189,999		Origin Energy Ltd		1,591
10,103	e*	Overstock.com, Inc		120
11,430		Petsmart, Inc		234
1,340	e*	Priceline.com, Inc		162
276,451		Staples, Inc		6,112
10,100	e	Systemax, Inc		122
25,195		Tiffany & Co		1,054
419,754		Walgreen Co		15,988
83,210		World Fuel Services Corp		2,336
		TOTAL MISCELLANEOUS RETAIL		48,968
MOTION PICTURES - 0.54%
3,931	e*	Avid Technology, Inc		96
145,403	*	Discovery Holding Co (Class A)		3,085
50,217	*	DreamWorks Animation SKG, Inc (Class A)		1,295
28,691	e	Regal Entertainment Group (Class A)		553
8,288	e*	Time Warner Telecom, Inc (Class A)		128
2,033,859		Time Warner, Inc		28,515
341,181	*	Viacom, Inc (Class B)		13,518
		TOTAL MOTION PICTURES		47,190
NONDEPOSITORY INSTITUTIONS - 0.66%
25,692		Advanta Corp (Class A)		154
126,667	e	American Capital Strategies Ltd		4,327
623,579	*	American Express Co		27,263
28,094	e*	AmeriCredit Corp		283
18,339	e	Asta Funding, Inc		255
194,400	e	Capital One Financial Corp		9,568
58,685	e	CapitalSource, Inc		567
20,400	e,v	Centerline Holding Co		83

334

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
9,412	e*	Credit Acceptance Corp	$	146
20,595	e	Federal Agricultural Mortgage Corp (Class C)		538
59,450	e	First Marblehead Corp		444
459,577		Freddie Mac		11,636
20,265	*	Guaranty Financial Group, Inc		215
27,100	e*	INVESTools, Inc		298
95,186	e	MCG Capital Corp		865
15,566	*	MCG Capital Corp		17
18,410	e	Nelnet, Inc (Class A)		216
3,700	*	PHH Corp		65
12,483	e*	World Acceptance Corp		398
		TOTAL NONDEPOSITORY INSTITUTIONS		57,338
NONMETALLIC MINERALS, EXCEPT FUELS - 0.09%
76,578	e	AMCOL International Corp		2,391
5,200		Compass Minerals International, Inc		307
78,581	e	Vulcan Materials Co		5,218
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		7,916
OIL AND GAS EXTRACTION - 2.81%
19,350		Acergy S.A.		417
31,450	e	Atlas America, Inc		1,901
18,190	*	ATP Oil & Gas Corp		595
2,183	*	Atwood Oceanics, Inc		200
40,138	e	Berry Petroleum Co (Class A)		1,866
9,766	*	Bronco Drilling Co, Inc		157
80,937	e*	Callon Petroleum Co		1,464
88,991	*	Cameron International Corp		3,706
69,300		Canadian Oil Sands Trust		2,802
3,200	*	Carrizo Oil & Gas, Inc		190
58,572	e*	Cheniere Energy, Inc		1,160
346,616	e	Chesapeake Energy Corp		15,996
70,059		Cimarex Energy Co		3,835
6,315	e*	Complete Production Services, Inc		145
27,280	*	Contango Oil & Gas Co		1,763
28,057	e*	Delta Petroleum Corp		632
278,702	*	Denbury Resources, Inc		7,957
32,193	e*	Edge Petroleum Corp		130
95,700		EnCana Corp		7,291
30,001	*	Encore Acquisition Co		1,208
131,485		ENSCO International, Inc		8,234
252,581		Equitable Resources, Inc		14,877
13,780	e*	EXCO Resources, Inc		255
10,411	e*	Exterran Holdings, Inc		672
50,495	*	Forest Oil Corp		2,472
19,800	e*	GeoGlobal Resources, Inc		55
52,104	*	Global Industries Ltd		838
18,740	*	GMX Resources, Inc		655
30,098	e*	Goodrich Petroleum Corp		905
45,337	e*	Grey Wolf, Inc		307
46,875	e*	Helix Energy Solutions Group, Inc		1,477
139,509		Helmerich & Payne, Inc		6,539
35,300		Husky Energy, Inc		1,382
65,929	e*	McMoRan Exploration Co		1,140
263,284	e*	Meridian Resource Corp		390
116,188	*	Nabors Industries Ltd		3,924
186,865	*	National Oilwell Varco, Inc		10,909

335

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
63,641		Neste Oil Oyj	$	2,224
44,000		Nexen Inc		1,306
120,442		Noble Corp		5,982
10,968	*	Oceaneering International, Inc		691
15,629	e*	Parallel Petroleum Corp		306
69,600		Petro-Canada		3,032
151,229	e*	PetroHawk Energy Corp		3,050
27,290	e*	Petroleum Development Corp		1,890
29,100	e*	Petroquest Energy, Inc		505
110,076		Pioneer Natural Resources Co		5,407
130,084	*	Plains Exploration & Production Co		6,913
122,090	*	Pride International, Inc		4,267
95,676	*	Quicksilver Resources, Inc		3,495
82,758		Range Resources Corp		5,251
58,000		Rowan Cos, Inc		2,388
9,820	e	RPC, Inc		149
221,370		Santos Ltd		2,933
126,215		Smith International, Inc		8,107
128,256	*	Southwestern Energy Co		4,321
40,830		St. Mary Land & Exploration Co		1,572
27,978	*	Stone Energy Corp		1,464
15,600	*	Superior Energy Services		618
41,146	e*	Swift Energy Co		1,851
76,200		Talisman Energy, Inc		1,352
70,248	e	Tidewater, Inc		3,871
30,538	e*	Toreador Resources Corp		238
213,754		Transocean, Inc		28,900
23,727	e*	TXCO Resources, Inc		294
30,145	*	Unit Corp		1,708
38,653	e*	Venoco, Inc		449
19,400	e	W&T Offshore, Inc		662
3,800	*	Warren Resources, Inc		45
2,905	*	W-H Energy Services, Inc		200
19,105	*	Whiting Petroleum Corp		1,235
123,481		Woodside Petroleum Ltd		6,150
387,069		XTO Energy, Inc		23,944
		TOTAL OIL AND GAS EXTRACTION		245,216
PAPER AND ALLIED PRODUCTS - 0.52%
2,400	e	AbitibiBowater, Inc		31
75,759	e	Bemis Co		1,927
52,800	*	Buckeye Technologies, Inc		589
2,600	e*	Cenveo, Inc		27
34,100	e	Chesapeake Corp		164
25,642	e*	Domtar Corporation		175
22,564		Glatfelter		341
169,672		International Paper Co		4,615
306,297		Kimberly-Clark Corp		19,771
210,265		MeadWestvaco Corp		5,723
15,096		Metso Oyj		815
126,000		OJI Paper Co Ltd		568
63,049	e	Packaging Corp of America		1,408
8,700		Rock-Tenn Co (Class A)		261
86,764		Sonoco Products Co		2,484
120,376		Stora Enso Oyj (R Shares)		1,389
127,600		Svenska Cellulosa AB (B Shares)		2,325
43,284	e	Temple-Inland, Inc		551

336

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
14,400		Uni-Charm Corp	$	1,053
47,924		UPM-Kymmene Oyj		851
10,800	e	Wausau Paper Corp		89
		TOTAL PAPER AND ALLIED PRODUCTS		45,157
PERSONAL SERVICES - 0.02%
39,896		Regis Corp		1,097
13,656		Unifirst Corp		506
8,020	e	Weight Watchers International, Inc		372
		TOTAL PERSONAL SERVICES		1,975
PETROLEUM AND COAL PRODUCTS - 2.85%
37,600	e	Alon USA Energy, Inc		572
263,727		Apache Corp		31,863
21,679		Ashland, Inc		1,025
62,479		Cabot Oil & Gas Corp		3,176
355,000		Cosmo Oil Co Ltd		1,115
316,858		Devon Energy Corp		33,058
441,052		ENI S.p.A.		15,040
199,188		EOG Resources, Inc		23,903
152,238		Frontier Oil Corp		4,150
42,962	e*	Headwaters, Inc		567
181,927		Hess Corp		16,042
46,724	e	Holly Corp		2,028
158,953		Murphy Oil Corp		13,056
90,948	*	Newfield Exploration Co		4,807
208,206		Noble Energy, Inc		15,157
49,589		OMV AG.		3,277
274,145		Repsol YPF S.A.		9,461
520,940		Royal Dutch Shell plc (A Shares)		17,959
459,020		Royal Dutch Shell plc (B Shares)		15,450
211,160		Statoil ASA		6,328
61,100		Suncor Energy, Inc		5,906
115,127		Sunoco, Inc		6,041
353,729		Valero Energy Corp		17,372
61,591	e	Western Refining, Inc		830
		TOTAL PETROLEUM AND COAL PRODUCTS		248,183
PIPELINES, EXCEPT NATURAL GAS - 0.19%
554,407		Spectra Energy Corp		12,613
108,600		TransCanada Corp		4,184
		TOTAL PIPELINES, EXCEPT NATURAL GAS		16,797
PRIMARY METAL INDUSTRIES - 1.19%
234,123		Alcoa, Inc		8,443
151,901		Arcelor		12,444
119,649		BlueScope Steel Ltd		1,079
17,035	e*	Brush Engineered Materials, Inc		437
82,495	e*	Century Aluminum Co		5,465
15,180	e*	CommScope, Inc		529
577,623		Corning, Inc		13,886
232,000		DOWA HOLDINGS CO Ltd		1,376
48,876		Gibraltar Industries, Inc		573
32,303		Hubbell, Inc (Class B)		1,411
36,587	*	LB Foster Co (Class A)		1,575
41,311		Mueller Industries, Inc		1,192
811,000		Nippon Steel Corp		4,109

337

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
80,000		Nisshin Steel Co Ltd	$	277
179,400		Norsk Hydro ASA		2,614
231,007		Nucor Corp		15,648
33,046	e	Olympic Steel, Inc		1,490
38,999		Outokumpu Oyj		1,774
34,002	e	Quanex Corp		1,759
178,856	e	Steel Dynamics, Inc		5,909
197,000		Sumitomo Metal Mining Co Ltd		3,666
53,314	e	Tredegar Corp		971
15,649		Umicore		814
98,905		United States Steel Corp		12,548
4,892		Voestalpine AG.		340
186,632	e	Worthington Industries, Inc		3,149
		TOTAL PRIMARY METAL INDUSTRIES		103,478
PRINTING AND PUBLISHING - 0.57%
1,300	e*	ACCO Brands Corp		18
5,100		Bowne & Co, Inc		78
800		CSS Industries, Inc		28
160,000		Dai Nippon Printing Co Ltd		2,546
48,405		Dun & Bradstreet Corp		3,939
2,100	e	Ennis, Inc		35
93,304	e	EW Scripps Co (Class A)		3,920
49,559	e	Harte-Hanks, Inc		677
234,754		John Fairfax Holdings Ltd		744
11,442	e	John Wiley & Sons, Inc (Class A)		454
24,900	e	Lee Enterprises, Inc		249
1,800	e	McClatchy Co (Class A)		19
255,186		McGraw-Hill Cos, Inc		9,429
41,660		Meredith Corp		1,594
176,409	e	New York Times Co (Class A)		3,331
66,800		Orkla ASA		846
296,753		Pearson plc		4,014
21,328	e*	R.H. Donnelley Corp		108
5,700		R.R. Donnelley & Sons Co		173
7,888		Reed Elsevier NV		150
483,797		Reed Elsevier plc		6,155
307,261		Reuters Group plc		3,537
23,349	e	Standard Register Co		182
146,000		Toppan Printing Co Ltd		1,693
7,746		Washington Post Co (Class B)		5,124
342,679		Yell Group plc		1,047
		TOTAL PRINTING AND PUBLISHING		50,090
RAILROAD TRANSPORTATION - 0.50%
45,000		Canadian National Railway Co		2,182
6,200		Canadian Pacific Railway Ltd		399
271,280		CSX Corp		15,211
85,306		Firstgroup plc		954
471,000		Hankyu Hanshin Holdings, Inc		2,037
40,644	e*	Kansas City Southern Industries, Inc		1,630
559,000		MTR Corp		1,918
354,685		Norfolk Southern Corp		19,266
3,000		Odakyu Electric Railway Co Ltd		22
		TOTAL RAILROAD TRANSPORTATION		43,619

338

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
REAL ESTATE - 0.34%
63,668	e*	CB Richard Ellis Group, Inc (Class A)	$	1,378
289,000		City Developments Ltd		2,314
13,900	e	Forest City Enterprises, Inc (Class A)		512
20,265	e*	Forestar Real Estate Group, Inc		505
1,062,000		Hang Lung Properties Ltd		3,759
2,400	e	Jones Lang LaSalle, Inc		186
310,000		Kerry Properties Ltd		1,868
24,947		Leighton Holdings Ltd		976
345,898		Macquarie Goodman Group		1,362
260,000		Mitsubishi Estate Co Ltd		6,312
259,000		Mitsui Fudosan Co Ltd		5,142
658,000		Sino Land Co		1,420
33,399	e	Stewart Enterprises, Inc (Class A)		214
524,400		Stockland Trust Group		3,350
		TOTAL REAL ESTATE		29,298
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.32%
1,981	e*	Deckers Outdoor Corp		214
38,675		Michelin (C.G.D.E.) (Class B)		4,037
145,000		Mitsui Chemicals, Inc		960
276,684		Nike, Inc (Class B)		18,814
1,273,874		Pirelli & C S.p.A.		1,115
59,943		Sealed Air Corp		1,514
11,100		Spartech Corp		94
1,800	e*	Trex Co, Inc		14
24,465		Tupperware Corp		946
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		27,708
SECURITY AND COMMODITY BROKERS - 1.66%
67,959		Ameriprise Financial, Inc		3,524
16,508	e	BlackRock, Inc		3,371
477,302		Charles Schwab Corp		8,988
17,201		CME Group, Inc		8,069
234,606		Credit Suisse Group		11,942
539,000		Daiwa Securities Group, Inc		4,672
104,784	e*	E*Trade Financial Corp		404
14,500	e	Eaton Vance Corp		442
23,089	e	Federated Investors, Inc (Class B)		904
149,024		Franklin Resources, Inc		14,454
1,830	e	GAMCO Investors, Inc (Class A)		92
187,595		Goldman Sachs Group, Inc		31,026
238,000		Hong Kong Exchanges and Clearing Ltd		4,086
24,096	*	IntercontinentalExchange, Inc		3,144
52,460		Janus Capital Group, Inc		1,221
1,372,409		Legal & General Group plc		3,443
37,593		Legg Mason, Inc		2,104
467,720		Merrill Lynch & Co, Inc		19,055
25,669	*	Nasdaq Stock Market, Inc		992
532,500		Nomura Holdings, Inc		7,960
22,018	e	Nymex Holdings, Inc		1,995
69,028	e	NYSE Euronext		4,260
68,569		SEI Investments Co		1,693
129,603	e	T Rowe Price Group, Inc		6,480
		TOTAL SECURITY AND COMMODITY BROKERS		144,321

339

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
SOCIAL SERVICES - 0.00%**
44,409	*	Capital Senior Living Corp	$	358
		TOTAL SOCIAL SERVICES		358
SPECIAL TRADE CONTRACTORS - 0.02%
400	e	Alico, Inc		18
2,050		Comfort Systems USA, Inc		27
9,383	*	Layne Christensen Co		328
56,182	e*	Quanta Services, Inc		1,302
		TOTAL SPECIAL TRADE CONTRACTORS		1,675
STONE, CLAY, AND GLASS PRODUCTS - 0.62%
453,471		3M Co		35,892
2,065		Apogee Enterprises, Inc		32
1,122	*	Cabot Microelectronics Corp		36
10,425	e	CARBO Ceramics, Inc		418
145,824		CRH plc		5,544
31,352	e	Eagle Materials, Inc		1,115
63,051	e	Gentex Corp		1,081
16,691		Holcim Ltd		1,753
35,308		Lafarge S.A.		6,141
95,000		NGK Insulators Ltd		1,681
22,303	e*	Owens Corning, Inc		404
5,800	*	Owens-Illinois, Inc		327
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		54,424
TEXTILE MILL PRODUCTS - 0.00%**
1,600	e	Oxford Industries, Inc		36
		TOTAL TEXTILE MILL PRODUCTS		36
TRANSPORTATION BY AIR - 0.41%
13,184	e*	Air Methods Corp		638
46,220	e*	Airtran Holdings, Inc		305
5,000	e*	Alaska Air Group, Inc		98
9,930	e*	AMR Corp		90
623,369		Auckland International Airport Ltd		1,117
66,237	*	British Airways plc		308
26,531		Continental AG.		2,705
75,637	e*	Continental Airlines, Inc (Class B)		1,454
76,205		Deutsche Lufthansa AG.		2,061
56,600	e*	ExpressJet Holdings, Inc		149
190,264		FedEx Corp		17,632
76,683	e*	JetBlue Airways Corp		445
131,000		Singapore Airlines Ltd		1,485
42,865	e	Skywest, Inc		905
481,555		Southwest Airlines Co		5,971
		TOTAL TRANSPORTATION BY AIR		35,363
TRANSPORTATION EQUIPMENT -1.10%
3,800	e	A.O. Smith Corp		125
4,700	e*	Accuride Corp		38
7,885	*	Aftermarket Technology Corp		153
29,800	e	American Axle & Manufacturing Holdings, Inc		611
48,937	e	ArvinMeritor, Inc		612
101,784	e	Autoliv, Inc		5,110
81,888		Bayerische Motoren Werke AG.		4,524
203,938	*	BE Aerospace, Inc		7,128
333,800		Bombardier, Inc (Class B)		1,779

340

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				VALUE
SHARES				(000)
373,000		Cosco Corp Singapore Ltd	$	1,000
59,500		Denso Corp		1,922
14,800	e	Federal Signal Corp		207
181,008		Genuine Parts Co		7,280
159,608	e	Harley-Davidson, Inc		5,985
72,792		Harsco Corp		4,031
209,000		Honda Motor Co Ltd		5,965
36,400		JTEKT Corp		594
20,829	e	Noble International Ltd		130
39,000		NSK Ltd		295
154,813		Paccar, Inc		6,967
57,677		Peugeot S.A.		4,472
56,705		Renault S.A.		6,276
134,100		Scania AB (B Shares)		2,815
546,000		SembCorp Marine Ltd		1,515
149,310	*	Spirit Aerosystems Holdings, Inc (Class A)		3,312
46,370	e	Superior Industries International, Inc		962
25,384	*	Tenneco, Inc		709
400	e	Thor Industries, Inc		12
305,389		Tomkins plc		1,083
138,370	e*	Visteon Corp		520
25,056		Volkswagen AG.		7,264
28,056		Volkswagen AG.		4,662
134,600		Volvo AB (A Shares)		2,005
191,400		Volvo AB (B Shares)		2,899
23,540		Westinghouse Air Brake Technologies Corp		887
101,100		Yamaha Motor Co Ltd		1,860
		TOTAL TRANSPORTATION EQUIPMENT		95,709
TRANSPORTATION SERVICES - 0.04%
19,293		CH Robinson Worldwide, Inc		1,049
22,989	e	Expeditors International Washington, Inc		1,039
2,064	*	HUB Group, Inc (Class A)		68
41,433		National Express Group plc		826
50,528		Toll Holdings Ltd		463
		TOTAL TRANSPORTATION SERVICES		3,445
TRUCKING AND WAREHOUSING - 0.49%
222,103		Deutsche Post AG.		6,785
81,000		Nippon Express Co Ltd		466
465,534		United Parcel Service, Inc (Class B)		33,993
98,000		Yamato Transport Co Ltd		1,435
		TOTAL TRUCKING AND WAREHOUSING		42,679
WATER TRANSPORTATION - 0.09%
17,991		Alexander & Baldwin, Inc		775
24,700	e*	Gulfmark Offshore, Inc		1,351
20,422	e*	Hornbeck Offshore Services, Inc		933
169,000		Kawasaki Kisen Kaisha Ltd		1,643
303,000		Nippon Yusen Kabushiki Kaisha		2,845
251,000		Pacific Basin Shipping Ltd		413
		TOTAL WATER TRANSPORTATION		7,960
WHOLESALE TRADE-DURABLE GOODS - 0.45%
3,400	e	Agilysys, Inc		39
117,430	e	Barnes Group, Inc		2,695
42,456		BorgWarner, Inc		1,827
6,024	e	Building Material Holding Corp		26

341

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				MATURITY		VALUE
SHARES			RATE	DATE		(000)
147,606		Bunzl plc			$	2,078
28,725		Castle (A.M.) & Co				776
173,516	*	Fortescue Metals Group Ltd				1,032
122,900	e	IKON Office Solutions, Inc				934
458,000		Li & Fung Ltd				1,698
7,470	e	Martin Marietta Materials, Inc				793
8,672	*	MWI Veterinary Supply, Inc				306
401,500		Nissan Motor Co Ltd				3,319
9,158		Owens & Minor, Inc				360
76,857	e*	Patterson Cos, Inc				2,790
2,500	e*	PSS World Medical, Inc				42
16,954		Rautaruukki Oyj				818
84,038		Reliance Steel & Aluminum Co				5,031
34,815		Schneider Electric S.A.				4,505
6,800	*	Tech Data Corp				223
23,000	e*	Tyler Technologies, Inc				322
72,129		W.W. Grainger, Inc				5,510
17,580	e*	WESCO International, Inc				641
51,543		Wesfarmers Ltd				1,884
144,672		Wolseley plc				1,522
		TOTAL WHOLESALE TRADE-DURABLE GOODS				39,171
WHOLESALE TRADE-NONDURABLE GOODS - 0.29%
7,080		Airgas, Inc				322
24,761	e*	Akorn, Inc				117
23,472	e	Allscripts Healthcare Solutions, Inc				242
11,457		Dean Foods Co				230
62,630	*	Endo Pharmaceuticals Holdings, Inc				1,499
9,700	*	Gildan Activewear, Inc				366
18,495	e*	Henry Schein, Inc				1,062
72,764	e	Idearc, Inc				265
3,700	e	Kenneth Cole Productions, Inc (Class A)				63
6,000	e	Men's Wearhouse, Inc				140
2,100		Myers Industries, Inc				28
13,256	e	Nash Finch Co				451
14,982		Spartan Stores, Inc				312
470,821		Sysco Corp				13,663
182,672		Unilever NV				6,134
1,900	e*	Volcom, Inc				38
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS				24,932
		TOTAL COMMON STOCKS				5,137,921
		(Cost $4,341,248)
PRINCIPAL
SHORT-TERM INVESTMENTS - 7.41%
COMMERCIAL PAPER - 1.92%
$      20,000,000		Abbott Laboratories	0.000%	04/10/08		19,984
20,000,000		AT&T, Inc	0.000	04/11/08		19,982
20,000,000		Colgate-Palmolive Co	0.000	04/03/08		19,995
20,000,000		IBM International Group Capital LLC	0.000	04/01/08		19,998
20,000,000		McCormick & Co	0.000	05/30/08		19,909
13,359,000		McGraw-Hill, Inc	0.000	04/29/08		13,329
9,900,000		Pepsico, Inc	0.000	05/19/08		9,863
22,000,000		Procter & Gamble International	0.000	04/08/08		21,986

342

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$      22,000,000		Verizon Communications, Inc	0.000%	04/07/08	$	21,987
		TOTAL COMMERCIAL PAPER				167,033
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 5.49%
33,450,000		Federal Home Loan Bank (FHLB)	0.000	04/01/08		33,450
9,400,000		(FHLB)	0.000	04/02/08		9,400
114,900,000		(FHLB)	0.000	04/16/08		114,814
74,400,000		(FHLB)	0.000	04/23/08		74,318
51,400,000		(FHLB)	0.000	04/25/08		51,338
50,000,000		(FHLB)	0.000	05/05/08		49,915
6,500,000		(FHLB)	0.000	05/16/08		6,485
7,610,000		Federal Home Loan Mortgage Corp (FHLMC)	0.000	04/04/08		7,609
28,700,000		(FHLMC)	0.000	04/25/08		28,666
100,000,000		(FHLMC)	0.000	04/29/08		99,860
1,430,000		Federal National Mortgage Association (FNMA)	0.000	05/06/08		1,427
1,300,000		(FNMA)	0.000	05/07/08		1,298
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES				478,580
		TOTAL SHORT-TERM INVESTMENTS				645,613
		(Cost $645,560)
		TOTAL PORTFOLIO - 106.67%				9,294,068
		(Cost $8,467,570)
		OTHER ASSETS & LIABILITIES, NET - (6.67%)				(580,967	)
		NET ASSETS - 100.00%			$	8,713,101
		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 March 31, 2008, the value of these securities amounted to $139,459,108 or 1.60% 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 March 31, 2008.
	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.

343

COLLEGE RETIREMENT EQUITIES FUND - Social Choice 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.

At March 31, 2008, the net unrealized appreciation on investments was $826,497,503, consisting of gross

unrealized appreciation of $1,239,248,347, and gross unrealized depreciation of $412,750,844.

344

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account
COLLEGE RETIREMENT EQUITIES FUND
MONEY MARKET ACCOUNT
STATEMENT OF INVESTMENTS (Unaudited)
March 31, 2008
				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
SHORT-TERM INVESTMENTS - 99.86%
ASSET BACKED - 0.04%
$      4,955,318	m	BMW Vehicle Lease Trust Series 2007-1 (Class A1)	5.062%	11/17/08	$	4,972
		TOTAL ASSET BACKED				4,972
BANKER'S ACCEPTANCE - 0.63%
17,000,000		Wachovia Bank NA	0.000	05/23/08		16,931
20,000,000		Wachovia Bank NA	0.000	05/27/08		19,914
43,000,000		Wachovia Bank NA	0.000	09/05/08		42,511
		TOTAL BANKERS ACCEPTANCE				79,356
BANK NOTE - 0.79%
50,000,000	i	National City Bank of Indiana	3.150	05/06/08		49,847
50,000,000		Wells Fargo Bank NA	2.530	04/28/08		50,000
		TOTAL BANK NOTE				99,847
CERTIFICATES OF DEPOSIT - 15.41%
50,000,000		Abbey National Treasury	3.760	04/15/08		50,013
49,625,000		Abbey National Treasury	3.800	05/06/08		49,662
30,000,000		Abbey National Treasury	2.750	06/09/08		29,998
50,000,000		Abbey National Treasury	2.690	06/10/08		49,991
50,000,000		American Express Bank FSB	3.020	04/07/08		50,000
50,000,000		American Express Bank FSB	3.050	05/19/08		50,031
50,000,000		American Express Bank FSB	2.750	06/24/08		49,999
40,000,000		American Express Bank FSB	4.080	07/14/08		40,150
50,000,000		Banco Bilbao Vizcaya Argentaria S.A.	4.630	04/04/08		50,007
50,000,000		Banco Bilbao Vizcaya Argentaria S.A.	4.255	04/14/08		50,021
34,000,000		Banco Bilbao Vizcaya Argentaria S.A.	4.140	06/16/08		34,097
25,000,000		Bank of Montreal	4.600	04/01/08		25,000
50,000,000		Bank of Montreal	3.050	05/06/08		50,001
50,000,000		Bank of Montreal	3.040	05/16/08		50,018
25,000,000		Bank of Nova Scotia	4.310	04/08/08		25,006
50,000,000		Bank of Nova Scotia	3.000	04/09/08		50,000
50,000,000		Bank of Nova Scotia	2.950	05/12/08		50,004
25,000,000		Bank of Nova Scotia	3.000	05/28/08		25,008
50,000,000		Barclays Bank plc	2.950	05/30/08		50,012
35,000,000		Calyon	2.940	04/30/08		34,994
50,000,000		Calyon	2.900	06/05/08		50,010
30,000,000		Calyon	2.480	06/19/08		29,980
25,000,000		Canadian Imperial Bank	3.020	04/15/08		24,999
25,000,000		Canadian Imperial Bank	3.920	04/15/08		25,008
50,000,000		Canadian Imperial Bank	3.030	05/07/08		50,004
25,000,000		Canadian Imperial Bank	2.780	05/14/08		25,001
20,000,000		Canadian Imperial Bank	2.550	05/20/08		19,997
50,000,000		Deutsche Bank AG.	3.800	04/18/08		50,018
50,000,000		Deutsche Bank AG.	3.200	04/24/08		50,002
50,000,000		Deutsche Bank AG.	2.500	06/26/08		49,966
50,000,000		Dexia Credit Local S.A.	2.720	05/20/08		50,005
45,000,000		Dexia Credit Local S.A.	2.680	05/29/08		44,991
50,000,000		Dexia Credit Local S.A.	2.530	06/18/08		49,973

345

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account
			MATURITY		VALUE
PRINCIPAL		RATE	DATE		(000)
$      50,000,000	Lloyds Bank plc	3.100%	04/02/08	$	50,000
50,000,000	Lloyds Bank plc	4.280	04/10/08		50,015
25,000,000	Regions Bank	2.800	06/11/08		25,002
50,000,000	Royal Bank of Canada	3.770	04/14/08		50,013
48,500,000	Royal Bank of Canada	2.690	06/17/08		48,490
30,000,000	Royal Bank of Canada	5.290	02/02/09		30,481
25,000,000	Societe Generale North America, Inc	2.850	07/01/08		25,004
40,000,000	Toronto Dominion Bank	4.940	04/01/08		40,000
26,830,000	Toronto Dominion Bank	4.480	05/07/08		26,872
30,000,000	Toronto Dominion Bank	2.920	05/13/08		30,004
25,000,000	Toronto Dominion Bank	2.950	05/30/08		25,006
30,000,000	Toronto Dominion Bank	2.650	07/28/08		29,987
44,070,000	Toronto Dominion Bank	2.950	08/27/08		44,105
99,050,000	Wells Fargo Bank NA	2.410	04/30/08		99,050
	TOTAL CERTIFICATES OF DEPOSIT				1,957,995
COMMERCIAL PAPER - 52.52%
10,000,000	Abbey National LLC	0.000	06/05/08		9,950
10,000,000	Abbey National LLC	0.000	06/09/08		9,947
18,800,000	Air Products & Chemicals, Inc	0.000	04/11/08		18,788
30,000,000	Alcon Capital Corp	0.000	06/12/08		29,835
20,000,000	American Honda Finance Corp	0.000	04/02/08		19,999
17,965,000	American Honda Finance Corp	0.000	04/09/08		17,954
19,000,000	American Honda Finance Corp	0.000	04/24/08		18,967
15,000,000	American Honda Finance Corp	0.000	04/28/08		14,965
19,000,000	American Honda Finance Corp	0.000	04/29/08		18,954
50,000,000	American Honda Finance Corp	0.000	05/08/08		49,839
24,755,000	Anheuser-Busch Co	0.000	04/30/08		24,690
20,000,000	Anheuser-Busch Co	0.000	05/02/08		19,944
5,000,000	Anheuser-Busch Co	0.000	05/14/08		4,986
14,654,000	Anheuser-Busch Co	0.000	05/30/08		14,585
30,250,000	Anheuser-Busch Co	0.000	06/13/08		30,080
20,000,000	Bank of America Corp	0.000	04/08/08		19,988
30,000,000	Bank of America Corp	0.000	04/29/08		29,927
50,000,000	Bank of America Corp	0.000	05/01/08		49,865
10,000,000	Bank of America Corp	0.000	06/20/08		9,938
4,450,000	Bank of America Corp	0.000	07/01/08		4,419
10,000,000	Bank of America Corp	0.000	07/24/08		9,912
20,000,000	Bank of Nova Scotia	0.000	04/22/08		19,964
13,000,000	Bank of Nova Scotia	0.000	05/20/08		12,952
2,300,000	Bank of Scotland plc	0.000	04/02/08		2,300
25,000,000	Bank of Scotland plc	0.000	04/10/08		24,980
12,000,000	Bank of Scotland plc	0.000	04/28/08		11,972
5,300,000	Bank of Scotland plc	0.000	05/19/08		5,281
30,000,000	Bank of Scotland plc	0.000	05/21/08		29,885
30,000,000	Bank of Scotland plc	0.000	05/30/08		29,859
20,000,000	Bank of Scotland plc	0.000	06/05/08		19,900
6,015,000	Bank of Scotland plc	0.000	06/06/08		5,984
30,000,000	Bank of Scotland plc	0.000	06/10/08		29,838
3,000,000	Barclays U.S. Funding LLC	0.000	04/04/08		2,999
100,000,000	Barclays U.S. Funding LLC	0.000	05/29/08		99,543
15,830,000	BMW US Capital LLC	0.000	04/09/08		15,819
44,000,000	BMW US Capital LLC	0.000	05/20/08		43,835
58,725,000	Cafco LLC	0.000	04/08/08		58,688
20,000,000	Cafco LLC	0.000	04/15/08		19,975

346

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account
			MATURITY		VALUE
PRINCIPAL		RATE	DATE		(000)
$      25,000,000	Cafco LLC	0.000%	05/05/08	$	24,920
33,000,000	Cafco LLC	0.000	05/13/08		32,880
20,000,000	Cafco LLC	0.000	05/16/08		19,914
34,000,000	Cafco LLC	0.000	06/10/08		33,797
25,000,000	Calyon North America, Inc	0.000	04/07/08		24,987
22,070,000	Calyon North America, Inc	0.000	09/10/08		21,801
30,000,000	Canadian Imperial Holding, Inc	0.000	04/14/08		29,966
20,000,000	Canadian Imperial Holding, Inc	0.000	05/02/08		19,944
16,583,000	Canadian Wheat Board	0.000	04/28/08		16,551
44,910,000	Canadian Wheat Board	0.000	05/05/08		44,781
30,000,000	Caterpillar Financial Services Corp	0.000	04/01/08		30,000
20,000,000	Caterpillar Financial Services Corp	0.000	04/02/08		19,998
100,000,000	Caterpillar Financial Services Corp	0.000	04/03/08		99,984
25,000,000	Caterpillar Financial Services Corp	0.000	04/15/08		24,979
20,000,000	Caterpillar Financial Services Corp	0.000	04/21/08		19,970
40,000,000	Ciesco LLC	0.000	04/15/08		39,951
30,000,000	Ciesco LLC	0.000	04/24/08		29,930
25,000,000	Ciesco LLC	0.000	05/05/08		24,920
30,000,000	Ciesco LLC	0.000	05/07/08		29,896
15,000,000	Ciesco LLC	0.000	05/13/08		14,941
40,000,000	Ciesco LLC	0.000	05/28/08		39,799
20,000,000	Ciesco LLC	0.000	06/06/08		19,887
50,000,000	Citigroup Funding, Inc	0.000	04/18/08		49,924
25,000,000	Citigroup Funding, Inc	0.000	05/08/08		24,920
25,000,000	Citigroup Funding, Inc	0.000	05/14/08		24,925
30,000,000	Citigroup Funding, Inc	0.000	05/20/08		29,889
25,500,000	Citigroup Funding, Inc	0.000	06/06/08		25,372
25,000,000	Citigroup Funding, Inc	0.000	06/19/08		24,849
19,000,000	Citigroup Funding, Inc	0.000	06/20/08		18,884
21,325,000	Coca-Cola Co	0.000	04/08/08		21,312
40,000,000	Coca-Cola Co	0.000	04/10/08		39,972
44,130,000	Coca-Cola Co	0.000	04/17/08		44,077
25,000,000	Danske Corp	0.000	04/03/08		24,996
59,165,000	Danske Corp	0.000	04/14/08		59,106
25,000,000	Danske Corp	0.000	04/15/08		24,970
30,000,000	Danske Corp	0.000	06/09/08		29,842
10,000,000	Dexia Delaware LLC	0.000	05/27/08		9,958
2,895,000	Dexia Delaware LLC	0.000	05/28/08		2,883
40,000,000	Edison Asset Securitization LLC	0.000	04/21/08		39,921
17,580,000	Edison Asset Securitization LLC	0.000	04/28/08		17,534
20,000,000	Edison Asset Securitization LLC	0.000	05/30/08		19,896
25,000,000	Edison Asset Securitization LLC	0.000	06/16/08		24,838
40,000,000	Edison Asset Securitization LLC	0.000	06/17/08		39,738
44,785,000	Edison Asset Securitization LLC	0.000	06/18/08		44,488
50,000,000	Emerson Electric Co	0.000	04/01/08		50,000
20,000,000	Emerson Electric Co	0.000	04/03/08		19,997
11,000,000	General Electric Capital Corp	0.000	04/02/08		10,999
5,000,000	General Electric Capital Corp	0.000	07/02/08		4,965
45,000,000	General Electric Capital Corp	0.000	07/07/08		44,667
50,000,000	General Electric Capital Corp	0.000	07/16/08		49,596
25,000,000	General Electric Capital Corp	0.000	07/24/08		24,783
10,000,000	General Electric Capital Corp	0.000	08/13/08		9,898
14,000,000	General Electric Capital Corp	0.000	09/19/08		13,820
20,000,000	General Electric Capital Corp	0.000	09/23/08		19,738
30,000,000	Goldman Sachs Group, Inc	0.000	04/01/08		30,000
20,000,000	Goldman Sachs Group, Inc	0.000	04/21/08		19,965

347

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account
			MATURITY		VALUE
PRINCIPAL		RATE	DATE		(000)
$      50,000,000	Goldman Sachs Group, Inc	0.000%	04/22/08	$	49,927
4,500,000	Govco LLC	0.000	04/07/08		4,497
25,000,000	Govco LLC	0.000	04/18/08		24,957
28,000,000	Govco LLC	0.000	04/22/08		27,941
18,000,000	Govco LLC	0.000	05/15/08		17,924
49,000,000	Govco LLC	0.000	06/12/08		48,700
13,800,000	Govco LLC	0.000	06/13/08		13,714
6,000,000	Govco LLC	0.000	06/17/08		5,961
41,500,000	Govco LLC	0.000	06/24/08		41,206
14,000,000	Govco LLC	0.000	07/22/08		13,870
20,000,000	Greenwich Capital Holdings, Inc	0.000	04/14/08		19,978
8,577,000	Harley-Davidson Funding Corp	0.000	04/24/08		8,565
35,000,000	HSBC Finance Corp	0.000	05/08/08		34,887
25,000,000	HSBC Finance Corp	0.000	05/22/08		24,902
74,000,000	HSBC Finance Corp	0.000	06/03/08		73,640
20,000,000	HSBC Finance Corp	0.000	06/04/08		19,901
40,000,000	HSBC Finance Corp	0.000	06/05/08		39,799
4,500,000	HSBC Finance Corp	0.000	06/06/08		4,477
23,000,000	IBM Capital, Inc	0.000	06/10/08		22,876
16,285,000	IBM International Group Capital LLC	0.000	04/21/08		16,263
20,000,000	IBM International Group Capital LLC	0.000	04/22/08		19,970
40,000,000	IBM International Group Capital LLC	0.000	04/24/08		39,937
44,500,000	IBM International Group Capital LLC	0.000	04/29/08		44,406
10,180,000	IBM International Group Capital LLC	0.000	06/16/08		10,120
12,500,000	IBM International Group Capital LLC	0.000	06/26/08		12,417
10,100,000	ING US Funding LLC	0.000	04/09/08		10,093
11,500,000	ING US Funding LLC	0.000	04/10/08		11,491
10,000,000	ING US Funding LLC	0.000	04/15/08		9,988
20,000,000	ING US Funding LLC	0.000	04/18/08		19,970
50,000,000	ING US Funding LLC	0.000	05/02/08		49,862
8,950,000	ING US Funding LLC	0.000	05/12/08		8,923
50,000,000	ING US Funding LLC	0.000	05/27/08		49,790
15,000,000	ING US Funding LLC	0.000	06/20/08		14,908
10,100,000	ING US Funding LLC	0.000	07/10/08		10,023
10,000,000	ING US Funding LLC	0.000	07/31/08		9,908
16,975,000	International Business Machines Corp	0.000	04/22/08		16,951
21,750,000	Johnson & Johnson	0.000	04/01/08		21,750
32,200,000	Johnson & Johnson	0.000	04/24/08		32,145
43,000,000	Johnson & Johnson	0.000	06/12/08		42,764
20,000,000	JPMorgan Chase & Co	0.000	04/01/08		20,000
61,618,000	JPMorgan Chase & Co	0.000	04/17/08		61,531
59,285,000	JPMorgan Chase & Co	0.000	04/22/08		59,176
20,000,000	JPMorgan Chase & Co	0.000	05/21/08		19,923
5,000,000	JPMorgan Chase & Co	0.000	07/17/08		4,959
15,000,000	JPMorgan Chase & Co	0.000	07/23/08		14,869
8,000,000	JPMorgan Chase & Co	0.000	08/28/08		7,909
35,000,000	Kimberly-Clark Corp	0.000	04/21/08		34,958
3,462,000	Kitty Hawk Funding Corp	0.000	04/01/08		3,462
11,000,000	Kitty Hawk Funding Corp	0.000	04/02/08		10,999
50,000,000	Kitty Hawk Funding Corp	0.000	04/04/08		49,987
15,247,000	Kitty Hawk Funding Corp	0.000	04/11/08		15,231
7,485,000	Kitty Hawk Funding Corp	0.000	04/17/08		7,476
12,860,000	Kitty Hawk Funding Corp	0.000	05/12/08		12,822
30,000,000	Kitty Hawk Funding Corp	0.000	05/13/08		29,883
40,000,000	Kitty Hawk Funding Corp	0.000	05/22/08		39,816
15,000,000	Lloyds Bank plc	0.000	05/13/08		14,950

348

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account
			MATURITY		VALUE
PRINCIPAL		RATE	DATE		(000)
$      22,500,000	Lloyds Bank plc	0.000%	05/16/08	$	22,434
20,000,000	Lloyds Bank plc	0.000	05/20/08		19,926
13,460,000	Lloyds Bank plc	0.000	06/02/08		13,396
50,000,000	McGraw-Hill, Inc	0.000	05/15/08		49,816
33,200,000	Nestle Capital Corp	0.000	04/08/08		33,182
8,500,000	Nestle Capital Corp	0.000	04/15/08		8,490
63,120,000	Nestle Capital Corp	0.000	04/17/08		63,031
10,000,000	Nestle Capital Corp	0.000	04/25/08		9,979
30,000,000	Nestle Capital Corp	0.000	05/06/08		29,911
11,000,000	Nestle Capital Corp	0.000	05/22/08		10,958
14,500,000	Nestle Capital Corp	0.000	03/10/09		14,144
45,000,000	Paccar Financial Corp	0.000	04/10/08		44,965
10,500,000	Paccar Financial Corp	0.000	06/17/08		10,438
3,150,000	Paccar Financial Corp	0.000	06/18/08		3,131
2,175,000	Paccar Financial Corp	0.000	06/19/08		2,162
41,300,000	Paccar Financial Corp	0.000	06/26/08		41,029
26,276,000	Park Avenue Receivables Corp	0.000	04/10/08		26,256
50,000,000	Park Avenue Receivables Corp	0.000	04/11/08		49,958
26,292,000	Park Avenue Receivables Corp	0.000	04/17/08		26,258
13,470,000	Park Avenue Receivables Corp	0.000	05/02/08		13,438
50,000,000	Park Avenue Receivables Corp	0.000	05/29/08		49,742
20,000,000	Park Avenue Receivables Corp	0.000	06/06/08		19,886
4,095,000	Park Avenue Receivables Corp	0.000	06/13/08		4,069
15,721,000	Pepsico, Inc	0.000	04/08/08		15,713
44,510,000	Pepsico, Inc	0.000	04/09/08		44,485
19,010,000	Pepsico, Inc	0.000	04/10/08		18,998
24,270,000	Pepsico, Inc	0.000	04/21/08		24,240
21,160,000	Pepsico, Inc	0.000	04/24/08		21,129
50,000,000	Pepsico, Inc	0.000	05/21/08		49,856
20,545,000	Pepsico, Inc	0.000	05/29/08		20,476
105,000,000	Pfizer, Inc	0.000	05/01/08		104,723
50,000,000	Pfizer, Inc	0.000	05/15/08		49,822
25,000,000	Pfizer, Inc	0.000	05/27/08		24,895
12,500,000	Pfizer, Inc	0.000	08/25/08		12,362
14,500,000	Private Export Funding Corp	0.000	04/01/08		14,500
15,000,000	Private Export Funding Corp	0.000	04/02/08		14,999
5,375,000	Private Export Funding Corp	0.000	04/14/08		5,369
2,140,000	Private Export Funding Corp	0.000	05/23/08		2,131
14,000,000	Private Export Funding Corp	0.000	05/28/08		13,936
50,000,000	Private Export Funding Corp	0.000	05/30/08		49,765
21,255,000	Private Export Funding Corp	0.000	06/02/08		21,153
4,000,000	Private Export Funding Corp	0.000	06/03/08		3,981
13,670,000	Private Export Funding Corp	0.000	06/04/08		13,603
20,000,000	Private Export Funding Corp	0.000	06/11/08		19,890
19,200,000	Private Export Funding Corp	0.000	06/23/08		19,077
7,000,000	Private Export Funding Corp	0.000	07/03/08		6,950
15,000,000	Private Export Funding Corp	0.000	07/25/08		14,867
60,000,000	Procter & Gamble Co	0.000	05/09/08		59,866
25,000,000	Procter & Gamble International	0.000	04/02/08		24,998
22,500,000	Procter & Gamble International	0.000	04/03/08		22,497
35,000,000	Procter & Gamble International	0.000	04/08/08		34,982
14,400,000	Procter & Gamble International	0.000	04/15/08		14,386
40,000,000	Procter & Gamble International	0.000	04/17/08		39,960
20,000,000	Rabobank USA Financial Corp	0.000	04/07/08		19,990
30,110,000	Rabobank USA Financial Corp	0.000	04/11/08		30,086
20,000,000	Rabobank USA Financial Corp	0.000	04/22/08		19,966

349

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account
			MATURITY		VALUE
PRINCIPAL		RATE	DATE		(000)
$      50,000,000	Rabobank USA Financial Corp	0.000%	05/13/08	$	49,834
25,000,000	Rabobank USA Financial Corp	0.000	06/05/08		24,876
16,000,000	Rabobank USA Financial Corp	0.000	06/10/08		15,915
39,000,000	Rabobank USA Financial Corp	0.000	06/13/08		38,783
50,000,000	Ranger Funding Co LLC	0.000	04/09/08		49,965
31,588,000	Ranger Funding Co LLC	0.000	04/11/08		31,556
23,686,000	Ranger Funding Co LLC	0.000	04/18/08		23,650
13,135,000	Ranger Funding Co LLC	0.000	04/21/08		13,109
20,000,000	Ranger Funding Co LLC	0.000	04/24/08		19,953
10,000,000	Ranger Funding Co LLC	0.000	04/25/08		9,975
15,057,000	Ranger Funding Co LLC	0.000	05/20/08		14,990
20,000,000	Ranger Funding Co LLC	0.000	06/11/08		19,879
10,000,000	Royal Bank of Canada	0.000	05/12/08		9,967
27,180,000	Royal Bank of Canada	0.000	06/04/08		27,047
33,530,000	Royal Bank of Canada	0.000	06/05/08		33,364
70,000,000	Royal Bank of Scotland	0.000	05/08/08		69,776
50,000,000	Royal Bank of Scotland	0.000	05/14/08		49,825
7,270,000	Royal Bank of Scotland	0.000	05/19/08		7,244
18,000,000	Royal Bank of Scotland	0.000	07/09/08		17,864
12,160,000	Societe Generale North America, Inc	0.000	04/02/08		12,159
10,895,000	Societe Generale North America, Inc	0.000	04/04/08		10,892
10,000,000	Societe Generale North America, Inc	0.000	04/08/08		9,994
25,000,000	Societe Generale North America, Inc	0.000	04/11/08		24,978
20,000,000	Societe Generale North America, Inc	0.000	04/17/08		19,972
10,610,000	Societe Generale North America, Inc	0.000	07/11/08		10,528
10,000,000	Svensk Exportkredit AB	0.000	04/03/08		9,998
12,000,000	Svensk Exportkredit AB	0.000	04/09/08		11,992
58,000,000	Svensk Exportkredit AB	0.000	05/05/08		57,833
64,500,000	Svensk Exportkredit AB	0.000	06/16/08		64,126
28,000,000	Toyota Motor Credit Corp	0.000	04/02/08		27,998
25,000,000	Toyota Motor Credit Corp	0.000	04/09/08		24,983
35,000,000	Toyota Motor Credit Corp	0.000	04/14/08		34,962
33,000,000	Toyota Motor Credit Corp	0.000	05/12/08		32,891
28,000,000	Toyota Motor Credit Corp	0.000	05/16/08		27,898
13,500,000	Toyota Motor Credit Corp	0.000	06/23/08		13,414
37,000,000	Toyota Motor Credit Corp	0.000	06/24/08		36,763
25,000,000	UBS Finance (Delaware) LLC	0.000	04/03/08		24,996
25,000,000	UBS Finance (Delaware) LLC	0.000	04/07/08		24,987
5,000,000	UBS Finance (Delaware) LLC	0.000	04/08/08		4,997
40,491,000	UBS Finance (Delaware) LLC	0.000	05/05/08		40,374
10,000,000	UBS Finance (Delaware) LLC	0.000	05/14/08		9,965
3,700,000	United Parcel Service, Inc	0.000	05/30/08		3,683
25,000,000	Variable Funding Capital Corp	0.000	04/10/08		24,981
22,000,000	Variable Funding Capital Corp	0.000	04/21/08		21,956
20,000,000	Variable Funding Capital Corp	0.000	04/25/08		19,950
5,900,000	Wal-Mart Stores, Inc	0.000	04/01/08		5,900
73,375,000	Wal-Mart Stores, Inc	0.000	04/29/08		73,198
25,000,000	Wal-Mart Stores, Inc	0.000	12/16/08		24,534
6,750,000	Yorktown Capital LLC	0.000	04/01/08		6,750
9,500,000	Yorktown Capital LLC	0.000	04/25/08		9,476
30,000,000	Yorktown Capital LLC	0.000	05/02/08		29,908
4,943,000	Yorktown Capital LLC	0.000	05/09/08		4,925
9,000,000	Yorktown Capital LLC	0.000	05/12/08		8,966
15,000,000	Yorktown Capital LLC	0.000	05/19/08		14,938
13,125,000	Yorktown Capital LLC	0.000	05/20/08		13,067
16,525,000	Yorktown Capital LLC	0.000	06/06/08		16,432

350

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account
			MATURITY		VALUE
PRINCIPAL		RATE	DATE		(000)
$      25,000,000	Yorktown Capital LLC	0.000%	06/09/08	$	24,853
15,000,000	Yorktown Capital LLC	0.000	06/11/08		14,909
26,000,000	Yorktown Capital LLC	0.000	07/02/08		25,799
20,000,000	Yorktown Capital LLC	0.000	07/10/08		19,833
	TOTAL COMMERCIAL PAPER				6,671,756
U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES - 28.70%
73,454,000	Federal Home Loan Bank (FHLB)	0.000	04/04/08		73,437
50,000,000	(FHLB)	0.000	04/11/08		49,963
222,962,000	(FHLB)	0.000	04/16/08		222,725
70,000,000	(FHLB)	0.000	04/18/08		69,913
234,415,000	(FHLB)	0.000	04/23/08		234,045
176,000,000	(FHLB)	0.000	04/25/08		175,686
20,000,000	(FHLB)	0.000	04/30/08		19,960
80,289,000	(FHLB)	0.000	05/02/08		80,118
111,400,000	(FHLB)	0.000	05/09/08		111,151
34,300,000	(FHLB)	0.000	05/16/08		34,210
62,558,000	(FHLB)	0.000	05/28/08		62,370
14,300,000	(FHLB)	0.000	05/30/08		14,255
30,000,000	(FHLB)	0.000	06/13/08		29,877
86,676,000	(FHLB)	0.000	06/18/08		86,297
7,130,000	(FHLB)	0.000	06/20/08		7,098
36,016,000	(FHLB)	0.000	06/24/08		35,846
12,495,000	(FHLB)	0.000	08/22/08		12,394
1,521,000	(FHLB)	0.000	09/04/08		1,508
14,315,000	(FHLB)	0.000	09/08/08		14,188
25,000,000	(FHLB)	0.000	09/17/08		24,765
3,325,000	(FHLB)	0.000	10/24/08		3,287
23,711,000	(FHLB)	0.000	10/27/08		23,436
1,500,000	(FHLB)	0.000	10/28/08		1,483
10,340,000	Federal Home Loan Mortgage Corp (FHLMC)	0.000	04/03/08		10,338
98,430,000	(FHLMC)	0.000	04/07/08		98,386
61,489,000	(FHLMC)	0.000	04/21/08		61,396
4,795,000	(FHLMC)	0.000	04/25/08		4,786
118,535,000	(FHLMC)	0.000	04/28/08		118,297
61,900,000	(FHLMC)	0.000	04/29/08		61,771
30,000,000	(FHLMC)	0.000	04/30/08		29,940
18,812,000	(FHLMC)	0.000	05/05/08		18,769
29,206,000	(FHLMC)	0.000	05/12/08		29,136
150,000,000	(FHLMC)	0.000	05/19/08		149,660
90,000,000	(FHLMC)	0.000	05/27/08		89,741
34,402,000	(FHLMC)	0.000	05/28/08		34,299
9,983,000	(FHLMC)	0.000	05/30/08		9,952
90,835,000	(FHLMC)	0.000	06/02/08		90,519
13,906,000	(FHLMC)	0.000	06/09/08		13,852
35,411,000	(FHLMC)	0.000	06/27/08		35,238
94,235,000	(FHLMC)	0.000	06/30/08		93,759
34,400,000	(FHLMC)	0.000	07/03/08		34,220
57,755,000	(FHLMC)	0.000	07/07/08		57,439
62,445,000	(FHLMC)	0.000	07/11/08		62,089
50,000,000	(FHLMC)	0.000	07/21/08		49,687
26,970,000	(FHLMC)	0.000	07/25/08		26,795
30,000,000	(FHLMC)	0.000	08/15/08		29,770
75,000,000	(FHLMC)	0.000	08/18/08		74,412
69,785,000	(FHLMC)	0.000	08/25/08		69,210

351

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account
				MATURITY		VALUE
PRINCIPAL			RATE	DATE		(000)
$      20,000,000		(FHLMC)	0.000%	09/08/08	$	19,822
25,000,000		(FHLMC)	0.000	09/12/08		24,772
21,651,000		(FHLMC)	0.000	09/22/08		21,442
33,110,000		Federal National Mortgage Association (FNMA)	0.000	04/02/08		33,108
14,952,000		(FNMA)	0.000	04/09/08		14,943
70,108,000		(FNMA)	0.000	04/16/08		70,034
2,370,000		(FNMA)	0.000	04/25/08		2,366
83,255,000		(FNMA)	0.000	04/30/08		83,087
50,000,000		(FNMA)	0.000	05/07/08		49,894
56,210,000		(FNMA)	0.000	05/14/08		56,070
18,575,000		(FNMA)	0.000	05/16/08		18,526
98,734,000		(FNMA)	0.000	05/21/08		98,524
56,684,000		(FNMA)	0.000	05/23/08		56,559
4,349,000		(FNMA)	0.000	06/12/08		4,331
50,000,000		(FNMA)	0.000	06/13/08		49,795
25,000,000		(FNMA)	0.000	06/18/08		24,891
75,000,000		(FNMA)	0.000	06/25/08		74,642
63,242,000		(FNMA)	0.000	06/27/08		62,933
45,000,000		(FNMA)	0.000	06/30/08		44,773
8,830,000		(FNMA)	0.000	07/02/08		8,784
3,598,000		(FNMA)	0.000	07/09/08		3,578
33,355,000		(FNMA)	0.000	08/08/08		33,112
48,864,000		(FNMA)	0.000	09/17/08		48,405
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES				3,645,864
U.S. GOVERNMENT AND AGENCIES VARIABLE NOTES - 0.83%
50,000,000	i	Federal Farm Credit Bank (FFCB)	2.340	03/12/09		49,982
30,000,000	i	Federal Home Loan Bank (FHLB)	2.190	11/20/08		29,992
26,000,000	i	(FHLB)	2.370	02/13/09		25,999
		TOTAL U.S. GOVERNMENT AND AGENCIES VARIABLE NOTES				105,973
VARIABLE NOTES - 0.94%
25,000,000	i	Bank of Scotland plc	3.115	11/12/08		24,981
45,000,000	i	Deutsche Bank AG.	2.490	11/03/08		44,986
25,000,000	i	Wachovia Bank NA	3.401	11/25/08		24,913
25,000,000	i	Wachovia Corp	2.728	10/28/08		24,857
		TOTAL VARIABLE NOTES				119,737
		TOTAL SHORT-TERM INVESTMENTS				12,685,500
		(Cost $12,684,393)
		TOTAL PORTFOLIO - 99.86%				12,685,500
		(Cost $12,684,393)
		OTHER ASSETS & LIABILITIES, NET - 0.14%				18,047
		NET ASSETS - 100.00%			$	12,703,547
		The following abbreviations are used in portfolio descriptions:
	LLC	Limited Liability Company
	plc	Public Limited Company
		Cost amounts are in thousands.

352

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account
	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.
		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.
		At March 31, 2008, the net unrealized appreciation on investments was $1,106,764, consisting of gross
		unrealized appreciation of $3,654,238 and gross unrealized depreciation of $2,547,474.

353

COLLEGE RETIREMENT EQUITIES FUND - Notes to Statements of Investments (Unaudited)

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.

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

354

COLLEGE RETIREMENT EQUITIES FUND - Notes to Statements of Investments (Unaudited)

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

Cash: The Accounts may hold cash in 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.

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 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.

355

COLLEGE RETIREMENT EQUITIES FUND - Notes to Statements of Investments (Unaudited)

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 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.

356

COLLEGE RETIREMENT EQUITIES FUND - Notes to Statements of Investments (Unaudited)

Fair value measurement: 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. Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels below:

• Level 1 – quoted prices in active markets for identical securities
• Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, credit risk, etc.)
• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value the CREF Accounts’ net assets as of March 31, 2008:

Investments in Securities

Fund	Level 1	Level 2	Level 3	Total
Stock Account	$118,627,304,326	$10,269,059,107	$22,782,965	$128,919,146,398
Global Equities
Account	15,300,960,202	1,756,579,873	87,844	17,057,627,919
Growth Account	12,634,586,685	94,228,512	—	12,728,815,197
Equity Index Account	11,162,313,000	10,275,812	341	11,172,589,151
Bond Market
Account	73,027,809	8,455,075,910	—	8,528,103,719
Inflation-Linked
Bond Account	—	6,331,698,155	—	6,331,698,155
Social Choice
Account	5,176,038,360	4,118,029,565	—	9,294,067,925
Money Market
Account	—	12,685,500,091	—	12,685,500,091

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.

357

Item 2. Controls and Procedures.

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

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

Item 3. Exhibits.

3(a) Section 302 certification of the principal executive officer

3(b) Section 302 certification of the 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:	May 28, 2008	By:	/s/ Roger W. Ferguson, Jr.
			Roger W. Ferguson, 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:	May 28, 2008	By:	/s/ Roger W. Ferguson, Jr.
			Roger W. Ferguson, Jr.
			President and Chief Executive Officer
			(principal executive officer)
		By:	/s/ Georganne C. Proctor
			Georganne C. Proctor
			Executive Vice President and
			Chief Financial Officer
			(principal financial officer)

EXHIBIT LIST

Item 3. Exhibits.

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

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

EX-99.CERT

Exhibit 3(a)

CERTIFICATION

I, Roger W. Ferguson, Jr., certify that:

1. I have reviewed this report on Form N-Q of the College Retirement Equities Fund;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the Registrant as of the end of the fiscal quarter for which the report is filed;

4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

Date:	May 28, 2008	By:	/s/ Roger W. Ferguson, Jr.
			Roger W. Ferguson. Jr.
			President and Chief Executive Officer
			(principal executive officer)

Exhibit 3(b)

CERTIFICATION

I, Georganne C. Proctor, certify that:

1.  I have reviewed this report on Form N-Q of the College Retirement Equities Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the Registrant as of the end of the fiscal quarter for which the report is filed;

4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

Date:	May 28, 2008	By:	/s/ Georganne C. Proctor
			Georganne C. Proctor
			Executive Vice President and
			Chief Financial Officer
			(principal financial officer)